id	sid	tid	token	lemma	pos
ajfa-1518	1	1	microsoft	microsoft	PROPN
ajfa-1518	1	2	word	word	NOUN
ajfa-1518	1	3	1518	1518	NUM
ajfa-1518	1	4	-	-	SYM
ajfa-1518	1	5	5966	5966	NUM
ajfa-1518	1	6	-	-	PUNCT
ajfa-1518	1	7	1	1	NUM
ajfa-1518	1	8	-	-	PUNCT
ajfa-1518	1	9	sm	sm	NOUN
ajfa-1518	1	10	-	-	ADJ
ajfa-1518	1	11	new	new	ADJ
ajfa-1518	1	12	asian	asian	ADJ
ajfa-1518	1	13	journal	journal	NOUN
ajfa-1518	1	14	of	of	ADP
ajfa-1518	1	15	finance	finance	PROPN
ajfa-1518	1	16	&	&	CCONJ
ajfa-1518	1	17	accounting	accounting	PROPN
ajfa-1518	1	18	issn	issn	PROPN
ajfa-1518	1	19	1946	1946	NUM
ajfa-1518	1	20	-	-	PUNCT
ajfa-1518	1	21	052x	052x	NOUN
ajfa-1518	1	22	2012	2012	NUM
ajfa-1518	1	23	,	,	PUNCT
ajfa-1518	1	24	vol	vol	NOUN
ajfa-1518	1	25	.	.	PROPN
ajfa-1518	1	26	4	4	NUM
ajfa-1518	1	27	,	,	PUNCT
ajfa-1518	1	28	no	no	INTJ
ajfa-1518	1	29	.	.	NOUN
ajfa-1518	1	30	1	1	NUM
ajfa-1518	1	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	1	32	151	151	NUM
ajfa-1518	1	33	do	do	VERB
ajfa-1518	1	34	malaysian	malaysian	ADJ
ajfa-1518	1	35	spin	spin	NOUN
ajfa-1518	1	36	-	-	PUNCT
ajfa-1518	1	37	offs	off	NOUN
ajfa-1518	1	38	create	create	VERB
ajfa-1518	1	39	value	value	NOUN
ajfa-1518	1	40	?	?	PUNCT
ajfa-1518	2	1	nadisah	nadisah	NOUN
ajfa-1518	2	2	zakaria	zakaria	PROPN
ajfa-1518	2	3	(	(	PUNCT
ajfa-1518	2	4	corresponding	corresponding	ADJ
ajfa-1518	2	5	author	author	NOUN
ajfa-1518	2	6	)	)	PUNCT
ajfa-1518	2	7	salford	salford	PROPN
ajfa-1518	2	8	business	business	PROPN
ajfa-1518	2	9	school	school	PROPN
ajfa-1518	2	10	,	,	PUNCT
ajfa-1518	2	11	the	the	DET
ajfa-1518	2	12	university	university	PROPN
ajfa-1518	2	13	of	of	ADP
ajfa-1518	2	14	salford	salford	PROPN
ajfa-1518	2	15	salford	salford	PROPN
ajfa-1518	2	16	greater	greater	PROPN
ajfa-1518	2	17	manchester	manchester	PROPN
ajfa-1518	2	18	,	,	PUNCT
ajfa-1518	2	19	m54wt	m54wt	NOUN
ajfa-1518	2	20	,	,	PUNCT
ajfa-1518	2	21	united	united	ADJ
ajfa-1518	2	22	kingdom	kingdom	PROPN
ajfa-1518	2	23	e	e	NOUN
ajfa-1518	2	24	-	-	NOUN
ajfa-1518	2	25	mail	mail	NOUN
ajfa-1518	2	26	:	:	PUNCT
ajfa-1518	2	27	n.zakaria@edu.salford.ac.uk	n.zakaria@edu.salford.ac.uk	PROPN
ajfa-1518	2	28	glen	glen	PROPN
ajfa-1518	2	29	christopher	christopher	PROPN
ajfa-1518	2	30	arnold	arnold	PROPN
ajfa-1518	2	31	salford	salford	PROPN
ajfa-1518	2	32	business	business	PROPN
ajfa-1518	2	33	school	school	PROPN
ajfa-1518	2	34	,	,	PUNCT
ajfa-1518	2	35	the	the	DET
ajfa-1518	2	36	university	university	PROPN
ajfa-1518	2	37	of	of	ADP
ajfa-1518	2	38	salford	salford	PROPN
ajfa-1518	2	39	salford	salford	PROPN
ajfa-1518	2	40	greater	greater	PROPN
ajfa-1518	2	41	manchester	manchester	PROPN
ajfa-1518	2	42	,	,	PUNCT
ajfa-1518	2	43	m54wt	m54wt	NOUN
ajfa-1518	2	44	,	,	PUNCT
ajfa-1518	2	45	united	united	ADJ
ajfa-1518	2	46	kingdom	kingdom	PROPN
ajfa-1518	2	47	e	e	NOUN
ajfa-1518	2	48	-	-	NOUN
ajfa-1518	2	49	mail	mail	NOUN
ajfa-1518	2	50	:	:	PUNCT
ajfa-1518	2	51	g.c.arnold@salford.ac.uk	g.c.arnold@salford.ac.uk	PROPN
ajfa-1518	2	52	received	receive	VERB
ajfa-1518	2	53	:	:	PUNCT
ajfa-1518	2	54	march	march	PROPN
ajfa-1518	2	55	15	15	NUM
ajfa-1518	2	56	,	,	PUNCT
ajfa-1518	2	57	2012	2012	NUM
ajfa-1518	2	58	accepted	accept	VERB
ajfa-1518	2	59	:	:	PUNCT
ajfa-1518	2	60	march	march	PROPN
ajfa-1518	2	61	25	25	NUM
ajfa-1518	2	62	,	,	PUNCT
ajfa-1518	2	63	2012	2012	NUM
ajfa-1518	2	64	published	publish	VERB
ajfa-1518	2	65	:	:	PUNCT
ajfa-1518	2	66	june	june	PROPN
ajfa-1518	2	67	1	1	NUM
ajfa-1518	2	68	,	,	PUNCT
ajfa-1518	2	69	2012	2012	NUM
ajfa-1518	2	70	doi:10.5296	doi:10.5296	NOUN
ajfa-1518	2	71	/	/	SYM
ajfa-1518	2	72	ajfa.v4i1.1518	ajfa.v4i1.1518	NUM
ajfa-1518	2	73	url	url	PROPN
ajfa-1518	2	74	:	:	PUNCT
ajfa-1518	2	75	http://dx.doi.org/10.5296/ajfa.v4i1.1518	http://dx.doi.org/10.5296/ajfa.v4i1.1518	PROPN
ajfa-1518	2	76	abstract	abstract	NOUN
ajfa-1518	2	77	this	this	DET
ajfa-1518	2	78	paper	paper	NOUN
ajfa-1518	2	79	investigates	investigate	VERB
ajfa-1518	2	80	the	the	DET
ajfa-1518	2	81	shortand	shortand	NOUN
ajfa-1518	2	82	long	long	ADV
ajfa-1518	2	83	-	-	PUNCT
ajfa-1518	2	84	run	run	VERB
ajfa-1518	2	85	share	share	NOUN
ajfa-1518	2	86	return	return	NOUN
ajfa-1518	2	87	performance	performance	NOUN
ajfa-1518	2	88	of	of	ADP
ajfa-1518	2	89	malaysian	malaysian	ADJ
ajfa-1518	2	90	spin	spin	NOUN
ajfa-1518	2	91	-	-	PUNCT
ajfa-1518	2	92	off	off	ADP
ajfa-1518	2	93	firms	firm	NOUN
ajfa-1518	2	94	during	during	ADP
ajfa-1518	2	95	the	the	DET
ajfa-1518	2	96	period	period	NOUN
ajfa-1518	2	97	january	january	PROPN
ajfa-1518	2	98	1980	1980	NUM
ajfa-1518	2	99	to	to	ADP
ajfa-1518	2	100	april	april	PROPN
ajfa-1518	2	101	2011	2011	NUM
ajfa-1518	2	102	.	.	PUNCT
ajfa-1518	3	1	using	use	VERB
ajfa-1518	3	2	daily	daily	ADJ
ajfa-1518	3	3	and	and	CCONJ
ajfa-1518	3	4	monthly	monthly	ADJ
ajfa-1518	3	5	data	datum	NOUN
ajfa-1518	3	6	,	,	PUNCT
ajfa-1518	3	7	the	the	DET
ajfa-1518	3	8	study	study	NOUN
ajfa-1518	3	9	examines	examine	VERB
ajfa-1518	3	10	the	the	DET
ajfa-1518	3	11	performance	performance	NOUN
ajfa-1518	3	12	of	of	ADP
ajfa-1518	3	13	spin	spin	NOUN
ajfa-1518	3	14	-	-	PUNCT
ajfa-1518	3	15	off	off	ADP
ajfa-1518	3	16	firms	firm	NOUN
ajfa-1518	3	17	against	against	ADP
ajfa-1518	3	18	the	the	DET
ajfa-1518	3	19	benchmarks	benchmark	NOUN
ajfa-1518	3	20	of	of	ADP
ajfa-1518	3	21	malaysian	malaysian	ADJ
ajfa-1518	3	22	all	all	ADJ
ajfa-1518	3	23	-	-	PUNCT
ajfa-1518	3	24	shares	share	NOUN
ajfa-1518	3	25	indices	index	NOUN
ajfa-1518	3	26	.	.	PUNCT
ajfa-1518	4	1	the	the	DET
ajfa-1518	4	2	results	result	NOUN
ajfa-1518	4	3	show	show	VERB
ajfa-1518	4	4	that	that	SCONJ
ajfa-1518	4	5	parent	parent	NOUN
ajfa-1518	4	6	firms	firm	NOUN
ajfa-1518	4	7	significantly	significantly	ADV
ajfa-1518	4	8	outperformed	outperform	VERB
ajfa-1518	4	9	the	the	DET
ajfa-1518	4	10	market	market	NOUN
ajfa-1518	4	11	during	during	ADP
ajfa-1518	4	12	the	the	DET
ajfa-1518	4	13	few	few	ADJ
ajfa-1518	4	14	days	day	NOUN
ajfa-1518	4	15	surrounding	surround	VERB
ajfa-1518	4	16	the	the	DET
ajfa-1518	4	17	announcement	announcement	NOUN
ajfa-1518	4	18	date	date	NOUN
ajfa-1518	4	19	even	even	ADV
ajfa-1518	4	20	after	after	ADP
ajfa-1518	4	21	adjustment	adjustment	NOUN
ajfa-1518	4	22	for	for	ADP
ajfa-1518	4	23	size	size	NOUN
ajfa-1518	4	24	.	.	PUNCT
ajfa-1518	5	1	in	in	ADP
ajfa-1518	5	2	the	the	DET
ajfa-1518	5	3	long	long	ADV
ajfa-1518	5	4	-	-	PUNCT
ajfa-1518	5	5	run	run	NOUN
ajfa-1518	5	6	analysis	analysis	NOUN
ajfa-1518	5	7	of	of	ADP
ajfa-1518	5	8	three	three	NUM
ajfa-1518	5	9	years	year	NOUN
ajfa-1518	5	10	,	,	PUNCT
ajfa-1518	5	11	however	however	ADV
ajfa-1518	5	12	,	,	PUNCT
ajfa-1518	5	13	and	and	CCONJ
ajfa-1518	5	14	after	after	ADP
ajfa-1518	5	15	allowing	allow	VERB
ajfa-1518	5	16	for	for	ADP
ajfa-1518	5	17	size	size	NOUN
ajfa-1518	5	18	,	,	PUNCT
ajfa-1518	5	19	this	this	DET
ajfa-1518	5	20	research	research	NOUN
ajfa-1518	5	21	failed	fail	VERB
ajfa-1518	5	22	to	to	PART
ajfa-1518	5	23	find	find	VERB
ajfa-1518	5	24	abnormal	abnormal	ADJ
ajfa-1518	5	25	performance	performance	NOUN
ajfa-1518	5	26	for	for	ADP
ajfa-1518	5	27	either	either	DET
ajfa-1518	5	28	parents	parent	NOUN
ajfa-1518	5	29	or	or	CCONJ
ajfa-1518	5	30	spun	spin	VERB
ajfa-1518	5	31	-	-	PUNCT
ajfa-1518	5	32	off	off	ADP
ajfa-1518	5	33	entities	entity	NOUN
ajfa-1518	5	34	.	.	PUNCT
ajfa-1518	6	1	overall	overall	ADV
ajfa-1518	6	2	,	,	PUNCT
ajfa-1518	6	3	the	the	DET
ajfa-1518	6	4	results	result	NOUN
ajfa-1518	6	5	of	of	ADP
ajfa-1518	6	6	this	this	DET
ajfa-1518	6	7	research	research	NOUN
ajfa-1518	6	8	allow	allow	VERB
ajfa-1518	6	9	us	we	PRON
ajfa-1518	6	10	to	to	PART
ajfa-1518	6	11	plausibly	plausibly	ADV
ajfa-1518	6	12	argue	argue	VERB
ajfa-1518	6	13	that	that	SCONJ
ajfa-1518	6	14	the	the	DET
ajfa-1518	6	15	market	market	NOUN
ajfa-1518	6	16	anticipates	anticipate	VERB
ajfa-1518	6	17	both	both	DET
ajfa-1518	6	18	increased	increase	VERB
ajfa-1518	6	19	value	value	NOUN
ajfa-1518	6	20	for	for	ADP
ajfa-1518	6	21	parent	parent	NOUN
ajfa-1518	6	22	shareholders	shareholder	NOUN
ajfa-1518	6	23	and	and	CCONJ
ajfa-1518	6	24	potential	potential	ADJ
ajfa-1518	6	25	exploitable	exploitable	ADJ
ajfa-1518	6	26	stock	stock	NOUN
ajfa-1518	6	27	market	market	NOUN
ajfa-1518	6	28	efficiency	efficiency	NOUN
ajfa-1518	6	29	in	in	ADP
ajfa-1518	6	30	the	the	DET
ajfa-1518	6	31	short	short	ADJ
ajfa-1518	6	32	-	-	PUNCT
ajfa-1518	6	33	run	run	NOUN
ajfa-1518	6	34	period	period	NOUN
ajfa-1518	6	35	but	but	CCONJ
ajfa-1518	6	36	not	not	PART
ajfa-1518	6	37	in	in	ADP
ajfa-1518	6	38	the	the	DET
ajfa-1518	6	39	long	long	ADV
ajfa-1518	6	40	-	-	PUNCT
ajfa-1518	6	41	run	run	NOUN
ajfa-1518	6	42	.	.	PUNCT
ajfa-1518	7	1	keywords	keyword	NOUN
ajfa-1518	7	2	:	:	PUNCT
ajfa-1518	7	3	spin	spin	NOUN
ajfa-1518	7	4	-	-	PUNCT
ajfa-1518	7	5	offs	off	NOUN
ajfa-1518	7	6	,	,	PUNCT
ajfa-1518	7	7	share	share	NOUN
ajfa-1518	7	8	return	return	NOUN
ajfa-1518	7	9	performance	performance	NOUN
ajfa-1518	7	10	,	,	PUNCT
ajfa-1518	7	11	market	market	NOUN
ajfa-1518	7	12	efficiency	efficiency	NOUN
ajfa-1518	7	13	,	,	PUNCT
ajfa-1518	7	14	size	size	NOUN
ajfa-1518	7	15	effect	effect	NOUN
ajfa-1518	7	16	,	,	PUNCT
ajfa-1518	7	17	malaysia	malaysia	PROPN
ajfa-1518	7	18	jel	jel	PROPN
ajfa-1518	7	19	classification	classification	NOUN
ajfa-1518	7	20	:	:	PUNCT
ajfa-1518	7	21	g14	g14	ADJ
ajfa-1518	7	22	asian	asian	ADJ
ajfa-1518	7	23	journal	journal	NOUN
ajfa-1518	7	24	of	of	ADP
ajfa-1518	7	25	finance	finance	PROPN
ajfa-1518	7	26	&	&	CCONJ
ajfa-1518	7	27	accounting	accounting	PROPN
ajfa-1518	7	28	issn	issn	PROPN
ajfa-1518	7	29	1946	1946	NUM
ajfa-1518	7	30	-	-	PUNCT
ajfa-1518	7	31	052x	052x	NOUN
ajfa-1518	7	32	2012	2012	NUM
ajfa-1518	7	33	,	,	PUNCT
ajfa-1518	7	34	vol	vol	NOUN
ajfa-1518	7	35	.	.	PROPN
ajfa-1518	7	36	4	4	NUM
ajfa-1518	7	37	,	,	PUNCT
ajfa-1518	7	38	no	no	INTJ
ajfa-1518	7	39	.	.	NOUN
ajfa-1518	7	40	1	1	NUM
ajfa-1518	7	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1518	7	42	152	152	NUM
ajfa-1518	7	43	1	1	NUM
ajfa-1518	7	44	.	.	PUNCT
ajfa-1518	8	1	introduction	introduction	NOUN
ajfa-1518	8	2	a	a	DET
ajfa-1518	8	3	crucial	crucial	ADJ
ajfa-1518	8	4	question	question	NOUN
ajfa-1518	8	5	in	in	ADP
ajfa-1518	8	6	corporate	corporate	ADJ
ajfa-1518	8	7	spin	spin	NOUN
ajfa-1518	8	8	-	-	PUNCT
ajfa-1518	8	9	offs	off	NOUN
ajfa-1518	8	10	is	be	AUX
ajfa-1518	8	11	whether	whether	SCONJ
ajfa-1518	8	12	the	the	DET
ajfa-1518	8	13	action	action	NOUN
ajfa-1518	8	14	creates	create	VERB
ajfa-1518	8	15	wealth	wealth	NOUN
ajfa-1518	8	16	for	for	ADP
ajfa-1518	8	17	shareholders	shareholder	NOUN
ajfa-1518	8	18	in	in	ADP
ajfa-1518	8	19	the	the	DET
ajfa-1518	8	20	shortand	shortand	NOUN
ajfa-1518	8	21	long	long	ADV
ajfa-1518	8	22	-	-	PUNCT
ajfa-1518	8	23	run	run	NOUN
ajfa-1518	8	24	periods	period	NOUN
ajfa-1518	8	25	.	.	PUNCT
ajfa-1518	9	1	earlier	early	ADJ
ajfa-1518	9	2	studies	study	NOUN
ajfa-1518	9	3	in	in	ADP
ajfa-1518	9	4	other	other	ADJ
ajfa-1518	9	5	countries	country	NOUN
ajfa-1518	9	6	suggest	suggest	VERB
ajfa-1518	9	7	that	that	SCONJ
ajfa-1518	9	8	spin	spin	NOUN
ajfa-1518	9	9	-	-	PUNCT
ajfa-1518	9	10	offs	off	NOUN
ajfa-1518	9	11	generate	generate	VERB
ajfa-1518	9	12	positive	positive	ADJ
ajfa-1518	9	13	abnormal	abnormal	ADJ
ajfa-1518	9	14	returns	return	NOUN
ajfa-1518	9	15	during	during	ADP
ajfa-1518	9	16	the	the	DET
ajfa-1518	9	17	few	few	ADJ
ajfa-1518	9	18	days	day	NOUN
ajfa-1518	9	19	surrounding	surround	VERB
ajfa-1518	9	20	the	the	DET
ajfa-1518	9	21	announcement	announcement	NOUN
ajfa-1518	9	22	.	.	PUNCT
ajfa-1518	10	1	however	however	ADV
ajfa-1518	10	2	,	,	PUNCT
ajfa-1518	10	3	the	the	DET
ajfa-1518	10	4	evidence	evidence	NOUN
ajfa-1518	10	5	on	on	ADP
ajfa-1518	10	6	the	the	DET
ajfa-1518	10	7	long	long	ADV
ajfa-1518	10	8	-	-	PUNCT
ajfa-1518	10	9	run	run	VERB
ajfa-1518	10	10	share	share	NOUN
ajfa-1518	10	11	returns	return	NOUN
ajfa-1518	10	12	performance	performance	NOUN
ajfa-1518	10	13	of	of	ADP
ajfa-1518	10	14	firms	firm	NOUN
ajfa-1518	10	15	is	be	AUX
ajfa-1518	10	16	more	more	ADV
ajfa-1518	10	17	mixed	mixed	ADJ
ajfa-1518	10	18	.	.	PUNCT
ajfa-1518	11	1	the	the	DET
ajfa-1518	11	2	present	present	ADJ
ajfa-1518	11	3	study	study	NOUN
ajfa-1518	11	4	fills	fill	VERB
ajfa-1518	11	5	a	a	DET
ajfa-1518	11	6	gap	gap	NOUN
ajfa-1518	11	7	in	in	ADP
ajfa-1518	11	8	the	the	DET
ajfa-1518	11	9	literature	literature	NOUN
ajfa-1518	11	10	by	by	ADP
ajfa-1518	11	11	discovering	discover	VERB
ajfa-1518	11	12	how	how	SCONJ
ajfa-1518	11	13	malaysian	malaysian	ADJ
ajfa-1518	11	14	spin	spin	VERB
ajfa-1518	11	15	-	-	PUNCT
ajfa-1518	11	16	off	off	ADP
ajfa-1518	11	17	firms	firm	NOUN
ajfa-1518	11	18	perform	perform	VERB
ajfa-1518	11	19	in	in	ADP
ajfa-1518	11	20	both	both	CCONJ
ajfa-1518	11	21	the	the	DET
ajfa-1518	11	22	shortand	shortand	NOUN
ajfa-1518	11	23	long	long	ADV
ajfa-1518	11	24	-	-	PUNCT
ajfa-1518	11	25	run	run	NOUN
ajfa-1518	11	26	periods	period	NOUN
ajfa-1518	11	27	.	.	PUNCT
ajfa-1518	12	1	it	it	PRON
ajfa-1518	12	2	makes	make	VERB
ajfa-1518	12	3	several	several	ADJ
ajfa-1518	12	4	contributions	contribution	NOUN
ajfa-1518	12	5	.	.	PUNCT
ajfa-1518	13	1	first	first	ADV
ajfa-1518	13	2	,	,	PUNCT
ajfa-1518	13	3	as	as	SCONJ
ajfa-1518	13	4	there	there	PRON
ajfa-1518	13	5	is	be	VERB
ajfa-1518	13	6	no	no	DET
ajfa-1518	13	7	evidence	evidence	NOUN
ajfa-1518	13	8	on	on	ADP
ajfa-1518	13	9	the	the	DET
ajfa-1518	13	10	influence	influence	NOUN
ajfa-1518	13	11	of	of	ADP
ajfa-1518	13	12	the	the	DET
ajfa-1518	13	13	firm	firm	ADJ
ajfa-1518	13	14	size	size	NOUN
ajfa-1518	13	15	effect	effect	NOUN
ajfa-1518	13	16	in	in	ADP
ajfa-1518	13	17	the	the	DET
ajfa-1518	13	18	event	event	NOUN
ajfa-1518	13	19	of	of	ADP
ajfa-1518	13	20	a	a	DET
ajfa-1518	13	21	spin	spin	NOUN
ajfa-1518	13	22	-	-	PUNCT
ajfa-1518	13	23	off	off	NOUN
ajfa-1518	13	24	in	in	ADP
ajfa-1518	13	25	the	the	DET
ajfa-1518	13	26	malaysian	malaysian	ADJ
ajfa-1518	13	27	capital	capital	NOUN
ajfa-1518	13	28	market	market	NOUN
ajfa-1518	13	29	,	,	PUNCT
ajfa-1518	13	30	the	the	DET
ajfa-1518	13	31	present	present	ADJ
ajfa-1518	13	32	study	study	NOUN
ajfa-1518	13	33	adds	add	VERB
ajfa-1518	13	34	to	to	ADP
ajfa-1518	13	35	growing	grow	VERB
ajfa-1518	13	36	body	body	NOUN
ajfa-1518	13	37	of	of	ADP
ajfa-1518	13	38	international	international	ADJ
ajfa-1518	13	39	evidence	evidence	NOUN
ajfa-1518	13	40	in	in	ADP
ajfa-1518	13	41	corporate	corporate	ADJ
ajfa-1518	13	42	spin	spin	NOUN
ajfa-1518	13	43	-	-	PUNCT
ajfa-1518	13	44	offs	off	NOUN
ajfa-1518	13	45	.	.	PUNCT
ajfa-1518	14	1	second	second	ADJ
ajfa-1518	14	2	,	,	PUNCT
ajfa-1518	14	3	we	we	PRON
ajfa-1518	14	4	employ	employ	VERB
ajfa-1518	14	5	two	two	NUM
ajfa-1518	14	6	novel	novel	ADJ
ajfa-1518	14	7	market	market	NOUN
ajfa-1518	14	8	indices	index	NOUN
ajfa-1518	14	9	:	:	PUNCT
ajfa-1518	14	10	malaysia	malaysia	PROPN
ajfa-1518	14	11	all	all	DET
ajfa-1518	14	12	-	-	PUNCT
ajfa-1518	14	13	shares	share	NOUN
ajfa-1518	14	14	equal	equal	ADJ
ajfa-1518	14	15	weight	weight	NOUN
ajfa-1518	14	16	index	index	NOUN
ajfa-1518	14	17	(	(	PUNCT
ajfa-1518	14	18	mas	mas	PROPN
ajfa-1518	14	19	-	-	PUNCT
ajfa-1518	14	20	ewi	ewi	NOUN
ajfa-1518	14	21	)	)	PUNCT
ajfa-1518	14	22	and	and	CCONJ
ajfa-1518	14	23	malaysia	malaysia	PROPN
ajfa-1518	14	24	all	all	DET
ajfa-1518	14	25	-	-	PUNCT
ajfa-1518	14	26	shares	share	NOUN
ajfa-1518	14	27	value	value	NOUN
ajfa-1518	14	28	weight	weight	NOUN
ajfa-1518	14	29	index	index	NOUN
ajfa-1518	14	30	(	(	PUNCT
ajfa-1518	14	31	mas	mas	PROPN
ajfa-1518	14	32	-	-	PUNCT
ajfa-1518	14	33	vwi)1	vwi)1	PROPN
ajfa-1518	14	34	.	.	PUNCT
ajfa-1518	15	1	both	both	DET
ajfa-1518	15	2	benchmarks	benchmark	NOUN
ajfa-1518	15	3	are	be	AUX
ajfa-1518	15	4	more	more	ADV
ajfa-1518	15	5	comprehensive	comprehensive	ADJ
ajfa-1518	15	6	than	than	ADP
ajfa-1518	15	7	any	any	PRON
ajfa-1518	15	8	used	use	VERB
ajfa-1518	15	9	in	in	ADP
ajfa-1518	15	10	previous	previous	ADJ
ajfa-1518	15	11	malaysian	malaysian	ADJ
ajfa-1518	15	12	event	event	NOUN
ajfa-1518	15	13	studies	study	NOUN
ajfa-1518	15	14	which	which	PRON
ajfa-1518	15	15	commonly	commonly	ADV
ajfa-1518	15	16	adopt	adopt	VERB
ajfa-1518	15	17	two	two	NUM
ajfa-1518	15	18	popular	popular	ADJ
ajfa-1518	15	19	market	market	NOUN
ajfa-1518	15	20	indices	index	NOUN
ajfa-1518	15	21	,	,	PUNCT
ajfa-1518	15	22	namely	namely	ADV
ajfa-1518	15	23	ftse	ftse	VERB
ajfa-1518	15	24	kuala	kuala	PROPN
ajfa-1518	15	25	lumpur	lumpur	PROPN
ajfa-1518	15	26	composite	composite	PROPN
ajfa-1518	15	27	index	index	NOUN
ajfa-1518	15	28	(	(	PUNCT
ajfa-1518	15	29	klci	klci	NOUN
ajfa-1518	15	30	)	)	PUNCT
ajfa-1518	15	31	and	and	CCONJ
ajfa-1518	15	32	ftse	ftse	PROPN
ajfa-1518	15	33	bursa	bursa	PROPN
ajfa-1518	15	34	malaysia	malaysia	PROPN
ajfa-1518	15	35	emas	emas	PROPN
ajfa-1518	15	36	index	index	PROPN
ajfa-1518	15	37	which	which	PRON
ajfa-1518	15	38	fail	fail	VERB
ajfa-1518	15	39	to	to	PART
ajfa-1518	15	40	represent	represent	VERB
ajfa-1518	15	41	the	the	DET
ajfa-1518	15	42	broader	broad	ADJ
ajfa-1518	15	43	malaysian	malaysian	ADJ
ajfa-1518	15	44	market2	market2	PROPN
ajfa-1518	15	45	.	.	PUNCT
ajfa-1518	16	1	third	third	ADJ
ajfa-1518	16	2	,	,	PUNCT
ajfa-1518	16	3	we	we	PRON
ajfa-1518	16	4	use	use	VERB
ajfa-1518	16	5	cumulative	cumulative	ADJ
ajfa-1518	16	6	abnormal	abnormal	ADJ
ajfa-1518	16	7	returns	return	NOUN
ajfa-1518	16	8	(	(	PUNCT
ajfa-1518	16	9	cars	car	NOUN
ajfa-1518	16	10	)	)	PUNCT
ajfa-1518	16	11	,	,	PUNCT
ajfa-1518	16	12	buy	buy	NOUN
ajfa-1518	16	13	-	-	PUNCT
ajfa-1518	16	14	and	and	CCONJ
ajfa-1518	16	15	-	-	PUNCT
ajfa-1518	16	16	hold	hold	VERB
ajfa-1518	16	17	abnormal	abnormal	ADJ
ajfa-1518	16	18	returns	return	NOUN
ajfa-1518	16	19	(	(	PUNCT
ajfa-1518	16	20	bhars	bhar	NOUN
ajfa-1518	16	21	)	)	PUNCT
ajfa-1518	16	22	and	and	CCONJ
ajfa-1518	16	23	market	market	NOUN
ajfa-1518	16	24	model	model	NOUN
ajfa-1518	16	25	as	as	SCONJ
ajfa-1518	16	26	the	the	DET
ajfa-1518	16	27	abnormal	abnormal	ADJ
ajfa-1518	16	28	return	return	NOUN
ajfa-1518	16	29	metrics	metric	NOUN
ajfa-1518	16	30	to	to	PART
ajfa-1518	16	31	provide	provide	VERB
ajfa-1518	16	32	a	a	DET
ajfa-1518	16	33	more	more	ADV
ajfa-1518	16	34	comprehensive	comprehensive	ADJ
ajfa-1518	16	35	analysis	analysis	NOUN
ajfa-1518	16	36	of	of	ADP
ajfa-1518	16	37	share	share	NOUN
ajfa-1518	16	38	return	return	NOUN
ajfa-1518	16	39	performance	performance	NOUN
ajfa-1518	16	40	,	,	PUNCT
ajfa-1518	16	41	whereas	whereas	SCONJ
ajfa-1518	16	42	previous	previous	ADJ
ajfa-1518	16	43	international	international	ADJ
ajfa-1518	16	44	studies	study	NOUN
ajfa-1518	16	45	used	use	VERB
ajfa-1518	16	46	only	only	ADV
ajfa-1518	16	47	one	one	NUM
ajfa-1518	16	48	of	of	ADP
ajfa-1518	16	49	these	these	DET
ajfa-1518	16	50	models	model	NOUN
ajfa-1518	16	51	in	in	ADP
ajfa-1518	16	52	their	their	PRON
ajfa-1518	16	53	analysis	analysis	NOUN
ajfa-1518	16	54	.	.	PUNCT
ajfa-1518	17	1	this	this	DET
ajfa-1518	17	2	study	study	NOUN
ajfa-1518	17	3	defines	define	VERB
ajfa-1518	17	4	a	a	DET
ajfa-1518	17	5	corporate	corporate	ADJ
ajfa-1518	17	6	spin	spin	NOUN
ajfa-1518	17	7	-	-	PUNCT
ajfa-1518	17	8	off	off	NOUN
ajfa-1518	17	9	as	as	ADP
ajfa-1518	17	10	occurring	occur	VERB
ajfa-1518	17	11	when	when	SCONJ
ajfa-1518	17	12	the	the	DET
ajfa-1518	17	13	shares	share	NOUN
ajfa-1518	17	14	of	of	ADP
ajfa-1518	17	15	a	a	DET
ajfa-1518	17	16	subsidiary	subsidiary	NOUN
ajfa-1518	17	17	are	be	AUX
ajfa-1518	17	18	distributed	distribute	VERB
ajfa-1518	17	19	on	on	ADP
ajfa-1518	17	20	a	a	DET
ajfa-1518	17	21	pro	pro	ADJ
ajfa-1518	17	22	-	-	ADJ
ajfa-1518	17	23	rata	rata	ADJ
ajfa-1518	17	24	basis	basis	NOUN
ajfa-1518	17	25	to	to	ADP
ajfa-1518	17	26	the	the	DET
ajfa-1518	17	27	original	original	ADJ
ajfa-1518	17	28	shareholders	shareholder	NOUN
ajfa-1518	17	29	of	of	ADP
ajfa-1518	17	30	the	the	DET
ajfa-1518	17	31	parent	parent	NOUN
ajfa-1518	17	32	firms	firm	NOUN
ajfa-1518	17	33	.	.	PUNCT
ajfa-1518	18	1	following	follow	VERB
ajfa-1518	18	2	the	the	DET
ajfa-1518	18	3	transaction	transaction	NOUN
ajfa-1518	18	4	,	,	PUNCT
ajfa-1518	18	5	the	the	DET
ajfa-1518	18	6	subsidiary	subsidiary	NOUN
ajfa-1518	18	7	becomes	become	VERB
ajfa-1518	18	8	an	an	DET
ajfa-1518	18	9	independent	independent	ADJ
ajfa-1518	18	10	firm	firm	NOUN
ajfa-1518	18	11	;	;	PUNCT
ajfa-1518	18	12	therefore	therefore	ADV
ajfa-1518	18	13	the	the	DET
ajfa-1518	18	14	parent	parent	NOUN
ajfa-1518	18	15	firm	firm	NOUN
ajfa-1518	18	16	has	have	VERB
ajfa-1518	18	17	no	no	DET
ajfa-1518	18	18	controlling	control	VERB
ajfa-1518	18	19	relationship	relationship	NOUN
ajfa-1518	18	20	with	with	ADP
ajfa-1518	18	21	it	it	PRON
ajfa-1518	18	22	.	.	PUNCT
ajfa-1518	19	1	the	the	DET
ajfa-1518	19	2	former	former	ADJ
ajfa-1518	19	3	parent	parent	NOUN
ajfa-1518	19	4	firm	firm	NOUN
ajfa-1518	19	5	’s	’s	PART
ajfa-1518	19	6	shareholders	shareholder	NOUN
ajfa-1518	19	7	,	,	PUNCT
ajfa-1518	19	8	however	however	ADV
ajfa-1518	19	9	,	,	PUNCT
ajfa-1518	19	10	now	now	ADV
ajfa-1518	19	11	own	own	VERB
ajfa-1518	19	12	two	two	NUM
ajfa-1518	19	13	different	different	ADJ
ajfa-1518	19	14	securities	security	NOUN
ajfa-1518	19	15	:	:	PUNCT
ajfa-1518	19	16	the	the	DET
ajfa-1518	19	17	shares	share	NOUN
ajfa-1518	19	18	from	from	ADP
ajfa-1518	19	19	the	the	DET
ajfa-1518	19	20	parent	parent	NOUN
ajfa-1518	19	21	and	and	CCONJ
ajfa-1518	19	22	the	the	DET
ajfa-1518	19	23	shares	share	NOUN
ajfa-1518	19	24	from	from	ADP
ajfa-1518	19	25	the	the	DET
ajfa-1518	19	26	newly	newly	ADV
ajfa-1518	19	27	spun	spin	VERB
ajfa-1518	19	28	-	-	PUNCT
ajfa-1518	19	29	off	off	ADP
ajfa-1518	19	30	firm	firm	NOUN
ajfa-1518	19	31	.	.	PUNCT
ajfa-1518	20	1	spin	spin	VERB
ajfa-1518	20	2	-	-	PUNCT
ajfa-1518	20	3	off	off	ADP
ajfa-1518	20	4	activity	activity	NOUN
ajfa-1518	20	5	by	by	ADP
ajfa-1518	20	6	malaysian	malaysian	ADJ
ajfa-1518	20	7	listed	list	VERB
ajfa-1518	20	8	firms	firm	NOUN
ajfa-1518	20	9	began	begin	VERB
ajfa-1518	20	10	in	in	ADP
ajfa-1518	20	11	the	the	DET
ajfa-1518	20	12	late	late	ADJ
ajfa-1518	20	13	1980s	1980	NOUN
ajfa-1518	20	14	in	in	ADP
ajfa-1518	20	15	tandem	tandem	NOUN
ajfa-1518	20	16	with	with	ADP
ajfa-1518	20	17	the	the	DET
ajfa-1518	20	18	development	development	NOUN
ajfa-1518	20	19	of	of	ADP
ajfa-1518	20	20	the	the	DET
ajfa-1518	20	21	capital	capital	NOUN
ajfa-1518	20	22	market	market	NOUN
ajfa-1518	20	23	.	.	PUNCT
ajfa-1518	21	1	it	it	PRON
ajfa-1518	21	2	gathered	gather	VERB
ajfa-1518	21	3	momentum	momentum	NOUN
ajfa-1518	21	4	with	with	ADP
ajfa-1518	21	5	increasing	increase	VERB
ajfa-1518	21	6	numbers	number	NOUN
ajfa-1518	21	7	of	of	ADP
ajfa-1518	21	8	corporate	corporate	ADJ
ajfa-1518	21	9	spin	spin	NOUN
ajfa-1518	21	10	-	-	PUNCT
ajfa-1518	21	11	offs	off	NOUN
ajfa-1518	21	12	during	during	ADP
ajfa-1518	21	13	the	the	DET
ajfa-1518	21	14	bull	bull	NOUN
ajfa-1518	21	15	-	-	PUNCT
ajfa-1518	21	16	run	run	NOUN
ajfa-1518	21	17	period	period	NOUN
ajfa-1518	21	18	of	of	ADP
ajfa-1518	21	19	1993	1993	NUM
ajfa-1518	21	20	to	to	ADP
ajfa-1518	21	21	1994	1994	NUM
ajfa-1518	21	22	;	;	PUNCT
ajfa-1518	21	23	and	and	CCONJ
ajfa-1518	21	24	also	also	ADV
ajfa-1518	21	25	in	in	ADP
ajfa-1518	21	26	the	the	DET
ajfa-1518	21	27	years	year	NOUN
ajfa-1518	21	28	following	follow	VERB
ajfa-1518	21	29	the	the	DET
ajfa-1518	21	30	1997	1997	NUM
ajfa-1518	21	31	crisis	crisis	NOUN
ajfa-1518	21	32	.	.	PUNCT
ajfa-1518	22	1	out	out	ADP
ajfa-1518	22	2	of	of	ADP
ajfa-1518	22	3	36	36	NUM
ajfa-1518	22	4	cases	case	NOUN
ajfa-1518	22	5	,	,	PUNCT
ajfa-1518	22	6	67	67	NUM
ajfa-1518	22	7	%	%	NOUN
ajfa-1518	22	8	of	of	ADP
ajfa-1518	22	9	the	the	DET
ajfa-1518	22	10	spin	spin	VERB
ajfa-1518	22	11	-	-	PUNCT
ajfa-1518	22	12	off	off	ADP
ajfa-1518	22	13	announcements	announcement	NOUN
ajfa-1518	22	14	occurred	occur	VERB
ajfa-1518	22	15	during	during	ADP
ajfa-1518	22	16	the	the	DET
ajfa-1518	22	17	bear	bear	NOUN
ajfa-1518	22	18	periods	period	NOUN
ajfa-1518	22	19	from	from	ADP
ajfa-1518	22	20	1999	1999	NUM
ajfa-1518	22	21	to	to	ADP
ajfa-1518	22	22	2006	2006	NUM
ajfa-1518	22	23	.	.	PUNCT
ajfa-1518	23	1	this	this	DET
ajfa-1518	23	2	study	study	NOUN
ajfa-1518	23	3	examines	examine	VERB
ajfa-1518	23	4	a	a	DET
ajfa-1518	23	5	sample	sample	NOUN
ajfa-1518	23	6	of	of	ADP
ajfa-1518	23	7	36	36	NUM
ajfa-1518	23	8	spin	spin	NOUN
ajfa-1518	23	9	-	-	PUNCT
ajfa-1518	23	10	offs	off	NOUN
ajfa-1518	23	11	completed	complete	VERB
ajfa-1518	23	12	between	between	ADP
ajfa-1518	23	13	january	january	PROPN
ajfa-1518	23	14	1980	1980	NUM
ajfa-1518	23	15	and	and	CCONJ
ajfa-1518	23	16	april	april	PROPN
ajfa-1518	23	17	2008	2008	NUM
ajfa-1518	23	18	.	.	PUNCT
ajfa-1518	24	1	in	in	ADP
ajfa-1518	24	2	a	a	DET
ajfa-1518	24	3	previous	previous	ADJ
ajfa-1518	24	4	study	study	NOUN
ajfa-1518	24	5	which	which	PRON
ajfa-1518	24	6	examined	examine	VERB
ajfa-1518	24	7	85	85	NUM
ajfa-1518	24	8	malaysian	malaysian	ADJ
ajfa-1518	24	9	firms	firm	NOUN
ajfa-1518	24	10	,	,	PUNCT
ajfa-1518	24	11	only	only	ADV
ajfa-1518	24	12	some	some	PRON
ajfa-1518	24	13	of	of	ADP
ajfa-1518	24	14	which	which	PRON
ajfa-1518	24	15	were	be	AUX
ajfa-1518	24	16	engaged	engage	VERB
ajfa-1518	24	17	in	in	ADP
ajfa-1518	24	18	spin	spin	NOUN
ajfa-1518	24	19	-	-	PUNCT
ajfa-1518	24	20	offs	off	NOUN
ajfa-1518	24	21	.	.	PUNCT
ajfa-1518	25	1	yoon	yoon	PROPN
ajfa-1518	25	2	and	and	CCONJ
ajfa-1518	25	3	ariff	ariff	PROPN
ajfa-1518	25	4	(	(	PUNCT
ajfa-1518	25	5	2007	2007	NUM
ajfa-1518	25	6	)	)	PUNCT
ajfa-1518	25	7	found	find	VERB
ajfa-1518	25	8	a	a	DET
ajfa-1518	25	9	significant	significant	ADJ
ajfa-1518	25	10	positive	positive	ADJ
ajfa-1518	25	11	cumulative	cumulative	ADJ
ajfa-1518	25	12	average	average	ADJ
ajfa-1518	25	13	abnormal	abnormal	ADJ
ajfa-1518	25	14	return	return	NOUN
ajfa-1518	25	15	(	(	PUNCT
ajfa-1518	25	16	caar	caar	NOUN
ajfa-1518	25	17	)	)	PUNCT
ajfa-1518	25	18	of	of	ADP
ajfa-1518	25	19	+22.7	+22.7	NUM
ajfa-1518	25	20	%	%	NOUN
ajfa-1518	25	21	in	in	ADP
ajfa-1518	25	22	a	a	DET
ajfa-1518	25	23	two	two	NUM
ajfa-1518	25	24	-	-	PUNCT
ajfa-1518	25	25	day	day	NOUN
ajfa-1518	25	26	(	(	PUNCT
ajfa-1518	25	27	day	day	NOUN
ajfa-1518	25	28	-1	-1	NOUN
ajfa-1518	25	29	to	to	ADP
ajfa-1518	25	30	day	day	NOUN
ajfa-1518	25	31	0	0	NUM
ajfa-1518	25	32	)	)	PUNCT
ajfa-1518	25	33	event	event	NOUN
ajfa-1518	25	34	window	window	NOUN
ajfa-1518	25	35	surrounding	surround	VERB
ajfa-1518	25	36	the	the	DET
ajfa-1518	25	37	announcement	announcement	NOUN
ajfa-1518	25	38	date	date	NOUN
ajfa-1518	25	39	during	during	ADP
ajfa-1518	25	40	the	the	DET
ajfa-1518	25	41	period	period	NOUN
ajfa-1518	25	42	1986	1986	NUM
ajfa-1518	25	43	to	to	ADP
ajfa-1518	25	44	2003	2003	NUM
ajfa-1518	25	45	.	.	PUNCT
ajfa-1518	26	1	it	it	PRON
ajfa-1518	26	2	is	be	AUX
ajfa-1518	26	3	unfortunate	unfortunate	ADJ
ajfa-1518	26	4	that	that	SCONJ
ajfa-1518	26	5	the	the	DET
ajfa-1518	26	6	study	study	NOUN
ajfa-1518	26	7	was	be	AUX
ajfa-1518	26	8	not	not	PART
ajfa-1518	26	9	purely	purely	ADV
ajfa-1518	26	10	focused	focused	ADJ
ajfa-1518	26	11	on	on	ADP
ajfa-1518	26	12	spin	spin	NOUN
ajfa-1518	26	13	-	-	PUNCT
ajfa-1518	26	14	offs	off	NOUN
ajfa-1518	26	15	.	.	PUNCT
ajfa-1518	27	1	it	it	PRON
ajfa-1518	27	2	is	be	AUX
ajfa-1518	27	3	also	also	ADV
ajfa-1518	27	4	unfortunate	unfortunate	ADJ
ajfa-1518	27	5	that	that	SCONJ
ajfa-1518	27	6	the	the	DET
ajfa-1518	27	7	authors	author	NOUN
ajfa-1518	27	8	did	do	AUX
ajfa-1518	27	9	not	not	PART
ajfa-1518	27	10	study	study	VERB
ajfa-1518	27	11	long	long	ADV
ajfa-1518	27	12	-	-	PUNCT
ajfa-1518	27	13	run	run	VERB
ajfa-1518	27	14	share	share	NOUN
ajfa-1518	27	15	return	return	NOUN
ajfa-1518	27	16	performance	performance	NOUN
ajfa-1518	27	17	and	and	CCONJ
ajfa-1518	27	18	the	the	DET
ajfa-1518	27	19	influence	influence	NOUN
ajfa-1518	27	20	of	of	ADP
ajfa-1518	27	21	size	size	NOUN
ajfa-1518	27	22	effect	effect	NOUN
ajfa-1518	27	23	.	.	PUNCT
ajfa-1518	28	1	therefore	therefore	ADV
ajfa-1518	28	2	the	the	DET
ajfa-1518	28	3	present	present	ADJ
ajfa-1518	28	4	1	1	NUM
ajfa-1518	28	5	both	both	DET
ajfa-1518	28	6	benchmarks	benchmark	NOUN
ajfa-1518	28	7	cover	cover	VERB
ajfa-1518	28	8	all	all	DET
ajfa-1518	28	9	sizes	size	NOUN
ajfa-1518	28	10	of	of	ADP
ajfa-1518	28	11	all	all	DET
ajfa-1518	28	12	firms	firm	NOUN
ajfa-1518	28	13	(	(	PUNCT
ajfa-1518	28	14	based	base	VERB
ajfa-1518	28	15	on	on	ADP
ajfa-1518	28	16	the	the	DET
ajfa-1518	28	17	market	market	NOUN
ajfa-1518	28	18	capitalisation	capitalisation	NOUN
ajfa-1518	28	19	)	)	PUNCT
ajfa-1518	28	20	.	.	PUNCT
ajfa-1518	29	1	2	2	NUM
ajfa-1518	29	2	each	each	PRON
ajfa-1518	29	3	of	of	ADP
ajfa-1518	29	4	the	the	DET
ajfa-1518	29	5	benchmarks	benchmark	NOUN
ajfa-1518	29	6	comprises	comprise	VERB
ajfa-1518	29	7	different	different	ADJ
ajfa-1518	29	8	cohorts	cohort	NOUN
ajfa-1518	29	9	of	of	ADP
ajfa-1518	29	10	firms	firm	NOUN
ajfa-1518	29	11	based	base	VERB
ajfa-1518	29	12	on	on	ADP
ajfa-1518	29	13	their	their	PRON
ajfa-1518	29	14	market	market	NOUN
ajfa-1518	29	15	capitalisation	capitalisation	NOUN
ajfa-1518	29	16	.	.	PUNCT
ajfa-1518	30	1	the	the	DET
ajfa-1518	30	2	ftse	ftse	PROPN
ajfa-1518	30	3	bursa	bursa	PROPN
ajfa-1518	30	4	malaysia	malaysia	PROPN
ajfa-1518	30	5	klci	klci	PROPN
ajfa-1518	30	6	index	index	PROPN
ajfa-1518	30	7	consists	consist	VERB
ajfa-1518	30	8	of	of	ADP
ajfa-1518	30	9	the	the	DET
ajfa-1518	30	10	30	30	NUM
ajfa-1518	30	11	largest	large	ADJ
ajfa-1518	30	12	firms	firm	NOUN
ajfa-1518	30	13	in	in	ADP
ajfa-1518	30	14	the	the	DET
ajfa-1518	30	15	market	market	NOUN
ajfa-1518	30	16	,	,	PUNCT
ajfa-1518	30	17	whilst	whilst	SCONJ
ajfa-1518	30	18	the	the	DET
ajfa-1518	30	19	ftse	ftse	PROPN
ajfa-1518	30	20	bursa	bursa	PROPN
ajfa-1518	30	21	malaysia	malaysia	PROPN
ajfa-1518	30	22	emas	emas	PROPN
ajfa-1518	30	23	index	index	PROPN
ajfa-1518	30	24	constitutes	constitute	VERB
ajfa-1518	30	25	the	the	DET
ajfa-1518	30	26	top	top	ADJ
ajfa-1518	30	27	100	100	NUM
ajfa-1518	30	28	largest	large	ADJ
ajfa-1518	30	29	firms	firm	NOUN
ajfa-1518	30	30	and	and	CCONJ
ajfa-1518	30	31	260	260	NUM
ajfa-1518	30	32	small	small	ADJ
ajfa-1518	30	33	capitalisation	capitalisation	NOUN
ajfa-1518	30	34	firms	firm	NOUN
ajfa-1518	30	35	(	(	PUNCT
ajfa-1518	30	36	as	as	ADP
ajfa-1518	30	37	at	at	ADP
ajfa-1518	30	38	30th	30th	NUM
ajfa-1518	30	39	april	april	PROPN
ajfa-1518	30	40	2011	2011	NUM
ajfa-1518	30	41	)	)	PUNCT
ajfa-1518	30	42	.	.	PUNCT
ajfa-1518	31	1	asian	asian	ADJ
ajfa-1518	31	2	journal	journal	PROPN
ajfa-1518	31	3	of	of	ADP
ajfa-1518	31	4	finance	finance	PROPN
ajfa-1518	31	5	&	&	CCONJ
ajfa-1518	31	6	accounting	accounting	PROPN
ajfa-1518	31	7	issn	issn	PROPN
ajfa-1518	31	8	1946	1946	NUM
ajfa-1518	31	9	-	-	PUNCT
ajfa-1518	31	10	052x	052x	NOUN
ajfa-1518	31	11	2012	2012	NUM
ajfa-1518	31	12	,	,	PUNCT
ajfa-1518	31	13	vol	vol	NOUN
ajfa-1518	31	14	.	.	PROPN
ajfa-1518	31	15	4	4	NUM
ajfa-1518	31	16	,	,	PUNCT
ajfa-1518	31	17	no	no	INTJ
ajfa-1518	31	18	.	.	NOUN
ajfa-1518	31	19	1	1	NUM
ajfa-1518	31	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	31	21	153	153	NUM
ajfa-1518	31	22	work	work	NOUN
ajfa-1518	31	23	represents	represent	VERB
ajfa-1518	31	24	the	the	DET
ajfa-1518	31	25	first	first	ADJ
ajfa-1518	31	26	comprehensive	comprehensive	ADJ
ajfa-1518	31	27	study	study	NOUN
ajfa-1518	31	28	of	of	ADP
ajfa-1518	31	29	corporate	corporate	ADJ
ajfa-1518	31	30	spin	spin	NOUN
ajfa-1518	31	31	-	-	PUNCT
ajfa-1518	31	32	offs	off	NOUN
ajfa-1518	31	33	in	in	ADP
ajfa-1518	31	34	the	the	DET
ajfa-1518	31	35	malaysian	malaysian	ADJ
ajfa-1518	31	36	capital	capital	NOUN
ajfa-1518	31	37	market	market	NOUN
ajfa-1518	31	38	over	over	ADP
ajfa-1518	31	39	the	the	DET
ajfa-1518	31	40	shortand	shortand	NOUN
ajfa-1518	31	41	long	long	ADV
ajfa-1518	31	42	-	-	PUNCT
ajfa-1518	31	43	run	run	VERB
ajfa-1518	31	44	periods	period	NOUN
ajfa-1518	31	45	against	against	ADP
ajfa-1518	31	46	the	the	DET
ajfa-1518	31	47	market	market	NOUN
ajfa-1518	31	48	benchmarks	benchmark	NOUN
ajfa-1518	31	49	of	of	ADP
ajfa-1518	31	50	mas	mas	PROPN
ajfa-1518	31	51	-	-	PUNCT
ajfa-1518	31	52	ewi	ewi	PROPN
ajfa-1518	31	53	and	and	CCONJ
ajfa-1518	31	54	mas	mas	PROPN
ajfa-1518	31	55	-	-	PUNCT
ajfa-1518	31	56	vwi	vwi	NOUN
ajfa-1518	31	57	.	.	PUNCT
ajfa-1518	32	1	indication	indication	NOUN
ajfa-1518	32	2	of	of	ADP
ajfa-1518	32	3	the	the	DET
ajfa-1518	32	4	size	size	NOUN
ajfa-1518	32	5	effects	effect	NOUN
ajfa-1518	32	6	are	be	AUX
ajfa-1518	32	7	seen	see	VERB
ajfa-1518	32	8	in	in	ADP
ajfa-1518	32	9	the	the	DET
ajfa-1518	32	10	different	different	ADJ
ajfa-1518	32	11	results	result	NOUN
ajfa-1518	32	12	when	when	SCONJ
ajfa-1518	32	13	we	we	PRON
ajfa-1518	32	14	switch	switch	VERB
ajfa-1518	32	15	from	from	ADP
ajfa-1518	32	16	equal	equal	ADJ
ajfa-1518	32	17	-	-	PUNCT
ajfa-1518	32	18	weighted	weight	VERB
ajfa-1518	32	19	index	index	NOUN
ajfa-1518	32	20	to	to	ADP
ajfa-1518	32	21	value	value	NOUN
ajfa-1518	32	22	-	-	PUNCT
ajfa-1518	32	23	weighting	weighting	NOUN
ajfa-1518	32	24	(	(	PUNCT
ajfa-1518	32	25	we	we	PRON
ajfa-1518	32	26	find	find	VERB
ajfa-1518	32	27	a	a	DET
ajfa-1518	32	28	reverse	reverse	ADJ
ajfa-1518	32	29	size	size	NOUN
ajfa-1518	32	30	effect	effect	NOUN
ajfa-1518	32	31	in	in	ADP
ajfa-1518	32	32	malaysia	malaysia	PROPN
ajfa-1518	32	33	with	with	ADP
ajfa-1518	32	34	large	large	ADJ
ajfa-1518	32	35	firms	firm	NOUN
ajfa-1518	32	36	outperforming	outperform	VERB
ajfa-1518	32	37	)	)	PUNCT
ajfa-1518	32	38	.	.	PUNCT
ajfa-1518	33	1	our	our	PRON
ajfa-1518	33	2	study	study	NOUN
ajfa-1518	33	3	finds	find	VERB
ajfa-1518	33	4	that	that	SCONJ
ajfa-1518	33	5	:	:	PUNCT
ajfa-1518	33	6	(	(	PUNCT
ajfa-1518	33	7	1	1	X
ajfa-1518	33	8	)	)	PUNCT
ajfa-1518	33	9	before	before	ADP
ajfa-1518	33	10	size	size	NOUN
ajfa-1518	33	11	adjustment	adjustment	NOUN
ajfa-1518	33	12	,	,	PUNCT
ajfa-1518	33	13	there	there	PRON
ajfa-1518	33	14	is	be	VERB
ajfa-1518	33	15	a	a	DET
ajfa-1518	33	16	significant	significant	ADJ
ajfa-1518	33	17	outperformance	outperformance	NOUN
ajfa-1518	33	18	in	in	ADP
ajfa-1518	33	19	the	the	DET
ajfa-1518	33	20	few	few	ADJ
ajfa-1518	33	21	days	day	NOUN
ajfa-1518	33	22	surrounding	surround	VERB
ajfa-1518	33	23	the	the	DET
ajfa-1518	33	24	announcement	announcement	NOUN
ajfa-1518	33	25	date	date	NOUN
ajfa-1518	33	26	(	(	PUNCT
ajfa-1518	33	27	short	short	ADJ
ajfa-1518	33	28	-	-	PUNCT
ajfa-1518	33	29	run	run	NOUN
ajfa-1518	33	30	)	)	PUNCT
ajfa-1518	33	31	for	for	ADP
ajfa-1518	33	32	parent	parent	NOUN
ajfa-1518	33	33	firms	firm	NOUN
ajfa-1518	33	34	;	;	PUNCT
ajfa-1518	33	35	(	(	PUNCT
ajfa-1518	33	36	2	2	X
ajfa-1518	33	37	)	)	PUNCT
ajfa-1518	33	38	before	before	ADP
ajfa-1518	33	39	size	size	NOUN
ajfa-1518	33	40	adjustment	adjustment	NOUN
ajfa-1518	33	41	,	,	PUNCT
ajfa-1518	33	42	the	the	DET
ajfa-1518	33	43	overall	overall	ADJ
ajfa-1518	33	44	results	result	NOUN
ajfa-1518	33	45	indicate	indicate	VERB
ajfa-1518	33	46	that	that	SCONJ
ajfa-1518	33	47	parents	parent	NOUN
ajfa-1518	33	48	,	,	PUNCT
ajfa-1518	33	49	spun	spun	ADJ
ajfa-1518	33	50	-	-	PUNCT
ajfa-1518	33	51	offs	off	NOUN
ajfa-1518	33	52	and	and	CCONJ
ajfa-1518	33	53	combined	combined	ADJ
ajfa-1518	33	54	firms	firm	NOUN
ajfa-1518	33	55	significantly	significantly	ADV
ajfa-1518	33	56	outperformed	outperform	VERB
ajfa-1518	33	57	the	the	DET
ajfa-1518	33	58	mas	mas	PROPN
ajfa-1518	33	59	-	-	PUNCT
ajfa-1518	33	60	ewi	ewi	NOUN
ajfa-1518	33	61	in	in	ADP
ajfa-1518	33	62	the	the	DET
ajfa-1518	33	63	three	three	NUM
ajfa-1518	33	64	-	-	PUNCT
ajfa-1518	33	65	year	year	NOUN
ajfa-1518	33	66	period	period	NOUN
ajfa-1518	33	67	,	,	PUNCT
ajfa-1518	33	68	but	but	CCONJ
ajfa-1518	33	69	failed	fail	VERB
ajfa-1518	33	70	to	to	PART
ajfa-1518	33	71	produce	produce	VERB
ajfa-1518	33	72	similar	similar	ADJ
ajfa-1518	33	73	results	result	NOUN
ajfa-1518	33	74	when	when	SCONJ
ajfa-1518	33	75	the	the	DET
ajfa-1518	33	76	mas	mas	PROPN
ajfa-1518	33	77	-	-	PUNCT
ajfa-1518	33	78	vwi	vwi	NOUN
ajfa-1518	33	79	was	be	AUX
ajfa-1518	33	80	used	use	VERB
ajfa-1518	33	81	as	as	ADP
ajfa-1518	33	82	a	a	DET
ajfa-1518	33	83	market	market	NOUN
ajfa-1518	33	84	benchmark	benchmark	NOUN
ajfa-1518	33	85	;	;	PUNCT
ajfa-1518	33	86	(	(	PUNCT
ajfa-1518	33	87	3	3	X
ajfa-1518	33	88	)	)	PUNCT
ajfa-1518	33	89	after	after	ADP
ajfa-1518	33	90	size	size	NOUN
ajfa-1518	33	91	adjustment	adjustment	NOUN
ajfa-1518	33	92	,	,	PUNCT
ajfa-1518	33	93	the	the	DET
ajfa-1518	33	94	overall	overall	ADJ
ajfa-1518	33	95	results	result	NOUN
ajfa-1518	33	96	confirm	confirm	VERB
ajfa-1518	33	97	the	the	DET
ajfa-1518	33	98	presence	presence	NOUN
ajfa-1518	33	99	of	of	ADP
ajfa-1518	33	100	a	a	DET
ajfa-1518	33	101	spin	spin	NOUN
ajfa-1518	33	102	-	-	PUNCT
ajfa-1518	33	103	off	off	ADP
ajfa-1518	33	104	effect	effect	NOUN
ajfa-1518	33	105	for	for	ADP
ajfa-1518	33	106	parent	parent	NOUN
ajfa-1518	33	107	firms	firm	NOUN
ajfa-1518	33	108	over	over	ADP
ajfa-1518	33	109	the	the	DET
ajfa-1518	33	110	short	short	ADJ
ajfa-1518	33	111	-	-	PUNCT
ajfa-1518	33	112	run	run	NOUN
ajfa-1518	33	113	period	period	NOUN
ajfa-1518	33	114	;	;	PUNCT
ajfa-1518	33	115	and	and	CCONJ
ajfa-1518	33	116	(	(	PUNCT
ajfa-1518	33	117	4	4	X
ajfa-1518	33	118	)	)	PUNCT
ajfa-1518	33	119	after	after	ADP
ajfa-1518	33	120	size	size	NOUN
ajfa-1518	33	121	adjustment	adjustment	NOUN
ajfa-1518	33	122	,	,	PUNCT
ajfa-1518	33	123	there	there	PRON
ajfa-1518	33	124	is	be	VERB
ajfa-1518	33	125	no	no	DET
ajfa-1518	33	126	significant	significant	ADJ
ajfa-1518	33	127	abnormal	abnormal	ADJ
ajfa-1518	33	128	performance	performance	NOUN
ajfa-1518	33	129	for	for	ADP
ajfa-1518	33	130	parents	parent	NOUN
ajfa-1518	33	131	,	,	PUNCT
ajfa-1518	33	132	spun	spun	ADJ
ajfa-1518	33	133	-	-	PUNCT
ajfa-1518	33	134	offs	off	NOUN
ajfa-1518	33	135	and	and	CCONJ
ajfa-1518	33	136	combined	combined	ADJ
ajfa-1518	33	137	firms	firm	NOUN
ajfa-1518	33	138	in	in	ADP
ajfa-1518	33	139	the	the	DET
ajfa-1518	33	140	long	long	ADV
ajfa-1518	33	141	-	-	PUNCT
ajfa-1518	33	142	run	run	NOUN
ajfa-1518	33	143	period	period	NOUN
ajfa-1518	33	144	.	.	PUNCT
ajfa-1518	34	1	overall	overall	ADV
ajfa-1518	34	2	,	,	PUNCT
ajfa-1518	34	3	these	these	DET
ajfa-1518	34	4	findings	finding	NOUN
ajfa-1518	34	5	imply	imply	VERB
ajfa-1518	34	6	that	that	SCONJ
ajfa-1518	34	7	spin	spin	NOUN
ajfa-1518	34	8	-	-	PUNCT
ajfa-1518	34	9	offs	off	NOUN
ajfa-1518	34	10	produce	produce	VERB
ajfa-1518	34	11	positive	positive	ADJ
ajfa-1518	34	12	abnormal	abnormal	ADJ
ajfa-1518	34	13	share	share	NOUN
ajfa-1518	34	14	returns	return	NOUN
ajfa-1518	34	15	in	in	ADP
ajfa-1518	34	16	the	the	DET
ajfa-1518	34	17	short	short	ADJ
ajfa-1518	34	18	-	-	PUNCT
ajfa-1518	34	19	run	run	NOUN
ajfa-1518	34	20	period	period	NOUN
ajfa-1518	34	21	;	;	PUNCT
ajfa-1518	34	22	but	but	CCONJ
ajfa-1518	34	23	fail	fail	VERB
ajfa-1518	34	24	to	to	PART
ajfa-1518	34	25	demonstrate	demonstrate	VERB
ajfa-1518	34	26	abnormal	abnormal	ADJ
ajfa-1518	34	27	performance	performance	NOUN
ajfa-1518	34	28	after	after	ADP
ajfa-1518	34	29	adjusting	adjust	VERB
ajfa-1518	34	30	for	for	ADP
ajfa-1518	34	31	size	size	NOUN
ajfa-1518	34	32	in	in	ADP
ajfa-1518	34	33	the	the	DET
ajfa-1518	34	34	long	long	ADV
ajfa-1518	34	35	-	-	PUNCT
ajfa-1518	34	36	run	run	NOUN
ajfa-1518	34	37	period	period	NOUN
ajfa-1518	34	38	.	.	PUNCT
ajfa-1518	35	1	the	the	DET
ajfa-1518	35	2	remainder	remainder	NOUN
ajfa-1518	35	3	of	of	ADP
ajfa-1518	35	4	the	the	DET
ajfa-1518	35	5	paper	paper	NOUN
ajfa-1518	35	6	is	be	AUX
ajfa-1518	35	7	organised	organise	VERB
ajfa-1518	35	8	as	as	SCONJ
ajfa-1518	35	9	follows	follow	VERB
ajfa-1518	35	10	.	.	PUNCT
ajfa-1518	36	1	section	section	NOUN
ajfa-1518	36	2	2	2	NUM
ajfa-1518	36	3	describes	describe	VERB
ajfa-1518	36	4	a	a	DET
ajfa-1518	36	5	brief	brief	ADJ
ajfa-1518	36	6	literature	literature	NOUN
ajfa-1518	36	7	concerning	concern	VERB
ajfa-1518	36	8	the	the	DET
ajfa-1518	36	9	shortand	shortand	NOUN
ajfa-1518	36	10	long	long	ADV
ajfa-1518	36	11	-	-	PUNCT
ajfa-1518	36	12	run	run	VERB
ajfa-1518	36	13	share	share	NOUN
ajfa-1518	36	14	return	return	NOUN
ajfa-1518	36	15	performance	performance	NOUN
ajfa-1518	36	16	of	of	ADP
ajfa-1518	36	17	spin	spin	NOUN
ajfa-1518	36	18	-	-	PUNCT
ajfa-1518	36	19	off	off	ADP
ajfa-1518	36	20	firms	firm	NOUN
ajfa-1518	36	21	.	.	PUNCT
ajfa-1518	37	1	section	section	NOUN
ajfa-1518	37	2	3	3	NUM
ajfa-1518	37	3	explains	explain	VERB
ajfa-1518	37	4	the	the	DET
ajfa-1518	37	5	sample	sample	NOUN
ajfa-1518	37	6	selection	selection	NOUN
ajfa-1518	37	7	and	and	CCONJ
ajfa-1518	37	8	data	datum	NOUN
ajfa-1518	37	9	.	.	PUNCT
ajfa-1518	38	1	section	section	NOUN
ajfa-1518	38	2	4	4	NUM
ajfa-1518	38	3	outlines	outline	VERB
ajfa-1518	38	4	the	the	DET
ajfa-1518	38	5	methodologies	methodology	NOUN
ajfa-1518	38	6	used	use	VERB
ajfa-1518	38	7	in	in	ADP
ajfa-1518	38	8	the	the	DET
ajfa-1518	38	9	present	present	ADJ
ajfa-1518	38	10	study	study	NOUN
ajfa-1518	38	11	.	.	PUNCT
ajfa-1518	39	1	section	section	NOUN
ajfa-1518	39	2	5	5	NUM
ajfa-1518	39	3	presents	present	VERB
ajfa-1518	39	4	the	the	DET
ajfa-1518	39	5	results	result	NOUN
ajfa-1518	39	6	for	for	ADP
ajfa-1518	39	7	both	both	DET
ajfa-1518	39	8	shortand	shortand	NOUN
ajfa-1518	39	9	long	long	ADV
ajfa-1518	39	10	-	-	PUNCT
ajfa-1518	39	11	run	run	VERB
ajfa-1518	39	12	share	share	NOUN
ajfa-1518	39	13	return	return	NOUN
ajfa-1518	39	14	performance	performance	NOUN
ajfa-1518	39	15	of	of	ADP
ajfa-1518	39	16	malaysian	malaysian	ADJ
ajfa-1518	39	17	spin	spin	NOUN
ajfa-1518	39	18	-	-	PUNCT
ajfa-1518	39	19	off	off	ADP
ajfa-1518	39	20	firms	firm	NOUN
ajfa-1518	39	21	.	.	PUNCT
ajfa-1518	40	1	section	section	NOUN
ajfa-1518	40	2	6	6	NUM
ajfa-1518	40	3	concludes	conclude	VERB
ajfa-1518	40	4	the	the	DET
ajfa-1518	40	5	paper	paper	NOUN
ajfa-1518	40	6	.	.	PUNCT
ajfa-1518	41	1	2	2	X
ajfa-1518	41	2	.	.	X
ajfa-1518	41	3	literature	literature	NOUN
ajfa-1518	41	4	review	review	VERB
ajfa-1518	41	5	the	the	DET
ajfa-1518	41	6	spin	spin	VERB
ajfa-1518	41	7	-	-	PUNCT
ajfa-1518	41	8	off	off	ADP
ajfa-1518	41	9	effect	effect	NOUN
ajfa-1518	41	10	has	have	AUX
ajfa-1518	41	11	been	be	AUX
ajfa-1518	41	12	widely	widely	ADV
ajfa-1518	41	13	studied	study	VERB
ajfa-1518	41	14	internationally	internationally	ADV
ajfa-1518	41	15	.	.	PUNCT
ajfa-1518	42	1	the	the	DET
ajfa-1518	42	2	us	us	PROPN
ajfa-1518	42	3	studies	study	NOUN
ajfa-1518	42	4	(	(	PUNCT
ajfa-1518	42	5	e.g.	e.g.	ADV
ajfa-1518	42	6	hite	hite	NOUN
ajfa-1518	42	7	and	and	CCONJ
ajfa-1518	42	8	owers	ower	NOUN
ajfa-1518	42	9	,	,	PUNCT
ajfa-1518	42	10	1983	1983	NUM
ajfa-1518	42	11	;	;	PUNCT
ajfa-1518	42	12	schipper	schipper	NOUN
ajfa-1518	42	13	and	and	CCONJ
ajfa-1518	42	14	smith	smith	PROPN
ajfa-1518	42	15	,	,	PUNCT
ajfa-1518	42	16	1983	1983	NUM
ajfa-1518	42	17	;	;	PUNCT
ajfa-1518	42	18	miles	mile	NOUN
ajfa-1518	42	19	and	and	CCONJ
ajfa-1518	42	20	rosenfeld	rosenfeld	PROPN
ajfa-1518	42	21	,	,	PUNCT
ajfa-1518	42	22	1983	1983	NUM
ajfa-1518	42	23	;	;	PUNCT
ajfa-1518	42	24	rosenfeld	rosenfeld	PROPN
ajfa-1518	42	25	,	,	PUNCT
ajfa-1518	42	26	1984	1984	NUM
ajfa-1518	42	27	;	;	PUNCT
ajfa-1518	42	28	cusatis	cusatis	PROPN
ajfa-1518	42	29	et	et	PROPN
ajfa-1518	42	30	al	al	PROPN
ajfa-1518	42	31	.	.	PROPN
ajfa-1518	42	32	1993	1993	NUM
ajfa-1518	42	33	;	;	PUNCT
ajfa-1518	42	34	desai	desai	PROPN
ajfa-1518	42	35	and	and	CCONJ
ajfa-1518	42	36	jain	jain	PROPN
ajfa-1518	42	37	,	,	PUNCT
ajfa-1518	42	38	1999	1999	NUM
ajfa-1518	42	39	;	;	PUNCT
ajfa-1518	42	40	krishnaswami	krishnaswami	PROPN
ajfa-1518	42	41	and	and	CCONJ
ajfa-1518	42	42	subramaniam	subramaniam	PROPN
ajfa-1518	42	43	,	,	PUNCT
ajfa-1518	42	44	1999	1999	NUM
ajfa-1518	42	45	;	;	PUNCT
ajfa-1518	42	46	mcconnell	mcconnell	PROPN
ajfa-1518	42	47	et	et	PROPN
ajfa-1518	42	48	al	al	PROPN
ajfa-1518	42	49	.	.	PROPN
ajfa-1518	42	50	2001	2001	NUM
ajfa-1518	42	51	;	;	PUNCT
ajfa-1518	42	52	and	and	CCONJ
ajfa-1518	42	53	chemmanur	chemmanur	VERB
ajfa-1518	42	54	et	et	PROPN
ajfa-1518	42	55	al	al	PROPN
ajfa-1518	42	56	.	.	PROPN
ajfa-1518	42	57	2010	2010	NUM
ajfa-1518	42	58	)	)	PUNCT
ajfa-1518	42	59	generally	generally	ADV
ajfa-1518	42	60	show	show	VERB
ajfa-1518	42	61	that	that	SCONJ
ajfa-1518	42	62	investors	investor	NOUN
ajfa-1518	42	63	who	who	PRON
ajfa-1518	42	64	buy	buy	VERB
ajfa-1518	42	65	and	and	CCONJ
ajfa-1518	42	66	then	then	ADV
ajfa-1518	42	67	sell	sell	VERB
ajfa-1518	42	68	shares	share	NOUN
ajfa-1518	42	69	in	in	ADP
ajfa-1518	42	70	the	the	DET
ajfa-1518	42	71	few	few	ADJ
ajfa-1518	42	72	days	day	NOUN
ajfa-1518	42	73	surrounding	surround	VERB
