id	sid	tid	token	lemma	pos
ajfa-1871	1	1	microsoft	microsoft	PROPN
ajfa-1871	1	2	word	word	NOUN
ajfa-1871	1	3	1871	1871	NUM
ajfa-1871	1	4	-	-	SYM
ajfa-1871	1	5	7385	7385	NUM
ajfa-1871	1	6	-	-	PUNCT
ajfa-1871	1	7	1	1	NUM
ajfa-1871	1	8	-	-	PUNCT
ajfa-1871	1	9	rv	rv	NOUN
ajfa-1871	1	10	-	-	PUNCT
ajfa-1871	1	11	writer2	writer2	VERB
ajfa-1871	1	12	-	-	ADJ
ajfa-1871	1	13	new	new	ADJ
ajfa-1871	1	14	asian	asian	ADJ
ajfa-1871	1	15	journal	journal	NOUN
ajfa-1871	1	16	of	of	ADP
ajfa-1871	1	17	finance	finance	PROPN
ajfa-1871	1	18	&	&	CCONJ
ajfa-1871	1	19	accounting	accounting	PROPN
ajfa-1871	1	20	issn	issn	PROPN
ajfa-1871	1	21	1946	1946	NUM
ajfa-1871	1	22	-	-	PUNCT
ajfa-1871	1	23	052x	052x	NOUN
ajfa-1871	1	24	2012	2012	NUM
ajfa-1871	1	25	,	,	PUNCT
ajfa-1871	1	26	vol	vol	NOUN
ajfa-1871	1	27	.	.	PROPN
ajfa-1871	1	28	4	4	NUM
ajfa-1871	1	29	,	,	PUNCT
ajfa-1871	1	30	no	no	INTJ
ajfa-1871	1	31	.	.	NOUN
ajfa-1871	1	32	2	2	NUM
ajfa-1871	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	1	34	107	107	NUM
ajfa-1871	1	35	do	do	VERB
ajfa-1871	1	36	golden	golden	ADJ
ajfa-1871	1	37	parachutes	parachute	NOUN
ajfa-1871	1	38	increase	increase	VERB
ajfa-1871	1	39	ceo	ceo	NOUN
ajfa-1871	1	40	’s	’s	PART
ajfa-1871	1	41	desire	desire	NOUN
ajfa-1871	1	42	to	to	PART
ajfa-1871	1	43	be	be	AUX
ajfa-1871	1	44	taken	take	VERB
ajfa-1871	1	45	over	over	ADP
ajfa-1871	1	46	?	?	PUNCT
ajfa-1871	2	1	empirical	empirical	ADJ
ajfa-1871	2	2	evidence	evidence	NOUN
ajfa-1871	2	3	from	from	ADP
ajfa-1871	2	4	australia	australia	PROPN
ajfa-1871	2	5	and	and	CCONJ
ajfa-1871	2	6	united	united	PROPN
ajfa-1871	2	7	states	states	PROPN
ajfa-1871	2	8	krishna	krishna	PROPN
ajfa-1871	2	9	reddy	reddy	PROPN
ajfa-1871	2	10	kr	kr	PROPN
ajfa-1871	2	11	(	(	PUNCT
ajfa-1871	2	12	corresponding	corresponding	ADJ
ajfa-1871	2	13	author	author	NOUN
ajfa-1871	2	14	)	)	PUNCT
ajfa-1871	2	15	department	department	NOUN
ajfa-1871	2	16	of	of	ADP
ajfa-1871	2	17	finance	finance	NOUN
ajfa-1871	2	18	,	,	PUNCT
ajfa-1871	2	19	university	university	NOUN
ajfa-1871	2	20	of	of	ADP
ajfa-1871	2	21	waikato	waikato	PROPN
ajfa-1871	2	22	,	,	PUNCT
ajfa-1871	2	23	new	new	PROPN
ajfa-1871	2	24	zealand	zealand	PROPN
ajfa-1871	2	25	e	e	PROPN
ajfa-1871	2	26	-	-	NOUN
ajfa-1871	2	27	mail	mail	NOUN
ajfa-1871	2	28	:	:	PUNCT
ajfa-1871	2	29	krishna@waikato.ac.nz	krishna@waikato.ac.nz	NOUN
ajfa-1871	2	30	sazali	sazali	PROPN
ajfa-1871	2	31	abidin	abidin	PROPN
ajfa-1871	2	32	department	department	PROPN
ajfa-1871	2	33	of	of	ADP
ajfa-1871	2	34	finance	finance	NOUN
ajfa-1871	2	35	,	,	PUNCT
ajfa-1871	2	36	university	university	NOUN
ajfa-1871	2	37	of	of	ADP
ajfa-1871	2	38	waikato	waikato	PROPN
ajfa-1871	2	39	,	,	PUNCT
ajfa-1871	2	40	new	new	PROPN
ajfa-1871	2	41	zealand	zealand	PROPN
ajfa-1871	2	42	e	e	PROPN
ajfa-1871	2	43	-	-	NOUN
ajfa-1871	2	44	mail	mail	NOUN
ajfa-1871	2	45	:	:	PUNCT
ajfa-1871	2	46	sazali@waikato.ac.nz	sazali@waikato.ac.nz	NOUN
ajfa-1871	2	47	caillor	caillor	PROPN
ajfa-1871	2	48	woon	woon	PROPN
ajfa-1871	2	49	department	department	PROPN
ajfa-1871	2	50	of	of	ADP
ajfa-1871	2	51	finance	finance	NOUN
ajfa-1871	2	52	,	,	PUNCT
ajfa-1871	2	53	university	university	NOUN
ajfa-1871	2	54	of	of	ADP
ajfa-1871	2	55	waikato	waikato	PROPN
ajfa-1871	2	56	,	,	PUNCT
ajfa-1871	2	57	new	new	PROPN
ajfa-1871	2	58	zealand	zealand	PROPN
ajfa-1871	2	59	e	e	PROPN
ajfa-1871	2	60	-	-	NOUN
ajfa-1871	2	61	mail	mail	NOUN
ajfa-1871	2	62	:	:	PUNCT
ajfa-1871	2	63	ciw2@waikato.ac.nz	ciw2@waikato.ac.nz	NOUN
ajfa-1871	2	64	received	receive	VERB
ajfa-1871	2	65	:	:	PUNCT
ajfa-1871	2	66	may	may	AUX
ajfa-1871	2	67	29	29	NUM
ajfa-1871	2	68	,	,	PUNCT
ajfa-1871	2	69	2012	2012	NUM
ajfa-1871	2	70	accepted	accept	VERB
ajfa-1871	2	71	:	:	PUNCT
ajfa-1871	2	72	july	july	PROPN
ajfa-1871	2	73	25	25	NUM
ajfa-1871	2	74	,	,	PUNCT
ajfa-1871	2	75	2012	2012	NUM
ajfa-1871	2	76	published	publish	VERB
ajfa-1871	2	77	:	:	PUNCT
ajfa-1871	2	78	december	december	PROPN
ajfa-1871	2	79	1	1	NUM
ajfa-1871	2	80	,	,	PUNCT
ajfa-1871	2	81	2012	2012	NUM
ajfa-1871	2	82	doi:10.5296	doi:10.5296	NOUN
ajfa-1871	2	83	/	/	SYM
ajfa-1871	2	84	ajfa.v4i2.1871	ajfa.v4i2.1871	PROPN
ajfa-1871	2	85	url	url	NOUN
ajfa-1871	2	86	:	:	PUNCT
ajfa-1871	2	87	http://dx.doi.org/10.5296/ajfa.v4i2.1871	http://dx.doi.org/10.5296/ajfa.v4i2.1871	X
ajfa-1871	2	88	abstract	abstract	ADV
ajfa-1871	2	89	this	this	DET
ajfa-1871	2	90	study	study	NOUN
ajfa-1871	2	91	investigates	investigate	VERB
ajfa-1871	2	92	whether	whether	SCONJ
ajfa-1871	2	93	the	the	DET
ajfa-1871	2	94	large	large	ADJ
ajfa-1871	2	95	payouts	payout	NOUN
ajfa-1871	2	96	that	that	PRON
ajfa-1871	2	97	are	be	AUX
ajfa-1871	2	98	available	available	ADJ
ajfa-1871	2	99	to	to	ADP
ajfa-1871	2	100	chief	chief	ADJ
ajfa-1871	2	101	executive	executive	ADJ
ajfa-1871	2	102	officers	officer	NOUN
ajfa-1871	2	103	(	(	PUNCT
ajfa-1871	2	104	ceos	ceos	PROPN
ajfa-1871	2	105	)	)	PUNCT
ajfa-1871	2	106	from	from	ADP
ajfa-1871	2	107	a	a	DET
ajfa-1871	2	108	change	change	NOUN
ajfa-1871	2	109	in	in	ADP
ajfa-1871	2	110	corporate	corporate	ADJ
ajfa-1871	2	111	control	control	NOUN
ajfa-1871	2	112	(	(	PUNCT
ajfa-1871	2	113	takeover	takeover	NOUN
ajfa-1871	2	114	)	)	PUNCT
ajfa-1871	2	115	do	do	AUX
ajfa-1871	2	116	motivate	motivate	VERB
ajfa-1871	2	117	some	some	DET
ajfa-1871	2	118	ceos	ceos	NOUN
ajfa-1871	2	119	to	to	PART
ajfa-1871	2	120	seek	seek	VERB
ajfa-1871	2	121	acquisition	acquisition	NOUN
ajfa-1871	2	122	of	of	ADP
ajfa-1871	2	123	their	their	PRON
ajfa-1871	2	124	firms	firm	NOUN
ajfa-1871	2	125	by	by	ADP
ajfa-1871	2	126	making	make	VERB
ajfa-1871	2	127	them	they	PRON
ajfa-1871	2	128	more	more	ADV
ajfa-1871	2	129	attractive	attractive	ADJ
ajfa-1871	2	130	to	to	ADP
ajfa-1871	2	131	a	a	DET
ajfa-1871	2	132	takeover	takeover	NOUN
ajfa-1871	2	133	bid	bid	NOUN
ajfa-1871	2	134	.	.	PUNCT
ajfa-1871	3	1	using	use	VERB
ajfa-1871	3	2	australian	australian	ADJ
ajfa-1871	3	3	and	and	CCONJ
ajfa-1871	3	4	the	the	DET
ajfa-1871	3	5	us	us	PROPN
ajfa-1871	3	6	data	datum	NOUN
ajfa-1871	3	7	,	,	PUNCT
ajfa-1871	3	8	employing	employ	VERB
ajfa-1871	3	9	ols	ol	NOUN
ajfa-1871	3	10	regression	regression	NOUN
ajfa-1871	3	11	,	,	PUNCT
ajfa-1871	3	12	we	we	PRON
ajfa-1871	3	13	report	report	VERB
ajfa-1871	3	14	that	that	SCONJ
ajfa-1871	3	15	there	there	PRON
ajfa-1871	3	16	is	be	VERB
ajfa-1871	3	17	a	a	DET
ajfa-1871	3	18	significant	significant	ADJ
ajfa-1871	3	19	relationship	relationship	NOUN
ajfa-1871	3	20	between	between	ADP
ajfa-1871	3	21	a	a	DET
ajfa-1871	3	22	ceos	ceos	NOUN
ajfa-1871	3	23	change	change	NOUN
ajfa-1871	3	24	in	in	ADP
ajfa-1871	3	25	control	control	NOUN
ajfa-1871	3	26	payments	payment	NOUN
ajfa-1871	3	27	and	and	CCONJ
ajfa-1871	3	28	their	their	PRON
ajfa-1871	3	29	firm	firm	NOUN
ajfa-1871	3	30	’s	’s	PART
ajfa-1871	3	31	net	net	ADJ
ajfa-1871	3	32	cash	cash	NOUN
ajfa-1871	3	33	levels	level	NOUN
ajfa-1871	3	34	(	(	PUNCT
ajfa-1871	3	35	one	one	NUM
ajfa-1871	3	36	of	of	ADP
ajfa-1871	3	37	the	the	DET
ajfa-1871	3	38	key	key	ADJ
ajfa-1871	3	39	factors	factor	NOUN
ajfa-1871	3	40	of	of	ADP
ajfa-1871	3	41	takeover	takeover	NOUN
ajfa-1871	3	42	attractiveness	attractiveness	NOUN
ajfa-1871	3	43	)	)	PUNCT
ajfa-1871	3	44	.	.	PUNCT
ajfa-1871	4	1	our	our	PRON
ajfa-1871	4	2	empirical	empirical	ADJ
ajfa-1871	4	3	results	result	NOUN
ajfa-1871	4	4	also	also	ADV
ajfa-1871	4	5	indicate	indicate	VERB
ajfa-1871	4	6	that	that	SCONJ
ajfa-1871	4	7	ceos	ceos	NOUN
ajfa-1871	4	8	desire	desire	VERB
ajfa-1871	4	9	their	their	PRON
ajfa-1871	4	10	firms	firm	NOUN
ajfa-1871	4	11	to	to	PART
ajfa-1871	4	12	be	be	AUX
ajfa-1871	4	13	acquired	acquire	VERB
ajfa-1871	4	14	by	by	ADP
ajfa-1871	4	15	decreasing	decrease	VERB
ajfa-1871	4	16	shareholders	shareholder	NOUN
ajfa-1871	4	17	’	'	PUNCT
ajfa-1871	4	18	equity	equity	NOUN
ajfa-1871	4	19	,	,	PUNCT
ajfa-1871	4	20	thus	thus	ADV
ajfa-1871	4	21	supporting	support	VERB
ajfa-1871	4	22	the	the	DET
ajfa-1871	4	23	view	view	NOUN
ajfa-1871	4	24	that	that	SCONJ
ajfa-1871	4	25	change	change	NOUN
ajfa-1871	4	26	in	in	ADP
ajfa-1871	4	27	control	control	NOUN
ajfa-1871	4	28	payments	payment	NOUN
ajfa-1871	4	29	exist	exist	VERB
ajfa-1871	4	30	primarily	primarily	ADV
ajfa-1871	4	31	for	for	ADP
ajfa-1871	4	32	incumbent	incumbent	ADJ
ajfa-1871	4	33	managers	manager	NOUN
ajfa-1871	4	34	.	.	PUNCT
ajfa-1871	5	1	our	our	PRON
ajfa-1871	5	2	findings	finding	NOUN
ajfa-1871	5	3	provide	provide	VERB
ajfa-1871	5	4	support	support	NOUN
ajfa-1871	5	5	to	to	ADP
ajfa-1871	5	6	the	the	DET
ajfa-1871	5	7	proposition	proposition	NOUN
ajfa-1871	5	8	that	that	PRON
ajfa-1871	5	9	managers	manager	NOUN
ajfa-1871	5	10	enjoy	enjoy	VERB
ajfa-1871	5	11	having	have	VERB
ajfa-1871	5	12	large	large	ADJ
ajfa-1871	5	13	cash	cash	NOUN
ajfa-1871	5	14	balances	balance	NOUN
ajfa-1871	5	15	to	to	PART
ajfa-1871	5	16	be	be	AUX
ajfa-1871	5	17	available	available	ADJ
ajfa-1871	5	18	to	to	ADP
ajfa-1871	5	19	them	they	PRON
ajfa-1871	5	20	as	as	SCONJ
ajfa-1871	5	21	it	it	PRON
ajfa-1871	5	22	allows	allow	VERB
ajfa-1871	5	23	them	they	PRON
ajfa-1871	5	24	with	with	ADP
ajfa-1871	5	25	greater	great	ADJ
ajfa-1871	5	26	opportunities	opportunity	NOUN
ajfa-1871	5	27	to	to	PART
ajfa-1871	5	28	derive	derive	VERB
ajfa-1871	5	29	personal	personal	ADJ
ajfa-1871	5	30	benefit	benefit	NOUN
ajfa-1871	5	31	from	from	ADP
ajfa-1871	5	32	asian	asian	ADJ
ajfa-1871	5	33	journal	journal	NOUN
ajfa-1871	5	34	of	of	ADP
ajfa-1871	5	35	finance	finance	PROPN
ajfa-1871	5	36	&	&	CCONJ
ajfa-1871	5	37	accounting	accounting	PROPN
ajfa-1871	5	38	issn	issn	PROPN
ajfa-1871	5	39	1946	1946	NUM
ajfa-1871	5	40	-	-	PUNCT
ajfa-1871	5	41	052x	052x	NOUN
ajfa-1871	5	42	2012	2012	NUM
ajfa-1871	5	43	,	,	PUNCT
ajfa-1871	5	44	vol	vol	NOUN
ajfa-1871	5	45	.	.	PROPN
ajfa-1871	5	46	4	4	NUM
ajfa-1871	5	47	,	,	PUNCT
ajfa-1871	5	48	no	no	INTJ
ajfa-1871	5	49	.	.	NOUN
ajfa-1871	5	50	2	2	NUM
ajfa-1871	5	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	5	52	108	108	NUM
ajfa-1871	5	53	it	it	PRON
ajfa-1871	5	54	.	.	PUNCT
ajfa-1871	6	1	therefore	therefore	ADV
ajfa-1871	6	2	,	,	PUNCT
ajfa-1871	6	3	our	our	PRON
ajfa-1871	6	4	findings	finding	NOUN
ajfa-1871	6	5	suggest	suggest	VERB
ajfa-1871	6	6	that	that	SCONJ
ajfa-1871	6	7	managers	manager	NOUN
ajfa-1871	6	8	prefer	prefer	VERB
ajfa-1871	6	9	to	to	PART
ajfa-1871	6	10	have	have	VERB
ajfa-1871	6	11	large	large	ADJ
ajfa-1871	6	12	cash	cash	NOUN
ajfa-1871	6	13	balances	balance	NOUN
ajfa-1871	6	14	available	available	ADJ
ajfa-1871	6	15	to	to	ADP
ajfa-1871	6	16	them	they	PRON
ajfa-1871	6	17	to	to	PART
ajfa-1871	6	18	ensure	ensure	VERB
ajfa-1871	6	19	their	their	PRON
ajfa-1871	6	20	future	future	NOUN
ajfa-1871	6	21	wellbeing	wellbee	VERB
ajfa-1871	6	22	by	by	ADP
ajfa-1871	6	23	setting	set	VERB
ajfa-1871	6	24	up	up	ADP
ajfa-1871	6	25	favourable	favourable	ADJ
ajfa-1871	6	26	terms	term	NOUN
ajfa-1871	6	27	in	in	ADP
ajfa-1871	6	28	the	the	DET
ajfa-1871	6	29	control	control	NOUN
ajfa-1871	6	30	agreements	agreement	NOUN
ajfa-1871	6	31	.	.	PUNCT
ajfa-1871	7	1	keywords	keyword	NOUN
ajfa-1871	7	2	:	:	PUNCT
ajfa-1871	7	3	change	change	VERB
ajfa-1871	7	4	in	in	ADP
ajfa-1871	7	5	control	control	NOUN
ajfa-1871	7	6	payments	payment	NOUN
ajfa-1871	7	7	,	,	PUNCT
ajfa-1871	7	8	takeover	takeover	NOUN
ajfa-1871	7	9	attractiveness	attractiveness	NOUN
ajfa-1871	7	10	,	,	PUNCT
ajfa-1871	7	11	equity	equity	NOUN
ajfa-1871	7	12	holding	holding	NOUN
ajfa-1871	7	13	,	,	PUNCT
ajfa-1871	7	14	mergers	merger	NOUN
ajfa-1871	7	15	and	and	CCONJ
ajfa-1871	7	16	acquisitions	acquisition	NOUN
ajfa-1871	7	17	,	,	PUNCT
ajfa-1871	7	18	agency	agency	NOUN
ajfa-1871	7	19	theory	theory	PROPN
ajfa-1871	7	20	jel	jel	PROPN
ajfa-1871	7	21	classifications	classification	NOUN
ajfa-1871	7	22	:	:	PUNCT
ajfa-1871	7	23	g34	g34	NOUN
ajfa-1871	7	24	,	,	PUNCT
ajfa-1871	7	25	g35	g35	PROPN
ajfa-1871	7	26	asian	asian	PROPN
ajfa-1871	7	27	journal	journal	PROPN
ajfa-1871	7	28	of	of	ADP
ajfa-1871	7	29	finance	finance	PROPN
ajfa-1871	7	30	&	&	CCONJ
ajfa-1871	7	31	accounting	accounting	PROPN
ajfa-1871	7	32	issn	issn	PROPN
ajfa-1871	7	33	1946	1946	NUM
ajfa-1871	7	34	-	-	PUNCT
ajfa-1871	7	35	052x	052x	NOUN
ajfa-1871	7	36	2012	2012	NUM
ajfa-1871	7	37	,	,	PUNCT
ajfa-1871	7	38	vol	vol	NOUN
ajfa-1871	7	39	.	.	PROPN
ajfa-1871	7	40	4	4	NUM
ajfa-1871	7	41	,	,	PUNCT
ajfa-1871	7	42	no	no	INTJ
ajfa-1871	7	43	.	.	NOUN
ajfa-1871	7	44	2	2	NUM
ajfa-1871	7	45	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	7	46	109	109	NUM
ajfa-1871	7	47	1	1	NUM
ajfa-1871	7	48	.	.	PUNCT
ajfa-1871	8	1	introduction	introduction	NOUN
ajfa-1871	8	2	media	medium	NOUN
ajfa-1871	8	3	and	and	CCONJ
ajfa-1871	8	4	popular	popular	ADJ
ajfa-1871	8	5	opinions	opinion	NOUN
ajfa-1871	8	6	view	view	VERB
ajfa-1871	8	7	managers	manager	NOUN
ajfa-1871	8	8	of	of	ADP
ajfa-1871	8	9	publicly	publicly	ADV
ajfa-1871	8	10	listed	list	VERB
ajfa-1871	8	11	companies	company	NOUN
ajfa-1871	8	12	as	as	ADP
ajfa-1871	8	13	self	self	NOUN
ajfa-1871	8	14	-	-	PUNCT
ajfa-1871	8	15	seekers	seeker	NOUN
ajfa-1871	8	16	,	,	PUNCT
ajfa-1871	8	17	primarily	primarily	ADV
ajfa-1871	8	18	out	out	ADP
ajfa-1871	8	19	for	for	ADP
ajfa-1871	8	20	their	their	PRON
ajfa-1871	8	21	own	own	ADJ
ajfa-1871	8	22	gain	gain	NOUN
ajfa-1871	8	23	at	at	ADP
ajfa-1871	8	24	the	the	DET
ajfa-1871	8	25	expense	expense	NOUN
ajfa-1871	8	26	of	of	ADP
ajfa-1871	8	27	the	the	DET
ajfa-1871	8	28	shareholders	shareholder	NOUN
ajfa-1871	8	29	(	(	PUNCT
ajfa-1871	8	30	smith	smith	PROPN
ajfa-1871	8	31	,	,	PUNCT
ajfa-1871	8	32	2009	2009	NUM
ajfa-1871	8	33	)	)	PUNCT
ajfa-1871	8	34	.	.	PUNCT
ajfa-1871	9	1	a	a	DET
ajfa-1871	9	2	prime	prime	ADJ
ajfa-1871	9	3	example	example	NOUN
ajfa-1871	9	4	of	of	ADP
ajfa-1871	9	5	such	such	ADJ
ajfa-1871	9	6	behaviour	behaviour	NOUN
ajfa-1871	9	7	is	be	AUX
ajfa-1871	9	8	observed	observe	VERB
ajfa-1871	9	9	in	in	ADP
ajfa-1871	9	10	the	the	DET
ajfa-1871	9	11	mergers	merger	NOUN
ajfa-1871	9	12	and	and	CCONJ
ajfa-1871	9	13	acquisitions	acquisition	NOUN
ajfa-1871	9	14	market	market	NOUN
ajfa-1871	9	15	.	.	PUNCT
ajfa-1871	10	1	chief	chief	ADJ
ajfa-1871	10	2	executive	executive	ADJ
ajfa-1871	10	3	officers	officer	NOUN
ajfa-1871	10	4	(	(	PUNCT
ajfa-1871	10	5	ceos	ceos	PROPN
ajfa-1871	10	6	)	)	PUNCT
ajfa-1871	10	7	that	that	PRON
ajfa-1871	10	8	acquire	acquire	VERB
ajfa-1871	10	9	other	other	ADJ
ajfa-1871	10	10	firms	firm	NOUN
ajfa-1871	10	11	increase	increase	VERB
ajfa-1871	10	12	their	their	PRON
ajfa-1871	10	13	own	own	ADJ
ajfa-1871	10	14	salaries	salary	NOUN
ajfa-1871	10	15	while	while	SCONJ
ajfa-1871	10	16	ceos	ceo	NOUN
ajfa-1871	10	17	whose	whose	DET
ajfa-1871	10	18	firms	firm	NOUN
ajfa-1871	10	19	are	be	AUX
ajfa-1871	10	20	taken	take	VERB
ajfa-1871	10	21	over	over	ADP
ajfa-1871	10	22	receive	receive	VERB
ajfa-1871	10	23	highly	highly	ADV
ajfa-1871	10	24	lucrative	lucrative	ADJ
ajfa-1871	10	25	payouts	payout	NOUN
ajfa-1871	10	26	(	(	PUNCT
ajfa-1871	10	27	grinstein	grinstein	NOUN
ajfa-1871	10	28	and	and	CCONJ
ajfa-1871	10	29	hribar	hribar	NOUN
ajfa-1871	10	30	,	,	PUNCT
ajfa-1871	10	31	2004	2004	NUM
ajfa-1871	10	32	)	)	PUNCT
ajfa-1871	10	33	.	.	PUNCT
ajfa-1871	11	1	lucrative	lucrative	ADJ
ajfa-1871	11	2	payouts	payout	NOUN
ajfa-1871	11	3	are	be	AUX
ajfa-1871	11	4	termed	term	VERB
ajfa-1871	11	5	‘	'	PUNCT
ajfa-1871	11	6	change	change	NOUN
ajfa-1871	11	7	in	in	ADP
ajfa-1871	11	8	control	control	NOUN
ajfa-1871	11	9	payments	payment	NOUN
ajfa-1871	11	10	’	'	PUNCT
ajfa-1871	11	11	and	and	CCONJ
ajfa-1871	11	12	have	have	AUX
ajfa-1871	11	13	become	become	VERB
ajfa-1871	11	14	so	so	ADV
ajfa-1871	11	15	large	large	ADJ
ajfa-1871	11	16	that	that	SCONJ
ajfa-1871	11	17	it	it	PRON
ajfa-1871	11	18	is	be	AUX
ajfa-1871	11	19	nine	nine	NUM
ajfa-1871	11	20	times	time	NOUN
ajfa-1871	11	21	a	a	DET
ajfa-1871	11	22	ceo	ceo	NOUN
ajfa-1871	11	23	's	's	PART
ajfa-1871	11	24	annual	annual	ADJ
ajfa-1871	11	25	salary	salary	NOUN
ajfa-1871	11	26	(	(	PUNCT
ajfa-1871	11	27	on	on	ADP
ajfa-1871	11	28	an	an	DET
ajfa-1871	11	29	average	average	ADJ
ajfa-1871	11	30	basis	basis	NOUN
ajfa-1871	11	31	)	)	PUNCT
ajfa-1871	11	32	(	(	PUNCT
ajfa-1871	11	33	hartzell	hartzell	PROPN
ajfa-1871	11	34	,	,	PUNCT
ajfa-1871	11	35	ofek	ofek	NOUN
ajfa-1871	11	36	and	and	CCONJ
ajfa-1871	11	37	yermack	yermack	NOUN
ajfa-1871	11	38	,	,	PUNCT
ajfa-1871	11	39	2004	2004	NUM
ajfa-1871	11	40	)	)	PUNCT
ajfa-1871	11	41	.	.	PUNCT
ajfa-1871	12	1	in	in	ADP
ajfa-1871	12	2	some	some	DET
ajfa-1871	12	3	cases	case	NOUN
ajfa-1871	12	4	,	,	PUNCT
ajfa-1871	12	5	the	the	DET
ajfa-1871	12	6	change	change	NOUN
ajfa-1871	12	7	in	in	ADP
ajfa-1871	12	8	control	control	NOUN
ajfa-1871	12	9	payment	payment	NOUN
ajfa-1871	12	10	is	be	AUX
ajfa-1871	12	11	similar	similar	ADJ
ajfa-1871	12	12	to	to	ADP
ajfa-1871	12	13	winning	win	VERB
ajfa-1871	12	14	a	a	DET
ajfa-1871	12	15	first	first	ADJ
ajfa-1871	12	16	prize	prize	NOUN
ajfa-1871	12	17	in	in	ADP
ajfa-1871	12	18	a	a	DET
ajfa-1871	12	19	state	state	NOUN
ajfa-1871	12	20	lottery	lottery	NOUN
ajfa-1871	12	21	.	.	PUNCT
ajfa-1871	13	1	the	the	DET
ajfa-1871	13	2	change	change	NOUN
ajfa-1871	13	3	in	in	ADP
ajfa-1871	13	4	control	control	NOUN
ajfa-1871	13	5	payments	payment	NOUN
ajfa-1871	13	6	is	be	AUX
ajfa-1871	13	7	referred	refer	VERB
ajfa-1871	13	8	as	as	ADP
ajfa-1871	13	9	‘	'	PUNCT
ajfa-1871	13	10	golden	golden	ADJ
ajfa-1871	13	11	parachute	parachute	NOUN
ajfa-1871	13	12	’	'	PUNCT
ajfa-1871	13	13	(	(	PUNCT
ajfa-1871	13	14	hartzell	hartzell	VERB
ajfa-1871	13	15	et	et	PROPN
ajfa-1871	13	16	al	al	PROPN
ajfa-1871	13	17	,	,	PUNCT
ajfa-1871	13	18	2004	2004	NUM
ajfa-1871	13	19	)	)	PUNCT
ajfa-1871	13	20	which	which	PRON
ajfa-1871	13	21	is	be	AUX
ajfa-1871	13	22	the	the	DET
ajfa-1871	13	23	payment	payment	NOUN
ajfa-1871	13	24	made	make	VERB
ajfa-1871	13	25	to	to	ADP
ajfa-1871	13	26	the	the	DET
ajfa-1871	13	27	acquired	acquire	VERB
ajfa-1871	13	28	firm	firm	NOUN
ajfa-1871	13	29	’s	’s	PART
ajfa-1871	13	30	ceo	ceo	NOUN
ajfa-1871	13	31	for	for	ADP
ajfa-1871	13	32	terminating	terminate	VERB
ajfa-1871	13	33	employment	employment	NOUN
ajfa-1871	13	34	through	through	ADP
ajfa-1871	13	35	no	no	DET
ajfa-1871	13	36	fault	fault	NOUN
ajfa-1871	13	37	of	of	ADP
ajfa-1871	13	38	their	their	PRON
ajfa-1871	13	39	own	own	ADJ
ajfa-1871	13	40	.	.	PUNCT
ajfa-1871	14	1	termination	termination	NOUN
ajfa-1871	14	2	of	of	ADP
ajfa-1871	14	3	employment	employment	NOUN
ajfa-1871	14	4	often	often	ADV
ajfa-1871	14	5	arises	arise	VERB
ajfa-1871	14	6	when	when	SCONJ
ajfa-1871	14	7	mergers	merger	NOUN
ajfa-1871	14	8	and	and	CCONJ
ajfa-1871	14	9	acquisitions	acquisition	NOUN
ajfa-1871	14	10	takes	take	VERB
ajfa-1871	14	11	place	place	NOUN
ajfa-1871	14	12	and	and	CCONJ
ajfa-1871	14	13	the	the	DET
ajfa-1871	14	14	change	change	NOUN
ajfa-1871	14	15	in	in	ADP
ajfa-1871	14	16	control	control	NOUN
ajfa-1871	14	17	payments	payment	NOUN
ajfa-1871	14	18	allow	allow	VERB
ajfa-1871	14	19	ceos	ceo	NOUN
ajfa-1871	14	20	of	of	ADP
ajfa-1871	14	21	acquired	acquire	VERB
ajfa-1871	14	22	firms	firm	NOUN
ajfa-1871	14	23	to	to	PART
ajfa-1871	14	24	be	be	AUX
ajfa-1871	14	25	financially	financially	ADV
ajfa-1871	14	26	unharmed	unharmed	ADJ
ajfa-1871	14	27	,	,	PUNCT
ajfa-1871	14	28	hence	hence	ADV
ajfa-1871	14	29	the	the	DET
ajfa-1871	14	30	name	name	NOUN
ajfa-1871	14	31	,	,	PUNCT
ajfa-1871	14	32	golden	golden	ADJ
ajfa-1871	14	33	parachutes	parachute	NOUN
ajfa-1871	14	34	.	.	PUNCT
ajfa-1871	15	1	bebchuk	bebchuk	PROPN
ajfa-1871	15	2	,	,	PUNCT
ajfa-1871	15	3	cohen	cohen	PROPN
ajfa-1871	15	4	and	and	CCONJ
ajfa-1871	15	5	wang	wang	PROPN
ajfa-1871	15	6	(	(	PUNCT
ajfa-1871	15	7	2010	2010	NUM
ajfa-1871	15	8	)	)	PUNCT
ajfa-1871	15	9	report	report	NOUN
ajfa-1871	15	10	that	that	SCONJ
ajfa-1871	15	11	the	the	DET
ajfa-1871	15	12	presence	presence	NOUN
ajfa-1871	15	13	of	of	ADP
ajfa-1871	15	14	golden	golden	ADJ
ajfa-1871	15	15	parachute	parachute	NOUN
ajfa-1871	15	16	increases	increase	VERB
ajfa-1871	15	17	the	the	DET
ajfa-1871	15	18	likelihood	likelihood	NOUN
ajfa-1871	15	19	of	of	ADP
ajfa-1871	15	20	takeover	takeover	NOUN
ajfa-1871	15	21	bids	bid	NOUN
ajfa-1871	15	22	by	by	ADP
ajfa-1871	15	23	245.4	245.4	NUM
ajfa-1871	15	24	per	per	ADP
ajfa-1871	15	25	cent	cent	NOUN
ajfa-1871	15	26	and	and	CCONJ
ajfa-1871	15	27	increases	increase	VERB
ajfa-1871	15	28	the	the	DET
ajfa-1871	15	29	likelihood	likelihood	NOUN
ajfa-1871	15	30	of	of	ADP
ajfa-1871	15	31	acquisition	acquisition	NOUN
ajfa-1871	15	32	by	by	ADP
ajfa-1871	15	33	28.4	28.4	NUM
ajfa-1871	15	34	per	per	ADP
ajfa-1871	15	35	cent	cent	NOUN
ajfa-1871	15	36	.	.	PUNCT
ajfa-1871	16	1	the	the	DET
ajfa-1871	16	2	two	two	NUM
ajfa-1871	16	3	key	key	ADJ
ajfa-1871	16	4	factors	factor	NOUN
ajfa-1871	16	5	that	that	PRON
ajfa-1871	16	6	make	make	VERB
ajfa-1871	16	7	takeovers	takeover	NOUN
ajfa-1871	16	8	attractive	attractive	ADJ
ajfa-1871	16	9	are	be	AUX
ajfa-1871	16	10	firm	firm	ADJ
ajfa-1871	16	11	’s	’s	PART
ajfa-1871	16	12	net	net	ADJ
ajfa-1871	16	13	cash	cash	NOUN
ajfa-1871	16	14	levels	level	NOUN
ajfa-1871	16	15	and	and	CCONJ
ajfa-1871	16	16	debt	debt	NOUN
ajfa-1871	16	17	capacity	capacity	NOUN
ajfa-1871	16	18	(	(	PUNCT
ajfa-1871	16	19	powell	powell	PROPN
ajfa-1871	16	20	and	and	CCONJ
ajfa-1871	16	21	thomas	thomas	PROPN
ajfa-1871	16	22	,	,	PUNCT
ajfa-1871	16	23	1994	1994	NUM
ajfa-1871	16	24	)	)	PUNCT
ajfa-1871	16	25	.	.	PUNCT
ajfa-1871	17	1	however	however	ADV
ajfa-1871	17	2	,	,	PUNCT
ajfa-1871	17	3	a	a	DET
ajfa-1871	17	4	firm	firm	NOUN
ajfa-1871	17	5	’s	’s	PART
ajfa-1871	17	6	net	net	ADJ
ajfa-1871	17	7	cash	cash	NOUN
ajfa-1871	17	8	balance	balance	NOUN
ajfa-1871	17	9	and	and	CCONJ
ajfa-1871	17	10	change	change	NOUN
ajfa-1871	17	11	in	in	ADP
ajfa-1871	17	12	control	control	NOUN
ajfa-1871	17	13	payments	payment	NOUN
ajfa-1871	17	14	are	be	AUX
ajfa-1871	17	15	both	both	PRON
ajfa-1871	17	16	depended	depend	VERB
ajfa-1871	17	17	on	on	ADP
ajfa-1871	17	18	the	the	DET
ajfa-1871	17	19	managerial	managerial	ADJ
ajfa-1871	17	20	power	power	NOUN
ajfa-1871	17	21	.	.	PUNCT
ajfa-1871	18	1	jenson	jenson	PROPN
ajfa-1871	18	2	(	(	PUNCT
ajfa-1871	18	3	1986	1986	NUM
ajfa-1871	18	4	)	)	PUNCT
ajfa-1871	18	5	provided	provide	VERB
ajfa-1871	18	6	a	a	DET
ajfa-1871	18	7	link	link	NOUN
ajfa-1871	18	8	between	between	ADP
ajfa-1871	18	9	managerial	managerial	ADJ
ajfa-1871	18	10	power	power	NOUN
ajfa-1871	18	11	and	and	CCONJ
ajfa-1871	18	12	net	net	ADJ
ajfa-1871	18	13	cash	cash	NOUN
ajfa-1871	18	14	balance	balance	NOUN
ajfa-1871	18	15	by	by	ADP
ajfa-1871	18	16	showing	show	VERB
ajfa-1871	18	17	that	that	SCONJ
ajfa-1871	18	18	firms	firm	NOUN
ajfa-1871	18	19	with	with	ADP
ajfa-1871	18	20	greater	great	ADJ
ajfa-1871	18	21	cash	cash	NOUN
ajfa-1871	18	22	levels	level	NOUN
ajfa-1871	18	23	provide	provide	VERB
ajfa-1871	18	24	greater	great	ADJ
ajfa-1871	18	25	opportunities	opportunity	NOUN
ajfa-1871	18	26	for	for	SCONJ
ajfa-1871	18	27	ceos	ceos	NOUN
ajfa-1871	18	28	to	to	PART
ajfa-1871	18	29	gain	gain	VERB
ajfa-1871	18	30	personally	personally	ADV
ajfa-1871	18	31	through	through	ADP
ajfa-1871	18	32	perks	perk	NOUN
ajfa-1871	18	33	such	such	ADJ
ajfa-1871	18	34	as	as	ADP
ajfa-1871	18	35	company	company	NOUN
ajfa-1871	18	36	cars	car	NOUN
ajfa-1871	18	37	and	and	CCONJ
ajfa-1871	18	38	large	large	ADJ
ajfa-1871	18	39	office	office	NOUN
ajfa-1871	18	40	space	space	NOUN
ajfa-1871	18	41	.	.	PUNCT
ajfa-1871	19	1	however	however	ADV
ajfa-1871	19	2	,	,	PUNCT
ajfa-1871	19	3	the	the	DET
ajfa-1871	19	4	focus	focus	NOUN
ajfa-1871	19	5	of	of	ADP
ajfa-1871	19	6	the	the	DET
ajfa-1871	19	7	extant	extant	ADJ
ajfa-1871	19	8	literature	literature	NOUN
ajfa-1871	19	9	has	have	AUX
ajfa-1871	19	10	been	be	AUX
ajfa-1871	19	11	on	on	ADP
ajfa-1871	19	12	investigating	investigate	VERB
ajfa-1871	19	13	whether	whether	SCONJ
ajfa-1871	19	14	golden	golden	ADJ
ajfa-1871	19	15	parachutes	parachute	NOUN
ajfa-1871	19	16	reduce	reduce	VERB
ajfa-1871	19	17	risks	risk	NOUN
ajfa-1871	19	18	for	for	ADP
ajfa-1871	19	19	ceos	ceos	NOUN
ajfa-1871	19	20	(	(	PUNCT
ajfa-1871	19	21	morrison	morrison	PROPN
ajfa-1871	19	22	,	,	PUNCT
ajfa-1871	19	23	1982	1982	NUM
ajfa-1871	19	24	;	;	PUNCT
ajfa-1871	19	25	maurer	maurer	NOUN
ajfa-1871	19	26	,	,	PUNCT
ajfa-1871	19	27	1984	1984	NUM
ajfa-1871	19	28	)	)	PUNCT
ajfa-1871	19	29	or	or	CCONJ
ajfa-1871	19	30	remove	remove	VERB
ajfa-1871	19	31	a	a	DET
ajfa-1871	19	32	ceo	ceo	NOUN
ajfa-1871	19	33	's	's	PART
ajfa-1871	19	34	motivation	motivation	NOUN
ajfa-1871	19	35	to	to	PART
ajfa-1871	19	36	sabotage	sabotage	VERB
ajfa-1871	19	37	an	an	DET
ajfa-1871	19	38	external	external	ADJ
ajfa-1871	19	39	takeover	takeover	NOUN
ajfa-1871	19	40	attempt	attempt	NOUN
ajfa-1871	19	41	(	(	PUNCT
ajfa-1871	19	42	morrison	morrison	PROPN
ajfa-1871	19	43	,	,	PUNCT
ajfa-1871	19	44	1982	1982	NUM
ajfa-1871	19	45	;	;	PUNCT
ajfa-1871	19	46	larcker	larcker	NOUN
ajfa-1871	19	47	and	and	CCONJ
ajfa-1871	19	48	lambert	lambert	PROPN
ajfa-1871	19	49	,	,	PUNCT
ajfa-1871	19	50	1985	1985	NUM
ajfa-1871	19	51	)	)	PUNCT
ajfa-1871	19	52	.	.	PUNCT
ajfa-1871	20	1	therefore	therefore	ADV
ajfa-1871	20	2	,	,	PUNCT
ajfa-1871	20	3	little	little	ADJ
ajfa-1871	20	4	research	research	NOUN
ajfa-1871	20	5	has	have	AUX
ajfa-1871	20	6	been	be	AUX
ajfa-1871	20	7	undertaken	undertake	VERB
ajfa-1871	20	8	to	to	ADP
ajfa-1871	20	9	date	date	NOUN
ajfa-1871	20	10	that	that	PRON
ajfa-1871	20	11	investigates	investigate	VERB
ajfa-1871	20	12	whether	whether	SCONJ
ajfa-1871	20	13	the	the	DET
ajfa-1871	20	14	potential	potential	ADJ
ajfa-1871	20	15	gains	gain	NOUN
ajfa-1871	20	16	from	from	ADP
ajfa-1871	20	17	golden	golden	ADJ
ajfa-1871	20	18	parachutes	parachute	NOUN
ajfa-1871	20	19	actually	actually	ADV
ajfa-1871	20	20	motivate	motivate	VERB
ajfa-1871	20	21	some	some	DET
ajfa-1871	20	22	ceos	ceos	NOUN
ajfa-1871	20	23	to	to	PART
ajfa-1871	20	24	desire	desire	VERB
ajfa-1871	20	25	their	their	PRON
ajfa-1871	20	26	firm	firm	NOUN
ajfa-1871	20	27	to	to	PART
ajfa-1871	20	28	be	be	AUX
ajfa-1871	20	29	taken	take	VERB
ajfa-1871	20	30	over	over	ADP
ajfa-1871	20	31	.	.	PUNCT
ajfa-1871	21	1	this	this	DET
ajfa-1871	21	2	study	study	NOUN
ajfa-1871	21	3	is	be	AUX
ajfa-1871	21	4	novel	novel	ADJ
ajfa-1871	21	5	as	as	SCONJ
ajfa-1871	21	6	it	it	PRON
ajfa-1871	21	7	investigates	investigate	VERB
ajfa-1871	21	8	whether	whether	SCONJ
ajfa-1871	21	9	the	the	DET
ajfa-1871	21	10	size	size	NOUN
ajfa-1871	21	11	of	of	ADP
ajfa-1871	21	12	a	a	DET
ajfa-1871	21	13	change	change	NOUN
ajfa-1871	21	14	in	in	ADP
ajfa-1871	21	15	control	control	NOUN
ajfa-1871	21	16	payments	payment	NOUN
ajfa-1871	21	17	have	have	AUX
ajfa-1871	21	18	become	become	VERB
ajfa-1871	21	19	so	so	ADV
ajfa-1871	21	20	large	large	ADJ
ajfa-1871	21	21	that	that	SCONJ
ajfa-1871	21	22	it	it	PRON
ajfa-1871	21	23	influences	influence	VERB
ajfa-1871	21	24	ceos	ceos	NOUN
ajfa-1871	21	25	to	to	PART
ajfa-1871	21	26	actually	actually	ADV
ajfa-1871	21	27	desire	desire	VERB
ajfa-1871	21	28	their	their	PRON
ajfa-1871	21	29	firm	firm	NOUN
ajfa-1871	21	30	’s	’s	PART
ajfa-1871	21	31	to	to	PART
ajfa-1871	21	32	be	be	AUX
ajfa-1871	21	33	taken	take	VERB
ajfa-1871	21	34	over	over	ADP
ajfa-1871	21	35	.	.	PUNCT
ajfa-1871	22	1	this	this	DET
ajfa-1871	22	2	study	study	NOUN
ajfa-1871	22	3	contributes	contribute	VERB
ajfa-1871	22	4	to	to	ADP
ajfa-1871	22	5	the	the	DET
ajfa-1871	22	6	literature	literature	NOUN
ajfa-1871	22	7	in	in	ADP
ajfa-1871	22	8	three	three	NUM
ajfa-1871	22	9	distinct	distinct	ADJ
ajfa-1871	22	10	areas	area	NOUN
ajfa-1871	22	11	relating	relate	VERB
ajfa-1871	22	12	to	to	ADP
ajfa-1871	22	13	finance	finance	NOUN
ajfa-1871	22	14	that	that	PRON
ajfa-1871	22	15	are	be	AUX
ajfa-1871	22	16	,	,	PUNCT
ajfa-1871	22	17	mergers	merger	NOUN
ajfa-1871	22	18	and	and	CCONJ
ajfa-1871	22	19	acquisitions	acquisition	NOUN
ajfa-1871	22	20	,	,	PUNCT
ajfa-1871	22	21	corporate	corporate	ADJ
ajfa-1871	22	22	governance	governance	NOUN
ajfa-1871	22	23	and	and	CCONJ
ajfa-1871	22	24	capital	capital	NOUN
ajfa-1871	22	25	structure	structure	NOUN
ajfa-1871	22	26	.	.	PUNCT
ajfa-1871	23	1	first	first	ADV
ajfa-1871	23	2	,	,	PUNCT
ajfa-1871	23	3	most	most	ADJ
ajfa-1871	23	4	studies	study	NOUN
ajfa-1871	23	5	relating	relate	VERB
ajfa-1871	23	6	to	to	ADP
ajfa-1871	23	7	mergers	merger	NOUN
ajfa-1871	23	8	and	and	CCONJ
ajfa-1871	23	9	acquisitions	acquisition	NOUN
ajfa-1871	23	10	argue	argue	VERB
ajfa-1871	23	11	from	from	ADP
ajfa-1871	23	12	the	the	DET
ajfa-1871	23	13	acquiring	acquire	VERB
ajfa-1871	23	14	firm	firm	NOUN
ajfa-1871	23	15	’s	’s	PART
ajfa-1871	23	16	viewpoint	viewpoint	NOUN
ajfa-1871	23	17	,	,	PUNCT
ajfa-1871	23	18	that	that	ADV
ajfa-1871	23	19	is	is	ADV
ajfa-1871	23	20	,	,	PUNCT
ajfa-1871	23	21	whether	whether	SCONJ
ajfa-1871	23	22	acquisitions	acquisition	NOUN
ajfa-1871	23	23	are	be	AUX
ajfa-1871	23	24	a	a	DET
ajfa-1871	23	25	wise	wise	ADJ
ajfa-1871	23	26	investment	investment	NOUN
ajfa-1871	23	27	or	or	CCONJ
ajfa-1871	23	28	they	they	PRON
ajfa-1871	23	29	simply	simply	ADV
ajfa-1871	23	30	exist	exist	VERB
ajfa-1871	23	31	to	to	PART
ajfa-1871	23	32	increase	increase	VERB
ajfa-1871	23	33	the	the	DET
ajfa-1871	23	34	acquiring	acquire	VERB
ajfa-1871	23	35	ceos	ceos	NOUN
ajfa-1871	23	36	power	power	NOUN
ajfa-1871	23	37	(	(	PUNCT
ajfa-1871	23	38	see	see	VERB
ajfa-1871	23	39	holland	holland	PROPN
ajfa-1871	23	40	and	and	CCONJ
ajfa-1871	23	41	hodgkinson	hodgkinson	PROPN
ajfa-1871	23	42	,	,	PUNCT
ajfa-1871	23	43	1994	1994	NUM
ajfa-1871	23	44	;	;	PUNCT
ajfa-1871	23	45	andrade	andrade	PROPN
ajfa-1871	23	46	,	,	PUNCT
ajfa-1871	23	47	mitchell	mitchell	PROPN
ajfa-1871	23	48	&	&	CCONJ
ajfa-1871	23	49	stafford	stafford	PROPN
ajfa-1871	23	50	,	,	PUNCT
ajfa-1871	23	51	2001	2001	NUM
ajfa-1871	23	52	)	)	PUNCT
ajfa-1871	23	53	.	.	PUNCT
ajfa-1871	24	1	however	however	ADV
ajfa-1871	24	2	,	,	PUNCT
ajfa-1871	24	3	the	the	DET
ajfa-1871	24	4	research	research	NOUN
ajfa-1871	24	5	question	question	NOUN
ajfa-1871	24	6	that	that	SCONJ
ajfa-1871	24	7	we	we	PRON
ajfa-1871	24	8	propose	propose	VERB
ajfa-1871	24	9	“	"	PUNCT
ajfa-1871	24	10	do	do	AUX
ajfa-1871	24	11	golden	golden	ADJ
ajfa-1871	24	12	parachutes	parachute	NOUN
ajfa-1871	24	13	increase	increase	VERB
ajfa-1871	24	14	ceo	ceo	NOUN
ajfa-1871	24	15	’s	’s	PART
ajfa-1871	24	16	desire	desire	NOUN
ajfa-1871	24	17	for	for	SCONJ
ajfa-1871	24	18	their	their	PRON
ajfa-1871	24	19	firms	firm	NOUN
ajfa-1871	24	20	to	to	PART
ajfa-1871	24	21	be	be	AUX
ajfa-1871	24	22	taken	take	VERB
ajfa-1871	24	23	over	over	ADP
ajfa-1871	24	24	?	?	PUNCT
ajfa-1871	24	25	”	"	PUNCT
ajfa-1871	24	26	allows	allow	VERB
ajfa-1871	24	27	mergers	merger	NOUN
ajfa-1871	24	28	and	and	CCONJ
ajfa-1871	24	29	acquisitions	acquisition	NOUN
ajfa-1871	24	30	to	to	PART
ajfa-1871	24	31	be	be	AUX
ajfa-1871	24	32	viewed	view	VERB
ajfa-1871	24	33	from	from	ADP
ajfa-1871	24	34	the	the	DET
ajfa-1871	24	35	target	target	NOUN
ajfa-1871	24	36	firms	firm	NOUN
ajfa-1871	24	37	’	’	PART
ajfa-1871	24	38	perspective	perspective	NOUN
ajfa-1871	24	39	.	.	PUNCT
ajfa-1871	25	1	if	if	SCONJ
ajfa-1871	25	2	golden	golden	ADJ
ajfa-1871	25	3	parachutes	parachute	NOUN
ajfa-1871	25	4	do	do	AUX
ajfa-1871	25	5	increase	increase	VERB
ajfa-1871	25	6	ceos	ceos	NOUN
ajfa-1871	25	7	desire	desire	NOUN
ajfa-1871	25	8	for	for	SCONJ
ajfa-1871	25	9	their	their	PRON
ajfa-1871	25	10	firms	firm	NOUN
ajfa-1871	25	11	to	to	PART
ajfa-1871	25	12	be	be	AUX
ajfa-1871	25	13	taken	take	VERB
ajfa-1871	25	14	over	over	ADP
ajfa-1871	25	15	,	,	PUNCT
ajfa-1871	25	16	it	it	PRON
ajfa-1871	25	17	will	will	AUX
ajfa-1871	25	18	have	have	VERB
ajfa-1871	25	19	important	important	ADJ
ajfa-1871	25	20	implications	implication	NOUN
ajfa-1871	25	21	for	for	ADP
ajfa-1871	25	22	corporate	corporate	ADJ
ajfa-1871	25	23	governance	governance	NOUN
ajfa-1871	25	24	issues	issue	NOUN
ajfa-1871	25	25	and	and	CCONJ
ajfa-1871	25	26	the	the	DET
ajfa-1871	25	27	board	board	NOUN
ajfa-1871	25	28	of	of	ADP
ajfa-1871	25	29	directors	director	NOUN
ajfa-1871	25	30	will	will	AUX
ajfa-1871	25	31	be	be	AUX
ajfa-1871	25	32	interested	interested	ADJ
ajfa-1871	25	33	to	to	PART
ajfa-1871	25	34	know	know	VERB
ajfa-1871	25	35	what	what	PRON
ajfa-1871	25	36	impact	impact	NOUN
ajfa-1871	25	37	a	a	DET
ajfa-1871	25	38	ceo	ceo	NOUN
ajfa-1871	25	39	's	's	PART
ajfa-1871	25	40	motivation	motivation	NOUN
ajfa-1871	25	41	to	to	PART
ajfa-1871	25	42	seek	seek	VERB
ajfa-1871	25	43	acquisition	acquisition	NOUN
ajfa-1871	25	44	will	will	AUX
ajfa-1871	25	45	have	have	VERB
ajfa-1871	25	46	on	on	ADP
ajfa-1871	25	47	their	their	PRON
ajfa-1871	25	48	firm	firm	NOUN
ajfa-1871	25	49	.	.	PUNCT
ajfa-1871	26	1	moreover	moreover	ADV
ajfa-1871	26	2	,	,	PUNCT
ajfa-1871	26	3	shareholders	shareholder	NOUN
ajfa-1871	26	4	may	may	AUX
ajfa-1871	26	5	desire	desire	VERB
ajfa-1871	26	6	their	their	PRON
ajfa-1871	26	7	firm	firm	NOUN
ajfa-1871	26	8	to	to	PART
ajfa-1871	26	9	be	be	AUX
ajfa-1871	26	10	taken	take	VERB
ajfa-1871	26	11	asian	asian	ADJ
ajfa-1871	26	12	journal	journal	NOUN
ajfa-1871	26	13	of	of	ADP
ajfa-1871	26	14	finance	finance	PROPN
ajfa-1871	26	15	&	&	CCONJ
ajfa-1871	26	16	accounting	accounting	PROPN
ajfa-1871	26	17	issn	issn	PROPN
ajfa-1871	26	18	1946	1946	NUM
ajfa-1871	26	19	-	-	PUNCT
ajfa-1871	26	20	052x	052x	NOUN
ajfa-1871	26	21	2012	2012	NUM
ajfa-1871	26	22	,	,	PUNCT
ajfa-1871	26	23	vol	vol	NOUN
ajfa-1871	26	24	.	.	PROPN
ajfa-1871	26	25	4	4	NUM
ajfa-1871	26	26	,	,	PUNCT
ajfa-1871	26	27	no	no	INTJ
ajfa-1871	26	28	.	.	NOUN
ajfa-1871	26	29	2	2	NUM
ajfa-1871	26	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	26	31	110	110	NUM
ajfa-1871	26	32	over	over	ADP
ajfa-1871	26	33	for	for	ADP
ajfa-1871	26	34	the	the	DET
ajfa-1871	26	35	reasons	reason	NOUN
ajfa-1871	26	36	of	of	ADP
ajfa-1871	26	37	the	the	DET
ajfa-1871	26	38	equity	equity	NOUN
ajfa-1871	26	39	premiums	premium	NOUN
ajfa-1871	26	40	as	as	ADV
ajfa-1871	26	41	well	well	ADV
ajfa-1871	26	42	.	.	PUNCT
ajfa-1871	27	1	therefore	therefore	ADV
ajfa-1871	27	2	,	,	PUNCT
ajfa-1871	27	3	it	it	PRON
ajfa-1871	27	4	would	would	AUX
ajfa-1871	27	5	be	be	AUX
ajfa-1871	27	6	important	important	ADJ
ajfa-1871	27	7	to	to	PART
ajfa-1871	27	8	know	know	VERB
ajfa-1871	27	9	if	if	SCONJ
ajfa-1871	27	10	shareholders	shareholder	NOUN
ajfa-1871	27	11	’	'	PUNCT
ajfa-1871	27	12	motivation	motivation	NOUN
ajfa-1871	27	13	for	for	ADP
ajfa-1871	27	14	the	the	DET
ajfa-1871	27	15	merger	merger	NOUN
ajfa-1871	27	16	and	and	CCONJ
ajfa-1871	27	17	acquisitions	acquisition	NOUN
ajfa-1871	27	18	is	be	AUX
ajfa-1871	27	19	in	in	ADP
ajfa-1871	27	20	fact	fact	NOUN
ajfa-1871	27	21	aligned	align	VERB
ajfa-1871	27	22	with	with	ADP
ajfa-1871	27	23	the	the	DET
ajfa-1871	27	24	ceo	ceo	NOUN
ajfa-1871	27	25	’s	’s	PART
ajfa-1871	27	26	desire	desire	NOUN
ajfa-1871	27	27	to	to	PART
ajfa-1871	27	28	be	be	AUX
ajfa-1871	27	29	taken	take	VERB
ajfa-1871	27	30	over	over	ADP
ajfa-1871	27	31	.	.	PUNCT
ajfa-1871	28	1	furthermore	furthermore	ADV
ajfa-1871	28	2	,	,	PUNCT
ajfa-1871	28	3	the	the	DET
ajfa-1871	28	4	desire	desire	NOUN
ajfa-1871	28	5	to	to	PART
ajfa-1871	28	6	be	be	AUX
ajfa-1871	28	7	taken	take	VERB
ajfa-1871	28	8	over	over	ADP
ajfa-1871	28	9	may	may	AUX
ajfa-1871	28	10	actually	actually	ADV
ajfa-1871	28	11	motivate	motivate	VERB
ajfa-1871	28	12	ceo	ceo	PROPN
ajfa-1871	28	13	’s	’s	ADJ
ajfa-1871	28	14	to	to	PART
ajfa-1871	28	15	alter	alter	VERB
ajfa-1871	28	16	the	the	DET
ajfa-1871	28	17	capital	capital	NOUN
ajfa-1871	28	18	structure	structure	NOUN
ajfa-1871	28	19	of	of	ADP
ajfa-1871	28	20	their	their	PRON
ajfa-1871	28	21	firm	firm	NOUN
ajfa-1871	28	22	in	in	ADP
ajfa-1871	28	23	such	such	DET
ajfa-1871	28	24	a	a	DET
ajfa-1871	28	25	way	way	NOUN
ajfa-1871	28	26	that	that	PRON
ajfa-1871	28	27	it	it	PRON
ajfa-1871	28	28	becomes	become	VERB
ajfa-1871	28	29	attractive	attractive	ADJ
ajfa-1871	28	30	for	for	ADP
ajfa-1871	28	31	takeovers	takeover	NOUN
ajfa-1871	28	32	(	(	PUNCT
ajfa-1871	28	33	powell	powell	PROPN
ajfa-1871	28	34	and	and	CCONJ
ajfa-1871	28	35	thomas	thomas	PROPN
ajfa-1871	28	36	,	,	PUNCT
ajfa-1871	28	37	1994	1994	NUM
ajfa-1871	28	38	)	)	PUNCT
ajfa-1871	28	39	.	.	PUNCT
ajfa-1871	29	1	finally	finally	ADV
ajfa-1871	29	2	,	,	PUNCT
ajfa-1871	29	3	studies	study	NOUN
ajfa-1871	29	4	relating	relate	VERB
ajfa-1871	29	5	to	to	ADP
ajfa-1871	29	6	mergers	merger	NOUN
ajfa-1871	29	7	and	and	CCONJ
ajfa-1871	29	8	acquisition	acquisition	NOUN
ajfa-1871	29	9	have	have	AUX
ajfa-1871	29	10	mainly	mainly	ADV
ajfa-1871	29	11	been	be	AUX
ajfa-1871	29	12	based	base	VERB
ajfa-1871	29	13	on	on	ADP
ajfa-1871	29	14	the	the	DET
ajfa-1871	29	15	uk	uk	PROPN
ajfa-1871	29	16	or	or	CCONJ
ajfa-1871	29	17	the	the	DET
ajfa-1871	29	18	us	us	PROPN
ajfa-1871	29	19	markets	market	NOUN
ajfa-1871	29	20	and	and	CCONJ
ajfa-1871	29	21	therefore	therefore	ADV
ajfa-1871	29	22	,	,	PUNCT
ajfa-1871	29	23	little	little	ADJ
ajfa-1871	29	24	is	be	AUX
ajfa-1871	29	25	known	know	VERB
ajfa-1871	29	26	about	about	ADP
ajfa-1871	29	27	the	the	DET
ajfa-1871	29	28	managerial	managerial	ADJ
ajfa-1871	29	29	behaviour	behaviour	NOUN
ajfa-1871	29	30	relating	relate	VERB
ajfa-1871	29	31	to	to	ADP
ajfa-1871	29	32	golden	golden	ADJ
ajfa-1871	29	33	parachutes	parachute	NOUN
ajfa-1871	29	34	outside	outside	ADP
ajfa-1871	29	35	these	these	DET
ajfa-1871	29	36	countries	country	NOUN
ajfa-1871	29	37	.	.	PUNCT
ajfa-1871	30	1	for	for	ADP
ajfa-1871	30	2	our	our	PRON
ajfa-1871	30	3	research	research	NOUN
ajfa-1871	30	4	,	,	PUNCT
ajfa-1871	30	5	we	we	PRON
ajfa-1871	30	6	include	include	VERB
ajfa-1871	30	7	data	datum	NOUN
ajfa-1871	30	8	from	from	ADP
ajfa-1871	30	9	both	both	DET
ajfa-1871	30	10	australia	australia	PROPN
ajfa-1871	30	11	and	and	CCONJ
ajfa-1871	30	12	the	the	DET
ajfa-1871	30	13	us	we	PRON
ajfa-1871	30	14	which	which	PRON
ajfa-1871	30	15	adds	add	VERB
ajfa-1871	30	16	to	to	ADP
ajfa-1871	30	17	our	our	PRON
ajfa-1871	30	18	understanding	understanding	NOUN
ajfa-1871	30	19	regarding	regard	VERB
ajfa-1871	30	20	the	the	DET
ajfa-1871	30	21	effect	effect	NOUN
ajfa-1871	30	22	of	of	ADP
ajfa-1871	30	23	golden	golden	ADJ
ajfa-1871	30	24	parachutes	parachute	NOUN
ajfa-1871	30	25	on	on	ADP
ajfa-1871	30	26	ceos	ceos	NOUN
ajfa-1871	30	27	motivation	motivation	NOUN
ajfa-1871	30	28	on	on	ADP
ajfa-1871	30	29	a	a	DET
ajfa-1871	30	30	global	global	ADJ
ajfa-1871	30	31	basis	basis	NOUN
ajfa-1871	30	32	.	.	PUNCT
ajfa-1871	31	1	our	our	PRON
ajfa-1871	31	2	results	result	NOUN
ajfa-1871	31	3	show	show	VERB
ajfa-1871	31	4	a	a	DET
ajfa-1871	31	5	positive	positive	ADJ
ajfa-1871	31	6	association	association	NOUN
ajfa-1871	31	7	between	between	ADP
ajfa-1871	31	8	net	net	ADJ
ajfa-1871	31	9	cash	cash	NOUN
ajfa-1871	31	10	balances	balance	NOUN
ajfa-1871	31	11	and	and	CCONJ
ajfa-1871	31	12	golden	golden	ADJ
ajfa-1871	31	13	parachutes	parachute	NOUN
ajfa-1871	31	14	,	,	PUNCT
ajfa-1871	31	15	which	which	PRON
ajfa-1871	31	16	to	to	ADP
ajfa-1871	31	17	some	some	DET
ajfa-1871	31	18	extent	extent	NOUN
ajfa-1871	31	19	explain	explain	VERB
ajfa-1871	31	20	the	the	DET
ajfa-1871	31	21	effects	effect	NOUN
ajfa-1871	31	22	golden	golden	ADJ
ajfa-1871	31	23	parachutes	parachute	NOUN
ajfa-1871	31	24	have	have	VERB
ajfa-1871	31	25	on	on	ADP
ajfa-1871	31	26	ceos	ceos	NOUN
ajfa-1871	31	27	desire	desire	NOUN
ajfa-1871	31	28	to	to	PART
ajfa-1871	31	29	be	be	AUX
ajfa-1871	31	30	taken	take	VERB
ajfa-1871	31	31	over	over	ADP
ajfa-1871	31	32	.	.	PUNCT
ajfa-1871	32	1	our	our	PRON
ajfa-1871	32	2	findings	finding	NOUN
ajfa-1871	32	3	suggest	suggest	VERB
ajfa-1871	32	4	that	that	SCONJ
ajfa-1871	32	5	ceos	ceos	NOUN
ajfa-1871	32	6	with	with	ADP
ajfa-1871	32	7	power	power	NOUN
ajfa-1871	32	8	not	not	PART
ajfa-1871	32	9	only	only	ADV
ajfa-1871	32	10	enjoy	enjoy	VERB
ajfa-1871	32	11	greater	great	ADJ
ajfa-1871	32	12	levels	level	NOUN
ajfa-1871	32	13	of	of	ADP
ajfa-1871	32	14	cash	cash	NOUN
ajfa-1871	32	15	but	but	CCONJ
ajfa-1871	32	16	also	also	ADV
ajfa-1871	32	17	ensure	ensure	VERB
ajfa-1871	32	18	that	that	SCONJ
ajfa-1871	32	19	their	their	PRON
ajfa-1871	32	20	future	future	ADJ
ajfa-1871	32	21	financial	financial	ADJ
ajfa-1871	32	22	wellbeing	wellbeing	NOUN
ajfa-1871	32	23	is	be	AUX
ajfa-1871	32	24	taken	take	VERB
ajfa-1871	32	25	care	care	NOUN
ajfa-1871	32	26	of	of	ADP
ajfa-1871	32	27	by	by	ADP
ajfa-1871	32	28	locking	lock	VERB
ajfa-1871	32	29	in	in	ADP
ajfa-1871	32	30	large	large	ADJ
ajfa-1871	32	31	change	change	NOUN
ajfa-1871	32	32	in	in	ADP
ajfa-1871	32	33	control	control	NOUN
ajfa-1871	32	34	payments	payment	NOUN
ajfa-1871	32	35	.	.	PUNCT
ajfa-1871	33	1	this	this	DET
ajfa-1871	33	2	finding	finding	NOUN
ajfa-1871	33	3	is	be	AUX
ajfa-1871	33	4	also	also	ADV
ajfa-1871	33	5	supported	support	VERB
ajfa-1871	33	6	by	by	ADP
ajfa-1871	33	7	jensen	jensen	PROPN
ajfa-1871	33	8	(	(	PUNCT
ajfa-1871	33	9	1986	1986	NUM
ajfa-1871	33	10	)	)	PUNCT
ajfa-1871	33	11	,	,	PUNCT
ajfa-1871	33	12	who	who	PRON
ajfa-1871	33	13	state	state	VERB
ajfa-1871	33	14	that	that	SCONJ
ajfa-1871	33	15	the	the	DET
ajfa-1871	33	16	large	large	ADJ
ajfa-1871	33	17	change	change	NOUN
ajfa-1871	33	18	in	in	ADP
ajfa-1871	33	19	control	control	NOUN
ajfa-1871	33	20	payments	payment	NOUN
ajfa-1871	33	21	not	not	PART
ajfa-1871	33	22	only	only	ADV
ajfa-1871	33	23	motivates	motivate	VERB
ajfa-1871	33	24	ceos	ceos	NOUN
ajfa-1871	33	25	to	to	PART
ajfa-1871	33	26	seek	seek	VERB
ajfa-1871	33	27	acquisition	acquisition	NOUN
ajfa-1871	33	28	but	but	CCONJ
ajfa-1871	33	29	also	also	ADV
ajfa-1871	33	30	exists	exist	VERB
ajfa-1871	33	31	as	as	ADP
ajfa-1871	33	32	an	an	DET
ajfa-1871	33	33	insurance	insurance	NOUN
ajfa-1871	33	34	policy	policy	NOUN
ajfa-1871	33	35	for	for	ADP
ajfa-1871	33	36	the	the	DET
ajfa-1871	33	37	incumbent	incumbent	ADJ
ajfa-1871	33	38	manager	manager	NOUN
ajfa-1871	33	39	against	against	ADP
ajfa-1871	33	40	the	the	DET
ajfa-1871	33	41	acquisition	acquisition	NOUN
ajfa-1871	33	42	market	market	NOUN
ajfa-1871	33	43	.	.	PUNCT
ajfa-1871	34	1	the	the	DET
ajfa-1871	34	2	rest	rest	NOUN
ajfa-1871	34	3	of	of	ADP
ajfa-1871	34	4	this	this	DET
ajfa-1871	34	5	paper	paper	NOUN
ajfa-1871	34	6	is	be	AUX
ajfa-1871	34	7	organised	organise	VERB
ajfa-1871	34	8	as	as	SCONJ
ajfa-1871	34	9	follows	follow	VERB
ajfa-1871	34	10	.	.	PUNCT
ajfa-1871	35	1	section	section	NOUN
ajfa-1871	35	2	ii	ii	PROPN
ajfa-1871	35	3	provides	provide	VERB
ajfa-1871	35	4	reviews	review	NOUN
ajfa-1871	35	5	of	of	ADP
ajfa-1871	35	6	the	the	DET
ajfa-1871	35	7	extant	extant	ADJ
ajfa-1871	35	8	literature	literature	NOUN
ajfa-1871	35	9	on	on	ADP
ajfa-1871	35	10	the	the	DET
ajfa-1871	35	11	subject	subject	NOUN
ajfa-1871	35	12	of	of	ADP
ajfa-1871	35	13	change	change	NOUN
ajfa-1871	35	14	in	in	ADP
ajfa-1871	35	15	control	control	NOUN
ajfa-1871	35	16	payments	payment	NOUN
ajfa-1871	35	17	.	.	PUNCT
ajfa-1871	36	1	section	section	NOUN
ajfa-1871	36	2	iii	iii	NOUN
ajfa-1871	36	3	provides	provide	VERB
ajfa-1871	36	4	the	the	DET
ajfa-1871	36	5	problem	problem	NOUN
ajfa-1871	36	6	definition	definition	NOUN
ajfa-1871	36	7	and	and	CCONJ
ajfa-1871	36	8	motivation	motivation	NOUN
ajfa-1871	36	9	.	.	PUNCT
ajfa-1871	37	1	section	section	NOUN
ajfa-1871	37	2	iv	iv	NUM
ajfa-1871	37	3	describes	describe	VERB
ajfa-1871	37	4	the	the	DET
ajfa-1871	37	5	data	datum	NOUN
ajfa-1871	37	6	sources	source	NOUN
ajfa-1871	37	7	and	and	CCONJ
ajfa-1871	37	8	research	research	NOUN
ajfa-1871	37	9	method	method	NOUN
ajfa-1871	37	10	.	.	PUNCT
ajfa-1871	38	1	section	section	NOUN
ajfa-1871	38	2	v	v	PROPN
ajfa-1871	38	3	presents	present	VERB
ajfa-1871	38	4	the	the	DET
ajfa-1871	38	5	empirical	empirical	ADJ
ajfa-1871	38	6	results	result	NOUN
ajfa-1871	38	7	and	and	CCONJ
ajfa-1871	38	8	section	section	NOUN
ajfa-1871	38	9	vi	vi	PROPN
ajfa-1871	38	10	,	,	PUNCT
ajfa-1871	38	11	conclusion	conclusion	NOUN
ajfa-1871	38	12	.	.	PUNCT
ajfa-1871	39	1	2	2	X
ajfa-1871	39	2	.	.	X
ajfa-1871	39	3	literature	literature	NOUN
ajfa-1871	39	4	review	review	VERB
ajfa-1871	39	5	the	the	DET
ajfa-1871	39	6	term	term	NOUN
ajfa-1871	39	7	‘	'	PUNCT
ajfa-1871	39	8	golden	golden	ADJ
ajfa-1871	39	9	parachute	parachute	NOUN
ajfa-1871	39	10	’	'	PUNCT
ajfa-1871	39	11	stems	stem	VERB
ajfa-1871	39	12	from	from	ADP
ajfa-1871	39	13	a	a	DET
ajfa-1871	39	14	broader	broad	ADJ
ajfa-1871	39	15	field	field	NOUN
ajfa-1871	39	16	of	of	ADP
ajfa-1871	39	17	corporate	corporate	ADJ
ajfa-1871	39	18	governance	governance	NOUN
ajfa-1871	39	19	.	.	PUNCT
ajfa-1871	40	1	for	for	ADP
ajfa-1871	40	2	this	this	DET
ajfa-1871	40	3	reason	reason	NOUN
ajfa-1871	40	4	,	,	PUNCT
ajfa-1871	40	5	a	a	DET
ajfa-1871	40	6	majority	majority	NOUN
ajfa-1871	40	7	of	of	ADP
ajfa-1871	40	8	scholars	scholar	NOUN
ajfa-1871	40	9	have	have	AUX
ajfa-1871	40	10	used	use	VERB
ajfa-1871	40	11	agency	agency	NOUN
ajfa-1871	40	12	theory	theory	NOUN
ajfa-1871	40	13	paradigm	paradigm	NOUN
ajfa-1871	40	14	to	to	PART
ajfa-1871	40	15	investigate	investigate	VERB
ajfa-1871	40	16	the	the	DET
ajfa-1871	40	17	effects	effect	NOUN
ajfa-1871	40	18	of	of	ADP
ajfa-1871	40	19	golden	golden	ADJ
ajfa-1871	40	20	parachutes	parachute	NOUN
ajfa-1871	40	21	on	on	ADP
ajfa-1871	40	22	firm	firm	ADJ
ajfa-1871	40	23	performance	performance	NOUN
ajfa-1871	40	24	.	.	PUNCT
ajfa-1871	41	1	many	many	ADJ
ajfa-1871	41	2	researchers	researcher	NOUN
ajfa-1871	41	3	(	(	PUNCT
ajfa-1871	41	4	see	see	VERB
ajfa-1871	41	5	grinstein	grinstein	NOUN
ajfa-1871	41	6	and	and	CCONJ
ajfa-1871	41	7	hribar	hribar	NOUN
ajfa-1871	41	8	,	,	PUNCT
ajfa-1871	41	9	2004	2004	NUM
ajfa-1871	41	10	for	for	ADP
ajfa-1871	41	11	details	detail	NOUN
ajfa-1871	41	12	)	)	PUNCT
ajfa-1871	41	13	have	have	AUX
ajfa-1871	41	14	focused	focus	VERB
ajfa-1871	41	15	on	on	ADP
ajfa-1871	41	16	acquirers	acquirer	NOUN
ajfa-1871	41	17	;	;	PUNCT
ajfa-1871	41	18	while	while	SCONJ
ajfa-1871	41	19	a	a	DET
ajfa-1871	41	20	few	few	ADJ
ajfa-1871	41	21	have	have	AUX
ajfa-1871	41	22	also	also	ADV
ajfa-1871	41	23	studied	study	VERB
ajfa-1871	41	24	the	the	DET
ajfa-1871	41	25	effect	effect	NOUN
ajfa-1871	41	26	of	of	ADP
ajfa-1871	41	27	golden	golden	ADJ
ajfa-1871	41	28	parachute	parachute	NOUN
ajfa-1871	41	29	on	on	ADP
ajfa-1871	41	30	the	the	DET
ajfa-1871	41	31	acquired	acquire	VERB
ajfa-1871	41	32	firms	firm	NOUN
ajfa-1871	41	33	as	as	ADV
ajfa-1871	41	34	well	well	ADV
ajfa-1871	41	35	(	(	PUNCT
ajfa-1871	41	36	hartzell	hartzell	VERB
ajfa-1871	41	37	et	et	PROPN
ajfa-1871	41	38	al	al	PROPN
ajfa-1871	41	39	.	.	PROPN
ajfa-1871	41	40	,	,	PUNCT
ajfa-1871	41	41	2004	2004	NUM
ajfa-1871	41	42	)	)	PUNCT
ajfa-1871	41	43	.	.	PUNCT
ajfa-1871	42	1	morrison	morrison	PROPN
ajfa-1871	42	2	(	(	PUNCT
ajfa-1871	42	3	1982	1982	NUM
ajfa-1871	42	4	)	)	PUNCT
ajfa-1871	42	5	argues	argue	VERB
ajfa-1871	42	6	that	that	SCONJ
ajfa-1871	42	7	ceos	ceo	NOUN
ajfa-1871	42	8	whose	whose	DET
ajfa-1871	42	9	firms	firm	NOUN
ajfa-1871	42	10	are	be	AUX
ajfa-1871	42	11	acquired	acquire	VERB
ajfa-1871	42	12	often	often	ADV
ajfa-1871	42	13	lose	lose	VERB
ajfa-1871	42	14	jobs	job	NOUN
ajfa-1871	42	15	which	which	PRON
ajfa-1871	42	16	motivate	motivate	VERB
ajfa-1871	42	17	them	they	PRON
ajfa-1871	42	18	to	to	PART
ajfa-1871	42	19	find	find	VERB
ajfa-1871	42	20	ways	way	NOUN
ajfa-1871	42	21	to	to	PART
ajfa-1871	42	22	reduce	reduce	VERB
ajfa-1871	42	23	the	the	DET
ajfa-1871	42	24	possibility	possibility	NOUN
ajfa-1871	42	25	of	of	ADP
ajfa-1871	42	26	such	such	ADJ
ajfa-1871	42	27	acquisitions	acquisition	NOUN
ajfa-1871	42	28	.	.	PUNCT
ajfa-1871	43	1	there	there	PRON
ajfa-1871	43	2	are	be	VERB
ajfa-1871	43	3	numerous	numerous	ADJ
ajfa-1871	43	4	options	option	NOUN
ajfa-1871	43	5	available	available	ADJ
ajfa-1871	43	6	to	to	ADP
ajfa-1871	43	7	the	the	DET
ajfa-1871	43	8	ceos	ceos	NOUN
ajfa-1871	43	9	and	and	CCONJ
ajfa-1871	43	10	one	one	NUM
ajfa-1871	43	11	of	of	ADP
ajfa-1871	43	12	the	the	DET
ajfa-1871	43	13	most	most	ADV
ajfa-1871	43	14	popular	popular	ADJ
ajfa-1871	43	15	one	one	NOUN
ajfa-1871	43	16	is	be	AUX
ajfa-1871	43	17	to	to	PART
ajfa-1871	43	18	delay	delay	VERB
ajfa-1871	43	19	and	and	CCONJ
ajfa-1871	43	20	hinder	hinder	VERB
ajfa-1871	43	21	progress	progress	NOUN
ajfa-1871	43	22	of	of	ADP
ajfa-1871	43	23	a	a	DET
ajfa-1871	43	24	takeover	takeover	NOUN
ajfa-1871	43	25	bid	bid	NOUN
ajfa-1871	43	26	by	by	ADP
ajfa-1871	43	27	influencing	influence	VERB
ajfa-1871	43	28	shareholders	shareholder	NOUN
ajfa-1871	43	29	.	.	PUNCT
ajfa-1871	44	1	over	over	ADP
ajfa-1871	44	2	the	the	DET
ajfa-1871	44	3	last	last	ADJ
ajfa-1871	44	4	decade	decade	NOUN
ajfa-1871	44	5	or	or	CCONJ
ajfa-1871	44	6	so	so	ADV
ajfa-1871	44	7	only	only	ADV
ajfa-1871	44	8	18	18	NUM
ajfa-1871	44	9	per	per	ADP
ajfa-1871	44	10	cent	cent	NOUN
ajfa-1871	44	11	of	of	ADP
ajfa-1871	44	12	the	the	DET
ajfa-1871	44	13	takeovers	takeover	NOUN
ajfa-1871	44	14	were	be	AUX
ajfa-1871	44	15	hostile	hostile	ADJ
ajfa-1871	44	16	(	(	PUNCT
ajfa-1871	44	17	hartzell	hartzell	PROPN
ajfa-1871	44	18	,	,	PUNCT
ajfa-1871	44	19	et	et	PROPN
ajfa-1871	44	20	al	al	PROPN
ajfa-1871	44	21	.	.	PROPN
ajfa-1871	44	22	,	,	PUNCT
ajfa-1871	44	23	2004	2004	NUM
ajfa-1871	44	24	)	)	PUNCT
ajfa-1871	44	25	,	,	PUNCT
ajfa-1871	44	26	which	which	PRON
ajfa-1871	44	27	indicate	indicate	VERB
ajfa-1871	44	28	that	that	SCONJ
ajfa-1871	44	29	most	most	ADJ
ajfa-1871	44	30	of	of	ADP
ajfa-1871	44	31	the	the	DET
ajfa-1871	44	32	takeovers	takeover	NOUN
ajfa-1871	44	33	do	do	AUX
ajfa-1871	44	34	require	require	VERB
ajfa-1871	44	35	support	support	NOUN
ajfa-1871	44	36	of	of	ADP
ajfa-1871	44	37	the	the	DET
ajfa-1871	44	38	incumbent	incumbent	ADJ
ajfa-1871	44	39	managers	manager	NOUN
ajfa-1871	44	40	to	to	PART
ajfa-1871	44	41	progress	progress	VERB
ajfa-1871	44	42	.	.	PUNCT
ajfa-1871	45	1	furthermore	furthermore	ADV
ajfa-1871	45	2	,	,	PUNCT
ajfa-1871	45	3	empirical	empirical	ADJ
ajfa-1871	45	4	evidence	evidence	NOUN
ajfa-1871	45	5	show	show	VERB
ajfa-1871	45	6	that	that	SCONJ
ajfa-1871	45	7	acquisitions	acquisition	NOUN
ajfa-1871	45	8	have	have	AUX
ajfa-1871	45	9	largely	largely	ADV
ajfa-1871	45	10	benefited	benefit	VERB
ajfa-1871	45	11	target	target	NOUN
ajfa-1871	45	12	companies	company	NOUN
ajfa-1871	45	13	shareholders	shareholder	NOUN
ajfa-1871	45	14	(	(	PUNCT
ajfa-1871	45	15	loughran	loughran	NOUN
ajfa-1871	45	16	and	and	CCONJ
ajfa-1871	45	17	vijh	vijh	NOUN
ajfa-1871	45	18	,	,	PUNCT
ajfa-1871	45	19	1997	1997	NUM
