id	sid	tid	token	lemma	pos
ajfa-193	1	1	title	title	NOUN
ajfa-193	1	2	:	:	PUNCT
ajfa-193	1	3	times	times	PROPN
ajfa-193	1	4	new	new	ADJ
ajfa-193	1	5	roman	roman	NOUN
ajfa-193	1	6	;	;	PUNCT
ajfa-193	1	7	size-20	size-20	NUM
ajfa-193	1	8	;	;	PUNCT
ajfa-193	1	9	double	double	ADJ
ajfa-193	1	10	line	line	NOUN
ajfa-193	1	11	spacing	spacing	NOUN
ajfa-193	1	12	;	;	PUNCT
ajfa-193	1	13	paragraph	paragraph	NOUN
ajfa-193	1	14	spacing	spacing	NOUN
ajfa-193	1	15	:	:	PUNCT
ajfa-193	1	16	before	before	ADP
ajfa-193	1	17	paragraph-1	paragraph-1	NOUN
ajfa-193	1	18	line	line	NOUN
ajfa-193	1	19	;	;	PUNCT
ajfa-193	1	20	after	after	ADP
ajfa-193	1	21	paragraph-1	paragraph-1	NOUN
ajfa-193	1	22	line	line	NOUN
ajfa-193	1	23	;	;	PUNCT
ajfa-193	1	24	center	center	ADJ
ajfa-193	1	25	asian	asian	ADJ
ajfa-193	1	26	journal	journal	NOUN
ajfa-193	1	27	of	of	ADP
ajfa-193	1	28	finance	finance	PROPN
ajfa-193	1	29	&	&	CCONJ
ajfa-193	1	30	accounting	accounting	PROPN
ajfa-193	1	31	issn	issn	PROPN
ajfa-193	1	32	1946	1946	NUM
ajfa-193	1	33	-	-	PUNCT
ajfa-193	1	34	052x	052x	NOUN
ajfa-193	1	35	2009	2009	NUM
ajfa-193	1	36	,	,	PUNCT
ajfa-193	1	37	vol	vol	NOUN
ajfa-193	1	38	.	.	PROPN
ajfa-193	1	39	1	1	NUM
ajfa-193	1	40	,	,	PUNCT
ajfa-193	1	41	no	no	INTJ
ajfa-193	1	42	.	.	NOUN
ajfa-193	1	43	2	2	NUM
ajfa-193	1	44	:	:	PUNCT
ajfa-193	1	45	e2	e2	NOUN
ajfa-193	1	46	16	16	NUM
ajfa-193	1	47	price	price	NOUN
ajfa-193	1	48	–	–	PUNCT
ajfa-193	1	49	performance	performance	NOUN
ajfa-193	1	50	and	and	CCONJ
ajfa-193	1	51	liquidity	liquidity	NOUN
ajfa-193	1	52	effects	effect	NOUN
ajfa-193	1	53	of	of	ADP
ajfa-193	1	54	index	index	NOUN
ajfa-193	1	55	additions	addition	NOUN
ajfa-193	1	56	and	and	CCONJ
ajfa-193	1	57	deletions	deletion	NOUN
ajfa-193	1	58	:	:	PUNCT
ajfa-193	1	59	evidence	evidence	NOUN
ajfa-193	1	60	from	from	ADP
ajfa-193	1	61	chinese	chinese	ADJ
ajfa-193	1	62	equity	equity	NOUN
ajfa-193	1	63	markets	market	NOUN
ajfa-193	1	64	yuelin	yuelin	PROPN
ajfa-193	1	65	li	li	PROPN
ajfa-193	1	66	department	department	PROPN
ajfa-193	1	67	of	of	ADP
ajfa-193	1	68	accounting	accounting	NOUN
ajfa-193	1	69	and	and	CCONJ
ajfa-193	1	70	finance	finance	NOUN
ajfa-193	1	71	,	,	PUNCT
ajfa-193	1	72	macquarie	macquarie	PROPN
ajfa-193	1	73	university	university	PROPN
ajfa-193	1	74	north	north	PROPN
ajfa-193	1	75	ryde	ryde	PROPN
ajfa-193	1	76	,	,	PUNCT
ajfa-193	1	77	sydney	sydney	PROPN
ajfa-193	1	78	,	,	PUNCT
ajfa-193	1	79	australia	australia	PROPN
ajfa-193	1	80	,	,	PUNCT
ajfa-193	1	81	2109	2109	NUM
ajfa-193	1	82	tel	tel	PROPN
ajfa-193	1	83	:	:	PUNCT
ajfa-193	1	84	61	61	NUM
ajfa-193	1	85	-	-	SYM
ajfa-193	1	86	2	2	NUM
ajfa-193	1	87	-9113	-9113	NOUN
ajfa-193	1	88	7729	7729	NUM
ajfa-193	1	89	e	e	NOUN
ajfa-193	1	90	-	-	NOUN
ajfa-193	1	91	mail	mail	NOUN
ajfa-193	1	92	:	:	PUNCT
ajfa-193	1	93	yuelin.li@students.mq.edu.au	yuelin.li@students.mq.edu.au	PROPN
ajfa-193	1	94	mehdi	mehdi	PROPN
ajfa-193	1	95	sadeghi	sadeghi	PROPN
ajfa-193	1	96	(	(	PUNCT
ajfa-193	1	97	corresponding	correspond	VERB
ajfa-193	1	98	author	author	NOUN
ajfa-193	1	99	)	)	PUNCT
ajfa-193	1	100	department	department	NOUN
ajfa-193	1	101	of	of	ADP
ajfa-193	1	102	accounting	accounting	NOUN
ajfa-193	1	103	and	and	CCONJ
ajfa-193	1	104	finance	finance	NOUN
ajfa-193	1	105	,	,	PUNCT
ajfa-193	1	106	macquarie	macquarie	PROPN
ajfa-193	1	107	university	university	PROPN
ajfa-193	1	108	north	north	PROPN
ajfa-193	1	109	ryde	ryde	PROPN
ajfa-193	1	110	,	,	PUNCT
ajfa-193	1	111	sydney	sydney	PROPN
ajfa-193	1	112	,	,	PUNCT
ajfa-193	1	113	australia	australia	PROPN
ajfa-193	1	114	,	,	PUNCT
ajfa-193	1	115	2109	2109	NUM
ajfa-193	1	116	tel	tel	PROPN
ajfa-193	1	117	:	:	PUNCT
ajfa-193	1	118	61	61	NUM
ajfa-193	1	119	-	-	SYM
ajfa-193	1	120	2	2	NUM
ajfa-193	1	121	-	-	PUNCT
ajfa-193	1	122	9850	9850	NUM
ajfa-193	1	123	-	-	PUNCT
ajfa-193	1	124	8527	8527	NUM
ajfa-193	1	125	e	e	NOUN
ajfa-193	1	126	-	-	NOUN
ajfa-193	1	127	mail	mail	NOUN
ajfa-193	1	128	:	:	PUNCT
ajfa-193	1	129	msadeghi@efs.mq.edu.au	msadeghi@efs.mq.edu.au	PROPN
ajfa-193	1	130	abstract	abstract	NOUN
ajfa-193	1	131	we	we	PRON
ajfa-193	1	132	investigate	investigate	VERB
ajfa-193	1	133	the	the	DET
ajfa-193	1	134	impacts	impact	NOUN
ajfa-193	1	135	of	of	ADP
ajfa-193	1	136	index	index	NOUN
ajfa-193	1	137	revisions	revision	NOUN
ajfa-193	1	138	on	on	ADP
ajfa-193	1	139	the	the	DET
ajfa-193	1	140	return	return	NOUN
ajfa-193	1	141	and	and	CCONJ
ajfa-193	1	142	liquidity	liquidity	NOUN
ajfa-193	1	143	of	of	ADP
ajfa-193	1	144	chinese	chinese	ADJ
ajfa-193	1	145	equities	equity	NOUN
ajfa-193	1	146	,	,	PUNCT
ajfa-193	1	147	using	use	VERB
ajfa-193	1	148	a	a	DET
ajfa-193	1	149	sample	sample	NOUN
ajfa-193	1	150	of	of	ADP
ajfa-193	1	151	69	69	NUM
ajfa-193	1	152	stocks	stock	NOUN
ajfa-193	1	153	added	add	VERB
ajfa-193	1	154	to	to	ADP
ajfa-193	1	155	or	or	CCONJ
ajfa-193	1	156	deleted	delete	VERB
ajfa-193	1	157	from	from	ADP
ajfa-193	1	158	the	the	DET
ajfa-193	1	159	s&p	s&p	PROPN
ajfa-193	1	160	/	/	SYM
ajfa-193	1	161	citic	citic	ADJ
ajfa-193	1	162	300	300	NUM
ajfa-193	1	163	index	index	NOUN
ajfa-193	1	164	over	over	ADP
ajfa-193	1	165	the	the	DET
ajfa-193	1	166	period	period	NOUN
ajfa-193	1	167	october	october	PROPN
ajfa-193	1	168	2004	2004	NUM
ajfa-193	1	169	–	–	PUNCT
ajfa-193	1	170	august	august	PROPN
ajfa-193	1	171	2007	2007	NUM
ajfa-193	1	172	.	.	PUNCT
ajfa-193	2	1	our	our	PRON
ajfa-193	2	2	findings	finding	NOUN
ajfa-193	2	3	show	show	VERB
ajfa-193	2	4	that	that	SCONJ
ajfa-193	2	5	stock	stock	NOUN
ajfa-193	2	6	prices	price	NOUN
ajfa-193	2	7	respond	respond	VERB
ajfa-193	2	8	positively	positively	ADV
ajfa-193	2	9	to	to	ADP
ajfa-193	2	10	index	index	NOUN
ajfa-193	2	11	additions	addition	NOUN
ajfa-193	2	12	,	,	PUNCT
ajfa-193	2	13	and	and	CCONJ
ajfa-193	2	14	negatively	negatively	ADV
ajfa-193	2	15	to	to	ADP
ajfa-193	2	16	index	index	NOUN
ajfa-193	2	17	deletions	deletion	NOUN
ajfa-193	2	18	.	.	PUNCT
ajfa-193	3	1	furthermore	furthermore	ADV
ajfa-193	3	2	,	,	PUNCT
ajfa-193	3	3	our	our	PRON
ajfa-193	3	4	study	study	NOUN
ajfa-193	3	5	provides	provide	VERB
ajfa-193	3	6	evidence	evidence	NOUN
ajfa-193	3	7	in	in	ADP
ajfa-193	3	8	support	support	NOUN
ajfa-193	3	9	of	of	ADP
ajfa-193	3	10	a	a	DET
ajfa-193	3	11	long	long	ADJ
ajfa-193	3	12	-	-	PUNCT
ajfa-193	3	13	term	term	NOUN
ajfa-193	3	14	improvement	improvement	NOUN
ajfa-193	3	15	in	in	ADP
ajfa-193	3	16	liquidity	liquidity	NOUN
ajfa-193	3	17	for	for	ADP
ajfa-193	3	18	both	both	PRON
ajfa-193	3	19	stock	stock	NOUN
ajfa-193	3	20	additions	addition	NOUN
ajfa-193	3	21	and	and	CCONJ
ajfa-193	3	22	stock	stock	NOUN
ajfa-193	3	23	deletions	deletion	NOUN
ajfa-193	3	24	.	.	PUNCT
ajfa-193	4	1	overall	overall	ADV
ajfa-193	4	2	,	,	PUNCT
ajfa-193	4	3	the	the	DET
ajfa-193	4	4	results	result	NOUN
ajfa-193	4	5	are	be	AUX
ajfa-193	4	6	largely	largely	ADV
ajfa-193	4	7	consistent	consistent	ADJ
ajfa-193	4	8	with	with	ADP
ajfa-193	4	9	prior	prior	ADJ
ajfa-193	4	10	empirical	empirical	ADJ
ajfa-193	4	11	findings	finding	NOUN
ajfa-193	4	12	,	,	PUNCT
ajfa-193	4	13	and	and	CCONJ
ajfa-193	4	14	also	also	ADV
ajfa-193	4	15	appear	appear	VERB
ajfa-193	4	16	to	to	PART
ajfa-193	4	17	be	be	AUX
ajfa-193	4	18	in	in	ADP
ajfa-193	4	19	line	line	NOUN
ajfa-193	4	20	with	with	ADP
ajfa-193	4	21	the	the	DET
ajfa-193	4	22	predictions	prediction	NOUN
ajfa-193	4	23	of	of	ADP
ajfa-193	4	24	some	some	DET
ajfa-193	4	25	behavioral	behavioral	ADJ
ajfa-193	4	26	finance	finance	NOUN
ajfa-193	4	27	models	model	NOUN
ajfa-193	4	28	.	.	PUNCT
ajfa-193	5	1	keywords	keyword	NOUN
ajfa-193	5	2	:	:	PUNCT
ajfa-193	5	3	chinese	chinese	ADJ
ajfa-193	5	4	equity	equity	NOUN
ajfa-193	5	5	market	market	NOUN
ajfa-193	5	6	,	,	PUNCT
ajfa-193	5	7	index	index	NOUN
ajfa-193	5	8	additions	addition	NOUN
ajfa-193	5	9	and	and	CCONJ
ajfa-193	5	10	deletions	deletion	NOUN
ajfa-193	5	11	,	,	PUNCT
ajfa-193	5	12	abnormal	abnormal	ADJ
ajfa-193	5	13	returns	return	NOUN
ajfa-193	5	14	,	,	PUNCT
ajfa-193	5	15	liquidity	liquidity	NOUN
ajfa-193	5	16	changes	change	NOUN
ajfa-193	5	17	jel	jel	PROPN
ajfa-193	5	18	classifications	classification	NOUN
ajfa-193	5	19	:	:	PUNCT
ajfa-193	5	20	g14	g14	PROPN
ajfa-193	5	21	,	,	PUNCT
ajfa-193	5	22	g15	g15	PROPN
ajfa-193	5	23	mailto:yuelin.li@students.mq.edu.au	mailto:yuelin.li@students.mq.edu.au	PROPN
ajfa-193	5	24	mailto:msadeghi@efs.mq.edu.au	mailto:msadeghi@efs.mq.edu.au	PROPN
ajfa-193	5	25	asian	asian	ADJ
ajfa-193	5	26	journal	journal	NOUN
ajfa-193	5	27	of	of	ADP
ajfa-193	5	28	finance	finance	PROPN
ajfa-193	5	29	&	&	CCONJ
ajfa-193	5	30	accounting	accounting	PROPN
ajfa-193	5	31	issn	issn	PROPN
ajfa-193	5	32	1946	1946	NUM
ajfa-193	5	33	-	-	PUNCT
ajfa-193	5	34	052x	052x	NOUN
ajfa-193	5	35	2009	2009	NUM
ajfa-193	5	36	,	,	PUNCT
ajfa-193	5	37	vol	vol	NOUN
ajfa-193	5	38	.	.	PROPN
ajfa-193	5	39	1	1	NUM
ajfa-193	5	40	,	,	PUNCT
ajfa-193	5	41	no	no	INTJ
ajfa-193	5	42	.	.	NOUN
ajfa-193	5	43	2	2	NUM
ajfa-193	5	44	:	:	PUNCT
ajfa-193	5	45	e2	e2	NOUN
ajfa-193	5	46	17	17	NUM
ajfa-193	5	47	1	1	NUM
ajfa-193	5	48	.	.	PUNCT
ajfa-193	6	1	introduction	introduction	NOUN
ajfa-193	6	2	modern	modern	ADJ
ajfa-193	6	3	portfolio	portfolio	NOUN
ajfa-193	6	4	theory	theory	NOUN
ajfa-193	6	5	has	have	AUX
ajfa-193	6	6	demonstrated	demonstrate	VERB
ajfa-193	6	7	the	the	DET
ajfa-193	6	8	importance	importance	NOUN
ajfa-193	6	9	of	of	ADP
ajfa-193	6	10	international	international	ADJ
ajfa-193	6	11	diversification	diversification	NOUN
ajfa-193	6	12	in	in	ADP
ajfa-193	6	13	selecting	select	VERB
ajfa-193	6	14	an	an	DET
ajfa-193	6	15	optimal	optimal	ADJ
ajfa-193	6	16	portfolio	portfolio	NOUN
ajfa-193	6	17	.	.	PUNCT
ajfa-193	7	1	emerging	emerge	VERB
ajfa-193	7	2	markets	market	NOUN
ajfa-193	7	3	are	be	AUX
ajfa-193	7	4	attractive	attractive	ADJ
ajfa-193	7	5	alternatives	alternative	NOUN
ajfa-193	7	6	for	for	ADP
ajfa-193	7	7	international	international	ADJ
ajfa-193	7	8	diversification	diversification	NOUN
ajfa-193	7	9	,	,	PUNCT
ajfa-193	7	10	offering	offer	VERB
ajfa-193	7	11	substantial	substantial	ADJ
ajfa-193	7	12	potential	potential	ADJ
ajfa-193	7	13	rewards	reward	NOUN
ajfa-193	7	14	in	in	ADP
ajfa-193	7	15	added	add	VERB
ajfa-193	7	16	return	return	NOUN
ajfa-193	7	17	,	,	PUNCT
ajfa-193	7	18	and	and	CCONJ
ajfa-193	7	19	the	the	DET
ajfa-193	7	20	opportunity	opportunity	NOUN
ajfa-193	7	21	to	to	PART
ajfa-193	7	22	reduce	reduce	VERB
ajfa-193	7	23	diversifiable	diversifiable	ADJ
ajfa-193	7	24	risk	risk	NOUN
ajfa-193	7	25	.	.	PUNCT
ajfa-193	8	1	previous	previous	ADJ
ajfa-193	8	2	studies	study	NOUN
ajfa-193	8	3	from	from	ADP
ajfa-193	8	4	emerging	emerge	VERB
ajfa-193	8	5	economies	economy	NOUN
ajfa-193	8	6	suggest	suggest	VERB
ajfa-193	8	7	that	that	SCONJ
ajfa-193	8	8	stock	stock	NOUN
ajfa-193	8	9	returns	return	NOUN
ajfa-193	8	10	are	be	AUX
ajfa-193	8	11	homogeneous	homogeneous	ADJ
ajfa-193	8	12	within	within	ADP
ajfa-193	8	13	each	each	DET
ajfa-193	8	14	market	market	NOUN
ajfa-193	8	15	,	,	PUNCT
ajfa-193	8	16	as	as	SCONJ
ajfa-193	8	17	the	the	DET
ajfa-193	8	18	stocks	stock	NOUN
ajfa-193	8	19	move	move	VERB
ajfa-193	8	20	closely	closely	ADV
ajfa-193	8	21	together	together	ADV
ajfa-193	8	22	,	,	PUNCT
ajfa-193	8	23	and	and	CCONJ
ajfa-193	8	24	heterogeneous	heterogeneous	ADJ
ajfa-193	8	25	externally	externally	ADV
ajfa-193	8	26	because	because	SCONJ
ajfa-193	8	27	of	of	ADP
ajfa-193	8	28	the	the	DET
ajfa-193	8	29	low	low	ADJ
ajfa-193	8	30	correlation	correlation	NOUN
ajfa-193	8	31	that	that	PRON
ajfa-193	8	32	they	they	PRON
ajfa-193	8	33	have	have	VERB
ajfa-193	8	34	with	with	ADP
ajfa-193	8	35	returns	return	NOUN
ajfa-193	8	36	in	in	ADP
ajfa-193	8	37	developed	develop	VERB
ajfa-193	8	38	markets	market	NOUN
ajfa-193	8	39	.	.	PUNCT
ajfa-193	9	1	as	as	ADP
ajfa-193	9	2	a	a	DET
ajfa-193	9	3	result	result	NOUN
ajfa-193	9	4	,	,	PUNCT
ajfa-193	9	5	investing	invest	VERB
ajfa-193	9	6	in	in	ADP
ajfa-193	9	7	funds	fund	NOUN
ajfa-193	9	8	that	that	PRON
ajfa-193	9	9	mimic	mimic	VERB
ajfa-193	9	10	emerging	emerge	VERB
ajfa-193	9	11	market	market	NOUN
ajfa-193	9	12	equity	equity	NOUN
ajfa-193	9	13	indices	index	NOUN
ajfa-193	9	14	is	be	AUX
ajfa-193	9	15	a	a	DET
ajfa-193	9	16	viable	viable	ADJ
ajfa-193	9	17	diversification	diversification	NOUN
ajfa-193	9	18	choice	choice	NOUN
ajfa-193	9	19	for	for	ADP
ajfa-193	9	20	fund	fund	NOUN
ajfa-193	9	21	managers	manager	NOUN
ajfa-193	9	22	in	in	ADP
ajfa-193	9	23	developed	develop	VERB
ajfa-193	9	24	countries	country	NOUN
ajfa-193	9	25	.	.	PUNCT
ajfa-193	10	1	china	china	PROPN
ajfa-193	10	2	is	be	AUX
ajfa-193	10	3	the	the	DET
ajfa-193	10	4	world	world	NOUN
ajfa-193	10	5	’s	’s	PART
ajfa-193	10	6	biggest	big	ADJ
ajfa-193	10	7	emerging	emerge	VERB
ajfa-193	10	8	economy	economy	NOUN
ajfa-193	10	9	and	and	CCONJ
ajfa-193	10	10	its	its	PRON
ajfa-193	10	11	exceptional	exceptional	ADJ
ajfa-193	10	12	economic	economic	ADJ
ajfa-193	10	13	growth	growth	NOUN
ajfa-193	10	14	rate	rate	NOUN
ajfa-193	10	15	over	over	ADP
ajfa-193	10	16	the	the	DET
ajfa-193	10	17	past	past	ADJ
ajfa-193	10	18	two	two	NUM
ajfa-193	10	19	decades	decade	NOUN
ajfa-193	10	20	has	have	AUX
ajfa-193	10	21	been	be	AUX
ajfa-193	10	22	largely	largely	ADV
ajfa-193	10	23	boosted	boost	VERB
ajfa-193	10	24	by	by	ADP
ajfa-193	10	25	foreign	foreign	ADJ
ajfa-193	10	26	investments	investment	NOUN
ajfa-193	10	27	.	.	PUNCT
ajfa-193	11	1	most	most	ADJ
ajfa-193	11	2	of	of	ADP
ajfa-193	11	3	these	these	DET
ajfa-193	11	4	investments	investment	NOUN
ajfa-193	11	5	are	be	AUX
ajfa-193	11	6	in	in	ADP
ajfa-193	11	7	direct	direct	ADJ
ajfa-193	11	8	form	form	NOUN
ajfa-193	11	9	(	(	PUNCT
ajfa-193	11	10	fdi	fdi	NOUN
ajfa-193	11	11	)	)	PUNCT
ajfa-193	11	12	1	1	NUM
ajfa-193	11	13	.	.	PUNCT
ajfa-193	12	1	china	china	PROPN
ajfa-193	12	2	began	begin	VERB
ajfa-193	12	3	to	to	PART
ajfa-193	12	4	open	open	VERB
ajfa-193	12	5	its	its	PRON
ajfa-193	12	6	market	market	NOUN
ajfa-193	12	7	to	to	ADP
ajfa-193	12	8	indirect	indirect	ADJ
ajfa-193	12	9	(	(	PUNCT
ajfa-193	12	10	portfolio	portfolio	NOUN
ajfa-193	12	11	)	)	PUNCT
ajfa-193	12	12	investment	investment	NOUN
ajfa-193	12	13	in	in	ADP
ajfa-193	12	14	1990s	1990s	NUM
ajfa-193	12	15	.	.	PUNCT
ajfa-193	13	1	concerned	concern	VERB
ajfa-193	13	2	that	that	SCONJ
ajfa-193	13	3	capital	capital	NOUN
ajfa-193	13	4	flows	flow	VERB
ajfa-193	13	5	might	might	AUX
ajfa-193	13	6	“	"	PUNCT
ajfa-193	13	7	destabilize	destabilize	VERB
ajfa-193	13	8	”	"	PUNCT
ajfa-193	13	9	markets	market	NOUN
ajfa-193	13	10	,	,	PUNCT
ajfa-193	13	11	china	china	PROPN
ajfa-193	13	12	initially	initially	ADV
ajfa-193	13	13	restricted	restrict	VERB
ajfa-193	13	14	access	access	NOUN
ajfa-193	13	15	by	by	ADP
ajfa-193	13	16	foreign	foreign	ADJ
ajfa-193	13	17	investors	investor	NOUN
ajfa-193	13	18	,	,	PUNCT
ajfa-193	13	19	establishing	establish	VERB
ajfa-193	13	20	separate	separate	ADJ
ajfa-193	13	21	classes	class	NOUN
ajfa-193	13	22	of	of	ADP
ajfa-193	13	23	shares	share	NOUN
ajfa-193	13	24	for	for	ADP
ajfa-193	13	25	domestic	domestic	ADJ
ajfa-193	13	26	investors	investor	NOUN
ajfa-193	13	27	(	(	PUNCT
ajfa-193	13	28	a	a	DET
ajfa-193	13	29	shares	share	NOUN
ajfa-193	13	30	)	)	PUNCT
ajfa-193	13	31	and	and	CCONJ
ajfa-193	13	32	for	for	ADP
ajfa-193	13	33	foreigners	foreigner	NOUN
ajfa-193	13	34	(	(	PUNCT
ajfa-193	13	35	b	b	NOUN
ajfa-193	13	36	shares	share	NOUN
ajfa-193	13	37	)	)	PUNCT
ajfa-193	13	38	.	.	PUNCT
ajfa-193	14	1	other	other	ADJ
ajfa-193	14	2	than	than	ADP
ajfa-193	14	3	proprietorship	proprietorship	NOUN
ajfa-193	14	4	,	,	PUNCT
ajfa-193	14	5	these	these	DET
ajfa-193	14	6	shares	share	NOUN
ajfa-193	14	7	are	be	AUX
ajfa-193	14	8	legally	legally	ADV
ajfa-193	14	9	identical	identical	ADJ
ajfa-193	14	10	,	,	PUNCT
ajfa-193	14	11	with	with	ADP
ajfa-193	14	12	the	the	DET
ajfa-193	14	13	same	same	ADJ
ajfa-193	14	14	voting	voting	NOUN
ajfa-193	14	15	rights	right	NOUN
ajfa-193	14	16	and	and	CCONJ
ajfa-193	14	17	dividends	dividend	NOUN
ajfa-193	14	18	.	.	PUNCT
ajfa-193	15	1	the	the	DET
ajfa-193	15	2	rule	rule	NOUN
ajfa-193	15	3	changed	change	VERB
ajfa-193	15	4	in	in	ADP
ajfa-193	15	5	march	march	PROPN
ajfa-193	15	6	2001	2001	NUM
ajfa-193	15	7	when	when	SCONJ
ajfa-193	15	8	domestic	domestic	ADJ
ajfa-193	15	9	investors	investor	NOUN
ajfa-193	15	10	were	be	AUX
ajfa-193	15	11	allowed	allow	VERB
ajfa-193	15	12	to	to	PART
ajfa-193	15	13	trade	trade	VERB
ajfa-193	15	14	b	b	PROPN
ajfa-193	15	15	shares	share	NOUN
ajfa-193	15	16	as	as	ADV
ajfa-193	15	17	well	well	ADV
ajfa-193	15	18	.	.	PUNCT
ajfa-193	16	1	apart	apart	ADV
ajfa-193	16	2	from	from	ADP
ajfa-193	16	3	investing	invest	VERB
ajfa-193	16	4	in	in	ADP
ajfa-193	16	5	b	b	NOUN
ajfa-193	16	6	shares	share	NOUN
ajfa-193	16	7	,	,	PUNCT
ajfa-193	16	8	foreigners	foreigner	NOUN
ajfa-193	16	9	may	may	AUX
ajfa-193	16	10	also	also	ADV
ajfa-193	16	11	now	now	ADV
ajfa-193	16	12	invest	invest	VERB
ajfa-193	16	13	in	in	ADP
ajfa-193	16	14	h	h	NOUN
ajfa-193	16	15	shares	share	NOUN
ajfa-193	16	16	─	─	VERB
ajfa-193	16	17	the	the	DET
ajfa-193	16	18	shares	share	NOUN
ajfa-193	16	19	listed	list	VERB
ajfa-193	16	20	on	on	ADP
ajfa-193	16	21	the	the	DET
ajfa-193	16	22	hong	hong	PROPN
ajfa-193	16	23	kong	kong	PROPN
ajfa-193	16	24	stock	stock	NOUN
ajfa-193	16	25	market	market	NOUN
ajfa-193	16	26	.	.	PUNCT
ajfa-193	17	1	in	in	ADP
ajfa-193	17	2	2003	2003	NUM
ajfa-193	17	3	,	,	PUNCT
ajfa-193	17	4	the	the	DET
ajfa-193	17	5	chinese	chinese	ADJ
ajfa-193	17	6	government	government	NOUN
ajfa-193	17	7	also	also	ADV
ajfa-193	17	8	introduced	introduce	VERB
ajfa-193	17	9	the	the	DET
ajfa-193	17	10	qualified	qualified	ADJ
ajfa-193	17	11	foreign	foreign	ADJ
ajfa-193	17	12	institutional	institutional	ADJ
ajfa-193	17	13	investors	investor	NOUN
ajfa-193	17	14	scheme	scheme	VERB
ajfa-193	17	15	2	2	NUM
ajfa-193	17	16	that	that	PRON
ajfa-193	17	17	allowed	allow	VERB
ajfa-193	17	18	for	for	ADP
ajfa-193	17	19	the	the	DET
ajfa-193	17	20	entry	entry	NOUN
ajfa-193	17	21	of	of	ADP
ajfa-193	17	22	foreign	foreign	ADJ
ajfa-193	17	23	investors	investor	NOUN
ajfa-193	17	24	into	into	ADP
ajfa-193	17	25	the	the	DET
ajfa-193	17	26	domestic	domestic	ADJ
ajfa-193	17	27	a	a	DET
ajfa-193	17	28	-	-	PUNCT
ajfa-193	17	29	share	share	NOUN
ajfa-193	17	30	market	market	NOUN
ajfa-193	17	31	.	.	PUNCT
ajfa-193	18	1	in	in	ADP
ajfa-193	18	2	the	the	DET
ajfa-193	18	3	light	light	NOUN
ajfa-193	18	4	of	of	ADP
ajfa-193	18	5	these	these	DET
ajfa-193	18	6	developments	development	NOUN
ajfa-193	18	7	,	,	PUNCT
ajfa-193	18	8	more	more	ADJ
ajfa-193	18	9	and	and	CCONJ
ajfa-193	18	10	more	more	ADJ
ajfa-193	18	11	foreign	foreign	ADJ
ajfa-193	18	12	investors	investor	NOUN
ajfa-193	18	13	have	have	AUX
ajfa-193	18	14	become	become	VERB
ajfa-193	18	15	interested	interested	ADJ
ajfa-193	18	16	in	in	ADP
ajfa-193	18	17	investing	invest	VERB
ajfa-193	18	18	in	in	ADP
ajfa-193	18	19	the	the	DET
ajfa-193	18	20	chinese	chinese	ADJ
ajfa-193	18	21	markets	market	NOUN
ajfa-193	18	22	.	.	PUNCT
ajfa-193	19	1	1	1	NUM
ajfa-193	19	2	china	china	NOUN
ajfa-193	19	3	is	be	AUX
ajfa-193	19	4	now	now	ADV
ajfa-193	19	5	the	the	DET
ajfa-193	19	6	world	world	NOUN
ajfa-193	19	7	’s	’s	PART
ajfa-193	19	8	second	second	ADV
ajfa-193	19	9	largest	large	ADJ
ajfa-193	19	10	host	host	NOUN
ajfa-193	19	11	for	for	ADP
ajfa-193	19	12	foreign	foreign	ADJ
ajfa-193	19	13	direct	direct	ADJ
ajfa-193	19	14	investment	investment	NOUN
ajfa-193	19	15	,	,	PUNCT
ajfa-193	19	16	after	after	ADP
ajfa-193	19	17	the	the	DET
ajfa-193	19	18	united	united	PROPN
ajfa-193	19	19	states	states	PROPN
ajfa-193	19	20	.	.	PUNCT
ajfa-193	20	1	2	2	NUM
ajfa-193	20	2	financial	financial	ADJ
ajfa-193	20	3	times	time	NOUN
ajfa-193	20	4	reported	report	VERB
ajfa-193	20	5	on	on	ADP
ajfa-193	20	6	july	july	PROPN
ajfa-193	20	7	1	1	NUM
ajfa-193	20	8	,	,	PUNCT
ajfa-193	20	9	2003	2003	NUM
ajfa-193	20	10	(	(	PUNCT
ajfa-193	20	11	p.	p.	NOUN
ajfa-193	20	12	19	19	NUM
ajfa-193	20	13	)	)	PUNCT
ajfa-193	20	14	that	that	PRON
ajfa-193	20	15	qualified	qualified	ADJ
ajfa-193	20	16	foreign	foreign	ADJ
ajfa-193	20	17	institutional	institutional	ADJ
ajfa-193	20	18	investors	investor	NOUN
ajfa-193	20	19	(	(	PUNCT
ajfa-193	20	20	qfii	qfii	ADJ
ajfa-193	20	21	)	)	PUNCT
ajfa-193	20	22	include	include	VERB
ajfa-193	20	23	ubs	ubs	PROPN
ajfa-193	20	24	investment	investment	PROPN
ajfa-193	20	25	bank	bank	PROPN
ajfa-193	20	26	,	,	PUNCT
ajfa-193	20	27	morgan	morgan	PROPN
ajfa-193	20	28	stanley	stanley	PROPN
ajfa-193	20	29	,	,	PUNCT
ajfa-193	20	30	nomura	nomura	NOUN
ajfa-193	20	31	securities	securities	PROPN
ajfa-193	20	32	,	,	PUNCT
ajfa-193	20	33	goldman	goldman	NOUN
ajfa-193	20	34	sachs	sachs	PROPN
ajfa-193	20	35	,	,	PUNCT
ajfa-193	20	36	and	and	CCONJ
ajfa-193	20	37	citigroup	citigroup	NOUN
ajfa-193	20	38	,	,	PUNCT
ajfa-193	20	39	which	which	PRON
ajfa-193	20	40	all	all	PRON
ajfa-193	20	41	began	begin	VERB
ajfa-193	20	42	to	to	PART
ajfa-193	20	43	invest	invest	VERB
ajfa-193	20	44	in	in	ADP
ajfa-193	20	45	chinese	chinese	ADJ
ajfa-193	20	46	a	a	NOUN
ajfa-193	20	47	-	-	PUNCT
ajfa-193	20	48	shares	share	NOUN
ajfa-193	20	49	.	.	PUNCT
ajfa-193	21	1	asian	asian	ADJ
ajfa-193	21	2	journal	journal	PROPN
ajfa-193	21	3	of	of	ADP
ajfa-193	21	4	finance	finance	PROPN
ajfa-193	21	5	&	&	CCONJ
ajfa-193	21	6	accounting	accounting	PROPN
ajfa-193	21	7	issn	issn	PROPN
ajfa-193	21	8	1946	1946	NUM
ajfa-193	21	9	-	-	PUNCT
ajfa-193	21	10	052x	052x	NOUN
ajfa-193	21	11	2009	2009	NUM
ajfa-193	21	12	,	,	PUNCT
ajfa-193	21	13	vol	vol	NOUN
ajfa-193	21	14	.	.	PROPN
ajfa-193	21	15	1	1	NUM
ajfa-193	21	16	,	,	PUNCT
ajfa-193	21	17	no	no	INTJ
ajfa-193	21	18	.	.	NOUN
ajfa-193	21	19	2	2	NUM
ajfa-193	21	20	:	:	PUNCT
ajfa-193	21	21	e2	e2	NOUN
ajfa-193	21	22	18	18	NUM
ajfa-193	21	23	investors	investor	NOUN
ajfa-193	21	24	seeking	seek	VERB
ajfa-193	21	25	international	international	ADJ
ajfa-193	21	26	diversification	diversification	NOUN
ajfa-193	21	27	by	by	ADP
ajfa-193	21	28	investing	invest	VERB
ajfa-193	21	29	in	in	ADP
ajfa-193	21	30	china	china	PROPN
ajfa-193	21	31	may	may	AUX
ajfa-193	21	32	consider	consider	VERB
ajfa-193	21	33	“	"	PUNCT
ajfa-193	21	34	indexing	indexing	NOUN
ajfa-193	21	35	”	"	PUNCT
ajfa-193	21	36	as	as	ADP
ajfa-193	21	37	a	a	DET
ajfa-193	21	38	cost	cost	NOUN
ajfa-193	21	39	-	-	PUNCT
ajfa-193	21	40	effective	effective	ADJ
ajfa-193	21	41	and	and	CCONJ
ajfa-193	21	42	logical	logical	ADJ
ajfa-193	21	43	step	step	NOUN
ajfa-193	21	44	toward	toward	ADP
ajfa-193	21	45	achieving	achieve	VERB
ajfa-193	21	46	their	their	PRON
ajfa-193	21	47	goals	goal	NOUN
ajfa-193	21	48	.	.	PUNCT
ajfa-193	22	1	according	accord	VERB
ajfa-193	22	2	to	to	ADP
ajfa-193	22	3	indexing	indexing	NOUN
ajfa-193	22	4	rules	rule	NOUN
ajfa-193	22	5	,	,	PUNCT
ajfa-193	22	6	a	a	DET
ajfa-193	22	7	fund	fund	NOUN
ajfa-193	22	8	manager	manager	NOUN
ajfa-193	22	9	attempts	attempt	VERB
ajfa-193	22	10	to	to	PART
ajfa-193	22	11	replicate	replicate	VERB
ajfa-193	22	12	in	in	ADP
ajfa-193	22	13	his	his	PRON
ajfa-193	22	14	portfolio	portfolio	NOUN
ajfa-193	22	15	the	the	DET
ajfa-193	22	16	result	result	NOUN
ajfa-193	22	17	of	of	ADP
ajfa-193	22	18	the	the	DET
ajfa-193	22	19	investment	investment	NOUN
ajfa-193	22	20	target	target	NOUN
ajfa-193	22	21	by	by	ADP
ajfa-193	22	22	holding	hold	VERB
ajfa-193	22	23	all	all	PRON
ajfa-193	22	24	,	,	PUNCT
ajfa-193	22	25	or	or	CCONJ
ajfa-193	22	26	in	in	ADP
ajfa-193	22	27	the	the	DET
ajfa-193	22	28	case	case	NOUN
ajfa-193	22	29	of	of	ADP
ajfa-193	22	30	very	very	ADV
ajfa-193	22	31	large	large	ADJ
ajfa-193	22	32	indices	index	NOUN
ajfa-193	22	33	,	,	PUNCT
ajfa-193	22	34	a	a	DET
ajfa-193	22	35	representative	representative	ADJ
ajfa-193	22	36	sample	sample	NOUN
ajfa-193	22	37	of	of	ADP
ajfa-193	22	38	stocks	stock	NOUN
ajfa-193	22	39	.	.	PUNCT
ajfa-193	23	1	although	although	SCONJ
ajfa-193	23	2	indexing	indexing	NOUN
ajfa-193	23	3	is	be	AUX
ajfa-193	23	4	generally	generally	ADV
ajfa-193	23	5	considered	consider	VERB
ajfa-193	23	6	a	a	DET
ajfa-193	23	7	passive	passive	ADJ
ajfa-193	23	8	investment	investment	NOUN
ajfa-193	23	9	strategy	strategy	NOUN
ajfa-193	23	10	,	,	PUNCT
ajfa-193	23	11	index	index	NOUN
ajfa-193	23	12	fund	fund	NOUN
ajfa-193	23	13	managers	manager	NOUN
ajfa-193	23	14	must	must	AUX
ajfa-193	23	15	actively	actively	ADV
ajfa-193	23	16	minimize	minimize	VERB
ajfa-193	23	17	the	the	DET
ajfa-193	23	18	tracking	tracking	NOUN
ajfa-193	23	19	errors	error	NOUN
ajfa-193	23	20	3	3	NUM
ajfa-193	23	21	of	of	ADP
ajfa-193	23	22	their	their	PRON
ajfa-193	23	23	portfolio	portfolio	NOUN
ajfa-193	23	24	as	as	ADP
ajfa-193	23	25	a	a	DET
ajfa-193	23	26	result	result	NOUN
ajfa-193	23	27	of	of	ADP
ajfa-193	23	28	changes	change	NOUN
ajfa-193	23	29	in	in	ADP
ajfa-193	23	30	the	the	DET
ajfa-193	23	31	composition	composition	NOUN
ajfa-193	23	32	of	of	ADP
ajfa-193	23	33	the	the	DET
ajfa-193	23	34	indices	index	NOUN
ajfa-193	23	35	that	that	SCONJ
ajfa-193	23	36	they	they	PRON
ajfa-193	23	37	follow	follow	VERB
ajfa-193	23	38	4	4	NUM
ajfa-193	23	39	.	.	PUNCT
ajfa-193	24	1	in	in	ADP
ajfa-193	24	2	response	response	NOUN
ajfa-193	24	3	to	to	ADP
ajfa-193	24	4	the	the	DET
ajfa-193	24	5	accelerating	accelerate	VERB
ajfa-193	24	6	trend	trend	NOUN
ajfa-193	24	7	to	to	PART
ajfa-193	24	8	create	create	VERB
ajfa-193	24	9	index	index	NOUN
ajfa-193	24	10	funds	fund	NOUN
ajfa-193	24	11	,	,	PUNCT
ajfa-193	24	12	or	or	CCONJ
ajfa-193	24	13	to	to	PART
ajfa-193	24	14	have	have	VERB
ajfa-193	24	15	benchmarks	benchmark	NOUN
ajfa-193	24	16	by	by	ADP
ajfa-193	24	17	which	which	PRON
ajfa-193	24	18	the	the	DET
ajfa-193	24	19	performance	performance	NOUN
ajfa-193	24	20	of	of	ADP
ajfa-193	24	21	fund	fund	NOUN
ajfa-193	24	22	managers	manager	NOUN
ajfa-193	24	23	can	can	AUX
ajfa-193	24	24	be	be	AUX
ajfa-193	24	25	evaluated	evaluate	VERB
ajfa-193	24	26	,	,	PUNCT
ajfa-193	24	27	several	several	ADJ
ajfa-193	24	28	equity	equity	NOUN
ajfa-193	24	29	indexes	index	NOUN
ajfa-193	24	30	have	have	AUX
ajfa-193	24	31	been	be	AUX
ajfa-193	24	32	developed	develop	VERB
ajfa-193	24	33	for	for	ADP
ajfa-193	24	34	china	china	PROPN
ajfa-193	24	35	.	.	PUNCT
ajfa-193	25	1	these	these	PRON
ajfa-193	25	2	include	include	VERB
ajfa-193	25	3	the	the	DET
ajfa-193	25	4	ftse	ftse	PROPN
ajfa-193	25	5	/	/	SYM
ajfa-193	25	6	xinhua	xinhua	PROPN
ajfa-193	25	7	400	400	NUM
ajfa-193	25	8	index	index	NOUN
ajfa-193	25	9	covering	cover	VERB
ajfa-193	25	10	both	both	DET
ajfa-193	25	11	china	china	PROPN
ajfa-193	25	12	’s	’	VERB
ajfa-193	25	13	a	a	DET
ajfa-193	25	14	share	share	NOUN
ajfa-193	25	15	and	and	CCONJ
ajfa-193	25	16	b	b	NOUN
ajfa-193	25	17	shares	share	NOUN
ajfa-193	25	18	and	and	CCONJ
ajfa-193	25	19	the	the	DET
ajfa-193	25	20	s&p	s&p	PROPN
ajfa-193	25	21	/	/	SYM
ajfa-193	25	22	citic	citic	ADJ
ajfa-193	25	23	300	300	NUM
ajfa-193	25	24	index	index	NOUN
ajfa-193	25	25	,	,	PUNCT
ajfa-193	25	26	which	which	PRON
ajfa-193	25	27	gauges	gauge	VERB
ajfa-193	25	28	the	the	DET
ajfa-193	25	29	broad	broad	ADJ
ajfa-193	25	30	market	market	NOUN
ajfa-193	25	31	performance	performance	NOUN
ajfa-193	25	32	of	of	ADP
ajfa-193	25	33	china	china	PROPN
ajfa-193	25	34	’s	’s	PART
ajfa-193	25	35	a	a	DET
ajfa-193	25	36	-	-	PUNCT
ajfa-193	25	37	shares	share	NOUN
ajfa-193	25	38	universe	universe	NOUN
ajfa-193	25	39	,	,	PUNCT
ajfa-193	25	40	comprising	comprise	VERB
ajfa-193	25	41	over	over	ADP
ajfa-193	25	42	1200	1200	NUM
ajfa-193	25	43	stocks	stock	NOUN
ajfa-193	25	44	traded	trade	VERB
ajfa-193	25	45	on	on	ADP
ajfa-193	25	46	the	the	DET
ajfa-193	25	47	shenzhen	shenzhen	PROPN
ajfa-193	25	48	and	and	CCONJ
ajfa-193	25	49	shanghai	shanghai	PROPN
ajfa-193	25	50	exchanges	exchange	NOUN
ajfa-193	25	51	.	.	PUNCT
ajfa-193	26	1	conventional	conventional	ADJ
ajfa-193	26	2	finance	finance	NOUN
ajfa-193	26	3	theory	theory	NOUN
ajfa-193	26	4	based	base	VERB
ajfa-193	26	5	on	on	ADP
ajfa-193	26	6	the	the	DET
ajfa-193	26	7	efficient	efficient	ADJ
ajfa-193	26	8	market	market	NOUN
ajfa-193	26	9	hypothesis	hypothesis	NOUN
ajfa-193	26	10	(	(	PUNCT
ajfa-193	26	11	emh	emh	PROPN
ajfa-193	26	12	)	)	PUNCT
ajfa-193	26	13	considers	consider	VERB
ajfa-193	26	14	shares	share	NOUN
ajfa-193	26	15	with	with	ADP
ajfa-193	26	16	identical	identical	ADJ
ajfa-193	26	17	risk	risk	NOUN
ajfa-193	26	18	and	and	CCONJ
ajfa-193	26	19	return	return	VERB
ajfa-193	26	20	as	as	ADP
ajfa-193	26	21	perfect	perfect	ADJ
ajfa-193	26	22	substitutes	substitute	NOUN
ajfa-193	26	23	for	for	ADP
ajfa-193	26	24	each	each	DET
ajfa-193	26	25	other	other	ADJ
ajfa-193	26	26	.	.	PUNCT
ajfa-193	27	1	this	this	PRON
ajfa-193	27	2	makes	make	VERB
ajfa-193	27	3	market	market	NOUN
ajfa-193	27	4	demand	demand	NOUN
ajfa-193	27	5	for	for	ADP
ajfa-193	27	6	securities	security	NOUN
ajfa-193	27	7	elastic	elastic	ADJ
ajfa-193	27	8	and	and	CCONJ
ajfa-193	27	9	horizontal	horizontal	ADJ
ajfa-193	27	10	,	,	PUNCT
ajfa-193	27	11	implying	imply	VERB
ajfa-193	27	12	that	that	SCONJ
ajfa-193	27	13	changes	change	NOUN
ajfa-193	27	14	in	in	ADP
ajfa-193	27	15	the	the	DET
ajfa-193	27	16	composition	composition	NOUN
ajfa-193	27	17	of	of	ADP
ajfa-193	27	18	equity	equity	NOUN
ajfa-193	27	19	indices	index	NOUN
ajfa-193	27	20	,	,	PUNCT
ajfa-193	27	21	which	which	PRON
ajfa-193	27	22	may	may	AUX
ajfa-193	27	23	cause	cause	VERB
ajfa-193	27	24	an	an	DET
ajfa-193	27	25	increase	increase	NOUN
ajfa-193	27	26	or	or	CCONJ
ajfa-193	27	27	decrease	decrease	VERB
ajfa-193	27	28	in	in	ADP
ajfa-193	27	29	demand	demand	NOUN
ajfa-193	27	30	for	for	ADP
ajfa-193	27	31	shares	share	NOUN
ajfa-193	27	32	,	,	PUNCT
ajfa-193	27	33	would	would	AUX
ajfa-193	27	34	have	have	VERB
ajfa-193	27	35	no	no	DET
ajfa-193	27	36	impact	impact	NOUN
ajfa-193	27	37	on	on	ADP
ajfa-193	27	38	share	share	NOUN
ajfa-193	27	39	prices	price	NOUN
ajfa-193	27	40	.	.	PUNCT
ajfa-193	28	1	empirical	empirical	ADJ
ajfa-193	28	2	evidence	evidence	NOUN
ajfa-193	28	3	,	,	PUNCT
ajfa-193	28	4	however	however	ADV
ajfa-193	28	5	,	,	PUNCT
ajfa-193	28	6	documents	document	NOUN
ajfa-193	28	7	that	that	PRON
ajfa-193	28	8	index	index	NOUN
ajfa-193	28	9	changes	change	NOUN
ajfa-193	28	10	can	can	AUX
ajfa-193	28	11	put	put	VERB
ajfa-193	28	12	upward	upward	ADV
ajfa-193	28	13	or	or	CCONJ
ajfa-193	28	14	downward	downward	ADJ
ajfa-193	28	15	pressure	pressure	NOUN
ajfa-193	28	16	on	on	ADP
ajfa-193	28	17	share	share	NOUN
ajfa-193	28	18	prices	price	NOUN
ajfa-193	28	19	and	and	CCONJ
ajfa-193	28	20	abnormal	abnormal	ADJ
ajfa-193	28	21	returns	return	NOUN
ajfa-193	28	22	are	be	AUX
ajfa-193	28	23	found	find	VERB
ajfa-193	28	24	when	when	SCONJ
ajfa-193	28	25	stocks	stock	NOUN
ajfa-193	28	26	are	be	AUX
ajfa-193	28	27	added	add	VERB
ajfa-193	28	28	to	to	ADP
ajfa-193	28	29	or	or	CCONJ
ajfa-193	28	30	deleted	delete	VERB
ajfa-193	28	31	from	from	ADP
ajfa-193	28	32	an	an	DET
ajfa-193	28	33	index	index	NOUN
ajfa-193	28	34	.	.	PUNCT
ajfa-193	29	1	positive	positive	ADJ
ajfa-193	29	2	abnormal	abnormal	ADJ
ajfa-193	29	3	returns	return	NOUN
ajfa-193	29	4	are	be	AUX
ajfa-193	29	5	usually	usually	ADV
ajfa-193	29	6	associated	associate	VERB
ajfa-193	29	7	with	with	ADP
ajfa-193	29	8	index	index	NOUN
ajfa-193	29	9	additions	addition	NOUN
ajfa-193	29	10	:	:	PUNCT
ajfa-193	29	11	increases	increase	NOUN
ajfa-193	29	12	in	in	ADP
ajfa-193	29	13	demand	demand	NOUN
ajfa-193	29	14	by	by	ADP
ajfa-193	29	15	index	index	NOUN
ajfa-193	29	16	fund	fund	NOUN
ajfa-193	29	17	managers	manager	NOUN
ajfa-193	29	18	,	,	PUNCT
ajfa-193	29	19	who	who	PRON
ajfa-193	29	20	must	must	AUX
ajfa-193	29	21	adjust	adjust	VERB
ajfa-193	29	22	their	their	PRON
ajfa-193	29	23	portfolio	portfolio	NOUN
ajfa-193	29	24	3	3	NUM
ajfa-193	29	25	tracking	tracking	NOUN
ajfa-193	29	26	error	error	NOUN
ajfa-193	29	27	is	be	AUX
ajfa-193	29	28	defined	define	VERB
ajfa-193	29	29	as	as	ADP
ajfa-193	29	30	the	the	DET
ajfa-193	29	31	annualized	annualize	VERB
ajfa-193	29	32	standard	standard	ADJ
ajfa-193	29	33	deviation	deviation	NOUN
ajfa-193	29	34	of	of	ADP
ajfa-193	29	35	the	the	DET
ajfa-193	29	36	difference	difference	NOUN
ajfa-193	29	37	in	in	ADP
ajfa-193	29	38	returns	return	NOUN
ajfa-193	29	39	between	between	ADP
ajfa-193	29	40	an	an	DET
ajfa-193	29	41	index	index	NOUN
ajfa-193	29	42	fund	fund	NOUN
ajfa-193	29	43	and	and	CCONJ
ajfa-193	29	44	its	its	PRON
ajfa-193	29	45	target	target	NOUN
ajfa-193	29	46	index	index	NOUN
ajfa-193	29	47	.	.	PUNCT
ajfa-193	30	1	4	4	NUM
ajfa-193	30	2	the	the	DET
ajfa-193	30	3	composition	composition	NOUN
ajfa-193	30	4	of	of	ADP
ajfa-193	30	5	an	an	DET
ajfa-193	30	6	index	index	NOUN
ajfa-193	30	7	can	can	AUX
ajfa-193	30	8	change	change	VERB
ajfa-193	30	9	due	due	ADJ
ajfa-193	30	10	to	to	ADP
ajfa-193	30	11	various	various	ADJ
ajfa-193	30	12	factors	factor	NOUN
ajfa-193	30	13	such	such	ADJ
ajfa-193	30	14	as	as	ADP
ajfa-193	30	15	mergers	merger	NOUN
ajfa-193	30	16	or	or	CCONJ
ajfa-193	30	17	acquisitions	acquisition	NOUN
ajfa-193	30	18	,	,	PUNCT
ajfa-193	30	19	bankruptcy	bankruptcy	NOUN
ajfa-193	30	20	,	,	PUNCT
ajfa-193	30	21	restructuring	restructuring	NOUN
ajfa-193	30	22	and	and	CCONJ
ajfa-193	30	23	lack	lack	NOUN
ajfa-193	30	24	of	of	ADP
ajfa-193	30	25	representation	representation	NOUN
ajfa-193	30	26	.	.	PUNCT
ajfa-193	31	1	changes	change	NOUN
ajfa-193	31	2	can	can	AUX
ajfa-193	31	3	also	also	ADV
ajfa-193	31	4	occur	occur	VERB
ajfa-193	31	5	when	when	SCONJ
ajfa-193	31	6	firms	firm	NOUN
ajfa-193	31	7	are	be	AUX
ajfa-193	31	8	dropped	drop	VERB
ajfa-193	31	9	from	from	ADP
ajfa-193	31	10	an	an	DET
ajfa-193	31	11	index	index	NOUN
ajfa-193	31	12	due	due	ADP
ajfa-193	31	13	to	to	ADP
ajfa-193	31	14	poor	poor	ADJ
ajfa-193	31	15	performance	performance	NOUN
ajfa-193	31	16	and	and	CCONJ
ajfa-193	31	17	loss	loss	NOUN
ajfa-193	31	18	of	of	ADP
ajfa-193	31	19	status	status	NOUN
ajfa-193	31	20	in	in	ADP
ajfa-193	31	21	the	the	DET
ajfa-193	31	22	industry	industry	NOUN
ajfa-193	31	23	.	.	PUNCT
ajfa-193	32	1	alternatively	alternatively	ADV
ajfa-193	32	2	,	,	PUNCT
ajfa-193	32	3	they	they	PRON
ajfa-193	32	4	may	may	AUX
ajfa-193	32	5	be	be	AUX
ajfa-193	32	6	added	add	VERB
ajfa-193	32	7	to	to	ADP
ajfa-193	32	8	an	an	DET
ajfa-193	32	9	index	index	NOUN
ajfa-193	32	10	due	due	ADP
ajfa-193	32	11	to	to	ADP
ajfa-193	32	12	their	their	PRON
ajfa-193	32	13	superior	superior	ADJ
ajfa-193	32	14	performance	performance	NOUN
ajfa-193	32	15	and	and	CCONJ
ajfa-193	32	16	elevated	elevated	ADJ
ajfa-193	32	17	status	status	NOUN
ajfa-193	32	18	in	in	ADP
ajfa-193	32	19	their	their	PRON
ajfa-193	32	20	industry	industry	NOUN
ajfa-193	32	21	.	.	PUNCT
ajfa-193	33	1	http://en.wikipedia.org/wiki/mutual_fund	http://en.wikipedia.org/wiki/mutual_fund	PROPN
ajfa-193	33	2	asian	asian	PROPN
ajfa-193	33	3	journal	journal	PROPN
ajfa-193	33	4	of	of	ADP
ajfa-193	33	5	finance	finance	PROPN
ajfa-193	33	6	&	&	CCONJ
ajfa-193	33	7	accounting	accounting	PROPN
ajfa-193	33	8	issn	issn	PROPN
ajfa-193	33	9	1946	1946	NUM
ajfa-193	33	10	-	-	PUNCT
ajfa-193	33	11	052x	052x	NOUN
ajfa-193	33	12	2009	2009	NUM
ajfa-193	33	13	,	,	PUNCT
ajfa-193	33	14	vol	vol	NOUN
ajfa-193	33	15	.	.	PROPN
ajfa-193	33	16	1	1	NUM
ajfa-193	33	17	,	,	PUNCT
ajfa-193	33	18	no	no	INTJ
ajfa-193	33	19	.	.	NOUN
ajfa-193	33	20	2	2	NUM
ajfa-193	33	21	:	:	PUNCT
ajfa-193	33	22	e2	e2	NOUN
ajfa-193	33	23	19	19	NUM
ajfa-193	33	24	weights	weight	NOUN
ajfa-193	33	25	,	,	PUNCT
ajfa-193	33	26	push	push	VERB
ajfa-193	33	27	stock	stock	NOUN
ajfa-193	33	28	prices	price	NOUN
ajfa-193	33	29	up	up	ADP
ajfa-193	33	30	.	.	PUNCT
ajfa-193	34	1	on	on	ADP
ajfa-193	34	2	the	the	DET
ajfa-193	34	3	other	other	ADJ
ajfa-193	34	4	hand	hand	NOUN
ajfa-193	34	5	,	,	PUNCT
ajfa-193	34	6	index	index	NOUN
ajfa-193	34	7	deletion	deletion	NOUN
ajfa-193	34	8	usually	usually	ADV
ajfa-193	34	9	leads	lead	VERB
ajfa-193	34	10	to	to	ADP
ajfa-193	34	11	negative	negative	ADJ
ajfa-193	34	12	price	price	NOUN
ajfa-193	34	13	reaction	reaction	NOUN
ajfa-193	34	14	,	,	PUNCT
ajfa-193	34	15	due	due	ADP
ajfa-193	34	16	to	to	ADP
ajfa-193	34	17	a	a	DET
ajfa-193	34	18	decrease	decrease	NOUN
ajfa-193	34	19	in	in	ADP
ajfa-193	34	20	demand	demand	NOUN
ajfa-193	34	21	by	by	ADP
ajfa-193	34	22	index	index	NOUN
ajfa-193	34	23	managers	manager	NOUN
ajfa-193	34	24	for	for	ADP
ajfa-193	34	25	the	the	DET
ajfa-193	34	26	stocks	stock	NOUN
ajfa-193	34	27	.	.	PUNCT
ajfa-193	35	1	index	index	NOUN
ajfa-193	35	2	additions	addition	NOUN
ajfa-193	35	3	and	and	CCONJ
ajfa-193	35	4	deletions	deletion	NOUN
ajfa-193	35	5	have	have	AUX
ajfa-193	35	6	attracted	attract	VERB
ajfa-193	35	7	considerable	considerable	ADJ
ajfa-193	35	8	interest	interest	NOUN
ajfa-193	35	9	from	from	ADP
ajfa-193	35	10	academics	academic	NOUN
ajfa-193	35	11	and	and	CCONJ
ajfa-193	35	12	practitioners	practitioner	NOUN
ajfa-193	35	13	because	because	SCONJ
ajfa-193	35	14	of	of	ADP
ajfa-193	35	15	their	their	PRON
ajfa-193	35	16	implications	implication	NOUN
ajfa-193	35	17	for	for	ADP
ajfa-193	35	18	the	the	DET
ajfa-193	35	19	emh	emh	PROPN
ajfa-193	35	20	.	.	PUNCT
ajfa-193	36	1	when	when	SCONJ
ajfa-193	36	2	a	a	DET
ajfa-193	36	3	market	market	NOUN
ajfa-193	36	4	is	be	AUX
ajfa-193	36	5	efficient	efficient	ADJ
ajfa-193	36	6	,	,	PUNCT
ajfa-193	36	7	prices	price	NOUN
ajfa-193	36	8	move	move	VERB
ajfa-193	36	9	randomly	randomly	ADV
ajfa-193	36	10	,	,	PUNCT
ajfa-193	36	11	implying	imply	VERB
ajfa-193	36	12	that	that	SCONJ
ajfa-193	36	13	index	index	NOUN
ajfa-193	36	14	revision	revision	NOUN
ajfa-193	36	15	events	event	NOUN
ajfa-193	36	16	reduce	reduce	VERB
ajfa-193	36	17	the	the	DET
ajfa-193	36	18	ability	ability	NOUN
ajfa-193	36	19	of	of	ADP
ajfa-193	36	20	investors	investor	NOUN
ajfa-193	36	21	to	to	PART
ajfa-193	36	22	profit	profit	VERB
ajfa-193	36	23	from	from	ADP
ajfa-193	36	24	the	the	DET
ajfa-193	36	25	anomalies	anomaly	NOUN
ajfa-193	36	26	.	.	PUNCT
ajfa-193	37	1	there	there	PRON
ajfa-193	37	2	are	be	VERB
ajfa-193	37	3	two	two	NUM
ajfa-193	37	4	theoretical	theoretical	ADJ
ajfa-193	37	5	perspectives	perspective	NOUN
ajfa-193	37	6	on	on	ADP
ajfa-193	37	7	the	the	DET
ajfa-193	37	8	effects	effect	NOUN
ajfa-193	37	9	of	of	ADP
ajfa-193	37	10	stock	stock	NOUN
ajfa-193	37	11	addition	addition	NOUN
ajfa-193	37	12	and	and	CCONJ
ajfa-193	37	13	deletion	deletion	NOUN
ajfa-193	37	14	:	:	PUNCT
ajfa-193	37	15	(	(	PUNCT
ajfa-193	37	16	i	i	NOUN
ajfa-193	37	17	)	)	PUNCT
ajfa-193	37	18	a	a	DET
ajfa-193	37	19	demand	demand	NOUN
ajfa-193	37	20	-	-	PUNCT
ajfa-193	37	21	based	base	VERB
ajfa-193	37	22	explanation	explanation	NOUN
ajfa-193	37	23	;	;	PUNCT
ajfa-193	37	24	and	and	CCONJ
ajfa-193	37	25	(	(	PUNCT
ajfa-193	37	26	ii	ii	NOUN
ajfa-193	37	27	)	)	PUNCT
ajfa-193	37	28	an	an	DET
ajfa-193	37	29	information	information	NOUN
ajfa-193	37	30	-	-	PUNCT
ajfa-193	37	31	based	base	VERB
ajfa-193	37	32	explanation	explanation	NOUN
ajfa-193	37	33	.	.	PUNCT
ajfa-193	38	1	the	the	DET
ajfa-193	38	2	demand	demand	NOUN
ajfa-193	38	3	-	-	PUNCT
ajfa-193	38	4	based	base	VERB
ajfa-193	38	5	explanation	explanation	NOUN
ajfa-193	38	6	sees	see	VERB
ajfa-193	38	7	index	index	NOUN
ajfa-193	38	8	changes	change	NOUN
ajfa-193	38	9	as	as	ADP
ajfa-193	38	10	information	information	NOUN
ajfa-193	38	11	-	-	PUNCT
ajfa-193	38	12	free	free	ADJ
ajfa-193	38	13	events	event	NOUN
ajfa-193	38	14	.	.	PUNCT
ajfa-193	39	1	for	for	ADP
ajfa-193	39	2	example	example	NOUN
ajfa-193	39	3	,	,	PUNCT
ajfa-193	39	4	shleifer	shleifer	NOUN
ajfa-193	39	5	(	(	PUNCT
ajfa-193	39	6	1986	1986	NUM
ajfa-193	39	7	)	)	PUNCT
ajfa-193	39	8	,	,	PUNCT
ajfa-193	39	9	employing	employ	VERB
ajfa-193	39	10	the	the	DET
ajfa-193	39	11	downward	downward	ADV
ajfa-193	39	12	-	-	PUNCT
ajfa-193	39	13	sloping	slope	VERB
ajfa-193	39	14	demand	demand	NOUN
ajfa-193	39	15	curve	curve	NOUN
ajfa-193	39	16	hypothesis	hypothesis	NOUN
ajfa-193	39	17	,	,	PUNCT
ajfa-193	39	18	showed	show	VERB
ajfa-193	39	19	that	that	SCONJ
ajfa-193	39	20	the	the	DET
ajfa-193	39	21	price	price	NOUN
ajfa-193	39	22	effects	effect	NOUN
ajfa-193	39	23	following	follow	VERB
ajfa-193	39	24	the	the	DET
ajfa-193	39	25	index	index	NOUN
ajfa-193	39	26	changes	change	NOUN
ajfa-193	39	27	are	be	AUX
ajfa-193	39	28	due	due	ADJ
ajfa-193	39	29	to	to	ADP
ajfa-193	39	30	the	the	DET
ajfa-193	39	31	demand	demand	NOUN
ajfa-193	39	32	from	from	ADP
ajfa-193	39	33	index	index	NOUN
ajfa-193	39	34	tracking	tracking	NOUN
ajfa-193	39	35	.	.	PUNCT
ajfa-193	40	1	these	these	DET
ajfa-193	40	2	effects	effect	NOUN
ajfa-193	40	3	can	can	AUX
ajfa-193	40	4	be	be	AUX
ajfa-193	40	5	temporary	temporary	ADJ
ajfa-193	40	6	or	or	CCONJ
ajfa-193	40	7	permanent	permanent	ADJ
ajfa-193	40	8	.	.	PUNCT
ajfa-193	41	1	the	the	DET
ajfa-193	41	2	temporary	temporary	ADJ
ajfa-193	41	3	effect	effect	NOUN
ajfa-193	41	4	is	be	AUX
ajfa-193	41	5	explained	explain	VERB
ajfa-193	41	6	by	by	ADP
ajfa-193	41	7	the	the	DET
ajfa-193	41	8	price	price	NOUN
ajfa-193	41	9	pressure	pressure	NOUN
ajfa-193	41	10	hypothesis	hypothesis	NOUN
ajfa-193	41	11	,	,	PUNCT
ajfa-193	41	12	predicting	predict	VERB
ajfa-193	41	13	a	a	DET
ajfa-193	41	14	reversal	reversal	NOUN
ajfa-193	41	15	of	of	ADP
ajfa-193	41	16	initial	initial	ADJ
ajfa-193	41	17	price	price	NOUN
ajfa-193	41	18	increases	increase	NOUN
ajfa-193	41	19	in	in	ADP
ajfa-193	41	20	the	the	DET
ajfa-193	41	21	long	long	ADJ
ajfa-193	41	22	run	run	NOUN
ajfa-193	41	23	(	(	PUNCT
ajfa-193	41	24	harris	harris	NOUN
ajfa-193	41	25	and	and	CCONJ
ajfa-193	41	26	gurel	gurel	PROPN
ajfa-193	41	27	,	,	PUNCT
ajfa-193	41	28	1986	1986	NUM
ajfa-193	41	29	)	)	PUNCT
ajfa-193	41	30	.	.	PUNCT
ajfa-193	42	1	the	the	DET
ajfa-193	42	2	permanent	permanent	ADJ
ajfa-193	42	3	effect	effect	NOUN
ajfa-193	42	4	is	be	AUX
ajfa-193	42	5	explained	explain	VERB
ajfa-193	42	6	by	by	ADP
ajfa-193	42	7	the	the	DET
ajfa-193	42	8	imperfect	imperfect	ADJ
ajfa-193	42	9	substitute	substitute	NOUN
ajfa-193	42	10	hypothesis	hypothesis	NOUN
ajfa-193	42	11	,	,	PUNCT
ajfa-193	42	12	which	which	PRON
ajfa-193	42	13	assumes	assume	VERB
ajfa-193	42	14	that	that	SCONJ
ajfa-193	42	15	there	there	PRON
ajfa-193	42	16	would	would	AUX
ajfa-193	42	17	be	be	AUX
ajfa-193	42	18	no	no	DET
ajfa-193	42	19	price	price	NOUN
ajfa-193	42	20	reversal	reversal	NOUN
ajfa-193	42	21	,	,	PUNCT
ajfa-193	42	22	as	as	SCONJ
ajfa-193	42	23	the	the	DET
ajfa-193	42	24	new	new	ADJ
ajfa-193	42	25	price	price	NOUN
ajfa-193	42	26	reflects	reflect	VERB
ajfa-193	42	27	changes	change	NOUN
ajfa-193	42	28	in	in	ADP
ajfa-193	42	29	the	the	DET
ajfa-193	42	30	distribution	distribution	NOUN
ajfa-193	42	31	of	of	ADP
ajfa-193	42	32	security	security	NOUN
ajfa-193	42	33	holdings	holding	NOUN
ajfa-193	42	34	in	in	ADP
ajfa-193	42	35	equilibrium	equilibrium	NOUN
ajfa-193	42	36	5	5	NUM
ajfa-193	42	37	.	.	PUNCT
ajfa-193	43	1	information	information	NOUN
ajfa-193	43	2	-	-	PUNCT
ajfa-193	43	3	based	base	VERB
ajfa-193	43	4	explanations	explanation	NOUN
ajfa-193	43	5	include	include	VERB
ajfa-193	43	6	the	the	DET
ajfa-193	43	7	information	information	NOUN
ajfa-193	43	8	hypothesis	hypothesis	NOUN
ajfa-193	43	9	and	and	CCONJ
ajfa-193	43	10	the	the	DET
ajfa-193	43	11	liquidity	liquidity	NOUN
ajfa-193	43	12	hypothesis	hypothesis	NOUN
ajfa-193	43	13	.	.	PUNCT
ajfa-193	44	1	unlike	unlike	ADP
ajfa-193	44	2	the	the	DET
ajfa-193	44	3	demand	demand	NOUN
ajfa-193	44	4	-	-	PUNCT
ajfa-193	44	5	based	base	VERB
ajfa-193	44	6	explanations	explanation	NOUN
ajfa-193	44	7	,	,	PUNCT
ajfa-193	44	8	information	information	NOUN
ajfa-193	44	9	-	-	PUNCT
ajfa-193	44	10	based	base	VERB
ajfa-193	44	11	explanations	explanation	NOUN
ajfa-193	44	12	assume	assume	VERB
ajfa-193	44	13	that	that	SCONJ
ajfa-193	44	14	index	index	NOUN
ajfa-193	44	15	changes	change	NOUN
ajfa-193	44	16	are	be	AUX
ajfa-193	44	17	not	not	PART
ajfa-193	44	18	information	information	NOUN
ajfa-193	44	19	-	-	PUNCT
ajfa-193	44	20	free	free	ADJ
ajfa-193	44	21	events	event	NOUN
ajfa-193	44	22	.	.	PUNCT
ajfa-193	45	1	some	some	DET
ajfa-193	45	2	studies	study	NOUN
ajfa-193	45	3	,	,	PUNCT
ajfa-193	45	4	such	such	ADJ
ajfa-193	45	5	those	those	PRON
ajfa-193	45	6	by	by	ADP
ajfa-193	45	7	dhillon	dhillon	PROPN
ajfa-193	45	8	and	and	CCONJ
ajfa-193	45	9	johnson	johnson	PROPN
ajfa-193	45	10	(	(	PUNCT
ajfa-193	45	11	1991	1991	NUM
ajfa-193	45	12	)	)	PUNCT
ajfa-193	45	13	and	and	CCONJ
ajfa-193	45	14	jain	jain	PROPN
ajfa-193	45	15	(	(	PUNCT
ajfa-193	45	16	1987	1987	NUM
ajfa-193	45	17	)	)	PUNCT
ajfa-193	45	18	,	,	PUNCT
ajfa-193	45	19	support	support	VERB
ajfa-193	45	20	the	the	DET
ajfa-193	45	21	information	information	NOUN
ajfa-193	45	22	hypothesis	hypothesis	NOUN
ajfa-193	45	23	:	:	PUNCT
ajfa-193	45	24	they	they	PRON
ajfa-193	45	25	show	show	VERB
ajfa-193	45	26	that	that	SCONJ
ajfa-193	45	27	the	the	DET
ajfa-193	45	28	addition	addition	NOUN
ajfa-193	45	29	of	of	ADP
ajfa-193	45	30	a	a	DET
ajfa-193	45	31	stock	stock	NOUN
ajfa-193	45	32	to	to	ADP
ajfa-193	45	33	the	the	DET
ajfa-193	45	34	index	index	NOUN
ajfa-193	45	35	conveys	convey	VERB
ajfa-193	45	36	favorable	favorable	ADJ
ajfa-193	45	37	news	news	NOUN
ajfa-193	45	38	about	about	ADP
ajfa-193	45	39	the	the	DET
ajfa-193	45	40	firm	firm	NOUN
ajfa-193	45	41	’s	’s	PART
ajfa-193	45	42	prospects	prospect	NOUN
ajfa-193	45	43	and	and	CCONJ
ajfa-193	45	44	a	a	DET
ajfa-193	45	45	permanent	permanent	ADJ
ajfa-193	45	46	price	price	NOUN
ajfa-193	45	47	increase	increase	NOUN
ajfa-193	45	48	can	can	AUX
ajfa-193	45	49	result	result	VERB
ajfa-193	45	50	following	follow	VERB
ajfa-193	45	51	the	the	DET
ajfa-193	45	52	stock	stock	NOUN
ajfa-193	45	53	addition	addition	NOUN
ajfa-193	45	54	.	.	PUNCT
ajfa-193	46	1	amihud	amihud	PROPN
ajfa-193	46	2	and	and	CCONJ
ajfa-193	46	3	mendelson	mendelson	PROPN
ajfa-193	46	4	(	(	PUNCT
ajfa-193	46	5	1986	1986	NUM
ajfa-193	46	6	)	)	PUNCT
ajfa-193	46	7	,	,	PUNCT
ajfa-193	46	8	beneish	beneish	ADJ
ajfa-193	46	9	and	and	CCONJ
ajfa-193	46	10	whaley	whaley	NOUN
ajfa-193	46	11	(	(	PUNCT
ajfa-193	46	12	1996	1996	NUM
ajfa-193	46	13	)	)	PUNCT
ajfa-193	46	14	,	,	PUNCT
ajfa-193	46	15	and	and	CCONJ
ajfa-193	46	16	hegde	hegde	PROPN
ajfa-193	46	17	and	and	CCONJ
ajfa-193	46	18	mcdermott	mcdermott	PROPN
ajfa-193	46	19	(	(	PUNCT
ajfa-193	46	20	2003	2003	NUM
ajfa-193	46	21	)	)	PUNCT
ajfa-193	46	22	contend	contend	VERB
ajfa-193	46	23	that	that	SCONJ
ajfa-193	46	24	the	the	DET
ajfa-193	46	25	price	price	NOUN
ajfa-193	46	26	reactions	reaction	NOUN
ajfa-193	46	27	can	can	AUX
ajfa-193	46	28	be	be	AUX
ajfa-193	46	29	explained	explain	VERB
ajfa-193	46	30	by	by	ADP
ajfa-193	46	31	changes	change	NOUN
ajfa-193	46	32	in	in	ADP
ajfa-193	46	33	market	market	NOUN
ajfa-193	46	34	liquidity	liquidity	NOUN
ajfa-193	46	35	.	.	PUNCT
ajfa-193	47	1	according	accord	VERB
ajfa-193	47	2	to	to	ADP
ajfa-193	47	3	the	the	DET
ajfa-193	47	4	liquidity	liquidity	NOUN
ajfa-193	47	5	5	5	NUM
ajfa-193	47	6	refer	refer	VERB
ajfa-193	47	7	to	to	AUX
ajfa-193	47	8	beneish	beneish	VERB
ajfa-193	47	9	and	and	CCONJ
ajfa-193	47	10	whaley	whaley	NOUN
ajfa-193	47	11	(	(	PUNCT
ajfa-193	47	12	1996	1996	NUM
ajfa-193	47	13	)	)	PUNCT
ajfa-193	47	14	,	,	PUNCT
ajfa-193	47	15	lynch	lynch	PROPN
ajfa-193	47	16	and	and	CCONJ
ajfa-193	47	17	mendenhall	mendenhall	NOUN
ajfa-193	47	18	(	(	PUNCT
ajfa-193	47	19	1997	1997	NUM
ajfa-193	47	20	)	)	PUNCT
ajfa-193	47	21	,	,	PUNCT
ajfa-193	47	22	kaul	kaul	PROPN
ajfa-193	47	23	et	et	PROPN
ajfa-193	47	24	al	al	PROPN
ajfa-193	47	25	.	.	PROPN
ajfa-193	48	1	(	(	PUNCT
ajfa-193	48	2	2000	2000	NUM
ajfa-193	48	3	)	)	PUNCT
ajfa-193	48	4	,	,	PUNCT
ajfa-193	48	5	and	and	CCONJ
ajfa-193	48	6	wurgler	wurgler	NOUN
ajfa-193	48	7	and	and	CCONJ
ajfa-193	48	8	zhuravskaya	zhuravskaya	NOUN
ajfa-193	48	9	(	(	PUNCT
ajfa-193	48	10	2002	2002	NUM
ajfa-193	48	11	)	)	PUNCT
ajfa-193	48	12	for	for	ADP
ajfa-193	48	13	more	more	ADJ
ajfa-193	48	14	details	detail	NOUN
ajfa-193	48	15	.	.	PUNCT
ajfa-193	49	1	asian	asian	ADJ
ajfa-193	49	2	journal	journal	PROPN
ajfa-193	49	3	of	of	ADP
ajfa-193	49	4	finance	finance	PROPN
ajfa-193	49	5	&	&	CCONJ
ajfa-193	49	6	accounting	accounting	PROPN
ajfa-193	49	7	issn	issn	PROPN
ajfa-193	49	8	1946	1946	NUM
ajfa-193	49	9	-	-	PUNCT
ajfa-193	49	10	052x	052x	NOUN
ajfa-193	49	11	2009	2009	NUM
ajfa-193	49	12	,	,	PUNCT
ajfa-193	49	13	vol	vol	NOUN
ajfa-193	49	14	.	.	PROPN
ajfa-193	49	15	1	1	NUM
ajfa-193	49	16	,	,	PUNCT
ajfa-193	49	17	no	no	INTJ
ajfa-193	49	18	.	.	NOUN
ajfa-193	49	19	2	2	NUM
ajfa-193	49	20	:	:	PUNCT
ajfa-193	49	21	e2	e2	NOUN
ajfa-193	49	22	20	20	NUM
ajfa-193	49	23	hypothesis	hypothesis	NOUN
ajfa-193	49	24	,	,	PUNCT
ajfa-193	49	25	the	the	DET
ajfa-193	49	26	price	price	NOUN
ajfa-193	49	27	increase	increase	NOUN
ajfa-193	49	28	at	at	ADP
ajfa-193	49	29	index	index	NOUN
ajfa-193	49	30	inclusion	inclusion	NOUN
ajfa-193	49	31	is	be	AUX
ajfa-193	49	32	from	from	ADP
ajfa-193	49	33	the	the	DET
ajfa-193	49	34	increased	increase	VERB
ajfa-193	49	35	liquidity	liquidity	NOUN
ajfa-193	49	36	due	due	ADP
ajfa-193	49	37	to	to	ADP
ajfa-193	49	38	the	the	DET
ajfa-193	49	39	greater	great	ADJ
ajfa-193	49	40	visibility	visibility	NOUN
ajfa-193	49	41	of	of	ADP
ajfa-193	49	42	the	the	DET
ajfa-193	49	43	stock	stock	NOUN
ajfa-193	49	44	when	when	SCONJ
ajfa-193	49	45	it	it	PRON
ajfa-193	49	46	is	be	AUX
ajfa-193	49	47	added	add	VERB
ajfa-193	49	48	to	to	ADP
ajfa-193	49	49	the	the	DET
ajfa-193	49	50	index	index	NOUN
ajfa-193	49	51	,	,	PUNCT
ajfa-193	49	52	greater	great	ADJ
ajfa-193	49	53	interest	interest	NOUN
ajfa-193	49	54	from	from	ADP
ajfa-193	49	55	institutional	institutional	ADJ
ajfa-193	49	56	investors	investor	NOUN
ajfa-193	49	57	,	,	PUNCT
ajfa-193	49	58	higher	high	ADJ
ajfa-193	49	59	trading	trading	NOUN
ajfa-193	49	60	volume	volume	NOUN
ajfa-193	49	61	,	,	PUNCT
ajfa-193	49	62	and	and	CCONJ
ajfa-193	49	63	lower	low	ADJ
ajfa-193	49	64	bid	bid	NOUN
ajfa-193	49	65	–	–	PUNCT
ajfa-193	49	66	ask	ask	VERB
ajfa-193	49	67	spreads	spread	NOUN
ajfa-193	49	68	.	.	PUNCT
ajfa-193	50	1	amihud	amihud	PROPN
ajfa-193	50	2	and	and	CCONJ
ajfa-193	50	3	mendelson	mendelson	PROPN
ajfa-193	50	4	(	(	PUNCT
ajfa-193	50	5	1986	1986	NUM
ajfa-193	50	6	)	)	PUNCT
ajfa-193	50	7	suggest	suggest	VERB
ajfa-193	50	8	that	that	SCONJ
ajfa-193	50	9	the	the	DET
ajfa-193	50	10	increase	increase	NOUN
ajfa-193	50	11	in	in	ADP
ajfa-193	50	12	stock	stock	NOUN
ajfa-193	50	13	liquidity	liquidity	NOUN
ajfa-193	50	14	is	be	AUX
ajfa-193	50	15	positively	positively	ADV
ajfa-193	50	16	related	relate	VERB
ajfa-193	50	17	to	to	ADP
ajfa-193	50	18	the	the	DET
ajfa-193	50	19	firm	firm	NOUN
ajfa-193	50	20	’s	’s	PART
ajfa-193	50	21	value	value	NOUN
ajfa-193	50	22	through	through	ADP
ajfa-193	50	23	the	the	DET
ajfa-193	50	24	reduction	reduction	NOUN
ajfa-193	50	25	in	in	ADP
ajfa-193	50	26	the	the	DET
ajfa-193	50	27	cost	cost	NOUN
ajfa-193	50	28	of	of	ADP
ajfa-193	50	29	capital	capital	NOUN
ajfa-193	50	30	(	(	PUNCT
ajfa-193	50	31	becker	becker	NOUN
ajfa-193	50	32	-	-	PUNCT
ajfa-193	50	33	blease	blease	NOUN
ajfa-193	50	34	and	and	CCONJ
ajfa-193	50	35	donna	donna	NOUN
ajfa-193	50	36	,	,	PUNCT
ajfa-193	50	37	2006	2006	NUM
ajfa-193	50	38	)	)	PUNCT
ajfa-193	50	39	.	.	PUNCT
ajfa-193	51	1	previous	previous	ADJ
ajfa-193	51	2	studies	study	NOUN
ajfa-193	51	3	,	,	PUNCT
ajfa-193	51	4	such	such	ADJ
ajfa-193	51	5	as	as	ADP
ajfa-193	51	6	harris	harris	PROPN
ajfa-193	51	7	and	and	CCONJ
ajfa-193	51	8	gurel	gurel	PROPN
ajfa-193	51	9	(	(	PUNCT
ajfa-193	51	10	1986	1986	NUM
ajfa-193	51	11	)	)	PUNCT
ajfa-193	51	12	,	,	PUNCT
ajfa-193	51	13	and	and	CCONJ
ajfa-193	51	14	hegde	hegde	PROPN
ajfa-193	51	15	and	and	CCONJ
ajfa-193	51	16	mcdermott	mcdermott	PROPN
ajfa-193	51	17	(	(	PUNCT
ajfa-193	51	18	2003	2003	NUM
ajfa-193	51	19	)	)	PUNCT
ajfa-193	51	20	report	report	VERB
ajfa-193	51	21	liquidity	liquidity	NOUN
ajfa-193	51	22	increases	increase	NOUN
ajfa-193	51	23	following	follow	VERB
ajfa-193	51	24	s&p500	s&p500	NOUN
ajfa-193	51	25	index	index	NOUN
ajfa-193	51	26	additions	addition	NOUN
ajfa-193	51	27	,	,	PUNCT
ajfa-193	51	28	while	while	SCONJ
ajfa-193	51	29	deletions	deletion	NOUN
ajfa-193	51	30	appear	appear	VERB
ajfa-193	51	31	to	to	PART
ajfa-193	51	32	reduce	reduce	VERB
ajfa-193	51	33	liquidity	liquidity	NOUN
ajfa-193	51	34	.	.	PUNCT
ajfa-193	52	1	the	the	DET
ajfa-193	52	2	above	above	ADJ
ajfa-193	52	3	theories	theory	NOUN
ajfa-193	52	4	largely	largely	ADV
ajfa-193	52	5	explain	explain	VERB
ajfa-193	52	6	the	the	DET
ajfa-193	52	7	impacts	impact	NOUN
ajfa-193	52	8	of	of	ADP
ajfa-193	52	9	s&p	s&p	PROPN
ajfa-193	52	10	index	index	NOUN
ajfa-193	52	11	additions	addition	NOUN
ajfa-193	52	12	and	and	CCONJ
ajfa-193	52	13	deletions	deletion	NOUN
ajfa-193	52	14	in	in	ADP
ajfa-193	52	15	the	the	DET
ajfa-193	52	16	context	context	NOUN
ajfa-193	52	17	of	of	ADP
ajfa-193	52	18	symmetric	symmetric	ADJ
ajfa-193	52	19	excess	excess	ADJ
ajfa-193	52	20	returns	return	NOUN
ajfa-193	52	21	.	.	PUNCT
ajfa-193	53	1	however	however	ADV
ajfa-193	53	2	,	,	PUNCT
ajfa-193	53	3	price	price	NOUN
ajfa-193	53	4	responses	response	NOUN
ajfa-193	53	5	to	to	ADP
ajfa-193	53	6	index	index	NOUN
ajfa-193	53	7	revisions	revision	NOUN
ajfa-193	53	8	are	be	AUX
ajfa-193	53	9	not	not	PART
ajfa-193	53	10	always	always	ADV
ajfa-193	53	11	symmetric	symmetric	ADJ
ajfa-193	53	12	.	.	PUNCT
ajfa-193	54	1	according	accord	VERB
ajfa-193	54	2	to	to	ADP
ajfa-193	54	3	merton	merton	PROPN
ajfa-193	54	4	(	(	PUNCT
ajfa-193	54	5	1987	1987	NUM
ajfa-193	54	6	)	)	PUNCT
ajfa-193	54	7	,	,	PUNCT
ajfa-193	54	8	index	index	NOUN
ajfa-193	54	9	inclusion	inclusion	NOUN
ajfa-193	54	10	can	can	AUX
ajfa-193	54	11	increase	increase	VERB
ajfa-193	54	12	the	the	DET
ajfa-193	54	13	recognition	recognition	NOUN
ajfa-193	54	14	of	of	ADP
ajfa-193	54	15	a	a	DET
ajfa-193	54	16	firm	firm	NOUN
ajfa-193	54	17	,	,	PUNCT
ajfa-193	54	18	leading	lead	VERB
ajfa-193	54	19	to	to	ADP
ajfa-193	54	20	increases	increase	NOUN
ajfa-193	54	21	in	in	ADP
ajfa-193	54	22	its	its	PRON
ajfa-193	54	23	value	value	NOUN
ajfa-193	54	24	as	as	SCONJ
ajfa-193	54	25	investors	investor	NOUN
ajfa-193	54	26	use	use	VERB
ajfa-193	54	27	it	it	PRON
ajfa-193	54	28	to	to	PART
ajfa-193	54	29	construct	construct	VERB
ajfa-193	54	30	their	their	PRON
ajfa-193	54	31	optimal	optimal	ADJ
ajfa-193	54	32	portfolios	portfolio	NOUN
ajfa-193	54	33	.	.	PUNCT
ajfa-193	55	1	however	however	ADV
ajfa-193	55	2	,	,	PUNCT
ajfa-193	55	3	index	index	NOUN
ajfa-193	55	4	deletions	deletion	NOUN
ajfa-193	55	5	are	be	AUX
ajfa-193	55	6	not	not	PART
ajfa-193	55	7	necessarily	necessarily	ADV
ajfa-193	55	8	accompanied	accompany	VERB
ajfa-193	55	9	by	by	ADP
ajfa-193	55	10	reduced	reduced	ADJ
ajfa-193	55	11	recognition	recognition	NOUN
ajfa-193	55	12	,	,	PUNCT