ajfa-1518	42	74	the	the	DET
ajfa-1518	42	75	spin	spin	NOUN
ajfa-1518	42	76	-	-	PUNCT
ajfa-1518	42	77	off	off	ADP
ajfa-1518	42	78	announcement	announcement	NOUN
ajfa-1518	42	79	(	(	PUNCT
ajfa-1518	42	80	short	short	ADJ
ajfa-1518	42	81	-	-	PUNCT
ajfa-1518	42	82	run	run	NOUN
ajfa-1518	42	83	period	period	NOUN
ajfa-1518	42	84	)	)	PUNCT
ajfa-1518	42	85	and	and	CCONJ
ajfa-1518	42	86	those	those	PRON
ajfa-1518	42	87	who	who	PRON
ajfa-1518	42	88	hold	hold	VERB
ajfa-1518	42	89	them	they	PRON
ajfa-1518	42	90	for	for	ADP
ajfa-1518	42	91	three	three	NUM
ajfa-1518	42	92	-	-	PUNCT
ajfa-1518	42	93	year	year	NOUN
ajfa-1518	42	94	period	period	NOUN
ajfa-1518	42	95	following	follow	VERB
ajfa-1518	42	96	the	the	DET
ajfa-1518	42	97	completion	completion	NOUN
ajfa-1518	42	98	date	date	NOUN
ajfa-1518	42	99	of	of	ADP
ajfa-1518	42	100	spin	spin	NOUN
ajfa-1518	42	101	-	-	PUNCT
ajfa-1518	42	102	offs	off	NOUN
ajfa-1518	42	103	(	(	PUNCT
ajfa-1518	42	104	long	long	ADV
ajfa-1518	42	105	-	-	PUNCT
ajfa-1518	42	106	run	run	NOUN
ajfa-1518	42	107	period	period	NOUN
ajfa-1518	42	108	)	)	PUNCT
ajfa-1518	42	109	gain	gain	VERB
ajfa-1518	42	110	superior	superior	ADJ
ajfa-1518	42	111	positive	positive	ADJ
ajfa-1518	42	112	returns	return	NOUN
ajfa-1518	42	113	.	.	PUNCT
ajfa-1518	43	1	in	in	ADP
ajfa-1518	43	2	europe	europe	PROPN
ajfa-1518	43	3	,	,	PUNCT
ajfa-1518	43	4	the	the	DET
ajfa-1518	43	5	evidence	evidence	NOUN
ajfa-1518	43	6	is	be	AUX
ajfa-1518	43	7	more	more	ADV
ajfa-1518	43	8	mixed	mixed	ADJ
ajfa-1518	43	9	with	with	ADP
ajfa-1518	43	10	three	three	NUM
ajfa-1518	43	11	-	-	PUNCT
ajfa-1518	43	12	year	year	NOUN
ajfa-1518	43	13	holding	holding	NOUN
ajfa-1518	43	14	period	period	NOUN
ajfa-1518	43	15	studies	study	NOUN
ajfa-1518	43	16	(	(	PUNCT
ajfa-1518	43	17	e.g.	e.g.	ADV
ajfa-1518	43	18	kirchmaier	kirchmaier	X
ajfa-1518	43	19	,	,	PUNCT
ajfa-1518	43	20	2003	2003	NUM
ajfa-1518	43	21	;	;	PUNCT
ajfa-1518	43	22	veld	veld	NOUN
ajfa-1518	43	23	-	-	PUNCT
ajfa-1518	43	24	veld	veld	PROPN
ajfa-1518	43	25	merkoulova	merkoulova	PROPN
ajfa-1518	43	26	,	,	PUNCT
ajfa-1518	43	27	2004	2004	NUM
ajfa-1518	43	28	;	;	PUNCT
ajfa-1518	43	29	murray	murray	PROPN
ajfa-1518	43	30	,	,	PUNCT
ajfa-1518	43	31	2008	2008	NUM
ajfa-1518	43	32	;	;	PUNCT
ajfa-1518	43	33	boreiko	boreiko	NOUN
ajfa-1518	43	34	and	and	CCONJ
ajfa-1518	43	35	murgia	murgia	NOUN
ajfa-1518	43	36	,	,	PUNCT
ajfa-1518	43	37	2007	2007	NUM
ajfa-1518	43	38	;	;	PUNCT
ajfa-1518	43	39	and	and	CCONJ
ajfa-1518	43	40	dasilas	dasila	NOUN
ajfa-1518	43	41	et	et	PROPN
ajfa-1518	43	42	al	al	PROPN
ajfa-1518	43	43	.	.	PROPN
ajfa-1518	43	44	2010	2010	NUM
ajfa-1518	43	45	)	)	PUNCT
ajfa-1518	43	46	failing	fail	VERB
ajfa-1518	43	47	to	to	PART
ajfa-1518	43	48	find	find	VERB
ajfa-1518	43	49	evidence	evidence	NOUN
ajfa-1518	43	50	that	that	SCONJ
ajfa-1518	43	51	spin	spin	NOUN
ajfa-1518	43	52	-	-	PUNCT
ajfa-1518	43	53	offs	off	NOUN
ajfa-1518	43	54	create	create	VERB
ajfa-1518	43	55	value	value	NOUN
ajfa-1518	43	56	.	.	PUNCT
ajfa-1518	44	1	evidence	evidence	NOUN
ajfa-1518	44	2	for	for	ADP
ajfa-1518	44	3	short	short	ADJ
ajfa-1518	44	4	-	-	PUNCT
ajfa-1518	44	5	run	run	NOUN
ajfa-1518	44	6	value	value	NOUN
ajfa-1518	44	7	creation	creation	NOUN
ajfa-1518	44	8	,	,	PUNCT
ajfa-1518	44	9	however	however	ADV
ajfa-1518	44	10	,	,	PUNCT
ajfa-1518	44	11	is	be	AUX
ajfa-1518	44	12	similar	similar	ADJ
ajfa-1518	44	13	in	in	ADP
ajfa-1518	44	14	spirit	spirit	NOUN
ajfa-1518	44	15	to	to	ADP
ajfa-1518	44	16	that	that	PRON
ajfa-1518	44	17	reported	report	VERB
ajfa-1518	44	18	using	use	VERB
ajfa-1518	44	19	the	the	DET
ajfa-1518	44	20	us	us	PROPN
ajfa-1518	44	21	data	datum	NOUN
ajfa-1518	44	22	.	.	PUNCT
ajfa-1518	45	1	although	although	SCONJ
ajfa-1518	45	2	limited	limited	ADJ
ajfa-1518	45	3	empirical	empirical	ADJ
ajfa-1518	45	4	research	research	NOUN
ajfa-1518	45	5	has	have	AUX
ajfa-1518	45	6	been	be	AUX
ajfa-1518	45	7	conducted	conduct	VERB
ajfa-1518	45	8	outside	outside	ADP
ajfa-1518	45	9	the	the	DET
ajfa-1518	45	10	us	us	PROPN
ajfa-1518	45	11	and	and	CCONJ
ajfa-1518	45	12	europe	europe	PROPN
ajfa-1518	45	13	,	,	PUNCT
ajfa-1518	45	14	the	the	DET
ajfa-1518	45	15	extant	extant	ADJ
ajfa-1518	45	16	studies	study	NOUN
ajfa-1518	45	17	(	(	PUNCT
ajfa-1518	45	18	e.g.	e.g.	ADV
ajfa-1518	45	19	koh	koh	PROPN
ajfa-1518	45	20	et	et	PROPN
ajfa-1518	45	21	al	al	PROPN
ajfa-1518	45	22	.	.	PROPN
ajfa-1518	45	23	2005	2005	NUM
ajfa-1518	45	24	;	;	PUNCT
ajfa-1518	45	25	yoon	yoon	PROPN
ajfa-1518	45	26	and	and	CCONJ
ajfa-1518	45	27	ariff	ariff	PROPN
ajfa-1518	45	28	,	,	PUNCT
ajfa-1518	45	29	2007	2007	NUM
ajfa-1518	45	30	;	;	PUNCT
ajfa-1518	45	31	and	and	CCONJ
ajfa-1518	45	32	uddin	uddin	PROPN
ajfa-1518	45	33	,	,	PUNCT
ajfa-1518	45	34	2010	2010	NUM
ajfa-1518	45	35	)	)	PUNCT
ajfa-1518	45	36	demonstrate	demonstrate	VERB
ajfa-1518	45	37	evidence	evidence	NOUN
ajfa-1518	45	38	consistent	consistent	ADJ
ajfa-1518	45	39	with	with	ADP
ajfa-1518	45	40	the	the	DET
ajfa-1518	45	41	earlier	early	ADJ
ajfa-1518	45	42	works	work	NOUN
ajfa-1518	45	43	in	in	ADP
ajfa-1518	45	44	these	these	DET
ajfa-1518	45	45	markets	market	NOUN
ajfa-1518	45	46	over	over	ADP
ajfa-1518	45	47	the	the	DET
ajfa-1518	45	48	short	short	ADJ
ajfa-1518	45	49	-	-	PUNCT
ajfa-1518	45	50	run	run	NOUN
ajfa-1518	45	51	period	period	NOUN
ajfa-1518	45	52	.	.	PUNCT
ajfa-1518	46	1	however	however	ADV
ajfa-1518	46	2	,	,	PUNCT
ajfa-1518	46	3	the	the	DET
ajfa-1518	46	4	long	long	ADV
ajfa-1518	46	5	-	-	PUNCT
ajfa-1518	46	6	run	run	NOUN
ajfa-1518	46	7	period	period	NOUN
ajfa-1518	46	8	of	of	ADP
ajfa-1518	46	9	,	,	PUNCT
ajfa-1518	46	10	say	say	INTJ
ajfa-1518	46	11	,	,	PUNCT
ajfa-1518	46	12	three	three	NUM
ajfa-1518	46	13	years	year	NOUN
ajfa-1518	46	14	,	,	PUNCT
ajfa-1518	46	15	has	have	AUX
ajfa-1518	46	16	not	not	PART
ajfa-1518	46	17	been	be	AUX
ajfa-1518	46	18	explored	explore	VERB
ajfa-1518	46	19	.	.	PUNCT
ajfa-1518	47	1	the	the	DET
ajfa-1518	47	2	most	most	ADV
ajfa-1518	47	3	recent	recent	ADJ
ajfa-1518	47	4	study	study	NOUN
ajfa-1518	47	5	by	by	ADP
ajfa-1518	47	6	dasilas	dasila	NOUN
ajfa-1518	47	7	et	et	PROPN
ajfa-1518	47	8	al	al	PROPN
ajfa-1518	47	9	.	.	PUNCT
ajfa-1518	48	1	(	(	PUNCT
ajfa-1518	48	2	2010	2010	NUM
ajfa-1518	48	3	)	)	PUNCT
ajfa-1518	48	4	explores	explore	VERB
ajfa-1518	48	5	the	the	DET
ajfa-1518	48	6	share	share	NOUN
ajfa-1518	48	7	price	price	NOUN
ajfa-1518	48	8	behaviour	behaviour	NOUN
ajfa-1518	48	9	of	of	ADP
ajfa-1518	48	10	239	239	NUM
ajfa-1518	48	11	spin	spin	VERB
ajfa-1518	48	12	-	-	PUNCT
ajfa-1518	48	13	off	off	ADP
ajfa-1518	48	14	announcements	announcement	NOUN
ajfa-1518	48	15	that	that	PRON
ajfa-1518	48	16	took	take	VERB
ajfa-1518	48	17	place	place	NOUN
ajfa-1518	48	18	between	between	ADP
ajfa-1518	48	19	2000	2000	NUM
ajfa-1518	48	20	and	and	CCONJ
ajfa-1518	48	21	2009	2009	NUM
ajfa-1518	48	22	,	,	PUNCT
ajfa-1518	48	23	in	in	ADP
ajfa-1518	48	24	both	both	CCONJ
ajfa-1518	48	25	the	the	DET
ajfa-1518	48	26	us	us	PROPN
ajfa-1518	48	27	and	and	CCONJ
ajfa-1518	48	28	europe	europe	PROPN
ajfa-1518	48	29	.	.	PUNCT
ajfa-1518	49	1	asian	asian	ADJ
ajfa-1518	49	2	journal	journal	PROPN
ajfa-1518	49	3	of	of	ADP
ajfa-1518	49	4	finance	finance	PROPN
ajfa-1518	49	5	&	&	CCONJ
ajfa-1518	49	6	accounting	accounting	PROPN
ajfa-1518	49	7	issn	issn	PROPN
ajfa-1518	49	8	1946	1946	NUM
ajfa-1518	49	9	-	-	PUNCT
ajfa-1518	49	10	052x	052x	NOUN
ajfa-1518	49	11	2012	2012	NUM
ajfa-1518	49	12	,	,	PUNCT
ajfa-1518	49	13	vol	vol	NOUN
ajfa-1518	49	14	.	.	PROPN
ajfa-1518	49	15	4	4	NUM
ajfa-1518	49	16	,	,	PUNCT
ajfa-1518	49	17	no	no	INTJ
ajfa-1518	49	18	.	.	NOUN
ajfa-1518	49	19	1	1	NUM
ajfa-1518	49	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	49	21	154	154	NUM
ajfa-1518	49	22	they	they	PRON
ajfa-1518	49	23	find	find	VERB
ajfa-1518	49	24	that	that	SCONJ
ajfa-1518	49	25	an	an	DET
ajfa-1518	49	26	investor	investor	NOUN
ajfa-1518	49	27	could	could	AUX
ajfa-1518	49	28	earn	earn	VERB
ajfa-1518	49	29	an	an	DET
ajfa-1518	49	30	announcement	announcement	NOUN
ajfa-1518	49	31	-	-	PUNCT
ajfa-1518	49	32	period	period	NOUN
ajfa-1518	49	33	abnormal	abnormal	ADJ
ajfa-1518	49	34	return	return	NOUN
ajfa-1518	49	35	of	of	ADP
ajfa-1518	49	36	+3.47	+3.47	NOUN
ajfa-1518	49	37	%	%	NOUN
ajfa-1518	49	38	in	in	ADP
ajfa-1518	49	39	the	the	DET
ajfa-1518	49	40	three	three	NUM
ajfa-1518	49	41	-	-	PUNCT
ajfa-1518	49	42	day	day	NOUN
ajfa-1518	49	43	event	event	NOUN
ajfa-1518	49	44	window	window	NOUN
ajfa-1518	49	45	(	(	PUNCT
ajfa-1518	49	46	from	from	ADP
ajfa-1518	49	47	day	day	NOUN
ajfa-1518	49	48	-1	-1	ADP
ajfa-1518	49	49	through	through	ADP
ajfa-1518	49	50	day	day	NOUN
ajfa-1518	49	51	+1	+1	PROPN
ajfa-1518	49	52	)	)	PUNCT
ajfa-1518	49	53	.	.	PUNCT
ajfa-1518	50	1	they	they	PRON
ajfa-1518	50	2	also	also	ADV
ajfa-1518	50	3	reveal	reveal	VERB
ajfa-1518	50	4	that	that	SCONJ
ajfa-1518	50	5	the	the	DET
ajfa-1518	50	6	markets	market	NOUN
ajfa-1518	50	7	react	react	VERB
ajfa-1518	50	8	differently	differently	ADV
ajfa-1518	50	9	in	in	ADP
ajfa-1518	50	10	the	the	DET
ajfa-1518	50	11	us	us	PROPN
ajfa-1518	50	12	and	and	CCONJ
ajfa-1518	50	13	european	european	ADJ
ajfa-1518	50	14	spin	spin	NOUN
ajfa-1518	50	15	-	-	PUNCT
ajfa-1518	50	16	offs	off	NOUN
ajfa-1518	50	17	:	:	PUNCT
ajfa-1518	50	18	the	the	DET
ajfa-1518	50	19	us	us	PROPN
ajfa-1518	50	20	spin	spin	NOUN
ajfa-1518	50	21	-	-	PUNCT
ajfa-1518	50	22	offs	off	NOUN
ajfa-1518	50	23	generate	generate	VERB
ajfa-1518	50	24	a	a	DET
ajfa-1518	50	25	stronger	strong	ADJ
ajfa-1518	50	26	positive	positive	ADJ
ajfa-1518	50	27	spin	spin	NOUN
ajfa-1518	50	28	-	-	PUNCT
ajfa-1518	50	29	off	off	ADP
ajfa-1518	50	30	effect	effect	NOUN
ajfa-1518	50	31	than	than	ADP
ajfa-1518	50	32	the	the	DET
ajfa-1518	50	33	european	european	ADJ
ajfa-1518	50	34	spin	spin	NOUN
ajfa-1518	50	35	-	-	PUNCT
ajfa-1518	50	36	offs	off	NOUN
ajfa-1518	50	37	,	,	PUNCT
ajfa-1518	50	38	on	on	ADP
ajfa-1518	50	39	average	average	ADJ
ajfa-1518	50	40	+4.21	+4.21	NOUN
ajfa-1518	50	41	%	%	NOUN
ajfa-1518	50	42	compared	compare	VERB
ajfa-1518	50	43	with	with	ADP
ajfa-1518	50	44	+1.36	+1.36	PROPN
ajfa-1518	50	45	%	%	NOUN
ajfa-1518	50	46	.	.	PUNCT
ajfa-1518	51	1	these	these	DET
ajfa-1518	51	2	findings	finding	NOUN
ajfa-1518	51	3	are	be	AUX
ajfa-1518	51	4	similar	similar	ADJ
ajfa-1518	51	5	in	in	ADP
ajfa-1518	51	6	spirit	spirit	NOUN
ajfa-1518	51	7	to	to	ADP
ajfa-1518	51	8	those	those	PRON
ajfa-1518	51	9	of	of	ADP
ajfa-1518	51	10	the	the	DET
ajfa-1518	51	11	us	us	PROPN
ajfa-1518	51	12	and	and	CCONJ
ajfa-1518	51	13	europe	europe	PROPN
ajfa-1518	51	14	spin	spin	NOUN
ajfa-1518	51	15	-	-	PUNCT
ajfa-1518	51	16	off	off	ADP
ajfa-1518	51	17	studies	study	NOUN
ajfa-1518	51	18	:	:	PUNCT
ajfa-1518	51	19	positive	positive	ADJ
ajfa-1518	51	20	and	and	CCONJ
ajfa-1518	51	21	significant	significant	ADJ
ajfa-1518	51	22	announcement	announcement	NOUN
ajfa-1518	51	23	-	-	PUNCT
ajfa-1518	51	24	period	period	NOUN
ajfa-1518	51	25	abnormal	abnormal	ADJ
ajfa-1518	51	26	returns	return	NOUN
ajfa-1518	51	27	of	of	ADP
ajfa-1518	51	28	the	the	DET
ajfa-1518	51	29	order	order	NOUN
ajfa-1518	51	30	of	of	ADP
ajfa-1518	51	31	+3.28	+3.28	ADJ
ajfa-1518	51	32	%	%	NOUN
ajfa-1518	51	33	to	to	PART
ajfa-1518	51	34	+3.84	+3.84	PROPN
ajfa-1518	51	35	%	%	NOUN
ajfa-1518	51	36	;	;	PUNCT
ajfa-1518	51	37	using	use	VERB
ajfa-1518	51	38	different	different	ADJ
ajfa-1518	51	39	time	time	NOUN
ajfa-1518	51	40	periods	period	NOUN
ajfa-1518	51	41	,	,	PUNCT
ajfa-1518	51	42	methodologies	methodology	NOUN
ajfa-1518	51	43	and	and	CCONJ
ajfa-1518	51	44	sample	sample	NOUN
ajfa-1518	51	45	firms	firm	NOUN
ajfa-1518	51	46	.	.	PUNCT
ajfa-1518	52	1	given	give	VERB
ajfa-1518	52	2	these	these	DET
ajfa-1518	52	3	facts	fact	NOUN
ajfa-1518	52	4	an	an	DET
ajfa-1518	52	5	intriguing	intriguing	ADJ
ajfa-1518	52	6	question	question	NOUN
ajfa-1518	52	7	is	be	AUX
ajfa-1518	52	8	whether	whether	SCONJ
ajfa-1518	52	9	the	the	DET
ajfa-1518	52	10	conclusions	conclusion	NOUN
ajfa-1518	52	11	drawn	draw	VERB
ajfa-1518	52	12	by	by	ADP
ajfa-1518	52	13	previous	previous	ADJ
ajfa-1518	52	14	empirical	empirical	ADJ
ajfa-1518	52	15	studies	study	NOUN
ajfa-1518	52	16	into	into	ADP
ajfa-1518	52	17	spin	spin	NOUN
ajfa-1518	52	18	-	-	PUNCT
ajfa-1518	52	19	offs	off	NOUN
ajfa-1518	52	20	hold	hold	VERB
ajfa-1518	52	21	in	in	ADP
ajfa-1518	52	22	the	the	DET
ajfa-1518	52	23	malaysian	malaysian	ADJ
ajfa-1518	52	24	market	market	NOUN
ajfa-1518	52	25	.	.	PUNCT
ajfa-1518	53	1	little	little	ADJ
ajfa-1518	53	2	attention	attention	NOUN
ajfa-1518	53	3	has	have	AUX
ajfa-1518	53	4	been	be	AUX
ajfa-1518	53	5	given	give	VERB
ajfa-1518	53	6	to	to	ADP
ajfa-1518	53	7	the	the	DET
ajfa-1518	53	8	performance	performance	NOUN
ajfa-1518	53	9	of	of	ADP
ajfa-1518	53	10	these	these	DET
ajfa-1518	53	11	entities	entity	NOUN
ajfa-1518	53	12	following	follow	VERB
ajfa-1518	53	13	the	the	DET
ajfa-1518	53	14	listing	listing	NOUN
ajfa-1518	53	15	of	of	ADP
ajfa-1518	53	16	spun	spin	VERB
ajfa-1518	53	17	-	-	PUNCT
ajfa-1518	53	18	off	off	ADP
ajfa-1518	53	19	firms	firm	NOUN
ajfa-1518	53	20	in	in	ADP
ajfa-1518	53	21	the	the	DET
ajfa-1518	53	22	market	market	NOUN
ajfa-1518	53	23	,	,	PUNCT
ajfa-1518	53	24	reminding	remind	VERB
ajfa-1518	53	25	us	we	PRON
ajfa-1518	53	26	that	that	SCONJ
ajfa-1518	53	27	the	the	DET
ajfa-1518	53	28	spin	spin	VERB
ajfa-1518	53	29	-	-	PUNCT
ajfa-1518	53	30	off	off	ADP
ajfa-1518	53	31	effect	effect	NOUN
ajfa-1518	53	32	over	over	ADP
ajfa-1518	53	33	a	a	DET
ajfa-1518	53	34	long	long	ADV
ajfa-1518	53	35	-	-	PUNCT
ajfa-1518	53	36	run	run	NOUN
ajfa-1518	53	37	period	period	NOUN
ajfa-1518	53	38	of	of	ADP
ajfa-1518	53	39	,	,	PUNCT
ajfa-1518	53	40	say	say	INTJ
ajfa-1518	53	41	,	,	PUNCT
ajfa-1518	53	42	three	three	NUM
ajfa-1518	53	43	years	year	NOUN
ajfa-1518	53	44	,	,	PUNCT
ajfa-1518	53	45	is	be	AUX
ajfa-1518	53	46	open	open	ADJ
ajfa-1518	53	47	to	to	PART
ajfa-1518	53	48	debate	debate	VERB
ajfa-1518	53	49	.	.	PUNCT
ajfa-1518	54	1	3	3	X
ajfa-1518	54	2	.	.	X
ajfa-1518	54	3	sample	sample	NOUN
ajfa-1518	54	4	selection	selection	NOUN
ajfa-1518	54	5	and	and	CCONJ
ajfa-1518	54	6	data	datum	NOUN
ajfa-1518	54	7	both	both	DET
ajfa-1518	54	8	parents	parent	NOUN
ajfa-1518	54	9	and	and	CCONJ
ajfa-1518	54	10	spun	spin	VERB
ajfa-1518	54	11	-	-	PUNCT
ajfa-1518	54	12	offs	off	NOUN
ajfa-1518	54	13	trading	trading	NOUN
ajfa-1518	54	14	on	on	ADP
ajfa-1518	54	15	the	the	DET
ajfa-1518	54	16	main	main	ADJ
ajfa-1518	54	17	market	market	NOUN
ajfa-1518	54	18	(	(	PUNCT
ajfa-1518	54	19	merging	merge	VERB
ajfa-1518	54	20	of	of	ADP
ajfa-1518	54	21	main	main	ADJ
ajfa-1518	54	22	board	board	NOUN
ajfa-1518	54	23	and	and	CCONJ
ajfa-1518	54	24	the	the	DET
ajfa-1518	54	25	second	second	ADJ
ajfa-1518	54	26	board	board	NOUN
ajfa-1518	54	27	)	)	PUNCT
ajfa-1518	54	28	and	and	CCONJ
ajfa-1518	54	29	ace	ace	VERB
ajfa-1518	54	30	(	(	PUNCT
ajfa-1518	54	31	formerly	formerly	ADV
ajfa-1518	54	32	known	know	VERB
ajfa-1518	54	33	as	as	ADP
ajfa-1518	54	34	mesdaq	mesdaq	PROPN
ajfa-1518	54	35	)	)	PUNCT
ajfa-1518	54	36	of	of	ADP
ajfa-1518	54	37	bursa	bursa	PROPN
ajfa-1518	54	38	malaysia	malaysia	PROPN
ajfa-1518	54	39	from	from	ADP
ajfa-1518	54	40	1st	1st	ADJ
ajfa-1518	54	41	january	january	PROPN
ajfa-1518	54	42	1980	1980	NUM
ajfa-1518	54	43	to	to	ADP
ajfa-1518	54	44	30th	30th	NUM
ajfa-1518	54	45	april	april	PROPN
ajfa-1518	54	46	2008	2008	NUM
ajfa-1518	54	47	are	be	AUX
ajfa-1518	54	48	identified	identify	VERB
ajfa-1518	54	49	.	.	PUNCT
ajfa-1518	55	1	this	this	PRON
ajfa-1518	55	2	enables	enable	VERB
ajfa-1518	55	3	the	the	DET
ajfa-1518	55	4	present	present	ADJ
ajfa-1518	55	5	study	study	NOUN
ajfa-1518	55	6	to	to	PART
ajfa-1518	55	7	analyse	analyse	VERB
ajfa-1518	55	8	one	one	NUM
ajfa-1518	55	9	to	to	ADP
ajfa-1518	55	10	three	three	NUM
ajfa-1518	55	11	years	year	NOUN
ajfa-1518	55	12	’	'	PUNCT
ajfa-1518	55	13	post	post	VERB
ajfa-1518	55	14	spin	spin	VERB
ajfa-1518	55	15	-	-	PUNCT
ajfa-1518	55	16	off	off	ADP
ajfa-1518	55	17	performance	performance	NOUN
ajfa-1518	55	18	up	up	ADP
ajfa-1518	55	19	to	to	ADP
ajfa-1518	55	20	april	april	PROPN
ajfa-1518	55	21	2011	2011	NUM
ajfa-1518	55	22	.	.	PUNCT
ajfa-1518	56	1	36	36	NUM
ajfa-1518	56	2	malaysian	malaysian	ADJ
ajfa-1518	56	3	parent	parent	NOUN
ajfa-1518	56	4	firms	firm	NOUN
ajfa-1518	56	5	conducting	conduct	VERB
ajfa-1518	56	6	spin	spin	NOUN
ajfa-1518	56	7	-	-	PUNCT
ajfa-1518	56	8	offs	off	NOUN
ajfa-1518	56	9	have	have	AUX
ajfa-1518	56	10	been	be	AUX
ajfa-1518	56	11	identified	identify	VERB
ajfa-1518	56	12	.	.	PUNCT
ajfa-1518	57	1	two	two	NUM
ajfa-1518	57	2	event	event	NOUN
ajfa-1518	57	3	dates	date	NOUN
ajfa-1518	57	4	are	be	AUX
ajfa-1518	57	5	specified	specify	VERB
ajfa-1518	57	6	for	for	ADP
ajfa-1518	57	7	this	this	DET
ajfa-1518	57	8	analysis	analysis	NOUN
ajfa-1518	57	9	:	:	PUNCT
ajfa-1518	57	10	the	the	DET
ajfa-1518	57	11	spin	spin	VERB
ajfa-1518	57	12	-	-	PUNCT
ajfa-1518	57	13	off	off	ADP
ajfa-1518	57	14	announcement	announcement	NOUN
ajfa-1518	57	15	date	date	NOUN
ajfa-1518	57	16	and	and	CCONJ
ajfa-1518	57	17	the	the	DET
ajfa-1518	57	18	completion	completion	NOUN
ajfa-1518	57	19	month	month	NOUN
ajfa-1518	57	20	of	of	ADP
ajfa-1518	57	21	the	the	DET
ajfa-1518	57	22	spin	spin	NOUN
ajfa-1518	57	23	-	-	PUNCT
ajfa-1518	57	24	off	off	NOUN
ajfa-1518	57	25	.	.	PUNCT
ajfa-1518	58	1	the	the	DET
ajfa-1518	58	2	announcement	announcement	NOUN
ajfa-1518	58	3	date	date	NOUN
ajfa-1518	58	4	is	be	AUX
ajfa-1518	58	5	designated	designate	VERB
ajfa-1518	58	6	as	as	ADP
ajfa-1518	58	7	the	the	DET
ajfa-1518	58	8	one	one	NUM
ajfa-1518	58	9	in	in	ADP
ajfa-1518	58	10	which	which	PRON
ajfa-1518	58	11	the	the	DET
ajfa-1518	58	12	event	event	NOUN
ajfa-1518	58	13	first	first	ADV
ajfa-1518	58	14	receives	receive	VERB
ajfa-1518	58	15	a	a	DET
ajfa-1518	58	16	mention	mention	NOUN
ajfa-1518	58	17	in	in	ADP
ajfa-1518	58	18	the	the	DET
ajfa-1518	58	19	financial	financial	ADJ
ajfa-1518	58	20	press	press	NOUN
ajfa-1518	58	21	.	.	PUNCT
ajfa-1518	59	1	the	the	DET
ajfa-1518	59	2	event	event	NOUN
ajfa-1518	59	3	month	month	NOUN
ajfa-1518	59	4	is	be	AUX
ajfa-1518	59	5	defined	define	VERB
ajfa-1518	59	6	as	as	ADP
ajfa-1518	59	7	the	the	DET
ajfa-1518	59	8	month	month	NOUN
ajfa-1518	59	9	in	in	ADP
ajfa-1518	59	10	which	which	PRON
ajfa-1518	59	11	the	the	DET
ajfa-1518	59	12	newly	newly	ADV
ajfa-1518	59	13	spun	spin	VERB
ajfa-1518	59	14	-	-	PUNCT
ajfa-1518	59	15	off	off	ADP
ajfa-1518	59	16	firm	firm	NOUN
ajfa-1518	59	17	is	be	AUX
ajfa-1518	59	18	listed	list	VERB
ajfa-1518	59	19	,	,	PUNCT
ajfa-1518	59	20	and	and	CCONJ
ajfa-1518	59	21	trading	trade	VERB
ajfa-1518	59	22	its	its	PRON
ajfa-1518	59	23	shares	share	NOUN
ajfa-1518	59	24	begins	begin	VERB
ajfa-1518	59	25	on	on	ADP
ajfa-1518	59	26	bursa	bursa	PROPN
ajfa-1518	59	27	malaysia	malaysia	PROPN
ajfa-1518	59	28	.	.	PUNCT
ajfa-1518	60	1	the	the	DET
ajfa-1518	60	2	identities	identity	NOUN
ajfa-1518	60	3	of	of	ADP
ajfa-1518	60	4	both	both	DET
ajfa-1518	60	5	parents	parent	NOUN
ajfa-1518	60	6	and	and	CCONJ
ajfa-1518	60	7	spun	spin	VERB
ajfa-1518	60	8	-	-	PUNCT
ajfa-1518	60	9	offs	off	NOUN
ajfa-1518	60	10	are	be	AUX
ajfa-1518	60	11	obtained	obtain	VERB
ajfa-1518	60	12	from	from	ADP
ajfa-1518	60	13	the	the	DET
ajfa-1518	60	14	investors	investor	NOUN
ajfa-1518	60	15	digest	digest	VERB
ajfa-1518	60	16	(	(	PUNCT
ajfa-1518	60	17	a	a	DET
ajfa-1518	60	18	monthly	monthly	ADJ
ajfa-1518	60	19	publication	publication	NOUN
ajfa-1518	60	20	of	of	ADP
ajfa-1518	60	21	klse	klse	PROPN
ajfa-1518	60	22	or	or	CCONJ
ajfa-1518	60	23	bursa	bursa	PROPN
ajfa-1518	60	24	malaysia	malaysia	PROPN
ajfa-1518	60	25	)	)	PUNCT
ajfa-1518	60	26	and	and	CCONJ
ajfa-1518	60	27	also	also	ADV
ajfa-1518	60	28	from	from	ADP
ajfa-1518	60	29	bursa	bursa	PROPN
ajfa-1518	60	30	malaysia	malaysia	PROPN
ajfa-1518	60	31	’s	’s	PART
ajfa-1518	60	32	website	website	NOUN
ajfa-1518	60	33	.	.	PUNCT
ajfa-1518	61	1	these	these	DET
ajfa-1518	61	2	sources	source	NOUN
ajfa-1518	61	3	of	of	ADP
ajfa-1518	61	4	information	information	NOUN
ajfa-1518	61	5	is	be	AUX
ajfa-1518	61	6	then	then	ADV
ajfa-1518	61	7	cross	cross	ADJ
ajfa-1518	61	8	-	-	VERB
ajfa-1518	61	9	checked	check	VERB
ajfa-1518	61	10	with	with	ADP
ajfa-1518	61	11	the	the	DET
ajfa-1518	61	12	relevant	relevant	ADJ
ajfa-1518	61	13	press	press	NOUN
ajfa-1518	61	14	and	and	CCONJ
ajfa-1518	61	15	financial	financial	ADJ
ajfa-1518	61	16	announcements	announcement	NOUN
ajfa-1518	61	17	,	,	PUNCT
ajfa-1518	61	18	for	for	ADP
ajfa-1518	61	19	instance	instance	NOUN
ajfa-1518	61	20	nexis	nexis	PROPN
ajfa-1518	61	21	business	business	PROPN
ajfa-1518	61	22	and	and	CCONJ
ajfa-1518	61	23	news	news	NOUN
ajfa-1518	61	24	database	database	NOUN
ajfa-1518	61	25	,	,	PUNCT
ajfa-1518	61	26	local	local	ADJ
ajfa-1518	61	27	english	english	ADJ
ajfa-1518	61	28	newspapers	newspaper	NOUN
ajfa-1518	61	29	,	,	PUNCT
ajfa-1518	61	30	individual	individual	ADJ
ajfa-1518	61	31	firms	firm	NOUN
ajfa-1518	61	32	’	’	PART
ajfa-1518	61	33	websites	website	NOUN
ajfa-1518	61	34	and	and	CCONJ
ajfa-1518	61	35	annual	annual	ADJ
ajfa-1518	61	36	reports	report	NOUN
ajfa-1518	61	37	.	.	PUNCT
ajfa-1518	62	1	combined	combined	ADJ
ajfa-1518	62	2	firms	firm	NOUN
ajfa-1518	62	3	are	be	AUX
ajfa-1518	62	4	created	create	VERB
ajfa-1518	62	5	by	by	ADP
ajfa-1518	62	6	weighting	weight	VERB
ajfa-1518	62	7	the	the	DET
ajfa-1518	62	8	returns	return	NOUN
ajfa-1518	62	9	of	of	ADP
ajfa-1518	62	10	parents	parent	NOUN
ajfa-1518	62	11	and	and	CCONJ
ajfa-1518	62	12	those	those	PRON
ajfa-1518	62	13	of	of	ADP
ajfa-1518	62	14	spun	spin	VERB
ajfa-1518	62	15	-	-	PUNCT
ajfa-1518	62	16	offs	off	NOUN
ajfa-1518	62	17	by	by	ADP
ajfa-1518	62	18	the	the	DET
ajfa-1518	62	19	market	market	NOUN
ajfa-1518	62	20	value	value	NOUN
ajfa-1518	62	21	of	of	ADP
ajfa-1518	62	22	equity	equity	NOUN
ajfa-1518	62	23	on	on	ADP
ajfa-1518	62	24	the	the	DET
ajfa-1518	62	25	completion	completion	NOUN
ajfa-1518	62	26	month	month	NOUN
ajfa-1518	62	27	of	of	ADP
ajfa-1518	62	28	a	a	DET
ajfa-1518	62	29	spin	spin	NOUN
ajfa-1518	62	30	-	-	PUNCT
ajfa-1518	62	31	off	off	NOUN
ajfa-1518	62	32	.	.	PUNCT
ajfa-1518	63	1	as	as	SCONJ
ajfa-1518	63	2	a	a	DET
ajfa-1518	63	3	spin	spin	NOUN
ajfa-1518	63	4	-	-	PUNCT
ajfa-1518	63	5	off	off	NOUN
ajfa-1518	63	6	involves	involve	VERB
ajfa-1518	63	7	a	a	DET
ajfa-1518	63	8	pro	pro	ADJ
ajfa-1518	63	9	rata	rata	ADJ
ajfa-1518	63	10	distribution	distribution	NOUN
ajfa-1518	63	11	of	of	ADP
ajfa-1518	63	12	the	the	DET
ajfa-1518	63	13	shares	share	NOUN
ajfa-1518	63	14	of	of	ADP
ajfa-1518	63	15	a	a	DET
ajfa-1518	63	16	subsidiary	subsidiary	NOUN
ajfa-1518	63	17	,	,	PUNCT
ajfa-1518	63	18	creating	create	VERB
ajfa-1518	63	19	combined	combined	ADJ
ajfa-1518	63	20	firms	firm	NOUN
ajfa-1518	63	21	provides	provide	VERB
ajfa-1518	63	22	information	information	NOUN
ajfa-1518	63	23	about	about	ADP
ajfa-1518	63	24	the	the	DET
ajfa-1518	63	25	return	return	NOUN
ajfa-1518	63	26	that	that	PRON
ajfa-1518	63	27	an	an	DET
ajfa-1518	63	28	investor	investor	NOUN
ajfa-1518	63	29	would	would	AUX
ajfa-1518	63	30	have	have	AUX
ajfa-1518	63	31	realised	realise	VERB
ajfa-1518	63	32	if	if	SCONJ
ajfa-1518	63	33	he	he	PRON
ajfa-1518	63	34	had	have	AUX
ajfa-1518	63	35	held	hold	VERB
ajfa-1518	63	36	onto	onto	ADP
ajfa-1518	63	37	the	the	DET
ajfa-1518	63	38	shares	share	NOUN
ajfa-1518	63	39	of	of	ADP
ajfa-1518	63	40	both	both	DET
ajfa-1518	63	41	parents	parent	NOUN
ajfa-1518	63	42	and	and	CCONJ
ajfa-1518	63	43	spun	spin	VERB
ajfa-1518	63	44	-	-	PUNCT
ajfa-1518	63	45	offs	off	NOUN
ajfa-1518	63	46	following	follow	VERB
ajfa-1518	63	47	the	the	DET
ajfa-1518	63	48	completion	completion	NOUN
ajfa-1518	63	49	month	month	NOUN
ajfa-1518	63	50	of	of	ADP
ajfa-1518	63	51	a	a	DET
ajfa-1518	63	52	spin	spin	NOUN
ajfa-1518	63	53	-	-	PUNCT
ajfa-1518	63	54	off	off	NOUN
ajfa-1518	63	55	(	(	PUNCT
ajfa-1518	63	56	desai	desai	PROPN
ajfa-1518	63	57	and	and	CCONJ
ajfa-1518	63	58	jain	jain	PROPN
ajfa-1518	63	59	,	,	PUNCT
ajfa-1518	63	60	1999	1999	NUM
ajfa-1518	63	61	)	)	PUNCT
ajfa-1518	63	62	.	.	PUNCT
ajfa-1518	64	1	in	in	ADP
ajfa-1518	64	2	the	the	DET
ajfa-1518	64	3	case	case	NOUN
ajfa-1518	64	4	of	of	ADP
ajfa-1518	64	5	daily	daily	ADJ
ajfa-1518	64	6	data	datum	NOUN
ajfa-1518	64	7	,	,	PUNCT
ajfa-1518	64	8	defining	define	VERB
ajfa-1518	64	9	t=0	t=0	PROPN
ajfa-1518	64	10	as	as	ADP
ajfa-1518	64	11	the	the	DET
ajfa-1518	64	12	announcement	announcement	NOUN
ajfa-1518	64	13	date	date	NOUN
ajfa-1518	64	14	,	,	PUNCT
ajfa-1518	64	15	t=-20	t=-20	PROPN
ajfa-1518	64	16	days	day	NOUN
ajfa-1518	64	17	to	to	ADP
ajfa-1518	64	18	t=+20	t=+20	NOUN
ajfa-1518	64	19	days	day	NOUN
ajfa-1518	64	20	represents	represent	VERB
ajfa-1518	64	21	the	the	DET
ajfa-1518	64	22	event	event	NOUN
ajfa-1518	64	23	period	period	NOUN
ajfa-1518	64	24	or	or	CCONJ
ajfa-1518	64	25	observation	observation	NOUN
ajfa-1518	64	26	period	period	NOUN
ajfa-1518	64	27	,	,	PUNCT
ajfa-1518	64	28	and	and	CCONJ
ajfa-1518	64	29	t=-220	t=-220	VERB
ajfa-1518	64	30	days	day	NOUN
ajfa-1518	64	31	to	to	ADP
ajfa-1518	64	32	t=-21	t=-21	PROPN
ajfa-1518	64	33	constitutes	constitute	VERB
ajfa-1518	64	34	the	the	DET
ajfa-1518	64	35	estimation	estimation	NOUN
ajfa-1518	64	36	period	period	NOUN
ajfa-1518	64	37	(	(	PUNCT
ajfa-1518	64	38	to	to	PART
ajfa-1518	64	39	apply	apply	VERB
ajfa-1518	64	40	in	in	ADP
ajfa-1518	64	41	the	the	DET
ajfa-1518	64	42	market	market	NOUN
ajfa-1518	64	43	model	model	NOUN
ajfa-1518	64	44	for	for	ADP
ajfa-1518	64	45	obtaining	obtain	VERB
ajfa-1518	64	46	the	the	DET
ajfa-1518	64	47	value	value	NOUN
ajfa-1518	64	48	of	of	ADP
ajfa-1518	64	49	alpha	alpha	NOUN
ajfa-1518	64	50	,	,	PUNCT
ajfa-1518	64	51	α	α	NOUN
ajfa-1518	64	52	and	and	CCONJ
ajfa-1518	64	53	beta	beta	NOUN
ajfa-1518	64	54	,	,	PUNCT
ajfa-1518	64	55	β	β	NOUN
ajfa-1518	64	56	)	)	PUNCT
ajfa-1518	64	57	.	.	PUNCT
ajfa-1518	65	1	for	for	ADP
ajfa-1518	65	2	monthly	monthly	ADJ
ajfa-1518	65	3	data	datum	NOUN
ajfa-1518	65	4	,	,	PUNCT
ajfa-1518	65	5	the	the	DET
ajfa-1518	65	6	event	event	NOUN
ajfa-1518	65	7	period	period	NOUN
ajfa-1518	65	8	begins	begin	VERB
ajfa-1518	65	9	with	with	ADP
ajfa-1518	65	10	the	the	DET
ajfa-1518	65	11	completion	completion	NOUN
ajfa-1518	65	12	month	month	NOUN
ajfa-1518	65	13	of	of	ADP
ajfa-1518	65	14	a	a	DET
ajfa-1518	65	15	spin	spin	NOUN
ajfa-1518	65	16	-	-	PUNCT
ajfa-1518	65	17	off	off	NOUN
ajfa-1518	65	18	up	up	ADP
ajfa-1518	65	19	to	to	ADP
ajfa-1518	65	20	+36	+36	NOUN
ajfa-1518	65	21	months	month	NOUN
ajfa-1518	65	22	.	.	PUNCT
ajfa-1518	66	1	share	share	NOUN
ajfa-1518	66	2	price	price	NOUN
ajfa-1518	66	3	data	datum	NOUN
ajfa-1518	66	4	are	be	AUX
ajfa-1518	66	5	collected	collect	VERB
ajfa-1518	66	6	from	from	ADP
ajfa-1518	66	7	the	the	DET
ajfa-1518	66	8	datastream	datastream	ADJ
ajfa-1518	66	9	database	database	NOUN
ajfa-1518	66	10	.	.	PUNCT
ajfa-1518	67	1	specifically	specifically	ADV
ajfa-1518	67	2	,	,	PUNCT
ajfa-1518	67	3	the	the	DET
ajfa-1518	67	4	data	data	NOUN
ajfa-1518	67	5	comprises	comprise	VERB
ajfa-1518	67	6	individual	individual	ADJ
ajfa-1518	67	7	parent	parent	NOUN
ajfa-1518	67	8	and	and	CCONJ
ajfa-1518	67	9	spun	spin	VERB
ajfa-1518	67	10	-	-	PUNCT
ajfa-1518	67	11	off	off	ADP
ajfa-1518	67	12	firms	firm	NOUN
ajfa-1518	67	13	’	'	PUNCT
ajfa-1518	67	14	adjusted	adjust	VERB
ajfa-1518	67	15	closing	closing	NOUN
ajfa-1518	67	16	prices	price	NOUN
ajfa-1518	67	17	(	(	PUNCT
ajfa-1518	67	18	adjusted	adjust	VERB
ajfa-1518	67	19	for	for	ADP
ajfa-1518	67	20	dividends	dividend	NOUN
ajfa-1518	67	21	)	)	PUNCT
ajfa-1518	67	22	.	.	PUNCT
ajfa-1518	68	1	asian	asian	ADJ
ajfa-1518	68	2	journal	journal	PROPN
ajfa-1518	68	3	of	of	ADP
ajfa-1518	68	4	finance	finance	PROPN
ajfa-1518	68	5	&	&	CCONJ
ajfa-1518	68	6	accounting	accounting	PROPN
ajfa-1518	68	7	issn	issn	PROPN
ajfa-1518	68	8	1946	1946	NUM
ajfa-1518	68	9	-	-	PUNCT
ajfa-1518	68	10	052x	052x	NOUN
ajfa-1518	68	11	2012	2012	NUM
ajfa-1518	68	12	,	,	PUNCT
ajfa-1518	68	13	vol	vol	NOUN
ajfa-1518	68	14	.	.	PROPN
ajfa-1518	68	15	4	4	NUM
ajfa-1518	68	16	,	,	PUNCT
ajfa-1518	68	17	no	no	INTJ
ajfa-1518	68	18	.	.	NOUN
ajfa-1518	68	19	1	1	NUM
ajfa-1518	68	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1518	68	21	155	155	NUM
ajfa-1518	68	22	4	4	NUM
ajfa-1518	68	23	.	.	PUNCT
ajfa-1518	68	24	methodology	methodology	NOUN
ajfa-1518	68	25	to	to	PART
ajfa-1518	68	26	analyse	analyse	VERB
ajfa-1518	68	27	short	short	ADJ
ajfa-1518	68	28	-	-	PUNCT
ajfa-1518	68	29	run	run	NOUN
ajfa-1518	68	30	share	share	NOUN
ajfa-1518	68	31	return	return	NOUN
ajfa-1518	68	32	performance	performance	NOUN
ajfa-1518	68	33	,	,	PUNCT
ajfa-1518	68	34	we	we	PRON
ajfa-1518	68	35	employ	employ	VERB
ajfa-1518	68	36	the	the	DET
ajfa-1518	68	37	market	market	NOUN
ajfa-1518	68	38	model	model	NOUN
ajfa-1518	68	39	(	(	PUNCT
ajfa-1518	68	40	henceforth	henceforth	ADV
ajfa-1518	68	41	mm	mm	INTJ
ajfa-1518	68	42	)	)	PUNCT
ajfa-1518	68	43	and	and	CCONJ
ajfa-1518	68	44	cumulative	cumulative	ADJ
ajfa-1518	68	45	abnormal	abnormal	ADJ
ajfa-1518	68	46	returns	return	NOUN
ajfa-1518	68	47	(	(	PUNCT
ajfa-1518	68	48	henceforth	henceforth	ADV
ajfa-1518	68	49	cars	car	NOUN
ajfa-1518	68	50	)	)	PUNCT
ajfa-1518	68	51	.	.	PUNCT
ajfa-1518	69	1	buy	buy	VERB
ajfa-1518	69	2	-	-	PUNCT
ajfa-1518	69	3	and	and	CCONJ
ajfa-1518	69	4	-	-	PUNCT
ajfa-1518	69	5	hold	hold	VERB
ajfa-1518	69	6	abnormal	abnormal	ADJ
ajfa-1518	69	7	returns	return	NOUN
ajfa-1518	69	8	(	(	PUNCT
ajfa-1518	69	9	henceforth	henceforth	ADV
ajfa-1518	69	10	bhars	bhar	VERB
ajfa-1518	69	11	)	)	PUNCT
ajfa-1518	69	12	are	be	AUX
ajfa-1518	69	13	used	use	VERB
ajfa-1518	69	14	to	to	PART
ajfa-1518	69	15	measure	measure	VERB
ajfa-1518	69	16	the	the	DET
ajfa-1518	69	17	share	share	NOUN
ajfa-1518	69	18	return	return	NOUN
ajfa-1518	69	19	performance	performance	NOUN
ajfa-1518	69	20	over	over	ADP
ajfa-1518	69	21	the	the	DET
ajfa-1518	69	22	long	long	ADV
ajfa-1518	69	23	-	-	PUNCT
ajfa-1518	69	24	run	run	NOUN
ajfa-1518	69	25	period	period	NOUN
ajfa-1518	69	26	.	.	PUNCT
ajfa-1518	70	1	fama	fama	PROPN
ajfa-1518	70	2	(	(	PUNCT
ajfa-1518	70	3	1998	1998	NUM
ajfa-1518	70	4	)	)	PUNCT
ajfa-1518	70	5	notes	note	VERB
ajfa-1518	70	6	that	that	SCONJ
ajfa-1518	70	7	the	the	DET
ajfa-1518	70	8	choice	choice	NOUN
ajfa-1518	70	9	of	of	ADP
ajfa-1518	70	10	weighting	weight	VERB
ajfa-1518	70	11	scheme	scheme	NOUN
ajfa-1518	70	12	depends	depend	VERB
ajfa-1518	70	13	on	on	ADP
ajfa-1518	70	14	the	the	DET
ajfa-1518	70	15	hypothesis	hypothesis	NOUN
ajfa-1518	70	16	of	of	ADP
ajfa-1518	70	17	interest	interest	NOUN
ajfa-1518	70	18	to	to	ADP
ajfa-1518	70	19	the	the	DET
ajfa-1518	70	20	researcher	researcher	NOUN
ajfa-1518	70	21	.	.	PUNCT
ajfa-1518	71	1	loughran	loughran	NOUN
ajfa-1518	71	2	and	and	CCONJ
ajfa-1518	71	3	ritter	ritter	PROPN
ajfa-1518	71	4	(	(	PUNCT
ajfa-1518	71	5	2000	2000	NUM
ajfa-1518	71	6	,	,	PUNCT
ajfa-1518	71	7	p.363	p.363	NOUN
ajfa-1518	71	8	,	,	PUNCT
ajfa-1518	71	9	note	note	NOUN
ajfa-1518	71	10	2	2	NUM
ajfa-1518	71	11	)	)	PUNCT
ajfa-1518	71	12	state	state	NOUN
ajfa-1518	71	13	that	that	SCONJ
ajfa-1518	71	14	‘	'	PUNCT
ajfa-1518	71	15	if	if	SCONJ
ajfa-1518	71	16	one	one	PRON
ajfa-1518	71	17	is	be	AUX
ajfa-1518	71	18	trying	try	VERB
ajfa-1518	71	19	to	to	PART
ajfa-1518	71	20	measure	measure	VERB
ajfa-1518	71	21	the	the	DET
ajfa-1518	71	22	abnormal	abnormal	ADJ
ajfa-1518	71	23	returns	return	NOUN
ajfa-1518	71	24	on	on	ADP
ajfa-1518	71	25	the	the	DET
ajfa-1518	71	26	firms	firm	NOUN
ajfa-1518	71	27	undergoing	undergo	VERB
ajfa-1518	71	28	some	some	DET
ajfa-1518	71	29	event	event	NOUN
ajfa-1518	71	30	,	,	PUNCT
ajfa-1518	71	31	then	then	ADV
ajfa-1518	71	32	each	each	DET
ajfa-1518	71	33	firm	firm	NOUN
ajfa-1518	71	34	should	should	AUX
ajfa-1518	71	35	be	be	AUX
ajfa-1518	71	36	weighted	weight	VERB
ajfa-1518	71	37	equally	equally	ADV
ajfa-1518	71	38	....	....	PUNCT
ajfa-1518	72	1	[	[	X
ajfa-1518	72	2	this	this	PRON
ajfa-1518	72	3	]	]	PUNCT
ajfa-1518	72	4	will	will	AUX
ajfa-1518	72	5	produce	produce	VERB
ajfa-1518	72	6	point	point	NOUN
ajfa-1518	72	7	estimates	estimate	NOUN
ajfa-1518	72	8	that	that	PRON
ajfa-1518	72	9	are	be	AUX
ajfa-1518	72	10	relevant	relevant	ADJ
ajfa-1518	72	11	from	from	ADP
ajfa-1518	72	12	the	the	DET
ajfa-1518	72	13	point	point	NOUN
ajfa-1518	72	14	of	of	ADP
ajfa-1518	72	15	view	view	NOUN
ajfa-1518	72	16	of	of	ADP
ajfa-1518	72	17	a	a	DET
ajfa-1518	72	18	manager	manager	NOUN
ajfa-1518	72	19	,	,	PUNCT
ajfa-1518	72	20	investor	investor	NOUN
ajfa-1518	72	21	,	,	PUNCT
ajfa-1518	72	22	or	or	CCONJ
ajfa-1518	72	23	researcher	researcher	NOUN
ajfa-1518	72	24	attempting	attempt	VERB
ajfa-1518	72	25	to	to	PART
ajfa-1518	72	26	predict	predict	VERB
ajfa-1518	72	27	the	the	DET
ajfa-1518	72	28	abnormal	abnormal	ADJ
ajfa-1518	72	29	returns	return	NOUN
ajfa-1518	72	30	associated	associate	VERB
ajfa-1518	72	31	with	with	ADP
ajfa-1518	72	32	a	a	DET
ajfa-1518	72	33	random	random	ADJ
ajfa-1518	72	34	event	event	NOUN
ajfa-1518	72	35	’	'	PUNCT
ajfa-1518	72	36	.	.	PUNCT
ajfa-1518	73	1	veld	veld	PROPN
ajfa-1518	73	2	and	and	CCONJ
ajfa-1518	73	3	veld	veld	PROPN
ajfa-1518	73	4	-	-	PUNCT
ajfa-1518	73	5	merkoulova	merkoulova	PROPN
ajfa-1518	73	6	(	(	PUNCT
ajfa-1518	73	7	2004	2004	NUM
ajfa-1518	73	8	)	)	PUNCT
ajfa-1518	73	9	claim	claim	VERB
ajfa-1518	73	10	that	that	SCONJ
ajfa-1518	73	11	they	they	PRON
ajfa-1518	73	12	prefer	prefer	VERB
ajfa-1518	73	13	equal	equal	ADJ
ajfa-1518	73	14	weighted	weight	VERB
ajfa-1518	73	15	portfolio	portfolio	NOUN
ajfa-1518	73	16	returns	return	NOUN
ajfa-1518	73	17	to	to	PART
ajfa-1518	73	18	test	test	VERB
ajfa-1518	73	19	whether	whether	SCONJ
ajfa-1518	73	20	the	the	DET
ajfa-1518	73	21	random	random	ADJ
ajfa-1518	73	22	event	event	NOUN
ajfa-1518	73	23	of	of	ADP
ajfa-1518	73	24	spin	spin	NOUN
ajfa-1518	73	25	-	-	PUNCT
ajfa-1518	73	26	offs	off	NOUN
ajfa-1518	73	27	is	be	AUX
ajfa-1518	73	28	associated	associate	VERB
ajfa-1518	73	29	with	with	ADP
ajfa-1518	73	30	long	long	ADV
ajfa-1518	73	31	-	-	PUNCT
ajfa-1518	73	32	run	run	VERB
ajfa-1518	73	33	superior	superior	ADJ
ajfa-1518	73	34	performance	performance	NOUN
ajfa-1518	73	35	.	.	PUNCT
ajfa-1518	74	1	therefore	therefore	ADV
ajfa-1518	74	2	,	,	PUNCT
ajfa-1518	74	3	we	we	PRON
ajfa-1518	74	4	adopt	adopt	VERB
ajfa-1518	74	5	equal	equal	ADV
ajfa-1518	74	6	-	-	PUNCT
ajfa-1518	74	7	weighted	weight	VERB
ajfa-1518	74	8	portfolio	portfolio	NOUN
ajfa-1518	74	9	returns	return	NOUN
ajfa-1518	74	10	because	because	SCONJ
ajfa-1518	74	11	spin	spin	NOUN
ajfa-1518	74	12	-	-	PUNCT
ajfa-1518	74	13	offs	off	NOUN
ajfa-1518	74	14	are	be	AUX
ajfa-1518	74	15	random	random	ADJ
ajfa-1518	74	16	events	event	NOUN
ajfa-1518	74	17	that	that	PRON
ajfa-1518	74	18	occur	occur	VERB
ajfa-1518	74	19	intermittently	intermittently	ADV
ajfa-1518	74	20	from	from	ADP
ajfa-1518	74	21	january	january	PROPN
ajfa-1518	74	22	1980	1980	NUM
ajfa-1518	74	23	to	to	ADP
ajfa-1518	74	24	april	april	PROPN
ajfa-1518	74	25	2008	2008	NUM
ajfa-1518	74	26	.	.	PUNCT
ajfa-1518	75	1	4.1	4.1	NUM
ajfa-1518	75	2	market	market	NOUN
ajfa-1518	75	3	model	model	NOUN
ajfa-1518	75	4	and	and	CCONJ
ajfa-1518	75	5	cumulative	cumulative	ADJ
ajfa-1518	75	6	abnormal	abnormal	ADJ
ajfa-1518	75	7	returns	return	NOUN
ajfa-1518	75	8	(	(	PUNCT
ajfa-1518	75	9	cars	car	NOUN
ajfa-1518	75	10	)	)	PUNCT
ajfa-1518	75	11	model	model	NOUN
ajfa-1518	75	12	following	follow	VERB
ajfa-1518	75	13	the	the	DET
ajfa-1518	75	14	market	market	NOUN
ajfa-1518	75	15	model	model	NOUN
ajfa-1518	75	16	,	,	PUNCT
ajfa-1518	75	17	the	the	DET
ajfa-1518	75	18	daily	daily	ADJ
ajfa-1518	75	19	abnormal	abnormal	ADJ
ajfa-1518	75	20	return	return	NOUN
ajfa-1518	75	21	for	for	ADP
ajfa-1518	75	22	security	security	NOUN
ajfa-1518	75	23	j	j	PROPN
ajfa-1518	75	24	of	of	ADP
ajfa-1518	75	25	spin	spin	NOUN
ajfa-1518	75	26	-	-	PUNCT
ajfa-1518	75	27	off	off	ADP
ajfa-1518	75	28	firms	firm	NOUN
ajfa-1518	75	29	in	in	ADP
ajfa-1518	75	30	event	event	NOUN
ajfa-1518	75	31	period	period	NOUN
ajfa-1518	75	32	t	t	PROPN
ajfa-1518	75	33	is	be	AUX
ajfa-1518	75	34	computed	compute	VERB
ajfa-1518	75	35	as	as	ADP
ajfa-1518	75	36	:	:	PUNCT
ajfa-1518	75	37			PROPN
ajfa-1518	75	38	mtjjjtjt	mtjjjtjt	PROPN
ajfa-1518	75	39	rrra	rrra	VERB
ajfa-1518	75	40			NUM
ajfa-1518	75	41	ˆˆˆ	ˆˆˆ	X
ajfa-1518	75	42			X
ajfa-1518	75	43	(	(	PUNCT
ajfa-1518	75	44	1	1	NUM
ajfa-1518	75	45	)	)	PUNCT
ajfa-1518	75	46	where	where	SCONJ
ajfa-1518	75	47	,	,	PUNCT
ajfa-1518	75	48	jt	jt	PROPN
ajfa-1518	75	49	râ	râ	PROPN
ajfa-1518	75	50	and	and	CCONJ
ajfa-1518	75	51	jt	jt	PROPN
ajfa-1518	75	52	r	r	PROPN
ajfa-1518	75	53	are	be	AUX
ajfa-1518	75	54	the	the	DET
ajfa-1518	75	55	daily	daily	ADJ
ajfa-1518	75	56	abnormal	abnormal	ADJ
ajfa-1518	75	57	return	return	NOUN
ajfa-1518	75	58	and	and	CCONJ
ajfa-1518	75	59	the	the	DET
ajfa-1518	75	60	daily	daily	ADJ
ajfa-1518	75	61	actual	actual	ADJ
ajfa-1518	75	62	return	return	NOUN
ajfa-1518	75	63	of	of	ADP
ajfa-1518	75	64	security	security	NOUN
ajfa-1518	75	65	j	j	PROPN
ajfa-1518	75	66	in	in	ADP
ajfa-1518	75	67	event	event	NOUN
ajfa-1518	75	68	period	period	NOUN
ajfa-1518	75	69	t	t	PROPN
ajfa-1518	75	70	,	,	PUNCT
ajfa-1518	75	71	respectively	respectively	ADV
ajfa-1518	75	72	.	.	PUNCT
ajfa-1518	76	1	mt	mt	PROPN
ajfa-1518	76	2	r	r	NOUN
ajfa-1518	76	3	is	be	AUX
ajfa-1518	76	4	the	the	DET
ajfa-1518	76	5	daily	daily	ADJ
ajfa-1518	76	6	market	market	NOUN
ajfa-1518	76	7	return	return	NOUN
ajfa-1518	76	8	of	of	ADP
ajfa-1518	76	9	mas	mas	PROPN
ajfa-1518	76	10	-	-	PUNCT
ajfa-1518	76	11	ewi	ewi	PROPN
ajfa-1518	76	12	and	and	CCONJ
ajfa-1518	76	13	mas	ma	NOUN
ajfa-1518	76	14	-	-	NOUN
ajfa-1518	76	15	vwi	vwi	NOUN
ajfa-1518	76	16	in	in	ADP
ajfa-1518	76	17	event	event	NOUN
ajfa-1518	76	18	period	period	NOUN
ajfa-1518	76	19	t.	t.	PROPN
ajfa-1518	76	20	the	the	DET
ajfa-1518	76	21	parameters	parameter	NOUN
ajfa-1518	76	22	of	of	ADP
ajfa-1518	76	23	alpha	alpha	PROPN
ajfa-1518	76	24	,	,	PUNCT
ajfa-1518	76	25	j	j	PROPN
ajfa-1518	76	26	̂	̂	PROPN
ajfa-1518	76	27	and	and	CCONJ
ajfa-1518	76	28	beta	beta	NOUN
ajfa-1518	76	29	,	,	PUNCT
ajfa-1518	76	30	j̂	j̂	PROPN
ajfa-1518	76	31	are	be	AUX
ajfa-1518	76	32	the	the	DET
ajfa-1518	76	33	regression	regression	NOUN
ajfa-1518	76	34	intercept	intercept	NOUN
ajfa-1518	76	35	and	and	CCONJ
ajfa-1518	76	36	the	the	DET
ajfa-1518	76	37	slope	slope	NOUN
ajfa-1518	76	38	of	of	ADP
ajfa-1518	76	39	characteristic	characteristic	ADJ
ajfa-1518	76	40	line	line	NOUN
ajfa-1518	76	41	,	,	PUNCT
ajfa-1518	76	42	respectively	respectively	ADV
ajfa-1518	76	43	;	;	PUNCT
ajfa-1518	76	44	estimated	estimate	VERB
ajfa-1518	76	45	for	for	ADP
ajfa-1518	76	46	security	security	NOUN
ajfa-1518	76	47	j	j	PROPN
ajfa-1518	76	48	over	over	ADP
ajfa-1518	76	49	the	the	DET
ajfa-1518	76	50	pre	pre	ADJ
ajfa-1518	76	51	-	-	ADJ
ajfa-1518	76	52	event	event	ADJ
ajfa-1518	76	53	estimation	estimation	NOUN
ajfa-1518	76	54	period	period	NOUN
ajfa-1518	76	55	(	(	PUNCT
ajfa-1518	76	56	e.g.	e.g.	ADV
ajfa-1518	76	57	200	200	NUM
ajfa-1518	76	58	trading	trading	NOUN
ajfa-1518	76	59	days	day	NOUN
ajfa-1518	76	60	)	)	PUNCT
ajfa-1518	76	61	by	by	ADP
ajfa-1518	76	62	running	run	VERB
ajfa-1518	76	63	the	the	DET
ajfa-1518	76	64	ordinary	ordinary	ADJ
ajfa-1518	76	65	least	least	ADJ
ajfa-1518	76	66	squares	square	NOUN
ajfa-1518	76	67	(	(	PUNCT
ajfa-1518	76	68	ols	ol	NOUN
ajfa-1518	76	69	)	)	PUNCT
ajfa-1518	76	70	regression	regression	NOUN
ajfa-1518	76	71	.	.	PUNCT
ajfa-1518	77	1	based	base	VERB
ajfa-1518	77	2	on	on	ADP
ajfa-1518	77	3	the	the	DET
ajfa-1518	77	4	cars	car	NOUN
ajfa-1518	77	5	model	model	NOUN
ajfa-1518	77	6	,	,	PUNCT
ajfa-1518	77	7	the	the	DET
ajfa-1518	77	8	performance	performance	NOUN
ajfa-1518	77	9	of	of	ADP
ajfa-1518	77	10	an	an	DET
ajfa-1518	77	11	individual	individual	ADJ
ajfa-1518	77	12	security	security	NOUN
ajfa-1518	77	13	is	be	AUX
ajfa-1518	77	14	adjusted	adjust	VERB
ajfa-1518	77	15	to	to	ADP
ajfa-1518	77	16	the	the	DET
ajfa-1518	77	17	performance	performance	NOUN
ajfa-1518	77	18	of	of	ADP
ajfa-1518	77	19	a	a	DET
ajfa-1518	77	20	market	market	NOUN
ajfa-1518	77	21	index	index	NOUN
ajfa-1518	77	22	.	.	PUNCT
ajfa-1518	78	1	therefore	therefore	ADV
ajfa-1518	78	2	,	,	PUNCT
ajfa-1518	78	3	the	the	DET
ajfa-1518	78	4	daily	daily	ADJ
ajfa-1518	78	5	abnormal	abnormal	ADJ
ajfa-1518	78	6	returns	return	NOUN
ajfa-1518	78	7	of	of	ADP
ajfa-1518	78	8	any	any	DET
ajfa-1518	78	9	security	security	NOUN
ajfa-1518	78	10	j	j	PROPN
ajfa-1518	78	11	is	be	AUX
ajfa-1518	78	12	given	give	VERB
ajfa-1518	78	13	as	as	ADP
ajfa-1518	78	14	the	the	DET
ajfa-1518	78	15	difference	difference	NOUN
ajfa-1518	78	16	between	between	ADP
ajfa-1518	78	17	daily	daily	ADJ
ajfa-1518	78	18	actual	actual	ADJ
ajfa-1518	78	19	return	return	NOUN
ajfa-1518	78	20	and	and	CCONJ
ajfa-1518	78	21	the	the	DET
ajfa-1518	78	22	corresponding	corresponding	ADJ
ajfa-1518	78	23	daily	daily	ADJ
ajfa-1518	78	24	return	return	NOUN
ajfa-1518	78	25	on	on	ADP
ajfa-1518	78	26	the	the	DET
ajfa-1518	78	27	market	market	NOUN
ajfa-1518	78	28	index	index	NOUN
ajfa-1518	78	29	during	during	ADP
ajfa-1518	78	30	period	period	NOUN
ajfa-1518	78	31	t	t	PROPN
ajfa-1518	78	32	,	,	PUNCT
ajfa-1518	78	33	and	and	CCONJ
ajfa-1518	78	34	are	be	AUX
ajfa-1518	78	35	computed	compute	VERB
ajfa-1518	78	36	as	as	SCONJ
ajfa-1518	78	37	follows	follow	VERB
ajfa-1518	78	38	:	:	PUNCT
ajfa-1518	78	39	mtjtjt	mtjtjt	VERB
ajfa-1518	78	40	rrar	rrar	NOUN
ajfa-1518	78	41			NOUN
ajfa-1518	78	42	(	(	PUNCT
ajfa-1518	78	43	2	2	X
ajfa-1518	78	44	)	)	PUNCT
ajfa-1518	78	45	the	the	DET
ajfa-1518	78	46	abnormal	abnormal	ADJ
ajfa-1518	78	47	return	return	NOUN
ajfa-1518	78	48	for	for	ADP
ajfa-1518	78	49	each	each	DET
ajfa-1518	78	50	security	security	NOUN
ajfa-1518	78	51	j	j	PROPN
ajfa-1518	78	52	(	(	PUNCT
ajfa-1518	78	53	derived	derive	VERB
ajfa-1518	78	54	from	from	ADP
ajfa-1518	78	55	the	the	DET
ajfa-1518	78	56	above	above	ADJ
ajfa-1518	78	57	two	two	NUM
ajfa-1518	78	58	models	model	NOUN
ajfa-1518	78	59	)	)	PUNCT
ajfa-1518	78	60	is	be	AUX
ajfa-1518	78	61	observed	observe	VERB
ajfa-1518	78	62	for	for	ADP
ajfa-1518	78	63	each	each	DET
ajfa-1518	78	64	day	day	NOUN
ajfa-1518	78	65	in	in	ADP
ajfa-1518	78	66	the	the	DET
ajfa-1518	78	67	event	event	NOUN
ajfa-1518	78	68	period	period	NOUN
ajfa-1518	78	69	and	and	CCONJ
ajfa-1518	78	70	averaged	average	VERB
ajfa-1518	78	71	across	across	ADP
ajfa-1518	78	72	n	n	PART
ajfa-1518	78	73	firms	firm	NOUN
ajfa-1518	78	74	or	or	CCONJ
ajfa-1518	78	75	securities	security	NOUN
ajfa-1518	78	76	using	use	VERB
ajfa-1518	78	77	the	the	DET
ajfa-1518	78	78	following	follow	VERB
ajfa-1518	78	79	equation	equation	NOUN
ajfa-1518	78	80	:	:	PUNCT
ajfa-1518	78	81	asian	asian	ADJ
ajfa-1518	78	82	journal	journal	NOUN
ajfa-1518	78	83	of	of	ADP
ajfa-1518	78	84	finance	finance	PROPN
ajfa-1518	78	85	&	&	CCONJ
ajfa-1518	78	86	accounting	accounting	PROPN
ajfa-1518	78	87	issn	issn	PROPN
ajfa-1518	78	88	1946	1946	NUM
ajfa-1518	78	89	-	-	PUNCT
ajfa-1518	78	90	052x	052x	NOUN
ajfa-1518	78	91	2012	2012	NUM
ajfa-1518	78	92	,	,	PUNCT
ajfa-1518	78	93	vol	vol	NOUN
ajfa-1518	78	94	.	.	PROPN
ajfa-1518	78	95	4	4	NUM
ajfa-1518	78	96	,	,	PUNCT
ajfa-1518	78	97	no	no	INTJ
ajfa-1518	78	98	.	.	NOUN
ajfa-1518	78	99	1	1	NUM
ajfa-1518	78	100	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	78	101	156	156	NUM
ajfa-1518	78	102			NUM
ajfa-1518	79	1			NUM
ajfa-1518	79	2			NOUN
ajfa-1518	80	1	n	n	PRON
ajfa-1518	80	2	j	j	PROPN
ajfa-1518	80	3	jtt	jtt	PROPN
ajfa-1518	80	4	ar	ar	PROPN
ajfa-1518	80	5	n	n	PROPN
ajfa-1518	80	6	aar	aar	PROPN
ajfa-1518	80	7	1	1	NUM
ajfa-1518	80	8	1	1	NUM
ajfa-1518	80	9	(	(	PUNCT
ajfa-1518	80	10	3	3	NUM
ajfa-1518	80	11	)	)	PUNCT
ajfa-1518	80	12	where	where	SCONJ
ajfa-1518	80	13	,	,	PUNCT
ajfa-1518	80	14	t	t	PROPN
ajfa-1518	80	15	aar	aar	NOUN
ajfa-1518	80	16	is	be	AUX
ajfa-1518	80	17	the	the	DET
ajfa-1518	80	18	daily	daily	ADJ
ajfa-1518	80	19	average	average	ADJ
ajfa-1518	80	20	abnormal	abnormal	ADJ
ajfa-1518	80	21	return	return	NOUN
ajfa-1518	80	22	in	in	ADP
ajfa-1518	80	23	event	event	NOUN
ajfa-1518	80	24	period	period	NOUN
ajfa-1518	80	25	t	t	PROPN
ajfa-1518	80	26	and	and	CCONJ
ajfa-1518	80	27	n	n	PROPN
ajfa-1518	80	28	denotes	denote	VERB
ajfa-1518	80	29	the	the	DET
ajfa-1518	80	30	number	number	NOUN
