id	sid	tid	token	lemma	pos
ajfa-194	1	1	sophistication	sophistication	NOUN
ajfa-194	1	2	of	of	ADP
ajfa-194	1	3	institutional	institutional	ADJ
ajfa-194	1	4	investors	investor	NOUN
ajfa-194	1	5	and	and	CCONJ
ajfa-194	1	6	asian	asian	ADJ
ajfa-194	1	7	journal	journal	NOUN
ajfa-194	1	8	of	of	ADP
ajfa-194	1	9	finance	finance	PROPN
ajfa-194	1	10	&	&	CCONJ
ajfa-194	1	11	accounting	accounting	PROPN
ajfa-194	1	12	issn	issn	PROPN
ajfa-194	1	13	1946	1946	NUM
ajfa-194	1	14	-	-	PUNCT
ajfa-194	1	15	052x	052x	NOUN
ajfa-194	1	16	2009	2009	NUM
ajfa-194	1	17	,	,	PUNCT
ajfa-194	1	18	vol	vol	NOUN
ajfa-194	1	19	.	.	PROPN
ajfa-194	1	20	1	1	NUM
ajfa-194	1	21	,	,	PUNCT
ajfa-194	1	22	no	no	INTJ
ajfa-194	1	23	.	.	NOUN
ajfa-194	1	24	2	2	NUM
ajfa-194	1	25	:	:	PUNCT
ajfa-194	1	26	e4	e4	PROPN
ajfa-194	1	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	1	28	75	75	NUM
ajfa-194	1	29	institutional	institutional	ADJ
ajfa-194	1	30	investors	investor	NOUN
ajfa-194	1	31	and	and	CCONJ
ajfa-194	1	32	accounting	accounting	NOUN
ajfa-194	1	33	restatements	restatement	NOUN
ajfa-194	1	34	paul	paul	PROPN
ajfa-194	1	35	hribar	hribar	PROPN
ajfa-194	1	36	henry	henry	PROPN
ajfa-194	1	37	b.	b.	PROPN
ajfa-194	1	38	tippie	tippie	PROPN
ajfa-194	1	39	college	college	PROPN
ajfa-194	1	40	of	of	ADP
ajfa-194	1	41	business	business	NOUN
ajfa-194	1	42	,	,	PUNCT
ajfa-194	1	43	university	university	PROPN
ajfa-194	1	44	of	of	ADP
ajfa-194	1	45	iowa	iowa	PROPN
ajfa-194	1	46	iowa	iowa	PROPN
ajfa-194	1	47	city	city	PROPN
ajfa-194	1	48	,	,	PUNCT
ajfa-194	1	49	ia	ia	PROPN
ajfa-194	1	50	52242	52242	NUM
ajfa-194	1	51	-	-	SYM
ajfa-194	1	52	1994	1994	NUM
ajfa-194	1	53	,	,	PUNCT
ajfa-194	1	54	united	united	PROPN
ajfa-194	1	55	states	states	PROPN
ajfa-194	1	56	tel	tel	PROPN
ajfa-194	1	57	:	:	PUNCT
ajfa-194	1	58	1	1	NUM
ajfa-194	1	59	-	-	NUM
ajfa-194	1	60	319	319	NUM
ajfa-194	1	61	-	-	PUNCT
ajfa-194	1	62	335	335	NUM
ajfa-194	1	63	-	-	PUNCT
ajfa-194	1	64	1008	1008	NUM
ajfa-194	1	65	e	e	NOUN
ajfa-194	1	66	-	-	NOUN
ajfa-194	1	67	mail	mail	NOUN
ajfa-194	1	68	:	:	PUNCT
ajfa-194	1	69	paul-hribar@uiowa.edu	paul-hribar@uiowa.edu	PROPN
ajfa-194	1	70	nicole	nicole	PROPN
ajfa-194	1	71	thorne	thorne	PROPN
ajfa-194	1	72	jenkins	jenkins	PROPN
ajfa-194	1	73	owen	owen	PROPN
ajfa-194	1	74	graduate	graduate	PROPN
ajfa-194	1	75	school	school	PROPN
ajfa-194	1	76	of	of	ADP
ajfa-194	1	77	management	management	NOUN
ajfa-194	1	78	,	,	PUNCT
ajfa-194	1	79	vanderbilt	vanderbilt	PROPN
ajfa-194	1	80	university	university	PROPN
ajfa-194	1	81	401	401	NUM
ajfa-194	1	82	21	21	NUM
ajfa-194	1	83	st	st	PROPN
ajfa-194	1	84	avenue	avenue	PROPN
ajfa-194	1	85	south	south	PROPN
ajfa-194	1	86	,	,	PUNCT
ajfa-194	1	87	nashville	nashville	PROPN
ajfa-194	1	88	,	,	PUNCT
ajfa-194	1	89	tn	tn	PROPN
ajfa-194	1	90	37203	37203	NUM
ajfa-194	1	91	,	,	PUNCT
ajfa-194	1	92	united	united	PROPN
ajfa-194	1	93	states	states	PROPN
ajfa-194	1	94	tel	tel	PROPN
ajfa-194	1	95	:	:	PUNCT
ajfa-194	1	96	1	1	NUM
ajfa-194	1	97	-	-	SYM
ajfa-194	1	98	615	615	NUM
ajfa-194	1	99	-	-	PUNCT
ajfa-194	1	100	343	343	NUM
ajfa-194	1	101	-	-	PUNCT
ajfa-194	1	102	0553	0553	NUM
ajfa-194	1	103	e	e	NOUN
ajfa-194	1	104	-	-	NOUN
ajfa-194	1	105	mail	mail	NOUN
ajfa-194	1	106	:	:	PUNCT
ajfa-194	1	107	nicole.jenkins@owen.vanderbilt.edu	nicole.jenkins@owen.vanderbilt.edu	NUM
ajfa-194	1	108	juan	juan	PROPN
ajfa-194	1	109	wang	wang	PROPN
ajfa-194	1	110	(	(	PUNCT
ajfa-194	1	111	corresponding	correspond	VERB
ajfa-194	1	112	author	author	NOUN
ajfa-194	1	113	)	)	PUNCT
ajfa-194	1	114	school	school	NOUN
ajfa-194	1	115	of	of	ADP
ajfa-194	1	116	accountancy	accountancy	NOUN
ajfa-194	1	117	,	,	PUNCT
ajfa-194	1	118	singapore	singapore	PROPN
ajfa-194	1	119	management	management	PROPN
ajfa-194	1	120	university	university	PROPN
ajfa-194	1	121	60	60	NUM
ajfa-194	1	122	stamford	stamford	PROPN
ajfa-194	1	123	road	road	NOUN
ajfa-194	1	124	,	,	PUNCT
ajfa-194	1	125	singapore	singapore	PROPN
ajfa-194	1	126	178900	178900	NUM
ajfa-194	1	127	,	,	PUNCT
ajfa-194	1	128	singapore	singapore	PROPN
ajfa-194	1	129	tel	tel	PROPN
ajfa-194	1	130	:	:	PUNCT
ajfa-194	1	131	65	65	NUM
ajfa-194	1	132	-	-	PUNCT
ajfa-194	1	133	6828	6828	NUM
ajfa-194	1	134	-	-	PUNCT
ajfa-194	1	135	0986	0986	NUM
ajfa-194	1	136	e	e	NOUN
ajfa-194	1	137	-	-	NOUN
ajfa-194	1	138	mail	mail	NOUN
ajfa-194	1	139	:	:	PUNCT
ajfa-194	1	140	juanwang@smu.edu.sg	juanwang@smu.edu.sg	PROPN
ajfa-194	1	141	abstract	abstract	ADV
ajfa-194	1	142	this	this	DET
ajfa-194	1	143	paper	paper	NOUN
ajfa-194	1	144	investigates	investigate	VERB
ajfa-194	1	145	the	the	DET
ajfa-194	1	146	role	role	NOUN
ajfa-194	1	147	that	that	PRON
ajfa-194	1	148	institutional	institutional	ADJ
ajfa-194	1	149	investors	investor	NOUN
ajfa-194	1	150	play	play	VERB
ajfa-194	1	151	in	in	ADP
ajfa-194	1	152	the	the	DET
ajfa-194	1	153	market	market	NOUN
ajfa-194	1	154	reaction	reaction	NOUN
ajfa-194	1	155	to	to	ADP
ajfa-194	1	156	accounting	accounting	NOUN
ajfa-194	1	157	restatements	restatement	NOUN
ajfa-194	1	158	.	.	PUNCT
ajfa-194	2	1	we	we	PRON
ajfa-194	2	2	show	show	VERB
ajfa-194	2	3	that	that	SCONJ
ajfa-194	2	4	transient	transient	ADJ
ajfa-194	2	5	institutional	institutional	ADJ
ajfa-194	2	6	investors	investor	NOUN
ajfa-194	2	7	,	,	PUNCT
ajfa-194	2	8	defined	define	VERB
ajfa-194	2	9	as	as	ADP
ajfa-194	2	10	institutions	institution	NOUN
ajfa-194	2	11	with	with	ADP
ajfa-194	2	12	short	short	ADJ
ajfa-194	2	13	investment	investment	NOUN
ajfa-194	2	14	horizons	horizon	NOUN
ajfa-194	2	15	and	and	CCONJ
ajfa-194	2	16	high	high	ADJ
ajfa-194	2	17	portfolio	portfolio	NOUN
ajfa-194	2	18	turnover	turnover	NOUN
ajfa-194	2	19	,	,	PUNCT
ajfa-194	2	20	significantly	significantly	ADV
ajfa-194	2	21	reduce	reduce	VERB
ajfa-194	2	22	their	their	PRON
ajfa-194	2	23	holdings	holding	NOUN
ajfa-194	2	24	in	in	ADP
ajfa-194	2	25	a	a	DET
ajfa-194	2	26	restating	restate	VERB
ajfa-194	2	27	firm	firm	NOUN
ajfa-194	2	28	at	at	ADV
ajfa-194	2	29	least	least	ADV
ajfa-194	2	30	one	one	NUM
ajfa-194	2	31	quarter	quarter	NOUN
ajfa-194	2	32	prior	prior	ADV
ajfa-194	2	33	to	to	ADP
ajfa-194	2	34	the	the	DET
ajfa-194	2	35	quarter	quarter	NOUN
ajfa-194	2	36	of	of	ADP
ajfa-194	2	37	the	the	DET
ajfa-194	2	38	restatement	restatement	NOUN
ajfa-194	2	39	announcement	announcement	NOUN
ajfa-194	2	40	.	.	PUNCT
ajfa-194	3	1	this	this	DET
ajfa-194	3	2	result	result	NOUN
ajfa-194	3	3	holds	hold	VERB
ajfa-194	3	4	after	after	ADP
ajfa-194	3	5	controlling	control	VERB
ajfa-194	3	6	for	for	ADP
ajfa-194	3	7	factors	factor	NOUN
ajfa-194	3	8	such	such	ADJ
ajfa-194	3	9	as	as	ADP
ajfa-194	3	10	return	return	NOUN
ajfa-194	3	11	momentum	momentum	NOUN
ajfa-194	3	12	,	,	PUNCT
ajfa-194	3	13	unexpected	unexpected	ADJ
ajfa-194	3	14	earnings	earning	NOUN
ajfa-194	3	15	,	,	PUNCT
ajfa-194	3	16	size	size	NOUN
ajfa-194	3	17	,	,	PUNCT
ajfa-194	3	18	book	book	NOUN
ajfa-194	3	19	-	-	PUNCT
ajfa-194	3	20	to	to	ADP
ajfa-194	3	21	-	-	PUNCT
ajfa-194	3	22	market	market	NOUN
ajfa-194	3	23	,	,	PUNCT
ajfa-194	3	24	and	and	CCONJ
ajfa-194	3	25	the	the	DET
ajfa-194	3	26	portfolio	portfolio	NOUN
ajfa-194	3	27	weight	weight	NOUN
ajfa-194	3	28	of	of	ADP
ajfa-194	3	29	the	the	DET
ajfa-194	3	30	firm	firm	NOUN
ajfa-194	3	31	to	to	ADP
ajfa-194	3	32	the	the	DET
ajfa-194	3	33	institution	institution	NOUN
ajfa-194	3	34	.	.	PUNCT
ajfa-194	4	1	second	second	ADV
ajfa-194	4	2	,	,	PUNCT
ajfa-194	4	3	using	use	VERB
ajfa-194	4	4	previously	previously	ADV
ajfa-194	4	5	identified	identify	VERB
ajfa-194	4	6	predictors	predictor	NOUN
ajfa-194	4	7	of	of	ADP
ajfa-194	4	8	earnings	earning	NOUN
ajfa-194	4	9	manipulation	manipulation	NOUN
ajfa-194	4	10	,	,	PUNCT
ajfa-194	4	11	we	we	PRON
ajfa-194	4	12	show	show	VERB
ajfa-194	4	13	that	that	SCONJ
ajfa-194	4	14	institutional	institutional	ADJ
ajfa-194	4	15	investors	investor	NOUN
ajfa-194	4	16	react	react	VERB
ajfa-194	4	17	most	most	ADV
ajfa-194	4	18	negatively	negatively	ADV
ajfa-194	4	19	to	to	ADP
ajfa-194	4	20	an	an	DET
ajfa-194	4	21	increase	increase	NOUN
ajfa-194	4	22	in	in	ADP
ajfa-194	4	23	the	the	DET
ajfa-194	4	24	days	day	NOUN
ajfa-194	4	25	sales	sale	NOUN
ajfa-194	4	26	in	in	ADP
ajfa-194	4	27	receivables	receivables	NOUN
ajfa-194	4	28	and	and	CCONJ
ajfa-194	4	29	high	high	ADJ
ajfa-194	4	30	accruals	accrual	NOUN
ajfa-194	4	31	.	.	PUNCT
ajfa-194	5	1	finally	finally	ADV
ajfa-194	5	2	,	,	PUNCT
ajfa-194	5	3	we	we	PRON
ajfa-194	5	4	demonstrate	demonstrate	VERB
ajfa-194	5	5	that	that	SCONJ
ajfa-194	5	6	the	the	DET
ajfa-194	5	7	market	market	NOUN
ajfa-194	5	8	reaction	reaction	NOUN
ajfa-194	5	9	to	to	ADP
ajfa-194	5	10	accounting	accounting	NOUN
ajfa-194	5	11	restatements	restatement	NOUN
ajfa-194	5	12	for	for	ADP
ajfa-194	5	13	firms	firm	NOUN
ajfa-194	5	14	with	with	ADP
ajfa-194	5	15	higher	high	ADJ
ajfa-194	5	16	levels	level	NOUN
ajfa-194	5	17	of	of	ADP
ajfa-194	5	18	transient	transient	ADJ
ajfa-194	5	19	institutional	institutional	ADJ
ajfa-194	5	20	ownership	ownership	NOUN
ajfa-194	5	21	is	be	AUX
ajfa-194	5	22	more	more	ADV
ajfa-194	5	23	negative	negative	ADJ
ajfa-194	5	24	in	in	ADP
ajfa-194	5	25	the	the	DET
ajfa-194	5	26	period	period	NOUN
ajfa-194	5	27	prior	prior	ADV
ajfa-194	5	28	to	to	ADP
ajfa-194	5	29	the	the	DET
ajfa-194	5	30	restatement	restatement	NOUN
ajfa-194	5	31	announcement	announcement	NOUN
ajfa-194	5	32	.	.	PUNCT
ajfa-194	6	1	taken	take	VERB
ajfa-194	6	2	together	together	ADV
ajfa-194	6	3	,	,	PUNCT
ajfa-194	6	4	these	these	DET
ajfa-194	6	5	results	result	NOUN
ajfa-194	6	6	suggest	suggest	VERB
ajfa-194	6	7	that	that	SCONJ
ajfa-194	6	8	institutional	institutional	ADJ
ajfa-194	6	9	investors	investor	NOUN
ajfa-194	6	10	act	act	VERB
ajfa-194	6	11	as	as	SCONJ
ajfa-194	6	12	though	though	SCONJ
ajfa-194	6	13	they	they	PRON
ajfa-194	6	14	partially	partially	ADV
ajfa-194	6	15	anticipate	anticipate	VERB
ajfa-194	6	16	potential	potential	ADJ
ajfa-194	6	17	accounting	accounting	NOUN
ajfa-194	6	18	irregularities	irregularity	NOUN
ajfa-194	6	19	and	and	CCONJ
ajfa-194	6	20	adjust	adjust	VERB
ajfa-194	6	21	their	their	PRON
ajfa-194	6	22	holdings	holding	NOUN
ajfa-194	6	23	downward	downward	ADV
ajfa-194	6	24	prior	prior	ADV
ajfa-194	6	25	to	to	ADP
ajfa-194	6	26	the	the	DET
ajfa-194	6	27	restatement	restatement	NOUN
ajfa-194	6	28	announcement	announcement	NOUN
ajfa-194	6	29	.	.	PUNCT
ajfa-194	7	1	keywords	keyword	NOUN
ajfa-194	7	2	:	:	PUNCT
ajfa-194	7	3	institutional	institutional	ADJ
ajfa-194	7	4	investors	investor	NOUN
ajfa-194	7	5	,	,	PUNCT
ajfa-194	7	6	accounting	accounting	NOUN
ajfa-194	7	7	restatements	restatement	NOUN
ajfa-194	7	8	jel	jel	PROPN
ajfa-194	7	9	classifications	classification	NOUN
ajfa-194	7	10	:	:	PUNCT
ajfa-194	7	11	g30	g30	PROPN
ajfa-194	7	12	,	,	PUNCT
ajfa-194	7	13	m41	m41	PROPN
ajfa-194	7	14	mailto:paul-hribar@uiowa.edu	mailto:paul-hribar@uiowa.edu	PROPN
ajfa-194	7	15	mailto:nicole.jenkins@owen.vanderbilt.edu	mailto:nicole.jenkins@owen.vanderbilt.edu	VERB
ajfa-194	7	16	asian	asian	ADJ
ajfa-194	7	17	journal	journal	NOUN
ajfa-194	7	18	of	of	ADP
ajfa-194	7	19	finance	finance	PROPN
ajfa-194	7	20	&	&	CCONJ
ajfa-194	7	21	accounting	accounting	PROPN
ajfa-194	7	22	issn	issn	PROPN
ajfa-194	7	23	1946	1946	NUM
ajfa-194	7	24	-	-	PUNCT
ajfa-194	7	25	052x	052x	NOUN
ajfa-194	7	26	2009	2009	NUM
ajfa-194	7	27	,	,	PUNCT
ajfa-194	7	28	vol	vol	NOUN
ajfa-194	7	29	.	.	PROPN
ajfa-194	8	1	1	1	NUM
ajfa-194	8	2	,	,	PUNCT
ajfa-194	8	3	no	no	INTJ
ajfa-194	8	4	.	.	NOUN
ajfa-194	8	5	2	2	NUM
ajfa-194	8	6	:	:	PUNCT
ajfa-194	8	7	e4	e4	PROPN
ajfa-194	8	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	8	9	76	76	NUM
ajfa-194	8	10	1	1	NUM
ajfa-194	8	11	.	.	PUNCT
ajfa-194	9	1	introduction	introduction	NOUN
ajfa-194	9	2	recent	recent	ADJ
ajfa-194	9	3	scandals	scandal	NOUN
ajfa-194	9	4	in	in	ADP
ajfa-194	9	5	accounting	accounting	NOUN
ajfa-194	9	6	have	have	AUX
ajfa-194	9	7	led	lead	VERB
ajfa-194	9	8	to	to	ADP
ajfa-194	9	9	a	a	DET
ajfa-194	9	10	heightened	heightened	ADJ
ajfa-194	9	11	interest	interest	NOUN
ajfa-194	9	12	in	in	ADP
ajfa-194	9	13	both	both	CCONJ
ajfa-194	9	14	the	the	DET
ajfa-194	9	15	causes	cause	NOUN
ajfa-194	9	16	and	and	CCONJ
ajfa-194	9	17	consequences	consequence	NOUN
ajfa-194	9	18	of	of	ADP
ajfa-194	9	19	accounting	accounting	NOUN
ajfa-194	9	20	restatements	restatement	NOUN
ajfa-194	9	21	(	(	PUNCT
ajfa-194	9	22	see	see	VERB
ajfa-194	9	23	,	,	PUNCT
ajfa-194	9	24	among	among	ADP
ajfa-194	9	25	others	other	NOUN
ajfa-194	9	26	,	,	PUNCT
ajfa-194	9	27	palmrose	palmrose	ADJ
ajfa-194	9	28	and	and	CCONJ
ajfa-194	9	29	scholz	scholz	NOUN
ajfa-194	9	30	,	,	PUNCT
ajfa-194	9	31	2004	2004	NUM
ajfa-194	9	32	;	;	PUNCT
ajfa-194	9	33	hribar	hribar	NOUN
ajfa-194	9	34	and	and	CCONJ
ajfa-194	9	35	jenkins	jenkin	NOUN
ajfa-194	9	36	,	,	PUNCT
ajfa-194	9	37	2004	2004	NUM
ajfa-194	9	38	)	)	PUNCT
ajfa-194	9	39	.	.	PUNCT
ajfa-194	10	1	one	one	NUM
ajfa-194	10	2	of	of	ADP
ajfa-194	10	3	the	the	DET
ajfa-194	10	4	most	most	ADV
ajfa-194	10	5	striking	striking	ADJ
ajfa-194	10	6	findings	finding	NOUN
ajfa-194	10	7	from	from	ADP
ajfa-194	10	8	this	this	DET
ajfa-194	10	9	set	set	NOUN
ajfa-194	10	10	of	of	ADP
ajfa-194	10	11	studies	study	NOUN
ajfa-194	10	12	is	be	AUX
ajfa-194	10	13	the	the	DET
ajfa-194	10	14	substantial	substantial	ADJ
ajfa-194	10	15	loss	loss	NOUN
ajfa-194	10	16	in	in	ADP
ajfa-194	10	17	market	market	NOUN
ajfa-194	10	18	value	value	NOUN
ajfa-194	10	19	when	when	SCONJ
ajfa-194	10	20	a	a	DET
ajfa-194	10	21	firm	firm	NOUN
ajfa-194	10	22	restates	restate	VERB
ajfa-194	10	23	earnings	earning	NOUN
ajfa-194	10	24	,	,	PUNCT
ajfa-194	10	25	which	which	PRON
ajfa-194	10	26	averages	average	VERB
ajfa-194	10	27	9	9	NUM
ajfa-194	10	28	%	%	NOUN
ajfa-194	10	29	across	across	ADP
ajfa-194	10	30	all	all	DET
ajfa-194	10	31	restatements	restatement	NOUN
ajfa-194	10	32	and	and	CCONJ
ajfa-194	10	33	over	over	ADP
ajfa-194	10	34	20	20	NUM
ajfa-194	10	35	%	%	NOUN
ajfa-194	10	36	when	when	SCONJ
ajfa-194	10	37	the	the	DET
ajfa-194	10	38	restatement	restatement	NOUN
ajfa-194	10	39	is	be	AUX
ajfa-194	10	40	deemed	deem	VERB
ajfa-194	10	41	fraudulent	fraudulent	ADJ
ajfa-194	10	42	or	or	CCONJ
ajfa-194	10	43	initiated	initiate	VERB
ajfa-194	10	44	by	by	ADP
ajfa-194	10	45	the	the	DET
ajfa-194	10	46	auditor	auditor	NOUN
ajfa-194	10	47	(	(	PUNCT
ajfa-194	10	48	palmrose	palmrose	ADJ
ajfa-194	10	49	,	,	PUNCT
ajfa-194	10	50	richardson	richardson	PROPN
ajfa-194	10	51	,	,	PUNCT
ajfa-194	10	52	and	and	CCONJ
ajfa-194	10	53	scholz	scholz	NOUN
ajfa-194	10	54	,	,	PUNCT
ajfa-194	10	55	2004	2004	NUM
ajfa-194	10	56	)	)	PUNCT
ajfa-194	10	57	.	.	PUNCT
ajfa-194	11	1	despite	despite	SCONJ
ajfa-194	11	2	the	the	DET
ajfa-194	11	3	number	number	NOUN
ajfa-194	11	4	of	of	ADP
ajfa-194	11	5	studies	study	NOUN
ajfa-194	11	6	that	that	PRON
ajfa-194	11	7	document	document	VERB
ajfa-194	11	8	the	the	DET
ajfa-194	11	9	overall	overall	ADJ
ajfa-194	11	10	market	market	NOUN
ajfa-194	11	11	reaction	reaction	NOUN
ajfa-194	11	12	to	to	ADP
ajfa-194	11	13	the	the	DET
ajfa-194	11	14	restatement	restatement	NOUN
ajfa-194	11	15	,	,	PUNCT
ajfa-194	11	16	however	however	ADV
ajfa-194	11	17	,	,	PUNCT
ajfa-194	11	18	little	little	ADJ
ajfa-194	11	19	evidence	evidence	NOUN
ajfa-194	11	20	exists	exist	VERB
ajfa-194	11	21	on	on	ADP
ajfa-194	11	22	how	how	SCONJ
ajfa-194	11	23	different	different	ADJ
ajfa-194	11	24	types	type	NOUN
ajfa-194	11	25	of	of	ADP
ajfa-194	11	26	investors	investor	NOUN
ajfa-194	11	27	anticipate	anticipate	VERB
ajfa-194	11	28	and	and	CCONJ
ajfa-194	11	29	respond	respond	VERB
ajfa-194	11	30	to	to	ADP
ajfa-194	11	31	this	this	DET
ajfa-194	11	32	event	event	NOUN
ajfa-194	11	33	.	.	PUNCT
ajfa-194	12	1	in	in	ADP
ajfa-194	12	2	this	this	DET
ajfa-194	12	3	paper	paper	NOUN
ajfa-194	12	4	,	,	PUNCT
ajfa-194	12	5	we	we	PRON
ajfa-194	12	6	focus	focus	VERB
ajfa-194	12	7	on	on	ADP
ajfa-194	12	8	institutional	institutional	ADJ
ajfa-194	12	9	investors	investor	NOUN
ajfa-194	12	10	and	and	CCONJ
ajfa-194	12	11	examine	examine	VERB
ajfa-194	12	12	the	the	DET
ajfa-194	12	13	role	role	NOUN
ajfa-194	12	14	that	that	PRON
ajfa-194	12	15	institutional	institutional	ADJ
ajfa-194	12	16	investors	investor	NOUN
ajfa-194	12	17	play	play	VERB
ajfa-194	12	18	in	in	ADP
ajfa-194	12	19	determining	determine	VERB
ajfa-194	12	20	the	the	DET
ajfa-194	12	21	market	market	NOUN
ajfa-194	12	22	reaction	reaction	NOUN
ajfa-194	12	23	to	to	ADP
ajfa-194	12	24	accounting	accounting	NOUN
ajfa-194	12	25	restatements	restatement	NOUN
ajfa-194	12	26	.	.	PUNCT
ajfa-194	13	1	in	in	ADP
ajfa-194	13	2	particular	particular	ADJ
ajfa-194	13	3	,	,	PUNCT
ajfa-194	13	4	we	we	PRON
ajfa-194	13	5	address	address	VERB
ajfa-194	13	6	three	three	NUM
ajfa-194	13	7	research	research	NOUN
ajfa-194	13	8	questions	question	NOUN
ajfa-194	13	9	.	.	PUNCT
ajfa-194	14	1	first	first	ADV
ajfa-194	14	2	,	,	PUNCT
ajfa-194	14	3	we	we	PRON
ajfa-194	14	4	ask	ask	VERB
ajfa-194	14	5	whether	whether	SCONJ
ajfa-194	14	6	actively	actively	ADV
ajfa-194	14	7	trading	trade	VERB
ajfa-194	14	8	institutional	institutional	ADJ
ajfa-194	14	9	investors	investor	NOUN
ajfa-194	14	10	reduce	reduce	VERB
ajfa-194	14	11	their	their	PRON
ajfa-194	14	12	holdings	holding	NOUN
ajfa-194	14	13	prior	prior	ADV
ajfa-194	14	14	to	to	ADP
ajfa-194	14	15	the	the	DET
ajfa-194	14	16	restatement	restatement	NOUN
ajfa-194	14	17	announcement	announcement	NOUN
ajfa-194	14	18	.	.	PUNCT
ajfa-194	15	1	prior	prior	ADJ
ajfa-194	15	2	research	research	NOUN
ajfa-194	15	3	has	have	AUX
ajfa-194	15	4	documented	document	VERB
ajfa-194	15	5	the	the	DET
ajfa-194	15	6	role	role	NOUN
ajfa-194	15	7	of	of	ADP
ajfa-194	15	8	institutional	institutional	ADJ
ajfa-194	15	9	investors	investor	NOUN
ajfa-194	15	10	as	as	ADP
ajfa-194	15	11	information	information	NOUN
ajfa-194	15	12	intermediaries	intermediary	NOUN
ajfa-194	15	13	and	and	CCONJ
ajfa-194	15	14	their	their	PRON
ajfa-194	15	15	sophistication	sophistication	NOUN
ajfa-194	15	16	in	in	ADP
ajfa-194	15	17	processing	process	VERB
ajfa-194	15	18	accounting	accounting	NOUN
ajfa-194	15	19	information	information	NOUN
ajfa-194	15	20	.	.	PUNCT
ajfa-194	16	1	for	for	ADP
ajfa-194	16	2	example	example	NOUN
ajfa-194	16	3	,	,	PUNCT
ajfa-194	16	4	institutional	institutional	ADJ
ajfa-194	16	5	investors	investor	NOUN
ajfa-194	16	6	serve	serve	VERB
ajfa-194	16	7	as	as	ADP
ajfa-194	16	8	arbitrageurs	arbitrageur	NOUN
ajfa-194	16	9	and	and	CCONJ
ajfa-194	16	10	mitigate	mitigate	VERB
ajfa-194	16	11	documented	document	VERB
ajfa-194	16	12	mispricing	misprice	VERB
ajfa-194	16	13	in	in	ADP
ajfa-194	16	14	equity	equity	NOUN
ajfa-194	16	15	stocks	stock	NOUN
ajfa-194	16	16	(	(	PUNCT
ajfa-194	16	17	e.g.	e.g.	ADV
ajfa-194	16	18	bartov	bartov	PROPN
ajfa-194	16	19	,	,	PUNCT
ajfa-194	16	20	radhakrishnan	radhakrishnan	PROPN
ajfa-194	16	21	,	,	PUNCT
ajfa-194	16	22	and	and	CCONJ
ajfa-194	16	23	krinsky	krinsky	ADJ
ajfa-194	16	24	,	,	PUNCT
ajfa-194	16	25	2000	2000	NUM
ajfa-194	16	26	;	;	PUNCT
ajfa-194	16	27	collins	collin	NOUN
ajfa-194	16	28	,	,	PUNCT
ajfa-194	16	29	gong	gong	NOUN
ajfa-194	16	30	,	,	PUNCT
ajfa-194	16	31	and	and	CCONJ
ajfa-194	16	32	hribar	hribar	NOUN
ajfa-194	16	33	,	,	PUNCT
ajfa-194	16	34	2003	2003	NUM
ajfa-194	16	35	)	)	PUNCT
ajfa-194	16	36	.	.	PUNCT
ajfa-194	17	1	the	the	DET
ajfa-194	17	2	trading	trading	NOUN
ajfa-194	17	3	behavior	behavior	NOUN
ajfa-194	17	4	of	of	ADP
ajfa-194	17	5	institutions	institution	NOUN
ajfa-194	17	6	also	also	ADV
ajfa-194	17	7	appears	appear	VERB
ajfa-194	17	8	to	to	PART
ajfa-194	17	9	predict	predict	VERB
ajfa-194	17	10	corporate	corporate	ADJ
ajfa-194	17	11	events	event	NOUN
ajfa-194	17	12	such	such	ADJ
ajfa-194	17	13	as	as	ADP
ajfa-194	17	14	breaks	break	NOUN
ajfa-194	17	15	in	in	ADP
ajfa-194	17	16	consecutive	consecutive	ADJ
ajfa-194	17	17	positive	positive	ADJ
ajfa-194	17	18	earnings	earning	NOUN
ajfa-194	17	19	surprises	surprise	NOUN
ajfa-194	17	20	(	(	PUNCT
ajfa-194	17	21	ke	ke	NOUN
ajfa-194	17	22	and	and	CCONJ
ajfa-194	17	23	petroni	petroni	NOUN
ajfa-194	17	24	,	,	PUNCT
ajfa-194	17	25	2004	2004	NUM
ajfa-194	17	26	)	)	PUNCT
ajfa-194	17	27	and	and	CCONJ
ajfa-194	17	28	dividend	dividend	NOUN
ajfa-194	17	29	increases	increase	NOUN
ajfa-194	17	30	(	(	PUNCT
ajfa-194	17	31	amihud	amihud	PROPN
ajfa-194	17	32	and	and	CCONJ
ajfa-194	17	33	li	li	PROPN
ajfa-194	17	34	,	,	PUNCT
ajfa-194	17	35	2006	2006	NUM
ajfa-194	17	36	)	)	PUNCT
ajfa-194	17	37	.	.	PUNCT
ajfa-194	18	1	however	however	ADV
ajfa-194	18	2	,	,	PUNCT
ajfa-194	18	3	studies	study	NOUN
ajfa-194	18	4	that	that	PRON
ajfa-194	18	5	have	have	AUX
ajfa-194	18	6	attempted	attempt	VERB
ajfa-194	18	7	to	to	PART
ajfa-194	18	8	identify	identify	VERB
ajfa-194	18	9	the	the	DET
ajfa-194	18	10	source	source	NOUN
ajfa-194	18	11	of	of	ADP
ajfa-194	18	12	institutional	institutional	ADJ
ajfa-194	18	13	investors‟	investors‟	PROPN
ajfa-194	18	14	information	information	NOUN
ajfa-194	18	15	advantage	advantage	NOUN
ajfa-194	18	16	suggest	suggest	VERB
ajfa-194	18	17	that	that	SCONJ
ajfa-194	18	18	institutional	institutional	ADJ
ajfa-194	18	19	investors‟	investors‟	NUM
ajfa-194	18	20	information	information	NOUN
ajfa-194	18	21	advantage	advantage	NOUN
ajfa-194	18	22	is	be	AUX
ajfa-194	18	23	mainly	mainly	ADV
ajfa-194	18	24	obtained	obtain	VERB
ajfa-194	18	25	from	from	ADP
ajfa-194	18	26	private	private	ADJ
ajfa-194	18	27	information	information	NOUN
ajfa-194	18	28	disclosed	disclose	VERB
ajfa-194	18	29	from	from	ADP
ajfa-194	18	30	firm	firm	ADJ
ajfa-194	18	31	management	management	NOUN
ajfa-194	18	32	,	,	PUNCT
ajfa-194	18	33	rather	rather	ADV
ajfa-194	18	34	than	than	ADP
ajfa-194	18	35	from	from	ADP
ajfa-194	18	36	institutions‟	institutions‟	ADP
ajfa-194	18	37	superior	superior	ADJ
ajfa-194	18	38	ability	ability	NOUN
ajfa-194	18	39	to	to	PART
ajfa-194	18	40	process	process	VERB
ajfa-194	18	41	public	public	ADJ
ajfa-194	18	42	information	information	NOUN
ajfa-194	18	43	.	.	PUNCT
ajfa-194	19	1	in	in	ADP
ajfa-194	19	2	contrast	contrast	NOUN
ajfa-194	19	3	,	,	PUNCT
ajfa-194	19	4	an	an	DET
ajfa-194	19	5	accounting	accounting	NOUN
ajfa-194	19	6	restatement	restatement	NOUN
ajfa-194	19	7	represents	represent	VERB
ajfa-194	19	8	an	an	DET
ajfa-194	19	9	event	event	NOUN
ajfa-194	19	10	that	that	SCONJ
ajfa-194	19	11	managers	manager	NOUN
ajfa-194	19	12	are	be	AUX
ajfa-194	19	13	ex	ex	ADJ
ajfa-194	19	14	-	-	ADJ
ajfa-194	19	15	ante	ante	NOUN
ajfa-194	19	16	unlikely	unlikely	ADJ
ajfa-194	19	17	to	to	PART
ajfa-194	19	18	share	share	VERB
ajfa-194	19	19	with	with	ADP
ajfa-194	19	20	analysts	analyst	NOUN
ajfa-194	19	21	and	and	CCONJ
ajfa-194	19	22	institutions	institution	NOUN
ajfa-194	19	23	in	in	ADP
ajfa-194	19	24	private	private	ADJ
ajfa-194	19	25	conversations	conversation	NOUN
ajfa-194	19	26	.	.	PUNCT
ajfa-194	20	1	therefore	therefore	ADV
ajfa-194	20	2	,	,	PUNCT
ajfa-194	20	3	it	it	PRON
ajfa-194	20	4	remains	remain	VERB
ajfa-194	20	5	an	an	DET
ajfa-194	20	6	open	open	ADJ
ajfa-194	20	7	question	question	NOUN
ajfa-194	20	8	as	as	ADP
ajfa-194	20	9	to	to	ADP
ajfa-194	20	10	whether	whether	SCONJ
ajfa-194	20	11	institutional	institutional	ADJ
ajfa-194	20	12	investors	investor	NOUN
ajfa-194	20	13	will	will	AUX
ajfa-194	20	14	be	be	AUX
ajfa-194	20	15	able	able	ADJ
ajfa-194	20	16	to	to	PART
ajfa-194	20	17	predict	predict	VERB
ajfa-194	20	18	this	this	DET
ajfa-194	20	19	event	event	NOUN
ajfa-194	20	20	.	.	PUNCT
ajfa-194	21	1	second	second	ADV
ajfa-194	21	2	,	,	PUNCT
ajfa-194	21	3	we	we	PRON
ajfa-194	21	4	ask	ask	VERB
ajfa-194	21	5	whether	whether	SCONJ
ajfa-194	21	6	there	there	PRON
ajfa-194	21	7	is	be	VERB
ajfa-194	21	8	evidence	evidence	NOUN
ajfa-194	21	9	that	that	SCONJ
ajfa-194	21	10	the	the	DET
ajfa-194	21	11	change	change	NOUN
ajfa-194	21	12	in	in	ADP
ajfa-194	21	13	institutional	institutional	ADJ
ajfa-194	21	14	holdings	holding	NOUN
ajfa-194	21	15	is	be	AUX
ajfa-194	21	16	related	relate	VERB
ajfa-194	21	17	to	to	ADP
ajfa-194	21	18	financial	financial	ADJ
ajfa-194	21	19	statement	statement	NOUN
ajfa-194	21	20	indicators	indicator	NOUN
ajfa-194	21	21	that	that	PRON
ajfa-194	21	22	have	have	AUX
ajfa-194	21	23	been	be	AUX
ajfa-194	21	24	shown	show	VERB
ajfa-194	21	25	to	to	PART
ajfa-194	21	26	predict	predict	VERB
ajfa-194	21	27	earnings	earning	NOUN
ajfa-194	21	28	manipulation	manipulation	NOUN
ajfa-194	21	29	.	.	PUNCT
ajfa-194	22	1	using	use	VERB
ajfa-194	22	2	the	the	DET
ajfa-194	22	3	factors	factor	NOUN
ajfa-194	22	4	documented	document	VERB
ajfa-194	22	5	by	by	ADP
ajfa-194	22	6	beneish	beneish	PROPN
ajfa-194	22	7	(	(	PUNCT
ajfa-194	22	8	1999	1999	NUM
ajfa-194	22	9	)	)	PUNCT
ajfa-194	22	10	to	to	PART
ajfa-194	22	11	be	be	AUX
ajfa-194	22	12	associated	associate	VERB
ajfa-194	22	13	with	with	ADP
ajfa-194	22	14	the	the	DET
ajfa-194	22	15	likelihood	likelihood	NOUN
ajfa-194	22	16	of	of	ADP
ajfa-194	22	17	earnings	earning	NOUN
ajfa-194	22	18	manipulation	manipulation	NOUN
ajfa-194	22	19	,	,	PUNCT
ajfa-194	22	20	we	we	PRON
ajfa-194	22	21	examine	examine	VERB
ajfa-194	22	22	how	how	SCONJ
ajfa-194	22	23	these	these	DET
ajfa-194	22	24	earnings	earning	NOUN
ajfa-194	22	25	manipulation	manipulation	NOUN
ajfa-194	22	26	predictors	predictor	NOUN
ajfa-194	22	27	relate	relate	VERB
ajfa-194	22	28	to	to	ADP
ajfa-194	22	29	changes	change	NOUN
ajfa-194	22	30	in	in	ADP
ajfa-194	22	31	institutional	institutional	ADJ
ajfa-194	22	32	holdings	holding	NOUN
ajfa-194	22	33	prior	prior	ADV
ajfa-194	22	34	to	to	ADP
ajfa-194	22	35	an	an	DET
ajfa-194	22	36	accounting	accounting	NOUN
ajfa-194	22	37	restatement	restatement	NOUN
ajfa-194	22	38	.	.	PUNCT
ajfa-194	23	1	identifying	identify	VERB
ajfa-194	23	2	which	which	PRON
ajfa-194	23	3	earnings	earning	NOUN
ajfa-194	23	4	manipulation	manipulation	NOUN
ajfa-194	23	5	predictors	predictor	NOUN
ajfa-194	23	6	are	be	AUX
ajfa-194	23	7	associated	associate	VERB
ajfa-194	23	8	with	with	ADP
ajfa-194	23	9	changes	change	NOUN
ajfa-194	23	10	in	in	ADP
ajfa-194	23	11	institutional	institutional	ADJ
ajfa-194	23	12	holdings	holding	NOUN
ajfa-194	23	13	provides	provide	VERB
ajfa-194	23	14	evidence	evidence	NOUN
ajfa-194	23	15	about	about	ADP
ajfa-194	23	16	the	the	DET
ajfa-194	23	17	signals	signal	NOUN
ajfa-194	23	18	that	that	PRON
ajfa-194	23	19	actively	actively	ADV
ajfa-194	23	20	trading	trade	VERB
ajfa-194	23	21	institutional	institutional	ADJ
ajfa-194	23	22	investors	investor	NOUN
ajfa-194	23	23	use	use	VERB
ajfa-194	23	24	in	in	ADP
ajfa-194	23	25	adjusting	adjust	VERB
ajfa-194	23	26	their	their	PRON
ajfa-194	23	27	holdings	holding	NOUN
ajfa-194	23	28	of	of	ADP
ajfa-194	23	29	a	a	DET
ajfa-194	23	30	company	company	NOUN
ajfa-194	23	31	.	.	PUNCT
ajfa-194	24	1	it	it	PRON
ajfa-194	24	2	also	also	ADV
ajfa-194	24	3	provides	provide	VERB
ajfa-194	24	4	additional	additional	ADJ
ajfa-194	24	5	assurance	assurance	NOUN
ajfa-194	24	6	that	that	PRON
ajfa-194	24	7	reductions	reduction	NOUN
ajfa-194	24	8	in	in	ADP
ajfa-194	24	9	holdings	holding	NOUN
ajfa-194	24	10	prior	prior	ADV
ajfa-194	24	11	to	to	ADP
ajfa-194	24	12	the	the	DET
ajfa-194	24	13	restatement	restatement	NOUN
ajfa-194	24	14	are	be	AUX
ajfa-194	24	15	,	,	PUNCT
ajfa-194	24	16	at	at	ADP
ajfa-194	24	17	least	least	ADJ
ajfa-194	24	18	partially	partially	ADV
ajfa-194	24	19	,	,	PUNCT
ajfa-194	24	20	information	information	NOUN
ajfa-194	24	21	-	-	PUNCT
ajfa-194	24	22	based	base	VERB
ajfa-194	24	23	.	.	PUNCT
ajfa-194	25	1	third	third	ADJ
ajfa-194	25	2	,	,	PUNCT
ajfa-194	25	3	we	we	PRON
ajfa-194	25	4	ask	ask	VERB
ajfa-194	25	5	whether	whether	SCONJ
ajfa-194	25	6	the	the	DET
ajfa-194	25	7	presence	presence	NOUN
ajfa-194	25	8	of	of	ADP
ajfa-194	25	9	actively	actively	ADV
ajfa-194	25	10	trading	trade	VERB
ajfa-194	25	11	institutional	institutional	ADJ
ajfa-194	25	12	investors	investor	NOUN
ajfa-194	25	13	affects	affect	VERB
ajfa-194	25	14	the	the	DET
ajfa-194	25	15	price	price	NOUN
ajfa-194	25	16	formation	formation	NOUN
ajfa-194	25	17	process	process	NOUN
ajfa-194	25	18	surrounding	surround	VERB
ajfa-194	25	19	the	the	DET
ajfa-194	25	20	restatement	restatement	NOUN
ajfa-194	25	21	announcement	announcement	NOUN
ajfa-194	25	22	.	.	PUNCT
ajfa-194	26	1	we	we	PRON
ajfa-194	26	2	compare	compare	VERB
ajfa-194	26	3	the	the	DET
ajfa-194	26	4	preannouncement	preannouncement	NOUN
ajfa-194	26	5	period	period	NOUN
ajfa-194	26	6	returns	return	NOUN
ajfa-194	26	7	for	for	ADP
ajfa-194	26	8	firms	firm	NOUN
ajfa-194	26	9	with	with	ADP
ajfa-194	26	10	different	different	ADJ
ajfa-194	26	11	levels	level	NOUN
ajfa-194	26	12	of	of	ADP
ajfa-194	26	13	institutional	institutional	ADJ
ajfa-194	26	14	ownership	ownership	NOUN
ajfa-194	26	15	to	to	PART
ajfa-194	26	16	determine	determine	VERB
ajfa-194	26	17	whether	whether	SCONJ
ajfa-194	26	18	the	the	DET
ajfa-194	26	19	prices	price	NOUN
ajfa-194	26	20	of	of	ADP
ajfa-194	26	21	firms	firm	NOUN
ajfa-194	26	22	with	with	ADP
ajfa-194	26	23	higher	high	ADJ
ajfa-194	26	24	levels	level	NOUN
ajfa-194	26	25	of	of	ADP
ajfa-194	26	26	institutional	institutional	ADJ
ajfa-194	26	27	ownership	ownership	NOUN
ajfa-194	26	28	reflect	reflect	VERB
ajfa-194	26	29	the	the	DET
ajfa-194	26	30	bad	bad	ADJ
ajfa-194	26	31	news	news	NOUN
ajfa-194	26	32	associated	associate	VERB
ajfa-194	26	33	with	with	ADP
ajfa-194	26	34	a	a	DET
ajfa-194	26	35	restatement	restatement	NOUN
ajfa-194	26	36	in	in	ADP
ajfa-194	26	37	a	a	DET
ajfa-194	26	38	more	more	ADV
ajfa-194	26	39	timely	timely	ADJ
ajfa-194	26	40	fashion	fashion	NOUN
ajfa-194	26	41	.	.	PUNCT
ajfa-194	27	1	prior	prior	ADJ
ajfa-194	27	2	research	research	NOUN
ajfa-194	27	3	suggests	suggest	VERB
ajfa-194	27	4	that	that	SCONJ
ajfa-194	27	5	the	the	DET
ajfa-194	27	6	presence	presence	NOUN
ajfa-194	27	7	of	of	ADP
ajfa-194	27	8	institutional	institutional	ADJ
ajfa-194	27	9	investors	investor	NOUN
ajfa-194	27	10	speeds	speed	VERB
ajfa-194	27	11	the	the	DET
ajfa-194	27	12	process	process	NOUN
ajfa-194	27	13	at	at	ADP
ajfa-194	27	14	which	which	PRON
ajfa-194	27	15	information	information	NOUN
ajfa-194	27	16	gets	get	AUX
ajfa-194	27	17	impounded	impound	VERB
ajfa-194	27	18	into	into	ADP
ajfa-194	27	19	price	price	NOUN
ajfa-194	27	20	(	(	PUNCT
ajfa-194	27	21	el	el	NOUN
ajfa-194	27	22	-	-	NOUN
ajfa-194	27	23	gazzar	gazzar	NOUN
ajfa-194	27	24	,	,	PUNCT
ajfa-194	27	25	1998	1998	NUM
ajfa-194	27	26	;	;	PUNCT
ajfa-194	27	27	jiambalvo	jiambalvo	NOUN
ajfa-194	27	28	,	,	PUNCT
ajfa-194	27	29	rajgopal	rajgopal	NOUN
ajfa-194	27	30	,	,	PUNCT
ajfa-194	27	31	and	and	CCONJ
ajfa-194	27	32	venkatachalam	venkatachalam	PROPN
ajfa-194	27	33	,	,	PUNCT
ajfa-194	27	34	2002	2002	NUM
ajfa-194	27	35	;	;	PUNCT
ajfa-194	27	36	ayers	ayers	PROPN
ajfa-194	27	37	and	and	CCONJ
ajfa-194	27	38	freeman	freeman	PROPN
ajfa-194	27	39	,	,	PUNCT
ajfa-194	27	40	2003	2003	NUM
ajfa-194	27	41	;	;	PUNCT
ajfa-194	27	42	balsam	balsam	NOUN
ajfa-194	27	43	,	,	PUNCT
ajfa-194	27	44	bartov	bartov	PROPN
ajfa-194	27	45	,	,	PUNCT
ajfa-194	27	46	and	and	CCONJ
ajfa-194	27	47	marquardt	marquardt	PROPN
ajfa-194	27	48	,	,	PUNCT
ajfa-194	27	49	2002	2002	NUM
ajfa-194	27	50	)	)	PUNCT
ajfa-194	27	51	.	.	PUNCT
ajfa-194	28	1	if	if	SCONJ
ajfa-194	28	2	actively	actively	ADV
ajfa-194	28	3	trading	trade	VERB
ajfa-194	28	4	institutional	institutional	ADJ
ajfa-194	28	5	investors	investor	NOUN
ajfa-194	28	6	acquire	acquire	VERB
ajfa-194	28	7	information	information	NOUN
ajfa-194	28	8	such	such	ADJ
ajfa-194	28	9	that	that	SCONJ
ajfa-194	28	10	they	they	PRON
ajfa-194	28	11	are	be	AUX
ajfa-194	28	12	able	able	ADJ
ajfa-194	28	13	to	to	PART
ajfa-194	28	14	partially	partially	ADV
ajfa-194	28	15	anticipate	anticipate	VERB
ajfa-194	28	16	an	an	DET
ajfa-194	28	17	impending	impending	ADJ
ajfa-194	28	18	restatement	restatement	NOUN
ajfa-194	28	19	,	,	PUNCT
ajfa-194	28	20	then	then	ADV
ajfa-194	28	21	we	we	PRON
ajfa-194	28	22	expect	expect	VERB
ajfa-194	28	23	that	that	SCONJ
ajfa-194	28	24	the	the	DET
ajfa-194	28	25	stock	stock	NOUN
ajfa-194	28	26	price	price	NOUN
ajfa-194	28	27	of	of	ADP
ajfa-194	28	28	firms	firm	NOUN
ajfa-194	28	29	with	with	ADP
ajfa-194	28	30	higher	high	ADJ
ajfa-194	28	31	levels	level	NOUN
ajfa-194	28	32	of	of	ADP
ajfa-194	28	33	actively	actively	ADV
ajfa-194	28	34	trading	trade	VERB
ajfa-194	28	35	institutional	institutional	ADJ
ajfa-194	28	36	ownership	ownership	NOUN
ajfa-194	28	37	will	will	AUX
ajfa-194	28	38	reflect	reflect	VERB
ajfa-194	28	39	the	the	DET
ajfa-194	28	40	information	information	NOUN
ajfa-194	28	41	content	content	NOUN
ajfa-194	28	42	of	of	ADP
ajfa-194	28	43	the	the	DET
ajfa-194	28	44	accounting	accounting	NOUN
ajfa-194	28	45	restatement	restatement	NOUN
ajfa-194	28	46	more	more	ADV
ajfa-194	28	47	timely	timely	ADV
ajfa-194	28	48	in	in	ADP
ajfa-194	28	49	the	the	DET
ajfa-194	28	50	pre	pre	ADJ
ajfa-194	28	51	-	-	ADJ
ajfa-194	28	52	announcement	announcement	ADJ
ajfa-194	28	53	event	event	NOUN
ajfa-194	28	54	period	period	NOUN
ajfa-194	28	55	.	.	PUNCT
ajfa-194	29	1	asian	asian	ADJ
ajfa-194	29	2	journal	journal	PROPN
ajfa-194	29	3	of	of	ADP
ajfa-194	29	4	finance	finance	PROPN
ajfa-194	29	5	&	&	CCONJ
ajfa-194	29	6	accounting	accounting	PROPN
ajfa-194	29	7	issn	issn	PROPN
ajfa-194	29	8	1946	1946	NUM
ajfa-194	29	9	-	-	PUNCT
ajfa-194	29	10	052x	052x	NOUN
ajfa-194	29	11	2009	2009	NUM
ajfa-194	29	12	,	,	PUNCT
ajfa-194	29	13	vol	vol	NOUN
ajfa-194	29	14	.	.	PROPN
ajfa-194	29	15	1	1	NUM
ajfa-194	29	16	,	,	PUNCT
ajfa-194	29	17	no	no	INTJ
ajfa-194	29	18	.	.	NOUN
ajfa-194	29	19	2	2	NUM
ajfa-194	29	20	:	:	PUNCT
ajfa-194	29	21	e4	e4	PROPN
ajfa-194	29	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	29	23	77	77	NUM
ajfa-194	29	24	in	in	ADP
ajfa-194	29	25	all	all	PRON
ajfa-194	29	26	of	of	ADP
ajfa-194	29	27	our	our	PRON
ajfa-194	29	28	tests	test	NOUN
ajfa-194	29	29	,	,	PUNCT
ajfa-194	29	30	we	we	PRON
ajfa-194	29	31	use	use	VERB
ajfa-194	29	32	bushee‟s	bushee‟s	PRON
ajfa-194	29	33	(	(	PUNCT
ajfa-194	29	34	2001	2001	NUM
ajfa-194	29	35	)	)	PUNCT
ajfa-194	29	36	classification	classification	NOUN
ajfa-194	29	37	of	of	ADP
ajfa-194	29	38	institutions	institution	NOUN
ajfa-194	29	39	based	base	VERB
ajfa-194	29	40	on	on	ADP
ajfa-194	29	41	institutional	institutional	ADJ
ajfa-194	29	42	investors‟	investors‟	NUM
ajfa-194	29	43	past	past	ADP
ajfa-194	29	44	investment	investment	NOUN
ajfa-194	29	45	behavior	behavior	NOUN
ajfa-194	29	46	.	.	PUNCT
ajfa-194	30	1	we	we	PRON
ajfa-194	30	2	focus	focus	VERB
ajfa-194	30	3	on	on	ADP
ajfa-194	30	4	„	„	PUNCT
ajfa-194	30	5	transient‟	transient‟	X
ajfa-194	30	6	institutional	institutional	ADJ
ajfa-194	30	7	investors	investor	NOUN
ajfa-194	30	8	,	,	PUNCT
ajfa-194	30	9	as	as	SCONJ
ajfa-194	30	10	they	they	PRON
ajfa-194	30	11	are	be	AUX
ajfa-194	30	12	the	the	DET
ajfa-194	30	13	institutions	institution	NOUN
ajfa-194	30	14	that	that	PRON
ajfa-194	30	15	actively	actively	ADV
ajfa-194	30	16	manage	manage	VERB
ajfa-194	30	17	their	their	PRON
ajfa-194	30	18	portfolios	portfolio	NOUN
ajfa-194	30	19	and	and	CCONJ
ajfa-194	30	20	trade	trade	NOUN
ajfa-194	30	21	frequently	frequently	ADV
ajfa-194	30	22	over	over	ADP
ajfa-194	30	23	short	short	ADJ
ajfa-194	30	24	-	-	PUNCT
ajfa-194	30	25	term	term	NOUN
ajfa-194	30	26	.	.	PUNCT
ajfa-194	31	1	as	as	SCONJ
ajfa-194	31	2	such	such	ADJ
ajfa-194	31	3	,	,	PUNCT
ajfa-194	31	4	transient	transient	ADJ
ajfa-194	31	5	institutions‟	institutions‟	NOUN
ajfa-194	31	6	trading	trading	NOUN
ajfa-194	31	7	behavior	behavior	NOUN
ajfa-194	31	8	is	be	AUX
ajfa-194	31	9	most	most	ADV
ajfa-194	31	10	likely	likely	ADJ
ajfa-194	31	11	to	to	PART
ajfa-194	31	12	reflect	reflect	VERB
ajfa-194	31	13	short	short	ADJ
ajfa-194	31	14	-	-	PUNCT
ajfa-194	31	15	run	run	NOUN
ajfa-194	31	16	,	,	PUNCT
ajfa-194	31	17	information	information	NOUN
ajfa-194	31	18	-	-	PUNCT
ajfa-194	31	19	based	base	VERB
ajfa-194	31	20	trading	trading	NOUN
ajfa-194	31	21	patterns	pattern	NOUN
ajfa-194	31	22	(	(	PUNCT
ajfa-194	31	23	collins	collin	NOUN
ajfa-194	31	24	,	,	PUNCT
ajfa-194	31	25	gong	gong	NOUN
ajfa-194	31	26	,	,	PUNCT
ajfa-194	31	27	and	and	CCONJ
ajfa-194	31	28	hribar	hribar	NOUN
ajfa-194	31	29	,	,	PUNCT
ajfa-194	31	30	2003	2003	NUM
ajfa-194	31	31	;	;	PUNCT
ajfa-194	31	32	ke	ke	PROPN
ajfa-194	31	33	and	and	CCONJ
ajfa-194	31	34	ramalingegowda	ramalingegowda	PROPN
ajfa-194	31	35	,	,	PUNCT
ajfa-194	31	36	2005	2005	NUM
ajfa-194	31	37	)	)	PUNCT
ajfa-194	31	38	.	.	PUNCT
ajfa-194	32	1	we	we	PRON
ajfa-194	32	2	examine	examine	VERB
ajfa-194	32	3	a	a	DET
ajfa-194	32	4	sample	sample	NOUN
ajfa-194	32	5	of	of	ADP
ajfa-194	32	6	364	364	NUM
ajfa-194	32	7	restatements	restatement	NOUN
ajfa-194	32	8	from	from	ADP
ajfa-194	32	9	1997	1997	NUM
ajfa-194	32	10	through	through	ADP
ajfa-194	32	11	2002	2002	NUM
ajfa-194	32	12	and	and	CCONJ
ajfa-194	32	13	summarize	summarize	VERB
ajfa-194	32	14	our	our	PRON
ajfa-194	32	15	major	major	ADJ
ajfa-194	32	16	findings	finding	NOUN
ajfa-194	32	17	as	as	SCONJ
ajfa-194	32	18	follows	follow	VERB
ajfa-194	32	19	.	.	PUNCT
ajfa-194	33	1	first	first	ADV
ajfa-194	33	2	,	,	PUNCT
ajfa-194	33	3	we	we	PRON
ajfa-194	33	4	find	find	VERB
ajfa-194	33	5	that	that	SCONJ
ajfa-194	33	6	actively	actively	ADV
ajfa-194	33	7	trading	trade	VERB
ajfa-194	33	8	institutional	institutional	ADJ
ajfa-194	33	9	investors	investor	NOUN
ajfa-194	33	10	(	(	PUNCT
ajfa-194	33	11	i.e.	i.e.	X
ajfa-194	33	12	transient	transient	ADJ
ajfa-194	33	13	institutions	institution	NOUN
ajfa-194	33	14	)	)	PUNCT
ajfa-194	33	15	reduce	reduce	VERB
ajfa-194	33	16	their	their	PRON
ajfa-194	33	17	holdings	holding	NOUN
ajfa-194	33	18	in	in	ADP
ajfa-194	33	19	restating	restate	VERB
ajfa-194	33	20	firms	firm	NOUN
ajfa-194	33	21	at	at	ADP
ajfa-194	33	22	least	least	ADJ
ajfa-194	33	23	one	one	NUM
ajfa-194	33	24	-	-	PUNCT
ajfa-194	33	25	quarter	quarter	NOUN
ajfa-194	33	26	prior	prior	ADV
ajfa-194	33	27	to	to	ADP
ajfa-194	33	28	the	the	DET
ajfa-194	33	29	quarter	quarter	NOUN
ajfa-194	33	30	of	of	ADP
ajfa-194	33	31	the	the	DET
ajfa-194	33	32	restatement	restatement	NOUN
ajfa-194	33	33	announcement	announcement	NOUN
ajfa-194	33	34	.	.	PUNCT
ajfa-194	34	1	this	this	DET
ajfa-194	34	2	result	result	NOUN
ajfa-194	34	3	holds	hold	VERB
ajfa-194	34	4	after	after	ADP
ajfa-194	34	5	controlling	control	VERB
ajfa-194	34	6	for	for	ADP
ajfa-194	34	7	the	the	DET
ajfa-194	34	8	average	average	ADJ
ajfa-194	34	9	change	change	NOUN
ajfa-194	34	10	in	in	ADP
ajfa-194	34	11	institutional	institutional	ADJ
ajfa-194	34	12	holdings	holding	NOUN
ajfa-194	34	13	,	,	PUNCT
ajfa-194	34	14	the	the	DET
ajfa-194	34	15	portfolio	portfolio	NOUN
ajfa-194	34	16	weight	weight	NOUN
ajfa-194	34	17	of	of	ADP
ajfa-194	34	18	the	the	DET
ajfa-194	34	19	restating	restate	VERB
ajfa-194	34	20	firm	firm	NOUN
ajfa-194	34	21	to	to	ADP
ajfa-194	34	22	the	the	DET
ajfa-194	34	23	institutions	institution	NOUN
ajfa-194	34	24	,	,	PUNCT
ajfa-194	34	25	return	return	VERB
ajfa-194	34	26	momentum	momentum	NOUN
ajfa-194	34	27	,	,	PUNCT
ajfa-194	34	28	seasonal	seasonal	ADJ
ajfa-194	34	29	change	change	NOUN
ajfa-194	34	30	in	in	ADP
ajfa-194	34	31	earnings	earning	NOUN
ajfa-194	34	32	,	,	PUNCT
ajfa-194	34	33	size	size	NOUN
ajfa-194	34	34	,	,	PUNCT
ajfa-194	34	35	book	book	NOUN
ajfa-194	34	36	-	-	PUNCT
ajfa-194	34	37	to	to	ADP
ajfa-194	34	38	-	-	PUNCT
ajfa-194	34	39	market	market	NOUN
ajfa-194	34	40	ratio	ratio	NOUN
ajfa-194	34	41	,	,	PUNCT
ajfa-194	34	42	and	and	CCONJ
ajfa-194	34	43	industry	industry	NOUN
ajfa-194	34	44	and	and	CCONJ
ajfa-194	34	45	year	year	NOUN
ajfa-194	34	46	fixed	fix	VERB
ajfa-194	34	47	effects	effect	NOUN
ajfa-194	34	48	.	.	PUNCT
ajfa-194	35	1	we	we	PRON
ajfa-194	35	2	find	find	VERB
ajfa-194	35	3	no	no	DET
ajfa-194	35	4	evidence	evidence	NOUN
ajfa-194	35	5	that	that	SCONJ
ajfa-194	35	6	other	other	ADJ
ajfa-194	35	7	groups	group	NOUN
ajfa-194	35	8	of	of	ADP
ajfa-194	35	9	institutions	institution	NOUN
ajfa-194	35	10	anticipate	anticipate	VERB
ajfa-194	35	11	restatements	restatement	NOUN
ajfa-194	35	12	and	and	CCONJ
ajfa-194	35	13	reduce	reduce	VERB
ajfa-194	35	14	their	their	PRON
ajfa-194	35	15	holdings	holding	NOUN
ajfa-194	35	16	early	early	ADV
ajfa-194	35	17	to	to	PART
ajfa-194	35	18	avoid	avoid	VERB
ajfa-194	35	19	the	the	DET
ajfa-194	35	20	negative	negative	ADJ
ajfa-194	35	21	returns	return	NOUN
ajfa-194	35	22	associated	associate	VERB
ajfa-194	35	23	with	with	ADP
ajfa-194	35	24	restatements	restatement	NOUN
ajfa-194	35	25	.	.	PUNCT
ajfa-194	36	1	further	far	ADV
ajfa-194	36	2	,	,	PUNCT
ajfa-194	36	3	of	of	ADP
ajfa-194	36	4	the	the	DET
ajfa-194	36	5	factors	factor	NOUN
ajfa-194	36	6	that	that	PRON
ajfa-194	36	7	predict	predict	VERB
ajfa-194	36	8	earnings	earning	NOUN
ajfa-194	36	9	manipulation	manipulation	NOUN
ajfa-194	36	10	,	,	PUNCT
ajfa-194	36	11	we	we	PRON
ajfa-194	36	12	find	find	VERB
ajfa-194	36	13	that	that	SCONJ
ajfa-194	36	14	institutional	institutional	ADJ
ajfa-194	36	15	investors	investor	NOUN
ajfa-194	36	16	reduce	reduce	VERB
ajfa-194	36	17	their	their	PRON
ajfa-194	36	18	holdings	holding	NOUN
ajfa-194	36	19	in	in	ADP
ajfa-194	36	20	response	response	NOUN
ajfa-194	36	21	to	to	ADP
ajfa-194	36	22	increases	increase	NOUN
ajfa-194	36	23	in	in	ADP
ajfa-194	36	24	days	day	NOUN
ajfa-194	36	25	sales	sale	NOUN
ajfa-194	36	26	in	in	ADP
ajfa-194	36	27	receivables	receivables	NOUN
ajfa-194	36	28	(	(	PUNCT
ajfa-194	36	29	i.e.	i.e.	X
ajfa-194	36	30	a	a	DET
ajfa-194	36	31	decrease	decrease	NOUN
ajfa-194	36	32	in	in	ADP
ajfa-194	36	33	accounts	account	NOUN
ajfa-194	36	34	receivable	receivable	ADJ
ajfa-194	36	35	turnover	turnover	NOUN
ajfa-194	36	36	)	)	PUNCT
ajfa-194	36	37	and	and	CCONJ
ajfa-194	36	38	to	to	ADP
ajfa-194	36	39	high	high	ADJ
ajfa-194	36	40	accruals	accrual	NOUN
ajfa-194	36	41	.	.	PUNCT
ajfa-194	37	1	finally	finally	ADV
ajfa-194	37	2	,	,	PUNCT
ajfa-194	37	3	we	we	PRON
ajfa-194	37	4	show	show	VERB
ajfa-194	37	5	that	that	SCONJ
ajfa-194	37	6	restating	restate	VERB
ajfa-194	37	7	firms	firm	NOUN
ajfa-194	37	8	with	with	ADP
ajfa-194	37	9	high	high	ADJ
ajfa-194	37	10	levels	level	NOUN
ajfa-194	37	11	of	of	ADP
ajfa-194	37	12	transient	transient	ADJ
ajfa-194	37	13	institutional	institutional	ADJ
ajfa-194	37	14	ownership	ownership	NOUN
ajfa-194	37	15	exhibit	exhibit	VERB
ajfa-194	37	16	more	more	ADV
ajfa-194	37	17	negative	negative	ADJ
ajfa-194	37	18	returns	return	NOUN
ajfa-194	37	19	prior	prior	ADV
ajfa-194	37	20	to	to	ADP
ajfa-194	37	21	the	the	DET
ajfa-194	37	22	restatement	restatement	NOUN
ajfa-194	37	23	announcement	announcement	NOUN
ajfa-194	37	24	,	,	PUNCT
ajfa-194	37	25	relative	relative	ADJ
ajfa-194	37	26	to	to	ADP
ajfa-194	37	27	firms	firm	NOUN
ajfa-194	37	28	with	with	ADP
ajfa-194	37	29	low	low	ADJ
ajfa-194	37	30	levels	level	NOUN
ajfa-194	37	31	of	of	ADP
ajfa-194	37	32	transient	transient	ADJ
ajfa-194	37	33	institutional	institutional	ADJ
ajfa-194	37	34	ownership	ownership	NOUN
ajfa-194	37	35	.	.	PUNCT
ajfa-194	38	1	this	this	DET
ajfa-194	38	2	finding	finding	NOUN
ajfa-194	38	3	is	be	AUX
ajfa-194	38	4	consistent	consistent	ADJ
ajfa-194	38	5	with	with	ADP
ajfa-194	38	6	the	the	DET
ajfa-194	38	7	notion	notion	NOUN
ajfa-194	38	8	that	that	SCONJ
ajfa-194	38	9	higher	high	ADJ
ajfa-194	38	10	levels	level	NOUN
ajfa-194	38	11	of	of	ADP
ajfa-194	38	12	holdings	holding	NOUN
ajfa-194	38	13	by	by	ADP
ajfa-194	38	14	actively	actively	ADV
ajfa-194	38	15	trading	trade	VERB
ajfa-194	38	16	institutional	institutional	ADJ
ajfa-194	38	17	investors	investor	NOUN
ajfa-194	38	18	allow	allow	VERB
ajfa-194	38	19	information	information	NOUN
ajfa-194	38	20	to	to	PART
ajfa-194	38	21	be	be	AUX
ajfa-194	38	22	incorporated	incorporate	VERB
ajfa-194	38	23	into	into	ADP
ajfa-194	38	24	price	price	NOUN
ajfa-194	38	25	in	in	ADP
ajfa-194	38	26	a	a	DET
ajfa-194	38	27	more	more	ADV
ajfa-194	38	28	timely	timely	ADJ
ajfa-194	38	29	fashion	fashion	NOUN
ajfa-194	38	30	.	.	PUNCT
ajfa-194	39	1	this	this	DET
ajfa-194	39	2	study	study	NOUN
ajfa-194	39	3	makes	make	VERB
ajfa-194	39	4	the	the	DET
ajfa-194	39	5	following	follow	VERB
ajfa-194	39	6	contributions	contribution	NOUN
ajfa-194	39	7	.	.	PUNCT
ajfa-194	40	1	first	first	ADV
ajfa-194	40	2	,	,	PUNCT
ajfa-194	40	3	this	this	DET
ajfa-194	40	4	study	study	NOUN
ajfa-194	40	5	adds	add	VERB
ajfa-194	40	6	to	to	ADP
ajfa-194	40	7	the	the	DET
ajfa-194	40	8	literature	literature	NOUN
ajfa-194	40	9	on	on	ADP
ajfa-194	40	10	the	the	DET
ajfa-194	40	11	information	information	NOUN
ajfa-194	40	12	environment	environment	NOUN
ajfa-194	40	13	of	of	ADP
ajfa-194	40	14	institutional	institutional	ADJ
ajfa-194	40	15	investors	investor	NOUN
ajfa-194	40	16	by	by	ADP
ajfa-194	40	17	showing	show	VERB
ajfa-194	40	18	that	that	SCONJ
ajfa-194	40	19	actively	actively	ADV
ajfa-194	40	20	trading	trade	VERB
ajfa-194	40	21	institutional	institutional	ADJ
ajfa-194	40	22	investors	investor	NOUN
ajfa-194	40	23	can	can	AUX
ajfa-194	40	24	anticipate	anticipate	VERB
ajfa-194	40	25	impending	impending	ADJ
ajfa-194	40	26	restatements	restatement	NOUN
ajfa-194	40	27	.	.	PUNCT
ajfa-194	41	1	on	on	ADP
ajfa-194	41	2	the	the	DET
ajfa-194	41	3	one	one	NUM
ajfa-194	41	4	hand	hand	NOUN
ajfa-194	41	5	,	,	PUNCT
ajfa-194	41	6	previous	previous	ADJ
ajfa-194	41	7	research	research	NOUN
ajfa-194	41	8	finds	find	VERB
ajfa-194	41	9	that	that	SCONJ
ajfa-194	41	10	actively	actively	ADV
ajfa-194	41	11	trading	trade	VERB
ajfa-194	41	12	institutional	institutional	ADJ
ajfa-194	41	13	investors	investor	NOUN
ajfa-194	41	14	are	be	AUX
ajfa-194	41	15	,	,	PUNCT
ajfa-194	41	16	on	on	ADP
ajfa-194	41	17	average	average	ADJ
ajfa-194	41	18	,	,	PUNCT
ajfa-194	41	19	informed	informed	ADJ
ajfa-194	41	20	users	user	NOUN
ajfa-194	41	21	of	of	ADP
ajfa-194	41	22	information	information	NOUN
ajfa-194	41	23	(	(	PUNCT
ajfa-194	41	24	see	see	VERB
ajfa-194	41	25	,	,	PUNCT
ajfa-194	41	26	among	among	ADP
ajfa-194	41	27	others	other	NOUN
ajfa-194	41	28	,	,	PUNCT
ajfa-194	41	29	collins	collins	PROPN
ajfa-194	41	30	,	,	PUNCT
ajfa-194	41	31	gong	gong	NOUN
ajfa-194	41	32	,	,	PUNCT
ajfa-194	41	33	and	and	CCONJ
ajfa-194	41	34	hribar	hribar	NOUN
ajfa-194	41	35	,	,	PUNCT
ajfa-194	41	36	2003	2003	NUM
ajfa-194	41	37	;	;	PUNCT
ajfa-194	41	38	ke	ke	PROPN
ajfa-194	41	39	and	and	CCONJ
ajfa-194	41	40	ramalingegowda	ramalingegowda	PROPN
ajfa-194	41	41	,	,	PUNCT
ajfa-194	41	42	2005	2005	NUM
ajfa-194	41	43	)	)	PUNCT
ajfa-194	41	44	.	.	PUNCT
ajfa-194	42	1	on	on	ADP
ajfa-194	42	2	the	the	DET
ajfa-194	42	3	other	other	ADJ
ajfa-194	42	4	hand	hand	NOUN
ajfa-194	42	5	,	,	PUNCT
ajfa-194	42	6	empirical	empirical	ADJ
ajfa-194	42	7	evidence	evidence	NOUN
ajfa-194	42	8	also	also	ADV
ajfa-194	42	9	suggests	suggest	VERB
ajfa-194	42	10	that	that	SCONJ
ajfa-194	42	11	actively	actively	ADV
ajfa-194	42	12	trading	trade	VERB
ajfa-194	42	13	institutional	institutional	ADJ
ajfa-194	42	14	investors	investor	NOUN
ajfa-194	42	15	may	may	AUX
ajfa-194	42	16	not	not	PART
ajfa-194	42	17	be	be	AUX
ajfa-194	42	18	as	as	ADV
ajfa-194	42	19	sophisticated	sophisticated	ADJ
ajfa-194	42	20	as	as	SCONJ
ajfa-194	42	21	commonly	commonly	ADV
ajfa-194	42	22	thought	think	VERB
ajfa-194	42	23	;	;	PUNCT
ajfa-194	42	24	these	these	DET
ajfa-194	42	25	institutional	institutional	ADJ
ajfa-194	42	26	investors	investor	NOUN
ajfa-194	42	27	may	may	AUX
ajfa-194	42	28	merely	merely	ADV
ajfa-194	42	29	chase	chase	VERB
ajfa-194	42	30	return	return	NOUN
ajfa-194	42	31	momentum	momentum	NOUN
ajfa-194	42	32	or	or	CCONJ
ajfa-194	42	33	underperform	underperform	NOUN
ajfa-194	42	34	market	market	NOUN
ajfa-194	42	35	portfolios	portfolio	NOUN
ajfa-194	42	36	(	(	PUNCT
ajfa-194	42	37	see	see	VERB
ajfa-194	42	38	,	,	PUNCT
ajfa-194	42	39	for	for	ADP
ajfa-194	42	40	example	example	NOUN
ajfa-194	42	41	,	,	PUNCT
ajfa-194	42	42	cohen	cohen	PROPN
ajfa-194	42	43	,	,	PUNCT
ajfa-194	42	44	coval	coval	NOUN
ajfa-194	42	45	,	,	PUNCT
ajfa-194	42	46	and	and	CCONJ
ajfa-194	42	47	pastor	pastor	NOUN
ajfa-194	42	48	,	,	PUNCT
ajfa-194	42	49	2005	2005	NUM
ajfa-194	42	50	;	;	PUNCT
ajfa-194	42	51	kacperczyk	kacperczyk	NOUN
ajfa-194	42	52	,	,	PUNCT
ajfa-194	42	53	sialm	sialm	NOUN
ajfa-194	42	54	,	,	PUNCT
ajfa-194	42	55	and	and	CCONJ
ajfa-194	42	56	zheng	zheng	PROPN
ajfa-194	42	57	,	,	PUNCT
ajfa-194	42	58	2005	2005	NUM
ajfa-194	42	59	)	)	PUNCT
ajfa-194	42	60	.	.	PUNCT
ajfa-194	43	1	the	the	DET
ajfa-194	43	2	finding	finding	NOUN
ajfa-194	43	3	in	in	ADP
ajfa-194	43	4	this	this	DET
ajfa-194	43	5	study	study	NOUN
ajfa-194	43	6	adds	add	VERB
ajfa-194	43	7	to	to	ADP
ajfa-194	43	8	this	this	DET
ajfa-194	43	9	line	line	NOUN
ajfa-194	43	10	of	of	ADP
ajfa-194	43	11	research	research	NOUN
ajfa-194	43	12	by	by	ADP
ajfa-194	43	13	providing	provide	VERB
ajfa-194	43	14	evidence	evidence	NOUN
ajfa-194	43	15	on	on	ADP
ajfa-194	43	16	the	the	DET
ajfa-194	43	17	ability	ability	NOUN
ajfa-194	43	18	of	of	ADP
ajfa-194	43	19	institutional	institutional	ADJ
ajfa-194	43	20	investors	investor	NOUN
ajfa-194	43	21	to	to	PART
ajfa-194	43	22	anticipate	anticipate	VERB
ajfa-194	43	23	restatements	restatement	NOUN
ajfa-194	43	24	.	.	PUNCT
ajfa-194	44	1	although	although	SCONJ
ajfa-194	44	2	the	the	DET
ajfa-194	44	3	magnitude	magnitude	NOUN
ajfa-194	44	4	of	of	ADP
ajfa-194	44	5	the	the	DET
ajfa-194	44	6	advance	advance	NOUN
ajfa-194	44	7	trading	trading	NOUN
ajfa-194	44	8	makes	make	VERB
ajfa-194	44	9	it	it	PRON
ajfa-194	44	10	unlikely	unlikely	ADJ
ajfa-194	44	11	that	that	SCONJ
ajfa-194	44	12	the	the	DET
ajfa-194	44	13	institutions	institution	NOUN
ajfa-194	44	14	actually	actually	ADV
ajfa-194	44	15	have	have	VERB
ajfa-194	44	16	specific	specific	ADJ
ajfa-194	44	17	information	information	NOUN
ajfa-194	44	18	about	about	ADP
ajfa-194	44	19	an	an	DET
ajfa-194	44	20	impending	impending	ADJ
ajfa-194	44	21	restatement	restatement	NOUN
ajfa-194	44	22	,	,	PUNCT
ajfa-194	44	23	the	the	DET
ajfa-194	44	24	advance	advance	NOUN
ajfa-194	44	25	reduction	reduction	NOUN
ajfa-194	44	26	in	in	ADP
ajfa-194	44	27	institutional	institutional	ADJ
ajfa-194	44	28	holdings	holding	NOUN
ajfa-194	44	29	is	be	AUX
ajfa-194	44	30	consistent	consistent	ADJ
ajfa-194	44	31	with	with	ADP
ajfa-194	44	32	institutional	institutional	ADJ
ajfa-194	44	33	investors	investor	NOUN
ajfa-194	44	34	expecting	expect	VERB
ajfa-194	44	35	bad	bad	ADJ
ajfa-194	44	36	news	news	NOUN
ajfa-194	44	37	of	of	ADP
ajfa-194	44	38	some	some	DET
ajfa-194	44	39	form	form	NOUN
ajfa-194	44	40	.	.	PUNCT
ajfa-194	45	1	the	the	DET
ajfa-194	45	2	results	result	NOUN
ajfa-194	45	3	further	far	ADV
ajfa-194	45	4	shed	shed	VERB
ajfa-194	45	5	additional	additional	ADJ
ajfa-194	45	6	insight	insight	NOUN
ajfa-194	45	7	on	on	ADP
ajfa-194	45	8	the	the	DET
ajfa-194	45	9	information	information	NOUN
ajfa-194	45	10	source	source	NOUN
ajfa-194	45	11	of	of	ADP
ajfa-194	45	12	institutional	institutional	ADJ
ajfa-194	45	13	investors	investor	NOUN
ajfa-194	45	14	by	by	ADP
ajfa-194	45	15	showing	show	VERB
ajfa-194	45	16	that	that	SCONJ
ajfa-194	45	17	superior	superior	ADJ
ajfa-194	45	18	ability	ability	NOUN
ajfa-194	45	19	to	to	PART
ajfa-194	45	20	process	process	VERB
ajfa-194	45	21	public	public	ADJ
ajfa-194	45	22	information	information	NOUN
ajfa-194	45	23	is	be	AUX
ajfa-194	45	24	likely	likely	ADJ
ajfa-194	45	25	the	the	DET
ajfa-194	45	26	source	source	NOUN
ajfa-194	45	27	of	of	ADP
ajfa-194	45	28	information	information	NOUN
ajfa-194	45	29	advantage	advantage	NOUN
ajfa-194	45	30	by	by	ADP
ajfa-194	45	31	institutional	institutional	ADJ
ajfa-194	45	32	investors	investor	NOUN
ajfa-194	45	33	concerning	concern	VERB
ajfa-194	45	34	restatement	restatement	NOUN
ajfa-194	45	35	events	event	NOUN
ajfa-194	45	36	.	.	PUNCT
ajfa-194	46	1	previous	previous	ADJ
ajfa-194	46	2	work	work	NOUN
ajfa-194	46	3	either	either	CCONJ
ajfa-194	46	4	assumes	assume	VERB
ajfa-194	46	5	that	that	SCONJ
ajfa-194	46	6	institutional	institutional	ADJ
ajfa-194	46	7	investors	investor	NOUN
ajfa-194	46	8	have	have	VERB
ajfa-194	46	9	information	information	NOUN
ajfa-194	46	10	advantage	advantage	NOUN
ajfa-194	46	11	without	without	ADP
ajfa-194	46	12	testing	test	VERB
ajfa-194	46	13	the	the	DET
ajfa-194	46	14	information	information	NOUN
ajfa-194	46	15	source	source	NOUN
ajfa-194	46	16	(	(	PUNCT
ajfa-194	46	17	see	see	VERB
ajfa-194	46	18	,	,	PUNCT
ajfa-194	46	19	for	for	ADP
ajfa-194	46	20	example	example	NOUN
ajfa-194	46	21	,	,	PUNCT
ajfa-194	46	22	walther	walther	NOUN
ajfa-194	46	23	,	,	PUNCT
ajfa-194	46	24	1997	1997	NUM
ajfa-194	46	25	)	)	PUNCT
ajfa-194	46	26	,	,	PUNCT
ajfa-194	46	27	or	or	CCONJ
ajfa-194	46	28	finds	find	VERB
ajfa-194	46	29	that	that	SCONJ
ajfa-194	46	30	institutional	institutional	ADJ
ajfa-194	46	31	investors	investor	NOUN
ajfa-194	46	32	have	have	VERB
ajfa-194	46	33	information	information	NOUN
ajfa-194	46	34	advantage	advantage	NOUN
ajfa-194	46	35	because	because	SCONJ
ajfa-194	46	36	of	of	ADP
ajfa-194	46	37	private	private	ADJ
ajfa-194	46	38	information	information	NOUN
ajfa-194	46	39	disclosed	disclose	VERB
ajfa-194	46	40	from	from	ADP
ajfa-194	46	41	firm	firm	ADJ
ajfa-194	46	42	management	management	NOUN
ajfa-194	46	43	(	(	PUNCT
ajfa-194	46	44	see	see	VERB
ajfa-194	46	45	,	,	PUNCT
ajfa-194	46	46	among	among	ADP
ajfa-194	46	47	others	other	NOUN
ajfa-194	46	48	,	,	PUNCT
ajfa-194	46	49	ke	ke	NOUN
ajfa-194	46	50	and	and	CCONJ
ajfa-194	46	51	petroni	petroni	NOUN
ajfa-194	46	52	,	,	PUNCT
ajfa-194	46	53	2004	2004	NUM
ajfa-194	46	54	;	;	PUNCT
ajfa-194	46	55	bushee	bushee	NOUN
ajfa-194	46	56	and	and	CCONJ
ajfa-194	46	57	goodman	goodman	PROPN
ajfa-194	46	58	,	,	PUNCT
ajfa-194	46	59	2007	2007	NUM
ajfa-194	46	60	;	;	PUNCT
ajfa-194	46	61	ke	ke	NOUN
ajfa-194	46	62	,	,	PUNCT
ajfa-194	46	63	petroni	petroni	NOUN
ajfa-194	46	64	,	,	PUNCT
ajfa-194	46	65	and	and	CCONJ
ajfa-194	46	66	yu	yu	PROPN
ajfa-194	46	67	,	,	PUNCT
ajfa-194	46	68	2008	2008	NUM
ajfa-194	46	69	)	)	PUNCT
ajfa-194	46	70	.	.	PUNCT
ajfa-194	47	1	our	our	PRON
ajfa-194	47	2	results	result	NOUN
ajfa-194	47	3	provide	provide	VERB
ajfa-194	47	4	evidence	evidence	NOUN
ajfa-194	47	5	that	that	SCONJ
ajfa-194	47	6	the	the	DET
ajfa-194	47	7	information	information	NOUN
ajfa-194	47	8	advantage	advantage	NOUN
ajfa-194	47	9	of	of	ADP
ajfa-194	47	10	institutional	institutional	ADJ
ajfa-194	47	11	investors	investor	NOUN
ajfa-194	47	12	to	to	PART
ajfa-194	47	13	anticipate	anticipate	VERB
ajfa-194	47	14	a	a	DET
ajfa-194	47	15	forthcoming	forthcoming	ADJ
ajfa-194	47	16	restatement	restatement	NOUN
ajfa-194	47	17	is	be	AUX
ajfa-194	47	18	likely	likely	ADV
ajfa-194	47	19	attributable	attributable	ADJ
ajfa-194	47	20	to	to	PART
ajfa-194	47	21	institutions‟	institutions‟	VERB
ajfa-194	47	22	superior	superior	ADJ
ajfa-194	47	23	ability	ability	NOUN
ajfa-194	47	24	to	to	PART
ajfa-194	47	25	process	process	VERB
ajfa-194	47	26	public	public	ADJ
ajfa-194	47	27	information	information	NOUN
ajfa-194	47	28	related	relate	VERB
ajfa-194	47	29	to	to	ADP
ajfa-194	47	30	restatements	restatement	NOUN
ajfa-194	47	31	.	.	PUNCT
ajfa-194	48	1	asian	asian	ADJ
ajfa-194	48	2	journal	journal	PROPN
ajfa-194	48	3	of	of	ADP
ajfa-194	48	4	finance	finance	PROPN
ajfa-194	48	5	&	&	CCONJ
ajfa-194	48	6	accounting	accounting	PROPN
ajfa-194	48	7	issn	issn	PROPN
ajfa-194	48	8	1946	1946	NUM
ajfa-194	48	9	-	-	PUNCT
ajfa-194	48	10	052x	052x	NOUN
ajfa-194	48	11	2009	2009	NUM
ajfa-194	48	12	,	,	PUNCT
ajfa-194	48	13	vol	vol	NOUN
ajfa-194	48	14	.	.	PROPN
ajfa-194	48	15	1	1	NUM
ajfa-194	48	16	,	,	PUNCT
ajfa-194	48	17	no	no	INTJ
ajfa-194	48	18	.	.	NOUN
ajfa-194	48	19	2	2	NUM
ajfa-194	48	20	:	:	PUNCT
ajfa-194	48	21	e4	e4	PROPN
ajfa-194	48	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	X
ajfa-194	48	23	78	78	NUM
ajfa-194	48	24	finally	finally	ADV
ajfa-194	48	25	,	,	PUNCT
ajfa-194	48	26	our	our	PRON
ajfa-194	48	27	work	work	NOUN
ajfa-194	48	28	has	have	VERB
ajfa-194	48	29	implication	implication	NOUN
ajfa-194	48	30	for	for	ADP
ajfa-194	48	31	research	research	NOUN
ajfa-194	48	32	examining	examine	VERB
ajfa-194	48	33	the	the	DET
ajfa-194	48	34	role	role	NOUN
ajfa-194	48	35	of	of	ADP
ajfa-194	48	36	total	total	ADJ
ajfa-194	48	37	institutional	institutional	ADJ
ajfa-194	48	38	ownership	ownership	NOUN
ajfa-194	48	39	in	in	ADP
ajfa-194	48	40	market	market	NOUN
ajfa-194	48	41	reactions	reaction	NOUN
ajfa-194	48	42	around	around	ADP
ajfa-194	48	43	accounting	accounting	NOUN
ajfa-194	48	44	events	event	NOUN
ajfa-194	48	45	(	(	PUNCT
ajfa-194	48	46	e.g.	e.g.	ADV
ajfa-194	48	47	,	,	PUNCT
ajfa-194	48	48	bartov	bartov	ADJ
ajfa-194	48	49	,	,	PUNCT
ajfa-194	48	50	krinsky	krinsky	ADJ
ajfa-194	48	51	,	,	PUNCT
ajfa-194	48	52	and	and	CCONJ
ajfa-194	48	53	radhakrishnan	radhakrishnan	PROPN
ajfa-194	48	54	,	,	PUNCT
ajfa-194	48	55	2000	2000	NUM
ajfa-194	48	56	;	;	PUNCT
ajfa-194	48	57	ayers	ayers	PROPN
ajfa-194	48	58	and	and	CCONJ
ajfa-194	48	59	freeman	freeman	PROPN
ajfa-194	48	60	,	,	PUNCT
ajfa-194	48	61	2003	2003	NUM
ajfa-194	48	62	)	)	PUNCT
ajfa-194	48	63	.	.	PUNCT
ajfa-194	49	1	our	our	PRON
ajfa-194	49	2	study	study	NOUN
ajfa-194	49	3	underscores	underscore	VERB
ajfa-194	49	4	the	the	DET
ajfa-194	49	5	importance	importance	NOUN
ajfa-194	49	6	of	of	ADP
ajfa-194	49	7	differentiating	differentiate	VERB
ajfa-194	49	8	among	among	ADP
ajfa-194	49	9	institutions	institution	NOUN
ajfa-194	49	10	with	with	ADP
ajfa-194	49	11	various	various	ADJ
ajfa-194	49	12	investment	investment	NOUN
ajfa-194	49	13	styles	style	NOUN
ajfa-194	49	14	,	,	PUNCT
ajfa-194	49	15	and	and	CCONJ
ajfa-194	49	16	shows	show	VERB
ajfa-194	49	17	that	that	SCONJ
ajfa-194	49	18	the	the	DET
ajfa-194	49	19	market	market	NOUN
ajfa-194	49	20	reactions	reaction	NOUN
ajfa-194	49	21	to	to	PART
ajfa-194	49	22	restatement	restatement	VERB
ajfa-194	49	23	events	event	NOUN
ajfa-194	49	24	vary	vary	VERB
ajfa-194	49	25	cross	cross	ADJ
ajfa-194	49	26	-	-	ADJ
ajfa-194	49	27	sectionally	sectionally	ADV
ajfa-194	49	28	,	,	PUNCT
ajfa-194	49	29	based	base	VERB
ajfa-194	49	30	on	on	ADP
ajfa-194	49	31	the	the	DET
ajfa-194	49	32	level	level	NOUN
ajfa-194	49	33	of	of	ADP
ajfa-194	49	34	different	different	ADJ
ajfa-194	49	35	institutional	institutional	ADJ
ajfa-194	49	36	ownership	ownership	NOUN
ajfa-194	49	37	and	and	CCONJ
ajfa-194	49	38	the	the	DET
ajfa-194	49	39	ability	ability	NOUN
ajfa-194	49	40	of	of	ADP
ajfa-194	49	41	sophisticated	sophisticated	ADJ
ajfa-194	49	42	investors	investor	NOUN
ajfa-194	49	43	to	to	PART
ajfa-194	49	44	predict	predict	VERB
ajfa-194	49	45	the	the	DET
ajfa-194	49	46	restatement	restatement	NOUN
ajfa-194	49	47	event	event	NOUN
ajfa-194	49	48	.	.	PUNCT
ajfa-194	50	1	the	the	DET
ajfa-194	50	2	remainder	remainder	NOUN
ajfa-194	50	3	of	of	ADP
ajfa-194	50	4	the	the	DET
ajfa-194	50	5	paper	paper	NOUN
ajfa-194	50	6	proceeds	proceed	NOUN
ajfa-194	50	7	as	as	SCONJ
ajfa-194	50	8	follows	follow	VERB
ajfa-194	50	9	.	.	PUNCT
ajfa-194	51	1	the	the	DET
ajfa-194	51	2	next	next	ADJ
ajfa-194	51	3	section	section	NOUN
ajfa-194	51	4	reviews	review	VERB
ajfa-194	51	5	the	the	DET
ajfa-194	51	6	relevant	relevant	ADJ
ajfa-194	51	7	literature	literature	NOUN
ajfa-194	51	8	.	.	PUNCT
ajfa-194	52	1	section	section	NOUN
ajfa-194	52	2	3	3	NUM
ajfa-194	52	3	discusses	discuss	VERB
ajfa-194	52	4	the	the	DET
ajfa-194	52	5	sample	sample	NOUN
ajfa-194	52	6	selection	selection	NOUN
ajfa-194	52	7	and	and	CCONJ
ajfa-194	52	8	variable	variable	ADJ
ajfa-194	52	9	measurement	measurement	NOUN
ajfa-194	52	10	,	,	PUNCT
ajfa-194	52	11	and	and	CCONJ
ajfa-194	52	12	provides	provide	VERB
ajfa-194	52	13	descriptive	descriptive	ADJ
ajfa-194	52	14	statistics	statistic	NOUN
ajfa-194	52	15	.	.	PUNCT
ajfa-194	53	1	section	section	NOUN
ajfa-194	53	2	4	4	NUM
ajfa-194	53	3	describes	describe	VERB
ajfa-194	53	4	our	our	PRON
ajfa-194	53	5	research	research	NOUN
ajfa-194	53	6	design	design	NOUN
ajfa-194	53	7	and	and	CCONJ
ajfa-194	53	8	discusses	discuss	VERB
ajfa-194	53	9	the	the	DET
ajfa-194	53	10	empirical	empirical	ADJ
ajfa-194	53	11	results	result	NOUN
ajfa-194	53	12	.	.	PUNCT
ajfa-194	54	1	section	section	NOUN
ajfa-194	54	2	5	5	NUM
ajfa-194	54	3	concludes	conclude	VERB
ajfa-194	54	4	.	.	PUNCT
ajfa-194	55	1	2	2	X
ajfa-194	55	2	.	.	X
ajfa-194	55	3	the	the	DET
ajfa-194	55	4	literature	literature	NOUN
ajfa-194	55	5	on	on	ADP
ajfa-194	55	6	the	the	DET
ajfa-194	55	7	information	information	NOUN
ajfa-194	55	8	advantage	advantage	NOUN
ajfa-194	55	9	of	of	ADP
ajfa-194	55	10	institutional	institutional	ADJ
ajfa-194	55	11	investors	investor	NOUN
ajfa-194	55	12	2.1	2.1	NUM
ajfa-194	55	13	institutional	institutional	ADJ
ajfa-194	55	14	investors	investor	NOUN
ajfa-194	55	15	’	’	PART
ajfa-194	55	16	trading	trading	NOUN
ajfa-194	55	17	behavior	behavior	NOUN
ajfa-194	55	18	and	and	CCONJ
ajfa-194	55	19	their	their	PRON
ajfa-194	55	20	information	information	NOUN
ajfa-194	55	21	advantage	advantage	NOUN
ajfa-194	55	22	prior	prior	ADJ
ajfa-194	55	23	research	research	NOUN
ajfa-194	55	24	documents	document	NOUN
ajfa-194	55	25	that	that	PRON
ajfa-194	55	26	institutional	institutional	ADJ
ajfa-194	55	27	investors	investor	NOUN
ajfa-194	55	28	have	have	VERB
ajfa-194	55	29	information	information	NOUN
ajfa-194	55	30	advantage	advantage	NOUN
ajfa-194	55	31	.	.	PUNCT
ajfa-194	56	1	with	with	ADP
ajfa-194	56	2	the	the	DET
ajfa-194	56	3	advantage	advantage	NOUN
ajfa-194	56	4	of	of	ADP
ajfa-194	56	5	private	private	ADJ
ajfa-194	56	6	information	information	NOUN
ajfa-194	56	7	gathering	gathering	NOUN
ajfa-194	56	8	and/or	and/or	CCONJ
ajfa-194	56	9	public	public	ADJ
ajfa-194	56	10	information	information	NOUN
ajfa-194	56	11	processing	processing	NOUN
ajfa-194	56	12	,	,	PUNCT
ajfa-194	56	13	some	some	DET
ajfa-194	56	14	institutional	institutional	ADJ
ajfa-194	56	15	investors	investor	NOUN
ajfa-194	56	16	appear	appear	VERB
ajfa-194	56	17	to	to	PART
ajfa-194	56	18	engage	engage	VERB
ajfa-194	56	19	in	in	ADP
ajfa-194	56	20	informed	informed	ADJ
ajfa-194	56	21	trading	trading	NOUN
ajfa-194	56	22	in	in	ADP
ajfa-194	56	23	response	response	NOUN
ajfa-194	56	24	to	to	ADP
ajfa-194	56	25	future	future	ADJ
ajfa-194	56	26	information	information	NOUN
ajfa-194	56	27	.	.	PUNCT
ajfa-194	57	1	for	for	ADP
ajfa-194	57	2	example	example	NOUN
ajfa-194	57	3	,	,	PUNCT
ajfa-194	57	4	institutional	institutional	ADJ
ajfa-194	57	5	investors	investor	NOUN
ajfa-194	57	6	trade	trade	VERB
ajfa-194	57	7	actively	actively	ADV
ajfa-194	57	8	in	in	ADP
ajfa-194	57	9	anticipation	anticipation	NOUN
ajfa-194	57	10	of	of	ADP
ajfa-194	57	11	impending	impending	ADJ
ajfa-194	57	12	events	event	NOUN
ajfa-194	57	13	,	,	PUNCT
ajfa-194	57	14	such	such	ADJ
ajfa-194	57	15	as	as	ADP
ajfa-194	57	16	breaks	break	NOUN
ajfa-194	57	17	in	in	ADP
ajfa-194	57	18	consecutive	consecutive	ADJ
ajfa-194	57	19	earnings	earning	NOUN
ajfa-194	57	20	increases	increase	NOUN
ajfa-194	57	21	(	(	PUNCT
ajfa-194	57	22	ke	ke	NOUN
ajfa-194	57	23	and	and	CCONJ
ajfa-194	57	24	petroni	petroni	NOUN
ajfa-194	57	25	,	,	PUNCT
ajfa-194	57	26	2004	2004	NUM
ajfa-194	57	27	)	)	PUNCT
ajfa-194	57	28	,	,	PUNCT
ajfa-194	57	29	future	future	ADJ
ajfa-194	57	30	earnings	earning	NOUN
ajfa-194	57	31	implication	implication	NOUN
ajfa-194	57	32	of	of	ADP
ajfa-194	57	33	current	current	ADJ
ajfa-194	57	34	accruals	accrual	NOUN
ajfa-194	57	35	(	(	PUNCT
ajfa-194	57	36	collins	collin	NOUN
ajfa-194	57	37	,	,	PUNCT
ajfa-194	57	38	gong	gong	NOUN
ajfa-194	57	39	,	,	PUNCT
ajfa-194	57	40	and	and	CCONJ
ajfa-194	57	41	hribar	hribar	NOUN
ajfa-194	57	42	,	,	PUNCT
ajfa-194	57	43	2003	2003	NUM
ajfa-194	57	44	)	)	PUNCT
ajfa-194	57	45	,	,	PUNCT
ajfa-194	57	46	future	future	ADJ
ajfa-194	57	47	dividend	dividend	NOUN
ajfa-194	57	48	increases	increase	NOUN
ajfa-194	57	49	(	(	PUNCT
ajfa-194	57	50	amihud	amihud	PROPN
ajfa-194	57	51	and	and	CCONJ
ajfa-194	57	52	li	li	PROPN
ajfa-194	57	53	,	,	PUNCT
ajfa-194	57	54	2006	2006	NUM
ajfa-194	57	55	)	)	PUNCT
ajfa-194	57	56	,	,	PUNCT
ajfa-194	57	57	and	and	CCONJ
ajfa-194	57	58	future	future	ADJ
ajfa-194	57	59	abnormal	abnormal	ADJ
ajfa-194	57	60	returns	return	NOUN
ajfa-194	57	61	around	around	ADP
ajfa-194	57	62	subsequent	subsequent	ADJ
ajfa-194	57	63	earnings	earning	NOUN
ajfa-194	57	64	announcements	announcement	NOUN
ajfa-194	57	65	(	(	PUNCT
ajfa-194	57	66	ali	ali	PROPN
ajfa-194	57	67	et	et	PROPN
ajfa-194	57	68	al	al	PROPN
ajfa-194	57	69	.	.	PROPN
ajfa-194	57	70	,	,	PUNCT
ajfa-194	57	71	2004	2004	NUM
ajfa-194	57	72	)	)	PUNCT
ajfa-194	57	73	.	.	PUNCT
ajfa-194	58	1	there	there	PRON
ajfa-194	58	2	is	be	VERB
ajfa-194	58	3	also	also	ADV
ajfa-194	58	4	evidence	evidence	NOUN
ajfa-194	58	5	that	that	SCONJ
ajfa-194	58	6	institutional	institutional	ADJ
ajfa-194	58	7	investors	investor	NOUN
ajfa-194	58	8	acquire	acquire	VERB
ajfa-194	58	9	and	and	CCONJ
ajfa-194	58	10	strategically	strategically	ADV
ajfa-194	58	11	trade	trade	NOUN
ajfa-194	58	12	on	on	ADP
ajfa-194	58	13	predisclosure	predisclosure	NOUN
ajfa-194	58	14	information	information	NOUN
ajfa-194	58	15	.	.	PUNCT
ajfa-194	59	1	for	for	ADP
ajfa-194	59	2	example	example	NOUN
ajfa-194	59	3	,	,	PUNCT
ajfa-194	59	4	el	el	NOUN
ajfa-194	59	5	-	-	PUNCT
ajfa-194	59	6	gazzar	gazzar	NOUN
ajfa-194	59	7	(	(	PUNCT
ajfa-194	59	8	1998	1998	NUM
ajfa-194	59	9	)	)	PUNCT
ajfa-194	59	10	finds	find	VERB
ajfa-194	59	11	that	that	SCONJ
ajfa-194	59	12	the	the	PRON
ajfa-194	59	13	higher	high	ADJ
ajfa-194	59	14	the	the	DET
ajfa-194	59	15	institutional	institutional	ADJ
ajfa-194	59	16	ownership	ownership	NOUN
ajfa-194	59	17	,	,	PUNCT
ajfa-194	59	18	the	the	PRON
ajfa-194	59	19	smaller	small	ADJ
ajfa-194	59	20	the	the	DET
ajfa-194	59	21	market	market	NOUN
ajfa-194	59	22	reaction	reaction	NOUN
ajfa-194	59	23	to	to	ADP
ajfa-194	59	24	earnings	earning	NOUN
ajfa-194	59	25	releases	release	NOUN
ajfa-194	59	26	,	,	PUNCT
ajfa-194	59	27	consistent	consistent	ADJ
ajfa-194	59	28	with	with	ADP
ajfa-194	59	29	institutional	institutional	ADJ
ajfa-194	59	30	investors	investor	NOUN
ajfa-194	59	31	acquiring	acquire	VERB
ajfa-194	59	32	predisclosure	predisclosure	NOUN
ajfa-194	59	33	information	information	NOUN
ajfa-194	59	34	and	and	CCONJ
ajfa-194	59	35	trading	trading	NOUN
ajfa-194	59	36	on	on	ADP
ajfa-194	59	37	this	this	DET
ajfa-194	59	38	predisclosure	predisclosure	NOUN
ajfa-194	59	39	information	information	NOUN
ajfa-194	59	40	to	to	PART
ajfa-194	59	41	mitigate	mitigate	VERB
ajfa-194	59	42	the	the	DET
ajfa-194	59	43	market	market	NOUN
ajfa-194	59	44	response	response	NOUN
ajfa-194	59	45	when	when	SCONJ
ajfa-194	59	46	earnings	earning	NOUN
ajfa-194	59	47	is	be	AUX
ajfa-194	59	48	announced	announce	VERB
ajfa-194	59	49	.	.	PUNCT
ajfa-194	60	1	bartov	bartov	PROPN
ajfa-194	60	2	,	,	PUNCT
ajfa-194	60	3	radhakrishnan	radhakrishnan	PROPN
ajfa-194	60	4	,	,	PUNCT
ajfa-194	60	5	and	and	CCONJ
ajfa-194	60	6	krinsky	krinsky	ADJ
ajfa-194	60	7	(	(	PUNCT
ajfa-194	60	8	2000	2000	NUM
ajfa-194	60	9	)	)	PUNCT
ajfa-194	60	10	and	and	CCONJ
ajfa-194	60	11	ke	ke	PROPN
ajfa-194	60	12	and	and	CCONJ
ajfa-194	60	13	ramalingegowda	ramalingegowda	PROPN
ajfa-194	60	14	(	(	PUNCT
ajfa-194	60	15	2005	2005	NUM
ajfa-194	60	16	)	)	PUNCT
ajfa-194	60	17	both	both	PRON
ajfa-194	60	18	show	show	VERB
ajfa-194	60	19	that	that	SCONJ
ajfa-194	60	20	post	post	ADJ
ajfa-194	60	21	-	-	ADJ
ajfa-194	60	22	earnings	earning	NOUN
ajfa-194	60	23	-	-	PUNCT
ajfa-194	60	24	announcement	announcement	NOUN
ajfa-194	60	25	drift	drift	NOUN
ajfa-194	60	26	is	be	AUX
ajfa-194	60	27	negatively	negatively	ADV
ajfa-194	60	28	correlated	correlate	VERB
ajfa-194	60	29	with	with	ADP
ajfa-194	60	30	institutional	institutional	ADJ
ajfa-194	60	31	ownership	ownership	NOUN
ajfa-194	60	32	,	,	PUNCT
ajfa-194	60	33	suggesting	suggest	VERB
ajfa-194	60	34	that	that	SCONJ
ajfa-194	60	35	institutional	institutional	ADJ
ajfa-194	60	36	investors	investor	NOUN
ajfa-194	60	37	trade	trade	VERB
ajfa-194	60	38	on	on	ADP
ajfa-194	60	39	the	the	DET
ajfa-194	60	40	implication	implication	NOUN
ajfa-194	60	41	of	of	ADP
ajfa-194	60	42	current	current	ADJ
ajfa-194	60	43	earnings	earning	NOUN
ajfa-194	60	44	surprises	surprise	NOUN
ajfa-194	60	45	on	on	ADP
ajfa-194	60	46	future	future	ADJ
ajfa-194	60	47	earnings	earning	NOUN
ajfa-194	60	48	.	.	PUNCT
ajfa-194	61	1	balsam	balsam	NOUN
ajfa-194	61	2	,	,	PUNCT
ajfa-194	61	3	bartov	bartov	PROPN
ajfa-194	61	4	,	,	PUNCT
ajfa-194	61	5	and	and	CCONJ
ajfa-194	61	6	marquardt	marquardt	PROPN
ajfa-194	61	7	(	(	PUNCT
ajfa-194	61	8	2002	2002	NUM
ajfa-194	61	9	)	)	PUNCT
ajfa-194	61	10	demonstrate	demonstrate	VERB
ajfa-194	61	11	that	that	SCONJ
ajfa-194	61	12	sophisticated	sophisticated	ADJ
ajfa-194	61	13	investors	investor	NOUN
ajfa-194	61	14	,	,	PUNCT
ajfa-194	61	15	as	as	SCONJ
ajfa-194	61	16	measured	measure	VERB
ajfa-194	61	17	by	by	ADP
ajfa-194	61	18	the	the	DET
ajfa-194	61	19	level	level	NOUN
ajfa-194	61	20	of	of	ADP
ajfa-194	61	21	institutional	institutional	ADJ
ajfa-194	61	22	ownership	ownership	NOUN
ajfa-194	61	23	,	,	PUNCT
ajfa-194	61	24	recognize	recognize	VERB
ajfa-194	61	25	accrual	accrual	ADJ
ajfa-194	61	26	management	management	NOUN
ajfa-194	61	27	prior	prior	ADV
ajfa-194	61	28	to	to	ADP
ajfa-194	61	29	the	the	DET
ajfa-194	61	30	release	release	NOUN
ajfa-194	61	31	of	of	ADP
ajfa-194	61	32	10	10	NUM
ajfa-194	61	33	-	-	PUNCT
ajfa-194	61	34	qs	qs	NOUN
ajfa-194	61	35	and	and	CCONJ
ajfa-194	61	36	trade	trade	NOUN
ajfa-194	61	37	on	on	ADP
ajfa-194	61	38	the	the	DET
ajfa-194	61	39	unexpected	unexpected	ADJ
ajfa-194	61	40	accruals	accrual	NOUN
ajfa-194	61	41	before	before	ADP
ajfa-194	61	42	the	the	DET
ajfa-194	61	43	10q	10q	NOUN
ajfa-194	61	44	filing	filing	NOUN
ajfa-194	61	45	date	date	NOUN
ajfa-194	61	46	.	.	PUNCT
ajfa-194	62	1	building	build	VERB
ajfa-194	62	2	on	on	ADP
ajfa-194	62	3	prior	prior	ADJ
ajfa-194	62	4	research	research	NOUN
ajfa-194	62	5	,	,	PUNCT
ajfa-194	62	6	this	this	DET
ajfa-194	62	7	study	study	NOUN
ajfa-194	62	8	directly	directly	ADV
ajfa-194	62	9	examines	examine	VERB
ajfa-194	62	10	the	the	DET
ajfa-194	62	11	trading	trading	NOUN
ajfa-194	62	12	behavior	behavior	NOUN
ajfa-194	62	13	of	of	ADP
ajfa-194	62	14	institutional	institutional	ADJ
ajfa-194	62	15	investors	investor	NOUN
ajfa-194	62	16	prior	prior	ADV
ajfa-194	62	17	to	to	ADP
ajfa-194	62	18	an	an	DET
ajfa-194	62	19	accounting	accounting	NOUN
ajfa-194	62	20	restatement	restatement	NOUN
ajfa-194	62	21	.	.	PUNCT
ajfa-194	63	1	we	we	PRON
ajfa-194	63	2	use	use	VERB
ajfa-194	63	3	accounting	accounting	NOUN
ajfa-194	63	4	restatements	restatement	NOUN
ajfa-194	63	5	as	as	ADP
ajfa-194	63	6	our	our	PRON
ajfa-194	63	7	event	event	NOUN
ajfa-194	63	8	for	for	ADP
ajfa-194	63	9	several	several	ADJ
ajfa-194	63	10	reasons	reason	NOUN
ajfa-194	63	11	.	.	PUNCT
ajfa-194	64	1	first	first	ADV
ajfa-194	64	2	,	,	PUNCT
ajfa-194	64	3	accounting	accounting	NOUN
ajfa-194	64	4	restatements	restatement	NOUN
ajfa-194	64	5	represent	represent	VERB
ajfa-194	64	6	economically	economically	ADV
ajfa-194	64	7	significant	significant	ADJ
ajfa-194	64	8	events	event	NOUN
ajfa-194	64	9	,	,	PUNCT
ajfa-194	64	10	associated	associate	VERB
ajfa-194	64	11	with	with	ADP
ajfa-194	64	12	substantial	substantial	ADJ
ajfa-194	64	13	loss	loss	NOUN
ajfa-194	64	14	in	in	ADP
ajfa-194	64	15	market	market	NOUN
ajfa-194	64	16	value	value	NOUN
ajfa-194	64	17	on	on	ADP
ajfa-194	64	18	the	the	DET
ajfa-194	64	19	restatement	restatement	NOUN
ajfa-194	64	20	date	date	NOUN
ajfa-194	64	21	.	.	PUNCT
ajfa-194	65	1	second	second	ADJ
ajfa-194	65	2	,	,	PUNCT
ajfa-194	65	3	to	to	ADP
ajfa-194	65	4	the	the	DET
ajfa-194	65	5	extent	extent	NOUN
ajfa-194	65	6	that	that	SCONJ
ajfa-194	65	7	these	these	DET
ajfa-194	65	8	restatements	restatement	NOUN
ajfa-194	65	9	involve	involve	VERB
ajfa-194	65	10	an	an	DET
ajfa-194	65	11	inappropriate	inappropriate	ADJ
ajfa-194	65	12	application	application	NOUN
ajfa-194	65	13	of	of	ADP
ajfa-194	65	14	gaap	gaap	NOUN
ajfa-194	65	15	that	that	PRON
ajfa-194	65	16	is	be	AUX
ajfa-194	65	17	reflected	reflect	VERB
ajfa-194	65	18	in	in	ADP
ajfa-194	65	19	past	past	ADJ
ajfa-194	65	20	financial	financial	ADJ
ajfa-194	65	21	statements	statement	NOUN
ajfa-194	65	22	,	,	PUNCT
ajfa-194	65	23	it	it	PRON
ajfa-194	65	24	is	be	AUX
ajfa-194	65	25	reasonable	reasonable	ADJ
ajfa-194	65	26	to	to	PART
ajfa-194	65	27	expect	expect	VERB
ajfa-194	65	28	that	that	SCONJ
ajfa-194	65	29	a	a	DET
ajfa-194	65	30	sophisticated	sophisticated	ADJ
ajfa-194	65	31	investor	investor	NOUN
ajfa-194	65	32	would	would	AUX
ajfa-194	65	33	have	have	VERB
ajfa-194	65	34	a	a	DET
ajfa-194	65	35	greater	great	ADJ
ajfa-194	65	36	chance	chance	NOUN
ajfa-194	65	37	of	of	ADP
ajfa-194	65	38	identifying	identify	VERB
ajfa-194	65	39	these	these	DET
ajfa-194	65	40	firms	firm	NOUN
ajfa-194	65	41	through	through	ADP
ajfa-194	65	42	superior	superior	ADJ
ajfa-194	65	43	knowledge	knowledge	NOUN
ajfa-194	65	44	of	of	ADP
ajfa-194	65	45	financial	financial	ADJ
ajfa-194	65	46	statements	statement	NOUN
ajfa-194	65	47	and/or	and/or	CCONJ
ajfa-194	65	48	more	more	ADJ
ajfa-194	65	49	resources	resource	NOUN