ajfa-1871	45	20	;	;	PUNCT
ajfa-1871	45	21	holland	holland	PROPN
ajfa-1871	45	22	and	and	CCONJ
ajfa-1871	45	23	hodgkinson	hodgkinson	PROPN
ajfa-1871	45	24	,	,	PUNCT
ajfa-1871	45	25	1994	1994	NUM
ajfa-1871	45	26	)	)	PUNCT
ajfa-1871	45	27	and	and	CCONJ
ajfa-1871	45	28	therefore	therefore	ADV
ajfa-1871	45	29	,	,	PUNCT
ajfa-1871	45	30	by	by	ADP
ajfa-1871	45	31	resisting	resist	VERB
ajfa-1871	45	32	takeover	takeover	NOUN
ajfa-1871	45	33	attempts	attempt	NOUN
ajfa-1871	45	34	,	,	PUNCT
ajfa-1871	45	35	ceos	ceo	NOUN
ajfa-1871	45	36	can	can	AUX
ajfa-1871	45	37	cost	cost	VERB
ajfa-1871	45	38	acquiring	acquire	VERB
ajfa-1871	45	39	shareholders	shareholder	NOUN
ajfa-1871	45	40	significant	significant	ADJ
ajfa-1871	45	41	acquisition	acquisition	NOUN
ajfa-1871	45	42	premiums	premium	NOUN
ajfa-1871	45	43	.	.	PUNCT
ajfa-1871	46	1	minimizing	minimize	VERB
ajfa-1871	46	2	the	the	DET
ajfa-1871	46	3	cost	cost	NOUN
ajfa-1871	46	4	of	of	ADP
ajfa-1871	46	5	the	the	DET
ajfa-1871	46	6	conflict	conflict	NOUN
ajfa-1871	46	7	between	between	ADP
ajfa-1871	46	8	a	a	DET
ajfa-1871	46	9	ceos	ceos	NOUN
ajfa-1871	46	10	desire	desire	NOUN
ajfa-1871	46	11	to	to	PART
ajfa-1871	46	12	keep	keep	VERB
ajfa-1871	46	13	their	their	PRON
ajfa-1871	46	14	job	job	NOUN
ajfa-1871	46	15	and	and	CCONJ
ajfa-1871	46	16	shareholders	shareholder	NOUN
ajfa-1871	46	17	’	'	PUNCT
ajfa-1871	46	18	wealth	wealth	NOUN
ajfa-1871	46	19	maximisation	maximisation	NOUN
ajfa-1871	46	20	is	be	AUX
ajfa-1871	46	21	one	one	NUM
ajfa-1871	46	22	of	of	ADP
ajfa-1871	46	23	the	the	DET
ajfa-1871	46	24	major	major	ADJ
ajfa-1871	46	25	reason	reason	NOUN
ajfa-1871	46	26	for	for	ADP
ajfa-1871	46	27	the	the	DET
ajfa-1871	46	28	existence	existence	NOUN
ajfa-1871	46	29	of	of	ADP
ajfa-1871	46	30	golden	golden	ADJ
ajfa-1871	46	31	parachutes	parachute	NOUN
ajfa-1871	46	32	.	.	PUNCT
ajfa-1871	47	1	golden	golden	ADJ
ajfa-1871	47	2	parachutes	parachute	NOUN
ajfa-1871	47	3	allow	allow	VERB
ajfa-1871	47	4	managers	manager	NOUN
ajfa-1871	47	5	to	to	PART
ajfa-1871	47	6	objectively	objectively	ADV
ajfa-1871	47	7	review	review	VERB
ajfa-1871	47	8	takeover	takeover	NOUN
ajfa-1871	47	9	offers	offer	NOUN
ajfa-1871	47	10	without	without	ADP
ajfa-1871	47	11	having	have	VERB
ajfa-1871	47	12	to	to	PART
ajfa-1871	47	13	be	be	AUX
ajfa-1871	47	14	concerned	concern	VERB
ajfa-1871	47	15	about	about	ADP
ajfa-1871	47	16	their	their	PRON
ajfa-1871	47	17	own	own	ADJ
ajfa-1871	47	18	financial	financial	ADJ
ajfa-1871	47	19	security	security	NOUN
ajfa-1871	47	20	,	,	PUNCT
ajfa-1871	47	21	thus	thus	ADV
ajfa-1871	47	22	reducing	reduce	VERB
ajfa-1871	47	23	agency	agency	NOUN
ajfa-1871	47	24	costs	cost	NOUN
ajfa-1871	47	25	(	(	PUNCT
ajfa-1871	47	26	morrison	morrison	PROPN
ajfa-1871	47	27	,	,	PUNCT
ajfa-1871	47	28	1982	1982	NUM
ajfa-1871	47	29	)	)	PUNCT
ajfa-1871	47	30	.	.	PUNCT
ajfa-1871	48	1	larcker	larcker	PROPN
ajfa-1871	48	2	and	and	CCONJ
ajfa-1871	48	3	lambert	lambert	PROPN
ajfa-1871	48	4	(	(	PUNCT
ajfa-1871	48	5	1985	1985	NUM
ajfa-1871	48	6	)	)	PUNCT
ajfa-1871	48	7	argue	argue	VERB
ajfa-1871	48	8	that	that	SCONJ
ajfa-1871	48	9	golden	golden	ADJ
ajfa-1871	48	10	parachutes	parachute	NOUN
ajfa-1871	48	11	allow	allow	VERB
ajfa-1871	48	12	firms	firm	NOUN
ajfa-1871	48	13	to	to	PART
ajfa-1871	48	14	realign	realign	VERB
ajfa-1871	48	15	incentives	incentive	NOUN
ajfa-1871	48	16	of	of	ADP
ajfa-1871	48	17	the	the	DET
ajfa-1871	48	18	ceos	ceos	NOUN
ajfa-1871	48	19	with	with	ADP
ajfa-1871	48	20	that	that	PRON
ajfa-1871	48	21	of	of	ADP
ajfa-1871	48	22	the	the	DET
ajfa-1871	48	23	shareholders	shareholder	NOUN
ajfa-1871	48	24	.	.	PUNCT
ajfa-1871	49	1	in	in	ADP
ajfa-1871	49	2	support	support	NOUN
ajfa-1871	49	3	,	,	PUNCT
ajfa-1871	49	4	born	bear	VERB
ajfa-1871	49	5	and	and	CCONJ
ajfa-1871	49	6	trahan	trahan	PROPN
ajfa-1871	49	7	(	(	PUNCT
ajfa-1871	49	8	1993	1993	NUM
ajfa-1871	49	9	)	)	PUNCT
ajfa-1871	49	10	state	state	NOUN
ajfa-1871	49	11	that	that	SCONJ
ajfa-1871	49	12	golden	golden	ADJ
ajfa-1871	49	13	parachutes	parachute	NOUN
ajfa-1871	49	14	have	have	VERB
ajfa-1871	49	15	a	a	DET
ajfa-1871	49	16	positive	positive	ADJ
ajfa-1871	49	17	effect	effect	NOUN
ajfa-1871	49	18	on	on	ADP
ajfa-1871	49	19	asian	asian	ADJ
ajfa-1871	49	20	journal	journal	NOUN
ajfa-1871	49	21	of	of	ADP
ajfa-1871	49	22	finance	finance	PROPN
ajfa-1871	49	23	&	&	CCONJ
ajfa-1871	49	24	accounting	accounting	PROPN
ajfa-1871	49	25	issn	issn	PROPN
ajfa-1871	49	26	1946	1946	NUM
ajfa-1871	49	27	-	-	PUNCT
ajfa-1871	49	28	052x	052x	NOUN
ajfa-1871	49	29	2012	2012	NUM
ajfa-1871	49	30	,	,	PUNCT
ajfa-1871	49	31	vol	vol	NOUN
ajfa-1871	49	32	.	.	PROPN
ajfa-1871	50	1	4	4	NUM
ajfa-1871	50	2	,	,	PUNCT
ajfa-1871	50	3	no	no	INTJ
ajfa-1871	50	4	.	.	NOUN
ajfa-1871	50	5	2	2	NUM
ajfa-1871	50	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	50	7	111	111	NUM
ajfa-1871	50	8	firms	firm	NOUN
ajfa-1871	50	9	’	’	PART
ajfa-1871	50	10	share	share	NOUN
ajfa-1871	50	11	prices	price	NOUN
ajfa-1871	50	12	,	,	PUNCT
ajfa-1871	50	13	especially	especially	ADV
ajfa-1871	50	14	when	when	SCONJ
ajfa-1871	50	15	a	a	DET
ajfa-1871	50	16	firm	firm	NOUN
ajfa-1871	50	17	is	be	AUX
ajfa-1871	50	18	previously	previously	ADV
ajfa-1871	50	19	considered	consider	VERB
ajfa-1871	50	20	to	to	PART
ajfa-1871	50	21	be	be	AUX
ajfa-1871	50	22	‘	'	PUNCT
ajfa-1871	50	23	out	out	ADP
ajfa-1871	50	24	of	of	ADP
ajfa-1871	50	25	play	play	NOUN
ajfa-1871	50	26	’	'	PUNCT
ajfa-1871	50	27	,	,	PUNCT
ajfa-1871	50	28	that	that	ADV
ajfa-1871	50	29	is	is	ADV
ajfa-1871	50	30	,	,	PUNCT
ajfa-1871	50	31	unlikely	unlikely	ADJ
ajfa-1871	50	32	to	to	PART
ajfa-1871	50	33	be	be	AUX
ajfa-1871	50	34	involved	involve	VERB
ajfa-1871	50	35	in	in	ADP
ajfa-1871	50	36	a	a	DET
ajfa-1871	50	37	takeover	takeover	NOUN
ajfa-1871	50	38	.	.	PUNCT
ajfa-1871	51	1	therefore	therefore	ADV
ajfa-1871	51	2	,	,	PUNCT
ajfa-1871	51	3	the	the	DET
ajfa-1871	51	4	likelihood	likelihood	NOUN
ajfa-1871	51	5	of	of	ADP
ajfa-1871	51	6	takeover	takeover	NOUN
ajfa-1871	51	7	increases	increase	NOUN
ajfa-1871	51	8	in	in	ADP
ajfa-1871	51	9	firms	firm	NOUN
ajfa-1871	51	10	that	that	PRON
ajfa-1871	51	11	have	have	VERB
ajfa-1871	51	12	golden	golden	ADJ
ajfa-1871	51	13	parachutes	parachute	NOUN
ajfa-1871	51	14	(	(	PUNCT
ajfa-1871	51	15	machlin	machlin	NOUN
ajfa-1871	51	16	,	,	PUNCT
ajfa-1871	51	17	choe	choe	PROPN
ajfa-1871	51	18	and	and	CCONJ
ajfa-1871	51	19	miles	mile	NOUN
ajfa-1871	51	20	,	,	PUNCT
ajfa-1871	51	21	1993	1993	NUM
ajfa-1871	51	22	)	)	PUNCT
ajfa-1871	51	23	.	.	PUNCT
ajfa-1871	52	1	furthermore	furthermore	ADV
ajfa-1871	52	2	,	,	PUNCT
ajfa-1871	52	3	takeovers	takeover	NOUN
ajfa-1871	52	4	provide	provide	VERB
ajfa-1871	52	5	larger	large	ADJ
ajfa-1871	52	6	premiums	premium	NOUN
ajfa-1871	52	7	to	to	ADP
ajfa-1871	52	8	the	the	DET
ajfa-1871	52	9	target	target	NOUN
ajfa-1871	52	10	firm	firm	NOUN
ajfa-1871	52	11	’s	’s	PART
ajfa-1871	52	12	shareholders	shareholder	NOUN
ajfa-1871	52	13	that	that	PRON
ajfa-1871	52	14	have	have	VERB
ajfa-1871	52	15	golden	golden	ADJ
ajfa-1871	52	16	parachutes	parachute	NOUN
ajfa-1871	52	17	in	in	ADP
ajfa-1871	52	18	place	place	NOUN
ajfa-1871	52	19	compared	compare	VERB
ajfa-1871	52	20	to	to	ADP
ajfa-1871	52	21	firms	firm	NOUN
ajfa-1871	52	22	without	without	ADP
ajfa-1871	52	23	golden	golden	ADJ
ajfa-1871	52	24	parachutes	parachute	NOUN
ajfa-1871	52	25	.	.	PUNCT
ajfa-1871	53	1	other	other	ADJ
ajfa-1871	53	2	benefit	benefit	NOUN
ajfa-1871	53	3	of	of	ADP
ajfa-1871	53	4	golden	golden	ADJ
ajfa-1871	53	5	parachutes	parachute	NOUN
ajfa-1871	53	6	include	include	VERB
ajfa-1871	53	7	firms	firm	NOUN
ajfa-1871	53	8	ability	ability	NOUN
ajfa-1871	53	9	to	to	PART
ajfa-1871	53	10	acquire	acquire	VERB
ajfa-1871	53	11	and	and	CCONJ
ajfa-1871	53	12	retain	retain	VERB
ajfa-1871	53	13	talented	talented	ADJ
ajfa-1871	53	14	executives	executive	NOUN
ajfa-1871	53	15	(	(	PUNCT
ajfa-1871	53	16	morrison	morrison	PROPN
ajfa-1871	53	17	,	,	PUNCT
ajfa-1871	53	18	1982	1982	NUM
ajfa-1871	53	19	)	)	PUNCT
ajfa-1871	53	20	;	;	PUNCT
ajfa-1871	53	21	maurer	maurer	NOUN
ajfa-1871	53	22	,	,	PUNCT
ajfa-1871	53	23	1984	1984	NUM
ajfa-1871	53	24	)	)	PUNCT
ajfa-1871	53	25	.	.	PUNCT
ajfa-1871	54	1	however	however	ADV
ajfa-1871	54	2	,	,	PUNCT
ajfa-1871	54	3	knoeber	knoeber	PROPN
ajfa-1871	54	4	(	(	PUNCT
ajfa-1871	54	5	1986	1986	NUM
ajfa-1871	54	6	)	)	PUNCT
ajfa-1871	54	7	and	and	CCONJ
ajfa-1871	54	8	narayan	narayan	NOUN
ajfa-1871	54	9	and	and	CCONJ
ajfa-1871	54	10	sundaram	sundaram	PROPN
ajfa-1871	54	11	(	(	PUNCT
ajfa-1871	54	12	1998	1998	NUM
ajfa-1871	54	13	)	)	PUNCT
ajfa-1871	54	14	state	state	NOUN
ajfa-1871	54	15	that	that	SCONJ
ajfa-1871	54	16	golden	golden	ADJ
ajfa-1871	54	17	parachutes	parachute	NOUN
ajfa-1871	54	18	are	be	AUX
ajfa-1871	54	19	required	require	VERB
ajfa-1871	54	20	by	by	ADP
ajfa-1871	54	21	managers	manager	NOUN
ajfa-1871	54	22	to	to	PART
ajfa-1871	54	23	hedge	hedge	VERB
ajfa-1871	54	24	the	the	DET
ajfa-1871	54	25	risk	risk	NOUN
ajfa-1871	54	26	associated	associate	VERB
ajfa-1871	54	27	with	with	ADP
ajfa-1871	54	28	their	their	PRON
ajfa-1871	54	29	employment	employment	NOUN
ajfa-1871	54	30	contracts	contract	NOUN
ajfa-1871	54	31	.	.	PUNCT
ajfa-1871	55	1	firms	firm	NOUN
ajfa-1871	55	2	that	that	PRON
ajfa-1871	55	3	have	have	VERB
ajfa-1871	55	4	golden	golden	ADJ
ajfa-1871	55	5	parachutes	parachute	NOUN
ajfa-1871	55	6	are	be	AUX
ajfa-1871	55	7	on	on	ADP
ajfa-1871	55	8	an	an	DET
ajfa-1871	55	9	average	average	NOUN
ajfa-1871	55	10	riskier	risky	ADJ
ajfa-1871	55	11	than	than	ADP
ajfa-1871	55	12	firms	firm	NOUN
ajfa-1871	55	13	without	without	ADP
ajfa-1871	55	14	golden	golden	ADJ
ajfa-1871	55	15	parachutes	parachute	NOUN
ajfa-1871	55	16	(	(	PUNCT
ajfa-1871	55	17	almazan	almazan	NOUN
ajfa-1871	55	18	and	and	CCONJ
ajfa-1871	55	19	suarez	suarez	PROPN
ajfa-1871	55	20	,	,	PUNCT
ajfa-1871	55	21	2004	2004	NUM
ajfa-1871	55	22	;	;	PUNCT
ajfa-1871	55	23	narayan	narayan	NOUN
ajfa-1871	55	24	and	and	CCONJ
ajfa-1871	55	25	sundaram	sundaram	PROPN
ajfa-1871	55	26	,	,	PUNCT
ajfa-1871	55	27	1998	1998	NUM
ajfa-1871	55	28	)	)	PUNCT
ajfa-1871	55	29	and	and	CCONJ
ajfa-1871	55	30	therefore	therefore	ADV
ajfa-1871	55	31	,	,	PUNCT
ajfa-1871	55	32	golden	golden	ADJ
ajfa-1871	55	33	parachutes	parachute	NOUN
ajfa-1871	55	34	enable	enable	VERB
ajfa-1871	55	35	firms	firm	NOUN
ajfa-1871	55	36	to	to	PART
ajfa-1871	55	37	have	have	VERB
ajfa-1871	55	38	access	access	NOUN
ajfa-1871	55	39	to	to	ADP
ajfa-1871	55	40	managers	manager	NOUN
ajfa-1871	55	41	who	who	PRON
ajfa-1871	55	42	otherwise	otherwise	ADV
ajfa-1871	55	43	see	see	VERB
ajfa-1871	55	44	their	their	PRON
ajfa-1871	55	45	position	position	NOUN
ajfa-1871	55	46	to	to	PART
ajfa-1871	55	47	be	be	AUX
ajfa-1871	55	48	too	too	ADV
ajfa-1871	55	49	risky	risky	ADJ
ajfa-1871	55	50	(	(	PUNCT
ajfa-1871	55	51	pfeffer	pfeffer	PROPN
ajfa-1871	55	52	,	,	PUNCT
ajfa-1871	55	53	1973	1973	NUM
ajfa-1871	55	54	;	;	PUNCT
ajfa-1871	55	55	provan	provan	PROPN
ajfa-1871	55	56	,	,	PUNCT
ajfa-1871	55	57	1980	1980	NUM
ajfa-1871	55	58	)	)	PUNCT
ajfa-1871	55	59	.	.	PUNCT
ajfa-1871	56	1	firms	firm	NOUN
ajfa-1871	56	2	without	without	ADP
ajfa-1871	56	3	golden	golden	ADJ
ajfa-1871	56	4	parachutes	parachute	NOUN
ajfa-1871	56	5	poses	pose	VERB
ajfa-1871	56	6	greater	great	ADJ
ajfa-1871	56	7	levels	level	NOUN
ajfa-1871	56	8	of	of	ADP
ajfa-1871	56	9	risk	risk	NOUN
ajfa-1871	56	10	compared	compare	VERB
ajfa-1871	56	11	to	to	ADP
ajfa-1871	56	12	firms	firm	NOUN
ajfa-1871	56	13	that	that	PRON
ajfa-1871	56	14	have	have	VERB
ajfa-1871	56	15	golden	golden	ADJ
ajfa-1871	56	16	parachutes	parachute	NOUN
ajfa-1871	56	17	in	in	ADP
ajfa-1871	56	18	place	place	NOUN
ajfa-1871	56	19	.	.	PUNCT
ajfa-1871	57	1	for	for	ADP
ajfa-1871	57	2	example	example	NOUN
ajfa-1871	57	3	,	,	PUNCT
ajfa-1871	57	4	a	a	DET
ajfa-1871	57	5	firm	firm	NOUN
ajfa-1871	57	6	without	without	ADP
ajfa-1871	57	7	golden	golden	ADJ
ajfa-1871	57	8	parachute	parachute	NOUN
ajfa-1871	57	9	will	will	AUX
ajfa-1871	57	10	find	find	VERB
ajfa-1871	57	11	it	it	PRON
ajfa-1871	57	12	difficult	difficult	ADJ
ajfa-1871	57	13	to	to	PART
ajfa-1871	57	14	attract	attract	VERB
ajfa-1871	57	15	high	high	ADJ
ajfa-1871	57	16	achieving	achieve	VERB
ajfa-1871	57	17	executives	executive	NOUN
ajfa-1871	57	18	as	as	SCONJ
ajfa-1871	57	19	they	they	PRON
ajfa-1871	57	20	will	will	AUX
ajfa-1871	57	21	not	not	PART
ajfa-1871	57	22	be	be	AUX
ajfa-1871	57	23	willing	willing	ADJ
ajfa-1871	57	24	to	to	PART
ajfa-1871	57	25	leave	leave	VERB
ajfa-1871	57	26	their	their	PRON
ajfa-1871	57	27	existing	exist	VERB
ajfa-1871	57	28	firms	firm	NOUN
ajfa-1871	57	29	which	which	PRON
ajfa-1871	57	30	have	have	VERB
ajfa-1871	57	31	golden	golden	ADJ
ajfa-1871	57	32	parachutes	parachute	NOUN
ajfa-1871	57	33	.	.	PUNCT
ajfa-1871	58	1	this	this	PRON
ajfa-1871	58	2	is	be	AUX
ajfa-1871	58	3	especially	especially	ADV
ajfa-1871	58	4	of	of	ADP
ajfa-1871	58	5	concern	concern	NOUN
ajfa-1871	58	6	for	for	ADP
ajfa-1871	58	7	poor	poor	ADJ
ajfa-1871	58	8	performing	performing	NOUN
ajfa-1871	58	9	firms	firm	NOUN
ajfa-1871	58	10	which	which	PRON
ajfa-1871	58	11	are	be	AUX
ajfa-1871	58	12	more	more	ADV
ajfa-1871	58	13	likely	likely	ADJ
ajfa-1871	58	14	to	to	PART
ajfa-1871	58	15	be	be	AUX
ajfa-1871	58	16	the	the	DET
ajfa-1871	58	17	target	target	NOUN
ajfa-1871	58	18	of	of	ADP
ajfa-1871	58	19	takeovers	takeover	NOUN
ajfa-1871	58	20	due	due	ADP
ajfa-1871	58	21	to	to	ADP
ajfa-1871	58	22	their	their	PRON
ajfa-1871	58	23	relatively	relatively	ADV
ajfa-1871	58	24	low	low	ADJ
ajfa-1871	58	25	cost	cost	NOUN
ajfa-1871	58	26	.	.	PUNCT
ajfa-1871	59	1	moreover	moreover	ADV
ajfa-1871	59	2	,	,	PUNCT
ajfa-1871	59	3	current	current	ADJ
ajfa-1871	59	4	executives	executive	NOUN
ajfa-1871	59	5	in	in	ADP
ajfa-1871	59	6	firms	firm	NOUN
ajfa-1871	59	7	without	without	ADP
ajfa-1871	59	8	golden	golden	ADJ
ajfa-1871	59	9	parachutes	parachute	NOUN
ajfa-1871	59	10	may	may	AUX
ajfa-1871	59	11	leave	leave	VERB
ajfa-1871	59	12	in	in	ADP
ajfa-1871	59	13	order	order	NOUN
ajfa-1871	59	14	to	to	PART
ajfa-1871	59	15	find	find	VERB
ajfa-1871	59	16	employment	employment	NOUN
ajfa-1871	59	17	in	in	ADP
ajfa-1871	59	18	firms	firm	NOUN
ajfa-1871	59	19	that	that	PRON
ajfa-1871	59	20	have	have	VERB
ajfa-1871	59	21	a	a	DET
ajfa-1871	59	22	greater	great	ADJ
ajfa-1871	59	23	financial	financial	ADJ
ajfa-1871	59	24	security	security	NOUN
ajfa-1871	59	25	.	.	PUNCT
ajfa-1871	60	1	for	for	ADP
ajfa-1871	60	2	this	this	DET
ajfa-1871	60	3	reason	reason	NOUN
ajfa-1871	60	4	,	,	PUNCT
ajfa-1871	60	5	the	the	DET
ajfa-1871	60	6	likelihood	likelihood	NOUN
ajfa-1871	60	7	of	of	ADP
ajfa-1871	60	8	a	a	DET
ajfa-1871	60	9	manager	manager	NOUN
ajfa-1871	60	10	leaving	leave	VERB
ajfa-1871	60	11	a	a	DET
ajfa-1871	60	12	firm	firm	ADJ
ajfa-1871	60	13	increases	increase	NOUN
ajfa-1871	60	14	during	during	ADP
ajfa-1871	60	15	a	a	DET
ajfa-1871	60	16	takeover	takeover	NOUN
ajfa-1871	60	17	offer	offer	NOUN
ajfa-1871	60	18	,	,	PUNCT
ajfa-1871	60	19	thus	thus	ADV
ajfa-1871	60	20	leaving	leave	VERB
ajfa-1871	60	21	firm	firm	NOUN
ajfa-1871	60	22	without	without	ADP
ajfa-1871	60	23	a	a	DET
ajfa-1871	60	24	leader	leader	NOUN
ajfa-1871	60	25	and	and	CCONJ
ajfa-1871	60	26	making	make	VERB
ajfa-1871	60	27	shareholders	shareholder	NOUN
ajfa-1871	60	28	’	'	PUNCT
ajfa-1871	60	29	vulnerable	vulnerable	ADJ
ajfa-1871	60	30	(	(	PUNCT
ajfa-1871	60	31	maurer	maurer	NOUN
ajfa-1871	60	32	,	,	PUNCT
ajfa-1871	60	33	1984	1984	NUM
ajfa-1871	60	34	)	)	PUNCT
ajfa-1871	60	35	.	.	PUNCT
ajfa-1871	61	1	to	to	ADP
ajfa-1871	61	2	the	the	DET
ajfa-1871	61	3	contrary	contrary	NOUN
ajfa-1871	61	4	,	,	PUNCT
ajfa-1871	61	5	whisler	whisler	NOUN
ajfa-1871	61	6	(	(	PUNCT
ajfa-1871	61	7	1984	1984	NUM
ajfa-1871	61	8	)	)	PUNCT
ajfa-1871	61	9	,	,	PUNCT
ajfa-1871	61	10	drucker	drucker	NOUN
ajfa-1871	61	11	(	(	PUNCT
ajfa-1871	61	12	1974	1974	NUM
ajfa-1871	61	13	)	)	PUNCT
ajfa-1871	61	14	and	and	CCONJ
ajfa-1871	61	15	lorsch	lorsch	PROPN
ajfa-1871	61	16	(	(	PUNCT
ajfa-1871	61	17	1989	1989	NUM
ajfa-1871	61	18	)	)	PUNCT
ajfa-1871	61	19	argue	argue	VERB
ajfa-1871	61	20	that	that	SCONJ
ajfa-1871	61	21	golden	golden	ADJ
ajfa-1871	61	22	parachutes	parachute	NOUN
ajfa-1871	61	23	are	be	AUX
ajfa-1871	61	24	forced	force	VERB
ajfa-1871	61	25	on	on	ADP
ajfa-1871	61	26	boards	board	NOUN
ajfa-1871	61	27	and	and	CCONJ
ajfa-1871	61	28	shareholders	shareholder	NOUN
ajfa-1871	61	29	who	who	PRON
ajfa-1871	61	30	lack	lack	VERB
ajfa-1871	61	31	control	control	NOUN
ajfa-1871	61	32	of	of	ADP
ajfa-1871	61	33	the	the	DET
ajfa-1871	61	34	firm	firm	NOUN
ajfa-1871	61	35	.	.	PUNCT
ajfa-1871	62	1	managers	manager	NOUN
ajfa-1871	62	2	that	that	PRON
ajfa-1871	62	3	desire	desire	VERB
ajfa-1871	62	4	greater	great	ADJ
ajfa-1871	62	5	security	security	NOUN
ajfa-1871	62	6	for	for	ADP
ajfa-1871	62	7	their	their	PRON
ajfa-1871	62	8	financial	financial	ADJ
ajfa-1871	62	9	wellbeing	wellbee	VERB
ajfa-1871	62	10	force	force	NOUN
ajfa-1871	62	11	their	their	PRON
ajfa-1871	62	12	boards	board	NOUN
ajfa-1871	62	13	to	to	PART
ajfa-1871	62	14	give	give	VERB
ajfa-1871	62	15	them	they	PRON
ajfa-1871	62	16	assurances	assurance	NOUN
ajfa-1871	62	17	in	in	ADP
ajfa-1871	62	18	the	the	DET
ajfa-1871	62	19	form	form	NOUN
ajfa-1871	62	20	of	of	ADP
ajfa-1871	62	21	golden	golden	ADJ
ajfa-1871	62	22	parachutes	parachute	NOUN
ajfa-1871	62	23	.	.	PUNCT
ajfa-1871	63	1	larcker	larcker	NOUN
ajfa-1871	63	2	and	and	CCONJ
ajfa-1871	63	3	lambert	lambert	PROPN
ajfa-1871	63	4	(	(	PUNCT
ajfa-1871	63	5	1985	1985	NUM
ajfa-1871	63	6	)	)	PUNCT
ajfa-1871	63	7	suggest	suggest	VERB
ajfa-1871	63	8	that	that	SCONJ
ajfa-1871	63	9	golden	golden	ADJ
ajfa-1871	63	10	parachutes	parachute	NOUN
ajfa-1871	63	11	allow	allow	VERB
ajfa-1871	63	12	poor	poor	ADJ
ajfa-1871	63	13	performing	performing	NOUN
ajfa-1871	63	14	managers	manager	NOUN
ajfa-1871	63	15	to	to	PART
ajfa-1871	63	16	shield	shield	VERB
ajfa-1871	63	17	themselves	themselves	PRON
ajfa-1871	63	18	from	from	ADP
ajfa-1871	63	19	the	the	DET
ajfa-1871	63	20	market	market	NOUN
ajfa-1871	63	21	discipline	discipline	NOUN
ajfa-1871	63	22	.	.	PUNCT
ajfa-1871	64	1	wade	wade	PROPN
ajfa-1871	64	2	and	and	CCONJ
ajfa-1871	64	3	o’reilly	o’reilly	ADV
ajfa-1871	64	4	(	(	PUNCT
ajfa-1871	64	5	1990	1990	NUM
ajfa-1871	64	6	)	)	PUNCT
ajfa-1871	64	7	reported	report	VERB
ajfa-1871	64	8	that	that	SCONJ
ajfa-1871	64	9	ceos	ceos	PROPN
ajfa-1871	64	10	appoint	appoint	VERB
ajfa-1871	64	11	more	more	ADJ
ajfa-1871	64	12	outsiders	outsider	NOUN
ajfa-1871	64	13	to	to	ADP
ajfa-1871	64	14	the	the	DET
ajfa-1871	64	15	board	board	NOUN
ajfa-1871	64	16	so	so	SCONJ
ajfa-1871	64	17	that	that	SCONJ
ajfa-1871	64	18	they	they	PRON
ajfa-1871	64	19	have	have	VERB
ajfa-1871	64	20	a	a	DET
ajfa-1871	64	21	higher	high	ADJ
ajfa-1871	64	22	incidence	incidence	NOUN
ajfa-1871	64	23	of	of	ADP
ajfa-1871	64	24	golden	golden	ADJ
ajfa-1871	64	25	parachutes	parachute	NOUN
ajfa-1871	64	26	.	.	PUNCT
ajfa-1871	65	1	therefore	therefore	ADV
ajfa-1871	65	2	,	,	PUNCT
ajfa-1871	65	3	findings	finding	NOUN
ajfa-1871	65	4	reported	report	VERB
ajfa-1871	65	5	by	by	ADP
ajfa-1871	65	6	whisler	whisler	NOUN
ajfa-1871	65	7	(	(	PUNCT
ajfa-1871	65	8	1984	1984	NUM
ajfa-1871	65	9	)	)	PUNCT
ajfa-1871	65	10	,	,	PUNCT
ajfa-1871	65	11	drucker	drucker	NOUN
ajfa-1871	65	12	(	(	PUNCT
ajfa-1871	65	13	1974	1974	NUM
ajfa-1871	65	14	)	)	PUNCT
ajfa-1871	65	15	,	,	PUNCT
ajfa-1871	65	16	lorsch	lorsch	PROPN
ajfa-1871	65	17	(	(	PUNCT
ajfa-1871	65	18	1989	1989	NUM
ajfa-1871	65	19	)	)	PUNCT
ajfa-1871	65	20	,	,	PUNCT
ajfa-1871	65	21	larcker	larcker	NOUN
ajfa-1871	65	22	and	and	CCONJ
ajfa-1871	65	23	lambert	lambert	PROPN
ajfa-1871	65	24	(	(	PUNCT
ajfa-1871	65	25	1985	1985	NUM
ajfa-1871	65	26	)	)	PUNCT
ajfa-1871	65	27	and	and	CCONJ
ajfa-1871	65	28	wade	wade	PROPN
ajfa-1871	65	29	and	and	CCONJ
ajfa-1871	65	30	o’reilly	o’reilly	ADV
ajfa-1871	65	31	(	(	PUNCT
ajfa-1871	65	32	1990	1990	NUM
ajfa-1871	65	33	)	)	PUNCT
ajfa-1871	65	34	provide	provide	VERB
ajfa-1871	65	35	support	support	NOUN
ajfa-1871	65	36	to	to	ADP
ajfa-1871	65	37	the	the	DET
ajfa-1871	65	38	view	view	NOUN
ajfa-1871	65	39	that	that	SCONJ
ajfa-1871	65	40	ceos	ceo	NOUN
ajfa-1871	65	41	who	who	PRON
ajfa-1871	65	42	have	have	VERB
ajfa-1871	65	43	more	more	ADJ
ajfa-1871	65	44	power	power	NOUN
ajfa-1871	65	45	on	on	ADP
ajfa-1871	65	46	their	their	PRON
ajfa-1871	65	47	firm	firm	NOUN
ajfa-1871	65	48	have	have	AUX
ajfa-1871	65	49	a	a	DET
ajfa-1871	65	50	higher	high	ADJ
ajfa-1871	65	51	tendency	tendency	NOUN
ajfa-1871	65	52	to	to	PART
ajfa-1871	65	53	use	use	VERB
ajfa-1871	65	54	this	this	DET
ajfa-1871	65	55	power	power	NOUN
ajfa-1871	65	56	to	to	PART
ajfa-1871	65	57	ensure	ensure	VERB
ajfa-1871	65	58	their	their	PRON
ajfa-1871	65	59	financial	financial	ADJ
ajfa-1871	65	60	future	future	NOUN
ajfa-1871	65	61	is	be	AUX
ajfa-1871	65	62	secured	secure	VERB
ajfa-1871	65	63	through	through	ADP
ajfa-1871	65	64	the	the	DET
ajfa-1871	65	65	use	use	NOUN
ajfa-1871	65	66	of	of	ADP
ajfa-1871	65	67	golden	golden	ADJ
ajfa-1871	65	68	parachutes	parachute	NOUN
ajfa-1871	65	69	.	.	PUNCT
ajfa-1871	66	1	furthermore	furthermore	ADV
ajfa-1871	66	2	,	,	PUNCT
ajfa-1871	66	3	domhoff	domhoff	NOUN
ajfa-1871	66	4	(	(	PUNCT
ajfa-1871	66	5	1978	1978	NUM
ajfa-1871	66	6	)	)	PUNCT
ajfa-1871	66	7	and	and	CCONJ
ajfa-1871	66	8	ratcliff	ratcliff	PROPN
ajfa-1871	66	9	(	(	PUNCT
ajfa-1871	66	10	1980	1980	NUM
ajfa-1871	66	11	)	)	PUNCT
ajfa-1871	66	12	argue	argue	VERB
ajfa-1871	66	13	that	that	SCONJ
ajfa-1871	66	14	golden	golden	ADJ
ajfa-1871	66	15	parachutes	parachute	NOUN
ajfa-1871	66	16	are	be	AUX
ajfa-1871	66	17	a	a	DET
ajfa-1871	66	18	pat	pat	NOUN
ajfa-1871	66	19	on	on	ADP
ajfa-1871	66	20	the	the	DET
ajfa-1871	66	21	back	back	NOUN
ajfa-1871	66	22	from	from	ADP
ajfa-1871	66	23	the	the	DET
ajfa-1871	66	24	board	board	NOUN
ajfa-1871	66	25	of	of	ADP
ajfa-1871	66	26	directors	director	NOUN
ajfa-1871	66	27	to	to	ADP
ajfa-1871	66	28	the	the	DET
ajfa-1871	66	29	ceos	ceos	NOUN
ajfa-1871	66	30	who	who	PRON
ajfa-1871	66	31	are	be	AUX
ajfa-1871	66	32	the	the	DET
ajfa-1871	66	33	members	member	NOUN
ajfa-1871	66	34	of	of	ADP
ajfa-1871	66	35	the	the	DET
ajfa-1871	66	36	same	same	ADJ
ajfa-1871	66	37	social	social	ADJ
ajfa-1871	66	38	class	class	NOUN
ajfa-1871	66	39	.	.	PUNCT
ajfa-1871	67	1	such	such	ADJ
ajfa-1871	67	2	activities	activity	NOUN
ajfa-1871	67	3	are	be	AUX
ajfa-1871	67	4	often	often	ADV
ajfa-1871	67	5	reported	report	VERB
ajfa-1871	67	6	in	in	ADP
ajfa-1871	67	7	the	the	DET
ajfa-1871	67	8	popular	popular	ADJ
ajfa-1871	67	9	media	medium	NOUN
ajfa-1871	67	10	and	and	CCONJ
ajfa-1871	67	11	are	be	AUX
ajfa-1871	67	12	referred	refer	VERB
ajfa-1871	67	13	to	to	ADP
ajfa-1871	67	14	as	as	ADV
ajfa-1871	67	15	corporate	corporate	ADJ
ajfa-1871	67	16	back	back	ADJ
ajfa-1871	67	17	scratching	scratching	NOUN
ajfa-1871	67	18	.	.	PUNCT
ajfa-1871	68	1	moreover	moreover	ADV
ajfa-1871	68	2	,	,	PUNCT
ajfa-1871	68	3	singh	singh	PROPN
ajfa-1871	68	4	and	and	CCONJ
ajfa-1871	68	5	harianto	harianto	PROPN
ajfa-1871	68	6	(	(	PUNCT
ajfa-1871	68	7	1989	1989	NUM
ajfa-1871	68	8	)	)	PUNCT
ajfa-1871	68	9	state	state	NOUN
ajfa-1871	68	10	that	that	SCONJ
ajfa-1871	68	11	firms	firm	NOUN
ajfa-1871	68	12	with	with	ADP
ajfa-1871	68	13	golden	golden	ADJ
ajfa-1871	68	14	parachute	parachute	NOUN
ajfa-1871	68	15	agreements	agreement	NOUN
ajfa-1871	68	16	have	have	VERB
ajfa-1871	68	17	a	a	DET
ajfa-1871	68	18	higher	high	ADJ
ajfa-1871	68	19	tendency	tendency	NOUN
ajfa-1871	68	20	to	to	PART
ajfa-1871	68	21	have	have	AUX
ajfa-1871	68	22	diffused	diffuse	VERB
ajfa-1871	68	23	share	share	NOUN
ajfa-1871	68	24	ownership	ownership	NOUN
ajfa-1871	68	25	structure	structure	NOUN
ajfa-1871	68	26	,	,	PUNCT
ajfa-1871	68	27	thus	thus	ADV
ajfa-1871	68	28	leading	lead	VERB
ajfa-1871	68	29	to	to	ADP
ajfa-1871	68	30	greater	great	ADJ
ajfa-1871	68	31	board	board	NOUN
ajfa-1871	68	32	control	control	NOUN
ajfa-1871	68	33	.	.	PUNCT
ajfa-1871	69	1	they	they	PRON
ajfa-1871	69	2	also	also	ADV
ajfa-1871	69	3	report	report	VERB
ajfa-1871	69	4	that	that	SCONJ
ajfa-1871	69	5	golden	golden	ADJ
ajfa-1871	69	6	parachutes	parachute	NOUN
ajfa-1871	69	7	are	be	AUX
ajfa-1871	69	8	related	relate	VERB
ajfa-1871	69	9	to	to	ADP
ajfa-1871	69	10	greater	great	ADJ
ajfa-1871	69	11	ceo	ceo	NOUN
ajfa-1871	69	12	tenure	tenure	NOUN
ajfa-1871	69	13	relative	relative	ADJ
ajfa-1871	69	14	to	to	ADP
ajfa-1871	69	15	board	board	NOUN
ajfa-1871	69	16	tenure	tenure	NOUN
ajfa-1871	69	17	and	and	CCONJ
ajfa-1871	69	18	having	have	VERB
ajfa-1871	69	19	more	more	ADJ
ajfa-1871	69	20	external	external	ADJ
ajfa-1871	69	21	directors	director	NOUN
ajfa-1871	69	22	.	.	PUNCT
ajfa-1871	70	1	according	accord	VERB
ajfa-1871	70	2	to	to	ADP
ajfa-1871	70	3	bowie	bowie	PROPN
ajfa-1871	70	4	and	and	CCONJ
ajfa-1871	70	5	fischer	fischer	PROPN
ajfa-1871	70	6	(	(	PUNCT
ajfa-1871	70	7	1996	1996	NUM
ajfa-1871	70	8	)	)	PUNCT
ajfa-1871	70	9	,	,	PUNCT
ajfa-1871	70	10	the	the	DET
ajfa-1871	70	11	benefits	benefit	NOUN
ajfa-1871	70	12	from	from	ADP
ajfa-1871	70	13	golden	golden	ADJ
ajfa-1871	70	14	parachutes	parachute	NOUN
ajfa-1871	70	15	are	be	AUX
ajfa-1871	70	16	so	so	ADV
ajfa-1871	70	17	large	large	ADJ
ajfa-1871	70	18	that	that	SCONJ
ajfa-1871	70	19	they	they	PRON
ajfa-1871	70	20	may	may	AUX
ajfa-1871	70	21	encourage	encourage	VERB
ajfa-1871	70	22	ceos	ceos	NOUN
ajfa-1871	70	23	to	to	PART
ajfa-1871	70	24	actively	actively	ADV
ajfa-1871	70	25	solicit	solicit	VERB
ajfa-1871	70	26	takeover	takeover	NOUN
ajfa-1871	70	27	regardless	regardless	ADV
ajfa-1871	70	28	of	of	ADP
ajfa-1871	70	29	the	the	DET
ajfa-1871	70	30	effect	effect	NOUN
ajfa-1871	70	31	it	it	PRON
ajfa-1871	70	32	has	have	VERB
ajfa-1871	70	33	on	on	ADP
ajfa-1871	70	34	the	the	DET
ajfa-1871	70	35	asian	asian	ADJ
ajfa-1871	70	36	journal	journal	NOUN
ajfa-1871	70	37	of	of	ADP
ajfa-1871	70	38	finance	finance	PROPN
ajfa-1871	70	39	&	&	CCONJ
ajfa-1871	70	40	accounting	accounting	PROPN
ajfa-1871	70	41	issn	issn	PROPN
ajfa-1871	70	42	1946	1946	NUM
ajfa-1871	70	43	-	-	PUNCT
ajfa-1871	70	44	052x	052x	NOUN
ajfa-1871	70	45	2012	2012	NUM
ajfa-1871	70	46	,	,	PUNCT
ajfa-1871	70	47	vol	vol	NOUN
ajfa-1871	70	48	.	.	PROPN
ajfa-1871	70	49	4	4	NUM
ajfa-1871	70	50	,	,	PUNCT
ajfa-1871	70	51	no	no	INTJ
ajfa-1871	70	52	.	.	NOUN
ajfa-1871	70	53	2	2	NUM
ajfa-1871	70	54	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	70	55	112	112	NUM
ajfa-1871	70	56	shareholders	shareholder	NOUN
ajfa-1871	70	57	.	.	PUNCT
ajfa-1871	71	1	one	one	NUM
ajfa-1871	71	2	of	of	ADP
ajfa-1871	71	3	the	the	DET
ajfa-1871	71	4	largest	large	ADJ
ajfa-1871	71	5	sources	source	NOUN
ajfa-1871	71	6	of	of	ADP
ajfa-1871	71	7	change	change	NOUN
ajfa-1871	71	8	in	in	ADP
ajfa-1871	71	9	control	control	NOUN
ajfa-1871	71	10	payments	payment	NOUN
ajfa-1871	71	11	for	for	ADP
ajfa-1871	71	12	target	target	NOUN
ajfa-1871	71	13	ceos	ceos	NOUN
ajfa-1871	71	14	is	be	AUX
ajfa-1871	71	15	the	the	DET
ajfa-1871	71	16	equity	equity	NOUN
ajfa-1871	71	17	premiums	premium	NOUN
ajfa-1871	71	18	.	.	PUNCT
ajfa-1871	72	1	when	when	SCONJ
ajfa-1871	72	2	a	a	DET
ajfa-1871	72	3	firm	firm	NOUN
ajfa-1871	72	4	is	be	AUX
ajfa-1871	72	5	the	the	DET
ajfa-1871	72	6	target	target	NOUN
ajfa-1871	72	7	of	of	ADP
ajfa-1871	72	8	a	a	DET
ajfa-1871	72	9	takeover	takeover	NOUN
ajfa-1871	72	10	,	,	PUNCT
ajfa-1871	72	11	the	the	DET
ajfa-1871	72	12	acquiring	acquire	VERB
ajfa-1871	72	13	firm	firm	NOUN
ajfa-1871	72	14	is	be	AUX
ajfa-1871	72	15	forced	force	VERB
ajfa-1871	72	16	to	to	PART
ajfa-1871	72	17	pay	pay	VERB
ajfa-1871	72	18	equity	equity	NOUN
ajfa-1871	72	19	premium	premium	NOUN
ajfa-1871	72	20	to	to	PART
ajfa-1871	72	21	ensure	ensure	VERB
ajfa-1871	72	22	that	that	SCONJ
ajfa-1871	72	23	they	they	PRON
ajfa-1871	72	24	are	be	AUX
ajfa-1871	72	25	able	able	ADJ
ajfa-1871	72	26	to	to	PART
ajfa-1871	72	27	purchase	purchase	VERB
ajfa-1871	72	28	a	a	DET
ajfa-1871	72	29	controlling	control	VERB
ajfa-1871	72	30	stake	stake	NOUN
ajfa-1871	72	31	in	in	ADP
ajfa-1871	72	32	the	the	DET
ajfa-1871	72	33	firm	firm	NOUN
ajfa-1871	72	34	(	(	PUNCT
ajfa-1871	72	35	loughran	loughran	NOUN
ajfa-1871	72	36	and	and	CCONJ
ajfa-1871	72	37	vijh	vijh	NOUN
ajfa-1871	72	38	,	,	PUNCT
ajfa-1871	72	39	1997	1997	NUM
ajfa-1871	72	40	)	)	PUNCT
ajfa-1871	72	41	.	.	PUNCT
ajfa-1871	73	1	ceos	ceo	NOUN
ajfa-1871	73	2	that	that	PRON
ajfa-1871	73	3	hold	hold	VERB
ajfa-1871	73	4	large	large	ADJ
ajfa-1871	73	5	portions	portion	NOUN
ajfa-1871	73	6	of	of	ADP
ajfa-1871	73	7	a	a	DET
ajfa-1871	73	8	firm	firm	NOUN
ajfa-1871	73	9	’s	’s	PART
ajfa-1871	73	10	equity	equity	NOUN
ajfa-1871	73	11	(	(	PUNCT
ajfa-1871	73	12	due	due	ADP
ajfa-1871	73	13	to	to	ADP
ajfa-1871	73	14	stock	stock	NOUN
ajfa-1871	73	15	options	option	NOUN
ajfa-1871	73	16	and	and	CCONJ
ajfa-1871	73	17	the	the	DET
ajfa-1871	73	18	like	like	ADJ
ajfa-1871	73	19	)	)	PUNCT
ajfa-1871	73	20	often	often	ADV
ajfa-1871	73	21	gain	gain	VERB
ajfa-1871	73	22	substantially	substantially	ADV
ajfa-1871	73	23	from	from	ADP
ajfa-1871	73	24	the	the	DET
ajfa-1871	73	25	equity	equity	NOUN
ajfa-1871	73	26	premium	premium	NOUN
ajfa-1871	73	27	involved	involve	VERB
ajfa-1871	73	28	with	with	ADP
ajfa-1871	73	29	a	a	DET
ajfa-1871	73	30	takeover	takeover	NOUN
ajfa-1871	73	31	(	(	PUNCT
ajfa-1871	73	32	hartzell	hartzell	PROPN
ajfa-1871	73	33	et	et	PROPN
ajfa-1871	73	34	al	al	PROPN
ajfa-1871	73	35	.	.	PROPN
ajfa-1871	73	36	,	,	PUNCT
ajfa-1871	73	37	2004	2004	NUM
ajfa-1871	73	38	)	)	PUNCT
ajfa-1871	73	39	.	.	PUNCT
ajfa-1871	74	1	hartzell	hartzell	VERB
ajfa-1871	74	2	et	et	PROPN
ajfa-1871	74	3	al	al	PROPN
ajfa-1871	74	4	.	.	PROPN
ajfa-1871	75	1	(	(	PUNCT
ajfa-1871	75	2	2004	2004	NUM
ajfa-1871	75	3	)	)	PUNCT
ajfa-1871	75	4	,	,	PUNCT
ajfa-1871	75	5	reported	report	VERB
ajfa-1871	75	6	that	that	SCONJ
ajfa-1871	75	7	on	on	ADP
ajfa-1871	75	8	average	average	ADJ
ajfa-1871	75	9	,	,	PUNCT
ajfa-1871	75	10	a	a	DET
ajfa-1871	75	11	target	target	NOUN
ajfa-1871	75	12	ceos	ceos	NOUN
ajfa-1871	75	13	change	change	NOUN
ajfa-1871	75	14	in	in	ADP
ajfa-1871	75	15	control	control	NOUN
ajfa-1871	75	16	payments	payment	NOUN
ajfa-1871	75	17	are	be	AUX
ajfa-1871	75	18	worth	worth	ADJ
ajfa-1871	75	19	us$12	us$12	PROPN
ajfa-1871	75	20	million	million	NUM
ajfa-1871	75	21	,	,	PUNCT
ajfa-1871	75	22	or	or	CCONJ
ajfa-1871	75	23	nine	nine	NUM
ajfa-1871	75	24	times	time	NOUN
ajfa-1871	75	25	their	their	PRON
ajfa-1871	75	26	annual	annual	ADJ
ajfa-1871	75	27	salary	salary	NOUN
ajfa-1871	75	28	,	,	PUNCT
ajfa-1871	75	29	with	with	ADP
ajfa-1871	75	30	one	one	NUM
ajfa-1871	75	31	ceo	ceo	NOUN
ajfa-1871	75	32	in	in	ADP
ajfa-1871	75	33	their	their	PRON
ajfa-1871	75	34	sample	sample	NOUN
ajfa-1871	75	35	even	even	ADV
ajfa-1871	75	36	earning	earn	VERB
ajfa-1871	75	37	two	two	NUM
ajfa-1871	75	38	hundred	hundred	NUM
ajfa-1871	75	39	times	time	NOUN
ajfa-1871	75	40	his	his	PRON
ajfa-1871	75	41	annual	annual	ADJ
ajfa-1871	75	42	income	income	NOUN
ajfa-1871	75	43	.	.	PUNCT
ajfa-1871	76	1	around	around	ADP
ajfa-1871	76	2	80	80	NUM
ajfa-1871	76	3	per	per	ADP
ajfa-1871	76	4	cent	cent	NOUN
ajfa-1871	76	5	of	of	ADP
ajfa-1871	76	6	ceos	ceo	NOUN
ajfa-1871	76	7	whose	whose	DET
ajfa-1871	76	8	firms	firm	NOUN
ajfa-1871	76	9	are	be	AUX
ajfa-1871	76	10	acquired	acquire	VERB
ajfa-1871	76	11	in	in	ADP
ajfa-1871	76	12	their	their	PRON
ajfa-1871	76	13	sample	sample	NOUN
ajfa-1871	76	14	ceased	cease	VERB
ajfa-1871	76	15	paid	pay	VERB
ajfa-1871	76	16	work	work	NOUN
ajfa-1871	76	17	,	,	PUNCT
ajfa-1871	76	18	either	either	CCONJ
ajfa-1871	76	19	retired	retire	VERB
ajfa-1871	76	20	or	or	CCONJ
ajfa-1871	76	21	moved	move	VERB
ajfa-1871	76	22	into	into	ADP
ajfa-1871	76	23	a	a	DET
ajfa-1871	76	24	non	non	ADJ
ajfa-1871	76	25	-	-	ADJ
ajfa-1871	76	26	profit	profit	ADJ
ajfa-1871	76	27	sector	sector	NOUN
ajfa-1871	76	28	.	.	PUNCT
ajfa-1871	77	1	based	base	VERB
ajfa-1871	77	2	on	on	ADP
ajfa-1871	77	3	the	the	DET
ajfa-1871	77	4	findings	finding	NOUN
ajfa-1871	77	5	reported	report	VERB
ajfa-1871	77	6	by	by	ADP
ajfa-1871	77	7	hartzell	hartzell	PROPN
ajfa-1871	77	8	et	et	PROPN
ajfa-1871	77	9	al	al	PROPN
ajfa-1871	77	10	.	.	PROPN
ajfa-1871	77	11	(	(	PUNCT
ajfa-1871	77	12	2004	2004	NUM
ajfa-1871	77	13	)	)	PUNCT
ajfa-1871	77	14	,	,	PUNCT
ajfa-1871	77	15	maurer	maurer	PROPN
ajfa-1871	77	16	(	(	PUNCT
ajfa-1871	77	17	984	984	NUM
ajfa-1871	77	18	)	)	PUNCT
ajfa-1871	77	19	and	and	CCONJ
ajfa-1871	77	20	bowie	bowie	PROPN
ajfa-1871	77	21	and	and	CCONJ
ajfa-1871	77	22	fischer	fischer	PROPN
ajfa-1871	77	23	(	(	PUNCT
ajfa-1871	77	24	1996	1996	NUM
ajfa-1871	77	25	)	)	PUNCT
ajfa-1871	77	26	,	,	PUNCT
ajfa-1871	77	27	we	we	PRON
ajfa-1871	77	28	argue	argue	VERB
ajfa-1871	77	29	that	that	SCONJ
ajfa-1871	77	30	large	large	ADJ
ajfa-1871	77	31	gains	gain	NOUN
ajfa-1871	77	32	that	that	PRON
ajfa-1871	77	33	are	be	AUX
ajfa-1871	77	34	potentially	potentially	ADV
ajfa-1871	77	35	available	available	ADJ
ajfa-1871	77	36	to	to	ADP
ajfa-1871	77	37	ceos	ceos	PROPN
ajfa-1871	77	38	under	under	ADP
ajfa-1871	77	39	a	a	DET
ajfa-1871	77	40	change	change	NOUN
ajfa-1871	77	41	in	in	ADP
ajfa-1871	77	42	control	control	NOUN
ajfa-1871	77	43	payments	payment	NOUN
ajfa-1871	77	44	may	may	AUX
ajfa-1871	77	45	indeed	indeed	ADV
ajfa-1871	77	46	cause	cause	VERB
ajfa-1871	77	47	ceos	ceo	NOUN
ajfa-1871	77	48	to	to	PART
ajfa-1871	77	49	desire	desire	VERB
ajfa-1871	77	50	their	their	PRON
ajfa-1871	77	51	firms	firm	NOUN
ajfa-1871	77	52	to	to	PART
ajfa-1871	77	53	be	be	AUX
ajfa-1871	77	54	taken	take	VERB
ajfa-1871	77	55	over	over	ADP
ajfa-1871	77	56	.	.	PUNCT
ajfa-1871	78	1	3	3	X
ajfa-1871	78	2	.	.	X
ajfa-1871	78	3	change	change	NOUN
ajfa-1871	78	4	in	in	ADP
ajfa-1871	78	5	control	control	NOUN
ajfa-1871	78	6	payment	payment	NOUN
ajfa-1871	78	7	,	,	PUNCT
ajfa-1871	78	8	takeover	takeover	NOUN
ajfa-1871	78	9	attractiveness	attractiveness	NOUN
ajfa-1871	78	10	and	and	CCONJ
ajfa-1871	78	11	control	control	NOUN
ajfa-1871	78	12	variables	variable	NOUN
ajfa-1871	78	13	to	to	PART
ajfa-1871	78	14	determine	determine	VERB
ajfa-1871	78	15	if	if	SCONJ
ajfa-1871	78	16	substantial	substantial	ADJ
ajfa-1871	78	17	change	change	NOUN
ajfa-1871	78	18	in	in	ADP
ajfa-1871	78	19	control	control	NOUN
ajfa-1871	78	20	payments	payment	NOUN
ajfa-1871	78	21	causes	cause	VERB
ajfa-1871	78	22	ceos	ceo	NOUN
ajfa-1871	78	23	to	to	PART
ajfa-1871	78	24	desire	desire	VERB
ajfa-1871	78	25	their	their	PRON
ajfa-1871	78	26	firm	firm	NOUN
ajfa-1871	78	27	to	to	PART
ajfa-1871	78	28	be	be	AUX
ajfa-1871	78	29	taken	take	VERB
ajfa-1871	78	30	over	over	ADP
ajfa-1871	78	31	,	,	PUNCT
ajfa-1871	78	32	we	we	PRON
ajfa-1871	78	33	examine	examine	VERB
ajfa-1871	78	34	whether	whether	SCONJ
ajfa-1871	78	35	ceos	ceo	NOUN
ajfa-1871	78	36	who	who	PRON
ajfa-1871	78	37	stand	stand	VERB
ajfa-1871	78	38	to	to	PART
ajfa-1871	78	39	gain	gain	VERB
ajfa-1871	78	40	substantially	substantially	ADV
ajfa-1871	78	41	from	from	ADP
ajfa-1871	78	42	acquisitions	acquisition	NOUN
ajfa-1871	78	43	are	be	AUX
ajfa-1871	78	44	also	also	ADV
ajfa-1871	78	45	in	in	ADP
ajfa-1871	78	46	charge	charge	NOUN
ajfa-1871	78	47	of	of	ADP
ajfa-1871	78	48	firms	firm	NOUN
ajfa-1871	78	49	which	which	PRON
ajfa-1871	78	50	are	be	AUX
ajfa-1871	78	51	more	more	ADV
ajfa-1871	78	52	attractive	attractive	ADJ
ajfa-1871	78	53	to	to	ADP
ajfa-1871	78	54	takeover	takeover	NOUN
ajfa-1871	78	55	bids	bid	NOUN
ajfa-1871	78	56	.	.	PUNCT
ajfa-1871	79	1	similar	similar	ADJ
ajfa-1871	79	2	to	to	ADP
ajfa-1871	79	3	simons	simon	NOUN
ajfa-1871	79	4	(	(	PUNCT
ajfa-1871	79	5	2002	2002	NUM
ajfa-1871	79	6	)	)	PUNCT
ajfa-1871	79	7	,	,	PUNCT
ajfa-1871	79	8	we	we	PRON
ajfa-1871	79	9	also	also	ADV
ajfa-1871	79	10	examine	examine	VERB
ajfa-1871	79	11	whether	whether	SCONJ
ajfa-1871	79	12	ceos	ceo	NOUN
ajfa-1871	79	13	desire	desire	VERB
ajfa-1871	79	14	to	to	PART
ajfa-1871	79	15	be	be	AUX
ajfa-1871	79	16	taken	take	VERB
ajfa-1871	79	17	over	over	ADP
ajfa-1871	79	18	by	by	ADP
ajfa-1871	79	19	looking	look	VERB
ajfa-1871	79	20	at	at	ADP
ajfa-1871	79	21	their	their	PRON
ajfa-1871	79	22	actions	action	NOUN
ajfa-1871	79	23	.	.	PUNCT
ajfa-1871	80	1	the	the	DET
ajfa-1871	80	2	view	view	NOUN
ajfa-1871	80	3	we	we	PRON
ajfa-1871	80	4	have	have	AUX
ajfa-1871	80	5	taken	take	VERB
ajfa-1871	80	6	is	be	AUX
ajfa-1871	80	7	that	that	SCONJ
ajfa-1871	80	8	a	a	DET
ajfa-1871	80	9	ceo	ceo	NOUN
ajfa-1871	80	10	that	that	PRON
ajfa-1871	80	11	has	have	VERB
ajfa-1871	80	12	a	a	DET
ajfa-1871	80	13	large	large	ADJ
ajfa-1871	80	14	golden	golden	ADJ
ajfa-1871	80	15	parachute	parachute	NOUN
ajfa-1871	80	16	available	available	ADJ
ajfa-1871	80	17	to	to	ADP
ajfa-1871	80	18	them	they	PRON
ajfa-1871	80	19	may	may	AUX
ajfa-1871	80	20	get	get	AUX
ajfa-1871	80	21	encouraged	encourage	VERB
ajfa-1871	80	22	to	to	PART
ajfa-1871	80	23	desire	desire	VERB
ajfa-1871	80	24	their	their	PRON
ajfa-1871	80	25	firms	firm	NOUN
ajfa-1871	80	26	to	to	PART
ajfa-1871	80	27	be	be	AUX
ajfa-1871	80	28	taken	take	VERB
ajfa-1871	80	29	over	over	ADP
ajfa-1871	80	30	.	.	PUNCT
ajfa-1871	81	1	since	since	SCONJ
ajfa-1871	81	2	we	we	PRON
ajfa-1871	81	3	are	be	AUX
ajfa-1871	81	4	interested	interested	ADJ
ajfa-1871	81	5	in	in	ADP
ajfa-1871	81	6	the	the	DET
ajfa-1871	81	7	effects	effect	NOUN
ajfa-1871	81	8	of	of	ADP
ajfa-1871	81	9	golden	golden	ADJ
ajfa-1871	81	10	parachute	parachute	NOUN
ajfa-1871	81	11	agreements	agreement	NOUN
ajfa-1871	81	12	(	(	PUNCT
ajfa-1871	81	13	or	or	CCONJ
ajfa-1871	81	14	potential	potential	ADJ
ajfa-1871	81	15	payouts	payout	NOUN
ajfa-1871	81	16	)	)	PUNCT
ajfa-1871	81	17	,	,	PUNCT
ajfa-1871	81	18	our	our	PRON
ajfa-1871	81	19	sample	sample	NOUN
ajfa-1871	81	20	include	include	VERB
ajfa-1871	81	21	firms	firm	NOUN
ajfa-1871	81	22	that	that	PRON
ajfa-1871	81	23	have	have	AUX
ajfa-1871	81	24	been	be	AUX
ajfa-1871	81	25	acquired	acquire	VERB
ajfa-1871	81	26	and	and	CCONJ
ajfa-1871	81	27	also	also	ADV
ajfa-1871	81	28	firms	firm	NOUN
ajfa-1871	81	29	that	that	PRON
ajfa-1871	81	30	have	have	VERB
ajfa-1871	81	31	large	large	ADJ
ajfa-1871	81	32	payouts	payout	NOUN
ajfa-1871	81	33	available	available	ADJ
ajfa-1871	81	34	to	to	ADP
ajfa-1871	81	35	ceos	ceos	PROPN
ajfa-1871	81	36	that	that	PRON
ajfa-1871	81	37	would	would	AUX
ajfa-1871	81	38	motivate	motivate	VERB
ajfa-1871	81	39	them	they	PRON
ajfa-1871	81	40	to	to	PART
ajfa-1871	81	41	make	make	VERB
ajfa-1871	81	42	their	their	PRON
ajfa-1871	81	43	firms	firm	NOUN
ajfa-1871	81	44	more	more	ADV
ajfa-1871	81	45	attractive	attractive	ADJ
ajfa-1871	81	46	(	(	PUNCT
ajfa-1871	81	47	whether	whether	SCONJ
ajfa-1871	81	48	or	or	CCONJ
ajfa-1871	81	49	not	not	PART
ajfa-1871	81	50	a	a	DET
ajfa-1871	81	51	takeover	takeover	NOUN
ajfa-1871	81	52	actually	actually	ADV
ajfa-1871	81	53	eventuates	eventuate	VERB
ajfa-1871	81	54	)	)	PUNCT
ajfa-1871	81	55	.	.	PUNCT
ajfa-1871	82	1	our	our	PRON
ajfa-1871	82	2	focus	focus	NOUN
ajfa-1871	82	3	is	be	AUX
ajfa-1871	82	4	on	on	ADP
ajfa-1871	82	5	two	two	NUM
ajfa-1871	82	6	variables	variable	NOUN
ajfa-1871	82	7	that	that	PRON
ajfa-1871	82	8	have	have	VERB
ajfa-1871	82	9	potential	potential	NOUN
ajfa-1871	82	10	to	to	PART
ajfa-1871	82	11	determine	determine	VERB
ajfa-1871	82	12	whether	whether	SCONJ
ajfa-1871	82	13	ceos	ceo	NOUN
ajfa-1871	82	14	who	who	PRON
ajfa-1871	82	15	stand	stand	VERB
ajfa-1871	82	16	to	to	PART
ajfa-1871	82	17	gain	gain	VERB
ajfa-1871	82	18	substantially	substantially	ADV
ajfa-1871	82	19	from	from	ADP
ajfa-1871	82	20	acquisitions	acquisition	NOUN
ajfa-1871	82	21	are	be	AUX
ajfa-1871	82	22	also	also	ADV
ajfa-1871	82	23	in	in	ADP
ajfa-1871	82	24	charge	charge	NOUN
ajfa-1871	82	25	of	of	ADP
ajfa-1871	82	26	firms	firm	NOUN
ajfa-1871	82	27	that	that	PRON
ajfa-1871	82	28	are	be	AUX
ajfa-1871	82	29	more	more	ADV
ajfa-1871	82	30	attractive	attractive	ADJ
ajfa-1871	82	31	to	to	ADP
ajfa-1871	82	32	takeover	takeover	NOUN
ajfa-1871	82	33	bids	bid	NOUN
ajfa-1871	82	34	,	,	PUNCT
ajfa-1871	82	35	that	that	ADV
ajfa-1871	82	36	is	is	ADV
ajfa-1871	82	37	,	,	PUNCT
ajfa-1871	82	38	the	the	DET
ajfa-1871	82	39	size	size	NOUN
ajfa-1871	82	40	of	of	ADP
ajfa-1871	82	41	a	a	DET
ajfa-1871	82	42	ceo	ceo	NOUN
ajfa-1871	82	43	's	's	PART
ajfa-1871	82	44	change	change	NOUN
ajfa-1871	82	45	in	in	ADP
ajfa-1871	82	46	control	control	NOUN
ajfa-1871	82	47	payments	payment	NOUN
ajfa-1871	82	48	and	and	CCONJ
ajfa-1871	82	49	the	the	DET
ajfa-1871	82	50	attractiveness	attractiveness	NOUN
ajfa-1871	82	51	of	of	ADP
ajfa-1871	82	52	the	the	DET
ajfa-1871	82	53	ceo	ceo	NOUN
ajfa-1871	82	54	's	's	PART
ajfa-1871	82	55	firm	firm	NOUN
ajfa-1871	82	56	to	to	ADP
ajfa-1871	82	57	takeover	takeover	NOUN
ajfa-1871	82	58	bids	bid	NOUN
ajfa-1871	82	59	.	.	PUNCT
ajfa-1871	83	1	3.1	3.1	NUM
ajfa-1871	83	2	change	change	NOUN
ajfa-1871	83	3	in	in	ADP
ajfa-1871	83	4	control	control	NOUN
ajfa-1871	83	5	payments	payment	NOUN
ajfa-1871	83	6	hartzell	hartzell	VERB
ajfa-1871	83	7	et	et	PROPN
ajfa-1871	83	8	al	al	PROPN
ajfa-1871	83	9	.	.	PROPN
ajfa-1871	84	1	(	(	PUNCT
ajfa-1871	84	2	2004	2004	NUM
ajfa-1871	84	3	)	)	PUNCT
ajfa-1871	84	4	report	report	NOUN
ajfa-1871	84	5	that	that	SCONJ
ajfa-1871	84	6	ceos	ceos	NOUN
ajfa-1871	84	7	on	on	ADP
ajfa-1871	84	8	an	an	DET
ajfa-1871	84	9	average	average	ADJ
ajfa-1871	84	10	receive	receive	VERB
ajfa-1871	84	11	us$8	us$8	PROPN
ajfa-1871	84	12	million	million	NUM
ajfa-1871	84	13	to	to	PART
ajfa-1871	84	14	us$11	us$11	VERB
ajfa-1871	84	15	million	million	NUM
ajfa-1871	84	16	as	as	ADP
ajfa-1871	84	17	a	a	DET
ajfa-1871	84	18	result	result	NOUN
ajfa-1871	84	19	of	of	ADP
ajfa-1871	84	20	a	a	DET
ajfa-1871	84	21	change	change	NOUN
ajfa-1871	84	22	in	in	ADP
ajfa-1871	84	23	control	control	NOUN
ajfa-1871	84	24	payments	payment	NOUN
ajfa-1871	84	25	,	,	PUNCT
ajfa-1871	84	26	which	which	PRON
ajfa-1871	84	27	is	be	AUX
ajfa-1871	84	28	approximately	approximately	ADV
ajfa-1871	84	29	9	9	NUM
ajfa-1871	84	30	to	to	PART
ajfa-1871	84	31	16	16	NUM
ajfa-1871	84	32	times	time	NOUN
ajfa-1871	84	33	their	their	PRON
ajfa-1871	84	34	average	average	ADJ
ajfa-1871	84	35	annual	annual	ADJ
ajfa-1871	84	36	salary	salary	NOUN
ajfa-1871	84	37	.	.	PUNCT
ajfa-1871	85	1	the	the	DET
ajfa-1871	85	2	primary	primary	ADJ
ajfa-1871	85	3	source	source	NOUN
ajfa-1871	85	4	of	of	ADP
ajfa-1871	85	5	the	the	DET
ajfa-1871	85	6	change	change	NOUN
ajfa-1871	85	7	in	in	ADP
ajfa-1871	85	8	control	control	NOUN
ajfa-1871	85	9	payments	payment	NOUN
ajfa-1871	85	10	are	be	AUX
ajfa-1871	85	11	the	the	DET
ajfa-1871	85	12	amount	amount	NOUN
ajfa-1871	85	13	of	of	ADP
ajfa-1871	85	14	the	the	DET
ajfa-1871	85	15	equity	equity	NOUN
ajfa-1871	85	16	premium	premium	NOUN
ajfa-1871	85	17	paid	pay	VERB
ajfa-1871	85	18	by	by	ADP
ajfa-1871	85	19	the	the	DET
ajfa-1871	85	20	acquiring	acquire	VERB
ajfa-1871	85	21	firms	firm	NOUN
ajfa-1871	85	22	.	.	PUNCT
ajfa-1871	86	1	since	since	SCONJ
ajfa-1871	86	2	potential	potential	ADJ
ajfa-1871	86	3	acquirers	acquirer	NOUN
ajfa-1871	86	4	’	'	PUNCT
ajfa-1871	86	5	pay	pay	VERB
ajfa-1871	86	6	a	a	DET
ajfa-1871	86	7	premium	premium	NOUN
ajfa-1871	86	8	above	above	ADP
ajfa-1871	86	9	a	a	DET
ajfa-1871	86	10	company	company	NOUN
ajfa-1871	86	11	’s	’s	PART
ajfa-1871	86	12	market	market	NOUN
ajfa-1871	86	13	stock	stock	NOUN
ajfa-1871	86	14	price	price	NOUN
ajfa-1871	86	15	in	in	ADP
ajfa-1871	86	16	order	order	NOUN
ajfa-1871	86	17	to	to	PART
ajfa-1871	86	18	gain	gain	VERB
ajfa-1871	86	19	control	control	NOUN
ajfa-1871	86	20	of	of	ADP
ajfa-1871	86	21	the	the	DET
ajfa-1871	86	22	firm	firm	NOUN
ajfa-1871	86	23	,	,	PUNCT
ajfa-1871	86	24	stock	stock	NOUN
ajfa-1871	86	25	price	price	NOUN
ajfa-1871	86	26	of	of	ADP
ajfa-1871	86	27	an	an	DET
ajfa-1871	86	28	acquired	acquire	VERB
ajfa-1871	86	29	firm	firm	NOUN
ajfa-1871	86	30	rises	rise	NOUN
ajfa-1871	86	31	which	which	PRON
ajfa-1871	86	32	benefits	benefit	VERB
ajfa-1871	86	33	the	the	DET
ajfa-1871	86	34	acquiring	acquire	VERB
ajfa-1871	86	35	firms	firm	NOUN
ajfa-1871	86	36	’	'	PUNCT
ajfa-1871	86	37	shareholders	shareholder	NOUN
ajfa-1871	86	38	.	.	PUNCT
ajfa-1871	87	1	firms	firm	NOUN
ajfa-1871	87	2	often	often	ADV
ajfa-1871	87	3	pay	pay	VERB
ajfa-1871	87	4	their	their	PRON
ajfa-1871	87	5	ceos	ceo	NOUN
ajfa-1871	87	6	a	a	DET
ajfa-1871	87	7	large	large	ADJ
ajfa-1871	87	8	portion	portion	NOUN
ajfa-1871	87	9	of	of	ADP
ajfa-1871	87	10	their	their	PRON
ajfa-1871	87	11	salary	salary	NOUN
ajfa-1871	87	12	as	as	ADP
ajfa-1871	87	13	equity	equity	NOUN
ajfa-1871	87	14	to	to	PART
ajfa-1871	87	15	motivate	motivate	VERB
ajfa-1871	87	16	them	they	PRON
ajfa-1871	87	17	to	to	PART
ajfa-1871	87	18	improve	improve	VERB
ajfa-1871	87	19	the	the	DET
ajfa-1871	87	20	value	value	NOUN
ajfa-1871	87	21	of	of	ADP
ajfa-1871	87	22	the	the	DET
ajfa-1871	87	23	firm	firm	NOUN
ajfa-1871	87	24	,	,	PUNCT
ajfa-1871	87	25	so	so	CCONJ
ajfa-1871	87	26	when	when	SCONJ
ajfa-1871	87	27	a	a	DET
ajfa-1871	87	28	firm	firm	NOUN
ajfa-1871	87	29	is	be	AUX
ajfa-1871	87	30	acquired	acquire	VERB
ajfa-1871	87	31	and	and	CCONJ
ajfa-1871	87	32	the	the	DET
ajfa-1871	87	33	stock	stock	NOUN
ajfa-1871	87	34	price	price	NOUN
ajfa-1871	87	35	rises	rise	NOUN
ajfa-1871	87	36	,	,	PUNCT
ajfa-1871	87	37	a	a	DET
ajfa-1871	87	38	target	target	NOUN
ajfa-1871	87	39	ceo	ceo	NOUN
ajfa-1871	87	40	often	often	ADV
ajfa-1871	87	41	gains	gain	VERB
ajfa-1871	87	42	substantially	substantially	ADV
ajfa-1871	87	43	.	.	PUNCT
ajfa-1871	88	1	according	accord	VERB
ajfa-1871	88	2	to	to	ADP
ajfa-1871	88	3	hartzell	hartzell	PROPN
ajfa-1871	88	4	et	et	PROPN
ajfa-1871	88	5	al	al	PROPN
ajfa-1871	88	6	.	.	PROPN
ajfa-1871	89	1	(	(	PUNCT
ajfa-1871	89	2	2004	2004	NUM
ajfa-1871	89	3	)	)	PUNCT
ajfa-1871	89	4	,	,	PUNCT
ajfa-1871	89	5	equity	equity	NOUN
ajfa-1871	89	6	premiums	premium	NOUN
ajfa-1871	89	7	account	account	VERB
ajfa-1871	89	8	for	for	ADP
ajfa-1871	89	9	approximately	approximately	ADV
ajfa-1871	89	10	half	half	NOUN
ajfa-1871	89	11	of	of	ADP
ajfa-1871	89	12	a	a	DET
ajfa-1871	89	13	ceo	ceo	NOUN
ajfa-1871	89	14	’s	’s	PART
ajfa-1871	89	15	gains	gain	NOUN
ajfa-1871	89	16	due	due	ADP
ajfa-1871	89	17	to	to	ADP
ajfa-1871	89	18	acquisition	acquisition	NOUN
ajfa-1871	89	19	(	(	PUNCT
ajfa-1871	89	20	or	or	CCONJ
ajfa-1871	89	21	about	about	ADP
ajfa-1871	89	22	us$5	us$5	PROPN
ajfa-1871	89	23	million	million	NUM
ajfa-1871	89	24	on	on	ADP
ajfa-1871	89	25	average	average	ADJ
ajfa-1871	89	26	)	)	PUNCT
ajfa-1871	89	27	.	.	PUNCT
ajfa-1871	90	1	hartzell	hartzell	VERB
ajfa-1871	90	2	et	et	PROPN
ajfa-1871	90	3	al	al	PROPN
ajfa-1871	90	4	.	.	PROPN
ajfa-1871	90	5	report	report	NOUN
ajfa-1871	90	6	that	that	SCONJ
ajfa-1871	90	7	golden	golden	ADJ
ajfa-1871	90	8	parachutes	parachute	NOUN
ajfa-1871	90	9	are	be	AUX
ajfa-1871	90	10	the	the	DET
ajfa-1871	90	11	second	second	ADV
ajfa-1871	90	12	largest	large	ADJ
ajfa-1871	90	13	source	source	NOUN
ajfa-1871	90	14	and	and	CCONJ
ajfa-1871	90	15	represent	represent	VERB
ajfa-1871	90	16	about	about	ADV
ajfa-1871	90	17	20	20	NUM
ajfa-1871	90	18	per	per	ADP
ajfa-1871	90	19	cent	cent	NOUN
ajfa-1871	90	20	of	of	ADP
ajfa-1871	90	21	a	a	DET
ajfa-1871	90	22	ceos	ceos	NOUN
ajfa-1871	90	23	change	change	NOUN
ajfa-1871	90	24	in	in	ADP
ajfa-1871	90	25	control	control	NOUN
ajfa-1871	90	26	payments	payment	NOUN
ajfa-1871	90	27	,	,	PUNCT
ajfa-1871	90	28	an	an	DET
ajfa-1871	90	29	average	average	NOUN
ajfa-1871	90	30	of	of	ADP
ajfa-1871	90	31	us$1.5	us$1.5	PROPN
ajfa-1871	90	32	million	million	NUM
ajfa-1871	90	33	.	.	PUNCT
ajfa-1871	91	1	about	about	ADV
ajfa-1871	91	2	69	69	NUM
ajfa-1871	91	3	per	per	ADP
ajfa-1871	91	4	cent	cent	NOUN
ajfa-1871	91	5	of	of	ADP
ajfa-1871	91	6	asian	asian	ADJ
ajfa-1871	91	7	journal	journal	NOUN
ajfa-1871	91	8	of	of	ADP
ajfa-1871	91	9	finance	finance	PROPN
ajfa-1871	91	10	&	&	CCONJ
ajfa-1871	91	11	accounting	accounting	PROPN
ajfa-1871	91	12	issn	issn	PROPN
ajfa-1871	91	13	1946	1946	NUM
ajfa-1871	91	14	-	-	PUNCT
ajfa-1871	91	15	052x	052x	NOUN
ajfa-1871	91	16	2012	2012	NUM
ajfa-1871	91	17	,	,	PUNCT
ajfa-1871	91	18	vol	vol	NOUN
ajfa-1871	91	19	.	.	PROPN
ajfa-1871	91	20	4	4	NUM
ajfa-1871	91	21	,	,	PUNCT
ajfa-1871	91	22	no	no	INTJ
ajfa-1871	91	23	.	.	NOUN
ajfa-1871	91	24	2	2	NUM
ajfa-1871	91	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	91	26	113	113	NUM
ajfa-1871	91	27	ceos	ceo	NOUN
ajfa-1871	91	28	in	in	ADP
ajfa-1871	91	29	2004	2004	NUM
ajfa-1871	91	30	had	have	VERB
ajfa-1871	91	31	golden	golden	ADJ
ajfa-1871	91	32	parachute	parachute	NOUN
ajfa-1871	91	33	agreements	agreement	NOUN
ajfa-1871	91	34	which	which	PRON
ajfa-1871	91	35	required	require	VERB
ajfa-1871	91	36	to	to	PART
ajfa-1871	91	37	be	be	AUX
ajfa-1871	91	38	paid	pay	VERB
ajfa-1871	91	39	out	out	ADP
ajfa-1871	91	40	should	should	AUX
ajfa-1871	91	41	their	their	PRON
ajfa-1871	91	42	employment	employment	NOUN
ajfa-1871	91	43	ever	ever	ADV
ajfa-1871	91	44	be	be	AUX
ajfa-1871	91	45	terminated	terminate	VERB
ajfa-1871	91	46	through	through	ADP
ajfa-1871	91	47	no	no	DET
ajfa-1871	91	48	fault	fault	NOUN
ajfa-1871	91	49	of	of	ADP
ajfa-1871	91	50	their	their	PRON
ajfa-1871	91	51	own	own	ADJ
ajfa-1871	91	52	.	.	PUNCT
ajfa-1871	92	1	the	the	DET
ajfa-1871	92	2	final	final	ADJ
ajfa-1871	92	3	major	major	ADJ
ajfa-1871	92	4	source	source	NOUN
ajfa-1871	92	5	of	of	ADP
ajfa-1871	92	6	change	change	NOUN
ajfa-1871	92	7	in	in	ADP
ajfa-1871	92	8	control	control	NOUN
ajfa-1871	92	9	payments	payment	NOUN
ajfa-1871	92	10	occurs	occur	VERB
ajfa-1871	92	11	as	as	ADP
ajfa-1871	92	12	a	a	DET
ajfa-1871	92	13	result	result	NOUN
ajfa-1871	92	14	of	of	ADP
ajfa-1871	92	15	negotiations	negotiation	NOUN
ajfa-1871	92	16	involved	involve	VERB
ajfa-1871	92	17	in	in	ADP
ajfa-1871	92	18	the	the	DET
ajfa-1871	92	19	takeover	takeover	NOUN
ajfa-1871	92	20	process	process	NOUN
ajfa-1871	92	21	itself	itself	PRON
ajfa-1871	92	22	.	.	PUNCT
ajfa-1871	93	1	twenty	twenty	NUM
ajfa-1871	93	2	seven	seven	NUM
ajfa-1871	93	3	per	per	ADP
ajfa-1871	93	4	cent	cent	NOUN
ajfa-1871	93	5	of	of	ADP
ajfa-1871	93	6	ceos	ceos	NOUN
ajfa-1871	93	7	are	be	AUX
ajfa-1871	93	8	able	able	ADJ
ajfa-1871	93	9	to	to	PART
ajfa-1871	93	10	negotiate	negotiate	VERB
ajfa-1871	93	11	an	an	DET
ajfa-1871	93	12	additional	additional	ADJ
ajfa-1871	93	13	takeover	takeover	NOUN
ajfa-1871	93	14	bonus	bonus	NOUN