ajfa-1518	80	31	of	of	ADP
ajfa-1518	80	32	securities	security	NOUN
ajfa-1518	80	33	in	in	ADP
ajfa-1518	80	34	the	the	DET
ajfa-1518	80	35	sample	sample	NOUN
ajfa-1518	80	36	.	.	PUNCT
ajfa-1518	81	1	finally	finally	ADV
ajfa-1518	81	2	,	,	PUNCT
ajfa-1518	81	3	the	the	DET
ajfa-1518	81	4			PROPN
ajfa-1518	81	5	21,ttcaar	21,ttcaar	PROPN
ajfa-1518	81	6	is	be	AUX
ajfa-1518	81	7	computed	compute	VERB
ajfa-1518	81	8	by	by	ADP
ajfa-1518	81	9	summing	sum	VERB
ajfa-1518	81	10	the	the	DET
ajfa-1518	81	11	daily	daily	ADJ
ajfa-1518	81	12	average	average	ADJ
ajfa-1518	81	13	abnormal	abnormal	ADJ
ajfa-1518	81	14	returns	return	NOUN
ajfa-1518	81	15	t	t	NOUN
ajfa-1518	81	16	aar	aar	NOUN
ajfa-1518	81	17	over	over	ADP
ajfa-1518	81	18	days	day	NOUN
ajfa-1518	81	19	from	from	ADP
ajfa-1518	81	20	period	period	NOUN
ajfa-1518	81	21	t1	t1	NOUN
ajfa-1518	81	22	to	to	ADP
ajfa-1518	81	23	period	period	NOUN
ajfa-1518	81	24	t2	t2	PROPN
ajfa-1518	81	25	as	as	SCONJ
ajfa-1518	81	26	follows	follow	VERB
ajfa-1518	81	27	:	:	PUNCT
ajfa-1518	81	28			NOUN
ajfa-1518	81	29			PROPN
ajfa-1518	81	30			X
ajfa-1518	82	1			NUM
ajfa-1518	82	2			NOUN
ajfa-1518	82	3	2	2	NUM
ajfa-1518	82	4	1	1	NUM
ajfa-1518	82	5	2,1	2,1	NUM
ajfa-1518	82	6	t	t	NOUN
ajfa-1518	82	7	tt	tt	X
ajfa-1518	82	8	ttt	ttt	PROPN
ajfa-1518	82	9	aarcaar	aarcaar	NOUN
ajfa-1518	82	10	(	(	PUNCT
ajfa-1518	82	11	4	4	X
ajfa-1518	82	12	)	)	SYM
ajfa-1518	82	13	4.2	4.2	NUM
ajfa-1518	82	14	buy	buy	VERB
ajfa-1518	82	15	-	-	PUNCT
ajfa-1518	82	16	and	and	CCONJ
ajfa-1518	82	17	-	-	PUNCT
ajfa-1518	82	18	hold	hold	VERB
ajfa-1518	82	19	abnormal	abnormal	ADJ
ajfa-1518	82	20	returns	return	NOUN
ajfa-1518	82	21	(	(	PUNCT
ajfa-1518	82	22	bhars	bhar	NOUN
ajfa-1518	82	23	)	)	PUNCT
ajfa-1518	82	24	model	model	NOUN
ajfa-1518	82	25	the	the	DET
ajfa-1518	82	26	main	main	ADJ
ajfa-1518	82	27	justification	justification	NOUN
ajfa-1518	82	28	for	for	ADP
ajfa-1518	82	29	including	include	VERB
ajfa-1518	82	30	bhars	bhar	NOUN
ajfa-1518	82	31	for	for	ADP
ajfa-1518	82	32	long	long	ADV
ajfa-1518	82	33	-	-	PUNCT
ajfa-1518	82	34	run	run	VERB
ajfa-1518	82	35	abnormal	abnormal	ADJ
ajfa-1518	82	36	returns	return	NOUN
ajfa-1518	82	37	is	be	AUX
ajfa-1518	82	38	that	that	SCONJ
ajfa-1518	82	39	this	this	DET
ajfa-1518	82	40	approach	approach	NOUN
ajfa-1518	82	41	is	be	AUX
ajfa-1518	82	42	able	able	ADJ
ajfa-1518	82	43	to	to	PART
ajfa-1518	82	44	accurately	accurately	ADV
ajfa-1518	82	45	simulate	simulate	VERB
ajfa-1518	82	46	the	the	DET
ajfa-1518	82	47	effect	effect	NOUN
ajfa-1518	82	48	of	of	ADP
ajfa-1518	82	49	a	a	DET
ajfa-1518	82	50	spin	spin	NOUN
ajfa-1518	82	51	-	-	PUNCT
ajfa-1518	82	52	off	off	ADP
ajfa-1518	82	53	event	event	NOUN
ajfa-1518	82	54	on	on	ADP
ajfa-1518	82	55	the	the	DET
ajfa-1518	82	56	investor	investor	NOUN
ajfa-1518	82	57	’s	’s	PART
ajfa-1518	82	58	portfolio	portfolio	NOUN
ajfa-1518	82	59	,	,	PUNCT
ajfa-1518	82	60	because	because	SCONJ
ajfa-1518	82	61	its	its	PRON
ajfa-1518	82	62	compounding	compounding	NOUN
ajfa-1518	82	63	approach	approach	NOUN
ajfa-1518	82	64	is	be	AUX
ajfa-1518	82	65	more	more	ADV
ajfa-1518	82	66	accurate	accurate	ADJ
ajfa-1518	82	67	than	than	ADP
ajfa-1518	82	68	that	that	PRON
ajfa-1518	82	69	of	of	ADP
ajfa-1518	82	70	cars	car	NOUN
ajfa-1518	82	71	.	.	PUNCT
ajfa-1518	83	1	the	the	DET
ajfa-1518	83	2	three	three	NUM
ajfa-1518	83	3	-	-	PUNCT
ajfa-1518	83	4	year	year	NOUN
ajfa-1518	83	5	holding	holding	NOUN
ajfa-1518	83	6	period	period	NOUN
ajfa-1518	83	7	return	return	NOUN
ajfa-1518	83	8	is	be	AUX
ajfa-1518	83	9	examined	examine	VERB
ajfa-1518	83	10	by	by	ADP
ajfa-1518	83	11	computing	compute	VERB
ajfa-1518	83	12	the	the	DET
ajfa-1518	83	13	compounded	compound	VERB
ajfa-1518	83	14	monthly	monthly	ADJ
ajfa-1518	83	15	buy	buy	NOUN
ajfa-1518	83	16	-	-	PUNCT
ajfa-1518	83	17	and	and	CCONJ
ajfa-1518	83	18	hold	hold	VERB
ajfa-1518	83	19	return	return	NOUN
ajfa-1518	83	20	,	,	PUNCT
ajfa-1518	83	21	jtbhr	jtbhr	NOUN
ajfa-1518	83	22	for	for	ADP
ajfa-1518	83	23	both	both	CCONJ
ajfa-1518	83	24	parent	parent	NOUN
ajfa-1518	83	25	and	and	CCONJ
ajfa-1518	83	26	spun	spin	VERB
ajfa-1518	83	27	-	-	PUNCT
ajfa-1518	83	28	off	off	ADP
ajfa-1518	83	29	firms	firm	NOUN
ajfa-1518	83	30	in	in	ADP
ajfa-1518	83	31	time	time	NOUN
ajfa-1518	83	32	t	t	PROPN
ajfa-1518	83	33	as	as	SCONJ
ajfa-1518	83	34	follows	follow	VERB
ajfa-1518	83	35	:	:	PUNCT
ajfa-1518	83	36			NOUN
ajfa-1518	83	37			PUNCT
ajfa-1518	84	1	11	11	NUM
ajfa-1518	84	2	1	1	NUM
ajfa-1518	84	3			VERB
ajfa-1518	84	4			PROPN
ajfa-1518	84	5			PRON
ajfa-1518	84	6			NOUN
ajfa-1518	84	7			VERB
ajfa-1518	84	8			PROPN
ajfa-1518	84	9			ADJ
ajfa-1518	84	10			PROPN
ajfa-1518	84	11			NUM
ajfa-1518	84	12	t	t	PROPN
ajfa-1518	84	13	t	t	PROPN
ajfa-1518	84	14	jtjt	jtjt	PROPN
ajfa-1518	84	15	rbhr	rbhr	NOUN
ajfa-1518	84	16	(	(	PUNCT
ajfa-1518	84	17	5	5	NUM
ajfa-1518	84	18	)	)	PUNCT
ajfa-1518	84	19	where	where	SCONJ
ajfa-1518	84	20	,	,	PUNCT
ajfa-1518	84	21	jtr	jtr	PROPN
ajfa-1518	84	22	is	be	AUX
ajfa-1518	84	23	the	the	DET
ajfa-1518	84	24	monthly	monthly	ADJ
ajfa-1518	84	25	actual	actual	ADJ
ajfa-1518	84	26	return	return	NOUN
ajfa-1518	84	27	on	on	ADP
ajfa-1518	84	28	security	security	NOUN
ajfa-1518	84	29	j	j	PROPN
ajfa-1518	84	30	in	in	ADP
ajfa-1518	84	31	event	event	NOUN
ajfa-1518	84	32	period	period	NOUN
ajfa-1518	84	33	t.	t.	PROPN
ajfa-1518	84	34	t	t	PROPN
ajfa-1518	84	35	is	be	AUX
ajfa-1518	84	36	designated	designate	VERB
ajfa-1518	84	37	as	as	ADP
ajfa-1518	84	38	the	the	DET
ajfa-1518	84	39	number	number	NOUN
ajfa-1518	84	40	of	of	ADP
ajfa-1518	84	41	months	month	NOUN
ajfa-1518	84	42	in	in	ADP
ajfa-1518	84	43	event	event	NOUN
ajfa-1518	84	44	period	period	NOUN
ajfa-1518	84	45	t.	t.	PROPN
ajfa-1518	84	46	the	the	DET
ajfa-1518	84	47	buy	buy	VERB
ajfa-1518	84	48	-	-	PUNCT
ajfa-1518	84	49	and	and	CCONJ
ajfa-1518	84	50	-	-	PUNCT
ajfa-1518	84	51	hold	hold	VERB
ajfa-1518	84	52	returns	return	NOUN
ajfa-1518	84	53	,	,	PUNCT
ajfa-1518	84	54	mtbhr	mtbhr	NOUN
ajfa-1518	84	55	,	,	PUNCT
ajfa-1518	84	56	for	for	ADP
ajfa-1518	84	57	the	the	DET
ajfa-1518	84	58	market	market	NOUN
ajfa-1518	84	59	benchmarks	benchmark	NOUN
ajfa-1518	84	60	,	,	PUNCT
ajfa-1518	84	61	proxied	proxie	VERB
ajfa-1518	84	62	by	by	ADP
ajfa-1518	84	63	the	the	DET
ajfa-1518	84	64	mas	mas	PROPN
ajfa-1518	84	65	-	-	PUNCT
ajfa-1518	84	66	ewi	ewi	PROPN
ajfa-1518	84	67	and	and	CCONJ
ajfa-1518	84	68	mas	mas	PROPN
ajfa-1518	84	69	-	-	PUNCT
ajfa-1518	84	70	vwi	vwi	NOUN
ajfa-1518	84	71	are	be	AUX
ajfa-1518	84	72	:	:	PUNCT
ajfa-1518	84	73			NOUN
ajfa-1518	85	1			PUNCT
ajfa-1518	85	2	11	11	NUM
ajfa-1518	85	3	1	1	NUM
ajfa-1518	85	4			VERB
ajfa-1518	85	5			PROPN
ajfa-1518	85	6			PRON
ajfa-1518	85	7			NOUN
ajfa-1518	85	8			VERB
ajfa-1518	85	9			PROPN
ajfa-1518	85	10			ADJ
ajfa-1518	85	11			PROPN
ajfa-1518	86	1			NUM
ajfa-1518	87	1	t	t	PROPN
ajfa-1518	87	2	t	t	PROPN
ajfa-1518	87	3	mt	mt	PROPN
ajfa-1518	87	4	mt	mt	PROPN
ajfa-1518	87	5	rbhr	rbhr	PROPN
ajfa-1518	87	6	(	(	PUNCT
ajfa-1518	87	7	6	6	NUM
ajfa-1518	87	8	)	)	PUNCT
ajfa-1518	87	9	mtr	mtr	NOUN
ajfa-1518	87	10	is	be	AUX
ajfa-1518	87	11	the	the	DET
ajfa-1518	87	12	corresponding	corresponding	ADJ
ajfa-1518	87	13	monthly	monthly	ADJ
ajfa-1518	87	14	index	index	NOUN
ajfa-1518	87	15	level	level	NOUN
ajfa-1518	87	16	of	of	ADP
ajfa-1518	87	17	mas	mas	PROPN
ajfa-1518	87	18	-	-	PUNCT
ajfa-1518	87	19	ewi	ewi	PROPN
ajfa-1518	87	20	and	and	CCONJ
ajfa-1518	87	21	mas	ma	NOUN
ajfa-1518	87	22	-	-	NOUN
ajfa-1518	87	23	vwi	vwi	NOUN
ajfa-1518	87	24	in	in	ADP
ajfa-1518	87	25	event	event	NOUN
ajfa-1518	87	26	period	period	NOUN
ajfa-1518	87	27	t.	t.	PROPN
ajfa-1518	87	28	the	the	DET
ajfa-1518	87	29	buy	buy	VERB
ajfa-1518	87	30	-	-	PUNCT
ajfa-1518	87	31	and	and	CCONJ
ajfa-1518	87	32	-	-	PUNCT
ajfa-1518	87	33	hold	hold	VERB
ajfa-1518	87	34	abnormal	abnormal	ADJ
ajfa-1518	87	35	returns	return	NOUN
ajfa-1518	87	36	for	for	ADP
ajfa-1518	87	37	each	each	DET
ajfa-1518	87	38	security	security	NOUN
ajfa-1518	87	39	or	or	CCONJ
ajfa-1518	87	40	firm	firm	NOUN
ajfa-1518	87	41	in	in	ADP
ajfa-1518	87	42	event	event	NOUN
ajfa-1518	87	43	period	period	NOUN
ajfa-1518	87	44	t	t	PROPN
ajfa-1518	87	45	are	be	AUX
ajfa-1518	87	46	computed	compute	VERB
ajfa-1518	87	47	as	as	ADP
ajfa-1518	87	48	:	:	PUNCT
ajfa-1518	87	49	asian	asian	ADJ
ajfa-1518	87	50	journal	journal	NOUN
ajfa-1518	87	51	of	of	ADP
ajfa-1518	87	52	finance	finance	PROPN
ajfa-1518	87	53	&	&	CCONJ
ajfa-1518	87	54	accounting	accounting	PROPN
ajfa-1518	87	55	issn	issn	PROPN
ajfa-1518	87	56	1946	1946	NUM
ajfa-1518	87	57	-	-	PUNCT
ajfa-1518	87	58	052x	052x	NOUN
ajfa-1518	87	59	2012	2012	NUM
ajfa-1518	87	60	,	,	PUNCT
ajfa-1518	87	61	vol	vol	NOUN
ajfa-1518	87	62	.	.	PROPN
ajfa-1518	88	1	4	4	NUM
ajfa-1518	88	2	,	,	PUNCT
ajfa-1518	88	3	no	no	INTJ
ajfa-1518	88	4	.	.	NOUN
ajfa-1518	88	5	1	1	NUM
ajfa-1518	88	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	88	7	157	157	NUM
ajfa-1518	88	8			NOUN
ajfa-1518	88	9			SYM
ajfa-1518	88	10			NOUN
ajfa-1518	88	11			PUNCT
ajfa-1518	88	12			PROPN
ajfa-1518	88	13			PROPN
ajfa-1518	88	14			PRON
ajfa-1518	88	15			NOUN
ajfa-1518	88	16			VERB
ajfa-1518	89	1			PROPN
ajfa-1518	89	2			PROPN
ajfa-1518	89	3			PROPN
ajfa-1518	89	4			PRON
ajfa-1518	89	5			NOUN
ajfa-1518	89	6			VERB
ajfa-1518	89	7			PROPN
ajfa-1518	89	8			NOUN
ajfa-1518	89	9			PROPN
ajfa-1518	89	10			NUM
ajfa-1518	89	11	t	t	PROPN
ajfa-1518	89	12	t	t	PROPN
ajfa-1518	89	13	mt	mt	PROPN
ajfa-1518	89	14	t	t	PROPN
ajfa-1518	89	15	t	t	PROPN
ajfa-1518	89	16	jtjt	jtjt	PROPN
ajfa-1518	89	17	rrbhar	rrbhar	VERB
ajfa-1518	89	18	11	11	NUM
ajfa-1518	89	19	1111	1111	NUM
ajfa-1518	89	20	(	(	PUNCT
ajfa-1518	89	21	7	7	NUM
ajfa-1518	89	22	)	)	PUNCT
ajfa-1518	89	23	where	where	SCONJ
ajfa-1518	89	24	,	,	PUNCT
ajfa-1518	89	25	jtbhar	jtbhar	PROPN
ajfa-1518	89	26	is	be	AUX
ajfa-1518	89	27	the	the	DET
ajfa-1518	89	28	buy	buy	VERB
ajfa-1518	89	29	-	-	PUNCT
ajfa-1518	89	30	and	and	CCONJ
ajfa-1518	89	31	-	-	PUNCT
ajfa-1518	89	32	hold	hold	VERB
ajfa-1518	89	33	abnormal	abnormal	ADJ
ajfa-1518	89	34	return	return	NOUN
ajfa-1518	89	35	of	of	ADP
ajfa-1518	89	36	security	security	NOUN
ajfa-1518	89	37	j	j	PROPN
ajfa-1518	89	38	in	in	ADP
ajfa-1518	89	39	event	event	NOUN
ajfa-1518	89	40	period	period	NOUN
ajfa-1518	89	41	t.	t.	PROPN
ajfa-1518	89	42	4.3	4.3	NUM
ajfa-1518	89	43	statistical	statistical	ADJ
ajfa-1518	89	44	tests	test	NOUN
ajfa-1518	89	45	the	the	DET
ajfa-1518	89	46	statistical	statistical	ADJ
ajfa-1518	89	47	significance	significance	NOUN
ajfa-1518	89	48	of	of	ADP
ajfa-1518	89	49	the	the	DET
ajfa-1518	89	50	cumulative	cumulative	ADJ
ajfa-1518	89	51	average	average	ADJ
ajfa-1518	89	52	abnormal	abnormal	ADJ
ajfa-1518	89	53	returns	return	NOUN
ajfa-1518	89	54	is	be	AUX
ajfa-1518	89	55	calculated	calculate	VERB
ajfa-1518	89	56	following	follow	VERB
ajfa-1518	89	57	brown	brown	PROPN
ajfa-1518	89	58	and	and	CCONJ
ajfa-1518	89	59	warner	warner	PROPN
ajfa-1518	89	60	(	(	PUNCT
ajfa-1518	89	61	1980	1980	NUM
ajfa-1518	89	62	,	,	PUNCT
ajfa-1518	89	63	1985	1985	NUM
ajfa-1518	89	64	)	)	PUNCT
ajfa-1518	89	65	and	and	CCONJ
ajfa-1518	89	66	the	the	DET
ajfa-1518	89	67	parametric	parametric	ADJ
ajfa-1518	89	68	test	test	NOUN
ajfa-1518	89	69	-	-	PUNCT
ajfa-1518	89	70	statistics	statistic	NOUN
ajfa-1518	89	71	for	for	ADP
ajfa-1518	89	72	the	the	DET
ajfa-1518	89	73	daily	daily	ADJ
ajfa-1518	89	74	cumulative	cumulative	ADJ
ajfa-1518	89	75	average	average	ADJ
ajfa-1518	89	76	abnormal	abnormal	ADJ
ajfa-1518	89	77	returns	return	NOUN
ajfa-1518	89	78	,	,	PUNCT
ajfa-1518	89	79			PROPN
ajfa-1518	89	80	21	21	PROPN
ajfa-1518	89	81	,	,	PUNCT
ajfa-1518	89	82	ttcaar	ttcaar	NOUN
ajfa-1518	89	83	from	from	ADP
ajfa-1518	89	84	period	period	NOUN
ajfa-1518	89	85	t1	t1	NOUN
ajfa-1518	89	86	to	to	ADP
ajfa-1518	89	87	period	period	NOUN
ajfa-1518	89	88	t2	t2	PROPN
ajfa-1518	89	89	as	as	SCONJ
ajfa-1518	89	90	follows	follow	VERB
ajfa-1518	89	91	:	:	PUNCT
ajfa-1518	89	92			NOUN
ajfa-1518	89	93			PROPN
ajfa-1518	89	94	2	2	NUM
ajfa-1518	89	95	1	1	NUM
ajfa-1518	89	96	)	)	PUNCT
ajfa-1518	89	97	(	(	PUNCT
ajfa-1518	89	98	/	/	SYM
ajfa-1518	89	99	2,1	2,1	NUM
ajfa-1518	89	100	taarcaart	taarcaart	NOUN
ajfa-1518	89	101	ttt	ttt	PROPN
ajfa-1518	89	102			PROPN
ajfa-1518	89	103			X
ajfa-1518	89	104	(	(	PUNCT
ajfa-1518	89	105	8)	8)	NUM
ajfa-1518	89	106	where	where	SCONJ
ajfa-1518	89	107	,	,	PUNCT
ajfa-1518	89	108			PROPN
ajfa-1518	89	109	21	21	PUNCT
ajfa-1518	89	110	,	,	PUNCT
ajfa-1518	89	111	ttcaar	ttcaar	NOUN
ajfa-1518	89	112	is	be	AUX
ajfa-1518	89	113	the	the	DET
ajfa-1518	89	114	daily	daily	ADJ
ajfa-1518	89	115	cumulative	cumulative	ADJ
ajfa-1518	89	116	average	average	ADJ
ajfa-1518	89	117	abnormal	abnormal	ADJ
ajfa-1518	89	118	return	return	NOUN
ajfa-1518	89	119	from	from	ADP
ajfa-1518	89	120	period	period	NOUN
ajfa-1518	89	121	t1	t1	NOUN
ajfa-1518	89	122	to	to	ADP
ajfa-1518	89	123	period	period	NOUN
ajfa-1518	89	124	t2	t2	NOUN
ajfa-1518	89	125	,	,	PUNCT
ajfa-1518	89	126	)	)	PUNCT
ajfa-1518	89	127	(	(	PUNCT
ajfa-1518	89	128	t	t	PROPN
ajfa-1518	89	129	aar	aar	VERB
ajfa-1518	89	130	is	be	AUX
ajfa-1518	89	131	the	the	DET
ajfa-1518	89	132	standard	standard	ADJ
ajfa-1518	89	133	deviation	deviation	NOUN
ajfa-1518	89	134	of	of	ADP
ajfa-1518	89	135	daily	daily	ADJ
ajfa-1518	89	136	average	average	ADJ
ajfa-1518	89	137	abnormal	abnormal	ADJ
ajfa-1518	89	138	return	return	NOUN
ajfa-1518	89	139	and	and	CCONJ
ajfa-1518	89	140	t	t	NOUN
ajfa-1518	89	141	denotes	denote	VERB
ajfa-1518	89	142	the	the	DET
ajfa-1518	89	143	total	total	ADJ
ajfa-1518	89	144	number	number	NOUN
ajfa-1518	89	145	of	of	ADP
ajfa-1518	89	146	days	day	NOUN
ajfa-1518	89	147	in	in	ADP
ajfa-1518	89	148	event	event	NOUN
ajfa-1518	89	149	period	period	NOUN
ajfa-1518	89	150	t.	t.	PROPN
ajfa-1518	89	151	the	the	DET
ajfa-1518	89	152	test	test	NOUN
ajfa-1518	89	153	-	-	PUNCT
ajfa-1518	89	154	statistic	statistic	NOUN
ajfa-1518	89	155	for	for	ADP
ajfa-1518	89	156	the	the	DET
ajfa-1518	89	157	monthly	monthly	ADJ
ajfa-1518	89	158	buy	buy	NOUN
ajfa-1518	89	159	and	and	CCONJ
ajfa-1518	89	160	hold	hold	VERB
ajfa-1518	89	161	abnormal	abnormal	ADJ
ajfa-1518	89	162	returns	return	NOUN
ajfa-1518	89	163	,	,	PUNCT
ajfa-1518	89	164			PROPN
ajfa-1518	89	165	21	21	PUNCT
ajfa-1518	89	166	,	,	PUNCT
ajfa-1518	89	167	ttbhar	ttbhar	VERB
ajfa-1518	89	168	during	during	ADP
ajfa-1518	89	169	the	the	DET
ajfa-1518	89	170	clustering	clustering	ADJ
ajfa-1518	89	171	period	period	NOUN
ajfa-1518	89	172	from	from	ADP
ajfa-1518	89	173	t1	t1	NOUN
ajfa-1518	89	174	to	to	ADP
ajfa-1518	89	175	period	period	NOUN
ajfa-1518	89	176	t2	t2	NOUN
ajfa-1518	89	177	is	be	AUX
ajfa-1518	89	178	calculated	calculate	VERB
ajfa-1518	89	179	as	as	ADP
ajfa-1518	89	180	:	:	PUNCT
ajfa-1518	89	181			NOUN
ajfa-1518	89	182			PROPN
ajfa-1518	89	183	2	2	NUM
ajfa-1518	89	184	1	1	NUM
ajfa-1518	89	185	,	,	PUNCT
ajfa-1518	89	186	/)(/21	/)(/21	PUNCT
ajfa-1518	89	187	tbharbhart	tbharbhart	PROPN
ajfa-1518	89	188	t	t	PROPN
ajfa-1518	89	189	tt	tt	PROPN
ajfa-1518	89	190			PROPN
ajfa-1518	89	191	(	(	PUNCT
ajfa-1518	89	192	9	9	NUM
ajfa-1518	89	193	)	)	PUNCT
ajfa-1518	89	194	where	where	SCONJ
ajfa-1518	89	195	,	,	PUNCT
ajfa-1518	89	196			PROPN
ajfa-1518	89	197			VERB
ajfa-1518	89	198			ADJ
ajfa-1518	89	199			PROPN
ajfa-1518	89	200			NOUN
ajfa-1518	89	201	2,1	2,1	NUM
ajfa-1518	89	202	ttbhar	ttbhar	VERB
ajfa-1518	89	203	is	be	AUX
ajfa-1518	89	204	the	the	DET
ajfa-1518	89	205	monthly	monthly	ADJ
ajfa-1518	89	206	average	average	ADJ
ajfa-1518	89	207	buy	buy	NOUN
ajfa-1518	89	208	and	and	CCONJ
ajfa-1518	89	209	hold	hold	VERB
ajfa-1518	89	210	abnormal	abnormal	ADJ
ajfa-1518	89	211	return	return	NOUN
ajfa-1518	89	212	from	from	ADP
ajfa-1518	89	213	period	period	NOUN
ajfa-1518	89	214	t1	t1	NOUN
ajfa-1518	89	215	to	to	ADP
ajfa-1518	89	216	period	period	NOUN
ajfa-1518	89	217	t2	t2	NOUN
ajfa-1518	89	218	;	;	PUNCT
ajfa-1518	89	219	and	and	CCONJ
ajfa-1518	89	220	)	)	PUNCT
ajfa-1518	89	221	(	(	PUNCT
ajfa-1518	89	222	t	t	NOUN
ajfa-1518	89	223	bhar	bhar	ADP
ajfa-1518	89	224	is	be	AUX
ajfa-1518	89	225	the	the	DET
ajfa-1518	89	226	standard	standard	ADJ
ajfa-1518	89	227	deviation	deviation	NOUN
ajfa-1518	89	228	of	of	ADP
ajfa-1518	89	229	monthly	monthly	ADJ
ajfa-1518	89	230	buy	buy	NOUN
ajfa-1518	89	231	and	and	CCONJ
ajfa-1518	89	232	hold	hold	VERB
ajfa-1518	89	233	abnormal	abnormal	ADJ
ajfa-1518	89	234	return	return	NOUN
ajfa-1518	89	235	in	in	ADP
ajfa-1518	89	236	event	event	NOUN
ajfa-1518	89	237	period	period	NOUN
ajfa-1518	89	238	t	t	PROPN
ajfa-1518	89	239	and	and	CCONJ
ajfa-1518	89	240	t	t	PROPN
ajfa-1518	89	241	is	be	AUX
ajfa-1518	89	242	the	the	DET
ajfa-1518	89	243	total	total	ADJ
ajfa-1518	89	244	number	number	NOUN
ajfa-1518	89	245	of	of	ADP
ajfa-1518	89	246	firms	firm	NOUN
ajfa-1518	89	247	in	in	ADP
ajfa-1518	89	248	the	the	DET
ajfa-1518	89	249	sample	sample	NOUN
ajfa-1518	89	250	.	.	PUNCT
ajfa-1518	90	1	the	the	DET
ajfa-1518	90	2	non	non	ADJ
ajfa-1518	90	3	-	-	ADJ
ajfa-1518	90	4	parametric	parametric	ADJ
ajfa-1518	90	5	sign	sign	NOUN
ajfa-1518	90	6	test	test	NOUN
ajfa-1518	90	7	is	be	AUX
ajfa-1518	90	8	used	use	VERB
ajfa-1518	90	9	to	to	PART
ajfa-1518	90	10	test	test	VERB
ajfa-1518	90	11	the	the	DET
ajfa-1518	90	12	significance	significance	NOUN
ajfa-1518	90	13	of	of	ADP
ajfa-1518	90	14	percentage	percentage	NOUN
ajfa-1518	90	15	of	of	ADP
ajfa-1518	90	16	parents	parent	NOUN
ajfa-1518	90	17	,	,	PUNCT
ajfa-1518	90	18	spun	spun	ADJ
ajfa-1518	90	19	-	-	PUNCT
ajfa-1518	90	20	offs	off	NOUN
ajfa-1518	90	21	and	and	CCONJ
ajfa-1518	90	22	combined	combined	ADJ
ajfa-1518	90	23	firms	firm	NOUN
ajfa-1518	90	24	with	with	ADP
ajfa-1518	90	25	positive	positive	ADJ
ajfa-1518	90	26	abnormal	abnormal	ADJ
ajfa-1518	90	27	returns	return	NOUN
ajfa-1518	90	28	in	in	ADP
ajfa-1518	90	29	both	both	CCONJ
ajfa-1518	90	30	the	the	DET
ajfa-1518	90	31	short	short	ADJ
ajfa-1518	90	32	-	-	PUNCT
ajfa-1518	90	33	run	run	NOUN
ajfa-1518	90	34	and	and	CCONJ
ajfa-1518	90	35	long	long	ADV
ajfa-1518	90	36	-	-	PUNCT
ajfa-1518	90	37	run	run	NOUN
ajfa-1518	90	38	periods	period	NOUN
ajfa-1518	90	39	.	.	PUNCT
ajfa-1518	91	1	the	the	DET
ajfa-1518	91	2	null	null	ADJ
ajfa-1518	91	3	hypothesis	hypothesis	NOUN
ajfa-1518	91	4	for	for	ADP
ajfa-1518	91	5	the	the	DET
ajfa-1518	91	6	sign	sign	NOUN
ajfa-1518	91	7	test	test	NOUN
ajfa-1518	91	8	is	be	AUX
ajfa-1518	91	9	given	give	VERB
ajfa-1518	91	10	by	by	ADP
ajfa-1518	91	11	the	the	DET
ajfa-1518	91	12	proportion	proportion	NOUN
ajfa-1518	91	13	of	of	ADP
ajfa-1518	91	14	positive	positive	ADJ
ajfa-1518	91	15	abnormal	abnormal	ADJ
ajfa-1518	91	16	returns	return	NOUN
ajfa-1518	91	17	equal	equal	ADJ
ajfa-1518	91	18	to	to	ADP
ajfa-1518	91	19	50	50	NUM
ajfa-1518	91	20	%	%	NOUN
ajfa-1518	91	21	.	.	PUNCT
ajfa-1518	92	1	note	note	VERB
ajfa-1518	92	2	that	that	SCONJ
ajfa-1518	92	3	this	this	DET
ajfa-1518	92	4	approach	approach	NOUN
ajfa-1518	92	5	acts	act	VERB
ajfa-1518	92	6	as	as	ADP
ajfa-1518	92	7	a	a	DET
ajfa-1518	92	8	robust	robust	ADJ
ajfa-1518	92	9	test	test	NOUN
ajfa-1518	92	10	for	for	ADP
ajfa-1518	92	11	those	those	DET
ajfa-1518	92	12	reported	report	VERB
ajfa-1518	92	13	results	result	NOUN
ajfa-1518	92	14	obtained	obtain	VERB
ajfa-1518	92	15	from	from	ADP
ajfa-1518	92	16	the	the	DET
ajfa-1518	92	17	parametric	parametric	ADJ
ajfa-1518	92	18	test	test	NOUN
ajfa-1518	92	19	-	-	PUNCT
ajfa-1518	92	20	statistics	statistic	NOUN
ajfa-1518	92	21	.	.	PUNCT
ajfa-1518	93	1	5	5	X
ajfa-1518	93	2	.	.	X
ajfa-1518	93	3	results	result	VERB
ajfa-1518	93	4	5.1	5.1	NUM
ajfa-1518	93	5	short	short	ADJ
ajfa-1518	93	6	-	-	PUNCT
ajfa-1518	93	7	run	run	NOUN
ajfa-1518	93	8	performance	performance	NOUN
ajfa-1518	93	9	of	of	ADP
ajfa-1518	93	10	parent	parent	NOUN
ajfa-1518	93	11	firms	firm	NOUN
ajfa-1518	93	12	following	follow	VERB
ajfa-1518	93	13	the	the	DET
ajfa-1518	93	14	spin	spin	VERB
ajfa-1518	93	15	-	-	PUNCT
ajfa-1518	93	16	off	off	ADP
ajfa-1518	93	17	announcement	announcement	NOUN
ajfa-1518	93	18	table	table	NOUN
ajfa-1518	93	19	1	1	NUM
ajfa-1518	93	20	reports	report	VERB
ajfa-1518	93	21	evidence	evidence	NOUN
ajfa-1518	93	22	of	of	ADP
ajfa-1518	93	23	the	the	DET
ajfa-1518	93	24	announcement	announcement	NOUN
ajfa-1518	93	25	-	-	PUNCT
ajfa-1518	93	26	period	period	NOUN
ajfa-1518	93	27	abnormal	abnormal	ADJ
ajfa-1518	93	28	returns	return	NOUN
ajfa-1518	93	29	(	(	PUNCT
ajfa-1518	93	30	adjusted	adjust	VERB
ajfa-1518	93	31	to	to	ADP
ajfa-1518	93	32	the	the	DET
ajfa-1518	93	33	market	market	NOUN
ajfa-1518	93	34	)	)	PUNCT
ajfa-1518	93	35	on	on	ADP
ajfa-1518	93	36	parent	parent	NOUN
ajfa-1518	93	37	firms	firm	NOUN
ajfa-1518	93	38	against	against	ADP
ajfa-1518	93	39	the	the	DET
ajfa-1518	93	40	mas	mas	PROPN
ajfa-1518	93	41	-	-	PUNCT
ajfa-1518	93	42	ewi	ewi	PROPN
ajfa-1518	93	43	and	and	CCONJ
ajfa-1518	93	44	mas	mas	PROPN
ajfa-1518	93	45	-	-	PUNCT
ajfa-1518	93	46	vwi	vwi	NOUN
ajfa-1518	93	47	benchmark	benchmark	NOUN
ajfa-1518	93	48	.	.	PUNCT
ajfa-1518	94	1	asian	asian	ADJ
ajfa-1518	94	2	journal	journal	PROPN
ajfa-1518	94	3	of	of	ADP
ajfa-1518	94	4	finance	finance	PROPN
ajfa-1518	94	5	&	&	CCONJ
ajfa-1518	94	6	accounting	accounting	PROPN
ajfa-1518	94	7	issn	issn	PROPN
ajfa-1518	94	8	1946	1946	NUM
ajfa-1518	94	9	-	-	PUNCT
ajfa-1518	94	10	052x	052x	NOUN
ajfa-1518	94	11	2012	2012	NUM
ajfa-1518	94	12	,	,	PUNCT
ajfa-1518	94	13	vol	vol	NOUN
ajfa-1518	94	14	.	.	PROPN
ajfa-1518	94	15	4	4	NUM
ajfa-1518	94	16	,	,	PUNCT
ajfa-1518	94	17	no	no	INTJ
ajfa-1518	94	18	.	.	NOUN
ajfa-1518	94	19	1	1	NUM
ajfa-1518	94	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	94	21	158	158	NUM
ajfa-1518	94	22	insert	insert	ADJ
ajfa-1518	94	23	table	table	NOUN
ajfa-1518	94	24	1	1	NUM
ajfa-1518	94	25	about	about	ADP
ajfa-1518	94	26	here	here	ADV
ajfa-1518	94	27	notably	notably	ADV
ajfa-1518	94	28	,	,	PUNCT
ajfa-1518	94	29	all	all	DET
ajfa-1518	94	30	the	the	DET
ajfa-1518	94	31	abnormal	abnormal	ADJ
ajfa-1518	94	32	return	return	NOUN
ajfa-1518	94	33	metrics	metric	NOUN
ajfa-1518	94	34	(	(	PUNCT
ajfa-1518	94	35	cars	car	NOUN
ajfa-1518	94	36	model	model	NOUN
ajfa-1518	94	37	and	and	CCONJ
ajfa-1518	94	38	mm	mm	NOUN
ajfa-1518	94	39	)	)	PUNCT
ajfa-1518	94	40	,	,	PUNCT
ajfa-1518	94	41	demonstrate	demonstrate	VERB
ajfa-1518	94	42	positively	positively	ADV
ajfa-1518	94	43	significant	significant	ADJ
ajfa-1518	94	44	abnormal	abnormal	ADJ
ajfa-1518	94	45	returns	return	NOUN
ajfa-1518	94	46	in	in	ADP
ajfa-1518	94	47	the	the	DET
ajfa-1518	94	48	three	three	NUM
ajfa-1518	94	49	-	-	PUNCT
ajfa-1518	94	50	day	day	NOUN
ajfa-1518	94	51	event	event	NOUN
ajfa-1518	94	52	window	window	NOUN
ajfa-1518	94	53	,	,	PUNCT
ajfa-1518	94	54	from	from	ADP
ajfa-1518	94	55	day	day	NOUN
ajfa-1518	94	56	-1	-1	ADP
ajfa-1518	94	57	through	through	ADP
ajfa-1518	94	58	day	day	NOUN
ajfa-1518	94	59	+1	+1	PROPN
ajfa-1518	94	60	.	.	PUNCT
ajfa-1518	95	1	using	use	VERB
ajfa-1518	95	2	the	the	DET
ajfa-1518	95	3	mas	mas	PROPN
ajfa-1518	95	4	-	-	PUNCT
ajfa-1518	95	5	ewi	ewi	NOUN
ajfa-1518	95	6	as	as	ADP
ajfa-1518	95	7	a	a	DET
ajfa-1518	95	8	benchmark	benchmark	NOUN
ajfa-1518	95	9	,	,	PUNCT
ajfa-1518	95	10	spin	spin	NOUN
ajfa-1518	95	11	-	-	PUNCT
ajfa-1518	95	12	offs	off	NOUN
ajfa-1518	95	13	generate	generate	VERB
ajfa-1518	95	14	positively	positively	ADV
ajfa-1518	95	15	significant	significant	ADJ
ajfa-1518	95	16	caars	caar	NOUN
ajfa-1518	95	17	of	of	ADP
ajfa-1518	95	18	+4.99	+4.99	NOUN
ajfa-1518	95	19	%	%	NOUN
ajfa-1518	95	20	and	and	CCONJ
ajfa-1518	96	1	+5.06	+5.06	NOUN
ajfa-1518	96	2	%	%	NOUN
ajfa-1518	96	3	for	for	ADP
ajfa-1518	96	4	the	the	DET
ajfa-1518	96	5	cars	car	NOUN
ajfa-1518	96	6	model	model	NOUN
ajfa-1518	96	7	and	and	CCONJ
ajfa-1518	96	8	mm	mm	PROPN
ajfa-1518	96	9	,	,	PUNCT
ajfa-1518	96	10	respectively	respectively	ADV
ajfa-1518	96	11	.	.	PUNCT
ajfa-1518	97	1	when	when	SCONJ
ajfa-1518	97	2	the	the	DET
ajfa-1518	97	3	abnormal	abnormal	ADJ
ajfa-1518	97	4	returns	return	NOUN
ajfa-1518	97	5	metrics	metric	NOUN
ajfa-1518	97	6	are	be	AUX
ajfa-1518	97	7	measured	measure	VERB
ajfa-1518	97	8	against	against	ADP
ajfa-1518	97	9	the	the	DET
ajfa-1518	97	10	mas	mas	PROPN
ajfa-1518	97	11	-	-	PUNCT
ajfa-1518	97	12	vwi	vwi	PROPN
ajfa-1518	97	13	,	,	PUNCT
ajfa-1518	97	14	the	the	DET
ajfa-1518	97	15	results	result	NOUN
ajfa-1518	97	16	show	show	VERB
ajfa-1518	97	17	that	that	SCONJ
ajfa-1518	97	18	the	the	DET
ajfa-1518	97	19	caars	caar	NOUN
ajfa-1518	97	20	for	for	ADP
ajfa-1518	97	21	both	both	DET
ajfa-1518	97	22	cars	car	NOUN
ajfa-1518	97	23	model	model	NOUN
ajfa-1518	97	24	and	and	CCONJ
ajfa-1518	97	25	mm	mm	PROPN
ajfa-1518	97	26	are	be	AUX
ajfa-1518	97	27	+5.40	+5.40	NOUN
ajfa-1518	97	28	%	%	NOUN
ajfa-1518	97	29	and	and	CCONJ
ajfa-1518	97	30	+5.04	+5.04	PROPN
ajfa-1518	97	31	%	%	NOUN
ajfa-1518	97	32	,	,	PUNCT
ajfa-1518	97	33	respectively	respectively	ADV
ajfa-1518	97	34	.	.	PUNCT
ajfa-1518	98	1	both	both	DET
ajfa-1518	98	2	abnormal	abnormal	ADJ
ajfa-1518	98	3	returns	return	NOUN
ajfa-1518	98	4	are	be	AUX
ajfa-1518	98	5	positively	positively	ADV
ajfa-1518	98	6	significant	significant	ADJ
ajfa-1518	98	7	at	at	ADP
ajfa-1518	98	8	5	5	NUM
ajfa-1518	98	9	%	%	NOUN
ajfa-1518	98	10	level	level	NOUN
ajfa-1518	98	11	.	.	PUNCT
ajfa-1518	99	1	these	these	DET
ajfa-1518	99	2	results	result	NOUN
ajfa-1518	99	3	are	be	AUX
ajfa-1518	99	4	aligned	align	VERB
ajfa-1518	99	5	with	with	ADP
ajfa-1518	99	6	the	the	DET
ajfa-1518	99	7	findings	finding	NOUN
ajfa-1518	99	8	reported	report	VERB
ajfa-1518	99	9	by	by	ADP
ajfa-1518	99	10	the	the	DET
ajfa-1518	99	11	non	non	ADJ
ajfa-1518	99	12	-	-	ADJ
ajfa-1518	99	13	parametric	parametric	ADJ
ajfa-1518	99	14	sign	sign	NOUN
ajfa-1518	99	15	test	test	NOUN
ajfa-1518	99	16	.	.	PUNCT
ajfa-1518	100	1	this	this	DET
ajfa-1518	100	2	approach	approach	NOUN
ajfa-1518	100	3	is	be	AUX
ajfa-1518	100	4	used	use	VERB
ajfa-1518	100	5	as	as	ADP
ajfa-1518	100	6	a	a	DET
ajfa-1518	100	7	robust	robust	ADJ
ajfa-1518	100	8	test	test	NOUN
ajfa-1518	100	9	to	to	PART
ajfa-1518	100	10	analyse	analyse	VERB
ajfa-1518	100	11	the	the	DET
ajfa-1518	100	12	significance	significance	NOUN
ajfa-1518	100	13	of	of	ADP
ajfa-1518	100	14	the	the	DET
ajfa-1518	100	15	percentage	percentage	NOUN
ajfa-1518	100	16	of	of	ADP
ajfa-1518	100	17	parents	parent	NOUN
ajfa-1518	100	18	with	with	ADP
ajfa-1518	100	19	positive	positive	ADJ
ajfa-1518	100	20	abnormal	abnormal	ADJ
ajfa-1518	100	21	returns	return	NOUN
ajfa-1518	100	22	3	3	NUM
ajfa-1518	100	23	.	.	PUNCT
ajfa-1518	101	1	it	it	PRON
ajfa-1518	101	2	can	can	AUX
ajfa-1518	101	3	be	be	AUX
ajfa-1518	101	4	observed	observe	VERB
ajfa-1518	101	5	that	that	SCONJ
ajfa-1518	101	6	the	the	DET
ajfa-1518	101	7	percentages	percentage	NOUN
ajfa-1518	101	8	of	of	ADP
ajfa-1518	101	9	parent	parent	NOUN
ajfa-1518	101	10	firms	firm	NOUN
ajfa-1518	101	11	with	with	ADP
ajfa-1518	101	12	positive	positive	ADJ
ajfa-1518	101	13	abnormal	abnormal	ADJ
ajfa-1518	101	14	returns	return	NOUN
ajfa-1518	101	15	over	over	ADP
ajfa-1518	101	16	this	this	DET
ajfa-1518	101	17	period	period	NOUN
ajfa-1518	101	18	in	in	ADP
ajfa-1518	101	19	both	both	DET
ajfa-1518	101	20	benchmarks	benchmark	NOUN
ajfa-1518	101	21	are	be	AUX
ajfa-1518	101	22	very	very	ADV
ajfa-1518	101	23	strong	strong	ADJ
ajfa-1518	101	24	,	,	PUNCT
ajfa-1518	101	25	significant	significant	ADJ
ajfa-1518	101	26	at	at	ADP
ajfa-1518	101	27	1	1	NUM
ajfa-1518	101	28	%	%	NOUN
ajfa-1518	101	29	level	level	NOUN
ajfa-1518	101	30	.	.	PUNCT
ajfa-1518	102	1	the	the	DET
ajfa-1518	102	2	presence	presence	NOUN
ajfa-1518	102	3	of	of	ADP
ajfa-1518	102	4	strongly	strongly	ADV
ajfa-1518	102	5	significant	significant	ADJ
ajfa-1518	102	6	positive	positive	ADJ
ajfa-1518	102	7	abnormal	abnormal	ADJ
ajfa-1518	102	8	returns	return	NOUN
ajfa-1518	102	9	for	for	ADP
ajfa-1518	102	10	parent	parent	NOUN
ajfa-1518	102	11	firms	firm	NOUN
ajfa-1518	102	12	in	in	ADP
ajfa-1518	102	13	the	the	DET
ajfa-1518	102	14	three	three	NUM
ajfa-1518	102	15	-	-	PUNCT
ajfa-1518	102	16	day	day	NOUN
ajfa-1518	102	17	event	event	NOUN
ajfa-1518	102	18	window	window	NOUN
ajfa-1518	102	19	(	(	PUNCT
ajfa-1518	102	20	day	day	NOUN
ajfa-1518	102	21	-1	-1	PUNCT
ajfa-1518	102	22	through	through	ADP
ajfa-1518	102	23	day	day	NOUN
ajfa-1518	102	24	+1	+1	PROPN
ajfa-1518	102	25	)	)	PUNCT
ajfa-1518	102	26	is	be	AUX
ajfa-1518	102	27	of	of	ADP
ajfa-1518	102	28	considerable	considerable	ADJ
ajfa-1518	102	29	interest	interest	NOUN
ajfa-1518	102	30	,	,	PUNCT
ajfa-1518	102	31	indicating	indicate	VERB
ajfa-1518	102	32	that	that	SCONJ
ajfa-1518	102	33	the	the	DET
ajfa-1518	102	34	market	market	NOUN
ajfa-1518	102	35	anticipates	anticipate	VERB
ajfa-1518	102	36	considerable	considerable	ADJ
ajfa-1518	102	37	shareholder	shareholder	NOUN
ajfa-1518	102	38	wealth	wealth	NOUN
ajfa-1518	102	39	enhancement	enhancement	NOUN
ajfa-1518	102	40	.	.	PUNCT
ajfa-1518	103	1	although	although	SCONJ
ajfa-1518	103	2	the	the	DET
ajfa-1518	103	3	findings	finding	NOUN
ajfa-1518	103	4	are	be	AUX
ajfa-1518	103	5	slightly	slightly	ADV
ajfa-1518	103	6	greater	great	ADJ
ajfa-1518	103	7	than	than	ADP
ajfa-1518	103	8	those	those	PRON
ajfa-1518	103	9	documented	document	VERB
ajfa-1518	103	10	in	in	ADP
ajfa-1518	103	11	the	the	DET
ajfa-1518	103	12	us	us	PROPN
ajfa-1518	103	13	(	(	PUNCT
ajfa-1518	103	14	e.g.	e.g.	ADV
ajfa-1518	103	15	desai	desai	PROPN
ajfa-1518	103	16	and	and	CCONJ
ajfa-1518	103	17	jain	jain	PROPN
ajfa-1518	103	18	,	,	PUNCT
ajfa-1518	103	19	1999	1999	NUM
ajfa-1518	103	20	)	)	PUNCT
ajfa-1518	103	21	,	,	PUNCT
ajfa-1518	103	22	they	they	PRON
ajfa-1518	103	23	are	be	AUX
ajfa-1518	103	24	comparable	comparable	ADJ
ajfa-1518	103	25	to	to	ADP
ajfa-1518	103	26	several	several	ADJ
ajfa-1518	103	27	european	european	ADJ
ajfa-1518	103	28	studies	study	NOUN
ajfa-1518	103	29	(	(	PUNCT
ajfa-1518	103	30	e.g.	e.g.	ADV
ajfa-1518	103	31	kirchmaier	kirchmaier	X
ajfa-1518	103	32	,	,	PUNCT
ajfa-1518	103	33	2003	2003	NUM
ajfa-1518	103	34	;	;	PUNCT
ajfa-1518	103	35	veld	veld	NOUN
ajfa-1518	103	36	and	and	CCONJ
ajfa-1518	103	37	veld	veld	PROPN
ajfa-1518	103	38	-	-	PUNCT
ajfa-1518	103	39	merkoulova	merkoulova	PROPN
ajfa-1518	103	40	,	,	PUNCT
ajfa-1518	103	41	2004	2004	NUM
ajfa-1518	103	42	;	;	PUNCT
ajfa-1518	103	43	and	and	CCONJ
ajfa-1518	103	44	dasilas	dasila	NOUN
ajfa-1518	103	45	et	et	PROPN
ajfa-1518	103	46	al	al	PROPN
ajfa-1518	103	47	.	.	PROPN
ajfa-1518	103	48	2010	2010	NUM
ajfa-1518	103	49	)	)	PUNCT
ajfa-1518	103	50	.	.	PUNCT
ajfa-1518	104	1	interestingly	interestingly	ADV
ajfa-1518	104	2	,	,	PUNCT
ajfa-1518	104	3	the	the	DET
ajfa-1518	104	4	analysis	analysis	NOUN
ajfa-1518	104	5	shows	show	VERB
ajfa-1518	104	6	that	that	SCONJ
ajfa-1518	104	7	parent	parent	NOUN
ajfa-1518	104	8	firms	firm	NOUN
ajfa-1518	104	9	outperform	outperform	VERB
ajfa-1518	104	10	both	both	DET
ajfa-1518	104	11	market	market	NOUN
ajfa-1518	104	12	benchmarks	benchmark	NOUN
ajfa-1518	104	13	in	in	ADP
ajfa-1518	104	14	the	the	DET
ajfa-1518	104	15	five	five	NUM
ajfa-1518	104	16	-	-	PUNCT
ajfa-1518	104	17	day	day	NOUN
ajfa-1518	104	18	event	event	NOUN
ajfa-1518	104	19	window	window	NOUN
ajfa-1518	104	20	(	(	PUNCT
ajfa-1518	104	21	day	day	NOUN
ajfa-1518	104	22	+1	+1	PROPN
ajfa-1518	104	23	through	through	ADP
ajfa-1518	104	24	day	day	NOUN
ajfa-1518	104	25	+5	+5	PROPN
ajfa-1518	104	26	)	)	PUNCT
ajfa-1518	104	27	following	follow	VERB
ajfa-1518	104	28	the	the	DET
ajfa-1518	104	29	spin	spin	VERB
ajfa-1518	104	30	-	-	PUNCT
ajfa-1518	104	31	off	off	ADP
ajfa-1518	104	32	announcement	announcement	NOUN
ajfa-1518	104	33	date	date	NOUN
ajfa-1518	104	34	.	.	PUNCT
ajfa-1518	105	1	however	however	ADV
ajfa-1518	105	2	,	,	PUNCT
ajfa-1518	105	3	using	use	VERB
ajfa-1518	105	4	the	the	DET
ajfa-1518	105	5	mas	mas	NOUN
ajfa-1518	105	6	-	-	PUNCT
ajfa-1518	105	7	vwi	vwi	NOUN
ajfa-1518	105	8	as	as	ADP
ajfa-1518	105	9	a	a	DET
ajfa-1518	105	10	benchmark	benchmark	NOUN
ajfa-1518	105	11	,	,	PUNCT
ajfa-1518	105	12	only	only	ADV
ajfa-1518	105	13	the	the	DET
ajfa-1518	105	14	mm	mm	PROPN
ajfa-1518	105	15	is	be	AUX
ajfa-1518	105	16	found	find	VERB
ajfa-1518	105	17	to	to	PART
ajfa-1518	105	18	show	show	VERB
ajfa-1518	105	19	a	a	DET
ajfa-1518	105	20	significant	significant	ADJ
ajfa-1518	105	21	caar	caar	NOUN
ajfa-1518	105	22	,	,	PUNCT
ajfa-1518	105	23	+3.88	+3.88	PROPN
ajfa-1518	105	24	%	%	NOUN
ajfa-1518	105	25	(	(	PUNCT
ajfa-1518	105	26	at	at	ADP
ajfa-1518	105	27	the	the	DET
ajfa-1518	105	28	10	10	NUM
ajfa-1518	105	29	%	%	NOUN
ajfa-1518	105	30	level	level	NOUN
ajfa-1518	105	31	)	)	PUNCT
ajfa-1518	105	32	.	.	PUNCT
ajfa-1518	106	1	unfortunately	unfortunately	ADV
ajfa-1518	106	2	,	,	PUNCT
ajfa-1518	106	3	neither	neither	CCONJ
ajfa-1518	106	4	the	the	DET
ajfa-1518	106	5	cars	car	NOUN
ajfa-1518	106	6	model	model	NOUN
ajfa-1518	106	7	nor	nor	CCONJ
ajfa-1518	106	8	the	the	DET
ajfa-1518	106	9	mm	mm	NOUN
ajfa-1518	106	10	posits	posit	VERB
ajfa-1518	106	11	significant	significant	ADJ
ajfa-1518	106	12	results	result	NOUN
ajfa-1518	106	13	(	(	PUNCT
ajfa-1518	106	14	though	though	SCONJ
ajfa-1518	106	15	both	both	DET
ajfa-1518	106	16	methods	method	NOUN
ajfa-1518	106	17	record	record	VERB
ajfa-1518	106	18	positive	positive	ADJ
ajfa-1518	106	19	abnormal	abnormal	ADJ
ajfa-1518	106	20	returns	return	NOUN
ajfa-1518	106	21	)	)	PUNCT
ajfa-1518	106	22	when	when	SCONJ
ajfa-1518	106	23	the	the	DET
ajfa-1518	106	24	mas	mas	PROPN
ajfa-1518	106	25	-	-	PUNCT
ajfa-1518	106	26	ewi	ewi	PROPN
ajfa-1518	106	27	is	be	AUX
ajfa-1518	106	28	used	use	VERB
ajfa-1518	106	29	as	as	ADP
ajfa-1518	106	30	a	a	DET
ajfa-1518	106	31	market	market	NOUN
ajfa-1518	106	32	benchmark	benchmark	NOUN
ajfa-1518	106	33	.	.	PUNCT
ajfa-1518	107	1	so	so	ADV
ajfa-1518	107	2	,	,	PUNCT
ajfa-1518	107	3	we	we	PRON
ajfa-1518	107	4	find	find	VERB
ajfa-1518	107	5	that	that	SCONJ
ajfa-1518	107	6	it	it	PRON
ajfa-1518	107	7	is	be	AUX
ajfa-1518	107	8	difficult	difficult	ADJ
ajfa-1518	107	9	to	to	PART
ajfa-1518	107	10	conclude	conclude	VERB
ajfa-1518	107	11	on	on	ADP
ajfa-1518	107	12	this	this	DET
ajfa-1518	107	13	evidence	evidence	NOUN
ajfa-1518	107	14	alone	alone	ADV
ajfa-1518	107	15	that	that	SCONJ
ajfa-1518	107	16	there	there	PRON
ajfa-1518	107	17	is	be	VERB
ajfa-1518	107	18	a	a	DET
ajfa-1518	107	19	strongly	strongly	ADV
ajfa-1518	107	20	expressed	express	VERB
ajfa-1518	107	21	exploitable	exploitable	ADJ
ajfa-1518	107	22	market	market	NOUN
ajfa-1518	107	23	pricing	pricing	NOUN
ajfa-1518	107	24	inefficiency	inefficiency	NOUN
ajfa-1518	107	25	;	;	PUNCT
ajfa-1518	107	26	especially	especially	ADV
ajfa-1518	107	27	considering	consider	VERB
ajfa-1518	107	28	that	that	SCONJ
ajfa-1518	107	29	transaction	transaction	NOUN
ajfa-1518	107	30	costs	cost	NOUN
ajfa-1518	107	31	have	have	AUX
ajfa-1518	107	32	not	not	PART
ajfa-1518	107	33	been	be	AUX
ajfa-1518	107	34	deducted	deduct	VERB
ajfa-1518	107	35	(	(	PUNCT
ajfa-1518	107	36	see	see	VERB
ajfa-1518	107	37	later	later	ADV
ajfa-1518	107	38	)	)	PUNCT
ajfa-1518	107	39	.	.	PUNCT
ajfa-1518	108	1	5.2	5.2	NUM
ajfa-1518	108	2	long	long	ADV
ajfa-1518	108	3	-	-	PUNCT
ajfa-1518	108	4	run	run	NOUN
ajfa-1518	108	5	performance	performance	NOUN
ajfa-1518	108	6	of	of	ADP
ajfa-1518	108	7	parents	parent	NOUN
ajfa-1518	108	8	,	,	PUNCT
ajfa-1518	108	9	spun	spun	ADJ
ajfa-1518	108	10	-	-	PUNCT
ajfa-1518	108	11	offs	off	NOUN
ajfa-1518	108	12	and	and	CCONJ
ajfa-1518	108	13	combined	combined	ADJ
ajfa-1518	108	14	firms	firm	NOUN
ajfa-1518	108	15	following	follow	VERB
ajfa-1518	108	16	the	the	DET
ajfa-1518	108	17	completion	completion	NOUN
ajfa-1518	108	18	month	month	NOUN
ajfa-1518	108	19	of	of	ADP
ajfa-1518	108	20	spin	spin	NOUN
ajfa-1518	108	21	-	-	PUNCT
ajfa-1518	108	22	offs	off	NOUN
ajfa-1518	108	23	although	although	SCONJ
ajfa-1518	108	24	lyon	lyon	PROPN
ajfa-1518	108	25	et	et	PROPN
ajfa-1518	108	26	al	al	PROPN
ajfa-1518	108	27	.	.	PROPN
ajfa-1518	109	1	(	(	PUNCT
ajfa-1518	109	2	1999	1999	NUM
ajfa-1518	109	3	,	,	PUNCT
ajfa-1518	109	4	p.198	p.198	PROPN
ajfa-1518	109	5	)	)	PUNCT
ajfa-1518	109	6	remind	remind	VERB
ajfa-1518	109	7	us	we	PRON
ajfa-1518	109	8	that	that	SCONJ
ajfa-1518	109	9	‘	'	PUNCT
ajfa-1518	109	10	analysis	analysis	NOUN
ajfa-1518	109	11	of	of	ADP
ajfa-1518	109	12	long	long	ADV
ajfa-1518	109	13	-	-	PUNCT
ajfa-1518	109	14	run	run	VERB
ajfa-1518	109	15	abnormal	abnormal	ADJ
ajfa-1518	109	16	return	return	NOUN
ajfa-1518	109	17	is	be	AUX
ajfa-1518	109	18	treacherous	treacherous	ADJ
ajfa-1518	109	19	’	'	PUNCT
ajfa-1518	109	20	,	,	PUNCT
ajfa-1518	109	21	a	a	DET
ajfa-1518	109	22	number	number	NOUN
ajfa-1518	109	23	of	of	ADP
ajfa-1518	109	24	methods	method	NOUN
ajfa-1518	109	25	are	be	AUX
ajfa-1518	109	26	proposed4	proposed4	X
ajfa-1518	109	27	.	.	PUNCT
ajfa-1518	110	1	extensive	extensive	ADJ
ajfa-1518	110	2	literature	literature	NOUN
ajfa-1518	110	3	favours	favour	VERB
ajfa-1518	110	4	the	the	DET
ajfa-1518	110	5	use	use	NOUN
ajfa-1518	110	6	of	of	ADP
ajfa-1518	110	7	the	the	DET
ajfa-1518	110	8	bhar	bhar	NOUN
ajfa-1518	110	9	method	method	NOUN
ajfa-1518	110	10	as	as	SCONJ
ajfa-1518	110	11	it	it	PRON
ajfa-1518	110	12	copes	cope	VERB
ajfa-1518	110	13	better	well	ADV
ajfa-1518	110	14	with	with	ADP
ajfa-1518	110	15	the	the	DET
ajfa-1518	110	16	effect	effect	NOUN
ajfa-1518	110	17	of	of	ADP
ajfa-1518	110	18	compounding	compounding	NOUN
ajfa-1518	110	19	than	than	SCONJ
ajfa-1518	110	20	does	do	VERB
ajfa-1518	110	21	car	car	NOUN
ajfa-1518	110	22	(	(	PUNCT
ajfa-1518	110	23	e.g.	e.g.	ADV
ajfa-1518	110	24	ritter	ritter	NOUN
ajfa-1518	110	25	,	,	PUNCT
ajfa-1518	110	26	1991	1991	NUM
ajfa-1518	110	27	;	;	PUNCT
ajfa-1518	110	28	and	and	CCONJ
ajfa-1518	110	29	barber	barber	PROPN
ajfa-1518	110	30	and	and	CCONJ
ajfa-1518	110	31	lyon	lyon	PROPN
ajfa-1518	110	32	,	,	PUNCT
ajfa-1518	110	33	1997	1997	NUM
ajfa-1518	110	34	)	)	PUNCT
ajfa-1518	110	35	.	.	PUNCT
ajfa-1518	111	1	in	in	ADP
ajfa-1518	111	2	modern	modern	ADJ
ajfa-1518	111	3	event	event	NOUN
ajfa-1518	111	4	studies	study	NOUN
ajfa-1518	111	5	,	,	PUNCT
ajfa-1518	111	6	the	the	DET
ajfa-1518	111	7	most	most	ADV
ajfa-1518	111	8	commonly	commonly	ADV
ajfa-1518	111	9	accepted	accept	VERB
ajfa-1518	111	10	3	3	NUM
ajfa-1518	111	11	evidence	evidence	NOUN
ajfa-1518	111	12	put	put	VERB
ajfa-1518	111	13	forward	forward	ADV
ajfa-1518	111	14	in	in	ADP
ajfa-1518	111	15	the	the	DET
ajfa-1518	111	16	literature	literature	NOUN
ajfa-1518	111	17	mentions	mention	VERB
ajfa-1518	111	18	that	that	SCONJ
ajfa-1518	111	19	the	the	DET
ajfa-1518	111	20	use	use	NOUN
ajfa-1518	111	21	of	of	ADP
ajfa-1518	111	22	a	a	DET
ajfa-1518	111	23	parametric	parametric	ADJ
ajfa-1518	111	24	test	test	NOUN
ajfa-1518	111	25	(	(	PUNCT
ajfa-1518	111	26	e.g.	e.g.	ADV
ajfa-1518	111	27	test	test	NOUN
ajfa-1518	111	28	statistic	statistic	NOUN
ajfa-1518	111	29	)	)	PUNCT
ajfa-1518	111	30	in	in	ADP
ajfa-1518	111	31	event	event	NOUN
ajfa-1518	111	32	studies	study	NOUN
ajfa-1518	111	33	is	be	AUX
ajfa-1518	111	34	not	not	PART
ajfa-1518	111	35	well	well	ADV
ajfa-1518	111	36	specified	specify	VERB
ajfa-1518	111	37	because	because	SCONJ
ajfa-1518	111	38	the	the	DET
ajfa-1518	111	39	distribution	distribution	NOUN
ajfa-1518	111	40	of	of	ADP
ajfa-1518	111	41	abnormal	abnormal	ADJ
ajfa-1518	111	42	returns	return	NOUN
ajfa-1518	111	43	is	be	AUX
ajfa-1518	111	44	fat	fat	ADJ
ajfa-1518	111	45	tail	tail	NOUN
ajfa-1518	111	46	and	and	CCONJ
ajfa-1518	111	47	right	right	ADV
ajfa-1518	111	48	-	-	PUNCT
ajfa-1518	111	49	skewed	skewed	ADJ
ajfa-1518	111	50	.	.	PUNCT
ajfa-1518	112	1	in	in	ADP
ajfa-1518	112	2	other	other	ADJ
ajfa-1518	112	3	words	word	NOUN
ajfa-1518	112	4	,	,	PUNCT
ajfa-1518	112	5	this	this	DET
ajfa-1518	112	6	approach	approach	NOUN
ajfa-1518	112	7	tends	tend	VERB
ajfa-1518	112	8	to	to	PART
ajfa-1518	112	9	reject	reject	VERB
ajfa-1518	112	10	the	the	DET
ajfa-1518	112	11	null	null	ADJ
ajfa-1518	112	12	hypothesis	hypothesis	NOUN
ajfa-1518	112	13	of	of	ADP
ajfa-1518	112	14	positive	positive	ADJ
ajfa-1518	112	15	abnormal	abnormal	ADJ
ajfa-1518	112	16	returns	return	NOUN
ajfa-1518	112	17	too	too	ADV
ajfa-1518	112	18	often	often	ADV
ajfa-1518	112	19	,	,	PUNCT
ajfa-1518	112	20	thus	thus	ADV
ajfa-1518	112	21	violating	violate	VERB
ajfa-1518	112	22	the	the	DET
ajfa-1518	112	23	assumption	assumption	NOUN
ajfa-1518	112	24	of	of	ADP
ajfa-1518	112	25	normality	normality	NOUN
ajfa-1518	112	26	in	in	ADP
ajfa-1518	112	27	abnormal	abnormal	ADJ
ajfa-1518	112	28	returns	return	NOUN
ajfa-1518	112	29	(	(	PUNCT
ajfa-1518	112	30	brown	brown	NOUN
ajfa-1518	112	31	and	and	CCONJ
ajfa-1518	112	32	warner	warner	NOUN
ajfa-1518	112	33	,	,	PUNCT
ajfa-1518	112	34	1980	1980	NUM
ajfa-1518	112	35	)	)	PUNCT
ajfa-1518	112	36	.	.	PUNCT
ajfa-1518	113	1	a	a	DET
ajfa-1518	113	2	number	number	NOUN
ajfa-1518	113	3	of	of	ADP
ajfa-1518	113	4	papers	paper	NOUN
ajfa-1518	113	5	suggest	suggest	VERB
ajfa-1518	113	6	a	a	DET
ajfa-1518	113	7	non	non	ADJ
ajfa-1518	113	8	-	-	ADJ
ajfa-1518	113	9	parametric	parametric	ADJ
ajfa-1518	113	10	test	test	NOUN
ajfa-1518	113	11	(	(	PUNCT
ajfa-1518	113	12	e.g.	e.g.	ADV
ajfa-1518	113	13	sign	sign	VERB
ajfa-1518	113	14	test	test	NOUN
ajfa-1518	113	15	)	)	PUNCT
ajfa-1518	113	16	as	as	ADP
ajfa-1518	113	17	a	a	DET
ajfa-1518	113	18	robust	robust	ADJ
ajfa-1518	113	19	test	test	NOUN
ajfa-1518	113	20	,	,	PUNCT
ajfa-1518	113	21	given	give	VERB
ajfa-1518	113	22	that	that	SCONJ
ajfa-1518	113	23	this	this	DET
ajfa-1518	113	24	method	method	NOUN
ajfa-1518	113	25	is	be	AUX
ajfa-1518	113	26	well	well	ADV
ajfa-1518	113	27	specified	specify	VERB
ajfa-1518	113	28	and	and	CCONJ
ajfa-1518	113	29	more	more	ADV
ajfa-1518	113	30	powerful	powerful	ADJ
ajfa-1518	113	31	in	in	ADP
ajfa-1518	113	32	detecting	detect	VERB
ajfa-1518	113	33	no	no	DET
ajfa-1518	113	34	abnormal	abnormal	ADJ
ajfa-1518	113	35	returns	return	NOUN
ajfa-1518	113	36	.	.	PUNCT
ajfa-1518	114	1	also	also	ADV
ajfa-1518	114	2	,	,	PUNCT
ajfa-1518	114	3	this	this	DET
ajfa-1518	114	4	approach	approach	NOUN
ajfa-1518	114	5	does	do	AUX
ajfa-1518	114	6	not	not	PART
ajfa-1518	114	7	require	require	VERB
ajfa-1518	114	8	as	as	ADV
ajfa-1518	114	9	stringent	stringent	ADJ
ajfa-1518	114	10	an	an	DET
ajfa-1518	114	11	assumption	assumption	NOUN
ajfa-1518	114	12	on	on	ADP
ajfa-1518	114	13	return	return	NOUN
ajfa-1518	114	14	distributions	distribution	NOUN
ajfa-1518	114	15	as	as	ADP
ajfa-1518	114	16	the	the	DET
ajfa-1518	114	17	parametric	parametric	ADJ
ajfa-1518	114	18	test	test	NOUN
ajfa-1518	114	19	(	(	PUNCT
ajfa-1518	114	20	cowan	cowan	PROPN
ajfa-1518	114	21	,	,	PUNCT
ajfa-1518	114	22	1992	1992	NUM
ajfa-1518	114	23	)	)	PUNCT
ajfa-1518	114	24	.	.	PUNCT
ajfa-1518	115	1	note	note	VERB
ajfa-1518	115	2	that	that	SCONJ
ajfa-1518	115	3	the	the	DET
ajfa-1518	115	4	non	non	ADJ
ajfa-1518	115	5	-	-	ADJ
ajfa-1518	115	6	parametric	parametric	ADJ
ajfa-1518	115	7	test	test	NOUN
ajfa-1518	115	8	is	be	AUX
ajfa-1518	115	9	often	often	ADV
ajfa-1518	115	10	used	use	VERB
ajfa-1518	115	11	in	in	ADP
ajfa-1518	115	12	event	event	NOUN
ajfa-1518	115	13	studies	study	NOUN
ajfa-1518	115	14	and	and	CCONJ
ajfa-1518	115	15	is	be	AUX
ajfa-1518	115	16	a	a	DET
ajfa-1518	115	17	better	well	ADJ
ajfa-1518	115	18	choice	choice	NOUN
ajfa-1518	115	19	when	when	SCONJ
ajfa-1518	115	20	the	the	DET
ajfa-1518	115	21	sample	sample	NOUN
ajfa-1518	115	22	contains	contain	VERB
ajfa-1518	115	23	thinly	thinly	ADV
ajfa-1518	115	24	traded	trade	VERB
ajfa-1518	115	25	shares	share	NOUN
ajfa-1518	115	26	(	(	PUNCT
ajfa-1518	115	27	cowan	cowan	PROPN
ajfa-1518	115	28	,	,	PUNCT
ajfa-1518	115	29	1992	1992	NUM
ajfa-1518	115	30	and	and	CCONJ
ajfa-1518	115	31	maynes	mayne	NOUN
ajfa-1518	115	32	and	and	CCONJ
ajfa-1518	115	33	rumsey	rumsey	NOUN
ajfa-1518	115	34	,	,	PUNCT
ajfa-1518	115	35	1993	1993	NUM
ajfa-1518	115	36	)	)	PUNCT
ajfa-1518	115	37	.	.	PUNCT
ajfa-1518	116	1	on	on	ADP
ajfa-1518	116	2	the	the	DET
ajfa-1518	116	3	other	other	ADJ
ajfa-1518	116	4	hand	hand	NOUN
ajfa-1518	116	5	,	,	PUNCT
ajfa-1518	116	6	uddin	uddin	PROPN
ajfa-1518	116	7	(	(	PUNCT
ajfa-1518	116	8	2010	2010	NUM
ajfa-1518	116	9	)	)	PUNCT
ajfa-1518	116	10	uses	use	VERB
ajfa-1518	116	11	the	the	DET
ajfa-1518	116	12	non	non	ADJ
ajfa-1518	116	13	-	-	ADJ
ajfa-1518	116	14	parametric	parametric	ADJ