ajfa-194	65	50	to	to	PART
ajfa-194	65	51	spend	spend	VERB
ajfa-194	65	52	on	on	ADP
ajfa-194	65	53	analyzing	analyze	VERB
ajfa-194	65	54	the	the	DET
ajfa-194	65	55	statements	statement	NOUN
ajfa-194	65	56	.	.	PUNCT
ajfa-194	66	1	1	1	NUM
ajfa-194	66	2	third	third	ADJ
ajfa-194	66	3	,	,	PUNCT
ajfa-194	66	4	accounting	accounting	NOUN
ajfa-194	66	5	restatements	restatement	NOUN
ajfa-194	66	6	represent	represent	VERB
ajfa-194	66	7	a	a	DET
ajfa-194	66	8	setting	setting	NOUN
ajfa-194	66	9	where	where	SCONJ
ajfa-194	66	10	it	it	PRON
ajfa-194	66	11	is	be	AUX
ajfa-194	66	12	less	less	ADV
ajfa-194	66	13	likely	likely	ADJ
ajfa-194	66	14	that	that	SCONJ
ajfa-194	66	15	management	management	NOUN
ajfa-194	66	16	would	would	AUX
ajfa-194	66	17	communicate	communicate	VERB
ajfa-194	66	18	this	this	DET
ajfa-194	66	19	information	information	NOUN
ajfa-194	66	20	to	to	ADP
ajfa-194	66	21	external	external	ADJ
ajfa-194	66	22	shareholders	shareholder	NOUN
ajfa-194	66	23	such	such	ADJ
ajfa-194	66	24	as	as	ADP
ajfa-194	66	25	institutional	institutional	ADJ
ajfa-194	66	26	investors	investor	NOUN
ajfa-194	66	27	,	,	PUNCT
ajfa-194	66	28	as	as	SCONJ
ajfa-194	66	29	the	the	DET
ajfa-194	66	30	restatements	restatement	NOUN
ajfa-194	66	31	often	often	ADV
ajfa-194	66	32	tp	tp	VERB
ajfa-194	66	33	1	1	NUM
ajfa-194	66	34	for	for	ADP
ajfa-194	66	35	example	example	NOUN
ajfa-194	66	36	,	,	PUNCT
ajfa-194	66	37	to	to	ADP
ajfa-194	66	38	the	the	DET
ajfa-194	66	39	extent	extent	NOUN
ajfa-194	66	40	that	that	SCONJ
ajfa-194	66	41	a	a	DET
ajfa-194	66	42	restatement	restatement	NOUN
ajfa-194	66	43	involves	involve	VERB
ajfa-194	66	44	accruals	accrual	NOUN
ajfa-194	66	45	,	,	PUNCT
ajfa-194	66	46	a	a	DET
ajfa-194	66	47	deeper	deep	ADJ
ajfa-194	66	48	understanding	understanding	NOUN
ajfa-194	66	49	of	of	ADP
ajfa-194	66	50	the	the	DET
ajfa-194	66	51	financial	financial	ADJ
ajfa-194	66	52	statement	statement	NOUN
ajfa-194	66	53	ratios	ratio	NOUN
ajfa-194	66	54	and	and	CCONJ
ajfa-194	66	55	a	a	DET
ajfa-194	66	56	detailed	detailed	ADJ
ajfa-194	66	57	analysis	analysis	NOUN
ajfa-194	66	58	might	might	AUX
ajfa-194	66	59	help	help	AUX
ajfa-194	66	60	identify	identify	VERB
ajfa-194	66	61	potentially	potentially	ADV
ajfa-194	66	62	problematic	problematic	ADJ
ajfa-194	66	63	accounting	accounting	NOUN
ajfa-194	66	64	.	.	PUNCT
ajfa-194	67	1	similarly	similarly	ADV
ajfa-194	67	2	,	,	PUNCT
ajfa-194	67	3	an	an	DET
ajfa-194	67	4	understanding	understanding	NOUN
ajfa-194	67	5	of	of	ADP
ajfa-194	67	6	earnings	earning	NOUN
ajfa-194	67	7	management	management	NOUN
ajfa-194	67	8	incentives	incentive	NOUN
ajfa-194	67	9	and	and	CCONJ
ajfa-194	67	10	the	the	DET
ajfa-194	67	11	ability	ability	NOUN
ajfa-194	67	12	to	to	PART
ajfa-194	67	13	identify	identify	VERB
ajfa-194	67	14	„	„	PUNCT
ajfa-194	67	15	red	red	ADJ
ajfa-194	67	16	-	-	PUNCT
ajfa-194	67	17	flags‟	flags‟	NOUN
ajfa-194	67	18	help	help	NOUN
ajfa-194	67	19	identify	identify	VERB
ajfa-194	67	20	situations	situation	NOUN
ajfa-194	67	21	where	where	SCONJ
ajfa-194	67	22	earnings	earning	NOUN
ajfa-194	67	23	manipulation	manipulation	NOUN
ajfa-194	67	24	is	be	AUX
ajfa-194	67	25	more	more	ADV
ajfa-194	67	26	likely	likely	ADJ
ajfa-194	67	27	to	to	PART
ajfa-194	67	28	occur	occur	VERB
ajfa-194	67	29	.	.	PUNCT
ajfa-194	68	1	asian	asian	ADJ
ajfa-194	68	2	journal	journal	PROPN
ajfa-194	68	3	of	of	ADP
ajfa-194	68	4	finance	finance	PROPN
ajfa-194	68	5	&	&	CCONJ
ajfa-194	68	6	accounting	accounting	PROPN
ajfa-194	68	7	issn	issn	PROPN
ajfa-194	68	8	1946	1946	NUM
ajfa-194	68	9	-	-	PUNCT
ajfa-194	68	10	052x	052x	NOUN
ajfa-194	68	11	2009	2009	NUM
ajfa-194	68	12	,	,	PUNCT
ajfa-194	68	13	vol	vol	NOUN
ajfa-194	68	14	.	.	PROPN
ajfa-194	68	15	1	1	NUM
ajfa-194	68	16	,	,	PUNCT
ajfa-194	68	17	no	no	INTJ
ajfa-194	68	18	.	.	NOUN
ajfa-194	68	19	2	2	NUM
ajfa-194	68	20	:	:	PUNCT
ajfa-194	68	21	e4	e4	PROPN
ajfa-194	68	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	68	23	79	79	NUM
ajfa-194	68	24	are	be	AUX
ajfa-194	68	25	initiated	initiate	VERB
ajfa-194	68	26	by	by	ADP
ajfa-194	68	27	third	third	ADJ
ajfa-194	68	28	parties	party	NOUN
ajfa-194	68	29	(	(	PUNCT
ajfa-194	68	30	such	such	ADJ
ajfa-194	68	31	as	as	ADP
ajfa-194	68	32	the	the	DET
ajfa-194	68	33	auditor	auditor	NOUN
ajfa-194	68	34	)	)	PUNCT
ajfa-194	68	35	,	,	PUNCT
ajfa-194	68	36	and	and	CCONJ
ajfa-194	68	37	can	can	AUX
ajfa-194	68	38	involve	involve	VERB
ajfa-194	68	39	fraudulent	fraudulent	ADJ
ajfa-194	68	40	actions	action	NOUN
ajfa-194	68	41	on	on	ADP
ajfa-194	68	42	the	the	DET
ajfa-194	68	43	part	part	NOUN
ajfa-194	68	44	of	of	ADP
ajfa-194	68	45	management	management	NOUN
ajfa-194	68	46	.	.	PUNCT
ajfa-194	69	1	2	2	NUM
ajfa-194	69	2	p	p	NOUN
ajfa-194	69	3	as	as	ADP
ajfa-194	69	4	a	a	DET
ajfa-194	69	5	result	result	NOUN
ajfa-194	69	6	,	,	PUNCT
ajfa-194	69	7	we	we	PRON
ajfa-194	69	8	believe	believe	VERB
ajfa-194	69	9	that	that	SCONJ
ajfa-194	69	10	our	our	PRON
ajfa-194	69	11	setting	setting	NOUN
ajfa-194	69	12	is	be	AUX
ajfa-194	69	13	one	one	NUM
ajfa-194	69	14	in	in	ADP
ajfa-194	69	15	which	which	PRON
ajfa-194	69	16	the	the	DET
ajfa-194	69	17	informed	informed	ADJ
ajfa-194	69	18	trading	trading	NOUN
ajfa-194	69	19	by	by	ADP
ajfa-194	69	20	institutional	institutional	ADJ
ajfa-194	69	21	investors	investor	NOUN
ajfa-194	69	22	is	be	AUX
ajfa-194	69	23	most	most	ADV
ajfa-194	69	24	likely	likely	ADJ
ajfa-194	69	25	to	to	PART
ajfa-194	69	26	be	be	AUX
ajfa-194	69	27	explained	explain	VERB
ajfa-194	69	28	by	by	ADP
ajfa-194	69	29	superior	superior	ADJ
ajfa-194	69	30	processing	processing	NOUN
ajfa-194	69	31	of	of	ADP
ajfa-194	69	32	public	public	ADJ
ajfa-194	69	33	information	information	NOUN
ajfa-194	69	34	rather	rather	ADV
ajfa-194	69	35	than	than	ADP
ajfa-194	69	36	by	by	ADP
ajfa-194	69	37	private	private	ADJ
ajfa-194	69	38	information	information	NOUN
ajfa-194	69	39	acquisition	acquisition	NOUN
ajfa-194	69	40	.	.	PUNCT
ajfa-194	70	1	institutions	institution	NOUN
ajfa-194	70	2	exhibit	exhibit	VERB
ajfa-194	70	3	significant	significant	ADJ
ajfa-194	70	4	variation	variation	NOUN
ajfa-194	70	5	in	in	ADP
ajfa-194	70	6	investment	investment	NOUN
ajfa-194	70	7	style	style	NOUN
ajfa-194	70	8	,	,	PUNCT
ajfa-194	70	9	reflected	reflect	VERB
ajfa-194	70	10	in	in	ADP
ajfa-194	70	11	portfolio	portfolio	NOUN
ajfa-194	70	12	diversification	diversification	NOUN
ajfa-194	70	13	and	and	CCONJ
ajfa-194	70	14	portfolio	portfolio	NOUN
ajfa-194	70	15	turnover	turnover	NOUN
ajfa-194	70	16	(	(	PUNCT
ajfa-194	70	17	e.g.	e.g.	ADV
ajfa-194	70	18	,	,	PUNCT
ajfa-194	70	19	bushee	bushee	NOUN
ajfa-194	70	20	,	,	PUNCT
ajfa-194	70	21	1998	1998	NUM
ajfa-194	70	22	,	,	PUNCT
ajfa-194	70	23	2001	2001	NUM
ajfa-194	70	24	;	;	PUNCT
ajfa-194	70	25	bushee	bushee	NOUN
ajfa-194	70	26	and	and	CCONJ
ajfa-194	70	27	noe	noe	NOUN
ajfa-194	70	28	,	,	PUNCT
ajfa-194	70	29	2000	2000	NUM
ajfa-194	70	30	)	)	PUNCT
ajfa-194	70	31	.	.	PUNCT
ajfa-194	71	1	for	for	ADP
ajfa-194	71	2	each	each	DET
ajfa-194	71	3	year	year	NOUN
ajfa-194	71	4	,	,	PUNCT
ajfa-194	71	5	bushee	bushee	NOUN
ajfa-194	71	6	(	(	PUNCT
ajfa-194	71	7	2001	2001	NUM
ajfa-194	71	8	)	)	PUNCT
ajfa-194	71	9	classifies	classify	VERB
ajfa-194	71	10	institutional	institutional	ADJ
ajfa-194	71	11	investors	investor	NOUN
ajfa-194	71	12	into	into	ADP
ajfa-194	71	13	one	one	NUM
ajfa-194	71	14	of	of	ADP
ajfa-194	71	15	the	the	DET
ajfa-194	71	16	three	three	NUM
ajfa-194	71	17	groups	group	NOUN
ajfa-194	71	18	:	:	PUNCT
ajfa-194	71	19	transient	transient	NOUN
ajfa-194	71	20	(	(	PUNCT
ajfa-194	71	21	transient	transient	NOUN
ajfa-194	71	22	)	)	PUNCT
ajfa-194	71	23	,	,	PUNCT
ajfa-194	71	24	dedicated	dedicate	VERB
ajfa-194	71	25	(	(	PUNCT
ajfa-194	71	26	dedicated	dedicated	ADJ
ajfa-194	71	27	)	)	PUNCT
ajfa-194	71	28	,	,	PUNCT
ajfa-194	71	29	and	and	CCONJ
ajfa-194	71	30	quasi	quasi	ADJ
ajfa-194	71	31	-	-	ADJ
ajfa-194	71	32	indexing	indexing	ADJ
ajfa-194	71	33	(	(	PUNCT
ajfa-194	71	34	qix	qix	NOUN
ajfa-194	71	35	)	)	PUNCT
ajfa-194	71	36	,	,	PUNCT
ajfa-194	71	37	using	use	VERB
ajfa-194	71	38	both	both	CCONJ
ajfa-194	71	39	factor	factor	NOUN
ajfa-194	71	40	analysis	analysis	NOUN
ajfa-194	71	41	and	and	CCONJ
ajfa-194	71	42	cluster	cluster	NOUN
ajfa-194	71	43	analysis	analysis	NOUN
ajfa-194	71	44	based	base	VERB
ajfa-194	71	45	on	on	ADP
ajfa-194	71	46	each	each	DET
ajfa-194	71	47	institutional	institutional	ADJ
ajfa-194	71	48	investor‟s	investor‟s	PROPN
ajfa-194	71	49	past	past	PROPN
ajfa-194	71	50	investment	investment	NOUN
ajfa-194	71	51	behavior	behavior	NOUN
ajfa-194	71	52	(	(	PUNCT
ajfa-194	71	53	for	for	ADP
ajfa-194	71	54	the	the	DET
ajfa-194	71	55	institutional	institutional	ADJ
ajfa-194	71	56	classification	classification	NOUN
ajfa-194	71	57	scheme	scheme	NOUN
ajfa-194	71	58	,	,	PUNCT
ajfa-194	71	59	refer	refer	VERB
ajfa-194	71	60	to	to	ADP
ajfa-194	71	61	appendix	appendix	VERB
ajfa-194	71	62	ii	ii	PROPN
ajfa-194	71	63	characteristics	characteristic	NOUN
ajfa-194	71	64	of	of	ADP
ajfa-194	71	65	different	different	ADJ
ajfa-194	71	66	types	type	NOUN
ajfa-194	71	67	of	of	ADP
ajfa-194	71	68	institutional	institutional	ADJ
ajfa-194	71	69	investors	investor	NOUN
ajfa-194	71	70	)	)	PUNCT
ajfa-194	71	71	.	.	PUNCT
ajfa-194	72	1	following	follow	VERB
ajfa-194	72	2	bushee	bushee	NOUN
ajfa-194	72	3	(	(	PUNCT
ajfa-194	72	4	1998	1998	NUM
ajfa-194	72	5	,	,	PUNCT
ajfa-194	72	6	2001	2001	NUM
ajfa-194	72	7	)	)	PUNCT
ajfa-194	72	8	,	,	PUNCT
ajfa-194	72	9	we	we	PRON
ajfa-194	72	10	analyze	analyze	VERB
ajfa-194	72	11	transient	transient	ADJ
ajfa-194	72	12	,	,	PUNCT
ajfa-194	72	13	dedicated	dedicated	ADJ
ajfa-194	72	14	and	and	CCONJ
ajfa-194	72	15	quasi	quasi	ADJ
ajfa-194	72	16	-	-	ADJ
ajfa-194	72	17	indexing	indexing	ADJ
ajfa-194	72	18	institutions	institution	NOUN
ajfa-194	72	19	,	,	PUNCT
ajfa-194	72	20	respectively	respectively	ADV
ajfa-194	72	21	.	.	PUNCT
ajfa-194	73	1	transient	transient	ADJ
ajfa-194	73	2	institutions	institution	NOUN
ajfa-194	73	3	are	be	AUX
ajfa-194	73	4	characterized	characterize	VERB
ajfa-194	73	5	as	as	ADP
ajfa-194	73	6	having	have	VERB
ajfa-194	73	7	short	short	ADJ
ajfa-194	73	8	investment	investment	NOUN
ajfa-194	73	9	horizon	horizon	NOUN
ajfa-194	73	10	and	and	CCONJ
ajfa-194	73	11	high	high	ADJ
ajfa-194	73	12	turnover	turnover	NOUN
ajfa-194	73	13	to	to	PART
ajfa-194	73	14	maximize	maximize	VERB
ajfa-194	73	15	short	short	ADJ
ajfa-194	73	16	-	-	PUNCT
ajfa-194	73	17	term	term	NOUN
ajfa-194	73	18	profits	profit	NOUN
ajfa-194	73	19	.	.	PUNCT
ajfa-194	74	1	dedicated	dedicated	ADJ
ajfa-194	74	2	institutions	institution	NOUN
ajfa-194	74	3	are	be	AUX
ajfa-194	74	4	committed	commit	VERB
ajfa-194	74	5	to	to	ADP
ajfa-194	74	6	providing	provide	VERB
ajfa-194	74	7	long	long	ADJ
ajfa-194	74	8	-	-	PUNCT
ajfa-194	74	9	term	term	NOUN
ajfa-194	74	10	capital	capital	NOUN
ajfa-194	74	11	and	and	CCONJ
ajfa-194	74	12	having	have	VERB
ajfa-194	74	13	more	more	ADV
ajfa-194	74	14	concentrated	concentrated	ADJ
ajfa-194	74	15	portfolio	portfolio	NOUN
ajfa-194	74	16	holdings	holding	NOUN
ajfa-194	74	17	in	in	ADP
ajfa-194	74	18	a	a	DET
ajfa-194	74	19	limited	limited	ADJ
ajfa-194	74	20	number	number	NOUN
ajfa-194	74	21	of	of	ADP
ajfa-194	74	22	firms	firm	NOUN
ajfa-194	74	23	.	.	PUNCT
ajfa-194	75	1	quasi	quasi	NOUN
ajfa-194	75	2	-	-	NOUN
ajfa-194	75	3	indexers	indexer	NOUN
ajfa-194	75	4	generally	generally	ADV
ajfa-194	75	5	follow	follow	VERB
ajfa-194	75	6	a	a	DET
ajfa-194	75	7	passive	passive	ADJ
ajfa-194	75	8	,	,	PUNCT
ajfa-194	75	9	buy	buy	VERB
ajfa-194	75	10	-	-	PUNCT
ajfa-194	75	11	and	and	CCONJ
ajfa-194	75	12	-	-	PUNCT
ajfa-194	75	13	hold	hold	VERB
ajfa-194	75	14	strategy	strategy	NOUN
ajfa-194	75	15	with	with	ADP
ajfa-194	75	16	diversified	diversified	ADJ
ajfa-194	75	17	holdings	holding	NOUN
ajfa-194	75	18	.	.	PUNCT
ajfa-194	76	1	as	as	ADP
ajfa-194	76	2	such	such	ADJ
ajfa-194	76	3	,	,	PUNCT
ajfa-194	76	4	both	both	PRON
ajfa-194	76	5	dedicated	dedicated	ADJ
ajfa-194	76	6	and	and	CCONJ
ajfa-194	76	7	quasi	quasi	ADJ
ajfa-194	76	8	-	-	ADJ
ajfa-194	76	9	indexing	indexing	ADJ
ajfa-194	76	10	institutions	institution	NOUN
ajfa-194	76	11	are	be	AUX
ajfa-194	76	12	characterized	characterize	VERB
ajfa-194	76	13	as	as	ADP
ajfa-194	76	14	having	have	VERB
ajfa-194	76	15	less	less	ADV
ajfa-194	76	16	active	active	ADJ
ajfa-194	76	17	portfolio	portfolio	NOUN
ajfa-194	76	18	management	management	NOUN
ajfa-194	76	19	than	than	ADP
ajfa-194	76	20	transient	transient	ADJ
ajfa-194	76	21	institutions	institution	NOUN
ajfa-194	76	22	.	.	PUNCT
ajfa-194	77	1	while	while	SCONJ
ajfa-194	77	2	we	we	PRON
ajfa-194	77	3	do	do	AUX
ajfa-194	77	4	not	not	PART
ajfa-194	77	5	expect	expect	VERB
ajfa-194	77	6	that	that	SCONJ
ajfa-194	77	7	these	these	DET
ajfa-194	77	8	institutions	institution	NOUN
ajfa-194	77	9	are	be	AUX
ajfa-194	77	10	less	less	ADV
ajfa-194	77	11	sophisticated	sophisticated	ADJ
ajfa-194	77	12	than	than	ADP
ajfa-194	77	13	transient	transient	ADJ
ajfa-194	77	14	institutional	institutional	ADJ
ajfa-194	77	15	investors	investor	NOUN
ajfa-194	77	16	,	,	PUNCT
ajfa-194	77	17	their	their	PRON
ajfa-194	77	18	investment	investment	NOUN
ajfa-194	77	19	styles	style	NOUN
ajfa-194	77	20	are	be	AUX
ajfa-194	77	21	such	such	ADJ
ajfa-194	77	22	that	that	SCONJ
ajfa-194	77	23	they	they	PRON
ajfa-194	77	24	are	be	AUX
ajfa-194	77	25	less	less	ADV
ajfa-194	77	26	likely	likely	ADJ
ajfa-194	77	27	to	to	PART
ajfa-194	77	28	be	be	AUX
ajfa-194	77	29	actively	actively	ADV
ajfa-194	77	30	engaged	engage	VERB
ajfa-194	77	31	in	in	ADP
ajfa-194	77	32	information	information	NOUN
ajfa-194	77	33	processing	processing	NOUN
ajfa-194	77	34	to	to	PART
ajfa-194	77	35	make	make	VERB
ajfa-194	77	36	short	short	ADJ
ajfa-194	77	37	-	-	PUNCT
ajfa-194	77	38	term	term	NOUN
ajfa-194	77	39	trading	trading	NOUN
ajfa-194	77	40	decisions	decision	NOUN
ajfa-194	77	41	.	.	PUNCT
ajfa-194	78	1	3	3	NUM
ajfa-194	78	2	therefore	therefore	ADV
ajfa-194	78	3	,	,	PUNCT
ajfa-194	78	4	if	if	SCONJ
ajfa-194	78	5	any	any	DET
ajfa-194	78	6	evidence	evidence	NOUN
ajfa-194	78	7	exists	exist	VERB
ajfa-194	78	8	that	that	SCONJ
ajfa-194	78	9	institutional	institutional	ADJ
ajfa-194	78	10	investors	investor	NOUN
ajfa-194	78	11	anticipate	anticipate	VERB
ajfa-194	78	12	restatements	restatement	NOUN
ajfa-194	78	13	,	,	PUNCT
ajfa-194	78	14	we	we	PRON
ajfa-194	78	15	expect	expect	VERB
ajfa-194	78	16	it	it	PRON
ajfa-194	78	17	to	to	PART
ajfa-194	78	18	be	be	AUX
ajfa-194	78	19	greatest	great	ADJ
ajfa-194	78	20	among	among	ADP
ajfa-194	78	21	transient	transient	ADJ
ajfa-194	78	22	institutional	institutional	ADJ
ajfa-194	78	23	investors	investor	NOUN
ajfa-194	78	24	.	.	PUNCT
ajfa-194	79	1	this	this	DET
ajfa-194	79	2	classification	classification	NOUN
ajfa-194	79	3	scheme	scheme	NOUN
ajfa-194	79	4	increases	increase	VERB
ajfa-194	79	5	the	the	DET
ajfa-194	79	6	power	power	NOUN
ajfa-194	79	7	of	of	ADP
ajfa-194	79	8	our	our	PRON
ajfa-194	79	9	empirical	empirical	ADJ
ajfa-194	79	10	tests	test	NOUN
ajfa-194	79	11	,	,	PUNCT
ajfa-194	79	12	because	because	SCONJ
ajfa-194	79	13	it	it	PRON
ajfa-194	79	14	allows	allow	VERB
ajfa-194	79	15	us	we	PRON
ajfa-194	79	16	to	to	PART
ajfa-194	79	17	focus	focus	VERB
ajfa-194	79	18	on	on	ADP
ajfa-194	79	19	the	the	DET
ajfa-194	79	20	set	set	NOUN
ajfa-194	79	21	of	of	ADP
ajfa-194	79	22	institutions	institution	NOUN
ajfa-194	79	23	that	that	PRON
ajfa-194	79	24	are	be	AUX
ajfa-194	79	25	most	most	ADV
ajfa-194	79	26	likely	likely	ADJ
ajfa-194	79	27	to	to	PART
ajfa-194	79	28	exhibit	exhibit	VERB
ajfa-194	79	29	short	short	ADJ
ajfa-194	79	30	run	run	NOUN
ajfa-194	79	31	,	,	PUNCT
ajfa-194	79	32	information	information	NOUN
ajfa-194	79	33	-	-	PUNCT
ajfa-194	79	34	based	base	VERB
ajfa-194	79	35	trading	trading	NOUN
ajfa-194	79	36	(	(	PUNCT
ajfa-194	79	37	i.e.	i.e.	X
ajfa-194	79	38	,	,	PUNCT
ajfa-194	79	39	transient	transient	ADJ
ajfa-194	79	40	institutional	institutional	ADJ
ajfa-194	79	41	investors	investor	NOUN
ajfa-194	79	42	)	)	PUNCT
ajfa-194	79	43	.	.	PUNCT
ajfa-194	80	1	however	however	ADV
ajfa-194	80	2	,	,	PUNCT
ajfa-194	80	3	our	our	PRON
ajfa-194	80	4	empirical	empirical	ADJ
ajfa-194	80	5	tests	test	NOUN
ajfa-194	80	6	include	include	VERB
ajfa-194	80	7	analysis	analysis	NOUN
ajfa-194	80	8	on	on	ADP
ajfa-194	80	9	total	total	ADJ
ajfa-194	80	10	institutional	institutional	ADJ
ajfa-194	80	11	holdings	holding	NOUN
ajfa-194	80	12	as	as	ADV
ajfa-194	80	13	well	well	ADV
ajfa-194	80	14	as	as	ADP
ajfa-194	80	15	dedicated	dedicated	ADJ
ajfa-194	80	16	and	and	CCONJ
ajfa-194	80	17	quasi	quasi	ADJ
ajfa-194	80	18	-	-	ADJ
ajfa-194	80	19	indexing	indexing	ADJ
ajfa-194	80	20	institutions	institution	NOUN
ajfa-194	80	21	,	,	PUNCT
ajfa-194	80	22	respectively	respectively	ADV
ajfa-194	80	23	,	,	PUNCT
ajfa-194	80	24	in	in	ADP
ajfa-194	80	25	order	order	NOUN
ajfa-194	80	26	to	to	PART
ajfa-194	80	27	provide	provide	VERB
ajfa-194	80	28	a	a	DET
ajfa-194	80	29	contrast	contrast	NOUN
ajfa-194	80	30	concerning	concern	VERB
ajfa-194	80	31	how	how	SCONJ
ajfa-194	80	32	each	each	DET
ajfa-194	80	33	type	type	NOUN
ajfa-194	80	34	of	of	ADP
ajfa-194	80	35	institutional	institutional	ADJ
ajfa-194	80	36	investors	investor	NOUN
ajfa-194	80	37	behaves	behave	VERB
ajfa-194	80	38	surrounding	surround	VERB
ajfa-194	80	39	the	the	DET
ajfa-194	80	40	restatement	restatement	NOUN
ajfa-194	80	41	announcement	announcement	NOUN
ajfa-194	80	42	quarter	quarter	NOUN
ajfa-194	80	43	.	.	PUNCT
ajfa-194	81	1	2.2	2.2	NUM
ajfa-194	81	2	institutional	institutional	ADJ
ajfa-194	81	3	investors	investor	NOUN
ajfa-194	81	4	and	and	CCONJ
ajfa-194	81	5	price	price	NOUN
ajfa-194	81	6	formation	formation	NOUN
ajfa-194	81	7	in	in	ADP
ajfa-194	81	8	order	order	NOUN
ajfa-194	81	9	to	to	PART
ajfa-194	81	10	examine	examine	VERB
ajfa-194	81	11	the	the	DET
ajfa-194	81	12	role	role	NOUN
ajfa-194	81	13	of	of	ADP
ajfa-194	81	14	institutional	institutional	ADJ
ajfa-194	81	15	investors	investor	NOUN
ajfa-194	81	16	in	in	ADP
ajfa-194	81	17	price	price	NOUN
ajfa-194	81	18	formation	formation	NOUN
ajfa-194	81	19	,	,	PUNCT
ajfa-194	81	20	we	we	PRON
ajfa-194	81	21	analyze	analyze	VERB
ajfa-194	81	22	the	the	DET
ajfa-194	81	23	market	market	NOUN
ajfa-194	81	24	reaction	reaction	NOUN
ajfa-194	81	25	surrounding	surround	VERB
ajfa-194	81	26	the	the	DET
ajfa-194	81	27	restatement	restatement	NOUN
ajfa-194	81	28	and	and	CCONJ
ajfa-194	81	29	examine	examine	VERB
ajfa-194	81	30	the	the	DET
ajfa-194	81	31	extent	extent	NOUN
ajfa-194	81	32	to	to	PART
ajfa-194	81	33	which	which	PRON
ajfa-194	81	34	institutional	institutional	ADJ
ajfa-194	81	35	investors	investor	NOUN
ajfa-194	81	36	accelerate	accelerate	VERB
ajfa-194	81	37	the	the	DET
ajfa-194	81	38	incorporation	incorporation	NOUN
ajfa-194	81	39	of	of	ADP
ajfa-194	81	40	restatement	restatement	NOUN
ajfa-194	81	41	related	relate	VERB
ajfa-194	81	42	information	information	NOUN
ajfa-194	81	43	into	into	ADP
ajfa-194	81	44	stock	stock	NOUN
ajfa-194	81	45	price	price	NOUN
ajfa-194	81	46	.	.	PUNCT
ajfa-194	82	1	prior	prior	ADJ
ajfa-194	82	2	research	research	NOUN
ajfa-194	82	3	suggests	suggest	VERB
ajfa-194	82	4	that	that	SCONJ
ajfa-194	82	5	variation	variation	NOUN
ajfa-194	82	6	in	in	ADP
ajfa-194	82	7	predisclosure	predisclosure	NOUN
ajfa-194	82	8	information	information	NOUN
ajfa-194	82	9	environment	environment	NOUN
ajfa-194	82	10	comprises	comprise	VERB
ajfa-194	82	11	one	one	NUM
ajfa-194	82	12	source	source	NOUN
ajfa-194	82	13	of	of	ADP
ajfa-194	82	14	the	the	DET
ajfa-194	82	15	cross	cross	ADJ
ajfa-194	82	16	-	-	ADJ
ajfa-194	82	17	sectional	sectional	ADJ
ajfa-194	82	18	differences	difference	NOUN
ajfa-194	82	19	in	in	ADP
ajfa-194	82	20	the	the	DET
ajfa-194	82	21	market	market	NOUN
ajfa-194	82	22	reactions	reaction	NOUN
ajfa-194	82	23	to	to	ADP
ajfa-194	82	24	earnings	earning	NOUN
ajfa-194	82	25	related	relate	VERB
ajfa-194	82	26	information	information	NOUN
ajfa-194	82	27	.	.	PUNCT
ajfa-194	83	1	for	for	ADP
ajfa-194	83	2	example	example	NOUN
ajfa-194	83	3	,	,	PUNCT
ajfa-194	83	4	el	el	NOUN
ajfa-194	83	5	-	-	PUNCT
ajfa-194	83	6	gazzar	gazzar	NOUN
ajfa-194	83	7	(	(	PUNCT
ajfa-194	83	8	1998	1998	NUM
ajfa-194	83	9	)	)	PUNCT
ajfa-194	83	10	finds	find	VERB
ajfa-194	83	11	that	that	SCONJ
ajfa-194	83	12	institutional	institutional	ADJ
ajfa-194	83	13	ownership	ownership	NOUN
ajfa-194	83	14	is	be	AUX
ajfa-194	83	15	negatively	negatively	ADV
ajfa-194	83	16	associated	associate	VERB
ajfa-194	83	17	with	with	ADP
ajfa-194	83	18	the	the	DET
ajfa-194	83	19	market	market	NOUN
ajfa-194	83	20	reaction	reaction	NOUN
ajfa-194	83	21	around	around	ADP
ajfa-194	83	22	earnings	earning	NOUN
ajfa-194	83	23	releases	release	NOUN
ajfa-194	83	24	,	,	PUNCT
ajfa-194	83	25	consistent	consistent	ADJ
ajfa-194	83	26	with	with	ADP
ajfa-194	83	27	institutional	institutional	ADJ
ajfa-194	83	28	investors	investor	NOUN
ajfa-194	83	29	acquiring	acquire	VERB
ajfa-194	83	30	predisclosure	predisclosure	NOUN
ajfa-194	83	31	information	information	NOUN
ajfa-194	83	32	and	and	CCONJ
ajfa-194	83	33	mitigating	mitigate	VERB
ajfa-194	83	34	the	the	DET
ajfa-194	83	35	market	market	NOUN
ajfa-194	83	36	response	response	NOUN
ajfa-194	83	37	when	when	SCONJ
ajfa-194	83	38	earnings	earning	NOUN
ajfa-194	83	39	information	information	NOUN
ajfa-194	83	40	is	be	AUX
ajfa-194	83	41	released	release	VERB
ajfa-194	83	42	.	.	PUNCT
ajfa-194	84	1	in	in	ADP
ajfa-194	84	2	a	a	DET
ajfa-194	84	3	similar	similar	ADJ
ajfa-194	84	4	vein	vein	NOUN
ajfa-194	84	5	,	,	PUNCT
ajfa-194	84	6	jiambalvo	jiambalvo	ADJ
ajfa-194	84	7	,	,	PUNCT
ajfa-194	84	8	rajgopal	rajgopal	NOUN
ajfa-194	84	9	,	,	PUNCT
ajfa-194	84	10	and	and	CCONJ
ajfa-194	84	11	ventkatachalam	ventkatachalam	PROPN
ajfa-194	84	12	(	(	PUNCT
ajfa-194	84	13	2002	2002	NUM
ajfa-194	84	14	)	)	PUNCT
ajfa-194	84	15	show	show	VERB
ajfa-194	84	16	that	that	SCONJ
ajfa-194	84	17	firms	firm	NOUN
ajfa-194	84	18	favored	favor	VERB
ajfa-194	84	19	by	by	ADP
ajfa-194	84	20	institutional	institutional	ADJ
ajfa-194	84	21	investors	investor	NOUN
ajfa-194	84	22	incorporate	incorporate	VERB
ajfa-194	84	23	future	future	ADJ
ajfa-194	84	24	earnings	earning	NOUN
ajfa-194	84	25	into	into	ADP
ajfa-194	84	26	prices	price	NOUN
ajfa-194	84	27	earlier	early	ADV
ajfa-194	84	28	than	than	ADP
ajfa-194	84	29	other	other	ADJ
ajfa-194	84	30	firms	firm	NOUN
ajfa-194	84	31	.	.	PUNCT
ajfa-194	85	1	ayers	ayers	PROPN
ajfa-194	85	2	and	and	CCONJ
ajfa-194	85	3	freeman	freeman	PROPN
ajfa-194	85	4	(	(	PUNCT
ajfa-194	85	5	2003	2003	NUM
ajfa-194	85	6	)	)	PUNCT
ajfa-194	85	7	find	find	VERB
ajfa-194	85	8	a	a	DET
ajfa-194	85	9	similar	similar	ADJ
ajfa-194	85	10	result	result	NOUN
ajfa-194	85	11	as	as	ADP
ajfa-194	85	12	jiambalvo	jiambalvo	NOUN
ajfa-194	85	13	,	,	PUNCT
ajfa-194	85	14	rajgopal	rajgopal	NOUN
ajfa-194	85	15	,	,	PUNCT
ajfa-194	85	16	and	and	CCONJ
ajfa-194	85	17	ventkatachalam	ventkatachalam	PROPN
ajfa-194	85	18	(	(	PUNCT
ajfa-194	85	19	2002	2002	NUM
ajfa-194	85	20	)	)	PUNCT
ajfa-194	85	21	after	after	ADP
ajfa-194	85	22	controlling	control	VERB
ajfa-194	85	23	for	for	ADP
ajfa-194	85	24	analyst	analyst	NOUN
ajfa-194	85	25	following	following	NOUN
ajfa-194	85	26	,	,	PUNCT
ajfa-194	85	27	and	and	CCONJ
ajfa-194	85	28	show	show	VERB
ajfa-194	85	29	that	that	SCONJ
ajfa-194	85	30	returns	return	NOUN
ajfa-194	85	31	from	from	ADP
ajfa-194	85	32	high	high	ADJ
ajfa-194	85	33	-	-	PUNCT
ajfa-194	85	34	institutional	institutional	ADJ
ajfa-194	85	35	-	-	PUNCT
ajfa-194	85	36	ownership	ownership	NOUN
ajfa-194	85	37	portfolios	portfolio	NOUN
ajfa-194	85	38	have	have	VERB
ajfa-194	85	39	a	a	DET
ajfa-194	85	40	greater	great	ADJ
ajfa-194	85	41	price	price	NOUN
ajfa-194	85	42	lead	lead	NOUN
ajfa-194	85	43	by	by	ADP
ajfa-194	85	44	six	six	NUM
ajfa-194	85	45	months	month	NOUN
ajfa-194	85	46	tp	tp	ADP
ajfa-194	85	47	2	2	NUM
ajfa-194	85	48	even	even	ADV
ajfa-194	85	49	if	if	SCONJ
ajfa-194	85	50	management	management	NOUN
ajfa-194	85	51	was	be	AUX
ajfa-194	85	52	willing	willing	ADJ
ajfa-194	85	53	to	to	PART
ajfa-194	85	54	communicate	communicate	VERB
ajfa-194	85	55	this	this	DET
ajfa-194	85	56	type	type	NOUN
ajfa-194	85	57	of	of	ADP
ajfa-194	85	58	news	news	NOUN
ajfa-194	85	59	to	to	ADP
ajfa-194	85	60	institutional	institutional	ADJ
ajfa-194	85	61	investors	investor	NOUN
ajfa-194	85	62	,	,	PUNCT
ajfa-194	85	63	it	it	PRON
ajfa-194	85	64	is	be	AUX
ajfa-194	85	65	reasonable	reasonable	ADJ
ajfa-194	85	66	to	to	PART
ajfa-194	85	67	expect	expect	VERB
ajfa-194	85	68	that	that	SCONJ
ajfa-194	85	69	the	the	DET
ajfa-194	85	70	dedicated	dedicated	ADJ
ajfa-194	85	71	institutions	institution	NOUN
ajfa-194	85	72	would	would	AUX
ajfa-194	85	73	have	have	VERB
ajfa-194	85	74	access	access	NOUN
ajfa-194	85	75	to	to	ADP
ajfa-194	85	76	firm	firm	ADJ
ajfa-194	85	77	management	management	NOUN
ajfa-194	85	78	that	that	PRON
ajfa-194	85	79	is	be	AUX
ajfa-194	85	80	as	as	ADV
ajfa-194	85	81	good	good	ADJ
ajfa-194	85	82	as	as	ADP
ajfa-194	85	83	or	or	CCONJ
ajfa-194	85	84	better	well	ADJ
ajfa-194	85	85	than	than	ADP
ajfa-194	85	86	transient	transient	ADJ
ajfa-194	85	87	institutions	institution	NOUN
ajfa-194	85	88	.	.	PUNCT
ajfa-194	86	1	because	because	SCONJ
ajfa-194	86	2	we	we	PRON
ajfa-194	86	3	find	find	VERB
ajfa-194	86	4	that	that	SCONJ
ajfa-194	86	5	dedicated	dedicated	ADJ
ajfa-194	86	6	investors	investor	NOUN
ajfa-194	86	7	do	do	AUX
ajfa-194	86	8	not	not	PART
ajfa-194	86	9	reduce	reduce	VERB
ajfa-194	86	10	their	their	PRON
ajfa-194	86	11	holdings	holding	NOUN
ajfa-194	86	12	in	in	ADP
ajfa-194	86	13	advance	advance	NOUN
ajfa-194	86	14	of	of	ADP
ajfa-194	86	15	the	the	DET
ajfa-194	86	16	restatement	restatement	NOUN
ajfa-194	86	17	,	,	PUNCT
ajfa-194	86	18	this	this	PRON
ajfa-194	86	19	suggests	suggest	VERB
ajfa-194	86	20	that	that	SCONJ
ajfa-194	86	21	dedicated	dedicated	ADJ
ajfa-194	86	22	institutional	institutional	ADJ
ajfa-194	86	23	investors	investor	NOUN
ajfa-194	86	24	have	have	AUX
ajfa-194	86	25	not	not	PART
ajfa-194	86	26	been	be	AUX
ajfa-194	86	27	forewarned	forewarn	VERB
ajfa-194	86	28	of	of	ADP
ajfa-194	86	29	the	the	DET
ajfa-194	86	30	restatement	restatement	NOUN
ajfa-194	86	31	.	.	PUNCT
ajfa-194	87	1	tp	tp	ADP
ajfa-194	87	2	3	3	NUM
ajfa-194	87	3	we	we	PRON
ajfa-194	87	4	thank	thank	VERB
ajfa-194	87	5	brian	brian	PROPN
ajfa-194	87	6	bushee	bushee	PROPN
ajfa-194	87	7	for	for	ADP
ajfa-194	87	8	providing	provide	VERB
ajfa-194	87	9	the	the	DET
ajfa-194	87	10	institutional	institutional	ADJ
ajfa-194	87	11	classifications	classification	NOUN
ajfa-194	87	12	.	.	PUNCT
ajfa-194	88	1	asian	asian	ADJ
ajfa-194	88	2	journal	journal	PROPN
ajfa-194	88	3	of	of	ADP
ajfa-194	88	4	finance	finance	PROPN
ajfa-194	88	5	&	&	CCONJ
ajfa-194	88	6	accounting	accounting	PROPN
ajfa-194	88	7	issn	issn	PROPN
ajfa-194	88	8	1946	1946	NUM
ajfa-194	88	9	-	-	PUNCT
ajfa-194	88	10	052x	052x	NOUN
ajfa-194	88	11	2009	2009	NUM
ajfa-194	88	12	,	,	PUNCT
ajfa-194	88	13	vol	vol	NOUN
ajfa-194	88	14	.	.	PROPN
ajfa-194	88	15	1	1	NUM
ajfa-194	88	16	,	,	PUNCT
ajfa-194	88	17	no	no	INTJ
ajfa-194	88	18	.	.	NOUN
ajfa-194	88	19	2	2	NUM
ajfa-194	88	20	:	:	PUNCT
ajfa-194	88	21	e4	e4	PROPN
ajfa-194	88	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	88	23	80	80	NUM
ajfa-194	88	24	over	over	ADP
ajfa-194	88	25	those	those	PRON
ajfa-194	88	26	from	from	ADP
ajfa-194	88	27	low	low	ADJ
ajfa-194	88	28	-	-	PUNCT
ajfa-194	88	29	institutional	institutional	ADJ
ajfa-194	88	30	-	-	PUNCT
ajfa-194	88	31	ownership	ownership	NOUN
ajfa-194	88	32	portfolios	portfolio	NOUN
ajfa-194	88	33	.	.	PUNCT
ajfa-194	89	1	taken	take	VERB
ajfa-194	89	2	together	together	ADV
ajfa-194	89	3	,	,	PUNCT
ajfa-194	89	4	these	these	DET
ajfa-194	89	5	studies	study	NOUN
ajfa-194	89	6	indicate	indicate	VERB
ajfa-194	89	7	that	that	SCONJ
ajfa-194	89	8	information	information	NOUN
ajfa-194	89	9	acquisition	acquisition	NOUN
ajfa-194	89	10	by	by	ADP
ajfa-194	89	11	institutional	institutional	ADJ
ajfa-194	89	12	owners	owner	NOUN
ajfa-194	89	13	accelerates	accelerate	VERB
ajfa-194	89	14	the	the	DET
ajfa-194	89	15	impounding	impounding	NOUN
ajfa-194	89	16	of	of	ADP
ajfa-194	89	17	earningsrelated	earningsrelated	ADJ
ajfa-194	89	18	information	information	NOUN
ajfa-194	89	19	into	into	ADP
ajfa-194	89	20	price	price	NOUN
ajfa-194	89	21	.	.	PUNCT
ajfa-194	90	1	building	build	VERB
ajfa-194	90	2	on	on	ADP
ajfa-194	90	3	this	this	DET
ajfa-194	90	4	literature	literature	NOUN
ajfa-194	90	5	,	,	PUNCT
ajfa-194	90	6	if	if	SCONJ
ajfa-194	90	7	transient	transient	ADJ
ajfa-194	90	8	institutional	institutional	ADJ
ajfa-194	90	9	investors	investor	NOUN
ajfa-194	90	10	can	can	AUX
ajfa-194	90	11	partially	partially	ADV
ajfa-194	90	12	anticipate	anticipate	VERB
ajfa-194	90	13	the	the	DET
ajfa-194	90	14	restatement	restatement	NOUN
ajfa-194	90	15	,	,	PUNCT
ajfa-194	90	16	we	we	PRON
ajfa-194	90	17	expect	expect	VERB
ajfa-194	90	18	that	that	SCONJ
ajfa-194	90	19	having	have	VERB
ajfa-194	90	20	a	a	DET
ajfa-194	90	21	greater	great	ADJ
ajfa-194	90	22	transient	transient	ADJ
ajfa-194	90	23	institutional	institutional	ADJ
ajfa-194	90	24	ownership	ownership	NOUN
ajfa-194	90	25	will	will	AUX
ajfa-194	90	26	increase	increase	VERB
ajfa-194	90	27	the	the	DET
ajfa-194	90	28	amount	amount	NOUN
ajfa-194	90	29	of	of	ADP
ajfa-194	90	30	information	information	NOUN
ajfa-194	90	31	to	to	PART
ajfa-194	90	32	be	be	AUX
ajfa-194	90	33	impounded	impound	VERB
ajfa-194	90	34	into	into	ADP
ajfa-194	90	35	price	price	NOUN
ajfa-194	90	36	prior	prior	ADV
ajfa-194	90	37	to	to	ADP
ajfa-194	90	38	the	the	DET
ajfa-194	90	39	actual	actual	ADJ
ajfa-194	90	40	restatement	restatement	NOUN
ajfa-194	90	41	announcement	announcement	NOUN
ajfa-194	90	42	.	.	PUNCT
ajfa-194	91	1	put	put	VERB
ajfa-194	91	2	it	it	PRON
ajfa-194	91	3	another	another	DET
ajfa-194	91	4	way	way	NOUN
ajfa-194	91	5	,	,	PUNCT
ajfa-194	91	6	we	we	PRON
ajfa-194	91	7	predict	predict	VERB
ajfa-194	91	8	that	that	SCONJ
ajfa-194	91	9	firms	firm	NOUN
ajfa-194	91	10	with	with	ADP
ajfa-194	91	11	high	high	ADJ
ajfa-194	91	12	levels	level	NOUN
ajfa-194	91	13	of	of	ADP
ajfa-194	91	14	transient	transient	ADJ
ajfa-194	91	15	institutional	institutional	ADJ
ajfa-194	91	16	ownership	ownership	NOUN
ajfa-194	91	17	will	will	AUX
ajfa-194	91	18	exhibit	exhibit	VERB
ajfa-194	91	19	more	more	ADV
ajfa-194	91	20	negative	negative	ADJ
ajfa-194	91	21	stock	stock	NOUN
ajfa-194	91	22	returns	return	NOUN
ajfa-194	91	23	in	in	ADP
ajfa-194	91	24	the	the	DET
ajfa-194	91	25	prerestatement	prerestatement	ADJ
ajfa-194	91	26	-	-	PUNCT
ajfa-194	91	27	announcement	announcement	NOUN
ajfa-194	91	28	period	period	NOUN
ajfa-194	91	29	,	,	PUNCT
ajfa-194	91	30	relative	relative	ADJ
ajfa-194	91	31	to	to	ADP
ajfa-194	91	32	firms	firm	NOUN
ajfa-194	91	33	with	with	ADP
ajfa-194	91	34	low	low	ADJ
ajfa-194	91	35	levels	level	NOUN
ajfa-194	91	36	of	of	ADP
ajfa-194	91	37	transient	transient	ADJ
ajfa-194	91	38	institutional	institutional	ADJ
ajfa-194	91	39	ownership	ownership	NOUN
ajfa-194	91	40	.	.	PUNCT
ajfa-194	92	1	the	the	DET
ajfa-194	92	2	returns	return	NOUN
ajfa-194	92	3	-	-	PUNCT
ajfa-194	92	4	based	base	VERB
ajfa-194	92	5	analysis	analysis	NOUN
ajfa-194	92	6	also	also	ADV
ajfa-194	92	7	provides	provide	VERB
ajfa-194	92	8	a	a	DET
ajfa-194	92	9	necessary	necessary	ADJ
ajfa-194	92	10	complement	complement	NOUN
ajfa-194	92	11	to	to	ADP
ajfa-194	92	12	the	the	DET
ajfa-194	92	13	institutional	institutional	ADJ
ajfa-194	92	14	holdings	holding	NOUN
ajfa-194	92	15	-	-	PUNCT
ajfa-194	92	16	based	base	VERB
ajfa-194	92	17	tests	test	NOUN
ajfa-194	92	18	because	because	SCONJ
ajfa-194	92	19	institutional	institutional	ADJ
ajfa-194	92	20	holdings	holding	NOUN
ajfa-194	92	21	are	be	AUX
ajfa-194	92	22	only	only	ADV
ajfa-194	92	23	tabulated	tabulate	VERB
ajfa-194	92	24	on	on	ADP
ajfa-194	92	25	a	a	DET
ajfa-194	92	26	quarterly	quarterly	ADJ
ajfa-194	92	27	basis	basis	NOUN
ajfa-194	92	28	.	.	PUNCT
ajfa-194	93	1	for	for	ADP
ajfa-194	93	2	example	example	NOUN
ajfa-194	93	3	,	,	PUNCT
ajfa-194	93	4	if	if	SCONJ
ajfa-194	93	5	a	a	DET
ajfa-194	93	6	restatement	restatement	NOUN
ajfa-194	93	7	happens	happen	VERB
ajfa-194	93	8	in	in	ADP
ajfa-194	93	9	the	the	DET
ajfa-194	93	10	third	third	ADJ
ajfa-194	93	11	month	month	NOUN
ajfa-194	93	12	of	of	ADP
ajfa-194	93	13	a	a	DET
ajfa-194	93	14	given	give	VERB
ajfa-194	93	15	quarter	quarter	NOUN
ajfa-194	93	16	,	,	PUNCT
ajfa-194	93	17	our	our	PRON
ajfa-194	93	18	institutional	institutional	ADJ
ajfa-194	93	19	holdings	holding	NOUN
ajfa-194	93	20	tests	test	NOUN
ajfa-194	93	21	will	will	AUX
ajfa-194	93	22	only	only	ADV
ajfa-194	93	23	capture	capture	VERB
ajfa-194	93	24	reductions	reduction	NOUN
ajfa-194	93	25	in	in	ADP
ajfa-194	93	26	holdings	holding	NOUN
ajfa-194	93	27	that	that	PRON
ajfa-194	93	28	occur	occur	VERB
ajfa-194	93	29	more	more	ADJ
ajfa-194	93	30	than	than	ADP
ajfa-194	93	31	two	two	NUM
ajfa-194	93	32	months	month	NOUN
ajfa-194	93	33	before	before	ADV
ajfa-194	93	34	(	(	PUNCT
ajfa-194	93	35	i.e.	i.e.	X
ajfa-194	93	36	,	,	PUNCT
ajfa-194	93	37	we	we	PRON
ajfa-194	93	38	find	find	VERB
ajfa-194	93	39	that	that	SCONJ
ajfa-194	93	40	transient	transient	ADJ
ajfa-194	93	41	institutions	institution	NOUN
ajfa-194	93	42	reduce	reduce	VERB
ajfa-194	93	43	holdings	holding	NOUN
ajfa-194	93	44	at	at	ADP
ajfa-194	93	45	least	least	ADV
ajfa-194	93	46	one	one	NUM
ajfa-194	93	47	quarter	quarter	NOUN
ajfa-194	93	48	prior	prior	ADV
ajfa-194	93	49	to	to	ADP
ajfa-194	93	50	the	the	DET
ajfa-194	93	51	restating	restate	VERB
ajfa-194	93	52	quarter	quarter	NOUN
ajfa-194	93	53	)	)	PUNCT
ajfa-194	93	54	.	.	PUNCT
ajfa-194	94	1	by	by	ADP
ajfa-194	94	2	examining	examine	VERB
ajfa-194	94	3	the	the	DET
ajfa-194	94	4	daily	daily	ADJ
ajfa-194	94	5	returns	return	NOUN
ajfa-194	94	6	around	around	ADP
ajfa-194	94	7	the	the	DET
ajfa-194	94	8	actual	actual	ADJ
ajfa-194	94	9	restatement	restatement	NOUN
ajfa-194	94	10	announcement	announcement	NOUN
ajfa-194	94	11	conditional	conditional	ADJ
ajfa-194	94	12	on	on	ADP
ajfa-194	94	13	institutional	institutional	ADJ
ajfa-194	94	14	holdings	holding	NOUN
ajfa-194	94	15	,	,	PUNCT
ajfa-194	94	16	we	we	PRON
ajfa-194	94	17	are	be	AUX
ajfa-194	94	18	able	able	ADJ
ajfa-194	94	19	to	to	PART
ajfa-194	94	20	capture	capture	VERB
ajfa-194	94	21	the	the	DET
ajfa-194	94	22	impact	impact	NOUN
ajfa-194	94	23	of	of	ADP
ajfa-194	94	24	institutional	institutional	ADJ
ajfa-194	94	25	trading	trading	NOUN
ajfa-194	94	26	(	(	PUNCT
ajfa-194	94	27	i.e.	i.e.	X
ajfa-194	94	28	a	a	DET
ajfa-194	94	29	change	change	NOUN
ajfa-194	94	30	in	in	ADP
ajfa-194	94	31	the	the	DET
ajfa-194	94	32	stock	stock	NOUN
ajfa-194	94	33	price	price	NOUN
ajfa-194	94	34	)	)	PUNCT
ajfa-194	94	35	that	that	PRON
ajfa-194	94	36	occurs	occur	VERB
ajfa-194	94	37	closer	close	ADV
ajfa-194	94	38	to	to	ADP
ajfa-194	94	39	the	the	DET
ajfa-194	94	40	event	event	NOUN
ajfa-194	94	41	date	date	NOUN
ajfa-194	94	42	,	,	PUNCT
ajfa-194	94	43	with	with	ADP
ajfa-194	94	44	no	no	DET
ajfa-194	94	45	need	need	NOUN
ajfa-194	94	46	to	to	PART
ajfa-194	94	47	measure	measure	VERB
ajfa-194	94	48	the	the	DET
ajfa-194	94	49	change	change	NOUN
ajfa-194	94	50	in	in	ADP
ajfa-194	94	51	institutional	institutional	ADJ
ajfa-194	94	52	holdings	holding	NOUN
ajfa-194	94	53	on	on	ADP
ajfa-194	94	54	a	a	DET
ajfa-194	94	55	daily	daily	ADJ
ajfa-194	94	56	basis	basis	NOUN
ajfa-194	94	57	.	.	PUNCT
ajfa-194	95	1	finally	finally	ADV
ajfa-194	95	2	,	,	PUNCT
ajfa-194	95	3	finding	find	VERB
ajfa-194	95	4	a	a	DET
ajfa-194	95	5	more	more	ADV
ajfa-194	95	6	negative	negative	ADJ
ajfa-194	95	7	market	market	NOUN
ajfa-194	95	8	reaction	reaction	NOUN
ajfa-194	95	9	to	to	ADP
ajfa-194	95	10	the	the	DET
ajfa-194	95	11	accounting	accounting	NOUN
ajfa-194	95	12	restatement	restatement	NOUN
ajfa-194	95	13	in	in	ADP
ajfa-194	95	14	the	the	DET
ajfa-194	95	15	pre	pre	NOUN
ajfa-194	95	16	-	-	NOUN
ajfa-194	95	17	event	event	ADJ
ajfa-194	95	18	period	period	NOUN
ajfa-194	95	19	for	for	ADP
ajfa-194	95	20	firms	firm	NOUN
ajfa-194	95	21	with	with	ADP
ajfa-194	95	22	higher	high	ADJ
ajfa-194	95	23	levels	level	NOUN
ajfa-194	95	24	of	of	ADP
ajfa-194	95	25	institutional	institutional	ADJ
ajfa-194	95	26	ownership	ownership	NOUN
ajfa-194	95	27	provides	provide	VERB
ajfa-194	95	28	more	more	ADJ
ajfa-194	95	29	assurance	assurance	NOUN
ajfa-194	95	30	that	that	SCONJ
ajfa-194	95	31	the	the	DET
ajfa-194	95	32	tests	test	NOUN
ajfa-194	95	33	on	on	ADP
ajfa-194	95	34	changes	change	NOUN
ajfa-194	95	35	in	in	ADP
ajfa-194	95	36	institutional	institutional	ADJ
ajfa-194	95	37	holdings	holding	NOUN
ajfa-194	95	38	do	do	AUX
ajfa-194	95	39	not	not	PART
ajfa-194	95	40	just	just	ADV
ajfa-194	95	41	capture	capture	VERB
ajfa-194	95	42	uninformed	uninformed	ADJ
ajfa-194	95	43	trading	trading	NOUN
ajfa-194	95	44	patterns	pattern	NOUN
ajfa-194	95	45	related	relate	VERB
ajfa-194	95	46	to	to	PART
ajfa-194	95	47	return	return	VERB
ajfa-194	95	48	momentum	momentum	NOUN
ajfa-194	95	49	,	,	PUNCT
ajfa-194	95	50	and	and	CCONJ
ajfa-194	95	51	are	be	AUX
ajfa-194	95	52	at	at	ADV
ajfa-194	95	53	least	least	ADJ
ajfa-194	95	54	partially	partially	ADV
ajfa-194	95	55	due	due	ADJ
ajfa-194	95	56	to	to	ADP
ajfa-194	95	57	information	information	NOUN
ajfa-194	95	58	-	-	PUNCT
ajfa-194	95	59	based	base	VERB
ajfa-194	95	60	trading	trading	NOUN
ajfa-194	95	61	.	.	PUNCT
ajfa-194	96	1	as	as	SCONJ
ajfa-194	96	2	mentioned	mention	VERB
ajfa-194	96	3	above	above	ADV
ajfa-194	96	4	,	,	PUNCT
ajfa-194	96	5	our	our	PRON
ajfa-194	96	6	empirical	empirical	ADJ
ajfa-194	96	7	tests	test	NOUN
ajfa-194	96	8	consider	consider	VERB
ajfa-194	96	9	each	each	DET
ajfa-194	96	10	group	group	NOUN
ajfa-194	96	11	of	of	ADP
ajfa-194	96	12	institutions	institution	NOUN
ajfa-194	96	13	classified	classify	VERB
ajfa-194	96	14	by	by	ADP
ajfa-194	96	15	investment	investment	NOUN
ajfa-194	96	16	style	style	NOUN
ajfa-194	96	17	(	(	PUNCT
ajfa-194	96	18	i.e.	i.e.	X
ajfa-194	96	19	,	,	PUNCT
ajfa-194	96	20	transient	transient	ADJ
ajfa-194	96	21	,	,	PUNCT
ajfa-194	96	22	dedicated	dedicated	ADJ
ajfa-194	96	23	and	and	CCONJ
ajfa-194	96	24	quasi	quasi	ADJ
ajfa-194	96	25	-	-	ADJ
ajfa-194	96	26	indexing	indexing	ADJ
ajfa-194	96	27	institutions	institution	NOUN
ajfa-194	96	28	)	)	PUNCT
ajfa-194	96	29	.	.	PUNCT
ajfa-194	97	1	these	these	DET
ajfa-194	97	2	additional	additional	ADJ
ajfa-194	97	3	tests	test	NOUN
ajfa-194	97	4	are	be	AUX
ajfa-194	97	5	performed	perform	VERB
ajfa-194	97	6	to	to	PART
ajfa-194	97	7	demonstrate	demonstrate	VERB
ajfa-194	97	8	that	that	SCONJ
ajfa-194	97	9	the	the	DET
ajfa-194	97	10	hypothesized	hypothesized	ADJ
ajfa-194	97	11	phenomena	phenomena	NOUN
ajfa-194	97	12	exists	exist	VERB
ajfa-194	97	13	primarily	primarily	ADV
ajfa-194	97	14	for	for	ADP
ajfa-194	97	15	firms	firm	NOUN
ajfa-194	97	16	with	with	ADP
ajfa-194	97	17	high	high	ADJ
ajfa-194	97	18	levels	level	NOUN
ajfa-194	97	19	of	of	ADP
ajfa-194	97	20	transient	transient	ADJ
ajfa-194	97	21	institutional	institutional	ADJ
ajfa-194	97	22	ownership	ownership	NOUN
ajfa-194	97	23	,	,	PUNCT
ajfa-194	97	24	and	and	CCONJ
ajfa-194	97	25	that	that	SCONJ
ajfa-194	97	26	different	different	ADJ
ajfa-194	97	27	types	type	NOUN
ajfa-194	97	28	of	of	ADP
ajfa-194	97	29	institutional	institutional	ADJ
ajfa-194	97	30	ownership	ownership	NOUN
ajfa-194	97	31	lead	lead	NOUN
ajfa-194	97	32	to	to	ADP
ajfa-194	97	33	different	different	ADJ
ajfa-194	97	34	price	price	NOUN
ajfa-194	97	35	formation	formation	NOUN
ajfa-194	97	36	paths	path	NOUN
ajfa-194	97	37	.	.	PUNCT
ajfa-194	98	1	3	3	X
ajfa-194	98	2	.	.	X
ajfa-194	98	3	sample	sample	NOUN
ajfa-194	98	4	selection	selection	NOUN
ajfa-194	98	5	and	and	CCONJ
ajfa-194	98	6	variable	variable	ADJ
ajfa-194	98	7	measurement	measurement	NOUN
ajfa-194	98	8	3.1	3.1	NUM
ajfa-194	98	9	sample	sample	NOUN
ajfa-194	98	10	selection	selection	NOUN
ajfa-194	98	11	accounting	accounting	NOUN
ajfa-194	98	12	restatement	restatement	NOUN
ajfa-194	98	13	data	datum	NOUN
ajfa-194	98	14	are	be	AUX
ajfa-194	98	15	obtained	obtain	VERB
ajfa-194	98	16	from	from	ADP
ajfa-194	98	17	the	the	DET
ajfa-194	98	18	u.s	u.s	PROPN
ajfa-194	98	19	.	.	PROPN
ajfa-194	98	20	general	general	ADJ
ajfa-194	98	21	accounting	accounting	PROPN
ajfa-194	98	22	office	office	NOUN
ajfa-194	98	23	(	(	PUNCT
ajfa-194	98	24	gao	gao	PROPN
ajfa-194	98	25	,	,	PUNCT
ajfa-194	98	26	2003	2003	NUM
ajfa-194	98	27	)	)	PUNCT
ajfa-194	98	28	,	,	PUNCT
ajfa-194	98	29	which	which	PRON
ajfa-194	98	30	contains	contain	VERB
ajfa-194	98	31	accounting	accounting	NOUN
ajfa-194	98	32	restatements	restatement	NOUN
ajfa-194	98	33	announced	announce	VERB
ajfa-194	98	34	in	in	ADP
ajfa-194	98	35	the	the	DET
ajfa-194	98	36	period	period	NOUN
ajfa-194	98	37	january	january	PROPN
ajfa-194	98	38	,	,	PUNCT
ajfa-194	98	39	1997	1997	NUM
ajfa-194	98	40	to	to	ADP
ajfa-194	98	41	june	june	PROPN
ajfa-194	98	42	,	,	PUNCT
ajfa-194	98	43	2002	2002	NUM
ajfa-194	98	44	.	.	PUNCT
ajfa-194	99	1	the	the	DET
ajfa-194	99	2	general	general	ADJ
ajfa-194	99	3	accounting	accounting	NOUN
ajfa-194	99	4	office	office	NOUN
ajfa-194	99	5	(	(	PUNCT
ajfa-194	99	6	2003	2003	NUM
ajfa-194	99	7	)	)	PUNCT
ajfa-194	99	8	constructed	construct	VERB
ajfa-194	99	9	a	a	DET
ajfa-194	99	10	sample	sample	NOUN
ajfa-194	99	11	of	of	ADP
ajfa-194	99	12	919	919	NUM
ajfa-194	99	13	restatements	restatement	NOUN
ajfa-194	99	14	containing	contain	VERB
ajfa-194	99	15	firms	firm	NOUN
ajfa-194	99	16	that	that	PRON
ajfa-194	99	17	are	be	AUX
ajfa-194	99	18	required	require	VERB
ajfa-194	99	19	to	to	PART
ajfa-194	99	20	restate	restate	VERB
ajfa-194	99	21	their	their	PRON
ajfa-194	99	22	financial	financial	ADJ
ajfa-194	99	23	statements	statement	NOUN
ajfa-194	99	24	because	because	SCONJ
ajfa-194	99	25	of	of	ADP
ajfa-194	99	26	material	material	NOUN
ajfa-194	99	27	accounting	accounting	NOUN
ajfa-194	99	28	irregularity	irregularity	NOUN
ajfa-194	99	29	and/or	and/or	CCONJ
ajfa-194	99	30	frauds	fraud	NOUN
ajfa-194	99	31	.	.	PUNCT
ajfa-194	100	1	4	4	NUM
ajfa-194	100	2	the	the	DET
ajfa-194	100	3	gao	gao	PROPN
ajfa-194	100	4	(	(	PUNCT
ajfa-194	100	5	2003	2003	NUM
ajfa-194	100	6	)	)	PUNCT
ajfa-194	100	7	database	database	NOUN
ajfa-194	100	8	is	be	AUX
ajfa-194	100	9	comprised	comprise	VERB
ajfa-194	100	10	of	of	ADP
ajfa-194	100	11	the	the	DET
ajfa-194	100	12	name	name	NOUN
ajfa-194	100	13	,	,	PUNCT
ajfa-194	100	14	ticker	ticker	NOUN
ajfa-194	100	15	symbol	symbol	NOUN
ajfa-194	100	16	,	,	PUNCT
ajfa-194	100	17	and	and	CCONJ
ajfa-194	100	18	exchange	exchange	NOUN
ajfa-194	100	19	of	of	ADP
ajfa-194	100	20	the	the	DET
ajfa-194	100	21	restating	restate	VERB
ajfa-194	100	22	firm	firm	NOUN
ajfa-194	100	23	,	,	PUNCT
ajfa-194	100	24	the	the	DET
ajfa-194	100	25	restatement	restatement	NOUN
ajfa-194	100	26	announcement	announcement	NOUN
ajfa-194	100	27	date	date	NOUN
ajfa-194	100	28	,	,	PUNCT
ajfa-194	100	29	the	the	DET
ajfa-194	100	30	number	number	NOUN
ajfa-194	100	31	of	of	ADP
ajfa-194	100	32	shares	share	NOUN
ajfa-194	100	33	outstanding	outstanding	ADJ
ajfa-194	100	34	,	,	PUNCT
ajfa-194	100	35	the	the	DET
ajfa-194	100	36	initiator	initiator	NOUN
ajfa-194	100	37	of	of	ADP
ajfa-194	100	38	the	the	DET
ajfa-194	100	39	restatement	restatement	NOUN
ajfa-194	100	40	,	,	PUNCT
ajfa-194	100	41	and	and	CCONJ
ajfa-194	100	42	the	the	DET
ajfa-194	100	43	reason(s	reason(s	NOUN
ajfa-194	100	44	)	)	PUNCT
ajfa-194	100	45	for	for	ADP
ajfa-194	100	46	the	the	DET
ajfa-194	100	47	restatement	restatement	NOUN
ajfa-194	100	48	.	.	PUNCT
ajfa-194	101	1	5	5	NUM
ajfa-194	101	2	4	4	NUM
ajfa-194	101	3	the	the	DET
ajfa-194	101	4	gao	gao	PROPN
ajfa-194	101	5	(	(	PUNCT
ajfa-194	101	6	2003	2003	NUM
ajfa-194	101	7	)	)	PUNCT
ajfa-194	101	8	states	state	VERB
ajfa-194	101	9	“	"	PUNCT
ajfa-194	101	10	we	we	PRON
ajfa-194	101	11	focused	focus	VERB
ajfa-194	101	12	on	on	ADP
ajfa-194	101	13	financial	financial	ADJ
ajfa-194	101	14	restatements	restatement	NOUN
ajfa-194	101	15	resulting	result	VERB
ajfa-194	101	16	from	from	ADP
ajfa-194	101	17	accounting	accounting	NOUN
ajfa-194	101	18	irregularities	irregularity	NOUN
ajfa-194	101	19	,	,	PUNCT
ajfa-194	101	20	including	include	VERB
ajfa-194	101	21	so	so	ADV
ajfa-194	101	22	-	-	PUNCT
ajfa-194	101	23	called	call	VERB
ajfa-194	101	24	aggressive	aggressive	ADJ
ajfa-194	101	25	accounting	accounting	NOUN
ajfa-194	101	26	practices	practice	NOUN
ajfa-194	101	27	,	,	PUNCT
ajfa-194	101	28	intentional	intentional	ADJ
ajfa-194	101	29	and	and	CCONJ
ajfa-194	101	30	unintentional	unintentional	ADJ
ajfa-194	101	31	misuse	misuse	NOUN
ajfa-194	101	32	of	of	ADP
ajfa-194	101	33	facts	fact	NOUN
ajfa-194	101	34	applied	apply	VERB
ajfa-194	101	35	to	to	ADP
ajfa-194	101	36	financial	financial	ADJ
ajfa-194	101	37	statements	statement	NOUN
ajfa-194	101	38	,	,	PUNCT
ajfa-194	101	39	oversight	oversight	NOUN
ajfa-194	101	40	or	or	CCONJ
ajfa-194	101	41	misinterpretation	misinterpretation	NOUN
ajfa-194	101	42	of	of	ADP
ajfa-194	101	43	accounting	accounting	NOUN
ajfa-194	101	44	rules	rule	NOUN
ajfa-194	101	45	,	,	PUNCT
ajfa-194	101	46	and	and	CCONJ
ajfa-194	101	47	fraud	fraud	NOUN
ajfa-194	101	48	.	.	PUNCT
ajfa-194	102	1	┄	┄	NOUN
ajfa-194	102	2	as	as	ADP
ajfa-194	102	3	a	a	DET
ajfa-194	102	4	general	general	ADJ
ajfa-194	102	5	rule	rule	NOUN
ajfa-194	102	6	,	,	PUNCT
ajfa-194	102	7	we	we	PRON
ajfa-194	102	8	also	also	ADV
ajfa-194	102	9	excluded	exclude	VERB
ajfa-194	102	10	restatements	restatement	NOUN
ajfa-194	102	11	resulting	result	VERB
ajfa-194	102	12	from	from	ADP
ajfa-194	102	13	accounting	accounting	NOUN
ajfa-194	102	14	policy	policy	NOUN
ajfa-194	102	15	changes	change	NOUN
ajfa-194	102	16	because	because	SCONJ
ajfa-194	102	17	they	they	PRON
ajfa-194	102	18	did	do	AUX
ajfa-194	102	19	not	not	PART
ajfa-194	102	20	necessarily	necessarily	ADV
ajfa-194	102	21	reveal	reveal	VERB
ajfa-194	102	22	previously	previously	ADV
ajfa-194	102	23	undisclosed	undisclose	VERB
ajfa-194	102	24	,	,	PUNCT
ajfa-194	102	25	economically	economically	ADV
ajfa-194	102	26	meaningful	meaningful	ADJ
ajfa-194	102	27	data	datum	NOUN
ajfa-194	102	28	to	to	ADP
ajfa-194	102	29	market	market	NOUN
ajfa-194	102	30	participants	participant	NOUN
ajfa-194	102	31	.	.	PUNCT
ajfa-194	102	32	”	"	PUNCT
ajfa-194	103	1	5	5	NUM
ajfa-194	103	2	we	we	PRON
ajfa-194	103	3	do	do	AUX
ajfa-194	103	4	not	not	PART
ajfa-194	103	5	include	include	VERB
ajfa-194	103	6	accounting	accounting	NOUN
ajfa-194	103	7	restatements	restatement	NOUN
ajfa-194	103	8	announced	announce	VERB
ajfa-194	103	9	after	after	ADP
ajfa-194	103	10	june	june	PROPN
ajfa-194	103	11	2002	2002	NUM
ajfa-194	103	12	,	,	PUNCT
ajfa-194	103	13	because	because	SCONJ
ajfa-194	103	14	these	these	DET
ajfa-194	103	15	restatements	restatement	NOUN
ajfa-194	103	16	are	be	AUX
ajfa-194	103	17	more	more	ADV
ajfa-194	103	18	likely	likely	ADJ
ajfa-194	103	19	to	to	PART
ajfa-194	103	20	result	result	VERB
ajfa-194	103	21	from	from	ADP
ajfa-194	103	22	the	the	DET
ajfa-194	103	23	regulatory	regulatory	ADJ
ajfa-194	103	24	changes	change	NOUN
ajfa-194	103	25	required	require	VERB
ajfa-194	103	26	under	under	ADP
ajfa-194	103	27	the	the	DET
ajfa-194	103	28	sarbanes	sarbanes	PROPN
ajfa-194	103	29	-	-	PUNCT
ajfa-194	103	30	oxley	oxley	ADJ
ajfa-194	103	31	act	act	NOUN
ajfa-194	103	32	(	(	PUNCT
ajfa-194	103	33	the	the	DET
ajfa-194	103	34	sox	sox	NOUN
ajfa-194	103	35	)	)	PUNCT
ajfa-194	103	36	(	(	PUNCT
ajfa-194	103	37	chen	chen	PROPN
ajfa-194	103	38	,	,	PUNCT
ajfa-194	103	39	cheng	cheng	PROPN
ajfa-194	103	40	,	,	PUNCT
ajfa-194	103	41	and	and	CCONJ
ajfa-194	103	42	lo	lo	PROPN
ajfa-194	103	43	,	,	PUNCT
ajfa-194	103	44	2009	2009	NUM
ajfa-194	103	45	)	)	PUNCT
ajfa-194	103	46	.	.	PUNCT
ajfa-194	104	1	consistent	consistent	ADJ
ajfa-194	104	2	with	with	ADP
ajfa-194	104	3	this	this	DET
ajfa-194	104	4	view	view	NOUN
ajfa-194	104	5	,	,	PUNCT
ajfa-194	104	6	prior	prior	ADJ
ajfa-194	104	7	research	research	NOUN
ajfa-194	104	8	documents	document	NOUN
ajfa-194	104	9	that	that	SCONJ
ajfa-194	104	10	the	the	DET
ajfa-194	104	11	post-2002	post-2002	NOUN
ajfa-194	104	12	restatements	restatement	NOUN
ajfa-194	104	13	have	have	VERB
ajfa-194	104	14	a	a	DET
ajfa-194	104	15	small	small	ADJ
ajfa-194	104	16	impact	impact	NOUN
ajfa-194	104	17	on	on	ADP
ajfa-194	104	18	net	net	ADJ
ajfa-194	104	19	income	income	NOUN
ajfa-194	104	20	of	of	ADP
ajfa-194	104	21	the	the	DET
ajfa-194	104	22	restating	restate	VERB
ajfa-194	104	23	firms	firm	NOUN
ajfa-194	104	24	(	(	PUNCT
ajfa-194	104	25	e.g.	e.g.	ADV
ajfa-194	104	26	,	,	PUNCT
ajfa-194	104	27	plumlee	plumlee	PROPN
ajfa-194	104	28	and	and	CCONJ
ajfa-194	104	29	yohn	yohn	PROPN
ajfa-194	104	30	,	,	PUNCT
ajfa-194	104	31	2009	2009	NUM
ajfa-194	104	32	)	)	PUNCT
ajfa-194	104	33	.	.	PUNCT
ajfa-194	105	1	asian	asian	ADJ
ajfa-194	105	2	journal	journal	PROPN
ajfa-194	105	3	of	of	ADP
ajfa-194	105	4	finance	finance	PROPN
ajfa-194	105	5	&	&	CCONJ
ajfa-194	105	6	accounting	accounting	PROPN
ajfa-194	105	7	issn	issn	PROPN
ajfa-194	105	8	1946	1946	NUM
ajfa-194	105	9	-	-	PUNCT
ajfa-194	105	10	052x	052x	NOUN
ajfa-194	105	11	2009	2009	NUM
ajfa-194	105	12	,	,	PUNCT
ajfa-194	105	13	vol	vol	NOUN
ajfa-194	105	14	.	.	PROPN
ajfa-194	105	15	1	1	NUM
ajfa-194	105	16	,	,	PUNCT
ajfa-194	105	17	no	no	INTJ
ajfa-194	105	18	.	.	NOUN
ajfa-194	105	19	2	2	NUM
ajfa-194	105	20	:	:	PUNCT
ajfa-194	105	21	e4	e4	PROPN
ajfa-194	105	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	105	23	81	81	NUM
ajfa-194	105	24	we	we	PRON
ajfa-194	105	25	obtain	obtain	VERB
ajfa-194	105	26	data	datum	NOUN
ajfa-194	105	27	on	on	ADP
ajfa-194	105	28	institutional	institutional	ADJ
ajfa-194	105	29	ownership	ownership	NOUN
ajfa-194	105	30	from	from	ADP
ajfa-194	105	31	thomson	thomson	PROPN
ajfa-194	105	32	financial	financial	PROPN
ajfa-194	105	33	cda	cda	PROPN
ajfa-194	105	34	/	/	SYM
ajfa-194	105	35	spectrum	spectrum	NOUN
ajfa-194	105	36	dataset	dataset	NOUN
ajfa-194	105	37	.	.	PUNCT
ajfa-194	106	1	6	6	NUM
ajfa-194	106	2	financial	financial	ADJ
ajfa-194	106	3	statement	statement	NOUN
ajfa-194	106	4	data	datum	NOUN
ajfa-194	106	5	are	be	AUX
ajfa-194	106	6	collected	collect	VERB
ajfa-194	106	7	from	from	ADP
ajfa-194	106	8	crsp	crsp	NOUN
ajfa-194	106	9	/	/	SYM
ajfa-194	106	10	compustat	compustat	NOUN
ajfa-194	106	11	merged	merge	VERB
ajfa-194	106	12	industrial	industrial	ADJ
ajfa-194	106	13	quarterly	quarterly	NOUN
ajfa-194	106	14	.	.	PUNCT
ajfa-194	107	1	returns	return	NOUN
ajfa-194	107	2	data	datum	NOUN
ajfa-194	107	3	are	be	AUX
ajfa-194	107	4	collected	collect	VERB
ajfa-194	107	5	from	from	ADP
ajfa-194	107	6	crsp	crsp	PROPN
ajfa-194	107	7	daily	daily	ADJ
ajfa-194	107	8	stock	stock	NOUN
ajfa-194	107	9	returns	return	NOUN
ajfa-194	107	10	file	file	VERB
ajfa-194	107	11	for	for	ADP
ajfa-194	107	12	nyse	nyse	PROPN
ajfa-194	107	13	,	,	PUNCT
ajfa-194	107	14	amex	amex	PROPN
ajfa-194	107	15	,	,	PUNCT
ajfa-194	107	16	and	and	CCONJ
ajfa-194	107	17	nasdaq	nasdaq	PROPN
ajfa-194	107	18	firms	firm	NOUN
ajfa-194	107	19	.	.	PUNCT
ajfa-194	108	1	we	we	PRON
ajfa-194	108	2	mitigate	mitigate	VERB
ajfa-194	108	3	the	the	DET
ajfa-194	108	4	confounding	confound	VERB
ajfa-194	108	5	events	event	NOUN
ajfa-194	108	6	following	follow	VERB
ajfa-194	108	7	the	the	DET
ajfa-194	108	8	two	two	NUM
ajfa-194	108	9	procedures	procedure	NOUN
ajfa-194	108	10	.	.	PUNCT
ajfa-194	109	1	first	first	ADV
ajfa-194	109	2	,	,	PUNCT
ajfa-194	109	3	to	to	PART
ajfa-194	109	4	rule	rule	VERB
ajfa-194	109	5	out	out	ADP
ajfa-194	109	6	earlier	early	ADV
ajfa-194	109	7	public	public	ADJ
ajfa-194	109	8	announcements	announcement	NOUN
ajfa-194	109	9	about	about	ADP
ajfa-194	109	10	an	an	DET
ajfa-194	109	11	impending	impending	ADJ
ajfa-194	109	12	restatement	restatement	NOUN
ajfa-194	109	13	as	as	ADP
ajfa-194	109	14	the	the	DET
ajfa-194	109	15	source	source	NOUN
ajfa-194	109	16	of	of	ADP
ajfa-194	109	17	any	any	DET
ajfa-194	109	18	pre	pre	ADJ
ajfa-194	109	19	-	-	ADJ
ajfa-194	109	20	restatement	restatement	ADJ
ajfa-194	109	21	trading	trading	NOUN
ajfa-194	109	22	,	,	PUNCT
ajfa-194	109	23	we	we	PRON
ajfa-194	109	24	search	search	VERB
ajfa-194	109	25	factiva	factiva	NOUN
ajfa-194	109	26	starting	start	VERB
ajfa-194	109	27	with	with	ADP
ajfa-194	109	28	the	the	DET
ajfa-194	109	29	date	date	NOUN
ajfa-194	109	30	given	give	VERB
ajfa-194	109	31	in	in	ADP
ajfa-194	109	32	the	the	DET
ajfa-194	109	33	gao	gao	PROPN
ajfa-194	109	34	(	(	PUNCT
ajfa-194	109	35	2003	2003	NUM
ajfa-194	109	36	)	)	PUNCT
ajfa-194	109	37	database	database	NOUN
ajfa-194	109	38	,	,	PUNCT
ajfa-194	109	39	and	and	CCONJ
ajfa-194	109	40	look	look	VERB
ajfa-194	109	41	back	back	ADV
ajfa-194	109	42	six	six	NUM
ajfa-194	109	43	months	month	NOUN
ajfa-194	109	44	earlier	early	ADV
ajfa-194	109	45	for	for	ADP
ajfa-194	109	46	any	any	DET
ajfa-194	109	47	articles	article	NOUN
ajfa-194	109	48	,	,	PUNCT
ajfa-194	109	49	press	press	NOUN
ajfa-194	109	50	releases	release	NOUN
ajfa-194	109	51	,	,	PUNCT
ajfa-194	109	52	etc	etc	X
ajfa-194	109	53	.	.	X
ajfa-194	109	54	that	that	PRON
ajfa-194	109	55	might	might	AUX
ajfa-194	109	56	indicate	indicate	VERB
ajfa-194	109	57	the	the	DET
ajfa-194	109	58	possibility	possibility	NOUN
ajfa-194	109	59	of	of	ADP
ajfa-194	109	60	a	a	DET
ajfa-194	109	61	restatement	restatement	NOUN
ajfa-194	109	62	.	.	PUNCT
ajfa-194	110	1	for	for	ADP
ajfa-194	110	2	those	those	PRON
ajfa-194	110	3	with	with	ADP
ajfa-194	110	4	an	an	DET
ajfa-194	110	5	earlier	early	ADJ
ajfa-194	110	6	date	date	NOUN
ajfa-194	110	7	,	,	PUNCT
ajfa-194	110	8	we	we	PRON
ajfa-194	110	9	use	use	VERB
ajfa-194	110	10	the	the	DET
ajfa-194	110	11	date	date	NOUN
ajfa-194	110	12	of	of	ADP
ajfa-194	110	13	the	the	DET
ajfa-194	110	14	earliest	early	ADJ
ajfa-194	110	15	article	article	NOUN
ajfa-194	110	16	in	in	ADP
ajfa-194	110	17	the	the	DET
ajfa-194	110	18	factiva	factiva	NOUN
ajfa-194	110	19	dataset	dataset	VERB
ajfa-194	110	20	related	relate	VERB
ajfa-194	110	21	to	to	ADP
ajfa-194	110	22	the	the	DET
ajfa-194	110	23	restatement	restatement	NOUN
ajfa-194	110	24	as	as	ADP
ajfa-194	110	25	our	our	PRON
ajfa-194	110	26	event	event	NOUN
ajfa-194	110	27	date	date	NOUN
ajfa-194	110	28	.	.	PUNCT
ajfa-194	111	1	this	this	PRON
ajfa-194	111	2	affects	affect	VERB
ajfa-194	111	3	a	a	DET
ajfa-194	111	4	total	total	NOUN
ajfa-194	111	5	of	of	ADP
ajfa-194	111	6	45	45	NUM
ajfa-194	111	7	observations	observation	NOUN
ajfa-194	111	8	.	.	PUNCT
ajfa-194	112	1	second	second	ADJ
ajfa-194	112	2	,	,	PUNCT
ajfa-194	112	3	we	we	PRON
ajfa-194	112	4	remove	remove	VERB
ajfa-194	112	5	the	the	DET
ajfa-194	112	6	firms	firm	NOUN
ajfa-194	112	7	whose	whose	DET
ajfa-194	112	8	restatement	restatement	NOUN
ajfa-194	112	9	announcement	announcement	NOUN
ajfa-194	112	10	date	date	NOUN
ajfa-194	112	11	is	be	AUX
ajfa-194	112	12	in	in	ADP
ajfa-194	112	13	the	the	DET
ajfa-194	112	14	window	window	NOUN
ajfa-194	112	15	(	(	PUNCT
ajfa-194	112	16	-2	-2	INTJ
ajfa-194	112	17	to	to	ADP
ajfa-194	112	18	+2	+2	PROPN
ajfa-194	112	19	)	)	PUNCT
ajfa-194	112	20	around	around	ADP
ajfa-194	112	21	the	the	DET
ajfa-194	112	22	earnings	earning	NOUN
ajfa-194	112	23	release	release	NOUN
ajfa-194	112	24	.	.	PUNCT
ajfa-194	113	1	specifically	specifically	ADV
ajfa-194	113	2	,	,	PUNCT
ajfa-194	113	3	we	we	PRON
ajfa-194	113	4	remove	remove	VERB
ajfa-194	113	5	23	23	NUM
ajfa-194	113	6	restatements	restatement	NOUN
ajfa-194	113	7	,	,	PUNCT
ajfa-194	113	8	of	of	ADP
ajfa-194	113	9	which	which	PRON
ajfa-194	113	10	20	20	NUM
ajfa-194	113	11	observations	observation	NOUN
ajfa-194	113	12	announce	announce	VERB
ajfa-194	113	13	restatements	restatement	NOUN
ajfa-194	113	14	exactly	exactly	ADV
ajfa-194	113	15	in	in	ADP
ajfa-194	113	16	the	the	DET
ajfa-194	113	17	same	same	ADJ
ajfa-194	113	18	day	day	NOUN
ajfa-194	113	19	as	as	ADP
ajfa-194	113	20	the	the	DET
ajfa-194	113	21	earnings	earning	NOUN
ajfa-194	113	22	release	release	NOUN
ajfa-194	113	23	date	date	NOUN
ajfa-194	113	24	.	.	PUNCT
ajfa-194	114	1	we	we	PRON
ajfa-194	114	2	remove	remove	VERB
ajfa-194	114	3	these	these	DET
ajfa-194	114	4	observations	observation	NOUN
ajfa-194	114	5	to	to	PART
ajfa-194	114	6	mitigate	mitigate	VERB
ajfa-194	114	7	concerns	concern	NOUN
ajfa-194	114	8	that	that	SCONJ
ajfa-194	114	9	any	any	DET
ajfa-194	114	10	institutional	institutional	ADJ
ajfa-194	114	11	trading	trading	NOUN
ajfa-194	114	12	or	or	CCONJ
ajfa-194	114	13	market	market	NOUN
ajfa-194	114	14	reactions	reaction	NOUN
ajfa-194	114	15	in	in	ADP
ajfa-194	114	16	response	response	NOUN
ajfa-194	114	17	to	to	ADP
ajfa-194	114	18	the	the	DET
ajfa-194	114	19	restatement	restatement	NOUN
ajfa-194	114	20	information	information	NOUN
ajfa-194	114	21	are	be	AUX
ajfa-194	114	22	confounded	confound	VERB
ajfa-194	114	23	by	by	ADP
ajfa-194	114	24	disclosed	disclose	VERB
ajfa-194	114	25	earnings	earning	NOUN
ajfa-194	114	26	information	information	NOUN
ajfa-194	114	27	which	which	PRON
ajfa-194	114	28	is	be	AUX
ajfa-194	114	29	not	not	PART
ajfa-194	114	30	attributable	attributable	ADJ
ajfa-194	114	31	to	to	ADP
ajfa-194	114	32	the	the	DET
ajfa-194	114	33	restatement	restatement	NOUN
ajfa-194	114	34	news	news	NOUN
ajfa-194	114	35	.	.	PUNCT
ajfa-194	115	1	the	the	DET
ajfa-194	115	2	final	final	ADJ
ajfa-194	115	3	sample	sample	NOUN
ajfa-194	115	4	consists	consist	VERB
ajfa-194	115	5	of	of	ADP
ajfa-194	115	6	364	364	NUM
ajfa-194	115	7	restatements	restatement	NOUN
ajfa-194	115	8	on	on	ADP
ajfa-194	115	9	334	334	NUM
ajfa-194	115	10	unique	unique	ADJ
ajfa-194	115	11	firms	firm	NOUN
ajfa-194	115	12	.	.	PUNCT
ajfa-194	116	1	3.2	3.2	NUM
ajfa-194	116	2	variable	variable	ADJ
ajfa-194	116	3	measurement	measurement	NOUN
ajfa-194	116	4	the	the	DET
ajfa-194	116	5	variables	variable	NOUN
ajfa-194	116	6	used	use	VERB
ajfa-194	116	7	in	in	ADP
ajfa-194	116	8	our	our	PRON
ajfa-194	116	9	empirical	empirical	ADJ
ajfa-194	116	10	tests	test	NOUN
ajfa-194	116	11	are	be	AUX
ajfa-194	116	12	defined	define	VERB
ajfa-194	116	13	in	in	ADP
ajfa-194	116	14	appendix	appendix	NOUN
ajfa-194	116	15	i	i	PRON
ajfa-194	116	16	variable	variable	ADJ
ajfa-194	116	17	definitions	definition	NOUN
ajfa-194	116	18	and	and	CCONJ
ajfa-194	116	19	discussed	discuss	VERB
ajfa-194	116	20	below	below	ADV
ajfa-194	116	21	.	.	PUNCT
ajfa-194	117	1	3.2.1	3.2.1	NUM
ajfa-194	117	2	institutional	institutional	ADJ
ajfa-194	117	3	holdings	holding	NOUN
ajfa-194	117	4	variables	variable	VERB
ajfa-194	117	5	bushee	bushee	NOUN
ajfa-194	117	6	(	(	PUNCT
ajfa-194	117	7	2001	2001	NUM
ajfa-194	117	8	)	)	PUNCT
ajfa-194	117	9	classifies	classify	VERB
ajfa-194	117	10	institutional	institutional	ADJ
ajfa-194	117	11	investors	investor	NOUN
ajfa-194	117	12	into	into	ADP
ajfa-194	117	13	one	one	NUM
ajfa-194	117	14	of	of	ADP
ajfa-194	117	15	the	the	DET
ajfa-194	117	16	three	three	NUM
ajfa-194	117	17	groups	group	NOUN
ajfa-194	117	18	each	each	DET
ajfa-194	117	19	year	year	NOUN
ajfa-194	117	20	:	:	PUNCT
ajfa-194	117	21	transient	transient	ADJ
ajfa-194	117	22	,	,	PUNCT
ajfa-194	117	23	dedicated	dedicated	ADJ
ajfa-194	117	24	,	,	PUNCT
ajfa-194	117	25	and	and	CCONJ
ajfa-194	117	26	quasi	quasi	ADJ
ajfa-194	117	27	-	-	ADJ
ajfa-194	117	28	indexing	indexing	ADJ
ajfa-194	117	29	institutions	institution	NOUN
ajfa-194	117	30	.	.	PUNCT
ajfa-194	118	1	this	this	DET
ajfa-194	118	2	classification	classification	NOUN
ajfa-194	118	3	uses	use	VERB
ajfa-194	118	4	both	both	PRON
ajfa-194	118	5	factor	factor	NOUN
ajfa-194	118	6	analysis	analysis	NOUN
ajfa-194	118	7	and	and	CCONJ
ajfa-194	118	8	cluster	cluster	NOUN
ajfa-194	118	9	analysis	analysis	NOUN
ajfa-194	118	10	based	base	VERB
ajfa-194	118	11	on	on	ADP
ajfa-194	118	12	each	each	DET
ajfa-194	118	13	institutional	institutional	ADJ
ajfa-194	118	14	investor‟s	investor‟s	PROPN
ajfa-194	118	15	past	past	PROPN
ajfa-194	118	16	investment	investment	NOUN
ajfa-194	118	17	behavior	behavior	NOUN
ajfa-194	118	18	(	(	PUNCT
ajfa-194	118	19	for	for	ADP
ajfa-194	118	20	details	detail	NOUN
ajfa-194	118	21	,	,	PUNCT
ajfa-194	118	22	refer	refer	VERB
ajfa-194	118	23	to	to	ADP
ajfa-194	118	24	bushee	bushee	NOUN
ajfa-194	118	25	,	,	PUNCT
ajfa-194	118	26	1998	1998	NUM
ajfa-194	118	27	,	,	PUNCT
ajfa-194	118	28	2001	2001	NUM
ajfa-194	118	29	;	;	PUNCT
ajfa-194	118	30	bushee	bushee	NOUN
ajfa-194	118	31	and	and	CCONJ
ajfa-194	118	32	noe	noe	NOUN
ajfa-194	118	33	,	,	PUNCT
ajfa-194	118	34	2000	2000	NUM
ajfa-194	118	35	)	)	PUNCT
ajfa-194	118	36	.	.	PUNCT
ajfa-194	119	1	because	because	SCONJ
ajfa-194	119	2	the	the	DET
ajfa-194	119	3	classification	classification	NOUN
ajfa-194	119	4	is	be	AUX
ajfa-194	119	5	highly	highly	ADV
ajfa-194	119	6	stable	stable	ADJ
ajfa-194	119	7	over	over	ADP
ajfa-194	119	8	time	time	NOUN
ajfa-194	119	9	,	,	PUNCT
ajfa-194	119	10	we	we	PRON
ajfa-194	119	11	follow	follow	VERB
ajfa-194	119	12	ke	ke	PROPN
ajfa-194	119	13	and	and	CCONJ
ajfa-194	119	14	ramalingegowda	ramalingegowda	PROPN
ajfa-194	119	15	(	(	PUNCT
ajfa-194	119	16	2005	2005	NUM
ajfa-194	119	17	)	)	PUNCT
ajfa-194	119	18	to	to	PART
ajfa-194	119	19	assign	assign	VERB
ajfa-194	119	20	each	each	DET
ajfa-194	119	21	institutional	institutional	ADJ
ajfa-194	119	22	investor	investor	NOUN
ajfa-194	119	23	into	into	ADP
ajfa-194	119	24	the	the	DET
ajfa-194	119	25	type	type	NOUN
ajfa-194	119	26	that	that	PRON
ajfa-194	119	27	is	be	AUX
ajfa-194	119	28	the	the	DET
ajfa-194	119	29	most	most	ADV
ajfa-194	119	30	frequent	frequent	ADJ
ajfa-194	119	31	type	type	NOUN
ajfa-194	119	32	for	for	ADP
ajfa-194	119	33	this	this	DET
ajfa-194	119	34	institution	institution	NOUN
ajfa-194	119	35	over	over	ADP
ajfa-194	119	36	the	the	DET
ajfa-194	119	37	classification	classification	NOUN
ajfa-194	119	38	period	period	NOUN
ajfa-194	119	39	.	.	PUNCT
ajfa-194	120	1	the	the	DET
ajfa-194	120	2	institutional	institutional	ADJ
ajfa-194	120	3	holdings	holding	NOUN
ajfa-194	120	4	variables	variable	NOUN
ajfa-194	120	5	are	be	AUX
ajfa-194	120	6	as	as	SCONJ
ajfa-194	120	7	follows	follow	VERB
ajfa-194	120	8	for	for	ADP
ajfa-194	120	9	each	each	DET
ajfa-194	120	10	firm	firm	NOUN
ajfa-194	120	11	-	-	PUNCT
ajfa-194	120	12	quarter	quarter	NOUN
ajfa-194	120	13	:	:	PUNCT
ajfa-194	120	14	beginning	begin	VERB
ajfa-194	120	15	level	level	NOUN
ajfa-194	120	16	of	of	ADP
ajfa-194	120	17	aggregate	aggregate	ADJ
ajfa-194	120	18	institutional	institutional	ADJ
ajfa-194	120	19	holdings	holding	NOUN
ajfa-194	120	20	of	of	ADP
ajfa-194	120	21	firm	firm	ADJ
ajfa-194	120	22	j‟s	j‟s	PROPN
ajfa-194	120	23	shares	share	NOUN
ajfa-194	120	24	outstanding	outstanding	ADJ
ajfa-194	120	25	by	by	ADP
ajfa-194	120	26	a	a	DET
ajfa-194	120	27	certain	certain	ADJ
ajfa-194	120	28	group	group	NOUN
ajfa-194	120	29	of	of	ADP
ajfa-194	120	30	institutions	institution	NOUN
ajfa-194	120	31	(	(	PUNCT
ajfa-194	120	32	,	,	PUNCT
ajfa-194	120	33	1j	1j	NUM
ajfa-194	120	34	qinstitution	qinstitution	NOUN
ajfa-194	120	35	)	)	PUNCT
ajfa-194	120	36	,	,	PUNCT
ajfa-194	120	37	mean	mean	ADJ
ajfa-194	120	38	-	-	PUNCT
ajfa-194	120	39	adjusted	adjust	VERB
ajfa-194	120	40	change	change	NOUN
ajfa-194	120	41	in	in	ADP
ajfa-194	120	42	aggregate	aggregate	ADJ
ajfa-194	120	43	institutional	institutional	ADJ
ajfa-194	120	44	holdings	holding	NOUN
ajfa-194	120	45	of	of	ADP
ajfa-194	120	46	firm	firm	ADJ
ajfa-194	120	47	j‟s	j‟s	PROPN
ajfa-194	120	48	shares	share	NOUN
ajfa-194	120	49	outstanding	outstanding	ADJ
ajfa-194	120	50	by	by	ADP
ajfa-194	120	51	a	a	DET
ajfa-194	120	52	certain	certain	ADJ
ajfa-194	120	53	group	group	NOUN
ajfa-194	120	54	of	of	ADP
ajfa-194	120	55	institutions	institution	NOUN
ajfa-194	120	56	(	(	PUNCT
ajfa-194	120	57	qjninstitutioadj	qjninstitutioadj	NOUN
ajfa-194	120	58	,	,	PUNCT
ajfa-194	120	59	_	_	PUNCT
ajfa-194	120	60	)	)	PUNCT
ajfa-194	120	61	,	,	PUNCT
ajfa-194	120	62	and	and	CCONJ
ajfa-194	120	63	beginning	begin	VERB
ajfa-194	120	64	weighted	weight	VERB
ajfa-194	120	65	mean	mean	PROPN
ajfa-194	120	66	portfolio	portfolio	NOUN
ajfa-194	120	67	weight	weight	NOUN
ajfa-194	120	68	of	of	ADP
ajfa-194	120	69	firm	firm	ADJ
ajfa-194	120	70	j	j	PROPN
ajfa-194	120	71	in	in	ADP
ajfa-194	120	72	the	the	DET
ajfa-194	120	73	portfolio	portfolio	NOUN
ajfa-194	120	74	held	hold	VERB
ajfa-194	120	75	by	by	ADP
ajfa-194	120	76	a	a	DET
ajfa-194	120	77	certain	certain	ADJ
ajfa-194	120	78	group	group	NOUN
ajfa-194	120	79	of	of	ADP
ajfa-194	120	80	institutions	institution	NOUN
ajfa-194	120	81	(	(	PUNCT
ajfa-194	120	82	,	,	PUNCT
ajfa-194	120	83	1	1	X
ajfa-194	120	84	_	_	NUM
ajfa-194	120	85	j	j	PROPN
ajfa-194	120	86	qpw	qpw	NOUN
ajfa-194	120	87	institution	institution	NOUN
ajfa-194	120	88	)	)	PUNCT
ajfa-194	120	89	.	.	PUNCT
ajfa-194	121	1	,	,	PUNCT
ajfa-194	121	2	1j	1j	NUM
ajfa-194	121	3	qinstitution	qinstitution	NOUN
ajfa-194	121	4	denotes	denote	VERB
ajfa-194	121	5	either	either	CCONJ
ajfa-194	121	6	the	the	DET
ajfa-194	121	7	holdings	holding	NOUN
ajfa-194	121	8	by	by	ADP
ajfa-194	121	9	total	total	ADJ
ajfa-194	121	10	institutional	institutional	ADJ
ajfa-194	121	11	investors	investor	NOUN
ajfa-194	121	12	(	(	PUNCT
ajfa-194	121	13	inst	inst	NOUN
ajfa-194	121	14	)	)	PUNCT
ajfa-194	121	15	,	,	PUNCT
ajfa-194	121	16	or	or	CCONJ
ajfa-194	121	17	holdings	holding	NOUN
ajfa-194	121	18	by	by	ADP
ajfa-194	121	19	transient	transient	PROPN
ajfa-194	121	20	(	(	PUNCT
ajfa-194	121	21	tra	tra	NOUN
ajfa-194	121	22	)	)	PUNCT
ajfa-194	121	23	,	,	PUNCT
ajfa-194	121	24	dedicated	dedicate	VERB
ajfa-194	121	25	(	(	PUNCT
ajfa-194	121	26	ded	de	VERB
ajfa-194	121	27	)	)	PUNCT
ajfa-194	121	28	,	,	PUNCT
ajfa-194	121	29	or	or	CCONJ
ajfa-194	121	30	quasiindexing	quasiindexe	VERB
ajfa-194	121	31	institutional	institutional	ADJ
ajfa-194	121	32	investors	investor	NOUN
ajfa-194	121	33	(	(	PUNCT
ajfa-194	121	34	qix	qix	PROPN
ajfa-194	121	35	)	)	PUNCT
ajfa-194	121	36	.	.	PUNCT
ajfa-194	122	1	qjninstitutioadj	qjninstitutioadj	NOUN
ajfa-194	122	2	,	,	PUNCT
ajfa-194	122	3	_	_	PRON
ajfa-194	122	4	is	be	AUX
ajfa-194	122	5	the	the	DET
ajfa-194	122	6	mean	mean	ADV
ajfa-194	122	7	-	-	PUNCT
ajfa-194	122	8	adjusted	adjust	VERB
ajfa-194	122	9	change	change	NOUN
ajfa-194	122	10	in	in	ADP
ajfa-194	122	11	aggregate	aggregate	ADJ
ajfa-194	122	12	institutional	institutional	ADJ
ajfa-194	122	13	holdings	holding	NOUN
ajfa-194	122	14	by	by	ADP
ajfa-194	122	15	a	a	DET
ajfa-194	122	16	certain	certain	ADJ
ajfa-194	122	17	group	group	NOUN
ajfa-194	122	18	of	of	ADP
ajfa-194	122	19	institutions	institution	NOUN
ajfa-194	122	20	(	(	PUNCT
ajfa-194	122	21	i.e.	i.e.	X
ajfa-194	122	22	,	,	PUNCT
ajfa-194	122	23	total	total	ADJ
ajfa-194	122	24	,	,	PUNCT
ajfa-194	122	25	transient	transient	ADJ
ajfa-194	122	26	,	,	PUNCT
ajfa-194	122	27	dedicated	dedicated	ADJ
ajfa-194	122	28	,	,	PUNCT
ajfa-194	122	29	and	and	CCONJ
ajfa-194	122	30	quasi	quasi	ADJ
ajfa-194	122	31	-	-	ADJ
ajfa-194	122	32	indexing	indexing	ADJ
ajfa-194	122	33	institutions	institution	NOUN
ajfa-194	122	34	,	,	PUNCT
ajfa-194	122	35	respectively	respectively	ADV
ajfa-194	122	36	)	)	PUNCT
ajfa-194	122	37	over	over	ADP
ajfa-194	122	38	the	the	DET
ajfa-194	122	39	calendar	calendar	NOUN
ajfa-194	122	40	quarter	quarter	NOUN
ajfa-194	122	41	q	q	NOUN
ajfa-194	122	42	for	for	ADP
ajfa-194	122	43	firm	firm	ADJ
ajfa-194	122	44	j.	j.	PROPN
ajfa-194	123	1	the	the	DET
ajfa-194	123	2	adjustment	adjustment	NOUN
ajfa-194	123	3	is	be	AUX
ajfa-194	123	4	made	make	VERB
ajfa-194	123	5	by	by	ADP
ajfa-194	123	6	subtracting	subtract	VERB
ajfa-194	123	7	the	the	DET
ajfa-194	123	8	average	average	ADJ
ajfa-194	123	9	change	change	NOUN
ajfa-194	123	10	in	in	ADP
ajfa-194	123	11	aggregate	aggregate	ADJ
ajfa-194	123	12	holdings	holding	NOUN
ajfa-194	123	13	by	by	ADP
ajfa-194	123	14	each	each	DET
ajfa-194	123	15	group	group	NOUN
ajfa-194	123	16	of	of	ADP
ajfa-194	123	17	institutions	institution	NOUN
ajfa-194	123	18	(	(	PUNCT
ajfa-194	123	19	i.e.	i.e.	X
ajfa-194	123	20	,	,	PUNCT
ajfa-194	123	21	total	total	ADJ
ajfa-194	123	22	,	,	PUNCT
ajfa-194	123	23	transient	transient	ADJ
ajfa-194	123	24	,	,	PUNCT
ajfa-194	123	25	dedicated	dedicated	ADJ
ajfa-194	123	26	,	,	PUNCT
ajfa-194	123	27	and	and	CCONJ
ajfa-194	123	28	quasi	quasi	ADJ
ajfa-194	123	29	-	-	ADJ
ajfa-194	123	30	indexing	indexing	ADJ
ajfa-194	123	31	institutions	institution	NOUN
ajfa-194	123	32	,	,	PUNCT
ajfa-194	123	33	respectively	respectively	ADV
ajfa-194	123	34	)	)	PUNCT
ajfa-194	123	35	across	across	ADP
ajfa-194	123	36	all	all	DET
ajfa-194	123	37	firms	firm	NOUN
ajfa-194	123	38	on	on	ADP
ajfa-194	123	39	the	the	DET
ajfa-194	123	40	cda	cda	PROPN
ajfa-194	123	41	/	/	SYM
ajfa-194	123	42	spectrum	spectrum	NOUN
ajfa-194	123	43	database	database	NOUN
ajfa-194	123	44	over	over	ADP
ajfa-194	123	45	the	the	DET
ajfa-194	123	46	same	same	ADJ
ajfa-194	123	47	calendar	calendar	NOUN
ajfa-194	123	48	quarter	quarter	NOUN
ajfa-194	123	49	q	q	NOUN
ajfa-194	123	50	,	,	PUNCT
ajfa-194	123	51	in	in	ADP
ajfa-194	123	52	order	order	NOUN
ajfa-194	123	53	to	to	PART
ajfa-194	123	54	control	control	VERB
ajfa-194	123	55	for	for	ADP
ajfa-194	123	56	time	time	NOUN
ajfa-194	123	57	trends	trend	NOUN
ajfa-194	123	58	in	in	ADP
ajfa-194	123	59	the	the	DET
ajfa-194	123	60	change	change	NOUN
ajfa-194	123	61	in	in	ADP
ajfa-194	123	62	holdings	holding	NOUN
ajfa-194	123	63	by	by	ADP
ajfa-194	123	64	each	each	DET
ajfa-194	123	65	group	group	NOUN
ajfa-194	123	66	of	of	ADP
ajfa-194	123	67	institutions	institution	NOUN
ajfa-194	123	68	6	6	NUM
ajfa-194	123	69	cda	cda	PROPN
ajfa-194	123	70	/	/	SYM
ajfa-194	123	71	spectrum	spectrum	NOUN
ajfa-194	123	72	obtains	obtain	VERB
ajfa-194	123	73	their	their	PRON
ajfa-194	123	74	data	datum	NOUN
ajfa-194	123	75	from	from	ADP
ajfa-194	123	76	the	the	DET
ajfa-194	123	77	sec‟s	sec‟s	NUM
ajfa-194	123	78	13	13	NUM
ajfa-194	123	79	-	-	PUNCT
ajfa-194	123	80	f	f	NOUN
ajfa-194	123	81	form	form	NOUN
ajfa-194	123	82	.	.	PUNCT
ajfa-194	124	1	sec	sec	PROPN
ajfa-194	124	2	requires	require	VERB
ajfa-194	124	3	all	all	DET
ajfa-194	124	4	institutions	institution	NOUN
ajfa-194	124	5	with	with	ADP
ajfa-194	124	6	greater	great	ADJ
ajfa-194	124	7	than	than	ADP
ajfa-194	124	8	$	$	SYM
ajfa-194	124	9	100	100	NUM
ajfa-194	124	10	million	million	NUM
ajfa-194	124	11	of	of	ADP
ajfa-194	124	12	equity	equity	NOUN
ajfa-194	124	13	securities	security	NOUN
ajfa-194	124	14	to	to	PART
ajfa-194	124	15	report	report	VERB
ajfa-194	124	16	their	their	PRON
ajfa-194	124	17	holdings	holding	NOUN
ajfa-194	124	18	each	each	DET
ajfa-194	124	19	calendar	calendar	NOUN
ajfa-194	124	20	quarter	quarter	NOUN
ajfa-194	124	21	on	on	ADP
ajfa-194	124	22	13	13	NUM
ajfa-194	124	23	-	-	PUNCT
ajfa-194	124	24	f	f	NOUN
ajfa-194	124	25	form	form	NOUN
ajfa-194	124	26	.	.	PUNCT
ajfa-194	125	1	asian	asian	ADJ
ajfa-194	125	2	journal	journal	PROPN
ajfa-194	125	3	of	of	ADP
ajfa-194	125	4	finance	finance	PROPN
ajfa-194	125	5	&	&	CCONJ
ajfa-194	125	6	accounting	accounting	PROPN
ajfa-194	125	7	issn	issn	PROPN
ajfa-194	125	8	1946	1946	NUM
ajfa-194	125	9	-	-	PUNCT
ajfa-194	125	10	052x	052x	NOUN
ajfa-194	125	11	2009	2009	NUM
ajfa-194	125	12	,	,	PUNCT
ajfa-194	125	13	vol	vol	NOUN
ajfa-194	125	14	.	.	PROPN
ajfa-194	125	15	1	1	NUM
ajfa-194	125	16	,	,	PUNCT
ajfa-194	125	17	no	no	INTJ
ajfa-194	125	18	.	.	NOUN
ajfa-194	125	19	2	2	NUM
ajfa-194	125	20	:	:	PUNCT
ajfa-194	125	21	e4	e4	PROPN
ajfa-194	125	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	125	23	82	82	NUM
ajfa-194	125	24	(	(	PUNCT
ajfa-194	125	25	abarbanell	abarbanell	INTJ
ajfa-194	125	26	,	,	PUNCT
ajfa-194	125	27	bushee	bushee	NOUN
ajfa-194	125	28	,	,	PUNCT
ajfa-194	125	29	and	and	CCONJ
ajfa-194	125	30	raedy	raedy	ADJ
ajfa-194	125	31	,	,	PUNCT
ajfa-194	125	32	2003	2003	NUM
ajfa-194	125	33	)	)	PUNCT
ajfa-194	125	34	.	.	PUNCT
ajfa-194	126	1	following	follow	VERB
ajfa-194	126	2	ke	ke	NOUN
ajfa-194	126	3	and	and	CCONJ
ajfa-194	126	4	petroni	petroni	NOUN
ajfa-194	126	5	(	(	PUNCT
ajfa-194	126	6	2004	2004	NUM
ajfa-194	126	7	)	)	PUNCT
ajfa-194	126	8	and	and	CCONJ
ajfa-194	126	9	ke	ke	PROPN
ajfa-194	126	10	and	and	CCONJ
ajfa-194	126	11	ramalingegowda	ramalingegowda	PROPN
ajfa-194	126	12	(	(	PUNCT
ajfa-194	126	13	2005	2005	NUM
ajfa-194	126	14	)	)	PUNCT
ajfa-194	126	15	,	,	PUNCT
ajfa-194	126	16	,	,	PUNCT
ajfa-194	126	17	1	1	X
ajfa-194	126	18	_	_	NUM
ajfa-194	126	19	j	j	PROPN
ajfa-194	126	20	qpw	qpw	NOUN
ajfa-194	126	21	institution	institution	NOUN
ajfa-194	126	22	measures	measure	VERB
ajfa-194	126	23	the	the	DET
ajfa-194	126	24	portfolio	portfolio	NOUN
ajfa-194	126	25	weight	weight	NOUN
ajfa-194	126	26	of	of	ADP
ajfa-194	126	27	firm	firm	ADJ
ajfa-194	126	28	j	j	PROPN
ajfa-194	126	29	to	to	ADP
ajfa-194	126	30	the	the	DET
ajfa-194	126	31	institutions‟	institutions‟	PROPN
ajfa-194	126	32	total	total	ADJ
ajfa-194	126	33	holdings	holding	NOUN
ajfa-194	126	34	at	at	ADP
ajfa-194	126	35	the	the	DET
ajfa-194	126	36	end	end	NOUN
ajfa-194	126	37	of	of	ADP