ajfa-1871	93	15	worth	worth	ADJ
ajfa-1871	93	16	on	on	ADP
ajfa-1871	93	17	an	an	DET
ajfa-1871	93	18	average	average	ADJ
ajfa-1871	93	19	us$1.2	us$1.2	NOUN
ajfa-1871	93	20	million	million	NUM
ajfa-1871	93	21	,	,	PUNCT
ajfa-1871	93	22	while	while	SCONJ
ajfa-1871	93	23	12	12	NUM
ajfa-1871	93	24	per	per	NOUN
ajfa-1871	93	25	cent	cent	NOUN
ajfa-1871	93	26	manage	manage	NOUN
ajfa-1871	93	27	to	to	PART
ajfa-1871	93	28	negotiate	negotiate	VERB
ajfa-1871	93	29	an	an	DET
ajfa-1871	93	30	augmentation	augmentation	NOUN
ajfa-1871	93	31	to	to	ADP
ajfa-1871	93	32	their	their	PRON
ajfa-1871	93	33	standing	standing	ADJ
ajfa-1871	93	34	golden	golden	ADJ
ajfa-1871	93	35	parachutes	parachute	NOUN
ajfa-1871	93	36	agreement	agreement	NOUN
ajfa-1871	93	37	,	,	PUNCT
ajfa-1871	93	38	again	again	ADV
ajfa-1871	93	39	worth	worth	ADJ
ajfa-1871	93	40	half	half	DET
ajfa-1871	93	41	a	a	DET
ajfa-1871	93	42	million	million	NUM
ajfa-1871	93	43	dollars	dollar	NOUN
ajfa-1871	93	44	on	on	ADP
ajfa-1871	93	45	an	an	DET
ajfa-1871	93	46	average	average	ADJ
ajfa-1871	93	47	basis	basis	NOUN
ajfa-1871	93	48	.	.	PUNCT
ajfa-1871	94	1	additional	additional	ADJ
ajfa-1871	94	2	negotiated	negotiate	VERB
ajfa-1871	94	3	bonuses	bonus	NOUN
ajfa-1871	94	4	makes	make	VERB
ajfa-1871	94	5	up	up	ADP
ajfa-1871	94	6	another	another	DET
ajfa-1871	94	7	20	20	NUM
ajfa-1871	94	8	per	per	ADP
ajfa-1871	94	9	cent	cent	NOUN
ajfa-1871	94	10	of	of	ADP
ajfa-1871	94	11	the	the	DET
ajfa-1871	94	12	takeover	takeover	NOUN
ajfa-1871	94	13	payments	payment	NOUN
ajfa-1871	94	14	given	give	VERB
ajfa-1871	94	15	to	to	PART
ajfa-1871	94	16	acquired	acquire	VERB
ajfa-1871	94	17	ceos	ceo	NOUN
ajfa-1871	94	18	.	.	PUNCT
ajfa-1871	95	1	hartzell	hartzell	VERB
ajfa-1871	95	2	et	et	PROPN
ajfa-1871	95	3	al	al	PROPN
ajfa-1871	95	4	.	.	PROPN
ajfa-1871	96	1	(	(	PUNCT
ajfa-1871	96	2	2004	2004	NUM
ajfa-1871	96	3	)	)	PUNCT
ajfa-1871	96	4	show	show	VERB
ajfa-1871	96	5	that	that	SCONJ
ajfa-1871	96	6	a	a	DET
ajfa-1871	96	7	ceo	ceo	NOUN
ajfa-1871	96	8	’s	’s	PART
ajfa-1871	96	9	expected	expect	VERB
ajfa-1871	96	10	change	change	NOUN
ajfa-1871	96	11	in	in	ADP
ajfa-1871	96	12	control	control	NOUN
ajfa-1871	96	13	payments	payment	NOUN
ajfa-1871	96	14	,	,	PUNCT
ajfa-1871	96	15	should	should	AUX
ajfa-1871	96	16	they	they	PRON
ajfa-1871	96	17	be	be	AUX
ajfa-1871	96	18	acquired	acquire	VERB
ajfa-1871	96	19	,	,	PUNCT
ajfa-1871	96	20	can	can	AUX
ajfa-1871	96	21	be	be	AUX
ajfa-1871	96	22	estimated	estimate	VERB
ajfa-1871	96	23	based	base	VERB
ajfa-1871	96	24	on	on	ADP
ajfa-1871	96	25	their	their	PRON
ajfa-1871	96	26	existing	exist	VERB
ajfa-1871	96	27	equity	equity	NOUN
ajfa-1871	96	28	ownership	ownership	NOUN
ajfa-1871	96	29	,	,	PUNCT
ajfa-1871	96	30	change	change	NOUN
ajfa-1871	96	31	in	in	ADP
ajfa-1871	96	32	control	control	NOUN
ajfa-1871	96	33	payments	payment	NOUN
ajfa-1871	96	34	and	and	CCONJ
ajfa-1871	96	35	an	an	DET
ajfa-1871	96	36	additional	additional	ADJ
ajfa-1871	96	37	bonus	bonus	NOUN
ajfa-1871	96	38	worth	worth	ADJ
ajfa-1871	96	39	about	about	ADP
ajfa-1871	96	40	one	one	NUM
ajfa-1871	96	41	and	and	CCONJ
ajfa-1871	96	42	a	a	DET
ajfa-1871	96	43	half	half	NOUN
ajfa-1871	96	44	times	time	NOUN
ajfa-1871	96	45	their	their	PRON
ajfa-1871	96	46	annual	annual	ADJ
ajfa-1871	96	47	salary	salary	NOUN
ajfa-1871	96	48	due	due	ADP
ajfa-1871	96	49	to	to	ADP
ajfa-1871	96	50	the	the	DET
ajfa-1871	96	51	negotiated	negotiate	VERB
ajfa-1871	96	52	benefits	benefit	NOUN
ajfa-1871	96	53	.	.	PUNCT
ajfa-1871	97	1	therefore	therefore	ADV
ajfa-1871	97	2	,	,	PUNCT
ajfa-1871	97	3	we	we	PRON
ajfa-1871	97	4	use	use	VERB
ajfa-1871	97	5	a	a	DET
ajfa-1871	97	6	similar	similar	ADJ
ajfa-1871	97	7	method	method	NOUN
ajfa-1871	97	8	to	to	PART
ajfa-1871	97	9	hartzell	hartzell	VERB
ajfa-1871	97	10	et	et	PROPN
ajfa-1871	97	11	al	al	PROPN
ajfa-1871	97	12	.	.	PROPN
ajfa-1871	98	1	(	(	PUNCT
ajfa-1871	98	2	2004	2004	NUM
ajfa-1871	98	3	)	)	PUNCT
ajfa-1871	99	1	to	to	PART
ajfa-1871	99	2	determine	determine	VERB
ajfa-1871	99	3	whether	whether	SCONJ
ajfa-1871	99	4	a	a	DET
ajfa-1871	99	5	ceo	ceo	NOUN
ajfa-1871	99	6	could	could	AUX
ajfa-1871	99	7	gain	gain	VERB
ajfa-1871	99	8	substantially	substantially	ADV
ajfa-1871	99	9	from	from	ADP
ajfa-1871	99	10	an	an	DET
ajfa-1871	99	11	acquisition	acquisition	NOUN
ajfa-1871	99	12	of	of	ADP
ajfa-1871	99	13	their	their	PRON
ajfa-1871	99	14	firm	firm	NOUN
ajfa-1871	99	15	.	.	PUNCT
ajfa-1871	100	1	3.2	3.2	NUM
ajfa-1871	100	2	takeover	takeover	NOUN
ajfa-1871	100	3	attractiveness	attractiveness	NOUN
ajfa-1871	100	4	in	in	ADP
ajfa-1871	100	5	determining	determine	VERB
ajfa-1871	100	6	what	what	PRON
ajfa-1871	100	7	makes	make	VERB
ajfa-1871	100	8	a	a	DET
ajfa-1871	100	9	firm	firm	NOUN
ajfa-1871	100	10	attractive	attractive	ADJ
ajfa-1871	100	11	to	to	ADP
ajfa-1871	100	12	a	a	DET
ajfa-1871	100	13	takeover	takeover	NOUN
ajfa-1871	100	14	bid	bid	NOUN
ajfa-1871	100	15	,	,	PUNCT
ajfa-1871	100	16	many	many	ADJ
ajfa-1871	100	17	researchers	researcher	NOUN
ajfa-1871	100	18	have	have	AUX
ajfa-1871	100	19	analysed	analyse	VERB
ajfa-1871	100	20	firms	firm	NOUN
ajfa-1871	100	21	that	that	PRON
ajfa-1871	100	22	have	have	AUX
ajfa-1871	100	23	been	be	AUX
ajfa-1871	100	24	acquired	acquire	VERB
ajfa-1871	100	25	in	in	ADP
ajfa-1871	100	26	order	order	NOUN
ajfa-1871	100	27	to	to	PART
ajfa-1871	100	28	determine	determine	VERB
ajfa-1871	100	29	common	common	ADJ
ajfa-1871	100	30	characteristics	characteristic	NOUN
ajfa-1871	100	31	that	that	PRON
ajfa-1871	100	32	make	make	VERB
ajfa-1871	100	33	a	a	DET
ajfa-1871	100	34	firm	firm	NOUN
ajfa-1871	100	35	a	a	DET
ajfa-1871	100	36	likely	likely	ADJ
ajfa-1871	100	37	target	target	NOUN
ajfa-1871	100	38	for	for	ADP
ajfa-1871	100	39	a	a	DET
ajfa-1871	100	40	takeover	takeover	NOUN
ajfa-1871	100	41	bid	bid	NOUN
ajfa-1871	100	42	.	.	PUNCT
ajfa-1871	101	1	motivated	motivate	VERB
ajfa-1871	101	2	by	by	ADP
ajfa-1871	101	3	jensen	jensen	PROPN
ajfa-1871	101	4	(	(	PUNCT
ajfa-1871	101	5	1986	1986	NUM
ajfa-1871	101	6	)	)	PUNCT
ajfa-1871	101	7	,	,	PUNCT
ajfa-1871	101	8	many	many	ADJ
ajfa-1871	101	9	researchers	researcher	NOUN
ajfa-1871	101	10	have	have	AUX
ajfa-1871	101	11	focused	focus	VERB
ajfa-1871	101	12	on	on	ADP
ajfa-1871	101	13	the	the	DET
ajfa-1871	101	14	view	view	NOUN
ajfa-1871	101	15	that	that	SCONJ
ajfa-1871	101	16	mergers	merger	NOUN
ajfa-1871	101	17	and	and	CCONJ
ajfa-1871	101	18	acquisitions	acquisition	NOUN
ajfa-1871	101	19	are	be	AUX
ajfa-1871	101	20	a	a	DET
ajfa-1871	101	21	mean	mean	NOUN
ajfa-1871	101	22	of	of	ADP
ajfa-1871	101	23	replacing	replace	VERB
ajfa-1871	101	24	poorly	poorly	ADV
ajfa-1871	101	25	performing	perform	VERB
ajfa-1871	101	26	managers	manager	NOUN
ajfa-1871	101	27	.	.	PUNCT
ajfa-1871	102	1	managers	manager	NOUN
ajfa-1871	102	2	that	that	PRON
ajfa-1871	102	3	exert	exert	VERB
ajfa-1871	102	4	large	large	ADJ
ajfa-1871	102	5	agency	agency	NOUN
ajfa-1871	102	6	costs	cost	NOUN
ajfa-1871	102	7	on	on	ADP
ajfa-1871	102	8	their	their	PRON
ajfa-1871	102	9	firms	firm	NOUN
ajfa-1871	102	10	eventually	eventually	ADV
ajfa-1871	102	11	lower	lower	VERB
ajfa-1871	102	12	the	the	DET
ajfa-1871	102	13	value	value	NOUN
ajfa-1871	102	14	of	of	ADP
ajfa-1871	102	15	their	their	PRON
ajfa-1871	102	16	firms	firm	NOUN
ajfa-1871	102	17	to	to	ADP
ajfa-1871	102	18	such	such	DET
ajfa-1871	102	19	a	a	DET
ajfa-1871	102	20	point	point	NOUN
ajfa-1871	102	21	that	that	SCONJ
ajfa-1871	102	22	the	the	DET
ajfa-1871	102	23	firm	firm	NOUN
ajfa-1871	102	24	will	will	AUX
ajfa-1871	102	25	be	be	AUX
ajfa-1871	102	26	acquired	acquire	VERB
ajfa-1871	102	27	at	at	ADP
ajfa-1871	102	28	a	a	DET
ajfa-1871	102	29	bargain	bargain	NOUN
ajfa-1871	102	30	price	price	NOUN
ajfa-1871	102	31	and	and	CCONJ
ajfa-1871	102	32	the	the	DET
ajfa-1871	102	33	management	management	NOUN
ajfa-1871	102	34	team	team	NOUN
ajfa-1871	102	35	will	will	AUX
ajfa-1871	102	36	be	be	AUX
ajfa-1871	102	37	replaced	replace	VERB
ajfa-1871	102	38	.	.	PUNCT
ajfa-1871	103	1	martin	martin	PROPN
ajfa-1871	103	2	and	and	CCONJ
ajfa-1871	103	3	mcconnell	mcconnell	PROPN
ajfa-1871	103	4	(	(	PUNCT
ajfa-1871	103	5	1991	1991	NUM
ajfa-1871	103	6	)	)	PUNCT
ajfa-1871	103	7	,	,	PUNCT
ajfa-1871	103	8	palepu	palepu	NOUN
ajfa-1871	103	9	(	(	PUNCT
ajfa-1871	103	10	1986	1986	NUM
ajfa-1871	103	11	)	)	PUNCT
ajfa-1871	103	12	and	and	CCONJ
ajfa-1871	103	13	powell	powell	PROPN
ajfa-1871	103	14	and	and	CCONJ
ajfa-1871	103	15	thomas	thomas	PROPN
ajfa-1871	103	16	(	(	PUNCT
ajfa-1871	103	17	1994	1994	NUM
ajfa-1871	103	18	)	)	PUNCT
ajfa-1871	103	19	found	find	VERB
ajfa-1871	103	20	that	that	SCONJ
ajfa-1871	103	21	firms	firm	NOUN
ajfa-1871	103	22	with	with	ADP
ajfa-1871	103	23	low	low	ADJ
ajfa-1871	103	24	stock	stock	NOUN
ajfa-1871	103	25	performance	performance	NOUN
ajfa-1871	103	26	have	have	VERB
ajfa-1871	103	27	an	an	DET
ajfa-1871	103	28	increased	increase	VERB
ajfa-1871	103	29	likelihood	likelihood	NOUN
ajfa-1871	103	30	of	of	ADP
ajfa-1871	103	31	takeover	takeover	NOUN
ajfa-1871	103	32	.	.	PUNCT
ajfa-1871	104	1	morck	morck	NOUN
ajfa-1871	104	2	shleifer	shleifer	PROPN
ajfa-1871	104	3	and	and	CCONJ
ajfa-1871	104	4	vishny	vishny	PROPN
ajfa-1871	104	5	(	(	PUNCT
ajfa-1871	104	6	1989	1989	NUM
ajfa-1871	104	7	)	)	PUNCT
ajfa-1871	104	8	and	and	CCONJ
ajfa-1871	104	9	hasbrouck	hasbrouck	PROPN
ajfa-1871	104	10	(	(	PUNCT
ajfa-1871	104	11	1985	1985	NUM
ajfa-1871	104	12	)	)	PUNCT
ajfa-1871	104	13	have	have	AUX
ajfa-1871	104	14	reported	report	VERB
ajfa-1871	104	15	similar	similar	ADJ
ajfa-1871	104	16	results	result	NOUN
ajfa-1871	104	17	using	use	VERB
ajfa-1871	104	18	tobin	tobin	PROPN
ajfa-1871	104	19	’s	’s	PART
ajfa-1871	104	20	q	q	NOUN
ajfa-1871	104	21	as	as	ADP
ajfa-1871	104	22	a	a	DET
ajfa-1871	104	23	measure	measure	NOUN
ajfa-1871	104	24	of	of	ADP
ajfa-1871	104	25	firm	firm	ADJ
ajfa-1871	104	26	performance	performance	NOUN
ajfa-1871	104	27	.	.	PUNCT
ajfa-1871	105	1	to	to	ADP
ajfa-1871	105	2	the	the	DET
ajfa-1871	105	3	contrary	contrary	NOUN
ajfa-1871	105	4	,	,	PUNCT
ajfa-1871	105	5	holland	holland	PROPN
ajfa-1871	105	6	and	and	CCONJ
ajfa-1871	105	7	hodgkinson	hodgkinson	PROPN
ajfa-1871	105	8	(	(	PUNCT
ajfa-1871	105	9	1994	1994	NUM
ajfa-1871	105	10	)	)	PUNCT
ajfa-1871	105	11	found	find	VERB
ajfa-1871	105	12	that	that	SCONJ
ajfa-1871	105	13	past	past	ADJ
ajfa-1871	105	14	performance	performance	NOUN
ajfa-1871	105	15	has	have	VERB
ajfa-1871	105	16	no	no	DET
ajfa-1871	105	17	effect	effect	NOUN
ajfa-1871	105	18	on	on	ADP
ajfa-1871	105	19	takeover	takeover	NOUN
ajfa-1871	105	20	likelihood	likelihood	NOUN
ajfa-1871	105	21	in	in	ADP
ajfa-1871	105	22	the	the	DET
ajfa-1871	105	23	uk	uk	PROPN
ajfa-1871	105	24	.	.	PROPN
ajfa-1871	105	25	similarly	similarly	ADV
ajfa-1871	105	26	,	,	PUNCT
ajfa-1871	105	27	alcade	alcade	VERB
ajfa-1871	105	28	and	and	CCONJ
ajfa-1871	105	29	espitia	espitia	PROPN
ajfa-1871	105	30	(	(	PUNCT
ajfa-1871	105	31	2003	2003	NUM
ajfa-1871	105	32	)	)	PUNCT
ajfa-1871	105	33	found	find	VERB
ajfa-1871	105	34	no	no	DET
ajfa-1871	105	35	support	support	NOUN
ajfa-1871	105	36	for	for	ADP
ajfa-1871	105	37	the	the	DET
ajfa-1871	105	38	view	view	NOUN
ajfa-1871	105	39	that	that	SCONJ
ajfa-1871	105	40	acquisitions	acquisition	NOUN
ajfa-1871	105	41	exist	exist	VERB
ajfa-1871	105	42	to	to	PART
ajfa-1871	105	43	replace	replace	VERB
ajfa-1871	105	44	incumbent	incumbent	ADJ
ajfa-1871	105	45	managers	manager	NOUN
ajfa-1871	105	46	in	in	ADP
ajfa-1871	105	47	spanish	spanish	ADJ
ajfa-1871	105	48	companies	company	NOUN
ajfa-1871	105	49	.	.	PUNCT
ajfa-1871	106	1	the	the	DET
ajfa-1871	106	2	conflicting	conflicting	ADJ
ajfa-1871	106	3	empirical	empirical	ADJ
ajfa-1871	106	4	evidence	evidence	NOUN
ajfa-1871	106	5	relating	relate	VERB
ajfa-1871	106	6	to	to	ADP
ajfa-1871	106	7	firm	firm	ADJ
ajfa-1871	106	8	performance	performance	NOUN
ajfa-1871	106	9	and	and	CCONJ
ajfa-1871	106	10	takeover	takeover	NOUN
ajfa-1871	106	11	suggest	suggest	VERB
ajfa-1871	106	12	that	that	SCONJ
ajfa-1871	106	13	debate	debate	VERB
ajfa-1871	106	14	whether	whether	SCONJ
ajfa-1871	106	15	takeovers	takeover	NOUN
ajfa-1871	106	16	lead	lead	VERB
ajfa-1871	106	17	to	to	ADP
ajfa-1871	106	18	better	well	ADJ
ajfa-1871	106	19	performance	performance	NOUN
ajfa-1871	106	20	is	be	AUX
ajfa-1871	106	21	far	far	ADV
ajfa-1871	106	22	from	from	ADP
ajfa-1871	106	23	being	be	AUX
ajfa-1871	106	24	over	over	ADV
ajfa-1871	106	25	.	.	PUNCT
ajfa-1871	107	1	although	although	SCONJ
ajfa-1871	107	2	poor	poor	ADJ
ajfa-1871	107	3	past	past	ADJ
ajfa-1871	107	4	performance	performance	NOUN
ajfa-1871	107	5	would	would	AUX
ajfa-1871	107	6	reduce	reduce	VERB
ajfa-1871	107	7	a	a	DET
ajfa-1871	107	8	firm	firm	NOUN
ajfa-1871	107	9	’s	’s	PART
ajfa-1871	107	10	value	value	NOUN
ajfa-1871	107	11	and	and	CCONJ
ajfa-1871	107	12	make	make	VERB
ajfa-1871	107	13	the	the	DET
ajfa-1871	107	14	firm	firm	NOUN
ajfa-1871	107	15	more	more	ADV
ajfa-1871	107	16	attractive	attractive	ADJ
ajfa-1871	107	17	for	for	ADP
ajfa-1871	107	18	a	a	DET
ajfa-1871	107	19	takeover	takeover	NOUN
ajfa-1871	107	20	,	,	PUNCT
ajfa-1871	107	21	reducing	reduce	VERB
ajfa-1871	107	22	firm	firm	ADJ
ajfa-1871	107	23	value	value	NOUN
ajfa-1871	107	24	would	would	AUX
ajfa-1871	107	25	be	be	AUX
ajfa-1871	107	26	counterproductive	counterproductive	ADJ
ajfa-1871	107	27	to	to	ADP
ajfa-1871	107	28	a	a	DET
ajfa-1871	107	29	ceo	ceo	NOUN
ajfa-1871	107	30	looking	look	VERB
ajfa-1871	107	31	for	for	SCONJ
ajfa-1871	107	32	their	their	PRON
ajfa-1871	107	33	firms	firm	NOUN
ajfa-1871	107	34	to	to	PART
ajfa-1871	107	35	be	be	AUX
ajfa-1871	107	36	taken	take	VERB
ajfa-1871	107	37	over	over	ADP
ajfa-1871	107	38	.	.	PUNCT
ajfa-1871	108	1	since	since	SCONJ
ajfa-1871	108	2	the	the	DET
ajfa-1871	108	3	primary	primary	ADJ
ajfa-1871	108	4	source	source	NOUN
ajfa-1871	108	5	of	of	ADP
ajfa-1871	108	6	change	change	NOUN
ajfa-1871	108	7	in	in	ADP
ajfa-1871	108	8	control	control	NOUN
ajfa-1871	108	9	payments	payment	NOUN
ajfa-1871	108	10	is	be	AUX
ajfa-1871	108	11	the	the	DET
ajfa-1871	108	12	equity	equity	NOUN
ajfa-1871	108	13	premium	premium	NOUN
ajfa-1871	108	14	(	(	PUNCT
ajfa-1871	108	15	hartzell	hartzell	VERB
ajfa-1871	108	16	et	et	PROPN
ajfa-1871	108	17	al	al	PROPN
ajfa-1871	108	18	2004	2004	NUM
ajfa-1871	108	19	)	)	PUNCT
ajfa-1871	108	20	,	,	PUNCT
ajfa-1871	108	21	reducing	reduce	VERB
ajfa-1871	108	22	the	the	DET
ajfa-1871	108	23	value	value	NOUN
ajfa-1871	108	24	of	of	ADP
ajfa-1871	108	25	the	the	DET
ajfa-1871	108	26	firm	firm	NOUN
ajfa-1871	108	27	in	in	ADP
ajfa-1871	108	28	order	order	NOUN
ajfa-1871	108	29	to	to	PART
ajfa-1871	108	30	attract	attract	VERB
ajfa-1871	108	31	a	a	DET
ajfa-1871	108	32	takeover	takeover	NOUN
ajfa-1871	108	33	bid	bid	NOUN
ajfa-1871	108	34	would	would	AUX
ajfa-1871	108	35	hurt	hurt	VERB
ajfa-1871	108	36	ceos	ceo	NOUN
ajfa-1871	108	37	own	own	VERB
ajfa-1871	108	38	payout	payout	NOUN
ajfa-1871	108	39	as	as	SCONJ
ajfa-1871	108	40	it	it	PRON
ajfa-1871	108	41	would	would	AUX
ajfa-1871	108	42	reduce	reduce	VERB
ajfa-1871	108	43	the	the	DET
ajfa-1871	108	44	value	value	NOUN
ajfa-1871	108	45	of	of	ADP
ajfa-1871	108	46	their	their	PRON
ajfa-1871	108	47	personal	personal	ADJ
ajfa-1871	108	48	equity	equity	NOUN
ajfa-1871	108	49	.	.	PUNCT
ajfa-1871	109	1	palepu	palepu	NOUN
ajfa-1871	109	2	(	(	PUNCT
ajfa-1871	109	3	1986	1986	NUM
ajfa-1871	109	4	)	)	PUNCT
ajfa-1871	109	5	,	,	PUNCT
ajfa-1871	109	6	hasbrouck	hasbrouck	NOUN
ajfa-1871	109	7	(	(	PUNCT
ajfa-1871	109	8	1985	1985	NUM
ajfa-1871	109	9	)	)	PUNCT
ajfa-1871	109	10	,	,	PUNCT
ajfa-1871	109	11	ambrose	ambrose	NOUN
ajfa-1871	109	12	and	and	CCONJ
ajfa-1871	109	13	megginson	megginson	PROPN
ajfa-1871	109	14	(	(	PUNCT
ajfa-1871	109	15	1992	1992	NUM
ajfa-1871	109	16	)	)	PUNCT
ajfa-1871	109	17	,	,	PUNCT
ajfa-1871	109	18	berger	berger	PROPN
ajfa-1871	109	19	and	and	CCONJ
ajfa-1871	109	20	ofek	ofek	NOUN
ajfa-1871	109	21	(	(	PUNCT
ajfa-1871	109	22	1996	1996	NUM
ajfa-1871	109	23	)	)	PUNCT
ajfa-1871	109	24	and	and	CCONJ
ajfa-1871	109	25	aaronovich	aaronovich	NOUN
ajfa-1871	109	26	(	(	PUNCT
ajfa-1871	109	27	1981	1981	NUM
ajfa-1871	109	28	)	)	PUNCT
ajfa-1871	109	29	find	find	VERB
ajfa-1871	109	30	that	that	SCONJ
ajfa-1871	109	31	firm	firm	ADJ
ajfa-1871	109	32	size	size	NOUN
ajfa-1871	109	33	is	be	AUX
ajfa-1871	109	34	a	a	DET
ajfa-1871	109	35	key	key	ADJ
ajfa-1871	109	36	factor	factor	NOUN
ajfa-1871	109	37	that	that	PRON
ajfa-1871	109	38	increases	increase	VERB
ajfa-1871	109	39	takeover	takeover	NOUN
ajfa-1871	109	40	likelihood	likelihood	NOUN
ajfa-1871	109	41	.	.	PUNCT
ajfa-1871	110	1	they	they	PRON
ajfa-1871	110	2	argue	argue	VERB
ajfa-1871	110	3	that	that	SCONJ
ajfa-1871	110	4	smaller	small	ADJ
ajfa-1871	110	5	firms	firm	NOUN
ajfa-1871	110	6	are	be	AUX
ajfa-1871	110	7	cheaper	cheap	ADJ
ajfa-1871	110	8	to	to	PART
ajfa-1871	110	9	buy	buy	VERB
ajfa-1871	110	10	and	and	CCONJ
ajfa-1871	110	11	as	as	ADV
ajfa-1871	110	12	such	such	ADJ
ajfa-1871	110	13	,	,	PUNCT
ajfa-1871	110	14	are	be	AUX
ajfa-1871	110	15	more	more	ADV
ajfa-1871	110	16	attractive	attractive	ADJ
ajfa-1871	110	17	to	to	ADP
ajfa-1871	110	18	takeover	takeover	NOUN
ajfa-1871	110	19	targets	target	NOUN
ajfa-1871	110	20	.	.	PUNCT
ajfa-1871	111	1	however	however	ADV
ajfa-1871	111	2	,	,	PUNCT
ajfa-1871	111	3	reducing	reduce	VERB
ajfa-1871	111	4	a	a	DET
ajfa-1871	111	5	firm	firm	NOUN
ajfa-1871	111	6	’s	’s	PART
ajfa-1871	111	7	size	size	NOUN
ajfa-1871	111	8	in	in	ADP
ajfa-1871	111	9	order	order	NOUN
ajfa-1871	111	10	to	to	PART
ajfa-1871	111	11	attract	attract	VERB
ajfa-1871	111	12	a	a	DET
ajfa-1871	111	13	takeover	takeover	NOUN
ajfa-1871	111	14	bid	bid	NOUN
ajfa-1871	111	15	would	would	AUX
ajfa-1871	111	16	be	be	AUX
ajfa-1871	111	17	counterproductive	counterproductive	ADJ
ajfa-1871	111	18	for	for	ADP
ajfa-1871	111	19	a	a	DET
ajfa-1871	111	20	ceo	ceo	NOUN
ajfa-1871	111	21	who	who	PRON
ajfa-1871	111	22	is	be	AUX
ajfa-1871	111	23	looking	look	VERB
ajfa-1871	111	24	to	to	ADP
ajfa-1871	111	25	cash	cash	NOUN
ajfa-1871	111	26	-	-	PUNCT
ajfa-1871	111	27	in	in	ADP
ajfa-1871	111	28	on	on	ADP
ajfa-1871	111	29	the	the	DET
ajfa-1871	111	30	change	change	NOUN
ajfa-1871	111	31	in	in	ADP
ajfa-1871	111	32	control	control	NOUN
ajfa-1871	111	33	payments	payment	NOUN
ajfa-1871	111	34	.	.	PUNCT
ajfa-1871	112	1	asian	asian	ADJ
ajfa-1871	112	2	journal	journal	PROPN
ajfa-1871	112	3	of	of	ADP
ajfa-1871	112	4	finance	finance	PROPN
ajfa-1871	112	5	&	&	CCONJ
ajfa-1871	112	6	accounting	accounting	PROPN
ajfa-1871	112	7	issn	issn	PROPN
ajfa-1871	112	8	1946	1946	NUM
ajfa-1871	112	9	-	-	PUNCT
ajfa-1871	112	10	052x	052x	NOUN
ajfa-1871	112	11	2012	2012	NUM
ajfa-1871	112	12	,	,	PUNCT
ajfa-1871	112	13	vol	vol	NOUN
ajfa-1871	112	14	.	.	PROPN
ajfa-1871	112	15	4	4	NUM
ajfa-1871	112	16	,	,	PUNCT
ajfa-1871	112	17	no	no	INTJ
ajfa-1871	112	18	.	.	NOUN
ajfa-1871	112	19	2	2	NUM
ajfa-1871	112	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	112	21	114	114	NUM
ajfa-1871	112	22	any	any	DET
ajfa-1871	112	23	reduction	reduction	NOUN
ajfa-1871	112	24	in	in	ADP
ajfa-1871	112	25	firm	firm	ADJ
ajfa-1871	112	26	size	size	NOUN
ajfa-1871	112	27	would	would	AUX
ajfa-1871	112	28	not	not	PART
ajfa-1871	112	29	only	only	ADV
ajfa-1871	112	30	lower	lower	VERB
ajfa-1871	112	31	the	the	DET
ajfa-1871	112	32	ceo	ceo	NOUN
ajfa-1871	112	33	’s	’s	NOUN
ajfa-1871	112	34	equity	equity	NOUN
ajfa-1871	112	35	value	value	NOUN
ajfa-1871	112	36	but	but	CCONJ
ajfa-1871	112	37	would	would	AUX
ajfa-1871	112	38	also	also	ADV
ajfa-1871	112	39	result	result	VERB
ajfa-1871	112	40	in	in	ADP
ajfa-1871	112	41	reducing	reduce	VERB
ajfa-1871	112	42	their	their	PRON
ajfa-1871	112	43	salary	salary	NOUN
ajfa-1871	112	44	as	as	ADV
ajfa-1871	112	45	well	well	ADV
ajfa-1871	112	46	(	(	PUNCT
ajfa-1871	112	47	hartzell	hartzell	VERB
ajfa-1871	112	48	et	et	PROPN
ajfa-1871	112	49	al	al	PROPN
ajfa-1871	112	50	2004	2004	PROPN
ajfa-1871	112	51	,	,	PUNCT
ajfa-1871	112	52	jensen	jensen	PROPN
ajfa-1871	112	53	1986	1986	NUM
ajfa-1871	112	54	)	)	PUNCT
ajfa-1871	112	55	.	.	PUNCT
ajfa-1871	113	1	arguably	arguably	ADV
ajfa-1871	113	2	,	,	PUNCT
ajfa-1871	113	3	a	a	DET
ajfa-1871	113	4	ceo	ceo	NOUN
ajfa-1871	113	5	wishing	wish	VERB
ajfa-1871	113	6	to	to	PART
ajfa-1871	113	7	reap	reap	VERB
ajfa-1871	113	8	the	the	DET
ajfa-1871	113	9	benefits	benefit	NOUN
ajfa-1871	113	10	of	of	ADP
ajfa-1871	113	11	change	change	NOUN
ajfa-1871	113	12	in	in	ADP
ajfa-1871	113	13	control	control	NOUN
ajfa-1871	113	14	payments	payment	NOUN
ajfa-1871	113	15	without	without	ADP
ajfa-1871	113	16	reducing	reduce	VERB
ajfa-1871	113	17	the	the	DET
ajfa-1871	113	18	value	value	NOUN
ajfa-1871	113	19	of	of	ADP
ajfa-1871	113	20	their	their	PRON
ajfa-1871	113	21	own	own	ADJ
ajfa-1871	113	22	rewards	reward	NOUN
ajfa-1871	113	23	can	can	AUX
ajfa-1871	113	24	be	be	AUX
ajfa-1871	113	25	achieved	achieve	VERB
ajfa-1871	113	26	through	through	ADP
ajfa-1871	113	27	cash	cash	NOUN
ajfa-1871	113	28	and	and	CCONJ
ajfa-1871	113	29	leverage	leverage	NOUN
ajfa-1871	113	30	.	.	PUNCT
ajfa-1871	114	1	palepu	palepu	NOUN
ajfa-1871	114	2	(	(	PUNCT
ajfa-1871	114	3	1986	1986	NUM
ajfa-1871	114	4	)	)	PUNCT
ajfa-1871	114	5	,	,	PUNCT
ajfa-1871	114	6	holland	holland	PROPN
ajfa-1871	114	7	and	and	CCONJ
ajfa-1871	114	8	hodgkinson	hodgkinson	PROPN
ajfa-1871	114	9	(	(	PUNCT
ajfa-1871	114	10	1994	1994	NUM
ajfa-1871	114	11	)	)	PUNCT
ajfa-1871	114	12	,	,	PUNCT
ajfa-1871	114	13	powell	powell	PROPN
ajfa-1871	114	14	and	and	CCONJ
ajfa-1871	114	15	thomas	thomas	PROPN
ajfa-1871	114	16	(	(	PUNCT
ajfa-1871	114	17	1994	1994	NUM
ajfa-1871	114	18	)	)	PUNCT
ajfa-1871	114	19	,	,	PUNCT
ajfa-1871	114	20	lehn	lehn	NOUN
ajfa-1871	114	21	and	and	CCONJ
ajfa-1871	114	22	poulsen	poulsen	PROPN
ajfa-1871	114	23	(	(	PUNCT
ajfa-1871	114	24	1989	1989	NUM
ajfa-1871	114	25	)	)	PUNCT
ajfa-1871	114	26	all	all	PRON
ajfa-1871	114	27	promote	promote	VERB
ajfa-1871	114	28	the	the	DET
ajfa-1871	114	29	notion	notion	NOUN
ajfa-1871	114	30	that	that	SCONJ
ajfa-1871	114	31	‘	'	PUNCT
ajfa-1871	114	32	resource	resource	ADJ
ajfa-1871	114	33	rich	rich	ADJ
ajfa-1871	114	34	firms	firm	NOUN
ajfa-1871	114	35	’	'	PUNCT
ajfa-1871	114	36	are	be	AUX
ajfa-1871	114	37	more	more	ADV
ajfa-1871	114	38	attractive	attractive	ADJ
ajfa-1871	114	39	takeover	takeover	NOUN
ajfa-1871	114	40	targets	target	NOUN
ajfa-1871	114	41	.	.	PUNCT
ajfa-1871	115	1	mergers	merger	NOUN
ajfa-1871	115	2	and	and	CCONJ
ajfa-1871	115	3	acquisitions	acquisition	NOUN
ajfa-1871	115	4	are	be	AUX
ajfa-1871	115	5	often	often	ADV
ajfa-1871	115	6	very	very	ADV
ajfa-1871	115	7	costly	costly	ADJ
ajfa-1871	115	8	and	and	CCONJ
ajfa-1871	115	9	if	if	SCONJ
ajfa-1871	115	10	firms	firm	NOUN
ajfa-1871	115	11	’	'	PUNCT
ajfa-1871	115	12	that	that	PRON
ajfa-1871	115	13	are	be	AUX
ajfa-1871	115	14	acquired	acquire	VERB
ajfa-1871	115	15	have	have	VERB
ajfa-1871	115	16	large	large	ADJ
ajfa-1871	115	17	resources	resource	NOUN
ajfa-1871	115	18	available	available	ADJ
ajfa-1871	115	19	,	,	PUNCT
ajfa-1871	115	20	it	it	PRON
ajfa-1871	115	21	can	can	AUX
ajfa-1871	115	22	be	be	AUX
ajfa-1871	115	23	used	use	VERB
ajfa-1871	115	24	to	to	PART
ajfa-1871	115	25	recoup	recoup	VERB
ajfa-1871	115	26	some	some	PRON
ajfa-1871	115	27	of	of	ADP
ajfa-1871	115	28	the	the	DET
ajfa-1871	115	29	costs	cost	NOUN
ajfa-1871	115	30	of	of	ADP
ajfa-1871	115	31	the	the	DET
ajfa-1871	115	32	acquisition	acquisition	NOUN
ajfa-1871	115	33	.	.	PUNCT
ajfa-1871	116	1	firms	firm	NOUN
ajfa-1871	116	2	with	with	ADP
ajfa-1871	116	3	large	large	ADJ
ajfa-1871	116	4	cash	cash	NOUN
ajfa-1871	116	5	balances	balance	NOUN
ajfa-1871	116	6	are	be	AUX
ajfa-1871	116	7	attractive	attractive	ADJ
ajfa-1871	116	8	for	for	ADP
ajfa-1871	116	9	takeovers	takeover	NOUN
ajfa-1871	116	10	as	as	SCONJ
ajfa-1871	116	11	cash	cash	NOUN
ajfa-1871	116	12	can	can	AUX
ajfa-1871	116	13	be	be	AUX
ajfa-1871	116	14	used	use	VERB
ajfa-1871	116	15	for	for	ADP
ajfa-1871	116	16	other	other	ADJ
ajfa-1871	116	17	projects	project	NOUN
ajfa-1871	116	18	after	after	ADP
ajfa-1871	116	19	acquisition	acquisition	NOUN
ajfa-1871	116	20	.	.	PUNCT
ajfa-1871	117	1	likewise	likewise	ADV
ajfa-1871	117	2	,	,	PUNCT
ajfa-1871	117	3	firms	firm	NOUN
ajfa-1871	117	4	with	with	ADP
ajfa-1871	117	5	low	low	ADJ
ajfa-1871	117	6	leverage	leverage	NOUN
ajfa-1871	117	7	are	be	AUX
ajfa-1871	117	8	attractive	attractive	ADJ
ajfa-1871	117	9	as	as	ADV
ajfa-1871	117	10	well	well	ADV
ajfa-1871	117	11	,	,	PUNCT
ajfa-1871	117	12	excess	excess	ADJ
ajfa-1871	117	13	debt	debt	NOUN
ajfa-1871	117	14	capacity	capacity	NOUN
ajfa-1871	117	15	can	can	AUX
ajfa-1871	117	16	be	be	AUX
ajfa-1871	117	17	utilised	utilise	VERB
ajfa-1871	117	18	by	by	ADP
ajfa-1871	117	19	raising	raise	VERB
ajfa-1871	117	20	debt	debt	NOUN
ajfa-1871	117	21	levels	level	NOUN
ajfa-1871	117	22	to	to	PART
ajfa-1871	117	23	increase	increase	VERB
ajfa-1871	117	24	cash	cash	NOUN
ajfa-1871	117	25	balances	balance	NOUN
ajfa-1871	117	26	and	and	CCONJ
ajfa-1871	117	27	help	help	VERB
ajfa-1871	117	28	make	make	VERB
ajfa-1871	117	29	up	up	ADP
ajfa-1871	117	30	for	for	ADP
ajfa-1871	117	31	the	the	DET
ajfa-1871	117	32	costly	costly	ADJ
ajfa-1871	117	33	acquisition	acquisition	NOUN
ajfa-1871	117	34	process.1	process.1	PROPN
ajfa-1871	117	35	once	once	SCONJ
ajfa-1871	117	36	the	the	DET
ajfa-1871	117	37	firm	firm	NOUN
ajfa-1871	117	38	is	be	AUX
ajfa-1871	117	39	acquired	acquire	VERB
ajfa-1871	117	40	,	,	PUNCT
ajfa-1871	117	41	the	the	DET
ajfa-1871	117	42	extra	extra	ADJ
ajfa-1871	117	43	cash	cash	NOUN
ajfa-1871	117	44	is	be	AUX
ajfa-1871	117	45	used	use	VERB
ajfa-1871	117	46	to	to	PART
ajfa-1871	117	47	pay	pay	VERB
ajfa-1871	117	48	back	back	ADP
ajfa-1871	117	49	some	some	PRON
ajfa-1871	117	50	of	of	ADP
ajfa-1871	117	51	the	the	DET
ajfa-1871	117	52	debt	debt	NOUN
ajfa-1871	117	53	while	while	SCONJ
ajfa-1871	117	54	the	the	DET
ajfa-1871	117	55	rest	rest	NOUN
ajfa-1871	117	56	of	of	ADP
ajfa-1871	117	57	the	the	DET
ajfa-1871	117	58	debt	debt	NOUN
ajfa-1871	117	59	is	be	AUX
ajfa-1871	117	60	now	now	ADV
ajfa-1871	117	61	owed	owe	VERB
ajfa-1871	117	62	by	by	ADP
ajfa-1871	117	63	a	a	DET
ajfa-1871	117	64	much	much	ADV
ajfa-1871	117	65	larger	large	ADJ
ajfa-1871	117	66	combined	combine	VERB
ajfa-1871	117	67	firm	firm	NOUN
ajfa-1871	117	68	,	,	PUNCT
ajfa-1871	117	69	making	make	VERB
ajfa-1871	117	70	the	the	DET
ajfa-1871	117	71	debt	debt	NOUN
ajfa-1871	117	72	comparatively	comparatively	ADV
ajfa-1871	117	73	smaller	small	ADJ
ajfa-1871	117	74	.	.	PUNCT
ajfa-1871	118	1	based	base	VERB
ajfa-1871	118	2	on	on	ADP
ajfa-1871	118	3	the	the	DET
ajfa-1871	118	4	information	information	NOUN
ajfa-1871	118	5	provided	provide	VERB
ajfa-1871	118	6	above	above	ADV
ajfa-1871	118	7	,	,	PUNCT
ajfa-1871	118	8	we	we	PRON
ajfa-1871	118	9	measure	measure	VERB
ajfa-1871	118	10	a	a	DET
ajfa-1871	118	11	firm	firm	NOUN
ajfa-1871	118	12	’s	’s	PART
ajfa-1871	118	13	attractiveness	attractiveness	NOUN
ajfa-1871	118	14	to	to	ADP
ajfa-1871	118	15	a	a	DET
ajfa-1871	118	16	takeover	takeover	NOUN
ajfa-1871	118	17	bid	bid	NOUN
ajfa-1871	118	18	as	as	ADP
ajfa-1871	118	19	the	the	DET
ajfa-1871	118	20	value	value	NOUN
ajfa-1871	118	21	of	of	ADP
ajfa-1871	118	22	their	their	PRON
ajfa-1871	118	23	cash	cash	NOUN
ajfa-1871	118	24	balances	balance	NOUN
ajfa-1871	118	25	,	,	PUNCT
ajfa-1871	118	26	leverage	leverage	NOUN
ajfa-1871	118	27	and	and	CCONJ
ajfa-1871	118	28	as	as	ADV
ajfa-1871	118	29	well	well	ADV
ajfa-1871	118	30	as	as	ADP
ajfa-1871	118	31	a	a	DET
ajfa-1871	118	32	combined	combine	VERB
ajfa-1871	118	33	factor	factor	NOUN
ajfa-1871	118	34	incorporating	incorporate	VERB
ajfa-1871	118	35	both	both	DET
ajfa-1871	118	36	variables	variable	NOUN
ajfa-1871	118	37	.	.	PUNCT
ajfa-1871	119	1	3.3	3.3	NUM
ajfa-1871	119	2	control	control	NOUN
ajfa-1871	119	3	variables	variable	NOUN
ajfa-1871	119	4	to	to	PART
ajfa-1871	119	5	determine	determine	VERB
ajfa-1871	119	6	the	the	DET
ajfa-1871	119	7	effect	effect	NOUN
ajfa-1871	119	8	of	of	ADP
ajfa-1871	119	9	the	the	DET
ajfa-1871	119	10	level	level	NOUN
ajfa-1871	119	11	of	of	ADP
ajfa-1871	119	12	payout	payout	NOUN
ajfa-1871	119	13	a	a	DET
ajfa-1871	119	14	ceo	ceo	NOUN
ajfa-1871	119	15	is	be	AUX
ajfa-1871	119	16	entitled	entitle	VERB
ajfa-1871	119	17	to	to	PART
ajfa-1871	119	18	receive	receive	VERB
ajfa-1871	119	19	after	after	ADP
ajfa-1871	119	20	acquisition	acquisition	NOUN
ajfa-1871	119	21	,	,	PUNCT
ajfa-1871	119	22	the	the	DET
ajfa-1871	119	23	change	change	NOUN
ajfa-1871	119	24	in	in	ADP
ajfa-1871	119	25	control	control	NOUN
ajfa-1871	119	26	payments	payment	NOUN
ajfa-1871	119	27	is	be	AUX
ajfa-1871	119	28	captured	capture	VERB
ajfa-1871	119	29	by	by	ADP
ajfa-1871	119	30	the	the	DET
ajfa-1871	119	31	variable	variable	ADJ
ajfa-1871	119	32	payoutfactor	payoutfactor	NOUN
ajfa-1871	119	33	.	.	PUNCT
ajfa-1871	120	1	payoutfactor	payoutfactor	NOUN
ajfa-1871	120	2	is	be	AUX
ajfa-1871	120	3	an	an	DET
ajfa-1871	120	4	estimate	estimate	NOUN
ajfa-1871	120	5	of	of	ADP
ajfa-1871	120	6	a	a	DET
ajfa-1871	120	7	ceos	ceos	NOUN
ajfa-1871	120	8	change	change	NOUN
ajfa-1871	120	9	in	in	ADP
ajfa-1871	120	10	control	control	NOUN
ajfa-1871	120	11	payment	payment	NOUN
ajfa-1871	120	12	divided	divide	VERB
ajfa-1871	120	13	by	by	ADP
ajfa-1871	120	14	their	their	PRON
ajfa-1871	120	15	annual	annual	ADJ
ajfa-1871	120	16	compensation	compensation	NOUN
ajfa-1871	120	17	.	.	PUNCT
ajfa-1871	121	1	the	the	DET
ajfa-1871	121	2	estimate	estimate	NOUN
ajfa-1871	121	3	for	for	ADP
ajfa-1871	121	4	the	the	DET
ajfa-1871	121	5	change	change	NOUN
ajfa-1871	121	6	in	in	ADP
ajfa-1871	121	7	control	control	NOUN
ajfa-1871	121	8	payment	payment	NOUN
ajfa-1871	121	9	is	be	AUX
ajfa-1871	121	10	the	the	DET
ajfa-1871	121	11	function	function	NOUN
ajfa-1871	121	12	of	of	ADP
ajfa-1871	121	13	a	a	DET
ajfa-1871	121	14	ceos	ceos	NOUN
ajfa-1871	121	15	shareholding	shareholding	NOUN
ajfa-1871	121	16	in	in	ADP
ajfa-1871	121	17	the	the	DET
ajfa-1871	121	18	existing	exist	VERB
ajfa-1871	121	19	golden	golden	ADJ
ajfa-1871	121	20	parachutes	parachute	NOUN
ajfa-1871	121	21	and	and	CCONJ
ajfa-1871	121	22	the	the	DET
ajfa-1871	121	23	annual	annual	ADJ
ajfa-1871	121	24	compensation	compensation	NOUN
ajfa-1871	121	25	is	be	AUX
ajfa-1871	121	26	the	the	DET
ajfa-1871	121	27	ceos	ceos	ADJ
ajfa-1871	121	28	annual	annual	ADJ
ajfa-1871	121	29	salary	salary	NOUN
ajfa-1871	121	30	.	.	PUNCT
ajfa-1871	122	1	salaryannual	salaryannual	ADJ
ajfa-1871	122	2	nacquisitioafterpayoutexpected	nacquisitioafterpayoutexpected	ADJ
ajfa-1871	122	3	orpayoutfact	orpayoutfact	NOUN
ajfa-1871	122	4			PROPN
ajfa-1871	122	5	miller	miller	PROPN
ajfa-1871	122	6	and	and	CCONJ
ajfa-1871	122	7	modigliani	modigliani	PROPN
ajfa-1871	122	8	(	(	PUNCT
ajfa-1871	122	9	1963	1963	NUM
ajfa-1871	122	10	)	)	PUNCT
ajfa-1871	122	11	argue	argue	VERB
ajfa-1871	122	12	that	that	SCONJ
ajfa-1871	122	13	debt	debt	NOUN
ajfa-1871	122	14	generally	generally	ADV
ajfa-1871	122	15	has	have	VERB
ajfa-1871	122	16	a	a	DET
ajfa-1871	122	17	lower	low	ADJ
ajfa-1871	122	18	cost	cost	NOUN
ajfa-1871	122	19	than	than	ADP
ajfa-1871	122	20	equity	equity	NOUN
ajfa-1871	122	21	and	and	CCONJ
ajfa-1871	122	22	therefore	therefore	ADV
ajfa-1871	122	23	,	,	PUNCT
ajfa-1871	122	24	firms	firm	NOUN
ajfa-1871	122	25	should	should	AUX
ajfa-1871	122	26	aim	aim	VERB
ajfa-1871	122	27	to	to	PART
ajfa-1871	122	28	increase	increase	VERB
ajfa-1871	122	29	their	their	PRON
ajfa-1871	122	30	leverage	leverage	NOUN
ajfa-1871	122	31	whenever	whenever	SCONJ
ajfa-1871	122	32	possible	possible	ADJ
ajfa-1871	122	33	.	.	PUNCT
ajfa-1871	123	1	however	however	ADV
ajfa-1871	123	2	,	,	PUNCT
ajfa-1871	123	3	a	a	DET
ajfa-1871	123	4	higher	high	ADJ
ajfa-1871	123	5	debt	debt	NOUN
ajfa-1871	123	6	level	level	NOUN
ajfa-1871	123	7	leads	lead	VERB
ajfa-1871	123	8	to	to	ADP
ajfa-1871	123	9	greater	great	ADJ
ajfa-1871	123	10	risk	risk	NOUN
ajfa-1871	123	11	of	of	ADP
ajfa-1871	123	12	bankruptcy	bankruptcy	NOUN
ajfa-1871	123	13	or	or	CCONJ
ajfa-1871	123	14	financial	financial	ADJ
ajfa-1871	123	15	distress	distress	NOUN
ajfa-1871	123	16	should	should	AUX
ajfa-1871	123	17	they	they	PRON
ajfa-1871	123	18	be	be	AUX
ajfa-1871	123	19	unable	unable	ADJ
ajfa-1871	123	20	to	to	PART
ajfa-1871	123	21	meet	meet	VERB
ajfa-1871	123	22	their	their	PRON
ajfa-1871	123	23	interest	interest	NOUN
ajfa-1871	123	24	obligations	obligation	NOUN
ajfa-1871	123	25	.	.	PUNCT
ajfa-1871	124	1	the	the	DET
ajfa-1871	124	2	tradeoff	tradeoff	NOUN
ajfa-1871	124	3	theory	theory	NOUN
ajfa-1871	124	4	states	state	VERB
ajfa-1871	124	5	that	that	SCONJ
ajfa-1871	124	6	firms	firm	NOUN
ajfa-1871	124	7	’	'	PUNCT
ajfa-1871	124	8	tradeoff	tradeoff	NOUN
ajfa-1871	124	9	the	the	DET
ajfa-1871	124	10	borrowing	borrowing	NOUN
ajfa-1871	124	11	costs	cost	NOUN
ajfa-1871	124	12	and	and	CCONJ
ajfa-1871	124	13	bankruptcy	bankruptcy	NOUN
ajfa-1871	124	14	costs	cost	NOUN
ajfa-1871	124	15	against	against	ADP
ajfa-1871	124	16	each	each	DET
ajfa-1871	124	17	other	other	ADJ
ajfa-1871	124	18	to	to	PART
ajfa-1871	124	19	arrive	arrive	VERB
ajfa-1871	124	20	at	at	ADP
ajfa-1871	124	21	an	an	DET
ajfa-1871	124	22	optimal	optimal	ADJ
ajfa-1871	124	23	debt	debt	NOUN
ajfa-1871	124	24	and	and	CCONJ
ajfa-1871	124	25	equity	equity	NOUN
ajfa-1871	124	26	ratio	ratio	NOUN
ajfa-1871	124	27	for	for	ADP
ajfa-1871	124	28	the	the	DET
ajfa-1871	124	29	firms	firm	NOUN
ajfa-1871	124	30	(	(	PUNCT
ajfa-1871	124	31	scott	scott	PROPN
ajfa-1871	124	32	,	,	PUNCT
ajfa-1871	124	33	1976	1976	NUM
ajfa-1871	124	34	)	)	PUNCT
ajfa-1871	124	35	.	.	PUNCT
ajfa-1871	125	1	a	a	DET
ajfa-1871	125	2	key	key	ADJ
ajfa-1871	125	3	factor	factor	NOUN
ajfa-1871	125	4	that	that	PRON
ajfa-1871	125	5	explains	explain	VERB
ajfa-1871	125	6	a	a	DET
ajfa-1871	125	7	firm	firm	NOUN
ajfa-1871	125	8	’s	’s	PART
ajfa-1871	125	9	debt	debt	NOUN
ajfa-1871	125	10	level	level	NOUN
ajfa-1871	125	11	is	be	AUX
ajfa-1871	125	12	the	the	DET
ajfa-1871	125	13	firm	firm	NOUN
ajfa-1871	125	14	’s	’s	PART
ajfa-1871	125	15	financial	financial	ADJ
ajfa-1871	125	16	distress	distress	NOUN
ajfa-1871	125	17	costs	cost	NOUN
ajfa-1871	125	18	.	.	PUNCT
ajfa-1871	126	1	according	accord	VERB
ajfa-1871	126	2	to	to	ADP
ajfa-1871	126	3	john	john	PROPN
ajfa-1871	126	4	(	(	PUNCT
ajfa-1871	126	5	1993	1993	NUM
ajfa-1871	126	6	)	)	PUNCT
ajfa-1871	126	7	and	and	CCONJ
ajfa-1871	126	8	devereux	devereux	PROPN
ajfa-1871	126	9	and	and	CCONJ
ajfa-1871	126	10	schiantarelli	schiantarelli	PROPN
ajfa-1871	126	11	(	(	PUNCT
ajfa-1871	126	12	1989	1989	NUM
ajfa-1871	126	13	)	)	PUNCT
ajfa-1871	126	14	,	,	PUNCT
ajfa-1871	126	15	factors	factor	NOUN
ajfa-1871	126	16	affecting	affect	VERB
ajfa-1871	126	17	firms	firm	NOUN
ajfa-1871	126	18	’	'	PUNCT
ajfa-1871	126	19	financial	financial	ADJ
ajfa-1871	126	20	distress	distress	NOUN
ajfa-1871	126	21	costs	cost	NOUN
ajfa-1871	126	22	are	be	AUX
ajfa-1871	126	23	the	the	DET
ajfa-1871	126	24	earnings	earning	NOUN
ajfa-1871	126	25	and	and	CCONJ
ajfa-1871	126	26	cash	cash	NOUN
ajfa-1871	126	27	flow	flow	NOUN
ajfa-1871	126	28	volatility	volatility	NOUN
ajfa-1871	126	29	.	.	PUNCT
ajfa-1871	127	1	essentially	essentially	ADV
ajfa-1871	127	2	firms	firm	NOUN
ajfa-1871	127	3	that	that	PRON
ajfa-1871	127	4	have	have	VERB
ajfa-1871	127	5	high	high	ADJ
ajfa-1871	127	6	volatile	volatile	ADJ
ajfa-1871	127	7	cash	cash	NOUN
ajfa-1871	127	8	flows	flow	NOUN
ajfa-1871	127	9	are	be	AUX
ajfa-1871	127	10	more	more	ADV
ajfa-1871	127	11	unlikely	unlikely	ADJ
ajfa-1871	127	12	to	to	PART
ajfa-1871	127	13	meet	meet	VERB
ajfa-1871	127	14	their	their	PRON
ajfa-1871	127	15	interest	interest	NOUN
ajfa-1871	127	16	obligations	obligation	NOUN
ajfa-1871	127	17	in	in	ADP
ajfa-1871	127	18	a	a	DET
ajfa-1871	127	19	specific	specific	ADJ
ajfa-1871	127	20	year	year	NOUN
ajfa-1871	127	21	due	due	ADP
ajfa-1871	127	22	to	to	ADP
ajfa-1871	127	23	the	the	DET
ajfa-1871	127	24	uncertainty	uncertainty	NOUN
ajfa-1871	127	25	regarding	regard	VERB
ajfa-1871	127	26	their	their	PRON
ajfa-1871	127	27	income	income	NOUN
ajfa-1871	127	28	.	.	PUNCT
ajfa-1871	128	1	furthermore	furthermore	ADV
ajfa-1871	128	2	,	,	PUNCT
ajfa-1871	128	3	research	research	NOUN
ajfa-1871	128	4	regarding	regard	VERB
ajfa-1871	128	5	the	the	DET
ajfa-1871	128	6	reasons	reason	NOUN
ajfa-1871	128	7	for	for	ADP
ajfa-1871	128	8	holding	hold	VERB
ajfa-1871	128	9	high	high	ADJ
ajfa-1871	128	10	cash	cash	NOUN
ajfa-1871	128	11	balances	balance	NOUN
ajfa-1871	128	12	largely	largely	ADV
ajfa-1871	128	13	focus	focus	VERB
ajfa-1871	128	14	on	on	ADP
ajfa-1871	128	15	the	the	DET
ajfa-1871	128	16	risk	risk	NOUN
ajfa-1871	128	17	of	of	ADP
ajfa-1871	128	18	becoming	become	VERB
ajfa-1871	128	19	insolvent	insolvent	ADJ
ajfa-1871	128	20	.	.	PUNCT
ajfa-1871	129	1	baumol	baumol	PROPN
ajfa-1871	129	2	(	(	PUNCT
ajfa-1871	129	3	1952	1952	NUM
ajfa-1871	129	4	)	)	PUNCT
ajfa-1871	129	5	,	,	PUNCT
ajfa-1871	129	6	tobin	tobin	PROPN
ajfa-1871	129	7	(	(	PUNCT
ajfa-1871	129	8	1956	1956	NUM
ajfa-1871	129	9	)	)	PUNCT
ajfa-1871	129	10	,	,	PUNCT
ajfa-1871	129	11	meltzer	meltzer	PROPN
ajfa-1871	129	12	(	(	PUNCT
ajfa-1871	129	13	1963	1963	NUM
ajfa-1871	129	14	)	)	PUNCT
ajfa-1871	129	15	and	and	CCONJ
ajfa-1871	129	16	miller	miller	PROPN
ajfa-1871	129	17	and	and	CCONJ
ajfa-1871	129	18	orr	orr	PROPN
ajfa-1871	129	19	(	(	PUNCT
ajfa-1871	129	20	1966	1966	NUM
ajfa-1871	129	21	)	)	PUNCT
ajfa-1871	129	22	state	state	NOUN
ajfa-1871	129	23	that	that	SCONJ
ajfa-1871	129	24	firms	firm	NOUN
ajfa-1871	129	25	hold	hold	VERB
ajfa-1871	129	26	1	1	NUM
ajfa-1871	129	27	an	an	DET
ajfa-1871	129	28	extreme	extreme	ADJ
ajfa-1871	129	29	case	case	NOUN
ajfa-1871	129	30	of	of	ADP
ajfa-1871	129	31	such	such	ADJ
ajfa-1871	129	32	takeovers	takeover	NOUN
ajfa-1871	129	33	are	be	AUX
ajfa-1871	129	34	leveraged	leveraged	ADJ
ajfa-1871	129	35	buyouts	buyout	NOUN
ajfa-1871	129	36	(	(	PUNCT
ajfa-1871	129	37	lbos	lbos	PROPN
ajfa-1871	129	38	)	)	PUNCT
ajfa-1871	129	39	(	(	PUNCT
ajfa-1871	129	40	damodaran	damodaran	VERB
ajfa-1871	129	41	,	,	PUNCT
ajfa-1871	129	42	2005	2005	NUM
ajfa-1871	129	43	)	)	PUNCT
ajfa-1871	129	44	where	where	SCONJ
ajfa-1871	129	45	the	the	DET
ajfa-1871	129	46	acquiring	acquire	VERB
ajfa-1871	129	47	firm	firm	NOUN
ajfa-1871	129	48	accrues	accrue	VERB
ajfa-1871	129	49	a	a	DET
ajfa-1871	129	50	large	large	ADJ
ajfa-1871	129	51	amount	amount	NOUN
ajfa-1871	129	52	of	of	ADP
ajfa-1871	129	53	debt	debt	NOUN
ajfa-1871	129	54	in	in	ADP
ajfa-1871	129	55	order	order	NOUN
ajfa-1871	129	56	to	to	PART
ajfa-1871	129	57	acquire	acquire	VERB
ajfa-1871	129	58	a	a	DET
ajfa-1871	129	59	target	target	NOUN
ajfa-1871	129	60	firm	firm	NOUN
ajfa-1871	129	61	with	with	ADP
ajfa-1871	129	62	high	high	ADJ
ajfa-1871	129	63	cash	cash	NOUN
ajfa-1871	129	64	balances	balance	NOUN
ajfa-1871	129	65	and	and	CCONJ
ajfa-1871	129	66	low	low	ADJ
ajfa-1871	129	67	leverage	leverage	NOUN
ajfa-1871	129	68	.	.	PUNCT
ajfa-1871	130	1	asian	asian	ADJ
ajfa-1871	130	2	journal	journal	PROPN
ajfa-1871	130	3	of	of	ADP
ajfa-1871	130	4	finance	finance	PROPN
ajfa-1871	130	5	&	&	CCONJ
ajfa-1871	130	6	accounting	accounting	PROPN
ajfa-1871	130	7	issn	issn	PROPN
ajfa-1871	130	8	1946	1946	NUM
ajfa-1871	130	9	-	-	PUNCT
ajfa-1871	130	10	052x	052x	NOUN
ajfa-1871	130	11	2012	2012	NUM
ajfa-1871	130	12	,	,	PUNCT
ajfa-1871	130	13	vol	vol	NOUN
ajfa-1871	130	14	.	.	PROPN
ajfa-1871	130	15	4	4	NUM
ajfa-1871	130	16	,	,	PUNCT
ajfa-1871	130	17	no	no	INTJ
ajfa-1871	130	18	.	.	NOUN
ajfa-1871	130	19	2	2	NUM
ajfa-1871	130	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	130	21	115	115	NUM
ajfa-1871	130	22	cash	cash	NOUN
ajfa-1871	130	23	to	to	PART
ajfa-1871	130	24	avoid	avoid	VERB
ajfa-1871	130	25	being	be	AUX
ajfa-1871	130	26	short	short	ADJ
ajfa-1871	130	27	on	on	ADP
ajfa-1871	130	28	liquid	liquid	ADJ
ajfa-1871	130	29	assets	asset	NOUN
ajfa-1871	130	30	when	when	SCONJ
ajfa-1871	130	31	needed	need	VERB
ajfa-1871	130	32	.	.	PUNCT
ajfa-1871	131	1	moreover	moreover	ADV
ajfa-1871	131	2	,	,	PUNCT
ajfa-1871	131	3	opler	opler	ADJ
ajfa-1871	131	4	,	,	PUNCT
ajfa-1871	131	5	pinkowitz	pinkowitz	NOUN
ajfa-1871	131	6	,	,	PUNCT
ajfa-1871	131	7	stulz	stulz	ADJ
ajfa-1871	131	8	and	and	CCONJ
ajfa-1871	131	9	williamson	williamson	PROPN
ajfa-1871	131	10	(	(	PUNCT
ajfa-1871	131	11	1999	1999	NUM
ajfa-1871	131	12	)	)	PUNCT
ajfa-1871	131	13	report	report	NOUN
ajfa-1871	131	14	that	that	SCONJ
ajfa-1871	131	15	a	a	DET
ajfa-1871	131	16	firm	firm	NOUN
ajfa-1871	131	17	’s	’s	PART
ajfa-1871	131	18	desire	desire	NOUN
ajfa-1871	131	19	to	to	PART
ajfa-1871	131	20	hold	hold	VERB
ajfa-1871	131	21	cash	cash	NOUN
ajfa-1871	131	22	is	be	AUX
ajfa-1871	131	23	increased	increase	VERB
ajfa-1871	131	24	when	when	SCONJ
ajfa-1871	131	25	a	a	DET
ajfa-1871	131	26	firm	firm	NOUN
ajfa-1871	131	27	finds	find	VERB
ajfa-1871	131	28	it	it	PRON
ajfa-1871	131	29	difficult	difficult	ADJ
ajfa-1871	131	30	to	to	PART
ajfa-1871	131	31	raise	raise	VERB
ajfa-1871	131	32	external	external	ADJ
ajfa-1871	131	33	funds	fund	NOUN
ajfa-1871	131	34	.	.	PUNCT
ajfa-1871	132	1	therefore	therefore	ADV
ajfa-1871	132	2	,	,	PUNCT
ajfa-1871	132	3	a	a	DET
ajfa-1871	132	4	firm	firm	NOUN
ajfa-1871	132	5	’s	’s	PART
ajfa-1871	132	6	desire	desire	NOUN
ajfa-1871	132	7	to	to	PART
ajfa-1871	132	8	hold	hold	VERB
ajfa-1871	132	9	cash	cash	NOUN
ajfa-1871	132	10	can	can	AUX
ajfa-1871	132	11	be	be	AUX
ajfa-1871	132	12	partly	partly	ADV
ajfa-1871	132	13	estimated	estimate	VERB
ajfa-1871	132	14	by	by	ADP
ajfa-1871	132	15	their	their	PRON
ajfa-1871	132	16	volatility	volatility	NOUN
ajfa-1871	132	17	of	of	ADP
ajfa-1871	132	18	cash	cash	NOUN
ajfa-1871	132	19	flows	flow	NOUN
ajfa-1871	132	20	.	.	PUNCT
ajfa-1871	133	1	firms	firm	NOUN
ajfa-1871	133	2	with	with	ADP
ajfa-1871	133	3	inherently	inherently	ADV
ajfa-1871	133	4	volatile	volatile	ADJ
ajfa-1871	133	5	cash	cash	NOUN
ajfa-1871	133	6	flows	flow	NOUN
ajfa-1871	133	7	are	be	AUX
ajfa-1871	133	8	more	more	ADV
ajfa-1871	133	9	likely	likely	ADJ
ajfa-1871	133	10	to	to	PART
ajfa-1871	133	11	be	be	AUX
ajfa-1871	133	12	at	at	ADP
ajfa-1871	133	13	risk	risk	NOUN
ajfa-1871	133	14	of	of	ADP
ajfa-1871	133	15	insolvency	insolvency	NOUN
ajfa-1871	133	16	(	(	PUNCT
ajfa-1871	133	17	miller	miller	PROPN
ajfa-1871	133	18	and	and	CCONJ
ajfa-1871	133	19	orr	orr	PROPN
ajfa-1871	133	20	,	,	PUNCT
ajfa-1871	133	21	1966	1966	NUM
ajfa-1871	133	22	)	)	PUNCT
ajfa-1871	133	23	.	.	PUNCT
ajfa-1871	134	1	we	we	PRON
ajfa-1871	134	2	also	also	ADV
ajfa-1871	134	3	use	use	VERB
ajfa-1871	134	4	risk	risk	NOUN
ajfa-1871	134	5	of	of	ADP
ajfa-1871	134	6	cash	cash	NOUN
ajfa-1871	134	7	flows	flow	NOUN
ajfa-1871	134	8	as	as	ADP
ajfa-1871	134	9	a	a	DET
ajfa-1871	134	10	proxy	proxy	NOUN
ajfa-1871	134	11	for	for	ADP
ajfa-1871	134	12	the	the	DET
ajfa-1871	134	13	risk	risk	NOUN
ajfa-1871	134	14	of	of	ADP
ajfa-1871	134	15	insolvency	insolvency	NOUN
ajfa-1871	134	16	.	.	PUNCT
ajfa-1871	135	1	to	to	PART
ajfa-1871	135	2	control	control	VERB
ajfa-1871	135	3	for	for	ADP
ajfa-1871	135	4	the	the	DET
ajfa-1871	135	5	effects	effect	NOUN
ajfa-1871	135	6	of	of	ADP
ajfa-1871	135	7	tradeoff	tradeoff	NOUN
ajfa-1871	135	8	theory	theory	NOUN
ajfa-1871	135	9	on	on	ADP
ajfa-1871	135	10	debt	debt	NOUN
ajfa-1871	135	11	and	and	CCONJ
ajfa-1871	135	12	risk	risk	NOUN
ajfa-1871	135	13	of	of	ADP
ajfa-1871	135	14	insolvency	insolvency	NOUN
ajfa-1871	135	15	,	,	PUNCT
ajfa-1871	135	16	we	we	PRON
ajfa-1871	135	17	include	include	VERB
ajfa-1871	135	18	two	two	NUM
ajfa-1871	135	19	proxies	proxy	NOUN
ajfa-1871	135	20	,	,	PUNCT
ajfa-1871	135	21	that	that	ADV
ajfa-1871	135	22	is	is	ADV
ajfa-1871	135	23	,	,	PUNCT
ajfa-1871	135	24	firm	firm	NOUN
ajfa-1871	135	25	’s	’s	PART
ajfa-1871	135	26	volatility	volatility	NOUN
ajfa-1871	135	27	of	of	ADP
ajfa-1871	135	28	cash	cash	NOUN
ajfa-1871	135	29	flows	flow	NOUN
ajfa-1871	135	30	(	(	PUNCT
ajfa-1871	135	31	fcfvar	fcfvar	NOUN
ajfa-1871	135	32	)	)	PUNCT
ajfa-1871	135	33	and	and	CCONJ
ajfa-1871	135	34	earnings	earning	NOUN
ajfa-1871	135	35	(	(	PUNCT
ajfa-1871	135	36	npvar	npvar	NOUN
ajfa-1871	135	37	)	)	PUNCT
ajfa-1871	135	38	.	.	PUNCT
ajfa-1871	136	1	fcfvar	fcfvar	NOUN
ajfa-1871	136	2	is	be	AUX
ajfa-1871	136	3	volatility	volatility	NOUN
ajfa-1871	136	4	of	of	ADP
ajfa-1871	136	5	firm	firm	NOUN
ajfa-1871	136	6	’s	’s	PART
ajfa-1871	136	7	cash	cash	NOUN
ajfa-1871	136	8	flow	flow	NOUN
ajfa-1871	136	9	over	over	ADP
ajfa-1871	136	10	the	the	DET
ajfa-1871	136	11	last	last	ADJ
ajfa-1871	136	12	three	three	NUM
ajfa-1871	136	13	years	year	NOUN
ajfa-1871	136	14	and	and	CCONJ
ajfa-1871	136	15	npvar	npvar	NOUN
ajfa-1871	136	16	is	be	AUX
ajfa-1871	136	17	the	the	DET
ajfa-1871	136	18	volatility	volatility	NOUN
ajfa-1871	136	19	of	of	ADP
ajfa-1871	136	20	firm	firm	NOUN
ajfa-1871	136	21	’s	’s	PART
ajfa-1871	136	22	net	net	ADJ
ajfa-1871	136	23	profit	profit	NOUN
ajfa-1871	136	24	over	over	ADP
ajfa-1871	136	25	the	the	DET
ajfa-1871	136	26	last	last	ADJ
ajfa-1871	136	27	three	three	NUM
ajfa-1871	136	28	years	year	NOUN
ajfa-1871	136	29	.	.	PUNCT
ajfa-1871	137	1	similarly	similarly	ADV
ajfa-1871	137	2	,	,	PUNCT
ajfa-1871	137	3	a	a	DET
ajfa-1871	137	4	high	high	ADJ
ajfa-1871	137	5	financially	financially	ADV
ajfa-1871	137	6	performing	perform	VERB
ajfa-1871	137	7	firm	firm	NOUN
ajfa-1871	137	8	will	will	AUX
ajfa-1871	137	9	create	create	VERB
ajfa-1871	137	10	more	more	ADJ
ajfa-1871	137	11	value	value	NOUN
ajfa-1871	137	12	for	for	ADP
ajfa-1871	137	13	the	the	DET
ajfa-1871	137	14	ceo	ceo	NOUN
ajfa-1871	137	15	than	than	ADP
ajfa-1871	137	16	a	a	DET
ajfa-1871	137	17	low	low	ADJ
ajfa-1871	137	18	performing	perform	VERB
ajfa-1871	137	19	firm	firm	NOUN
ajfa-1871	137	20	.	.	PUNCT
ajfa-1871	138	1	to	to	PART
ajfa-1871	138	2	capture	capture	VERB
ajfa-1871	138	3	the	the	DET
ajfa-1871	138	4	effects	effect	NOUN
ajfa-1871	138	5	of	of	ADP
ajfa-1871	138	6	performance	performance	NOUN
ajfa-1871	138	7	on	on	ADP
ajfa-1871	138	8	change	change	NOUN
ajfa-1871	138	9	in	in	ADP
ajfa-1871	138	10	control	control	NOUN
ajfa-1871	138	11	payments	payment	NOUN
ajfa-1871	138	12	,	,	PUNCT
ajfa-1871	138	13	we	we	PRON
ajfa-1871	138	14	have	have	AUX
ajfa-1871	138	15	used	use	VERB
ajfa-1871	138	16	tobin	tobin	PROPN
ajfa-1871	138	17	’s	’s	PART
ajfa-1871	138	18	q	q	NOUN
ajfa-1871	138	19	as	as	ADP
ajfa-1871	138	20	a	a	DET
ajfa-1871	138	21	proxy	proxy	NOUN
ajfa-1871	138	22	for	for	ADP
ajfa-1871	138	23	performance	performance	NOUN
ajfa-1871	138	24	.	.	PUNCT
ajfa-1871	139	1	tobin	tobin	PROPN
ajfa-1871	139	2	’s	’s	PART
ajfa-1871	139	3	q	q	NOUN
ajfa-1871	139	4	is	be	AUX
ajfa-1871	139	5	measured	measure	VERB
ajfa-1871	139	6	as	as	SCONJ
ajfa-1871	139	7	follows	follow	VERB
ajfa-1871	139	8	:	:	PUNCT
ajfa-1871	139	9	assetstotal	assetstotal	NOUN
ajfa-1871	139	10	debtl	debtl	PROPN
ajfa-1871	139	11	/	/	SYM
ajfa-1871	139	12	tdebtcurentnetgoutstandinsharesofno.*price	tdebtcurentnetgoutstandinsharesofno.*price	PROPN
ajfa-1871	139	13	qstobin	qstobin	NOUN
ajfa-1871	139	14	'	'	PUNCT
ajfa-1871	139	15			PUNCT
ajfa-1871	139	16	to	to	PART
ajfa-1871	139	17	control	control	VERB
ajfa-1871	139	18	for	for	ADP
ajfa-1871	139	19	the	the	DET
ajfa-1871	139	20	endogeneity	endogeneity	NOUN
ajfa-1871	139	21	effect	effect	NOUN
ajfa-1871	139	22	,	,	PUNCT
ajfa-1871	139	23	we	we	PRON
ajfa-1871	139	24	also	also	ADV
ajfa-1871	139	25	use	use	VERB
ajfa-1871	139	26	an	an	DET
ajfa-1871	139	27	interaction	interaction	NOUN
ajfa-1871	139	28	term	term	NOUN
ajfa-1871	139	29	(	(	PUNCT
ajfa-1871	139	30	interq	interq	PROPN
ajfa-1871	139	31	)	)	PUNCT
ajfa-1871	139	32	which	which	PRON
ajfa-1871	139	33	is	be	AUX
ajfa-1871	139	34	determined	determine	VERB
ajfa-1871	139	35	by	by	ADP
ajfa-1871	139	36	multiplying	multiply	VERB
ajfa-1871	139	37	factorpayout	factorpayout	NOUN
ajfa-1871	139	38	by	by	ADP
ajfa-1871	139	39	tobin	tobin	PROPN
ajfa-1871	139	40	’s	’s	PART
ajfa-1871	139	41	q.2	q.2	PROPN
ajfa-1871	139	42	because	because	SCONJ
ajfa-1871	139	43	ceos	ceo	NOUN
ajfa-1871	139	44	know	know	VERB
ajfa-1871	139	45	more	more	ADJ
ajfa-1871	139	46	about	about	ADP
ajfa-1871	139	47	their	their	PRON
ajfa-1871	139	48	firm	firm	NOUN
ajfa-1871	139	49	than	than	ADP
ajfa-1871	139	50	the	the	DET
ajfa-1871	139	51	outsiders	outsider	NOUN
ajfa-1871	139	52	,	,	PUNCT
ajfa-1871	139	53	there	there	PRON
ajfa-1871	139	54	is	be	VERB
ajfa-1871	139	55	a	a	DET
ajfa-1871	139	56	potential	potential	NOUN
ajfa-1871	139	57	of	of	ADP
ajfa-1871	139	58	the	the	DET
ajfa-1871	139	59	existence	existence	NOUN
ajfa-1871	139	60	of	of	ADP
ajfa-1871	139	61	information	information	NOUN
ajfa-1871	139	62	asymmetry	asymmetry	NOUN
ajfa-1871	139	63	when	when	SCONJ
ajfa-1871	139	64	firms	firm	NOUN
ajfa-1871	139	65	apply	apply	VERB
ajfa-1871	139	66	for	for	ADP
ajfa-1871	139	67	outside	outside	ADJ
ajfa-1871	139	68	financing	financing	NOUN
ajfa-1871	139	69	.	.	PUNCT
ajfa-1871	140	1	the	the	DET
ajfa-1871	140	2	pecking	pecking	NOUN
ajfa-1871	140	3	order	order	NOUN
ajfa-1871	140	4	theory	theory	NOUN
ajfa-1871	140	5	postulated	postulate	VERB
ajfa-1871	140	6	by	by	ADP
ajfa-1871	140	7	myers	myer	NOUN
ajfa-1871	140	8	and	and	CCONJ
ajfa-1871	140	9	majluf	majluf	PROPN
ajfa-1871	140	10	(	(	PUNCT
ajfa-1871	140	11	1984	1984	NUM
ajfa-1871	140	12	)	)	PUNCT
ajfa-1871	140	13	state	state	NOUN
ajfa-1871	140	14	that	that	SCONJ
ajfa-1871	140	15	executives	executive	NOUN
ajfa-1871	140	16	prefer	prefer	VERB
ajfa-1871	140	17	to	to	PART
ajfa-1871	140	18	fund	fund	VERB
ajfa-1871	140	19	projects	project	NOUN
ajfa-1871	140	20	first	first	ADV
ajfa-1871	140	21	with	with	ADP
ajfa-1871	140	22	cash	cash	NOUN
ajfa-1871	140	23	,	,	PUNCT
ajfa-1871	140	24	then	then	ADV
ajfa-1871	140	25	with	with	ADP
ajfa-1871	140	26	debt	debt	NOUN
ajfa-1871	140	27	,	,	PUNCT
ajfa-1871	140	28	and	and	CCONJ
ajfa-1871	140	29	use	use	VERB
ajfa-1871	140	30	equity	equity	NOUN
ajfa-1871	140	31	as	as	ADP
ajfa-1871	140	32	a	a	DET
ajfa-1871	140	33	last	last	ADJ
ajfa-1871	140	34	resort	resort	NOUN
ajfa-1871	140	35	due	due	ADP
ajfa-1871	140	36	to	to	ADP
ajfa-1871	140	37	the	the	DET
ajfa-1871	140	38	higher	high	ADJ
ajfa-1871	140	39	degree	degree	NOUN
ajfa-1871	140	40	of	of	ADP
ajfa-1871	140	41	information	information	NOUN
ajfa-1871	140	42	asymmetry	asymmetry	NOUN