ajfa-1518	116	15	test	test	NOUN
ajfa-1518	116	16	to	to	PART
ajfa-1518	116	17	overcome	overcome	VERB
ajfa-1518	116	18	the	the	DET
ajfa-1518	116	19	small	small	ADJ
ajfa-1518	116	20	population	population	NOUN
ajfa-1518	116	21	problem	problem	NOUN
ajfa-1518	116	22	.	.	PUNCT
ajfa-1518	117	1	4	4	NUM
ajfa-1518	117	2	see	see	VERB
ajfa-1518	117	3	for	for	ADP
ajfa-1518	117	4	example	example	NOUN
ajfa-1518	117	5	barber	barber	NOUN
ajfa-1518	117	6	and	and	CCONJ
ajfa-1518	117	7	lyon	lyon	PROPN
ajfa-1518	117	8	(	(	PUNCT
ajfa-1518	117	9	1997	1997	NUM
ajfa-1518	117	10	)	)	PUNCT
ajfa-1518	117	11	,	,	PUNCT
ajfa-1518	117	12	fama	fama	PROPN
ajfa-1518	117	13	(	(	PUNCT
ajfa-1518	117	14	1998	1998	NUM
ajfa-1518	117	15	)	)	PUNCT
ajfa-1518	117	16	and	and	CCONJ
ajfa-1518	117	17	lyon	lyon	PROPN
ajfa-1518	117	18	et	et	PROPN
ajfa-1518	117	19	al	al	PROPN
ajfa-1518	117	20	.	.	PROPN
ajfa-1518	117	21	(	(	PUNCT
ajfa-1518	117	22	1999	1999	NUM
ajfa-1518	117	23	)	)	PUNCT
ajfa-1518	117	24	.	.	PUNCT
ajfa-1518	118	1	asian	asian	ADJ
ajfa-1518	118	2	journal	journal	PROPN
ajfa-1518	118	3	of	of	ADP
ajfa-1518	118	4	finance	finance	PROPN
ajfa-1518	118	5	&	&	CCONJ
ajfa-1518	118	6	accounting	accounting	PROPN
ajfa-1518	118	7	issn	issn	PROPN
ajfa-1518	118	8	1946	1946	NUM
ajfa-1518	118	9	-	-	PUNCT
ajfa-1518	118	10	052x	052x	NOUN
ajfa-1518	118	11	2012	2012	NUM
ajfa-1518	118	12	,	,	PUNCT
ajfa-1518	118	13	vol	vol	NOUN
ajfa-1518	118	14	.	.	PROPN
ajfa-1518	118	15	4	4	NUM
ajfa-1518	118	16	,	,	PUNCT
ajfa-1518	118	17	no	no	INTJ
ajfa-1518	118	18	.	.	NOUN
ajfa-1518	118	19	1	1	NUM
ajfa-1518	118	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	118	21	159	159	NUM
ajfa-1518	118	22	methodology	methodology	NOUN
ajfa-1518	118	23	is	be	AUX
ajfa-1518	118	24	the	the	DET
ajfa-1518	118	25	bhar	bhar	PROPN
ajfa-1518	118	26	approach	approach	NOUN
ajfa-1518	118	27	.	.	PUNCT
ajfa-1518	119	1	therefore	therefore	ADV
ajfa-1518	119	2	,	,	PUNCT
ajfa-1518	119	3	we	we	PRON
ajfa-1518	119	4	adopt	adopt	VERB
ajfa-1518	119	5	this	this	DET
ajfa-1518	119	6	method	method	NOUN
ajfa-1518	119	7	to	to	PART
ajfa-1518	119	8	capture	capture	VERB
ajfa-1518	119	9	the	the	DET
ajfa-1518	119	10	effect	effect	NOUN
ajfa-1518	119	11	of	of	ADP
ajfa-1518	119	12	a	a	DET
ajfa-1518	119	13	spin	spin	NOUN
ajfa-1518	119	14	-	-	PUNCT
ajfa-1518	119	15	off	off	ADP
ajfa-1518	119	16	event	event	NOUN
ajfa-1518	119	17	on	on	ADP
ajfa-1518	119	18	the	the	DET
ajfa-1518	119	19	investor	investor	NOUN
ajfa-1518	119	20	’s	’s	PART
ajfa-1518	119	21	portfolio	portfolio	NOUN
ajfa-1518	119	22	over	over	ADP
ajfa-1518	119	23	the	the	DET
ajfa-1518	119	24	long	long	ADV
ajfa-1518	119	25	-	-	PUNCT
ajfa-1518	119	26	run	run	NOUN
ajfa-1518	119	27	period5	period5	PROPN
ajfa-1518	119	28	.	.	PUNCT
ajfa-1518	120	1	table	table	NOUN
ajfa-1518	120	2	2	2	NUM
ajfa-1518	120	3	presents	present	VERB
ajfa-1518	120	4	the	the	DET
ajfa-1518	120	5	percentage	percentage	NOUN
ajfa-1518	120	6	monthly	monthly	ADJ
ajfa-1518	120	7	buy	buy	NOUN
ajfa-1518	120	8	-	-	PUNCT
ajfa-1518	120	9	and	and	CCONJ
ajfa-1518	120	10	-	-	PUNCT
ajfa-1518	120	11	hold	hold	VERB
ajfa-1518	120	12	abnormal	abnormal	ADJ
ajfa-1518	120	13	returns	return	NOUN
ajfa-1518	120	14	(	(	PUNCT
ajfa-1518	120	15	adjusted	adjust	VERB
ajfa-1518	120	16	to	to	ADP
ajfa-1518	120	17	the	the	DET
ajfa-1518	120	18	market	market	NOUN
ajfa-1518	120	19	)	)	PUNCT
ajfa-1518	120	20	for	for	ADP
ajfa-1518	120	21	the	the	DET
ajfa-1518	120	22	full	full	ADJ
ajfa-1518	120	23	sample	sample	NOUN
ajfa-1518	120	24	of	of	ADP
ajfa-1518	120	25	parents	parent	NOUN
ajfa-1518	120	26	,	,	PUNCT
ajfa-1518	120	27	spun	spun	ADJ
ajfa-1518	120	28	-	-	PUNCT
ajfa-1518	120	29	offs	off	NOUN
ajfa-1518	120	30	and	and	CCONJ
ajfa-1518	120	31	combined	combined	ADJ
ajfa-1518	120	32	firms	firm	NOUN
ajfa-1518	120	33	in	in	ADP
ajfa-1518	120	34	the	the	DET
ajfa-1518	120	35	three	three	NUM
ajfa-1518	120	36	-	-	PUNCT
ajfa-1518	120	37	year	year	NOUN
ajfa-1518	120	38	period	period	NOUN
ajfa-1518	120	39	following	follow	VERB
ajfa-1518	120	40	the	the	DET
ajfa-1518	120	41	completion	completion	NOUN
ajfa-1518	120	42	month	month	NOUN
ajfa-1518	120	43	of	of	ADP
ajfa-1518	120	44	spin	spin	NOUN
ajfa-1518	120	45	-	-	PUNCT
ajfa-1518	120	46	offs	off	NOUN
ajfa-1518	120	47	against	against	ADP
ajfa-1518	120	48	the	the	DET
ajfa-1518	120	49	mas	mas	PROPN
ajfa-1518	120	50	-	-	PUNCT
ajfa-1518	120	51	ewi	ewi	PROPN
ajfa-1518	120	52	and	and	CCONJ
ajfa-1518	120	53	mas	mas	PROPN
ajfa-1518	120	54	-	-	PUNCT
ajfa-1518	120	55	vwi	vwi	NOUN
ajfa-1518	120	56	benchmarks	benchmark	NOUN
ajfa-1518	120	57	.	.	PUNCT
ajfa-1518	121	1	insert	insert	ADJ
ajfa-1518	121	2	table	table	NOUN
ajfa-1518	121	3	2	2	NUM
ajfa-1518	121	4	here	here	ADV
ajfa-1518	121	5	in	in	ADP
ajfa-1518	121	6	panel	panel	NOUN
ajfa-1518	121	7	a	a	PRON
ajfa-1518	121	8	,	,	PUNCT
ajfa-1518	121	9	the	the	DET
ajfa-1518	121	10	result	result	NOUN
ajfa-1518	121	11	shows	show	VERB
ajfa-1518	121	12	that	that	SCONJ
ajfa-1518	121	13	the	the	DET
ajfa-1518	121	14	parent	parent	NOUN
ajfa-1518	121	15	firms	firm	NOUN
ajfa-1518	121	16	significantly	significantly	ADV
ajfa-1518	121	17	outperformed	outperform	VERB
ajfa-1518	121	18	(	(	PUNCT
ajfa-1518	121	19	at	at	ADP
ajfa-1518	121	20	the	the	DET
ajfa-1518	121	21	10	10	NUM
ajfa-1518	121	22	%	%	NOUN
ajfa-1518	121	23	level	level	NOUN
ajfa-1518	121	24	)	)	PUNCT
ajfa-1518	121	25	the	the	DET
ajfa-1518	121	26	mas	mas	PROPN
ajfa-1518	121	27	-	-	PUNCT
ajfa-1518	121	28	ewi	ewi	PROPN
ajfa-1518	121	29	,	,	PUNCT
ajfa-1518	121	30	on	on	ADP
ajfa-1518	121	31	average	average	ADJ
ajfa-1518	121	32	by	by	ADP
ajfa-1518	121	33	+19.61	+19.61	ADJ
ajfa-1518	121	34	%	%	NOUN
ajfa-1518	121	35	in	in	ADP
ajfa-1518	121	36	the	the	DET
ajfa-1518	121	37	three	three	NUM
ajfa-1518	121	38	-	-	PUNCT
ajfa-1518	121	39	year	year	NOUN
ajfa-1518	121	40	holding	hold	VERB
ajfa-1518	121	41	period	period	NOUN
ajfa-1518	121	42	following	follow	VERB
ajfa-1518	121	43	the	the	DET
ajfa-1518	121	44	listing	listing	NOUN
ajfa-1518	121	45	of	of	ADP
ajfa-1518	121	46	spun	spin	VERB
ajfa-1518	121	47	-	-	PUNCT
ajfa-1518	121	48	off	off	ADP
ajfa-1518	121	49	firms	firm	NOUN
ajfa-1518	121	50	.	.	PUNCT
ajfa-1518	122	1	the	the	DET
ajfa-1518	122	2	result	result	NOUN
ajfa-1518	122	3	also	also	ADV
ajfa-1518	122	4	shows	show	VERB
ajfa-1518	122	5	that	that	SCONJ
ajfa-1518	122	6	the	the	DET
ajfa-1518	122	7	percentage	percentage	NOUN
ajfa-1518	122	8	of	of	ADP
ajfa-1518	122	9	parent	parent	NOUN
ajfa-1518	122	10	firms	firm	NOUN
ajfa-1518	122	11	with	with	ADP
ajfa-1518	122	12	positive	positive	ADJ
ajfa-1518	122	13	bhars	bhar	NOUN
ajfa-1518	122	14	(	(	PUNCT
ajfa-1518	122	15	about	about	ADP
ajfa-1518	122	16	+69.44	+69.44	NOUN
ajfa-1518	122	17	%	%	NOUN
ajfa-1518	122	18	)	)	PUNCT
ajfa-1518	122	19	over	over	ADP
ajfa-1518	122	20	this	this	DET
ajfa-1518	122	21	period	period	NOUN
ajfa-1518	122	22	is	be	AUX
ajfa-1518	122	23	considerably	considerably	ADV
ajfa-1518	122	24	strong	strong	ADJ
ajfa-1518	122	25	,	,	PUNCT
ajfa-1518	122	26	significant	significant	ADJ
ajfa-1518	122	27	at	at	ADP
ajfa-1518	122	28	5	5	NUM
ajfa-1518	122	29	%	%	NOUN
ajfa-1518	122	30	level	level	NOUN
ajfa-1518	122	31	.	.	PUNCT
ajfa-1518	123	1	both	both	DET
ajfa-1518	123	2	results	result	NOUN
ajfa-1518	123	3	thus	thus	ADV
ajfa-1518	123	4	support	support	VERB
ajfa-1518	123	5	the	the	DET
ajfa-1518	123	6	earlier	early	ADJ
ajfa-1518	123	7	findings	finding	NOUN
ajfa-1518	123	8	reported	report	VERB
ajfa-1518	123	9	by	by	ADP
ajfa-1518	123	10	cusatis	cusatis	PROPN
ajfa-1518	123	11	et	et	PROPN
ajfa-1518	123	12	al	al	PROPN
ajfa-1518	123	13	.	.	PROPN
ajfa-1518	124	1	(	(	PUNCT
ajfa-1518	124	2	1993	1993	NUM
ajfa-1518	124	3	)	)	PUNCT
ajfa-1518	124	4	.	.	PUNCT
ajfa-1518	125	1	when	when	SCONJ
ajfa-1518	125	2	the	the	DET
ajfa-1518	125	3	buy	buy	VERB
ajfa-1518	125	4	-	-	PUNCT
ajfa-1518	125	5	and	and	CCONJ
ajfa-1518	125	6	-	-	PUNCT
ajfa-1518	125	7	hold	hold	VERB
ajfa-1518	125	8	returns	return	NOUN
ajfa-1518	125	9	of	of	ADP
ajfa-1518	125	10	parent	parent	NOUN
ajfa-1518	125	11	firms	firm	NOUN
ajfa-1518	125	12	are	be	AUX
ajfa-1518	125	13	measured	measure	VERB
ajfa-1518	125	14	against	against	ADP
ajfa-1518	125	15	the	the	DET
ajfa-1518	125	16	market	market	NOUN
ajfa-1518	125	17	benchmark	benchmark	NOUN
ajfa-1518	125	18	of	of	ADP
ajfa-1518	125	19	mas	mas	PROPN
ajfa-1518	125	20	-	-	PUNCT
ajfa-1518	125	21	vwi	vwi	PROPN
ajfa-1518	125	22	,	,	PUNCT
ajfa-1518	125	23	the	the	DET
ajfa-1518	125	24	parent	parent	NOUN
ajfa-1518	125	25	firms	firm	NOUN
ajfa-1518	125	26	show	show	VERB
ajfa-1518	125	27	a	a	DET
ajfa-1518	125	28	contrary	contrary	ADJ
ajfa-1518	125	29	result	result	NOUN
ajfa-1518	125	30	.	.	PUNCT
ajfa-1518	126	1	they	they	PRON
ajfa-1518	126	2	demonstrate	demonstrate	VERB
ajfa-1518	126	3	a	a	DET
ajfa-1518	126	4	negative	negative	ADJ
ajfa-1518	126	5	and	and	CCONJ
ajfa-1518	126	6	significant	significant	ADJ
ajfa-1518	126	7	abhar	abhar	NOUN
ajfa-1518	126	8	of	of	ADP
ajfa-1518	126	9	-18.74	-18.74	NOUN
ajfa-1518	126	10	%	%	NOUN
ajfa-1518	126	11	over	over	ADP
ajfa-1518	126	12	the	the	DET
ajfa-1518	126	13	three	three	NUM
ajfa-1518	126	14	years	year	NOUN
ajfa-1518	126	15	,	,	PUNCT
ajfa-1518	126	16	indicating	indicate	VERB
ajfa-1518	126	17	that	that	SCONJ
ajfa-1518	126	18	in	in	ADP
ajfa-1518	126	19	the	the	DET
ajfa-1518	126	20	malaysian	malaysian	ADJ
ajfa-1518	126	21	market	market	NOUN
ajfa-1518	126	22	as	as	ADP
ajfa-1518	126	23	a	a	DET
ajfa-1518	126	24	whole	whole	NOUN
ajfa-1518	126	25	,	,	PUNCT
ajfa-1518	126	26	large	large	ADJ
ajfa-1518	126	27	firms	firm	NOUN
ajfa-1518	126	28	outperformed	outperform	VERB
ajfa-1518	126	29	small	small	ADJ
ajfa-1518	126	30	firms	firm	NOUN
ajfa-1518	126	31	during	during	ADP
ajfa-1518	126	32	the	the	DET
ajfa-1518	126	33	study	study	NOUN
ajfa-1518	126	34	period	period	NOUN
ajfa-1518	126	35	.	.	PUNCT
ajfa-1518	127	1	in	in	ADP
ajfa-1518	127	2	panel	panel	NOUN
ajfa-1518	127	3	b	b	PROPN
ajfa-1518	127	4	,	,	PUNCT
ajfa-1518	127	5	the	the	DET
ajfa-1518	127	6	result	result	NOUN
ajfa-1518	127	7	suggests	suggest	VERB
ajfa-1518	127	8	that	that	SCONJ
ajfa-1518	127	9	spun	spin	VERB
ajfa-1518	127	10	-	-	PUNCT
ajfa-1518	127	11	off	off	ADP
ajfa-1518	127	12	firms	firm	NOUN
ajfa-1518	127	13	significantly	significantly	ADV
ajfa-1518	127	14	outperformed	outperform	VERB
ajfa-1518	127	15	the	the	DET
ajfa-1518	127	16	mas	mas	PROPN
ajfa-1518	127	17	-	-	NOUN
ajfa-1518	127	18	ewi	ewi	PROPN
ajfa-1518	127	19	,	,	PUNCT
ajfa-1518	127	20	on	on	ADP
ajfa-1518	127	21	average	average	ADJ
ajfa-1518	127	22	by	by	ADP
ajfa-1518	127	23	+29.19	+29.19	ADJ
ajfa-1518	127	24	%	%	NOUN
ajfa-1518	127	25	over	over	ADP
ajfa-1518	127	26	the	the	DET
ajfa-1518	127	27	thirty	thirty	NUM
ajfa-1518	127	28	-	-	PUNCT
ajfa-1518	127	29	six	six	NUM
ajfa-1518	127	30	months	month	NOUN
ajfa-1518	127	31	holding	hold	VERB
ajfa-1518	127	32	periods	period	NOUN
ajfa-1518	127	33	pursuant	pursuant	VERB
ajfa-1518	127	34	their	their	PRON
ajfa-1518	127	35	listing	list	VERB
ajfa-1518	127	36	month	month	NOUN
ajfa-1518	127	37	.	.	PUNCT
ajfa-1518	128	1	it	it	PRON
ajfa-1518	128	2	can	can	AUX
ajfa-1518	128	3	be	be	AUX
ajfa-1518	128	4	seen	see	VERB
ajfa-1518	128	5	that	that	SCONJ
ajfa-1518	128	6	the	the	DET
ajfa-1518	128	7	long	long	ADV
ajfa-1518	128	8	-	-	PUNCT
ajfa-1518	128	9	run	run	VERB
ajfa-1518	128	10	share	share	NOUN
ajfa-1518	128	11	returns	return	NOUN
ajfa-1518	128	12	performance	performance	NOUN
ajfa-1518	128	13	of	of	ADP
ajfa-1518	128	14	the	the	DET
ajfa-1518	128	15	spun	spin	VERB
ajfa-1518	128	16	-	-	PUNCT
ajfa-1518	128	17	off	off	ADP
ajfa-1518	128	18	firms	firm	NOUN
ajfa-1518	128	19	is	be	AUX
ajfa-1518	128	20	better	well	ADJ
ajfa-1518	128	21	than	than	ADP
ajfa-1518	128	22	the	the	DET
ajfa-1518	128	23	parent	parent	NOUN
ajfa-1518	128	24	firms	firm	NOUN
ajfa-1518	128	25	’	'	PUNCT
ajfa-1518	128	26	(	(	PUNCT
ajfa-1518	128	27	perhaps	perhaps	ADV
ajfa-1518	128	28	because	because	SCONJ
ajfa-1518	128	29	they	they	PRON
ajfa-1518	128	30	are	be	AUX
ajfa-1518	128	31	more	more	ADV
ajfa-1518	128	32	focused	focused	ADJ
ajfa-1518	128	33	on	on	ADP
ajfa-1518	128	34	their	their	PRON
ajfa-1518	128	35	core	core	NOUN
ajfa-1518	128	36	business	business	NOUN
ajfa-1518	128	37	than	than	ADP
ajfa-1518	128	38	their	their	PRON
ajfa-1518	128	39	corresponding	correspond	VERB
ajfa-1518	128	40	parent	parent	NOUN
ajfa-1518	128	41	firms	firm	NOUN
ajfa-1518	128	42	as	as	SCONJ
ajfa-1518	128	43	claimed	claim	VERB
ajfa-1518	128	44	by	by	ADP
ajfa-1518	128	45	most	most	ADJ
ajfa-1518	128	46	malaysian	malaysian	ADJ
ajfa-1518	128	47	spin	spin	NOUN
ajfa-1518	128	48	-	-	PUNCT
ajfa-1518	128	49	offs	off	NOUN
ajfa-1518	128	50	managers	manager	NOUN
ajfa-1518	128	51	)	)	PUNCT
ajfa-1518	128	52	.	.	PUNCT
ajfa-1518	129	1	this	this	DET
ajfa-1518	129	2	result	result	NOUN
ajfa-1518	129	3	supports	support	VERB
ajfa-1518	129	4	the	the	DET
ajfa-1518	129	5	evidence	evidence	NOUN
ajfa-1518	129	6	documented	document	VERB
ajfa-1518	129	7	in	in	ADP
ajfa-1518	129	8	both	both	CCONJ
ajfa-1518	129	9	european	european	ADJ
ajfa-1518	129	10	(	(	PUNCT
ajfa-1518	129	11	e.g.	e.g.	ADV
ajfa-1518	129	12	kirchmaier	kirchmaier	X
ajfa-1518	129	13	,	,	PUNCT
ajfa-1518	129	14	2003	2003	NUM
ajfa-1518	129	15	)	)	PUNCT
ajfa-1518	129	16	and	and	CCONJ
ajfa-1518	129	17	us	we	PRON
ajfa-1518	129	18	(	(	PUNCT
ajfa-1518	129	19	e.g.	e.g.	ADV
ajfa-1518	129	20	cusatis	cusatis	PROPN
ajfa-1518	129	21	et	et	PROPN
ajfa-1518	129	22	al	al	PROPN
ajfa-1518	129	23	.	.	PROPN
ajfa-1518	129	24	1993	1993	NUM
ajfa-1518	129	25	;	;	PUNCT
ajfa-1518	129	26	and	and	CCONJ
ajfa-1518	129	27	desai	desai	PROPN
ajfa-1518	129	28	and	and	CCONJ
ajfa-1518	129	29	jain	jain	PROPN
ajfa-1518	129	30	,	,	PUNCT
ajfa-1518	129	31	1999	1999	NUM
ajfa-1518	129	32	)	)	PUNCT
ajfa-1518	129	33	markets	market	NOUN
ajfa-1518	129	34	.	.	PUNCT
ajfa-1518	130	1	in	in	ADP
ajfa-1518	130	2	contrast	contrast	NOUN
ajfa-1518	130	3	,	,	PUNCT
ajfa-1518	130	4	using	use	VERB
ajfa-1518	130	5	the	the	DET
ajfa-1518	130	6	mas	mas	NOUN
ajfa-1518	130	7	-	-	PUNCT
ajfa-1518	130	8	vwi	vwi	NOUN
ajfa-1518	130	9	as	as	ADP
ajfa-1518	130	10	a	a	DET
ajfa-1518	130	11	benchmark	benchmark	NOUN
ajfa-1518	130	12	,	,	PUNCT
ajfa-1518	130	13	the	the	DET
ajfa-1518	130	14	result	result	NOUN
ajfa-1518	130	15	shows	show	VERB
ajfa-1518	130	16	that	that	SCONJ
ajfa-1518	130	17	spun	spin	VERB
ajfa-1518	130	18	-	-	PUNCT
ajfa-1518	130	19	off	off	ADP
ajfa-1518	130	20	firms	firm	NOUN
ajfa-1518	130	21	insignificantly	insignificantly	ADV
ajfa-1518	130	22	underperformed	underperform	VERB
ajfa-1518	130	23	the	the	DET
ajfa-1518	130	24	market	market	NOUN
ajfa-1518	130	25	,	,	PUNCT
ajfa-1518	130	26	on	on	ADP
ajfa-1518	130	27	average	average	ADJ
ajfa-1518	130	28	by	by	ADP
ajfa-1518	130	29	-12.90	-12.90	ADV
ajfa-1518	130	30	%	%	NOUN
ajfa-1518	130	31	over	over	ADP
ajfa-1518	130	32	the	the	DET
ajfa-1518	130	33	three	three	NUM
ajfa-1518	130	34	-	-	PUNCT
ajfa-1518	130	35	year	year	NOUN
ajfa-1518	130	36	holding	hold	VERB
ajfa-1518	130	37	period	period	NOUN
ajfa-1518	130	38	following	follow	VERB
ajfa-1518	130	39	the	the	DET
ajfa-1518	130	40	completion	completion	NOUN
ajfa-1518	130	41	month	month	NOUN
ajfa-1518	130	42	of	of	ADP
ajfa-1518	130	43	a	a	DET
ajfa-1518	130	44	spin	spin	NOUN
ajfa-1518	130	45	-	-	PUNCT
ajfa-1518	130	46	off	off	NOUN
ajfa-1518	130	47	.	.	PUNCT
ajfa-1518	131	1	in	in	ADP
ajfa-1518	131	2	panel	panel	NOUN
ajfa-1518	131	3	c	c	NOUN
ajfa-1518	131	4	,	,	PUNCT
ajfa-1518	131	5	although	although	SCONJ
ajfa-1518	131	6	the	the	DET
ajfa-1518	131	7	combined	combine	VERB
ajfa-1518	131	8	firms	firm	NOUN
ajfa-1518	131	9	outperformed	outperform	VERB
ajfa-1518	131	10	the	the	DET
ajfa-1518	131	11	mas	mas	PROPN
ajfa-1518	131	12	-	-	PUNCT
ajfa-1518	131	13	ewi	ewi	NOUN
ajfa-1518	131	14	in	in	ADP
ajfa-1518	131	15	the	the	DET
ajfa-1518	131	16	three	three	NUM
ajfa-1518	131	17	-	-	PUNCT
ajfa-1518	131	18	year	year	NOUN
ajfa-1518	131	19	holding	hold	VERB
ajfa-1518	131	20	period	period	NOUN
ajfa-1518	131	21	following	follow	VERB
ajfa-1518	131	22	the	the	DET
ajfa-1518	131	23	completion	completion	NOUN
ajfa-1518	131	24	month	month	NOUN
ajfa-1518	131	25	of	of	ADP
ajfa-1518	131	26	a	a	DET
ajfa-1518	131	27	spin	spin	NOUN
ajfa-1518	131	28	-	-	PUNCT
ajfa-1518	131	29	off	off	NOUN
ajfa-1518	131	30	,	,	PUNCT
ajfa-1518	131	31	the	the	DET
ajfa-1518	131	32	abhar	abhar	NOUN
ajfa-1518	131	33	at	at	ADP
ajfa-1518	131	34	+16.50	+16.50	PROPN
ajfa-1518	131	35	%	%	NOUN
ajfa-1518	131	36	is	be	AUX
ajfa-1518	131	37	statistically	statistically	ADV
ajfa-1518	131	38	insignificant	insignificant	ADJ
ajfa-1518	131	39	.	.	PUNCT
ajfa-1518	132	1	nevertheless	nevertheless	ADV
ajfa-1518	132	2	,	,	PUNCT
ajfa-1518	132	3	we	we	PRON
ajfa-1518	132	4	find	find	VERB
ajfa-1518	132	5	that	that	SCONJ
ajfa-1518	132	6	combined	combined	ADJ
ajfa-1518	132	7	firms	firm	NOUN
ajfa-1518	132	8	are	be	AUX
ajfa-1518	132	9	associated	associate	VERB
ajfa-1518	132	10	with	with	ADP
ajfa-1518	132	11	a	a	DET
ajfa-1518	132	12	significant	significant	ADJ
ajfa-1518	132	13	negative	negative	ADJ
ajfa-1518	132	14	abhar	abhar	ADJ
ajfa-1518	132	15	when	when	SCONJ
ajfa-1518	132	16	the	the	DET
ajfa-1518	132	17	mas	mas	PROPN
ajfa-1518	132	18	-	-	PUNCT
ajfa-1518	132	19	vwi	vwi	NOUN
ajfa-1518	132	20	is	be	AUX
ajfa-1518	132	21	used	use	VERB
ajfa-1518	132	22	as	as	ADP
ajfa-1518	132	23	a	a	DET
ajfa-1518	132	24	benchmark	benchmark	NOUN
ajfa-1518	132	25	.	.	PUNCT
ajfa-1518	133	1	the	the	DET
ajfa-1518	133	2	abhar	abhar	PROPN
ajfa-1518	133	3	for	for	ADP
ajfa-1518	133	4	combined	combined	ADJ
ajfa-1518	133	5	firms	firm	NOUN
ajfa-1518	133	6	over	over	ADP
ajfa-1518	133	7	the	the	DET
ajfa-1518	133	8	thirty	thirty	NUM
ajfa-1518	133	9	-	-	PUNCT
ajfa-1518	133	10	six	six	NUM
ajfa-1518	133	11	months	month	NOUN
ajfa-1518	133	12	holding	hold	VERB
ajfa-1518	133	13	periods	period	NOUN
ajfa-1518	133	14	is	be	AUX
ajfa-1518	133	15	-23.48	-23.48	ADJ
ajfa-1518	133	16	%	%	NOUN
ajfa-1518	133	17	,	,	PUNCT
ajfa-1518	133	18	statistically	statistically	ADV
ajfa-1518	133	19	significant	significant	ADJ
ajfa-1518	133	20	at	at	ADP
ajfa-1518	133	21	5	5	NUM
ajfa-1518	133	22	%	%	NOUN
ajfa-1518	133	23	level	level	NOUN
ajfa-1518	133	24	.	.	PUNCT
ajfa-1518	134	1	not	not	PART
ajfa-1518	134	2	surprisingly	surprisingly	ADV
ajfa-1518	134	3	,	,	PUNCT
ajfa-1518	134	4	our	our	PRON
ajfa-1518	134	5	finding	finding	NOUN
ajfa-1518	134	6	is	be	AUX
ajfa-1518	134	7	substantially	substantially	ADV
ajfa-1518	134	8	different	different	ADJ
ajfa-1518	134	9	from	from	ADP
ajfa-1518	134	10	those	those	PRON
ajfa-1518	134	11	in	in	ADP
ajfa-1518	134	12	the	the	DET
ajfa-1518	134	13	us	us	PROPN
ajfa-1518	134	14	(	(	PUNCT
ajfa-1518	134	15	e.g.	e.g.	ADV
ajfa-1518	134	16	cusatis	cusatis	PROPN
ajfa-1518	134	17	et	et	PROPN
ajfa-1518	134	18	al	al	PROPN
ajfa-1518	134	19	.	.	PROPN
ajfa-1518	134	20	1993	1993	NUM
ajfa-1518	134	21	;	;	PUNCT
ajfa-1518	134	22	and	and	CCONJ
ajfa-1518	134	23	desai	desai	PROPN
ajfa-1518	134	24	and	and	CCONJ
ajfa-1518	134	25	jain	jain	PROPN
ajfa-1518	134	26	,	,	PUNCT
ajfa-1518	134	27	1999	1999	NUM
ajfa-1518	134	28	)	)	PUNCT
ajfa-1518	134	29	and	and	CCONJ
ajfa-1518	134	30	european	european	ADJ
ajfa-1518	134	31	(	(	PUNCT
ajfa-1518	134	32	e.g.	e.g.	ADV
ajfa-1518	134	33	kirchmaier	kirchmaier	X
ajfa-1518	134	34	,	,	PUNCT
ajfa-1518	134	35	2003	2003	NUM
ajfa-1518	134	36	;	;	PUNCT
ajfa-1518	134	37	and	and	CCONJ
ajfa-1518	134	38	veld	veld	NOUN
ajfa-1518	134	39	and	and	CCONJ
ajfa-1518	134	40	veld	veld	PROPN
ajfa-1518	134	41	-	-	PUNCT
ajfa-1518	134	42	merkoulova	merkoulova	PROPN
ajfa-1518	134	43	,	,	PUNCT
ajfa-1518	134	44	2004	2004	NUM
ajfa-1518	134	45	)	)	PUNCT
ajfa-1518	134	46	studies	study	NOUN
ajfa-1518	134	47	.	.	PUNCT
ajfa-1518	135	1	5.3	5.3	NUM
ajfa-1518	135	2	index	index	NOUN
ajfa-1518	135	3	performance	performance	NOUN
ajfa-1518	135	4	of	of	ADP
ajfa-1518	135	5	the	the	DET
ajfa-1518	135	6	ftse	ftse	PROPN
ajfa-1518	135	7	bursa	bursa	PROPN
ajfa-1518	135	8	malaysia	malaysia	PROPN
ajfa-1518	135	9	index	index	NOUN
ajfa-1518	135	10	series	series	NOUN
ajfa-1518	135	11	this	this	DET
ajfa-1518	135	12	research	research	NOUN
ajfa-1518	135	13	has	have	AUX
ajfa-1518	135	14	already	already	ADV
ajfa-1518	135	15	indicated	indicate	VERB
ajfa-1518	135	16	that	that	SCONJ
ajfa-1518	135	17	,	,	PUNCT
ajfa-1518	135	18	in	in	ADP
ajfa-1518	135	19	malaysia	malaysia	PROPN
ajfa-1518	135	20	,	,	PUNCT
ajfa-1518	135	21	large	large	ADJ
ajfa-1518	135	22	firms	firm	NOUN
ajfa-1518	135	23	outperformed	outperform	VERB
ajfa-1518	135	24	small	small	ADJ
ajfa-1518	135	25	firms	firm	NOUN
ajfa-1518	135	26	;	;	PUNCT
ajfa-1518	135	27	we	we	PRON
ajfa-1518	135	28	now	now	ADV
ajfa-1518	135	29	examine	examine	VERB
ajfa-1518	135	30	this	this	PRON
ajfa-1518	135	31	in	in	ADP
ajfa-1518	135	32	more	more	ADJ
ajfa-1518	135	33	detail	detail	NOUN
ajfa-1518	135	34	.	.	PUNCT
ajfa-1518	136	1	ftse	ftse	PROPN
ajfa-1518	136	2	asia	asia	PROPN
ajfa-1518	136	3	research	research	PROPN
ajfa-1518	136	4	(	(	PUNCT
ajfa-1518	136	5	june	june	PROPN
ajfa-1518	136	6	,	,	PUNCT
ajfa-1518	136	7	2009	2009	NUM
ajfa-1518	136	8	)	)	PUNCT
ajfa-1518	136	9	reports	report	VERB
ajfa-1518	136	10	that	that	SCONJ
ajfa-1518	136	11	malaysian	malaysian	ADJ
ajfa-1518	136	12	5	5	NUM
ajfa-1518	136	13	to	to	PART
ajfa-1518	136	14	double	double	ADJ
ajfa-1518	136	15	-	-	PUNCT
ajfa-1518	136	16	check	check	NOUN
ajfa-1518	136	17	the	the	DET
ajfa-1518	136	18	results	result	NOUN
ajfa-1518	136	19	presented	present	VERB
ajfa-1518	136	20	by	by	ADP
ajfa-1518	136	21	the	the	DET
ajfa-1518	136	22	bhar	bhar	PROPN
ajfa-1518	136	23	model	model	PROPN
ajfa-1518	136	24	,	,	PUNCT
ajfa-1518	136	25	we	we	PRON
ajfa-1518	136	26	analyse	analyse	VERB
ajfa-1518	136	27	the	the	DET
ajfa-1518	136	28	long	long	ADV
ajfa-1518	136	29	-	-	PUNCT
ajfa-1518	136	30	run	run	VERB
ajfa-1518	136	31	share	share	NOUN
ajfa-1518	136	32	return	return	NOUN
ajfa-1518	136	33	performance	performance	NOUN
ajfa-1518	136	34	using	use	VERB
ajfa-1518	136	35	the	the	DET
ajfa-1518	136	36	car	car	NOUN
ajfa-1518	136	37	model	model	NOUN
ajfa-1518	136	38	.	.	PUNCT
ajfa-1518	137	1	by	by	ADP
ajfa-1518	137	2	adjusting	adjust	VERB
ajfa-1518	137	3	the	the	DET
ajfa-1518	137	4	share	share	NOUN
ajfa-1518	137	5	return	return	NOUN
ajfa-1518	137	6	of	of	ADP
ajfa-1518	137	7	spin	spin	NOUN
ajfa-1518	137	8	-	-	PUNCT
ajfa-1518	137	9	off	off	ADP
ajfa-1518	137	10	firms	firm	NOUN
ajfa-1518	137	11	to	to	ADP
ajfa-1518	137	12	the	the	DET
ajfa-1518	137	13	market	market	NOUN
ajfa-1518	137	14	benchmarks	benchmark	NOUN
ajfa-1518	137	15	of	of	ADP
ajfa-1518	137	16	the	the	DET
ajfa-1518	137	17	mas	mas	PROPN
ajfa-1518	137	18	-	-	PUNCT
ajfa-1518	137	19	ewi	ewi	PROPN
ajfa-1518	137	20	and	and	CCONJ
ajfa-1518	137	21	mas	mas	PROPN
ajfa-1518	137	22	-	-	PUNCT
ajfa-1518	137	23	vwi	vwi	NOUN
ajfa-1518	137	24	,	,	PUNCT
ajfa-1518	137	25	we	we	PRON
ajfa-1518	137	26	find	find	VERB
ajfa-1518	137	27	that	that	SCONJ
ajfa-1518	137	28	the	the	DET
ajfa-1518	137	29	car	car	NOUN
ajfa-1518	137	30	approach	approach	NOUN
ajfa-1518	137	31	produces	produce	VERB
ajfa-1518	137	32	results	result	NOUN
ajfa-1518	137	33	consistent	consistent	ADJ
ajfa-1518	137	34	with	with	ADP
ajfa-1518	137	35	the	the	DET
ajfa-1518	137	36	bhar	bhar	NOUN
ajfa-1518	137	37	;	;	PUNCT
ajfa-1518	137	38	therefore	therefore	ADV
ajfa-1518	137	39	we	we	PRON
ajfa-1518	137	40	do	do	AUX
ajfa-1518	137	41	not	not	PART
ajfa-1518	137	42	report	report	VERB
ajfa-1518	137	43	them	they	PRON
ajfa-1518	137	44	in	in	ADP
ajfa-1518	137	45	this	this	DET
ajfa-1518	137	46	paper	paper	NOUN
ajfa-1518	137	47	.	.	PUNCT
ajfa-1518	138	1	asian	asian	ADJ
ajfa-1518	138	2	journal	journal	PROPN
ajfa-1518	138	3	of	of	ADP
ajfa-1518	138	4	finance	finance	PROPN
ajfa-1518	138	5	&	&	CCONJ
ajfa-1518	138	6	accounting	accounting	PROPN
ajfa-1518	138	7	issn	issn	PROPN
ajfa-1518	138	8	1946	1946	NUM
ajfa-1518	138	9	-	-	PUNCT
ajfa-1518	138	10	052x	052x	NOUN
ajfa-1518	138	11	2012	2012	NUM
ajfa-1518	138	12	,	,	PUNCT
ajfa-1518	138	13	vol	vol	NOUN
ajfa-1518	138	14	.	.	PROPN
ajfa-1518	138	15	4	4	NUM
ajfa-1518	138	16	,	,	PUNCT
ajfa-1518	138	17	no	no	INTJ
ajfa-1518	138	18	.	.	NOUN
ajfa-1518	138	19	1	1	NUM
ajfa-1518	138	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	138	21	160	160	NUM
ajfa-1518	138	22	small	small	ADJ
ajfa-1518	138	23	capitalisation	capitalisation	NOUN
ajfa-1518	138	24	firms	firm	NOUN
ajfa-1518	138	25	consistently	consistently	ADV
ajfa-1518	138	26	underperformed	underperform	VERB
ajfa-1518	138	27	large	large	ADJ
ajfa-1518	138	28	capitalisation	capitalisation	NOUN
ajfa-1518	138	29	firms	firm	NOUN
ajfa-1518	138	30	over	over	ADP
ajfa-1518	138	31	a	a	DET
ajfa-1518	138	32	12	12	NUM
ajfa-1518	138	33	-	-	PUNCT
ajfa-1518	138	34	year	year	NOUN
ajfa-1518	138	35	period	period	NOUN
ajfa-1518	138	36	(	(	PUNCT
ajfa-1518	138	37	1997	1997	NUM
ajfa-1518	138	38	-	-	SYM
ajfa-1518	138	39	2008	2008	NUM
ajfa-1518	138	40	)	)	PUNCT
ajfa-1518	138	41	.	.	PUNCT
ajfa-1518	139	1	we	we	PRON
ajfa-1518	139	2	analyse	analyse	VERB
ajfa-1518	139	3	the	the	DET
ajfa-1518	139	4	index	index	NOUN
ajfa-1518	139	5	performance	performance	NOUN
ajfa-1518	139	6	of	of	ADP
ajfa-1518	139	7	the	the	DET
ajfa-1518	139	8	ftse	ftse	PROPN
ajfa-1518	139	9	bursa	bursa	PROPN
ajfa-1518	139	10	malaysia	malaysia	PROPN
ajfa-1518	139	11	index	index	NOUN
ajfa-1518	139	12	series	series	NOUN
ajfa-1518	139	13	over	over	ADP
ajfa-1518	139	14	a	a	DET
ajfa-1518	139	15	15	15	NUM
ajfa-1518	139	16	-	-	PUNCT
ajfa-1518	139	17	year	year	NOUN
ajfa-1518	139	18	period	period	NOUN
ajfa-1518	139	19	(	(	PUNCT
ajfa-1518	139	20	1996	1996	NUM
ajfa-1518	139	21	-	-	SYM
ajfa-1518	139	22	2011	2011	NUM
ajfa-1518	139	23	)	)	PUNCT
ajfa-1518	139	24	as	as	ADP
ajfa-1518	139	25	a	a	DET
ajfa-1518	139	26	preliminary	preliminary	ADJ
ajfa-1518	139	27	to	to	ADP
ajfa-1518	139	28	investigating	investigate	VERB
ajfa-1518	139	29	whether	whether	SCONJ
ajfa-1518	139	30	the	the	DET
ajfa-1518	139	31	size	size	NOUN
ajfa-1518	139	32	effect	effect	NOUN
ajfa-1518	139	33	subsumes	subsume	VERB
ajfa-1518	139	34	the	the	DET
ajfa-1518	139	35	spin	spin	VERB
ajfa-1518	139	36	-	-	PUNCT
ajfa-1518	139	37	off	off	ADP
ajfa-1518	139	38	effect	effect	NOUN
ajfa-1518	139	39	.	.	PUNCT
ajfa-1518	140	1	the	the	DET
ajfa-1518	140	2	historical	historical	ADJ
ajfa-1518	140	3	performance	performance	NOUN
ajfa-1518	140	4	of	of	ADP
ajfa-1518	140	5	the	the	DET
ajfa-1518	140	6	ftse	ftse	PROPN
ajfa-1518	140	7	bursa	bursa	PROPN
ajfa-1518	140	8	malaysia	malaysia	PROPN
ajfa-1518	140	9	index	index	NOUN
ajfa-1518	140	10	series	series	NOUN
ajfa-1518	140	11	is	be	AUX
ajfa-1518	140	12	shown	show	VERB
ajfa-1518	140	13	in	in	ADP
ajfa-1518	140	14	table	table	NOUN
ajfa-1518	140	15	3	3	NUM
ajfa-1518	140	16	and	and	CCONJ
ajfa-1518	140	17	figure	figure	VERB
ajfa-1518	140	18	1	1	NUM
ajfa-1518	140	19	.	.	PUNCT
ajfa-1518	141	1	since	since	SCONJ
ajfa-1518	141	2	the	the	DET
ajfa-1518	141	3	price	price	NOUN
ajfa-1518	141	4	index	index	NOUN
ajfa-1518	141	5	data	datum	NOUN
ajfa-1518	141	6	for	for	ADP
ajfa-1518	141	7	all	all	DET
ajfa-1518	141	8	index	index	NOUN
ajfa-1518	141	9	series	series	NOUN
ajfa-1518	141	10	(	(	PUNCT
ajfa-1518	141	11	excluding	exclude	VERB
ajfa-1518	141	12	ftse	ftse	PROPN
ajfa-1518	141	13	bursa	bursa	PROPN
ajfa-1518	141	14	malaysia	malaysia	PROPN
ajfa-1518	141	15	kuala	kuala	PROPN
ajfa-1518	141	16	lumpur	lumpur	PROPN
ajfa-1518	141	17	composite	composite	PROPN
ajfa-1518	141	18	index	index	NOUN
ajfa-1518	141	19	)	)	PUNCT
ajfa-1518	141	20	becomes	become	VERB
ajfa-1518	141	21	available	available	ADJ
ajfa-1518	141	22	in	in	ADP
ajfa-1518	141	23	datastream	datastream	NOUN
ajfa-1518	141	24	from	from	ADP
ajfa-1518	141	25	1st	1st	ADJ
ajfa-1518	141	26	january	january	PROPN
ajfa-1518	141	27	1996	1996	NUM
ajfa-1518	141	28	,	,	PUNCT
ajfa-1518	141	29	this	this	DET
ajfa-1518	141	30	analysis	analysis	NOUN
ajfa-1518	141	31	therefore	therefore	ADV
ajfa-1518	141	32	begins	begin	VERB
ajfa-1518	141	33	on	on	ADP
ajfa-1518	141	34	this	this	DET
ajfa-1518	141	35	particular	particular	ADJ
ajfa-1518	141	36	date	date	NOUN
ajfa-1518	141	37	.	.	PUNCT
ajfa-1518	142	1	insert	insert	PROPN
ajfa-1518	142	2	table	table	NOUN
ajfa-1518	142	3	3	3	NUM
ajfa-1518	142	4	and	and	CCONJ
ajfa-1518	142	5	figure	figure	VERB
ajfa-1518	142	6	1	1	NUM
ajfa-1518	142	7	here	here	ADV
ajfa-1518	142	8	the	the	DET
ajfa-1518	142	9	result	result	NOUN
ajfa-1518	142	10	shows	show	VERB
ajfa-1518	142	11	that	that	SCONJ
ajfa-1518	142	12	the	the	DET
ajfa-1518	142	13	ftse	ftse	PROPN
ajfa-1518	142	14	bursa	bursa	PROPN
ajfa-1518	142	15	malaysia	malaysia	PROPN
ajfa-1518	142	16	klci	klci	NOUN
ajfa-1518	142	17	,	,	PUNCT
ajfa-1518	142	18	a	a	DET
ajfa-1518	142	19	large	large	ADJ
ajfa-1518	142	20	cap	cap	NOUN
ajfa-1518	142	21	index	index	NOUN
ajfa-1518	142	22	,	,	PUNCT
ajfa-1518	142	23	has	have	AUX
ajfa-1518	142	24	outperformed	outperform	VERB
ajfa-1518	142	25	other	other	ADJ
ajfa-1518	142	26	indices	index	NOUN
ajfa-1518	142	27	over	over	ADP
ajfa-1518	142	28	a	a	DET
ajfa-1518	142	29	long	long	ADV
ajfa-1518	142	30	-	-	PUNCT
ajfa-1518	142	31	run	run	NOUN
ajfa-1518	142	32	period	period	NOUN
ajfa-1518	142	33	.	.	PUNCT
ajfa-1518	143	1	over	over	ADP
ajfa-1518	143	2	the	the	DET
ajfa-1518	143	3	15	15	NUM
ajfa-1518	143	4	-	-	PUNCT
ajfa-1518	143	5	year	year	NOUN
ajfa-1518	143	6	period	period	NOUN
ajfa-1518	143	7	,	,	PUNCT
ajfa-1518	143	8	the	the	DET
ajfa-1518	143	9	ftse	ftse	PROPN
ajfa-1518	143	10	bursa	bursa	PROPN
ajfa-1518	143	11	malaysia	malaysia	PROPN
ajfa-1518	143	12	klci	klci	NOUN
ajfa-1518	143	13	generates	generate	VERB
ajfa-1518	143	14	substantial	substantial	ADJ
ajfa-1518	143	15	positive	positive	ADJ
ajfa-1518	143	16	cumulative	cumulative	ADJ
ajfa-1518	143	17	returns	return	NOUN
ajfa-1518	143	18	,	,	PUNCT
ajfa-1518	143	19	up	up	ADP
ajfa-1518	143	20	to	to	ADP
ajfa-1518	143	21	+44.01	+44.01	ADJ
ajfa-1518	143	22	%	%	NOUN
ajfa-1518	143	23	.	.	PUNCT
ajfa-1518	144	1	over	over	ADP
ajfa-1518	144	2	the	the	DET
ajfa-1518	144	3	same	same	ADJ
ajfa-1518	144	4	period	period	NOUN
ajfa-1518	144	5	,	,	PUNCT
ajfa-1518	144	6	the	the	DET
ajfa-1518	144	7	ftse	ftse	PROPN
ajfa-1518	144	8	bursa	bursa	PROPN
ajfa-1518	144	9	malaysia	malaysia	PROPN
ajfa-1518	144	10	fledgling	fledgling	PROPN
ajfa-1518	144	11	index	index	NOUN
ajfa-1518	144	12	records	record	VERB
ajfa-1518	144	13	the	the	DET
ajfa-1518	144	14	worst	bad	ADJ
ajfa-1518	144	15	share	share	NOUN
ajfa-1518	144	16	returns	return	NOUN
ajfa-1518	144	17	performance	performance	NOUN
ajfa-1518	144	18	of	of	ADP
ajfa-1518	144	19	-29.43	-29.43	NOUN
ajfa-1518	144	20	%	%	NOUN
ajfa-1518	144	21	;	;	PUNCT
ajfa-1518	144	22	followed	follow	VERB
ajfa-1518	144	23	by	by	ADP
ajfa-1518	144	24	the	the	DET
ajfa-1518	144	25	ftse	ftse	PROPN
ajfa-1518	144	26	bursa	bursa	PROPN
ajfa-1518	144	27	malaysia	malaysia	PROPN
ajfa-1518	144	28	small	small	PROPN
ajfa-1518	144	29	cap	cap	NOUN
ajfa-1518	144	30	index	index	NOUN
ajfa-1518	144	31	with	with	ADP
ajfa-1518	144	32	negative	negative	ADJ
ajfa-1518	144	33	cumulative	cumulative	ADJ
ajfa-1518	144	34	returns	return	NOUN
ajfa-1518	144	35	of	of	ADP
ajfa-1518	144	36	-18.13	-18.13	PROPN
ajfa-1518	144	37	%	%	NOUN
ajfa-1518	144	38	.	.	PUNCT
ajfa-1518	145	1	from	from	ADP
ajfa-1518	145	2	figure	figure	NOUN
ajfa-1518	145	3	1	1	NUM
ajfa-1518	145	4	,	,	PUNCT
ajfa-1518	145	5	it	it	PRON
ajfa-1518	145	6	can	can	AUX
ajfa-1518	145	7	be	be	AUX
ajfa-1518	145	8	seen	see	VERB
ajfa-1518	145	9	that	that	SCONJ
ajfa-1518	145	10	both	both	CCONJ
ajfa-1518	145	11	the	the	DET
ajfa-1518	145	12	ftse	ftse	PROPN
ajfa-1518	145	13	bursa	bursa	PROPN
ajfa-1518	145	14	malaysia	malaysia	PROPN
ajfa-1518	145	15	fledgling	fledgling	NOUN
ajfa-1518	145	16	and	and	CCONJ
ajfa-1518	145	17	small	small	ADJ
ajfa-1518	145	18	cap	cap	NOUN
ajfa-1518	145	19	indices	index	NOUN
ajfa-1518	145	20	outperformed	outperform	VERB
ajfa-1518	145	21	the	the	DET
ajfa-1518	145	22	ftse	ftse	PROPN
ajfa-1518	145	23	bursa	bursa	PROPN
ajfa-1518	145	24	malaysia	malaysia	PROPN
ajfa-1518	145	25	klci	klci	NOUN
ajfa-1518	145	26	during	during	ADP
ajfa-1518	145	27	the	the	DET
ajfa-1518	145	28	bull	bull	NOUN
ajfa-1518	145	29	periods	period	NOUN
ajfa-1518	145	30	of	of	ADP
ajfa-1518	145	31	1996	1996	NUM
ajfa-1518	145	32	(	(	PUNCT
ajfa-1518	145	33	prior	prior	ADV
ajfa-1518	145	34	to	to	ADP
ajfa-1518	145	35	the	the	DET
ajfa-1518	145	36	1997	1997	NUM
ajfa-1518	145	37	financial	financial	ADJ
ajfa-1518	145	38	crisis	crisis	NOUN
ajfa-1518	145	39	)	)	PUNCT
ajfa-1518	145	40	and	and	CCONJ
ajfa-1518	145	41	2000	2000	NUM
ajfa-1518	145	42	.	.	PUNCT
ajfa-1518	146	1	nevertheless	nevertheless	ADV
ajfa-1518	146	2	,	,	PUNCT
ajfa-1518	146	3	the	the	DET
ajfa-1518	146	4	trend	trend	NOUN
ajfa-1518	146	5	is	be	AUX
ajfa-1518	146	6	reversed	reverse	VERB
ajfa-1518	146	7	during	during	ADP
ajfa-1518	146	8	the	the	DET
ajfa-1518	146	9	bear	bear	NOUN
ajfa-1518	146	10	periods	period	NOUN
ajfa-1518	146	11	from	from	ADP
ajfa-1518	146	12	2001	2001	NUM
ajfa-1518	146	13	to	to	ADP
ajfa-1518	146	14	2006	2006	NUM
ajfa-1518	146	15	.	.	PUNCT
ajfa-1518	147	1	the	the	DET
ajfa-1518	147	2	large	large	ADJ
ajfa-1518	147	3	capitalisation	capitalisation	NOUN
ajfa-1518	147	4	firms	firm	NOUN
ajfa-1518	147	5	continue	continue	VERB
ajfa-1518	147	6	to	to	PART
ajfa-1518	147	7	demonstrate	demonstrate	VERB
ajfa-1518	147	8	superior	superior	ADJ
ajfa-1518	147	9	performance	performance	NOUN
ajfa-1518	147	10	in	in	ADP
ajfa-1518	147	11	the	the	DET
ajfa-1518	147	12	subsequent	subsequent	ADJ
ajfa-1518	147	13	years	year	NOUN
ajfa-1518	147	14	.	.	PUNCT
ajfa-1518	148	1	it	it	PRON
ajfa-1518	148	2	is	be	AUX
ajfa-1518	148	3	important	important	ADJ
ajfa-1518	148	4	to	to	PART
ajfa-1518	148	5	note	note	VERB
ajfa-1518	148	6	that	that	SCONJ
ajfa-1518	148	7	the	the	DET
ajfa-1518	148	8	test	test	NOUN
ajfa-1518	148	9	period	period	NOUN
ajfa-1518	148	10	of	of	ADP
ajfa-1518	148	11	one	one	NUM
ajfa-1518	148	12	to	to	PART
ajfa-1518	148	13	three	three	NUM
ajfa-1518	148	14	years	year	NOUN
ajfa-1518	148	15	’	'	PUNCT
ajfa-1518	148	16	post	post	VERB
ajfa-1518	148	17	spin	spin	VERB
ajfa-1518	148	18	-	-	PUNCT
ajfa-1518	148	19	off	off	ADP
ajfa-1518	148	20	performances	performance	NOUN
ajfa-1518	148	21	coincides	coincide	VERB
ajfa-1518	148	22	with	with	ADP
ajfa-1518	148	23	the	the	DET
ajfa-1518	148	24	several	several	ADJ
ajfa-1518	148	25	periods	period	NOUN
ajfa-1518	148	26	of	of	ADP
ajfa-1518	148	27	a	a	DET
ajfa-1518	148	28	malaysian	malaysian	ADJ
ajfa-1518	148	29	bear	bear	NOUN
ajfa-1518	148	30	market	market	NOUN
ajfa-1518	148	31	.	.	PUNCT
ajfa-1518	149	1	two	two	NUM
ajfa-1518	149	2	-	-	PUNCT
ajfa-1518	149	3	thirds	third	NOUN
ajfa-1518	149	4	of	of	ADP
ajfa-1518	149	5	the	the	DET
ajfa-1518	149	6	spin	spin	VERB
ajfa-1518	149	7	-	-	PUNCT
ajfa-1518	149	8	off	off	ADP
ajfa-1518	149	9	events	event	NOUN
ajfa-1518	149	10	occurred	occur	VERB
ajfa-1518	149	11	during	during	ADP
ajfa-1518	149	12	the	the	DET
ajfa-1518	149	13	period	period	NOUN
ajfa-1518	149	14	1999	1999	NUM
ajfa-1518	149	15	to	to	ADP
ajfa-1518	149	16	2006	2006	NUM
ajfa-1518	149	17	,	,	PUNCT
ajfa-1518	149	18	following	follow	VERB
ajfa-1518	149	19	the	the	DET
ajfa-1518	149	20	1997	1997	NUM
ajfa-1518	149	21	-	-	SYM
ajfa-1518	149	22	98	98	NUM
ajfa-1518	149	23	massive	massive	ADJ
ajfa-1518	149	24	decrease	decrease	NOUN
ajfa-1518	149	25	in	in	ADP
ajfa-1518	149	26	malaysian	malaysian	ADJ
ajfa-1518	149	27	share	share	NOUN
ajfa-1518	149	28	prices	price	NOUN
ajfa-1518	149	29	,	,	PUNCT
ajfa-1518	149	30	disproportionately	disproportionately	ADV
ajfa-1518	149	31	affecting	affect	VERB
ajfa-1518	149	32	small	small	ADJ
ajfa-1518	149	33	capitalisation	capitalisation	NOUN
ajfa-1518	149	34	firms	firm	NOUN
ajfa-1518	149	35	.	.	PUNCT
ajfa-1518	150	1	these	these	DET
ajfa-1518	150	2	findings	finding	NOUN
ajfa-1518	150	3	thus	thus	ADV
ajfa-1518	150	4	support	support	VERB
ajfa-1518	150	5	the	the	DET
ajfa-1518	150	6	results	result	NOUN
ajfa-1518	150	7	documented	document	VERB
ajfa-1518	150	8	by	by	ADP
ajfa-1518	150	9	nathrah	nathrah	PROPN
ajfa-1518	150	10	(	(	PUNCT
ajfa-1518	150	11	2006	2006	NUM
ajfa-1518	150	12	)	)	PUNCT
ajfa-1518	150	13	;	;	PUNCT
ajfa-1518	150	14	using	use	VERB
ajfa-1518	150	15	all	all	DET
ajfa-1518	150	16	the	the	DET
ajfa-1518	150	17	firms	firm	NOUN
ajfa-1518	150	18	listed	list	VERB
ajfa-1518	150	19	on	on	ADP
ajfa-1518	150	20	the	the	DET
ajfa-1518	150	21	bursa	bursa	NOUN
ajfa-1518	150	22	malaysia	malaysia	PROPN
ajfa-1518	150	23	during	during	ADP
ajfa-1518	150	24	the	the	DET
ajfa-1518	150	25	period	period	NOUN
ajfa-1518	150	26	1994	1994	NUM
ajfa-1518	150	27	to	to	ADP
ajfa-1518	150	28	2003	2003	NUM
ajfa-1518	150	29	,	,	PUNCT
ajfa-1518	150	30	she	she	PRON
ajfa-1518	150	31	observed	observe	VERB
ajfa-1518	150	32	that	that	SCONJ
ajfa-1518	150	33	a	a	DET
ajfa-1518	150	34	reverse	reverse	ADJ
ajfa-1518	150	35	size	size	NOUN
ajfa-1518	150	36	effect	effect	NOUN
ajfa-1518	150	37	was	be	AUX
ajfa-1518	150	38	seen	see	VERB
ajfa-1518	150	39	during	during	ADP
ajfa-1518	150	40	the	the	DET
ajfa-1518	150	41	bear	bear	NOUN
ajfa-1518	150	42	months	month	NOUN
ajfa-1518	150	43	;	;	PUNCT
ajfa-1518	150	44	while	while	SCONJ
ajfa-1518	150	45	a	a	DET
ajfa-1518	150	46	small	small	ADJ
ajfa-1518	150	47	firm	firm	ADJ
ajfa-1518	150	48	effect	effect	NOUN
ajfa-1518	150	49	tended	tend	VERB
ajfa-1518	150	50	to	to	PART
ajfa-1518	150	51	occur	occur	VERB
ajfa-1518	150	52	during	during	ADP
ajfa-1518	150	53	the	the	DET
ajfa-1518	150	54	bull	bull	NOUN
ajfa-1518	150	55	months	month	NOUN
ajfa-1518	150	56	.	.	PUNCT
ajfa-1518	151	1	to	to	PART
ajfa-1518	151	2	show	show	VERB
ajfa-1518	151	3	the	the	DET
ajfa-1518	151	4	size	size	NOUN
ajfa-1518	151	5	composition	composition	NOUN
ajfa-1518	151	6	of	of	ADP
ajfa-1518	151	7	malaysian	malaysian	ADJ
ajfa-1518	151	8	spin	spin	NOUN
ajfa-1518	151	9	-	-	PUNCT
ajfa-1518	151	10	off	off	ADP
ajfa-1518	151	11	firms	firm	NOUN
ajfa-1518	151	12	,	,	PUNCT
ajfa-1518	151	13	this	this	DET
ajfa-1518	151	14	study	study	NOUN
ajfa-1518	151	15	presents	present	VERB
ajfa-1518	151	16	the	the	DET
ajfa-1518	151	17	percentage	percentage	NOUN
ajfa-1518	151	18	of	of	ADP
ajfa-1518	151	19	parents	parent	NOUN
ajfa-1518	151	20	and	and	CCONJ
ajfa-1518	151	21	spun	spin	VERB
ajfa-1518	151	22	-	-	PUNCT
ajfa-1518	151	23	offs	off	NOUN
ajfa-1518	151	24	on	on	ADP
ajfa-1518	151	25	the	the	DET
ajfa-1518	151	26	basis	basis	NOUN
ajfa-1518	151	27	of	of	ADP
ajfa-1518	151	28	size	size	NOUN
ajfa-1518	151	29	-	-	PUNCT
ajfa-1518	151	30	ranked	rank	VERB
ajfa-1518	151	31	decile	decile	NOUN
ajfa-1518	151	32	portfolios	portfolio	NOUN
ajfa-1518	151	33	for	for	ADP
ajfa-1518	151	34	the	the	DET
ajfa-1518	151	35	whole	whole	ADJ
ajfa-1518	151	36	market	market	NOUN
ajfa-1518	151	37	(	(	PUNCT
ajfa-1518	151	38	in	in	ADP
ajfa-1518	151	39	table	table	NOUN
ajfa-1518	151	40	4	4	NUM
ajfa-1518	151	41	)	)	PUNCT
ajfa-1518	151	42	with	with	ADP
ajfa-1518	151	43	the	the	DET
ajfa-1518	151	44	largest	large	ADJ
ajfa-1518	151	45	market	market	NOUN
ajfa-1518	151	46	capitalisation	capitalisation	NOUN
ajfa-1518	151	47	portfolio	portfolio	NOUN
ajfa-1518	151	48	in	in	ADP
ajfa-1518	151	49	decile	decile	NOUN
ajfa-1518	151	50	1	1	NUM
ajfa-1518	151	51	and	and	CCONJ
ajfa-1518	151	52	the	the	DET
ajfa-1518	151	53	smallest	small	ADJ
ajfa-1518	151	54	in	in	ADP
ajfa-1518	151	55	decile	decile	NOUN
ajfa-1518	151	56	10	10	NUM
ajfa-1518	151	57	.	.	PUNCT
ajfa-1518	152	1	insert	insert	ADJ
ajfa-1518	152	2	table	table	NOUN
ajfa-1518	152	3	4	4	NUM
ajfa-1518	152	4	here	here	ADV
ajfa-1518	152	5	clearly	clearly	ADV
ajfa-1518	152	6	the	the	DET
ajfa-1518	152	7	percentage	percentage	NOUN
ajfa-1518	152	8	of	of	ADP
ajfa-1518	152	9	spun	spin	VERB
ajfa-1518	152	10	-	-	PUNCT
ajfa-1518	152	11	off	off	ADP
ajfa-1518	152	12	firms	firm	NOUN
ajfa-1518	152	13	is	be	AUX
ajfa-1518	152	14	distributed	distribute	VERB
ajfa-1518	152	15	fairly	fairly	ADV
ajfa-1518	152	16	evenly	evenly	ADV
ajfa-1518	152	17	across	across	ADP
ajfa-1518	152	18	the	the	DET
ajfa-1518	152	19	deciles	decile	NOUN
ajfa-1518	152	20	.	.	PUNCT
ajfa-1518	153	1	on	on	ADP
ajfa-1518	153	2	the	the	DET
ajfa-1518	153	3	other	other	ADJ
ajfa-1518	153	4	hand	hand	NOUN
ajfa-1518	153	5	,	,	PUNCT
ajfa-1518	153	6	approximately	approximately	ADV
ajfa-1518	153	7	70	70	NUM
ajfa-1518	153	8	%	%	NOUN
ajfa-1518	153	9	of	of	ADP
ajfa-1518	153	10	the	the	DET
ajfa-1518	153	11	total	total	ADJ
ajfa-1518	153	12	number	number	NOUN
ajfa-1518	153	13	of	of	ADP
ajfa-1518	153	14	parent	parent	NOUN
ajfa-1518	153	15	firms	firm	NOUN
ajfa-1518	153	16	are	be	AUX
ajfa-1518	153	17	categorised	categorise	VERB
ajfa-1518	153	18	in	in	ADP
ajfa-1518	153	19	the	the	DET
ajfa-1518	153	20	largest	large	ADJ
ajfa-1518	153	21	market	market	NOUN
ajfa-1518	153	22	capitalisation	capitalisation	NOUN
ajfa-1518	153	23	quintile	quintile	NOUN
ajfa-1518	153	24	;	;	PUNCT
ajfa-1518	153	25	hence	hence	ADV
ajfa-1518	153	26	,	,	PUNCT
ajfa-1518	153	27	this	this	DET
ajfa-1518	153	28	research	research	NOUN
ajfa-1518	153	29	needs	need	VERB
ajfa-1518	153	30	to	to	PART
ajfa-1518	153	31	test	test	VERB
ajfa-1518	153	32	if	if	SCONJ
ajfa-1518	153	33	the	the	DET
ajfa-1518	153	34	performance	performance	NOUN
ajfa-1518	153	35	of	of	ADP
ajfa-1518	153	36	spin	spin	NOUN
ajfa-1518	153	37	-	-	PUNCT
ajfa-1518	153	38	off	off	ADP
ajfa-1518	153	39	firms	firm	NOUN
ajfa-1518	153	40	is	be	AUX
ajfa-1518	153	41	a	a	DET
ajfa-1518	153	42	manifestation	manifestation	NOUN
ajfa-1518	153	43	of	of	ADP
ajfa-1518	153	44	the	the	DET
ajfa-1518	153	45	size	size	NOUN
ajfa-1518	153	46	effect	effect	NOUN
ajfa-1518	153	47	.	.	PUNCT
ajfa-1518	154	1	5.4	5.4	NUM
ajfa-1518	154	2	size	size	NOUN
ajfa-1518	154	3	adjustment	adjustment	NOUN
ajfa-1518	154	4	to	to	PART
ajfa-1518	154	5	ascertain	ascertain	VERB
ajfa-1518	154	6	whether	whether	SCONJ
ajfa-1518	154	7	there	there	PRON
ajfa-1518	154	8	is	be	VERB
ajfa-1518	154	9	a	a	DET
ajfa-1518	154	10	spin	spin	VERB
ajfa-1518	154	11	-	-	PUNCT
ajfa-1518	154	12	off	off	ADP
ajfa-1518	154	13	effect	effect	NOUN
ajfa-1518	154	14	independent	independent	ADJ
ajfa-1518	154	15	of	of	ADP
ajfa-1518	154	16	a	a	DET
ajfa-1518	154	17	size	size	NOUN
ajfa-1518	154	18	effect	effect	NOUN
ajfa-1518	154	19	,	,	PUNCT
ajfa-1518	154	20	a	a	DET
ajfa-1518	154	21	full	full	ADJ
ajfa-1518	154	22	size	size	NOUN
ajfa-1518	154	23	adjustment	adjustment	NOUN
ajfa-1518	154	24	analysis	analysis	NOUN
ajfa-1518	154	25	is	be	AUX
ajfa-1518	154	26	conducted	conduct	VERB
ajfa-1518	154	27	.	.	PUNCT
ajfa-1518	155	1	following	follow	VERB
ajfa-1518	155	2	arnold	arnold	PROPN
ajfa-1518	155	3	and	and	CCONJ
ajfa-1518	155	4	baker	baker	PROPN
ajfa-1518	155	5	(	(	PUNCT
ajfa-1518	155	6	2007	2007	NUM
ajfa-1518	155	7	)	)	PUNCT
ajfa-1518	155	8	,	,	PUNCT
ajfa-1518	155	9	‘	'	PUNCT
ajfa-1518	155	10	size	size	NOUN
ajfa-1518	155	11	-	-	PUNCT
ajfa-1518	155	12	adjusted	adjust	VERB
ajfa-1518	155	13	asian	asian	ADJ
ajfa-1518	155	14	journal	journal	NOUN
ajfa-1518	155	15	of	of	ADP
ajfa-1518	155	16	finance	finance	PROPN
ajfa-1518	155	17	&	&	CCONJ
ajfa-1518	155	18	accounting	accounting	PROPN
ajfa-1518	155	19	issn	issn	PROPN
ajfa-1518	155	20	1946	1946	NUM
ajfa-1518	155	21	-	-	PUNCT
ajfa-1518	155	22	052x	052x	NOUN
ajfa-1518	155	23	2012	2012	NUM
ajfa-1518	155	24	,	,	PUNCT
ajfa-1518	155	25	vol	vol	NOUN
ajfa-1518	155	26	.	.	PROPN
ajfa-1518	155	27	4	4	NUM
ajfa-1518	155	28	,	,	PUNCT
ajfa-1518	155	29	no	no	INTJ
ajfa-1518	155	30	.	.	NOUN
ajfa-1518	155	31	1	1	NUM
ajfa-1518	155	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	155	33	161	161	NUM
ajfa-1518	155	34	portfolio	portfolio	NOUN
ajfa-1518	155	35	’	'	PUNCT
ajfa-1518	155	36	is	be	AUX
ajfa-1518	155	37	created	create	VERB
ajfa-1518	155	38	.	.	PUNCT
ajfa-1518	156	1	to	to	PART
ajfa-1518	156	2	generate	generate	VERB
ajfa-1518	156	3	these	these	PRON
ajfa-1518	156	4	,	,	PUNCT
ajfa-1518	156	5	the	the	DET
ajfa-1518	156	6	completion	completion	NOUN
ajfa-1518	156	7	month	month	NOUN
ajfa-1518	156	8	of	of	ADP
ajfa-1518	156	9	a	a	DET
ajfa-1518	156	10	spin	spin	NOUN
ajfa-1518	156	11	-	-	PUNCT
ajfa-1518	156	12	off	off	NOUN
ajfa-1518	156	13	is	be	AUX
ajfa-1518	156	14	taken	take	VERB
ajfa-1518	156	15	.	.	PUNCT
ajfa-1518	157	1	on	on	ADP
ajfa-1518	157	2	that	that	DET