ajfa-194	126	38	quarter	quarter	NOUN
ajfa-194	126	39	q-1	q-1	NOUN
ajfa-194	126	40	.	.	PUNCT
ajfa-194	127	1	,	,	PUNCT
ajfa-194	127	2	1	1	X
ajfa-194	127	3	_	_	PRON
ajfa-194	127	4	j	j	PROPN
ajfa-194	127	5	qpw	qpw	NOUN
ajfa-194	127	6	institution	institution	NOUN
ajfa-194	127	7	is	be	AUX
ajfa-194	127	8	calculated	calculate	VERB
ajfa-194	127	9	as	as	ADP
ajfa-194	127	10	,	,	PUNCT
ajfa-194	127	11	,	,	PUNCT
ajfa-194	127	12	1institution	1institution	NUM
ajfa-194	127	13	j	j	PROPN
ajfa-194	127	14	qmv	qmv	PROPN
ajfa-194	127	15	/	/	SYM
ajfa-194	127	16	,	,	PUNCT
ajfa-194	127	17	,	,	PUNCT
ajfa-194	127	18	1institution	1institution	NUM
ajfa-194	127	19	all	all	PRON
ajfa-194	127	20	qmv	qmv	VERB
ajfa-194	127	21	,	,	PUNCT
ajfa-194	127	22	where	where	SCONJ
ajfa-194	127	23	,	,	PUNCT
ajfa-194	127	24	,	,	PUNCT
ajfa-194	127	25	1institution	1institution	NUM
ajfa-194	127	26	j	j	PROPN
ajfa-194	127	27	qmv	qmv	VERB
ajfa-194	127	28	is	be	AUX
ajfa-194	127	29	the	the	DET
ajfa-194	127	30	market	market	NOUN
ajfa-194	127	31	value	value	NOUN
ajfa-194	127	32	of	of	ADP
ajfa-194	127	33	firm	firm	ADJ
ajfa-194	127	34	j	j	PROPN
ajfa-194	127	35	held	hold	VERB
ajfa-194	127	36	by	by	ADP
ajfa-194	127	37	a	a	DET
ajfa-194	127	38	certain	certain	ADJ
ajfa-194	127	39	group	group	NOUN
ajfa-194	127	40	of	of	ADP
ajfa-194	127	41	institutions	institution	NOUN
ajfa-194	127	42	(	(	PUNCT
ajfa-194	127	43	i.e.	i.e.	X
ajfa-194	127	44	,	,	PUNCT
ajfa-194	127	45	total	total	ADJ
ajfa-194	127	46	,	,	PUNCT
ajfa-194	127	47	transient	transient	ADJ
ajfa-194	127	48	,	,	PUNCT
ajfa-194	127	49	dedicated	dedicated	ADJ
ajfa-194	127	50	,	,	PUNCT
ajfa-194	127	51	and	and	CCONJ
ajfa-194	127	52	quasi	quasi	ADJ
ajfa-194	127	53	-	-	ADJ
ajfa-194	127	54	indexing	indexing	ADJ
ajfa-194	127	55	institutions	institution	NOUN
ajfa-194	127	56	,	,	PUNCT
ajfa-194	127	57	respectively	respectively	ADV
ajfa-194	127	58	)	)	PUNCT
ajfa-194	127	59	at	at	ADP
ajfa-194	127	60	the	the	DET
ajfa-194	127	61	end	end	NOUN
ajfa-194	127	62	of	of	ADP
ajfa-194	127	63	quarter	quarter	NOUN
ajfa-194	127	64	q-1	q-1	NOUN
ajfa-194	127	65	,	,	PUNCT
ajfa-194	127	66	and	and	CCONJ
ajfa-194	127	67	,	,	PUNCT
ajfa-194	127	68	,	,	PUNCT
ajfa-194	127	69	1institution	1institution	NUM
ajfa-194	127	70	all	all	PRON
ajfa-194	127	71	qmv	qmv	VERB
ajfa-194	127	72	is	be	AUX
ajfa-194	127	73	the	the	DET
ajfa-194	127	74	market	market	NOUN
ajfa-194	127	75	value	value	NOUN
ajfa-194	127	76	of	of	ADP
ajfa-194	127	77	all	all	DET
ajfa-194	127	78	firms	firm	NOUN
ajfa-194	127	79	held	hold	VERB
ajfa-194	127	80	by	by	ADP
ajfa-194	127	81	the	the	DET
ajfa-194	127	82	same	same	ADJ
ajfa-194	127	83	institutions	institution	NOUN
ajfa-194	127	84	(	(	PUNCT
ajfa-194	127	85	i.e.	i.e.	X
ajfa-194	127	86	,	,	PUNCT
ajfa-194	127	87	total	total	ADJ
ajfa-194	127	88	,	,	PUNCT
ajfa-194	127	89	transient	transient	ADJ
ajfa-194	127	90	,	,	PUNCT
ajfa-194	127	91	dedicated	dedicated	ADJ
ajfa-194	127	92	,	,	PUNCT
ajfa-194	127	93	and	and	CCONJ
ajfa-194	127	94	quasi	quasi	ADJ
ajfa-194	127	95	-	-	ADJ
ajfa-194	127	96	indexing	indexing	ADJ
ajfa-194	127	97	institutions	institution	NOUN
ajfa-194	127	98	,	,	PUNCT
ajfa-194	127	99	respectively	respectively	ADV
ajfa-194	127	100	)	)	PUNCT
ajfa-194	127	101	at	at	ADP
ajfa-194	127	102	the	the	DET
ajfa-194	127	103	end	end	NOUN
ajfa-194	127	104	of	of	ADP
ajfa-194	127	105	quarter	quarter	NOUN
ajfa-194	127	106	q-1	q-1	NOUN
ajfa-194	127	107	.	.	PUNCT
ajfa-194	128	1	3.2.2	3.2.2	NUM
ajfa-194	128	2	returns	return	NOUN
ajfa-194	128	3	and	and	CCONJ
ajfa-194	128	4	other	other	ADJ
ajfa-194	128	5	control	control	NOUN
ajfa-194	128	6	variables	variable	NOUN
ajfa-194	128	7	we	we	PRON
ajfa-194	128	8	measure	measure	VERB
ajfa-194	128	9	cumulative	cumulative	ADJ
ajfa-194	128	10	market	market	NOUN
ajfa-194	128	11	-	-	PUNCT
ajfa-194	128	12	adjusted	adjust	VERB
ajfa-194	128	13	abnormal	abnormal	ADJ
ajfa-194	128	14	returns	return	NOUN
ajfa-194	128	15	using	use	VERB
ajfa-194	128	16	an	an	DET
ajfa-194	128	17	equally	equally	ADV
ajfa-194	128	18	weighted	weight	VERB
ajfa-194	128	19	index	index	NOUN
ajfa-194	128	20	over	over	ADP
ajfa-194	128	21	various	various	ADJ
ajfa-194	128	22	windows	window	NOUN
ajfa-194	128	23	surrounding	surround	VERB
ajfa-194	128	24	the	the	DET
ajfa-194	128	25	restatement	restatement	NOUN
ajfa-194	128	26	announcement	announcement	NOUN
ajfa-194	128	27	date	date	NOUN
ajfa-194	128	28	.	.	PUNCT
ajfa-194	129	1	we	we	PRON
ajfa-194	129	2	measure	measure	VERB
ajfa-194	129	3	90	90	NUM
ajfa-194	129	4	-	-	PUNCT
ajfa-194	129	5	day	day	NOUN
ajfa-194	129	6	(	(	PUNCT
ajfa-194	129	7	day	day	NOUN
ajfa-194	129	8	-92	-92	PUNCT
ajfa-194	129	9	to	to	ADP
ajfa-194	129	10	day	day	NOUN
ajfa-194	129	11	-3	-3	PUNCT
ajfa-194	129	12	)	)	PUNCT
ajfa-194	129	13	cumulative	cumulative	ADJ
ajfa-194	129	14	abnormal	abnormal	ADJ
ajfa-194	129	15	returns	return	NOUN
ajfa-194	129	16	prior	prior	ADV
ajfa-194	129	17	to	to	ADP
ajfa-194	129	18	the	the	DET
ajfa-194	129	19	restatement	restatement	NOUN
ajfa-194	129	20	announcement	announcement	NOUN
ajfa-194	129	21	to	to	PART
ajfa-194	129	22	capture	capture	VERB
ajfa-194	129	23	the	the	DET
ajfa-194	129	24	pre	pre	ADJ
ajfa-194	129	25	-	-	ADJ
ajfa-194	129	26	announcement	announcement	ADJ
ajfa-194	129	27	market	market	NOUN
ajfa-194	129	28	reaction	reaction	NOUN
ajfa-194	129	29	.	.	PUNCT
ajfa-194	130	1	we	we	PRON
ajfa-194	130	2	measure	measure	VERB
ajfa-194	130	3	5	5	NUM
ajfa-194	130	4	-	-	PUNCT
ajfa-194	130	5	day	day	NOUN
ajfa-194	130	6	(	(	PUNCT
ajfa-194	130	7	day	day	NOUN
ajfa-194	130	8	-2	-2	INTJ
ajfa-194	130	9	to	to	ADP
ajfa-194	130	10	day	day	NOUN
ajfa-194	130	11	+2	+2	PROPN
ajfa-194	130	12	)	)	PUNCT
ajfa-194	130	13	cumulative	cumulative	ADJ
ajfa-194	130	14	abnormal	abnormal	ADJ
ajfa-194	130	15	returns	return	NOUN
ajfa-194	130	16	around	around	ADP
ajfa-194	130	17	the	the	DET
ajfa-194	130	18	restatement	restatement	NOUN
ajfa-194	130	19	announcement	announcement	NOUN
ajfa-194	130	20	to	to	PART
ajfa-194	130	21	capture	capture	VERB
ajfa-194	130	22	the	the	DET
ajfa-194	130	23	immediate	immediate	ADJ
ajfa-194	130	24	market	market	NOUN
ajfa-194	130	25	reaction	reaction	NOUN
ajfa-194	130	26	to	to	ADP
ajfa-194	130	27	restatements	restatement	NOUN
ajfa-194	130	28	.	.	PUNCT
ajfa-194	131	1	earlier	early	ADJ
ajfa-194	131	2	research	research	NOUN
ajfa-194	131	3	shows	show	VERB
ajfa-194	131	4	that	that	SCONJ
ajfa-194	131	5	institutional	institutional	ADJ
ajfa-194	131	6	holdings	holding	NOUN
ajfa-194	131	7	are	be	AUX
ajfa-194	131	8	systematically	systematically	ADV
ajfa-194	131	9	related	relate	VERB
ajfa-194	131	10	to	to	ADP
ajfa-194	131	11	firm	firm	ADJ
ajfa-194	131	12	size	size	NOUN
ajfa-194	131	13	and	and	CCONJ
ajfa-194	131	14	book	book	NOUN
ajfa-194	131	15	-	-	PUNCT
ajfa-194	131	16	to	to	ADP
ajfa-194	131	17	-	-	PUNCT
ajfa-194	131	18	market	market	NOUN
ajfa-194	131	19	(	(	PUNCT
ajfa-194	131	20	gompers	gomper	NOUN
ajfa-194	131	21	and	and	CCONJ
ajfa-194	131	22	metrick	metrick	ADJ
ajfa-194	131	23	,	,	PUNCT
ajfa-194	131	24	2001	2001	NUM
ajfa-194	131	25	)	)	PUNCT
ajfa-194	131	26	,	,	PUNCT
ajfa-194	131	27	seasonally	seasonally	ADV
ajfa-194	131	28	adjusted	adjust	VERB
ajfa-194	131	29	changes	change	NOUN
ajfa-194	131	30	in	in	ADP
ajfa-194	131	31	earnings	earning	NOUN
ajfa-194	131	32	(	(	PUNCT
ajfa-194	131	33	bartov	bartov	PROPN
ajfa-194	131	34	,	,	PUNCT
ajfa-194	131	35	radhakrishnan	radhakrishnan	PROPN
ajfa-194	131	36	,	,	PUNCT
ajfa-194	131	37	and	and	CCONJ
ajfa-194	131	38	krinsky	krinsky	ADJ
ajfa-194	131	39	,	,	PUNCT
ajfa-194	131	40	2000	2000	NUM
ajfa-194	131	41	;	;	PUNCT
ajfa-194	131	42	ke	ke	NOUN
ajfa-194	131	43	and	and	CCONJ
ajfa-194	131	44	ramaligegowda	ramaligegowda	NOUN
ajfa-194	131	45	,	,	PUNCT
ajfa-194	131	46	2005	2005	NUM
ajfa-194	131	47	)	)	PUNCT
ajfa-194	131	48	,	,	PUNCT
ajfa-194	131	49	and	and	CCONJ
ajfa-194	131	50	return	return	VERB
ajfa-194	131	51	momentum	momentum	NOUN
ajfa-194	131	52	(	(	PUNCT
ajfa-194	131	53	badrindath	badrindath	NOUN
ajfa-194	131	54	and	and	CCONJ
ajfa-194	131	55	wahal	wahal	NOUN
ajfa-194	131	56	,	,	PUNCT
ajfa-194	131	57	2002	2002	NUM
ajfa-194	131	58	)	)	PUNCT
ajfa-194	131	59	.	.	PUNCT
ajfa-194	132	1	accordingly	accordingly	ADV
ajfa-194	132	2	,	,	PUNCT
ajfa-194	132	3	we	we	PRON
ajfa-194	132	4	include	include	VERB
ajfa-194	132	5	these	these	DET
ajfa-194	132	6	variables	variable	NOUN
ajfa-194	132	7	to	to	PART
ajfa-194	132	8	isolate	isolate	VERB
ajfa-194	132	9	the	the	DET
ajfa-194	132	10	potential	potential	ADJ
ajfa-194	132	11	impacts	impact	NOUN
ajfa-194	132	12	of	of	ADP
ajfa-194	132	13	these	these	DET
ajfa-194	132	14	firm	firm	ADJ
ajfa-194	132	15	-	-	PUNCT
ajfa-194	132	16	specific	specific	ADJ
ajfa-194	132	17	characteristics	characteristic	NOUN
ajfa-194	132	18	on	on	ADP
ajfa-194	132	19	institutional	institutional	ADJ
ajfa-194	132	20	trading	trading	NOUN
ajfa-194	132	21	behavior	behavior	NOUN
ajfa-194	132	22	around	around	ADP
ajfa-194	132	23	restatement	restatement	NOUN
ajfa-194	132	24	announcements	announcement	NOUN
ajfa-194	132	25	.	.	PUNCT
ajfa-194	133	1	we	we	PRON
ajfa-194	133	2	measure	measure	VERB
ajfa-194	133	3	firm	firm	ADJ
ajfa-194	133	4	size	size	NOUN
ajfa-194	133	5	(	(	PUNCT
ajfa-194	133	6	1qlnsize	1qlnsize	NUM
ajfa-194	133	7	)	)	PUNCT
ajfa-194	133	8	by	by	ADP
ajfa-194	133	9	the	the	DET
ajfa-194	133	10	natural	natural	ADJ
ajfa-194	133	11	log	log	NOUN
ajfa-194	133	12	of	of	ADP
ajfa-194	133	13	book	book	NOUN
ajfa-194	133	14	value	value	NOUN
ajfa-194	133	15	of	of	ADP
ajfa-194	133	16	total	total	ADJ
ajfa-194	133	17	assets	asset	NOUN
ajfa-194	133	18	(	(	PUNCT
ajfa-194	133	19	data44	data44	NOUN
ajfa-194	133	20	)	)	PUNCT
ajfa-194	133	21	at	at	ADP
ajfa-194	133	22	the	the	DET
ajfa-194	133	23	beginning	beginning	NOUN
ajfa-194	133	24	of	of	ADP
ajfa-194	133	25	the	the	DET
ajfa-194	133	26	observation	observation	NOUN
ajfa-194	133	27	fiscal	fiscal	ADJ
ajfa-194	133	28	quarter	quarter	NOUN
ajfa-194	133	29	q.	q.	NOUN
ajfa-194	133	30	book	book	PROPN
ajfa-194	133	31	-	-	PUNCT
ajfa-194	133	32	to	to	ADP
ajfa-194	133	33	-	-	PUNCT
ajfa-194	133	34	market	market	NOUN
ajfa-194	133	35	(	(	PUNCT
ajfa-194	133	36	1qbm	1qbm	PROPN
ajfa-194	133	37	)	)	PUNCT
ajfa-194	133	38	is	be	AUX
ajfa-194	133	39	the	the	DET
ajfa-194	133	40	ratio	ratio	NOUN
ajfa-194	133	41	of	of	ADP
ajfa-194	133	42	common	common	ADJ
ajfa-194	133	43	book	book	NOUN
ajfa-194	133	44	equity	equity	NOUN
ajfa-194	133	45	to	to	AUX
ajfa-194	133	46	total	total	ADJ
ajfa-194	133	47	market	market	NOUN
ajfa-194	133	48	capitalization	capitalization	NOUN
ajfa-194	133	49	at	at	ADP
ajfa-194	133	50	the	the	DET
ajfa-194	133	51	beginning	beginning	NOUN
ajfa-194	133	52	of	of	ADP
ajfa-194	133	53	the	the	DET
ajfa-194	133	54	observation	observation	NOUN
ajfa-194	133	55	fiscal	fiscal	ADJ
ajfa-194	133	56	quarter	quarter	NOUN
ajfa-194	133	57	(	(	PUNCT
ajfa-194	133	58	59	59	NUM
ajfa-194	133	59	/	/	SYM
ajfa-194	133	60	(	(	PUNCT
ajfa-194	133	61	14	14	NUM
ajfa-194	133	62	*	*	SYM
ajfa-194	133	63	61)data	61)data	PROPN
ajfa-194	133	64	data	datum	NOUN
ajfa-194	133	65	data	datum	NOUN
ajfa-194	133	66	)	)	PUNCT
ajfa-194	133	67	.	.	PUNCT
ajfa-194	134	1	pricedeflated	pricedeflate	VERB
ajfa-194	134	2	seasonal	seasonal	ADJ
ajfa-194	134	3	earnings	earning	NOUN
ajfa-194	134	4	change	change	NOUN
ajfa-194	134	5	(	(	PUNCT
ajfa-194	134	6	1que	1que	NUM
ajfa-194	134	7	)	)	PUNCT
ajfa-194	134	8	prior	prior	ADV
ajfa-194	134	9	to	to	ADP
ajfa-194	134	10	the	the	DET
ajfa-194	134	11	observation	observation	NOUN
ajfa-194	134	12	fiscal	fiscal	ADJ
ajfa-194	134	13	quarter	quarter	NOUN
ajfa-194	134	14	is	be	AUX
ajfa-194	134	15	the	the	DET
ajfa-194	134	16	difference	difference	NOUN
ajfa-194	134	17	in	in	ADP
ajfa-194	134	18	earnings	earning	NOUN
ajfa-194	134	19	per	per	ADP
ajfa-194	134	20	share	share	NOUN
ajfa-194	134	21	before	before	ADP
ajfa-194	134	22	extraordinary	extraordinary	ADJ
ajfa-194	134	23	items	item	NOUN
ajfa-194	134	24	(	(	PUNCT
ajfa-194	134	25	data9	data9	NOUN
ajfa-194	134	26	)	)	PUNCT
ajfa-194	134	27	from	from	ADP
ajfa-194	134	28	fiscal	fiscal	ADJ
ajfa-194	134	29	quarter	quarter	NOUN
ajfa-194	134	30	q-5	q-5	NOUN
ajfa-194	134	31	to	to	ADP
ajfa-194	134	32	q-1	q-1	NUM
ajfa-194	134	33	,	,	PUNCT
ajfa-194	134	34	scaled	scale	VERB
ajfa-194	134	35	by	by	ADP
ajfa-194	134	36	the	the	DET
ajfa-194	134	37	ending	end	VERB
ajfa-194	134	38	price	price	NOUN
ajfa-194	134	39	at	at	ADP
ajfa-194	134	40	fiscal	fiscal	ADJ
ajfa-194	134	41	quarter	quarter	NOUN
ajfa-194	134	42	q-2	q-2	NUM
ajfa-194	134	43	.	.	PUNCT
ajfa-194	135	1	we	we	PRON
ajfa-194	135	2	include	include	VERB
ajfa-194	135	3	two	two	NUM
ajfa-194	135	4	momentum	momentum	NOUN
ajfa-194	135	5	controls	control	NOUN
ajfa-194	135	6	,	,	PUNCT
ajfa-194	135	7	which	which	PRON
ajfa-194	135	8	we	we	PRON
ajfa-194	135	9	compute	compute	VERB
ajfa-194	135	10	using	use	VERB
ajfa-194	135	11	the	the	DET
ajfa-194	135	12	buy	buy	VERB
ajfa-194	135	13	-	-	PUNCT
ajfa-194	135	14	and	and	CCONJ
ajfa-194	135	15	-	-	PUNCT
ajfa-194	135	16	hold	hold	VERB
ajfa-194	135	17	daily	daily	ADJ
ajfa-194	135	18	returns	return	NOUN
ajfa-194	135	19	for	for	ADP
ajfa-194	135	20	one	one	NUM
ajfa-194	135	21	calendar	calendar	NOUN
ajfa-194	135	22	quarter	quarter	NOUN
ajfa-194	135	23	(	(	PUNCT
ajfa-194	135	24	1qretq	1qretq	NUM
ajfa-194	135	25	)	)	PUNCT
ajfa-194	135	26	and	and	CCONJ
ajfa-194	135	27	for	for	ADP
ajfa-194	135	28	two	two	NUM
ajfa-194	135	29	through	through	ADP
ajfa-194	135	30	four	four	NUM
ajfa-194	135	31	calendar	calendar	NOUN
ajfa-194	135	32	quarters	quarter	NOUN
ajfa-194	135	33	(	(	PUNCT
ajfa-194	135	34	24qretq	24qretq	NUM
ajfa-194	135	35	)	)	PUNCT
ajfa-194	135	36	prior	prior	ADV
ajfa-194	135	37	to	to	ADP
ajfa-194	135	38	the	the	DET
ajfa-194	135	39	observation	observation	NOUN
ajfa-194	135	40	calendar	calendar	NOUN
ajfa-194	135	41	quarter	quarter	NOUN
ajfa-194	135	42	q	q	NOUN
ajfa-194	135	43	,	,	PUNCT
ajfa-194	135	44	to	to	PART
ajfa-194	135	45	capture	capture	VERB
ajfa-194	135	46	short	short	ADJ
ajfa-194	135	47	and	and	CCONJ
ajfa-194	135	48	longer	long	ADJ
ajfa-194	135	49	term	term	NOUN
ajfa-194	135	50	return	return	NOUN
ajfa-194	135	51	momentum	momentum	NOUN
ajfa-194	135	52	.	.	PUNCT
ajfa-194	136	1	3.3	3.3	NUM
ajfa-194	136	2	descriptive	descriptive	ADJ
ajfa-194	136	3	statistics	statistic	NOUN
ajfa-194	136	4	table	table	NOUN
ajfa-194	136	5	1	1	NUM
ajfa-194	136	6	,	,	PUNCT
ajfa-194	136	7	panel	panel	NOUN
ajfa-194	136	8	a	a	PRON
ajfa-194	136	9	provides	provide	VERB
ajfa-194	136	10	the	the	DET
ajfa-194	136	11	descriptive	descriptive	ADJ
ajfa-194	136	12	statistics	statistic	NOUN
ajfa-194	136	13	for	for	ADP
ajfa-194	136	14	364	364	NUM
ajfa-194	136	15	restatement	restatement	NOUN
ajfa-194	136	16	announcement	announcement	NOUN
ajfa-194	136	17	quarters	quarter	NOUN
ajfa-194	136	18	.	.	PUNCT
ajfa-194	137	1	among	among	ADP
ajfa-194	137	2	the	the	DET
ajfa-194	137	3	different	different	ADJ
ajfa-194	137	4	types	type	NOUN
ajfa-194	137	5	of	of	ADP
ajfa-194	137	6	institutions	institution	NOUN
ajfa-194	137	7	,	,	PUNCT
ajfa-194	137	8	quasi	quasi	ADJ
ajfa-194	137	9	-	-	NOUN
ajfa-194	137	10	indexers	indexer	NOUN
ajfa-194	137	11	have	have	VERB
ajfa-194	137	12	the	the	DET
ajfa-194	137	13	largest	large	ADJ
ajfa-194	137	14	average	average	ADJ
ajfa-194	137	15	holdings	holding	NOUN
ajfa-194	137	16	,	,	PUNCT
ajfa-194	137	17	consistent	consistent	ADJ
ajfa-194	137	18	with	with	ADP
ajfa-194	137	19	the	the	DET
ajfa-194	137	20	popularity	popularity	NOUN
ajfa-194	137	21	of	of	ADP
ajfa-194	137	22	index	index	NOUN
ajfa-194	137	23	funds	fund	NOUN
ajfa-194	137	24	(	(	PUNCT
ajfa-194	137	25	ke	ke	NOUN
ajfa-194	137	26	and	and	CCONJ
ajfa-194	137	27	ramalingegowda	ramalingegowda	PROPN
ajfa-194	137	28	,	,	PUNCT
ajfa-194	137	29	2005	2005	NUM
ajfa-194	137	30	)	)	PUNCT
ajfa-194	137	31	.	.	PUNCT
ajfa-194	138	1	all	all	DET
ajfa-194	138	2	types	type	NOUN
ajfa-194	138	3	of	of	ADP
ajfa-194	138	4	institutions	institution	NOUN
ajfa-194	138	5	show	show	VERB
ajfa-194	138	6	a	a	DET
ajfa-194	138	7	negative	negative	ADJ
ajfa-194	138	8	change	change	NOUN
ajfa-194	138	9	in	in	ADP
ajfa-194	138	10	institutional	institutional	ADJ
ajfa-194	138	11	holdings	holding	NOUN
ajfa-194	138	12	in	in	ADP
ajfa-194	138	13	the	the	DET
ajfa-194	138	14	quarter	quarter	NOUN
ajfa-194	138	15	of	of	ADP
ajfa-194	138	16	the	the	DET
ajfa-194	138	17	restatement	restatement	NOUN
ajfa-194	138	18	,	,	PUNCT
ajfa-194	138	19	although	although	SCONJ
ajfa-194	138	20	transient	transient	ADJ
ajfa-194	138	21	institutions	institution	NOUN
ajfa-194	138	22	exhibit	exhibit	VERB
ajfa-194	138	23	the	the	DET
ajfa-194	138	24	largest	large	ADJ
ajfa-194	138	25	decrease	decrease	NOUN
ajfa-194	138	26	in	in	ADP
ajfa-194	138	27	holdings	holding	NOUN
ajfa-194	138	28	,	,	PUNCT
ajfa-194	138	29	consistent	consistent	ADJ
ajfa-194	138	30	with	with	ADP
ajfa-194	138	31	the	the	DET
ajfa-194	138	32	short	short	ADJ
ajfa-194	138	33	-	-	PUNCT
ajfa-194	138	34	term	term	NOUN
ajfa-194	138	35	focus	focus	NOUN
ajfa-194	138	36	of	of	ADP
ajfa-194	138	37	transient	transient	ADJ
ajfa-194	138	38	institutions	institution	NOUN
ajfa-194	138	39	.	.	PUNCT
ajfa-194	139	1	consistent	consistent	ADJ
ajfa-194	139	2	with	with	ADP
ajfa-194	139	3	the	the	DET
ajfa-194	139	4	earlier	early	ADJ
ajfa-194	139	5	studies	study	NOUN
ajfa-194	139	6	,	,	PUNCT
ajfa-194	139	7	the	the	DET
ajfa-194	139	8	sample	sample	NOUN
ajfa-194	139	9	firm	firm	NOUN
ajfa-194	139	10	size	size	NOUN
ajfa-194	139	11	(	(	PUNCT
ajfa-194	139	12	size	size	NOUN
ajfa-194	139	13	)	)	PUNCT
ajfa-194	139	14	is	be	AUX
ajfa-194	139	15	highly	highly	ADV
ajfa-194	139	16	skewed	skewed	ADJ
ajfa-194	139	17	.	.	PUNCT
ajfa-194	140	1	the	the	DET
ajfa-194	140	2	mean	mean	NOUN
ajfa-194	140	3	of	of	ADP
ajfa-194	140	4	total	total	ADJ
ajfa-194	140	5	assets	asset	NOUN
ajfa-194	140	6	at	at	ADP
ajfa-194	140	7	the	the	DET
ajfa-194	140	8	beginning	beginning	NOUN
ajfa-194	140	9	of	of	ADP
ajfa-194	140	10	the	the	DET
ajfa-194	140	11	restating	restate	VERB
ajfa-194	140	12	quarter	quarter	NOUN
ajfa-194	140	13	is	be	AUX
ajfa-194	140	14	$	$	SYM
ajfa-194	140	15	4,460.46	4,460.46	NUM
ajfa-194	140	16	million	million	NUM
ajfa-194	140	17	,	,	PUNCT
ajfa-194	140	18	while	while	SCONJ
ajfa-194	140	19	the	the	DET
ajfa-194	140	20	median	median	NOUN
ajfa-194	140	21	is	be	AUX
ajfa-194	140	22	$	$	SYM
ajfa-194	140	23	363.28	363.28	NUM
ajfa-194	140	24	million	million	NUM
ajfa-194	140	25	.	.	PUNCT
ajfa-194	141	1	the	the	DET
ajfa-194	141	2	mean	mean	NOUN
ajfa-194	141	3	of	of	ADP
ajfa-194	141	4	book	book	NOUN
ajfa-194	141	5	-	-	PUNCT
ajfa-194	141	6	to	to	ADP
ajfa-194	141	7	-	-	PUNCT
ajfa-194	141	8	market	market	NOUN
ajfa-194	141	9	ratio	ratio	NOUN
ajfa-194	141	10	(	(	PUNCT
ajfa-194	141	11	bm	bm	PROPN
ajfa-194	141	12	)	)	PUNCT
ajfa-194	141	13	at	at	ADP
ajfa-194	141	14	the	the	DET
ajfa-194	141	15	beginning	beginning	NOUN
ajfa-194	141	16	of	of	ADP
ajfa-194	141	17	the	the	DET
ajfa-194	141	18	restating	restate	VERB
ajfa-194	141	19	quarter	quarter	NOUN
ajfa-194	141	20	is	be	AUX
ajfa-194	141	21	0.58	0.58	NUM
ajfa-194	141	22	.	.	PUNCT
ajfa-194	142	1	the	the	DET
ajfa-194	142	2	mean	mean	NOUN
ajfa-194	142	3	pricedeflated	pricedeflate	VERB
ajfa-194	142	4	quarterly	quarterly	ADJ
ajfa-194	142	5	change	change	NOUN
ajfa-194	142	6	in	in	ADP
ajfa-194	142	7	eps	eps	PROPN
ajfa-194	142	8	before	before	ADP
ajfa-194	142	9	extraordinary	extraordinary	ADJ
ajfa-194	142	10	items	item	NOUN
ajfa-194	142	11	prior	prior	ADV
ajfa-194	142	12	to	to	ADP
ajfa-194	142	13	the	the	DET
ajfa-194	142	14	restating	restate	VERB
ajfa-194	142	15	quarter	quarter	NOUN
ajfa-194	142	16	(	(	PUNCT
ajfa-194	142	17	ue	ue	INTJ
ajfa-194	142	18	)	)	PUNCT
ajfa-194	142	19	is	be	AUX
ajfa-194	142	20	-0.03	-0.03	NUM
ajfa-194	142	21	.	.	PUNCT
ajfa-194	142	22	table	table	NOUN
ajfa-194	142	23	1	1	NUM
ajfa-194	142	24	,	,	PUNCT
ajfa-194	142	25	panel	panel	NOUN
ajfa-194	142	26	b	b	PROPN
ajfa-194	142	27	reports	report	VERB
ajfa-194	142	28	the	the	DET
ajfa-194	142	29	descriptive	descriptive	ADJ
ajfa-194	142	30	statistics	statistic	NOUN
ajfa-194	142	31	for	for	ADP
ajfa-194	142	32	113,658	113,658	NUM
ajfa-194	142	33	compustat	compustat	NOUN
ajfa-194	142	34	firm	firm	ADJ
ajfa-194	142	35	-	-	PUNCT
ajfa-194	142	36	quarters	quarter	NOUN
ajfa-194	142	37	.	.	PUNCT
ajfa-194	143	1	113,658	113,658	NUM
ajfa-194	143	2	compustat	compustat	NOUN
ajfa-194	143	3	firm	firm	NOUN
ajfa-194	143	4	-	-	PUNCT
ajfa-194	143	5	quarters	quarter	NOUN
ajfa-194	143	6	are	be	AUX
ajfa-194	143	7	obtained	obtain	VERB
ajfa-194	143	8	by	by	ADP
ajfa-194	143	9	excluding	exclude	VERB
ajfa-194	143	10	the	the	DET
ajfa-194	143	11	restating	restating	ADJ
ajfa-194	143	12	asian	asian	ADJ
ajfa-194	143	13	journal	journal	NOUN
ajfa-194	143	14	of	of	ADP
ajfa-194	143	15	finance	finance	PROPN
ajfa-194	143	16	&	&	CCONJ
ajfa-194	143	17	accounting	accounting	PROPN
ajfa-194	143	18	issn	issn	PROPN
ajfa-194	143	19	1946	1946	NUM
ajfa-194	143	20	-	-	PUNCT
ajfa-194	143	21	052x	052x	NOUN
ajfa-194	143	22	2009	2009	NUM
ajfa-194	143	23	,	,	PUNCT
ajfa-194	143	24	vol	vol	NOUN
ajfa-194	143	25	.	.	PROPN
ajfa-194	144	1	1	1	NUM
ajfa-194	144	2	,	,	PUNCT
ajfa-194	144	3	no	no	INTJ
ajfa-194	144	4	.	.	NOUN
ajfa-194	144	5	2	2	NUM
ajfa-194	144	6	:	:	PUNCT
ajfa-194	144	7	e4	e4	PROPN
ajfa-194	144	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	144	9	83	83	NUM
ajfa-194	144	10	firms	firm	NOUN
ajfa-194	144	11	from	from	ADP
ajfa-194	144	12	the	the	DET
ajfa-194	144	13	computat	computat	ADJ
ajfa-194	144	14	population	population	NOUN
ajfa-194	144	15	for	for	ADP
ajfa-194	144	16	the	the	DET
ajfa-194	144	17	period	period	NOUN
ajfa-194	144	18	19972002	19972002	NUM
ajfa-194	144	19	.	.	PUNCT
ajfa-194	145	1	comparing	compare	VERB
ajfa-194	145	2	with	with	ADP
ajfa-194	145	3	364	364	NUM
ajfa-194	145	4	restatement	restatement	NOUN
ajfa-194	145	5	firms	firm	NOUN
ajfa-194	145	6	,	,	PUNCT
ajfa-194	145	7	the	the	DET
ajfa-194	145	8	compustat	compustat	NOUN
ajfa-194	145	9	firms	firm	NOUN
ajfa-194	145	10	have	have	VERB
ajfa-194	145	11	lower	low	ADJ
ajfa-194	145	12	level	level	NOUN
ajfa-194	145	13	of	of	ADP
ajfa-194	145	14	ownership	ownership	NOUN
ajfa-194	145	15	by	by	ADP
ajfa-194	145	16	total	total	ADJ
ajfa-194	145	17	,	,	PUNCT
ajfa-194	145	18	transient	transient	ADJ
ajfa-194	145	19	,	,	PUNCT
ajfa-194	145	20	dedicated	dedicated	ADJ
ajfa-194	145	21	,	,	PUNCT
ajfa-194	145	22	and	and	CCONJ
ajfa-194	145	23	quasi	quasi	ADJ
ajfa-194	145	24	-	-	ADJ
ajfa-194	145	25	indexing	indexing	ADJ
ajfa-194	145	26	institutions	institution	NOUN
ajfa-194	145	27	.	.	PUNCT
ajfa-194	146	1	moreover	moreover	ADV
ajfa-194	146	2	,	,	PUNCT
ajfa-194	146	3	the	the	DET
ajfa-194	146	4	compustat	compustat	NOUN
ajfa-194	146	5	firms	firm	NOUN
ajfa-194	146	6	on	on	ADP
ajfa-194	146	7	average	average	ADJ
ajfa-194	146	8	have	have	VERB
ajfa-194	146	9	a	a	DET
ajfa-194	146	10	positive	positive	ADJ
ajfa-194	146	11	change	change	NOUN
ajfa-194	146	12	in	in	ADP
ajfa-194	146	13	total	total	ADJ
ajfa-194	146	14	,	,	PUNCT
ajfa-194	146	15	transient	transient	ADJ
ajfa-194	146	16	,	,	PUNCT
ajfa-194	146	17	dedicated	dedicated	ADJ
ajfa-194	146	18	,	,	PUNCT
ajfa-194	146	19	and	and	CCONJ
ajfa-194	146	20	quasi	quasi	ADJ
ajfa-194	146	21	-	-	ADJ
ajfa-194	146	22	indexing	indexing	ADJ
ajfa-194	146	23	institutional	institutional	ADJ
ajfa-194	146	24	ownership	ownership	NOUN
ajfa-194	146	25	over	over	ADP
ajfa-194	146	26	a	a	DET
ajfa-194	146	27	quarter	quarter	NOUN
ajfa-194	146	28	,	,	PUNCT
ajfa-194	146	29	whereas	whereas	SCONJ
ajfa-194	146	30	364	364	NUM
ajfa-194	146	31	restatement	restatement	NOUN
ajfa-194	146	32	firms	firm	NOUN
ajfa-194	146	33	have	have	VERB
ajfa-194	146	34	significantly	significantly	ADV
ajfa-194	146	35	negative	negative	ADJ
ajfa-194	146	36	change	change	NOUN
ajfa-194	146	37	in	in	ADP
ajfa-194	146	38	total	total	ADJ
ajfa-194	146	39	,	,	PUNCT
ajfa-194	146	40	transient	transient	ADJ
ajfa-194	146	41	,	,	PUNCT
ajfa-194	146	42	and	and	CCONJ
ajfa-194	146	43	quasi	quasi	ADJ
ajfa-194	146	44	-	-	ADJ
ajfa-194	146	45	indexing	indexing	ADJ
ajfa-194	146	46	institutional	institutional	ADJ
ajfa-194	146	47	ownership	ownership	NOUN
ajfa-194	146	48	,	,	PUNCT
ajfa-194	146	49	consistent	consistent	ADJ
ajfa-194	146	50	with	with	ADP
ajfa-194	146	51	the	the	DET
ajfa-194	146	52	notion	notion	NOUN
ajfa-194	146	53	that	that	SCONJ
ajfa-194	146	54	restatement	restatement	VERB
ajfa-194	146	55	events	event	NOUN
ajfa-194	146	56	trigger	trigger	NOUN
ajfa-194	146	57	reduction	reduction	NOUN
ajfa-194	146	58	in	in	ADP
ajfa-194	146	59	institutional	institutional	ADJ
ajfa-194	146	60	holdings	holding	NOUN
ajfa-194	146	61	when	when	SCONJ
ajfa-194	146	62	restatements	restatement	NOUN
ajfa-194	146	63	are	be	AUX
ajfa-194	146	64	announced	announce	VERB
ajfa-194	146	65	.	.	PUNCT
ajfa-194	147	1	with	with	ADP
ajfa-194	147	2	regard	regard	NOUN
ajfa-194	147	3	to	to	ADP
ajfa-194	147	4	firm	firm	ADJ
ajfa-194	147	5	-	-	PUNCT
ajfa-194	147	6	specific	specific	ADJ
ajfa-194	147	7	controls	control	NOUN
ajfa-194	147	8	,	,	PUNCT
ajfa-194	147	9	the	the	DET
ajfa-194	147	10	compustat	compustat	NOUN
ajfa-194	147	11	firms	firm	NOUN
ajfa-194	147	12	are	be	AUX
ajfa-194	147	13	smaller	small	ADJ
ajfa-194	147	14	and	and	CCONJ
ajfa-194	147	15	more	more	ADV
ajfa-194	147	16	profitable	profitable	ADJ
ajfa-194	147	17	than	than	ADP
ajfa-194	147	18	the	the	DET
ajfa-194	147	19	364	364	NUM
ajfa-194	147	20	restatement	restatement	NOUN
ajfa-194	147	21	firms	firm	NOUN
ajfa-194	147	22	,	,	PUNCT
ajfa-194	147	23	consistent	consistent	ADJ
ajfa-194	147	24	with	with	ADP
ajfa-194	147	25	prior	prior	ADJ
ajfa-194	147	26	studies	study	NOUN
ajfa-194	147	27	(	(	PUNCT
ajfa-194	147	28	myers	myers	PROPN
ajfa-194	147	29	et	et	PROPN
ajfa-194	147	30	al	al	PROPN
ajfa-194	147	31	.	.	PROPN
ajfa-194	147	32	,	,	PUNCT
ajfa-194	147	33	2003	2003	NUM
ajfa-194	147	34	)	)	PUNCT
ajfa-194	147	35	.	.	PUNCT
ajfa-194	148	1	taken	take	VERB
ajfa-194	148	2	together	together	ADV
ajfa-194	148	3	,	,	PUNCT
ajfa-194	148	4	our	our	PRON
ajfa-194	148	5	restatement	restatement	NOUN
ajfa-194	148	6	firms	firm	NOUN
ajfa-194	148	7	have	have	VERB
ajfa-194	148	8	different	different	ADJ
ajfa-194	148	9	firm	firm	ADJ
ajfa-194	148	10	characteristics	characteristic	NOUN
ajfa-194	148	11	than	than	ADP
ajfa-194	148	12	the	the	DET
ajfa-194	148	13	compustat	compustat	NOUN
ajfa-194	148	14	population	population	NOUN
ajfa-194	148	15	,	,	PUNCT
ajfa-194	148	16	which	which	PRON
ajfa-194	148	17	provides	provide	VERB
ajfa-194	148	18	further	further	ADJ
ajfa-194	148	19	support	support	NOUN
ajfa-194	148	20	to	to	ADP
ajfa-194	148	21	our	our	PRON
ajfa-194	148	22	model	model	NOUN
ajfa-194	148	23	specifications	specification	NOUN
ajfa-194	148	24	of	of	ADP
ajfa-194	148	25	using	use	VERB
ajfa-194	148	26	the	the	DET
ajfa-194	148	27	restating	restate	VERB
ajfa-194	148	28	firm	firm	NOUN
ajfa-194	148	29	as	as	ADP
ajfa-194	148	30	its	its	PRON
ajfa-194	148	31	own	own	ADJ
ajfa-194	148	32	control	control	NOUN
ajfa-194	148	33	rather	rather	ADV
ajfa-194	148	34	than	than	ADP
ajfa-194	148	35	using	use	VERB
ajfa-194	148	36	a	a	DET
ajfa-194	148	37	cross	cross	ADJ
ajfa-194	148	38	-	-	ADJ
ajfa-194	148	39	sectional	sectional	ADJ
ajfa-194	148	40	research	research	NOUN
ajfa-194	148	41	design	design	NOUN
ajfa-194	148	42	.	.	PUNCT
ajfa-194	149	1	7	7	NUM
ajfa-194	149	2	table	table	NOUN
ajfa-194	149	3	1	1	NUM
ajfa-194	149	4	.	.	PUNCT
ajfa-194	149	5	descriptive	descriptive	ADJ
ajfa-194	149	6	statistics	statistic	NOUN
ajfa-194	149	7	mean	mean	VERB
ajfa-194	149	8	std	std	X
ajfa-194	149	9	.	.	PROPN
ajfa-194	149	10	q1	q1	PROPN
ajfa-194	149	11	median	median	PROPN
ajfa-194	149	12	q3	q3	PROPN
ajfa-194	149	13	panel	panel	NOUN
ajfa-194	149	14	a	a	PRON
ajfa-194	149	15	:	:	PUNCT
ajfa-194	149	16	restatements	restatement	NOUN
ajfa-194	149	17	inst	inst	NOUN
ajfa-194	149	18	(	(	PUNCT
ajfa-194	149	19	%	%	INTJ
ajfa-194	149	20	)	)	PUNCT
ajfa-194	149	21	q-1	q-1	NOUN
ajfa-194	149	22	41.46	41.46	NUM
ajfa-194	149	23	*	*	PUNCT
ajfa-194	149	24	26.27	26.27	NUM
ajfa-194	149	25	18.54	18.54	NUM
ajfa-194	149	26	40.60	40.60	NUM
ajfa-194	149	27	63.76	63.76	NUM
ajfa-194	149	28	∆adj_inst	∆adj_inst	PROPN
ajfa-194	149	29	(	(	PUNCT
ajfa-194	149	30	%	%	NOUN
ajfa-194	149	31	)	)	PUNCT
ajfa-194	149	32	q	q	PROPN
ajfa-194	149	33	-1.70	-1.70	PROPN
ajfa-194	149	34	*	*	PROPN
ajfa-194	149	35	8.20	8.20	NUM
ajfa-194	149	36	-3.45	-3.45	NUM
ajfa-194	149	37	-0.37	-0.37	NUM
ajfa-194	149	38	1.70	1.70	NUM
ajfa-194	149	39	pw_inst	pw_inst	X
ajfa-194	149	40	(	(	PUNCT
ajfa-194	149	41	%	%	INTJ
ajfa-194	149	42	)	)	PUNCT
ajfa-194	149	43	q-1	q-1	NOUN
ajfa-194	149	44	0.03	0.03	NUM
ajfa-194	149	45	*	*	NOUN
ajfa-194	149	46	0.07	0.07	NUM
ajfa-194	149	47	0.00	0.00	NUM
ajfa-194	149	48	0.00	0.00	NUM
ajfa-194	149	49	0.02	0.02	NUM
ajfa-194	149	50	tra	tra	NOUN
ajfa-194	149	51	(	(	PUNCT
ajfa-194	149	52	%	%	NOUN
ajfa-194	149	53	)	)	PUNCT
ajfa-194	149	54	q-1	q-1	NOUN
ajfa-194	149	55	11.62	11.62	NUM
ajfa-194	149	56	*	*	PUNCT
ajfa-194	149	57	10.85	10.85	NUM
ajfa-194	149	58	2.27	2.27	NUM
ajfa-194	149	59	8.85	8.85	NUM
ajfa-194	149	60	18.45	18.45	NUM
ajfa-194	149	61	∆adj_tra	∆adj_tra	X
ajfa-194	149	62	(	(	PUNCT
ajfa-194	149	63	%	%	NOUN
ajfa-194	149	64	)	)	PUNCT
ajfa-194	149	65	q	q	PROPN
ajfa-194	150	1	-1.17	-1.17	PROPN
ajfa-194	150	2	*	*	SYM
ajfa-194	150	3	5.17	5.17	NUM
ajfa-194	150	4	-2.08	-2.08	NUM
ajfa-194	150	5	-0.17	-0.17	NUM
ajfa-194	150	6	0.95	0.95	NUM
ajfa-194	150	7	pw_tra	pw_tra	PROPN
ajfa-194	150	8	(	(	PUNCT
ajfa-194	150	9	%	%	NOUN
ajfa-194	150	10	)	)	PUNCT
ajfa-194	150	11	q-1	q-1	NOUN
ajfa-194	150	12	0.05	0.05	NUM
ajfa-194	150	13	*	*	SYM
ajfa-194	150	14	0.09	0.09	NUM
ajfa-194	150	15	0.00	0.00	NUM
ajfa-194	150	16	0.02	0.02	NUM
ajfa-194	150	17	0.05	0.05	NUM
ajfa-194	150	18	ded	de	VERB
ajfa-194	150	19	(	(	PUNCT
ajfa-194	150	20	%	%	INTJ
ajfa-194	150	21	)	)	PUNCT
ajfa-194	150	22	q-1	q-1	NOUN
ajfa-194	150	23	11.53	11.53	NUM
ajfa-194	150	24	*	*	NOUN
ajfa-194	150	25	9.72	9.72	NUM
ajfa-194	150	26	4.27	4.27	NUM
ajfa-194	150	27	8.83	8.83	NUM
ajfa-194	150	28	16.45	16.45	NUM
ajfa-194	150	29	∆adj_ded	∆adj_de	VERB
ajfa-194	150	30	(	(	PUNCT
ajfa-194	150	31	%	%	NOUN
ajfa-194	150	32	)	)	PUNCT
ajfa-194	150	33	q	q	PROPN
ajfa-194	151	1	-0.25	-0.25	NUM
ajfa-194	151	2	3.51	3.51	NUM
ajfa-194	151	3	-1.06	-1.06	NUM
ajfa-194	151	4	-0.08	-0.08	NUM
ajfa-194	151	5	0.88	0.88	NUM
ajfa-194	151	6	pw_ded	pw_ded	ADJ
ajfa-194	151	7	(	(	PUNCT
ajfa-194	151	8	%	%	INTJ
ajfa-194	151	9	)	)	PUNCT
ajfa-194	151	10	q-1	q-1	NOUN
ajfa-194	151	11	0.05	0.05	NUM
ajfa-194	151	12	*	*	SYM
ajfa-194	151	13	0.18	0.18	NUM
ajfa-194	151	14	0.00	0.00	NUM
ajfa-194	151	15	0.01	0.01	NUM
ajfa-194	151	16	0.02	0.02	NUM
ajfa-194	151	17	qix	qix	NOUN
ajfa-194	151	18	(	(	PUNCT
ajfa-194	151	19	%	%	NOUN
ajfa-194	151	20	)	)	PUNCT
ajfa-194	151	21	q-1	q-1	NOUN
ajfa-194	151	22	19.26	19.26	NUM
ajfa-194	151	23	*	*	SYM
ajfa-194	151	24	13.79	13.79	NUM
ajfa-194	151	25	5.48	5.48	NUM
ajfa-194	151	26	19.33	19.33	NUM
ajfa-194	151	27	30.92	30.92	NUM
ajfa-194	151	28	∆adj_qix	∆adj_qix	NOUN
ajfa-194	151	29	(	(	PUNCT
ajfa-194	151	30	%	%	NOUN
ajfa-194	151	31	)	)	PUNCT
ajfa-194	151	32	q	q	NOUN
ajfa-194	151	33	-0.54	-0.54	PROPN
ajfa-194	151	34	*	*	SYM
ajfa-194	151	35	3.94	3.94	NUM
ajfa-194	151	36	-1.56	-1.56	NUM
ajfa-194	151	37	-0.12	-0.12	NUM
ajfa-194	151	38	0.97	0.97	NUM
ajfa-194	151	39	pw_qix	pw_qix	PROPN
ajfa-194	151	40	(	(	PUNCT
ajfa-194	151	41	%	%	NOUN
ajfa-194	151	42	)	)	PUNCT
ajfa-194	151	43	q-1	q-1	NOUN
ajfa-194	151	44	0.03	0.03	NUM
ajfa-194	151	45	*	*	NOUN
ajfa-194	151	46	0.07	0.07	NUM
ajfa-194	151	47	0.00	0.00	NUM
ajfa-194	151	48	0.00	0.00	NUM
ajfa-194	151	49	0.02	0.02	NUM
ajfa-194	151	50	size	size	NOUN
ajfa-194	151	51	q-1	q-1	NOUN
ajfa-194	151	52	4460.46	4460.46	NUM
ajfa-194	151	53	*	*	SYM
ajfa-194	151	54	27656.77	27656.77	NUM
ajfa-194	151	55	79.81	79.81	NUM
ajfa-194	151	56	363.28	363.28	NUM
ajfa-194	151	57	1723.60	1723.60	NUM
ajfa-194	151	58	lnsize	lnsize	NOUN
ajfa-194	151	59	q-1	q-1	NOUN
ajfa-194	151	60	6.00	6.00	NUM
ajfa-194	151	61	*	*	NUM
ajfa-194	151	62	2.10	2.10	NUM
ajfa-194	151	63	4.38	4.38	NUM
ajfa-194	151	64	5.90	5.90	NUM
ajfa-194	151	65	7.45	7.45	NUM
ajfa-194	151	66	bm	bm	PROPN
ajfa-194	151	67	q-1	q-1	PROPN
ajfa-194	151	68	0.58	0.58	NUM
ajfa-194	151	69	*	*	NOUN
ajfa-194	151	70	0.83	0.83	NUM
ajfa-194	151	71	0.21	0.21	NUM
ajfa-194	151	72	0.41	0.41	NUM
ajfa-194	151	73	0.78	0.78	NUM
ajfa-194	151	74	ue	ue	PROPN
ajfa-194	151	75	q-1	q-1	PROPN
ajfa-194	151	76	-0.03	-0.03	NOUN
ajfa-194	151	77	*	*	PROPN
ajfa-194	151	78	0.24	0.24	NUM
ajfa-194	151	79	-0.03	-0.03	NUM
ajfa-194	151	80	-0.01	-0.01	NUM
ajfa-194	151	81	0.00	0.00	NUM
ajfa-194	151	82	retq1	retq1	NOUN
ajfa-194	151	83	q	q	NOUN
ajfa-194	151	84	0.01	0.01	NUM
ajfa-194	151	85	0.40	0.40	NUM
ajfa-194	151	86	-0.24	-0.24	NUM
ajfa-194	151	87	-0.01	-0.01	NUM
ajfa-194	151	88	0.19	0.19	NUM
ajfa-194	151	89	retq24	retq24	NOUN
ajfa-194	151	90	q	q	NOUN
ajfa-194	151	91	0.10	0.10	NUM
ajfa-194	151	92	*	*	SYM
ajfa-194	151	93	0.74	0.74	NUM
ajfa-194	151	94	-0.35	-0.35	NUM
ajfa-194	151	95	-0.01	-0.01	NUM
ajfa-194	151	96	0.29	0.29	NUM
ajfa-194	151	97	panel	panel	NOUN
ajfa-194	151	98	b	b	NOUN
ajfa-194	151	99	:	:	PUNCT
ajfa-194	151	100	compustat	compustat	NOUN
ajfa-194	151	101	firms	firm	NOUN
ajfa-194	151	102	inst	inst	VERB
ajfa-194	151	103	(	(	PUNCT
ajfa-194	151	104	%	%	INTJ
ajfa-194	151	105	)	)	PUNCT
ajfa-194	151	106	q-1	q-1	NOUN
ajfa-194	151	107	33.06	33.06	NUM
ajfa-194	151	108	*	*	SYM
ajfa-194	151	109	26.00	26.00	NUM
ajfa-194	151	110	9.63	9.63	NUM
ajfa-194	151	111	27.91	27.91	NUM
ajfa-194	151	112	53.67	53.67	NUM
ajfa-194	151	113	∆adj_inst	∆adj_inst	X
ajfa-194	151	114	(	(	PUNCT
ajfa-194	151	115	%	%	NOUN
ajfa-194	151	116	)	)	PUNCT
ajfa-194	151	117	q	q	NOUN
ajfa-194	152	1	0.11	0.11	NUM
ajfa-194	152	2	*	*	SYM
ajfa-194	152	3	6.44	6.44	NUM
ajfa-194	152	4	-1.77	-1.77	NUM
ajfa-194	152	5	-0.07	-0.07	NUM
ajfa-194	152	6	1.94	1.94	NUM
ajfa-194	152	7	pw_inst	pw_inst	X
ajfa-194	152	8	(	(	PUNCT
ajfa-194	152	9	%	%	INTJ
ajfa-194	152	10	)	)	PUNCT
ajfa-194	152	11	q-1	q-1	NOUN
ajfa-194	152	12	0.02	0.02	NUM
ajfa-194	152	13	*	*	NOUN
ajfa-194	152	14	0.17	0.17	NUM
ajfa-194	152	15	0.00	0.00	NUM
ajfa-194	152	16	0.00	0.00	NUM
ajfa-194	152	17	0.01	0.01	NUM
ajfa-194	152	18	tra	tra	NOUN
ajfa-194	152	19	(	(	PUNCT
ajfa-194	152	20	%	%	NOUN
ajfa-194	152	21	)	)	PUNCT
ajfa-194	152	22	q-1	q-1	NOUN
ajfa-194	152	23	9.85	9.85	NUM
ajfa-194	152	24	*	*	PUNCT
ajfa-194	152	25	10.53	10.53	NUM
ajfa-194	152	26	1.56	1.56	NUM
ajfa-194	152	27	6.49	6.49	NUM
ajfa-194	152	28	14.79	14.79	NUM
ajfa-194	152	29	∆adj_tra	∆adj_tra	X
ajfa-194	152	30	(	(	PUNCT
ajfa-194	152	31	%	%	NOUN
ajfa-194	152	32	)	)	PUNCT
ajfa-194	152	33	q	q	NOUN
ajfa-194	153	1	0.04	0.04	NUM
ajfa-194	153	2	*	*	SYM
ajfa-194	153	3	4.17	4.17	NUM
ajfa-194	153	4	-0.94	-0.94	NUM
ajfa-194	153	5	-0.06	-0.06	NUM
ajfa-194	153	6	1.01	1.01	NUM
ajfa-194	153	7	pw_tra	pw_tra	PROPN
ajfa-194	153	8	(	(	PUNCT
ajfa-194	153	9	%	%	NOUN
ajfa-194	153	10	)	)	PUNCT
ajfa-194	153	11	q-1	q-1	NOUN
ajfa-194	153	12	0.05	0.05	NUM
ajfa-194	153	13	*	*	NOUN
ajfa-194	153	14	0.42	0.42	NUM
ajfa-194	153	15	0.00	0.00	NUM
ajfa-194	153	16	0.01	0.01	NUM
ajfa-194	153	17	0.04	0.04	NUM
ajfa-194	153	18	ded	ded	ADJ
ajfa-194	153	19	(	(	PUNCT
ajfa-194	153	20	%	%	INTJ
ajfa-194	153	21	)	)	PUNCT
ajfa-194	153	22	q-1	q-1	NOUN
ajfa-194	153	23	9.52	9.52	NUM
ajfa-194	153	24	*	*	SYM
ajfa-194	153	25	9.02	9.02	NUM
ajfa-194	153	26	2.82	2.82	NUM
ajfa-194	153	27	7.12	7.12	NUM
ajfa-194	153	28	13.79	13.79	NUM
ajfa-194	153	29	7	7	NUM
ajfa-194	153	30	in	in	ADP
ajfa-194	153	31	untabulated	untabulated	ADJ
ajfa-194	153	32	analysis	analysis	NOUN
ajfa-194	153	33	,	,	PUNCT
ajfa-194	153	34	we	we	PRON
ajfa-194	153	35	also	also	ADV
ajfa-194	153	36	examine	examine	VERB
ajfa-194	153	37	how	how	SCONJ
ajfa-194	153	38	tobin	tobin	PROPN
ajfa-194	153	39	q	q	NOUN
ajfa-194	153	40	affects	affect	VERB
ajfa-194	153	41	our	our	PRON
ajfa-194	153	42	findings	finding	NOUN
ajfa-194	153	43	(	(	PUNCT
ajfa-194	153	44	see	see	VERB
ajfa-194	153	45	appendix	appendix	VERB
ajfa-194	153	46	i	i	PRON
ajfa-194	153	47	on	on	ADP
ajfa-194	153	48	the	the	DET
ajfa-194	153	49	measurement	measurement	NOUN
ajfa-194	153	50	of	of	ADP
ajfa-194	153	51	tobin	tobin	PROPN
ajfa-194	153	52	q	q	PROPN
ajfa-194	153	53	)	)	PUNCT
ajfa-194	153	54	.	.	PUNCT
ajfa-194	154	1	first	first	ADV
ajfa-194	154	2	,	,	PUNCT
ajfa-194	154	3	we	we	PRON
ajfa-194	154	4	compare	compare	VERB
ajfa-194	154	5	the	the	DET
ajfa-194	154	6	tobin	tobin	NOUN
ajfa-194	154	7	q	q	NOUN
ajfa-194	154	8	between	between	ADP
ajfa-194	154	9	our	our	PRON
ajfa-194	154	10	restatement	restatement	NOUN
ajfa-194	154	11	firms	firm	NOUN
ajfa-194	154	12	and	and	CCONJ
ajfa-194	154	13	the	the	DET
ajfa-194	154	14	compustat	compustat	NOUN
ajfa-194	154	15	population	population	NOUN
ajfa-194	154	16	.	.	PUNCT
ajfa-194	155	1	the	the	DET
ajfa-194	155	2	mean	mean	NOUN
ajfa-194	155	3	of	of	ADP
ajfa-194	155	4	tobin	tobin	PROPN
ajfa-194	155	5	q	q	PROPN
ajfa-194	155	6	for	for	ADP
ajfa-194	155	7	the	the	DET
ajfa-194	155	8	restatement	restatement	NOUN
ajfa-194	155	9	firms	firm	NOUN
ajfa-194	155	10	is	be	AUX
ajfa-194	155	11	2.26	2.26	NUM
ajfa-194	155	12	,	,	PUNCT
ajfa-194	155	13	while	while	SCONJ
ajfa-194	155	14	that	that	PRON
ajfa-194	155	15	for	for	ADP
ajfa-194	155	16	the	the	DET
ajfa-194	155	17	compustat	compustat	NOUN
ajfa-194	155	18	population	population	NOUN
ajfa-194	155	19	is	be	AUX
ajfa-194	155	20	2.14	2.14	NUM
ajfa-194	155	21	,	,	PUNCT
ajfa-194	155	22	with	with	ADP
ajfa-194	155	23	the	the	DET
ajfa-194	155	24	mean	mean	ADJ
ajfa-194	155	25	difference	difference	NOUN
ajfa-194	155	26	not	not	PART
ajfa-194	155	27	significant	significant	ADJ
ajfa-194	155	28	at	at	ADP
ajfa-194	155	29	the	the	DET
ajfa-194	155	30	1	1	NUM
ajfa-194	155	31	%	%	NOUN
ajfa-194	155	32	level	level	NOUN
ajfa-194	155	33	.	.	PUNCT
ajfa-194	156	1	further	far	ADV
ajfa-194	156	2	,	,	PUNCT
ajfa-194	156	3	we	we	PRON
ajfa-194	156	4	repeat	repeat	VERB
ajfa-194	156	5	the	the	DET
ajfa-194	156	6	analyses	analysis	NOUN
ajfa-194	156	7	in	in	ADP
ajfa-194	156	8	table	table	NOUN
ajfa-194	156	9	3	3	NUM
ajfa-194	156	10	,	,	PUNCT
ajfa-194	156	11	4	4	NUM
ajfa-194	156	12	,	,	PUNCT
ajfa-194	156	13	and	and	CCONJ
ajfa-194	156	14	5	5	NUM
ajfa-194	156	15	by	by	ADP
ajfa-194	156	16	adding	add	VERB
ajfa-194	156	17	tobin	tobin	PROPN
ajfa-194	156	18	q	q	PROPN
ajfa-194	156	19	in	in	ADP
ajfa-194	156	20	equation	equation	NOUN
ajfa-194	156	21	(	(	PUNCT
ajfa-194	156	22	1	1	NUM
ajfa-194	156	23	)	)	PUNCT
ajfa-194	156	24	,	,	PUNCT
ajfa-194	156	25	(	(	PUNCT
ajfa-194	156	26	2	2	NUM
ajfa-194	156	27	)	)	PUNCT
ajfa-194	156	28	,	,	PUNCT
ajfa-194	156	29	and	and	CCONJ
ajfa-194	156	30	(	(	PUNCT
ajfa-194	156	31	3	3	NUM
ajfa-194	156	32	)	)	PUNCT
ajfa-194	156	33	.	.	PUNCT
ajfa-194	157	1	our	our	PRON
ajfa-194	157	2	results	result	NOUN
ajfa-194	157	3	remain	remain	VERB
ajfa-194	157	4	robust	robust	ADJ
ajfa-194	157	5	.	.	PUNCT
ajfa-194	158	1	since	since	SCONJ
ajfa-194	158	2	research	research	NOUN
ajfa-194	158	3	that	that	PRON
ajfa-194	158	4	examines	examine	VERB
ajfa-194	158	5	change	change	NOUN
ajfa-194	158	6	in	in	ADP
ajfa-194	158	7	institutional	institutional	ADJ
ajfa-194	158	8	ownership	ownership	NOUN
ajfa-194	158	9	does	do	AUX
ajfa-194	158	10	not	not	PART
ajfa-194	158	11	typically	typically	ADV
ajfa-194	158	12	include	include	VERB
ajfa-194	158	13	tobin	tobin	PROPN
ajfa-194	158	14	q	q	PROPN
ajfa-194	158	15	as	as	ADP
ajfa-194	158	16	an	an	DET
ajfa-194	158	17	explanatory	explanatory	ADJ
ajfa-194	158	18	variable	variable	NOUN
ajfa-194	158	19	(	(	PUNCT
ajfa-194	158	20	see	see	VERB
ajfa-194	158	21	,	,	PUNCT
ajfa-194	158	22	for	for	ADP
ajfa-194	158	23	example	example	NOUN
ajfa-194	158	24	,	,	PUNCT
ajfa-194	158	25	bushee	bushee	NOUN
ajfa-194	158	26	and	and	CCONJ
ajfa-194	158	27	noe	noe	PROPN
ajfa-194	158	28	,	,	PUNCT
ajfa-194	158	29	2000	2000	NUM
ajfa-194	158	30	;	;	PUNCT
ajfa-194	158	31	ke	ke	PROPN
ajfa-194	158	32	and	and	CCONJ
ajfa-194	158	33	ramalingegowda	ramalingegowda	PROPN
ajfa-194	158	34	,	,	PUNCT
ajfa-194	158	35	2005	2005	NUM
ajfa-194	158	36	)	)	PUNCT
ajfa-194	158	37	,	,	PUNCT
ajfa-194	158	38	we	we	PRON
ajfa-194	158	39	do	do	AUX
ajfa-194	158	40	not	not	PART
ajfa-194	158	41	include	include	VERB
ajfa-194	158	42	tobin	tobin	PROPN
ajfa-194	158	43	q	q	PROPN
ajfa-194	158	44	in	in	ADP
ajfa-194	158	45	the	the	DET
ajfa-194	158	46	tables	table	NOUN
ajfa-194	158	47	.	.	PUNCT
ajfa-194	159	1	asian	asian	ADJ
ajfa-194	159	2	journal	journal	PROPN
ajfa-194	159	3	of	of	ADP
ajfa-194	159	4	finance	finance	PROPN
ajfa-194	159	5	&	&	CCONJ
ajfa-194	159	6	accounting	accounting	PROPN
ajfa-194	159	7	issn	issn	PROPN
ajfa-194	159	8	1946	1946	NUM
ajfa-194	159	9	-	-	PUNCT
ajfa-194	159	10	052x	052x	NOUN
ajfa-194	159	11	2009	2009	NUM
ajfa-194	159	12	,	,	PUNCT
ajfa-194	159	13	vol	vol	NOUN
ajfa-194	159	14	.	.	PROPN
ajfa-194	159	15	1	1	NUM
ajfa-194	159	16	,	,	PUNCT
ajfa-194	159	17	no	no	INTJ
ajfa-194	159	18	.	.	NOUN
ajfa-194	159	19	2	2	NUM
ajfa-194	159	20	:	:	PUNCT
ajfa-194	159	21	e4	e4	PROPN
ajfa-194	159	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	159	23	84	84	NUM
ajfa-194	159	24	∆adj_ded	∆adj_de	VERB
ajfa-194	159	25	(	(	PUNCT
ajfa-194	159	26	%	%	NOUN
ajfa-194	159	27	)	)	PUNCT
ajfa-194	159	28	q	q	PROPN
ajfa-194	160	1	0.03	0.03	NUM
ajfa-194	160	2	*	*	SYM
ajfa-194	160	3	3.25	3.25	NUM
ajfa-194	160	4	-0.80	-0.80	NOUN
ajfa-194	160	5	-0.04	-0.04	NOUN
ajfa-194	160	6	0.92	0.92	NUM
ajfa-194	160	7	pw_ded	pw_de	VERB
ajfa-194	160	8	(	(	PUNCT
ajfa-194	160	9	%	%	INTJ
ajfa-194	160	10	)	)	PUNCT
ajfa-194	160	11	q-1	q-1	NOUN
ajfa-194	160	12	0.05	0.05	NUM
ajfa-194	160	13	*	*	SYM
ajfa-194	160	14	0.49	0.49	NUM
ajfa-194	160	15	0.00	0.00	NUM
ajfa-194	160	16	0.00	0.00	NUM
ajfa-194	160	17	0.02	0.02	NUM
ajfa-194	160	18	qix	qix	NOUN
ajfa-194	160	19	(	(	PUNCT
ajfa-194	160	20	%	%	NOUN
ajfa-194	160	21	)	)	PUNCT
ajfa-194	160	22	q-1	q-1	NOUN
ajfa-194	160	23	15.99	15.99	NUM
ajfa-194	160	24	*	*	NOUN
ajfa-194	160	25	14.16	14.16	NUM
ajfa-194	160	26	3.33	3.33	NUM
ajfa-194	160	27	12.30	12.30	NUM
ajfa-194	160	28	26.27	26.27	NUM
ajfa-194	160	29	∆adj_qix	∆adj_qix	NOUN
ajfa-194	160	30	(	(	PUNCT
ajfa-194	160	31	%	%	NOUN
ajfa-194	160	32	)	)	PUNCT
ajfa-194	160	33	q	q	NOUN
ajfa-194	160	34	0.02	0.02	NUM
ajfa-194	160	35	*	*	NUM
ajfa-194	160	36	3.62	3.62	NUM
ajfa-194	160	37	-0.87	-0.87	NUM
ajfa-194	160	38	-0.03	-0.03	NUM
ajfa-194	160	39	0.98	0.98	NUM
ajfa-194	160	40	pw_qix	pw_qix	PROPN
ajfa-194	160	41	(	(	PUNCT
ajfa-194	160	42	%	%	NOUN
ajfa-194	160	43	)	)	PUNCT
ajfa-194	160	44	q-1	q-1	NOUN
ajfa-194	160	45	0.02	0.02	NUM
ajfa-194	160	46	*	*	NOUN
ajfa-194	160	47	0.11	0.11	NUM
ajfa-194	160	48	0.00	0.00	NUM
ajfa-194	160	49	0.00	0.00	NUM
ajfa-194	160	50	0.01	0.01	NUM
ajfa-194	160	51	size	size	NOUN
ajfa-194	160	52	q-1	q-1	NOUN
ajfa-194	160	53	3440.35	3440.35	NUM
ajfa-194	160	54	*	*	SYM
ajfa-194	160	55	26216.14	26216.14	NUM
ajfa-194	160	56	61.06	61.06	NUM
ajfa-194	160	57	238.46	238.46	NUM
ajfa-194	160	58	932.48	932.48	NUM
ajfa-194	160	59	lnsize	lnsize	NOUN
ajfa-194	160	60	q-1	q-1	NOUN
ajfa-194	160	61	5.56	5.56	NUM
ajfa-194	160	62	*	*	SYM
ajfa-194	160	63	2.04	2.04	NUM
ajfa-194	160	64	4.11	4.11	NUM
ajfa-194	160	65	5.47	5.47	NUM
ajfa-194	160	66	6.84	6.84	NUM
ajfa-194	160	67	bm	bm	PROPN
ajfa-194	160	68	q-1	q-1	PROPN
ajfa-194	160	69	0.59	0.59	NUM
ajfa-194	160	70	*	*	PUNCT
ajfa-194	160	71	6.53	6.53	NUM
ajfa-194	160	72	0.29	0.29	NUM
ajfa-194	160	73	0.53	0.53	NUM
ajfa-194	160	74	0.87	0.87	NUM
ajfa-194	160	75	ue	ue	PROPN
ajfa-194	160	76	q-1	q-1	ADJ
ajfa-194	160	77	0.03	0.03	NUM
ajfa-194	160	78	6.06	6.06	NUM
ajfa-194	160	79	-0.01	-0.01	NUM
ajfa-194	160	80	0.00	0.00	NUM
ajfa-194	160	81	0.01	0.01	NUM
ajfa-194	160	82	retq1	retq1	NOUN
ajfa-194	160	83	q	q	NOUN
ajfa-194	160	84	0.03	0.03	NUM
ajfa-194	160	85	*	*	SYM
ajfa-194	160	86	0.38	0.38	NUM
ajfa-194	160	87	-0.15	-0.15	NUM
ajfa-194	160	88	0.00	0.00	NUM
ajfa-194	160	89	0.16	0.16	NUM
ajfa-194	160	90	retq24	retq24	NOUN
ajfa-194	160	91	q	q	NOUN
ajfa-194	161	1	0.11	0.11	NUM
ajfa-194	161	2	*	*	NOUN
ajfa-194	161	3	0.78	0.78	NUM
ajfa-194	161	4	-0.24	-0.24	NOUN
ajfa-194	161	5	0.02	0.02	NUM
ajfa-194	161	6	0.30	0.30	NUM
ajfa-194	161	7	note	note	NOUN
ajfa-194	161	8	.	.	PUNCT
ajfa-194	162	1	panel	panel	NOUN
ajfa-194	162	2	a	a	PRON
ajfa-194	162	3	provides	provide	VERB
ajfa-194	162	4	descriptive	descriptive	ADJ
ajfa-194	162	5	statistics	statistic	NOUN
ajfa-194	162	6	for	for	ADP
ajfa-194	162	7	the	the	DET
ajfa-194	162	8	sample	sample	NOUN
ajfa-194	162	9	of	of	ADP
ajfa-194	162	10	364	364	NUM
ajfa-194	162	11	restatement	restatement	NOUN
ajfa-194	162	12	announcement	announcement	NOUN
ajfa-194	162	13	quarters	quarter	NOUN
ajfa-194	162	14	from	from	ADP
ajfa-194	162	15	1997	1997	NUM
ajfa-194	162	16	to	to	ADP
ajfa-194	162	17	2002	2002	NUM
ajfa-194	162	18	.	.	PUNCT
ajfa-194	163	1	panel	panel	NOUN
ajfa-194	163	2	b	b	PROPN
ajfa-194	163	3	provides	provide	VERB
ajfa-194	163	4	descriptive	descriptive	ADJ
ajfa-194	163	5	statistics	statistic	NOUN
ajfa-194	163	6	for	for	ADP
ajfa-194	163	7	113,658	113,658	NUM
ajfa-194	163	8	compustat	compustat	NOUN
ajfa-194	163	9	firm	firm	NOUN
ajfa-194	163	10	-	-	PUNCT
ajfa-194	163	11	quarters	quarter	NOUN
ajfa-194	163	12	from	from	ADP
ajfa-194	163	13	1997	1997	NUM
ajfa-194	163	14	to	to	ADP
ajfa-194	163	15	2002	2002	NUM
ajfa-194	163	16	,	,	PUNCT
ajfa-194	163	17	obtained	obtain	VERB
ajfa-194	163	18	by	by	ADP
ajfa-194	163	19	excluding	exclude	VERB
ajfa-194	163	20	the	the	DET
ajfa-194	163	21	restating	restate	VERB
ajfa-194	163	22	firms	firm	NOUN
ajfa-194	163	23	from	from	ADP
ajfa-194	163	24	the	the	DET
ajfa-194	163	25	compustat	compustat	NOUN
ajfa-194	163	26	population	population	NOUN
ajfa-194	163	27	for	for	ADP
ajfa-194	163	28	the	the	DET
ajfa-194	163	29	period	period	NOUN
ajfa-194	163	30	19972002	19972002	NUM
ajfa-194	163	31	.	.	PUNCT
ajfa-194	164	1	see	see	VERB
ajfa-194	164	2	appendix	appendix	VERB
ajfa-194	164	3	i	i	PRON
ajfa-194	164	4	for	for	ADP
ajfa-194	164	5	variable	variable	ADJ
ajfa-194	164	6	definitions	definition	NOUN
ajfa-194	164	7	.	.	PUNCT
ajfa-194	165	1	*	*	PUNCT
ajfa-194	165	2	denotes	denote	VERB
ajfa-194	165	3	two	two	NUM
ajfa-194	165	4	-	-	PUNCT
ajfa-194	165	5	tailed	tail	VERB
ajfa-194	165	6	significance	significance	NOUN
ajfa-194	165	7	at	at	ADP
ajfa-194	165	8	the	the	DET
ajfa-194	165	9	5	5	NUM
ajfa-194	165	10	%	%	NOUN
ajfa-194	165	11	level	level	NOUN
ajfa-194	165	12	for	for	ADP
ajfa-194	165	13	the	the	DET
ajfa-194	165	14	mean	mean	NOUN
ajfa-194	165	15	of	of	ADP
ajfa-194	165	16	the	the	DET
ajfa-194	165	17	variable	variable	NOUN
ajfa-194	165	18	of	of	ADP
ajfa-194	165	19	interest	interest	NOUN
ajfa-194	165	20	.	.	PUNCT
ajfa-194	166	1	table	table	NOUN
ajfa-194	166	2	2	2	NUM
ajfa-194	166	3	presents	present	NOUN
ajfa-194	166	4	correlations	correlation	NOUN
ajfa-194	166	5	for	for	ADP
ajfa-194	166	6	the	the	DET
ajfa-194	166	7	sample	sample	NOUN
ajfa-194	166	8	of	of	ADP
ajfa-194	166	9	3,276	3,276	NUM
ajfa-194	166	10	firm	firm	ADJ
ajfa-194	166	11	-	-	PUNCT
ajfa-194	166	12	quarters	quarter	NOUN
ajfa-194	166	13	to	to	PART
ajfa-194	166	14	test	test	VERB
ajfa-194	166	15	hypothesis	hypothesis	NOUN
ajfa-194	166	16	1	1	NUM
ajfa-194	166	17	(	(	PUNCT
ajfa-194	166	18	i.e.	i.e.	X
ajfa-194	166	19	,	,	PUNCT
ajfa-194	166	20	364	364	NUM
ajfa-194	166	21	restatements*9	restatements*9	NUM
ajfa-194	166	22	quarters	quarter	NOUN
ajfa-194	166	23	with	with	ADP
ajfa-194	166	24	each	each	DET
ajfa-194	166	25	restating	restate	VERB
ajfa-194	166	26	firm	firm	NOUN
ajfa-194	166	27	centered	center	VERB
ajfa-194	166	28	on	on	ADP
ajfa-194	166	29	the	the	DET
ajfa-194	166	30	restatement	restatement	NOUN
ajfa-194	166	31	announcement	announcement	NOUN
ajfa-194	166	32	quarter	quarter	NOUN
ajfa-194	166	33	)	)	PUNCT
ajfa-194	166	34	.	.	PUNCT
ajfa-194	167	1	the	the	DET
ajfa-194	167	2	correlations	correlation	NOUN
ajfa-194	167	3	show	show	VERB
ajfa-194	167	4	that	that	SCONJ
ajfa-194	167	5	the	the	DET
ajfa-194	167	6	mean	mean	ADV
ajfa-194	167	7	-	-	PUNCT
ajfa-194	167	8	adjusted	adjust	VERB
ajfa-194	167	9	change	change	NOUN
ajfa-194	167	10	in	in	ADP
ajfa-194	167	11	total	total	ADJ
ajfa-194	167	12	institutional	institutional	ADJ
ajfa-194	167	13	holdings	holding	NOUN
ajfa-194	167	14	for	for	ADP
ajfa-194	167	15	each	each	DET
ajfa-194	167	16	firm	firm	ADJ
ajfa-194	167	17	-	-	PUNCT
ajfa-194	167	18	quarter	quarter	NOUN
ajfa-194	167	19	(	(	PUNCT
ajfa-194	167	20	_	_	PRON
ajfa-194	167	21	qadj	qadj	NOUN
ajfa-194	167	22	inst	inst	PROPN
ajfa-194	167	23	)	)	PUNCT
ajfa-194	167	24	is	be	AUX
ajfa-194	167	25	significantly	significantly	ADV
ajfa-194	167	26	negatively	negatively	ADV
ajfa-194	167	27	correlated	correlate	VERB
ajfa-194	167	28	with	with	ADP
ajfa-194	167	29	the	the	DET
ajfa-194	167	30	beginning	begin	VERB
ajfa-194	167	31	level	level	NOUN
ajfa-194	167	32	of	of	ADP
ajfa-194	167	33	total	total	ADJ
ajfa-194	167	34	institutional	institutional	ADJ
ajfa-194	167	35	holdings	holding	NOUN
ajfa-194	167	36	(	(	PUNCT
ajfa-194	167	37	1qinst	1qinst	NUM
ajfa-194	167	38	)	)	PUNCT
ajfa-194	167	39	,	,	PUNCT
ajfa-194	167	40	suggesting	suggest	VERB
ajfa-194	167	41	that	that	SCONJ
ajfa-194	167	42	it	it	PRON
ajfa-194	167	43	is	be	AUX
ajfa-194	167	44	important	important	ADJ
ajfa-194	167	45	to	to	PART
ajfa-194	167	46	include	include	VERB
ajfa-194	167	47	the	the	DET
ajfa-194	167	48	level	level	NOUN
ajfa-194	167	49	of	of	ADP
ajfa-194	167	50	institutional	institutional	ADJ
ajfa-194	167	51	holdings	holding	NOUN
ajfa-194	167	52	as	as	ADP
ajfa-194	167	53	an	an	DET
ajfa-194	167	54	explanatory	explanatory	ADJ
ajfa-194	167	55	variable	variable	NOUN
ajfa-194	167	56	in	in	ADP
ajfa-194	167	57	any	any	DET
ajfa-194	167	58	specification	specification	NOUN
ajfa-194	167	59	where	where	SCONJ
ajfa-194	167	60	the	the	DET
ajfa-194	167	61	change	change	NOUN
ajfa-194	167	62	in	in	ADP
ajfa-194	167	63	institutional	institutional	ADJ
ajfa-194	167	64	ownership	ownership	NOUN
ajfa-194	167	65	is	be	AUX
ajfa-194	167	66	the	the	DET
ajfa-194	167	67	dependent	dependent	ADJ
ajfa-194	167	68	variable	variable	NOUN
ajfa-194	167	69	.	.	PUNCT
ajfa-194	168	1	moreover	moreover	ADV
ajfa-194	168	2	,	,	PUNCT
ajfa-194	168	3	the	the	DET
ajfa-194	168	4	change	change	NOUN
ajfa-194	168	5	in	in	ADP
ajfa-194	168	6	total	total	ADJ
ajfa-194	168	7	institutional	institutional	ADJ
ajfa-194	168	8	holdings	holding	NOUN
ajfa-194	168	9	for	for	ADP
ajfa-194	168	10	each	each	DET
ajfa-194	168	11	firm	firm	ADJ
ajfa-194	168	12	-	-	PUNCT
ajfa-194	168	13	quarter	quarter	NOUN
ajfa-194	168	14	(	(	PUNCT
ajfa-194	168	15	_	_	DET
ajfa-194	168	16	qadj	qadj	NOUN
ajfa-194	168	17	inst	inst	PROPN
ajfa-194	168	18	)	)	PUNCT
ajfa-194	168	19	is	be	AUX
ajfa-194	168	20	significantly	significantly	ADV
ajfa-194	168	21	positively	positively	ADV
ajfa-194	168	22	correlated	correlate	VERB
ajfa-194	168	23	with	with	ADP
ajfa-194	168	24	the	the	DET
ajfa-194	168	25	stock	stock	NOUN
ajfa-194	168	26	returns	return	NOUN
ajfa-194	168	27	over	over	ADP
ajfa-194	168	28	the	the	DET
ajfa-194	168	29	most	most	ADV
ajfa-194	168	30	recent	recent	ADJ
ajfa-194	168	31	quarters	quarter	NOUN
ajfa-194	168	32	(	(	PUNCT
ajfa-194	168	33	1qretq	1qretq	NUM
ajfa-194	168	34	and	and	CCONJ
ajfa-194	168	35	24qretq	24qretq	NUM
ajfa-194	168	36	)	)	PUNCT
ajfa-194	168	37	,	,	PUNCT
ajfa-194	168	38	consistent	consistent	ADJ
ajfa-194	168	39	with	with	ADP
ajfa-194	168	40	momentum	momentum	NOUN
ajfa-194	168	41	trading	trading	NOUN
ajfa-194	168	42	of	of	ADP
ajfa-194	168	43	institutional	institutional	ADJ
ajfa-194	168	44	investors	investor	NOUN
ajfa-194	168	45	.	.	PUNCT
ajfa-194	169	1	asian	asian	ADJ
ajfa-194	169	2	journal	journal	PROPN
ajfa-194	169	3	of	of	ADP
ajfa-194	169	4	finance	finance	PROPN
ajfa-194	169	5	&	&	CCONJ
ajfa-194	169	6	accounting	accounting	PROPN
ajfa-194	169	7	issn	issn	PROPN
ajfa-194	169	8	1946	1946	NUM
ajfa-194	169	9	-	-	PUNCT
ajfa-194	169	10	052x	052x	NOUN
ajfa-194	169	11	2009	2009	NUM
ajfa-194	169	12	,	,	PUNCT
ajfa-194	169	13	vol	vol	NOUN
ajfa-194	169	14	.	.	PROPN
ajfa-194	169	15	1	1	NUM
ajfa-194	169	16	,	,	PUNCT
ajfa-194	169	17	no	no	INTJ
ajfa-194	169	18	.	.	NOUN
ajfa-194	169	19	2	2	NUM
ajfa-194	169	20	:	:	PUNCT
ajfa-194	169	21	e4	e4	PROPN
ajfa-194	169	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	169	23	85	85	NUM
ajfa-194	169	24	table	table	NOUN
ajfa-194	169	25	2	2	NUM
ajfa-194	169	26	.	.	PUNCT
ajfa-194	169	27	correlations	correlation	NOUN
ajfa-194	169	28	among	among	ADP
ajfa-194	169	29	variables	variable	NOUN
ajfa-194	169	30	uinst%	uinst%	PUNCT
ajfa-194	169	31	u	u	NOUN
ajfa-194	169	32	q-1	q-1	ADV
ajfa-194	169	33	u∆adj_inst%	u∆adj_inst%	VERB
ajfa-194	169	34	u	u	NOUN
ajfa-194	169	35	q	q	PROPN
ajfa-194	169	36	upw_inst%u	upw_inst%u	NOUN
ajfa-194	169	37	q-1	q-1	ADJ
ajfa-194	169	38	ulnsize	ulnsize	NOUN
ajfa-194	169	39	u	u	PROPN
ajfa-194	169	40	q-1	q-1	ADJ
ajfa-194	169	41	ubm	ubm	PROPN
ajfa-194	169	42	u	u	PROPN
ajfa-194	169	43	q-1	q-1	PROPN
ajfa-194	169	44	uue	uue	VERB
ajfa-194	169	45	q-1u	q-1u	PROPN
ajfa-194	169	46	uretq1u	uretq1u	PROPN
ajfa-194	169	47	q	q	NOUN
ajfa-194	169	48	uretq24	uretq24	ADJ
ajfa-194	169	49	q	q	PROPN
ajfa-194	169	50	inst%	inst%	NUM
ajfa-194	169	51	q-1	q-1	NOUN
ajfa-194	169	52	-0.091	-0.091	NUM
ajfa-194	169	53	0.300	0.300	NUM
ajfa-194	169	54	0.559	0.559	NUM
ajfa-194	169	55	0.028	0.028	NUM
ajfa-194	169	56	-0.015	-0.015	PUNCT
ajfa-194	169	57	0.064	0.064	NUM
ajfa-194	169	58	0.142	0.142	NUM
ajfa-194	169	59	∆adj_inst%	∆adj_inst%	NOUN
ajfa-194	169	60	q	q	X
ajfa-194	169	61	-0.026	-0.026	PUNCT
ajfa-194	169	62	0.003	0.003	NUM
ajfa-194	169	63	0.023	0.023	NUM
ajfa-194	169	64	-0.016	-0.016	NUM
ajfa-194	169	65	0.004	0.004	NUM
ajfa-194	169	66	0.144	0.144	NUM
ajfa-194	169	67	0.054	0.054	NUM
ajfa-194	169	68	pw_inst%	pw_inst%	NOUN
ajfa-194	169	69	q-1	q-1	ADJ
ajfa-194	169	70	0.752	0.752	NUM
ajfa-194	169	71	0.081	0.081	NUM
ajfa-194	169	72	0.503	0.503	NUM
ajfa-194	169	73	-0.027	-0.027	PUNCT
ajfa-194	169	74	-0.004	-0.004	PUNCT
ajfa-194	169	75	0.066	0.066	NUM
ajfa-194	169	76	0.097	0.097	NUM
ajfa-194	169	77	lnsize	lnsize	NOUN
ajfa-194	169	78	q-1	q-1	NOUN
ajfa-194	169	79	0.592	0.592	NUM
ajfa-194	169	80	0.055	0.055	NUM
ajfa-194	169	81	0.754	0.754	NUM
ajfa-194	169	82	0.023	0.023	NUM
ajfa-194	169	83	0.002	0.002	NUM
ajfa-194	169	84	-0.005	-0.005	PRON
ajfa-194	169	85	-0.001	-0.001	X
ajfa-194	170	1	bm	bm	PROPN
ajfa-194	170	2	q-1	q-1	PROPN
ajfa-194	170	3	-0.111	-0.111	PUNCT
ajfa-194	170	4	-0.080	-0.080	PUNCT
ajfa-194	170	5	-0.352	-0.352	VERB
ajfa-194	170	6	0.012	0.012	NUM
ajfa-194	170	7	0.138	0.138	NUM
ajfa-194	170	8	-0.046	-0.046	NUM
ajfa-194	170	9	0.011	0.011	NUM
ajfa-194	170	10	ue	ue	PROPN
ajfa-194	170	11	q-1	q-1	PROPN
ajfa-194	170	12	0.042	0.042	NUM
ajfa-194	170	13	0.093	0.093	NUM
ajfa-194	170	14	0.080	0.080	NUM
ajfa-194	170	15	-0.002	-0.002	PUNCT
ajfa-194	170	16	-0.119	-0.119	X
ajfa-194	170	17	0.025	0.025	NUM
ajfa-194	170	18	0.000	0.000	NUM
ajfa-194	170	19	retq1	retq1	NOUN
ajfa-194	171	1	q	q	NOUN
ajfa-194	171	2	0.095	0.095	NUM
ajfa-194	171	3	0.154	0.154	NUM
ajfa-194	171	4	0.209	0.209	NUM
ajfa-194	171	5	0.064	0.064	NUM
ajfa-194	171	6	-0.210	-0.210	NOUN
ajfa-194	171	7	0.170	0.170	NUM
ajfa-194	171	8	0.058	0.058	NUM
ajfa-194	171	9	retq24	retq24	NOUN
ajfa-194	171	10	q	q	NOUN
ajfa-194	171	11	0.235	0.235	NUM
ajfa-194	171	12	0.076	0.076	NUM
ajfa-194	171	13	0.347	0.347	NUM
ajfa-194	171	14	0.124	0.124	NUM
ajfa-194	171	15	-0.317	-0.317	NUM
ajfa-194	171	16	0.193	0.193	NUM
ajfa-194	171	17	0.075	0.075	NUM
ajfa-194	171	18	note	note	NOUN
ajfa-194	171	19	.	.	PUNCT
ajfa-194	172	1	this	this	DET
ajfa-194	172	2	table	table	NOUN
ajfa-194	172	3	provides	provide	VERB
ajfa-194	172	4	the	the	DET
ajfa-194	172	5	correlation	correlation	NOUN
ajfa-194	172	6	between	between	ADP
ajfa-194	172	7	each	each	PRON
ajfa-194	172	8	of	of	ADP
ajfa-194	172	9	the	the	DET
ajfa-194	172	10	variables	variable	NOUN
ajfa-194	172	11	used	use	VERB
ajfa-194	172	12	in	in	ADP
ajfa-194	172	13	our	our	PRON
ajfa-194	172	14	empirical	empirical	ADJ
ajfa-194	172	15	tests	test	NOUN
ajfa-194	172	16	.	.	PUNCT
ajfa-194	173	1	the	the	DET
ajfa-194	173	2	correlations	correlation	NOUN
ajfa-194	173	3	are	be	AUX
ajfa-194	173	4	computed	compute	VERB
ajfa-194	173	5	using	use	VERB
ajfa-194	173	6	3,276	3,276	NUM
ajfa-194	173	7	firm	firm	ADJ
ajfa-194	173	8	-	-	PUNCT
ajfa-194	173	9	quarters	quarter	NOUN
ajfa-194	173	10	(=	(=	NOUN
ajfa-194	173	11	364	364	NUM
ajfa-194	173	12	restatements	restatement	NOUN
ajfa-194	173	13	*	*	PUNCT
ajfa-194	173	14	9	9	NUM
ajfa-194	173	15	quarters	quarter	NOUN
ajfa-194	173	16	with	with	ADP
ajfa-194	173	17	each	each	DET
ajfa-194	173	18	restating	restate	VERB
ajfa-194	173	19	firm	firm	NOUN
ajfa-194	173	20	centered	center	VERB
ajfa-194	173	21	on	on	ADP
ajfa-194	173	22	the	the	DET
ajfa-194	173	23	restatement	restatement	NOUN
ajfa-194	173	24	announcement	announcement	NOUN
ajfa-194	173	25	quarter	quarter	NOUN
ajfa-194	173	26	)	)	PUNCT
ajfa-194	173	27	.	.	PUNCT
ajfa-194	174	1	the	the	DET
ajfa-194	174	2	364	364	NUM
ajfa-194	174	3	restatements	restatement	NOUN
ajfa-194	174	4	are	be	AUX
ajfa-194	174	5	announced	announce	VERB
ajfa-194	174	6	from	from	ADP
ajfa-194	174	7	the	the	DET
ajfa-194	174	8	period	period	NOUN
ajfa-194	174	9	1997	1997	NUM
ajfa-194	174	10	to	to	ADP
ajfa-194	174	11	2002	2002	NUM
ajfa-194	174	12	.	.	PUNCT
ajfa-194	175	1	pearson	pearson	NOUN
ajfa-194	175	2	(	(	PUNCT
ajfa-194	175	3	spearman	spearman	NOUN
ajfa-194	175	4	)	)	PUNCT
ajfa-194	175	5	correlations	correlation	NOUN
ajfa-194	175	6	are	be	AUX
ajfa-194	175	7	above	above	ADV
ajfa-194	175	8	(	(	PUNCT
ajfa-194	175	9	below	below	ADV
ajfa-194	175	10	)	)	PUNCT
ajfa-194	175	11	the	the	DET
ajfa-194	175	12	diagonal	diagonal	ADJ
ajfa-194	175	13	.	.	PUNCT
ajfa-194	176	1	bold	bold	ADJ
ajfa-194	176	2	figures	figure	NOUN
ajfa-194	176	3	indicate	indicate	VERB
ajfa-194	176	4	two	two	NUM
ajfa-194	176	5	-	-	PUNCT
ajfa-194	176	6	tailed	tail	VERB
ajfa-194	176	7	significance	significance	NOUN
ajfa-194	176	8	at	at	ADP
ajfa-194	176	9	the	the	DET
ajfa-194	176	10	1	1	NUM
ajfa-194	176	11	%	%	NOUN
ajfa-194	176	12	level	level	NOUN
ajfa-194	176	13	.	.	PUNCT
ajfa-194	177	1	see	see	VERB
ajfa-194	177	2	appendix	appendix	VERB
ajfa-194	177	3	i	i	PRON
ajfa-194	177	4	for	for	ADP
ajfa-194	177	5	variable	variable	ADJ
ajfa-194	177	6	definitions	definition	NOUN
ajfa-194	177	7	.	.	PUNCT
ajfa-194	178	1	asian	asian	ADJ
ajfa-194	178	2	journal	journal	PROPN
ajfa-194	178	3	of	of	ADP
ajfa-194	178	4	finance	finance	PROPN
ajfa-194	178	5	&	&	CCONJ
ajfa-194	178	6	accounting	accounting	PROPN
ajfa-194	178	7	issn	issn	PROPN
ajfa-194	178	8	1946	1946	NUM
ajfa-194	178	9	-	-	PUNCT
ajfa-194	178	10	052x	052x	NOUN
ajfa-194	178	11	2009	2009	NUM
ajfa-194	178	12	,	,	PUNCT
ajfa-194	178	13	vol	vol	NOUN
ajfa-194	178	14	.	.	PROPN
ajfa-194	178	15	1	1	NUM
ajfa-194	178	16	,	,	PUNCT
ajfa-194	178	17	no	no	INTJ
ajfa-194	178	18	.	.	NOUN
ajfa-194	178	19	2	2	NUM
ajfa-194	178	20	:	:	PUNCT
ajfa-194	178	21	e4	e4	PROPN
ajfa-194	178	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	178	23	86	86	NUM
ajfa-194	178	24	4	4	NUM
ajfa-194	178	25	.	.	PUNCT
ajfa-194	178	26	research	research	NOUN
ajfa-194	178	27	design	design	NOUN
ajfa-194	178	28	and	and	CCONJ
ajfa-194	178	29	empirical	empirical	ADJ
ajfa-194	178	30	results	result	NOUN
ajfa-194	178	31	4.1	4.1	NUM
ajfa-194	178	32	institutional	institutional	ADJ
ajfa-194	178	33	investors	investor	NOUN
ajfa-194	178	34	’	’	PART
ajfa-194	178	35	trading	trading	NOUN
ajfa-194	178	36	patterns	pattern	NOUN
ajfa-194	178	37	surrounding	surround	VERB
ajfa-194	178	38	announcements	announcement	NOUN
ajfa-194	178	39	of	of	ADP
ajfa-194	178	40	restatements	restatement	NOUN
ajfa-194	178	41	we	we	PRON
ajfa-194	178	42	begin	begin	VERB
ajfa-194	178	43	by	by	ADP
ajfa-194	178	44	examining	examine	VERB
ajfa-194	178	45	the	the	DET
ajfa-194	178	46	changes	change	NOUN
ajfa-194	178	47	in	in	ADP
ajfa-194	178	48	institutional	institutional	ADJ
ajfa-194	178	49	holdings	holding	NOUN
ajfa-194	178	50	without	without	ADP
ajfa-194	178	51	including	include	VERB
ajfa-194	178	52	any	any	DET
ajfa-194	178	53	additional	additional	ADJ
ajfa-194	178	54	controls	control	NOUN
ajfa-194	178	55	.	.	PUNCT
ajfa-194	179	1	the	the	DET
ajfa-194	179	2	pattern	pattern	NOUN
ajfa-194	179	3	of	of	ADP
ajfa-194	179	4	mean	mean	ADJ
ajfa-194	179	5	-	-	PUNCT
ajfa-194	179	6	adjusted	adjust	VERB
ajfa-194	179	7	changes	change	NOUN
ajfa-194	179	8	in	in	ADP
ajfa-194	179	9	holdings	holding	NOUN
ajfa-194	179	10	over	over	ADP
ajfa-194	179	11	time	time	NOUN
ajfa-194	179	12	by	by	ADP
ajfa-194	179	13	total	total	NOUN
ajfa-194	179	14	and	and	CCONJ
ajfa-194	179	15	by	by	ADP
ajfa-194	179	16	different	different	ADJ
ajfa-194	179	17	types	type	NOUN
ajfa-194	179	18	of	of	ADP
ajfa-194	179	19	institutional	institutional	ADJ
ajfa-194	179	20	investors	investor	NOUN
ajfa-194	179	21	is	be	AUX
ajfa-194	179	22	depicted	depict	VERB
ajfa-194	179	23	in	in	ADP
ajfa-194	179	24	figure	figure	NOUN
ajfa-194	179	25	1	1	NUM
ajfa-194	179	26	.	.	PUNCT
ajfa-194	180	1	panel	panel	NOUN
ajfa-194	180	2	a	a	DET
ajfa-194	180	3	shows	show	NOUN
ajfa-194	180	4	that	that	SCONJ
ajfa-194	180	5	total	total	ADJ
ajfa-194	180	6	institutions	institution	NOUN
ajfa-194	180	7	in	in	ADP
ajfa-194	180	8	general	general	ADJ
ajfa-194	180	9	sell	sell	VERB
ajfa-194	180	10	intensively	intensively	ADV
ajfa-194	180	11	in	in	ADP
ajfa-194	180	12	the	the	DET
ajfa-194	180	13	restating	restate	VERB
ajfa-194	180	14	quarter	quarter	NOUN
ajfa-194	180	15	(	(	PUNCT
ajfa-194	180	16	mean	mean	ADV
ajfa-194	180	17	-	-	PUNCT
ajfa-194	180	18	adjusted	adjust	VERB
ajfa-194	180	19	change	change	NOUN
ajfa-194	180	20	in	in	ADP
ajfa-194	180	21	institutional	institutional	ADJ
ajfa-194	180	22	holdings	holding	NOUN
ajfa-194	180	23	is	be	AUX
ajfa-194	180	24	-1.70	-1.70	NUM
ajfa-194	180	25	%	%	NOUN
ajfa-194	180	26	of	of	ADP
ajfa-194	180	27	the	the	DET
ajfa-194	180	28	restating	restate	VERB
ajfa-194	180	29	firm‟s	firm‟s	NOUN
ajfa-194	180	30	shares	share	NOUN
ajfa-194	180	31	outstanding	outstanding	ADJ
ajfa-194	180	32	)	)	PUNCT
ajfa-194	180	33	,	,	PUNCT
ajfa-194	180	34	but	but	CCONJ
ajfa-194	180	35	there	there	PRON
ajfa-194	180	36	is	be	VERB
ajfa-194	180	37	no	no	DET
ajfa-194	180	38	visual	visual	ADJ
ajfa-194	180	39	evidence	evidence	NOUN
ajfa-194	180	40	of	of	ADP
ajfa-194	180	41	substantial	substantial	ADJ
ajfa-194	180	42	selling	selling	NOUN
ajfa-194	180	43	in	in	ADP
ajfa-194	180	44	advance	advance	NOUN
ajfa-194	180	45	of	of	ADP
ajfa-194	180	46	the	the	DET
ajfa-194	180	47	restatement	restatement	NOUN
ajfa-194	180	48	(	(	PUNCT
ajfa-194	180	49	mean	mean	ADV
ajfa-194	180	50	-	-	PUNCT
ajfa-194	180	51	adjusted	adjust	VERB
ajfa-194	180	52	change	change	NOUN
ajfa-194	180	53	in	in	ADP
ajfa-194	180	54	institutional	institutional	ADJ
ajfa-194	180	55	holdings	holding	NOUN
ajfa-194	180	56	is	be	AUX
ajfa-194	180	57	-0.04	-0.04	NUM
ajfa-194	180	58	%	%	NOUN
ajfa-194	180	59	of	of	ADP
ajfa-194	180	60	the	the	DET
ajfa-194	180	61	restating	restate	VERB
ajfa-194	180	62	firm‟s	firm‟s	NOUN
ajfa-194	180	63	shares	share	NOUN
ajfa-194	180	64	outstanding	outstanding	ADJ
ajfa-194	180	65	)	)	PUNCT
ajfa-194	180	66	.	.	PUNCT
ajfa-194	181	1	however	however	ADV
ajfa-194	181	2	,	,	PUNCT
ajfa-194	181	3	after	after	ADP
ajfa-194	181	4	partitioning	partition	VERB
ajfa-194	181	5	institutional	institutional	ADJ
ajfa-194	181	6	investors	investor	NOUN
ajfa-194	181	7	into	into	ADP
ajfa-194	181	8	transient	transient	NOUN
ajfa-194	181	9	,	,	PUNCT
ajfa-194	181	10	dedicated	dedicated	ADJ
ajfa-194	181	11	,	,	PUNCT
ajfa-194	181	12	and	and	CCONJ
ajfa-194	181	13	quasi	quasi	ADJ
ajfa-194	181	14	-	-	ADJ
ajfa-194	181	15	indexing	indexing	ADJ
ajfa-194	181	16	institutions	institution	NOUN
ajfa-194	181	17	in	in	ADP
ajfa-194	181	18	panel	panel	PROPN
ajfa-194	181	19	b	b	PROPN
ajfa-194	181	20	,	,	PUNCT
ajfa-194	181	21	we	we	PRON
ajfa-194	181	22	see	see	VERB
ajfa-194	181	23	preliminary	preliminary	ADJ
ajfa-194	181	24	evidence	evidence	NOUN
ajfa-194	181	25	that	that	SCONJ
ajfa-194	181	26	selling	sell	VERB
ajfa-194	181	27	by	by	ADP
ajfa-194	181	28	transient	transient	ADJ
ajfa-194	181	29	institutions	institution	NOUN
ajfa-194	181	30	begins	begin	VERB
ajfa-194	181	31	one	one	NUM
ajfa-194	181	32	quarter	quarter	NOUN
ajfa-194	181	33	before	before	ADP
ajfa-194	181	34	the	the	DET
ajfa-194	181	35	restating	restate	VERB
ajfa-194	181	36	quarter	quarter	NOUN
ajfa-194	181	37	,	,	PUNCT
ajfa-194	181	38	with	with	ADP
ajfa-194	181	39	a	a	DET
ajfa-194	181	40	reduction	reduction	NOUN
ajfa-194	181	41	in	in	ADP
ajfa-194	181	42	holdings	holding	NOUN
ajfa-194	181	43	of	of	ADP
ajfa-194	181	44	-0.29	-0.29	ADJ
ajfa-194	181	45	%	%	NOUN
ajfa-194	181	46	of	of	ADP
ajfa-194	181	47	the	the	DET
ajfa-194	181	48	restating	restate	VERB
ajfa-194	181	49	firm‟s	firm‟s	NOUN
ajfa-194	181	50	shares	share	NOUN
ajfa-194	181	51	outstanding	outstanding	ADJ
ajfa-194	181	52	,	,	PUNCT
ajfa-194	181	53	which	which	PRON
ajfa-194	181	54	represents	represent	VERB
ajfa-194	181	55	an	an	DET
ajfa-194	181	56	decrease	decrease	NOUN
ajfa-194	181	57	of	of	ADP
ajfa-194	181	58	2.4	2.4	NUM
ajfa-194	181	59	%	%	NOUN
ajfa-194	181	60	of	of	ADP
ajfa-194	181	61	the	the	DET
ajfa-194	181	62	restating	restate	VERB
ajfa-194	181	63	firm‟s	firm‟s	NOUN
ajfa-194	181	64	aggregate	aggregate	ADJ
ajfa-194	181	65	transient	transient	ADJ
ajfa-194	181	66	institutional	institutional	ADJ
ajfa-194	181	67	holdings	holding	NOUN
ajfa-194	181	68	(=	(=	NOUN
ajfa-194	181	69	0.29%/11.84	0.29%/11.84	PROPN
ajfa-194	181	70	%	%	NOUN
ajfa-194	181	71	,	,	PUNCT
ajfa-194	181	72	11.84	11.84	NUM
ajfa-194	181	73	%	%	NOUN
ajfa-194	181	74	is	be	AUX
ajfa-194	181	75	the	the	DET
ajfa-194	181	76	mean	mean	NOUN
ajfa-194	181	77	of	of	ADP
ajfa-194	181	78	the	the	DET
ajfa-194	181	79	restating	restate	VERB
ajfa-194	181	80	firm‟s	firm‟s	NOUN
ajfa-194	181	81	beginning	begin	VERB
ajfa-194	181	82	aggregate	aggregate	ADJ
ajfa-194	181	83	transient	transient	ADJ
ajfa-194	181	84	institutional	institutional	ADJ
ajfa-194	181	85	holdings	holding	NOUN
ajfa-194	181	86	)	)	PUNCT
ajfa-194	181	87	.	.	PUNCT
ajfa-194	182	1	we	we	PRON
ajfa-194	182	2	also	also	ADV
ajfa-194	182	3	see	see	VERB
ajfa-194	182	4	a	a	DET
ajfa-194	182	5	decrease	decrease	NOUN
ajfa-194	182	6	in	in	ADP
ajfa-194	182	7	holdings	holding	NOUN
ajfa-194	182	8	by	by	ADP
ajfa-194	182	9	the	the	DET
ajfa-194	182	10	quasi	quasi	NOUN
ajfa-194	182	11	-	-	NOUN
ajfa-194	182	12	indexers	indexer	NOUN
ajfa-194	182	13	of	of	ADP
ajfa-194	182	14	-0.32	-0.32	VERB
ajfa-194	182	15	%	%	NOUN
ajfa-194	182	16	of	of	ADP
ajfa-194	182	17	the	the	DET
ajfa-194	182	18	restating	restate	VERB
ajfa-194	182	19	firm‟s	firm‟s	NOUN
ajfa-194	182	20	shares	share	NOUN
ajfa-194	182	21	outstanding	outstanding	ADJ
ajfa-194	182	22	,	,	PUNCT
ajfa-194	182	23	which	which	PRON
ajfa-194	182	24	represents	represent	VERB
ajfa-194	182	25	a	a	DET
ajfa-194	182	26	decrease	decrease	NOUN
ajfa-194	182	27	of	of	ADP
ajfa-194	182	28	1.6	1.6	NUM
ajfa-194	182	29	%	%	NOUN
ajfa-194	182	30	of	of	ADP
ajfa-194	182	31	the	the	DET
ajfa-194	182	32	restating	restate	VERB
ajfa-194	182	33	firm‟s	firm‟s	NOUN
ajfa-194	182	34	aggregate	aggregate	ADJ
ajfa-194	182	35	quasi	quasi	ADJ
ajfa-194	182	36	-	-	ADJ
ajfa-194	182	37	indexing	indexing	ADJ
ajfa-194	182	38	institutional	institutional	ADJ
ajfa-194	182	39	holdings	holding	NOUN
ajfa-194	182	40	(	(	PUNCT
ajfa-194	182	41	=	=	NOUN
ajfa-194	182	42	-0.32%/19.64	-0.32%/19.64	NUM
ajfa-194	182	43	%	%	NOUN
ajfa-194	182	44	,	,	PUNCT
ajfa-194	182	45	19.64	19.64	NUM
ajfa-194	182	46	%	%	NOUN
ajfa-194	182	47	is	be	AUX
ajfa-194	182	48	the	the	DET
ajfa-194	182	49	mean	mean	NOUN
ajfa-194	182	50	of	of	ADP
ajfa-194	182	51	the	the	DET
ajfa-194	182	52	restating	restate	VERB
ajfa-194	182	53	firm‟s	firm‟s	NOUN
ajfa-194	182	54	beginning	begin	VERB
ajfa-194	182	55	aggregate	aggregate	ADJ
ajfa-194	182	56	quasi	quasi	ADJ
ajfa-194	182	57	-	-	ADJ
ajfa-194	182	58	indexing	indexing	ADJ
ajfa-194	182	59	institutional	institutional	ADJ
ajfa-194	182	60	holdings	holding	NOUN
ajfa-194	182	61	)	)	PUNCT
ajfa-194	182	62	.	.	PUNCT
ajfa-194	183	1	interestingly	interestingly	ADV
ajfa-194	183	2	,	,	PUNCT
ajfa-194	183	3	dedicated	dedicated	ADJ
ajfa-194	183	4	investors	investor	NOUN
ajfa-194	183	5	appear	appear	VERB
ajfa-194	183	6	to	to	PART
ajfa-194	183	7	increase	increase	VERB
ajfa-194	183	8	their	their	PRON
ajfa-194	183	9	holdings	holding	NOUN
ajfa-194	183	10	by	by	ADP
ajfa-194	183	11	0.46	0.46	NUM
ajfa-194	183	12	%	%	NOUN
ajfa-194	183	13	of	of	ADP
ajfa-194	183	14	the	the	DET
ajfa-194	183	15	restating	restate	VERB
ajfa-194	183	16	firm‟s	firm‟s	NOUN
ajfa-194	183	17	shares	share	NOUN
ajfa-194	183	18	outstanding	outstanding	ADJ
ajfa-194	183	19	in	in	ADP
ajfa-194	183	20	the	the	DET
ajfa-194	183	21	quarter	quarter	NOUN
ajfa-194	183	22	prior	prior	ADV
ajfa-194	183	23	to	to	ADP
ajfa-194	183	24	the	the	DET
ajfa-194	183	25	restatement	restatement	NOUN
ajfa-194	183	26	,	,	PUNCT
ajfa-194	183	27	and	and	CCONJ
ajfa-194	183	28	this	this	DET
ajfa-194	183	29	increase	increase	NOUN
ajfa-194	183	30	in	in	ADP
ajfa-194	183	31	holdings	holding	NOUN
ajfa-194	183	32	corresponds	correspond	VERB
ajfa-194	183	33	to	to	ADP
ajfa-194	183	34	4.3	4.3	NUM
ajfa-194	183	35	%	%	NOUN
ajfa-194	183	36	of	of	ADP
ajfa-194	183	37	the	the	DET
ajfa-194	183	38	restating	restate	VERB
ajfa-194	183	39	firm‟s	firm‟s	NOUN
ajfa-194	183	40	aggregate	aggregate	ADJ
ajfa-194	183	41	dedicated	dedicated	ADJ
ajfa-194	183	42	institutional	institutional	ADJ
ajfa-194	183	43	holdings	holding	NOUN
ajfa-194	183	44	(	(	PUNCT
ajfa-194	183	45	=	=	NOUN
ajfa-194	183	46	0.46%/10.78	0.46%/10.78	NOUN
ajfa-194	183	47	%	%	NOUN
ajfa-194	183	48	,	,	PUNCT
ajfa-194	183	49	10.78	10.78	NUM
ajfa-194	183	50	%	%	NOUN
ajfa-194	183	51	is	be	AUX
ajfa-194	183	52	the	the	DET
ajfa-194	183	53	mean	mean	NOUN
ajfa-194	183	54	of	of	ADP
ajfa-194	183	55	the	the	DET
ajfa-194	183	56	restating	restate	VERB
ajfa-194	183	57	firms‟	firms‟	NOUN
ajfa-194	183	58	beginning	begin	VERB
ajfa-194	183	59	aggregate	aggregate	ADJ
ajfa-194	183	60	dedicated	dedicated	ADJ
ajfa-194	183	61	institutional	institutional	ADJ
ajfa-194	183	62	holdings	holding	NOUN
ajfa-194	183	63	)	)	PUNCT
ajfa-194	183	64	.	.	PUNCT
ajfa-194	184	1	one	one	NUM
ajfa-194	184	2	possibility	possibility	NOUN
ajfa-194	184	3	is	be	AUX
ajfa-194	184	4	that	that	SCONJ
ajfa-194	184	5	dedicated	dedicated	ADJ
ajfa-194	184	6	investors	investor	NOUN
ajfa-194	184	7	are	be	AUX
ajfa-194	184	8	committed	commit	VERB
ajfa-194	184	9	to	to	ADP
ajfa-194	184	10	firms	firm	NOUN
ajfa-194	184	11	for	for	ADP
ajfa-194	184	12	the	the	DET
ajfa-194	184	13	long	long	ADJ
ajfa-194	184	14	term	term	NOUN
ajfa-194	184	15	and	and	CCONJ
ajfa-194	184	16	,	,	PUNCT
ajfa-194	184	17	conditional	conditional	ADJ
ajfa-194	184	18	on	on	ADP
ajfa-194	184	19	not	not	PART
ajfa-194	184	20	knowing	know	VERB
ajfa-194	184	21	whether	whether	SCONJ
ajfa-194	184	22	a	a	DET
ajfa-194	184	23	firm	firm	NOUN
ajfa-194	184	24	will	will	AUX
ajfa-194	184	25	restate	restate	VERB
ajfa-194	184	26	,	,	PUNCT
ajfa-194	184	27	the	the	DET
ajfa-194	184	28	decline	decline	NOUN
ajfa-194	184	29	in	in	ADP
ajfa-194	184	30	share	share	NOUN
ajfa-194	184	31	price	price	NOUN
ajfa-194	184	32	of	of	ADP
ajfa-194	184	33	restating	restate	VERB
ajfa-194	184	34	companies	company	NOUN
ajfa-194	184	35	in	in	ADP
ajfa-194	184	36	the	the	DET
ajfa-194	184	37	quarter	quarter	NOUN
ajfa-194	184	38	prior	prior	ADV
ajfa-194	184	39	to	to	ADP
ajfa-194	184	40	a	a	DET
ajfa-194	184	41	restatement	restatement	NOUN
ajfa-194	184	42	makes	make	VERB
ajfa-194	184	43	it	it	PRON
ajfa-194	184	44	a	a	DET
ajfa-194	184	45	relatively	relatively	ADV
ajfa-194	184	46	attractive	attractive	ADJ
ajfa-194	184	47	time	time	NOUN
ajfa-194	184	48	to	to	PART
ajfa-194	184	49	purchase	purchase	VERB
ajfa-194	184	50	shares	share	NOUN
ajfa-194	184	51	.	.	PUNCT
ajfa-194	185	1	8	8	NUM
ajfa-194	185	2	this	this	DET
ajfa-194	185	3	result	result	NOUN
ajfa-194	185	4	suggests	suggest	VERB
ajfa-194	185	5	that	that	SCONJ
ajfa-194	185	6	it	it	PRON
ajfa-194	185	7	is	be	AUX
ajfa-194	185	8	unlikely	unlikely	ADJ
ajfa-194	185	9	that	that	SCONJ
ajfa-194	185	10	management	management	NOUN
ajfa-194	185	11	has	have	AUX
ajfa-194	185	12	privately	privately	ADV
ajfa-194	185	13	communicated	communicate	VERB
ajfa-194	185	14	the	the	DET
ajfa-194	185	15	possibility	possibility	NOUN
ajfa-194	185	16	of	of	ADP
ajfa-194	185	17	future	future	ADJ
ajfa-194	185	18	bad	bad	ADJ
ajfa-194	185	19	news	news	NOUN
ajfa-194	185	20	,	,	PUNCT
ajfa-194	185	21	because	because	SCONJ
ajfa-194	185	22	all	all	DET
ajfa-194	185	23	types	type	NOUN
ajfa-194	185	24	of	of	ADP
ajfa-194	185	25	institutions	institution	NOUN
ajfa-194	185	26	reduce	reduce	VERB
ajfa-194	185	27	their	their	PRON
ajfa-194	185	28	holdings	holding	NOUN
ajfa-194	185	29	after	after	SCONJ
ajfa-194	185	30	the	the	DET