ajfa-1871	140	43	associated	associate	VERB
ajfa-1871	140	44	with	with	ADP
ajfa-1871	140	45	it	it	PRON
ajfa-1871	140	46	.	.	PUNCT
ajfa-1871	141	1	helwege	helwege	NOUN
ajfa-1871	141	2	and	and	CCONJ
ajfa-1871	141	3	liang	liang	PROPN
ajfa-1871	141	4	(	(	PUNCT
ajfa-1871	141	5	1996	1996	NUM
ajfa-1871	141	6	)	)	PUNCT
ajfa-1871	141	7	and	and	CCONJ
ajfa-1871	141	8	graham	graham	PROPN
ajfa-1871	141	9	and	and	CCONJ
ajfa-1871	141	10	harvey	harvey	PROPN
ajfa-1871	141	11	(	(	PUNCT
ajfa-1871	141	12	2001	2001	NUM
ajfa-1871	141	13	)	)	PUNCT
ajfa-1871	141	14	show	show	VERB
ajfa-1871	141	15	that	that	SCONJ
ajfa-1871	141	16	more	more	ADJ
ajfa-1871	141	17	information	information	NOUN
ajfa-1871	141	18	is	be	AUX
ajfa-1871	141	19	known	know	VERB
ajfa-1871	141	20	about	about	ADP
ajfa-1871	141	21	larger	large	ADJ
ajfa-1871	141	22	firms	firm	NOUN
ajfa-1871	141	23	and	and	CCONJ
ajfa-1871	141	24	those	those	PRON
ajfa-1871	141	25	that	that	PRON
ajfa-1871	141	26	pay	pay	VERB
ajfa-1871	141	27	dividends	dividend	NOUN
ajfa-1871	141	28	and	and	CCONJ
ajfa-1871	141	29	therefore	therefore	ADV
ajfa-1871	141	30	,	,	PUNCT
ajfa-1871	141	31	have	have	VERB
ajfa-1871	141	32	a	a	DET
ajfa-1871	141	33	lower	low	ADJ
ajfa-1871	141	34	degree	degree	NOUN
ajfa-1871	141	35	of	of	ADP
ajfa-1871	141	36	information	information	NOUN
ajfa-1871	141	37	asymmetry	asymmetry	NOUN
ajfa-1871	141	38	.	.	PUNCT
ajfa-1871	142	1	based	base	VERB
ajfa-1871	142	2	on	on	ADP
ajfa-1871	142	3	this	this	DET
ajfa-1871	142	4	view	view	NOUN
ajfa-1871	142	5	,	,	PUNCT
ajfa-1871	142	6	we	we	PRON
ajfa-1871	142	7	also	also	ADV
ajfa-1871	142	8	use	use	VERB
ajfa-1871	142	9	both	both	PRON
ajfa-1871	142	10	firm	firm	ADJ
ajfa-1871	142	11	size	size	NOUN
ajfa-1871	142	12	and	and	CCONJ
ajfa-1871	142	13	dividend	dividend	NOUN
ajfa-1871	142	14	payout	payout	NOUN
ajfa-1871	142	15	ratio	ratio	NOUN
ajfa-1871	142	16	as	as	ADP
ajfa-1871	142	17	potential	potential	ADJ
ajfa-1871	142	18	explanation	explanation	NOUN
ajfa-1871	142	19	for	for	ADP
ajfa-1871	142	20	capital	capital	NOUN
ajfa-1871	142	21	structure	structure	NOUN
ajfa-1871	142	22	.	.	PUNCT
ajfa-1871	143	1	we	we	PRON
ajfa-1871	143	2	use	use	VERB
ajfa-1871	143	3	natural	natural	ADJ
ajfa-1871	143	4	log	log	NOUN
ajfa-1871	143	5	of	of	ADP
ajfa-1871	143	6	total	total	ADJ
ajfa-1871	143	7	assets	asset	NOUN
ajfa-1871	143	8	(	(	PUNCT
ajfa-1871	143	9	lnta	lnta	NOUN
ajfa-1871	143	10	)	)	PUNCT
ajfa-1871	143	11	as	as	ADP
ajfa-1871	143	12	a	a	DET
ajfa-1871	143	13	proxy	proxy	NOUN
ajfa-1871	143	14	for	for	ADP
ajfa-1871	143	15	firm	firm	ADJ
ajfa-1871	143	16	size	size	NOUN
ajfa-1871	143	17	and	and	CCONJ
ajfa-1871	143	18	the	the	DET
ajfa-1871	143	19	ratio	ratio	NOUN
ajfa-1871	143	20	of	of	ADP
ajfa-1871	143	21	dividend	dividend	NOUN
ajfa-1871	143	22	paid	pay	VERB
ajfa-1871	143	23	divided	divide	VERB
ajfa-1871	143	24	by	by	ADP
ajfa-1871	143	25	net	net	ADJ
ajfa-1871	143	26	profit	profit	NOUN
ajfa-1871	143	27	of	of	ADP
ajfa-1871	143	28	the	the	DET
ajfa-1871	143	29	firm	firm	NOUN
ajfa-1871	143	30	(	(	PUNCT
ajfa-1871	143	31	divpout	divpout	PROPN
ajfa-1871	143	32	)	)	PUNCT
ajfa-1871	143	33	as	as	ADP
ajfa-1871	143	34	a	a	DET
ajfa-1871	143	35	proxy	proxy	NOUN
ajfa-1871	143	36	for	for	ADP
ajfa-1871	143	37	dividend	dividend	NOUN
ajfa-1871	143	38	payout	payout	NOUN
ajfa-1871	143	39	.	.	PUNCT
ajfa-1871	144	1	fowley	fowley	NOUN
ajfa-1871	144	2	,	,	PUNCT
ajfa-1871	144	3	hartzell	hartzell	VERB
ajfa-1871	144	4	titman	titman	NOUN
ajfa-1871	144	5	and	and	CCONJ
ajfa-1871	144	6	twite	twite	NOUN
ajfa-1871	144	7	(	(	PUNCT
ajfa-1871	144	8	2007	2007	NUM
ajfa-1871	144	9	)	)	PUNCT
ajfa-1871	144	10	,	,	PUNCT
ajfa-1871	144	11	state	state	NOUN
ajfa-1871	144	12	that	that	SCONJ
ajfa-1871	144	13	industry	industry	NOUN
ajfa-1871	144	14	also	also	ADV
ajfa-1871	144	15	plays	play	VERB
ajfa-1871	144	16	an	an	DET
ajfa-1871	144	17	important	important	ADJ
ajfa-1871	144	18	part	part	NOUN
ajfa-1871	144	19	in	in	ADP
ajfa-1871	144	20	determining	determine	VERB
ajfa-1871	144	21	firms	firm	NOUN
ajfa-1871	144	22	’	’	PART
ajfa-1871	144	23	cash	cash	NOUN
ajfa-1871	144	24	balances	balance	NOUN
ajfa-1871	144	25	and	and	CCONJ
ajfa-1871	144	26	capital	capital	NOUN
ajfa-1871	144	27	structure	structure	NOUN
ajfa-1871	144	28	.	.	PUNCT
ajfa-1871	145	1	a	a	DET
ajfa-1871	145	2	firm	firm	NOUN
ajfa-1871	145	3	’s	’s	PART
ajfa-1871	145	4	industry	industry	NOUN
ajfa-1871	145	5	affects	affect	VERB
ajfa-1871	145	6	the	the	DET
ajfa-1871	145	7	firm	firm	NOUN
ajfa-1871	145	8	’s	’s	PART
ajfa-1871	145	9	stability	stability	NOUN
ajfa-1871	145	10	and	and	CCONJ
ajfa-1871	145	11	thus	thus	ADV
ajfa-1871	145	12	their	their	PRON
ajfa-1871	145	13	need	need	NOUN
ajfa-1871	145	14	to	to	PART
ajfa-1871	145	15	hold	hold	VERB
ajfa-1871	145	16	cash	cash	NOUN
ajfa-1871	145	17	and	and	CCONJ
ajfa-1871	145	18	financial	financial	ADJ
ajfa-1871	145	19	distress	distress	NOUN
ajfa-1871	145	20	costs	cost	NOUN
ajfa-1871	145	21	.	.	PUNCT
ajfa-1871	146	1	for	for	ADP
ajfa-1871	146	2	this	this	DET
ajfa-1871	146	3	reason	reason	NOUN
ajfa-1871	146	4	,	,	PUNCT
ajfa-1871	146	5	we	we	PRON
ajfa-1871	146	6	have	have	AUX
ajfa-1871	146	7	also	also	ADV
ajfa-1871	146	8	included	include	VERB
ajfa-1871	146	9	industry	industry	NOUN
ajfa-1871	146	10	dummies	dummy	NOUN
ajfa-1871	146	11	in	in	ADP
ajfa-1871	146	12	our	our	PRON
ajfa-1871	146	13	analysis	analysis	NOUN
ajfa-1871	146	14	.	.	PUNCT
ajfa-1871	147	1	we	we	PRON
ajfa-1871	147	2	have	have	AUX
ajfa-1871	147	3	created	create	VERB
ajfa-1871	147	4	seven	seven	NUM
ajfa-1871	147	5	industry	industry	NOUN
ajfa-1871	147	6	dummy	dummy	ADJ
ajfa-1871	147	7	variables	variable	NOUN
ajfa-1871	147	8	where	where	SCONJ
ajfa-1871	147	9	ind	ind	NOUN
ajfa-1871	147	10	is	be	AUX
ajfa-1871	147	11	equal	equal	ADJ
ajfa-1871	147	12	to	to	ADP
ajfa-1871	147	13	“	"	PUNCT
ajfa-1871	147	14	1	1	NUM
ajfa-1871	147	15	”	"	PUNCT
ajfa-1871	147	16	if	if	SCONJ
ajfa-1871	147	17	firm	firm	NOUN
ajfa-1871	147	18	belongs	belong	VERB
ajfa-1871	147	19	to	to	ADP
ajfa-1871	147	20	industrials	industrial	NOUN
ajfa-1871	147	21	,	,	PUNCT
ajfa-1871	147	22	otherwise	otherwise	ADV
ajfa-1871	147	23	“	"	PUNCT
ajfa-1871	147	24	0	0	NUM
ajfa-1871	147	25	”	"	PUNCT
ajfa-1871	147	26	;	;	PUNCT
ajfa-1871	147	27	hc	hc	X
ajfa-1871	147	28	is	be	AUX
ajfa-1871	147	29	equal	equal	ADJ
ajfa-1871	147	30	to	to	ADP
ajfa-1871	147	31	“	"	PUNCT
ajfa-1871	147	32	1	1	NUM
ajfa-1871	147	33	”	"	PUNCT
ajfa-1871	147	34	if	if	SCONJ
ajfa-1871	147	35	firm	firm	NOUN
ajfa-1871	147	36	belongs	belong	VERB
ajfa-1871	147	37	to	to	ADP
ajfa-1871	147	38	health	health	NOUN
ajfa-1871	147	39	care	care	NOUN
ajfa-1871	147	40	,	,	PUNCT
ajfa-1871	147	41	otherwise	otherwise	ADV
ajfa-1871	147	42	“	"	PUNCT
ajfa-1871	147	43	0	0	NUM
ajfa-1871	147	44	”	"	PUNCT
ajfa-1871	147	45	;	;	PUNCT
ajfa-1871	147	46	cs	cs	PROPN
ajfa-1871	147	47	is	be	AUX
ajfa-1871	147	48	equal	equal	ADJ
ajfa-1871	147	49	to	to	ADP
ajfa-1871	147	50	“	"	PUNCT
ajfa-1871	147	51	1	1	NUM
ajfa-1871	147	52	”	"	PUNCT
ajfa-1871	147	53	if	if	SCONJ
ajfa-1871	147	54	firm	firm	NOUN
ajfa-1871	147	55	belongs	belong	VERB
ajfa-1871	147	56	to	to	ADP
ajfa-1871	147	57	consumer	consumer	NOUN
ajfa-1871	147	58	services	service	NOUN
ajfa-1871	147	59	,	,	PUNCT
ajfa-1871	147	60	otherwise	otherwise	ADV
ajfa-1871	147	61	“	"	PUNCT
ajfa-1871	147	62	0	0	NUM
ajfa-1871	147	63	”	"	PUNCT
ajfa-1871	147	64	;	;	PUNCT
ajfa-1871	147	65	tech	tech	NOUN
ajfa-1871	147	66	is	be	AUX
ajfa-1871	147	67	equal	equal	ADJ
ajfa-1871	147	68	to	to	ADP
ajfa-1871	147	69	“	"	PUNCT
ajfa-1871	147	70	1	1	NUM
ajfa-1871	147	71	”	"	PUNCT
ajfa-1871	147	72	if	if	SCONJ
ajfa-1871	147	73	firm	firm	NOUN
ajfa-1871	147	74	belongs	belong	VERB
ajfa-1871	147	75	to	to	ADP
ajfa-1871	147	76	technology	technology	NOUN
ajfa-1871	147	77	,	,	PUNCT
ajfa-1871	147	78	otherwise	otherwise	ADV
ajfa-1871	147	79	“	"	PUNCT
ajfa-1871	147	80	0	0	NUM
ajfa-1871	147	81	”	"	PUNCT
ajfa-1871	147	82	;	;	PUNCT
ajfa-1871	147	83	cg	cg	NOUN
ajfa-1871	147	84	is	be	AUX
ajfa-1871	147	85	equal	equal	ADJ
ajfa-1871	147	86	to	to	ADP
ajfa-1871	147	87	“	"	PUNCT
ajfa-1871	147	88	1	1	NUM
ajfa-1871	147	89	”	"	PUNCT
ajfa-1871	147	90	if	if	SCONJ
ajfa-1871	147	91	firm	firm	NOUN
ajfa-1871	147	92	belongs	belong	VERB
ajfa-1871	147	93	to	to	ADP
ajfa-1871	147	94	consumer	consumer	NOUN
ajfa-1871	147	95	goods	good	NOUN
ajfa-1871	147	96	,	,	PUNCT
ajfa-1871	147	97	otherwise	otherwise	ADV
ajfa-1871	147	98	“	"	PUNCT
ajfa-1871	147	99	0	0	NUM
ajfa-1871	147	100	”	"	PUNCT
ajfa-1871	147	101	;	;	PUNCT
ajfa-1871	147	102	and	and	CCONJ
ajfa-1871	147	103	o&g	o&g	PROPN
ajfa-1871	147	104	is	be	AUX
ajfa-1871	147	105	equal	equal	ADJ
ajfa-1871	147	106	to	to	ADP
ajfa-1871	147	107	“	"	PUNCT
ajfa-1871	147	108	1	1	NUM
ajfa-1871	147	109	”	"	PUNCT
ajfa-1871	147	110	if	if	SCONJ
ajfa-1871	147	111	firm	firm	NOUN
ajfa-1871	147	112	belongs	belong	VERB
ajfa-1871	147	113	to	to	ADP
ajfa-1871	147	114	oil	oil	NOUN
ajfa-1871	147	115	&	&	CCONJ
ajfa-1871	147	116	gas	gas	NOUN
ajfa-1871	147	117	,	,	PUNCT
ajfa-1871	147	118	otherwise	otherwise	ADV
ajfa-1871	147	119	“	"	PUNCT
ajfa-1871	147	120	0	0	NUM
ajfa-1871	147	121	”	"	PUNCT
ajfa-1871	147	122	.	.	PUNCT
ajfa-1871	148	1	the	the	DET
ajfa-1871	148	2	industry	industry	NOUN
ajfa-1871	148	3	the	the	DET
ajfa-1871	148	4	firm	firm	NOUN
ajfa-1871	148	5	belongs	belong	VERB
ajfa-1871	148	6	to	to	PART
ajfa-1871	148	7	is	be	AUX
ajfa-1871	148	8	determined	determine	VERB
ajfa-1871	148	9	by	by	ADP
ajfa-1871	148	10	the	the	DET
ajfa-1871	148	11	datastream	datastream	ADJ
ajfa-1871	148	12	industry	industry	NOUN
ajfa-1871	148	13	identifier	identifier	NOUN
ajfa-1871	148	14	.	.	PUNCT
ajfa-1871	149	1	2	2	NUM
ajfa-1871	149	2	we	we	PRON
ajfa-1871	149	3	thank	thank	VERB
ajfa-1871	149	4	the	the	DET
ajfa-1871	149	5	anonymous	anonymous	ADJ
ajfa-1871	149	6	reviewers	reviewer	NOUN
ajfa-1871	149	7	who	who	PRON
ajfa-1871	149	8	suggested	suggest	VERB
ajfa-1871	149	9	adding	add	VERB
ajfa-1871	149	10	performance	performance	NOUN
ajfa-1871	149	11	measure	measure	NOUN
ajfa-1871	149	12	and	and	CCONJ
ajfa-1871	149	13	as	as	ADV
ajfa-1871	149	14	well	well	ADV
ajfa-1871	149	15	as	as	ADP
ajfa-1871	149	16	an	an	DET
ajfa-1871	149	17	interaction	interaction	NOUN
ajfa-1871	149	18	term	term	NOUN
ajfa-1871	149	19	.	.	PUNCT
ajfa-1871	150	1	asian	asian	ADJ
ajfa-1871	150	2	journal	journal	PROPN
ajfa-1871	150	3	of	of	ADP
ajfa-1871	150	4	finance	finance	PROPN
ajfa-1871	150	5	&	&	CCONJ
ajfa-1871	150	6	accounting	accounting	PROPN
ajfa-1871	150	7	issn	issn	PROPN
ajfa-1871	150	8	1946	1946	NUM
ajfa-1871	150	9	-	-	PUNCT
ajfa-1871	150	10	052x	052x	NOUN
ajfa-1871	150	11	2012	2012	NUM
ajfa-1871	150	12	,	,	PUNCT
ajfa-1871	150	13	vol	vol	NOUN
ajfa-1871	150	14	.	.	PROPN
ajfa-1871	150	15	4	4	NUM
ajfa-1871	150	16	,	,	PUNCT
ajfa-1871	150	17	no	no	INTJ
ajfa-1871	150	18	.	.	NOUN
ajfa-1871	150	19	2	2	NUM
ajfa-1871	150	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	150	21	116	116	NUM
ajfa-1871	150	22	table	table	NOUN
ajfa-1871	150	23	1	1	NUM
ajfa-1871	150	24	provides	provide	VERB
ajfa-1871	150	25	a	a	DET
ajfa-1871	150	26	summary	summary	NOUN
ajfa-1871	150	27	of	of	ADP
ajfa-1871	150	28	the	the	DET
ajfa-1871	150	29	variables	variable	NOUN
ajfa-1871	150	30	used	use	VERB
ajfa-1871	150	31	and	and	CCONJ
ajfa-1871	150	32	its	its	PRON
ajfa-1871	150	33	measurement	measurement	NOUN
ajfa-1871	150	34	.	.	PUNCT
ajfa-1871	151	1	table	table	NOUN
ajfa-1871	151	2	1	1	NUM
ajfa-1871	151	3	.	.	PUNCT
ajfa-1871	152	1	variable	variable	NOUN
ajfa-1871	152	2	and	and	CCONJ
ajfa-1871	152	3	measurement	measurement	NOUN
ajfa-1871	152	4	variables	variable	NOUN
ajfa-1871	152	5	measurement	measurement	NOUN
ajfa-1871	152	6	%	%	INTJ
ajfa-1871	152	7	equity	equity	NOUN
ajfa-1871	152	8	total	total	PROPN
ajfa-1871	152	9	equity	equity	PROPN
ajfa-1871	152	10	/	/	SYM
ajfa-1871	152	11	total	total	NOUN
ajfa-1871	152	12	debt	debt	NOUN
ajfa-1871	152	13	net	net	ADJ
ajfa-1871	152	14	cash	cash	NOUN
ajfa-1871	152	15	net	net	ADJ
ajfa-1871	152	16	cash	cash	NOUN
ajfa-1871	152	17	divided	divide	VERB
ajfa-1871	152	18	by	by	ADP
ajfa-1871	152	19	the	the	DET
ajfa-1871	152	20	firm	firm	NOUN
ajfa-1871	152	21	’s	’s	PART
ajfa-1871	152	22	total	total	ADJ
ajfa-1871	152	23	assets	asset	NOUN
ajfa-1871	152	24	.	.	PUNCT
ajfa-1871	153	1	net	net	ADJ
ajfa-1871	153	2	cash	cash	NOUN
ajfa-1871	153	3	is	be	AUX
ajfa-1871	153	4	the	the	DET
ajfa-1871	153	5	firms	firm	NOUN
ajfa-1871	153	6	’	’	PART
ajfa-1871	153	7	total	total	ADJ
ajfa-1871	153	8	cash	cash	NOUN
ajfa-1871	153	9	balances	balance	NOUN
ajfa-1871	153	10	less	less	ADJ
ajfa-1871	153	11	any	any	DET
ajfa-1871	153	12	cash	cash	NOUN
ajfa-1871	153	13	debts	debt	NOUN
ajfa-1871	153	14	.	.	PUNCT
ajfa-1871	154	1	attractiveness	attractiveness	NOUN
ajfa-1871	154	2	totakeover	totakeover	ADJ
ajfa-1871	154	3	netcash	netcash	PROPN
ajfa-1871	155	1	+	+	CCONJ
ajfa-1871	155	2	%	%	NOUN
ajfa-1871	155	3	equity	equity	NOUN
ajfa-1871	155	4	ceo	ceo	PROPN
ajfa-1871	155	5	share	share	NOUN
ajfa-1871	155	6	holdings	holding	NOUN
ajfa-1871	155	7	reported	report	VERB
ajfa-1871	155	8	sec	sec	PROPN
ajfa-1871	155	9	value	value	NOUN
ajfa-1871	155	10	for	for	ADP
ajfa-1871	155	11	the	the	DET
ajfa-1871	155	12	chief	chief	ADJ
ajfa-1871	155	13	executives	executive	NOUN
ajfa-1871	155	14	total	total	ADJ
ajfa-1871	155	15	shares	share	NOUN
ajfa-1871	155	16	divided	divide	VERB
ajfa-1871	155	17	by	by	ADP
ajfa-1871	155	18	the	the	DET
ajfa-1871	155	19	total	total	ADJ
ajfa-1871	155	20	number	number	NOUN
ajfa-1871	155	21	of	of	ADP
ajfa-1871	155	22	shares	share	NOUN
ajfa-1871	155	23	in	in	ADP
ajfa-1871	155	24	the	the	DET
ajfa-1871	155	25	firm	firm	NOUN
ajfa-1871	155	26	.	.	PUNCT
ajfa-1871	156	1	ceo	ceo	NOUN
ajfa-1871	156	2	existing	exist	VERB
ajfa-1871	156	3	golden	golden	ADJ
ajfa-1871	156	4	parachutes	parachute	NOUN
ajfa-1871	156	5	reported	report	VERB
ajfa-1871	156	6	sec	sec	PROPN
ajfa-1871	156	7	value	value	NOUN
ajfa-1871	156	8	for	for	ADP
ajfa-1871	156	9	any	any	DET
ajfa-1871	156	10	payments	payment	NOUN
ajfa-1871	156	11	listed	list	VERB
ajfa-1871	156	12	as	as	ADP
ajfa-1871	156	13	potential	potential	ADJ
ajfa-1871	156	14	payouts	payout	NOUN
ajfa-1871	156	15	under	under	ADP
ajfa-1871	156	16	termination	termination	NOUN
ajfa-1871	156	17	without	without	ADP
ajfa-1871	156	18	cause	cause	NOUN
ajfa-1871	156	19	or	or	CCONJ
ajfa-1871	156	20	change	change	NOUN
ajfa-1871	156	21	of	of	ADP
ajfa-1871	156	22	control	control	NOUN
ajfa-1871	156	23	.	.	PUNCT
ajfa-1871	157	1	the	the	DET
ajfa-1871	157	2	value	value	NOUN
ajfa-1871	157	3	has	have	AUX
ajfa-1871	157	4	been	be	AUX
ajfa-1871	157	5	normalised	normalise	VERB
ajfa-1871	157	6	for	for	ADP
ajfa-1871	157	7	size	size	NOUN
ajfa-1871	157	8	by	by	ADP
ajfa-1871	157	9	dividing	divide	VERB
ajfa-1871	157	10	it	it	PRON
ajfa-1871	157	11	by	by	ADP
ajfa-1871	157	12	the	the	DET
ajfa-1871	157	13	respective	respective	ADJ
ajfa-1871	157	14	firm	firm	NOUN
ajfa-1871	157	15	's	's	PART
ajfa-1871	157	16	total	total	ADJ
ajfa-1871	157	17	assets	asset	NOUN
ajfa-1871	157	18	.	.	PUNCT
ajfa-1871	158	1	ceo	ceo	NOUN
ajfa-1871	158	2	yearly	yearly	ADJ
ajfa-1871	158	3	salary	salary	NOUN
ajfa-1871	158	4	reported	report	VERB
ajfa-1871	158	5	sec	sec	PROPN
ajfa-1871	158	6	value	value	NOUN
ajfa-1871	158	7	for	for	ADP
ajfa-1871	158	8	the	the	DET
ajfa-1871	158	9	total	total	ADJ
ajfa-1871	158	10	income	income	NOUN
ajfa-1871	158	11	of	of	ADP
ajfa-1871	158	12	the	the	DET
ajfa-1871	158	13	ceo	ceo	NOUN
ajfa-1871	158	14	including	include	VERB
ajfa-1871	158	15	expected	expect	VERB
ajfa-1871	158	16	value	value	NOUN
ajfa-1871	158	17	of	of	ADP
ajfa-1871	158	18	equity	equity	NOUN
ajfa-1871	158	19	payments	payment	NOUN
ajfa-1871	158	20	.	.	PUNCT
ajfa-1871	159	1	the	the	DET
ajfa-1871	159	2	value	value	NOUN
ajfa-1871	159	3	has	have	AUX
ajfa-1871	159	4	been	be	AUX
ajfa-1871	159	5	normalised	normalise	VERB
ajfa-1871	159	6	for	for	ADP
ajfa-1871	159	7	size	size	NOUN
ajfa-1871	159	8	by	by	ADP
ajfa-1871	159	9	dividing	divide	VERB
ajfa-1871	159	10	it	it	PRON
ajfa-1871	159	11	by	by	ADP
ajfa-1871	159	12	the	the	DET
ajfa-1871	159	13	respective	respective	ADJ
ajfa-1871	159	14	firm	firm	NOUN
ajfa-1871	159	15	's	's	PART
ajfa-1871	159	16	total	total	ADJ
ajfa-1871	159	17	assets	asset	NOUN
ajfa-1871	159	18	.	.	PUNCT
ajfa-1871	160	1	payoutfactor	payoutfactor	VERB
ajfa-1871	160	2	an	an	DET
ajfa-1871	160	3	estimate	estimate	NOUN
ajfa-1871	160	4	of	of	ADP
ajfa-1871	160	5	a	a	DET
ajfa-1871	160	6	ceos	ceos	NOUN
ajfa-1871	160	7	change	change	NOUN
ajfa-1871	160	8	in	in	ADP
ajfa-1871	160	9	control	control	NOUN
ajfa-1871	160	10	payout	payout	NOUN
ajfa-1871	160	11	divided	divide	VERB
ajfa-1871	160	12	by	by	ADP
ajfa-1871	160	13	their	their	PRON
ajfa-1871	160	14	annual	annual	ADJ
ajfa-1871	160	15	compensation	compensation	NOUN
ajfa-1871	160	16	.	.	PUNCT
ajfa-1871	161	1	the	the	DET
ajfa-1871	161	2	estimate	estimate	NOUN
ajfa-1871	161	3	of	of	ADP
ajfa-1871	161	4	change	change	NOUN
ajfa-1871	161	5	in	in	ADP
ajfa-1871	161	6	control	control	NOUN
ajfa-1871	161	7	payments	payment	NOUN
ajfa-1871	161	8	is	be	AUX
ajfa-1871	161	9	a	a	DET
ajfa-1871	161	10	function	function	NOUN
ajfa-1871	161	11	of	of	ADP
ajfa-1871	161	12	ceo	ceo	NOUN
ajfa-1871	161	13	share	share	NOUN
ajfa-1871	161	14	holdings	holding	NOUN
ajfa-1871	161	15	existing	exist	VERB
ajfa-1871	161	16	golden	golden	ADJ
ajfa-1871	161	17	parachutes	parachute	NOUN
ajfa-1871	161	18	lnta	lnta	NOUN
ajfa-1871	161	19	natural	natural	ADJ
ajfa-1871	161	20	log	log	NOUN
ajfa-1871	161	21	of	of	ADP
ajfa-1871	161	22	total	total	ADJ
ajfa-1871	161	23	assets	asset	NOUN
ajfa-1871	161	24	.	.	PUNCT
ajfa-1871	162	1	divpout	divpout	PROPN
ajfa-1871	162	2	dividend	dividend	NOUN
ajfa-1871	162	3	payout	payout	NOUN
ajfa-1871	162	4	ratio	ratio	NOUN
ajfa-1871	162	5	accounting	accounting	NOUN
ajfa-1871	162	6	value	value	NOUN
ajfa-1871	162	7	for	for	ADP
ajfa-1871	162	8	the	the	DET
ajfa-1871	162	9	amount	amount	NOUN
ajfa-1871	162	10	of	of	ADP
ajfa-1871	162	11	dividends	dividend	NOUN
ajfa-1871	162	12	paid	pay	VERB
ajfa-1871	162	13	in	in	ADP
ajfa-1871	162	14	the	the	DET
ajfa-1871	162	15	year	year	NOUN
ajfa-1871	162	16	divided	divide	VERB
ajfa-1871	162	17	by	by	ADP
ajfa-1871	162	18	the	the	DET
ajfa-1871	162	19	total	total	ADJ
ajfa-1871	162	20	net	net	ADJ
ajfa-1871	162	21	profit	profit	NOUN
ajfa-1871	162	22	of	of	ADP
ajfa-1871	162	23	the	the	DET
ajfa-1871	162	24	firm	firm	NOUN
ajfa-1871	162	25	.	.	PUNCT
ajfa-1871	163	1	fcfvar	fcfvar	NOUN
ajfa-1871	163	2	cash	cash	NOUN
ajfa-1871	163	3	flow	flow	NOUN
ajfa-1871	163	4	volatility	volatility	NOUN
ajfa-1871	163	5	volatility	volatility	NOUN
ajfa-1871	163	6	over	over	ADP
ajfa-1871	163	7	the	the	DET
ajfa-1871	163	8	last	last	ADJ
ajfa-1871	163	9	three	three	NUM
ajfa-1871	163	10	years	year	NOUN
ajfa-1871	163	11	of	of	ADP
ajfa-1871	163	12	the	the	DET
ajfa-1871	163	13	firms	firm	NOUN
ajfa-1871	163	14	accounting	accounting	NOUN
ajfa-1871	163	15	value	value	NOUN
ajfa-1871	163	16	for	for	ADP
ajfa-1871	163	17	total	total	ADJ
ajfa-1871	163	18	cash	cash	NOUN
ajfa-1871	163	19	flows	flow	NOUN
ajfa-1871	163	20	.	.	PUNCT
ajfa-1871	164	1	npvar	npvar	ADJ
ajfa-1871	164	2	earnings	earning	NOUN
ajfa-1871	164	3	volatility	volatility	NOUN
ajfa-1871	164	4	volatility	volatility	NOUN
ajfa-1871	164	5	over	over	ADP
ajfa-1871	164	6	the	the	DET
ajfa-1871	164	7	last	last	ADJ
ajfa-1871	164	8	three	three	NUM
ajfa-1871	164	9	years	year	NOUN
ajfa-1871	164	10	of	of	ADP
ajfa-1871	164	11	the	the	DET
ajfa-1871	164	12	firms	firm	NOUN
ajfa-1871	164	13	accounting	accounting	NOUN
ajfa-1871	164	14	value	value	NOUN
ajfa-1871	164	15	for	for	ADP
ajfa-1871	164	16	the	the	DET
ajfa-1871	164	17	total	total	ADJ
ajfa-1871	164	18	net	net	ADJ
ajfa-1871	164	19	profit	profit	NOUN
ajfa-1871	164	20	of	of	ADP
ajfa-1871	164	21	the	the	DET
ajfa-1871	164	22	firm	firm	NOUN
ajfa-1871	164	23	.	.	PUNCT
ajfa-1871	165	1	tobin	tobin	PROPN
ajfa-1871	165	2	’s	’s	PART
ajfa-1871	165	3	q	q	X
ajfa-1871	165	4	(	(	PUNCT
ajfa-1871	165	5	price	price	NOUN
ajfa-1871	165	6	*	*	PUNCT
ajfa-1871	165	7	no	no	PRON
ajfa-1871	165	8	of	of	ADP
ajfa-1871	165	9	shares	share	NOUN
ajfa-1871	165	10	outstanding	outstanding	ADJ
ajfa-1871	165	11	+	+	NUM
ajfa-1871	165	12	net	net	ADJ
ajfa-1871	165	13	current	current	ADJ
ajfa-1871	165	14	debt	debt	NOUN
ajfa-1871	165	15	+	+	CCONJ
ajfa-1871	165	16	l	l	NOUN
ajfa-1871	165	17	/	/	SYM
ajfa-1871	165	18	t	t	X
ajfa-1871	165	19	debt)/total	debt)/total	ADJ
ajfa-1871	165	20	assets	asset	NOUN
ajfa-1871	165	21	interq	interq	VERB
ajfa-1871	165	22	factorpayout	factorpayout	PROPN
ajfa-1871	165	23	*	*	PUNCT
ajfa-1871	165	24	tobin	tobin	PROPN
ajfa-1871	165	25	’s	’s	PART
ajfa-1871	165	26	q	q	NOUN
ajfa-1871	165	27	industry	industry	NOUN
ajfa-1871	165	28	firms	firm	NOUN
ajfa-1871	165	29	are	be	AUX
ajfa-1871	165	30	divided	divide	VERB
ajfa-1871	165	31	into	into	ADP
ajfa-1871	165	32	seven	seven	NUM
ajfa-1871	165	33	key	key	ADJ
ajfa-1871	165	34	industries	industry	NOUN
ajfa-1871	165	35	:	:	PUNCT
ajfa-1871	165	36	industrials	industrial	NOUN
ajfa-1871	165	37	(	(	PUNCT
ajfa-1871	165	38	ind	ind	NOUN
ajfa-1871	165	39	)	)	PUNCT
ajfa-1871	165	40	,	,	PUNCT
ajfa-1871	165	41	health	health	NOUN
ajfa-1871	165	42	care	care	NOUN
ajfa-1871	165	43	(	(	PUNCT
ajfa-1871	165	44	hc	hc	NOUN
ajfa-1871	165	45	)	)	PUNCT
ajfa-1871	165	46	,	,	PUNCT
ajfa-1871	165	47	consumer	consumer	NOUN
ajfa-1871	165	48	services	service	NOUN
ajfa-1871	165	49	(	(	PUNCT
ajfa-1871	165	50	cs	cs	PROPN
ajfa-1871	165	51	)	)	PUNCT
ajfa-1871	165	52	,	,	PUNCT
ajfa-1871	165	53	technology	technology	NOUN
ajfa-1871	165	54	(	(	PUNCT
ajfa-1871	165	55	tech	tech	NOUN
ajfa-1871	165	56	)	)	PUNCT
ajfa-1871	165	57	,	,	PUNCT
ajfa-1871	165	58	financials	financial	NOUN
ajfa-1871	165	59	(	(	PUNCT
ajfa-1871	165	60	fina	fina	PROPN
ajfa-1871	165	61	)	)	PUNCT
ajfa-1871	165	62	,	,	PUNCT
ajfa-1871	165	63	consumer	consumer	NOUN
ajfa-1871	165	64	services	service	NOUN
ajfa-1871	165	65	(	(	PUNCT
ajfa-1871	165	66	cs	cs	PROPN
ajfa-1871	165	67	)	)	PUNCT
ajfa-1871	165	68	,	,	PUNCT
ajfa-1871	165	69	and	and	CCONJ
ajfa-1871	165	70	oil	oil	NOUN
ajfa-1871	165	71	&	&	CCONJ
ajfa-1871	165	72	gas	gas	NOUN
ajfa-1871	165	73	(	(	PUNCT
ajfa-1871	165	74	o&g	o&g	PROPN
ajfa-1871	165	75	)	)	PUNCT
ajfa-1871	165	76	.	.	PUNCT
ajfa-1871	166	1	*	*	PUNCT
ajfa-1871	166	2	accounting	accounting	NOUN
ajfa-1871	166	3	variables	variable	NOUN
ajfa-1871	166	4	sourced	source	VERB
ajfa-1871	166	5	from	from	ADP
ajfa-1871	166	6	datastream	datastream	ADJ
ajfa-1871	166	7	database	database	NOUN
ajfa-1871	166	8	,	,	PUNCT
ajfa-1871	166	9	sec	sec	PROPN
ajfa-1871	166	10	values	value	NOUN
ajfa-1871	166	11	received	receive	VERB
ajfa-1871	166	12	from	from	ADP
ajfa-1871	166	13	proxy	proxy	ADJ
ajfa-1871	166	14	statements	statement	NOUN
ajfa-1871	166	15	from	from	ADP
ajfa-1871	166	16	the	the	DET
ajfa-1871	166	17	sec	sec	PROPN
ajfa-1871	166	18	website	website	NOUN
ajfa-1871	166	19	.	.	PUNCT
ajfa-1871	167	1	4	4	X
ajfa-1871	167	2	.	.	X
ajfa-1871	167	3	data	datum	NOUN
ajfa-1871	167	4	,	,	PUNCT
ajfa-1871	167	5	methodology	methodology	NOUN
ajfa-1871	167	6	and	and	CCONJ
ajfa-1871	167	7	research	research	NOUN
ajfa-1871	167	8	method	method	NOUN
ajfa-1871	167	9	our	our	PRON
ajfa-1871	167	10	sample	sample	NOUN
ajfa-1871	167	11	includes	include	VERB
ajfa-1871	167	12	250	250	NUM
ajfa-1871	167	13	us	us	PROPN
ajfa-1871	167	14	firms	firm	NOUN
ajfa-1871	167	15	and	and	CCONJ
ajfa-1871	167	16	100	100	NUM
ajfa-1871	167	17	australian	australian	ADJ
ajfa-1871	167	18	firms	firm	NOUN
ajfa-1871	167	19	for	for	ADP
ajfa-1871	167	20	the	the	DET
ajfa-1871	167	21	financial	financial	ADJ
ajfa-1871	167	22	year	year	NOUN
ajfa-1871	167	23	2009	2009	NUM
ajfa-1871	167	24	from	from	ADP
ajfa-1871	167	25	the	the	DET
ajfa-1871	167	26	s&p500	s&p500	NOUN
ajfa-1871	167	27	and	and	CCONJ
ajfa-1871	167	28	ax200	ax200	PROPN
ajfa-1871	167	29	indices	index	NOUN
ajfa-1871	167	30	,	,	PUNCT
ajfa-1871	167	31	respectively	respectively	ADV
ajfa-1871	167	32	.	.	PUNCT
ajfa-1871	168	1	data	datum	NOUN
ajfa-1871	168	2	was	be	AUX
ajfa-1871	168	3	collated	collate	VERB
ajfa-1871	168	4	from	from	ADP
ajfa-1871	168	5	three	three	NUM
ajfa-1871	168	6	major	major	ADJ
ajfa-1871	168	7	sources	source	NOUN
ajfa-1871	168	8	.	.	PUNCT
ajfa-1871	169	1	accounting	accounting	NOUN
ajfa-1871	169	2	data	datum	NOUN
ajfa-1871	169	3	,	,	PUNCT
ajfa-1871	169	4	such	such	ADJ
ajfa-1871	169	5	as	as	ADP
ajfa-1871	169	6	data	datum	NOUN
ajfa-1871	169	7	required	require	VERB
ajfa-1871	169	8	to	to	PART
ajfa-1871	169	9	measure	measure	VERB
ajfa-1871	169	10	firm	firm	ADJ
ajfa-1871	169	11	attractiveness	attractiveness	NOUN
ajfa-1871	169	12	and	and	CCONJ
ajfa-1871	169	13	control	control	NOUN
ajfa-1871	169	14	variables	variable	NOUN
ajfa-1871	169	15	,	,	PUNCT
ajfa-1871	169	16	was	be	AUX
ajfa-1871	169	17	collated	collate	VERB
ajfa-1871	169	18	from	from	ADP
ajfa-1871	169	19	the	the	DET
ajfa-1871	169	20	datastream	datastream	ADJ
ajfa-1871	169	21	database	database	NOUN
ajfa-1871	169	22	.	.	PUNCT
ajfa-1871	170	1	in	in	ADP
ajfa-1871	170	2	the	the	DET
ajfa-1871	170	3	us	us	PROPN
ajfa-1871	170	4	,	,	PUNCT
ajfa-1871	170	5	firms	firm	NOUN
ajfa-1871	170	6	are	be	AUX
ajfa-1871	170	7	required	require	VERB
ajfa-1871	170	8	to	to	PART
ajfa-1871	170	9	submit	submit	VERB
ajfa-1871	170	10	information	information	NOUN
ajfa-1871	170	11	on	on	ADP
ajfa-1871	170	12	ceo	ceo	NOUN
ajfa-1871	170	13	compensation	compensation	NOUN
ajfa-1871	170	14	and	and	CCONJ
ajfa-1871	170	15	equity	equity	NOUN
ajfa-1871	170	16	ownership	ownership	NOUN
ajfa-1871	170	17	in	in	ADP
ajfa-1871	170	18	proxy	proxy	ADJ
ajfa-1871	170	19	statements	statement	NOUN
ajfa-1871	170	20	to	to	ADP
ajfa-1871	170	21	the	the	DET
ajfa-1871	170	22	asian	asian	ADJ
ajfa-1871	170	23	journal	journal	NOUN
ajfa-1871	170	24	of	of	ADP
ajfa-1871	170	25	finance	finance	PROPN
ajfa-1871	170	26	&	&	CCONJ
ajfa-1871	170	27	accounting	accounting	PROPN
ajfa-1871	170	28	issn	issn	PROPN
ajfa-1871	170	29	1946	1946	NUM
ajfa-1871	170	30	-	-	PUNCT
ajfa-1871	170	31	052x	052x	NOUN
ajfa-1871	170	32	2012	2012	NUM
ajfa-1871	170	33	,	,	PUNCT
ajfa-1871	170	34	vol	vol	NOUN
ajfa-1871	170	35	.	.	PROPN
ajfa-1871	170	36	4	4	NUM
ajfa-1871	170	37	,	,	PUNCT
ajfa-1871	170	38	no	no	INTJ
ajfa-1871	170	39	.	.	NOUN
ajfa-1871	170	40	2	2	NUM
ajfa-1871	170	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	170	42	117	117	NUM
ajfa-1871	170	43	securities	security	NOUN
ajfa-1871	170	44	and	and	CCONJ
ajfa-1871	170	45	exchange	exchange	PROPN
ajfa-1871	170	46	commission	commission	PROPN
ajfa-1871	170	47	and	and	CCONJ
ajfa-1871	170	48	therefore	therefore	ADV
ajfa-1871	170	49	,	,	PUNCT
ajfa-1871	170	50	the	the	DET
ajfa-1871	170	51	change	change	NOUN
ajfa-1871	170	52	in	in	ADP
ajfa-1871	170	53	control	control	NOUN
ajfa-1871	170	54	payments	payment	NOUN
ajfa-1871	170	55	was	be	AUX
ajfa-1871	170	56	collated	collate	VERB
ajfa-1871	170	57	individually	individually	ADV
ajfa-1871	170	58	for	for	ADP
ajfa-1871	170	59	each	each	DET
ajfa-1871	170	60	firm	firm	NOUN
ajfa-1871	170	61	from	from	ADP
ajfa-1871	170	62	the	the	DET
ajfa-1871	170	63	proxy	proxy	ADJ
ajfa-1871	170	64	statements	statement	NOUN
ajfa-1871	170	65	.	.	PUNCT
ajfa-1871	171	1	for	for	SCONJ
ajfa-1871	171	2	the	the	DET
ajfa-1871	171	3	australian	australian	ADJ
ajfa-1871	171	4	companies	company	NOUN
ajfa-1871	171	5	,	,	PUNCT
ajfa-1871	171	6	executive	executive	ADJ
ajfa-1871	171	7	compensation	compensation	NOUN
ajfa-1871	171	8	and	and	CCONJ
ajfa-1871	171	9	security	security	NOUN
ajfa-1871	171	10	ownership	ownership	NOUN
ajfa-1871	171	11	information	information	NOUN
ajfa-1871	171	12	was	be	AUX
ajfa-1871	171	13	collected	collect	VERB
ajfa-1871	171	14	from	from	ADP
ajfa-1871	171	15	individual	individual	ADJ
ajfa-1871	171	16	firms	firm	NOUN
ajfa-1871	171	17	’	'	PUNCT
ajfa-1871	171	18	annual	annual	ADJ
ajfa-1871	171	19	statements	statement	NOUN
ajfa-1871	171	20	.	.	PUNCT
ajfa-1871	172	1	we	we	PRON
ajfa-1871	172	2	use	use	VERB
ajfa-1871	172	3	ordinary	ordinary	ADJ
ajfa-1871	172	4	least	least	ADJ
ajfa-1871	172	5	squares	square	NOUN
ajfa-1871	172	6	(	(	PUNCT
ajfa-1871	172	7	ols	ol	NOUN
ajfa-1871	172	8	)	)	PUNCT
ajfa-1871	172	9	regression	regression	NOUN
ajfa-1871	172	10	to	to	PART
ajfa-1871	172	11	determine	determine	VERB
ajfa-1871	172	12	the	the	DET
ajfa-1871	172	13	relationship	relationship	NOUN
ajfa-1871	172	14	between	between	ADP
ajfa-1871	172	15	change	change	NOUN
ajfa-1871	172	16	in	in	ADP
ajfa-1871	172	17	control	control	NOUN
ajfa-1871	172	18	payments	payment	NOUN
ajfa-1871	172	19	and	and	CCONJ
ajfa-1871	172	20	attractiveness	attractiveness	NOUN
ajfa-1871	172	21	.	.	PUNCT
ajfa-1871	173	1	three	three	NUM
ajfa-1871	173	2	key	key	ADJ
ajfa-1871	173	3	regression	regression	NOUN
ajfa-1871	173	4	analyses	analysis	NOUN
ajfa-1871	173	5	is	be	AUX
ajfa-1871	173	6	undertaken	undertake	VERB
ajfa-1871	173	7	:	:	PUNCT
ajfa-1871	173	8	(	(	PUNCT
ajfa-1871	173	9	i	i	NOUN
ajfa-1871	173	10	)	)	PUNCT
ajfa-1871	173	11	the	the	DET
ajfa-1871	173	12	link	link	NOUN
ajfa-1871	173	13	between	between	ADP
ajfa-1871	173	14	change	change	NOUN
ajfa-1871	173	15	in	in	ADP
ajfa-1871	173	16	control	control	NOUN
ajfa-1871	173	17	payments	payment	NOUN
ajfa-1871	173	18	and	and	CCONJ
ajfa-1871	173	19	net	net	ADJ
ajfa-1871	173	20	cash	cash	NOUN
ajfa-1871	173	21	;	;	PUNCT
ajfa-1871	173	22	(	(	PUNCT
ajfa-1871	173	23	ii	ii	NOUN
ajfa-1871	173	24	)	)	PUNCT
ajfa-1871	173	25	the	the	DET
ajfa-1871	173	26	link	link	NOUN
ajfa-1871	173	27	between	between	ADP
ajfa-1871	173	28	change	change	NOUN
ajfa-1871	173	29	in	in	ADP
ajfa-1871	173	30	control	control	NOUN
ajfa-1871	173	31	payments	payment	NOUN
ajfa-1871	173	32	and	and	CCONJ
ajfa-1871	173	33	debt	debt	NOUN
ajfa-1871	173	34	,	,	PUNCT
ajfa-1871	173	35	and	and	CCONJ
ajfa-1871	173	36	(	(	PUNCT
ajfa-1871	173	37	iii	iii	X
ajfa-1871	173	38	)	)	PUNCT
ajfa-1871	173	39	the	the	DET
ajfa-1871	173	40	link	link	NOUN
ajfa-1871	173	41	between	between	ADP
ajfa-1871	173	42	change	change	NOUN
ajfa-1871	173	43	in	in	ADP
ajfa-1871	173	44	control	control	NOUN
ajfa-1871	173	45	payments	payment	NOUN
ajfa-1871	173	46	and	and	CCONJ
ajfa-1871	173	47	an	an	DET
ajfa-1871	173	48	attractiveness	attractiveness	NOUN
ajfa-1871	173	49	factor	factor	NOUN
ajfa-1871	173	50	made	make	VERB
ajfa-1871	173	51	up	up	ADP
ajfa-1871	173	52	of	of	ADP
ajfa-1871	173	53	both	both	DET
ajfa-1871	173	54	net	net	ADJ
ajfa-1871	173	55	cash	cash	NOUN
ajfa-1871	173	56	and	and	CCONJ
ajfa-1871	173	57	debt	debt	NOUN
ajfa-1871	173	58	levels	level	NOUN
ajfa-1871	173	59	.	.	PUNCT
ajfa-1871	174	1	expected	expect	VERB
ajfa-1871	174	2	change	change	NOUN
ajfa-1871	174	3	in	in	ADP
ajfa-1871	174	4	control	control	NOUN
ajfa-1871	174	5	payments	payment	NOUN
ajfa-1871	174	6	are	be	AUX
ajfa-1871	174	7	estimated	estimate	VERB
ajfa-1871	174	8	based	base	VERB
ajfa-1871	174	9	on	on	ADP
ajfa-1871	174	10	ceo	ceo	NOUN
ajfa-1871	174	11	shareholdings	shareholding	NOUN
ajfa-1871	174	12	,	,	PUNCT
ajfa-1871	174	13	existing	exist	VERB
ajfa-1871	174	14	golden	golden	ADJ
ajfa-1871	174	15	parachute	parachute	NOUN
ajfa-1871	174	16	agreements	agreement	NOUN
ajfa-1871	174	17	and	and	CCONJ
ajfa-1871	174	18	their	their	PRON
ajfa-1871	174	19	existing	exist	VERB
ajfa-1871	174	20	annual	annual	ADJ
ajfa-1871	174	21	compensation	compensation	NOUN
ajfa-1871	174	22	similar	similar	ADJ
ajfa-1871	174	23	to	to	ADP
ajfa-1871	174	24	that	that	PRON
ajfa-1871	174	25	reported	report	VERB
ajfa-1871	174	26	by	by	ADP
ajfa-1871	174	27	hartzell	hartzell	PROPN
ajfa-1871	174	28	et	et	PROPN
ajfa-1871	174	29	al	al	PROPN
ajfa-1871	174	30	.	.	PROPN
ajfa-1871	174	31	(	(	PUNCT
ajfa-1871	174	32	2004	2004	NUM
ajfa-1871	174	33	)	)	PUNCT
ajfa-1871	174	34	.	.	PUNCT
ajfa-1871	175	1	first	first	ADV
ajfa-1871	175	2	,	,	PUNCT
ajfa-1871	175	3	the	the	DET
ajfa-1871	175	4	value	value	NOUN
ajfa-1871	175	5	of	of	ADP
ajfa-1871	175	6	the	the	DET
ajfa-1871	175	7	ceos	ceos	NOUN
ajfa-1871	175	8	shareholdings	shareholding	NOUN
ajfa-1871	175	9	is	be	AUX
ajfa-1871	175	10	multiplied	multiply	VERB
ajfa-1871	175	11	by	by	ADP
ajfa-1871	175	12	an	an	DET
ajfa-1871	175	13	expected	expect	VERB
ajfa-1871	175	14	equity	equity	NOUN
ajfa-1871	175	15	premium	premium	NOUN
ajfa-1871	175	16	of	of	ADP
ajfa-1871	175	17	22	22	NUM
ajfa-1871	175	18	per	per	ADP
ajfa-1871	175	19	cent	cent	NOUN
ajfa-1871	175	20	based	base	VERB
ajfa-1871	175	21	on	on	ADP
ajfa-1871	175	22	findings	finding	NOUN
ajfa-1871	175	23	reported	report	VERB
ajfa-1871	175	24	loughran	loughran	NOUN
ajfa-1871	175	25	and	and	CCONJ
ajfa-1871	175	26	vijh	vijh	NOUN
ajfa-1871	175	27	(	(	PUNCT
ajfa-1871	175	28	1997	1997	NUM
ajfa-1871	175	29	)	)	PUNCT
ajfa-1871	175	30	and	and	CCONJ
ajfa-1871	175	31	holland	holland	PROPN
ajfa-1871	175	32	and	and	CCONJ
ajfa-1871	175	33	hodgkinson	hodgkinson	PROPN
ajfa-1871	175	34	(	(	PUNCT
ajfa-1871	175	35	1994	1994	NUM
ajfa-1871	175	36	)	)	PUNCT
ajfa-1871	175	37	.	.	PUNCT
ajfa-1871	176	1	second	second	ADJ
ajfa-1871	176	2	,	,	PUNCT
ajfa-1871	176	3	existing	exist	VERB
ajfa-1871	176	4	golden	golden	ADJ
ajfa-1871	176	5	parachutes	parachute	NOUN
ajfa-1871	176	6	values	value	NOUN
ajfa-1871	176	7	are	be	AUX
ajfa-1871	176	8	then	then	ADV
ajfa-1871	176	9	added	add	VERB
ajfa-1871	176	10	and	and	CCONJ
ajfa-1871	176	11	are	be	AUX
ajfa-1871	176	12	taken	take	VERB
ajfa-1871	176	13	at	at	ADP
ajfa-1871	176	14	their	their	PRON
ajfa-1871	176	15	expected	expect	VERB
ajfa-1871	176	16	value	value	NOUN
ajfa-1871	176	17	as	as	SCONJ
ajfa-1871	176	18	found	find	VERB
ajfa-1871	176	19	in	in	ADP
ajfa-1871	176	20	sec	sec	PROPN
ajfa-1871	176	21	filings	filing	NOUN
ajfa-1871	176	22	for	for	ADP
ajfa-1871	176	23	the	the	DET
ajfa-1871	176	24	us	us	PROPN
ajfa-1871	176	25	companies	company	NOUN
ajfa-1871	176	26	or	or	CCONJ
ajfa-1871	176	27	annual	annual	ADJ
ajfa-1871	176	28	report	report	NOUN
ajfa-1871	176	29	for	for	ADP
ajfa-1871	176	30	australian	australian	ADJ
ajfa-1871	176	31	firms	firm	NOUN
ajfa-1871	176	32	.	.	PUNCT
ajfa-1871	177	1	hartzell	hartzell	VERB
ajfa-1871	177	2	et	et	PROPN
ajfa-1871	177	3	al	al	PROPN
ajfa-1871	177	4	.	.	PROPN
ajfa-1871	178	1	(	(	PUNCT
ajfa-1871	178	2	2004	2004	NUM
ajfa-1871	178	3	)	)	PUNCT
ajfa-1871	178	4	also	also	ADV
ajfa-1871	178	5	find	find	VERB
ajfa-1871	178	6	that	that	SCONJ
ajfa-1871	178	7	27	27	NUM
ajfa-1871	178	8	per	per	ADP
ajfa-1871	178	9	cent	cent	NOUN
ajfa-1871	178	10	of	of	ADP
ajfa-1871	178	11	ceos	ceos	NOUN
ajfa-1871	178	12	manage	manage	VERB
ajfa-1871	178	13	to	to	PART
ajfa-1871	178	14	negotiate	negotiate	VERB
ajfa-1871	178	15	takeover	takeover	NOUN
ajfa-1871	178	16	bonuses	bonus	NOUN
ajfa-1871	178	17	equal	equal	ADJ
ajfa-1871	178	18	to	to	ADP
ajfa-1871	178	19	1.5	1.5	NUM
ajfa-1871	178	20	times	time	NOUN
ajfa-1871	178	21	their	their	PRON
ajfa-1871	178	22	annual	annual	ADJ
ajfa-1871	178	23	salary	salary	NOUN
ajfa-1871	178	24	.	.	PUNCT
ajfa-1871	179	1	thus	thus	ADV
ajfa-1871	179	2	,	,	PUNCT
ajfa-1871	179	3	the	the	DET
ajfa-1871	179	4	expected	expect	VERB
ajfa-1871	179	5	value	value	NOUN
ajfa-1871	179	6	of	of	ADP
ajfa-1871	179	7	this	this	DET
ajfa-1871	179	8	possibility	possibility	NOUN
ajfa-1871	179	9	is	be	AUX
ajfa-1871	179	10	also	also	ADV
ajfa-1871	179	11	added	add	VERB
ajfa-1871	179	12	to	to	ADP
ajfa-1871	179	13	the	the	DET
ajfa-1871	179	14	expected	expect	VERB
ajfa-1871	179	15	change	change	NOUN
ajfa-1871	179	16	in	in	ADP
ajfa-1871	179	17	control	control	NOUN
ajfa-1871	179	18	payments	payment	NOUN
ajfa-1871	179	19	.	.	PUNCT
ajfa-1871	180	1	finally	finally	ADV
ajfa-1871	180	2	,	,	PUNCT
ajfa-1871	180	3	hartzell	hartzell	VERB
ajfa-1871	180	4	et	et	PROPN
ajfa-1871	180	5	al	al	PROPN
ajfa-1871	180	6	.	.	PROPN
ajfa-1871	181	1	(	(	PUNCT
ajfa-1871	181	2	2004	2004	NUM
ajfa-1871	181	3	)	)	PUNCT
ajfa-1871	181	4	shows	show	VERB
ajfa-1871	181	5	that	that	SCONJ
ajfa-1871	181	6	8.6	8.6	NUM
ajfa-1871	181	7	per	per	ADP
ajfa-1871	181	8	cent	cent	NOUN
ajfa-1871	181	9	of	of	ADP
ajfa-1871	181	10	ceos	ceos	NOUN
ajfa-1871	181	11	with	with	ADP
ajfa-1871	181	12	golden	golden	ADJ
ajfa-1871	181	13	parachutes	parachute	NOUN
ajfa-1871	181	14	and	and	CCONJ
ajfa-1871	181	15	19.3	19.3	NUM
ajfa-1871	181	16	per	per	ADP
ajfa-1871	181	17	cent	cent	NOUN
ajfa-1871	181	18	of	of	ADP
ajfa-1871	181	19	ceos	ceos	NOUN
ajfa-1871	181	20	without	without	ADP
ajfa-1871	181	21	golden	golden	ADJ
ajfa-1871	181	22	parachutes	parachute	NOUN
ajfa-1871	181	23	manage	manage	VERB
ajfa-1871	181	24	to	to	PART
ajfa-1871	181	25	negotiate	negotiate	VERB
ajfa-1871	181	26	an	an	DET
ajfa-1871	181	27	augmentation	augmentation	NOUN
ajfa-1871	181	28	to	to	ADP
ajfa-1871	181	29	their	their	PRON
ajfa-1871	181	30	existing	exist	VERB
ajfa-1871	181	31	golden	golden	ADJ
ajfa-1871	181	32	parachutes	parachute	NOUN
ajfa-1871	181	33	agreements	agreement	NOUN
ajfa-1871	181	34	.	.	PUNCT
ajfa-1871	182	1	the	the	DET
ajfa-1871	182	2	value	value	NOUN
ajfa-1871	182	3	of	of	ADP
ajfa-1871	182	4	this	this	DET
ajfa-1871	182	5	change	change	NOUN
ajfa-1871	182	6	in	in	ADP
ajfa-1871	182	7	agreements	agreement	NOUN
ajfa-1871	182	8	is	be	AUX
ajfa-1871	182	9	generally	generally	ADV
ajfa-1871	182	10	equal	equal	ADJ
ajfa-1871	182	11	to	to	ADP
ajfa-1871	182	12	the	the	DET
ajfa-1871	182	13	ceos	ceos	NOUN
ajfa-1871	182	14	annual	annual	ADJ
ajfa-1871	182	15	compensation	compensation	NOUN
ajfa-1871	182	16	.	.	PUNCT
ajfa-1871	183	1	the	the	DET
ajfa-1871	183	2	expected	expect	VERB
ajfa-1871	183	3	value	value	NOUN
ajfa-1871	183	4	of	of	ADP
ajfa-1871	183	5	change	change	NOUN
ajfa-1871	183	6	in	in	ADP
ajfa-1871	183	7	agreements	agreement	NOUN
ajfa-1871	183	8	is	be	AUX
ajfa-1871	183	9	also	also	ADV
ajfa-1871	183	10	added	add	VERB
ajfa-1871	183	11	to	to	ADP
ajfa-1871	183	12	the	the	DET
ajfa-1871	183	13	ceos	ceos	NOUN
ajfa-1871	183	14	expected	expect	VERB
ajfa-1871	183	15	change	change	NOUN
ajfa-1871	183	16	in	in	ADP
ajfa-1871	183	17	control	control	NOUN
ajfa-1871	183	18	payments	payment	NOUN
ajfa-1871	183	19	.	.	PUNCT
ajfa-1871	184	1	the	the	DET
ajfa-1871	184	2	total	total	ADJ
ajfa-1871	184	3	expected	expect	VERB
ajfa-1871	184	4	change	change	NOUN
ajfa-1871	184	5	in	in	ADP
ajfa-1871	184	6	control	control	NOUN
ajfa-1871	184	7	payment	payment	NOUN
ajfa-1871	184	8	is	be	AUX
ajfa-1871	184	9	then	then	ADV
ajfa-1871	184	10	normalised	normalise	VERB
ajfa-1871	184	11	by	by	ADP
ajfa-1871	184	12	dividing	divide	VERB
ajfa-1871	184	13	it	it	PRON
ajfa-1871	184	14	by	by	ADP
ajfa-1871	184	15	the	the	DET
ajfa-1871	184	16	ceos	ceos	NOUN
ajfa-1871	184	17	annual	annual	ADJ
ajfa-1871	184	18	salary	salary	NOUN
ajfa-1871	184	19	to	to	PART
ajfa-1871	184	20	make	make	VERB
ajfa-1871	184	21	an	an	DET
ajfa-1871	184	22	expected	expect	VERB
ajfa-1871	184	23	payout	payout	NOUN
ajfa-1871	184	24	factor	factor	NOUN
ajfa-1871	184	25	.	.	PUNCT
ajfa-1871	185	1	the	the	DET
ajfa-1871	185	2	attractiveness	attractiveness	NOUN
ajfa-1871	185	3	factor	factor	NOUN
ajfa-1871	185	4	is	be	AUX
ajfa-1871	185	5	created	create	VERB
ajfa-1871	185	6	by	by	ADP
ajfa-1871	185	7	examining	examine	VERB
ajfa-1871	185	8	a	a	DET
ajfa-1871	185	9	firm	firm	NOUN
ajfa-1871	185	10	’s	’s	PART
ajfa-1871	185	11	relative	relative	ADJ
ajfa-1871	185	12	levels	level	NOUN
ajfa-1871	185	13	of	of	ADP
ajfa-1871	185	14	net	net	ADJ
ajfa-1871	185	15	cash	cash	NOUN
ajfa-1871	185	16	and	and	CCONJ
ajfa-1871	185	17	debt	debt	NOUN
ajfa-1871	185	18	.	.	PUNCT
ajfa-1871	186	1	firms	firm	NOUN
ajfa-1871	186	2	are	be	AUX
ajfa-1871	186	3	ranked	rank	VERB
ajfa-1871	186	4	first	first	ADV
ajfa-1871	186	5	by	by	ADP
ajfa-1871	186	6	net	net	ADJ
ajfa-1871	186	7	cash	cash	NOUN
ajfa-1871	186	8	/	/	SYM
ajfa-1871	186	9	total	total	ADJ
ajfa-1871	186	10	assets	asset	NOUN
ajfa-1871	186	11	and	and	CCONJ
ajfa-1871	186	12	divided	divide	VERB
ajfa-1871	186	13	into	into	ADP
ajfa-1871	186	14	three	three	NUM
ajfa-1871	186	15	groups	group	NOUN
ajfa-1871	186	16	.	.	PUNCT
ajfa-1871	187	1	the	the	DET
ajfa-1871	187	2	top	top	ADJ
ajfa-1871	187	3	third	third	NOUN
ajfa-1871	187	4	of	of	ADP
ajfa-1871	187	5	firms	firm	NOUN
ajfa-1871	187	6	are	be	AUX
ajfa-1871	187	7	given	give	VERB
ajfa-1871	187	8	a	a	DET
ajfa-1871	187	9	net	net	ADJ
ajfa-1871	187	10	cash	cash	NOUN
ajfa-1871	187	11	score	score	NOUN
ajfa-1871	187	12	of	of	ADP
ajfa-1871	187	13	three	three	NUM
ajfa-1871	187	14	,	,	PUNCT
ajfa-1871	187	15	the	the	DET
ajfa-1871	187	16	second	second	ADJ
ajfa-1871	187	17	third	third	NOUN
ajfa-1871	187	18	a	a	DET
ajfa-1871	187	19	score	score	NOUN
ajfa-1871	187	20	of	of	ADP
ajfa-1871	187	21	two	two	NUM
ajfa-1871	187	22	,	,	PUNCT
ajfa-1871	187	23	and	and	CCONJ
ajfa-1871	187	24	so	so	ADV
ajfa-1871	187	25	on	on	ADV
ajfa-1871	187	26	.	.	PUNCT
ajfa-1871	188	1	this	this	DET
ajfa-1871	188	2	process	process	NOUN
ajfa-1871	188	3	is	be	AUX
ajfa-1871	188	4	repeated	repeat	VERB
ajfa-1871	188	5	for	for	ADP
ajfa-1871	188	6	a	a	DET
ajfa-1871	188	7	firm	firm	NOUN
ajfa-1871	188	8	’s	’s	PART
ajfa-1871	188	9	debt	debt	NOUN
ajfa-1871	188	10	/	/	SYM
ajfa-1871	188	11	total	total	ADJ
ajfa-1871	188	12	assets	asset	NOUN
ajfa-1871	188	13	.	.	PUNCT
ajfa-1871	189	1	a	a	DET
ajfa-1871	189	2	firm	firm	NOUN
ajfa-1871	189	3	’s	’s	PART
ajfa-1871	189	4	total	total	ADJ
ajfa-1871	189	5	attractiveness	attractiveness	NOUN
ajfa-1871	189	6	score	score	NOUN
ajfa-1871	189	7	is	be	AUX
ajfa-1871	189	8	then	then	ADV
ajfa-1871	189	9	given	give	VERB
ajfa-1871	189	10	by	by	ADP
ajfa-1871	189	11	the	the	DET
ajfa-1871	189	12	combination	combination	NOUN
ajfa-1871	189	13	of	of	ADP
ajfa-1871	189	14	these	these	DET
ajfa-1871	189	15	two	two	NUM
ajfa-1871	189	16	scores	score	NOUN
ajfa-1871	189	17	.	.	PUNCT
ajfa-1871	190	1	this	this	DET
ajfa-1871	190	2	method	method	NOUN
ajfa-1871	190	3	of	of	ADP
ajfa-1871	190	4	factor	factor	NOUN
ajfa-1871	190	5	creation	creation	NOUN
ajfa-1871	190	6	is	be	AUX
ajfa-1871	190	7	similar	similar	ADJ
ajfa-1871	190	8	to	to	ADP
ajfa-1871	190	9	that	that	PRON
ajfa-1871	190	10	used	use	VERB
ajfa-1871	190	11	by	by	ADP
ajfa-1871	190	12	grinstein	grinstein	NOUN
ajfa-1871	190	13	and	and	CCONJ
ajfa-1871	190	14	hribar	hribar	NOUN
ajfa-1871	190	15	(	(	PUNCT
ajfa-1871	190	16	2004	2004	NUM
ajfa-1871	190	17	)	)	PUNCT
ajfa-1871	190	18	which	which	PRON
ajfa-1871	190	19	enable	enable	VERB
ajfa-1871	190	20	us	we	PRON
ajfa-1871	190	21	to	to	PART
ajfa-1871	190	22	examine	examine	VERB
ajfa-1871	190	23	separately	separately	ADV
ajfa-1871	190	24	the	the	DET
ajfa-1871	190	25	link	link	NOUN
ajfa-1871	190	26	between	between	ADP
ajfa-1871	190	27	change	change	NOUN
ajfa-1871	190	28	in	in	ADP
ajfa-1871	190	29	control	control	NOUN
ajfa-1871	190	30	payments	payment	NOUN
ajfa-1871	190	31	,	,	PUNCT
ajfa-1871	190	32	net	net	ADJ
ajfa-1871	190	33	cash	cash	NOUN
ajfa-1871	190	34	,	,	PUNCT
ajfa-1871	190	35	debt	debt	NOUN
ajfa-1871	190	36	and	and	CCONJ
ajfa-1871	190	37	total	total	ADJ
ajfa-1871	190	38	attractiveness	attractiveness	NOUN
ajfa-1871	190	39	.	.	PUNCT
ajfa-1871	191	1	our	our	PRON
ajfa-1871	191	2	empirical	empirical	ADJ
ajfa-1871	191	3	model	model	NOUN
ajfa-1871	191	4	is	be	AUX
ajfa-1871	191	5	formulated	formulate	VERB
ajfa-1871	191	6	a	a	DET
ajfa-1871	191	7	follows	follow	NOUN
ajfa-1871	191	8	:	:	PUNCT
ajfa-1871	191	9	1	1	NUM
ajfa-1871	191	10	..........	..........	PUNCT
ajfa-1871	191	11	εindustry	εindustry	NOUN
ajfa-1871	191	12	npvarfcfvardivpoutassetstotalpayoutacotpaymentscontrolinchange	npvarfcfvardivpoutassetstotalpayoutacotpaymentscontrolinchange	ADJ
ajfa-1871	191	13			PROPN
ajfa-1871	191	14			NOUN
ajfa-1871	191	15	where	where	SCONJ
ajfa-1871	191	16	,	,	PUNCT
ajfa-1871	191	17	change	change	NOUN
ajfa-1871	191	18	in	in	ADP
ajfa-1871	191	19	control	control	NOUN
ajfa-1871	191	20	payments	payment	NOUN
ajfa-1871	191	21	=	=	PUNCT
ajfa-1871	191	22	either	either	CCONJ
ajfa-1871	191	23	attractivenesstotakeover	attractivenesstotakeover	ADJ
ajfa-1871	191	24	,	,	PUNCT
ajfa-1871	191	25	netcash	netcash	PROPN
ajfa-1871	191	26	or	or	CCONJ
ajfa-1871	191	27	%	%	INTJ
ajfa-1871	191	28	equity	equity	NOUN
ajfa-1871	191	29	asian	asian	PROPN
ajfa-1871	191	30	journal	journal	PROPN
ajfa-1871	191	31	of	of	ADP
ajfa-1871	191	32	finance	finance	PROPN
ajfa-1871	191	33	&	&	CCONJ
ajfa-1871	191	34	accounting	accounting	PROPN
ajfa-1871	191	35	issn	issn	PROPN
ajfa-1871	191	36	1946	1946	NUM
ajfa-1871	191	37	-	-	PUNCT
ajfa-1871	191	38	052x	052x	NOUN
ajfa-1871	191	39	2012	2012	NUM
ajfa-1871	191	40	,	,	PUNCT
ajfa-1871	191	41	vol	vol	NOUN
ajfa-1871	191	42	.	.	PROPN
ajfa-1871	191	43	4	4	NUM
ajfa-1871	191	44	,	,	PUNCT
ajfa-1871	191	45	no	no	INTJ
ajfa-1871	191	46	.	.	NOUN
ajfa-1871	191	47	2	2	NUM
ajfa-1871	191	48	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	191	49	118	118	NUM
ajfa-1871	191	50	a	a	DET
ajfa-1871	191	51	firm	firm	NOUN
ajfa-1871	191	52	’s	’s	PART
ajfa-1871	191	53	attractivenesstotakeover	attractivenesstotakeover	NOUN
ajfa-1871	191	54	is	be	AUX
ajfa-1871	191	55	a	a	DET
ajfa-1871	191	56	combination	combination	NOUN
ajfa-1871	191	57	of	of	ADP
ajfa-1871	191	58	netcash	netcash	NOUN
ajfa-1871	191	59	and	and	CCONJ
ajfa-1871	191	60	%	%	NOUN
ajfa-1871	191	61	equity	equity	NOUN
ajfa-1871	191	62	.	.	PUNCT
ajfa-1871	192	1	netcash	netcash	PROPN
ajfa-1871	192	2	is	be	AUX
ajfa-1871	192	3	net	net	ADJ
ajfa-1871	192	4	cash	cash	NOUN
ajfa-1871	192	5	/	/	SYM
ajfa-1871	192	6	total	total	ADJ
ajfa-1871	192	7	assets	asset	NOUN
ajfa-1871	192	8	and	and	CCONJ
ajfa-1871	192	9	%	%	INTJ
ajfa-1871	192	10	equity	equity	NOUN
ajfa-1871	192	11	is	be	AUX
ajfa-1871	192	12	total	total	ADJ
ajfa-1871	192	13	equity	equity	NOUN
ajfa-1871	192	14	/	/	SYM
ajfa-1871	192	15	total	total	NOUN
ajfa-1871	192	16	debt	debt	NOUN
ajfa-1871	192	17	.	.	PUNCT
ajfa-1871	193	1	5	5	X
ajfa-1871	193	2	.	.	X
ajfa-1871	193	3	empirical	empirical	ADJ
ajfa-1871	193	4	results	result	NOUN
ajfa-1871	193	5	table	table	VERB
ajfa-1871	193	6	3	3	NUM
ajfa-1871	193	7	reports	report	VERB
ajfa-1871	193	8	the	the	DET
ajfa-1871	193	9	compensation	compensation	NOUN
ajfa-1871	193	10	statistics	statistic	NOUN
ajfa-1871	193	11	of	of	ADP
ajfa-1871	193	12	the	the	DET
ajfa-1871	193	13	sampled	sample	VERB
ajfa-1871	193	14	firms	firm	NOUN
ajfa-1871	193	15	.	.	PUNCT
ajfa-1871	194	1	our	our	PRON
ajfa-1871	194	2	results	result	NOUN
ajfa-1871	194	3	show	show	VERB
ajfa-1871	194	4	that	that	SCONJ
ajfa-1871	194	5	change	change	NOUN
ajfa-1871	194	6	in	in	ADP
ajfa-1871	194	7	control	control	NOUN
ajfa-1871	194	8	payments	payment	NOUN
ajfa-1871	194	9	on	on	ADP
ajfa-1871	194	10	an	an	DET
ajfa-1871	194	11	average	average	NOUN
ajfa-1871	194	12	are	be	AUX
ajfa-1871	194	13	11.5	11.5	NUM
ajfa-1871	194	14	times	time	NOUN
ajfa-1871	194	15	a	a	DET
ajfa-1871	194	16	ceo	ceo	NOUN
ajfa-1871	194	17	’s	’s	PART
ajfa-1871	194	18	annual	annual	ADJ
ajfa-1871	194	19	salary	salary	NOUN
ajfa-1871	194	20	compared	compare	VERB
ajfa-1871	194	21	to	to	ADP
ajfa-1871	194	22	nine	nine	NUM
ajfa-1871	194	23	times	time	NOUN
ajfa-1871	194	24	report	report	NOUN
ajfa-1871	194	25	by	by	ADP
ajfa-1871	194	26	hartzell	hartzell	PROPN
ajfa-1871	194	27	et	et	PROPN
ajfa-1871	194	28	al	al	PROPN
ajfa-1871	194	29	.	.	PROPN
ajfa-1871	194	30	(	(	PUNCT
ajfa-1871	194	31	2004	2004	NUM
ajfa-1871	194	32	)	)	PUNCT
ajfa-1871	194	33	.	.	PUNCT
ajfa-1871	195	1	the	the	DET
ajfa-1871	195	2	average	average	ADJ
ajfa-1871	195	3	salary	salary	NOUN
ajfa-1871	195	4	of	of	ADP
ajfa-1871	195	5	a	a	DET
ajfa-1871	195	6	ceo	ceo	NOUN
ajfa-1871	195	7	in	in	ADP
ajfa-1871	195	8	the	the	DET
ajfa-1871	195	9	us	us	PROPN
ajfa-1871	195	10	is	be	AUX
ajfa-1871	195	11	us$10.51	us$10.51	PROPN
ajfa-1871	195	12	million	million	NUM
ajfa-1871	195	13	and	and	CCONJ
ajfa-1871	195	14	the	the	DET
ajfa-1871	195	15	average	average	ADJ
ajfa-1871	195	16	payout	payout	NOUN
ajfa-1871	195	17	is	be	AUX
ajfa-1871	195	18	us$54	us$54	ADJ
ajfa-1871	195	19	million	million	NUM
ajfa-1871	195	20	.	.	PUNCT
ajfa-1871	196	1	however	however	ADV
ajfa-1871	196	2	,	,	PUNCT
ajfa-1871	196	3	there	there	PRON
ajfa-1871	196	4	is	be	VERB
ajfa-1871	196	5	a	a	DET
ajfa-1871	196	6	large	large	ADJ
ajfa-1871	196	7	variation	variation	NOUN
ajfa-1871	196	8	in	in	ADP
ajfa-1871	196	9	the	the	DET
ajfa-1871	196	10	actual	actual	ADJ
ajfa-1871	196	11	salary	salary	NOUN
ajfa-1871	196	12	depending	depend	VERB
ajfa-1871	196	13	on	on	ADP
ajfa-1871	196	14	the	the	DET
ajfa-1871	196	15	relative	relative	ADJ
ajfa-1871	196	16	size	size	NOUN
ajfa-1871	196	17	of	of	ADP
ajfa-1871	196	18	the	the	DET
ajfa-1871	196	19	firms	firm	NOUN
ajfa-1871	196	20	.	.	PUNCT
ajfa-1871	197	1	australian	australian	ADJ
ajfa-1871	197	2	results	result	NOUN
ajfa-1871	197	3	show	show	VERB
ajfa-1871	197	4	similar	similar	ADJ
ajfa-1871	197	5	trend	trend	NOUN
ajfa-1871	197	6	to	to	ADP
ajfa-1871	197	7	the	the	DET
ajfa-1871	197	8	us	us	PROPN
ajfa-1871	197	9	,	,	PUNCT
ajfa-1871	197	10	but	but	CCONJ
ajfa-1871	197	11	is	be	AUX
ajfa-1871	197	12	of	of	ADP
ajfa-1871	197	13	much	much	ADV
ajfa-1871	197	14	lower	low	ADJ
ajfa-1871	197	15	magnitude	magnitude	NOUN
ajfa-1871	197	16	.	.	PUNCT
ajfa-1871	198	1	this	this	PRON
ajfa-1871	198	2	is	be	AUX
ajfa-1871	198	3	not	not	PART
ajfa-1871	198	4	surprising	surprising	ADJ
ajfa-1871	198	5	as	as	SCONJ
ajfa-1871	198	6	the	the	DET
ajfa-1871	198	7	firms	firm	NOUN
ajfa-1871	198	8	in	in	ADP
ajfa-1871	198	9	australian	australian	ADJ
ajfa-1871	198	10	are	be	AUX
ajfa-1871	198	11	about	about	ADV
ajfa-1871	198	12	50	50	NUM
ajfa-1871	198	13	per	per	ADP
ajfa-1871	198	14	cent	cent	NOUN
ajfa-1871	198	15	the	the	DET
ajfa-1871	198	16	size	size	NOUN
ajfa-1871	198	17	of	of	ADP
ajfa-1871	198	18	the	the	DET
ajfa-1871	198	19	us	us	PROPN
ajfa-1871	198	20	firms	firm	NOUN
ajfa-1871	198	21	when	when	SCONJ
ajfa-1871	198	22	measured	measure	VERB
ajfa-1871	198	23	by	by	ADP
ajfa-1871	198	24	total	total	ADJ
ajfa-1871	198	25	assets	asset	NOUN
ajfa-1871	198	26	.	.	PUNCT
ajfa-1871	199	1	the	the	DET
ajfa-1871	199	2	mean	mean	ADJ
ajfa-1871	199	3	(	(	PUNCT
ajfa-1871	199	4	median	median	ADJ
ajfa-1871	199	5	)	)	PUNCT
ajfa-1871	199	6	values	value	NOUN
ajfa-1871	199	7	for	for	ADP
ajfa-1871	199	8	tobin	tobin	NOUN
ajfa-1871	199	9	’s	’s	PART
ajfa-1871	199	10	q	q	NOUN
ajfa-1871	199	11	are	be	AUX
ajfa-1871	199	12	1.53	1.53	NUM
ajfa-1871	199	13	(	(	PUNCT
ajfa-1871	199	14	1.21	1.21	NUM
ajfa-1871	199	15	)	)	PUNCT
ajfa-1871	199	16	indicate	indicate	VERB