ajfa-193	55	13	causing	cause	VERB
ajfa-193	55	14	asymmetric	asymmetric	ADJ
ajfa-193	55	15	price	price	NOUN
ajfa-193	55	16	effects	effect	NOUN
ajfa-193	55	17	.	.	PUNCT
ajfa-193	56	1	chen	chen	PROPN
ajfa-193	56	2	et	et	PROPN
ajfa-193	56	3	al	al	PROPN
ajfa-193	56	4	.	.	PROPN
ajfa-193	56	5	(	(	PUNCT
ajfa-193	56	6	2004	2004	NUM
ajfa-193	56	7	)	)	PUNCT
ajfa-193	56	8	studied	study	VERB
ajfa-193	56	9	the	the	DET
ajfa-193	56	10	s&p	s&p	PROPN
ajfa-193	56	11	500	500	NUM
ajfa-193	56	12	index	index	NOUN
ajfa-193	56	13	and	and	CCONJ
ajfa-193	56	14	revealed	reveal	VERB
ajfa-193	56	15	a	a	DET
ajfa-193	56	16	permanent	permanent	ADJ
ajfa-193	56	17	increase	increase	NOUN
ajfa-193	56	18	in	in	ADP
ajfa-193	56	19	the	the	DET
ajfa-193	56	20	price	price	NOUN
ajfa-193	56	21	of	of	ADP
ajfa-193	56	22	added	add	VERB
ajfa-193	56	23	firms	firm	NOUN
ajfa-193	56	24	and	and	CCONJ
ajfa-193	56	25	a	a	DET
ajfa-193	56	26	temporary	temporary	ADJ
ajfa-193	56	27	decline	decline	NOUN
ajfa-193	56	28	in	in	ADP
ajfa-193	56	29	the	the	DET
ajfa-193	56	30	price	price	NOUN
ajfa-193	56	31	of	of	ADP
ajfa-193	56	32	deleted	delete	VERB
ajfa-193	56	33	firms	firm	NOUN
ajfa-193	56	34	.	.	PUNCT
ajfa-193	57	1	they	they	PRON
ajfa-193	57	2	explained	explain	VERB
ajfa-193	57	3	this	this	DET
ajfa-193	57	4	asymmetric	asymmetric	ADJ
ajfa-193	57	5	effect	effect	NOUN
ajfa-193	57	6	by	by	ADP
ajfa-193	57	7	the	the	DET
ajfa-193	57	8	investor	investor	NOUN
ajfa-193	57	9	awareness	awareness	NOUN
ajfa-193	57	10	hypothesis	hypothesis	NOUN
ajfa-193	57	11	,	,	PUNCT
ajfa-193	57	12	suggesting	suggest	VERB
ajfa-193	57	13	that	that	SCONJ
ajfa-193	57	14	an	an	DET
ajfa-193	57	15	index	index	NOUN
ajfa-193	57	16	addition	addition	NOUN
ajfa-193	57	17	can	can	AUX
ajfa-193	57	18	potentially	potentially	ADV
ajfa-193	57	19	lead	lead	VERB
ajfa-193	57	20	to	to	ADP
ajfa-193	57	21	investor	investor	NOUN
ajfa-193	57	22	awareness	awareness	NOUN
ajfa-193	57	23	due	due	ADP
ajfa-193	57	24	to	to	ADP
ajfa-193	57	25	enhanced	enhance	VERB
ajfa-193	57	26	monitoring	monitoring	NOUN
ajfa-193	57	27	and	and	CCONJ
ajfa-193	57	28	reduction	reduction	NOUN
ajfa-193	57	29	in	in	ADP
ajfa-193	57	30	the	the	DET
ajfa-193	57	31	information	information	NOUN
ajfa-193	57	32	asymmetry	asymmetry	NOUN
ajfa-193	57	33	component	component	NOUN
ajfa-193	57	34	of	of	ADP
ajfa-193	57	35	the	the	DET
ajfa-193	57	36	bid	bid	NOUN
ajfa-193	57	37	–	–	PUNCT
ajfa-193	57	38	ask	ask	NOUN
ajfa-193	57	39	spread	spread	NOUN
ajfa-193	57	40	.	.	PUNCT
ajfa-193	58	1	however	however	ADV
ajfa-193	58	2	,	,	PUNCT
ajfa-193	58	3	index	index	NOUN
ajfa-193	58	4	deletion	deletion	NOUN
ajfa-193	58	5	does	do	AUX
ajfa-193	58	6	not	not	PART
ajfa-193	58	7	necessarily	necessarily	ADV
ajfa-193	58	8	lead	lead	VERB
ajfa-193	58	9	to	to	ADP
ajfa-193	58	10	a	a	DET
ajfa-193	58	11	reduction	reduction	NOUN
ajfa-193	58	12	in	in	ADP
ajfa-193	58	13	investors	investor	NOUN
ajfa-193	58	14	’	’	PART
ajfa-193	58	15	awareness	awareness	NOUN
ajfa-193	58	16	to	to	PART
ajfa-193	58	17	prompt	prompt	VERB
ajfa-193	58	18	negative	negative	ADJ
ajfa-193	58	19	abnormal	abnormal	ADJ
ajfa-193	58	20	returns	return	NOUN
ajfa-193	58	21	.	.	PUNCT
ajfa-193	59	1	elliot	elliot	PROPN
ajfa-193	59	2	et	et	PROPN
ajfa-193	59	3	al	al	PROPN
ajfa-193	59	4	.	.	PROPN
ajfa-193	59	5	(	(	PUNCT
ajfa-193	59	6	2006	2006	NUM
ajfa-193	59	7	)	)	PUNCT
ajfa-193	59	8	found	find	VERB
ajfa-193	59	9	more	more	ADJ
ajfa-193	59	10	evidence	evidence	NOUN
ajfa-193	59	11	in	in	ADP
ajfa-193	59	12	support	support	NOUN
ajfa-193	59	13	of	of	ADP
ajfa-193	59	14	the	the	DET
ajfa-193	59	15	investor	investor	NOUN
ajfa-193	59	16	awareness	awareness	NOUN
ajfa-193	59	17	hypothesis	hypothesis	NOUN
ajfa-193	59	18	.	.	PUNCT
ajfa-193	60	1	from	from	ADP
ajfa-193	60	2	an	an	DET
ajfa-193	60	3	analytical	analytical	ADJ
ajfa-193	60	4	survey	survey	NOUN
ajfa-193	60	5	of	of	ADP
ajfa-193	60	6	all	all	DET
ajfa-193	60	7	existing	exist	VERB
ajfa-193	60	8	theories	theory	NOUN
ajfa-193	60	9	on	on	ADP
ajfa-193	60	10	index	index	NOUN
ajfa-193	60	11	additions	addition	NOUN
ajfa-193	60	12	to	to	ADP
ajfa-193	60	13	the	the	DET
ajfa-193	60	14	s&p	s&p	PROPN
ajfa-193	60	15	500	500	NUM
ajfa-193	60	16	index	index	NOUN
ajfa-193	60	17	,	,	PUNCT
ajfa-193	60	18	they	they	PRON
ajfa-193	60	19	found	find	VERB
ajfa-193	60	20	that	that	SCONJ
ajfa-193	60	21	increased	increase	VERB
ajfa-193	60	22	investor	investor	NOUN
ajfa-193	60	23	awareness	awareness	NOUN
ajfa-193	60	24	is	be	AUX
ajfa-193	60	25	the	the	DET
ajfa-193	60	26	primary	primary	ADJ
ajfa-193	60	27	factor	factor	NOUN
ajfa-193	60	28	behind	behind	ADP
ajfa-193	60	29	the	the	DET
ajfa-193	60	30	cross	cross	NOUN
ajfa-193	60	31	-	-	NOUN
ajfa-193	60	32	section	section	NOUN
ajfa-193	60	33	of	of	ADP
ajfa-193	60	34	abnormal	abnormal	ADJ
ajfa-193	60	35	announcement	announcement	NOUN
ajfa-193	60	36	returns	return	NOUN
ajfa-193	60	37	.	.	PUNCT
ajfa-193	61	1	hacibedel	hacibedel	NOUN
ajfa-193	61	2	(	(	PUNCT
ajfa-193	61	3	2007	2007	NUM
ajfa-193	61	4	)	)	PUNCT
ajfa-193	61	5	also	also	ADV
ajfa-193	61	6	found	find	VERB
ajfa-193	61	7	a	a	DET
ajfa-193	61	8	permanent	permanent	ADJ
ajfa-193	61	9	long	long	ADJ
ajfa-193	61	10	-	-	PUNCT
ajfa-193	61	11	term	term	NOUN
ajfa-193	61	12	price	price	NOUN
ajfa-193	61	13	impact	impact	NOUN
ajfa-193	61	14	for	for	ADP
ajfa-193	61	15	index	index	NOUN
ajfa-193	61	16	additions	addition	NOUN
ajfa-193	61	17	,	,	PUNCT
ajfa-193	61	18	but	but	CCONJ
ajfa-193	61	19	not	not	PART
ajfa-193	61	20	for	for	ADP
ajfa-193	61	21	deletions	deletion	NOUN
ajfa-193	61	22	.	.	PUNCT
ajfa-193	62	1	this	this	PRON
ajfa-193	62	2	is	be	AUX
ajfa-193	62	3	consistent	consistent	ADJ
ajfa-193	62	4	with	with	ADP
ajfa-193	62	5	the	the	DET
ajfa-193	62	6	findings	finding	NOUN
ajfa-193	62	7	of	of	ADP
ajfa-193	62	8	chen	chen	PROPN
ajfa-193	62	9	et	et	PROPN
ajfa-193	62	10	al	al	PROPN
ajfa-193	62	11	.	.	PROPN
ajfa-193	63	1	(	(	PUNCT
ajfa-193	63	2	2004	2004	NUM
ajfa-193	63	3	)	)	PUNCT
ajfa-193	63	4	.	.	PUNCT
ajfa-193	64	1	however	however	ADV
ajfa-193	64	2	,	,	PUNCT
ajfa-193	64	3	hacibedel	hacibedel	PROPN
ajfa-193	64	4	attributed	attribute	VERB
ajfa-193	64	5	this	this	DET
ajfa-193	64	6	asymmetry	asymmetry	NOUN
ajfa-193	64	7	to	to	ADP
ajfa-193	64	8	the	the	DET
ajfa-193	64	9	mild	mild	ADJ
ajfa-193	64	10	segmentation	segmentation	NOUN
ajfa-193	64	11	of	of	ADP
ajfa-193	64	12	emerging	emerge	VERB
ajfa-193	64	13	markets	market	NOUN
ajfa-193	64	14	.	.	PUNCT
ajfa-193	65	1	according	accord	VERB
ajfa-193	65	2	to	to	ADP
ajfa-193	65	3	this	this	DET
ajfa-193	65	4	hypothesis	hypothesis	NOUN
ajfa-193	65	5	,	,	PUNCT
ajfa-193	65	6	the	the	DET
ajfa-193	65	7	inclusion	inclusion	NOUN
ajfa-193	65	8	of	of	ADP
ajfa-193	65	9	stocks	stock	NOUN
ajfa-193	65	10	in	in	ADP
ajfa-193	65	11	a	a	DET
ajfa-193	65	12	global	global	ADJ
ajfa-193	65	13	benchmark	benchmark	NOUN
ajfa-193	65	14	index	index	NOUN
ajfa-193	65	15	intensifies	intensify	VERB
ajfa-193	65	16	the	the	DET
ajfa-193	65	17	process	process	NOUN
ajfa-193	65	18	of	of	ADP
ajfa-193	65	19	companies	company	NOUN
ajfa-193	65	20	’	'	PUNCT
ajfa-193	65	21	asian	asian	ADJ
ajfa-193	65	22	journal	journal	NOUN
ajfa-193	65	23	of	of	ADP
ajfa-193	65	24	finance	finance	PROPN
ajfa-193	65	25	&	&	CCONJ
ajfa-193	65	26	accounting	accounting	PROPN
ajfa-193	65	27	issn	issn	PROPN
ajfa-193	65	28	1946	1946	NUM
ajfa-193	65	29	-	-	PUNCT
ajfa-193	65	30	052x	052x	NOUN
ajfa-193	65	31	2009	2009	NUM
ajfa-193	65	32	,	,	PUNCT
ajfa-193	65	33	vol	vol	NOUN
ajfa-193	65	34	.	.	PROPN
ajfa-193	65	35	1	1	NUM
ajfa-193	65	36	,	,	PUNCT
ajfa-193	65	37	no	no	INTJ
ajfa-193	65	38	.	.	NOUN
ajfa-193	65	39	2	2	NUM
ajfa-193	65	40	:	:	PUNCT
ajfa-193	65	41	e2	e2	NOUN
ajfa-193	65	42	21	21	NUM
ajfa-193	65	43	integration	integration	NOUN
ajfa-193	65	44	in	in	ADP
ajfa-193	65	45	the	the	DET
ajfa-193	65	46	world	world	NOUN
ajfa-193	65	47	markets	market	NOUN
ajfa-193	65	48	,	,	PUNCT
ajfa-193	65	49	enhancing	enhance	VERB
ajfa-193	65	50	their	their	PRON
ajfa-193	65	51	stocks	stock	NOUN
ajfa-193	65	52	’	'	PUNCT
ajfa-193	65	53	returns	return	NOUN
ajfa-193	65	54	,	,	PUNCT
ajfa-193	65	55	while	while	SCONJ
ajfa-193	65	56	,	,	PUNCT
ajfa-193	65	57	this	this	PRON
ajfa-193	65	58	does	do	AUX
ajfa-193	65	59	not	not	PART
ajfa-193	65	60	happen	happen	VERB
ajfa-193	65	61	when	when	SCONJ
ajfa-193	65	62	stocks	stock	NOUN
ajfa-193	65	63	are	be	AUX
ajfa-193	65	64	deleted	delete	VERB
ajfa-193	65	65	from	from	ADP
ajfa-193	65	66	an	an	DET
ajfa-193	65	67	index	index	NOUN
ajfa-193	65	68	6	6	NUM
ajfa-193	65	69	.	.	PUNCT
ajfa-193	66	1	the	the	DET
ajfa-193	66	2	objective	objective	NOUN
ajfa-193	66	3	of	of	ADP
ajfa-193	66	4	this	this	DET
ajfa-193	66	5	study	study	NOUN
ajfa-193	66	6	is	be	AUX
ajfa-193	66	7	to	to	PART
ajfa-193	66	8	examine	examine	VERB
ajfa-193	66	9	the	the	DET
ajfa-193	66	10	efficiency	efficiency	NOUN
ajfa-193	66	11	of	of	ADP
ajfa-193	66	12	the	the	DET
ajfa-193	66	13	chinese	chinese	ADJ
ajfa-193	66	14	equity	equity	NOUN
ajfa-193	66	15	market	market	NOUN
ajfa-193	66	16	in	in	ADP
ajfa-193	66	17	reaction	reaction	NOUN
ajfa-193	66	18	to	to	ADP
ajfa-193	66	19	index	index	NOUN
ajfa-193	66	20	additions	addition	NOUN
ajfa-193	66	21	and	and	CCONJ
ajfa-193	66	22	deletions	deletion	NOUN
ajfa-193	66	23	.	.	PUNCT
ajfa-193	67	1	more	more	ADV
ajfa-193	67	2	specifically	specifically	ADV
ajfa-193	67	3	,	,	PUNCT
ajfa-193	67	4	the	the	DET
ajfa-193	67	5	focus	focus	NOUN
ajfa-193	67	6	of	of	ADP
ajfa-193	67	7	our	our	PRON
ajfa-193	67	8	research	research	NOUN
ajfa-193	67	9	is	be	AUX
ajfa-193	67	10	to	to	PART
ajfa-193	67	11	:	:	PUNCT
ajfa-193	67	12	i.	i.	NOUN
ajfa-193	67	13	investigate	investigate	VERB
ajfa-193	67	14	the	the	DET
ajfa-193	67	15	effects	effect	NOUN
ajfa-193	67	16	on	on	ADP
ajfa-193	67	17	the	the	DET
ajfa-193	67	18	price	price	NOUN
ajfa-193	67	19	,	,	PUNCT
ajfa-193	67	20	performance	performance	NOUN
ajfa-193	67	21	and	and	CCONJ
ajfa-193	67	22	liquidity	liquidity	NOUN
ajfa-193	67	23	of	of	ADP
ajfa-193	67	24	the	the	DET
ajfa-193	67	25	chinese	chinese	ADJ
ajfa-193	67	26	equity	equity	NOUN
ajfa-193	67	27	market	market	NOUN
ajfa-193	67	28	resulting	result	VERB
ajfa-193	67	29	from	from	ADP
ajfa-193	67	30	the	the	DET
ajfa-193	67	31	addition	addition	NOUN
ajfa-193	67	32	of	of	ADP
ajfa-193	67	33	stocks	stock	NOUN
ajfa-193	67	34	to	to	ADP
ajfa-193	67	35	and	and	CCONJ
ajfa-193	67	36	deletion	deletion	NOUN
ajfa-193	67	37	from	from	ADP
ajfa-193	67	38	the	the	DET
ajfa-193	67	39	s&p	s&p	PROPN
ajfa-193	67	40	/	/	SYM
ajfa-193	67	41	citic	citic	ADJ
ajfa-193	67	42	300	300	NUM
ajfa-193	67	43	.	.	PUNCT
ajfa-193	68	1	ii	ii	PROPN
ajfa-193	68	2	.	.	PUNCT
ajfa-193	69	1	discuss	discuss	VERB
ajfa-193	69	2	which	which	DET
ajfa-193	69	3	explanations	explanation	NOUN
ajfa-193	69	4	raised	raise	VERB
ajfa-193	69	5	by	by	ADP
ajfa-193	69	6	previous	previous	ADJ
ajfa-193	69	7	research	research	NOUN
ajfa-193	69	8	best	well	ADV
ajfa-193	69	9	explain	explain	VERB
ajfa-193	69	10	the	the	DET
ajfa-193	69	11	effects	effect	NOUN
ajfa-193	69	12	on	on	ADP
ajfa-193	69	13	the	the	DET
ajfa-193	69	14	chinese	chinese	ADJ
ajfa-193	69	15	market	market	NOUN
ajfa-193	69	16	of	of	ADP
ajfa-193	69	17	stock	stock	NOUN
ajfa-193	69	18	additions	addition	NOUN
ajfa-193	69	19	and	and	CCONJ
ajfa-193	69	20	deletions	deletion	NOUN
ajfa-193	69	21	.	.	PUNCT
ajfa-193	70	1	since	since	SCONJ
ajfa-193	70	2	our	our	PRON
ajfa-193	70	3	findings	finding	NOUN
ajfa-193	70	4	are	be	AUX
ajfa-193	70	5	not	not	PART
ajfa-193	70	6	entirely	entirely	ADV
ajfa-193	70	7	consistent	consistent	ADJ
ajfa-193	70	8	with	with	ADP
ajfa-193	70	9	previous	previous	ADJ
ajfa-193	70	10	studies	study	NOUN
ajfa-193	70	11	,	,	PUNCT
ajfa-193	70	12	we	we	PRON
ajfa-193	70	13	have	have	AUX
ajfa-193	70	14	also	also	ADV
ajfa-193	70	15	attempted	attempt	VERB
ajfa-193	70	16	to	to	PART
ajfa-193	70	17	provide	provide	VERB
ajfa-193	70	18	other	other	ADJ
ajfa-193	70	19	possible	possible	ADJ
ajfa-193	70	20	explanations	explanation	NOUN
ajfa-193	70	21	for	for	ADP
ajfa-193	70	22	price	price	NOUN
ajfa-193	70	23	and	and	CCONJ
ajfa-193	70	24	liquidity	liquidity	NOUN
ajfa-193	70	25	changes	change	NOUN
ajfa-193	70	26	caused	cause	VERB
ajfa-193	70	27	by	by	ADP
ajfa-193	70	28	index	index	NOUN
ajfa-193	70	29	revisions	revision	NOUN
ajfa-193	70	30	in	in	ADP
ajfa-193	70	31	the	the	DET
ajfa-193	70	32	chinese	chinese	ADJ
ajfa-193	70	33	equity	equity	NOUN
ajfa-193	70	34	market	market	NOUN
ajfa-193	70	35	.	.	PUNCT
ajfa-193	71	1	several	several	ADJ
ajfa-193	71	2	factors	factor	NOUN
ajfa-193	71	3	motivated	motivate	VERB
ajfa-193	71	4	our	our	PRON
ajfa-193	71	5	research	research	NOUN
ajfa-193	71	6	.	.	PUNCT
ajfa-193	72	1	first	first	ADV
ajfa-193	72	2	,	,	PUNCT
ajfa-193	72	3	existing	exist	VERB
ajfa-193	72	4	research	research	NOUN
ajfa-193	72	5	from	from	ADP
ajfa-193	72	6	developed	develop	VERB
ajfa-193	72	7	markets	market	NOUN
ajfa-193	72	8	interprets	interpret	VERB
ajfa-193	72	9	results	result	NOUN
ajfa-193	72	10	inconsistently	inconsistently	ADV
ajfa-193	72	11	and	and	CCONJ
ajfa-193	72	12	offers	offer	VERB
ajfa-193	72	13	competing	compete	VERB
ajfa-193	72	14	explanations	explanation	NOUN
ajfa-193	72	15	.	.	PUNCT
ajfa-193	73	1	for	for	ADP
ajfa-193	73	2	instance	instance	NOUN
ajfa-193	73	3	,	,	PUNCT
ajfa-193	73	4	shleifer	shleifer	PROPN
ajfa-193	73	5	(	(	PUNCT
ajfa-193	73	6	1986	1986	NUM
ajfa-193	73	7	)	)	PUNCT
ajfa-193	73	8	suggested	suggest	VERB
ajfa-193	73	9	that	that	SCONJ
ajfa-193	73	10	the	the	DET
ajfa-193	73	11	positive	positive	ADJ
ajfa-193	73	12	stock	stock	NOUN
ajfa-193	73	13	reaction	reaction	NOUN
ajfa-193	73	14	to	to	ADP
ajfa-193	73	15	index	index	NOUN
ajfa-193	73	16	addition	addition	NOUN
ajfa-193	73	17	is	be	AUX
ajfa-193	73	18	consistent	consistent	ADJ
ajfa-193	73	19	with	with	ADP
ajfa-193	73	20	the	the	DET
ajfa-193	73	21	imperfect	imperfect	ADJ
ajfa-193	73	22	substitute	substitute	NOUN
ajfa-193	73	23	hypothesis	hypothesis	NOUN
ajfa-193	73	24	,	,	PUNCT
ajfa-193	73	25	in	in	ADP
ajfa-193	73	26	which	which	PRON
ajfa-193	73	27	the	the	DET
ajfa-193	73	28	effect	effect	NOUN
ajfa-193	73	29	persists	persist	VERB
ajfa-193	73	30	in	in	ADP
ajfa-193	73	31	the	the	DET
ajfa-193	73	32	long	long	ADJ
ajfa-193	73	33	term	term	NOUN
ajfa-193	73	34	,	,	PUNCT
ajfa-193	73	35	while	while	SCONJ
ajfa-193	73	36	harris	harris	PROPN
ajfa-193	73	37	and	and	CCONJ
ajfa-193	73	38	gurel	gurel	PROPN
ajfa-193	73	39	’s	’s	PART
ajfa-193	73	40	(	(	PUNCT
ajfa-193	73	41	1986	1986	NUM
ajfa-193	73	42	)	)	PUNCT
ajfa-193	73	43	study	study	NOUN
ajfa-193	73	44	supports	support	VERB
ajfa-193	73	45	the	the	DET
ajfa-193	73	46	price	price	NOUN
ajfa-193	73	47	pressure	pressure	NOUN
ajfa-193	73	48	hypothesis	hypothesis	NOUN
ajfa-193	73	49	,	,	PUNCT
ajfa-193	73	50	predicting	predict	VERB
ajfa-193	73	51	a	a	DET
ajfa-193	73	52	reverse	reverse	NOUN
ajfa-193	73	53	in	in	ADP
ajfa-193	73	54	the	the	DET
ajfa-193	73	55	price	price	NOUN
ajfa-193	73	56	increase	increase	NOUN
ajfa-193	73	57	effect	effect	NOUN
ajfa-193	73	58	.	.	PUNCT
ajfa-193	74	1	jain	jain	PROPN
ajfa-193	74	2	’s	’s	PART
ajfa-193	74	3	(	(	PUNCT
ajfa-193	74	4	1987	1987	NUM
ajfa-193	74	5	)	)	PUNCT
ajfa-193	74	6	results	result	NOUN
ajfa-193	74	7	support	support	VERB
ajfa-193	74	8	neither	neither	CCONJ
ajfa-193	74	9	the	the	DET
ajfa-193	74	10	imperfect	imperfect	ADJ
ajfa-193	74	11	substitute	substitute	NOUN
ajfa-193	74	12	hypothesis	hypothesis	NOUN
ajfa-193	74	13	nor	nor	CCONJ
ajfa-193	74	14	the	the	DET
ajfa-193	74	15	price	price	NOUN
ajfa-193	74	16	pressure	pressure	NOUN
ajfa-193	74	17	hypothesis	hypothesis	NOUN
ajfa-193	74	18	,	,	PUNCT
ajfa-193	74	19	showing	show	VERB
ajfa-193	74	20	that	that	SCONJ
ajfa-193	74	21	the	the	DET
ajfa-193	74	22	index	index	NOUN
ajfa-193	74	23	changes	change	NOUN
ajfa-193	74	24	are	be	AUX
ajfa-193	74	25	not	not	PART
ajfa-193	74	26	information	information	NOUN
ajfa-193	74	27	free	free	ADJ
ajfa-193	74	28	.	.	PUNCT
ajfa-193	75	1	furthermore	furthermore	ADV
ajfa-193	75	2	,	,	PUNCT
ajfa-193	75	3	evidence	evidence	NOUN
ajfa-193	75	4	from	from	ADP
ajfa-193	75	5	dhillon	dhillon	PROPN
ajfa-193	75	6	and	and	CCONJ
ajfa-193	75	7	johnson	johnson	PROPN
ajfa-193	75	8	’s	’s	PART
ajfa-193	75	9	(	(	PUNCT
ajfa-193	75	10	1991	1991	NUM
ajfa-193	75	11	)	)	PUNCT
ajfa-193	75	12	research	research	NOUN
ajfa-193	75	13	is	be	AUX
ajfa-193	75	14	consistent	consistent	ADJ
ajfa-193	75	15	with	with	ADP
ajfa-193	75	16	the	the	DET
ajfa-193	75	17	imperfect	imperfect	ADJ
ajfa-193	75	18	substitute	substitute	NOUN
ajfa-193	75	19	hypothesis	hypothesis	NOUN
ajfa-193	75	20	and	and	CCONJ
ajfa-193	75	21	the	the	DET
ajfa-193	75	22	information	information	NOUN
ajfa-193	75	23	hypothesis	hypothesis	NOUN
ajfa-193	75	24	,	,	PUNCT
ajfa-193	75	25	but	but	CCONJ
ajfa-193	75	26	not	not	PART
ajfa-193	75	27	with	with	ADP
ajfa-193	75	28	the	the	DET
ajfa-193	75	29	price	price	NOUN
ajfa-193	75	30	pressure	pressure	NOUN
ajfa-193	75	31	hypothesis	hypothesis	NOUN
ajfa-193	75	32	.	.	PUNCT
ajfa-193	76	1	thus	thus	ADV
ajfa-193	76	2	,	,	PUNCT
ajfa-193	76	3	there	there	PRON
ajfa-193	76	4	is	be	VERB
ajfa-193	76	5	a	a	DET
ajfa-193	76	6	need	need	NOUN
ajfa-193	76	7	for	for	ADP
ajfa-193	76	8	further	further	ADJ
ajfa-193	76	9	research	research	NOUN
ajfa-193	76	10	to	to	PART
ajfa-193	76	11	find	find	VERB
ajfa-193	76	12	more	more	ADJ
ajfa-193	76	13	compelling	compelling	ADJ
ajfa-193	76	14	evidence	evidence	NOUN
ajfa-193	76	15	on	on	ADP
ajfa-193	76	16	the	the	DET
ajfa-193	76	17	impacts	impact	NOUN
ajfa-193	76	18	of	of	ADP
ajfa-193	76	19	index	index	NOUN
ajfa-193	76	20	additions	addition	NOUN
ajfa-193	76	21	and	and	CCONJ
ajfa-193	76	22	deletions	deletion	NOUN
ajfa-193	76	23	on	on	ADP
ajfa-193	76	24	share	share	NOUN
ajfa-193	76	25	prices	price	NOUN
ajfa-193	76	26	.	.	PUNCT
ajfa-193	77	1	6	6	NUM
ajfa-193	77	2	mild	mild	ADJ
ajfa-193	77	3	segmentation	segmentation	NOUN
ajfa-193	77	4	refers	refer	VERB
ajfa-193	77	5	to	to	ADP
ajfa-193	77	6	markets	market	NOUN
ajfa-193	77	7	which	which	PRON
ajfa-193	77	8	fall	fall	VERB
ajfa-193	77	9	in	in	ADP
ajfa-193	77	10	between	between	ADP
ajfa-193	77	11	segmentation	segmentation	NOUN
ajfa-193	77	12	and	and	CCONJ
ajfa-193	77	13	integration	integration	NOUN
ajfa-193	77	14	.	.	PUNCT
ajfa-193	78	1	errunza	errunza	ADJ
ajfa-193	78	2	and	and	CCONJ
ajfa-193	78	3	losq	losq	NOUN
ajfa-193	78	4	(	(	PUNCT
ajfa-193	78	5	1985	1985	NUM
ajfa-193	78	6	)	)	PUNCT
ajfa-193	78	7	conducted	conduct	VERB
ajfa-193	78	8	a	a	DET
ajfa-193	78	9	theoretical	theoretical	ADJ
ajfa-193	78	10	and	and	CCONJ
ajfa-193	78	11	empirical	empirical	ADJ
ajfa-193	78	12	investigation	investigation	NOUN
ajfa-193	78	13	of	of	ADP
ajfa-193	78	14	the	the	DET
ajfa-193	78	15	implications	implication	NOUN
ajfa-193	78	16	of	of	ADP
ajfa-193	78	17	investment	investment	NOUN
ajfa-193	78	18	under	under	ADP
ajfa-193	78	19	mild	mild	ADJ
ajfa-193	78	20	segmentation	segmentation	NOUN
ajfa-193	78	21	.	.	PUNCT
ajfa-193	79	1	we	we	PRON
ajfa-193	79	2	plan	plan	VERB
ajfa-193	79	3	to	to	PART
ajfa-193	79	4	examine	examine	VERB
ajfa-193	79	5	whether	whether	SCONJ
ajfa-193	79	6	chinese	chinese	ADJ
ajfa-193	79	7	markets	market	NOUN
ajfa-193	79	8	are	be	AUX
ajfa-193	79	9	mildly	mildly	ADV
ajfa-193	79	10	segmented	segment	VERB
ajfa-193	79	11	in	in	ADP
ajfa-193	79	12	a	a	DET
ajfa-193	79	13	separate	separate	ADJ
ajfa-193	79	14	study	study	NOUN
ajfa-193	79	15	.	.	PUNCT
ajfa-193	80	1	asian	asian	ADJ
ajfa-193	80	2	journal	journal	PROPN
ajfa-193	80	3	of	of	ADP
ajfa-193	80	4	finance	finance	PROPN
ajfa-193	80	5	&	&	CCONJ
ajfa-193	80	6	accounting	accounting	PROPN
ajfa-193	80	7	issn	issn	PROPN
ajfa-193	80	8	1946	1946	NUM
ajfa-193	80	9	-	-	PUNCT
ajfa-193	80	10	052x	052x	NOUN
ajfa-193	80	11	2009	2009	NUM
ajfa-193	80	12	,	,	PUNCT
ajfa-193	80	13	vol	vol	NOUN
ajfa-193	80	14	.	.	PROPN
ajfa-193	80	15	1	1	NUM
ajfa-193	80	16	,	,	PUNCT
ajfa-193	80	17	no	no	INTJ
ajfa-193	80	18	.	.	NOUN
ajfa-193	80	19	2	2	NUM
ajfa-193	80	20	:	:	PUNCT
ajfa-193	80	21	e2	e2	PROPN
ajfa-193	80	22	22	22	NUM
ajfa-193	80	23	second	second	NOUN
ajfa-193	80	24	,	,	PUNCT
ajfa-193	80	25	studies	study	NOUN
ajfa-193	80	26	of	of	ADP
ajfa-193	80	27	index	index	NOUN
ajfa-193	80	28	additions	addition	NOUN
ajfa-193	80	29	and	and	CCONJ
ajfa-193	80	30	deletions	deletion	NOUN
ajfa-193	80	31	on	on	ADP
ajfa-193	80	32	emerging	emerge	VERB
ajfa-193	80	33	markets	market	NOUN
ajfa-193	80	34	are	be	AUX
ajfa-193	80	35	rare	rare	ADJ
ajfa-193	80	36	.	.	PUNCT
ajfa-193	81	1	noticeable	noticeable	ADJ
ajfa-193	81	2	exceptions	exception	NOUN
ajfa-193	81	3	are	be	AUX
ajfa-193	81	4	the	the	DET
ajfa-193	81	5	papers	paper	NOUN
ajfa-193	81	6	by	by	ADP
ajfa-193	81	7	hacibedel	hacibedel	NOUN
ajfa-193	81	8	and	and	CCONJ
ajfa-193	81	9	bommel	bommel	PROPN
ajfa-193	81	10	(	(	PUNCT
ajfa-193	81	11	2006	2006	NUM
ajfa-193	81	12	)	)	PUNCT
ajfa-193	81	13	,	,	PUNCT
ajfa-193	81	14	and	and	CCONJ
ajfa-193	81	15	hacibedel	hacibedel	NOUN
ajfa-193	81	16	(	(	PUNCT
ajfa-193	81	17	2007	2007	NUM
ajfa-193	81	18	)	)	PUNCT
ajfa-193	81	19	who	who	PRON
ajfa-193	81	20	investigated	investigate	VERB
ajfa-193	81	21	the	the	DET
ajfa-193	81	22	performance	performance	NOUN
ajfa-193	81	23	of	of	ADP
ajfa-193	81	24	stock	stock	NOUN
ajfa-193	81	25	additions	addition	NOUN
ajfa-193	81	26	to	to	ADP
ajfa-193	81	27	the	the	DET
ajfa-193	81	28	morgan	morgan	PROPN
ajfa-193	81	29	stanley	stanley	PROPN
ajfa-193	81	30	capital	capital	PROPN
ajfa-193	81	31	international	international	ADJ
ajfa-193	81	32	emerging	emerge	VERB
ajfa-193	81	33	market	market	NOUN
ajfa-193	81	34	index	index	NOUN
ajfa-193	81	35	(	(	PUNCT
ajfa-193	81	36	msci	msci	PROPN
ajfa-193	81	37	em	em	PRON
ajfa-193	81	38	)	)	PUNCT
ajfa-193	81	39	for	for	ADP
ajfa-193	81	40	24	24	NUM
ajfa-193	81	41	countries	country	NOUN
ajfa-193	81	42	7	7	NUM
ajfa-193	81	43	.	.	PUNCT
ajfa-193	82	1	however	however	ADV
ajfa-193	82	2	,	,	PUNCT
ajfa-193	82	3	they	they	PRON
ajfa-193	82	4	explained	explain	VERB
ajfa-193	82	5	the	the	DET
ajfa-193	82	6	overall	overall	ADJ
ajfa-193	82	7	response	response	NOUN
ajfa-193	82	8	of	of	ADP
ajfa-193	82	9	emerging	emerge	VERB
ajfa-193	82	10	markets	market	NOUN
ajfa-193	82	11	to	to	ADP
ajfa-193	82	12	the	the	DET
ajfa-193	82	13	index	index	NOUN
ajfa-193	82	14	changes	change	NOUN
ajfa-193	82	15	.	.	PUNCT
ajfa-193	83	1	our	our	PRON
ajfa-193	83	2	study	study	NOUN
ajfa-193	83	3	examines	examine	VERB
ajfa-193	83	4	the	the	DET
ajfa-193	83	5	specific	specific	ADJ
ajfa-193	83	6	characteristics	characteristic	NOUN
ajfa-193	83	7	of	of	ADP
ajfa-193	83	8	a	a	DET
ajfa-193	83	9	single	single	ADJ
ajfa-193	83	10	emerging	emerge	VERB
ajfa-193	83	11	market	market	NOUN
ajfa-193	83	12	,	,	PUNCT
ajfa-193	83	13	the	the	DET
ajfa-193	83	14	chinese	chinese	ADJ
ajfa-193	83	15	stock	stock	NOUN
ajfa-193	83	16	market	market	NOUN
ajfa-193	83	17	.	.	PUNCT
ajfa-193	84	1	third	third	ADJ
ajfa-193	84	2	,	,	PUNCT
ajfa-193	84	3	previous	previous	ADJ
ajfa-193	84	4	studies	study	NOUN
ajfa-193	84	5	indicate	indicate	VERB
ajfa-193	84	6	that	that	SCONJ
ajfa-193	84	7	there	there	PRON
ajfa-193	84	8	are	be	VERB
ajfa-193	84	9	significant	significant	ADJ
ajfa-193	84	10	differences	difference	NOUN
ajfa-193	84	11	in	in	ADP
ajfa-193	84	12	the	the	DET
ajfa-193	84	13	character	character	NOUN
ajfa-193	84	14	of	of	ADP
ajfa-193	84	15	price	price	NOUN
ajfa-193	84	16	processes	process	NOUN
ajfa-193	84	17	in	in	ADP
ajfa-193	84	18	emerging	emerge	VERB
ajfa-193	84	19	countries	country	NOUN
ajfa-193	84	20	as	as	ADP
ajfa-193	84	21	compared	compare	VERB
ajfa-193	84	22	with	with	ADP
ajfa-193	84	23	those	those	PRON
ajfa-193	84	24	seen	see	VERB
ajfa-193	84	25	in	in	ADP
ajfa-193	84	26	developed	develop	VERB
ajfa-193	84	27	markets	market	NOUN
ajfa-193	84	28	.	.	PUNCT
ajfa-193	85	1	emerging	emerge	VERB
ajfa-193	85	2	markets	market	NOUN
ajfa-193	85	3	are	be	AUX
ajfa-193	85	4	generally	generally	ADV
ajfa-193	85	5	considered	consider	VERB
ajfa-193	85	6	to	to	PART
ajfa-193	85	7	have	have	VERB
ajfa-193	85	8	higher	high	ADJ
ajfa-193	85	9	volatility	volatility	NOUN
ajfa-193	85	10	,	,	PUNCT
ajfa-193	85	11	higher	high	ADJ
ajfa-193	85	12	long	long	ADJ
ajfa-193	85	13	-	-	PUNCT
ajfa-193	85	14	term	term	NOUN
ajfa-193	85	15	returns	return	NOUN
ajfa-193	85	16	,	,	PUNCT
ajfa-193	85	17	higher	high	ADJ
ajfa-193	85	18	transaction	transaction	NOUN
ajfa-193	85	19	costs	cost	NOUN
ajfa-193	85	20	,	,	PUNCT
ajfa-193	85	21	and	and	CCONJ
ajfa-193	85	22	greater	great	ADJ
ajfa-193	85	23	predictability	predictability	NOUN
ajfa-193	85	24	(	(	PUNCT
ajfa-193	85	25	bekaert	bekaert	NOUN
ajfa-193	85	26	and	and	CCONJ
ajfa-193	85	27	harvey	harvey	NOUN
ajfa-193	85	28	,	,	PUNCT
ajfa-193	85	29	1997	1997	NUM
ajfa-193	85	30	)	)	PUNCT
ajfa-193	85	31	.	.	PUNCT
ajfa-193	86	1	chan	chan	PROPN
ajfa-193	86	2	et	et	PROPN
ajfa-193	86	3	al	al	PROPN
ajfa-193	86	4	.	.	PROPN
ajfa-193	86	5	(	(	PUNCT
ajfa-193	86	6	2007	2007	NUM
ajfa-193	86	7	)	)	PUNCT
ajfa-193	86	8	also	also	ADV
ajfa-193	86	9	portrayed	portray	VERB
ajfa-193	86	10	chinese	chinese	ADJ
ajfa-193	86	11	financial	financial	ADJ
ajfa-193	86	12	markets	market	NOUN
ajfa-193	86	13	as	as	ADP
ajfa-193	86	14	imperfect	imperfect	ADJ
ajfa-193	86	15	and	and	CCONJ
ajfa-193	86	16	incomplete	incomplete	ADJ
ajfa-193	86	17	markets	market	NOUN
ajfa-193	86	18	,	,	PUNCT
ajfa-193	86	19	with	with	ADP
ajfa-193	86	20	high	high	ADJ
ajfa-193	86	21	transaction	transaction	NOUN
ajfa-193	86	22	costs	cost	NOUN
ajfa-193	86	23	and	and	CCONJ
ajfa-193	86	24	information	information	NOUN
ajfa-193	86	25	asymmetry	asymmetry	NOUN
ajfa-193	86	26	.	.	PUNCT
ajfa-193	87	1	these	these	DET
ajfa-193	87	2	differences	difference	NOUN
ajfa-193	87	3	can	can	AUX
ajfa-193	87	4	have	have	AUX
ajfa-193	87	5	pronounced	pronounce	VERB
ajfa-193	87	6	impacts	impact	NOUN
ajfa-193	87	7	on	on	ADP
ajfa-193	87	8	the	the	DET
ajfa-193	87	9	magnitude	magnitude	NOUN
ajfa-193	87	10	of	of	ADP
ajfa-193	87	11	excess	excess	ADJ
ajfa-193	87	12	returns	return	NOUN
ajfa-193	87	13	due	due	ADJ
ajfa-193	87	14	to	to	ADP
ajfa-193	87	15	index	index	NOUN
ajfa-193	87	16	additions	addition	NOUN
ajfa-193	87	17	and	and	CCONJ
ajfa-193	87	18	deletions	deletion	NOUN
ajfa-193	87	19	.	.	PUNCT
ajfa-193	88	1	as	as	ADP
ajfa-193	88	2	a	a	DET
ajfa-193	88	3	result	result	NOUN
ajfa-193	88	4	,	,	PUNCT
ajfa-193	88	5	it	it	PRON
ajfa-193	88	6	would	would	AUX
ajfa-193	88	7	be	be	AUX
ajfa-193	88	8	interesting	interesting	ADJ
ajfa-193	88	9	to	to	PART
ajfa-193	88	10	see	see	VERB
ajfa-193	88	11	how	how	SCONJ
ajfa-193	88	12	findings	finding	NOUN
ajfa-193	88	13	of	of	ADP
ajfa-193	88	14	such	such	ADJ
ajfa-193	88	15	event	event	NOUN
ajfa-193	88	16	studies	study	NOUN
ajfa-193	88	17	on	on	ADP
ajfa-193	88	18	emerging	emerge	VERB
ajfa-193	88	19	markets	market	NOUN
ajfa-193	88	20	differed	differ	VERB
ajfa-193	88	21	from	from	ADP
ajfa-193	88	22	those	those	PRON
ajfa-193	88	23	presented	present	VERB
ajfa-193	88	24	in	in	ADP
ajfa-193	88	25	the	the	DET
ajfa-193	88	26	studies	study	NOUN
ajfa-193	88	27	that	that	PRON
ajfa-193	88	28	are	be	AUX
ajfa-193	88	29	based	base	VERB
ajfa-193	88	30	on	on	ADP
ajfa-193	88	31	mature	mature	ADJ
ajfa-193	88	32	markets	market	NOUN
ajfa-193	88	33	.	.	PUNCT
ajfa-193	89	1	fourth	fourth	ADJ
ajfa-193	89	2	,	,	PUNCT
ajfa-193	89	3	s&p	s&p	PROPN
ajfa-193	89	4	/	/	SYM
ajfa-193	89	5	citic	citic	ADJ
ajfa-193	89	6	inclusions	inclusion	NOUN
ajfa-193	89	7	are	be	AUX
ajfa-193	89	8	expected	expect	VERB
ajfa-193	89	9	to	to	PART
ajfa-193	89	10	attract	attract	VERB
ajfa-193	89	11	more	more	ADJ
ajfa-193	89	12	foreign	foreign	ADJ
ajfa-193	89	13	investment	investment	NOUN
ajfa-193	89	14	into	into	ADP
ajfa-193	89	15	china	china	PROPN
ajfa-193	89	16	.	.	PUNCT
ajfa-193	90	1	since	since	SCONJ
ajfa-193	90	2	foreign	foreign	ADJ
ajfa-193	90	3	investment	investment	NOUN
ajfa-193	90	4	in	in	ADP
ajfa-193	90	5	emerging	emerge	VERB
ajfa-193	90	6	economies	economy	NOUN
ajfa-193	90	7	is	be	AUX
ajfa-193	90	8	much	much	ADV
ajfa-193	90	9	more	more	ADV
ajfa-193	90	10	important	important	ADJ
ajfa-193	90	11	than	than	ADP
ajfa-193	90	12	in	in	ADP
ajfa-193	90	13	developed	developed	ADJ
ajfa-193	90	14	economies	economy	NOUN
ajfa-193	90	15	,	,	PUNCT
ajfa-193	90	16	stock	stock	NOUN
ajfa-193	90	17	inclusion	inclusion	NOUN
ajfa-193	90	18	in	in	ADP
ajfa-193	90	19	the	the	DET
ajfa-193	90	20	internationally	internationally	ADV
ajfa-193	90	21	recognized	recognize	VERB
ajfa-193	90	22	s&p	s&p	PROPN
ajfa-193	90	23	/	/	SYM
ajfa-193	90	24	citic	citic	ADJ
ajfa-193	90	25	300	300	NUM
ajfa-193	90	26	index	index	NOUN
ajfa-193	90	27	can	can	AUX
ajfa-193	90	28	have	have	VERB
ajfa-193	90	29	more	more	ADJ
ajfa-193	90	30	profound	profound	ADJ
ajfa-193	90	31	price	price	NOUN
ajfa-193	90	32	and	and	CCONJ
ajfa-193	90	33	liquidity	liquidity	NOUN
ajfa-193	90	34	impact	impact	NOUN
ajfa-193	90	35	than	than	ADP
ajfa-193	90	36	stock	stock	NOUN
ajfa-193	90	37	inclusion	inclusion	NOUN
ajfa-193	90	38	in	in	ADP
ajfa-193	90	39	a	a	DET
ajfa-193	90	40	mature	mature	ADJ
ajfa-193	90	41	market	market	NOUN
ajfa-193	90	42	.	.	PUNCT
ajfa-193	91	1	this	this	DET
ajfa-193	91	2	study	study	NOUN
ajfa-193	91	3	provides	provide	VERB
ajfa-193	91	4	an	an	DET
ajfa-193	91	5	opportunity	opportunity	NOUN
ajfa-193	91	6	to	to	PART
ajfa-193	91	7	test	test	VERB
ajfa-193	91	8	how	how	SCONJ
ajfa-193	91	9	price	price	NOUN
ajfa-193	91	10	and	and	CCONJ
ajfa-193	91	11	liquidity	liquidity	NOUN
ajfa-193	91	12	effects	effect	NOUN
ajfa-193	91	13	of	of	ADP
ajfa-193	91	14	index	index	NOUN
ajfa-193	91	15	inclusion	inclusion	NOUN
ajfa-193	91	16	in	in	ADP
ajfa-193	91	17	china	china	PROPN
ajfa-193	91	18	are	be	AUX
ajfa-193	91	19	different	different	ADJ
ajfa-193	91	20	from	from	ADP
ajfa-193	91	21	those	those	PRON
ajfa-193	91	22	in	in	ADP
ajfa-193	91	23	mature	mature	ADJ
ajfa-193	91	24	markets	market	NOUN
ajfa-193	91	25	.	.	PUNCT
ajfa-193	92	1	fifth	fifth	ADJ
ajfa-193	92	2	,	,	PUNCT
ajfa-193	92	3	the	the	DET
ajfa-193	92	4	chinese	chinese	ADJ
ajfa-193	92	5	equity	equity	NOUN
ajfa-193	92	6	market	market	NOUN
ajfa-193	92	7	was	be	AUX
ajfa-193	92	8	very	very	ADV
ajfa-193	92	9	volatile	volatile	ADJ
ajfa-193	92	10	during	during	ADP
ajfa-193	92	11	our	our	PRON
ajfa-193	92	12	study	study	NOUN
ajfa-193	92	13	period	period	NOUN
ajfa-193	92	14	,	,	PUNCT
ajfa-193	92	15	even	even	ADV
ajfa-193	92	16	compared	compare	VERB
ajfa-193	92	17	with	with	ADP
ajfa-193	92	18	other	other	ADJ
ajfa-193	92	19	emerging	emerge	VERB
ajfa-193	92	20	markets	market	NOUN
ajfa-193	92	21	,	,	PUNCT
ajfa-193	92	22	and	and	CCONJ
ajfa-193	92	23	when	when	SCONJ
ajfa-193	92	24	global	global	ADJ
ajfa-193	92	25	capital	capital	NOUN
ajfa-193	92	26	markets	market	NOUN
ajfa-193	92	27	were	be	AUX
ajfa-193	92	28	exhibiting	exhibit	VERB
ajfa-193	92	29	extremely	extremely	ADV
ajfa-193	92	30	low	low	ADJ
ajfa-193	92	31	volatility	volatility	NOUN
ajfa-193	92	32	.	.	PUNCT
ajfa-193	93	1	friedmann	friedmann	PROPN
ajfa-193	93	2	and	and	CCONJ
ajfa-193	93	3	sanddorf	sanddorf	NOUN
ajfa-193	93	4	-	-	PUNCT
ajfa-193	93	5	köhle	köhle	ADJ
ajfa-193	93	6	(	(	PUNCT
ajfa-193	93	7	2002	2002	NUM
ajfa-193	93	8	)	)	PUNCT
ajfa-193	93	9	,	,	PUNCT
ajfa-193	93	10	who	who	PRON
ajfa-193	93	11	analyzed	analyze	VERB
ajfa-193	93	12	volatility	volatility	NOUN
ajfa-193	93	13	dynamics	dynamic	NOUN
ajfa-193	93	14	in	in	ADP
ajfa-193	93	15	the	the	DET
ajfa-193	93	16	chinese	chinese	ADJ
ajfa-193	93	17	stock	stock	NOUN
ajfa-193	93	18	market	market	NOUN
ajfa-193	93	19	,	,	PUNCT
ajfa-193	93	20	found	find	VERB
ajfa-193	93	21	that	that	SCONJ
ajfa-193	93	22	good	good	ADJ
ajfa-193	93	23	news	news	NOUN
ajfa-193	93	24	increases	increase	VERB
ajfa-193	93	25	volatility	volatility	NOUN
ajfa-193	93	26	in	in	ADP
ajfa-193	93	27	b	b	NOUN
ajfa-193	93	28	-	-	PUNCT
ajfa-193	93	29	share	share	NOUN
ajfa-193	93	30	indices	index	NOUN
ajfa-193	93	31	more	more	ADV
ajfa-193	93	32	than	than	ADP
ajfa-193	93	33	bad	bad	ADJ
ajfa-193	93	34	news	news	NOUN
ajfa-193	93	35	does	do	VERB
ajfa-193	93	36	.	.	PUNCT
ajfa-193	94	1	if	if	SCONJ
ajfa-193	94	2	the	the	DET
ajfa-193	94	3	market	market	NOUN
ajfa-193	94	4	interprets	interpret	VERB
ajfa-193	94	5	stock	stock	NOUN
ajfa-193	94	6	additions	addition	NOUN
ajfa-193	94	7	as	as	ADP
ajfa-193	94	8	good	good	ADJ
ajfa-193	94	9	news	news	NOUN
ajfa-193	94	10	and	and	CCONJ
ajfa-193	94	11	stock	stock	NOUN
ajfa-193	94	12	deletion	deletion	NOUN
ajfa-193	94	13	as	as	SCONJ
ajfa-193	94	14	7	7	NUM
ajfa-193	94	15	they	they	PRON
ajfa-193	94	16	found	find	VERB
ajfa-193	94	17	evidence	evidence	NOUN
ajfa-193	94	18	of	of	ADP
ajfa-193	94	19	positive	positive	ADJ
ajfa-193	94	20	(	(	PUNCT
ajfa-193	94	21	negative	negative	ADJ
ajfa-193	94	22	)	)	PUNCT
ajfa-193	94	23	permanent	permanent	ADJ
ajfa-193	94	24	price	price	NOUN
ajfa-193	94	25	impacts	impact	NOUN
ajfa-193	94	26	upon	upon	SCONJ
ajfa-193	94	27	index	index	NOUN
ajfa-193	94	28	inclusion	inclusion	NOUN
ajfa-193	94	29	(	(	PUNCT
ajfa-193	94	30	exclusion	exclusion	NOUN
ajfa-193	94	31	)	)	PUNCT
ajfa-193	94	32	.	.	PUNCT
ajfa-193	95	1	asian	asian	ADJ
ajfa-193	95	2	journal	journal	PROPN
ajfa-193	95	3	of	of	ADP
ajfa-193	95	4	finance	finance	PROPN
ajfa-193	95	5	&	&	CCONJ
ajfa-193	95	6	accounting	accounting	PROPN
ajfa-193	95	7	issn	issn	PROPN
ajfa-193	95	8	1946	1946	NUM
ajfa-193	95	9	-	-	PUNCT
ajfa-193	95	10	052x	052x	NOUN
ajfa-193	95	11	2009	2009	NUM
ajfa-193	95	12	,	,	PUNCT
ajfa-193	95	13	vol	vol	NOUN
ajfa-193	95	14	.	.	PROPN
ajfa-193	95	15	1	1	NUM
ajfa-193	95	16	,	,	PUNCT
ajfa-193	95	17	no	no	INTJ
ajfa-193	95	18	.	.	NOUN
ajfa-193	95	19	2	2	NUM
ajfa-193	95	20	:	:	PUNCT
ajfa-193	95	21	e2	e2	NOUN
ajfa-193	95	22	23	23	NUM
ajfa-193	95	23	bad	bad	ADJ
ajfa-193	95	24	news	news	NOUN
ajfa-193	95	25	,	,	PUNCT
ajfa-193	95	26	then	then	ADV
ajfa-193	95	27	stock	stock	NOUN
ajfa-193	95	28	additions	addition	NOUN
ajfa-193	95	29	can	can	AUX
ajfa-193	95	30	increase	increase	VERB
ajfa-193	95	31	the	the	DET
ajfa-193	95	32	volatility	volatility	NOUN
ajfa-193	95	33	of	of	ADP
ajfa-193	95	34	returns	return	NOUN
ajfa-193	95	35	more	more	ADV
ajfa-193	95	36	than	than	ADP
ajfa-193	95	37	stock	stock	NOUN
ajfa-193	95	38	deletions	deletion	NOUN
ajfa-193	95	39	can	can	AUX
ajfa-193	95	40	8	8	NUM
ajfa-193	95	41	.	.	PUNCT
ajfa-193	96	1	the	the	DET
ajfa-193	96	2	asymmetry	asymmetry	NOUN
ajfa-193	96	3	in	in	ADP
ajfa-193	96	4	volatility	volatility	NOUN
ajfa-193	96	5	is	be	AUX
ajfa-193	96	6	translated	translate	VERB
ajfa-193	96	7	into	into	ADP
ajfa-193	96	8	the	the	DET
ajfa-193	96	9	degree	degree	NOUN
ajfa-193	96	10	of	of	ADP
ajfa-193	96	11	statistical	statistical	ADJ
ajfa-193	96	12	significance	significance	NOUN
ajfa-193	96	13	of	of	ADP
ajfa-193	96	14	cumulative	cumulative	ADJ
ajfa-193	96	15	abnormal	abnormal	ADJ
ajfa-193	96	16	returns	return	NOUN
ajfa-193	96	17	coefficients	coefficient	NOUN
ajfa-193	96	18	.	.	PUNCT
ajfa-193	97	1	by	by	ADP
ajfa-193	97	2	conducting	conduct	VERB
ajfa-193	97	3	this	this	DET
ajfa-193	97	4	study	study	NOUN
ajfa-193	97	5	,	,	PUNCT
ajfa-193	97	6	we	we	PRON
ajfa-193	97	7	should	should	AUX
ajfa-193	97	8	be	be	AUX
ajfa-193	97	9	able	able	ADJ
ajfa-193	97	10	find	find	VERB
ajfa-193	97	11	out	out	ADP
ajfa-193	97	12	how	how	SCONJ
ajfa-193	97	13	the	the	DET
ajfa-193	97	14	statistical	statistical	ADJ
ajfa-193	97	15	significance	significance	NOUN
ajfa-193	97	16	of	of	ADP
ajfa-193	97	17	these	these	DET
ajfa-193	97	18	coefficients	coefficient	NOUN
ajfa-193	97	19	varies	vary	VERB
ajfa-193	97	20	across	across	ADP
ajfa-193	97	21	index	index	NOUN
ajfa-193	97	22	additions	addition	NOUN
ajfa-193	97	23	and	and	CCONJ
ajfa-193	97	24	deletions	deletion	NOUN
ajfa-193	97	25	in	in	ADP
ajfa-193	97	26	the	the	DET
ajfa-193	97	27	chinese	chinese	ADJ
ajfa-193	97	28	equity	equity	NOUN
ajfa-193	97	29	market	market	NOUN
ajfa-193	97	30	.	.	PUNCT
ajfa-193	98	1	finally	finally	ADV
ajfa-193	98	2	,	,	PUNCT
ajfa-193	98	3	this	this	DET
ajfa-193	98	4	research	research	NOUN
ajfa-193	98	5	is	be	AUX
ajfa-193	98	6	motivated	motivate	VERB
ajfa-193	98	7	by	by	ADP
ajfa-193	98	8	the	the	DET
ajfa-193	98	9	importance	importance	NOUN
ajfa-193	98	10	,	,	PUNCT
ajfa-193	98	11	the	the	DET
ajfa-193	98	12	scale	scale	NOUN
ajfa-193	98	13	of	of	ADP
ajfa-193	98	14	growth	growth	NOUN
ajfa-193	98	15	,	,	PUNCT
ajfa-193	98	16	and	and	CCONJ
ajfa-193	98	17	the	the	DET
ajfa-193	98	18	increased	increase	VERB
ajfa-193	98	19	public	public	ADJ
ajfa-193	98	20	attention	attention	NOUN
ajfa-193	98	21	to	to	ADP
ajfa-193	98	22	the	the	DET
ajfa-193	98	23	development	development	NOUN
ajfa-193	98	24	of	of	ADP
ajfa-193	98	25	chinese	chinese	ADJ
ajfa-193	98	26	economy	economy	NOUN
ajfa-193	98	27	.	.	PUNCT
ajfa-193	99	1	this	this	PRON
ajfa-193	99	2	has	have	AUX
ajfa-193	99	3	made	make	VERB
ajfa-193	99	4	investors	investor	NOUN
ajfa-193	99	5	increasingly	increasingly	ADV
ajfa-193	99	6	look	look	VERB
ajfa-193	99	7	towards	towards	ADP
ajfa-193	99	8	the	the	DET
ajfa-193	99	9	chinese	chinese	ADJ
ajfa-193	99	10	equity	equity	NOUN
ajfa-193	99	11	market	market	NOUN
ajfa-193	99	12	as	as	ADP
ajfa-193	99	13	a	a	DET
ajfa-193	99	14	source	source	NOUN
ajfa-193	99	15	of	of	ADP
ajfa-193	99	16	higher	high	ADJ
ajfa-193	99	17	returns	return	NOUN
ajfa-193	99	18	and	and	CCONJ
ajfa-193	99	19	further	further	ADJ
ajfa-193	99	20	diversification	diversification	NOUN
ajfa-193	99	21	.	.	PUNCT
ajfa-193	100	1	as	as	ADP
ajfa-193	100	2	a	a	DET
ajfa-193	100	3	result	result	NOUN
ajfa-193	100	4	,	,	PUNCT
ajfa-193	100	5	studies	study	NOUN
ajfa-193	100	6	like	like	ADP
ajfa-193	100	7	ours	ours	PRON
ajfa-193	100	8	are	be	AUX
ajfa-193	100	9	expected	expect	VERB
ajfa-193	100	10	to	to	PART
ajfa-193	100	11	add	add	VERB
ajfa-193	100	12	to	to	ADP
ajfa-193	100	13	the	the	DET
ajfa-193	100	14	stock	stock	NOUN
ajfa-193	100	15	of	of	ADP
ajfa-193	100	16	information	information	NOUN
ajfa-193	100	17	investors	investor	NOUN
ajfa-193	100	18	require	require	VERB
ajfa-193	100	19	to	to	PART
ajfa-193	100	20	help	help	VERB
ajfa-193	100	21	them	they	PRON
ajfa-193	100	22	to	to	PART
ajfa-193	100	23	make	make	VERB
ajfa-193	100	24	a	a	DET
ajfa-193	100	25	better	well	ADJ
ajfa-193	100	26	investment	investment	NOUN
ajfa-193	100	27	decision	decision	NOUN
ajfa-193	100	28	.	.	PUNCT
ajfa-193	101	1	the	the	DET
ajfa-193	101	2	rest	rest	NOUN
ajfa-193	101	3	of	of	ADP
ajfa-193	101	4	this	this	DET
ajfa-193	101	5	study	study	NOUN
ajfa-193	101	6	is	be	AUX
ajfa-193	101	7	organized	organize	VERB
ajfa-193	101	8	as	as	SCONJ
ajfa-193	101	9	follows	follow	VERB
ajfa-193	101	10	:	:	PUNCT
ajfa-193	101	11	section	section	PROPN
ajfa-193	101	12	ii	ii	PROPN
ajfa-193	101	13	outlines	outline	VERB
ajfa-193	101	14	our	our	PRON
ajfa-193	101	15	methodology	methodology	NOUN
ajfa-193	101	16	,	,	PUNCT
ajfa-193	101	17	data	datum	NOUN
ajfa-193	101	18	and	and	CCONJ
ajfa-193	101	19	hypothesis	hypothesis	NOUN
ajfa-193	101	20	development	development	NOUN
ajfa-193	101	21	.	.	PUNCT
ajfa-193	102	1	empirical	empirical	ADJ
ajfa-193	102	2	findings	finding	NOUN
ajfa-193	102	3	are	be	AUX
ajfa-193	102	4	discussed	discuss	VERB
ajfa-193	102	5	in	in	ADP
ajfa-193	102	6	section	section	PROPN
ajfa-193	102	7	iii	iii	PROPN
ajfa-193	102	8	.	.	PUNCT
ajfa-193	102	9	section	section	NOUN
ajfa-193	102	10	iv	iv	NUM
ajfa-193	102	11	articulates	articulate	VERB
ajfa-193	102	12	our	our	PRON
ajfa-193	102	13	conclusions	conclusion	NOUN
ajfa-193	102	14	,	,	PUNCT
ajfa-193	102	15	and	and	CCONJ
ajfa-193	102	16	describes	describe	VERB
ajfa-193	102	17	the	the	DET
ajfa-193	102	18	limits	limit	NOUN
ajfa-193	102	19	of	of	ADP
ajfa-193	102	20	our	our	PRON
ajfa-193	102	21	study	study	NOUN
ajfa-193	102	22	.	.	PUNCT
ajfa-193	103	1	2	2	X
ajfa-193	103	2	.	.	X
ajfa-193	103	3	data	datum	NOUN
ajfa-193	103	4	and	and	CCONJ
ajfa-193	103	5	methodology	methodology	NOUN
ajfa-193	103	6	2.1	2.1	NUM
ajfa-193	103	7	data	datum	NOUN
ajfa-193	103	8	the	the	DET
ajfa-193	103	9	data	datum	NOUN
ajfa-193	103	10	used	use	VERB
ajfa-193	103	11	in	in	ADP
ajfa-193	103	12	the	the	DET
ajfa-193	103	13	present	present	ADJ
ajfa-193	103	14	study	study	NOUN
ajfa-193	103	15	were	be	AUX
ajfa-193	103	16	sourced	source	VERB
ajfa-193	103	17	from	from	ADP
ajfa-193	103	18	s&p	s&p	PROPN
ajfa-193	103	19	/	/	SYM
ajfa-193	103	20	citic	citic	PROPN
ajfa-193	103	21	index	index	NOUN
ajfa-193	103	22	information	information	PROPN
ajfa-193	103	23	services	services	PROPN
ajfa-193	103	24	co.	co.	PROPN
ajfa-193	103	25	,	,	PUNCT
ajfa-193	103	26	ltd	ltd	PROPN
ajfa-193	103	27	.	.	PROPN
ajfa-193	103	28	and	and	CCONJ
ajfa-193	103	29	datastream	datastream	ADJ
ajfa-193	103	30	.	.	PUNCT
ajfa-193	104	1	data	datum	NOUN
ajfa-193	104	2	series	series	PROPN
ajfa-193	104	3	consisting	consist	VERB
ajfa-193	104	4	of	of	ADP
ajfa-193	104	5	daily	daily	ADJ
ajfa-193	104	6	stock	stock	NOUN
ajfa-193	104	7	prices	price	NOUN
ajfa-193	104	8	,	,	PUNCT
ajfa-193	104	9	bid	bid	NOUN
ajfa-193	104	10	and	and	CCONJ
ajfa-193	104	11	ask	ask	VERB
ajfa-193	104	12	prices	price	NOUN
ajfa-193	104	13	,	,	PUNCT
ajfa-193	104	14	and	and	CCONJ
ajfa-193	104	15	volume	volume	NOUN
ajfa-193	104	16	of	of	ADP
ajfa-193	104	17	trade	trade	NOUN
ajfa-193	104	18	were	be	AUX
ajfa-193	104	19	collected	collect	VERB
ajfa-193	104	20	from	from	ADP
ajfa-193	104	21	datastream	datastream	NOUN
ajfa-193	104	22	.	.	PUNCT
ajfa-193	105	1	the	the	DET
ajfa-193	105	2	rest	rest	NOUN
ajfa-193	105	3	of	of	ADP
ajfa-193	105	4	the	the	DET
ajfa-193	105	5	data	datum	NOUN
ajfa-193	105	6	,	,	PUNCT
ajfa-193	105	7	such	such	ADJ
ajfa-193	105	8	as	as	ADP
ajfa-193	105	9	the	the	DET
ajfa-193	105	10	announcement	announcement	NOUN
ajfa-193	105	11	dates	date	NOUN
ajfa-193	105	12	of	of	ADP
ajfa-193	105	13	the	the	DET
ajfa-193	105	14	additions	addition	NOUN
ajfa-193	105	15	and	and	CCONJ
ajfa-193	105	16	deletions	deletion	NOUN
ajfa-193	105	17	,	,	PUNCT
ajfa-193	105	18	and	and	CCONJ
ajfa-193	105	19	daily	daily	ADJ
ajfa-193	105	20	index	index	NOUN
ajfa-193	105	21	time	time	NOUN
ajfa-193	105	22	series	series	PROPN
ajfa-193	105	23	,	,	PUNCT
ajfa-193	105	24	were	be	AUX
ajfa-193	105	25	collected	collect	VERB
ajfa-193	105	26	from	from	ADP
ajfa-193	105	27	s&p	s&p	PROPN
ajfa-193	105	28	/	/	SYM
ajfa-193	105	29	citic	citic	PROPN
ajfa-193	105	30	index	index	NOUN
ajfa-193	105	31	information	information	PROPN
ajfa-193	105	32	services	services	PROPN
ajfa-193	105	33	co.	co.	PROPN
ajfa-193	105	34	,	,	PUNCT
ajfa-193	105	35	ltd	ltd	PROPN
ajfa-193	105	36	.	.	PROPN
ajfa-193	105	37	8	8	NUM
ajfa-193	105	38	according	accord	VERB
ajfa-193	105	39	to	to	ADP
ajfa-193	105	40	kyle	kyle	NOUN
ajfa-193	105	41	(	(	PUNCT
ajfa-193	105	42	1985	1985	NUM
ajfa-193	105	43	)	)	PUNCT
ajfa-193	105	44	and	and	CCONJ
ajfa-193	105	45	several	several	ADJ
ajfa-193	105	46	other	other	ADJ
ajfa-193	105	47	studies	study	NOUN
ajfa-193	105	48	,	,	PUNCT
ajfa-193	105	49	much	much	ADJ
ajfa-193	105	50	of	of	ADP
ajfa-193	105	51	the	the	DET
ajfa-193	105	52	information	information	NOUN
ajfa-193	105	53	is	be	AUX
ajfa-193	105	54	revealed	reveal	VERB
ajfa-193	105	55	in	in	ADP
ajfa-193	105	56	the	the	DET
ajfa-193	105	57	volatility	volatility	NOUN
ajfa-193	105	58	of	of	ADP
ajfa-193	105	59	stock	stock	NOUN
ajfa-193	105	60	prices	price	NOUN
ajfa-193	105	61	,	,	PUNCT
ajfa-193	105	62	rather	rather	ADV
ajfa-193	105	63	than	than	ADP
ajfa-193	105	64	the	the	DET
ajfa-193	105	65	prices	price	NOUN
ajfa-193	105	66	themselves	themselves	PRON
ajfa-193	105	67	.	.	PUNCT
ajfa-193	106	1	asian	asian	ADJ
ajfa-193	106	2	journal	journal	PROPN
ajfa-193	106	3	of	of	ADP
ajfa-193	106	4	finance	finance	PROPN
ajfa-193	106	5	&	&	CCONJ
ajfa-193	106	6	accounting	accounting	PROPN
ajfa-193	106	7	issn	issn	PROPN
ajfa-193	106	8	1946	1946	NUM
ajfa-193	106	9	-	-	PUNCT
ajfa-193	106	10	052x	052x	NOUN
ajfa-193	106	11	2009	2009	NUM
ajfa-193	106	12	,	,	PUNCT
ajfa-193	106	13	vol	vol	NOUN
ajfa-193	106	14	.	.	PROPN
ajfa-193	106	15	1	1	NUM
ajfa-193	106	16	,	,	PUNCT
ajfa-193	106	17	no	no	INTJ
ajfa-193	106	18	.	.	NOUN
ajfa-193	106	19	2	2	NUM
ajfa-193	106	20	:	:	PUNCT
ajfa-193	106	21	e2	e2	PROPN
ajfa-193	106	22	24	24	NUM
ajfa-193	106	23	our	our	PRON
ajfa-193	106	24	sample	sample	NOUN
ajfa-193	106	25	consists	consist	VERB
ajfa-193	106	26	of	of	ADP
ajfa-193	106	27	69	69	NUM
ajfa-193	106	28	(	(	PUNCT
ajfa-193	106	29	69	69	NUM
ajfa-193	106	30	)	)	PUNCT
ajfa-193	106	31	s&p	s&p	PROPN
ajfa-193	106	32	/	/	SYM
ajfa-193	106	33	citic	citic	ADJ
ajfa-193	106	34	listed	list	VERB
ajfa-193	106	35	firms	firm	NOUN
ajfa-193	106	36	that	that	PRON
ajfa-193	106	37	were	be	AUX
ajfa-193	106	38	added	add	VERB
ajfa-193	106	39	to	to	AUX
ajfa-193	106	40	(	(	PUNCT
ajfa-193	106	41	deleted	delete	VERB
ajfa-193	106	42	from	from	ADP
ajfa-193	106	43	)	)	PUNCT
ajfa-193	106	44	the	the	DET
ajfa-193	106	45	s&p	s&p	PROPN
ajfa-193	106	46	/	/	SYM
ajfa-193	106	47	citic	citic	ADJ
ajfa-193	106	48	300	300	NUM
ajfa-193	106	49	index	index	NOUN
ajfa-193	106	50	from	from	ADP
ajfa-193	106	51	october	october	PROPN
ajfa-193	106	52	2003	2003	NUM
ajfa-193	106	53	to	to	ADP
ajfa-193	106	54	august	august	PROPN
ajfa-193	106	55	2007	2007	NUM
ajfa-193	106	56	9	9	NUM
ajfa-193	106	57	.	.	PUNCT
ajfa-193	107	1	based	base	VERB
ajfa-193	107	2	on	on	ADP
ajfa-193	107	3	prior	prior	ADJ
ajfa-193	107	4	research	research	NOUN
ajfa-193	107	5	,	,	PUNCT
ajfa-193	107	6	we	we	PRON
ajfa-193	107	7	used	use	VERB
ajfa-193	107	8	the	the	DET
ajfa-193	107	9	following	follow	VERB
ajfa-193	107	10	criteria	criterion	NOUN
ajfa-193	107	11	to	to	PART
ajfa-193	107	12	select	select	VERB
ajfa-193	107	13	our	our	PRON
ajfa-193	107	14	samples	sample	NOUN
ajfa-193	107	15	.	.	PUNCT
ajfa-193	108	1	i.	i.	NOUN
ajfa-193	108	2	the	the	DET
ajfa-193	108	3	firms	firm	NOUN
ajfa-193	108	4	were	be	AUX
ajfa-193	108	5	not	not	PART
ajfa-193	108	6	involved	involve	VERB
ajfa-193	108	7	in	in	ADP
ajfa-193	108	8	a	a	DET
ajfa-193	108	9	merger	merger	NOUN
ajfa-193	108	10	or	or	CCONJ
ajfa-193	108	11	an	an	DET
ajfa-193	108	12	acquisition	acquisition	NOUN
ajfa-193	108	13	event	event	NOUN
ajfa-193	108	14	that	that	PRON
ajfa-193	108	15	led	lead	VERB
ajfa-193	108	16	to	to	ADP
ajfa-193	108	17	their	their	PRON
ajfa-193	108	18	addition	addition	NOUN
ajfa-193	108	19	to	to	ADP
ajfa-193	108	20	or	or	CCONJ
ajfa-193	108	21	deletion	deletion	NOUN
ajfa-193	108	22	from	from	ADP
ajfa-193	108	23	the	the	DET
ajfa-193	108	24	s&p	s&p	PROPN
ajfa-193	108	25	/	/	SYM
ajfa-193	108	26	citic	citic	ADJ
ajfa-193	108	27	300	300	NUM
ajfa-193	108	28	index	index	NOUN
ajfa-193	108	29	.	.	PUNCT
ajfa-193	109	1	ii	ii	PROPN
ajfa-193	109	2	.	.	PUNCT
ajfa-193	110	1	the	the	DET
ajfa-193	110	2	firms	firm	NOUN
ajfa-193	110	3	’	’	PART
ajfa-193	110	4	stocks	stock	NOUN
ajfa-193	110	5	did	do	AUX
ajfa-193	110	6	not	not	PART
ajfa-193	110	7	split	split	VERB
ajfa-193	110	8	in	in	ADP
ajfa-193	110	9	the	the	DET
ajfa-193	110	10	period	period	NOUN
ajfa-193	110	11	during	during	ADP
ajfa-193	110	12	the	the	DET
ajfa-193	110	13	study	study	NOUN
ajfa-193	110	14	period	period	NOUN
ajfa-193	110	15	.	.	PUNCT
ajfa-193	111	1	iii	iii	X
ajfa-193	111	2	.	.	PUNCT
ajfa-193	112	1	the	the	DET
ajfa-193	112	2	firms	firm	NOUN
ajfa-193	112	3	had	have	VERB
ajfa-193	112	4	historical	historical	ADJ
ajfa-193	112	5	data	datum	NOUN
ajfa-193	112	6	available	available	ADJ
ajfa-193	112	7	for	for	ADP
ajfa-193	112	8	a	a	DET
ajfa-193	112	9	period	period	NOUN
ajfa-193	112	10	commencing	commence	VERB
ajfa-193	112	11	150	150	NUM
ajfa-193	112	12	trading	trading	NOUN
ajfa-193	112	13	days	day	NOUN
ajfa-193	112	14	before	before	ADV
ajfa-193	112	15	and	and	CCONJ
ajfa-193	112	16	ending	end	VERB
ajfa-193	112	17	150	150	NUM
ajfa-193	112	18	trading	trading	NOUN
ajfa-193	112	19	days	day	NOUN
ajfa-193	112	20	after	after	SCONJ
ajfa-193	112	21	the	the	DET
ajfa-193	112	22	announcement	announcement	NOUN
ajfa-193	112	23	dates	date	VERB
ajfa-193	112	24	.	.	PUNCT
ajfa-193	113	1	we	we	PRON
ajfa-193	113	2	applied	apply	VERB
ajfa-193	113	3	criteria	criterion	NOUN
ajfa-193	113	4	(	(	PUNCT
ajfa-193	113	5	i	i	NOUN
ajfa-193	113	6	)	)	PUNCT
ajfa-193	113	7	and	and	CCONJ
ajfa-193	113	8	(	(	PUNCT
ajfa-193	113	9	ii	ii	NOUN
ajfa-193	113	10	)	)	PUNCT
ajfa-193	113	11	to	to	PART
ajfa-193	113	12	minimize	minimize	VERB
ajfa-193	113	13	the	the	DET
ajfa-193	113	14	effects	effect	NOUN
ajfa-193	113	15	of	of	ADP
ajfa-193	113	16	confounding	confound	VERB
ajfa-193	113	17	events	event	NOUN
ajfa-193	113	18	.	.	PUNCT
ajfa-193	114	1	according	accord	VERB
ajfa-193	114	2	to	to	ADP
ajfa-193	114	3	the	the	DET
ajfa-193	114	4	information	information	NOUN
ajfa-193	114	5	provided	provide	VERB
ajfa-193	114	6	by	by	ADP
ajfa-193	114	7	s&p	s&p	PROPN
ajfa-193	114	8	,	,	PUNCT
ajfa-193	114	9	the	the	DET
ajfa-193	114	10	deleted	delete	VERB
ajfa-193	114	11	firms	firm	NOUN
ajfa-193	114	12	in	in	ADP
ajfa-193	114	13	our	our	PRON
ajfa-193	114	14	sample	sample	NOUN
ajfa-193	114	15	were	be	AUX
ajfa-193	114	16	all	all	ADV
ajfa-193	114	17	removed	remove	VERB
ajfa-193	114	18	for	for	ADP
ajfa-193	114	19	financial	financial	ADJ
ajfa-193	114	20	reasons	reason	NOUN
ajfa-193	114	21	such	such	ADJ
ajfa-193	114	22	as	as	ADP
ajfa-193	114	23	unstable	unstable	ADJ
ajfa-193	114	24	income	income	NOUN
ajfa-193	114	25	and	and	CCONJ
ajfa-193	114	26	low	low	ADJ
ajfa-193	114	27	profitability	profitability	NOUN
ajfa-193	114	28	,	,	PUNCT
ajfa-193	114	29	and	and	CCONJ
ajfa-193	114	30	no	no	DET
ajfa-193	114	31	company	company	NOUN
ajfa-193	114	32	was	be	AUX
ajfa-193	114	33	involved	involve	VERB
ajfa-193	114	34	in	in	ADP
ajfa-193	114	35	a	a	DET
ajfa-193	114	36	merger	merger	NOUN
ajfa-193	114	37	or	or	CCONJ
ajfa-193	114	38	acquisition	acquisition	NOUN
ajfa-193	114	39	10	10	NUM
ajfa-193	114	40	.	.	PUNCT
ajfa-193	115	1	criterion	criterion	NOUN
ajfa-193	115	2	(	(	PUNCT
ajfa-193	115	3	iii	iii	NOUN
ajfa-193	115	4	)	)	PUNCT
ajfa-193	115	5	was	be	AUX
ajfa-193	115	6	used	use	VERB
ajfa-193	115	7	to	to	PART
ajfa-193	115	8	make	make	VERB
ajfa-193	115	9	sure	sure	ADJ
ajfa-193	115	10	that	that	SCONJ
ajfa-193	115	11	there	there	PRON
ajfa-193	115	12	were	be	VERB
ajfa-193	115	13	sufficient	sufficient	ADJ
ajfa-193	115	14	pre	pre	NOUN
ajfa-193	115	15	-	-	NOUN
ajfa-193	115	16	event	event	NOUN
ajfa-193	115	17	and	and	CCONJ
ajfa-193	115	18	post	post	ADJ
ajfa-193	115	19	-	-	ADJ
ajfa-193	115	20	event	event	ADJ
ajfa-193	115	21	data	datum	NOUN
ajfa-193	115	22	to	to	PART
ajfa-193	115	23	determine	determine	VERB
ajfa-193	115	24	the	the	DET
ajfa-193	115	25	estimation	estimation	NOUN
ajfa-193	115	26	periods	period	NOUN
ajfa-193	115	27	.	.	PUNCT
ajfa-193	116	1	it	it	PRON
ajfa-193	116	2	is	be	AUX
ajfa-193	116	3	interesting	interesting	ADJ
ajfa-193	116	4	to	to	PART
ajfa-193	116	5	note	note	VERB
ajfa-193	116	6	that	that	PRON
ajfa-193	116	7	criterion	criterion	NOUN
ajfa-193	116	8	(	(	PUNCT
ajfa-193	116	9	iii	iii	NOUN
ajfa-193	116	10	)	)	PUNCT
ajfa-193	116	11	can	can	AUX
ajfa-193	116	12	introduce	introduce	VERB
ajfa-193	116	13	survivorship	survivorship	NOUN
ajfa-193	116	14	bias	bias	NOUN
ajfa-193	116	15	for	for	ADP
ajfa-193	116	16	the	the	DET
ajfa-193	116	17	deletion	deletion	NOUN
ajfa-193	116	18	samples	sample	NOUN
ajfa-193	116	19	because	because	SCONJ
ajfa-193	116	20	it	it	PRON
ajfa-193	116	21	excludes	exclude	VERB
ajfa-193	116	22	companies	company	NOUN
ajfa-193	116	23	that	that	PRON
ajfa-193	116	24	collapsed	collapse	VERB
ajfa-193	116	25	following	follow	VERB
ajfa-193	116	26	stock	stock	NOUN
ajfa-193	116	27	deletion	deletion	NOUN
ajfa-193	116	28	and	and	CCONJ
ajfa-193	116	29	they	they	PRON
ajfa-193	116	30	are	be	AUX
ajfa-193	116	31	more	more	ADV
ajfa-193	116	32	likely	likely	ADJ
ajfa-193	116	33	to	to	PART
ajfa-193	116	34	experience	experience	VERB
ajfa-193	116	35	significant	significant	ADJ
ajfa-193	116	36	negative	negative	ADJ
ajfa-193	116	37	returns	return	NOUN
ajfa-193	116	38	.	.	PUNCT
ajfa-193	117	1	consequently	consequently	ADV
ajfa-193	117	2	,	,	PUNCT
ajfa-193	117	3	it	it	PRON
ajfa-193	117	4	is	be	AUX
ajfa-193	117	5	possible	possible	ADJ
ajfa-193	117	6	that	that	SCONJ
ajfa-193	117	7	estimated	estimate	VERB
ajfa-193	117	8	abnormal	abnormal	ADJ
ajfa-193	117	9	returns	return	NOUN
ajfa-193	117	10	for	for	ADP
ajfa-193	117	11	the	the	DET
ajfa-193	117	12	deletion	deletion	NOUN
ajfa-193	117	13	samples	sample	NOUN
ajfa-193	117	14	in	in	ADP
ajfa-193	117	15	our	our	PRON
ajfa-193	117	16	study	study	NOUN
ajfa-193	117	17	have	have	AUX
ajfa-193	117	18	become	become	VERB
ajfa-193	117	19	upwardly	upwardly	ADV
ajfa-193	117	20	biased	bias	VERB
ajfa-193	117	21	.	.	PUNCT
ajfa-193	118	1	however	however	ADV
ajfa-193	118	2	,	,	PUNCT
ajfa-193	118	3	this	this	DET
ajfa-193	118	4	issue	issue	NOUN
ajfa-193	118	5	was	be	AUX
ajfa-193	118	6	unavoidable	unavoidable	ADJ
ajfa-193	118	7	,	,	PUNCT
ajfa-193	118	8	because	because	SCONJ
ajfa-193	118	9	our	our	PRON
ajfa-193	118	10	tests	test	NOUN
ajfa-193	118	11	required	require	VERB
ajfa-193	118	12	a	a	DET
ajfa-193	118	13	certain	certain	ADJ
ajfa-193	118	14	number	number	NOUN
ajfa-193	118	15	of	of	ADP
ajfa-193	118	16	post	post	ADJ
ajfa-193	118	17	-	-	ADJ
ajfa-193	118	18	event	event	ADJ
ajfa-193	118	19	observations	observation	NOUN
ajfa-193	118	20	and	and	CCONJ
ajfa-193	118	21	we	we	PRON
ajfa-193	118	22	had	have	VERB
ajfa-193	118	23	to	to	PART
ajfa-193	118	24	exclude	exclude	VERB
ajfa-193	118	25	companies	company	NOUN
ajfa-193	118	26	with	with	ADP
ajfa-193	118	27	insufficient	insufficient	ADJ
ajfa-193	118	28	data	datum	NOUN
ajfa-193	118	29	.	.	PUNCT
ajfa-193	119	1	9	9	NUM
ajfa-193	119	2	there	there	PRON
ajfa-193	119	3	is	be	VERB
ajfa-193	119	4	also	also	ADV
ajfa-193	119	5	a	a	DET
ajfa-193	119	6	smaller	small	ADJ
ajfa-193	119	7	index	index	NOUN
ajfa-193	119	8	called	call	VERB
ajfa-193	119	9	s&p	s&p	PROPN
ajfa-193	119	10	/	/	SYM
ajfa-193	119	11	citic	citic	PROPN
ajfa-193	119	12	50	50	NUM
ajfa-193	119	13	whose	whose	DET
ajfa-193	119	14	constituents	constituent	NOUN
ajfa-193	119	15	are	be	AUX
ajfa-193	119	16	the	the	DET
ajfa-193	119	17	largest	large	ADJ
ajfa-193	119	18	companies	company	NOUN
ajfa-193	119	19	from	from	ADP
ajfa-193	119	20	the	the	DET
ajfa-193	119	21	s&p	s&p	PROPN
ajfa-193	119	22	/	/	SYM
ajfa-193	119	23	citic	citic	ADJ
ajfa-193	119	24	300	300	NUM
ajfa-193	119	25	.	.	PUNCT
ajfa-193	120	1	from	from	ADP
ajfa-193	120	2	a	a	DET
ajfa-193	120	3	portfolio	portfolio	NOUN
ajfa-193	120	4	diversification	diversification	NOUN
ajfa-193	120	5	perspective	perspective	NOUN
ajfa-193	120	6	,	,	PUNCT
ajfa-193	120	7	seddik	seddik	ADJ
ajfa-193	120	8	meziani	meziani	PROPN
ajfa-193	120	9	(	(	PUNCT
ajfa-193	120	10	2008	2008	NUM
ajfa-193	120	11	)	)	PUNCT
ajfa-193	120	12	found	find	VERB