ajfa-194	185	31	restatement	restatement	NOUN
ajfa-194	185	32	is	be	AUX
ajfa-194	185	33	announced	announce	VERB
ajfa-194	185	34	.	.	PUNCT
ajfa-194	186	1	overall	overall	ADV
ajfa-194	186	2	,	,	PUNCT
ajfa-194	186	3	the	the	DET
ajfa-194	186	4	pattern	pattern	NOUN
ajfa-194	186	5	of	of	ADP
ajfa-194	186	6	the	the	DET
ajfa-194	186	7	mean	mean	ADV
ajfa-194	186	8	-	-	PUNCT
ajfa-194	186	9	adjusted	adjust	VERB
ajfa-194	186	10	changes	change	NOUN
ajfa-194	186	11	in	in	ADP
ajfa-194	186	12	holdings	holding	NOUN
ajfa-194	186	13	suggest	suggest	VERB
ajfa-194	186	14	that	that	SCONJ
ajfa-194	186	15	all	all	DET
ajfa-194	186	16	types	type	NOUN
ajfa-194	186	17	of	of	ADP
ajfa-194	186	18	institutional	institutional	ADJ
ajfa-194	186	19	investors	investor	NOUN
ajfa-194	186	20	sell	sell	VERB
ajfa-194	186	21	shares	share	NOUN
ajfa-194	186	22	in	in	ADP
ajfa-194	186	23	the	the	DET
ajfa-194	186	24	quarter	quarter	NOUN
ajfa-194	186	25	of	of	ADP
ajfa-194	186	26	the	the	DET
ajfa-194	186	27	restatement	restatement	NOUN
ajfa-194	186	28	,	,	PUNCT
ajfa-194	186	29	but	but	CCONJ
ajfa-194	186	30	it	it	PRON
ajfa-194	186	31	is	be	AUX
ajfa-194	186	32	primarily	primarily	ADV
ajfa-194	186	33	the	the	DET
ajfa-194	186	34	transient	transient	ADJ
ajfa-194	186	35	institutions	institution	NOUN
ajfa-194	186	36	that	that	PRON
ajfa-194	186	37	appear	appear	VERB
ajfa-194	186	38	to	to	PART
ajfa-194	186	39	sell	sell	VERB
ajfa-194	186	40	more	more	ADJ
ajfa-194	186	41	holdings	holding	NOUN
ajfa-194	186	42	one	one	NUM
ajfa-194	186	43	quarter	quarter	NOUN
ajfa-194	186	44	in	in	ADP
ajfa-194	186	45	advance	advance	NOUN
ajfa-194	186	46	.	.	PUNCT
ajfa-194	187	1	t	t	PROPN
ajfa-194	187	2	8	8	NUM
ajfa-194	187	3	currently	currently	ADV
ajfa-194	187	4	,	,	PUNCT
ajfa-194	187	5	our	our	PRON
ajfa-194	187	6	tests	test	NOUN
ajfa-194	187	7	can	can	AUX
ajfa-194	187	8	not	not	PART
ajfa-194	187	9	say	say	VERB
ajfa-194	187	10	whether	whether	SCONJ
ajfa-194	187	11	transient	transient	ADJ
ajfa-194	187	12	or	or	CCONJ
ajfa-194	187	13	dedicated	dedicated	ADJ
ajfa-194	187	14	investors	investor	NOUN
ajfa-194	187	15	have	have	VERB
ajfa-194	187	16	a	a	DET
ajfa-194	187	17	„	„	PUNCT
ajfa-194	187	18	better‟	better‟	X
ajfa-194	187	19	investment	investment	NOUN
ajfa-194	187	20	strategy	strategy	NOUN
ajfa-194	187	21	,	,	PUNCT
ajfa-194	187	22	because	because	SCONJ
ajfa-194	187	23	we	we	PRON
ajfa-194	187	24	do	do	AUX
ajfa-194	187	25	not	not	PART
ajfa-194	187	26	have	have	VERB
ajfa-194	187	27	a	a	DET
ajfa-194	187	28	sample	sample	NOUN
ajfa-194	187	29	of	of	ADP
ajfa-194	187	30	firms	firm	NOUN
ajfa-194	187	31	that	that	PRON
ajfa-194	187	32	have	have	VERB
ajfa-194	187	33	the	the	DET
ajfa-194	187	34	characteristics	characteristic	NOUN
ajfa-194	187	35	of	of	ADP
ajfa-194	187	36	restating	restate	VERB
ajfa-194	187	37	firms	firm	NOUN
ajfa-194	187	38	that	that	PRON
ajfa-194	187	39	never	never	ADV
ajfa-194	187	40	end	end	VERB
ajfa-194	187	41	up	up	ADP
ajfa-194	187	42	having	have	VERB
ajfa-194	187	43	a	a	DET
ajfa-194	187	44	restatement	restatement	NOUN
ajfa-194	187	45	.	.	PUNCT
ajfa-194	188	1	therefore	therefore	ADV
ajfa-194	188	2	,	,	PUNCT
ajfa-194	188	3	our	our	PRON
ajfa-194	188	4	paper	paper	NOUN
ajfa-194	188	5	is	be	AUX
ajfa-194	188	6	not	not	PART
ajfa-194	188	7	intended	intend	VERB
ajfa-194	188	8	to	to	PART
ajfa-194	188	9	say	say	VERB
ajfa-194	188	10	that	that	SCONJ
ajfa-194	188	11	transient	transient	ADJ
ajfa-194	188	12	institutions	institution	NOUN
ajfa-194	188	13	are	be	AUX
ajfa-194	188	14	more	more	ADV
ajfa-194	188	15	sophisticated	sophisticated	ADJ
ajfa-194	188	16	or	or	CCONJ
ajfa-194	188	17	follow	follow	VERB
ajfa-194	188	18	a	a	DET
ajfa-194	188	19	better	well	ADJ
ajfa-194	188	20	investment	investment	NOUN
ajfa-194	188	21	strategy	strategy	NOUN
ajfa-194	188	22	by	by	ADP
ajfa-194	188	23	reducing	reduce	VERB
ajfa-194	188	24	their	their	PRON
ajfa-194	188	25	holdings	holding	NOUN
ajfa-194	188	26	prior	prior	ADV
ajfa-194	188	27	to	to	ADP
ajfa-194	188	28	the	the	DET
ajfa-194	188	29	restatement	restatement	NOUN
ajfa-194	188	30	,	,	PUNCT
ajfa-194	188	31	because	because	SCONJ
ajfa-194	188	32	our	our	PRON
ajfa-194	188	33	sample	sample	NOUN
ajfa-194	188	34	is	be	AUX
ajfa-194	188	35	composed	compose	VERB
ajfa-194	188	36	of	of	ADP
ajfa-194	188	37	only	only	ADV
ajfa-194	188	38	ex	ex	ADJ
ajfa-194	188	39	-	-	ADJ
ajfa-194	188	40	post	post	ADJ
ajfa-194	188	41	restatement	restatement	NOUN
ajfa-194	188	42	firms	firm	NOUN
ajfa-194	188	43	.	.	PUNCT
ajfa-194	189	1	it	it	PRON
ajfa-194	189	2	could	could	AUX
ajfa-194	189	3	well	well	ADV
ajfa-194	189	4	be	be	AUX
ajfa-194	189	5	that	that	SCONJ
ajfa-194	189	6	across	across	ADP
ajfa-194	189	7	all	all	DET
ajfa-194	189	8	firms	firm	NOUN
ajfa-194	189	9	,	,	PUNCT
ajfa-194	189	10	buying	buy	VERB
ajfa-194	189	11	firms	firm	NOUN
ajfa-194	189	12	with	with	ADP
ajfa-194	189	13	the	the	DET
ajfa-194	189	14	characteristics	characteristic	NOUN
ajfa-194	189	15	of	of	ADP
ajfa-194	189	16	a	a	DET
ajfa-194	189	17	restating	restate	VERB
ajfa-194	189	18	firm	firm	NOUN
ajfa-194	189	19	in	in	ADP
ajfa-194	189	20	the	the	DET
ajfa-194	189	21	quarter	quarter	NOUN
ajfa-194	189	22	prior	prior	ADV
ajfa-194	189	23	to	to	ADP
ajfa-194	189	24	the	the	DET
ajfa-194	189	25	restatement	restatement	NOUN
ajfa-194	189	26	is	be	AUX
ajfa-194	189	27	a	a	DET
ajfa-194	189	28	better	well	ADJ
ajfa-194	189	29	investment	investment	NOUN
ajfa-194	189	30	strategy	strategy	NOUN
ajfa-194	189	31	than	than	ADP
ajfa-194	189	32	selling	sell	VERB
ajfa-194	189	33	these	these	DET
ajfa-194	189	34	firms	firm	NOUN
ajfa-194	189	35	,	,	PUNCT
ajfa-194	189	36	depending	depend	VERB
ajfa-194	189	37	on	on	ADP
ajfa-194	189	38	the	the	DET
ajfa-194	189	39	number	number	NOUN
ajfa-194	189	40	of	of	ADP
ajfa-194	189	41	firms	firm	NOUN
ajfa-194	189	42	that	that	PRON
ajfa-194	189	43	share	share	VERB
ajfa-194	189	44	these	these	DET
ajfa-194	189	45	characteristics	characteristic	NOUN
ajfa-194	189	46	and	and	CCONJ
ajfa-194	189	47	the	the	DET
ajfa-194	189	48	difference	difference	NOUN
ajfa-194	189	49	in	in	ADP
ajfa-194	189	50	stock	stock	NOUN
ajfa-194	189	51	returns	return	NOUN
ajfa-194	189	52	if	if	SCONJ
ajfa-194	189	53	a	a	DET
ajfa-194	189	54	firm	firm	NOUN
ajfa-194	189	55	restates	restate	VERB
ajfa-194	189	56	or	or	CCONJ
ajfa-194	189	57	not	not	PART
ajfa-194	189	58	.	.	PUNCT
ajfa-194	190	1	we	we	PRON
ajfa-194	190	2	leave	leave	VERB
ajfa-194	190	3	this	this	DET
ajfa-194	190	4	question	question	NOUN
ajfa-194	190	5	to	to	ADP
ajfa-194	190	6	future	future	ADJ
ajfa-194	190	7	research	research	NOUN
ajfa-194	190	8	.	.	PUNCT
ajfa-194	191	1	asian	asian	ADJ
ajfa-194	191	2	journal	journal	PROPN
ajfa-194	191	3	of	of	ADP
ajfa-194	191	4	finance	finance	PROPN
ajfa-194	191	5	&	&	CCONJ
ajfa-194	191	6	accounting	accounting	PROPN
ajfa-194	191	7	issn	issn	PROPN
ajfa-194	191	8	1946	1946	NUM
ajfa-194	191	9	-	-	PUNCT
ajfa-194	191	10	052x	052x	NOUN
ajfa-194	191	11	2009	2009	NUM
ajfa-194	191	12	,	,	PUNCT
ajfa-194	191	13	vol	vol	NOUN
ajfa-194	191	14	.	.	PROPN
ajfa-194	191	15	1	1	NUM
ajfa-194	191	16	,	,	PUNCT
ajfa-194	191	17	no	no	INTJ
ajfa-194	191	18	.	.	NOUN
ajfa-194	191	19	2	2	NUM
ajfa-194	191	20	:	:	PUNCT
ajfa-194	191	21	e4	e4	PROPN
ajfa-194	191	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	191	23	87	87	NUM
ajfa-194	191	24	panel	panel	NOUN
ajfa-194	191	25	a.	a.	NOUN
ajfa-194	191	26	total	total	NOUN
ajfa-194	191	27	institutional	institutional	ADJ
ajfa-194	191	28	holdings	holding	NOUN
ajfa-194	191	29	panel	panel	PROPN
ajfa-194	191	30	b.	b.	PROPN
ajfa-194	191	31	by	by	ADP
ajfa-194	191	32	institutional	institutional	ADJ
ajfa-194	191	33	type	type	NOUN
ajfa-194	192	1	-2	-2	INTJ
ajfa-194	192	2	-1.5	-1.5	NUM
ajfa-194	192	3	-1	-1	PROPN
ajfa-194	192	4	-0.5	-0.5	X
ajfa-194	192	5	0	0	NUM
ajfa-194	192	6	0.5	0.5	NUM
ajfa-194	192	7	1	1	NUM
ajfa-194	192	8	-4	-4	PRON
ajfa-194	192	9	-3	-3	INTJ
ajfa-194	192	10	-2	-2	INTJ
ajfa-194	192	11	-1	-1	SYM
ajfa-194	192	12	0	0	NUM
ajfa-194	192	13	1	1	NUM
ajfa-194	192	14	2	2	NUM
ajfa-194	192	15	3	3	NUM
ajfa-194	192	16	4	4	NUM
ajfa-194	192	17	quarter	quarter	NOUN
ajfa-194	192	18	relative	relative	ADJ
ajfa-194	192	19	to	to	ADP
ajfa-194	192	20	the	the	DET
ajfa-194	192	21	restatement	restatement	NOUN
ajfa-194	192	22	m	m	VERB
ajfa-194	192	23	e	e	NOUN
ajfa-194	192	24	a	a	DET
ajfa-194	192	25	n	n	PRON
ajfa-194	192	26	-a	-a	PROPN
ajfa-194	192	27	d	d	PROPN
ajfa-194	192	28	ju	ju	PROPN
ajfa-194	193	1	st	st	PROPN
ajfa-194	193	2	e	e	PROPN
ajfa-194	193	3	d	d	PROPN
ajfa-194	193	4	c	c	PROPN
ajfa-194	193	5	h	h	NOUN
ajfa-194	193	6	a	a	PRON
ajfa-194	193	7	n	n	NOUN
ajfa-194	193	8	g	g	NOUN
ajfa-194	193	9	e	e	NOUN
ajfa-194	194	1	i	i	PRON
ajfa-194	194	2	n	n	VERB
ajfa-194	194	3	t	t	X
ajfa-194	194	4	o	o	X
ajfa-194	194	5	ta	ta	ADP
ajfa-194	194	6	l	l	PROPN
ajfa-194	194	7	in	in	ADP
ajfa-194	194	8	st	st	PROPN
ajfa-194	195	1	it	it	PRON
ajfa-194	195	2	u	u	NOUN
ajfa-194	195	3	ti	ti	NOUN
ajfa-194	195	4	o	o	NOUN
ajfa-194	195	5	n	n	CCONJ
ajfa-194	195	6	a	a	DET
ajfa-194	195	7	l	l	NOUN
ajfa-194	195	8	h	h	NOUN
ajfa-194	195	9	o	o	X
ajfa-194	195	10	ld	ld	NOUN
ajfa-194	195	11	in	in	ADP
ajfa-194	195	12	g	g	PROPN
ajfa-194	195	13	s	s	PART
ajfa-194	195	14	o	o	X
ajfa-194	195	15	f	f	X
ajfa-194	195	16	th	th	X
ajfa-194	195	17	e	e	X
ajfa-194	195	18	f	f	PROPN
ajfa-194	195	19	ir	ir	PROPN
ajfa-194	195	20	m	m	PROPN
ajfa-194	195	21	's	's	PART
ajfa-194	195	22	s	s	PROPN
ajfa-194	195	23	h	h	NOUN
ajfa-194	195	24	a	a	DET
ajfa-194	195	25	r	r	NOUN
ajfa-194	195	26	e	e	NOUN
ajfa-194	195	27	s	s	NOUN
ajfa-194	195	28	o	o	X
ajfa-194	195	29	u	u	NOUN
ajfa-194	195	30	ts	ts	ADP
ajfa-194	195	31	ta	ta	ADP
ajfa-194	195	32	n	n	PROPN
ajfa-194	195	33	d	d	PROPN
ajfa-194	195	34	in	in	ADP
ajfa-194	195	35	g	g	PROPN
ajfa-194	195	36	(	(	PUNCT
ajfa-194	195	37	%	%	NOUN
ajfa-194	195	38	)	)	PUNCT
ajfa-194	195	39	-1.4	-1.4	NOUN
ajfa-194	195	40	-1.2	-1.2	NOUN
ajfa-194	195	41	-1	-1	PROPN
ajfa-194	195	42	-0.8	-0.8	PROPN
ajfa-194	195	43	-0.6	-0.6	X
ajfa-194	195	44	-0.4	-0.4	X
ajfa-194	195	45	-0.2	-0.2	PROPN
ajfa-194	195	46	0	0	NUM
ajfa-194	195	47	0.2	0.2	NUM
ajfa-194	195	48	0.4	0.4	NUM
ajfa-194	195	49	0.6	0.6	NUM
ajfa-194	195	50	-4	-4	INTJ
ajfa-194	195	51	-3	-3	INTJ
ajfa-194	195	52	-2	-2	INTJ
ajfa-194	196	1	-1	-1	SYM
ajfa-194	196	2	0	0	NUM
ajfa-194	196	3	1	1	NUM
ajfa-194	196	4	2	2	NUM
ajfa-194	196	5	3	3	NUM
ajfa-194	196	6	4	4	NUM
ajfa-194	196	7	quarter	quarter	NOUN
ajfa-194	196	8	relative	relative	ADJ
ajfa-194	196	9	to	to	ADP
ajfa-194	196	10	the	the	DET
ajfa-194	196	11	restatement	restatement	NOUN
ajfa-194	196	12	m	m	VERB
ajfa-194	196	13	e	e	NOUN
ajfa-194	196	14	a	a	DET
ajfa-194	196	15	n	n	NOUN
ajfa-194	196	16	a	a	PRON
ajfa-194	196	17	d	d	X
ajfa-194	196	18	ju	ju	PROPN
ajfa-194	197	1	st	st	PROPN
ajfa-194	197	2	e	e	PROPN
ajfa-194	197	3	d	d	PROPN
ajfa-194	197	4	c	c	PROPN
ajfa-194	197	5	h	h	NOUN
ajfa-194	197	6	a	a	PRON
ajfa-194	197	7	n	n	NOUN
ajfa-194	197	8	g	g	NOUN
ajfa-194	197	9	e	e	NOUN
ajfa-194	197	10	i	i	PRON
ajfa-194	197	11	n	n	PROPN
ajfa-194	197	12	a	a	DET
ajfa-194	197	13	g	g	NOUN
ajfa-194	197	14	g	g	NOUN
ajfa-194	197	15	r	r	NOUN
ajfa-194	197	16	e	e	PROPN
ajfa-194	197	17	g	g	NOUN
ajfa-194	197	18	a	a	PRON
ajfa-194	197	19	te	te	ADP
ajfa-194	198	1	i	i	PRON
ajfa-194	198	2	n	n	PROPN
ajfa-194	198	3	st	st	VERB
ajfa-194	198	4	it	it	PRON
ajfa-194	198	5	u	u	NOUN
ajfa-194	198	6	ti	ti	NOUN
ajfa-194	198	7	o	o	NOUN
ajfa-194	198	8	n	n	CCONJ
ajfa-194	198	9	a	a	DET
ajfa-194	198	10	l	l	NOUN
ajfa-194	198	11	h	h	NOUN
ajfa-194	198	12	o	o	X
ajfa-194	198	13	ld	ld	NOUN
ajfa-194	198	14	in	in	ADP
ajfa-194	198	15	g	g	PROPN
ajfa-194	198	16	s	s	PART
ajfa-194	198	17	o	o	X
ajfa-194	198	18	f	f	X
ajfa-194	198	19	th	th	X
ajfa-194	198	20	e	e	X
ajfa-194	198	21	f	f	PROPN
ajfa-194	198	22	ir	ir	PROPN
ajfa-194	198	23	m	m	PROPN
ajfa-194	198	24	's	's	PART
ajfa-194	198	25	s	s	PROPN
ajfa-194	198	26	h	h	NOUN
ajfa-194	198	27	a	a	DET
ajfa-194	198	28	r	r	NOUN
ajfa-194	199	1	e	e	NOUN
ajfa-194	199	2	s	s	NOUN
ajfa-194	199	3	o	o	X
ajfa-194	199	4	u	u	NOUN
ajfa-194	199	5	ts	ts	ADP
ajfa-194	199	6	ta	ta	ADP
ajfa-194	199	7	n	n	PROPN
ajfa-194	199	8	d	d	PROPN
ajfa-194	199	9	in	in	ADP
ajfa-194	199	10	g	g	PROPN
ajfa-194	199	11	(	(	PUNCT
ajfa-194	199	12	%	%	NOUN
ajfa-194	199	13	)	)	PUNCT
ajfa-194	199	14	transient	transient	ADJ
ajfa-194	199	15	dedicated	dedicated	ADJ
ajfa-194	199	16	quasi	quasi	ADJ
ajfa-194	199	17	-	-	ADJ
ajfa-194	199	18	index	index	ADJ
ajfa-194	199	19	asian	asian	ADJ
ajfa-194	199	20	journal	journal	NOUN
ajfa-194	199	21	of	of	ADP
ajfa-194	199	22	finance	finance	PROPN
ajfa-194	199	23	&	&	CCONJ
ajfa-194	199	24	accounting	accounting	PROPN
ajfa-194	199	25	issn	issn	PROPN
ajfa-194	199	26	1946	1946	NUM
ajfa-194	199	27	-	-	PUNCT
ajfa-194	199	28	052x	052x	NOUN
ajfa-194	199	29	2009	2009	NUM
ajfa-194	199	30	,	,	PUNCT
ajfa-194	199	31	vol	vol	NOUN
ajfa-194	199	32	.	.	PROPN
ajfa-194	199	33	1	1	NUM
ajfa-194	199	34	,	,	PUNCT
ajfa-194	199	35	no	no	INTJ
ajfa-194	199	36	.	.	NOUN
ajfa-194	199	37	2	2	NUM
ajfa-194	199	38	:	:	PUNCT
ajfa-194	199	39	e4	e4	PROPN
ajfa-194	199	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	199	41	88	88	NUM
ajfa-194	199	42	figure	figure	NOUN
ajfa-194	199	43	1	1	NUM
ajfa-194	199	44	.	.	PUNCT
ajfa-194	200	1	mean	mean	ADJ
ajfa-194	200	2	-	-	PUNCT
ajfa-194	200	3	adjusted	adjust	VERB
ajfa-194	200	4	change	change	NOUN
ajfa-194	200	5	in	in	ADP
ajfa-194	200	6	institutional	institutional	ADJ
ajfa-194	200	7	holdings	holding	NOUN
ajfa-194	200	8	of	of	ADP
ajfa-194	200	9	the	the	DET
ajfa-194	200	10	restating	restate	VERB
ajfa-194	200	11	firms‟	firms‟	NOUN
ajfa-194	200	12	shares	share	NOUN
ajfa-194	200	13	outstanding	outstanding	ADJ
ajfa-194	200	14	relative	relative	NOUN
ajfa-194	200	15	to	to	ADP
ajfa-194	200	16	the	the	DET
ajfa-194	200	17	quarter	quarter	NOUN
ajfa-194	200	18	of	of	ADP
ajfa-194	200	19	an	an	DET
ajfa-194	200	20	accounting	accounting	NOUN
ajfa-194	200	21	restatement	restatement	NOUN
ajfa-194	200	22	because	because	SCONJ
ajfa-194	200	23	there	there	PRON
ajfa-194	200	24	are	be	VERB
ajfa-194	200	25	additional	additional	ADJ
ajfa-194	200	26	factors	factor	NOUN
ajfa-194	200	27	that	that	PRON
ajfa-194	200	28	may	may	AUX
ajfa-194	200	29	be	be	AUX
ajfa-194	200	30	associated	associate	VERB
ajfa-194	200	31	with	with	ADP
ajfa-194	200	32	changes	change	NOUN
ajfa-194	200	33	in	in	ADP
ajfa-194	200	34	institutional	institutional	ADJ
ajfa-194	200	35	holdings	holding	NOUN
ajfa-194	200	36	,	,	PUNCT
ajfa-194	200	37	our	our	PRON
ajfa-194	200	38	formal	formal	ADJ
ajfa-194	200	39	examination	examination	NOUN
ajfa-194	200	40	of	of	ADP
ajfa-194	200	41	the	the	DET
ajfa-194	200	42	first	first	ADJ
ajfa-194	200	43	research	research	NOUN
ajfa-194	200	44	question	question	NOUN
ajfa-194	200	45	uses	use	VERB
ajfa-194	200	46	a	a	DET
ajfa-194	200	47	regression	regression	NOUN
ajfa-194	200	48	design	design	NOUN
ajfa-194	200	49	that	that	PRON
ajfa-194	200	50	allows	allow	VERB
ajfa-194	200	51	us	we	PRON
ajfa-194	200	52	to	to	PART
ajfa-194	200	53	include	include	VERB
ajfa-194	200	54	a	a	DET
ajfa-194	200	55	number	number	NOUN
ajfa-194	200	56	of	of	ADP
ajfa-194	200	57	other	other	ADJ
ajfa-194	200	58	determinants	determinant	NOUN
ajfa-194	200	59	of	of	ADP
ajfa-194	200	60	institutional	institutional	ADJ
ajfa-194	200	61	trading	trading	NOUN
ajfa-194	200	62	.	.	PUNCT
ajfa-194	201	1	to	to	PART
ajfa-194	201	2	establish	establish	VERB
ajfa-194	201	3	the	the	DET
ajfa-194	201	4	statistical	statistical	ADJ
ajfa-194	201	5	significance	significance	NOUN
ajfa-194	201	6	of	of	ADP
ajfa-194	201	7	the	the	DET
ajfa-194	201	8	changes	change	NOUN
ajfa-194	201	9	in	in	ADP
ajfa-194	201	10	holdings	holding	NOUN
ajfa-194	201	11	in	in	ADP
ajfa-194	201	12	the	the	DET
ajfa-194	201	13	quarters	quarter	NOUN
ajfa-194	201	14	prior	prior	ADV
ajfa-194	201	15	to	to	ADP
ajfa-194	201	16	the	the	DET
ajfa-194	201	17	restatement	restatement	NOUN
ajfa-194	201	18	,	,	PUNCT
ajfa-194	201	19	we	we	PRON
ajfa-194	201	20	use	use	VERB
ajfa-194	201	21	the	the	DET
ajfa-194	201	22	firm	firm	NOUN
ajfa-194	201	23	as	as	ADP
ajfa-194	201	24	its	its	PRON
ajfa-194	201	25	own	own	ADJ
ajfa-194	201	26	control	control	NOUN
ajfa-194	201	27	.	.	PUNCT
ajfa-194	202	1	in	in	ADP
ajfa-194	202	2	particular	particular	ADJ
ajfa-194	202	3	,	,	PUNCT
ajfa-194	202	4	we	we	PRON
ajfa-194	202	5	acquire	acquire	VERB
ajfa-194	202	6	data	datum	NOUN
ajfa-194	202	7	for	for	ADP
ajfa-194	202	8	each	each	DET
ajfa-194	202	9	restating	restate	VERB
ajfa-194	202	10	firm	firm	NOUN
ajfa-194	202	11	for	for	ADP
ajfa-194	202	12	9	9	NUM
ajfa-194	202	13	quarters	quarter	NOUN
ajfa-194	202	14	,	,	PUNCT
ajfa-194	202	15	centered	center	VERB
ajfa-194	202	16	on	on	ADP
ajfa-194	202	17	the	the	DET
ajfa-194	202	18	restatement	restatement	NOUN
ajfa-194	202	19	announcement	announcement	NOUN
ajfa-194	202	20	quarter	quarter	NOUN
ajfa-194	202	21	,	,	PUNCT
ajfa-194	202	22	and	and	CCONJ
ajfa-194	202	23	measure	measure	VERB
ajfa-194	202	24	the	the	DET
ajfa-194	202	25	changes	change	NOUN
ajfa-194	202	26	in	in	ADP
ajfa-194	202	27	institutional	institutional	ADJ
ajfa-194	202	28	holdings	holding	NOUN
ajfa-194	202	29	in	in	ADP
ajfa-194	202	30	the	the	DET
ajfa-194	202	31	quarters	quarter	NOUN
ajfa-194	202	32	of	of	ADP
ajfa-194	202	33	interest	interest	NOUN
ajfa-194	202	34	relative	relative	ADJ
ajfa-194	202	35	to	to	ADP
ajfa-194	202	36	average	average	ADJ
ajfa-194	202	37	changes	change	NOUN
ajfa-194	202	38	in	in	ADP
ajfa-194	202	39	holdings	holding	NOUN
ajfa-194	202	40	.	.	PUNCT
ajfa-194	203	1	we	we	PRON
ajfa-194	203	2	choose	choose	VERB
ajfa-194	203	3	9	9	NUM
ajfa-194	203	4	quarters	quarter	NOUN
ajfa-194	203	5	centered	center	VERB
ajfa-194	203	6	on	on	ADP
ajfa-194	203	7	the	the	DET
ajfa-194	203	8	restatement	restatement	NOUN
ajfa-194	203	9	announcement	announcement	NOUN
ajfa-194	203	10	quarter	quarter	NOUN
ajfa-194	203	11	(	(	PUNCT
ajfa-194	203	12	i.e.	i.e.	X
ajfa-194	203	13	,	,	PUNCT
ajfa-194	203	14	-4	-4	INTJ
ajfa-194	203	15	to	to	ADP
ajfa-194	203	16	4	4	NUM
ajfa-194	203	17	quarters	quarter	NOUN
ajfa-194	203	18	around	around	ADP
ajfa-194	203	19	the	the	DET
ajfa-194	203	20	restatement	restatement	NOUN
ajfa-194	203	21	announcement	announcement	NOUN
ajfa-194	203	22	quarter	quarter	NOUN
ajfa-194	203	23	)	)	PUNCT
ajfa-194	203	24	following	follow	VERB
ajfa-194	203	25	prior	prior	ADJ
ajfa-194	203	26	work	work	NOUN
ajfa-194	203	27	(	(	PUNCT
ajfa-194	203	28	e.g.	e.g.	ADV
ajfa-194	203	29	,	,	PUNCT
ajfa-194	203	30	abarbanell	abarbanell	INTJ
ajfa-194	203	31	,	,	PUNCT
ajfa-194	203	32	bushee	bushee	NOUN
ajfa-194	203	33	,	,	PUNCT
ajfa-194	203	34	and	and	CCONJ
ajfa-194	203	35	raedy	raedy	ADJ
ajfa-194	203	36	,	,	PUNCT
ajfa-194	203	37	2003	2003	NUM
ajfa-194	203	38	)	)	PUNCT
ajfa-194	203	39	.	.	PUNCT
ajfa-194	204	1	we	we	PRON
ajfa-194	204	2	use	use	VERB
ajfa-194	204	3	this	this	DET
ajfa-194	204	4	approach	approach	NOUN
ajfa-194	204	5	instead	instead	ADV
ajfa-194	204	6	of	of	ADP
ajfa-194	204	7	a	a	DET
ajfa-194	204	8	matched	match	VERB
ajfa-194	204	9	sample	sample	NOUN
ajfa-194	204	10	or	or	CCONJ
ajfa-194	204	11	cross	cross	ADJ
ajfa-194	204	12	-	-	ADJ
ajfa-194	204	13	sectional	sectional	ADJ
ajfa-194	204	14	design	design	NOUN
ajfa-194	204	15	for	for	ADP
ajfa-194	204	16	two	two	NUM
ajfa-194	204	17	main	main	ADJ
ajfa-194	204	18	reasons	reason	NOUN
ajfa-194	204	19	.	.	PUNCT
ajfa-194	205	1	first	first	ADV
ajfa-194	205	2	,	,	PUNCT
ajfa-194	205	3	using	use	VERB
ajfa-194	205	4	the	the	DET
ajfa-194	205	5	firm	firm	NOUN
ajfa-194	205	6	as	as	ADP
ajfa-194	205	7	its	its	PRON
ajfa-194	205	8	own	own	ADJ
ajfa-194	205	9	control	control	NOUN
ajfa-194	205	10	and	and	CCONJ
ajfa-194	205	11	measuring	measure	VERB
ajfa-194	205	12	the	the	DET
ajfa-194	205	13	changes	change	NOUN
ajfa-194	205	14	in	in	ADP
ajfa-194	205	15	institutional	institutional	ADJ
ajfa-194	205	16	holdings	holding	NOUN
ajfa-194	205	17	relative	relative	ADJ
ajfa-194	205	18	to	to	ADP
ajfa-194	205	19	the	the	DET
ajfa-194	205	20	restatement	restatement	NOUN
ajfa-194	205	21	date	date	NOUN
ajfa-194	205	22	allows	allow	VERB
ajfa-194	205	23	us	we	PRON
ajfa-194	205	24	to	to	PART
ajfa-194	205	25	hold	hold	VERB
ajfa-194	205	26	constant	constant	ADJ
ajfa-194	205	27	other	other	ADJ
ajfa-194	205	28	firm	firm	ADJ
ajfa-194	205	29	characteristics	characteristic	NOUN
ajfa-194	205	30	that	that	PRON
ajfa-194	205	31	are	be	AUX
ajfa-194	205	32	more	more	ADV
ajfa-194	205	33	likely	likely	ADJ
ajfa-194	205	34	to	to	PART
ajfa-194	205	35	vary	vary	VERB
ajfa-194	205	36	significantly	significantly	ADV
ajfa-194	205	37	in	in	ADP
ajfa-194	205	38	a	a	DET
ajfa-194	205	39	cross	cross	ADJ
ajfa-194	205	40	-	-	ADJ
ajfa-194	205	41	sectional	sectional	ADJ
ajfa-194	205	42	research	research	NOUN
ajfa-194	205	43	design	design	NOUN
ajfa-194	205	44	than	than	ADP
ajfa-194	205	45	over	over	ADP
ajfa-194	205	46	the	the	DET
ajfa-194	205	47	9	9	NUM
ajfa-194	205	48	-	-	PUNCT
ajfa-194	205	49	quarter	quarter	NOUN
ajfa-194	205	50	event	event	NOUN
ajfa-194	205	51	period	period	NOUN
ajfa-194	205	52	that	that	PRON
ajfa-194	205	53	we	we	PRON
ajfa-194	205	54	examine	examine	VERB
ajfa-194	205	55	.	.	PUNCT
ajfa-194	206	1	second	second	ADV
ajfa-194	206	2	,	,	PUNCT
ajfa-194	206	3	the	the	DET
ajfa-194	206	4	use	use	NOUN
ajfa-194	206	5	of	of	ADP
ajfa-194	206	6	this	this	DET
ajfa-194	206	7	within	within	NOUN
ajfa-194	206	8	-	-	PUNCT
ajfa-194	206	9	subjects	subject	NOUN
ajfa-194	206	10	research	research	NOUN
ajfa-194	206	11	design	design	NOUN
ajfa-194	206	12	provides	provide	VERB
ajfa-194	206	13	a	a	DET
ajfa-194	206	14	more	more	ADV
ajfa-194	206	15	powerful	powerful	ADJ
ajfa-194	206	16	test	test	NOUN
ajfa-194	206	17	because	because	SCONJ
ajfa-194	206	18	the	the	DET
ajfa-194	206	19	cross	cross	ADJ
ajfa-194	206	20	-	-	ADJ
ajfa-194	206	21	sectional	sectional	ADJ
ajfa-194	206	22	differences	difference	NOUN
ajfa-194	206	23	between	between	ADP
ajfa-194	206	24	firms	firm	NOUN
ajfa-194	206	25	are	be	AUX
ajfa-194	206	26	not	not	PART
ajfa-194	206	27	included	include	VERB
ajfa-194	206	28	in	in	ADP
ajfa-194	206	29	the	the	DET
ajfa-194	206	30	error	error	NOUN
ajfa-194	206	31	variance	variance	NOUN
ajfa-194	206	32	.	.	PUNCT
ajfa-194	207	1	this	this	PRON
ajfa-194	207	2	is	be	AUX
ajfa-194	207	3	particularly	particularly	ADV
ajfa-194	207	4	important	important	ADJ
ajfa-194	207	5	when	when	SCONJ
ajfa-194	207	6	observations	observation	NOUN
ajfa-194	207	7	are	be	AUX
ajfa-194	207	8	limited	limit	VERB
ajfa-194	207	9	as	as	SCONJ
ajfa-194	207	10	is	be	AUX
ajfa-194	207	11	the	the	DET
ajfa-194	207	12	case	case	NOUN
ajfa-194	207	13	with	with	ADP
ajfa-194	207	14	the	the	DET
ajfa-194	207	15	restatement	restatement	NOUN
ajfa-194	207	16	database	database	NOUN
ajfa-194	207	17	.	.	PUNCT
ajfa-194	208	1	therefore	therefore	ADV
ajfa-194	208	2	,	,	PUNCT
ajfa-194	208	3	we	we	PRON
ajfa-194	208	4	carry	carry	VERB
ajfa-194	208	5	out	out	ADP
ajfa-194	208	6	the	the	DET
ajfa-194	208	7	regression	regression	NOUN
ajfa-194	208	8	for	for	ADP
ajfa-194	208	9	total	total	ADJ
ajfa-194	208	10	institutional	institutional	ADJ
ajfa-194	208	11	ownership	ownership	NOUN
ajfa-194	208	12	,	,	PUNCT
ajfa-194	208	13	as	as	ADV
ajfa-194	208	14	well	well	ADV
ajfa-194	208	15	as	as	ADP
ajfa-194	208	16	for	for	ADP
ajfa-194	208	17	each	each	DET
ajfa-194	208	18	group	group	NOUN
ajfa-194	208	19	of	of	ADP
ajfa-194	208	20	institutions	institution	NOUN
ajfa-194	208	21	classified	classify	VERB
ajfa-194	208	22	by	by	ADP
ajfa-194	208	23	investment	investment	NOUN
ajfa-194	208	24	style	style	NOUN
ajfa-194	208	25	using	use	VERB
ajfa-194	208	26	the	the	DET
ajfa-194	208	27	following	follow	VERB
ajfa-194	208	28	regression	regression	NOUN
ajfa-194	208	29	model	model	NOUN
ajfa-194	208	30	:	:	PUNCT
ajfa-194	208	31	,	,	PUNCT
ajfa-194	208	32	0	0	NUM
ajfa-194	208	33	1	1	NUM
ajfa-194	208	34	2	2	NUM
ajfa-194	208	35	3	3	NUM
ajfa-194	208	36	,	,	PUNCT
ajfa-194	208	37	1	1	NUM
ajfa-194	208	38	4	4	NUM
ajfa-194	208	39	,	,	PUNCT
ajfa-194	208	40	1	1	NUM
ajfa-194	208	41	5	5	NUM
ajfa-194	208	42	,	,	PUNCT
ajfa-194	208	43	6	6	NUM
ajfa-194	208	44	,	,	PUNCT
ajfa-194	208	45	7	7	NUM
ajfa-194	208	46	,	,	PUNCT
ajfa-194	208	47	1	1	NUM
ajfa-194	208	48	8	8	NUM
ajfa-194	208	49	,	,	PUNCT
ajfa-194	208	50	1	1	NUM
ajfa-194	208	51	9	9	NUM
ajfa-194	208	52	,	,	PUNCT
ajfa-194	208	53	1	1	NUM
ajfa-194	208	54	_	_	NUM
ajfa-194	208	55	%	%	NOUN
ajfa-194	208	56	1	1	NUM
ajfa-194	208	57	2	2	NUM
ajfa-194	208	58	%	%	NOUN
ajfa-194	208	59	_	_	NOUN
ajfa-194	209	1	%	%	NOUN
ajfa-194	209	2	1	1	NUM
ajfa-194	209	3	24	24	NUM
ajfa-194	209	4	j	j	PROPN
ajfa-194	209	5	q	q	X
ajfa-194	209	6	j	j	PROPN
ajfa-194	209	7	q	q	PROPN
ajfa-194	209	8	j	j	PROPN
ajfa-194	209	9	q	q	PROPN
ajfa-194	209	10	j	j	PROPN
ajfa-194	209	11	q	q	PROPN
ajfa-194	209	12	j	j	PROPN
ajfa-194	209	13	q	q	PROPN
ajfa-194	209	14	j	j	PROPN
ajfa-194	209	15	q	q	PROPN
ajfa-194	209	16	j	j	PROPN
ajfa-194	209	17	q	q	X
ajfa-194	209	18	j	j	PROPN
ajfa-194	209	19	q	q	X
ajfa-194	209	20	adj	adj	PROPN
ajfa-194	209	21	institution	institution	NOUN
ajfa-194	209	22	restate	restate	VERB
ajfa-194	209	23	prerestate	prerestate	NOUN
ajfa-194	209	24	prerestate	prerestate	NOUN
ajfa-194	209	25	institution	institution	PROPN
ajfa-194	209	26	pw	pw	PROPN
ajfa-194	210	1	institution	institution	PROPN
ajfa-194	210	2	retq	retq	VERB
ajfa-194	210	3	retq	retq	ADJ
ajfa-194	210	4	lnsize	lnsize	PROPN
ajfa-194	210	5	bm	bm	PROPN
ajfa-194	210	6	ue	ue	PROPN
ajfa-194	210	7	yeardummies	yeardummies	PROPN
ajfa-194	210	8	industrydummies	industrydummie	NOUN
ajfa-194	210	9	(	(	PUNCT
ajfa-194	210	10	1	1	X
ajfa-194	210	11	)	)	PUNCT
ajfa-194	210	12	where	where	SCONJ
ajfa-194	210	13	qjninstitutioadj	qjninstitutioadj	NOUN
ajfa-194	210	14	,	,	PUNCT
ajfa-194	210	15	_	_	PRON
ajfa-194	210	16	is	be	AUX
ajfa-194	210	17	the	the	DET
ajfa-194	210	18	mean	mean	ADV
ajfa-194	210	19	-	-	PUNCT
ajfa-194	210	20	adjusted	adjust	VERB
ajfa-194	210	21	change	change	NOUN
ajfa-194	210	22	over	over	ADP
ajfa-194	210	23	quarter	quarter	NOUN
ajfa-194	210	24	q	q	NOUN
ajfa-194	210	25	in	in	ADP
ajfa-194	210	26	aggregate	aggregate	ADJ
ajfa-194	210	27	institutional	institutional	ADJ
ajfa-194	210	28	holdings	holding	NOUN
ajfa-194	210	29	by	by	ADP
ajfa-194	210	30	institution	institution	NOUN
ajfa-194	210	31	for	for	ADP
ajfa-194	210	32	firm	firm	PROPN
ajfa-194	210	33	j	j	PROPN
ajfa-194	210	34	,	,	PUNCT
ajfa-194	210	35	where	where	SCONJ
ajfa-194	210	36	institution	institution	NOUN
ajfa-194	210	37	denotes	denote	VERB
ajfa-194	210	38	holdings	holding	NOUN
ajfa-194	210	39	by	by	ADP
ajfa-194	210	40	all	all	DET
ajfa-194	210	41	institutions	institution	NOUN
ajfa-194	210	42	(	(	PUNCT
ajfa-194	210	43	inst	inst	NOUN
ajfa-194	210	44	)	)	PUNCT
ajfa-194	210	45	or	or	CCONJ
ajfa-194	210	46	holdings	holding	NOUN
ajfa-194	210	47	by	by	ADP
ajfa-194	210	48	transient	transient	NOUN
ajfa-194	210	49	(	(	PUNCT
ajfa-194	210	50	tra	tra	PROPN
ajfa-194	210	51	)	)	PUNCT
ajfa-194	210	52	,	,	PUNCT
ajfa-194	210	53	dedicated	dedicate	VERB
ajfa-194	210	54	(	(	PUNCT
ajfa-194	210	55	ded	ded	PROPN
ajfa-194	210	56	)	)	PUNCT
ajfa-194	210	57	,	,	PUNCT
ajfa-194	210	58	or	or	CCONJ
ajfa-194	210	59	quasi	quasi	ADJ
ajfa-194	210	60	-	-	ADJ
ajfa-194	210	61	indexing	indexing	ADJ
ajfa-194	210	62	institutions	institution	NOUN
ajfa-194	210	63	(	(	PUNCT
ajfa-194	210	64	qix	qix	NOUN
ajfa-194	210	65	)	)	PUNCT
ajfa-194	210	66	for	for	ADP
ajfa-194	210	67	each	each	DET
ajfa-194	210	68	firm	firm	NOUN
ajfa-194	210	69	.	.	PUNCT
ajfa-194	211	1	restate	restate	NOUN
ajfa-194	211	2	is	be	AUX
ajfa-194	211	3	equal	equal	ADJ
ajfa-194	211	4	to	to	ADP
ajfa-194	211	5	one	one	NUM
ajfa-194	211	6	if	if	SCONJ
ajfa-194	211	7	the	the	DET
ajfa-194	211	8	firm	firm	NOUN
ajfa-194	211	9	announced	announce	VERB
ajfa-194	211	10	a	a	DET
ajfa-194	211	11	restatement	restatement	NOUN
ajfa-194	211	12	in	in	ADP
ajfa-194	211	13	that	that	DET
ajfa-194	211	14	quarter	quarter	NOUN
ajfa-194	211	15	and	and	CCONJ
ajfa-194	211	16	equal	equal	ADJ
ajfa-194	211	17	to	to	ADP
ajfa-194	211	18	zero	zero	NUM
ajfa-194	211	19	otherwise	otherwise	ADV
ajfa-194	211	20	.	.	PUNCT
ajfa-194	212	1	1prerestate	1prerestate	NUM
ajfa-194	212	2	(	(	PUNCT
ajfa-194	212	3	2prerestate	2prerestate	NUM
ajfa-194	212	4	)	)	PUNCT
ajfa-194	212	5	is	be	AUX
ajfa-194	212	6	equal	equal	ADJ
ajfa-194	212	7	to	to	ADP
ajfa-194	212	8	one	one	NUM
ajfa-194	212	9	if	if	SCONJ
ajfa-194	212	10	the	the	DET
ajfa-194	212	11	institutional	institutional	ADJ
ajfa-194	212	12	ownership	ownership	NOUN
ajfa-194	212	13	measurement	measurement	NOUN
ajfa-194	212	14	quarter	quarter	NOUN
ajfa-194	212	15	is	be	AUX
ajfa-194	212	16	one	one	NUM
ajfa-194	212	17	(	(	PUNCT
ajfa-194	212	18	two	two	NUM
ajfa-194	212	19	)	)	PUNCT
ajfa-194	212	20	quarter(s	quarter(s	NOUN
ajfa-194	212	21	)	)	PUNCT
ajfa-194	212	22	prior	prior	ADV
ajfa-194	212	23	to	to	ADP
ajfa-194	212	24	the	the	DET
ajfa-194	212	25	restating	restating	ADJ
ajfa-194	212	26	quarter	quarter	NOUN
ajfa-194	212	27	and	and	CCONJ
ajfa-194	212	28	equal	equal	ADJ
ajfa-194	212	29	to	to	ADP
ajfa-194	212	30	zero	zero	NUM
ajfa-194	212	31	otherwise	otherwise	ADV
ajfa-194	212	32	.	.	PUNCT
ajfa-194	213	1	the	the	DET
ajfa-194	213	2	beginning	begin	VERB
ajfa-194	213	3	level	level	NOUN
ajfa-194	213	4	of	of	ADP
ajfa-194	213	5	institutional	institutional	ADJ
ajfa-194	213	6	holdings	holding	NOUN
ajfa-194	213	7	(	(	PUNCT
ajfa-194	213	8	b	b	NOUN
ajfa-194	213	9	,	,	PUNCT
ajfa-194	213	10	1j	1j	NUM
ajfa-194	213	11	qinstitution	qinstitution	NOUN
ajfa-194	213	12	)	)	PUNCT
ajfa-194	213	13	and	and	CCONJ
ajfa-194	213	14	the	the	DET
ajfa-194	213	15	beginning	begin	VERB
ajfa-194	213	16	portfolio	portfolio	NOUN
ajfa-194	213	17	weight	weight	NOUN
ajfa-194	213	18	of	of	ADP
ajfa-194	213	19	firm	firm	ADJ
ajfa-194	213	20	j	j	PROPN
ajfa-194	213	21	(	(	PUNCT
ajfa-194	213	22	,	,	PUNCT
ajfa-194	213	23	1	1	X
ajfa-194	213	24	_	_	NUM
ajfa-194	213	25	j	j	PROPN
ajfa-194	213	26	qpw	qpw	PROPN
ajfa-194	213	27	institution	institution	NOUN
ajfa-194	213	28	)	)	PUNCT
ajfa-194	213	29	are	be	AUX
ajfa-194	213	30	included	include	VERB
ajfa-194	213	31	in	in	ADP
ajfa-194	213	32	order	order	NOUN
ajfa-194	213	33	to	to	PART
ajfa-194	213	34	control	control	VERB
ajfa-194	213	35	for	for	ADP
ajfa-194	213	36	the	the	DET
ajfa-194	213	37	effects	effect	NOUN
ajfa-194	213	38	of	of	ADP
ajfa-194	213	39	level	level	NOUN
ajfa-194	213	40	and	and	CCONJ
ajfa-194	213	41	concentration	concentration	NOUN
ajfa-194	213	42	of	of	ADP
ajfa-194	213	43	institutional	institutional	ADJ
ajfa-194	213	44	holdings	holding	NOUN
ajfa-194	213	45	on	on	ADP
ajfa-194	213	46	changes	change	NOUN
ajfa-194	213	47	in	in	ADP
ajfa-194	213	48	institutional	institutional	ADJ
ajfa-194	213	49	ownership	ownership	NOUN
ajfa-194	213	50	(	(	PUNCT
ajfa-194	213	51	ke	ke	NOUN
ajfa-194	213	52	and	and	CCONJ
ajfa-194	213	53	petroni	petroni	NOUN
ajfa-194	213	54	,	,	PUNCT
ajfa-194	213	55	2004	2004	NUM
ajfa-194	213	56	;	;	PUNCT
ajfa-194	213	57	ke	ke	PROPN
ajfa-194	213	58	and	and	CCONJ
ajfa-194	213	59	ramalingegowda	ramalingegowda	PROPN
ajfa-194	213	60	,	,	PUNCT
ajfa-194	213	61	2005	2005	NUM
ajfa-194	213	62	)	)	PUNCT
ajfa-194	213	63	.	.	PUNCT
ajfa-194	214	1	9	9	NUM
ajfa-194	214	2	9	9	NUM
ajfa-194	214	3	we	we	PRON
ajfa-194	214	4	attempt	attempt	VERB
ajfa-194	214	5	to	to	PART
ajfa-194	214	6	control	control	VERB
ajfa-194	214	7	for	for	ADP
ajfa-194	214	8	potential	potential	ADJ
ajfa-194	214	9	endogeneity	endogeneity	NOUN
ajfa-194	214	10	in	in	ADP
ajfa-194	214	11	several	several	ADJ
ajfa-194	214	12	ways	way	NOUN
ajfa-194	214	13	.	.	PUNCT
ajfa-194	215	1	first	first	ADV
ajfa-194	215	2	,	,	PUNCT
ajfa-194	215	3	our	our	PRON
ajfa-194	215	4	explanatory	explanatory	ADJ
ajfa-194	215	5	variables	variable	NOUN
ajfa-194	215	6	in	in	ADP
ajfa-194	215	7	the	the	DET
ajfa-194	215	8	models	model	NOUN
ajfa-194	215	9	(	(	PUNCT
ajfa-194	215	10	equation	equation	NOUN
ajfa-194	215	11	(	(	PUNCT
ajfa-194	215	12	1	1	NUM
ajfa-194	215	13	)	)	PUNCT
ajfa-194	215	14	and	and	CCONJ
ajfa-194	215	15	(	(	PUNCT
ajfa-194	215	16	2	2	NUM
ajfa-194	215	17	)	)	PUNCT
ajfa-194	215	18	)	)	PUNCT
ajfa-194	215	19	are	be	AUX
ajfa-194	215	20	measured	measure	VERB
ajfa-194	215	21	with	with	ADP
ajfa-194	215	22	a	a	DET
ajfa-194	215	23	lag	lag	NOUN
ajfa-194	215	24	with	with	ADP
ajfa-194	215	25	the	the	DET
ajfa-194	215	26	dependent	dependent	ADJ
ajfa-194	215	27	variables	variable	NOUN
ajfa-194	215	28	(	(	PUNCT
ajfa-194	215	29	i.e.	i.e.	X
ajfa-194	215	30	,	,	PUNCT
ajfa-194	215	31	change	change	NOUN
ajfa-194	215	32	in	in	ADP
ajfa-194	215	33	different	different	ADJ
ajfa-194	215	34	institutional	institutional	ADJ
ajfa-194	215	35	ownership	ownership	NOUN
ajfa-194	215	36	)	)	PUNCT
ajfa-194	215	37	.	.	PUNCT
ajfa-194	216	1	such	such	ADJ
ajfa-194	216	2	model	model	NOUN
ajfa-194	216	3	specifications	specification	NOUN
ajfa-194	216	4	mitigate	mitigate	VERB
ajfa-194	216	5	the	the	DET
ajfa-194	216	6	potential	potential	ADJ
ajfa-194	216	7	endogeneity	endogeneity	NOUN
ajfa-194	216	8	that	that	SCONJ
ajfa-194	216	9	both	both	DET
ajfa-194	216	10	change	change	VERB
ajfa-194	216	11	in	in	ADP
ajfa-194	216	12	institutional	institutional	ADJ
ajfa-194	216	13	ownership	ownership	NOUN
ajfa-194	216	14	and	and	CCONJ
ajfa-194	216	15	our	our	PRON
ajfa-194	216	16	explanatory	explanatory	ADJ
ajfa-194	216	17	variables	variable	NOUN
ajfa-194	216	18	are	be	AUX
ajfa-194	216	19	jointly	jointly	ADV
ajfa-194	216	20	and	and	CCONJ
ajfa-194	216	21	contemporaneously	contemporaneously	ADV
ajfa-194	216	22	determined	determine	VERB
ajfa-194	216	23	by	by	ADP
ajfa-194	216	24	certain	certain	ADJ
ajfa-194	216	25	omitted	omit	VERB
ajfa-194	216	26	firm	firm	NOUN
ajfa-194	216	27	features	feature	NOUN
ajfa-194	216	28	.	.	PUNCT
ajfa-194	217	1	next	next	ADV
ajfa-194	217	2	,	,	PUNCT
ajfa-194	217	3	we	we	PRON
ajfa-194	217	4	use	use	VERB
ajfa-194	217	5	the	the	DET
ajfa-194	217	6	restating	restate	VERB
ajfa-194	217	7	firm	firm	NOUN
ajfa-194	217	8	as	as	ADP
ajfa-194	217	9	its	its	PRON
ajfa-194	217	10	control	control	NOUN
ajfa-194	217	11	and	and	CCONJ
ajfa-194	217	12	examine	examine	VERB
ajfa-194	217	13	each	each	DET
ajfa-194	217	14	restating	restate	VERB
ajfa-194	217	15	firm	firm	NOUN
ajfa-194	217	16	for	for	ADP
ajfa-194	217	17	9	9	NUM
ajfa-194	217	18	quarters	quarter	NOUN
ajfa-194	217	19	,	,	PUNCT
ajfa-194	217	20	centered	center	VERB
ajfa-194	217	21	on	on	ADP
ajfa-194	217	22	the	the	DET
ajfa-194	217	23	restatement	restatement	NOUN
ajfa-194	217	24	announcement	announcement	NOUN
ajfa-194	217	25	quarter	quarter	NOUN
ajfa-194	217	26	.	.	PUNCT
ajfa-194	218	1	using	use	VERB
ajfa-194	218	2	the	the	DET
ajfa-194	218	3	firm	firm	NOUN
ajfa-194	218	4	as	as	ADP
ajfa-194	218	5	its	its	PRON
ajfa-194	218	6	own	own	ADJ
ajfa-194	218	7	control	control	NOUN
ajfa-194	218	8	and	and	CCONJ
ajfa-194	218	9	measuring	measure	VERB
ajfa-194	218	10	the	the	DET
ajfa-194	218	11	change	change	NOUN
ajfa-194	218	12	in	in	ADP
ajfa-194	218	13	institutional	institutional	ADJ
ajfa-194	218	14	holdings	holding	NOUN
ajfa-194	218	15	relative	relative	ADJ
ajfa-194	218	16	to	to	ADP
ajfa-194	218	17	the	the	DET
ajfa-194	218	18	restatement	restatement	NOUN
ajfa-194	218	19	date	date	NOUN
ajfa-194	218	20	allows	allow	VERB
ajfa-194	218	21	us	we	PRON
ajfa-194	218	22	to	to	PART
ajfa-194	218	23	hold	hold	VERB
ajfa-194	218	24	constant	constant	ADJ
ajfa-194	218	25	other	other	ADJ
ajfa-194	218	26	firm	firm	ADJ
ajfa-194	218	27	characteristics	characteristic	NOUN
ajfa-194	218	28	that	that	SCONJ
ajfa-194	218	29	more	more	ADV
ajfa-194	218	30	likely	likely	ADJ
ajfa-194	218	31	to	to	PART
ajfa-194	218	32	vary	vary	VERB
ajfa-194	218	33	significantly	significantly	ADV
ajfa-194	218	34	in	in	ADP
ajfa-194	218	35	a	a	DET
ajfa-194	218	36	cross	cross	ADJ
ajfa-194	218	37	-	-	ADJ
ajfa-194	218	38	sectional	sectional	ADJ
ajfa-194	218	39	research	research	NOUN
ajfa-194	218	40	design	design	NOUN
ajfa-194	218	41	than	than	ADP
ajfa-194	218	42	over	over	ADP
ajfa-194	218	43	the	the	DET
ajfa-194	218	44	9	9	NUM
ajfa-194	218	45	-	-	PUNCT
ajfa-194	218	46	quarter	quarter	NOUN
ajfa-194	218	47	event	event	NOUN
ajfa-194	218	48	period	period	NOUN
ajfa-194	218	49	that	that	PRON
ajfa-194	218	50	we	we	PRON
ajfa-194	218	51	examine	examine	VERB
ajfa-194	218	52	.	.	PUNCT
ajfa-194	219	1	accordingly	accordingly	ADV
ajfa-194	219	2	,	,	PUNCT
ajfa-194	219	3	our	our	PRON
ajfa-194	219	4	time	time	NOUN
ajfa-194	219	5	-	-	PUNCT
ajfa-194	219	6	series	series	NOUN
ajfa-194	219	7	asian	asian	PROPN
ajfa-194	219	8	journal	journal	PROPN
ajfa-194	219	9	of	of	ADP
ajfa-194	219	10	finance	finance	PROPN
ajfa-194	219	11	&	&	CCONJ
ajfa-194	219	12	accounting	accounting	PROPN
ajfa-194	219	13	issn	issn	PROPN
ajfa-194	219	14	1946	1946	NUM
ajfa-194	219	15	-	-	PUNCT
ajfa-194	219	16	052x	052x	NOUN
ajfa-194	219	17	2009	2009	NUM
ajfa-194	219	18	,	,	PUNCT
ajfa-194	219	19	vol	vol	NOUN
ajfa-194	219	20	.	.	PROPN
ajfa-194	219	21	1	1	NUM
ajfa-194	219	22	,	,	PUNCT
ajfa-194	219	23	no	no	INTJ
ajfa-194	219	24	.	.	NOUN
ajfa-194	219	25	2	2	NUM
ajfa-194	219	26	:	:	PUNCT
ajfa-194	219	27	e4	e4	PROPN
ajfa-194	219	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	219	29	89	89	NUM
ajfa-194	219	30	we	we	PRON
ajfa-194	219	31	posit	posit	VERB
ajfa-194	219	32	that	that	SCONJ
ajfa-194	219	33	transient	transient	ADJ
ajfa-194	219	34	institutional	institutional	ADJ
ajfa-194	219	35	investors	investor	NOUN
ajfa-194	219	36	begin	begin	VERB
ajfa-194	219	37	to	to	PART
ajfa-194	219	38	sell	sell	VERB
ajfa-194	219	39	restating	restate	VERB
ajfa-194	219	40	firms	firm	NOUN
ajfa-194	219	41	prior	prior	ADV
ajfa-194	219	42	to	to	ADP
ajfa-194	219	43	the	the	DET
ajfa-194	219	44	quarter	quarter	NOUN
ajfa-194	219	45	of	of	ADP
ajfa-194	219	46	the	the	DET
ajfa-194	219	47	restatement	restatement	NOUN
ajfa-194	219	48	announcement	announcement	NOUN
ajfa-194	219	49	.	.	PUNCT
ajfa-194	220	1	this	this	PRON
ajfa-194	220	2	implies	imply	VERB
ajfa-194	220	3	a	a	DET
ajfa-194	220	4	significant	significant	ADJ
ajfa-194	220	5	negative	negative	ADJ
ajfa-194	220	6	coefficient	coefficient	NOUN
ajfa-194	220	7	on	on	ADP
ajfa-194	220	8	prerestate1	prerestate1	PROPN
ajfa-194	220	9	(	(	PUNCT
ajfa-194	220	10	βb1b<0	βb1b<0	NOUN
ajfa-194	220	11	)	)	PUNCT
ajfa-194	220	12	for	for	ADP
ajfa-194	220	13	holdings	holding	NOUN
ajfa-194	220	14	by	by	ADP
ajfa-194	220	15	transient	transient	ADJ
ajfa-194	220	16	institutions	institution	NOUN
ajfa-194	220	17	.	.	PUNCT
ajfa-194	221	1	we	we	PRON
ajfa-194	221	2	also	also	ADV
ajfa-194	221	3	examine	examine	VERB
ajfa-194	221	4	institutional	institutional	ADJ
ajfa-194	221	5	trading	trading	NOUN
ajfa-194	221	6	two	two	NUM
ajfa-194	221	7	quarters	quarter	NOUN
ajfa-194	221	8	prior	prior	ADV
ajfa-194	221	9	to	to	ADP
ajfa-194	221	10	the	the	DET
ajfa-194	221	11	restatement	restatement	NOUN
ajfa-194	221	12	quarter	quarter	NOUN
ajfa-194	221	13	using	use	VERB
ajfa-194	221	14	prerestate2	prerestate2	NOUN
ajfa-194	221	15	,	,	PUNCT
ajfa-194	221	16	to	to	PART
ajfa-194	221	17	determine	determine	VERB
ajfa-194	221	18	whether	whether	SCONJ
ajfa-194	221	19	there	there	PRON
ajfa-194	221	20	is	be	VERB
ajfa-194	221	21	evidence	evidence	NOUN
ajfa-194	221	22	of	of	ADP
ajfa-194	221	23	informed	informed	ADJ
ajfa-194	221	24	trading	trading	NOUN
ajfa-194	221	25	even	even	ADV
ajfa-194	221	26	further	far	ADV
ajfa-194	221	27	in	in	ADP
ajfa-194	221	28	advance	advance	NOUN
ajfa-194	221	29	.	.	PUNCT
ajfa-194	222	1	we	we	PRON
ajfa-194	222	2	expect	expect	VERB
ajfa-194	222	3	the	the	DET
ajfa-194	222	4	coefficient	coefficient	NOUN
ajfa-194	222	5	on	on	ADP
ajfa-194	222	6	1	1	NUM
ajfa-194	222	7	,	,	PUNCT
ajfa-194	222	8	_	_	PRON
ajfa-194	222	9	qjninstitutiopw	qjninstitutiopw	VERB
ajfa-194	222	10	to	to	PART
ajfa-194	222	11	be	be	AUX
ajfa-194	222	12	negative	negative	ADJ
ajfa-194	222	13	,	,	PUNCT
ajfa-194	222	14	as	as	SCONJ
ajfa-194	222	15	institutions	institution	NOUN
ajfa-194	222	16	are	be	AUX
ajfa-194	222	17	more	more	ADV
ajfa-194	222	18	likely	likely	ADJ
ajfa-194	222	19	to	to	PART
ajfa-194	222	20	unwind	unwind	VERB
ajfa-194	222	21	their	their	PRON
ajfa-194	222	22	positions	position	NOUN
ajfa-194	222	23	if	if	SCONJ
ajfa-194	222	24	their	their	PRON
ajfa-194	222	25	beginning	begin	VERB
ajfa-194	222	26	holdings	holding	NOUN
ajfa-194	222	27	are	be	AUX
ajfa-194	222	28	more	more	ADV
ajfa-194	222	29	concentrated	concentrated	ADJ
ajfa-194	222	30	on	on	ADP
ajfa-194	222	31	a	a	DET
ajfa-194	222	32	given	give	VERB
ajfa-194	222	33	firm	firm	NOUN
ajfa-194	222	34	(	(	PUNCT
ajfa-194	222	35	ke	ke	NOUN
ajfa-194	222	36	and	and	CCONJ
ajfa-194	222	37	petroni	petroni	NOUN
ajfa-194	222	38	,	,	PUNCT
ajfa-194	222	39	2004	2004	NUM
ajfa-194	222	40	)	)	PUNCT
ajfa-194	222	41	.	.	PUNCT
ajfa-194	223	1	the	the	DET
ajfa-194	223	2	coefficients	coefficient	NOUN
ajfa-194	223	3	on	on	ADP
ajfa-194	223	4	the	the	DET
ajfa-194	223	5	momentum	momentum	NOUN
ajfa-194	223	6	control	control	NOUN
ajfa-194	223	7	variables	variable	NOUN
ajfa-194	223	8	,	,	PUNCT
ajfa-194	223	9	,	,	PUNCT
ajfa-194	223	10	1j	1j	NUM
ajfa-194	223	11	qretq	qretq	NOUN
ajfa-194	223	12	and	and	CCONJ
ajfa-194	223	13	,	,	PUNCT
ajfa-194	223	14	24	24	NUM
ajfa-194	223	15	j	j	PROPN
ajfa-194	223	16	qretq	qretq	NOUN
ajfa-194	223	17	,	,	PUNCT
ajfa-194	223	18	are	be	AUX
ajfa-194	223	19	expected	expect	VERB
ajfa-194	223	20	to	to	PART
ajfa-194	223	21	be	be	AUX
ajfa-194	223	22	positive	positive	ADJ
ajfa-194	223	23	,	,	PUNCT
ajfa-194	223	24	as	as	SCONJ
ajfa-194	223	25	institutions	institution	NOUN
ajfa-194	223	26	have	have	AUX
ajfa-194	223	27	been	be	AUX
ajfa-194	223	28	shown	show	VERB
ajfa-194	223	29	to	to	PART
ajfa-194	223	30	trade	trade	VERB
ajfa-194	223	31	on	on	ADP
ajfa-194	223	32	return	return	NOUN
ajfa-194	223	33	momentum	momentum	NOUN
ajfa-194	223	34	.	.	PUNCT
ajfa-194	224	1	firm	firm	ADJ
ajfa-194	224	2	size	size	NOUN
ajfa-194	224	3	(	(	PUNCT
ajfa-194	224	4	,	,	PUNCT
ajfa-194	224	5	1j	1j	NUM
ajfa-194	224	6	qlnsize	qlnsize	NOUN
ajfa-194	224	7	)	)	PUNCT
ajfa-194	224	8	,	,	PUNCT
ajfa-194	224	9	book	book	NOUN
ajfa-194	224	10	-	-	PUNCT
ajfa-194	224	11	to	to	ADP
ajfa-194	224	12	-	-	PUNCT
ajfa-194	224	13	market	market	NOUN
ajfa-194	224	14	ratio	ratio	NOUN
ajfa-194	224	15	(	(	PUNCT
ajfa-194	224	16	,	,	PUNCT
ajfa-194	224	17	1j	1j	NUM
ajfa-194	224	18	qbm	qbm	NOUN
ajfa-194	224	19	)	)	PUNCT
ajfa-194	224	20	,	,	PUNCT
ajfa-194	224	21	and	and	CCONJ
ajfa-194	224	22	price	price	NOUN
ajfa-194	224	23	-	-	PUNCT
ajfa-194	224	24	deflated	deflate	VERB
ajfa-194	224	25	seasonal	seasonal	ADJ
ajfa-194	224	26	earnings	earning	NOUN
ajfa-194	224	27	change	change	NOUN
ajfa-194	224	28	(	(	PUNCT
ajfa-194	224	29	,	,	PUNCT
ajfa-194	224	30	1j	1j	NUM
ajfa-194	224	31	que	que	NOUN
ajfa-194	224	32	)	)	PUNCT
ajfa-194	224	33	are	be	AUX
ajfa-194	224	34	included	include	VERB
ajfa-194	224	35	to	to	PART
ajfa-194	224	36	control	control	VERB
ajfa-194	224	37	for	for	ADP
ajfa-194	224	38	the	the	DET
ajfa-194	224	39	effects	effect	NOUN
ajfa-194	224	40	of	of	ADP
ajfa-194	224	41	firm	firm	ADJ
ajfa-194	224	42	-	-	PUNCT
ajfa-194	224	43	specific	specific	ADJ
ajfa-194	224	44	characteristics	characteristic	NOUN
ajfa-194	224	45	on	on	ADP
ajfa-194	224	46	the	the	DET
ajfa-194	224	47	cross	cross	ADJ
ajfa-194	224	48	-	-	ADJ
ajfa-194	224	49	sectional	sectional	ADJ
ajfa-194	224	50	differences	difference	NOUN
ajfa-194	224	51	in	in	ADP
ajfa-194	224	52	institutional	institutional	ADJ
ajfa-194	224	53	trading	trading	NOUN
ajfa-194	224	54	behaviors	behavior	NOUN
ajfa-194	224	55	.	.	PUNCT
ajfa-194	225	1	we	we	PRON
ajfa-194	225	2	control	control	VERB
ajfa-194	225	3	for	for	ADP
ajfa-194	225	4	outliers	outlier	NOUN
ajfa-194	225	5	by	by	ADP
ajfa-194	225	6	eliminating	eliminate	VERB
ajfa-194	225	7	observations	observation	NOUN
ajfa-194	225	8	if	if	SCONJ
ajfa-194	225	9	the	the	DET
ajfa-194	225	10	absolute	absolute	ADJ
ajfa-194	225	11	value	value	NOUN
ajfa-194	225	12	of	of	ADP
ajfa-194	225	13	studentized	studentize	VERB
ajfa-194	225	14	residuals	residual	NOUN
ajfa-194	225	15	or	or	CCONJ
ajfa-194	225	16	dffits	dffit	NOUN
ajfa-194	225	17	influence	influence	NOUN
ajfa-194	225	18	statistics	statistic	NOUN
ajfa-194	225	19	are	be	AUX
ajfa-194	225	20	greater	great	ADJ
ajfa-194	225	21	than	than	ADP
ajfa-194	225	22	or	or	CCONJ
ajfa-194	225	23	equal	equal	ADJ
ajfa-194	225	24	to	to	ADP
ajfa-194	225	25	1.9	1.9	NUM
ajfa-194	225	26	.	.	PUNCT
ajfa-194	226	1	table	table	NOUN
ajfa-194	226	2	3	3	NUM
ajfa-194	226	3	presents	present	VERB
ajfa-194	226	4	the	the	DET
ajfa-194	226	5	results	result	NOUN
ajfa-194	226	6	of	of	ADP
ajfa-194	226	7	estimating	estimate	VERB
ajfa-194	226	8	equation	equation	NOUN
ajfa-194	226	9	(	(	PUNCT
ajfa-194	226	10	1	1	NUM
ajfa-194	226	11	)	)	PUNCT
ajfa-194	226	12	regarding	regard	VERB
ajfa-194	226	13	institutional	institutional	ADJ
ajfa-194	226	14	trading	trading	NOUN
ajfa-194	226	15	patterns	pattern	NOUN
ajfa-194	226	16	surrounding	surround	VERB
ajfa-194	226	17	restatement	restatement	NOUN
ajfa-194	226	18	announcements	announcement	NOUN
ajfa-194	226	19	,	,	PUNCT
ajfa-194	226	20	controlling	control	VERB
ajfa-194	226	21	for	for	ADP
ajfa-194	226	22	the	the	DET
ajfa-194	226	23	firm	firm	ADJ
ajfa-194	226	24	-	-	PUNCT
ajfa-194	226	25	specific	specific	ADJ
ajfa-194	226	26	determinants	determinant	NOUN
ajfa-194	226	27	of	of	ADP
ajfa-194	226	28	institutional	institutional	ADJ
ajfa-194	226	29	trading	trading	NOUN
ajfa-194	226	30	behavior	behavior	NOUN
ajfa-194	226	31	.	.	PUNCT
ajfa-194	227	1	table	table	NOUN
ajfa-194	227	2	3	3	NUM
ajfa-194	227	3	shows	show	VERB
ajfa-194	227	4	that	that	SCONJ
ajfa-194	227	5	institutional	institutional	ADJ
ajfa-194	227	6	investors	investor	NOUN
ajfa-194	227	7	as	as	ADP
ajfa-194	227	8	a	a	DET
ajfa-194	227	9	whole	whole	NOUN
ajfa-194	227	10	do	do	AUX
ajfa-194	227	11	not	not	PART
ajfa-194	227	12	appear	appear	VERB
ajfa-194	227	13	to	to	PART
ajfa-194	227	14	anticipate	anticipate	VERB
ajfa-194	227	15	the	the	DET
ajfa-194	227	16	impending	impending	ADJ
ajfa-194	227	17	restatement	restatement	NOUN
ajfa-194	227	18	(	(	PUNCT
ajfa-194	227	19	coefficient	coefficient	NOUN
ajfa-194	227	20	on	on	ADP
ajfa-194	227	21	1preresate	1preresate	PROPN
ajfa-194	227	22	=	=	SYM
ajfa-194	227	23	-0.077	-0.077	PROPN
ajfa-194	227	24	,	,	PUNCT
ajfa-194	227	25	p	p	NOUN
ajfa-194	227	26	-	-	PUNCT
ajfa-194	227	27	value=0.76	value=0.76	NUM
ajfa-194	227	28	)	)	PUNCT
ajfa-194	227	29	,	,	PUNCT
ajfa-194	227	30	although	although	SCONJ
ajfa-194	227	31	they	they	PRON
ajfa-194	227	32	significantly	significantly	ADV
ajfa-194	227	33	reduce	reduce	VERB
ajfa-194	227	34	their	their	PRON
ajfa-194	227	35	holdings	holding	NOUN
ajfa-194	227	36	during	during	ADP
ajfa-194	227	37	the	the	DET
ajfa-194	227	38	restating	restate	VERB
ajfa-194	227	39	quarter	quarter	NOUN
ajfa-194	227	40	(	(	PUNCT
ajfa-194	227	41	coefficient	coefficient	NOUN
ajfa-194	227	42	on	on	ADP
ajfa-194	227	43	restate	restate	NOUN
ajfa-194	227	44	=	=	PUNCT
ajfa-194	227	45	-1.053	-1.053	PROPN
ajfa-194	227	46	,	,	PUNCT
ajfa-194	227	47	p	p	NOUN
ajfa-194	227	48	-	-	PUNCT
ajfa-194	227	49	value=0.00	value=0.00	NOUN
ajfa-194	227	50	)	)	PUNCT
ajfa-194	227	51	.	.	PUNCT
ajfa-194	228	1	table	table	NOUN
ajfa-194	228	2	3	3	NUM
ajfa-194	228	3	also	also	ADV
ajfa-194	228	4	presents	present	VERB
ajfa-194	228	5	the	the	DET
ajfa-194	228	6	estimation	estimation	NOUN
ajfa-194	228	7	of	of	ADP
ajfa-194	228	8	equation	equation	NOUN
ajfa-194	228	9	(	(	PUNCT
ajfa-194	228	10	1	1	NUM
ajfa-194	228	11	)	)	PUNCT
ajfa-194	228	12	for	for	ADP
ajfa-194	228	13	transient	transient	ADJ
ajfa-194	228	14	(	(	PUNCT
ajfa-194	228	15	tra	tra	PROPN
ajfa-194	228	16	)	)	PUNCT
ajfa-194	228	17	,	,	PUNCT
ajfa-194	228	18	dedicated	dedicate	VERB
ajfa-194	228	19	(	(	PUNCT
ajfa-194	228	20	ded	ded	ADJ
ajfa-194	228	21	)	)	PUNCT
ajfa-194	228	22	and	and	CCONJ
ajfa-194	228	23	quasi	quasi	ADJ
ajfa-194	228	24	-	-	ADJ
ajfa-194	228	25	indexing	indexing	ADJ
ajfa-194	228	26	institutions	institution	NOUN
ajfa-194	228	27	(	(	PUNCT
ajfa-194	228	28	qix	qix	PROPN
ajfa-194	228	29	)	)	PUNCT
ajfa-194	228	30	,	,	PUNCT
ajfa-194	228	31	respectively	respectively	ADV
ajfa-194	228	32	.	.	PUNCT
ajfa-194	229	1	as	as	SCONJ
ajfa-194	229	2	predicted	predict	VERB
ajfa-194	229	3	,	,	PUNCT
ajfa-194	229	4	the	the	DET
ajfa-194	229	5	coefficient	coefficient	NOUN
ajfa-194	229	6	on	on	ADP
ajfa-194	229	7	1prerestate	1prerestate	PROPN
ajfa-194	229	8	is	be	AUX
ajfa-194	229	9	significantly	significantly	ADV
ajfa-194	229	10	negative	negative	ADJ
ajfa-194	229	11	for	for	ADP
ajfa-194	229	12	transient	transient	ADJ
ajfa-194	229	13	institutions	institution	NOUN
ajfa-194	229	14	(	(	PUNCT
ajfa-194	229	15	coefficient=-0.391	coefficient=-0.391	NOUN
ajfa-194	229	16	,	,	PUNCT
ajfa-194	229	17	p	p	NOUN
ajfa-194	229	18	-	-	PUNCT
ajfa-194	229	19	value=0.02	value=0.02	NOUN
ajfa-194	229	20	)	)	PUNCT
ajfa-194	229	21	,	,	PUNCT
ajfa-194	229	22	indicating	indicate	VERB
ajfa-194	229	23	that	that	SCONJ
ajfa-194	229	24	transient	transient	ADJ
ajfa-194	229	25	institutions	institution	NOUN
ajfa-194	229	26	predict	predict	VERB
ajfa-194	229	27	accounting	accounting	NOUN
ajfa-194	229	28	restatements	restatement	NOUN
ajfa-194	229	29	and	and	CCONJ
ajfa-194	229	30	start	start	VERB
ajfa-194	229	31	selling	sell	VERB
ajfa-194	229	32	one	one	NUM
ajfa-194	229	33	quarter	quarter	NOUN
ajfa-194	229	34	in	in	ADP
ajfa-194	229	35	advance	advance	NOUN
ajfa-194	229	36	to	to	PART
ajfa-194	229	37	avoid	avoid	VERB
ajfa-194	229	38	the	the	DET
ajfa-194	229	39	negative	negative	ADJ
ajfa-194	229	40	announcement	announcement	NOUN
ajfa-194	229	41	returns	return	NOUN
ajfa-194	229	42	associated	associate	VERB
ajfa-194	229	43	with	with	ADP
ajfa-194	229	44	the	the	DET
ajfa-194	229	45	restatement	restatement	NOUN
ajfa-194	229	46	announcements	announcement	NOUN
ajfa-194	229	47	.	.	PUNCT
ajfa-194	230	1	this	this	DET
ajfa-194	230	2	finding	finding	NOUN
ajfa-194	230	3	supports	support	VERB
ajfa-194	230	4	the	the	DET
ajfa-194	230	5	notion	notion	NOUN
ajfa-194	230	6	that	that	SCONJ
ajfa-194	230	7	institutional	institutional	ADJ
ajfa-194	230	8	investors	investor	NOUN
ajfa-194	230	9	are	be	AUX
ajfa-194	230	10	able	able	ADJ
ajfa-194	230	11	to	to	PART
ajfa-194	230	12	anticipate	anticipate	VERB
ajfa-194	230	13	accounting	accounting	NOUN
ajfa-194	230	14	restatements	restatement	NOUN
ajfa-194	230	15	at	at	ADP
ajfa-194	230	16	least	least	ADV
ajfa-194	230	17	one	one	NUM
ajfa-194	230	18	quarter	quarter	NOUN
ajfa-194	230	19	ahead	ahead	ADV
ajfa-194	230	20	.	.	PUNCT
ajfa-194	231	1	nevertheless	nevertheless	ADV
ajfa-194	231	2	,	,	PUNCT
ajfa-194	231	3	it	it	PRON
ajfa-194	231	4	is	be	AUX
ajfa-194	231	5	still	still	ADV
ajfa-194	231	6	the	the	DET
ajfa-194	231	7	case	case	NOUN
ajfa-194	231	8	that	that	SCONJ
ajfa-194	231	9	the	the	DET
ajfa-194	231	10	greatest	great	ADJ
ajfa-194	231	11	amount	amount	NOUN
ajfa-194	231	12	of	of	ADP
ajfa-194	231	13	institutional	institutional	ADJ
ajfa-194	231	14	selling	selling	NOUN
ajfa-194	231	15	by	by	ADP
ajfa-194	231	16	the	the	DET
ajfa-194	231	17	transient	transient	ADJ
ajfa-194	231	18	institutions	institution	NOUN
ajfa-194	231	19	occurs	occur	VERB
ajfa-194	231	20	during	during	ADP
ajfa-194	231	21	the	the	DET
ajfa-194	231	22	restating	restate	VERB
ajfa-194	231	23	quarter	quarter	NOUN
ajfa-194	231	24	,	,	PUNCT
ajfa-194	231	25	as	as	SCONJ
ajfa-194	231	26	evidenced	evidence	VERB
ajfa-194	231	27	by	by	ADP
ajfa-194	231	28	a	a	DET
ajfa-194	231	29	more	more	ADV
ajfa-194	231	30	negative	negative	ADJ
ajfa-194	231	31	coefficient	coefficient	NOUN
ajfa-194	231	32	on	on	ADP
ajfa-194	231	33	restate	restate	NOUN
ajfa-194	231	34	(	(	PUNCT
ajfa-194	231	35	coefficient=-0.776	coefficient=-0.776	ADJ
ajfa-194	231	36	,	,	PUNCT
ajfa-194	231	37	p	p	NOUN
ajfa-194	231	38	-	-	PUNCT
ajfa-194	231	39	value=0.00	value=0.00	NOUN
ajfa-194	231	40	)	)	PUNCT
ajfa-194	231	41	relative	relative	ADJ
ajfa-194	231	42	to	to	ADP
ajfa-194	231	43	the	the	DET
ajfa-194	231	44	coefficient	coefficient	NOUN
ajfa-194	231	45	on	on	ADP
ajfa-194	231	46	1preresate	1preresate	NUM
ajfa-194	231	47	.	.	PUNCT
ajfa-194	232	1	as	as	SCONJ
ajfa-194	232	2	expected	expect	VERB
ajfa-194	232	3	,	,	PUNCT
ajfa-194	232	4	the	the	DET
ajfa-194	232	5	coefficient	coefficient	NOUN
ajfa-194	232	6	on	on	ADP
ajfa-194	232	7	,	,	PUNCT
ajfa-194	232	8	1	1	NUM
ajfa-194	232	9	_	_	PRON
ajfa-194	232	10	j	j	PROPN
ajfa-194	232	11	qpw	qpw	PROPN
ajfa-194	232	12	tra	tra	PROPN
ajfa-194	232	13	is	be	AUX
ajfa-194	232	14	significantly	significantly	ADV
ajfa-194	232	15	negative	negative	ADJ
ajfa-194	232	16	(	(	PUNCT
ajfa-194	232	17	coefficient=-1.640	coefficient=-1.640	ADJ
ajfa-194	232	18	,	,	PUNCT
ajfa-194	232	19	pvalue=0.01	pvalue=0.01	ADJ
ajfa-194	232	20	)	)	PUNCT
ajfa-194	232	21	,	,	PUNCT
ajfa-194	232	22	consistent	consistent	ADJ
ajfa-194	232	23	with	with	ADP
ajfa-194	232	24	the	the	DET
ajfa-194	232	25	notion	notion	NOUN
ajfa-194	232	26	that	that	SCONJ
ajfa-194	232	27	the	the	PRON
ajfa-194	232	28	higher	high	ADJ
ajfa-194	232	29	the	the	DET
ajfa-194	232	30	beginning	begin	VERB
ajfa-194	232	31	portfolio	portfolio	NOUN
ajfa-194	232	32	concentration	concentration	NOUN
ajfa-194	232	33	,	,	PUNCT
ajfa-194	232	34	the	the	DET
ajfa-194	232	35	more	more	ADJ
ajfa-194	232	36	selling	selling	NOUN
ajfa-194	232	37	by	by	ADP
ajfa-194	232	38	transient	transient	ADJ
ajfa-194	232	39	institutions	institution	NOUN
ajfa-194	232	40	in	in	ADP
ajfa-194	232	41	the	the	DET
ajfa-194	232	42	current	current	ADJ
ajfa-194	232	43	observation	observation	NOUN
ajfa-194	232	44	quarter	quarter	NOUN
ajfa-194	232	45	.	.	PUNCT
ajfa-194	233	1	in	in	ADP
ajfa-194	233	2	contrast	contrast	NOUN
ajfa-194	233	3	,	,	PUNCT
ajfa-194	233	4	there	there	PRON
ajfa-194	233	5	is	be	VERB
ajfa-194	233	6	no	no	DET
ajfa-194	233	7	evidence	evidence	NOUN
ajfa-194	233	8	that	that	SCONJ
ajfa-194	233	9	other	other	ADJ
ajfa-194	233	10	groups	group	NOUN
ajfa-194	233	11	of	of	ADP
ajfa-194	233	12	institutions	institution	NOUN
ajfa-194	233	13	(	(	PUNCT
ajfa-194	233	14	i.e.	i.e.	X
ajfa-194	233	15	,	,	PUNCT
ajfa-194	233	16	dedicated	dedicated	ADJ
ajfa-194	233	17	and	and	CCONJ
ajfa-194	233	18	quasi	quasi	ADJ
ajfa-194	233	19	-	-	ADJ
ajfa-194	233	20	indexing	indexing	NOUN
ajfa-194	233	21	)	)	PUNCT
ajfa-194	233	22	sell	sell	VERB
ajfa-194	233	23	the	the	DET
ajfa-194	233	24	restating	restate	VERB
ajfa-194	233	25	firm	firm	NOUN
ajfa-194	233	26	in	in	ADP
ajfa-194	233	27	advance	advance	NOUN
ajfa-194	233	28	of	of	ADP
ajfa-194	233	29	the	the	DET
ajfa-194	233	30	restatement	restatement	NOUN
ajfa-194	233	31	.	.	PUNCT
ajfa-194	234	1	in	in	ADP
ajfa-194	234	2	particular	particular	ADJ
ajfa-194	234	3	,	,	PUNCT
ajfa-194	234	4	dedicated	dedicated	ADJ
ajfa-194	234	5	institutions	institution	NOUN
ajfa-194	234	6	appear	appear	VERB
ajfa-194	234	7	to	to	PART
ajfa-194	234	8	significantly	significantly	ADV
ajfa-194	234	9	increase	increase	VERB
ajfa-194	234	10	holdings	holding	NOUN
ajfa-194	234	11	one	one	NUM
ajfa-194	234	12	quarter	quarter	NOUN
ajfa-194	234	13	prior	prior	ADV
ajfa-194	234	14	to	to	ADP
ajfa-194	234	15	the	the	DET
ajfa-194	234	16	restatement	restatement	NOUN
ajfa-194	234	17	announcement	announcement	NOUN
ajfa-194	234	18	quarter	quarter	NOUN
ajfa-194	234	19	(	(	PUNCT
ajfa-194	234	20	coefficient=0.251	coefficient=0.251	NOUN
ajfa-194	234	21	,	,	PUNCT
ajfa-194	234	22	p	p	NOUN
ajfa-194	234	23	-	-	PUNCT
ajfa-194	234	24	value=0.04	value=0.04	NOUN
ajfa-194	234	25	)	)	PUNCT
ajfa-194	234	26	,	,	PUNCT
ajfa-194	234	27	consistent	consistent	ADJ
ajfa-194	234	28	with	with	ADP
ajfa-194	234	29	the	the	DET
ajfa-194	234	30	institutional	institutional	ADJ
ajfa-194	234	31	investors‟	investors‟	NOUN
ajfa-194	234	32	trading	trading	NOUN
ajfa-194	234	33	patterns	pattern	NOUN
ajfa-194	234	34	surrounding	surround	VERB
ajfa-194	234	35	announcements	announcement	NOUN
ajfa-194	234	36	of	of	ADP
ajfa-194	234	37	restatements	restatement	NOUN
ajfa-194	234	38	as	as	SCONJ
ajfa-194	234	39	illustrated	illustrate	VERB
ajfa-194	234	40	in	in	ADP
ajfa-194	234	41	figure	figure	NOUN
ajfa-194	234	42	1	1	NUM
ajfa-194	234	43	.	.	PUNCT
ajfa-194	234	44	again	again	ADV
ajfa-194	234	45	,	,	PUNCT
ajfa-194	234	46	this	this	DET
ajfa-194	234	47	evidence	evidence	NOUN
ajfa-194	234	48	suggests	suggest	VERB
ajfa-194	234	49	that	that	SCONJ
ajfa-194	234	50	it	it	PRON
ajfa-194	234	51	is	be	AUX
ajfa-194	234	52	research	research	NOUN
ajfa-194	234	53	design	design	NOUN
ajfa-194	234	54	alleviates	alleviate	VERB
ajfa-194	234	55	the	the	DET
ajfa-194	234	56	potential	potential	ADJ
ajfa-194	234	57	endogeneity	endogeneity	NOUN
ajfa-194	234	58	that	that	SCONJ
ajfa-194	234	59	change	change	NOUN
ajfa-194	234	60	in	in	ADP
ajfa-194	234	61	institutional	institutional	ADJ
ajfa-194	234	62	holdings	holding	NOUN
ajfa-194	234	63	may	may	AUX
ajfa-194	234	64	be	be	AUX
ajfa-194	234	65	caused	cause	VERB
ajfa-194	234	66	by	by	ADP
ajfa-194	234	67	certain	certain	ADJ
ajfa-194	234	68	omitted	omit	VERB
ajfa-194	234	69	firm	firm	ADJ
ajfa-194	234	70	characteristics	characteristic	NOUN
ajfa-194	234	71	correlated	correlate	VERB
ajfa-194	234	72	with	with	ADP
ajfa-194	234	73	restatement	restatement	NOUN
ajfa-194	234	74	events	event	NOUN
ajfa-194	234	75	.	.	PUNCT
ajfa-194	235	1	lastly	lastly	ADV
ajfa-194	235	2	,	,	PUNCT
ajfa-194	235	3	we	we	PRON
ajfa-194	235	4	control	control	VERB
ajfa-194	235	5	for	for	ADP
ajfa-194	235	6	potential	potential	ADJ
ajfa-194	235	7	endogeneity	endogeneity	NOUN
ajfa-194	235	8	by	by	ADP
ajfa-194	235	9	choosing	choose	VERB
ajfa-194	235	10	the	the	DET
ajfa-194	235	11	determinants	determinant	NOUN
ajfa-194	235	12	of	of	ADP
ajfa-194	235	13	the	the	DET
ajfa-194	235	14	change	change	NOUN
ajfa-194	235	15	in	in	ADP
ajfa-194	235	16	institutional	institutional	ADJ
ajfa-194	235	17	holdings	holding	NOUN
ajfa-194	235	18	based	base	VERB
ajfa-194	235	19	on	on	ADP
ajfa-194	235	20	the	the	DET
ajfa-194	235	21	extant	extant	ADJ
ajfa-194	235	22	literature	literature	NOUN
ajfa-194	235	23	(	(	PUNCT
ajfa-194	235	24	e.g.	e.g.	ADV
ajfa-194	235	25	,	,	PUNCT
ajfa-194	235	26	ke	ke	NOUN
ajfa-194	235	27	and	and	CCONJ
ajfa-194	235	28	ramaligegowda	ramaligegowda	NOUN
ajfa-194	235	29	,	,	PUNCT
ajfa-194	235	30	2005	2005	NUM
ajfa-194	235	31	)	)	PUNCT
ajfa-194	235	32	,	,	PUNCT
ajfa-194	235	33	in	in	ADP
ajfa-194	235	34	order	order	NOUN
ajfa-194	235	35	to	to	PART
ajfa-194	235	36	include	include	VERB
ajfa-194	235	37	factors	factor	NOUN
ajfa-194	235	38	that	that	PRON
ajfa-194	235	39	likely	likely	ADV
ajfa-194	235	40	affect	affect	VERB
ajfa-194	235	41	change	change	NOUN
ajfa-194	235	42	in	in	ADP
ajfa-194	235	43	institutional	institutional	ADJ
ajfa-194	235	44	holdings	holding	NOUN
ajfa-194	235	45	.	.	PUNCT
ajfa-194	236	1	in	in	ADP
ajfa-194	236	2	doing	do	VERB
ajfa-194	236	3	so	so	ADV
ajfa-194	236	4	,	,	PUNCT
ajfa-194	236	5	we	we	PRON
ajfa-194	236	6	reduce	reduce	VERB
ajfa-194	236	7	the	the	DET
ajfa-194	236	8	likelihood	likelihood	NOUN
ajfa-194	236	9	of	of	ADP
ajfa-194	236	10	omitted	omit	VERB
ajfa-194	236	11	correlated	correlate	VERB
ajfa-194	236	12	variable	variable	ADJ
ajfa-194	236	13	problems	problem	NOUN
ajfa-194	236	14	in	in	ADP
ajfa-194	236	15	this	this	DET
ajfa-194	236	16	study	study	NOUN
ajfa-194	236	17	.	.	PUNCT
ajfa-194	237	1	asian	asian	ADJ
ajfa-194	237	2	journal	journal	PROPN
ajfa-194	237	3	of	of	ADP
ajfa-194	237	4	finance	finance	PROPN
ajfa-194	237	5	&	&	CCONJ
ajfa-194	237	6	accounting	accounting	PROPN
ajfa-194	237	7	issn	issn	PROPN
ajfa-194	237	8	1946	1946	NUM
ajfa-194	237	9	-	-	PUNCT
ajfa-194	237	10	052x	052x	NOUN
ajfa-194	237	11	2009	2009	NUM
ajfa-194	237	12	,	,	PUNCT
ajfa-194	237	13	vol	vol	NOUN
ajfa-194	237	14	.	.	PROPN
ajfa-194	237	15	1	1	NUM
ajfa-194	237	16	,	,	PUNCT
ajfa-194	237	17	no	no	INTJ
ajfa-194	237	18	.	.	NOUN
ajfa-194	237	19	2	2	NUM
ajfa-194	237	20	:	:	PUNCT
ajfa-194	237	21	e4	e4	PROPN
ajfa-194	237	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	237	23	90	90	NUM
ajfa-194	237	24	unlikely	unlikely	ADJ
ajfa-194	237	25	that	that	SCONJ
ajfa-194	237	26	management	management	NOUN
ajfa-194	237	27	has	have	AUX
ajfa-194	237	28	privately	privately	ADV
ajfa-194	237	29	communicated	communicate	VERB
ajfa-194	237	30	the	the	DET
ajfa-194	237	31	possibility	possibility	NOUN
ajfa-194	237	32	of	of	ADP
ajfa-194	237	33	future	future	ADJ
ajfa-194	237	34	bad	bad	ADJ
ajfa-194	237	35	news	news	NOUN
ajfa-194	237	36	to	to	ADP
ajfa-194	237	37	institutional	institutional	ADJ
ajfa-194	237	38	investors	investor	NOUN
ajfa-194	237	39	.	.	PUNCT
ajfa-194	238	1	quasi	quasi	NOUN
ajfa-194	238	2	-	-	NOUN
ajfa-194	238	3	indexers	indexer	NOUN
ajfa-194	238	4	do	do	AUX
ajfa-194	238	5	not	not	PART
ajfa-194	238	6	appear	appear	VERB
ajfa-194	238	7	to	to	PART
ajfa-194	238	8	trade	trade	VERB
ajfa-194	238	9	significantly	significantly	ADV
ajfa-194	238	10	one	one	NUM
ajfa-194	238	11	quarter	quarter	NOUN
ajfa-194	238	12	ahead	ahead	ADV
ajfa-194	238	13	of	of	ADP
ajfa-194	238	14	the	the	DET
ajfa-194	238	15	restatement	restatement	NOUN
ajfa-194	238	16	quarter	quarter	NOUN
ajfa-194	238	17	.	.	PUNCT
ajfa-194	239	1	the	the	DET
ajfa-194	239	2	lack	lack	NOUN
ajfa-194	239	3	of	of	ADP
ajfa-194	239	4	selling	sell	VERB
ajfa-194	239	5	by	by	ADP
ajfa-194	239	6	dedicated	dedicated	ADJ
ajfa-194	239	7	and	and	CCONJ
ajfa-194	239	8	quasi	quasi	ADJ
ajfa-194	239	9	-	-	ADJ
ajfa-194	239	10	indexing	indexing	ADJ
ajfa-194	239	11	institutions	institution	NOUN
ajfa-194	239	12	underscores	underscore	VERB
ajfa-194	239	13	the	the	DET
ajfa-194	239	14	importance	importance	NOUN
ajfa-194	239	15	of	of	ADP
ajfa-194	239	16	focusing	focus	VERB
ajfa-194	239	17	on	on	ADP
ajfa-194	239	18	the	the	DET
ajfa-194	239	19	appropriate	appropriate	ADJ
ajfa-194	239	20	set	set	NOUN
ajfa-194	239	21	of	of	ADP
ajfa-194	239	22	institutions	institution	NOUN
ajfa-194	239	23	when	when	SCONJ
ajfa-194	239	24	examining	examine	VERB
ajfa-194	239	25	short	short	ADJ
ajfa-194	239	26	term	term	NOUN
ajfa-194	239	27	information	information	NOUN
ajfa-194	239	28	-	-	PUNCT
ajfa-194	239	29	based	base	VERB
ajfa-194	239	30	trading	trading	NOUN
ajfa-194	239	31	.	.	PUNCT
ajfa-194	240	1	table	table	NOUN
ajfa-194	240	2	3	3	NUM
ajfa-194	240	3	.	.	PUNCT
ajfa-194	241	1	institutional	institutional	ADJ
ajfa-194	241	2	trading	trading	NOUN
ajfa-194	241	3	around	around	ADP
ajfa-194	241	4	announcements	announcement	NOUN
ajfa-194	241	5	of	of	ADP
ajfa-194	241	6	accounting	accounting	NOUN
ajfa-194	241	7	restatements	restatement	NOUN
ajfa-194	241	8	dependent	dependent	ADJ
ajfa-194	241	9	variable	variable	ADJ
ajfa-194	241	10	independent	independent	ADJ
ajfa-194	241	11	variables	variable	NOUN
ajfa-194	241	12	∆adj_inst%	∆adj_inst%	VERB
ajfa-194	241	13	q	q	NOUN
ajfa-194	241	14	∆adj	∆adj	NUM
ajfa-194	242	1	_	_	PUNCT
ajfa-194	242	2	tra%	tra%	NOUN
ajfa-194	242	3	q	q	PROPN
ajfa-194	242	4	∆adj_ded%	∆adj_ded%	PROPN
ajfa-194	242	5	q	q	X
ajfa-194	242	6	∆adj_qix%	∆adj_qix%	PROPN
ajfa-194	242	7	q	q	X
ajfa-194	242	8	intercept	intercept	NOUN
ajfa-194	242	9	-0.946	-0.946	PROPN
ajfa-194	242	10	(	(	PUNCT
ajfa-194	242	11	-1.30	-1.30	NOUN
ajfa-194	242	12	)	)	PUNCT
ajfa-194	242	13	0.070	0.070	NUM
ajfa-194	242	14	(	(	PUNCT
ajfa-194	242	15	0.14	0.14	NUM
ajfa-194	242	16	)	)	PUNCT
ajfa-194	242	17	0.392	0.392	NUM
ajfa-194	242	18	(	(	PUNCT
ajfa-194	242	19	1.07	1.07	NUM
ajfa-194	242	20	)	)	PUNCT
ajfa-194	242	21	-0.571	-0.571	PUNCT
ajfa-194	242	22	(	(	PUNCT
ajfa-194	242	23	-1.40	-1.40	NOUN
ajfa-194	242	24	)	)	PUNCT
ajfa-194	242	25	restate	restate	NOUN
ajfa-194	242	26	-1.053	-1.053	NOUN
ajfa-194	242	27	*	*	PUNCT
ajfa-194	242	28	*	*	PUNCT
ajfa-194	242	29	*	*	PUNCT
ajfa-194	242	30	(	(	PUNCT
ajfa-194	242	31	-4.21	-4.21	NOUN
ajfa-194	242	32	)	)	PUNCT
ajfa-194	242	33	-0.776	-0.776	NOUN
ajfa-194	242	34	*	*	PUNCT
ajfa-194	242	35	*	*	PUNCT
ajfa-194	242	36	*	*	PUNCT
ajfa-194	242	37	(	(	PUNCT
ajfa-194	242	38	-4.54	-4.54	NUM
ajfa-194	242	39	)	)	PUNCT
ajfa-194	242	40	-0.064	-0.064	NOUN
ajfa-194	242	41	(	(	PUNCT
ajfa-194	242	42	-0.53	-0.53	NOUN
ajfa-194	242	43	)	)	PUNCT
ajfa-194	242	44	-0.350	-0.350	PUNCT
ajfa-194	243	1	*	*	PUNCT
ajfa-194	243	2	*	*	PUNCT
ajfa-194	243	3	(	(	PUNCT
ajfa-194	243	4	-2.52	-2.52	ADJ
ajfa-194	243	5	)	)	PUNCT
ajfa-194	243	6	prerestate1	prerestate1	NOUN
ajfa-194	243	7	-0.077	-0.077	PUNCT
ajfa-194	243	8	(	(	PUNCT
ajfa-194	243	9	-0.30	-0.30	ADJ
ajfa-194	243	10	)	)	PUNCT
ajfa-194	243	11	-0.391	-0.391	NOUN
ajfa-194	243	12	*	*	PUNCT
ajfa-194	243	13	*	*	PUNCT
ajfa-194	243	14	(	(	PUNCT
ajfa-194	243	15	-2.27	-2.27	NUM
ajfa-194	243	16	)	)	PUNCT
ajfa-194	243	17	0.251	0.251	NUM
ajfa-194	243	18	*	*	PUNCT
ajfa-194	243	19	*	*	PUNCT
ajfa-194	243	20	(	(	PUNCT
ajfa-194	243	21	2.04	2.04	NUM
ajfa-194	243	22	)	)	PUNCT
ajfa-194	243	23	-0.234	-0.234	PUNCT
ajfa-194	243	24	(	(	PUNCT
ajfa-194	243	25	-1.64	-1.64	NOUN
ajfa-194	243	26	)	)	PUNCT
ajfa-194	243	27	prerestate2	prerestate2	NOUN
ajfa-194	243	28	0.113	0.113	NUM
ajfa-194	243	29	(	(	PUNCT
ajfa-194	243	30	0.44	0.44	NUM
ajfa-194	243	31	)	)	PUNCT
ajfa-194	243	32	-0.040	-0.040	NUM
ajfa-194	243	33	(	(	PUNCT
ajfa-194	243	34	-0.23	-0.23	X
ajfa-194	243	35	)	)	PUNCT
ajfa-194	243	36	0.049	0.049	NUM
ajfa-194	243	37	(	(	PUNCT
ajfa-194	243	38	0.40	0.40	NUM
ajfa-194	243	39	)	)	PUNCT
ajfa-194	243	40	0.202	0.202	NUM
ajfa-194	243	41	(	(	PUNCT
ajfa-194	243	42	1.40	1.40	NUM
ajfa-194	243	43	)	)	PUNCT
ajfa-194	243	44	institution%	institution%	X
ajfa-194	243	45	q-1p	q-1p	NOUN
ajfa-194	243	46	a	a	DET
ajfa-194	243	47	p	p	NOUN
ajfa-194	243	48	-0.022	-0.022	PROPN
ajfa-194	243	49	*	*	PUNCT
ajfa-194	243	50	*	*	PUNCT
ajfa-194	243	51	*	*	PUNCT
ajfa-194	243	52	(	(	PUNCT
ajfa-194	243	53	-5.71	-5.71	NOUN
ajfa-194	243	54	)	)	PUNCT
ajfa-194	243	55	-0.064	-0.064	NOUN
ajfa-194	243	56	*	*	PUNCT
ajfa-194	243	57	*	*	PUNCT
ajfa-194	243	58	*	*	PUNCT
ajfa-194	243	59	(	(	PUNCT
ajfa-194	243	60	-10.79	-10.79	NOUN
ajfa-194	243	61	)	)	PUNCT
ajfa-194	243	62	-0.033	-0.033	NOUN
ajfa-194	243	63	*	*	PUNCT
ajfa-194	243	64	*	*	PUNCT
ajfa-194	243	65	*	*	PUNCT
ajfa-194	243	66	(	(	PUNCT
ajfa-194	243	67	-7.72	-7.72	NOUN
ajfa-194	243	68	)	)	PUNCT
ajfa-194	243	69	-0.028	-0.028	NOUN
ajfa-194	244	1	*	*	PUNCT
ajfa-194	244	2	*	*	PUNCT
ajfa-194	244	3	*	*	PUNCT
ajfa-194	244	4	(	(	PUNCT
ajfa-194	244	5	-6.50	-6.50	NOUN
ajfa-194	244	6	)	)	PUNCT
ajfa-194	244	7	pw_institution%	pw_institution%	X
ajfa-194	244	8	q-1	q-1	VERB
ajfa-194	244	9	-3.316	-3.316	PUNCT
ajfa-194	244	10	*	*	PUNCT
ajfa-194	244	11	*	*	PUNCT
ajfa-194	244	12	*	*	PUNCT
ajfa-194	244	13	(	(	PUNCT
ajfa-194	244	14	-2.78	-2.78	NOUN
ajfa-194	244	15	)	)	PUNCT
ajfa-194	244	16	-1.640	-1.640	NOUN
ajfa-194	245	1	*	*	PUNCT
ajfa-194	245	2	*	*	PUNCT
ajfa-194	245	3	*	*	PUNCT
ajfa-194	245	4	(	(	PUNCT
ajfa-194	245	5	-2.61	-2.61	NOUN
ajfa-194	245	6	)	)	PUNCT
ajfa-194	245	7	-0.128	-0.128	PUNCT
ajfa-194	245	8	(	(	PUNCT
ajfa-194	245	9	-0.54	-0.54	NOUN
ajfa-194	245	10	)	)	PUNCT
ajfa-194	245	11	-0.818	-0.818	NOUN
ajfa-194	245	12	(	(	PUNCT
ajfa-194	245	13	-1.27	-1.27	NOUN
ajfa-194	245	14	)	)	PUNCT
ajfa-194	245	15	retq1	retq1	NOUN
ajfa-194	246	1	q	q	NOUN
ajfa-194	246	2	1.977	1.977	NUM
ajfa-194	246	3	*	*	PUNCT
ajfa-194	246	4	*	*	PUNCT
ajfa-194	246	5	*	*	PUNCT
ajfa-194	246	6	(	(	PUNCT
ajfa-194	246	7	9.48	9.48	NUM
ajfa-194	246	8	)	)	PUNCT
ajfa-194	246	9	1.252	1.252	NUM
ajfa-194	246	10	*	*	PUNCT
ajfa-194	246	11	*	*	PUNCT
ajfa-194	246	12	*	*	PUNCT
ajfa-194	246	13	(	(	PUNCT
ajfa-194	246	14	8.79	8.79	NUM
ajfa-194	246	15	)	)	PUNCT
ajfa-194	246	16	0.115	0.115	NUM
ajfa-194	246	17	(	(	PUNCT
ajfa-194	246	18	1.12	1.12	NUM
ajfa-194	246	19	)	)	PUNCT
ajfa-194	246	20	0.741	0.741	NUM
ajfa-194	246	21	*	*	PUNCT
ajfa-194	246	22	*	*	PUNCT
ajfa-194	246	23	*	*	PUNCT
ajfa-194	246	24	(	(	PUNCT
ajfa-194	246	25	6.41	6.41	NUM
ajfa-194	246	26	)	)	PUNCT
ajfa-194	246	27	retq24	retq24	NOUN
ajfa-194	246	28	q	q	NOUN
ajfa-194	247	1	0.564	0.564	NUM
ajfa-194	247	2	*	*	PUNCT
ajfa-194	247	3	*	*	PUNCT
ajfa-194	247	4	*	*	PUNCT
ajfa-194	247	5	(	(	PUNCT
ajfa-194	247	6	5.09	5.09	NUM
ajfa-194	247	7	)	)	PUNCT
ajfa-194	247	8	0.080	0.080	NUM
ajfa-194	247	9	(	(	PUNCT
ajfa-194	247	10	1.02	1.02	NUM
ajfa-194	247	11	)	)	PUNCT
ajfa-194	247	12	0.052	0.052	NUM
ajfa-194	247	13	(	(	PUNCT
ajfa-194	247	14	0.99	0.99	NUM
ajfa-194	247	15	)	)	PUNCT
ajfa-194	247	16	0.262	0.262	NUM
ajfa-194	247	17	*	*	PUNCT
ajfa-194	247	18	*	*	PUNCT
ajfa-194	247	19	*	*	PUNCT
ajfa-194	247	20	(	(	PUNCT
ajfa-194	247	21	4.35	4.35	NUM
ajfa-194	247	22	)	)	PUNCT
ajfa-194	247	23	lnsize	lnsize	NOUN
ajfa-194	247	24	q-1	q-1	NOUN
ajfa-194	247	25	0.343	0.343	NUM
ajfa-194	247	26	*	*	PUNCT
ajfa-194	247	27	*	*	PUNCT
ajfa-194	247	28	*	*	PUNCT
ajfa-194	247	29	(	(	PUNCT
ajfa-194	247	30	5.88	5.88	NUM
ajfa-194	247	31	)	)	PUNCT
ajfa-194	247	32	0.182	0.182	NOUN
ajfa-194	247	33	*	*	PUNCT
ajfa-194	247	34	*	*	PUNCT
ajfa-194	247	35	*	*	PUNCT
ajfa-194	247	36	(	(	PUNCT
ajfa-194	247	37	5.46	5.46	NUM
ajfa-194	247	38	)	)	PUNCT
ajfa-194	247	39	0.032	0.032	NUM
ajfa-194	247	40	(	(	PUNCT
ajfa-194	247	41	1.51	1.51	NUM
ajfa-194	247	42	)	)	PUNCT
ajfa-194	247	43	0.201	0.201	NUM
ajfa-194	247	44	*	*	PUNCT
ajfa-194	247	45	*	*	PUNCT
ajfa-194	247	46	*	*	PUNCT
ajfa-194	247	47	(	(	PUNCT
ajfa-194	247	48	5.98	5.98	NUM
ajfa-194	247	49	)	)	PUNCT
ajfa-194	247	50	bm	bm	PROPN
ajfa-194	248	1	q-1	q-1	PROPN
ajfa-194	248	2	-0.153	-0.153	PROPN
ajfa-194	248	3	*	*	PUNCT
ajfa-194	248	4	(	(	PUNCT
ajfa-194	248	5	-1.89	-1.89	NOUN
ajfa-194	248	6	)	)	PUNCT
ajfa-194	248	7	-0.201	-0.201	NOUN
ajfa-194	248	8	*	*	PUNCT
ajfa-194	248	9	*	*	PUNCT
ajfa-194	248	10	*	*	PUNCT
ajfa-194	248	11	(	(	PUNCT
ajfa-194	248	12	-3.04	-3.04	NOUN
ajfa-194	248	13	)	)	PUNCT
ajfa-194	248	14	0.018	0.018	NUM
ajfa-194	248	15	(	(	PUNCT
ajfa-194	248	16	0.42	0.42	NUM
ajfa-194	248	17	)	)	PUNCT
ajfa-194	248	18	-0.125	-0.125	PROPN
ajfa-194	249	1	*	*	PUNCT
ajfa-194	249	2	*	*	PUNCT
ajfa-194	249	3	*	*	PUNCT
ajfa-194	249	4	(	(	PUNCT
ajfa-194	249	5	-2.61	-2.61	NOUN
ajfa-194	249	6	)	)	PUNCT
ajfa-194	249	7	ue	ue	PROPN
ajfa-194	249	8	q-1	q-1	ADJ
ajfa-194	249	9	-0.138	-0.138	PROPN
ajfa-194	249	10	(	(	PUNCT
ajfa-194	249	11	-0.49	-0.49	NOUN
ajfa-194	249	12	)	)	PUNCT
ajfa-194	249	13	0.025	0.025	NUM
ajfa-194	249	14	(	(	PUNCT
ajfa-194	249	15	0.10	0.10	NUM
ajfa-194	249	16	)	)	PUNCT
ajfa-194	249	17	0.002	0.002	NUM
ajfa-194	249	18	(	(	PUNCT
ajfa-194	249	19	0.07	0.07	NUM
ajfa-194	249	20	)	)	PUNCT
ajfa-194	249	21	0.262	0.262	NUM
ajfa-194	249	22	(	(	PUNCT
ajfa-194	249	23	1.52	1.52	NUM
ajfa-194	249	24	)	)	PUNCT
ajfa-194	249	25	year	year	NOUN
ajfa-194	249	26	fixed	fix	VERB
ajfa-194	249	27	effects	effect	NOUN
ajfa-194	249	28	included	include	VERB
ajfa-194	249	29	included	include	VERB
ajfa-194	249	30	included	include	VERB
ajfa-194	250	1	included	include	VERB
ajfa-194	250	2	industry	industry	NOUN
ajfa-194	250	3	fixed	fix	VERB
ajfa-194	250	4	effects	effect	NOUN
ajfa-194	250	5	included	include	VERB
ajfa-194	250	6	included	include	VERB
ajfa-194	250	7	included	include	VERB
ajfa-194	250	8	included	include	VERB
ajfa-194	250	9	adjusted	adjust	VERB
ajfa-194	250	10	rp	rp	NOUN
ajfa-194	250	11	2	2	NUM
ajfa-194	250	12	p	p	NOUN
ajfa-194	250	13	0.063	0.063	NUM
ajfa-194	250	14	0.085	0.085	NUM
ajfa-194	250	15	0.024	0.024	NUM
ajfa-194	250	16	0.044	0.044	NUM
ajfa-194	250	17	note	note	NOUN
ajfa-194	250	18	.	.	PUNCT
ajfa-194	251	1	this	this	DET
ajfa-194	251	2	table	table	NOUN
ajfa-194	251	3	presents	present	VERB
ajfa-194	251	4	the	the	DET
ajfa-194	251	5	estimated	estimate	VERB
ajfa-194	251	6	equation	equation	NOUN
ajfa-194	251	7	(	(	PUNCT
ajfa-194	251	8	1	1	NUM
ajfa-194	251	9	)	)	PUNCT
ajfa-194	251	10	to	to	PART
ajfa-194	251	11	test	test	VERB
ajfa-194	251	12	whether	whether	SCONJ
ajfa-194	251	13	institutional	institutional	ADJ
ajfa-194	251	14	investors	investor	NOUN
ajfa-194	251	15	anticipate	anticipate	VERB
ajfa-194	251	16	the	the	DET
ajfa-194	251	17	restatement	restatement	NOUN
ajfa-194	251	18	at	at	ADV
ajfa-194	251	19	least	least	ADV
ajfa-194	251	20	one	one	NUM
ajfa-194	251	21	quarter	quarter	NOUN
ajfa-194	251	22	in	in	ADP
ajfa-194	251	23	advance	advance	NOUN
ajfa-194	251	24	.	.	PUNCT
ajfa-194	252	1	the	the	DET
ajfa-194	252	2	sample	sample	NOUN
ajfa-194	252	3	consists	consist	VERB
ajfa-194	252	4	of	of	ADP
ajfa-194	252	5	3,276	3,276	NUM
ajfa-194	252	6	firm	firm	ADJ
ajfa-194	252	7	-	-	PUNCT
ajfa-194	252	8	quarters	quarter	NOUN
ajfa-194	252	9	(=	(=	NOUN
ajfa-194	252	10	364	364	NUM
ajfa-194	252	11	restatements	restatement	NOUN
ajfa-194	252	12	*	*	PUNCT
ajfa-194	252	13	9	9	NUM
ajfa-194	252	14	quarters	quarter	NOUN
ajfa-194	252	15	with	with	ADP
ajfa-194	252	16	each	each	DET
ajfa-194	252	17	restating	restate	VERB
ajfa-194	252	18	firm	firm	NOUN
ajfa-194	252	19	centered	center	VERB
ajfa-194	252	20	on	on	ADP
ajfa-194	252	21	the	the	DET
ajfa-194	252	22	restatement	restatement	NOUN
ajfa-194	252	23	announcement	announcement	NOUN
ajfa-194	252	24	quarter	quarter	NOUN
ajfa-194	252	25	)	)	PUNCT
ajfa-194	252	26	.	.	PUNCT
ajfa-194	253	1	the	the	DET
ajfa-194	253	2	364	364	NUM
ajfa-194	253	3	restatements	restatement	NOUN