ajfa-1871	199	17	that	that	SCONJ
ajfa-1871	199	18	firms	firm	NOUN
ajfa-1871	199	19	in	in	ADP
ajfa-1871	199	20	both	both	DET
ajfa-1871	199	21	countries	country	NOUN
ajfa-1871	199	22	(	(	PUNCT
ajfa-1871	199	23	australia	australia	PROPN
ajfa-1871	199	24	and	and	CCONJ
ajfa-1871	199	25	the	the	DET
ajfa-1871	199	26	us	us	PROPN
ajfa-1871	199	27	)	)	PUNCT
ajfa-1871	199	28	have	have	AUX
ajfa-1871	199	29	created	create	VERB
ajfa-1871	199	30	value	value	NOUN
ajfa-1871	199	31	for	for	ADP
ajfa-1871	199	32	the	the	DET
ajfa-1871	199	33	shareholders	shareholder	NOUN
ajfa-1871	199	34	which	which	PRON
ajfa-1871	199	35	are	be	AUX
ajfa-1871	199	36	greater	great	ADJ
ajfa-1871	199	37	than	than	ADP
ajfa-1871	199	38	one	one	NUM
ajfa-1871	199	39	.	.	PUNCT
ajfa-1871	200	1	asian	asian	ADJ
ajfa-1871	200	2	journal	journal	PROPN
ajfa-1871	200	3	of	of	ADP
ajfa-1871	200	4	finance	finance	PROPN
ajfa-1871	200	5	&	&	CCONJ
ajfa-1871	200	6	accounting	accounting	PROPN
ajfa-1871	200	7	issn	issn	PROPN
ajfa-1871	200	8	1946	1946	NUM
ajfa-1871	200	9	-	-	PUNCT
ajfa-1871	200	10	052x	052x	NOUN
ajfa-1871	200	11	2012	2012	NUM
ajfa-1871	200	12	,	,	PUNCT
ajfa-1871	200	13	vol	vol	NOUN
ajfa-1871	200	14	.	.	PROPN
ajfa-1871	200	15	4	4	NUM
ajfa-1871	200	16	,	,	PUNCT
ajfa-1871	200	17	no	no	INTJ
ajfa-1871	200	18	.	.	NOUN
ajfa-1871	200	19	2	2	NUM
ajfa-1871	200	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	200	21	119	119	NUM
ajfa-1871	200	22	table	table	NOUN
ajfa-1871	200	23	2	2	NUM
ajfa-1871	200	24	.	.	PUNCT
ajfa-1871	200	25	compensation	compensation	NOUN
ajfa-1871	200	26	statistics	statistic	NOUN
ajfa-1871	200	27	sample	sample	VERB
ajfa-1871	200	28	variable	variable	ADJ
ajfa-1871	200	29	units	unit	NOUN
ajfa-1871	200	30	mean	mean	VERB
ajfa-1871	200	31	median	median	PROPN
ajfa-1871	200	32	min	min	PROPN
ajfa-1871	200	33	max	max	PROPN
ajfa-1871	200	34	s.e	s.e	PROPN
ajfa-1871	200	35	count	count	VERB
ajfa-1871	200	36	all	all	DET
ajfa-1871	200	37	total	total	ADJ
ajfa-1871	200	38	compensation	compensation	NOUN
ajfa-1871	200	39	$	$	SYM
ajfa-1871	200	40	m	m	NOUN
ajfa-1871	200	41	8.8	8.8	NUM
ajfa-1871	200	42	7.3	7.3	NUM
ajfa-1871	200	43	0.3	0.3	NUM
ajfa-1871	200	44	100.1	100.1	NUM
ajfa-1871	200	45	0.5	0.5	NUM
ajfa-1871	200	46	332	332	NUM
ajfa-1871	200	47	change	change	NOUN
ajfa-1871	200	48	in	in	ADP
ajfa-1871	200	49	control	control	NOUN
ajfa-1871	200	50	$	$	SYM
ajfa-1871	200	51	m	m	NOUN
ajfa-1871	200	52	14.0	14.0	NUM
ajfa-1871	200	53	10.4	10.4	NUM
ajfa-1871	200	54	0.0	0.0	NUM
ajfa-1871	200	55	125.5	125.5	NUM
ajfa-1871	200	56	1.0	1.0	NUM
ajfa-1871	200	57	332	332	NUM
ajfa-1871	200	58	total	total	ADJ
ajfa-1871	200	59	shares	share	NOUN
ajfa-1871	200	60	m	m	VERB
ajfa-1871	200	61	5.0	5.0	NUM
ajfa-1871	200	62	1.1	1.1	NUM
ajfa-1871	200	63	0.0	0.0	NUM
ajfa-1871	200	64	217.7	217.7	NUM
ajfa-1871	200	65	1.2	1.2	NUM
ajfa-1871	200	66	332	332	NUM
ajfa-1871	200	67	estimated	estimate	VERB
ajfa-1871	200	68	payout	payout	NOUN
ajfa-1871	200	69	$	$	SYM
ajfa-1871	200	70	m	m	NOUN
ajfa-1871	200	71	45.3	45.3	NUM
ajfa-1871	200	72	24.6	24.6	NUM
ajfa-1871	200	73	0.7	0.7	NUM
ajfa-1871	200	74	1620.6	1620.6	NUM
ajfa-1871	200	75	7.1	7.1	NUM
ajfa-1871	200	76	332	332	NUM
ajfa-1871	200	77	payoutfactor	payoutfactor	NOUN
ajfa-1871	200	78	$	$	SYM
ajfa-1871	200	79	4.7	4.7	NUM
ajfa-1871	200	80	3.9	3.9	NUM
ajfa-1871	200	81	0.3	0.3	NUM
ajfa-1871	200	82	45.7	45.7	NUM
ajfa-1871	200	83	4.6	4.6	NUM
ajfa-1871	200	84	332	332	NUM
ajfa-1871	200	85	total	total	ADJ
ajfa-1871	200	86	assets	asset	NOUN
ajfa-1871	200	87	$	$	SYM
ajfa-1871	200	88	m	m	NOUN
ajfa-1871	200	89	32.2	32.2	NUM
ajfa-1871	200	90	7.9	7.9	NUM
ajfa-1871	200	91	0.1	0.1	NUM
ajfa-1871	200	92	2322.0	2322.0	NUM
ajfa-1871	200	93	9.9	9.9	NUM
ajfa-1871	200	94	332	332	NUM
ajfa-1871	200	95	tobin	tobin	NOUN
ajfa-1871	200	96	’s	’s	PART
ajfa-1871	200	97	q	q	PROPN
ajfa-1871	200	98	ratio	ratio	NOUN
ajfa-1871	200	99	1.53	1.53	NUM
ajfa-1871	200	100	1.21	1.21	NUM
ajfa-1871	200	101	0.50	0.50	NUM
ajfa-1871	200	102	8.32	8.32	NUM
ajfa-1871	200	103	0.94	0.94	NUM
ajfa-1871	200	104	332	332	NUM
ajfa-1871	200	105	aus	aus	PROPN
ajfa-1871	200	106	total	total	PROPN
ajfa-1871	200	107	compensation	compensation	PROPN
ajfa-1871	200	108	$	$	SYM
ajfa-1871	200	109	4.7	4.7	NUM
ajfa-1871	200	110	3.9	3.9	NUM
ajfa-1871	200	111	0.3	0.3	NUM
ajfa-1871	200	112	45.7	45.7	NUM
ajfa-1871	200	113	0.3	0.3	NUM
ajfa-1871	200	114	100	100	NUM
ajfa-1871	200	115	change	change	NOUN
ajfa-1871	200	116	in	in	ADP
ajfa-1871	200	117	control	control	NOUN
ajfa-1871	200	118	$	$	SYM
ajfa-1871	200	119	m	m	NOUN
ajfa-1871	200	120	7.3	7.3	NUM
ajfa-1871	200	121	5.7	5.7	NUM
ajfa-1871	200	122	0.0	0.0	NUM
ajfa-1871	200	123	57.3	57.3	NUM
ajfa-1871	200	124	0.5	0.5	NUM
ajfa-1871	200	125	100	100	NUM
ajfa-1871	200	126	total	total	ADJ
ajfa-1871	200	127	shares	share	NOUN
ajfa-1871	200	128	m	m	VERB
ajfa-1871	200	129	2.8	2.8	NUM
ajfa-1871	200	130	0.6	0.6	NUM
ajfa-1871	200	131	0.0	0.0	NUM
ajfa-1871	200	132	99.3	99.3	NUM
ajfa-1871	200	133	0.7	0.7	NUM
ajfa-1871	200	134	100	100	NUM
ajfa-1871	200	135	estimated	estimate	VERB
ajfa-1871	200	136	payout	payout	NOUN
ajfa-1871	200	137	$	$	SYM
ajfa-1871	200	138	m	m	NOUN
ajfa-1871	200	139	25.1	25.1	NUM
ajfa-1871	200	140	13.0	13.0	NUM
ajfa-1871	200	141	0.7	0.7	NUM
ajfa-1871	200	142	739.3	739.3	NUM
ajfa-1871	200	143	3.8	3.8	NUM
ajfa-1871	200	144	100	100	NUM
ajfa-1871	200	145	payoutfactor	payoutfactor	NOUN
ajfa-1871	200	146	$	$	SYM
ajfa-1871	200	147	5.3	5.3	NUM
ajfa-1871	200	148	1.4	1.4	NUM
ajfa-1871	200	149	0.3	0.3	NUM
ajfa-1871	200	150	576.8	576.8	NUM
ajfa-1871	200	151	2.6	2.6	NUM
ajfa-1871	200	152	100	100	NUM
ajfa-1871	200	153	total	total	ADJ
ajfa-1871	200	154	assets	asset	NOUN
ajfa-1871	200	155	$	$	SYM
ajfa-1871	200	156	m	m	NOUN
ajfa-1871	200	157	17.6	17.6	NUM
ajfa-1871	200	158	2.3	2.3	NUM
ajfa-1871	200	159	0.1	0.1	NUM
ajfa-1871	200	160	617.4	617.4	NUM
ajfa-1871	200	161	8.0	8.0	NUM
ajfa-1871	200	162	100	100	NUM
ajfa-1871	200	163	tobin	tobin	NOUN
ajfa-1871	200	164	’s	’s	PART
ajfa-1871	200	165	q	q	PROPN
ajfa-1871	200	166	ratio	ratio	NOUN
ajfa-1871	200	167	1.56	1.56	NUM
ajfa-1871	200	168	1.10	1.10	NUM
ajfa-1871	200	169	0.50	0.50	NUM
ajfa-1871	200	170	8.32	8.32	NUM
ajfa-1871	200	171	1.23	1.23	NUM
ajfa-1871	200	172	100	100	NUM
ajfa-1871	200	173	us	us	PROPN
ajfa-1871	200	174	total	total	PROPN
ajfa-1871	200	175	compensation	compensation	NOUN
ajfa-1871	200	176	$	$	SYM
ajfa-1871	200	177	m	m	NOUN
ajfa-1871	200	178	10.5	10.5	NUM
ajfa-1871	200	179	8.8	8.8	NUM
ajfa-1871	200	180	0.6	0.6	NUM
ajfa-1871	200	181	100.1	100.1	NUM
ajfa-1871	200	182	0.6	0.6	NUM
ajfa-1871	200	183	232	232	NUM
ajfa-1871	200	184	change	change	NOUN
ajfa-1871	200	185	in	in	ADP
ajfa-1871	200	186	control	control	NOUN
ajfa-1871	200	187	$	$	SYM
ajfa-1871	200	188	m	m	NOUN
ajfa-1871	200	189	16.8	16.8	NUM
ajfa-1871	200	190	12.5	12.5	NUM
ajfa-1871	200	191	0.0	0.0	NUM
ajfa-1871	200	192	126.0	126.0	NUM
ajfa-1871	200	193	1.1	1.1	NUM
ajfa-1871	200	194	232	232	NUM
ajfa-1871	200	195	total	total	ADJ
ajfa-1871	200	196	shares	share	NOUN
ajfa-1871	200	197	m	m	VERB
ajfa-1871	200	198	5.9	5.9	NUM
ajfa-1871	200	199	1.4	1.4	NUM
ajfa-1871	200	200	0.0	0.0	NUM
ajfa-1871	200	201	218.0	218.0	NUM
ajfa-1871	200	202	1.4	1.4	NUM
ajfa-1871	200	203	232	232	NUM
ajfa-1871	200	204	estimated	estimate	VERB
ajfa-1871	200	205	payout	payout	NOUN
ajfa-1871	200	206	$	$	SYM
ajfa-1871	200	207	m	m	NOUN
ajfa-1871	200	208	54.00	54.00	NUM
ajfa-1871	200	209	29.6	29.6	NUM
ajfa-1871	200	210	1.6	1.6	NUM
ajfa-1871	200	211	1620.6	1620.6	NUM
ajfa-1871	200	212	8.5	8.5	NUM
ajfa-1871	200	213	232	232	NUM
ajfa-1871	200	214	payoutfactor	payoutfactor	NOUN
ajfa-1871	200	215	$	$	SYM
ajfa-1871	200	216	11.4	11.4	NUM
ajfa-1871	200	217	3.2	3.2	NUM
ajfa-1871	200	218	0.60	0.60	NUM
ajfa-1871	200	219	1264.3	1264.3	NUM
ajfa-1871	200	220	5.5	5.5	NUM
ajfa-1871	200	221	232	232	NUM
ajfa-1871	200	222	total	total	ADJ
ajfa-1871	200	223	assets	asset	NOUN
ajfa-1871	200	224	$	$	SYM
ajfa-1871	200	225	m	m	NOUN
ajfa-1871	200	226	38.5	38.5	NUM
ajfa-1871	200	227	10.4	10.4	NUM
ajfa-1871	200	228	0.8	0.8	NUM
ajfa-1871	200	229	2322.0	2322.0	NUM
ajfa-1871	200	230	10.7	10.7	NUM
ajfa-1871	200	231	232	232	NUM
ajfa-1871	200	232	tobin	tobin	NOUN
ajfa-1871	200	233	’s	’s	PART
ajfa-1871	200	234	q	q	PROPN
ajfa-1871	200	235	ratio	ratio	NOUN
ajfa-1871	200	236	1.52	1.52	NUM
ajfa-1871	200	237	1.27	1.27	NUM
ajfa-1871	200	238	0.71	0.71	NUM
ajfa-1871	200	239	6.12	6.12	NUM
ajfa-1871	200	240	0.79	0.79	NUM
ajfa-1871	200	241	232	232	NUM
ajfa-1871	200	242	table	table	NOUN
ajfa-1871	200	243	3	3	NUM
ajfa-1871	200	244	reports	report	VERB
ajfa-1871	200	245	the	the	DET
ajfa-1871	200	246	correlation	correlation	NOUN
ajfa-1871	200	247	coefficient	coefficient	NOUN
ajfa-1871	200	248	of	of	ADP
ajfa-1871	200	249	the	the	DET
ajfa-1871	200	250	independent	independent	ADJ
ajfa-1871	200	251	variables	variable	NOUN
ajfa-1871	200	252	used	use	VERB
ajfa-1871	200	253	in	in	ADP
ajfa-1871	200	254	this	this	DET
ajfa-1871	200	255	study	study	NOUN
ajfa-1871	200	256	.	.	PUNCT
ajfa-1871	201	1	a	a	DET
ajfa-1871	201	2	correlation	correlation	NOUN
ajfa-1871	201	3	less	less	ADJ
ajfa-1871	201	4	than	than	ADP
ajfa-1871	201	5	0.8	0.8	NUM
ajfa-1871	201	6	are	be	AUX
ajfa-1871	201	7	generally	generally	ADV
ajfa-1871	201	8	considered	consider	VERB
ajfa-1871	201	9	to	to	PART
ajfa-1871	201	10	be	be	AUX
ajfa-1871	201	11	appropriate	appropriate	ADJ
ajfa-1871	201	12	for	for	ADP
ajfa-1871	201	13	regression	regression	NOUN
ajfa-1871	201	14	analysis	analysis	NOUN
ajfa-1871	201	15	(	(	PUNCT
ajfa-1871	201	16	field	field	NOUN
ajfa-1871	201	17	,	,	PUNCT
ajfa-1871	201	18	2008	2008	NUM
ajfa-1871	201	19	)	)	PUNCT
ajfa-1871	201	20	.	.	PUNCT
ajfa-1871	202	1	most	most	ADJ
ajfa-1871	202	2	of	of	ADP
ajfa-1871	202	3	the	the	DET
ajfa-1871	202	4	correlation	correlation	NOUN
ajfa-1871	202	5	coefficients	coefficient	NOUN
ajfa-1871	202	6	reported	report	VERB
ajfa-1871	202	7	in	in	ADP
ajfa-1871	202	8	table	table	NOUN
ajfa-1871	202	9	3	3	NUM
ajfa-1871	202	10	are	be	AUX
ajfa-1871	202	11	less	less	ADJ
ajfa-1871	202	12	than	than	ADP
ajfa-1871	202	13	0.5	0.5	NUM
ajfa-1871	202	14	,	,	PUNCT
ajfa-1871	202	15	apart	apart	ADV
ajfa-1871	202	16	for	for	ADP
ajfa-1871	202	17	the	the	DET
ajfa-1871	202	18	correlation	correlation	NOUN
ajfa-1871	202	19	between	between	ADP
ajfa-1871	202	20	the	the	DET
ajfa-1871	202	21	fcfvar	fcfvar	NOUN
ajfa-1871	202	22	and	and	CCONJ
ajfa-1871	202	23	npvar	npvar	NOUN
ajfa-1871	202	24	which	which	PRON
ajfa-1871	202	25	is	be	AUX
ajfa-1871	202	26	0.740	0.740	NUM
ajfa-1871	202	27	.	.	PUNCT
ajfa-1871	203	1	also	also	ADV
ajfa-1871	203	2	,	,	PUNCT
ajfa-1871	203	3	our	our	PRON
ajfa-1871	203	4	tests	test	NOUN
ajfa-1871	203	5	for	for	ADP
ajfa-1871	203	6	multicollinearity3	multicollinearity3	NOUN
ajfa-1871	203	7	show	show	VERB
ajfa-1871	203	8	that	that	SCONJ
ajfa-1871	203	9	there	there	PRON
ajfa-1871	203	10	are	be	VERB
ajfa-1871	203	11	no	no	DET
ajfa-1871	203	12	serial	serial	ADJ
ajfa-1871	203	13	correlation	correlation	NOUN
ajfa-1871	203	14	issues	issue	NOUN
ajfa-1871	203	15	in	in	ADP
ajfa-1871	203	16	the	the	DET
ajfa-1871	203	17	data	datum	NOUN
ajfa-1871	203	18	.	.	PUNCT
ajfa-1871	204	1	our	our	PRON
ajfa-1871	204	2	test	test	NOUN
ajfa-1871	204	3	for	for	ADP
ajfa-1871	204	4	autocorrelation	autocorrelation	NOUN
ajfa-1871	204	5	also	also	ADV
ajfa-1871	204	6	resulted	result	VERB
ajfa-1871	204	7	to	to	PART
ajfa-1871	204	8	be	be	AUX
ajfa-1871	204	9	negative	negative	ADJ
ajfa-1871	204	10	as	as	ADV
ajfa-1871	204	11	well	well	ADV
ajfa-1871	204	12	.	.	PUNCT
ajfa-1871	205	1	we	we	PRON
ajfa-1871	205	2	have	have	AUX
ajfa-1871	205	3	reported	report	VERB
ajfa-1871	205	4	bootstrap	bootstrap	NOUN
ajfa-1871	205	5	standard	standard	NOUN
ajfa-1871	205	6	3	3	NUM
ajfa-1871	205	7	not	not	PART
ajfa-1871	205	8	provided	provide	VERB
ajfa-1871	205	9	.	.	PUNCT
ajfa-1871	206	1	however	however	ADV
ajfa-1871	206	2	,	,	PUNCT
ajfa-1871	206	3	results	result	NOUN
ajfa-1871	206	4	can	can	AUX
ajfa-1871	206	5	be	be	AUX
ajfa-1871	206	6	obtained	obtain	VERB
ajfa-1871	206	7	from	from	ADP
ajfa-1871	206	8	the	the	DET
ajfa-1871	206	9	authors	author	NOUN
ajfa-1871	206	10	if	if	SCONJ
ajfa-1871	206	11	required	require	VERB
ajfa-1871	206	12	.	.	PUNCT
ajfa-1871	207	1	to	to	PART
ajfa-1871	207	2	improve	improve	VERB
ajfa-1871	207	3	robustness	robustness	NOUN
ajfa-1871	207	4	,	,	PUNCT
ajfa-1871	207	5	we	we	PRON
ajfa-1871	207	6	have	have	AUX
ajfa-1871	207	7	also	also	ADV
ajfa-1871	207	8	reported	report	VERB
ajfa-1871	207	9	bootstrap	bootstrap	NOUN
ajfa-1871	207	10	standard	standard	ADJ
ajfa-1871	207	11	errors	error	NOUN
ajfa-1871	207	12	as	as	ADV
ajfa-1871	207	13	well	well	ADV
ajfa-1871	207	14	.	.	PUNCT
ajfa-1871	208	1	asian	asian	ADJ
ajfa-1871	208	2	journal	journal	PROPN
ajfa-1871	208	3	of	of	ADP
ajfa-1871	208	4	finance	finance	PROPN
ajfa-1871	208	5	&	&	CCONJ
ajfa-1871	208	6	accounting	accounting	PROPN
ajfa-1871	208	7	issn	issn	PROPN
ajfa-1871	208	8	1946	1946	NUM
ajfa-1871	208	9	-	-	PUNCT
ajfa-1871	208	10	052x	052x	NOUN
ajfa-1871	208	11	2012	2012	NUM
ajfa-1871	208	12	,	,	PUNCT
ajfa-1871	208	13	vol	vol	NOUN
ajfa-1871	208	14	.	.	PROPN
ajfa-1871	208	15	4	4	NUM
ajfa-1871	208	16	,	,	PUNCT
ajfa-1871	208	17	no	no	INTJ
ajfa-1871	208	18	.	.	NOUN
ajfa-1871	208	19	2	2	NUM
ajfa-1871	208	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	208	21	120	120	NUM
ajfa-1871	208	22	errors	error	NOUN
ajfa-1871	208	23	which	which	PRON
ajfa-1871	208	24	have	have	VERB
ajfa-1871	208	25	a	a	DET
ajfa-1871	208	26	tendency	tendency	NOUN
ajfa-1871	208	27	to	to	PART
ajfa-1871	208	28	minimise	minimise	VERB
ajfa-1871	208	29	the	the	DET
ajfa-1871	208	30	effect	effect	NOUN
ajfa-1871	208	31	of	of	ADP
ajfa-1871	208	32	heteroskedasticity	heteroskedasticity	NOUN
ajfa-1871	208	33	when	when	SCONJ
ajfa-1871	208	34	sample	sample	NOUN
ajfa-1871	208	35	size	size	NOUN
ajfa-1871	208	36	is	be	AUX
ajfa-1871	208	37	small	small	ADJ
ajfa-1871	208	38	.	.	PUNCT
ajfa-1871	209	1	table	table	NOUN
ajfa-1871	209	2	3	3	NUM
ajfa-1871	209	3	.	.	PUNCT
ajfa-1871	210	1	partial	partial	ADJ
ajfa-1871	210	2	correlation	correlation	NOUN
ajfa-1871	210	3	results	result	NOUN
ajfa-1871	210	4	for	for	ADP
ajfa-1871	210	5	the	the	DET
ajfa-1871	210	6	independent	independent	ADJ
ajfa-1871	210	7	variables	variable	NOUN
ajfa-1871	210	8	payoutfactor	payoutfactor	NOUN
ajfa-1871	210	9	(	(	PUNCT
ajfa-1871	210	10	pf	pf	NOUN
ajfa-1871	210	11	)	)	PUNCT
ajfa-1871	210	12	is	be	AUX
ajfa-1871	210	13	an	an	DET
ajfa-1871	210	14	estimate	estimate	NOUN
ajfa-1871	210	15	of	of	ADP
ajfa-1871	210	16	a	a	DET
ajfa-1871	210	17	ceos	ceos	NOUN
ajfa-1871	210	18	change	change	NOUN
ajfa-1871	210	19	in	in	ADP
ajfa-1871	210	20	control	control	NOUN
ajfa-1871	210	21	payment	payment	NOUN
ajfa-1871	210	22	divided	divide	VERB
ajfa-1871	210	23	by	by	ADP
ajfa-1871	210	24	their	their	PRON
ajfa-1871	210	25	annual	annual	ADJ
ajfa-1871	210	26	compensation	compensation	NOUN
ajfa-1871	210	27	and	and	CCONJ
ajfa-1871	210	28	change	change	NOUN
ajfa-1871	210	29	in	in	ADP
ajfa-1871	210	30	control	control	NOUN
ajfa-1871	210	31	payment	payment	NOUN
ajfa-1871	210	32	is	be	AUX
ajfa-1871	210	33	the	the	DET
ajfa-1871	210	34	function	function	NOUN
ajfa-1871	210	35	of	of	ADP
ajfa-1871	210	36	ceos	ceos	NOUN
ajfa-1871	210	37	share	share	NOUN
ajfa-1871	210	38	holdings	holding	NOUN
ajfa-1871	210	39	in	in	ADP
ajfa-1871	210	40	their	their	PRON
ajfa-1871	210	41	existing	exist	VERB
ajfa-1871	210	42	golden	golden	ADJ
ajfa-1871	210	43	parachutes	parachute	NOUN
ajfa-1871	210	44	.	.	PUNCT
ajfa-1871	211	1	ta	ta	X
ajfa-1871	211	2	is	be	AUX
ajfa-1871	211	3	the	the	DET
ajfa-1871	211	4	natural	natural	ADJ
ajfa-1871	211	5	log	log	NOUN
ajfa-1871	211	6	of	of	ADP
ajfa-1871	211	7	the	the	DET
ajfa-1871	211	8	total	total	ADJ
ajfa-1871	211	9	assets	asset	NOUN
ajfa-1871	211	10	.	.	PUNCT
ajfa-1871	212	1	npvar	npvar	PROPN
ajfa-1871	212	2	is	be	AUX
ajfa-1871	212	3	the	the	DET
ajfa-1871	212	4	volatility	volatility	NOUN
ajfa-1871	212	5	of	of	ADP
ajfa-1871	212	6	the	the	DET
ajfa-1871	212	7	last	last	ADJ
ajfa-1871	212	8	three	three	NUM
ajfa-1871	212	9	years	year	NOUN
ajfa-1871	212	10	of	of	ADP
ajfa-1871	212	11	the	the	DET
ajfa-1871	212	12	firms	firm	NOUN
ajfa-1871	212	13	accounting	account	VERB
ajfa-1871	212	14	net	net	ADJ
ajfa-1871	212	15	profit	profit	NOUN
ajfa-1871	212	16	.	.	PUNCT
ajfa-1871	213	1	fcf	fcf	PROPN
ajfa-1871	213	2	var	var	PROPN
ajfa-1871	213	3	is	be	AUX
ajfa-1871	213	4	the	the	DET
ajfa-1871	213	5	volatility	volatility	NOUN
ajfa-1871	213	6	of	of	ADP
ajfa-1871	213	7	the	the	DET
ajfa-1871	213	8	last	last	ADJ
ajfa-1871	213	9	three	three	NUM
ajfa-1871	213	10	years	year	NOUN
ajfa-1871	213	11	firms	firm	NOUN
ajfa-1871	213	12	accounting	account	VERB
ajfa-1871	213	13	total	total	ADJ
ajfa-1871	213	14	cash	cash	NOUN
ajfa-1871	213	15	flows	flow	NOUN
ajfa-1871	213	16	.	.	PUNCT
ajfa-1871	214	1	divpout	divpout	NOUN
ajfa-1871	214	2	is	be	AUX
ajfa-1871	214	3	the	the	DET
ajfa-1871	214	4	dividends	dividend	NOUN
ajfa-1871	214	5	paid	pay	VERB
ajfa-1871	214	6	in	in	ADP
ajfa-1871	214	7	the	the	DET
ajfa-1871	214	8	year	year	NOUN
ajfa-1871	214	9	divided	divide	VERB
ajfa-1871	214	10	by	by	ADP
ajfa-1871	214	11	total	total	ADJ
ajfa-1871	214	12	net	net	ADJ
ajfa-1871	214	13	profit	profit	NOUN
ajfa-1871	214	14	for	for	ADP
ajfa-1871	214	15	the	the	DET
ajfa-1871	214	16	firm	firm	NOUN
ajfa-1871	214	17	.	.	PUNCT
ajfa-1871	215	1	tobin	tobin	PROPN
ajfa-1871	215	2	’s	’s	PART
ajfa-1871	215	3	q	q	X
ajfa-1871	215	4	(	(	PUNCT
ajfa-1871	215	5	q	q	NOUN
ajfa-1871	215	6	)	)	PUNCT
ajfa-1871	215	7	is	be	AUX
ajfa-1871	215	8	the	the	DET
ajfa-1871	215	9	ratio	ratio	NOUN
ajfa-1871	215	10	of	of	ADP
ajfa-1871	215	11	(	(	PUNCT
ajfa-1871	215	12	price	price	NOUN
ajfa-1871	215	13	*	*	PUNCT
ajfa-1871	215	14	no	no	INTJ
ajfa-1871	215	15	.	.	PUNCT
ajfa-1871	215	16	of	of	ADP
ajfa-1871	215	17	shares	share	NOUN
ajfa-1871	215	18	outstanding	outstanding	ADJ
ajfa-1871	215	19	+	+	NUM
ajfa-1871	215	20	net	net	ADJ
ajfa-1871	215	21	current	current	ADJ
ajfa-1871	215	22	debt	debt	NOUN
ajfa-1871	215	23	+	+	CCONJ
ajfa-1871	215	24	l	l	NOUN
ajfa-1871	215	25	/	/	SYM
ajfa-1871	215	26	t	t	NOUN
ajfa-1871	215	27	debt	debt	NOUN
ajfa-1871	215	28	)	)	PUNCT
ajfa-1871	215	29	to	to	ADP
ajfa-1871	215	30	total	total	ADJ
ajfa-1871	215	31	assets	asset	NOUN
ajfa-1871	215	32	.	.	PUNCT
ajfa-1871	216	1	ind	ind	NOUN
ajfa-1871	216	2	indicate	indicate	VERB
ajfa-1871	216	3	firm	firm	NOUN
ajfa-1871	216	4	belonging	belong	VERB
ajfa-1871	216	5	to	to	ADP
ajfa-1871	216	6	the	the	DET
ajfa-1871	216	7	industrial	industrial	ADJ
ajfa-1871	216	8	sector	sector	NOUN
ajfa-1871	216	9	,	,	PUNCT
ajfa-1871	216	10	hc	hc	PROPN
ajfa-1871	216	11	indicate	indicate	VERB
ajfa-1871	216	12	healthcare	healthcare	NOUN
ajfa-1871	216	13	sector	sector	NOUN
ajfa-1871	216	14	,	,	PUNCT
ajfa-1871	216	15	cs	cs	PROPN
ajfa-1871	216	16	indicate	indicate	VERB
ajfa-1871	216	17	consumer	consumer	NOUN
ajfa-1871	216	18	services	service	NOUN
ajfa-1871	216	19	,	,	PUNCT
ajfa-1871	216	20	tech	tech	NOUN
ajfa-1871	216	21	indicate	indicate	VERB
ajfa-1871	216	22	technology	technology	NOUN
ajfa-1871	216	23	,	,	PUNCT
ajfa-1871	216	24	fina	fina	PROPN
ajfa-1871	216	25	indicate	indicate	VERB
ajfa-1871	216	26	financials	financial	NOUN
ajfa-1871	216	27	,	,	PUNCT
ajfa-1871	216	28	cg	cg	NOUN
ajfa-1871	216	29	indicate	indicate	VERB
ajfa-1871	216	30	consumer	consumer	NOUN
ajfa-1871	216	31	goods	good	NOUN
ajfa-1871	216	32	and	and	CCONJ
ajfa-1871	216	33	o&g	o&g	PROPN
ajfa-1871	216	34	indicate	indicate	VERB
ajfa-1871	216	35	oil	oil	NOUN
ajfa-1871	216	36	and	and	CCONJ
ajfa-1871	216	37	gas	gas	NOUN
ajfa-1871	216	38	.	.	PUNCT
ajfa-1871	217	1	pf	pf	PROPN
ajfa-1871	217	2	ta	ta	X
ajfa-1871	217	3	np	np	INTJ
ajfa-1871	217	4	var	var	PROPN
ajfa-1871	217	5	fcf	fcf	PROPN
ajfa-1871	217	6	var	var	PROPN
ajfa-1871	217	7	div	div	PROPN
ajfa-1871	217	8	pout	pout	VERB
ajfa-1871	217	9	q	q	X
ajfa-1871	217	10	ind	ind	PROPN
ajfa-1871	217	11	hc	hc	PROPN
ajfa-1871	217	12	cs	cs	PROPN
ajfa-1871	217	13	tech	tech	PROPN
ajfa-1871	217	14	fina	fina	PROPN
ajfa-1871	217	15	cg	cg	PROPN
ajfa-1871	217	16	o&g	o&g	PROPN
ajfa-1871	217	17	payoutfactor	payoutfactor	PROPN
ajfa-1871	217	18	(	(	PUNCT
ajfa-1871	217	19	pf	pf	PROPN
ajfa-1871	217	20	)	)	PUNCT
ajfa-1871	217	21	---	---	PUNCT
ajfa-1871	217	22	total	total	ADJ
ajfa-1871	217	23	assets	asset	NOUN
ajfa-1871	217	24	(	(	PUNCT
ajfa-1871	217	25	ta	ta	NOUN
ajfa-1871	217	26	)	)	PUNCT
ajfa-1871	217	27	-0.0144	-0.0144	NOUN
ajfa-1871	217	28	(	(	PUNCT
ajfa-1871	217	29	0.794	0.794	NUM
ajfa-1871	217	30	)	)	PUNCT
ajfa-1871	217	31	np	np	PRON
ajfa-1871	217	32	var	var	NOUN
ajfa-1871	217	33	-0.004	-0.004	PUNCT
ajfa-1871	217	34	(	(	PUNCT
ajfa-1871	217	35	0.945	0.945	NUM
ajfa-1871	217	36	)	)	PUNCT
ajfa-1871	217	37	-0.185	-0.185	NOUN
ajfa-1871	217	38	*	*	PUNCT
ajfa-1871	217	39	*	*	PUNCT
ajfa-1871	217	40	*	*	PUNCT
ajfa-1871	217	41	(	(	PUNCT
ajfa-1871	217	42	0.000	0.000	NUM
ajfa-1871	217	43	)	)	PUNCT
ajfa-1871	217	44	fcf	fcf	NOUN
ajfa-1871	217	45	var	var	NOUN
ajfa-1871	217	46	0.004	0.004	NUM
ajfa-1871	217	47	(	(	PUNCT
ajfa-1871	217	48	0.946	0.946	NUM
ajfa-1871	217	49	)	)	PUNCT
ajfa-1871	217	50	-0.357	-0.357	NOUN
ajfa-1871	217	51	*	*	PUNCT
ajfa-1871	217	52	*	*	PUNCT
ajfa-1871	217	53	*	*	PUNCT
ajfa-1871	217	54	(	(	PUNCT
ajfa-1871	217	55	0.000	0.000	NUM
ajfa-1871	217	56	)	)	PUNCT
ajfa-1871	217	57	0.740	0.740	NUM
ajfa-1871	217	58	*	*	PUNCT
ajfa-1871	217	59	*	*	PUNCT
ajfa-1871	217	60	*	*	PUNCT
ajfa-1871	217	61	(	(	PUNCT
ajfa-1871	217	62	0.000	0.000	NUM
ajfa-1871	217	63	)	)	PUNCT
ajfa-1871	217	64	divpout	divpout	NOUN
ajfa-1871	217	65	-0.021	-0.021	NOUN
ajfa-1871	217	66	(	(	PUNCT
ajfa-1871	217	67	0.708	0.708	NUM
ajfa-1871	217	68	)	)	PUNCT
ajfa-1871	217	69	-0.087	-0.087	PUNCT
ajfa-1871	218	1	(	(	PUNCT
ajfa-1871	218	2	0.116	0.116	NUM
ajfa-1871	218	3	)	)	PUNCT
ajfa-1871	218	4	0.003	0.003	NUM
ajfa-1871	218	5	(	(	PUNCT
ajfa-1871	218	6	0.957	0.957	NUM
ajfa-1871	218	7	)	)	PUNCT
ajfa-1871	218	8	-0.031	-0.031	NOUN
ajfa-1871	218	9	(	(	PUNCT
ajfa-1871	218	10	0.5790	0.5790	NUM
ajfa-1871	218	11	q	q	NOUN
ajfa-1871	218	12	0.064	0.064	NUM
ajfa-1871	218	13	(	(	PUNCT
ajfa-1871	218	14	0.248	0.248	NUM
ajfa-1871	218	15	)	)	PUNCT
ajfa-1871	218	16	-0.390	-0.390	NOUN
ajfa-1871	219	1	*	*	PUNCT
ajfa-1871	219	2	*	*	PUNCT
ajfa-1871	219	3	*	*	PUNCT
ajfa-1871	219	4	(	(	PUNCT
ajfa-1871	219	5	0.000	0.000	NUM
ajfa-1871	219	6	)	)	PUNCT
ajfa-1871	219	7	0.271	0.271	NUM
ajfa-1871	219	8	*	*	PUNCT
ajfa-1871	219	9	*	*	PUNCT
ajfa-1871	219	10	*	*	PUNCT
ajfa-1871	219	11	(	(	PUNCT
ajfa-1871	219	12	0.000	0.000	NUM
ajfa-1871	219	13	)	)	PUNCT
ajfa-1871	219	14	-0.071	-0.071	PUNCT
ajfa-1871	219	15	(	(	PUNCT
ajfa-1871	219	16	0.199	0.199	NUM
ajfa-1871	219	17	)	)	PUNCT
ajfa-1871	219	18	industrials	industrial	NOUN
ajfa-1871	219	19	(	(	PUNCT
ajfa-1871	219	20	ind	ind	NOUN
ajfa-1871	219	21	)	)	PUNCT
ajfa-1871	219	22	-0.019	-0.019	PUNCT
ajfa-1871	219	23	(	(	PUNCT
ajfa-1871	219	24	0.719	0.719	NUM
ajfa-1871	219	25	)	)	PUNCT
ajfa-1871	219	26	0.066	0.066	NUM
ajfa-1871	219	27	(	(	PUNCT
ajfa-1871	219	28	0.229	0.229	NUM
ajfa-1871	219	29	)	)	PUNCT
ajfa-1871	219	30	-0.026	-0.026	PUNCT
ajfa-1871	219	31	(	(	PUNCT
ajfa-1871	219	32	0.637	0.637	NUM
ajfa-1871	219	33	)	)	PUNCT
ajfa-1871	219	34	-0.063	-0.063	PUNCT
ajfa-1871	219	35	(	(	PUNCT
ajfa-1871	219	36	0.250	0.250	NUM
ajfa-1871	219	37	)	)	PUNCT
ajfa-1871	219	38	-0.075	-0.075	PUNCT
ajfa-1871	219	39	(	(	PUNCT
ajfa-1871	219	40	0.172	0.172	NUM
ajfa-1871	219	41	)	)	PUNCT
ajfa-1871	219	42	-0.034	-0.034	PUNCT
ajfa-1871	219	43	(	(	PUNCT
ajfa-1871	219	44	0.543	0.543	NUM
ajfa-1871	219	45	)	)	PUNCT
ajfa-1871	219	46	health	health	NOUN
ajfa-1871	219	47	care	care	NOUN
ajfa-1871	219	48	(	(	PUNCT
ajfa-1871	219	49	hc	hc	NOUN
ajfa-1871	219	50	)	)	PUNCT
ajfa-1871	219	51	-0.016	-0.016	X
ajfa-1871	219	52	(	(	PUNCT
ajfa-1871	219	53	0.773	0.773	NUM
ajfa-1871	219	54	)	)	PUNCT
ajfa-1871	219	55	0.059	0.059	NUM
ajfa-1871	219	56	(	(	PUNCT
ajfa-1871	219	57	0.285	0.285	NUM
ajfa-1871	219	58	)	)	PUNCT
ajfa-1871	219	59	-0.019	-0.019	PUNCT
ajfa-1871	219	60	(	(	PUNCT
ajfa-1871	219	61	0.722	0.722	NUM
ajfa-1871	219	62	)	)	PUNCT
ajfa-1871	219	63	-0.047	-0.047	NOUN
ajfa-1871	219	64	(	(	PUNCT
ajfa-1871	219	65	0.392	0.392	NUM
ajfa-1871	219	66	)	)	PUNCT
ajfa-1871	219	67	-0.079	-0.079	PUNCT
ajfa-1871	219	68	(	(	PUNCT
ajfa-1871	219	69	0.152	0.152	NUM
ajfa-1871	219	70	)	)	PUNCT
ajfa-1871	219	71	0.237	0.237	NUM
ajfa-1871	219	72	*	*	PUNCT
ajfa-1871	219	73	*	*	PUNCT
ajfa-1871	219	74	*	*	PUNCT
ajfa-1871	219	75	(	(	PUNCT
ajfa-1871	219	76	0.000	0.000	NUM
ajfa-1871	219	77	)	)	PUNCT
ajfa-1871	219	78	-0.097†	-0.097†	PROPN
ajfa-1871	219	79	(	(	PUNCT
ajfa-1871	219	80	0.076	0.076	NUM
ajfa-1871	219	81	)	)	PUNCT
ajfa-1871	219	82	consumer	consumer	NOUN
ajfa-1871	219	83	services	service	NOUN
ajfa-1871	219	84	(	(	PUNCT
ajfa-1871	219	85	cs	cs	PROPN
ajfa-1871	219	86	)	)	PUNCT
ajfa-1871	219	87	-0.012	-0.012	PROPN
ajfa-1871	219	88	(	(	PUNCT
ajfa-1871	219	89	0.825	0.825	NUM
ajfa-1871	219	90	)	)	PUNCT
ajfa-1871	219	91	0.042	0.042	NUM
ajfa-1871	219	92	(	(	PUNCT
ajfa-1871	219	93	0.442	0.442	NUM
ajfa-1871	219	94	)	)	PUNCT
ajfa-1871	219	95	-0.019	-0.019	PUNCT
ajfa-1871	219	96	(	(	PUNCT
ajfa-1871	219	97	0.733	0.733	NUM
ajfa-1871	219	98	)	)	PUNCT
ajfa-1871	219	99	-0.045	-0.045	PUNCT
ajfa-1871	219	100	(	(	PUNCT
ajfa-1871	219	101	0.418	0.418	NUM
ajfa-1871	219	102	)	)	PUNCT
ajfa-1871	219	103	-0.080	-0.080	PUNCT
ajfa-1871	219	104	(	(	PUNCT
ajfa-1871	219	105	0.145	0.145	NUM
ajfa-1871	219	106	)	)	PUNCT
ajfa-1871	219	107	0.043	0.043	NUM
ajfa-1871	219	108	(	(	PUNCT
ajfa-1871	219	109	0.438	0.438	NUM
ajfa-1871	219	110	)	)	PUNCT
ajfa-1871	219	111	-0.099†	-0.099†	PROPN
ajfa-1871	219	112	(	(	PUNCT
ajfa-1871	219	113	0.070	0.070	NUM
ajfa-1871	219	114	)	)	PUNCT
ajfa-1871	219	115	-0.079	-0.079	PUNCT
ajfa-1871	219	116	(	(	PUNCT
ajfa-1871	219	117	0.148	0.148	NUM
ajfa-1871	219	118	)	)	PUNCT
ajfa-1871	219	119	technology	technology	NOUN
ajfa-1871	219	120	(	(	PUNCT
ajfa-1871	219	121	tech	tech	NOUN
ajfa-1871	219	122	)	)	PUNCT
ajfa-1871	219	123	-0.016	-0.016	X
ajfa-1871	219	124	(	(	PUNCT
ajfa-1871	219	125	0.770	0.770	NUM
ajfa-1871	219	126	)	)	PUNCT
ajfa-1871	219	127	0.009	0.009	NUM
ajfa-1871	219	128	(	(	PUNCT
ajfa-1871	219	129	0.860	0.860	NUM
ajfa-1871	219	130	)	)	PUNCT
ajfa-1871	219	131	-0.021	-0.021	NOUN
ajfa-1871	219	132	(	(	PUNCT
ajfa-1871	219	133	0.708	0.708	NUM
ajfa-1871	219	134	)	)	PUNCT
ajfa-1871	219	135	-0.046	-0.046	NUM
ajfa-1871	219	136	(	(	PUNCT
ajfa-1871	219	137	0.401	0.401	NUM
ajfa-1871	219	138	)	)	PUNCT
ajfa-1871	219	139	-0.091†	-0.091†	NOUN
ajfa-1871	219	140	(	(	PUNCT
ajfa-1871	219	141	0.098	0.098	NUM
ajfa-1871	219	142	)	)	PUNCT
ajfa-1871	219	143	0.118	0.118	NUM
ajfa-1871	220	1	*	*	PUNCT
ajfa-1871	220	2	*	*	PUNCT
ajfa-1871	220	3	(	(	PUNCT
ajfa-1871	220	4	0.32	0.32	NUM
ajfa-1871	220	5	)	)	PUNCT
ajfa-1871	220	6	-0.102†	-0.102†	X
ajfa-1871	220	7	(	(	PUNCT
ajfa-1871	220	8	0.064	0.064	NUM
ajfa-1871	220	9	)	)	PUNCT
ajfa-1871	220	10	-0.081	-0.081	NOUN
ajfa-1871	220	11	(	(	PUNCT
ajfa-1871	220	12	0.139	0.139	NUM
ajfa-1871	220	13	)	)	PUNCT
ajfa-1871	220	14	-0.083	-0.083	PUNCT
ajfa-1871	220	15	(	(	PUNCT
ajfa-1871	220	16	0.130	0.130	NUM
ajfa-1871	220	17	)	)	PUNCT
ajfa-1871	220	18	financials	financial	NOUN
ajfa-1871	220	19	(	(	PUNCT
ajfa-1871	220	20	fina	fina	PROPN
ajfa-1871	220	21	)	)	PUNCT
ajfa-1871	220	22	-0.019	-0.019	PUNCT
ajfa-1871	220	23	(	(	PUNCT
ajfa-1871	220	24	0.718	0.718	NUM
ajfa-1871	220	25	)	)	PUNCT
ajfa-1871	220	26	0.296	0.296	NUM
ajfa-1871	220	27	*	*	PUNCT
ajfa-1871	221	1	*	*	PUNCT
ajfa-1871	221	2	*	*	PUNCT
ajfa-1871	221	3	(	(	PUNCT
ajfa-1871	221	4	0.000	0.000	NUM
ajfa-1871	221	5	)	)	PUNCT
ajfa-1871	221	6	-0.026	-0.026	X
ajfa-1871	221	7	(	(	PUNCT
ajfa-1871	221	8	0.639	0.639	NUM
ajfa-1871	221	9	-0.070	-0.070	NUM
ajfa-1871	221	10	(	(	PUNCT
ajfa-1871	221	11	0.201	0.201	NUM
ajfa-1871	221	12	)	)	PUNCT
ajfa-1871	221	13	0.041	0.041	NUM
ajfa-1871	221	14	(	(	PUNCT
ajfa-1871	221	15	0.458	0.458	NUM
ajfa-1871	221	16	)	)	PUNCT
ajfa-1871	221	17	-0.252	-0.252	NOUN
ajfa-1871	222	1	*	*	PUNCT
ajfa-1871	223	1	*	*	PUNCT
ajfa-1871	223	2	*	*	PUNCT
ajfa-1871	223	3	(	(	PUNCT
ajfa-1871	223	4	0.000	0.000	NUM
ajfa-1871	223	5	)	)	PUNCT
ajfa-1871	223	6	-0.122	-0.122	NOUN
ajfa-1871	224	1	*	*	PUNCT
ajfa-1871	224	2	*	*	PUNCT
ajfa-1871	224	3	(	(	PUNCT
ajfa-1871	224	4	0.027	0.027	NUM
ajfa-1871	224	5	)	)	PUNCT
ajfa-1871	224	6	-0.097†	-0.097†	PUNCT
ajfa-1871	224	7	(	(	PUNCT
ajfa-1871	224	8	0.077	0.077	NUM
ajfa-1871	224	9	)	)	PUNCT
ajfa-1871	224	10	-0.099†	-0.099†	PROPN
ajfa-1871	224	11	(	(	PUNCT
ajfa-1871	224	12	0.070	0.070	NUM
ajfa-1871	224	13	)	)	PUNCT
ajfa-1871	224	14	-0.102†	-0.102†	PUNCT
ajfa-1871	224	15	(	(	PUNCT
ajfa-1871	224	16	0.064	0.064	NUM
ajfa-1871	224	17	)	)	PUNCT
ajfa-1871	224	18	consumer	consumer	NOUN
ajfa-1871	224	19	goods	good	NOUN
ajfa-1871	224	20	(	(	PUNCT
ajfa-1871	224	21	cg	cg	NOUN
ajfa-1871	224	22	)	)	PUNCT
ajfa-1871	224	23	-0.017	-0.017	X
ajfa-1871	224	24	(	(	PUNCT
ajfa-1871	224	25	0.753	0.753	NUM
ajfa-1871	224	26	)	)	PUNCT
ajfa-1871	224	27	0.008	0.008	NUM
ajfa-1871	224	28	(	(	PUNCT
ajfa-1871	224	29	0.880	0.880	NUM
ajfa-1871	224	30	)	)	PUNCT
ajfa-1871	224	31	-0.021	-0.021	NOUN
ajfa-1871	224	32	(	(	PUNCT
ajfa-1871	224	33	0.701	0.701	NUM
ajfa-1871	224	34	)	)	PUNCT
ajfa-1871	224	35	-0.041	-0.041	PUNCT
ajfa-1871	224	36	(	(	PUNCT
ajfa-1871	224	37	0.447	0.447	NUM
ajfa-1871	224	38	)	)	PUNCT
ajfa-1871	224	39	-0.044	-0.044	PROPN
ajfa-1871	224	40	(	(	PUNCT
ajfa-1871	224	41	0.422	0.422	NUM
ajfa-1871	224	42	)	)	PUNCT
ajfa-1871	224	43	-0.017	-0.017	X
ajfa-1871	224	44	(	(	PUNCT
ajfa-1871	224	45	0.761	0.761	NUM
ajfa-1871	224	46	)	)	PUNCT
ajfa-1871	224	47	-0.106†	-0.106†	NOUN
ajfa-1871	224	48	(	(	PUNCT
ajfa-1871	224	49	0.054	0.054	NUM
ajfa-1871	224	50	)	)	PUNCT
ajfa-1871	224	51	-0.085	-0.085	NOUN
ajfa-1871	224	52	(	(	PUNCT
ajfa-1871	224	53	0.115	0.115	NUM
ajfa-1871	224	54	)	)	PUNCT
ajfa-1871	224	55	-0.087	-0.087	PUNCT
ajfa-1871	224	56	(	(	PUNCT
ajfa-1871	224	57	0.108	0.108	NUM
ajfa-1871	224	58	)	)	PUNCT
ajfa-1871	224	59	-0.089	-0.089	X
ajfa-1871	224	60	(	(	PUNCT
ajfa-1871	224	61	0.108	0.108	NUM
ajfa-1871	224	62	)	)	PUNCT
ajfa-1871	224	63	-0.106†	-0.106†	NOUN
ajfa-1871	224	64	(	(	PUNCT
ajfa-1871	224	65	0.054	0.054	NUM
ajfa-1871	224	66	)	)	PUNCT
ajfa-1871	224	67	oil	oil	NOUN
ajfa-1871	224	68	&	&	CCONJ
ajfa-1871	224	69	gas	gas	NOUN
ajfa-1871	224	70	(	(	PUNCT
ajfa-1871	224	71	o&g	o&g	PROPN
ajfa-1871	224	72	)	)	PUNCT
ajfa-1871	224	73	-0.014	-0.014	NOUN
ajfa-1871	224	74	(	(	PUNCT
ajfa-1871	224	75	0.8010	0.8010	NUM
ajfa-1871	224	76	0.121	0.121	NUM
ajfa-1871	224	77	*	*	PUNCT
ajfa-1871	224	78	*	*	PUNCT
ajfa-1871	224	79	(	(	PUNCT
ajfa-1871	224	80	0.028	0.028	NUM
ajfa-1871	224	81	)	)	PUNCT
ajfa-1871	224	82	-0.017	-0.017	X
ajfa-1871	224	83	(	(	PUNCT
ajfa-1871	224	84	0.761	0.761	NUM
ajfa-1871	224	85	)	)	PUNCT
ajfa-1871	224	86	-0.035	-0.035	VERB
ajfa-1871	224	87	(	(	PUNCT
ajfa-1871	224	88	0.523	0.523	NUM
ajfa-1871	224	89	)	)	PUNCT
ajfa-1871	224	90	-0.077	-0.077	PUNCT
ajfa-1871	224	91	(	(	PUNCT
ajfa-1871	224	92	0.163	0.163	NUM
ajfa-1871	224	93	)	)	PUNCT
ajfa-1871	224	94	0.076	0.076	NUM
ajfa-1871	224	95	(	(	PUNCT
ajfa-1871	224	96	0.165	0.165	NUM
ajfa-1871	224	97	-0.086	-0.086	NUM
ajfa-1871	224	98	(	(	PUNCT
ajfa-1871	224	99	0.118	0.118	NUM
ajfa-1871	224	100	)	)	PUNCT
ajfa-1871	224	101	-0.069	-0.069	PUNCT
ajfa-1871	224	102	(	(	PUNCT
ajfa-1871	224	103	0.211	0.211	NUM
ajfa-1871	224	104	)	)	PUNCT
ajfa-1871	224	105	-0.070	-0.070	PUNCT
ajfa-1871	224	106	(	(	PUNCT
ajfa-1871	224	107	0.201	0.201	NUM
ajfa-1871	224	108	)	)	PUNCT
ajfa-1871	224	109	-0.072	-0.072	NOUN
ajfa-1871	224	110	(	(	PUNCT
ajfa-1871	224	111	0.192	0.192	NUM
ajfa-1871	224	112	)	)	PUNCT
ajfa-1871	224	113	-0.086	-0.086	NUM
ajfa-1871	224	114	(	(	PUNCT
ajfa-1871	224	115	0.118	0.118	NUM
ajfa-1871	224	116	)	)	PUNCT
ajfa-1871	224	117	-0.075	-0.075	PUNCT
ajfa-1871	224	118	(	(	PUNCT
ajfa-1871	224	119	0.174	0.174	NUM
ajfa-1871	224	120	)	)	PUNCT
ajfa-1871	224	121	*	*	PUNCT
ajfa-1871	224	122	*	*	PUNCT
ajfa-1871	224	123	*	*	PUNCT
ajfa-1871	224	124	denote	denote	NOUN
ajfa-1871	224	125	significance	significance	NOUN
ajfa-1871	224	126	at	at	ADP
ajfa-1871	224	127	1	1	NUM
ajfa-1871	224	128	%	%	NOUN
ajfa-1871	224	129	level	level	NOUN
ajfa-1871	224	130	,	,	PUNCT
ajfa-1871	224	131	*	*	PUNCT
ajfa-1871	224	132	*	*	PUNCT
ajfa-1871	224	133	denote	denote	NOUN
ajfa-1871	224	134	significance	significance	NOUN
ajfa-1871	224	135	at	at	ADP
ajfa-1871	224	136	5	5	NUM
ajfa-1871	224	137	%	%	NOUN
ajfa-1871	224	138	level	level	NOUN
ajfa-1871	224	139	and†	and†	NOUN
ajfa-1871	224	140	denote	denote	NOUN
ajfa-1871	224	141	significance	significance	NOUN
ajfa-1871	224	142	at	at	ADP
ajfa-1871	224	143	10	10	NUM
ajfa-1871	224	144	%	%	NOUN
ajfa-1871	224	145	level	level	NOUN
ajfa-1871	224	146	.	.	PUNCT
ajfa-1871	225	1	in	in	ADP
ajfa-1871	225	2	determining	determine	VERB
ajfa-1871	225	3	whether	whether	SCONJ
ajfa-1871	225	4	a	a	DET
ajfa-1871	225	5	ceo	ceo	NOUN
ajfa-1871	225	6	has	have	AUX
ajfa-1871	225	7	potentially	potentially	ADV
ajfa-1871	225	8	attempted	attempt	VERB
ajfa-1871	225	9	to	to	PART
ajfa-1871	225	10	make	make	VERB
ajfa-1871	225	11	their	their	PRON
ajfa-1871	225	12	firm	firm	NOUN
ajfa-1871	225	13	more	more	ADV
ajfa-1871	225	14	attractive	attractive	ADJ
ajfa-1871	225	15	as	as	ADP
ajfa-1871	225	16	a	a	DET
ajfa-1871	225	17	takeover	takeover	NOUN
ajfa-1871	225	18	target	target	NOUN
ajfa-1871	225	19	,	,	PUNCT
ajfa-1871	225	20	we	we	PRON
ajfa-1871	225	21	regress	regress	VERB
ajfa-1871	225	22	three	three	NUM
ajfa-1871	225	23	exogenous	exogenous	ADJ
ajfa-1871	225	24	attractiveness	attractiveness	NOUN
ajfa-1871	225	25	variables	variable	NOUN
ajfa-1871	225	26	(	(	PUNCT
ajfa-1871	225	27	netcash	netcash	NOUN
ajfa-1871	225	28	or	or	CCONJ
ajfa-1871	225	29	%	%	NOUN
ajfa-1871	225	30	equity	equity	NOUN
ajfa-1871	225	31	,	,	PUNCT
ajfa-1871	225	32	attractivenesstotakeover	attractivenesstotakeover	NOUN
ajfa-1871	225	33	)	)	PUNCT
ajfa-1871	225	34	against	against	ADP
ajfa-1871	225	35	the	the	DET
ajfa-1871	225	36	potential	potential	ADJ
ajfa-1871	225	37	payout	payout	NOUN
ajfa-1871	225	38	given	give	VERB
ajfa-1871	225	39	to	to	ADP
ajfa-1871	225	40	a	a	DET
ajfa-1871	225	41	ceo	ceo	NOUN
ajfa-1871	225	42	under	under	ADP
ajfa-1871	225	43	acquisition	acquisition	NOUN
ajfa-1871	225	44	.	.	PUNCT
ajfa-1871	226	1	asian	asian	ADJ
ajfa-1871	226	2	journal	journal	PROPN
ajfa-1871	226	3	of	of	ADP
ajfa-1871	226	4	finance	finance	PROPN
ajfa-1871	226	5	&	&	CCONJ
ajfa-1871	226	6	accounting	accounting	PROPN
ajfa-1871	226	7	issn	issn	PROPN
ajfa-1871	226	8	1946	1946	NUM
ajfa-1871	226	9	-	-	PUNCT
ajfa-1871	226	10	052x	052x	NOUN
ajfa-1871	226	11	2012	2012	NUM
ajfa-1871	226	12	,	,	PUNCT
ajfa-1871	226	13	vol	vol	NOUN
ajfa-1871	226	14	.	.	PROPN
ajfa-1871	226	15	4	4	NUM
ajfa-1871	226	16	,	,	PUNCT
ajfa-1871	226	17	no	no	INTJ
ajfa-1871	226	18	.	.	NOUN
ajfa-1871	226	19	2	2	NUM
ajfa-1871	226	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	226	21	121	121	NUM
ajfa-1871	226	22	table	table	NOUN
ajfa-1871	226	23	4	4	NUM
ajfa-1871	226	24	report	report	NOUN
ajfa-1871	226	25	the	the	DET
ajfa-1871	226	26	results	result	NOUN
ajfa-1871	226	27	of	of	ADP
ajfa-1871	226	28	the	the	DET
ajfa-1871	226	29	regression	regression	NOUN
ajfa-1871	226	30	analysis	analysis	NOUN
ajfa-1871	226	31	between	between	ADP
ajfa-1871	226	32	a	a	DET
ajfa-1871	226	33	firm	firm	NOUN
ajfa-1871	226	34	’s	’s	PART
ajfa-1871	226	35	net	net	ADJ
ajfa-1871	226	36	cash	cash	NOUN
ajfa-1871	226	37	/	/	SYM
ajfa-1871	226	38	total	total	ADJ
ajfa-1871	226	39	assets	asset	NOUN
ajfa-1871	226	40	as	as	ADP
ajfa-1871	226	41	the	the	DET
ajfa-1871	226	42	dependent	dependent	ADJ
ajfa-1871	226	43	variable	variable	NOUN
ajfa-1871	226	44	.	.	PUNCT
ajfa-1871	227	1	table	table	NOUN
ajfa-1871	227	2	4	4	NUM
ajfa-1871	227	3	.	.	PUNCT
ajfa-1871	227	4	net	net	ADJ
ajfa-1871	227	5	cash	cash	NOUN
ajfa-1871	227	6	regression	regression	NOUN
ajfa-1871	227	7	estimate	estimate	VERB
ajfa-1871	227	8	us	we	PRON
ajfa-1871	227	9	bootstrapst	bootstrapst	PROPN
ajfa-1871	227	10	d.	d.	PROPN
ajfa-1871	227	11	errors	errors	PROPN
ajfa-1871	227	12	aus	aus	PROPN
ajfa-1871	227	13	robust	robust	ADJ
ajfa-1871	227	14	std	std	NOUN
ajfa-1871	227	15	.	.	PUNCT
ajfa-1871	228	1	errors	error	NOUN
ajfa-1871	228	2	combined	combine	VERB
ajfa-1871	228	3	bootstrap	bootstrap	NOUN
ajfa-1871	228	4	std	std	NOUN
ajfa-1871	228	5	.	.	PUNCT
ajfa-1871	229	1	errors	error	NOUN
ajfa-1871	229	2	intercept	intercept	VERB
ajfa-1871	229	3	0.201†	0.201†	X
ajfa-1871	229	4	(	(	PUNCT
ajfa-1871	229	5	1.85	1.85	NUM
ajfa-1871	229	6	)	)	PUNCT
ajfa-1871	229	7	0.127	0.127	NUM
ajfa-1871	229	8	0.499	0.499	NUM
ajfa-1871	229	9	*	*	PUNCT
ajfa-1871	229	10	*	*	PUNCT
ajfa-1871	229	11	(	(	PUNCT
ajfa-1871	229	12	2.23	2.23	NUM
ajfa-1871	229	13	)	)	PUNCT
ajfa-1871	229	14	0.223	0.223	NUM
ajfa-1871	229	15	0.433	0.433	NUM
ajfa-1871	229	16	*	*	PUNCT
ajfa-1871	229	17	*	*	PUNCT
ajfa-1871	229	18	*	*	PUNCT
ajfa-1871	229	19	(	(	PUNCT
ajfa-1871	229	20	3.19	3.19	NUM
ajfa-1871	229	21	)	)	PUNCT
ajfa-1871	229	22	0.136	0.136	NUM
ajfa-1871	229	23	payout	payout	ADJ
ajfa-1871	229	24	factor	factor	NOUN
ajfa-1871	229	25	0.001	0.001	NUM
ajfa-1871	229	26	*	*	PUNCT
ajfa-1871	229	27	*	*	PUNCT
ajfa-1871	229	28	*	*	PUNCT
ajfa-1871	229	29	(	(	PUNCT
ajfa-1871	229	30	4.74	4.74	NUM
ajfa-1871	229	31	)	)	PUNCT
ajfa-1871	229	32	0.000	0.000	NUM
ajfa-1871	229	33	0.013†	0.013†	PUNCT
ajfa-1871	230	1	(	(	PUNCT
ajfa-1871	230	2	1.76	1.76	NUM
ajfa-1871	230	3	)	)	PUNCT
ajfa-1871	230	4	0.011	0.011	NUM
ajfa-1871	230	5	0.001	0.001	NUM
ajfa-1871	230	6	*	*	PUNCT
ajfa-1871	230	7	*	*	PUNCT
ajfa-1871	230	8	*	*	PUNCT
ajfa-1871	230	9	(	(	PUNCT
ajfa-1871	230	10	5.83	5.83	NUM
ajfa-1871	230	11	)	)	PUNCT
ajfa-1871	230	12	0.000	0.000	NUM
ajfa-1871	230	13	total	total	ADJ
ajfa-1871	230	14	assets	asset	NOUN
ajfa-1871	230	15	-0.007	-0.007	PUNCT
ajfa-1871	230	16	*	*	PUNCT
ajfa-1871	230	17	*	*	PUNCT
ajfa-1871	230	18	(	(	PUNCT
ajfa-1871	230	19	-2.11	-2.11	NUM
ajfa-1871	230	20	)	)	PUNCT
ajfa-1871	230	21	0.007	0.007	NUM
ajfa-1871	230	22	-0.027	-0.027	PUNCT
ajfa-1871	230	23	*	*	PUNCT
ajfa-1871	230	24	*	*	PUNCT
ajfa-1871	230	25	(	(	PUNCT
ajfa-1871	230	26	-2.07	-2.07	X
ajfa-1871	230	27	)	)	PUNCT
ajfa-1871	230	28	0.013	0.013	NUM
ajfa-1871	230	29	-0.028	-0.028	PROPN
ajfa-1871	230	30	*	*	PUNCT
ajfa-1871	230	31	*	*	PUNCT
ajfa-1871	230	32	*	*	PUNCT
ajfa-1871	230	33	(	(	PUNCT
ajfa-1871	230	34	-3.53	-3.53	NOUN
ajfa-1871	230	35	)	)	PUNCT
ajfa-1871	230	36	0.007	0.007	NUM
ajfa-1871	230	37	npvar	npvar	NOUN
ajfa-1871	230	38	0.036	0.036	NUM
ajfa-1871	230	39	*	*	NOUN
ajfa-1871	230	40	*	*	PUNCT
ajfa-1871	230	41	(	(	PUNCT
ajfa-1871	230	42	2.35	2.35	NUM
ajfa-1871	230	43	)	)	PUNCT
ajfa-1871	230	44	0.101	0.101	NUM
ajfa-1871	230	45	0.009	0.009	NUM
ajfa-1871	230	46	*	*	PUNCT
ajfa-1871	230	47	*	*	PUNCT
ajfa-1871	230	48	(	(	PUNCT
ajfa-1871	230	49	2.96	2.96	NUM
ajfa-1871	230	50	)	)	PUNCT
ajfa-1871	230	51	0.003	0.003	NUM
ajfa-1871	230	52	0.008	0.008	NUM
ajfa-1871	230	53	*	*	PUNCT
ajfa-1871	230	54	*	*	PUNCT
ajfa-1871	230	55	*	*	PUNCT
ajfa-1871	230	56	(	(	PUNCT
ajfa-1871	230	57	4.35	4.35	NUM
ajfa-1871	230	58	)	)	PUNCT
ajfa-1871	230	59	0.002	0.002	NUM
ajfa-1871	230	60	fcfvar	fcfvar	NOUN
ajfa-1871	230	61	-0.253	-0.253	PUNCT
ajfa-1871	230	62	(	(	PUNCT
ajfa-1871	230	63	-0.93	-0.93	X
ajfa-1871	230	64	)	)	PUNCT
ajfa-1871	230	65	0.272	0.272	NUM
ajfa-1871	230	66	-0.038	-0.038	PUNCT
ajfa-1871	230	67	(	(	PUNCT
ajfa-1871	230	68	-0.95	-0.95	NOUN
ajfa-1871	230	69	)	)	PUNCT
ajfa-1871	230	70	0.039	0.039	NUM
ajfa-1871	230	71	-0.018	-0.018	PUNCT
ajfa-1871	230	72	(	(	PUNCT
ajfa-1871	230	73	-0.44	-0.44	NUM
ajfa-1871	230	74	)	)	PUNCT
ajfa-1871	230	75	0.041	0.041	NUM
ajfa-1871	230	76	divpout	divpout	NOUN
ajfa-1871	230	77	-0.005	-0.005	PUNCT
ajfa-1871	230	78	(	(	PUNCT
ajfa-1871	230	79	-1.20	-1.20	NUM
ajfa-1871	230	80	)	)	PUNCT
ajfa-1871	230	81	0.004	0.004	NUM
ajfa-1871	230	82	-0.008	-0.008	NOUN
ajfa-1871	230	83	(	(	PUNCT
ajfa-1871	230	84	-1.39	-1.39	NOUN
ajfa-1871	230	85	)	)	PUNCT
ajfa-1871	230	86	0.005	0.005	NUM
ajfa-1871	230	87	-0.012	-0.012	NOUN
ajfa-1871	230	88	*	*	PUNCT
ajfa-1871	230	89	*	*	PUNCT
ajfa-1871	230	90	(	(	PUNCT
ajfa-1871	230	91	-2.96	-2.96	NOUN
ajfa-1871	230	92	)	)	PUNCT
ajfa-1871	230	93	0.004	0.004	NUM
ajfa-1871	230	94	q	q	NOUN
ajfa-1871	230	95	-0.193	-0.193	NOUN
ajfa-1871	230	96	*	*	PUNCT
ajfa-1871	230	97	*	*	PUNCT
ajfa-1871	230	98	*	*	PUNCT
ajfa-1871	230	99	(	(	PUNCT
ajfa-1871	230	100	-6.77	-6.77	X
ajfa-1871	230	101	)	)	PUNCT
ajfa-1871	230	102	0.029	0.029	NUM
ajfa-1871	230	103	-0.199	-0.199	PROPN
ajfa-1871	230	104	*	*	PUNCT
ajfa-1871	230	105	*	*	PUNCT
ajfa-1871	230	106	*	*	PUNCT
ajfa-1871	230	107	(	(	PUNCT
ajfa-1871	230	108	-3.53	-3.53	NOUN
ajfa-1871	230	109	)	)	PUNCT
ajfa-1871	230	110	0.056	0.056	NUM
ajfa-1871	230	111	-0.047	-0.047	PUNCT
ajfa-1871	230	112	*	*	PUNCT
ajfa-1871	230	113	*	*	PUNCT
ajfa-1871	230	114	*	*	PUNCT
ajfa-1871	230	115	(	(	PUNCT
ajfa-1871	230	116	-3.63	-3.63	NOUN
ajfa-1871	230	117	)	)	PUNCT
ajfa-1871	230	118	0.013	0.013	NUM
ajfa-1871	230	119	interq	interq	NOUN
ajfa-1871	230	120	0.043	0.043	NUM
ajfa-1871	230	121	*	*	PUNCT
ajfa-1871	230	122	*	*	PUNCT
ajfa-1871	230	123	*	*	PUNCT
ajfa-1871	230	124	(	(	PUNCT
ajfa-1871	230	125	9.22	9.22	NUM
ajfa-1871	230	126	)	)	PUNCT
ajfa-1871	230	127	0.005	0.005	NUM
ajfa-1871	230	128	0.042	0.042	NUM
ajfa-1871	230	129	*	*	PUNCT
ajfa-1871	230	130	*	*	PUNCT
ajfa-1871	230	131	*	*	PUNCT
ajfa-1871	230	132	(	(	PUNCT
ajfa-1871	230	133	4.25	4.25	NUM
ajfa-1871	230	134	)	)	PUNCT
ajfa-1871	230	135	0.009	0.009	NUM
ajfa-1871	230	136	0.001	0.001	NUM
ajfa-1871	230	137	*	*	PUNCT
ajfa-1871	230	138	*	*	PUNCT
ajfa-1871	230	139	*	*	PUNCT
ajfa-1871	230	140	(	(	PUNCT
ajfa-1871	230	141	5.79	5.79	NUM
ajfa-1871	230	142	)	)	PUNCT
ajfa-1871	230	143	0.000	0.000	NUM
ajfa-1871	230	144	industrials	industrial	NOUN
ajfa-1871	230	145	0.001	0.001	NUM
ajfa-1871	230	146	(	(	PUNCT
ajfa-1871	230	147	0.02	0.02	NUM
ajfa-1871	230	148	)	)	PUNCT
ajfa-1871	230	149	0.023	0.023	NUM
ajfa-1871	230	150	-0.035	-0.035	X
ajfa-1871	230	151	(	(	PUNCT
ajfa-1871	230	152	-0.76	-0.76	PROPN
ajfa-1871	230	153	)	)	PUNCT
ajfa-1871	230	154	0.046	0.046	NUM
ajfa-1871	230	155	-0.010	-0.010	PUNCT
ajfa-1871	230	156	(	(	PUNCT
ajfa-1871	230	157	-0.38	-0.38	X
ajfa-1871	230	158	)	)	PUNCT
ajfa-1871	230	159	0.026	0.026	NUM
ajfa-1871	230	160	health	health	NOUN
ajfa-1871	230	161	care	care	NOUN
ajfa-1871	230	162	0.006	0.006	NUM
ajfa-1871	230	163	(	(	PUNCT
ajfa-1871	230	164	0.25	0.25	NUM
ajfa-1871	230	165	)	)	PUNCT
ajfa-1871	230	166	0.025	0.025	NUM
ajfa-1871	230	167	0.029	0.029	NUM
ajfa-1871	230	168	(	(	PUNCT
ajfa-1871	230	169	0.35	0.35	NUM
ajfa-1871	230	170	)	)	PUNCT
ajfa-1871	230	171	0.083	0.083	NUM
ajfa-1871	230	172	0.044	0.044	NUM
ajfa-1871	230	173	(	(	PUNCT
ajfa-1871	230	174	1.26	1.26	NUM
ajfa-1871	230	175	)	)	PUNCT
ajfa-1871	230	176	0.035	0.035	NUM
ajfa-1871	230	177	consumer	consumer	NOUN
ajfa-1871	230	178	services	service	NOUN
ajfa-1871	230	179	-0.018	-0.018	PUNCT
ajfa-1871	230	180	(	(	PUNCT
ajfa-1871	230	181	-0.77	-0.77	NOUN
ajfa-1871	230	182	)	)	PUNCT
ajfa-1871	230	183	0.023	0.023	NUM
ajfa-1871	230	184	0.017	0.017	NUM
ajfa-1871	230	185	(	(	PUNCT
ajfa-1871	230	186	0.24	0.24	NUM
ajfa-1871	230	187	)	)	PUNCT
ajfa-1871	230	188	0.072	0.072	NUM
ajfa-1871	230	189	-0.010	-0.010	X
ajfa-1871	230	190	-0.34	-0.34	NOUN
ajfa-1871	230	191	)	)	PUNCT
ajfa-1871	230	192	0.029	0.029	NUM
ajfa-1871	230	193	technology	technology	NOUN
ajfa-1871	230	194	0.124	0.124	NUM
ajfa-1871	230	195	*	*	PUNCT
ajfa-1871	230	196	*	*	PUNCT
ajfa-1871	230	197	*	*	PUNCT
ajfa-1871	230	198	(	(	PUNCT
ajfa-1871	230	199	3.91	3.91	NUM
ajfa-1871	230	200	)	)	PUNCT
ajfa-1871	230	201	0.031	0.031	NUM
ajfa-1871	230	202	-0.032	-0.032	PUNCT
ajfa-1871	230	203	(	(	PUNCT
ajfa-1871	230	204	-0.33	-0.33	ADJ
ajfa-1871	230	205	)	)	PUNCT
ajfa-1871	230	206	0.096	0.096	NUM
ajfa-1871	230	207	0.183	0.183	NUM
ajfa-1871	230	208	*	*	PUNCT
ajfa-1871	230	209	*	*	PUNCT
ajfa-1871	230	210	*	*	PUNCT
ajfa-1871	230	211	(	(	PUNCT
ajfa-1871	230	212	5.00	5.00	NUM
ajfa-1871	230	213	)	)	PUNCT
ajfa-1871	230	214	0.036	0.036	NUM
ajfa-1871	230	215	financials	financial	NOUN
ajfa-1871	230	216	0.055†	0.055†	X
ajfa-1871	230	217	(	(	PUNCT
ajfa-1871	230	218	1.87	1.87	NUM
ajfa-1871	230	219	)	)	PUNCT
ajfa-1871	230	220	0.029	0.029	NUM
ajfa-1871	230	221	-0.002	-0.002	PUNCT
ajfa-1871	230	222	(	(	PUNCT
ajfa-1871	230	223	-0.03	-0.03	NOUN
ajfa-1871	230	224	)	)	PUNCT
ajfa-1871	230	225	0.048	0.048	NUM
ajfa-1871	230	226	0.026	0.026	NUM
ajfa-1871	230	227	(	(	PUNCT
ajfa-1871	230	228	0.89	0.89	NUM
ajfa-1871	230	229	)	)	PUNCT
ajfa-1871	230	230	0.029	0.029	NUM
ajfa-1871	230	231	consumer	consumer	NOUN
ajfa-1871	230	232	goods	good	NOUN
ajfa-1871	230	233	0.043	0.043	NUM
ajfa-1871	230	234	*	*	NOUN
ajfa-1871	230	235	*	*	PUNCT
ajfa-1871	230	236	(	(	PUNCT
ajfa-1871	230	237	1.98	1.98	NUM
ajfa-1871	230	238	)	)	PUNCT
ajfa-1871	230	239	0.022	0.022	NUM
ajfa-1871	230	240	-0.079	-0.079	PUNCT
ajfa-1871	230	241	(	(	PUNCT
ajfa-1871	230	242	-1.08	-1.08	ADJ
ajfa-1871	230	243	)	)	PUNCT
ajfa-1871	230	244	0.073	0.073	NUM
ajfa-1871	230	245	-0.015	-0.015	PROPN
ajfa-1871	230	246	(	(	PUNCT
ajfa-1871	230	247	-0.45	-0.45	NOUN
ajfa-1871	230	248	)	)	PUNCT
ajfa-1871	230	249	0.034	0.034	NUM
ajfa-1871	230	250	oil	oil	NOUN
ajfa-1871	230	251	&	&	CCONJ
ajfa-1871	230	252	gas	gas	NOUN
ajfa-1871	230	253	-0.016	-0.016	PUNCT
ajfa-1871	230	254	(	(	PUNCT
ajfa-1871	230	255	-0.75	-0.75	NUM
ajfa-1871	230	256	)	)	PUNCT
ajfa-1871	230	257	0.021	0.021	NUM
ajfa-1871	230	258	0.064	0.064	NUM
ajfa-1871	230	259	(	(	PUNCT
ajfa-1871	230	260	0.65	0.65	NUM
ajfa-1871	230	261	)	)	PUNCT
ajfa-1871	230	262	0.098	0.098	NUM
ajfa-1871	230	263	0.054	0.054	NUM
ajfa-1871	230	264	(	(	PUNCT
ajfa-1871	230	265	1.37	1.37	NUM
ajfa-1871	230	266	)	)	PUNCT
ajfa-1871	230	267	0.039	0.039	NUM
ajfa-1871	230	268	r2	r2	PROPN
ajfa-1871	230	269	(	(	PUNCT
ajfa-1871	230	270	adj	adj	PROPN
ajfa-1871	230	271	.	.	PUNCT
ajfa-1871	230	272	r2	r2	PROPN
ajfa-1871	230	273	)	)	PUNCT
ajfa-1871	230	274	0.54	0.54	NUM
ajfa-1871	230	275	(	(	PUNCT
ajfa-1871	230	276	0.51	0.51	NUM
ajfa-1871	230	277	)	)	PUNCT
ajfa-1871	230	278	)	)	PUNCT
ajfa-1871	230	279	0.53	0.53	NUM
ajfa-1871	230	280	(	(	PUNCT
ajfa-1871	230	281	0.45	0.45	NUM
ajfa-1871	230	282	)	)	PUNCT
ajfa-1871	230	283	0.35	0.35	NUM
ajfa-1871	230	284	(	(	PUNCT
ajfa-1871	230	285	0.32	0.32	NUM
ajfa-1871	230	286	)	)	PUNCT
ajfa-1871	230	287	wald	wald	NOUN
ajfa-1871	230	288	χ2	χ2	PROPN
ajfa-1871	230	289	(	(	PUNCT
ajfa-1871	230	290	14	14	NUM
ajfa-1871	230	291	)	)	PUNCT
ajfa-1871	230	292	250.31	250.31	NUM
ajfa-1871	230	293	*	*	PUNCT
ajfa-1871	230	294	*	*	PUNCT
ajfa-1871	230	295	*	*	PUNCT
ajfa-1871	230	296	(	(	PUNCT
ajfa-1871	230	297	0.000	0.000	NUM
ajfa-1871	230	298	)	)	PUNCT
ajfa-1871	230	299	34.93	34.93	NUM
ajfa-1871	230	300	*	*	PUNCT
ajfa-1871	230	301	*	*	PUNCT
ajfa-1871	230	302	(	(	PUNCT
ajfa-1871	230	303	0.001	0.001	NUM
ajfa-1871	230	304	)	)	PUNCT
ajfa-1871	230	305	127.45	127.45	NUM
ajfa-1871	230	306	*	*	PUNCT
ajfa-1871	230	307	*	*	PUNCT
ajfa-1871	230	308	*	*	PUNCT
ajfa-1871	230	309	(	(	PUNCT
ajfa-1871	230	310	0.000	0.000	NUM
ajfa-1871	230	311	)	)	PUNCT
ajfa-1871	230	312	sample	sample	NOUN
ajfa-1871	230	313	size	size	NOUN
ajfa-1871	230	314	232	232	NUM
ajfa-1871	230	315	100	100	NUM
ajfa-1871	230	316	332	332	NUM
ajfa-1871	230	317	†	†	NOUN
ajfa-1871	230	318	,	,	PUNCT
ajfa-1871	230	319	*	*	PUNCT
ajfa-1871	230	320	*	*	PUNCT
ajfa-1871	230	321	,	,	PUNCT
ajfa-1871	230	322	*	*	PUNCT
ajfa-1871	230	323	*	*	PUNCT
ajfa-1871	230	324	*	*	PUNCT
ajfa-1871	230	325	denote	denote	NOUN
ajfa-1871	230	326	significance	significance	NOUN
ajfa-1871	230	327	at	at	ADP
ajfa-1871	230	328	10	10	NUM
ajfa-1871	230	329	%	%	NOUN
ajfa-1871	230	330	,	,	PUNCT
ajfa-1871	230	331	5	5	NUM
ajfa-1871	230	332	%	%	NOUN
ajfa-1871	230	333	and	and	CCONJ
ajfa-1871	230	334	1	1	NUM
ajfa-1871	230	335	%	%	NOUN
ajfa-1871	230	336	respectively	respectively	ADV
ajfa-1871	230	337	asian	asian	ADJ
ajfa-1871	230	338	journal	journal	NOUN
ajfa-1871	230	339	of	of	ADP
ajfa-1871	230	340	finance	finance	PROPN
ajfa-1871	230	341	&	&	CCONJ
ajfa-1871	230	342	accounting	accounting	PROPN
ajfa-1871	230	343	issn	issn	PROPN
ajfa-1871	230	344	1946	1946	NUM
ajfa-1871	230	345	-	-	PUNCT
ajfa-1871	230	346	052x	052x	NOUN
ajfa-1871	230	347	2012	2012	NUM
ajfa-1871	230	348	,	,	PUNCT
ajfa-1871	230	349	vol	vol	NOUN
ajfa-1871	230	350	.	.	PROPN
ajfa-1871	230	351	4	4	NUM
ajfa-1871	230	352	,	,	PUNCT
ajfa-1871	230	353	no	no	INTJ
ajfa-1871	230	354	.	.	NOUN
ajfa-1871	230	355	2	2	NUM
ajfa-1871	230	356	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	230	357	122	122	NUM
ajfa-1871	230	358	the	the	DET
ajfa-1871	230	359	regression	regression	NOUN
ajfa-1871	230	360	estimates	estimate	NOUN
ajfa-1871	230	361	for	for	ADP
ajfa-1871	230	362	the	the	DET
ajfa-1871	230	363	us	us	PROPN
ajfa-1871	230	364	is	be	AUX
ajfa-1871	230	365	provided	provide	VERB
ajfa-1871	230	366	in	in	ADP
ajfa-1871	230	367	column	column	NOUN
ajfa-1871	230	368	2	2	NUM
ajfa-1871	230	369	,	,	PUNCT
ajfa-1871	230	370	australia	australia	NOUN
ajfa-1871	230	371	in	in	ADP
ajfa-1871	230	372	column	column	NOUN
ajfa-1871	230	373	3	3	NUM
ajfa-1871	230	374	and	and	CCONJ
ajfa-1871	230	375	combined	combined	ADJ
ajfa-1871	230	376	data	datum	NOUN
ajfa-1871	230	377	in	in	ADP
ajfa-1871	230	378	column	column	NOUN
ajfa-1871	230	379	4	4	NUM
ajfa-1871	230	380	in	in	ADP
ajfa-1871	230	381	table	table	NOUN
ajfa-1871	230	382	4	4	NUM
ajfa-1871	230	383	.	.	PUNCT
ajfa-1871	230	384	results	result	NOUN
ajfa-1871	230	385	show	show	VERB
ajfa-1871	230	386	that	that	SCONJ
ajfa-1871	230	387	a	a	DET
ajfa-1871	230	388	ceo	ceo	NOUN
ajfa-1871	230	389	’s	’s	PART
ajfa-1871	230	390	payout	payout	NOUN
ajfa-1871	230	391	(	(	PUNCT
ajfa-1871	230	392	payoutfactor	payoutfactor	NOUN
ajfa-1871	230	393	)	)	PUNCT
ajfa-1871	230	394	is	be	AUX
ajfa-1871	230	395	statistically	statistically	ADV
ajfa-1871	230	396	significant	significant	ADJ
ajfa-1871	230	397	at	at	ADP
ajfa-1871	230	398	1	1	NUM
ajfa-1871	230	399	%	%	NOUN
ajfa-1871	230	400	level	level	NOUN
ajfa-1871	230	401	,	,	PUNCT