ajfa-193	120	13	that	that	SCONJ
ajfa-193	120	14	us	we	PRON
ajfa-193	120	15	investors	investor	NOUN
ajfa-193	120	16	seeking	seek	VERB
ajfa-193	120	17	exposure	exposure	NOUN
ajfa-193	120	18	to	to	ADP
ajfa-193	120	19	china	china	PROPN
ajfa-193	120	20	stand	stand	VERB
ajfa-193	120	21	to	to	PART
ajfa-193	120	22	gain	gain	VERB
ajfa-193	120	23	the	the	DET
ajfa-193	120	24	most	most	ADJ
ajfa-193	120	25	from	from	ADP
ajfa-193	120	26	funds	fund	NOUN
ajfa-193	120	27	tracking	track	VERB
ajfa-193	120	28	the	the	DET
ajfa-193	120	29	s&p	s&p	PROPN
ajfa-193	120	30	/	/	SYM
ajfa-193	120	31	citic	citic	ADJ
ajfa-193	120	32	50	50	NUM
ajfa-193	120	33	index	index	NOUN
ajfa-193	120	34	than	than	ADP
ajfa-193	120	35	from	from	ADP
ajfa-193	120	36	those	those	PRON
ajfa-193	120	37	tracking	track	VERB
ajfa-193	120	38	the	the	DET
ajfa-193	120	39	ftse	ftse	PROPN
ajfa-193	120	40	/	/	SYM
ajfa-193	120	41	xinhua	xinhua	PROPN
ajfa-193	120	42	china	china	PROPN
ajfa-193	120	43	25	25	NUM
ajfa-193	120	44	index	index	NOUN
ajfa-193	120	45	or	or	CCONJ
ajfa-193	120	46	the	the	DET
ajfa-193	120	47	halter	halter	NOUN
ajfa-193	120	48	usx	usx	PROPN
ajfa-193	120	49	china	china	PROPN
ajfa-193	120	50	index	index	PROPN
ajfa-193	120	51	.	.	PUNCT
ajfa-193	121	1	however	however	ADV
ajfa-193	121	2	,	,	PUNCT
ajfa-193	121	3	the	the	DET
ajfa-193	121	4	number	number	NOUN
ajfa-193	121	5	of	of	ADP
ajfa-193	121	6	additions	addition	NOUN
ajfa-193	121	7	and	and	CCONJ
ajfa-193	121	8	deletions	deletion	NOUN
ajfa-193	121	9	for	for	ADP
ajfa-193	121	10	this	this	DET
ajfa-193	121	11	index	index	NOUN
ajfa-193	121	12	was	be	AUX
ajfa-193	121	13	very	very	ADV
ajfa-193	121	14	small	small	ADJ
ajfa-193	121	15	compared	compare	VERB
ajfa-193	121	16	to	to	ADP
ajfa-193	121	17	s&p	s&p	PROPN
ajfa-193	121	18	citic	citic	NOUN
ajfa-193	121	19	300	300	NUM
ajfa-193	121	20	,	,	PUNCT
ajfa-193	121	21	so	so	SCONJ
ajfa-193	121	22	we	we	PRON
ajfa-193	121	23	could	could	AUX
ajfa-193	121	24	not	not	PART
ajfa-193	121	25	use	use	VERB
ajfa-193	121	26	it	it	PRON
ajfa-193	121	27	in	in	ADP
ajfa-193	121	28	our	our	PRON
ajfa-193	121	29	study	study	NOUN
ajfa-193	121	30	.	.	PUNCT
ajfa-193	122	1	10	10	NUM
ajfa-193	122	2	one	one	NUM
ajfa-193	122	3	exception	exception	NOUN
ajfa-193	122	4	was	be	AUX
ajfa-193	122	5	the	the	DET
ajfa-193	122	6	removal	removal	NOUN
ajfa-193	122	7	of	of	ADP
ajfa-193	122	8	sh600207	sh600207	NOUN
ajfa-193	122	9	,	,	PUNCT
ajfa-193	122	10	not	not	PART
ajfa-193	122	11	because	because	SCONJ
ajfa-193	122	12	of	of	ADP
ajfa-193	122	13	financial	financial	ADJ
ajfa-193	122	14	problems	problem	NOUN
ajfa-193	122	15	this	this	DET
ajfa-193	122	16	company	company	NOUN
ajfa-193	122	17	had	have	VERB
ajfa-193	122	18	,	,	PUNCT
ajfa-193	122	19	but	but	CCONJ
ajfa-193	122	20	to	to	PART
ajfa-193	122	21	provide	provide	VERB
ajfa-193	122	22	space	space	NOUN
ajfa-193	122	23	for	for	ADP
ajfa-193	122	24	icbc	icbc	NOUN
ajfa-193	122	25	sh601398	sh601398	PROPN
ajfa-193	122	26	as	as	ADP
ajfa-193	122	27	a	a	DET
ajfa-193	122	28	newly	newly	ADV
ajfa-193	122	29	appointed	appoint	VERB
ajfa-193	122	30	public	public	ADJ
ajfa-193	122	31	company	company	NOUN
ajfa-193	122	32	.	.	PUNCT
ajfa-193	123	1	asian	asian	ADJ
ajfa-193	123	2	journal	journal	PROPN
ajfa-193	123	3	of	of	ADP
ajfa-193	123	4	finance	finance	PROPN
ajfa-193	123	5	&	&	CCONJ
ajfa-193	123	6	accounting	accounting	PROPN
ajfa-193	123	7	issn	issn	PROPN
ajfa-193	123	8	1946	1946	NUM
ajfa-193	123	9	-	-	PUNCT
ajfa-193	123	10	052x	052x	NOUN
ajfa-193	123	11	2009	2009	NUM
ajfa-193	123	12	,	,	PUNCT
ajfa-193	123	13	vol	vol	NOUN
ajfa-193	123	14	.	.	PROPN
ajfa-193	123	15	1	1	NUM
ajfa-193	123	16	,	,	PUNCT
ajfa-193	123	17	no	no	INTJ
ajfa-193	123	18	.	.	NOUN
ajfa-193	123	19	2	2	NUM
ajfa-193	123	20	:	:	PUNCT
ajfa-193	123	21	e2	e2	NOUN
ajfa-193	123	22	25	25	NUM
ajfa-193	123	23	the	the	DET
ajfa-193	123	24	s&p	s&p	PROPN
ajfa-193	123	25	/	/	SYM
ajfa-193	123	26	citic	citic	ADJ
ajfa-193	123	27	300	300	NUM
ajfa-193	123	28	index	index	NOUN
ajfa-193	123	29	examined	examine	VERB
ajfa-193	123	30	in	in	ADP
ajfa-193	123	31	this	this	DET
ajfa-193	123	32	paper	paper	NOUN
ajfa-193	123	33	is	be	AUX
ajfa-193	123	34	one	one	NUM
ajfa-193	123	35	of	of	ADP
ajfa-193	123	36	several	several	ADJ
ajfa-193	123	37	s&p	s&p	PROPN
ajfa-193	123	38	/	/	SYM
ajfa-193	123	39	citic	citic	PROPN
ajfa-193	123	40	indices	indice	VERB
ajfa-193	123	41	11	11	NUM
ajfa-193	123	42	codeveloped	codevelope	VERB
ajfa-193	123	43	by	by	ADP
ajfa-193	123	44	standard	standard	PROPN
ajfa-193	123	45	&	&	CCONJ
ajfa-193	123	46	poor	poor	ADJ
ajfa-193	123	47	and	and	CCONJ
ajfa-193	123	48	citic	citic	ADJ
ajfa-193	123	49	securities	securities	PROPN
ajfa-193	123	50	company	company	PROPN
ajfa-193	123	51	ltd	ltd	PROPN
ajfa-193	123	52	.	.	PROPN
ajfa-193	124	1	(	(	PUNCT
ajfa-193	124	2	s&p	s&p	PROPN
ajfa-193	124	3	/	/	SYM
ajfa-193	124	4	citic	citic	PROPN
ajfa-193	124	5	index	index	NOUN
ajfa-193	124	6	information	information	PROPN
ajfa-193	124	7	services	services	PROPN
ajfa-193	124	8	co.	co.	PROPN
ajfa-193	124	9	,	,	PUNCT
ajfa-193	124	10	ltd	ltd	PROPN
ajfa-193	124	11	.	.	PROPN
ajfa-193	124	12	)	)	PUNCT
ajfa-193	125	1	for	for	ADP
ajfa-193	125	2	the	the	DET
ajfa-193	125	3	china	china	PROPN
ajfa-193	125	4	and	and	CCONJ
ajfa-193	125	5	the	the	DET
ajfa-193	125	6	chinese	chinese	ADJ
ajfa-193	125	7	offshore	offshore	ADJ
ajfa-193	125	8	markets	market	NOUN
ajfa-193	125	9	.	.	PUNCT
ajfa-193	126	1	its	its	PRON
ajfa-193	126	2	constituents	constituent	NOUN
ajfa-193	126	3	consist	consist	VERB
ajfa-193	126	4	of	of	ADP
ajfa-193	126	5	the	the	DET
ajfa-193	126	6	300	300	NUM
ajfa-193	126	7	enterprises	enterprise	NOUN
ajfa-193	126	8	with	with	ADP
ajfa-193	126	9	the	the	DET
ajfa-193	126	10	largest	large	ADJ
ajfa-193	126	11	float	float	NOUN
ajfa-193	126	12	-	-	PUNCT
ajfa-193	126	13	adjusted	adjust	VERB
ajfa-193	126	14	market	market	NOUN
ajfa-193	126	15	capitalization	capitalization	NOUN
ajfa-193	126	16	and	and	CCONJ
ajfa-193	126	17	liquidity	liquidity	NOUN
ajfa-193	126	18	,	,	PUNCT
ajfa-193	126	19	drawn	draw	VERB
ajfa-193	126	20	from	from	ADP
ajfa-193	126	21	the	the	DET
ajfa-193	126	22	entire	entire	ADJ
ajfa-193	126	23	universe	universe	NOUN
ajfa-193	126	24	of	of	ADP
ajfa-193	126	25	listed	list	VERB
ajfa-193	126	26	a	a	DET
ajfa-193	126	27	-	-	PUNCT
ajfa-193	126	28	share	share	NOUN
ajfa-193	126	29	companies	company	NOUN
ajfa-193	126	30	in	in	ADP
ajfa-193	126	31	china	china	PROPN
ajfa-193	126	32	.	.	PUNCT
ajfa-193	127	1	the	the	DET
ajfa-193	127	2	s&p	s&p	PROPN
ajfa-193	127	3	/	/	SYM
ajfa-193	127	4	citic	citic	ADJ
ajfa-193	127	5	indices	index	NOUN
ajfa-193	127	6	,	,	PUNCT
ajfa-193	127	7	in	in	ADP
ajfa-193	127	8	general	general	ADJ
ajfa-193	127	9	,	,	PUNCT
ajfa-193	127	10	are	be	AUX
ajfa-193	127	11	weighted	weight	VERB
ajfa-193	127	12	by	by	ADP
ajfa-193	127	13	market	market	NOUN
ajfa-193	127	14	capitalization	capitalization	NOUN
ajfa-193	127	15	and	and	CCONJ
ajfa-193	127	16	provide	provide	VERB
ajfa-193	127	17	a	a	DET
ajfa-193	127	18	complete	complete	ADJ
ajfa-193	127	19	product	product	NOUN
ajfa-193	127	20	for	for	ADP
ajfa-193	127	21	exposure	exposure	NOUN
ajfa-193	127	22	to	to	ADP
ajfa-193	127	23	chinese	chinese	ADJ
ajfa-193	127	24	companies	company	NOUN
ajfa-193	127	25	and	and	CCONJ
ajfa-193	127	26	the	the	DET
ajfa-193	127	27	chinese	chinese	ADJ
ajfa-193	127	28	markets	market	NOUN
ajfa-193	127	29	.	.	PUNCT
ajfa-193	128	1	they	they	PRON
ajfa-193	128	2	are	be	AUX
ajfa-193	128	3	calculated	calculate	VERB
ajfa-193	128	4	according	accord	VERB
ajfa-193	128	5	to	to	ADP
ajfa-193	128	6	standard	standard	PROPN
ajfa-193	128	7	&	&	CCONJ
ajfa-193	128	8	poor	poor	PROPN
ajfa-193	128	9	’s	’s	PART
ajfa-193	128	10	global	global	ADJ
ajfa-193	128	11	index	index	NOUN
ajfa-193	128	12	methodology	methodology	NOUN
ajfa-193	128	13	,	,	PUNCT
ajfa-193	128	14	providing	provide	VERB
ajfa-193	128	15	consistency	consistency	NOUN
ajfa-193	128	16	,	,	PUNCT
ajfa-193	128	17	transparency	transparency	NOUN
ajfa-193	128	18	and	and	CCONJ
ajfa-193	128	19	liquidity	liquidity	NOUN
ajfa-193	128	20	services	service	NOUN
ajfa-193	128	21	for	for	ADP
ajfa-193	128	22	both	both	CCONJ
ajfa-193	128	23	chinese	chinese	ADJ
ajfa-193	128	24	and	and	CCONJ
ajfa-193	128	25	global	global	ADJ
ajfa-193	128	26	investors	investor	NOUN
ajfa-193	128	27	.	.	PUNCT
ajfa-193	129	1	s&p	s&p	PROPN
ajfa-193	129	2	/	/	SYM
ajfa-193	129	3	citic	citic	PROPN
ajfa-193	129	4	indices	index	NOUN
ajfa-193	129	5	serve	serve	VERB
ajfa-193	129	6	as	as	ADP
ajfa-193	129	7	investment	investment	NOUN
ajfa-193	129	8	benchmarks	benchmark	NOUN
ajfa-193	129	9	for	for	ADP
ajfa-193	129	10	the	the	DET
ajfa-193	129	11	entire	entire	ADJ
ajfa-193	129	12	chinese	chinese	ADJ
ajfa-193	129	13	stock	stock	NOUN
ajfa-193	129	14	market	market	NOUN
ajfa-193	129	15	and	and	CCONJ
ajfa-193	129	16	a	a	DET
ajfa-193	129	17	variety	variety	NOUN
ajfa-193	129	18	of	of	ADP
ajfa-193	129	19	sub	sub	NOUN
ajfa-193	129	20	-	-	NOUN
ajfa-193	129	21	markets	market	NOUN
ajfa-193	129	22	.	.	PUNCT
ajfa-193	130	1	according	accord	VERB
ajfa-193	130	2	to	to	ADP
ajfa-193	130	3	s&p	s&p	PROPN
ajfa-193	130	4	policy	policy	NOUN
ajfa-193	130	5	,	,	PUNCT
ajfa-193	130	6	a	a	DET
ajfa-193	130	7	stock	stock	NOUN
ajfa-193	130	8	addition	addition	NOUN
ajfa-193	130	9	is	be	AUX
ajfa-193	130	10	generally	generally	ADV
ajfa-193	130	11	made	make	VERB
ajfa-193	130	12	only	only	ADV
ajfa-193	130	13	if	if	SCONJ
ajfa-193	130	14	a	a	DET
ajfa-193	130	15	vacancy	vacancy	NOUN
ajfa-193	130	16	is	be	AUX
ajfa-193	130	17	created	create	VERB
ajfa-193	130	18	by	by	ADP
ajfa-193	130	19	a	a	DET
ajfa-193	130	20	stock	stock	NOUN
ajfa-193	130	21	deletion	deletion	NOUN
ajfa-193	130	22	.	.	PUNCT
ajfa-193	131	1	the	the	DET
ajfa-193	131	2	selection	selection	NOUN
ajfa-193	131	3	criteria	criterion	NOUN
ajfa-193	131	4	for	for	ADP
ajfa-193	131	5	the	the	DET
ajfa-193	131	6	addition	addition	NOUN
ajfa-193	131	7	of	of	ADP
ajfa-193	131	8	a	a	DET
ajfa-193	131	9	new	new	ADJ
ajfa-193	131	10	constituent	constituent	NOUN
ajfa-193	131	11	stock	stock	NOUN
ajfa-193	131	12	are	be	AUX
ajfa-193	131	13	consistent	consistent	ADJ
ajfa-193	131	14	with	with	ADP
ajfa-193	131	15	those	those	PRON
ajfa-193	131	16	of	of	ADP
ajfa-193	131	17	other	other	ADJ
ajfa-193	131	18	constituents	constituent	NOUN
ajfa-193	131	19	,	,	PUNCT
ajfa-193	131	20	namely	namely	ADV
ajfa-193	131	21	size	size	NOUN
ajfa-193	131	22	,	,	PUNCT
ajfa-193	131	23	liquidity	liquidity	NOUN
ajfa-193	131	24	,	,	PUNCT
ajfa-193	131	25	profitability	profitability	NOUN
ajfa-193	131	26	and	and	CCONJ
ajfa-193	131	27	sector	sector	NOUN
ajfa-193	131	28	representation	representation	NOUN
ajfa-193	131	29	.	.	PUNCT
ajfa-193	132	1	for	for	ADP
ajfa-193	132	2	deletion	deletion	NOUN
ajfa-193	132	3	,	,	PUNCT
ajfa-193	132	4	a	a	DET
ajfa-193	132	5	guiding	guide	VERB
ajfa-193	132	6	principle	principle	NOUN
ajfa-193	132	7	of	of	ADP
ajfa-193	132	8	index	index	NOUN
ajfa-193	132	9	management	management	NOUN
ajfa-193	132	10	is	be	AUX
ajfa-193	132	11	the	the	DET
ajfa-193	132	12	minimization	minimization	NOUN
ajfa-193	132	13	of	of	ADP
ajfa-193	132	14	turnover	turnover	NOUN
ajfa-193	132	15	among	among	ADP
ajfa-193	132	16	index	index	NOUN
ajfa-193	132	17	constituents	constituent	NOUN
ajfa-193	132	18	.	.	PUNCT
ajfa-193	133	1	the	the	DET
ajfa-193	133	2	possible	possible	ADJ
ajfa-193	133	3	reasons	reason	NOUN
ajfa-193	133	4	for	for	ADP
ajfa-193	133	5	deleting	delete	VERB
ajfa-193	133	6	a	a	DET
ajfa-193	133	7	stock	stock	NOUN
ajfa-193	133	8	from	from	ADP
ajfa-193	133	9	the	the	DET
ajfa-193	133	10	s&p	s&p	PROPN
ajfa-193	133	11	/	/	SYM
ajfa-193	133	12	citic	citic	ADJ
ajfa-193	133	13	index	index	NOUN
ajfa-193	133	14	include	include	VERB
ajfa-193	133	15	acquisition	acquisition	NOUN
ajfa-193	133	16	by	by	ADP
ajfa-193	133	17	another	another	DET
ajfa-193	133	18	company	company	NOUN
ajfa-193	133	19	,	,	PUNCT
ajfa-193	133	20	bankruptcy	bankruptcy	NOUN
ajfa-193	133	21	,	,	PUNCT
ajfa-193	133	22	and	and	CCONJ
ajfa-193	133	23	reorganization	reorganization	NOUN
ajfa-193	133	24	.	.	PUNCT
ajfa-193	134	1	a	a	DET
ajfa-193	134	2	company	company	NOUN
ajfa-193	134	3	may	may	AUX
ajfa-193	134	4	also	also	ADV
ajfa-193	134	5	lose	lose	VERB
ajfa-193	134	6	eligibility	eligibility	NOUN
ajfa-193	134	7	criteria	criterion	NOUN
ajfa-193	134	8	for	for	ADP
ajfa-193	134	9	stock	stock	NOUN
ajfa-193	134	10	inclusion	inclusion	NOUN
ajfa-193	134	11	due	due	ADP
ajfa-193	134	12	to	to	ADP
ajfa-193	134	13	size	size	NOUN
ajfa-193	134	14	or	or	CCONJ
ajfa-193	134	15	liquidity	liquidity	NOUN
ajfa-193	134	16	requirements	requirement	NOUN
ajfa-193	134	17	.	.	PUNCT
ajfa-193	135	1	s&p	s&p	PROPN
ajfa-193	135	2	/	/	SYM
ajfa-193	135	3	citic	citic	PROPN
ajfa-193	135	4	indices	index	NOUN
ajfa-193	135	5	only	only	ADV
ajfa-193	135	6	cover	cover	VERB
ajfa-193	135	7	the	the	DET
ajfa-193	135	8	chinese	chinese	ADJ
ajfa-193	135	9	a	a	DET
ajfa-193	135	10	share	share	NOUN
ajfa-193	135	11	market	market	NOUN
ajfa-193	135	12	.	.	PUNCT
ajfa-193	136	1	2.2	2.2	NUM
ajfa-193	136	2	methodology	methodology	NOUN
ajfa-193	136	3	2.2.1	2.2.1	NUM
ajfa-193	136	4	price	price	NOUN
ajfa-193	136	5	effect	effect	NOUN
ajfa-193	136	6	to	to	PART
ajfa-193	136	7	estimate	estimate	VERB
ajfa-193	136	8	abnormal	abnormal	ADJ
ajfa-193	136	9	share	share	NOUN
ajfa-193	136	10	price	price	NOUN
ajfa-193	136	11	returns	return	NOUN
ajfa-193	136	12	,	,	PUNCT
ajfa-193	136	13	an	an	DET
ajfa-193	136	14	event	event	NOUN
ajfa-193	136	15	study	study	NOUN
ajfa-193	136	16	methodology	methodology	NOUN
ajfa-193	136	17	was	be	AUX
ajfa-193	136	18	applied	apply	VERB
ajfa-193	136	19	.	.	PUNCT
ajfa-193	137	1	the	the	DET
ajfa-193	137	2	estimated	estimate	VERB
ajfa-193	137	3	abnormal	abnormal	ADJ
ajfa-193	137	4	return	return	NOUN
ajfa-193	137	5	is	be	AUX
ajfa-193	137	6	the	the	DET
ajfa-193	137	7	difference	difference	NOUN
ajfa-193	137	8	between	between	ADP
ajfa-193	137	9	the	the	DET
ajfa-193	137	10	realized	realize	VERB
ajfa-193	137	11	return	return	NOUN
ajfa-193	137	12	observed	observe	VERB
ajfa-193	137	13	from	from	ADP
ajfa-193	137	14	the	the	DET
ajfa-193	137	15	11	11	NUM
ajfa-193	137	16	s&p	s&p	PROPN
ajfa-193	137	17	/	/	SYM
ajfa-193	137	18	citic	citic	ADJ
ajfa-193	137	19	indices	index	NOUN
ajfa-193	137	20	only	only	ADV
ajfa-193	137	21	cover	cover	VERB
ajfa-193	137	22	the	the	DET
ajfa-193	137	23	chinese	chinese	ADJ
ajfa-193	137	24	a	a	DET
ajfa-193	137	25	share	share	NOUN
ajfa-193	137	26	market	market	NOUN
ajfa-193	137	27	.	.	PUNCT
ajfa-193	138	1	we	we	PRON
ajfa-193	138	2	also	also	ADV
ajfa-193	138	3	examined	examine	VERB
ajfa-193	138	4	ftse	ftse	PROPN
ajfa-193	138	5	/	/	SYM
ajfa-193	138	6	xinhua	xinhua	PROPN
ajfa-193	138	7	indices	indice	VERB
ajfa-193	138	8	,	,	PUNCT
ajfa-193	138	9	because	because	SCONJ
ajfa-193	138	10	they	they	PRON
ajfa-193	138	11	cover	cover	VERB
ajfa-193	138	12	both	both	DET
ajfa-193	138	13	china	china	PROPN
ajfa-193	138	14	’s	’	VERB
ajfa-193	138	15	a	a	DET
ajfa-193	138	16	shares	share	NOUN
ajfa-193	138	17	and	and	CCONJ
ajfa-193	138	18	b	b	NOUN
ajfa-193	138	19	shares	share	NOUN
ajfa-193	138	20	.	.	PUNCT
ajfa-193	139	1	however	however	ADV
ajfa-193	139	2	,	,	PUNCT
ajfa-193	139	3	we	we	PRON
ajfa-193	139	4	did	do	AUX
ajfa-193	139	5	not	not	PART
ajfa-193	139	6	obtain	obtain	VERB
ajfa-193	139	7	enough	enough	ADJ
ajfa-193	139	8	observations	observation	NOUN
ajfa-193	139	9	(	(	PUNCT
ajfa-193	139	10	only	only	ADV
ajfa-193	139	11	four	four	NUM
ajfa-193	139	12	)	)	PUNCT
ajfa-193	139	13	for	for	ADP
ajfa-193	139	14	b	b	NOUN
ajfa-193	139	15	shares	share	NOUN
ajfa-193	139	16	and	and	CCONJ
ajfa-193	139	17	they	they	PRON
ajfa-193	139	18	were	be	AUX
ajfa-193	139	19	too	too	ADV
ajfa-193	139	20	limited	limited	ADJ
ajfa-193	139	21	to	to	PART
ajfa-193	139	22	warrant	warrant	VERB
ajfa-193	139	23	a	a	DET
ajfa-193	139	24	meaningful	meaningful	ADJ
ajfa-193	139	25	outcome	outcome	NOUN
ajfa-193	139	26	.	.	PUNCT
ajfa-193	140	1	asian	asian	ADJ
ajfa-193	140	2	journal	journal	PROPN
ajfa-193	140	3	of	of	ADP
ajfa-193	140	4	finance	finance	PROPN
ajfa-193	140	5	&	&	CCONJ
ajfa-193	140	6	accounting	accounting	PROPN
ajfa-193	140	7	issn	issn	PROPN
ajfa-193	140	8	1946	1946	NUM
ajfa-193	140	9	-	-	PUNCT
ajfa-193	140	10	052x	052x	NOUN
ajfa-193	140	11	2009	2009	NUM
ajfa-193	140	12	,	,	PUNCT
ajfa-193	140	13	vol	vol	NOUN
ajfa-193	140	14	.	.	PROPN
ajfa-193	140	15	1	1	NUM
ajfa-193	140	16	,	,	PUNCT
ajfa-193	140	17	no	no	INTJ
ajfa-193	140	18	.	.	NOUN
ajfa-193	140	19	2	2	NUM
ajfa-193	140	20	:	:	PUNCT
ajfa-193	140	21	e2	e2	NOUN
ajfa-193	140	22	26	26	NUM
ajfa-193	140	23	market	market	NOUN
ajfa-193	140	24	and	and	CCONJ
ajfa-193	140	25	the	the	DET
ajfa-193	140	26	benchmark	benchmark	NOUN
ajfa-193	140	27	return	return	NOUN
ajfa-193	140	28	.	.	PUNCT
ajfa-193	141	1	the	the	DET
ajfa-193	141	2	return	return	NOUN
ajfa-193	141	3	to	to	ADP
ajfa-193	141	4	the	the	DET
ajfa-193	141	5	market	market	NOUN
ajfa-193	141	6	portfolio	portfolio	NOUN
ajfa-193	141	7	is	be	AUX
ajfa-193	141	8	estimated	estimate	VERB
ajfa-193	141	9	via	via	ADP
ajfa-193	141	10	both	both	PRON
ajfa-193	141	11	ordinary	ordinary	ADJ
ajfa-193	141	12	least	least	ADJ
ajfa-193	141	13	square	square	ADJ
ajfa-193	141	14	(	(	PUNCT
ajfa-193	141	15	ols	ol	NOUN
ajfa-193	141	16	)	)	PUNCT
ajfa-193	141	17	and	and	CCONJ
ajfa-193	141	18	scholes	schole	NOUN
ajfa-193	141	19	and	and	CCONJ
ajfa-193	141	20	william	william	PROPN
ajfa-193	141	21	(	(	PUNCT
ajfa-193	141	22	1997	1997	NUM
ajfa-193	141	23	)	)	PUNCT
ajfa-193	141	24	procedures	procedure	NOUN
ajfa-193	141	25	.	.	PUNCT
ajfa-193	142	1	the	the	DET
ajfa-193	142	2	latter	latter	ADJ
ajfa-193	142	3	method	method	NOUN
ajfa-193	142	4	is	be	AUX
ajfa-193	142	5	usually	usually	ADV
ajfa-193	142	6	used	use	VERB
ajfa-193	142	7	when	when	SCONJ
ajfa-193	142	8	stocks	stock	NOUN
ajfa-193	142	9	do	do	AUX
ajfa-193	142	10	not	not	PART
ajfa-193	142	11	trade	trade	VERB
ajfa-193	142	12	at	at	ADP
ajfa-193	142	13	the	the	DET
ajfa-193	142	14	same	same	ADJ
ajfa-193	142	15	level	level	NOUN
ajfa-193	142	16	of	of	ADP
ajfa-193	142	17	frequency	frequency	NOUN
ajfa-193	142	18	as	as	SCONJ
ajfa-193	142	19	the	the	DET
ajfa-193	142	20	market	market	NOUN
ajfa-193	142	21	index	index	NOUN
ajfa-193	142	22	and	and	CCONJ
ajfa-193	142	23	ols	ol	NOUN
ajfa-193	142	24	may	may	AUX
ajfa-193	142	25	produce	produce	VERB
ajfa-193	142	26	biased	biased	ADJ
ajfa-193	142	27	beta	beta	ADJ
ajfa-193	142	28	estimates	estimate	NOUN
ajfa-193	142	29	.	.	PUNCT
ajfa-193	143	1	this	this	DET
ajfa-193	143	2	problem	problem	NOUN
ajfa-193	143	3	is	be	AUX
ajfa-193	143	4	exacerbated	exacerbate	VERB
ajfa-193	143	5	for	for	ADP
ajfa-193	143	6	infrequently	infrequently	ADV
ajfa-193	143	7	or	or	CCONJ
ajfa-193	143	8	thinly	thinly	ADV
ajfa-193	143	9	traded	trade	VERB
ajfa-193	143	10	stocks	stock	NOUN
ajfa-193	143	11	as	as	SCONJ
ajfa-193	143	12	the	the	DET
ajfa-193	143	13	sampling	sampling	NOUN
ajfa-193	143	14	interval	interval	NOUN
ajfa-193	143	15	is	be	AUX
ajfa-193	143	16	reduced	reduce	VERB
ajfa-193	143	17	12	12	NUM
ajfa-193	143	18	.	.	PUNCT
ajfa-193	144	1	the	the	DET
ajfa-193	144	2	advantages	advantage	NOUN
ajfa-193	144	3	of	of	ADP
ajfa-193	144	4	these	these	DET
ajfa-193	144	5	models	model	NOUN
ajfa-193	144	6	are	be	AUX
ajfa-193	144	7	that	that	SCONJ
ajfa-193	144	8	they	they	PRON
ajfa-193	144	9	control	control	VERB
ajfa-193	144	10	for	for	ADP
ajfa-193	144	11	the	the	DET
ajfa-193	144	12	effect	effect	NOUN
ajfa-193	144	13	of	of	ADP
ajfa-193	144	14	market	market	NOUN
ajfa-193	144	15	movements	movement	NOUN
ajfa-193	144	16	through	through	ADP
ajfa-193	144	17	the	the	DET
ajfa-193	144	18	market	market	NOUN
ajfa-193	144	19	portfolio	portfolio	NOUN
ajfa-193	144	20	,	,	PUNCT
ajfa-193	144	21	and	and	CCONJ
ajfa-193	144	22	also	also	ADV
ajfa-193	144	23	allow	allow	VERB
ajfa-193	144	24	for	for	ADP
ajfa-193	144	25	an	an	DET
ajfa-193	144	26	individual	individual	ADJ
ajfa-193	144	27	security	security	NOUN
ajfa-193	144	28	’s	’s	PART
ajfa-193	144	29	responsiveness	responsiveness	NOUN
ajfa-193	144	30	as	as	SCONJ
ajfa-193	144	31	measured	measure	VERB
ajfa-193	144	32	by	by	ADP
ajfa-193	144	33	beta	beta	NOUN
ajfa-193	144	34	.	.	PUNCT
ajfa-193	145	1	return	return	NOUN
ajfa-193	145	2	on	on	ADP
ajfa-193	145	3	the	the	DET
ajfa-193	145	4	s&p	s&p	PROPN
ajfa-193	145	5	/	/	SYM
ajfa-193	145	6	citic	citic	ADJ
ajfa-193	145	7	300	300	NUM
ajfa-193	145	8	index	index	NOUN
ajfa-193	145	9	was	be	AUX
ajfa-193	145	10	used	use	VERB
ajfa-193	145	11	as	as	ADP
ajfa-193	145	12	a	a	DET
ajfa-193	145	13	proxy	proxy	NOUN
ajfa-193	145	14	for	for	ADP
ajfa-193	145	15	the	the	DET
ajfa-193	145	16	market	market	NOUN
ajfa-193	145	17	rate	rate	NOUN
ajfa-193	145	18	of	of	ADP
ajfa-193	145	19	return	return	NOUN
ajfa-193	145	20	.	.	PUNCT
ajfa-193	146	1	defining	define	VERB
ajfa-193	146	2	an	an	DET
ajfa-193	146	3	event	event	NOUN
ajfa-193	146	4	date	date	NOUN
ajfa-193	146	5	is	be	AUX
ajfa-193	146	6	an	an	DET
ajfa-193	146	7	important	important	ADJ
ajfa-193	146	8	issue	issue	NOUN
ajfa-193	146	9	in	in	ADP
ajfa-193	146	10	event	event	NOUN
ajfa-193	146	11	studies	study	NOUN
ajfa-193	146	12	.	.	PUNCT
ajfa-193	147	1	we	we	PRON
ajfa-193	147	2	defined	define	VERB
ajfa-193	147	3	the	the	DET
ajfa-193	147	4	event	event	NOUN
ajfa-193	147	5	date	date	NOUN
ajfa-193	147	6	as	as	ADP
ajfa-193	147	7	the	the	DET
ajfa-193	147	8	day	day	NOUN
ajfa-193	147	9	that	that	SCONJ
ajfa-193	147	10	a	a	DET
ajfa-193	147	11	stock	stock	NOUN
ajfa-193	147	12	is	be	AUX
ajfa-193	147	13	added	add	VERB
ajfa-193	147	14	or	or	CCONJ
ajfa-193	147	15	deleted	delete	VERB
ajfa-193	147	16	from	from	ADP
ajfa-193	147	17	the	the	DET
ajfa-193	147	18	s&p	s&p	PROPN
ajfa-193	147	19	/	/	SYM
ajfa-193	147	20	citic	citic	ADJ
ajfa-193	147	21	300	300	NUM
ajfa-193	147	22	index	index	NOUN
ajfa-193	147	23	.	.	PUNCT
ajfa-193	148	1	s&p	s&p	PROPN
ajfa-193	148	2	/	/	SYM
ajfa-193	148	3	citic	citic	PROPN
ajfa-193	148	4	index	index	NOUN
ajfa-193	148	5	information	information	PROPN
ajfa-193	148	6	services	services	PROPN
ajfa-193	148	7	co.	co.	PROPN
ajfa-193	148	8	,	,	PUNCT
ajfa-193	148	9	ltd	ltd	PROPN
ajfa-193	148	10	.	.	PROPN
ajfa-193	148	11	announces	announce	VERB
ajfa-193	148	12	the	the	DET
ajfa-193	148	13	stock	stock	NOUN
ajfa-193	148	14	addition	addition	NOUN
ajfa-193	148	15	and	and	CCONJ
ajfa-193	148	16	deletion	deletion	NOUN
ajfa-193	148	17	after	after	ADP
ajfa-193	148	18	the	the	DET
ajfa-193	148	19	close	close	NOUN
ajfa-193	148	20	of	of	ADP
ajfa-193	148	21	trading	trading	NOUN
ajfa-193	148	22	,	,	PUNCT
ajfa-193	148	23	so	so	CCONJ
ajfa-193	148	24	the	the	DET
ajfa-193	148	25	trading	trading	NOUN
ajfa-193	148	26	day	day	NOUN
ajfa-193	148	27	following	follow	VERB
ajfa-193	148	28	the	the	DET
ajfa-193	148	29	day	day	NOUN
ajfa-193	148	30	on	on	ADP
ajfa-193	148	31	which	which	PRON
ajfa-193	148	32	the	the	DET
ajfa-193	148	33	index	index	NOUN
ajfa-193	148	34	announcement	announcement	NOUN
ajfa-193	148	35	is	be	AUX
ajfa-193	148	36	made	make	VERB
ajfa-193	148	37	is	be	AUX
ajfa-193	148	38	regarded	regard	VERB
ajfa-193	148	39	as	as	ADP
ajfa-193	148	40	the	the	DET
ajfa-193	148	41	event	event	NOUN
ajfa-193	148	42	day	day	NOUN
ajfa-193	148	43	.	.	PUNCT
ajfa-193	149	1	for	for	ADP
ajfa-193	149	2	each	each	DET
ajfa-193	149	3	event	event	NOUN
ajfa-193	149	4	,	,	PUNCT
ajfa-193	149	5	the	the	DET
ajfa-193	149	6	return	return	NOUN
ajfa-193	149	7	time	time	NOUN
ajfa-193	149	8	series	series	PROPN
ajfa-193	149	9	data	datum	NOUN
ajfa-193	149	10	are	be	AUX
ajfa-193	149	11	divided	divide	VERB
ajfa-193	149	12	into	into	ADP
ajfa-193	149	13	an	an	DET
ajfa-193	149	14	estimation	estimation	NOUN
ajfa-193	149	15	period	period	NOUN
ajfa-193	149	16	and	and	CCONJ
ajfa-193	149	17	an	an	DET
ajfa-193	149	18	event	event	NOUN
ajfa-193	149	19	window	window	NOUN
ajfa-193	149	20	.	.	PUNCT
ajfa-193	150	1	the	the	DET
ajfa-193	150	2	estimation	estimation	NOUN
ajfa-193	150	3	time	time	NOUN
ajfa-193	150	4	series	series	PROPN
ajfa-193	150	5	data	datum	NOUN
ajfa-193	150	6	are	be	AUX
ajfa-193	150	7	used	use	VERB
ajfa-193	150	8	to	to	PART
ajfa-193	150	9	calculate	calculate	VERB
ajfa-193	150	10	the	the	DET
ajfa-193	150	11	benchmark	benchmark	NOUN
ajfa-193	150	12	parameters	parameter	NOUN
ajfa-193	150	13	,	,	PUNCT
ajfa-193	150	14	and	and	CCONJ
ajfa-193	150	15	the	the	DET
ajfa-193	150	16	event	event	NOUN
ajfa-193	150	17	window	window	NOUN
ajfa-193	150	18	period	period	NOUN
ajfa-193	150	19	is	be	AUX
ajfa-193	150	20	used	use	VERB
ajfa-193	150	21	for	for	ADP
ajfa-193	150	22	computing	compute	VERB
ajfa-193	150	23	prediction	prediction	NOUN
ajfa-193	150	24	errors	error	NOUN
ajfa-193	150	25	based	base	VERB
ajfa-193	150	26	on	on	ADP
ajfa-193	150	27	the	the	DET
ajfa-193	150	28	estimated	estimate	VERB
ajfa-193	150	29	parameters	parameter	NOUN
ajfa-193	150	30	.	.	PUNCT
ajfa-193	151	1	the	the	DET
ajfa-193	151	2	abnormal	abnormal	ADJ
ajfa-193	151	3	returns	return	NOUN
ajfa-193	151	4	are	be	AUX
ajfa-193	151	5	represented	represent	VERB
ajfa-193	151	6	by	by	ADP
ajfa-193	151	7	the	the	DET
ajfa-193	151	8	prediction	prediction	NOUN
ajfa-193	151	9	errors	error	NOUN
ajfa-193	151	10	.	.	PUNCT
ajfa-193	152	1	the	the	DET
ajfa-193	152	2	abnormal	abnormal	ADJ
ajfa-193	152	3	returns	return	NOUN
ajfa-193	152	4	over	over	ADP
ajfa-193	152	5	the	the	DET
ajfa-193	152	6	event	event	NOUN
ajfa-193	152	7	windows	window	NOUN
ajfa-193	152	8	can	can	AUX
ajfa-193	152	9	be	be	AUX
ajfa-193	152	10	interpreted	interpret	VERB
ajfa-193	152	11	as	as	ADP
ajfa-193	152	12	a	a	DET
ajfa-193	152	13	measure	measure	NOUN
ajfa-193	152	14	of	of	ADP
ajfa-193	152	15	the	the	DET
ajfa-193	152	16	effect	effect	NOUN
ajfa-193	152	17	of	of	ADP
ajfa-193	152	18	the	the	DET
ajfa-193	152	19	event	event	NOUN
ajfa-193	152	20	on	on	ADP
ajfa-193	152	21	the	the	DET
ajfa-193	152	22	value	value	NOUN
ajfa-193	152	23	of	of	ADP
ajfa-193	152	24	the	the	DET
ajfa-193	152	25	firms	firm	NOUN
ajfa-193	152	26	,	,	PUNCT
ajfa-193	152	27	which	which	PRON
ajfa-193	152	28	is	be	AUX
ajfa-193	152	29	reflected	reflect	VERB
ajfa-193	152	30	in	in	ADP
ajfa-193	152	31	their	their	PRON
ajfa-193	152	32	share	share	NOUN
ajfa-193	152	33	price	price	NOUN
ajfa-193	152	34	.	.	PUNCT
ajfa-193	153	1	the	the	DET
ajfa-193	153	2	length	length	NOUN
ajfa-193	153	3	of	of	ADP
ajfa-193	153	4	the	the	DET
ajfa-193	153	5	event	event	NOUN
ajfa-193	153	6	window	window	NOUN
ajfa-193	153	7	varies	vary	VERB
ajfa-193	153	8	across	across	ADP
ajfa-193	153	9	prior	prior	ADJ
ajfa-193	153	10	studies	study	NOUN
ajfa-193	153	11	.	.	PUNCT
ajfa-193	154	1	dhillon	dhillon	PROPN
ajfa-193	154	2	and	and	CCONJ
ajfa-193	154	3	johnson	johnson	PROPN
ajfa-193	154	4	(	(	PUNCT
ajfa-193	154	5	1991	1991	NUM
ajfa-193	154	6	)	)	PUNCT
ajfa-193	154	7	estimated	estimate	VERB
ajfa-193	154	8	the	the	DET
ajfa-193	154	9	event	event	NOUN
ajfa-193	154	10	window	window	NOUN
ajfa-193	154	11	over	over	ADP
ajfa-193	154	12	the	the	DET
ajfa-193	154	13	period	period	NOUN
ajfa-193	154	14	starting	start	VERB
ajfa-193	154	15	10	10	NUM
ajfa-193	154	16	days	day	NOUN
ajfa-193	154	17	before	before	ADP
ajfa-193	154	18	the	the	DET
ajfa-193	154	19	event	event	NOUN
ajfa-193	154	20	and	and	CCONJ
ajfa-193	154	21	ending	end	VERB
ajfa-193	154	22	20	20	NUM
ajfa-193	154	23	days	day	NOUN
ajfa-193	154	24	after	after	ADP
ajfa-193	154	25	the	the	DET
ajfa-193	154	26	event	event	NOUN
ajfa-193	154	27	.	.	PUNCT
ajfa-193	155	1	harris	harris	PROPN
ajfa-193	155	2	and	and	CCONJ
ajfa-193	155	3	gurel	gurel	PROPN
ajfa-193	155	4	(	(	PUNCT
ajfa-193	155	5	1986	1986	NUM
ajfa-193	155	6	)	)	PUNCT
ajfa-193	155	7	extended	extend	VERB
ajfa-193	155	8	the	the	DET
ajfa-193	155	9	post	post	NOUN
ajfa-193	155	10	event	event	NOUN
ajfa-193	155	11	window	window	NOUN
ajfa-193	155	12	by	by	ADP
ajfa-193	155	13	10	10	NUM
ajfa-193	155	14	days	day	NOUN
ajfa-193	155	15	(	(	PUNCT
ajfa-193	155	16	–	–	PUNCT
ajfa-193	155	17	10	10	NUM
ajfa-193	155	18	,	,	PUNCT
ajfa-193	155	19	30	30	NUM
ajfa-193	155	20	)	)	PUNCT
ajfa-193	155	21	.	.	PUNCT
ajfa-193	156	1	shleifer	shleifer	PROPN
ajfa-193	156	2	(	(	PUNCT
ajfa-193	156	3	1986	1986	NUM
ajfa-193	156	4	)	)	PUNCT
ajfa-193	156	5	has	have	VERB
ajfa-193	156	6	symmetric	symmetric	ADJ
ajfa-193	156	7	pre	pre	NOUN
ajfa-193	156	8	-	-	NOUN
ajfa-193	156	9	event	event	NOUN
ajfa-193	156	10	and	and	CCONJ
ajfa-193	156	11	post	post	ADJ
ajfa-193	156	12	-	-	ADJ
ajfa-193	156	13	event	event	ADJ
ajfa-193	156	14	windows	window	NOUN
ajfa-193	156	15	,	,	PUNCT
ajfa-193	156	16	which	which	PRON
ajfa-193	156	17	are	be	AUX
ajfa-193	156	18	20	20	NUM
ajfa-193	156	19	days	day	NOUN
ajfa-193	156	20	before	before	ADP
ajfa-193	156	21	to	to	ADP
ajfa-193	156	22	20	20	NUM
ajfa-193	156	23	days	day	NOUN
ajfa-193	156	24	after	after	ADP
ajfa-193	156	25	the	the	DET
ajfa-193	156	26	event	event	NOUN
ajfa-193	156	27	.	.	PUNCT
ajfa-193	157	1	since	since	SCONJ
ajfa-193	157	2	the	the	DET
ajfa-193	157	3	chinese	chinese	ADJ
ajfa-193	157	4	market	market	NOUN
ajfa-193	157	5	is	be	AUX
ajfa-193	157	6	relatively	relatively	ADV
ajfa-193	157	7	less	less	ADV
ajfa-193	157	8	efficient	efficient	ADJ
ajfa-193	157	9	and	and	CCONJ
ajfa-193	157	10	the	the	DET
ajfa-193	157	11	impact	impact	NOUN
ajfa-193	157	12	of	of	ADP
ajfa-193	157	13	events	event	NOUN
ajfa-193	157	14	can	can	AUX
ajfa-193	157	15	last	last	VERB
ajfa-193	157	16	longer	long	ADV
ajfa-193	157	17	,	,	PUNCT
ajfa-193	157	18	we	we	PRON
ajfa-193	157	19	extended	extend	VERB
ajfa-193	157	20	the	the	DET
ajfa-193	157	21	event	event	NOUN
ajfa-193	157	22	window	window	NOUN
ajfa-193	157	23	from	from	ADP
ajfa-193	157	24	30	30	NUM
ajfa-193	157	25	days	day	NOUN
ajfa-193	157	26	before	before	ADP
ajfa-193	157	27	to	to	ADP
ajfa-193	157	28	45	45	NUM
ajfa-193	157	29	days	day	NOUN
ajfa-193	157	30	after	after	ADP
ajfa-193	157	31	the	the	DET
ajfa-193	157	32	event	event	NOUN
ajfa-193	157	33	.	.	PUNCT
ajfa-193	158	1	the	the	DET
ajfa-193	158	2	asymmetric	asymmetric	ADJ
ajfa-193	158	3	event	event	NOUN
ajfa-193	158	4	window	window	NOUN
ajfa-193	158	5	was	be	AUX
ajfa-193	158	6	chosen	choose	VERB
ajfa-193	158	7	to	to	PART
ajfa-193	158	8	examine	examine	VERB
ajfa-193	158	9	the	the	DET
ajfa-193	158	10	12	12	NUM
ajfa-193	158	11	the	the	DET
ajfa-193	158	12	frequency	frequency	NOUN
ajfa-193	158	13	of	of	ADP
ajfa-193	158	14	trading	trading	NOUN
ajfa-193	158	15	declines	decline	NOUN
ajfa-193	158	16	with	with	ADP
ajfa-193	158	17	the	the	DET
ajfa-193	158	18	reduction	reduction	NOUN
ajfa-193	158	19	in	in	ADP
ajfa-193	158	20	the	the	DET
ajfa-193	158	21	sampling	sampling	NOUN
ajfa-193	158	22	interval	interval	NOUN
ajfa-193	158	23	.	.	PUNCT
ajfa-193	159	1	asian	asian	ADJ
ajfa-193	159	2	journal	journal	PROPN
ajfa-193	159	3	of	of	ADP
ajfa-193	159	4	finance	finance	PROPN
ajfa-193	159	5	&	&	CCONJ
ajfa-193	159	6	accounting	accounting	PROPN
ajfa-193	159	7	issn	issn	PROPN
ajfa-193	159	8	1946	1946	NUM
ajfa-193	159	9	-	-	PUNCT
ajfa-193	159	10	052x	052x	NOUN
ajfa-193	159	11	2009	2009	NUM
ajfa-193	159	12	,	,	PUNCT
ajfa-193	159	13	vol	vol	NOUN
ajfa-193	159	14	.	.	PROPN
ajfa-193	159	15	1	1	NUM
ajfa-193	159	16	,	,	PUNCT
ajfa-193	159	17	no	no	INTJ
ajfa-193	159	18	.	.	NOUN
ajfa-193	159	19	2	2	NUM
ajfa-193	159	20	:	:	PUNCT
ajfa-193	159	21	e2	e2	NOUN
ajfa-193	159	22	27	27	NUM
ajfa-193	159	23	longer	long	ADJ
ajfa-193	159	24	-	-	PUNCT
ajfa-193	159	25	term	term	NOUN
ajfa-193	159	26	effect	effect	NOUN
ajfa-193	159	27	of	of	ADP
ajfa-193	159	28	excess	excess	ADJ
ajfa-193	159	29	returns	return	NOUN
ajfa-193	159	30	on	on	ADP
ajfa-193	159	31	post	post	ADJ
ajfa-193	159	32	-	-	ADJ
ajfa-193	159	33	event	event	ADJ
ajfa-193	159	34	periods	period	NOUN
ajfa-193	159	35	.	.	PUNCT
ajfa-193	160	1	however	however	ADV
ajfa-193	160	2	,	,	PUNCT
ajfa-193	160	3	it	it	PRON
ajfa-193	160	4	is	be	AUX
ajfa-193	160	5	likely	likely	ADJ
ajfa-193	160	6	that	that	SCONJ
ajfa-193	160	7	the	the	DET
ajfa-193	160	8	analysis	analysis	NOUN
ajfa-193	160	9	based	base	VERB
ajfa-193	160	10	on	on	ADP
ajfa-193	160	11	a	a	DET
ajfa-193	160	12	long	long	ADJ
ajfa-193	160	13	event	event	NOUN
ajfa-193	160	14	window	window	NOUN
ajfa-193	160	15	becomes	becomes	AUX
ajfa-193	160	16	biased	bias	VERB
ajfa-193	160	17	by	by	ADP
ajfa-193	160	18	noise	noise	NOUN
ajfa-193	160	19	from	from	ADP
ajfa-193	160	20	other	other	ADJ
ajfa-193	160	21	events	event	NOUN
ajfa-193	160	22	,	,	PUNCT
ajfa-193	160	23	especially	especially	ADV
ajfa-193	160	24	in	in	ADP
ajfa-193	160	25	such	such	DET
ajfa-193	160	26	a	a	DET
ajfa-193	160	27	large	large	ADJ
ajfa-193	160	28	market	market	NOUN
ajfa-193	160	29	in	in	ADP
ajfa-193	160	30	china	china	PROPN
ajfa-193	160	31	.	.	PUNCT
ajfa-193	161	1	as	as	ADP
ajfa-193	161	2	a	a	DET
ajfa-193	161	3	result	result	NOUN
ajfa-193	161	4	,	,	PUNCT
ajfa-193	161	5	we	we	PRON
ajfa-193	161	6	repeated	repeat	VERB
ajfa-193	161	7	the	the	DET
ajfa-193	161	8	tests	test	NOUN
ajfa-193	161	9	based	base	VERB
ajfa-193	161	10	on	on	ADP
ajfa-193	161	11	shorter	short	ADJ
ajfa-193	161	12	windows	window	NOUN
ajfa-193	161	13	of	of	ADP
ajfa-193	161	14	(	(	PUNCT
ajfa-193	161	15	–	–	PUNCT
ajfa-193	161	16	5	5	NUM
ajfa-193	161	17	,	,	PUNCT
ajfa-193	161	18	5	5	NUM
ajfa-193	161	19	)	)	PUNCT
ajfa-193	161	20	,	,	PUNCT
ajfa-193	161	21	(	(	PUNCT
ajfa-193	161	22	–	–	PUNCT
ajfa-193	161	23	10	10	NUM
ajfa-193	161	24	,	,	PUNCT
ajfa-193	161	25	10	10	NUM
ajfa-193	161	26	)	)	PUNCT
ajfa-193	161	27	,	,	PUNCT
ajfa-193	161	28	(	(	PUNCT
ajfa-193	161	29	–	–	PUNCT
ajfa-193	161	30	20	20	NUM
ajfa-193	161	31	,	,	PUNCT
ajfa-193	161	32	20	20	NUM
ajfa-193	161	33	)	)	PUNCT
ajfa-193	161	34	to	to	PART
ajfa-193	161	35	make	make	VERB
ajfa-193	161	36	sure	sure	ADJ
ajfa-193	161	37	that	that	SCONJ
ajfa-193	161	38	our	our	PRON
ajfa-193	161	39	estimates	estimate	NOUN
ajfa-193	161	40	are	be	AUX
ajfa-193	161	41	robust	robust	ADJ
ajfa-193	161	42	.	.	PUNCT
ajfa-193	162	1	the	the	DET
ajfa-193	162	2	normal	normal	ADJ
ajfa-193	162	3	returns	return	NOUN
ajfa-193	162	4	of	of	ADP
ajfa-193	162	5	stocks	stock	NOUN
ajfa-193	162	6	are	be	AUX
ajfa-193	162	7	the	the	DET
ajfa-193	162	8	expected	expect	VERB
ajfa-193	162	9	returns	return	NOUN
ajfa-193	162	10	if	if	SCONJ
ajfa-193	162	11	there	there	PRON
ajfa-193	162	12	are	be	VERB
ajfa-193	162	13	no	no	DET
ajfa-193	162	14	events	event	NOUN
ajfa-193	162	15	.	.	PUNCT
ajfa-193	163	1	the	the	DET
ajfa-193	163	2	normal	normal	ADJ
ajfa-193	163	3	returns	return	NOUN
ajfa-193	163	4	are	be	AUX
ajfa-193	163	5	estimated	estimate	VERB
ajfa-193	163	6	over	over	ADP
ajfa-193	163	7	a	a	DET
ajfa-193	163	8	period	period	NOUN
ajfa-193	163	9	of	of	ADP
ajfa-193	163	10	time	time	NOUN
ajfa-193	163	11	outside	outside	ADP
ajfa-193	163	12	the	the	DET
ajfa-193	163	13	event	event	NOUN
ajfa-193	163	14	window	window	NOUN
ajfa-193	163	15	(	(	PUNCT
ajfa-193	163	16	peterson	peterson	NOUN
ajfa-193	163	17	,	,	PUNCT
ajfa-193	163	18	1989	1989	NUM
ajfa-193	163	19	)	)	PUNCT
ajfa-193	163	20	.	.	PUNCT
ajfa-193	164	1	for	for	ADP
ajfa-193	164	2	applications	application	NOUN
ajfa-193	164	3	in	in	ADP
ajfa-193	164	4	which	which	PRON
ajfa-193	164	5	the	the	DET
ajfa-193	164	6	determinants	determinant	NOUN
ajfa-193	164	7	of	of	ADP
ajfa-193	164	8	the	the	DET
ajfa-193	164	9	normal	normal	ADJ
ajfa-193	164	10	return	return	NOUN
ajfa-193	164	11	are	be	AUX
ajfa-193	164	12	expected	expect	VERB
ajfa-193	164	13	to	to	PART
ajfa-193	164	14	change	change	VERB
ajfa-193	164	15	due	due	ADP
ajfa-193	164	16	to	to	ADP
ajfa-193	164	17	the	the	DET
ajfa-193	164	18	event	event	NOUN
ajfa-193	164	19	,	,	PUNCT
ajfa-193	164	20	the	the	DET
ajfa-193	164	21	estimation	estimation	NOUN
ajfa-193	164	22	period	period	NOUN
ajfa-193	164	23	can	can	AUX
ajfa-193	164	24	fall	fall	VERB
ajfa-193	164	25	on	on	ADP
ajfa-193	164	26	both	both	DET
ajfa-193	164	27	sides	side	NOUN
ajfa-193	164	28	of	of	ADP
ajfa-193	164	29	the	the	DET
ajfa-193	164	30	event	event	NOUN
ajfa-193	164	31	window	window	NOUN
ajfa-193	164	32	.	.	PUNCT
ajfa-193	165	1	in	in	ADP
ajfa-193	165	2	this	this	DET
ajfa-193	165	3	study	study	NOUN
ajfa-193	165	4	,	,	PUNCT
ajfa-193	165	5	the	the	DET
ajfa-193	165	6	estimation	estimation	NOUN
ajfa-193	165	7	period	period	NOUN
ajfa-193	165	8	commences	commence	VERB
ajfa-193	165	9	150	150	NUM
ajfa-193	165	10	trading	trading	NOUN
ajfa-193	165	11	days	day	NOUN
ajfa-193	165	12	before	before	ADV
ajfa-193	165	13	and	and	CCONJ
ajfa-193	165	14	ends	end	VERB
ajfa-193	165	15	150	150	NUM
ajfa-193	165	16	trading	trading	NOUN
ajfa-193	165	17	days	day	NOUN
ajfa-193	165	18	after	after	ADP
ajfa-193	165	19	the	the	DET
ajfa-193	165	20	announcement	announcement	NOUN
ajfa-193	165	21	dates	date	VERB
ajfa-193	165	22	,	,	PUNCT
ajfa-193	165	23	excluding	exclude	VERB
ajfa-193	165	24	the	the	DET
ajfa-193	165	25	event	event	NOUN
ajfa-193	165	26	period	period	NOUN
ajfa-193	165	27	of	of	ADP
ajfa-193	165	28	day	day	NOUN
ajfa-193	165	29	–	–	PUNCT
ajfa-193	165	30	30	30	NUM
ajfa-193	165	31	to	to	ADP
ajfa-193	165	32	day	day	NOUN
ajfa-193	165	33	45	45	NUM
ajfa-193	165	34	.	.	PUNCT
ajfa-193	166	1	as	as	ADP
ajfa-193	166	2	a	a	DET
ajfa-193	166	3	result	result	NOUN
ajfa-193	166	4	,	,	PUNCT
ajfa-193	166	5	the	the	DET
ajfa-193	166	6	estimation	estimation	NOUN
ajfa-193	166	7	period	period	NOUN
ajfa-193	166	8	consists	consist	VERB
ajfa-193	166	9	of	of	ADP
ajfa-193	166	10	day	day	NOUN
ajfa-193	166	11	–	–	PUNCT
ajfa-193	166	12	150	150	NUM
ajfa-193	166	13	to	to	ADP
ajfa-193	166	14	day	day	NOUN
ajfa-193	166	15	–	–	PUNCT
ajfa-193	166	16	31	31	NUM
ajfa-193	166	17	and	and	CCONJ
ajfa-193	166	18	day	day	NOUN
ajfa-193	166	19	46	46	NUM
ajfa-193	166	20	to	to	ADP
ajfa-193	166	21	day	day	NOUN
ajfa-193	166	22	150	150	NUM
ajfa-193	166	23	.	.	PUNCT
ajfa-193	167	1	to	to	PART
ajfa-193	167	2	avoid	avoid	VERB
ajfa-193	167	3	biasing	bias	VERB
ajfa-193	167	4	the	the	DET
ajfa-193	167	5	parameter	parameter	NOUN
ajfa-193	167	6	estimates	estimate	NOUN
ajfa-193	167	7	in	in	ADP
ajfa-193	167	8	the	the	DET
ajfa-193	167	9	direction	direction	NOUN
ajfa-193	167	10	of	of	ADP
ajfa-193	167	11	the	the	DET
ajfa-193	167	12	event	event	NOUN
ajfa-193	167	13	effect	effect	NOUN
ajfa-193	167	14	,	,	PUNCT
ajfa-193	167	15	we	we	PRON
ajfa-193	167	16	did	do	AUX
ajfa-193	167	17	not	not	PART
ajfa-193	167	18	allow	allow	VERB
ajfa-193	167	19	the	the	DET
ajfa-193	167	20	event	event	NOUN
ajfa-193	167	21	period	period	NOUN
ajfa-193	167	22	to	to	PART
ajfa-193	167	23	overlap	overlap	VERB
ajfa-193	167	24	with	with	ADP
ajfa-193	167	25	the	the	DET
ajfa-193	167	26	estimation	estimation	NOUN
ajfa-193	167	27	period	period	NOUN
ajfa-193	167	28	.	.	PUNCT
ajfa-193	168	1	the	the	DET
ajfa-193	168	2	following	follow	VERB
ajfa-193	168	3	section	section	NOUN
ajfa-193	168	4	describes	describe	VERB
ajfa-193	168	5	the	the	DET
ajfa-193	168	6	event	event	NOUN
ajfa-193	168	7	study	study	NOUN
ajfa-193	168	8	methodology	methodology	NOUN
ajfa-193	168	9	that	that	PRON
ajfa-193	168	10	we	we	PRON
ajfa-193	168	11	used	use	VERB
ajfa-193	168	12	in	in	ADP
ajfa-193	168	13	our	our	PRON
ajfa-193	168	14	study	study	NOUN
ajfa-193	168	15	.	.	PUNCT
ajfa-193	169	1	mackinlay	mackinlay	NOUN
ajfa-193	169	2	(	(	PUNCT
ajfa-193	169	3	1997	1997	NUM
ajfa-193	169	4	)	)	PUNCT
ajfa-193	169	5	,	,	PUNCT
ajfa-193	169	6	and	and	CCONJ
ajfa-193	169	7	kothari	kothari	PROPN
ajfa-193	169	8	and	and	CCONJ
ajfa-193	169	9	warner	warner	PROPN
ajfa-193	169	10	(	(	PUNCT
ajfa-193	169	11	2004	2004	NUM
ajfa-193	169	12	)	)	PUNCT
ajfa-193	169	13	have	have	AUX
ajfa-193	169	14	provided	provide	VERB
ajfa-193	169	15	a	a	DET
ajfa-193	169	16	survey	survey	NOUN
ajfa-193	169	17	of	of	ADP
ajfa-193	169	18	event	event	NOUN
ajfa-193	169	19	study	study	NOUN
ajfa-193	169	20	models	model	NOUN
ajfa-193	169	21	,	,	PUNCT
ajfa-193	169	22	and	and	CCONJ
ajfa-193	169	23	we	we	PRON
ajfa-193	169	24	closely	closely	ADV
ajfa-193	169	25	follow	follow	VERB
ajfa-193	169	26	their	their	PRON
ajfa-193	169	27	papers	paper	NOUN
ajfa-193	169	28	to	to	PART
ajfa-193	169	29	describe	describe	VERB
ajfa-193	169	30	the	the	DET
ajfa-193	169	31	models	model	NOUN
ajfa-193	169	32	here	here	ADV
ajfa-193	169	33	.	.	PUNCT
ajfa-193	170	1	we	we	PRON
ajfa-193	170	2	define	define	VERB
ajfa-193	170	3	the	the	DET
ajfa-193	170	4	market	market	NOUN
ajfa-193	170	5	model	model	NOUN
ajfa-193	170	6	we	we	PRON
ajfa-193	170	7	used	use	VERB
ajfa-193	170	8	in	in	ADP
ajfa-193	170	9	our	our	PRON
ajfa-193	170	10	study	study	NOUN
ajfa-193	170	11	according	accord	VERB
ajfa-193	170	12	to	to	ADP
ajfa-193	170	13	the	the	DET
ajfa-193	170	14	following	follow	VERB
ajfa-193	170	15	equation	equation	NOUN
ajfa-193	170	16	:	:	PUNCT
ajfa-193	170	17	itmtiiit	itmtiiit	PROPN
ajfa-193	170	18	rr	rr	PROPN
ajfa-193	170	19			PROPN
ajfa-193	170	20			PROPN
ajfa-193	170	21	,	,	PUNCT
ajfa-193	170	22	(	(	PUNCT
ajfa-193	170	23	1	1	X
ajfa-193	170	24	)	)	PUNCT
ajfa-193	170	25	where	where	SCONJ
ajfa-193	170	26	:	:	PUNCT
ajfa-193	170	27			PRON
ajfa-193	170	28	rit	rit	PROPN
ajfa-193	170	29	is	be	AUX
ajfa-193	170	30	the	the	DET
ajfa-193	170	31	return	return	NOUN
ajfa-193	170	32	on	on	ADP
ajfa-193	170	33	firm	firm	ADJ
ajfa-193	170	34	i	i	PRON
ajfa-193	170	35	at	at	ADP
ajfa-193	170	36	time	time	NOUN
ajfa-193	170	37	t.	t.	NOUN
ajfa-193	170	38			NOUN
ajfa-193	170	39	rmt	rmt	NOUN
ajfa-193	170	40	is	be	AUX
ajfa-193	170	41	the	the	DET
ajfa-193	170	42	corresponding	corresponding	ADJ
ajfa-193	170	43	return	return	NOUN
ajfa-193	170	44	on	on	ADP
ajfa-193	170	45	the	the	DET
ajfa-193	170	46	s&p	s&p	PROPN
ajfa-193	170	47	citic	citic	ADJ
ajfa-193	170	48	300	300	NUM
ajfa-193	170	49	index	index	NOUN
ajfa-193	170	50	at	at	ADP
ajfa-193	170	51	time	time	NOUN
ajfa-193	170	52	t.	t.	X
ajfa-193	170	53			PRON
ajfa-193	170	54	i	i	NUM
ajfa-193	170	55	is	be	AUX
ajfa-193	170	56	the	the	DET
ajfa-193	170	57	intercept	intercept	NOUN
ajfa-193	170	58	term	term	NOUN
ajfa-193	170	59	.	.	PUNCT
ajfa-193	171	1			X
ajfa-193	171	2	i	i	PROPN
ajfa-193	171	3	is	be	AUX
ajfa-193	171	4	a	a	DET
ajfa-193	171	5	parameter	parameter	NOUN
ajfa-193	171	6	that	that	PRON
ajfa-193	171	7	measures	measure	VERB
ajfa-193	171	8	the	the	DET
ajfa-193	171	9	sensitivity	sensitivity	NOUN
ajfa-193	171	10	of	of	ADP
ajfa-193	171	11	rit	rit	NOUN
ajfa-193	171	12	to	to	ADP
ajfa-193	171	13	the	the	DET
ajfa-193	171	14	market	market	NOUN
ajfa-193	171	15	index	index	NOUN
ajfa-193	171	16	.	.	PUNCT
ajfa-193	172	1	asian	asian	ADJ
ajfa-193	172	2	journal	journal	PROPN
ajfa-193	172	3	of	of	ADP
ajfa-193	172	4	finance	finance	PROPN
ajfa-193	172	5	&	&	CCONJ
ajfa-193	172	6	accounting	accounting	PROPN
ajfa-193	172	7	issn	issn	PROPN
ajfa-193	172	8	1946	1946	NUM
ajfa-193	172	9	-	-	PUNCT
ajfa-193	172	10	052x	052x	NOUN
ajfa-193	172	11	2009	2009	NUM
ajfa-193	172	12	,	,	PUNCT
ajfa-193	172	13	vol	vol	NOUN
ajfa-193	172	14	.	.	PROPN
ajfa-193	172	15	1	1	NUM
ajfa-193	172	16	,	,	PUNCT
ajfa-193	172	17	no	no	INTJ
ajfa-193	172	18	.	.	NOUN
ajfa-193	172	19	2	2	NUM
ajfa-193	172	20	:	:	PUNCT
ajfa-193	172	21	e2	e2	PROPN
ajfa-193	172	22	28	28	NUM
ajfa-193	172	23			NOUN
ajfa-193	172	24	it	it	PROPN
ajfa-193	172	25	is	be	AUX
ajfa-193	172	26	a	a	DET
ajfa-193	172	27	random	random	ADJ
ajfa-193	172	28	variable	variable	NOUN
ajfa-193	172	29	that	that	SCONJ
ajfa-193	172	30	by	by	ADP
ajfa-193	172	31	construction	construction	NOUN
ajfa-193	172	32	has	have	VERB
ajfa-193	172	33	an	an	DET
ajfa-193	172	34	expected	expect	VERB
ajfa-193	172	35	value	value	NOUN
ajfa-193	172	36	of	of	ADP
ajfa-193	172	37	zero	zero	NUM
ajfa-193	172	38	,	,	PUNCT
ajfa-193	172	39	and	and	CCONJ
ajfa-193	172	40	is	be	AUX
ajfa-193	172	41	assumed	assume	VERB
ajfa-193	172	42	to	to	PART
ajfa-193	172	43	be	be	AUX
ajfa-193	172	44	uncorrelated	uncorrelate	VERB
ajfa-193	172	45	with	with	ADP
ajfa-193	172	46	rmt	rmt	NOUN
ajfa-193	172	47	.	.	PUNCT
ajfa-193	173	1	beta	beta	NOUN
ajfa-193	173	2	for	for	ADP
ajfa-193	173	3	the	the	DET
ajfa-193	173	4	scholes	schole	NOUN
ajfa-193	173	5	and	and	CCONJ
ajfa-193	173	6	williams	williams	PROPN
ajfa-193	173	7	(	(	PUNCT
ajfa-193	173	8	1977	1977	NUM
ajfa-193	173	9	)	)	PUNCT
ajfa-193	173	10	model	model	NOUN
ajfa-193	173	11	was	be	AUX
ajfa-193	173	12	estimated	estimate	VERB
ajfa-193	173	13	as	as	SCONJ
ajfa-193	173	14	follows	follow	VERB
ajfa-193	173	15	:	:	PUNCT
ajfa-193	174	1	m	m	VERB
ajfa-193	174	2	jjj	jjj	NOUN
ajfa-193	174	3	j	j	NOUN
ajfa-193	174	4	p̂21	p̂21	NOUN
ajfa-193	174	5	ˆˆˆ	ˆˆˆ	NUM
ajfa-193	174	6	ˆ	ˆ	PROPN
ajfa-193	174	7	*	*	PUNCT
ajfa-193	174	8			ADJ
ajfa-193	174	9			PROPN
ajfa-193	174	10			PROPN
ajfa-193	174	11			PROPN
ajfa-193	174	12			PROPN
ajfa-193	174	13	(	(	PUNCT
ajfa-193	174	14	2	2	NUM
ajfa-193	174	15	)	)	PUNCT
ajfa-193	174	16	where	where	SCONJ
ajfa-193	174	17	:	:	PUNCT
ajfa-193	174	18			PRON
ajfa-193	174	19	is	be	AUX
ajfa-193	174	20	the	the	DET
ajfa-193	174	21	ols	ols	NOUN
ajfa-193	174	22	slope	slope	NOUN
ajfa-193	174	23	estimate	estimate	NOUN
ajfa-193	174	24	from	from	ADP
ajfa-193	174	25	the	the	DET
ajfa-193	174	26	simple	simple	ADJ
ajfa-193	174	27	linear	linear	ADJ
ajfa-193	174	28	regression	regression	NOUN
ajfa-193	174	29	of	of	ADP
ajfa-193	174	30	rjt	rjt	NOUN
ajfa-193	174	31	on	on	ADP
ajfa-193	174	32	rmt–1	rmt–1	NOUN
ajfa-193	174	33	.	.	PUNCT
ajfa-193	174	34			PUNCT
ajfa-193	175	1			PROPN
ajfa-193	175	2	j̂	j̂	PROPN
ajfa-193	175	3	is	be	AUX
ajfa-193	175	4	the	the	DET
ajfa-193	175	5	ols	ol	NOUN
ajfa-193	175	6	estimate	estimate	NOUN
ajfa-193	175	7	from	from	ADP
ajfa-193	175	8	the	the	DET
ajfa-193	175	9	regression	regression	NOUN
ajfa-193	175	10	of	of	ADP
ajfa-193	175	11	rit	rit	NOUN
ajfa-193	175	12	on	on	ADP
ajfa-193	175	13	rmt+1	rmt+1	PROPN
ajfa-193	175	14	.	.	PUNCT
ajfa-193	176	1			PROPN
ajfa-193	176	2	mp̂	mp̂	PROPN
ajfa-193	176	3	is	be	AUX
ajfa-193	176	4	the	the	DET
ajfa-193	176	5	estimated	estimate	VERB
ajfa-193	176	6	first	first	ADJ
ajfa-193	176	7	-	-	PUNCT
ajfa-193	176	8	order	order	NOUN
ajfa-193	176	9	autocorrelation	autocorrelation	NOUN
ajfa-193	176	10	of	of	ADP
ajfa-193	176	11	rm	rm	PROPN
ajfa-193	176	12	.	.	PUNCT
ajfa-193	177	1	as	as	ADP
ajfa-193	177	2	in	in	ADP
ajfa-193	177	3	ols	ol	NOUN
ajfa-193	177	4	,	,	PUNCT
ajfa-193	177	5	the	the	DET
ajfa-193	177	6	intercept	intercept	NOUN
ajfa-193	177	7	estimator	estimator	NOUN
ajfa-193	177	8	forces	force	VERB
ajfa-193	177	9	the	the	DET
ajfa-193	177	10	estimated	estimate	VERB
ajfa-193	177	11	regression	regression	NOUN
ajfa-193	177	12	line	line	NOUN
ajfa-193	177	13	through	through	ADP
ajfa-193	177	14	the	the	DET
ajfa-193	177	15	sample	sample	NOUN
ajfa-193	177	16	mean	mean	VERB
ajfa-193	177	17	:	:	PUNCT
ajfa-193	177	18	.ˆˆ	.ˆˆ	PUNCT
ajfa-193	178	1	*	*	PUNCT
ajfa-193	178	2	*	*	PUNCT
ajfa-193	178	3	mestjjestj	mestjjestj	PROPN
ajfa-193	178	4	rr	rr	PROPN
ajfa-193	178	5			X
ajfa-193	178	6			PROPN
ajfa-193	178	7	(	(	PUNCT
ajfa-193	178	8	3	3	NUM
ajfa-193	178	9	)	)	PUNCT
ajfa-193	178	10	where	where	SCONJ
ajfa-193	178	11	:	:	PUNCT
ajfa-193	178	12			PRON
ajfa-193	178	13	jr	jr	PROPN
ajfa-193	178	14	is	be	AUX
ajfa-193	178	15	the	the	DET
ajfa-193	178	16	mean	mean	ADJ
ajfa-193	178	17	return	return	NOUN
ajfa-193	178	18	of	of	ADP
ajfa-193	178	19	stock	stock	NOUN
ajfa-193	178	20	j	j	PROPN
ajfa-193	178	21	over	over	ADP
ajfa-193	178	22	the	the	DET
ajfa-193	178	23	estimation	estimation	NOUN
ajfa-193	178	24	period	period	NOUN
ajfa-193	178	25	,	,	PUNCT
ajfa-193	178	26			PRON
ajfa-193	178	27	.mestr	.mestr	PUNCT
ajfa-193	178	28	is	be	AUX
ajfa-193	178	29	the	the	DET
ajfa-193	178	30	mean	mean	ADJ
ajfa-193	178	31	market	market	NOUN
ajfa-193	178	32	return	return	NOUN
ajfa-193	178	33	over	over	ADP
ajfa-193	178	34	the	the	DET
ajfa-193	178	35	estimation	estimation	NOUN
ajfa-193	178	36	period	period	NOUN
ajfa-193	178	37	.	.	PUNCT
ajfa-193	179	1	using	use	VERB
ajfa-193	179	2	the	the	DET
ajfa-193	179	3	estimates	estimate	NOUN
ajfa-193	179	4	from	from	ADP
ajfa-193	179	5	equation	equation	NOUN
ajfa-193	179	6	(	(	PUNCT
ajfa-193	179	7	1	1	NUM
ajfa-193	179	8	)	)	PUNCT
ajfa-193	179	9	,	,	PUNCT
ajfa-193	179	10	the	the	DET
ajfa-193	179	11	abnormal	abnormal	ADJ
ajfa-193	179	12	returns	return	NOUN
ajfa-193	179	13	of	of	ADP
ajfa-193	179	14	each	each	DET
ajfa-193	179	15	security	security	NOUN
ajfa-193	179	16	over	over	ADP
ajfa-193	179	17	a	a	DET
ajfa-193	179	18	test	test	NOUN
ajfa-193	179	19	period	period	NOUN
ajfa-193	179	20	were	be	AUX
ajfa-193	179	21	estimated	estimate	VERB
ajfa-193	179	22	according	accord	VERB
ajfa-193	179	23	to	to	ADP
ajfa-193	179	24	the	the	DET
ajfa-193	179	25	following	follow	VERB
ajfa-193	179	26	relationship	relationship	NOUN
ajfa-193	179	27	:	:	PUNCT
ajfa-193	179	28			PROPN
ajfa-193	179	29	mtiiitit	mtiiitit	PROPN
ajfa-193	179	30	rrar	rrar	NOUN
ajfa-193	179	31			NOUN
ajfa-193	179	32	ˆˆ	ˆˆ	PROPN
ajfa-193	179	33			X
ajfa-193	179	34	(	(	PUNCT
ajfa-193	179	35	4	4	X
ajfa-193	179	36	)	)	PUNCT
ajfa-193	179	37	j	j	PROPN
ajfa-193	179	38	̂	̂	PROPN
ajfa-193	179	39	asian	asian	PROPN
ajfa-193	179	40	journal	journal	PROPN
ajfa-193	179	41	of	of	ADP
ajfa-193	179	42	finance	finance	PROPN
ajfa-193	179	43	&	&	CCONJ
ajfa-193	179	44	accounting	accounting	PROPN
ajfa-193	179	45	issn	issn	PROPN
ajfa-193	179	46	1946	1946	NUM
ajfa-193	179	47	-	-	PUNCT
ajfa-193	179	48	052x	052x	NOUN
ajfa-193	179	49	2009	2009	NUM
ajfa-193	179	50	,	,	PUNCT
ajfa-193	179	51	vol	vol	NOUN
ajfa-193	179	52	.	.	PROPN
ajfa-193	180	1	1	1	NUM
ajfa-193	180	2	,	,	PUNCT
ajfa-193	180	3	no	no	INTJ
ajfa-193	180	4	.	.	NOUN
ajfa-193	180	5	2	2	NUM
ajfa-193	180	6	:	:	PUNCT
ajfa-193	180	7	e2	e2	PROPN
ajfa-193	180	8	29	29	NUM
ajfa-193	180	9	where	where	SCONJ
ajfa-193	180	10	the	the	DET
ajfa-193	180	11	coefficients	coefficient	NOUN
ajfa-193	180	12	i̂	i̂	ADV
ajfa-193	180	13	and	and	CCONJ
ajfa-193	180	14	i̂	i̂	NOUN
ajfa-193	180	15	are	be	AUX
ajfa-193	180	16	ordinary	ordinary	ADJ
ajfa-193	180	17	least	least	ADJ
ajfa-193	180	18	squares	square	NOUN
ajfa-193	180	19	estimates	estimate	NOUN
ajfa-193	180	20	of	of	ADP
ajfa-193	180	21	i	i	PRON
ajfa-193	180	22	and	and	CCONJ
ajfa-193	180	23	i	i	NOUN
ajfa-193	180	24	.	.	PUNCT
ajfa-193	181	1	in	in	ADP
ajfa-193	181	2	addition	addition	NOUN
ajfa-193	181	3	,	,	PUNCT
ajfa-193	181	4	the	the	DET
ajfa-193	181	5	average	average	ADJ
ajfa-193	181	6	abnormal	abnormal	ADJ
ajfa-193	181	7	return	return	NOUN
ajfa-193	181	8	(	(	PUNCT
ajfa-193	181	9	or	or	CCONJ
ajfa-193	181	10	average	average	ADJ
ajfa-193	181	11	prediction	prediction	NOUN
ajfa-193	181	12	error	error	NOUN
ajfa-193	181	13	)	)	PUNCT
ajfa-193	181	14	aart	aart	NOUN
ajfa-193	181	15	was	be	AUX
ajfa-193	181	16	calculated	calculate	VERB
ajfa-193	181	17	.	.	PUNCT
ajfa-193	182	1	the	the	DET
ajfa-193	182	2	daily	daily	ADJ
ajfa-193	182	3	abnormal	abnormal	ADJ
ajfa-193	182	4	returns	return	NOUN
ajfa-193	182	5	were	be	AUX
ajfa-193	182	6	averaged	average	VERB
ajfa-193	182	7	using	use	VERB
ajfa-193	182	8	the	the	DET
ajfa-193	182	9	below	below	ADJ
ajfa-193	182	10	formula	formula	NOUN
ajfa-193	182	11	:	:	PUNCT
ajfa-193	182	12	1	1	NUM
ajfa-193	182	13	n	n	NUM
ajfa-193	182	14	jt	jt	PROPN
ajfa-193	182	15	j	j	PROPN
ajfa-193	182	16	t	t	PROPN
ajfa-193	182	17	a	a	DET
ajfa-193	182	18	aar	aar	NOUN
ajfa-193	182	19	n	n	CCONJ
ajfa-193	182	20			NOUN
ajfa-193	182	21			NOUN
ajfa-193	182	22			X
ajfa-193	182	23	(	(	PUNCT
ajfa-193	182	24	5	5	NUM
ajfa-193	182	25	)	)	PUNCT
ajfa-193	182	26	where	where	SCONJ
ajfa-193	182	27	t	t	PROPN
ajfa-193	182	28	is	be	AUX
ajfa-193	182	29	defined	define	VERB
ajfa-193	182	30	as	as	ADP
ajfa-193	182	31	the	the	DET
ajfa-193	182	32	trading	trading	NOUN
ajfa-193	182	33	days	day	NOUN
ajfa-193	182	34	before	before	ADP
ajfa-193	182	35	the	the	DET
ajfa-193	182	36	event	event	NOUN
ajfa-193	182	37	date	date	NOUN
ajfa-193	182	38	.	.	PUNCT
ajfa-193	183	1	over	over	ADP
ajfa-193	183	2	an	an	DET
ajfa-193	183	3	interval	interval	NOUN
ajfa-193	183	4	of	of	ADP
ajfa-193	183	5	two	two	NUM
ajfa-193	183	6	or	or	CCONJ
ajfa-193	183	7	more	more	ADJ
ajfa-193	183	8	trading	trading	NOUN
ajfa-193	183	9	days	day	NOUN
ajfa-193	183	10	beginning	begin	VERB
ajfa-193	183	11	with	with	ADP
ajfa-193	183	12	day	day	NOUN
ajfa-193	183	13	t1	t1	NOUN
ajfa-193	183	14	,	,	PUNCT
ajfa-193	183	15	and	and	CCONJ
ajfa-193	183	16	ending	end	VERB
ajfa-193	183	17	with	with	ADP
ajfa-193	183	18	day	day	NOUN
ajfa-193	183	19	t2	t2	NOUN
ajfa-193	183	20	,	,	PUNCT
ajfa-193	183	21	the	the	DET
ajfa-193	183	22	cumulative	cumulative	ADJ
ajfa-193	183	23	average	average	ADJ
ajfa-193	183	24	abnormal	abnormal	ADJ
ajfa-193	183	25	return	return	NOUN
ajfa-193	183	26	is	be	AUX
ajfa-193	183	27	as	as	SCONJ
ajfa-193	183	28	follows	follow	VERB
ajfa-193	183	29	:	:	PUNCT
ajfa-193	183	30	jt	jt	PROPN
ajfa-193	183	31	t	t	PROPN
ajfa-193	183	32	tt	tt	PROPN
ajfa-193	183	33	n	n	ADV
ajfa-193	183	34	j	j	PROPN
ajfa-193	183	35	tt	tt	PROPN
ajfa-193	184	1	a	a	DET
ajfa-193	184	2	n	n	DET
ajfa-193	184	3	caar	caar	NOUN
ajfa-193	184	4			PUNCT
ajfa-193	184	5			NUM
ajfa-193	184	6			NUM
ajfa-193	184	7	2	2	NUM
ajfa-193	184	8	1	1	NUM
ajfa-193	184	9	21	21	NUM
ajfa-193	184	10	1	1	NUM
ajfa-193	184	11	,	,	PUNCT
ajfa-193	184	12	1	1	NUM
ajfa-193	184	13	(	(	PUNCT
ajfa-193	184	14	6	6	NUM
ajfa-193	184	15	)	)	PUNCT
ajfa-193	184	16	for	for	ADP
ajfa-193	184	17	each	each	DET
ajfa-193	184	18	day	day	NOUN
ajfa-193	184	19	in	in	ADP
ajfa-193	184	20	the	the	DET
ajfa-193	184	21	event	event	NOUN
ajfa-193	184	22	period	period	NOUN
ajfa-193	184	23	,	,	PUNCT
ajfa-193	184	24	the	the	DET
ajfa-193	184	25	cross	cross	ADJ
ajfa-193	184	26	-	-	ADJ
ajfa-193	184	27	sectional	sectional	ADJ
ajfa-193	184	28	variance	variance	NOUN
ajfa-193	184	29	of	of	ADP
ajfa-193	184	30	the	the	DET
ajfa-193	184	31	standardized	standardized	ADJ
ajfa-193	184	32	abnormal	abnormal	ADJ
ajfa-193	184	33	return	return	NOUN
ajfa-193	184	34	is	be	AUX
ajfa-193	184	35	then	then	ADV
ajfa-193	184	36	calculated	calculate	VERB
ajfa-193	184	37	as	as	SCONJ
ajfa-193	184	38	follows	follow	VERB
ajfa-193	184	39	:	:	PUNCT
ajfa-193	184	40	2	2	NUM
ajfa-193	184	41	2	2	NUM
ajfa-193	184	42	1	1	NUM
ajfa-193	184	43	1	1	NUM
ajfa-193	184	44	1	1	NUM
ajfa-193	184	45	1	1	NUM
ajfa-193	184	46	1	1	NUM
ajfa-193	184	47	t	t	NOUN
ajfa-193	184	48	n	n	CCONJ
ajfa-193	184	49	n	n	NOUN
ajfa-193	184	50	sar	sar	VERB
ajfa-193	184	51	it	it	PRON
ajfa-193	185	1	jt	jt	PROPN
ajfa-193	186	1	i	i	PRON
ajfa-193	187	1	j	j	PROPN
ajfa-193	187	2	s	s	PROPN
ajfa-193	187	3	sar	sar	PROPN
ajfa-193	187	4	sar	sar	PROPN
ajfa-193	187	5	n	n	PROPN
ajfa-193	187	6	n	n	PROPN
ajfa-193	188	1			PROPN
ajfa-193	188	2			NOUN
ajfa-193	188	3			NOUN
ajfa-193	188	4			PROPN
ajfa-193	188	5			PROPN
ajfa-193	188	6			ADJ
ajfa-193	189	1			PROPN
ajfa-193	189	2			PROPN
ajfa-193	189	3			NOUN
ajfa-193	189	4			X