ajfa-194	253	4	are	be	AUX
ajfa-194	253	5	announced	announce	VERB
ajfa-194	253	6	from	from	ADP
ajfa-194	253	7	the	the	DET
ajfa-194	253	8	period	period	NOUN
ajfa-194	253	9	1997	1997	NUM
ajfa-194	253	10	to	to	ADP
ajfa-194	253	11	2002	2002	NUM
ajfa-194	253	12	.	.	PUNCT
ajfa-194	254	1	see	see	VERB
ajfa-194	254	2	appendix	appendix	VERB
ajfa-194	254	3	i	i	PRON
ajfa-194	254	4	for	for	ADP
ajfa-194	254	5	variable	variable	ADJ
ajfa-194	254	6	definitions	definition	NOUN
ajfa-194	254	7	.	.	PUNCT
ajfa-194	255	1	a	a	DET
ajfa-194	255	2	institution	institution	NOUN
ajfa-194	255	3	denotes	denote	VERB
ajfa-194	255	4	holdings	holding	NOUN
ajfa-194	255	5	by	by	ADP
ajfa-194	255	6	total	total	ADJ
ajfa-194	255	7	institution	institution	NOUN
ajfa-194	255	8	(	(	PUNCT
ajfa-194	255	9	inst	inst	NOUN
ajfa-194	255	10	)	)	PUNCT
ajfa-194	255	11	,	,	PUNCT
ajfa-194	255	12	holdings	holding	NOUN
ajfa-194	255	13	by	by	ADP
ajfa-194	255	14	transient	transient	PROPN
ajfa-194	255	15	(	(	PUNCT
ajfa-194	255	16	tra	tra	NOUN
ajfa-194	255	17	)	)	PUNCT
ajfa-194	255	18	,	,	PUNCT
ajfa-194	255	19	dedicated	dedicate	VERB
ajfa-194	255	20	(	(	PUNCT
ajfa-194	255	21	ded	de	VERB
ajfa-194	255	22	)	)	PUNCT
ajfa-194	255	23	,	,	PUNCT
ajfa-194	255	24	and	and	CCONJ
ajfa-194	255	25	quasi	quasi	ADJ
ajfa-194	255	26	-	-	ADJ
ajfa-194	255	27	indexing	indexing	ADJ
ajfa-194	255	28	institutions	institution	NOUN
ajfa-194	255	29	(	(	PUNCT
ajfa-194	255	30	qix	qix	NOUN
ajfa-194	255	31	)	)	PUNCT
ajfa-194	255	32	for	for	ADP
ajfa-194	255	33	each	each	DET
ajfa-194	255	34	firm	firm	ADJ
ajfa-194	255	35	-	-	PUNCT
ajfa-194	255	36	quarter	quarter	NOUN
ajfa-194	255	37	,	,	PUNCT
ajfa-194	255	38	depending	depend	VERB
ajfa-194	255	39	on	on	ADP
ajfa-194	255	40	the	the	DET
ajfa-194	255	41	column	column	NOUN
ajfa-194	255	42	being	be	AUX
ajfa-194	255	43	examined	examine	VERB
ajfa-194	255	44	.	.	PUNCT
ajfa-194	256	1	for	for	ADP
ajfa-194	256	2	brevity	brevity	NOUN
ajfa-194	256	3	,	,	PUNCT
ajfa-194	256	4	year	year	NOUN
ajfa-194	256	5	and	and	CCONJ
ajfa-194	256	6	industry	industry	NOUN
ajfa-194	256	7	variables	variable	NOUN
ajfa-194	256	8	are	be	AUX
ajfa-194	256	9	omitted	omit	VERB
ajfa-194	256	10	from	from	ADP
ajfa-194	256	11	the	the	DET
ajfa-194	256	12	table	table	NOUN
ajfa-194	256	13	.	.	PUNCT
ajfa-194	257	1	outliers	outlier	NOUN
ajfa-194	257	2	in	in	ADP
ajfa-194	257	3	the	the	DET
ajfa-194	257	4	regressions	regression	NOUN
ajfa-194	257	5	are	be	AUX
ajfa-194	257	6	deleted	delete	VERB
ajfa-194	257	7	when	when	SCONJ
ajfa-194	257	8	the	the	DET
ajfa-194	257	9	absolute	absolute	ADJ
ajfa-194	257	10	value	value	NOUN
ajfa-194	257	11	of	of	ADP
ajfa-194	257	12	studentized	studentize	VERB
ajfa-194	257	13	residuals	residual	NOUN
ajfa-194	257	14	or	or	CCONJ
ajfa-194	257	15	dffits	dffit	NOUN
ajfa-194	257	16	influence	influence	NOUN
ajfa-194	257	17	statistics	statistic	NOUN
ajfa-194	257	18	is	be	AUX
ajfa-194	257	19	greater	great	ADJ
ajfa-194	257	20	than	than	ADP
ajfa-194	257	21	or	or	CCONJ
ajfa-194	257	22	equal	equal	ADJ
ajfa-194	257	23	to	to	ADP
ajfa-194	257	24	1.9	1.9	NUM
ajfa-194	257	25	.	.	PUNCT
ajfa-194	258	1	*	*	PUNCT
ajfa-194	259	1	*	*	PUNCT
ajfa-194	259	2	*	*	PUNCT
ajfa-194	259	3	,	,	PUNCT
ajfa-194	259	4	*	*	PUNCT
ajfa-194	259	5	*	*	PUNCT
ajfa-194	259	6	,	,	PUNCT
ajfa-194	259	7	and	and	CCONJ
ajfa-194	259	8	*	*	PUNCT
ajfa-194	259	9	denote	denote	VERB
ajfa-194	259	10	two	two	NUM
ajfa-194	259	11	-	-	PUNCT
ajfa-194	259	12	tailed	tail	VERB
ajfa-194	259	13	significance	significance	NOUN
ajfa-194	259	14	at	at	ADP
ajfa-194	259	15	the	the	DET
ajfa-194	259	16	0.01	0.01	NUM
ajfa-194	259	17	,	,	PUNCT
ajfa-194	259	18	0.05	0.05	NUM
ajfa-194	259	19	and	and	CCONJ
ajfa-194	259	20	0.1	0.1	NUM
ajfa-194	259	21	levels	level	NOUN
ajfa-194	259	22	,	,	PUNCT
ajfa-194	259	23	respectively	respectively	ADV
ajfa-194	259	24	.	.	PUNCT
ajfa-194	260	1	t	t	PROPN
ajfa-194	260	2	-	-	PUNCT
ajfa-194	260	3	statistics	statistic	NOUN
ajfa-194	260	4	are	be	AUX
ajfa-194	260	5	presented	present	VERB
ajfa-194	260	6	in	in	ADP
ajfa-194	260	7	parentheses	parenthesis	NOUN
ajfa-194	260	8	.	.	PUNCT
ajfa-194	261	1	to	to	PART
ajfa-194	261	2	learn	learn	VERB
ajfa-194	261	3	more	more	ADJ
ajfa-194	261	4	about	about	ADP
ajfa-194	261	5	the	the	DET
ajfa-194	261	6	types	type	NOUN
ajfa-194	261	7	of	of	ADP
ajfa-194	261	8	information	information	NOUN
ajfa-194	261	9	that	that	SCONJ
ajfa-194	261	10	institutions	institution	NOUN
ajfa-194	261	11	might	might	AUX
ajfa-194	261	12	be	be	AUX
ajfa-194	261	13	using	use	VERB
ajfa-194	261	14	,	,	PUNCT
ajfa-194	261	15	we	we	PRON
ajfa-194	261	16	add	add	VERB
ajfa-194	261	17	variables	variable	NOUN
ajfa-194	261	18	that	that	PRON
ajfa-194	261	19	have	have	AUX
ajfa-194	261	20	been	be	AUX
ajfa-194	261	21	shown	show	VERB
ajfa-194	261	22	in	in	ADP
ajfa-194	261	23	the	the	DET
ajfa-194	261	24	past	past	NOUN
ajfa-194	261	25	to	to	PART
ajfa-194	261	26	predict	predict	VERB
ajfa-194	261	27	earnings	earning	NOUN
ajfa-194	261	28	manipulation	manipulation	NOUN
ajfa-194	261	29	.	.	PUNCT
ajfa-194	262	1	beneish	beneish	PROPN
ajfa-194	262	2	(	(	PUNCT
ajfa-194	262	3	1999	1999	NUM
ajfa-194	262	4	)	)	PUNCT
ajfa-194	262	5	develops	develop	VERB
ajfa-194	262	6	a	a	DET
ajfa-194	262	7	asian	asian	ADJ
ajfa-194	262	8	journal	journal	NOUN
ajfa-194	262	9	of	of	ADP
ajfa-194	262	10	finance	finance	PROPN
ajfa-194	262	11	&	&	CCONJ
ajfa-194	262	12	accounting	accounting	PROPN
ajfa-194	262	13	issn	issn	PROPN
ajfa-194	262	14	1946	1946	NUM
ajfa-194	262	15	-	-	PUNCT
ajfa-194	262	16	052x	052x	NOUN
ajfa-194	262	17	2009	2009	NUM
ajfa-194	262	18	,	,	PUNCT
ajfa-194	262	19	vol	vol	NOUN
ajfa-194	262	20	.	.	PROPN
ajfa-194	262	21	1	1	NUM
ajfa-194	262	22	,	,	PUNCT
ajfa-194	262	23	no	no	INTJ
ajfa-194	262	24	.	.	NOUN
ajfa-194	262	25	2	2	NUM
ajfa-194	262	26	:	:	PUNCT
ajfa-194	262	27	e4	e4	PROPN
ajfa-194	262	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	262	29	91	91	NUM
ajfa-194	262	30	model	model	NOUN
ajfa-194	262	31	using	use	VERB
ajfa-194	262	32	the	the	DET
ajfa-194	262	33	accounting	accounting	NOUN
ajfa-194	262	34	factors	factor	NOUN
ajfa-194	262	35	to	to	PART
ajfa-194	262	36	predict	predict	VERB
ajfa-194	262	37	accounting	accounting	NOUN
ajfa-194	262	38	enforcement	enforcement	NOUN
ajfa-194	262	39	actions	action	NOUN
ajfa-194	262	40	by	by	ADP
ajfa-194	262	41	the	the	DET
ajfa-194	262	42	sec	sec	PROPN
ajfa-194	262	43	for	for	ADP
ajfa-194	262	44	violating	violate	VERB
ajfa-194	262	45	gaap	gaap	NOUN
ajfa-194	262	46	.	.	PUNCT
ajfa-194	263	1	we	we	PRON
ajfa-194	263	2	include	include	VERB
ajfa-194	263	3	these	these	DET
ajfa-194	263	4	factors	factor	NOUN
ajfa-194	263	5	in	in	ADP
ajfa-194	263	6	our	our	PRON
ajfa-194	263	7	model	model	NOUN
ajfa-194	263	8	and	and	CCONJ
ajfa-194	263	9	estimate	estimate	VERB
ajfa-194	263	10	the	the	DET
ajfa-194	263	11	following	follow	VERB
ajfa-194	263	12	regression	regression	NOUN
ajfa-194	263	13	:	:	PUNCT
ajfa-194	263	14	10	10	NUM
ajfa-194	263	15	,	,	PUNCT
ajfa-194	263	16	0	0	NUM
ajfa-194	263	17	1	1	NUM
ajfa-194	263	18	2	2	NUM
ajfa-194	263	19	3	3	NUM
ajfa-194	263	20	,	,	PUNCT
ajfa-194	263	21	1	1	NUM
ajfa-194	263	22	4	4	NUM
ajfa-194	263	23	,	,	PUNCT
ajfa-194	263	24	1	1	NUM
ajfa-194	263	25	5	5	NUM
ajfa-194	263	26	,	,	PUNCT
ajfa-194	263	27	6	6	NUM
ajfa-194	263	28	,	,	PUNCT
ajfa-194	263	29	7	7	NUM
ajfa-194	263	30	,	,	PUNCT
ajfa-194	263	31	1	1	NUM
ajfa-194	263	32	8	8	NUM
ajfa-194	263	33	,	,	PUNCT
ajfa-194	263	34	1	1	NUM
ajfa-194	263	35	9	9	NUM
ajfa-194	263	36	,	,	PUNCT
ajfa-194	263	37	1	1	NUM
ajfa-194	263	38	10	10	NUM
ajfa-194	263	39	,	,	PUNCT
ajfa-194	263	40	11	11	NUM
ajfa-194	263	41	,	,	PUNCT
ajfa-194	263	42	12	12	NUM
ajfa-194	263	43	,	,	PUNCT
ajfa-194	263	44	13	13	NUM
ajfa-194	263	45	,	,	PUNCT
ajfa-194	263	46	_	_	PRON
ajfa-194	263	47	%	%	NOUN
ajfa-194	263	48	1	1	NUM
ajfa-194	263	49	2	2	NUM
ajfa-194	263	50	%	%	NOUN
ajfa-194	263	51	_	_	NOUN
ajfa-194	264	1	%	%	NOUN
ajfa-194	264	2	1	1	NUM
ajfa-194	264	3	24	24	NUM
ajfa-194	264	4	j	j	PROPN
ajfa-194	264	5	q	q	X
ajfa-194	264	6	j	j	PROPN
ajfa-194	264	7	q	q	PROPN
ajfa-194	264	8	j	j	PROPN
ajfa-194	264	9	q	q	PROPN
ajfa-194	264	10	j	j	PROPN
ajfa-194	264	11	q	q	PROPN
ajfa-194	264	12	j	j	PROPN
ajfa-194	264	13	q	q	PROPN
ajfa-194	264	14	j	j	PROPN
ajfa-194	264	15	q	q	PROPN
ajfa-194	264	16	j	j	PROPN
ajfa-194	264	17	q	q	PROPN
ajfa-194	264	18	j	j	PROPN
ajfa-194	264	19	q	q	PROPN
ajfa-194	264	20	j	j	PROPN
ajfa-194	264	21	q	q	PROPN
ajfa-194	264	22	j	j	PROPN
ajfa-194	264	23	q	q	PROPN
ajfa-194	264	24	j	j	PROPN
ajfa-194	264	25	q	q	X
ajfa-194	264	26	j	j	PROPN
ajfa-194	264	27	q	q	X
ajfa-194	264	28	adj	adj	PROPN
ajfa-194	264	29	institution	institution	NOUN
ajfa-194	264	30	restate	restate	VERB
ajfa-194	264	31	prerestate	prerestate	NOUN
ajfa-194	264	32	prerestate	prerestate	NOUN
ajfa-194	264	33	institution	institution	PROPN
ajfa-194	264	34	pw	pw	PROPN
ajfa-194	265	1	institution	institution	PROPN
ajfa-194	265	2	retq	retq	VERB
ajfa-194	265	3	retq	retq	ADJ
ajfa-194	265	4	lnsize	lnsize	PROPN
ajfa-194	265	5	bm	bm	PROPN
ajfa-194	265	6	ue	ue	PROPN
ajfa-194	265	7	dsri	dsri	PROPN
ajfa-194	265	8	gmi	gmi	PROPN
ajfa-194	265	9	aqi	aqi	PROPN
ajfa-194	265	10	sgi	sgi	PROPN
ajfa-194	265	11	14	14	NUM
ajfa-194	265	12	,	,	PUNCT
ajfa-194	265	13	15	15	NUM
ajfa-194	265	14	,	,	PUNCT
ajfa-194	265	15	j	j	PROPN
ajfa-194	265	16	q	q	PROPN
ajfa-194	265	17	j	j	PROPN
ajfa-194	265	18	qdepi	qdepi	PROPN
ajfa-194	265	19	tata	tata	PROPN
ajfa-194	265	20	yeardummies	yeardummies	PROPN
ajfa-194	265	21	industrydummies	industrydummie	NOUN
ajfa-194	265	22	(	(	PUNCT
ajfa-194	265	23	2	2	NUM
ajfa-194	265	24	)	)	PUNCT
ajfa-194	265	25	where	where	SCONJ
ajfa-194	265	26	all	all	DET
ajfa-194	265	27	the	the	DET
ajfa-194	265	28	variables	variable	NOUN
ajfa-194	265	29	except	except	SCONJ
ajfa-194	265	30	the	the	DET
ajfa-194	265	31	accounting	accounting	NOUN
ajfa-194	265	32	factors	factor	NOUN
ajfa-194	265	33	are	be	AUX
ajfa-194	265	34	defined	define	VERB
ajfa-194	265	35	in	in	ADP
ajfa-194	265	36	equation	equation	NOUN
ajfa-194	265	37	(	(	PUNCT
ajfa-194	265	38	1	1	NUM
ajfa-194	265	39	)	)	PUNCT
ajfa-194	265	40	.	.	PUNCT
ajfa-194	266	1	the	the	DET
ajfa-194	266	2	accounting	accounting	NOUN
ajfa-194	266	3	factors	factor	NOUN
ajfa-194	266	4	are	be	AUX
ajfa-194	266	5	defined	define	VERB
ajfa-194	266	6	in	in	ADP
ajfa-194	266	7	appendix	appendix	NOUN
ajfa-194	266	8	i	i	PRON
ajfa-194	266	9	variable	variable	ADJ
ajfa-194	266	10	definitions	definition	NOUN
ajfa-194	266	11	and	and	CCONJ
ajfa-194	266	12	are	be	AUX
ajfa-194	266	13	discussed	discuss	VERB
ajfa-194	266	14	below	below	ADV
ajfa-194	266	15	.	.	PUNCT
ajfa-194	267	1	days	day	NOUN
ajfa-194	267	2	sales	sale	NOUN
ajfa-194	267	3	in	in	ADP
ajfa-194	267	4	receivables	receivables	NOUN
ajfa-194	267	5	index	index	NOUN
ajfa-194	267	6	(	(	PUNCT
ajfa-194	267	7	qdsri	qdsri	PROPN
ajfa-194	267	8	)	)	PUNCT
ajfa-194	267	9	,	,	PUNCT
ajfa-194	267	10	measures	measure	VERB
ajfa-194	267	11	the	the	DET
ajfa-194	267	12	number	number	NOUN
ajfa-194	267	13	of	of	ADP
ajfa-194	267	14	days	day	NOUN
ajfa-194	267	15	in	in	ADP
ajfa-194	267	16	accounts	account	NOUN
ajfa-194	267	17	receivables	receivable	NOUN
ajfa-194	267	18	this	this	DET
ajfa-194	267	19	year	year	NOUN
ajfa-194	267	20	relative	relative	ADJ
ajfa-194	267	21	to	to	ADP
ajfa-194	267	22	last	last	ADJ
ajfa-194	267	23	year	year	NOUN
ajfa-194	267	24	,	,	PUNCT
ajfa-194	267	25	potentially	potentially	ADV
ajfa-194	267	26	useful	useful	ADJ
ajfa-194	267	27	for	for	ADP
ajfa-194	267	28	detecting	detect	VERB
ajfa-194	267	29	revenue	revenue	NOUN
ajfa-194	267	30	recognition	recognition	NOUN
ajfa-194	267	31	-	-	PUNCT
ajfa-194	267	32	based	base	VERB
ajfa-194	267	33	earnings	earning	NOUN
ajfa-194	267	34	management	management	NOUN
ajfa-194	267	35	.	.	PUNCT
ajfa-194	268	1	gross	gross	ADJ
ajfa-194	268	2	margin	margin	NOUN
ajfa-194	268	3	index	index	NOUN
ajfa-194	268	4	(	(	PUNCT
ajfa-194	268	5	qgmi	qgmi	NOUN
ajfa-194	268	6	)	)	PUNCT
ajfa-194	268	7	measures	measure	VERB
ajfa-194	268	8	the	the	DET
ajfa-194	268	9	reduction	reduction	NOUN
ajfa-194	268	10	in	in	ADP
ajfa-194	268	11	the	the	DET
ajfa-194	268	12	gross	gross	ADJ
ajfa-194	268	13	-	-	PUNCT
ajfa-194	268	14	margin	margin	NOUN
ajfa-194	268	15	year	year	NOUN
ajfa-194	268	16	over	over	ADP
ajfa-194	268	17	year	year	NOUN
ajfa-194	268	18	,	,	PUNCT
ajfa-194	268	19	evidence	evidence	NOUN
ajfa-194	268	20	of	of	ADP
ajfa-194	268	21	potential	potential	ADJ
ajfa-194	268	22	profit	profit	NOUN
ajfa-194	268	23	pressure	pressure	NOUN
ajfa-194	268	24	.	.	PUNCT
ajfa-194	269	1	asset	asset	NOUN
ajfa-194	269	2	quality	quality	NOUN
ajfa-194	269	3	index	index	NOUN
ajfa-194	269	4	(	(	PUNCT
ajfa-194	269	5	qaqi	qaqi	ADJ
ajfa-194	269	6	)	)	PUNCT
ajfa-194	269	7	measures	measure	VERB
ajfa-194	269	8	the	the	DET
ajfa-194	269	9	percentage	percentage	NOUN
ajfa-194	269	10	of	of	ADP
ajfa-194	269	11	„	„	PUNCT
ajfa-194	269	12	soft‟	soft‟	NOUN
ajfa-194	269	13	assets	asset	NOUN
ajfa-194	269	14	that	that	PRON
ajfa-194	269	15	are	be	AUX
ajfa-194	269	16	potentially	potentially	ADV
ajfa-194	269	17	more	more	ADV
ajfa-194	269	18	malleable	malleable	ADJ
ajfa-194	269	19	.	.	PUNCT
ajfa-194	270	1	sales	sale	NOUN
ajfa-194	270	2	growth	growth	NOUN
ajfa-194	270	3	index	index	NOUN
ajfa-194	270	4	(	(	PUNCT
ajfa-194	270	5	qsgi	qsgi	NOUN
ajfa-194	270	6	)	)	PUNCT
ajfa-194	270	7	measures	measure	VERB
ajfa-194	270	8	sales	sale	NOUN
ajfa-194	270	9	growth	growth	NOUN
ajfa-194	270	10	,	,	PUNCT
ajfa-194	270	11	as	as	SCONJ
ajfa-194	270	12	high	high	ADJ
ajfa-194	270	13	growth	growth	NOUN
ajfa-194	270	14	firms	firm	NOUN
ajfa-194	270	15	often	often	ADV
ajfa-194	270	16	face	face	VERB
ajfa-194	270	17	greater	great	ADJ
ajfa-194	270	18	capital	capital	NOUN
ajfa-194	270	19	market	market	NOUN
ajfa-194	270	20	pressures	pressure	NOUN
ajfa-194	270	21	and	and	CCONJ
ajfa-194	270	22	may	may	AUX
ajfa-194	270	23	have	have	VERB
ajfa-194	270	24	greater	great	ADJ
ajfa-194	270	25	incentive	incentive	NOUN
ajfa-194	270	26	for	for	ADP
ajfa-194	270	27	earnings	earning	NOUN
ajfa-194	270	28	manipulation	manipulation	NOUN
ajfa-194	270	29	.	.	PUNCT
ajfa-194	271	1	depreciation	depreciation	NOUN
ajfa-194	271	2	index	index	NOUN
ajfa-194	271	3	(	(	PUNCT
ajfa-194	271	4	qdepi	qdepi	NOUN
ajfa-194	271	5	)	)	PUNCT
ajfa-194	271	6	measures	measure	VERB
ajfa-194	271	7	depreciation	depreciation	NOUN
ajfa-194	271	8	rates	rate	NOUN
ajfa-194	271	9	relative	relative	ADJ
ajfa-194	271	10	to	to	ADP
ajfa-194	271	11	total	total	ADJ
ajfa-194	271	12	ppe	ppe	NOUN
ajfa-194	271	13	for	for	ADP
ajfa-194	271	14	possible	possible	ADJ
ajfa-194	271	15	changes	change	NOUN
ajfa-194	271	16	in	in	ADP
ajfa-194	271	17	depreciation	depreciation	NOUN
ajfa-194	271	18	policies	policy	NOUN
ajfa-194	271	19	,	,	PUNCT
ajfa-194	271	20	estimated	estimate	VERB
ajfa-194	271	21	useful	useful	ADJ
ajfa-194	271	22	lives	life	NOUN
ajfa-194	271	23	,	,	PUNCT
ajfa-194	271	24	etc	etc	X
ajfa-194	271	25	.	.	X
ajfa-194	272	1	total	total	ADJ
ajfa-194	272	2	accruals	accrual	NOUN
ajfa-194	272	3	to	to	ADP
ajfa-194	272	4	total	total	ADJ
ajfa-194	272	5	assets	asset	NOUN
ajfa-194	272	6	(	(	PUNCT
ajfa-194	272	7	qtata	qtata	PROPN
ajfa-194	272	8	)	)	PUNCT
ajfa-194	272	9	is	be	AUX
ajfa-194	272	10	a	a	DET
ajfa-194	272	11	catchall	catchall	NOUN
ajfa-194	272	12	for	for	ADP
ajfa-194	272	13	any	any	DET
ajfa-194	272	14	potential	potential	ADJ
ajfa-194	272	15	accrual	accrual	ADJ
ajfa-194	272	16	based	base	VERB
ajfa-194	272	17	earnings	earning	NOUN
ajfa-194	272	18	management	management	NOUN
ajfa-194	272	19	not	not	PART
ajfa-194	272	20	captured	capture	VERB
ajfa-194	272	21	by	by	ADP
ajfa-194	272	22	the	the	DET
ajfa-194	272	23	other	other	ADJ
ajfa-194	272	24	measures	measure	NOUN
ajfa-194	272	25	.	.	PUNCT
ajfa-194	273	1	note	note	VERB
ajfa-194	273	2	that	that	SCONJ
ajfa-194	273	3	all	all	DET
ajfa-194	273	4	factors	factor	NOUN
ajfa-194	273	5	are	be	AUX
ajfa-194	273	6	defined	define	VERB
ajfa-194	273	7	such	such	ADJ
ajfa-194	273	8	that	that	SCONJ
ajfa-194	273	9	a	a	DET
ajfa-194	273	10	higher	high	ADJ
ajfa-194	273	11	number	number	NOUN
ajfa-194	273	12	increases	increase	VERB
ajfa-194	273	13	the	the	DET
ajfa-194	273	14	likelihood	likelihood	NOUN
ajfa-194	273	15	of	of	ADP
ajfa-194	273	16	earnings	earning	NOUN
ajfa-194	273	17	manipulation	manipulation	NOUN
ajfa-194	273	18	.	.	PUNCT
ajfa-194	274	1	some	some	PRON
ajfa-194	274	2	of	of	ADP
ajfa-194	274	3	these	these	DET
ajfa-194	274	4	measures	measure	NOUN
ajfa-194	274	5	are	be	AUX
ajfa-194	274	6	intended	intend	VERB
ajfa-194	274	7	to	to	PART
ajfa-194	274	8	try	try	VERB
ajfa-194	274	9	to	to	PART
ajfa-194	274	10	provide	provide	VERB
ajfa-194	274	11	flags	flag	NOUN
ajfa-194	274	12	about	about	ADP
ajfa-194	274	13	possible	possible	ADJ
ajfa-194	274	14	manipulation	manipulation	NOUN
ajfa-194	274	15	,	,	PUNCT
ajfa-194	274	16	while	while	SCONJ
ajfa-194	274	17	others	other	NOUN
ajfa-194	274	18	are	be	AUX
ajfa-194	274	19	simply	simply	ADV
ajfa-194	274	20	incentive	incentive	NOUN
ajfa-194	274	21	variables	variable	NOUN
ajfa-194	274	22	intended	intend	VERB
ajfa-194	274	23	to	to	PART
ajfa-194	274	24	capture	capture	VERB
ajfa-194	274	25	firms	firm	NOUN
ajfa-194	274	26	with	with	ADP
ajfa-194	274	27	greater	great	ADJ
ajfa-194	274	28	incentives	incentive	NOUN
ajfa-194	274	29	to	to	PART
ajfa-194	274	30	manage	manage	VERB
ajfa-194	274	31	earnings	earning	NOUN
ajfa-194	274	32	.	.	PUNCT
ajfa-194	275	1	because	because	SCONJ
ajfa-194	275	2	we	we	PRON
ajfa-194	275	3	use	use	VERB
ajfa-194	275	4	quarterly	quarterly	ADJ
ajfa-194	275	5	changes	change	NOUN
ajfa-194	275	6	in	in	ADP
ajfa-194	275	7	institutional	institutional	ADJ
ajfa-194	275	8	holdings	holding	NOUN
ajfa-194	275	9	,	,	PUNCT
ajfa-194	275	10	we	we	PRON
ajfa-194	275	11	define	define	VERB
ajfa-194	275	12	these	these	DET
ajfa-194	275	13	6	6	NUM
ajfa-194	275	14	factors	factor	NOUN
ajfa-194	275	15	based	base	VERB
ajfa-194	275	16	on	on	ADP
ajfa-194	275	17	the	the	DET
ajfa-194	275	18	trailing	trail	VERB
ajfa-194	275	19	four	four	NUM
ajfa-194	275	20	quarters	quarter	NOUN
ajfa-194	275	21	of	of	ADP
ajfa-194	275	22	data	datum	NOUN
ajfa-194	275	23	available	available	ADJ
ajfa-194	275	24	to	to	ADP
ajfa-194	275	25	the	the	DET
ajfa-194	275	26	institutions	institution	NOUN
ajfa-194	275	27	prior	prior	ADV
ajfa-194	275	28	to	to	ADP
ajfa-194	275	29	the	the	DET
ajfa-194	275	30	reported	report	VERB
ajfa-194	275	31	end	end	NOUN
ajfa-194	275	32	of	of	ADP
ajfa-194	275	33	quarterly	quarterly	ADJ
ajfa-194	275	34	holdings	holding	NOUN
ajfa-194	275	35	.	.	PUNCT
ajfa-194	276	1	since	since	SCONJ
ajfa-194	276	2	these	these	DET
ajfa-194	276	3	variables	variable	NOUN
ajfa-194	276	4	are	be	AUX
ajfa-194	276	5	mainly	mainly	ADV
ajfa-194	276	6	based	base	VERB
ajfa-194	276	7	on	on	ADP
ajfa-194	276	8	year	year	NOUN
ajfa-194	276	9	-	-	PUNCT
ajfa-194	276	10	to	to	ADP
ajfa-194	276	11	-	-	PUNCT
ajfa-194	276	12	year	year	NOUN
ajfa-194	276	13	changes	change	NOUN
ajfa-194	276	14	which	which	PRON
ajfa-194	276	15	introduces	introduce	VERB
ajfa-194	276	16	a	a	DET
ajfa-194	276	17	potential	potential	ADJ
ajfa-194	276	18	problem	problem	NOUN
ajfa-194	276	19	when	when	SCONJ
ajfa-194	276	20	the	the	DET
ajfa-194	276	21	denominator	denominator	NOUN
ajfa-194	276	22	is	be	AUX
ajfa-194	276	23	small	small	ADJ
ajfa-194	276	24	,	,	PUNCT
ajfa-194	276	25	we	we	PRON
ajfa-194	276	26	winsorize	winsorize	VERB
ajfa-194	276	27	each	each	DET
ajfa-194	276	28	variable	variable	NOUN
ajfa-194	276	29	at	at	ADP
ajfa-194	276	30	the	the	DET
ajfa-194	276	31	1	1	NUM
ajfa-194	276	32	%	%	NOUN
ajfa-194	276	33	and	and	CCONJ
ajfa-194	276	34	99	99	NUM
ajfa-194	276	35	%	%	NOUN
ajfa-194	276	36	of	of	ADP
ajfa-194	276	37	its	its	PRON
ajfa-194	276	38	distribution	distribution	NOUN
ajfa-194	276	39	following	follow	VERB
ajfa-194	276	40	beneish	beneish	ADJ
ajfa-194	276	41	(	(	PUNCT
ajfa-194	276	42	1999	1999	NUM
ajfa-194	276	43	)	)	PUNCT
ajfa-194	276	44	.	.	PUNCT
ajfa-194	277	1	results	result	NOUN
ajfa-194	277	2	of	of	ADP
ajfa-194	277	3	estimating	estimate	VERB
ajfa-194	277	4	equation	equation	NOUN
ajfa-194	277	5	(	(	PUNCT
ajfa-194	277	6	2	2	X
ajfa-194	277	7	)	)	PUNCT
ajfa-194	277	8	are	be	AUX
ajfa-194	277	9	presented	present	VERB
ajfa-194	277	10	in	in	ADP
ajfa-194	277	11	table	table	NOUN
ajfa-194	277	12	4	4	NUM
ajfa-194	277	13	for	for	ADP
ajfa-194	277	14	each	each	PRON
ajfa-194	277	15	of	of	ADP
ajfa-194	277	16	the	the	DET
ajfa-194	277	17	institutional	institutional	ADJ
ajfa-194	277	18	types	type	NOUN
ajfa-194	277	19	.	.	PUNCT
ajfa-194	278	1	looking	look	VERB
ajfa-194	278	2	at	at	ADP
ajfa-194	278	3	the	the	DET
ajfa-194	278	4	column	column	NOUN
ajfa-194	278	5	related	relate	VERB
ajfa-194	278	6	to	to	PART
ajfa-194	278	7	transient	transient	VERB
ajfa-194	278	8	institutional	institutional	ADJ
ajfa-194	278	9	investors	investor	NOUN
ajfa-194	278	10	,	,	PUNCT
ajfa-194	278	11	of	of	ADP
ajfa-194	278	12	the	the	DET
ajfa-194	278	13	six	six	NUM
ajfa-194	278	14	factors	factor	NOUN
ajfa-194	278	15	included	include	VERB
ajfa-194	278	16	in	in	ADP
ajfa-194	278	17	the	the	DET
ajfa-194	278	18	model	model	NOUN
ajfa-194	278	19	,	,	PUNCT
ajfa-194	278	20	two	two	NUM
ajfa-194	278	21	are	be	AUX
ajfa-194	278	22	significant	significant	ADJ
ajfa-194	278	23	in	in	ADP
ajfa-194	278	24	the	the	DET
ajfa-194	278	25	predicted	predict	VERB
ajfa-194	278	26	direction	direction	NOUN
ajfa-194	278	27	.	.	PUNCT
ajfa-194	279	1	,	,	PUNCT
ajfa-194	279	2	j	j	PROPN
ajfa-194	279	3	qdsri	qdsri	PROPN
ajfa-194	279	4	,	,	PUNCT
ajfa-194	279	5	which	which	PRON
ajfa-194	279	6	measures	measure	VERB
ajfa-194	279	7	an	an	DET
ajfa-194	279	8	increase	increase	NOUN
ajfa-194	279	9	in	in	ADP
ajfa-194	279	10	the	the	DET
ajfa-194	279	11	accounts	account	NOUN
ajfa-194	279	12	receivable	receivable	ADJ
ajfa-194	279	13	balance	balance	NOUN
ajfa-194	279	14	relative	relative	ADJ
ajfa-194	279	15	to	to	ADP
ajfa-194	279	16	sales	sale	NOUN
ajfa-194	279	17	,	,	PUNCT
ajfa-194	279	18	is	be	AUX
ajfa-194	279	19	negatively	negatively	ADV
ajfa-194	279	20	associated	associate	VERB
ajfa-194	279	21	with	with	ADP
ajfa-194	279	22	change	change	NOUN
ajfa-194	279	23	in	in	ADP
ajfa-194	279	24	transient	transient	ADJ
ajfa-194	279	25	institutional	institutional	ADJ
ajfa-194	279	26	holdings	holding	NOUN
ajfa-194	279	27	(	(	PUNCT
ajfa-194	279	28	coefficient	coefficient	NOUN
ajfa-194	279	29	=	=	NOUN
ajfa-194	279	30	-0.183	-0.183	PROPN
ajfa-194	279	31	,	,	PUNCT
ajfa-194	279	32	p	p	NOUN
ajfa-194	279	33	-	-	PUNCT
ajfa-194	279	34	value=0.09	value=0.09	NOUN
ajfa-194	279	35	)	)	PUNCT
ajfa-194	279	36	.	.	PUNCT
ajfa-194	280	1	total	total	ADJ
ajfa-194	280	2	accruals	accrual	NOUN
ajfa-194	280	3	(	(	PUNCT
ajfa-194	280	4	,	,	PUNCT
ajfa-194	280	5	j	j	PROPN
ajfa-194	280	6	qtata	qtata	PROPN
ajfa-194	280	7	)	)	PUNCT
ajfa-194	280	8	is	be	AUX
ajfa-194	280	9	also	also	ADV
ajfa-194	280	10	negatively	negatively	ADV
ajfa-194	280	11	associated	associate	VERB
ajfa-194	280	12	with	with	ADP
ajfa-194	280	13	changes	change	NOUN
ajfa-194	280	14	in	in	ADP
ajfa-194	280	15	transient	transient	ADJ
ajfa-194	280	16	institutional	institutional	ADJ
ajfa-194	280	17	ownership	ownership	NOUN
ajfa-194	280	18	(	(	PUNCT
ajfa-194	280	19	coefficient	coefficient	NOUN
ajfa-194	280	20	=	=	PUNCT
ajfa-194	280	21	-1.110	-1.110	NOUN
ajfa-194	280	22	,	,	PUNCT
ajfa-194	280	23	p	p	ADJ
ajfa-194	280	24	-	-	PUNCT
ajfa-194	280	25	value	value	NOUN
ajfa-194	280	26	=	=	NOUN
ajfa-194	280	27	0.00	0.00	NUM
ajfa-194	280	28	)	)	PUNCT
ajfa-194	280	29	.	.	PUNCT
ajfa-194	281	1	none	none	NOUN
ajfa-194	281	2	of	of	ADP
ajfa-194	281	3	the	the	DET
ajfa-194	281	4	other	other	ADJ
ajfa-194	281	5	factors	factor	NOUN
ajfa-194	281	6	are	be	AUX
ajfa-194	281	7	associated	associate	VERB
ajfa-194	281	8	with	with	ADP
ajfa-194	281	9	changes	change	NOUN
ajfa-194	281	10	in	in	ADP
ajfa-194	281	11	institutional	institutional	ADJ
ajfa-194	281	12	holdings	holding	NOUN
ajfa-194	281	13	.	.	PUNCT
ajfa-194	282	1	overall	overall	ADV
ajfa-194	282	2	,	,	PUNCT
ajfa-194	282	3	the	the	DET
ajfa-194	282	4	results	result	NOUN
ajfa-194	282	5	of	of	ADP
ajfa-194	282	6	including	include	VERB
ajfa-194	282	7	the	the	DET
ajfa-194	282	8	earnings	earning	NOUN
ajfa-194	282	9	manipulation	manipulation	NOUN
ajfa-194	282	10	variables	variable	NOUN
ajfa-194	282	11	shows	show	VERB
ajfa-194	282	12	that	that	SCONJ
ajfa-194	282	13	institutions	institution	NOUN
ajfa-194	282	14	are	be	AUX
ajfa-194	282	15	more	more	ADV
ajfa-194	282	16	likely	likely	ADJ
ajfa-194	282	17	to	to	PART
ajfa-194	282	18	reduce	reduce	VERB
ajfa-194	282	19	their	their	PRON
ajfa-194	282	20	holdings	holding	NOUN
ajfa-194	282	21	when	when	SCONJ
ajfa-194	282	22	there	there	PRON
ajfa-194	282	23	is	be	VERB
ajfa-194	282	24	an	an	DET
ajfa-194	282	25	increase	increase	NOUN
ajfa-194	282	26	in	in	ADP
ajfa-194	282	27	the	the	DET
ajfa-194	282	28	days	day	NOUN
ajfa-194	282	29	sales	sale	NOUN
ajfa-194	282	30	in	in	ADP
ajfa-194	282	31	receivables	receivables	NOUN
ajfa-194	282	32	or	or	CCONJ
ajfa-194	282	33	high	high	ADJ
ajfa-194	282	34	accruals	accrual	NOUN
ajfa-194	282	35	.	.	PUNCT
ajfa-194	283	1	however	however	ADV
ajfa-194	283	2	,	,	PUNCT
ajfa-194	283	3	1prerestate	1prerestate	PROPN
ajfa-194	283	4	continues	continue	VERB
ajfa-194	283	5	to	to	PART
ajfa-194	283	6	be	be	AUX
ajfa-194	283	7	significantly	significantly	ADV
ajfa-194	283	8	negative	negative	ADJ
ajfa-194	283	9	one	one	NUM
ajfa-194	283	10	quarter	quarter	NOUN
ajfa-194	283	11	in	in	ADP
ajfa-194	283	12	advance	advance	NOUN
ajfa-194	283	13	(	(	PUNCT
ajfa-194	283	14	coefficient=-0.401	coefficient=-0.401	NOUN
ajfa-194	283	15	,	,	PUNCT
ajfa-194	283	16	p	p	NOUN
ajfa-194	283	17	-	-	PUNCT
ajfa-194	283	18	value=0.04	value=0.04	NOUN
ajfa-194	283	19	)	)	PUNCT
ajfa-194	283	20	,	,	PUNCT
ajfa-194	283	21	suggesting	suggest	VERB
ajfa-194	283	22	that	that	SCONJ
ajfa-194	283	23	institutional	institutional	ADJ
ajfa-194	283	24	investors	investor	NOUN
ajfa-194	283	25	use	use	VERB
ajfa-194	283	26	other	other	ADJ
ajfa-194	283	27	10	10	NUM
ajfa-194	283	28	beneish	beneish	NOUN
ajfa-194	283	29	includes	include	VERB
ajfa-194	283	30	two	two	NUM
ajfa-194	283	31	additional	additional	ADJ
ajfa-194	283	32	measures	measure	NOUN
ajfa-194	283	33	in	in	ADP
ajfa-194	283	34	his	his	PRON
ajfa-194	283	35	model	model	NOUN
ajfa-194	283	36	,	,	PUNCT
ajfa-194	283	37	leverage	leverage	NOUN
ajfa-194	283	38	and	and	CCONJ
ajfa-194	283	39	sg&a	sg&a	NOUN
ajfa-194	283	40	expense	expense	NOUN
ajfa-194	283	41	,	,	PUNCT
ajfa-194	283	42	neither	neither	PRON
ajfa-194	283	43	of	of	ADP
ajfa-194	283	44	which	which	PRON
ajfa-194	283	45	is	be	AUX
ajfa-194	283	46	related	relate	VERB
ajfa-194	283	47	to	to	ADP
ajfa-194	283	48	sec	sec	PROPN
ajfa-194	283	49	enforcement	enforcement	NOUN
ajfa-194	283	50	actions	action	NOUN
ajfa-194	283	51	.	.	PUNCT
ajfa-194	284	1	as	as	ADP
ajfa-194	284	2	a	a	DET
ajfa-194	284	3	result	result	NOUN
ajfa-194	284	4	,	,	PUNCT
ajfa-194	284	5	we	we	PRON
ajfa-194	284	6	do	do	AUX
ajfa-194	284	7	not	not	PART
ajfa-194	284	8	include	include	VERB
ajfa-194	284	9	them	they	PRON
ajfa-194	284	10	in	in	ADP
ajfa-194	284	11	our	our	PRON
ajfa-194	284	12	regression	regression	NOUN
ajfa-194	284	13	.	.	PUNCT
ajfa-194	285	1	asian	asian	ADJ
ajfa-194	285	2	journal	journal	PROPN
ajfa-194	285	3	of	of	ADP
ajfa-194	285	4	finance	finance	PROPN
ajfa-194	285	5	&	&	CCONJ
ajfa-194	285	6	accounting	accounting	PROPN
ajfa-194	285	7	issn	issn	PROPN
ajfa-194	285	8	1946	1946	NUM
ajfa-194	285	9	-	-	PUNCT
ajfa-194	285	10	052x	052x	NOUN
ajfa-194	285	11	2009	2009	NUM
ajfa-194	285	12	,	,	PUNCT
ajfa-194	285	13	vol	vol	NOUN
ajfa-194	285	14	.	.	PROPN
ajfa-194	285	15	1	1	NUM
ajfa-194	285	16	,	,	PUNCT
ajfa-194	285	17	no	no	INTJ
ajfa-194	285	18	.	.	NOUN
ajfa-194	285	19	2	2	NUM
ajfa-194	285	20	:	:	PUNCT
ajfa-194	285	21	e4	e4	PROPN
ajfa-194	285	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	285	23	92	92	NUM
ajfa-194	285	24	information	information	NOUN
ajfa-194	285	25	in	in	ADP
ajfa-194	285	26	addition	addition	NOUN
ajfa-194	285	27	to	to	ADP
ajfa-194	285	28	these	these	DET
ajfa-194	285	29	two	two	NUM
ajfa-194	285	30	factors	factor	NOUN
ajfa-194	285	31	when	when	SCONJ
ajfa-194	285	32	deciding	decide	VERB
ajfa-194	285	33	to	to	PART
ajfa-194	285	34	reduce	reduce	VERB
ajfa-194	285	35	their	their	PRON
ajfa-194	285	36	holdings	holding	NOUN
ajfa-194	285	37	before	before	ADP
ajfa-194	285	38	the	the	DET
ajfa-194	285	39	restatement	restatement	NOUN
ajfa-194	285	40	announcement	announcement	NOUN
ajfa-194	285	41	.	.	PUNCT
ajfa-194	286	1	11	11	NUM
ajfa-194	286	2	table	table	NOUN
ajfa-194	286	3	4	4	NUM
ajfa-194	286	4	.	.	PUNCT
ajfa-194	286	5	institutional	institutional	ADJ
ajfa-194	286	6	trading	trading	NOUN
ajfa-194	286	7	and	and	CCONJ
ajfa-194	286	8	financial	financial	ADJ
ajfa-194	286	9	statement	statement	NOUN
ajfa-194	286	10	predictors	predictor	NOUN
ajfa-194	286	11	of	of	ADP
ajfa-194	286	12	restatements	restatement	NOUN
ajfa-194	286	13	independent	independent	ADJ
ajfa-194	286	14	variable	variable	ADJ
ajfa-194	286	15	∆adj_inst%	∆adj_inst%	NOUN
ajfa-194	286	16	q	q	NOUN
ajfa-194	286	17	∆adj	∆adj	NOUN
ajfa-194	287	1	_	_	PUNCT
ajfa-194	287	2	tra%	tra%	NOUN
ajfa-194	287	3	q	q	PROPN
ajfa-194	287	4	∆adj_ded%	∆adj_ded%	PROPN
ajfa-194	287	5	q	q	X
ajfa-194	287	6	∆adj_qix%	∆adj_qix%	PROPN
ajfa-194	287	7	q	q	PROPN
ajfa-194	287	8	intercept	intercept	NOUN
ajfa-194	287	9	-0.226	-0.226	PUNCT
ajfa-194	287	10	(	(	PUNCT
ajfa-194	287	11	-0.25	-0.25	NUM
ajfa-194	287	12	)	)	PUNCT
ajfa-194	287	13	0.008	0.008	NUM
ajfa-194	287	14	(	(	PUNCT
ajfa-194	287	15	0.01	0.01	NUM
ajfa-194	287	16	)	)	PUNCT
ajfa-194	287	17	0.989	0.989	NUM
ajfa-194	287	18	*	*	PUNCT
ajfa-194	287	19	*	*	PUNCT
ajfa-194	287	20	(	(	PUNCT
ajfa-194	287	21	2.08	2.08	NUM
ajfa-194	287	22	)	)	PUNCT
ajfa-194	287	23	-0.140	-0.140	NOUN
ajfa-194	287	24	(	(	PUNCT
ajfa-194	287	25	-0.27	-0.27	ADJ
ajfa-194	287	26	)	)	PUNCT
ajfa-194	287	27	restate	restate	NOUN
ajfa-194	287	28	-1.215	-1.215	NOUN
ajfa-194	287	29	*	*	PUNCT
ajfa-194	287	30	*	*	PUNCT
ajfa-194	287	31	*	*	PUNCT
ajfa-194	287	32	(	(	PUNCT
ajfa-194	287	33	-4.45	-4.45	NOUN
ajfa-194	287	34	)	)	PUNCT
ajfa-194	287	35	-0.877	-0.877	PUNCT
ajfa-194	288	1	*	*	PUNCT
ajfa-194	288	2	*	*	PUNCT
ajfa-194	288	3	*	*	PUNCT
ajfa-194	288	4	(	(	PUNCT
ajfa-194	288	5	-4.57	-4.57	NUM
ajfa-194	288	6	)	)	PUNCT
ajfa-194	288	7	-0.141	-0.141	X
ajfa-194	288	8	(	(	PUNCT
ajfa-194	288	9	-1.06	-1.06	NOUN
ajfa-194	288	10	)	)	PUNCT
ajfa-194	288	11	-0.404	-0.404	NOUN
ajfa-194	288	12	*	*	PUNCT
ajfa-194	288	13	*	*	PUNCT
ajfa-194	288	14	*	*	PUNCT
ajfa-194	288	15	(	(	PUNCT
ajfa-194	288	16	-2.66	-2.66	NOUN
ajfa-194	288	17	)	)	PUNCT
ajfa-194	288	18	prerestate1	prerestate1	NOUN
ajfa-194	288	19	-0.023	-0.023	INTJ
ajfa-194	288	20	(	(	PUNCT
ajfa-194	288	21	-0.08	-0.08	NOUN
ajfa-194	288	22	)	)	PUNCT
ajfa-194	288	23	-0.401	-0.401	NOUN
ajfa-194	289	1	*	*	PUNCT
ajfa-194	289	2	*	*	PUNCT
ajfa-194	289	3	(	(	PUNCT
ajfa-194	289	4	-2.07	-2.07	NUM
ajfa-194	289	5	)	)	PUNCT
ajfa-194	289	6	0.228	0.228	NUM
ajfa-194	289	7	*	*	PUNCT
ajfa-194	289	8	(	(	PUNCT
ajfa-194	289	9	1.70	1.70	NUM
ajfa-194	289	10	)	)	PUNCT
ajfa-194	289	11	-0.115	-0.115	PUNCT
ajfa-194	289	12	(	(	PUNCT
ajfa-194	289	13	-0.74	-0.74	NOUN
ajfa-194	289	14	)	)	PUNCT
ajfa-194	289	15	prerestate2	prerestate2	NOUN
ajfa-194	289	16	0.140	0.140	NUM
ajfa-194	289	17	(	(	PUNCT
ajfa-194	289	18	0.49	0.49	NUM
ajfa-194	289	19	)	)	PUNCT
ajfa-194	289	20	-0.062	-0.062	NOUN
ajfa-194	289	21	(	(	PUNCT
ajfa-194	289	22	-0.32	-0.32	NUM
ajfa-194	289	23	)	)	PUNCT
ajfa-194	289	24	-0.000	-0.000	X
ajfa-194	289	25	(	(	PUNCT
ajfa-194	289	26	0.00	0.00	NUM
ajfa-194	289	27	)	)	PUNCT
ajfa-194	289	28	0.176	0.176	NUM
ajfa-194	289	29	(	(	PUNCT
ajfa-194	289	30	1.11	1.11	NUM
ajfa-194	289	31	)	)	PUNCT
ajfa-194	289	32	institution%	institution%	VERB
ajfa-194	289	33	q-1p	q-1p	NOUN
ajfa-194	289	34	a	a	DET
ajfa-194	289	35	p	p	NOUN
ajfa-194	289	36	-0.025	-0.025	NOUN
ajfa-194	289	37	*	*	PUNCT
ajfa-194	289	38	*	*	PUNCT
ajfa-194	289	39	*	*	PUNCT
ajfa-194	289	40	(	(	PUNCT
ajfa-194	289	41	-5.60	-5.60	ADJ
ajfa-194	289	42	)	)	PUNCT
ajfa-194	289	43	-0.068	-0.068	NOUN
ajfa-194	290	1	*	*	PUNCT
ajfa-194	290	2	*	*	PUNCT
ajfa-194	290	3	*	*	PUNCT
ajfa-194	290	4	(	(	PUNCT
ajfa-194	290	5	-10.21	-10.21	PROPN
ajfa-194	290	6	)	)	PUNCT
ajfa-194	290	7	-0.040	-0.040	NUM
ajfa-194	290	8	*	*	PUNCT
ajfa-194	290	9	*	*	PUNCT
ajfa-194	290	10	*	*	PUNCT
ajfa-194	290	11	(	(	PUNCT
ajfa-194	290	12	-7.89	-7.89	NOUN
ajfa-194	290	13	)	)	PUNCT
ajfa-194	290	14	-0.030	-0.030	PUNCT
ajfa-194	290	15	*	*	PUNCT
ajfa-194	290	16	*	*	PUNCT
ajfa-194	290	17	*	*	PUNCT
ajfa-194	290	18	(	(	PUNCT
ajfa-194	290	19	-6.20	-6.20	NUM
ajfa-194	290	20	)	)	PUNCT
ajfa-194	290	21	pw_institution%	pw_institution%	X
ajfa-194	290	22	q-1	q-1	VERB
ajfa-194	290	23	-3.332	-3.332	NOUN
ajfa-194	290	24	*	*	PUNCT
ajfa-194	290	25	*	*	PUNCT
ajfa-194	290	26	*	*	PUNCT
ajfa-194	290	27	(	(	PUNCT
ajfa-194	290	28	-2.69	-2.69	NOUN
ajfa-194	290	29	)	)	PUNCT
ajfa-194	290	30	-2.106	-2.106	NOUN
ajfa-194	291	1	*	*	PUNCT
ajfa-194	291	2	*	*	PUNCT
ajfa-194	291	3	*	*	PUNCT
ajfa-194	291	4	(	(	PUNCT
ajfa-194	291	5	-3.00	-3.00	PROPN
ajfa-194	291	6	)	)	PUNCT
ajfa-194	291	7	-0.062	-0.062	NOUN
ajfa-194	291	8	(	(	PUNCT
ajfa-194	291	9	-0.25	-0.25	NUM
ajfa-194	291	10	)	)	PUNCT
ajfa-194	291	11	-0.781	-0.781	PUNCT
ajfa-194	291	12	(	(	PUNCT
ajfa-194	291	13	-1.16	-1.16	NOUN
ajfa-194	291	14	)	)	PUNCT
ajfa-194	291	15	retq1	retq1	NOUN
ajfa-194	292	1	q	q	NOUN
ajfa-194	292	2	1.991	1.991	NUM
ajfa-194	292	3	*	*	PUNCT
ajfa-194	292	4	*	*	PUNCT
ajfa-194	292	5	*	*	PUNCT
ajfa-194	292	6	(	(	PUNCT
ajfa-194	292	7	9.04	9.04	NUM
ajfa-194	292	8	)	)	PUNCT
ajfa-194	292	9	1.258	1.258	NUM
ajfa-194	292	10	*	*	PUNCT
ajfa-194	292	11	*	*	PUNCT
ajfa-194	292	12	*	*	PUNCT
ajfa-194	292	13	(	(	PUNCT
ajfa-194	292	14	8.17	8.17	NUM
ajfa-194	292	15	)	)	PUNCT
ajfa-194	292	16	0.204	0.204	NUM
ajfa-194	292	17	*	*	SYM
ajfa-194	292	18	(	(	PUNCT
ajfa-194	292	19	1.87	1.87	NUM
ajfa-194	292	20	)	)	PUNCT
ajfa-194	292	21	0.742	0.742	NUM
ajfa-194	292	22	*	*	PUNCT
ajfa-194	292	23	*	*	PUNCT
ajfa-194	292	24	*	*	PUNCT
ajfa-194	292	25	(	(	PUNCT
ajfa-194	292	26	6.06	6.06	NUM
ajfa-194	292	27	)	)	PUNCT
ajfa-194	292	28	retq24	retq24	NOUN
ajfa-194	292	29	q	q	NOUN
ajfa-194	293	1	0.659	0.659	NUM
ajfa-194	293	2	*	*	PUNCT
ajfa-194	293	3	*	*	PUNCT
ajfa-194	293	4	*	*	PUNCT
ajfa-194	293	5	(	(	PUNCT
ajfa-194	293	6	5.32	5.32	NUM
ajfa-194	293	7	)	)	PUNCT
ajfa-194	293	8	0.205	0.205	NUM
ajfa-194	293	9	*	*	PUNCT
ajfa-194	293	10	*	*	PUNCT
ajfa-194	293	11	(	(	PUNCT
ajfa-194	293	12	2.27	2.27	NUM
ajfa-194	293	13	)	)	PUNCT
ajfa-194	293	14	0.040	0.040	NUM
ajfa-194	293	15	(	(	PUNCT
ajfa-194	293	16	0.68	0.68	NUM
ajfa-194	293	17	)	)	PUNCT
ajfa-194	293	18	0.277	0.277	NUM
ajfa-194	293	19	*	*	PUNCT
ajfa-194	293	20	*	*	PUNCT
ajfa-194	293	21	*	*	PUNCT
ajfa-194	293	22	(	(	PUNCT
ajfa-194	293	23	4.12	4.12	NUM
ajfa-194	293	24	)	)	PUNCT
ajfa-194	293	25	lnsize	lnsize	NOUN
ajfa-194	293	26	q-1	q-1	ADJ
ajfa-194	293	27	0.368	0.368	NUM
ajfa-194	293	28	*	*	PUNCT
ajfa-194	293	29	*	*	PUNCT
ajfa-194	293	30	*	*	PUNCT
ajfa-194	293	31	(	(	PUNCT
ajfa-194	293	32	5.64	5.64	NUM
ajfa-194	293	33	)	)	PUNCT
ajfa-194	293	34	0.248	0.248	NUM
ajfa-194	293	35	*	*	PUNCT
ajfa-194	293	36	*	*	PUNCT
ajfa-194	293	37	*	*	PUNCT
ajfa-194	293	38	(	(	PUNCT
ajfa-194	293	39	6.46	6.46	NUM
ajfa-194	293	40	)	)	PUNCT
ajfa-194	293	41	0.024	0.024	NUM
ajfa-194	293	42	(	(	PUNCT
ajfa-194	293	43	1.02	1.02	NUM
ajfa-194	293	44	)	)	PUNCT
ajfa-194	293	45	0.213	0.213	NUM
ajfa-194	293	46	*	*	PUNCT
ajfa-194	293	47	*	*	PUNCT
ajfa-194	293	48	*	*	PUNCT
ajfa-194	293	49	(	(	PUNCT
ajfa-194	293	50	5.66	5.66	NUM
ajfa-194	293	51	)	)	PUNCT
ajfa-194	293	52	bm	bm	PROPN
ajfa-194	293	53	q-1	q-1	PROPN
ajfa-194	293	54	-0.143	-0.143	PROPN
ajfa-194	293	55	*	*	X
ajfa-194	293	56	(	(	PUNCT
ajfa-194	293	57	-1.68	-1.68	NOUN
ajfa-194	293	58	)	)	PUNCT
ajfa-194	293	59	-0.169	-0.169	PUNCT
ajfa-194	294	1	*	*	PUNCT
ajfa-194	294	2	*	*	PUNCT
ajfa-194	294	3	(	(	PUNCT
ajfa-194	294	4	-2.39	-2.39	PROPN
ajfa-194	294	5	)	)	PUNCT
ajfa-194	294	6	0.013	0.013	NUM
ajfa-194	294	7	(	(	PUNCT
ajfa-194	294	8	0.29	0.29	NUM
ajfa-194	294	9	)	)	PUNCT
ajfa-194	294	10	-0.136	-0.136	PUNCT
ajfa-194	295	1	*	*	PUNCT
ajfa-194	295	2	*	*	PUNCT
ajfa-194	295	3	*	*	PUNCT
ajfa-194	295	4	(	(	PUNCT
ajfa-194	295	5	-2.70	-2.70	NOUN
ajfa-194	295	6	)	)	PUNCT
ajfa-194	295	7	ue	ue	PROPN
ajfa-194	295	8	q-1	q-1	ADJ
ajfa-194	295	9	-0.153	-0.153	NOUN
ajfa-194	295	10	(	(	PUNCT
ajfa-194	295	11	-0.52	-0.52	NUM
ajfa-194	295	12	)	)	PUNCT
ajfa-194	295	13	-0.122	-0.122	NOUN
ajfa-194	295	14	(	(	PUNCT
ajfa-194	295	15	-0.46	-0.46	X
ajfa-194	295	16	)	)	PUNCT
ajfa-194	295	17	0.115	0.115	NUM
ajfa-194	295	18	(	(	PUNCT
ajfa-194	295	19	0.48	0.48	NUM
ajfa-194	295	20	)	)	PUNCT
ajfa-194	295	21	0.334	0.334	NUM
ajfa-194	295	22	*	*	SYM
ajfa-194	295	23	(	(	PUNCT
ajfa-194	295	24	1.85	1.85	NUM
ajfa-194	295	25	)	)	PUNCT
ajfa-194	295	26	dsri	dsri	NOUN
ajfa-194	295	27	q	q	NOUN
ajfa-194	296	1	-0.589	-0.589	NOUN
ajfa-194	296	2	*	*	PUNCT
ajfa-194	296	3	*	*	PUNCT
ajfa-194	296	4	*	*	PUNCT
ajfa-194	296	5	(	(	PUNCT
ajfa-194	296	6	-3.95	-3.95	NUM
ajfa-194	296	7	)	)	PUNCT
ajfa-194	296	8	-0.183	-0.183	PUNCT
ajfa-194	296	9	*	*	PUNCT
ajfa-194	296	10	(	(	PUNCT
ajfa-194	296	11	-1.72	-1.72	NOUN
ajfa-194	296	12	)	)	PUNCT
ajfa-194	296	13	-0.247	-0.247	NOUN
ajfa-194	296	14	*	*	PUNCT
ajfa-194	296	15	*	*	PUNCT
ajfa-194	296	16	*	*	PUNCT
ajfa-194	296	17	(	(	PUNCT
ajfa-194	296	18	-3.48	-3.48	NOUN
ajfa-194	296	19	)	)	PUNCT
ajfa-194	296	20	-0.060	-0.060	NOUN
ajfa-194	296	21	(	(	PUNCT
ajfa-194	296	22	-0.72	-0.72	X
ajfa-194	296	23	)	)	PUNCT
ajfa-194	296	24	gmi	gmi	PROPN
ajfa-194	296	25	q	q	PROPN
ajfa-194	296	26	-0.017	-0.017	PROPN
ajfa-194	296	27	(	(	PUNCT
ajfa-194	296	28	-0.19	-0.19	NOUN
ajfa-194	296	29	)	)	PUNCT
ajfa-194	296	30	0.027	0.027	NUM
ajfa-194	296	31	(	(	PUNCT
ajfa-194	296	32	0.39	0.39	NUM
ajfa-194	296	33	)	)	PUNCT
ajfa-194	296	34	-0.025	-0.025	PUNCT
ajfa-194	296	35	(	(	PUNCT
ajfa-194	296	36	-0.55	-0.55	NOUN
ajfa-194	296	37	)	)	PUNCT
ajfa-194	296	38	-0.033	-0.033	NUM
ajfa-194	296	39	(	(	PUNCT
ajfa-194	296	40	-0.65	-0.65	NUM
ajfa-194	296	41	)	)	PUNCT
ajfa-194	296	42	aqi	aqi	PROPN
ajfa-194	296	43	q	q	PROPN
ajfa-194	296	44	0.026	0.026	NUM
ajfa-194	296	45	*	*	PUNCT
ajfa-194	296	46	*	*	PUNCT
ajfa-194	296	47	*	*	PUNCT
ajfa-194	296	48	(	(	PUNCT
ajfa-194	296	49	3.19	3.19	NUM
ajfa-194	296	50	)	)	PUNCT
ajfa-194	296	51	0.008	0.008	NUM
ajfa-194	296	52	(	(	PUNCT
ajfa-194	296	53	1.42	1.42	NUM
ajfa-194	296	54	)	)	PUNCT
ajfa-194	296	55	0.001	0.001	NUM
ajfa-194	296	56	(	(	PUNCT
ajfa-194	296	57	0.34	0.34	NUM
ajfa-194	296	58	)	)	PUNCT
ajfa-194	296	59	0.001	0.001	NUM
ajfa-194	296	60	(	(	PUNCT
ajfa-194	296	61	0.20	0.20	NUM
ajfa-194	296	62	)	)	PUNCT
ajfa-194	296	63	sgi	sgi	PROPN
ajfa-194	296	64	q	q	NOUN
ajfa-194	296	65	0.073	0.073	NUM
ajfa-194	296	66	(	(	PUNCT
ajfa-194	296	67	0.98	0.98	NUM
ajfa-194	296	68	)	)	PUNCT
ajfa-194	296	69	0.030	0.030	NUM
ajfa-194	296	70	(	(	PUNCT
ajfa-194	296	71	0.58	0.58	NUM
ajfa-194	296	72	)	)	PUNCT
ajfa-194	296	73	0.021	0.021	NUM
ajfa-194	296	74	(	(	PUNCT
ajfa-194	296	75	0.57	0.57	NUM
ajfa-194	296	76	)	)	PUNCT
ajfa-194	296	77	0.051	0.051	NUM
ajfa-194	296	78	(	(	PUNCT
ajfa-194	296	79	1.24	1.24	NUM
ajfa-194	296	80	)	)	PUNCT
ajfa-194	296	81	depi	depi	PROPN
ajfa-194	297	1	q	q	PROPN
ajfa-194	297	2	-0.442	-0.442	PUNCT
ajfa-194	297	3	(	(	PUNCT
ajfa-194	297	4	-1.16	-1.16	NOUN
ajfa-194	297	5	)	)	PUNCT
ajfa-194	297	6	-0.078	-0.078	NOUN
ajfa-194	297	7	(	(	PUNCT
ajfa-194	297	8	-0.30	-0.30	X
ajfa-194	297	9	)	)	PUNCT
ajfa-194	297	10	-0.245	-0.245	X
ajfa-194	297	11	(	(	PUNCT
ajfa-194	297	12	-1.25	-1.25	NOUN
ajfa-194	297	13	)	)	PUNCT
ajfa-194	297	14	-0.397	-0.397	NOUN
ajfa-194	297	15	*	*	PUNCT
ajfa-194	297	16	(	(	PUNCT
ajfa-194	297	17	-1.86	-1.86	NOUN
ajfa-194	297	18	)	)	PUNCT
ajfa-194	297	19	tata	tata	NOUN
ajfa-194	297	20	q	q	PROPN
ajfa-194	297	21	0.244	0.244	NUM
ajfa-194	297	22	(	(	PUNCT
ajfa-194	297	23	0.54	0.54	NUM
ajfa-194	297	24	)	)	PUNCT
ajfa-194	297	25	-1.110	-1.110	NOUN
ajfa-194	297	26	*	*	PUNCT
ajfa-194	297	27	*	*	PUNCT
ajfa-194	297	28	*	*	PUNCT
ajfa-194	297	29	(	(	PUNCT
ajfa-194	297	30	-3.53	-3.53	NOUN
ajfa-194	297	31	)	)	PUNCT
ajfa-194	297	32	0.677	0.677	NUM
ajfa-194	297	33	*	*	PUNCT
ajfa-194	297	34	*	*	PUNCT
ajfa-194	297	35	*	*	PUNCT
ajfa-194	297	36	(	(	PUNCT
ajfa-194	297	37	2.94	2.94	NUM
ajfa-194	297	38	)	)	PUNCT
ajfa-194	297	39	0.115	0.115	NUM
ajfa-194	297	40	(	(	PUNCT
ajfa-194	297	41	0.46	0.46	NUM
ajfa-194	297	42	)	)	PUNCT
ajfa-194	297	43	year	year	NOUN
ajfa-194	297	44	fixed	fix	VERB
ajfa-194	297	45	effects	effect	NOUN
ajfa-194	297	46	included	include	VERB
ajfa-194	297	47	included	include	VERB
ajfa-194	297	48	included	include	VERB
ajfa-194	297	49	included	include	VERB
ajfa-194	297	50	11	11	NUM
ajfa-194	297	51	the	the	DET
ajfa-194	297	52	correlations	correlation	NOUN
ajfa-194	297	53	among	among	ADP
ajfa-194	297	54	the	the	DET
ajfa-194	297	55	variables	variable	NOUN
ajfa-194	297	56	indicate	indicate	VERB
ajfa-194	297	57	that	that	DET
ajfa-194	297	58	firm	firm	ADJ
ajfa-194	297	59	size	size	NOUN
ajfa-194	297	60	(	(	PUNCT
ajfa-194	297	61	lnsizeq-1	lnsizeq-1	NOUN
ajfa-194	297	62	)	)	PUNCT
ajfa-194	297	63	is	be	AUX
ajfa-194	297	64	positively	positively	ADV
ajfa-194	297	65	correlated	correlate	VERB
ajfa-194	297	66	with	with	ADP
ajfa-194	297	67	total	total	ADJ
ajfa-194	297	68	institutional	institutional	ADJ
ajfa-194	297	69	holdings	holding	NOUN
ajfa-194	297	70	(	(	PUNCT
ajfa-194	297	71	inst%	inst%	X
ajfa-194	297	72	q-1	q-1	NUM
ajfa-194	297	73	)	)	PUNCT
ajfa-194	297	74	and	and	CCONJ
ajfa-194	297	75	the	the	DET
ajfa-194	297	76	portfolio	portfolio	NOUN
ajfa-194	297	77	weight	weight	NOUN
ajfa-194	297	78	of	of	ADP
ajfa-194	297	79	the	the	DET
ajfa-194	297	80	firm	firm	NOUN
ajfa-194	297	81	to	to	ADP
ajfa-194	297	82	institutions	institution	NOUN
ajfa-194	297	83	(	(	PUNCT
ajfa-194	297	84	pw_inst%	pw_inst%	NOUN
ajfa-194	297	85	q-1	q-1	NUM
ajfa-194	297	86	)	)	PUNCT
ajfa-194	297	87	.	.	PUNCT
ajfa-194	298	1	this	this	PRON
ajfa-194	298	2	is	be	AUX
ajfa-194	298	3	expected	expect	VERB
ajfa-194	298	4	because	because	SCONJ
ajfa-194	298	5	larger	large	ADJ
ajfa-194	298	6	firms	firm	NOUN
ajfa-194	298	7	usually	usually	ADV
ajfa-194	298	8	attract	attract	VERB
ajfa-194	298	9	more	more	ADJ
ajfa-194	298	10	institutions	institution	NOUN
ajfa-194	298	11	and	and	CCONJ
ajfa-194	298	12	these	these	DET
ajfa-194	298	13	institutions	institution	NOUN
ajfa-194	298	14	allocate	allocate	VERB
ajfa-194	298	15	higher	high	ADJ
ajfa-194	298	16	weight	weight	NOUN
ajfa-194	298	17	of	of	ADP
ajfa-194	298	18	their	their	PRON
ajfa-194	298	19	holdings	holding	NOUN
ajfa-194	298	20	to	to	ADP
ajfa-194	298	21	larger	large	ADJ
ajfa-194	298	22	firms	firm	NOUN
ajfa-194	298	23	(	(	PUNCT
ajfa-194	298	24	gompers	gomper	NOUN
ajfa-194	298	25	and	and	CCONJ
ajfa-194	298	26	metrick	metrick	ADJ
ajfa-194	298	27	,	,	PUNCT
ajfa-194	298	28	2001	2001	NUM
ajfa-194	298	29	;	;	PUNCT
ajfa-194	298	30	wang	wang	PROPN
ajfa-194	298	31	,	,	PUNCT
ajfa-194	298	32	2010	2010	NUM
ajfa-194	298	33	)	)	PUNCT
ajfa-194	298	34	.	.	PUNCT
ajfa-194	299	1	to	to	PART
ajfa-194	299	2	assess	assess	VERB
ajfa-194	299	3	the	the	DET
ajfa-194	299	4	impact	impact	NOUN
ajfa-194	299	5	of	of	ADP
ajfa-194	299	6	multicollinearity	multicollinearity	NOUN
ajfa-194	299	7	,	,	PUNCT
ajfa-194	299	8	we	we	PRON
ajfa-194	299	9	compute	compute	VERB
ajfa-194	299	10	the	the	DET
ajfa-194	299	11	variance	variance	NOUN
ajfa-194	299	12	inflation	inflation	NOUN
ajfa-194	299	13	factors	factor	NOUN
ajfa-194	299	14	(	(	PUNCT
ajfa-194	299	15	vif	vif	NOUN
ajfa-194	299	16	)	)	PUNCT
ajfa-194	299	17	for	for	ADP
ajfa-194	299	18	each	each	PRON
ajfa-194	299	19	of	of	ADP
ajfa-194	299	20	the	the	DET
ajfa-194	299	21	independent	independent	ADJ
ajfa-194	299	22	variables	variable	NOUN
ajfa-194	299	23	used	use	VERB
ajfa-194	299	24	in	in	ADP
ajfa-194	299	25	table	table	NOUN
ajfa-194	299	26	3	3	NUM
ajfa-194	299	27	and	and	CCONJ
ajfa-194	299	28	4	4	NUM
ajfa-194	299	29	(	(	PUNCT
ajfa-194	299	30	except	except	SCONJ
ajfa-194	299	31	year	year	NOUN
ajfa-194	299	32	and	and	CCONJ
ajfa-194	299	33	industry	industry	NOUN
ajfa-194	299	34	dummies	dummy	NOUN
ajfa-194	299	35	)	)	PUNCT
ajfa-194	299	36	.	.	PUNCT
ajfa-194	300	1	the	the	DET
ajfa-194	300	2	measures	measure	NOUN
ajfa-194	300	3	indicate	indicate	VERB
ajfa-194	300	4	no	no	DET
ajfa-194	300	5	substantial	substantial	ADJ
ajfa-194	300	6	multicollinearity	multicollinearity	NOUN
ajfa-194	300	7	among	among	ADP
ajfa-194	300	8	the	the	DET
ajfa-194	300	9	independent	independent	ADJ
ajfa-194	300	10	variables	variable	NOUN
ajfa-194	300	11	,	,	PUNCT
ajfa-194	300	12	with	with	SCONJ
ajfa-194	300	13	firm	firm	ADJ
ajfa-194	300	14	size	size	NOUN
ajfa-194	300	15	to	to	PART
ajfa-194	300	16	be	be	AUX
ajfa-194	300	17	the	the	DET
ajfa-194	300	18	most	most	ADV
ajfa-194	300	19	collinear	collinear	ADJ
ajfa-194	300	20	variable	variable	NOUN
ajfa-194	300	21	,	,	PUNCT
ajfa-194	300	22	having	have	VERB
ajfa-194	300	23	the	the	DET
ajfa-194	300	24	highest	high	ADJ
ajfa-194	300	25	vif	vif	NOUN
ajfa-194	300	26	value	value	NOUN
ajfa-194	300	27	of	of	ADP
ajfa-194	300	28	less	less	ADJ
ajfa-194	300	29	than	than	ADP
ajfa-194	300	30	3	3	NUM
ajfa-194	300	31	(	(	PUNCT
ajfa-194	300	32	kennedy	kennedy	PROPN
ajfa-194	300	33	,	,	PUNCT
ajfa-194	300	34	2003	2003	NUM
ajfa-194	300	35	)	)	PUNCT
ajfa-194	300	36	.	.	PUNCT
ajfa-194	301	1	in	in	ADP
ajfa-194	301	2	order	order	NOUN
ajfa-194	301	3	to	to	PART
ajfa-194	301	4	ensure	ensure	VERB
ajfa-194	301	5	that	that	SCONJ
ajfa-194	301	6	the	the	DET
ajfa-194	301	7	results	result	NOUN
ajfa-194	301	8	in	in	ADP
ajfa-194	301	9	table	table	NOUN
ajfa-194	301	10	3	3	NUM
ajfa-194	301	11	and	and	CCONJ
ajfa-194	301	12	4	4	NUM
ajfa-194	301	13	are	be	AUX
ajfa-194	301	14	not	not	PART
ajfa-194	301	15	sensitive	sensitive	ADJ
ajfa-194	301	16	to	to	ADP
ajfa-194	301	17	the	the	DET
ajfa-194	301	18	inclusion	inclusion	NOUN
ajfa-194	301	19	of	of	ADP
ajfa-194	301	20	firm	firm	ADJ
ajfa-194	301	21	size	size	NOUN
ajfa-194	301	22	,	,	PUNCT
ajfa-194	301	23	we	we	PRON
ajfa-194	301	24	exclude	exclude	VERB
ajfa-194	301	25	firm	firm	ADJ
ajfa-194	301	26	size	size	NOUN
ajfa-194	301	27	and	and	CCONJ
ajfa-194	301	28	repeat	repeat	VERB
ajfa-194	301	29	the	the	DET
ajfa-194	301	30	analysis	analysis	NOUN
ajfa-194	301	31	of	of	ADP
ajfa-194	301	32	table	table	NOUN
ajfa-194	301	33	3	3	NUM
ajfa-194	301	34	and	and	CCONJ
ajfa-194	301	35	4	4	NUM
ajfa-194	301	36	.	.	PUNCT
ajfa-194	302	1	the	the	DET
ajfa-194	302	2	untabulated	untabulate	VERB
ajfa-194	302	3	results	result	NOUN
ajfa-194	302	4	remain	remain	VERB
ajfa-194	302	5	qualitatively	qualitatively	ADV
ajfa-194	302	6	similar	similar	ADJ
ajfa-194	302	7	.	.	PUNCT
ajfa-194	303	1	we	we	PRON
ajfa-194	303	2	choose	choose	VERB
ajfa-194	303	3	to	to	PART
ajfa-194	303	4	include	include	VERB
ajfa-194	303	5	firm	firm	ADJ
ajfa-194	303	6	size	size	NOUN
ajfa-194	303	7	as	as	ADP
ajfa-194	303	8	an	an	DET
ajfa-194	303	9	explanatory	explanatory	ADJ
ajfa-194	303	10	variable	variable	NOUN
ajfa-194	303	11	to	to	PART
ajfa-194	303	12	be	be	AUX
ajfa-194	303	13	consistent	consistent	ADJ
ajfa-194	303	14	with	with	ADP
ajfa-194	303	15	prior	prior	ADJ
ajfa-194	303	16	research	research	NOUN
ajfa-194	303	17	(	(	PUNCT
ajfa-194	303	18	e.g.	e.g.	ADV
ajfa-194	303	19	,	,	PUNCT
ajfa-194	303	20	ke	ke	NOUN
ajfa-194	303	21	and	and	CCONJ
ajfa-194	303	22	petroni	petroni	NOUN
ajfa-194	303	23	,	,	PUNCT
ajfa-194	303	24	2004	2004	NUM
ajfa-194	303	25	)	)	PUNCT
ajfa-194	303	26	.	.	PUNCT
ajfa-194	304	1	asian	asian	ADJ
ajfa-194	304	2	journal	journal	PROPN
ajfa-194	304	3	of	of	ADP
ajfa-194	304	4	finance	finance	PROPN
ajfa-194	304	5	&	&	CCONJ
ajfa-194	304	6	accounting	accounting	PROPN
ajfa-194	304	7	issn	issn	PROPN
ajfa-194	304	8	1946	1946	NUM
ajfa-194	304	9	-	-	PUNCT
ajfa-194	304	10	052x	052x	NOUN
ajfa-194	304	11	2009	2009	NUM
ajfa-194	304	12	,	,	PUNCT
ajfa-194	304	13	vol	vol	NOUN
ajfa-194	304	14	.	.	PROPN
ajfa-194	304	15	1	1	NUM
ajfa-194	304	16	,	,	PUNCT
ajfa-194	304	17	no	no	INTJ
ajfa-194	304	18	.	.	NOUN
ajfa-194	304	19	2	2	NUM
ajfa-194	304	20	:	:	PUNCT
ajfa-194	304	21	e4	e4	PROPN
ajfa-194	304	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	304	23	93	93	NUM
ajfa-194	304	24	industry	industry	NOUN
ajfa-194	304	25	fixed	fix	VERB
ajfa-194	304	26	effects	effect	NOUN
ajfa-194	304	27	included	include	VERB
ajfa-194	304	28	included	include	VERB
ajfa-194	304	29	included	include	VERB
ajfa-194	304	30	included	include	VERB
ajfa-194	304	31	adjusted	adjust	VERB
ajfa-194	304	32	rp	rp	NOUN
ajfa-194	304	33	2	2	NUM
ajfa-194	304	34	p	p	NOUN
ajfa-194	304	35	0.078	0.078	NUM
ajfa-194	304	36	0.095	0.095	NUM
ajfa-194	304	37	0.036	0.036	NUM
ajfa-194	304	38	0.047	0.047	NUM
ajfa-194	304	39	note	note	NOUN
ajfa-194	304	40	.	.	PUNCT
ajfa-194	305	1	this	this	DET
ajfa-194	305	2	table	table	NOUN
ajfa-194	305	3	presents	present	VERB
ajfa-194	305	4	the	the	DET
ajfa-194	305	5	estimated	estimate	VERB
ajfa-194	305	6	equation	equation	NOUN
ajfa-194	305	7	(	(	PUNCT
ajfa-194	305	8	2	2	NUM
ajfa-194	305	9	)	)	PUNCT
ajfa-194	305	10	to	to	PART
ajfa-194	305	11	test	test	VERB
ajfa-194	305	12	whether	whether	SCONJ
ajfa-194	305	13	institutional	institutional	ADJ
ajfa-194	305	14	investors	investor	NOUN
ajfa-194	305	15	anticipate	anticipate	VERB
ajfa-194	305	16	the	the	DET
ajfa-194	305	17	restatement	restatement	NOUN
ajfa-194	305	18	at	at	ADV
ajfa-194	305	19	least	least	ADV
ajfa-194	305	20	one	one	NUM
ajfa-194	305	21	quarter	quarter	NOUN
ajfa-194	305	22	in	in	ADP
ajfa-194	305	23	advance	advance	NOUN
ajfa-194	305	24	,	,	PUNCT
ajfa-194	305	25	adding	add	VERB
ajfa-194	305	26	controls	control	NOUN
ajfa-194	305	27	of	of	ADP
ajfa-194	305	28	financial	financial	ADJ
ajfa-194	305	29	statement	statement	NOUN
ajfa-194	305	30	predictors	predictor	NOUN
ajfa-194	305	31	of	of	ADP
ajfa-194	305	32	accounting	accounting	NOUN
ajfa-194	305	33	restatements	restatement	NOUN
ajfa-194	305	34	.	.	PUNCT
ajfa-194	306	1	the	the	DET
ajfa-194	306	2	sample	sample	NOUN
ajfa-194	306	3	consists	consist	VERB
ajfa-194	306	4	of	of	ADP
ajfa-194	306	5	3,276	3,276	NUM
ajfa-194	306	6	firm	firm	ADJ
ajfa-194	306	7	-	-	PUNCT
ajfa-194	306	8	quarters	quarter	NOUN
ajfa-194	306	9	(=	(=	NOUN
ajfa-194	306	10	364	364	NUM
ajfa-194	306	11	restatements	restatement	NOUN
ajfa-194	306	12	*	*	PUNCT
ajfa-194	306	13	9	9	NUM
ajfa-194	306	14	quarters	quarter	NOUN
ajfa-194	306	15	with	with	ADP
ajfa-194	306	16	each	each	DET
ajfa-194	306	17	restating	restate	VERB
ajfa-194	306	18	firm	firm	NOUN
ajfa-194	306	19	centered	center	VERB
ajfa-194	306	20	on	on	ADP
ajfa-194	306	21	the	the	DET
ajfa-194	306	22	restatement	restatement	NOUN
ajfa-194	306	23	announcement	announcement	NOUN
ajfa-194	306	24	quarter	quarter	NOUN
ajfa-194	306	25	)	)	PUNCT
ajfa-194	306	26	.	.	PUNCT
ajfa-194	307	1	the	the	DET
ajfa-194	307	2	364	364	NUM
ajfa-194	307	3	restatements	restatement	NOUN
ajfa-194	307	4	are	be	AUX
ajfa-194	307	5	announced	announce	VERB
ajfa-194	307	6	from	from	ADP
ajfa-194	307	7	the	the	DET
ajfa-194	307	8	period	period	NOUN
ajfa-194	307	9	1997	1997	NUM
ajfa-194	307	10	to	to	ADP
ajfa-194	307	11	2002	2002	NUM
ajfa-194	307	12	.	.	PUNCT
ajfa-194	308	1	see	see	VERB
ajfa-194	308	2	the	the	DET
ajfa-194	308	3	appendix	appendix	NOUN
ajfa-194	308	4	for	for	ADP
ajfa-194	308	5	variable	variable	ADJ
ajfa-194	308	6	definitions	definition	NOUN
ajfa-194	308	7	.	.	PUNCT
ajfa-194	309	1	p	p	X
ajfa-194	309	2	a	a	DET
ajfa-194	309	3	institution	institution	NOUN
ajfa-194	309	4	denotes	denote	VERB
ajfa-194	309	5	holdings	holding	NOUN
ajfa-194	309	6	by	by	ADP
ajfa-194	309	7	all	all	DET
ajfa-194	309	8	institution	institution	NOUN
ajfa-194	309	9	(	(	PUNCT
ajfa-194	309	10	inst	inst	NOUN
ajfa-194	309	11	)	)	PUNCT
ajfa-194	309	12	;	;	PUNCT
ajfa-194	309	13	holdings	holding	NOUN
ajfa-194	309	14	by	by	ADP
ajfa-194	309	15	transient	transient	PROPN
ajfa-194	309	16	(	(	PUNCT
ajfa-194	309	17	tra	tra	NOUN
ajfa-194	309	18	)	)	PUNCT
ajfa-194	309	19	,	,	PUNCT
ajfa-194	309	20	dedicated	dedicate	VERB
ajfa-194	309	21	(	(	PUNCT
ajfa-194	309	22	ded	de	VERB
ajfa-194	309	23	)	)	PUNCT
ajfa-194	309	24	,	,	PUNCT
ajfa-194	309	25	and	and	CCONJ
ajfa-194	309	26	quasi	quasi	ADJ
ajfa-194	309	27	-	-	ADJ
ajfa-194	309	28	indexing	indexing	ADJ
ajfa-194	309	29	institutions	institution	NOUN
ajfa-194	309	30	(	(	PUNCT
ajfa-194	309	31	qix	qix	NOUN
ajfa-194	309	32	)	)	PUNCT
ajfa-194	309	33	for	for	ADP
ajfa-194	309	34	each	each	DET
ajfa-194	309	35	firm	firm	ADJ
ajfa-194	309	36	-	-	PUNCT
ajfa-194	309	37	quarter	quarter	NOUN
ajfa-194	309	38	,	,	PUNCT
ajfa-194	309	39	depending	depend	VERB
ajfa-194	309	40	on	on	ADP
ajfa-194	309	41	the	the	DET
ajfa-194	309	42	column	column	NOUN
ajfa-194	309	43	being	be	AUX
ajfa-194	309	44	examined	examine	VERB
ajfa-194	309	45	.	.	PUNCT
ajfa-194	310	1	for	for	ADP
ajfa-194	310	2	brevity	brevity	NOUN
ajfa-194	310	3	,	,	PUNCT
ajfa-194	310	4	year	year	NOUN
ajfa-194	310	5	and	and	CCONJ
ajfa-194	310	6	industry	industry	NOUN
ajfa-194	310	7	variables	variable	NOUN
ajfa-194	310	8	are	be	AUX
ajfa-194	310	9	omitted	omit	VERB
ajfa-194	310	10	from	from	ADP
ajfa-194	310	11	the	the	DET
ajfa-194	310	12	table	table	NOUN
ajfa-194	310	13	.	.	PUNCT
ajfa-194	311	1	outliers	outlier	NOUN
ajfa-194	311	2	in	in	ADP
ajfa-194	311	3	the	the	DET
ajfa-194	311	4	regressions	regression	NOUN
ajfa-194	311	5	are	be	AUX
ajfa-194	311	6	deleted	delete	VERB
ajfa-194	311	7	when	when	SCONJ
ajfa-194	311	8	the	the	DET
ajfa-194	311	9	absolute	absolute	ADJ
ajfa-194	311	10	value	value	NOUN
ajfa-194	311	11	of	of	ADP
ajfa-194	311	12	studentized	studentize	VERB
ajfa-194	311	13	residuals	residual	NOUN
ajfa-194	311	14	or	or	CCONJ
ajfa-194	311	15	dffits	dffit	NOUN
ajfa-194	311	16	influence	influence	NOUN
ajfa-194	311	17	statistics	statistic	NOUN
ajfa-194	311	18	is	be	AUX
ajfa-194	311	19	greater	great	ADJ
ajfa-194	311	20	than	than	ADP
ajfa-194	311	21	or	or	CCONJ
ajfa-194	311	22	equal	equal	ADJ
ajfa-194	311	23	to	to	ADP
ajfa-194	311	24	1.9	1.9	NUM
ajfa-194	311	25	.	.	PUNCT
ajfa-194	312	1	*	*	PUNCT
ajfa-194	313	1	*	*	PUNCT
ajfa-194	313	2	*	*	PUNCT
ajfa-194	313	3	,	,	PUNCT
ajfa-194	313	4	*	*	PUNCT
ajfa-194	313	5	*	*	PUNCT
ajfa-194	313	6	,	,	PUNCT
ajfa-194	313	7	and	and	CCONJ
ajfa-194	313	8	*	*	PUNCT
ajfa-194	313	9	denote	denote	VERB
ajfa-194	313	10	two	two	NUM
ajfa-194	313	11	-	-	PUNCT
ajfa-194	313	12	tailed	tail	VERB
ajfa-194	313	13	significance	significance	NOUN
ajfa-194	313	14	at	at	ADP
ajfa-194	313	15	the	the	DET
ajfa-194	313	16	0.01	0.01	NUM
ajfa-194	313	17	,	,	PUNCT
ajfa-194	313	18	0.05	0.05	NUM
ajfa-194	313	19	and	and	CCONJ
ajfa-194	313	20	0.1	0.1	NUM
ajfa-194	313	21	levels	level	NOUN
ajfa-194	313	22	,	,	PUNCT
ajfa-194	313	23	respectively	respectively	ADV
ajfa-194	313	24	.	.	PUNCT
ajfa-194	314	1	tstatistics	tstatistic	NOUN
ajfa-194	314	2	are	be	AUX
ajfa-194	314	3	presented	present	VERB
ajfa-194	314	4	in	in	ADP
ajfa-194	314	5	parentheses	parenthesis	NOUN
ajfa-194	314	6	.	.	PUNCT
ajfa-194	315	1	finally	finally	ADV
ajfa-194	315	2	,	,	PUNCT
ajfa-194	315	3	in	in	ADP
ajfa-194	315	4	untabulated	untabulated	ADJ
ajfa-194	315	5	results	result	NOUN
ajfa-194	315	6	we	we	PRON
ajfa-194	315	7	redo	redo	VERB
ajfa-194	315	8	the	the	DET
ajfa-194	315	9	analysis	analysis	NOUN
ajfa-194	315	10	for	for	ADP
ajfa-194	315	11	tables	table	NOUN
ajfa-194	315	12	3	3	NUM
ajfa-194	315	13	and	and	CCONJ
ajfa-194	315	14	4	4	NUM
ajfa-194	315	15	using	use	VERB
ajfa-194	315	16	only	only	ADV
ajfa-194	315	17	the	the	DET
ajfa-194	315	18	restatements	restatement	NOUN
ajfa-194	315	19	that	that	PRON
ajfa-194	315	20	occur	occur	VERB
ajfa-194	315	21	after	after	ADP
ajfa-194	315	22	the	the	DET
ajfa-194	315	23	implementation	implementation	NOUN
ajfa-194	315	24	of	of	ADP
ajfa-194	315	25	regulation	regulation	NOUN
ajfa-194	315	26	fair	fair	ADJ
ajfa-194	315	27	disclosure	disclosure	NOUN
ajfa-194	315	28	(	(	PUNCT
ajfa-194	315	29	reg	reg	NOUN
ajfa-194	315	30	fd	fd	PROPN
ajfa-194	315	31	)	)	PUNCT
ajfa-194	315	32	.	.	PUNCT
ajfa-194	316	1	12	12	NUM
ajfa-194	316	2	this	this	PRON
ajfa-194	316	3	reduces	reduce	VERB
ajfa-194	316	4	the	the	DET
ajfa-194	316	5	number	number	NOUN
ajfa-194	316	6	of	of	ADP
ajfa-194	316	7	restatements	restatement	NOUN
ajfa-194	316	8	to	to	ADP
ajfa-194	316	9	162	162	NUM
ajfa-194	316	10	and	and	CCONJ
ajfa-194	316	11	reduces	reduce	VERB
ajfa-194	316	12	the	the	DET
ajfa-194	316	13	sample	sample	NOUN
ajfa-194	316	14	to	to	ADP
ajfa-194	316	15	1,458	1,458	NUM
ajfa-194	316	16	firm	firm	ADJ
ajfa-194	316	17	-	-	PUNCT
ajfa-194	316	18	quarter	quarter	NOUN
ajfa-194	316	19	observations	observation	NOUN
ajfa-194	316	20	(=	(=	NOUN
ajfa-194	316	21	162	162	NUM
ajfa-194	316	22	restatements	restatement	NOUN
ajfa-194	316	23	*	*	PUNCT
ajfa-194	316	24	9	9	NUM
ajfa-194	316	25	quarters	quarter	NOUN
ajfa-194	316	26	with	with	ADP
ajfa-194	316	27	each	each	DET
ajfa-194	316	28	restating	restate	VERB
ajfa-194	316	29	firm	firm	NOUN
ajfa-194	316	30	centered	center	VERB
ajfa-194	316	31	on	on	ADP
ajfa-194	316	32	the	the	DET
ajfa-194	316	33	restating	restate	VERB
ajfa-194	316	34	quarter	quarter	NOUN
ajfa-194	316	35	)	)	PUNCT
ajfa-194	316	36	.	.	PUNCT
ajfa-194	317	1	the	the	DET
ajfa-194	317	2	results	result	NOUN
ajfa-194	317	3	are	be	AUX
ajfa-194	317	4	qualitatively	qualitatively	ADV
ajfa-194	317	5	the	the	DET
ajfa-194	317	6	same	same	ADJ
ajfa-194	317	7	,	,	PUNCT
ajfa-194	317	8	which	which	PRON
ajfa-194	317	9	provides	provide	VERB
ajfa-194	317	10	additional	additional	ADJ
ajfa-194	317	11	evidence	evidence	NOUN
ajfa-194	317	12	that	that	SCONJ
ajfa-194	317	13	information	information	NOUN
ajfa-194	317	14	advantage	advantage	NOUN
ajfa-194	317	15	via	via	ADP
ajfa-194	317	16	private	private	ADJ
ajfa-194	317	17	communications	communication	NOUN
ajfa-194	317	18	with	with	ADP
ajfa-194	317	19	management	management	NOUN
ajfa-194	317	20	are	be	AUX
ajfa-194	317	21	unlikely	unlikely	ADJ
ajfa-194	317	22	to	to	PART
ajfa-194	317	23	be	be	AUX
ajfa-194	317	24	the	the	DET
ajfa-194	317	25	source	source	NOUN
ajfa-194	317	26	of	of	ADP
ajfa-194	317	27	informed	informed	ADJ
ajfa-194	317	28	trading	trading	NOUN
ajfa-194	317	29	by	by	ADP
ajfa-194	317	30	institutions	institution	NOUN
ajfa-194	317	31	with	with	ADP
ajfa-194	317	32	respect	respect	NOUN
ajfa-194	317	33	to	to	ADP
ajfa-194	317	34	a	a	DET
ajfa-194	317	35	restatement	restatement	NOUN
ajfa-194	317	36	,	,	PUNCT
ajfa-194	317	37	because	because	SCONJ
ajfa-194	317	38	after	after	SCONJ
ajfa-194	317	39	reg	reg	NUM
ajfa-194	317	40	fd	fd	PROPN
ajfa-194	317	41	managers	manager	NOUN
ajfa-194	317	42	are	be	AUX
ajfa-194	317	43	prohibited	prohibit	VERB
ajfa-194	317	44	from	from	ADP
ajfa-194	317	45	privately	privately	ADV
ajfa-194	317	46	sharing	share	VERB
ajfa-194	317	47	material	material	ADJ
ajfa-194	317	48	information	information	NOUN
ajfa-194	317	49	to	to	PART
ajfa-194	317	50	select	select	VERB
ajfa-194	317	51	investors	investor	NOUN
ajfa-194	317	52	and	and	CCONJ
ajfa-194	317	53	therefore	therefore	ADV
ajfa-194	317	54	transient	transient	ADJ
ajfa-194	317	55	institutional	institutional	ADJ
ajfa-194	317	56	investors	investor	NOUN
ajfa-194	317	57	are	be	AUX
ajfa-194	317	58	less	less	ADV
ajfa-194	317	59	likely	likely	ADJ
ajfa-194	317	60	to	to	PART
ajfa-194	317	61	obtain	obtain	VERB
ajfa-194	317	62	private	private	ADJ
ajfa-194	317	63	information	information	NOUN
ajfa-194	317	64	disclosed	disclose	VERB
ajfa-194	317	65	from	from	ADP
ajfa-194	317	66	firm	firm	ADJ
ajfa-194	317	67	management	management	NOUN
ajfa-194	317	68	after	after	ADP
ajfa-194	317	69	reg	reg	PROPN
ajfa-194	317	70	fd	fd	PROPN
ajfa-194	317	71	.	.	PUNCT
ajfa-194	318	1	note	note	VERB
ajfa-194	318	2	that	that	SCONJ
ajfa-194	318	3	institutional	institutional	ADJ
ajfa-194	318	4	investors‟	investors‟	NUM
ajfa-194	318	5	information	information	NOUN
ajfa-194	318	6	advantage	advantage	NOUN
ajfa-194	318	7	is	be	AUX
ajfa-194	318	8	either	either	CCONJ
ajfa-194	318	9	from	from	ADP
ajfa-194	318	10	private	private	ADJ
ajfa-194	318	11	information	information	NOUN
ajfa-194	318	12	obtained	obtain	VERB
ajfa-194	318	13	from	from	ADP
ajfa-194	318	14	firm	firm	ADJ
ajfa-194	318	15	management	management	NOUN
ajfa-194	318	16	and/or	and/or	CCONJ
ajfa-194	318	17	from	from	ADP
ajfa-194	318	18	superior	superior	ADJ
ajfa-194	318	19	analysis	analysis	NOUN
ajfa-194	318	20	of	of	ADP
ajfa-194	318	21	public	public	ADJ
ajfa-194	318	22	information	information	NOUN
ajfa-194	318	23	.	.	PUNCT
ajfa-194	319	1	consequently	consequently	ADV
ajfa-194	319	2	,	,	PUNCT
ajfa-194	319	3	after	after	ADP
ajfa-194	319	4	reg	reg	NOUN
ajfa-194	319	5	fd	fd	INTJ
ajfa-194	319	6	if	if	SCONJ
ajfa-194	319	7	institutional	institutional	ADJ
ajfa-194	319	8	investors	investor	NOUN
ajfa-194	319	9	continue	continue	VERB
ajfa-194	319	10	to	to	PART
ajfa-194	319	11	have	have	VERB
ajfa-194	319	12	information	information	NOUN
ajfa-194	319	13	advantage	advantage	NOUN
ajfa-194	319	14	,	,	PUNCT
ajfa-194	319	15	the	the	DET
ajfa-194	319	16	information	information	NOUN
ajfa-194	319	17	source	source	NOUN
ajfa-194	319	18	of	of	ADP
ajfa-194	319	19	institutional	institutional	ADJ
ajfa-194	319	20	investors	investor	NOUN
ajfa-194	319	21	is	be	AUX
ajfa-194	319	22	likely	likely	ADJ
ajfa-194	319	23	from	from	ADP
ajfa-194	319	24	their	their	PRON
ajfa-194	319	25	superior	superior	ADJ
ajfa-194	319	26	processing	processing	NOUN
ajfa-194	319	27	of	of	ADP
ajfa-194	319	28	public	public	ADJ
ajfa-194	319	29	information	information	NOUN
ajfa-194	319	30	because	because	SCONJ
ajfa-194	319	31	after	after	ADP
ajfa-194	319	32	reg	reg	NUM
ajfa-194	319	33	fd	fd	X
ajfa-194	319	34	private	private	ADJ
ajfa-194	319	35	information	information	NOUN
ajfa-194	319	36	acquisition	acquisition	NOUN
ajfa-194	319	37	from	from	ADP
ajfa-194	319	38	firm	firm	ADJ
ajfa-194	319	39	management	management	NOUN
ajfa-194	319	40	is	be	AUX
ajfa-194	319	41	less	less	ADV
ajfa-194	319	42	likely	likely	ADJ
ajfa-194	319	43	to	to	PART
ajfa-194	319	44	be	be	AUX
ajfa-194	319	45	the	the	DET
ajfa-194	319	46	information	information	NOUN
ajfa-194	319	47	source	source	NOUN
ajfa-194	319	48	of	of	ADP
ajfa-194	319	49	institutional	institutional	ADJ
ajfa-194	319	50	investors	investor	NOUN
ajfa-194	319	51	with	with	ADP
ajfa-194	319	52	respect	respect	NOUN
ajfa-194	319	53	to	to	ADP
ajfa-194	319	54	a	a	DET
ajfa-194	319	55	restatement	restatement	NOUN
ajfa-194	319	56	.	.	PUNCT
ajfa-194	320	1	4.2	4.2	NUM
ajfa-194	320	2	the	the	DET
ajfa-194	320	3	market	market	NOUN
ajfa-194	320	4	reaction	reaction	NOUN
ajfa-194	320	5	to	to	ADP
ajfa-194	320	6	restatements	restatement	NOUN
ajfa-194	320	7	as	as	ADP
ajfa-194	320	8	a	a	DET
ajfa-194	320	9	function	function	NOUN
ajfa-194	320	10	of	of	ADP
ajfa-194	320	11	institutional	institutional	ADJ
ajfa-194	320	12	ownership	ownership	NOUN
ajfa-194	320	13	our	our	PRON
ajfa-194	320	14	second	second	ADJ
ajfa-194	320	15	set	set	NOUN
ajfa-194	320	16	of	of	ADP
ajfa-194	320	17	tests	test	NOUN
ajfa-194	320	18	examines	examine	VERB
ajfa-194	320	19	the	the	DET
ajfa-194	320	20	stock	stock	NOUN
ajfa-194	320	21	price	price	NOUN
ajfa-194	320	22	reaction	reaction	NOUN
ajfa-194	320	23	as	as	ADP
ajfa-194	320	24	a	a	DET
ajfa-194	320	25	function	function	NOUN
ajfa-194	320	26	of	of	ADP
ajfa-194	320	27	levels	level	NOUN
ajfa-194	320	28	of	of	ADP
ajfa-194	320	29	different	different	ADJ
ajfa-194	320	30	institutional	institutional	ADJ
ajfa-194	320	31	ownership	ownership	NOUN
ajfa-194	320	32	.	.	PUNCT
ajfa-194	321	1	based	base	VERB
ajfa-194	321	2	on	on	ADP
ajfa-194	321	3	the	the	DET
ajfa-194	321	4	evidence	evidence	NOUN
ajfa-194	321	5	in	in	ADP
ajfa-194	321	6	the	the	DET
ajfa-194	321	7	previous	previous	ADJ
ajfa-194	321	8	section	section	NOUN
ajfa-194	321	9	that	that	PRON
ajfa-194	321	10	transient	transient	ADJ
ajfa-194	321	11	institutional	institutional	ADJ
ajfa-194	321	12	investors	investor	NOUN
ajfa-194	321	13	reduce	reduce	VERB
ajfa-194	321	14	their	their	PRON
ajfa-194	321	15	holdings	holding	NOUN
ajfa-194	321	16	in	in	ADP
ajfa-194	321	17	restating	restate	VERB
ajfa-194	321	18	firms	firm	NOUN
ajfa-194	321	19	at	at	ADP
ajfa-194	321	20	least	least	ADV
ajfa-194	321	21	one	one	NUM
ajfa-194	321	22	quarter	quarter	NOUN
ajfa-194	321	23	prior	prior	ADV
ajfa-194	321	24	to	to	ADP
ajfa-194	321	25	the	the	DET
ajfa-194	321	26	restatement	restatement	NOUN
ajfa-194	321	27	,	,	PUNCT
ajfa-194	321	28	we	we	PRON
ajfa-194	321	29	next	next	ADV
ajfa-194	321	30	examine	examine	VERB
ajfa-194	321	31	whether	whether	SCONJ
ajfa-194	321	32	greater	great	ADJ
ajfa-194	321	33	levels	level	NOUN
ajfa-194	321	34	of	of	ADP
ajfa-194	321	35	transient	transient	ADJ
ajfa-194	321	36	institutional	institutional	ADJ
ajfa-194	321	37	holdings	holding	NOUN
ajfa-194	321	38	affect	affect	VERB
ajfa-194	321	39	the	the	DET
ajfa-194	321	40	price	price	NOUN
ajfa-194	321	41	formation	formation	NOUN
ajfa-194	321	42	process	process	NOUN
ajfa-194	321	43	,	,	PUNCT
ajfa-194	321	44	such	such	ADJ
ajfa-194	321	45	that	that	SCONJ
ajfa-194	321	46	greater	great	ADJ
ajfa-194	321	47	transient	transient	ADJ
ajfa-194	321	48	institutional	institutional	ADJ
ajfa-194	321	49	ownership	ownership	NOUN
ajfa-194	321	50	accelerates	accelerate	VERB
ajfa-194	321	51	the	the	DET
ajfa-194	321	52	impounding	impounding	NOUN
ajfa-194	321	53	of	of	ADP
ajfa-194	321	54	restatement	restatement	NOUN
ajfa-194	321	55	related	relate	VERB
ajfa-194	321	56	information	information	NOUN
ajfa-194	321	57	into	into	ADP
ajfa-194	321	58	stock	stock	NOUN
ajfa-194	321	59	price	price	NOUN
ajfa-194	321	60	in	in	ADP
ajfa-194	321	61	the	the	DET
ajfa-194	321	62	pre	pre	ADJ
ajfa-194	321	63	-	-	ADJ
ajfa-194	321	64	announcement	announcement	ADJ
ajfa-194	321	65	window	window	NOUN
ajfa-194	321	66	.	.	PUNCT
ajfa-194	322	1	we	we	PRON
ajfa-194	322	2	begin	begin	VERB
ajfa-194	322	3	by	by	ADP
ajfa-194	322	4	presenting	present	VERB
ajfa-194	322	5	descriptive	descriptive	ADJ
ajfa-194	322	6	evidence	evidence	NOUN
ajfa-194	322	7	on	on	ADP
ajfa-194	322	8	this	this	DET
ajfa-194	322	9	hypothesis	hypothesis	NOUN
ajfa-194	322	10	.	.	PUNCT
ajfa-194	323	1	figure	figure	VERB
ajfa-194	323	2	2	2	NUM
ajfa-194	323	3	charts	chart	NOUN
ajfa-194	323	4	the	the	DET
ajfa-194	323	5	stock	stock	NOUN
ajfa-194	323	6	price	price	NOUN
ajfa-194	323	7	reaction	reaction	NOUN
ajfa-194	323	8	to	to	ADP
ajfa-194	323	9	the	the	DET
ajfa-194	323	10	accounting	accounting	NOUN
ajfa-194	323	11	restatement	restatement	NOUN
ajfa-194	323	12	,	,	PUNCT
ajfa-194	323	13	beginning	begin	VERB
ajfa-194	323	14	92	92	NUM
ajfa-194	323	15	days	day	NOUN
ajfa-194	323	16	prior	prior	ADV
ajfa-194	323	17	to	to	ADP
ajfa-194	323	18	the	the	DET
ajfa-194	323	19	restatement	restatement	NOUN
ajfa-194	323	20	announcement	announcement	NOUN
ajfa-194	323	21	until	until	ADP
ajfa-194	323	22	2	2	NUM
ajfa-194	323	23	days	day	NOUN
ajfa-194	323	24	after	after	ADP
ajfa-194	323	25	the	the	DET
ajfa-194	323	26	restatement	restatement	NOUN
ajfa-194	323	27	announcement	announcement	NOUN
ajfa-194	323	28	.	.	PUNCT
ajfa-194	324	1	we	we	PRON
ajfa-194	324	2	chart	chart	VERB
ajfa-194	324	3	the	the	DET
ajfa-194	324	4	cumulative	cumulative	ADJ
ajfa-194	324	5	abnormal	abnormal	ADJ
ajfa-194	324	6	returns	return	NOUN
ajfa-194	324	7	for	for	ADP
ajfa-194	324	8	firms	firm	NOUN
ajfa-194	324	9	with	with	ADP
ajfa-194	324	10	9	9	NUM
ajfa-194	324	11	%	%	NOUN
ajfa-194	324	12	or	or	CCONJ
ajfa-194	324	13	greater	great	ADJ
ajfa-194	324	14	transient	transient	ADJ
ajfa-194	324	15	institutional	institutional	ADJ
ajfa-194	324	16	ownership	ownership	NOUN
ajfa-194	324	17	(	(	PUNCT
ajfa-194	324	18	high_tra	high_tra	NOUN
ajfa-194	324	19	)	)	PUNCT
ajfa-194	324	20	and	and	CCONJ
ajfa-194	324	21	firms	firm	NOUN
ajfa-194	324	22	with	with	ADP
ajfa-194	324	23	less	less	ADJ
ajfa-194	324	24	than	than	ADP
ajfa-194	324	25	9	9	NUM
ajfa-194	324	26	%	%	NOUN
ajfa-194	324	27	transient	transient	ADJ
ajfa-194	324	28	institutional	institutional	ADJ
ajfa-194	324	29	ownership	ownership	NOUN
ajfa-194	324	30	(	(	PUNCT
ajfa-194	324	31	low_tra	low_tra	NOUN
ajfa-194	324	32	)	)	PUNCT
ajfa-194	324	33	,	,	PUNCT
ajfa-194	324	34	respectively	respectively	ADV
ajfa-194	324	35	,	,	PUNCT
ajfa-194	324	36	with	with	ADP
ajfa-194	324	37	levels	level	NOUN
ajfa-194	324	38	of	of	ADP
ajfa-194	324	39	transient	transient	ADJ
ajfa-194	324	40	institutional	institutional	ADJ
ajfa-194	324	41	ownership	ownership	NOUN
ajfa-194	324	42	measured	measure	VERB
ajfa-194	324	43	at	at	ADP
ajfa-194	324	44	the	the	DET
ajfa-194	324	45	end	end	NOUN
ajfa-194	324	46	of	of	ADP
ajfa-194	324	47	two	two	NUM
ajfa-194	324	48	quarters	quarter	NOUN
ajfa-194	324	49	prior	prior	ADV
ajfa-194	324	50	to	to	ADP
ajfa-194	324	51	the	the	DET
ajfa-194	324	52	restating	restate	VERB
ajfa-194	324	53	quarter	quarter	NOUN
ajfa-194	324	54	(	(	PUNCT
ajfa-194	324	55	i.e.	i.e.	X
ajfa-194	324	56	,	,	PUNCT
ajfa-194	324	57	12	12	NUM
ajfa-194	324	58	regulation	regulation	NOUN
ajfa-194	324	59	fair	fair	ADJ
ajfa-194	324	60	disclosure	disclosure	NOUN
ajfa-194	324	61	(	(	PUNCT
ajfa-194	324	62	reg	reg	NOUN
ajfa-194	324	63	fd	fd	PROPN
ajfa-194	324	64	)	)	PUNCT
ajfa-194	324	65	,	,	PUNCT
ajfa-194	324	66	effective	effective	ADJ
ajfa-194	324	67	on	on	ADP
ajfa-194	324	68	october	october	PROPN
ajfa-194	324	69	23	23	NUM
ajfa-194	324	70	,	,	PUNCT
ajfa-194	324	71	2000	2000	NUM
ajfa-194	324	72	,	,	PUNCT
ajfa-194	324	73	states	state	VERB
ajfa-194	324	74	that	that	SCONJ
ajfa-194	324	75	managers	manager	NOUN
ajfa-194	324	76	may	may	AUX
ajfa-194	324	77	not	not	PART
ajfa-194	324	78	privately	privately	ADV
ajfa-194	324	79	disclose	disclose	VERB
ajfa-194	324	80	material	material	ADJ
ajfa-194	324	81	information	information	NOUN
ajfa-194	324	82	to	to	PART
ajfa-194	324	83	select	select	VERB
ajfa-194	324	84	financial	financial	ADJ
ajfa-194	324	85	analysts	analyst	NOUN
ajfa-194	324	86	and	and	CCONJ
ajfa-194	324	87	institutional	institutional	ADJ
ajfa-194	324	88	investors	investor	NOUN
ajfa-194	324	89	.	.	PUNCT
ajfa-194	325	1	the	the	DET
ajfa-194	325	2	sec	sec	PROPN
ajfa-194	325	3	commissioners	commissioner	NOUN
ajfa-194	325	4	believed	believe	VERB
ajfa-194	325	5	that	that	SCONJ
ajfa-194	325	6	managers	manager	NOUN
ajfa-194	325	7	provided	provide	VERB
ajfa-194	325	8	material	material	NOUN
ajfa-194	325	9	,	,	PUNCT
ajfa-194	325	10	advanced	advanced	ADJ
ajfa-194	325	11	knowledge	knowledge	NOUN
ajfa-194	325	12	of	of	ADP
ajfa-194	325	13	earnings	earning	NOUN
ajfa-194	325	14	results	result	NOUN
ajfa-194	325	15	and	and	CCONJ
ajfa-194	325	16	other	other	ADJ
ajfa-194	325	17	important	important	ADJ
ajfa-194	325	18	nonpublic	nonpublic	ADJ
ajfa-194	325	19	information	information	NOUN
ajfa-194	325	20	to	to	PART
ajfa-194	325	21	select	select	VERB
ajfa-194	325	22	investors	investor	NOUN
ajfa-194	325	23	,	,	PUNCT
ajfa-194	325	24	who	who	PRON
ajfa-194	325	25	then	then	ADV
ajfa-194	325	26	traded	trade	VERB
ajfa-194	325	27	profitably	profitably	ADV
ajfa-194	325	28	at	at	ADP
ajfa-194	325	29	the	the	DET
ajfa-194	325	30	expense	expense	NOUN
ajfa-194	325	31	of	of	ADP
ajfa-194	325	32	less	less	ADV
ajfa-194	325	33	informed	informed	ADJ
ajfa-194	325	34	investors	investor	NOUN
ajfa-194	325	35	.	.	PUNCT
ajfa-194	326	1	asian	asian	ADJ
ajfa-194	326	2	journal	journal	PROPN
ajfa-194	326	3	of	of	ADP
ajfa-194	326	4	finance	finance	PROPN
ajfa-194	326	5	&	&	CCONJ
ajfa-194	326	6	accounting	accounting	PROPN
ajfa-194	326	7	issn	issn	PROPN
ajfa-194	326	8	1946	1946	NUM
ajfa-194	326	9	-	-	PUNCT
ajfa-194	326	10	052x	052x	NOUN
ajfa-194	326	11	2009	2009	NUM
ajfa-194	326	12	,	,	PUNCT
ajfa-194	326	13	vol	vol	NOUN
ajfa-194	326	14	.	.	PROPN
ajfa-194	326	15	1	1	NUM
ajfa-194	326	16	,	,	PUNCT
ajfa-194	326	17	no	no	INTJ
ajfa-194	326	18	.	.	NOUN
ajfa-194	326	19	2	2	NUM
ajfa-194	326	20	:	:	PUNCT
ajfa-194	326	21	e4	e4	PROPN
ajfa-194	326	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	326	23	94	94	NUM
ajfa-194	326	24	prior	prior	ADV
ajfa-194	326	25	to	to	ADP
ajfa-194	326	26	the	the	DET
ajfa-194	326	27	date	date	NOUN
ajfa-194	326	28	when	when	SCONJ
ajfa-194	326	29	the	the	DET
ajfa-194	326	30	cumulative	cumulative	ADJ
ajfa-194	326	31	abnormal	abnormal	ADJ
ajfa-194	326	32	returns	return	NOUN
ajfa-194	326	33	start	start	VERB
ajfa-194	326	34	to	to	PART
ajfa-194	326	35	accumulate	accumulate	VERB
ajfa-194	326	36	)	)	PUNCT
ajfa-194	326	37	.	.	PUNCT
ajfa-194	327	1	9	9	NUM
ajfa-194	327	2	%	%	NOUN
ajfa-194	327	3	of	of	ADP
ajfa-194	327	4	transient	transient	ADJ
ajfa-194	327	5	institutional	institutional	ADJ
ajfa-194	327	6	ownership	ownership	NOUN
ajfa-194	327	7	is	be	AUX
ajfa-194	327	8	the	the	DET
ajfa-194	327	9	sample	sample	NOUN
ajfa-194	327	10	median	median	NOUN
ajfa-194	327	11	.	.	PUNCT
ajfa-194	328	1	the	the	DET
ajfa-194	328	2	two	two	NUM
ajfa-194	328	3	lines	line	NOUN
ajfa-194	328	4	show	show	VERB
ajfa-194	328	5	that	that	SCONJ