ajfa-1871	230	402	thus	thus	ADV
ajfa-1871	230	403	indicate	indicate	VERB
ajfa-1871	230	404	that	that	DET
ajfa-1871	230	405	existence	existence	NOUN
ajfa-1871	230	406	of	of	ADP
ajfa-1871	230	407	golden	golden	ADJ
ajfa-1871	230	408	parachutes	parachute	NOUN
ajfa-1871	230	409	increases	increase	VERB
ajfa-1871	230	410	the	the	DET
ajfa-1871	230	411	level	level	NOUN
ajfa-1871	230	412	of	of	ADP
ajfa-1871	230	413	net	net	ADJ
ajfa-1871	230	414	cash	cash	NOUN
ajfa-1871	230	415	balance	balance	NOUN
ajfa-1871	230	416	in	in	ADP
ajfa-1871	230	417	firms	firm	NOUN
ajfa-1871	230	418	.	.	PUNCT
ajfa-1871	231	1	there	there	PRON
ajfa-1871	231	2	are	be	VERB
ajfa-1871	231	3	a	a	DET
ajfa-1871	231	4	number	number	NOUN
ajfa-1871	231	5	of	of	ADP
ajfa-1871	231	6	plausible	plausible	ADJ
ajfa-1871	231	7	reasons	reason	NOUN
ajfa-1871	231	8	for	for	ADP
ajfa-1871	231	9	this	this	DET
ajfa-1871	231	10	outcome	outcome	NOUN
ajfa-1871	231	11	.	.	PUNCT
ajfa-1871	232	1	first	first	ADV
ajfa-1871	232	2	,	,	PUNCT
ajfa-1871	232	3	ceos	ceo	NOUN
ajfa-1871	232	4	are	be	AUX
ajfa-1871	232	5	attracted	attract	VERB
ajfa-1871	232	6	to	to	ADP
ajfa-1871	232	7	extremely	extremely	ADV
ajfa-1871	232	8	large	large	ADJ
ajfa-1871	232	9	payouts	payout	NOUN
ajfa-1871	232	10	under	under	ADP
ajfa-1871	232	11	a	a	DET
ajfa-1871	232	12	change	change	NOUN
ajfa-1871	232	13	in	in	ADP
ajfa-1871	232	14	control	control	NOUN
ajfa-1871	232	15	payments	payment	NOUN
ajfa-1871	232	16	and	and	CCONJ
ajfa-1871	232	17	therefore	therefore	ADV
ajfa-1871	232	18	alter	alter	VERB
ajfa-1871	232	19	their	their	PRON
ajfa-1871	232	20	firm	firm	NOUN
ajfa-1871	232	21	’s	’s	PART
ajfa-1871	232	22	cash	cash	NOUN
ajfa-1871	232	23	balances	balance	NOUN
ajfa-1871	232	24	in	in	ADP
ajfa-1871	232	25	order	order	NOUN
ajfa-1871	232	26	to	to	PART
ajfa-1871	232	27	entice	entice	VERB
ajfa-1871	232	28	a	a	DET
ajfa-1871	232	29	potential	potential	ADJ
ajfa-1871	232	30	acquirer	acquirer	NOUN
ajfa-1871	232	31	.	.	PUNCT
ajfa-1871	233	1	a	a	DET
ajfa-1871	233	2	higher	high	ADJ
ajfa-1871	233	3	cash	cash	NOUN
ajfa-1871	233	4	balance	balance	NOUN
ajfa-1871	233	5	helps	help	VERB
ajfa-1871	233	6	to	to	PART
ajfa-1871	233	7	offset	offset	VERB
ajfa-1871	233	8	the	the	DET
ajfa-1871	233	9	costs	cost	NOUN
ajfa-1871	233	10	of	of	ADP
ajfa-1871	233	11	acquisition	acquisition	NOUN
ajfa-1871	233	12	,	,	PUNCT
ajfa-1871	233	13	thus	thus	ADV
ajfa-1871	233	14	increasing	increase	VERB
ajfa-1871	233	15	the	the	DET
ajfa-1871	233	16	likelihood	likelihood	NOUN
ajfa-1871	233	17	of	of	ADP
ajfa-1871	233	18	a	a	DET
ajfa-1871	233	19	takeover	takeover	NOUN
ajfa-1871	233	20	and	and	CCONJ
ajfa-1871	233	21	likelihood	likelihood	NOUN
ajfa-1871	233	22	of	of	ADP
ajfa-1871	233	23	a	a	DET
ajfa-1871	233	24	ceo	ceo	NOUN
ajfa-1871	233	25	getting	getting	AUX
ajfa-1871	233	26	paid	pay	VERB
ajfa-1871	233	27	out	out	ADP
ajfa-1871	233	28	.	.	PUNCT
ajfa-1871	234	1	this	this	DET
ajfa-1871	234	2	explanation	explanation	NOUN
ajfa-1871	234	3	is	be	AUX
ajfa-1871	234	4	consistent	consistent	ADJ
ajfa-1871	234	5	with	with	ADP
ajfa-1871	234	6	view	view	NOUN
ajfa-1871	234	7	provided	provide	VERB
ajfa-1871	234	8	by	by	ADP
ajfa-1871	234	9	jensen	jensen	PROPN
ajfa-1871	234	10	(	(	PUNCT
ajfa-1871	234	11	1986	1986	NUM
ajfa-1871	234	12	)	)	PUNCT
ajfa-1871	234	13	that	that	SCONJ
ajfa-1871	234	14	managers	manager	NOUN
ajfa-1871	234	15	are	be	AUX
ajfa-1871	234	16	predominantly	predominantly	ADV
ajfa-1871	234	17	self	self	NOUN
ajfa-1871	234	18	-	-	PUNCT
ajfa-1871	234	19	seekers	seeker	NOUN
ajfa-1871	234	20	or	or	CCONJ
ajfa-1871	234	21	it	it	PRON
ajfa-1871	234	22	is	be	AUX
ajfa-1871	234	23	a	a	DET
ajfa-1871	234	24	reward	reward	NOUN
ajfa-1871	234	25	for	for	ADP
ajfa-1871	234	26	social	social	ADJ
ajfa-1871	234	27	status	status	NOUN
ajfa-1871	234	28	(	(	PUNCT
ajfa-1871	234	29	domhoff	domhoff	NOUN
ajfa-1871	234	30	,	,	PUNCT
ajfa-1871	234	31	1978	1978	NUM
ajfa-1871	234	32	;	;	PUNCT
ajfa-1871	234	33	ratcliff	ratcliff	PROPN
ajfa-1871	234	34	,	,	PUNCT
ajfa-1871	234	35	1980	1980	NUM
ajfa-1871	234	36	)	)	PUNCT
ajfa-1871	234	37	.	.	PUNCT
ajfa-1871	235	1	second	second	ADJ
ajfa-1871	235	2	view	view	NOUN
ajfa-1871	235	3	is	be	AUX
ajfa-1871	235	4	that	that	SCONJ
ajfa-1871	235	5	firms	firm	NOUN
ajfa-1871	235	6	with	with	ADP
ajfa-1871	235	7	greater	great	ADJ
ajfa-1871	235	8	cash	cash	NOUN
ajfa-1871	235	9	balances	balance	NOUN
ajfa-1871	235	10	are	be	AUX
ajfa-1871	235	11	more	more	ADV
ajfa-1871	235	12	likely	likely	ADJ
ajfa-1871	235	13	to	to	PART
ajfa-1871	235	14	offer	offer	VERB
ajfa-1871	235	15	large	large	ADJ
ajfa-1871	235	16	change	change	NOUN
ajfa-1871	235	17	in	in	ADP
ajfa-1871	235	18	control	control	NOUN
ajfa-1871	235	19	payouts	payout	NOUN
ajfa-1871	235	20	because	because	SCONJ
ajfa-1871	235	21	they	they	PRON
ajfa-1871	235	22	have	have	VERB
ajfa-1871	235	23	the	the	DET
ajfa-1871	235	24	cash	cash	NOUN
ajfa-1871	235	25	balances	balance	NOUN
ajfa-1871	235	26	to	to	PART
ajfa-1871	235	27	do	do	VERB
ajfa-1871	235	28	so	so	ADV
ajfa-1871	235	29	.	.	PUNCT
ajfa-1871	236	1	this	this	DET
ajfa-1871	236	2	explanation	explanation	NOUN
ajfa-1871	236	3	supports	support	VERB
ajfa-1871	236	4	the	the	DET
ajfa-1871	236	5	view	view	NOUN
ajfa-1871	236	6	that	that	SCONJ
ajfa-1871	236	7	change	change	NOUN
ajfa-1871	236	8	in	in	ADP
ajfa-1871	236	9	control	control	NOUN
ajfa-1871	236	10	payment	payment	NOUN
ajfa-1871	236	11	may	may	AUX
ajfa-1871	236	12	exists	exist	VERB
ajfa-1871	236	13	to	to	PART
ajfa-1871	236	14	gain	gain	VERB
ajfa-1871	236	15	access	access	NOUN
ajfa-1871	236	16	to	to	ADP
ajfa-1871	236	17	executive	executive	ADJ
ajfa-1871	236	18	talent	talent	NOUN
ajfa-1871	236	19	(	(	PUNCT
ajfa-1871	236	20	morrison	morrison	PROPN
ajfa-1871	236	21	,	,	PUNCT
ajfa-1871	236	22	1982	1982	NUM
ajfa-1871	236	23	;	;	PUNCT
ajfa-1871	236	24	maurer	maurer	NOUN
ajfa-1871	236	25	,	,	PUNCT
ajfa-1871	236	26	1984	1984	NUM
ajfa-1871	236	27	)	)	PUNCT
ajfa-1871	236	28	.	.	PUNCT
ajfa-1871	237	1	third	third	ADJ
ajfa-1871	237	2	view	view	NOUN
ajfa-1871	237	3	is	be	AUX
ajfa-1871	237	4	that	that	SCONJ
ajfa-1871	237	5	firms	firm	NOUN
ajfa-1871	237	6	tend	tend	VERB
ajfa-1871	237	7	to	to	PART
ajfa-1871	237	8	hold	hold	VERB
ajfa-1871	237	9	larger	large	ADJ
ajfa-1871	237	10	cash	cash	NOUN
ajfa-1871	237	11	balances	balance	NOUN
ajfa-1871	237	12	to	to	PART
ajfa-1871	237	13	offset	offset	VERB
ajfa-1871	237	14	their	their	PRON
ajfa-1871	237	15	own	own	ADJ
ajfa-1871	237	16	internal	internal	ADJ
ajfa-1871	237	17	risks	risk	NOUN
ajfa-1871	237	18	due	due	ADJ
ajfa-1871	237	19	to	to	ADP
ajfa-1871	237	20	volatile	volatile	ADJ
ajfa-1871	237	21	cash	cash	NOUN
ajfa-1871	237	22	flows	flow	NOUN
ajfa-1871	237	23	(	(	PUNCT
ajfa-1871	237	24	miller	miller	PROPN
ajfa-1871	237	25	and	and	CCONJ
ajfa-1871	237	26	orr	orr	PROPN
ajfa-1871	237	27	,	,	PUNCT
ajfa-1871	237	28	1966	1966	NUM
ajfa-1871	237	29	;	;	PUNCT
ajfa-1871	237	30	karni	karni	PROPN
ajfa-1871	237	31	,	,	PUNCT
ajfa-1871	237	32	1973	1973	NUM
ajfa-1871	237	33	)	)	PUNCT
ajfa-1871	237	34	.	.	PUNCT
ajfa-1871	238	1	having	have	VERB
ajfa-1871	238	2	large	large	ADJ
ajfa-1871	238	3	change	change	NOUN
ajfa-1871	238	4	in	in	ADP
ajfa-1871	238	5	control	control	NOUN
ajfa-1871	238	6	agreements	agreement	NOUN
ajfa-1871	238	7	in	in	ADP
ajfa-1871	238	8	place	place	NOUN
ajfa-1871	238	9	for	for	ADP
ajfa-1871	238	10	executives	executive	NOUN
ajfa-1871	238	11	would	would	AUX
ajfa-1871	238	12	most	most	ADV
ajfa-1871	238	13	likely	likely	ADV
ajfa-1871	238	14	worsen	worsen	VERB
ajfa-1871	238	15	the	the	DET
ajfa-1871	238	16	cash	cash	NOUN
ajfa-1871	238	17	flow	flow	NOUN
ajfa-1871	238	18	volatility	volatility	NOUN
ajfa-1871	238	19	as	as	SCONJ
ajfa-1871	238	20	the	the	DET
ajfa-1871	238	21	firm	firm	NOUN
ajfa-1871	238	22	would	would	AUX
ajfa-1871	238	23	be	be	AUX
ajfa-1871	238	24	required	require	VERB
ajfa-1871	238	25	to	to	PART
ajfa-1871	238	26	payout	payout	VERB
ajfa-1871	238	27	significant	significant	ADJ
ajfa-1871	238	28	amount	amount	NOUN
ajfa-1871	238	29	of	of	ADP
ajfa-1871	238	30	cash	cash	NOUN
ajfa-1871	238	31	if	if	SCONJ
ajfa-1871	238	32	ceos	ceos	NOUN
ajfa-1871	238	33	employment	employment	NOUN
ajfa-1871	238	34	is	be	AUX
ajfa-1871	238	35	terminated	terminate	VERB
ajfa-1871	238	36	.	.	PUNCT
ajfa-1871	239	1	this	this	DET
ajfa-1871	239	2	view	view	NOUN
ajfa-1871	239	3	is	be	AUX
ajfa-1871	239	4	supported	support	VERB
ajfa-1871	239	5	by	by	ADP
ajfa-1871	239	6	our	our	PRON
ajfa-1871	239	7	results	result	NOUN
ajfa-1871	239	8	where	where	SCONJ
ajfa-1871	239	9	the	the	DET
ajfa-1871	239	10	coefficient	coefficient	NOUN
ajfa-1871	239	11	of	of	ADP
ajfa-1871	239	12	the	the	DET
ajfa-1871	239	13	earnings	earning	NOUN
ajfa-1871	239	14	volatility	volatility	NOUN
ajfa-1871	239	15	(	(	PUNCT
ajfa-1871	239	16	npvar	npvar	NOUN
ajfa-1871	239	17	)	)	PUNCT
ajfa-1871	239	18	is	be	AUX
ajfa-1871	239	19	positive	positive	ADJ
ajfa-1871	239	20	and	and	CCONJ
ajfa-1871	239	21	statistically	statistically	ADV
ajfa-1871	239	22	significant	significant	ADJ
ajfa-1871	239	23	at	at	ADP
ajfa-1871	239	24	the	the	DET
ajfa-1871	239	25	5	5	NUM
ajfa-1871	239	26	%	%	NOUN
ajfa-1871	239	27	and	and	CCONJ
ajfa-1871	239	28	1	1	NUM
ajfa-1871	239	29	%	%	NOUN
ajfa-1871	239	30	level	level	NOUN
ajfa-1871	239	31	,	,	PUNCT
ajfa-1871	239	32	respectively	respectively	ADV
ajfa-1871	239	33	.	.	PUNCT
ajfa-1871	240	1	this	this	PRON
ajfa-1871	240	2	indicates	indicate	VERB
ajfa-1871	240	3	that	that	SCONJ
ajfa-1871	240	4	high	high	ADJ
ajfa-1871	240	5	earnings	earning	NOUN
ajfa-1871	240	6	volatility	volatility	NOUN
ajfa-1871	240	7	leads	lead	VERB
ajfa-1871	240	8	to	to	ADP
ajfa-1871	240	9	higher	high	ADJ
ajfa-1871	240	10	net	net	ADJ
ajfa-1871	240	11	cash	cash	NOUN
ajfa-1871	240	12	balances	balance	NOUN
ajfa-1871	240	13	.	.	PUNCT
ajfa-1871	241	1	the	the	DET
ajfa-1871	241	2	firm	firm	ADJ
ajfa-1871	241	3	performance	performance	NOUN
ajfa-1871	241	4	measure	measure	NOUN
ajfa-1871	241	5	tobin	tobin	PROPN
ajfa-1871	241	6	’s	’s	PART
ajfa-1871	241	7	q	q	PROPN
ajfa-1871	241	8	has	have	VERB
ajfa-1871	241	9	a	a	DET
ajfa-1871	241	10	negative	negative	ADJ
ajfa-1871	241	11	coefficient	coefficient	NOUN
ajfa-1871	241	12	and	and	CCONJ
ajfa-1871	241	13	is	be	AUX
ajfa-1871	241	14	statistically	statistically	ADV
ajfa-1871	241	15	significant	significant	ADJ
ajfa-1871	241	16	at	at	ADP
ajfa-1871	241	17	1	1	NUM
ajfa-1871	241	18	per	per	NOUN
ajfa-1871	241	19	cent	cent	NOUN
ajfa-1871	241	20	level	level	NOUN
ajfa-1871	241	21	.	.	PUNCT
ajfa-1871	242	1	this	this	PRON
ajfa-1871	242	2	shows	show	VERB
ajfa-1871	242	3	that	that	SCONJ
ajfa-1871	242	4	tobin	tobin	PROPN
ajfa-1871	242	5	’s	’s	PART
ajfa-1871	242	6	q	q	PROPN
ajfa-1871	242	7	has	have	VERB
ajfa-1871	242	8	a	a	DET
ajfa-1871	242	9	negative	negative	ADJ
ajfa-1871	242	10	effect	effect	NOUN
ajfa-1871	242	11	on	on	ADP
ajfa-1871	242	12	the	the	DET
ajfa-1871	242	13	net	net	ADJ
ajfa-1871	242	14	cash	cash	NOUN
ajfa-1871	242	15	balances	balance	NOUN
ajfa-1871	242	16	.	.	PUNCT
ajfa-1871	243	1	firms	firm	NOUN
ajfa-1871	243	2	may	may	AUX
ajfa-1871	243	3	have	have	AUX
ajfa-1871	243	4	invested	invest	VERB
ajfa-1871	243	5	more	more	ADJ
ajfa-1871	243	6	resources	resource	NOUN
ajfa-1871	243	7	to	to	PART
ajfa-1871	243	8	increase	increase	VERB
ajfa-1871	243	9	value	value	NOUN
ajfa-1871	243	10	which	which	PRON
ajfa-1871	243	11	may	may	AUX
ajfa-1871	243	12	have	have	AUX
ajfa-1871	243	13	required	require	VERB
ajfa-1871	243	14	using	use	VERB
ajfa-1871	243	15	cash	cash	NOUN
ajfa-1871	243	16	.	.	PUNCT
ajfa-1871	244	1	however	however	ADV
ajfa-1871	244	2	,	,	PUNCT
ajfa-1871	244	3	the	the	DET
ajfa-1871	244	4	coefficient	coefficient	NOUN
ajfa-1871	244	5	of	of	ADP
ajfa-1871	244	6	the	the	DET
ajfa-1871	244	7	interq	interq	PROPN
ajfa-1871	244	8	(	(	PUNCT
ajfa-1871	244	9	interaction	interaction	NOUN
ajfa-1871	244	10	between	between	ADP
ajfa-1871	244	11	payoutfactor	payoutfactor	NOUN
ajfa-1871	244	12	and	and	CCONJ
ajfa-1871	244	13	tobin	tobin	PROPN
ajfa-1871	244	14	’s	’s	PART
ajfa-1871	244	15	q	q	X
ajfa-1871	244	16	)	)	PUNCT
ajfa-1871	244	17	is	be	AUX
ajfa-1871	244	18	positive	positive	ADJ
ajfa-1871	244	19	and	and	CCONJ
ajfa-1871	244	20	statistically	statistically	ADV
ajfa-1871	244	21	significant	significant	ADJ
ajfa-1871	244	22	at	at	ADP
ajfa-1871	244	23	1	1	NUM
ajfa-1871	244	24	per	per	ADP
ajfa-1871	244	25	cent	cent	NOUN
ajfa-1871	244	26	and	and	CCONJ
ajfa-1871	244	27	10	10	NUM
ajfa-1871	244	28	per	per	ADP
ajfa-1871	244	29	cent	cent	NOUN
ajfa-1871	244	30	,	,	PUNCT
ajfa-1871	244	31	respectively	respectively	ADV
ajfa-1871	244	32	.	.	PUNCT
ajfa-1871	245	1	the	the	DET
ajfa-1871	245	2	results	result	NOUN
ajfa-1871	245	3	for	for	ADP
ajfa-1871	245	4	interq	interq	PROPN
ajfa-1871	245	5	indicate	indicate	VERB
ajfa-1871	245	6	that	that	SCONJ
ajfa-1871	245	7	as	as	ADP
ajfa-1871	245	8	value	value	NOUN
ajfa-1871	245	9	of	of	ADP
ajfa-1871	245	10	the	the	DET
ajfa-1871	245	11	firm	firm	ADJ
ajfa-1871	245	12	increases	increase	NOUN
ajfa-1871	245	13	,	,	PUNCT
ajfa-1871	245	14	the	the	DET
ajfa-1871	245	15	ceos	ceos	NOUN
ajfa-1871	245	16	expected	expect	VERB
ajfa-1871	245	17	payout	payout	NOUN
ajfa-1871	245	18	also	also	ADV
ajfa-1871	245	19	increases	increase	VERB
ajfa-1871	245	20	.	.	PUNCT
ajfa-1871	246	1	results	result	NOUN
ajfa-1871	246	2	for	for	ADP
ajfa-1871	246	3	the	the	DET
ajfa-1871	246	4	industry	industry	NOUN
ajfa-1871	246	5	dummy	dummy	ADJ
ajfa-1871	246	6	variables	variable	NOUN
ajfa-1871	246	7	are	be	AUX
ajfa-1871	246	8	interesting	interesting	ADJ
ajfa-1871	246	9	to	to	PART
ajfa-1871	246	10	note	note	VERB
ajfa-1871	246	11	.	.	PUNCT
ajfa-1871	247	1	result	result	VERB
ajfa-1871	247	2	for	for	SCONJ
ajfa-1871	247	3	the	the	DET
ajfa-1871	247	4	us	us	PROPN
ajfa-1871	247	5	show	show	VERB
ajfa-1871	247	6	that	that	SCONJ
ajfa-1871	247	7	technology	technology	NOUN
ajfa-1871	247	8	,	,	PUNCT
ajfa-1871	247	9	financials	financial	NOUN
ajfa-1871	247	10	and	and	CCONJ
ajfa-1871	247	11	consumer	consumer	NOUN
ajfa-1871	247	12	goods	good	NOUN
ajfa-1871	247	13	sectors	sector	NOUN
ajfa-1871	247	14	have	have	VERB
ajfa-1871	247	15	positive	positive	ADJ
ajfa-1871	247	16	coefficients	coefficient	NOUN
ajfa-1871	247	17	and	and	CCONJ
ajfa-1871	247	18	are	be	AUX
ajfa-1871	247	19	statistically	statistically	ADV
ajfa-1871	247	20	significant	significant	ADJ
ajfa-1871	247	21	at	at	ADP
ajfa-1871	247	22	1	1	NUM
ajfa-1871	247	23	per	per	ADP
ajfa-1871	247	24	cent	cent	NOUN
ajfa-1871	247	25	,	,	PUNCT
ajfa-1871	247	26	5	5	NUM
ajfa-1871	247	27	per	per	ADP
ajfa-1871	247	28	cent	cent	NOUN
ajfa-1871	247	29	and	and	CCONJ
ajfa-1871	247	30	10	10	NUM
ajfa-1871	247	31	per	per	ADP
ajfa-1871	247	32	cent	cent	NOUN
ajfa-1871	247	33	.	.	PUNCT
ajfa-1871	248	1	this	this	PRON
ajfa-1871	248	2	suggests	suggest	VERB
ajfa-1871	248	3	that	that	SCONJ
ajfa-1871	248	4	firms	firm	NOUN
ajfa-1871	248	5	in	in	ADP
ajfa-1871	248	6	these	these	DET
ajfa-1871	248	7	industries	industry	NOUN
ajfa-1871	248	8	hold	hold	VERB
ajfa-1871	248	9	more	more	ADJ
ajfa-1871	248	10	cash	cash	NOUN
ajfa-1871	248	11	compared	compare	VERB
ajfa-1871	248	12	to	to	ADP
ajfa-1871	248	13	other	other	ADJ
ajfa-1871	248	14	industries	industry	NOUN
ajfa-1871	248	15	.	.	PUNCT
ajfa-1871	249	1	a	a	DET
ajfa-1871	249	2	plausible	plausible	ADJ
ajfa-1871	249	3	reason	reason	NOUN
ajfa-1871	249	4	could	could	AUX
ajfa-1871	249	5	be	be	AUX
ajfa-1871	249	6	that	that	SCONJ
ajfa-1871	249	7	these	these	DET
ajfa-1871	249	8	industries	industry	NOUN
ajfa-1871	249	9	have	have	VERB
ajfa-1871	249	10	long	long	ADJ
ajfa-1871	249	11	lag	lag	NOUN
ajfa-1871	249	12	time	time	NOUN
ajfa-1871	249	13	between	between	ADP
ajfa-1871	249	14	research	research	NOUN
ajfa-1871	249	15	and	and	CCONJ
ajfa-1871	249	16	payouts	payout	NOUN
ajfa-1871	249	17	which	which	PRON
ajfa-1871	249	18	may	may	AUX
ajfa-1871	249	19	require	require	VERB
ajfa-1871	249	20	them	they	PRON
ajfa-1871	249	21	to	to	PART
ajfa-1871	249	22	hold	hold	VERB
ajfa-1871	249	23	a	a	DET
ajfa-1871	249	24	greater	great	ADJ
ajfa-1871	249	25	amount	amount	NOUN
ajfa-1871	249	26	of	of	ADP
ajfa-1871	249	27	cash	cash	NOUN
ajfa-1871	249	28	than	than	ADP
ajfa-1871	249	29	similar	similar	ADJ
ajfa-1871	249	30	sized	sized	ADJ
ajfa-1871	249	31	firms	firm	NOUN
ajfa-1871	249	32	in	in	ADP
ajfa-1871	249	33	other	other	ADJ
ajfa-1871	249	34	industries	industry	NOUN
ajfa-1871	249	35	.	.	PUNCT
ajfa-1871	250	1	in	in	ADP
ajfa-1871	250	2	investigating	investigate	VERB
ajfa-1871	250	3	which	which	PRON
ajfa-1871	250	4	of	of	ADP
ajfa-1871	250	5	the	the	DET
ajfa-1871	250	6	three	three	NUM
ajfa-1871	250	7	explanations	explanation	NOUN
ajfa-1871	250	8	stated	state	VERB
ajfa-1871	250	9	above	above	ADV
ajfa-1871	250	10	holds	hold	VERB
ajfa-1871	250	11	the	the	DET
ajfa-1871	250	12	greatest	great	ADJ
ajfa-1871	250	13	weight	weight	NOUN
ajfa-1871	250	14	,	,	PUNCT
ajfa-1871	250	15	we	we	PRON
ajfa-1871	250	16	examine	examine	VERB
ajfa-1871	250	17	the	the	DET
ajfa-1871	250	18	firm	firm	NOUN
ajfa-1871	250	19	’s	’s	PART
ajfa-1871	250	20	capital	capital	NOUN
ajfa-1871	250	21	structure	structure	NOUN
ajfa-1871	250	22	as	as	ADP
ajfa-1871	250	23	the	the	DET
ajfa-1871	250	24	second	second	ADJ
ajfa-1871	250	25	attractiveness	attractiveness	NOUN
ajfa-1871	250	26	variable	variable	NOUN
ajfa-1871	250	27	,	,	PUNCT
ajfa-1871	250	28	that	that	ADV
ajfa-1871	250	29	is	is	ADV
ajfa-1871	250	30	,	,	PUNCT
ajfa-1871	250	31	how	how	SCONJ
ajfa-1871	250	32	much	much	ADJ
ajfa-1871	250	33	of	of	ADP
ajfa-1871	250	34	the	the	DET
ajfa-1871	250	35	firm	firm	NOUN
ajfa-1871	250	36	’s	’s	PART
ajfa-1871	250	37	assets	asset	NOUN
ajfa-1871	250	38	are	be	AUX
ajfa-1871	250	39	owned	own	VERB
ajfa-1871	250	40	by	by	ADP
ajfa-1871	250	41	firm	firm	NOUN
ajfa-1871	250	42	’s	’s	PART
ajfa-1871	250	43	equityholders	equityholder	NOUN
ajfa-1871	250	44	.	.	PUNCT
ajfa-1871	251	1	a	a	DET
ajfa-1871	251	2	firm	firm	NOUN
ajfa-1871	251	3	with	with	ADP
ajfa-1871	251	4	more	more	ADJ
ajfa-1871	251	5	equity	equity	NOUN
ajfa-1871	251	6	is	be	AUX
ajfa-1871	251	7	considered	consider	VERB
ajfa-1871	251	8	more	more	ADV
ajfa-1871	251	9	attractive	attractive	ADJ
ajfa-1871	251	10	as	as	ADP
ajfa-1871	251	11	a	a	DET
ajfa-1871	251	12	takeover	takeover	NOUN
ajfa-1871	251	13	target	target	NOUN
ajfa-1871	251	14	as	as	SCONJ
ajfa-1871	251	15	the	the	DET
ajfa-1871	251	16	acquiring	acquire	VERB
ajfa-1871	251	17	firm	firm	NOUN
ajfa-1871	251	18	can	can	AUX
ajfa-1871	251	19	increase	increase	VERB
ajfa-1871	251	20	the	the	DET
ajfa-1871	251	21	amount	amount	NOUN
ajfa-1871	251	22	of	of	ADP
ajfa-1871	251	23	debt	debt	NOUN
ajfa-1871	251	24	in	in	ADP
ajfa-1871	251	25	a	a	DET
ajfa-1871	251	26	firm	firm	NOUN
ajfa-1871	251	27	in	in	ADP
ajfa-1871	251	28	order	order	NOUN
ajfa-1871	251	29	to	to	PART
ajfa-1871	251	30	raise	raise	VERB
ajfa-1871	251	31	cash	cash	NOUN
ajfa-1871	251	32	after	after	ADP
ajfa-1871	251	33	the	the	DET
ajfa-1871	251	34	costly	costly	ADJ
ajfa-1871	251	35	acquisition	acquisition	NOUN
ajfa-1871	251	36	process	process	NOUN
ajfa-1871	251	37	.	.	PUNCT
ajfa-1871	252	1	asian	asian	ADJ
ajfa-1871	252	2	journal	journal	PROPN
ajfa-1871	252	3	of	of	ADP
ajfa-1871	252	4	finance	finance	PROPN
ajfa-1871	252	5	&	&	CCONJ
ajfa-1871	252	6	accounting	accounting	PROPN
ajfa-1871	252	7	issn	issn	PROPN
ajfa-1871	252	8	1946	1946	NUM
ajfa-1871	252	9	-	-	PUNCT
ajfa-1871	252	10	052x	052x	NOUN
ajfa-1871	252	11	2012	2012	NUM
ajfa-1871	252	12	,	,	PUNCT
ajfa-1871	252	13	vol	vol	NOUN
ajfa-1871	252	14	.	.	PROPN
ajfa-1871	252	15	4	4	NUM
ajfa-1871	252	16	,	,	PUNCT
ajfa-1871	252	17	no	no	INTJ
ajfa-1871	252	18	.	.	NOUN
ajfa-1871	252	19	2	2	NUM
ajfa-1871	252	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	252	21	123	123	NUM
ajfa-1871	252	22	table	table	NOUN
ajfa-1871	252	23	5	5	NUM
ajfa-1871	252	24	.	.	PUNCT
ajfa-1871	252	25	equity	equity	NOUN
ajfa-1871	252	26	percentage	percentage	NOUN
ajfa-1871	252	27	regression	regression	NOUN
ajfa-1871	252	28	estimate	estimate	VERB
ajfa-1871	252	29	u.s	u.s	PROPN
ajfa-1871	252	30	bootstrap	bootstrap	PROPN
ajfa-1871	252	31	std	std	PROPN
ajfa-1871	252	32	.	.	PUNCT
ajfa-1871	253	1	errors	errors	PROPN
ajfa-1871	253	2	aus	aus	PROPN
ajfa-1871	253	3	bootstrap	bootstrap	PROPN
ajfa-1871	253	4	std	std	PROPN
ajfa-1871	253	5	.	.	PUNCT
ajfa-1871	254	1	errors	error	NOUN
ajfa-1871	254	2	combined	combine	VERB
ajfa-1871	254	3	bootstrap	bootstrap	NOUN
ajfa-1871	254	4	std	std	NOUN
ajfa-1871	254	5	.	.	PUNCT
ajfa-1871	255	1	errors	error	NOUN
ajfa-1871	255	2	intercept	intercept	VERB
ajfa-1871	255	3	1.037	1.037	NUM
ajfa-1871	255	4	*	*	PUNCT
ajfa-1871	255	5	*	*	PUNCT
ajfa-1871	255	6	*	*	PUNCT
ajfa-1871	255	7	(	(	PUNCT
ajfa-1871	255	8	7.76	7.76	NUM
ajfa-1871	255	9	)	)	PUNCT
ajfa-1871	255	10	0.134	0.134	NUM
ajfa-1871	255	11	1.140	1.140	NUM
ajfa-1871	255	12	*	*	PUNCT
ajfa-1871	255	13	*	*	PUNCT
ajfa-1871	255	14	*	*	PUNCT
ajfa-1871	255	15	(	(	PUNCT
ajfa-1871	255	16	5.82	5.82	NUM
ajfa-1871	255	17	)	)	PUNCT
ajfa-1871	255	18	0.177	0.177	NUM
ajfa-1871	255	19	1.27	1.27	NUM
ajfa-1871	255	20	*	*	PUNCT
ajfa-1871	255	21	*	*	PUNCT
ajfa-1871	255	22	*	*	PUNCT
ajfa-1871	255	23	(	(	PUNCT
ajfa-1871	255	24	10.62	10.62	NUM
ajfa-1871	255	25	)	)	PUNCT
ajfa-1871	255	26	0.120	0.120	NUM
ajfa-1871	255	27	payout	payout	NOUN
ajfa-1871	255	28	factor	factor	NOUN
ajfa-1871	255	29	-0.001	-0.001	NOUN
ajfa-1871	255	30	*	*	PUNCT
ajfa-1871	255	31	*	*	PUNCT
ajfa-1871	255	32	*	*	PUNCT
ajfa-1871	255	33	(	(	PUNCT
ajfa-1871	255	34	-2.28	-2.28	NOUN
ajfa-1871	255	35	)	)	PUNCT
ajfa-1871	255	36	0.000	0.000	NUM
ajfa-1871	255	37	-0.006	-0.006	X
ajfa-1871	255	38	*	*	PUNCT
ajfa-1871	255	39	*	*	PUNCT
ajfa-1871	255	40	*	*	PUNCT
ajfa-1871	255	41	(	(	PUNCT
ajfa-1871	255	42	-3.36	-3.36	NOUN
ajfa-1871	255	43	)	)	PUNCT
ajfa-1871	255	44	0.014	0.014	NUM
ajfa-1871	255	45	-0.011	-0.011	NOUN
ajfa-1871	255	46	*	*	PUNCT
ajfa-1871	255	47	*	*	PUNCT
ajfa-1871	255	48	*	*	PUNCT
ajfa-1871	255	49	(	(	PUNCT
ajfa-1871	255	50	-8.01	-8.01	ADP
ajfa-1871	255	51	)	)	PUNCT
ajfa-1871	255	52	0.000	0.000	NUM
ajfa-1871	255	53	total	total	ADJ
ajfa-1871	255	54	assets	asset	NOUN
ajfa-1871	255	55	-0.037	-0.037	PUNCT
ajfa-1871	255	56	*	*	PUNCT
ajfa-1871	255	57	*	*	PUNCT
ajfa-1871	255	58	*	*	PUNCT
ajfa-1871	255	59	(	(	PUNCT
ajfa-1871	255	60	-4.80	-4.80	NOUN
ajfa-1871	255	61	*	*	NOUN
ajfa-1871	255	62	0.008	0.008	NUM
ajfa-1871	255	63	-0.035	-0.035	NOUN
ajfa-1871	255	64	*	*	PUNCT
ajfa-1871	255	65	*	*	PUNCT
ajfa-1871	255	66	(	(	PUNCT
ajfa-1871	255	67	-2.62	-2.62	NOUN
ajfa-1871	255	68	)	)	PUNCT
ajfa-1871	255	69	0.013	0.013	NUM
ajfa-1871	255	70	-0.058	-0.058	PUNCT
ajfa-1871	255	71	*	*	PUNCT
ajfa-1871	255	72	*	*	PUNCT
ajfa-1871	255	73	*	*	PUNCT
ajfa-1871	255	74	(	(	PUNCT
ajfa-1871	255	75	-8.04	-8.04	NOUN
ajfa-1871	255	76	)	)	PUNCT
ajfa-1871	255	77	0.007	0.007	NUM
ajfa-1871	255	78	npvar	npvar	NOUN
ajfa-1871	255	79	-0.219	-0.219	PROPN
ajfa-1871	255	80	*	*	PUNCT
ajfa-1871	255	81	*	*	PUNCT
ajfa-1871	255	82	(	(	PUNCT
ajfa-1871	255	83	-2.05	-2.05	NUM
ajfa-1871	255	84	)	)	PUNCT
ajfa-1871	255	85	0.107	0.107	NUM
ajfa-1871	255	86	-0.001	-0.001	PUNCT
ajfa-1871	255	87	(	(	PUNCT
ajfa-1871	255	88	-0.32	-0.32	VERB
ajfa-1871	255	89	)	)	PUNCT
ajfa-1871	255	90	0.002	0.002	NUM
ajfa-1871	255	91	0.001	0.001	NUM
ajfa-1871	255	92	(	(	PUNCT
ajfa-1871	255	93	0.47	0.47	NUM
ajfa-1871	255	94	)	)	PUNCT
ajfa-1871	255	95	0.003	0.003	NUM
ajfa-1871	255	96	fcfvar	fcfvar	NOUN
ajfa-1871	255	97	-0.599†	-0.599†	PUNCT
ajfa-1871	255	98	(	(	PUNCT
ajfa-1871	255	99	-1.89	-1.89	NOUN
ajfa-1871	255	100	)	)	PUNCT
ajfa-1871	255	101	0.317	0.317	NUM
ajfa-1871	255	102	0.000	0.000	NUM
ajfa-1871	255	103	(	(	PUNCT
ajfa-1871	255	104	0.01	0.01	NUM
ajfa-1871	255	105	)	)	PUNCT
ajfa-1871	255	106	0.041	0.041	NUM
ajfa-1871	255	107	-0.024	-0.024	PUNCT
ajfa-1871	255	108	(	(	PUNCT
ajfa-1871	255	109	-0.49	-0.49	NOUN
ajfa-1871	255	110	)	)	PUNCT
ajfa-1871	255	111	0.049	0.049	NUM
ajfa-1871	255	112	divpout	divpout	NOUN
ajfa-1871	255	113	0.003	0.003	NUM
ajfa-1871	255	114	(	(	PUNCT
ajfa-1871	255	115	0.69	0.69	NUM
ajfa-1871	255	116	)	)	PUNCT
ajfa-1871	255	117	0.004	0.004	NUM
ajfa-1871	255	118	0.017	0.017	NUM
ajfa-1871	255	119	(	(	PUNCT
ajfa-1871	255	120	1.51	1.51	NUM
ajfa-1871	255	121	)	)	PUNCT
ajfa-1871	255	122	0.013	0.013	NUM
ajfa-1871	255	123	0.006	0.006	NUM
ajfa-1871	255	124	(	(	PUNCT
ajfa-1871	255	125	0.68	0.68	NUM
ajfa-1871	255	126	)	)	PUNCT
ajfa-1871	255	127	0.009	0.009	NUM
ajfa-1871	255	128	q	q	NOUN
ajfa-1871	256	1	-0.289	-0.289	NOUN
ajfa-1871	256	2	*	*	PUNCT
ajfa-1871	256	3	*	*	PUNCT
ajfa-1871	256	4	*	*	PUNCT
ajfa-1871	256	5	(	(	PUNCT
ajfa-1871	256	6	-9.29	-9.29	X
ajfa-1871	256	7	)	)	PUNCT
ajfa-1871	256	8	0.031	0.031	NUM
ajfa-1871	256	9	-0.575	-0.575	NUM
ajfa-1871	256	10	*	*	PUNCT
ajfa-1871	256	11	*	*	PUNCT
ajfa-1871	256	12	*	*	PUNCT
ajfa-1871	256	13	(	(	PUNCT
ajfa-1871	256	14	-5.80	-5.80	NOUN
ajfa-1871	256	15	)	)	PUNCT
ajfa-1871	256	16	0.099	0.099	NUM
ajfa-1871	256	17	0.017	0.017	NUM
ajfa-1871	256	18	(	(	PUNCT
ajfa-1871	256	19	0.92	0.92	NUM
ajfa-1871	256	20	)	)	PUNCT
ajfa-1871	256	21	0.019	0.019	NUM
ajfa-1871	256	22	interq	interq	VERB
ajfa-1871	256	23	0.061	0.061	NUM
ajfa-1871	256	24	*	*	PUNCT
ajfa-1871	256	25	*	*	PUNCT
ajfa-1871	256	26	*	*	PUNCT
ajfa-1871	256	27	(	(	PUNCT
ajfa-1871	256	28	12.87	12.87	NUM
ajfa-1871	256	29	)	)	PUNCT
ajfa-1871	256	30	0.005	0.005	NUM
ajfa-1871	256	31	0.098	0.098	NUM
ajfa-1871	256	32	*	*	PUNCT
ajfa-1871	256	33	*	*	PUNCT
ajfa-1871	256	34	*	*	PUNCT
ajfa-1871	256	35	(	(	PUNCT
ajfa-1871	256	36	6.67	6.67	NUM
ajfa-1871	256	37	)	)	PUNCT
ajfa-1871	256	38	0.014	0.014	NUM
ajfa-1871	256	39	-0.003	-0.003	PUNCT
ajfa-1871	256	40	(	(	PUNCT
ajfa-1871	256	41	-0.09	-0.09	NUM
ajfa-1871	256	42	)	)	PUNCT
ajfa-1871	256	43	0.000	0.000	NUM
ajfa-1871	256	44	industrials	industrial	NOUN
ajfa-1871	256	45	0.013	0.013	NUM
ajfa-1871	256	46	(	(	PUNCT
ajfa-1871	256	47	0.58	0.58	NUM
ajfa-1871	256	48	)	)	PUNCT
ajfa-1871	256	49	0.023	0.023	NUM
ajfa-1871	256	50	0.035	0.035	NUM
ajfa-1871	256	51	(	(	PUNCT
ajfa-1871	256	52	0.60	0.60	NUM
ajfa-1871	256	53	)	)	PUNCT
ajfa-1871	256	54	0.058	0.058	NUM
ajfa-1871	256	55	0.011	0.011	NUM
ajfa-1871	256	56	(	(	PUNCT
ajfa-1871	256	57	0.36	0.36	NUM
ajfa-1871	256	58	)	)	PUNCT
ajfa-1871	256	59	0.032	0.032	NUM
ajfa-1871	256	60	health	health	NOUN
ajfa-1871	256	61	care	care	NOUN
ajfa-1871	256	62	0.042	0.042	NUM
ajfa-1871	256	63	(	(	PUNCT
ajfa-1871	256	64	1.18	1.18	NUM
ajfa-1871	256	65	)	)	PUNCT
ajfa-1871	256	66	0.035	0.035	NUM
ajfa-1871	256	67	0.115†	0.115†	PUNCT
ajfa-1871	257	1	(	(	PUNCT
ajfa-1871	257	2	1.75	1.75	NUM
ajfa-1871	257	3	)	)	PUNCT
ajfa-1871	257	4	1.465	1.465	NUM
ajfa-1871	257	5	0.132	0.132	NUM
ajfa-1871	257	6	*	*	SYM
ajfa-1871	257	7	*	*	PUNCT
ajfa-1871	257	8	(	(	PUNCT
ajfa-1871	257	9	2.85	2.85	NUM
ajfa-1871	257	10	)	)	PUNCT
ajfa-1871	257	11	0.046	0.046	NUM
ajfa-1871	257	12	consumer	consumer	NOUN
ajfa-1871	257	13	services	service	NOUN
ajfa-1871	257	14	0.042	0.042	NUM
ajfa-1871	257	15	(	(	PUNCT
ajfa-1871	257	16	1.33	1.33	NUM
ajfa-1871	257	17	)	)	PUNCT
ajfa-1871	257	18	0.031	0.031	NUM
ajfa-1871	257	19	0.004	0.004	NUM
ajfa-1871	257	20	(	(	PUNCT
ajfa-1871	257	21	0.04	0.04	NUM
ajfa-1871	257	22	)	)	PUNCT
ajfa-1871	257	23	0.104	0.104	NUM
ajfa-1871	257	24	-0.017	-0.017	NUM
ajfa-1871	257	25	(	(	PUNCT
ajfa-1871	257	26	-0.30	-0.30	NOUN
ajfa-1871	257	27	)	)	PUNCT
ajfa-1871	257	28	0.058	0.058	NUM
ajfa-1871	257	29	technology	technology	NOUN
ajfa-1871	257	30	0.072	0.072	NUM
ajfa-1871	257	31	*	*	PUNCT
ajfa-1871	257	32	*	*	PUNCT
ajfa-1871	257	33	(	(	PUNCT
ajfa-1871	257	34	1.99	1.99	NUM
ajfa-1871	257	35	)	)	PUNCT
ajfa-1871	257	36	0.036	0.036	NUM
ajfa-1871	257	37	0.009	0.009	NUM
ajfa-1871	257	38	(	(	PUNCT
ajfa-1871	257	39	0.10	0.10	NUM
ajfa-1871	257	40	)	)	PUNCT
ajfa-1871	257	41	0.087	0.087	NUM
ajfa-1871	257	42	0.176	0.176	NUM
ajfa-1871	257	43	*	*	PUNCT
ajfa-1871	257	44	*	*	PUNCT
ajfa-1871	257	45	*	*	PUNCT
ajfa-1871	257	46	(	(	PUNCT
ajfa-1871	257	47	3.64	3.64	NUM
ajfa-1871	257	48	)	)	PUNCT
ajfa-1871	257	49	0.048	0.048	NUM
ajfa-1871	257	50	financials	financial	NOUN
ajfa-1871	257	51	-0.066	-0.066	PROPN
ajfa-1871	257	52	*	*	PUNCT
ajfa-1871	257	53	*	*	PUNCT
ajfa-1871	257	54	(	(	PUNCT
ajfa-1871	257	55	-2.40	-2.40	X
ajfa-1871	257	56	)	)	PUNCT
ajfa-1871	257	57	0.027	0.027	NUM
ajfa-1871	257	58	-0.072	-0.072	NOUN
ajfa-1871	257	59	(	(	PUNCT
ajfa-1871	257	60	-1.39	-1.39	NOUN
ajfa-1871	257	61	)	)	PUNCT
ajfa-1871	257	62	0.052	0.052	NUM
ajfa-1871	257	63	-0.068	-0.068	NOUN
ajfa-1871	257	64	*	*	PUNCT
ajfa-1871	257	65	*	*	PUNCT
ajfa-1871	257	66	(	(	PUNCT
ajfa-1871	257	67	-2.03	-2.03	X
ajfa-1871	257	68	)	)	PUNCT
ajfa-1871	257	69	0.033	0.033	NUM
ajfa-1871	257	70	consumer	consumer	NOUN
ajfa-1871	257	71	goods	good	NOUN
ajfa-1871	257	72	-0.002	-0.002	PUNCT
ajfa-1871	257	73	(	(	PUNCT
ajfa-1871	257	74	-0.05	-0.05	X
ajfa-1871	257	75	)	)	PUNCT
ajfa-1871	257	76	0.029	0.029	NUM
ajfa-1871	257	77	-0.007	-0.007	PUNCT
ajfa-1871	257	78	(	(	PUNCT
ajfa-1871	257	79	-0.09	-0.09	NUM
ajfa-1871	257	80	)	)	PUNCT
ajfa-1871	257	81	0.074	0.074	NUM
ajfa-1871	257	82	-0.058	-0.058	NUM
ajfa-1871	257	83	(	(	PUNCT
ajfa-1871	257	84	-1.62	-1.62	ADJ
ajfa-1871	257	85	)	)	PUNCT
ajfa-1871	257	86	0.037	0.037	NUM
ajfa-1871	257	87	oil	oil	NOUN
ajfa-1871	257	88	&	&	CCONJ
ajfa-1871	257	89	gas	gas	NOUN
ajfa-1871	257	90	0.081	0.081	NUM
ajfa-1871	257	91	*	*	PUNCT
ajfa-1871	257	92	*	*	PUNCT
ajfa-1871	257	93	(	(	PUNCT
ajfa-1871	257	94	2.51	2.51	NUM
ajfa-1871	257	95	)	)	PUNCT
ajfa-1871	257	96	0.032	0.032	NUM
ajfa-1871	257	97	0.105	0.105	NUM
ajfa-1871	257	98	(	(	PUNCT
ajfa-1871	257	99	1.51	1.51	NUM
ajfa-1871	257	100	)	)	PUNCT
ajfa-1871	257	101	0.069	0.069	NUM
ajfa-1871	257	102	0.129	0.129	NUM
ajfa-1871	257	103	*	*	PUNCT
ajfa-1871	257	104	*	*	PUNCT
ajfa-1871	257	105	(	(	PUNCT
ajfa-1871	257	106	2.99	2.99	NUM
ajfa-1871	257	107	)	)	PUNCT
ajfa-1871	257	108	0.043	0.043	NUM
ajfa-1871	257	109	r2	r2	NOUN
ajfa-1871	257	110	(	(	PUNCT
ajfa-1871	257	111	adj	adj	PROPN
ajfa-1871	257	112	.	.	PROPN
ajfa-1871	257	113	r2	r2	PROPN
ajfa-1871	257	114	)	)	PUNCT
ajfa-1871	257	115	0.69	0.69	NUM
ajfa-1871	257	116	(	(	PUNCT
ajfa-1871	257	117	0.67	0.67	NUM
ajfa-1871	257	118	)	)	PUNCT
ajfa-1871	257	119	0.66	0.66	NUM
ajfa-1871	257	120	(	(	PUNCT
ajfa-1871	257	121	0.61	0.61	NUM
ajfa-1871	257	122	)	)	PUNCT
ajfa-1871	257	123	0.34	0.34	NUM
ajfa-1871	257	124	(	(	PUNCT
ajfa-1871	257	125	0.31	0.31	NUM
ajfa-1871	257	126	)	)	PUNCT
ajfa-1871	257	127	wald	wald	NOUN
ajfa-1871	257	128	χ2	χ2	PROPN
ajfa-1871	257	129	(	(	PUNCT
ajfa-1871	257	130	14	14	NUM
ajfa-1871	257	131	)	)	PUNCT
ajfa-1871	257	132	475.03	475.03	NUM
ajfa-1871	257	133	*	*	PUNCT
ajfa-1871	257	134	*	*	PUNCT
ajfa-1871	257	135	*	*	PUNCT
ajfa-1871	257	136	(	(	PUNCT
ajfa-1871	257	137	0.000	0.000	NUM
ajfa-1871	257	138	)	)	PUNCT
ajfa-1871	258	1	177.63	177.63	NUM
ajfa-1871	258	2	*	*	PUNCT
ajfa-1871	258	3	*	*	PUNCT
ajfa-1871	258	4	*	*	PUNCT
ajfa-1871	258	5	(	(	PUNCT
ajfa-1871	258	6	0.000	0.000	NUM
ajfa-1871	258	7	)	)	PUNCT
ajfa-1871	258	8	191.04	191.04	NUM
ajfa-1871	258	9	*	*	PUNCT
ajfa-1871	258	10	*	*	PUNCT
ajfa-1871	258	11	*	*	PUNCT
ajfa-1871	258	12	(	(	PUNCT
ajfa-1871	258	13	0.000	0.000	NUM
ajfa-1871	258	14	)	)	PUNCT
ajfa-1871	258	15	sample	sample	NOUN
ajfa-1871	258	16	size	size	NOUN
ajfa-1871	258	17	232	232	NUM
ajfa-1871	258	18	100	100	NUM
ajfa-1871	258	19	332	332	NUM
ajfa-1871	258	20	†	†	NOUN
ajfa-1871	258	21	,	,	PUNCT
ajfa-1871	258	22	*	*	PUNCT
ajfa-1871	258	23	*	*	PUNCT
ajfa-1871	258	24	,	,	PUNCT
ajfa-1871	258	25	*	*	PUNCT
ajfa-1871	258	26	*	*	PUNCT
ajfa-1871	258	27	*	*	PUNCT
ajfa-1871	258	28	denote	denote	NOUN
ajfa-1871	258	29	significance	significance	NOUN
ajfa-1871	258	30	at	at	ADP
ajfa-1871	258	31	10	10	NUM
ajfa-1871	258	32	%	%	NOUN
ajfa-1871	258	33	,	,	PUNCT
ajfa-1871	258	34	5	5	NUM
ajfa-1871	258	35	%	%	NOUN
ajfa-1871	258	36	and	and	CCONJ
ajfa-1871	258	37	1	1	NUM
ajfa-1871	258	38	%	%	NOUN
ajfa-1871	258	39	respectively	respectively	ADV
ajfa-1871	258	40	asian	asian	ADJ
ajfa-1871	258	41	journal	journal	NOUN
ajfa-1871	258	42	of	of	ADP
ajfa-1871	258	43	finance	finance	PROPN
ajfa-1871	258	44	&	&	CCONJ
ajfa-1871	258	45	accounting	accounting	PROPN
ajfa-1871	258	46	issn	issn	PROPN
ajfa-1871	258	47	1946	1946	NUM
ajfa-1871	258	48	-	-	PUNCT
ajfa-1871	258	49	052x	052x	NOUN
ajfa-1871	258	50	2012	2012	NUM
ajfa-1871	258	51	,	,	PUNCT
ajfa-1871	258	52	vol	vol	NOUN
ajfa-1871	258	53	.	.	PROPN
ajfa-1871	258	54	4	4	NUM
ajfa-1871	258	55	,	,	PUNCT
ajfa-1871	258	56	no	no	INTJ
ajfa-1871	258	57	.	.	NOUN
ajfa-1871	258	58	2	2	NUM
ajfa-1871	258	59	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	258	60	124	124	NUM
ajfa-1871	258	61	the	the	DET
ajfa-1871	258	62	results	result	NOUN
ajfa-1871	258	63	reported	report	VERB
ajfa-1871	258	64	in	in	ADP
ajfa-1871	258	65	table	table	NOUN
ajfa-1871	258	66	5	5	NUM
ajfa-1871	258	67	show	show	NOUN
ajfa-1871	258	68	that	that	SCONJ
ajfa-1871	258	69	payoutfactor	payoutfactor	NOUN
ajfa-1871	258	70	has	have	VERB
ajfa-1871	258	71	a	a	DET
ajfa-1871	258	72	negative	negative	ADJ
ajfa-1871	258	73	coefficient	coefficient	NOUN
ajfa-1871	258	74	and	and	CCONJ
ajfa-1871	258	75	is	be	AUX
ajfa-1871	258	76	statistically	statistically	ADV
ajfa-1871	258	77	significant	significant	ADJ
ajfa-1871	258	78	at	at	ADP
ajfa-1871	258	79	1	1	NUM
ajfa-1871	258	80	per	per	NOUN
ajfa-1871	258	81	cent	cent	NOUN
ajfa-1871	258	82	level	level	NOUN
ajfa-1871	258	83	in	in	ADP
ajfa-1871	258	84	all	all	DET
ajfa-1871	258	85	the	the	DET
ajfa-1871	258	86	three	three	NUM
ajfa-1871	258	87	cases	case	NOUN
ajfa-1871	258	88	(	(	PUNCT
ajfa-1871	258	89	columns	column	NOUN
ajfa-1871	258	90	2	2	NUM
ajfa-1871	258	91	,	,	PUNCT
ajfa-1871	258	92	3	3	NUM
ajfa-1871	258	93	and	and	CCONJ
ajfa-1871	258	94	4	4	NUM
ajfa-1871	258	95	in	in	ADP
ajfa-1871	258	96	table	table	NOUN
ajfa-1871	258	97	5	5	NUM
ajfa-1871	258	98	)	)	PUNCT
ajfa-1871	258	99	.	.	PUNCT
ajfa-1871	259	1	this	this	PRON
ajfa-1871	259	2	indicates	indicate	VERB
ajfa-1871	259	3	that	that	SCONJ
ajfa-1871	259	4	as	as	ADP
ajfa-1871	259	5	payoutfactor	payoutfactor	NOUN
ajfa-1871	259	6	increases	increase	NOUN
ajfa-1871	259	7	,	,	PUNCT
ajfa-1871	259	8	the	the	DET
ajfa-1871	259	9	total	total	ADJ
ajfa-1871	259	10	shareholders	shareholder	NOUN
ajfa-1871	259	11	’	'	PUNCT
ajfa-1871	259	12	equity	equity	NOUN
ajfa-1871	259	13	decreases	decrease	NOUN
ajfa-1871	259	14	,	,	PUNCT
ajfa-1871	259	15	therefore	therefore	ADV
ajfa-1871	259	16	,	,	PUNCT
ajfa-1871	259	17	decreasing	decrease	VERB
ajfa-1871	259	18	shareholders	shareholder	NOUN
ajfa-1871	259	19	voting	voting	NOUN
ajfa-1871	259	20	power	power	NOUN
ajfa-1871	259	21	.	.	PUNCT
ajfa-1871	260	1	this	this	PRON
ajfa-1871	260	2	supports	support	VERB
ajfa-1871	260	3	the	the	DET
ajfa-1871	260	4	view	view	NOUN
ajfa-1871	260	5	that	that	SCONJ
ajfa-1871	260	6	high	high	ADJ
ajfa-1871	260	7	golden	golden	ADJ
ajfa-1871	260	8	parachutes	parachute	NOUN
ajfa-1871	260	9	do	do	AUX
ajfa-1871	260	10	alter	alter	VERB
ajfa-1871	260	11	firm	firm	PROPN
ajfa-1871	260	12	’s	’s	PART
ajfa-1871	260	13	attractiveness	attractiveness	NOUN
ajfa-1871	260	14	via	via	ADP
ajfa-1871	260	15	change	change	NOUN
ajfa-1871	260	16	in	in	ADP
ajfa-1871	260	17	the	the	DET
ajfa-1871	260	18	capital	capital	NOUN
ajfa-1871	260	19	structure	structure	NOUN
ajfa-1871	260	20	.	.	PUNCT
ajfa-1871	261	1	according	accord	VERB
ajfa-1871	261	2	to	to	ADP
ajfa-1871	261	3	murphy	murphy	PROPN
ajfa-1871	261	4	(	(	PUNCT
ajfa-1871	261	5	1999	1999	NUM
ajfa-1871	261	6	)	)	PUNCT
ajfa-1871	261	7	,	,	PUNCT
ajfa-1871	261	8	incumbent	incumbent	NOUN
ajfa-1871	261	9	managers	manager	NOUN
ajfa-1871	261	10	prefer	prefer	VERB
ajfa-1871	261	11	a	a	DET
ajfa-1871	261	12	firm	firm	NOUN
ajfa-1871	261	13	with	with	ADP
ajfa-1871	261	14	debt	debt	NOUN
ajfa-1871	261	15	as	as	SCONJ
ajfa-1871	261	16	this	this	PRON
ajfa-1871	261	17	would	would	AUX
ajfa-1871	261	18	allow	allow	VERB
ajfa-1871	261	19	the	the	DET
ajfa-1871	261	20	firm	firm	NOUN
ajfa-1871	261	21	to	to	PART
ajfa-1871	261	22	hold	hold	VERB
ajfa-1871	261	23	greater	great	ADJ
ajfa-1871	261	24	total	total	ADJ
ajfa-1871	261	25	assets	asset	NOUN
ajfa-1871	261	26	which	which	PRON
ajfa-1871	261	27	is	be	AUX
ajfa-1871	261	28	a	a	DET
ajfa-1871	261	29	primary	primary	ADJ
ajfa-1871	261	30	determinant	determinant	NOUN
ajfa-1871	261	31	of	of	ADP
ajfa-1871	261	32	executive	executive	ADJ
ajfa-1871	261	33	compensation	compensation	NOUN
ajfa-1871	261	34	(	(	PUNCT
ajfa-1871	261	35	murphy	murphy	PROPN
ajfa-1871	261	36	1999	1999	NUM
ajfa-1871	261	37	)	)	PUNCT
ajfa-1871	261	38	.	.	PUNCT
ajfa-1871	262	1	since	since	SCONJ
ajfa-1871	262	2	our	our	PRON
ajfa-1871	262	3	results	result	NOUN
ajfa-1871	262	4	reported	report	VERB
ajfa-1871	262	5	in	in	ADP
ajfa-1871	262	6	table	table	NOUN
ajfa-1871	262	7	5	5	NUM
ajfa-1871	262	8	examine	examine	VERB
ajfa-1871	262	9	the	the	DET
ajfa-1871	262	10	effects	effect	NOUN
ajfa-1871	262	11	on	on	ADP
ajfa-1871	262	12	capital	capital	NOUN
ajfa-1871	262	13	structure	structure	NOUN
ajfa-1871	262	14	and	and	CCONJ
ajfa-1871	262	15	not	not	PART
ajfa-1871	262	16	net	net	ADJ
ajfa-1871	262	17	cash	cash	NOUN
ajfa-1871	262	18	,	,	PUNCT
ajfa-1871	262	19	we	we	PRON
ajfa-1871	262	20	do	do	AUX
ajfa-1871	262	21	not	not	PART
ajfa-1871	262	22	provide	provide	VERB
ajfa-1871	262	23	any	any	DET
ajfa-1871	262	24	explanation	explanation	NOUN
ajfa-1871	262	25	for	for	ADP
ajfa-1871	262	26	whether	whether	SCONJ
ajfa-1871	262	27	high	high	ADJ
ajfa-1871	262	28	cash	cash	NOUN
ajfa-1871	262	29	balance	balance	NOUN
ajfa-1871	262	30	increases	increase	VERB
ajfa-1871	262	31	probability	probability	NOUN
ajfa-1871	262	32	for	for	ADP
ajfa-1871	262	33	having	have	VERB
ajfa-1871	262	34	managerial	managerial	ADJ
ajfa-1871	262	35	talent	talent	NOUN
ajfa-1871	262	36	.	.	PUNCT
ajfa-1871	263	1	however	however	ADV
ajfa-1871	263	2	,	,	PUNCT
ajfa-1871	263	3	our	our	PRON
ajfa-1871	263	4	results	result	NOUN
ajfa-1871	263	5	do	do	AUX
ajfa-1871	263	6	provide	provide	VERB
ajfa-1871	263	7	support	support	NOUN
ajfa-1871	263	8	to	to	ADP
ajfa-1871	263	9	the	the	DET
ajfa-1871	263	10	third	third	ADJ
ajfa-1871	263	11	explanation	explanation	NOUN
ajfa-1871	263	12	,	,	PUNCT
ajfa-1871	263	13	that	that	ADV
ajfa-1871	263	14	is	is	ADV
ajfa-1871	263	15	,	,	PUNCT
ajfa-1871	263	16	managers	manager	NOUN
ajfa-1871	263	17	that	that	PRON
ajfa-1871	263	18	have	have	VERB
ajfa-1871	263	19	greater	great	ADJ
ajfa-1871	263	20	influence	influence	NOUN
ajfa-1871	263	21	have	have	VERB
ajfa-1871	263	22	greater	great	ADJ
ajfa-1871	263	23	gain	gain	NOUN
ajfa-1871	263	24	from	from	ADP
ajfa-1871	263	25	the	the	DET
ajfa-1871	263	26	change	change	NOUN
ajfa-1871	263	27	in	in	ADP
ajfa-1871	263	28	control	control	NOUN
ajfa-1871	263	29	agreements	agreement	NOUN
ajfa-1871	263	30	as	as	ADP
ajfa-1871	263	31	an	an	DET
ajfa-1871	263	32	insurance	insurance	NOUN
ajfa-1871	263	33	policy	policy	NOUN
ajfa-1871	263	34	.	.	PUNCT
ajfa-1871	264	1	overall	overall	ADV
ajfa-1871	264	2	,	,	PUNCT
ajfa-1871	264	3	our	our	PRON
ajfa-1871	264	4	results	result	NOUN
ajfa-1871	264	5	in	in	ADP
ajfa-1871	264	6	table	table	NOUN
ajfa-1871	264	7	5	5	NUM
ajfa-1871	264	8	for	for	ADP
ajfa-1871	264	9	the	the	DET
ajfa-1871	264	10	analysis	analysis	NOUN
ajfa-1871	264	11	of	of	ADP
ajfa-1871	264	12	the	the	DET
ajfa-1871	264	13	link	link	NOUN
ajfa-1871	264	14	between	between	ADP
ajfa-1871	264	15	capital	capital	NOUN
ajfa-1871	264	16	structure	structure	NOUN
ajfa-1871	264	17	and	and	CCONJ
ajfa-1871	264	18	change	change	NOUN
ajfa-1871	264	19	in	in	ADP
ajfa-1871	264	20	control	control	NOUN
ajfa-1871	264	21	payments	payment	NOUN
ajfa-1871	264	22	do	do	AUX
ajfa-1871	264	23	support	support	VERB
ajfa-1871	264	24	the	the	DET
ajfa-1871	264	25	view	view	NOUN
ajfa-1871	264	26	that	that	SCONJ
ajfa-1871	264	27	managers	manager	NOUN
ajfa-1871	264	28	can	can	AUX
ajfa-1871	264	29	alter	alter	VERB
ajfa-1871	264	30	their	their	PRON
ajfa-1871	264	31	firm	firm	NOUN
ajfa-1871	264	32	’s	’s	PART
ajfa-1871	264	33	capital	capital	NOUN
ajfa-1871	264	34	structure	structure	NOUN
ajfa-1871	264	35	to	to	PART
ajfa-1871	264	36	attract	attract	VERB
ajfa-1871	264	37	takeover	takeover	NOUN
ajfa-1871	264	38	bids	bid	NOUN
ajfa-1871	264	39	.	.	PUNCT
ajfa-1871	265	1	our	our	PRON
ajfa-1871	265	2	results	result	NOUN
ajfa-1871	265	3	are	be	AUX
ajfa-1871	265	4	interesting	interesting	ADJ
ajfa-1871	265	5	in	in	ADP
ajfa-1871	265	6	relation	relation	NOUN
ajfa-1871	265	7	to	to	ADP
ajfa-1871	265	8	the	the	DET
ajfa-1871	265	9	results	result	NOUN
ajfa-1871	265	10	reported	report	VERB
ajfa-1871	265	11	by	by	ADP
ajfa-1871	265	12	miller	miller	PROPN
ajfa-1871	265	13	and	and	CCONJ
ajfa-1871	265	14	modigliani	modigliani	PROPN
ajfa-1871	265	15	(	(	PUNCT
ajfa-1871	265	16	1963	1963	NUM
ajfa-1871	265	17	)	)	PUNCT
ajfa-1871	265	18	and	and	CCONJ
ajfa-1871	265	19	myers	myers	PROPN
ajfa-1871	265	20	and	and	CCONJ
ajfa-1871	265	21	majluf	majluf	PROPN
ajfa-1871	265	22	(	(	PUNCT
ajfa-1871	265	23	1984	1984	NUM
ajfa-1871	265	24	)	)	PUNCT
ajfa-1871	265	25	.	.	PUNCT
ajfa-1871	266	1	miller	miller	PROPN
ajfa-1871	266	2	and	and	CCONJ
ajfa-1871	266	3	modigliani	modigliani	ADJ
ajfa-1871	266	4	state	state	NOUN
ajfa-1871	266	5	that	that	SCONJ
ajfa-1871	266	6	firms	firm	NOUN
ajfa-1871	266	7	arrive	arrive	VERB
ajfa-1871	266	8	at	at	ADP
ajfa-1871	266	9	a	a	DET
ajfa-1871	266	10	target	target	NOUN
ajfa-1871	266	11	capital	capital	NOUN
ajfa-1871	266	12	structure	structure	NOUN
ajfa-1871	266	13	through	through	ADP
ajfa-1871	266	14	the	the	DET
ajfa-1871	266	15	tradeoff	tradeoff	NOUN
ajfa-1871	266	16	play	play	NOUN
ajfa-1871	266	17	between	between	ADP
ajfa-1871	266	18	the	the	DET
ajfa-1871	266	19	lower	low	ADJ
ajfa-1871	266	20	cost	cost	NOUN
ajfa-1871	266	21	of	of	ADP
ajfa-1871	266	22	debt	debt	NOUN
ajfa-1871	266	23	financing	financing	NOUN
ajfa-1871	266	24	and	and	CCONJ
ajfa-1871	266	25	the	the	DET
ajfa-1871	266	26	potential	potential	ADJ
ajfa-1871	266	27	distress	distress	NOUN
ajfa-1871	266	28	costs	cost	NOUN
ajfa-1871	266	29	of	of	ADP
ajfa-1871	266	30	bankruptcy	bankruptcy	NOUN
ajfa-1871	266	31	.	.	PUNCT
ajfa-1871	267	1	the	the	DET
ajfa-1871	267	2	distress	distress	NOUN
ajfa-1871	267	3	costs	cost	NOUN
ajfa-1871	267	4	are	be	AUX
ajfa-1871	267	5	higher	high	ADJ
ajfa-1871	267	6	in	in	ADP
ajfa-1871	267	7	firms	firm	NOUN
ajfa-1871	267	8	with	with	ADP
ajfa-1871	267	9	more	more	ADJ
ajfa-1871	267	10	variable	variable	ADJ
ajfa-1871	267	11	incomes	income	NOUN
ajfa-1871	267	12	and	and	CCONJ
ajfa-1871	267	13	cash	cash	NOUN
ajfa-1871	267	14	flows	flow	NOUN
ajfa-1871	267	15	.	.	PUNCT
ajfa-1871	268	1	since	since	SCONJ
ajfa-1871	268	2	our	our	PRON
ajfa-1871	268	3	results	result	NOUN
ajfa-1871	268	4	for	for	ADP
ajfa-1871	268	5	both	both	CCONJ
ajfa-1871	268	6	npvar	npvar	NOUN
ajfa-1871	268	7	and	and	CCONJ
ajfa-1871	268	8	fcfvar	fcfvar	NOUN
ajfa-1871	268	9	are	be	AUX
ajfa-1871	268	10	not	not	PART
ajfa-1871	268	11	significant	significant	ADJ
ajfa-1871	268	12	,	,	PUNCT
ajfa-1871	268	13	it	it	PRON
ajfa-1871	268	14	indicates	indicate	VERB
ajfa-1871	268	15	that	that	SCONJ
ajfa-1871	268	16	the	the	DET
ajfa-1871	268	17	distress	distress	NOUN
ajfa-1871	268	18	costs	cost	NOUN
ajfa-1871	268	19	are	be	AUX
ajfa-1871	268	20	not	not	PART
ajfa-1871	268	21	relevant	relevant	ADJ
ajfa-1871	268	22	for	for	ADP
ajfa-1871	268	23	these	these	DET
ajfa-1871	268	24	firms	firm	NOUN
ajfa-1871	268	25	as	as	SCONJ
ajfa-1871	268	26	they	they	PRON
ajfa-1871	268	27	hold	hold	VERB
ajfa-1871	268	28	high	high	ADJ
ajfa-1871	268	29	cash	cash	NOUN
ajfa-1871	268	30	balances	balance	NOUN
ajfa-1871	268	31	anyway	anyway	ADV
ajfa-1871	268	32	.	.	PUNCT
ajfa-1871	269	1	the	the	DET
ajfa-1871	269	2	pecking	pecking	NOUN
ajfa-1871	269	3	order	order	NOUN
ajfa-1871	269	4	theory	theory	NOUN
ajfa-1871	269	5	states	state	VERB
ajfa-1871	269	6	that	that	SCONJ
ajfa-1871	269	7	firms	firm	NOUN
ajfa-1871	269	8	prefer	prefer	VERB
ajfa-1871	269	9	to	to	PART
ajfa-1871	269	10	fund	fund	VERB
ajfa-1871	269	11	projects	project	NOUN
ajfa-1871	269	12	with	with	ADP
ajfa-1871	269	13	cash	cash	NOUN
ajfa-1871	269	14	,	,	PUNCT
ajfa-1871	269	15	then	then	ADV
ajfa-1871	269	16	debt	debt	NOUN
ajfa-1871	269	17	,	,	PUNCT
ajfa-1871	269	18	before	before	ADP
ajfa-1871	269	19	finally	finally	ADV
ajfa-1871	269	20	issuing	issue	VERB
ajfa-1871	269	21	equity	equity	NOUN
ajfa-1871	269	22	.	.	PUNCT
ajfa-1871	270	1	myers	myers	PROPN
ajfa-1871	270	2	and	and	CCONJ
ajfa-1871	270	3	majluf	majluf	PROPN
ajfa-1871	270	4	(	(	PUNCT
ajfa-1871	270	5	1984	1984	NUM
ajfa-1871	270	6	)	)	PUNCT
ajfa-1871	270	7	suggest	suggest	VERB
ajfa-1871	270	8	that	that	SCONJ
ajfa-1871	270	9	this	this	PRON
ajfa-1871	270	10	is	be	AUX
ajfa-1871	270	11	due	due	ADJ
ajfa-1871	270	12	to	to	ADP
ajfa-1871	270	13	information	information	NOUN
ajfa-1871	270	14	asymmetry	asymmetry	NOUN
ajfa-1871	270	15	causing	cause	VERB
ajfa-1871	270	16	firm	firm	NOUN
ajfa-1871	270	17	’s	’s	PART
ajfa-1871	270	18	equity	equity	NOUN
ajfa-1871	270	19	to	to	PART
ajfa-1871	270	20	be	be	AUX
ajfa-1871	270	21	undervalued	undervalue	VERB
ajfa-1871	270	22	.	.	PUNCT
ajfa-1871	271	1	they	they	PRON
ajfa-1871	271	2	also	also	ADV
ajfa-1871	271	3	suggest	suggest	VERB
ajfa-1871	271	4	that	that	SCONJ
ajfa-1871	271	5	large	large	ADJ
ajfa-1871	271	6	firms	firm	NOUN
ajfa-1871	271	7	and	and	CCONJ
ajfa-1871	271	8	those	those	PRON
ajfa-1871	271	9	with	with	ADP
ajfa-1871	271	10	greater	great	ADJ
ajfa-1871	271	11	dividend	dividend	NOUN
ajfa-1871	271	12	payouts	payout	NOUN
ajfa-1871	271	13	suffer	suffer	VERB
ajfa-1871	271	14	less	less	ADJ
ajfa-1871	271	15	from	from	ADP
ajfa-1871	271	16	information	information	NOUN
ajfa-1871	271	17	asymmetry	asymmetry	NOUN
ajfa-1871	271	18	,	,	PUNCT
ajfa-1871	271	19	thus	thus	ADV
ajfa-1871	271	20	indicating	indicate	VERB
ajfa-1871	271	21	that	that	SCONJ
ajfa-1871	271	22	there	there	PRON
ajfa-1871	271	23	should	should	AUX
ajfa-1871	271	24	be	be	AUX
ajfa-1871	271	25	a	a	DET
ajfa-1871	271	26	link	link	NOUN
ajfa-1871	271	27	between	between	ADP
ajfa-1871	271	28	firm	firm	ADJ
ajfa-1871	271	29	size	size	NOUN
ajfa-1871	271	30	,	,	PUNCT
ajfa-1871	271	31	dividend	dividend	NOUN
ajfa-1871	271	32	payout	payout	NOUN
ajfa-1871	271	33	and	and	CCONJ
ajfa-1871	271	34	capital	capital	NOUN
ajfa-1871	271	35	structure	structure	NOUN
ajfa-1871	271	36	.	.	PUNCT
ajfa-1871	272	1	our	our	PRON
ajfa-1871	272	2	results	result	NOUN
ajfa-1871	272	3	show	show	VERB
ajfa-1871	272	4	that	that	SCONJ
ajfa-1871	272	5	lnta	lnta	NOUN
ajfa-1871	272	6	has	have	VERB
ajfa-1871	272	7	a	a	DET
ajfa-1871	272	8	negative	negative	ADJ
ajfa-1871	272	9	coefficient	coefficient	NOUN
ajfa-1871	272	10	and	and	CCONJ
ajfa-1871	272	11	is	be	AUX
ajfa-1871	272	12	statistically	statistically	ADV
ajfa-1871	272	13	significant	significant	ADJ
ajfa-1871	272	14	at	at	ADP
ajfa-1871	272	15	1	1	NUM
ajfa-1871	272	16	per	per	ADP
ajfa-1871	272	17	cent	cent	NOUN
ajfa-1871	272	18	level	level	NOUN
ajfa-1871	272	19	,	,	PUNCT
ajfa-1871	272	20	indicating	indicate	VERB
ajfa-1871	272	21	large	large	ADJ
ajfa-1871	272	22	firms	firm	NOUN
ajfa-1871	272	23	tend	tend	VERB
ajfa-1871	272	24	to	to	PART
ajfa-1871	272	25	have	have	VERB
ajfa-1871	272	26	high	high	ADJ
ajfa-1871	272	27	debt	debt	NOUN
ajfa-1871	272	28	financed	finance	VERB
ajfa-1871	272	29	compared	compare	VERB
ajfa-1871	272	30	to	to	ADP
ajfa-1871	272	31	equity	equity	NOUN
ajfa-1871	272	32	financed	finance	VERB
ajfa-1871	272	33	.	.	PUNCT
ajfa-1871	273	1	however	however	ADV
ajfa-1871	273	2	,	,	PUNCT
ajfa-1871	273	3	the	the	DET
ajfa-1871	273	4	relationship	relationship	NOUN
ajfa-1871	273	5	between	between	ADP
ajfa-1871	273	6	dividend	dividend	NOUN
ajfa-1871	273	7	payouts	payout	NOUN
ajfa-1871	273	8	and	and	CCONJ
ajfa-1871	273	9	capital	capital	NOUN
ajfa-1871	273	10	structure	structure	NOUN
ajfa-1871	273	11	is	be	AUX
ajfa-1871	273	12	not	not	PART
ajfa-1871	273	13	statistically	statistically	ADV
ajfa-1871	273	14	significant	significant	ADJ
ajfa-1871	273	15	,	,	PUNCT
ajfa-1871	273	16	thus	thus	ADV
ajfa-1871	273	17	providing	provide	VERB
ajfa-1871	273	18	limited	limited	ADJ
ajfa-1871	273	19	support	support	NOUN
ajfa-1871	273	20	for	for	ADP
ajfa-1871	273	21	myers	myer	NOUN
ajfa-1871	273	22	and	and	CCONJ
ajfa-1871	273	23	majluf	majluf	PROPN
ajfa-1871	273	24	theory	theory	NOUN
ajfa-1871	273	25	.	.	PUNCT
ajfa-1871	274	1	industry	industry	NOUN
ajfa-1871	274	2	specific	specific	ADJ
ajfa-1871	274	3	results	result	NOUN
ajfa-1871	274	4	show	show	VERB
ajfa-1871	274	5	that	that	SCONJ
ajfa-1871	274	6	industrial	industrial	ADJ
ajfa-1871	274	7	,	,	PUNCT
ajfa-1871	274	8	healthcare	healthcare	PROPN
ajfa-1871	274	9	,	,	PUNCT
ajfa-1871	274	10	technology	technology	NOUN
ajfa-1871	274	11	,	,	PUNCT
ajfa-1871	274	12	consumer	consumer	NOUN
ajfa-1871	274	13	services	service	NOUN
ajfa-1871	274	14	and	and	CCONJ
ajfa-1871	274	15	,	,	PUNCT
ajfa-1871	274	16	oil	oil	NOUN
ajfa-1871	274	17	and	and	CCONJ
ajfa-1871	274	18	gas	gas	NOUN
ajfa-1871	274	19	have	have	VERB
ajfa-1871	274	20	statistically	statistically	ADV
ajfa-1871	274	21	significant	significant	ADJ
ajfa-1871	274	22	results	result	NOUN
ajfa-1871	274	23	.	.	PUNCT
ajfa-1871	275	1	the	the	DET
ajfa-1871	275	2	results	result	NOUN
ajfa-1871	275	3	show	show	VERB
ajfa-1871	275	4	that	that	SCONJ
ajfa-1871	275	5	a	a	DET
ajfa-1871	275	6	firm	firm	NOUN
ajfa-1871	275	7	in	in	ADP
ajfa-1871	275	8	each	each	PRON
ajfa-1871	275	9	of	of	ADP
ajfa-1871	275	10	these	these	DET
ajfa-1871	275	11	industries	industry	NOUN
ajfa-1871	275	12	is	be	AUX
ajfa-1871	275	13	likely	likely	ADJ
ajfa-1871	275	14	to	to	PART
ajfa-1871	275	15	have	have	VERB
ajfa-1871	275	16	a	a	DET
ajfa-1871	275	17	higher	high	ADJ
ajfa-1871	275	18	equity	equity	NOUN
ajfa-1871	275	19	to	to	ADP
ajfa-1871	275	20	debt	debt	NOUN
ajfa-1871	275	21	ratio	ratio	NOUN
ajfa-1871	275	22	and	and	CCONJ
ajfa-1871	275	23	thus	thus	ADV
ajfa-1871	275	24	,	,	PUNCT
ajfa-1871	275	25	more	more	ADJ
ajfa-1871	275	26	equity	equity	NOUN
ajfa-1871	275	27	financed	finance	VERB
ajfa-1871	275	28	.	.	PUNCT
ajfa-1871	276	1	results	result	NOUN
ajfa-1871	276	2	for	for	ADP
ajfa-1871	276	3	the	the	DET
ajfa-1871	276	4	regression	regression	NOUN
ajfa-1871	276	5	analysis	analysis	NOUN
ajfa-1871	276	6	between	between	ADP
ajfa-1871	276	7	a	a	DET
ajfa-1871	276	8	firm	firm	NOUN