ajfa-193	189	5			X
ajfa-193	189	6	(	(	PUNCT
ajfa-193	189	7	7	7	X
ajfa-193	189	8	)	)	PUNCT
ajfa-193	189	9	the	the	DET
ajfa-193	189	10	standardized	standardized	ADJ
ajfa-193	189	11	cross	cross	ADJ
ajfa-193	189	12	-	-	ADJ
ajfa-193	189	13	sectional	sectional	ADJ
ajfa-193	189	14	test	test	NOUN
ajfa-193	189	15	statistic	statistic	NOUN
ajfa-193	189	16	is	be	AUX
ajfa-193	189	17	thus	thus	ADV
ajfa-193	189	18	:	:	PUNCT
ajfa-193	189	19			NOUN
ajfa-193	189	20			SYM
ajfa-193	189	21	1	1	NUM
ajfa-193	189	22	2	2	NUM
ajfa-193	189	23	t	t	NOUN
ajfa-193	189	24	t	t	PROPN
ajfa-193	189	25	t	t	PROPN
ajfa-193	189	26	sar	sar	PROPN
ajfa-193	189	27	tsar	tsar	VERB
ajfa-193	189	28	z	z	PROPN
ajfa-193	189	29	n	n	PROPN
ajfa-193	189	30	s	s	VERB
ajfa-193	189	31			NOUN
ajfa-193	189	32	(	(	PUNCT
ajfa-193	189	33	8)	8)	NUM
ajfa-193	189	34	asian	asian	ADJ
ajfa-193	189	35	journal	journal	NOUN
ajfa-193	189	36	of	of	ADP
ajfa-193	189	37	finance	finance	PROPN
ajfa-193	189	38	&	&	CCONJ
ajfa-193	189	39	accounting	accounting	PROPN
ajfa-193	189	40	issn	issn	PROPN
ajfa-193	189	41	1946	1946	NUM
ajfa-193	189	42	-	-	PUNCT
ajfa-193	189	43	052x	052x	NOUN
ajfa-193	189	44	2009	2009	NUM
ajfa-193	189	45	,	,	PUNCT
ajfa-193	189	46	vol	vol	NOUN
ajfa-193	189	47	.	.	PROPN
ajfa-193	190	1	1	1	NUM
ajfa-193	190	2	,	,	PUNCT
ajfa-193	190	3	no	no	INTJ
ajfa-193	190	4	.	.	NOUN
ajfa-193	190	5	2	2	NUM
ajfa-193	190	6	:	:	PUNCT
ajfa-193	190	7	e2	e2	PROPN
ajfa-193	190	8	30	30	NUM
ajfa-193	190	9	the	the	DET
ajfa-193	190	10	individual	individual	ADJ
ajfa-193	190	11	standardized	standardize	VERB
ajfa-193	190	12	cross	cross	ADJ
ajfa-193	190	13	-	-	ADJ
ajfa-193	190	14	sectional	sectional	ADJ
ajfa-193	190	15	test	test	NOUN
ajfa-193	190	16	for	for	ADP
ajfa-193	190	17	market	market	NOUN
ajfa-193	190	18	model	model	NOUN
ajfa-193	190	19	abnormal	abnormal	ADJ
ajfa-193	190	20	returns	return	NOUN
ajfa-193	190	21	is	be	AUX
ajfa-193	190	22	reported	report	VERB
ajfa-193	190	23	to	to	PART
ajfa-193	190	24	perform	perform	VERB
ajfa-193	190	25	well	well	ADV
ajfa-193	190	26	even	even	ADV
ajfa-193	190	27	if	if	SCONJ
ajfa-193	190	28	there	there	PRON
ajfa-193	190	29	is	be	VERB
ajfa-193	190	30	an	an	DET
ajfa-193	190	31	increase	increase	NOUN
ajfa-193	190	32	in	in	ADP
ajfa-193	190	33	the	the	DET
ajfa-193	190	34	variance	variance	NOUN
ajfa-193	190	35	within	within	ADP
ajfa-193	190	36	the	the	DET
ajfa-193	190	37	event	event	NOUN
ajfa-193	190	38	period	period	NOUN
ajfa-193	190	39	,	,	PUNCT
ajfa-193	190	40	and	and	CCONJ
ajfa-193	190	41	the	the	DET
ajfa-193	190	42	sample	sample	NOUN
ajfa-193	190	43	contains	contain	VERB
ajfa-193	190	44	small	small	ADJ
ajfa-193	190	45	and	and	CCONJ
ajfa-193	190	46	thinly	thinly	ADV
ajfa-193	190	47	traded	trade	VERB
ajfa-193	190	48	companies	company	NOUN
ajfa-193	190	49	(	(	PUNCT
ajfa-193	190	50	boehmer	boehmer	PROPN
ajfa-193	190	51	et	et	PROPN
ajfa-193	190	52	al	al	PROPN
ajfa-193	190	53	.	.	PROPN
ajfa-193	190	54	,	,	PUNCT
ajfa-193	190	55	1991	1991	NUM
ajfa-193	190	56	)	)	PUNCT
ajfa-193	190	57	13	13	NUM
ajfa-193	190	58	.	.	PUNCT
ajfa-193	191	1	2.2.2	2.2.2	NUM
ajfa-193	191	2	liquidity	liquidity	NOUN
ajfa-193	191	3	effect	effect	NOUN
ajfa-193	191	4	two	two	NUM
ajfa-193	191	5	proxies	proxy	NOUN
ajfa-193	191	6	were	be	AUX
ajfa-193	191	7	used	use	VERB
ajfa-193	191	8	in	in	ADP
ajfa-193	191	9	our	our	PRON
ajfa-193	191	10	study	study	NOUN
ajfa-193	191	11	to	to	PART
ajfa-193	191	12	measure	measure	VERB
ajfa-193	191	13	market	market	NOUN
ajfa-193	191	14	liquidity	liquidity	NOUN
ajfa-193	191	15	,	,	PUNCT
ajfa-193	191	16	the	the	DET
ajfa-193	191	17	bid	bid	NOUN
ajfa-193	191	18	–	–	PUNCT
ajfa-193	191	19	ask	ask	NOUN
ajfa-193	191	20	spread	spread	NOUN
ajfa-193	191	21	and	and	CCONJ
ajfa-193	191	22	the	the	DET
ajfa-193	191	23	volume	volume	NOUN
ajfa-193	191	24	of	of	ADP
ajfa-193	191	25	transactions	transaction	NOUN
ajfa-193	191	26	.	.	PUNCT
ajfa-193	192	1	the	the	DET
ajfa-193	192	2	bid	bid	NOUN
ajfa-193	192	3	–	–	PUNCT
ajfa-193	192	4	ask	ask	NOUN
ajfa-193	192	5	spread	spread	NOUN
ajfa-193	192	6	represents	represent	VERB
ajfa-193	192	7	the	the	DET
ajfa-193	192	8	difference	difference	NOUN
ajfa-193	192	9	between	between	ADP
ajfa-193	192	10	prices	price	NOUN
ajfa-193	192	11	quoted	quote	VERB
ajfa-193	192	12	by	by	ADP
ajfa-193	192	13	a	a	DET
ajfa-193	192	14	liquidity	liquidity	NOUN
ajfa-193	192	15	supplier	supplier	NOUN
ajfa-193	192	16	to	to	ADP
ajfa-193	192	17	the	the	DET
ajfa-193	192	18	buyer	buyer	NOUN
ajfa-193	192	19	and	and	CCONJ
ajfa-193	192	20	seller	seller	NOUN
ajfa-193	192	21	of	of	ADP
ajfa-193	192	22	a	a	DET
ajfa-193	192	23	security	security	NOUN
ajfa-193	192	24	.	.	PUNCT
ajfa-193	193	1	an	an	DET
ajfa-193	193	2	increase	increase	NOUN
ajfa-193	193	3	in	in	ADP
ajfa-193	193	4	the	the	DET
ajfa-193	193	5	volume	volume	NOUN
ajfa-193	193	6	of	of	ADP
ajfa-193	193	7	trade	trade	NOUN
ajfa-193	193	8	and	and	CCONJ
ajfa-193	193	9	a	a	DET
ajfa-193	193	10	drop	drop	NOUN
ajfa-193	193	11	in	in	ADP
ajfa-193	193	12	spread	spread	ADJ
ajfa-193	193	13	signal	signal	NOUN
ajfa-193	193	14	improvement	improvement	NOUN
ajfa-193	193	15	in	in	ADP
ajfa-193	193	16	market	market	NOUN
ajfa-193	193	17	liquidity	liquidity	NOUN
ajfa-193	193	18	.	.	PUNCT
ajfa-193	194	1	a	a	DET
ajfa-193	194	2	problem	problem	NOUN
ajfa-193	194	3	with	with	ADP
ajfa-193	194	4	using	use	VERB
ajfa-193	194	5	the	the	DET
ajfa-193	194	6	bid	bid	NOUN
ajfa-193	194	7	–	–	PUNCT
ajfa-193	194	8	ask	ask	NOUN
ajfa-193	194	9	spread	spread	NOUN
ajfa-193	194	10	for	for	ADP
ajfa-193	194	11	this	this	DET
ajfa-193	194	12	purpose	purpose	NOUN
ajfa-193	194	13	is	be	AUX
ajfa-193	194	14	that	that	SCONJ
ajfa-193	194	15	if	if	SCONJ
ajfa-193	194	16	events	event	NOUN
ajfa-193	194	17	reveal	reveal	VERB
ajfa-193	194	18	important	important	ADJ
ajfa-193	194	19	information	information	NOUN
ajfa-193	194	20	and	and	CCONJ
ajfa-193	194	21	cause	cause	VERB
ajfa-193	194	22	higher	high	ADJ
ajfa-193	194	23	information	information	NOUN
ajfa-193	194	24	asymmetry	asymmetry	NOUN
ajfa-193	194	25	in	in	ADP
ajfa-193	194	26	the	the	DET
ajfa-193	194	27	market	market	NOUN
ajfa-193	194	28	,	,	PUNCT
ajfa-193	194	29	the	the	DET
ajfa-193	194	30	bid	bid	NOUN
ajfa-193	194	31	–	–	PUNCT
ajfa-193	194	32	ask	ask	NOUN
ajfa-193	194	33	spread	spread	NOUN
ajfa-193	194	34	widens	widen	VERB
ajfa-193	194	35	in	in	ADP
ajfa-193	194	36	the	the	DET
ajfa-193	194	37	short	short	ADJ
ajfa-193	194	38	term	term	NOUN
ajfa-193	194	39	,	,	PUNCT
ajfa-193	194	40	making	make	VERB
ajfa-193	194	41	the	the	DET
ajfa-193	194	42	long	long	ADJ
ajfa-193	194	43	-	-	PUNCT
ajfa-193	194	44	term	term	NOUN
ajfa-193	194	45	impacts	impact	NOUN
ajfa-193	194	46	of	of	ADP
ajfa-193	194	47	liquidity	liquidity	NOUN
ajfa-193	194	48	changes	change	NOUN
ajfa-193	194	49	harder	hard	ADV
ajfa-193	194	50	to	to	PART
ajfa-193	194	51	measure	measure	VERB
ajfa-193	194	52	14	14	NUM
ajfa-193	194	53	.	.	PUNCT
ajfa-193	195	1	an	an	DET
ajfa-193	195	2	increase	increase	NOUN
ajfa-193	195	3	in	in	ADP
ajfa-193	195	4	bid	bid	NOUN
ajfa-193	195	5	–	–	PUNCT
ajfa-193	195	6	ask	ask	NOUN
ajfa-193	195	7	spread	spread	NOUN
ajfa-193	195	8	in	in	ADP
ajfa-193	195	9	a	a	DET
ajfa-193	195	10	quote	quote	NOUN
ajfa-193	195	11	-	-	PUNCT
ajfa-193	195	12	driven	drive	VERB
ajfa-193	195	13	market	market	NOUN
ajfa-193	195	14	arises	arise	VERB
ajfa-193	195	15	from	from	ADP
ajfa-193	195	16	the	the	DET
ajfa-193	195	17	reaction	reaction	NOUN
ajfa-193	195	18	of	of	ADP
ajfa-193	195	19	designated	designate	VERB
ajfa-193	195	20	market	market	NOUN
ajfa-193	195	21	makers	maker	NOUN
ajfa-193	195	22	as	as	SCONJ
ajfa-193	195	23	the	the	DET
ajfa-193	195	24	adverse	adverse	ADJ
ajfa-193	195	25	selection	selection	NOUN
ajfa-193	195	26	costs	cost	NOUN
ajfa-193	195	27	increase	increase	VERB
ajfa-193	195	28	15	15	NUM
ajfa-193	195	29	.	.	PUNCT
ajfa-193	196	1	in	in	ADP
ajfa-193	196	2	order	order	NOUN
ajfa-193	196	3	-	-	PUNCT
ajfa-193	196	4	driven	drive	VERB
ajfa-193	196	5	markets	market	NOUN
ajfa-193	196	6	(	(	PUNCT
ajfa-193	196	7	such	such	ADJ
ajfa-193	196	8	as	as	ADP
ajfa-193	196	9	chinese	chinese	ADJ
ajfa-193	196	10	equity	equity	NOUN
ajfa-193	196	11	market	market	NOUN
ajfa-193	196	12	)	)	PUNCT
ajfa-193	196	13	,	,	PUNCT
ajfa-193	196	14	public	public	ADJ
ajfa-193	196	15	limit	limit	NOUN
ajfa-193	196	16	traders	trader	NOUN
ajfa-193	196	17	raise	raise	VERB
ajfa-193	196	18	their	their	PRON
ajfa-193	196	19	bid	bid	NOUN
ajfa-193	196	20	–	–	PUNCT
ajfa-193	196	21	ask	ask	NOUN
ajfa-193	196	22	spread	spread	NOUN
ajfa-193	196	23	in	in	ADP
ajfa-193	196	24	reaction	reaction	NOUN
ajfa-193	196	25	to	to	ADP
ajfa-193	196	26	a	a	DET
ajfa-193	196	27	higher	high	ADJ
ajfa-193	196	28	adverse	adverse	ADJ
ajfa-193	196	29	selection	selection	NOUN
ajfa-193	196	30	cost	cost	VERB
ajfa-193	196	31	16	16	NUM
ajfa-193	196	32	.	.	PUNCT
ajfa-193	197	1	the	the	DET
ajfa-193	197	2	13	13	NUM
ajfa-193	197	3	index	index	NOUN
ajfa-193	197	4	changes	change	NOUN
ajfa-193	197	5	may	may	AUX
ajfa-193	197	6	result	result	VERB
ajfa-193	197	7	in	in	ADP
ajfa-193	197	8	an	an	DET
ajfa-193	197	9	increase	increase	NOUN
ajfa-193	197	10	in	in	ADP
ajfa-193	197	11	the	the	DET
ajfa-193	197	12	volume	volume	NOUN
ajfa-193	197	13	of	of	ADP
ajfa-193	197	14	trade	trade	NOUN
ajfa-193	197	15	,	,	PUNCT
ajfa-193	197	16	leading	lead	VERB
ajfa-193	197	17	to	to	ADP
ajfa-193	197	18	an	an	DET
ajfa-193	197	19	increase	increase	NOUN
ajfa-193	197	20	in	in	ADP
ajfa-193	197	21	return	return	NOUN
ajfa-193	197	22	volatility	volatility	NOUN
ajfa-193	197	23	.	.	PUNCT
ajfa-193	198	1	14	14	NUM
ajfa-193	198	2	many	many	ADJ
ajfa-193	198	3	researchers	researcher	NOUN
ajfa-193	198	4	discuss	discuss	VERB
ajfa-193	198	5	how	how	SCONJ
ajfa-193	198	6	asymmetric	asymmetric	ADJ
ajfa-193	198	7	information	information	NOUN
ajfa-193	198	8	and	and	CCONJ
ajfa-193	198	9	adverse	adverse	ADJ
ajfa-193	198	10	selection	selection	NOUN
ajfa-193	198	11	costs	cost	NOUN
ajfa-193	198	12	affect	affect	VERB
ajfa-193	198	13	the	the	DET
ajfa-193	198	14	bid	bid	NOUN
ajfa-193	198	15	–	–	PUNCT
ajfa-193	198	16	ask	ask	NOUN
ajfa-193	198	17	spread	spread	NOUN
ajfa-193	198	18	in	in	ADP
ajfa-193	198	19	the	the	DET
ajfa-193	198	20	market	market	NOUN
ajfa-193	198	21	.	.	PUNCT
ajfa-193	199	1	interested	interested	ADJ
ajfa-193	199	2	readers	reader	NOUN
ajfa-193	199	3	may	may	AUX
ajfa-193	199	4	refer	refer	VERB
ajfa-193	199	5	to	to	ADP
ajfa-193	199	6	aharoney	aharoney	NOUN
ajfa-193	199	7	and	and	CCONJ
ajfa-193	199	8	swary	swary	ADJ
ajfa-193	199	9	(	(	PUNCT
ajfa-193	199	10	1980	1980	NUM
ajfa-193	199	11	)	)	PUNCT
ajfa-193	199	12	,	,	PUNCT
ajfa-193	199	13	easley	easley	PROPN
ajfa-193	199	14	and	and	CCONJ
ajfa-193	199	15	o’hara	o’hara	PROPN
ajfa-193	199	16	(	(	PUNCT
ajfa-193	199	17	1987	1987	NUM
ajfa-193	199	18	)	)	PUNCT
ajfa-193	199	19	,	,	PUNCT
ajfa-193	199	20	glosten	glosten	ADJ
ajfa-193	199	21	and	and	CCONJ
ajfa-193	199	22	milgrom	milgrom	ADJ
ajfa-193	199	23	(	(	PUNCT
ajfa-193	199	24	1985	1985	NUM
ajfa-193	199	25	)	)	PUNCT
ajfa-193	199	26	,	,	PUNCT
ajfa-193	199	27	glosten	glosten	ADJ
ajfa-193	199	28	and	and	CCONJ
ajfa-193	199	29	harris	harris	PROPN
ajfa-193	199	30	(	(	PUNCT
ajfa-193	199	31	1988	1988	NUM
ajfa-193	199	32	)	)	PUNCT
ajfa-193	199	33	,	,	PUNCT
ajfa-193	199	34	rendleman	rendleman	NOUN
ajfa-193	199	35	et	et	PROPN
ajfa-193	199	36	al	al	PROPN
ajfa-193	199	37	.	.	PROPN
ajfa-193	200	1	(	(	PUNCT
ajfa-193	200	2	1982	1982	NUM
ajfa-193	200	3	)	)	PUNCT
ajfa-193	200	4	,	,	PUNCT
ajfa-193	200	5	and	and	CCONJ
ajfa-193	200	6	venkatesh	venkatesh	PROPN
ajfa-193	200	7	and	and	CCONJ
ajfa-193	200	8	chiang	chiang	PROPN
ajfa-193	200	9	(	(	PUNCT
ajfa-193	200	10	1986	1986	NUM
ajfa-193	200	11	)	)	PUNCT
ajfa-193	200	12	,	,	PUNCT
ajfa-193	200	13	for	for	ADP
ajfa-193	200	14	previous	previous	ADJ
ajfa-193	200	15	empirical	empirical	ADJ
ajfa-193	200	16	evidence	evidence	NOUN
ajfa-193	200	17	.	.	PUNCT
ajfa-193	201	1	15	15	NUM
ajfa-193	201	2	of	of	ADP
ajfa-193	201	3	three	three	NUM
ajfa-193	201	4	components	component	NOUN
ajfa-193	201	5	of	of	ADP
ajfa-193	201	6	the	the	DET
ajfa-193	201	7	bid	bid	NOUN
ajfa-193	201	8	–	–	PUNCT
ajfa-193	201	9	ask	ask	NOUN
ajfa-193	201	10	spread	spread	NOUN
ajfa-193	201	11	,	,	PUNCT
ajfa-193	201	12	i.e.	i.e.	X
ajfa-193	201	13	,	,	PUNCT
ajfa-193	201	14	adverse	adverse	ADJ
ajfa-193	201	15	selection	selection	NOUN
ajfa-193	201	16	cost	cost	NOUN
ajfa-193	201	17	,	,	PUNCT
ajfa-193	201	18	inventory	inventory	NOUN
ajfa-193	201	19	cost	cost	NOUN
ajfa-193	201	20	,	,	PUNCT
ajfa-193	201	21	and	and	CCONJ
ajfa-193	201	22	order	order	NOUN
ajfa-193	201	23	-	-	PUNCT
ajfa-193	201	24	processing	process	VERB
ajfa-193	201	25	cost	cost	NOUN
ajfa-193	201	26	,	,	PUNCT
ajfa-193	201	27	the	the	DET
ajfa-193	201	28	first	first	ADJ
ajfa-193	201	29	one	one	NUM
ajfa-193	201	30	is	be	AUX
ajfa-193	201	31	more	more	ADV
ajfa-193	201	32	directly	directly	ADV
ajfa-193	201	33	affected	affect	VERB
ajfa-193	201	34	by	by	ADP
ajfa-193	201	35	information	information	NOUN
ajfa-193	201	36	asymmetry	asymmetry	NOUN
ajfa-193	201	37	.	.	PUNCT
ajfa-193	202	1	according	accord	VERB
ajfa-193	202	2	to	to	ADP
ajfa-193	202	3	stoll	stoll	PROPN
ajfa-193	202	4	(	(	PUNCT
ajfa-193	202	5	1989	1989	NUM
ajfa-193	202	6	)	)	PUNCT
ajfa-193	202	7	,	,	PUNCT
ajfa-193	202	8	as	as	ADV
ajfa-193	202	9	much	much	ADJ
ajfa-193	202	10	as	as	ADP
ajfa-193	202	11	43	43	NUM
ajfa-193	202	12	%	%	NOUN
ajfa-193	202	13	of	of	ADP
ajfa-193	202	14	the	the	DET
ajfa-193	202	15	bid	bid	NOUN
ajfa-193	202	16	–	–	PUNCT
ajfa-193	202	17	ask	ask	NOUN
ajfa-193	202	18	spread	spread	NOUN
ajfa-193	202	19	is	be	AUX
ajfa-193	202	20	due	due	ADJ
ajfa-193	202	21	to	to	ADP
ajfa-193	202	22	adverse	adverse	ADJ
ajfa-193	202	23	selection	selection	NOUN
ajfa-193	202	24	cost	cost	NOUN
ajfa-193	202	25	.	.	PUNCT
ajfa-193	203	1	16	16	NUM
ajfa-193	204	1	the	the	DET
ajfa-193	204	2	inverse	inverse	NOUN
ajfa-193	204	3	relationship	relationship	NOUN
ajfa-193	204	4	between	between	ADP
ajfa-193	204	5	adverse	adverse	ADJ
ajfa-193	204	6	selection	selection	NOUN
ajfa-193	204	7	cost	cost	NOUN
ajfa-193	204	8	and	and	CCONJ
ajfa-193	204	9	liquidity	liquidity	NOUN
ajfa-193	204	10	is	be	AUX
ajfa-193	204	11	a	a	DET
ajfa-193	204	12	central	central	ADJ
ajfa-193	204	13	hypothesis	hypothesis	NOUN
ajfa-193	204	14	in	in	ADP
ajfa-193	204	15	the	the	DET
ajfa-193	204	16	theory	theory	NOUN
ajfa-193	204	17	of	of	ADP
ajfa-193	204	18	limit	limit	NOUN
ajfa-193	204	19	-	-	PUNCT
ajfa-193	204	20	order	order	NOUN
ajfa-193	204	21	book	book	NOUN
ajfa-193	204	22	markets	market	NOUN
ajfa-193	204	23	.	.	PUNCT
ajfa-193	205	1	earlier	early	ADJ
ajfa-193	205	2	studies	study	NOUN
ajfa-193	205	3	,	,	PUNCT
ajfa-193	205	4	such	such	ADJ
ajfa-193	205	5	as	as	ADP
ajfa-193	205	6	one	one	NUM
ajfa-193	205	7	by	by	ADP
ajfa-193	205	8	frey	frey	NOUN
ajfa-193	205	9	and	and	CCONJ
ajfa-193	205	10	grammig	grammig	NOUN
ajfa-193	205	11	(	(	PUNCT
ajfa-193	205	12	2006	2006	NUM
ajfa-193	205	13	)	)	PUNCT
ajfa-193	205	14	provided	provide	VERB
ajfa-193	205	15	empirical	empirical	ADJ
ajfa-193	205	16	support	support	NOUN
ajfa-193	205	17	for	for	ADP
ajfa-193	205	18	this	this	DET
ajfa-193	205	19	theory	theory	NOUN
ajfa-193	205	20	.	.	PUNCT
ajfa-193	206	1	a	a	DET
ajfa-193	206	2	direct	direct	ADJ
ajfa-193	206	3	relationship	relationship	NOUN
ajfa-193	206	4	between	between	ADP
ajfa-193	206	5	adverse	adverse	ADJ
ajfa-193	206	6	selection	selection	NOUN
ajfa-193	206	7	costs	cost	NOUN
ajfa-193	206	8	and	and	CCONJ
ajfa-193	206	9	bid	bid	VERB
ajfa-193	206	10	–	–	PUNCT
ajfa-193	206	11	ask	ask	VERB
ajfa-193	206	12	spreads	spread	NOUN
ajfa-193	206	13	was	be	AUX
ajfa-193	206	14	also	also	ADV
ajfa-193	206	15	established	establish	VERB
ajfa-193	206	16	by	by	ADP
ajfa-193	206	17	glosten	glosten	ADJ
ajfa-193	206	18	(	(	PUNCT
ajfa-193	206	19	1994	1994	NUM
ajfa-193	206	20	)	)	PUNCT
ajfa-193	206	21	proposition	proposition	NOUN
ajfa-193	206	22	3	3	NUM
ajfa-193	206	23	.	.	PUNCT
ajfa-193	207	1	this	this	DET
ajfa-193	207	2	author	author	NOUN
ajfa-193	207	3	presented	present	VERB
ajfa-193	207	4	a	a	DET
ajfa-193	207	5	theoretical	theoretical	ADJ
ajfa-193	207	6	model	model	NOUN
ajfa-193	207	7	of	of	ADP
ajfa-193	207	8	price	price	NOUN
ajfa-193	207	9	revisions	revision	NOUN
ajfa-193	207	10	due	due	ADP
ajfa-193	207	11	to	to	ADP
ajfa-193	207	12	the	the	DET
ajfa-193	207	13	information	information	NOUN
ajfa-193	207	14	conveyed	convey	VERB
ajfa-193	207	15	by	by	ADP
ajfa-193	207	16	trading	trade	VERB
ajfa-193	207	17	throughout	throughout	ADP
ajfa-193	207	18	the	the	DET
ajfa-193	207	19	limit	limit	NOUN
ajfa-193	207	20	order	order	NOUN
ajfa-193	207	21	book	book	NOUN
ajfa-193	207	22	mechanism	mechanism	NOUN
ajfa-193	207	23	.	.	PUNCT
ajfa-193	208	1	http://www.springerlink.com/content/?author=joachim+grammig	http://www.springerlink.com/content/?author=joachim+grammig	PROPN
ajfa-193	208	2	http://www.springerlink.com/content/h02085uh2605/?p=01a32a7cac0742d4b3406d8c620b74d5&pi=0	http://www.springerlink.com/content/h02085uh2605/?p=01a32a7cac0742d4b3406d8c620b74d5&pi=0	PROPN
ajfa-193	208	3	asian	asian	ADJ
ajfa-193	208	4	journal	journal	NOUN
ajfa-193	208	5	of	of	ADP
ajfa-193	208	6	finance	finance	PROPN
ajfa-193	208	7	&	&	CCONJ
ajfa-193	208	8	accounting	accounting	PROPN
ajfa-193	208	9	issn	issn	PROPN
ajfa-193	208	10	1946	1946	NUM
ajfa-193	208	11	-	-	PUNCT
ajfa-193	208	12	052x	052x	NOUN
ajfa-193	208	13	2009	2009	NUM
ajfa-193	208	14	,	,	PUNCT
ajfa-193	208	15	vol	vol	NOUN
ajfa-193	208	16	.	.	PROPN
ajfa-193	208	17	1	1	NUM
ajfa-193	208	18	,	,	PUNCT
ajfa-193	208	19	no	no	INTJ
ajfa-193	208	20	.	.	NOUN
ajfa-193	208	21	2	2	NUM
ajfa-193	208	22	:	:	PUNCT
ajfa-193	208	23	e2	e2	NOUN
ajfa-193	208	24	31	31	NUM
ajfa-193	208	25	impacts	impact	NOUN
ajfa-193	208	26	of	of	ADP
ajfa-193	208	27	adverse	adverse	ADJ
ajfa-193	208	28	selection	selection	NOUN
ajfa-193	208	29	costs	cost	NOUN
ajfa-193	208	30	on	on	ADP
ajfa-193	208	31	the	the	DET
ajfa-193	208	32	bid	bid	NOUN
ajfa-193	208	33	–	–	PUNCT
ajfa-193	208	34	ask	ask	NOUN
ajfa-193	208	35	spread	spread	NOUN
ajfa-193	208	36	as	as	SCONJ
ajfa-193	208	37	the	the	DET
ajfa-193	208	38	price	price	NOUN
ajfa-193	208	39	of	of	ADP
ajfa-193	208	40	immediacy	immediacy	NOUN
ajfa-193	208	41	is	be	AUX
ajfa-193	208	42	similar	similar	ADJ
ajfa-193	208	43	in	in	ADP
ajfa-193	208	44	both	both	DET
ajfa-193	208	45	trading	trading	NOUN
ajfa-193	208	46	systems	system	NOUN
ajfa-193	208	47	(	(	PUNCT
ajfa-193	208	48	chung	chung	PROPN
ajfa-193	208	49	,	,	PUNCT
ajfa-193	208	50	1999	1999	NUM
ajfa-193	208	51	)	)	PUNCT
ajfa-193	208	52	17	17	NUM
ajfa-193	208	53	.	.	PUNCT
ajfa-193	209	1	in	in	ADP
ajfa-193	209	2	the	the	DET
ajfa-193	209	3	methodology	methodology	NOUN
ajfa-193	209	4	of	of	ADP
ajfa-193	209	5	liquidity	liquidity	NOUN
ajfa-193	209	6	analysis	analysis	NOUN
ajfa-193	209	7	,	,	PUNCT
ajfa-193	209	8	we	we	PRON
ajfa-193	209	9	closely	closely	ADV
ajfa-193	209	10	follow	follow	VERB
ajfa-193	209	11	hegde	hegde	PROPN
ajfa-193	209	12	and	and	CCONJ
ajfa-193	209	13	mcdermott	mcdermott	PROPN
ajfa-193	209	14	(	(	PUNCT
ajfa-193	209	15	2003	2003	NUM
ajfa-193	209	16	)	)	PUNCT
ajfa-193	209	17	,	,	PUNCT
ajfa-193	209	18	computing	compute	VERB
ajfa-193	209	19	the	the	DET
ajfa-193	209	20	percentage	percentage	NOUN
ajfa-193	209	21	change	change	NOUN
ajfa-193	209	22	in	in	ADP
ajfa-193	209	23	percentage	percentage	NOUN
ajfa-193	209	24	bid	bid	NOUN
ajfa-193	209	25	–	–	PUNCT
ajfa-193	209	26	ask	ask	NOUN
ajfa-193	209	27	spread	spread	NOUN
ajfa-193	209	28	,	,	PUNCT
ajfa-193	209	29	and	and	CCONJ
ajfa-193	209	30	the	the	DET
ajfa-193	209	31	percentage	percentage	NOUN
ajfa-193	209	32	change	change	NOUN
ajfa-193	209	33	in	in	ADP
ajfa-193	209	34	trading	trading	NOUN
ajfa-193	209	35	volume	volume	NOUN
ajfa-193	209	36	.	.	PUNCT
ajfa-193	210	1	we	we	PRON
ajfa-193	210	2	define	define	VERB
ajfa-193	210	3	the	the	DET
ajfa-193	210	4	quoted	quote	VERB
ajfa-193	210	5	percentage	percentage	NOUN
ajfa-193	210	6	spread	spread	VERB
ajfa-193	210	7	as	as	ADP
ajfa-193	210	8	the	the	DET
ajfa-193	210	9	difference	difference	NOUN
ajfa-193	210	10	between	between	ADP
ajfa-193	210	11	the	the	DET
ajfa-193	210	12	ask	ask	NOUN
ajfa-193	210	13	price	price	NOUN
ajfa-193	210	14	and	and	CCONJ
ajfa-193	210	15	the	the	DET
ajfa-193	210	16	bid	bid	NOUN
ajfa-193	210	17	price	price	NOUN
ajfa-193	210	18	for	for	ADP
ajfa-193	210	19	each	each	DET
ajfa-193	210	20	firm	firm	NOUN
ajfa-193	210	21	,	,	PUNCT
ajfa-193	210	22	divided	divide	VERB
ajfa-193	210	23	by	by	ADP
ajfa-193	210	24	the	the	DET
ajfa-193	210	25	midpoint	midpoint	NOUN
ajfa-193	210	26	of	of	ADP
ajfa-193	210	27	the	the	DET
ajfa-193	210	28	spread	spread	NOUN
ajfa-193	210	29	.	.	PUNCT
ajfa-193	211	1	the	the	DET
ajfa-193	211	2	midpoint	midpoint	NOUN
ajfa-193	211	3	spread	spread	NOUN
ajfa-193	211	4	is	be	AUX
ajfa-193	211	5	the	the	DET
ajfa-193	211	6	mean	mean	NOUN
ajfa-193	211	7	of	of	ADP
ajfa-193	211	8	the	the	DET
ajfa-193	211	9	ask	ask	NOUN
ajfa-193	211	10	price	price	NOUN
ajfa-193	211	11	and	and	CCONJ
ajfa-193	211	12	the	the	DET
ajfa-193	211	13	bid	bid	NOUN
ajfa-193	211	14	price	price	NOUN
ajfa-193	211	15	for	for	ADP
ajfa-193	211	16	each	each	DET
ajfa-193	211	17	firm	firm	NOUN
ajfa-193	211	18	.	.	PUNCT
ajfa-193	212	1	the	the	DET
ajfa-193	212	2	ratio	ratio	NOUN
ajfa-193	212	3	of	of	ADP
ajfa-193	212	4	the	the	DET
ajfa-193	212	5	daily	daily	ADJ
ajfa-193	212	6	average	average	ADJ
ajfa-193	212	7	percentage	percentage	NOUN
ajfa-193	212	8	spreads	spread	NOUN
ajfa-193	212	9	(	(	PUNCT
ajfa-193	212	10	i.e.	i.e.	X
ajfa-193	212	11	,	,	PUNCT
ajfa-193	212	12	percentage	percentage	NOUN
ajfa-193	212	13	change	change	NOUN
ajfa-193	212	14	in	in	ADP
ajfa-193	212	15	percentage	percentage	NOUN
ajfa-193	212	16	bid	bid	NOUN
ajfa-193	212	17	–	–	PUNCT
ajfa-193	212	18	ask	ask	NOUN
ajfa-193	212	19	spread	spread	NOUN
ajfa-193	212	20	)	)	PUNCT
ajfa-193	212	21	were	be	AUX
ajfa-193	212	22	constructed	construct	VERB
ajfa-193	212	23	over	over	ADP
ajfa-193	212	24	various	various	ADJ
ajfa-193	212	25	event	event	NOUN
ajfa-193	212	26	intervals	interval	NOUN
ajfa-193	212	27	to	to	ADP
ajfa-193	212	28	their	their	PRON
ajfa-193	212	29	counterparts	counterpart	NOUN
ajfa-193	212	30	in	in	ADP
ajfa-193	212	31	the	the	DET
ajfa-193	212	32	pre	pre	NOUN
ajfa-193	212	33	-	-	NOUN
ajfa-193	212	34	addition	addition	ADJ
ajfa-193	212	35	/	/	SYM
ajfa-193	212	36	deletion	deletion	NOUN
ajfa-193	212	37	period	period	NOUN
ajfa-193	212	38	over	over	ADP
ajfa-193	212	39	trading	trading	NOUN
ajfa-193	212	40	days	day	NOUN
ajfa-193	212	41	(	(	PUNCT
ajfa-193	212	42	–	–	PUNCT
ajfa-193	212	43	150	150	NUM
ajfa-193	212	44	,	,	PUNCT
ajfa-193	212	45	–	–	PUNCT
ajfa-193	212	46	16	16	NUM
ajfa-193	212	47	)	)	PUNCT
ajfa-193	212	48	.	.	PUNCT
ajfa-193	213	1	if	if	SCONJ
ajfa-193	213	2	either	either	CCONJ
ajfa-193	213	3	the	the	DET
ajfa-193	213	4	bid	bid	NOUN
ajfa-193	213	5	or	or	CCONJ
ajfa-193	213	6	the	the	DET
ajfa-193	213	7	ask	ask	NOUN
ajfa-193	213	8	prices	price	NOUN
ajfa-193	213	9	were	be	AUX
ajfa-193	213	10	less	less	ADJ
ajfa-193	213	11	than	than	ADP
ajfa-193	213	12	zero	zero	NUM
ajfa-193	213	13	,	,	PUNCT
ajfa-193	213	14	the	the	DET
ajfa-193	213	15	quotes	quote	NOUN
ajfa-193	213	16	were	be	AUX
ajfa-193	213	17	omitted	omit	VERB
ajfa-193	213	18	.	.	PUNCT
ajfa-193	214	1	we	we	PRON
ajfa-193	214	2	use	use	VERB
ajfa-193	214	3	a	a	DET
ajfa-193	214	4	one	one	NUM
ajfa-193	214	5	-	-	PUNCT
ajfa-193	214	6	tail	tail	NOUN
ajfa-193	214	7	t	t	NOUN
ajfa-193	214	8	-	-	PUNCT
ajfa-193	214	9	test	test	NOUN
ajfa-193	214	10	to	to	PART
ajfa-193	214	11	measure	measure	VERB
ajfa-193	214	12	the	the	DET
ajfa-193	214	13	statistical	statistical	ADJ
ajfa-193	214	14	significance	significance	NOUN
ajfa-193	214	15	of	of	ADP
ajfa-193	214	16	this	this	DET
ajfa-193	214	17	coefficient	coefficient	NOUN
ajfa-193	214	18	.	.	PUNCT
ajfa-193	215	1	the	the	DET
ajfa-193	215	2	volume	volume	NOUN
ajfa-193	215	3	of	of	ADP
ajfa-193	215	4	trade	trade	NOUN
ajfa-193	215	5	was	be	AUX
ajfa-193	215	6	computed	compute	VERB
ajfa-193	215	7	as	as	ADP
ajfa-193	215	8	the	the	DET
ajfa-193	215	9	daily	daily	ADJ
ajfa-193	215	10	average	average	NOUN
ajfa-193	215	11	of	of	ADP
ajfa-193	215	12	the	the	DET
ajfa-193	215	13	transaction	transaction	NOUN
ajfa-193	215	14	size	size	NOUN
ajfa-193	215	15	.	.	PUNCT
ajfa-193	216	1	we	we	PRON
ajfa-193	216	2	examined	examine	VERB
ajfa-193	216	3	the	the	DET
ajfa-193	216	4	mean	mean	NOUN
ajfa-193	216	5	of	of	ADP
ajfa-193	216	6	the	the	DET
ajfa-193	216	7	daily	daily	ADJ
ajfa-193	216	8	trading	trading	NOUN
ajfa-193	216	9	volume	volume	NOUN
ajfa-193	216	10	ratios	ratio	NOUN
ajfa-193	216	11	.	.	PUNCT
ajfa-193	217	1	the	the	DET
ajfa-193	217	2	trading	trading	NOUN
ajfa-193	217	3	volume	volume	NOUN
ajfa-193	217	4	ratio	ratio	NOUN
ajfa-193	217	5	(	(	PUNCT
ajfa-193	217	6	i.e.	i.e.	X
ajfa-193	217	7	,	,	PUNCT
ajfa-193	217	8	percentage	percentage	NOUN
ajfa-193	217	9	change	change	NOUN
ajfa-193	217	10	in	in	ADP
ajfa-193	217	11	trading	trading	NOUN
ajfa-193	217	12	volume	volume	NOUN
ajfa-193	217	13	)	)	PUNCT
ajfa-193	217	14	for	for	ADP
ajfa-193	217	15	a	a	DET
ajfa-193	217	16	stock	stock	NOUN
ajfa-193	217	17	is	be	AUX
ajfa-193	217	18	defined	define	VERB
ajfa-193	217	19	as	as	ADP
ajfa-193	217	20	the	the	DET
ajfa-193	217	21	ratio	ratio	NOUN
ajfa-193	217	22	of	of	ADP
ajfa-193	217	23	average	average	ADJ
ajfa-193	217	24	trading	trading	NOUN
ajfa-193	217	25	volume	volume	NOUN
ajfa-193	217	26	over	over	ADP
ajfa-193	217	27	the	the	DET
ajfa-193	217	28	indicated	indicate	VERB
ajfa-193	217	29	event	event	NOUN
ajfa-193	217	30	time	time	NOUN
ajfa-193	217	31	interval	interval	NOUN
ajfa-193	217	32	to	to	ADP
ajfa-193	217	33	average	average	ADJ
ajfa-193	217	34	trading	trading	NOUN
ajfa-193	217	35	volume	volume	NOUN
ajfa-193	217	36	in	in	ADP
ajfa-193	217	37	the	the	DET
ajfa-193	217	38	preaddition	preaddition	NOUN
ajfa-193	217	39	or	or	CCONJ
ajfa-193	217	40	predeletion	predeletion	NOUN
ajfa-193	217	41	period	period	NOUN
ajfa-193	217	42	.	.	PUNCT
ajfa-193	218	1	these	these	DET
ajfa-193	218	2	volume	volume	NOUN
ajfa-193	218	3	ratios	ratio	NOUN
ajfa-193	218	4	are	be	AUX
ajfa-193	218	5	more	more	ADV
ajfa-193	218	6	robust	robust	ADJ
ajfa-193	218	7	than	than	ADP
ajfa-193	218	8	examining	examine	VERB
ajfa-193	218	9	trading	trading	NOUN
ajfa-193	218	10	volumes	volume	NOUN
ajfa-193	218	11	in	in	ADP
ajfa-193	218	12	levels	level	NOUN
ajfa-193	218	13	as	as	SCONJ
ajfa-193	218	14	they	they	PRON
ajfa-193	218	15	control	control	VERB
ajfa-193	218	16	for	for	ADP
ajfa-193	218	17	the	the	DET
ajfa-193	218	18	effects	effect	NOUN
ajfa-193	218	19	of	of	ADP
ajfa-193	218	20	large	large	ADJ
ajfa-193	218	21	-	-	PUNCT
ajfa-193	218	22	volume	volume	NOUN
ajfa-193	218	23	stocks	stock	NOUN
ajfa-193	218	24	in	in	ADP
ajfa-193	218	25	each	each	PRON
ajfa-193	218	26	of	of	ADP
ajfa-193	218	27	our	our	PRON
ajfa-193	218	28	addition	addition	NOUN
ajfa-193	218	29	and	and	CCONJ
ajfa-193	218	30	deletion	deletion	NOUN
ajfa-193	218	31	samples	sample	NOUN
ajfa-193	218	32	.	.	PUNCT
ajfa-193	219	1	the	the	DET
ajfa-193	219	2	event	event	NOUN
ajfa-193	219	3	intervals	interval	NOUN
ajfa-193	219	4	were	be	AUX
ajfa-193	219	5	the	the	DET
ajfa-193	219	6	same	same	ADJ
ajfa-193	219	7	as	as	ADP
ajfa-193	219	8	those	those	PRON
ajfa-193	219	9	for	for	ADP
ajfa-193	219	10	measuring	measure	VERB
ajfa-193	219	11	the	the	DET
ajfa-193	219	12	daily	daily	ADJ
ajfa-193	219	13	average	average	ADJ
ajfa-193	219	14	percentage	percentage	NOUN
ajfa-193	219	15	spread	spread	NOUN
ajfa-193	219	16	,	,	PUNCT
ajfa-193	219	17	i.e.	i.e.	X
ajfa-193	219	18	,	,	PUNCT
ajfa-193	219	19	(	(	PUNCT
ajfa-193	219	20	–	–	PUNCT
ajfa-193	219	21	150	150	NUM
ajfa-193	219	22	,	,	PUNCT
ajfa-193	219	23	–	–	PUNCT
ajfa-193	219	24	16	16	NUM
ajfa-193	219	25	)	)	PUNCT
ajfa-193	219	26	.	.	PUNCT
ajfa-193	220	1	the	the	DET
ajfa-193	220	2	statistical	statistical	ADJ
ajfa-193	220	3	significance	significance	NOUN
ajfa-193	220	4	of	of	ADP
ajfa-193	220	5	the	the	DET
ajfa-193	220	6	percentage	percentage	NOUN
ajfa-193	220	7	change	change	NOUN
ajfa-193	220	8	in	in	ADP
ajfa-193	220	9	the	the	DET
ajfa-193	220	10	volume	volume	NOUN
ajfa-193	220	11	is	be	AUX
ajfa-193	220	12	also	also	ADV
ajfa-193	220	13	estimated	estimate	VERB
ajfa-193	220	14	according	accord	VERB
ajfa-193	220	15	to	to	ADP
ajfa-193	220	16	the	the	DET
ajfa-193	220	17	1	1	NUM
ajfa-193	220	18	-	-	PUNCT
ajfa-193	220	19	tail	tail	NOUN
ajfa-193	220	20	t	t	NOUN
ajfa-193	220	21	-	-	PUNCT
ajfa-193	220	22	test	test	NOUN
ajfa-193	220	23	.	.	PUNCT
ajfa-193	221	1	3	3	X
ajfa-193	221	2	.	.	X
ajfa-193	221	3	results	result	NOUN
ajfa-193	221	4	in	in	ADP
ajfa-193	221	5	light	light	NOUN
ajfa-193	221	6	of	of	ADP
ajfa-193	221	7	the	the	DET
ajfa-193	221	8	insights	insight	NOUN
ajfa-193	221	9	we	we	PRON
ajfa-193	221	10	developed	develop	VERB
ajfa-193	221	11	in	in	ADP
ajfa-193	221	12	the	the	DET
ajfa-193	221	13	previous	previous	ADJ
ajfa-193	221	14	sections	section	NOUN
ajfa-193	221	15	,	,	PUNCT
ajfa-193	221	16	we	we	PRON
ajfa-193	221	17	applied	apply	VERB
ajfa-193	221	18	a	a	DET
ajfa-193	221	19	number	number	NOUN
ajfa-193	221	20	of	of	ADP
ajfa-193	221	21	tests	test	NOUN
ajfa-193	221	22	for	for	ADP
ajfa-193	221	23	the	the	DET
ajfa-193	221	24	evidence	evidence	NOUN
ajfa-193	221	25	of	of	ADP
ajfa-193	221	26	abnormal	abnormal	ADJ
ajfa-193	221	27	returns	return	NOUN
ajfa-193	221	28	and	and	CCONJ
ajfa-193	221	29	changes	change	NOUN
ajfa-193	221	30	in	in	ADP
ajfa-193	221	31	liquidity	liquidity	NOUN
ajfa-193	221	32	due	due	ADP
ajfa-193	221	33	to	to	ADP
ajfa-193	221	34	s&p	s&p	PROPN
ajfa-193	221	35	/	/	SYM
ajfa-193	221	36	citic	citic	ADJ
ajfa-193	221	37	300	300	NUM
ajfa-193	221	38	index	index	NOUN
ajfa-193	221	39	17	17	NUM
ajfa-193	221	40	according	accord	VERB
ajfa-193	221	41	to	to	ADP
ajfa-193	221	42	chung	chung	PROPN
ajfa-193	221	43	(	(	PUNCT
ajfa-193	221	44	1999	1999	NUM
ajfa-193	221	45	)	)	PUNCT
ajfa-193	221	46	study	study	NOUN
ajfa-193	221	47	,	,	PUNCT
ajfa-193	221	48	the	the	DET
ajfa-193	221	49	cost	cost	NOUN
ajfa-193	221	50	of	of	ADP
ajfa-193	221	51	adverse	adverse	ADJ
ajfa-193	221	52	selection	selection	NOUN
ajfa-193	221	53	in	in	ADP
ajfa-193	221	54	an	an	DET
ajfa-193	221	55	order	order	NOUN
ajfa-193	221	56	-	-	PUNCT
ajfa-193	221	57	driven	drive	VERB
ajfa-193	221	58	market	market	NOUN
ajfa-193	221	59	is	be	AUX
ajfa-193	221	60	between	between	ADP
ajfa-193	221	61	30	30	NUM
ajfa-193	221	62	to	to	PART
ajfa-193	221	63	34	34	NUM
ajfa-193	221	64	%	%	NOUN
ajfa-193	221	65	of	of	ADP
ajfa-193	221	66	the	the	DET
ajfa-193	221	67	bid	bid	NOUN
ajfa-193	221	68	–	–	PUNCT
ajfa-193	221	69	ask	ask	NOUN
ajfa-193	221	70	spread	spread	NOUN
ajfa-193	221	71	.	.	PUNCT
ajfa-193	222	1	asian	asian	ADJ
ajfa-193	222	2	journal	journal	PROPN
ajfa-193	222	3	of	of	ADP
ajfa-193	222	4	finance	finance	PROPN
ajfa-193	222	5	&	&	CCONJ
ajfa-193	222	6	accounting	accounting	PROPN
ajfa-193	222	7	issn	issn	PROPN
ajfa-193	222	8	1946	1946	NUM
ajfa-193	222	9	-	-	PUNCT
ajfa-193	222	10	052x	052x	NOUN
ajfa-193	222	11	2009	2009	NUM
ajfa-193	222	12	,	,	PUNCT
ajfa-193	222	13	vol	vol	NOUN
ajfa-193	222	14	.	.	PROPN
ajfa-193	222	15	1	1	NUM
ajfa-193	222	16	,	,	PUNCT
ajfa-193	222	17	no	no	INTJ
ajfa-193	222	18	.	.	NOUN
ajfa-193	222	19	2	2	NUM
ajfa-193	222	20	:	:	PUNCT
ajfa-193	222	21	e2	e2	NOUN
ajfa-193	222	22	32	32	NUM
ajfa-193	222	23	additions	addition	NOUN
ajfa-193	222	24	and	and	CCONJ
ajfa-193	222	25	deletions	deletion	NOUN
ajfa-193	222	26	.	.	PUNCT
ajfa-193	223	1	three	three	NUM
ajfa-193	223	2	of	of	ADP
ajfa-193	223	3	these	these	DET
ajfa-193	223	4	tests	test	NOUN
ajfa-193	223	5	are	be	AUX
ajfa-193	223	6	relevant	relevant	ADJ
ajfa-193	223	7	to	to	ADP
ajfa-193	223	8	abnormal	abnormal	ADJ
ajfa-193	223	9	returns	return	NOUN
ajfa-193	223	10	,	,	PUNCT
ajfa-193	223	11	two	two	NUM
ajfa-193	223	12	to	to	ADP
ajfa-193	223	13	the	the	DET
ajfa-193	223	14	change	change	NOUN
ajfa-193	223	15	in	in	ADP
ajfa-193	223	16	bid	bid	NOUN
ajfa-193	223	17	–	–	PUNCT
ajfa-193	223	18	ask	ask	NOUN
ajfa-193	223	19	spread	spread	NOUN
ajfa-193	223	20	,	,	PUNCT
ajfa-193	223	21	and	and	CCONJ
ajfa-193	223	22	two	two	NUM
ajfa-193	223	23	to	to	ADP
ajfa-193	223	24	the	the	DET
ajfa-193	223	25	change	change	NOUN
ajfa-193	223	26	in	in	ADP
ajfa-193	223	27	the	the	DET
ajfa-193	223	28	volume	volume	NOUN
ajfa-193	223	29	of	of	ADP
ajfa-193	223	30	trade	trade	NOUN
ajfa-193	223	31	.	.	PUNCT
ajfa-193	224	1	our	our	PRON
ajfa-193	224	2	findings	finding	NOUN
ajfa-193	224	3	have	have	VERB
ajfa-193	224	4	certain	certain	ADJ
ajfa-193	224	5	implications	implication	NOUN
ajfa-193	224	6	for	for	ADP
ajfa-193	224	7	the	the	DET
ajfa-193	224	8	emh	emh	PROPN
ajfa-193	224	9	,	,	PUNCT
ajfa-193	224	10	which	which	PRON
ajfa-193	224	11	predicts	predict	VERB
ajfa-193	224	12	that	that	SCONJ
ajfa-193	224	13	stock	stock	NOUN
ajfa-193	224	14	prices	price	NOUN
ajfa-193	224	15	reflect	reflect	VERB
ajfa-193	224	16	all	all	DET
ajfa-193	224	17	publicly	publicly	ADV
ajfa-193	224	18	available	available	ADJ
ajfa-193	224	19	information	information	NOUN
ajfa-193	224	20	and	and	CCONJ
ajfa-193	224	21	market	market	NOUN
ajfa-193	224	22	prices	price	NOUN
ajfa-193	224	23	represent	represent	VERB
ajfa-193	224	24	the	the	DET
ajfa-193	224	25	fair	fair	ADJ
ajfa-193	224	26	value	value	NOUN
ajfa-193	224	27	of	of	ADP
ajfa-193	224	28	the	the	DET
ajfa-193	224	29	shares	share	NOUN
ajfa-193	224	30	.	.	PUNCT
ajfa-193	225	1	if	if	SCONJ
ajfa-193	225	2	this	this	DET
ajfa-193	225	3	hypothesis	hypothesis	NOUN
ajfa-193	225	4	holds	hold	VERB
ajfa-193	225	5	,	,	PUNCT
ajfa-193	225	6	any	any	DET
ajfa-193	225	7	large	large	ADJ
ajfa-193	225	8	-	-	PUNCT
ajfa-193	225	9	scale	scale	NOUN
ajfa-193	225	10	trade	trade	NOUN
ajfa-193	225	11	on	on	ADP
ajfa-193	225	12	shares	share	NOUN
ajfa-193	225	13	because	because	SCONJ
ajfa-193	225	14	of	of	ADP
ajfa-193	225	15	index	index	NOUN
ajfa-193	225	16	inclusion	inclusion	NOUN
ajfa-193	225	17	or	or	CCONJ
ajfa-193	225	18	exclusion	exclusion	NOUN
ajfa-193	225	19	will	will	AUX
ajfa-193	225	20	have	have	VERB
ajfa-193	225	21	no	no	DET
ajfa-193	225	22	significant	significant	ADJ
ajfa-193	225	23	impact	impact	NOUN
ajfa-193	225	24	on	on	ADP
ajfa-193	225	25	their	their	PRON
ajfa-193	225	26	return	return	NOUN
ajfa-193	225	27	and	and	CCONJ
ajfa-193	225	28	liquidity	liquidity	NOUN
ajfa-193	225	29	.	.	PUNCT
ajfa-193	226	1	3.1	3.1	NUM
ajfa-193	226	2	price	price	NOUN
ajfa-193	226	3	effects	effect	NOUN
ajfa-193	226	4	table	table	NOUN
ajfa-193	226	5	1	1	NUM
ajfa-193	226	6	and	and	CCONJ
ajfa-193	226	7	table	table	NOUN
ajfa-193	226	8	2	2	NUM
ajfa-193	226	9	present	present	ADJ
ajfa-193	226	10	mean	mean	NOUN
ajfa-193	226	11	cumulative	cumulative	ADJ
ajfa-193	226	12	abnormal	abnormal	ADJ
ajfa-193	226	13	returns	return	NOUN
ajfa-193	226	14	(	(	PUNCT
ajfa-193	226	15	cars	car	NOUN
ajfa-193	226	16	)	)	PUNCT
ajfa-193	226	17	for	for	ADP
ajfa-193	226	18	the	the	DET
ajfa-193	226	19	added	add	VERB
ajfa-193	226	20	and	and	CCONJ
ajfa-193	226	21	the	the	DET
ajfa-193	226	22	deleted	delete	VERB
ajfa-193	226	23	firms	firm	NOUN
ajfa-193	226	24	,	,	PUNCT
ajfa-193	226	25	respectively	respectively	ADV
ajfa-193	226	26	.	.	PUNCT
ajfa-193	227	1	to	to	PART
ajfa-193	227	2	test	test	VERB
ajfa-193	227	3	the	the	DET
ajfa-193	227	4	robustness	robustness	NOUN
ajfa-193	227	5	of	of	ADP
ajfa-193	227	6	our	our	PRON
ajfa-193	227	7	findings	finding	NOUN
ajfa-193	227	8	,	,	PUNCT
ajfa-193	227	9	we	we	PRON
ajfa-193	227	10	have	have	AUX
ajfa-193	227	11	used	use	VERB
ajfa-193	227	12	both	both	CCONJ
ajfa-193	227	13	the	the	DET
ajfa-193	227	14	ols	ol	NOUN
ajfa-193	227	15	market	market	NOUN
ajfa-193	227	16	model	model	NOUN
ajfa-193	227	17	and	and	CCONJ
ajfa-193	227	18	the	the	DET
ajfa-193	227	19	scholes	schole	NOUN
ajfa-193	227	20	–	–	PUNCT
ajfa-193	227	21	williams	williams	PROPN
ajfa-193	227	22	market	market	NOUN
ajfa-193	227	23	model	model	NOUN
ajfa-193	227	24	as	as	ADP
ajfa-193	227	25	the	the	DET
ajfa-193	227	26	benchmarks	benchmark	NOUN
ajfa-193	227	27	for	for	ADP
ajfa-193	227	28	estimating	estimate	VERB
ajfa-193	227	29	normal	normal	ADJ
ajfa-193	227	30	return	return	NOUN
ajfa-193	227	31	.	.	PUNCT
ajfa-193	228	1	our	our	PRON
ajfa-193	228	2	results	result	NOUN
ajfa-193	228	3	show	show	VERB
ajfa-193	228	4	that	that	SCONJ
ajfa-193	228	5	the	the	DET
ajfa-193	228	6	magnitudes	magnitude	NOUN
ajfa-193	228	7	of	of	ADP
ajfa-193	228	8	cars	car	NOUN
ajfa-193	228	9	and	and	CCONJ
ajfa-193	228	10	the	the	DET
ajfa-193	228	11	level	level	NOUN
ajfa-193	228	12	of	of	ADP
ajfa-193	228	13	their	their	PRON
ajfa-193	228	14	statistical	statistical	ADJ
ajfa-193	228	15	significance	significance	NOUN
ajfa-193	228	16	from	from	ADP
ajfa-193	228	17	the	the	DET
ajfa-193	228	18	application	application	NOUN
ajfa-193	228	19	of	of	ADP
ajfa-193	228	20	two	two	NUM
ajfa-193	228	21	methods	method	NOUN
ajfa-193	228	22	are	be	AUX
ajfa-193	228	23	similar	similar	ADJ
ajfa-193	228	24	.	.	PUNCT
ajfa-193	229	1	nevertheless	nevertheless	ADV
ajfa-193	229	2	,	,	PUNCT
ajfa-193	229	3	we	we	PRON
ajfa-193	229	4	discuss	discuss	VERB
ajfa-193	229	5	the	the	DET
ajfa-193	229	6	results	result	NOUN
ajfa-193	229	7	from	from	ADP
ajfa-193	229	8	the	the	DET
ajfa-193	229	9	scholes	schole	NOUN
ajfa-193	229	10	–	–	PUNCT
ajfa-193	229	11	williams	williams	PROPN
ajfa-193	229	12	model	model	NOUN
ajfa-193	229	13	to	to	PART
ajfa-193	229	14	avoid	avoid	VERB
ajfa-193	229	15	nonsynchronous	nonsynchronous	ADJ
ajfa-193	229	16	trading	trading	NOUN
ajfa-193	229	17	bias	bias	NOUN
ajfa-193	229	18	,	,	PUNCT
ajfa-193	229	19	as	as	SCONJ
ajfa-193	229	20	shares	share	NOUN
ajfa-193	229	21	in	in	ADP
ajfa-193	229	22	emerging	emerge	VERB
ajfa-193	229	23	equity	equity	NOUN
ajfa-193	229	24	markets	market	NOUN
ajfa-193	229	25	are	be	AUX
ajfa-193	229	26	likely	likely	ADJ
ajfa-193	229	27	to	to	PART
ajfa-193	229	28	trade	trade	VERB
ajfa-193	229	29	less	less	ADV
ajfa-193	229	30	frequently	frequently	ADV
ajfa-193	229	31	.	.	PUNCT
ajfa-193	230	1	table	table	NOUN
ajfa-193	230	2	1	1	NUM
ajfa-193	230	3	presents	present	VERB
ajfa-193	230	4	the	the	DET
ajfa-193	230	5	estimated	estimate	VERB
ajfa-193	230	6	cars	car	NOUN
ajfa-193	230	7	for	for	ADP
ajfa-193	230	8	various	various	ADJ
ajfa-193	230	9	intervals	interval	NOUN
ajfa-193	230	10	in	in	ADP
ajfa-193	230	11	the	the	DET
ajfa-193	230	12	preand	preand	NOUN
ajfa-193	230	13	post	post	ADJ
ajfa-193	230	14	-	-	ADJ
ajfa-193	230	15	event	event	ADJ
ajfa-193	230	16	periods	period	NOUN
ajfa-193	230	17	.	.	PUNCT
ajfa-193	231	1	the	the	DET
ajfa-193	231	2	coefficient	coefficient	NOUN
ajfa-193	231	3	for	for	ADP
ajfa-193	231	4	cars	car	NOUN
ajfa-193	231	5	,	,	PUNCT
ajfa-193	231	6	accumulated	accumulate	VERB
ajfa-193	231	7	over	over	ADP
ajfa-193	231	8	the	the	DET
ajfa-193	231	9	interval	interval	NOUN
ajfa-193	231	10	day	day	NOUN
ajfa-193	231	11	–	–	PUNCT
ajfa-193	231	12	30	30	NUM
ajfa-193	231	13	to	to	ADP
ajfa-193	231	14	day	day	NOUN
ajfa-193	231	15	0	0	NUM
ajfa-193	231	16	,	,	PUNCT
ajfa-193	231	17	is	be	AUX
ajfa-193	231	18	–	–	PUNCT
ajfa-193	231	19	5.93	5.93	NUM
ajfa-193	231	20	%	%	NOUN
ajfa-193	231	21	and	and	CCONJ
ajfa-193	231	22	statistically	statistically	ADV
ajfa-193	231	23	significant	significant	ADJ
ajfa-193	231	24	at	at	ADP
ajfa-193	231	25	the	the	DET
ajfa-193	231	26	5	5	NUM
ajfa-193	231	27	%	%	NOUN
ajfa-193	231	28	level	level	NOUN
ajfa-193	231	29	.	.	PUNCT
ajfa-193	232	1	the	the	DET
ajfa-193	232	2	cars	car	NOUN
ajfa-193	232	3	coefficient	coefficient	NOUN
ajfa-193	232	4	estimated	estimate	VERB
ajfa-193	232	5	over	over	ADP
ajfa-193	232	6	the	the	DET
ajfa-193	232	7	shorter	short	ADJ
ajfa-193	232	8	interval	interval	NOUN
ajfa-193	232	9	of	of	ADP
ajfa-193	232	10	day	day	NOUN
ajfa-193	232	11	–	–	PUNCT
ajfa-193	232	12	5	5	NUM
ajfa-193	232	13	to	to	ADP
ajfa-193	232	14	day	day	NOUN
ajfa-193	232	15	0	0	NUM
ajfa-193	232	16	,	,	PUNCT
ajfa-193	232	17	increases	increase	VERB
ajfa-193	232	18	to	to	ADP
ajfa-193	232	19	–	–	PUNCT
ajfa-193	232	20	1.88	1.88	NUM
ajfa-193	232	21	%	%	NOUN
ajfa-193	232	22	and	and	CCONJ
ajfa-193	232	23	remains	remain	VERB
ajfa-193	232	24	statistically	statistically	ADV
ajfa-193	232	25	significant	significant	ADJ
ajfa-193	232	26	at	at	ADP
ajfa-193	232	27	the	the	DET
ajfa-193	232	28	5	5	NUM
ajfa-193	232	29	%	%	NOUN
ajfa-193	232	30	level	level	NOUN
ajfa-193	232	31	.	.	PUNCT
ajfa-193	233	1	cars	car	NOUN
ajfa-193	233	2	increase	increase	VERB
ajfa-193	233	3	to	to	ADP
ajfa-193	233	4	the	the	DET
ajfa-193	233	5	highest	high	ADJ
ajfa-193	233	6	level	level	NOUN
ajfa-193	233	7	of	of	ADP
ajfa-193	233	8	–	–	PUNCT
ajfa-193	233	9	0.83	0.83	NUM
ajfa-193	233	10	%	%	NOUN
ajfa-193	233	11	on	on	ADP
ajfa-193	233	12	the	the	DET
ajfa-193	233	13	event	event	NOUN
ajfa-193	233	14	day	day	NOUN
ajfa-193	233	15	(	(	PUNCT
ajfa-193	233	16	day	day	NOUN
ajfa-193	233	17	0	0	NUM
ajfa-193	233	18	)	)	PUNCT
ajfa-193	233	19	and	and	CCONJ
ajfa-193	233	20	become	become	VERB
ajfa-193	233	21	marginally	marginally	ADV
ajfa-193	233	22	significant	significant	ADJ
ajfa-193	233	23	at	at	ADP
ajfa-193	233	24	the	the	DET
ajfa-193	233	25	10	10	NUM
ajfa-193	233	26	%	%	NOUN
ajfa-193	233	27	level	level	NOUN
ajfa-193	233	28	,	,	PUNCT
ajfa-193	233	29	then	then	ADV
ajfa-193	233	30	start	start	VERB
ajfa-193	233	31	to	to	PART
ajfa-193	233	32	decline	decline	VERB
ajfa-193	233	33	.	.	PUNCT
ajfa-193	234	1	this	this	DET
ajfa-193	234	2	coefficient	coefficient	NOUN
ajfa-193	234	3	remains	remain	VERB
ajfa-193	234	4	negative	negative	ADJ
ajfa-193	234	5	,	,	PUNCT
ajfa-193	234	6	although	although	SCONJ
ajfa-193	234	7	statistically	statistically	ADV
ajfa-193	234	8	insignificant	insignificant	ADJ
ajfa-193	234	9	,	,	PUNCT
ajfa-193	234	10	over	over	ADP
ajfa-193	234	11	the	the	DET
ajfa-193	234	12	interval	interval	NOUN
ajfa-193	234	13	day	day	NOUN
ajfa-193	234	14	0	0	NUM
ajfa-193	234	15	to	to	ADP
ajfa-193	234	16	day	day	NOUN
ajfa-193	234	17	30	30	NUM
ajfa-193	234	18	,	,	PUNCT
ajfa-193	234	19	then	then	ADV
ajfa-193	234	20	decreases	decrease	VERB
ajfa-193	234	21	to	to	ADP
ajfa-193	234	22	–	–	PUNCT
ajfa-193	234	23	3.24	3.24	NUM
ajfa-193	234	24	%	%	NOUN
ajfa-193	234	25	over	over	ADP
ajfa-193	234	26	the	the	DET
ajfa-193	234	27	interval	interval	NOUN
ajfa-193	234	28	day	day	NOUN
ajfa-193	234	29	0	0	NUM
ajfa-193	234	30	to	to	ADP
ajfa-193	234	31	day	day	NOUN
ajfa-193	234	32	45	45	NUM
ajfa-193	234	33	and	and	CCONJ
ajfa-193	234	34	becomes	become	VERB
ajfa-193	234	35	marginally	marginally	ADV
ajfa-193	234	36	significant	significant	ADJ
ajfa-193	234	37	at	at	ADP
ajfa-193	234	38	the	the	DET
ajfa-193	234	39	10	10	NUM
ajfa-193	234	40	%	%	NOUN
ajfa-193	234	41	level	level	NOUN
ajfa-193	234	42	.	.	PUNCT
ajfa-193	235	1	figure	figure	NOUN
ajfa-193	235	2	1	1	NUM
ajfa-193	235	3	illustrates	illustrate	VERB
ajfa-193	235	4	the	the	DET
ajfa-193	235	5	continuous	continuous	ADJ
ajfa-193	235	6	change	change	NOUN
ajfa-193	235	7	in	in	ADP
ajfa-193	235	8	cars	car	NOUN
ajfa-193	235	9	over	over	ADP
ajfa-193	235	10	the	the	DET
ajfa-193	235	11	event	event	NOUN
ajfa-193	235	12	window	window	NOUN
ajfa-193	235	13	,	,	PUNCT
ajfa-193	235	14	providing	provide	VERB
ajfa-193	235	15	further	further	ADJ
ajfa-193	235	16	support	support	NOUN
ajfa-193	235	17	for	for	ADP
ajfa-193	235	18	the	the	DET
ajfa-193	235	19	findings	finding	NOUN
ajfa-193	235	20	in	in	ADP
ajfa-193	235	21	table	table	NOUN
ajfa-193	235	22	1	1	NUM
ajfa-193	235	23	.	.	PUNCT
ajfa-193	236	1	according	accord	VERB
ajfa-193	236	2	to	to	ADP
ajfa-193	236	3	this	this	DET
ajfa-193	236	4	figure	figure	NOUN
ajfa-193	236	5	,	,	PUNCT
ajfa-193	236	6	cars	car	NOUN
ajfa-193	236	7	show	show	VERB
ajfa-193	236	8	an	an	DET
ajfa-193	236	9	upward	upward	ADJ
ajfa-193	236	10	trend	trend	NOUN
ajfa-193	236	11	starting	start	VERB
ajfa-193	236	12	on	on	ADP
ajfa-193	236	13	day	day	NOUN
ajfa-193	236	14	–	–	PUNCT
ajfa-193	236	15	14	14	NUM
ajfa-193	236	16	,	,	PUNCT
ajfa-193	236	17	reach	reach	VERB
ajfa-193	236	18	their	their	PRON
ajfa-193	236	19	peak	peak	NOUN
ajfa-193	236	20	level	level	NOUN
ajfa-193	236	21	on	on	ADP
ajfa-193	236	22	day	day	NOUN
ajfa-193	236	23	13	13	NUM
ajfa-193	236	24	and	and	CCONJ
ajfa-193	236	25	decline	decline	VERB
ajfa-193	236	26	thereafter	thereafter	ADV
ajfa-193	236	27	.	.	PUNCT
ajfa-193	237	1	based	base	VERB
ajfa-193	237	2	on	on	ADP
ajfa-193	237	3	this	this	DET
ajfa-193	237	4	evidence	evidence	NOUN
ajfa-193	237	5	,	,	PUNCT
ajfa-193	237	6	we	we	PRON
ajfa-193	237	7	can	can	AUX
ajfa-193	237	8	conclude	conclude	VERB
ajfa-193	237	9	that	that	SCONJ
ajfa-193	237	10	the	the	DET
ajfa-193	237	11	chinese	chinese	ADJ
ajfa-193	237	12	stock	stock	NOUN
ajfa-193	237	13	market	market	NOUN
ajfa-193	237	14	response	response	NOUN
ajfa-193	237	15	to	to	ADP
ajfa-193	237	16	index	index	NOUN
ajfa-193	237	17	additions	addition	NOUN
ajfa-193	237	18	is	be	AUX
ajfa-193	237	19	positive	positive	ADJ
ajfa-193	237	20	,	,	PUNCT
ajfa-193	237	21	even	even	ADV
ajfa-193	237	22	though	though	SCONJ
ajfa-193	237	23	the	the	DET
ajfa-193	237	24	estimated	estimate	VERB
ajfa-193	237	25	coefficients	coefficient	NOUN
ajfa-193	237	26	for	for	ADP
ajfa-193	237	27	cars	car	NOUN
ajfa-193	237	28	remain	remain	VERB
ajfa-193	237	29	negative	negative	ADJ
ajfa-193	237	30	asian	asian	ADJ
ajfa-193	237	31	journal	journal	NOUN
ajfa-193	237	32	of	of	ADP
ajfa-193	237	33	finance	finance	PROPN
ajfa-193	237	34	&	&	CCONJ
ajfa-193	237	35	accounting	accounting	PROPN
ajfa-193	237	36	issn	issn	PROPN
ajfa-193	237	37	1946	1946	NUM
ajfa-193	237	38	-	-	PUNCT
ajfa-193	237	39	052x	052x	NOUN
ajfa-193	237	40	2009	2009	NUM
ajfa-193	237	41	,	,	PUNCT
ajfa-193	237	42	vol	vol	NOUN
ajfa-193	237	43	.	.	PROPN
ajfa-193	237	44	1	1	NUM
ajfa-193	237	45	,	,	PUNCT
ajfa-193	237	46	no	no	INTJ
ajfa-193	237	47	.	.	NOUN
ajfa-193	237	48	2	2	NUM
ajfa-193	237	49	:	:	PUNCT
ajfa-193	237	50	e2	e2	NOUN
ajfa-193	237	51	33	33	NUM
ajfa-193	237	52	throughout	throughout	ADP
ajfa-193	237	53	the	the	DET
ajfa-193	237	54	event	event	NOUN
ajfa-193	237	55	period	period	NOUN
ajfa-193	237	56	.	.	PUNCT
ajfa-193	238	1	a	a	DET
ajfa-193	238	2	possible	possible	ADJ
ajfa-193	238	3	cause	cause	NOUN
ajfa-193	238	4	of	of	ADP
ajfa-193	238	5	negative	negative	ADJ
ajfa-193	238	6	cars	car	NOUN
ajfa-193	238	7	throughout	throughout	ADP
ajfa-193	238	8	the	the	DET
ajfa-193	238	9	event	event	NOUN
ajfa-193	238	10	period	period	NOUN
ajfa-193	238	11	is	be	AUX
ajfa-193	238	12	market	market	NOUN
ajfa-193	238	13	manipulation	manipulation	NOUN
ajfa-193	238	14	by	by	ADP
ajfa-193	238	15	informed	informed	ADJ
ajfa-193	238	16	traders	trader	NOUN
ajfa-193	238	17	.	.	PUNCT
ajfa-193	239	1	table	table	NOUN
ajfa-193	239	2	1	1	NUM
ajfa-193	239	3	.	.	PUNCT
ajfa-193	240	1	cumulative	cumulative	ADJ
ajfa-193	240	2	abnormal	abnormal	ADJ
ajfa-193	240	3	return	return	NOUN
ajfa-193	240	4	and	and	CCONJ
ajfa-193	240	5	relevant	relevant	ADJ
ajfa-193	240	6	statistics	statistic	NOUN
ajfa-193	240	7	for	for	ADP
ajfa-193	240	8	stock	stock	NOUN
ajfa-193	240	9	addition	addition	NOUN
ajfa-193	240	10	to	to	ADP
ajfa-193	240	11	the	the	DET
ajfa-193	240	12	s&p	s&p	PROPN
ajfa-193	240	13	/	/	SYM
ajfa-193	240	14	citic	citic	ADJ
ajfa-193	240	15	300	300	NUM
ajfa-193	240	16	index	index	NOUN
ajfa-193	240	17	ols	ol	NOUN
ajfa-193	240	18	market	market	NOUN
ajfa-193	240	19	model	model	NOUN
ajfa-193	240	20	scholes	schole	NOUN
ajfa-193	240	21	–	–	PUNCT
ajfa-193	240	22	williams	williams	PROPN
ajfa-193	240	23	market	market	NOUN
ajfa-193	240	24	model	model	NOUN
ajfa-193	240	25	intervals	interval	NOUN
ajfa-193	240	26	cumulative	cumulative	VERB
ajfa-193	240	27	abnormal	abnormal	ADJ
ajfa-193	240	28	return	return	NOUN
ajfa-193	240	29	t	t	NOUN
ajfa-193	240	30	-	-	PUNCT
ajfa-193	240	31	statistic	statistic	NOUN
ajfa-193	240	32	cumulative	cumulative	ADJ
ajfa-193	240	33	abnormal	abnormal	ADJ
ajfa-193	240	34	return	return	NOUN
ajfa-193	240	35	t	t	NOUN
ajfa-193	240	36	-	-	PUNCT
ajfa-193	240	37	statistic	statistic	NOUN
ajfa-193	240	38	(	(	PUNCT
ajfa-193	240	39	–	–	PUNCT
ajfa-193	240	40	30	30	NUM
ajfa-193	240	41	,	,	PUNCT
ajfa-193	240	42	0	0	NUM
ajfa-193	240	43	)	)	PUNCT
ajfa-193	240	44	–	–	PUNCT
ajfa-193	240	45	6.22	6.22	NUM
ajfa-193	240	46	%	%	NOUN
ajfa-193	240	47	–	–	PUNCT
ajfa-193	240	48	2.40	2.40	NUM
ajfa-193	240	49	*	*	PUNCT
ajfa-193	240	50	*	*	PUNCT
ajfa-193	240	51	–	–	PUNCT
ajfa-193	240	52	5.93	5.93	NUM
ajfa-193	240	53	%	%	NOUN
ajfa-193	240	54	–	–	PUNCT
ajfa-193	240	55	2.31	2.31	NUM
ajfa-193	240	56	*	*	PUNCT
ajfa-193	240	57	(	(	PUNCT
ajfa-193	240	58	–	–	PUNCT
ajfa-193	240	59	5	5	NUM
ajfa-193	240	60	,	,	PUNCT
ajfa-193	240	61	0	0	NUM
ajfa-193	240	62	)	)	PUNCT
ajfa-193	240	63	–	–	PUNCT
ajfa-193	240	64	1.97	1.97	NUM
ajfa-193	240	65	%	%	NOUN
ajfa-193	240	66	–	–	PUNCT
ajfa-193	240	67	2.03	2.03	NUM
ajfa-193	240	68	*	*	PUNCT
ajfa-193	240	69	–	–	PUNCT
ajfa-193	240	70	1.88	1.88	NUM
ajfa-193	240	71	%	%	NOUN
ajfa-193	240	72	–	–	PUNCT
ajfa-193	240	73	1.95	1.95	NUM
ajfa-193	240	74	*	*	SYM
ajfa-193	240	75	0	0	NUM
ajfa-193	240	76	–	–	PUNCT
ajfa-193	240	77	0.90	0.90	NUM
ajfa-193	240	78	%	%	NOUN
ajfa-193	240	79	–	–	PUNCT
ajfa-193	240	80	1.58	1.58	NUM
ajfa-193	240	81	$	$	NUM
ajfa-193	240	82	–	–	PUNCT
ajfa-193	240	83	0.83	0.83	NUM
ajfa-193	240	84	%	%	NOUN
ajfa-193	240	85	–	–	PUNCT
ajfa-193	240	86	1.45	1.45	NUM
ajfa-193	240	87	$	$	NUM
ajfa-193	240	88	(	(	PUNCT
ajfa-193	240	89	0	0	NUM
ajfa-193	240	90	,	,	PUNCT
ajfa-193	240	91	+5	+5	PROPN
ajfa-193	240	92	)	)	PUNCT
ajfa-193	240	93	–	–	PUNCT
ajfa-193	240	94	1.54	1.54	NUM
ajfa-193	240	95	%	%	NOUN
ajfa-193	240	96	–	–	PUNCT
ajfa-193	240	97	1.65	1.65	NUM
ajfa-193	240	98	*	*	PUNCT
ajfa-193	240	99	–	–	PUNCT
ajfa-193	240	100	1.32	1.32	NUM
ajfa-193	240	101	%	%	NOUN
ajfa-193	240	102	–	–	PUNCT
ajfa-193	240	103	1.37	1.37	NUM
ajfa-193	240	104	$	$	SYM
ajfa-193	240	105	(	(	PUNCT
ajfa-193	240	106	0	0	NUM
ajfa-193	240	107	,	,	PUNCT
ajfa-193	240	108	+30	+30	NOUN
ajfa-193	240	109	)	)	PUNCT
ajfa-193	240	110	–	–	PUNCT
ajfa-193	240	111	2.55	2.55	NUM
ajfa-193	240	112	%	%	NOUN
ajfa-193	240	113	–	–	PUNCT
ajfa-193	240	114	1.23	1.23	NUM
ajfa-193	240	115	–	–	PUNCT
ajfa-193	240	116	2.59	2.59	NUM
ajfa-193	240	117	%	%	NOUN
ajfa-193	240	118	–	–	PUNCT
ajfa-193	240	119	1.25	1.25	NUM
ajfa-193	240	120	(	(	PUNCT
ajfa-193	240	121	0	0	NUM
ajfa-193	240	122	,	,	PUNCT
ajfa-193	240	123	+45	+45	PROPN
ajfa-193	240	124	)	)	PUNCT
ajfa-193	240	125	–	–	PUNCT
ajfa-193	240	126	3.56	3.56	NUM
ajfa-193	240	127	%	%	NOUN
ajfa-193	240	128	–	–	PUNCT
ajfa-193	240	129	1.59	1.59	NUM
ajfa-193	240	130	$	$	NUM
ajfa-193	240	131	–	–	PUNCT
ajfa-193	240	132	3.24	3.24	NUM
ajfa-193	240	133	%	%	NOUN
ajfa-193	240	134	–	–	PUNCT
ajfa-193	240	135	1.41	1.41	NUM
ajfa-193	240	136	$	$	SYM
ajfa-193	240	137	symbols	symbol	NOUN
ajfa-193	240	138	$	$	SYM
ajfa-193	240	139	,	,	PUNCT
ajfa-193	240	140	*	*	PUNCT
ajfa-193	240	141	,	,	PUNCT
ajfa-193	240	142	*	*	PUNCT
ajfa-193	240	143	*	*	PUNCT
ajfa-193	240	144	,	,	PUNCT
ajfa-193	240	145	and	and	CCONJ
ajfa-193	240	146	*	*	PUNCT
ajfa-193	240	147	*	*	PUNCT
ajfa-193	240	148	*	*	PUNCT
ajfa-193	240	149	denote	denote	ADJ
ajfa-193	240	150	statistical	statistical	ADJ
ajfa-193	240	151	significance	significance	NOUN
ajfa-193	240	152	at	at	ADP
ajfa-193	240	153	the	the	DET
ajfa-193	240	154	0.10	0.10	NUM
ajfa-193	240	155	,	,	PUNCT
ajfa-193	240	156	0.05	0.05	NUM
ajfa-193	240	157	,	,	PUNCT
ajfa-193	240	158	0.01	0.01	NUM
ajfa-193	240	159	and	and	CCONJ
ajfa-193	240	160	0.001	0.001	NUM
ajfa-193	240	161	levels	level	NOUN
ajfa-193	240	162	,	,	PUNCT
ajfa-193	240	163	respectively	respectively	ADV
ajfa-193	240	164	,	,	PUNCT
ajfa-193	240	165	using	use	VERB
ajfa-193	240	166	a	a	DET
ajfa-193	240	167	1	1	NUM
ajfa-193	240	168	-	-	PUNCT
ajfa-193	240	169	tail	tail	NOUN
ajfa-193	240	170	test	test	NOUN
ajfa-193	240	171	.	.	PUNCT
ajfa-193	241	1	figure	figure	NOUN
ajfa-193	241	2	1	1	NUM
ajfa-193	241	3	.	.	PUNCT
ajfa-193	242	1	cumulative	cumulative	ADJ
ajfa-193	242	2	abnormal	abnormal	ADJ
ajfa-193	242	3	return	return	NOUN
ajfa-193	242	4	for	for	ADP
ajfa-193	242	5	stock	stock	NOUN
ajfa-193	242	6	addition	addition	NOUN
ajfa-193	242	7	to	to	ADP
ajfa-193	242	8	s&p	s&p	PROPN
ajfa-193	242	9	/	/	SYM
ajfa-193	242	10	citic	citic	ADJ
ajfa-193	242	11	300	300	NUM
ajfa-193	242	12	index	index	NOUN
ajfa-193	242	13	during	during	ADP
ajfa-193	242	14	event	event	NOUN
ajfa-193	242	15	period	period	NOUN
ajfa-193	242	16	since	since	SCONJ
ajfa-193	242	17	the	the	DET
ajfa-193	242	18	chinese	chinese	ADJ
ajfa-193	242	19	a	a	DET
ajfa-193	242	20	share	share	NOUN
ajfa-193	242	21	market	market	NOUN
ajfa-193	242	22	is	be	AUX
ajfa-193	242	23	dominated	dominate	VERB
ajfa-193	242	24	by	by	ADP
ajfa-193	242	25	investors	investor	NOUN
ajfa-193	242	26	who	who	PRON
ajfa-193	242	27	possess	possess	VERB
ajfa-193	242	28	little	little	ADJ
ajfa-193	242	29	knowledge	knowledge	NOUN
ajfa-193	242	30	of	of	ADP
ajfa-193	242	31	stock	stock	NOUN
ajfa-193	242	32	investment	investment	NOUN
ajfa-193	242	33	,	,	PUNCT
ajfa-193	242	34	they	they	PRON
ajfa-193	242	35	can	can	AUX
ajfa-193	242	36	be	be	AUX
ajfa-193	242	37	easily	easily	ADV
ajfa-193	242	38	manipulated	manipulate	VERB
ajfa-193	242	39	by	by	ADP
ajfa-193	242	40	informed	informed	ADJ
ajfa-193	242	41	syndicate	syndicate	NOUN
ajfa-193	242	42	speculators	speculator	NOUN
ajfa-193	242	43	(	(	PUNCT
ajfa-193	242	44	kang	kang	PROPN
ajfa-193	242	45	et	et	PROPN
ajfa-193	242	46	-9.00	-9.00	PROPN
ajfa-193	242	47	%	%	PROPN
ajfa-193	242	48	-8.00	-8.00	NUM
ajfa-193	242	49	%	%	NOUN
ajfa-193	242	50	-7.00	-7.00	NUM
ajfa-193	242	51	%	%	NOUN
ajfa-193	242	52	-6.00	-6.00	NUM
ajfa-193	242	53	%	%	NOUN
ajfa-193	242	54	-5.00	-5.00	NUM
ajfa-193	242	55	%	%	NOUN
ajfa-193	242	56	-4.00	-4.00	NUM
ajfa-193	242	57	%	%	NOUN
ajfa-193	242	58	-3.00	-3.00	NUM
ajfa-193	242	59	%	%	NOUN
ajfa-193	242	60	-2.00	-2.00	NUM
ajfa-193	242	61	%	%	NOUN
ajfa-193	242	62	-1.00	-1.00	NUM
ajfa-193	242	63	%	%	NOUN
ajfa-193	242	64	0.00	0.00	NUM
ajfa-193	242	65	%	%	NOUN
ajfa-193	242	66	-40	-40	PROPN
ajfa-193	242	67	-30	-30	PROPN
ajfa-193	242	68	-20	-20	NUM
ajfa-193	242	69	-10	-10	SYM
ajfa-193	242	70	0	0	NUM
ajfa-193	242	71	10	10	NUM
ajfa-193	242	72	20	20	NUM
ajfa-193	242	73	30	30	NUM
ajfa-193	242	74	40	40	NUM
ajfa-193	242	75	50	50	NUM
ajfa-193	242	76	c	c	NOUN
ajfa-193	242	77	a	a	DET
ajfa-193	242	78	r	r	NOUN
ajfa-193	242	79	s	s	NOUN
ajfa-193	242	80	trading	trading	NOUN
ajfa-193	242	81	days	day	NOUN
ajfa-193	242	82	asian	asian	ADJ
ajfa-193	242	83	journal	journal	NOUN
ajfa-193	242	84	of	of	ADP
ajfa-193	242	85	finance	finance	PROPN