ajfa-1518	157	3	date	date	NOUN
ajfa-1518	157	4	,	,	PUNCT
ajfa-1518	157	5	we	we	PRON
ajfa-1518	157	6	allocate	allocate	VERB
ajfa-1518	157	7	all	all	DET
ajfa-1518	157	8	shares	share	NOUN
ajfa-1518	157	9	in	in	ADP
ajfa-1518	157	10	the	the	DET
ajfa-1518	157	11	malaysian	malaysian	ADJ
ajfa-1518	157	12	market	market	NOUN
ajfa-1518	157	13	into	into	ADP
ajfa-1518	157	14	decile	decile	NOUN
ajfa-1518	157	15	on	on	ADP
ajfa-1518	157	16	the	the	DET
ajfa-1518	157	17	basis	basis	NOUN
ajfa-1518	157	18	of	of	ADP
ajfa-1518	157	19	market	market	NOUN
ajfa-1518	157	20	capitalisation	capitalisation	NOUN
ajfa-1518	157	21	.	.	PUNCT
ajfa-1518	158	1	size	size	NOUN
ajfa-1518	158	2	decile	decile	NOUN
ajfa-1518	158	3	1	1	NUM
ajfa-1518	158	4	consists	consist	VERB
ajfa-1518	158	5	of	of	ADP
ajfa-1518	158	6	the	the	DET
ajfa-1518	158	7	largest	large	ADJ
ajfa-1518	158	8	market	market	NOUN
ajfa-1518	158	9	capitalisation	capitalisation	NOUN
ajfa-1518	158	10	firms	firm	NOUN
ajfa-1518	158	11	,	,	PUNCT
ajfa-1518	158	12	whilst	whilst	SCONJ
ajfa-1518	158	13	size	size	NOUN
ajfa-1518	158	14	decile	decile	NOUN
ajfa-1518	158	15	10	10	NUM
ajfa-1518	158	16	includes	include	VERB
ajfa-1518	158	17	firms	firm	NOUN
ajfa-1518	158	18	with	with	ADP
ajfa-1518	158	19	the	the	DET
ajfa-1518	158	20	smallest	small	ADJ
ajfa-1518	158	21	market	market	NOUN
ajfa-1518	158	22	capitalisation	capitalisation	NOUN
ajfa-1518	158	23	.	.	PUNCT
ajfa-1518	159	1	this	this	PRON
ajfa-1518	159	2	allows	allow	VERB
ajfa-1518	159	3	us	we	PRON
ajfa-1518	159	4	to	to	PART
ajfa-1518	159	5	observe	observe	VERB
ajfa-1518	159	6	the	the	DET
ajfa-1518	159	7	returns	return	NOUN
ajfa-1518	159	8	for	for	ADP
ajfa-1518	159	9	the	the	DET
ajfa-1518	159	10	size	size	NOUN
ajfa-1518	159	11	decile	decile	NOUN
ajfa-1518	159	12	appropriate	appropriate	ADJ
ajfa-1518	159	13	for	for	ADP
ajfa-1518	159	14	the	the	DET
ajfa-1518	159	15	sample	sample	NOUN
ajfa-1518	159	16	firm	firm	NOUN
ajfa-1518	159	17	.	.	PUNCT
ajfa-1518	160	1	we	we	PRON
ajfa-1518	160	2	then	then	ADV
ajfa-1518	160	3	have	have	VERB
ajfa-1518	160	4	data	datum	NOUN
ajfa-1518	160	5	for	for	ADP
ajfa-1518	160	6	the	the	DET
ajfa-1518	160	7	returns	return	NOUN
ajfa-1518	160	8	(	(	PUNCT
ajfa-1518	160	9	for	for	ADP
ajfa-1518	160	10	each	each	PRON
ajfa-1518	160	11	of	of	ADP
ajfa-1518	160	12	36	36	NUM
ajfa-1518	160	13	spin	spin	VERB
ajfa-1518	160	14	-	-	PUNCT
ajfa-1518	160	15	off	off	ADP
ajfa-1518	160	16	firms	firm	NOUN
ajfa-1518	160	17	)	)	PUNCT
ajfa-1518	160	18	over	over	ADP
ajfa-1518	160	19	the	the	DET
ajfa-1518	160	20	36	36	NUM
ajfa-1518	160	21	months	month	NOUN
ajfa-1518	160	22	following	follow	VERB
ajfa-1518	160	23	the	the	DET
ajfa-1518	160	24	spin	spin	VERB
ajfa-1518	160	25	-	-	PUNCT
ajfa-1518	160	26	off	off	ADP
ajfa-1518	160	27	completion	completion	NOUN
ajfa-1518	160	28	as	as	ADP
ajfa-1518	160	29	a	a	DET
ajfa-1518	160	30	result	result	NOUN
ajfa-1518	160	31	of	of	ADP
ajfa-1518	160	32	belonging	belong	VERB
ajfa-1518	160	33	to	to	ADP
ajfa-1518	160	34	size	size	NOUN
ajfa-1518	160	35	decile	decile	NOUN
ajfa-1518	160	36	.	.	PUNCT
ajfa-1518	161	1	if	if	SCONJ
ajfa-1518	161	2	these	these	DET
ajfa-1518	161	3	returns	return	NOUN
ajfa-1518	161	4	are	be	AUX
ajfa-1518	161	5	subtracted	subtract	VERB
ajfa-1518	161	6	from	from	ADP
ajfa-1518	161	7	the	the	DET
ajfa-1518	161	8	actual	actual	ADJ
ajfa-1518	161	9	returns	return	NOUN
ajfa-1518	161	10	for	for	ADP
ajfa-1518	161	11	the	the	DET
ajfa-1518	161	12	sample	sample	NOUN
ajfa-1518	161	13	firm	firm	NOUN
ajfa-1518	161	14	,	,	PUNCT
ajfa-1518	161	15	we	we	PRON
ajfa-1518	161	16	have	have	VERB
ajfa-1518	161	17	the	the	DET
ajfa-1518	161	18	size	size	NOUN
ajfa-1518	161	19	-	-	PUNCT
ajfa-1518	161	20	adjusted	adjust	VERB
ajfa-1518	161	21	returns	return	NOUN
ajfa-1518	161	22	,	,	PUNCT
ajfa-1518	161	23	and	and	CCONJ
ajfa-1518	161	24	can	can	AUX
ajfa-1518	161	25	then	then	ADV
ajfa-1518	161	26	comment	comment	VERB
ajfa-1518	161	27	on	on	ADP
ajfa-1518	161	28	whether	whether	SCONJ
ajfa-1518	161	29	the	the	DET
ajfa-1518	161	30	size	size	NOUN
ajfa-1518	161	31	effect	effect	NOUN
ajfa-1518	161	32	subsumes	subsume	VERB
ajfa-1518	161	33	the	the	DET
ajfa-1518	161	34	spin	spin	VERB
ajfa-1518	161	35	-	-	PUNCT
ajfa-1518	161	36	off	off	ADP
ajfa-1518	161	37	effect	effect	NOUN
ajfa-1518	161	38	.	.	PUNCT
ajfa-1518	162	1	a	a	DET
ajfa-1518	162	2	similar	similar	ADJ
ajfa-1518	162	3	analysis	analysis	NOUN
ajfa-1518	162	4	is	be	AUX
ajfa-1518	162	5	conducted	conduct	VERB
ajfa-1518	162	6	for	for	ADP
ajfa-1518	162	7	the	the	DET
ajfa-1518	162	8	few	few	ADJ
ajfa-1518	162	9	days	day	NOUN
ajfa-1518	162	10	around	around	ADP
ajfa-1518	162	11	the	the	DET
ajfa-1518	162	12	spin	spin	NOUN
ajfa-1518	162	13	-	-	PUNCT
ajfa-1518	162	14	off	off	ADP
ajfa-1518	162	15	announcement	announcement	NOUN
ajfa-1518	162	16	by	by	ADP
ajfa-1518	162	17	forming	form	VERB
ajfa-1518	162	18	size	size	NOUN
ajfa-1518	162	19	decile	decile	NOUN
ajfa-1518	162	20	for	for	ADP
ajfa-1518	162	21	each	each	DET
ajfa-1518	162	22	sample	sample	NOUN
ajfa-1518	162	23	parent	parent	NOUN
ajfa-1518	162	24	firm	firm	NOUN
ajfa-1518	162	25	at	at	ADP
ajfa-1518	162	26	the	the	DET
ajfa-1518	162	27	date	date	NOUN
ajfa-1518	162	28	of	of	ADP
ajfa-1518	162	29	announcement	announcement	NOUN
ajfa-1518	162	30	and	and	CCONJ
ajfa-1518	162	31	observing	observe	VERB
ajfa-1518	162	32	the	the	DET
ajfa-1518	162	33	average	average	ADJ
ajfa-1518	162	34	returns	return	NOUN
ajfa-1518	162	35	for	for	ADP
ajfa-1518	162	36	the	the	DET
ajfa-1518	162	37	size	size	NOUN
ajfa-1518	162	38	decile	decile	NOUN
ajfa-1518	162	39	that	that	PRON
ajfa-1518	162	40	the	the	DET
ajfa-1518	162	41	sample	sample	NOUN
ajfa-1518	162	42	firm	firm	NOUN
ajfa-1518	162	43	falls	fall	VERB
ajfa-1518	162	44	into	into	ADP
ajfa-1518	162	45	.	.	PUNCT
ajfa-1518	162	46	table	table	NOUN
ajfa-1518	162	47	5	5	NUM
ajfa-1518	162	48	displays	display	VERB
ajfa-1518	162	49	the	the	DET
ajfa-1518	162	50	daily	daily	ADJ
ajfa-1518	162	51	size	size	NOUN
ajfa-1518	162	52	-	-	PUNCT
ajfa-1518	162	53	adjusted	adjust	VERB
ajfa-1518	162	54	abnormal	abnormal	ADJ
ajfa-1518	162	55	returns	return	NOUN
ajfa-1518	162	56	for	for	ADP
ajfa-1518	162	57	parent	parent	NOUN
ajfa-1518	162	58	firms	firm	NOUN
ajfa-1518	162	59	during	during	ADP
ajfa-1518	162	60	the	the	DET
ajfa-1518	162	61	period	period	NOUN
ajfa-1518	162	62	surrounding	surround	VERB
ajfa-1518	162	63	the	the	DET
ajfa-1518	162	64	announcement	announcement	NOUN
ajfa-1518	162	65	date	date	NOUN
ajfa-1518	162	66	.	.	PUNCT
ajfa-1518	163	1	table	table	NOUN
ajfa-1518	163	2	6	6	NUM
ajfa-1518	163	3	shows	show	VERB
ajfa-1518	163	4	the	the	DET
ajfa-1518	163	5	percentage	percentage	NOUN
ajfa-1518	163	6	monthly	monthly	ADJ
ajfa-1518	163	7	size	size	NOUN
ajfa-1518	163	8	-	-	PUNCT
ajfa-1518	163	9	adjusted	adjust	VERB
ajfa-1518	163	10	abnormal	abnormal	ADJ
ajfa-1518	163	11	returns	return	NOUN
ajfa-1518	163	12	for	for	ADP
ajfa-1518	163	13	the	the	DET
ajfa-1518	163	14	full	full	ADJ
ajfa-1518	163	15	sample	sample	NOUN
ajfa-1518	163	16	of	of	ADP
ajfa-1518	163	17	parents	parent	NOUN
ajfa-1518	163	18	,	,	PUNCT
ajfa-1518	163	19	spun	spun	ADJ
ajfa-1518	163	20	-	-	PUNCT
ajfa-1518	163	21	offs	off	NOUN
ajfa-1518	163	22	and	and	CCONJ
ajfa-1518	163	23	combined	combined	ADJ
ajfa-1518	163	24	firms	firm	NOUN
ajfa-1518	163	25	in	in	ADP
ajfa-1518	163	26	the	the	DET
ajfa-1518	163	27	three	three	NUM
ajfa-1518	163	28	-	-	PUNCT
ajfa-1518	163	29	year	year	NOUN
ajfa-1518	163	30	holding	hold	VERB
ajfa-1518	163	31	period	period	NOUN
ajfa-1518	163	32	following	follow	VERB
ajfa-1518	163	33	the	the	DET
ajfa-1518	163	34	completion	completion	NOUN
ajfa-1518	163	35	month	month	NOUN
ajfa-1518	163	36	of	of	ADP
ajfa-1518	163	37	a	a	DET
ajfa-1518	163	38	spin	spin	NOUN
ajfa-1518	163	39	-	-	PUNCT
ajfa-1518	163	40	off	off	NOUN
ajfa-1518	163	41	.	.	PUNCT
ajfa-1518	164	1	insert	insert	PROPN
ajfa-1518	164	2	table	table	NOUN
ajfa-1518	164	3	5	5	NUM
ajfa-1518	164	4	and	and	CCONJ
ajfa-1518	164	5	6	6	NUM
ajfa-1518	164	6	here	here	ADV
ajfa-1518	164	7	after	after	ADP
ajfa-1518	164	8	adjusting	adjust	VERB
ajfa-1518	164	9	for	for	ADP
ajfa-1518	164	10	size	size	NOUN
ajfa-1518	164	11	,	,	PUNCT
ajfa-1518	164	12	the	the	DET
ajfa-1518	164	13	results	result	NOUN
ajfa-1518	164	14	confirm	confirm	VERB
ajfa-1518	164	15	the	the	DET
ajfa-1518	164	16	presence	presence	NOUN
ajfa-1518	164	17	of	of	ADP
ajfa-1518	164	18	a	a	DET
ajfa-1518	164	19	spin	spin	NOUN
ajfa-1518	164	20	-	-	PUNCT
ajfa-1518	164	21	off	off	ADP
ajfa-1518	164	22	effect	effect	NOUN
ajfa-1518	164	23	for	for	ADP
ajfa-1518	164	24	parent	parent	NOUN
ajfa-1518	164	25	firms	firm	NOUN
ajfa-1518	164	26	during	during	ADP
ajfa-1518	164	27	the	the	DET
ajfa-1518	164	28	few	few	ADJ
ajfa-1518	164	29	days	day	NOUN
ajfa-1518	164	30	surrounding	surround	VERB
ajfa-1518	164	31	the	the	DET
ajfa-1518	164	32	announcement	announcement	NOUN
ajfa-1518	164	33	date	date	NOUN
ajfa-1518	164	34	(	(	PUNCT
ajfa-1518	164	35	as	as	SCONJ
ajfa-1518	164	36	shown	show	VERB
ajfa-1518	164	37	in	in	ADP
ajfa-1518	164	38	table	table	NOUN
ajfa-1518	164	39	5	5	NUM
ajfa-1518	164	40	)	)	PUNCT
ajfa-1518	164	41	.	.	PUNCT
ajfa-1518	165	1	the	the	DET
ajfa-1518	165	2	size	size	NOUN
ajfa-1518	165	3	-	-	PUNCT
ajfa-1518	165	4	adjusted	adjust	VERB
ajfa-1518	165	5	abnormal	abnormal	ADJ
ajfa-1518	165	6	returns	return	NOUN
ajfa-1518	165	7	(	(	PUNCT
ajfa-1518	165	8	saars	saar	VERB
ajfa-1518	165	9	)	)	PUNCT
ajfa-1518	165	10	in	in	ADP
ajfa-1518	165	11	the	the	DET
ajfa-1518	165	12	three	three	NUM
ajfa-1518	165	13	-	-	PUNCT
ajfa-1518	165	14	day	day	NOUN
ajfa-1518	165	15	event	event	NOUN
ajfa-1518	165	16	window	window	NOUN
ajfa-1518	165	17	(	(	PUNCT
ajfa-1518	165	18	day	day	NOUN
ajfa-1518	165	19	-1	-1	PUNCT
ajfa-1518	165	20	through	through	ADP
ajfa-1518	165	21	day	day	NOUN
ajfa-1518	165	22	+1	+1	PROPN
ajfa-1518	165	23	)	)	PUNCT
ajfa-1518	165	24	and	and	CCONJ
ajfa-1518	165	25	in	in	ADP
ajfa-1518	165	26	the	the	DET
ajfa-1518	165	27	five	five	NUM
ajfa-1518	165	28	-	-	PUNCT
ajfa-1518	165	29	day	day	NOUN
ajfa-1518	165	30	event	event	NOUN
ajfa-1518	165	31	window	window	NOUN
ajfa-1518	165	32	(	(	PUNCT
ajfa-1518	165	33	day	day	NOUN
ajfa-1518	165	34	+1	+1	PROPN
ajfa-1518	165	35	through	through	ADP
ajfa-1518	165	36	day	day	NOUN
ajfa-1518	165	37	+5	+5	PROPN
ajfa-1518	165	38	)	)	PUNCT
ajfa-1518	165	39	are	be	AUX
ajfa-1518	165	40	recorded	record	VERB
ajfa-1518	165	41	at	at	ADP
ajfa-1518	165	42	+4.81	+4.81	PROPN
ajfa-1518	165	43	%	%	NOUN
ajfa-1518	165	44	and	and	CCONJ
ajfa-1518	165	45	+4.21	+4.21	PROPN
ajfa-1518	165	46	%	%	NOUN
ajfa-1518	165	47	,	,	PUNCT
ajfa-1518	165	48	respectively	respectively	ADV
ajfa-1518	165	49	,	,	PUNCT
ajfa-1518	165	50	indicating	indicate	VERB
ajfa-1518	165	51	that	that	SCONJ
ajfa-1518	165	52	the	the	DET
ajfa-1518	165	53	short	short	ADJ
ajfa-1518	165	54	-	-	PUNCT
ajfa-1518	165	55	run	run	NOUN
ajfa-1518	165	56	outperformance	outperformance	NOUN
ajfa-1518	165	57	of	of	ADP
ajfa-1518	165	58	parent	parent	NOUN
ajfa-1518	165	59	firms	firm	NOUN
ajfa-1518	165	60	persists	persist	VERB
ajfa-1518	165	61	following	follow	VERB
ajfa-1518	165	62	the	the	DET
ajfa-1518	165	63	size	size	NOUN
ajfa-1518	165	64	-	-	PUNCT
ajfa-1518	165	65	adjustment	adjustment	NOUN
ajfa-1518	165	66	analysis	analysis	NOUN
ajfa-1518	165	67	.	.	PUNCT
ajfa-1518	166	1	interestingly	interestingly	ADV
ajfa-1518	166	2	,	,	PUNCT
ajfa-1518	166	3	the	the	DET
ajfa-1518	166	4	size	size	NOUN
ajfa-1518	166	5	adjustment	adjustment	NOUN
ajfa-1518	166	6	increases	increase	VERB
ajfa-1518	166	7	the	the	DET
ajfa-1518	166	8	strength	strength	NOUN
ajfa-1518	166	9	of	of	ADP
ajfa-1518	166	10	evidence	evidence	NOUN
ajfa-1518	166	11	in	in	ADP
ajfa-1518	166	12	favour	favour	NOUN
ajfa-1518	166	13	of	of	ADP
ajfa-1518	166	14	a	a	DET
ajfa-1518	166	15	pricing	pricing	NOUN
ajfa-1518	166	16	inefficiency	inefficiency	NOUN
ajfa-1518	166	17	.	.	PUNCT
ajfa-1518	167	1	in	in	ADP
ajfa-1518	167	2	the	the	DET
ajfa-1518	167	3	five	five	NUM
ajfa-1518	167	4	days	day	NOUN
ajfa-1518	167	5	following	follow	VERB
ajfa-1518	167	6	the	the	DET
ajfa-1518	167	7	announcement	announcement	NOUN
ajfa-1518	167	8	there	there	PRON
ajfa-1518	167	9	is	be	VERB
ajfa-1518	167	10	a	a	DET
ajfa-1518	167	11	jump	jump	NOUN
ajfa-1518	167	12	in	in	ADP
ajfa-1518	167	13	returns	return	NOUN
ajfa-1518	167	14	,	,	PUNCT
ajfa-1518	167	15	indicating	indicate	VERB
ajfa-1518	167	16	some	some	DET
ajfa-1518	167	17	post	post	ADJ
ajfa-1518	167	18	-	-	ADJ
ajfa-1518	167	19	announcement	announcement	ADJ
ajfa-1518	167	20	drift	drift	NOUN
ajfa-1518	167	21	,	,	PUNCT
ajfa-1518	167	22	although	although	SCONJ
ajfa-1518	167	23	the	the	DET
ajfa-1518	167	24	results	result	NOUN
ajfa-1518	167	25	are	be	AUX
ajfa-1518	167	26	significant	significant	ADJ
ajfa-1518	167	27	only	only	ADV
ajfa-1518	167	28	at	at	ADP
ajfa-1518	167	29	the	the	DET
ajfa-1518	167	30	10	10	NUM
ajfa-1518	167	31	%	%	NOUN
ajfa-1518	167	32	level	level	NOUN
ajfa-1518	167	33	.	.	PUNCT
ajfa-1518	168	1	in	in	ADP
ajfa-1518	168	2	contrast	contrast	NOUN
ajfa-1518	168	3	to	to	ADP
ajfa-1518	168	4	the	the	DET
ajfa-1518	168	5	results	result	NOUN
ajfa-1518	168	6	obtained	obtain	VERB
ajfa-1518	168	7	using	use	VERB
ajfa-1518	168	8	market	market	NOUN
ajfa-1518	168	9	adjusted	adjust	VERB
ajfa-1518	168	10	buy	buy	NOUN
ajfa-1518	168	11	-	-	PUNCT
ajfa-1518	168	12	and	and	CCONJ
ajfa-1518	168	13	-	-	PUNCT
ajfa-1518	168	14	hold	hold	VERB
ajfa-1518	168	15	abnormal	abnormal	ADJ
ajfa-1518	168	16	returns	return	NOUN
ajfa-1518	168	17	as	as	SCONJ
ajfa-1518	168	18	reported	report	VERB
ajfa-1518	168	19	in	in	ADP
ajfa-1518	168	20	table	table	NOUN
ajfa-1518	168	21	2	2	NUM
ajfa-1518	168	22	,	,	PUNCT
ajfa-1518	168	23	it	it	PRON
ajfa-1518	168	24	can	can	AUX
ajfa-1518	168	25	be	be	AUX
ajfa-1518	168	26	observed	observe	VERB
ajfa-1518	168	27	that	that	SCONJ
ajfa-1518	168	28	there	there	PRON
ajfa-1518	168	29	are	be	VERB
ajfa-1518	168	30	no	no	DET
ajfa-1518	168	31	significant	significant	ADJ
ajfa-1518	168	32	spin	spin	NOUN
ajfa-1518	168	33	-	-	PUNCT
ajfa-1518	168	34	off	off	ADP
ajfa-1518	168	35	abnormal	abnormal	ADJ
ajfa-1518	168	36	returns	return	NOUN
ajfa-1518	168	37	for	for	ADP
ajfa-1518	168	38	parents	parent	NOUN
ajfa-1518	168	39	,	,	PUNCT
ajfa-1518	168	40	spun	spun	ADJ
ajfa-1518	168	41	-	-	PUNCT
ajfa-1518	168	42	offs	off	NOUN
ajfa-1518	168	43	and	and	CCONJ
ajfa-1518	168	44	combined	combined	ADJ
ajfa-1518	168	45	firms	firm	NOUN
ajfa-1518	168	46	over	over	ADP
ajfa-1518	168	47	the	the	DET
ajfa-1518	168	48	three	three	NUM
ajfa-1518	168	49	-	-	PUNCT
ajfa-1518	168	50	year	year	NOUN
ajfa-1518	168	51	holding	holding	NOUN
ajfa-1518	168	52	period	period	NOUN
ajfa-1518	168	53	after	after	ADP
ajfa-1518	168	54	eliminating	eliminate	VERB
ajfa-1518	168	55	the	the	DET
ajfa-1518	168	56	influence	influence	NOUN
ajfa-1518	168	57	of	of	ADP
ajfa-1518	168	58	size	size	NOUN
ajfa-1518	168	59	(	(	PUNCT
ajfa-1518	168	60	as	as	SCONJ
ajfa-1518	168	61	shown	show	VERB
ajfa-1518	168	62	in	in	ADP
ajfa-1518	168	63	table	table	NOUN
ajfa-1518	168	64	6	6	NUM
ajfa-1518	168	65	)	)	PUNCT
ajfa-1518	168	66	;	;	PUNCT
ajfa-1518	168	67	thus	thus	ADV
ajfa-1518	168	68	any	any	DET
ajfa-1518	168	69	spin	spin	NOUN
ajfa-1518	168	70	-	-	PUNCT
ajfa-1518	168	71	off	off	ADP
ajfa-1518	168	72	effect	effect	NOUN
ajfa-1518	168	73	is	be	AUX
ajfa-1518	168	74	subsumed	subsume	VERB
ajfa-1518	168	75	by	by	ADP
ajfa-1518	168	76	the	the	DET
ajfa-1518	168	77	size	size	NOUN
ajfa-1518	168	78	effect	effect	NOUN
ajfa-1518	168	79	.	.	PUNCT
ajfa-1518	169	1	6	6	X
ajfa-1518	169	2	.	.	X
ajfa-1518	169	3	summary	summary	NOUN
ajfa-1518	169	4	and	and	CCONJ
ajfa-1518	169	5	conclusion	conclusion	NOUN
ajfa-1518	169	6	overall	overall	ADV
ajfa-1518	169	7	,	,	PUNCT
ajfa-1518	169	8	these	these	DET
ajfa-1518	169	9	results	result	NOUN
ajfa-1518	169	10	imply	imply	VERB
ajfa-1518	169	11	that	that	SCONJ
ajfa-1518	169	12	,	,	PUNCT
ajfa-1518	169	13	following	follow	VERB
ajfa-1518	169	14	an	an	DET
ajfa-1518	169	15	adjustment	adjustment	NOUN
ajfa-1518	169	16	for	for	ADP
ajfa-1518	169	17	size	size	NOUN
ajfa-1518	169	18	,	,	PUNCT
ajfa-1518	169	19	spin	spin	NOUN
ajfa-1518	169	20	-	-	PUNCT
ajfa-1518	169	21	offs	off	NOUN
ajfa-1518	169	22	create	create	NOUN
ajfa-1518	169	23	(	(	PUNCT
ajfa-1518	169	24	perhaps	perhaps	ADV
ajfa-1518	169	25	illusory	illusory	ADJ
ajfa-1518	169	26	)	)	PUNCT
ajfa-1518	169	27	value	value	NOUN
ajfa-1518	169	28	in	in	ADP
ajfa-1518	169	29	the	the	DET
ajfa-1518	169	30	short	short	ADJ
ajfa-1518	169	31	-	-	PUNCT
ajfa-1518	169	32	run	run	NOUN
ajfa-1518	169	33	period	period	NOUN
ajfa-1518	169	34	;	;	PUNCT
ajfa-1518	169	35	but	but	CCONJ
ajfa-1518	169	36	there	there	PRON
ajfa-1518	169	37	is	be	VERB
ajfa-1518	169	38	no	no	DET
ajfa-1518	169	39	evidence	evidence	NOUN
ajfa-1518	169	40	of	of	ADP
ajfa-1518	169	41	long	long	ADV
ajfa-1518	169	42	-	-	PUNCT
ajfa-1518	169	43	run	run	NOUN
ajfa-1518	169	44	market	market	NOUN
ajfa-1518	169	45	outperformance	outperformance	NOUN
ajfa-1518	169	46	after	after	ADP
ajfa-1518	169	47	allowing	allow	VERB
ajfa-1518	169	48	for	for	ADP
ajfa-1518	169	49	size	size	NOUN
ajfa-1518	169	50	.	.	PUNCT
ajfa-1518	170	1	we	we	PRON
ajfa-1518	170	2	find	find	VERB
ajfa-1518	170	3	that	that	DET
ajfa-1518	170	4	evidence	evidence	NOUN
ajfa-1518	170	5	for	for	ADP
ajfa-1518	170	6	short	short	ADJ
ajfa-1518	170	7	-	-	PUNCT
ajfa-1518	170	8	run	run	VERB
ajfa-1518	170	9	value	value	NOUN
ajfa-1518	170	10	creation	creation	NOUN
ajfa-1518	170	11	supports	support	VERB
ajfa-1518	170	12	the	the	DET
ajfa-1518	170	13	broad	broad	ADJ
ajfa-1518	170	14	consensus	consensus	NOUN
ajfa-1518	170	15	in	in	ADP
ajfa-1518	170	16	the	the	DET
ajfa-1518	170	17	literature	literature	NOUN
ajfa-1518	170	18	which	which	PRON
ajfa-1518	170	19	indicates	indicate	VERB
ajfa-1518	170	20	that	that	SCONJ
ajfa-1518	170	21	spin	spin	NOUN
ajfa-1518	170	22	-	-	PUNCT
ajfa-1518	170	23	offs	off	NOUN
ajfa-1518	170	24	generate	generate	VERB
ajfa-1518	170	25	positive	positive	ADJ
ajfa-1518	170	26	gains	gain	NOUN
ajfa-1518	170	27	for	for	ADP
ajfa-1518	170	28	shareholders	shareholder	NOUN
ajfa-1518	170	29	during	during	ADP
ajfa-1518	170	30	the	the	DET
ajfa-1518	170	31	few	few	ADJ
ajfa-1518	170	32	days	day	NOUN
ajfa-1518	170	33	surrounding	surround	VERB
ajfa-1518	170	34	the	the	DET
ajfa-1518	170	35	announcement	announcement	NOUN
ajfa-1518	170	36	date	date	NOUN
ajfa-1518	170	37	.	.	PUNCT
ajfa-1518	171	1	nonetheless	nonetheless	ADV
ajfa-1518	171	2	,	,	PUNCT
ajfa-1518	171	3	evidence	evidence	NOUN
ajfa-1518	171	4	for	for	ADP
ajfa-1518	171	5	the	the	DET
ajfa-1518	171	6	three	three	NUM
ajfa-1518	171	7	-	-	PUNCT
ajfa-1518	171	8	year	year	NOUN
ajfa-1518	171	9	period	period	NOUN
ajfa-1518	171	10	,	,	PUNCT
ajfa-1518	171	11	fails	fail	VERB
ajfa-1518	171	12	to	to	PART
ajfa-1518	171	13	show	show	VERB
ajfa-1518	171	14	that	that	SCONJ
ajfa-1518	171	15	spin	spin	NOUN
ajfa-1518	171	16	-	-	PUNCT
ajfa-1518	171	17	offs	off	NOUN
ajfa-1518	171	18	create	create	VERB
ajfa-1518	171	19	value	value	NOUN
ajfa-1518	171	20	similar	similar	ADJ
ajfa-1518	171	21	in	in	ADP
ajfa-1518	171	22	spirit	spirit	NOUN
ajfa-1518	171	23	to	to	ADP
ajfa-1518	171	24	the	the	DET
ajfa-1518	171	25	reported	report	VERB
ajfa-1518	171	26	findings	finding	NOUN
ajfa-1518	171	27	using	use	VERB
ajfa-1518	171	28	european	european	ADJ
ajfa-1518	171	29	data	datum	NOUN
ajfa-1518	171	30	.	.	PUNCT
ajfa-1518	172	1	asian	asian	ADJ
ajfa-1518	172	2	journal	journal	PROPN
ajfa-1518	172	3	of	of	ADP
ajfa-1518	172	4	finance	finance	PROPN
ajfa-1518	172	5	&	&	CCONJ
ajfa-1518	172	6	accounting	accounting	PROPN
ajfa-1518	172	7	issn	issn	PROPN
ajfa-1518	172	8	1946	1946	NUM
ajfa-1518	172	9	-	-	PUNCT
ajfa-1518	172	10	052x	052x	NOUN
ajfa-1518	172	11	2012	2012	NUM
ajfa-1518	172	12	,	,	PUNCT
ajfa-1518	172	13	vol	vol	NOUN
ajfa-1518	172	14	.	.	PROPN
ajfa-1518	172	15	4	4	NUM
ajfa-1518	172	16	,	,	PUNCT
ajfa-1518	172	17	no	no	INTJ
ajfa-1518	172	18	.	.	NOUN
ajfa-1518	172	19	1	1	NUM
ajfa-1518	172	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	172	21	162	162	NUM
ajfa-1518	172	22	an	an	DET
ajfa-1518	172	23	interesting	interesting	ADJ
ajfa-1518	172	24	question	question	NOUN
ajfa-1518	172	25	arises	arise	VERB
ajfa-1518	172	26	from	from	ADP
ajfa-1518	172	27	this	this	DET
ajfa-1518	172	28	work	work	NOUN
ajfa-1518	172	29	:	:	PUNCT
ajfa-1518	172	30	‘	'	PUNCT
ajfa-1518	172	31	what	what	PRON
ajfa-1518	172	32	do	do	AUX
ajfa-1518	172	33	the	the	DET
ajfa-1518	172	34	findings	finding	NOUN
ajfa-1518	172	35	say	say	VERB
ajfa-1518	172	36	about	about	ADP
ajfa-1518	172	37	the	the	DET
ajfa-1518	172	38	efficiency	efficiency	NOUN
ajfa-1518	172	39	of	of	ADP
ajfa-1518	172	40	the	the	DET
ajfa-1518	172	41	stock	stock	NOUN
ajfa-1518	172	42	market	market	NOUN
ajfa-1518	172	43	in	in	ADP
ajfa-1518	172	44	pricing	price	VERB
ajfa-1518	172	45	the	the	DET
ajfa-1518	172	46	shares	share	NOUN
ajfa-1518	172	47	?	?	PUNCT
ajfa-1518	172	48	’	'	PUNCT
ajfa-1518	173	1	there	there	PRON
ajfa-1518	173	2	is	be	VERB
ajfa-1518	173	3	the	the	DET
ajfa-1518	173	4	possibility	possibility	NOUN
ajfa-1518	173	5	of	of	ADP
ajfa-1518	173	6	a	a	DET
ajfa-1518	173	7	reasonably	reasonably	ADV
ajfa-1518	173	8	consistent	consistent	ADJ
ajfa-1518	173	9	delay	delay	NOUN
ajfa-1518	173	10	in	in	ADP
ajfa-1518	173	11	the	the	DET
ajfa-1518	173	12	positive	positive	ADJ
ajfa-1518	173	13	reaction	reaction	NOUN
ajfa-1518	173	14	by	by	ADP
ajfa-1518	173	15	investors	investor	NOUN
ajfa-1518	173	16	for	for	ADP
ajfa-1518	173	17	a	a	DET
ajfa-1518	173	18	few	few	ADJ
ajfa-1518	173	19	days	day	NOUN
ajfa-1518	173	20	after	after	ADP
ajfa-1518	173	21	the	the	DET
ajfa-1518	173	22	spin	spin	NOUN
ajfa-1518	173	23	-	-	PUNCT
ajfa-1518	173	24	off	off	ADP
ajfa-1518	173	25	announcement	announcement	NOUN
ajfa-1518	173	26	,	,	PUNCT
ajfa-1518	173	27	which	which	PRON
ajfa-1518	173	28	may	may	AUX
ajfa-1518	173	29	be	be	AUX
ajfa-1518	173	30	exploitable	exploitable	ADJ
ajfa-1518	173	31	.	.	PUNCT
ajfa-1518	174	1	a	a	DET
ajfa-1518	174	2	study	study	NOUN
ajfa-1518	174	3	put	put	VERB
ajfa-1518	174	4	forth	forth	ADP
ajfa-1518	174	5	by	by	ADP
ajfa-1518	174	6	barnes	barnes	PROPN
ajfa-1518	174	7	(	(	PUNCT
ajfa-1518	174	8	1986	1986	NUM
ajfa-1518	174	9	)	)	PUNCT
ajfa-1518	174	10	suggests	suggest	VERB
ajfa-1518	174	11	that	that	SCONJ
ajfa-1518	174	12	poor	poor	ADJ
ajfa-1518	174	13	dissemination	dissemination	NOUN
ajfa-1518	174	14	of	of	ADP
ajfa-1518	174	15	new	new	ADJ
ajfa-1518	174	16	information	information	NOUN
ajfa-1518	174	17	,	,	PUNCT
ajfa-1518	174	18	or	or	CCONJ
ajfa-1518	174	19	a	a	DET
ajfa-1518	174	20	lag	lag	NOUN
ajfa-1518	174	21	in	in	ADP
ajfa-1518	174	22	the	the	DET
ajfa-1518	174	23	information	information	NOUN
ajfa-1518	174	24	process	process	NOUN
ajfa-1518	174	25	,	,	PUNCT
ajfa-1518	174	26	generally	generally	ADV
ajfa-1518	174	27	causes	cause	VERB
ajfa-1518	174	28	a	a	DET
ajfa-1518	174	29	delay	delay	NOUN
ajfa-1518	174	30	in	in	ADP
ajfa-1518	174	31	market	market	NOUN
ajfa-1518	174	32	participants	participant	NOUN
ajfa-1518	174	33	’	'	PUNCT
ajfa-1518	174	34	reactions	reaction	NOUN
ajfa-1518	174	35	.	.	PUNCT
ajfa-1518	175	1	at	at	ADP
ajfa-1518	175	2	this	this	DET
ajfa-1518	175	3	point	point	NOUN
ajfa-1518	175	4	,	,	PUNCT
ajfa-1518	175	5	the	the	DET
ajfa-1518	175	6	results	result	NOUN
ajfa-1518	175	7	suggest	suggest	VERB
ajfa-1518	175	8	that	that	SCONJ
ajfa-1518	175	9	the	the	DET
ajfa-1518	175	10	action	action	NOUN
ajfa-1518	175	11	of	of	ADP
ajfa-1518	175	12	buying	buying	NOUN
ajfa-1518	175	13	and	and	CCONJ
ajfa-1518	175	14	selling	sell	VERB
ajfa-1518	175	15	shares	share	NOUN
ajfa-1518	175	16	in	in	ADP
ajfa-1518	175	17	the	the	DET
ajfa-1518	175	18	few	few	ADJ
ajfa-1518	175	19	days	day	NOUN
ajfa-1518	175	20	after	after	SCONJ
ajfa-1518	175	21	the	the	DET
ajfa-1518	175	22	news	news	NOUN
ajfa-1518	175	23	concerning	concern	VERB
ajfa-1518	175	24	spin	spin	NOUN
ajfa-1518	175	25	-	-	PUNCT
ajfa-1518	175	26	offs	off	NOUN
ajfa-1518	175	27	has	have	AUX
ajfa-1518	175	28	been	be	AUX
ajfa-1518	175	29	made	make	VERB
ajfa-1518	175	30	public	public	ADJ
ajfa-1518	175	31	would	would	AUX
ajfa-1518	175	32	offer	offer	VERB
ajfa-1518	175	33	investors	investor	NOUN
ajfa-1518	175	34	significant	significant	ADJ
ajfa-1518	175	35	abnormal	abnormal	ADJ
ajfa-1518	175	36	returns	return	NOUN
ajfa-1518	175	37	.	.	PUNCT
ajfa-1518	176	1	stoll	stoll	PROPN
ajfa-1518	176	2	and	and	CCONJ
ajfa-1518	176	3	whaley	whaley	PROPN
ajfa-1518	176	4	(	(	PUNCT
ajfa-1518	176	5	1983	1983	NUM
ajfa-1518	176	6	)	)	PUNCT
ajfa-1518	176	7	,	,	PUNCT
ajfa-1518	176	8	however	however	ADV
ajfa-1518	176	9	,	,	PUNCT
ajfa-1518	176	10	claim	claim	VERB
ajfa-1518	176	11	that	that	SCONJ
ajfa-1518	176	12	on	on	ADP
ajfa-1518	176	13	the	the	DET
ajfa-1518	176	14	basis	basis	NOUN
ajfa-1518	176	15	of	of	ADP
ajfa-1518	176	16	currently	currently	ADV
ajfa-1518	176	17	available	available	ADJ
ajfa-1518	176	18	information	information	NOUN
ajfa-1518	176	19	,	,	PUNCT
ajfa-1518	176	20	a	a	DET
ajfa-1518	176	21	market	market	NOUN
ajfa-1518	176	22	is	be	AUX
ajfa-1518	176	23	inefficient	inefficient	ADJ
ajfa-1518	176	24	if	if	SCONJ
ajfa-1518	176	25	it	it	PRON
ajfa-1518	176	26	is	be	AUX
ajfa-1518	176	27	possible	possible	ADJ
ajfa-1518	176	28	for	for	SCONJ
ajfa-1518	176	29	an	an	DET
ajfa-1518	176	30	investor	investor	NOUN
ajfa-1518	176	31	to	to	PART
ajfa-1518	176	32	earn	earn	VERB
ajfa-1518	176	33	abnormal	abnormal	ADJ
ajfa-1518	176	34	returns	return	NOUN
ajfa-1518	176	35	(	(	PUNCT
ajfa-1518	176	36	adjusted	adjust	VERB
ajfa-1518	176	37	to	to	ADP
ajfa-1518	176	38	the	the	DET
ajfa-1518	176	39	market	market	NOUN
ajfa-1518	176	40	)	)	PUNCT
ajfa-1518	176	41	net	net	NOUN
ajfa-1518	176	42	of	of	ADP
ajfa-1518	176	43	all	all	DET
ajfa-1518	176	44	transaction	transaction	NOUN
ajfa-1518	176	45	costs	cost	NOUN
ajfa-1518	176	46	.	.	PUNCT
ajfa-1518	177	1	to	to	PART
ajfa-1518	177	2	avoid	avoid	VERB
ajfa-1518	177	3	mistakenly	mistakenly	ADV
ajfa-1518	177	4	concluding	conclude	VERB
ajfa-1518	177	5	that	that	SCONJ
ajfa-1518	177	6	the	the	DET
ajfa-1518	177	7	malaysian	malaysian	ADJ
ajfa-1518	177	8	market	market	NOUN
ajfa-1518	177	9	is	be	AUX
ajfa-1518	177	10	inefficient	inefficient	ADJ
ajfa-1518	177	11	,	,	PUNCT
ajfa-1518	177	12	and	and	CCONJ
ajfa-1518	177	13	at	at	ADP
ajfa-1518	177	14	the	the	DET
ajfa-1518	177	15	same	same	ADJ
ajfa-1518	177	16	time	time	NOUN
ajfa-1518	177	17	not	not	PART
ajfa-1518	177	18	to	to	PART
ajfa-1518	177	19	underestimate	underestimate	VERB
ajfa-1518	177	20	the	the	DET
ajfa-1518	177	21	transaction	transaction	NOUN
ajfa-1518	177	22	costs	cost	NOUN
ajfa-1518	177	23	associated	associate	VERB
ajfa-1518	177	24	with	with	ADP
ajfa-1518	177	25	the	the	DET
ajfa-1518	177	26	share	share	NOUN
ajfa-1518	177	27	purchases	purchase	NOUN
ajfa-1518	177	28	of	of	ADP
ajfa-1518	177	29	parent	parent	NOUN
ajfa-1518	177	30	firms	firm	NOUN
ajfa-1518	177	31	,	,	PUNCT
ajfa-1518	177	32	we	we	PRON
ajfa-1518	177	33	need	need	VERB
ajfa-1518	177	34	to	to	PART
ajfa-1518	177	35	consider	consider	VERB
ajfa-1518	177	36	the	the	DET
ajfa-1518	177	37	average	average	ADJ
ajfa-1518	177	38	trading	trading	NOUN
ajfa-1518	177	39	costs	cost	NOUN
ajfa-1518	177	40	in	in	ADP
ajfa-1518	177	41	the	the	DET
ajfa-1518	177	42	order	order	NOUN
ajfa-1518	177	43	-	-	PUNCT
ajfa-1518	177	44	driven	drive	VERB
ajfa-1518	177	45	malaysian	malaysian	ADJ
ajfa-1518	177	46	share	share	NOUN
ajfa-1518	177	47	market	market	NOUN
ajfa-1518	177	48	.	.	PUNCT
ajfa-1518	178	1	trading	trading	NOUN
ajfa-1518	178	2	of	of	ADP
ajfa-1518	178	3	shares	share	NOUN
ajfa-1518	178	4	on	on	ADP
ajfa-1518	178	5	bursa	bursa	PROPN
ajfa-1518	178	6	malaysia	malaysia	PROPN
ajfa-1518	178	7	involve	involve	VERB
ajfa-1518	178	8	the	the	DET
ajfa-1518	178	9	following	follow	VERB
ajfa-1518	178	10	costs	cost	NOUN
ajfa-1518	178	11	:	:	PUNCT
ajfa-1518	178	12	brokerage	brokerage	NOUN
ajfa-1518	178	13	fees	fee	NOUN
ajfa-1518	178	14	,	,	PUNCT
ajfa-1518	178	15	clearing	clearing	NOUN
ajfa-1518	178	16	fees	fee	NOUN
ajfa-1518	178	17	and	and	CCONJ
ajfa-1518	178	18	stamp	stamp	NOUN
ajfa-1518	178	19	duty	duty	NOUN
ajfa-1518	178	20	fees6	fees6	PROPN
ajfa-1518	178	21	.	.	PUNCT
ajfa-1518	179	1	taking	take	VERB
ajfa-1518	179	2	these	these	DET
ajfa-1518	179	3	costs	cost	NOUN
ajfa-1518	179	4	into	into	ADP
ajfa-1518	179	5	the	the	DET
ajfa-1518	179	6	calculation	calculation	NOUN
ajfa-1518	179	7	,	,	PUNCT
ajfa-1518	179	8	an	an	DET
ajfa-1518	179	9	average	average	ADJ
ajfa-1518	179	10	roundtrip	roundtrip	NOUN
ajfa-1518	179	11	transaction	transaction	NOUN
ajfa-1518	179	12	cost	cost	NOUN
ajfa-1518	179	13	in	in	ADP
ajfa-1518	179	14	buying	buy	VERB
ajfa-1518	179	15	and	and	CCONJ
ajfa-1518	179	16	selling	sell	VERB
ajfa-1518	179	17	shares	share	NOUN
ajfa-1518	179	18	on	on	ADP
ajfa-1518	179	19	bursa	bursa	PROPN
ajfa-1518	179	20	malaysia	malaysia	PROPN
ajfa-1518	179	21	is	be	AUX
ajfa-1518	179	22	approximately	approximately	ADV
ajfa-1518	179	23	+0.66	+0.66	X
ajfa-1518	179	24	%	%	NOUN
ajfa-1518	179	25	of	of	ADP
ajfa-1518	179	26	the	the	DET
ajfa-1518	179	27	contract	contract	NOUN
ajfa-1518	179	28	value7	value7	PROPN
ajfa-1518	179	29	.	.	PROPN
ajfa-1518	179	30	madun	madun	PROPN
ajfa-1518	179	31	(	(	PUNCT
ajfa-1518	179	32	2008	2008	NUM
ajfa-1518	179	33	)	)	PUNCT
ajfa-1518	179	34	reports	report	VERB
ajfa-1518	179	35	that	that	SCONJ
ajfa-1518	179	36	a	a	DET
ajfa-1518	179	37	typical	typical	ADJ
ajfa-1518	179	38	transaction	transaction	NOUN
ajfa-1518	179	39	cost	cost	NOUN
ajfa-1518	179	40	in	in	ADP
ajfa-1518	179	41	the	the	DET
ajfa-1518	179	42	malaysian	malaysian	ADJ
ajfa-1518	179	43	share	share	NOUN
ajfa-1518	179	44	market	market	NOUN
ajfa-1518	179	45	is	be	AUX
ajfa-1518	179	46	on	on	ADP
ajfa-1518	179	47	average	average	ADJ
ajfa-1518	179	48	nearly	nearly	ADV
ajfa-1518	179	49	+1	+1	ADJ
ajfa-1518	179	50	%	%	NOUN
ajfa-1518	179	51	of	of	ADP
ajfa-1518	179	52	the	the	DET
ajfa-1518	179	53	contract	contract	NOUN
ajfa-1518	179	54	value	value	NOUN
ajfa-1518	179	55	,	,	PUNCT
ajfa-1518	179	56	comparable	comparable	ADJ
ajfa-1518	179	57	to	to	ADP
ajfa-1518	179	58	the	the	DET
ajfa-1518	179	59	share	share	NOUN
ajfa-1518	179	60	markets	market	NOUN
ajfa-1518	179	61	of	of	ADP
ajfa-1518	179	62	singapore	singapore	PROPN
ajfa-1518	179	63	(	(	PUNCT
ajfa-1518	179	64	around	around	ADP
ajfa-1518	179	65	+1	+1	PROPN
ajfa-1518	179	66	%	%	NOUN
ajfa-1518	179	67	)	)	PUNCT
ajfa-1518	179	68	and	and	CCONJ
ajfa-1518	179	69	hong	hong	PROPN
ajfa-1518	179	70	kong	kong	PROPN
ajfa-1518	179	71	(	(	PUNCT
ajfa-1518	179	72	around	around	ADP
ajfa-1518	179	73	+0.6	+0.6	NUM
ajfa-1518	179	74	%	%	NOUN
ajfa-1518	179	75	)	)	PUNCT
ajfa-1518	179	76	.	.	PUNCT
ajfa-1518	180	1	taking	take	VERB
ajfa-1518	180	2	the	the	DET
ajfa-1518	180	3	highest	high	ADJ
ajfa-1518	180	4	estimated	estimate	VERB
ajfa-1518	180	5	cost	cost	NOUN
ajfa-1518	180	6	of	of	ADP
ajfa-1518	180	7	1	1	NUM
ajfa-1518	180	8	%	%	NOUN
ajfa-1518	180	9	,	,	PUNCT
ajfa-1518	180	10	it	it	PRON
ajfa-1518	180	11	appears	appear	VERB
ajfa-1518	180	12	that	that	SCONJ
ajfa-1518	180	13	an	an	DET
ajfa-1518	180	14	investor	investor	NOUN
ajfa-1518	180	15	could	could	AUX
ajfa-1518	180	16	possibly	possibly	ADV
ajfa-1518	180	17	earn	earn	VERB
ajfa-1518	180	18	an	an	DET
ajfa-1518	180	19	abnormal	abnormal	ADJ
ajfa-1518	180	20	return	return	NOUN
ajfa-1518	180	21	net	net	NOUN
ajfa-1518	180	22	of	of	ADP
ajfa-1518	180	23	transaction	transaction	NOUN
ajfa-1518	180	24	cost	cost	NOUN
ajfa-1518	180	25	of	of	ADP
ajfa-1518	180	26	+2.88	+2.88	NOUN
ajfa-1518	180	27	%	%	NOUN
ajfa-1518	180	28	(	(	PUNCT
ajfa-1518	180	29	3.88%-1.00	3.88%-1.00	NOUN
ajfa-1518	180	30	%	%	NOUN
ajfa-1518	180	31	)	)	PUNCT
ajfa-1518	180	32	by	by	ADP
ajfa-1518	180	33	concentrating	concentrate	VERB
ajfa-1518	180	34	his	his	PRON
ajfa-1518	180	35	investment	investment	NOUN
ajfa-1518	180	36	on	on	ADP
ajfa-1518	180	37	parent	parent	NOUN
ajfa-1518	180	38	firms	firm	NOUN
ajfa-1518	180	39	during	during	ADP
ajfa-1518	180	40	the	the	DET
ajfa-1518	180	41	five	five	NUM
ajfa-1518	180	42	-	-	PUNCT
ajfa-1518	180	43	day	day	NOUN
ajfa-1518	180	44	event	event	NOUN
ajfa-1518	180	45	window	window	NOUN
ajfa-1518	180	46	(	(	PUNCT
ajfa-1518	180	47	day	day	NOUN
ajfa-1518	180	48	+1	+1	PROPN
ajfa-1518	180	49	through	through	ADP
ajfa-1518	180	50	day	day	NOUN
ajfa-1518	180	51	+5	+5	PROPN
ajfa-1518	180	52	)	)	PUNCT
ajfa-1518	180	53	following	follow	VERB
ajfa-1518	180	54	the	the	DET
ajfa-1518	180	55	spin	spin	VERB
ajfa-1518	180	56	-	-	PUNCT
ajfa-1518	180	57	off	off	ADP
ajfa-1518	180	58	announcement	announcement	NOUN
ajfa-1518	180	59	date	date	NOUN
ajfa-1518	180	60	.	.	PUNCT
ajfa-1518	181	1	it	it	PRON
ajfa-1518	181	2	is	be	AUX
ajfa-1518	181	3	apparent	apparent	ADJ
ajfa-1518	181	4	that	that	SCONJ
ajfa-1518	181	5	by	by	ADP
ajfa-1518	181	6	opting	opt	VERB
ajfa-1518	181	7	for	for	ADP
ajfa-1518	181	8	such	such	ADJ
ajfa-1518	181	9	action	action	NOUN
ajfa-1518	181	10	investors	investor	NOUN
ajfa-1518	181	11	would	would	AUX
ajfa-1518	181	12	‘	'	PUNCT
ajfa-1518	181	13	beat	beat	VERB
ajfa-1518	181	14	the	the	DET
ajfa-1518	181	15	market	market	NOUN
ajfa-1518	181	16	’	'	PUNCT
ajfa-1518	181	17	,	,	PUNCT
ajfa-1518	181	18	and	and	CCONJ
ajfa-1518	181	19	hence	hence	ADV
ajfa-1518	181	20	provide	provide	VERB
ajfa-1518	181	21	some	some	DET
ajfa-1518	181	22	evidence	evidence	NOUN
ajfa-1518	181	23	contradictory	contradictory	ADJ
ajfa-1518	181	24	to	to	ADP
ajfa-1518	181	25	the	the	DET
ajfa-1518	181	26	assertion	assertion	NOUN
ajfa-1518	181	27	of	of	ADP
ajfa-1518	181	28	semi	semi	ADJ
ajfa-1518	181	29	-	-	ADJ
ajfa-1518	181	30	strong	strong	ADJ
ajfa-1518	181	31	efficiency	efficiency	NOUN
ajfa-1518	181	32	.	.	PUNCT
ajfa-1518	182	1	our	our	PRON
ajfa-1518	182	2	findings	finding	NOUN
ajfa-1518	182	3	sit	sit	VERB
ajfa-1518	182	4	alongside	alongside	ADP
ajfa-1518	182	5	the	the	DET
ajfa-1518	182	6	view	view	NOUN
ajfa-1518	182	7	put	put	VERB
ajfa-1518	182	8	forward	forward	ADV
ajfa-1518	182	9	in	in	ADP
ajfa-1518	182	10	most	most	ADJ
ajfa-1518	182	11	of	of	ADP
ajfa-1518	182	12	the	the	DET
ajfa-1518	182	13	literature	literature	NOUN
ajfa-1518	182	14	on	on	ADP
ajfa-1518	182	15	the	the	DET
ajfa-1518	182	16	malaysian	malaysian	ADJ
ajfa-1518	182	17	market	market	NOUN
ajfa-1518	182	18	.	.	PUNCT
ajfa-1518	183	1	malaysian	malaysian	ADJ
ajfa-1518	183	2	studies	study	NOUN
ajfa-1518	183	3	(	(	PUNCT
ajfa-1518	183	4	e.g.	e.g.	ADV
ajfa-1518	183	5	dawson	dawson	PROPN
ajfa-1518	183	6	,	,	PUNCT
ajfa-1518	183	7	1981	1981	NUM
ajfa-1518	183	8	;	;	PUNCT
ajfa-1518	183	9	sadique	sadique	NOUN
ajfa-1518	183	10	and	and	CCONJ
ajfa-1518	183	11	siverpulle	siverpulle	NOUN
ajfa-1518	183	12	,	,	PUNCT
ajfa-1518	183	13	2001	2001	NUM
ajfa-1518	183	14	;	;	PUNCT
ajfa-1518	183	15	sharma	sharma	PROPN
ajfa-1518	183	16	and	and	CCONJ
ajfa-1518	183	17	wongbappo	wongbappo	PROPN
ajfa-1518	183	18	,	,	PUNCT
ajfa-1518	183	19	2002	2002	NUM
ajfa-1518	183	20	;	;	PUNCT
ajfa-1518	183	21	morck	morck	PROPN
ajfa-1518	183	22	et	et	PROPN
ajfa-1518	183	23	al	al	PROPN
ajfa-1518	183	24	.	.	PROPN
ajfa-1518	183	25	2000	2000	NUM
ajfa-1518	183	26	;	;	PUNCT
ajfa-1518	183	27	drew	draw	VERB
ajfa-1518	183	28	and	and	CCONJ
ajfa-1518	183	29	veeraraghanan	veeraraghanan	NOUN
ajfa-1518	183	30	,	,	PUNCT
ajfa-1518	183	31	2002	2002	NUM
ajfa-1518	183	32	;	;	PUNCT
ajfa-1518	183	33	hameed	hameed	NOUN
ajfa-1518	183	34	and	and	CCONJ
ajfa-1518	183	35	ting	ting	PROPN
ajfa-1518	183	36	,	,	PUNCT
ajfa-1518	183	37	2000	2000	NUM
ajfa-1518	183	38	,	,	PUNCT
ajfa-1518	183	39	ahmad	ahmad	PROPN
ajfa-1518	183	40	and	and	CCONJ
ajfa-1518	183	41	hussain	hussain	PROPN
ajfa-1518	183	42	,	,	PUNCT
ajfa-1518	183	43	2001	2001	NUM
ajfa-1518	183	44	;	;	PUNCT
ajfa-1518	183	45	natrah	natrah	PROPN
ajfa-1518	183	46	,	,	PUNCT
ajfa-1518	183	47	2006	2006	NUM
ajfa-1518	183	48	;	;	PUNCT
ajfa-1518	183	49	choudary	choudary	NOUN
ajfa-1518	183	50	et	et	PROPN
ajfa-1518	183	51	al	al	PROPN
ajfa-1518	183	52	.	.	PROPN
ajfa-1518	183	53	2007	2007	NUM
ajfa-1518	183	54	;	;	PUNCT
ajfa-1518	183	55	lim	lim	PROPN
ajfa-1518	183	56	et	et	PROPN
ajfa-1518	183	57	al	al	PROPN
ajfa-1518	183	58	.	.	PROPN
ajfa-1518	183	59	2007	2007	NUM
ajfa-1518	183	60	;	;	PUNCT
ajfa-1518	183	61	and	and	CCONJ
ajfa-1518	183	62	norli	norli	ADV
ajfa-1518	183	63	et	et	PROPN
ajfa-1518	183	64	al	al	PROPN
ajfa-1518	183	65	.	.	PROPN
ajfa-1518	183	66	2010	2010	NUM
ajfa-1518	183	67	)	)	PUNCT
ajfa-1518	183	68	agree	agree	VERB
ajfa-1518	183	69	that	that	SCONJ
ajfa-1518	183	70	the	the	DET
ajfa-1518	183	71	malaysian	malaysian	ADJ
ajfa-1518	183	72	share	share	NOUN
ajfa-1518	183	73	market	market	NOUN
ajfa-1518	183	74	is	be	AUX
ajfa-1518	183	75	not	not	PART
ajfa-1518	183	76	semi	semi	ADJ
ajfa-1518	183	77	-	-	ADJ
ajfa-1518	183	78	strong	strong	ADJ
ajfa-1518	183	79	efficient	efficient	ADJ
ajfa-1518	183	80	,	,	PUNCT
ajfa-1518	183	81	even	even	ADV
ajfa-1518	183	82	though	though	SCONJ
ajfa-1518	183	83	their	their	PRON
ajfa-1518	183	84	methodology	methodology	NOUN
ajfa-1518	183	85	,	,	PUNCT
ajfa-1518	183	86	sample	sample	NOUN
ajfa-1518	183	87	size	size	NOUN
ajfa-1518	183	88	and	and	CCONJ
ajfa-1518	183	89	length	length	NOUN
ajfa-1518	183	90	of	of	ADP
ajfa-1518	183	91	period	period	NOUN
ajfa-1518	183	92	taken	take	VERB
ajfa-1518	183	93	are	be	AUX
ajfa-1518	183	94	significantly	significantly	ADV
ajfa-1518	183	95	different	different	ADJ
ajfa-1518	183	96	from	from	ADP
ajfa-1518	183	97	each	each	DET
ajfa-1518	183	98	other	other	ADJ
ajfa-1518	183	99	.	.	PUNCT
ajfa-1518	184	1	6	6	NUM
ajfa-1518	184	2	it	it	PRON
ajfa-1518	184	3	should	should	AUX
ajfa-1518	184	4	be	be	AUX
ajfa-1518	184	5	noted	note	VERB
ajfa-1518	184	6	the	the	DET
ajfa-1518	184	7	brokerage	brokerage	NOUN
ajfa-1518	184	8	fees	fee	NOUN
ajfa-1518	184	9	could	could	AUX
ajfa-1518	184	10	change	change	VERB
ajfa-1518	184	11	depending	depend	VERB
ajfa-1518	184	12	on	on	ADP
ajfa-1518	184	13	the	the	DET
ajfa-1518	184	14	order	order	NOUN
ajfa-1518	184	15	size	size	NOUN
ajfa-1518	184	16	.	.	PUNCT
ajfa-1518	185	1	for	for	ADP
ajfa-1518	185	2	example	example	NOUN
ajfa-1518	185	3	,	,	PUNCT
ajfa-1518	185	4	the	the	DET
ajfa-1518	185	5	minimum	minimum	NOUN
ajfa-1518	185	6	brokerage	brokerage	NOUN
ajfa-1518	185	7	fees	fee	NOUN
ajfa-1518	185	8	are	be	AUX
ajfa-1518	185	9	+0.3	+0.3	NOUN
ajfa-1518	185	10	%	%	NOUN
ajfa-1518	185	11	of	of	ADP
ajfa-1518	185	12	contract	contract	NOUN
ajfa-1518	185	13	value	value	NOUN
ajfa-1518	185	14	(	(	PUNCT
ajfa-1518	185	15	retail	retail	ADJ
ajfa-1518	185	16	trades	trade	NOUN
ajfa-1518	185	17	valued	value	VERB
ajfa-1518	185	18	above	above	ADP
ajfa-1518	185	19	rm100	rm100	PROPN
ajfa-1518	185	20	,	,	PUNCT
ajfa-1518	185	21	000	000	NUM
ajfa-1518	185	22	)	)	PUNCT
ajfa-1518	185	23	,	,	PUNCT
ajfa-1518	185	24	+0.6	+0.6	NUM
ajfa-1518	185	25	%	%	NOUN
ajfa-1518	185	26	of	of	ADP
ajfa-1518	185	27	contract	contract	NOUN
ajfa-1518	185	28	value	value	NOUN
ajfa-1518	185	29	(	(	PUNCT
ajfa-1518	185	30	retail	retail	ADJ
ajfa-1518	185	31	trades	trade	NOUN
ajfa-1518	185	32	below	below	ADP
ajfa-1518	185	33	rm100	rm100	PROPN
ajfa-1518	185	34	,	,	PUNCT
ajfa-1518	185	35	000	000	NUM
ajfa-1518	185	36	)	)	PUNCT
ajfa-1518	185	37	and	and	CCONJ
ajfa-1518	185	38	up	up	ADP
ajfa-1518	185	39	to	to	ADP
ajfa-1518	185	40	a	a	DET
ajfa-1518	185	41	maximum	maximum	NOUN
ajfa-1518	185	42	of	of	ADP
ajfa-1518	185	43	+0.7	+0.7	ADJ
ajfa-1518	185	44	%	%	NOUN
ajfa-1518	185	45	of	of	ADP
ajfa-1518	185	46	the	the	DET
ajfa-1518	185	47	contract	contract	NOUN
ajfa-1518	185	48	value	value	NOUN
ajfa-1518	185	49	.	.	PUNCT
ajfa-1518	186	1	for	for	ADP
ajfa-1518	186	2	simplicity	simplicity	NOUN
ajfa-1518	186	3	,	,	PUNCT
ajfa-1518	186	4	this	this	DET
ajfa-1518	186	5	study	study	NOUN
ajfa-1518	186	6	applies	apply	VERB
ajfa-1518	186	7	the	the	DET
ajfa-1518	186	8	+0.3	+0.3	PROPN
ajfa-1518	186	9	%	%	NOUN
ajfa-1518	186	10	of	of	ADP
ajfa-1518	186	11	contract	contract	NOUN
ajfa-1518	186	12	value	value	NOUN
ajfa-1518	186	13	in	in	ADP
ajfa-1518	186	14	the	the	DET
ajfa-1518	186	15	calculation	calculation	NOUN
ajfa-1518	186	16	.	.	PUNCT
ajfa-1518	187	1	this	this	DET
ajfa-1518	187	2	study	study	NOUN
ajfa-1518	187	3	also	also	ADV
ajfa-1518	187	4	takes	take	VERB
ajfa-1518	187	5	account	account	NOUN
ajfa-1518	187	6	of	of	ADP
ajfa-1518	187	7	the	the	DET
ajfa-1518	187	8	+0.001	+0.001	NOUN
ajfa-1518	187	9	%	%	NOUN
ajfa-1518	187	10	stamp	stamp	NOUN
ajfa-1518	187	11	duty	duty	NOUN
ajfa-1518	187	12	and	and	CCONJ
ajfa-1518	187	13	+0.03	+0.03	NUM
ajfa-1518	187	14	%	%	NOUN
ajfa-1518	187	15	clearing	clearing	NOUN
ajfa-1518	187	16	fee	fee	NOUN
ajfa-1518	187	17	.	.	PUNCT
ajfa-1518	188	1	7	7	NUM
ajfa-1518	188	2	this	this	DET
ajfa-1518	188	3	study	study	NOUN
ajfa-1518	188	4	calculates	calculate	VERB
ajfa-1518	188	5	the	the	DET
ajfa-1518	188	6	roundtrip	roundtrip	NOUN
ajfa-1518	188	7	transaction	transaction	NOUN
ajfa-1518	188	8	cost	cost	NOUN
ajfa-1518	188	9	as	as	SCONJ
ajfa-1518	188	10	follows	follow	VERB
ajfa-1518	188	11	:	:	PUNCT
ajfa-1518	188	12	roundtrip	roundtrip	NOUN
ajfa-1518	188	13	transaction	transaction	NOUN
ajfa-1518	188	14	cost	cost	NOUN
ajfa-1518	188	15	=	=	SYM
ajfa-1518	188	16	(	(	PUNCT
ajfa-1518	188	17	2	2	NUM
ajfa-1518	188	18	*	*	NOUN
ajfa-1518	188	19	brokerage	brokerage	NOUN
ajfa-1518	188	20	fees	fee	NOUN
ajfa-1518	188	21	)	)	PUNCT
ajfa-1518	189	1	+	+	CCONJ
ajfa-1518	189	2	(	(	PUNCT
ajfa-1518	189	3	2	2	NUM
ajfa-1518	189	4	*	*	PUNCT
ajfa-1518	189	5	stamp	stamp	NOUN
ajfa-1518	189	6	duty	duty	NOUN
ajfa-1518	189	7	)	)	PUNCT
ajfa-1518	190	1	+	+	CCONJ
ajfa-1518	190	2	(	(	PUNCT
ajfa-1518	190	3	2	2	X
ajfa-1518	190	4	*	*	VERB
ajfa-1518	190	5	clearing	clearing	NOUN
ajfa-1518	190	6	fees	fee	NOUN
ajfa-1518	190	7	)	)	PUNCT
ajfa-1518	190	8	=	=	PUNCT
ajfa-1518	190	9	(	(	PUNCT
ajfa-1518	190	10	2	2	NUM
ajfa-1518	190	11	*	*	SYM
ajfa-1518	190	12	0.3	0.3	NUM
ajfa-1518	190	13	%	%	NOUN
ajfa-1518	190	14	)	)	PUNCT
ajfa-1518	191	1	+	+	CCONJ
ajfa-1518	191	2	(	(	PUNCT
ajfa-1518	191	3	2	2	NUM
ajfa-1518	191	4	*	*	SYM
ajfa-1518	191	5	0.001	0.001	NUM
ajfa-1518	191	6	%	%	NOUN
ajfa-1518	191	7	)	)	PUNCT
ajfa-1518	192	1	+	+	CCONJ
ajfa-1518	192	2	(	(	PUNCT
ajfa-1518	192	3	2	2	NUM
ajfa-1518	192	4	*	*	SYM
ajfa-1518	192	5	0.03	0.03	NUM
ajfa-1518	192	6	%	%	NOUN
ajfa-1518	192	7	)	)	PUNCT
ajfa-1518	192	8	=	=	PUNCT
ajfa-1518	193	1	+0.66	+0.66	NUM
ajfa-1518	193	2	%	%	NOUN
ajfa-1518	193	3	asian	asian	ADJ
ajfa-1518	193	4	journal	journal	NOUN
ajfa-1518	193	5	of	of	ADP
ajfa-1518	193	6	finance	finance	PROPN
ajfa-1518	193	7	&	&	CCONJ
ajfa-1518	193	8	accounting	accounting	PROPN
ajfa-1518	193	9	issn	issn	PROPN
ajfa-1518	193	10	1946	1946	NUM
ajfa-1518	193	11	-	-	PUNCT
ajfa-1518	193	12	052x	052x	NOUN
ajfa-1518	193	13	2012	2012	NUM
ajfa-1518	193	14	,	,	PUNCT
ajfa-1518	193	15	vol	vol	NOUN
ajfa-1518	193	16	.	.	PROPN
ajfa-1518	193	17	4	4	NUM
ajfa-1518	193	18	,	,	PUNCT
ajfa-1518	193	19	no	no	INTJ
ajfa-1518	193	20	.	.	NOUN
ajfa-1518	193	21	1	1	NUM
ajfa-1518	193	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	193	23	163	163	NUM
ajfa-1518	193	24	this	this	DET
ajfa-1518	193	25	research	research	NOUN
ajfa-1518	193	26	is	be	AUX
ajfa-1518	193	27	subject	subject	ADJ
ajfa-1518	193	28	to	to	ADP
ajfa-1518	193	29	some	some	DET
ajfa-1518	193	30	limitations	limitation	NOUN
ajfa-1518	193	31	.	.	PUNCT
ajfa-1518	194	1	first	first	ADV
ajfa-1518	194	2	,	,	PUNCT
ajfa-1518	194	3	the	the	DET
ajfa-1518	194	4	present	present	ADJ
ajfa-1518	194	5	study	study	NOUN
ajfa-1518	194	6	only	only	ADV
ajfa-1518	194	7	includes	include	VERB
ajfa-1518	194	8	firms	firm	NOUN
ajfa-1518	194	9	conducting	conduct	VERB
ajfa-1518	194	10	spin	spin	NOUN
ajfa-1518	194	11	-	-	PUNCT
ajfa-1518	194	12	offs	off	NOUN
ajfa-1518	194	13	.	.	PUNCT
ajfa-1518	195	1	other	other	ADJ
ajfa-1518	195	2	divestiture	divestiture	PROPN
ajfa-1518	195	3	announcements	announcement	NOUN
ajfa-1518	195	4	including	include	VERB
ajfa-1518	195	5	split	split	NOUN
ajfa-1518	195	6	-	-	PUNCT
ajfa-1518	195	7	offs	off	NOUN
ajfa-1518	195	8	,	,	PUNCT
ajfa-1518	195	9	sell	sell	NOUN
ajfa-1518	195	10	-	-	PUNCT
ajfa-1518	195	11	offs	off	NOUN
ajfa-1518	195	12	and	and	CCONJ
ajfa-1518	195	13	equity	equity	NOUN
ajfa-1518	195	14	carve	carve	NOUN
ajfa-1518	195	15	-	-	PUNCT