ajfa-1871	276	9	’s	’s	PART
ajfa-1871	276	10	attractiveness	attractiveness	NOUN
ajfa-1871	276	11	as	as	ADP
ajfa-1871	276	12	a	a	DET
ajfa-1871	276	13	takeover	takeover	NOUN
ajfa-1871	276	14	target	target	NOUN
ajfa-1871	276	15	and	and	CCONJ
ajfa-1871	276	16	the	the	DET
ajfa-1871	276	17	potential	potential	ADJ
ajfa-1871	276	18	payouts	payout	NOUN
ajfa-1871	276	19	available	available	ADJ
ajfa-1871	276	20	to	to	ADP
ajfa-1871	276	21	a	a	DET
ajfa-1871	276	22	ceo	ceo	NOUN
ajfa-1871	276	23	under	under	ADP
ajfa-1871	276	24	a	a	DET
ajfa-1871	276	25	change	change	NOUN
ajfa-1871	276	26	in	in	ADP
ajfa-1871	276	27	control	control	NOUN
ajfa-1871	276	28	are	be	AUX
ajfa-1871	276	29	reported	report	VERB
ajfa-1871	276	30	in	in	ADP
ajfa-1871	276	31	table	table	NOUN
ajfa-1871	276	32	6	6	NUM
ajfa-1871	276	33	.	.	PUNCT
ajfa-1871	277	1	the	the	DET
ajfa-1871	277	2	attractiveness	attractiveness	NOUN
ajfa-1871	277	3	factor	factor	NOUN
ajfa-1871	277	4	is	be	AUX
ajfa-1871	277	5	a	a	DET
ajfa-1871	277	6	combination	combination	NOUN
ajfa-1871	277	7	of	of	ADP
ajfa-1871	277	8	both	both	CCONJ
ajfa-1871	277	9	a	a	DET
ajfa-1871	277	10	firm	firm	NOUN
ajfa-1871	277	11	’s	’s	PART
ajfa-1871	277	12	net	net	ADJ
ajfa-1871	277	13	cash	cash	NOUN
ajfa-1871	277	14	balance	balance	NOUN
ajfa-1871	277	15	and	and	CCONJ
ajfa-1871	277	16	its	its	PRON
ajfa-1871	277	17	capital	capital	NOUN
ajfa-1871	277	18	structure	structure	NOUN
ajfa-1871	277	19	.	.	PUNCT
ajfa-1871	278	1	a	a	DET
ajfa-1871	278	2	firm	firm	NOUN
ajfa-1871	278	3	that	that	PRON
ajfa-1871	278	4	is	be	AUX
ajfa-1871	278	5	high	high	ADJ
ajfa-1871	278	6	in	in	ADP
ajfa-1871	278	7	both	both	DET
ajfa-1871	278	8	areas	area	NOUN
ajfa-1871	278	9	will	will	AUX
ajfa-1871	278	10	have	have	VERB
ajfa-1871	278	11	a	a	DET
ajfa-1871	278	12	higher	high	ADJ
ajfa-1871	278	13	attractiveness	attractiveness	NOUN
ajfa-1871	278	14	factor	factor	NOUN
ajfa-1871	278	15	.	.	PUNCT
ajfa-1871	279	1	the	the	DET
ajfa-1871	279	2	results	result	NOUN
ajfa-1871	279	3	reported	report	VERB
ajfa-1871	279	4	in	in	ADP
ajfa-1871	279	5	table	table	NOUN
ajfa-1871	279	6	6	6	NUM
ajfa-1871	279	7	(	(	PUNCT
ajfa-1871	279	8	columns	column	NOUN
ajfa-1871	279	9	2	2	NUM
ajfa-1871	279	10	,	,	PUNCT
ajfa-1871	279	11	3	3	NUM
ajfa-1871	279	12	and	and	CCONJ
ajfa-1871	279	13	4	4	NUM
ajfa-1871	279	14	)	)	PUNCT
ajfa-1871	279	15	indicate	indicate	VERB
ajfa-1871	279	16	that	that	SCONJ
ajfa-1871	279	17	payoutfactor	payoutfactor	NOUN
ajfa-1871	279	18	has	have	VERB
ajfa-1871	279	19	no	no	DET
ajfa-1871	279	20	effect	effect	NOUN
ajfa-1871	279	21	on	on	ADP
ajfa-1871	279	22	the	the	DET
ajfa-1871	279	23	firm	firm	NOUN
ajfa-1871	279	24	’s	’s	PART
ajfa-1871	279	25	attractiveness	attractiveness	NOUN
ajfa-1871	279	26	.	.	PUNCT
ajfa-1871	280	1	our	our	PRON
ajfa-1871	280	2	results	result	NOUN
ajfa-1871	280	3	reported	report	VERB
ajfa-1871	280	4	interq	interq	PROPN
ajfa-1871	280	5	is	be	AUX
ajfa-1871	280	6	similar	similar	ADJ
ajfa-1871	280	7	to	to	ADP
ajfa-1871	280	8	that	that	PRON
ajfa-1871	280	9	reported	report	VERB
ajfa-1871	280	10	in	in	ADP
ajfa-1871	280	11	table	table	NOUN
ajfa-1871	280	12	4	4	NUM
ajfa-1871	280	13	.	.	PUNCT
ajfa-1871	281	1	the	the	DET
ajfa-1871	281	2	results	result	NOUN
ajfa-1871	281	3	indicate	indicate	VERB
ajfa-1871	281	4	that	that	SCONJ
ajfa-1871	281	5	firms	firm	NOUN
ajfa-1871	281	6	with	with	ADP
ajfa-1871	281	7	higher	high	ADJ
ajfa-1871	281	8	firm	firm	NOUN
ajfa-1871	281	9	have	have	VERB
ajfa-1871	281	10	higher	high	ADJ
ajfa-1871	281	11	payout	payout	NOUN
ajfa-1871	281	12	compared	compare	VERB
ajfa-1871	281	13	to	to	ADP
ajfa-1871	281	14	low	low	ADJ
ajfa-1871	281	15	performing	perform	VERB
ajfa-1871	281	16	firms	firm	NOUN
ajfa-1871	281	17	.	.	PUNCT
ajfa-1871	282	1	however	however	ADV
ajfa-1871	282	2	,	,	PUNCT
ajfa-1871	282	3	the	the	DET
ajfa-1871	282	4	results	result	NOUN
ajfa-1871	282	5	do	do	AUX
ajfa-1871	282	6	indicate	indicate	VERB
ajfa-1871	282	7	that	that	SCONJ
ajfa-1871	282	8	the	the	DET
ajfa-1871	282	9	greatest	great	ADJ
ajfa-1871	282	10	cause	cause	NOUN
ajfa-1871	282	11	of	of	ADP
ajfa-1871	282	12	a	a	DET
ajfa-1871	282	13	firm	firm	NOUN
ajfa-1871	282	14	’s	’s	PART
ajfa-1871	282	15	asian	asian	ADJ
ajfa-1871	282	16	journal	journal	NOUN
ajfa-1871	282	17	of	of	ADP
ajfa-1871	282	18	finance	finance	PROPN
ajfa-1871	282	19	&	&	CCONJ
ajfa-1871	282	20	accounting	accounting	PROPN
ajfa-1871	282	21	issn	issn	PROPN
ajfa-1871	282	22	1946	1946	NUM
ajfa-1871	282	23	-	-	PUNCT
ajfa-1871	282	24	052x	052x	NOUN
ajfa-1871	282	25	2012	2012	NUM
ajfa-1871	282	26	,	,	PUNCT
ajfa-1871	282	27	vol	vol	NOUN
ajfa-1871	282	28	.	.	PROPN
ajfa-1871	282	29	4	4	NUM
ajfa-1871	282	30	,	,	PUNCT
ajfa-1871	282	31	no	no	INTJ
ajfa-1871	282	32	.	.	NOUN
ajfa-1871	282	33	2	2	NUM
ajfa-1871	282	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	282	35	125	125	NUM
ajfa-1871	282	36	attractiveness	attractiveness	NOUN
ajfa-1871	282	37	as	as	ADP
ajfa-1871	282	38	a	a	DET
ajfa-1871	282	39	takeover	takeover	NOUN
ajfa-1871	282	40	target	target	NOUN
ajfa-1871	282	41	is	be	AUX
ajfa-1871	282	42	the	the	DET
ajfa-1871	282	43	industry	industry	NOUN
ajfa-1871	282	44	in	in	ADP
ajfa-1871	282	45	which	which	PRON
ajfa-1871	282	46	it	it	PRON
ajfa-1871	282	47	operates	operate	VERB
ajfa-1871	282	48	.	.	PUNCT
ajfa-1871	283	1	this	this	PRON
ajfa-1871	283	2	is	be	AUX
ajfa-1871	283	3	also	also	ADV
ajfa-1871	283	4	supported	support	VERB
ajfa-1871	283	5	by	by	ADP
ajfa-1871	283	6	schoenberg	schoenberg	PROPN
ajfa-1871	283	7	and	and	CCONJ
ajfa-1871	283	8	reeves	reeves	PROPN
ajfa-1871	283	9	(	(	PUNCT
ajfa-1871	283	10	1999	1999	NUM
ajfa-1871	283	11	)	)	PUNCT
ajfa-1871	283	12	who	who	PRON
ajfa-1871	283	13	reported	report	VERB
ajfa-1871	283	14	that	that	SCONJ
ajfa-1871	283	15	merger	merger	NOUN
ajfa-1871	283	16	and	and	CCONJ
ajfa-1871	283	17	acquisition	acquisition	NOUN
ajfa-1871	283	18	activities	activity	NOUN
ajfa-1871	283	19	are	be	AUX
ajfa-1871	283	20	concentrated	concentrate	VERB
ajfa-1871	283	21	in	in	ADP
ajfa-1871	283	22	a	a	DET
ajfa-1871	283	23	few	few	ADJ
ajfa-1871	283	24	key	key	ADJ
ajfa-1871	283	25	industries	industry	NOUN
ajfa-1871	283	26	and	and	CCONJ
ajfa-1871	283	27	economic	economic	ADJ
ajfa-1871	283	28	sectors	sector	NOUN
ajfa-1871	283	29	.	.	PUNCT
ajfa-1871	284	1	those	those	DET
ajfa-1871	284	2	industries	industry	NOUN
ajfa-1871	284	3	are	be	AUX
ajfa-1871	284	4	industrial	industrial	ADJ
ajfa-1871	284	5	,	,	PUNCT
ajfa-1871	284	6	healthcare	healthcare	NOUN
ajfa-1871	284	7	,	,	PUNCT
ajfa-1871	284	8	technology	technology	NOUN
ajfa-1871	284	9	and	and	CCONJ
ajfa-1871	284	10	the	the	DET
ajfa-1871	284	11	oil	oil	NOUN
ajfa-1871	284	12	and	and	CCONJ
ajfa-1871	284	13	gas	gas	NOUN
ajfa-1871	284	14	industries	industry	NOUN
ajfa-1871	284	15	.	.	PUNCT
ajfa-1871	285	1	table	table	NOUN
ajfa-1871	285	2	6	6	NUM
ajfa-1871	285	3	.	.	PUNCT
ajfa-1871	285	4	attractiveness	attractiveness	NOUN
ajfa-1871	285	5	factor	factor	NOUN
ajfa-1871	285	6	regression	regression	NOUN
ajfa-1871	285	7	estimate	estimate	VERB
ajfa-1871	285	8	us	we	PRON
ajfa-1871	285	9	bootstrap	bootstrap	NOUN
ajfa-1871	285	10	std	std	NOUN
ajfa-1871	285	11	.	.	PUNCT
ajfa-1871	286	1	errors	errors	PROPN
ajfa-1871	286	2	aus	aus	PROPN
ajfa-1871	286	3	bootstrap	bootstrap	PROPN
ajfa-1871	286	4	std	std	PROPN
ajfa-1871	286	5	.	.	PUNCT
ajfa-1871	287	1	errors	error	NOUN
ajfa-1871	287	2	combined	combine	VERB
ajfa-1871	287	3	bootstrap	bootstrap	NOUN
ajfa-1871	287	4	std	std	NOUN
ajfa-1871	287	5	.	.	PUNCT
ajfa-1871	288	1	errors	error	NOUN
ajfa-1871	288	2	intercept	intercept	VERB
ajfa-1871	288	3	7.019	7.019	NUM
ajfa-1871	288	4	*	*	PUNCT
ajfa-1871	288	5	*	*	PUNCT
ajfa-1871	288	6	*	*	PUNCT
ajfa-1871	288	7	(	(	PUNCT
ajfa-1871	288	8	11.21	11.21	NUM
ajfa-1871	288	9	)	)	PUNCT
ajfa-1871	288	10	0.626	0.626	NUM
ajfa-1871	288	11	2.228	2.228	NUM
ajfa-1871	288	12	*	*	PUNCT
ajfa-1871	288	13	*	*	PUNCT
ajfa-1871	288	14	*	*	PUNCT
ajfa-1871	288	15	(	(	PUNCT
ajfa-1871	288	16	8.56	8.56	NUM
ajfa-1871	288	17	)	)	PUNCT
ajfa-1871	288	18	0.260	0.260	NUM
ajfa-1871	288	19	7.57	7.57	NUM
ajfa-1871	288	20	*	*	PUNCT
ajfa-1871	288	21	*	*	PUNCT
ajfa-1871	288	22	*	*	PUNCT
ajfa-1871	288	23	(	(	PUNCT
ajfa-1871	288	24	10.97	10.97	NUM
ajfa-1871	288	25	)	)	PUNCT
ajfa-1871	288	26	0.690	0.690	NUM
ajfa-1871	288	27	payout	payout	ADJ
ajfa-1871	288	28	factor	factor	NOUN
ajfa-1871	288	29	0.000	0.000	NUM
ajfa-1871	288	30	(	(	PUNCT
ajfa-1871	288	31	0.44	0.44	NUM
ajfa-1871	288	32	)	)	PUNCT
ajfa-1871	288	33	0.000	0.000	NUM
ajfa-1871	288	34	0.017	0.017	NUM
ajfa-1871	288	35	(	(	PUNCT
ajfa-1871	288	36	0.69	0.69	NUM
ajfa-1871	288	37	)	)	PUNCT
ajfa-1871	288	38	0.025	0.025	NUM
ajfa-1871	288	39	-0.001	-0.001	NUM
ajfa-1871	288	40	(	(	PUNCT
ajfa-1871	288	41	-0.97	-0.97	NOUN
ajfa-1871	288	42	)	)	PUNCT
ajfa-1871	288	43	0.000	0.000	NUM
ajfa-1871	288	44	total	total	ADJ
ajfa-1871	288	45	assets	asset	NOUN
ajfa-1871	288	46	-0.167	-0.167	ADJ
ajfa-1871	288	47	*	*	PUNCT
ajfa-1871	288	48	*	*	PUNCT
ajfa-1871	288	49	*	*	PUNCT
ajfa-1871	288	50	(	(	PUNCT
ajfa-1871	288	51	-5.16	-5.16	NOUN
ajfa-1871	288	52	)	)	PUNCT
ajfa-1871	288	53	0.032	0.032	NUM
ajfa-1871	288	54	-0.048	-0.048	NOUN
ajfa-1871	288	55	*	*	PUNCT
ajfa-1871	288	56	*	*	PUNCT
ajfa-1871	288	57	(	(	PUNCT
ajfa-1871	288	58	-2.93	-2.93	NOUN
ajfa-1871	288	59	)	)	PUNCT
ajfa-1871	288	60	0.016	0.016	NUM
ajfa-1871	288	61	-0.268	-0.268	PUNCT
ajfa-1871	288	62	*	*	PUNCT
ajfa-1871	288	63	*	*	PUNCT
ajfa-1871	288	64	*	*	PUNCT
ajfa-1871	288	65	(	(	PUNCT
ajfa-1871	288	66	-6.67	-6.67	NUM
ajfa-1871	288	67	)	)	PUNCT
ajfa-1871	288	68	0.040	0.040	NUM
ajfa-1871	288	69	np	np	INTJ
ajfa-1871	288	70	var	var	NOUN
ajfa-1871	288	71	-1.498	-1.498	NOUN
ajfa-1871	288	72	*	*	PUNCT
ajfa-1871	288	73	*	*	PUNCT
ajfa-1871	288	74	(	(	PUNCT
ajfa-1871	288	75	-2.04	-2.04	NUM
ajfa-1871	288	76	)	)	PUNCT
ajfa-1871	288	77	0.735	0.735	NUM
ajfa-1871	288	78	0.000	0.000	NUM
ajfa-1871	288	79	(	(	PUNCT
ajfa-1871	288	80	0.02	0.02	NUM
ajfa-1871	288	81	)	)	PUNCT
ajfa-1871	288	82	0.004	0.004	NUM
ajfa-1871	288	83	0.002	0.002	NUM
ajfa-1871	288	84	(	(	PUNCT
ajfa-1871	288	85	0.12	0.12	NUM
ajfa-1871	288	86	)	)	PUNCT
ajfa-1871	288	87	0.012	0.012	NUM
ajfa-1871	288	88	fcf	fcf	NOUN
ajfa-1871	288	89	var	var	PROPN
ajfa-1871	288	90	0.437	0.437	NUM
ajfa-1871	288	91	(	(	PUNCT
ajfa-1871	288	92	0.30	0.30	NUM
ajfa-1871	288	93	)	)	PUNCT
ajfa-1871	288	94	1.442	1.442	NUM
ajfa-1871	288	95	-0.036	-0.036	NOUN
ajfa-1871	288	96	(	(	PUNCT
ajfa-1871	288	97	-0.56	-0.56	NUM
ajfa-1871	288	98	)	)	PUNCT
ajfa-1871	288	99	0.065	0.065	NUM
ajfa-1871	288	100	-0.017	-0.017	X
ajfa-1871	288	101	(	(	PUNCT
ajfa-1871	288	102	-0.07	-0.07	NUM
ajfa-1871	288	103	)	)	PUNCT
ajfa-1871	288	104	0.236	0.236	NUM
ajfa-1871	288	105	divpout	divpout	NOUN
ajfa-1871	288	106	-0.008	-0.008	PUNCT
ajfa-1871	288	107	(	(	PUNCT
ajfa-1871	288	108	-0.46	-0.46	NUM
ajfa-1871	288	109	)	)	PUNCT
ajfa-1871	288	110	0.017	0.017	NUM
ajfa-1871	288	111	0.001	0.001	NUM
ajfa-1871	288	112	(	(	PUNCT
ajfa-1871	288	113	0.11	0.11	NUM
ajfa-1871	288	114	)	)	PUNCT
ajfa-1871	288	115	0.007	0.007	NUM
ajfa-1871	288	116	-0.041	-0.041	PUNCT
ajfa-1871	288	117	(	(	PUNCT
ajfa-1871	288	118	-1.27	-1.27	NOUN
ajfa-1871	288	119	)	)	PUNCT
ajfa-1871	288	120	0.033	0.033	NUM
ajfa-1871	288	121	q	q	NOUN
ajfa-1871	288	122	-2.562	-2.562	NOUN
ajfa-1871	288	123	*	*	PUNCT
ajfa-1871	288	124	*	*	PUNCT
ajfa-1871	288	125	*	*	PUNCT
ajfa-1871	288	126	(	(	PUNCT
ajfa-1871	288	127	-10.62	-10.62	PROPN
ajfa-1871	288	128	)	)	PUNCT
ajfa-1871	288	129	0.241	0.241	NUM
ajfa-1871	288	130	-0.666	-0.666	NOUN
ajfa-1871	289	1	*	*	PUNCT
ajfa-1871	289	2	*	*	PUNCT
ajfa-1871	289	3	*	*	PUNCT
ajfa-1871	289	4	(	(	PUNCT
ajfa-1871	289	5	-8.29	-8.29	NOUN
ajfa-1871	289	6	)	)	PUNCT
ajfa-1871	289	7	0.080	0.080	NUM
ajfa-1871	289	8	-0.197	-0.197	PROPN
ajfa-1871	289	9	*	*	PUNCT
ajfa-1871	289	10	*	*	PUNCT
ajfa-1871	289	11	(	(	PUNCT
ajfa-1871	289	12	-2.84	-2.84	NOUN
ajfa-1871	289	13	)	)	PUNCT
ajfa-1871	289	14	0.069	0.069	NUM
ajfa-1871	289	15	interq	interq	VERB
ajfa-1871	289	16	0.503	0.503	NUM
ajfa-1871	289	17	*	*	PUNCT
ajfa-1871	290	1	*	*	PUNCT
ajfa-1871	290	2	*	*	PUNCT
ajfa-1871	290	3	(	(	PUNCT
ajfa-1871	290	4	14.69	14.69	NUM
ajfa-1871	290	5	)	)	PUNCT
ajfa-1871	290	6	0.034	0.034	NUM
ajfa-1871	290	7	0.122	0.122	NUM
ajfa-1871	290	8	*	*	PUNCT
ajfa-1871	290	9	*	*	PUNCT
ajfa-1871	290	10	*	*	PUNCT
ajfa-1871	290	11	(	(	PUNCT
ajfa-1871	290	12	8.30	8.30	NUM
ajfa-1871	290	13	)	)	PUNCT
ajfa-1871	290	14	0.015	0.015	NUM
ajfa-1871	290	15	0.001†	0.001†	PUNCT
ajfa-1871	290	16	(	(	PUNCT
ajfa-1871	290	17	1.93	1.93	NUM
ajfa-1871	290	18	)	)	PUNCT
ajfa-1871	290	19	0.000	0.000	NUM
ajfa-1871	290	20	industrials	industrial	NOUN
ajfa-1871	290	21	0.333	0.333	NUM
ajfa-1871	290	22	*	*	PUNCT
ajfa-1871	290	23	*	*	PUNCT
ajfa-1871	290	24	*	*	PUNCT
ajfa-1871	290	25	(	(	PUNCT
ajfa-1871	290	26	3.07	3.07	NUM
ajfa-1871	290	27	)	)	PUNCT
ajfa-1871	290	28	0.108	0.108	NUM
ajfa-1871	290	29	-0.058	-0.058	PUNCT
ajfa-1871	290	30	(	(	PUNCT
ajfa-1871	290	31	-0.76	-0.76	PROPN
ajfa-1871	290	32	)	)	PUNCT
ajfa-1871	290	33	0.077	0.077	NUM
ajfa-1871	290	34	0.207	0.207	NUM
ajfa-1871	290	35	(	(	PUNCT
ajfa-1871	290	36	0.97	0.97	NUM
ajfa-1871	290	37	)	)	PUNCT
ajfa-1871	290	38	0.214	0.214	NUM
ajfa-1871	290	39	health	health	NOUN
ajfa-1871	290	40	care	care	NOUN
ajfa-1871	290	41	0.559	0.559	NUM
ajfa-1871	290	42	*	*	PUNCT
ajfa-1871	290	43	*	*	PUNCT
ajfa-1871	290	44	*	*	PUNCT
ajfa-1871	290	45	(	(	PUNCT
ajfa-1871	290	46	3.49	3.49	NUM
ajfa-1871	290	47	)	)	PUNCT
ajfa-1871	290	48	0.160	0.160	NUM
ajfa-1871	290	49	0.188	0.188	NUM
ajfa-1871	290	50	(	(	PUNCT
ajfa-1871	290	51	1.39	1.39	NUM
ajfa-1871	290	52	)	)	PUNCT
ajfa-1871	290	53	0.135	0.135	NUM
ajfa-1871	290	54	1.085	1.085	NUM
ajfa-1871	290	55	*	*	PUNCT
ajfa-1871	290	56	*	*	PUNCT
ajfa-1871	290	57	*	*	PUNCT
ajfa-1871	290	58	(	(	PUNCT
ajfa-1871	290	59	3.97	3.97	NUM
ajfa-1871	290	60	)	)	PUNCT
ajfa-1871	290	61	0.273	0.273	NUM
ajfa-1871	290	62	consumer	consumer	NOUN
ajfa-1871	290	63	services	service	NOUN
ajfa-1871	290	64	0.483	0.483	NUM
ajfa-1871	290	65	*	*	PUNCT
ajfa-1871	290	66	*	*	PUNCT
ajfa-1871	290	67	*	*	PUNCT
ajfa-1871	290	68	(	(	PUNCT
ajfa-1871	290	69	3.89	3.89	NUM
ajfa-1871	290	70	)	)	PUNCT
ajfa-1871	290	71	0.124	0.124	NUM
ajfa-1871	290	72	0.109	0.109	NUM
ajfa-1871	290	73	(	(	PUNCT
ajfa-1871	290	74	1.32	1.32	NUM
ajfa-1871	290	75	)	)	PUNCT
ajfa-1871	290	76	0.083	0.083	NUM
ajfa-1871	290	77	0.416†	0.416†	NUM
ajfa-1871	290	78	(	(	PUNCT
ajfa-1871	290	79	1.66	1.66	NUM
ajfa-1871	290	80	)	)	PUNCT
ajfa-1871	290	81	0.250	0.250	NUM
ajfa-1871	290	82	technology	technology	NOUN
ajfa-1871	290	83	0.765	0.765	NUM
ajfa-1871	290	84	*	*	PUNCT
ajfa-1871	290	85	*	*	PUNCT
ajfa-1871	290	86	*	*	PUNCT
ajfa-1871	290	87	(	(	PUNCT
ajfa-1871	290	88	5.19	5.19	NUM
ajfa-1871	290	89	)	)	PUNCT
ajfa-1871	290	90	0.147	0.147	NUM
ajfa-1871	290	91	-0.157	-0.157	NOUN
ajfa-1871	290	92	(	(	PUNCT
ajfa-1871	290	93	-1.10	-1.10	NOUN
ajfa-1871	290	94	)	)	PUNCT
ajfa-1871	290	95	0.143	0.143	NUM
ajfa-1871	290	96	1.548	1.548	NUM
ajfa-1871	290	97	*	*	PUNCT
ajfa-1871	290	98	*	*	PUNCT
ajfa-1871	290	99	*	*	PUNCT
ajfa-1871	290	100	(	(	PUNCT
ajfa-1871	290	101	6.48	6.48	NUM
ajfa-1871	290	102	)	)	PUNCT
ajfa-1871	290	103	0.239	0.239	NUM
ajfa-1871	290	104	financials	financial	NOUN
ajfa-1871	290	105	0.069	0.069	NUM
ajfa-1871	290	106	(	(	PUNCT
ajfa-1871	290	107	0.59	0.59	NUM
ajfa-1871	290	108	)	)	PUNCT
ajfa-1871	290	109	0.116	0.116	NUM
ajfa-1871	290	110	-0.097	-0.097	PUNCT
ajfa-1871	290	111	(	(	PUNCT
ajfa-1871	290	112	-1.47	-1.47	X
ajfa-1871	290	113	)	)	PUNCT
ajfa-1871	290	114	0.066	0.066	NUM
ajfa-1871	290	115	-0.047	-0.047	NOUN
ajfa-1871	290	116	(	(	PUNCT
ajfa-1871	290	117	-0.24	-0.24	NOUN
ajfa-1871	290	118	)	)	PUNCT
ajfa-1871	290	119	0.198	0.198	NUM
ajfa-1871	290	120	consumer	consumer	NOUN
ajfa-1871	290	121	goods	good	NOUN
ajfa-1871	290	122	0.484	0.484	NUM
ajfa-1871	290	123	*	*	PUNCT
ajfa-1871	290	124	*	*	PUNCT
ajfa-1871	290	125	*	*	PUNCT
ajfa-1871	290	126	(	(	PUNCT
ajfa-1871	290	127	3.13	3.13	NUM
ajfa-1871	290	128	)	)	PUNCT
ajfa-1871	291	1	0.154	0.154	NUM
ajfa-1871	291	2	-0.008	-0.008	PROPN
ajfa-1871	291	3	(	(	PUNCT
ajfa-1871	291	4	-0.10	-0.10	PROPN
ajfa-1871	291	5	)	)	PUNCT
ajfa-1871	291	6	0.086	0.086	NUM
ajfa-1871	291	7	0.112	0.112	NUM
ajfa-1871	291	8	(	(	PUNCT
ajfa-1871	291	9	0.46	0.46	NUM
ajfa-1871	291	10	)	)	PUNCT
ajfa-1871	291	11	0.246	0.246	NUM
ajfa-1871	291	12	oil	oil	NOUN
ajfa-1871	291	13	&	&	CCONJ
ajfa-1871	291	14	gas	gas	NOUN
ajfa-1871	291	15	0.589	0.589	NUM
ajfa-1871	291	16	*	*	PUNCT
ajfa-1871	291	17	*	*	PUNCT
ajfa-1871	291	18	*	*	PUNCT
ajfa-1871	291	19	(	(	PUNCT
ajfa-1871	291	20	3.79	3.79	NUM
ajfa-1871	291	21	)	)	PUNCT
ajfa-1871	291	22	0.156	0.156	NUM
ajfa-1871	291	23	-0.010	-0.010	PUNCT
ajfa-1871	291	24	(	(	PUNCT
ajfa-1871	291	25	-0.13	-0.13	NUM
ajfa-1871	291	26	)	)	PUNCT
ajfa-1871	291	27	0.084	0.084	NUM
ajfa-1871	291	28	0.885	0.885	NUM
ajfa-1871	291	29	*	*	PUNCT
ajfa-1871	291	30	*	*	PUNCT
ajfa-1871	291	31	*	*	PUNCT
ajfa-1871	291	32	(	(	PUNCT
ajfa-1871	291	33	3.32	3.32	NUM
ajfa-1871	291	34	)	)	PUNCT
ajfa-1871	291	35	0.266	0.266	NUM
ajfa-1871	291	36	r2	r2	PROPN
ajfa-1871	291	37	(	(	PUNCT
ajfa-1871	291	38	adj	adj	PROPN
ajfa-1871	291	39	.	.	PUNCT
ajfa-1871	291	40	r2	r2	PROPN
ajfa-1871	291	41	)	)	PUNCT
ajfa-1871	291	42	0.88	0.88	NUM
ajfa-1871	291	43	(	(	PUNCT
ajfa-1871	291	44	0.87	0.87	NUM
ajfa-1871	291	45	)	)	PUNCT
ajfa-1871	291	46	0.73	0.73	NUM
ajfa-1871	291	47	(	(	PUNCT
ajfa-1871	291	48	0.69	0.69	NUM
ajfa-1871	291	49	)	)	PUNCT
ajfa-1871	291	50	0.37	0.37	NUM
ajfa-1871	291	51	(	(	PUNCT
ajfa-1871	291	52	0.34	0.34	NUM
ajfa-1871	291	53	)	)	PUNCT
ajfa-1871	291	54	wald	wald	NOUN
ajfa-1871	291	55	χ2	χ2	PROPN
ajfa-1871	291	56	(	(	PUNCT
ajfa-1871	291	57	14	14	NUM
ajfa-1871	291	58	)	)	PUNCT
ajfa-1871	291	59	1294.87	1294.87	NUM
ajfa-1871	291	60	*	*	PUNCT
ajfa-1871	291	61	*	*	PUNCT
ajfa-1871	291	62	*	*	PUNCT
ajfa-1871	291	63	(	(	PUNCT
ajfa-1871	291	64	0.000	0.000	NUM
ajfa-1871	291	65	)	)	PUNCT
ajfa-1871	291	66	195.10	195.10	NUM
ajfa-1871	291	67	*	*	PUNCT
ajfa-1871	291	68	*	*	PUNCT
ajfa-1871	291	69	*	*	PUNCT
ajfa-1871	291	70	(	(	PUNCT
ajfa-1871	291	71	0.000	0.000	NUM
ajfa-1871	291	72	)	)	PUNCT
ajfa-1871	291	73	263.61	263.61	NUM
ajfa-1871	291	74	*	*	PUNCT
ajfa-1871	291	75	*	*	PUNCT
ajfa-1871	291	76	*	*	PUNCT
ajfa-1871	291	77	(	(	PUNCT
ajfa-1871	291	78	0.000	0.000	NUM
ajfa-1871	291	79	)	)	PUNCT
ajfa-1871	291	80	sample	sample	NOUN
ajfa-1871	291	81	size	size	NOUN
ajfa-1871	291	82	232	232	NUM
ajfa-1871	291	83	100	100	NUM
ajfa-1871	291	84	332	332	NUM
ajfa-1871	291	85	†	†	NOUN
ajfa-1871	291	86	,	,	PUNCT
ajfa-1871	291	87	*	*	PUNCT
ajfa-1871	291	88	*	*	PUNCT
ajfa-1871	291	89	,	,	PUNCT
ajfa-1871	291	90	*	*	PUNCT
ajfa-1871	291	91	*	*	PUNCT
ajfa-1871	291	92	*	*	PUNCT
ajfa-1871	291	93	denote	denote	NOUN
ajfa-1871	291	94	significance	significance	NOUN
ajfa-1871	291	95	at	at	ADP
ajfa-1871	291	96	10	10	NUM
ajfa-1871	291	97	%	%	NOUN
ajfa-1871	291	98	,	,	PUNCT
ajfa-1871	291	99	5	5	NUM
ajfa-1871	291	100	%	%	NOUN
ajfa-1871	291	101	and	and	CCONJ
ajfa-1871	291	102	1	1	NUM
ajfa-1871	291	103	%	%	NOUN
ajfa-1871	291	104	respectively	respectively	ADV
ajfa-1871	291	105	asian	asian	ADJ
ajfa-1871	291	106	journal	journal	NOUN
ajfa-1871	291	107	of	of	ADP
ajfa-1871	291	108	finance	finance	PROPN
ajfa-1871	291	109	&	&	CCONJ
ajfa-1871	291	110	accounting	accounting	PROPN
ajfa-1871	291	111	issn	issn	PROPN
ajfa-1871	291	112	1946	1946	NUM
ajfa-1871	291	113	-	-	PUNCT
ajfa-1871	291	114	052x	052x	NOUN
ajfa-1871	291	115	2012	2012	NUM
ajfa-1871	291	116	,	,	PUNCT
ajfa-1871	291	117	vol	vol	NOUN
ajfa-1871	291	118	.	.	PROPN
ajfa-1871	291	119	4	4	NUM
ajfa-1871	291	120	,	,	PUNCT
ajfa-1871	291	121	no	no	INTJ
ajfa-1871	291	122	.	.	NOUN
ajfa-1871	291	123	2	2	NUM
ajfa-1871	291	124	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	291	125	126	126	NUM
ajfa-1871	291	126	in	in	ADP
ajfa-1871	291	127	summary	summary	NOUN
ajfa-1871	291	128	,	,	PUNCT
ajfa-1871	291	129	results	result	NOUN
ajfa-1871	291	130	reported	report	VERB
ajfa-1871	291	131	in	in	ADP
ajfa-1871	291	132	table	table	NOUN
ajfa-1871	291	133	4	4	NUM
ajfa-1871	291	134	and	and	CCONJ
ajfa-1871	291	135	5	5	NUM
ajfa-1871	291	136	provide	provide	VERB
ajfa-1871	291	137	support	support	NOUN
ajfa-1871	291	138	to	to	ADP
ajfa-1871	291	139	our	our	PRON
ajfa-1871	291	140	hypothesis	hypothesis	NOUN
ajfa-1871	291	141	that	that	SCONJ
ajfa-1871	291	142	executives	executive	NOUN
ajfa-1871	291	143	who	who	PRON
ajfa-1871	291	144	stand	stand	VERB
ajfa-1871	291	145	to	to	PART
ajfa-1871	291	146	gain	gain	VERB
ajfa-1871	291	147	substantially	substantially	ADV
ajfa-1871	291	148	from	from	ADP
ajfa-1871	291	149	an	an	DET
ajfa-1871	291	150	acquisition	acquisition	NOUN
ajfa-1871	291	151	would	would	AUX
ajfa-1871	291	152	actively	actively	ADV
ajfa-1871	291	153	seek	seek	VERB
ajfa-1871	291	154	to	to	PART
ajfa-1871	291	155	make	make	VERB
ajfa-1871	291	156	their	their	PRON
ajfa-1871	291	157	firms	firm	NOUN
ajfa-1871	291	158	more	more	ADV
ajfa-1871	291	159	attractive	attractive	ADJ
ajfa-1871	291	160	to	to	ADP
ajfa-1871	291	161	a	a	DET
ajfa-1871	291	162	takeover	takeover	NOUN
ajfa-1871	291	163	bid	bid	NOUN
ajfa-1871	291	164	.	.	PUNCT
ajfa-1871	292	1	our	our	PRON
ajfa-1871	292	2	results	result	NOUN
ajfa-1871	292	3	provide	provide	VERB
ajfa-1871	292	4	support	support	NOUN
ajfa-1871	292	5	to	to	ADP
ajfa-1871	292	6	the	the	DET
ajfa-1871	292	7	results	result	NOUN
ajfa-1871	292	8	reported	report	VERB
ajfa-1871	292	9	by	by	ADP
ajfa-1871	292	10	larcker	larcker	NOUN
ajfa-1871	292	11	and	and	CCONJ
ajfa-1871	292	12	lambert	lambert	PROPN
ajfa-1871	292	13	(	(	PUNCT
ajfa-1871	292	14	1985	1985	NUM
ajfa-1871	292	15	)	)	PUNCT
ajfa-1871	292	16	,	,	PUNCT
ajfa-1871	292	17	wade	wade	NOUN
ajfa-1871	292	18	and	and	CCONJ
ajfa-1871	292	19	o’reilly	o’reilly	ADV
ajfa-1871	292	20	(	(	PUNCT
ajfa-1871	292	21	1990	1990	NUM
ajfa-1871	292	22	)	)	PUNCT
ajfa-1871	292	23	and	and	CCONJ
ajfa-1871	292	24	singh	singh	PROPN
ajfa-1871	292	25	and	and	CCONJ
ajfa-1871	292	26	harianto	harianto	PROPN
ajfa-1871	292	27	(	(	PUNCT
ajfa-1871	292	28	1989	1989	NUM
ajfa-1871	292	29	)	)	PUNCT
ajfa-1871	292	30	,	,	PUNCT
ajfa-1871	292	31	that	that	SCONJ
ajfa-1871	292	32	managers	manager	NOUN
ajfa-1871	292	33	use	use	VERB
ajfa-1871	292	34	their	their	PRON
ajfa-1871	292	35	power	power	NOUN
ajfa-1871	292	36	to	to	PART
ajfa-1871	292	37	secure	secure	VERB
ajfa-1871	292	38	their	their	PRON
ajfa-1871	292	39	financial	financial	ADJ
ajfa-1871	292	40	future	future	NOUN
ajfa-1871	292	41	with	with	ADP
ajfa-1871	292	42	golden	golden	ADJ
ajfa-1871	292	43	parachutes	parachute	NOUN
ajfa-1871	292	44	and	and	CCONJ
ajfa-1871	292	45	change	change	NOUN
ajfa-1871	292	46	in	in	ADP
ajfa-1871	292	47	control	control	NOUN
ajfa-1871	292	48	payments	payment	NOUN
ajfa-1871	292	49	.	.	PUNCT
ajfa-1871	293	1	results	result	NOUN
ajfa-1871	293	2	reported	report	VERB
ajfa-1871	293	3	in	in	ADP
ajfa-1871	293	4	table	table	NOUN
ajfa-1871	293	5	6	6	NUM
ajfa-1871	293	6	show	show	NOUN
ajfa-1871	293	7	that	that	SCONJ
ajfa-1871	293	8	the	the	DET
ajfa-1871	293	9	size	size	NOUN
ajfa-1871	293	10	of	of	ADP
ajfa-1871	293	11	an	an	DET
ajfa-1871	293	12	executive	executive	NOUN
ajfa-1871	293	13	’s	’s	PART
ajfa-1871	293	14	potential	potential	ADJ
ajfa-1871	293	15	change	change	NOUN
ajfa-1871	293	16	in	in	ADP
ajfa-1871	293	17	control	control	NOUN
ajfa-1871	293	18	payments	payment	NOUN
ajfa-1871	293	19	is	be	AUX
ajfa-1871	293	20	unrelated	unrelated	ADJ
ajfa-1871	293	21	to	to	ADP
ajfa-1871	293	22	the	the	DET
ajfa-1871	293	23	firm	firm	NOUN
ajfa-1871	293	24	’s	’s	PART
ajfa-1871	293	25	attractiveness	attractiveness	NOUN
ajfa-1871	293	26	as	as	ADP
ajfa-1871	293	27	a	a	DET
ajfa-1871	293	28	takeover	takeover	NOUN
ajfa-1871	293	29	target	target	NOUN
ajfa-1871	293	30	.	.	PUNCT
ajfa-1871	294	1	total	total	ADJ
ajfa-1871	294	2	assets	asset	NOUN
ajfa-1871	294	3	are	be	AUX
ajfa-1871	294	4	negatively	negatively	ADV
ajfa-1871	294	5	related	relate	VERB
ajfa-1871	294	6	to	to	ADP
ajfa-1871	294	7	both	both	DET
ajfa-1871	294	8	equity	equity	NOUN
ajfa-1871	294	9	and	and	CCONJ
ajfa-1871	294	10	cash	cash	NOUN
ajfa-1871	294	11	and	and	CCONJ
ajfa-1871	294	12	npvar	npvar	NOUN
ajfa-1871	294	13	is	be	AUX
ajfa-1871	294	14	statistically	statistically	ADV
ajfa-1871	294	15	significant	significant	ADJ
ajfa-1871	294	16	in	in	ADP
ajfa-1871	294	17	explaining	explain	VERB
ajfa-1871	294	18	cash	cash	NOUN
ajfa-1871	294	19	balance	balance	NOUN
ajfa-1871	294	20	levels	level	NOUN
ajfa-1871	294	21	.	.	PUNCT
ajfa-1871	295	1	6	6	X
ajfa-1871	295	2	.	.	X
ajfa-1871	295	3	conclusion	conclusion	NOUN
ajfa-1871	295	4	using	use	VERB
ajfa-1871	295	5	agency	agency	NOUN
ajfa-1871	295	6	theory	theory	NOUN
ajfa-1871	295	7	paradigm	paradigm	NOUN
ajfa-1871	295	8	,	,	PUNCT
ajfa-1871	295	9	larcker	larcker	NOUN
ajfa-1871	295	10	and	and	CCONJ
ajfa-1871	295	11	lambert	lambert	PROPN
ajfa-1871	295	12	(	(	PUNCT
ajfa-1871	295	13	1985	1985	NUM
ajfa-1871	295	14	)	)	PUNCT
ajfa-1871	295	15	and	and	CCONJ
ajfa-1871	295	16	narayan	narayan	NOUN
ajfa-1871	295	17	and	and	CCONJ
ajfa-1871	295	18	sundaram	sundaram	PROPN
ajfa-1871	295	19	(	(	PUNCT
ajfa-1871	295	20	1998	1998	NUM
ajfa-1871	295	21	)	)	PUNCT
ajfa-1871	295	22	argue	argue	VERB
ajfa-1871	295	23	that	that	SCONJ
ajfa-1871	295	24	change	change	NOUN
ajfa-1871	295	25	in	in	ADP
ajfa-1871	295	26	control	control	NOUN
ajfa-1871	295	27	payments	payment	NOUN
ajfa-1871	295	28	exist	exist	VERB
ajfa-1871	295	29	primarily	primarily	ADV
ajfa-1871	295	30	as	as	ADP
ajfa-1871	295	31	an	an	DET
ajfa-1871	295	32	insurance	insurance	NOUN
ajfa-1871	295	33	policy	policy	NOUN
ajfa-1871	295	34	for	for	ADP
ajfa-1871	295	35	incumbent	incumbent	ADJ
ajfa-1871	295	36	managers	manager	NOUN
ajfa-1871	295	37	,	,	PUNCT
ajfa-1871	295	38	should	should	AUX
ajfa-1871	295	39	their	their	PRON
ajfa-1871	295	40	firm	firm	NOUN
ajfa-1871	295	41	ever	ever	ADV
ajfa-1871	295	42	be	be	AUX
ajfa-1871	295	43	acquired	acquire	VERB
ajfa-1871	295	44	.	.	PUNCT
ajfa-1871	296	1	this	this	DET
ajfa-1871	296	2	view	view	NOUN
ajfa-1871	296	3	is	be	AUX
ajfa-1871	296	4	also	also	ADV
ajfa-1871	296	5	supported	support	VERB
ajfa-1871	296	6	by	by	ADP
ajfa-1871	296	7	whisler	whisler	NOUN
ajfa-1871	296	8	(	(	PUNCT
ajfa-1871	296	9	1984	1984	NUM
ajfa-1871	296	10	)	)	PUNCT
ajfa-1871	296	11	,	,	PUNCT
ajfa-1871	296	12	drucker	drucker	NOUN
ajfa-1871	296	13	(	(	PUNCT
ajfa-1871	296	14	1974	1974	NUM
ajfa-1871	296	15	)	)	PUNCT
ajfa-1871	296	16	and	and	CCONJ
ajfa-1871	296	17	lorsch	lorsch	PROPN
ajfa-1871	296	18	(	(	PUNCT
ajfa-1871	296	19	1989	1989	NUM
ajfa-1871	296	20	)	)	PUNCT
ajfa-1871	296	21	who	who	PRON
ajfa-1871	296	22	argue	argue	VERB
ajfa-1871	296	23	that	that	SCONJ
ajfa-1871	296	24	executives	executive	NOUN
ajfa-1871	296	25	are	be	AUX
ajfa-1871	296	26	in	in	ADP
ajfa-1871	296	27	complete	complete	ADJ
ajfa-1871	296	28	control	control	NOUN
ajfa-1871	296	29	of	of	ADP
ajfa-1871	296	30	firms	firm	NOUN
ajfa-1871	296	31	and	and	CCONJ
ajfa-1871	296	32	that	that	SCONJ
ajfa-1871	296	33	shareholder	shareholder	NOUN
ajfa-1871	296	34	and	and	CCONJ
ajfa-1871	296	35	boards	board	NOUN
ajfa-1871	296	36	of	of	ADP
ajfa-1871	296	37	directors	director	NOUN
ajfa-1871	296	38	are	be	AUX
ajfa-1871	296	39	powerless	powerless	ADJ
ajfa-1871	296	40	.	.	PUNCT
ajfa-1871	297	1	according	accord	VERB
ajfa-1871	297	2	to	to	ADP
ajfa-1871	297	3	hartzell	hartzell	PROPN
ajfa-1871	297	4	et	et	PROPN
ajfa-1871	297	5	al	al	PROPN
ajfa-1871	297	6	.	.	PROPN
ajfa-1871	298	1	(	(	PUNCT
ajfa-1871	298	2	2004	2004	NUM
ajfa-1871	298	3	)	)	PUNCT
ajfa-1871	298	4	,	,	PUNCT
ajfa-1871	298	5	since	since	SCONJ
ajfa-1871	298	6	the	the	DET
ajfa-1871	298	7	inception	inception	NOUN
ajfa-1871	298	8	of	of	ADP
ajfa-1871	298	9	golden	golden	ADJ
ajfa-1871	298	10	parachutes	parachute	NOUN
ajfa-1871	298	11	,	,	PUNCT
ajfa-1871	298	12	change	change	NOUN
ajfa-1871	298	13	in	in	ADP
ajfa-1871	298	14	control	control	NOUN
ajfa-1871	298	15	payments	payment	NOUN
ajfa-1871	298	16	have	have	AUX
ajfa-1871	298	17	become	become	VERB
ajfa-1871	298	18	a	a	DET
ajfa-1871	298	19	significant	significant	ADJ
ajfa-1871	298	20	source	source	NOUN
ajfa-1871	298	21	of	of	ADP
ajfa-1871	298	22	executive	executive	ADJ
ajfa-1871	298	23	compensation	compensation	NOUN
ajfa-1871	298	24	during	during	ADP
ajfa-1871	298	25	a	a	DET
ajfa-1871	298	26	takeover	takeover	NOUN
ajfa-1871	298	27	with	with	ADP
ajfa-1871	298	28	some	some	DET
ajfa-1871	298	29	ceos	ceos	NOUN
ajfa-1871	298	30	receiving	receive	VERB
ajfa-1871	298	31	up	up	ADP
ajfa-1871	298	32	to	to	PART
ajfa-1871	298	33	nine	nine	NUM
ajfa-1871	298	34	times	time	NOUN
ajfa-1871	298	35	their	their	PRON
ajfa-1871	298	36	annual	annual	ADJ
ajfa-1871	298	37	salary	salary	NOUN
ajfa-1871	298	38	.	.	PUNCT
ajfa-1871	299	1	this	this	DET
ajfa-1871	299	2	study	study	NOUN
ajfa-1871	299	3	investigates	investigate	VERB
ajfa-1871	299	4	whether	whether	SCONJ
ajfa-1871	299	5	change	change	NOUN
ajfa-1871	299	6	in	in	ADP
ajfa-1871	299	7	control	control	NOUN
ajfa-1871	299	8	payments	payment	NOUN
ajfa-1871	299	9	motivates	motivate	VERB
ajfa-1871	299	10	some	some	DET
ajfa-1871	299	11	ceos	ceos	NOUN
ajfa-1871	299	12	to	to	PART
ajfa-1871	299	13	actually	actually	ADV
ajfa-1871	299	14	desire	desire	VERB
ajfa-1871	299	15	their	their	PRON
ajfa-1871	299	16	firm	firm	NOUN
ajfa-1871	299	17	to	to	PART
ajfa-1871	299	18	be	be	AUX
ajfa-1871	299	19	taken	take	VERB
ajfa-1871	299	20	over	over	ADP
ajfa-1871	299	21	.	.	PUNCT
ajfa-1871	300	1	using	use	VERB
ajfa-1871	300	2	the	the	DET
ajfa-1871	300	3	us	us	PROPN
ajfa-1871	300	4	and	and	CCONJ
ajfa-1871	300	5	australian	australian	ADJ
ajfa-1871	300	6	data	datum	NOUN
ajfa-1871	300	7	,	,	PUNCT
ajfa-1871	300	8	and	and	CCONJ
ajfa-1871	300	9	employing	employ	VERB
ajfa-1871	300	10	ols	ol	NOUN
ajfa-1871	300	11	regression	regression	NOUN
ajfa-1871	300	12	,	,	PUNCT
ajfa-1871	300	13	we	we	PRON
ajfa-1871	300	14	report	report	VERB
ajfa-1871	300	15	that	that	SCONJ
ajfa-1871	300	16	the	the	DET
ajfa-1871	300	17	firms	firm	NOUN
ajfa-1871	300	18	with	with	ADP
ajfa-1871	300	19	large	large	ADJ
ajfa-1871	300	20	change	change	NOUN
ajfa-1871	300	21	in	in	ADP
ajfa-1871	300	22	control	control	NOUN
ajfa-1871	300	23	payments	payment	NOUN
ajfa-1871	300	24	also	also	ADV
ajfa-1871	300	25	tend	tend	VERB
ajfa-1871	300	26	to	to	PART
ajfa-1871	300	27	have	have	VERB
ajfa-1871	300	28	large	large	ADJ
ajfa-1871	300	29	cash	cash	NOUN
ajfa-1871	300	30	balances	balance	NOUN
ajfa-1871	300	31	.	.	PUNCT
ajfa-1871	301	1	this	this	DET
ajfa-1871	301	2	view	view	NOUN
ajfa-1871	301	3	is	be	AUX
ajfa-1871	301	4	also	also	ADV
ajfa-1871	301	5	supported	support	VERB
ajfa-1871	301	6	by	by	ADP
ajfa-1871	301	7	hartzell	hartzell	PROPN
ajfa-1871	301	8	et	et	PROPN
ajfa-1871	301	9	al	al	PROPN
ajfa-1871	301	10	.	.	PROPN
ajfa-1871	301	11	(	(	PUNCT
ajfa-1871	301	12	2004	2004	NUM
ajfa-1871	301	13	)	)	PUNCT
ajfa-1871	301	14	.	.	PUNCT
ajfa-1871	302	1	our	our	PRON
ajfa-1871	302	2	findings	finding	NOUN
ajfa-1871	302	3	reported	report	VERB
ajfa-1871	302	4	in	in	ADP
ajfa-1871	302	5	table	table	NOUN
ajfa-1871	302	6	4	4	NUM
ajfa-1871	302	7	show	show	VERB
ajfa-1871	302	8	that	that	SCONJ
ajfa-1871	302	9	an	an	DET
ajfa-1871	302	10	increase	increase	NOUN
ajfa-1871	302	11	in	in	ADP
ajfa-1871	302	12	payoutfactor	payoutfactor	NOUN
ajfa-1871	302	13	(	(	PUNCT
ajfa-1871	302	14	golden	golden	ADJ
ajfa-1871	302	15	parachute	parachute	NOUN
ajfa-1871	302	16	provision	provision	NOUN
ajfa-1871	302	17	)	)	PUNCT
ajfa-1871	302	18	tends	tend	VERB
ajfa-1871	302	19	to	to	PART
ajfa-1871	302	20	have	have	VERB
ajfa-1871	302	21	a	a	DET
ajfa-1871	302	22	positive	positive	ADJ
ajfa-1871	302	23	effect	effect	NOUN
ajfa-1871	302	24	on	on	ADP
ajfa-1871	302	25	net	net	ADJ
ajfa-1871	302	26	cash	cash	NOUN
ajfa-1871	302	27	balance	balance	NOUN
ajfa-1871	302	28	,	,	PUNCT
ajfa-1871	302	29	indicating	indicate	VERB
ajfa-1871	302	30	that	that	SCONJ
ajfa-1871	302	31	firms	firm	NOUN
ajfa-1871	302	32	do	do	AUX
ajfa-1871	302	33	hold	hold	VERB
ajfa-1871	302	34	high	high	ADJ
ajfa-1871	302	35	cash	cash	NOUN
ajfa-1871	302	36	balances	balance	NOUN
ajfa-1871	302	37	in	in	ADP
ajfa-1871	302	38	order	order	NOUN
ajfa-1871	302	39	to	to	PART
ajfa-1871	302	40	be	be	AUX
ajfa-1871	302	41	able	able	ADJ
ajfa-1871	302	42	to	to	PART
ajfa-1871	302	43	meet	meet	VERB
ajfa-1871	302	44	their	their	PRON
ajfa-1871	302	45	obligation	obligation	NOUN
ajfa-1871	302	46	.	.	PUNCT
ajfa-1871	303	1	however	however	ADV
ajfa-1871	303	2	,	,	PUNCT
ajfa-1871	303	3	results	result	NOUN
ajfa-1871	303	4	for	for	ADP
ajfa-1871	303	5	total	total	ADJ
ajfa-1871	303	6	assets	asset	NOUN
ajfa-1871	303	7	indicate	indicate	VERB
ajfa-1871	303	8	that	that	SCONJ
ajfa-1871	303	9	smaller	small	ADJ
ajfa-1871	303	10	firms	firm	NOUN
ajfa-1871	303	11	hold	hold	VERB
ajfa-1871	303	12	higher	high	ADJ
ajfa-1871	303	13	net	net	ADJ
ajfa-1871	303	14	cash	cash	NOUN
ajfa-1871	303	15	balances	balance	NOUN
ajfa-1871	303	16	compared	compare	VERB
ajfa-1871	303	17	to	to	ADP
ajfa-1871	303	18	larger	large	ADJ
ajfa-1871	303	19	firms	firm	NOUN
ajfa-1871	303	20	.	.	PUNCT
ajfa-1871	304	1	earnings	earning	NOUN
ajfa-1871	304	2	volatility	volatility	NOUN
ajfa-1871	304	3	(	(	PUNCT
ajfa-1871	304	4	npvar	npvar	NOUN
ajfa-1871	304	5	)	)	PUNCT
ajfa-1871	304	6	is	be	AUX
ajfa-1871	304	7	positive	positive	ADJ
ajfa-1871	304	8	,	,	PUNCT
ajfa-1871	304	9	thus	thus	ADV
ajfa-1871	304	10	indicating	indicate	VERB
ajfa-1871	304	11	that	that	SCONJ
ajfa-1871	304	12	firms	firm	NOUN
ajfa-1871	304	13	experiencing	experience	VERB
ajfa-1871	304	14	high	high	ADJ
ajfa-1871	304	15	volatility	volatility	NOUN
ajfa-1871	304	16	tend	tend	VERB
ajfa-1871	304	17	to	to	PART
ajfa-1871	304	18	hold	hold	VERB
ajfa-1871	304	19	higher	high	ADJ
ajfa-1871	304	20	net	net	ADJ
ajfa-1871	304	21	cash	cash	NOUN
ajfa-1871	304	22	balances	balance	NOUN
ajfa-1871	304	23	.	.	PUNCT
ajfa-1871	305	1	results	result	NOUN
ajfa-1871	305	2	reported	report	VERB
ajfa-1871	305	3	in	in	ADP
ajfa-1871	305	4	table	table	NOUN
ajfa-1871	305	5	5	5	NUM
ajfa-1871	305	6	indicate	indicate	VERB
ajfa-1871	305	7	that	that	SCONJ
ajfa-1871	305	8	factorpayout	factorpayout	NOUN
ajfa-1871	305	9	has	have	VERB
ajfa-1871	305	10	a	a	DET
ajfa-1871	305	11	negative	negative	ADJ
ajfa-1871	305	12	effect	effect	NOUN
ajfa-1871	305	13	on	on	ADP
ajfa-1871	305	14	the	the	DET
ajfa-1871	305	15	proportion	proportion	NOUN
ajfa-1871	305	16	of	of	ADP
ajfa-1871	305	17	equity	equity	NOUN
ajfa-1871	305	18	held	hold	VERB
ajfa-1871	305	19	by	by	ADP
ajfa-1871	305	20	the	the	DET
ajfa-1871	305	21	shareholders	shareholder	NOUN
ajfa-1871	305	22	.	.	PUNCT
ajfa-1871	306	1	this	this	PRON
ajfa-1871	306	2	suggests	suggest	VERB
ajfa-1871	306	3	that	that	SCONJ
ajfa-1871	306	4	managers	manager	NOUN
ajfa-1871	306	5	do	do	AUX
ajfa-1871	306	6	change	change	VERB
ajfa-1871	306	7	the	the	DET
ajfa-1871	306	8	capital	capital	NOUN
ajfa-1871	306	9	structure	structure	NOUN
ajfa-1871	306	10	of	of	ADP
ajfa-1871	306	11	the	the	DET
ajfa-1871	306	12	firm	firm	NOUN
ajfa-1871	306	13	(	(	PUNCT
ajfa-1871	306	14	proportion	proportion	NOUN
ajfa-1871	306	15	of	of	ADP
ajfa-1871	306	16	debt	debt	NOUN
ajfa-1871	306	17	and	and	CCONJ
ajfa-1871	306	18	equity	equity	NOUN
ajfa-1871	306	19	)	)	PUNCT
ajfa-1871	306	20	in	in	ADP
ajfa-1871	306	21	order	order	NOUN
ajfa-1871	306	22	to	to	PART
ajfa-1871	306	23	gain	gain	VERB
ajfa-1871	306	24	power	power	NOUN
ajfa-1871	306	25	of	of	ADP
ajfa-1871	306	26	control	control	NOUN
ajfa-1871	306	27	.	.	PUNCT
ajfa-1871	307	1	our	our	PRON
ajfa-1871	307	2	findings	finding	NOUN
ajfa-1871	307	3	reported	report	VERB
ajfa-1871	307	4	in	in	ADP
ajfa-1871	307	5	tables	table	NOUN
ajfa-1871	307	6	6	6	NUM
ajfa-1871	307	7	support	support	NOUN
ajfa-1871	307	8	the	the	DET
ajfa-1871	307	9	view	view	NOUN
ajfa-1871	307	10	that	that	SCONJ
ajfa-1871	307	11	managers	manager	NOUN
ajfa-1871	307	12	that	that	PRON
ajfa-1871	307	13	have	have	VERB
ajfa-1871	307	14	substantial	substantial	ADJ
ajfa-1871	307	15	influence	influence	NOUN
ajfa-1871	307	16	over	over	ADP
ajfa-1871	307	17	their	their	PRON
ajfa-1871	307	18	firms	firm	NOUN
ajfa-1871	307	19	actually	actually	ADV
ajfa-1871	307	20	use	use	VERB
ajfa-1871	307	21	this	this	DET
ajfa-1871	307	22	influence	influence	NOUN
ajfa-1871	307	23	to	to	PART
ajfa-1871	307	24	get	get	VERB
ajfa-1871	307	25	their	their	PRON
ajfa-1871	307	26	firms	firm	NOUN
ajfa-1871	307	27	to	to	PART
ajfa-1871	307	28	hold	hold	VERB
ajfa-1871	307	29	more	more	ADJ
ajfa-1871	307	30	cash	cash	NOUN
ajfa-1871	307	31	and	and	CCONJ
ajfa-1871	307	32	negotiate	negotiate	VERB
ajfa-1871	307	33	better	well	ADJ
ajfa-1871	307	34	change	change	NOUN
ajfa-1871	307	35	in	in	ADP
ajfa-1871	307	36	control	control	NOUN
ajfa-1871	307	37	contracts	contract	NOUN
ajfa-1871	307	38	.	.	PUNCT
ajfa-1871	308	1	this	this	PRON
ajfa-1871	308	2	enables	enable	VERB
ajfa-1871	308	3	the	the	DET
ajfa-1871	308	4	incumbent	incumbent	ADJ
ajfa-1871	308	5	manager	manager	NOUN
ajfa-1871	308	6	to	to	PART
ajfa-1871	308	7	use	use	VERB
ajfa-1871	308	8	the	the	DET
ajfa-1871	308	9	extra	extra	ADJ
ajfa-1871	308	10	cash	cash	NOUN
ajfa-1871	308	11	for	for	ADP
ajfa-1871	308	12	their	their	PRON
ajfa-1871	308	13	personal	personal	ADJ
ajfa-1871	308	14	use	use	NOUN
ajfa-1871	308	15	but	but	CCONJ
ajfa-1871	308	16	also	also	ADV
ajfa-1871	308	17	insure	insure	VERB
ajfa-1871	308	18	that	that	SCONJ
ajfa-1871	308	19	their	their	PRON
ajfa-1871	308	20	financial	financial	ADJ
ajfa-1871	308	21	wellbeing	wellbeing	NOUN
ajfa-1871	308	22	is	be	AUX
ajfa-1871	308	23	secured	secure	VERB
ajfa-1871	308	24	should	should	AUX
ajfa-1871	308	25	the	the	DET
ajfa-1871	308	26	firm	firm	NOUN
ajfa-1871	308	27	ever	ever	ADV
ajfa-1871	308	28	be	be	AUX
ajfa-1871	308	29	acquired	acquire	VERB
ajfa-1871	308	30	.	.	PUNCT
ajfa-1871	309	1	we	we	PRON
ajfa-1871	309	2	conclude	conclude	VERB
ajfa-1871	309	3	that	that	SCONJ
ajfa-1871	309	4	firms	firm	NOUN
ajfa-1871	309	5	with	with	ADP
ajfa-1871	309	6	greater	great	ADJ
ajfa-1871	309	7	cash	cash	NOUN
ajfa-1871	309	8	levels	level	NOUN
ajfa-1871	309	9	offer	offer	VERB
ajfa-1871	309	10	change	change	NOUN
ajfa-1871	309	11	in	in	ADP
ajfa-1871	309	12	control	control	NOUN
ajfa-1871	309	13	agreements	agreement	NOUN
ajfa-1871	309	14	as	as	SCONJ
ajfa-1871	309	15	they	they	PRON
ajfa-1871	309	16	are	be	AUX
ajfa-1871	309	17	more	more	ADV
ajfa-1871	309	18	able	able	ADJ
ajfa-1871	309	19	to	to	PART
ajfa-1871	309	20	afford	afford	VERB
ajfa-1871	309	21	them	they	PRON
ajfa-1871	309	22	and	and	CCONJ
ajfa-1871	309	23	having	have	VERB
ajfa-1871	309	24	high	high	ADJ
ajfa-1871	309	25	golden	golden	ADJ
ajfa-1871	309	26	parachute	parachute	NOUN
ajfa-1871	309	27	benefits	benefit	NOUN
ajfa-1871	309	28	allow	allow	VERB
ajfa-1871	309	29	ceos	ceo	NOUN
ajfa-1871	309	30	to	to	PART
ajfa-1871	309	31	change	change	VERB
ajfa-1871	309	32	the	the	DET
ajfa-1871	309	33	firms	firm	NOUN
ajfa-1871	309	34	’	’	PART
ajfa-1871	309	35	capital	capital	NOUN
ajfa-1871	309	36	structure	structure	NOUN
ajfa-1871	309	37	for	for	ADP
ajfa-1871	309	38	their	their	PRON
ajfa-1871	309	39	own	own	ADJ
ajfa-1871	309	40	benefits	benefit	NOUN
ajfa-1871	309	41	.	.	PUNCT
ajfa-1871	310	1	overall	overall	ADV
ajfa-1871	310	2	,	,	PUNCT
ajfa-1871	310	3	our	our	PRON
ajfa-1871	310	4	finding	finding	NOUN
ajfa-1871	310	5	supports	support	VERB
ajfa-1871	310	6	the	the	DET
ajfa-1871	310	7	view	view	NOUN
ajfa-1871	310	8	that	that	SCONJ
ajfa-1871	310	9	change	change	NOUN
ajfa-1871	310	10	in	in	ADP
ajfa-1871	310	11	control	control	NOUN
ajfa-1871	310	12	agreements	agreement	NOUN
ajfa-1871	310	13	are	be	AUX
ajfa-1871	310	14	implemented	implement	VERB
ajfa-1871	310	15	largely	largely	ADV
ajfa-1871	310	16	due	due	ADJ
ajfa-1871	310	17	to	to	ADP
ajfa-1871	310	18	executives	executive	NOUN
ajfa-1871	310	19	wanting	want	VERB
ajfa-1871	310	20	an	an	DET
ajfa-1871	310	21	insurance	insurance	NOUN
ajfa-1871	310	22	policy	policy	NOUN
ajfa-1871	310	23	and	and	CCONJ
ajfa-1871	310	24	corporate	corporate	ADJ
ajfa-1871	310	25	governance	governance	NOUN
ajfa-1871	310	26	is	be	AUX
ajfa-1871	310	27	being	be	AUX
ajfa-1871	310	28	relatively	relatively	ADV
ajfa-1871	310	29	powerless	powerless	ADJ
ajfa-1871	310	30	to	to	PART
ajfa-1871	310	31	stop	stop	VERB
ajfa-1871	310	32	them	they	PRON
ajfa-1871	310	33	.	.	PUNCT
ajfa-1871	311	1	finally	finally	ADV
ajfa-1871	311	2	,	,	PUNCT
ajfa-1871	311	3	we	we	PRON
ajfa-1871	311	4	wish	wish	VERB
ajfa-1871	311	5	to	to	PART
ajfa-1871	311	6	caution	caution	VERB
ajfa-1871	311	7	people	people	NOUN
ajfa-1871	311	8	from	from	ADP
ajfa-1871	311	9	generalising	generalise	VERB
ajfa-1871	311	10	the	the	DET
ajfa-1871	311	11	findings	finding	NOUN
ajfa-1871	311	12	of	of	ADP
ajfa-1871	311	13	this	this	DET
ajfa-1871	311	14	study	study	NOUN
ajfa-1871	311	15	as	as	SCONJ
ajfa-1871	311	16	it	it	PRON
ajfa-1871	311	17	is	be	AUX
ajfa-1871	311	18	based	base	VERB
ajfa-1871	311	19	on	on	ADP
ajfa-1871	311	20	a	a	DET
ajfa-1871	311	21	small	small	ADJ
ajfa-1871	311	22	sample	sample	NOUN
ajfa-1871	311	23	size	size	NOUN
ajfa-1871	311	24	.	.	PUNCT
ajfa-1871	312	1	it	it	PRON
ajfa-1871	312	2	is	be	AUX
ajfa-1871	312	3	noted	note	VERB
ajfa-1871	312	4	that	that	SCONJ
ajfa-1871	312	5	this	this	DET
ajfa-1871	312	6	study	study	NOUN
ajfa-1871	312	7	is	be	AUX
ajfa-1871	312	8	timely	timely	ADJ
ajfa-1871	312	9	and	and	CCONJ
ajfa-1871	312	10	deals	deal	NOUN
ajfa-1871	312	11	with	with	ADP
ajfa-1871	312	12	concerns	concern	NOUN
ajfa-1871	312	13	regarding	regard	VERB
ajfa-1871	312	14	asian	asian	ADJ
ajfa-1871	312	15	journal	journal	NOUN
ajfa-1871	312	16	of	of	ADP
ajfa-1871	312	17	finance	finance	PROPN
ajfa-1871	312	18	&	&	CCONJ
ajfa-1871	312	19	accounting	accounting	PROPN
ajfa-1871	312	20	issn	issn	PROPN
ajfa-1871	312	21	1946	1946	NUM
ajfa-1871	312	22	-	-	PUNCT
ajfa-1871	312	23	052x	052x	NOUN
ajfa-1871	312	24	2012	2012	NUM
ajfa-1871	312	25	,	,	PUNCT
ajfa-1871	312	26	vol	vol	NOUN
ajfa-1871	312	27	.	.	PROPN
ajfa-1871	312	28	4	4	NUM
ajfa-1871	312	29	,	,	PUNCT
ajfa-1871	312	30	no	no	INTJ
ajfa-1871	312	31	.	.	NOUN
ajfa-1871	312	32	2	2	NUM
ajfa-1871	312	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	312	34	127	127	NUM
ajfa-1871	312	35	ceo	ceo	NOUN
ajfa-1871	312	36	compensation	compensation	NOUN
ajfa-1871	312	37	,	,	PUNCT
ajfa-1871	312	38	capital	capital	NOUN
ajfa-1871	312	39	structure	structure	NOUN
ajfa-1871	312	40	and	and	CCONJ
ajfa-1871	312	41	governance	governance	NOUN
ajfa-1871	312	42	issues	issue	NOUN
ajfa-1871	312	43	.	.	PUNCT
ajfa-1871	313	1	the	the	DET
ajfa-1871	313	2	extent	extent	NOUN
ajfa-1871	313	3	to	to	PART
ajfa-1871	313	4	which	which	PRON
ajfa-1871	313	5	companies	company	NOUN
ajfa-1871	313	6	can	can	AUX
ajfa-1871	313	7	work	work	VERB
ajfa-1871	313	8	to	to	PART
ajfa-1871	313	9	lift	lift	VERB
ajfa-1871	313	10	governance	governance	NOUN
ajfa-1871	313	11	practices	practice	NOUN
ajfa-1871	313	12	will	will	AUX
ajfa-1871	313	13	provide	provide	VERB
ajfa-1871	313	14	opportunities	opportunity	NOUN
ajfa-1871	313	15	for	for	ADP
ajfa-1871	313	16	research	research	NOUN
ajfa-1871	313	17	in	in	ADP
ajfa-1871	313	18	the	the	DET
ajfa-1871	313	19	future	future	NOUN
ajfa-1871	313	20	.	.	PUNCT
ajfa-1871	314	1	references	reference	NOUN
ajfa-1871	314	2	andrade	andrade	PROPN
ajfa-1871	314	3	,	,	PUNCT
ajfa-1871	314	4	g.	g.	PROPN
ajfa-1871	314	5	,	,	PUNCT
ajfa-1871	314	6	mitchell	mitchell	PROPN
ajfa-1871	314	7	,	,	PUNCT
ajfa-1871	314	8	m.	m.	NOUN
ajfa-1871	314	9	,	,	PUNCT
ajfa-1871	314	10	&	&	CCONJ
ajfa-1871	314	11	stafford	stafford	PROPN
ajfa-1871	314	12	,	,	PUNCT
ajfa-1871	314	13	e.	e.	PROPN
ajfa-1871	314	14	(	(	PUNCT
ajfa-1871	314	15	2001	2001	NUM
ajfa-1871	314	16	)	)	PUNCT
ajfa-1871	314	17	.	.	PUNCT
ajfa-1871	315	1	new	new	ADJ
ajfa-1871	315	2	evidence	evidence	NOUN
ajfa-1871	315	3	and	and	CCONJ
ajfa-1871	315	4	perspectives	perspective	NOUN
ajfa-1871	315	5	on	on	ADP
ajfa-1871	315	6	mergers	merger	NOUN
ajfa-1871	315	7	.	.	PUNCT
ajfa-1871	316	1	journal	journal	NOUN
ajfa-1871	316	2	of	of	ADP
ajfa-1871	316	3	economic	economic	ADJ
ajfa-1871	316	4	perspectives	perspective	NOUN
ajfa-1871	316	5	,	,	PUNCT
ajfa-1871	316	6	15	15	NUM
ajfa-1871	316	7	,	,	PUNCT
ajfa-1871	316	8	103	103	NUM
ajfa-1871	316	9	-	-	SYM
ajfa-1871	316	10	120	120	NUM
ajfa-1871	316	11	,	,	PUNCT
ajfa-1871	316	12	levine	levine	PROPN
ajfa-1871	316	13	,	,	PUNCT
ajfa-1871	316	14	p.	p.	PROPN
ajfa-1871	316	15	&	&	CCONJ
ajfa-1871	316	16	aaronovitch	aaronovitch	PROPN
ajfa-1871	316	17	,	,	PUNCT
ajfa-1871	316	18	s.	s.	PROPN
ajfa-1871	316	19	(	(	PUNCT
ajfa-1871	316	20	1981	1981	NUM
ajfa-1871	316	21	)	)	PUNCT
ajfa-1871	316	22	.	.	PUNCT
ajfa-1871	317	1	the	the	DET
ajfa-1871	317	2	financial	financial	ADJ
ajfa-1871	317	3	characteristics	characteristic	NOUN
ajfa-1871	317	4	of	of	ADP
ajfa-1871	317	5	firms	firm	NOUN
ajfa-1871	317	6	and	and	CCONJ
ajfa-1871	317	7	theories	theory	NOUN
ajfa-1871	317	8	of	of	ADP
ajfa-1871	317	9	merger	merger	NOUN
ajfa-1871	317	10	activity	activity	NOUN
ajfa-1871	317	11	.	.	PUNCT
ajfa-1871	318	1	journal	journal	PROPN
ajfa-1871	318	2	of	of	ADP
ajfa-1871	318	3	industrial	industrial	ADJ
ajfa-1871	318	4	economics	economic	NOUN
ajfa-1871	318	5	,	,	PUNCT
ajfa-1871	318	6	30(2	30(2	NUM
ajfa-1871	318	7	)	)	PUNCT
ajfa-1871	318	8	,	,	PUNCT
ajfa-1871	318	9	149	149	NUM
ajfa-1871	318	10	-	-	SYM
ajfa-1871	318	11	72	72	NUM
ajfa-1871	318	12	,	,	PUNCT
ajfa-1871	318	13	http://dx.doi.org/10.2307/2098200	http://dx.doi.org/10.2307/2098200	NOUN
ajfa-1871	318	14	alcalde	alcalde	NOUN
ajfa-1871	318	15	,	,	PUNCT
ajfa-1871	318	16	n.	n.	NOUN
ajfa-1871	318	17	,	,	PUNCT
ajfa-1871	318	18	&	&	CCONJ
ajfa-1871	318	19	espitia	espitia	PROPN
ajfa-1871	318	20	,	,	PUNCT
ajfa-1871	318	21	m.	m.	NOUN
ajfa-1871	318	22	(	(	PUNCT
ajfa-1871	318	23	2003	2003	NUM
ajfa-1871	318	24	)	)	PUNCT
ajfa-1871	318	25	.	.	PUNCT
ajfa-1871	319	1	the	the	DET
ajfa-1871	319	2	characteristics	characteristic	NOUN
ajfa-1871	319	3	of	of	ADP
ajfa-1871	319	4	takeover	takeover	NOUN
ajfa-1871	319	5	targets	target	NOUN
ajfa-1871	319	6	:	:	PUNCT
ajfa-1871	319	7	the	the	DET
ajfa-1871	319	8	spanish	spanish	ADJ
ajfa-1871	319	9	experience	experience	NOUN
ajfa-1871	319	10	1991–1997	1991–1997	NUM
ajfa-1871	319	11	.	.	PUNCT
ajfa-1871	319	12	journal	journal	PROPN
ajfa-1871	319	13	of	of	ADP
ajfa-1871	319	14	management	management	NOUN
ajfa-1871	319	15	and	and	CCONJ
ajfa-1871	319	16	governance	governance	NOUN
ajfa-1871	319	17	,	,	PUNCT
ajfa-1871	319	18	7	7	NUM
ajfa-1871	319	19	,	,	PUNCT
ajfa-1871	319	20	1	1	NUM
ajfa-1871	319	21	-	-	SYM
ajfa-1871	319	22	26	26	NUM
ajfa-1871	319	23	.	.	PUNCT
ajfa-1871	320	1	almazan	almazan	PROPN
ajfa-1871	320	2	,	,	PUNCT
ajfa-1871	320	3	a.	a.	PROPN
ajfa-1871	320	4	&	&	CCONJ
ajfa-1871	320	5	suarez	suarez	PROPN
ajfa-1871	320	6	,	,	PUNCT
ajfa-1871	320	7	j.	j.	PROPN
ajfa-1871	320	8	(	(	PUNCT
ajfa-1871	320	9	2004	2004	NUM
ajfa-1871	320	10	)	)	PUNCT
ajfa-1871	320	11	entrenchment	entrenchment	NOUN
ajfa-1871	320	12	and	and	CCONJ
ajfa-1871	320	13	severance	severance	NOUN
ajfa-1871	320	14	pay	pay	NOUN
ajfa-1871	320	15	in	in	ADP
ajfa-1871	320	16	optimal	optimal	ADJ
ajfa-1871	320	17	governance	governance	NOUN
ajfa-1871	320	18	structures	structure	NOUN
ajfa-1871	320	19	.	.	PUNCT
ajfa-1871	321	1	journal	journal	PROPN
ajfa-1871	321	2	of	of	ADP
ajfa-1871	321	3	finance	finance	NOUN
ajfa-1871	321	4	,	,	PUNCT
ajfa-1871	321	5	58	58	NUM
ajfa-1871	321	6	,	,	PUNCT
ajfa-1871	321	7	519	519	NUM
ajfa-1871	321	8	-	-	SYM
ajfa-1871	321	9	547	547	NUM
ajfa-1871	321	10	.	.	PUNCT
ajfa-1871	322	1	ambrose	ambrose	PROPN
ajfa-1871	322	2	b.	b.	PROPN
ajfa-1871	322	3	,	,	PUNCT
ajfa-1871	322	4	&	&	CCONJ
ajfa-1871	322	5	megginson	megginson	PROPN
ajfa-1871	322	6	,	,	PUNCT
ajfa-1871	322	7	w.	w.	PROPN
ajfa-1871	322	8	(	(	PUNCT
ajfa-1871	322	9	1992	1992	NUM
ajfa-1871	322	10	)	)	PUNCT
ajfa-1871	322	11	.	.	PUNCT
ajfa-1871	323	1	the	the	DET
ajfa-1871	323	2	role	role	NOUN
ajfa-1871	323	3	of	of	ADP
ajfa-1871	323	4	asset	asset	NOUN
ajfa-1871	323	5	structure	structure	NOUN
ajfa-1871	323	6	,	,	PUNCT
ajfa-1871	323	7	ownership	ownership	NOUN
ajfa-1871	323	8	structure	structure	NOUN
ajfa-1871	323	9	,	,	PUNCT
ajfa-1871	323	10	and	and	CCONJ
ajfa-1871	323	11	takeover	takeover	NOUN
ajfa-1871	323	12	defenses	defense	NOUN
ajfa-1871	323	13	in	in	ADP
ajfa-1871	323	14	determining	determine	VERB
ajfa-1871	323	15	acquisition	acquisition	NOUN
ajfa-1871	323	16	likelihood	likelihood	NOUN
ajfa-1871	323	17	.	.	PUNCT
ajfa-1871	324	1	journal	journal	NOUN
ajfa-1871	324	2	of	of	ADP
ajfa-1871	324	3	financial	financial	ADJ
ajfa-1871	324	4	and	and	CCONJ
ajfa-1871	324	5	quantitative	quantitative	ADJ
ajfa-1871	324	6	analysis	analysis	NOUN
ajfa-1871	324	7	,	,	PUNCT
ajfa-1871	324	8	27(4	27(4	NOUN
ajfa-1871	324	9	)	)	PUNCT
ajfa-1871	324	10	,	,	PUNCT
ajfa-1871	324	11	575	575	NUM
ajfa-1871	324	12	-	-	SYM
ajfa-1871	324	13	589	589	NUM
ajfa-1871	324	14	.	.	PUNCT
ajfa-1871	325	1	http://dx.doi.org/10.2307/2331141	http://dx.doi.org/10.2307/2331141	NOUN
ajfa-1871	325	2	bebchuk	bebchuk	NOUN
ajfa-1871	325	3	,	,	PUNCT
ajfa-1871	325	4	l.	l.	PROPN
ajfa-1871	325	5	,	,	PUNCT
ajfa-1871	325	6	cohen	cohen	PROPN
ajfa-1871	325	7	,	,	PUNCT
ajfa-1871	325	8	a.	a.	PROPN
ajfa-1871	325	9	&	&	CCONJ
ajfa-1871	325	10	wang	wang	PROPN
ajfa-1871	325	11	,	,	PUNCT
ajfa-1871	325	12	c.	c.	PROPN
ajfa-1871	325	13	c.	c.	PROPN
ajfa-1871	325	14	y.	y.	PROPN
ajfa-1871	325	15	(	(	PUNCT
ajfa-1871	325	16	2010	2010	NUM
ajfa-1871	325	17	)	)	PUNCT
ajfa-1871	325	18	.	.	PUNCT
ajfa-1871	326	1	golden	golden	ADJ
ajfa-1871	326	2	parachutes	parachute	NOUN
ajfa-1871	326	3	and	and	CCONJ
ajfa-1871	326	4	the	the	DET
ajfa-1871	326	5	wealth	wealth	NOUN
ajfa-1871	326	6	of	of	ADP
ajfa-1871	326	7	shareholders	shareholder	NOUN
ajfa-1871	326	8	.	.	PUNCT
ajfa-1871	327	1	harvard	harvard	PROPN
ajfa-1871	327	2	law	law	PROPN
ajfa-1871	327	3	and	and	CCONJ
ajfa-1871	327	4	economics	economic	NOUN
ajfa-1871	327	5	discussion	discussion	NOUN
ajfa-1871	327	6	paper	paper	NOUN
ajfa-1871	327	7	683	683	NUM
ajfa-1871	327	8	,	,	PUNCT
ajfa-1871	327	9	http://ssrn.com/abstract=1718488	http://ssrn.com/abstract=1718488	PROPN
ajfa-1871	327	10	bowie	bowie	PROPN
ajfa-1871	327	11	,	,	PUNCT
ajfa-1871	327	12	c.	c.	PROPN
ajfa-1871	327	13	,	,	PUNCT