ajfa-193	242	86	&	&	CCONJ
ajfa-193	242	87	accounting	accounting	PROPN
ajfa-193	242	88	issn	issn	PROPN
ajfa-193	242	89	1946	1946	NUM
ajfa-193	242	90	-	-	PUNCT
ajfa-193	242	91	052x	052x	NOUN
ajfa-193	242	92	2009	2009	NUM
ajfa-193	242	93	,	,	PUNCT
ajfa-193	242	94	vol	vol	NOUN
ajfa-193	242	95	.	.	PROPN
ajfa-193	243	1	1	1	NUM
ajfa-193	243	2	,	,	PUNCT
ajfa-193	243	3	no	no	INTJ
ajfa-193	243	4	.	.	NOUN
ajfa-193	243	5	2	2	NUM
ajfa-193	243	6	:	:	PUNCT
ajfa-193	243	7	e2	e2	PROPN
ajfa-193	243	8	34	34	NUM
ajfa-193	243	9	al	al	PROPN
ajfa-193	243	10	.	.	PROPN
ajfa-193	243	11	,	,	PUNCT
ajfa-193	243	12	2002	2002	NUM
ajfa-193	243	13	)	)	PUNCT
ajfa-193	243	14	,	,	PUNCT
ajfa-193	243	15	who	who	PRON
ajfa-193	243	16	send	send	VERB
ajfa-193	243	17	false	false	ADJ
ajfa-193	243	18	signals	signal	NOUN
ajfa-193	243	19	to	to	PART
ajfa-193	243	20	encourage	encourage	VERB
ajfa-193	243	21	sales	sale	NOUN
ajfa-193	243	22	of	of	ADP
ajfa-193	243	23	shares	share	NOUN
ajfa-193	243	24	prior	prior	ADV
ajfa-193	243	25	to	to	ADP
ajfa-193	243	26	an	an	DET
ajfa-193	243	27	inclusion	inclusion	NOUN
ajfa-193	243	28	announcement	announcement	NOUN
ajfa-193	243	29	and	and	CCONJ
ajfa-193	243	30	pose	pose	VERB
ajfa-193	243	31	as	as	ADP
ajfa-193	243	32	buyers	buyer	NOUN
ajfa-193	243	33	in	in	ADP
ajfa-193	243	34	the	the	DET
ajfa-193	243	35	market	market	NOUN
ajfa-193	243	36	.	.	PUNCT
ajfa-193	244	1	this	this	PRON
ajfa-193	244	2	can	can	AUX
ajfa-193	244	3	put	put	VERB
ajfa-193	244	4	downward	downward	ADJ
ajfa-193	244	5	pressure	pressure	NOUN
ajfa-193	244	6	on	on	ADP
ajfa-193	244	7	prices	price	NOUN
ajfa-193	244	8	,	,	PUNCT
ajfa-193	244	9	making	make	VERB
ajfa-193	244	10	excess	excess	ADJ
ajfa-193	244	11	returns	return	NOUN
ajfa-193	244	12	temporarily	temporarily	ADV
ajfa-193	244	13	negative	negative	ADJ
ajfa-193	244	14	.	.	PUNCT
ajfa-193	245	1	however	however	ADV
ajfa-193	245	2	,	,	PUNCT
ajfa-193	245	3	the	the	DET
ajfa-193	245	4	announcement	announcement	NOUN
ajfa-193	245	5	of	of	ADP
ajfa-193	245	6	the	the	DET
ajfa-193	245	7	addition	addition	NOUN
ajfa-193	245	8	as	as	SCONJ
ajfa-193	245	9	good	good	ADJ
ajfa-193	245	10	news	news	NOUN
ajfa-193	245	11	leads	lead	VERB
ajfa-193	245	12	other	other	ADJ
ajfa-193	245	13	uninformed	uninformed	ADJ
ajfa-193	245	14	investors	investor	NOUN
ajfa-193	245	15	to	to	PART
ajfa-193	245	16	buy	buy	VERB
ajfa-193	245	17	the	the	DET
ajfa-193	245	18	added	add	VERB
ajfa-193	245	19	firms	firm	NOUN
ajfa-193	245	20	back	back	ADV
ajfa-193	245	21	,	,	PUNCT
ajfa-193	245	22	causing	cause	VERB
ajfa-193	245	23	stock	stock	NOUN
ajfa-193	245	24	prices	price	NOUN
ajfa-193	245	25	to	to	PART
ajfa-193	245	26	increase	increase	VERB
ajfa-193	245	27	and	and	CCONJ
ajfa-193	245	28	provide	provide	VERB
ajfa-193	245	29	syndicate	syndicate	NOUN
ajfa-193	245	30	speculators	speculator	NOUN
ajfa-193	245	31	with	with	ADP
ajfa-193	245	32	some	some	DET
ajfa-193	245	33	windfall	windfall	NOUN
ajfa-193	245	34	profits	profit	NOUN
ajfa-193	245	35	.	.	PUNCT
ajfa-193	246	1	as	as	SCONJ
ajfa-193	246	2	reflected	reflect	VERB
ajfa-193	246	3	in	in	ADP
ajfa-193	246	4	table	table	NOUN
ajfa-193	246	5	1	1	NUM
ajfa-193	246	6	and	and	CCONJ
ajfa-193	246	7	figure	figure	VERB
ajfa-193	246	8	1	1	NUM
ajfa-193	246	9	,	,	PUNCT
ajfa-193	246	10	negative	negative	ADJ
ajfa-193	246	11	cars	car	NOUN
ajfa-193	246	12	are	be	AUX
ajfa-193	246	13	less	less	ADV
ajfa-193	246	14	significant	significant	ADJ
ajfa-193	246	15	after	after	ADP
ajfa-193	246	16	the	the	DET
ajfa-193	246	17	event	event	NOUN
ajfa-193	246	18	,	,	PUNCT
ajfa-193	246	19	since	since	SCONJ
ajfa-193	246	20	the	the	DET
ajfa-193	246	21	informed	informed	ADJ
ajfa-193	246	22	traders	trader	NOUN
ajfa-193	246	23	and	and	CCONJ
ajfa-193	246	24	the	the	DET
ajfa-193	246	25	uninformed	uninformed	ADJ
ajfa-193	246	26	investors	investor	NOUN
ajfa-193	246	27	take	take	VERB
ajfa-193	246	28	opposite	opposite	ADJ
ajfa-193	246	29	positions	position	NOUN
ajfa-193	246	30	in	in	ADP
ajfa-193	246	31	the	the	DET
ajfa-193	246	32	shares	share	NOUN
ajfa-193	246	33	of	of	ADP
ajfa-193	246	34	the	the	DET
ajfa-193	246	35	added	add	VERB
ajfa-193	246	36	firms	firm	NOUN
ajfa-193	246	37	.	.	PUNCT
ajfa-193	247	1	buying	buy	VERB
ajfa-193	247	2	the	the	DET
ajfa-193	247	3	added	add	VERB
ajfa-193	247	4	firms	firm	NOUN
ajfa-193	247	5	partially	partially	ADV
ajfa-193	247	6	offsets	offset	VERB
ajfa-193	247	7	the	the	DET
ajfa-193	247	8	negative	negative	ADJ
ajfa-193	247	9	effects	effect	NOUN
ajfa-193	247	10	of	of	ADP
ajfa-193	247	11	earlier	early	ADJ
ajfa-193	247	12	selling	sell	VERB
ajfa-193	247	13	behavior	behavior	NOUN
ajfa-193	247	14	,	,	PUNCT
ajfa-193	247	15	making	make	VERB
ajfa-193	247	16	post	post	ADJ
ajfa-193	247	17	-	-	ADJ
ajfa-193	247	18	event	event	ADJ
ajfa-193	247	19	cars	car	NOUN
ajfa-193	247	20	still	still	ADV
ajfa-193	247	21	negative	negative	ADJ
ajfa-193	247	22	,	,	PUNCT
ajfa-193	247	23	but	but	CCONJ
ajfa-193	247	24	statistically	statistically	ADV
ajfa-193	247	25	insignificant	insignificant	ADJ
ajfa-193	247	26	.	.	PUNCT
ajfa-193	248	1	table	table	NOUN
ajfa-193	248	2	2	2	NUM
ajfa-193	248	3	cumulative	cumulative	ADJ
ajfa-193	248	4	abnormal	abnormal	ADJ
ajfa-193	248	5	return	return	NOUN
ajfa-193	248	6	and	and	CCONJ
ajfa-193	248	7	relevant	relevant	ADJ
ajfa-193	248	8	statistics	statistic	NOUN
ajfa-193	248	9	for	for	ADP
ajfa-193	248	10	stock	stock	NOUN
ajfa-193	248	11	deletion	deletion	NOUN
ajfa-193	248	12	from	from	ADP
ajfa-193	248	13	the	the	DET
ajfa-193	248	14	s&p	s&p	PROPN
ajfa-193	248	15	/	/	SYM
ajfa-193	248	16	citic	citic	ADJ
ajfa-193	248	17	300	300	NUM
ajfa-193	248	18	index	index	NOUN
ajfa-193	248	19	ols	ol	NOUN
ajfa-193	248	20	market	market	NOUN
ajfa-193	248	21	model	model	NOUN
ajfa-193	248	22	scholes	schole	NOUN
ajfa-193	248	23	–	–	PUNCT
ajfa-193	248	24	williams	williams	PROPN
ajfa-193	248	25	market	market	NOUN
ajfa-193	248	26	model	model	NOUN
ajfa-193	248	27	intervals	interval	NOUN
ajfa-193	248	28	cumulative	cumulative	VERB
ajfa-193	248	29	abnormal	abnormal	ADJ
ajfa-193	248	30	return	return	NOUN
ajfa-193	248	31	t	t	NOUN
ajfa-193	248	32	-	-	PUNCT
ajfa-193	248	33	statistic	statistic	NOUN
ajfa-193	248	34	cumulative	cumulative	ADJ
ajfa-193	248	35	abnormal	abnormal	ADJ
ajfa-193	248	36	return	return	NOUN
ajfa-193	248	37	t	t	NOUN
ajfa-193	248	38	-	-	PUNCT
ajfa-193	248	39	statistic	statistic	NOUN
ajfa-193	248	40	(	(	PUNCT
ajfa-193	248	41	–	–	PUNCT
ajfa-193	248	42	30	30	NUM
ajfa-193	248	43	,	,	PUNCT
ajfa-193	248	44	0	0	NUM
ajfa-193	248	45	)	)	PUNCT
ajfa-193	248	46	1.40	1.40	NUM
ajfa-193	248	47	%	%	NOUN
ajfa-193	248	48	–	–	PUNCT
ajfa-193	248	49	0.762	0.762	NUM
ajfa-193	248	50	–	–	PUNCT
ajfa-193	248	51	0.70	0.70	NUM
ajfa-193	248	52	%	%	NOUN
ajfa-193	248	53	–	–	PUNCT
ajfa-193	248	54	0.37	0.37	NUM
ajfa-193	248	55	(	(	PUNCT
ajfa-193	248	56	–	–	PUNCT
ajfa-193	248	57	5	5	NUM
ajfa-193	248	58	,	,	PUNCT
ajfa-193	248	59	0	0	NUM
ajfa-193	248	60	)	)	PUNCT
ajfa-193	248	61	0.84	0.84	NUM
ajfa-193	248	62	%	%	NOUN
ajfa-193	248	63	1.07	1.07	NUM
ajfa-193	248	64	0.93	0.93	NUM
ajfa-193	248	65	%	%	NOUN
ajfa-193	248	66	1.14	1.14	NUM
ajfa-193	248	67	0	0	NUM
ajfa-193	248	68	–	–	PUNCT
ajfa-193	248	69	0.56	0.56	NUM
ajfa-193	248	70	%	%	NOUN
ajfa-193	248	71	–	–	PUNCT
ajfa-193	248	72	1.83	1.83	NUM
ajfa-193	248	73	*	*	PUNCT
ajfa-193	248	74	–	–	PUNCT
ajfa-193	248	75	0.56	0.56	NUM
ajfa-193	248	76	%	%	NOUN
ajfa-193	248	77	–	–	PUNCT
ajfa-193	248	78	1.79	1.79	NUM
ajfa-193	248	79	*	*	SYM
ajfa-193	248	80	(	(	PUNCT
ajfa-193	248	81	0	0	NUM
ajfa-193	248	82	,	,	PUNCT
ajfa-193	248	83	+5	+5	PROPN
ajfa-193	248	84	)	)	PUNCT
ajfa-193	248	85	–	–	PUNCT
ajfa-193	248	86	1.26	1.26	NUM
ajfa-193	248	87	%	%	NOUN
ajfa-193	248	88	–	–	PUNCT
ajfa-193	248	89	2.18	2.18	NUM
ajfa-193	248	90	*	*	PUNCT
ajfa-193	248	91	–	–	PUNCT
ajfa-193	248	92	1.27	1.27	NUM
ajfa-193	248	93	%	%	NOUN
ajfa-193	248	94	–	–	PUNCT
ajfa-193	248	95	2.09	2.09	NUM
ajfa-193	248	96	*	*	SYM
ajfa-193	248	97	(	(	PUNCT
ajfa-193	248	98	0	0	NUM
ajfa-193	248	99	,	,	PUNCT
ajfa-193	248	100	+30	+30	NOUN
ajfa-193	248	101	)	)	PUNCT
ajfa-193	248	102	–	–	PUNCT
ajfa-193	248	103	6.26	6.26	NUM
ajfa-193	248	104	%	%	NOUN
ajfa-193	248	105	–	–	PUNCT
ajfa-193	248	106	3.31	3.31	NUM
ajfa-193	248	107	*	*	PUNCT
ajfa-193	248	108	*	*	PUNCT
ajfa-193	248	109	*	*	PUNCT
ajfa-193	248	110	–	–	PUNCT
ajfa-193	248	111	6.47	6.47	NUM
ajfa-193	248	112	%	%	NOUN
ajfa-193	248	113	–	–	PUNCT
ajfa-193	248	114	3.38	3.38	NUM
ajfa-193	248	115	*	*	PUNCT
ajfa-193	248	116	*	*	PUNCT
ajfa-193	248	117	*	*	PUNCT
ajfa-193	248	118	(	(	PUNCT
ajfa-193	248	119	0	0	NUM
ajfa-193	248	120	,	,	PUNCT
ajfa-193	248	121	+45	+45	PROPN
ajfa-193	248	122	)	)	PUNCT
ajfa-193	248	123	–	–	PUNCT
ajfa-193	248	124	4.35	4.35	NUM
ajfa-193	248	125	%	%	NOUN
ajfa-193	248	126	–	–	PUNCT
ajfa-193	248	127	2.27	2.27	NUM
ajfa-193	248	128	*	*	PUNCT
ajfa-193	248	129	–	–	PUNCT
ajfa-193	248	130	4.74	4.74	NUM
ajfa-193	248	131	%	%	NOUN
ajfa-193	248	132	–	–	PUNCT
ajfa-193	248	133	2.47	2.47	NUM
ajfa-193	248	134	*	*	NOUN
ajfa-193	248	135	*	*	PUNCT
ajfa-193	248	136	symbols	symbol	NOUN
ajfa-193	248	137	$	$	SYM
ajfa-193	248	138	,	,	PUNCT
ajfa-193	248	139	*	*	PUNCT
ajfa-193	248	140	,	,	PUNCT
ajfa-193	248	141	*	*	PUNCT
ajfa-193	248	142	*	*	PUNCT
ajfa-193	248	143	,	,	PUNCT
ajfa-193	248	144	and	and	CCONJ
ajfa-193	248	145	*	*	PUNCT
ajfa-193	248	146	*	*	PUNCT
ajfa-193	248	147	*	*	PUNCT
ajfa-193	248	148	denote	denote	ADJ
ajfa-193	248	149	statistical	statistical	ADJ
ajfa-193	248	150	significance	significance	NOUN
ajfa-193	248	151	at	at	ADP
ajfa-193	248	152	the	the	DET
ajfa-193	248	153	0.10	0.10	NUM
ajfa-193	248	154	,	,	PUNCT
ajfa-193	248	155	0.05	0.05	NUM
ajfa-193	248	156	,	,	PUNCT
ajfa-193	248	157	0.01	0.01	NUM
ajfa-193	248	158	and	and	CCONJ
ajfa-193	248	159	0.001	0.001	NUM
ajfa-193	248	160	levels	level	NOUN
ajfa-193	248	161	,	,	PUNCT
ajfa-193	248	162	respectively	respectively	ADV
ajfa-193	248	163	,	,	PUNCT
ajfa-193	248	164	using	use	VERB
ajfa-193	248	165	a	a	DET
ajfa-193	248	166	1	1	NUM
ajfa-193	248	167	-	-	PUNCT
ajfa-193	248	168	tail	tail	NOUN
ajfa-193	248	169	test	test	NOUN
ajfa-193	248	170	.	.	PUNCT
ajfa-193	249	1	table	table	NOUN
ajfa-193	249	2	2	2	NUM
ajfa-193	249	3	documents	document	NOUN
ajfa-193	249	4	the	the	DET
ajfa-193	249	5	results	result	NOUN
ajfa-193	249	6	for	for	ADP
ajfa-193	249	7	stock	stock	NOUN
ajfa-193	249	8	deletion	deletion	NOUN
ajfa-193	249	9	from	from	ADP
ajfa-193	249	10	the	the	DET
ajfa-193	249	11	s&p	s&p	PROPN
ajfa-193	249	12	/	/	SYM
ajfa-193	249	13	citic	citic	ADJ
ajfa-193	249	14	300	300	NUM
ajfa-193	249	15	index	index	NOUN
ajfa-193	249	16	.	.	PUNCT
ajfa-193	250	1	the	the	DET
ajfa-193	250	2	estimated	estimate	VERB
ajfa-193	250	3	coefficient	coefficient	NOUN
ajfa-193	250	4	for	for	ADP
ajfa-193	250	5	cars	car	NOUN
ajfa-193	250	6	over	over	ADP
ajfa-193	250	7	the	the	DET
ajfa-193	250	8	interval	interval	NOUN
ajfa-193	250	9	day	day	NOUN
ajfa-193	250	10	–	–	PUNCT
ajfa-193	250	11	30	30	NUM
ajfa-193	250	12	to	to	ADP
ajfa-193	250	13	day	day	NOUN
ajfa-193	250	14	0	0	NUM
ajfa-193	250	15	is	be	AUX
ajfa-193	250	16	–	–	PUNCT
ajfa-193	250	17	0.70	0.70	NUM
ajfa-193	250	18	%	%	NOUN
ajfa-193	250	19	and	and	CCONJ
ajfa-193	250	20	statistically	statistically	ADV
ajfa-193	250	21	insignificant	insignificant	ADJ
ajfa-193	250	22	.	.	PUNCT
ajfa-193	251	1	this	this	DET
ajfa-193	251	2	coefficient	coefficient	NOUN
ajfa-193	251	3	becomes	become	VERB
ajfa-193	251	4	positive	positive	ADJ
ajfa-193	251	5	and	and	CCONJ
ajfa-193	251	6	remains	remain	VERB
ajfa-193	251	7	insignificant	insignificant	ADJ
ajfa-193	251	8	over	over	ADP
ajfa-193	251	9	the	the	DET
ajfa-193	251	10	interval	interval	NOUN
ajfa-193	251	11	day	day	NOUN
ajfa-193	251	12	–	–	PUNCT
ajfa-193	251	13	5	5	NUM
ajfa-193	251	14	to	to	ADP
ajfa-193	251	15	day	day	NOUN
ajfa-193	251	16	0	0	NUM
ajfa-193	251	17	.	.	PUNCT
ajfa-193	252	1	the	the	DET
ajfa-193	252	2	abnormal	abnormal	ADJ
ajfa-193	252	3	return	return	NOUN
ajfa-193	252	4	on	on	ADP
ajfa-193	252	5	the	the	DET
ajfa-193	252	6	event	event	NOUN
ajfa-193	252	7	day	day	NOUN
ajfa-193	252	8	is	be	AUX
ajfa-193	252	9	–	–	PUNCT
ajfa-193	252	10	0.56	0.56	NUM
ajfa-193	252	11	%	%	NOUN
ajfa-193	252	12	and	and	CCONJ
ajfa-193	252	13	significant	significant	ADJ
ajfa-193	252	14	at	at	ADP
ajfa-193	252	15	the	the	DET
ajfa-193	252	16	5	5	NUM
ajfa-193	252	17	%	%	NOUN
ajfa-193	252	18	level	level	NOUN
ajfa-193	252	19	.	.	PUNCT
ajfa-193	253	1	the	the	DET
ajfa-193	253	2	estimated	estimate	VERB
ajfa-193	253	3	cars	car	NOUN
ajfa-193	253	4	decline	decline	VERB
ajfa-193	253	5	continuously	continuously	ADV
ajfa-193	253	6	during	during	ADP
ajfa-193	253	7	the	the	DET
ajfa-193	253	8	post	post	ADJ
ajfa-193	253	9	-	-	ADJ
ajfa-193	253	10	event	event	ADJ
ajfa-193	253	11	period	period	NOUN
ajfa-193	253	12	,	,	PUNCT
ajfa-193	253	13	reaching	reach	VERB
ajfa-193	253	14	the	the	DET
ajfa-193	253	15	minimum	minimum	ADJ
ajfa-193	253	16	level	level	NOUN
ajfa-193	253	17	of	of	ADP
ajfa-193	253	18	–	–	PUNCT
ajfa-193	253	19	6.47	6.47	NUM
ajfa-193	253	20	%	%	NOUN
ajfa-193	253	21	over	over	ADP
ajfa-193	253	22	the	the	DET
ajfa-193	253	23	interval	interval	NOUN
ajfa-193	253	24	day	day	NOUN
ajfa-193	253	25	0	0	NUM
ajfa-193	253	26	to	to	ADP
ajfa-193	253	27	day	day	NOUN
ajfa-193	253	28	30	30	NUM
ajfa-193	253	29	,	,	PUNCT
ajfa-193	253	30	and	and	CCONJ
ajfa-193	253	31	become	become	VERB
ajfa-193	253	32	highly	highly	ADV
ajfa-193	253	33	significant	significant	ADJ
ajfa-193	253	34	at	at	ADP
ajfa-193	253	35	the	the	DET
ajfa-193	253	36	0.1	0.1	NUM
ajfa-193	253	37	%	%	NOUN
ajfa-193	253	38	level	level	NOUN
ajfa-193	253	39	.	.	PUNCT
ajfa-193	254	1	the	the	DET
ajfa-193	254	2	increase	increase	NOUN
ajfa-193	254	3	in	in	ADP
ajfa-193	254	4	the	the	DET
ajfa-193	254	5	statistical	statistical	ADJ
ajfa-193	254	6	significance	significance	NOUN
ajfa-193	254	7	of	of	ADP
ajfa-193	254	8	negative	negative	ADJ
ajfa-193	254	9	cars	car	NOUN
ajfa-193	254	10	during	during	ADP
ajfa-193	254	11	this	this	DET
ajfa-193	254	12	period	period	NOUN
ajfa-193	254	13	can	can	AUX
ajfa-193	254	14	be	be	AUX
ajfa-193	254	15	attributed	attribute	VERB
ajfa-193	254	16	to	to	ADP
ajfa-193	254	17	an	an	DET
ajfa-193	254	18	increase	increase	NOUN
ajfa-193	254	19	in	in	ADP
ajfa-193	254	20	selling	sell	VERB
ajfa-193	254	21	activities	activity	NOUN
ajfa-193	254	22	of	of	ADP
ajfa-193	254	23	informed	informed	ADJ
ajfa-193	254	24	traders	trader	NOUN
ajfa-193	254	25	in	in	ADP
ajfa-193	254	26	reaction	reaction	NOUN
ajfa-193	254	27	to	to	ADP
ajfa-193	254	28	the	the	DET
ajfa-193	254	29	stock	stock	NOUN
ajfa-193	254	30	deletions	deletion	NOUN
ajfa-193	254	31	,	,	PUNCT
ajfa-193	254	32	and	and	CCONJ
ajfa-193	254	33	a	a	DET
ajfa-193	254	34	corresponding	corresponding	ADJ
ajfa-193	254	35	decline	decline	NOUN
ajfa-193	254	36	in	in	ADP
ajfa-193	254	37	the	the	DET
ajfa-193	254	38	volatility	volatility	NOUN
ajfa-193	254	39	of	of	ADP
ajfa-193	254	40	returns	return	NOUN
ajfa-193	254	41	.	.	PUNCT
ajfa-193	255	1	according	accord	VERB
ajfa-193	255	2	to	to	ADP
ajfa-193	255	3	asian	asian	ADJ
ajfa-193	255	4	journal	journal	NOUN
ajfa-193	255	5	of	of	ADP
ajfa-193	255	6	finance	finance	PROPN
ajfa-193	255	7	&	&	CCONJ
ajfa-193	255	8	accounting	accounting	PROPN
ajfa-193	255	9	issn	issn	PROPN
ajfa-193	255	10	1946	1946	NUM
ajfa-193	255	11	-	-	PUNCT
ajfa-193	255	12	052x	052x	NOUN
ajfa-193	255	13	2009	2009	NUM
ajfa-193	255	14	,	,	PUNCT
ajfa-193	255	15	vol	vol	NOUN
ajfa-193	255	16	.	.	PROPN
ajfa-193	255	17	1	1	NUM
ajfa-193	255	18	,	,	PUNCT
ajfa-193	255	19	no	no	INTJ
ajfa-193	255	20	.	.	NOUN
ajfa-193	255	21	2	2	NUM
ajfa-193	255	22	:	:	PUNCT
ajfa-193	255	23	e2	e2	PROPN
ajfa-193	255	24	35	35	NUM
ajfa-193	255	25	hellwig	hellwig	PROPN
ajfa-193	255	26	(	(	PUNCT
ajfa-193	255	27	1980	1980	NUM
ajfa-193	255	28	)	)	PUNCT
ajfa-193	255	29	and	and	CCONJ
ajfa-193	255	30	wang	wang	PROPN
ajfa-193	255	31	(	(	PUNCT
ajfa-193	255	32	1994	1994	NUM
ajfa-193	255	33	)	)	PUNCT
ajfa-193	255	34	,	,	PUNCT
ajfa-193	255	35	informed	inform	VERB
ajfa-193	255	36	trading	trading	NOUN
ajfa-193	255	37	leads	lead	VERB
ajfa-193	255	38	to	to	ADP
ajfa-193	255	39	a	a	DET
ajfa-193	255	40	decline	decline	NOUN
ajfa-193	255	41	in	in	ADP
ajfa-193	255	42	the	the	DET
ajfa-193	255	43	volatility	volatility	NOUN
ajfa-193	255	44	of	of	ADP
ajfa-193	255	45	stock	stock	NOUN
ajfa-193	255	46	returns	return	NOUN
ajfa-193	255	47	.	.	PUNCT
ajfa-193	256	1	however	however	ADV
ajfa-193	256	2	,	,	PUNCT
ajfa-193	256	3	as	as	SCONJ
ajfa-193	256	4	the	the	DET
ajfa-193	256	5	dissemination	dissemination	NOUN
ajfa-193	256	6	of	of	ADP
ajfa-193	256	7	deletion	deletion	NOUN
ajfa-193	256	8	information	information	NOUN
ajfa-193	256	9	and	and	CCONJ
ajfa-193	256	10	selling	selling	NOUN
ajfa-193	256	11	activities	activity	NOUN
ajfa-193	256	12	decline	decline	VERB
ajfa-193	256	13	over	over	ADP
ajfa-193	256	14	a	a	DET
ajfa-193	256	15	longer	long	ADJ
ajfa-193	256	16	period	period	NOUN
ajfa-193	256	17	,	,	PUNCT
ajfa-193	256	18	this	this	DET
ajfa-193	256	19	coefficient	coefficient	NOUN
ajfa-193	256	20	increases	increase	VERB
ajfa-193	256	21	to	to	ADP
ajfa-193	256	22	–	–	PUNCT
ajfa-193	256	23	4.74	4.74	NUM
ajfa-193	256	24	%	%	NOUN
ajfa-193	256	25	over	over	ADP
ajfa-193	256	26	the	the	DET
ajfa-193	256	27	interval	interval	NOUN
ajfa-193	256	28	day	day	NOUN
ajfa-193	256	29	0	0	NUM
ajfa-193	256	30	to	to	ADP
ajfa-193	256	31	day	day	NOUN
ajfa-193	256	32	45	45	NUM
ajfa-193	256	33	and	and	CCONJ
ajfa-193	256	34	becomes	become	VERB
ajfa-193	256	35	statistically	statistically	ADV
ajfa-193	256	36	less	less	ADV
ajfa-193	256	37	significant	significant	ADJ
ajfa-193	256	38	at	at	ADP
ajfa-193	256	39	the	the	DET
ajfa-193	256	40	5	5	NUM
ajfa-193	256	41	%	%	NOUN
ajfa-193	256	42	level	level	NOUN
ajfa-193	256	43	.	.	PUNCT
ajfa-193	257	1	figure	figure	NOUN
ajfa-193	257	2	2	2	NUM
ajfa-193	257	3	shows	show	VERB
ajfa-193	257	4	the	the	DET
ajfa-193	257	5	change	change	NOUN
ajfa-193	257	6	in	in	ADP
ajfa-193	257	7	cars	car	NOUN
ajfa-193	257	8	due	due	ADP
ajfa-193	257	9	to	to	ADP
ajfa-193	257	10	index	index	NOUN
ajfa-193	257	11	deletion	deletion	NOUN
ajfa-193	257	12	and	and	CCONJ
ajfa-193	257	13	provides	provide	VERB
ajfa-193	257	14	further	further	ADJ
ajfa-193	257	15	evidence	evidence	NOUN
ajfa-193	257	16	of	of	ADP
ajfa-193	257	17	the	the	DET
ajfa-193	257	18	impact	impact	NOUN
ajfa-193	257	19	of	of	ADP
ajfa-193	257	20	such	such	ADJ
ajfa-193	257	21	events	event	NOUN
ajfa-193	257	22	on	on	ADP
ajfa-193	257	23	share	share	NOUN
ajfa-193	257	24	prices	price	NOUN
ajfa-193	257	25	.	.	PUNCT
ajfa-193	258	1	according	accord	VERB
ajfa-193	258	2	to	to	ADP
ajfa-193	258	3	this	this	DET
ajfa-193	258	4	figure	figure	NOUN
ajfa-193	258	5	,	,	PUNCT
ajfa-193	258	6	the	the	DET
ajfa-193	258	7	decline	decline	NOUN
ajfa-193	258	8	in	in	ADP
ajfa-193	258	9	cars	car	NOUN
ajfa-193	258	10	starts	start	VERB
ajfa-193	258	11	on	on	ADP
ajfa-193	258	12	day	day	NOUN
ajfa-193	258	13	–	–	PUNCT
ajfa-193	258	14	17	17	NUM
ajfa-193	258	15	and	and	CCONJ
ajfa-193	258	16	reaches	reach	VERB
ajfa-193	258	17	the	the	DET
ajfa-193	258	18	minimum	minimum	ADJ
ajfa-193	258	19	level	level	NOUN
ajfa-193	258	20	of	of	ADP
ajfa-193	258	21	–	–	PUNCT
ajfa-193	258	22	6.76	6.76	NUM
ajfa-193	258	23	%	%	NOUN
ajfa-193	258	24	on	on	ADP
ajfa-193	258	25	day	day	NOUN
ajfa-193	258	26	29	29	NUM
ajfa-193	258	27	,	,	PUNCT
ajfa-193	258	28	before	before	ADP
ajfa-193	258	29	rising	rise	VERB
ajfa-193	258	30	to	to	ADP
ajfa-193	258	31	–	–	PUNCT
ajfa-193	258	32	5.00	5.00	NUM
ajfa-193	258	33	%	%	NOUN
ajfa-193	258	34	on	on	ADP
ajfa-193	258	35	day	day	NOUN
ajfa-193	258	36	45	45	NUM
ajfa-193	258	37	.	.	NOUN
ajfa-193	258	38	similar	similar	ADJ
ajfa-193	258	39	to	to	ADP
ajfa-193	258	40	stock	stock	NOUN
ajfa-193	258	41	addition	addition	NOUN
ajfa-193	258	42	arguments	argument	NOUN
ajfa-193	258	43	,	,	PUNCT
ajfa-193	258	44	positive	positive	ADJ
ajfa-193	258	45	coefficients	coefficient	NOUN
ajfa-193	258	46	for	for	ADP
ajfa-193	258	47	cars	car	NOUN
ajfa-193	258	48	in	in	ADP
ajfa-193	258	49	the	the	DET
ajfa-193	258	50	figure	figure	NOUN
ajfa-193	258	51	2	2	NUM
ajfa-193	258	52	.	.	X
ajfa-193	258	53	change	change	NOUN
ajfa-193	258	54	in	in	ADP
ajfa-193	258	55	cumulative	cumulative	ADJ
ajfa-193	258	56	abnormal	abnormal	ADJ
ajfa-193	258	57	return	return	NOUN
ajfa-193	258	58	for	for	ADP
ajfa-193	258	59	stock	stock	NOUN
ajfa-193	258	60	deletion	deletion	NOUN
ajfa-193	258	61	from	from	ADP
ajfa-193	258	62	s&p	s&p	PROPN
ajfa-193	258	63	/	/	SYM
ajfa-193	258	64	citic	citic	ADJ
ajfa-193	258	65	300	300	NUM
ajfa-193	258	66	index	index	NOUN
ajfa-193	258	67	during	during	ADP
ajfa-193	258	68	event	event	NOUN
ajfa-193	258	69	period	period	NOUN
ajfa-193	258	70	pre	pre	ADJ
ajfa-193	258	71	-	-	NOUN
ajfa-193	258	72	deletion	deletion	NOUN
ajfa-193	258	73	period	period	NOUN
ajfa-193	258	74	might	might	AUX
ajfa-193	258	75	have	have	AUX
ajfa-193	258	76	been	be	AUX
ajfa-193	258	77	caused	cause	VERB
ajfa-193	258	78	by	by	ADP
ajfa-193	258	79	the	the	DET
ajfa-193	258	80	spread	spread	NOUN
ajfa-193	258	81	of	of	ADP
ajfa-193	258	82	false	false	ADJ
ajfa-193	258	83	information	information	NOUN
ajfa-193	258	84	by	by	ADP
ajfa-193	258	85	syndicate	syndicate	NOUN
ajfa-193	258	86	speculators	speculator	NOUN
ajfa-193	258	87	,	,	PUNCT
ajfa-193	258	88	encouraging	encourage	VERB
ajfa-193	258	89	uninformed	uninformed	ADJ
ajfa-193	258	90	investors	investor	NOUN
ajfa-193	258	91	to	to	PART
ajfa-193	258	92	buy	buy	VERB
ajfa-193	258	93	underperforming	underperforming	ADJ
ajfa-193	258	94	firms	firm	NOUN
ajfa-193	258	95	,	,	PUNCT
ajfa-193	258	96	pushing	push	VERB
ajfa-193	258	97	prices	price	NOUN
ajfa-193	258	98	up	up	ADP
ajfa-193	258	99	.	.	PUNCT
ajfa-193	259	1	once	once	SCONJ
ajfa-193	259	2	the	the	DET
ajfa-193	259	3	deletion	deletion	NOUN
ajfa-193	259	4	is	be	AUX
ajfa-193	259	5	announced	announce	VERB
ajfa-193	259	6	,	,	PUNCT
ajfa-193	259	7	the	the	DET
ajfa-193	259	8	overall	overall	ADJ
ajfa-193	259	9	market	market	NOUN
ajfa-193	259	10	view	view	NOUN
ajfa-193	259	11	about	about	ADP
ajfa-193	259	12	deleted	delete	VERB
ajfa-193	259	13	firms	firm	NOUN
ajfa-193	259	14	is	be	AUX
ajfa-193	259	15	revised	revise	VERB
ajfa-193	259	16	,	,	PUNCT
ajfa-193	259	17	leading	lead	VERB
ajfa-193	259	18	to	to	ADP
ajfa-193	259	19	post	post	ADJ
ajfa-193	259	20	-	-	ADJ
ajfa-193	259	21	event	event	ADJ
ajfa-193	259	22	negative	negative	ADJ
ajfa-193	259	23	effects	effect	NOUN
ajfa-193	259	24	.	.	PUNCT
ajfa-193	260	1	the	the	DET
ajfa-193	260	2	evidence	evidence	NOUN
ajfa-193	260	3	provided	provide	VERB
ajfa-193	260	4	in	in	ADP
ajfa-193	260	5	table	table	NOUN
ajfa-193	260	6	2	2	NUM
ajfa-193	260	7	and	and	CCONJ
ajfa-193	260	8	figure	figure	NOUN
ajfa-193	260	9	2	2	NUM
ajfa-193	260	10	is	be	AUX
ajfa-193	260	11	generally	generally	ADV
ajfa-193	260	12	consistent	consistent	ADJ
ajfa-193	260	13	with	with	ADP
ajfa-193	260	14	previous	previous	ADJ
ajfa-193	260	15	findings	finding	NOUN
ajfa-193	260	16	,	,	PUNCT
ajfa-193	260	17	suggesting	suggest	VERB
ajfa-193	260	18	that	that	SCONJ
ajfa-193	260	19	the	the	DET
ajfa-193	260	20	chinese	chinese	ADJ
ajfa-193	260	21	market	market	NOUN
ajfa-193	260	22	response	response	NOUN
ajfa-193	260	23	to	to	ADP
ajfa-193	260	24	index	index	NOUN
ajfa-193	260	25	deletion	deletion	NOUN
ajfa-193	260	26	is	be	AUX
ajfa-193	260	27	negative	negative	ADJ
ajfa-193	260	28	.	.	PUNCT
ajfa-193	261	1	-8.00	-8.00	NUM
ajfa-193	261	2	%	%	NOUN
ajfa-193	261	3	-6.00	-6.00	NUM
ajfa-193	261	4	%	%	NOUN
ajfa-193	261	5	-4.00	-4.00	NUM
ajfa-193	261	6	%	%	NOUN
ajfa-193	261	7	-2.00	-2.00	NUM
ajfa-193	261	8	%	%	NOUN
ajfa-193	261	9	0.00	0.00	NUM
ajfa-193	261	10	%	%	NOUN
ajfa-193	261	11	2.00	2.00	NUM
ajfa-193	261	12	%	%	NOUN
ajfa-193	261	13	4.00	4.00	NUM
ajfa-193	261	14	%	%	NOUN
ajfa-193	261	15	6.00	6.00	NUM
ajfa-193	261	16	%	%	NOUN
ajfa-193	261	17	-40	-40	PROPN
ajfa-193	261	18	-30	-30	PROPN
ajfa-193	261	19	-20	-20	NUM
ajfa-193	261	20	-10	-10	SYM
ajfa-193	261	21	0	0	NUM
ajfa-193	261	22	10	10	NUM
ajfa-193	261	23	20	20	NUM
ajfa-193	261	24	30	30	NUM
ajfa-193	261	25	40	40	NUM
ajfa-193	261	26	50c	50c	NOUN
ajfa-193	261	27	a	a	DET
ajfa-193	261	28	r	r	NOUN
ajfa-193	261	29	s	s	NOUN
ajfa-193	261	30	trading	trading	NOUN
ajfa-193	261	31	days	day	NOUN
ajfa-193	261	32	asian	asian	ADJ
ajfa-193	261	33	journal	journal	NOUN
ajfa-193	261	34	of	of	ADP
ajfa-193	261	35	finance	finance	PROPN
ajfa-193	261	36	&	&	CCONJ
ajfa-193	261	37	accounting	accounting	PROPN
ajfa-193	261	38	issn	issn	PROPN
ajfa-193	261	39	1946	1946	NUM
ajfa-193	261	40	-	-	PUNCT
ajfa-193	261	41	052x	052x	NOUN
ajfa-193	261	42	2009	2009	NUM
ajfa-193	261	43	,	,	PUNCT
ajfa-193	261	44	vol	vol	NOUN
ajfa-193	261	45	.	.	PROPN
ajfa-193	261	46	1	1	NUM
ajfa-193	261	47	,	,	PUNCT
ajfa-193	261	48	no	no	INTJ
ajfa-193	261	49	.	.	NOUN
ajfa-193	261	50	2	2	NUM
ajfa-193	261	51	:	:	PUNCT
ajfa-193	261	52	e2	e2	NOUN
ajfa-193	261	53	36	36	NUM
ajfa-193	261	54	table	table	NOUN
ajfa-193	261	55	3	3	NUM
ajfa-193	261	56	–	–	PUNCT
ajfa-193	261	57	cumulative	cumulative	ADJ
ajfa-193	261	58	abnormal	abnormal	ADJ
ajfa-193	261	59	return	return	NOUN
ajfa-193	261	60	difference	difference	NOUN
ajfa-193	261	61	between	between	ADP
ajfa-193	261	62	stock	stock	NOUN
ajfa-193	261	63	addition	addition	NOUN
ajfa-193	261	64	to	to	ADP
ajfa-193	261	65	and	and	CCONJ
ajfa-193	261	66	deletion	deletion	NOUN
ajfa-193	261	67	from	from	ADP
ajfa-193	261	68	s&p	s&p	PROPN
ajfa-193	261	69	citic	citic	ADJ
ajfa-193	261	70	300	300	NUM
ajfa-193	261	71	index	index	NOUN
ajfa-193	261	72	intervals	interval	NOUN
ajfa-193	261	73	cumulative	cumulative	VERB
ajfa-193	261	74	abnormal	abnormal	ADJ
ajfa-193	261	75	return	return	NOUN
ajfa-193	261	76	difference	difference	NOUN
ajfa-193	261	77	t	t	NOUN
ajfa-193	261	78	-	-	PUNCT
ajfa-193	261	79	statistic	statistic	NOUN
ajfa-193	261	80	(	(	PUNCT
ajfa-193	261	81	–	–	PUNCT
ajfa-193	261	82	30	30	NUM
ajfa-193	261	83	,	,	PUNCT
ajfa-193	261	84	0	0	NUM
ajfa-193	261	85	)	)	PUNCT
ajfa-193	261	86	–	–	PUNCT
ajfa-193	261	87	04.98	04.98	NUM
ajfa-193	261	88	%	%	NOUN
ajfa-193	261	89	–	–	PUNCT
ajfa-193	261	90	2.93	2.93	NUM
ajfa-193	261	91	*	*	PUNCT
ajfa-193	261	92	*	*	PUNCT
ajfa-193	261	93	*	*	PUNCT
ajfa-193	261	94	(	(	PUNCT
ajfa-193	261	95	–	–	PUNCT
ajfa-193	261	96	5	5	NUM
ajfa-193	261	97	,	,	PUNCT
ajfa-193	261	98	0	0	NUM
ajfa-193	261	99	)	)	PUNCT
ajfa-193	261	100	–	–	PUNCT
ajfa-193	261	101	2.54	2.54	NUM
ajfa-193	261	102	%	%	NOUN
ajfa-193	261	103	–	–	PUNCT
ajfa-193	261	104	1.37	1.37	NUM
ajfa-193	261	105	$	$	SYM
ajfa-193	261	106	0	0	NUM
ajfa-193	261	107	0.00	0.00	NUM
ajfa-193	261	108	%	%	NOUN
ajfa-193	261	109	0.00	0.00	NUM
ajfa-193	261	110	(	(	PUNCT
ajfa-193	261	111	0	0	NUM
ajfa-193	261	112	,	,	PUNCT
ajfa-193	261	113	+5	+5	PROPN
ajfa-193	261	114	)	)	PUNCT
ajfa-193	261	115	0.21	0.21	NUM
ajfa-193	261	116	%	%	NOUN
ajfa-193	261	117	0.19	0.19	NUM
ajfa-193	261	118	(	(	PUNCT
ajfa-193	261	119	0	0	NUM
ajfa-193	261	120	,	,	PUNCT
ajfa-193	261	121	+30	+30	NOUN
ajfa-193	261	122	)	)	PUNCT
ajfa-193	261	123	4.14	4.14	NUM
ajfa-193	261	124	%	%	NOUN
ajfa-193	261	125	2.16	2.16	NUM
ajfa-193	261	126	*	*	PUNCT
ajfa-193	261	127	*	*	PUNCT
ajfa-193	261	128	(	(	PUNCT
ajfa-193	261	129	0	0	NUM
ajfa-193	261	130	,	,	PUNCT
ajfa-193	261	131	+45	+45	NOUN
ajfa-193	261	132	)	)	PUNCT
ajfa-193	261	133	1.77	1.77	NUM
ajfa-193	261	134	%	%	NOUN
ajfa-193	261	135	0.98	0.98	NUM
ajfa-193	261	136	symbols	symbol	NOUN
ajfa-193	261	137	$	$	SYM
ajfa-193	261	138	,	,	PUNCT
ajfa-193	261	139	*	*	PUNCT
ajfa-193	261	140	,	,	PUNCT
ajfa-193	261	141	*	*	PUNCT
ajfa-193	261	142	*	*	PUNCT
ajfa-193	261	143	,	,	PUNCT
ajfa-193	261	144	and	and	CCONJ
ajfa-193	261	145	*	*	PUNCT
ajfa-193	261	146	*	*	PUNCT
ajfa-193	261	147	*	*	PUNCT
ajfa-193	261	148	denote	denote	ADJ
ajfa-193	261	149	statistical	statistical	ADJ
ajfa-193	261	150	significance	significance	NOUN
ajfa-193	261	151	at	at	ADP
ajfa-193	261	152	the	the	DET
ajfa-193	261	153	0.10	0.10	NUM
ajfa-193	261	154	,	,	PUNCT
ajfa-193	261	155	0.05	0.05	NUM
ajfa-193	261	156	,	,	PUNCT
ajfa-193	261	157	0.01	0.01	NUM
ajfa-193	261	158	and	and	CCONJ
ajfa-193	261	159	0.001	0.001	NUM
ajfa-193	261	160	levels	level	NOUN
ajfa-193	261	161	,	,	PUNCT
ajfa-193	261	162	respectively	respectively	ADV
ajfa-193	261	163	,	,	PUNCT
ajfa-193	261	164	using	use	VERB
ajfa-193	261	165	a	a	DET
ajfa-193	261	166	1	1	NUM
ajfa-193	261	167	-	-	PUNCT
ajfa-193	261	168	tail	tail	NOUN
ajfa-193	261	169	test	test	NOUN
ajfa-193	261	170	.	.	PUNCT
ajfa-193	262	1	if	if	SCONJ
ajfa-193	262	2	pre	pre	ADJ
ajfa-193	262	3	-	-	NOUN
ajfa-193	262	4	addition	addition	ADJ
ajfa-193	262	5	negative	negative	ADJ
ajfa-193	262	6	and	and	CCONJ
ajfa-193	262	7	pre	pre	ADJ
ajfa-193	262	8	-	-	ADJ
ajfa-193	262	9	deletion	deletion	ADJ
ajfa-193	262	10	positive	positive	ADJ
ajfa-193	262	11	cars	car	NOUN
ajfa-193	262	12	are	be	AUX
ajfa-193	262	13	actually	actually	ADV
ajfa-193	262	14	caused	cause	VERB
ajfa-193	262	15	by	by	ADP
ajfa-193	262	16	the	the	DET
ajfa-193	262	17	activities	activity	NOUN
ajfa-193	262	18	of	of	ADP
ajfa-193	262	19	syndicate	syndicate	NOUN
ajfa-193	262	20	speculators	speculator	NOUN
ajfa-193	262	21	,	,	PUNCT
ajfa-193	262	22	then	then	ADV
ajfa-193	262	23	differencing	difference	VERB
ajfa-193	262	24	this	this	DET
ajfa-193	262	25	variable	variable	NOUN
ajfa-193	262	26	for	for	ADP
ajfa-193	262	27	the	the	DET
ajfa-193	262	28	added	add	VERB
ajfa-193	262	29	and	and	CCONJ
ajfa-193	262	30	the	the	DET
ajfa-193	262	31	deleted	delete	VERB
ajfa-193	262	32	firms	firm	NOUN
ajfa-193	262	33	should	should	AUX
ajfa-193	262	34	partially	partially	ADV
ajfa-193	262	35	neutralize	neutralize	VERB
ajfa-193	262	36	the	the	DET
ajfa-193	262	37	noise	noise	NOUN
ajfa-193	262	38	from	from	ADP
ajfa-193	262	39	these	these	DET
ajfa-193	262	40	activities	activity	NOUN
ajfa-193	262	41	(	(	PUNCT
ajfa-193	262	42	canceling	cancel	VERB
ajfa-193	262	43	each	each	DET
ajfa-193	262	44	other	other	ADJ
ajfa-193	262	45	out	out	ADP
ajfa-193	262	46	as	as	ADP
ajfa-193	262	47	random	random	ADJ
ajfa-193	262	48	errors	error	NOUN
ajfa-193	262	49	)	)	PUNCT
ajfa-193	262	50	,	,	PUNCT
ajfa-193	262	51	and	and	CCONJ
ajfa-193	262	52	reveal	reveal	VERB
ajfa-193	262	53	the	the	DET
ajfa-193	262	54	impact	impact	NOUN
ajfa-193	262	55	of	of	ADP
ajfa-193	262	56	the	the	DET
ajfa-193	262	57	index	index	NOUN
ajfa-193	262	58	revisions	revision	NOUN
ajfa-193	262	59	more	more	ADV
ajfa-193	262	60	clearly	clearly	ADV
ajfa-193	262	61	.	.	PUNCT
ajfa-193	263	1	table	table	NOUN
ajfa-193	263	2	3	3	NUM
ajfa-193	263	3	shows	show	VERB
ajfa-193	263	4	the	the	DET
ajfa-193	263	5	estimated	estimate	VERB
ajfa-193	263	6	coefficients	coefficient	NOUN
ajfa-193	263	7	for	for	ADP
ajfa-193	263	8	the	the	DET
ajfa-193	263	9	car	car	NOUN
ajfa-193	263	10	differences	difference	NOUN
ajfa-193	263	11	between	between	ADP
ajfa-193	263	12	the	the	DET
ajfa-193	263	13	added	add	VERB
ajfa-193	263	14	and	and	CCONJ
ajfa-193	263	15	deleted	delete	VERB
ajfa-193	263	16	firms	firm	NOUN
ajfa-193	263	17	during	during	ADP
ajfa-193	263	18	the	the	DET
ajfa-193	263	19	event	event	NOUN
ajfa-193	263	20	period	period	NOUN
ajfa-193	263	21	.	.	PUNCT
ajfa-193	264	1	the	the	DET
ajfa-193	264	2	estimated	estimate	VERB
ajfa-193	264	3	coefficient	coefficient	NOUN
ajfa-193	264	4	for	for	ADP
ajfa-193	264	5	this	this	DET
ajfa-193	264	6	variable	variable	NOUN
ajfa-193	264	7	over	over	ADP
ajfa-193	264	8	the	the	DET
ajfa-193	264	9	interval	interval	NOUN
ajfa-193	264	10	day	day	NOUN
ajfa-193	264	11	–	–	PUNCT
ajfa-193	264	12	30	30	NUM
ajfa-193	264	13	to	to	ADP
ajfa-193	264	14	day	day	NOUN
ajfa-193	264	15	0	0	NUM
ajfa-193	264	16	is	be	AUX
ajfa-193	264	17	–	–	PUNCT
ajfa-193	264	18	4.98	4.98	NUM
ajfa-193	264	19	%	%	NOUN
ajfa-193	264	20	and	and	CCONJ
ajfa-193	264	21	is	be	AUX
ajfa-193	264	22	statistically	statistically	ADV
ajfa-193	264	23	significant	significant	ADJ
ajfa-193	264	24	at	at	ADP
ajfa-193	264	25	the	the	DET
ajfa-193	264	26	1	1	NUM
ajfa-193	264	27	%	%	NOUN
ajfa-193	264	28	level	level	NOUN
ajfa-193	264	29	.	.	PUNCT
ajfa-193	265	1	it	it	PRON
ajfa-193	265	2	then	then	ADV
ajfa-193	265	3	rises	rise	VERB
ajfa-193	265	4	and	and	CCONJ
ajfa-193	265	5	reaches	reach	VERB
ajfa-193	265	6	0.00	0.00	NUM
ajfa-193	265	7	on	on	ADP
ajfa-193	265	8	the	the	DET
ajfa-193	265	9	event	event	NOUN
ajfa-193	265	10	day	day	NOUN
ajfa-193	265	11	,	,	PUNCT
ajfa-193	265	12	then	then	ADV
ajfa-193	265	13	becomes	become	VERB
ajfa-193	265	14	positive	positive	ADJ
ajfa-193	265	15	during	during	ADP
ajfa-193	265	16	intervals	interval	NOUN
ajfa-193	265	17	after	after	ADP
ajfa-193	265	18	the	the	DET
ajfa-193	265	19	event	event	NOUN
ajfa-193	265	20	day	day	NOUN
ajfa-193	265	21	.	.	PUNCT
ajfa-193	266	1	this	this	DET
ajfa-193	266	2	coefficient	coefficient	NOUN
ajfa-193	266	3	reaches	reach	VERB
ajfa-193	266	4	4.14	4.14	NUM
ajfa-193	266	5	%	%	NOUN
ajfa-193	266	6	over	over	ADP
ajfa-193	266	7	the	the	DET
ajfa-193	266	8	interval	interval	NOUN
ajfa-193	266	9	day	day	NOUN
ajfa-193	266	10	0	0	NUM
ajfa-193	266	11	to	to	ADP
ajfa-193	266	12	day	day	NOUN
ajfa-193	266	13	30	30	NUM
ajfa-193	266	14	and	and	CCONJ
ajfa-193	266	15	becomes	become	VERB
ajfa-193	266	16	highly	highly	ADV
ajfa-193	266	17	significant	significant	ADJ
ajfa-193	266	18	at	at	ADP
ajfa-193	266	19	the	the	DET
ajfa-193	266	20	1	1	NUM
ajfa-193	266	21	%	%	NOUN
ajfa-193	266	22	level	level	NOUN
ajfa-193	266	23	.	.	PUNCT
ajfa-193	267	1	figure	figure	NOUN
ajfa-193	267	2	3	3	NUM
ajfa-193	267	3	provides	provide	VERB
ajfa-193	267	4	further	further	ADJ
ajfa-193	267	5	evidence	evidence	NOUN
ajfa-193	267	6	for	for	ADP
ajfa-193	267	7	the	the	DET
ajfa-193	267	8	findings	finding	NOUN
ajfa-193	267	9	in	in	ADP
ajfa-193	267	10	table	table	NOUN
ajfa-193	267	11	3	3	NUM
ajfa-193	267	12	.	.	PUNCT
ajfa-193	268	1	according	accord	VERB
ajfa-193	268	2	to	to	ADP
ajfa-193	268	3	this	this	DET
ajfa-193	268	4	figure	figure	NOUN
ajfa-193	268	5	,	,	PUNCT
ajfa-193	268	6	the	the	DET
ajfa-193	268	7	estimated	estimate	VERB
ajfa-193	268	8	coefficient	coefficient	NOUN
ajfa-193	268	9	for	for	ADP
ajfa-193	268	10	cars	car	NOUN
ajfa-193	268	11	starts	start	VERB
ajfa-193	268	12	to	to	PART
ajfa-193	268	13	rise	rise	VERB
ajfa-193	268	14	from	from	ADP
ajfa-193	268	15	day	day	NOUN
ajfa-193	268	16	–	–	PUNCT
ajfa-193	268	17	15	15	NUM
ajfa-193	268	18	and	and	CCONJ
ajfa-193	268	19	reaches	reach	VERB
ajfa-193	268	20	its	its	PRON
ajfa-193	268	21	maximum	maximum	ADJ
ajfa-193	268	22	level	level	NOUN
ajfa-193	268	23	of	of	ADP
ajfa-193	268	24	5.08	5.08	NUM
ajfa-193	268	25	%	%	NOUN
ajfa-193	268	26	on	on	ADP
ajfa-193	268	27	day	day	NOUN
ajfa-193	268	28	28	28	NUM
ajfa-193	268	29	during	during	ADP
ajfa-193	268	30	the	the	DET
ajfa-193	268	31	post	post	ADJ
ajfa-193	268	32	-	-	ADJ
ajfa-193	268	33	event	event	ADJ
ajfa-193	268	34	interval	interval	NOUN
ajfa-193	268	35	,	,	PUNCT
ajfa-193	268	36	becoming	become	VERB
ajfa-193	268	37	highly	highly	ADV
ajfa-193	268	38	significant	significant	ADJ
ajfa-193	268	39	at	at	ADP
ajfa-193	268	40	the	the	DET
ajfa-193	268	41	0.1	0.1	NUM
ajfa-193	268	42	%	%	NOUN
ajfa-193	268	43	level	level	NOUN
ajfa-193	268	44	.	.	PUNCT
ajfa-193	269	1	based	base	VERB
ajfa-193	269	2	on	on	ADP
ajfa-193	269	3	the	the	DET
ajfa-193	269	4	evidence	evidence	NOUN
ajfa-193	269	5	in	in	ADP
ajfa-193	269	6	table	table	NOUN
ajfa-193	269	7	3	3	NUM
ajfa-193	269	8	and	and	CCONJ
ajfa-193	269	9	figure	figure	NOUN
ajfa-193	269	10	3	3	NUM
ajfa-193	269	11	,	,	PUNCT
ajfa-193	269	12	we	we	PRON
ajfa-193	269	13	can	can	AUX
ajfa-193	269	14	conclude	conclude	VERB
ajfa-193	269	15	that	that	SCONJ
ajfa-193	269	16	the	the	DET
ajfa-193	269	17	estimated	estimate	VERB
ajfa-193	269	18	car	car	NOUN
ajfa-193	269	19	differences	difference	NOUN
ajfa-193	269	20	between	between	ADP
ajfa-193	269	21	index	index	NOUN
ajfa-193	269	22	addition	addition	NOUN
ajfa-193	269	23	and	and	CCONJ
ajfa-193	269	24	index	index	NOUN
ajfa-193	269	25	deletion	deletion	NOUN
ajfa-193	269	26	reduces	reduce	VERB
ajfa-193	269	27	noise	noise	NOUN
ajfa-193	269	28	and	and	CCONJ
ajfa-193	269	29	reveals	reveal	VERB
ajfa-193	269	30	the	the	DET
ajfa-193	269	31	net	net	ADJ
ajfa-193	269	32	impacts	impact	NOUN
ajfa-193	269	33	of	of	ADP
ajfa-193	269	34	these	these	DET
ajfa-193	269	35	events	event	NOUN
ajfa-193	269	36	more	more	ADV
ajfa-193	269	37	clearly	clearly	ADV
ajfa-193	269	38	.	.	PUNCT
ajfa-193	270	1	asian	asian	ADJ
ajfa-193	270	2	journal	journal	PROPN
ajfa-193	270	3	of	of	ADP
ajfa-193	270	4	finance	finance	PROPN
ajfa-193	270	5	&	&	CCONJ
ajfa-193	270	6	accounting	accounting	PROPN
ajfa-193	270	7	issn	issn	PROPN
ajfa-193	270	8	1946	1946	NUM
ajfa-193	270	9	-	-	PUNCT
ajfa-193	270	10	052x	052x	NOUN
ajfa-193	270	11	2009	2009	NUM
ajfa-193	270	12	,	,	PUNCT
ajfa-193	270	13	vol	vol	NOUN
ajfa-193	270	14	.	.	PROPN
ajfa-193	270	15	1	1	NUM
ajfa-193	270	16	,	,	PUNCT
ajfa-193	270	17	no	no	INTJ
ajfa-193	270	18	.	.	NOUN
ajfa-193	270	19	2	2	NUM
ajfa-193	270	20	:	:	PUNCT
ajfa-193	270	21	e2	e2	NOUN
ajfa-193	270	22	37	37	NUM
ajfa-193	270	23	figure	figure	NOUN
ajfa-193	270	24	3	3	NUM
ajfa-193	270	25	.	.	PUNCT
ajfa-193	270	26	cumulative	cumulative	ADJ
ajfa-193	270	27	abnormal	abnormal	ADJ
ajfa-193	270	28	return	return	NOUN
ajfa-193	270	29	difference	difference	NOUN
ajfa-193	270	30	between	between	ADP
ajfa-193	270	31	added	add	VERB
ajfa-193	270	32	firms	firm	NOUN
ajfa-193	270	33	to	to	ADP
ajfa-193	270	34	and	and	CCONJ
ajfa-193	270	35	deleted	delete	VERB
ajfa-193	270	36	firms	firm	NOUN
ajfa-193	270	37	from	from	ADP
ajfa-193	270	38	s&p	s&p	PROPN
ajfa-193	270	39	/	/	SYM
ajfa-193	270	40	citic	citic	ADJ
ajfa-193	270	41	300	300	NUM
ajfa-193	270	42	index	index	NOUN
ajfa-193	270	43	during	during	ADP
ajfa-193	270	44	the	the	DET
ajfa-193	270	45	event	event	NOUN
ajfa-193	270	46	period	period	NOUN
ajfa-193	270	47	the	the	DET
ajfa-193	270	48	prolonged	prolonged	ADJ
ajfa-193	270	49	effects	effect	NOUN
ajfa-193	270	50	of	of	ADP
ajfa-193	270	51	the	the	DET
ajfa-193	270	52	index	index	NOUN
ajfa-193	270	53	addition	addition	NOUN
ajfa-193	270	54	and	and	CCONJ
ajfa-193	270	55	deletion	deletion	NOUN
ajfa-193	270	56	on	on	ADP
ajfa-193	270	57	cars	car	NOUN
ajfa-193	270	58	indicate	indicate	VERB
ajfa-193	270	59	that	that	SCONJ
ajfa-193	270	60	these	these	DET
ajfa-193	270	61	events	event	NOUN
ajfa-193	270	62	are	be	AUX
ajfa-193	270	63	likely	likely	ADJ
ajfa-193	270	64	to	to	PART
ajfa-193	270	65	contain	contain	VERB
ajfa-193	270	66	information	information	NOUN
ajfa-193	270	67	,	,	PUNCT
ajfa-193	270	68	thus	thus	ADV
ajfa-193	270	69	sending	send	VERB
ajfa-193	270	70	signals	signal	NOUN
ajfa-193	270	71	about	about	ADP
ajfa-193	270	72	the	the	DET
ajfa-193	270	73	health	health	NOUN
ajfa-193	270	74	of	of	ADP
ajfa-193	270	75	the	the	DET
ajfa-193	270	76	added	add	VERB
ajfa-193	270	77	and	and	CCONJ
ajfa-193	270	78	deleted	delete	VERB
ajfa-193	270	79	firms	firm	NOUN
ajfa-193	270	80	to	to	ADP
ajfa-193	270	81	the	the	DET
ajfa-193	270	82	market	market	NOUN
ajfa-193	270	83	.	.	PUNCT
ajfa-193	271	1	to	to	PART
ajfa-193	271	2	test	test	VERB
ajfa-193	271	3	this	this	DET
ajfa-193	271	4	hypothesis	hypothesis	NOUN
ajfa-193	271	5	,	,	PUNCT
ajfa-193	271	6	we	we	PRON
ajfa-193	271	7	compared	compare	VERB
ajfa-193	271	8	the	the	DET
ajfa-193	271	9	cumulative	cumulative	ADJ
ajfa-193	271	10	returns	return	NOUN
ajfa-193	271	11	for	for	ADP
ajfa-193	271	12	the	the	DET
ajfa-193	271	13	added	add	VERB
ajfa-193	271	14	and	and	CCONJ
ajfa-193	271	15	deleted	delete	VERB
ajfa-193	271	16	firms	firm	NOUN
ajfa-193	271	17	with	with	ADP
ajfa-193	271	18	cumulative	cumulative	ADJ
ajfa-193	271	19	return	return	NOUN
ajfa-193	271	20	for	for	ADP
ajfa-193	271	21	the	the	DET
ajfa-193	271	22	market	market	NOUN
ajfa-193	271	23	over	over	ADP
ajfa-193	271	24	the	the	DET
ajfa-193	271	25	period	period	NOUN
ajfa-193	271	26	from	from	ADP
ajfa-193	271	27	day	day	NOUN
ajfa-193	271	28	–	–	PUNCT
ajfa-193	271	29	150	150	NUM
ajfa-193	271	30	to	to	ADP
ajfa-193	271	31	day	day	NOUN
ajfa-193	271	32	150	150	NUM
ajfa-193	271	33	18	18	NUM
ajfa-193	271	34	.	.	PUNCT
ajfa-193	272	1	figure	figure	NOUN
ajfa-193	272	2	4	4	NUM
ajfa-193	272	3	shows	show	VERB
ajfa-193	272	4	the	the	DET
ajfa-193	272	5	cumulative	cumulative	ADJ
ajfa-193	272	6	return	return	NOUN
ajfa-193	272	7	for	for	SCONJ
ajfa-193	272	8	the	the	DET
ajfa-193	272	9	added	add	VERB
ajfa-193	272	10	firms	firm	NOUN
ajfa-193	272	11	return	return	VERB
ajfa-193	272	12	and	and	CCONJ
ajfa-193	272	13	market	market	NOUN
ajfa-193	272	14	return	return	NOUN
ajfa-193	272	15	.	.	PUNCT
ajfa-193	273	1	the	the	DET
ajfa-193	273	2	general	general	ADJ
ajfa-193	273	3	trend	trend	NOUN
ajfa-193	273	4	shows	show	VERB
ajfa-193	273	5	that	that	SCONJ
ajfa-193	273	6	they	they	PRON
ajfa-193	273	7	both	both	PRON
ajfa-193	273	8	slope	slope	VERB
ajfa-193	273	9	upwards	upwards	ADV
ajfa-193	273	10	;	;	PUNCT
ajfa-193	273	11	however	however	ADV
ajfa-193	273	12	,	,	PUNCT
ajfa-193	273	13	the	the	DET
ajfa-193	273	14	added	add	VERB
ajfa-193	273	15	firms	firm	NOUN
ajfa-193	273	16	’	’	PART
ajfa-193	273	17	performance	performance	NOUN
ajfa-193	273	18	is	be	AUX
ajfa-193	273	19	far	far	ADV
ajfa-193	273	20	better	well	ADJ
ajfa-193	273	21	than	than	ADP
ajfa-193	273	22	the	the	DET
ajfa-193	273	23	market	market	NOUN
ajfa-193	273	24	,	,	PUNCT
ajfa-193	273	25	suggesting	suggest	VERB
ajfa-193	273	26	that	that	SCONJ
ajfa-193	273	27	these	these	DET
ajfa-193	273	28	firms	firm	NOUN
ajfa-193	273	29	may	may	AUX
ajfa-193	273	30	have	have	AUX
ajfa-193	273	31	been	be	AUX
ajfa-193	273	32	added	add	VERB
ajfa-193	273	33	to	to	ADP
ajfa-193	273	34	the	the	DET
ajfa-193	273	35	index	index	NOUN
ajfa-193	273	36	due	due	ADP
ajfa-193	273	37	to	to	ADP
ajfa-193	273	38	their	their	PRON
ajfa-193	273	39	superior	superior	ADJ
ajfa-193	273	40	performance	performance	NOUN
ajfa-193	273	41	prior	prior	ADV
ajfa-193	273	42	to	to	ADP
ajfa-193	273	43	the	the	DET
ajfa-193	273	44	event	event	NOUN
ajfa-193	273	45	.	.	PUNCT
ajfa-193	274	1	to	to	ADP
ajfa-193	274	2	the	the	DET
ajfa-193	274	3	extent	extent	NOUN
ajfa-193	274	4	that	that	SCONJ
ajfa-193	274	5	their	their	PRON
ajfa-193	274	6	performance	performance	NOUN
ajfa-193	274	7	has	have	AUX
ajfa-193	274	8	led	lead	VERB
ajfa-193	274	9	to	to	ADP
ajfa-193	274	10	their	their	PRON
ajfa-193	274	11	inclusion	inclusion	NOUN
ajfa-193	274	12	in	in	ADP
ajfa-193	274	13	the	the	DET
ajfa-193	274	14	index	index	NOUN
ajfa-193	274	15	,	,	PUNCT
ajfa-193	274	16	the	the	DET
ajfa-193	274	17	stock	stock	NOUN
ajfa-193	274	18	addition	addition	NOUN
ajfa-193	274	19	can	can	AUX
ajfa-193	274	20	not	not	PART
ajfa-193	274	21	be	be	AUX
ajfa-193	274	22	considered	consider	VERB
ajfa-193	274	23	an	an	DET
ajfa-193	274	24	information	information	NOUN
ajfa-193	274	25	-	-	PUNCT
ajfa-193	274	26	free	free	ADJ
ajfa-193	274	27	event	event	NOUN
ajfa-193	274	28	.	.	PUNCT
ajfa-193	275	1	18	18	NUM
ajfa-193	275	2	we	we	PRON
ajfa-193	275	3	believe	believe	VERB
ajfa-193	275	4	that	that	SCONJ
ajfa-193	275	5	if	if	SCONJ
ajfa-193	275	6	index	index	NOUN
ajfa-193	275	7	inclusion	inclusion	NOUN
ajfa-193	275	8	and	and	CCONJ
ajfa-193	275	9	exclusion	exclusion	NOUN
ajfa-193	275	10	contain	contain	VERB
ajfa-193	275	11	information	information	NOUN
ajfa-193	275	12	,	,	PUNCT
ajfa-193	275	13	this	this	DET
ajfa-193	275	14	information	information	NOUN
ajfa-193	275	15	must	must	AUX
ajfa-193	275	16	have	have	AUX
ajfa-193	275	17	been	be	AUX
ajfa-193	275	18	reflected	reflect	VERB
ajfa-193	275	19	in	in	ADP
ajfa-193	275	20	share	share	NOUN
ajfa-193	275	21	prices	price	NOUN
ajfa-193	275	22	earlier	early	ADV
ajfa-193	275	23	than	than	ADP
ajfa-193	275	24	the	the	DET
ajfa-193	275	25	beginning	beginning	NOUN
ajfa-193	275	26	of	of	ADP
ajfa-193	275	27	the	the	DET
ajfa-193	275	28	event	event	NOUN
ajfa-193	275	29	window	window	NOUN
ajfa-193	275	30	and	and	CCONJ
ajfa-193	275	31	should	should	AUX
ajfa-193	275	32	extends	extend	VERB
ajfa-193	275	33	for	for	ADP
ajfa-193	275	34	some	some	DET
ajfa-193	275	35	time	time	NOUN
ajfa-193	275	36	afterwards	afterwards	ADV
ajfa-193	275	37	.	.	PUNCT
ajfa-193	276	1	as	as	ADP
ajfa-193	276	2	a	a	DET
ajfa-193	276	3	result	result	NOUN
ajfa-193	276	4	,	,	PUNCT
ajfa-193	276	5	we	we	PRON
ajfa-193	276	6	have	have	AUX
ajfa-193	276	7	used	use	VERB
ajfa-193	276	8	a	a	DET
ajfa-193	276	9	sample	sample	NOUN
ajfa-193	276	10	of	of	ADP
ajfa-193	276	11	data	datum	NOUN
ajfa-193	276	12	that	that	PRON
ajfa-193	276	13	extends	extend	VERB
ajfa-193	276	14	from	from	ADP
ajfa-193	276	15	150	150	NUM
ajfa-193	276	16	days	day	NOUN
ajfa-193	276	17	before	before	ADP
ajfa-193	276	18	to	to	ADP
ajfa-193	276	19	150	150	NUM
ajfa-193	276	20	days	day	NOUN
ajfa-193	276	21	after	after	ADP
ajfa-193	276	22	the	the	DET
ajfa-193	276	23	event	event	NOUN
ajfa-193	276	24	.	.	PUNCT
ajfa-193	277	1	-14.00	-14.00	NOUN
ajfa-193	277	2	%	%	NOUN
ajfa-193	277	3	-12.00	-12.00	PUNCT
ajfa-193	277	4	%	%	NOUN
ajfa-193	277	5	-10.00	-10.00	NUM
ajfa-193	277	6	%	%	NOUN
ajfa-193	277	7	-8.00	-8.00	NUM
ajfa-193	277	8	%	%	NOUN
ajfa-193	277	9	-6.00	-6.00	NUM
ajfa-193	277	10	%	%	NOUN
ajfa-193	277	11	-4.00	-4.00	NUM
ajfa-193	277	12	%	%	NOUN
ajfa-193	277	13	-2.00	-2.00	NUM
ajfa-193	277	14	%	%	NOUN
ajfa-193	277	15	0.00	0.00	NUM
ajfa-193	277	16	%	%	NOUN
ajfa-193	277	17	2.00	2.00	NUM
ajfa-193	277	18	%	%	NOUN
ajfa-193	277	19	4.00	4.00	NUM
ajfa-193	277	20	%	%	NOUN
ajfa-193	277	21	6.00	6.00	NUM
ajfa-193	277	22	%	%	NOUN
ajfa-193	277	23	-40	-40	PROPN
ajfa-193	277	24	-30	-30	PROPN
ajfa-193	277	25	-20	-20	NUM
ajfa-193	277	26	-10	-10	SYM
ajfa-193	277	27	0	0	NUM
ajfa-193	277	28	10	10	NUM
ajfa-193	277	29	20	20	NUM
ajfa-193	277	30	30	30	NUM
ajfa-193	277	31	40	40	NUM
ajfa-193	277	32	50	50	NUM
ajfa-193	277	33	c	c	NOUN
ajfa-193	277	34	a	a	DET
ajfa-193	277	35	r	r	NOUN
ajfa-193	277	36	s	s	PROPN
ajfa-193	277	37	a	a	DET
ajfa-193	277	38	d	d	X
ajfa-193	277	39	-c	-c	PUNCT
ajfa-193	277	40	a	a	DET
ajfa-193	277	41	r	r	NOUN
ajfa-193	277	42	s	s	PROPN
ajfa-193	277	43	d	d	X
ajfa-193	277	44	el	el	PROPN
ajfa-193	277	45	trading	trading	NOUN
ajfa-193	277	46	days	day	NOUN
ajfa-193	277	47	asian	asian	PROPN
ajfa-193	277	48	journal	journal	NOUN
ajfa-193	277	49	of	of	ADP
ajfa-193	277	50	finance	finance	PROPN
ajfa-193	277	51	&	&	CCONJ
ajfa-193	277	52	accounting	accounting	PROPN
ajfa-193	277	53	issn	issn	PROPN
ajfa-193	277	54	1946	1946	NUM
ajfa-193	277	55	-	-	PUNCT
ajfa-193	277	56	052x	052x	NOUN
ajfa-193	277	57	2009	2009	NUM
ajfa-193	277	58	,	,	PUNCT
ajfa-193	277	59	vol	vol	NOUN
ajfa-193	277	60	.	.	PROPN
ajfa-193	278	1	1	1	NUM
ajfa-193	278	2	,	,	PUNCT
ajfa-193	278	3	no	no	INTJ
ajfa-193	278	4	.	.	NOUN
ajfa-193	278	5	2	2	NUM
ajfa-193	278	6	:	:	PUNCT
ajfa-193	278	7	e2	e2	NOUN
ajfa-193	278	8	38	38	NUM
ajfa-193	278	9	figure	figure	NOUN
ajfa-193	278	10	4	4	NUM
ajfa-193	278	11	.	.	PUNCT
ajfa-193	278	12	cumulative	cumulative	ADJ
ajfa-193	278	13	firm	firm	ADJ
ajfa-193	278	14	return	return	NOUN
ajfa-193	278	15	and	and	CCONJ
ajfa-193	278	16	market	market	NOUN
ajfa-193	278	17	return	return	NOUN
ajfa-193	278	18	for	for	ADP
ajfa-193	278	19	stock	stock	NOUN
ajfa-193	278	20	addition	addition	NOUN
ajfa-193	278	21	to	to	ADP
ajfa-193	278	22	s&p	s&p	PROPN
ajfa-193	278	23	/	/	SYM
ajfa-193	278	24	citic	citic	ADJ
ajfa-193	278	25	300	300	NUM
ajfa-193	278	26	index	index	NOUN
ajfa-193	278	27	the	the	DET
ajfa-193	278	28	cumulative	cumulative	ADJ
ajfa-193	278	29	returns	return	NOUN
ajfa-193	278	30	for	for	ADP
ajfa-193	278	31	the	the	DET
ajfa-193	278	32	deleted	delete	VERB
ajfa-193	278	33	firms	firm	NOUN
ajfa-193	278	34	compared	compare	VERB
ajfa-193	278	35	with	with	ADP
ajfa-193	278	36	the	the	DET
ajfa-193	278	37	market	market	NOUN
ajfa-193	278	38	are	be	AUX
ajfa-193	278	39	shown	show	VERB
ajfa-193	278	40	in	in	ADP
ajfa-193	278	41	figure	figure	NOUN
ajfa-193	278	42	5	5	NUM
ajfa-193	278	43	.	.	PUNCT
ajfa-193	279	1	they	they	PRON
ajfa-193	279	2	show	show	VERB
ajfa-193	279	3	a	a	DET
ajfa-193	279	4	positive	positive	ADJ
ajfa-193	279	5	upward	upward	ADJ
ajfa-193	279	6	trend	trend	NOUN
ajfa-193	279	7	for	for	ADP
ajfa-193	279	8	the	the	DET
ajfa-193	279	9	market	market	NOUN
ajfa-193	279	10	,	,	PUNCT
ajfa-193	279	11	whereas	whereas	SCONJ
ajfa-193	279	12	the	the	DET
ajfa-193	279	13	returns	return	NOUN
ajfa-193	279	14	for	for	ADP
ajfa-193	279	15	the	the	DET
ajfa-193	279	16	deleted	delete	VERB
ajfa-193	279	17	firms	firm	NOUN
ajfa-193	279	18	are	be	AUX
ajfa-193	279	19	largely	largely	ADV
ajfa-193	279	20	negative	negative	ADJ
ajfa-193	279	21	and	and	CCONJ
ajfa-193	279	22	below	below	ADP
ajfa-193	279	23	the	the	DET
ajfa-193	279	24	market	market	NOUN
ajfa-193	279	25	return	return	NOUN
ajfa-193	279	26	.	.	PUNCT
ajfa-193	280	1	this	this	PRON
ajfa-193	280	2	suggests	suggest	VERB
ajfa-193	280	3	that	that	SCONJ
ajfa-193	280	4	poor	poor	ADJ
ajfa-193	280	5	performance	performance	NOUN
ajfa-193	280	6	may	may	AUX
ajfa-193	280	7	have	have	AUX
ajfa-193	280	8	been	be	AUX
ajfa-193	280	9	the	the	DET
ajfa-193	280	10	main	main	ADJ
ajfa-193	280	11	reason	reason	NOUN
ajfa-193	280	12	for	for	ADP
ajfa-193	280	13	exclusion	exclusion	NOUN
ajfa-193	280	14	of	of	ADP
ajfa-193	280	15	deleted	delete	VERB
ajfa-193	280	16	firms	firm	NOUN
ajfa-193	280	17	,	,	PUNCT
ajfa-193	280	18	and	and	CCONJ
ajfa-193	280	19	this	this	DET
ajfa-193	280	20	event	event	NOUN
ajfa-193	280	21	is	be	AUX
ajfa-193	280	22	not	not	PART
ajfa-193	280	23	an	an	DET
ajfa-193	280	24	information	information	NOUN
ajfa-193	280	25	-	-	PUNCT
ajfa-193	280	26	free	free	ADJ
ajfa-193	280	27	event	event	NOUN
ajfa-193	280	28	.	.	PUNCT
ajfa-193	281	1	the	the	DET
ajfa-193	281	2	evidence	evidence	NOUN
ajfa-193	281	3	in	in	ADP
ajfa-193	281	4	figure	figure	NOUN
ajfa-193	281	5	4	4	NUM
ajfa-193	281	6	and	and	CCONJ
ajfa-193	281	7	in	in	ADP
ajfa-193	281	8	figure	figure	NOUN
ajfa-193	281	9	5	5	NUM
ajfa-193	281	10	largely	largely	ADV
ajfa-193	281	11	rules	rule	VERB
ajfa-193	281	12	out	out	ADP
ajfa-193	281	13	the	the	DET
ajfa-193	281	14	demand	demand	NOUN
ajfa-193	281	15	-	-	PUNCT
ajfa-193	281	16	based	base	VERB
ajfa-193	281	17	explanations	explanation	NOUN
ajfa-193	281	18	in	in	ADP
ajfa-193	281	19	our	our	PRON
ajfa-193	281	20	findings	finding	NOUN
ajfa-193	281	21	,	,	PUNCT
ajfa-193	281	22	as	as	ADP
ajfa-193	281	23	both	both	CCONJ
ajfa-193	281	24	the	the	DET
ajfa-193	281	25	price	price	NOUN
ajfa-193	281	26	-	-	PUNCT
ajfa-193	281	27	pressure	pressure	NOUN
ajfa-193	281	28	hypothesis	hypothesis	NOUN
ajfa-193	281	29	,	,	PUNCT
ajfa-193	281	30	and	and	CCONJ
ajfa-193	281	31	the	the	DET
ajfa-193	281	32	imperfect	imperfect	ADJ
ajfa-193	281	33	-	-	PUNCT
ajfa-193	281	34	substitute	substitute	NOUN
ajfa-193	281	35	hypothesis	hypothesis	NOUN
ajfa-193	281	36	assume	assume	VERB
ajfa-193	281	37	that	that	SCONJ
ajfa-193	281	38	index	index	NOUN
ajfa-193	281	39	additions	addition	NOUN
ajfa-193	281	40	and	and	CCONJ
ajfa-193	281	41	deletions	deletion	NOUN
ajfa-193	281	42	are	be	AUX
ajfa-193	281	43	information	information	NOUN
ajfa-193	281	44	-	-	PUNCT
ajfa-193	281	45	free	free	ADJ
ajfa-193	281	46	events	event	NOUN
ajfa-193	281	47	19	19	NUM
ajfa-193	281	48	.	.	NUM
ajfa-193	281	49	19	19	NUM
ajfa-193	282	1	our	our	PRON
ajfa-193	282	2	interpretation	interpretation	NOUN
ajfa-193	282	3	of	of	ADP
ajfa-193	282	4	information	information	NOUN
ajfa-193	282	5	effects	effect	NOUN
ajfa-193	282	6	in	in	ADP
ajfa-193	282	7	figures	figure	NOUN
ajfa-193	282	8	4	4	NUM
ajfa-193	282	9	and	and	CCONJ
ajfa-193	282	10	5	5	NUM
ajfa-193	282	11	is	be	AUX
ajfa-193	282	12	based	base	VERB
ajfa-193	282	13	on	on	ADP
ajfa-193	282	14	the	the	DET
ajfa-193	282	15	cumulative	cumulative	ADJ
ajfa-193	282	16	returns	return	NOUN
ajfa-193	282	17	only	only	ADV
ajfa-193	282	18	.	.	PUNCT
ajfa-193	283	1	we	we	PRON
ajfa-193	283	2	have	have	AUX
ajfa-193	283	3	also	also	ADV
ajfa-193	283	4	estimated	estimate	VERB
ajfa-193	283	5	firms	firm	NOUN
ajfa-193	283	6	’	'	PUNCT
ajfa-193	283	7	and	and	CCONJ
ajfa-193	283	8	market	market	NOUN
ajfa-193	283	9	performance	performance	NOUN
ajfa-193	283	10	risk	risk	NOUN
ajfa-193	283	11	-	-	PUNCT
ajfa-193	283	12	adjusted	adjust	VERB
ajfa-193	283	13	cumulative	cumulative	ADJ
ajfa-193	283	14	returns	return	NOUN
ajfa-193	283	15	(	(	PUNCT
ajfa-193	283	16	cumulative	cumulative	ADJ
ajfa-193	283	17	return	return	NOUN
ajfa-193	283	18	adjusted	adjust	VERB
ajfa-193	283	19	by	by	ADP
ajfa-193	283	20	standard	standard	ADJ
ajfa-193	283	21	deviation	deviation	NOUN
ajfa-193	283	22	)	)	PUNCT
ajfa-193	283	23	.	.	PUNCT
ajfa-193	284	1	for	for	ADP
ajfa-193	284	2	index	index	NOUN
ajfa-193	284	3	additions	addition	NOUN
ajfa-193	284	4	,	,	PUNCT
ajfa-193	284	5	the	the	DET
ajfa-193	284	6	risk	risk	NOUN
ajfa-193	284	7	-	-	PUNCT
ajfa-193	284	8	adjusted	adjust	VERB
ajfa-193	284	9	cumulative	cumulative	ADJ
ajfa-193	284	10	return	return	NOUN
ajfa-193	284	11	for	for	ADP
ajfa-193	284	12	the	the	DET
ajfa-193	284	13	firms	firm	NOUN
ajfa-193	284	14	is	be	AUX
ajfa-193	284	15	10.742	10.742	NUM
ajfa-193	284	16	,	,	PUNCT
ajfa-193	284	17	compared	compare	VERB
ajfa-193	284	18	-10.00	-10.00	NUM
ajfa-193	284	19	%	%	NOUN
ajfa-193	284	20	0.00	0.00	NUM
ajfa-193	284	21	%	%	NOUN
ajfa-193	284	22	10.00	10.00	NUM
ajfa-193	284	23	%	%	NOUN
ajfa-193	284	24	20.00	20.00	NUM
ajfa-193	284	25	%	%	NOUN
ajfa-193	284	26	30.00	30.00	NUM
ajfa-193	284	27	%	%	NOUN
ajfa-193	284	28	40.00	40.00	NUM
ajfa-193	284	29	%	%	NOUN
ajfa-193	284	30	50.00	50.00	NUM
ajfa-193	284	31	%	%	NOUN
ajfa-193	284	32	60.00	60.00	NUM
ajfa-193	284	33	%	%	NOUN
ajfa-193	284	34	70.00	70.00	NUM
ajfa-193	284	35	%	%	NOUN
ajfa-193	285	1	-150	-150	PROPN
ajfa-193	285	2	-140	-140	NUM
ajfa-193	285	3	-130	-130	PROPN
ajfa-193	286	1	-120	-120	PROPN
ajfa-193	286	2	-110	-110	PROPN
ajfa-193	286	3	-100	-100	PROPN
ajfa-193	286	4	-90	-90	PUNCT
ajfa-193	286	5	-80	-80	PUNCT
ajfa-193	286	6	-70	-70	PROPN
ajfa-193	286	7	-60	-60	NUM
ajfa-193	286	8	-50	-50	PUNCT
ajfa-193	286	9	-40	-40	PROPN
ajfa-193	286	10	-30	-30	NUM
ajfa-193	286	11	-20	-20	NUM
ajfa-193	286	12	-10	-10	SYM
ajfa-193	286	13	0	0	NUM
ajfa-193	286	14	10	10	NUM
ajfa-193	286	15	20	20	NUM
ajfa-193	286	16	30	30	NUM
ajfa-193	286	17	40	40	NUM
ajfa-193	286	18	50	50	NUM
ajfa-193	286	19	60	60	NUM
ajfa-193	286	20	70	70	NUM
ajfa-193	286	21	80	80	NUM
ajfa-193	286	22	90	90	NUM
ajfa-193	286	23	100	100	NUM
ajfa-193	286	24	110	110	NUM
ajfa-193	286	25	120	120	NUM
ajfa-193	286	26	130	130	NUM
ajfa-193	286	27	140	140	NUM
ajfa-193	286	28	150	150	NUM
ajfa-193	286	29	m	m	NOUN
ajfa-193	286	30	ea	ea	NOUN
ajfa-193	286	31	n	n	ADP
ajfa-193	286	32	c	c	NOUN
ajfa-193	286	33	u	u	NOUN