ajfa-194	328	6	high_tra	high_tra	ADJ
ajfa-194	328	7	firms	firm	NOUN
ajfa-194	328	8	exhibit	exhibit	VERB
ajfa-194	328	9	more	more	ADV
ajfa-194	328	10	negative	negative	ADJ
ajfa-194	328	11	returns	return	NOUN
ajfa-194	328	12	over	over	ADP
ajfa-194	328	13	the	the	DET
ajfa-194	328	14	90	90	NUM
ajfa-194	328	15	days	day	NOUN
ajfa-194	328	16	prior	prior	ADV
ajfa-194	328	17	to	to	ADP
ajfa-194	328	18	the	the	DET
ajfa-194	328	19	restatement	restatement	NOUN
ajfa-194	328	20	announcement	announcement	NOUN
ajfa-194	328	21	(	(	PUNCT
ajfa-194	328	22	i.e.	i.e.	X
ajfa-194	328	23	,	,	PUNCT
ajfa-194	328	24	day	day	NOUN
ajfa-194	328	25	-92	-92	PROPN
ajfa-194	328	26	to	to	ADP
ajfa-194	328	27	day	day	NOUN
ajfa-194	328	28	-3	-3	PUNCT
ajfa-194	328	29	)	)	PUNCT
ajfa-194	328	30	.	.	PUNCT
ajfa-194	329	1	specifically	specifically	ADV
ajfa-194	329	2	,	,	PUNCT
ajfa-194	329	3	three	three	NUM
ajfa-194	329	4	days	day	NOUN
ajfa-194	329	5	prior	prior	ADV
ajfa-194	329	6	to	to	ADP
ajfa-194	329	7	the	the	DET
ajfa-194	329	8	announcement	announcement	NOUN
ajfa-194	329	9	,	,	PUNCT
ajfa-194	329	10	high_tra	high_tra	ADJ
ajfa-194	329	11	firms	firm	NOUN
ajfa-194	329	12	have	have	VERB
ajfa-194	329	13	a	a	DET
ajfa-194	329	14	cumulative	cumulative	ADJ
ajfa-194	329	15	abnormal	abnormal	ADJ
ajfa-194	329	16	return	return	NOUN
ajfa-194	329	17	of	of	ADP
ajfa-194	329	18	-16.4	-16.4	NOUN
ajfa-194	329	19	%	%	NOUN
ajfa-194	329	20	.	.	PUNCT
ajfa-194	330	1	this	this	PRON
ajfa-194	330	2	compares	compare	VERB
ajfa-194	330	3	to	to	ADP
ajfa-194	330	4	the	the	DET
ajfa-194	330	5	low_tra	low_tra	ADJ
ajfa-194	330	6	firms	firm	NOUN
ajfa-194	330	7	,	,	PUNCT
ajfa-194	330	8	which	which	PRON
ajfa-194	330	9	have	have	VERB
ajfa-194	330	10	cumulative	cumulative	ADJ
ajfa-194	330	11	abnormal	abnormal	ADJ
ajfa-194	330	12	return	return	NOUN
ajfa-194	330	13	of	of	ADP
ajfa-194	330	14	-9.5	-9.5	NOUN
ajfa-194	330	15	%	%	NOUN
ajfa-194	330	16	three	three	NUM
ajfa-194	330	17	days	day	NOUN
ajfa-194	330	18	prior	prior	ADV
ajfa-194	330	19	to	to	ADP
ajfa-194	330	20	the	the	DET
ajfa-194	330	21	announcement	announcement	NOUN
ajfa-194	330	22	.	.	PUNCT
ajfa-194	331	1	during	during	ADP
ajfa-194	331	2	the	the	DET
ajfa-194	331	3	event	event	NOUN
ajfa-194	331	4	window	window	NOUN
ajfa-194	331	5	which	which	PRON
ajfa-194	331	6	is	be	AUX
ajfa-194	331	7	defined	define	VERB
ajfa-194	331	8	as	as	ADP
ajfa-194	331	9	day	day	NOUN
ajfa-194	331	10	-2	-2	NOUN
ajfa-194	331	11	to	to	ADP
ajfa-194	331	12	+2	+2	PROPN
ajfa-194	331	13	around	around	ADP
ajfa-194	331	14	the	the	DET
ajfa-194	331	15	restatement	restatement	NOUN
ajfa-194	331	16	announcement	announcement	NOUN
ajfa-194	331	17	date	date	NOUN
ajfa-194	331	18	,	,	PUNCT
ajfa-194	331	19	however	however	ADV
ajfa-194	331	20	,	,	PUNCT
ajfa-194	331	21	the	the	DET
ajfa-194	331	22	high_tra	high_tra	ADJ
ajfa-194	331	23	firms	firm	NOUN
ajfa-194	331	24	exhibit	exhibit	VERB
ajfa-194	331	25	similar	similar	ADJ
ajfa-194	331	26	negative	negative	ADJ
ajfa-194	331	27	returns	return	NOUN
ajfa-194	331	28	as	as	ADP
ajfa-194	331	29	the	the	DET
ajfa-194	331	30	low_tra	low_tra	ADJ
ajfa-194	331	31	firms	firm	NOUN
ajfa-194	331	32	.	.	PUNCT
ajfa-194	332	1	in	in	ADP
ajfa-194	332	2	particular	particular	ADJ
ajfa-194	332	3	,	,	PUNCT
ajfa-194	332	4	in	in	ADP
ajfa-194	332	5	the	the	DET
ajfa-194	332	6	five	five	NUM
ajfa-194	332	7	day	day	NOUN
ajfa-194	332	8	window	window	NOUN
ajfa-194	332	9	(	(	PUNCT
ajfa-194	332	10	day	day	NOUN
ajfa-194	332	11	-2	-2	INTJ
ajfa-194	332	12	to	to	ADP
ajfa-194	332	13	day	day	NOUN
ajfa-194	332	14	+2	+2	PROPN
ajfa-194	332	15	)	)	PUNCT
ajfa-194	332	16	,	,	PUNCT
ajfa-194	332	17	the	the	DET
ajfa-194	332	18	cumulative	cumulative	ADJ
ajfa-194	332	19	abnormal	abnormal	ADJ
ajfa-194	332	20	returns	return	NOUN
ajfa-194	332	21	of	of	ADP
ajfa-194	332	22	high_tra	high_tra	ADJ
ajfa-194	332	23	firms	firm	NOUN
ajfa-194	332	24	goes	go	VERB
ajfa-194	332	25	from	from	ADP
ajfa-194	332	26	16.4	16.4	NUM
ajfa-194	332	27	%	%	NOUN
ajfa-194	332	28	to	to	PART
ajfa-194	332	29	-24.3	-24.3	NUM
ajfa-194	332	30	%	%	NOUN
ajfa-194	332	31	,	,	PUNCT
ajfa-194	332	32	while	while	SCONJ
ajfa-194	332	33	those	those	PRON
ajfa-194	332	34	of	of	ADP
ajfa-194	332	35	low_tra	low_tra	ADJ
ajfa-194	332	36	firms	firm	NOUN
ajfa-194	332	37	drop	drop	VERB
ajfa-194	332	38	from	from	ADP
ajfa-194	332	39	-9.5	-9.5	NOUN
ajfa-194	332	40	%	%	NOUN
ajfa-194	332	41	to	to	PART
ajfa-194	332	42	-16.0	-16.0	NOUN
ajfa-194	332	43	%	%	NOUN
ajfa-194	332	44	.	.	PUNCT
ajfa-194	333	1	overall	overall	ADV
ajfa-194	333	2	,	,	PUNCT
ajfa-194	333	3	these	these	DET
ajfa-194	333	4	results	result	NOUN
ajfa-194	333	5	suggest	suggest	VERB
ajfa-194	333	6	that	that	SCONJ
ajfa-194	333	7	the	the	DET
ajfa-194	333	8	presence	presence	NOUN
ajfa-194	333	9	of	of	ADP
ajfa-194	333	10	transient	transient	ADJ
ajfa-194	333	11	institutional	institutional	ADJ
ajfa-194	333	12	investors	investor	NOUN
ajfa-194	333	13	gets	get	VERB
ajfa-194	333	14	the	the	DET
ajfa-194	333	15	information	information	NOUN
ajfa-194	333	16	content	content	NOUN
ajfa-194	333	17	of	of	ADP
ajfa-194	333	18	restatement	restatement	NOUN
ajfa-194	333	19	impounded	impound	VERB
ajfa-194	333	20	into	into	ADP
ajfa-194	333	21	stock	stock	NOUN
ajfa-194	333	22	price	price	NOUN
ajfa-194	333	23	early	early	ADV
ajfa-194	333	24	in	in	ADP
ajfa-194	333	25	the	the	DET
ajfa-194	333	26	pre	pre	ADJ
ajfa-194	333	27	-	-	ADJ
ajfa-194	333	28	announcement	announcement	ADJ
ajfa-194	333	29	period	period	NOUN
ajfa-194	333	30	.	.	PUNCT
ajfa-194	334	1	figure	figure	NOUN
ajfa-194	334	2	2	2	NUM
ajfa-194	334	3	.	.	PUNCT
ajfa-194	334	4	cumulative	cumulative	ADJ
ajfa-194	334	5	abnormal	abnormal	ADJ
ajfa-194	334	6	returns	return	NOUN
ajfa-194	334	7	by	by	ADP
ajfa-194	334	8	high	high	ADJ
ajfa-194	334	9	and	and	CCONJ
ajfa-194	334	10	low	low	ADJ
ajfa-194	334	11	transient	transient	ADJ
ajfa-194	334	12	institutional	institutional	ADJ
ajfa-194	334	13	ownership	ownership	NOUN
ajfa-194	334	14	note	note	NOUN
ajfa-194	334	15	.	.	PUNCT
ajfa-194	335	1	this	this	DET
ajfa-194	335	2	figure	figure	NOUN
ajfa-194	335	3	charts	chart	VERB
ajfa-194	335	4	the	the	DET
ajfa-194	335	5	cumulative	cumulative	ADJ
ajfa-194	335	6	abnormal	abnormal	ADJ
ajfa-194	335	7	returns	return	NOUN
ajfa-194	335	8	to	to	ADP
ajfa-194	335	9	firms	firm	NOUN
ajfa-194	335	10	that	that	PRON
ajfa-194	335	11	have	have	VERB
ajfa-194	335	12	an	an	DET
ajfa-194	335	13	accounting	accounting	NOUN
ajfa-194	335	14	restatement	restatement	NOUN
ajfa-194	335	15	from	from	ADP
ajfa-194	335	16	92	92	NUM
ajfa-194	335	17	days	day	NOUN
ajfa-194	335	18	to	to	ADP
ajfa-194	335	19	until	until	ADP
ajfa-194	335	20	2	2	NUM
ajfa-194	335	21	days	day	NOUN
ajfa-194	335	22	after	after	ADP
ajfa-194	335	23	the	the	DET
ajfa-194	335	24	restatement	restatement	NOUN
ajfa-194	335	25	.	.	PUNCT
ajfa-194	336	1	the	the	DET
ajfa-194	336	2	sample	sample	NOUN
ajfa-194	336	3	consists	consist	VERB
ajfa-194	336	4	of	of	ADP
ajfa-194	336	5	364	364	NUM
ajfa-194	336	6	restatements	restatement	NOUN
ajfa-194	336	7	over	over	ADP
ajfa-194	336	8	the	the	DET
ajfa-194	336	9	period	period	NOUN
ajfa-194	336	10	1997	1997	NUM
ajfa-194	336	11	to	to	ADP
ajfa-194	336	12	2002	2002	NUM
ajfa-194	336	13	.	.	PUNCT
ajfa-194	337	1	low_tra	low_tra	ADJ
ajfa-194	337	2	signifies	signifie	NOUN
ajfa-194	337	3	firms	firm	NOUN
ajfa-194	337	4	with	with	ADP
ajfa-194	337	5	less	less	ADJ
ajfa-194	337	6	than	than	ADP
ajfa-194	337	7	9	9	NUM
ajfa-194	337	8	%	%	NOUN
ajfa-194	337	9	(	(	PUNCT
ajfa-194	337	10	the	the	DET
ajfa-194	337	11	sample	sample	NOUN
ajfa-194	337	12	median	median	PROPN
ajfa-194	337	13	)	)	PUNCT
ajfa-194	337	14	transient	transient	ADJ
ajfa-194	337	15	institutional	institutional	ADJ
ajfa-194	337	16	ownership	ownership	NOUN
ajfa-194	337	17	,	,	PUNCT
ajfa-194	337	18	while	while	SCONJ
ajfa-194	337	19	high_tra	high_tra	PROPN
ajfa-194	337	20	indicates	indicate	VERB
ajfa-194	337	21	firms	firm	NOUN
ajfa-194	337	22	with	with	ADP
ajfa-194	337	23	greater	great	ADJ
ajfa-194	337	24	than	than	ADP
ajfa-194	337	25	or	or	CCONJ
ajfa-194	337	26	equal	equal	ADJ
ajfa-194	337	27	to	to	ADP
ajfa-194	337	28	9	9	NUM
ajfa-194	337	29	%	%	NOUN
ajfa-194	337	30	transient	transient	ADJ
ajfa-194	337	31	institutional	institutional	ADJ
ajfa-194	337	32	ownership	ownership	NOUN
ajfa-194	337	33	.	.	PUNCT
ajfa-194	338	1	to	to	PART
ajfa-194	338	2	formalize	formalize	VERB
ajfa-194	338	3	this	this	DET
ajfa-194	338	4	result	result	NOUN
ajfa-194	338	5	,	,	PUNCT
ajfa-194	338	6	we	we	PRON
ajfa-194	338	7	also	also	ADV
ajfa-194	338	8	use	use	VERB
ajfa-194	338	9	a	a	DET
ajfa-194	338	10	regression	regression	NOUN
ajfa-194	338	11	based	base	VERB
ajfa-194	338	12	design	design	NOUN
ajfa-194	338	13	that	that	PRON
ajfa-194	338	14	attempts	attempt	VERB
ajfa-194	338	15	to	to	PART
ajfa-194	338	16	control	control	VERB
ajfa-194	338	17	for	for	ADP
ajfa-194	338	18	other	other	ADJ
ajfa-194	338	19	influences	influence	NOUN
ajfa-194	338	20	on	on	ADP
ajfa-194	338	21	price	price	NOUN
ajfa-194	338	22	.	.	PUNCT
ajfa-194	339	1	we	we	PRON
ajfa-194	339	2	estimate	estimate	VERB
ajfa-194	339	3	the	the	DET
ajfa-194	339	4	90	90	NUM
ajfa-194	339	5	-	-	PUNCT
ajfa-194	339	6	day	day	NOUN
ajfa-194	339	7	cumulative	cumulative	ADJ
ajfa-194	339	8	abnormal	abnormal	ADJ
ajfa-194	339	9	returns	return	NOUN
ajfa-194	339	10	in	in	ADP
ajfa-194	339	11	the	the	DET
ajfa-194	339	12	period	period	NOUN
ajfa-194	339	13	prior	prior	ADV
ajfa-194	339	14	to	to	ADP
ajfa-194	339	15	the	the	DET
ajfa-194	339	16	restatement	restatement	NOUN
ajfa-194	339	17	announcement	announcement	NOUN
ajfa-194	339	18	(	(	PUNCT
ajfa-194	339	19	day	day	NOUN
ajfa-194	339	20	-92	-92	PUNCT
ajfa-194	339	21	to	to	ADP
ajfa-194	339	22	day	day	NOUN
ajfa-194	339	23	-3	-3	PUNCT
ajfa-194	339	24	)	)	PUNCT
ajfa-194	339	25	as	as	ADP
ajfa-194	339	26	a	a	DET
ajfa-194	339	27	function	function	NOUN
ajfa-194	339	28	of	of	ADP
ajfa-194	339	29	the	the	DET
ajfa-194	339	30	level	level	NOUN
ajfa-194	339	31	of	of	ADP
ajfa-194	339	32	different	different	ADJ
ajfa-194	339	33	asian	asian	ADJ
ajfa-194	339	34	journal	journal	NOUN
ajfa-194	339	35	of	of	ADP
ajfa-194	339	36	finance	finance	PROPN
ajfa-194	339	37	&	&	CCONJ
ajfa-194	339	38	accounting	accounting	PROPN
ajfa-194	339	39	issn	issn	PROPN
ajfa-194	339	40	1946	1946	NUM
ajfa-194	339	41	-	-	PUNCT
ajfa-194	339	42	052x	052x	NOUN
ajfa-194	339	43	2009	2009	NUM
ajfa-194	339	44	,	,	PUNCT
ajfa-194	339	45	vol	vol	NOUN
ajfa-194	339	46	.	.	PROPN
ajfa-194	339	47	1	1	NUM
ajfa-194	339	48	,	,	PUNCT
ajfa-194	339	49	no	no	INTJ
ajfa-194	339	50	.	.	NOUN
ajfa-194	339	51	2	2	NUM
ajfa-194	339	52	:	:	PUNCT
ajfa-194	339	53	e4	e4	PROPN
ajfa-194	339	54	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	339	55	95	95	NUM
ajfa-194	339	56	institutional	institutional	ADJ
ajfa-194	339	57	ownership	ownership	NOUN
ajfa-194	339	58	.	.	PUNCT
ajfa-194	340	1	we	we	PRON
ajfa-194	340	2	control	control	VERB
ajfa-194	340	3	for	for	ADP
ajfa-194	340	4	size	size	NOUN
ajfa-194	340	5	(	(	PUNCT
ajfa-194	340	6	lnsize	lnsize	NOUN
ajfa-194	340	7	)	)	PUNCT
ajfa-194	340	8	,	,	PUNCT
ajfa-194	340	9	book	book	NOUN
ajfa-194	340	10	-	-	PUNCT
ajfa-194	340	11	to	to	ADP
ajfa-194	340	12	-	-	PUNCT
ajfa-194	340	13	market	market	NOUN
ajfa-194	340	14	(	(	PUNCT
ajfa-194	340	15	bm	bm	PROPN
ajfa-194	340	16	)	)	PUNCT
ajfa-194	340	17	,	,	PUNCT
ajfa-194	340	18	return	return	VERB
ajfa-194	340	19	momentum	momentum	NOUN
ajfa-194	340	20	(	(	PUNCT
ajfa-194	340	21	24retq	24retq	NUM
ajfa-194	340	22	)	)	PUNCT
ajfa-194	340	23	,	,	PUNCT
ajfa-194	340	24	unexpected	unexpected	ADJ
ajfa-194	340	25	earnings	earning	NOUN
ajfa-194	340	26	(	(	PUNCT
ajfa-194	340	27	ue	ue	ADJ
ajfa-194	340	28	)	)	PUNCT
ajfa-194	340	29	,	,	PUNCT
ajfa-194	340	30	year	year	NOUN
ajfa-194	340	31	and	and	CCONJ
ajfa-194	340	32	industry	industry	NOUN
ajfa-194	340	33	fixed	fix	VERB
ajfa-194	340	34	effects	effect	NOUN
ajfa-194	340	35	.	.	PUNCT
ajfa-194	341	1	these	these	DET
ajfa-194	341	2	variables	variable	NOUN
ajfa-194	341	3	are	be	AUX
ajfa-194	341	4	defined	define	VERB
ajfa-194	341	5	in	in	ADP
ajfa-194	341	6	equation	equation	NOUN
ajfa-194	341	7	(	(	PUNCT
ajfa-194	341	8	1	1	NUM
ajfa-194	341	9	)	)	PUNCT
ajfa-194	341	10	.	.	PUNCT
ajfa-194	342	1	we	we	PRON
ajfa-194	342	2	also	also	ADV
ajfa-194	342	3	include	include	VERB
ajfa-194	342	4	a	a	DET
ajfa-194	342	5	restatement	restatement	NOUN
ajfa-194	342	6	reason	reason	NOUN
ajfa-194	342	7	indicator	indicator	PROPN
ajfa-194	342	8	core	core	PROPN
ajfa-194	342	9	,	,	PUNCT
ajfa-194	342	10	which	which	PRON
ajfa-194	342	11	is	be	AUX
ajfa-194	342	12	equal	equal	ADJ
ajfa-194	342	13	to	to	ADP
ajfa-194	342	14	1	1	NUM
ajfa-194	342	15	when	when	SCONJ
ajfa-194	342	16	the	the	DET
ajfa-194	342	17	restatement	restatement	NOUN
ajfa-194	342	18	involves	involve	VERB
ajfa-194	342	19	revenue	revenue	NOUN
ajfa-194	342	20	recognition	recognition	NOUN
ajfa-194	342	21	,	,	PUNCT
ajfa-194	342	22	cost	cost	NOUN
ajfa-194	342	23	of	of	ADP
ajfa-194	342	24	sales	sale	NOUN
ajfa-194	342	25	or	or	CCONJ
ajfa-194	342	26	operating	operating	NOUN
ajfa-194	342	27	expenses	expense	NOUN
ajfa-194	342	28	,	,	PUNCT
ajfa-194	342	29	or	or	CCONJ
ajfa-194	342	30	loan	loan	NOUN
ajfa-194	342	31	loss	loss	NOUN
ajfa-194	342	32	provisions	provision	NOUN
ajfa-194	342	33	and	and	CCONJ
ajfa-194	342	34	equal	equal	ADJ
ajfa-194	342	35	to	to	ADP
ajfa-194	342	36	0	0	NUM
ajfa-194	342	37	otherwise	otherwise	ADV
ajfa-194	342	38	(	(	PUNCT
ajfa-194	342	39	hribar	hribar	NOUN
ajfa-194	342	40	and	and	CCONJ
ajfa-194	342	41	jenkins	jenkin	NOUN
ajfa-194	342	42	,	,	PUNCT
ajfa-194	342	43	2004	2004	NUM
ajfa-194	342	44	)	)	PUNCT
ajfa-194	342	45	;	;	PUNCT
ajfa-194	342	46	and	and	CCONJ
ajfa-194	342	47	a	a	DET
ajfa-194	342	48	restatement	restatement	NOUN
ajfa-194	342	49	initiator	initiator	NOUN
ajfa-194	342	50	indicator	indicator	NOUN
ajfa-194	342	51	auditor	auditor	PROPN
ajfa-194	342	52	,	,	PUNCT
ajfa-194	342	53	which	which	PRON
ajfa-194	342	54	is	be	AUX
ajfa-194	342	55	equal	equal	ADJ
ajfa-194	342	56	to	to	ADP
ajfa-194	342	57	1	1	NUM
ajfa-194	342	58	when	when	SCONJ
ajfa-194	342	59	the	the	DET
ajfa-194	342	60	restatement	restatement	NOUN
ajfa-194	342	61	is	be	AUX
ajfa-194	342	62	initiated	initiate	VERB
ajfa-194	342	63	by	by	ADP
ajfa-194	342	64	the	the	DET
ajfa-194	342	65	auditor	auditor	NOUN
ajfa-194	342	66	and	and	CCONJ
ajfa-194	342	67	equal	equal	ADJ
ajfa-194	342	68	to	to	ADP
ajfa-194	342	69	zero	zero	NUM
ajfa-194	342	70	otherwise	otherwise	ADV
ajfa-194	342	71	,	,	PUNCT
ajfa-194	342	72	in	in	ADP
ajfa-194	342	73	order	order	NOUN
ajfa-194	342	74	to	to	PART
ajfa-194	342	75	capture	capture	VERB
ajfa-194	342	76	the	the	DET
ajfa-194	342	77	fact	fact	NOUN
ajfa-194	342	78	that	that	SCONJ
ajfa-194	342	79	these	these	DET
ajfa-194	342	80	restatements	restatement	NOUN
ajfa-194	342	81	tend	tend	VERB
ajfa-194	342	82	to	to	PART
ajfa-194	342	83	cause	cause	VERB
ajfa-194	342	84	more	more	ADJ
ajfa-194	342	85	negative	negative	ADJ
ajfa-194	342	86	returns	return	NOUN
ajfa-194	342	87	(	(	PUNCT
ajfa-194	342	88	palmrose	palmrose	ADJ
ajfa-194	342	89	,	,	PUNCT
ajfa-194	342	90	richardson	richardson	PROPN
ajfa-194	342	91	,	,	PUNCT
ajfa-194	342	92	and	and	CCONJ
ajfa-194	342	93	scholz	scholz	NOUN
ajfa-194	342	94	,	,	PUNCT
ajfa-194	342	95	2004	2004	NUM
ajfa-194	342	96	)	)	PUNCT
ajfa-194	342	97	.	.	PUNCT
ajfa-194	343	1	to	to	PART
ajfa-194	343	2	measure	measure	VERB
ajfa-194	343	3	the	the	DET
ajfa-194	343	4	effect	effect	NOUN
ajfa-194	343	5	of	of	ADP
ajfa-194	343	6	institutional	institutional	ADJ
ajfa-194	343	7	holdings	holding	NOUN
ajfa-194	343	8	on	on	ADP
ajfa-194	343	9	the	the	DET
ajfa-194	343	10	abnormal	abnormal	ADJ
ajfa-194	343	11	returns	return	NOUN
ajfa-194	343	12	,	,	PUNCT
ajfa-194	343	13	we	we	PRON
ajfa-194	343	14	form	form	VERB
ajfa-194	343	15	scaled	scale	VERB
ajfa-194	343	16	deciles	decile	NOUN
ajfa-194	343	17	based	base	VERB
ajfa-194	343	18	on	on	ADP
ajfa-194	343	19	the	the	DET
ajfa-194	343	20	level	level	NOUN
ajfa-194	343	21	of	of	ADP
ajfa-194	343	22	institutional	institutional	ADJ
ajfa-194	343	23	ownership	ownership	NOUN
ajfa-194	343	24	for	for	ADP
ajfa-194	343	25	transient	transient	NOUN
ajfa-194	343	26	(	(	PUNCT
ajfa-194	343	27	_	_	X
ajfa-194	343	28	tra	tra	PROPN
ajfa-194	343	29	rank	rank	PROPN
ajfa-194	343	30	)	)	PUNCT
ajfa-194	343	31	,	,	PUNCT
ajfa-194	343	32	dedicated	dedicate	VERB
ajfa-194	343	33	(	(	PUNCT
ajfa-194	343	34	_	_	PRON
ajfa-194	343	35	ded	ded	PROPN
ajfa-194	343	36	rank	rank	PROPN
ajfa-194	343	37	)	)	PUNCT
ajfa-194	343	38	and	and	CCONJ
ajfa-194	343	39	quasiindexing	quasiindexe	VERB
ajfa-194	343	40	institutional	institutional	ADJ
ajfa-194	343	41	ownership	ownership	NOUN
ajfa-194	343	42	(	(	PUNCT
ajfa-194	343	43	_	_	PUNCT
ajfa-194	343	44	qix	qix	PROPN
ajfa-194	343	45	rank	rank	PROPN
ajfa-194	343	46	)	)	PUNCT
ajfa-194	343	47	,	,	PUNCT
ajfa-194	343	48	respectively	respectively	ADV
ajfa-194	343	49	(	(	PUNCT
ajfa-194	343	50	ayers	ayers	PROPN
ajfa-194	343	51	and	and	CCONJ
ajfa-194	343	52	freeman	freeman	PROPN
ajfa-194	343	53	,	,	PUNCT
ajfa-194	343	54	2003	2003	NUM
ajfa-194	343	55	)	)	PUNCT
ajfa-194	343	56	.	.	PUNCT
ajfa-194	344	1	with	with	ADP
ajfa-194	344	2	regard	regard	NOUN
ajfa-194	344	3	to	to	ADP
ajfa-194	344	4	_	_	PROPN
ajfa-194	344	5	tra	tra	PROPN
ajfa-194	344	6	rank	rank	NOUN
ajfa-194	344	7	,	,	PUNCT
ajfa-194	344	8	we	we	PRON
ajfa-194	344	9	group	group	VERB
ajfa-194	344	10	the	the	DET
ajfa-194	344	11	364	364	NUM
ajfa-194	344	12	restating	restate	VERB
ajfa-194	344	13	firms	firm	NOUN
ajfa-194	344	14	into	into	ADP
ajfa-194	344	15	ten	ten	NUM
ajfa-194	344	16	groups	group	NOUN
ajfa-194	344	17	based	base	VERB
ajfa-194	344	18	on	on	ADP
ajfa-194	344	19	the	the	DET
ajfa-194	344	20	level	level	NOUN
ajfa-194	344	21	of	of	ADP
ajfa-194	344	22	aggregate	aggregate	ADJ
ajfa-194	344	23	transient	transient	ADJ
ajfa-194	344	24	institutional	institutional	ADJ
ajfa-194	344	25	holdings	holding	NOUN
ajfa-194	344	26	of	of	ADP
ajfa-194	344	27	the	the	DET
ajfa-194	344	28	restating	restate	VERB
ajfa-194	344	29	firm‟s	firm‟s	NOUN
ajfa-194	344	30	shares	share	NOUN
ajfa-194	344	31	outstanding	outstanding	ADJ
ajfa-194	344	32	at	at	ADP
ajfa-194	344	33	the	the	DET
ajfa-194	344	34	end	end	NOUN
ajfa-194	344	35	of	of	ADP
ajfa-194	344	36	quarter	quarter	NOUN
ajfa-194	344	37	q-2	q-2	ADV
ajfa-194	344	38	(	(	PUNCT
ajfa-194	344	39	2%qtra	2%qtra	NUM
ajfa-194	344	40	)	)	PUNCT
ajfa-194	344	41	(	(	PUNCT
ajfa-194	344	42	i.e.	i.e.	X
ajfa-194	344	43	,	,	PUNCT
ajfa-194	344	44	group	group	NOUN
ajfa-194	344	45	0~9	0~9	NUM
ajfa-194	344	46	)	)	PUNCT
ajfa-194	344	47	.	.	PUNCT
ajfa-194	345	1	we	we	PRON
ajfa-194	345	2	then	then	ADV
ajfa-194	345	3	divide	divide	VERB
ajfa-194	345	4	this	this	DET
ajfa-194	345	5	decile	decile	NOUN
ajfa-194	345	6	ranking	rank	VERB
ajfa-194	345	7	by	by	ADP
ajfa-194	345	8	9	9	NUM
ajfa-194	345	9	.	.	PUNCT
ajfa-194	346	1	for	for	ADP
ajfa-194	346	2	example	example	NOUN
ajfa-194	346	3	,	,	PUNCT
ajfa-194	346	4	tra_rank	tra_rank	CCONJ
ajfa-194	346	5	q-2	q-2	NOUN
ajfa-194	346	6	is	be	AUX
ajfa-194	346	7	equal	equal	ADJ
ajfa-194	346	8	to	to	ADP
ajfa-194	346	9	0	0	NUM
ajfa-194	346	10	(	(	PUNCT
ajfa-194	346	11	i.e.	i.e.	X
ajfa-194	346	12	,	,	PUNCT
ajfa-194	346	13	0/9	0/9	NUM
ajfa-194	346	14	)	)	PUNCT
ajfa-194	346	15	for	for	ADP
ajfa-194	346	16	the	the	DET
ajfa-194	346	17	firms	firm	NOUN
ajfa-194	346	18	with	with	ADP
ajfa-194	346	19	the	the	DET
ajfa-194	346	20	lowest	low	ADJ
ajfa-194	346	21	tra%q-2	tra%q-2	NOUN
ajfa-194	346	22	and	and	CCONJ
ajfa-194	346	23	equal	equal	ADJ
ajfa-194	346	24	to	to	ADP
ajfa-194	346	25	1	1	NUM
ajfa-194	346	26	(	(	PUNCT
ajfa-194	346	27	i.e.	i.e.	X
ajfa-194	346	28	,	,	PUNCT
ajfa-194	346	29	9/9	9/9	NUM
ajfa-194	346	30	)	)	PUNCT
ajfa-194	346	31	for	for	ADP
ajfa-194	346	32	the	the	DET
ajfa-194	346	33	firms	firm	NOUN
ajfa-194	346	34	with	with	ADP
ajfa-194	346	35	the	the	DET
ajfa-194	346	36	highest	high	ADJ
ajfa-194	346	37	tra%q-2	tra%q-2	NOUN
ajfa-194	346	38	.	.	PUNCT
ajfa-194	347	1	likewise	likewise	ADV
ajfa-194	347	2	,	,	PUNCT
ajfa-194	347	3	we	we	PRON
ajfa-194	347	4	measure	measure	VERB
ajfa-194	347	5	_	_	DET
ajfa-194	347	6	ded	ded	ADJ
ajfa-194	347	7	rank	rank	NOUN
ajfa-194	347	8	and	and	CCONJ
ajfa-194	347	9	_	_	PROPN
ajfa-194	347	10	qix	qix	PROPN
ajfa-194	347	11	rank	rank	PROPN
ajfa-194	347	12	.	.	PUNCT
ajfa-194	348	1	13	13	NUM
ajfa-194	348	2	all	all	DET
ajfa-194	348	3	the	the	DET
ajfa-194	348	4	independent	independent	ADJ
ajfa-194	348	5	variables	variable	NOUN
ajfa-194	348	6	except	except	SCONJ
ajfa-194	348	7	24retq	24retq	NUM
ajfa-194	348	8	,	,	PUNCT
ajfa-194	348	9	core	core	NOUN
ajfa-194	348	10	and	and	CCONJ
ajfa-194	348	11	auditor	auditor	NOUN
ajfa-194	348	12	are	be	AUX
ajfa-194	348	13	measured	measure	VERB
ajfa-194	348	14	at	at	ADP
ajfa-194	348	15	the	the	DET
ajfa-194	348	16	end	end	NOUN
ajfa-194	348	17	of	of	ADP
ajfa-194	348	18	two	two	NUM
ajfa-194	348	19	quarters	quarter	NOUN
ajfa-194	348	20	prior	prior	ADV
ajfa-194	348	21	to	to	ADP
ajfa-194	348	22	the	the	DET
ajfa-194	348	23	restating	restate	VERB
ajfa-194	348	24	quarter	quarter	NOUN
ajfa-194	348	25	,	,	PUNCT
ajfa-194	348	26	so	so	SCONJ
ajfa-194	348	27	that	that	SCONJ
ajfa-194	348	28	the	the	DET
ajfa-194	348	29	independent	independent	ADJ
ajfa-194	348	30	variables	variable	NOUN
ajfa-194	348	31	are	be	AUX
ajfa-194	348	32	measured	measure	VERB
ajfa-194	348	33	before	before	ADP
ajfa-194	348	34	the	the	DET
ajfa-194	348	35	date	date	NOUN
ajfa-194	348	36	when	when	SCONJ
ajfa-194	348	37	the	the	DET
ajfa-194	348	38	pre	pre	ADJ
ajfa-194	348	39	-	-	ADJ
ajfa-194	348	40	announcement	announcement	ADJ
ajfa-194	348	41	cumulative	cumulative	ADJ
ajfa-194	348	42	abnormal	abnormal	ADJ
ajfa-194	348	43	returns	return	NOUN
ajfa-194	348	44	(	(	PUNCT
ajfa-194	348	45	car90	car90	NOUN
ajfa-194	348	46	)	)	PUNCT
ajfa-194	348	47	starts	start	VERB
ajfa-194	348	48	to	to	PART
ajfa-194	348	49	accumulate	accumulate	VERB
ajfa-194	348	50	.	.	PUNCT
ajfa-194	349	1	the	the	DET
ajfa-194	349	2	regression	regression	NOUN
ajfa-194	349	3	model	model	NOUN
ajfa-194	349	4	is	be	AUX
ajfa-194	349	5	as	as	SCONJ
ajfa-194	349	6	follows	follow	VERB
ajfa-194	349	7	:	:	PUNCT
ajfa-194	349	8	0	0	NUM
ajfa-194	349	9	1	1	NUM
ajfa-194	349	10	,	,	PUNCT
ajfa-194	349	11	2	2	NUM
ajfa-194	349	12	2	2	NUM
ajfa-194	349	13	,	,	PUNCT
ajfa-194	349	14	2	2	NUM
ajfa-194	349	15	3	3	NUM
ajfa-194	349	16	,	,	PUNCT
ajfa-194	349	17	2	2	NUM
ajfa-194	349	18	4	4	NUM
ajfa-194	349	19	,	,	PUNCT
ajfa-194	349	20	5	5	NUM
ajfa-194	349	21	,	,	PUNCT
ajfa-194	349	22	2	2	NUM
ajfa-194	349	23	6	6	NUM
ajfa-194	349	24	,	,	PUNCT
ajfa-194	349	25	2	2	NUM
ajfa-194	349	26	7	7	NUM
ajfa-194	349	27	,	,	PUNCT
ajfa-194	349	28	2	2	NUM
ajfa-194	349	29	8	8	NUM
ajfa-194	349	30	9	9	NUM
ajfa-194	349	31	90	90	NUM
ajfa-194	349	32	_	_	PUNCT
ajfa-194	350	1	_	_	PUNCT
ajfa-194	351	1	_	_	PRON
ajfa-194	351	2	24j	24j	NUM
ajfa-194	352	1	q	q	PROPN
ajfa-194	352	2	j	j	PROPN
ajfa-194	352	3	q	q	X
ajfa-194	352	4	j	j	PROPN
ajfa-194	352	5	q	q	PROPN
ajfa-194	352	6	j	j	PROPN
ajfa-194	352	7	q	q	PROPN
ajfa-194	352	8	j	j	PROPN
ajfa-194	352	9	q	q	PROPN
ajfa-194	352	10	j	j	PROPN
ajfa-194	352	11	q	q	X
ajfa-194	352	12	j	j	PROPN
ajfa-194	352	13	q	q	X
ajfa-194	352	14	car	car	NOUN
ajfa-194	352	15	tra	tra	PROPN
ajfa-194	352	16	rank	rank	PROPN
ajfa-194	352	17	ded	ded	PROPN
ajfa-194	352	18	rank	rank	PROPN
ajfa-194	352	19	qix	qix	PROPN
ajfa-194	352	20	rank	rank	PROPN
ajfa-194	352	21	retq	retq	PROPN
ajfa-194	352	22	lnsize	lnsize	PROPN
ajfa-194	352	23	bm	bm	PROPN
ajfa-194	352	24	ue	ue	PROPN
ajfa-194	352	25	auditor	auditor	PROPN
ajfa-194	352	26	core	core	NOUN
ajfa-194	352	27	yeardummies	yeardummie	NOUN
ajfa-194	352	28	industrydummies	industrydummie	NOUN
ajfa-194	352	29	(	(	PUNCT
ajfa-194	352	30	3	3	NUM
ajfa-194	352	31	)	)	PUNCT
ajfa-194	352	32	table	table	NOUN
ajfa-194	352	33	5	5	NUM
ajfa-194	352	34	presents	present	VERB
ajfa-194	352	35	the	the	DET
ajfa-194	352	36	results	result	NOUN
ajfa-194	352	37	of	of	ADP
ajfa-194	352	38	estimating	estimate	VERB
ajfa-194	352	39	equation	equation	NOUN
ajfa-194	352	40	(	(	PUNCT
ajfa-194	352	41	3	3	NUM
ajfa-194	352	42	)	)	PUNCT
ajfa-194	352	43	.	.	PUNCT
ajfa-194	353	1	table	table	NOUN
ajfa-194	353	2	5	5	NUM
ajfa-194	353	3	,	,	PUNCT
ajfa-194	353	4	column	column	NOUN
ajfa-194	353	5	(	(	PUNCT
ajfa-194	353	6	1	1	X
ajfa-194	353	7	)	)	PUNCT
ajfa-194	353	8	provides	provide	VERB
ajfa-194	353	9	the	the	DET
ajfa-194	353	10	results	result	NOUN
ajfa-194	353	11	for	for	ADP
ajfa-194	353	12	the	the	DET
ajfa-194	353	13	full	full	ADJ
ajfa-194	353	14	restatement	restatement	NOUN
ajfa-194	353	15	sample	sample	NOUN
ajfa-194	353	16	(	(	PUNCT
ajfa-194	353	17	i.e.	i.e.	X
ajfa-194	353	18	,	,	PUNCT
ajfa-194	353	19	364	364	NUM
ajfa-194	353	20	restatements	restatement	NOUN
ajfa-194	353	21	)	)	PUNCT
ajfa-194	353	22	.	.	PUNCT
ajfa-194	354	1	consistent	consistent	ADJ
ajfa-194	354	2	with	with	ADP
ajfa-194	354	3	the	the	DET
ajfa-194	354	4	expectations	expectation	NOUN
ajfa-194	354	5	,	,	PUNCT
ajfa-194	354	6	firms	firm	NOUN
ajfa-194	354	7	with	with	ADP
ajfa-194	354	8	a	a	DET
ajfa-194	354	9	large	large	ADJ
ajfa-194	354	10	number	number	NOUN
ajfa-194	354	11	of	of	ADP
ajfa-194	354	12	transient	transient	ADJ
ajfa-194	354	13	institutional	institutional	ADJ
ajfa-194	354	14	investors	investor	NOUN
ajfa-194	354	15	exhibit	exhibit	VERB
ajfa-194	354	16	significantly	significantly	ADV
ajfa-194	354	17	more	more	ADV
ajfa-194	354	18	negative	negative	ADJ
ajfa-194	354	19	returns	return	NOUN
ajfa-194	354	20	in	in	ADP
ajfa-194	354	21	the	the	DET
ajfa-194	354	22	pre	pre	ADJ
ajfa-194	354	23	-	-	ADJ
ajfa-194	354	24	announcement	announcement	ADJ
ajfa-194	354	25	period	period	NOUN
ajfa-194	354	26	(	(	PUNCT
ajfa-194	354	27	coefficient=-0.192	coefficient=-0.192	VERB
ajfa-194	354	28	,	,	PUNCT
ajfa-194	354	29	p	p	NOUN
ajfa-194	354	30	-	-	PUNCT
ajfa-194	354	31	value=0.02	value=0.02	NOUN
ajfa-194	354	32	)	)	PUNCT
ajfa-194	354	33	.	.	PUNCT
ajfa-194	355	1	this	this	PRON
ajfa-194	355	2	is	be	AUX
ajfa-194	355	3	not	not	PART
ajfa-194	355	4	true	true	ADJ
ajfa-194	355	5	of	of	ADP
ajfa-194	355	6	any	any	PRON
ajfa-194	355	7	of	of	ADP
ajfa-194	355	8	the	the	DET
ajfa-194	355	9	other	other	ADJ
ajfa-194	355	10	types	type	NOUN
ajfa-194	355	11	of	of	ADP
ajfa-194	355	12	institutional	institutional	ADJ
ajfa-194	355	13	investors	investor	NOUN
ajfa-194	355	14	,	,	PUNCT
ajfa-194	355	15	with	with	ADP
ajfa-194	355	16	,	,	PUNCT
ajfa-194	355	17	2	2	NUM
ajfa-194	355	18	_	_	PRON
ajfa-194	355	19	j	j	PROPN
ajfa-194	355	20	qqix	qqix	PROPN
ajfa-194	355	21	rank	rank	PROPN
ajfa-194	355	22	and	and	CCONJ
ajfa-194	355	23	,	,	PUNCT
ajfa-194	356	1	2	2	X
ajfa-194	356	2	_	_	PRON
ajfa-194	356	3	j	j	NOUN
ajfa-194	356	4	qded	qde	VERB
ajfa-194	356	5	rank	rank	NOUN
ajfa-194	356	6	not	not	PART
ajfa-194	356	7	significantly	significantly	ADV
ajfa-194	356	8	different	different	ADJ
ajfa-194	356	9	from	from	ADP
ajfa-194	356	10	zero	zero	NUM
ajfa-194	356	11	.	.	PUNCT
ajfa-194	357	1	also	also	ADV
ajfa-194	357	2	,	,	PUNCT
ajfa-194	357	3	the	the	DET
ajfa-194	357	4	magnitude	magnitude	NOUN
ajfa-194	357	5	of	of	ADP
ajfa-194	357	6	the	the	DET
ajfa-194	357	7	coefficient	coefficient	NOUN
ajfa-194	357	8	is	be	AUX
ajfa-194	357	9	substantial	substantial	ADJ
ajfa-194	357	10	,	,	PUNCT
ajfa-194	357	11	with	with	SCONJ
ajfa-194	357	12	the	the	DET
ajfa-194	357	13	difference	difference	NOUN
ajfa-194	357	14	to	to	PART
ajfa-194	357	15	be	be	AUX
ajfa-194	357	16	19.2	19.2	NUM
ajfa-194	357	17	%	%	NOUN
ajfa-194	357	18	between	between	ADP
ajfa-194	357	19	firms	firm	NOUN
ajfa-194	357	20	with	with	ADP
ajfa-194	357	21	high	high	ADJ
ajfa-194	357	22	transient	transient	ADJ
ajfa-194	357	23	institutional	institutional	ADJ
ajfa-194	357	24	ownership	ownership	NOUN
ajfa-194	357	25	and	and	CCONJ
ajfa-194	357	26	firms	firm	NOUN
ajfa-194	357	27	with	with	ADP
ajfa-194	357	28	low	low	ADJ
ajfa-194	357	29	transient	transient	ADJ
ajfa-194	357	30	institutional	institutional	ADJ
ajfa-194	357	31	ownership	ownership	NOUN
ajfa-194	357	32	.	.	PUNCT
ajfa-194	358	1	in	in	ADP
ajfa-194	358	2	addition	addition	NOUN
ajfa-194	358	3	,	,	PUNCT
ajfa-194	358	4	it	it	PRON
ajfa-194	358	5	appears	appear	VERB
ajfa-194	358	6	that	that	SCONJ
ajfa-194	358	7	restatements	restatement	NOUN
ajfa-194	358	8	that	that	PRON
ajfa-194	358	9	involves	involve	VERB
ajfa-194	358	10	revenue	revenue	NOUN
ajfa-194	358	11	recognition	recognition	NOUN
ajfa-194	358	12	,	,	PUNCT
ajfa-194	358	13	cost	cost	NOUN
ajfa-194	358	14	of	of	ADP
ajfa-194	358	15	sales	sale	NOUN
ajfa-194	358	16	or	or	CCONJ
ajfa-194	358	17	operating	operating	NOUN
ajfa-194	358	18	expenses	expense	NOUN
ajfa-194	358	19	,	,	PUNCT
ajfa-194	358	20	or	or	CCONJ
ajfa-194	358	21	loan	loan	NOUN
ajfa-194	358	22	loss	loss	NOUN
ajfa-194	358	23	provisions	provision	NOUN
ajfa-194	358	24	have	have	VERB
ajfa-194	358	25	significantly	significantly	ADV
ajfa-194	358	26	larger	large	ADJ
ajfa-194	358	27	preannouncement	preannouncement	NOUN
ajfa-194	358	28	negative	negative	ADJ
ajfa-194	358	29	returns	return	NOUN
ajfa-194	358	30	relative	relative	ADJ
ajfa-194	358	31	to	to	ADP
ajfa-194	358	32	the	the	DET
ajfa-194	358	33	other	other	ADJ
ajfa-194	358	34	restatements	restatement	NOUN
ajfa-194	358	35	.	.	PUNCT
ajfa-194	359	1	taken	take	VERB
ajfa-194	359	2	as	as	ADP
ajfa-194	359	3	a	a	DET
ajfa-194	359	4	whole	whole	NOUN
ajfa-194	359	5	,	,	PUNCT
ajfa-194	359	6	the	the	DET
ajfa-194	359	7	results	result	NOUN
ajfa-194	359	8	suggest	suggest	VERB
ajfa-194	359	9	that	that	SCONJ
ajfa-194	359	10	the	the	DET
ajfa-194	359	11	presence	presence	NOUN
ajfa-194	359	12	of	of	ADP
ajfa-194	359	13	transient	transient	ADJ
ajfa-194	359	14	institutional	institutional	ADJ
ajfa-194	359	15	ownership	ownership	NOUN
ajfa-194	359	16	accelerates	accelerate	VERB
ajfa-194	359	17	the	the	DET
ajfa-194	359	18	impounding	impounding	NOUN
ajfa-194	359	19	of	of	ADP
ajfa-194	359	20	the	the	DET
ajfa-194	359	21	restatement	restatement	NOUN
ajfa-194	359	22	news	news	NOUN
ajfa-194	359	23	into	into	ADP
ajfa-194	359	24	price	price	NOUN
ajfa-194	359	25	,	,	PUNCT
ajfa-194	359	26	causing	cause	VERB
ajfa-194	359	27	more	more	ADV
ajfa-194	359	28	negative	negative	ADJ
ajfa-194	359	29	pre	pre	ADJ
ajfa-194	359	30	-	-	ADJ
ajfa-194	359	31	announcement	announcement	ADJ
ajfa-194	359	32	returns	return	NOUN
ajfa-194	359	33	for	for	ADP
ajfa-194	359	34	firms	firm	NOUN
ajfa-194	359	35	with	with	ADP
ajfa-194	359	36	high	high	ADJ
ajfa-194	359	37	transient	transient	ADJ
ajfa-194	359	38	institutional	institutional	ADJ
ajfa-194	359	39	ownership	ownership	NOUN
ajfa-194	359	40	than	than	ADP
ajfa-194	359	41	firms	firm	NOUN
ajfa-194	359	42	with	with	ADP
ajfa-194	359	43	low	low	ADJ
ajfa-194	359	44	transient	transient	ADJ
ajfa-194	359	45	institutional	institutional	ADJ
ajfa-194	359	46	ownership	ownership	NOUN
ajfa-194	359	47	.	.	PUNCT
ajfa-194	360	1	table	table	NOUN
ajfa-194	360	2	5	5	NUM
ajfa-194	360	3	,	,	PUNCT
ajfa-194	360	4	column	column	NOUN
ajfa-194	360	5	(	(	PUNCT
ajfa-194	360	6	2	2	X
ajfa-194	360	7	)	)	PUNCT
ajfa-194	360	8	provides	provide	VERB
ajfa-194	360	9	the	the	DET
ajfa-194	360	10	results	result	NOUN
ajfa-194	360	11	for	for	ADP
ajfa-194	360	12	the	the	DET
ajfa-194	360	13	sub	sub	NOUN
ajfa-194	360	14	-	-	NOUN
ajfa-194	360	15	sample	sample	NOUN
ajfa-194	360	16	of	of	ADP
ajfa-194	360	17	the	the	DET
ajfa-194	360	18	13	13	NUM
ajfa-194	360	19	the	the	DET
ajfa-194	360	20	results	result	NOUN
ajfa-194	360	21	are	be	AUX
ajfa-194	360	22	qualitatively	qualitatively	ADV
ajfa-194	360	23	similar	similar	ADJ
ajfa-194	360	24	using	use	VERB
ajfa-194	360	25	scaled	scale	VERB
ajfa-194	360	26	quintile	quintile	NOUN
ajfa-194	360	27	ranking	rank	VERB
ajfa-194	360	28	to	to	PART
ajfa-194	360	29	construct	construct	VERB
ajfa-194	360	30	tra_rank	tra_rank	ADP
ajfa-194	360	31	,	,	PUNCT
ajfa-194	360	32	ded_rank	ded_rank	NOUN
ajfa-194	360	33	,	,	PUNCT
ajfa-194	360	34	and	and	CCONJ
ajfa-194	360	35	qix_rank	qix_rank	NOUN
ajfa-194	360	36	.	.	PUNCT
ajfa-194	361	1	that	that	PRON
ajfa-194	361	2	is	be	AUX
ajfa-194	361	3	,	,	PUNCT
ajfa-194	361	4	we	we	PRON
ajfa-194	361	5	form	form	VERB
ajfa-194	361	6	the	the	DET
ajfa-194	361	7	364	364	NUM
ajfa-194	361	8	restating	restate	VERB
ajfa-194	361	9	firms	firm	NOUN
ajfa-194	361	10	into	into	ADP
ajfa-194	361	11	5	5	NUM
ajfa-194	361	12	groups	group	NOUN
ajfa-194	361	13	(	(	PUNCT
ajfa-194	361	14	i.e.	i.e.	X
ajfa-194	361	15	,	,	PUNCT
ajfa-194	361	16	group	group	NOUN
ajfa-194	361	17	0~4	0~4	NUM
ajfa-194	361	18	)	)	PUNCT
ajfa-194	361	19	based	base	VERB
ajfa-194	361	20	on	on	ADP
ajfa-194	361	21	the	the	DET
ajfa-194	361	22	level	level	NOUN
ajfa-194	361	23	of	of	ADP
ajfa-194	361	24	aggregate	aggregate	ADJ
ajfa-194	361	25	transient	transient	NOUN
ajfa-194	361	26	(	(	PUNCT
ajfa-194	361	27	tra%q-2	tra%q-2	NUM
ajfa-194	361	28	)	)	PUNCT
ajfa-194	361	29	,	,	PUNCT
ajfa-194	361	30	dedicated	dedicate	VERB
ajfa-194	361	31	(	(	PUNCT
ajfa-194	361	32	ded%	ded%	PROPN
ajfa-194	361	33	q-2	q-2	NUM
ajfa-194	361	34	)	)	PUNCT
ajfa-194	361	35	,	,	PUNCT
ajfa-194	361	36	and	and	CCONJ
ajfa-194	361	37	quasi	quasi	ADJ
ajfa-194	361	38	-	-	ADJ
ajfa-194	361	39	indexing	indexing	ADJ
ajfa-194	361	40	institutional	institutional	ADJ
ajfa-194	361	41	holdings	holding	NOUN
ajfa-194	361	42	(	(	PUNCT
ajfa-194	361	43	qix%	qix%	PROPN
ajfa-194	361	44	q-2	q-2	NUM
ajfa-194	361	45	)	)	PUNCT
ajfa-194	361	46	of	of	ADP
ajfa-194	361	47	the	the	DET
ajfa-194	361	48	firm‟s	firm‟s	NOUN
ajfa-194	361	49	shares	share	NOUN
ajfa-194	361	50	outstanding	outstanding	ADJ
ajfa-194	361	51	and	and	CCONJ
ajfa-194	361	52	then	then	ADV
ajfa-194	361	53	divide	divide	VERB
ajfa-194	361	54	this	this	DET
ajfa-194	361	55	quintile	quintile	NOUN
ajfa-194	361	56	ranking	ranking	NOUN
ajfa-194	361	57	of	of	ADP
ajfa-194	361	58	transient	transient	NOUN
ajfa-194	361	59	,	,	PUNCT
ajfa-194	361	60	dedicated	dedicated	ADJ
ajfa-194	361	61	and	and	CCONJ
ajfa-194	361	62	quasi	quasi	ADJ
ajfa-194	361	63	-	-	NOUN
ajfa-194	361	64	indexing	indexing	NOUN
ajfa-194	361	65	by	by	ADP
ajfa-194	361	66	4	4	NUM
ajfa-194	361	67	,	,	PUNCT
ajfa-194	361	68	respectively	respectively	ADV
ajfa-194	361	69	.	.	PUNCT
ajfa-194	362	1	asian	asian	ADJ
ajfa-194	362	2	journal	journal	PROPN
ajfa-194	362	3	of	of	ADP
ajfa-194	362	4	finance	finance	PROPN
ajfa-194	362	5	&	&	CCONJ
ajfa-194	362	6	accounting	accounting	PROPN
ajfa-194	362	7	issn	issn	PROPN
ajfa-194	362	8	1946	1946	NUM
ajfa-194	362	9	-	-	PUNCT
ajfa-194	362	10	052x	052x	NOUN
ajfa-194	362	11	2009	2009	NUM
ajfa-194	362	12	,	,	PUNCT
ajfa-194	362	13	vol	vol	NOUN
ajfa-194	362	14	.	.	PROPN
ajfa-194	362	15	1	1	NUM
ajfa-194	362	16	,	,	PUNCT
ajfa-194	362	17	no	no	INTJ
ajfa-194	362	18	.	.	NOUN
ajfa-194	362	19	2	2	NUM
ajfa-194	362	20	:	:	PUNCT
ajfa-194	362	21	e4	e4	PROPN
ajfa-194	362	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	362	23	96	96	NUM
ajfa-194	362	24	restatements	restatement	NOUN
ajfa-194	362	25	that	that	PRON
ajfa-194	362	26	occur	occur	VERB
ajfa-194	362	27	before	before	ADP
ajfa-194	362	28	the	the	DET
ajfa-194	362	29	implementation	implementation	NOUN
ajfa-194	362	30	of	of	ADP
ajfa-194	362	31	reg	reg	NOUN
ajfa-194	362	32	fd	fd	X
ajfa-194	362	33	(	(	PUNCT
ajfa-194	362	34	i.e.	i.e.	X
ajfa-194	362	35	,	,	PUNCT
ajfa-194	362	36	before	before	ADP
ajfa-194	362	37	october	october	PROPN
ajfa-194	362	38	23	23	NUM
ajfa-194	362	39	,	,	PUNCT
ajfa-194	362	40	2000	2000	NUM
ajfa-194	362	41	;	;	PUNCT
ajfa-194	362	42	202	202	NUM
ajfa-194	362	43	restatements	restatement	NOUN
ajfa-194	362	44	)	)	PUNCT
ajfa-194	362	45	.	.	PUNCT
ajfa-194	363	1	consistent	consistent	ADJ
ajfa-194	363	2	with	with	ADP
ajfa-194	363	3	the	the	DET
ajfa-194	363	4	prediction	prediction	NOUN
ajfa-194	363	5	,	,	PUNCT
ajfa-194	363	6	firms	firm	NOUN
ajfa-194	363	7	with	with	ADP
ajfa-194	363	8	a	a	DET
ajfa-194	363	9	large	large	ADJ
ajfa-194	363	10	number	number	NOUN
ajfa-194	363	11	of	of	ADP
ajfa-194	363	12	transient	transient	ADJ
ajfa-194	363	13	institutional	institutional	ADJ
ajfa-194	363	14	investors	investor	NOUN
ajfa-194	363	15	continues	continue	VERB
ajfa-194	363	16	to	to	PART
ajfa-194	363	17	exhibit	exhibit	VERB
ajfa-194	363	18	significantly	significantly	ADV
ajfa-194	363	19	more	more	ADV
ajfa-194	363	20	negative	negative	ADJ
ajfa-194	363	21	returns	return	NOUN
ajfa-194	363	22	in	in	ADP
ajfa-194	363	23	the	the	DET
ajfa-194	363	24	pre	pre	ADJ
ajfa-194	363	25	-	-	ADJ
ajfa-194	363	26	announcement	announcement	ADJ
ajfa-194	363	27	period	period	NOUN
ajfa-194	363	28	(	(	PUNCT
ajfa-194	363	29	coefficient=-0.171	coefficient=-0.171	NOUN
ajfa-194	363	30	,	,	PUNCT
ajfa-194	363	31	p	p	NOUN
ajfa-194	363	32	-	-	PUNCT
ajfa-194	363	33	value=0.09	value=0.09	NOUN
ajfa-194	363	34	)	)	PUNCT
ajfa-194	363	35	.	.	PUNCT
ajfa-194	364	1	likewise	likewise	ADV
ajfa-194	364	2	,	,	PUNCT
ajfa-194	364	3	table	table	NOUN
ajfa-194	364	4	5	5	NUM
ajfa-194	364	5	,	,	PUNCT
ajfa-194	364	6	column	column	NOUN
ajfa-194	364	7	(	(	PUNCT
ajfa-194	364	8	3	3	X
ajfa-194	364	9	)	)	PUNCT
ajfa-194	364	10	provides	provide	VERB
ajfa-194	364	11	the	the	DET
ajfa-194	364	12	results	result	NOUN
ajfa-194	364	13	for	for	ADP
ajfa-194	364	14	the	the	DET
ajfa-194	364	15	sub	sub	NOUN
ajfa-194	364	16	-	-	NOUN
ajfa-194	364	17	sample	sample	NOUN
ajfa-194	364	18	of	of	ADP
ajfa-194	364	19	the	the	DET
ajfa-194	364	20	restatements	restatement	NOUN
ajfa-194	364	21	that	that	PRON
ajfa-194	364	22	occur	occur	VERB
ajfa-194	364	23	after	after	ADP
ajfa-194	364	24	the	the	DET
ajfa-194	364	25	implementation	implementation	NOUN
ajfa-194	364	26	of	of	ADP
ajfa-194	364	27	reg	reg	NOUN
ajfa-194	364	28	fd	fd	X
ajfa-194	364	29	(	(	PUNCT
ajfa-194	364	30	i.e.	i.e.	X
ajfa-194	364	31	,	,	PUNCT
ajfa-194	364	32	after	after	ADP
ajfa-194	364	33	october	october	PROPN
ajfa-194	364	34	23	23	NUM
ajfa-194	364	35	,	,	PUNCT
ajfa-194	364	36	2000	2000	NUM
ajfa-194	364	37	;	;	PUNCT
ajfa-194	364	38	162	162	NUM
ajfa-194	364	39	restatements	restatement	NOUN
ajfa-194	364	40	)	)	PUNCT
ajfa-194	364	41	.	.	PUNCT
ajfa-194	365	1	as	as	SCONJ
ajfa-194	365	2	expected	expect	VERB
ajfa-194	365	3	,	,	PUNCT
ajfa-194	365	4	firms	firm	NOUN
ajfa-194	365	5	with	with	ADP
ajfa-194	365	6	a	a	DET
ajfa-194	365	7	large	large	ADJ
ajfa-194	365	8	number	number	NOUN
ajfa-194	365	9	of	of	ADP
ajfa-194	365	10	transient	transient	ADJ
ajfa-194	365	11	institutional	institutional	ADJ
ajfa-194	365	12	investors	investor	NOUN
ajfa-194	365	13	continues	continue	VERB
ajfa-194	365	14	to	to	PART
ajfa-194	365	15	exhibit	exhibit	VERB
ajfa-194	365	16	significantly	significantly	ADV
ajfa-194	365	17	more	more	ADV
ajfa-194	365	18	negative	negative	ADJ
ajfa-194	365	19	returns	return	NOUN
ajfa-194	365	20	in	in	ADP
ajfa-194	365	21	the	the	DET
ajfa-194	365	22	pre	pre	ADJ
ajfa-194	365	23	-	-	ADJ
ajfa-194	365	24	announcement	announcement	ADJ
ajfa-194	365	25	period	period	NOUN
ajfa-194	365	26	(	(	PUNCT
ajfa-194	365	27	coefficient=-0.380	coefficient=-0.380	NOUN
ajfa-194	365	28	,	,	PUNCT
ajfa-194	365	29	p	p	NOUN
ajfa-194	365	30	-	-	PUNCT
ajfa-194	365	31	value=0.01	value=0.01	NOUN
ajfa-194	365	32	)	)	PUNCT
ajfa-194	365	33	.	.	PUNCT
ajfa-194	366	1	table	table	NOUN
ajfa-194	366	2	5	5	NUM
ajfa-194	366	3	.	.	PUNCT
ajfa-194	367	1	the	the	DET
ajfa-194	367	2	market	market	NOUN
ajfa-194	367	3	reaction	reaction	NOUN
ajfa-194	367	4	to	to	ADP
ajfa-194	367	5	accounting	accounting	NOUN
ajfa-194	367	6	restatements	restatement	NOUN
ajfa-194	367	7	and	and	CCONJ
ajfa-194	367	8	levels	level	NOUN
ajfa-194	367	9	of	of	ADP
ajfa-194	367	10	different	different	ADJ
ajfa-194	367	11	institutional	institutional	ADJ
ajfa-194	367	12	holdings	holding	NOUN
ajfa-194	367	13	dependent	dependent	ADJ
ajfa-194	367	14	variablecarp90	variablecarp90	VERB
ajfa-194	367	15	independent	independent	ADJ
ajfa-194	367	16	variables	variable	NOUN
ajfa-194	367	17	(	(	PUNCT
ajfa-194	367	18	full	full	ADJ
ajfa-194	367	19	restatement	restatement	NOUN
ajfa-194	367	20	sample	sample	NOUN
ajfa-194	367	21	)	)	PUNCT
ajfa-194	367	22	(	(	PUNCT
ajfa-194	367	23	1	1	X
ajfa-194	367	24	)	)	PUNCT
ajfa-194	367	25	(	(	PUNCT
ajfa-194	367	26	pre	pre	ADJ
ajfa-194	367	27	-	-	ADJ
ajfa-194	367	28	regulation	regulation	ADJ
ajfa-194	367	29	fd	fd	ADJ
ajfa-194	367	30	sub	sub	NOUN
ajfa-194	367	31	-	-	NOUN
ajfa-194	367	32	sample	sample	NOUN
ajfa-194	367	33	)	)	PUNCT
ajfa-194	367	34	(	(	PUNCT
ajfa-194	367	35	2	2	X
ajfa-194	367	36	)	)	PUNCT
ajfa-194	367	37	(	(	PUNCT
ajfa-194	367	38	post	post	ADJ
ajfa-194	367	39	-	-	ADJ
ajfa-194	367	40	regulation	regulation	ADJ
ajfa-194	367	41	fd	fd	ADJ
ajfa-194	367	42	sub	sub	NOUN
ajfa-194	367	43	-	-	NOUN
ajfa-194	367	44	sample	sample	NOUN
ajfa-194	367	45	)	)	PUNCT
ajfa-194	367	46	(	(	PUNCT
ajfa-194	367	47	3	3	X
ajfa-194	367	48	)	)	PUNCT
ajfa-194	367	49	intercept	intercept	NOUN
ajfa-194	367	50	-0.285	-0.285	PROPN
ajfa-194	367	51	*	*	PUNCT
ajfa-194	367	52	(	(	PUNCT
ajfa-194	367	53	-1.67	-1.67	INTJ
ajfa-194	367	54	)	)	PUNCT
ajfa-194	367	55	-0.494	-0.494	NOUN
ajfa-194	367	56	*	*	X
ajfa-194	367	57	*	*	PUNCT
ajfa-194	367	58	(	(	PUNCT
ajfa-194	367	59	-1.75	-1.75	NOUN
ajfa-194	367	60	)	)	PUNCT
ajfa-194	367	61	-0.394	-0.394	NOUN
ajfa-194	367	62	*	*	PUNCT
ajfa-194	367	63	*	*	PUNCT
ajfa-194	367	64	(	(	PUNCT
ajfa-194	367	65	-1.83	-1.83	X
ajfa-194	367	66	)	)	PUNCT
ajfa-194	367	67	tra_rank	tra_rank	CCONJ
ajfa-194	367	68	q-2	q-2	NUM
ajfa-194	367	69	-0.192	-0.192	X
ajfa-194	367	70	*	*	VERB
ajfa-194	367	71	*	*	PUNCT
ajfa-194	367	72	(	(	PUNCT
ajfa-194	367	73	-2.01	-2.01	NUM
ajfa-194	367	74	)	)	PUNCT
ajfa-194	367	75	-0.171	-0.171	NOUN
ajfa-194	367	76	*	*	PUNCT
ajfa-194	367	77	(	(	PUNCT
ajfa-194	367	78	-1.34	-1.34	NOUN
ajfa-194	367	79	)	)	PUNCT
ajfa-194	367	80	-0.380	-0.380	NOUN
ajfa-194	367	81	*	*	PUNCT
ajfa-194	367	82	*	*	PUNCT
ajfa-194	367	83	(	(	PUNCT
ajfa-194	367	84	-2.34	-2.34	NUM
ajfa-194	367	85	)	)	PUNCT
ajfa-194	367	86	ded_rank	ded_rank	NOUN
ajfa-194	367	87	q-2	q-2	ADV
ajfa-194	367	88	-0.063	-0.063	NUM
ajfa-194	367	89	(	(	PUNCT
ajfa-194	367	90	-0.77	-0.77	NOUN
ajfa-194	367	91	)	)	PUNCT
ajfa-194	367	92	-0.133	-0.133	NOUN
ajfa-194	367	93	(	(	PUNCT
ajfa-194	367	94	-1.21	-1.21	ADJ
ajfa-194	367	95	)	)	PUNCT
ajfa-194	367	96	0.061	0.061	NUM
ajfa-194	367	97	(	(	PUNCT
ajfa-194	367	98	0.49	0.49	NUM
ajfa-194	367	99	)	)	PUNCT
ajfa-194	367	100	qix_rank	qix_rank	NOUN
ajfa-194	368	1	q-2	q-2	NUM
ajfa-194	368	2	0.059	0.059	NUM
ajfa-194	368	3	(	(	PUNCT
ajfa-194	368	4	0.51	0.51	NUM
ajfa-194	368	5	)	)	PUNCT
ajfa-194	368	6	0.010	0.010	NUM
ajfa-194	368	7	(	(	PUNCT
ajfa-194	368	8	0.06	0.06	NUM
ajfa-194	368	9	)	)	PUNCT
ajfa-194	368	10	0.136	0.136	NUM
ajfa-194	368	11	(	(	PUNCT
ajfa-194	368	12	0.80	0.80	NUM
ajfa-194	368	13	)	)	PUNCT
ajfa-194	368	14	retq24	retq24	NOUN
ajfa-194	368	15	q	q	NOUN
ajfa-194	369	1	0.118	0.118	NUM
ajfa-194	369	2	*	*	PUNCT
ajfa-194	369	3	*	*	PUNCT
ajfa-194	369	4	*	*	PUNCT
ajfa-194	369	5	(	(	PUNCT
ajfa-194	369	6	3.47	3.47	NUM
ajfa-194	369	7	)	)	PUNCT
ajfa-194	369	8	0.196	0.196	NUM
ajfa-194	369	9	*	*	PUNCT
ajfa-194	369	10	*	*	PUNCT
ajfa-194	369	11	*	*	PUNCT
ajfa-194	369	12	(	(	PUNCT
ajfa-194	369	13	4.18	4.18	NUM
ajfa-194	369	14	)	)	PUNCT
ajfa-194	369	15	0.016	0.016	NUM
ajfa-194	369	16	(	(	PUNCT
ajfa-194	369	17	0.30	0.30	NUM
ajfa-194	369	18	)	)	PUNCT
ajfa-194	369	19	lnsize	lnsize	NOUN
ajfa-194	369	20	q-2	q-2	NUM
ajfa-194	369	21	0.029	0.029	NUM
ajfa-194	369	22	*	*	NOUN
ajfa-194	369	23	*	*	PUNCT
ajfa-194	369	24	(	(	PUNCT
ajfa-194	369	25	1.82	1.82	NUM
ajfa-194	369	26	)	)	PUNCT
ajfa-194	369	27	0.050	0.050	NUM
ajfa-194	369	28	*	*	PUNCT
ajfa-194	369	29	*	*	PUNCT
ajfa-194	369	30	(	(	PUNCT
ajfa-194	369	31	2.02	2.02	NUM
ajfa-194	369	32	)	)	PUNCT
ajfa-194	369	33	0.032	0.032	NUM
ajfa-194	369	34	*	*	PUNCT
ajfa-194	369	35	(	(	PUNCT
ajfa-194	369	36	1.56	1.56	NUM
ajfa-194	369	37	)	)	PUNCT
ajfa-194	369	38	bm	bm	PROPN
ajfa-194	369	39	q-2	q-2	NUM
ajfa-194	369	40	0.095	0.095	NUM
ajfa-194	369	41	*	*	PUNCT
ajfa-194	369	42	*	*	PUNCT
ajfa-194	369	43	*	*	PUNCT
ajfa-194	369	44	(	(	PUNCT
ajfa-194	369	45	2.86	2.86	NUM
ajfa-194	369	46	)	)	PUNCT
ajfa-194	369	47	0.179	0.179	NOUN
ajfa-194	369	48	*	*	PUNCT
ajfa-194	369	49	*	*	PUNCT
ajfa-194	369	50	*	*	PUNCT
ajfa-194	369	51	(	(	PUNCT
ajfa-194	369	52	2.88	2.88	NUM
ajfa-194	369	53	)	)	PUNCT
ajfa-194	369	54	0.031	0.031	NUM
ajfa-194	369	55	(	(	PUNCT
ajfa-194	369	56	0.72	0.72	NUM
ajfa-194	369	57	)	)	PUNCT
ajfa-194	369	58	ue	ue	PROPN
ajfa-194	369	59	q-2	q-2	ADJ
ajfa-194	369	60	-0.549	-0.549	NOUN
ajfa-194	369	61	*	*	PUNCT
ajfa-194	369	62	*	*	PUNCT
ajfa-194	369	63	*	*	PUNCT
ajfa-194	369	64	(	(	PUNCT
ajfa-194	369	65	-3.51	-3.51	NOUN
ajfa-194	369	66	)	)	PUNCT
ajfa-194	369	67	-0.848	-0.848	PUNCT
ajfa-194	370	1	*	*	PUNCT
ajfa-194	370	2	*	*	PUNCT
ajfa-194	370	3	*	*	PUNCT
ajfa-194	370	4	(	(	PUNCT
ajfa-194	370	5	-2.68	-2.68	ADJ
ajfa-194	370	6	)	)	PUNCT
ajfa-194	370	7	-0.475	-0.475	NOUN
ajfa-194	370	8	*	*	PUNCT
ajfa-194	370	9	*	*	PUNCT
ajfa-194	370	10	(	(	PUNCT
ajfa-194	370	11	-2.61	-2.61	NOUN
ajfa-194	370	12	)	)	PUNCT
ajfa-194	370	13	auditor	auditor	NOUN
ajfa-194	370	14	-0.078	-0.078	PRON
ajfa-194	370	15	(	(	PUNCT
ajfa-194	370	16	-0.85	-0.85	NOUN
ajfa-194	370	17	)	)	PUNCT
ajfa-194	370	18	-0.158	-0.158	PUNCT
ajfa-194	370	19	*	*	PUNCT
ajfa-194	370	20	(	(	PUNCT
ajfa-194	370	21	-1.44	-1.44	X
ajfa-194	370	22	)	)	PUNCT
ajfa-194	370	23	0.065	0.065	NUM
ajfa-194	370	24	(	(	PUNCT
ajfa-194	370	25	0.36	0.36	NUM
ajfa-194	370	26	)	)	PUNCT
ajfa-194	370	27	core	core	NOUN
ajfa-194	370	28	-0.141	-0.141	X
ajfa-194	370	29	*	*	PUNCT
ajfa-194	370	30	*	*	PUNCT
ajfa-194	370	31	*	*	PUNCT
ajfa-194	370	32	(	(	PUNCT
ajfa-194	370	33	-2.89	-2.89	NOUN
ajfa-194	370	34	)	)	PUNCT
ajfa-194	370	35	-0.091	-0.091	NUM
ajfa-194	370	36	*	*	PUNCT
ajfa-194	370	37	(	(	PUNCT
ajfa-194	370	38	-1.33	-1.33	NUM
ajfa-194	370	39	)	)	PUNCT
ajfa-194	370	40	-0.106	-0.106	NUM
ajfa-194	370	41	*	*	PUNCT
ajfa-194	370	42	(	(	PUNCT
ajfa-194	370	43	-1.40	-1.40	NOUN
ajfa-194	370	44	)	)	PUNCT
ajfa-194	370	45	year	year	NOUN
ajfa-194	370	46	fixed	fix	VERB
ajfa-194	370	47	effects	effect	NOUN
ajfa-194	370	48	included	include	VERB
ajfa-194	370	49	included	include	VERB
ajfa-194	370	50	included	include	VERB
ajfa-194	370	51	industry	industry	NOUN
ajfa-194	370	52	fixed	fix	VERB
ajfa-194	370	53	effects	effect	NOUN
ajfa-194	370	54	included	include	VERB
ajfa-194	370	55	included	include	VERB
ajfa-194	370	56	included	include	VERB
ajfa-194	370	57	adjusted	adjust	VERB
ajfa-194	370	58	rp	rp	NOUN
ajfa-194	370	59	2	2	NUM
ajfa-194	370	60	p	p	NOUN
ajfa-194	370	61	0.156	0.156	NUM
ajfa-194	370	62	0.251	0.251	NUM
ajfa-194	370	63	0.074	0.074	NUM
ajfa-194	370	64	note	note	NOUN
ajfa-194	370	65	.	.	PUNCT
ajfa-194	371	1	this	this	DET
ajfa-194	371	2	table	table	NOUN
ajfa-194	371	3	examines	examine	VERB
ajfa-194	371	4	the	the	DET
ajfa-194	371	5	market	market	NOUN
ajfa-194	371	6	reaction	reaction	NOUN
ajfa-194	371	7	to	to	ADP
ajfa-194	371	8	the	the	DET
ajfa-194	371	9	restatement	restatement	NOUN
ajfa-194	371	10	announcement	announcement	NOUN
ajfa-194	371	11	over	over	ADP
ajfa-194	371	12	the	the	DET
ajfa-194	371	13	90	90	NUM
ajfa-194	371	14	-	-	PUNCT
ajfa-194	371	15	day	day	NOUN
ajfa-194	371	16	pre	pre	ADJ
ajfa-194	371	17	-	-	ADJ
ajfa-194	371	18	announcement	announcement	ADJ
ajfa-194	371	19	period	period	NOUN
ajfa-194	371	20	(	(	PUNCT
ajfa-194	371	21	i.e.	i.e.	X
ajfa-194	371	22	,	,	PUNCT
ajfa-194	371	23	day	day	NOUN
ajfa-194	371	24	-92	-92	NUM
ajfa-194	371	25	to	to	ADP
ajfa-194	371	26	day	day	NOUN
ajfa-194	371	27	-3	-3	PUNCT
ajfa-194	371	28	prior	prior	ADV
ajfa-194	371	29	to	to	ADP
ajfa-194	371	30	the	the	DET
ajfa-194	371	31	restatement	restatement	NOUN
ajfa-194	371	32	announcement	announcement	NOUN
ajfa-194	371	33	)	)	PUNCT
ajfa-194	371	34	on	on	ADP
ajfa-194	371	35	levels	level	NOUN
ajfa-194	371	36	of	of	ADP
ajfa-194	371	37	different	different	ADJ
ajfa-194	371	38	institutional	institutional	ADJ
ajfa-194	371	39	holdings	holding	NOUN
ajfa-194	371	40	using	use	VERB
ajfa-194	371	41	equation	equation	NOUN
ajfa-194	371	42	(	(	PUNCT
ajfa-194	371	43	3	3	NUM
ajfa-194	371	44	)	)	PUNCT
ajfa-194	371	45	below	below	ADV
ajfa-194	371	46	.	.	PUNCT
ajfa-194	372	1	the	the	DET
ajfa-194	372	2	first	first	ADJ
ajfa-194	372	3	column	column	NOUN
ajfa-194	372	4	presents	present	VERB
ajfa-194	372	5	the	the	DET
ajfa-194	372	6	result	result	NOUN
ajfa-194	372	7	for	for	ADP
ajfa-194	372	8	the	the	DET
ajfa-194	372	9	full	full	ADJ
ajfa-194	372	10	restatement	restatement	NOUN
ajfa-194	372	11	sample	sample	NOUN
ajfa-194	372	12	(	(	PUNCT
ajfa-194	372	13	i.e.	i.e.	X
ajfa-194	372	14	,	,	PUNCT
ajfa-194	372	15	364	364	NUM
ajfa-194	372	16	restatements	restatement	NOUN
ajfa-194	372	17	announced	announce	VERB
ajfa-194	372	18	from	from	ADP
ajfa-194	372	19	1997	1997	NUM
ajfa-194	372	20	to	to	ADP
ajfa-194	372	21	2002	2002	NUM
ajfa-194	372	22	)	)	PUNCT
ajfa-194	372	23	.	.	PUNCT
ajfa-194	373	1	the	the	DET
ajfa-194	373	2	second	second	ADJ
ajfa-194	373	3	column	column	NOUN
ajfa-194	373	4	presents	present	VERB
ajfa-194	373	5	the	the	DET
ajfa-194	373	6	results	result	NOUN
ajfa-194	373	7	for	for	ADP
ajfa-194	373	8	the	the	DET
ajfa-194	373	9	restatements	restatement	NOUN
ajfa-194	373	10	that	that	PRON
ajfa-194	373	11	occur	occur	VERB
ajfa-194	373	12	before	before	ADP
ajfa-194	373	13	the	the	DET
ajfa-194	373	14	implementation	implementation	NOUN
ajfa-194	373	15	of	of	ADP
ajfa-194	373	16	regulation	regulation	NOUN
ajfa-194	373	17	fd	fd	X
ajfa-194	373	18	(	(	PUNCT
ajfa-194	373	19	i.e.	i.e.	X
ajfa-194	373	20	,	,	PUNCT
ajfa-194	373	21	202	202	NUM
ajfa-194	373	22	restatements	restatement	NOUN
ajfa-194	373	23	announced	announce	VERB
ajfa-194	373	24	from	from	ADP
ajfa-194	373	25	1997	1997	NUM
ajfa-194	373	26	to	to	ADP
ajfa-194	373	27	october	october	PROPN
ajfa-194	373	28	23	23	NUM
ajfa-194	373	29	,	,	PUNCT
ajfa-194	373	30	2000	2000	NUM
ajfa-194	373	31	)	)	PUNCT
ajfa-194	373	32	.	.	PUNCT
ajfa-194	374	1	the	the	DET
ajfa-194	374	2	third	third	ADJ
ajfa-194	374	3	column	column	NOUN
ajfa-194	374	4	presents	present	VERB
ajfa-194	374	5	the	the	DET
ajfa-194	374	6	results	result	NOUN
ajfa-194	374	7	for	for	ADP
ajfa-194	374	8	the	the	DET
ajfa-194	374	9	restatements	restatement	NOUN
ajfa-194	374	10	that	that	PRON
ajfa-194	374	11	occur	occur	VERB
ajfa-194	374	12	after	after	ADP
ajfa-194	374	13	the	the	DET
ajfa-194	374	14	implementation	implementation	NOUN
ajfa-194	374	15	of	of	ADP
ajfa-194	374	16	regulation	regulation	NOUN
ajfa-194	374	17	fd	fd	X
ajfa-194	374	18	(	(	PUNCT
ajfa-194	374	19	i.e.	i.e.	X
ajfa-194	374	20	,	,	PUNCT
ajfa-194	374	21	162	162	NUM
ajfa-194	374	22	restatements	restatement	NOUN
ajfa-194	374	23	announced	announce	VERB
ajfa-194	374	24	from	from	ADP
ajfa-194	374	25	october	october	PROPN
ajfa-194	374	26	23	23	NUM
ajfa-194	374	27	,	,	PUNCT
ajfa-194	374	28	2000	2000	NUM
ajfa-194	374	29	to	to	ADP
ajfa-194	374	30	2002	2002	NUM
ajfa-194	374	31	)	)	PUNCT
ajfa-194	374	32	.	.	PUNCT
ajfa-194	375	1	for	for	ADP
ajfa-194	375	2	brevity	brevity	NOUN
ajfa-194	375	3	,	,	PUNCT
ajfa-194	375	4	year	year	NOUN
ajfa-194	375	5	and	and	CCONJ
ajfa-194	375	6	industry	industry	NOUN
ajfa-194	375	7	variables	variable	NOUN
ajfa-194	375	8	are	be	AUX
ajfa-194	375	9	omitted	omit	VERB
ajfa-194	375	10	from	from	ADP
ajfa-194	375	11	the	the	DET
ajfa-194	375	12	table	table	NOUN
ajfa-194	375	13	.	.	PUNCT
ajfa-194	376	1	*	*	PUNCT
ajfa-194	377	1	*	*	PUNCT
ajfa-194	377	2	*	*	PUNCT
ajfa-194	377	3	,	,	PUNCT
ajfa-194	377	4	*	*	PUNCT
ajfa-194	377	5	*	*	PUNCT
ajfa-194	377	6	,	,	PUNCT
ajfa-194	377	7	and	and	CCONJ
ajfa-194	377	8	*	*	PUNCT
ajfa-194	377	9	denote	denote	VERB
ajfa-194	377	10	one	one	NUM
ajfa-194	377	11	-	-	PUNCT
ajfa-194	377	12	tailed	tail	VERB
ajfa-194	377	13	significance	significance	NOUN
ajfa-194	377	14	at	at	ADP
ajfa-194	377	15	the	the	DET
ajfa-194	377	16	0.01	0.01	NUM
ajfa-194	377	17	,	,	PUNCT
ajfa-194	377	18	0.05	0.05	NUM
ajfa-194	377	19	and	and	CCONJ
ajfa-194	377	20	0.1	0.1	NUM
ajfa-194	377	21	levels	level	NOUN
ajfa-194	377	22	,	,	PUNCT
ajfa-194	377	23	respectively	respectively	ADV
ajfa-194	377	24	.	.	PUNCT
ajfa-194	378	1	t	t	PROPN
ajfa-194	378	2	-	-	PUNCT
ajfa-194	378	3	statistics	statistic	NOUN
ajfa-194	378	4	are	be	AUX
ajfa-194	378	5	presented	present	VERB
ajfa-194	378	6	in	in	ADP
ajfa-194	378	7	parentheses	parenthesis	NOUN
ajfa-194	378	8	.	.	PUNCT
ajfa-194	379	1	asian	asian	ADJ
ajfa-194	379	2	journal	journal	PROPN
ajfa-194	379	3	of	of	ADP
ajfa-194	379	4	finance	finance	PROPN
ajfa-194	379	5	&	&	CCONJ
ajfa-194	379	6	accounting	accounting	PROPN
ajfa-194	379	7	issn	issn	PROPN
ajfa-194	379	8	1946	1946	NUM
ajfa-194	379	9	-	-	PUNCT
ajfa-194	379	10	052x	052x	NOUN
ajfa-194	379	11	2009	2009	NUM
ajfa-194	379	12	,	,	PUNCT
ajfa-194	379	13	vol	vol	NOUN
ajfa-194	379	14	.	.	PROPN
ajfa-194	379	15	1	1	NUM
ajfa-194	379	16	,	,	PUNCT
ajfa-194	379	17	no	no	INTJ
ajfa-194	379	18	.	.	NOUN
ajfa-194	379	19	2	2	NUM
ajfa-194	379	20	:	:	PUNCT
ajfa-194	379	21	e4	e4	PROPN
ajfa-194	379	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	379	23	97	97	NUM
ajfa-194	379	24	taken	take	VERB
ajfa-194	379	25	as	as	ADP
ajfa-194	379	26	a	a	DET
ajfa-194	379	27	whole	whole	NOUN
ajfa-194	379	28	,	,	PUNCT
ajfa-194	379	29	the	the	DET
ajfa-194	379	30	results	result	NOUN
ajfa-194	379	31	suggest	suggest	VERB
ajfa-194	379	32	that	that	SCONJ
ajfa-194	379	33	the	the	DET
ajfa-194	379	34	presence	presence	NOUN
ajfa-194	379	35	of	of	ADP
ajfa-194	379	36	high	high	ADJ
ajfa-194	379	37	transient	transient	ADJ
ajfa-194	379	38	institutional	institutional	ADJ
ajfa-194	379	39	ownership	ownership	NOUN
ajfa-194	379	40	gets	get	VERB
ajfa-194	379	41	the	the	DET
ajfa-194	379	42	information	information	NOUN
ajfa-194	379	43	content	content	NOUN
ajfa-194	379	44	of	of	ADP
ajfa-194	379	45	restatement	restatement	NOUN
ajfa-194	379	46	impounded	impound	VERB
ajfa-194	379	47	into	into	ADP
ajfa-194	379	48	stock	stock	NOUN
ajfa-194	379	49	price	price	NOUN
ajfa-194	379	50	early	early	ADV
ajfa-194	379	51	in	in	ADP
ajfa-194	379	52	the	the	DET
ajfa-194	379	53	preannouncement	preannouncement	NOUN
ajfa-194	379	54	period	period	NOUN
ajfa-194	379	55	.	.	PUNCT
ajfa-194	380	1	furthermore	furthermore	ADV
ajfa-194	380	2	,	,	PUNCT
ajfa-194	380	3	the	the	DET
ajfa-194	380	4	finding	finding	NOUN
ajfa-194	380	5	that	that	SCONJ
ajfa-194	380	6	firms	firm	NOUN
ajfa-194	380	7	with	with	ADP
ajfa-194	380	8	higher	high	ADJ
ajfa-194	380	9	transient	transient	ADJ
ajfa-194	380	10	institutional	institutional	ADJ
ajfa-194	380	11	ownership	ownership	NOUN
ajfa-194	380	12	exhibit	exhibit	VERB
ajfa-194	380	13	more	more	ADV
ajfa-194	380	14	negative	negative	ADJ
ajfa-194	380	15	returns	return	NOUN
ajfa-194	380	16	for	for	ADP
ajfa-194	380	17	both	both	CCONJ
ajfa-194	380	18	the	the	DET
ajfa-194	380	19	restatements	restatement	NOUN
ajfa-194	380	20	occurring	occur	VERB
ajfa-194	380	21	before	before	ADV
ajfa-194	380	22	and	and	CCONJ
ajfa-194	380	23	after	after	ADP
ajfa-194	380	24	reg	reg	NOUN
ajfa-194	380	25	fd	fd	VERB
ajfa-194	380	26	provides	provide	VERB
ajfa-194	380	27	additional	additional	ADJ
ajfa-194	380	28	evidence	evidence	NOUN
ajfa-194	380	29	that	that	SCONJ
ajfa-194	380	30	information	information	NOUN
ajfa-194	380	31	advantage	advantage	NOUN
ajfa-194	380	32	via	via	ADP
ajfa-194	380	33	private	private	ADJ
ajfa-194	380	34	communications	communication	NOUN
ajfa-194	380	35	with	with	ADP
ajfa-194	380	36	management	management	NOUN
ajfa-194	380	37	is	be	AUX
ajfa-194	380	38	unlikely	unlikely	ADJ
ajfa-194	380	39	to	to	PART
ajfa-194	380	40	be	be	AUX
ajfa-194	380	41	the	the	DET
ajfa-194	380	42	source	source	NOUN
ajfa-194	380	43	of	of	ADP
ajfa-194	380	44	informed	informed	ADJ
ajfa-194	380	45	trading	trading	NOUN
ajfa-194	380	46	by	by	ADP
ajfa-194	380	47	institutions	institution	NOUN
ajfa-194	380	48	with	with	ADP
ajfa-194	380	49	respect	respect	NOUN
ajfa-194	380	50	to	to	ADP
ajfa-194	380	51	a	a	DET
ajfa-194	380	52	restatement	restatement	NOUN
ajfa-194	380	53	.	.	PUNCT
ajfa-194	381	1	therefore	therefore	ADV
ajfa-194	381	2	,	,	PUNCT
ajfa-194	381	3	the	the	DET
ajfa-194	381	4	information	information	NOUN
ajfa-194	381	5	advantage	advantage	NOUN
ajfa-194	381	6	of	of	ADP
ajfa-194	381	7	institutional	institutional	ADJ
ajfa-194	381	8	investors	investor	NOUN
ajfa-194	381	9	is	be	AUX
ajfa-194	381	10	likely	likely	ADV
ajfa-194	381	11	attributable	attributable	ADJ
ajfa-194	381	12	to	to	PART
ajfa-194	381	13	institutions‟	institutions‟	VERB
ajfa-194	381	14	superior	superior	ADJ
ajfa-194	381	15	ability	ability	NOUN
ajfa-194	381	16	to	to	PART
ajfa-194	381	17	process	process	VERB
ajfa-194	381	18	public	public	ADJ
ajfa-194	381	19	information	information	NOUN
ajfa-194	381	20	.	.	PUNCT
ajfa-194	382	1	4.3	4.3	NUM
ajfa-194	382	2	additional	additional	ADJ
ajfa-194	382	3	tests	test	NOUN
ajfa-194	382	4	we	we	PRON
ajfa-194	382	5	perform	perform	VERB
ajfa-194	382	6	additional	additional	ADJ
ajfa-194	382	7	tests	test	NOUN
ajfa-194	382	8	to	to	PART
ajfa-194	382	9	ensure	ensure	VERB
ajfa-194	382	10	further	far	ADV
ajfa-194	382	11	the	the	DET
ajfa-194	382	12	robustness	robustness	NOUN
ajfa-194	382	13	of	of	ADP
ajfa-194	382	14	our	our	PRON
ajfa-194	382	15	inferences	inference	NOUN
ajfa-194	382	16	.	.	PUNCT
ajfa-194	383	1	for	for	ADP
ajfa-194	383	2	brevity	brevity	NOUN
ajfa-194	383	3	,	,	PUNCT
ajfa-194	383	4	we	we	PRON
ajfa-194	383	5	focus	focus	VERB
ajfa-194	383	6	on	on	ADP
ajfa-194	383	7	transient	transient	ADJ
ajfa-194	383	8	institutional	institutional	ADJ
ajfa-194	383	9	investors	investor	NOUN
ajfa-194	383	10	only	only	ADV
ajfa-194	383	11	because	because	SCONJ
ajfa-194	383	12	the	the	DET
ajfa-194	383	13	preceding	precede	VERB
ajfa-194	383	14	results	result	NOUN
ajfa-194	383	15	indicate	indicate	VERB
ajfa-194	383	16	that	that	SCONJ
ajfa-194	383	17	only	only	ADV
ajfa-194	383	18	transient	transient	ADJ
ajfa-194	383	19	institutional	institutional	ADJ
ajfa-194	383	20	investors	investor	NOUN
ajfa-194	383	21	appear	appear	VERB
ajfa-194	383	22	to	to	PART
ajfa-194	383	23	anticipate	anticipate	VERB
ajfa-194	383	24	impending	impending	ADJ
ajfa-194	383	25	restatements	restatement	NOUN
ajfa-194	383	26	.	.	PUNCT
ajfa-194	384	1	4.3.1	4.3.1	NUM
ajfa-194	384	2	institutional	institutional	ADJ
ajfa-194	384	3	investors‟	investors‟	NOUN
ajfa-194	384	4	trading	trade	VERB
ajfa-194	384	5	around	around	ADP
ajfa-194	384	6	the	the	DET
ajfa-194	384	7	restatements	restatement	NOUN
ajfa-194	384	8	that	that	PRON
ajfa-194	384	9	affect	affect	VERB
ajfa-194	384	10	core	core	ADJ
ajfa-194	384	11	earnings	earning	NOUN
ajfa-194	384	12	we	we	PRON
ajfa-194	384	13	extend	extend	VERB
ajfa-194	384	14	our	our	PRON
ajfa-194	384	15	analysis	analysis	NOUN
ajfa-194	384	16	to	to	PART
ajfa-194	384	17	examine	examine	VERB
ajfa-194	384	18	whether	whether	SCONJ
ajfa-194	384	19	institutional	institutional	ADJ
ajfa-194	384	20	investors	investor	NOUN
ajfa-194	384	21	are	be	AUX
ajfa-194	384	22	differentially	differentially	ADV
ajfa-194	384	23	able	able	ADJ
ajfa-194	384	24	to	to	PART
ajfa-194	384	25	predict	predict	VERB
ajfa-194	384	26	restatements	restatement	NOUN
ajfa-194	384	27	that	that	PRON
ajfa-194	384	28	affect	affect	VERB
ajfa-194	384	29	core	core	ADJ
ajfa-194	384	30	earnings	earning	NOUN
ajfa-194	384	31	,	,	PUNCT
ajfa-194	384	32	as	as	SCONJ
ajfa-194	384	33	opposed	oppose	VERB
ajfa-194	384	34	to	to	ADP
ajfa-194	384	35	those	those	PRON
ajfa-194	384	36	that	that	PRON
ajfa-194	384	37	do	do	AUX
ajfa-194	384	38	not	not	PART
ajfa-194	384	39	affect	affect	VERB
ajfa-194	384	40	core	core	ADJ
ajfa-194	384	41	earnings	earning	NOUN
ajfa-194	384	42	.	.	PUNCT
ajfa-194	385	1	following	follow	VERB
ajfa-194	385	2	hribar	hribar	NOUN
ajfa-194	385	3	and	and	CCONJ
ajfa-194	385	4	jenkins	jenkins	PROPN
ajfa-194	385	5	(	(	PUNCT
ajfa-194	385	6	2004	2004	NUM
ajfa-194	385	7	)	)	PUNCT
ajfa-194	385	8	,	,	PUNCT
ajfa-194	385	9	we	we	PRON
ajfa-194	385	10	define	define	VERB
ajfa-194	385	11	core	core	ADJ
ajfa-194	385	12	earnings	earning	NOUN
ajfa-194	385	13	as	as	ADP
ajfa-194	385	14	restatements	restatement	NOUN
ajfa-194	385	15	related	relate	VERB
ajfa-194	385	16	to	to	ADP
ajfa-194	385	17	revenue	revenue	NOUN
ajfa-194	385	18	recognition	recognition	NOUN
ajfa-194	385	19	,	,	PUNCT
ajfa-194	385	20	cost	cost	NOUN
ajfa-194	385	21	of	of	ADP
ajfa-194	385	22	sales	sale	NOUN
ajfa-194	385	23	or	or	CCONJ
ajfa-194	385	24	operating	operating	NOUN
ajfa-194	385	25	expenses	expense	NOUN
ajfa-194	385	26	,	,	PUNCT
ajfa-194	385	27	or	or	CCONJ
ajfa-194	385	28	loan	loan	NOUN
ajfa-194	385	29	loss	loss	NOUN
ajfa-194	385	30	provisions	provision	NOUN
ajfa-194	385	31	.	.	PUNCT
ajfa-194	386	1	we	we	PRON
ajfa-194	386	2	then	then	ADV
ajfa-194	386	3	examine	examine	VERB
ajfa-194	386	4	the	the	DET
ajfa-194	386	5	following	follow	VERB
ajfa-194	386	6	regression	regression	NOUN
ajfa-194	386	7	:	:	PUNCT
ajfa-194	386	8	,	,	PUNCT
ajfa-194	386	9	0	0	NUM
ajfa-194	386	10	1	1	NUM
ajfa-194	386	11	2	2	NUM
ajfa-194	386	12	3	3	NUM
ajfa-194	386	13	4	4	NUM
ajfa-194	386	14	5	5	NUM
ajfa-194	386	15	6	6	NUM
ajfa-194	386	16	7	7	NUM
ajfa-194	386	17	,	,	PUNCT
ajfa-194	386	18	1	1	NUM
ajfa-194	386	19	8	8	NUM
ajfa-194	386	20	,	,	PUNCT
ajfa-194	386	21	1	1	NUM
ajfa-194	386	22	9	9	NUM
ajfa-194	386	23	,	,	PUNCT
ajfa-194	386	24	10	10	NUM
ajfa-194	386	25	,	,	PUNCT
ajfa-194	386	26	11	11	NUM
ajfa-194	386	27	,	,	PUNCT
ajfa-194	386	28	1	1	NUM
ajfa-194	386	29	1	1	NUM
ajfa-194	386	30	_	_	SYM
ajfa-194	386	31	1	1	NUM
ajfa-194	386	32	2	2	NUM
ajfa-194	386	33	*	*	PUNCT
ajfa-194	386	34	*	*	PUNCT
ajfa-194	386	35	1	1	NUM
ajfa-194	386	36	*	*	SYM
ajfa-194	386	37	2	2	NUM
ajfa-194	386	38	_	_	SYM
ajfa-194	386	39	1	1	NUM
ajfa-194	386	40	24	24	NUM
ajfa-194	386	41	j	j	PROPN
ajfa-194	386	42	q	q	X
ajfa-194	386	43	j	j	PROPN
ajfa-194	386	44	q	q	PROPN
ajfa-194	386	45	j	j	PROPN
ajfa-194	386	46	q	q	PROPN
ajfa-194	386	47	j	j	PROPN
ajfa-194	386	48	q	q	PROPN
ajfa-194	386	49	j	j	PROPN
ajfa-194	386	50	q	q	X
ajfa-194	386	51	j	j	PROPN
ajfa-194	386	52	q	q	X
ajfa-194	386	53	adj	adj	PROPN
ajfa-194	386	54	institution	institution	NOUN
ajfa-194	386	55	restate	restate	VERB
ajfa-194	386	56	prerestate	prerestate	NOUN
ajfa-194	386	57	prerestate	prerestate	PROPN
ajfa-194	386	58	core	core	PROPN
ajfa-194	386	59	core	core	PROPN
ajfa-194	386	60	restate	restate	NOUN
ajfa-194	386	61	core	core	NOUN
ajfa-194	386	62	prerestate	prerestate	NOUN
ajfa-194	386	63	core	core	PROPN
ajfa-194	386	64	prerestate	prerestate	PROPN
ajfa-194	386	65	institution	institution	PROPN
ajfa-194	386	66	pw	pw	PROPN
ajfa-194	386	67	institution	institution	PROPN
ajfa-194	386	68	retq	retq	VERB
ajfa-194	386	69	retq	retq	ADJ
ajfa-194	386	70	lnsize	lnsize	NOUN
ajfa-194	386	71	2	2	NUM
ajfa-194	386	72	,	,	PUNCT
ajfa-194	386	73	1	1	NUM
ajfa-194	386	74	13	13	NUM
ajfa-194	386	75	,	,	PUNCT
ajfa-194	386	76	1j	1j	NUM
ajfa-194	386	77	q	q	X
ajfa-194	386	78	j	j	PROPN
ajfa-194	386	79	qbm	qbm	PROPN
ajfa-194	386	80	ue	ue	PROPN
ajfa-194	386	81	yeardummies	yeardummie	NOUN
ajfa-194	386	82	industrydummies	industrydummie	NOUN
ajfa-194	386	83	(	(	PUNCT
ajfa-194	386	84	4	4	X
ajfa-194	386	85	)	)	PUNCT
ajfa-194	386	86	all	all	DET
ajfa-194	386	87	the	the	DET
ajfa-194	386	88	variables	variable	NOUN
ajfa-194	386	89	are	be	AUX
ajfa-194	386	90	defined	define	VERB
ajfa-194	386	91	in	in	ADP
ajfa-194	386	92	equation	equation	NOUN
ajfa-194	386	93	(	(	PUNCT
ajfa-194	386	94	1	1	NUM
ajfa-194	386	95	)	)	PUNCT
ajfa-194	386	96	,	,	PUNCT
ajfa-194	386	97	(	(	PUNCT
ajfa-194	386	98	2	2	NUM
ajfa-194	386	99	)	)	PUNCT
ajfa-194	386	100	,	,	PUNCT
ajfa-194	386	101	and	and	CCONJ
ajfa-194	386	102	(	(	PUNCT
ajfa-194	386	103	3	3	NUM
ajfa-194	386	104	)	)	PUNCT
ajfa-194	386	105	.	.	PUNCT
ajfa-194	387	1	we	we	PRON
ajfa-194	387	2	include	include	VERB
ajfa-194	387	3	the	the	DET
ajfa-194	387	4	main	main	ADJ
ajfa-194	387	5	effect	effect	NOUN
ajfa-194	387	6	of	of	ADP
ajfa-194	387	7	core	core	NOUN
ajfa-194	387	8	in	in	ADP
ajfa-194	387	9	the	the	DET
ajfa-194	387	10	model	model	NOUN
ajfa-194	387	11	for	for	ADP
ajfa-194	387	12	completeness	completeness	NOUN
ajfa-194	387	13	,	,	PUNCT
ajfa-194	387	14	but	but	CCONJ
ajfa-194	387	15	do	do	AUX
ajfa-194	387	16	not	not	PART
ajfa-194	387	17	have	have	VERB
ajfa-194	387	18	an	an	DET
ajfa-194	387	19	ex	ex	NOUN
ajfa-194	387	20	ante	ante	NOUN
ajfa-194	387	21	prediction	prediction	NOUN
ajfa-194	387	22	of	of	ADP
ajfa-194	387	23	its	its	PRON
ajfa-194	387	24	coefficient	coefficient	NOUN
ajfa-194	387	25	.	.	PUNCT
ajfa-194	388	1	however	however	ADV
ajfa-194	388	2	,	,	PUNCT
ajfa-194	388	3	we	we	PRON
ajfa-194	388	4	expect	expect	VERB
ajfa-194	388	5	that	that	SCONJ
ajfa-194	388	6	the	the	DET
ajfa-194	388	7	interactions	interaction	NOUN
ajfa-194	388	8	between	between	ADP
ajfa-194	388	9	core	core	NOUN
ajfa-194	388	10	and	and	CCONJ
ajfa-194	388	11	restate	restate	NOUN
ajfa-194	388	12	,	,	PUNCT
ajfa-194	388	13	1prerestate	1prerestate	NUM
ajfa-194	388	14	and	and	CCONJ
ajfa-194	388	15	2prerestate	2prerestate	NUM
ajfa-194	388	16	will	will	AUX
ajfa-194	388	17	be	be	AUX
ajfa-194	388	18	significantly	significantly	ADV
ajfa-194	388	19	negative	negative	ADJ
ajfa-194	388	20	if	if	SCONJ
ajfa-194	388	21	institutional	institutional	ADJ
ajfa-194	388	22	investors	investor	NOUN
ajfa-194	388	23	sell	sell	VERB
ajfa-194	388	24	more	more	ADJ
ajfa-194	388	25	holdings	holding	NOUN
ajfa-194	388	26	preceding	precede	VERB
ajfa-194	388	27	restatements	restatement	NOUN
ajfa-194	388	28	that	that	PRON
ajfa-194	388	29	affect	affect	VERB
ajfa-194	388	30	recurring	recur	VERB
ajfa-194	388	31	/	/	SYM
ajfa-194	388	32	core	core	NOUN
ajfa-194	388	33	operating	operate	VERB
ajfa-194	388	34	earnings	earning	NOUN
ajfa-194	388	35	than	than	ADP
ajfa-194	388	36	those	those	PRON
ajfa-194	388	37	that	that	PRON
ajfa-194	388	38	do	do	AUX
ajfa-194	388	39	not	not	PART
ajfa-194	388	40	affect	affect	VERB
ajfa-194	388	41	core	core	ADJ
ajfa-194	388	42	earnings	earning	NOUN
ajfa-194	388	43	.	.	PUNCT
ajfa-194	389	1	untabulated	untabulate	VERB
ajfa-194	389	2	results	result	NOUN
ajfa-194	389	3	show	show	VERB
ajfa-194	389	4	that	that	SCONJ
ajfa-194	389	5	transient	transient	ADJ
ajfa-194	389	6	institutions	institution	NOUN
ajfa-194	389	7	reduce	reduce	VERB
ajfa-194	389	8	their	their	PRON
ajfa-194	389	9	holdings	holding	NOUN
ajfa-194	389	10	in	in	ADP
ajfa-194	389	11	the	the	DET
ajfa-194	389	12	restatement	restatement	NOUN
ajfa-194	389	13	quarter	quarter	NOUN
ajfa-194	389	14	by	by	ADP
ajfa-194	389	15	a	a	DET
ajfa-194	389	16	significantly	significantly	ADV
ajfa-194	389	17	greater	great	ADJ
ajfa-194	389	18	amount	amount	NOUN
ajfa-194	389	19	when	when	SCONJ
ajfa-194	389	20	the	the	DET
ajfa-194	389	21	restatement	restatement	NOUN
ajfa-194	389	22	affects	affect	VERB
ajfa-194	389	23	core	core	ADJ
ajfa-194	389	24	earnings	earning	NOUN
ajfa-194	389	25	.	.	PUNCT
ajfa-194	390	1	also	also	ADV
ajfa-194	390	2	,	,	PUNCT
ajfa-194	390	3	the	the	DET
ajfa-194	390	4	coefficient	coefficient	NOUN
ajfa-194	390	5	on	on	ADP
ajfa-194	390	6	prerestate1	prerestate1	NOUN
ajfa-194	390	7	remains	remain	VERB
ajfa-194	390	8	negatively	negatively	ADV
ajfa-194	390	9	significant	significant	ADJ
ajfa-194	390	10	,	,	PUNCT
ajfa-194	390	11	consistent	consistent	ADJ
ajfa-194	390	12	with	with	ADP
ajfa-194	390	13	our	our	PRON
ajfa-194	390	14	prediction	prediction	NOUN
ajfa-194	390	15	that	that	SCONJ
ajfa-194	390	16	transient	transient	ADJ
ajfa-194	390	17	institutions	institution	NOUN
ajfa-194	390	18	sell	sell	VERB
ajfa-194	390	19	holdings	holding	NOUN
ajfa-194	390	20	in	in	ADP
ajfa-194	390	21	advance	advance	NOUN
ajfa-194	390	22	of	of	ADP
ajfa-194	390	23	restatements	restatement	NOUN
ajfa-194	390	24	.	.	PUNCT
ajfa-194	391	1	however	however	ADV
ajfa-194	391	2	,	,	PUNCT
ajfa-194	391	3	the	the	DET
ajfa-194	391	4	interaction	interaction	NOUN
ajfa-194	391	5	between	between	ADP
ajfa-194	391	6	core*prerestate1	core*prerestate1	NOUN
ajfa-194	391	7	is	be	AUX
ajfa-194	391	8	not	not	PART
ajfa-194	391	9	statistically	statistically	ADV
ajfa-194	391	10	significant	significant	ADJ
ajfa-194	391	11	.	.	PUNCT
ajfa-194	392	1	other	other	ADJ
ajfa-194	392	2	results	result	NOUN
ajfa-194	392	3	are	be	AUX
ajfa-194	392	4	not	not	PART
ajfa-194	392	5	qualitatively	qualitatively	ADV
ajfa-194	392	6	different	different	ADJ
ajfa-194	392	7	from	from	ADP
ajfa-194	392	8	those	those	PRON
ajfa-194	392	9	reported	report	VERB
ajfa-194	392	10	in	in	ADP
ajfa-194	392	11	table	table	NOUN
ajfa-194	392	12	3	3	NUM
ajfa-194	392	13	.	.	PUNCT
ajfa-194	393	1	in	in	ADP
ajfa-194	393	2	summary	summary	NOUN
ajfa-194	393	3	,	,	PUNCT
ajfa-194	393	4	although	although	SCONJ
ajfa-194	393	5	a	a	DET
ajfa-194	393	6	restatement	restatement	NOUN
ajfa-194	393	7	of	of	ADP
ajfa-194	393	8	core	core	ADJ
ajfa-194	393	9	earnings	earning	NOUN
ajfa-194	393	10	affects	affect	VERB
ajfa-194	393	11	the	the	DET
ajfa-194	393	12	magnitude	magnitude	NOUN
ajfa-194	393	13	of	of	ADP
ajfa-194	393	14	the	the	DET
ajfa-194	393	15	sell	sell	NOUN
ajfa-194	393	16	-	-	PUNCT
ajfa-194	393	17	off	off	NOUN
ajfa-194	393	18	in	in	ADP
ajfa-194	393	19	the	the	DET
ajfa-194	393	20	restating	restate	VERB
ajfa-194	393	21	quarter	quarter	NOUN
ajfa-194	393	22	,	,	PUNCT
ajfa-194	393	23	it	it	PRON
ajfa-194	393	24	appears	appear	VERB
ajfa-194	393	25	to	to	PART
ajfa-194	393	26	have	have	VERB
ajfa-194	393	27	no	no	DET
ajfa-194	393	28	differential	differential	ADJ
ajfa-194	393	29	impact	impact	NOUN
ajfa-194	393	30	on	on	ADP
ajfa-194	393	31	institutions‟	institutions‟	PROPN
ajfa-194	393	32	trading	trading	NOUN
ajfa-194	393	33	in	in	ADP
ajfa-194	393	34	advance	advance	NOUN
ajfa-194	393	35	of	of	ADP
ajfa-194	393	36	the	the	DET
ajfa-194	393	37	restatement	restatement	NOUN
ajfa-194	393	38	announcement	announcement	NOUN
ajfa-194	393	39	.	.	PUNCT
ajfa-194	394	1	4.3.2	4.3.2	NUM
ajfa-194	394	2	institutional	institutional	ADJ
ajfa-194	395	1	investors‟	investors‟	NUM
ajfa-194	395	2	trading	trading	NOUN
ajfa-194	395	3	after	after	ADP
ajfa-194	395	4	the	the	DET
ajfa-194	395	5	restatements	restatement	NOUN
ajfa-194	395	6	we	we	PRON
ajfa-194	395	7	also	also	ADV
ajfa-194	395	8	extend	extend	VERB
ajfa-194	395	9	the	the	DET
ajfa-194	395	10	analysis	analysis	NOUN
ajfa-194	395	11	on	on	ADP
ajfa-194	395	12	how	how	SCONJ
ajfa-194	395	13	institutional	institutional	ADJ
ajfa-194	395	14	investors	investor	NOUN
ajfa-194	395	15	trade	trade	VERB
ajfa-194	395	16	after	after	ADP
ajfa-194	395	17	the	the	DET
ajfa-194	395	18	restatement	restatement	NOUN
ajfa-194	395	19	announcement	announcement	NOUN
ajfa-194	395	20	quarter	quarter	NOUN
ajfa-194	395	21	by	by	ADP
ajfa-194	395	22	adding	add	VERB
ajfa-194	395	23	two	two	NUM
ajfa-194	395	24	post	post	ADJ
ajfa-194	395	25	-	-	ADJ
ajfa-194	395	26	restatement	restatement	ADJ
ajfa-194	395	27	dummies	dummy	NOUN
ajfa-194	395	28	in	in	ADP
ajfa-194	395	29	equation	equation	NOUN
ajfa-194	395	30	(	(	PUNCT
ajfa-194	395	31	1	1	NUM
ajfa-194	395	32	)	)	PUNCT
ajfa-194	395	33	and	and	CCONJ
ajfa-194	395	34	equation	equation	NOUN
ajfa-194	395	35	(	(	PUNCT
ajfa-194	395	36	2	2	NUM
ajfa-194	395	37	)	)	PUNCT
ajfa-194	395	38	,	,	PUNCT
ajfa-194	395	39	i.e.	i.e.	X
ajfa-194	395	40	,	,	PUNCT
ajfa-194	395	41	1postrestate	1postrestate	NUM
ajfa-194	395	42	(	(	PUNCT
ajfa-194	395	43	2postrestate	2postrestate	NUM
ajfa-194	395	44	)	)	PUNCT
ajfa-194	395	45	,	,	PUNCT
ajfa-194	395	46	which	which	PRON
ajfa-194	395	47	is	be	AUX
ajfa-194	395	48	equal	equal	ADJ
ajfa-194	395	49	to	to	ADP
ajfa-194	395	50	1	1	NUM
ajfa-194	395	51	if	if	SCONJ
ajfa-194	395	52	the	the	DET
ajfa-194	395	53	institutional	institutional	ADJ
ajfa-194	395	54	ownership	ownership	NOUN
ajfa-194	395	55	measurement	measurement	NOUN
ajfa-194	395	56	quarter	quarter	NOUN
ajfa-194	395	57	is	be	AUX
ajfa-194	395	58	one	one	NUM
ajfa-194	395	59	(	(	PUNCT
ajfa-194	395	60	two	two	NUM
ajfa-194	395	61	)	)	PUNCT
ajfa-194	395	62	quarter	quarter	NOUN
ajfa-194	395	63	(	(	PUNCT
ajfa-194	395	64	s	s	X
ajfa-194	395	65	)	)	PUNCT
ajfa-194	395	66	after	after	ADP
ajfa-194	395	67	the	the	DET
ajfa-194	395	68	restatement	restatement	NOUN
ajfa-194	395	69	announcement	announcement	NOUN
ajfa-194	395	70	quarter	quarter	NOUN
ajfa-194	395	71	and	and	CCONJ
ajfa-194	395	72	equal	equal	ADJ
ajfa-194	395	73	to	to	ADP
ajfa-194	395	74	zero	zero	NUM
ajfa-194	395	75	otherwise	otherwise	ADV
ajfa-194	395	76	.	.	PUNCT
ajfa-194	396	1	we	we	PRON
ajfa-194	396	2	provide	provide	VERB
ajfa-194	396	3	the	the	DET
ajfa-194	396	4	regression	regression	NOUN
ajfa-194	396	5	results	result	NOUN
ajfa-194	396	6	in	in	ADP
ajfa-194	396	7	table	table	NOUN
ajfa-194	396	8	6	6	NUM
ajfa-194	396	9	.	.	PUNCT
ajfa-194	396	10	table	table	NOUN
ajfa-194	396	11	6	6	NUM
ajfa-194	396	12	,	,	PUNCT
ajfa-194	396	13	column	column	NOUN
ajfa-194	396	14	(	(	PUNCT
ajfa-194	396	15	1	1	NUM
ajfa-194	396	16	)	)	PUNCT
ajfa-194	396	17	and	and	CCONJ
ajfa-194	396	18	(	(	PUNCT
ajfa-194	396	19	2	2	X
ajfa-194	396	20	)	)	PUNCT
ajfa-194	396	21	asian	asian	ADJ
ajfa-194	396	22	journal	journal	NOUN