ajfa-1518	195	16	outs	out	NOUN
ajfa-1518	195	17	are	be	AUX
ajfa-1518	195	18	excluded	exclude	VERB
ajfa-1518	195	19	.	.	PUNCT
ajfa-1518	196	1	second	second	ADJ
ajfa-1518	196	2	,	,	PUNCT
ajfa-1518	196	3	the	the	DET
ajfa-1518	196	4	results	result	NOUN
ajfa-1518	196	5	of	of	ADP
ajfa-1518	196	6	the	the	DET
ajfa-1518	196	7	study	study	NOUN
ajfa-1518	196	8	are	be	AUX
ajfa-1518	196	9	based	base	VERB
ajfa-1518	196	10	on	on	ADP
ajfa-1518	196	11	a	a	DET
ajfa-1518	196	12	relatively	relatively	ADV
ajfa-1518	196	13	small	small	ADJ
ajfa-1518	196	14	sample	sample	NOUN
ajfa-1518	196	15	of	of	ADP
ajfa-1518	196	16	firms	firm	NOUN
ajfa-1518	196	17	over	over	ADP
ajfa-1518	196	18	a	a	DET
ajfa-1518	196	19	limited	limited	ADJ
ajfa-1518	196	20	period	period	NOUN
ajfa-1518	196	21	of	of	ADP
ajfa-1518	196	22	study	study	NOUN
ajfa-1518	196	23	.	.	PUNCT
ajfa-1518	197	1	considering	consider	VERB
ajfa-1518	197	2	the	the	DET
ajfa-1518	197	3	scarcity	scarcity	NOUN
ajfa-1518	197	4	of	of	ADP
ajfa-1518	197	5	this	this	DET
ajfa-1518	197	6	area	area	NOUN
ajfa-1518	197	7	of	of	ADP
ajfa-1518	197	8	research	research	NOUN
ajfa-1518	197	9	in	in	ADP
ajfa-1518	197	10	the	the	DET
ajfa-1518	197	11	asian	asian	ADJ
ajfa-1518	197	12	region	region	NOUN
ajfa-1518	197	13	,	,	PUNCT
ajfa-1518	197	14	a	a	DET
ajfa-1518	197	15	similar	similar	ADJ
ajfa-1518	197	16	attempt	attempt	NOUN
ajfa-1518	197	17	should	should	AUX
ajfa-1518	197	18	be	be	AUX
ajfa-1518	197	19	made	make	VERB
ajfa-1518	197	20	to	to	PART
ajfa-1518	197	21	discover	discover	VERB
ajfa-1518	197	22	whether	whether	SCONJ
ajfa-1518	197	23	spin	spin	NOUN
ajfa-1518	197	24	-	-	PUNCT
ajfa-1518	197	25	offs	off	NOUN
ajfa-1518	197	26	create	create	VERB
ajfa-1518	197	27	value	value	NOUN
ajfa-1518	197	28	in	in	ADP
ajfa-1518	197	29	other	other	ADJ
ajfa-1518	197	30	capital	capital	NOUN
ajfa-1518	197	31	markets	market	NOUN
ajfa-1518	197	32	in	in	ADP
ajfa-1518	197	33	an	an	DET
ajfa-1518	197	34	effort	effort	NOUN
ajfa-1518	197	35	to	to	PART
ajfa-1518	197	36	provide	provide	VERB
ajfa-1518	197	37	an	an	DET
ajfa-1518	197	38	integral	integral	ADJ
ajfa-1518	197	39	framework	framework	NOUN
ajfa-1518	197	40	for	for	ADP
ajfa-1518	197	41	comparative	comparative	ADJ
ajfa-1518	197	42	study	study	NOUN
ajfa-1518	197	43	.	.	PUNCT
ajfa-1518	198	1	references	reference	NOUN
ajfa-1518	198	2	ahmad	ahmad	PROPN
ajfa-1518	198	3	,	,	PUNCT
ajfa-1518	198	4	z.	z.	PROPN
ajfa-1518	198	5	,	,	PUNCT
ajfa-1518	198	6	and	and	CCONJ
ajfa-1518	198	7	hussain	hussain	PROPN
ajfa-1518	198	8	,	,	PUNCT
ajfa-1518	198	9	s.	s.	PROPN
ajfa-1518	198	10	(	(	PUNCT
ajfa-1518	198	11	2001	2001	NUM
ajfa-1518	198	12	)	)	PUNCT
ajfa-1518	198	13	.	.	PUNCT
ajfa-1518	199	1	klse	klse	ADJ
ajfa-1518	199	2	long	long	ADV
ajfa-1518	199	3	-	-	PUNCT
ajfa-1518	199	4	run	run	NOUN
ajfa-1518	199	5	overreaction	overreaction	NOUN
ajfa-1518	199	6	and	and	CCONJ
ajfa-1518	199	7	the	the	DET
ajfa-1518	199	8	chinese	chinese	ADJ
ajfa-1518	199	9	new	new	ADJ
ajfa-1518	199	10	year	year	NOUN
ajfa-1518	199	11	effect	effect	NOUN
ajfa-1518	199	12	.	.	PUNCT
ajfa-1518	200	1	journal	journal	NOUN
ajfa-1518	200	2	of	of	ADP
ajfa-1518	200	3	business	business	NOUN
ajfa-1518	200	4	,	,	PUNCT
ajfa-1518	200	5	finance	finance	NOUN
ajfa-1518	200	6	and	and	CCONJ
ajfa-1518	200	7	accounting	accounting	NOUN
ajfa-1518	200	8	,	,	PUNCT
ajfa-1518	200	9	28	28	NUM
ajfa-1518	200	10	,	,	PUNCT
ajfa-1518	200	11	63	63	NUM
ajfa-1518	200	12	-	-	SYM
ajfa-1518	200	13	112	112	NUM
ajfa-1518	200	14	.	.	PUNCT
ajfa-1518	201	1	http://dx.doi.org/10.1111/1468-5957.00366	http://dx.doi.org/10.1111/1468-5957.00366	PROPN
ajfa-1518	201	2	arnold	arnold	PROPN
ajfa-1518	201	3	,	,	PUNCT
ajfa-1518	201	4	g.	g.	PROPN
ajfa-1518	201	5	c.	c.	PROPN
ajfa-1518	201	6	,	,	PUNCT
ajfa-1518	201	7	and	and	CCONJ
ajfa-1518	201	8	baker	baker	PROPN
ajfa-1518	201	9	,	,	PUNCT
ajfa-1518	201	10	r.	r.	PROPN
ajfa-1518	201	11	d.	d.	PROPN
ajfa-1518	201	12	(	(	PUNCT
ajfa-1518	201	13	2007	2007	NUM
ajfa-1518	201	14	)	)	PUNCT
ajfa-1518	201	15	.	.	PUNCT
ajfa-1518	202	1	return	return	NOUN
ajfa-1518	202	2	reversal	reversal	NOUN
ajfa-1518	202	3	in	in	ADP
ajfa-1518	202	4	uk	uk	PROPN
ajfa-1518	202	5	shares	share	NOUN
ajfa-1518	202	6	.	.	PUNCT
ajfa-1518	203	1	social	social	ADJ
ajfa-1518	203	2	science	science	NOUN
ajfa-1518	203	3	research	research	NOUN
ajfa-1518	203	4	network	network	NOUN
ajfa-1518	203	5	[	[	X
ajfa-1518	203	6	online	online	X
ajfa-1518	203	7	]	]	X
ajfa-1518	203	8	p.1	p.1	NOUN
ajfa-1518	203	9	-	-	SYM
ajfa-1518	203	10	59	59	NUM
ajfa-1518	203	11	.	.	PUNCT
ajfa-1518	203	12	available	available	ADJ
ajfa-1518	203	13	at	at	ADP
ajfa-1518	203	14	ssrn	ssrn	PROPN
ajfa-1518	203	15	:	:	PUNCT
ajfa-1518	203	16	http://	http://	PROPN
ajfa-1518	203	17	ssrn.com/abstract=602902	ssrn.com/abstract=602902	PUNCT
ajfa-1518	204	1	[	[	X
ajfa-1518	204	2	accessed	access	VERB
ajfa-1518	204	3	28/03/2011	28/03/2011	NUM
ajfa-1518	204	4	]	]	X
ajfa-1518	204	5	barber	barber	PROPN
ajfa-1518	204	6	,	,	PUNCT
ajfa-1518	204	7	b.	b.	PROPN
ajfa-1518	204	8	m.	m.	PROPN
ajfa-1518	204	9	,	,	PUNCT
ajfa-1518	204	10	and	and	CCONJ
ajfa-1518	204	11	lyon	lyon	PROPN
ajfa-1518	204	12	,	,	PUNCT
ajfa-1518	204	13	j.d	j.d	PROPN
ajfa-1518	204	14	.	.	PROPN
ajfa-1518	204	15	(	(	PUNCT
ajfa-1518	204	16	1997	1997	NUM
ajfa-1518	204	17	)	)	PUNCT
ajfa-1518	204	18	.	.	PUNCT
ajfa-1518	205	1	detecting	detect	VERB
ajfa-1518	205	2	long	long	ADV
ajfa-1518	205	3	-	-	PUNCT
ajfa-1518	205	4	run	run	VERB
ajfa-1518	205	5	abnormal	abnormal	ADJ
ajfa-1518	205	6	stock	stock	NOUN
ajfa-1518	205	7	return	return	NOUN
ajfa-1518	205	8	:	:	PUNCT
ajfa-1518	205	9	the	the	DET
ajfa-1518	205	10	empirical	empirical	ADJ
ajfa-1518	205	11	power	power	NOUN
ajfa-1518	205	12	and	and	CCONJ
ajfa-1518	205	13	specification	specification	NOUN
ajfa-1518	205	14	of	of	ADP
ajfa-1518	205	15	test	test	NOUN
ajfa-1518	205	16	statistics	statistic	NOUN
ajfa-1518	205	17	.	.	PUNCT
ajfa-1518	206	1	journal	journal	PROPN
ajfa-1518	206	2	of	of	ADP
ajfa-1518	206	3	financial	financial	ADJ
ajfa-1518	206	4	economics	economic	NOUN
ajfa-1518	206	5	,	,	PUNCT
ajfa-1518	206	6	43	43	NUM
ajfa-1518	206	7	(	(	PUNCT
ajfa-1518	206	8	3	3	NUM
ajfa-1518	206	9	)	)	PUNCT
ajfa-1518	206	10	,	,	PUNCT
ajfa-1518	206	11	341	341	NUM
ajfa-1518	206	12	-	-	SYM
ajfa-1518	206	13	372	372	NUM
ajfa-1518	206	14	.	.	PUNCT
ajfa-1518	207	1	http://dx.doi.org/10.1016/s0304-405x(96)00890-2	http://dx.doi.org/10.1016/s0304-405x(96)00890-2	PROPN
ajfa-1518	207	2	barnes	barnes	PROPN
ajfa-1518	207	3	,	,	PUNCT
ajfa-1518	207	4	p.	p.	NOUN
ajfa-1518	207	5	(	(	PUNCT
ajfa-1518	207	6	1986	1986	NUM
ajfa-1518	207	7	)	)	PUNCT
ajfa-1518	207	8	.	.	PUNCT
ajfa-1518	208	1	thin	thin	ADJ
ajfa-1518	208	2	trading	trading	NOUN
ajfa-1518	208	3	and	and	CCONJ
ajfa-1518	208	4	stock	stock	NOUN
ajfa-1518	208	5	market	market	NOUN
ajfa-1518	208	6	efficiency	efficiency	NOUN
ajfa-1518	208	7	:	:	PUNCT
ajfa-1518	208	8	the	the	DET
ajfa-1518	208	9	case	case	NOUN
ajfa-1518	208	10	of	of	ADP
ajfa-1518	208	11	klse	klse	PROPN
ajfa-1518	208	12	.	.	PUNCT
ajfa-1518	209	1	journal	journal	PROPN
ajfa-1518	209	2	of	of	ADP
ajfa-1518	209	3	business	business	NOUN
ajfa-1518	209	4	finance	finance	NOUN
ajfa-1518	209	5	and	and	CCONJ
ajfa-1518	209	6	accounting	accounting	NOUN
ajfa-1518	209	7	,	,	PUNCT
ajfa-1518	209	8	13	13	NUM
ajfa-1518	209	9	,	,	PUNCT
ajfa-1518	209	10	609	609	NUM
ajfa-1518	209	11	-	-	SYM
ajfa-1518	209	12	617	617	NUM
ajfa-1518	209	13	.	.	PUNCT
ajfa-1518	210	1	http://dx.doi.org/10.1111/j.1468-5957.1986.tb00522.x	http://dx.doi.org/10.1111/j.1468-5957.1986.tb00522.x	PROPN
ajfa-1518	210	2	boreiko	boreiko	PROPN
ajfa-1518	210	3	,	,	PUNCT
ajfa-1518	210	4	d.	d.	PROPN
ajfa-1518	210	5	,	,	PUNCT
ajfa-1518	210	6	and	and	CCONJ
ajfa-1518	210	7	murgia	murgia	NOUN
ajfa-1518	210	8	,	,	PUNCT
ajfa-1518	210	9	m.	m.	NOUN
ajfa-1518	210	10	(	(	PUNCT
ajfa-1518	210	11	2007	2007	NUM
ajfa-1518	210	12	)	)	PUNCT
ajfa-1518	210	13	.	.	PUNCT
ajfa-1518	211	1	which	which	PRON
ajfa-1518	211	2	spin	spin	NOUN
ajfa-1518	211	3	-	-	PUNCT
ajfa-1518	211	4	offs	off	NOUN
ajfa-1518	211	5	generate	generate	VERB
ajfa-1518	211	6	value	value	NOUN
ajfa-1518	211	7	and	and	CCONJ
ajfa-1518	211	8	performance	performance	NOUN
ajfa-1518	211	9	improvement	improvement	NOUN
ajfa-1518	211	10	?	?	PUNCT
ajfa-1518	211	11	.	.	PUNCT
ajfa-1518	212	1	social	social	ADJ
ajfa-1518	212	2	science	science	PROPN
ajfa-1518	212	3	research	research	NOUN
ajfa-1518	212	4	network	network	NOUN
ajfa-1518	213	1	[	[	X
ajfa-1518	213	2	online	online	X
ajfa-1518	213	3	]	]	X
ajfa-1518	213	4	p.1	p.1	NOUN
ajfa-1518	213	5	-	-	SYM
ajfa-1518	213	6	44	44	NUM
ajfa-1518	213	7	.	.	PUNCT
ajfa-1518	213	8	available	available	ADJ
ajfa-1518	213	9	at	at	ADP
ajfa-1518	213	10	ssrn	ssrn	PROPN
ajfa-1518	213	11	:	:	PUNCT
ajfa-1518	213	12	http://	http://	PROPN
ajfa-1518	213	13	ssrn.com/abstract=1554267	ssrn.com/abstract=1554267	NOUN
ajfa-1518	213	14	[	[	AUX
ajfa-1518	213	15	accessed	access	VERB
ajfa-1518	213	16	28/03/2011	28/03/2011	NUM
ajfa-1518	213	17	]	]	X
ajfa-1518	213	18	brown	brown	NOUN
ajfa-1518	213	19	,	,	PUNCT
ajfa-1518	213	20	s.	s.	PROPN
ajfa-1518	213	21	j.	j.	PROPN
ajfa-1518	213	22	,	,	PUNCT
ajfa-1518	213	23	and	and	CCONJ
ajfa-1518	213	24	warner	warner	PROPN
ajfa-1518	213	25	,	,	PUNCT
ajfa-1518	213	26	j.	j.	PROPN
ajfa-1518	213	27	b.	b.	PROPN
ajfa-1518	213	28	(	(	PUNCT
ajfa-1518	213	29	1980	1980	NUM
ajfa-1518	213	30	)	)	PUNCT
ajfa-1518	213	31	.	.	PUNCT
ajfa-1518	214	1	measuring	measure	VERB
ajfa-1518	214	2	security	security	NOUN
ajfa-1518	214	3	price	price	NOUN
ajfa-1518	214	4	performance	performance	NOUN
ajfa-1518	214	5	.	.	PUNCT
ajfa-1518	215	1	journal	journal	NOUN
ajfa-1518	215	2	of	of	ADP
ajfa-1518	215	3	financial	financial	ADJ
ajfa-1518	215	4	economics	economic	NOUN
ajfa-1518	215	5	,	,	PUNCT
ajfa-1518	215	6	8	8	NUM
ajfa-1518	215	7	,	,	PUNCT
ajfa-1518	215	8	205	205	NUM
ajfa-1518	215	9	-	-	SYM
ajfa-1518	215	10	258	258	NUM
ajfa-1518	215	11	.	.	PUNCT
ajfa-1518	216	1	http://dx.doi.org/10.1016/0304-405x(80)90002-1	http://dx.doi.org/10.1016/0304-405x(80)90002-1	PROPN
ajfa-1518	216	2	brown	brown	ADJ
ajfa-1518	216	3	,	,	PUNCT
ajfa-1518	216	4	s.	s.	PROPN
ajfa-1518	216	5	j.	j.	PROPN
ajfa-1518	216	6	,	,	PUNCT
ajfa-1518	216	7	and	and	CCONJ
ajfa-1518	216	8	warner	warner	PROPN
ajfa-1518	216	9	,	,	PUNCT
ajfa-1518	216	10	j.	j.	PROPN
ajfa-1518	216	11	b.	b.	PROPN
ajfa-1518	216	12	(	(	PUNCT
ajfa-1518	216	13	1985	1985	NUM
ajfa-1518	216	14	)	)	PUNCT
ajfa-1518	216	15	.	.	PUNCT
ajfa-1518	217	1	using	use	VERB
ajfa-1518	217	2	daily	daily	ADJ
ajfa-1518	217	3	stock	stock	NOUN
ajfa-1518	217	4	returns	return	NOUN
ajfa-1518	217	5	:	:	PUNCT
ajfa-1518	217	6	the	the	DET
ajfa-1518	217	7	case	case	NOUN
ajfa-1518	217	8	of	of	ADP
ajfa-1518	217	9	event	event	NOUN
ajfa-1518	217	10	studies	study	NOUN
ajfa-1518	217	11	.	.	PUNCT
ajfa-1518	218	1	journal	journal	PROPN
ajfa-1518	218	2	of	of	ADP
ajfa-1518	218	3	financial	financial	ADJ
ajfa-1518	218	4	economics	economic	NOUN
ajfa-1518	218	5	,	,	PUNCT
ajfa-1518	218	6	14	14	NUM
ajfa-1518	218	7	,	,	PUNCT
ajfa-1518	218	8	3	3	NUM
ajfa-1518	218	9	-	-	SYM
ajfa-1518	218	10	31	31	NUM
ajfa-1518	218	11	.	.	PUNCT
ajfa-1518	219	1	http://dx.doi.org/10.1016/0304-405x(85)90042-x	http://dx.doi.org/10.1016/0304-405x(85)90042-x	NOUN
ajfa-1518	219	2	chemmanur	chemmanur	PROPN
ajfa-1518	219	3	,	,	PUNCT
ajfa-1518	219	4	t.	t.	PROPN
ajfa-1518	219	5	j.	j.	PROPN
ajfa-1518	219	6	,	,	PUNCT
ajfa-1518	219	7	jordan	jordan	PROPN
ajfa-1518	219	8	,	,	PUNCT
ajfa-1518	219	9	b.	b.	PROPN
ajfa-1518	219	10	d.	d.	PROPN
ajfa-1518	219	11	,	,	PUNCT
ajfa-1518	219	12	liu	liu	PROPN
ajfa-1518	219	13	,	,	PUNCT
ajfa-1518	219	14	h.	h.	PROPN
ajfa-1518	219	15	,	,	PUNCT
ajfa-1518	219	16	and	and	CCONJ
ajfa-1518	219	17	wu	wu	PROPN
ajfa-1518	219	18	,	,	PUNCT
ajfa-1518	219	19	q.	q.	PROPN
ajfa-1518	219	20	(	(	PUNCT
ajfa-1518	219	21	2010	2010	NUM
ajfa-1518	219	22	)	)	PUNCT
ajfa-1518	219	23	.	.	PUNCT
ajfa-1518	220	1	antitakeover	antitakeover	ADJ
ajfa-1518	220	2	provisions	provision	NOUN
ajfa-1518	220	3	in	in	ADP
ajfa-1518	220	4	corporate	corporate	ADJ
ajfa-1518	220	5	spin	spin	NOUN
ajfa-1518	220	6	-	-	PUNCT
ajfa-1518	220	7	offs	off	NOUN
ajfa-1518	220	8	.	.	PUNCT
ajfa-1518	221	1	journal	journal	NOUN
ajfa-1518	221	2	of	of	ADP
ajfa-1518	221	3	banking	banking	NOUN
ajfa-1518	221	4	and	and	CCONJ
ajfa-1518	221	5	finance	finance	NOUN
ajfa-1518	221	6	,	,	PUNCT
ajfa-1518	221	7	34	34	NUM
ajfa-1518	221	8	,	,	PUNCT
ajfa-1518	221	9	813	813	NUM
ajfa-1518	221	10	-	-	SYM
ajfa-1518	221	11	824	824	NUM
ajfa-1518	221	12	.	.	PUNCT
ajfa-1518	222	1	http://dx.doi.org/10.1016/j.jbankfin.2009.09.011	http://dx.doi.org/10.1016/j.jbankfin.2009.09.011	PROPN
ajfa-1518	222	2	choudary	choudary	NOUN
ajfa-1518	222	3	,	,	PUNCT
ajfa-1518	222	4	t.	t.	PROPN
ajfa-1518	222	5	,	,	PUNCT
ajfa-1518	222	6	lu	lu	PROPN
ajfa-1518	222	7	,	,	PUNCT
ajfa-1518	222	8	l.	l.	PROPN
ajfa-1518	222	9	,	,	PUNCT
ajfa-1518	222	10	and	and	CCONJ
ajfa-1518	222	11	peng	peng	PROPN
ajfa-1518	222	12	,	,	PUNCT
ajfa-1518	222	13	k.	k.	PROPN
ajfa-1518	222	14	(	(	PUNCT
ajfa-1518	222	15	2007	2007	NUM
ajfa-1518	222	16	)	)	PUNCT
ajfa-1518	222	17	.	.	PUNCT
ajfa-1518	223	1	common	common	ADJ
ajfa-1518	223	2	stochastic	stochastic	ADJ
ajfa-1518	223	3	trends	trend	NOUN
ajfa-1518	223	4	among	among	ADP
ajfa-1518	223	5	far	far	ADJ
ajfa-1518	223	6	east	east	NOUN
ajfa-1518	223	7	stock	stock	NOUN
ajfa-1518	223	8	price	price	NOUN
ajfa-1518	223	9	:	:	PUNCT
ajfa-1518	223	10	effects	effect	NOUN
ajfa-1518	223	11	of	of	ADP
ajfa-1518	223	12	the	the	DET
ajfa-1518	223	13	asian	asian	ADJ
ajfa-1518	223	14	financial	financial	ADJ
ajfa-1518	223	15	crisis	crisis	NOUN
ajfa-1518	223	16	.	.	PUNCT
ajfa-1518	224	1	international	international	ADJ
ajfa-1518	224	2	review	review	NOUN
ajfa-1518	224	3	of	of	ADP
ajfa-1518	224	4	financial	financial	ADJ
ajfa-1518	224	5	analysis	analysis	NOUN
ajfa-1518	224	6	,	,	PUNCT
ajfa-1518	224	7	16	16	NUM
ajfa-1518	224	8	(	(	PUNCT
ajfa-1518	224	9	3	3	NUM
ajfa-1518	224	10	)	)	PUNCT
ajfa-1518	224	11	,	,	PUNCT
ajfa-1518	224	12	242	242	NUM
ajfa-1518	224	13	-	-	SYM
ajfa-1518	224	14	261	261	NUM
ajfa-1518	224	15	.	.	PUNCT
ajfa-1518	225	1	http://dx.doi.org/10.1016/j.irfa.2006.12.001	http://dx.doi.org/10.1016/j.irfa.2006.12.001	PROPN
ajfa-1518	225	2	cusatis	cusatis	PROPN
ajfa-1518	225	3	,	,	PUNCT
ajfa-1518	225	4	p.	p.	PROPN
ajfa-1518	225	5	j.	j.	PROPN
ajfa-1518	225	6	,	,	PUNCT
ajfa-1518	225	7	miles	miles	PROPN
ajfa-1518	225	8	,	,	PUNCT
ajfa-1518	225	9	j.	j.	PROPN
ajfa-1518	225	10	a.	a.	PROPN
ajfa-1518	225	11	,	,	PUNCT
ajfa-1518	225	12	and	and	CCONJ
ajfa-1518	225	13	woolridge	woolridge	VERB
ajfa-1518	225	14	,	,	PUNCT
ajfa-1518	225	15	j.	j.	PROPN
ajfa-1518	225	16	r.	r.	PROPN
ajfa-1518	225	17	(	(	PUNCT
ajfa-1518	225	18	1993	1993	NUM
ajfa-1518	225	19	)	)	PUNCT
ajfa-1518	225	20	.	.	PUNCT
ajfa-1518	226	1	restructuring	restructure	VERB
ajfa-1518	226	2	through	through	ADP
ajfa-1518	226	3	spin	spin	NOUN
ajfa-1518	226	4	-	-	PUNCT
ajfa-1518	226	5	offs	off	NOUN
ajfa-1518	226	6	:	:	PUNCT
ajfa-1518	226	7	the	the	DET
ajfa-1518	226	8	stock	stock	NOUN
ajfa-1518	226	9	market	market	NOUN
ajfa-1518	226	10	evidence	evidence	NOUN
ajfa-1518	226	11	.	.	PUNCT
ajfa-1518	227	1	journal	journal	NOUN
ajfa-1518	227	2	of	of	ADP
ajfa-1518	227	3	financial	financial	ADJ
ajfa-1518	227	4	economics	economic	NOUN
ajfa-1518	227	5	,	,	PUNCT
ajfa-1518	227	6	33	33	NUM
ajfa-1518	227	7	(	(	PUNCT
ajfa-1518	227	8	3	3	NUM
ajfa-1518	227	9	)	)	PUNCT
ajfa-1518	227	10	,	,	PUNCT
ajfa-1518	227	11	293	293	NUM
ajfa-1518	227	12	-	-	SYM
ajfa-1518	227	13	311	311	NUM
ajfa-1518	227	14	.	.	PUNCT
ajfa-1518	227	15	http://dx.doi.org/10.1016/0304-405x(93)90009-z	http://dx.doi.org/10.1016/0304-405x(93)90009-z	PROPN
ajfa-1518	228	1	asian	asian	PROPN
ajfa-1518	228	2	journal	journal	PROPN
ajfa-1518	228	3	of	of	ADP
ajfa-1518	228	4	finance	finance	PROPN
ajfa-1518	228	5	&	&	CCONJ
ajfa-1518	228	6	accounting	accounting	PROPN
ajfa-1518	228	7	issn	issn	PROPN
ajfa-1518	228	8	1946	1946	NUM
ajfa-1518	228	9	-	-	PUNCT
ajfa-1518	228	10	052x	052x	NOUN
ajfa-1518	228	11	2012	2012	NUM
ajfa-1518	228	12	,	,	PUNCT
ajfa-1518	228	13	vol	vol	NOUN
ajfa-1518	228	14	.	.	PROPN
ajfa-1518	228	15	4	4	NUM
ajfa-1518	228	16	,	,	PUNCT
ajfa-1518	228	17	no	no	INTJ
ajfa-1518	228	18	.	.	NOUN
ajfa-1518	228	19	1	1	NUM
ajfa-1518	228	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	228	21	164	164	NUM
ajfa-1518	228	22	daley	daley	PROPN
ajfa-1518	228	23	,	,	PUNCT
ajfa-1518	228	24	l.	l.	PROPN
ajfa-1518	228	25	,	,	PUNCT
ajfa-1518	228	26	mehrotra	mehrotra	PROPN
ajfa-1518	228	27	,	,	PUNCT
ajfa-1518	228	28	v.	v.	ADV
ajfa-1518	228	29	,	,	PUNCT
ajfa-1518	228	30	and	and	CCONJ
ajfa-1518	228	31	sivakumar	sivakumar	PROPN
ajfa-1518	228	32	,	,	PUNCT
ajfa-1518	228	33	r.	r.	PROPN
ajfa-1518	228	34	(	(	PUNCT
ajfa-1518	228	35	1997	1997	NUM
ajfa-1518	228	36	)	)	PUNCT
ajfa-1518	228	37	.	.	PUNCT
ajfa-1518	229	1	corporate	corporate	ADJ
ajfa-1518	229	2	focus	focus	NOUN
ajfa-1518	229	3	and	and	CCONJ
ajfa-1518	229	4	value	value	NOUN
ajfa-1518	229	5	creation	creation	NOUN
ajfa-1518	229	6	:	:	PUNCT
ajfa-1518	229	7	evidence	evidence	NOUN
ajfa-1518	229	8	from	from	ADP
ajfa-1518	229	9	spin	spin	NOUN
ajfa-1518	229	10	-	-	PUNCT
ajfa-1518	229	11	offs	off	NOUN
ajfa-1518	229	12	.	.	PUNCT
ajfa-1518	230	1	journal	journal	NOUN
ajfa-1518	230	2	of	of	ADP
ajfa-1518	230	3	financial	financial	ADJ
ajfa-1518	230	4	economics	economic	NOUN
ajfa-1518	230	5	,	,	PUNCT
ajfa-1518	230	6	45	45	NUM
ajfa-1518	230	7	,	,	PUNCT
ajfa-1518	230	8	257	257	NUM
ajfa-1518	230	9	-	-	SYM
ajfa-1518	230	10	281	281	NUM
ajfa-1518	230	11	.	.	PUNCT
ajfa-1518	231	1	http://dx.doi.org/10.1016/s0304-405x(97)00018-4	http://dx.doi.org/10.1016/s0304-405x(97)00018-4	PROPN
ajfa-1518	231	2	dasilas	dasila	NOUN
ajfa-1518	231	3	,	,	PUNCT
ajfa-1518	231	4	a.	a.	NOUN
ajfa-1518	231	5	,	,	PUNCT
ajfa-1518	231	6	laventis	laventis	PROPN
ajfa-1518	231	7	,	,	PUNCT
ajfa-1518	231	8	s.	s.	PROPN
ajfa-1518	231	9	,	,	PUNCT
ajfa-1518	231	10	sismanidou	sismanidou	NOUN
ajfa-1518	231	11	,	,	PUNCT
ajfa-1518	231	12	m.	m.	NOUN
ajfa-1518	231	13	,	,	PUNCT
ajfa-1518	231	14	and	and	CCONJ
ajfa-1518	231	15	koulikidou	koulikidou	NOUN
ajfa-1518	231	16	,	,	PUNCT
ajfa-1518	231	17	k.	k.	PROPN
ajfa-1518	231	18	(	(	PUNCT
ajfa-1518	231	19	2010	2010	NUM
ajfa-1518	231	20	)	)	PUNCT
ajfa-1518	231	21	.	.	PUNCT
ajfa-1518	232	1	wealth	wealth	NOUN
ajfa-1518	232	2	effects	effect	NOUN
ajfa-1518	232	3	and	and	CCONJ
ajfa-1518	232	4	operating	operating	NOUN
ajfa-1518	232	5	performance	performance	NOUN
ajfa-1518	232	6	of	of	ADP
ajfa-1518	232	7	spin	spin	NOUN
ajfa-1518	232	8	-	-	PUNCT
ajfa-1518	232	9	offs	off	NOUN
ajfa-1518	232	10	:	:	PUNCT
ajfa-1518	232	11	international	international	ADJ
ajfa-1518	232	12	evidence	evidence	NOUN
ajfa-1518	232	13	.	.	PUNCT
ajfa-1518	233	1	working	work	VERB
ajfa-1518	233	2	paper	paper	NOUN
ajfa-1518	233	3	.	.	PUNCT
ajfa-1518	234	1	international	international	ADJ
ajfa-1518	234	2	hellinic	hellinic	ADJ
ajfa-1518	234	3	university	university	PROPN
ajfa-1518	234	4	,	,	PUNCT
ajfa-1518	234	5	greece	greece	PROPN
ajfa-1518	234	6	.	.	PUNCT
ajfa-1518	234	7	dawson	dawson	PROPN
ajfa-1518	234	8	,	,	PUNCT
ajfa-1518	234	9	s.	s.	PROPN
ajfa-1518	234	10	m.	m.	PROPN
ajfa-1518	234	11	(	(	PUNCT
ajfa-1518	234	12	1981	1981	NUM
ajfa-1518	234	13	)	)	PUNCT
ajfa-1518	234	14	.	.	PUNCT
ajfa-1518	235	1	a	a	DET
ajfa-1518	235	2	test	test	NOUN
ajfa-1518	235	3	of	of	ADP
ajfa-1518	235	4	stock	stock	NOUN
ajfa-1518	235	5	market	market	NOUN
ajfa-1518	235	6	recommendation	recommendation	NOUN
ajfa-1518	235	7	and	and	CCONJ
ajfa-1518	235	8	market	market	NOUN
ajfa-1518	235	9	efficiency	efficiency	NOUN
ajfa-1518	235	10	for	for	ADP
ajfa-1518	235	11	the	the	DET
ajfa-1518	235	12	kuala	kuala	PROPN
ajfa-1518	235	13	lumpur	lumpur	PROPN
ajfa-1518	235	14	stock	stock	PROPN
ajfa-1518	235	15	exchange	exchange	PROPN
ajfa-1518	235	16	.	.	PUNCT
ajfa-1518	236	1	singapore	singapore	PROPN
ajfa-1518	236	2	management	management	PROPN
ajfa-1518	236	3	review	review	PROPN
ajfa-1518	236	4	,	,	PUNCT
ajfa-1518	236	5	july	july	PROPN
ajfa-1518	236	6	,	,	PUNCT
ajfa-1518	236	7	69	69	NUM
ajfa-1518	236	8	.	.	PUNCT
ajfa-1518	237	1	desai	desai	PROPN
ajfa-1518	237	2	,	,	PUNCT
ajfa-1518	237	3	h.	h.	PROPN
ajfa-1518	237	4	,	,	PUNCT
ajfa-1518	237	5	and	and	CCONJ
ajfa-1518	237	6	jain	jain	PROPN
ajfa-1518	237	7	,	,	PUNCT
ajfa-1518	237	8	p.	p.	PROPN
ajfa-1518	237	9	c.	c.	PROPN
ajfa-1518	237	10	(	(	PUNCT
ajfa-1518	237	11	1999	1999	NUM
ajfa-1518	237	12	)	)	PUNCT
ajfa-1518	237	13	.	.	PUNCT
ajfa-1518	238	1	firm	firm	ADJ
ajfa-1518	238	2	performance	performance	NOUN
ajfa-1518	238	3	and	and	CCONJ
ajfa-1518	238	4	focus	focus	NOUN
ajfa-1518	238	5	:	:	PUNCT
ajfa-1518	238	6	long	long	ADV
ajfa-1518	238	7	run	run	VERB
ajfa-1518	238	8	stock	stock	NOUN
ajfa-1518	238	9	market	market	NOUN
ajfa-1518	238	10	performance	performance	NOUN
ajfa-1518	238	11	following	follow	VERB
ajfa-1518	238	12	spin	spin	NOUN
ajfa-1518	238	13	-	-	PUNCT
ajfa-1518	238	14	offs	off	NOUN
ajfa-1518	238	15	.	.	PUNCT
ajfa-1518	239	1	journal	journal	NOUN
ajfa-1518	239	2	of	of	ADP
ajfa-1518	239	3	financial	financial	ADJ
ajfa-1518	239	4	economics	economic	NOUN
ajfa-1518	239	5	,	,	PUNCT
ajfa-1518	239	6	54	54	NUM
ajfa-1518	239	7	,	,	PUNCT
ajfa-1518	239	8	75	75	NUM
ajfa-1518	239	9	-	-	SYM
ajfa-1518	239	10	101	101	NUM
ajfa-1518	239	11	.	.	PUNCT
ajfa-1518	240	1	http://dx.doi.org/10.1016/s0304-405x(99)00032-x	http://dx.doi.org/10.1016/s0304-405x(99)00032-x	PROPN
ajfa-1518	240	2	drew	draw	VERB
ajfa-1518	240	3	,	,	PUNCT
ajfa-1518	240	4	m.	m.	PROPN
ajfa-1518	240	5	e.	e.	PROPN
ajfa-1518	240	6	,	,	PUNCT
ajfa-1518	240	7	and	and	CCONJ
ajfa-1518	240	8	veeraraghavan	veeraraghavan	NOUN
ajfa-1518	240	9	,	,	PUNCT
ajfa-1518	240	10	m.	m.	NOUN
ajfa-1518	240	11	(	(	PUNCT
ajfa-1518	240	12	2002	2002	NUM
ajfa-1518	240	13	)	)	PUNCT
ajfa-1518	240	14	.	.	PUNCT
ajfa-1518	241	1	a	a	DET
ajfa-1518	241	2	closer	close	ADJ
ajfa-1518	241	3	look	look	NOUN
ajfa-1518	241	4	at	at	ADP
ajfa-1518	241	5	the	the	DET
ajfa-1518	241	6	size	size	NOUN
ajfa-1518	241	7	and	and	CCONJ
ajfa-1518	241	8	value	value	NOUN
ajfa-1518	241	9	premium	premium	NOUN
ajfa-1518	241	10	in	in	ADP
ajfa-1518	241	11	emerging	emerge	VERB
ajfa-1518	241	12	markets	market	NOUN
ajfa-1518	241	13	:	:	PUNCT
ajfa-1518	241	14	evidence	evidence	NOUN
ajfa-1518	241	15	from	from	ADP
ajfa-1518	241	16	the	the	DET
ajfa-1518	241	17	kuala	kuala	PROPN
ajfa-1518	241	18	lumpur	lumpur	PROPN
ajfa-1518	241	19	stock	stock	PROPN
ajfa-1518	241	20	exchange	exchange	PROPN
ajfa-1518	241	21	.	.	PUNCT
ajfa-1518	242	1	asian	asian	ADJ
ajfa-1518	242	2	economic	economic	ADJ
ajfa-1518	242	3	journal	journal	NOUN
ajfa-1518	242	4	,	,	PUNCT
ajfa-1518	242	5	16	16	NUM
ajfa-1518	242	6	(	(	PUNCT
ajfa-1518	242	7	4	4	NUM
ajfa-1518	242	8	)	)	PUNCT
ajfa-1518	242	9	,	,	PUNCT
ajfa-1518	242	10	337	337	NUM
ajfa-1518	242	11	-	-	SYM
ajfa-1518	242	12	351	351	NUM
ajfa-1518	242	13	.	.	PUNCT
ajfa-1518	243	1	http://dx.doi.org/10.1111/1467-8381.00156	http://dx.doi.org/10.1111/1467-8381.00156	PROPN
ajfa-1518	243	2	fama	fama	NOUN
ajfa-1518	243	3	,	,	PUNCT
ajfa-1518	243	4	e.	e.	PROPN
ajfa-1518	243	5	f.	f.	PROPN
ajfa-1518	243	6	(	(	PUNCT
ajfa-1518	243	7	1998	1998	NUM
ajfa-1518	243	8	)	)	PUNCT
ajfa-1518	243	9	.	.	PUNCT
ajfa-1518	244	1	market	market	NOUN
ajfa-1518	244	2	efficiency	efficiency	NOUN
ajfa-1518	244	3	,	,	PUNCT
ajfa-1518	244	4	long	long	ADJ
ajfa-1518	244	5	term	term	NOUN
ajfa-1518	244	6	returns	return	NOUN
ajfa-1518	244	7	,	,	PUNCT
ajfa-1518	244	8	and	and	CCONJ
ajfa-1518	244	9	behavioural	behavioural	ADJ
ajfa-1518	244	10	finance	finance	NOUN
ajfa-1518	244	11	.	.	PUNCT
ajfa-1518	245	1	journal	journal	NOUN
ajfa-1518	245	2	of	of	ADP
ajfa-1518	245	3	financial	financial	ADJ
ajfa-1518	245	4	economics	economic	NOUN
ajfa-1518	245	5	,	,	PUNCT
ajfa-1518	245	6	49	49	NUM
ajfa-1518	245	7	,	,	PUNCT
ajfa-1518	245	8	283	283	NUM
ajfa-1518	245	9	-	-	SYM
ajfa-1518	245	10	306	306	NUM
ajfa-1518	245	11	.	.	PUNCT
ajfa-1518	246	1	http://dx.doi.org/10.1016/s0304-405x(98)00026-9	http://dx.doi.org/10.1016/s0304-405x(98)00026-9	PROPN
ajfa-1518	246	2	ftse	ftse	PROPN
ajfa-1518	246	3	asia	asia	PROPN
ajfa-1518	246	4	research	research	PROPN
ajfa-1518	246	5	(	(	PUNCT
ajfa-1518	246	6	2009	2009	NUM
ajfa-1518	246	7	)	)	PUNCT
ajfa-1518	246	8	.	.	PUNCT
ajfa-1518	247	1	report	report	NOUN
ajfa-1518	247	2	of	of	ADP
ajfa-1518	247	3	the	the	DET
ajfa-1518	247	4	enhancement	enhancement	NOUN
ajfa-1518	247	5	of	of	ADP
ajfa-1518	247	6	the	the	DET
ajfa-1518	247	7	kuala	kuala	PROPN
ajfa-1518	247	8	lumpur	lumpur	PROPN
ajfa-1518	247	9	composite	composite	ADJ
ajfa-1518	247	10	index	index	NOUN
ajfa-1518	247	11	(	(	PUNCT
ajfa-1518	247	12	klci	klci	NOUN
ajfa-1518	247	13	)	)	PUNCT
ajfa-1518	247	14	.	.	PUNCT
ajfa-1518	248	1	kuala	kuala	PROPN
ajfa-1518	248	2	lumpur	lumpur	PROPN
ajfa-1518	248	3	:	:	PUNCT
ajfa-1518	248	4	ftse	ftse	PROPN
ajfa-1518	248	5	bursa	bursa	PROPN
ajfa-1518	248	6	malaysia	malaysia	PROPN
ajfa-1518	248	7	klci	klci	PROPN
ajfa-1518	248	8	.	.	PUNCT
ajfa-1518	249	1	hameed	hameed	PROPN
ajfa-1518	249	2	,	,	PUNCT
ajfa-1518	249	3	a.	a.	NOUN
ajfa-1518	249	4	,	,	PUNCT
ajfa-1518	249	5	and	and	CCONJ
ajfa-1518	249	6	ting	ting	PROPN
ajfa-1518	249	7	.	.	PUNCT
ajfa-1518	250	1	s.	s.	PROPN
ajfa-1518	250	2	(	(	PUNCT
ajfa-1518	250	3	2000	2000	NUM
ajfa-1518	250	4	)	)	PUNCT
ajfa-1518	250	5	.	.	PUNCT
ajfa-1518	251	1	trading	trading	NOUN
ajfa-1518	251	2	volume	volume	NOUN
ajfa-1518	251	3	and	and	CCONJ
ajfa-1518	251	4	short	short	ADJ
ajfa-1518	251	5	horizon	horizon	PROPN
ajfa-1518	251	6	contrarian	contrarian	ADJ
ajfa-1518	251	7	profit	profit	NOUN
ajfa-1518	251	8	:	:	PUNCT
ajfa-1518	251	9	evidence	evidence	NOUN
ajfa-1518	251	10	from	from	ADP
ajfa-1518	251	11	the	the	DET
ajfa-1518	251	12	malaysian	malaysian	ADJ
ajfa-1518	251	13	market	market	NOUN
ajfa-1518	251	14	.	.	PUNCT
ajfa-1518	252	1	pacific	pacific	PROPN
ajfa-1518	252	2	basin	basin	PROPN
ajfa-1518	252	3	finance	finance	PROPN
ajfa-1518	252	4	journal	journal	NOUN
ajfa-1518	252	5	,	,	PUNCT
ajfa-1518	252	6	8	8	NUM
ajfa-1518	252	7	,	,	PUNCT
ajfa-1518	252	8	67	67	NUM
ajfa-1518	252	9	-	-	SYM
ajfa-1518	252	10	84	84	NUM
ajfa-1518	252	11	.	.	PUNCT
ajfa-1518	253	1	http://dx.doi.org/10.1016/s0927-538x(99)00029-3	http://dx.doi.org/10.1016/s0927-538x(99)00029-3	NOUN
ajfa-1518	253	2	hite	hite	PROPN
ajfa-1518	253	3	,	,	PUNCT
ajfa-1518	253	4	g.	g.	PROPN
ajfa-1518	253	5	k.	k.	PROPN
ajfa-1518	253	6	,	,	PUNCT
ajfa-1518	253	7	and	and	CCONJ
ajfa-1518	253	8	owers	ower	NOUN
ajfa-1518	253	9	,	,	PUNCT
ajfa-1518	253	10	j.	j.	PROPN
ajfa-1518	253	11	e.	e.	PROPN
ajfa-1518	253	12	(	(	PUNCT
ajfa-1518	253	13	1983	1983	NUM
ajfa-1518	253	14	)	)	PUNCT
ajfa-1518	253	15	.	.	PUNCT
ajfa-1518	254	1	security	security	NOUN
ajfa-1518	254	2	price	price	NOUN
ajfa-1518	254	3	reaction	reaction	NOUN
ajfa-1518	254	4	around	around	ADP
ajfa-1518	254	5	corporate	corporate	ADJ
ajfa-1518	254	6	spin	spin	NOUN
ajfa-1518	254	7	-	-	PUNCT
ajfa-1518	254	8	off	off	ADP
ajfa-1518	254	9	announcements	announcement	NOUN
ajfa-1518	254	10	.	.	PUNCT
ajfa-1518	255	1	journal	journal	NOUN
ajfa-1518	255	2	of	of	ADP
ajfa-1518	255	3	financial	financial	ADJ
ajfa-1518	255	4	economics	economic	NOUN
ajfa-1518	255	5	,	,	PUNCT
ajfa-1518	255	6	12	12	NUM
ajfa-1518	255	7	,	,	PUNCT
ajfa-1518	255	8	409	409	NUM
ajfa-1518	255	9	-	-	SYM
ajfa-1518	255	10	436	436	NUM
ajfa-1518	255	11	.	.	PUNCT
ajfa-1518	256	1	http://dx.doi.org/10.1016/0304-405x(83)90042-9	http://dx.doi.org/10.1016/0304-405x(83)90042-9	NOUN
ajfa-1518	256	2	hite	hite	PROPN
ajfa-1518	256	3	,	,	PUNCT
ajfa-1518	256	4	g.	g.	PROPN
ajfa-1518	256	5	k.	k.	PROPN
ajfa-1518	256	6	,	,	PUNCT
ajfa-1518	256	7	and	and	CCONJ
ajfa-1518	256	8	owers	ower	NOUN
ajfa-1518	256	9	,	,	PUNCT
ajfa-1518	256	10	j.	j.	PROPN
ajfa-1518	256	11	e.	e.	PROPN
ajfa-1518	256	12	(	(	PUNCT
ajfa-1518	256	13	1983	1983	NUM
ajfa-1518	256	14	)	)	PUNCT
ajfa-1518	256	15	.	.	PUNCT
ajfa-1518	257	1	security	security	NOUN
ajfa-1518	257	2	price	price	NOUN
ajfa-1518	257	3	reaction	reaction	NOUN
ajfa-1518	257	4	around	around	ADP
ajfa-1518	257	5	corporate	corporate	ADJ
ajfa-1518	257	6	spin	spin	NOUN
ajfa-1518	257	7	-	-	PUNCT
ajfa-1518	257	8	off	off	ADP
ajfa-1518	257	9	announcements	announcement	NOUN
ajfa-1518	257	10	.	.	PUNCT
ajfa-1518	258	1	journal	journal	NOUN
ajfa-1518	258	2	of	of	ADP
ajfa-1518	258	3	financial	financial	ADJ
ajfa-1518	258	4	economics	economic	NOUN
ajfa-1518	258	5	,	,	PUNCT
ajfa-1518	258	6	12	12	NUM
ajfa-1518	258	7	,	,	PUNCT
ajfa-1518	258	8	409	409	NUM
ajfa-1518	258	9	-	-	SYM
ajfa-1518	258	10	436	436	NUM
ajfa-1518	258	11	.	.	PUNCT
ajfa-1518	259	1	http://dx.doi.org/10.1016/0304-405x(83)90042-9	http://dx.doi.org/10.1016/0304-405x(83)90042-9	NOUN
ajfa-1518	259	2	kirchmaier	kirchmaier	NOUN
ajfa-1518	259	3	,	,	PUNCT
ajfa-1518	259	4	t.	t.	PROPN
ajfa-1518	259	5	(	(	PUNCT
ajfa-1518	259	6	2003	2003	NUM
ajfa-1518	259	7	)	)	PUNCT
ajfa-1518	259	8	.	.	PUNCT
ajfa-1518	260	1	the	the	DET
ajfa-1518	260	2	performance	performance	NOUN
ajfa-1518	260	3	effects	effect	NOUN
ajfa-1518	260	4	of	of	ADP
ajfa-1518	260	5	european	european	ADJ
ajfa-1518	260	6	demergers	demerger	NOUN
ajfa-1518	260	7	.	.	PUNCT
ajfa-1518	261	1	center	center	NOUN
ajfa-1518	261	2	for	for	ADP
ajfa-1518	261	3	economic	economic	ADJ
ajfa-1518	261	4	performance	performance	NOUN
ajfa-1518	261	5	discussion	discussion	NOUN
ajfa-1518	261	6	[	[	X
ajfa-1518	261	7	online	online	X
ajfa-1518	261	8	]	]	X
ajfa-1518	261	9	,	,	PUNCT
ajfa-1518	261	10	1	1	NUM
ajfa-1518	261	11	-	-	SYM
ajfa-1518	261	12	37	37	NUM
ajfa-1518	261	13	.	.	PUNCT
ajfa-1518	262	1	koh	koh	PROPN
ajfa-1518	262	2	,	,	PUNCT
ajfa-1518	262	3	c.	c.	PROPN
ajfa-1518	262	4	c.	c.	PROPN
ajfa-1518	262	5	,	,	PUNCT
ajfa-1518	262	6	koh	koh	PROPN
ajfa-1518	262	7	,	,	PUNCT
ajfa-1518	262	8	t.	t.	PROPN
ajfa-1518	262	9	h.	h.	PROPN
ajfa-1518	262	10	,	,	PUNCT
ajfa-1518	262	11	and	and	CCONJ
ajfa-1518	262	12	koh	koh	PROPN
ajfa-1518	262	13	,	,	PUNCT
ajfa-1518	262	14	s.	s.	PROPN
ajfa-1518	262	15	k.	k.	PROPN
ajfa-1518	262	16	(	(	PUNCT
ajfa-1518	262	17	2005	2005	NUM
ajfa-1518	262	18	)	)	PUNCT
ajfa-1518	262	19	.	.	PUNCT
ajfa-1518	263	1	corporate	corporate	ADJ
ajfa-1518	263	2	divestitures	divestiture	NOUN
ajfa-1518	263	3	and	and	CCONJ
ajfa-1518	263	4	spinoffs	spinoff	NOUN
ajfa-1518	263	5	in	in	ADP
ajfa-1518	263	6	singapore	singapore	PROPN
ajfa-1518	263	7	.	.	PUNCT
ajfa-1518	264	1	journal	journal	PROPN
ajfa-1518	264	2	of	of	ADP
ajfa-1518	264	3	restructuring	restructure	VERB
ajfa-1518	264	4	finance	finance	NOUN
ajfa-1518	264	5	,	,	PUNCT
ajfa-1518	264	6	2	2	NUM
ajfa-1518	264	7	(	(	PUNCT
ajfa-1518	264	8	1	1	NUM
ajfa-1518	264	9	)	)	PUNCT
ajfa-1518	264	10	,	,	PUNCT
ajfa-1518	264	11	69	69	NUM
ajfa-1518	264	12	-	-	SYM
ajfa-1518	264	13	79	79	NUM
ajfa-1518	264	14	.	.	PUNCT
ajfa-1518	265	1	http://dx.doi.org/10.1142/s0219869x05000191	http://dx.doi.org/10.1142/s0219869x05000191	PROPN
ajfa-1518	265	2	krishnaswami	krishnaswami	PROPN
ajfa-1518	265	3	,	,	PUNCT
ajfa-1518	265	4	s.	s.	PROPN
ajfa-1518	265	5	,	,	PUNCT
ajfa-1518	265	6	and	and	CCONJ
ajfa-1518	265	7	subramaniam	subramaniam	PROPN
ajfa-1518	265	8	,	,	PUNCT
ajfa-1518	265	9	v.	v.	PROPN
ajfa-1518	265	10	(	(	PUNCT
ajfa-1518	265	11	1999	1999	NUM
ajfa-1518	265	12	)	)	PUNCT
ajfa-1518	265	13	.	.	PUNCT
ajfa-1518	266	1	information	information	NOUN
ajfa-1518	266	2	asymmetry	asymmetry	PROPN
ajfa-1518	266	3	,	,	PUNCT
ajfa-1518	266	4	valuation	valuation	NOUN
ajfa-1518	266	5	,	,	PUNCT
ajfa-1518	266	6	and	and	CCONJ
ajfa-1518	266	7	the	the	DET
ajfa-1518	266	8	corporate	corporate	ADJ
ajfa-1518	266	9	spin	spin	NOUN
ajfa-1518	266	10	-	-	PUNCT
ajfa-1518	266	11	off	off	ADP
ajfa-1518	266	12	decision	decision	NOUN
ajfa-1518	266	13	.	.	PUNCT
ajfa-1518	267	1	journal	journal	NOUN
ajfa-1518	267	2	of	of	ADP
ajfa-1518	267	3	financial	financial	ADJ
ajfa-1518	267	4	economies	economy	NOUN
ajfa-1518	267	5	,	,	PUNCT
ajfa-1518	267	6	73	73	NUM
ajfa-1518	267	7	-	-	SYM
ajfa-1518	267	8	112	112	NUM
ajfa-1518	267	9	.	.	PUNCT
ajfa-1518	268	1	http://dx.doi.org/10.1016/s0304-405x(99)00017-3	http://dx.doi.org/10.1016/s0304-405x(99)00017-3	PROPN
ajfa-1518	268	2	asian	asian	PROPN
ajfa-1518	268	3	journal	journal	PROPN
ajfa-1518	268	4	of	of	ADP
ajfa-1518	268	5	finance	finance	PROPN
ajfa-1518	268	6	&	&	CCONJ
ajfa-1518	268	7	accounting	accounting	PROPN
ajfa-1518	268	8	issn	issn	PROPN
ajfa-1518	268	9	1946	1946	NUM
ajfa-1518	268	10	-	-	PUNCT
ajfa-1518	268	11	052x	052x	NOUN
ajfa-1518	268	12	2012	2012	NUM
ajfa-1518	268	13	,	,	PUNCT
ajfa-1518	268	14	vol	vol	NOUN
ajfa-1518	268	15	.	.	PROPN
ajfa-1518	268	16	4	4	NUM
ajfa-1518	268	17	,	,	PUNCT
ajfa-1518	268	18	no	no	INTJ
ajfa-1518	268	19	.	.	NOUN
ajfa-1518	268	20	1	1	NUM
ajfa-1518	268	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	268	22	165	165	NUM
ajfa-1518	268	23	lim	lim	PROPN
ajfa-1518	268	24	,	,	PUNCT
ajfa-1518	268	25	k.	k.	PROPN
ajfa-1518	268	26	p.	p.	PROPN
ajfa-1518	268	27	,	,	PUNCT
ajfa-1518	268	28	brooks	brooks	PROPN
ajfa-1518	268	29	,	,	PUNCT
ajfa-1518	268	30	r.	r.	PROPN
ajfa-1518	268	31	d.	d.	PROPN
ajfa-1518	268	32	,	,	PUNCT
ajfa-1518	268	33	and	and	CCONJ
ajfa-1518	268	34	kim	kim	PROPN
ajfa-1518	268	35	,	,	PUNCT
ajfa-1518	268	36	j.	j.	PROPN
ajfa-1518	268	37	h.	h.	PROPN
ajfa-1518	268	38	(	(	PUNCT
ajfa-1518	268	39	2007	2007	NUM
ajfa-1518	268	40	)	)	PUNCT
ajfa-1518	268	41	.	.	PUNCT
ajfa-1518	269	1	financial	financial	ADJ
ajfa-1518	269	2	crisis	crisis	NOUN
ajfa-1518	269	3	and	and	CCONJ
ajfa-1518	269	4	stock	stock	NOUN
ajfa-1518	269	5	market	market	NOUN
ajfa-1518	269	6	efficiency	efficiency	NOUN
ajfa-1518	269	7	:	:	PUNCT
ajfa-1518	269	8	empirical	empirical	ADJ
ajfa-1518	269	9	evidence	evidence	NOUN
ajfa-1518	269	10	from	from	ADP
ajfa-1518	269	11	asian	asian	ADJ
ajfa-1518	269	12	countries	country	NOUN
ajfa-1518	269	13	.	.	PUNCT
ajfa-1518	270	1	international	international	ADJ
ajfa-1518	270	2	review	review	NOUN
ajfa-1518	270	3	of	of	ADP
ajfa-1518	270	4	financial	financial	ADJ
ajfa-1518	270	5	analysis	analysis	NOUN
ajfa-1518	270	6	,	,	PUNCT
ajfa-1518	270	7	17	17	NUM
ajfa-1518	270	8	,	,	PUNCT
ajfa-1518	270	9	571	571	NUM
ajfa-1518	270	10	-	-	SYM
ajfa-1518	270	11	591	591	NUM
ajfa-1518	270	12	.	.	PUNCT
ajfa-1518	271	1	http://dx.doi.org/10.1016/j.irfa.2007.03.001	http://dx.doi.org/10.1016/j.irfa.2007.03.001	PROPN
ajfa-1518	271	2	loughran	loughran	NOUN
ajfa-1518	271	3	,	,	PUNCT
ajfa-1518	271	4	t.	t.	NOUN
ajfa-1518	271	5	,	,	PUNCT
ajfa-1518	271	6	and	and	CCONJ
ajfa-1518	271	7	ritter	ritter	PROPN
ajfa-1518	271	8	,	,	PUNCT
ajfa-1518	271	9	j.	j.	PROPN
ajfa-1518	271	10	r.	r.	PROPN
ajfa-1518	271	11	(	(	PUNCT
ajfa-1518	271	12	2000	2000	NUM
ajfa-1518	271	13	)	)	PUNCT
ajfa-1518	271	14	.	.	PUNCT
ajfa-1518	272	1	uniformly	uniformly	ADV
ajfa-1518	272	2	least	least	ADJ
ajfa-1518	272	3	powerful	powerful	ADJ
ajfa-1518	272	4	tests	test	NOUN
ajfa-1518	272	5	of	of	ADP
ajfa-1518	272	6	market	market	NOUN
ajfa-1518	272	7	efficiency	efficiency	NOUN
ajfa-1518	272	8	.	.	PUNCT
ajfa-1518	273	1	journal	journal	NOUN
ajfa-1518	273	2	of	of	ADP
ajfa-1518	273	3	financial	financial	ADJ
ajfa-1518	273	4	economics	economic	NOUN
ajfa-1518	273	5	,	,	PUNCT
ajfa-1518	273	6	55	55	NUM
ajfa-1518	273	7	,	,	PUNCT
ajfa-1518	273	8	361	361	NUM
ajfa-1518	273	9	-	-	SYM
ajfa-1518	273	10	389	389	NUM
ajfa-1518	273	11	.	.	PUNCT
ajfa-1518	274	1	http://dx.doi.org/10.1016/s0304-405x(99)00054-9	http://dx.doi.org/10.1016/s0304-405x(99)00054-9	PROPN
ajfa-1518	274	2	lyon	lyon	PROPN
ajfa-1518	274	3	,	,	PUNCT
ajfa-1518	274	4	j.	j.	PROPN
ajfa-1518	274	5	d.	d.	PROPN
ajfa-1518	274	6	,	,	PUNCT
ajfa-1518	274	7	barber	barber	PROPN
ajfa-1518	274	8	,	,	PUNCT
ajfa-1518	274	9	b.	b.	PROPN
ajfa-1518	274	10	m.	m.	PROPN
ajfa-1518	274	11	,	,	PUNCT
ajfa-1518	274	12	and	and	CCONJ
ajfa-1518	274	13	tsai	tsai	PROPN
ajfa-1518	274	14	,	,	PUNCT
ajfa-1518	274	15	c.	c.	PROPN
ajfa-1518	274	16	l.	l.	PROPN
ajfa-1518	274	17	(	(	PUNCT
ajfa-1518	274	18	1999	1999	NUM
ajfa-1518	274	19	)	)	PUNCT
ajfa-1518	274	20	.	.	PUNCT
ajfa-1518	275	1	improved	improve	VERB
ajfa-1518	275	2	methods	method	NOUN
ajfa-1518	275	3	for	for	ADP
ajfa-1518	275	4	tests	test	NOUN
ajfa-1518	275	5	of	of	ADP
ajfa-1518	275	6	long	long	ADV
ajfa-1518	275	7	-	-	PUNCT
ajfa-1518	275	8	run	run	VERB
ajfa-1518	275	9	abnormal	abnormal	ADJ
ajfa-1518	275	10	stock	stock	NOUN
ajfa-1518	275	11	returns	return	NOUN
ajfa-1518	275	12	.	.	PUNCT
ajfa-1518	276	1	journal	journal	NOUN
ajfa-1518	276	2	of	of	ADP
ajfa-1518	276	3	finance	finance	NOUN
ajfa-1518	276	4	,	,	PUNCT
ajfa-1518	276	5	54	54	NUM
ajfa-1518	276	6	(	(	PUNCT
ajfa-1518	276	7	1	1	NUM
ajfa-1518	276	8	)	)	PUNCT
ajfa-1518	276	9	,	,	PUNCT
ajfa-1518	276	10	165	165	NUM
ajfa-1518	276	11	-	-	SYM
ajfa-1518	276	12	201	201	NUM
ajfa-1518	276	13	.	.	PUNCT
ajfa-1518	277	1	http://dx.doi.org/10.1111/0022-1082.00101	http://dx.doi.org/10.1111/0022-1082.00101	PROPN
ajfa-1518	277	2	madun	madun	VERB
ajfa-1518	277	3	,	,	PUNCT
ajfa-1518	277	4	a.	a.	NOUN
ajfa-1518	277	5	(	(	PUNCT
ajfa-1518	277	6	2008	2008	NUM
ajfa-1518	277	7	)	)	PUNCT
ajfa-1518	277	8	.	.	PUNCT
ajfa-1518	278	1	the	the	DET
ajfa-1518	278	2	impact	impact	NOUN
ajfa-1518	278	3	of	of	ADP
ajfa-1518	278	4	financial	financial	ADJ
ajfa-1518	278	5	analyst	analyst	NOUN
ajfa-1518	278	6	coverage	coverage	NOUN
ajfa-1518	278	7	or	or	CCONJ
ajfa-1518	278	8	stock	stock	NOUN
ajfa-1518	278	9	properties	property	NOUN
ajfa-1518	278	10	:	:	PUNCT
ajfa-1518	278	11	the	the	DET
ajfa-1518	278	12	experience	experience	NOUN
ajfa-1518	278	13	of	of	ADP
ajfa-1518	278	14	malaysian	malaysian	ADJ
ajfa-1518	278	15	research	research	PROPN
ajfa-1518	278	16	incentive	incentive	NOUN
ajfa-1518	278	17	scheme	scheme	NOUN
ajfa-1518	278	18	.	.	PUNCT
ajfa-1518	279	1	unpublished	unpublished	ADJ
ajfa-1518	279	2	thesis	thesis	NOUN
ajfa-1518	279	3	(	(	PUNCT
ajfa-1518	279	4	phd	phd	NOUN
ajfa-1518	279	5	)	)	PUNCT
ajfa-1518	279	6	.	.	PUNCT
ajfa-1518	280	1	university	university	NOUN
ajfa-1518	280	2	of	of	ADP
ajfa-1518	280	3	bath	bath	NOUN
ajfa-1518	280	4	,	,	PUNCT
ajfa-1518	280	5	united	united	ADJ
ajfa-1518	280	6	kingdom	kingdom	PROPN
ajfa-1518	280	7	.	.	PUNCT
ajfa-1518	281	1	mcconnell	mcconnell	PROPN
ajfa-1518	281	2	,	,	PUNCT
ajfa-1518	281	3	j.	j.	PROPN
ajfa-1518	281	4	j.	j.	PROPN
ajfa-1518	281	5	,	,	PUNCT
ajfa-1518	281	6	ozbilgin	ozbilgin	NOUN
ajfa-1518	281	7	,	,	PUNCT
ajfa-1518	281	8	m.	m.	NOUN
ajfa-1518	281	9	,	,	PUNCT
ajfa-1518	281	10	and	and	CCONJ
ajfa-1518	281	11	wahal	wahal	ADJ
ajfa-1518	281	12	,	,	PUNCT
ajfa-1518	281	13	s.	s.	PROPN
ajfa-1518	281	14	(	(	PUNCT
ajfa-1518	281	15	2001	2001	NUM
ajfa-1518	281	16	)	)	PUNCT
ajfa-1518	281	17	.	.	PUNCT
ajfa-1518	282	1	spin	spin	NOUN
ajfa-1518	282	2	-	-	PUNCT
ajfa-1518	282	3	offs	off	NOUN
ajfa-1518	282	4	and	and	CCONJ
ajfa-1518	282	5	ex	ex	PRON
ajfa-1518	282	6	ante	ante	NOUN
ajfa-1518	282	7	.	.	PUNCT
ajfa-1518	283	1	the	the	DET
ajfa-1518	283	2	journal	journal	NOUN
ajfa-1518	283	3	of	of	ADP
ajfa-1518	283	4	business	business	NOUN
ajfa-1518	283	5	,	,	PUNCT
ajfa-1518	283	6	74	74	NUM
ajfa-1518	283	7	(	(	PUNCT
ajfa-1518	283	8	2	2	NUM
ajfa-1518	283	9	)	)	PUNCT
ajfa-1518	283	10	,	,	PUNCT
ajfa-1518	283	11	245	245	NUM
ajfa-1518	283	12	-	-	SYM
ajfa-1518	283	13	280	280	NUM
ajfa-1518	283	14	.	.	PUNCT
ajfa-1518	284	1	http://dx.doi.org/10.1086/209672	http://dx.doi.org/10.1086/209672	PROPN
ajfa-1518	284	2	miles	miles	PROPN
ajfa-1518	284	3	,	,	PUNCT
ajfa-1518	284	4	j.	j.	PROPN
ajfa-1518	284	5	,	,	PUNCT
ajfa-1518	284	6	a.	a.	PROPN
ajfa-1518	284	7	,	,	PUNCT
ajfa-1518	284	8	and	and	CCONJ
ajfa-1518	284	9	rosenfeld	rosenfeld	PROPN
ajfa-1518	284	10	,	,	PUNCT
ajfa-1518	284	11	j.	j.	PROPN
ajfa-1518	284	12	d.	d.	PROPN
ajfa-1518	284	13	(	(	PUNCT
ajfa-1518	284	14	1983	1983	NUM
ajfa-1518	284	15	)	)	PUNCT
ajfa-1518	284	16	.	.	PUNCT
ajfa-1518	285	1	the	the	DET
ajfa-1518	285	2	effect	effect	NOUN
ajfa-1518	285	3	of	of	ADP
ajfa-1518	285	4	voluntary	voluntary	ADJ
ajfa-1518	285	5	spin	spin	NOUN
ajfa-1518	285	6	-	-	PUNCT
ajfa-1518	285	7	off	off	ADP
ajfa-1518	285	8	announcements	announcement	NOUN
ajfa-1518	285	9	on	on	ADP
ajfa-1518	285	10	shareholder	shareholder	NOUN
ajfa-1518	285	11	wealth	wealth	NOUN
ajfa-1518	285	12	.	.	PUNCT
ajfa-1518	286	1	the	the	DET
ajfa-1518	286	2	journal	journal	PROPN
ajfa-1518	286	3	of	of	ADP
ajfa-1518	286	4	finance	finance	NOUN
ajfa-1518	286	5	,	,	PUNCT
ajfa-1518	286	6	38	38	NUM
ajfa-1518	286	7	(	(	PUNCT
ajfa-1518	286	8	5	5	NUM
ajfa-1518	286	9	)	)	PUNCT
ajfa-1518	286	10	,	,	PUNCT
ajfa-1518	286	11	15971606	15971606	NUM
ajfa-1518	286	12	.	.	PUNCT
ajfa-1518	287	1	http://dx.doi.org/10.2307/2327589	http://dx.doi.org/10.2307/2327589	PROPN
ajfa-1518	287	2	morck	morck	PROPN
ajfa-1518	287	3	,	,	PUNCT
ajfa-1518	287	4	r.	r.	PROPN
ajfa-1518	287	5	,	,	PUNCT
ajfa-1518	287	6	yeung	yeung	PROPN
ajfa-1518	287	7	,	,	PUNCT
ajfa-1518	287	8	b.	b.	PROPN
ajfa-1518	287	9	,	,	PUNCT
ajfa-1518	287	10	and	and	CCONJ
ajfa-1518	287	11	yu	yu	PROPN
ajfa-1518	287	12	,	,	PUNCT
ajfa-1518	287	13	b.	b.	PROPN
ajfa-1518	287	14	(	(	PUNCT
ajfa-1518	287	15	2000	2000	NUM
ajfa-1518	287	16	)	)	PUNCT
ajfa-1518	287	17	.	.	PUNCT
ajfa-1518	288	1	the	the	DET
ajfa-1518	288	2	information	information	NOUN
ajfa-1518	288	3	content	content	NOUN
ajfa-1518	288	4	of	of	ADP
ajfa-1518	288	5	stock	stock	NOUN
ajfa-1518	288	6	markets	market	NOUN
ajfa-1518	288	7	:	:	PUNCT
ajfa-1518	288	8	why	why	SCONJ
ajfa-1518	288	9	do	do	AUX
ajfa-1518	288	10	emerging	emerge	VERB
ajfa-1518	288	11	markets	market	NOUN
ajfa-1518	288	12	have	have	VERB
ajfa-1518	288	13	synchronous	synchronous	ADJ
ajfa-1518	288	14	stock	stock	NOUN
ajfa-1518	288	15	price	price	NOUN
ajfa-1518	288	16	movements	movement	NOUN
ajfa-1518	288	17	?	?	PUNCT
ajfa-1518	288	18	,	,	PUNCT
ajfa-1518	288	19	journal	journal	NOUN
ajfa-1518	288	20	of	of	ADP
ajfa-1518	288	21	financial	financial	ADJ
ajfa-1518	288	22	economics	economic	NOUN
ajfa-1518	288	23	,	,	PUNCT
ajfa-1518	288	24	58	58	NUM
ajfa-1518	288	25	(	(	PUNCT
ajfa-1518	288	26	2	2	NUM
ajfa-1518	288	27	)	)	PUNCT
ajfa-1518	288	28	,	,	PUNCT
ajfa-1518	288	29	215	215	NUM
ajfa-1518	288	30	-	-	SYM
ajfa-1518	288	31	260	260	NUM
ajfa-1518	288	32	.	.	PUNCT
ajfa-1518	289	1	http://dx.doi.org/10.1016/s0304-405x(00)00071-4	http://dx.doi.org/10.1016/s0304-405x(00)00071-4	PROPN
ajfa-1518	289	2	murray	murray	PROPN
ajfa-1518	289	3	,	,	PUNCT
ajfa-1518	289	4	l.	l.	PROPN
ajfa-1518	289	5	(	(	PUNCT
ajfa-1518	289	6	2008	2008	NUM
ajfa-1518	289	7	)	)	PUNCT
ajfa-1518	289	8	.	.	PUNCT
ajfa-1518	290	1	spin	spin	NOUN
ajfa-1518	290	2	-	-	PUNCT
ajfa-1518	290	3	offs	off	NOUN
ajfa-1518	290	4	in	in	ADP
ajfa-1518	290	5	an	an	DET
ajfa-1518	290	6	environment	environment	NOUN
ajfa-1518	290	7	of	of	ADP
ajfa-1518	290	8	bank	bank	NOUN
ajfa-1518	290	9	debt	debt	NOUN
ajfa-1518	290	10	.	.	PUNCT
ajfa-1518	291	1	journal	journal	PROPN
ajfa-1518	291	2	of	of	ADP
ajfa-1518	291	3	business	business	NOUN
ajfa-1518	291	4	finance	finance	NOUN
ajfa-1518	291	5	and	and	CCONJ
ajfa-1518	291	6	accounting	accounting	NOUN
ajfa-1518	291	7	,	,	PUNCT
ajfa-1518	291	8	35	35	NUM
ajfa-1518	291	9	(	(	PUNCT
ajfa-1518	291	10	3	3	NUM
ajfa-1518	291	11	)	)	PUNCT
ajfa-1518	291	12	&	&	CCONJ
ajfa-1518	291	13	(	(	PUNCT
ajfa-1518	291	14	4	4	NUM
ajfa-1518	291	15	)	)	PUNCT
ajfa-1518	291	16	,	,	PUNCT
ajfa-1518	291	17	406	406	NUM
ajfa-1518	291	18	-	-	SYM
ajfa-1518	291	19	433	433	NUM
ajfa-1518	291	20	.	.	PUNCT
ajfa-1518	292	1	nathrah	nathrah	PROPN
ajfa-1518	292	2	,	,	PUNCT
ajfa-1518	292	3	y.	y.	PROPN
ajfa-1518	292	4	(	(	PUNCT
ajfa-1518	292	5	2006	2006	NUM
ajfa-1518	292	6	)	)	PUNCT
ajfa-1518	292	7	.	.	PUNCT
ajfa-1518	293	1	the	the	DET
ajfa-1518	293	2	evidence	evidence	NOUN
ajfa-1518	293	3	of	of	ADP
ajfa-1518	293	4	size	size	NOUN
ajfa-1518	293	5	effect	effect	NOUN
ajfa-1518	293	6	during	during	ADP
ajfa-1518	293	7	bull	bull	NOUN
ajfa-1518	293	8	and	and	CCONJ
ajfa-1518	293	9	bear	bear	NOUN
ajfa-1518	293	10	markets	market	NOUN
ajfa-1518	293	11	.	.	PUNCT
ajfa-1518	294	1	unpublished	unpublished	ADJ
ajfa-1518	294	2	thesis	thesis	NOUN
ajfa-1518	294	3	(	(	PUNCT
ajfa-1518	294	4	msc	msc	PROPN
ajfa-1518	294	5	)	)	PUNCT
ajfa-1518	294	6	.	.	PUNCT
ajfa-1518	295	1	universiti	universiti	PROPN
ajfa-1518	295	2	putra	putra	PROPN
ajfa-1518	295	3	malaysia	malaysia	PROPN
ajfa-1518	295	4	.	.	PUNCT