ajfa-193	286	34	m	m	VERB
ajfa-193	286	35	u	u	NOUN
ajfa-193	286	36	la	la	X
ajfa-193	286	37	ti	ti	X
ajfa-193	286	38	v	v	ADP
ajfa-193	286	39	e	e	NOUN
ajfa-193	286	40	r	r	NOUN
ajfa-193	286	41	et	et	PROPN
ajfa-193	286	42	u	u	PROPN
ajfa-193	286	43	rn	rn	PROPN
ajfa-193	286	44	trading	trading	PROPN
ajfa-193	286	45	day	day	NOUN
ajfa-193	286	46	mean	mean	VERB
ajfa-193	286	47	cumulative	cumulative	ADJ
ajfa-193	286	48	firm	firm	ADJ
ajfa-193	286	49	return	return	NOUN
ajfa-193	286	50	mean	mean	VERB
ajfa-193	286	51	cumulative	cumulative	ADJ
ajfa-193	286	52	market	market	NOUN
ajfa-193	286	53	return	return	NOUN
ajfa-193	286	54	asian	asian	ADJ
ajfa-193	286	55	journal	journal	NOUN
ajfa-193	286	56	of	of	ADP
ajfa-193	286	57	finance	finance	PROPN
ajfa-193	286	58	&	&	CCONJ
ajfa-193	286	59	accounting	accounting	PROPN
ajfa-193	286	60	issn	issn	PROPN
ajfa-193	286	61	1946	1946	NUM
ajfa-193	286	62	-	-	PUNCT
ajfa-193	286	63	052x	052x	NOUN
ajfa-193	286	64	2009	2009	NUM
ajfa-193	286	65	,	,	PUNCT
ajfa-193	286	66	vol	vol	NOUN
ajfa-193	286	67	.	.	PROPN
ajfa-193	287	1	1	1	NUM
ajfa-193	287	2	,	,	PUNCT
ajfa-193	287	3	no	no	INTJ
ajfa-193	287	4	.	.	NOUN
ajfa-193	287	5	2	2	NUM
ajfa-193	287	6	:	:	PUNCT
ajfa-193	287	7	e2	e2	NOUN
ajfa-193	287	8	39	39	NUM
ajfa-193	287	9	3.2	3.2	NUM
ajfa-193	287	10	diagnostic	diagnostic	ADJ
ajfa-193	287	11	tests	test	NOUN
ajfa-193	287	12	to	to	PART
ajfa-193	287	13	diagnose	diagnose	VERB
ajfa-193	287	14	any	any	DET
ajfa-193	287	15	potential	potential	ADJ
ajfa-193	287	16	problems	problem	NOUN
ajfa-193	287	17	in	in	ADP
ajfa-193	287	18	our	our	PRON
ajfa-193	287	19	findings	finding	NOUN
ajfa-193	287	20	we	we	PRON
ajfa-193	287	21	examined	examine	VERB
ajfa-193	287	22	the	the	DET
ajfa-193	287	23	parameters	parameter	NOUN
ajfa-193	287	24	of	of	ADP
ajfa-193	287	25	the	the	DET
ajfa-193	287	26	applied	apply	VERB
ajfa-193	287	27	models	model	NOUN
ajfa-193	287	28	and	and	CCONJ
ajfa-193	287	29	the	the	DET
ajfa-193	287	30	return	return	NOUN
ajfa-193	287	31	distribution	distribution	NOUN
ajfa-193	287	32	.	.	PUNCT
ajfa-193	288	1	we	we	PRON
ajfa-193	288	2	deemed	deem	VERB
ajfa-193	288	3	this	this	DET
ajfa-193	288	4	investigation	investigation	NOUN
ajfa-193	288	5	necessary	necessary	ADJ
ajfa-193	288	6	because	because	SCONJ
ajfa-193	288	7	the	the	DET
ajfa-193	288	8	ols	ols	PROPN
ajfa-193	288	9	market	market	NOUN
ajfa-193	288	10	model	model	NOUN
ajfa-193	288	11	applied	apply	VERB
ajfa-193	288	12	in	in	ADP
ajfa-193	288	13	this	this	DET
ajfa-193	288	14	study	study	NOUN
ajfa-193	288	15	was	be	AUX
ajfa-193	288	16	developed	develop	VERB
ajfa-193	288	17	under	under	ADP
ajfa-193	288	18	the	the	DET
ajfa-193	288	19	emh	emh	NOUN
ajfa-193	288	20	,	,	PUNCT
ajfa-193	288	21	with	with	ADP
ajfa-193	288	22	the	the	DET
ajfa-193	288	23	assumption	assumption	NOUN
ajfa-193	288	24	that	that	SCONJ
ajfa-193	288	25	the	the	DET
ajfa-193	288	26	distribution	distribution	NOUN
ajfa-193	288	27	of	of	ADP
ajfa-193	288	28	returns	return	NOUN
ajfa-193	288	29	is	be	AUX
ajfa-193	288	30	normal	normal	ADJ
ajfa-193	288	31	.	.	PUNCT
ajfa-193	289	1	this	this	DET
ajfa-193	289	2	assumption	assumption	NOUN
ajfa-193	289	3	is	be	AUX
ajfa-193	289	4	more	more	ADV
ajfa-193	289	5	relevant	relevant	ADJ
ajfa-193	289	6	to	to	ADP
ajfa-193	289	7	developed	develop	VERB
ajfa-193	289	8	markets	market	NOUN
ajfa-193	289	9	.	.	PUNCT
ajfa-193	290	1	however	however	ADV
ajfa-193	290	2	,	,	PUNCT
ajfa-193	290	3	the	the	DET
ajfa-193	290	4	chinese	chinese	ADJ
ajfa-193	290	5	equity	equity	NOUN
ajfa-193	290	6	market	market	NOUN
ajfa-193	290	7	is	be	AUX
ajfa-193	290	8	a	a	DET
ajfa-193	290	9	newly	newly	ADV
ajfa-193	290	10	developed	develop	VERB
ajfa-193	290	11	market	market	NOUN
ajfa-193	290	12	and	and	CCONJ
ajfa-193	290	13	thus	thus	ADV
ajfa-193	290	14	less	less	ADV
ajfa-193	290	15	efficient	efficient	ADJ
ajfa-193	290	16	than	than	ADP
ajfa-193	290	17	developed	developed	ADJ
ajfa-193	290	18	markets	market	NOUN
ajfa-193	290	19	.	.	PUNCT
ajfa-193	291	1	as	as	ADP
ajfa-193	291	2	a	a	DET
ajfa-193	291	3	result	result	NOUN
ajfa-193	291	4	,	,	PUNCT
ajfa-193	291	5	the	the	DET
ajfa-193	291	6	distribution	distribution	NOUN
ajfa-193	291	7	of	of	ADP
ajfa-193	291	8	returns	return	NOUN
ajfa-193	291	9	on	on	ADP
ajfa-193	291	10	shares	share	NOUN
ajfa-193	291	11	might	might	AUX
ajfa-193	291	12	not	not	PART
ajfa-193	291	13	be	be	AUX
ajfa-193	291	14	normal	normal	ADJ
ajfa-193	291	15	.	.	PUNCT
ajfa-193	292	1	the	the	DET
ajfa-193	292	2	normality	normality	NOUN
ajfa-193	292	3	of	of	ADP
ajfa-193	292	4	the	the	DET
ajfa-193	292	5	distribution	distribution	NOUN
ajfa-193	292	6	of	of	ADP
ajfa-193	292	7	returns	return	NOUN
ajfa-193	292	8	on	on	ADP
ajfa-193	292	9	stocks	stock	NOUN
ajfa-193	292	10	was	be	AUX
ajfa-193	292	11	tested	test	VERB
ajfa-193	292	12	by	by	ADP
ajfa-193	292	13	investigating	investigate	VERB
ajfa-193	292	14	estimated	estimate	VERB
ajfa-193	292	15	skewness	skewness	NOUN
ajfa-193	292	16	and	and	CCONJ
ajfa-193	292	17	kurtosis	kurtosis	VERB
ajfa-193	292	18	coefficients	coefficient	NOUN
ajfa-193	292	19	over	over	ADP
ajfa-193	292	20	the	the	DET
ajfa-193	292	21	estimation	estimation	NOUN
ajfa-193	292	22	period	period	NOUN
ajfa-193	292	23	.	.	PUNCT
ajfa-193	293	1	ignoring	ignore	VERB
ajfa-193	293	2	these	these	DET
ajfa-193	293	3	elements	element	NOUN
ajfa-193	293	4	will	will	AUX
ajfa-193	293	5	cause	cause	VERB
ajfa-193	293	6	the	the	DET
ajfa-193	293	7	model	model	NOUN
ajfa-193	293	8	to	to	PART
ajfa-193	293	9	understate	understate	VERB
ajfa-193	293	10	the	the	DET
ajfa-193	293	11	risk	risk	NOUN
ajfa-193	293	12	of	of	ADP
ajfa-193	293	13	the	the	DET
ajfa-193	293	14	variables	variable	NOUN
ajfa-193	293	15	with	with	ADP
ajfa-193	293	16	high	high	ADJ
ajfa-193	293	17	skewness	skewness	NOUN
ajfa-193	293	18	or	or	CCONJ
ajfa-193	293	19	kurtosis	kurtosis	NOUN
ajfa-193	293	20	.	.	PUNCT
ajfa-193	294	1	if	if	SCONJ
ajfa-193	294	2	the	the	DET
ajfa-193	294	3	returns	return	NOUN
ajfa-193	294	4	are	be	AUX
ajfa-193	294	5	not	not	PART
ajfa-193	294	6	normally	normally	ADV
ajfa-193	294	7	distributed	distribute	VERB
ajfa-193	294	8	because	because	SCONJ
ajfa-193	294	9	of	of	ADP
ajfa-193	294	10	the	the	DET
ajfa-193	294	11	degree	degree	NOUN
ajfa-193	294	12	of	of	ADP
ajfa-193	294	13	skewness	skewness	NOUN
ajfa-193	294	14	,	,	PUNCT
ajfa-193	294	15	or	or	CCONJ
ajfa-193	294	16	because	because	SCONJ
ajfa-193	294	17	the	the	DET
ajfa-193	294	18	tails	tail	NOUN
ajfa-193	294	19	are	be	AUX
ajfa-193	294	20	too	too	ADV
ajfa-193	294	21	“	"	PUNCT
ajfa-193	294	22	fat	fat	ADJ
ajfa-193	294	23	”	"	PUNCT
ajfa-193	294	24	,	,	PUNCT
ajfa-193	294	25	t	t	PROPN
ajfa-193	294	26	-	-	PUNCT
ajfa-193	294	27	statistics	statistic	NOUN
ajfa-193	294	28	may	may	AUX
ajfa-193	294	29	not	not	PART
ajfa-193	294	30	be	be	AUX
ajfa-193	294	31	valid	valid	ADJ
ajfa-193	294	32	.	.	PUNCT
ajfa-193	295	1	from	from	ADP
ajfa-193	295	2	our	our	PRON
ajfa-193	295	3	estimates	estimate	NOUN
ajfa-193	295	4	,	,	PUNCT
ajfa-193	295	5	the	the	DET
ajfa-193	295	6	skewness	skewness	NOUN
ajfa-193	295	7	coefficient	coefficient	NOUN
ajfa-193	295	8	for	for	ADP
ajfa-193	295	9	addition	addition	NOUN
ajfa-193	295	10	is	be	AUX
ajfa-193	295	11	0.04	0.04	NUM
ajfa-193	295	12	and	and	CCONJ
ajfa-193	295	13	for	for	ADP
ajfa-193	295	14	deletion	deletion	NOUN
ajfa-193	295	15	is	be	AUX
ajfa-193	295	16	–	–	PUNCT
ajfa-193	295	17	0.18	0.18	NUM
ajfa-193	295	18	.	.	PUNCT
ajfa-193	296	1	the	the	DET
ajfa-193	296	2	kurtosis	kurtosis	NOUN
ajfa-193	296	3	coefficient	coefficient	NOUN
ajfa-193	296	4	for	for	ADP
ajfa-193	296	5	addition	addition	NOUN
ajfa-193	296	6	is	be	AUX
ajfa-193	296	7	0.31	0.31	NUM
ajfa-193	296	8	and	and	CCONJ
ajfa-193	296	9	slightly	slightly	ADV
ajfa-193	296	10	higher	high	ADJ
ajfa-193	296	11	than	than	ADP
ajfa-193	296	12	that	that	PRON
ajfa-193	296	13	of	of	ADP
ajfa-193	296	14	deletion	deletion	NOUN
ajfa-193	296	15	(	(	PUNCT
ajfa-193	296	16	–	–	PUNCT
ajfa-193	296	17	0.01	0.01	NUM
ajfa-193	296	18	)	)	PUNCT
ajfa-193	296	19	.	.	PUNCT
ajfa-193	297	1	these	these	DET
ajfa-193	297	2	coefficients	coefficient	NOUN
ajfa-193	297	3	are	be	AUX
ajfa-193	297	4	all	all	ADV
ajfa-193	297	5	low	low	ADJ
ajfa-193	297	6	and	and	CCONJ
ajfa-193	297	7	negligible	negligible	ADJ
ajfa-193	297	8	.	.	PUNCT
ajfa-193	298	1	based	base	VERB
ajfa-193	298	2	on	on	ADP
ajfa-193	298	3	these	these	DET
ajfa-193	298	4	findings	finding	NOUN
ajfa-193	298	5	,	,	PUNCT
ajfa-193	298	6	we	we	PRON
ajfa-193	298	7	have	have	AUX
ajfa-193	298	8	concluded	conclude	VERB
ajfa-193	298	9	that	that	SCONJ
ajfa-193	298	10	our	our	PRON
ajfa-193	298	11	estimated	estimate	VERB
ajfa-193	298	12	t	t	PROPN
ajfa-193	298	13	-	-	PUNCT
ajfa-193	298	14	statistics	statistic	NOUN
ajfa-193	298	15	are	be	AUX
ajfa-193	298	16	reliable	reliable	ADJ
ajfa-193	298	17	.	.	PUNCT
ajfa-193	299	1	in	in	ADP
ajfa-193	299	2	another	another	DET
ajfa-193	299	3	diagnostic	diagnostic	ADJ
ajfa-193	299	4	test	test	NOUN
ajfa-193	299	5	,	,	PUNCT
ajfa-193	299	6	we	we	PRON
ajfa-193	299	7	measured	measure	VERB
ajfa-193	299	8	the	the	DET
ajfa-193	299	9	magnitude	magnitude	NOUN
ajfa-193	299	10	of	of	ADP
ajfa-193	299	11	estimated	estimate	VERB
ajfa-193	299	12	betas	beta	NOUN
ajfa-193	299	13	to	to	PART
ajfa-193	299	14	see	see	VERB
ajfa-193	299	15	how	how	SCONJ
ajfa-193	299	16	robust	robust	ADJ
ajfa-193	299	17	the	the	DET
ajfa-193	299	18	market	market	NOUN
ajfa-193	299	19	model	model	NOUN
ajfa-193	299	20	is	be	AUX
ajfa-193	299	21	.	.	PUNCT
ajfa-193	300	1	according	accord	VERB
ajfa-193	300	2	to	to	ADP
ajfa-193	300	3	this	this	DET
ajfa-193	300	4	model	model	NOUN
ajfa-193	300	5	,	,	PUNCT
ajfa-193	300	6	beta	beta	ADJ
ajfa-193	300	7	coefficients	coefficient	NOUN
ajfa-193	300	8	are	be	AUX
ajfa-193	300	9	a	a	DET
ajfa-193	300	10	measure	measure	NOUN
ajfa-193	300	11	of	of	ADP
ajfa-193	300	12	a	a	DET
ajfa-193	300	13	stock	stock	NOUN
ajfa-193	300	14	’s	’s	PART
ajfa-193	300	15	volatility	volatility	NOUN
ajfa-193	300	16	in	in	ADP
ajfa-193	300	17	relation	relation	NOUN
ajfa-193	300	18	to	to	ADP
ajfa-193	300	19	the	the	DET
ajfa-193	300	20	market	market	NOUN
ajfa-193	300	21	.	.	PUNCT
ajfa-193	301	1	the	the	DET
ajfa-193	301	2	betas	beta	NOUN
ajfa-193	301	3	in	in	ADP
ajfa-193	301	4	our	our	PRON
ajfa-193	301	5	study	study	NOUN
ajfa-193	301	6	are	be	AUX
ajfa-193	301	7	measured	measure	VERB
ajfa-193	301	8	over	over	ADP
ajfa-193	301	9	the	the	DET
ajfa-193	301	10	estimation	estimation	NOUN
ajfa-193	301	11	period	period	NOUN
ajfa-193	301	12	,	,	PUNCT
ajfa-193	301	13	i.e.	i.e.	X
ajfa-193	301	14	,	,	PUNCT
ajfa-193	301	15	(	(	PUNCT
ajfa-193	301	16	–	–	PUNCT
ajfa-193	301	17	150	150	NUM
ajfa-193	301	18	,	,	PUNCT
ajfa-193	301	19	–	–	PUNCT
ajfa-193	301	20	31	31	NUM
ajfa-193	301	21	)	)	PUNCT
ajfa-193	301	22	and	and	CCONJ
ajfa-193	301	23	(	(	PUNCT
ajfa-193	301	24	46	46	NUM
ajfa-193	301	25	,	,	PUNCT
ajfa-193	301	26	150	150	NUM
ajfa-193	301	27	)	)	PUNCT
ajfa-193	301	28	.	.	PUNCT
ajfa-193	302	1	we	we	PRON
ajfa-193	302	2	thoroughly	thoroughly	ADV
ajfa-193	302	3	investigated	investigate	VERB
ajfa-193	302	4	individual	individual	ADJ
ajfa-193	302	5	betas	beta	NOUN
ajfa-193	302	6	for	for	ADP
ajfa-193	302	7	each	each	DET
ajfa-193	302	8	firm	firm	NOUN
ajfa-193	302	9	and	and	CCONJ
ajfa-193	302	10	did	do	AUX
ajfa-193	302	11	not	not	PART
ajfa-193	302	12	find	find	VERB
ajfa-193	302	13	any	any	DET
ajfa-193	302	14	abnormality	abnormality	NOUN
ajfa-193	302	15	.	.	PUNCT
ajfa-193	303	1	the	the	DET
ajfa-193	303	2	estimated	estimate	VERB
ajfa-193	303	3	average	average	ADJ
ajfa-193	303	4	beta	beta	NOUN
ajfa-193	303	5	for	for	ADP
ajfa-193	303	6	addition	addition	NOUN
ajfa-193	303	7	(	(	PUNCT
ajfa-193	303	8	deletion	deletion	NOUN
ajfa-193	303	9	)	)	PUNCT
ajfa-193	303	10	is	be	AUX
ajfa-193	303	11	0.98	0.98	NUM
ajfa-193	303	12	(	(	PUNCT
ajfa-193	303	13	1.13	1.13	NUM
ajfa-193	303	14	)	)	PUNCT
ajfa-193	303	15	and	and	CCONJ
ajfa-193	303	16	not	not	PART
ajfa-193	303	17	significantly	significantly	ADV
ajfa-193	303	18	different	different	ADJ
ajfa-193	303	19	from	from	ADP
ajfa-193	303	20	the	the	DET
ajfa-193	303	21	theoretical	theoretical	ADJ
ajfa-193	303	22	value	value	NOUN
ajfa-193	303	23	of	of	ADP
ajfa-193	303	24	1	1	NUM
ajfa-193	303	25	.	.	PUNCT
ajfa-193	304	1	we	we	PRON
ajfa-193	304	2	also	also	ADV
ajfa-193	304	3	investigated	investigate	VERB
ajfa-193	304	4	whether	whether	SCONJ
ajfa-193	304	5	the	the	DET
ajfa-193	304	6	s&p	s&p	PROPN
ajfa-193	304	7	/	/	SYM
ajfa-193	304	8	citic	citic	ADJ
ajfa-193	304	9	300	300	NUM
ajfa-193	304	10	index	index	NOUN
ajfa-193	304	11	properly	properly	ADV
ajfa-193	304	12	represents	represent	VERB
ajfa-193	304	13	the	the	DET
ajfa-193	304	14	chinese	chinese	ADJ
ajfa-193	304	15	stock	stock	NOUN
ajfa-193	304	16	market	market	NOUN
ajfa-193	304	17	,	,	PUNCT
ajfa-193	304	18	compared	compare	VERB
ajfa-193	304	19	with	with	ADP
ajfa-193	304	20	other	other	ADJ
ajfa-193	304	21	proxies	proxy	NOUN
ajfa-193	304	22	.	.	PUNCT
ajfa-193	305	1	we	we	PRON
ajfa-193	305	2	verified	verify	VERB
ajfa-193	305	3	this	this	DET
ajfa-193	305	4	question	question	NOUN
ajfa-193	305	5	by	by	ADP
ajfa-193	305	6	investigating	investigate	VERB
ajfa-193	305	7	the	the	DET
ajfa-193	305	8	properties	property	NOUN
ajfa-193	305	9	of	of	ADP
ajfa-193	305	10	the	the	PRON
ajfa-193	305	11	with	with	ADP
ajfa-193	305	12	2.121	2.121	NUM
ajfa-193	305	13	for	for	ADP
ajfa-193	305	14	the	the	DET
ajfa-193	305	15	market	market	NOUN
ajfa-193	305	16	.	.	PUNCT
ajfa-193	306	1	for	for	ADP
ajfa-193	306	2	stock	stock	NOUN
ajfa-193	306	3	deletions	deletion	NOUN
ajfa-193	306	4	,	,	PUNCT
ajfa-193	306	5	the	the	DET
ajfa-193	306	6	corresponding	corresponding	ADJ
ajfa-193	306	7	figures	figure	NOUN
ajfa-193	306	8	are	be	AUX
ajfa-193	306	9	0.357	0.357	NUM
ajfa-193	306	10	and	and	CCONJ
ajfa-193	306	11	2.035	2.035	NUM
ajfa-193	306	12	respectively	respectively	ADV
ajfa-193	306	13	.	.	PUNCT
ajfa-193	307	1	this	this	PRON
ajfa-193	307	2	provides	provide	VERB
ajfa-193	307	3	further	further	ADJ
ajfa-193	307	4	evidence	evidence	NOUN
ajfa-193	307	5	that	that	SCONJ
ajfa-193	307	6	chinese	chinese	ADJ
ajfa-193	307	7	index	index	NOUN
ajfa-193	307	8	additions	addition	NOUN
ajfa-193	307	9	and	and	CCONJ
ajfa-193	307	10	deletions	deletion	NOUN
ajfa-193	307	11	are	be	AUX
ajfa-193	307	12	not	not	PART
ajfa-193	307	13	information	information	NOUN
ajfa-193	307	14	-	-	PUNCT
ajfa-193	307	15	free	free	ADJ
ajfa-193	307	16	events	event	NOUN
ajfa-193	307	17	.	.	PUNCT
ajfa-193	308	1	asian	asian	ADJ
ajfa-193	308	2	journal	journal	PROPN
ajfa-193	308	3	of	of	ADP
ajfa-193	308	4	finance	finance	PROPN
ajfa-193	308	5	&	&	CCONJ
ajfa-193	308	6	accounting	accounting	PROPN
ajfa-193	308	7	issn	issn	PROPN
ajfa-193	308	8	1946	1946	NUM
ajfa-193	308	9	-	-	PUNCT
ajfa-193	308	10	052x	052x	NOUN
ajfa-193	308	11	2009	2009	NUM
ajfa-193	308	12	,	,	PUNCT
ajfa-193	308	13	vol	vol	NOUN
ajfa-193	308	14	.	.	PROPN
ajfa-193	308	15	1	1	NUM
ajfa-193	308	16	,	,	PUNCT
ajfa-193	308	17	no	no	INTJ
ajfa-193	308	18	.	.	NOUN
ajfa-193	308	19	2	2	NUM
ajfa-193	308	20	:	:	PUNCT
ajfa-193	308	21	e2	e2	NOUN
ajfa-193	308	22	40	40	NUM
ajfa-193	308	23	figure	figure	NOUN
ajfa-193	308	24	5	5	NUM
ajfa-193	308	25	cumulative	cumulative	ADJ
ajfa-193	308	26	firm	firm	ADJ
ajfa-193	308	27	return	return	NOUN
ajfa-193	308	28	and	and	CCONJ
ajfa-193	308	29	market	market	NOUN
ajfa-193	308	30	return	return	NOUN
ajfa-193	308	31	for	for	ADP
ajfa-193	308	32	stock	stock	NOUN
ajfa-193	308	33	deletion	deletion	NOUN
ajfa-193	308	34	from	from	ADP
ajfa-193	308	35	s&p	s&p	PROPN
ajfa-193	308	36	/	/	SYM
ajfa-193	308	37	citic	citic	ADJ
ajfa-193	308	38	300	300	NUM
ajfa-193	308	39	ftse	ftse	NOUN
ajfa-193	308	40	/	/	SYM
ajfa-193	308	41	xinhua	xinhua	PROPN
ajfa-193	308	42	400	400	NUM
ajfa-193	308	43	index	index	NOUN
ajfa-193	308	44	20	20	NUM
ajfa-193	308	45	as	as	ADP
ajfa-193	308	46	another	another	DET
ajfa-193	308	47	proxy	proxy	NOUN
ajfa-193	308	48	for	for	ADP
ajfa-193	308	49	the	the	DET
ajfa-193	308	50	chinese	chinese	ADJ
ajfa-193	308	51	equity	equity	NOUN
ajfa-193	308	52	market	market	NOUN
ajfa-193	308	53	.	.	PUNCT
ajfa-193	309	1	our	our	PRON
ajfa-193	309	2	findings	finding	NOUN
ajfa-193	309	3	show	show	VERB
ajfa-193	309	4	that	that	SCONJ
ajfa-193	309	5	the	the	DET
ajfa-193	309	6	correlation	correlation	NOUN
ajfa-193	309	7	between	between	ADP
ajfa-193	309	8	the	the	DET
ajfa-193	309	9	ftse	ftse	PROPN
ajfa-193	309	10	/	/	SYM
ajfa-193	309	11	xinhua	xinhua	PROPN
ajfa-193	309	12	400	400	NUM
ajfa-193	309	13	index	index	NOUN
ajfa-193	309	14	and	and	CCONJ
ajfa-193	309	15	the	the	DET
ajfa-193	309	16	s&p	s&p	PROPN
ajfa-193	309	17	/	/	SYM
ajfa-193	309	18	citic	citic	ADJ
ajfa-193	309	19	300	300	NUM
ajfa-193	309	20	index	index	NOUN
ajfa-193	309	21	is	be	AUX
ajfa-193	309	22	very	very	ADV
ajfa-193	309	23	high	high	ADJ
ajfa-193	309	24	(	(	PUNCT
ajfa-193	309	25	98.45	98.45	NUM
ajfa-193	309	26	%	%	NOUN
ajfa-193	309	27	)	)	PUNCT
ajfa-193	309	28	,	,	PUNCT
ajfa-193	309	29	and	and	CCONJ
ajfa-193	309	30	the	the	DET
ajfa-193	309	31	results	result	NOUN
ajfa-193	309	32	produced	produce	VERB
ajfa-193	309	33	by	by	ADP
ajfa-193	309	34	using	use	VERB
ajfa-193	309	35	the	the	DET
ajfa-193	309	36	ftse	ftse	PROPN
ajfa-193	309	37	/	/	SYM
ajfa-193	309	38	xinhua	xinhua	PROPN
ajfa-193	309	39	400	400	NUM
ajfa-193	309	40	index	index	NOUN
ajfa-193	309	41	are	be	AUX
ajfa-193	309	42	quite	quite	ADV
ajfa-193	309	43	similar	similar	ADJ
ajfa-193	309	44	to	to	ADP
ajfa-193	309	45	those	those	PRON
ajfa-193	309	46	based	base	VERB
ajfa-193	309	47	on	on	ADP
ajfa-193	309	48	the	the	DET
ajfa-193	309	49	s&p	s&p	PROPN
ajfa-193	309	50	/	/	SYM
ajfa-193	309	51	citic	citic	ADJ
ajfa-193	309	52	300	300	NUM
ajfa-193	309	53	index	index	NOUN
ajfa-193	309	54	.	.	PUNCT
ajfa-193	310	1	this	this	PRON
ajfa-193	310	2	leads	lead	VERB
ajfa-193	310	3	us	we	PRON
ajfa-193	310	4	to	to	PART
ajfa-193	310	5	believe	believe	VERB
ajfa-193	310	6	that	that	SCONJ
ajfa-193	310	7	s&p	s&p	PROPN
ajfa-193	310	8	/	/	SYM
ajfa-193	310	9	citic	citic	ADJ
ajfa-193	310	10	300	300	NUM
ajfa-193	310	11	index	index	NOUN
ajfa-193	310	12	is	be	AUX
ajfa-193	310	13	a	a	DET
ajfa-193	310	14	reasonable	reasonable	ADJ
ajfa-193	310	15	proxy	proxy	NOUN
ajfa-193	310	16	for	for	ADP
ajfa-193	310	17	the	the	DET
ajfa-193	310	18	chinese	chinese	ADJ
ajfa-193	310	19	equity	equity	NOUN
ajfa-193	310	20	market	market	NOUN
ajfa-193	310	21	and	and	CCONJ
ajfa-193	310	22	the	the	DET
ajfa-193	310	23	test	test	NOUN
ajfa-193	310	24	results	result	NOUN
ajfa-193	310	25	based	base	VERB
ajfa-193	310	26	on	on	ADP
ajfa-193	310	27	this	this	DET
ajfa-193	310	28	index	index	NOUN
ajfa-193	310	29	are	be	AUX
ajfa-193	310	30	robust	robust	ADJ
ajfa-193	310	31	.	.	PUNCT
ajfa-193	311	1	as	as	SCONJ
ajfa-193	311	2	we	we	PRON
ajfa-193	311	3	discussed	discuss	VERB
ajfa-193	311	4	earlier	early	ADV
ajfa-193	311	5	,	,	PUNCT
ajfa-193	311	6	since	since	SCONJ
ajfa-193	311	7	it	it	PRON
ajfa-193	311	8	is	be	AUX
ajfa-193	311	9	possible	possible	ADJ
ajfa-193	311	10	that	that	SCONJ
ajfa-193	311	11	the	the	DET
ajfa-193	311	12	analysis	analysis	NOUN
ajfa-193	311	13	based	base	VERB
ajfa-193	311	14	on	on	ADP
ajfa-193	311	15	the	the	DET
ajfa-193	311	16	long	long	ADJ
ajfa-193	311	17	event	event	NOUN
ajfa-193	311	18	window	window	NOUN
ajfa-193	311	19	in	in	ADP
ajfa-193	311	20	table	table	NOUN
ajfa-193	311	21	1	1	NUM
ajfa-193	311	22	and	and	CCONJ
ajfa-193	311	23	table	table	NOUN
ajfa-193	311	24	2	2	NUM
ajfa-193	311	25	may	may	AUX
ajfa-193	311	26	be	be	AUX
ajfa-193	311	27	biased	bias	VERB
ajfa-193	311	28	by	by	ADP
ajfa-193	311	29	noise	noise	NOUN
ajfa-193	311	30	from	from	ADP
ajfa-193	311	31	other	other	ADJ
ajfa-193	311	32	events	event	NOUN
ajfa-193	311	33	,	,	PUNCT
ajfa-193	311	34	we	we	PRON
ajfa-193	311	35	estimated	estimate	VERB
ajfa-193	311	36	car	car	NOUN
ajfa-193	311	37	coefficients	coefficient	NOUN
ajfa-193	311	38	for	for	ADP
ajfa-193	311	39	shorter	short	ADJ
ajfa-193	311	40	windows	window	NOUN
ajfa-193	311	41	of	of	ADP
ajfa-193	311	42	(	(	PUNCT
ajfa-193	311	43	–	–	PUNCT
ajfa-193	311	44	5	5	NUM
ajfa-193	311	45	,	,	PUNCT
ajfa-193	311	46	5	5	NUM
ajfa-193	311	47	)	)	PUNCT
ajfa-193	311	48	,	,	PUNCT
ajfa-193	311	49	(	(	PUNCT
ajfa-193	311	50	–	–	PUNCT
ajfa-193	311	51	10	10	NUM
ajfa-193	311	52	,	,	PUNCT
ajfa-193	311	53	10	10	NUM
ajfa-193	311	54	)	)	PUNCT
ajfa-193	311	55	,	,	PUNCT
ajfa-193	311	56	(	(	PUNCT
ajfa-193	311	57	–	–	PUNCT
ajfa-193	311	58	20	20	NUM
ajfa-193	311	59	,	,	PUNCT
ajfa-193	311	60	20	20	NUM
ajfa-193	311	61	)	)	PUNCT
ajfa-193	311	62	,	,	PUNCT
ajfa-193	311	63	and	and	CCONJ
ajfa-193	311	64	the	the	DET
ajfa-193	311	65	results	result	NOUN
ajfa-193	311	66	are	be	AUX
ajfa-193	311	67	reported	report	VERB
ajfa-193	311	68	20	20	NUM
ajfa-193	311	69	the	the	DET
ajfa-193	311	70	ftse	ftse	PROPN
ajfa-193	311	71	/	/	SYM
ajfa-193	311	72	xinhua	xinhua	PROPN
ajfa-193	311	73	400	400	NUM
ajfa-193	311	74	index	index	NOUN
ajfa-193	311	75	is	be	AUX
ajfa-193	311	76	one	one	NUM
ajfa-193	311	77	of	of	ADP
ajfa-193	311	78	the	the	DET
ajfa-193	311	79	indices	index	NOUN
ajfa-193	311	80	established	establish	VERB
ajfa-193	311	81	by	by	ADP
ajfa-193	311	82	ftse	ftse	PROPN
ajfa-193	311	83	/	/	SYM
ajfa-193	311	84	xinhua	xinhua	PROPN
ajfa-193	311	85	index	index	PROPN
ajfa-193	311	86	limited	limit	VERB
ajfa-193	311	87	(	(	PUNCT
ajfa-193	311	88	fxi	fxi	NOUN
ajfa-193	311	89	)	)	PUNCT
ajfa-193	311	90	,	,	PUNCT
ajfa-193	311	91	which	which	PRON
ajfa-193	311	92	is	be	AUX
ajfa-193	311	93	a	a	DET
ajfa-193	311	94	joint	joint	ADJ
ajfa-193	311	95	venture	venture	NOUN
ajfa-193	311	96	between	between	ADP
ajfa-193	311	97	the	the	DET
ajfa-193	311	98	global	global	ADJ
ajfa-193	311	99	index	index	NOUN
ajfa-193	311	100	provider	provider	NOUN
ajfa-193	311	101	ftse	ftse	NOUN
ajfa-193	311	102	group	group	NOUN
ajfa-193	311	103	and	and	CCONJ
ajfa-193	311	104	xinhua	xinhua	PROPN
ajfa-193	311	105	finance	finance	PROPN
ajfa-193	311	106	.	.	PUNCT
ajfa-193	312	1	the	the	DET
ajfa-193	312	2	company	company	NOUN
ajfa-193	312	3	was	be	AUX
ajfa-193	312	4	created	create	VERB
ajfa-193	312	5	to	to	PART
ajfa-193	312	6	facilitate	facilitate	VERB
ajfa-193	312	7	the	the	DET
ajfa-193	312	8	development	development	NOUN
ajfa-193	312	9	of	of	ADP
ajfa-193	312	10	financial	financial	ADJ
ajfa-193	312	11	indices	index	NOUN
ajfa-193	312	12	for	for	ADP
ajfa-193	312	13	the	the	DET
ajfa-193	312	14	chinese	chinese	ADJ
ajfa-193	312	15	market	market	NOUN
ajfa-193	312	16	;	;	PUNCT
ajfa-193	312	17	it	it	PRON
ajfa-193	312	18	provides	provide	VERB
ajfa-193	312	19	combined	combined	ADJ
ajfa-193	312	20	coverage	coverage	NOUN
ajfa-193	312	21	of	of	ADP
ajfa-193	312	22	the	the	DET
ajfa-193	312	23	shanghai	shanghai	PROPN
ajfa-193	312	24	,	,	PUNCT
ajfa-193	312	25	shenzhen	shenzhen	PROPN
ajfa-193	312	26	and	and	CCONJ
ajfa-193	312	27	hong	hong	PROPN
ajfa-193	312	28	kong	kong	PROPN
ajfa-193	312	29	exchanges	exchange	NOUN
ajfa-193	312	30	.	.	PUNCT
ajfa-193	313	1	-30.00	-30.00	NOUN
ajfa-193	313	2	%	%	NOUN
ajfa-193	313	3	-20.00	-20.00	NOUN
ajfa-193	313	4	%	%	NOUN
ajfa-193	313	5	-10.00	-10.00	NUM
ajfa-193	313	6	%	%	NOUN
ajfa-193	313	7	0.00	0.00	NUM
ajfa-193	313	8	%	%	NOUN
ajfa-193	313	9	10.00	10.00	NUM
ajfa-193	313	10	%	%	NOUN
ajfa-193	313	11	20.00	20.00	NUM
ajfa-193	313	12	%	%	NOUN
ajfa-193	313	13	30.00	30.00	NUM
ajfa-193	313	14	%	%	NOUN
ajfa-193	313	15	40.00	40.00	NUM
ajfa-193	313	16	%	%	NOUN
ajfa-193	313	17	50.00	50.00	NUM
ajfa-193	313	18	%	%	NOUN
ajfa-193	313	19	60.00	60.00	NUM
ajfa-193	313	20	%	%	NOUN
ajfa-193	313	21	70.00	70.00	NUM
ajfa-193	313	22	%	%	NOUN
ajfa-193	313	23	80.00	80.00	NUM
ajfa-193	313	24	%	%	NOUN
ajfa-193	314	1	-150	-150	NUM
ajfa-193	314	2	-140	-140	NUM
ajfa-193	314	3	-130	-130	PROPN
ajfa-193	315	1	-120	-120	PROPN
ajfa-193	315	2	-110	-110	PROPN
ajfa-193	315	3	-100	-100	PROPN
ajfa-193	315	4	-90	-90	PUNCT
ajfa-193	315	5	-80	-80	PUNCT
ajfa-193	315	6	-70	-70	PROPN
ajfa-193	315	7	-60	-60	NUM
ajfa-193	315	8	-50	-50	PUNCT
ajfa-193	315	9	-40	-40	PROPN
ajfa-193	315	10	-30	-30	NUM
ajfa-193	315	11	-20	-20	NUM
ajfa-193	315	12	-10	-10	SYM
ajfa-193	315	13	0	0	NUM
ajfa-193	315	14	10	10	NUM
ajfa-193	315	15	20	20	NUM
ajfa-193	315	16	30	30	NUM
ajfa-193	315	17	40	40	NUM
ajfa-193	315	18	50	50	NUM
ajfa-193	315	19	60	60	NUM
ajfa-193	315	20	70	70	NUM
ajfa-193	315	21	80	80	NUM
ajfa-193	315	22	90	90	NUM
ajfa-193	315	23	100	100	NUM
ajfa-193	315	24	110	110	NUM
ajfa-193	315	25	120	120	NUM
ajfa-193	315	26	130	130	NUM
ajfa-193	315	27	140	140	NUM
ajfa-193	315	28	150	150	NUM
ajfa-193	315	29	m	m	NOUN
ajfa-193	315	30	ea	ea	NOUN
ajfa-193	315	31	n	n	ADP
ajfa-193	315	32	c	c	NOUN
ajfa-193	315	33	u	u	NOUN
ajfa-193	315	34	m	m	VERB
ajfa-193	315	35	u	u	NOUN
ajfa-193	315	36	la	la	X
ajfa-193	315	37	ti	ti	X
ajfa-193	315	38	v	v	ADP
ajfa-193	315	39	e	e	NOUN
ajfa-193	315	40	r	r	NOUN
ajfa-193	315	41	et	et	PROPN
ajfa-193	315	42	u	u	PROPN
ajfa-193	315	43	rn	rn	PROPN
ajfa-193	315	44	trading	trading	PROPN
ajfa-193	315	45	day	day	NOUN
ajfa-193	315	46	mean	mean	VERB
ajfa-193	315	47	cumulative	cumulative	ADJ
ajfa-193	315	48	firm	firm	ADJ
ajfa-193	315	49	return	return	NOUN
ajfa-193	315	50	mean	mean	VERB
ajfa-193	315	51	cumulative	cumulative	ADJ
ajfa-193	315	52	market	market	NOUN
ajfa-193	315	53	return	return	NOUN
ajfa-193	315	54	asian	asian	ADJ
ajfa-193	315	55	journal	journal	NOUN
ajfa-193	315	56	of	of	ADP
ajfa-193	315	57	finance	finance	PROPN
ajfa-193	315	58	&	&	CCONJ
ajfa-193	315	59	accounting	accounting	PROPN
ajfa-193	315	60	issn	issn	PROPN
ajfa-193	315	61	1946	1946	NUM
ajfa-193	315	62	-	-	PUNCT
ajfa-193	315	63	052x	052x	NOUN
ajfa-193	315	64	2009	2009	NUM
ajfa-193	315	65	,	,	PUNCT
ajfa-193	315	66	vol	vol	NOUN
ajfa-193	315	67	.	.	PROPN
ajfa-193	316	1	1	1	NUM
ajfa-193	316	2	,	,	PUNCT
ajfa-193	316	3	no	no	INTJ
ajfa-193	316	4	.	.	NOUN
ajfa-193	316	5	2	2	NUM
ajfa-193	316	6	:	:	PUNCT
ajfa-193	316	7	e2	e2	NOUN
ajfa-193	316	8	41	41	NUM
ajfa-193	316	9	in	in	ADP
ajfa-193	316	10	table	table	NOUN
ajfa-193	316	11	a1	a1	NOUN
ajfa-193	316	12	and	and	CCONJ
ajfa-193	316	13	table	table	NOUN
ajfa-193	316	14	a2	a2	PROPN
ajfa-193	316	15	in	in	ADP
ajfa-193	316	16	the	the	DET
ajfa-193	316	17	appendix	appendix	NOUN
ajfa-193	316	18	.	.	PUNCT
ajfa-193	317	1	these	these	DET
ajfa-193	317	2	results	result	NOUN
ajfa-193	317	3	are	be	AUX
ajfa-193	317	4	consistent	consistent	ADJ
ajfa-193	317	5	with	with	ADP
ajfa-193	317	6	our	our	PRON
ajfa-193	317	7	findings	finding	NOUN
ajfa-193	317	8	in	in	ADP
ajfa-193	317	9	table	table	NOUN
ajfa-193	317	10	1	1	NUM
ajfa-193	317	11	and	and	CCONJ
ajfa-193	317	12	table	table	NOUN
ajfa-193	317	13	2	2	NUM
ajfa-193	317	14	,	,	PUNCT
ajfa-193	317	15	suggesting	suggest	VERB
ajfa-193	317	16	that	that	SCONJ
ajfa-193	317	17	our	our	PRON
ajfa-193	317	18	tests	test	NOUN
ajfa-193	317	19	are	be	AUX
ajfa-193	317	20	robust	robust	ADJ
ajfa-193	317	21	.	.	PUNCT
ajfa-193	318	1	table	table	NOUN
ajfa-193	318	2	4	4	NUM
ajfa-193	318	3	.	.	PUNCT
ajfa-193	319	1	average	average	ADJ
ajfa-193	319	2	daily	daily	ADJ
ajfa-193	319	3	percentage	percentage	NOUN
ajfa-193	319	4	changes	change	NOUN
ajfa-193	319	5	in	in	ADP
ajfa-193	319	6	percentage	percentage	NOUN
ajfa-193	319	7	-	-	PUNCT
ajfa-193	319	8	spread	spread	NOUN
ajfa-193	319	9	and	and	CCONJ
ajfa-193	319	10	in	in	ADP
ajfa-193	319	11	the	the	DET
ajfa-193	319	12	trading	trading	NOUN
ajfa-193	319	13	volume	volume	NOUN
ajfa-193	319	14	due	due	ADP
ajfa-193	319	15	to	to	ADP
ajfa-193	319	16	s&p	s&p	PROPN
ajfa-193	319	17	/	/	SYM
ajfa-193	319	18	citic	citic	ADJ
ajfa-193	319	19	300	300	NUM
ajfa-193	319	20	index	index	NOUN
ajfa-193	319	21	addition	addition	NOUN
ajfa-193	319	22	and	and	CCONJ
ajfa-193	319	23	deletion	deletion	NOUN
ajfa-193	319	24	addition	addition	NOUN
ajfa-193	319	25	deletion	deletion	NOUN
ajfa-193	319	26	percentage	percentage	NOUN
ajfa-193	319	27	change	change	NOUN
ajfa-193	319	28	in	in	ADP
ajfa-193	319	29	percentage	percentage	NOUN
ajfa-193	319	30	spread	spread	NOUN
ajfa-193	319	31	percentage	percentage	NOUN
ajfa-193	319	32	change	change	NOUN
ajfa-193	319	33	in	in	ADP
ajfa-193	319	34	trading	trading	NOUN
ajfa-193	319	35	volume	volume	NOUN
ajfa-193	319	36	percentage	percentage	NOUN
ajfa-193	319	37	change	change	NOUN
ajfa-193	319	38	in	in	ADP
ajfa-193	319	39	percentage	percentage	NOUN
ajfa-193	319	40	spread	spread	NOUN
ajfa-193	319	41	percentage	percentage	NOUN
ajfa-193	319	42	change	change	NOUN
ajfa-193	319	43	in	in	ADP
ajfa-193	319	44	trading	trading	NOUN
ajfa-193	319	45	volume	volume	NOUN
ajfa-193	319	46	short	short	ADJ
ajfa-193	319	47	term	term	NOUN
ajfa-193	319	48	(	(	PUNCT
ajfa-193	319	49	–	–	PUNCT
ajfa-193	319	50	15	15	NUM
ajfa-193	319	51	,	,	PUNCT
ajfa-193	319	52	–	–	PUNCT
ajfa-193	319	53	1	1	NUM
ajfa-193	319	54	)	)	PUNCT
ajfa-193	319	55	40.26	40.26	NUM
ajfa-193	319	56	%	%	NOUN
ajfa-193	319	57	*	*	PUNCT
ajfa-193	319	58	*	*	PUNCT
ajfa-193	319	59	*	*	PUNCT
ajfa-193	319	60	14.39	14.39	NUM
ajfa-193	319	61	%	%	NOUN
ajfa-193	319	62	*	*	PUNCT
ajfa-193	319	63	*	*	PUNCT
ajfa-193	319	64	4.10	4.10	NUM
ajfa-193	319	65	%	%	NOUN
ajfa-193	319	66	1.57	1.57	NUM
ajfa-193	319	67	%	%	NOUN
ajfa-193	319	68	(	(	PUNCT
ajfa-193	319	69	3.35	3.35	NUM
ajfa-193	319	70	)	)	PUNCT
ajfa-193	319	71	(	(	PUNCT
ajfa-193	319	72	2.34	2.34	NUM
ajfa-193	319	73	)	)	PUNCT
ajfa-193	319	74	(	(	PUNCT
ajfa-193	319	75	0.36	0.36	NUM
ajfa-193	319	76	)	)	PUNCT
ajfa-193	319	77	(	(	PUNCT
ajfa-193	319	78	0.44	0.44	NUM
ajfa-193	319	79	)	)	PUNCT
ajfa-193	319	80	(	(	PUNCT
ajfa-193	319	81	–	–	PUNCT
ajfa-193	319	82	10	10	NUM
ajfa-193	319	83	,	,	PUNCT
ajfa-193	319	84	–	–	PUNCT
ajfa-193	319	85	1	1	NUM
ajfa-193	319	86	)	)	PUNCT
ajfa-193	319	87	47.02	47.02	NUM
ajfa-193	319	88	%	%	NOUN
ajfa-193	319	89	*	*	PUNCT
ajfa-193	319	90	*	*	PUNCT
ajfa-193	319	91	*	*	PUNCT
ajfa-193	320	1	21.73	21.73	NUM
ajfa-193	320	2	%	%	NOUN
ajfa-193	320	3	*	*	PUNCT
ajfa-193	320	4	*	*	PROPN
ajfa-193	320	5	6.93	6.93	NUM
ajfa-193	320	6	%	%	NOUN
ajfa-193	320	7	0.56	0.56	NUM
ajfa-193	320	8	%	%	NOUN
ajfa-193	320	9	(	(	PUNCT
ajfa-193	320	10	3.90	3.90	NUM
ajfa-193	320	11	)	)	PUNCT
ajfa-193	320	12	(	(	PUNCT
ajfa-193	320	13	2.90	2.90	NUM
ajfa-193	320	14	)	)	PUNCT
ajfa-193	320	15	(	(	PUNCT
ajfa-193	320	16	0.58	0.58	NUM
ajfa-193	320	17	)	)	PUNCT
ajfa-193	320	18	(	(	PUNCT
ajfa-193	320	19	0.14	0.14	NUM
ajfa-193	320	20	)	)	PUNCT
ajfa-193	320	21	(	(	PUNCT
ajfa-193	320	22	–	–	PUNCT
ajfa-193	320	23	5	5	NUM
ajfa-193	320	24	,	,	PUNCT
ajfa-193	320	25	–	–	PUNCT
ajfa-193	320	26	1	1	NUM
ajfa-193	320	27	)	)	PUNCT
ajfa-193	320	28	54.78	54.78	NUM
ajfa-193	320	29	%	%	NOUN
ajfa-193	320	30	*	*	PUNCT
ajfa-193	320	31	*	*	PUNCT
ajfa-193	320	32	*	*	PUNCT
ajfa-193	320	33	19.87	19.87	NUM
ajfa-193	320	34	%	%	NOUN
ajfa-193	320	35	*	*	NOUN
ajfa-193	320	36	11.82	11.82	NUM
ajfa-193	320	37	%	%	NOUN
ajfa-193	320	38	5.12	5.12	NUM
ajfa-193	320	39	%	%	NOUN
ajfa-193	320	40	(	(	PUNCT
ajfa-193	320	41	3.58	3.58	NUM
ajfa-193	320	42	)	)	PUNCT
ajfa-193	320	43	(	(	PUNCT
ajfa-193	320	44	1.70	1.70	NUM
ajfa-193	320	45	)	)	PUNCT
ajfa-193	320	46	(	(	PUNCT
ajfa-193	320	47	0.83	0.83	NUM
ajfa-193	320	48	)	)	PUNCT
ajfa-193	320	49	(	(	PUNCT
ajfa-193	320	50	0.81	0.81	NUM
ajfa-193	320	51	)	)	PUNCT
ajfa-193	320	52	(	(	PUNCT
ajfa-193	320	53	0	0	NUM
ajfa-193	320	54	,	,	PUNCT
ajfa-193	320	55	5	5	NUM
ajfa-193	320	56	)	)	PUNCT
ajfa-193	320	57	4.51	4.51	NUM
ajfa-193	320	58	%	%	NOUN
ajfa-193	320	59	80.88	80.88	NUM
ajfa-193	320	60	%	%	NOUN
ajfa-193	320	61	*	*	PUNCT
ajfa-193	320	62	*	*	PUNCT
ajfa-193	320	63	*	*	PUNCT
ajfa-193	320	64	4.16	4.16	NUM
ajfa-193	320	65	%	%	NOUN
ajfa-193	320	66	42.97	42.97	NUM
ajfa-193	320	67	%	%	NOUN
ajfa-193	320	68	*	*	PUNCT
ajfa-193	320	69	*	*	PUNCT
ajfa-193	320	70	(	(	PUNCT
ajfa-193	320	71	0.40	0.40	NUM
ajfa-193	320	72	)	)	PUNCT
ajfa-193	320	73	(	(	PUNCT
ajfa-193	320	74	5.68	5.68	NUM
ajfa-193	320	75	)	)	PUNCT
ajfa-193	320	76	(	(	PUNCT
ajfa-193	320	77	0.38	0.38	NUM
ajfa-193	320	78	)	)	PUNCT
ajfa-193	320	79	(	(	PUNCT
ajfa-193	320	80	2.64	2.64	NUM
ajfa-193	320	81	)	)	PUNCT
ajfa-193	320	82	(	(	PUNCT
ajfa-193	320	83	0	0	NUM
ajfa-193	320	84	,	,	PUNCT
ajfa-193	320	85	10	10	NUM
ajfa-193	320	86	)	)	PUNCT
ajfa-193	320	87	19.53%$	19.53%$	NOUN
ajfa-193	320	88	58.64	58.64	NUM
ajfa-193	320	89	%	%	NOUN
ajfa-193	320	90	*	*	PUNCT
ajfa-193	320	91	*	*	PUNCT
ajfa-193	320	92	*	*	PUNCT
ajfa-193	320	93	3.29	3.29	NUM
ajfa-193	320	94	%	%	NOUN
ajfa-193	320	95	21.46	21.46	NUM
ajfa-193	320	96	%	%	NOUN
ajfa-193	320	97	*	*	PUNCT
ajfa-193	320	98	(	(	PUNCT
ajfa-193	320	99	1.64	1.64	NUM
ajfa-193	320	100	)	)	PUNCT
ajfa-193	320	101	(	(	PUNCT
ajfa-193	320	102	4.86	4.86	NUM
ajfa-193	320	103	)	)	PUNCT
ajfa-193	320	104	(	(	PUNCT
ajfa-193	320	105	0.30	0.30	NUM
ajfa-193	320	106	)	)	PUNCT
ajfa-193	320	107	(	(	PUNCT
ajfa-193	320	108	1.88	1.88	NUM
ajfa-193	320	109	)	)	PUNCT
ajfa-193	320	110	(	(	PUNCT
ajfa-193	320	111	0	0	NUM
ajfa-193	320	112	,	,	PUNCT
ajfa-193	320	113	15	15	NUM
ajfa-193	320	114	)	)	PUNCT
ajfa-193	320	115	23.44	23.44	NUM
ajfa-193	320	116	%	%	NOUN
ajfa-193	320	117	*	*	NOUN
ajfa-193	320	118	42.32	42.32	NUM
ajfa-193	320	119	%	%	NOUN
ajfa-193	320	120	*	*	PUNCT
ajfa-193	320	121	*	*	PUNCT
ajfa-193	320	122	*	*	PUNCT
ajfa-193	320	123	3.23	3.23	NUM
ajfa-193	320	124	%	%	NOUN
ajfa-193	320	125	15.15	15.15	NUM
ajfa-193	320	126	%	%	NOUN
ajfa-193	320	127	*	*	PUNCT
ajfa-193	320	128	(	(	PUNCT
ajfa-193	320	129	2.08	2.08	NUM
ajfa-193	320	130	)	)	PUNCT
ajfa-193	320	131	(	(	PUNCT
ajfa-193	320	132	3.88	3.88	NUM
ajfa-193	320	133	)	)	PUNCT
ajfa-193	320	134	(	(	PUNCT
ajfa-193	320	135	0.29	0.29	NUM
ajfa-193	320	136	)	)	PUNCT
ajfa-193	320	137	(	(	PUNCT
ajfa-193	320	138	1.84	1.84	NUM
ajfa-193	320	139	)	)	PUNCT
ajfa-193	320	140	long	long	ADJ
ajfa-193	320	141	term	term	NOUN
ajfa-193	320	142	(	(	PUNCT
ajfa-193	320	143	16	16	NUM
ajfa-193	320	144	,	,	PUNCT
ajfa-193	320	145	30	30	NUM
ajfa-193	320	146	)	)	PUNCT
ajfa-193	320	147	42.20	42.20	NUM
ajfa-193	320	148	%	%	NOUN
ajfa-193	320	149	*	*	PUNCT
ajfa-193	320	150	*	*	PUNCT
ajfa-193	320	151	*	*	PUNCT
ajfa-193	320	152	52.44	52.44	NUM
ajfa-193	320	153	%	%	NOUN
ajfa-193	320	154	*	*	PUNCT
ajfa-193	320	155	*	*	PUNCT
ajfa-193	320	156	*	*	PUNCT
ajfa-193	320	157	3.03	3.03	NUM
ajfa-193	320	158	%	%	NOUN
ajfa-193	320	159	40.37	40.37	NUM
ajfa-193	320	160	%	%	NOUN
ajfa-193	320	161	*	*	PUNCT
ajfa-193	320	162	*	*	PUNCT
ajfa-193	320	163	*	*	PUNCT
ajfa-193	320	164	(	(	PUNCT
ajfa-193	320	165	3.46	3.46	NUM
ajfa-193	320	166	)	)	PUNCT
ajfa-193	320	167	(	(	PUNCT
ajfa-193	320	168	6.39	6.39	NUM
ajfa-193	320	169	)	)	PUNCT
ajfa-193	320	170	(	(	PUNCT
ajfa-193	320	171	0.27	0.27	NUM
ajfa-193	320	172	)	)	PUNCT
ajfa-193	320	173	(	(	PUNCT
ajfa-193	320	174	3.96	3.96	NUM
ajfa-193	320	175	)	)	PUNCT
ajfa-193	320	176	(	(	PUNCT
ajfa-193	320	177	16	16	NUM
ajfa-193	320	178	,	,	PUNCT
ajfa-193	320	179	45	45	NUM
ajfa-193	320	180	)	)	PUNCT
ajfa-193	320	181	26.70	26.70	NUM
ajfa-193	320	182	%	%	NOUN
ajfa-193	320	183	*	*	PUNCT
ajfa-193	320	184	*	*	NOUN
ajfa-193	320	185	45.40	45.40	NUM
ajfa-193	320	186	%	%	NOUN
ajfa-193	320	187	*	*	PUNCT
ajfa-193	320	188	*	*	PUNCT
ajfa-193	320	189	*	*	PUNCT
ajfa-193	320	190	2.13	2.13	NUM
ajfa-193	320	191	%	%	NOUN
ajfa-193	320	192	48.08	48.08	NUM
ajfa-193	320	193	%	%	NOUN
ajfa-193	320	194	*	*	PUNCT
ajfa-193	320	195	*	*	PUNCT
ajfa-193	320	196	*	*	PUNCT
ajfa-193	320	197	(	(	PUNCT
ajfa-193	320	198	2.37	2.37	NUM
ajfa-193	320	199	)	)	PUNCT
ajfa-193	320	200	(	(	PUNCT
ajfa-193	320	201	7.51	7.51	NUM
ajfa-193	320	202	)	)	PUNCT
ajfa-193	320	203	(	(	PUNCT
ajfa-193	320	204	0.19	0.19	NUM
ajfa-193	320	205	)	)	PUNCT
ajfa-193	320	206	(	(	PUNCT
ajfa-193	320	207	7.51	7.51	NUM
ajfa-193	320	208	)	)	PUNCT
ajfa-193	320	209	(	(	PUNCT
ajfa-193	320	210	16	16	NUM
ajfa-193	320	211	,	,	PUNCT
ajfa-193	320	212	60	60	NUM
ajfa-193	320	213	)	)	PUNCT
ajfa-193	320	214	20.02	20.02	NUM
ajfa-193	320	215	%	%	NOUN
ajfa-193	320	216	*	*	NOUN
ajfa-193	320	217	40.02	40.02	NUM
ajfa-193	320	218	%	%	NOUN
ajfa-193	320	219	*	*	PUNCT
ajfa-193	320	220	*	*	PUNCT
ajfa-193	320	221	*	*	PUNCT
ajfa-193	320	222	–	–	PUNCT
ajfa-193	320	223	0.37	0.37	NUM
ajfa-193	320	224	%	%	NOUN
ajfa-193	320	225	49.44	49.44	NUM
ajfa-193	320	226	%	%	NOUN
ajfa-193	320	227	*	*	PUNCT
ajfa-193	320	228	*	*	PUNCT
ajfa-193	320	229	*	*	PUNCT
ajfa-193	320	230	(	(	PUNCT
ajfa-193	320	231	1.83	1.83	NUM
ajfa-193	320	232	)	)	PUNCT
ajfa-193	320	233	(	(	PUNCT
ajfa-193	320	234	7.93	7.93	NUM
ajfa-193	320	235	)	)	PUNCT
ajfa-193	320	236	(	(	PUNCT
ajfa-193	320	237	–	–	PUNCT
ajfa-193	320	238	0.03	0.03	NUM
ajfa-193	320	239	)	)	PUNCT
ajfa-193	320	240	(	(	PUNCT
ajfa-193	320	241	10.06	10.06	NUM
ajfa-193	320	242	)	)	PUNCT
ajfa-193	320	243	(	(	PUNCT
ajfa-193	320	244	16	16	NUM
ajfa-193	320	245	,	,	PUNCT
ajfa-193	320	246	75	75	NUM
ajfa-193	320	247	)	)	PUNCT
ajfa-193	320	248	15.87%$	15.87%$	PROPN
ajfa-193	320	249	41.80	41.80	NUM
ajfa-193	320	250	%	%	NOUN
ajfa-193	320	251	*	*	PUNCT
ajfa-193	320	252	*	*	PUNCT
ajfa-193	320	253	*	*	PUNCT
ajfa-193	320	254	–	–	PUNCT
ajfa-193	320	255	1.49	1.49	NUM
ajfa-193	320	256	%	%	NOUN
ajfa-193	320	257	54.29	54.29	NUM
ajfa-193	320	258	%	%	NOUN
ajfa-193	320	259	*	*	PUNCT
ajfa-193	320	260	*	*	PUNCT
ajfa-193	320	261	*	*	PUNCT
ajfa-193	320	262	(	(	PUNCT
ajfa-193	320	263	1.48	1.48	NUM
ajfa-193	320	264	)	)	PUNCT
ajfa-193	320	265	(	(	PUNCT
ajfa-193	320	266	7.98	7.98	NUM
ajfa-193	320	267	)	)	PUNCT
ajfa-193	320	268	(	(	PUNCT
ajfa-193	320	269	–	–	PUNCT
ajfa-193	320	270	0.14	0.14	NUM
ajfa-193	320	271	)	)	PUNCT
ajfa-193	320	272	(	(	PUNCT
ajfa-193	320	273	12.08	12.08	NUM
ajfa-193	320	274	)	)	PUNCT
ajfa-193	320	275	symbols	symbol	NOUN
ajfa-193	320	276	$	$	SYM
ajfa-193	320	277	,	,	PUNCT
ajfa-193	320	278	*	*	PUNCT
ajfa-193	320	279	,	,	PUNCT
ajfa-193	320	280	*	*	PUNCT
ajfa-193	320	281	*	*	PUNCT
ajfa-193	320	282	,	,	PUNCT
ajfa-193	320	283	and	and	CCONJ
ajfa-193	320	284	*	*	PUNCT
ajfa-193	320	285	*	*	PUNCT
ajfa-193	320	286	*	*	PUNCT
ajfa-193	320	287	denote	denote	ADJ
ajfa-193	320	288	statistical	statistical	ADJ
ajfa-193	320	289	significance	significance	NOUN
ajfa-193	320	290	at	at	ADP
ajfa-193	320	291	the	the	DET
ajfa-193	320	292	0.10	0.10	NUM
ajfa-193	320	293	,	,	PUNCT
ajfa-193	320	294	0.05	0.05	NUM
ajfa-193	320	295	,	,	PUNCT
ajfa-193	320	296	0.01	0.01	NUM
ajfa-193	320	297	and	and	CCONJ
ajfa-193	320	298	0.001	0.001	NUM
ajfa-193	320	299	levels	level	NOUN
ajfa-193	320	300	,	,	PUNCT
ajfa-193	320	301	respectively	respectively	ADV
ajfa-193	320	302	,	,	PUNCT
ajfa-193	320	303	using	use	VERB
ajfa-193	320	304	a	a	DET
ajfa-193	320	305	1	1	NUM
ajfa-193	320	306	-	-	PUNCT
ajfa-193	320	307	tail	tail	NOUN
ajfa-193	320	308	test	test	NOUN
ajfa-193	320	309	.	.	PUNCT
ajfa-193	321	1	3.3	3.3	NUM
ajfa-193	321	2	liquidity	liquidity	NOUN
ajfa-193	321	3	effect	effect	NOUN
ajfa-193	321	4	in	in	ADP
ajfa-193	321	5	this	this	DET
ajfa-193	321	6	section	section	NOUN
ajfa-193	321	7	,	,	PUNCT
ajfa-193	321	8	we	we	PRON
ajfa-193	321	9	examine	examine	VERB
ajfa-193	321	10	the	the	DET
ajfa-193	321	11	liquidity	liquidity	NOUN
ajfa-193	321	12	effects	effect	NOUN
ajfa-193	321	13	of	of	ADP
ajfa-193	321	14	changes	change	NOUN
ajfa-193	321	15	in	in	ADP
ajfa-193	321	16	the	the	DET
ajfa-193	321	17	composition	composition	NOUN
ajfa-193	321	18	of	of	ADP
ajfa-193	321	19	the	the	DET
ajfa-193	321	20	s&p	s&p	PROPN
ajfa-193	321	21	/	/	SYM
ajfa-193	321	22	citic	citic	ADJ
ajfa-193	321	23	300	300	NUM
ajfa-193	321	24	index	index	NOUN
ajfa-193	321	25	by	by	ADP
ajfa-193	321	26	calculating	calculate	VERB
ajfa-193	321	27	the	the	DET
ajfa-193	321	28	percentage	percentage	NOUN
ajfa-193	321	29	change	change	NOUN
ajfa-193	321	30	in	in	ADP
ajfa-193	321	31	percentage	percentage	NOUN
ajfa-193	321	32	spread	spread	NOUN
ajfa-193	321	33	and	and	CCONJ
ajfa-193	321	34	percentage	percentage	NOUN
ajfa-193	321	35	change	change	NOUN
ajfa-193	321	36	in	in	ADP
ajfa-193	321	37	trading	trading	NOUN
ajfa-193	321	38	volume	volume	NOUN
ajfa-193	321	39	of	of	ADP
ajfa-193	321	40	the	the	DET
ajfa-193	321	41	added	add	VERB
ajfa-193	321	42	and	and	CCONJ
ajfa-193	321	43	the	the	DET
ajfa-193	321	44	deleted	delete	VERB
ajfa-193	321	45	firms	firm	NOUN
ajfa-193	321	46	.	.	PUNCT
ajfa-193	322	1	tests	test	NOUN
ajfa-193	322	2	were	be	AUX
ajfa-193	322	3	extended	extend	VERB
ajfa-193	322	4	asian	asian	ADJ
ajfa-193	322	5	journal	journal	NOUN
ajfa-193	322	6	of	of	ADP
ajfa-193	322	7	finance	finance	PROPN
ajfa-193	322	8	&	&	CCONJ
ajfa-193	322	9	accounting	accounting	PROPN
ajfa-193	322	10	issn	issn	PROPN
ajfa-193	322	11	1946	1946	NUM
ajfa-193	322	12	-	-	PUNCT
ajfa-193	322	13	052x	052x	NOUN
ajfa-193	322	14	2009	2009	NUM
ajfa-193	322	15	,	,	PUNCT
ajfa-193	322	16	vol	vol	NOUN
ajfa-193	322	17	.	.	PROPN
ajfa-193	323	1	1	1	NUM
ajfa-193	323	2	,	,	PUNCT
ajfa-193	323	3	no	no	INTJ
ajfa-193	323	4	.	.	NOUN
ajfa-193	323	5	2	2	NUM
ajfa-193	323	6	:	:	PUNCT
ajfa-193	323	7	e2	e2	NOUN
ajfa-193	323	8	42	42	NUM
ajfa-193	323	9	to	to	ADP
ajfa-193	323	10	different	different	ADJ
ajfa-193	323	11	event	event	NOUN
ajfa-193	323	12	windows	window	NOUN
ajfa-193	323	13	to	to	PART
ajfa-193	323	14	distinguish	distinguish	VERB
ajfa-193	323	15	between	between	ADP
ajfa-193	323	16	the	the	DET
ajfa-193	323	17	shortand	shortand	NOUN
ajfa-193	323	18	long	long	ADJ
ajfa-193	323	19	-	-	PUNCT
ajfa-193	323	20	term	term	NOUN
ajfa-193	323	21	effects	effect	NOUN
ajfa-193	323	22	of	of	ADP
ajfa-193	323	23	the	the	DET
ajfa-193	323	24	events	event	NOUN
ajfa-193	323	25	.	.	PUNCT
ajfa-193	324	1	according	accord	VERB
ajfa-193	324	2	to	to	ADP
ajfa-193	324	3	the	the	DET
ajfa-193	324	4	evidence	evidence	NOUN
ajfa-193	324	5	in	in	ADP
ajfa-193	324	6	table	table	NOUN
ajfa-193	324	7	4	4	NUM
ajfa-193	324	8	,	,	PUNCT
ajfa-193	324	9	both	both	DET
ajfa-193	324	10	percentage	percentage	NOUN
ajfa-193	324	11	changes	change	NOUN
ajfa-193	324	12	in	in	ADP
ajfa-193	324	13	percentage	percentage	NOUN
ajfa-193	324	14	bid	bid	NOUN
ajfa-193	324	15	–	–	PUNCT
ajfa-193	324	16	ask	ask	NOUN
ajfa-193	324	17	spread	spread	NOUN
ajfa-193	324	18	and	and	CCONJ
ajfa-193	324	19	percentage	percentage	NOUN
ajfa-193	324	20	changes	change	NOUN
ajfa-193	324	21	in	in	ADP
ajfa-193	324	22	the	the	DET
ajfa-193	324	23	volume	volume	NOUN
ajfa-193	324	24	of	of	ADP
ajfa-193	324	25	trade	trade	NOUN
ajfa-193	324	26	are	be	AUX
ajfa-193	324	27	significantly	significantly	ADV
ajfa-193	324	28	positive	positive	ADJ
ajfa-193	324	29	prior	prior	ADV
ajfa-193	324	30	to	to	ADP
ajfa-193	324	31	stock	stock	NOUN
ajfa-193	324	32	additions	addition	NOUN
ajfa-193	324	33	.	.	PUNCT
ajfa-193	325	1	the	the	DET
ajfa-193	325	2	volume	volume	NOUN
ajfa-193	325	3	of	of	ADP
ajfa-193	325	4	trade	trade	NOUN
ajfa-193	325	5	reaches	reach	VERB
ajfa-193	325	6	a	a	DET
ajfa-193	325	7	peak	peak	NOUN
ajfa-193	325	8	of	of	ADP
ajfa-193	325	9	21.73	21.73	NUM
ajfa-193	325	10	%	%	NOUN
ajfa-193	325	11	over	over	ADP
ajfa-193	325	12	the	the	DET
ajfa-193	325	13	interval	interval	NOUN
ajfa-193	325	14	day	day	NOUN
ajfa-193	325	15	–	–	PUNCT
ajfa-193	325	16	10	10	NUM
ajfa-193	325	17	to	to	ADP
ajfa-193	325	18	day	day	NOUN
ajfa-193	325	19	–	–	PUNCT
ajfa-193	325	20	1	1	NUM
ajfa-193	325	21	,	,	PUNCT
ajfa-193	325	22	while	while	SCONJ
ajfa-193	325	23	the	the	DET
ajfa-193	325	24	percentage	percentage	NOUN
ajfa-193	325	25	change	change	NOUN
ajfa-193	325	26	in	in	ADP
ajfa-193	325	27	percentage	percentage	NOUN
ajfa-193	325	28	spread	spread	NOUN
ajfa-193	325	29	rises	rise	VERB
ajfa-193	325	30	as	as	ADV
ajfa-193	325	31	high	high	ADJ
ajfa-193	325	32	as	as	ADP
ajfa-193	325	33	54.78	54.78	NUM
ajfa-193	325	34	%	%	NOUN
ajfa-193	325	35	over	over	ADP
ajfa-193	325	36	the	the	DET
ajfa-193	325	37	interval	interval	NOUN
ajfa-193	325	38	day	day	NOUN
ajfa-193	325	39	–	–	PUNCT
ajfa-193	325	40	5	5	NUM
ajfa-193	325	41	to	to	ADP
ajfa-193	325	42	day	day	NOUN
ajfa-193	325	43	–	–	PUNCT
ajfa-193	325	44	1	1	NUM
ajfa-193	325	45	,	,	PUNCT
ajfa-193	325	46	and	and	CCONJ
ajfa-193	325	47	becomes	become	VERB
ajfa-193	325	48	highly	highly	ADV
ajfa-193	325	49	significant	significant	ADJ
ajfa-193	325	50	at	at	ADP
ajfa-193	325	51	the	the	DET
ajfa-193	325	52	conventional	conventional	ADJ
ajfa-193	325	53	statistical	statistical	ADJ
ajfa-193	325	54	levels	level	NOUN
ajfa-193	325	55	.	.	PUNCT
ajfa-193	326	1	the	the	DET
ajfa-193	326	2	percentage	percentage	NOUN
ajfa-193	326	3	change	change	NOUN
ajfa-193	326	4	in	in	ADP
ajfa-193	326	5	the	the	DET
ajfa-193	326	6	volume	volume	NOUN
ajfa-193	326	7	of	of	ADP
ajfa-193	326	8	trade	trade	NOUN
ajfa-193	326	9	continues	continue	VERB
ajfa-193	326	10	to	to	PART
ajfa-193	326	11	increase	increase	VERB
ajfa-193	326	12	after	after	ADP
ajfa-193	326	13	addition	addition	NOUN
ajfa-193	326	14	to	to	ADP
ajfa-193	326	15	its	its	PRON
ajfa-193	326	16	highest	high	ADJ
ajfa-193	326	17	level	level	NOUN
ajfa-193	326	18	of	of	ADP
ajfa-193	326	19	80.88	80.88	NUM
ajfa-193	326	20	%	%	NOUN
ajfa-193	326	21	over	over	ADP
ajfa-193	326	22	the	the	DET
ajfa-193	326	23	interval	interval	NOUN
ajfa-193	326	24	day	day	NOUN
ajfa-193	326	25	0	0	NUM
ajfa-193	326	26	to	to	ADP
ajfa-193	326	27	day	day	NOUN
ajfa-193	326	28	5	5	NUM
ajfa-193	326	29	,	,	PUNCT
ajfa-193	326	30	before	before	ADP
ajfa-193	326	31	declining	decline	VERB
ajfa-193	326	32	to	to	ADP
ajfa-193	326	33	42.32	42.32	NUM
ajfa-193	326	34	%	%	NOUN
ajfa-193	326	35	over	over	ADP
ajfa-193	326	36	the	the	DET
ajfa-193	326	37	interval	interval	NOUN
ajfa-193	326	38	day	day	NOUN
ajfa-193	326	39	0	0	NUM
ajfa-193	326	40	to	to	ADP
ajfa-193	326	41	day	day	NOUN
ajfa-193	326	42	15	15	NUM
ajfa-193	326	43	.	.	PUNCT
ajfa-193	327	1	in	in	ADP
ajfa-193	327	2	the	the	DET
ajfa-193	327	3	longer	long	ADJ
ajfa-193	327	4	term	term	NOUN
ajfa-193	327	5	,	,	PUNCT
ajfa-193	327	6	this	this	DET
ajfa-193	327	7	variable	variable	ADJ
ajfa-193	327	8	increases	increase	VERB
ajfa-193	327	9	again	again	ADV
ajfa-193	327	10	to	to	ADP
ajfa-193	327	11	52.44	52.44	NUM
ajfa-193	327	12	%	%	NOUN
ajfa-193	327	13	over	over	ADP
ajfa-193	327	14	the	the	DET
ajfa-193	327	15	interval	interval	NOUN
ajfa-193	327	16	day	day	NOUN
ajfa-193	327	17	16	16	NUM
ajfa-193	327	18	to	to	ADP
ajfa-193	327	19	day	day	NOUN
ajfa-193	327	20	30	30	NUM
ajfa-193	327	21	,	,	PUNCT
ajfa-193	327	22	then	then	ADV
ajfa-193	327	23	gradually	gradually	ADV
ajfa-193	327	24	declines	decline	VERB
ajfa-193	327	25	to	to	ADP
ajfa-193	327	26	41.80	41.80	NUM
ajfa-193	327	27	%	%	NOUN
ajfa-193	327	28	over	over	ADP
ajfa-193	327	29	the	the	DET
ajfa-193	327	30	interval	interval	NOUN
ajfa-193	327	31	day	day	NOUN
ajfa-193	327	32	16	16	NUM
ajfa-193	327	33	to	to	ADP
ajfa-193	327	34	day	day	NOUN
ajfa-193	327	35	75	75	NUM
ajfa-193	327	36	and	and	CCONJ
ajfa-193	327	37	remains	remain	VERB
ajfa-193	327	38	highly	highly	ADV
ajfa-193	327	39	significant	significant	ADJ
ajfa-193	327	40	at	at	ADP
ajfa-193	327	41	the	the	DET
ajfa-193	327	42	0.1	0.1	NUM
ajfa-193	327	43	%	%	NOUN
ajfa-193	327	44	level	level	NOUN
ajfa-193	327	45	throughout	throughout	ADP
ajfa-193	327	46	the	the	DET
ajfa-193	327	47	post	post	ADJ
ajfa-193	327	48	-	-	ADJ
ajfa-193	327	49	addition	addition	ADJ
ajfa-193	327	50	period	period	NOUN
ajfa-193	327	51	.	.	PUNCT
ajfa-193	328	1	generally	generally	ADV
ajfa-193	328	2	speaking	speak	VERB
ajfa-193	328	3	,	,	PUNCT
ajfa-193	328	4	the	the	DET
ajfa-193	328	5	magnitude	magnitude	NOUN
ajfa-193	328	6	of	of	ADP
ajfa-193	328	7	the	the	DET
ajfa-193	328	8	percentage	percentage	NOUN
ajfa-193	328	9	change	change	NOUN
ajfa-193	328	10	in	in	ADP
ajfa-193	328	11	percentage	percentage	NOUN
ajfa-193	328	12	spread	spread	NOUN
ajfa-193	328	13	declines	decline	NOUN
ajfa-193	328	14	in	in	ADP
ajfa-193	328	15	the	the	DET
ajfa-193	328	16	post	post	ADJ
ajfa-193	328	17	-	-	ADJ
ajfa-193	328	18	addition	addition	ADJ
ajfa-193	328	19	period	period	NOUN
ajfa-193	328	20	,	,	PUNCT
ajfa-193	328	21	reaching	reach	VERB
ajfa-193	328	22	a	a	DET
ajfa-193	328	23	peak	peak	NOUN
ajfa-193	328	24	of	of	ADP
ajfa-193	328	25	23.44	23.44	NUM
ajfa-193	328	26	%	%	NOUN
ajfa-193	328	27	in	in	ADP
ajfa-193	328	28	the	the	DET
ajfa-193	328	29	short	short	ADJ
ajfa-193	328	30	term	term	NOUN
ajfa-193	328	31	over	over	ADP
ajfa-193	328	32	the	the	DET
ajfa-193	328	33	interval	interval	NOUN
ajfa-193	328	34	day	day	NOUN
ajfa-193	328	35	0	0	NUM
ajfa-193	328	36	to	to	ADP
ajfa-193	328	37	day	day	NOUN
ajfa-193	328	38	15	15	NUM
ajfa-193	328	39	,	,	PUNCT
ajfa-193	328	40	then	then	ADV
ajfa-193	328	41	increasing	increase	VERB
ajfa-193	328	42	to	to	ADP
ajfa-193	328	43	its	its	PRON
ajfa-193	328	44	highest	high	ADJ
ajfa-193	328	45	level	level	NOUN
ajfa-193	328	46	of	of	ADP
ajfa-193	328	47	42.20	42.20	NUM
ajfa-193	328	48	%	%	NOUN
ajfa-193	328	49	in	in	ADP
ajfa-193	328	50	the	the	DET
ajfa-193	328	51	long	long	ADJ
ajfa-193	328	52	term	term	NOUN
ajfa-193	328	53	over	over	ADP
ajfa-193	328	54	the	the	DET
ajfa-193	328	55	interval	interval	NOUN
ajfa-193	328	56	day	day	NOUN
ajfa-193	328	57	16	16	NUM
ajfa-193	328	58	to	to	ADP
ajfa-193	328	59	day	day	NOUN
ajfa-193	328	60	30	30	NUM
ajfa-193	328	61	,	,	PUNCT
ajfa-193	328	62	and	and	CCONJ
ajfa-193	328	63	becomes	become	VERB
ajfa-193	328	64	highly	highly	ADV
ajfa-193	328	65	significant	significant	ADJ
ajfa-193	328	66	at	at	ADP
ajfa-193	328	67	the	the	DET
ajfa-193	328	68	0.1	0.1	NUM
ajfa-193	328	69	%	%	NOUN
ajfa-193	328	70	level	level	NOUN
ajfa-193	328	71	.	.	PUNCT
ajfa-193	329	1	the	the	DET
ajfa-193	329	2	coefficient	coefficient	NOUN
ajfa-193	329	3	for	for	ADP
ajfa-193	329	4	this	this	DET
ajfa-193	329	5	variable	variable	NOUN
ajfa-193	329	6	gradually	gradually	ADV
ajfa-193	329	7	declines	decline	VERB
ajfa-193	329	8	to	to	ADP
ajfa-193	329	9	15.87	15.87	NUM
ajfa-193	329	10	%	%	NOUN
ajfa-193	329	11	over	over	ADP
ajfa-193	329	12	the	the	DET
ajfa-193	329	13	interval	interval	NOUN
ajfa-193	329	14	day	day	NOUN
ajfa-193	329	15	16	16	NUM
ajfa-193	329	16	to	to	ADP
ajfa-193	329	17	day	day	NOUN
ajfa-193	329	18	75	75	NUM
ajfa-193	329	19	and	and	CCONJ
ajfa-193	329	20	remains	remain	VERB
ajfa-193	329	21	significant	significant	ADJ
ajfa-193	329	22	at	at	ADP
ajfa-193	329	23	the	the	DET
ajfa-193	329	24	10	10	NUM
ajfa-193	329	25	%	%	NOUN
ajfa-193	329	26	level	level	NOUN
ajfa-193	329	27	.	.	PUNCT
ajfa-193	330	1	previous	previous	ADJ
ajfa-193	330	2	studies	study	NOUN
ajfa-193	330	3	,	,	PUNCT
ajfa-193	330	4	such	such	ADJ
ajfa-193	330	5	as	as	ADP
ajfa-193	330	6	that	that	PRON
ajfa-193	330	7	by	by	ADP
ajfa-193	330	8	hegde	hegde	PROPN
ajfa-193	330	9	and	and	CCONJ
ajfa-193	330	10	mcdermott	mcdermott	PROPN
ajfa-193	330	11	(	(	PUNCT
ajfa-193	330	12	2003	2003	NUM
ajfa-193	330	13	)	)	PUNCT
ajfa-193	330	14	,	,	PUNCT
ajfa-193	330	15	found	find	VERB
ajfa-193	330	16	that	that	SCONJ
ajfa-193	330	17	an	an	DET
ajfa-193	330	18	increase	increase	NOUN
ajfa-193	330	19	in	in	ADP
ajfa-193	330	20	the	the	DET
ajfa-193	330	21	volume	volume	NOUN
ajfa-193	330	22	of	of	ADP
ajfa-193	330	23	trade	trade	NOUN
ajfa-193	330	24	is	be	AUX
ajfa-193	330	25	accompanied	accompany	VERB
ajfa-193	330	26	by	by	ADP
ajfa-193	330	27	a	a	DET
ajfa-193	330	28	decrease	decrease	NOUN
ajfa-193	330	29	in	in	ADP
ajfa-193	330	30	the	the	DET
ajfa-193	330	31	bid	bid	NOUN
ajfa-193	330	32	–	–	PUNCT
ajfa-193	330	33	ask	ask	NOUN
ajfa-193	330	34	spread	spread	NOUN
ajfa-193	330	35	following	follow	VERB
ajfa-193	330	36	a	a	DET
ajfa-193	330	37	stock	stock	NOUN
ajfa-193	330	38	addition	addition	NOUN
ajfa-193	330	39	to	to	ADP
ajfa-193	330	40	s&p	s&p	PROPN
ajfa-193	330	41	500	500	NUM
ajfa-193	330	42	index	index	NOUN
ajfa-193	330	43	.	.	PUNCT
ajfa-193	331	1	in	in	ADP
ajfa-193	331	2	our	our	PRON
ajfa-193	331	3	study	study	NOUN
ajfa-193	331	4	,	,	PUNCT
ajfa-193	331	5	an	an	DET
ajfa-193	331	6	improvement	improvement	NOUN
ajfa-193	331	7	in	in	ADP
ajfa-193	331	8	liquidity	liquidity	NOUN
ajfa-193	331	9	is	be	AUX
ajfa-193	331	10	supported	support	VERB
ajfa-193	331	11	by	by	ADP
ajfa-193	331	12	an	an	DET
ajfa-193	331	13	increase	increase	NOUN
ajfa-193	331	14	in	in	ADP
ajfa-193	331	15	the	the	DET
ajfa-193	331	16	volume	volume	NOUN
ajfa-193	331	17	of	of	ADP
ajfa-193	331	18	trade	trade	NOUN
ajfa-193	331	19	in	in	ADP
ajfa-193	331	20	the	the	DET
ajfa-193	331	21	entire	entire	ADJ
ajfa-193	331	22	event	event	NOUN
ajfa-193	331	23	window	window	NOUN
ajfa-193	331	24	;	;	PUNCT
ajfa-193	331	25	however	however	ADV
ajfa-193	331	26	,	,	PUNCT
ajfa-193	331	27	there	there	PRON
ajfa-193	331	28	is	be	VERB
ajfa-193	331	29	not	not	PART
ajfa-193	331	30	a	a	DET
ajfa-193	331	31	decrease	decrease	NOUN
ajfa-193	331	32	in	in	ADP
ajfa-193	331	33	the	the	DET
ajfa-193	331	34	bid	bid	NOUN
ajfa-193	331	35	–	–	PUNCT
ajfa-193	331	36	ask	ask	NOUN
ajfa-193	331	37	spread	spread	NOUN
ajfa-193	331	38	in	in	ADP
ajfa-193	331	39	the	the	DET
ajfa-193	331	40	short	short	ADJ
ajfa-193	331	41	-	-	PUNCT
ajfa-193	331	42	term	term	NOUN
ajfa-193	331	43	21	21	NUM
ajfa-193	331	44	.	.	PUNCT
ajfa-193	332	1	the	the	DET
ajfa-193	332	2	excess	excess	ADJ
ajfa-193	332	3	spread	spread	NOUN
ajfa-193	332	4	increases	increase	NOUN
ajfa-193	332	5	steadily	steadily	ADV
ajfa-193	332	6	before	before	ADP
ajfa-193	332	7	the	the	DET
ajfa-193	332	8	announcement	announcement	NOUN
ajfa-193	332	9	then	then	ADV
ajfa-193	332	10	starts	start	VERB
ajfa-193	332	11	to	to	PART
ajfa-193	332	12	decline	decline	VERB
ajfa-193	332	13	after	after	ADP
ajfa-193	332	14	the	the	DET
ajfa-193	332	15	event	event	NOUN
ajfa-193	332	16	.	.	PUNCT
ajfa-193	333	1	this	this	DET
ajfa-193	333	2	outcome	outcome	NOUN
ajfa-193	333	3	may	may	AUX
ajfa-193	333	4	have	have	AUX
ajfa-193	333	5	arisen	arise	VERB
ajfa-193	333	6	from	from	ADP
ajfa-193	333	7	liquidity	liquidity	NOUN
ajfa-193	333	8	suppliers	supplier	NOUN
ajfa-193	333	9	’	'	PUNCT
ajfa-193	333	10	behavior	behavior	NOUN
ajfa-193	333	11	:	:	PUNCT
ajfa-193	333	12	they	they	PRON
ajfa-193	333	13	may	may	AUX
ajfa-193	333	14	revise	revise	VERB
ajfa-193	333	15	their	their	PRON
ajfa-193	333	16	short	short	ADJ
ajfa-193	333	17	-	-	PUNCT
ajfa-193	333	18	term	term	NOUN
ajfa-193	333	19	bid	bid	NOUN
ajfa-193	333	20	–	–	PUNCT
ajfa-193	333	21	ask	ask	NOUN
ajfa-193	333	22	spread	spread	VERB
ajfa-193	333	23	upwards	upwards	ADV
ajfa-193	333	24	due	due	ADP
ajfa-193	333	25	to	to	ADP
ajfa-193	333	26	21	21	NUM
ajfa-193	333	27	this	this	DET
ajfa-193	333	28	experience	experience	NOUN
ajfa-193	333	29	is	be	AUX
ajfa-193	333	30	not	not	PART
ajfa-193	333	31	unique	unique	ADJ
ajfa-193	333	32	to	to	ADP
ajfa-193	333	33	chinese	chinese	ADJ
ajfa-193	333	34	market	market	NOUN
ajfa-193	333	35	.	.	PUNCT
ajfa-193	334	1	lakhal	lakhal	INTJ
ajfa-193	334	2	(	(	PUNCT
ajfa-193	334	3	2004	2004	NUM
ajfa-193	334	4	)	)	PUNCT
ajfa-193	334	5	found	find	VERB