ajfa-194	396	23	of	of	ADP
ajfa-194	396	24	finance	finance	PROPN
ajfa-194	396	25	&	&	CCONJ
ajfa-194	396	26	accounting	accounting	PROPN
ajfa-194	396	27	issn	issn	PROPN
ajfa-194	396	28	1946	1946	NUM
ajfa-194	396	29	-	-	PUNCT
ajfa-194	396	30	052x	052x	NOUN
ajfa-194	396	31	2009	2009	NUM
ajfa-194	396	32	,	,	PUNCT
ajfa-194	396	33	vol	vol	NOUN
ajfa-194	396	34	.	.	PROPN
ajfa-194	396	35	1	1	NUM
ajfa-194	396	36	,	,	PUNCT
ajfa-194	396	37	no	no	INTJ
ajfa-194	396	38	.	.	NOUN
ajfa-194	396	39	2	2	NUM
ajfa-194	396	40	:	:	PUNCT
ajfa-194	396	41	e4	e4	PROPN
ajfa-194	396	42	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	396	43	98	98	NUM
ajfa-194	396	44	reports	report	VERB
ajfa-194	396	45	the	the	DET
ajfa-194	396	46	result	result	NOUN
ajfa-194	396	47	based	base	VERB
ajfa-194	396	48	on	on	ADP
ajfa-194	396	49	equation	equation	NOUN
ajfa-194	396	50	(	(	PUNCT
ajfa-194	396	51	1	1	NUM
ajfa-194	396	52	)	)	PUNCT
ajfa-194	396	53	and	and	CCONJ
ajfa-194	396	54	(	(	PUNCT
ajfa-194	396	55	2	2	NUM
ajfa-194	396	56	)	)	PUNCT
ajfa-194	396	57	,	,	PUNCT
ajfa-194	396	58	respectively	respectively	ADV
ajfa-194	396	59	,	,	PUNCT
ajfa-194	396	60	after	after	ADP
ajfa-194	396	61	including	include	VERB
ajfa-194	396	62	1postrestate	1postrestate	NUM
ajfa-194	396	63	and	and	CCONJ
ajfa-194	396	64	2postrestate	2postrestate	NUM
ajfa-194	396	65	.	.	PUNCT
ajfa-194	397	1	the	the	DET
ajfa-194	397	2	coefficients	coefficient	NOUN
ajfa-194	397	3	on	on	ADP
ajfa-194	397	4	1postrestate	1postrestate	NUM
ajfa-194	397	5	and	and	CCONJ
ajfa-194	397	6	2postrestate	2postrestate	NUM
ajfa-194	397	7	are	be	AUX
ajfa-194	397	8	not	not	PART
ajfa-194	397	9	significant	significant	ADJ
ajfa-194	397	10	in	in	ADP
ajfa-194	397	11	both	both	DET
ajfa-194	397	12	column	column	NOUN
ajfa-194	397	13	(	(	PUNCT
ajfa-194	397	14	1	1	NUM
ajfa-194	397	15	)	)	PUNCT
ajfa-194	397	16	and	and	CCONJ
ajfa-194	397	17	(	(	PUNCT
ajfa-194	397	18	2	2	NUM
ajfa-194	397	19	)	)	PUNCT
ajfa-194	397	20	,	,	PUNCT
ajfa-194	397	21	suggesting	suggest	VERB
ajfa-194	397	22	that	that	SCONJ
ajfa-194	397	23	transient	transient	ADJ
ajfa-194	397	24	institutional	institutional	ADJ
ajfa-194	397	25	investors	investor	NOUN
ajfa-194	397	26	do	do	AUX
ajfa-194	397	27	not	not	PART
ajfa-194	397	28	trade	trade	VERB
ajfa-194	397	29	significantly	significantly	ADV
ajfa-194	397	30	after	after	ADP
ajfa-194	397	31	the	the	DET
ajfa-194	397	32	restatement	restatement	NOUN
ajfa-194	397	33	announcement	announcement	NOUN
ajfa-194	397	34	quarter	quarter	NOUN
ajfa-194	397	35	.	.	PUNCT
ajfa-194	398	1	as	as	SCONJ
ajfa-194	398	2	expected	expect	VERB
ajfa-194	398	3	,	,	PUNCT
ajfa-194	398	4	transient	transient	ADJ
ajfa-194	398	5	institutional	institutional	ADJ
ajfa-194	398	6	investors	investor	NOUN
ajfa-194	398	7	sell	sell	VERB
ajfa-194	398	8	holdings	holding	NOUN
ajfa-194	398	9	one	one	NUM
ajfa-194	398	10	quarter	quarter	NOUN
ajfa-194	398	11	before	before	ADP
ajfa-194	398	12	the	the	DET
ajfa-194	398	13	restatement	restatement	NOUN
ajfa-194	398	14	announcement	announcement	NOUN
ajfa-194	398	15	quarter	quarter	NOUN
ajfa-194	398	16	after	after	ADP
ajfa-194	398	17	adding	add	VERB
ajfa-194	398	18	these	these	DET
ajfa-194	398	19	two	two	NUM
ajfa-194	398	20	post	post	ADJ
ajfa-194	398	21	-	-	ADJ
ajfa-194	398	22	restatement	restatement	ADJ
ajfa-194	398	23	dummies	dummy	NOUN
ajfa-194	398	24	.	.	PUNCT
ajfa-194	399	1	overall	overall	ADV
ajfa-194	399	2	,	,	PUNCT
ajfa-194	399	3	the	the	DET
ajfa-194	399	4	results	result	NOUN
ajfa-194	399	5	in	in	ADP
ajfa-194	399	6	table	table	NOUN
ajfa-194	399	7	6	6	NUM
ajfa-194	399	8	demonstrate	demonstrate	NOUN
ajfa-194	399	9	that	that	SCONJ
ajfa-194	399	10	transient	transient	ADJ
ajfa-194	399	11	institutional	institutional	ADJ
ajfa-194	399	12	investors	investor	NOUN
ajfa-194	399	13	respond	respond	VERB
ajfa-194	399	14	to	to	ADP
ajfa-194	399	15	restatements	restatement	NOUN
ajfa-194	399	16	by	by	ADP
ajfa-194	399	17	selling	sell	VERB
ajfa-194	399	18	more	more	ADJ
ajfa-194	399	19	holdings	holding	NOUN
ajfa-194	399	20	preceding	precede	VERB
ajfa-194	399	21	the	the	DET
ajfa-194	399	22	restatements	restatement	NOUN
ajfa-194	399	23	,	,	PUNCT
ajfa-194	399	24	but	but	CCONJ
ajfa-194	399	25	not	not	PART
ajfa-194	399	26	after	after	ADP
ajfa-194	399	27	the	the	DET
ajfa-194	399	28	restatements	restatement	NOUN
ajfa-194	399	29	.	.	PUNCT
ajfa-194	400	1	table	table	NOUN
ajfa-194	400	2	6	6	NUM
ajfa-194	400	3	transient	transient	ADJ
ajfa-194	400	4	institutional	institutional	ADJ
ajfa-194	400	5	trading	trading	NOUN
ajfa-194	400	6	after	after	ADP
ajfa-194	400	7	announcements	announcement	NOUN
ajfa-194	400	8	of	of	ADP
ajfa-194	400	9	accounting	accounting	NOUN
ajfa-194	400	10	restatements	restatement	NOUN
ajfa-194	400	11	independent	independent	ADJ
ajfa-194	400	12	variables	variable	NOUN
ajfa-194	400	13	dependent	dependent	ADJ
ajfa-194	400	14	variable	variable	ADJ
ajfa-194	400	15	―	―	NOUN
ajfa-194	400	16	∆adj	∆adj	NOUN
ajfa-194	400	17	_	_	PUNCT
ajfa-194	401	1	tra%	tra%	NOUN
ajfa-194	401	2	q	q	PROPN
ajfa-194	401	3	(	(	PUNCT
ajfa-194	401	4	1	1	NUM
ajfa-194	401	5	)	)	PUNCT
ajfa-194	401	6	(	(	PUNCT
ajfa-194	401	7	2	2	X
ajfa-194	401	8	)	)	PUNCT
ajfa-194	401	9	intercept	intercept	NOUN
ajfa-194	401	10	0.068	0.068	NUM
ajfa-194	401	11	(	(	PUNCT
ajfa-194	401	12	0.13	0.13	NUM
ajfa-194	401	13	)	)	PUNCT
ajfa-194	401	14	-0.002	-0.002	PUNCT
ajfa-194	401	15	(	(	PUNCT
ajfa-194	401	16	0.00	0.00	NUM
ajfa-194	401	17	)	)	PUNCT
ajfa-194	401	18	restate	restate	NOUN
ajfa-194	401	19	-0.765	-0.765	PUNCT
ajfa-194	401	20	*	*	PUNCT
ajfa-194	401	21	*	*	PUNCT
ajfa-194	401	22	*	*	PUNCT
ajfa-194	401	23	(	(	PUNCT
ajfa-194	401	24	-4.28	-4.28	NOUN
ajfa-194	401	25	)	)	PUNCT
ajfa-194	401	26	-0.858	-0.858	NOUN
ajfa-194	401	27	*	*	PUNCT
ajfa-194	401	28	*	*	PUNCT
ajfa-194	401	29	*	*	PUNCT
ajfa-194	401	30	(	(	PUNCT
ajfa-194	401	31	-4.26	-4.26	X
ajfa-194	401	32	)	)	PUNCT
ajfa-194	401	33	prerestate1	prerestate1	NOUN
ajfa-194	402	1	-0.382	-0.382	PUNCT
ajfa-194	402	2	*	*	PUNCT
ajfa-194	402	3	*	*	PUNCT
ajfa-194	402	4	(	(	PUNCT
ajfa-194	402	5	-2.13	-2.13	NOUN
ajfa-194	402	6	)	)	PUNCT
ajfa-194	402	7	-0.384	-0.384	X
ajfa-194	402	8	*	*	PUNCT
ajfa-194	402	9	(	(	PUNCT
ajfa-194	402	10	-1.89	-1.89	NOUN
ajfa-194	402	11	)	)	PUNCT
ajfa-194	402	12	prerestate2	prerestate2	NOUN
ajfa-194	402	13	-0.032	-0.032	PRON
ajfa-194	402	14	(	(	PUNCT
ajfa-194	402	15	-0.18	-0.18	NOUN
ajfa-194	402	16	)	)	PUNCT
ajfa-194	402	17	-0.046	-0.046	X
ajfa-194	402	18	(	(	PUNCT
ajfa-194	402	19	-0.22	-0.22	NOUN
ajfa-194	402	20	)	)	PUNCT
ajfa-194	402	21	postrestate1	postrestate1	NOUN
ajfa-194	402	22	0.070	0.070	NUM
ajfa-194	402	23	(	(	PUNCT
ajfa-194	402	24	0.38	0.38	NUM
ajfa-194	402	25	)	)	PUNCT
ajfa-194	402	26	0.102	0.102	NUM
ajfa-194	402	27	(	(	PUNCT
ajfa-194	402	28	0.49	0.49	NUM
ajfa-194	402	29	)	)	PUNCT
ajfa-194	402	30	postrestate2	postrestate2	NOUN
ajfa-194	402	31	0.010	0.010	NUM
ajfa-194	402	32	(	(	PUNCT
ajfa-194	402	33	0.05	0.05	NUM
ajfa-194	402	34	)	)	PUNCT
ajfa-194	402	35	0.041	0.041	NUM
ajfa-194	402	36	(	(	PUNCT
ajfa-194	402	37	0.19	0.19	NUM
ajfa-194	402	38	)	)	PUNCT
ajfa-194	402	39	transient%	transient%	X
ajfa-194	402	40	q-1	q-1	NOUN
ajfa-194	402	41	-0.064	-0.064	NOUN
ajfa-194	402	42	*	*	PUNCT
ajfa-194	402	43	*	*	PUNCT
ajfa-194	402	44	*	*	PUNCT
ajfa-194	402	45	(	(	PUNCT
ajfa-194	402	46	-10.81	-10.81	PROPN
ajfa-194	402	47	)	)	PUNCT
ajfa-194	403	1	-0.068	-0.068	PUNCT
ajfa-194	404	1	*	*	PUNCT
ajfa-194	404	2	*	*	PUNCT
ajfa-194	404	3	*	*	PUNCT
ajfa-194	404	4	(	(	PUNCT
ajfa-194	404	5	-10.16	-10.16	PROPN
ajfa-194	404	6	)	)	PUNCT
ajfa-194	404	7	pw_transient%	pw_transient%	NOUN
ajfa-194	404	8	q-1	q-1	ADJ
ajfa-194	404	9	-1.668	-1.668	NOUN
ajfa-194	404	10	*	*	PUNCT
ajfa-194	404	11	*	*	PUNCT
ajfa-194	404	12	*	*	PUNCT
ajfa-194	404	13	(	(	PUNCT
ajfa-194	404	14	-2.66	-2.66	NOUN
ajfa-194	404	15	)	)	PUNCT
ajfa-194	404	16	-2.144	-2.144	NOUN
ajfa-194	405	1	*	*	PUNCT
ajfa-194	405	2	*	*	PUNCT
ajfa-194	405	3	*	*	PUNCT
ajfa-194	405	4	(	(	PUNCT
ajfa-194	405	5	-3.05	-3.05	ADJ
ajfa-194	405	6	)	)	PUNCT
ajfa-194	405	7	retq1	retq1	NOUN
ajfa-194	406	1	q	q	NOUN
ajfa-194	406	2	1.265	1.265	NUM
ajfa-194	406	3	*	*	PUNCT
ajfa-194	406	4	*	*	PUNCT
ajfa-194	406	5	*	*	PUNCT
ajfa-194	406	6	(	(	PUNCT
ajfa-194	406	7	8.85	8.85	NUM
ajfa-194	406	8	)	)	PUNCT
ajfa-194	406	9	1.279	1.279	NUM
ajfa-194	406	10	*	*	PUNCT
ajfa-194	406	11	*	*	PUNCT
ajfa-194	406	12	*	*	PUNCT
ajfa-194	406	13	(	(	PUNCT
ajfa-194	406	14	8.26	8.26	NUM
ajfa-194	406	15	)	)	PUNCT
ajfa-194	406	16	retq24	retq24	NOUN
ajfa-194	406	17	q	q	PROPN
ajfa-194	407	1	0.076	0.076	NUM
ajfa-194	407	2	(	(	PUNCT
ajfa-194	407	3	0.97	0.97	NUM
ajfa-194	407	4	)	)	PUNCT
ajfa-194	407	5	0.229	0.229	NUM
ajfa-194	407	6	*	*	PUNCT
ajfa-194	407	7	*	*	PUNCT
ajfa-194	407	8	(	(	PUNCT
ajfa-194	407	9	2.54	2.54	NUM
ajfa-194	407	10	)	)	PUNCT
ajfa-194	407	11	lnsize	lnsize	NOUN
ajfa-194	407	12	q-1	q-1	NOUN
ajfa-194	407	13	0.182	0.182	NUM
ajfa-194	407	14	*	*	PUNCT
ajfa-194	407	15	*	*	PUNCT
ajfa-194	407	16	*	*	PUNCT
ajfa-194	407	17	(	(	PUNCT
ajfa-194	407	18	5.47	5.47	NUM
ajfa-194	407	19	)	)	PUNCT
ajfa-194	407	20	0.248	0.248	NUM
ajfa-194	407	21	*	*	PUNCT
ajfa-194	407	22	*	*	PUNCT
ajfa-194	407	23	*	*	PUNCT
ajfa-194	407	24	(	(	PUNCT
ajfa-194	407	25	6.46	6.46	NUM
ajfa-194	407	26	)	)	PUNCT
ajfa-194	407	27	bm	bm	PROPN
ajfa-194	407	28	q-1	q-1	PROPN
ajfa-194	407	29	-0.199	-0.199	PROPN
ajfa-194	407	30	*	*	PUNCT
ajfa-194	407	31	*	*	PUNCT
ajfa-194	407	32	*	*	PUNCT
ajfa-194	407	33	(	(	PUNCT
ajfa-194	407	34	-3.01	-3.01	NOUN
ajfa-194	407	35	)	)	PUNCT
ajfa-194	407	36	-0.169	-0.169	PUNCT
ajfa-194	408	1	*	*	PUNCT
ajfa-194	408	2	*	*	PUNCT
ajfa-194	408	3	(	(	PUNCT
ajfa-194	408	4	-2.37	-2.37	NUM
ajfa-194	408	5	)	)	PUNCT
ajfa-194	408	6	ue	ue	PROPN
ajfa-194	408	7	q-1	q-1	ADJ
ajfa-194	408	8	0.023	0.023	NUM
ajfa-194	408	9	(	(	PUNCT
ajfa-194	408	10	0.09	0.09	NUM
ajfa-194	408	11	)	)	PUNCT
ajfa-194	408	12	-0.120	-0.120	PUNCT
ajfa-194	408	13	(	(	PUNCT
ajfa-194	408	14	-0.45	-0.45	NOUN
ajfa-194	408	15	)	)	PUNCT
ajfa-194	408	16	dsri	dsri	PROPN
ajfa-194	408	17	q	q	PROPN
ajfa-194	408	18	-0.188	-0.188	PROPN
ajfa-194	408	19	*	*	PUNCT
ajfa-194	408	20	(	(	PUNCT
ajfa-194	408	21	-1.76	-1.76	NUM
ajfa-194	408	22	)	)	PUNCT
ajfa-194	408	23	gmi	gmi	NOUN
ajfa-194	408	24	q	q	PROPN
ajfa-194	408	25	0.026	0.026	NUM
ajfa-194	408	26	(	(	PUNCT
ajfa-194	408	27	0.39	0.39	NUM
ajfa-194	408	28	)	)	PUNCT
ajfa-194	408	29	aqi	aqi	PROPN
ajfa-194	408	30	q	q	PROPN
ajfa-194	408	31	0.008	0.008	NUM
ajfa-194	408	32	(	(	PUNCT
ajfa-194	408	33	1.42	1.42	NUM
ajfa-194	408	34	)	)	PUNCT
ajfa-194	408	35	sgi	sgi	PROPN
ajfa-194	408	36	q	q	PROPN
ajfa-194	408	37	0.029	0.029	NUM
ajfa-194	408	38	(	(	PUNCT
ajfa-194	408	39	0.56	0.56	NUM
ajfa-194	408	40	)	)	PUNCT
ajfa-194	408	41	depi	depi	PROPN
ajfa-194	408	42	q	q	NOUN
ajfa-194	408	43	-0.083	-0.083	PUNCT
ajfa-194	408	44	(	(	PUNCT
ajfa-194	408	45	-0.32	-0.32	NUM
ajfa-194	408	46	)	)	PUNCT
ajfa-194	408	47	tata	tata	NOUN
ajfa-194	408	48	q	q	PROPN
ajfa-194	408	49	-1.120	-1.120	PROPN
ajfa-194	408	50	*	*	PUNCT
ajfa-194	408	51	*	*	PUNCT
ajfa-194	408	52	*	*	PUNCT
ajfa-194	408	53	(	(	PUNCT
ajfa-194	408	54	-3.55	-3.55	NOUN
ajfa-194	408	55	)	)	PUNCT
ajfa-194	408	56	asian	asian	ADJ
ajfa-194	408	57	journal	journal	NOUN
ajfa-194	408	58	of	of	ADP
ajfa-194	408	59	finance	finance	PROPN
ajfa-194	408	60	&	&	CCONJ
ajfa-194	408	61	accounting	accounting	PROPN
ajfa-194	408	62	issn	issn	PROPN
ajfa-194	408	63	1946	1946	NUM
ajfa-194	408	64	-	-	PUNCT
ajfa-194	408	65	052x	052x	NOUN
ajfa-194	408	66	2009	2009	NUM
ajfa-194	408	67	,	,	PUNCT
ajfa-194	408	68	vol	vol	NOUN
ajfa-194	408	69	.	.	PROPN
ajfa-194	408	70	1	1	NUM
ajfa-194	408	71	,	,	PUNCT
ajfa-194	408	72	no	no	INTJ
ajfa-194	408	73	.	.	NOUN
ajfa-194	408	74	2	2	NUM
ajfa-194	408	75	:	:	PUNCT
ajfa-194	408	76	e4	e4	PROPN
ajfa-194	408	77	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	408	78	99	99	NUM
ajfa-194	408	79	year	year	NOUN
ajfa-194	408	80	fixed	fix	VERB
ajfa-194	408	81	effects	effect	NOUN
ajfa-194	408	82	included	include	VERB
ajfa-194	408	83	included	include	VERB
ajfa-194	408	84	industry	industry	NOUN
ajfa-194	408	85	fixed	fix	VERB
ajfa-194	408	86	effects	effect	NOUN
ajfa-194	408	87	included	include	VERB
ajfa-194	408	88	included	include	VERB
ajfa-194	408	89	adjusted	adjust	VERB
ajfa-194	408	90	rp	rp	NOUN
ajfa-194	408	91	2	2	NUM
ajfa-194	408	92	p	p	NOUN
ajfa-194	408	93	0.085	0.085	NUM
ajfa-194	408	94	0.095	0.095	NUM
ajfa-194	408	95	note	note	NOUN
ajfa-194	408	96	.	.	PUNCT
ajfa-194	409	1	this	this	DET
ajfa-194	409	2	table	table	NOUN
ajfa-194	409	3	presents	present	VERB
ajfa-194	409	4	the	the	DET
ajfa-194	409	5	sensitivity	sensitivity	NOUN
ajfa-194	409	6	check	check	NOUN
ajfa-194	409	7	on	on	ADP
ajfa-194	409	8	how	how	SCONJ
ajfa-194	409	9	transient	transient	ADJ
ajfa-194	409	10	institutional	institutional	ADJ
ajfa-194	409	11	investors	investor	NOUN
ajfa-194	409	12	trade	trade	VERB
ajfa-194	409	13	after	after	ADP
ajfa-194	409	14	restatement	restatement	NOUN
ajfa-194	409	15	announcements	announcement	NOUN
ajfa-194	409	16	.	.	PUNCT
ajfa-194	410	1	specifically	specifically	ADV
ajfa-194	410	2	,	,	PUNCT
ajfa-194	410	3	we	we	PRON
ajfa-194	410	4	add	add	VERB
ajfa-194	410	5	two	two	NUM
ajfa-194	410	6	dummy	dummy	ADJ
ajfa-194	410	7	variables	variable	NOUN
ajfa-194	410	8	postrestate1	postrestate1	NOUN
ajfa-194	410	9	and	and	CCONJ
ajfa-194	410	10	postrestate2	postrestate2	VERB
ajfa-194	410	11	in	in	ADP
ajfa-194	410	12	equation	equation	NOUN
ajfa-194	410	13	(	(	PUNCT
ajfa-194	410	14	1	1	NUM
ajfa-194	410	15	)	)	PUNCT
ajfa-194	410	16	and	and	CCONJ
ajfa-194	410	17	(	(	PUNCT
ajfa-194	410	18	2	2	NUM
ajfa-194	410	19	)	)	PUNCT
ajfa-194	410	20	,	,	PUNCT
ajfa-194	410	21	respectively	respectively	ADV
ajfa-194	410	22	,	,	PUNCT
ajfa-194	410	23	in	in	ADP
ajfa-194	410	24	order	order	NOUN
ajfa-194	410	25	to	to	PART
ajfa-194	410	26	capture	capture	VERB
ajfa-194	410	27	how	how	SCONJ
ajfa-194	410	28	transient	transient	ADJ
ajfa-194	410	29	institutional	institutional	ADJ
ajfa-194	410	30	investors	investor	NOUN
ajfa-194	410	31	trade	trade	VERB
ajfa-194	410	32	after	after	ADP
ajfa-194	410	33	accounting	accounting	NOUN
ajfa-194	410	34	restatement	restatement	NOUN
ajfa-194	410	35	announcements	announcement	NOUN
ajfa-194	410	36	.	.	PUNCT
ajfa-194	411	1	postrestate1	postrestate1	X
ajfa-194	411	2	(	(	PUNCT
ajfa-194	411	3	postrestate2	postrestate2	NOUN
ajfa-194	411	4	)	)	PUNCT
ajfa-194	411	5	is	be	AUX
ajfa-194	411	6	equal	equal	ADJ
ajfa-194	411	7	to	to	ADP
ajfa-194	411	8	1	1	NUM
ajfa-194	411	9	if	if	SCONJ
ajfa-194	411	10	the	the	DET
ajfa-194	411	11	institutional	institutional	ADJ
ajfa-194	411	12	ownership	ownership	NOUN
ajfa-194	411	13	measurement	measurement	NOUN
ajfa-194	411	14	quarter	quarter	NOUN
ajfa-194	411	15	is	be	AUX
ajfa-194	411	16	one	one	NUM
ajfa-194	411	17	(	(	PUNCT
ajfa-194	411	18	two	two	NUM
ajfa-194	411	19	)	)	PUNCT
ajfa-194	411	20	quarter	quarter	NOUN
ajfa-194	411	21	(	(	PUNCT
ajfa-194	411	22	s	s	X
ajfa-194	411	23	)	)	PUNCT
ajfa-194	411	24	after	after	ADP
ajfa-194	411	25	the	the	DET
ajfa-194	411	26	restatement	restatement	NOUN
ajfa-194	411	27	announcement	announcement	NOUN
ajfa-194	411	28	quarter	quarter	NOUN
ajfa-194	411	29	and	and	CCONJ
ajfa-194	411	30	equal	equal	ADJ
ajfa-194	411	31	to	to	ADP
ajfa-194	411	32	zero	zero	NUM
ajfa-194	411	33	otherwise	otherwise	ADV
ajfa-194	411	34	.	.	PUNCT
ajfa-194	412	1	for	for	ADP
ajfa-194	412	2	brevity	brevity	NOUN
ajfa-194	412	3	,	,	PUNCT
ajfa-194	412	4	year	year	NOUN
ajfa-194	412	5	and	and	CCONJ
ajfa-194	412	6	industry	industry	NOUN
ajfa-194	412	7	variables	variable	NOUN
ajfa-194	412	8	are	be	AUX
ajfa-194	412	9	omitted	omit	VERB
ajfa-194	412	10	from	from	ADP
ajfa-194	412	11	the	the	DET
ajfa-194	412	12	table	table	NOUN
ajfa-194	412	13	.	.	PUNCT
ajfa-194	413	1	outliers	outlier	NOUN
ajfa-194	413	2	in	in	ADP
ajfa-194	413	3	the	the	DET
ajfa-194	413	4	regressions	regression	NOUN
ajfa-194	413	5	are	be	AUX
ajfa-194	413	6	deleted	delete	VERB
ajfa-194	413	7	when	when	SCONJ
ajfa-194	413	8	the	the	DET
ajfa-194	413	9	absolute	absolute	ADJ
ajfa-194	413	10	value	value	NOUN
ajfa-194	413	11	of	of	ADP
ajfa-194	413	12	studentized	studentize	VERB
ajfa-194	413	13	residuals	residual	NOUN
ajfa-194	413	14	or	or	CCONJ
ajfa-194	413	15	dffits	dffit	NOUN
ajfa-194	413	16	influence	influence	NOUN
ajfa-194	413	17	statistics	statistic	NOUN
ajfa-194	413	18	is	be	AUX
ajfa-194	413	19	greater	great	ADJ
ajfa-194	413	20	than	than	ADP
ajfa-194	413	21	or	or	CCONJ
ajfa-194	413	22	equal	equal	ADJ
ajfa-194	413	23	to	to	ADP
ajfa-194	413	24	1.9	1.9	NUM
ajfa-194	413	25	.	.	PUNCT
ajfa-194	414	1	*	*	PUNCT
ajfa-194	415	1	*	*	PUNCT
ajfa-194	415	2	*	*	PUNCT
ajfa-194	415	3	,	,	PUNCT
ajfa-194	415	4	*	*	PUNCT
ajfa-194	415	5	*	*	PUNCT
ajfa-194	415	6	,	,	PUNCT
ajfa-194	415	7	and	and	CCONJ
ajfa-194	415	8	*	*	PUNCT
ajfa-194	415	9	denote	denote	VERB
ajfa-194	415	10	two	two	NUM
ajfa-194	415	11	-	-	PUNCT
ajfa-194	415	12	tailed	tail	VERB
ajfa-194	415	13	significance	significance	NOUN
ajfa-194	415	14	at	at	ADP
ajfa-194	415	15	the	the	DET
ajfa-194	415	16	0.01	0.01	NUM
ajfa-194	415	17	,	,	PUNCT
ajfa-194	415	18	0.05	0.05	NUM
ajfa-194	415	19	and	and	CCONJ
ajfa-194	415	20	0.1	0.1	NUM
ajfa-194	415	21	levels	level	NOUN
ajfa-194	415	22	,	,	PUNCT
ajfa-194	415	23	respectively	respectively	ADV
ajfa-194	415	24	.	.	PUNCT
ajfa-194	416	1	t	t	PROPN
ajfa-194	416	2	-	-	PUNCT
ajfa-194	416	3	statistics	statistic	NOUN
ajfa-194	416	4	are	be	AUX
ajfa-194	416	5	presented	present	VERB
ajfa-194	416	6	in	in	ADP
ajfa-194	416	7	parentheses	parenthesis	NOUN
ajfa-194	416	8	.	.	PUNCT
ajfa-194	417	1	5	5	X
ajfa-194	417	2	.	.	X
ajfa-194	417	3	conclusions	conclusion	NOUN
ajfa-194	417	4	this	this	DET
ajfa-194	417	5	paper	paper	NOUN
ajfa-194	417	6	provides	provide	VERB
ajfa-194	417	7	direct	direct	ADJ
ajfa-194	417	8	evidence	evidence	NOUN
ajfa-194	417	9	that	that	SCONJ
ajfa-194	417	10	actively	actively	ADV
ajfa-194	417	11	trading	trade	VERB
ajfa-194	417	12	institutional	institutional	ADJ
ajfa-194	417	13	investors	investor	NOUN
ajfa-194	417	14	reduce	reduce	VERB
ajfa-194	417	15	their	their	PRON
ajfa-194	417	16	holdings	holding	NOUN
ajfa-194	417	17	prior	prior	ADV
ajfa-194	417	18	to	to	ADP
ajfa-194	417	19	a	a	DET
ajfa-194	417	20	restatement	restatement	NOUN
ajfa-194	417	21	and	and	CCONJ
ajfa-194	417	22	that	that	SCONJ
ajfa-194	417	23	they	they	PRON
ajfa-194	417	24	play	play	VERB
ajfa-194	417	25	a	a	DET
ajfa-194	417	26	role	role	NOUN
ajfa-194	417	27	in	in	ADP
ajfa-194	417	28	the	the	DET
ajfa-194	417	29	price	price	NOUN
ajfa-194	417	30	formation	formation	NOUN
ajfa-194	417	31	process	process	NOUN
ajfa-194	417	32	surrounding	surround	VERB
ajfa-194	417	33	the	the	DET
ajfa-194	417	34	restatement	restatement	NOUN
ajfa-194	417	35	event	event	NOUN
ajfa-194	417	36	.	.	PUNCT
ajfa-194	418	1	first	first	ADV
ajfa-194	418	2	,	,	PUNCT
ajfa-194	418	3	we	we	PRON
ajfa-194	418	4	show	show	VERB
ajfa-194	418	5	that	that	SCONJ
ajfa-194	418	6	transient	transient	ADJ
ajfa-194	418	7	institutions	institution	NOUN
ajfa-194	418	8	,	,	PUNCT
ajfa-194	418	9	which	which	PRON
ajfa-194	418	10	are	be	AUX
ajfa-194	418	11	shortterm	shortterm	PROPN
ajfa-194	418	12	focused	focused	ADJ
ajfa-194	418	13	,	,	PUNCT
ajfa-194	418	14	reduce	reduce	VERB
ajfa-194	418	15	their	their	PRON
ajfa-194	418	16	holdings	holding	NOUN
ajfa-194	418	17	at	at	ADP
ajfa-194	418	18	least	least	ADV
ajfa-194	418	19	one	one	NUM
ajfa-194	418	20	quarter	quarter	NOUN
ajfa-194	418	21	prior	prior	ADV
ajfa-194	418	22	to	to	ADP
ajfa-194	418	23	the	the	DET
ajfa-194	418	24	restating	restate	VERB
ajfa-194	418	25	quarter	quarter	NOUN
ajfa-194	418	26	.	.	PUNCT
ajfa-194	419	1	because	because	SCONJ
ajfa-194	419	2	of	of	ADP
ajfa-194	419	3	the	the	DET
ajfa-194	419	4	setting	setting	NOUN
ajfa-194	419	5	in	in	ADP
ajfa-194	419	6	which	which	PRON
ajfa-194	419	7	our	our	PRON
ajfa-194	419	8	analysis	analysis	NOUN
ajfa-194	419	9	is	be	AUX
ajfa-194	419	10	performed	perform	VERB
ajfa-194	419	11	(	(	PUNCT
ajfa-194	419	12	i.e.	i.e.	X
ajfa-194	419	13	accounting	accounting	NOUN
ajfa-194	419	14	restatements	restatement	NOUN
ajfa-194	419	15	)	)	PUNCT
ajfa-194	419	16	,	,	PUNCT
ajfa-194	419	17	it	it	PRON
ajfa-194	419	18	is	be	AUX
ajfa-194	419	19	unlikely	unlikely	ADJ
ajfa-194	419	20	that	that	SCONJ
ajfa-194	419	21	the	the	DET
ajfa-194	419	22	information	information	NOUN
ajfa-194	419	23	advantage	advantage	NOUN
ajfa-194	419	24	of	of	ADP
ajfa-194	419	25	transient	transient	ADJ
ajfa-194	419	26	institutions	institution	NOUN
ajfa-194	419	27	is	be	AUX
ajfa-194	419	28	due	due	ADJ
ajfa-194	419	29	to	to	ADP
ajfa-194	419	30	private	private	ADJ
ajfa-194	419	31	communications	communication	NOUN
ajfa-194	419	32	with	with	ADP
ajfa-194	419	33	firm	firm	ADJ
ajfa-194	419	34	management	management	NOUN
ajfa-194	419	35	.	.	PUNCT
ajfa-194	420	1	rather	rather	ADV
ajfa-194	420	2	,	,	PUNCT
ajfa-194	420	3	the	the	DET
ajfa-194	420	4	information	information	NOUN
ajfa-194	420	5	advantage	advantage	NOUN
ajfa-194	420	6	that	that	PRON
ajfa-194	420	7	we	we	PRON
ajfa-194	420	8	document	document	VERB
ajfa-194	420	9	most	most	ADV
ajfa-194	420	10	likely	likely	ADJ
ajfa-194	420	11	results	result	NOUN
ajfa-194	420	12	from	from	ADP
ajfa-194	420	13	institutional	institutional	ADJ
ajfa-194	420	14	investors‟	investors‟	NUM
ajfa-194	420	15	superior	superior	ADJ
ajfa-194	420	16	ability	ability	NOUN
ajfa-194	420	17	to	to	PART
ajfa-194	420	18	process	process	VERB
ajfa-194	420	19	public	public	ADJ
ajfa-194	420	20	information	information	NOUN
ajfa-194	420	21	due	due	ADP
ajfa-194	420	22	to	to	ADP
ajfa-194	420	23	better	well	ADJ
ajfa-194	420	24	knowledge	knowledge	NOUN
ajfa-194	420	25	and/or	and/or	CCONJ
ajfa-194	420	26	resources	resource	NOUN
ajfa-194	420	27	.	.	PUNCT
ajfa-194	421	1	second	second	ADJ
ajfa-194	421	2	,	,	PUNCT
ajfa-194	421	3	of	of	ADP
ajfa-194	421	4	the	the	DET
ajfa-194	421	5	factors	factor	NOUN
ajfa-194	421	6	that	that	PRON
ajfa-194	421	7	have	have	AUX
ajfa-194	421	8	been	be	AUX
ajfa-194	421	9	shown	show	VERB
ajfa-194	421	10	to	to	PART
ajfa-194	421	11	be	be	AUX
ajfa-194	421	12	associated	associate	VERB
ajfa-194	421	13	with	with	ADP
ajfa-194	421	14	earnings	earning	NOUN
ajfa-194	421	15	manipulation	manipulation	NOUN
ajfa-194	421	16	,	,	PUNCT
ajfa-194	421	17	we	we	PRON
ajfa-194	421	18	show	show	VERB
ajfa-194	421	19	that	that	SCONJ
ajfa-194	421	20	changes	change	NOUN
ajfa-194	421	21	in	in	ADP
ajfa-194	421	22	days	day	NOUN
ajfa-194	421	23	sales	sale	NOUN
ajfa-194	421	24	in	in	ADP
ajfa-194	421	25	receivables	receivables	NOUN
ajfa-194	421	26	and	and	CCONJ
ajfa-194	421	27	accruals	accrual	NOUN
ajfa-194	421	28	lead	lead	VERB
ajfa-194	421	29	to	to	ADP
ajfa-194	421	30	reductions	reduction	NOUN
ajfa-194	421	31	in	in	ADP
ajfa-194	421	32	holdings	holding	NOUN
ajfa-194	421	33	by	by	ADP
ajfa-194	421	34	transient	transient	ADJ
ajfa-194	421	35	institutional	institutional	ADJ
ajfa-194	421	36	investors	investor	NOUN
ajfa-194	421	37	,	,	PUNCT
ajfa-194	421	38	consistent	consistent	ADJ
ajfa-194	421	39	with	with	ADP
ajfa-194	421	40	institutional	institutional	ADJ
ajfa-194	421	41	investors	investor	NOUN
ajfa-194	421	42	making	make	VERB
ajfa-194	421	43	informed	informed	ADJ
ajfa-194	421	44	trading	trading	NOUN
ajfa-194	421	45	based	base	VERB
ajfa-194	421	46	on	on	ADP
ajfa-194	421	47	financial	financial	ADJ
ajfa-194	421	48	statement	statement	NOUN
ajfa-194	421	49	information	information	NOUN
ajfa-194	421	50	to	to	PART
ajfa-194	421	51	reduce	reduce	VERB
ajfa-194	421	52	their	their	PRON
ajfa-194	421	53	exposure	exposure	NOUN
ajfa-194	421	54	to	to	ADP
ajfa-194	421	55	a	a	DET
ajfa-194	421	56	potential	potential	ADJ
ajfa-194	421	57	restatement	restatement	NOUN
ajfa-194	421	58	.	.	PUNCT
ajfa-194	422	1	lastly	lastly	ADV
ajfa-194	422	2	,	,	PUNCT
ajfa-194	422	3	our	our	PRON
ajfa-194	422	4	analysis	analysis	NOUN
ajfa-194	422	5	shows	show	VERB
ajfa-194	422	6	that	that	SCONJ
ajfa-194	422	7	the	the	DET
ajfa-194	422	8	market	market	NOUN
ajfa-194	422	9	reaction	reaction	NOUN
ajfa-194	422	10	to	to	ADP
ajfa-194	422	11	the	the	DET
ajfa-194	422	12	accounting	accounting	NOUN
ajfa-194	422	13	restatement	restatement	NOUN
ajfa-194	422	14	is	be	AUX
ajfa-194	422	15	more	more	ADV
ajfa-194	422	16	negative	negative	ADJ
ajfa-194	422	17	prior	prior	ADV
ajfa-194	422	18	to	to	ADP
ajfa-194	422	19	the	the	DET
ajfa-194	422	20	restatement	restatement	NOUN
ajfa-194	422	21	announcement	announcement	NOUN
ajfa-194	422	22	for	for	ADP
ajfa-194	422	23	firms	firm	NOUN
ajfa-194	422	24	with	with	ADP
ajfa-194	422	25	higher	high	ADJ
ajfa-194	422	26	levels	level	NOUN
ajfa-194	422	27	of	of	ADP
ajfa-194	422	28	transient	transient	ADJ
ajfa-194	422	29	institutional	institutional	ADJ
ajfa-194	422	30	ownership	ownership	NOUN
ajfa-194	422	31	.	.	PUNCT
ajfa-194	423	1	overall	overall	ADV
ajfa-194	423	2	,	,	PUNCT
ajfa-194	423	3	our	our	PRON
ajfa-194	423	4	results	result	NOUN
ajfa-194	423	5	demonstrate	demonstrate	VERB
ajfa-194	423	6	that	that	SCONJ
ajfa-194	423	7	institutional	institutional	ADJ
ajfa-194	423	8	investors	investor	NOUN
ajfa-194	423	9	anticipate	anticipate	VERB
ajfa-194	423	10	impending	impending	ADJ
ajfa-194	423	11	restatements	restatement	NOUN
ajfa-194	423	12	and	and	CCONJ
ajfa-194	423	13	play	play	VERB
ajfa-194	423	14	an	an	DET
ajfa-194	423	15	important	important	ADJ
ajfa-194	423	16	role	role	NOUN
ajfa-194	423	17	in	in	ADP
ajfa-194	423	18	the	the	DET
ajfa-194	423	19	price	price	NOUN
ajfa-194	423	20	formation	formation	NOUN
ajfa-194	423	21	process	process	NOUN
ajfa-194	423	22	for	for	ADP
ajfa-194	423	23	firms	firm	NOUN
ajfa-194	423	24	that	that	PRON
ajfa-194	423	25	are	be	AUX
ajfa-194	423	26	forced	force	VERB
ajfa-194	423	27	to	to	PART
ajfa-194	423	28	restate	restate	VERB
ajfa-194	423	29	their	their	PRON
ajfa-194	423	30	financial	financial	ADJ
ajfa-194	423	31	statements	statement	NOUN
ajfa-194	423	32	.	.	PUNCT
ajfa-194	424	1	acknowledgement	acknowledgement	NOUN
ajfa-194	424	2	we	we	PRON
ajfa-194	424	3	have	have	AUX
ajfa-194	424	4	benefited	benefit	VERB
ajfa-194	424	5	from	from	ADP
ajfa-194	424	6	useful	useful	ADJ
ajfa-194	424	7	comments	comment	NOUN
ajfa-194	424	8	and	and	CCONJ
ajfa-194	424	9	suggestions	suggestion	NOUN
ajfa-194	424	10	provided	provide	VERB
ajfa-194	424	11	by	by	ADP
ajfa-194	424	12	dan	dan	PROPN
ajfa-194	424	13	bens	bens	PROPN
ajfa-194	424	14	,	,	PUNCT
ajfa-194	424	15	patty	patty	PROPN
ajfa-194	424	16	dechow	dechow	ADJ
ajfa-194	424	17	,	,	PUNCT
ajfa-194	424	18	jim	jim	PROPN
ajfa-194	424	19	ohlson	ohlson	PROPN
ajfa-194	424	20	,	,	PUNCT
ajfa-194	424	21	beverly	beverly	NOUN
ajfa-194	424	22	walther	walther	PROPN
ajfa-194	424	23	,	,	PUNCT
ajfa-194	424	24	charles	charles	PROPN
ajfa-194	424	25	wasley	wasley	PROPN
ajfa-194	424	26	,	,	PUNCT
ajfa-194	424	27	jerry	jerry	PROPN
ajfa-194	424	28	zimmerman	zimmerman	PROPN
ajfa-194	424	29	and	and	CCONJ
ajfa-194	424	30	workshop	workshop	NOUN
ajfa-194	424	31	participants	participant	NOUN
ajfa-194	424	32	at	at	ADP
ajfa-194	424	33	the	the	DET
ajfa-194	424	34	university	university	PROPN
ajfa-194	424	35	of	of	ADP
ajfa-194	424	36	arizona	arizona	PROPN
ajfa-194	424	37	,	,	PUNCT
ajfa-194	424	38	arizona	arizona	PROPN
ajfa-194	424	39	state	state	PROPN
ajfa-194	424	40	university	university	PROPN
ajfa-194	424	41	,	,	PUNCT
ajfa-194	424	42	penn	penn	PROPN
ajfa-194	424	43	state	state	PROPN
ajfa-194	424	44	university	university	PROPN
ajfa-194	424	45	,	,	PUNCT
ajfa-194	424	46	rice	rice	NOUN
ajfa-194	424	47	university	university	PROPN
ajfa-194	424	48	,	,	PUNCT
ajfa-194	424	49	university	university	PROPN
ajfa-194	424	50	of	of	ADP
ajfa-194	424	51	rochester	rochester	PROPN
ajfa-194	424	52	,	,	PUNCT
ajfa-194	424	53	washington	washington	PROPN
ajfa-194	424	54	university	university	PROPN
ajfa-194	424	55	in	in	ADP
ajfa-194	424	56	st	st	PROPN
ajfa-194	424	57	.	.	PROPN
ajfa-194	424	58	louis	louis	PROPN
ajfa-194	424	59	,	,	PUNCT
ajfa-194	424	60	and	and	CCONJ
ajfa-194	424	61	the	the	DET
ajfa-194	424	62	2005	2005	NUM
ajfa-194	424	63	fars	far	NOUN
ajfa-194	424	64	mid	mid	ADJ
ajfa-194	424	65	-	-	ADJ
ajfa-194	424	66	year	year	NOUN
ajfa-194	424	67	meeting	meeting	NOUN
ajfa-194	424	68	.	.	PUNCT
ajfa-194	425	1	we	we	PRON
ajfa-194	425	2	especially	especially	ADV
ajfa-194	425	3	thank	thank	VERB
ajfa-194	425	4	brian	brian	PROPN
ajfa-194	425	5	bushee	bushee	PROPN
ajfa-194	425	6	for	for	ADP
ajfa-194	425	7	the	the	DET
ajfa-194	425	8	institutional	institutional	ADJ
ajfa-194	425	9	investor	investor	NOUN
ajfa-194	425	10	classification	classification	NOUN
ajfa-194	425	11	data	datum	NOUN
ajfa-194	425	12	.	.	PUNCT
ajfa-194	426	1	references	reference	NOUN
ajfa-194	426	2	abarbanell	abarbanell	PROPN
ajfa-194	426	3	,	,	PUNCT
ajfa-194	426	4	j.	j.	PROPN
ajfa-194	426	5	,	,	PUNCT
ajfa-194	426	6	bushee	bushee	NOUN
ajfa-194	426	7	,	,	PUNCT
ajfa-194	426	8	b.	b.	PROPN
ajfa-194	426	9	,	,	PUNCT
ajfa-194	426	10	&	&	CCONJ
ajfa-194	426	11	raedy	raedy	PROPN
ajfa-194	426	12	,	,	PUNCT
ajfa-194	426	13	j.	j.	PROPN
ajfa-194	426	14	(	(	PUNCT
ajfa-194	426	15	2003	2003	NUM
ajfa-194	426	16	)	)	PUNCT
ajfa-194	426	17	.	.	PUNCT
ajfa-194	427	1	institutional	institutional	ADJ
ajfa-194	427	2	investor	investor	NOUN
ajfa-194	427	3	preferences	preference	NOUN
ajfa-194	427	4	and	and	CCONJ
ajfa-194	427	5	price	price	NOUN
ajfa-194	427	6	pressure	pressure	NOUN
ajfa-194	427	7	:	:	PUNCT
ajfa-194	427	8	the	the	DET
ajfa-194	427	9	case	case	NOUN
ajfa-194	427	10	of	of	ADP
ajfa-194	427	11	corporate	corporate	ADJ
ajfa-194	427	12	spin	spin	NOUN
ajfa-194	427	13	-	-	PUNCT
ajfa-194	427	14	offs	off	NOUN
ajfa-194	427	15	.	.	PUNCT
ajfa-194	428	1	journal	journal	PROPN
ajfa-194	428	2	of	of	ADP
ajfa-194	428	3	business	business	NOUN
ajfa-194	428	4	,	,	PUNCT
ajfa-194	428	5	76	76	NUM
ajfa-194	428	6	,	,	PUNCT
ajfa-194	428	7	233	233	NUM
ajfa-194	428	8	-	-	SYM
ajfa-194	428	9	261	261	NUM
ajfa-194	428	10	ali	ali	PROPN
ajfa-194	428	11	,	,	PUNCT
ajfa-194	428	12	a.	a.	NOUN
ajfa-194	428	13	,	,	PUNCT
ajfa-194	428	14	durtschi	durtschi	PROPN
ajfa-194	428	15	,	,	PUNCT
ajfa-194	428	16	c.	c.	PROPN
ajfa-194	428	17	,	,	PUNCT
ajfa-194	428	18	lev	lev	PROPN
ajfa-194	428	19	,	,	PUNCT
ajfa-194	428	20	b.	b.	PROPN
ajfa-194	428	21	,	,	PUNCT
ajfa-194	428	22	&	&	CCONJ
ajfa-194	428	23	trombley	trombley	NOUN
ajfa-194	428	24	,	,	PUNCT
ajfa-194	428	25	m.	m.	NOUN
ajfa-194	428	26	(	(	PUNCT
ajfa-194	428	27	2004	2004	NUM
ajfa-194	428	28	)	)	PUNCT
ajfa-194	428	29	.	.	PUNCT
ajfa-194	429	1	changes	change	NOUN
ajfa-194	429	2	in	in	ADP
ajfa-194	429	3	institutional	institutional	ADJ
ajfa-194	429	4	ownership	ownership	NOUN
ajfa-194	429	5	and	and	CCONJ
ajfa-194	429	6	subsequent	subsequent	ADJ
ajfa-194	429	7	earnings	earning	NOUN
ajfa-194	429	8	announcement	announcement	NOUN
ajfa-194	429	9	abnormal	abnormal	ADJ
ajfa-194	429	10	returns	return	NOUN
ajfa-194	429	11	.	.	PUNCT
ajfa-194	430	1	journal	journal	NOUN
ajfa-194	430	2	of	of	ADP
ajfa-194	430	3	accounting	accounting	NOUN
ajfa-194	430	4	,	,	PUNCT
ajfa-194	430	5	auditing	auditing	NOUN
ajfa-194	430	6	and	and	CCONJ
ajfa-194	430	7	finance	finance	NOUN
ajfa-194	430	8	,	,	PUNCT
ajfa-194	430	9	19	19	NUM
ajfa-194	430	10	,	,	PUNCT
ajfa-194	430	11	221	221	NUM
ajfa-194	430	12	-	-	SYM
ajfa-194	430	13	248	248	NUM
ajfa-194	430	14	asian	asian	ADJ
ajfa-194	430	15	journal	journal	NOUN
ajfa-194	430	16	of	of	ADP
ajfa-194	430	17	finance	finance	PROPN
ajfa-194	430	18	&	&	CCONJ
ajfa-194	430	19	accounting	accounting	PROPN
ajfa-194	430	20	issn	issn	PROPN
ajfa-194	430	21	1946	1946	NUM
ajfa-194	430	22	-	-	PUNCT
ajfa-194	430	23	052x	052x	NOUN
ajfa-194	430	24	2009	2009	NUM
ajfa-194	430	25	,	,	PUNCT
ajfa-194	430	26	vol	vol	NOUN
ajfa-194	430	27	.	.	PROPN
ajfa-194	430	28	1	1	NUM
ajfa-194	430	29	,	,	PUNCT
ajfa-194	430	30	no	no	INTJ
ajfa-194	430	31	.	.	NOUN
ajfa-194	430	32	2	2	NUM
ajfa-194	430	33	:	:	PUNCT
ajfa-194	430	34	e4	e4	PROPN
ajfa-194	430	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	430	36	100	100	NUM
ajfa-194	430	37	amihud	amihud	ADJ
ajfa-194	430	38	,	,	PUNCT
ajfa-194	430	39	y.a	y.a	PROPN
ajfa-194	430	40	.	.	PROPN
ajfa-194	430	41	,	,	PUNCT
ajfa-194	430	42	&	&	CCONJ
ajfa-194	430	43	li	li	PROPN
ajfa-194	430	44	,	,	PUNCT
ajfa-194	430	45	k.	k.	PROPN
ajfa-194	430	46	(	(	PUNCT
ajfa-194	430	47	2006	2006	NUM
ajfa-194	430	48	)	)	PUNCT
ajfa-194	430	49	.	.	PUNCT
ajfa-194	431	1	the	the	DET
ajfa-194	431	2	declining	decline	VERB
ajfa-194	431	3	information	information	NOUN
ajfa-194	431	4	content	content	NOUN
ajfa-194	431	5	of	of	ADP
ajfa-194	431	6	dividend	dividend	NOUN
ajfa-194	431	7	announcements	announcement	NOUN
ajfa-194	431	8	and	and	CCONJ
ajfa-194	431	9	the	the	DET
ajfa-194	431	10	effect	effect	NOUN
ajfa-194	431	11	of	of	ADP
ajfa-194	431	12	institutional	institutional	ADJ
ajfa-194	431	13	holdings	holding	NOUN
ajfa-194	431	14	.	.	PUNCT
ajfa-194	432	1	journal	journal	NOUN
ajfa-194	432	2	of	of	ADP
ajfa-194	432	3	financial	financial	ADJ
ajfa-194	432	4	and	and	CCONJ
ajfa-194	432	5	quantitative	quantitative	ADJ
ajfa-194	432	6	analysis	analysis	NOUN
ajfa-194	432	7	,	,	PUNCT
ajfa-194	432	8	41	41	NUM
ajfa-194	432	9	,	,	PUNCT
ajfa-194	432	10	636660	636660	NUM
ajfa-194	432	11	ayers	ayers	PROPN
ajfa-194	432	12	,	,	PUNCT
ajfa-194	432	13	b.c	b.c	PROPN
ajfa-194	432	14	.	.	PROPN
ajfa-194	432	15	,	,	PUNCT
ajfa-194	432	16	&	&	CCONJ
ajfa-194	432	17	freeman	freeman	PROPN
ajfa-194	432	18	,	,	PUNCT
ajfa-194	432	19	r.n	r.n	PROPN
ajfa-194	432	20	.	.	PROPN
ajfa-194	432	21	(	(	PUNCT
ajfa-194	432	22	2003	2003	NUM
ajfa-194	432	23	)	)	PUNCT
ajfa-194	432	24	.	.	PUNCT
ajfa-194	433	1	evidence	evidence	NOUN
ajfa-194	433	2	that	that	SCONJ
ajfa-194	433	3	analyst	analyst	NOUN
ajfa-194	433	4	following	follow	VERB
ajfa-194	433	5	and	and	CCONJ
ajfa-194	433	6	institutional	institutional	ADJ
ajfa-194	433	7	ownership	ownership	NOUN
ajfa-194	433	8	accelerate	accelerate	NOUN
ajfa-194	433	9	the	the	DET
ajfa-194	433	10	pricing	pricing	NOUN
ajfa-194	433	11	of	of	ADP
ajfa-194	433	12	future	future	ADJ
ajfa-194	433	13	earnings	earning	NOUN
ajfa-194	433	14	.	.	PUNCT
ajfa-194	434	1	review	review	NOUN
ajfa-194	434	2	of	of	ADP
ajfa-194	434	3	accounting	accounting	NOUN
ajfa-194	434	4	studies	study	NOUN
ajfa-194	434	5	,	,	PUNCT
ajfa-194	434	6	8	8	NUM
ajfa-194	434	7	,	,	PUNCT
ajfa-194	434	8	47	47	NUM
ajfa-194	434	9	-	-	SYM
ajfa-194	434	10	67	67	NUM
ajfa-194	434	11	badrindath	badrindath	NOUN
ajfa-194	434	12	,	,	PUNCT
ajfa-194	434	13	s.g	s.g	PROPN
ajfa-194	434	14	.	.	PROPN
ajfa-194	434	15	,	,	PUNCT
ajfa-194	434	16	&	&	CCONJ
ajfa-194	434	17	wahal	wahal	PROPN
ajfa-194	434	18	,	,	PUNCT
ajfa-194	434	19	s.	s.	PROPN
ajfa-194	434	20	(	(	PUNCT
ajfa-194	434	21	2002	2002	NUM
ajfa-194	434	22	)	)	PUNCT
ajfa-194	434	23	.	.	PUNCT
ajfa-194	435	1	momentum	momentum	NOUN
ajfa-194	435	2	trading	trading	NOUN
ajfa-194	435	3	by	by	ADP
ajfa-194	435	4	institutions	institution	NOUN
ajfa-194	435	5	.	.	PUNCT
ajfa-194	436	1	the	the	DET
ajfa-194	436	2	journal	journal	PROPN
ajfa-194	436	3	of	of	ADP
ajfa-194	436	4	finance	finance	NOUN
ajfa-194	436	5	,	,	PUNCT
ajfa-194	436	6	57	57	NUM
ajfa-194	436	7	,	,	PUNCT
ajfa-194	436	8	2449	2449	NUM
ajfa-194	436	9	-	-	SYM
ajfa-194	436	10	2478	2478	NUM
ajfa-194	436	11	balsam	balsam	NOUN
ajfa-194	436	12	,	,	PUNCT
ajfa-194	436	13	s.	s.	PROPN
ajfa-194	436	14	,	,	PUNCT
ajfa-194	436	15	bartov	bartov	PROPN
ajfa-194	436	16	,	,	PUNCT
ajfa-194	436	17	e.	e.	PROPN
ajfa-194	436	18	,	,	PUNCT
ajfa-194	436	19	&	&	CCONJ
ajfa-194	436	20	marquardt	marquardt	PROPN
ajfa-194	436	21	,	,	PUNCT
ajfa-194	436	22	c.	c.	PROPN
ajfa-194	436	23	(	(	PUNCT
ajfa-194	436	24	2002	2002	NUM
ajfa-194	436	25	)	)	PUNCT
ajfa-194	436	26	.	.	PUNCT
ajfa-194	437	1	accruals	accrual	NOUN
ajfa-194	437	2	management	management	NOUN
ajfa-194	437	3	,	,	PUNCT
ajfa-194	437	4	investor	investor	NOUN
ajfa-194	437	5	sophistication	sophistication	NOUN
ajfa-194	437	6	,	,	PUNCT
ajfa-194	437	7	and	and	CCONJ
ajfa-194	437	8	equity	equity	NOUN
ajfa-194	437	9	valuation	valuation	NOUN
ajfa-194	437	10	:	:	PUNCT
ajfa-194	437	11	evidence	evidence	NOUN
ajfa-194	437	12	from	from	ADP
ajfa-194	437	13	10	10	NUM
ajfa-194	437	14	-	-	PUNCT
ajfa-194	437	15	q	q	NOUN
ajfa-194	437	16	filings	filing	NOUN
ajfa-194	437	17	.	.	PUNCT
ajfa-194	438	1	journal	journal	NOUN
ajfa-194	438	2	of	of	ADP
ajfa-194	438	3	accounting	accounting	NOUN
ajfa-194	438	4	research	research	NOUN
ajfa-194	438	5	,	,	PUNCT
ajfa-194	438	6	40	40	NUM
ajfa-194	438	7	,	,	PUNCT
ajfa-194	438	8	987	987	NUM
ajfa-194	438	9	-	-	SYM
ajfa-194	438	10	1012	1012	NUM
ajfa-194	438	11	barth	barth	NOUN
ajfa-194	438	12	,	,	PUNCT
ajfa-194	438	13	m.e	m.e	PROPN
ajfa-194	438	14	.	.	PROPN
ajfa-194	438	15	,	,	PUNCT
ajfa-194	438	16	beaver	beaver	PROPN
ajfa-194	438	17	,	,	PUNCT
ajfa-194	438	18	w.h	w.h	PROPN
ajfa-194	438	19	.	.	PROPN
ajfa-194	438	20	,	,	PUNCT
ajfa-194	438	21	&	&	CCONJ
ajfa-194	438	22	hand	hand	PROPN
ajfa-194	438	23	,	,	PUNCT
ajfa-194	438	24	j.r	j.r	PROPN
ajfa-194	438	25	.	.	PROPN
ajfa-194	438	26	(	(	PUNCT
ajfa-194	438	27	1999	1999	NUM
ajfa-194	438	28	)	)	PUNCT
ajfa-194	438	29	.	.	PUNCT
ajfa-194	439	1	accruals	accrual	NOUN
ajfa-194	439	2	,	,	PUNCT
ajfa-194	439	3	cash	cash	NOUN
ajfa-194	439	4	flows	flow	NOUN
ajfa-194	439	5	,	,	PUNCT
ajfa-194	439	6	and	and	CCONJ
ajfa-194	439	7	equity	equity	NOUN
ajfa-194	439	8	values	value	NOUN
ajfa-194	439	9	.	.	PUNCT
ajfa-194	440	1	review	review	NOUN
ajfa-194	440	2	of	of	ADP
ajfa-194	440	3	accounting	accounting	NOUN
ajfa-194	440	4	studies	study	NOUN
ajfa-194	440	5	,	,	PUNCT
ajfa-194	440	6	3	3	NUM
ajfa-194	440	7	,	,	PUNCT
ajfa-194	440	8	205	205	NUM
ajfa-194	440	9	-	-	SYM
ajfa-194	440	10	229	229	NUM
ajfa-194	440	11	bartov	bartov	PROPN
ajfa-194	440	12	,	,	PUNCT
ajfa-194	440	13	e.	e.	PROPN
ajfa-194	440	14	,	,	PUNCT
ajfa-194	440	15	radhakrishnan	radhakrishnan	PROPN
ajfa-194	440	16	,	,	PUNCT
ajfa-194	440	17	s.	s.	PROPN
ajfa-194	440	18	,	,	PUNCT
ajfa-194	440	19	&	&	CCONJ
ajfa-194	440	20	krinsky	krinsky	ADJ
ajfa-194	440	21	,	,	PUNCT
ajfa-194	440	22	i.	i.	PROPN
ajfa-194	440	23	(	(	PUNCT
ajfa-194	440	24	2000	2000	NUM
ajfa-194	440	25	)	)	PUNCT
ajfa-194	440	26	.	.	PUNCT
ajfa-194	441	1	investor	investor	NOUN
ajfa-194	441	2	sophistication	sophistication	NOUN
ajfa-194	441	3	and	and	CCONJ
ajfa-194	441	4	patterns	pattern	NOUN
ajfa-194	441	5	in	in	ADP
ajfa-194	441	6	stock	stock	NOUN
ajfa-194	441	7	returns	return	NOUN
ajfa-194	441	8	after	after	ADP
ajfa-194	441	9	earnings	earning	NOUN
ajfa-194	441	10	announcements	announcement	NOUN
ajfa-194	441	11	.	.	PUNCT
ajfa-194	442	1	the	the	DET
ajfa-194	442	2	accounting	accounting	NOUN
ajfa-194	442	3	review	review	NOUN
ajfa-194	442	4	,	,	PUNCT
ajfa-194	442	5	75	75	NUM
ajfa-194	442	6	,	,	PUNCT
ajfa-194	442	7	43	43	NUM
ajfa-194	442	8	-	-	SYM
ajfa-194	442	9	63	63	NUM
ajfa-194	442	10	beneish	beneish	ADJ
ajfa-194	442	11	,	,	PUNCT
ajfa-194	442	12	d.	d.	PROPN
ajfa-194	442	13	(	(	PUNCT
ajfa-194	442	14	1999	1999	NUM
ajfa-194	442	15	)	)	PUNCT
ajfa-194	442	16	.	.	PUNCT
ajfa-194	443	1	the	the	DET
ajfa-194	443	2	detection	detection	NOUN
ajfa-194	443	3	of	of	ADP
ajfa-194	443	4	earnings	earning	NOUN
ajfa-194	443	5	manipulation	manipulation	NOUN
ajfa-194	443	6	.	.	PUNCT
ajfa-194	444	1	financial	financial	ADJ
ajfa-194	444	2	analyst	analyst	NOUN
ajfa-194	444	3	’s	’s	PART
ajfa-194	444	4	journal	journal	NOUN
ajfa-194	444	5	,	,	PUNCT
ajfa-194	444	6	55	55	NUM
ajfa-194	444	7	,	,	PUNCT
ajfa-194	444	8	2436	2436	NUM
ajfa-194	444	9	bushee	bushee	NOUN
ajfa-194	444	10	,	,	PUNCT
ajfa-194	444	11	b.	b.	PROPN
ajfa-194	444	12	(	(	PUNCT
ajfa-194	444	13	1998	1998	NUM
ajfa-194	444	14	)	)	PUNCT
ajfa-194	444	15	.	.	PUNCT
ajfa-194	445	1	the	the	DET
ajfa-194	445	2	influence	influence	NOUN
ajfa-194	445	3	of	of	ADP
ajfa-194	445	4	institutional	institutional	ADJ
ajfa-194	445	5	investors	investor	NOUN
ajfa-194	445	6	on	on	ADP
ajfa-194	445	7	myopic	myopic	ADJ
ajfa-194	445	8	r&d	r&d	NOUN
ajfa-194	445	9	investment	investment	NOUN
ajfa-194	445	10	behavior	behavior	NOUN
ajfa-194	445	11	.	.	PUNCT
ajfa-194	446	1	the	the	DET
ajfa-194	446	2	accounting	accounting	NOUN
ajfa-194	446	3	review	review	NOUN
ajfa-194	446	4	,	,	PUNCT
ajfa-194	446	5	73	73	NUM
ajfa-194	446	6	,	,	PUNCT
ajfa-194	446	7	305	305	NUM
ajfa-194	446	8	-	-	SYM
ajfa-194	446	9	333	333	NUM
ajfa-194	446	10	bushee	bushee	NOUN
ajfa-194	446	11	,	,	PUNCT
ajfa-194	446	12	b.	b.	PROPN
ajfa-194	446	13	,	,	PUNCT
ajfa-194	446	14	&	&	CCONJ
ajfa-194	446	15	noe	noe	PROPN
ajfa-194	446	16	,	,	PUNCT
ajfa-194	446	17	c.	c.	PROPN
ajfa-194	446	18	(	(	PUNCT
ajfa-194	446	19	2000	2000	NUM
ajfa-194	446	20	)	)	PUNCT
ajfa-194	446	21	.	.	PUNCT
ajfa-194	447	1	corporate	corporate	ADJ
ajfa-194	447	2	disclosure	disclosure	NOUN
ajfa-194	447	3	practices	practice	NOUN
ajfa-194	447	4	,	,	PUNCT
ajfa-194	447	5	institutional	institutional	ADJ
ajfa-194	447	6	investors	investor	NOUN
ajfa-194	447	7	,	,	PUNCT
ajfa-194	447	8	and	and	CCONJ
ajfa-194	447	9	stock	stock	NOUN
ajfa-194	447	10	return	return	NOUN
ajfa-194	447	11	volatility	volatility	NOUN
ajfa-194	447	12	.	.	PUNCT
ajfa-194	448	1	journal	journal	NOUN
ajfa-194	448	2	of	of	ADP
ajfa-194	448	3	accounting	accounting	NOUN
ajfa-194	448	4	research	research	NOUN
ajfa-194	448	5	,	,	PUNCT
ajfa-194	448	6	38	38	NUM
ajfa-194	448	7	(	(	PUNCT
ajfa-194	448	8	supplement	supplement	NOUN
ajfa-194	448	9	)	)	PUNCT
ajfa-194	448	10	,	,	PUNCT
ajfa-194	448	11	171	171	NUM
ajfa-194	448	12	-	-	SYM
ajfa-194	448	13	202	202	NUM
ajfa-194	448	14	bushee	bushee	NOUN
ajfa-194	448	15	,	,	PUNCT
ajfa-194	448	16	b.	b.	PROPN
ajfa-194	448	17	(	(	PUNCT
ajfa-194	448	18	2001	2001	NUM
ajfa-194	448	19	)	)	PUNCT
ajfa-194	448	20	.	.	PUNCT
ajfa-194	449	1	do	do	AUX
ajfa-194	449	2	institutional	institutional	ADJ
ajfa-194	449	3	investors	investor	NOUN
ajfa-194	449	4	prefer	prefer	VERB
ajfa-194	449	5	near	near	ADJ
ajfa-194	449	6	-	-	PUNCT
ajfa-194	449	7	term	term	NOUN
ajfa-194	449	8	earnings	earning	NOUN
ajfa-194	449	9	over	over	ADP
ajfa-194	449	10	long	long	ADV
ajfa-194	449	11	-	-	PUNCT
ajfa-194	449	12	run	run	VERB
ajfa-194	449	13	value	value	NOUN
ajfa-194	449	14	?	?	PUNCT
ajfa-194	450	1	contemporary	contemporary	ADJ
ajfa-194	450	2	accounting	accounting	NOUN
ajfa-194	450	3	research	research	NOUN
ajfa-194	450	4	,	,	PUNCT
ajfa-194	450	5	18	18	NUM
ajfa-194	450	6	,	,	PUNCT
ajfa-194	450	7	207	207	NUM
ajfa-194	450	8	-	-	SYM
ajfa-194	450	9	246	246	NUM
ajfa-194	450	10	bushee	bushee	NOUN
ajfa-194	450	11	,	,	PUNCT
ajfa-194	450	12	b.j	b.j	PROPN
ajfa-194	450	13	.	.	PROPN
ajfa-194	450	14	,	,	PUNCT
ajfa-194	450	15	&	&	CCONJ
ajfa-194	450	16	goodman	goodman	PROPN
ajfa-194	450	17	,	,	PUNCT
ajfa-194	450	18	t.h	t.h	PROPN
ajfa-194	450	19	.	.	PUNCT
ajfa-194	450	20	(	(	PUNCT
ajfa-194	450	21	2007	2007	NUM
ajfa-194	450	22	)	)	PUNCT
ajfa-194	450	23	.	.	PUNCT
ajfa-194	451	1	which	which	PRON
ajfa-194	451	2	institutional	institutional	ADJ
ajfa-194	451	3	investors	investor	NOUN
ajfa-194	451	4	trade	trade	VERB
ajfa-194	451	5	based	base	VERB
ajfa-194	451	6	on	on	ADP
ajfa-194	451	7	private	private	ADJ
ajfa-194	451	8	information	information	NOUN
ajfa-194	451	9	about	about	ADP
ajfa-194	451	10	earnings	earning	NOUN
ajfa-194	451	11	and	and	CCONJ
ajfa-194	451	12	returns	return	NOUN
ajfa-194	451	13	?	?	PUNCT
ajfa-194	452	1	journal	journal	NOUN
ajfa-194	452	2	of	of	ADP
ajfa-194	452	3	accounting	accounting	NOUN
ajfa-194	452	4	and	and	CCONJ
ajfa-194	452	5	research	research	NOUN
ajfa-194	452	6	,	,	PUNCT
ajfa-194	452	7	45	45	NUM
ajfa-194	452	8	,	,	PUNCT
ajfa-194	452	9	289	289	NUM
ajfa-194	452	10	-	-	SYM
ajfa-194	452	11	321	321	NUM
ajfa-194	452	12	chen	chen	NOUN
ajfa-194	452	13	,	,	PUNCT
ajfa-194	452	14	x.	x.	PROPN
ajfa-194	452	15	,	,	PUNCT
ajfa-194	452	16	cheng	cheng	PROPN
ajfa-194	452	17	,	,	PUNCT
ajfa-194	452	18	q.	q.	PROPN
ajfa-194	452	19	,	,	PUNCT
ajfa-194	452	20	&	&	CCONJ
ajfa-194	452	21	lo	lo	PROPN
ajfa-194	452	22	,	,	PUNCT
ajfa-194	452	23	a.	a.	NOUN
ajfa-194	452	24	(	(	PUNCT
ajfa-194	452	25	2009	2009	NUM
ajfa-194	452	26	)	)	PUNCT
ajfa-194	452	27	.	.	PUNCT
ajfa-194	453	1	the	the	DET
ajfa-194	453	2	consequences	consequence	NOUN
ajfa-194	453	3	of	of	ADP
ajfa-194	453	4	aggressive	aggressive	ADJ
ajfa-194	453	5	financial	financial	ADJ
ajfa-194	453	6	reporting	reporting	NOUN
ajfa-194	453	7	:	:	PUNCT
ajfa-194	453	8	the	the	DET
ajfa-194	453	9	case	case	NOUN
ajfa-194	453	10	of	of	ADP
ajfa-194	453	11	external	external	ADJ
ajfa-194	453	12	financing	financing	NOUN
ajfa-194	453	13	.	.	PUNCT
ajfa-194	454	1	university	university	NOUN
ajfa-194	454	2	of	of	ADP
ajfa-194	454	3	wisconsin	wisconsin	PROPN
ajfa-194	454	4	-	-	PUNCT
ajfa-194	454	5	madison	madison	PROPN
ajfa-194	454	6	working	working	PROPN
ajfa-194	454	7	paper	paper	PROPN
ajfa-194	454	8	collins	collins	PROPN
ajfa-194	454	9	,	,	PUNCT
ajfa-194	454	10	d.w	d.w	PROPN
ajfa-194	454	11	.	.	PROPN
ajfa-194	454	12	,	,	PUNCT
ajfa-194	454	13	gong	gong	PROPN
ajfa-194	454	14	,	,	PUNCT
ajfa-194	454	15	g.	g.	PROPN
ajfa-194	454	16	,	,	PUNCT
ajfa-194	454	17	&	&	CCONJ
ajfa-194	454	18	hribar	hribar	PROPN
ajfa-194	454	19	,	,	PUNCT
ajfa-194	454	20	p.	p.	NOUN
ajfa-194	454	21	(	(	PUNCT
ajfa-194	454	22	2003	2003	NUM
ajfa-194	454	23	)	)	PUNCT
ajfa-194	454	24	.	.	PUNCT
ajfa-194	455	1	investor	investor	NOUN
ajfa-194	455	2	sophistication	sophistication	NOUN
ajfa-194	455	3	and	and	CCONJ
ajfa-194	455	4	the	the	DET
ajfa-194	455	5	mispricing	mispricing	NOUN
ajfa-194	455	6	of	of	ADP
ajfa-194	455	7	accruals	accrual	NOUN
ajfa-194	455	8	.	.	PUNCT
ajfa-194	456	1	review	review	NOUN
ajfa-194	456	2	of	of	ADP
ajfa-194	456	3	accounting	accounting	NOUN
ajfa-194	456	4	studies	study	NOUN
ajfa-194	456	5	,	,	PUNCT
ajfa-194	456	6	8	8	NUM
ajfa-194	456	7	,	,	PUNCT
ajfa-194	456	8	251	251	NUM
ajfa-194	456	9	-	-	SYM
ajfa-194	456	10	276	276	NUM
ajfa-194	456	11	cohen	cohen	PROPN
ajfa-194	456	12	,	,	PUNCT
ajfa-194	456	13	r.	r.	PROPN
ajfa-194	456	14	,	,	PUNCT
ajfa-194	456	15	coval	coval	PROPN
ajfa-194	456	16	,	,	PUNCT
ajfa-194	456	17	j.	j.	PROPN
ajfa-194	456	18	,	,	PUNCT
ajfa-194	456	19	&	&	CCONJ
ajfa-194	456	20	pastor	pastor	PROPN
ajfa-194	456	21	,	,	PUNCT
ajfa-194	456	22	l.	l.	PROPN
ajfa-194	456	23	(	(	PUNCT
ajfa-194	456	24	2005	2005	NUM
ajfa-194	456	25	)	)	PUNCT
ajfa-194	456	26	.	.	PUNCT
ajfa-194	457	1	judging	judge	VERB
ajfa-194	457	2	fund	fund	NOUN
ajfa-194	457	3	managers	manager	NOUN
ajfa-194	457	4	by	by	ADP
ajfa-194	457	5	the	the	DET
ajfa-194	457	6	company	company	NOUN
ajfa-194	457	7	that	that	PRON
ajfa-194	457	8	they	they	PRON
ajfa-194	457	9	keep	keep	VERB
ajfa-194	457	10	.	.	PUNCT
ajfa-194	458	1	journal	journal	PROPN
ajfa-194	458	2	of	of	ADP
ajfa-194	458	3	finance	finance	NOUN
ajfa-194	458	4	,	,	PUNCT
ajfa-194	458	5	60	60	NUM
ajfa-194	458	6	,	,	PUNCT
ajfa-194	458	7	1057	1057	NUM
ajfa-194	458	8	-	-	SYM
ajfa-194	458	9	1096	1096	NUM
ajfa-194	458	10	coles	cole	NOUN
ajfa-194	458	11	,	,	PUNCT
ajfa-194	458	12	j.	j.	PROPN
ajfa-194	458	13	,	,	PUNCT
ajfa-194	458	14	daniel	daniel	PROPN
ajfa-194	458	15	,	,	PUNCT
ajfa-194	458	16	n.	n.	PROPN
ajfa-194	458	17	,	,	PUNCT
ajfa-194	458	18	&	&	CCONJ
ajfa-194	458	19	naveen	naveen	PROPN
ajfa-194	458	20	,	,	PUNCT
ajfa-194	458	21	l.	l.	PROPN
ajfa-194	458	22	(	(	PUNCT
ajfa-194	458	23	2008	2008	NUM
ajfa-194	458	24	)	)	PUNCT
ajfa-194	458	25	.	.	PUNCT
ajfa-194	459	1	boards	board	NOUN
ajfa-194	459	2	:	:	PUNCT
ajfa-194	459	3	does	do	AUX
ajfa-194	459	4	one	one	NUM
ajfa-194	459	5	size	size	NOUN
ajfa-194	459	6	fit	fit	VERB
ajfa-194	459	7	all	all	PRON
ajfa-194	459	8	?	?	PUNCT
ajfa-194	460	1	journal	journal	NOUN
ajfa-194	460	2	of	of	ADP
ajfa-194	460	3	financial	financial	ADJ
ajfa-194	460	4	economics	economic	NOUN
ajfa-194	460	5	,	,	PUNCT
ajfa-194	460	6	87	87	NUM
ajfa-194	460	7	,	,	PUNCT
ajfa-194	460	8	329	329	NUM
ajfa-194	460	9	-	-	SYM
ajfa-194	460	10	356	356	NUM
ajfa-194	460	11	el	el	NOUN
ajfa-194	460	12	-	-	PUNCT
ajfa-194	460	13	gazzar	gazzar	NOUN
ajfa-194	460	14	,	,	PUNCT
ajfa-194	460	15	s.	s.	PROPN
ajfa-194	460	16	(	(	PUNCT
ajfa-194	460	17	1998	1998	NUM
ajfa-194	460	18	)	)	PUNCT
ajfa-194	460	19	.	.	PUNCT
ajfa-194	461	1	predisclosure	predisclosure	NOUN
ajfa-194	461	2	information	information	NOUN
ajfa-194	461	3	and	and	CCONJ
ajfa-194	461	4	institutional	institutional	ADJ
ajfa-194	461	5	ownership	ownership	NOUN
ajfa-194	461	6	:	:	PUNCT
ajfa-194	461	7	a	a	DET
ajfa-194	461	8	cross	cross	ADJ
ajfa-194	461	9	-	-	ADJ
ajfa-194	461	10	sectional	sectional	ADJ
ajfa-194	461	11	examination	examination	NOUN
ajfa-194	461	12	of	of	ADP
ajfa-194	461	13	market	market	NOUN
ajfa-194	461	14	revaluations	revaluation	NOUN
ajfa-194	461	15	during	during	ADP
ajfa-194	461	16	earnings	earning	NOUN
ajfa-194	461	17	announcement	announcement	NOUN
ajfa-194	461	18	periods	period	NOUN
ajfa-194	461	19	.	.	PUNCT
ajfa-194	462	1	the	the	DET
ajfa-194	462	2	accounting	accounting	NOUN
ajfa-194	462	3	review	review	NOUN
ajfa-194	462	4	,	,	PUNCT
ajfa-194	462	5	73	73	NUM
ajfa-194	462	6	,	,	PUNCT
ajfa-194	462	7	119	119	NUM
ajfa-194	462	8	-	-	SYM
ajfa-194	462	9	29	29	NUM
ajfa-194	462	10	gompers	gomper	NOUN
ajfa-194	462	11	,	,	PUNCT
ajfa-194	462	12	p.	p.	NOUN
ajfa-194	462	13	,	,	PUNCT
ajfa-194	462	14	&	&	CCONJ
ajfa-194	462	15	metrick	metrick	ADJ
ajfa-194	462	16	,	,	PUNCT
ajfa-194	462	17	a.	a.	NOUN
ajfa-194	462	18	(	(	PUNCT
ajfa-194	462	19	2001	2001	NUM
ajfa-194	462	20	)	)	PUNCT
ajfa-194	462	21	.	.	PUNCT
ajfa-194	463	1	institutional	institutional	ADJ
ajfa-194	463	2	investor	investor	NOUN
ajfa-194	463	3	and	and	CCONJ
ajfa-194	463	4	equity	equity	NOUN
ajfa-194	463	5	prices	price	NOUN
ajfa-194	463	6	.	.	PUNCT
ajfa-194	464	1	the	the	DET
ajfa-194	464	2	quarterly	quarterly	ADJ
ajfa-194	464	3	journal	journal	NOUN
ajfa-194	464	4	of	of	ADP
ajfa-194	464	5	economics,116	economics,116	PROPN
ajfa-194	464	6	,	,	PUNCT
ajfa-194	464	7	229	229	NUM
ajfa-194	464	8	-	-	SYM
ajfa-194	464	9	59	59	NUM
ajfa-194	464	10	thribar	thribar	NOUN
ajfa-194	464	11	,	,	PUNCT
ajfa-194	464	12	p.	p.	PROPN
ajfa-194	464	13	,	,	PUNCT
ajfa-194	464	14	&	&	CCONJ
ajfa-194	464	15	jenkins	jenkins	PROPN
ajfa-194	464	16	,	,	PUNCT
ajfa-194	464	17	n.	n.	PROPN
ajfa-194	464	18	(	(	PUNCT
ajfa-194	464	19	2004	2004	NUM
ajfa-194	464	20	)	)	PUNCT
ajfa-194	464	21	.	.	PUNCT
ajfa-194	465	1	the	the	DET
ajfa-194	465	2	effect	effect	NOUN
ajfa-194	465	3	of	of	ADP
ajfa-194	465	4	accounting	accounting	NOUN
ajfa-194	465	5	restatements	restatement	NOUN
ajfa-194	465	6	on	on	ADP
ajfa-194	465	7	earnings	earning	NOUN
ajfa-194	465	8	revisions	revision	NOUN
ajfa-194	465	9	and	and	CCONJ
ajfa-194	465	10	the	the	DET
ajfa-194	465	11	estimated	estimate	VERB
ajfa-194	465	12	cost	cost	NOUN
ajfa-194	465	13	of	of	ADP
ajfa-194	465	14	capital	capital	NOUN
ajfa-194	465	15	.	.	PUNCT
ajfa-194	466	1	review	review	NOUN
ajfa-194	466	2	of	of	ADP
ajfa-194	466	3	accounting	accounting	NOUN
ajfa-194	466	4	studies	study	NOUN
ajfa-194	466	5	,	,	PUNCT
ajfa-194	466	6	9	9	NUM
ajfa-194	466	7	,	,	PUNCT
ajfa-194	466	8	337	337	NUM
ajfa-194	466	9	-	-	SYM
ajfa-194	466	10	356	356	NUM
ajfa-194	466	11	asian	asian	ADJ
ajfa-194	466	12	journal	journal	NOUN
ajfa-194	466	13	of	of	ADP
ajfa-194	466	14	finance	finance	PROPN
ajfa-194	466	15	&	&	CCONJ
ajfa-194	466	16	accounting	accounting	PROPN
ajfa-194	466	17	issn	issn	PROPN
ajfa-194	466	18	1946	1946	NUM
ajfa-194	466	19	-	-	PUNCT
ajfa-194	466	20	052x	052x	NOUN
ajfa-194	466	21	2009	2009	NUM
ajfa-194	466	22	,	,	PUNCT
ajfa-194	466	23	vol	vol	NOUN
ajfa-194	466	24	.	.	PROPN
ajfa-194	466	25	1	1	NUM
ajfa-194	466	26	,	,	PUNCT
ajfa-194	466	27	no	no	INTJ
ajfa-194	466	28	.	.	NOUN
ajfa-194	466	29	2	2	NUM
ajfa-194	466	30	:	:	PUNCT
ajfa-194	466	31	e4	e4	PROPN
ajfa-194	466	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	466	33	101	101	NUM
ajfa-194	466	34	jiambalvo	jiambalvo	NOUN
ajfa-194	466	35	,	,	PUNCT
ajfa-194	466	36	j.	j.	PROPN
ajfa-194	466	37	,	,	PUNCT
ajfa-194	466	38	rajgopal	rajgopal	NOUN
ajfa-194	466	39	,	,	PUNCT
ajfa-194	466	40	s.	s.	PROPN
ajfa-194	466	41	,	,	PUNCT
ajfa-194	466	42	&	&	CCONJ
ajfa-194	466	43	venkatachalam	venkatachalam	PROPN
ajfa-194	466	44	,	,	PUNCT
ajfa-194	466	45	m.	m.	NOUN
ajfa-194	466	46	(	(	PUNCT
ajfa-194	466	47	2002	2002	NUM
ajfa-194	466	48	)	)	PUNCT
ajfa-194	466	49	.	.	PUNCT
ajfa-194	467	1	institutional	institutional	ADJ
ajfa-194	467	2	ownership	ownership	NOUN
ajfa-194	467	3	and	and	CCONJ
ajfa-194	467	4	the	the	DET
ajfa-194	467	5	extent	extent	NOUN
ajfa-194	467	6	to	to	PART
ajfa-194	467	7	which	which	PRON
ajfa-194	467	8	stock	stock	NOUN
ajfa-194	467	9	prices	price	NOUN
ajfa-194	467	10	reflect	reflect	VERB
ajfa-194	467	11	future	future	ADJ
ajfa-194	467	12	earnings	earning	NOUN
ajfa-194	467	13	.	.	PUNCT
ajfa-194	468	1	contemporary	contemporary	ADJ
ajfa-194	468	2	accounting	accounting	NOUN
ajfa-194	468	3	research	research	NOUN
ajfa-194	468	4	,	,	PUNCT
ajfa-194	468	5	19	19	NUM
ajfa-194	468	6	,	,	PUNCT
ajfa-194	468	7	117–45	117–45	NUM
ajfa-194	468	8	kacperczyk	kacperczyk	NOUN
ajfa-194	468	9	,	,	PUNCT
ajfa-194	468	10	m.	m.	NOUN
ajfa-194	468	11	,	,	PUNCT
ajfa-194	468	12	sialm	sialm	PROPN
ajfa-194	468	13	,	,	PUNCT
ajfa-194	468	14	c.	c.	PROPN
ajfa-194	468	15	,	,	PUNCT
ajfa-194	468	16	&	&	CCONJ
ajfa-194	468	17	zheng	zheng	PROPN
ajfa-194	468	18	,	,	PUNCT
ajfa-194	468	19	l.	l.	PROPN
ajfa-194	468	20	(	(	PUNCT
ajfa-194	468	21	2005	2005	NUM
ajfa-194	468	22	)	)	PUNCT
ajfa-194	468	23	.	.	PUNCT
ajfa-194	469	1	on	on	ADP
ajfa-194	469	2	the	the	DET
ajfa-194	469	3	industry	industry	NOUN
ajfa-194	469	4	concentration	concentration	NOUN
ajfa-194	469	5	of	of	ADP
ajfa-194	469	6	actively	actively	ADV
ajfa-194	469	7	managed	manage	VERB
ajfa-194	469	8	equity	equity	NOUN
ajfa-194	469	9	mutual	mutual	ADJ
ajfa-194	469	10	funds	fund	NOUN
ajfa-194	469	11	.	.	PUNCT
ajfa-194	470	1	the	the	DET
ajfa-194	470	2	journal	journal	NOUN
ajfa-194	470	3	of	of	ADP
ajfa-194	470	4	finance	finance	NOUN
ajfa-194	470	5	,	,	PUNCT
ajfa-194	470	6	60	60	NUM
ajfa-194	470	7	,	,	PUNCT
ajfa-194	470	8	1983	1983	NUM
ajfa-194	470	9	-	-	SYM
ajfa-194	470	10	2011	2011	NUM
ajfa-194	470	11	ke	ke	PROPN
ajfa-194	470	12	,	,	PUNCT
ajfa-194	470	13	b.	b.	PROPN
ajfa-194	470	14	,	,	PUNCT
ajfa-194	470	15	&	&	CCONJ
ajfa-194	470	16	petroni	petroni	PROPN
ajfa-194	470	17	,	,	PUNCT
ajfa-194	470	18	k.	k.	PROPN
ajfa-194	470	19	(	(	PUNCT
ajfa-194	470	20	2004	2004	NUM
ajfa-194	470	21	)	)	PUNCT
ajfa-194	470	22	.	.	PUNCT
ajfa-194	471	1	how	how	SCONJ
ajfa-194	471	2	informed	inform	VERB
ajfa-194	471	3	are	be	AUX
ajfa-194	471	4	actively	actively	ADV
ajfa-194	471	5	trading	trade	VERB
ajfa-194	471	6	institutional	institutional	ADJ
ajfa-194	471	7	investors	investor	NOUN
ajfa-194	471	8	?	?	PUNCT
ajfa-194	472	1	evidence	evidence	NOUN
ajfa-194	472	2	from	from	ADP
ajfa-194	472	3	their	their	PRON
ajfa-194	472	4	trading	trading	NOUN
ajfa-194	472	5	behavior	behavior	NOUN
ajfa-194	472	6	before	before	ADP
ajfa-194	472	7	a	a	DET
ajfa-194	472	8	break	break	NOUN
ajfa-194	472	9	in	in	ADP
ajfa-194	472	10	a	a	DET
ajfa-194	472	11	string	string	NOUN
ajfa-194	472	12	of	of	ADP
ajfa-194	472	13	consecutive	consecutive	ADJ
ajfa-194	472	14	earnings	earning	NOUN
ajfa-194	472	15	increases	increase	NOUN
ajfa-194	472	16	.	.	PUNCT
ajfa-194	473	1	journal	journal	NOUN
ajfa-194	473	2	of	of	ADP
ajfa-194	473	3	accounting	accounting	NOUN
ajfa-194	473	4	research	research	NOUN
ajfa-194	473	5	,	,	PUNCT
ajfa-194	473	6	42	42	NUM
ajfa-194	473	7	,	,	PUNCT
ajfa-194	473	8	895	895	NUM
ajfa-194	473	9	-	-	SYM
ajfa-194	473	10	927	927	NUM
ajfa-194	473	11	ke	ke	NOUN
ajfa-194	473	12	,	,	PUNCT
ajfa-194	473	13	b.	b.	PROPN
ajfa-194	473	14	,	,	PUNCT
ajfa-194	473	15	&	&	CCONJ
ajfa-194	473	16	ramalingegowda	ramalingegowda	PROPN
ajfa-194	473	17	,	,	PUNCT
ajfa-194	473	18	s.	s.	PROPN
ajfa-194	473	19	(	(	PUNCT
ajfa-194	473	20	2005	2005	NUM
ajfa-194	473	21	)	)	PUNCT
ajfa-194	473	22	.	.	PUNCT
ajfa-194	474	1	do	do	AUX
ajfa-194	474	2	money	money	NOUN
ajfa-194	474	3	managers	manager	NOUN
ajfa-194	474	4	exploit	exploit	VERB
ajfa-194	474	5	the	the	DET
ajfa-194	474	6	post	post	ADJ
ajfa-194	474	7	-	-	ADJ
ajfa-194	474	8	earnings	earnings	ADJ
ajfa-194	474	9	announcement	announcement	NOUN
ajfa-194	474	10	drift	drift	NOUN
ajfa-194	474	11	?	?	PUNCT
ajfa-194	475	1	t	t	PROPN
ajfa-194	475	2	journal	journal	NOUN
ajfa-194	475	3	of	of	ADP
ajfa-194	475	4	accounting	accounting	NOUN
ajfa-194	475	5	and	and	CCONJ
ajfa-194	475	6	economics	economic	NOUN
ajfa-194	475	7	,	,	PUNCT
ajfa-194	475	8	39	39	NUM
ajfa-194	475	9	,	,	PUNCT
ajfa-194	475	10	25	25	NUM
ajfa-194	475	11	-	-	SYM
ajfa-194	475	12	53	53	NUM
ajfa-194	475	13	ke	ke	PROPN
ajfa-194	475	14	,	,	PUNCT
ajfa-194	475	15	b.	b.	PROPN
ajfa-194	475	16	,	,	PUNCT
ajfa-194	475	17	petroni	petroni	NOUN
ajfa-194	475	18	,	,	PUNCT
ajfa-194	475	19	k.	k.	PROPN
ajfa-194	475	20	,	,	PUNCT
ajfa-194	475	21	&	&	CCONJ
ajfa-194	475	22	yu	yu	PROPN
ajfa-194	475	23	,	,	PUNCT
ajfa-194	475	24	y.	y.	PROPN
ajfa-194	475	25	(	(	PUNCT
ajfa-194	475	26	2008	2008	NUM
ajfa-194	475	27	)	)	PUNCT
ajfa-194	475	28	.	.	PUNCT
ajfa-194	476	1	the	the	DET
ajfa-194	476	2	effect	effect	NOUN
ajfa-194	476	3	of	of	ADP
ajfa-194	476	4	regulation	regulation	NOUN
ajfa-194	476	5	fd	fd	VERB
ajfa-194	476	6	on	on	ADP
ajfa-194	476	7	transient	transient	ADJ
ajfa-194	476	8	institutional	institutional	ADJ
ajfa-194	476	9	investors‟	investors‟	NUM
ajfa-194	476	10	trading	trading	NOUN
ajfa-194	476	11	behavior	behavior	NOUN
ajfa-194	476	12	.	.	PUNCT
ajfa-194	477	1	journal	journal	NOUN
ajfa-194	477	2	of	of	ADP
ajfa-194	477	3	accounting	accounting	NOUN
ajfa-194	477	4	research	research	NOUN
ajfa-194	477	5	,	,	PUNCT
ajfa-194	477	6	46	46	NUM
ajfa-194	477	7	,	,	PUNCT
ajfa-194	477	8	853	853	NUM
ajfa-194	477	9	-	-	SYM
ajfa-194	477	10	883	883	NUM
ajfa-194	477	11	kennedy	kennedy	PROPN
ajfa-194	477	12	,	,	PUNCT
ajfa-194	477	13	p.	p.	PROPN
ajfa-194	477	14	(	(	PUNCT
ajfa-194	477	15	2003	2003	NUM
ajfa-194	477	16	)	)	PUNCT
ajfa-194	477	17	.	.	PUNCT
ajfa-194	478	1	a	a	DET
ajfa-194	478	2	guide	guide	NOUN
ajfa-194	478	3	to	to	ADP
ajfa-194	478	4	econometrics	econometric	NOUN
ajfa-194	478	5	.	.	PUNCT
ajfa-194	479	1	cambridge	cambridge	PROPN
ajfa-194	479	2	:	:	PUNCT
ajfa-194	479	3	mit	mit	VERB
ajfa-194	479	4	press	press	NOUN
ajfa-194	479	5	myers	myers	PROPN
ajfa-194	479	6	,	,	PUNCT
ajfa-194	479	7	j.	j.	PROPN
ajfa-194	479	8	,	,	PUNCT
ajfa-194	479	9	myers	myers	PROPN
ajfa-194	479	10	,	,	PUNCT
ajfa-194	479	11	l.	l.	PROPN
ajfa-194	479	12	,	,	PUNCT
ajfa-194	479	13	palmrose	palmrose	ADJ
ajfa-194	479	14	,	,	PUNCT
ajfa-194	479	15	&	&	CCONJ
ajfa-194	479	16	z.	z.	PROPN
ajfa-194	479	17	,	,	PUNCT
ajfa-194	479	18	scholz	scholz	PROPN
ajfa-194	479	19	,	,	PUNCT
ajfa-194	479	20	s.	s.	PROPN
ajfa-194	479	21	(	(	PUNCT
ajfa-194	479	22	2003	2003	NUM
ajfa-194	479	23	)	)	PUNCT
ajfa-194	479	24	.	.	PUNCT
ajfa-194	480	1	mandatory	mandatory	ADJ
ajfa-194	480	2	auditor	auditor	NOUN
ajfa-194	480	3	rotation	rotation	NOUN
ajfa-194	480	4	:	:	PUNCT
ajfa-194	480	5	evidence	evidence	NOUN
ajfa-194	480	6	from	from	ADP
ajfa-194	480	7	restatements	restatement	NOUN
ajfa-194	480	8	.	.	PUNCT
ajfa-194	481	1	university	university	NOUN
ajfa-194	481	2	of	of	ADP
ajfa-194	481	3	illinoise	illinoise	PROPN
ajfa-194	481	4	at	at	ADP
ajfa-194	481	5	urbana	urbana	PROPN
ajfa-194	481	6	-	-	PUNCT
ajfa-194	481	7	champaign	champaign	PROPN
ajfa-194	481	8	working	working	NOUN
ajfa-194	481	9	paper	paper	NOUN
ajfa-194	481	10	palmrose	palmrose	ADJ
ajfa-194	481	11	,	,	PUNCT
ajfa-194	481	12	z.v	z.v	PROPN
ajfa-194	481	13	.	.	PROPN
ajfa-194	481	14	,	,	PUNCT
ajfa-194	481	15	richardson	richardson	PROPN
ajfa-194	481	16	,	,	PUNCT
ajfa-194	481	17	v.j	v.j	PROPN
ajfa-194	481	18	.	.	PROPN
ajfa-194	481	19	,	,	PUNCT
ajfa-194	481	20	&	&	CCONJ
ajfa-194	481	21	scholz	scholz	NOUN
ajfa-194	481	22	,	,	PUNCT
ajfa-194	481	23	s.	s.	PROPN
ajfa-194	481	24	(	(	PUNCT
ajfa-194	481	25	2004	2004	NUM
ajfa-194	481	26	)	)	PUNCT
ajfa-194	481	27	.	.	PUNCT
ajfa-194	482	1	determinants	determinant	NOUN
ajfa-194	482	2	of	of	ADP
ajfa-194	482	3	market	market	NOUN
ajfa-194	482	4	reactions	reaction	NOUN
ajfa-194	482	5	to	to	PART
ajfa-194	482	6	restatement	restatement	VERB
ajfa-194	482	7	announcements	announcement	NOUN
ajfa-194	482	8	.	.	PUNCT
ajfa-194	483	1	journal	journal	NOUN
ajfa-194	483	2	of	of	ADP
ajfa-194	483	3	accounting	accounting	NOUN
ajfa-194	483	4	and	and	CCONJ
ajfa-194	483	5	economics	economic	NOUN
ajfa-194	483	6	,	,	PUNCT
ajfa-194	483	7	37	37	NUM
ajfa-194	483	8	,	,	PUNCT
ajfa-194	483	9	59	59	NUM
ajfa-194	483	10	-	-	SYM
ajfa-194	483	11	89	89	NUM
ajfa-194	483	12	palmrose	palmrose	ADJ
ajfa-194	483	13	,	,	PUNCT
ajfa-194	483	14	z.v	z.v	PROPN
ajfa-194	483	15	.	.	PROPN
ajfa-194	483	16	,	,	PUNCT
ajfa-194	483	17	&	&	CCONJ
ajfa-194	483	18	scholz	scholz	NOUN
ajfa-194	483	19	,	,	PUNCT
ajfa-194	483	20	s.	s.	PROPN
ajfa-194	483	21	(	(	PUNCT
ajfa-194	483	22	2004	2004	NUM
ajfa-194	483	23	)	)	PUNCT
ajfa-194	483	24	.	.	PUNCT
ajfa-194	484	1	the	the	DET
ajfa-194	484	2	circumstances	circumstance	NOUN
ajfa-194	484	3	and	and	CCONJ
ajfa-194	484	4	legal	legal	ADJ
ajfa-194	484	5	consequences	consequence	NOUN
ajfa-194	484	6	of	of	ADP
ajfa-194	484	7	non	non	ADJ
ajfa-194	484	8	-	-	ADJ
ajfa-194	484	9	gaap	gaap	ADJ
ajfa-194	484	10	reporting	reporting	NOUN
ajfa-194	484	11	:	:	PUNCT
ajfa-194	484	12	evidence	evidence	NOUN
ajfa-194	484	13	from	from	ADP
ajfa-194	484	14	restatements	restatement	NOUN
ajfa-194	484	15	.	.	PUNCT
ajfa-194	485	1	contemporary	contemporary	ADJ
ajfa-194	485	2	accounting	accounting	NOUN
ajfa-194	485	3	research	research	NOUN
ajfa-194	485	4	,	,	PUNCT
ajfa-194	485	5	21	21	NUM
ajfa-194	485	6	,	,	PUNCT
ajfa-194	485	7	139	139	NUM
ajfa-194	485	8	-	-	SYM
ajfa-194	485	9	180	180	NUM
ajfa-194	485	10	plumlee	plumlee	PROPN
ajfa-194	485	11	,	,	PUNCT
ajfa-194	485	12	m.	m.	NOUN
ajfa-194	485	13	,	,	PUNCT
ajfa-194	485	14	&	&	CCONJ
ajfa-194	485	15	yohn	yohn	PROPN
ajfa-194	485	16	,	,	PUNCT
ajfa-194	485	17	t.l	t.l	PROPN
ajfa-194	485	18	.	.	PUNCT
ajfa-194	485	19	(	(	PUNCT
ajfa-194	485	20	2009	2009	NUM
ajfa-194	485	21	)	)	PUNCT
ajfa-194	485	22	.	.	PUNCT
ajfa-194	486	1	an	an	DET
ajfa-194	486	2	analysis	analysis	NOUN
ajfa-194	486	3	of	of	ADP
ajfa-194	486	4	the	the	DET
ajfa-194	486	5	underlying	underlying	ADJ
ajfa-194	486	6	causes	cause	NOUN
ajfa-194	486	7	attributed	attribute	VERB
ajfa-194	486	8	to	to	ADP
ajfa-194	486	9	restatements	restatement	NOUN
ajfa-194	486	10	.	.	PUNCT
ajfa-194	487	1	university	university	NOUN
ajfa-194	487	2	of	of	ADP
ajfa-194	487	3	utah	utah	PROPN
ajfa-194	487	4	working	working	PROPN
ajfa-194	487	5	paper	paper	PROPN
ajfa-194	487	6	walther	walther	NOUN
ajfa-194	487	7	,	,	PUNCT
ajfa-194	487	8	b.	b.	PROPN
ajfa-194	487	9	(	(	PUNCT
ajfa-194	487	10	1997	1997	NUM
ajfa-194	487	11	)	)	PUNCT
ajfa-194	487	12	.	.	PUNCT
ajfa-194	488	1	investor	investor	NOUN
ajfa-194	488	2	sophistication	sophistication	NOUN
ajfa-194	488	3	and	and	CCONJ
ajfa-194	488	4	market	market	NOUN
ajfa-194	488	5	earnings	earning	NOUN
ajfa-194	488	6	expectations	expectation	NOUN
ajfa-194	488	7	.	.	PUNCT
ajfa-194	489	1	journal	journal	NOUN
ajfa-194	489	2	of	of	ADP
ajfa-194	489	3	accounting	accounting	NOUN
ajfa-194	489	4	research	research	NOUN
ajfa-194	489	5	,	,	PUNCT
ajfa-194	489	6	35	35	NUM
ajfa-194	489	7	,	,	PUNCT
ajfa-194	489	8	157	157	NUM
ajfa-194	489	9	-	-	SYM
ajfa-194	489	10	79	79	NUM
ajfa-194	489	11	wang	wang	PROPN
ajfa-194	489	12	,	,	PUNCT
ajfa-194	489	13	j.	j.	PROPN
ajfa-194	489	14	(	(	PUNCT
ajfa-194	489	15	2010	2010	NUM
ajfa-194	489	16	)	)	PUNCT
ajfa-194	489	17	.	.	PUNCT
ajfa-194	490	1	transient	transient	ADJ
ajfa-194	490	2	institutional	institutional	ADJ
ajfa-194	490	3	investors	investor	NOUN
ajfa-194	490	4	and	and	CCONJ
ajfa-194	490	5	insider	insider	NOUN
ajfa-194	490	6	trading	trading	NOUN
ajfa-194	490	7	signals	signal	NOUN
ajfa-194	490	8	.	.	PUNCT
ajfa-194	491	1	international	international	ADJ
ajfa-194	491	2	journal	journal	PROPN
ajfa-194	491	3	of	of	ADP
ajfa-194	491	4	accounting	accounting	NOUN
ajfa-194	491	5	and	and	CCONJ
ajfa-194	491	6	information	information	NOUN
ajfa-194	491	7	management	management	NOUN
ajfa-194	491	8	(	(	PUNCT
ajfa-194	491	9	forthcoming	forthcoming	ADJ
ajfa-194	491	10	)	)	PUNCT
ajfa-194	491	11	appendixes	appendix	NOUN
ajfa-194	491	12	appendix	appendix	VERB
ajfa-194	491	13	1.variable	1.variable	NUM
ajfa-194	491	14	definitions	definition	NOUN
ajfa-194	491	15	variables	variable	NOUN
ajfa-194	491	16	measurement	measurement	NOUN
ajfa-194	491	17	institutional	institutional	ADJ
ajfa-194	491	18	ownership	ownership	NOUN
ajfa-194	491	19	variables	variable	VERB
ajfa-194	491	20	inst%q-1	inst%q-1	NOUN
ajfa-194	491	21	=	=	NOUN
ajfa-194	491	22	level	level	NOUN
ajfa-194	491	23	of	of	ADP
ajfa-194	491	24	total	total	ADJ
ajfa-194	491	25	institutional	institutional	ADJ
ajfa-194	491	26	ownership	ownership	NOUN
ajfa-194	491	27	of	of	ADP
ajfa-194	491	28	the	the	DET
ajfa-194	491	29	firm‟s	firm‟s	NOUN
ajfa-194	491	30	shares	share	NOUN
ajfa-194	491	31	outstanding	outstanding	ADJ
ajfa-194	491	32	at	at	ADP
ajfa-194	491	33	the	the	DET
ajfa-194	491	34	end	end	NOUN
ajfa-194	491	35	of	of	ADP
ajfa-194	491	36	quarter	quarter	NOUN
ajfa-194	491	37	q-1	q-1	NOUN
ajfa-194	491	38	.	.	PUNCT
ajfa-194	492	1	∆adj_inst%q	∆adj_inst%q	VERB
ajfa-194	493	1	=	=	PUNCT
ajfa-194	494	1	mean	mean	ADJ
ajfa-194	494	2	-	-	PUNCT
ajfa-194	494	3	adjusted	adjust	VERB
ajfa-194	494	4	change	change	NOUN
ajfa-194	494	5	in	in	ADP
ajfa-194	494	6	total	total	ADJ
ajfa-194	494	7	institutional	institutional	ADJ
ajfa-194	494	8	holdings	holding	NOUN
ajfa-194	494	9	of	of	ADP
ajfa-194	494	10	the	the	DET
ajfa-194	494	11	firm‟s	firm‟s	NOUN
ajfa-194	494	12	shares	share	NOUN
ajfa-194	494	13	outstanding	outstanding	ADJ
ajfa-194	494	14	over	over	ADP
ajfa-194	494	15	calendar	calendar	NOUN
ajfa-194	494	16	quarter	quarter	NOUN
ajfa-194	494	17	q.	q.	NOUN
ajfa-194	494	18	the	the	DET
ajfa-194	494	19	adjustment	adjustment	NOUN
ajfa-194	494	20	is	be	AUX
ajfa-194	494	21	made	make	VERB
ajfa-194	494	22	by	by	ADP
ajfa-194	494	23	subtracting	subtract	VERB
ajfa-194	494	24	the	the	DET
ajfa-194	494	25	average	average	ADJ
ajfa-194	494	26	change	change	NOUN
ajfa-194	494	27	in	in	ADP
ajfa-194	494	28	total	total	ADJ
ajfa-194	494	29	institutional	institutional	ADJ
ajfa-194	494	30	holdings	holding	NOUN
ajfa-194	494	31	across	across	ADP
ajfa-194	494	32	all	all	DET
ajfa-194	494	33	firms	firm	NOUN
ajfa-194	494	34	in	in	ADP
ajfa-194	494	35	the	the	DET
ajfa-194	494	36	cda	cda	PROPN
ajfa-194	494	37	/	/	SYM
ajfa-194	494	38	spectrum	spectrum	NOUN
ajfa-194	494	39	database	database	NOUN
ajfa-194	494	40	over	over	ADP
ajfa-194	494	41	the	the	DET
ajfa-194	494	42	same	same	ADJ
ajfa-194	494	43	calendar	calendar	NOUN
ajfa-194	494	44	quarter	quarter	NOUN
ajfa-194	494	45	q	q	NOUN
ajfa-194	494	46	,	,	PUNCT
ajfa-194	494	47	in	in	ADP
ajfa-194	494	48	order	order	NOUN
ajfa-194	494	49	to	to	PART
ajfa-194	494	50	control	control	VERB
ajfa-194	494	51	for	for	ADP
ajfa-194	494	52	time	time	NOUN
ajfa-194	494	53	trends	trend	NOUN
ajfa-194	494	54	in	in	ADP
ajfa-194	494	55	the	the	DET
ajfa-194	494	56	change	change	NOUN
ajfa-194	494	57	in	in	ADP
ajfa-194	494	58	total	total	ADJ
ajfa-194	494	59	institutional	institutional	ADJ
ajfa-194	494	60	holdings	holding	NOUN
ajfa-194	494	61	(	(	PUNCT
ajfa-194	494	62	abarbanell	abarbanell	INTJ
ajfa-194	494	63	,	,	PUNCT
ajfa-194	494	64	bushee	bushee	NOUN
ajfa-194	494	65	,	,	PUNCT
ajfa-194	494	66	and	and	CCONJ
ajfa-194	494	67	raedy	raedy	ADJ
ajfa-194	494	68	,	,	PUNCT
ajfa-194	494	69	2003	2003	NUM
ajfa-194	494	70	)	)	PUNCT
ajfa-194	494	71	.	.	PUNCT
ajfa-194	495	1	pw_inst%q-1	pw_inst%q-1	NOUN
ajfa-194	495	2	=	=	SYM
ajfa-194	495	3	weighted	weight	VERB
ajfa-194	495	4	mean	mean	NOUN
ajfa-194	495	5	portfolio	portfolio	NOUN
ajfa-194	495	6	weight	weight	NOUN
ajfa-194	495	7	of	of	ADP
ajfa-194	495	8	the	the	DET
ajfa-194	495	9	firm	firm	NOUN
ajfa-194	495	10	held	hold	VERB
ajfa-194	495	11	by	by	ADP
ajfa-194	495	12	all	all	DET
ajfa-194	495	13	institutions	institution	NOUN
ajfa-194	495	14	at	at	ADP
ajfa-194	495	15	the	the	DET
ajfa-194	495	16	end	end	NOUN
ajfa-194	495	17	of	of	ADP
ajfa-194	495	18	quarter	quarter	NOUN
ajfa-194	495	19	q-1	q-1	NOUN
ajfa-194	495	20	.	.	PUNCT
ajfa-194	496	1	pw_instj	pw_instj	PROPN
ajfa-194	496	2	,	,	PUNCT
ajfa-194	496	3	q-1	q-1	ADJ
ajfa-194	496	4	=	=	SYM
ajfa-194	496	5	mvinst	mvinst	NOUN
ajfa-194	496	6	,	,	PUNCT
ajfa-194	496	7	j	j	NOUN
ajfa-194	496	8	,	,	PUNCT
ajfa-194	496	9	q-1	q-1	ADJ
ajfa-194	496	10	/	/	SYM
ajfa-194	496	11	mvinst	mvinst	ADJ
ajfa-194	496	12	,	,	PUNCT
ajfa-194	496	13	all	all	PRON
ajfa-194	496	14	,	,	PUNCT
ajfa-194	496	15	q-1	q-1	NUM
ajfa-194	496	16	,	,	PUNCT
ajfa-194	496	17	where	where	SCONJ
ajfa-194	496	18	mvinst	mvinst	ADJ
ajfa-194	496	19	,	,	PUNCT
ajfa-194	496	20	j	j	PROPN
ajfa-194	496	21	,	,	PUNCT
ajfa-194	496	22	q-1	q-1	PRON
ajfa-194	496	23	is	be	AUX
ajfa-194	496	24	the	the	DET
ajfa-194	496	25	market	market	NOUN
ajfa-194	496	26	value	value	NOUN
ajfa-194	496	27	of	of	ADP
ajfa-194	496	28	firm	firm	ADJ
ajfa-194	496	29	j	j	PROPN
ajfa-194	496	30	held	hold	VERB
ajfa-194	496	31	by	by	ADP
ajfa-194	496	32	all	all	DET
ajfa-194	496	33	institutions	institution	NOUN
ajfa-194	496	34	at	at	ADP
ajfa-194	496	35	the	the	DET
ajfa-194	496	36	end	end	NOUN
ajfa-194	496	37	of	of	ADP
ajfa-194	496	38	quarter	quarter	NOUN
ajfa-194	496	39	q-1	q-1	NOUN
ajfa-194	496	40	.	.	PUNCT
ajfa-194	497	1	mv	mv	PROPN
ajfa-194	497	2	inst	inst	PROPN
ajfa-194	497	3	,	,	PUNCT
ajfa-194	497	4	all	all	DET
ajfa-194	497	5	q-1	q-1	ADJ
ajfa-194	497	6	is	be	AUX
ajfa-194	497	7	the	the	DET
ajfa-194	497	8	market	market	NOUN
ajfa-194	497	9	value	value	NOUN
ajfa-194	497	10	of	of	ADP
ajfa-194	497	11	all	all	DET
ajfa-194	497	12	firms	firm	NOUN
ajfa-194	497	13	held	hold	VERB
ajfa-194	497	14	by	by	ADP
ajfa-194	497	15	the	the	DET
ajfa-194	497	16	same	same	ADJ
ajfa-194	497	17	institutions	institution	NOUN
ajfa-194	497	18	at	at	ADP
ajfa-194	497	19	the	the	DET
ajfa-194	497	20	end	end	NOUN
ajfa-194	497	21	of	of	ADP
ajfa-194	497	22	quarter	quarter	NOUN
ajfa-194	497	23	q-1	q-1	NOUN
ajfa-194	497	24	.	.	PUNCT
ajfa-194	498	1	tra%q-1	tra%q-1	NOUN
ajfa-194	498	2	=	=	SYM
ajfa-194	498	3	level	level	NOUN
ajfa-194	498	4	of	of	ADP
ajfa-194	498	5	aggregate	aggregate	ADJ
ajfa-194	498	6	transient	transient	ADJ
ajfa-194	498	7	institutional	institutional	ADJ
ajfa-194	498	8	holdings	holding	NOUN
ajfa-194	498	9	of	of	ADP
ajfa-194	498	10	the	the	DET
ajfa-194	498	11	firm‟s	firm‟s	NOUN
ajfa-194	498	12	shares	share	NOUN
ajfa-194	498	13	outstanding	outstanding	ADJ
ajfa-194	498	14	at	at	ADP
ajfa-194	498	15	the	the	DET
ajfa-194	498	16	end	end	NOUN
ajfa-194	498	17	of	of	ADP
ajfa-194	498	18	quarter	quarter	NOUN
ajfa-194	498	19	q-1	q-1	NOUN
ajfa-194	498	20	.	.	PUNCT
ajfa-194	499	1	asian	asian	ADJ
ajfa-194	499	2	journal	journal	PROPN
ajfa-194	499	3	of	of	ADP
ajfa-194	499	4	finance	finance	PROPN
ajfa-194	499	5	&	&	CCONJ
ajfa-194	499	6	accounting	accounting	PROPN
ajfa-194	499	7	issn	issn	PROPN
ajfa-194	499	8	1946	1946	NUM
ajfa-194	499	9	-	-	PUNCT
ajfa-194	499	10	052x	052x	NOUN
ajfa-194	499	11	2009	2009	NUM
ajfa-194	499	12	,	,	PUNCT
ajfa-194	499	13	vol	vol	NOUN
ajfa-194	499	14	.	.	PROPN
ajfa-194	499	15	1	1	NUM
ajfa-194	499	16	,	,	PUNCT
ajfa-194	499	17	no	no	INTJ
ajfa-194	499	18	.	.	NOUN
ajfa-194	499	19	2	2	NUM
ajfa-194	499	20	:	:	PUNCT
ajfa-194	499	21	e4	e4	PROPN
ajfa-194	499	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	499	23	102	102	NUM
ajfa-194	499	24	∆adj_tra%q	∆adj_tra%q	NOUN
ajfa-194	499	25	=	=	SYM
ajfa-194	499	26	mean	mean	ADJ
ajfa-194	499	27	-	-	PUNCT
ajfa-194	499	28	adjusted	adjust	VERB
ajfa-194	499	29	change	change	NOUN
ajfa-194	499	30	in	in	ADP
ajfa-194	499	31	aggregate	aggregate	ADJ
ajfa-194	499	32	transient	transient	ADJ
ajfa-194	499	33	institutional	institutional	ADJ
ajfa-194	499	34	holdings	holding	NOUN
ajfa-194	499	35	of	of	ADP
ajfa-194	499	36	the	the	DET
ajfa-194	499	37	firm‟s	firm‟s	NOUN
ajfa-194	499	38	shares	share	NOUN
ajfa-194	499	39	outstanding	outstanding	ADJ
ajfa-194	499	40	over	over	ADP
ajfa-194	499	41	calendar	calendar	NOUN
ajfa-194	499	42	quarter	quarter	NOUN
ajfa-194	499	43	q.	q.	NOUN
ajfa-194	499	44	the	the	DET
ajfa-194	499	45	adjustment	adjustment	NOUN
ajfa-194	499	46	is	be	AUX
ajfa-194	499	47	made	make	VERB
ajfa-194	499	48	by	by	ADP
ajfa-194	499	49	subtracting	subtract	VERB
ajfa-194	499	50	the	the	DET
ajfa-194	499	51	average	average	ADJ
ajfa-194	499	52	change	change	NOUN
ajfa-194	499	53	in	in	ADP
ajfa-194	499	54	aggregate	aggregate	ADJ
ajfa-194	499	55	transient	transient	ADJ
ajfa-194	499	56	institutional	institutional	ADJ
ajfa-194	499	57	holdings	holding	NOUN
ajfa-194	499	58	across	across	ADP
ajfa-194	499	59	all	all	DET
ajfa-194	499	60	firms	firm	NOUN
ajfa-194	499	61	in	in	ADP
ajfa-194	499	62	the	the	DET
ajfa-194	499	63	cda	cda	PROPN
ajfa-194	499	64	/	/	SYM
ajfa-194	499	65	spectrum	spectrum	NOUN
ajfa-194	499	66	database	database	NOUN
ajfa-194	499	67	over	over	ADP
ajfa-194	499	68	the	the	DET
ajfa-194	499	69	same	same	ADJ
ajfa-194	499	70	calendar	calendar	NOUN