ajfa-1871	327	14	&	&	CCONJ
ajfa-1871	327	15	fischer	fischer	PROPN
ajfa-1871	327	16	,	,	PUNCT
ajfa-1871	327	17	j.	j.	PROPN
ajfa-1871	327	18	(	(	PUNCT
ajfa-1871	327	19	1996	1996	NUM
ajfa-1871	327	20	)	)	PUNCT
ajfa-1871	327	21	.	.	PUNCT
ajfa-1871	328	1	have	have	AUX
ajfa-1871	328	2	parachutes	parachute	NOUN
ajfa-1871	328	3	become	become	VERB
ajfa-1871	328	4	more	more	ADJ
ajfa-1871	328	5	than	than	ADP
ajfa-1871	328	6	security	security	NOUN
ajfa-1871	328	7	blankets	blanket	NOUN
ajfa-1871	328	8	?	?	PUNCT
ajfa-1871	329	1	mergers	merger	NOUN
ajfa-1871	329	2	and	and	CCONJ
ajfa-1871	329	3	acquisitions	acquisition	NOUN
ajfa-1871	329	4	,	,	PUNCT
ajfa-1871	329	5	17	17	NUM
ajfa-1871	329	6	-	-	SYM
ajfa-1871	329	7	22	22	NUM
ajfa-1871	329	8	.	.	PUNCT
ajfa-1871	330	1	damodaran	damodaran	PROPN
ajfa-1871	330	2	,	,	PUNCT
ajfa-1871	330	3	a.	a.	NOUN
ajfa-1871	330	4	(	(	PUNCT
ajfa-1871	330	5	2007	2007	NUM
ajfa-1871	330	6	)	)	PUNCT
ajfa-1871	330	7	.	.	PUNCT
ajfa-1871	331	1	the	the	DET
ajfa-1871	331	2	anatomy	anatomy	NOUN
ajfa-1871	331	3	of	of	ADP
ajfa-1871	331	4	an	an	DET
ajfa-1871	331	5	lbo	lbo	PROPN
ajfa-1871	331	6	:	:	PUNCT
ajfa-1871	331	7	leverage	leverage	NOUN
ajfa-1871	331	8	,	,	PUNCT
ajfa-1871	331	9	control	control	NOUN
ajfa-1871	331	10	and	and	CCONJ
ajfa-1871	331	11	value	value	NOUN
ajfa-1871	331	12	.	.	PUNCT
ajfa-1871	332	1	paper	paper	NOUN
ajfa-1871	332	2	presented	present	VERB
ajfa-1871	332	3	at	at	ADP
ajfa-1871	332	4	the	the	DET
ajfa-1871	332	5	aimr	aimr	NOUN
ajfa-1871	332	6	equity	equity	NOUN
ajfa-1871	332	7	research	research	PROPN
ajfa-1871	332	8	and	and	CCONJ
ajfa-1871	332	9	valuation	valuation	NOUN
ajfa-1871	332	10	techniques	technique	NOUN
ajfa-1871	332	11	conference	conference	NOUN
ajfa-1871	332	12	,	,	PUNCT
ajfa-1871	332	13	4	4	NUM
ajfa-1871	332	14	-	-	PUNCT
ajfa-1871	332	15	5th	5th	ADJ
ajfa-1871	332	16	december	december	PROPN
ajfa-1871	332	17	,	,	PUNCT
ajfa-1871	332	18	los	los	PROPN
ajfa-1871	332	19	angeles	angeles	PROPN
ajfa-1871	332	20	.	.	PUNCT
ajfa-1871	333	1	deangelo	deangelo	PROPN
ajfa-1871	333	2	,	,	PUNCT
ajfa-1871	333	3	h.	h.	PROPN
ajfa-1871	333	4	&	&	CCONJ
ajfa-1871	333	5	deangelo	deangelo	PROPN
ajfa-1871	333	6	,	,	PUNCT
ajfa-1871	333	7	l.	l.	PROPN
ajfa-1871	333	8	(	(	PUNCT
ajfa-1871	333	9	2007	2007	NUM
ajfa-1871	333	10	)	)	PUNCT
ajfa-1871	333	11	.	.	PUNCT
ajfa-1871	334	1	capital	capital	NOUN
ajfa-1871	334	2	structure	structure	NOUN
ajfa-1871	334	3	,	,	PUNCT
ajfa-1871	334	4	payout	payout	ADJ
ajfa-1871	334	5	policy	policy	NOUN
ajfa-1871	334	6	,	,	PUNCT
ajfa-1871	334	7	and	and	CCONJ
ajfa-1871	334	8	financial	financial	ADJ
ajfa-1871	334	9	flexibility	flexibility	NOUN
ajfa-1871	334	10	.	.	PUNCT
ajfa-1871	335	1	working	work	VERB
ajfa-1871	335	2	paper	paper	NOUN
ajfa-1871	335	3	,	,	PUNCT
ajfa-1871	335	4	marshall	marshall	PROPN
ajfa-1871	335	5	school	school	PROPN
ajfa-1871	335	6	of	of	ADP
ajfa-1871	335	7	business	business	NOUN
ajfa-1871	335	8	,	,	PUNCT
ajfa-1871	335	9	university	university	NOUN
ajfa-1871	335	10	of	of	ADP
ajfa-1871	335	11	southern	southern	PROPN
ajfa-1871	335	12	california	california	PROPN
ajfa-1871	335	13	.	.	PUNCT
ajfa-1871	336	1	devereux	devereux	PROPN
ajfa-1871	336	2	,	,	PUNCT
ajfa-1871	336	3	m.	m.	NOUN
ajfa-1871	336	4	,	,	PUNCT
ajfa-1871	336	5	&	&	CCONJ
ajfa-1871	336	6	schiantarelli	schiantarelli	PROPN
ajfa-1871	336	7	,	,	PUNCT
ajfa-1871	336	8	f.	f.	PROPN
ajfa-1871	336	9	(	(	PUNCT
ajfa-1871	336	10	1989	1989	NUM
ajfa-1871	336	11	)	)	PUNCT
ajfa-1871	336	12	.	.	PUNCT
ajfa-1871	337	1	investment	investment	NOUN
ajfa-1871	337	2	financial	financial	ADJ
ajfa-1871	337	3	factors	factor	NOUN
ajfa-1871	337	4	and	and	CCONJ
ajfa-1871	337	5	cash	cash	NOUN
ajfa-1871	337	6	flow	flow	NOUN
ajfa-1871	337	7	evidence	evidence	NOUN
ajfa-1871	337	8	from	from	ADP
ajfa-1871	337	9	u.k	u.k	PROPN
ajfa-1871	337	10	.	.	PROPN
ajfa-1871	337	11	panel	panel	NOUN
ajfa-1871	337	12	data	data	PROPN
ajfa-1871	337	13	,	,	PUNCT
ajfa-1871	337	14	national	national	ADJ
ajfa-1871	337	15	bureau	bureau	PROPN
ajfa-1871	337	16	of	of	ADP
ajfa-1871	337	17	economic	economic	ADJ
ajfa-1871	337	18	research	research	NOUN
ajfa-1871	337	19	chapter	chapter	NOUN
ajfa-1871	337	20	in	in	ADP
ajfa-1871	337	21	,	,	PUNCT
ajfa-1871	337	22	asymmetric	asymmetric	ADJ
ajfa-1871	337	23	information	information	NOUN
ajfa-1871	337	24	,	,	PUNCT
ajfa-1871	337	25	corporate	corporate	ADJ
ajfa-1871	337	26	finance	finance	NOUN
ajfa-1871	337	27	,	,	PUNCT
ajfa-1871	337	28	and	and	CCONJ
ajfa-1871	337	29	investment	investment	NOUN
ajfa-1871	337	30	,	,	PUNCT
ajfa-1871	337	31	279	279	NUM
ajfa-1871	337	32	-	-	SYM
ajfa-1871	337	33	306	306	NUM
ajfa-1871	337	34	,	,	PUNCT
ajfa-1871	337	35	national	national	ADJ
ajfa-1871	337	36	bureau	bureau	NOUN
ajfa-1871	337	37	of	of	ADP
ajfa-1871	337	38	economic	economic	ADJ
ajfa-1871	337	39	research	research	PROPN
ajfa-1871	337	40	,	,	PUNCT
ajfa-1871	337	41	inc	inc	PROPN
ajfa-1871	337	42	.	.	PROPN
ajfa-1871	337	43	domhoff	domhoff	PROPN
ajfa-1871	337	44	,	,	PUNCT
ajfa-1871	337	45	g.	g.	PROPN
ajfa-1871	337	46	(	(	PUNCT
ajfa-1871	337	47	1978	1978	NUM
ajfa-1871	337	48	)	)	PUNCT
ajfa-1871	337	49	.	.	PUNCT
ajfa-1871	338	1	the	the	DET
ajfa-1871	338	2	power	power	NOUN
ajfa-1871	338	3	that	that	PRON
ajfa-1871	338	4	be	be	VERB
ajfa-1871	338	5	:	:	PUNCT
ajfa-1871	338	6	processes	process	NOUN
ajfa-1871	338	7	of	of	ADP
ajfa-1871	338	8	ruling	rule	VERB
ajfa-1871	338	9	class	class	PROPN
ajfa-1871	338	10	america	america	PROPN
ajfa-1871	338	11	.	.	PUNCT
ajfa-1871	339	1	new	new	PROPN
ajfa-1871	339	2	york	york	PROPN
ajfa-1871	339	3	:	:	PUNCT
ajfa-1871	340	1	random	random	PROPN
ajfa-1871	340	2	house	house	PROPN
ajfa-1871	340	3	inc	inc	PROPN
ajfa-1871	340	4	.	.	PROPN
ajfa-1871	340	5	davis	davis	PROPN
ajfa-1871	340	6	,	,	PUNCT
ajfa-1871	340	7	j.	j.	PROPN
ajfa-1871	340	8	h.	h.	PROPN
ajfa-1871	340	9	,	,	PUNCT
ajfa-1871	340	10	schoorman	schoorman	PROPN
ajfa-1871	340	11	,	,	PUNCT
ajfa-1871	340	12	f.	f.	PROPN
ajfa-1871	340	13	d.	d.	PROPN
ajfa-1871	340	14	,	,	PUNCT
ajfa-1871	340	15	&	&	CCONJ
ajfa-1871	340	16	donaldson	donaldson	PROPN
ajfa-1871	340	17	,	,	PUNCT
ajfa-1871	340	18	l.	l.	PROPN
ajfa-1871	340	19	(	(	PUNCT
ajfa-1871	340	20	1997	1997	NUM
ajfa-1871	340	21	)	)	PUNCT
ajfa-1871	340	22	.	.	PUNCT
ajfa-1871	341	1	towards	towards	ADP
ajfa-1871	341	2	a	a	DET
ajfa-1871	341	3	stewardship	stewardship	NOUN
ajfa-1871	341	4	theory	theory	NOUN
ajfa-1871	341	5	of	of	ADP
ajfa-1871	341	6	management	management	NOUN
ajfa-1871	341	7	.	.	PUNCT
ajfa-1871	342	1	academy	academy	PROPN
ajfa-1871	342	2	of	of	ADP
ajfa-1871	342	3	management	management	PROPN
ajfa-1871	342	4	review	review	PROPN
ajfa-1871	342	5	,	,	PUNCT
ajfa-1871	342	6	22(1	22(1	NUM
ajfa-1871	342	7	)	)	PUNCT
ajfa-1871	342	8	,	,	PUNCT
ajfa-1871	342	9	20	20	NUM
ajfa-1871	342	10	-	-	SYM
ajfa-1871	342	11	47	47	NUM
ajfa-1871	342	12	,	,	PUNCT
ajfa-1871	342	13	http://dx.doi.org/10.2307/259223	http://dx.doi.org/10.2307/259223	NOUN
ajfa-1871	342	14	drucker	drucker	NOUN
ajfa-1871	342	15	,	,	PUNCT
ajfa-1871	342	16	p.	p.	NOUN
ajfa-1871	342	17	(	(	PUNCT
ajfa-1871	342	18	1974	1974	NUM
ajfa-1871	342	19	)	)	PUNCT
ajfa-1871	342	20	.	.	PUNCT
ajfa-1871	343	1	management	management	NOUN
ajfa-1871	343	2	,	,	PUNCT
ajfa-1871	343	3	tasks	task	NOUN
ajfa-1871	343	4	,	,	PUNCT
ajfa-1871	343	5	responsibilities	responsibility	NOUN
ajfa-1871	343	6	,	,	PUNCT
ajfa-1871	343	7	practices	practice	NOUN
ajfa-1871	343	8	.	.	PUNCT
ajfa-1871	344	1	new	new	PROPN
ajfa-1871	344	2	york	york	PROPN
ajfa-1871	344	3	:	:	PUNCT
ajfa-1871	344	4	harper	harper	NOUN
ajfa-1871	344	5	and	and	CCONJ
ajfa-1871	344	6	row	row	NOUN
ajfa-1871	344	7	.	.	PUNCT
ajfa-1871	345	1	asian	asian	ADJ
ajfa-1871	345	2	journal	journal	PROPN
ajfa-1871	345	3	of	of	ADP
ajfa-1871	345	4	finance	finance	PROPN
ajfa-1871	345	5	&	&	CCONJ
ajfa-1871	345	6	accounting	accounting	PROPN
ajfa-1871	345	7	issn	issn	PROPN
ajfa-1871	345	8	1946	1946	NUM
ajfa-1871	345	9	-	-	PUNCT
ajfa-1871	345	10	052x	052x	NOUN
ajfa-1871	345	11	2012	2012	NUM
ajfa-1871	345	12	,	,	PUNCT
ajfa-1871	345	13	vol	vol	NOUN
ajfa-1871	345	14	.	.	PROPN
ajfa-1871	345	15	4	4	NUM
ajfa-1871	345	16	,	,	PUNCT
ajfa-1871	345	17	no	no	INTJ
ajfa-1871	345	18	.	.	NOUN
ajfa-1871	345	19	2	2	NUM
ajfa-1871	345	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1871	345	21	128	128	NUM
ajfa-1871	345	22	fowley	fowley	NOUN
ajfa-1871	345	23	,	,	PUNCT
ajfa-1871	345	24	c.	c.	PROPN
ajfa-1871	345	25	,	,	PUNCT
ajfa-1871	345	26	hartzell	hartzell	PROPN
ajfa-1871	345	27	,	,	PUNCT
ajfa-1871	345	28	j.	j.	PROPN
ajfa-1871	345	29	,	,	PUNCT
ajfa-1871	345	30	titman	titman	PROPN
ajfa-1871	345	31	,	,	PUNCT
ajfa-1871	345	32	s.	s.	PROPN
ajfa-1871	345	33	,	,	PUNCT
ajfa-1871	345	34	&	&	CCONJ
ajfa-1871	345	35	twite	twite	NOUN
ajfa-1871	345	36	,	,	PUNCT
ajfa-1871	345	37	g.	g.	PROPN
ajfa-1871	345	38	(	(	PUNCT
ajfa-1871	345	39	2007	2007	NUM
ajfa-1871	345	40	)	)	PUNCT
ajfa-1871	345	41	.	.	PUNCT
ajfa-1871	346	1	why	why	SCONJ
ajfa-1871	346	2	do	do	AUX
ajfa-1871	346	3	firms	firm	NOUN
ajfa-1871	346	4	hold	hold	VERB
ajfa-1871	346	5	so	so	ADV
ajfa-1871	346	6	much	much	ADJ
ajfa-1871	346	7	cash	cash	NOUN
ajfa-1871	346	8	?	?	PUNCT
ajfa-1871	347	1	a	a	DET
ajfa-1871	347	2	tax	tax	NOUN
ajfa-1871	347	3	based	base	VERB
ajfa-1871	347	4	explanation	explanation	NOUN
ajfa-1871	347	5	.	.	PUNCT
ajfa-1871	348	1	journal	journal	PROPN
ajfa-1871	348	2	of	of	ADP
ajfa-1871	348	3	finance	finance	PROPN
ajfa-1871	348	4	.	.	PUNCT
ajfa-1871	349	1	graham	graham	PROPN
ajfa-1871	349	2	,	,	PUNCT
ajfa-1871	349	3	j.	j.	PROPN
ajfa-1871	349	4	,	,	PUNCT
ajfa-1871	349	5	&	&	CCONJ
ajfa-1871	349	6	harvey	harvey	PROPN
ajfa-1871	349	7	,	,	PUNCT
ajfa-1871	349	8	c.	c.	PROPN
ajfa-1871	349	9	(	(	PUNCT
ajfa-1871	349	10	2001	2001	NUM
ajfa-1871	349	11	)	)	PUNCT
ajfa-1871	349	12	.	.	PUNCT
ajfa-1871	350	1	the	the	DET
ajfa-1871	350	2	theory	theory	NOUN
ajfa-1871	350	3	and	and	CCONJ
ajfa-1871	350	4	practice	practice	NOUN
ajfa-1871	350	5	of	of	ADP
ajfa-1871	350	6	corporate	corporate	ADJ
ajfa-1871	350	7	finance	finance	NOUN
ajfa-1871	350	8	:	:	PUNCT
ajfa-1871	350	9	evidence	evidence	NOUN
ajfa-1871	350	10	from	from	ADP
ajfa-1871	350	11	the	the	DET
ajfa-1871	350	12	field	field	NOUN
ajfa-1871	350	13	.	.	PUNCT
ajfa-1871	351	1	journal	journal	NOUN
ajfa-1871	351	2	of	of	ADP
ajfa-1871	351	3	financial	financial	ADJ
ajfa-1871	351	4	economics	economic	NOUN
ajfa-1871	351	5	.	.	PUNCT
ajfa-1871	352	1	grinstein	grinstein	PROPN
ajfa-1871	352	2	,	,	PUNCT
ajfa-1871	352	3	y.	y.	PROPN
ajfa-1871	352	4	,	,	PUNCT
ajfa-1871	352	5	&	&	CCONJ
ajfa-1871	352	6	hribar	hribar	PROPN
ajfa-1871	352	7	,	,	PUNCT
ajfa-1871	352	8	p.	p.	NOUN
ajfa-1871	352	9	(	(	PUNCT
ajfa-1871	352	10	2004	2004	NUM
ajfa-1871	352	11	)	)	PUNCT
ajfa-1871	352	12	.	.	PUNCT
ajfa-1871	353	1	ceo	ceo	NOUN
ajfa-1871	353	2	compensation	compensation	NOUN
ajfa-1871	353	3	and	and	CCONJ
ajfa-1871	353	4	incentives	incentive	NOUN
ajfa-1871	353	5	:	:	PUNCT
ajfa-1871	353	6	evidence	evidence	NOUN
ajfa-1871	353	7	from	from	ADP
ajfa-1871	353	8	m&a	m&a	PROPN
ajfa-1871	353	9	bonuses	bonus	NOUN
ajfa-1871	353	10	.	.	PUNCT
ajfa-1871	354	1	journal	journal	NOUN
ajfa-1871	354	2	of	of	ADP
ajfa-1871	354	3	financial	financial	ADJ
ajfa-1871	354	4	economics	economic	NOUN
ajfa-1871	354	5	,	,	PUNCT
ajfa-1871	354	6	73	73	NUM
ajfa-1871	354	7	,	,	PUNCT
ajfa-1871	354	8	119	119	NUM
ajfa-1871	354	9	-	-	SYM
ajfa-1871	354	10	143	143	NUM
ajfa-1871	354	11	.	.	PUNCT
ajfa-1871	355	1	hartzell	hartzell	PROPN
ajfa-1871	355	2	,	,	PUNCT
ajfa-1871	355	3	j.	j.	PROPN
ajfa-1871	355	4	,	,	PUNCT
ajfa-1871	355	5	ofek	ofek	PROPN
ajfa-1871	355	6	,	,	PUNCT
ajfa-1871	355	7	e.	e.	PROPN
ajfa-1871	355	8	,	,	PUNCT
ajfa-1871	355	9	&	&	CCONJ
ajfa-1871	355	10	yermack	yermack	PROPN
ajfa-1871	355	11	,	,	PUNCT
ajfa-1871	355	12	d.	d.	PROPN
ajfa-1871	355	13	(	(	PUNCT
ajfa-1871	355	14	2004	2004	NUM
ajfa-1871	355	15	)	)	PUNCT
ajfa-1871	355	16	.	.	PUNCT
ajfa-1871	356	1	what	what	PRON
ajfa-1871	356	2	s	s	VERB
ajfa-1871	356	3	in	in	ADP
ajfa-1871	356	4	it	it	PRON
ajfa-1871	356	5	for	for	ADP
ajfa-1871	356	6	me	i	PRON
ajfa-1871	356	7	?	?	PUNCT
ajfa-1871	357	1	ceos	ceo	NOUN
ajfa-1871	357	2	whose	whose	DET
ajfa-1871	357	3	firms	firm	NOUN
ajfa-1871	357	4	are	be	AUX
ajfa-1871	357	5	acquired	acquire	VERB
ajfa-1871	357	6	.	.	PUNCT
ajfa-1871	358	1	the	the	DET
ajfa-1871	358	2	review	review	NOUN
ajfa-1871	358	3	of	of	ADP
ajfa-1871	358	4	financial	financial	ADJ
ajfa-1871	358	5	studies	study	NOUN
ajfa-1871	358	6	,	,	PUNCT
ajfa-1871	358	7	17(1	17(1	NUM
ajfa-1871	358	8	)	)	PUNCT
ajfa-1871	358	9	,	,	PUNCT
ajfa-1871	358	10	37	37	NUM
ajfa-1871	358	11	-	-	SYM
ajfa-1871	358	12	61	61	NUM
ajfa-1871	358	13	.	.	PUNCT
ajfa-1871	359	1	hasbrouck	hasbrouck	PROPN
ajfa-1871	359	2	,	,	PUNCT
ajfa-1871	359	3	j.	j.	PROPN
ajfa-1871	359	4	(	(	PUNCT
ajfa-1871	359	5	1985	1985	NUM
ajfa-1871	359	6	)	)	PUNCT
ajfa-1871	359	7	.	.	PUNCT
ajfa-1871	360	1	the	the	DET
ajfa-1871	360	2	characteristics	characteristic	NOUN
ajfa-1871	360	3	of	of	ADP
ajfa-1871	360	4	takeover	takeover	NOUN
ajfa-1871	360	5	targets	target	NOUN
ajfa-1871	360	6	and	and	CCONJ
ajfa-1871	360	7	other	other	ADJ
ajfa-1871	360	8	measures	measure	NOUN
ajfa-1871	360	9	.	.	PUNCT
ajfa-1871	361	1	journal	journal	NOUN
ajfa-1871	361	2	of	of	ADP
ajfa-1871	361	3	banking	banking	NOUN
ajfa-1871	361	4	and	and	CCONJ
ajfa-1871	361	5	finance	finance	NOUN
ajfa-1871	361	6	,	,	PUNCT
ajfa-1871	361	7	9(3	9(3	NUM
ajfa-1871	361	8	)	)	PUNCT
ajfa-1871	361	9	,	,	PUNCT
ajfa-1871	361	10	351	351	NUM
ajfa-1871	361	11	-	-	SYM
ajfa-1871	361	12	362	362	NUM
ajfa-1871	361	13	,	,	PUNCT
ajfa-1871	361	14	http://dx.doi.org/10.1016/0378-4266(85)90038-x	http://dx.doi.org/10.1016/0378-4266(85)90038-x	PROPN
ajfa-1871	361	15	helwege	helwege	NOUN
ajfa-1871	361	16	,	,	PUNCT
ajfa-1871	361	17	j.	j.	PROPN
ajfa-1871	361	18	,	,	PUNCT
ajfa-1871	361	19	&	&	CCONJ
ajfa-1871	361	20	liang	liang	PROPN
ajfa-1871	361	21	,	,	PUNCT
ajfa-1871	361	22	n.	n.	PROPN
ajfa-1871	361	23	(	(	PUNCT
ajfa-1871	361	24	1996	1996	NUM
ajfa-1871	361	25	)	)	PUNCT
ajfa-1871	361	26	.	.	PUNCT
ajfa-1871	362	1	is	be	AUX
ajfa-1871	362	2	there	there	PRON
ajfa-1871	362	3	a	a	DET
ajfa-1871	362	4	pecking	pecking	NOUN
ajfa-1871	362	5	order	order	NOUN
ajfa-1871	362	6	?	?	PUNCT
ajfa-1871	363	1	evidence	evidence	NOUN
ajfa-1871	363	2	from	from	ADP
ajfa-1871	363	3	a	a	DET
ajfa-1871	363	4	panel	panel	NOUN
ajfa-1871	363	5	of	of	ADP
ajfa-1871	363	6	ipo	ipo	NOUN
ajfa-1871	363	7	firms	firm	NOUN
ajfa-1871	363	8	.	.	PUNCT
ajfa-1871	364	1	journal	journal	NOUN
ajfa-1871	364	2	of	of	ADP
ajfa-1871	364	3	financial	financial	ADJ
ajfa-1871	364	4	economics	economic	NOUN
ajfa-1871	364	5	,	,	PUNCT
ajfa-1871	364	6	40(3	40(3	NOUN
ajfa-1871	364	7	)	)	PUNCT
ajfa-1871	364	8	,	,	PUNCT
ajfa-1871	364	9	429	429	NUM
ajfa-1871	364	10	-	-	SYM
ajfa-1871	364	11	458	458	NUM
ajfa-1871	364	12	,	,	PUNCT
ajfa-1871	364	13	http://dx.doi.org/10.1016/0304-405x(95)00851-5	http://dx.doi.org/10.1016/0304-405x(95)00851-5	CCONJ
ajfa-1871	364	14	holland	holland	PROPN
ajfa-1871	364	15	,	,	PUNCT
ajfa-1871	364	16	k.	k.	PROPN
ajfa-1871	364	17	,	,	PUNCT
ajfa-1871	364	18	&	&	CCONJ
ajfa-1871	364	19	hodgkinson	hodgkinson	PROPN
ajfa-1871	364	20	,	,	PUNCT
ajfa-1871	364	21	l.	l.	PROPN
ajfa-1871	364	22	(	(	PUNCT
ajfa-1871	364	23	1994	1994	NUM
ajfa-1871	364	24	)	)	PUNCT
ajfa-1871	364	25	.	.	PUNCT
ajfa-1871	365	1	the	the	DET
ajfa-1871	365	2	pre	pre	ADJ
ajfa-1871	365	3	-	-	ADJ
ajfa-1871	365	4	announcement	announcement	ADJ
ajfa-1871	365	5	share	share	NOUN
ajfa-1871	365	6	price	price	NOUN
ajfa-1871	365	7	behavior	behavior	NOUN
ajfa-1871	365	8	of	of	ADP
ajfa-1871	365	9	uk	uk	PROPN
ajfa-1871	365	10	takeover	takeover	NOUN
ajfa-1871	365	11	targets	target	NOUN
ajfa-1871	365	12	.	.	PUNCT
ajfa-1871	366	1	journal	journal	NOUN
ajfa-1871	366	2	of	of	ADP
ajfa-1871	366	3	business	business	NOUN
ajfa-1871	366	4	finance	finance	NOUN
ajfa-1871	366	5	and	and	CCONJ
ajfa-1871	366	6	accounting	accounting	NOUN
ajfa-1871	366	7	,	,	PUNCT
ajfa-1871	366	8	21(4	21(4	NUM
ajfa-1871	366	9	)	)	PUNCT
ajfa-1871	366	10	,	,	PUNCT
ajfa-1871	366	11	467	467	NUM
ajfa-1871	366	12	-	-	SYM
ajfa-1871	366	13	490	490	NUM
ajfa-1871	366	14	.	.	PUNCT
ajfa-1871	367	1	jensen	jensen	PROPN
ajfa-1871	367	2	,	,	PUNCT
ajfa-1871	367	3	m.	m.	NOUN
ajfa-1871	367	4	,	,	PUNCT
ajfa-1871	367	5	&	&	CCONJ
ajfa-1871	367	6	meckling	meckling	PROPN
ajfa-1871	367	7	,	,	PUNCT
ajfa-1871	367	8	w.	w.	NOUN
ajfa-1871	367	9	(	(	PUNCT
ajfa-1871	367	10	1976	1976	NUM
ajfa-1871	367	11	)	)	PUNCT
ajfa-1871	367	12	.	.	PUNCT
ajfa-1871	368	1	theory	theory	NOUN
ajfa-1871	368	2	of	of	ADP
ajfa-1871	368	3	the	the	DET
ajfa-1871	368	4	firm	firm	NOUN
ajfa-1871	368	5	:	:	PUNCT
ajfa-1871	368	6	managerial	managerial	ADJ
ajfa-1871	368	7	behavior	behavior	NOUN
ajfa-1871	368	8	,	,	PUNCT
ajfa-1871	368	9	agency	agency	NOUN
ajfa-1871	368	10	costs	cost	NOUN
ajfa-1871	368	11	and	and	CCONJ
ajfa-1871	368	12	ownership	ownership	NOUN
ajfa-1871	368	13	structure	structure	NOUN
ajfa-1871	368	14	.	.	PUNCT
ajfa-1871	369	1	journal	journal	NOUN
ajfa-1871	369	2	of	of	ADP
ajfa-1871	369	3	financial	financial	ADJ
ajfa-1871	369	4	economics	economic	NOUN
ajfa-1871	369	5	,	,	PUNCT
ajfa-1871	369	6	3	3	NUM
ajfa-1871	369	7	,	,	PUNCT
ajfa-1871	369	8	305	305	NUM
ajfa-1871	369	9	-	-	SYM
ajfa-1871	369	10	360	360	NUM
ajfa-1871	369	11	.	.	PUNCT
ajfa-1871	370	1	john	john	PROPN
ajfa-1871	370	2	,	,	PUNCT
ajfa-1871	370	3	t.	t.	PROPN
ajfa-1871	370	4	(	(	PUNCT
ajfa-1871	370	5	1993	1993	NUM
ajfa-1871	370	6	)	)	PUNCT
ajfa-1871	370	7	.	.	PUNCT
ajfa-1871	371	1	accounting	accounting	NOUN
ajfa-1871	371	2	measures	measure	NOUN
ajfa-1871	371	3	of	of	ADP
ajfa-1871	371	4	corporate	corporate	ADJ
ajfa-1871	371	5	liquidity	liquidity	NOUN
ajfa-1871	371	6	,	,	PUNCT
ajfa-1871	371	7	leverage	leverage	NOUN
ajfa-1871	371	8	and	and	CCONJ
ajfa-1871	371	9	costs	cost	NOUN
ajfa-1871	371	10	of	of	ADP
ajfa-1871	371	11	financial	financial	ADJ
ajfa-1871	371	12	distress	distress	NOUN
ajfa-1871	371	13	.	.	PUNCT
ajfa-1871	372	1	financial	financial	ADJ
ajfa-1871	372	2	management	management	NOUN
ajfa-1871	372	3	,	,	PUNCT
ajfa-1871	372	4	22(3	22(3	NUM
ajfa-1871	372	5	)	)	PUNCT
ajfa-1871	372	6	,	,	PUNCT
ajfa-1871	372	7	91	91	NUM
ajfa-1871	372	8	-	-	SYM
ajfa-1871	372	9	100	100	NUM
ajfa-1871	372	10	,	,	PUNCT
ajfa-1871	372	11	http://dx.doi.org/10.2307/3665930	http://dx.doi.org/10.2307/3665930	PROPN
ajfa-1871	372	12	knoeber	knoeber	PROPN
ajfa-1871	372	13	,	,	PUNCT
ajfa-1871	372	14	c.	c.	PROPN
ajfa-1871	372	15	(	(	PUNCT
ajfa-1871	372	16	1986	1986	NUM
ajfa-1871	372	17	)	)	PUNCT
ajfa-1871	372	18	.	.	PUNCT
ajfa-1871	373	1	golden	golden	ADJ
ajfa-1871	373	2	parachutes	parachute	NOUN
ajfa-1871	373	3	,	,	PUNCT
ajfa-1871	373	4	shark	shark	NOUN
ajfa-1871	373	5	repellents	repellent	NOUN
ajfa-1871	373	6	and	and	CCONJ
ajfa-1871	373	7	hostile	hostile	ADJ
ajfa-1871	373	8	tender	tender	NOUN
ajfa-1871	373	9	offers	offer	NOUN
ajfa-1871	373	10	.	.	PUNCT
ajfa-1871	374	1	american	american	PROPN
ajfa-1871	374	2	economic	economic	PROPN
ajfa-1871	374	3	review	review	PROPN
ajfa-1871	374	4	,	,	PUNCT
ajfa-1871	374	5	76(1	76(1	PROPN
ajfa-1871	374	6	)	)	PUNCT
ajfa-1871	374	7	,	,	PUNCT
ajfa-1871	374	8	155	155	NUM
ajfa-1871	374	9	-	-	SYM
ajfa-1871	374	10	167	167	NUM
ajfa-1871	374	11	.	.	PUNCT
ajfa-1871	375	1	larcker	larcker	PROPN
ajfa-1871	375	2	,	,	PUNCT
ajfa-1871	375	3	d.	d.	PROPN
ajfa-1871	375	4	,	,	PUNCT
ajfa-1871	375	5	&	&	CCONJ
ajfa-1871	375	6	lambert	lambert	PROPN
ajfa-1871	375	7	,	,	PUNCT
ajfa-1871	375	8	r.	r.	PROPN
ajfa-1871	375	9	(	(	PUNCT
ajfa-1871	375	10	1985	1985	NUM
ajfa-1871	375	11	)	)	PUNCT
ajfa-1871	375	12	.	.	PUNCT
ajfa-1871	376	1	golden	golden	ADJ
ajfa-1871	376	2	parachutes	parachute	NOUN
ajfa-1871	376	3	,	,	PUNCT
ajfa-1871	376	4	executive	executive	ADJ
ajfa-1871	376	5	decision	decision	NOUN
ajfa-1871	376	6	making	making	NOUN
ajfa-1871	376	7	and	and	CCONJ
ajfa-1871	376	8	shareholder	shareholder	NOUN
ajfa-1871	376	9	wealth	wealth	NOUN
ajfa-1871	376	10	.	.	PUNCT
ajfa-1871	377	1	journal	journal	PROPN
ajfa-1871	377	2	of	of	ADP
ajfa-1871	377	3	accounting	accounting	NOUN
ajfa-1871	377	4	and	and	CCONJ
ajfa-1871	377	5	economics	economic	NOUN
ajfa-1871	377	6	,	,	PUNCT
ajfa-1871	377	7	7	7	NUM
ajfa-1871	377	8	,	,	PUNCT
ajfa-1871	377	9	179	179	NUM
ajfa-1871	377	10	-	-	SYM
ajfa-1871	377	11	203	203	NUM
ajfa-1871	377	12	.	.	PUNCT
ajfa-1871	378	1	lehn	lehn	PROPN
ajfa-1871	378	2	,	,	PUNCT
ajfa-1871	378	3	k.	k.	PROPN
ajfa-1871	378	4	,	,	PUNCT
ajfa-1871	378	5	&	&	CCONJ
ajfa-1871	378	6	poulsen	poulsen	PROPN
ajfa-1871	378	7	,	,	PUNCT
ajfa-1871	378	8	a.	a.	NOUN
ajfa-1871	378	9	(	(	PUNCT
ajfa-1871	378	10	1989	1989	NUM
ajfa-1871	378	11	)	)	PUNCT
ajfa-1871	378	12	.	.	PUNCT
ajfa-1871	379	1	free	free	ADJ
ajfa-1871	379	2	cash	cash	NOUN
ajfa-1871	379	3	flow	flow	NOUN
ajfa-1871	379	4	and	and	CCONJ
ajfa-1871	379	5	stockholder	stockholder	NOUN
ajfa-1871	379	6	gains	gain	NOUN
ajfa-1871	379	7	in	in	ADP
ajfa-1871	379	8	going	go	VERB
ajfa-1871	379	9	private	private	ADJ
ajfa-1871	379	10	transactions	transaction	NOUN
ajfa-1871	379	11	,	,	PUNCT
ajfa-1871	379	12	the	the	DET
ajfa-1871	379	13	journal	journal	NOUN
ajfa-1871	379	14	of	of	ADP
ajfa-1871	379	15	finance	finance	NOUN
ajfa-1871	379	16	,	,	PUNCT
ajfa-1871	379	17	44	44	NUM
ajfa-1871	379	18	,	,	PUNCT
ajfa-1871	379	19	771	771	NUM
ajfa-1871	379	20	-	-	SYM
ajfa-1871	379	21	787	787	NUM
ajfa-1871	379	22	.	.	PUNCT
ajfa-1871	380	1	http://dx.doi.org/10.2307/2328782	http://dx.doi.org/10.2307/2328782	PROPN
ajfa-1871	380	2	lorsch	lorsch	PROPN
ajfa-1871	380	3	,	,	PUNCT
ajfa-1871	380	4	j.	j.	PROPN
ajfa-1871	380	5	(	(	PUNCT
ajfa-1871	380	6	1989	1989	NUM
ajfa-1871	380	7	)	)	PUNCT
ajfa-1871	380	8	.	.	PUNCT
ajfa-1871	381	1	pawns	pawn	NOUN
ajfa-1871	381	2	or	or	CCONJ
ajfa-1871	381	3	potentates	potentate	NOUN
ajfa-1871	381	4	:	:	PUNCT
ajfa-1871	381	5	the	the	DET
ajfa-1871	381	6	reality	reality	NOUN
ajfa-1871	381	7	of	of	ADP
ajfa-1871	381	8	americas	america	NOUN
ajfa-1871	381	9	’	'	PUNCT
ajfa-1871	381	10	corporate	corporate	ADJ
ajfa-1871	381	11	boards	board	NOUN
ajfa-1871	381	12	.	.	PUNCT
ajfa-1871	382	1	boston	boston	PROPN
ajfa-1871	382	2	.	.	PUNCT
ajfa-1871	383	1	harvard	harvard	PROPN
ajfa-1871	383	2	business	business	PROPN
ajfa-1871	383	3	school	school	PROPN
ajfa-1871	383	4	press	press	NOUN
ajfa-1871	383	5	.	.	PUNCT
ajfa-1871	384	1	loughran	loughran	NOUN
ajfa-1871	384	2	,	,	PUNCT
ajfa-1871	384	3	t.	t.	PROPN
ajfa-1871	384	4	,	,	PUNCT
ajfa-1871	384	5	&	&	CCONJ
ajfa-1871	384	6	vijh	vijh	PROPN
ajfa-1871	384	7	,	,	PUNCT
ajfa-1871	384	8	a.	a.	NOUN
ajfa-1871	384	9	,	,	PUNCT
ajfa-1871	384	10	(	(	PUNCT
ajfa-1871	384	11	1997	1997	NUM
ajfa-1871	384	12	)	)	PUNCT
ajfa-1871	384	13	.	.	PUNCT
ajfa-1871	385	1	do	do	AUX
ajfa-1871	385	2	longterm	longterm	VERB
ajfa-1871	385	3	shareholders	shareholder	NOUN
ajfa-1871	385	4	benefit	benefit	NOUN
ajfa-1871	385	5	from	from	ADP
ajfa-1871	385	6	corporate	corporate	ADJ
ajfa-1871	385	7	acquisitions	acquisition	NOUN
ajfa-1871	385	8	?	?	PUNCT
ajfa-1871	386	1	the	the	DET
ajfa-1871	386	2	journal	journal	PROPN
ajfa-1871	386	3	of	of	ADP
ajfa-1871	386	4	finance	finance	NOUN
ajfa-1871	386	5	,	,	PUNCT
ajfa-1871	386	6	52(5	52(5	NUM
ajfa-1871	386	7	)	)	PUNCT
ajfa-1871	386	8	,	,	PUNCT
ajfa-1871	386	9	1765	1765	NUM
ajfa-1871	386	10	-	-	SYM
ajfa-1871	386	11	1790	1790	NUM
ajfa-1871	386	12	.	.	PUNCT
ajfa-1871	387	1	machlin	machlin	PROPN
ajfa-1871	387	2	,	,	PUNCT
ajfa-1871	387	3	j.	j.	PROPN
ajfa-1871	387	4	,	,	PUNCT
ajfa-1871	387	5	h.	h.	PROPN
ajfa-1871	387	6	choe	choe	PROPN
ajfa-1871	387	7	,	,	PUNCT
ajfa-1871	387	8	&	&	CCONJ
ajfa-1871	387	9	miles	mile	NOUN
ajfa-1871	387	10	,	,	PUNCT
ajfa-1871	387	11	j.	j.	PROPN
ajfa-1871	387	12	(	(	PUNCT
ajfa-1871	387	13	1993	1993	NUM
ajfa-1871	387	14	)	)	PUNCT
ajfa-1871	387	15	.	.	PUNCT
ajfa-1871	388	1	the	the	DET
ajfa-1871	388	2	effects	effect	NOUN
ajfa-1871	388	3	of	of	ADP
ajfa-1871	388	4	golden	golden	ADJ
ajfa-1871	388	5	parachutes	parachute	NOUN
ajfa-1871	388	6	on	on	ADP
ajfa-1871	388	7	takeover	takeover	NOUN
ajfa-1871	388	8	activity	activity	NOUN
ajfa-1871	388	9	.	.	PUNCT
ajfa-1871	389	1	journal	journal	NOUN
ajfa-1871	389	2	of	of	ADP
ajfa-1871	389	3	law	law	NOUN
ajfa-1871	389	4	and	and	CCONJ
ajfa-1871	389	5	economics	economic	NOUN
ajfa-1871	389	6	,	,	PUNCT
ajfa-1871	389	7	36	36	NUM
ajfa-1871	389	8	,	,	PUNCT
ajfa-1871	389	9	861	861	NUM
ajfa-1871	389	10	-	-	SYM
ajfa-1871	389	11	876	876	NUM
ajfa-1871	389	12	,	,	PUNCT
ajfa-1871	389	13	http://dx.doi.org/10.1086/467300	http://dx.doi.org/10.1086/467300	PROPN
ajfa-1871	389	14	martin	martin	PROPN
ajfa-1871	389	15	,	,	PUNCT
ajfa-1871	389	16	k.	k.	PROPN
ajfa-1871	389	17	,	,	PUNCT
ajfa-1871	389	18	&	&	CCONJ
ajfa-1871	389	19	mcconnell	mcconnell	PROPN
ajfa-1871	389	20	,	,	PUNCT
ajfa-1871	389	21	j.	j.	PROPN
ajfa-1871	389	22	(	(	PUNCT
ajfa-1871	389	23	1991	1991	NUM
ajfa-1871	389	24	)	)	PUNCT
ajfa-1871	389	25	.	.	PUNCT
ajfa-1871	390	1	corporate	corporate	ADJ
ajfa-1871	390	2	performance	performance	NOUN
ajfa-1871	390	3	,	,	PUNCT
ajfa-1871	390	4	corporate	corporate	ADJ
ajfa-1871	390	5	takeovers	takeover	NOUN
ajfa-1871	390	6	,	,	PUNCT
ajfa-1871	390	7	and	and	CCONJ
ajfa-1871	390	8	management	management	NOUN
ajfa-1871	390	9	turnover	turnover	NOUN
ajfa-1871	390	10	.	.	PUNCT
ajfa-1871	391	1	journal	journal	PROPN
ajfa-1871	391	2	of	of	ADP
ajfa-1871	391	3	finance	finance	NOUN
ajfa-1871	391	4	,	,	PUNCT
ajfa-1871	391	5	46(2	46(2	NOUN
ajfa-1871	391	6	)	)	PUNCT
ajfa-1871	391	7	,	,	PUNCT
ajfa-1871	391	8	671	671	NUM
ajfa-1871	391	9	-	-	SYM
ajfa-1871	391	10	687	687	NUM
ajfa-1871	391	11	.	.	PUNCT
ajfa-1871	392	1	maurer	maurer	PROPN
ajfa-1871	392	2	,	,	PUNCT
ajfa-1871	392	3	d.	d.	PROPN
ajfa-1871	392	4	(	(	PUNCT
ajfa-1871	392	5	1984	1984	NUM
ajfa-1871	392	6	)	)	PUNCT
ajfa-1871	392	7	.	.	PUNCT
ajfa-1871	393	1	golden	golden	ADJ
ajfa-1871	393	2	parachutes	parachute	NOUN
ajfa-1871	393	3	–	–	PUNCT
ajfa-1871	393	4	executive	executive	NOUN
ajfa-1871	393	5	compensation	compensation	NOUN
ajfa-1871	393	6	or	or	CCONJ
ajfa-1871	393	7	executive	executive	ADJ
ajfa-1871	393	8	overreaching	overreaching	NOUN
ajfa-1871	393	9	.	.	PUNCT
ajfa-1871	394	1	journal	journal	PROPN
ajfa-1871	394	2	of	of	ADP
ajfa-1871	394	3	corporation	corporation	PROPN
ajfa-1871	394	4	law	law	NOUN
ajfa-1871	394	5	,	,	PUNCT
ajfa-1871	394	6	9	9	NUM
ajfa-1871	394	7	,	,	PUNCT
ajfa-1871	394	8	346	346	NUM
ajfa-1871	394	9	.	.	PUNCT
ajfa-1871	395	1	asian	asian	ADJ
ajfa-1871	395	2	journal	journal	PROPN
ajfa-1871	395	3	of	of	ADP
ajfa-1871	395	4	finance	finance	PROPN
ajfa-1871	395	5	&	&	CCONJ
ajfa-1871	395	6	accounting	accounting	PROPN
ajfa-1871	395	7	issn	issn	PROPN
ajfa-1871	395	8	1946	1946	NUM
ajfa-1871	395	9	-	-	PUNCT
ajfa-1871	395	10	052x	052x	NOUN
ajfa-1871	395	11	2012	2012	NUM
ajfa-1871	395	12	,	,	PUNCT
ajfa-1871	395	13	vol	vol	NOUN
ajfa-1871	395	14	.	.	PROPN
ajfa-1871	395	15	4	4	NUM
ajfa-1871	395	16	,	,	PUNCT
ajfa-1871	395	17	no	no	INTJ
ajfa-1871	395	18	.	.	NOUN
ajfa-1871	395	19	2	2	NUM
ajfa-1871	395	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	395	21	129	129	NUM
ajfa-1871	395	22	meltzer	meltzer	PROPN
ajfa-1871	395	23	,	,	PUNCT
ajfa-1871	395	24	a.	a.	PROPN
ajfa-1871	395	25	(	(	PUNCT
ajfa-1871	395	26	1963	1963	NUM
ajfa-1871	395	27	)	)	PUNCT
ajfa-1871	395	28	.	.	PUNCT
ajfa-1871	396	1	the	the	DET
ajfa-1871	396	2	demand	demand	NOUN
ajfa-1871	396	3	for	for	ADP
ajfa-1871	396	4	money	money	NOUN
ajfa-1871	396	5	:	:	PUNCT
ajfa-1871	396	6	the	the	DET
ajfa-1871	396	7	evidence	evidence	NOUN
ajfa-1871	396	8	from	from	ADP
ajfa-1871	396	9	the	the	DET
ajfa-1871	396	10	time	time	NOUN
ajfa-1871	396	11	series	series	NOUN
ajfa-1871	396	12	.	.	PUNCT
ajfa-1871	397	1	the	the	DET
ajfa-1871	397	2	journal	journal	NOUN
ajfa-1871	397	3	of	of	ADP
ajfa-1871	397	4	the	the	DET
ajfa-1871	397	5	political	political	ADJ
ajfa-1871	397	6	economy	economy	NOUN
ajfa-1871	397	7	,	,	PUNCT
ajfa-1871	397	8	33(131	33(131	NUM
ajfa-1871	397	9	)	)	PUNCT
ajfa-1871	397	10	,	,	PUNCT
ajfa-1871	397	11	288	288	NUM
ajfa-1871	397	12	-	-	SYM
ajfa-1871	397	13	302	302	NUM
ajfa-1871	397	14	.	.	PUNCT
ajfa-1871	398	1	http://dx.doi.org/10.1086/258768	http://dx.doi.org/10.1086/258768	PROPN
ajfa-1871	398	2	miller	miller	PROPN
ajfa-1871	398	3	,	,	PUNCT
ajfa-1871	398	4	f.	f.	PROPN
ajfa-1871	398	5	,	,	PUNCT
ajfa-1871	398	6	&	&	CCONJ
ajfa-1871	398	7	modigliani	modigliani	PROPN
ajfa-1871	398	8	,	,	PUNCT
ajfa-1871	398	9	m.	m.	NOUN
ajfa-1871	398	10	(	(	PUNCT
ajfa-1871	398	11	1963	1963	NUM
ajfa-1871	398	12	)	)	PUNCT
ajfa-1871	398	13	.	.	PUNCT
ajfa-1871	399	1	corporate	corporate	ADJ
ajfa-1871	399	2	income	income	NOUN
ajfa-1871	399	3	taxes	taxis	NOUN
ajfa-1871	399	4	and	and	CCONJ
ajfa-1871	399	5	the	the	DET
ajfa-1871	399	6	cost	cost	NOUN
ajfa-1871	399	7	of	of	ADP
ajfa-1871	399	8	capital	capital	NOUN
ajfa-1871	399	9	.	.	PUNCT
ajfa-1871	400	1	the	the	DET
ajfa-1871	400	2	american	american	PROPN
ajfa-1871	400	3	economic	economic	PROPN
ajfa-1871	400	4	review	review	PROPN
ajfa-1871	400	5	,	,	PUNCT
ajfa-1871	400	6	53(3	53(3	NUM
ajfa-1871	400	7	)	)	PUNCT
ajfa-1871	400	8	,	,	PUNCT
ajfa-1871	400	9	433	433	NUM
ajfa-1871	400	10	-	-	SYM
ajfa-1871	400	11	443	443	NUM
ajfa-1871	400	12	.	.	PUNCT
ajfa-1871	401	1	miller	miller	PROPN
ajfa-1871	401	2	,	,	PUNCT
ajfa-1871	401	3	m.	m.	NOUN
ajfa-1871	401	4	,	,	PUNCT
ajfa-1871	401	5	&	&	CCONJ
ajfa-1871	401	6	orr	orr	PROPN
ajfa-1871	401	7	,	,	PUNCT
ajfa-1871	401	8	d.	d.	PROPN
ajfa-1871	401	9	(	(	PUNCT
ajfa-1871	401	10	1966	1966	NUM
ajfa-1871	401	11	)	)	PUNCT
ajfa-1871	401	12	.	.	PUNCT
ajfa-1871	402	1	a	a	DET
ajfa-1871	402	2	model	model	NOUN
ajfa-1871	402	3	of	of	ADP
ajfa-1871	402	4	the	the	DET
ajfa-1871	402	5	demand	demand	NOUN
ajfa-1871	402	6	for	for	ADP
ajfa-1871	402	7	money	money	NOUN
ajfa-1871	402	8	by	by	ADP
ajfa-1871	402	9	firms	firm	NOUN
ajfa-1871	402	10	.	.	PUNCT
ajfa-1871	403	1	the	the	DET
ajfa-1871	403	2	quarterly	quarterly	ADJ
ajfa-1871	403	3	journal	journal	NOUN
ajfa-1871	403	4	of	of	ADP
ajfa-1871	403	5	economics	economic	NOUN
ajfa-1871	403	6	,	,	PUNCT
ajfa-1871	403	7	80	80	NUM
ajfa-1871	403	8	,	,	PUNCT
ajfa-1871	403	9	413	413	NUM
ajfa-1871	403	10	-	-	SYM
ajfa-1871	403	11	435	435	NUM
ajfa-1871	403	12	,	,	PUNCT
ajfa-1871	403	13	http://dx.doi.org/10.2307/1880728	http://dx.doi.org/10.2307/1880728	PROPN
ajfa-1871	403	14	morck	morck	PROPN
ajfa-1871	403	15	,	,	PUNCT
ajfa-1871	403	16	r.	r.	PROPN
ajfa-1871	403	17	,	,	PUNCT
ajfa-1871	403	18	shleifer	shleifer	PROPN
ajfa-1871	403	19	,	,	PUNCT
ajfa-1871	403	20	a.	a.	PROPN
ajfa-1871	403	21	,	,	PUNCT
ajfa-1871	403	22	&	&	CCONJ
ajfa-1871	403	23	vishny	vishny	PROPN
ajfa-1871	403	24	,	,	PUNCT
ajfa-1871	403	25	r.	r.	PROPN
ajfa-1871	403	26	(	(	PUNCT
ajfa-1871	403	27	1989	1989	NUM
ajfa-1871	403	28	)	)	PUNCT
ajfa-1871	403	29	.	.	PUNCT
ajfa-1871	404	1	do	do	AUX
ajfa-1871	404	2	managerial	managerial	ADJ
ajfa-1871	404	3	objectives	objective	NOUN
ajfa-1871	404	4	drive	drive	VERB
ajfa-1871	404	5	bad	bad	ADJ
ajfa-1871	404	6	acquisitions	acquisition	NOUN
ajfa-1871	404	7	.	.	PUNCT
ajfa-1871	405	1	the	the	DET
ajfa-1871	405	2	journal	journal	NOUN
ajfa-1871	405	3	of	of	ADP
ajfa-1871	405	4	finance	finance	NOUN
ajfa-1871	405	5	,	,	PUNCT
ajfa-1871	405	6	35	35	NUM
ajfa-1871	405	7	,	,	PUNCT
ajfa-1871	405	8	31	31	NUM
ajfa-1871	405	9	-	-	SYM
ajfa-1871	405	10	48	48	NUM
ajfa-1871	405	11	.	.	PUNCT
ajfa-1871	406	1	http://dx.doi.org/10.2307/2328808	http://dx.doi.org/10.2307/2328808	PROPN
ajfa-1871	406	2	morrison	morrison	PROPN
ajfa-1871	406	3	a.	a.	PROPN
ajfa-1871	406	4	(	(	PUNCT
ajfa-1871	406	5	1982	1982	NUM
ajfa-1871	406	6	,	,	PUNCT
ajfa-1871	406	7	december	december	PROPN
ajfa-1871	406	8	)	)	PUNCT
ajfa-1871	406	9	.	.	PUNCT
ajfa-1871	407	1	those	those	DET
ajfa-1871	407	2	executive	executive	PROPN
ajfa-1871	407	3	bail	bail	VERB
ajfa-1871	407	4	out	out	ADP
ajfa-1871	407	5	deals	deal	NOUN
ajfa-1871	407	6	.	.	PUNCT
ajfa-1871	408	1	fortune	fortune	NOUN
ajfa-1871	408	2	,	,	PUNCT
ajfa-1871	408	3	13	13	NUM
ajfa-1871	408	4	,	,	PUNCT
ajfa-1871	408	5	82	82	NUM
ajfa-1871	408	6	-	-	SYM
ajfa-1871	408	7	87	87	NUM
ajfa-1871	408	8	.	.	PUNCT
ajfa-1871	409	1	murphy	murphy	PROPN
ajfa-1871	409	2	,	,	PUNCT
ajfa-1871	409	3	k.	k.	PROPN
ajfa-1871	409	4	j.	j.	PROPN
ajfa-1871	409	5	,	,	PUNCT
ajfa-1871	409	6	(	(	PUNCT
ajfa-1871	409	7	1999	1999	NUM
ajfa-1871	409	8	)	)	PUNCT
ajfa-1871	409	9	.	.	PUNCT
ajfa-1871	410	1	executive	executive	PROPN
ajfa-1871	410	2	compensation	compensation	NOUN
ajfa-1871	410	3	in	in	ADP
ajfa-1871	410	4	o.	o.	NOUN
ajfa-1871	410	5	ashenfelter	ashenfelter	NOUN
ajfa-1871	410	6	and	and	CCONJ
ajfa-1871	410	7	d.	d.	PROPN
ajfa-1871	410	8	card	card	PROPN
ajfa-1871	410	9	(	(	PUNCT
ajfa-1871	410	10	eds	ed	NOUN
ajfa-1871	410	11	.	.	PUNCT
ajfa-1871	410	12	)	)	PUNCT
ajfa-1871	410	13	,	,	PUNCT
ajfa-1871	410	14	handbook	handbook	NOUN
ajfa-1871	410	15	of	of	ADP
ajfa-1871	410	16	labor	labor	NOUN
ajfa-1871	410	17	economics	economic	NOUN
ajfa-1871	410	18	,	,	PUNCT
ajfa-1871	410	19	3	3	NUM
ajfa-1871	410	20	,	,	PUNCT
ajfa-1871	410	21	amsterdam	amsterdam	NOUN
ajfa-1871	410	22	:	:	PUNCT
ajfa-1871	410	23	north	north	NOUN
ajfa-1871	410	24	-	-	PUNCT
ajfa-1871	410	25	holland	holland	NOUN
ajfa-1871	410	26	,	,	PUNCT
ajfa-1871	410	27	2485–2563	2485–2563	NUM
ajfa-1871	410	28	.	.	PUNCT
ajfa-1871	411	1	myers	myers	PROPN
ajfa-1871	411	2	,	,	PUNCT
ajfa-1871	411	3	s.	s.	PROPN
ajfa-1871	411	4	,	,	PUNCT
ajfa-1871	411	5	&	&	CCONJ
ajfa-1871	411	6	majluf	majluf	PROPN
ajfa-1871	411	7	,	,	PUNCT
ajfa-1871	411	8	n.	n.	NOUN
ajfa-1871	411	9	(	(	PUNCT
ajfa-1871	411	10	1984	1984	NUM
ajfa-1871	411	11	)	)	PUNCT
ajfa-1871	411	12	.	.	PUNCT
ajfa-1871	412	1	corporate	corporate	ADJ
ajfa-1871	412	2	financing	financing	NOUN
ajfa-1871	412	3	and	and	CCONJ
ajfa-1871	412	4	investment	investment	NOUN
ajfa-1871	412	5	decisions	decision	NOUN
ajfa-1871	412	6	when	when	SCONJ
ajfa-1871	412	7	firms	firm	NOUN
ajfa-1871	412	8	have	have	VERB
ajfa-1871	412	9	information	information	NOUN
ajfa-1871	412	10	that	that	SCONJ
ajfa-1871	412	11	investors	investor	NOUN
ajfa-1871	412	12	do	do	AUX
ajfa-1871	412	13	not	not	PART
ajfa-1871	412	14	have	have	VERB
ajfa-1871	412	15	.	.	PUNCT
ajfa-1871	413	1	journal	journal	NOUN
ajfa-1871	413	2	of	of	ADP
ajfa-1871	413	3	financial	financial	ADJ
ajfa-1871	413	4	economics	economic	NOUN
ajfa-1871	413	5	,	,	PUNCT
ajfa-1871	413	6	13	13	NUM
ajfa-1871	413	7	,	,	PUNCT
ajfa-1871	413	8	187	187	NUM
ajfa-1871	413	9	-	-	SYM
ajfa-1871	413	10	221	221	NUM
ajfa-1871	413	11	.	.	PUNCT
ajfa-1871	414	1	http://dx.doi.org/10.1016/0304-405x(84)90023-0	http://dx.doi.org/10.1016/0304-405x(84)90023-0	NOUN
ajfa-1871	414	2	narayan	narayan	NOUN
ajfa-1871	414	3	,	,	PUNCT
ajfa-1871	414	4	m.	m.	NOUN
ajfa-1871	414	5	,	,	PUNCT
ajfa-1871	414	6	&	&	CCONJ
ajfa-1871	414	7	sundaram	sundaram	PROPN
ajfa-1871	414	8	,	,	PUNCT
ajfa-1871	414	9	a.	a.	NOUN
ajfa-1871	414	10	(	(	PUNCT
ajfa-1871	414	11	1998	1998	NUM
ajfa-1871	414	12	)	)	PUNCT
ajfa-1871	414	13	.	.	PUNCT
ajfa-1871	415	1	a	a	DET
ajfa-1871	415	2	safe	safe	ADJ
ajfa-1871	415	3	landing	landing	NOUN
ajfa-1871	415	4	?	?	PUNCT
ajfa-1871	416	1	golden	golden	ADJ
ajfa-1871	416	2	parachutes	parachute	NOUN
ajfa-1871	416	3	and	and	CCONJ
ajfa-1871	416	4	corporate	corporate	ADJ
ajfa-1871	416	5	behavior	behavior	NOUN
ajfa-1871	416	6	.	.	PUNCT
ajfa-1871	417	1	university	university	NOUN
ajfa-1871	417	2	of	of	ADP
ajfa-1871	417	3	michigan	michigan	PROPN
ajfa-1871	417	4	business	business	PROPN
ajfa-1871	417	5	school	school	PROPN
ajfa-1871	417	6	working	working	NOUN
ajfa-1871	417	7	paper	paper	NOUN
ajfa-1871	417	8	.	.	PUNCT
ajfa-1871	418	1	opler	opler	ADJ
ajfa-1871	418	2	,	,	PUNCT
ajfa-1871	418	3	t.	t.	PROPN
ajfa-1871	418	4	,	,	PUNCT
ajfa-1871	418	5	pinkowitz	pinkowitz	PROPN
ajfa-1871	418	6	,	,	PUNCT
ajfa-1871	418	7	l.	l.	PROPN
ajfa-1871	418	8	,	,	PUNCT
ajfa-1871	418	9	stulz	stulz	ADJ
ajfa-1871	418	10	,	,	PUNCT
ajfa-1871	418	11	r.	r.	PROPN
ajfa-1871	418	12	,	,	PUNCT
ajfa-1871	418	13	&	&	CCONJ
ajfa-1871	418	14	williamson	williamson	PROPN
ajfa-1871	418	15	,	,	PUNCT
ajfa-1871	418	16	r.	r.	PROPN
ajfa-1871	418	17	(	(	PUNCT
ajfa-1871	418	18	1999	1999	NUM
ajfa-1871	418	19	)	)	PUNCT
ajfa-1871	418	20	.	.	PUNCT
ajfa-1871	419	1	the	the	DET
ajfa-1871	419	2	determinants	determinant	NOUN
ajfa-1871	419	3	and	and	CCONJ
ajfa-1871	419	4	implications	implication	NOUN
ajfa-1871	419	5	of	of	ADP
ajfa-1871	419	6	corporate	corporate	ADJ
ajfa-1871	419	7	cash	cash	NOUN
ajfa-1871	419	8	holdings	holding	NOUN
ajfa-1871	419	9	.	.	PUNCT
ajfa-1871	420	1	journal	journal	NOUN
ajfa-1871	420	2	of	of	ADP
ajfa-1871	420	3	financial	financial	ADJ
ajfa-1871	420	4	economics	economic	NOUN
ajfa-1871	420	5	,	,	PUNCT
ajfa-1871	420	6	52	52	NUM
ajfa-1871	420	7	,	,	PUNCT
ajfa-1871	420	8	3	3	NUM
ajfa-1871	420	9	-	-	SYM
ajfa-1871	420	10	46	46	NUM
ajfa-1871	420	11	.	.	PUNCT
ajfa-1871	421	1	http://dx.doi.org/10.1016/s0304-405x(99)00003-3	http://dx.doi.org/10.1016/s0304-405x(99)00003-3	NOUN
ajfa-1871	421	2	palepu	palepu	NOUN
ajfa-1871	421	3	,	,	PUNCT
ajfa-1871	421	4	k.	k.	PROPN
ajfa-1871	421	5	(	(	PUNCT
ajfa-1871	421	6	1986	1986	NUM
ajfa-1871	421	7	)	)	PUNCT
ajfa-1871	421	8	.	.	PUNCT
ajfa-1871	422	1	predicting	predict	VERB
ajfa-1871	422	2	takeover	takeover	NOUN
ajfa-1871	422	3	targets	target	NOUN
ajfa-1871	422	4	.	.	PUNCT
ajfa-1871	423	1	journal	journal	NOUN
ajfa-1871	423	2	of	of	ADP
ajfa-1871	423	3	accounting	accounting	NOUN
ajfa-1871	423	4	and	and	CCONJ
ajfa-1871	423	5	economics	economic	NOUN
ajfa-1871	423	6	,	,	PUNCT
ajfa-1871	423	7	8(1	8(1	NOUN
ajfa-1871	423	8	)	)	PUNCT
ajfa-1871	423	9	,	,	PUNCT
ajfa-1871	423	10	3	3	NUM
ajfa-1871	423	11	-	-	SYM
ajfa-1871	423	12	35	35	NUM
ajfa-1871	423	13	,	,	PUNCT
ajfa-1871	423	14	http://dx.doi.org/10.1016/0165-4101(86)90008-x	http://dx.doi.org/10.1016/0165-4101(86)90008-x	PROPN
ajfa-1871	423	15	pfeffer	pfeffer	PROPN
ajfa-1871	423	16	,	,	PUNCT
ajfa-1871	423	17	j.	j.	PROPN
ajfa-1871	423	18	(	(	PUNCT
ajfa-1871	423	19	1973	1973	NUM
ajfa-1871	423	20	)	)	PUNCT
ajfa-1871	423	21	.	.	PUNCT
ajfa-1871	424	1	size	size	NOUN
ajfa-1871	424	2	,	,	PUNCT
ajfa-1871	424	3	composition	composition	NOUN
ajfa-1871	424	4	and	and	CCONJ
ajfa-1871	424	5	function	function	NOUN
ajfa-1871	424	6	of	of	ADP
ajfa-1871	424	7	hospital	hospital	NOUN
ajfa-1871	424	8	board	board	NOUN
ajfa-1871	424	9	of	of	ADP
ajfa-1871	424	10	directors	director	NOUN
ajfa-1871	424	11	.	.	PUNCT
ajfa-1871	425	1	administration	administration	NOUN
ajfa-1871	425	2	science	science	PROPN
ajfa-1871	425	3	quarterly	quarterly	ADV
ajfa-1871	425	4	,	,	PUNCT
ajfa-1871	425	5	8	8	NUM
ajfa-1871	425	6	,	,	PUNCT
ajfa-1871	425	7	361	361	NUM
ajfa-1871	425	8	-	-	SYM
ajfa-1871	425	9	378	378	NUM
ajfa-1871	425	10	,	,	PUNCT
ajfa-1871	425	11	http://dx.doi.org/10.2307/2391668	http://dx.doi.org/10.2307/2391668	PROPN
ajfa-1871	425	12	powell	powell	PROPN
ajfa-1871	425	13	,	,	PUNCT
ajfa-1871	425	14	r.g	r.g	PROPN
ajfa-1871	425	15	.	.	PROPN
ajfa-1871	425	16	,	,	PUNCT
ajfa-1871	425	17	&	&	CCONJ
ajfa-1871	425	18	thomas	thomas	PROPN
ajfa-1871	425	19	,	,	PUNCT
ajfa-1871	425	20	h.m	h.m	PROPN
ajfa-1871	425	21	.	.	PROPN
ajfa-1871	425	22	(	(	PUNCT
ajfa-1871	425	23	1994	1994	NUM
ajfa-1871	425	24	)	)	PUNCT
ajfa-1871	425	25	,	,	PUNCT
ajfa-1871	425	26	corporate	corporate	ADJ
ajfa-1871	425	27	control	control	NOUN
ajfa-1871	425	28	and	and	CCONJ
ajfa-1871	425	29	takeover	takeover	NOUN
ajfa-1871	425	30	prediction	prediction	NOUN
ajfa-1871	425	31	,	,	PUNCT
ajfa-1871	425	32	university	university	NOUN
ajfa-1871	425	33	of	of	ADP
ajfa-1871	425	34	essex	essex	PROPN
ajfa-1871	425	35	,	,	PUNCT
ajfa-1871	425	36	department	department	NOUN
ajfa-1871	425	37	of	of	ADP
ajfa-1871	425	38	accounting	accounting	NOUN
ajfa-1871	425	39	and	and	CCONJ
ajfa-1871	425	40	financial	financial	ADJ
ajfa-1871	425	41	management	management	NOUN
ajfa-1871	425	42	,	,	PUNCT
ajfa-1871	425	43	working	work	VERB
ajfa-1871	425	44	paper	paper	NOUN
ajfa-1871	425	45	94/07	94/07	NUM
ajfa-1871	425	46	.	.	PUNCT
ajfa-1871	426	1	provan	provan	PROPN
ajfa-1871	426	2	,	,	PUNCT
ajfa-1871	426	3	k.	k.	PROPN
ajfa-1871	426	4	(	(	PUNCT
ajfa-1871	426	5	1980	1980	NUM
ajfa-1871	426	6	)	)	PUNCT
ajfa-1871	426	7	.	.	PUNCT
ajfa-1871	427	1	board	board	NOUN
ajfa-1871	427	2	power	power	NOUN
ajfa-1871	427	3	and	and	CCONJ
ajfa-1871	427	4	organizational	organizational	ADJ
ajfa-1871	427	5	effectiveness	effectiveness	NOUN
ajfa-1871	427	6	among	among	ADP
ajfa-1871	427	7	human	human	ADJ
ajfa-1871	427	8	services	service	NOUN
ajfa-1871	427	9	agencies	agency	NOUN
ajfa-1871	427	10	.	.	PUNCT
ajfa-1871	428	1	academy	academy	PROPN
ajfa-1871	428	2	of	of	ADP
ajfa-1871	428	3	management	management	PROPN
ajfa-1871	428	4	journal	journal	NOUN
ajfa-1871	428	5	,	,	PUNCT
ajfa-1871	428	6	23(2	23(2	NUM
ajfa-1871	428	7	)	)	PUNCT
ajfa-1871	428	8	,	,	PUNCT
ajfa-1871	428	9	221	221	NUM
ajfa-1871	428	10	-	-	SYM
ajfa-1871	428	11	236	236	NUM
ajfa-1871	428	12	,	,	PUNCT
ajfa-1871	428	13	http://dx.doi.org/10.2307/255428	http://dx.doi.org/10.2307/255428	PROPN
ajfa-1871	428	14	ratcliff	ratcliff	PROPN
ajfa-1871	428	15	,	,	PUNCT
ajfa-1871	428	16	r.	r.	PROPN
ajfa-1871	428	17	(	(	PUNCT
ajfa-1871	428	18	1980	1980	NUM
ajfa-1871	428	19	)	)	PUNCT
ajfa-1871	428	20	.	.	PUNCT
ajfa-1871	429	1	banks	bank	NOUN
ajfa-1871	429	2	and	and	CCONJ
ajfa-1871	429	3	corporate	corporate	ADJ
ajfa-1871	429	4	lending	lending	NOUN
ajfa-1871	429	5	:	:	PUNCT
ajfa-1871	429	6	an	an	DET
ajfa-1871	429	7	analysis	analysis	NOUN
ajfa-1871	429	8	of	of	ADP
ajfa-1871	429	9	the	the	DET
ajfa-1871	429	10	impact	impact	NOUN
ajfa-1871	429	11	of	of	ADP
ajfa-1871	429	12	the	the	DET
ajfa-1871	429	13	internal	internal	ADJ
ajfa-1871	429	14	structure	structure	NOUN
ajfa-1871	429	15	of	of	ADP
ajfa-1871	429	16	the	the	DET
ajfa-1871	429	17	capitalist	capitalist	ADJ
ajfa-1871	429	18	class	class	NOUN
ajfa-1871	429	19	on	on	ADP
ajfa-1871	429	20	the	the	DET
ajfa-1871	429	21	lending	lending	NOUN
ajfa-1871	429	22	behavior	behavior	NOUN
ajfa-1871	429	23	of	of	ADP
ajfa-1871	429	24	banks	bank	NOUN
ajfa-1871	429	25	.	.	PUNCT
ajfa-1871	430	1	american	american	ADJ
ajfa-1871	430	2	sociological	sociological	PROPN
ajfa-1871	430	3	review	review	PROPN
ajfa-1871	430	4	,	,	PUNCT
ajfa-1871	430	5	45(4	45(4	PROPN
ajfa-1871	430	6	)	)	PUNCT
ajfa-1871	430	7	,	,	PUNCT
ajfa-1871	430	8	553	553	NUM
ajfa-1871	430	9	-	-	SYM
ajfa-1871	430	10	570	570	NUM
ajfa-1871	430	11	,	,	PUNCT
ajfa-1871	430	12	http://dx.doi.org/10.2307/2095008	http://dx.doi.org/10.2307/2095008	PROPN
ajfa-1871	430	13	scott	scott	PROPN
ajfa-1871	430	14	,	,	PUNCT
ajfa-1871	430	15	j.	j.	PROPN
ajfa-1871	430	16	(	(	PUNCT
ajfa-1871	430	17	1976	1976	NUM
ajfa-1871	430	18	)	)	PUNCT
ajfa-1871	430	19	.	.	PUNCT
ajfa-1871	431	1	a	a	DET
ajfa-1871	431	2	theory	theory	NOUN
ajfa-1871	431	3	of	of	ADP
ajfa-1871	431	4	optimal	optimal	ADJ
ajfa-1871	431	5	capital	capital	NOUN
ajfa-1871	431	6	structure	structure	NOUN
ajfa-1871	431	7	.	.	PUNCT
ajfa-1871	432	1	the	the	DET
ajfa-1871	432	2	bell	bell	PROPN
ajfa-1871	432	3	journal	journal	PROPN
ajfa-1871	432	4	of	of	ADP
ajfa-1871	432	5	economics	economic	NOUN
ajfa-1871	432	6	,	,	PUNCT
ajfa-1871	432	7	7(1	7(1	NUM
ajfa-1871	432	8	)	)	PUNCT
ajfa-1871	432	9	,	,	PUNCT
ajfa-1871	432	10	33	33	NUM
ajfa-1871	432	11	-	-	SYM
ajfa-1871	432	12	54	54	NUM
ajfa-1871	432	13	,	,	PUNCT
ajfa-1871	432	14	http://dx.doi.org/10.2307/3003189	http://dx.doi.org/10.2307/3003189	NOUN
ajfa-1871	432	15	simons	simon	NOUN
ajfa-1871	432	16	,	,	PUNCT
ajfa-1871	432	17	t.	t.	PROPN
ajfa-1871	432	18	(	(	PUNCT
ajfa-1871	432	19	2002	2002	NUM
ajfa-1871	432	20	)	)	PUNCT
ajfa-1871	432	21	.	.	PUNCT
ajfa-1871	433	1	behavioral	behavioral	ADJ
ajfa-1871	433	2	integrity	integrity	NOUN
ajfa-1871	433	3	:	:	PUNCT
ajfa-1871	433	4	the	the	DET
ajfa-1871	433	5	perceived	perceive	VERB
ajfa-1871	433	6	alignment	alignment	NOUN
ajfa-1871	433	7	between	between	ADP
ajfa-1871	433	8	a	a	DET
ajfa-1871	433	9	manager	manager	NOUN
ajfa-1871	433	10	’s	’s	PART
ajfa-1871	433	11	words	word	NOUN
ajfa-1871	433	12	and	and	CCONJ
ajfa-1871	433	13	deeds	deed	NOUN
ajfa-1871	433	14	as	as	ADP
ajfa-1871	433	15	a	a	DET
ajfa-1871	433	16	research	research	NOUN
ajfa-1871	433	17	focus	focus	NOUN
ajfa-1871	433	18	.	.	PUNCT
ajfa-1871	434	1	organization	organization	NOUN
ajfa-1871	434	2	science	science	NOUN
ajfa-1871	434	3	,	,	PUNCT
ajfa-1871	434	4	13(1	13(1	NUM
ajfa-1871	434	5	)	)	PUNCT
ajfa-1871	434	6	,	,	PUNCT
ajfa-1871	434	7	18	18	NUM
ajfa-1871	434	8	-	-	SYM
ajfa-1871	434	9	35	35	NUM
ajfa-1871	434	10	.	.	PUNCT
ajfa-1871	435	1	asian	asian	ADJ
ajfa-1871	435	2	journal	journal	PROPN
ajfa-1871	435	3	of	of	ADP
ajfa-1871	435	4	finance	finance	PROPN
ajfa-1871	435	5	&	&	CCONJ
ajfa-1871	435	6	accounting	accounting	PROPN
ajfa-1871	435	7	issn	issn	PROPN
ajfa-1871	435	8	1946	1946	NUM
ajfa-1871	435	9	-	-	PUNCT
ajfa-1871	435	10	052x	052x	NOUN
ajfa-1871	435	11	2012	2012	NUM
ajfa-1871	435	12	,	,	PUNCT
ajfa-1871	435	13	vol	vol	NOUN
ajfa-1871	435	14	.	.	PROPN
ajfa-1871	435	15	4	4	NUM
ajfa-1871	435	16	,	,	PUNCT
ajfa-1871	435	17	no	no	INTJ
ajfa-1871	435	18	.	.	NOUN
ajfa-1871	435	19	2	2	NUM
ajfa-1871	435	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1871	435	21	130	130	NUM
ajfa-1871	435	22	singh	singh	ADJ
ajfa-1871	435	23	,	,	PUNCT
ajfa-1871	435	24	h.	h.	PROPN
ajfa-1871	435	25	,	,	PUNCT
ajfa-1871	435	26	&	&	CCONJ
ajfa-1871	435	27	harianto	harianto	PROPN
ajfa-1871	435	28	,	,	PUNCT
ajfa-1871	435	29	f.	f.	PROPN
ajfa-1871	435	30	(	(	PUNCT
ajfa-1871	435	31	1989	1989	NUM
ajfa-1871	435	32	)	)	PUNCT
ajfa-1871	435	33	.	.	PUNCT
ajfa-1871	436	1	management	management	NOUN
ajfa-1871	436	2	board	board	NOUN
ajfa-1871	436	3	relationships	relationship	NOUN
ajfa-1871	436	4	,	,	PUNCT
ajfa-1871	436	5	takeover	takeover	NOUN
ajfa-1871	436	6	risk	risk	NOUN
ajfa-1871	436	7	,	,	PUNCT
ajfa-1871	436	8	and	and	CCONJ
ajfa-1871	436	9	the	the	DET
ajfa-1871	436	10	adoption	adoption	NOUN
ajfa-1871	436	11	of	of	ADP
ajfa-1871	436	12	golden	golden	ADJ
ajfa-1871	436	13	parachutes	parachute	NOUN
ajfa-1871	436	14	.	.	PUNCT
ajfa-1871	437	1	the	the	DET
ajfa-1871	437	2	academy	academy	PROPN
ajfa-1871	437	3	of	of	ADP
ajfa-1871	437	4	management	management	PROPN
ajfa-1871	437	5	journal	journal	PROPN
ajfa-1871	437	6	,	,	PUNCT
ajfa-1871	437	7	32(1	32(1	NUM
ajfa-1871	437	8	)	)	PUNCT
ajfa-1871	437	9	,	,	PUNCT
ajfa-1871	437	10	7	7	NUM
ajfa-1871	437	11	-	-	SYM
ajfa-1871	437	12	24	24	NUM
ajfa-1871	437	13	,	,	PUNCT
ajfa-1871	437	14	http://dx.doi.org/10.2307/256417	http://dx.doi.org/10.2307/256417	PROPN
ajfa-1871	437	15	smith	smith	PROPN
ajfa-1871	437	16	,	,	PUNCT
ajfa-1871	437	17	r.	r.	PROPN
ajfa-1871	437	18	(	(	PUNCT
ajfa-1871	437	19	2009	2009	NUM
ajfa-1871	437	20	,	,	PUNCT
ajfa-1871	437	21	february	february	PROPN
ajfa-1871	437	22	7	7	NUM
ajfa-1871	437	23	)	)	PUNCT
ajfa-1871	437	24	.	.	PUNCT
ajfa-1871	438	1	greed	greed	NOUN
ajfa-1871	438	2	is	be	AUX
ajfa-1871	438	3	good	good	ADJ
ajfa-1871	438	4	.	.	PUNCT
ajfa-1871	439	1	the	the	DET
ajfa-1871	439	2	wall	wall	PROPN
ajfa-1871	439	3	street	street	PROPN
ajfa-1871	439	4	journal	journal	PROPN
ajfa-1871	439	5	.	.	PUNCT
ajfa-1871	440	1	tobin	tobin	PROPN
ajfa-1871	440	2	,	,	PUNCT
ajfa-1871	440	3	j.	j.	PROPN
ajfa-1871	440	4	(	(	PUNCT
ajfa-1871	440	5	1956	1956	NUM
ajfa-1871	440	6	)	)	PUNCT
ajfa-1871	440	7	.	.	PUNCT
ajfa-1871	441	1	the	the	DET
ajfa-1871	441	2	interest	interest	NOUN
ajfa-1871	441	3	elasticity	elasticity	NOUN
ajfa-1871	441	4	of	of	ADP
ajfa-1871	441	5	transactions	transaction	NOUN
ajfa-1871	441	6	demand	demand	NOUN
ajfa-1871	441	7	for	for	ADP
ajfa-1871	441	8	cash	cash	NOUN
ajfa-1871	441	9	.	.	PUNCT
ajfa-1871	442	1	the	the	DET
ajfa-1871	442	2	review	review	NOUN
ajfa-1871	442	3	of	of	ADP
ajfa-1871	442	4	economics	economic	NOUN
ajfa-1871	442	5	and	and	CCONJ
ajfa-1871	442	6	statistics	statistic	NOUN
ajfa-1871	442	7	,	,	PUNCT
ajfa-1871	442	8	38	38	NUM
ajfa-1871	442	9	,	,	PUNCT
ajfa-1871	442	10	241	241	NUM
ajfa-1871	442	11	-	-	SYM
ajfa-1871	442	12	247	247	NUM
ajfa-1871	442	13	,	,	PUNCT
ajfa-1871	442	14	http://dx.doi.org/10.2307/1925776	http://dx.doi.org/10.2307/1925776	PROPN
ajfa-1871	442	15	wade	wade	PROPN
ajfa-1871	442	16	,	,	PUNCT
ajfa-1871	442	17	j.	j.	PROPN
ajfa-1871	442	18	,	,	PUNCT
ajfa-1871	442	19	o'reilly	o'reilly	PROPN
ajfa-1871	442	20	,	,	PUNCT
ajfa-1871	442	21	c.a	c.a	PROPN
ajfa-1871	442	22	.	.	PROPN
ajfa-1871	442	23	,	,	PUNCT
ajfa-1871	442	24	iii	iii	PROPN
ajfa-1871	442	25	,	,	PUNCT
ajfa-1871	442	26	&	&	CCONJ
ajfa-1871	442	27	chandratat	chandratat	PROPN
ajfa-1871	442	28	,	,	PUNCT
ajfa-1871	442	29	i.	i.	NOUN
ajfa-1871	442	30	(	(	PUNCT
ajfa-1871	442	31	1990	1990	NUM
ajfa-1871	442	32	)	)	PUNCT
ajfa-1871	442	33	,	,	PUNCT
ajfa-1871	442	34	golden	golden	ADJ
ajfa-1871	442	35	parachutes	parachute	NOUN
ajfa-1871	442	36	:	:	PUNCT
ajfa-1871	442	37	ceos	ceo	NOUN
ajfa-1871	442	38	and	and	CCONJ
ajfa-1871	442	39	the	the	DET
ajfa-1871	442	40	exercise	exercise	NOUN
ajfa-1871	442	41	of	of	ADP
ajfa-1871	442	42	social	social	ADJ
ajfa-1871	442	43	influence	influence	NOUN
ajfa-1871	442	44	.	.	PUNCT
ajfa-1871	443	1	administrative	administrative	ADJ
ajfa-1871	443	2	science	science	PROPN
ajfa-1871	443	3	quarterly	quarterly	ADV
ajfa-1871	443	4	,	,	PUNCT
ajfa-1871	443	5	35	35	NUM
ajfa-1871	443	6	,	,	PUNCT
ajfa-1871	443	7	587	587	NUM
ajfa-1871	443	8	-	-	SYM
ajfa-1871	443	9	603	603	NUM
ajfa-1871	443	10	,	,	PUNCT
ajfa-1871	443	11	http://dx.doi.org/10.2307/2393510	http://dx.doi.org/10.2307/2393510	ADJ
ajfa-1871	443	12	whisler	whisler	NOUN
ajfa-1871	443	13	,	,	PUNCT
ajfa-1871	443	14	t.	t.	PROPN
ajfa-1871	443	15	(	(	PUNCT
ajfa-1871	443	16	1984	1984	NUM
ajfa-1871	443	17	)	)	PUNCT
ajfa-1871	443	18	.	.	PUNCT
ajfa-1871	444	1	the	the	DET
ajfa-1871	444	2	rules	rule	NOUN
ajfa-1871	444	3	of	of	ADP
ajfa-1871	444	4	the	the	DET
ajfa-1871	444	5	game	game	NOUN
ajfa-1871	444	6	:	:	PUNCT
ajfa-1871	444	7	inside	inside	ADP
ajfa-1871	444	8	the	the	DET
ajfa-1871	444	9	corporate	corporate	ADJ
ajfa-1871	444	10	board	board	NOUN
ajfa-1871	444	11	room	room	NOUN
ajfa-1871	444	12	.	.	PUNCT
ajfa-1871	445	1	homewood	homewood	PROPN
ajfa-1871	445	2	,	,	PUNCT
ajfa-1871	445	3	iii	iii	PROPN
ajfa-1871	445	4	:	:	PUNCT
ajfa-1871	445	5	dow	dow	PROPN
ajfa-1871	445	6	-	-	PUNCT
ajfa-1871	445	7	jones	jones	PROPN
ajfa-1871	445	8	irwin	irwin	PROPN
ajfa-1871	445	9	.	.	PUNCT