ajfa-193	334	6	similar	similar	ADJ
ajfa-193	334	7	pattern	pattern	NOUN
ajfa-193	334	8	of	of	ADP
ajfa-193	334	9	change	change	NOUN
ajfa-193	334	10	in	in	ADP
ajfa-193	334	11	the	the	DET
ajfa-193	334	12	bid	bid	NOUN
ajfa-193	334	13	–	–	PUNCT
ajfa-193	334	14	ask	ask	NOUN
ajfa-193	334	15	spread	spread	NOUN
ajfa-193	334	16	around	around	ADP
ajfa-193	334	17	the	the	DET
ajfa-193	334	18	event	event	NOUN
ajfa-193	334	19	day	day	NOUN
ajfa-193	334	20	in	in	ADP
ajfa-193	334	21	the	the	DET
ajfa-193	334	22	(	(	PUNCT
ajfa-193	334	23	order	order	NOUN
ajfa-193	334	24	-	-	PUNCT
ajfa-193	334	25	driven	drive	VERB
ajfa-193	334	26	)	)	PUNCT
ajfa-193	334	27	french	french	ADJ
ajfa-193	334	28	market	market	NOUN
ajfa-193	334	29	.	.	PUNCT
ajfa-193	335	1	asian	asian	ADJ
ajfa-193	335	2	journal	journal	PROPN
ajfa-193	335	3	of	of	ADP
ajfa-193	335	4	finance	finance	PROPN
ajfa-193	335	5	&	&	CCONJ
ajfa-193	335	6	accounting	accounting	PROPN
ajfa-193	335	7	issn	issn	PROPN
ajfa-193	335	8	1946	1946	NUM
ajfa-193	335	9	-	-	PUNCT
ajfa-193	335	10	052x	052x	NOUN
ajfa-193	335	11	2009	2009	NUM
ajfa-193	335	12	,	,	PUNCT
ajfa-193	335	13	vol	vol	NOUN
ajfa-193	335	14	.	.	PROPN
ajfa-193	335	15	1	1	NUM
ajfa-193	335	16	,	,	PUNCT
ajfa-193	335	17	no	no	INTJ
ajfa-193	335	18	.	.	NOUN
ajfa-193	335	19	2	2	NUM
ajfa-193	335	20	:	:	PUNCT
ajfa-193	335	21	e2	e2	NOUN
ajfa-193	335	22	43	43	NUM
ajfa-193	335	23	increases	increase	NOUN
ajfa-193	335	24	in	in	ADP
ajfa-193	335	25	adverse	adverse	ADJ
ajfa-193	335	26	selection	selection	NOUN
ajfa-193	335	27	cost	cost	NOUN
ajfa-193	335	28	.	.	PUNCT
ajfa-193	336	1	however	however	ADV
ajfa-193	336	2	,	,	PUNCT
ajfa-193	336	3	as	as	SCONJ
ajfa-193	336	4	asymmetric	asymmetric	ADJ
ajfa-193	336	5	information	information	NOUN
ajfa-193	336	6	declines	decline	VERB
ajfa-193	336	7	over	over	ADP
ajfa-193	336	8	time	time	NOUN
ajfa-193	336	9	,	,	PUNCT
ajfa-193	336	10	the	the	DET
ajfa-193	336	11	bid	bid	NOUN
ajfa-193	336	12	–	–	PUNCT
ajfa-193	336	13	ask	ask	NOUN
ajfa-193	336	14	spread	spread	NOUN
ajfa-193	336	15	is	be	AUX
ajfa-193	336	16	revised	revise	VERB
ajfa-193	336	17	downward	downward	ADV
ajfa-193	336	18	.	.	PUNCT
ajfa-193	337	1	as	as	ADP
ajfa-193	337	2	a	a	DET
ajfa-193	337	3	result	result	NOUN
ajfa-193	337	4	,	,	PUNCT
ajfa-193	337	5	we	we	PRON
ajfa-193	337	6	can	can	AUX
ajfa-193	337	7	conclude	conclude	VERB
ajfa-193	337	8	that	that	SCONJ
ajfa-193	337	9	the	the	DET
ajfa-193	337	10	changes	change	NOUN
ajfa-193	337	11	in	in	ADP
ajfa-193	337	12	the	the	DET
ajfa-193	337	13	bid	bid	NOUN
ajfa-193	337	14	–	–	PUNCT
ajfa-193	337	15	ask	ask	NOUN
ajfa-193	337	16	spread	spread	NOUN
ajfa-193	337	17	provide	provide	VERB
ajfa-193	337	18	evidence	evidence	NOUN
ajfa-193	337	19	of	of	ADP
ajfa-193	337	20	improving	improve	VERB
ajfa-193	337	21	market	market	NOUN
ajfa-193	337	22	liquidity	liquidity	NOUN
ajfa-193	337	23	in	in	ADP
ajfa-193	337	24	the	the	DET
ajfa-193	337	25	long	long	ADJ
ajfa-193	337	26	term	term	NOUN
ajfa-193	337	27	.	.	PUNCT
ajfa-193	338	1	for	for	ADP
ajfa-193	338	2	stock	stock	NOUN
ajfa-193	338	3	deletions	deletion	NOUN
ajfa-193	338	4	,	,	PUNCT
ajfa-193	338	5	the	the	DET
ajfa-193	338	6	percentage	percentage	NOUN
ajfa-193	338	7	changes	change	NOUN
ajfa-193	338	8	in	in	ADP
ajfa-193	338	9	percentage	percentage	NOUN
ajfa-193	338	10	bid	bid	NOUN
ajfa-193	338	11	–	–	PUNCT
ajfa-193	338	12	ask	ask	NOUN
ajfa-193	338	13	spread	spread	NOUN
ajfa-193	338	14	is	be	AUX
ajfa-193	338	15	not	not	PART
ajfa-193	338	16	significant	significant	ADJ
ajfa-193	338	17	prior	prior	ADV
ajfa-193	338	18	to	to	ADP
ajfa-193	338	19	or	or	CCONJ
ajfa-193	338	20	after	after	ADP
ajfa-193	338	21	the	the	DET
ajfa-193	338	22	event	event	NOUN
ajfa-193	338	23	.	.	PUNCT
ajfa-193	339	1	on	on	ADP
ajfa-193	339	2	the	the	DET
ajfa-193	339	3	other	other	ADJ
ajfa-193	339	4	hand	hand	NOUN
ajfa-193	339	5	,	,	PUNCT
ajfa-193	339	6	the	the	DET
ajfa-193	339	7	percentage	percentage	NOUN
ajfa-193	339	8	change	change	NOUN
ajfa-193	339	9	in	in	ADP
ajfa-193	339	10	the	the	DET
ajfa-193	339	11	volume	volume	NOUN
ajfa-193	339	12	of	of	ADP
ajfa-193	339	13	trade	trade	NOUN
ajfa-193	339	14	continuously	continuously	ADV
ajfa-193	339	15	increases	increase	VERB
ajfa-193	339	16	,	,	PUNCT
ajfa-193	339	17	reaching	reach	VERB
ajfa-193	339	18	its	its	PRON
ajfa-193	339	19	maximum	maximum	ADJ
ajfa-193	339	20	level	level	NOUN
ajfa-193	339	21	of	of	ADP
ajfa-193	339	22	42.97	42.97	NUM
ajfa-193	339	23	%	%	NOUN
ajfa-193	339	24	over	over	ADP
ajfa-193	339	25	the	the	DET
ajfa-193	339	26	interval	interval	NOUN
ajfa-193	339	27	day	day	NOUN
ajfa-193	339	28	0	0	NUM
ajfa-193	339	29	to	to	ADP
ajfa-193	339	30	day	day	NOUN
ajfa-193	339	31	5	5	NUM
ajfa-193	339	32	,	,	PUNCT
ajfa-193	339	33	and	and	CCONJ
ajfa-193	339	34	becomes	become	VERB
ajfa-193	339	35	significant	significant	ADJ
ajfa-193	339	36	at	at	ADP
ajfa-193	339	37	the	the	DET
ajfa-193	339	38	1	1	NUM
ajfa-193	339	39	%	%	NOUN
ajfa-193	339	40	level	level	NOUN
ajfa-193	339	41	.	.	PUNCT
ajfa-193	340	1	this	this	DET
ajfa-193	340	2	variable	variable	NOUN
ajfa-193	340	3	continues	continue	VERB
ajfa-193	340	4	to	to	PART
ajfa-193	340	5	rise	rise	VERB
ajfa-193	340	6	to	to	ADP
ajfa-193	340	7	its	its	PRON
ajfa-193	340	8	highest	high	ADJ
ajfa-193	340	9	level	level	NOUN
ajfa-193	340	10	of	of	ADP
ajfa-193	340	11	54.29	54.29	NUM
ajfa-193	340	12	%	%	NOUN
ajfa-193	340	13	over	over	ADP
ajfa-193	340	14	the	the	DET
ajfa-193	340	15	interval	interval	NOUN
ajfa-193	340	16	day	day	NOUN
ajfa-193	340	17	16	16	NUM
ajfa-193	340	18	to	to	ADP
ajfa-193	340	19	day	day	NOUN
ajfa-193	340	20	75	75	NUM
ajfa-193	340	21	,	,	PUNCT
ajfa-193	340	22	and	and	CCONJ
ajfa-193	340	23	becomes	become	VERB
ajfa-193	340	24	highly	highly	ADV
ajfa-193	340	25	significant	significant	ADJ
ajfa-193	340	26	at	at	ADP
ajfa-193	340	27	the	the	DET
ajfa-193	340	28	0.1	0.1	NUM
ajfa-193	340	29	%	%	NOUN
ajfa-193	340	30	level	level	NOUN
ajfa-193	340	31	.	.	PUNCT
ajfa-193	341	1	the	the	DET
ajfa-193	341	2	trade	trade	NOUN
ajfa-193	341	3	volume	volume	NOUN
ajfa-193	341	4	increase	increase	NOUN
ajfa-193	341	5	following	follow	VERB
ajfa-193	341	6	a	a	DET
ajfa-193	341	7	deletion	deletion	NOUN
ajfa-193	341	8	is	be	AUX
ajfa-193	341	9	not	not	PART
ajfa-193	341	10	consistent	consistent	ADJ
ajfa-193	341	11	with	with	ADP
ajfa-193	341	12	previous	previous	ADJ
ajfa-193	341	13	studies	study	NOUN
ajfa-193	341	14	from	from	ADP
ajfa-193	341	15	developed	developed	ADJ
ajfa-193	341	16	markets	market	NOUN
ajfa-193	341	17	;	;	PUNCT
ajfa-193	341	18	however	however	ADV
ajfa-193	341	19	,	,	PUNCT
ajfa-193	341	20	it	it	PRON
ajfa-193	341	21	is	be	AUX
ajfa-193	341	22	consistent	consistent	ADJ
ajfa-193	341	23	with	with	ADP
ajfa-193	341	24	another	another	DET
ajfa-193	341	25	characteristic	characteristic	NOUN
ajfa-193	341	26	of	of	ADP
ajfa-193	341	27	the	the	DET
ajfa-193	341	28	chinese	chinese	ADJ
ajfa-193	341	29	equity	equity	NOUN
ajfa-193	341	30	market	market	NOUN
ajfa-193	341	31	,	,	PUNCT
ajfa-193	341	32	which	which	PRON
ajfa-193	341	33	prohibits	prohibit	VERB
ajfa-193	341	34	short	short	ADJ
ajfa-193	341	35	sales	sale	NOUN
ajfa-193	341	36	.	.	PUNCT
ajfa-193	342	1	baker	baker	PROPN
ajfa-193	342	2	and	and	CCONJ
ajfa-193	342	3	stein	stein	PROPN
ajfa-193	342	4	(	(	PUNCT
ajfa-193	342	5	2002	2002	NUM
ajfa-193	342	6	)	)	PUNCT
ajfa-193	342	7	suggested	suggest	VERB
ajfa-193	342	8	that	that	SCONJ
ajfa-193	342	9	,	,	PUNCT
ajfa-193	342	10	in	in	ADP
ajfa-193	342	11	a	a	DET
ajfa-193	342	12	world	world	NOUN
ajfa-193	342	13	with	with	ADP
ajfa-193	342	14	short	short	ADJ
ajfa-193	342	15	-	-	PUNCT
ajfa-193	342	16	sales	sale	NOUN
ajfa-193	342	17	constraints	constraint	NOUN
ajfa-193	342	18	,	,	PUNCT
ajfa-193	342	19	market	market	NOUN
ajfa-193	342	20	liquidity	liquidity	NOUN
ajfa-193	342	21	can	can	AUX
ajfa-193	342	22	be	be	AUX
ajfa-193	342	23	a	a	DET
ajfa-193	342	24	sentiment	sentiment	NOUN
ajfa-193	342	25	indicator	indicator	NOUN
ajfa-193	342	26	.	.	PUNCT
ajfa-193	343	1	according	accord	VERB
ajfa-193	343	2	to	to	ADP
ajfa-193	343	3	this	this	DET
ajfa-193	343	4	view	view	NOUN
ajfa-193	343	5	,	,	PUNCT
ajfa-193	343	6	an	an	DET
ajfa-193	343	7	unusually	unusually	ADV
ajfa-193	343	8	liquid	liquid	ADJ
ajfa-193	343	9	market	market	NOUN
ajfa-193	343	10	is	be	AUX
ajfa-193	343	11	largely	largely	ADV
ajfa-193	343	12	dominated	dominate	VERB
ajfa-193	343	13	by	by	ADP
ajfa-193	343	14	irrational	irrational	ADJ
ajfa-193	343	15	investors	investor	NOUN
ajfa-193	343	16	who	who	PRON
ajfa-193	343	17	tend	tend	VERB
ajfa-193	343	18	to	to	PART
ajfa-193	343	19	under	under	VERB
ajfa-193	343	20	-	-	PUNCT
ajfa-193	343	21	react	react	NOUN
ajfa-193	343	22	to	to	ADP
ajfa-193	343	23	the	the	DET
ajfa-193	343	24	information	information	NOUN
ajfa-193	343	25	embodied	embody	VERB
ajfa-193	343	26	in	in	ADP
ajfa-193	343	27	either	either	PRON
ajfa-193	343	28	order	order	NOUN
ajfa-193	343	29	flow	flow	NOUN
ajfa-193	343	30	or	or	CCONJ
ajfa-193	343	31	equity	equity	NOUN
ajfa-193	343	32	issues	issue	NOUN
ajfa-193	343	33	.	.	PUNCT
ajfa-193	344	1	thus	thus	ADV
ajfa-193	344	2	,	,	PUNCT
ajfa-193	344	3	high	high	ADJ
ajfa-193	344	4	liquidity	liquidity	NOUN
ajfa-193	344	5	is	be	AUX
ajfa-193	344	6	a	a	DET
ajfa-193	344	7	sign	sign	NOUN
ajfa-193	344	8	of	of	ADP
ajfa-193	344	9	positive	positive	ADJ
ajfa-193	344	10	sentiment	sentiment	NOUN
ajfa-193	344	11	among	among	ADP
ajfa-193	344	12	irrational	irrational	ADJ
ajfa-193	344	13	investors	investor	NOUN
ajfa-193	344	14	,	,	PUNCT
ajfa-193	344	15	which	which	PRON
ajfa-193	344	16	may	may	AUX
ajfa-193	344	17	also	also	ADV
ajfa-193	344	18	have	have	AUX
ajfa-193	344	19	affected	affect	VERB
ajfa-193	344	20	cars	car	NOUN
ajfa-193	344	21	in	in	ADP
ajfa-193	344	22	the	the	DET
ajfa-193	344	23	event	event	NOUN
ajfa-193	344	24	study	study	NOUN
ajfa-193	344	25	tests	test	NOUN
ajfa-193	344	26	.	.	PUNCT
ajfa-193	345	1	on	on	ADP
ajfa-193	345	2	the	the	DET
ajfa-193	345	3	other	other	ADJ
ajfa-193	345	4	hand	hand	NOUN
ajfa-193	345	5	,	,	PUNCT
ajfa-193	345	6	differences	difference	NOUN
ajfa-193	345	7	in	in	ADP
ajfa-193	345	8	liquidity	liquidity	NOUN
ajfa-193	345	9	effects	effect	NOUN
ajfa-193	345	10	due	due	ADJ
ajfa-193	345	11	to	to	ADP
ajfa-193	345	12	index	index	NOUN
ajfa-193	345	13	addition	addition	NOUN
ajfa-193	345	14	and	and	CCONJ
ajfa-193	345	15	index	index	NOUN
ajfa-193	345	16	deletion	deletion	NOUN
ajfa-193	345	17	may	may	AUX
ajfa-193	345	18	have	have	AUX
ajfa-193	345	19	arisen	arise	VERB
ajfa-193	345	20	from	from	ADP
ajfa-193	345	21	the	the	DET
ajfa-193	345	22	extent	extent	NOUN
ajfa-193	345	23	of	of	ADP
ajfa-193	345	24	investors	investor	NOUN
ajfa-193	345	25	’	’	PART
ajfa-193	345	26	awareness	awareness	NOUN
ajfa-193	345	27	about	about	ADP
ajfa-193	345	28	the	the	DET
ajfa-193	345	29	events	event	NOUN
ajfa-193	345	30	.	.	PUNCT
ajfa-193	346	1	according	accord	VERB
ajfa-193	346	2	to	to	ADP
ajfa-193	346	3	chen	chen	PROPN
ajfa-193	346	4	et	et	PROPN
ajfa-193	346	5	al	al	PROPN
ajfa-193	346	6	.	.	PROPN
ajfa-193	347	1	(	(	PUNCT
ajfa-193	347	2	2004	2004	NUM
ajfa-193	347	3	)	)	PUNCT
ajfa-193	347	4	investors	investor	NOUN
ajfa-193	347	5	’	’	PART
ajfa-193	347	6	awareness	awareness	NOUN
ajfa-193	347	7	can	can	AUX
ajfa-193	347	8	increase	increase	VERB
ajfa-193	347	9	following	follow	VERB
ajfa-193	347	10	an	an	DET
ajfa-193	347	11	index	index	NOUN
ajfa-193	347	12	addition	addition	NOUN
ajfa-193	347	13	,	,	PUNCT
ajfa-193	347	14	but	but	CCONJ
ajfa-193	347	15	does	do	AUX
ajfa-193	347	16	not	not	PART
ajfa-193	347	17	easily	easily	ADV
ajfa-193	347	18	diminish	diminish	VERB
ajfa-193	347	19	following	follow	VERB
ajfa-193	347	20	a	a	DET
ajfa-193	347	21	deletion	deletion	NOUN
ajfa-193	347	22	.	.	PUNCT
ajfa-193	348	1	this	this	PRON
ajfa-193	348	2	can	can	AUX
ajfa-193	348	3	lead	lead	VERB
ajfa-193	348	4	to	to	ADP
ajfa-193	348	5	an	an	DET
ajfa-193	348	6	upward	upward	ADJ
ajfa-193	348	7	revision	revision	NOUN
ajfa-193	348	8	of	of	ADP
ajfa-193	348	9	the	the	DET
ajfa-193	348	10	bid	bid	NOUN
ajfa-193	348	11	–	–	PUNCT
ajfa-193	348	12	ask	ask	NOUN
ajfa-193	348	13	spread	spread	NOUN
ajfa-193	348	14	after	after	ADP
ajfa-193	348	15	an	an	DET
ajfa-193	348	16	addition	addition	NOUN
ajfa-193	348	17	,	,	PUNCT
ajfa-193	348	18	but	but	CCONJ
ajfa-193	348	19	not	not	PART
ajfa-193	348	20	an	an	DET
ajfa-193	348	21	equivalent	equivalent	ADJ
ajfa-193	348	22	downward	downward	ADJ
ajfa-193	348	23	revision	revision	NOUN
ajfa-193	348	24	after	after	ADP
ajfa-193	348	25	a	a	DET
ajfa-193	348	26	deletion	deletion	NOUN
ajfa-193	348	27	.	.	PUNCT
ajfa-193	349	1	based	base	VERB
ajfa-193	349	2	on	on	ADP
ajfa-193	349	3	the	the	DET
ajfa-193	349	4	evidence	evidence	NOUN
ajfa-193	349	5	discussed	discuss	VERB
ajfa-193	349	6	so	so	ADV
ajfa-193	349	7	far	far	ADV
ajfa-193	349	8	,	,	PUNCT
ajfa-193	349	9	we	we	PRON
ajfa-193	349	10	can	can	AUX
ajfa-193	349	11	conclude	conclude	VERB
ajfa-193	349	12	that	that	SCONJ
ajfa-193	349	13	market	market	NOUN
ajfa-193	349	14	reaction	reaction	NOUN
ajfa-193	349	15	to	to	ADP
ajfa-193	349	16	a	a	DET
ajfa-193	349	17	stock	stock	NOUN
ajfa-193	349	18	addition	addition	NOUN
ajfa-193	349	19	(	(	PUNCT
ajfa-193	349	20	deletion	deletion	NOUN
ajfa-193	349	21	)	)	PUNCT
ajfa-193	349	22	has	have	AUX
ajfa-193	349	23	been	be	AUX
ajfa-193	349	24	generally	generally	ADV
ajfa-193	349	25	positive	positive	ADJ
ajfa-193	349	26	(	(	PUNCT
ajfa-193	349	27	negative	negative	ADJ
ajfa-193	349	28	)	)	PUNCT
ajfa-193	349	29	because	because	SCONJ
ajfa-193	349	30	of	of	ADP
ajfa-193	349	31	an	an	DET
ajfa-193	349	32	increase	increase	NOUN
ajfa-193	349	33	(	(	PUNCT
ajfa-193	349	34	decrease	decrease	NOUN
ajfa-193	349	35	)	)	PUNCT
ajfa-193	349	36	in	in	ADP
ajfa-193	349	37	return	return	NOUN
ajfa-193	349	38	and	and	CCONJ
ajfa-193	349	39	liquidity	liquidity	NOUN
ajfa-193	349	40	compared	compare	VERB
ajfa-193	349	41	with	with	ADP
ajfa-193	349	42	a	a	DET
ajfa-193	349	43	bench	bench	NOUN
ajfa-193	349	44	mark	mark	NOUN
ajfa-193	349	45	.	.	PUNCT
ajfa-193	350	1	however	however	ADV
ajfa-193	350	2	,	,	PUNCT
ajfa-193	350	3	these	these	DET
ajfa-193	350	4	effects	effect	NOUN
ajfa-193	350	5	are	be	AUX
ajfa-193	350	6	not	not	PART
ajfa-193	350	7	symmetrical	symmetrical	ADJ
ajfa-193	350	8	.	.	PUNCT
ajfa-193	351	1	for	for	ADP
ajfa-193	351	2	instance	instance	NOUN
ajfa-193	351	3	,	,	PUNCT
ajfa-193	351	4	a	a	DET
ajfa-193	351	5	comparison	comparison	NOUN
ajfa-193	351	6	between	between	ADP
ajfa-193	351	7	findings	finding	NOUN
ajfa-193	351	8	in	in	ADP
ajfa-193	351	9	table	table	NOUN
ajfa-193	351	10	1	1	NUM
ajfa-193	351	11	and	and	CCONJ
ajfa-193	351	12	table	table	NOUN
ajfa-193	351	13	2	2	NUM
ajfa-193	351	14	suggests	suggest	VERB
ajfa-193	351	15	that	that	SCONJ
ajfa-193	351	16	the	the	DET
ajfa-193	351	17	magnitude	magnitude	NOUN
ajfa-193	351	18	of	of	ADP
ajfa-193	351	19	the	the	DET
ajfa-193	351	20	price	price	NOUN
ajfa-193	351	21	response	response	NOUN
ajfa-193	351	22	to	to	ADP
ajfa-193	351	23	additions	addition	NOUN
ajfa-193	351	24	is	be	AUX
ajfa-193	351	25	less	less	ADJ
ajfa-193	351	26	than	than	ADP
ajfa-193	351	27	that	that	PRON
ajfa-193	351	28	for	for	ADP
ajfa-193	351	29	deletions	deletion	NOUN
ajfa-193	351	30	.	.	PUNCT
ajfa-193	352	1	a	a	DET
ajfa-193	352	2	comparison	comparison	NOUN
ajfa-193	352	3	of	of	ADP
ajfa-193	352	4	figure	figure	NOUN
ajfa-193	352	5	4	4	NUM
ajfa-193	352	6	and	and	CCONJ
ajfa-193	352	7	figure	figure	VERB
ajfa-193	352	8	5	5	NUM
ajfa-193	352	9	also	also	ADV
ajfa-193	352	10	shows	show	VERB
ajfa-193	352	11	that	that	SCONJ
ajfa-193	352	12	the	the	DET
ajfa-193	352	13	drop	drop	NOUN
ajfa-193	352	14	in	in	ADP
ajfa-193	352	15	cumulative	cumulative	ADJ
ajfa-193	352	16	return	return	NOUN
ajfa-193	352	17	for	for	ADP
ajfa-193	352	18	deleted	delete	VERB
ajfa-193	352	19	asian	asian	ADJ
ajfa-193	352	20	journal	journal	NOUN
ajfa-193	352	21	of	of	ADP
ajfa-193	352	22	finance	finance	PROPN
ajfa-193	352	23	&	&	CCONJ
ajfa-193	352	24	accounting	accounting	PROPN
ajfa-193	352	25	issn	issn	PROPN
ajfa-193	352	26	1946	1946	NUM
ajfa-193	352	27	-	-	PUNCT
ajfa-193	352	28	052x	052x	NOUN
ajfa-193	352	29	2009	2009	NUM
ajfa-193	352	30	,	,	PUNCT
ajfa-193	352	31	vol	vol	NOUN
ajfa-193	352	32	.	.	PROPN
ajfa-193	352	33	1	1	NUM
ajfa-193	352	34	,	,	PUNCT
ajfa-193	352	35	no	no	INTJ
ajfa-193	352	36	.	.	NOUN
ajfa-193	352	37	2	2	NUM
ajfa-193	352	38	:	:	PUNCT
ajfa-193	352	39	e2	e2	NOUN
ajfa-193	352	40	44	44	NUM
ajfa-193	352	41	stocks	stock	NOUN
ajfa-193	352	42	totally	totally	ADV
ajfa-193	352	43	disappears	disappear	VERB
ajfa-193	352	44	around	around	ADP
ajfa-193	352	45	day	day	NOUN
ajfa-193	352	46	100	100	NUM
ajfa-193	352	47	and	and	CCONJ
ajfa-193	352	48	the	the	DET
ajfa-193	352	49	trend	trend	NOUN
ajfa-193	352	50	becomes	become	VERB
ajfa-193	352	51	horizontal	horizontal	ADJ
ajfa-193	352	52	for	for	ADP
ajfa-193	352	53	the	the	DET
ajfa-193	352	54	rest	rest	NOUN
ajfa-193	352	55	of	of	ADP
ajfa-193	352	56	the	the	DET
ajfa-193	352	57	study	study	NOUN
ajfa-193	352	58	period	period	NOUN
ajfa-193	352	59	,	,	PUNCT
ajfa-193	352	60	while	while	SCONJ
ajfa-193	352	61	for	for	ADP
ajfa-193	352	62	stock	stock	NOUN
ajfa-193	352	63	additions	addition	NOUN
ajfa-193	352	64	the	the	DET
ajfa-193	352	65	positive	positive	ADJ
ajfa-193	352	66	trend	trend	NOUN
ajfa-193	352	67	in	in	ADP
ajfa-193	352	68	cumulative	cumulative	ADJ
ajfa-193	352	69	returns	return	NOUN
ajfa-193	352	70	continues	continue	VERB
ajfa-193	352	71	to	to	ADP
ajfa-193	352	72	day	day	NOUN
ajfa-193	352	73	150	150	NUM
ajfa-193	352	74	,	,	PUNCT
ajfa-193	352	75	at	at	ADP
ajfa-193	352	76	a	a	DET
ajfa-193	352	77	rate	rate	NOUN
ajfa-193	352	78	that	that	PRON
ajfa-193	352	79	is	be	AUX
ajfa-193	352	80	much	much	ADV
ajfa-193	352	81	higher	high	ADJ
ajfa-193	352	82	than	than	ADP
ajfa-193	352	83	that	that	PRON
ajfa-193	352	84	of	of	ADP
ajfa-193	352	85	the	the	DET
ajfa-193	352	86	market	market	NOUN
ajfa-193	352	87	.	.	PUNCT
ajfa-193	353	1	the	the	DET
ajfa-193	353	2	latter	latter	ADJ
ajfa-193	353	3	evidence	evidence	NOUN
ajfa-193	353	4	suggests	suggest	VERB
ajfa-193	353	5	a	a	DET
ajfa-193	353	6	permanent	permanent	ADJ
ajfa-193	353	7	price	price	NOUN
ajfa-193	353	8	increase	increase	NOUN
ajfa-193	353	9	for	for	ADP
ajfa-193	353	10	index	index	NOUN
ajfa-193	353	11	additions	addition	NOUN
ajfa-193	353	12	,	,	PUNCT
ajfa-193	353	13	and	and	CCONJ
ajfa-193	353	14	a	a	DET
ajfa-193	353	15	temporary	temporary	ADJ
ajfa-193	353	16	price	price	NOUN
ajfa-193	353	17	decline	decline	NOUN
ajfa-193	353	18	for	for	ADP
ajfa-193	353	19	deletions	deletion	NOUN
ajfa-193	353	20	.	.	PUNCT
ajfa-193	354	1	these	these	PRON
ajfa-193	354	2	are	be	AUX
ajfa-193	354	3	consistent	consistent	ADJ
ajfa-193	354	4	with	with	ADP
ajfa-193	354	5	the	the	DET
ajfa-193	354	6	findings	finding	NOUN
ajfa-193	354	7	of	of	ADP
ajfa-193	354	8	chen	chen	PROPN
ajfa-193	354	9	et	et	PROPN
ajfa-193	354	10	al	al	PROPN
ajfa-193	354	11	.	.	PROPN
ajfa-193	355	1	(	(	PUNCT
ajfa-193	355	2	2004	2004	NUM
ajfa-193	355	3	)	)	PUNCT
ajfa-193	355	4	for	for	ADP
ajfa-193	355	5	developed	develop	VERB
ajfa-193	355	6	markets	market	NOUN
ajfa-193	355	7	,	,	PUNCT
ajfa-193	355	8	and	and	CCONJ
ajfa-193	355	9	especially	especially	ADV
ajfa-193	355	10	with	with	ADP
ajfa-193	355	11	the	the	DET
ajfa-193	355	12	results	result	NOUN
ajfa-193	355	13	of	of	ADP
ajfa-193	355	14	the	the	DET
ajfa-193	355	15	investigations	investigation	NOUN
ajfa-193	355	16	by	by	ADP
ajfa-193	355	17	hacibedel	hacibedel	NOUN
ajfa-193	355	18	and	and	CCONJ
ajfa-193	355	19	bommel	bommel	PROPN
ajfa-193	355	20	(	(	PUNCT
ajfa-193	355	21	2006	2006	NUM
ajfa-193	355	22	)	)	PUNCT
ajfa-193	355	23	,	,	PUNCT
ajfa-193	355	24	and	and	CCONJ
ajfa-193	355	25	hacibedel	hacibedel	NOUN
ajfa-193	355	26	(	(	PUNCT
ajfa-193	355	27	2007	2007	NUM
ajfa-193	355	28	)	)	PUNCT
ajfa-193	355	29	for	for	ADP
ajfa-193	355	30	the	the	DET
ajfa-193	355	31	emerging	emerge	VERB
ajfa-193	355	32	markets	market	NOUN
ajfa-193	355	33	.	.	PUNCT
ajfa-193	356	1	4	4	X
ajfa-193	356	2	.	.	X
ajfa-193	356	3	conclusion	conclusion	NOUN
ajfa-193	356	4	and	and	CCONJ
ajfa-193	356	5	limitations	limitation	NOUN
ajfa-193	356	6	we	we	PRON
ajfa-193	356	7	have	have	AUX
ajfa-193	356	8	investigated	investigate	VERB
ajfa-193	356	9	the	the	DET
ajfa-193	356	10	impacts	impact	NOUN
ajfa-193	356	11	of	of	ADP
ajfa-193	356	12	index	index	NOUN
ajfa-193	356	13	addition	addition	NOUN
ajfa-193	356	14	and	and	CCONJ
ajfa-193	356	15	deletion	deletion	NOUN
ajfa-193	356	16	on	on	ADP
ajfa-193	356	17	the	the	DET
ajfa-193	356	18	price	price	NOUN
ajfa-193	356	19	and	and	CCONJ
ajfa-193	356	20	liquidity	liquidity	NOUN
ajfa-193	356	21	of	of	ADP
ajfa-193	356	22	a	a	DET
ajfa-193	356	23	sample	sample	NOUN
ajfa-193	356	24	of	of	ADP
ajfa-193	356	25	stocks	stock	NOUN
ajfa-193	356	26	that	that	PRON
ajfa-193	356	27	were	be	AUX
ajfa-193	356	28	added	add	VERB
ajfa-193	356	29	to	to	ADP
ajfa-193	356	30	or	or	CCONJ
ajfa-193	356	31	deleted	delete	VERB
ajfa-193	356	32	from	from	ADP
ajfa-193	356	33	s&p	s&p	PROPN
ajfa-193	356	34	/	/	SYM
ajfa-193	356	35	citic	citic	ADJ
ajfa-193	356	36	300	300	NUM
ajfa-193	356	37	index	index	NOUN
ajfa-193	356	38	over	over	ADP
ajfa-193	356	39	the	the	DET
ajfa-193	356	40	period	period	NOUN
ajfa-193	356	41	october	october	PROPN
ajfa-193	356	42	2003	2003	NUM
ajfa-193	356	43	to	to	ADP
ajfa-193	356	44	august	august	PROPN
ajfa-193	356	45	2007	2007	NUM
ajfa-193	356	46	.	.	PUNCT
ajfa-193	357	1	we	we	PRON
ajfa-193	357	2	used	use	VERB
ajfa-193	357	3	an	an	DET
ajfa-193	357	4	event	event	NOUN
ajfa-193	357	5	study	study	NOUN
ajfa-193	357	6	methodology	methodology	NOUN
ajfa-193	357	7	to	to	PART
ajfa-193	357	8	estimate	estimate	VERB
ajfa-193	357	9	cumulative	cumulative	ADJ
ajfa-193	357	10	abnormal	abnormal	ADJ
ajfa-193	357	11	returns	return	NOUN
ajfa-193	357	12	in	in	ADP
ajfa-193	357	13	the	the	DET
ajfa-193	357	14	days	day	NOUN
ajfa-193	357	15	surrounding	surround	VERB
ajfa-193	357	16	the	the	DET
ajfa-193	357	17	event	event	NOUN
ajfa-193	357	18	for	for	ADP
ajfa-193	357	19	testing	test	VERB
ajfa-193	357	20	the	the	DET
ajfa-193	357	21	price	price	NOUN
ajfa-193	357	22	effect	effect	NOUN
ajfa-193	357	23	.	.	PUNCT
ajfa-193	358	1	changes	change	NOUN
ajfa-193	358	2	in	in	ADP
ajfa-193	358	3	liquidity	liquidity	NOUN
ajfa-193	358	4	of	of	ADP
ajfa-193	358	5	the	the	DET
ajfa-193	358	6	added	add	VERB
ajfa-193	358	7	and	and	CCONJ
ajfa-193	358	8	deleted	delete	VERB
ajfa-193	358	9	stocks	stock	NOUN
ajfa-193	358	10	were	be	AUX
ajfa-193	358	11	examined	examine	VERB
ajfa-193	358	12	by	by	ADP
ajfa-193	358	13	comparing	compare	VERB
ajfa-193	358	14	the	the	DET
ajfa-193	358	15	percentage	percentage	NOUN
ajfa-193	358	16	change	change	NOUN
ajfa-193	358	17	in	in	ADP
ajfa-193	358	18	the	the	DET
ajfa-193	358	19	percentage	percentage	NOUN
ajfa-193	358	20	bid	bid	NOUN
ajfa-193	358	21	–	–	PUNCT
ajfa-193	358	22	ask	ask	NOUN
ajfa-193	358	23	spread	spread	NOUN
ajfa-193	358	24	and	and	CCONJ
ajfa-193	358	25	in	in	ADP
ajfa-193	358	26	the	the	DET
ajfa-193	358	27	trading	trading	NOUN
ajfa-193	358	28	volume	volume	NOUN
ajfa-193	358	29	after	after	ADP
ajfa-193	358	30	the	the	DET
ajfa-193	358	31	event	event	NOUN
ajfa-193	358	32	,	,	PUNCT
ajfa-193	358	33	to	to	ADP
ajfa-193	358	34	a	a	DET
ajfa-193	358	35	base	base	ADJ
ajfa-193	358	36	period	period	NOUN
ajfa-193	358	37	before	before	ADP
ajfa-193	358	38	the	the	DET
ajfa-193	358	39	event	event	NOUN
ajfa-193	358	40	.	.	PUNCT
ajfa-193	359	1	our	our	PRON
ajfa-193	359	2	findings	finding	NOUN
ajfa-193	359	3	for	for	ADP
ajfa-193	359	4	index	index	NOUN
ajfa-193	359	5	addition	addition	NOUN
ajfa-193	359	6	show	show	VERB
ajfa-193	359	7	that	that	SCONJ
ajfa-193	359	8	cumulative	cumulative	ADJ
ajfa-193	359	9	abnormal	abnormal	ADJ
ajfa-193	359	10	returns	return	NOUN
ajfa-193	359	11	(	(	PUNCT
ajfa-193	359	12	cars	car	NOUN
ajfa-193	359	13	)	)	PUNCT
ajfa-193	359	14	are	be	AUX
ajfa-193	359	15	negative	negative	ADJ
ajfa-193	359	16	before	before	ADP
ajfa-193	359	17	the	the	DET
ajfa-193	359	18	event	event	NOUN
ajfa-193	359	19	day	day	NOUN
ajfa-193	359	20	,	,	PUNCT
ajfa-193	359	21	then	then	ADV
ajfa-193	359	22	start	start	VERB
ajfa-193	359	23	to	to	PART
ajfa-193	359	24	increase	increase	VERB
ajfa-193	359	25	and	and	CCONJ
ajfa-193	359	26	accumulate	accumulate	VERB
ajfa-193	359	27	for	for	ADP
ajfa-193	359	28	several	several	ADJ
ajfa-193	359	29	days	day	NOUN
ajfa-193	359	30	after	after	ADP
ajfa-193	359	31	the	the	DET
ajfa-193	359	32	event	event	NOUN
ajfa-193	359	33	day	day	NOUN
ajfa-193	359	34	.	.	PUNCT
ajfa-193	360	1	for	for	ADP
ajfa-193	360	2	deleted	delete	VERB
ajfa-193	360	3	firms	firm	NOUN
ajfa-193	360	4	,	,	PUNCT
ajfa-193	360	5	cars	car	NOUN
ajfa-193	360	6	are	be	AUX
ajfa-193	360	7	positive	positive	ADJ
ajfa-193	360	8	before	before	ADP
ajfa-193	360	9	the	the	DET
ajfa-193	360	10	announcement	announcement	NOUN
ajfa-193	360	11	day	day	NOUN
ajfa-193	360	12	,	,	PUNCT
ajfa-193	360	13	and	and	CCONJ
ajfa-193	360	14	then	then	ADV
ajfa-193	360	15	start	start	VERB
ajfa-193	360	16	to	to	PART
ajfa-193	360	17	decline	decline	VERB
ajfa-193	360	18	and	and	CCONJ
ajfa-193	360	19	become	become	VERB
ajfa-193	360	20	increasingly	increasingly	ADV
ajfa-193	360	21	negative	negative	ADJ
ajfa-193	360	22	after	after	ADP
ajfa-193	360	23	the	the	DET
ajfa-193	360	24	event	event	NOUN
ajfa-193	360	25	day	day	NOUN
ajfa-193	360	26	.	.	PUNCT
ajfa-193	361	1	we	we	PRON
ajfa-193	361	2	suspect	suspect	VERB
ajfa-193	361	3	that	that	SCONJ
ajfa-193	361	4	the	the	DET
ajfa-193	361	5	significant	significant	ADJ
ajfa-193	361	6	negative	negative	ADJ
ajfa-193	361	7	(	(	PUNCT
ajfa-193	361	8	positive	positive	ADJ
ajfa-193	361	9	)	)	PUNCT
ajfa-193	361	10	cars	car	NOUN
ajfa-193	361	11	prior	prior	ADV
ajfa-193	361	12	to	to	ADP
ajfa-193	361	13	addition	addition	NOUN
ajfa-193	361	14	(	(	PUNCT
ajfa-193	361	15	deletion	deletion	NOUN
ajfa-193	361	16	)	)	PUNCT
ajfa-193	361	17	are	be	AUX
ajfa-193	361	18	caused	cause	VERB
ajfa-193	361	19	by	by	ADP
ajfa-193	361	20	the	the	DET
ajfa-193	361	21	flow	flow	NOUN
ajfa-193	361	22	of	of	ADP
ajfa-193	361	23	false	false	ADJ
ajfa-193	361	24	information	information	NOUN
ajfa-193	361	25	from	from	ADP
ajfa-193	361	26	informed	informed	ADJ
ajfa-193	361	27	syndicate	syndicate	NOUN
ajfa-193	361	28	speculators	speculator	NOUN
ajfa-193	361	29	to	to	ADP
ajfa-193	361	30	uninformed	uninformed	ADJ
ajfa-193	361	31	investors	investor	NOUN
ajfa-193	361	32	,	,	PUNCT
ajfa-193	361	33	urging	urge	VERB
ajfa-193	361	34	them	they	PRON
ajfa-193	361	35	to	to	PART
ajfa-193	361	36	sell	sell	VERB
ajfa-193	361	37	(	(	PUNCT
ajfa-193	361	38	buy	buy	NOUN
ajfa-193	361	39	)	)	PUNCT
ajfa-193	361	40	affected	affect	VERB
ajfa-193	361	41	shares	share	NOUN
ajfa-193	361	42	.	.	PUNCT
ajfa-193	362	1	this	this	PRON
ajfa-193	362	2	puts	put	VERB
ajfa-193	362	3	temporary	temporary	ADJ
ajfa-193	362	4	downward	downward	ADJ
ajfa-193	362	5	(	(	PUNCT
ajfa-193	362	6	upward	upward	ADJ
ajfa-193	362	7	)	)	PUNCT
ajfa-193	362	8	pressure	pressure	NOUN
ajfa-193	362	9	on	on	ADP
ajfa-193	362	10	stock	stock	NOUN
ajfa-193	362	11	prices	price	NOUN
ajfa-193	362	12	and	and	CCONJ
ajfa-193	362	13	affects	affect	VERB
ajfa-193	362	14	cars	car	NOUN
ajfa-193	362	15	accordingly	accordingly	ADV
ajfa-193	362	16	.	.	PUNCT
ajfa-193	363	1	after	after	ADP
ajfa-193	363	2	the	the	DET
ajfa-193	363	3	event	event	NOUN
ajfa-193	363	4	,	,	PUNCT
ajfa-193	363	5	the	the	DET
ajfa-193	363	6	uninformed	uninformed	ADJ
ajfa-193	363	7	investors	investor	NOUN
ajfa-193	363	8	revise	revise	VERB
ajfa-193	363	9	their	their	PRON
ajfa-193	363	10	view	view	NOUN
ajfa-193	363	11	about	about	ADP
ajfa-193	363	12	the	the	DET
ajfa-193	363	13	added	add	VERB
ajfa-193	363	14	or	or	CCONJ
ajfa-193	363	15	deleted	delete	VERB
ajfa-193	363	16	shares	share	NOUN
ajfa-193	363	17	,	,	PUNCT
ajfa-193	363	18	causing	cause	VERB
ajfa-193	363	19	an	an	DET
ajfa-193	363	20	increase	increase	NOUN
ajfa-193	363	21	in	in	ADP
ajfa-193	363	22	cars	car	NOUN
ajfa-193	363	23	for	for	ADP
ajfa-193	363	24	the	the	DET
ajfa-193	363	25	addition	addition	NOUN
ajfa-193	363	26	and	and	CCONJ
ajfa-193	363	27	decrease	decrease	NOUN
ajfa-193	363	28	in	in	ADP
ajfa-193	363	29	cars	car	NOUN
ajfa-193	363	30	for	for	ADP
ajfa-193	363	31	the	the	DET
ajfa-193	363	32	deletion	deletion	NOUN
ajfa-193	363	33	.	.	PUNCT
ajfa-193	364	1	asian	asian	ADJ
ajfa-193	364	2	journal	journal	PROPN
ajfa-193	364	3	of	of	ADP
ajfa-193	364	4	finance	finance	PROPN
ajfa-193	364	5	&	&	CCONJ
ajfa-193	364	6	accounting	accounting	PROPN
ajfa-193	364	7	issn	issn	PROPN
ajfa-193	364	8	1946	1946	NUM
ajfa-193	364	9	-	-	PUNCT
ajfa-193	364	10	052x	052x	NOUN
ajfa-193	364	11	2009	2009	NUM
ajfa-193	364	12	,	,	PUNCT
ajfa-193	364	13	vol	vol	NOUN
ajfa-193	364	14	.	.	PROPN
ajfa-193	364	15	1	1	NUM
ajfa-193	364	16	,	,	PUNCT
ajfa-193	364	17	no	no	INTJ
ajfa-193	364	18	.	.	NOUN
ajfa-193	364	19	2	2	NUM
ajfa-193	364	20	:	:	PUNCT
ajfa-193	364	21	e2	e2	NOUN
ajfa-193	364	22	45	45	NUM
ajfa-193	364	23	trend	trend	NOUN
ajfa-193	364	24	analysis	analysis	NOUN
ajfa-193	364	25	based	base	VERB
ajfa-193	364	26	on	on	ADP
ajfa-193	364	27	the	the	DET
ajfa-193	364	28	cumulative	cumulative	ADJ
ajfa-193	364	29	returns	return	NOUN
ajfa-193	364	30	for	for	ADP
ajfa-193	364	31	the	the	DET
ajfa-193	364	32	added	add	VERB
ajfa-193	364	33	and	and	CCONJ
ajfa-193	364	34	the	the	DET
ajfa-193	364	35	deleted	delete	VERB
ajfa-193	364	36	firms	firm	NOUN
ajfa-193	364	37	also	also	ADV
ajfa-193	364	38	reveals	reveal	VERB
ajfa-193	364	39	that	that	SCONJ
ajfa-193	364	40	stock	stock	NOUN
ajfa-193	364	41	addition	addition	NOUN
ajfa-193	364	42	or	or	CCONJ
ajfa-193	364	43	deletion	deletion	NOUN
ajfa-193	364	44	is	be	AUX
ajfa-193	364	45	not	not	PART
ajfa-193	364	46	an	an	DET
ajfa-193	364	47	information	information	NOUN
ajfa-193	364	48	-	-	PUNCT
ajfa-193	364	49	free	free	ADJ
ajfa-193	364	50	event	event	NOUN
ajfa-193	364	51	.	.	PUNCT
ajfa-193	365	1	it	it	PRON
ajfa-193	365	2	is	be	AUX
ajfa-193	365	3	,	,	PUNCT
ajfa-193	365	4	in	in	ADP
ajfa-193	365	5	a	a	DET
ajfa-193	365	6	sense	sense	NOUN
ajfa-193	365	7	,	,	PUNCT
ajfa-193	365	8	the	the	DET
ajfa-193	365	9	performance	performance	NOUN
ajfa-193	365	10	of	of	ADP
ajfa-193	365	11	the	the	DET
ajfa-193	365	12	firms	firm	NOUN
ajfa-193	365	13	that	that	PRON
ajfa-193	365	14	leads	lead	VERB
ajfa-193	365	15	to	to	ADP
ajfa-193	365	16	their	their	PRON
ajfa-193	365	17	addition	addition	NOUN
ajfa-193	365	18	or	or	CCONJ
ajfa-193	365	19	deletion	deletion	NOUN
ajfa-193	365	20	in	in	ADP
ajfa-193	365	21	the	the	DET
ajfa-193	365	22	first	first	ADJ
ajfa-193	365	23	place	place	NOUN
ajfa-193	365	24	.	.	PUNCT
ajfa-193	366	1	this	this	PRON
ajfa-193	366	2	rules	rule	VERB
ajfa-193	366	3	out	out	ADP
ajfa-193	366	4	the	the	DET
ajfa-193	366	5	demand	demand	NOUN
ajfa-193	366	6	-	-	PUNCT
ajfa-193	366	7	based	base	VERB
ajfa-193	366	8	(	(	PUNCT
ajfa-193	366	9	information	information	NOUN
ajfa-193	366	10	-	-	PUNCT
ajfa-193	366	11	free	free	ADJ
ajfa-193	366	12	)	)	PUNCT
ajfa-193	366	13	explanations	explanation	NOUN
ajfa-193	366	14	of	of	ADP
ajfa-193	366	15	price	price	NOUN
ajfa-193	366	16	change	change	NOUN
ajfa-193	366	17	,	,	PUNCT
ajfa-193	366	18	leaving	leave	VERB
ajfa-193	366	19	some	some	DET
ajfa-193	366	20	room	room	NOUN
ajfa-193	366	21	for	for	ADP
ajfa-193	366	22	the	the	DET
ajfa-193	366	23	information	information	NOUN
ajfa-193	366	24	hypothesis	hypothesis	NOUN
ajfa-193	366	25	to	to	PART
ajfa-193	366	26	partially	partially	ADV
ajfa-193	366	27	explain	explain	VERB
ajfa-193	366	28	the	the	DET
ajfa-193	366	29	index	index	NOUN
ajfa-193	366	30	revision	revision	NOUN
ajfa-193	366	31	effects	effect	NOUN
ajfa-193	366	32	.	.	PUNCT
ajfa-193	367	1	furthermore	furthermore	ADV
ajfa-193	367	2	,	,	PUNCT
ajfa-193	367	3	we	we	PRON
ajfa-193	367	4	found	find	VERB
ajfa-193	367	5	evidence	evidence	NOUN
ajfa-193	367	6	of	of	ADP
ajfa-193	367	7	improved	improved	ADJ
ajfa-193	367	8	liquidity	liquidity	NOUN
ajfa-193	367	9	for	for	ADP
ajfa-193	367	10	stock	stock	NOUN
ajfa-193	367	11	additions	addition	NOUN
ajfa-193	367	12	and	and	CCONJ
ajfa-193	367	13	deletions	deletion	NOUN
ajfa-193	367	14	in	in	ADP
ajfa-193	367	15	the	the	DET
ajfa-193	367	16	longer	long	ADJ
ajfa-193	367	17	term	term	NOUN
ajfa-193	367	18	.	.	PUNCT
ajfa-193	368	1	for	for	ADP
ajfa-193	368	2	stock	stock	NOUN
ajfa-193	368	3	additions	addition	NOUN
ajfa-193	368	4	,	,	PUNCT
ajfa-193	368	5	we	we	PRON
ajfa-193	368	6	found	find	VERB
ajfa-193	368	7	a	a	DET
ajfa-193	368	8	significant	significant	ADJ
ajfa-193	368	9	increase	increase	NOUN
ajfa-193	368	10	in	in	ADP
ajfa-193	368	11	the	the	DET
ajfa-193	368	12	bid	bid	NOUN
ajfa-193	368	13	–	–	PUNCT
ajfa-193	368	14	ask	ask	NOUN
ajfa-193	368	15	spread	spread	VERB
ajfa-193	368	16	before	before	ADP
ajfa-193	368	17	the	the	DET
ajfa-193	368	18	event	event	NOUN
ajfa-193	368	19	and	and	CCONJ
ajfa-193	368	20	a	a	DET
ajfa-193	368	21	decline	decline	NOUN
ajfa-193	368	22	after	after	ADP
ajfa-193	368	23	the	the	DET
ajfa-193	368	24	event	event	NOUN
ajfa-193	368	25	,	,	PUNCT
ajfa-193	368	26	while	while	SCONJ
ajfa-193	368	27	the	the	DET
ajfa-193	368	28	volume	volume	NOUN
ajfa-193	368	29	of	of	ADP
ajfa-193	368	30	trade	trade	NOUN
ajfa-193	368	31	showed	show	VERB
ajfa-193	368	32	significant	significant	ADJ
ajfa-193	368	33	increases	increase	NOUN
ajfa-193	368	34	before	before	ADV
ajfa-193	368	35	and	and	CCONJ
ajfa-193	368	36	after	after	ADP
ajfa-193	368	37	the	the	DET
ajfa-193	368	38	event	event	NOUN
ajfa-193	368	39	.	.	PUNCT
ajfa-193	369	1	the	the	DET
ajfa-193	369	2	positive	positive	ADJ
ajfa-193	369	3	change	change	NOUN
ajfa-193	369	4	in	in	ADP
ajfa-193	369	5	the	the	DET
ajfa-193	369	6	bid	bid	NOUN
ajfa-193	369	7	–	–	PUNCT
ajfa-193	369	8	ask	ask	NOUN
ajfa-193	369	9	spread	spread	NOUN
ajfa-193	369	10	in	in	ADP
ajfa-193	369	11	the	the	DET
ajfa-193	369	12	pre	pre	ADJ
ajfa-193	369	13	-	-	ADJ
ajfa-193	369	14	event	event	ADJ
ajfa-193	369	15	period	period	NOUN
ajfa-193	369	16	,	,	PUNCT
ajfa-193	369	17	despite	despite	SCONJ
ajfa-193	369	18	substantial	substantial	ADJ
ajfa-193	369	19	increases	increase	NOUN
ajfa-193	369	20	in	in	ADP
ajfa-193	369	21	the	the	DET
ajfa-193	369	22	volume	volume	NOUN
ajfa-193	369	23	of	of	ADP
ajfa-193	369	24	trade	trade	NOUN
ajfa-193	369	25	,	,	PUNCT
ajfa-193	369	26	is	be	AUX
ajfa-193	369	27	attributed	attribute	VERB
ajfa-193	369	28	to	to	ADP
ajfa-193	369	29	the	the	DET
ajfa-193	369	30	increase	increase	NOUN
ajfa-193	369	31	in	in	ADP
ajfa-193	369	32	uncertainty	uncertainty	NOUN
ajfa-193	369	33	and	and	CCONJ
ajfa-193	369	34	asymmetric	asymmetric	ADJ
ajfa-193	369	35	information	information	NOUN
ajfa-193	369	36	around	around	ADP
ajfa-193	369	37	the	the	DET
ajfa-193	369	38	event	event	NOUN
ajfa-193	369	39	period	period	NOUN
ajfa-193	369	40	.	.	PUNCT
ajfa-193	370	1	according	accord	VERB
ajfa-193	370	2	to	to	ADP
ajfa-193	370	3	the	the	DET
ajfa-193	370	4	adverse	adverse	ADJ
ajfa-193	370	5	selection	selection	NOUN
ajfa-193	370	6	models	model	NOUN
ajfa-193	370	7	,	,	PUNCT
ajfa-193	370	8	the	the	DET
ajfa-193	370	9	bid	bid	NOUN
ajfa-193	370	10	–	–	PUNCT
ajfa-193	370	11	ask	ask	NOUN
ajfa-193	370	12	spread	spread	NOUN
ajfa-193	370	13	widens	widen	VERB
ajfa-193	370	14	in	in	ADP
ajfa-193	370	15	reaction	reaction	NOUN
ajfa-193	370	16	to	to	ADP
ajfa-193	370	17	the	the	DET
ajfa-193	370	18	increase	increase	NOUN
ajfa-193	370	19	in	in	ADP
ajfa-193	370	20	asymmetric	asymmetric	ADJ
ajfa-193	370	21	information	information	NOUN
ajfa-193	370	22	if	if	SCONJ
ajfa-193	370	23	liquidity	liquidity	NOUN
ajfa-193	370	24	suppliers	supplier	NOUN
ajfa-193	370	25	suspect	suspect	VERB
ajfa-193	370	26	that	that	SCONJ
ajfa-193	370	27	informed	inform	VERB
ajfa-193	370	28	traders	trader	NOUN
ajfa-193	370	29	may	may	AUX
ajfa-193	370	30	benefit	benefit	VERB
ajfa-193	370	31	from	from	ADP
ajfa-193	370	32	superior	superior	ADJ
ajfa-193	370	33	information	information	NOUN
ajfa-193	370	34	they	they	PRON
ajfa-193	370	35	possess	possess	VERB
ajfa-193	370	36	at	at	ADP
ajfa-193	370	37	their	their	PRON
ajfa-193	370	38	expense	expense	NOUN
ajfa-193	370	39	.	.	PUNCT
ajfa-193	371	1	however	however	ADV
ajfa-193	371	2	,	,	PUNCT
ajfa-193	371	3	for	for	ADP
ajfa-193	371	4	stock	stock	NOUN
ajfa-193	371	5	deletion	deletion	NOUN
ajfa-193	371	6	,	,	PUNCT
ajfa-193	371	7	the	the	DET
ajfa-193	371	8	volume	volume	NOUN
ajfa-193	371	9	of	of	ADP
ajfa-193	371	10	trade	trade	NOUN
ajfa-193	371	11	increases	increase	NOUN
ajfa-193	371	12	without	without	ADP
ajfa-193	371	13	significant	significant	ADJ
ajfa-193	371	14	change	change	NOUN
ajfa-193	371	15	in	in	ADP
ajfa-193	371	16	the	the	DET
ajfa-193	371	17	bid	bid	NOUN
ajfa-193	371	18	–	–	PUNCT
ajfa-193	371	19	ask	ask	NOUN
ajfa-193	371	20	spread	spread	NOUN
ajfa-193	371	21	.	.	PUNCT
ajfa-193	372	1	this	this	PRON
ajfa-193	372	2	has	have	AUX
ajfa-193	372	3	been	be	AUX
ajfa-193	372	4	attributed	attribute	VERB
ajfa-193	372	5	to	to	ADP
ajfa-193	372	6	short	short	ADJ
ajfa-193	372	7	-	-	PUNCT
ajfa-193	372	8	sale	sale	NOUN
ajfa-193	372	9	constraints	constraint	NOUN
ajfa-193	372	10	by	by	ADP
ajfa-193	372	11	baker	baker	PROPN
ajfa-193	372	12	and	and	CCONJ
ajfa-193	372	13	stein	stein	PROPN
ajfa-193	372	14	(	(	PUNCT
ajfa-193	372	15	2002	2002	NUM
ajfa-193	372	16	)	)	PUNCT
ajfa-193	372	17	.	.	PUNCT
ajfa-193	373	1	according	accord	VERB
ajfa-193	373	2	to	to	ADP
ajfa-193	373	3	this	this	DET
ajfa-193	373	4	view	view	NOUN
ajfa-193	373	5	,	,	PUNCT
ajfa-193	373	6	an	an	DET
ajfa-193	373	7	unusually	unusually	ADV
ajfa-193	373	8	liquid	liquid	ADJ
ajfa-193	373	9	market	market	NOUN
ajfa-193	373	10	is	be	AUX
ajfa-193	373	11	largely	largely	ADV
ajfa-193	373	12	dominated	dominate	VERB
ajfa-193	373	13	by	by	ADP
ajfa-193	373	14	irrational	irrational	ADJ
ajfa-193	373	15	investors	investor	NOUN
ajfa-193	373	16	who	who	PRON
ajfa-193	373	17	tend	tend	VERB
ajfa-193	373	18	to	to	PART
ajfa-193	373	19	under	under	VERB
ajfa-193	373	20	-	-	PUNCT
ajfa-193	373	21	react	react	NOUN
ajfa-193	373	22	to	to	ADP
ajfa-193	373	23	the	the	DET
ajfa-193	373	24	information	information	NOUN
ajfa-193	373	25	embodied	embody	VERB
ajfa-193	373	26	in	in	ADP
ajfa-193	373	27	either	either	PRON
ajfa-193	373	28	order	order	NOUN
ajfa-193	373	29	flow	flow	NOUN
ajfa-193	373	30	or	or	CCONJ
ajfa-193	373	31	equity	equity	NOUN
ajfa-193	373	32	issues	issue	NOUN
ajfa-193	373	33	.	.	PUNCT
ajfa-193	374	1	thus	thus	ADV
ajfa-193	374	2	,	,	PUNCT
ajfa-193	374	3	high	high	ADJ
ajfa-193	374	4	liquidity	liquidity	NOUN
ajfa-193	374	5	is	be	AUX
ajfa-193	374	6	a	a	DET
ajfa-193	374	7	sign	sign	NOUN
ajfa-193	374	8	of	of	ADP
ajfa-193	374	9	a	a	DET
ajfa-193	374	10	positive	positive	ADJ
ajfa-193	374	11	sentiment	sentiment	NOUN
ajfa-193	374	12	by	by	ADP
ajfa-193	374	13	irrational	irrational	ADJ
ajfa-193	374	14	investors	investor	NOUN
ajfa-193	374	15	,	,	PUNCT
ajfa-193	374	16	which	which	PRON
ajfa-193	374	17	may	may	AUX
ajfa-193	374	18	also	also	ADV
ajfa-193	374	19	have	have	AUX
ajfa-193	374	20	affected	affect	VERB
ajfa-193	374	21	cars	car	NOUN
ajfa-193	374	22	in	in	ADP
ajfa-193	374	23	the	the	DET
ajfa-193	374	24	event	event	NOUN
ajfa-193	374	25	study	study	NOUN
ajfa-193	374	26	tests	test	NOUN
ajfa-193	374	27	.	.	PUNCT
ajfa-193	375	1	based	base	VERB
ajfa-193	375	2	on	on	ADP
ajfa-193	375	3	the	the	DET
ajfa-193	375	4	evidence	evidence	NOUN
ajfa-193	375	5	discussed	discuss	VERB
ajfa-193	375	6	in	in	ADP
ajfa-193	375	7	sections	section	NOUN
ajfa-193	375	8	3.1	3.1	NUM
ajfa-193	375	9	and	and	CCONJ
ajfa-193	375	10	3.2	3.2	NUM
ajfa-193	375	11	,	,	PUNCT
ajfa-193	375	12	we	we	PRON
ajfa-193	375	13	can	can	AUX
ajfa-193	375	14	conclude	conclude	VERB
ajfa-193	375	15	that	that	SCONJ
ajfa-193	375	16	market	market	NOUN
ajfa-193	375	17	reaction	reaction	NOUN
ajfa-193	375	18	to	to	ADP
ajfa-193	375	19	a	a	DET
ajfa-193	375	20	stock	stock	NOUN
ajfa-193	375	21	addition	addition	NOUN
ajfa-193	375	22	(	(	PUNCT
ajfa-193	375	23	deletion	deletion	NOUN
ajfa-193	375	24	)	)	PUNCT
ajfa-193	375	25	has	have	AUX
ajfa-193	375	26	been	be	AUX
ajfa-193	375	27	generally	generally	ADV
ajfa-193	375	28	positive	positive	ADJ
ajfa-193	375	29	(	(	PUNCT
ajfa-193	375	30	negative	negative	ADJ
ajfa-193	375	31	)	)	PUNCT
ajfa-193	375	32	because	because	SCONJ
ajfa-193	375	33	of	of	ADP
ajfa-193	375	34	an	an	DET
ajfa-193	375	35	increase	increase	NOUN
ajfa-193	375	36	(	(	PUNCT
ajfa-193	375	37	decrease	decrease	NOUN
ajfa-193	375	38	)	)	PUNCT
ajfa-193	375	39	in	in	ADP
ajfa-193	375	40	return	return	NOUN
ajfa-193	375	41	and	and	CCONJ
ajfa-193	375	42	liquidity	liquidity	NOUN
ajfa-193	375	43	compared	compare	VERB
ajfa-193	375	44	with	with	ADP
ajfa-193	375	45	a	a	DET
ajfa-193	375	46	bench	bench	NOUN
ajfa-193	375	47	mark	mark	NOUN
ajfa-193	375	48	.	.	PUNCT
ajfa-193	376	1	however	however	ADV
ajfa-193	376	2	,	,	PUNCT
ajfa-193	376	3	these	these	DET
ajfa-193	376	4	effects	effect	NOUN
ajfa-193	376	5	are	be	AUX
ajfa-193	376	6	not	not	PART
ajfa-193	376	7	symmetrical	symmetrical	ADJ
ajfa-193	376	8	.	.	PUNCT
ajfa-193	377	1	a	a	DET
ajfa-193	377	2	comparison	comparison	NOUN
ajfa-193	377	3	of	of	ADP
ajfa-193	377	4	findings	finding	NOUN
ajfa-193	377	5	in	in	ADP
ajfa-193	377	6	table	table	NOUN
ajfa-193	377	7	1	1	NUM
ajfa-193	377	8	and	and	CCONJ
ajfa-193	377	9	table	table	NOUN
ajfa-193	377	10	2	2	NUM
ajfa-193	377	11	suggests	suggest	VERB
ajfa-193	377	12	that	that	SCONJ
ajfa-193	377	13	the	the	DET
ajfa-193	377	14	magnitude	magnitude	NOUN
ajfa-193	377	15	of	of	ADP
ajfa-193	377	16	the	the	DET
ajfa-193	377	17	price	price	NOUN
ajfa-193	377	18	response	response	NOUN
ajfa-193	377	19	to	to	ADP
ajfa-193	377	20	the	the	DET
ajfa-193	377	21	additions	addition	NOUN
ajfa-193	377	22	is	be	AUX
ajfa-193	377	23	less	less	ADJ
ajfa-193	377	24	than	than	ADP
ajfa-193	377	25	that	that	PRON
ajfa-193	377	26	of	of	ADP
ajfa-193	377	27	the	the	DET
ajfa-193	377	28	deletions	deletion	NOUN
ajfa-193	377	29	.	.	PUNCT
ajfa-193	378	1	a	a	DET
ajfa-193	378	2	comparison	comparison	NOUN
ajfa-193	378	3	of	of	ADP
ajfa-193	378	4	the	the	DET
ajfa-193	378	5	evidence	evidence	NOUN
ajfa-193	378	6	in	in	ADP
ajfa-193	378	7	figure	figure	NOUN
ajfa-193	378	8	4	4	NUM
ajfa-193	378	9	and	and	CCONJ
ajfa-193	378	10	figure	figure	VERB
ajfa-193	378	11	5	5	NUM
ajfa-193	378	12	also	also	ADV
ajfa-193	378	13	shows	show	VERB
ajfa-193	378	14	a	a	DET
ajfa-193	378	15	permanent	permanent	ADJ
ajfa-193	378	16	price	price	NOUN
ajfa-193	378	17	increase	increase	NOUN
ajfa-193	378	18	for	for	ADP
ajfa-193	378	19	index	index	NOUN
ajfa-193	378	20	additions	addition	NOUN
ajfa-193	378	21	,	,	PUNCT
ajfa-193	378	22	and	and	CCONJ
ajfa-193	378	23	a	a	DET
ajfa-193	378	24	temporary	temporary	ADJ
ajfa-193	378	25	price	price	NOUN
ajfa-193	378	26	decline	decline	NOUN
ajfa-193	378	27	for	for	ADP
ajfa-193	378	28	the	the	DET
ajfa-193	378	29	deletions	deletion	NOUN
ajfa-193	378	30	.	.	PUNCT
ajfa-193	379	1	these	these	DET
ajfa-193	379	2	findings	finding	NOUN
ajfa-193	379	3	are	be	AUX
ajfa-193	379	4	consistent	consistent	ADJ
ajfa-193	379	5	with	with	ADP
ajfa-193	379	6	the	the	DET
ajfa-193	379	7	findings	finding	NOUN
ajfa-193	379	8	of	of	ADP
ajfa-193	379	9	chen	chen	PROPN
ajfa-193	379	10	et	et	PROPN
ajfa-193	379	11	al	al	PROPN
ajfa-193	379	12	.	.	PROPN
ajfa-193	380	1	(	(	PUNCT
ajfa-193	380	2	2004	2004	NUM
ajfa-193	380	3	)	)	PUNCT
ajfa-193	380	4	for	for	ADP
ajfa-193	380	5	developed	develop	VERB
ajfa-193	380	6	markets	market	NOUN
ajfa-193	380	7	,	,	PUNCT
ajfa-193	380	8	and	and	CCONJ
ajfa-193	380	9	especially	especially	ADV
ajfa-193	380	10	with	with	ADP
ajfa-193	380	11	asian	asian	ADJ
ajfa-193	380	12	journal	journal	NOUN
ajfa-193	380	13	of	of	ADP
ajfa-193	380	14	finance	finance	PROPN
ajfa-193	380	15	&	&	CCONJ
ajfa-193	380	16	accounting	accounting	PROPN
ajfa-193	380	17	issn	issn	PROPN
ajfa-193	380	18	1946	1946	NUM
ajfa-193	380	19	-	-	PUNCT
ajfa-193	380	20	052x	052x	NOUN
ajfa-193	380	21	2009	2009	NUM
ajfa-193	380	22	,	,	PUNCT
ajfa-193	380	23	vol	vol	NOUN
ajfa-193	380	24	.	.	PROPN
ajfa-193	380	25	1	1	NUM
ajfa-193	380	26	,	,	PUNCT
ajfa-193	380	27	no	no	INTJ
ajfa-193	380	28	.	.	NOUN
ajfa-193	380	29	2	2	NUM
ajfa-193	380	30	:	:	PUNCT
ajfa-193	380	31	e2	e2	NOUN
ajfa-193	380	32	46	46	NUM
ajfa-193	380	33	the	the	DET
ajfa-193	380	34	results	result	NOUN
ajfa-193	380	35	of	of	ADP
ajfa-193	380	36	the	the	DET
ajfa-193	380	37	investigations	investigation	NOUN
ajfa-193	380	38	by	by	ADP
ajfa-193	380	39	hacibedel	hacibedel	NOUN
ajfa-193	380	40	and	and	CCONJ
ajfa-193	380	41	bommel	bommel	PROPN
ajfa-193	380	42	(	(	PUNCT
ajfa-193	380	43	2006	2006	NUM
ajfa-193	380	44	)	)	PUNCT
ajfa-193	380	45	,	,	PUNCT
ajfa-193	380	46	and	and	CCONJ
ajfa-193	380	47	hacibedel	hacibedel	NOUN
ajfa-193	380	48	(	(	PUNCT
ajfa-193	380	49	2007	2007	NUM
ajfa-193	380	50	)	)	PUNCT
ajfa-193	380	51	for	for	ADP
ajfa-193	380	52	the	the	DET
ajfa-193	380	53	emerging	emerge	VERB
ajfa-193	380	54	markets	market	NOUN
ajfa-193	380	55	.	.	PUNCT
ajfa-193	381	1	acknowledgement	acknowledgement	NOUN
ajfa-193	381	2	the	the	DET
ajfa-193	381	3	authors	author	NOUN
ajfa-193	381	4	wish	wish	VERB
ajfa-193	381	5	to	to	PART
ajfa-193	381	6	thank	thank	VERB
ajfa-193	381	7	two	two	NUM
ajfa-193	381	8	anonymous	anonymous	ADJ
ajfa-193	381	9	referees	referee	NOUN
ajfa-193	381	10	for	for	ADP
ajfa-193	381	11	their	their	PRON
ajfa-193	381	12	constructive	constructive	ADJ
ajfa-193	381	13	comments	comment	NOUN
ajfa-193	381	14	on	on	ADP
ajfa-193	381	15	an	an	DET
ajfa-193	381	16	earlier	early	ADJ
ajfa-193	381	17	draft	draft	NOUN
ajfa-193	381	18	of	of	ADP
ajfa-193	381	19	this	this	DET
ajfa-193	381	20	paper	paper	NOUN
ajfa-193	381	21	.	.	PUNCT
ajfa-193	382	1	references	reference	NOUN
ajfa-193	382	2	aharoney	aharoney	PROPN
ajfa-193	382	3	,	,	PUNCT
ajfa-193	382	4	j.	j.	PROPN
ajfa-193	382	5	,	,	PUNCT
ajfa-193	382	6	swary	swary	ADJ
ajfa-193	382	7	,	,	PUNCT
ajfa-193	382	8	i.	i.	NOUN
ajfa-193	382	9	(	(	PUNCT
ajfa-193	382	10	1984	1984	NUM
ajfa-193	382	11	)	)	PUNCT
ajfa-193	382	12	.	.	PUNCT
ajfa-193	383	1	quarterly	quarterly	ADJ
ajfa-193	383	2	dividends	dividend	NOUN
ajfa-193	383	3	and	and	CCONJ
ajfa-193	383	4	earning	earn	VERB
ajfa-193	383	5	announcements	announcement	NOUN
ajfa-193	383	6	and	and	CCONJ
ajfa-193	383	7	stockholders	stockholder	NOUN
ajfa-193	383	8	,	,	PUNCT
ajfa-193	383	9	returns	return	NOUN
ajfa-193	383	10	:	:	PUNCT
ajfa-193	383	11	an	an	DET
ajfa-193	383	12	empirical	empirical	ADJ
ajfa-193	383	13	analysis	analysis	NOUN
ajfa-193	383	14	,	,	PUNCT
ajfa-193	383	15	journal	journal	NOUN
ajfa-193	383	16	of	of	ADP
ajfa-193	383	17	finance	finance	NOUN
ajfa-193	383	18	,	,	PUNCT
ajfa-193	383	19	35	35	NUM
ajfa-193	383	20	,	,	PUNCT
ajfa-193	383	21	1	1	NUM
ajfa-193	383	22	-	-	SYM
ajfa-193	383	23	12	12	NUM
ajfa-193	383	24	amihud	amihud	ADJ
ajfa-193	383	25	,	,	PUNCT
ajfa-193	383	26	y.	y.	PROPN
ajfa-193	383	27	,	,	PUNCT
ajfa-193	383	28	mendelson	mendelson	PROPN
ajfa-193	383	29	,	,	PUNCT
ajfa-193	383	30	h.	h.	PROPN
ajfa-193	383	31	(	(	PUNCT
ajfa-193	383	32	1986	1986	NUM
ajfa-193	383	33	)	)	PUNCT
ajfa-193	383	34	.	.	PUNCT
ajfa-193	384	1	asset	asset	NOUN
ajfa-193	384	2	pricing	pricing	NOUN
ajfa-193	384	3	and	and	CCONJ
ajfa-193	384	4	the	the	DET
ajfa-193	384	5	bid	bid	NOUN
ajfa-193	384	6	–	–	PUNCT
ajfa-193	384	7	ask	ask	NOUN
ajfa-193	384	8	spread	spread	NOUN
ajfa-193	384	9	,	,	PUNCT
ajfa-193	384	10	journal	journal	NOUN
ajfa-193	384	11	of	of	ADP
ajfa-193	384	12	financial	financial	ADJ
ajfa-193	384	13	economics	economic	NOUN
ajfa-193	384	14	,	,	PUNCT
ajfa-193	384	15	17	17	NUM
ajfa-193	384	16	,	,	PUNCT
ajfa-193	384	17	223	223	NUM
ajfa-193	384	18	-	-	SYM
ajfa-193	384	19	249	249	NUM
ajfa-193	384	20	barberis	barberis	NOUN
ajfa-193	384	21	,	,	PUNCT
ajfa-193	384	22	n.	n.	NOUN
ajfa-193	384	23	,	,	PUNCT
ajfa-193	384	24	shleifer	shleifer	NOUN
ajfa-193	384	25	,	,	PUNCT
ajfa-193	384	26	a.	a.	PROPN
ajfa-193	384	27	,wurgler	,wurgler	PROPN
ajfa-193	384	28	,	,	PUNCT
ajfa-193	384	29	j.	j.	PROPN
ajfa-193	384	30	(	(	PUNCT
ajfa-193	384	31	2005	2005	NUM
ajfa-193	384	32	)	)	PUNCT
ajfa-193	384	33	.	.	PUNCT
ajfa-193	385	1	comovement	comovement	PROPN
ajfa-193	385	2	,	,	PUNCT
ajfa-193	385	3	journal	journal	NOUN
ajfa-193	385	4	of	of	ADP
ajfa-193	385	5	financial	financial	ADJ
ajfa-193	385	6	economics	economic	NOUN
ajfa-193	385	7	,	,	PUNCT
ajfa-193	385	8	75	75	NUM
ajfa-193	385	9	283–317	283–317	NUM
ajfa-193	385	10	baker	baker	NOUN
ajfa-193	385	11	,	,	PUNCT
ajfa-193	385	12	m.	m.	NOUN
ajfa-193	385	13	,	,	PUNCT
ajfa-193	385	14	stein	stein	PROPN
ajfa-193	385	15	,	,	PUNCT
ajfa-193	385	16	j.	j.	PROPN
ajfa-193	385	17	(	(	PUNCT
ajfa-193	385	18	2002	2002	NUM
ajfa-193	385	19	)	)	PUNCT
ajfa-193	385	20	.	.	PUNCT
ajfa-193	386	1	market	market	NOUN
ajfa-193	386	2	liquidity	liquidity	NOUN
ajfa-193	386	3	as	as	ADP
ajfa-193	386	4	a	a	DET
ajfa-193	386	5	sentiment	sentiment	NOUN
ajfa-193	386	6	indicator	indicator	NOUN
ajfa-193	386	7	,	,	PUNCT
ajfa-193	386	8	journal	journal	NOUN
ajfa-193	386	9	of	of	ADP
ajfa-193	386	10	financial	financial	ADJ
ajfa-193	386	11	markets	market	NOUN
ajfa-193	386	12	,	,	PUNCT
ajfa-193	386	13	7	7	NUM
ajfa-193	386	14	,	,	PUNCT
ajfa-193	386	15	271	271	NUM
ajfa-193	386	16	-	-	SYM
ajfa-193	386	17	299	299	NUM
ajfa-193	386	18	bekaert	bekaert	NOUN
ajfa-193	386	19	,	,	PUNCT
ajfa-193	386	20	g.	g.	PROPN
ajfa-193	386	21	,	,	PUNCT
ajfa-193	386	22	harvey	harvey	PROPN
ajfa-193	386	23	,	,	PUNCT
ajfa-193	386	24	c.	c.	PROPN
ajfa-193	386	25	(	(	PUNCT
ajfa-193	386	26	1997	1997	NUM
ajfa-193	386	27	)	)	PUNCT
ajfa-193	386	28	.	.	PUNCT
ajfa-193	387	1	emerging	emerge	VERB
ajfa-193	387	2	equity	equity	NOUN
ajfa-193	387	3	market	market	NOUN
ajfa-193	387	4	volatility	volatility	NOUN
ajfa-193	387	5	,	,	PUNCT
ajfa-193	387	6	journal	journal	NOUN
ajfa-193	387	7	of	of	ADP
ajfa-193	387	8	financial	financial	ADJ
ajfa-193	387	9	economics	economic	NOUN
ajfa-193	387	10	,	,	PUNCT
ajfa-193	387	11	43	43	NUM
ajfa-193	387	12	,	,	PUNCT
ajfa-193	387	13	29	29	NUM
ajfa-193	387	14	-	-	SYM
ajfa-193	387	15	77	77	NUM
ajfa-193	387	16	becker	becker	NOUN
ajfa-193	387	17	-	-	PUNCT
ajfa-193	387	18	blease	blease	NOUN
ajfa-193	387	19	,	,	PUNCT
ajfa-193	387	20	j.	j.	PROPN
ajfa-193	387	21	donna	donna	PROPN
ajfa-193	387	22	,	,	PUNCT
ajfa-193	387	23	l.	l.	PROPN
ajfa-193	387	24	(	(	PUNCT
ajfa-193	387	25	2006	2006	NUM
ajfa-193	387	26	)	)	PUNCT
ajfa-193	387	27	,	,	PUNCT
ajfa-193	387	28	stock	stock	NOUN
ajfa-193	387	29	liquidity	liquidity	NOUN
ajfa-193	387	30	and	and	CCONJ
ajfa-193	387	31	investment	investment	NOUN
ajfa-193	387	32	opportunities	opportunity	NOUN
ajfa-193	387	33	:	:	PUNCT
ajfa-193	387	34	evidence	evidence	NOUN
ajfa-193	387	35	from	from	ADP
ajfa-193	387	36	index	index	NOUN
ajfa-193	387	37	additions	addition	NOUN
ajfa-193	387	38	,	,	PUNCT
ajfa-193	387	39	financial	financial	ADJ
ajfa-193	387	40	management	management	NOUN
ajfa-193	387	41	association	association	NOUN
ajfa-193	387	42	,	,	PUNCT
ajfa-193	388	1	[	[	X
ajfa-193	388	2	online	online	X
ajfa-193	388	3	]	]	X
ajfa-193	388	4	,	,	PUNCT
ajfa-193	388	5	available	available	ADJ
ajfa-193	388	6	:	:	PUNCT
ajfa-193	388	7	http://www.findarticles.com/p/articles/mi_m4130	http://www.findarticles.com/p/articles/mi_m4130	PROPN
ajfa-193	388	8	(	(	PUNCT
ajfa-193	388	9	september	september	PROPN
ajfa-193	388	10	22	22	NUM
ajfa-193	388	11	,	,	PUNCT
ajfa-193	388	12	2009	2009	NUM
ajfa-193	388	13	)	)	PUNCT
ajfa-193	388	14	beneish	beneish	ADJ
ajfa-193	388	15	,	,	PUNCT
ajfa-193	388	16	m.	m.	NOUN
ajfa-193	388	17	,	,	PUNCT
ajfa-193	388	18	and	and	CCONJ
ajfa-193	388	19	whaley	whaley	PROPN
ajfa-193	388	20	,	,	PUNCT
ajfa-193	388	21	r.	r.	PROPN
ajfa-193	388	22	(	(	PUNCT
ajfa-193	388	23	1996	1996	NUM
ajfa-193	388	24	)	)	PUNCT
ajfa-193	388	25	.	.	PUNCT
ajfa-193	389	1	an	an	DET
ajfa-193	389	2	anatomy	anatomy	NOUN
ajfa-193	389	3	of	of	ADP
ajfa-193	389	4	the	the	DET
ajfa-193	389	5	“	"	PUNCT
ajfa-193	389	6	s&p	s&p	PROPN
ajfa-193	389	7	500	500	NUM
ajfa-193	389	8	game	game	NOUN
ajfa-193	389	9	”	"	PUNCT
ajfa-193	389	10	:	:	PUNCT
ajfa-193	389	11	the	the	DET
ajfa-193	389	12	effects	effect	NOUN
ajfa-193	389	13	of	of	ADP
ajfa-193	389	14	changing	change	VERB
ajfa-193	389	15	the	the	DET
ajfa-193	389	16	rules	rule	NOUN
ajfa-193	389	17	,	,	PUNCT
ajfa-193	389	18	journal	journal	NOUN
ajfa-193	389	19	of	of	ADP
ajfa-193	389	20	finance	finance	NOUN
ajfa-193	389	21	,	,	PUNCT
ajfa-193	389	22	51	51	NUM
ajfa-193	389	23	,	,	PUNCT
ajfa-193	389	24	1909	1909	NUM
ajfa-193	389	25	-	-	SYM
ajfa-193	389	26	1930	1930	NUM
ajfa-193	389	27	.	.	PUNCT
ajfa-193	390	1	boehmer	boehmer	PROPN
ajfa-193	390	2	,	,	PUNCT
ajfa-193	390	3	e.	e.	PROPN
ajfa-193	390	4	j.	j.	PROPN
ajfa-193	390	5	,	,	PUNCT
ajfa-193	390	6	poulsen	poulsen	PROPN
ajfa-193	390	7	,	,	PUNCT
ajfa-193	390	8	a.	a.	NOUN
ajfa-193	390	9	(	(	PUNCT
ajfa-193	390	10	1991	1991	NUM
ajfa-193	390	11	)	)	PUNCT
ajfa-193	390	12	.	.	PUNCT
ajfa-193	391	1	event	event	NOUN
ajfa-193	391	2	-	-	PUNCT
ajfa-193	391	3	study	study	NOUN
ajfa-193	391	4	methodology	methodology	NOUN
ajfa-193	391	5	under	under	ADP
ajfa-193	391	6	conditions	condition	NOUN
ajfa-193	391	7	of	of	ADP
ajfa-193	391	8	event	event	NOUN
ajfa-193	391	9	-	-	PUNCT
ajfa-193	391	10	induced	induce	VERB
ajfa-193	391	11	variance	variance	NOUN
ajfa-193	391	12	,	,	PUNCT
ajfa-193	391	13	journal	journal	NOUN
ajfa-193	391	14	of	of	ADP
ajfa-193	391	15	financial	financial	ADJ
ajfa-193	391	16	economics	economic	NOUN
ajfa-193	391	17	,	,	PUNCT
ajfa-193	391	18	30	30	NUM
ajfa-193	391	19	,	,	PUNCT
ajfa-193	391	20	253	253	NUM
ajfa-193	391	21	-	-	SYM
ajfa-193	391	22	72	72	NUM
ajfa-193	391	23	.	.	PUNCT
ajfa-193	392	1	http://ideas.repec.org/a/eee/finmar/v7y2004i3p271-299.html	http://ideas.repec.org/a/eee/finmar/v7y2004i3p271-299.html	AUX
ajfa-193	392	2	http://ideas.repec.org/s/eee/finmar.html	http://ideas.repec.org/s/eee/finmar.html	NOUN
ajfa-193	392	3	http://ideas.repec.org/s/eee/finmar.html	http://ideas.repec.org/s/eee/finmar.html	VERB
ajfa-193	392	4	http://www.findarticles.com/p/articles/mi_m4130	http://www.findarticles.com/p/articles/mi_m4130	PROPN
ajfa-193	392	5	asian	asian	ADJ
ajfa-193	392	6	journal	journal	NOUN
ajfa-193	392	7	of	of	ADP
ajfa-193	392	8	finance	finance	PROPN
ajfa-193	392	9	&	&	CCONJ
ajfa-193	392	10	accounting	accounting	PROPN
ajfa-193	392	11	issn	issn	PROPN
ajfa-193	392	12	1946	1946	NUM
ajfa-193	392	13	-	-	PUNCT
ajfa-193	392	14	052x	052x	NOUN
ajfa-193	392	15	2009	2009	NUM
ajfa-193	392	16	,	,	PUNCT
ajfa-193	392	17	vol	vol	NOUN
ajfa-193	392	18	.	.	PROPN
ajfa-193	393	1	1	1	NUM
ajfa-193	393	2	,	,	PUNCT
ajfa-193	393	3	no	no	INTJ