ajfa-1518	296	1	norli	norli	ADJ
ajfa-1518	296	2	,	,	PUNCT
ajfa-1518	296	3	a.	a.	NOUN
ajfa-1518	296	4	,	,	PUNCT
ajfa-1518	296	5	annuar	annuar	ADJ
ajfa-1518	296	6	,	,	PUNCT
ajfa-1518	296	7	m.	m.	NOUN
ajfa-1518	296	8	n.	n.	PROPN
ajfa-1518	296	9	,	,	PUNCT
ajfa-1518	296	10	taufik	taufik	PROPN
ajfa-1518	296	11	,	,	PUNCT
ajfa-1518	296	12	h.	h.	PROPN
ajfa-1518	296	13	,	,	PUNCT
ajfa-1518	296	14	and	and	CCONJ
ajfa-1518	296	15	sazali	sazali	VERB
ajfa-1518	296	16	,	,	PUNCT
ajfa-1518	296	17	z.	z.	PROPN
ajfa-1518	296	18	a.	a.	PROPN
ajfa-1518	296	19	(	(	PUNCT
ajfa-1518	296	20	2010	2010	NUM
ajfa-1518	296	21	)	)	PUNCT
ajfa-1518	296	22	.	.	PUNCT
ajfa-1518	297	1	short	short	ADJ
ajfa-1518	297	2	-	-	PUNCT
ajfa-1518	297	3	run	run	NOUN
ajfa-1518	297	4	stock	stock	NOUN
ajfa-1518	297	5	overreaction	overreaction	NOUN
ajfa-1518	297	6	:	:	PUNCT
ajfa-1518	297	7	evidence	evidence	NOUN
ajfa-1518	297	8	from	from	ADP
ajfa-1518	297	9	bursa	bursa	PROPN
ajfa-1518	297	10	malaysia	malaysia	PROPN
ajfa-1518	297	11	.	.	PUNCT
ajfa-1518	298	1	international	international	ADJ
ajfa-1518	298	2	journal	journal	PROPN
ajfa-1518	298	3	of	of	ADP
ajfa-1518	298	4	economics	economic	NOUN
ajfa-1518	298	5	and	and	CCONJ
ajfa-1518	298	6	management	management	NOUN
ajfa-1518	298	7	,	,	PUNCT
ajfa-1518	298	8	4	4	NUM
ajfa-1518	298	9	,	,	PUNCT
ajfa-1518	298	10	319	319	NUM
ajfa-1518	298	11	-	-	SYM
ajfa-1518	298	12	333	333	NUM
ajfa-1518	298	13	.	.	PUNCT
ajfa-1518	299	1	ritter	ritter	PROPN
ajfa-1518	299	2	,	,	PUNCT
ajfa-1518	299	3	j.	j.	PROPN
ajfa-1518	299	4	(	(	PUNCT
ajfa-1518	299	5	1991	1991	NUM
ajfa-1518	299	6	)	)	PUNCT
ajfa-1518	299	7	.	.	PUNCT
ajfa-1518	300	1	the	the	DET
ajfa-1518	300	2	long	long	ADV
ajfa-1518	300	3	-	-	PUNCT
ajfa-1518	300	4	run	run	NOUN
ajfa-1518	300	5	performance	performance	NOUN
ajfa-1518	300	6	of	of	ADP
ajfa-1518	300	7	initial	initial	ADJ
ajfa-1518	300	8	public	public	ADJ
ajfa-1518	300	9	offerings	offering	NOUN
ajfa-1518	300	10	.	.	PUNCT
ajfa-1518	301	1	journal	journal	NOUN
ajfa-1518	301	2	of	of	ADP
ajfa-1518	301	3	finance	finance	NOUN
ajfa-1518	301	4	,	,	PUNCT
ajfa-1518	301	5	46	46	NUM
ajfa-1518	301	6	,	,	PUNCT
ajfa-1518	301	7	3	3	NUM
ajfa-1518	301	8	-	-	SYM
ajfa-1518	301	9	28	28	NUM
ajfa-1518	301	10	.	.	PUNCT
ajfa-1518	302	1	http://dx.doi.org/10.2307/2328687	http://dx.doi.org/10.2307/2328687	PROPN
ajfa-1518	302	2	rosenfeld	rosenfeld	PROPN
ajfa-1518	302	3	,	,	PUNCT
ajfa-1518	302	4	j.	j.	PROPN
ajfa-1518	302	5	d.	d.	PROPN
ajfa-1518	302	6	(	(	PUNCT
ajfa-1518	302	7	1984	1984	NUM
ajfa-1518	302	8	)	)	PUNCT
ajfa-1518	302	9	.	.	PUNCT
ajfa-1518	303	1	additional	additional	ADJ
ajfa-1518	303	2	evidence	evidence	NOUN
ajfa-1518	303	3	on	on	ADP
ajfa-1518	303	4	the	the	DET
ajfa-1518	303	5	relation	relation	NOUN
ajfa-1518	303	6	between	between	ADP
ajfa-1518	303	7	divestiture	divestiture	NOUN
ajfa-1518	303	8	announcement	announcement	NOUN
ajfa-1518	303	9	and	and	CCONJ
ajfa-1518	303	10	shareholder	shareholder	NOUN
ajfa-1518	303	11	wealth	wealth	NOUN
ajfa-1518	303	12	’	'	PUNCT
ajfa-1518	303	13	.	.	PUNCT
ajfa-1518	304	1	journal	journal	PROPN
ajfa-1518	304	2	of	of	ADP
ajfa-1518	304	3	finance	finance	NOUN
ajfa-1518	304	4	,	,	PUNCT
ajfa-1518	304	5	39	39	NUM
ajfa-1518	304	6	,	,	PUNCT
ajfa-1518	304	7	1437	1437	NUM
ajfa-1518	304	8	-	-	SYM
ajfa-1518	304	9	1447	1447	NUM
ajfa-1518	304	10	.	.	PUNCT
ajfa-1518	305	1	http://dx.doi.org/10.2307/2327736	http://dx.doi.org/10.2307/2327736	PROPN
ajfa-1518	305	2	sadique	sadique	PROPN
ajfa-1518	305	3	,	,	PUNCT
ajfa-1518	305	4	s.	s.	PROPN
ajfa-1518	305	5	,	,	PUNCT
ajfa-1518	305	6	and	and	CCONJ
ajfa-1518	305	7	silvapulle	silvapulle	NOUN
ajfa-1518	305	8	,	,	PUNCT
ajfa-1518	305	9	p.	p.	NOUN
ajfa-1518	305	10	(	(	PUNCT
ajfa-1518	305	11	2001	2001	NUM
ajfa-1518	305	12	)	)	PUNCT
ajfa-1518	305	13	.	.	PUNCT
ajfa-1518	306	1	long	long	ADJ
ajfa-1518	306	2	-	-	PUNCT
ajfa-1518	306	3	term	term	NOUN
ajfa-1518	306	4	memory	memory	NOUN
ajfa-1518	306	5	in	in	ADP
ajfa-1518	306	6	stock	stock	NOUN
ajfa-1518	306	7	market	market	NOUN
ajfa-1518	306	8	returns	return	NOUN
ajfa-1518	306	9	:	:	PUNCT
ajfa-1518	306	10	international	international	ADJ
ajfa-1518	306	11	evidence	evidence	NOUN
ajfa-1518	306	12	.	.	PUNCT
ajfa-1518	307	1	international	international	ADJ
ajfa-1518	307	2	journal	journal	PROPN
ajfa-1518	307	3	of	of	ADP
ajfa-1518	307	4	finance	finance	NOUN
ajfa-1518	307	5	and	and	CCONJ
ajfa-1518	307	6	economics	economic	NOUN
ajfa-1518	307	7	,	,	PUNCT
ajfa-1518	307	8	1	1	NUM
ajfa-1518	307	9	,	,	PUNCT
ajfa-1518	307	10	59	59	NUM
ajfa-1518	307	11	-	-	SYM
ajfa-1518	307	12	70	70	NUM
ajfa-1518	307	13	.	.	PUNCT
ajfa-1518	308	1	http://dx.doi.org/10.1002/ijfe.143	http://dx.doi.org/10.1002/ijfe.143	ADJ
ajfa-1518	308	2	asian	asian	ADJ
ajfa-1518	308	3	journal	journal	NOUN
ajfa-1518	308	4	of	of	ADP
ajfa-1518	308	5	finance	finance	PROPN
ajfa-1518	308	6	&	&	CCONJ
ajfa-1518	308	7	accounting	accounting	PROPN
ajfa-1518	308	8	issn	issn	PROPN
ajfa-1518	308	9	1946	1946	NUM
ajfa-1518	308	10	-	-	PUNCT
ajfa-1518	308	11	052x	052x	NOUN
ajfa-1518	308	12	2012	2012	NUM
ajfa-1518	308	13	,	,	PUNCT
ajfa-1518	308	14	vol	vol	NOUN
ajfa-1518	308	15	.	.	PROPN
ajfa-1518	308	16	4	4	NUM
ajfa-1518	308	17	,	,	PUNCT
ajfa-1518	308	18	no	no	INTJ
ajfa-1518	308	19	.	.	NOUN
ajfa-1518	308	20	1	1	NUM
ajfa-1518	308	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	308	22	166	166	NUM
ajfa-1518	308	23	schipper	schipper	NOUN
ajfa-1518	308	24	,	,	PUNCT
ajfa-1518	308	25	k.	k.	PROPN
ajfa-1518	308	26	,	,	PUNCT
ajfa-1518	308	27	and	and	CCONJ
ajfa-1518	308	28	smith	smith	PROPN
ajfa-1518	308	29	,	,	PUNCT
ajfa-1518	308	30	a.	a.	NOUN
ajfa-1518	308	31	(	(	PUNCT
ajfa-1518	308	32	1983	1983	NUM
ajfa-1518	308	33	)	)	PUNCT
ajfa-1518	308	34	.	.	PUNCT
ajfa-1518	309	1	effects	effect	NOUN
ajfa-1518	309	2	of	of	ADP
ajfa-1518	309	3	recontracting	recontracte	VERB
ajfa-1518	309	4	on	on	ADP
ajfa-1518	309	5	shareholder	shareholder	NOUN
ajfa-1518	309	6	wealth	wealth	NOUN
ajfa-1518	309	7	:	:	PUNCT
ajfa-1518	309	8	the	the	DET
ajfa-1518	309	9	case	case	NOUN
ajfa-1518	309	10	of	of	ADP
ajfa-1518	309	11	voluntary	voluntary	ADJ
ajfa-1518	309	12	spin	spin	NOUN
ajfa-1518	309	13	-	-	PUNCT
ajfa-1518	309	14	offs	off	NOUN
ajfa-1518	309	15	.	.	PUNCT
ajfa-1518	310	1	journal	journal	NOUN
ajfa-1518	310	2	of	of	ADP
ajfa-1518	310	3	financial	financial	ADJ
ajfa-1518	310	4	economics	economic	NOUN
ajfa-1518	310	5	,	,	PUNCT
ajfa-1518	310	6	12	12	NUM
ajfa-1518	310	7	(	(	PUNCT
ajfa-1518	310	8	4	4	NUM
ajfa-1518	310	9	)	)	PUNCT
ajfa-1518	310	10	,	,	PUNCT
ajfa-1518	310	11	437	437	NUM
ajfa-1518	310	12	-	-	SYM
ajfa-1518	310	13	467	467	NUM
ajfa-1518	310	14	.	.	PUNCT
ajfa-1518	311	1	http://dx.doi.org/10.1016/0304-405x(83)90043-0	http://dx.doi.org/10.1016/0304-405x(83)90043-0	NOUN
ajfa-1518	311	2	shamsher	shamsher	NOUN
ajfa-1518	311	3	.	.	PUNCT
ajfa-1518	312	1	m.	m.	NOUN
ajfa-1518	312	2	,	,	PUNCT
ajfa-1518	312	3	taufik	taufik	PROPN
ajfa-1518	312	4	,	,	PUNCT
ajfa-1518	312	5	h.	h.	NOUN
ajfa-1518	312	6	,	,	PUNCT
ajfa-1518	312	7	and	and	CCONJ
ajfa-1518	312	8	ariff	ariff	NOUN
ajfa-1518	312	9	,	,	PUNCT
ajfa-1518	312	10	m.	m.	NOUN
ajfa-1518	312	11	(	(	PUNCT
ajfa-1518	312	12	2007	2007	NUM
ajfa-1518	312	13	)	)	PUNCT
ajfa-1518	312	14	.	.	PUNCT
ajfa-1518	313	1	research	research	NOUN
ajfa-1518	313	2	in	in	ADP
ajfa-1518	313	3	an	an	DET
ajfa-1518	313	4	emerging	emerge	VERB
ajfa-1518	313	5	malaysian	malaysian	ADJ
ajfa-1518	313	6	capital	capital	NOUN
ajfa-1518	313	7	market	market	NOUN
ajfa-1518	313	8	:	:	PUNCT
ajfa-1518	313	9	a	a	DET
ajfa-1518	313	10	guide	guide	NOUN
ajfa-1518	313	11	for	for	ADP
ajfa-1518	313	12	future	future	ADJ
ajfa-1518	313	13	direction	direction	NOUN
ajfa-1518	313	14	.	.	PUNCT
ajfa-1518	314	1	international	international	ADJ
ajfa-1518	314	2	journal	journal	PROPN
ajfa-1518	314	3	of	of	ADP
ajfa-1518	314	4	economics	economic	NOUN
ajfa-1518	314	5	and	and	CCONJ
ajfa-1518	314	6	management	management	NOUN
ajfa-1518	314	7	,	,	PUNCT
ajfa-1518	314	8	1	1	NUM
ajfa-1518	314	9	(	(	PUNCT
ajfa-1518	314	10	2	2	NUM
ajfa-1518	314	11	)	)	PUNCT
ajfa-1518	314	12	,	,	PUNCT
ajfa-1518	314	13	173	173	NUM
ajfa-1518	314	14	-	-	SYM
ajfa-1518	314	15	202	202	NUM
ajfa-1518	314	16	.	.	PUNCT
ajfa-1518	315	1	sharma	sharma	PROPN
ajfa-1518	315	2	,	,	PUNCT
ajfa-1518	315	3	s.	s.	PROPN
ajfa-1518	315	4	c.	c.	PROPN
ajfa-1518	315	5	,	,	PUNCT
ajfa-1518	315	6	and	and	CCONJ
ajfa-1518	315	7	wongnbangpo	wongnbangpo	NOUN
ajfa-1518	315	8	,	,	PUNCT
ajfa-1518	315	9	p.	p.	NOUN
ajfa-1518	315	10	(	(	PUNCT
ajfa-1518	315	11	2002	2002	NUM
ajfa-1518	315	12	)	)	PUNCT
ajfa-1518	315	13	.	.	PUNCT
ajfa-1518	316	1	long	long	ADJ
ajfa-1518	316	2	-	-	PUNCT
ajfa-1518	316	3	term	term	NOUN
ajfa-1518	316	4	trends	trend	NOUN
ajfa-1518	316	5	and	and	CCONJ
ajfa-1518	316	6	cycles	cycle	NOUN
ajfa-1518	316	7	in	in	ADP
ajfa-1518	316	8	asean	asean	ADJ
ajfa-1518	316	9	stock	stock	NOUN
ajfa-1518	316	10	market	market	NOUN
ajfa-1518	316	11	.	.	PUNCT
ajfa-1518	317	1	review	review	NOUN
ajfa-1518	317	2	of	of	ADP
ajfa-1518	317	3	financial	financial	ADJ
ajfa-1518	317	4	economics	economic	NOUN
ajfa-1518	317	5	,	,	PUNCT
ajfa-1518	317	6	11	11	NUM
ajfa-1518	317	7	(	(	PUNCT
ajfa-1518	317	8	4	4	NUM
ajfa-1518	317	9	)	)	PUNCT
ajfa-1518	317	10	,	,	PUNCT
ajfa-1518	317	11	299	299	NUM
ajfa-1518	317	12	-	-	SYM
ajfa-1518	317	13	315	315	NUM
ajfa-1518	317	14	.	.	PUNCT
ajfa-1518	318	1	http://dx.doi.org/10.1016/s1058-3300(02)00062-9	http://dx.doi.org/10.1016/s1058-3300(02)00062-9	PROPN
ajfa-1518	318	2	stoll	stoll	PROPN
ajfa-1518	318	3	,	,	PUNCT
ajfa-1518	318	4	h.	h.	PROPN
ajfa-1518	318	5	r.	r.	PROPN
ajfa-1518	318	6	,	,	PUNCT
ajfa-1518	318	7	and	and	CCONJ
ajfa-1518	318	8	whaley	whaley	PROPN
ajfa-1518	318	9	,	,	PUNCT
ajfa-1518	318	10	r.e	r.e	PROPN
ajfa-1518	318	11	.	.	PROPN
ajfa-1518	318	12	(	(	PUNCT
ajfa-1518	318	13	1983	1983	NUM
ajfa-1518	318	14	)	)	PUNCT
ajfa-1518	318	15	.	.	PUNCT
ajfa-1518	319	1	transaction	transaction	NOUN
ajfa-1518	319	2	costs	cost	NOUN
ajfa-1518	319	3	and	and	CCONJ
ajfa-1518	319	4	the	the	DET
ajfa-1518	319	5	small	small	ADJ
ajfa-1518	319	6	firm	firm	ADJ
ajfa-1518	319	7	effect	effect	NOUN
ajfa-1518	319	8	.	.	PUNCT
ajfa-1518	320	1	journal	journal	NOUN
ajfa-1518	320	2	of	of	ADP
ajfa-1518	320	3	financial	financial	ADJ
ajfa-1518	320	4	economics	economic	NOUN
ajfa-1518	320	5	,	,	PUNCT
ajfa-1518	320	6	12	12	NUM
ajfa-1518	320	7	,	,	PUNCT
ajfa-1518	320	8	57	57	NUM
ajfa-1518	320	9	-	-	SYM
ajfa-1518	320	10	79	79	NUM
ajfa-1518	320	11	.	.	PUNCT
ajfa-1518	321	1	http://dx.doi.org/10.1016/0304-405x(83)90027-2	http://dx.doi.org/10.1016/0304-405x(83)90027-2	NOUN
ajfa-1518	321	2	uddin	uddin	NOUN
ajfa-1518	321	3	,	,	PUNCT
ajfa-1518	321	4	m.	m.	NOUN
ajfa-1518	321	5	h.	h.	PROPN
ajfa-1518	321	6	(	(	PUNCT
ajfa-1518	321	7	2010	2010	NUM
ajfa-1518	321	8	)	)	PUNCT
ajfa-1518	321	9	.	.	PUNCT
ajfa-1518	322	1	corporate	corporate	ADJ
ajfa-1518	322	2	spin	spin	NOUN
ajfa-1518	322	3	-	-	PUNCT
ajfa-1518	322	4	offs	off	NOUN
ajfa-1518	322	5	and	and	CCONJ
ajfa-1518	322	6	shareholders	shareholder	NOUN
ajfa-1518	322	7	’	'	PUNCT
ajfa-1518	322	8	value	value	NOUN
ajfa-1518	322	9	:	:	PUNCT
ajfa-1518	322	10	evidence	evidence	NOUN
ajfa-1518	322	11	from	from	ADP
ajfa-1518	322	12	singapore	singapore	PROPN
ajfa-1518	322	13	.	.	PUNCT
ajfa-1518	323	1	the	the	DET
ajfa-1518	323	2	international	international	ADJ
ajfa-1518	323	3	journal	journal	NOUN
ajfa-1518	323	4	of	of	ADP
ajfa-1518	323	5	business	business	NOUN
ajfa-1518	323	6	and	and	CCONJ
ajfa-1518	323	7	finance	finance	NOUN
ajfa-1518	323	8	research	research	NOUN
ajfa-1518	323	9	,	,	PUNCT
ajfa-1518	323	10	4	4	NUM
ajfa-1518	323	11	(	(	PUNCT
ajfa-1518	323	12	4	4	NUM
ajfa-1518	323	13	)	)	PUNCT
ajfa-1518	323	14	,	,	PUNCT
ajfa-1518	323	15	43	43	NUM
ajfa-1518	323	16	-	-	SYM
ajfa-1518	323	17	56	56	NUM
ajfa-1518	323	18	.	.	PUNCT
ajfa-1518	324	1	veld	veld	PROPN
ajfa-1518	324	2	,	,	PUNCT
ajfa-1518	324	3	c.	c.	PROPN
ajfa-1518	324	4	,	,	PUNCT
ajfa-1518	324	5	and	and	CCONJ
ajfa-1518	324	6	veld	veld	NOUN
ajfa-1518	324	7	-	-	PUNCT
ajfa-1518	324	8	merkoulova	merkoulova	PROPN
ajfa-1518	324	9	,	,	PUNCT
ajfa-1518	324	10	y.	y.	PROPN
ajfa-1518	324	11	v.	v.	PROPN
ajfa-1518	324	12	(	(	PUNCT
ajfa-1518	324	13	2004	2004	NUM
ajfa-1518	324	14	)	)	PUNCT
ajfa-1518	324	15	.	.	PUNCT
ajfa-1518	325	1	do	do	AUX
ajfa-1518	325	2	divestiture	divestiture	PROPN
ajfa-1518	325	3	create	create	VERB
ajfa-1518	325	4	value	value	NOUN
ajfa-1518	325	5	?	?	PUNCT
ajfa-1518	326	1	the	the	DET
ajfa-1518	326	2	case	case	NOUN
ajfa-1518	326	3	for	for	ADP
ajfa-1518	326	4	european	european	ADJ
ajfa-1518	326	5	spin	spin	NOUN
ajfa-1518	326	6	-	-	PUNCT
ajfa-1518	326	7	off	off	NOUN
ajfa-1518	326	8	.	.	PUNCT
ajfa-1518	327	1	journal	journal	NOUN
ajfa-1518	327	2	of	of	ADP
ajfa-1518	327	3	banking	banking	NOUN
ajfa-1518	327	4	and	and	CCONJ
ajfa-1518	327	5	finance	finance	NOUN
ajfa-1518	327	6	,	,	PUNCT
ajfa-1518	327	7	28	28	NUM
ajfa-1518	327	8	(	(	PUNCT
ajfa-1518	327	9	5	5	NUM
ajfa-1518	327	10	)	)	PUNCT
ajfa-1518	327	11	,	,	PUNCT
ajfa-1518	327	12	1111	1111	NUM
ajfa-1518	327	13	-	-	SYM
ajfa-1518	327	14	1135	1135	NUM
ajfa-1518	327	15	.	.	PUNCT
ajfa-1518	328	1	http://dx.doi.org/10.1016/s0378-4266(03)00045-1	http://dx.doi.org/10.1016/s0378-4266(03)00045-1	PROPN
ajfa-1518	328	2	yoon	yoon	PROPN
ajfa-1518	328	3	,	,	PUNCT
ajfa-1518	328	4	c.	c.	PROPN
ajfa-1518	328	5	s.	s.	PROPN
ajfa-1518	328	6	,	,	PUNCT
ajfa-1518	328	7	and	and	CCONJ
ajfa-1518	328	8	ariff	ariff	NOUN
ajfa-1518	328	9	,	,	PUNCT
ajfa-1518	328	10	m.	m.	NOUN
ajfa-1518	328	11	(	(	PUNCT
ajfa-1518	328	12	2007	2007	NUM
ajfa-1518	328	13	)	)	PUNCT
ajfa-1518	328	14	.	.	PUNCT
ajfa-1518	329	1	corporate	corporate	ADJ
ajfa-1518	329	2	spin	spin	NOUN
ajfa-1518	329	3	-	-	PUNCT
ajfa-1518	329	4	offs	off	NOUN
ajfa-1518	329	5	,	,	PUNCT
ajfa-1518	329	6	their	their	PRON
ajfa-1518	329	7	price	price	NOUN
ajfa-1518	329	8	reactions	reaction	NOUN
ajfa-1518	329	9	and	and	CCONJ
ajfa-1518	329	10	determinants	determinant	NOUN
ajfa-1518	329	11	in	in	ADP
ajfa-1518	329	12	malaysia	malaysia	PROPN
ajfa-1518	329	13	.	.	PUNCT
ajfa-1518	330	1	international	international	ADJ
ajfa-1518	330	2	journal	journal	PROPN
ajfa-1518	330	3	of	of	ADP
ajfa-1518	330	4	banking	banking	NOUN
ajfa-1518	330	5	and	and	CCONJ
ajfa-1518	330	6	finance	finance	NOUN
ajfa-1518	330	7	,	,	PUNCT
ajfa-1518	330	8	5	5	NUM
ajfa-1518	330	9	,	,	PUNCT
ajfa-1518	330	10	83	83	NUM
ajfa-1518	330	11	-	-	SYM
ajfa-1518	330	12	112	112	NUM
ajfa-1518	330	13	.	.	PUNCT
ajfa-1518	331	1	appendices	appendix	NOUN
ajfa-1518	331	2	asian	asian	ADJ
ajfa-1518	331	3	journal	journal	NOUN
ajfa-1518	331	4	of	of	ADP
ajfa-1518	331	5	finance	finance	PROPN
ajfa-1518	331	6	&	&	CCONJ
ajfa-1518	331	7	accounting	accounting	PROPN
ajfa-1518	331	8	issn	issn	PROPN
ajfa-1518	331	9	1946	1946	NUM
ajfa-1518	331	10	-	-	PUNCT
ajfa-1518	331	11	052x	052x	NOUN
ajfa-1518	331	12	2012	2012	NUM
ajfa-1518	331	13	,	,	PUNCT
ajfa-1518	331	14	vol	vol	NOUN
ajfa-1518	331	15	.	.	PROPN
ajfa-1518	331	16	4	4	NUM
ajfa-1518	331	17	,	,	PUNCT
ajfa-1518	331	18	no	no	INTJ
ajfa-1518	331	19	.	.	NOUN
ajfa-1518	331	20	1	1	NUM
ajfa-1518	331	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	331	22	167	167	NUM
ajfa-1518	331	23	table	table	NOUN
ajfa-1518	331	24	1	1	NUM
ajfa-1518	331	25	.	.	PUNCT
ajfa-1518	331	26	announcement	announcement	NOUN
ajfa-1518	331	27	period	period	NOUN
ajfa-1518	331	28	:	:	PUNCT
ajfa-1518	331	29	share	share	NOUN
ajfa-1518	331	30	returns	return	NOUN
ajfa-1518	331	31	performance	performance	NOUN
ajfa-1518	331	32	of	of	ADP
ajfa-1518	331	33	the	the	DET
ajfa-1518	331	34	parent	parent	NOUN
ajfa-1518	331	35	firms	firm	NOUN
ajfa-1518	331	36	over	over	ADP
ajfa-1518	331	37	a	a	DET
ajfa-1518	331	38	short	short	ADJ
ajfa-1518	331	39	-	-	PUNCT
ajfa-1518	331	40	run	run	NOUN
ajfa-1518	331	41	adjusted	adjust	VERB
ajfa-1518	331	42	for	for	ADP
ajfa-1518	331	43	mas	mas	PROPN
ajfa-1518	331	44	-	-	PUNCT
ajfa-1518	331	45	ewi	ewi	PROPN
ajfa-1518	331	46	and	and	CCONJ
ajfa-1518	331	47	mas	mas	PROPN
ajfa-1518	331	48	-	-	NOUN
ajfa-1518	331	49	vwi	vwi	NOUN
ajfa-1518	331	50	using	use	VERB
ajfa-1518	331	51	the	the	DET
ajfa-1518	331	52	cars	car	NOUN
ajfa-1518	331	53	model	model	NOUN
ajfa-1518	331	54	and	and	CCONJ
ajfa-1518	331	55	market	market	NOUN
ajfa-1518	331	56	model	model	NOUN
ajfa-1518	331	57	panel	panel	NOUN
ajfa-1518	331	58	a	a	PRON
ajfa-1518	331	59	:	:	PUNCT
ajfa-1518	331	60	adjusted	adjust	VERB
ajfa-1518	331	61	for	for	ADP
ajfa-1518	331	62	mas	mas	PROPN
ajfa-1518	331	63	-	-	PUNCT
ajfa-1518	331	64	ewi	ewi	PROPN
ajfa-1518	331	65	panel	panel	NOUN
ajfa-1518	331	66	b	b	NOUN
ajfa-1518	331	67	:	:	PUNCT
ajfa-1518	331	68	adjusted	adjust	VERB
ajfa-1518	331	69	for	for	ADP
ajfa-1518	331	70	mas	mas	PROPN
ajfa-1518	331	71	-	-	PUNCT
ajfa-1518	331	72	vwi	vwi	NOUN
ajfa-1518	331	73	note	note	NOUN
ajfa-1518	331	74	:	:	PUNCT
ajfa-1518	331	75	0	0	NUM
ajfa-1518	331	76	denotes	denote	VERB
ajfa-1518	331	77	the	the	DET
ajfa-1518	331	78	announcement	announcement	NOUN
ajfa-1518	331	79	date	date	NOUN
ajfa-1518	331	80	of	of	ADP
ajfa-1518	331	81	the	the	DET
ajfa-1518	331	82	spin	spin	NOUN
ajfa-1518	331	83	-	-	PUNCT
ajfa-1518	331	84	off	off	ADP
ajfa-1518	331	85	event	event	NOUN
ajfa-1518	331	86	.	.	PUNCT
ajfa-1518	332	1	asterisks	asterisk	NOUN
ajfa-1518	332	2	indicate	indicate	VERB
ajfa-1518	332	3	statistical	statistical	ADJ
ajfa-1518	332	4	significance	significance	NOUN
ajfa-1518	332	5	at	at	ADP
ajfa-1518	332	6	the	the	DET
ajfa-1518	332	7	10	10	NUM
ajfa-1518	332	8	%	%	NOUN
ajfa-1518	332	9	(	(	PUNCT
ajfa-1518	332	10	*	*	NOUN
ajfa-1518	332	11	)	)	PUNCT
ajfa-1518	332	12	,	,	PUNCT
ajfa-1518	332	13	5	5	NUM
ajfa-1518	332	14	%	%	NOUN
ajfa-1518	332	15	(	(	PUNCT
ajfa-1518	332	16	*	*	NOUN
ajfa-1518	332	17	*	*	PUNCT
ajfa-1518	332	18	)	)	PUNCT
ajfa-1518	332	19	and	and	CCONJ
ajfa-1518	332	20	1	1	NUM
ajfa-1518	332	21	%	%	NOUN
ajfa-1518	332	22	(	(	PUNCT
ajfa-1518	332	23	*	*	PUNCT
ajfa-1518	332	24	*	*	PUNCT
ajfa-1518	332	25	*	*	NOUN
ajfa-1518	332	26	)	)	PUNCT
ajfa-1518	332	27	levels	level	NOUN
ajfa-1518	332	28	,	,	PUNCT
ajfa-1518	332	29	using	use	VERB
ajfa-1518	332	30	a	a	DET
ajfa-1518	332	31	two	two	NUM
ajfa-1518	332	32	-	-	PUNCT
ajfa-1518	332	33	tailed	tail	VERB
ajfa-1518	332	34	test	test	NOUN
ajfa-1518	332	35	.	.	PUNCT
ajfa-1518	333	1	the	the	DET
ajfa-1518	333	2	non	non	ADJ
ajfa-1518	333	3	-	-	ADJ
ajfa-1518	333	4	parametric	parametric	ADJ
ajfa-1518	333	5	sign	sign	NOUN
ajfa-1518	333	6	test	test	NOUN
ajfa-1518	333	7	is	be	AUX
ajfa-1518	333	8	used	use	VERB
ajfa-1518	333	9	to	to	PART
ajfa-1518	333	10	test	test	VERB
ajfa-1518	333	11	the	the	DET
ajfa-1518	333	12	significant	significant	ADJ
ajfa-1518	333	13	percentage	percentage	NOUN
ajfa-1518	333	14	of	of	ADP
ajfa-1518	333	15	firms	firm	NOUN
ajfa-1518	333	16	with	with	ADP
ajfa-1518	333	17	positive	positive	ADJ
ajfa-1518	333	18	abnormal	abnormal	ADJ
ajfa-1518	333	19	returns	return	NOUN
ajfa-1518	333	20	.	.	PUNCT
ajfa-1518	334	1	the	the	DET
ajfa-1518	334	2	null	null	ADJ
ajfa-1518	334	3	hypothesis	hypothesis	NOUN
ajfa-1518	334	4	for	for	ADP
ajfa-1518	334	5	the	the	DET
ajfa-1518	334	6	sign	sign	NOUN
ajfa-1518	334	7	test	test	NOUN
ajfa-1518	334	8	is	be	AUX
ajfa-1518	334	9	given	give	VERB
ajfa-1518	334	10	as	as	ADP
ajfa-1518	334	11	the	the	DET
ajfa-1518	334	12	proportion	proportion	NOUN
ajfa-1518	334	13	of	of	ADP
ajfa-1518	334	14	positive	positive	ADJ
ajfa-1518	334	15	abnormal	abnormal	ADJ
ajfa-1518	334	16	returns	return	NOUN
ajfa-1518	334	17	equal	equal	ADJ
ajfa-1518	334	18	to	to	ADP
ajfa-1518	334	19	50	50	NUM
ajfa-1518	334	20	%	%	NOUN
ajfa-1518	334	21	.	.	PUNCT
ajfa-1518	335	1	a	a	DET
ajfa-1518	335	2	,	,	PUNCT
ajfa-1518	335	3	b	b	NOUN
ajfa-1518	335	4	and	and	CCONJ
ajfa-1518	335	5	c	c	PROPN
ajfa-1518	335	6	indicate	indicate	VERB
ajfa-1518	335	7	significance	significance	NOUN
ajfa-1518	335	8	at	at	ADP
ajfa-1518	335	9	the	the	DET
ajfa-1518	335	10	10	10	NUM
ajfa-1518	335	11	%	%	NOUN
ajfa-1518	335	12	,	,	PUNCT
ajfa-1518	335	13	5	5	NUM
ajfa-1518	335	14	%	%	NOUN
ajfa-1518	335	15	and	and	CCONJ
ajfa-1518	335	16	1	1	NUM
ajfa-1518	335	17	%	%	NOUN
ajfa-1518	335	18	levels	level	NOUN
ajfa-1518	335	19	.	.	PUNCT
ajfa-1518	336	1	interval	interval	NOUN
ajfa-1518	336	2	(	(	PUNCT
ajfa-1518	336	3	day	day	NOUN
ajfa-1518	336	4	)	)	PUNCT
ajfa-1518	336	5	cars	car	NOUN
ajfa-1518	336	6	model	model	NOUN
ajfa-1518	336	7	market	market	NOUN
ajfa-1518	336	8	model	model	NOUN
ajfa-1518	336	9	caars	caar	VERB
ajfa-1518	336	10	t	t	PROPN
ajfa-1518	336	11	-	-	PUNCT
ajfa-1518	336	12	stat	stat	NOUN
ajfa-1518	336	13	percentage	percentage	NOUN
ajfa-1518	336	14	positive	positive	ADJ
ajfa-1518	336	15	caars	caar	NOUN
ajfa-1518	336	16	t	t	NOUN
ajfa-1518	336	17	-	-	PUNCT
ajfa-1518	336	18	stat	stat	NOUN
ajfa-1518	336	19	percentage	percentage	NOUN
ajfa-1518	336	20	positive	positive	ADJ
ajfa-1518	336	21	-5	-5	INTJ
ajfa-1518	336	22	to	to	ADP
ajfa-1518	336	23	+5	+5	PROPN
ajfa-1518	336	24	6.86	6.86	NUM
ajfa-1518	336	25	%	%	NOUN
ajfa-1518	336	26	2.15	2.15	NUM
ajfa-1518	336	27	*	*	NOUN
ajfa-1518	336	28	*	*	PUNCT
ajfa-1518	337	1	77.78c	77.78c	NUM
ajfa-1518	337	2	6.36	6.36	NUM
ajfa-1518	337	3	%	%	NOUN
ajfa-1518	337	4	2.13	2.13	NUM
ajfa-1518	337	5	*	*	PUNCT
ajfa-1518	337	6	*	*	PUNCT
ajfa-1518	337	7	83.33c	83.33c	NUM
ajfa-1518	337	8	-2	-2	INTJ
ajfa-1518	337	9	to	to	ADP
ajfa-1518	337	10	+1	+1	PROPN
ajfa-1518	337	11	5.31	5.31	NUM
ajfa-1518	337	12	%	%	NOUN
ajfa-1518	337	13	1.92	1.92	NUM
ajfa-1518	337	14	*	*	NOUN
ajfa-1518	337	15	47.22	47.22	NUM
ajfa-1518	337	16	4.89	4.89	NUM
ajfa-1518	337	17	%	%	NOUN
ajfa-1518	337	18	1.92	1.92	NUM
ajfa-1518	337	19	*	*	SYM
ajfa-1518	337	20	77.78c	77.78c	NUM
ajfa-1518	337	21	-1	-1	PUNCT
ajfa-1518	337	22	to	to	ADP
ajfa-1518	337	23	+1	+1	PROPN
ajfa-1518	337	24	5.40	5.40	NUM
ajfa-1518	337	25	%	%	NOUN
ajfa-1518	337	26	2.53	2.53	NUM
ajfa-1518	337	27	*	*	SYM
ajfa-1518	337	28	*	*	PUNCT
ajfa-1518	337	29	75.00c	75.00c	NUM
ajfa-1518	337	30	5.04	5.04	NUM
ajfa-1518	337	31	%	%	NOUN
ajfa-1518	337	32	2.68	2.68	NUM
ajfa-1518	337	33	*	*	PUNCT
ajfa-1518	337	34	*	*	X
ajfa-1518	337	35	80.56c	80.56c	NUM
ajfa-1518	337	36	0	0	NUM
ajfa-1518	337	37	2.27	2.27	NUM
ajfa-1518	337	38	%	%	NOUN
ajfa-1518	337	39	2.36	2.36	NUM
ajfa-1518	337	40	*	*	SYM
ajfa-1518	337	41	*	*	PUNCT
ajfa-1518	337	42	75.00c	75.00c	NUM
ajfa-1518	337	43	2.09	2.09	NUM
ajfa-1518	337	44	%	%	NOUN
ajfa-1518	337	45	2.25	2.25	NUM
ajfa-1518	337	46	*	*	PUNCT
ajfa-1518	337	47	*	*	PUNCT
ajfa-1518	337	48	75.00c	75.00c	NUM
ajfa-1518	337	49	0	0	PUNCT
ajfa-1518	337	50	to	to	ADP
ajfa-1518	337	51	+1	+1	PROPN
ajfa-1518	337	52	5.00	5.00	NUM
ajfa-1518	337	53	%	%	NOUN
ajfa-1518	337	54	11.05	11.05	NUM
ajfa-1518	337	55	*	*	PUNCT
ajfa-1518	337	56	*	*	PUNCT
ajfa-1518	337	57	*	*	PUNCT
ajfa-1518	337	58	88.89c	88.89c	NUM
ajfa-1518	337	59	4.59	4.59	NUM
ajfa-1518	337	60	%	%	NOUN
ajfa-1518	337	61	11.38	11.38	NUM
ajfa-1518	337	62	*	*	PUNCT
ajfa-1518	337	63	*	*	PUNCT
ajfa-1518	338	1	*	*	PUNCT
ajfa-1518	338	2	77.78c	77.78c	NUM
ajfa-1518	338	3	0	0	NUM
ajfa-1518	338	4	to	to	ADP
ajfa-1518	338	5	+3	+3	PROPN
ajfa-1518	338	6	6.16	6.16	NUM
ajfa-1518	338	7	%	%	NOUN
ajfa-1518	338	8	2.63	2.63	NUM
ajfa-1518	338	9	*	*	PUNCT
ajfa-1518	338	10	*	*	PUNCT
ajfa-1518	338	11	86.11c	86.11c	NUM
ajfa-1518	338	12	5.76	5.76	NUM
ajfa-1518	338	13	%	%	NOUN
ajfa-1518	338	14	2.71	2.71	NUM
ajfa-1518	338	15	*	*	PUNCT
ajfa-1518	338	16	*	*	X
ajfa-1518	338	17	80.56c	80.56c	NUM
ajfa-1518	338	18	0	0	NUM
ajfa-1518	338	19	to	to	ADP
ajfa-1518	338	20	+5	+5	PROPN
ajfa-1518	338	21	6.34	6.34	NUM
ajfa-1518	338	22	%	%	NOUN
ajfa-1518	339	1	2.29	2.29	NUM
ajfa-1518	339	2	*	*	NOUN
ajfa-1518	339	3	*	*	NOUN
ajfa-1518	339	4	80.56c	80.56c	NUM
ajfa-1518	339	5	5.98	5.98	NUM
ajfa-1518	339	6	%	%	NOUN
ajfa-1518	339	7	2.39	2.39	NUM
ajfa-1518	339	8	*	*	PUNCT
ajfa-1518	339	9	*	*	PUNCT
ajfa-1518	340	1	77.78c	77.78c	NUM
ajfa-1518	340	2	+1	+1	INTJ
ajfa-1518	340	3	to	to	ADP
ajfa-1518	340	4	+5	+5	PROPN
ajfa-1518	340	5	4.07	4.07	NUM
ajfa-1518	340	6	%	%	NOUN
ajfa-1518	341	1	1.69	1.69	NUM
ajfa-1518	341	2	66.67a	66.67a	NUM
ajfa-1518	341	3	3.88	3.88	NUM
ajfa-1518	341	4	%	%	NOUN
ajfa-1518	341	5	1.79	1.79	NUM
ajfa-1518	341	6	*	*	SYM
ajfa-1518	341	7	63.89	63.89	NUM
ajfa-1518	341	8	interval	interval	NOUN
ajfa-1518	341	9	(	(	PUNCT
ajfa-1518	341	10	day	day	NOUN
ajfa-1518	341	11	)	)	PUNCT
ajfa-1518	341	12	cars	car	NOUN
ajfa-1518	341	13	model	model	NOUN
ajfa-1518	341	14	market	market	NOUN
ajfa-1518	341	15	model	model	NOUN
ajfa-1518	341	16	caars	caar	VERB
ajfa-1518	341	17	t	t	PROPN
ajfa-1518	341	18	-	-	PUNCT
ajfa-1518	341	19	stat	stat	NOUN
ajfa-1518	341	20	percentage	percentage	NOUN
ajfa-1518	341	21	positive	positive	ADJ
ajfa-1518	341	22	caars	caar	NOUN
ajfa-1518	341	23	t	t	NOUN
ajfa-1518	341	24	-	-	PUNCT
ajfa-1518	341	25	stat	stat	NOUN
ajfa-1518	341	26	percentage	percentage	NOUN
ajfa-1518	341	27	positive	positive	ADJ
ajfa-1518	341	28	-5	-5	NOUN
ajfa-1518	341	29	to	to	ADP
ajfa-1518	341	30	+5	+5	PROPN
ajfa-1518	341	31	5.79	5.79	NUM
ajfa-1518	341	32	%	%	NOUN
ajfa-1518	341	33	1.92	1.92	NUM
ajfa-1518	341	34	*	*	PUNCT
ajfa-1518	342	1	72.22b	72.22b	NUM
ajfa-1518	342	2	6.07	6.07	NUM
ajfa-1518	342	3	%	%	NOUN
ajfa-1518	342	4	2.04	2.04	NUM
ajfa-1518	342	5	*	*	PUNCT
ajfa-1518	342	6	*	*	PUNCT
ajfa-1518	343	1	77.78c	77.78c	NUM
ajfa-1518	343	2	-2	-2	INTJ
ajfa-1518	343	3	to	to	ADP
ajfa-1518	343	4	+1	+1	PROPN
ajfa-1518	343	5	4.78	4.78	NUM
ajfa-1518	343	6	%	%	NOUN
ajfa-1518	344	1	1.85	1.85	NUM
ajfa-1518	344	2	*	*	PUNCT
ajfa-1518	344	3	72.22b	72.22b	NUM
ajfa-1518	344	4	4.79	4.79	NUM
ajfa-1518	344	5	%	%	NOUN
ajfa-1518	344	6	1.90	1.90	NUM
ajfa-1518	344	7	*	*	SYM
ajfa-1518	344	8	75.00c	75.00c	NUM
ajfa-1518	344	9	-1	-1	PUNCT
ajfa-1518	344	10	to	to	ADP
ajfa-1518	344	11	+1	+1	PROPN
ajfa-1518	344	12	4.99	4.99	NUM
ajfa-1518	344	13	%	%	NOUN
ajfa-1518	344	14	2.65	2.65	NUM
ajfa-1518	344	15	*	*	NOUN
ajfa-1518	344	16	*	*	PUNCT
ajfa-1518	344	17	77.78c	77.78c	NUM
ajfa-1518	344	18	5.06	5.06	NUM
ajfa-1518	344	19	%	%	NOUN
ajfa-1518	344	20	3.00	3.00	NUM
ajfa-1518	344	21	*	*	NOUN
ajfa-1518	344	22	*	*	PUNCT
ajfa-1518	344	23	*	*	PUNCT
ajfa-1518	344	24	83.33c	83.33c	NUM
ajfa-1518	344	25	0	0	NUM
ajfa-1518	344	26	2.13	2.13	NUM
ajfa-1518	344	27	%	%	NOUN
ajfa-1518	344	28	2.25	2.25	NUM
ajfa-1518	344	29	*	*	PUNCT
ajfa-1518	344	30	*	*	PUNCT
ajfa-1518	345	1	72.22b	72.22b	NUM
ajfa-1518	345	2	2.14	2.14	NUM
ajfa-1518	345	3	%	%	NOUN
ajfa-1518	345	4	2.27	2.27	NUM
ajfa-1518	345	5	*	*	PUNCT
ajfa-1518	345	6	*	*	PUNCT
ajfa-1518	346	1	72.22b	72.22b	NUM
ajfa-1518	346	2	0	0	NUM
ajfa-1518	346	3	to	to	ADP
ajfa-1518	346	4	+1	+1	PROPN
ajfa-1518	346	5	4.57	4.57	NUM
ajfa-1518	346	6	%	%	NOUN
ajfa-1518	346	7	14.94	14.94	NUM
ajfa-1518	346	8	*	*	NOUN
ajfa-1518	346	9	*	*	PUNCT
ajfa-1518	346	10	*	*	PUNCT
ajfa-1518	346	11	83.33c	83.33c	NUM
ajfa-1518	346	12	4.49	4.49	NUM
ajfa-1518	346	13	%	%	NOUN
ajfa-1518	346	14	21.59	21.59	NUM
ajfa-1518	346	15	*	*	PUNCT
ajfa-1518	346	16	*	*	PUNCT
ajfa-1518	346	17	*	*	PUNCT
ajfa-1518	346	18	75.00c	75.00c	NUM
ajfa-1518	346	19	0	0	PUNCT
ajfa-1518	346	20	to	to	ADP
ajfa-1518	346	21	+3	+3	PROPN
ajfa-1518	346	22	5.43	5.43	NUM
ajfa-1518	346	23	%	%	NOUN
ajfa-1518	347	1	2.46	2.46	NUM
ajfa-1518	347	2	*	*	PUNCT
ajfa-1518	347	3	*	*	PUNCT
ajfa-1518	347	4	83.33c	83.33c	NUM
ajfa-1518	347	5	5.50	5.50	NUM
ajfa-1518	347	6	%	%	NOUN
ajfa-1518	347	7	2.60	2.60	NUM
ajfa-1518	347	8	*	*	PUNCT
ajfa-1518	347	9	*	*	PUNCT
ajfa-1518	348	1	77.78c	77.78c	NUM
ajfa-1518	348	2	0	0	NUM
ajfa-1518	348	3	to	to	ADP
ajfa-1518	348	4	+5	+5	PROPN
ajfa-1518	348	5	5.49	5.49	NUM
ajfa-1518	348	6	%	%	NOUN
ajfa-1518	349	1	2.09	2.09	NUM
ajfa-1518	349	2	*	*	PUNCT
ajfa-1518	349	3	*	*	PUNCT
ajfa-1518	349	4	75.00c	75.00c	NUM
ajfa-1518	349	5	5.67	5.67	NUM
ajfa-1518	349	6	%	%	NOUN
ajfa-1518	349	7	2.27	2.27	NUM
ajfa-1518	349	8	*	*	PUNCT
ajfa-1518	349	9	*	*	PUNCT
ajfa-1518	349	10	75.00c	75.00c	NUM
ajfa-1518	349	11	+1	+1	INTJ
ajfa-1518	349	12	to	to	ADP
ajfa-1518	349	13	+5	+5	PROPN
ajfa-1518	349	14	3.36	3.36	NUM
ajfa-1518	349	15	%	%	NOUN
ajfa-1518	349	16	1.51	1.51	NUM
ajfa-1518	349	17	66.67a	66.67a	NUM
ajfa-1518	349	18	3.53	3.53	NUM
ajfa-1518	349	19	%	%	NOUN
ajfa-1518	349	20	1.69	1.69	NUM
ajfa-1518	349	21	66.67a	66.67a	NUM
ajfa-1518	349	22	asian	asian	ADJ
ajfa-1518	349	23	journal	journal	NOUN
ajfa-1518	349	24	of	of	ADP
ajfa-1518	349	25	finance	finance	PROPN
ajfa-1518	349	26	&	&	CCONJ
ajfa-1518	349	27	accounting	accounting	PROPN
ajfa-1518	349	28	issn	issn	PROPN
ajfa-1518	349	29	1946	1946	NUM
ajfa-1518	349	30	-	-	PUNCT
ajfa-1518	349	31	052x	052x	NOUN
ajfa-1518	349	32	2012	2012	NUM
ajfa-1518	349	33	,	,	PUNCT
ajfa-1518	349	34	vol	vol	NOUN
ajfa-1518	349	35	.	.	PROPN
ajfa-1518	349	36	4	4	NUM
ajfa-1518	349	37	,	,	PUNCT
ajfa-1518	349	38	no	no	INTJ
ajfa-1518	349	39	.	.	NOUN
ajfa-1518	349	40	1	1	NUM
ajfa-1518	349	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1518	349	42	168	168	NUM
ajfa-1518	349	43	table	table	NOUN
ajfa-1518	349	44	2	2	NUM
ajfa-1518	349	45	.	.	PUNCT
ajfa-1518	349	46	long	long	ADJ
ajfa-1518	349	47	-	-	PUNCT
ajfa-1518	349	48	run	run	NOUN
ajfa-1518	349	49	performance	performance	NOUN
ajfa-1518	349	50	:	:	PUNCT
ajfa-1518	349	51	share	share	NOUN
ajfa-1518	349	52	returns	return	NOUN
ajfa-1518	349	53	performance	performance	NOUN
ajfa-1518	349	54	of	of	ADP
ajfa-1518	349	55	the	the	DET
ajfa-1518	349	56	parents	parent	NOUN
ajfa-1518	349	57	,	,	PUNCT
ajfa-1518	349	58	spun	spun	ADJ
ajfa-1518	349	59	-	-	PUNCT
ajfa-1518	349	60	offs	off	NOUN
ajfa-1518	349	61	and	and	CCONJ
ajfa-1518	349	62	combined	combined	ADJ
ajfa-1518	349	63	firms	firm	NOUN
ajfa-1518	349	64	adjusted	adjust	VERB
ajfa-1518	349	65	for	for	ADP
ajfa-1518	349	66	mas	mas	PROPN
ajfa-1518	349	67	-	-	PUNCT
ajfa-1518	349	68	ewi	ewi	PROPN
ajfa-1518	349	69	and	and	CCONJ
ajfa-1518	349	70	mas	mas	PROPN
ajfa-1518	349	71	-	-	NOUN
ajfa-1518	349	72	vwi	vwi	NOUN
ajfa-1518	349	73	using	use	VERB
ajfa-1518	349	74	the	the	DET
ajfa-1518	349	75	bhar	bhar	PROPN
ajfa-1518	349	76	model	model	PROPN
ajfa-1518	349	77	panel	panel	PROPN
ajfa-1518	349	78	a	a	DET
ajfa-1518	349	79	:	:	PUNCT
ajfa-1518	349	80	parent	parent	NOUN
ajfa-1518	349	81	firms	firm	NOUN
ajfa-1518	349	82	interval	interval	NOUN
ajfa-1518	349	83	(	(	PUNCT
ajfa-1518	349	84	month	month	NOUN
ajfa-1518	349	85	)	)	PUNCT
ajfa-1518	349	86	bhars	bhar	VERB
ajfa-1518	349	87	model	model	NOUN
ajfa-1518	349	88	(	(	PUNCT
ajfa-1518	349	89	mas	mas	PROPN
ajfa-1518	349	90	-	-	PUNCT
ajfa-1518	349	91	ewi	ewi	NOUN
ajfa-1518	349	92	)	)	PUNCT
ajfa-1518	349	93	bhars	bhar	VERB
ajfa-1518	349	94	model	model	NOUN
ajfa-1518	349	95	(	(	PUNCT
ajfa-1518	349	96	mas	mas	PROPN
ajfa-1518	349	97	-	-	PUNCT
ajfa-1518	349	98	vwi	vwi	NOUN
ajfa-1518	349	99	)	)	PUNCT
ajfa-1518	349	100	abhars	abhar	NOUN
ajfa-1518	349	101	t	t	PROPN
ajfa-1518	349	102	-	-	PUNCT
ajfa-1518	349	103	stat	stat	NOUN
ajfa-1518	349	104	percentage	percentage	NOUN
ajfa-1518	349	105	positive	positive	ADJ
ajfa-1518	349	106	abhars	abhar	NOUN
ajfa-1518	349	107	t	t	NOUN
ajfa-1518	349	108	-	-	PUNCT
ajfa-1518	349	109	stat	stat	NOUN
ajfa-1518	349	110	percentage	percentage	NOUN
ajfa-1518	350	1	positive	positive	ADJ
ajfa-1518	350	2	ex	ex	NOUN
ajfa-1518	350	3	+	+	ADP
ajfa-1518	350	4	1	1	NUM
ajfa-1518	350	5	to	to	ADP
ajfa-1518	350	6	ex	ex	PRON
ajfa-1518	350	7	+	+	CCONJ
ajfa-1518	350	8	12	12	NUM
ajfa-1518	350	9	5.67	5.67	NUM
ajfa-1518	350	10	%	%	NOUN
ajfa-1518	350	11	0.47	0.47	NUM
ajfa-1518	350	12	41.67	41.67	NUM
ajfa-1518	350	13	-7.25	-7.25	NUM
ajfa-1518	350	14	%	%	NOUN
ajfa-1518	350	15	-0.60	-0.60	NUM
ajfa-1518	350	16	25.00c	25.00c	PROPN
ajfa-1518	350	17	ex	ex	PRON
ajfa-1518	351	1	+	+	ADV
ajfa-1518	351	2	1	1	NUM
ajfa-1518	351	3	to	to	ADP
ajfa-1518	351	4	ex	ex	PRON
ajfa-1518	352	1	+	+	NOUN
ajfa-1518	352	2	24	24	NUM
ajfa-1518	352	3	1.78	1.78	NUM
ajfa-1518	352	4	%	%	NOUN
ajfa-1518	352	5	0.21	0.21	NUM
ajfa-1518	352	6	44.44	44.44	NUM
ajfa-1518	352	7	-18.46	-18.46	PROPN
ajfa-1518	352	8	%	%	NOUN
ajfa-1518	352	9	-2.14	-2.14	NOUN
ajfa-1518	352	10	*	*	NOUN
ajfa-1518	352	11	*	*	NOUN
ajfa-1518	352	12	30.56b	30.56b	NUM
ajfa-1518	352	13	ex	ex	NOUN
ajfa-1518	353	1	+	+	NOUN
ajfa-1518	353	2	1	1	NUM
ajfa-1518	353	3	to	to	ADP
ajfa-1518	353	4	ex	ex	PRON
ajfa-1518	353	5	+	+	NOUN
ajfa-1518	353	6	36	36	NUM
ajfa-1518	353	7	19.61	19.61	NUM
ajfa-1518	353	8	%	%	NOUN
ajfa-1518	353	9	1.82	1.82	NUM
ajfa-1518	353	10	*	*	PUNCT
ajfa-1518	353	11	69.44b	69.44b	PROPN
ajfa-1518	353	12	-18.74	-18.74	PROPN
ajfa-1518	353	13	%	%	NOUN
ajfa-1518	353	14	-1.75	-1.75	NOUN
ajfa-1518	353	15	*	*	PROPN
ajfa-1518	353	16	27.78b	27.78b	NUM
ajfa-1518	353	17	ex	ex	X
ajfa-1518	353	18	+	+	ADP
ajfa-1518	353	19	13	13	NUM
ajfa-1518	353	20	to	to	ADP
ajfa-1518	353	21	ex	ex	PRON
ajfa-1518	353	22	+	+	NOUN
ajfa-1518	353	23	24	24	NUM
ajfa-1518	353	24	6.52	6.52	NUM
ajfa-1518	353	25	%	%	NOUN
ajfa-1518	353	26	0.93	0.93	NUM
ajfa-1518	353	27	55.56	55.56	NUM
ajfa-1518	353	28	0.68	0.68	NUM
ajfa-1518	353	29	%	%	NOUN
ajfa-1518	353	30	0.10	0.10	NUM
ajfa-1518	353	31	44.44	44.44	NUM
ajfa-1518	353	32	ex	ex	NOUN
ajfa-1518	353	33	+	+	ADP
ajfa-1518	353	34	25	25	NUM
ajfa-1518	353	35	to	to	ADP
ajfa-1518	353	36	ex	ex	PRON
ajfa-1518	353	37	+	+	NOUN
ajfa-1518	353	38	36	36	NUM
ajfa-1518	353	39	21.57	21.57	NUM
ajfa-1518	353	40	%	%	NOUN
ajfa-1518	353	41	2.31	2.31	NUM
ajfa-1518	353	42	*	*	PUNCT
ajfa-1518	353	43	*	*	PUNCT
ajfa-1518	353	44	69.44b	69.44b	NUM
ajfa-1518	353	45	7.44	7.44	NUM
ajfa-1518	353	46	%	%	NOUN
ajfa-1518	353	47	0.85	0.85	NUM
ajfa-1518	353	48	52.78	52.78	NUM
ajfa-1518	353	49	panel	panel	NOUN
ajfa-1518	353	50	b	b	NOUN
ajfa-1518	353	51	:	:	PUNCT
ajfa-1518	353	52	spun	spin	VERB
ajfa-1518	353	53	-	-	PUNCT
ajfa-1518	353	54	off	off	ADP
ajfa-1518	353	55	firms	firm	NOUN
ajfa-1518	353	56	interval	interval	NOUN
ajfa-1518	353	57	(	(	PUNCT
ajfa-1518	353	58	month	month	NOUN
ajfa-1518	353	59	)	)	PUNCT
ajfa-1518	353	60	bhars	bhar	VERB
ajfa-1518	353	61	model	model	NOUN
ajfa-1518	353	62	(	(	PUNCT
ajfa-1518	353	63	mas	mas	PROPN
ajfa-1518	353	64	-	-	PUNCT
ajfa-1518	353	65	ewi	ewi	NOUN
ajfa-1518	353	66	)	)	PUNCT
ajfa-1518	353	67	bhars	bhar	VERB
ajfa-1518	353	68	model	model	NOUN
ajfa-1518	353	69	(	(	PUNCT
ajfa-1518	353	70	mas	mas	PROPN
ajfa-1518	353	71	-	-	PUNCT
ajfa-1518	353	72	vwi	vwi	NOUN
ajfa-1518	353	73	)	)	PUNCT
ajfa-1518	353	74	abhars	abhar	NOUN
ajfa-1518	353	75	t	t	PROPN
ajfa-1518	353	76	-	-	PUNCT
ajfa-1518	353	77	stat	stat	NOUN
ajfa-1518	353	78	percentage	percentage	NOUN
ajfa-1518	353	79	positive	positive	ADJ
ajfa-1518	353	80	abhars	abhar	NOUN
ajfa-1518	353	81	t	t	NOUN
ajfa-1518	353	82	-	-	PUNCT
ajfa-1518	353	83	stat	stat	NOUN
ajfa-1518	353	84	percentage	percentage	NOUN
ajfa-1518	353	85	positive	positive	ADJ
ajfa-1518	353	86	ex	ex	NOUN
ajfa-1518	354	1	+	+	ADP
ajfa-1518	354	2	1	1	NUM
ajfa-1518	354	3	to	to	ADP
ajfa-1518	354	4	ex	ex	PRON
ajfa-1518	354	5	+	+	NOUN
ajfa-1518	354	6	12	12	NUM
ajfa-1518	354	7	11.24	11.24	NUM
ajfa-1518	354	8	%	%	NOUN
ajfa-1518	354	9	0.99	0.99	NUM
ajfa-1518	354	10	50.00	50.00	NUM
ajfa-1518	354	11	-2.59	-2.59	NUM
ajfa-1518	354	12	%	%	NOUN
ajfa-1518	354	13	-0.22	-0.22	NUM
ajfa-1518	354	14	25.00c	25.00c	PROPN
ajfa-1518	354	15	ex	ex	X
ajfa-1518	354	16	+	+	ADV
ajfa-1518	354	17	1	1	NUM
ajfa-1518	354	18	to	to	ADP
ajfa-1518	354	19	ex	ex	PRON
ajfa-1518	355	1	+	+	NOUN
ajfa-1518	355	2	24	24	NUM
ajfa-1518	355	3	33.08	33.08	NUM
ajfa-1518	355	4	%	%	NOUN
ajfa-1518	355	5	1.88	1.88	NUM
ajfa-1518	355	6	*	*	PUNCT
ajfa-1518	355	7	52.78	52.78	NUM
ajfa-1518	355	8	12.44	12.44	NUM
ajfa-1518	355	9	%	%	NOUN
ajfa-1518	355	10	0.66	0.66	NUM
ajfa-1518	355	11	36.11	36.11	NUM
ajfa-1518	355	12	ex	ex	X
ajfa-1518	355	13	+	+	ADP
ajfa-1518	355	14	1	1	NUM
ajfa-1518	355	15	to	to	ADP
ajfa-1518	355	16	ex	ex	PRON
ajfa-1518	355	17	+	+	NOUN
ajfa-1518	355	18	36	36	NUM
ajfa-1518	355	19	29.19	29.19	NUM
ajfa-1518	355	20	%	%	NOUN
ajfa-1518	355	21	2.51	2.51	NUM
ajfa-1518	355	22	*	*	SYM
ajfa-1518	355	23	*	*	X
ajfa-1518	355	24	61.11	61.11	NUM
ajfa-1518	355	25	-12.90	-12.90	NOUN
ajfa-1518	355	26	%	%	NOUN
ajfa-1518	355	27	-0.98	-0.98	NUM
ajfa-1518	355	28	38.89	38.89	NUM
ajfa-1518	355	29	ex	ex	X
ajfa-1518	355	30	+	+	ADP
ajfa-1518	355	31	13	13	NUM
ajfa-1518	355	32	to	to	ADP
ajfa-1518	355	33	ex	ex	PRON
ajfa-1518	355	34	+	+	NOUN
ajfa-1518	355	35	24	24	NUM
ajfa-1518	355	36	27.68	27.68	NUM
ajfa-1518	355	37	%	%	NOUN
ajfa-1518	355	38	2.31	2.31	NUM
ajfa-1518	355	39	*	*	PUNCT
ajfa-1518	355	40	*	*	PUNCT
ajfa-1518	355	41	50.00	50.00	NUM
ajfa-1518	355	42	22.54	22.54	NUM
ajfa-1518	355	43	%	%	NOUN
ajfa-1518	355	44	1.72	1.72	NUM
ajfa-1518	355	45	*	*	SYM
ajfa-1518	355	46	50.00	50.00	NUM
ajfa-1518	355	47	ex	ex	PRON
ajfa-1518	355	48	+	+	ADP
ajfa-1518	355	49	25	25	NUM
ajfa-1518	355	50	to	to	ADP
ajfa-1518	355	51	ex	ex	PRON
ajfa-1518	355	52	+	+	NOUN
ajfa-1518	355	53	36	36	NUM
ajfa-1518	355	54	16.58	16.58	NUM
ajfa-1518	355	55	%	%	NOUN
ajfa-1518	355	56	1.83	1.83	NUM
ajfa-1518	355	57	*	*	NUM
ajfa-1518	355	58	61.11	61.11	NUM
ajfa-1518	355	59	0.15	0.15	NUM
ajfa-1518	355	60	%	%	NOUN
ajfa-1518	355	61	0.01	0.01	NUM
ajfa-1518	355	62	41.67	41.67	NUM
ajfa-1518	355	63	panel	panel	NOUN
ajfa-1518	355	64	c	c	NOUN
ajfa-1518	355	65	:	:	PUNCT
ajfa-1518	355	66	combined	combined	ADJ
ajfa-1518	355	67	firms	firm	NOUN
ajfa-1518	355	68	interval	interval	NOUN
ajfa-1518	355	69	(	(	PUNCT
ajfa-1518	355	70	month	month	NOUN
ajfa-1518	355	71	)	)	PUNCT
ajfa-1518	355	72	bhars	bhar	VERB
ajfa-1518	355	73	model	model	NOUN
ajfa-1518	355	74	(	(	PUNCT
ajfa-1518	355	75	mas	mas	PROPN
ajfa-1518	355	76	-	-	PUNCT
ajfa-1518	355	77	ewi	ewi	NOUN
ajfa-1518	355	78	)	)	PUNCT
ajfa-1518	355	79	bhars	bhar	VERB
ajfa-1518	355	80	model	model	NOUN
ajfa-1518	355	81	(	(	PUNCT
ajfa-1518	355	82	mas	mas	PROPN
ajfa-1518	355	83	-	-	PUNCT
ajfa-1518	355	84	vwi	vwi	NOUN
ajfa-1518	355	85	)	)	PUNCT
ajfa-1518	355	86	abhars	abhar	NOUN
ajfa-1518	355	87	t	t	PROPN
ajfa-1518	355	88	-	-	PUNCT
ajfa-1518	355	89	stat	stat	NOUN
ajfa-1518	355	90	percentage	percentage	NOUN
ajfa-1518	355	91	positive	positive	ADJ
ajfa-1518	355	92	abhars	abhar	NOUN
ajfa-1518	355	93	t	t	NOUN
ajfa-1518	355	94	-	-	PUNCT
ajfa-1518	355	95	stat	stat	NOUN
ajfa-1518	355	96	percentage	percentage	NOUN
ajfa-1518	355	97	positive	positive	ADJ
ajfa-1518	355	98	ex	ex	NOUN
ajfa-1518	356	1	+	+	ADP
ajfa-1518	356	2	1	1	NUM
ajfa-1518	356	3	to	to	ADP
ajfa-1518	356	4	ex	ex	PRON
ajfa-1518	356	5	+	+	CCONJ
ajfa-1518	356	6	12	12	NUM
ajfa-1518	356	7	1.20	1.20	NUM
ajfa-1518	356	8	%	%	NOUN
ajfa-1518	356	9	0.12	0.12	NUM
ajfa-1518	356	10	38.89	38.89	NUM
ajfa-1518	356	11	-11.83	-11.83	PROPN
ajfa-1518	356	12	%	%	NOUN
ajfa-1518	356	13	-1.20	-1.20	NUM
ajfa-1518	357	1	13.89c	13.89c	INTJ
ajfa-1518	357	2	ex	ex	X
ajfa-1518	358	1	+	+	ADV
ajfa-1518	358	2	1	1	NUM
ajfa-1518	358	3	to	to	ADP
ajfa-1518	358	4	ex	ex	PRON
ajfa-1518	358	5	+	+	NOUN
ajfa-1518	358	6	24	24	NUM
ajfa-1518	358	7	1.43	1.43	NUM
ajfa-1518	358	8	%	%	NOUN
ajfa-1518	358	9	0.20	0.20	NUM
ajfa-1518	358	10	44.44	44.44	NUM
ajfa-1518	358	11	-19.44	-19.44	NOUN
ajfa-1518	358	12	%	%	NOUN
ajfa-1518	358	13	-2.56	-2.56	NUM
ajfa-1518	358	14	*	*	PUNCT
ajfa-1518	358	15	*	*	PROPN
ajfa-1518	358	16	25.00c	25.00c	NUM
ajfa-1518	358	17	ex	ex	X
ajfa-1518	358	18	+	+	ADV
ajfa-1518	358	19	1	1	NUM
ajfa-1518	358	20	to	to	ADP
ajfa-1518	358	21	ex	ex	PRON
ajfa-1518	358	22	+	+	NOUN
ajfa-1518	358	23	36	36	NUM
ajfa-1518	358	24	16.50	16.50	NUM
ajfa-1518	358	25	%	%	NOUN
ajfa-1518	358	26	1.60	1.60	NUM
ajfa-1518	358	27	69.44b	69.44b	PROPN
ajfa-1518	358	28	-23.48	-23.48	ADJ
ajfa-1518	358	29	%	%	NOUN
ajfa-1518	358	30	-2.26	-2.26	NOUN
ajfa-1518	358	31	*	*	PUNCT
ajfa-1518	358	32	*	*	PUNCT
ajfa-1518	358	33	22.22c	22.22c	NUM
ajfa-1518	358	34	ex	ex	PRON
ajfa-1518	359	1	+	+	ADV
ajfa-1518	359	2	13	13	NUM
ajfa-1518	359	3	to	to	ADP
ajfa-1518	359	4	ex	ex	PRON
ajfa-1518	360	1	+	+	NOUN
ajfa-1518	360	2	24	24	NUM
ajfa-1518	360	3	9.79	9.79	NUM
ajfa-1518	360	4	%	%	NOUN
ajfa-1518	360	5	1.44	1.44	NUM
ajfa-1518	360	6	58.33	58.33	NUM
ajfa-1518	360	7	3.30	3.30	NUM
ajfa-1518	360	8	%	%	NOUN
ajfa-1518	360	9	0.49	0.49	NUM
ajfa-1518	360	10	47.27	47.27	NUM
ajfa-1518	360	11	ex	ex	NOUN
ajfa-1518	360	12	+	+	ADP
ajfa-1518	360	13	25	25	NUM
ajfa-1518	360	14	to	to	ADP
ajfa-1518	360	15	ex	ex	PRON
ajfa-1518	360	16	+	+	PUNCT
ajfa-1518	360	17	36	36	NUM
ajfa-1518	360	18	16.13	16.13	NUM
ajfa-1518	360	19	%	%	NOUN
ajfa-1518	360	20	2.12	2.12	NUM
ajfa-1518	360	21	*	*	PUNCT
ajfa-1518	360	22	*	*	PUNCT
ajfa-1518	361	1	72.22b	72.22b	NUM
ajfa-1518	361	2	1.50	1.50	NUM
ajfa-1518	361	3	%	%	NOUN
ajfa-1518	361	4	0.21	0.21	NUM
ajfa-1518	361	5	50.00	50.00	NUM
ajfa-1518	361	6	note	note	NOUN
ajfa-1518	361	7	:	:	PUNCT
ajfa-1518	361	8	ex	ex	PRON
ajfa-1518	361	9	denotes	denote	VERB
ajfa-1518	361	10	the	the	DET
ajfa-1518	361	11	listing	list	VERB
ajfa-1518	361	12	month	month	NOUN
ajfa-1518	361	13	of	of	ADP
ajfa-1518	361	14	the	the	DET
ajfa-1518	361	15	spun	spin	VERB
ajfa-1518	361	16	-	-	PUNCT
ajfa-1518	361	17	off	off	ADP
ajfa-1518	361	18	firms	firm	NOUN
ajfa-1518	361	19	.	.	PUNCT
ajfa-1518	362	1	asterisks	asterisk	NOUN
ajfa-1518	362	2	indicate	indicate	VERB
ajfa-1518	362	3	statistical	statistical	ADJ
ajfa-1518	362	4	significance	significance	NOUN
ajfa-1518	362	5	at	at	ADP
ajfa-1518	362	6	the	the	DET
ajfa-1518	362	7	10	10	NUM
ajfa-1518	362	8	%	%	NOUN
ajfa-1518	362	9	(	(	PUNCT
ajfa-1518	362	10	*	*	NOUN
ajfa-1518	362	11	)	)	PUNCT
ajfa-1518	362	12	,	,	PUNCT
ajfa-1518	362	13	5	5	NUM
ajfa-1518	362	14	%	%	NOUN
ajfa-1518	362	15	(	(	PUNCT
ajfa-1518	362	16	*	*	NOUN
ajfa-1518	362	17	*	*	PUNCT
ajfa-1518	362	18	)	)	PUNCT
ajfa-1518	362	19	and	and	CCONJ
ajfa-1518	362	20	1	1	NUM
ajfa-1518	362	21	%	%	NOUN
ajfa-1518	362	22	(	(	PUNCT
ajfa-1518	362	23	*	*	PUNCT
ajfa-1518	362	24	*	*	PUNCT
ajfa-1518	362	25	*	*	NOUN
ajfa-1518	362	26	)	)	PUNCT
ajfa-1518	362	27	levels	level	NOUN
ajfa-1518	362	28	.	.	PUNCT
ajfa-1518	363	1	panel	panel	NOUN
ajfa-1518	363	2	a	a	PRON
ajfa-1518	363	3	indicates	indicate	VERB
ajfa-1518	363	4	the	the	DET
ajfa-1518	363	5	average	average	ADJ
ajfa-1518	363	6	buy	buy	VERB
ajfa-1518	363	7	-	-	PUNCT
ajfa-1518	363	8	and	and	CCONJ
ajfa-1518	363	9	-	-	PUNCT
ajfa-1518	363	10	hold	hold	VERB
ajfa-1518	363	11	abnormal	abnormal	ADJ
ajfa-1518	363	12	returns	return	NOUN
ajfa-1518	363	13	(	(	PUNCT
ajfa-1518	363	14	abhars	abhar	NOUN
ajfa-1518	363	15	)	)	PUNCT
ajfa-1518	363	16	for	for	ADP
ajfa-1518	363	17	the	the	DET
ajfa-1518	363	18	parent	parent	NOUN
ajfa-1518	363	19	firms	firm	NOUN
ajfa-1518	363	20	against	against	ADP
ajfa-1518	363	21	the	the	DET
ajfa-1518	363	22	market	market	NOUN
ajfa-1518	363	23	benchmarks	benchmark	NOUN
ajfa-1518	363	24	of	of	ADP
ajfa-1518	363	25	mas	mas	PROPN
ajfa-1518	363	26	-	-	PUNCT
ajfa-1518	363	27	ewi	ewi	PROPN
ajfa-1518	363	28	and	and	CCONJ
ajfa-1518	363	29	mas	mas	PROPN
ajfa-1518	363	30	-	-	PUNCT
ajfa-1518	363	31	vwi	vwi	PROPN
ajfa-1518	363	32	.	.	PUNCT
ajfa-1518	364	1	panel	panel	NOUN
ajfa-1518	364	2	b	b	PROPN
ajfa-1518	364	3	presents	present	VERB
ajfa-1518	364	4	the	the	DET
ajfa-1518	364	5	average	average	ADJ
ajfa-1518	364	6	buy	buy	VERB
ajfa-1518	364	7	-	-	PUNCT
ajfa-1518	364	8	and	and	CCONJ
ajfa-1518	364	9	-	-	PUNCT
ajfa-1518	364	10	hold	hold	VERB
ajfa-1518	364	11	abnormal	abnormal	ADJ
ajfa-1518	364	12	returns	return	NOUN
ajfa-1518	364	13	(	(	PUNCT
ajfa-1518	364	14	abhars	abhar	NOUN
ajfa-1518	364	15	)	)	PUNCT
ajfa-1518	364	16	for	for	ADP
ajfa-1518	364	17	the	the	DET
ajfa-1518	364	18	spun	spin	VERB
ajfa-1518	364	19	-	-	PUNCT
ajfa-1518	364	20	off	off	ADP
ajfa-1518	364	21	firms	firm	NOUN
ajfa-1518	364	22	against	against	ADP
ajfa-1518	364	23	the	the	DET
ajfa-1518	364	24	mas	mas	PROPN
ajfa-1518	364	25	-	-	PUNCT
ajfa-1518	364	26	ewi	ewi	PROPN
ajfa-1518	364	27	and	and	CCONJ
ajfa-1518	364	28	mas	mas	PROPN
ajfa-1518	364	29	-	-	PUNCT
ajfa-1518	364	30	vwi	vwi	NOUN
ajfa-1518	364	31	benchmarks	benchmark	NOUN
ajfa-1518	364	32	.	.	PUNCT
ajfa-1518	365	1	panel	panel	NOUN
ajfa-1518	365	2	c	c	PROPN
ajfa-1518	365	3	shows	show	VERB
ajfa-1518	365	4	the	the	DET
ajfa-1518	365	5	results	result	NOUN
ajfa-1518	365	6	of	of	ADP
ajfa-1518	365	7	average	average	ADJ
ajfa-1518	365	8	buy	buy	VERB
ajfa-1518	365	9	-	-	PUNCT
ajfa-1518	365	10	and	and	CCONJ
ajfa-1518	365	11	-	-	PUNCT
ajfa-1518	365	12	hold	hold	VERB
ajfa-1518	365	13	abnormal	abnormal	ADJ
ajfa-1518	365	14	returns	return	NOUN