ajfa-193	393	4	.	.	NOUN
ajfa-193	393	5	2	2	NUM
ajfa-193	393	6	:	:	PUNCT
ajfa-193	393	7	e2	e2	PROPN
ajfa-193	393	8	47	47	NUM
ajfa-193	393	9	chan	chan	PROPN
ajfa-193	393	10	,	,	PUNCT
ajfa-193	393	11	k.	k.	PROPN
ajfa-193	393	12	,	,	PUNCT
ajfa-193	393	13	fung	fung	PROPN
ajfa-193	393	14	,	,	PUNCT
ajfa-193	393	15	h.	h.	PROPN
ajfa-193	393	16	,	,	PUNCT
ajfa-193	393	17	thapa	thapa	PROPN
ajfa-193	393	18	,	,	PUNCT
ajfa-193	393	19	s.	s.	PROPN
ajfa-193	393	20	(	(	PUNCT
ajfa-193	393	21	2007	2007	NUM
ajfa-193	393	22	)	)	PUNCT
ajfa-193	393	23	.	.	PUNCT
ajfa-193	394	1	china	china	PROPN
ajfa-193	394	2	financial	financial	PROPN
ajfa-193	394	3	research	research	PROPN
ajfa-193	394	4	:	:	PUNCT
ajfa-193	394	5	a	a	DET
ajfa-193	394	6	review	review	NOUN
ajfa-193	394	7	and	and	CCONJ
ajfa-193	394	8	synthesis	synthesis	NOUN
ajfa-193	394	9	,	,	PUNCT
ajfa-193	394	10	international	international	ADJ
ajfa-193	394	11	review	review	NOUN
ajfa-193	394	12	of	of	ADP
ajfa-193	394	13	economics	economic	NOUN
ajfa-193	394	14	and	and	CCONJ
ajfa-193	394	15	finance	finance	NOUN
ajfa-193	394	16	,	,	PUNCT
ajfa-193	394	17	16	16	NUM
ajfa-193	394	18	,	,	PUNCT
ajfa-193	394	19	416	416	NUM
ajfa-193	394	20	-	-	SYM
ajfa-193	394	21	428	428	NUM
ajfa-193	394	22	.	.	PUNCT
ajfa-193	395	1	chen	chen	PROPN
ajfa-193	395	2	,	,	PUNCT
ajfa-193	395	3	h.	h.	PROPN
ajfa-193	395	4	,	,	PUNCT
ajfa-193	395	5	noronha	noronha	NOUN
ajfa-193	395	6	,	,	PUNCT
ajfa-193	395	7	g.	g.	NOUN
ajfa-193	395	8	,	,	PUNCT
ajfa-193	395	9	singal	singal	NOUN
ajfa-193	395	10	,	,	PUNCT
ajfa-193	395	11	v.	v.	PROPN
ajfa-193	395	12	(	(	PUNCT
ajfa-193	395	13	2004	2004	NUM
ajfa-193	395	14	)	)	PUNCT
ajfa-193	395	15	.	.	PUNCT
ajfa-193	396	1	the	the	DET
ajfa-193	396	2	price	price	NOUN
ajfa-193	396	3	response	response	NOUN
ajfa-193	396	4	to	to	PART
ajfa-193	396	5	s&p500	s&p500	VERB
ajfa-193	396	6	index	index	NOUN
ajfa-193	396	7	additions	addition	NOUN
ajfa-193	396	8	and	and	CCONJ
ajfa-193	396	9	deletions	deletion	NOUN
ajfa-193	396	10	:	:	PUNCT
ajfa-193	396	11	evidence	evidence	NOUN
ajfa-193	396	12	of	of	ADP
ajfa-193	396	13	asymmetry	asymmetry	NOUN
ajfa-193	396	14	and	and	CCONJ
ajfa-193	396	15	a	a	DET
ajfa-193	396	16	new	new	ADJ
ajfa-193	396	17	explanation	explanation	NOUN
ajfa-193	396	18	,	,	PUNCT
ajfa-193	396	19	journal	journal	NOUN
ajfa-193	396	20	of	of	ADP
ajfa-193	396	21	finance	finance	NOUN
ajfa-193	396	22	,	,	PUNCT
ajfa-193	396	23	59	59	NUM
ajfa-193	396	24	,	,	PUNCT
ajfa-193	396	25	1901	1901	NUM
ajfa-193	396	26	-	-	SYM
ajfa-193	396	27	1929	1929	NUM
ajfa-193	396	28	chung	chung	PROPN
ajfa-193	396	29	,	,	PUNCT
ajfa-193	396	30	d.	d.	PROPN
ajfa-193	396	31	(	(	PUNCT
ajfa-193	396	32	1999	1999	NUM
ajfa-193	396	33	)	)	PUNCT
ajfa-193	396	34	.	.	PUNCT
ajfa-193	397	1	bid	bid	NOUN
ajfa-193	397	2	–	–	PUNCT
ajfa-193	397	3	ask	ask	VERB
ajfa-193	397	4	spread	spread	VERB
ajfa-193	397	5	components	component	NOUN
ajfa-193	397	6	in	in	ADP
ajfa-193	397	7	an	an	DET
ajfa-193	397	8	order	order	NOUN
ajfa-193	397	9	-	-	PUNCT
ajfa-193	397	10	driven	drive	VERB
ajfa-193	397	11	environment	environment	NOUN
ajfa-193	397	12	,	,	PUNCT
ajfa-193	397	13	journal	journal	NOUN
ajfa-193	397	14	of	of	ADP
ajfa-193	397	15	financial	financial	ADJ
ajfa-193	397	16	research	research	NOUN
ajfa-193	397	17	,	,	PUNCT
ajfa-193	397	18	22	22	NUM
ajfa-193	397	19	,	,	PUNCT
ajfa-193	397	20	227	227	NUM
ajfa-193	397	21	-	-	SYM
ajfa-193	397	22	246	246	NUM
ajfa-193	397	23	dhillon	dhillon	PROPN
ajfa-193	397	24	,	,	PUNCT
ajfa-193	397	25	u.	u.	PROPN
ajfa-193	397	26	,	,	PUNCT
ajfa-193	397	27	johnson	johnson	PROPN
ajfa-193	397	28	,	,	PUNCT
ajfa-193	397	29	h.	h.	PROPN
ajfa-193	397	30	(	(	PUNCT
ajfa-193	397	31	1991	1991	NUM
ajfa-193	397	32	)	)	PUNCT
ajfa-193	397	33	.	.	PUNCT
ajfa-193	398	1	changes	change	NOUN
ajfa-193	398	2	in	in	ADP
ajfa-193	398	3	the	the	DET
ajfa-193	398	4	standard	standard	NOUN
ajfa-193	398	5	and	and	CCONJ
ajfa-193	398	6	poors	poor	NOUN
ajfa-193	398	7	500	500	NUM
ajfa-193	398	8	list	list	NOUN
ajfa-193	398	9	,	,	PUNCT
ajfa-193	398	10	journal	journal	NOUN
ajfa-193	398	11	of	of	ADP
ajfa-193	398	12	business	business	NOUN
ajfa-193	398	13	,	,	PUNCT
ajfa-193	398	14	64	64	NUM
ajfa-193	398	15	,	,	PUNCT
ajfa-193	398	16	75	75	NUM
ajfa-193	398	17	-	-	SYM
ajfa-193	398	18	85	85	NUM
ajfa-193	398	19	easley	easley	PROPN
ajfa-193	398	20	,	,	PUNCT
ajfa-193	398	21	d.	d.	PROPN
ajfa-193	398	22	,	,	PUNCT
ajfa-193	398	23	o’hara	o’hara	NOUN
ajfa-193	398	24	,	,	PUNCT
ajfa-193	398	25	m.	m.	NOUN
ajfa-193	398	26	(	(	PUNCT
ajfa-193	398	27	1987	1987	NUM
ajfa-193	398	28	)	)	PUNCT
ajfa-193	398	29	.	.	PUNCT
ajfa-193	399	1	price	price	NOUN
ajfa-193	399	2	,	,	PUNCT
ajfa-193	399	3	trade	trade	NOUN
ajfa-193	399	4	size	size	NOUN
ajfa-193	399	5	and	and	CCONJ
ajfa-193	399	6	information	information	NOUN
ajfa-193	399	7	in	in	ADP
ajfa-193	399	8	securities	security	NOUN
ajfa-193	399	9	markets	market	NOUN
ajfa-193	399	10	,	,	PUNCT
ajfa-193	399	11	journal	journal	NOUN
ajfa-193	399	12	of	of	ADP
ajfa-193	399	13	financial	financial	ADJ
ajfa-193	399	14	economics	economic	NOUN
ajfa-193	399	15	,	,	PUNCT
ajfa-193	399	16	19	19	NUM
ajfa-193	399	17	,	,	PUNCT
ajfa-193	399	18	69	69	NUM
ajfa-193	399	19	-	-	SYM
ajfa-193	399	20	90	90	NUM
ajfa-193	399	21	.	.	PUNCT
ajfa-193	400	1	elliott	elliott	PROPN
ajfa-193	400	2	,	,	PUNCT
ajfa-193	400	3	w.	w.	PROPN
ajfa-193	400	4	,	,	PUNCT
ajfa-193	400	5	van	van	PROPN
ajfa-193	400	6	ness	ness	PROPN
ajfa-193	400	7	,	,	PUNCT
ajfa-193	400	8	b.	b.	PROPN
ajfa-193	400	9	,	,	PUNCT
ajfa-193	400	10	walker	walker	PROPN
ajfa-193	400	11	,	,	PUNCT
ajfa-193	400	12	m.	m.	NOUN
ajfa-193	400	13	,	,	PUNCT
ajfa-193	400	14	and	and	CCONJ
ajfa-193	400	15	warr	warr	PROPN
ajfa-193	400	16	,	,	PUNCT
ajfa-193	400	17	r.	r.	PROPN
ajfa-193	400	18	(	(	PUNCT
ajfa-193	400	19	2006	2006	NUM
ajfa-193	400	20	)	)	PUNCT
ajfa-193	400	21	.	.	PUNCT
ajfa-193	401	1	what	what	PRON
ajfa-193	401	2	drives	drive	VERB
ajfa-193	401	3	the	the	DET
ajfa-193	401	4	s&p	s&p	PROPN
ajfa-193	401	5	500	500	NUM
ajfa-193	401	6	inclusion	inclusion	NOUN
ajfa-193	401	7	effect	effect	NOUN
ajfa-193	401	8	?	?	PUNCT
ajfa-193	402	1	an	an	DET
ajfa-193	402	2	analytical	analytical	ADJ
ajfa-193	402	3	survey	survey	NOUN
ajfa-193	402	4	,	,	PUNCT
ajfa-193	402	5	financial	financial	ADJ
ajfa-193	402	6	management	management	NOUN
ajfa-193	402	7	,	,	PUNCT
ajfa-193	402	8	35	35	NUM
ajfa-193	402	9	,	,	PUNCT
ajfa-193	402	10	31	31	NUM
ajfa-193	402	11	-	-	SYM
ajfa-193	402	12	48	48	NUM
ajfa-193	402	13	.	.	PUNCT
ajfa-193	403	1	errunza	errunza	ADJ
ajfa-193	403	2	,	,	PUNCT
ajfa-193	403	3	v.	v.	ADV
ajfa-193	403	4	,	,	PUNCT
ajfa-193	403	5	losq	losq	NOUN
ajfa-193	403	6	,	,	PUNCT
ajfa-193	403	7	e.	e.	PROPN
ajfa-193	403	8	(	(	PUNCT
ajfa-193	403	9	1985	1985	NUM
ajfa-193	403	10	)	)	PUNCT
ajfa-193	403	11	.	.	PUNCT
ajfa-193	404	1	international	international	ADJ
ajfa-193	404	2	asset	asset	NOUN
ajfa-193	404	3	pricing	pricing	NOUN
ajfa-193	404	4	under	under	ADP
ajfa-193	404	5	mild	mild	ADJ
ajfa-193	404	6	segmentation	segmentation	NOUN
ajfa-193	404	7	:	:	PUNCT
ajfa-193	404	8	theory	theory	NOUN
ajfa-193	404	9	and	and	CCONJ
ajfa-193	404	10	test	test	NOUN
ajfa-193	404	11	,	,	PUNCT
ajfa-193	404	12	journal	journal	NOUN
ajfa-193	404	13	of	of	ADP
ajfa-193	404	14	finance	finance	NOUN
ajfa-193	404	15	,	,	PUNCT
ajfa-193	404	16	40	40	NUM
ajfa-193	404	17	,	,	PUNCT
ajfa-193	404	18	105	105	NUM
ajfa-193	404	19	-	-	SYM
ajfa-193	404	20	124	124	NUM
ajfa-193	404	21	.	.	PUNCT
ajfa-193	405	1	fama	fama	PROPN
ajfa-193	405	2	,	,	PUNCT
ajfa-193	405	3	e.	e.	PROPN
ajfa-193	405	4	french	french	PROPN
ajfa-193	405	5	,	,	PUNCT
ajfa-193	405	6	k.	k.	PROPN
ajfa-193	405	7	(	(	PUNCT
ajfa-193	405	8	1993	1993	NUM
ajfa-193	405	9	)	)	PUNCT
ajfa-193	405	10	.	.	PUNCT
ajfa-193	406	1	common	common	ADJ
ajfa-193	406	2	risk	risk	NOUN
ajfa-193	406	3	factors	factor	NOUN
ajfa-193	406	4	in	in	ADP
ajfa-193	406	5	the	the	DET
ajfa-193	406	6	returns	return	NOUN
ajfa-193	406	7	on	on	ADP
ajfa-193	406	8	stocks	stock	NOUN
ajfa-193	406	9	and	and	CCONJ
ajfa-193	406	10	bonds	bond	NOUN
ajfa-193	406	11	,	,	PUNCT
ajfa-193	406	12	journal	journal	NOUN
ajfa-193	406	13	of	of	ADP
ajfa-193	406	14	financial	financial	ADJ
ajfa-193	406	15	economics	economic	NOUN
ajfa-193	406	16	,	,	PUNCT
ajfa-193	406	17	33	33	NUM
ajfa-193	406	18	,	,	PUNCT
ajfa-193	406	19	3	3	NUM
ajfa-193	406	20	-	-	SYM
ajfa-193	406	21	56	56	NUM
ajfa-193	406	22	.	.	PUNCT
ajfa-193	407	1	frey	frey	PROPN
ajfa-193	407	2	,	,	PUNCT
ajfa-193	407	3	s.	s.	PROPN
ajfa-193	407	4	,	,	PUNCT
ajfa-193	407	5	grammig	grammig	PROPN
ajfa-193	407	6	,	,	PUNCT
ajfa-193	407	7	j.	j.	PROPN
ajfa-193	407	8	(	(	PUNCT
ajfa-193	407	9	2006	2006	NUM
ajfa-193	407	10	)	)	PUNCT
ajfa-193	407	11	.	.	PUNCT
ajfa-193	408	1	liquidity	liquidity	NOUN
ajfa-193	408	2	supply	supply	NOUN
ajfa-193	408	3	and	and	CCONJ
ajfa-193	408	4	adverse	adverse	ADJ
ajfa-193	408	5	selection	selection	NOUN
ajfa-193	408	6	in	in	ADP
ajfa-193	408	7	a	a	DET
ajfa-193	408	8	pure	pure	ADJ
ajfa-193	408	9	limit	limit	NOUN
ajfa-193	408	10	order	order	NOUN
ajfa-193	408	11	book	book	NOUN
ajfa-193	408	12	market	market	NOUN
ajfa-193	408	13	,	,	PUNCT
ajfa-193	408	14	empirical	empirical	ADJ
ajfa-193	408	15	economics	economic	NOUN
ajfa-193	408	16	,	,	PUNCT
ajfa-193	408	17	30	30	NUM
ajfa-193	408	18	,	,	PUNCT
ajfa-193	408	19	1007	1007	NUM
ajfa-193	408	20	-	-	SYM
ajfa-193	408	21	10033	10033	NUM
ajfa-193	408	22	.	.	PUNCT
ajfa-193	409	1	friedmann	friedmann	PROPN
ajfa-193	409	2	,	,	PUNCT
ajfa-193	409	3	r.	r.	NOUN
ajfa-193	409	4	,	,	PUNCT
ajfa-193	409	5	and	and	CCONJ
ajfa-193	409	6	sanddorf	sanddorf	NOUN
ajfa-193	409	7	-	-	PUNCT
ajfa-193	409	8	köhle	köhle	PROPN
ajfa-193	409	9	w.	w.	PROPN
ajfa-193	409	10	(	(	PUNCT
ajfa-193	409	11	2002	2002	NUM
ajfa-193	409	12	)	)	PUNCT
ajfa-193	409	13	.	.	PUNCT
ajfa-193	410	1	volatility	volatility	NOUN
ajfa-193	410	2	clustering	cluster	VERB
ajfa-193	410	3	and	and	CCONJ
ajfa-193	410	4	nontrading	nontrading	NOUN
ajfa-193	410	5	days	day	NOUN
ajfa-193	410	6	in	in	ADP
ajfa-193	410	7	chinese	chinese	ADJ
ajfa-193	410	8	stock	stock	NOUN
ajfa-193	410	9	markets	market	NOUN
ajfa-193	410	10	.	.	PUNCT
ajfa-193	411	1	journal	journal	PROPN
ajfa-193	411	2	of	of	ADP
ajfa-193	411	3	economics	economic	NOUN
ajfa-193	411	4	and	and	CCONJ
ajfa-193	411	5	business	business	NOUN
ajfa-193	411	6	,	,	PUNCT
ajfa-193	411	7	54	54	NUM
ajfa-193	411	8	,	,	PUNCT
ajfa-193	411	9	193	193	NUM
ajfa-193	411	10	-	-	SYM
ajfa-193	411	11	217	217	NUM
ajfa-193	411	12	.	.	PUNCT
ajfa-193	412	1	glosten	glosten	ADJ
ajfa-193	412	2	,	,	PUNCT
ajfa-193	412	3	l.	l.	PROPN
ajfa-193	412	4	(	(	PUNCT
ajfa-193	412	5	1994	1994	NUM
ajfa-193	412	6	)	)	PUNCT
ajfa-193	412	7	.	.	PUNCT
ajfa-193	413	1	equilibrium	equilibrium	NOUN
ajfa-193	413	2	in	in	ADP
ajfa-193	413	3	an	an	DET
ajfa-193	413	4	electronic	electronic	ADJ
ajfa-193	413	5	open	open	ADJ
ajfa-193	413	6	limit	limit	NOUN
ajfa-193	413	7	order	order	NOUN
ajfa-193	413	8	book	book	NOUN
ajfa-193	413	9	,	,	PUNCT
ajfa-193	413	10	journal	journal	NOUN
ajfa-193	413	11	of	of	ADP
ajfa-193	413	12	finance	finance	NOUN
ajfa-193	413	13	,	,	PUNCT
ajfa-193	413	14	49	49	NUM
ajfa-193	413	15	,	,	PUNCT
ajfa-193	413	16	1127	1127	NUM
ajfa-193	413	17	-	-	SYM
ajfa-193	413	18	61	61	NUM
ajfa-193	413	19	.	.	PUNCT
ajfa-193	414	1	http://www.allbusiness.com/journal-financial-research/41426-1.html	http://www.allbusiness.com/journal-financial-research/41426-1.html	PROPN
ajfa-193	414	2	http://www.allbusiness.com/journal-financial-research/41426-1.html	http://www.allbusiness.com/journal-financial-research/41426-1.html	PROPN
ajfa-193	414	3	http://www.springerlink.com/content/?author=joachim+grammig	http://www.springerlink.com/content/?author=joachim+grammig	PROPN
ajfa-193	414	4	http://www.springerlink.com/content/h02085uh2605/?p=01a32a7cac0742d4b3406d8c620b74d5&pi=0	http://www.springerlink.com/content/h02085uh2605/?p=01a32a7cac0742d4b3406d8c620b74d5&pi=0	PROPN
ajfa-193	414	5	http://ideas.repec.org/s/spr/empeco.html	http://ideas.repec.org/s/spr/empeco.html	PROPN
ajfa-193	414	6	asian	asian	PROPN
ajfa-193	414	7	journal	journal	PROPN
ajfa-193	414	8	of	of	ADP
ajfa-193	414	9	finance	finance	PROPN
ajfa-193	414	10	&	&	CCONJ
ajfa-193	414	11	accounting	accounting	PROPN
ajfa-193	414	12	issn	issn	PROPN
ajfa-193	414	13	1946	1946	NUM
ajfa-193	414	14	-	-	PUNCT
ajfa-193	414	15	052x	052x	NOUN
ajfa-193	414	16	2009	2009	NUM
ajfa-193	414	17	,	,	PUNCT
ajfa-193	414	18	vol	vol	NOUN
ajfa-193	414	19	.	.	PROPN
ajfa-193	414	20	1	1	NUM
ajfa-193	414	21	,	,	PUNCT
ajfa-193	414	22	no	no	INTJ
ajfa-193	414	23	.	.	NOUN
ajfa-193	414	24	2	2	NUM
ajfa-193	414	25	:	:	PUNCT
ajfa-193	414	26	e2	e2	PROPN
ajfa-193	414	27	48	48	NUM
ajfa-193	414	28	glosten	glosten	PROPN
ajfa-193	414	29	l.	l.	PROPN
ajfa-193	414	30	,	,	PUNCT
ajfa-193	414	31	harris	harris	PROPN
ajfa-193	414	32	,	,	PUNCT
ajfa-193	414	33	l.	l.	PROPN
ajfa-193	414	34	(	(	PUNCT
ajfa-193	414	35	1988	1988	NUM
ajfa-193	414	36	)	)	PUNCT
ajfa-193	414	37	.	.	PUNCT
ajfa-193	415	1	estimating	estimate	VERB
ajfa-193	415	2	the	the	DET
ajfa-193	415	3	components	component	NOUN
ajfa-193	415	4	of	of	ADP
ajfa-193	415	5	the	the	DET
ajfa-193	415	6	bid	bid	NOUN
ajfa-193	415	7	–	–	PUNCT
ajfa-193	415	8	ask	ask	NOUN
ajfa-193	415	9	spread	spread	NOUN
ajfa-193	415	10	,	,	PUNCT
ajfa-193	415	11	journal	journal	NOUN
ajfa-193	415	12	of	of	ADP
ajfa-193	415	13	financial	financial	ADJ
ajfa-193	415	14	economics	economic	NOUN
ajfa-193	415	15	,	,	PUNCT
ajfa-193	415	16	21	21	NUM
ajfa-193	415	17	,	,	PUNCT
ajfa-193	415	18	123	123	NUM
ajfa-193	415	19	-	-	SYM
ajfa-193	415	20	42	42	NUM
ajfa-193	415	21	.	.	PUNCT
ajfa-193	416	1	glosten	glosten	ADJ
ajfa-193	416	2	,	,	PUNCT
ajfa-193	416	3	l.	l.	PROPN
ajfa-193	416	4	milgrom	milgrom	PROPN
ajfa-193	416	5	,	,	PUNCT
ajfa-193	416	6	p.	p.	NOUN
ajfa-193	416	7	(	(	PUNCT
ajfa-193	416	8	1985	1985	NUM
ajfa-193	416	9	)	)	PUNCT
ajfa-193	416	10	.	.	PUNCT
ajfa-193	417	1	bid	bid	NOUN
ajfa-193	417	2	,	,	PUNCT
ajfa-193	417	3	ask	ask	NOUN
ajfa-193	417	4	,	,	PUNCT
ajfa-193	417	5	and	and	CCONJ
ajfa-193	417	6	the	the	DET
ajfa-193	417	7	transaction	transaction	NOUN
ajfa-193	417	8	prices	price	NOUN
ajfa-193	417	9	in	in	ADP
ajfa-193	417	10	a	a	DET
ajfa-193	417	11	specialist	specialist	ADJ
ajfa-193	417	12	market	market	NOUN
ajfa-193	417	13	with	with	ADP
ajfa-193	417	14	heterogeneously	heterogeneously	ADV
ajfa-193	417	15	informed	informed	ADJ
ajfa-193	417	16	traders	trader	NOUN
ajfa-193	417	17	,	,	PUNCT
ajfa-193	417	18	journal	journal	NOUN
ajfa-193	417	19	of	of	ADP
ajfa-193	417	20	financial	financial	ADJ
ajfa-193	417	21	economics	economic	NOUN
ajfa-193	417	22	,	,	PUNCT
ajfa-193	417	23	13	13	NUM
ajfa-193	417	24	,	,	PUNCT
ajfa-193	417	25	71	71	NUM
ajfa-193	417	26	-	-	SYM
ajfa-193	417	27	100	100	NUM
ajfa-193	417	28	.	.	PUNCT
ajfa-193	418	1	hacibedel	hacibedel	PROPN
ajfa-193	418	2	,	,	PUNCT
ajfa-193	418	3	b.	b.	PROPN
ajfa-193	418	4	(	(	PUNCT
ajfa-193	418	5	2007	2007	NUM
ajfa-193	418	6	)	)	PUNCT
ajfa-193	418	7	.	.	PUNCT
ajfa-193	419	1	why	why	SCONJ
ajfa-193	419	2	do	do	AUX
ajfa-193	419	3	index	index	NOUN
ajfa-193	419	4	changes	change	NOUN
ajfa-193	419	5	have	have	VERB
ajfa-193	419	6	price	price	NOUN
ajfa-193	419	7	effects	effect	NOUN
ajfa-193	419	8	?	?	PUNCT
ajfa-193	420	1	swedish	swedish	PROPN
ajfa-193	420	2	institute	institute	PROPN
ajfa-193	420	3	for	for	ADP
ajfa-193	420	4	financial	financial	ADJ
ajfa-193	420	5	research	research	NOUN
ajfa-193	420	6	,	,	PUNCT
ajfa-193	420	7	saltmätargatan	saltmätargatan	PROPN
ajfa-193	420	8	19a	19a	NUM
ajfa-193	420	9	,	,	PUNCT
ajfa-193	420	10	se-113	se-113	PROPN
ajfa-193	420	11	59	59	NUM
ajfa-193	420	12	stockholm	stockholm	PROPN
ajfa-193	420	13	,	,	PUNCT
ajfa-193	420	14	sweden	sweden	PROPN
ajfa-193	420	15	.	.	PUNCT
ajfa-193	421	1	hacibedel	hacibedel	PROPN
ajfa-193	421	2	,	,	PUNCT
ajfa-193	421	3	b.	b.	PROPN
ajfa-193	421	4	,	,	PUNCT
ajfa-193	421	5	bommel	bommel	PROPN
ajfa-193	421	6	,	,	PUNCT
ajfa-193	421	7	j.	j.	PROPN
ajfa-193	421	8	(	(	PUNCT
ajfa-193	421	9	2006	2006	NUM
ajfa-193	421	10	)	)	PUNCT
ajfa-193	421	11	.	.	PUNCT
ajfa-193	422	1	do	do	AUX
ajfa-193	422	2	emerging	emerge	VERB
ajfa-193	422	3	market	market	NOUN
ajfa-193	422	4	stocks	stock	NOUN
ajfa-193	422	5	benefit	benefit	VERB
ajfa-193	422	6	from	from	ADP
ajfa-193	422	7	index	index	NOUN
ajfa-193	422	8	inclusion	inclusion	NOUN
ajfa-193	422	9	?	?	PUNCT
ajfa-193	423	1	working	work	VERB
ajfa-193	423	2	papers	paper	NOUN
ajfa-193	423	3	,	,	PUNCT
ajfa-193	423	4	said	say	VERB
ajfa-193	423	5	business	business	NOUN
ajfa-193	423	6	school	school	NOUN
ajfa-193	423	7	,	,	PUNCT
ajfa-193	423	8	university	university	NOUN
ajfa-193	423	9	of	of	ADP
ajfa-193	423	10	oxford	oxford	PROPN
ajfa-193	423	11	.	.	PUNCT
ajfa-193	424	1	harris	harris	PROPN
ajfa-193	424	2	,	,	PUNCT
ajfa-193	424	3	l.	l.	PROPN
ajfa-193	424	4	,	,	PUNCT
ajfa-193	424	5	gurel	gurel	PROPN
ajfa-193	424	6	,	,	PUNCT
ajfa-193	424	7	e.	e.	PROPN
ajfa-193	424	8	(	(	PUNCT
ajfa-193	424	9	1986	1986	NUM
ajfa-193	424	10	)	)	PUNCT
ajfa-193	424	11	.	.	PUNCT
ajfa-193	425	1	price	price	NOUN
ajfa-193	425	2	and	and	CCONJ
ajfa-193	425	3	volume	volume	NOUN
ajfa-193	425	4	effects	effect	NOUN
ajfa-193	425	5	associated	associate	VERB
ajfa-193	425	6	with	with	ADP
ajfa-193	425	7	changes	change	NOUN
ajfa-193	425	8	in	in	ADP
ajfa-193	425	9	the	the	DET
ajfa-193	425	10	s&p	s&p	PROPN
ajfa-193	425	11	500	500	NUM
ajfa-193	425	12	:	:	PUNCT
ajfa-193	425	13	new	new	ADJ
ajfa-193	425	14	evidence	evidence	NOUN
ajfa-193	425	15	for	for	ADP
ajfa-193	425	16	the	the	DET
ajfa-193	425	17	existence	existence	NOUN
ajfa-193	425	18	of	of	ADP
ajfa-193	425	19	price	price	NOUN
ajfa-193	425	20	pressures	pressure	NOUN
ajfa-193	425	21	,	,	PUNCT
ajfa-193	425	22	journal	journal	NOUN
ajfa-193	425	23	of	of	ADP
ajfa-193	425	24	finance	finance	NOUN
ajfa-193	425	25	,	,	PUNCT
ajfa-193	425	26	41	41	NUM
ajfa-193	425	27	,	,	PUNCT
ajfa-193	425	28	815	815	NUM
ajfa-193	425	29	-	-	SYM
ajfa-193	425	30	830	830	NUM
ajfa-193	425	31	.	.	PUNCT
ajfa-193	425	32	hegde	hegde	PROPN
ajfa-193	425	33	,	,	PUNCT
ajfa-193	425	34	s.	s.	PROPN
ajfa-193	425	35	,	,	PUNCT
ajfa-193	425	36	mcdermott	mcdermott	PROPN
ajfa-193	425	37	,	,	PUNCT
ajfa-193	425	38	j.	j.	PROPN
ajfa-193	425	39	(	(	PUNCT
ajfa-193	425	40	2003	2003	NUM
ajfa-193	425	41	)	)	PUNCT
ajfa-193	425	42	.	.	PUNCT
ajfa-193	426	1	the	the	DET
ajfa-193	426	2	liquidity	liquidity	NOUN
ajfa-193	426	3	effects	effect	NOUN
ajfa-193	426	4	of	of	ADP
ajfa-193	426	5	revisions	revision	NOUN
ajfa-193	426	6	to	to	ADP
ajfa-193	426	7	the	the	DET
ajfa-193	426	8	s&p	s&p	PROPN
ajfa-193	426	9	500	500	NUM
ajfa-193	426	10	index	index	NOUN
ajfa-193	426	11	:	:	PUNCT
ajfa-193	426	12	an	an	DET
ajfa-193	426	13	empirical	empirical	ADJ
ajfa-193	426	14	analysis	analysis	NOUN
ajfa-193	426	15	,	,	PUNCT
ajfa-193	426	16	journal	journal	NOUN
ajfa-193	426	17	of	of	ADP
ajfa-193	426	18	financial	financial	ADJ
ajfa-193	426	19	markets	market	NOUN
ajfa-193	426	20	,	,	PUNCT
ajfa-193	426	21	6	6	NUM
ajfa-193	426	22	,	,	PUNCT
ajfa-193	426	23	413	413	NUM
ajfa-193	426	24	-	-	SYM
ajfa-193	426	25	459	459	NUM
ajfa-193	426	26	.	.	PUNCT
ajfa-193	427	1	hellwig	hellwig	PROPN
ajfa-193	427	2	,	,	PUNCT
ajfa-193	427	3	m.	m.	NOUN
ajfa-193	427	4	(	(	PUNCT
ajfa-193	427	5	1980	1980	NUM
ajfa-193	427	6	)	)	PUNCT
ajfa-193	427	7	.	.	PUNCT
ajfa-193	428	1	on	on	ADP
ajfa-193	428	2	the	the	DET
ajfa-193	428	3	aggregation	aggregation	NOUN
ajfa-193	428	4	of	of	ADP
ajfa-193	428	5	information	information	NOUN
ajfa-193	428	6	in	in	ADP
ajfa-193	428	7	competitive	competitive	ADJ
ajfa-193	428	8	markets	market	NOUN
ajfa-193	428	9	,	,	PUNCT
ajfa-193	428	10	journal	journal	NOUN
ajfa-193	428	11	of	of	ADP
ajfa-193	428	12	economic	economic	ADJ
ajfa-193	428	13	theory	theory	NOUN
ajfa-193	428	14	,	,	PUNCT
ajfa-193	428	15	22	22	NUM
ajfa-193	428	16	,	,	PUNCT
ajfa-193	428	17	477–498	477–498	NUM
ajfa-193	428	18	.	.	PUNCT
ajfa-193	428	19	kaul	kaul	PROPN
ajfa-193	428	20	,	,	PUNCT
ajfa-193	428	21	a.	a.	NOUN
ajfa-193	428	22	,	,	PUNCT
ajfa-193	428	23	mehrotra	mehrotra	PROPN
ajfa-193	428	24	,	,	PUNCT
ajfa-193	428	25	v.	v.	ADV
ajfa-193	428	26	,	,	PUNCT
ajfa-193	428	27	and	and	CCONJ
ajfa-193	428	28	morck	morck	PROPN
ajfa-193	428	29	,	,	PUNCT
ajfa-193	428	30	r.	r.	PROPN
ajfa-193	428	31	(	(	PUNCT
ajfa-193	428	32	2000	2000	NUM
ajfa-193	428	33	)	)	PUNCT
ajfa-193	428	34	.	.	PUNCT
ajfa-193	429	1	demand	demand	NOUN
ajfa-193	429	2	curves	curve	NOUN
ajfa-193	429	3	for	for	ADP
ajfa-193	429	4	stocks	stock	NOUN
ajfa-193	429	5	do	do	AUX
ajfa-193	429	6	slope	slope	VERB
ajfa-193	429	7	down	down	ADP
ajfa-193	429	8	:	:	PUNCT
ajfa-193	429	9	new	new	ADJ
ajfa-193	429	10	evidence	evidence	NOUN
ajfa-193	429	11	from	from	ADP
ajfa-193	429	12	an	an	DET
ajfa-193	429	13	index	index	NOUN
ajfa-193	429	14	weights	weight	VERB
ajfa-193	429	15	adjustment	adjustment	NOUN
ajfa-193	429	16	,	,	PUNCT
ajfa-193	429	17	journal	journal	NOUN
ajfa-193	429	18	of	of	ADP
ajfa-193	429	19	finance	finance	NOUN
ajfa-193	429	20	,	,	PUNCT
ajfa-193	429	21	55	55	NUM
ajfa-193	429	22	,	,	PUNCT
ajfa-193	429	23	893	893	NUM
ajfa-193	429	24	-	-	SYM
ajfa-193	429	25	912	912	NUM
ajfa-193	429	26	.	.	PUNCT
ajfa-193	430	1	jain	jain	PROPN
ajfa-193	430	2	,	,	PUNCT
ajfa-193	430	3	p.	p.	NOUN
ajfa-193	430	4	(	(	PUNCT
ajfa-193	430	5	1987	1987	NUM
ajfa-193	430	6	)	)	PUNCT
ajfa-193	430	7	.	.	PUNCT
ajfa-193	431	1	the	the	DET
ajfa-193	431	2	effect	effect	NOUN
ajfa-193	431	3	on	on	ADP
ajfa-193	431	4	stock	stock	NOUN
ajfa-193	431	5	price	price	NOUN
ajfa-193	431	6	of	of	ADP
ajfa-193	431	7	inclusion	inclusion	NOUN
ajfa-193	431	8	in	in	ADP
ajfa-193	431	9	or	or	CCONJ
ajfa-193	431	10	exclusion	exclusion	NOUN
ajfa-193	431	11	from	from	ADP
ajfa-193	431	12	the	the	DET
ajfa-193	431	13	s&p	s&p	PROPN
ajfa-193	431	14	500	500	NUM
ajfa-193	431	15	,	,	PUNCT
ajfa-193	431	16	financial	financial	ADJ
ajfa-193	431	17	analysts	analyst	NOUN
ajfa-193	431	18	journal	journal	NOUN
ajfa-193	431	19	,	,	PUNCT
ajfa-193	431	20	43	43	NUM
ajfa-193	431	21	,	,	PUNCT
ajfa-193	431	22	58	58	NUM
ajfa-193	431	23	-	-	SYM
ajfa-193	431	24	65	65	NUM
ajfa-193	431	25	.	.	PUNCT
ajfa-193	432	1	kang	kang	PROPN
ajfa-193	432	2	,	,	PUNCT
ajfa-193	432	3	j.	j.	PROPN
ajfa-193	432	4	,	,	PUNCT
ajfa-193	432	5	liu	liu	PROPN
ajfa-193	432	6	,	,	PUNCT
ajfa-193	432	7	m.	m.	NOUN
ajfa-193	432	8	,	,	PUNCT
ajfa-193	432	9	ni	ni	PROPN
ajfa-193	432	10	,	,	PUNCT
ajfa-193	432	11	s.	s.	PROPN
ajfa-193	432	12	(	(	PUNCT
ajfa-193	432	13	2002	2002	NUM
ajfa-193	432	14	)	)	PUNCT
ajfa-193	432	15	.	.	PUNCT
ajfa-193	433	1	contrarian	contrarian	ADJ
ajfa-193	433	2	and	and	CCONJ
ajfa-193	433	3	momentum	momentum	NOUN
ajfa-193	433	4	strategies	strategy	NOUN
ajfa-193	433	5	in	in	ADP
ajfa-193	433	6	the	the	DET
ajfa-193	433	7	china	china	PROPN
ajfa-193	433	8	stock	stock	NOUN
ajfa-193	433	9	market	market	NOUN
ajfa-193	433	10	:	:	PUNCT
ajfa-193	433	11	1993	1993	NUM
ajfa-193	433	12	-	-	SYM
ajfa-193	433	13	2000	2000	NUM
ajfa-193	433	14	.	.	PUNCT
ajfa-193	434	1	pacific	pacific	ADJ
ajfa-193	434	2	-	-	PUNCT
ajfa-193	434	3	basin	basin	NOUN
ajfa-193	434	4	finance	finance	NOUN
ajfa-193	434	5	journal	journal	NOUN
ajfa-193	434	6	,	,	PUNCT
ajfa-193	434	7	10	10	NUM
ajfa-193	434	8	,	,	PUNCT
ajfa-193	434	9	243	243	NUM
ajfa-193	434	10	-	-	SYM
ajfa-193	434	11	265	265	NUM
ajfa-193	434	12	.	.	PUNCT
ajfa-193	435	1	kothari	kothari	PROPN
ajfa-193	435	2	,	,	PUNCT
ajfa-193	435	3	s.	s.	PROPN
ajfa-193	435	4	,	,	PUNCT
ajfa-193	435	5	warner	warner	PROPN
ajfa-193	435	6	,	,	PUNCT
ajfa-193	435	7	j.	j.	PROPN
ajfa-193	435	8	(	(	PUNCT
ajfa-193	435	9	2004	2004	NUM
ajfa-193	435	10	)	)	PUNCT
ajfa-193	435	11	.	.	PUNCT
ajfa-193	436	1	econometrics	econometric	NOUN
ajfa-193	436	2	of	of	ADP
ajfa-193	436	3	event	event	NOUN
ajfa-193	436	4	studies	study	NOUN
ajfa-193	436	5	,	,	PUNCT
ajfa-193	436	6	working	working	NOUN
ajfa-193	436	7	paper	paper	NOUN
ajfa-193	436	8	,	,	PUNCT
ajfa-193	436	9	tuck	tuck	NOUN
ajfa-193	436	10	school	school	NOUN
ajfa-193	436	11	of	of	ADP
ajfa-193	436	12	business	business	NOUN
ajfa-193	436	13	at	at	ADP
ajfa-193	436	14	dartmouth	dartmouth	PROPN
ajfa-193	436	15	,	,	PUNCT
ajfa-193	436	16	hanover	hanover	PROPN
ajfa-193	436	17	,	,	PUNCT
ajfa-193	436	18	usa	usa	PROPN
ajfa-193	436	19	.	.	PROPN
ajfa-193	436	20	asian	asian	PROPN
ajfa-193	436	21	journal	journal	PROPN
ajfa-193	436	22	of	of	ADP
ajfa-193	436	23	finance	finance	PROPN
ajfa-193	436	24	&	&	CCONJ
ajfa-193	436	25	accounting	accounting	PROPN
ajfa-193	436	26	issn	issn	PROPN
ajfa-193	436	27	1946	1946	NUM
ajfa-193	436	28	-	-	PUNCT
ajfa-193	436	29	052x	052x	NOUN
ajfa-193	436	30	2009	2009	NUM
ajfa-193	436	31	,	,	PUNCT
ajfa-193	436	32	vol	vol	NOUN
ajfa-193	436	33	.	.	PROPN
ajfa-193	436	34	1	1	NUM
ajfa-193	436	35	,	,	PUNCT
ajfa-193	436	36	no	no	INTJ
ajfa-193	436	37	.	.	NOUN
ajfa-193	436	38	2	2	NUM
ajfa-193	436	39	:	:	PUNCT
ajfa-193	436	40	e2	e2	NOUN
ajfa-193	436	41	49	49	NUM
ajfa-193	436	42	lakhal	lakhal	NOUN
ajfa-193	436	43	,	,	PUNCT
ajfa-193	436	44	f.	f.	PROPN
ajfa-193	436	45	(	(	PUNCT
ajfa-193	436	46	2004	2004	NUM
ajfa-193	436	47	)	)	PUNCT
ajfa-193	436	48	.	.	PUNCT
ajfa-193	437	1	stock	stock	NOUN
ajfa-193	437	2	market	market	NOUN
ajfa-193	437	3	liquidity	liquidity	NOUN
ajfa-193	437	4	and	and	CCONJ
ajfa-193	437	5	information	information	NOUN
ajfa-193	437	6	asymmetry	asymmetry	NOUN
ajfa-193	437	7	around	around	ADP
ajfa-193	437	8	voluntary	voluntary	ADJ
ajfa-193	437	9	earnings	earning	NOUN
ajfa-193	437	10	announcements	announcement	NOUN
ajfa-193	437	11	:	:	PUNCT
ajfa-193	437	12	new	new	ADJ
ajfa-193	437	13	evidence	evidence	NOUN
ajfa-193	437	14	from	from	ADP
ajfa-193	437	15	france	france	PROPN
ajfa-193	437	16	,	,	PUNCT
ajfa-193	437	17	working	working	NOUN
ajfa-193	437	18	paper	paper	NOUN
ajfa-193	437	19	,	,	PUNCT
ajfa-193	437	20	université	université	PROPN
ajfa-193	437	21	paris	paris	PROPN
ajfa-193	437	22	xii	xii	PROPN
ajfa-193	437	23	,	,	PUNCT
ajfa-193	437	24	ssrn	ssrn	PROPN
ajfa-193	437	25	.	.	PUNCT
ajfa-193	438	1	lynch	lynch	PROPN
ajfa-193	438	2	,	,	PUNCT
ajfa-193	438	3	a.	a.	PROPN
ajfa-193	438	4	,	,	PUNCT
ajfa-193	438	5	and	and	CCONJ
ajfa-193	438	6	mendenhall	mendenhall	NOUN
ajfa-193	438	7	,	,	PUNCT
ajfa-193	438	8	r.	r.	PROPN
ajfa-193	438	9	(	(	PUNCT
ajfa-193	438	10	1997	1997	NUM
ajfa-193	438	11	)	)	PUNCT
ajfa-193	438	12	.	.	PUNCT
ajfa-193	439	1	new	new	ADJ
ajfa-193	439	2	evidence	evidence	NOUN
ajfa-193	439	3	on	on	ADP
ajfa-193	439	4	stock	stock	NOUN
ajfa-193	439	5	price	price	NOUN
ajfa-193	439	6	effects	effect	NOUN
ajfa-193	439	7	associated	associate	VERB
ajfa-193	439	8	with	with	ADP
ajfa-193	439	9	changes	change	NOUN
ajfa-193	439	10	in	in	ADP
ajfa-193	439	11	the	the	DET
ajfa-193	439	12	s&p	s&p	PROPN
ajfa-193	439	13	500	500	NUM
ajfa-193	439	14	index	index	NOUN
ajfa-193	439	15	,	,	PUNCT
ajfa-193	439	16	journal	journal	NOUN
ajfa-193	439	17	of	of	ADP
ajfa-193	439	18	business	business	NOUN
ajfa-193	439	19	,	,	PUNCT
ajfa-193	439	20	70	70	NUM
ajfa-193	439	21	,	,	PUNCT
ajfa-193	439	22	351	351	NUM
ajfa-193	439	23	-	-	SYM
ajfa-193	439	24	383	383	NUM
ajfa-193	439	25	.	.	PUNCT
ajfa-193	440	1	mackinlay	mackinlay	PROPN
ajfa-193	440	2	,	,	PUNCT
ajfa-193	440	3	a.	a.	NOUN
ajfa-193	440	4	(	(	PUNCT
ajfa-193	440	5	1997	1997	NUM
ajfa-193	440	6	)	)	PUNCT
ajfa-193	440	7	.	.	PUNCT
ajfa-193	441	1	event	event	NOUN
ajfa-193	441	2	studies	study	NOUN
ajfa-193	441	3	in	in	ADP
ajfa-193	441	4	economics	economic	NOUN
ajfa-193	441	5	and	and	CCONJ
ajfa-193	441	6	finance	finance	NOUN
ajfa-193	441	7	,	,	PUNCT
ajfa-193	441	8	journal	journal	NOUN
ajfa-193	441	9	of	of	ADP
ajfa-193	441	10	economic	economic	ADJ
ajfa-193	441	11	literature	literature	NOUN
ajfa-193	441	12	,	,	PUNCT
ajfa-193	441	13	35	35	NUM
ajfa-193	441	14	,	,	PUNCT
ajfa-193	441	15	13	13	NUM
ajfa-193	441	16	-	-	SYM
ajfa-193	441	17	39	39	NUM
ajfa-193	441	18	.	.	PUNCT
ajfa-193	442	1	merton	merton	PROPN
ajfa-193	442	2	,	,	PUNCT
ajfa-193	442	3	r.	r.	PROPN
ajfa-193	442	4	(	(	PUNCT
ajfa-193	442	5	1987	1987	NUM
ajfa-193	442	6	)	)	PUNCT
ajfa-193	442	7	.	.	PUNCT
ajfa-193	443	1	a	a	DET
ajfa-193	443	2	simple	simple	ADJ
ajfa-193	443	3	model	model	NOUN
ajfa-193	443	4	of	of	ADP
ajfa-193	443	5	capital	capital	NOUN
ajfa-193	443	6	market	market	NOUN
ajfa-193	443	7	equilibrium	equilibrium	NOUN
ajfa-193	443	8	with	with	ADP
ajfa-193	443	9	incomplete	incomplete	ADJ
ajfa-193	443	10	information	information	NOUN
ajfa-193	443	11	,	,	PUNCT
ajfa-193	443	12	journal	journal	NOUN
ajfa-193	443	13	of	of	ADP
ajfa-193	443	14	finance	finance	NOUN
ajfa-193	443	15	,	,	PUNCT
ajfa-193	443	16	42	42	NUM
ajfa-193	443	17	,	,	PUNCT
ajfa-193	443	18	483–510	483–510	NUM
ajfa-193	443	19	.	.	PUNCT
ajfa-193	444	1	peterson	peterson	PROPN
ajfa-193	444	2	,	,	PUNCT
ajfa-193	444	3	p.	p.	NOUN
ajfa-193	444	4	(	(	PUNCT
ajfa-193	444	5	1989	1989	NUM
ajfa-193	444	6	)	)	PUNCT
ajfa-193	444	7	.	.	PUNCT
ajfa-193	445	1	event	event	NOUN
ajfa-193	445	2	studies	study	NOUN
ajfa-193	445	3	:	:	PUNCT
ajfa-193	445	4	a	a	DET
ajfa-193	445	5	review	review	NOUN
ajfa-193	445	6	of	of	ADP
ajfa-193	445	7	issues	issue	NOUN
ajfa-193	445	8	and	and	CCONJ
ajfa-193	445	9	methodology	methodology	NOUN
ajfa-193	445	10	,	,	PUNCT
ajfa-193	445	11	quarterly	quarterly	ADJ
ajfa-193	445	12	journal	journal	NOUN
ajfa-193	445	13	of	of	ADP
ajfa-193	445	14	business	business	NOUN
ajfa-193	445	15	and	and	CCONJ
ajfa-193	445	16	economics	economic	NOUN
ajfa-193	445	17	,	,	PUNCT
ajfa-193	445	18	28	28	NUM
ajfa-193	445	19	,	,	PUNCT
ajfa-193	445	20	36	36	NUM
ajfa-193	445	21	-	-	SYM
ajfa-193	445	22	66	66	NUM
ajfa-193	445	23	.	.	PUNCT
ajfa-193	446	1	rendleman	rendleman	NOUN
ajfa-193	446	2	,	,	PUNCT
ajfa-193	446	3	r.	r.	PROPN
ajfa-193	446	4	,	,	PUNCT
ajfa-193	446	5	jones	jones	PROPN
ajfa-193	446	6	,	,	PUNCT
ajfa-193	446	7	c.	c.	PROPN
ajfa-193	446	8	,	,	PUNCT
ajfa-193	446	9	latane	latane	NOUN
ajfa-193	446	10	,	,	PUNCT
ajfa-193	446	11	h.	h.	PROPN
ajfa-193	446	12	(	(	PUNCT
ajfa-193	446	13	1982	1982	NUM
ajfa-193	446	14	)	)	PUNCT
ajfa-193	446	15	.	.	PUNCT
ajfa-193	447	1	empirical	empirical	ADJ
ajfa-193	447	2	anomalies	anomaly	NOUN
ajfa-193	447	3	based	base	VERB
ajfa-193	447	4	on	on	ADP
ajfa-193	447	5	unexpected	unexpected	ADJ
ajfa-193	447	6	earnings	earning	NOUN
ajfa-193	447	7	and	and	CCONJ
ajfa-193	447	8	the	the	DET
ajfa-193	447	9	importance	importance	NOUN
ajfa-193	447	10	of	of	ADP
ajfa-193	447	11	risk	risk	NOUN
ajfa-193	447	12	adjustment	adjustment	NOUN
ajfa-193	447	13	,	,	PUNCT
ajfa-193	447	14	journal	journal	NOUN
ajfa-193	447	15	of	of	ADP
ajfa-193	447	16	financial	financial	ADJ
ajfa-193	447	17	economics	economic	NOUN
ajfa-193	447	18	,	,	PUNCT
ajfa-193	447	19	10	10	NUM
ajfa-193	447	20	,	,	PUNCT
ajfa-193	447	21	268	268	NUM
ajfa-193	447	22	-	-	SYM
ajfa-193	447	23	87	87	NUM
ajfa-193	447	24	.	.	PUNCT
ajfa-193	448	1	scholes	schole	NOUN
ajfa-193	448	2	,	,	PUNCT
ajfa-193	448	3	m.	m.	NOUN
ajfa-193	448	4	,	,	PUNCT
ajfa-193	448	5	williams	williams	PROPN
ajfa-193	448	6	,	,	PUNCT
ajfa-193	448	7	j.	j.	PROPN
ajfa-193	448	8	,	,	PUNCT
ajfa-193	448	9	(	(	PUNCT
ajfa-193	448	10	1997	1997	NUM
ajfa-193	448	11	)	)	PUNCT
ajfa-193	448	12	.	.	PUNCT
ajfa-193	449	1	estimating	estimate	VERB
ajfa-193	449	2	betas	beta	NOUN
ajfa-193	449	3	from	from	ADP
ajfa-193	449	4	nonsynchronous	nonsynchronous	ADJ
ajfa-193	449	5	data	datum	NOUN
ajfa-193	449	6	,	,	PUNCT
ajfa-193	449	7	journal	journal	NOUN
ajfa-193	449	8	of	of	ADP
ajfa-193	449	9	financial	financial	ADJ
ajfa-193	449	10	economics	economic	NOUN
ajfa-193	449	11	,	,	PUNCT
ajfa-193	449	12	5	5	NUM
ajfa-193	449	13	,	,	PUNCT
ajfa-193	449	14	309	309	NUM
ajfa-193	449	15	-	-	SYM
ajfa-193	449	16	327	327	NUM
ajfa-193	449	17	.	.	PUNCT
ajfa-193	449	18	seddik	seddik	PROPN
ajfa-193	449	19	meziani	meziani	PROPN
ajfa-193	449	20	,	,	PUNCT
ajfa-193	449	21	a.	a.	NOUN
ajfa-193	449	22	(	(	PUNCT
ajfa-193	449	23	2008	2008	NUM
ajfa-193	449	24	)	)	PUNCT
ajfa-193	449	25	.	.	PUNCT
ajfa-193	450	1	evaluating	evaluate	VERB
ajfa-193	450	2	the	the	DET
ajfa-193	450	3	international	international	ADJ
ajfa-193	450	4	diversification	diversification	NOUN
ajfa-193	450	5	benefits	benefit	NOUN
ajfa-193	450	6	of	of	ADP
ajfa-193	450	7	china	china	PROPN
ajfa-193	450	8	’s	’s	PART
ajfa-193	450	9	new	new	ADJ
ajfa-193	450	10	indexes	index	NOUN
ajfa-193	450	11	,	,	PUNCT
ajfa-193	450	12	international	international	ADJ
ajfa-193	450	13	business	business	PROPN
ajfa-193	450	14	&	&	CCONJ
ajfa-193	450	15	economics	economics	PROPN
ajfa-193	450	16	research	research	PROPN
ajfa-193	450	17	journal	journal	PROPN
ajfa-193	450	18	,	,	PUNCT
ajfa-193	450	19	7	7	NUM
ajfa-193	450	20	,	,	PUNCT
ajfa-193	450	21	13	13	NUM
ajfa-193	450	22	-	-	SYM
ajfa-193	450	23	24	24	NUM
ajfa-193	450	24	.	.	PUNCT
ajfa-193	451	1	shleifer	shleifer	PROPN
ajfa-193	451	2	,	,	PUNCT
ajfa-193	451	3	a.	a.	NOUN
ajfa-193	451	4	(	(	PUNCT
ajfa-193	451	5	1986	1986	NUM
ajfa-193	451	6	)	)	PUNCT
ajfa-193	451	7	.	.	PUNCT
ajfa-193	452	1	do	do	AUX
ajfa-193	452	2	demand	demand	VERB
ajfa-193	452	3	curves	curve	NOUN
ajfa-193	452	4	for	for	ADP
ajfa-193	452	5	stocks	stock	NOUN
ajfa-193	452	6	slope	slope	VERB
ajfa-193	452	7	down	down	ADP
ajfa-193	452	8	?	?	PUNCT
ajfa-193	453	1	journal	journal	NOUN
ajfa-193	453	2	of	of	ADP
ajfa-193	453	3	finance	finance	NOUN
ajfa-193	453	4	,	,	PUNCT
ajfa-193	453	5	41	41	NUM
ajfa-193	453	6	,	,	PUNCT
ajfa-193	453	7	579	579	NUM
ajfa-193	453	8	-	-	SYM
ajfa-193	453	9	590	590	NUM
ajfa-193	453	10	.	.	PUNCT
ajfa-193	454	1	stoll	stoll	PROPN
ajfa-193	454	2	,	,	PUNCT
ajfa-193	454	3	h.	h.	PROPN
ajfa-193	454	4	(	(	PUNCT
ajfa-193	454	5	1989	1989	NUM
ajfa-193	454	6	)	)	PUNCT
ajfa-193	454	7	.	.	PUNCT
ajfa-193	455	1	inferring	infer	VERB
ajfa-193	455	2	the	the	DET
ajfa-193	455	3	components	component	NOUN
ajfa-193	455	4	of	of	ADP
ajfa-193	455	5	the	the	DET
ajfa-193	455	6	bid	bid	NOUN
ajfa-193	455	7	–	–	PUNCT
ajfa-193	455	8	ask	ask	NOUN
ajfa-193	455	9	spread	spread	NOUN
ajfa-193	455	10	:	:	PUNCT
ajfa-193	455	11	theory	theory	NOUN
ajfa-193	455	12	and	and	CCONJ
ajfa-193	455	13	empirical	empirical	ADJ
ajfa-193	455	14	tests	test	NOUN
ajfa-193	455	15	,	,	PUNCT
ajfa-193	455	16	journal	journal	NOUN
ajfa-193	455	17	of	of	ADP
ajfa-193	455	18	finance	finance	NOUN
ajfa-193	455	19	,	,	PUNCT
ajfa-193	455	20	44	44	NUM
ajfa-193	455	21	,	,	PUNCT
ajfa-193	455	22	115	115	NUM
ajfa-193	455	23	-	-	SYM
ajfa-193	455	24	134	134	NUM
ajfa-193	455	25	.	.	PUNCT
ajfa-193	456	1	venkatesh	venkatesh	PROPN
ajfa-193	456	2	,	,	PUNCT
ajfa-193	456	3	p.	p.	PROPN
ajfa-193	456	4	,	,	PUNCT
ajfa-193	456	5	chiang	chiang	PROPN
ajfa-193	456	6	,	,	PUNCT
ajfa-193	456	7	r.	r.	PROPN
ajfa-193	456	8	(	(	PUNCT
ajfa-193	456	9	1986	1986	NUM
ajfa-193	456	10	)	)	PUNCT
ajfa-193	456	11	.	.	PUNCT
ajfa-193	457	1	information	information	NOUN
ajfa-193	457	2	asymmetry	asymmetry	NOUN
ajfa-193	457	3	and	and	CCONJ
ajfa-193	457	4	the	the	DET
ajfa-193	457	5	dealers	dealer	NOUN
ajfa-193	457	6	’	'	PUNCT
ajfa-193	457	7	bid	bid	NOUN
ajfa-193	457	8	–	–	PUNCT
ajfa-193	457	9	ask	ask	NOUN
ajfa-193	457	10	spread	spread	NOUN
ajfa-193	457	11	:	:	PUNCT
ajfa-193	457	12	a	a	DET
ajfa-193	457	13	case	case	NOUN
ajfa-193	457	14	study	study	NOUN
ajfa-193	457	15	of	of	ADP
ajfa-193	457	16	earnings	earning	NOUN
ajfa-193	457	17	and	and	CCONJ
ajfa-193	457	18	divided	divide	VERB
ajfa-193	457	19	announcements	announcement	NOUN
ajfa-193	457	20	,	,	PUNCT
ajfa-193	457	21	journal	journal	NOUN
ajfa-193	457	22	of	of	ADP
ajfa-193	457	23	finance	finance	NOUN
ajfa-193	457	24	,	,	PUNCT
ajfa-193	457	25	61	61	NUM
ajfa-193	457	26	,	,	PUNCT
ajfa-193	457	27	1089	1089	NUM
ajfa-193	457	28	-	-	SYM
ajfa-193	457	29	1102	1102	NUM
ajfa-193	457	30	.	.	PUNCT
ajfa-193	458	1	asian	asian	ADJ
ajfa-193	458	2	journal	journal	PROPN
ajfa-193	458	3	of	of	ADP
ajfa-193	458	4	finance	finance	PROPN
ajfa-193	458	5	&	&	CCONJ
ajfa-193	458	6	accounting	accounting	PROPN
ajfa-193	458	7	issn	issn	PROPN
ajfa-193	458	8	1946	1946	NUM
ajfa-193	458	9	-	-	PUNCT
ajfa-193	458	10	052x	052x	NOUN
ajfa-193	458	11	2009	2009	NUM
ajfa-193	458	12	,	,	PUNCT
ajfa-193	458	13	vol	vol	NOUN
ajfa-193	458	14	.	.	PROPN
ajfa-193	458	15	1	1	NUM
ajfa-193	458	16	,	,	PUNCT
ajfa-193	458	17	no	no	INTJ
ajfa-193	458	18	.	.	NOUN
ajfa-193	458	19	2	2	NUM
ajfa-193	458	20	:	:	PUNCT
ajfa-193	458	21	e2	e2	PROPN
ajfa-193	458	22	50	50	NUM
ajfa-193	458	23	wang	wang	PROPN
ajfa-193	458	24	,	,	PUNCT
ajfa-193	458	25	j.	j.	PROPN
ajfa-193	458	26	(	(	PUNCT
ajfa-193	458	27	1994	1994	NUM
ajfa-193	458	28	)	)	PUNCT
ajfa-193	458	29	.	.	PUNCT
ajfa-193	459	1	a	a	DET
ajfa-193	459	2	model	model	NOUN
ajfa-193	459	3	of	of	ADP
ajfa-193	459	4	competitive	competitive	ADJ
ajfa-193	459	5	stock	stock	NOUN
ajfa-193	459	6	trading	trading	NOUN
ajfa-193	459	7	volume	volume	NOUN
ajfa-193	459	8	,	,	PUNCT
ajfa-193	459	9	journal	journal	NOUN
ajfa-193	459	10	of	of	ADP
ajfa-193	459	11	political	political	ADJ
ajfa-193	459	12	economy	economy	NOUN
ajfa-193	459	13	,	,	PUNCT
ajfa-193	459	14	102	102	NUM
ajfa-193	459	15	,	,	PUNCT
ajfa-193	459	16	127–168	127–168	NUM
ajfa-193	459	17	.	.	PUNCT
ajfa-193	460	1	wang	wang	PROPN
ajfa-193	460	2	,	,	PUNCT
ajfa-193	460	3	y.	y.	PROPN
ajfa-193	460	4	,	,	PUNCT
ajfa-193	460	5	iorio	iorio	PROPN
ajfa-193	460	6	,	,	PUNCT
ajfa-193	460	7	a.	a.	NOUN
ajfa-193	460	8	(	(	PUNCT
ajfa-193	460	9	2007	2007	NUM
ajfa-193	460	10	)	)	PUNCT
ajfa-193	460	11	.	.	PUNCT
ajfa-193	461	1	the	the	DET
ajfa-193	461	2	cross	cross	NOUN
ajfa-193	461	3	-	-	NOUN
ajfa-193	461	4	section	section	NOUN
ajfa-193	461	5	of	of	ADP
ajfa-193	461	6	expected	expect	VERB
ajfa-193	461	7	stock	stock	NOUN
ajfa-193	461	8	returns	return	NOUN
ajfa-193	461	9	in	in	ADP
ajfa-193	461	10	the	the	DET
ajfa-193	461	11	chinese	chinese	ADJ
ajfa-193	461	12	a	a	DET
ajfa-193	461	13	-	-	PUNCT
ajfa-193	461	14	share	share	NOUN
ajfa-193	461	15	market	market	NOUN
ajfa-193	461	16	,	,	PUNCT
ajfa-193	461	17	global	global	ADJ
ajfa-193	461	18	finance	finance	NOUN
ajfa-193	461	19	journal	journal	NOUN
ajfa-193	461	20	,	,	PUNCT
ajfa-193	461	21	17	17	NUM
ajfa-193	461	22	,	,	PUNCT
ajfa-193	461	23	335	335	NUM
ajfa-193	461	24	-	-	SYM
ajfa-193	461	25	349	349	NUM
ajfa-193	461	26	.	.	PUNCT
ajfa-193	461	27	wurgler	wurgler	NOUN
ajfa-193	461	28	,	,	PUNCT
ajfa-193	461	29	j.	j.	PROPN
ajfa-193	461	30	,	,	PUNCT
ajfa-193	461	31	zhuravskaya	zhuravskaya	PROPN
ajfa-193	461	32	,	,	PUNCT
ajfa-193	461	33	e.	e.	PROPN
ajfa-193	461	34	(	(	PUNCT
ajfa-193	461	35	2002	2002	NUM
ajfa-193	461	36	)	)	PUNCT
ajfa-193	461	37	.	.	PUNCT
ajfa-193	462	1	does	do	AUX
ajfa-193	462	2	arbitrage	arbitrage	NOUN
ajfa-193	462	3	flatten	flatten	VERB
ajfa-193	462	4	demand	demand	NOUN
ajfa-193	462	5	curves	curve	NOUN
ajfa-193	462	6	for	for	ADP
ajfa-193	462	7	stocks	stock	NOUN
ajfa-193	462	8	?	?	PUNCT
ajfa-193	463	1	journal	journal	NOUN
ajfa-193	463	2	of	of	ADP
ajfa-193	463	3	business	business	NOUN
ajfa-193	463	4	,	,	PUNCT
ajfa-193	463	5	75	75	NUM
ajfa-193	463	6	,	,	PUNCT
ajfa-193	463	7	583	583	NUM
ajfa-193	463	8	-	-	SYM
ajfa-193	463	9	60	60	NUM
ajfa-193	463	10	.	.	PUNCT
ajfa-193	464	1	xing	xing	PROPN
ajfa-193	464	2	,	,	PUNCT
ajfa-193	464	3	y.	y.	PROPN
ajfa-193	464	4	(	(	PUNCT
ajfa-193	464	5	2008	2008	NUM
ajfa-193	464	6	)	)	PUNCT
ajfa-193	464	7	.	.	PUNCT
ajfa-193	465	1	fdi	fdi	NOUN
ajfa-193	465	2	in	in	ADP
ajfa-193	465	3	china	china	PROPN
ajfa-193	465	4	:	:	PUNCT
ajfa-193	465	5	facts	fact	NOUN
ajfa-193	465	6	and	and	CCONJ
ajfa-193	465	7	impacts	impact	NOUN
ajfa-193	465	8	on	on	ADP
ajfa-193	465	9	china	china	PROPN
ajfa-193	465	10	and	and	CCONJ
ajfa-193	465	11	the	the	DET
ajfa-193	465	12	world	world	NOUN
ajfa-193	465	13	economy	economy	NOUN
ajfa-193	465	14	,	,	PUNCT
ajfa-193	465	15	working	working	NOUN
ajfa-193	465	16	papers	paper	NOUN
ajfa-193	465	17	,	,	PUNCT
ajfa-193	465	18	iuj	iuj	ADJ
ajfa-193	465	19	research	research	PROPN
ajfa-193	465	20	institute	institute	PROPN
ajfa-193	465	21	,	,	PUNCT
ajfa-193	465	22	international	international	PROPN
ajfa-193	465	23	university	university	PROPN
ajfa-193	465	24	of	of	ADP
ajfa-193	465	25	japan	japan	PROPN
ajfa-193	465	26	.	.	PUNCT
ajfa-193	466	1	asian	asian	ADJ
ajfa-193	466	2	journal	journal	PROPN
ajfa-193	466	3	of	of	ADP
ajfa-193	466	4	finance	finance	PROPN
ajfa-193	466	5	&	&	CCONJ
ajfa-193	466	6	accounting	accounting	PROPN
ajfa-193	466	7	issn	issn	PROPN
ajfa-193	466	8	1946	1946	NUM
ajfa-193	466	9	-	-	PUNCT
ajfa-193	466	10	052x	052x	NOUN
ajfa-193	466	11	2009	2009	NUM
ajfa-193	466	12	,	,	PUNCT
ajfa-193	466	13	vol	vol	NOUN
ajfa-193	466	14	.	.	PROPN
ajfa-193	466	15	1	1	NUM
ajfa-193	466	16	,	,	PUNCT
ajfa-193	466	17	no	no	INTJ
ajfa-193	466	18	.	.	NOUN
ajfa-193	466	19	2	2	NUM
ajfa-193	466	20	:	:	PUNCT
ajfa-193	466	21	e2	e2	NOUN
ajfa-193	466	22	51	51	NUM
ajfa-193	466	23	appendix	appendix	NOUN
ajfa-193	466	24	appendix	appendix	NOUN
ajfa-193	466	25	1	1	NUM
ajfa-193	466	26	.	.	PUNCT
ajfa-193	466	27	cumulative	cumulative	ADJ
ajfa-193	466	28	abnormal	abnormal	ADJ
ajfa-193	466	29	return	return	NOUN
ajfa-193	466	30	for	for	ADP
ajfa-193	466	31	index	index	NOUN
ajfa-193	466	32	additions	addition	NOUN
ajfa-193	466	33	during	during	ADP
ajfa-193	466	34	shorter	short	ADJ
ajfa-193	466	35	event	event	NOUN
ajfa-193	466	36	periods	period	VERB
ajfa-193	466	37	table	table	NOUN
ajfa-193	466	38	a1	a1	PROPN
ajfa-193	466	39	.	.	PUNCT
ajfa-193	467	1	cumulative	cumulative	ADJ
ajfa-193	467	2	abnormal	abnormal	ADJ
ajfa-193	467	3	return	return	NOUN
ajfa-193	467	4	for	for	ADP
ajfa-193	467	5	stock	stock	NOUN
ajfa-193	467	6	addition	addition	NOUN
ajfa-193	467	7	to	to	ADP
ajfa-193	467	8	s&p	s&p	PROPN
ajfa-193	467	9	/	/	SYM
ajfa-193	467	10	citic	citic	ADJ
ajfa-193	467	11	300	300	NUM
ajfa-193	467	12	index	index	NOUN
ajfa-193	467	13	ols	ol	NOUN
ajfa-193	467	14	market	market	NOUN
ajfa-193	467	15	model	model	NOUN
ajfa-193	467	16	scholes	scholes	PROPN
ajfa-193	467	17	-	-	PUNCT
ajfa-193	467	18	williams	williams	PROPN
ajfa-193	467	19	market	market	NOUN
ajfa-193	467	20	model	model	NOUN
ajfa-193	467	21	event	event	NOUN
ajfa-193	467	22	window	window	NOUN
ajfa-193	467	23	cumulative	cumulative	ADJ
ajfa-193	467	24	abnormal	abnormal	ADJ
ajfa-193	467	25	return	return	NOUN
ajfa-193	467	26	t	t	NOUN
ajfa-193	467	27	-	-	PUNCT
ajfa-193	467	28	statistic	statistic	NOUN
ajfa-193	467	29	cumulative	cumulative	ADJ
ajfa-193	467	30	abnormal	abnormal	ADJ
ajfa-193	467	31	return	return	NOUN
ajfa-193	467	32	t	t	NOUN
ajfa-193	467	33	-	-	PUNCT
ajfa-193	467	34	statistic	statistic	NOUN
ajfa-193	467	35	(	(	PUNCT
ajfa-193	467	36	–	–	PUNCT
ajfa-193	467	37	20	20	NUM
ajfa-193	467	38	,	,	PUNCT
ajfa-193	467	39	0	0	NUM
ajfa-193	467	40	)	)	PUNCT
ajfa-193	467	41	–	–	PUNCT
ajfa-193	467	42	6.58	6.58	NUM
ajfa-193	467	43	%	%	NOUN
ajfa-193	467	44	–	–	PUNCT
ajfa-193	467	45	3.787	3.787	NUM
ajfa-193	467	46	*	*	NOUN
ajfa-193	467	47	*	*	PUNCT
ajfa-193	467	48	*	*	PUNCT
ajfa-193	467	49	–	–	PUNCT
ajfa-193	467	50	6.45	6.45	NUM
ajfa-193	467	51	%	%	NOUN
ajfa-193	467	52	–	–	PUNCT
ajfa-193	467	53	3.703	3.703	NUM
ajfa-193	467	54	*	*	PUNCT
ajfa-193	467	55	*	*	PUNCT
ajfa-193	467	56	*	*	PUNCT
ajfa-193	467	57	(	(	PUNCT
ajfa-193	467	58	–	–	PUNCT
ajfa-193	467	59	10	10	NUM
ajfa-193	467	60	,	,	PUNCT
ajfa-193	467	61	0	0	NUM
ajfa-193	467	62	)	)	PUNCT
ajfa-193	467	63	–	–	PUNCT
ajfa-193	467	64	5.28	5.28	NUM
ajfa-193	467	65	%	%	NOUN
ajfa-193	467	66	–	–	PUNCT
ajfa-193	467	67	3.926	3.926	NUM
ajfa-193	467	68	*	*	PUNCT
ajfa-193	467	69	*	*	PUNCT
ajfa-193	467	70	*	*	PUNCT
ajfa-193	467	71	–	–	PUNCT
ajfa-193	467	72	5.19	5.19	NUM
ajfa-193	467	73	%	%	NOUN
ajfa-193	467	74	–	–	PUNCT
ajfa-193	467	75	3.881	3.881	NUM
ajfa-193	467	76	*	*	PUNCT
ajfa-193	467	77	*	*	PUNCT
ajfa-193	467	78	*	*	PUNCT
ajfa-193	467	79	(	(	PUNCT
ajfa-193	467	80	–	–	PUNCT
ajfa-193	467	81	5	5	NUM
ajfa-193	467	82	,	,	PUNCT
ajfa-193	467	83	0	0	NUM
ajfa-193	467	84	)	)	PUNCT
ajfa-193	467	85	–	–	PUNCT
ajfa-193	467	86	1.96	1.96	NUM
ajfa-193	467	87	%	%	NOUN
ajfa-193	467	88	–	–	PUNCT
ajfa-193	467	89	2.029	2.029	NUM
ajfa-193	467	90	*	*	PUNCT
ajfa-193	467	91	–	–	PUNCT
ajfa-193	467	92	1.85	1.85	NUM
ajfa-193	467	93	%	%	NOUN
ajfa-193	467	94	–	–	PUNCT
ajfa-193	467	95	1.921	1.921	NUM
ajfa-193	467	96	*	*	SYM
ajfa-193	467	97	0	0	NUM
ajfa-193	467	98	–	–	PUNCT
ajfa-193	467	99	0.89	0.89	NUM
ajfa-193	467	100	%	%	NOUN
ajfa-193	467	101	–	–	PUNCT
ajfa-193	467	102	1.552	1.552	NUM
ajfa-193	467	103	$	$	NUM
ajfa-193	467	104	–	–	PUNCT
ajfa-193	467	105	0.80	0.80	NUM
ajfa-193	467	106	%	%	NOUN
ajfa-193	467	107	–	–	PUNCT
ajfa-193	467	108	1.392	1.392	NUM
ajfa-193	467	109	$	$	NUM
ajfa-193	467	110	(	(	PUNCT
ajfa-193	467	111	0	0	NUM
ajfa-193	467	112	,	,	PUNCT
ajfa-193	467	113	+5	+5	PROPN
ajfa-193	467	114	)	)	PUNCT
ajfa-193	467	115	–	–	PUNCT
ajfa-193	467	116	1.41	1.41	NUM
ajfa-193	467	117	%	%	NOUN
ajfa-193	467	118	–	–	PUNCT
ajfa-193	467	119	1.535	1.535	NUM
ajfa-193	467	120	$	$	NUM
ajfa-193	467	121	–	–	PUNCT
ajfa-193	467	122	1.16	1.16	NUM
ajfa-193	467	123	%	%	NOUN
ajfa-193	467	124	–	–	PUNCT
ajfa-193	467	125	1.224	1.224	NUM
ajfa-193	467	126	(	(	PUNCT
ajfa-193	467	127	0	0	NUM
ajfa-193	467	128	,	,	PUNCT
ajfa-193	467	129	+10	+10	NOUN
ajfa-193	467	130	)	)	PUNCT
ajfa-193	467	131	–	–	PUNCT
ajfa-193	467	132	0.68	0.68	NUM
ajfa-193	467	133	%	%	NOUN
ajfa-193	467	134	–	–	PUNCT
ajfa-193	467	135	0.643	0.643	NUM
ajfa-193	467	136	–	–	PUNCT
ajfa-193	467	137	0.39	0.39	NUM
ajfa-193	467	138	%	%	NOUN
ajfa-193	467	139	–	–	PUNCT
ajfa-193	467	140	0.367	0.367	NUM
ajfa-193	467	141	(	(	PUNCT
ajfa-193	467	142	0	0	NUM
ajfa-193	467	143	,	,	PUNCT
ajfa-193	467	144	+20	+20	NUM
ajfa-193	467	145	)	)	PUNCT
ajfa-193	467	146	–	–	PUNCT
ajfa-193	467	147	1.46	1.46	NUM
ajfa-193	467	148	%	%	NOUN
ajfa-193	467	149	–	–	PUNCT
ajfa-193	467	150	0.914	0.914	NUM
ajfa-193	467	151	–	–	PUNCT
ajfa-193	467	152	1.34	1.34	NUM
ajfa-193	467	153	%	%	NOUN
ajfa-193	467	154	–	–	PUNCT
ajfa-193	467	155	0.831	0.831	NUM
ajfa-193	467	156	note	note	NOUN
ajfa-193	467	157	:	:	PUNCT
ajfa-193	467	158	the	the	DET
ajfa-193	467	159	symbols	symbol	NOUN
ajfa-193	467	160	$	$	SYM
ajfa-193	467	161	,	,	PUNCT
ajfa-193	467	162	*	*	PUNCT
ajfa-193	467	163	,	,	PUNCT
ajfa-193	467	164	*	*	PUNCT
ajfa-193	467	165	*	*	PUNCT
ajfa-193	467	166	,	,	PUNCT
ajfa-193	467	167	and	and	CCONJ
ajfa-193	467	168	*	*	PUNCT
ajfa-193	467	169	*	*	PUNCT
ajfa-193	467	170	*	*	PUNCT
ajfa-193	467	171	denote	denote	ADJ
ajfa-193	467	172	statistical	statistical	ADJ
ajfa-193	467	173	significance	significance	NOUN
ajfa-193	467	174	at	at	ADP
ajfa-193	467	175	the	the	DET
ajfa-193	467	176	0.10	0.10	NUM
ajfa-193	467	177	,	,	PUNCT
ajfa-193	467	178	0.05	0.05	NUM
ajfa-193	467	179	,	,	PUNCT
ajfa-193	467	180	0.01	0.01	NUM
ajfa-193	467	181	and	and	CCONJ
ajfa-193	467	182	0.001	0.001	NUM
ajfa-193	467	183	levels	level	NOUN
ajfa-193	467	184	,	,	PUNCT
ajfa-193	467	185	respectively	respectively	ADV
ajfa-193	467	186	,	,	PUNCT
ajfa-193	467	187	using	use	VERB
ajfa-193	467	188	a	a	DET
ajfa-193	467	189	1	1	NUM
ajfa-193	467	190	–	–	PUNCT
ajfa-193	467	191	tail	tail	NOUN
ajfa-193	467	192	test	test	NOUN
ajfa-193	467	193	.	.	PUNCT
ajfa-193	468	1	estimation	estimation	NOUN
ajfa-193	468	2	period	period	NOUN
ajfa-193	468	3	(	(	PUNCT
ajfa-193	468	4	–	–	PUNCT
ajfa-193	468	5	150	150	NUM
ajfa-193	468	6	,	,	PUNCT
ajfa-193	468	7	–	–	PUNCT
ajfa-193	468	8	21	21	NUM
ajfa-193	468	9	)	)	PUNCT
ajfa-193	468	10	and	and	CCONJ
ajfa-193	468	11	(	(	PUNCT
ajfa-193	468	12	+21,+150	+21,+150	PROPN
ajfa-193	468	13	)	)	PUNCT
ajfa-193	468	14	asian	asian	ADJ
ajfa-193	468	15	journal	journal	NOUN
ajfa-193	468	16	of	of	ADP
ajfa-193	468	17	finance	finance	PROPN
ajfa-193	468	18	&	&	CCONJ
ajfa-193	468	19	accounting	accounting	PROPN
ajfa-193	468	20	issn	issn	PROPN
ajfa-193	468	21	1946	1946	NUM
ajfa-193	468	22	-	-	PUNCT
ajfa-193	468	23	052x	052x	NOUN
ajfa-193	468	24	2009	2009	NUM
ajfa-193	468	25	,	,	PUNCT
ajfa-193	468	26	vol	vol	NOUN
ajfa-193	468	27	.	.	PROPN
ajfa-193	468	28	1	1	NUM
ajfa-193	468	29	,	,	PUNCT
ajfa-193	468	30	no	no	INTJ
ajfa-193	468	31	.	.	NOUN
ajfa-193	468	32	2	2	NUM
ajfa-193	468	33	:	:	PUNCT
ajfa-193	468	34	e2	e2	NOUN
ajfa-193	468	35	52	52	NUM
ajfa-193	468	36	appendix	appendix	NOUN
ajfa-193	468	37	2	2	NUM
ajfa-193	468	38	.	.	PUNCT
ajfa-193	468	39	cumulative	cumulative	ADJ
ajfa-193	468	40	abnormal	abnormal	ADJ
ajfa-193	468	41	return	return	NOUN
ajfa-193	468	42	for	for	ADP
ajfa-193	468	43	index	index	NOUN
ajfa-193	468	44	deletions	deletion	NOUN
ajfa-193	468	45	during	during	ADP
ajfa-193	468	46	shorter	short	ADJ
ajfa-193	468	47	event	event	NOUN
ajfa-193	468	48	periods	period	VERB
ajfa-193	468	49	table	table	NOUN
ajfa-193	468	50	a2	a2	PROPN
ajfa-193	468	51	:	:	PUNCT
ajfa-193	468	52	cumulative	cumulative	ADJ
ajfa-193	468	53	abnormal	abnormal	ADJ
ajfa-193	468	54	return	return	NOUN
ajfa-193	468	55	for	for	ADP
ajfa-193	468	56	stock	stock	NOUN
ajfa-193	468	57	deletion	deletion	NOUN
ajfa-193	468	58	from	from	ADP
ajfa-193	468	59	s&p	s&p	PROPN
ajfa-193	468	60	/	/	SYM
ajfa-193	468	61	citic	citic	ADJ
ajfa-193	468	62	300	300	NUM
ajfa-193	468	63	index	index	NOUN
ajfa-193	468	64	ols	ol	NOUN
ajfa-193	468	65	market	market	NOUN
ajfa-193	468	66	model	model	NOUN
ajfa-193	468	67	scholes	schole	NOUN
ajfa-193	468	68	–	–	PUNCT
ajfa-193	468	69	williams	williams	PROPN
ajfa-193	468	70	market	market	NOUN
ajfa-193	468	71	model	model	NOUN
ajfa-193	468	72	event	event	NOUN
ajfa-193	468	73	window	window	NOUN
ajfa-193	468	74	cumulative	cumulative	ADJ
ajfa-193	468	75	abnormal	abnormal	ADJ
ajfa-193	468	76	return	return	NOUN
ajfa-193	468	77	t	t	NOUN
ajfa-193	468	78	-	-	PUNCT
ajfa-193	468	79	statistic	statistic	NOUN
ajfa-193	468	80	cumulative	cumulative	ADJ
ajfa-193	468	81	abnormal	abnormal	ADJ
ajfa-193	468	82	return	return	NOUN
ajfa-193	468	83	t	t	NOUN
ajfa-193	468	84	-	-	PUNCT
ajfa-193	468	85	statistic	statistic	NOUN
ajfa-193	468	86	(	(	PUNCT
ajfa-193	468	87	–	–	PUNCT
ajfa-193	468	88	20	20	NUM
ajfa-193	468	89	,	,	PUNCT
ajfa-193	468	90	0	0	NUM
ajfa-193	468	91	)	)	PUNCT
ajfa-193	468	92	4.88	4.88	NUM
ajfa-193	468	93	%	%	NOUN
ajfa-193	468	94	2.493	2.493	NUM
ajfa-193	468	95	*	*	NOUN
ajfa-193	468	96	*	*	PUNCT
ajfa-193	468	97	5.54	5.54	NUM
ajfa-193	468	98	%	%	NOUN
ajfa-193	468	99	2.732	2.732	NUM
ajfa-193	468	100	*	*	NOUN
ajfa-193	468	101	*	*	PUNCT
ajfa-193	468	102	(	(	PUNCT
ajfa-193	468	103	–	–	PUNCT
ajfa-193	468	104	10	10	NUM
ajfa-193	468	105	,	,	PUNCT
ajfa-193	468	106	0	0	NUM
ajfa-193	468	107	)	)	PUNCT
ajfa-193	468	108	3.06	3.06	NUM
ajfa-193	468	109	%	%	NOUN
ajfa-193	468	110	2.632	2.632	NUM
ajfa-193	468	111	*	*	SYM
ajfa-193	468	112	*	*	PROPN
ajfa-193	468	113	3.31	3.31	NUM
ajfa-193	468	114	%	%	NOUN
ajfa-193	468	115	2.819	2.819	NUM
ajfa-193	468	116	*	*	NOUN
ajfa-193	468	117	*	*	PUNCT
ajfa-193	468	118	(	(	PUNCT
ajfa-193	468	119	–	–	PUNCT
ajfa-193	468	120	5	5	NUM
ajfa-193	468	121	,	,	PUNCT
ajfa-193	468	122	0	0	NUM
ajfa-193	468	123	)	)	PUNCT
ajfa-193	468	124	1.00	1.00	NUM
ajfa-193	468	125	%	%	NOUN
ajfa-193	468	126	1.257	1.257	NUM
ajfa-193	468	127	1.15	1.15	NUM
ajfa-193	468	128	%	%	NOUN
ajfa-193	468	129	1.422	1.422	NUM
ajfa-193	468	130	$	$	SYM
ajfa-193	468	131	0	0	NUM
ajfa-193	468	132	–	–	PUNCT
ajfa-193	468	133	0.57	0.57	NUM
ajfa-193	468	134	%	%	NOUN
ajfa-193	468	135	–	–	PUNCT
ajfa-193	468	136	1.832	1.832	NUM
ajfa-193	468	137	*	*	SYM
ajfa-193	468	138	–	–	PUNCT
ajfa-193	468	139	0.60	0.60	NUM
ajfa-193	468	140	%	%	NOUN
ajfa-193	468	141	–	–	PUNCT
ajfa-193	468	142	1.872	1.872	NUM
ajfa-193	468	143	*	*	SYM
ajfa-193	468	144	(	(	PUNCT
ajfa-193	468	145	0	0	NUM
ajfa-193	468	146	,	,	PUNCT
ajfa-193	468	147	+5	+5	PROPN
ajfa-193	468	148	)	)	PUNCT
ajfa-193	468	149	–	–	PUNCT
ajfa-193	468	150	1.25	1.25	NUM
ajfa-193	468	151	%	%	NOUN
ajfa-193	468	152	–	–	PUNCT
ajfa-193	468	153	2.133	2.133	NUM
ajfa-193	468	154	*	*	PUNCT
ajfa-193	468	155	–	–	PUNCT
ajfa-193	468	156	1.44	1.44	NUM
ajfa-193	468	157	%	%	NOUN
ajfa-193	468	158	–	–	PUNCT
ajfa-193	468	159	2.383	2.383	NUM
ajfa-193	468	160	*	*	SYM
ajfa-193	468	161	*	*	PUNCT
ajfa-193	468	162	(	(	PUNCT
ajfa-193	468	163	0	0	NUM
ajfa-193	468	164	,	,	PUNCT
ajfa-193	468	165	+10	+10	NOUN
ajfa-193	468	166	)	)	PUNCT
ajfa-193	468	167	–	–	PUNCT
ajfa-193	468	168	2.89	2.89	NUM
ajfa-193	468	169	%	%	NOUN
ajfa-193	468	170	–	–	PUNCT
ajfa-193	468	171	3.798	3.798	NUM
ajfa-193	468	172	*	*	PUNCT
ajfa-193	468	173	*	*	PUNCT
ajfa-193	468	174	*	*	PUNCT
ajfa-193	468	175	–	–	PUNCT
ajfa-193	468	176	3.11	3.11	NUM
ajfa-193	468	177	%	%	NOUN
ajfa-193	468	178	–	–	PUNCT
ajfa-193	468	179	3.770	3.770	NUM
ajfa-193	468	180	*	*	PUNCT
ajfa-193	468	181	*	*	PUNCT
ajfa-193	468	182	*	*	PUNCT
ajfa-193	468	183	(	(	PUNCT
ajfa-193	468	184	0	0	NUM
ajfa-193	468	185	,	,	PUNCT
ajfa-193	468	186	+20	+20	NUM
ajfa-193	468	187	)	)	PUNCT
ajfa-193	468	188	–	–	PUNCT
ajfa-193	468	189	5.40	5.40	NUM
ajfa-193	468	190	%	%	NOUN
ajfa-193	468	191	–	–	PUNCT
ajfa-193	468	192	4.158	4.158	NUM
ajfa-193	468	193	*	*	PUNCT
ajfa-193	468	194	*	*	PUNCT
ajfa-193	468	195	*	*	PUNCT
ajfa-193	468	196	–	–	PUNCT
ajfa-193	468	197	5.47	5.47	NUM
ajfa-193	468	198	%	%	NOUN
ajfa-193	468	199	–	–	PUNCT
ajfa-193	468	200	4.075	4.075	NUM
ajfa-193	468	201	*	*	PUNCT
ajfa-193	468	202	*	*	PUNCT
ajfa-193	468	203	*	*	PUNCT
ajfa-193	468	204	note	note	NOUN
ajfa-193	468	205	:	:	PUNCT
ajfa-193	468	206	the	the	DET
ajfa-193	468	207	symbols	symbol	NOUN
ajfa-193	468	208	$	$	SYM
ajfa-193	468	209	,	,	PUNCT
ajfa-193	468	210	*	*	PUNCT
ajfa-193	468	211	,	,	PUNCT
ajfa-193	468	212	*	*	PUNCT
ajfa-193	468	213	*	*	PUNCT
ajfa-193	468	214	,	,	PUNCT
ajfa-193	468	215	and	and	CCONJ
ajfa-193	468	216	*	*	PUNCT
ajfa-193	468	217	*	*	PUNCT
ajfa-193	468	218	*	*	PUNCT
ajfa-193	468	219	denote	denote	ADJ
ajfa-193	468	220	statistical	statistical	ADJ
ajfa-193	468	221	significance	significance	NOUN
ajfa-193	468	222	at	at	ADP
ajfa-193	468	223	the	the	DET
ajfa-193	468	224	0.10	0.10	NUM
ajfa-193	468	225	,	,	PUNCT
ajfa-193	468	226	0.05	0.05	NUM
ajfa-193	468	227	,	,	PUNCT
ajfa-193	468	228	0.01	0.01	NUM
ajfa-193	468	229	and	and	CCONJ
ajfa-193	468	230	0.001	0.001	NUM
ajfa-193	468	231	levels	level	NOUN
ajfa-193	468	232	,	,	PUNCT
ajfa-193	468	233	respectively	respectively	ADV
ajfa-193	468	234	,	,	PUNCT
ajfa-193	468	235	using	use	VERB
ajfa-193	468	236	a	a	DET
ajfa-193	468	237	1	1	NUM
ajfa-193	468	238	-	-	PUNCT
ajfa-193	468	239	tail	tail	NOUN
ajfa-193	468	240	test	test	NOUN
ajfa-193	468	241	.	.	PUNCT
ajfa-193	469	1	estimation	estimation	NOUN
ajfa-193	469	2	period	period	NOUN
ajfa-193	469	3	(	(	PUNCT
ajfa-193	469	4	–	–	PUNCT
ajfa-193	469	5	150	150	NUM
ajfa-193	469	6	,	,	PUNCT
ajfa-193	469	7	–	–	PUNCT
ajfa-193	469	8	21	21	NUM
ajfa-193	469	9	)	)	PUNCT
ajfa-193	469	10	and	and	CCONJ
ajfa-193	469	11	(	(	PUNCT
ajfa-193	469	12	+21,+150	+21,+150	PROPN
ajfa-193	469	13	)	)	PUNCT