ajfa-1518	365	15	(	(	PUNCT
ajfa-1518	365	16	abhars	abhar	NOUN
ajfa-1518	365	17	)	)	PUNCT
ajfa-1518	365	18	for	for	ADP
ajfa-1518	365	19	the	the	DET
ajfa-1518	365	20	combined	combine	VERB
ajfa-1518	365	21	firms	firm	NOUN
ajfa-1518	365	22	against	against	ADP
ajfa-1518	365	23	the	the	DET
ajfa-1518	365	24	novel	novel	ADJ
ajfa-1518	365	25	benchmarks	benchmark	NOUN
ajfa-1518	365	26	of	of	ADP
ajfa-1518	365	27	mas	mas	PROPN
ajfa-1518	365	28	-	-	PUNCT
ajfa-1518	365	29	ewi	ewi	PROPN
ajfa-1518	365	30	and	and	CCONJ
ajfa-1518	365	31	mas	mas	PROPN
ajfa-1518	365	32	-	-	PUNCT
ajfa-1518	365	33	vwi	vwi	NOUN
ajfa-1518	365	34	.	.	PUNCT
ajfa-1518	366	1	the	the	DET
ajfa-1518	366	2	non	non	ADJ
ajfa-1518	366	3	-	-	ADJ
ajfa-1518	366	4	parametric	parametric	ADJ
ajfa-1518	366	5	sign	sign	NOUN
ajfa-1518	366	6	test	test	NOUN
ajfa-1518	366	7	is	be	AUX
ajfa-1518	366	8	used	use	VERB
ajfa-1518	366	9	to	to	PART
ajfa-1518	366	10	test	test	VERB
ajfa-1518	366	11	the	the	DET
ajfa-1518	366	12	significance	significance	NOUN
ajfa-1518	366	13	percentage	percentage	NOUN
ajfa-1518	366	14	of	of	ADP
ajfa-1518	366	15	firms	firm	NOUN
ajfa-1518	366	16	with	with	ADP
ajfa-1518	366	17	positive	positive	ADJ
ajfa-1518	366	18	abnormal	abnormal	ADJ
ajfa-1518	366	19	returns	return	NOUN
ajfa-1518	366	20	.	.	PUNCT
ajfa-1518	367	1	the	the	DET
ajfa-1518	367	2	null	null	ADJ
ajfa-1518	367	3	asian	asian	ADJ
ajfa-1518	367	4	journal	journal	NOUN
ajfa-1518	367	5	of	of	ADP
ajfa-1518	367	6	finance	finance	PROPN
ajfa-1518	367	7	&	&	CCONJ
ajfa-1518	367	8	accounting	accounting	PROPN
ajfa-1518	367	9	issn	issn	PROPN
ajfa-1518	367	10	1946	1946	NUM
ajfa-1518	367	11	-	-	PUNCT
ajfa-1518	367	12	052x	052x	NOUN
ajfa-1518	367	13	2012	2012	NUM
ajfa-1518	367	14	,	,	PUNCT
ajfa-1518	367	15	vol	vol	NOUN
ajfa-1518	367	16	.	.	PROPN
ajfa-1518	367	17	4	4	NUM
ajfa-1518	367	18	,	,	PUNCT
ajfa-1518	367	19	no	no	INTJ
ajfa-1518	367	20	.	.	NOUN
ajfa-1518	367	21	1	1	NUM
ajfa-1518	367	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	367	23	169	169	NUM
ajfa-1518	367	24	hypothesis	hypothesis	NOUN
ajfa-1518	367	25	for	for	ADP
ajfa-1518	367	26	the	the	DET
ajfa-1518	367	27	sign	sign	NOUN
ajfa-1518	367	28	test	test	NOUN
ajfa-1518	367	29	is	be	AUX
ajfa-1518	367	30	given	give	VERB
ajfa-1518	367	31	as	as	ADP
ajfa-1518	367	32	the	the	DET
ajfa-1518	367	33	proportion	proportion	NOUN
ajfa-1518	367	34	of	of	ADP
ajfa-1518	367	35	positive	positive	ADJ
ajfa-1518	367	36	abnormal	abnormal	ADJ
ajfa-1518	367	37	returns	return	NOUN
ajfa-1518	367	38	equal	equal	ADJ
ajfa-1518	367	39	to	to	ADP
ajfa-1518	367	40	50	50	NUM
ajfa-1518	367	41	%	%	NOUN
ajfa-1518	367	42	.	.	PUNCT
ajfa-1518	368	1	a	a	DET
ajfa-1518	368	2	,	,	PUNCT
ajfa-1518	368	3	b	b	NOUN
ajfa-1518	368	4	and	and	CCONJ
ajfa-1518	368	5	c	c	PROPN
ajfa-1518	368	6	indicate	indicate	VERB
ajfa-1518	368	7	significance	significance	NOUN
ajfa-1518	368	8	at	at	ADP
ajfa-1518	368	9	the	the	DET
ajfa-1518	368	10	10	10	NUM
ajfa-1518	368	11	%	%	NOUN
ajfa-1518	368	12	,	,	PUNCT
ajfa-1518	368	13	5	5	NUM
ajfa-1518	368	14	%	%	NOUN
ajfa-1518	368	15	and	and	CCONJ
ajfa-1518	368	16	1	1	NUM
ajfa-1518	368	17	%	%	NOUN
ajfa-1518	368	18	levels	level	NOUN
ajfa-1518	368	19	.	.	PUNCT
ajfa-1518	369	1	table	table	NOUN
ajfa-1518	369	2	3	3	NUM
ajfa-1518	369	3	.	.	PUNCT
ajfa-1518	369	4	monthly	monthly	ADJ
ajfa-1518	369	5	cumulative	cumulative	ADJ
ajfa-1518	369	6	returns	return	NOUN
ajfa-1518	369	7	of	of	ADP
ajfa-1518	369	8	the	the	DET
ajfa-1518	369	9	bursa	bursa	PROPN
ajfa-1518	369	10	malaysia	malaysia	PROPN
ajfa-1518	369	11	index	index	NOUN
ajfa-1518	369	12	series	series	NOUN
ajfa-1518	369	13	(	(	PUNCT
ajfa-1518	369	14	january	january	PROPN
ajfa-1518	369	15	1996	1996	NUM
ajfa-1518	369	16	–	–	PUNCT
ajfa-1518	369	17	january	january	PROPN
ajfa-1518	369	18	2011	2011	NUM
ajfa-1518	369	19	)	)	PUNCT
ajfa-1518	369	20	indices	indice	VERB
ajfa-1518	369	21	ftse	ftse	PROPN
ajfa-1518	370	1	bursa	bursa	PROPN
ajfa-1518	370	2	malaysia	malaysia	PROPN
ajfa-1518	370	3	klci	klci	PROPN
ajfa-1518	370	4	ftse	ftse	PROPN
ajfa-1518	370	5	bursa	bursa	PROPN
ajfa-1518	370	6	malaysia	malaysia	PROPN
ajfa-1518	370	7	emas	emas	PROPN
ajfa-1518	370	8	index	index	PROPN
ajfa-1518	370	9	ftse	ftse	PROPN
ajfa-1518	370	10	bursa	bursa	PROPN
ajfa-1518	370	11	malaysia	malaysia	PROPN
ajfa-1518	370	12	mid	mid	PROPN
ajfa-1518	370	13	70	70	NUM
ajfa-1518	370	14	index	index	NOUN
ajfa-1518	370	15	ftse	ftse	NOUN
ajfa-1518	370	16	bursa	bursa	PROPN
ajfa-1518	370	17	malaysia	malaysia	PROPN
ajfa-1518	370	18	small	small	PROPN
ajfa-1518	370	19	cap	cap	NOUN
ajfa-1518	370	20	index	index	NOUN
ajfa-1518	370	21	ftse	ftse	PROPN
ajfa-1518	370	22	bursa	bursa	PROPN
ajfa-1518	370	23	malaysia	malaysia	PROPN
ajfa-1518	370	24	fledgling	fledgling	NOUN
ajfa-1518	370	25	index	index	NOUN
ajfa-1518	370	26	number	number	NOUN
ajfa-1518	370	27	of	of	ADP
ajfa-1518	370	28	constituents	constituent	NOUN
ajfa-1518	370	29	30	30	NUM
ajfa-1518	370	30	100	100	NUM
ajfa-1518	370	31	70	70	NUM
ajfa-1518	370	32	260	260	NUM
ajfa-1518	370	33	431	431	NUM
ajfa-1518	370	34	market	market	NOUN
ajfa-1518	370	35	capitalisation	capitalisation	NOUN
ajfa-1518	370	36	(	(	PUNCT
ajfa-1518	370	37	rm	rm	NOUN
ajfa-1518	370	38	)	)	PUNCT
ajfa-1518	370	39	485,666.50	485,666.50	NUM
ajfa-1518	370	40	690,859.41	690,859.41	NUM
ajfa-1518	370	41	137,745.02	137,745.02	NUM
ajfa-1518	370	42	67,447.92	67,447.92	NUM
ajfa-1518	370	43	18,958.84	18,958.84	NUM
ajfa-1518	370	44	1	1	NUM
ajfa-1518	370	45	month	month	NOUN
ajfa-1518	370	46	(	(	PUNCT
ajfa-1518	370	47	%	%	NOUN
ajfa-1518	370	48	)	)	PUNCT
ajfa-1518	370	49	from	from	ADP
ajfa-1518	370	50	1996	1996	NUM
ajfa-1518	370	51	2.75	2.75	NUM
ajfa-1518	370	52	2.60	2.60	NUM
ajfa-1518	370	53	3.08	3.08	NUM
ajfa-1518	370	54	0.30	0.30	NUM
ajfa-1518	370	55	4.16	4.16	NUM
ajfa-1518	370	56	3	3	NUM
ajfa-1518	370	57	month	month	NOUN
ajfa-1518	370	58	(	(	PUNCT
ajfa-1518	370	59	%	%	NOUN
ajfa-1518	370	60	)	)	PUNCT
ajfa-1518	370	61	from	from	ADP
ajfa-1518	370	62	1996	1996	NUM
ajfa-1518	370	63	12.71	12.71	NUM
ajfa-1518	370	64	13.45	13.45	NUM
ajfa-1518	370	65	14.34	14.34	NUM
ajfa-1518	370	66	19.04	19.04	NUM
ajfa-1518	370	67	40.15	40.15	NUM
ajfa-1518	370	68	6	6	NUM
ajfa-1518	370	69	month	month	NOUN
ajfa-1518	370	70	(	(	PUNCT
ajfa-1518	370	71	%	%	NOUN
ajfa-1518	370	72	)	)	PUNCT
ajfa-1518	370	73	from	from	ADP
ajfa-1518	370	74	1996	1996	NUM
ajfa-1518	370	75	1.21	1.21	NUM
ajfa-1518	370	76	1.33	1.33	NUM
ajfa-1518	370	77	2.19	2.19	NUM
ajfa-1518	370	78	3.59	3.59	NUM
ajfa-1518	370	79	18.27	18.27	NUM
ajfa-1518	370	80	12	12	NUM
ajfa-1518	370	81	month	month	NOUN
ajfa-1518	370	82	(	(	PUNCT
ajfa-1518	370	83	%	%	NOUN
ajfa-1518	370	84	)	)	PUNCT
ajfa-1518	370	85	from	from	ADP
ajfa-1518	370	86	1996	1996	NUM
ajfa-1518	370	87	15.28	15.28	NUM
ajfa-1518	370	88	18.87	18.87	NUM
ajfa-1518	370	89	26.66	26.66	NUM
ajfa-1518	370	90	19.66	19.66	NUM
ajfa-1518	370	91	27.46	27.46	NUM
ajfa-1518	370	92	36	36	NUM
ajfa-1518	370	93	month	month	NOUN
ajfa-1518	370	94	(	(	PUNCT
ajfa-1518	370	95	%	%	NOUN
ajfa-1518	370	96	)	)	PUNCT
ajfa-1518	370	97	from	from	ADP
ajfa-1518	370	98	1996	1996	NUM
ajfa-1518	370	99	-43.96	-43.96	PUNCT
ajfa-1518	370	100	-47.88	-47.88	PUNCT
ajfa-1518	371	1	-55.87	-55.87	PROPN
ajfa-1518	371	2	-55.43	-55.43	PUNCT
ajfa-1518	371	3	-52.95	-52.95	PROPN
ajfa-1518	371	4	60	60	NUM
ajfa-1518	371	5	month	month	NOUN
ajfa-1518	371	6	(	(	PUNCT
ajfa-1518	371	7	%	%	NOUN
ajfa-1518	371	8	)	)	PUNCT
ajfa-1518	371	9	from	from	ADP
ajfa-1518	371	10	1996	1996	NUM
ajfa-1518	371	11	-31.05	-31.05	SYM
ajfa-1518	371	12	-37.88	-37.88	PUNCT
ajfa-1518	371	13	-52.91	-52.91	PUNCT
ajfa-1518	371	14	-57.40	-57.40	PROPN
ajfa-1518	372	1	-53.07	-53.07	PROPN
ajfa-1518	372	2	120	120	NUM
ajfa-1518	372	3	month	month	NOUN
ajfa-1518	372	4	(	(	PUNCT
ajfa-1518	372	5	%	%	NOUN
ajfa-1518	372	6	)	)	PUNCT
ajfa-1518	372	7	from	from	ADP
ajfa-1518	372	8	1996	1996	NUM
ajfa-1518	372	9	-13.40	-13.40	SYM
ajfa-1518	372	10	-27.34	-27.34	PROPN
ajfa-1518	372	11	-40.66	-40.66	PUNCT
ajfa-1518	372	12	-64.36	-64.36	NUM
ajfa-1518	372	13	-55.79	-55.79	NUM
ajfa-1518	372	14	132	132	NUM
ajfa-1518	372	15	month	month	NOUN
ajfa-1518	372	16	(	(	PUNCT
ajfa-1518	372	17	%	%	NOUN
ajfa-1518	372	18	)	)	PUNCT
ajfa-1518	372	19	from	from	ADP
ajfa-1518	372	20	1996	1996	NUM
ajfa-1518	372	21	12.69	12.69	NUM
ajfa-1518	372	22	-2.41	-2.41	NUM
ajfa-1518	373	1	-14.22	-14.22	NOUN
ajfa-1518	373	2	-48.10	-48.10	ADP
ajfa-1518	373	3	-44.22	-44.22	PROPN
ajfa-1518	373	4	144	144	NUM
ajfa-1518	373	5	month	month	NOUN
ajfa-1518	373	6	(	(	PUNCT
ajfa-1518	373	7	%	%	NOUN
ajfa-1518	373	8	)	)	PUNCT
ajfa-1518	373	9	from	from	ADP
ajfa-1518	373	10	1996	1996	NUM
ajfa-1518	373	11	32.01	32.01	NUM
ajfa-1518	373	12	17.37	17.37	NUM
ajfa-1518	373	13	-2.42	-2.42	PROPN
ajfa-1518	373	14	-28.86	-28.86	PUNCT
ajfa-1518	373	15	-37.18	-37.18	SYM
ajfa-1518	373	16	156	156	NUM
ajfa-1518	373	17	month	month	NOUN
ajfa-1518	373	18	(	(	PUNCT
ajfa-1518	373	19	%	%	NOUN
ajfa-1518	373	20	)	)	PUNCT
ajfa-1518	373	21	from	from	ADP
ajfa-1518	373	22	1996	1996	NUM
ajfa-1518	373	23	-16.20	-16.20	X
ajfa-1518	373	24	-27.99	-27.99	PUNCT
ajfa-1518	373	25	-42.54	-42.54	PUNCT
ajfa-1518	374	1	-58.42	-58.42	PUNCT
ajfa-1518	374	2	-58.28	-58.28	NOUN
ajfa-1518	374	3	168	168	NUM
ajfa-1518	374	4	month	month	NOUN
ajfa-1518	374	5	(	(	PUNCT
ajfa-1518	374	6	%	%	NOUN
ajfa-1518	374	7	)	)	PUNCT
ajfa-1518	374	8	from	from	ADP
ajfa-1518	374	9	1996	1996	NUM
ajfa-1518	374	10	19.30	19.30	NUM
ajfa-1518	374	11	5.44	5.44	NUM
ajfa-1518	374	12	-13.01	-13.01	NOUN
ajfa-1518	375	1	-33.22	-33.22	PROPN
ajfa-1518	375	2	-39.37	-39.37	PROPN
ajfa-1518	375	3	180	180	NUM
ajfa-1518	375	4	month	month	NOUN
ajfa-1518	375	5	(	(	PUNCT
ajfa-1518	375	6	%	%	NOUN
ajfa-1518	375	7	)	)	PUNCT
ajfa-1518	375	8	from	from	ADP
ajfa-1518	375	9	1996	1996	NUM
ajfa-1518	376	1	44.01	44.01	NUM
ajfa-1518	376	2	30.12	30.12	NUM
ajfa-1518	376	3	17.25	17.25	NUM
ajfa-1518	376	4	-18.13	-18.13	PROPN
ajfa-1518	376	5	-29.43	-29.43	PROPN
ajfa-1518	376	6	note	note	NOUN
ajfa-1518	376	7	:	:	PUNCT
ajfa-1518	376	8	1	1	X
ajfa-1518	376	9	.	.	X
ajfa-1518	376	10	price	price	NOUN
ajfa-1518	376	11	index	index	NOUN
ajfa-1518	376	12	data	datum	NOUN
ajfa-1518	376	13	for	for	ADP
ajfa-1518	376	14	ftse	ftse	PROPN
ajfa-1518	376	15	bursa	bursa	PROPN
ajfa-1518	376	16	malaysia	malaysia	PROPN
ajfa-1518	376	17	emas	emas	PROPN
ajfa-1518	376	18	,	,	PUNCT
ajfa-1518	376	19	ftse	ftse	PROPN
ajfa-1518	376	20	bursa	bursa	PROPN
ajfa-1518	376	21	malaysia	malaysia	PROPN
ajfa-1518	376	22	mid	mid	PROPN
ajfa-1518	376	23	70	70	NUM
ajfa-1518	376	24	,	,	PUNCT
ajfa-1518	376	25	ftse	ftse	PROPN
ajfa-1518	376	26	bursa	bursa	PROPN
ajfa-1518	376	27	malaysia	malaysia	PROPN
ajfa-1518	376	28	small	small	ADJ
ajfa-1518	376	29	cap	cap	NOUN
ajfa-1518	376	30	and	and	CCONJ
ajfa-1518	376	31	ftse	ftse	PROPN
ajfa-1518	376	32	bursa	bursa	PROPN
ajfa-1518	376	33	malaysia	malaysia	PROPN
ajfa-1518	376	34	fledgling	fledgling	NOUN
ajfa-1518	376	35	indices	index	NOUN
ajfa-1518	376	36	became	become	VERB
ajfa-1518	376	37	officially	officially	ADV
ajfa-1518	376	38	available	available	ADJ
ajfa-1518	376	39	in	in	ADP
ajfa-1518	376	40	datastream	datastream	NOUN
ajfa-1518	376	41	on	on	ADP
ajfa-1518	376	42	1st	1st	ADJ
ajfa-1518	376	43	january	january	NOUN
ajfa-1518	376	44	1996	1996	NUM
ajfa-1518	376	45	.	.	PUNCT
ajfa-1518	377	1	2	2	X
ajfa-1518	377	2	.	.	X
ajfa-1518	377	3	ftse	ftse	PROPN
ajfa-1518	377	4	bursa	bursa	PROPN
ajfa-1518	377	5	malaysia	malaysia	PROPN
ajfa-1518	377	6	klci	klci	NOUN
ajfa-1518	377	7	comprises	comprise	VERB
ajfa-1518	377	8	the	the	DET
ajfa-1518	377	9	30	30	NUM
ajfa-1518	377	10	largest	large	ADJ
ajfa-1518	377	11	firms	firm	NOUN
ajfa-1518	377	12	in	in	ADP
ajfa-1518	377	13	the	the	DET
ajfa-1518	377	14	ftse	ftse	PROPN
ajfa-1518	377	15	bursa	bursa	PROPN
ajfa-1518	377	16	malaysia	malaysia	PROPN
ajfa-1518	377	17	emas	emas	PROPN
ajfa-1518	377	18	index	index	PROPN
ajfa-1518	377	19	by	by	ADP
ajfa-1518	377	20	full	full	ADJ
ajfa-1518	377	21	market	market	NOUN
ajfa-1518	377	22	capitalisation	capitalisation	NOUN
ajfa-1518	377	23	.	.	PUNCT
ajfa-1518	378	1	3	3	X
ajfa-1518	378	2	.	.	X
ajfa-1518	378	3	ftse	ftse	PROPN
ajfa-1518	378	4	bursa	bursa	PROPN
ajfa-1518	378	5	malaysia	malaysia	PROPN
ajfa-1518	378	6	emas	emas	PROPN
ajfa-1518	378	7	comprises	comprise	VERB
ajfa-1518	378	8	the	the	DET
ajfa-1518	378	9	constituent	constituent	NOUN
ajfa-1518	378	10	of	of	ADP
ajfa-1518	378	11	the	the	DET
ajfa-1518	378	12	ftse	ftse	PROPN
ajfa-1518	378	13	bursa	bursa	PROPN
ajfa-1518	378	14	malaysia	malaysia	PROPN
ajfa-1518	378	15	top	top	ADJ
ajfa-1518	378	16	100	100	NUM
ajfa-1518	378	17	index	index	NOUN
ajfa-1518	378	18	(	(	PUNCT
ajfa-1518	378	19	constituting	constitute	VERB
ajfa-1518	378	20	ftse	ftse	PROPN
ajfa-1518	378	21	bursa	bursa	NOUN
ajfa-1518	378	22	malaysia	malaysia	PROPN
ajfa-1518	378	23	mid	mid	PROPN
ajfa-1518	378	24	70	70	NUM
ajfa-1518	378	25	index	index	NOUN
ajfa-1518	378	26	and	and	CCONJ
ajfa-1518	378	27	ftse	ftse	PROPN
ajfa-1518	378	28	bursa	bursa	PROPN
ajfa-1518	378	29	malaysia	malaysia	PROPN
ajfa-1518	378	30	klci	klci	PROPN
ajfa-1518	378	31	)	)	PUNCT
ajfa-1518	378	32	and	and	CCONJ
ajfa-1518	378	33	ftse	ftse	PROPN
ajfa-1518	378	34	bursa	bursa	PROPN
ajfa-1518	378	35	malaysia	malaysia	PROPN
ajfa-1518	378	36	small	small	PROPN
ajfa-1518	378	37	cap	cap	PROPN
ajfa-1518	378	38	index	index	NOUN
ajfa-1518	378	39	.	.	PUNCT
ajfa-1518	379	1	4	4	X
ajfa-1518	379	2	.	.	X
ajfa-1518	379	3	ftse	ftse	PROPN
ajfa-1518	379	4	bursa	bursa	PROPN
ajfa-1518	379	5	malaysia	malaysia	PROPN
ajfa-1518	379	6	mid	mid	PROPN
ajfa-1518	379	7	70	70	NUM
ajfa-1518	379	8	index	index	NOUN
ajfa-1518	379	9	comprises	comprise	VERB
ajfa-1518	379	10	70	70	NUM
ajfa-1518	379	11	medium	medium	ADJ
ajfa-1518	379	12	size	size	NOUN
ajfa-1518	379	13	firms	firm	NOUN
ajfa-1518	379	14	in	in	ADP
ajfa-1518	379	15	the	the	DET
ajfa-1518	379	16	ftse	ftse	PROPN
ajfa-1518	379	17	bursa	bursa	PROPN
ajfa-1518	379	18	malaysia	malaysia	PROPN
ajfa-1518	379	19	emas	emas	PROPN
ajfa-1518	379	20	index	index	PROPN
ajfa-1518	379	21	by	by	ADP
ajfa-1518	379	22	full	full	ADJ
ajfa-1518	379	23	market	market	NOUN
ajfa-1518	379	24	capitalisation	capitalisation	NOUN
ajfa-1518	379	25	.	.	PUNCT
ajfa-1518	380	1	5	5	X
ajfa-1518	380	2	.	.	X
ajfa-1518	380	3	ftse	ftse	PROPN
ajfa-1518	380	4	bursa	bursa	PROPN
ajfa-1518	380	5	malaysia	malaysia	PROPN
ajfa-1518	380	6	small	small	ADJ
ajfa-1518	380	7	cap	cap	NOUN
ajfa-1518	380	8	index	index	NOUN
ajfa-1518	380	9	comprises	comprise	VERB
ajfa-1518	380	10	those	those	DET
ajfa-1518	380	11	eligible	eligible	ADJ
ajfa-1518	380	12	firms	firm	NOUN
ajfa-1518	380	13	within	within	ADP
ajfa-1518	380	14	the	the	DET
ajfa-1518	380	15	top	top	ADJ
ajfa-1518	380	16	98	98	NUM
ajfa-1518	380	17	%	%	NOUN
ajfa-1518	380	18	of	of	ADP
ajfa-1518	380	19	the	the	DET
ajfa-1518	380	20	bursa	bursa	NOUN
ajfa-1518	380	21	malaysia	malaysia	PROPN
ajfa-1518	380	22	main	main	ADJ
ajfa-1518	380	23	market	market	NOUN
ajfa-1518	380	24	excluding	exclude	VERB
ajfa-1518	380	25	constituents	constituent	NOUN
ajfa-1518	380	26	of	of	ADP
ajfa-1518	380	27	the	the	DET
ajfa-1518	380	28	ftse	ftse	PROPN
ajfa-1518	380	29	bursa	bursa	PROPN
ajfa-1518	380	30	malaysia	malaysia	PROPN
ajfa-1518	380	31	klci	klci	NOUN
ajfa-1518	380	32	and	and	CCONJ
ajfa-1518	380	33	ftse	ftse	PROPN
ajfa-1518	380	34	bursa	bursa	PROPN
ajfa-1518	380	35	malaysia	malaysia	PROPN
ajfa-1518	380	36	mid	mid	PROPN
ajfa-1518	380	37	70	70	NUM
ajfa-1518	380	38	index	index	NOUN
ajfa-1518	380	39	.	.	PUNCT
ajfa-1518	381	1	6	6	X
ajfa-1518	381	2	.	.	X
ajfa-1518	381	3	ftse	ftse	PROPN
ajfa-1518	381	4	bursa	bursa	PROPN
ajfa-1518	381	5	malaysia	malaysia	PROPN
ajfa-1518	381	6	fledgling	fledgling	NOUN
ajfa-1518	381	7	index	index	NOUN
ajfa-1518	381	8	comprises	comprise	VERB
ajfa-1518	381	9	the	the	DET
ajfa-1518	381	10	main	main	ADJ
ajfa-1518	381	11	market	market	NOUN
ajfa-1518	381	12	firms	firm	NOUN
ajfa-1518	381	13	that	that	PRON
ajfa-1518	381	14	meet	meet	VERB
ajfa-1518	381	15	stated	state	VERB
ajfa-1518	381	16	eligibility	eligibility	NOUN
ajfa-1518	381	17	requirements	requirement	NOUN
ajfa-1518	381	18	but	but	CCONJ
ajfa-1518	381	19	are	be	AUX
ajfa-1518	381	20	not	not	PART
ajfa-1518	381	21	in	in	ADP
ajfa-1518	381	22	the	the	DET
ajfa-1518	381	23	top	top	ADJ
ajfa-1518	381	24	98	98	NUM
ajfa-1518	381	25	%	%	NOUN
ajfa-1518	381	26	by	by	ADP
ajfa-1518	381	27	full	full	ADJ
ajfa-1518	381	28	market	market	NOUN
ajfa-1518	381	29	capitalisation	capitalisation	NOUN
ajfa-1518	381	30	and	and	CCONJ
ajfa-1518	381	31	are	be	AUX
ajfa-1518	381	32	not	not	PART
ajfa-1518	381	33	constituents	constituent	NOUN
ajfa-1518	381	34	of	of	ADP
ajfa-1518	381	35	the	the	DET
ajfa-1518	381	36	ftse	ftse	PROPN
ajfa-1518	381	37	bursa	bursa	PROPN
ajfa-1518	381	38	malaysia	malaysia	PROPN
ajfa-1518	381	39	emas	emas	PROPN
ajfa-1518	381	40	index	index	PROPN
ajfa-1518	381	41	.	.	PUNCT
ajfa-1518	382	1	(	(	PUNCT
ajfa-1518	382	2	source	source	NOUN
ajfa-1518	382	3	:	:	PUNCT
ajfa-1518	382	4	number	number	NOUN
ajfa-1518	382	5	of	of	ADP
ajfa-1518	382	6	constituents	constituent	NOUN
ajfa-1518	382	7	,	,	PUNCT
ajfa-1518	382	8	market	market	NOUN
ajfa-1518	382	9	capitalisations	capitalisation	NOUN
ajfa-1518	382	10	(	(	PUNCT
ajfa-1518	382	11	in	in	ADP
ajfa-1518	382	12	ringgit	ringgit	PROPN
ajfa-1518	382	13	malaysia	malaysia	PROPN
ajfa-1518	382	14	)	)	PUNCT
ajfa-1518	382	15	and	and	CCONJ
ajfa-1518	382	16	the	the	DET
ajfa-1518	382	17	features	feature	NOUN
ajfa-1518	382	18	of	of	ADP
ajfa-1518	382	19	ftse	ftse	PROPN
ajfa-1518	382	20	bursa	bursa	PROPN
ajfa-1518	382	21	malaysia	malaysia	PROPN
ajfa-1518	382	22	index	index	NOUN
ajfa-1518	382	23	series	series	NOUN
ajfa-1518	382	24	are	be	AUX
ajfa-1518	382	25	obtained	obtain	VERB
ajfa-1518	382	26	from	from	ADP
ajfa-1518	382	27	the	the	DET
ajfa-1518	382	28	website	website	NOUN
ajfa-1518	382	29	of	of	ADP
ajfa-1518	382	30	bursa	bursa	PROPN
ajfa-1518	382	31	malaysia	malaysia	PROPN
ajfa-1518	382	32	,	,	PUNCT
ajfa-1518	382	33	as	as	ADP
ajfa-1518	382	34	at	at	ADP
ajfa-1518	382	35	30/04/2011	30/04/2011	NUM
ajfa-1518	382	36	)	)	PUNCT
ajfa-1518	382	37	asian	asian	ADJ
ajfa-1518	382	38	journal	journal	NOUN
ajfa-1518	382	39	of	of	ADP
ajfa-1518	382	40	finance	finance	PROPN
ajfa-1518	382	41	&	&	CCONJ
ajfa-1518	382	42	accounting	accounting	PROPN
ajfa-1518	382	43	issn	issn	PROPN
ajfa-1518	382	44	1946	1946	NUM
ajfa-1518	382	45	-	-	PUNCT
ajfa-1518	382	46	052x	052x	NOUN
ajfa-1518	382	47	2012	2012	NUM
ajfa-1518	382	48	,	,	PUNCT
ajfa-1518	382	49	vol	vol	NOUN
ajfa-1518	382	50	.	.	PROPN
ajfa-1518	382	51	4	4	NUM
ajfa-1518	382	52	,	,	PUNCT
ajfa-1518	382	53	no	no	INTJ
ajfa-1518	382	54	.	.	NOUN
ajfa-1518	382	55	1	1	NUM
ajfa-1518	382	56	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	382	57	170	170	NUM
ajfa-1518	382	58	table	table	NOUN
ajfa-1518	382	59	4	4	NUM
ajfa-1518	382	60	.	.	PUNCT
ajfa-1518	382	61	percentage	percentage	NOUN
ajfa-1518	382	62	of	of	ADP
ajfa-1518	382	63	parents	parent	NOUN
ajfa-1518	382	64	and	and	CCONJ
ajfa-1518	382	65	spun	spin	VERB
ajfa-1518	382	66	-	-	PUNCT
ajfa-1518	382	67	offs	off	NOUN
ajfa-1518	382	68	on	on	ADP
ajfa-1518	382	69	the	the	DET
ajfa-1518	382	70	basis	basis	NOUN
ajfa-1518	382	71	of	of	ADP
ajfa-1518	382	72	size	size	NOUN
ajfa-1518	382	73	-	-	PUNCT
ajfa-1518	382	74	ranked	rank	VERB
ajfa-1518	382	75	deciles	decile	NOUN
ajfa-1518	382	76	size	size	NOUN
ajfa-1518	382	77	deciles	decile	NOUN
ajfa-1518	382	78	percentage	percentage	NOUN
ajfa-1518	382	79	of	of	ADP
ajfa-1518	382	80	parent	parent	NOUN
ajfa-1518	382	81	firms	firm	NOUN
ajfa-1518	382	82	percentage	percentage	NOUN
ajfa-1518	382	83	of	of	ADP
ajfa-1518	382	84	spun	spin	VERB
ajfa-1518	382	85	-	-	PUNCT
ajfa-1518	382	86	off	off	ADP
ajfa-1518	382	87	firms	firm	NOUN
ajfa-1518	382	88	1	1	NUM
ajfa-1518	382	89	(	(	PUNCT
ajfa-1518	382	90	largest	large	ADJ
ajfa-1518	382	91	market	market	NOUN
ajfa-1518	382	92	capitalisation	capitalisation	NOUN
ajfa-1518	382	93	)	)	PUNCT
ajfa-1518	382	94	31.43	31.43	NUM
ajfa-1518	382	95	%	%	NOUN
ajfa-1518	382	96	17.14	17.14	NUM
ajfa-1518	382	97	%	%	NOUN
ajfa-1518	382	98	2	2	NUM
ajfa-1518	382	99	40.00	40.00	NUM
ajfa-1518	382	100	%	%	NOUN
ajfa-1518	382	101	8.57	8.57	NUM
ajfa-1518	382	102	%	%	NOUN
ajfa-1518	382	103	3	3	NUM
ajfa-1518	382	104	11.43	11.43	NUM
ajfa-1518	382	105	%	%	NOUN
ajfa-1518	382	106	17.14	17.14	NUM
ajfa-1518	382	107	%	%	NOUN
ajfa-1518	382	108	4	4	NUM
ajfa-1518	382	109	8.57	8.57	NUM
ajfa-1518	382	110	%	%	NOUN
ajfa-1518	382	111	5.71	5.71	NUM
ajfa-1518	382	112	%	%	NOUN
ajfa-1518	382	113	5	5	NUM
ajfa-1518	382	114	2.86	2.86	NUM
ajfa-1518	382	115	%	%	NOUN
ajfa-1518	382	116	11.43	11.43	NUM
ajfa-1518	382	117	%	%	NOUN
ajfa-1518	382	118	6	6	NUM
ajfa-1518	382	119	2.86	2.86	NUM
ajfa-1518	382	120	%	%	NOUN
ajfa-1518	382	121	5.71	5.71	NUM
ajfa-1518	382	122	%	%	NOUN
ajfa-1518	382	123	7	7	NUM
ajfa-1518	382	124	2.86	2.86	NUM
ajfa-1518	382	125	%	%	NOUN
ajfa-1518	382	126	11.43	11.43	NUM
ajfa-1518	382	127	%	%	NOUN
ajfa-1518	382	128	8	8	NUM
ajfa-1518	382	129	0	0	NUM
ajfa-1518	382	130	%	%	NOUN
ajfa-1518	382	131	5.71	5.71	NUM
ajfa-1518	382	132	%	%	NOUN
ajfa-1518	382	133	9	9	NUM
ajfa-1518	382	134	0	0	NUM
ajfa-1518	382	135	%	%	NOUN
ajfa-1518	382	136	14.29	14.29	NUM
ajfa-1518	382	137	%	%	NOUN
ajfa-1518	382	138	10	10	NUM
ajfa-1518	382	139	(	(	PUNCT
ajfa-1518	382	140	smallest	small	ADJ
ajfa-1518	382	141	market	market	NOUN
ajfa-1518	382	142	capitalisation	capitalisation	NOUN
ajfa-1518	382	143	)	)	PUNCT
ajfa-1518	382	144	0	0	NUM
ajfa-1518	382	145	%	%	NOUN
ajfa-1518	382	146	2.86	2.86	NUM
ajfa-1518	382	147	%	%	NOUN
ajfa-1518	382	148	note	note	NOUN
ajfa-1518	382	149	:	:	PUNCT
ajfa-1518	382	150	size	size	NOUN
ajfa-1518	382	151	deciles	decile	NOUN
ajfa-1518	382	152	are	be	AUX
ajfa-1518	382	153	created	create	VERB
ajfa-1518	382	154	using	use	VERB
ajfa-1518	382	155	the	the	DET
ajfa-1518	382	156	market	market	NOUN
ajfa-1518	382	157	capitalisations	capitalisation	NOUN
ajfa-1518	382	158	on	on	ADP
ajfa-1518	382	159	the	the	DET
ajfa-1518	382	160	completion	completion	NOUN
ajfa-1518	382	161	month	month	NOUN
ajfa-1518	382	162	of	of	ADP
ajfa-1518	382	163	spin	spin	NOUN
ajfa-1518	382	164	-	-	PUNCT
ajfa-1518	382	165	offs	off	NOUN
ajfa-1518	382	166	.	.	PUNCT
ajfa-1518	383	1	table	table	NOUN
ajfa-1518	383	2	5	5	NUM
ajfa-1518	383	3	.	.	PUNCT
ajfa-1518	383	4	size	size	NOUN
ajfa-1518	383	5	adjusted	adjust	VERB
ajfa-1518	383	6	announcement	announcement	NOUN
ajfa-1518	383	7	period	period	NOUN
ajfa-1518	383	8	:	:	PUNCT
ajfa-1518	383	9	share	share	NOUN
ajfa-1518	383	10	returns	return	NOUN
ajfa-1518	383	11	performance	performance	NOUN
ajfa-1518	383	12	of	of	ADP
ajfa-1518	383	13	the	the	DET
ajfa-1518	383	14	parent	parent	NOUN
ajfa-1518	383	15	firms	firm	NOUN
ajfa-1518	383	16	interval	interval	NOUN
ajfa-1518	383	17	(	(	PUNCT
ajfa-1518	383	18	day	day	NOUN
ajfa-1518	383	19	)	)	PUNCT
ajfa-1518	383	20	size	size	NOUN
ajfa-1518	383	21	-	-	PUNCT
ajfa-1518	383	22	adjusted	adjust	VERB
ajfa-1518	383	23	abnormal	abnormal	ADJ
ajfa-1518	383	24	return	return	NOUN
ajfa-1518	383	25	(	(	PUNCT
ajfa-1518	383	26	cars	car	NOUN
ajfa-1518	383	27	approach	approach	NOUN
ajfa-1518	383	28	)	)	PUNCT
ajfa-1518	383	29	saars	saar	VERB
ajfa-1518	383	30	t	t	PROPN
ajfa-1518	383	31	-	-	PUNCT
ajfa-1518	383	32	stat	stat	NOUN
ajfa-1518	383	33	percentage	percentage	NOUN
ajfa-1518	383	34	positive	positive	ADJ
ajfa-1518	383	35	-5	-5	NOUN
ajfa-1518	383	36	to	to	ADP
ajfa-1518	383	37	+5	+5	PROPN
ajfa-1518	383	38	6.70	6.70	NUM
ajfa-1518	383	39	%	%	NOUN
ajfa-1518	383	40	2.15	2.15	NUM
ajfa-1518	383	41	*	*	PUNCT
ajfa-1518	383	42	*	*	PROPN
ajfa-1518	383	43	80.56c	80.56c	NUM
ajfa-1518	383	44	-2	-2	NOUN
ajfa-1518	383	45	to	to	ADP
ajfa-1518	383	46	+1	+1	PROPN
ajfa-1518	383	47	5.16	5.16	NUM
ajfa-1518	383	48	%	%	NOUN
ajfa-1518	383	49	2.10	2.10	NUM
ajfa-1518	383	50	*	*	NOUN
ajfa-1518	383	51	*	*	PUNCT
ajfa-1518	384	1	77.78c	77.78c	NUM
ajfa-1518	384	2	-1	-1	INTJ
ajfa-1518	384	3	to	to	ADP
ajfa-1518	384	4	+1	+1	PROPN
ajfa-1518	384	5	4.81	4.81	NUM
ajfa-1518	384	6	%	%	NOUN
ajfa-1518	384	7	2.13	2.13	NUM
ajfa-1518	384	8	*	*	PUNCT
ajfa-1518	384	9	*	*	PUNCT
ajfa-1518	384	10	83.33c	83.33c	NUM
ajfa-1518	384	11	0	0	NUM
ajfa-1518	384	12	2.25	2.25	NUM
ajfa-1518	384	13	%	%	NOUN
ajfa-1518	384	14	2.23	2.23	NUM
ajfa-1518	384	15	*	*	PUNCT
ajfa-1518	384	16	*	*	PUNCT
ajfa-1518	385	1	77.78c	77.78c	NUM
ajfa-1518	385	2	0	0	NUM
ajfa-1518	385	3	to	to	ADP
ajfa-1518	385	4	+1	+1	PROPN
ajfa-1518	385	5	4.70	4.70	NUM
ajfa-1518	385	6	%	%	NOUN
ajfa-1518	385	7	22.57	22.57	NUM
ajfa-1518	385	8	*	*	PUNCT
ajfa-1518	385	9	*	*	PUNCT
ajfa-1518	385	10	*	*	PUNCT
ajfa-1518	385	11	91.67c	91.67c	NUM
ajfa-1518	385	12	0	0	NUM
ajfa-1518	385	13	to	to	ADP
ajfa-1518	385	14	+3	+3	PROPN
ajfa-1518	385	15	6.70	6.70	NUM
ajfa-1518	385	16	%	%	NOUN
ajfa-1518	385	17	3.50	3.50	NUM
ajfa-1518	385	18	*	*	PUNCT
ajfa-1518	385	19	*	*	PUNCT
ajfa-1518	385	20	*	*	PUNCT
ajfa-1518	385	21	83.33c	83.33c	NUM
ajfa-1518	385	22	0	0	PUNCT
ajfa-1518	385	23	to	to	ADP
ajfa-1518	385	24	+5	+5	PROPN
ajfa-1518	385	25	6.45	6.45	NUM
ajfa-1518	385	26	%	%	NOUN
ajfa-1518	385	27	2.45	2.45	NUM
ajfa-1518	385	28	*	*	PUNCT
ajfa-1518	385	29	*	*	PUNCT
ajfa-1518	386	1	77.78c	77.78c	NUM
ajfa-1518	386	2	+1	+1	INTJ
ajfa-1518	386	3	to	to	ADP
ajfa-1518	386	4	+5	+5	PROPN
ajfa-1518	386	5	4.21	4.21	NUM
ajfa-1518	386	6	%	%	NOUN
ajfa-1518	386	7	1.86	1.86	NUM
ajfa-1518	386	8	*	*	SYM
ajfa-1518	386	9	63.89	63.89	NUM
ajfa-1518	386	10	note	note	NOUN
ajfa-1518	386	11	:	:	PUNCT
ajfa-1518	386	12	0	0	NUM
ajfa-1518	386	13	denotes	denote	VERB
ajfa-1518	386	14	the	the	DET
ajfa-1518	386	15	announcement	announcement	NOUN
ajfa-1518	386	16	date	date	NOUN
ajfa-1518	386	17	of	of	ADP
ajfa-1518	386	18	the	the	DET
ajfa-1518	386	19	spin	spin	NOUN
ajfa-1518	386	20	-	-	PUNCT
ajfa-1518	386	21	off	off	ADP
ajfa-1518	386	22	event	event	NOUN
ajfa-1518	386	23	.	.	PUNCT
ajfa-1518	387	1	asterisks	asterisk	NOUN
ajfa-1518	387	2	indicate	indicate	VERB
ajfa-1518	387	3	statistical	statistical	ADJ
ajfa-1518	387	4	significance	significance	NOUN
ajfa-1518	387	5	at	at	ADP
ajfa-1518	387	6	the	the	DET
ajfa-1518	387	7	10	10	NUM
ajfa-1518	387	8	%	%	NOUN
ajfa-1518	387	9	(	(	PUNCT
ajfa-1518	387	10	*	*	NOUN
ajfa-1518	387	11	)	)	PUNCT
ajfa-1518	387	12	,	,	PUNCT
ajfa-1518	387	13	5	5	NUM
ajfa-1518	387	14	%	%	NOUN
ajfa-1518	387	15	(	(	PUNCT
ajfa-1518	387	16	*	*	NOUN
ajfa-1518	387	17	*	*	PUNCT
ajfa-1518	387	18	)	)	PUNCT
ajfa-1518	387	19	and	and	CCONJ
ajfa-1518	387	20	1	1	NUM
ajfa-1518	387	21	%	%	NOUN
ajfa-1518	387	22	(	(	PUNCT
ajfa-1518	387	23	*	*	PUNCT
ajfa-1518	387	24	*	*	PUNCT
ajfa-1518	387	25	*	*	NOUN
ajfa-1518	387	26	)	)	PUNCT
ajfa-1518	387	27	levels	level	NOUN
ajfa-1518	387	28	,	,	PUNCT
ajfa-1518	387	29	using	use	VERB
ajfa-1518	387	30	the	the	DET
ajfa-1518	387	31	two	two	NUM
ajfa-1518	387	32	-	-	PUNCT
ajfa-1518	387	33	tailed	tail	VERB
ajfa-1518	387	34	test	test	NOUN
ajfa-1518	387	35	.	.	PUNCT
ajfa-1518	388	1	the	the	DET
ajfa-1518	388	2	non	non	ADJ
ajfa-1518	388	3	-	-	ADJ
ajfa-1518	388	4	parametric	parametric	ADJ
ajfa-1518	388	5	sign	sign	NOUN
ajfa-1518	388	6	test	test	NOUN
ajfa-1518	388	7	is	be	AUX
ajfa-1518	388	8	used	use	VERB
ajfa-1518	388	9	to	to	PART
ajfa-1518	388	10	test	test	VERB
ajfa-1518	388	11	the	the	DET
ajfa-1518	388	12	significance	significance	NOUN
ajfa-1518	388	13	percentage	percentage	NOUN
ajfa-1518	388	14	of	of	ADP
ajfa-1518	388	15	firms	firm	NOUN
ajfa-1518	388	16	with	with	ADP
ajfa-1518	388	17	positive	positive	ADJ
ajfa-1518	388	18	abnormal	abnormal	ADJ
ajfa-1518	388	19	returns	return	NOUN
ajfa-1518	388	20	.	.	PUNCT
ajfa-1518	389	1	the	the	DET
ajfa-1518	389	2	null	null	ADJ
ajfa-1518	389	3	hypothesis	hypothesis	NOUN
ajfa-1518	389	4	for	for	ADP
ajfa-1518	389	5	the	the	DET
ajfa-1518	389	6	sign	sign	NOUN
ajfa-1518	389	7	test	test	NOUN
ajfa-1518	389	8	is	be	AUX
ajfa-1518	389	9	given	give	VERB
ajfa-1518	389	10	as	as	ADP
ajfa-1518	389	11	the	the	DET
ajfa-1518	389	12	proportion	proportion	NOUN
ajfa-1518	389	13	of	of	ADP
ajfa-1518	389	14	positive	positive	ADJ
ajfa-1518	389	15	abnormal	abnormal	ADJ
ajfa-1518	389	16	returns	return	NOUN
ajfa-1518	389	17	equal	equal	ADJ
ajfa-1518	389	18	to	to	ADP
ajfa-1518	389	19	50	50	NUM
ajfa-1518	389	20	%	%	NOUN
ajfa-1518	389	21	.	.	PUNCT
ajfa-1518	390	1	a	a	DET
ajfa-1518	390	2	,	,	PUNCT
ajfa-1518	390	3	b	b	NOUN
ajfa-1518	390	4	and	and	CCONJ
ajfa-1518	390	5	c	c	PROPN
ajfa-1518	390	6	indicate	indicate	VERB
ajfa-1518	390	7	significance	significance	NOUN
ajfa-1518	390	8	at	at	ADP
ajfa-1518	390	9	the	the	DET
ajfa-1518	390	10	10	10	NUM
ajfa-1518	390	11	%	%	NOUN
ajfa-1518	390	12	,	,	PUNCT
ajfa-1518	390	13	5	5	NUM
ajfa-1518	390	14	%	%	NOUN
ajfa-1518	390	15	and	and	CCONJ
ajfa-1518	390	16	1	1	NUM
ajfa-1518	390	17	%	%	NOUN
ajfa-1518	390	18	levels	level	NOUN
ajfa-1518	390	19	.	.	PUNCT
ajfa-1518	391	1	asian	asian	ADJ
ajfa-1518	391	2	journal	journal	PROPN
ajfa-1518	391	3	of	of	ADP
ajfa-1518	391	4	finance	finance	PROPN
ajfa-1518	391	5	&	&	CCONJ
ajfa-1518	391	6	accounting	accounting	PROPN
ajfa-1518	391	7	issn	issn	PROPN
ajfa-1518	391	8	1946	1946	NUM
ajfa-1518	391	9	-	-	PUNCT
ajfa-1518	391	10	052x	052x	NOUN
ajfa-1518	391	11	2012	2012	NUM
ajfa-1518	391	12	,	,	PUNCT
ajfa-1518	391	13	vol	vol	NOUN
ajfa-1518	391	14	.	.	PROPN
ajfa-1518	391	15	4	4	NUM
ajfa-1518	391	16	,	,	PUNCT
ajfa-1518	391	17	no	no	INTJ
ajfa-1518	391	18	.	.	NOUN
ajfa-1518	391	19	1	1	NUM
ajfa-1518	391	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	391	21	171	171	NUM
ajfa-1518	391	22	table	table	NOUN
ajfa-1518	391	23	6	6	NUM
ajfa-1518	391	24	.	.	PUNCT
ajfa-1518	391	25	size	size	NOUN
ajfa-1518	391	26	adjusted	adjust	VERB
ajfa-1518	391	27	long	long	ADJ
ajfa-1518	391	28	-	-	PUNCT
ajfa-1518	391	29	run	run	NOUN
ajfa-1518	391	30	performance	performance	NOUN
ajfa-1518	391	31	:	:	PUNCT
ajfa-1518	391	32	share	share	NOUN
ajfa-1518	391	33	returns	return	NOUN
ajfa-1518	391	34	performance	performance	NOUN
ajfa-1518	391	35	of	of	ADP
ajfa-1518	391	36	the	the	DET
ajfa-1518	391	37	parents	parent	NOUN
ajfa-1518	391	38	,	,	PUNCT
ajfa-1518	391	39	spun	spun	ADJ
ajfa-1518	391	40	-	-	PUNCT
ajfa-1518	391	41	offs	off	NOUN
ajfa-1518	391	42	and	and	CCONJ
ajfa-1518	391	43	combined	combined	ADJ
ajfa-1518	391	44	firms	firm	NOUN
ajfa-1518	391	45	panel	panel	VERB
ajfa-1518	391	46	a	a	DET
ajfa-1518	391	47	:	:	PUNCT
ajfa-1518	391	48	parent	parent	NOUN
ajfa-1518	391	49	firms	firm	NOUN
ajfa-1518	391	50	interval	interval	NOUN
ajfa-1518	391	51	(	(	PUNCT
ajfa-1518	391	52	month	month	NOUN
ajfa-1518	391	53	)	)	PUNCT
ajfa-1518	391	54	size	size	NOUN
ajfa-1518	391	55	adjusted	adjust	VERB
ajfa-1518	391	56	abnormal	abnormal	ADJ
ajfa-1518	391	57	returns	return	NOUN
ajfa-1518	391	58	(	(	PUNCT
ajfa-1518	391	59	bhars	bhar	NOUN
ajfa-1518	391	60	approach	approach	NOUN
ajfa-1518	391	61	)	)	PUNCT
ajfa-1518	391	62	saars	saar	VERB
ajfa-1518	391	63	t	t	PROPN
ajfa-1518	391	64	-	-	PUNCT
ajfa-1518	391	65	stat	stat	NOUN
ajfa-1518	391	66	percentage	percentage	NOUN
ajfa-1518	391	67	positive	positive	ADJ
ajfa-1518	391	68	ex	ex	NOUN
ajfa-1518	391	69	+	+	ADP
ajfa-1518	391	70	1	1	NUM
ajfa-1518	391	71	to	to	ADP
ajfa-1518	391	72	ex	ex	PRON
ajfa-1518	391	73	+	+	NOUN
ajfa-1518	391	74	12	12	NUM
ajfa-1518	391	75	-1.01	-1.01	NUM
ajfa-1518	391	76	%	%	NOUN
ajfa-1518	391	77	-0.11	-0.11	NUM
ajfa-1518	391	78	27.78b	27.78b	NUM
ajfa-1518	391	79	ex	ex	X
ajfa-1518	391	80	+	+	ADP
ajfa-1518	391	81	1	1	NUM
ajfa-1518	391	82	to	to	ADP
ajfa-1518	391	83	ex	ex	PRON
ajfa-1518	391	84	+	+	NOUN
ajfa-1518	391	85	24	24	NUM
ajfa-1518	391	86	-4.19	-4.19	NUM
ajfa-1518	391	87	%	%	NOUN
ajfa-1518	391	88	-0.63	-0.63	NUM
ajfa-1518	391	89	36.11	36.11	NUM
ajfa-1518	391	90	ex	ex	X
ajfa-1518	392	1	+	+	ADP
ajfa-1518	392	2	1	1	NUM
ajfa-1518	392	3	to	to	ADP
ajfa-1518	392	4	ex	ex	PRON
ajfa-1518	392	5	+	+	NOUN
ajfa-1518	392	6	36	36	NUM
ajfa-1518	392	7	-8.09	-8.09	NUM
ajfa-1518	392	8	%	%	NOUN
ajfa-1518	392	9	-0.87	-0.87	NUM
ajfa-1518	392	10	41.67	41.67	NUM
ajfa-1518	392	11	ex	ex	X
ajfa-1518	392	12	+	+	ADP
ajfa-1518	392	13	13	13	NUM
ajfa-1518	392	14	to	to	ADP
ajfa-1518	392	15	ex	ex	PRON
ajfa-1518	392	16	+	+	NOUN
ajfa-1518	392	17	24	24	NUM
ajfa-1518	392	18	3.15	3.15	NUM
ajfa-1518	392	19	%	%	NOUN
ajfa-1518	392	20	0.55	0.55	NUM
ajfa-1518	392	21	50.00	50.00	NUM
ajfa-1518	392	22	ex	ex	X
ajfa-1518	392	23	+	+	ADP
ajfa-1518	392	24	25	25	NUM
ajfa-1518	392	25	to	to	ADP
ajfa-1518	392	26	ex	ex	PRON
ajfa-1518	393	1	+	+	NOUN
ajfa-1518	393	2	36	36	NUM
ajfa-1518	393	3	-0.68	-0.68	NUM
ajfa-1518	393	4	%	%	NOUN
ajfa-1518	393	5	-0.09	-0.09	NUM
ajfa-1518	393	6	33.33a	33.33a	PROPN
ajfa-1518	393	7	panel	panel	NOUN
ajfa-1518	393	8	b	b	NOUN
ajfa-1518	393	9	:	:	PUNCT
ajfa-1518	393	10	spun	spin	VERB
ajfa-1518	393	11	-	-	PUNCT
ajfa-1518	393	12	off	off	ADP
ajfa-1518	393	13	firms	firm	NOUN
ajfa-1518	393	14	interval	interval	NOUN
ajfa-1518	393	15	(	(	PUNCT
ajfa-1518	393	16	month	month	NOUN
ajfa-1518	393	17	)	)	PUNCT
ajfa-1518	393	18	size	size	NOUN
ajfa-1518	393	19	adjusted	adjust	VERB
ajfa-1518	393	20	abnormal	abnormal	ADJ
ajfa-1518	393	21	returns	return	NOUN
ajfa-1518	393	22	(	(	PUNCT
ajfa-1518	393	23	bhars	bhar	NOUN
ajfa-1518	393	24	approach	approach	NOUN
ajfa-1518	393	25	)	)	PUNCT
ajfa-1518	393	26	saars	saar	VERB
ajfa-1518	393	27	t	t	PROPN
ajfa-1518	393	28	-	-	PUNCT
ajfa-1518	393	29	stat	stat	NOUN
ajfa-1518	393	30	percentage	percentage	NOUN
ajfa-1518	393	31	positive	positive	ADJ
ajfa-1518	393	32	ex	ex	NOUN
ajfa-1518	393	33	+	+	ADP
ajfa-1518	393	34	1	1	NUM
ajfa-1518	393	35	to	to	ADP
ajfa-1518	393	36	ex	ex	PRON
ajfa-1518	394	1	+	+	CCONJ
ajfa-1518	394	2	12	12	NUM
ajfa-1518	394	3	2.24	2.24	NUM
ajfa-1518	394	4	%	%	NOUN
ajfa-1518	394	5	0.25	0.25	NUM
ajfa-1518	394	6	36.11	36.11	NUM
ajfa-1518	394	7	ex	ex	NOUN
ajfa-1518	394	8	+	+	ADP
ajfa-1518	394	9	1	1	NUM
ajfa-1518	394	10	to	to	ADP
ajfa-1518	394	11	ex	ex	PRON
ajfa-1518	394	12	+	+	CCONJ
ajfa-1518	394	13	24	24	NUM
ajfa-1518	394	14	8.90	8.90	NUM
ajfa-1518	394	15	%	%	NOUN
ajfa-1518	394	16	0.86	0.86	NUM
ajfa-1518	394	17	41.67	41.67	NUM
ajfa-1518	394	18	ex	ex	X
ajfa-1518	394	19	+	+	ADP
ajfa-1518	394	20	1	1	NUM
ajfa-1518	394	21	to	to	ADP
ajfa-1518	394	22	ex	ex	PRON
ajfa-1518	394	23	+	+	NOUN
ajfa-1518	394	24	36	36	NUM
ajfa-1518	394	25	5.58	5.58	NUM
ajfa-1518	394	26	%	%	NOUN
ajfa-1518	394	27	0.48	0.48	NUM
ajfa-1518	394	28	41.67	41.67	NUM
ajfa-1518	394	29	ex	ex	NOUN
ajfa-1518	394	30	+	+	ADP
ajfa-1518	394	31	13	13	NUM
ajfa-1518	394	32	to	to	ADP
ajfa-1518	394	33	ex	ex	PRON
ajfa-1518	394	34	+	+	CCONJ
ajfa-1518	394	35	24	24	NUM
ajfa-1518	394	36	11.06	11.06	NUM
ajfa-1518	394	37	%	%	NOUN
ajfa-1518	394	38	1.68	1.68	NUM
ajfa-1518	394	39	55.56	55.56	NUM
ajfa-1518	394	40	ex	ex	X
ajfa-1518	394	41	+	+	ADP
ajfa-1518	394	42	25	25	NUM
ajfa-1518	394	43	to	to	ADP
ajfa-1518	394	44	ex	ex	PRON
ajfa-1518	394	45	+	+	NOUN
ajfa-1518	394	46	36	36	NUM
ajfa-1518	394	47	4.70	4.70	NUM
ajfa-1518	394	48	%	%	NOUN
ajfa-1518	394	49	0.61	0.61	NUM
ajfa-1518	394	50	44.44	44.44	NUM
ajfa-1518	394	51	panel	panel	NOUN
ajfa-1518	394	52	c	c	NOUN
ajfa-1518	394	53	:	:	PUNCT
ajfa-1518	394	54	combined	combined	ADJ
ajfa-1518	394	55	firms	firm	NOUN
ajfa-1518	394	56	interval	interval	NOUN
ajfa-1518	394	57	(	(	PUNCT
ajfa-1518	394	58	month	month	NOUN
ajfa-1518	394	59	)	)	PUNCT
ajfa-1518	394	60	size	size	NOUN
ajfa-1518	394	61	adjusted	adjust	VERB
ajfa-1518	394	62	abnormal	abnormal	ADJ
ajfa-1518	394	63	returns	return	NOUN
ajfa-1518	394	64	(	(	PUNCT
ajfa-1518	394	65	bhars	bhar	NOUN
ajfa-1518	394	66	approach	approach	NOUN
ajfa-1518	394	67	)	)	PUNCT
ajfa-1518	394	68	saars	saar	VERB
ajfa-1518	394	69	t	t	PROPN
ajfa-1518	394	70	-	-	PUNCT
ajfa-1518	394	71	stat	stat	NOUN
ajfa-1518	394	72	percentage	percentage	NOUN
ajfa-1518	394	73	positive	positive	ADJ
ajfa-1518	394	74	ex	ex	NOUN
ajfa-1518	395	1	+	+	ADP
ajfa-1518	395	2	1	1	NUM
ajfa-1518	395	3	to	to	ADP
ajfa-1518	395	4	ex	ex	PRON
ajfa-1518	395	5	+	+	NOUN
ajfa-1518	395	6	12	12	NUM
ajfa-1518	395	7	-4.35	-4.35	NUM
ajfa-1518	395	8	%	%	NOUN
ajfa-1518	395	9	-0.56	-0.56	PUNCT
ajfa-1518	395	10	19.44c	19.44c	NUM
ajfa-1518	395	11	ex	ex	X
ajfa-1518	395	12	+	+	ADP
ajfa-1518	395	13	1	1	NUM
ajfa-1518	395	14	to	to	ADP
ajfa-1518	395	15	ex	ex	PRON
ajfa-1518	395	16	+	+	NOUN
ajfa-1518	395	17	24	24	NUM
ajfa-1518	395	18	-6.22	-6.22	NUM
ajfa-1518	395	19	%	%	NOUN
ajfa-1518	395	20	-1.02	-1.02	NUM
ajfa-1518	395	21	38.89	38.89	NUM
ajfa-1518	395	22	ex	ex	X
ajfa-1518	395	23	+	+	ADP
ajfa-1518	395	24	1	1	NUM
ajfa-1518	395	25	to	to	ADP
ajfa-1518	395	26	ex	ex	PRON
ajfa-1518	395	27	+	+	NOUN
ajfa-1518	395	28	36	36	NUM
ajfa-1518	395	29	-9.24	-9.24	NOUN
ajfa-1518	395	30	%	%	NOUN
ajfa-1518	395	31	-1.01	-1.01	NUM
ajfa-1518	395	32	38.89	38.89	NUM
ajfa-1518	395	33	ex	ex	X
ajfa-1518	395	34	+	+	ADP
ajfa-1518	395	35	13	13	NUM
ajfa-1518	395	36	to	to	ADP
ajfa-1518	395	37	ex	ex	PRON
ajfa-1518	395	38	+	+	NOUN
ajfa-1518	395	39	24	24	NUM
ajfa-1518	395	40	3.33	3.33	NUM
ajfa-1518	395	41	%	%	NOUN
ajfa-1518	395	42	0.62	0.62	NUM
ajfa-1518	395	43	50.00	50.00	NUM
ajfa-1518	395	44	ex	ex	X
ajfa-1518	395	45	+	+	ADP
ajfa-1518	395	46	25	25	NUM
ajfa-1518	395	47	to	to	ADP
ajfa-1518	395	48	ex	ex	PRON
ajfa-1518	395	49	+	+	NOUN
ajfa-1518	395	50	36	36	NUM
ajfa-1518	395	51	-1.81	-1.81	NUM
ajfa-1518	395	52	%	%	NOUN
ajfa-1518	395	53	-0.26	-0.26	NOUN
ajfa-1518	395	54	38.89	38.89	NUM
ajfa-1518	395	55	note	note	NOUN
ajfa-1518	395	56	:	:	PUNCT
ajfa-1518	395	57	ex	ex	PRON
ajfa-1518	395	58	denotes	denote	VERB
ajfa-1518	395	59	the	the	DET
ajfa-1518	395	60	listing	list	VERB
ajfa-1518	395	61	month	month	NOUN
ajfa-1518	395	62	of	of	ADP
ajfa-1518	395	63	the	the	DET
ajfa-1518	395	64	spun	spin	VERB
ajfa-1518	395	65	-	-	PUNCT
ajfa-1518	395	66	off	off	ADP
ajfa-1518	395	67	firms	firm	NOUN
ajfa-1518	395	68	.	.	PUNCT
ajfa-1518	396	1	asterisks	asterisk	NOUN
ajfa-1518	396	2	indicate	indicate	VERB
ajfa-1518	396	3	statistical	statistical	ADJ
ajfa-1518	396	4	significance	significance	NOUN
ajfa-1518	396	5	at	at	ADP
ajfa-1518	396	6	the	the	DET
ajfa-1518	396	7	10	10	NUM
ajfa-1518	396	8	%	%	NOUN
ajfa-1518	396	9	(	(	PUNCT
ajfa-1518	396	10	*	*	NOUN
ajfa-1518	396	11	)	)	PUNCT
ajfa-1518	396	12	,	,	PUNCT
ajfa-1518	396	13	5	5	NUM
ajfa-1518	396	14	%	%	NOUN
ajfa-1518	396	15	(	(	PUNCT
ajfa-1518	396	16	*	*	NOUN
ajfa-1518	396	17	*	*	PUNCT
ajfa-1518	396	18	)	)	PUNCT
ajfa-1518	396	19	and	and	CCONJ
ajfa-1518	396	20	1	1	NUM
ajfa-1518	396	21	%	%	NOUN
ajfa-1518	396	22	(	(	PUNCT
ajfa-1518	396	23	*	*	PUNCT
ajfa-1518	396	24	*	*	PUNCT
ajfa-1518	396	25	*	*	NOUN
ajfa-1518	396	26	)	)	PUNCT
ajfa-1518	396	27	levels	level	NOUN
ajfa-1518	396	28	.	.	PUNCT
ajfa-1518	397	1	panel	panel	NOUN
ajfa-1518	397	2	a	a	PRON
ajfa-1518	397	3	indicates	indicate	VERB
ajfa-1518	397	4	the	the	DET
ajfa-1518	397	5	size	size	NOUN
ajfa-1518	397	6	-	-	PUNCT
ajfa-1518	397	7	adjusted	adjust	VERB
ajfa-1518	397	8	abnormal	abnormal	ADJ
ajfa-1518	397	9	returns	return	NOUN
ajfa-1518	397	10	(	(	PUNCT
ajfa-1518	397	11	saars	saar	NOUN
ajfa-1518	397	12	)	)	PUNCT
ajfa-1518	397	13	for	for	ADP
ajfa-1518	397	14	the	the	DET
ajfa-1518	397	15	parent	parent	NOUN
ajfa-1518	397	16	firms	firm	NOUN
ajfa-1518	397	17	adjusted	adjust	VERB
ajfa-1518	397	18	for	for	ADP
ajfa-1518	397	19	the	the	DET
ajfa-1518	397	20	size	size	NOUN
ajfa-1518	397	21	-	-	PUNCT
ajfa-1518	397	22	control	control	NOUN
ajfa-1518	397	23	portfolio	portfolio	NOUN
ajfa-1518	397	24	returns	return	NOUN
ajfa-1518	397	25	.	.	PUNCT
ajfa-1518	398	1	panel	panel	NOUN
ajfa-1518	398	2	b	b	PROPN
ajfa-1518	398	3	presents	present	VERB
ajfa-1518	398	4	the	the	DET
ajfa-1518	398	5	size	size	NOUN
ajfa-1518	398	6	-	-	PUNCT
ajfa-1518	398	7	adjusted	adjust	VERB
ajfa-1518	398	8	abnormal	abnormal	ADJ
ajfa-1518	398	9	returns	return	NOUN
ajfa-1518	398	10	(	(	PUNCT
ajfa-1518	398	11	saars	saar	NOUN
ajfa-1518	398	12	)	)	PUNCT
ajfa-1518	398	13	for	for	ADP
ajfa-1518	398	14	the	the	DET
ajfa-1518	398	15	spun	spin	VERB
ajfa-1518	398	16	-	-	PUNCT
ajfa-1518	398	17	off	off	ADP
ajfa-1518	398	18	firms	firm	NOUN
ajfa-1518	398	19	adjusted	adjust	VERB
ajfa-1518	398	20	for	for	ADP
ajfa-1518	398	21	the	the	DET
ajfa-1518	398	22	size	size	NOUN
ajfa-1518	398	23	-	-	PUNCT
ajfa-1518	398	24	control	control	NOUN
ajfa-1518	398	25	portfolio	portfolio	NOUN
ajfa-1518	398	26	returns	return	NOUN
ajfa-1518	398	27	.	.	PUNCT
ajfa-1518	399	1	panel	panel	NOUN
ajfa-1518	399	2	c	c	PROPN
ajfa-1518	399	3	shows	show	VERB
ajfa-1518	399	4	the	the	DET
ajfa-1518	399	5	results	result	NOUN
ajfa-1518	399	6	of	of	ADP
ajfa-1518	399	7	size	size	NOUN
ajfa-1518	399	8	-	-	PUNCT
ajfa-1518	399	9	adjusted	adjust	VERB
ajfa-1518	399	10	abnormal	abnormal	ADJ
ajfa-1518	399	11	returns	return	NOUN
ajfa-1518	399	12	(	(	PUNCT
ajfa-1518	399	13	saars	saar	NOUN
ajfa-1518	399	14	)	)	PUNCT
ajfa-1518	399	15	for	for	ADP
ajfa-1518	399	16	the	the	DET
ajfa-1518	399	17	combined	combine	VERB
ajfa-1518	399	18	firms	firm	NOUN
ajfa-1518	399	19	adjusted	adjust	VERB
ajfa-1518	399	20	for	for	ADP
ajfa-1518	399	21	the	the	DET
ajfa-1518	399	22	size	size	NOUN
ajfa-1518	399	23	-	-	PUNCT
ajfa-1518	399	24	control	control	NOUN
ajfa-1518	399	25	portfolio	portfolio	NOUN
ajfa-1518	399	26	returns	return	NOUN
ajfa-1518	399	27	.	.	PUNCT
ajfa-1518	400	1	the	the	DET
ajfa-1518	400	2	non	non	ADJ
ajfa-1518	400	3	-	-	ADJ
ajfa-1518	400	4	parametric	parametric	ADJ
ajfa-1518	400	5	sign	sign	NOUN
ajfa-1518	400	6	test	test	NOUN
ajfa-1518	400	7	is	be	AUX
ajfa-1518	400	8	used	use	VERB
ajfa-1518	400	9	to	to	PART
ajfa-1518	400	10	test	test	VERB
ajfa-1518	400	11	the	the	DET
ajfa-1518	400	12	significance	significance	NOUN
ajfa-1518	400	13	percentage	percentage	NOUN
ajfa-1518	400	14	of	of	ADP
ajfa-1518	400	15	firms	firm	NOUN
ajfa-1518	400	16	with	with	ADP
ajfa-1518	400	17	positive	positive	ADJ
ajfa-1518	400	18	abnormal	abnormal	ADJ
ajfa-1518	400	19	returns	return	NOUN
ajfa-1518	400	20	.	.	PUNCT
ajfa-1518	401	1	the	the	DET
ajfa-1518	401	2	null	null	ADJ
ajfa-1518	401	3	hypothesis	hypothesis	NOUN
ajfa-1518	401	4	for	for	ADP
ajfa-1518	401	5	the	the	DET
ajfa-1518	401	6	sign	sign	NOUN
ajfa-1518	401	7	test	test	NOUN
ajfa-1518	401	8	is	be	AUX
ajfa-1518	401	9	given	give	VERB
ajfa-1518	401	10	as	as	ADP
ajfa-1518	401	11	the	the	DET
ajfa-1518	401	12	proportion	proportion	NOUN
ajfa-1518	401	13	of	of	ADP
ajfa-1518	401	14	positive	positive	ADJ
ajfa-1518	401	15	abnormal	abnormal	ADJ
ajfa-1518	401	16	returns	return	NOUN
ajfa-1518	401	17	equal	equal	ADJ
ajfa-1518	401	18	to	to	ADP
ajfa-1518	401	19	50	50	NUM
ajfa-1518	401	20	%	%	NOUN
ajfa-1518	401	21	.	.	PUNCT
ajfa-1518	402	1	a	a	DET
ajfa-1518	402	2	,	,	PUNCT
ajfa-1518	402	3	b	b	NOUN
ajfa-1518	402	4	and	and	CCONJ
ajfa-1518	402	5	c	c	PROPN
ajfa-1518	402	6	indicate	indicate	VERB
ajfa-1518	402	7	significance	significance	NOUN
ajfa-1518	402	8	at	at	ADP
ajfa-1518	402	9	the	the	DET
ajfa-1518	402	10	10	10	NUM
ajfa-1518	402	11	%	%	NOUN
ajfa-1518	402	12	,	,	PUNCT
ajfa-1518	402	13	5	5	NUM
ajfa-1518	402	14	%	%	NOUN
ajfa-1518	402	15	and	and	CCONJ
ajfa-1518	402	16	1	1	NUM
ajfa-1518	402	17	%	%	NOUN
ajfa-1518	402	18	levels	level	NOUN
ajfa-1518	402	19	.	.	PUNCT
ajfa-1518	403	1	asian	asian	ADJ
ajfa-1518	403	2	journal	journal	PROPN
ajfa-1518	403	3	of	of	ADP
ajfa-1518	403	4	finance	finance	PROPN
ajfa-1518	403	5	&	&	CCONJ
ajfa-1518	403	6	accounting	accounting	PROPN
ajfa-1518	403	7	issn	issn	PROPN
ajfa-1518	403	8	1946	1946	NUM
ajfa-1518	403	9	-	-	PUNCT
ajfa-1518	403	10	052x	052x	NOUN
ajfa-1518	403	11	2012	2012	NUM
ajfa-1518	403	12	,	,	PUNCT
ajfa-1518	403	13	vol	vol	NOUN
ajfa-1518	403	14	.	.	PROPN
ajfa-1518	403	15	4	4	NUM
ajfa-1518	403	16	,	,	PUNCT
ajfa-1518	403	17	no	no	INTJ
ajfa-1518	403	18	.	.	NOUN
ajfa-1518	403	19	1	1	NUM
ajfa-1518	403	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1518	403	21	172	172	NUM
ajfa-1518	403	22	figure	figure	NOUN
ajfa-1518	403	23	1	1	NUM
ajfa-1518	403	24	.	.	PUNCT
ajfa-1518	403	25	long	long	ADV
ajfa-1518	403	26	-	-	PUNCT
ajfa-1518	403	27	run	run	VERB
ajfa-1518	403	28	return	return	NOUN
ajfa-1518	403	29	performances	performance	NOUN
ajfa-1518	403	30	of	of	ADP
ajfa-1518	403	31	ftse	ftse	PROPN
ajfa-1518	403	32	bursa	bursa	PROPN
ajfa-1518	403	33	malaysia	malaysia	PROPN
ajfa-1518	403	34	index	index	PROPN
ajfa-1518	403	35	series	series	NOUN
ajfa-1518	403	36	  	  	SPACE