ajfa-194	499	71	quarter	quarter	NOUN
ajfa-194	499	72	q	q	NOUN
ajfa-194	499	73	,	,	PUNCT
ajfa-194	499	74	in	in	ADP
ajfa-194	499	75	order	order	NOUN
ajfa-194	499	76	to	to	PART
ajfa-194	499	77	control	control	VERB
ajfa-194	499	78	for	for	ADP
ajfa-194	499	79	time	time	NOUN
ajfa-194	499	80	trends	trend	NOUN
ajfa-194	499	81	in	in	ADP
ajfa-194	499	82	the	the	DET
ajfa-194	499	83	change	change	NOUN
ajfa-194	499	84	in	in	ADP
ajfa-194	499	85	transient	transient	ADJ
ajfa-194	499	86	institutional	institutional	ADJ
ajfa-194	499	87	holdings	holding	NOUN
ajfa-194	499	88	(	(	PUNCT
ajfa-194	499	89	abarbanell	abarbanell	INTJ
ajfa-194	499	90	,	,	PUNCT
ajfa-194	499	91	bushee	bushee	NOUN
ajfa-194	499	92	,	,	PUNCT
ajfa-194	499	93	and	and	CCONJ
ajfa-194	499	94	raedy	raedy	ADJ
ajfa-194	499	95	,	,	PUNCT
ajfa-194	499	96	2003	2003	NUM
ajfa-194	499	97	)	)	PUNCT
ajfa-194	499	98	.	.	PUNCT
ajfa-194	500	1	pw_tra%q-1	pw_tra%q-1	NOUN
ajfa-194	500	2	=	=	SYM
ajfa-194	500	3	weighted	weight	VERB
ajfa-194	500	4	mean	mean	NOUN
ajfa-194	500	5	portfolio	portfolio	NOUN
ajfa-194	500	6	weight	weight	NOUN
ajfa-194	500	7	of	of	ADP
ajfa-194	500	8	the	the	DET
ajfa-194	500	9	firm	firm	NOUN
ajfa-194	500	10	held	hold	VERB
ajfa-194	500	11	by	by	ADP
ajfa-194	500	12	all	all	DET
ajfa-194	500	13	transient	transient	ADJ
ajfa-194	500	14	institutions	institution	NOUN
ajfa-194	500	15	at	at	ADP
ajfa-194	500	16	the	the	DET
ajfa-194	500	17	end	end	NOUN
ajfa-194	500	18	of	of	ADP
ajfa-194	500	19	quarter	quarter	NOUN
ajfa-194	500	20	q-1	q-1	NOUN
ajfa-194	500	21	.	.	PUNCT
ajfa-194	501	1	pw_traj	pw_traj	ADJ
ajfa-194	501	2	,	,	PUNCT
ajfa-194	501	3	q-1	q-1	ADJ
ajfa-194	501	4	=	=	SYM
ajfa-194	501	5	mvtra	mvtra	NOUN
ajfa-194	501	6	,	,	PUNCT
ajfa-194	501	7	j	j	NOUN
ajfa-194	501	8	,	,	PUNCT
ajfa-194	501	9	q-1	q-1	PROPN
ajfa-194	501	10	/	/	SYM
ajfa-194	501	11	mvtra	mvtra	PROPN
ajfa-194	501	12	,	,	PUNCT
ajfa-194	501	13	all	all	PRON
ajfa-194	501	14	,	,	PUNCT
ajfa-194	501	15	q-1	q-1	NUM
ajfa-194	501	16	,	,	PUNCT
ajfa-194	501	17	where	where	SCONJ
ajfa-194	501	18	mvtra	mvtra	PROPN
ajfa-194	501	19	,	,	PUNCT
ajfa-194	501	20	j	j	PROPN
ajfa-194	501	21	,	,	PUNCT
ajfa-194	501	22	q-1	q-1	PRON
ajfa-194	501	23	is	be	AUX
ajfa-194	501	24	the	the	DET
ajfa-194	501	25	market	market	NOUN
ajfa-194	501	26	value	value	NOUN
ajfa-194	501	27	of	of	ADP
ajfa-194	501	28	firm	firm	ADJ
ajfa-194	501	29	j	j	PROPN
ajfa-194	501	30	held	hold	VERB
ajfa-194	501	31	by	by	ADP
ajfa-194	501	32	all	all	DET
ajfa-194	501	33	transient	transient	ADJ
ajfa-194	501	34	institutions	institution	NOUN
ajfa-194	501	35	at	at	ADP
ajfa-194	501	36	the	the	DET
ajfa-194	501	37	end	end	NOUN
ajfa-194	501	38	of	of	ADP
ajfa-194	501	39	q-1	q-1	NOUN
ajfa-194	501	40	.	.	PUNCT
ajfa-194	502	1	mv	mv	PROPN
ajfa-194	502	2	tra	tra	PROPN
ajfa-194	502	3	,	,	PUNCT
ajfa-194	502	4	all	all	DET
ajfa-194	502	5	q-1	q-1	ADJ
ajfa-194	502	6	is	be	AUX
ajfa-194	502	7	the	the	DET
ajfa-194	502	8	market	market	NOUN
ajfa-194	502	9	value	value	NOUN
ajfa-194	502	10	of	of	ADP
ajfa-194	502	11	all	all	DET
ajfa-194	502	12	firms	firm	NOUN
ajfa-194	502	13	held	hold	VERB
ajfa-194	502	14	by	by	ADP
ajfa-194	502	15	the	the	DET
ajfa-194	502	16	same	same	ADJ
ajfa-194	502	17	transient	transient	ADJ
ajfa-194	502	18	institutions	institution	NOUN
ajfa-194	502	19	at	at	ADP
ajfa-194	502	20	the	the	DET
ajfa-194	502	21	end	end	NOUN
ajfa-194	502	22	of	of	ADP
ajfa-194	502	23	q1	q1	PROPN
ajfa-194	502	24	.	.	PUNCT
ajfa-194	503	1	tra_rank	tra_rank	NUM
ajfa-194	503	2	q-2	q-2	NOUN
ajfa-194	504	1	=	=	NOUN
ajfa-194	504	2	scaled	scale	VERB
ajfa-194	504	3	decile	decile	NOUN
ajfa-194	504	4	ranking	rank	VERB
ajfa-194	504	5	across	across	ADP
ajfa-194	504	6	the	the	DET
ajfa-194	504	7	restating	restate	VERB
ajfa-194	504	8	firms	firm	NOUN
ajfa-194	504	9	(	(	PUNCT
ajfa-194	504	10	i.e.	i.e.	X
ajfa-194	504	11	,	,	PUNCT
ajfa-194	504	12	364	364	NUM
ajfa-194	504	13	restating	restate	VERB
ajfa-194	504	14	firms	firm	NOUN
ajfa-194	504	15	)	)	PUNCT
ajfa-194	504	16	based	base	VERB
ajfa-194	504	17	on	on	ADP
ajfa-194	504	18	the	the	DET
ajfa-194	504	19	level	level	NOUN
ajfa-194	504	20	of	of	ADP
ajfa-194	504	21	aggregate	aggregate	ADJ
ajfa-194	504	22	transient	transient	ADJ
ajfa-194	504	23	institutional	institutional	ADJ
ajfa-194	504	24	holdings	holding	NOUN
ajfa-194	504	25	of	of	ADP
ajfa-194	504	26	the	the	DET
ajfa-194	504	27	firm‟s	firm‟s	NOUN
ajfa-194	504	28	shares	share	NOUN
ajfa-194	504	29	outstanding	outstanding	ADJ
ajfa-194	504	30	at	at	ADP
ajfa-194	504	31	the	the	DET
ajfa-194	504	32	end	end	NOUN
ajfa-194	504	33	of	of	ADP
ajfa-194	504	34	quarter	quarter	NOUN
ajfa-194	504	35	q-2	q-2	ADV
ajfa-194	504	36	(	(	PUNCT
ajfa-194	504	37	tra%q-2	tra%q-2	NUM
ajfa-194	504	38	)	)	PUNCT
ajfa-194	504	39	.	.	PUNCT
ajfa-194	505	1	specifically	specifically	ADV
ajfa-194	505	2	,	,	PUNCT
ajfa-194	505	3	we	we	PRON
ajfa-194	505	4	group	group	VERB
ajfa-194	505	5	the	the	DET
ajfa-194	505	6	364	364	NUM
ajfa-194	505	7	restating	restate	VERB
ajfa-194	505	8	firms	firm	NOUN
ajfa-194	505	9	into	into	ADP
ajfa-194	505	10	ten	ten	NUM
ajfa-194	505	11	groups	group	NOUN
ajfa-194	505	12	based	base	VERB
ajfa-194	505	13	on	on	ADP
ajfa-194	505	14	tra%q-2	tra%q-2	PROPN
ajfa-194	505	15	(	(	PUNCT
ajfa-194	505	16	i.e.	i.e.	X
ajfa-194	505	17	,	,	PUNCT
ajfa-194	505	18	group	group	NOUN
ajfa-194	505	19	0~9	0~9	NUM
ajfa-194	505	20	)	)	PUNCT
ajfa-194	505	21	and	and	CCONJ
ajfa-194	505	22	then	then	ADV
ajfa-194	505	23	divide	divide	VERB
ajfa-194	505	24	this	this	DET
ajfa-194	505	25	decile	decile	NOUN
ajfa-194	505	26	ranking	rank	VERB
ajfa-194	505	27	by	by	ADP
ajfa-194	505	28	9	9	NUM
ajfa-194	505	29	.	.	PUNCT
ajfa-194	506	1	for	for	ADP
ajfa-194	506	2	example	example	NOUN
ajfa-194	506	3	,	,	PUNCT
ajfa-194	506	4	tra_rank	tra_rank	CCONJ
ajfa-194	506	5	q-2	q-2	NOUN
ajfa-194	506	6	is	be	AUX
ajfa-194	506	7	equal	equal	ADJ
ajfa-194	506	8	to	to	ADP
ajfa-194	506	9	0	0	NUM
ajfa-194	506	10	(	(	PUNCT
ajfa-194	506	11	i.e.	i.e.	X
ajfa-194	506	12	,	,	PUNCT
ajfa-194	506	13	0/9	0/9	NUM
ajfa-194	506	14	)	)	PUNCT
ajfa-194	506	15	for	for	ADP
ajfa-194	506	16	the	the	DET
ajfa-194	506	17	firms	firm	NOUN
ajfa-194	506	18	with	with	ADP
ajfa-194	506	19	the	the	DET
ajfa-194	506	20	lowest	low	ADJ
ajfa-194	506	21	tra%q-2	tra%q-2	NOUN
ajfa-194	506	22	and	and	CCONJ
ajfa-194	506	23	equal	equal	ADJ
ajfa-194	506	24	to	to	ADP
ajfa-194	506	25	1	1	NUM
ajfa-194	506	26	(	(	PUNCT
ajfa-194	506	27	i.e.	i.e.	X
ajfa-194	506	28	,	,	PUNCT
ajfa-194	506	29	9/9	9/9	NUM
ajfa-194	506	30	)	)	PUNCT
ajfa-194	506	31	for	for	ADP
ajfa-194	506	32	the	the	DET
ajfa-194	506	33	firms	firm	NOUN
ajfa-194	506	34	with	with	ADP
ajfa-194	506	35	the	the	DET
ajfa-194	506	36	highest	high	ADJ
ajfa-194	506	37	tra%q-2	tra%q-2	NUM
ajfa-194	506	38	.	.	PUNCT
ajfa-194	506	39	ded%q-1	ded%q-1	NOUN
ajfa-194	506	40	=	=	SYM
ajfa-194	506	41	level	level	NOUN
ajfa-194	506	42	of	of	ADP
ajfa-194	506	43	aggregate	aggregate	ADJ
ajfa-194	506	44	dedicated	dedicated	ADJ
ajfa-194	506	45	institutional	institutional	ADJ
ajfa-194	506	46	holdings	holding	NOUN
ajfa-194	506	47	of	of	ADP
ajfa-194	506	48	the	the	DET
ajfa-194	506	49	firm‟s	firm‟s	NOUN
ajfa-194	506	50	shares	share	NOUN
ajfa-194	506	51	outstanding	outstanding	ADJ
ajfa-194	506	52	at	at	ADP
ajfa-194	506	53	the	the	DET
ajfa-194	506	54	end	end	NOUN
ajfa-194	506	55	of	of	ADP
ajfa-194	506	56	quarter	quarter	NOUN
ajfa-194	506	57	q-1	q-1	NOUN
ajfa-194	506	58	.	.	PUNCT
ajfa-194	507	1	∆adj_ded%q	∆adj_ded%q	ADV
ajfa-194	507	2	=	=	PUNCT
ajfa-194	507	3	mean	mean	ADJ
ajfa-194	507	4	-	-	PUNCT
ajfa-194	507	5	adjusted	adjust	VERB
ajfa-194	507	6	change	change	NOUN
ajfa-194	507	7	in	in	ADP
ajfa-194	507	8	aggregate	aggregate	ADJ
ajfa-194	507	9	dedicated	dedicated	ADJ
ajfa-194	507	10	institutional	institutional	ADJ
ajfa-194	507	11	holdings	holding	NOUN
ajfa-194	507	12	of	of	ADP
ajfa-194	507	13	the	the	DET
ajfa-194	507	14	firm‟s	firm‟s	NOUN
ajfa-194	507	15	shares	share	NOUN
ajfa-194	507	16	outstanding	outstanding	ADJ
ajfa-194	507	17	over	over	ADP
ajfa-194	507	18	calendar	calendar	NOUN
ajfa-194	507	19	quarter	quarter	NOUN
ajfa-194	507	20	q.	q.	NOUN
ajfa-194	507	21	the	the	DET
ajfa-194	507	22	adjustment	adjustment	NOUN
ajfa-194	507	23	is	be	AUX
ajfa-194	507	24	made	make	VERB
ajfa-194	507	25	by	by	ADP
ajfa-194	507	26	subtracting	subtract	VERB
ajfa-194	507	27	the	the	DET
ajfa-194	507	28	average	average	ADJ
ajfa-194	507	29	change	change	NOUN
ajfa-194	507	30	in	in	ADP
ajfa-194	507	31	aggregate	aggregate	ADJ
ajfa-194	507	32	dedicated	dedicated	ADJ
ajfa-194	507	33	institutional	institutional	ADJ
ajfa-194	507	34	holdings	holding	NOUN
ajfa-194	507	35	across	across	ADP
ajfa-194	507	36	all	all	DET
ajfa-194	507	37	firms	firm	NOUN
ajfa-194	507	38	in	in	ADP
ajfa-194	507	39	the	the	DET
ajfa-194	507	40	cda	cda	PROPN
ajfa-194	507	41	/	/	SYM
ajfa-194	507	42	spectrum	spectrum	NOUN
ajfa-194	507	43	database	database	NOUN
ajfa-194	507	44	over	over	ADP
ajfa-194	507	45	the	the	DET
ajfa-194	507	46	same	same	ADJ
ajfa-194	507	47	calendar	calendar	NOUN
ajfa-194	507	48	quarter	quarter	NOUN
ajfa-194	507	49	q	q	NOUN
ajfa-194	507	50	,	,	PUNCT
ajfa-194	507	51	in	in	ADP
ajfa-194	507	52	order	order	NOUN
ajfa-194	507	53	to	to	PART
ajfa-194	507	54	control	control	VERB
ajfa-194	507	55	for	for	ADP
ajfa-194	507	56	time	time	NOUN
ajfa-194	507	57	trends	trend	NOUN
ajfa-194	507	58	in	in	ADP
ajfa-194	507	59	the	the	DET
ajfa-194	507	60	change	change	NOUN
ajfa-194	507	61	in	in	ADP
ajfa-194	507	62	dedicated	dedicated	ADJ
ajfa-194	507	63	institutional	institutional	ADJ
ajfa-194	507	64	holdings	holding	NOUN
ajfa-194	507	65	(	(	PUNCT
ajfa-194	507	66	abarbanell	abarbanell	INTJ
ajfa-194	507	67	,	,	PUNCT
ajfa-194	507	68	bushee	bushee	NOUN
ajfa-194	507	69	,	,	PUNCT
ajfa-194	507	70	and	and	CCONJ
ajfa-194	507	71	raedy	raedy	ADJ
ajfa-194	507	72	,	,	PUNCT
ajfa-194	507	73	2003	2003	NUM
ajfa-194	507	74	)	)	PUNCT
ajfa-194	507	75	.	.	PUNCT
ajfa-194	508	1	pw_ded%q-1	pw_ded%q-1	NOUN
ajfa-194	508	2	=	=	PRON
ajfa-194	508	3	weighted	weight	VERB
ajfa-194	508	4	mean	mean	PROPN
ajfa-194	508	5	portfolio	portfolio	NOUN
ajfa-194	508	6	weight	weight	NOUN
ajfa-194	508	7	of	of	ADP
ajfa-194	508	8	the	the	DET
ajfa-194	508	9	firm	firm	NOUN
ajfa-194	508	10	held	hold	VERB
ajfa-194	508	11	by	by	ADP
ajfa-194	508	12	all	all	DET
ajfa-194	508	13	dedicated	dedicated	ADJ
ajfa-194	508	14	institutions	institution	NOUN
ajfa-194	508	15	at	at	ADP
ajfa-194	508	16	the	the	DET
ajfa-194	508	17	end	end	NOUN
ajfa-194	508	18	of	of	ADP
ajfa-194	508	19	quarter	quarter	NOUN
ajfa-194	508	20	q-1	q-1	NOUN
ajfa-194	508	21	.	.	PUNCT
ajfa-194	509	1	pw_dedj	pw_dedj	PROPN
ajfa-194	509	2	,	,	PUNCT
ajfa-194	509	3	q-1	q-1	PRON
ajfa-194	509	4	=	=	SYM
ajfa-194	509	5	mvded	mvde	VERB
ajfa-194	509	6	,	,	PUNCT
ajfa-194	509	7	j	j	NOUN
ajfa-194	509	8	,	,	PUNCT
ajfa-194	509	9	q-1	q-1	ADV
ajfa-194	509	10	/	/	SYM
ajfa-194	509	11	mvded	mvde	VERB
ajfa-194	509	12	,	,	PUNCT
ajfa-194	509	13	all	all	PRON
ajfa-194	509	14	,	,	PUNCT
ajfa-194	509	15	q-1	q-1	NUM
ajfa-194	509	16	,	,	PUNCT
ajfa-194	509	17	where	where	SCONJ
ajfa-194	509	18	mvded	mvde	VERB
ajfa-194	509	19	,	,	PUNCT
ajfa-194	509	20	j	j	PROPN
ajfa-194	509	21	,	,	PUNCT
ajfa-194	509	22	q-1	q-1	PRON
ajfa-194	509	23	is	be	AUX
ajfa-194	509	24	the	the	DET
ajfa-194	509	25	market	market	NOUN
ajfa-194	509	26	value	value	NOUN
ajfa-194	509	27	of	of	ADP
ajfa-194	509	28	firm	firm	ADJ
ajfa-194	509	29	j	j	PROPN
ajfa-194	509	30	held	hold	VERB
ajfa-194	509	31	by	by	ADP
ajfa-194	509	32	all	all	DET
ajfa-194	509	33	dedicated	dedicated	ADJ
ajfa-194	509	34	institutions	institution	NOUN
ajfa-194	509	35	at	at	ADP
ajfa-194	509	36	the	the	DET
ajfa-194	509	37	end	end	NOUN
ajfa-194	509	38	of	of	ADP
ajfa-194	509	39	q-1	q-1	NOUN
ajfa-194	509	40	.	.	PUNCT
ajfa-194	510	1	mv	mv	PROPN
ajfa-194	510	2	ded	de	VERB
ajfa-194	510	3	,	,	PUNCT
ajfa-194	510	4	all	all	DET
ajfa-194	510	5	q-1	q-1	ADJ
ajfa-194	510	6	is	be	AUX
ajfa-194	510	7	the	the	DET
ajfa-194	510	8	market	market	NOUN
ajfa-194	510	9	value	value	NOUN
ajfa-194	510	10	of	of	ADP
ajfa-194	510	11	all	all	DET
ajfa-194	510	12	firms	firm	NOUN
ajfa-194	510	13	held	hold	VERB
ajfa-194	510	14	by	by	ADP
ajfa-194	510	15	the	the	DET
ajfa-194	510	16	same	same	ADJ
ajfa-194	510	17	dedicated	dedicated	ADJ
ajfa-194	510	18	institutions	institution	NOUN
ajfa-194	510	19	at	at	ADP
ajfa-194	510	20	the	the	DET
ajfa-194	510	21	end	end	NOUN
ajfa-194	510	22	of	of	ADP
ajfa-194	510	23	q1	q1	PROPN
ajfa-194	510	24	.	.	PUNCT
ajfa-194	511	1	ded_rank	ded_rank	NOUN
ajfa-194	511	2	q-2	q-2	NUM
ajfa-194	512	1	=	=	NOUN
ajfa-194	512	2	scaled	scale	VERB
ajfa-194	512	3	decile	decile	NOUN
ajfa-194	512	4	ranking	rank	VERB
ajfa-194	512	5	across	across	ADP
ajfa-194	512	6	the	the	DET
ajfa-194	512	7	restating	restate	VERB
ajfa-194	512	8	firms	firm	NOUN
ajfa-194	512	9	(	(	PUNCT
ajfa-194	512	10	i.e.	i.e.	X
ajfa-194	512	11	,	,	PUNCT
ajfa-194	512	12	364	364	NUM
ajfa-194	512	13	restating	restate	VERB
ajfa-194	512	14	firms	firm	NOUN
ajfa-194	512	15	)	)	PUNCT
ajfa-194	512	16	based	base	VERB
ajfa-194	512	17	on	on	ADP
ajfa-194	512	18	the	the	DET
ajfa-194	512	19	level	level	NOUN
ajfa-194	512	20	of	of	ADP
ajfa-194	512	21	aggregate	aggregate	ADJ
ajfa-194	512	22	dedicated	dedicated	ADJ
ajfa-194	512	23	institutional	institutional	ADJ
ajfa-194	512	24	holdings	holding	NOUN
ajfa-194	512	25	of	of	ADP
ajfa-194	512	26	the	the	DET
ajfa-194	512	27	firm‟s	firm‟s	NOUN
ajfa-194	512	28	shares	share	NOUN
ajfa-194	512	29	outstanding	outstanding	ADJ
ajfa-194	512	30	at	at	ADP
ajfa-194	512	31	the	the	DET
ajfa-194	512	32	end	end	NOUN
ajfa-194	512	33	of	of	ADP
ajfa-194	512	34	quarter	quarter	NOUN
ajfa-194	512	35	q-2	q-2	ADV
ajfa-194	512	36	(	(	PUNCT
ajfa-194	512	37	ded%q-2	ded%q-2	NOUN
ajfa-194	512	38	)	)	PUNCT
ajfa-194	512	39	.	.	PUNCT
ajfa-194	513	1	specifically	specifically	ADV
ajfa-194	513	2	,	,	PUNCT
ajfa-194	513	3	we	we	PRON
ajfa-194	513	4	group	group	VERB
ajfa-194	513	5	the	the	DET
ajfa-194	513	6	364	364	NUM
ajfa-194	513	7	restating	restate	VERB
ajfa-194	513	8	firms	firm	NOUN
ajfa-194	513	9	into	into	ADP
ajfa-194	513	10	ten	ten	NUM
ajfa-194	513	11	groups	group	NOUN
ajfa-194	513	12	based	base	VERB
ajfa-194	513	13	on	on	ADP
ajfa-194	513	14	ded%q-2	ded%q-2	PROPN
ajfa-194	513	15	(	(	PUNCT
ajfa-194	513	16	i.e.	i.e.	X
ajfa-194	513	17	,	,	PUNCT
ajfa-194	513	18	group	group	NOUN
ajfa-194	513	19	0~9	0~9	NUM
ajfa-194	513	20	)	)	PUNCT
ajfa-194	513	21	and	and	CCONJ
ajfa-194	513	22	then	then	ADV
ajfa-194	513	23	divide	divide	VERB
ajfa-194	513	24	this	this	DET
ajfa-194	513	25	decile	decile	NOUN
ajfa-194	513	26	ranking	rank	VERB
ajfa-194	513	27	by	by	ADP
ajfa-194	513	28	9	9	NUM
ajfa-194	513	29	.	.	PUNCT
ajfa-194	514	1	for	for	ADP
ajfa-194	514	2	example	example	NOUN
ajfa-194	514	3	,	,	PUNCT
ajfa-194	514	4	ded_rank	ded_rank	CCONJ
ajfa-194	514	5	q-2	q-2	ADV
ajfa-194	514	6	is	be	AUX
ajfa-194	514	7	equal	equal	ADJ
ajfa-194	514	8	to	to	ADP
ajfa-194	514	9	0	0	NUM
ajfa-194	514	10	(	(	PUNCT
ajfa-194	514	11	i.e.	i.e.	X
ajfa-194	514	12	,	,	PUNCT
ajfa-194	514	13	0/9	0/9	NUM
ajfa-194	514	14	)	)	PUNCT
ajfa-194	514	15	for	for	ADP
ajfa-194	514	16	the	the	DET
ajfa-194	514	17	firms	firm	NOUN
ajfa-194	514	18	with	with	ADP
ajfa-194	514	19	the	the	DET
ajfa-194	514	20	lowest	low	ADJ
ajfa-194	514	21	ded%q-2	ded%q-2	ADJ
ajfa-194	514	22	and	and	CCONJ
ajfa-194	514	23	equal	equal	ADJ
ajfa-194	514	24	to	to	ADP
ajfa-194	514	25	1	1	NUM
ajfa-194	514	26	(	(	PUNCT
ajfa-194	514	27	i.e.	i.e.	X
ajfa-194	514	28	,	,	PUNCT
ajfa-194	514	29	9/9	9/9	NUM
ajfa-194	514	30	)	)	PUNCT
ajfa-194	514	31	for	for	ADP
ajfa-194	514	32	the	the	DET
ajfa-194	514	33	firms	firm	NOUN
ajfa-194	514	34	with	with	ADP
ajfa-194	514	35	the	the	DET
ajfa-194	514	36	highest	high	ADJ
ajfa-194	514	37	ded%q-2	ded%q-2	NOUN
ajfa-194	514	38	.	.	PUNCT
ajfa-194	514	39	qix%q-1	qix%q-1	NOUN
ajfa-194	514	40	=	=	SYM
ajfa-194	514	41	level	level	NOUN
ajfa-194	514	42	of	of	ADP
ajfa-194	514	43	aggregate	aggregate	ADJ
ajfa-194	514	44	quasi	quasi	ADJ
ajfa-194	514	45	-	-	ADJ
ajfa-194	514	46	indexing	indexing	ADJ
ajfa-194	514	47	institutional	institutional	ADJ
ajfa-194	514	48	holdings	holding	NOUN
ajfa-194	514	49	of	of	ADP
ajfa-194	514	50	the	the	DET
ajfa-194	514	51	firm‟s	firm‟s	NOUN
ajfa-194	514	52	shares	share	NOUN
ajfa-194	514	53	outstanding	outstanding	ADJ
ajfa-194	514	54	at	at	ADP
ajfa-194	514	55	the	the	DET
ajfa-194	514	56	end	end	NOUN
ajfa-194	514	57	of	of	ADP
ajfa-194	514	58	quarter	quarter	NOUN
ajfa-194	514	59	q-1	q-1	NOUN
ajfa-194	514	60	.	.	PUNCT
ajfa-194	515	1	∆adj_qix%q	∆adj_qix%q	VERB
ajfa-194	515	2	=	=	SYM
ajfa-194	515	3	mean	mean	ADV
ajfa-194	515	4	-	-	PUNCT
ajfa-194	515	5	adjusted	adjust	VERB
ajfa-194	515	6	change	change	NOUN
ajfa-194	515	7	in	in	ADP
ajfa-194	515	8	aggregate	aggregate	ADJ
ajfa-194	515	9	quasi	quasi	ADJ
ajfa-194	515	10	-	-	ADJ
ajfa-194	515	11	indexing	indexing	ADJ
ajfa-194	515	12	institutional	institutional	ADJ
ajfa-194	515	13	holdings	holding	NOUN
ajfa-194	515	14	of	of	ADP
ajfa-194	515	15	the	the	DET
ajfa-194	515	16	firm‟s	firm‟s	NOUN
ajfa-194	515	17	shares	share	NOUN
ajfa-194	515	18	outstanding	outstanding	ADJ
ajfa-194	515	19	over	over	ADP
ajfa-194	515	20	calendar	calendar	NOUN
ajfa-194	515	21	quarter	quarter	NOUN
ajfa-194	515	22	q.	q.	NOUN
ajfa-194	516	1	the	the	DET
ajfa-194	516	2	adjustment	adjustment	NOUN
ajfa-194	516	3	is	be	AUX
ajfa-194	516	4	made	make	VERB
ajfa-194	516	5	by	by	ADP
ajfa-194	516	6	subtracting	subtract	VERB
ajfa-194	516	7	the	the	DET
ajfa-194	516	8	average	average	ADJ
ajfa-194	516	9	change	change	NOUN
ajfa-194	516	10	in	in	ADP
ajfa-194	516	11	aggregate	aggregate	ADJ
ajfa-194	516	12	quasi	quasi	ADJ
ajfa-194	516	13	-	-	ADJ
ajfa-194	516	14	indexing	indexing	ADJ
ajfa-194	516	15	institutional	institutional	ADJ
ajfa-194	516	16	holdings	holding	NOUN
ajfa-194	516	17	across	across	ADP
ajfa-194	516	18	all	all	DET
ajfa-194	516	19	firms	firm	NOUN
ajfa-194	516	20	in	in	ADP
ajfa-194	516	21	the	the	DET
ajfa-194	516	22	cda	cda	PROPN
ajfa-194	516	23	/	/	SYM
ajfa-194	516	24	spectrum	spectrum	NOUN
ajfa-194	516	25	database	database	NOUN
ajfa-194	516	26	over	over	ADP
ajfa-194	516	27	the	the	DET
ajfa-194	516	28	same	same	ADJ
ajfa-194	516	29	calendar	calendar	NOUN
ajfa-194	516	30	quarter	quarter	NOUN
ajfa-194	516	31	q	q	NOUN
ajfa-194	516	32	,	,	PUNCT
ajfa-194	516	33	in	in	ADP
ajfa-194	516	34	order	order	NOUN
ajfa-194	516	35	to	to	PART
ajfa-194	516	36	control	control	VERB
ajfa-194	516	37	for	for	ADP
ajfa-194	516	38	time	time	NOUN
ajfa-194	516	39	trends	trend	NOUN
ajfa-194	516	40	in	in	ADP
ajfa-194	516	41	the	the	DET
ajfa-194	516	42	change	change	NOUN
ajfa-194	516	43	in	in	ADP
ajfa-194	516	44	quasi	quasi	ADJ
ajfa-194	516	45	-	-	ADJ
ajfa-194	516	46	indexing	indexing	ADJ
ajfa-194	516	47	institutional	institutional	ADJ
ajfa-194	516	48	holdings	holding	NOUN
ajfa-194	516	49	(	(	PUNCT
ajfa-194	516	50	abarbanell	abarbanell	INTJ
ajfa-194	516	51	,	,	PUNCT
ajfa-194	516	52	bushee	bushee	NOUN
ajfa-194	516	53	,	,	PUNCT
ajfa-194	516	54	and	and	CCONJ
ajfa-194	516	55	raedy	raedy	ADJ
ajfa-194	516	56	,	,	PUNCT
ajfa-194	516	57	2003	2003	NUM
ajfa-194	516	58	)	)	PUNCT
ajfa-194	516	59	.	.	PUNCT
ajfa-194	517	1	pw_qix%q-1	pw_qix%q-1	NOUN
ajfa-194	517	2	=	=	NOUN
ajfa-194	517	3	weighted	weight	VERB
ajfa-194	517	4	mean	mean	NOUN
ajfa-194	517	5	portfolio	portfolio	NOUN
ajfa-194	517	6	weight	weight	NOUN
ajfa-194	517	7	of	of	ADP
ajfa-194	517	8	the	the	DET
ajfa-194	517	9	firm	firm	NOUN
ajfa-194	517	10	held	hold	VERB
ajfa-194	517	11	by	by	ADP
ajfa-194	517	12	all	all	DET
ajfa-194	517	13	quasi	quasi	ADJ
ajfa-194	517	14	-	-	ADJ
ajfa-194	517	15	indexing	indexing	ADJ
ajfa-194	517	16	institutions	institution	NOUN
ajfa-194	517	17	at	at	ADP
ajfa-194	517	18	the	the	DET
ajfa-194	517	19	end	end	NOUN
ajfa-194	517	20	of	of	ADP
ajfa-194	517	21	quarter	quarter	NOUN
ajfa-194	517	22	q-1	q-1	NOUN
ajfa-194	517	23	.	.	PUNCT
ajfa-194	518	1	pw_qixj	pw_qixj	PROPN
ajfa-194	518	2	,	,	PUNCT
ajfa-194	518	3	q-1	q-1	NOUN
ajfa-194	518	4	=	=	SYM
ajfa-194	518	5	mvqix	mvqix	X
ajfa-194	518	6	,	,	PUNCT
ajfa-194	518	7	j	j	NOUN
ajfa-194	518	8	,	,	PUNCT
ajfa-194	518	9	q-1	q-1	ADJ
ajfa-194	518	10	/	/	SYM
ajfa-194	518	11	mvqix	mvqix	NOUN
ajfa-194	518	12	,	,	PUNCT
ajfa-194	518	13	all	all	PRON
ajfa-194	518	14	,	,	PUNCT
ajfa-194	518	15	q-1	q-1	NUM
ajfa-194	518	16	,	,	PUNCT
ajfa-194	518	17	where	where	SCONJ
ajfa-194	518	18	mvqix	mvqix	PROPN
ajfa-194	518	19	,	,	PUNCT
ajfa-194	518	20	j	j	PROPN
ajfa-194	518	21	,	,	PUNCT
ajfa-194	518	22	q-1	q-1	PRON
ajfa-194	518	23	is	be	AUX
ajfa-194	518	24	the	the	DET
ajfa-194	518	25	market	market	NOUN
ajfa-194	518	26	value	value	NOUN
ajfa-194	518	27	of	of	ADP
ajfa-194	518	28	firm	firm	ADJ
ajfa-194	518	29	j	j	PROPN
ajfa-194	518	30	held	hold	VERB
ajfa-194	518	31	by	by	ADP
ajfa-194	518	32	all	all	DET
ajfa-194	518	33	quasi	quasi	ADJ
ajfa-194	518	34	-	-	ADJ
ajfa-194	518	35	indexing	indexing	ADJ
ajfa-194	518	36	institutions	institution	NOUN
ajfa-194	518	37	at	at	ADP
ajfa-194	518	38	the	the	DET
ajfa-194	518	39	end	end	NOUN
ajfa-194	518	40	of	of	ADP
ajfa-194	518	41	q-1	q-1	NOUN
ajfa-194	518	42	.	.	PUNCT
ajfa-194	519	1	mv	mv	PROPN
ajfa-194	519	2	qix	qix	PROPN
ajfa-194	519	3	,	,	PUNCT
ajfa-194	519	4	all	all	DET
ajfa-194	519	5	q-1	q-1	ADJ
ajfa-194	519	6	is	be	AUX
ajfa-194	519	7	the	the	DET
ajfa-194	519	8	market	market	NOUN
ajfa-194	519	9	value	value	NOUN
ajfa-194	519	10	of	of	ADP
ajfa-194	519	11	all	all	DET
ajfa-194	519	12	firms	firm	NOUN
ajfa-194	519	13	held	hold	VERB
ajfa-194	519	14	by	by	ADP
ajfa-194	519	15	the	the	DET
ajfa-194	519	16	same	same	ADJ
ajfa-194	519	17	quasi	quasi	ADJ
ajfa-194	519	18	-	-	ADJ
ajfa-194	519	19	indexing	indexing	ADJ
ajfa-194	519	20	institutions	institution	NOUN
ajfa-194	519	21	at	at	ADP
ajfa-194	519	22	the	the	DET
ajfa-194	519	23	end	end	NOUN
ajfa-194	519	24	of	of	ADP
ajfa-194	519	25	q-1	q-1	NOUN
ajfa-194	519	26	.	.	PUNCT
ajfa-194	520	1	qix_rank	qix_rank	PROPN
ajfa-194	520	2	q-2	q-2	PART
ajfa-194	521	1	=	=	NUM
ajfa-194	521	2	scaled	scale	VERB
ajfa-194	521	3	decile	decile	NOUN
ajfa-194	521	4	ranking	rank	VERB
ajfa-194	521	5	across	across	ADP
ajfa-194	521	6	the	the	DET
ajfa-194	521	7	restating	restate	VERB
ajfa-194	521	8	firms	firm	NOUN
ajfa-194	521	9	(	(	PUNCT
ajfa-194	521	10	i.e.	i.e.	X
ajfa-194	521	11	,	,	PUNCT
ajfa-194	521	12	364	364	NUM
ajfa-194	521	13	restating	restate	VERB
ajfa-194	521	14	firms	firm	NOUN
ajfa-194	521	15	)	)	PUNCT
ajfa-194	521	16	based	base	VERB
ajfa-194	521	17	on	on	ADP
ajfa-194	521	18	the	the	DET
ajfa-194	521	19	level	level	NOUN
ajfa-194	521	20	of	of	ADP
ajfa-194	521	21	aggregate	aggregate	ADJ
ajfa-194	521	22	quasi	quasi	ADJ
ajfa-194	521	23	-	-	ADJ
ajfa-194	521	24	indexing	indexing	ADJ
ajfa-194	521	25	institutional	institutional	ADJ
ajfa-194	521	26	holdings	holding	NOUN
ajfa-194	521	27	of	of	ADP
ajfa-194	521	28	the	the	DET
ajfa-194	521	29	firm‟s	firm‟s	NOUN
ajfa-194	521	30	shares	share	NOUN
ajfa-194	521	31	outstanding	outstanding	ADJ
ajfa-194	521	32	at	at	ADP
ajfa-194	521	33	the	the	DET
ajfa-194	521	34	end	end	NOUN
ajfa-194	521	35	of	of	ADP
ajfa-194	521	36	quarter	quarter	NOUN
ajfa-194	521	37	q-2	q-2	ADV
ajfa-194	521	38	(	(	PUNCT
ajfa-194	521	39	qix%q-2	qix%q-2	ADJ
ajfa-194	521	40	)	)	PUNCT
ajfa-194	521	41	.	.	PUNCT
ajfa-194	522	1	specifically	specifically	ADV
ajfa-194	522	2	,	,	PUNCT
ajfa-194	522	3	we	we	PRON
ajfa-194	522	4	group	group	VERB
ajfa-194	522	5	the	the	DET
ajfa-194	522	6	364	364	NUM
ajfa-194	522	7	restating	restate	VERB
ajfa-194	522	8	firms	firm	NOUN
ajfa-194	522	9	into	into	ADP
ajfa-194	522	10	ten	ten	NUM
ajfa-194	522	11	groups	group	NOUN
ajfa-194	522	12	based	base	VERB
ajfa-194	522	13	on	on	ADP
ajfa-194	522	14	qix%q-2	qix%q-2	ADV
ajfa-194	522	15	(	(	PUNCT
ajfa-194	522	16	i.e.	i.e.	X
ajfa-194	522	17	,	,	PUNCT
ajfa-194	522	18	group	group	NOUN
ajfa-194	522	19	0~9	0~9	NUM
ajfa-194	522	20	)	)	PUNCT
ajfa-194	522	21	and	and	CCONJ
ajfa-194	522	22	then	then	ADV
ajfa-194	522	23	divide	divide	VERB
ajfa-194	522	24	this	this	DET
ajfa-194	522	25	asian	asian	ADJ
ajfa-194	522	26	journal	journal	NOUN
ajfa-194	522	27	of	of	ADP
ajfa-194	522	28	finance	finance	PROPN
ajfa-194	522	29	&	&	CCONJ
ajfa-194	522	30	accounting	accounting	PROPN
ajfa-194	522	31	issn	issn	PROPN
ajfa-194	522	32	1946	1946	NUM
ajfa-194	522	33	-	-	PUNCT
ajfa-194	522	34	052x	052x	NOUN
ajfa-194	522	35	2009	2009	NUM
ajfa-194	522	36	,	,	PUNCT
ajfa-194	522	37	vol	vol	NOUN
ajfa-194	522	38	.	.	PROPN
ajfa-194	523	1	1	1	NUM
ajfa-194	523	2	,	,	PUNCT
ajfa-194	523	3	no	no	INTJ
ajfa-194	523	4	.	.	NOUN
ajfa-194	523	5	2	2	NUM
ajfa-194	523	6	:	:	PUNCT
ajfa-194	523	7	e4	e4	PROPN
ajfa-194	523	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	523	9	103	103	NUM
ajfa-194	523	10	decile	decile	NOUN
ajfa-194	523	11	ranking	rank	VERB
ajfa-194	523	12	by	by	ADP
ajfa-194	523	13	9	9	NUM
ajfa-194	523	14	.	.	PUNCT
ajfa-194	524	1	for	for	ADP
ajfa-194	524	2	example	example	NOUN
ajfa-194	524	3	,	,	PUNCT
ajfa-194	524	4	qix_rank	qix_rank	PROPN
ajfa-194	524	5	q-2	q-2	VERB
ajfa-194	524	6	is	be	AUX
ajfa-194	524	7	equal	equal	ADJ
ajfa-194	524	8	to	to	ADP
ajfa-194	524	9	0	0	NUM
ajfa-194	524	10	(	(	PUNCT
ajfa-194	524	11	i.e.	i.e.	X
ajfa-194	524	12	,	,	PUNCT
ajfa-194	524	13	0/9	0/9	NUM
ajfa-194	524	14	)	)	PUNCT
ajfa-194	524	15	for	for	ADP
ajfa-194	524	16	the	the	DET
ajfa-194	524	17	firms	firm	NOUN
ajfa-194	524	18	with	with	ADP
ajfa-194	524	19	the	the	DET
ajfa-194	524	20	lowest	low	ADJ
ajfa-194	524	21	qix%q-2	qix%q-2	ADJ
ajfa-194	524	22	and	and	CCONJ
ajfa-194	524	23	equal	equal	ADJ
ajfa-194	524	24	to	to	ADP
ajfa-194	524	25	1	1	NUM
ajfa-194	524	26	(	(	PUNCT
ajfa-194	524	27	i.e.	i.e.	X
ajfa-194	524	28	,	,	PUNCT
ajfa-194	524	29	9/9	9/9	NUM
ajfa-194	524	30	)	)	PUNCT
ajfa-194	524	31	for	for	ADP
ajfa-194	524	32	the	the	DET
ajfa-194	524	33	firms	firm	NOUN
ajfa-194	524	34	with	with	ADP
ajfa-194	524	35	the	the	DET
ajfa-194	524	36	highest	high	ADJ
ajfa-194	524	37	qix%q-2	qix%q-2	ADJ
ajfa-194	524	38	.	.	PUNCT
ajfa-194	525	1	restatement	restatement	NOUN
ajfa-194	525	2	variables	variable	NOUN
ajfa-194	525	3	core	core	NOUN
ajfa-194	525	4	=	=	NOUN
ajfa-194	525	5	restatement	restatement	NOUN
ajfa-194	525	6	reason	reason	NOUN
ajfa-194	525	7	indicator	indicator	NOUN
ajfa-194	525	8	,	,	PUNCT
ajfa-194	525	9	which	which	PRON
ajfa-194	525	10	is	be	AUX
ajfa-194	525	11	equal	equal	ADJ
ajfa-194	525	12	to	to	ADP
ajfa-194	525	13	1	1	NUM
ajfa-194	525	14	if	if	SCONJ
ajfa-194	525	15	the	the	DET
ajfa-194	525	16	restatement	restatement	NOUN
ajfa-194	525	17	involves	involve	VERB
ajfa-194	525	18	revenue	revenue	NOUN
ajfa-194	525	19	recognition	recognition	NOUN
ajfa-194	525	20	,	,	PUNCT
ajfa-194	525	21	cost	cost	NOUN
ajfa-194	525	22	of	of	ADP
ajfa-194	525	23	sales	sale	NOUN
ajfa-194	525	24	or	or	CCONJ
ajfa-194	525	25	operating	operating	NOUN
ajfa-194	525	26	expenses	expense	NOUN
ajfa-194	525	27	,	,	PUNCT
ajfa-194	525	28	or	or	CCONJ
ajfa-194	525	29	loan	loan	NOUN
ajfa-194	525	30	loss	loss	NOUN
ajfa-194	525	31	provisions	provision	NOUN
ajfa-194	525	32	and	and	CCONJ
ajfa-194	525	33	equal	equal	ADJ
ajfa-194	525	34	to	to	ADP
ajfa-194	525	35	0	0	NUM
ajfa-194	525	36	otherwise	otherwise	ADV
ajfa-194	525	37	.	.	PUNCT
ajfa-194	526	1	auditor	auditor	NOUN
ajfa-194	526	2	=	=	SYM
ajfa-194	526	3	restatement	restatement	NOUN
ajfa-194	526	4	initiator	initiator	NOUN
ajfa-194	526	5	indicator	indicator	NOUN
ajfa-194	526	6	,	,	PUNCT
ajfa-194	526	7	which	which	PRON
ajfa-194	526	8	is	be	AUX
ajfa-194	526	9	equal	equal	ADJ
ajfa-194	526	10	to	to	ADP
ajfa-194	526	11	1	1	NUM
ajfa-194	526	12	if	if	SCONJ
ajfa-194	526	13	the	the	DET
ajfa-194	526	14	restatement	restatement	NOUN
ajfa-194	526	15	is	be	AUX
ajfa-194	526	16	initiated	initiate	VERB
ajfa-194	526	17	by	by	ADP
ajfa-194	526	18	the	the	DET
ajfa-194	526	19	auditor	auditor	NOUN
ajfa-194	526	20	and	and	CCONJ
ajfa-194	526	21	equal	equal	ADJ
ajfa-194	526	22	to	to	ADP
ajfa-194	526	23	0	0	NUM
ajfa-194	526	24	otherwise	otherwise	ADV
ajfa-194	526	25	.	.	PUNCT
ajfa-194	527	1	retstate	retstate	PROPN
ajfa-194	527	2	=	=	PROPN
ajfa-194	527	3	restatement	restatement	NOUN
ajfa-194	527	4	quarter	quarter	NOUN
ajfa-194	527	5	indicator	indicator	NOUN
ajfa-194	527	6	,	,	PUNCT
ajfa-194	527	7	which	which	PRON
ajfa-194	527	8	is	be	AUX
ajfa-194	527	9	equal	equal	ADJ
ajfa-194	527	10	to	to	ADP
ajfa-194	527	11	1	1	NUM
ajfa-194	527	12	if	if	SCONJ
ajfa-194	527	13	the	the	DET
ajfa-194	527	14	firm	firm	NOUN
ajfa-194	527	15	announced	announce	VERB
ajfa-194	527	16	a	a	DET
ajfa-194	527	17	restatement	restatement	NOUN
ajfa-194	527	18	in	in	ADP
ajfa-194	527	19	that	that	DET
ajfa-194	527	20	quarter	quarter	NOUN
ajfa-194	527	21	(	(	PUNCT
ajfa-194	527	22	restating	restate	VERB
ajfa-194	527	23	quarter	quarter	NOUN
ajfa-194	527	24	)	)	PUNCT
ajfa-194	527	25	and	and	CCONJ
ajfa-194	527	26	equal	equal	ADJ
ajfa-194	527	27	to	to	ADP
ajfa-194	527	28	0	0	NUM
ajfa-194	527	29	otherwise	otherwise	ADV
ajfa-194	527	30	.	.	PUNCT
ajfa-194	528	1	prerestate1	prerestate1	X
ajfa-194	529	1	=	=	PUNCT
ajfa-194	529	2	pre	pre	ADJ
ajfa-194	529	3	-	-	NOUN
ajfa-194	529	4	restatement	restatement	ADJ
ajfa-194	529	5	quarter	quarter	NOUN
ajfa-194	529	6	indicator	indicator	NOUN
ajfa-194	529	7	,	,	PUNCT
ajfa-194	529	8	which	which	PRON
ajfa-194	529	9	is	be	AUX
ajfa-194	529	10	equal	equal	ADJ
ajfa-194	529	11	to	to	ADP
ajfa-194	529	12	1	1	NUM
ajfa-194	529	13	if	if	SCONJ
ajfa-194	529	14	the	the	DET
ajfa-194	529	15	observation	observation	NOUN
ajfa-194	529	16	quarter	quarter	NOUN
ajfa-194	529	17	is	be	AUX
ajfa-194	529	18	one	one	NUM
ajfa-194	529	19	quarter	quarter	NOUN
ajfa-194	529	20	prior	prior	ADV
ajfa-194	529	21	to	to	ADP
ajfa-194	529	22	the	the	DET
ajfa-194	529	23	restating	restating	ADJ
ajfa-194	529	24	quarter	quarter	NOUN
ajfa-194	529	25	and	and	CCONJ
ajfa-194	529	26	equal	equal	ADJ
ajfa-194	529	27	to	to	ADP
ajfa-194	529	28	0	0	NUM
ajfa-194	529	29	otherwise	otherwise	ADV
ajfa-194	529	30	.	.	PUNCT
ajfa-194	530	1	prerestate2	prerestate2	NOUN
ajfa-194	530	2	=	=	PUNCT
ajfa-194	531	1	pre	pre	ADJ
ajfa-194	531	2	-	-	NOUN
ajfa-194	531	3	restatement	restatement	ADJ
ajfa-194	531	4	quarter	quarter	NOUN
ajfa-194	531	5	indicator	indicator	NOUN
ajfa-194	531	6	,	,	PUNCT
ajfa-194	531	7	which	which	PRON
ajfa-194	531	8	is	be	AUX
ajfa-194	531	9	equal	equal	ADJ
ajfa-194	531	10	to	to	ADP
ajfa-194	531	11	1	1	NUM
ajfa-194	531	12	if	if	SCONJ
ajfa-194	531	13	the	the	DET
ajfa-194	531	14	observation	observation	NOUN
ajfa-194	531	15	quarter	quarter	NOUN
ajfa-194	531	16	is	be	AUX
ajfa-194	531	17	two	two	NUM
ajfa-194	531	18	quarters	quarter	NOUN
ajfa-194	531	19	prior	prior	ADV
ajfa-194	531	20	to	to	ADP
ajfa-194	531	21	the	the	DET
ajfa-194	531	22	restating	restating	ADJ
ajfa-194	531	23	quarter	quarter	NOUN
ajfa-194	531	24	and	and	CCONJ
ajfa-194	531	25	equal	equal	ADJ
ajfa-194	531	26	to	to	ADP
ajfa-194	531	27	0	0	NUM
ajfa-194	531	28	otherwise	otherwise	ADV
ajfa-194	531	29	.	.	PUNCT
ajfa-194	532	1	postrestate1	postrestate1	X
ajfa-194	532	2	=	=	PUNCT
ajfa-194	533	1	post	post	ADJ
ajfa-194	533	2	-	-	ADJ
ajfa-194	533	3	restatement	restatement	ADJ
ajfa-194	533	4	quarter	quarter	NOUN
ajfa-194	533	5	indicator	indicator	NOUN
ajfa-194	533	6	,	,	PUNCT
ajfa-194	533	7	which	which	PRON
ajfa-194	533	8	is	be	AUX
ajfa-194	533	9	equal	equal	ADJ
ajfa-194	533	10	to	to	ADP
ajfa-194	533	11	1	1	NUM
ajfa-194	533	12	if	if	SCONJ
ajfa-194	533	13	the	the	DET
ajfa-194	533	14	observation	observation	NOUN
ajfa-194	533	15	quarter	quarter	NOUN
ajfa-194	533	16	is	be	AUX
ajfa-194	533	17	one	one	NUM
ajfa-194	533	18	quarter	quarter	NOUN
ajfa-194	533	19	after	after	ADP
ajfa-194	533	20	the	the	DET
ajfa-194	533	21	restating	restating	ADJ
ajfa-194	533	22	quarter	quarter	NOUN
ajfa-194	533	23	and	and	CCONJ
ajfa-194	533	24	equal	equal	ADJ
ajfa-194	533	25	to	to	ADP
ajfa-194	533	26	0	0	NUM
ajfa-194	533	27	otherwise	otherwise	ADV
ajfa-194	533	28	.	.	PUNCT
ajfa-194	534	1	postrestate2	postrestate2	NOUN
ajfa-194	534	2	=	=	PUNCT
ajfa-194	534	3	post	post	ADJ
ajfa-194	534	4	-	-	ADJ
ajfa-194	534	5	restatement	restatement	ADJ
ajfa-194	534	6	quarter	quarter	NOUN
ajfa-194	534	7	indicator	indicator	NOUN
ajfa-194	534	8	,	,	PUNCT
ajfa-194	534	9	which	which	PRON
ajfa-194	534	10	is	be	AUX
ajfa-194	534	11	equal	equal	ADJ
ajfa-194	534	12	to	to	ADP
ajfa-194	534	13	1	1	NUM
ajfa-194	534	14	if	if	SCONJ
ajfa-194	534	15	the	the	DET
ajfa-194	534	16	observation	observation	NOUN
ajfa-194	534	17	quarter	quarter	NOUN
ajfa-194	534	18	is	be	AUX
ajfa-194	534	19	two	two	NUM
ajfa-194	534	20	quarters	quarter	NOUN
ajfa-194	534	21	after	after	ADP
ajfa-194	534	22	the	the	DET
ajfa-194	534	23	restating	restating	ADJ
ajfa-194	534	24	quarter	quarter	NOUN
ajfa-194	534	25	and	and	CCONJ
ajfa-194	534	26	equal	equal	ADJ
ajfa-194	534	27	to	to	ADP
ajfa-194	534	28	0	0	NUM
ajfa-194	534	29	otherwise	otherwise	ADV
ajfa-194	534	30	.	.	PUNCT
ajfa-194	535	1	control	control	NOUN
ajfa-194	535	2	variables	variable	NOUN
ajfa-194	535	3	lnsizeq-1	lnsizeq-1	PROPN
ajfa-194	535	4	=	=	SYM
ajfa-194	535	5	log	log	NOUN
ajfa-194	535	6	of	of	ADP
ajfa-194	535	7	book	book	NOUN
ajfa-194	535	8	value	value	NOUN
ajfa-194	535	9	of	of	ADP
ajfa-194	535	10	total	total	ADJ
ajfa-194	535	11	assets	asset	NOUN
ajfa-194	535	12	(	(	PUNCT
ajfa-194	535	13	data44	data44	NOUN
ajfa-194	535	14	)	)	PUNCT
ajfa-194	535	15	at	at	ADP
ajfa-194	535	16	the	the	DET
ajfa-194	535	17	end	end	NOUN
ajfa-194	535	18	of	of	ADP
ajfa-194	535	19	quarter	quarter	NOUN
ajfa-194	535	20	q-1	q-1	NOUN
ajfa-194	535	21	.	.	PUNCT
ajfa-194	535	22	bmq-1	bmq-1	PUNCT
ajfa-194	536	1	=	=	NOUN
ajfa-194	536	2	ratio	ratio	NOUN
ajfa-194	536	3	of	of	ADP
ajfa-194	536	4	common	common	ADJ
ajfa-194	536	5	book	book	NOUN
ajfa-194	536	6	equity	equity	NOUN
ajfa-194	536	7	to	to	ADP
ajfa-194	536	8	total	total	ADJ
ajfa-194	536	9	market	market	NOUN
ajfa-194	536	10	capitalization	capitalization	NOUN
ajfa-194	536	11	at	at	ADP
ajfa-194	536	12	the	the	DET
ajfa-194	536	13	end	end	NOUN
ajfa-194	536	14	of	of	ADP
ajfa-194	536	15	quarter	quarter	NOUN
ajfa-194	536	16	q-1	q-1	ADJ
ajfa-194	536	17	(	(	PUNCT
ajfa-194	536	18	data59/	data59/	NOUN
ajfa-194	536	19	(	(	PUNCT
ajfa-194	536	20	data14*data61	data14*data61	PROPN
ajfa-194	536	21	)	)	PUNCT
ajfa-194	536	22	)	)	PUNCT
ajfa-194	536	23	.	.	PUNCT
ajfa-194	537	1	retq1q	retq1q	PROPN
ajfa-194	537	2	=	=	PUNCT
ajfa-194	537	3	daily	daily	ADJ
ajfa-194	537	4	buy	buy	VERB
ajfa-194	537	5	-	-	PUNCT
ajfa-194	537	6	and	and	CCONJ
ajfa-194	537	7	-	-	PUNCT
ajfa-194	537	8	hold	hold	VERB
ajfa-194	537	9	returns	return	NOUN
ajfa-194	537	10	over	over	ADP
ajfa-194	537	11	one	one	NUM
ajfa-194	537	12	calendar	calendar	NOUN
ajfa-194	537	13	quarter	quarter	NOUN
ajfa-194	537	14	prior	prior	ADV
ajfa-194	537	15	to	to	ADP
ajfa-194	537	16	the	the	DET
ajfa-194	537	17	calendar	calendar	NOUN
ajfa-194	537	18	quarter	quarter	NOUN
ajfa-194	537	19	q	q	PROPN
ajfa-194	537	20	(	(	PUNCT
ajfa-194	537	21	i.e.	i.e.	X
ajfa-194	537	22	,	,	PUNCT
ajfa-194	537	23	from	from	ADP
ajfa-194	537	24	the	the	DET
ajfa-194	537	25	end	end	NOUN
ajfa-194	537	26	of	of	ADP
ajfa-194	537	27	calendar	calendar	NOUN
ajfa-194	537	28	quarter	quarter	NOUN
ajfa-194	537	29	q-2	q-2	ADV
ajfa-194	537	30	to	to	ADP
ajfa-194	537	31	the	the	DET
ajfa-194	537	32	end	end	NOUN
ajfa-194	537	33	of	of	ADP
ajfa-194	537	34	q-1	q-1	NOUN
ajfa-194	537	35	)	)	PUNCT
ajfa-194	537	36	.	.	PUNCT
ajfa-194	538	1	retq24q	retq24q	PROPN
ajfa-194	539	1	=	=	SYM
ajfa-194	539	2	daily	daily	ADJ
ajfa-194	539	3	buy	buy	VERB
ajfa-194	539	4	-	-	PUNCT
ajfa-194	539	5	and	and	CCONJ
ajfa-194	539	6	-	-	PUNCT
ajfa-194	539	7	hold	hold	VERB
ajfa-194	539	8	returns	return	NOUN
ajfa-194	539	9	over	over	ADP
ajfa-194	539	10	calendar	calendar	NOUN
ajfa-194	539	11	quarters	quarter	NOUN
ajfa-194	539	12	2	2	NUM
ajfa-194	539	13	to	to	PART
ajfa-194	539	14	4	4	NUM
ajfa-194	539	15	prior	prior	ADV
ajfa-194	539	16	to	to	ADP
ajfa-194	539	17	the	the	DET
ajfa-194	539	18	calendar	calendar	NOUN
ajfa-194	539	19	quarter	quarter	NOUN
ajfa-194	539	20	q	q	PROPN
ajfa-194	539	21	(	(	PUNCT
ajfa-194	539	22	i.e.	i.e.	X
ajfa-194	539	23	,	,	PUNCT
ajfa-194	539	24	from	from	ADP
ajfa-194	539	25	the	the	DET
ajfa-194	539	26	end	end	NOUN
ajfa-194	539	27	of	of	ADP
ajfa-194	539	28	calendar	calendar	NOUN
ajfa-194	539	29	quarter	quarter	NOUN
ajfa-194	539	30	q-5	q-5	PROPN
ajfa-194	539	31	to	to	ADP
ajfa-194	539	32	the	the	DET
ajfa-194	539	33	end	end	NOUN
ajfa-194	539	34	of	of	ADP
ajfa-194	539	35	q-2	q-2	NUM
ajfa-194	539	36	)	)	PUNCT
ajfa-194	539	37	.	.	PUNCT
ajfa-194	540	1	ue	ue	PROPN
ajfa-194	540	2	q-1	q-1	ADJ
ajfa-194	540	3	=	=	ADJ
ajfa-194	540	4	seasonal	seasonal	ADJ
ajfa-194	540	5	unexpected	unexpected	ADJ
ajfa-194	540	6	earnings	earning	NOUN
ajfa-194	540	7	per	per	ADP
ajfa-194	540	8	share	share	NOUN
ajfa-194	540	9	before	before	ADP
ajfa-194	540	10	extraordinary	extraordinary	ADJ
ajfa-194	540	11	items	item	NOUN
ajfa-194	540	12	(	(	PUNCT
ajfa-194	540	13	data9	data9	NOUN
ajfa-194	540	14	)	)	PUNCT
ajfa-194	540	15	in	in	ADP
ajfa-194	540	16	quarter	quarter	NOUN
ajfa-194	540	17	q-1	q-1	NOUN
ajfa-194	540	18	,	,	PUNCT
ajfa-194	540	19	measured	measure	VERB
ajfa-194	540	20	by	by	ADP
ajfa-194	540	21	the	the	DET
ajfa-194	540	22	change	change	NOUN
ajfa-194	540	23	in	in	ADP
ajfa-194	540	24	earnings	earning	NOUN
ajfa-194	540	25	per	per	ADP
ajfa-194	540	26	share	share	NOUN
ajfa-194	540	27	before	before	ADP
ajfa-194	540	28	extraordinary	extraordinary	ADJ
ajfa-194	540	29	items	item	NOUN
ajfa-194	540	30	from	from	ADP
ajfa-194	540	31	fiscal	fiscal	ADJ
ajfa-194	540	32	quarter	quarter	NOUN
ajfa-194	540	33	q-5	q-5	NOUN
ajfa-194	540	34	to	to	ADP
ajfa-194	540	35	q-1	q-1	NUM
ajfa-194	540	36	,	,	PUNCT
ajfa-194	540	37	scaled	scale	VERB
ajfa-194	540	38	by	by	ADP
ajfa-194	540	39	the	the	DET
ajfa-194	540	40	ending	end	VERB
ajfa-194	540	41	price	price	NOUN
ajfa-194	540	42	of	of	ADP
ajfa-194	540	43	fiscal	fiscal	ADJ
ajfa-194	540	44	quarter	quarter	NOUN
ajfa-194	540	45	q-2	q-2	NUM
ajfa-194	540	46	.	.	PUNCT
ajfa-194	541	1	industry	industry	NOUN
ajfa-194	541	2	dummies	dummy	NOUN
ajfa-194	541	3	=	=	PUNCT
ajfa-194	541	4	defined	define	VERB
ajfa-194	541	5	by	by	ADP
ajfa-194	541	6	the	the	DET
ajfa-194	541	7	following	follow	VERB
ajfa-194	541	8	sic	sic	ADJ
ajfa-194	541	9	codes	code	NOUN
ajfa-194	541	10	adapted	adapt	VERB
ajfa-194	541	11	from	from	ADP
ajfa-194	541	12	barth	barth	NOUN
ajfa-194	541	13	,	,	PUNCT
ajfa-194	541	14	beaver	beaver	NOUN
ajfa-194	541	15	and	and	CCONJ
ajfa-194	541	16	landsman	landsman	NOUN
ajfa-194	541	17	(	(	PUNCT
ajfa-194	541	18	1999	1999	NUM
ajfa-194	541	19	):	):	PUNCT
ajfa-194	541	20	mining	mining	NOUN
ajfa-194	541	21	,	,	PUNCT
ajfa-194	541	22	construction	construction	NOUN
ajfa-194	541	23	and	and	CCONJ
ajfa-194	541	24	extractive	extractive	ADJ
ajfa-194	541	25	industry	industry	NOUN
ajfa-194	541	26	(	(	PUNCT
ajfa-194	541	27	1000	1000	NUM
ajfa-194	541	28	-	-	SYM
ajfa-194	541	29	1999	1999	NUM
ajfa-194	541	30	,	,	PUNCT
ajfa-194	541	31	2900	2900	NUM
ajfa-194	541	32	-	-	SYM
ajfa-194	541	33	2999	2999	NUM
ajfa-194	541	34	)	)	PUNCT
ajfa-194	541	35	;	;	PUNCT
ajfa-194	541	36	food	food	NOUN
ajfa-194	541	37	,	,	PUNCT
ajfa-194	541	38	textiles	textile	NOUN
ajfa-194	541	39	,	,	PUNCT
ajfa-194	541	40	chemicals	chemical	NOUN
ajfa-194	541	41	and	and	CCONJ
ajfa-194	541	42	pharmaceuticals	pharmaceutical	NOUN
ajfa-194	541	43	(	(	PUNCT
ajfa-194	541	44	2000	2000	NUM
ajfa-194	541	45	-	-	SYM
ajfa-194	541	46	2111	2111	NUM
ajfa-194	541	47	,	,	PUNCT
ajfa-194	541	48	2200	2200	NUM
ajfa-194	541	49	-	-	SYM
ajfa-194	541	50	2799	2799	NUM
ajfa-194	541	51	,	,	PUNCT
ajfa-194	541	52	2800	2800	NUM
ajfa-194	541	53	-	-	SYM
ajfa-194	541	54	2824	2824	NUM
ajfa-194	541	55	,	,	PUNCT
ajfa-194	541	56	28302836	28302836	NUM
ajfa-194	541	57	,	,	PUNCT
ajfa-194	541	58	2840	2840	NUM
ajfa-194	541	59	-	-	SYM
ajfa-194	541	60	2899	2899	NUM
ajfa-194	541	61	)	)	PUNCT
ajfa-194	541	62	;	;	PUNCT
ajfa-194	541	63	manufacturers	manufacturer	NOUN
ajfa-194	541	64	and	and	CCONJ
ajfa-194	541	65	computers	computer	NOUN
ajfa-194	541	66	(	(	PUNCT
ajfa-194	541	67	3000	3000	NUM
ajfa-194	541	68	-	-	SYM
ajfa-194	541	69	3999	3999	NUM
ajfa-194	541	70	,	,	PUNCT
ajfa-194	541	71	7370	7370	NUM
ajfa-194	541	72	-	-	SYM
ajfa-194	541	73	7379	7379	NUM
ajfa-194	541	74	)	)	PUNCT
ajfa-194	541	75	;	;	PUNCT
ajfa-194	541	76	utilities	utility	NOUN
ajfa-194	541	77	and	and	CCONJ
ajfa-194	541	78	transportation	transportation	NOUN
ajfa-194	541	79	(	(	PUNCT
ajfa-194	541	80	4000	4000	NUM
ajfa-194	541	81	-	-	SYM
ajfa-194	541	82	4899	4899	NUM
ajfa-194	541	83	,	,	PUNCT
ajfa-194	541	84	4900	4900	NUM
ajfa-194	541	85	-	-	SYM
ajfa-194	541	86	4999	4999	NUM
ajfa-194	541	87	)	)	PUNCT
ajfa-194	541	88	;	;	PUNCT
ajfa-194	541	89	retail	retail	NOUN
ajfa-194	541	90	(	(	PUNCT
ajfa-194	541	91	5000	5000	NUM
ajfa-194	541	92	-	-	PUNCT
ajfa-194	541	93	5999	5999	NUM
ajfa-194	541	94	)	)	PUNCT
ajfa-194	541	95	;	;	PUNCT
ajfa-194	541	96	financial	financial	ADJ
ajfa-194	541	97	services	service	NOUN
ajfa-194	541	98	(	(	PUNCT
ajfa-194	541	99	6000	6000	NUM
ajfa-194	541	100	-	-	SYM
ajfa-194	541	101	6411	6411	NUM
ajfa-194	541	102	,	,	PUNCT
ajfa-194	541	103	6500	6500	NUM
ajfa-194	541	104	-	-	SYM
ajfa-194	541	105	6999	6999	NUM
ajfa-194	541	106	)	)	PUNCT
ajfa-194	541	107	;	;	PUNCT
ajfa-194	541	108	service	service	NOUN
ajfa-194	541	109	(	(	PUNCT
ajfa-194	541	110	7000	7000	NUM
ajfa-194	541	111	-	-	SYM
ajfa-194	541	112	7369	7369	NUM
ajfa-194	541	113	,	,	PUNCT
ajfa-194	541	114	7380	7380	NUM
ajfa-194	541	115	-	-	SYM
ajfa-194	541	116	8999	8999	NUM
ajfa-194	541	117	)	)	PUNCT
ajfa-194	541	118	.	.	PUNCT
ajfa-194	542	1	earnings	earning	NOUN
ajfa-194	542	2	manipulation	manipulation	NOUN
ajfa-194	542	3	variables	variable	VERB
ajfa-194	542	4	dsriq	dsriq	NOUN
ajfa-194	543	1	=	=	NOUN
ajfa-194	543	2	ratio	ratio	NOUN
ajfa-194	543	3	of	of	ADP
ajfa-194	543	4	days	day	NOUN
ajfa-194	543	5	sales	sale	NOUN
ajfa-194	543	6	in	in	ADP
ajfa-194	543	7	accounts	account	NOUN
ajfa-194	543	8	receivable	receivable	ADJ
ajfa-194	543	9	to	to	ADP
ajfa-194	543	10	the	the	DET
ajfa-194	543	11	corresponding	corresponding	ADJ
ajfa-194	543	12	measure	measure	NOUN
ajfa-194	543	13	in	in	ADP
ajfa-194	543	14	the	the	DET
ajfa-194	543	15	prior	prior	ADJ
ajfa-194	543	16	year	year	NOUN
ajfa-194	543	17	,	,	PUNCT
ajfa-194	543	18	measured	measure	VERB
ajfa-194	543	19	as	as	ADP
ajfa-194	543	20	t	t	PROPN
ajfa-194	543	21	t-1	t-1	PROPN
ajfa-194	543	22	1	1	NUM
ajfa-194	543	23	re	re	X
ajfa-194	543	24	(	(	PUNCT
ajfa-194	543	25	data2)/sales	data2)/sale	NOUN
ajfa-194	543	26	(	(	PUNCT
ajfa-194	543	27	data	datum	NOUN
ajfa-194	543	28	12	12	NUM
ajfa-194	543	29	)	)	PUNCT
ajfa-194	543	30	re	re	ADP
ajfa-194	543	31	/sales	/sales	PROPN
ajfa-194	543	32	t	t	PROPN
ajfa-194	543	33	t	t	PROPN
ajfa-194	543	34	ceivables	ceivable	NOUN
ajfa-194	543	35	ceivables	ceivable	NOUN
ajfa-194	543	36	.	.	PUNCT
ajfa-194	544	1	dsri	dsri	PROPN
ajfa-194	544	2	is	be	AUX
ajfa-194	544	3	based	base	VERB
ajfa-194	544	4	on	on	ADP
ajfa-194	544	5	the	the	DET
ajfa-194	544	6	trailing	trail	VERB
ajfa-194	544	7	four	four	NUM
ajfa-194	544	8	quarters	quarter	NOUN
ajfa-194	544	9	of	of	ADP
ajfa-194	544	10	data	datum	NOUN
ajfa-194	544	11	available	available	ADJ
ajfa-194	544	12	to	to	ADP
ajfa-194	544	13	the	the	DET
ajfa-194	544	14	institutions	institution	NOUN
ajfa-194	544	15	prior	prior	ADV
ajfa-194	544	16	to	to	ADP
ajfa-194	544	17	the	the	DET
ajfa-194	544	18	reported	report	VERB
ajfa-194	544	19	end	end	NOUN
ajfa-194	544	20	of	of	ADP
ajfa-194	544	21	quarterly	quarterly	ADJ
ajfa-194	544	22	institutional	institutional	ADJ
ajfa-194	544	23	holdings	holding	NOUN
ajfa-194	544	24	and	and	CCONJ
ajfa-194	544	25	is	be	AUX
ajfa-194	544	26	winsorized	winsorize	VERB
ajfa-194	544	27	at	at	ADP
ajfa-194	544	28	the	the	DET
ajfa-194	544	29	1	1	NUM
ajfa-194	544	30	%	%	NOUN
ajfa-194	544	31	and	and	CCONJ
ajfa-194	544	32	99	99	NUM
ajfa-194	544	33	%	%	NOUN
ajfa-194	544	34	percentiles	percentile	NOUN
ajfa-194	544	35	(	(	PUNCT
ajfa-194	544	36	beneish	beneish	ADJ
ajfa-194	544	37	,	,	PUNCT
ajfa-194	544	38	1999	1999	NUM
ajfa-194	544	39	)	)	PUNCT
ajfa-194	544	40	.	.	PUNCT
ajfa-194	545	1	gmiq	gmiq	PROPN
ajfa-194	545	2	=	=	PUNCT
ajfa-194	546	1	ratio	ratio	NOUN
ajfa-194	546	2	of	of	ADP
ajfa-194	546	3	gross	gross	ADJ
ajfa-194	546	4	margin	margin	NOUN
ajfa-194	546	5	percentage	percentage	NOUN
ajfa-194	546	6	to	to	ADP
ajfa-194	546	7	the	the	DET
ajfa-194	546	8	correspoinding	correspoinde	VERB
ajfa-194	546	9	measure	measure	NOUN
ajfa-194	546	10	in	in	ADP
ajfa-194	546	11	the	the	DET
ajfa-194	546	12	prior	prior	ADJ
ajfa-194	546	13	year	year	NOUN
ajfa-194	546	14	,	,	PUNCT
ajfa-194	546	15	asian	asian	ADJ
ajfa-194	546	16	journal	journal	NOUN
ajfa-194	546	17	of	of	ADP
ajfa-194	546	18	finance	finance	PROPN
ajfa-194	546	19	&	&	CCONJ
ajfa-194	546	20	accounting	accounting	PROPN
ajfa-194	546	21	issn	issn	PROPN
ajfa-194	546	22	1946	1946	NUM
ajfa-194	546	23	-	-	PUNCT
ajfa-194	546	24	052x	052x	NOUN
ajfa-194	546	25	2009	2009	NUM
ajfa-194	546	26	,	,	PUNCT
ajfa-194	546	27	vol	vol	NOUN
ajfa-194	546	28	.	.	PROPN
ajfa-194	546	29	1	1	NUM
ajfa-194	546	30	,	,	PUNCT
ajfa-194	546	31	no	no	INTJ
ajfa-194	546	32	.	.	NOUN
ajfa-194	546	33	2	2	NUM
ajfa-194	546	34	:	:	PUNCT
ajfa-194	546	35	e4	e4	PROPN
ajfa-194	546	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-194	546	37	104	104	NUM
ajfa-194	546	38	measured	measure	VERB
ajfa-194	546	39	as	as	ADP
ajfa-194	546	40	t-1	t-1	PROPN
ajfa-194	546	41	t-1	t-1	PROPN
ajfa-194	546	42	t-1	t-1	PROPN
ajfa-194	546	43	t	t	PROPN
ajfa-194	546	44	t	t	PROPN
ajfa-194	546	45	t	t	PROPN
ajfa-194	546	46	sales	sale	NOUN
ajfa-194	546	47	(	(	PUNCT
ajfa-194	546	48	data	data	NOUN
ajfa-194	546	49	12)-costs	12)-cost	NOUN
ajfa-194	546	50	of	of	ADP
ajfa-194	546	51	goods	good	NOUN
ajfa-194	546	52	sold	sell	VERB
ajfa-194	546	53	(	(	PUNCT
ajfa-194	546	54	data	datum	NOUN
ajfa-194	546	55	41	41	NUM
ajfa-194	546	56	)	)	PUNCT
ajfa-194	546	57	/	/	SYM
ajfa-194	546	58	sales	sale	NOUN
ajfa-194	546	59	(	(	PUNCT
ajfa-194	546	60	data	data	NOUN
ajfa-194	546	61	12	12	NUM
ajfa-194	546	62	)	)	PUNCT
ajfa-194	546	63	sales	sale	NOUN
ajfa-194	546	64	(	(	PUNCT
ajfa-194	546	65	data	data	NOUN
ajfa-194	546	66	12)-costs	12)-cost	NOUN
ajfa-194	546	67	of	of	ADP
ajfa-194	546	68	goods	good	NOUN
ajfa-194	546	69	sold	sell	VERB
ajfa-194	546	70	(	(	PUNCT
ajfa-194	546	71	data	datum	NOUN
ajfa-194	546	72	41	41	NUM
ajfa-194	546	73	)	)	PUNCT
ajfa-194	546	74	sales	sale	NOUN
ajfa-194	546	75	(	(	PUNCT
ajfa-194	546	76	data	datum	NOUN
ajfa-194	546	77	12	12	NUM
ajfa-194	546	78	)	)	PUNCT
ajfa-194	546	79	.	.	PUNCT
ajfa-194	547	1	gmi	gmi	PROPN
ajfa-194	547	2	based	base	VERB
ajfa-194	547	3	on	on	ADP
ajfa-194	547	4	the	the	DET
ajfa-194	547	5	trailing	trail	VERB
ajfa-194	547	6	four	four	NUM
ajfa-194	547	7	quarters	quarter	NOUN
ajfa-194	547	8	of	of	ADP
ajfa-194	547	9	data	datum	NOUN
ajfa-194	547	10	available	available	ADJ
ajfa-194	547	11	to	to	ADP
ajfa-194	547	12	the	the	DET
ajfa-194	547	13	institutions	institution	NOUN
ajfa-194	547	14	prior	prior	ADV
ajfa-194	547	15	to	to	ADP
ajfa-194	547	16	the	the	DET
ajfa-194	547	17	reported	report	VERB
ajfa-194	547	18	end	end	NOUN
ajfa-194	547	19	of	of	ADP
ajfa-194	547	20	quarterly	quarterly	ADJ
ajfa-194	547	21	institutional	institutional	ADJ
ajfa-194	547	22	holdings	holding	NOUN
ajfa-194	547	23	and	and	CCONJ
ajfa-194	547	24	is	be	AUX
ajfa-194	547	25	winsorized	winsorize	VERB
ajfa-194	547	26	at	at	ADP
ajfa-194	547	27	the	the	DET
ajfa-194	547	28	1	1	NUM
ajfa-194	547	29	%	%	NOUN
ajfa-194	547	30	and	and	CCONJ
ajfa-194	547	31	99	99	NUM
ajfa-194	547	32	%	%	NOUN
ajfa-194	547	33	percentiles	percentile	NOUN
ajfa-194	547	34	(	(	PUNCT
ajfa-194	547	35	beneish	beneish	ADJ
ajfa-194	547	36	,	,	PUNCT
ajfa-194	547	37	1999	1999	NUM
ajfa-194	547	38	)	)	PUNCT
ajfa-194	547	39	.	.	PUNCT
ajfa-194	548	1	aqiq	aqiq	NOUN
ajfa-194	549	1	=	=	NOUN
ajfa-194	549	2	percentage	percentage	NOUN
ajfa-194	549	3	of	of	ADP
ajfa-194	549	4	total	total	ADJ
ajfa-194	549	5	assets	asset	NOUN
ajfa-194	549	6	not	not	PART
ajfa-194	549	7	in	in	ADP
ajfa-194	549	8	current	current	ADJ
ajfa-194	549	9	assets	asset	NOUN
ajfa-194	549	10	or	or	CCONJ
ajfa-194	549	11	ppe	ppe	NOUN
ajfa-194	549	12	relative	relative	ADJ
ajfa-194	549	13	to	to	ADP
ajfa-194	549	14	the	the	DET
ajfa-194	549	15	corresponding	corresponding	ADJ
ajfa-194	549	16	measure	measure	NOUN
ajfa-194	549	17	in	in	ADP
ajfa-194	549	18	the	the	DET
ajfa-194	549	19	prior	prior	ADJ
ajfa-194	549	20	year	year	NOUN
ajfa-194	549	21	,	,	PUNCT
ajfa-194	549	22	measured	measure	VERB
ajfa-194	549	23	as	as	ADP
ajfa-194	549	24	t	t	PROPN
ajfa-194	549	25	t	t	PROPN
ajfa-194	549	26	t-1	t-1	PROPN
ajfa-194	549	27	t-1	t-1	PROPN
ajfa-194	549	28	-1	-1	PUNCT
ajfa-194	549	29	current	current	ADJ
ajfa-194	549	30	assets	asset	NOUN
ajfa-194	549	31	(	(	PUNCT
ajfa-194	549	32	data	datum	NOUN
ajfa-194	549	33	4)+ppe	4)+ppe	NUM
ajfa-194	549	34	(	(	PUNCT
ajfa-194	549	35	data	datum	NOUN
ajfa-194	549	36	8)	8)	NUM
ajfa-194	549	37	current	current	ADJ
ajfa-194	549	38	assets	asset	NOUN
ajfa-194	550	1	+	+	CCONJ
ajfa-194	550	2	ppe	ppe	NOUN
ajfa-194	550	3	1	1	NUM
ajfa-194	550	4	/	/	SYM
ajfa-194	550	5	1	1	NUM
ajfa-194	550	6	total	total	ADJ
ajfa-194	550	7	assets	asset	NOUN
ajfa-194	550	8	(	(	PUNCT
ajfa-194	550	9	data	data	NOUN
ajfa-194	550	10	6	6	NUM
ajfa-194	550	11	)	)	PUNCT
ajfa-194	550	12	total	total	ADJ
ajfa-194	550	13	assetst	assetst	NOUN
ajfa-194	550	14	t	t	PROPN
ajfa-194	550	15	aqi	aqi	PROPN
ajfa-194	550	16	is	be	AUX
ajfa-194	550	17	set	set	VERB
ajfa-194	550	18	to	to	PART
ajfa-194	550	19	be	be	AUX
ajfa-194	550	20	one	one	NUM
ajfa-194	550	21	if	if	SCONJ
ajfa-194	550	22	the	the	DET
ajfa-194	550	23	assets	asset	NOUN
ajfa-194	550	24	at	at	ADP
ajfa-194	550	25	year	year	NOUN
ajfa-194	550	26	t-1	t-1	PROPN
ajfa-194	550	27	consist	consist	VERB
ajfa-194	550	28	exclusively	exclusively	ADV
ajfa-194	550	29	of	of	ADP
ajfa-194	550	30	current	current	ADJ
ajfa-194	550	31	assets	asset	NOUN
ajfa-194	550	32	and	and	CCONJ
ajfa-194	550	33	ppe	ppe	PROPN
ajfa-194	550	34	.	.	PUNCT
ajfa-194	551	1	aqiq	aqiq	PROPN
ajfa-194	551	2	is	be	AUX
ajfa-194	551	3	based	base	VERB
ajfa-194	551	4	on	on	ADP
ajfa-194	551	5	the	the	DET
ajfa-194	551	6	trailing	trail	VERB
ajfa-194	551	7	four	four	NUM
ajfa-194	551	8	quarters	quarter	NOUN
ajfa-194	551	9	of	of	ADP
ajfa-194	551	10	data	datum	NOUN
ajfa-194	551	11	available	available	ADJ
ajfa-194	551	12	to	to	ADP
ajfa-194	551	13	the	the	DET
ajfa-194	551	14	institutions	institution	NOUN
ajfa-194	551	15	prior	prior	ADV
ajfa-194	551	16	to	to	ADP
ajfa-194	551	17	the	the	DET
ajfa-194	551	18	reported	report	VERB
ajfa-194	551	19	end	end	NOUN
ajfa-194	551	20	of	of	ADP
ajfa-194	551	21	quarterly	quarterly	ADJ
ajfa-194	551	22	institutional	institutional	ADJ
ajfa-194	551	23	holdings	holding	NOUN
ajfa-194	551	24	and	and	CCONJ
ajfa-194	551	25	is	be	AUX
ajfa-194	551	26	winsorized	winsorize	VERB
ajfa-194	551	27	at	at	ADP
ajfa-194	551	28	the	the	DET
ajfa-194	551	29	1	1	NUM
ajfa-194	551	30	%	%	NOUN
ajfa-194	551	31	and	and	CCONJ
ajfa-194	551	32	99	99	NUM
ajfa-194	551	33	%	%	NOUN
ajfa-194	551	34	percentiles	percentile	NOUN
ajfa-194	551	35	(	(	PUNCT
ajfa-194	551	36	beneish	beneish	ADJ
ajfa-194	551	37	,	,	PUNCT
ajfa-194	551	38	1999	1999	NUM
ajfa-194	551	39	)	)	PUNCT
ajfa-194	551	40	.	.	PUNCT
ajfa-194	552	1	sgiq	sgiq	NOUN
ajfa-194	553	1	=	=	SYM
ajfa-194	553	2	sales	sale	NOUN
ajfa-194	553	3	growth	growth	NOUN
ajfa-194	553	4	index	index	NOUN
ajfa-194	553	5	,	,	PUNCT
ajfa-194	553	6	measured	measure	VERB
ajfa-194	553	7	as	as	ADP
ajfa-194	553	8	t	t	PROPN
ajfa-194	553	9	t-1	t-1	PROPN
ajfa-194	553	10	sales	sale	NOUN
ajfa-194	553	11	(	(	PUNCT
ajfa-194	553	12	data	data	NOUN
ajfa-194	553	13	12	12	NUM
ajfa-194	553	14	)	)	PUNCT
ajfa-194	553	15	sales	sale	NOUN
ajfa-194	553	16	.	.	PUNCT
ajfa-194	554	1	sgi	sgi	PROPN
ajfa-194	554	2	is	be	AUX
ajfa-194	554	3	based	base	VERB
ajfa-194	554	4	on	on	ADP
ajfa-194	554	5	the	the	DET
ajfa-194	554	6	trailing	trail	VERB
ajfa-194	554	7	four	four	NUM
ajfa-194	554	8	quarters	quarter	NOUN
ajfa-194	554	9	of	of	ADP
ajfa-194	554	10	data	datum	NOUN
ajfa-194	554	11	available	available	ADJ
ajfa-194	554	12	to	to	ADP
ajfa-194	554	13	the	the	DET
ajfa-194	554	14	institutions	institution	NOUN
ajfa-194	554	15	prior	prior	ADV
ajfa-194	554	16	to	to	ADP
ajfa-194	554	17	the	the	DET
ajfa-194	554	18	reported	report	VERB
ajfa-194	554	19	end	end	NOUN
ajfa-194	554	20	of	of	ADP
ajfa-194	554	21	quarterly	quarterly	ADJ
ajfa-194	554	22	institutional	institutional	ADJ
ajfa-194	554	23	holdings	holding	NOUN
ajfa-194	554	24	and	and	CCONJ
ajfa-194	554	25	is	be	AUX
ajfa-194	554	26	winsorized	winsorize	VERB
ajfa-194	554	27	at	at	ADP
ajfa-194	554	28	the	the	DET
ajfa-194	554	29	1	1	NUM
ajfa-194	554	30	%	%	NOUN
ajfa-194	554	31	and	and	CCONJ
ajfa-194	554	32	99	99	NUM
ajfa-194	554	33	%	%	NOUN
ajfa-194	554	34	percentiles	percentile	NOUN
ajfa-194	554	35	(	(	PUNCT
ajfa-194	554	36	beneish	beneish	ADJ
ajfa-194	554	37	,	,	PUNCT
ajfa-194	554	38	1999	1999	NUM
ajfa-194	554	39	)	)	PUNCT
ajfa-194	554	40	.	.	PUNCT
ajfa-194	555	1	depiq	depiq	NOUN
ajfa-194	556	1	=	=	PUNCT
ajfa-194	556	2	ratio	ratio	NOUN
ajfa-194	556	3	of	of	ADP
ajfa-194	556	4	the	the	DET
ajfa-194	556	5	rate	rate	NOUN
ajfa-194	556	6	of	of	ADP
ajfa-194	556	7	depreciation	depreciation	NOUN
ajfa-194	556	8	in	in	ADP
ajfa-194	556	9	year	year	NOUN
ajfa-194	556	10	t-1	t-1	PROPN
ajfa-194	556	11	versus	versus	ADP
ajfa-194	556	12	the	the	DET
ajfa-194	556	13	corresponding	corresponding	ADJ
ajfa-194	556	14	rate	rate	NOUN
ajfa-194	556	15	in	in	ADP
ajfa-194	556	16	year	year	NOUN
ajfa-194	556	17	t	t	PROPN
ajfa-194	556	18	,	,	PUNCT
ajfa-194	556	19	measured	measure	VERB
ajfa-194	556	20	as	as	ADP
ajfa-194	556	21	1	1	NUM
ajfa-194	556	22	+1	+1	SYM
ajfa-194	556	23	1	1	NUM
ajfa-194	556	24	depreciation	depreciation	NOUN
ajfa-194	556	25	(	(	PUNCT
ajfa-194	556	26	data14	data14	VERB
ajfa-194	556	27	-data	-data	VERB
ajfa-194	556	28	65	65	NUM
ajfa-194	556	29	)	)	PUNCT
ajfa-194	556	30	depreciation	depreciation	NOUN
ajfa-194	556	31	ppe	ppe	NOUN
ajfa-194	556	32	(	(	PUNCT
ajfa-194	556	33	data8	data8	PROPN
ajfa-194	556	34	)	)	PUNCT
ajfa-194	557	1	t	t	PROPN
ajfa-194	557	2	t	t	PROPN
ajfa-194	557	3	t	t	PROPN
ajfa-194	557	4	/	/	SYM
ajfa-194	557	5	t	t	PROPN
ajfa-194	557	6	+	+	PROPN
ajfa-194	557	7	t	t	NOUN
ajfa-194	557	8	t	t	NOUN
ajfa-194	557	9	depreciation	depreciation	NOUN
ajfa-194	557	10	depreciation	depreciation	NOUN
ajfa-194	557	11	ppe	ppe	PROPN
ajfa-194	557	12	.	.	PUNCT
ajfa-194	558	1	depi	depi	PROPN
ajfa-194	558	2	is	be	AUX
ajfa-194	558	3	set	set	VERB
ajfa-194	558	4	to	to	PART
ajfa-194	558	5	be	be	AUX
ajfa-194	558	6	one	one	NUM
ajfa-194	558	7	if	if	SCONJ
ajfa-194	558	8	amortization	amortization	NOUN
ajfa-194	558	9	of	of	ADP
ajfa-194	558	10	intangibles	intangible	NOUN
ajfa-194	558	11	(	(	PUNCT
ajfa-194	558	12	data	datum	NOUN
ajfa-194	558	13	65	65	NUM
ajfa-194	558	14	)	)	PUNCT
ajfa-194	558	15	is	be	AUX
ajfa-194	558	16	missing	miss	VERB
ajfa-194	558	17	.	.	PUNCT
ajfa-194	559	1	depi	depi	PROPN
ajfa-194	559	2	is	be	AUX
ajfa-194	559	3	based	base	VERB
ajfa-194	559	4	on	on	ADP
ajfa-194	559	5	the	the	DET
ajfa-194	559	6	trailing	trail	VERB
ajfa-194	559	7	four	four	NUM
ajfa-194	559	8	quarters	quarter	NOUN
ajfa-194	559	9	of	of	ADP
ajfa-194	559	10	data	datum	NOUN
ajfa-194	559	11	available	available	ADJ
ajfa-194	559	12	to	to	ADP
ajfa-194	559	13	the	the	DET
ajfa-194	559	14	institutions	institution	NOUN
ajfa-194	559	15	prior	prior	ADV
ajfa-194	559	16	to	to	ADP
ajfa-194	559	17	the	the	DET
ajfa-194	559	18	reported	report	VERB
ajfa-194	559	19	end	end	NOUN
ajfa-194	559	20	of	of	ADP
ajfa-194	559	21	quarterly	quarterly	ADJ
ajfa-194	559	22	institutional	institutional	ADJ
ajfa-194	559	23	holdings	holding	NOUN
ajfa-194	559	24	and	and	CCONJ
ajfa-194	559	25	is	be	AUX
ajfa-194	559	26	winsorized	winsorize	VERB
ajfa-194	559	27	at	at	ADP
ajfa-194	559	28	the	the	DET
ajfa-194	559	29	1	1	NUM
ajfa-194	559	30	%	%	NOUN
ajfa-194	559	31	and	and	CCONJ
ajfa-194	559	32	99	99	NUM
ajfa-194	559	33	%	%	NOUN
ajfa-194	559	34	percentiles	percentile	NOUN
ajfa-194	559	35	(	(	PUNCT
ajfa-194	559	36	beneish	beneish	ADJ
ajfa-194	559	37	,	,	PUNCT
ajfa-194	559	38	1999	1999	NUM
ajfa-194	559	39	)	)	PUNCT
ajfa-194	559	40	.	.	PUNCT
ajfa-194	560	1	tataq	tataq	X
ajfa-194	561	1	=	=	SYM
ajfa-194	561	2	ratio	ratio	NOUN
ajfa-194	561	3	of	of	ADP
ajfa-194	561	4	total	total	ADJ
ajfa-194	561	5	accruals	accrual	NOUN
ajfa-194	561	6	to	to	ADP
ajfa-194	561	7	total	total	ADJ
ajfa-194	561	8	assets	asset	NOUN
ajfa-194	561	9	,	,	PUNCT
ajfa-194	561	10	measured	measure	VERB
ajfa-194	561	11	as	as	ADP
ajfa-194	561	12	tincome	tincome	NOUN
ajfa-194	561	13	before	before	ADP
ajfa-194	561	14	extraordinary	extraordinary	ADJ
ajfa-194	561	15	items	item	NOUN
ajfa-194	561	16	(	(	PUNCT
ajfa-194	561	17	data	datum	NOUN
ajfa-194	561	18	18)-cfo	18)-cfo	NUM
ajfa-194	561	19	(	(	PUNCT
ajfa-194	561	20	data308	data308	PROPN
ajfa-194	561	21	)	)	PUNCT
ajfa-194	561	22	total	total	ADJ
ajfa-194	561	23	assetst	assetst	NOUN
ajfa-194	561	24	(	(	PUNCT
ajfa-194	561	25	data6	data6	PROPN
ajfa-194	561	26	)	)	PUNCT
ajfa-194	561	27	t	t	PROPN
ajfa-194	561	28	t	t	PROPN
ajfa-194	561	29	tata	tata	PROPN
ajfa-194	561	30	is	be	AUX
ajfa-194	561	31	based	base	VERB
ajfa-194	561	32	on	on	ADP
ajfa-194	561	33	the	the	DET
ajfa-194	561	34	trailing	trail	VERB
ajfa-194	561	35	four	four	NUM
ajfa-194	561	36	quarters	quarter	NOUN
ajfa-194	561	37	of	of	ADP
ajfa-194	561	38	data	datum	NOUN
ajfa-194	561	39	available	available	ADJ
ajfa-194	561	40	to	to	ADP
ajfa-194	561	41	the	the	DET
ajfa-194	561	42	institutions	institution	NOUN
ajfa-194	561	43	prior	prior	ADV
ajfa-194	561	44	to	to	ADP
ajfa-194	561	45	the	the	DET
ajfa-194	561	46	reported	report	VERB
ajfa-194	561	47	end	end	NOUN
ajfa-194	561	48	of	of	ADP
ajfa-194	561	49	quarterly	quarterly	ADJ
ajfa-194	561	50	institutional	institutional	ADJ
ajfa-194	561	51	holdings	holding	NOUN
ajfa-194	561	52	and	and	CCONJ
ajfa-194	561	53	is	be	AUX
ajfa-194	561	54	winsorized	winsorize	VERB
ajfa-194	561	55	at	at	ADP
ajfa-194	561	56	the	the	DET
ajfa-194	561	57	1	1	NUM
ajfa-194	561	58	%	%	NOUN
ajfa-194	561	59	and	and	CCONJ
ajfa-194	561	60	99	99	NUM
ajfa-194	561	61	%	%	NOUN
ajfa-194	561	62	percentiles	percentile	NOUN
ajfa-194	561	63	(	(	PUNCT
ajfa-194	561	64	beneish	beneish	ADJ
ajfa-194	561	65	,	,	PUNCT
ajfa-194	561	66	1999	1999	NUM
ajfa-194	561	67	)	)	PUNCT
ajfa-194	561	68	.	.	PUNCT
ajfa-194	562	1	market	market	NOUN
ajfa-194	562	2	reaction	reaction	NOUN
ajfa-194	562	3	variables	variable	VERB
ajfa-194	562	4	car90	car90	PROPN
ajfa-194	562	5	=	=	SYM
ajfa-194	562	6	cumulative	cumulative	ADJ
ajfa-194	562	7	abnormal	abnormal	ADJ
ajfa-194	562	8	return	return	NOUN
ajfa-194	562	9	from	from	ADP
ajfa-194	562	10	day	day	NOUN
ajfa-194	562	11	-92	-92	PUNCT
ajfa-194	562	12	to	to	ADP
ajfa-194	562	13	day	day	NOUN
ajfa-194	562	14	-3	-3	PUNCT
ajfa-194	562	15	,	,	PUNCT
ajfa-194	562	16	where	where	SCONJ
ajfa-194	562	17	day	day	NOUN
ajfa-194	562	18	zero	zero	NUM
ajfa-194	562	19	is	be	AUX
ajfa-194	562	20	the	the	DET
ajfa-194	562	21	date	date	NOUN
ajfa-194	562	22	of	of	ADP
ajfa-194	562	23	the	the	DET
ajfa-194	562	24	restatement	restatement	NOUN
ajfa-194	562	25	announcement	announcement	NOUN
ajfa-194	562	26	.	.	PUNCT
ajfa-194	563	1	other	other	ADJ
ajfa-194	563	2	variables	variable	NOUN
ajfa-194	563	3	tobin	tobin	PROPN
ajfa-194	563	4	q	q	PROPN
ajfa-194	564	1	=	=	PUNCT
ajfa-194	564	2	(	(	PUNCT
ajfa-194	564	3	book	book	NOUN
ajfa-194	564	4	value	value	NOUN
ajfa-194	564	5	of	of	ADP
ajfa-194	564	6	total	total	ADJ
ajfa-194	564	7	assets	asset	NOUN
ajfa-194	564	8	(	(	PUNCT
ajfa-194	564	9	data	data	NOUN
ajfa-194	564	10	44)book	44)book	NUM
ajfa-194	564	11	value	value	NOUN
ajfa-194	564	12	of	of	ADP
ajfa-194	564	13	equity	equity	NOUN
ajfa-194	564	14	(	(	PUNCT
ajfa-194	564	15	data	datum	NOUN
ajfa-194	564	16	59	59	NUM
ajfa-194	564	17	)	)	PUNCT
ajfa-194	564	18	+	+	NUM
ajfa-194	564	19	market	market	NOUN
ajfa-194	564	20	value	value	NOUN
ajfa-194	564	21	of	of	ADP
ajfa-194	564	22	equity	equity	NOUN
ajfa-194	564	23	(	(	PUNCT
ajfa-194	564	24	data	datum	NOUN
ajfa-194	564	25	14*data61))/book	14*data61))/book	NUM
ajfa-194	564	26	value	value	NOUN
ajfa-194	564	27	of	of	ADP
ajfa-194	564	28	total	total	ADJ
ajfa-194	564	29	assets	asset	NOUN
ajfa-194	564	30	(	(	PUNCT
ajfa-194	564	31	data44	data44	NOUN
ajfa-194	564	32	)	)	PUNCT
ajfa-194	564	33	(	(	PUNCT
ajfa-194	564	34	coles	coles	PROPN
ajfa-194	564	35	,	,	PUNCT
ajfa-194	564	36	daniel	daniel	PROPN
ajfa-194	564	37	and	and	CCONJ
ajfa-194	564	38	naveen	naveen	PROPN
ajfa-194	564	39	,	,	PUNCT
ajfa-194	564	40	2008	2008	NUM
ajfa-194	564	41	)	)	PUNCT
ajfa-194	564	42	appendix	appendix	VERB
ajfa-194	564	43	2	2	NUM
ajfa-194	564	44	.	.	PUNCT
ajfa-194	565	1	characteristics	characteristic	NOUN
ajfa-194	565	2	of	of	ADP
ajfa-194	565	3	different	different	ADJ
ajfa-194	565	4	types	type	NOUN
ajfa-194	565	5	of	of	ADP
ajfa-194	565	6	institutions	institution	NOUN
ajfa-194	565	7	abc	abc	PROPN
ajfa-194	565	8	asian	asian	PROPN
ajfa-194	565	9	journal	journal	PROPN
ajfa-194	565	10	of	of	ADP
ajfa-194	565	11	finance	finance	PROPN
ajfa-194	565	12	&	&	CCONJ
ajfa-194	565	13	accounting	accounting	PROPN
ajfa-194	565	14	issn	issn	PROPN
ajfa-194	565	15	1946	1946	NUM
ajfa-194	565	16	-	-	PUNCT
ajfa-194	565	17	052x	052x	NOUN
ajfa-194	565	18	2009	2009	NUM
ajfa-194	565	19	,	,	PUNCT
ajfa-194	565	20	vol	vol	NOUN
ajfa-194	565	21	.	.	PROPN
ajfa-194	565	22	1	1	NUM
ajfa-194	565	23	,	,	PUNCT
ajfa-194	565	24	no	no	INTJ
ajfa-194	565	25	.	.	NOUN
ajfa-194	565	26	2	2	NUM
ajfa-194	565	27	:	:	PUNCT
ajfa-194	565	28	e4	e4	PROPN
ajfa-194	565	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-194	565	30	105	105	NUM
ajfa-194	565	31	transient	transient	ADJ
ajfa-194	565	32	dedicated	dedicated	ADJ
ajfa-194	565	33	quasi	quasi	NOUN
ajfa-194	565	34	-	-	ADJ
ajfa-194	565	35	indexers	indexers	ADJ
ajfa-194	565	36	portfolio	portfolio	NOUN
ajfa-194	565	37	turnover	turnover	NOUN
ajfa-194	565	38	factor	factor	NOUN
ajfa-194	565	39	mean	mean	VERB
ajfa-194	565	40	1.472	1.472	NUM
ajfa-194	565	41	-0.228	-0.228	NUM
ajfa-194	565	42	-0.442	-0.442	PUNCT
ajfa-194	565	43	pt1	pt1	NOUN
ajfa-194	565	44	mean	mean	VERB
ajfa-194	565	45	0.774	0.774	NUM
ajfa-194	565	46	0.414	0.414	NUM
ajfa-194	565	47	0.368	0.368	NUM
ajfa-194	565	48	pt2	pt2	NOUN
ajfa-194	565	49	mean	mean	NOUN
ajfa-194	565	50	0.557	0.557	NUM
ajfa-194	565	51	0.231	0.231	NUM
ajfa-194	565	52	0.229	0.229	NUM
ajfa-194	565	53	stab1	stab1	NOUN
ajfa-194	565	54	mean	mean	VERB
ajfa-194	565	55	0.335	0.335	NUM
ajfa-194	565	56	0.578	0.578	NUM
ajfa-194	565	57	0.569	0.569	NUM
ajfa-194	565	58	stab2	stab2	NOUN
ajfa-194	565	59	mean	mean	VERB
ajfa-194	565	60	0.461	0.461	NUM
ajfa-194	565	61	0.713	0.713	NUM
ajfa-194	565	62	0.700	0.700	NUM
ajfa-194	565	63	portfolio	portfolio	NOUN
ajfa-194	565	64	concentration	concentration	NOUN
ajfa-194	565	65	factor	factor	NOUN
ajfa-194	565	66	mean	mean	VERB
ajfa-194	565	67	-0.196	-0.196	PROPN
ajfa-194	565	68	2.122	2.122	NUM
ajfa-194	565	69	-0.292	-0.292	NUM
ajfa-194	565	70	lbph	lbph	NOUN
ajfa-194	565	71	mean	mean	VERB
ajfa-194	565	72	0.032	0.032	NUM
ajfa-194	565	73	0.382	0.382	NUM
ajfa-194	565	74	0.026	0.026	NUM
ajfa-194	565	75	lbpf	lbpf	NOUN
ajfa-194	565	76	mean	mean	VERB
ajfa-194	565	77	0.014	0.014	NUM
ajfa-194	565	78	0.213	0.213	NUM
ajfa-194	565	79	0.009	0.009	NUM
ajfa-194	565	80	aph	aph	PROPN
ajfa-194	565	81	mean	mean	VERB
ajfa-194	565	82	0.009	0.009	NUM
ajfa-194	565	83	0.063	0.063	NUM
ajfa-194	565	84	0.008	0.008	NUM
ajfa-194	565	85	conc	conc	NOUN
ajfa-194	565	86	mean	mean	VERB
ajfa-194	565	87	5.910	5.910	NUM
ajfa-194	565	88	14.772	14.772	NUM
ajfa-194	565	89	5.817	5.817	NUM
ajfa-194	565	90	description	description	NOUN
ajfa-194	565	91	for	for	ADP
ajfa-194	565	92	the	the	DET
ajfa-194	565	93	above	above	ADJ
ajfa-194	565	94	table	table	NOUN
ajfa-194	565	95	.	.	PUNCT
ajfa-194	566	1	a	a	DET
ajfa-194	566	2	this	this	DET
ajfa-194	566	3	table	table	NOUN
ajfa-194	566	4	is	be	AUX
ajfa-194	566	5	based	base	VERB
ajfa-194	566	6	on	on	ADP
ajfa-194	566	7	table	table	NOUN
ajfa-194	566	8	1	1	NUM
ajfa-194	566	9	of	of	ADP
ajfa-194	566	10	bushee	bushee	NOUN
ajfa-194	566	11	,	,	PUNCT
ajfa-194	566	12	b.	b.	PROPN
ajfa-194	566	13	(	(	PUNCT
ajfa-194	566	14	2001	2001	NUM
ajfa-194	566	15	)	)	PUNCT
ajfa-194	566	16	.	.	PUNCT
ajfa-194	567	1	do	do	AUX
ajfa-194	567	2	institutional	institutional	ADJ
ajfa-194	567	3	investors	investor	NOUN
ajfa-194	567	4	prefer	prefer	VERB
ajfa-194	567	5	near	near	ADJ
ajfa-194	567	6	-	-	PUNCT
ajfa-194	567	7	term	term	NOUN
ajfa-194	567	8	earnings	earning	NOUN
ajfa-194	567	9	over	over	ADP
ajfa-194	567	10	long	long	ADV
ajfa-194	567	11	-	-	PUNCT
ajfa-194	567	12	run	run	VERB
ajfa-194	567	13	value	value	NOUN
ajfa-194	567	14	?	?	PUNCT
ajfa-194	568	1	contemporary	contemporary	ADJ
ajfa-194	568	2	accounting	accounting	NOUN
ajfa-194	568	3	research	research	NOUN
ajfa-194	568	4	,	,	PUNCT
ajfa-194	568	5	18	18	NUM
ajfa-194	568	6	,	,	PUNCT
ajfa-194	568	7	207	207	NUM
ajfa-194	568	8	-	-	SYM
ajfa-194	568	9	246	246	NUM
ajfa-194	568	10	,	,	PUNCT
ajfa-194	568	11	and	and	CCONJ
ajfa-194	568	12	table	table	NOUN
ajfa-194	568	13	5	5	NUM
ajfa-194	568	14	of	of	ADP
ajfa-194	568	15	bushee	bushee	NOUN
ajfa-194	568	16	,	,	PUNCT
ajfa-194	568	17	b.	b.	PROPN
ajfa-194	568	18	(	(	PUNCT
ajfa-194	568	19	1998	1998	NUM
ajfa-194	568	20	)	)	PUNCT
ajfa-194	568	21	.	.	PUNCT
ajfa-194	569	1	the	the	DET
ajfa-194	569	2	influence	influence	NOUN
ajfa-194	569	3	of	of	ADP
ajfa-194	569	4	institutional	institutional	ADJ
ajfa-194	569	5	investors	investor	NOUN
ajfa-194	569	6	on	on	ADP
ajfa-194	569	7	myopic	myopic	ADJ
ajfa-194	569	8	r&d	r&d	NOUN
ajfa-194	569	9	investment	investment	NOUN
ajfa-194	569	10	behavior	behavior	NOUN
ajfa-194	569	11	.	.	PUNCT
ajfa-194	570	1	the	the	DET
ajfa-194	570	2	accounting	accounting	NOUN
ajfa-194	570	3	review	review	NOUN
ajfa-194	570	4	,	,	PUNCT
ajfa-194	570	5	305	305	NUM
ajfa-194	570	6	-	-	SYM
ajfa-194	570	7	333	333	NUM
ajfa-194	570	8	.	.	PUNCT
ajfa-194	571	1	b	b	X
ajfa-194	571	2	the	the	DET
ajfa-194	571	3	classification	classification	NOUN
ajfa-194	571	4	of	of	ADP
ajfa-194	571	5	transient	transient	NOUN
ajfa-194	571	6	,	,	PUNCT
ajfa-194	571	7	dedicated	dedicated	ADJ
ajfa-194	571	8	,	,	PUNCT
ajfa-194	571	9	and	and	CCONJ
ajfa-194	571	10	quasi	quasi	ADJ
ajfa-194	571	11	-	-	ADJ
ajfa-194	571	12	indexing	indexing	ADJ
ajfa-194	571	13	institutions	institution	NOUN
ajfa-194	571	14	is	be	AUX
ajfa-194	571	15	institution	institution	NOUN
ajfa-194	571	16	-	-	PUNCT
ajfa-194	571	17	year	year	NOUN
ajfa-194	571	18	specific	specific	ADJ
ajfa-194	571	19	,	,	PUNCT
ajfa-194	571	20	based	base	VERB
ajfa-194	571	21	on	on	ADP
ajfa-194	571	22	a	a	DET
ajfa-194	571	23	factor	factor	NOUN
ajfa-194	571	24	analysis	analysis	NOUN
ajfa-194	571	25	and	and	CCONJ
ajfa-194	571	26	cluster	cluster	NOUN
ajfa-194	571	27	analysis	analysis	NOUN
ajfa-194	571	28	.	.	PUNCT
ajfa-194	572	1	first	first	ADV
ajfa-194	572	2	,	,	PUNCT
ajfa-194	572	3	a	a	DET
ajfa-194	572	4	portfolio	portfolio	NOUN
ajfa-194	572	5	turnover	turnover	NOUN
ajfa-194	572	6	factor	factor	NOUN
ajfa-194	572	7	(	(	PUNCT
ajfa-194	572	8	a	a	DET
ajfa-194	572	9	portfolio	portfolio	NOUN
ajfa-194	572	10	concentration	concentration	NOUN
ajfa-194	572	11	factor	factor	NOUN
ajfa-194	572	12	)	)	PUNCT
ajfa-194	572	13	is	be	AUX
ajfa-194	572	14	created	create	VERB
ajfa-194	572	15	based	base	VERB
ajfa-194	572	16	on	on	ADP
ajfa-194	572	17	the	the	DET
ajfa-194	572	18	variables	variable	NOUN
ajfa-194	572	19	listed	list	VERB
ajfa-194	572	20	below	below	ADP
ajfa-194	572	21	the	the	DET
ajfa-194	572	22	portfolio	portfolio	NOUN
ajfa-194	572	23	turnover	turnover	NOUN
ajfa-194	572	24	factor	factor	NOUN
ajfa-194	572	25	(	(	PUNCT
ajfa-194	572	26	the	the	DET
ajfa-194	572	27	portfolio	portfolio	NOUN
ajfa-194	572	28	concentration	concentration	NOUN
ajfa-194	572	29	factor	factor	NOUN
ajfa-194	572	30	)	)	PUNCT
ajfa-194	572	31	in	in	ADP
ajfa-194	572	32	the	the	DET
ajfa-194	572	33	table	table	NOUN
ajfa-194	572	34	above	above	ADV
ajfa-194	572	35	.	.	PUNCT
ajfa-194	573	1	next	next	ADV
ajfa-194	573	2	,	,	PUNCT
ajfa-194	573	3	a	a	DET
ajfa-194	573	4	cluster	cluster	NOUN
ajfa-194	573	5	analysis	analysis	NOUN
ajfa-194	573	6	is	be	AUX
ajfa-194	573	7	performed	perform	VERB
ajfa-194	573	8	to	to	ADP
ajfa-194	573	9	group	group	NOUN
ajfa-194	573	10	institutions	institution	NOUN
ajfa-194	573	11	with	with	ADP
ajfa-194	573	12	similar	similar	ADJ
ajfa-194	573	13	turnover	turnover	NOUN
ajfa-194	573	14	and	and	CCONJ
ajfa-194	573	15	concentration	concentration	NOUN
ajfa-194	573	16	factor	factor	NOUN
ajfa-194	573	17	into	into	ADP
ajfa-194	573	18	transient	transient	NOUN
ajfa-194	573	19	,	,	PUNCT
ajfa-194	573	20	dedicated	dedicated	ADJ
ajfa-194	573	21	,	,	PUNCT
ajfa-194	573	22	and	and	CCONJ
ajfa-194	573	23	quasi	quasi	ADJ
ajfa-194	573	24	-	-	ADJ
ajfa-194	573	25	indexing	indexing	ADJ
ajfa-194	573	26	institutions	institution	NOUN
ajfa-194	573	27	,	,	PUNCT
ajfa-194	573	28	respectively	respectively	ADV
ajfa-194	573	29	.	.	PUNCT
ajfa-194	574	1	the	the	DET
ajfa-194	574	2	variables	variable	NOUN
ajfa-194	574	3	used	use	VERB
ajfa-194	574	4	in	in	ADP
ajfa-194	574	5	the	the	DET
ajfa-194	574	6	factor	factor	NOUN
ajfa-194	574	7	analysis	analysis	NOUN
ajfa-194	574	8	are	be	AUX
ajfa-194	574	9	calculated	calculate	VERB
ajfa-194	574	10	at	at	ADP
ajfa-194	574	11	the	the	DET
ajfa-194	574	12	end	end	NOUN
ajfa-194	574	13	of	of	ADP
ajfa-194	574	14	each	each	DET
ajfa-194	574	15	calendar	calendar	NOUN
ajfa-194	574	16	quarter	quarter	NOUN
ajfa-194	574	17	for	for	ADP
ajfa-194	574	18	every	every	DET
ajfa-194	574	19	institution	institution	NOUN
ajfa-194	574	20	on	on	ADP
ajfa-194	574	21	the	the	DET
ajfa-194	574	22	spectrum	spectrum	NOUN
ajfa-194	574	23	database	database	NOUN
ajfa-194	574	24	.	.	PUNCT
ajfa-194	575	1	quarterly	quarterly	ADJ
ajfa-194	575	2	values	value	NOUN
ajfa-194	575	3	are	be	AUX
ajfa-194	575	4	averaged	average	VERB
ajfa-194	575	5	over	over	ADP
ajfa-194	575	6	all	all	DET
ajfa-194	575	7	available	available	ADJ
ajfa-194	575	8	quarters	quarter	NOUN
ajfa-194	575	9	to	to	PART
ajfa-194	575	10	calculate	calculate	VERB
ajfa-194	575	11	year	year	NOUN
ajfa-194	575	12	-	-	PUNCT
ajfa-194	575	13	end	end	NOUN
ajfa-194	575	14	values	value	NOUN
ajfa-194	575	15	for	for	ADP
ajfa-194	575	16	each	each	DET
ajfa-194	575	17	institution	institution	NOUN
ajfa-194	575	18	-	-	PUNCT
ajfa-194	575	19	year	year	NOUN
ajfa-194	575	20	.	.	PUNCT
ajfa-194	576	1	c	c	VERB
ajfa-194	576	2	the	the	DET
ajfa-194	576	3	above	above	ADJ
ajfa-194	576	4	table	table	NOUN
ajfa-194	576	5	indicates	indicate	VERB
ajfa-194	576	6	that	that	SCONJ
ajfa-194	576	7	transient	transient	ADJ
ajfa-194	576	8	institutions	institution	NOUN
ajfa-194	576	9	have	have	VERB
ajfa-194	576	10	short	short	ADJ
ajfa-194	576	11	investment	investment	NOUN
ajfa-194	576	12	horizon	horizon	NOUN
ajfa-194	576	13	(	(	PUNCT
ajfa-194	576	14	high	high	ADJ
ajfa-194	576	15	turnover	turnover	NOUN
ajfa-194	576	16	factor	factor	NOUN
ajfa-194	576	17	)	)	PUNCT
ajfa-194	576	18	and	and	CCONJ
ajfa-194	576	19	small	small	ADJ
ajfa-194	576	20	stakes	stake	NOUN
ajfa-194	576	21	in	in	ADP
ajfa-194	576	22	portfolio	portfolio	NOUN
ajfa-194	576	23	firms	firm	NOUN
ajfa-194	576	24	(	(	PUNCT
ajfa-194	576	25	low	low	ADJ
ajfa-194	576	26	concentration	concentration	NOUN
ajfa-194	576	27	factor	factor	NOUN
ajfa-194	576	28	)	)	PUNCT
ajfa-194	576	29	,	,	PUNCT
ajfa-194	576	30	suggesting	suggest	VERB
ajfa-194	576	31	that	that	SCONJ
ajfa-194	576	32	transient	transient	ADJ
ajfa-194	576	33	institutional	institutional	ADJ
ajfa-194	576	34	investors	investor	NOUN
ajfa-194	576	35	trade	trade	VERB
ajfa-194	576	36	actively	actively	ADV
ajfa-194	576	37	over	over	ADP
ajfa-194	576	38	short	short	ADJ
ajfa-194	576	39	-	-	PUNCT
ajfa-194	576	40	term	term	NOUN
ajfa-194	576	41	to	to	PART
ajfa-194	576	42	maximize	maximize	VERB
ajfa-194	576	43	trading	trading	NOUN
ajfa-194	576	44	profits	profit	NOUN
ajfa-194	576	45	.	.	PUNCT
ajfa-194	577	1	dedicated	dedicated	ADJ
ajfa-194	577	2	institutions	institution	NOUN
ajfa-194	577	3	have	have	VERB
ajfa-194	577	4	long	long	ADJ
ajfa-194	577	5	investment	investment	NOUN
ajfa-194	577	6	horizon	horizon	NOUN
ajfa-194	577	7	(	(	PUNCT
ajfa-194	577	8	low	low	ADJ
ajfa-194	577	9	turnover	turnover	NOUN
ajfa-194	577	10	factor	factor	NOUN
ajfa-194	577	11	)	)	PUNCT
ajfa-194	577	12	and	and	CCONJ
ajfa-194	577	13	large	large	ADJ
ajfa-194	577	14	stakes	stake	NOUN
ajfa-194	577	15	(	(	PUNCT
ajfa-194	577	16	high	high	ADJ
ajfa-194	577	17	concentration	concentration	NOUN
ajfa-194	577	18	factor	factor	NOUN
ajfa-194	577	19	)	)	PUNCT
ajfa-194	577	20	in	in	ADP
ajfa-194	577	21	portfolio	portfolio	NOUN
ajfa-194	577	22	firms	firm	NOUN
ajfa-194	577	23	,	,	PUNCT
ajfa-194	577	24	consistent	consistent	ADJ
ajfa-194	577	25	with	with	ADP
ajfa-194	577	26	the	the	DET
ajfa-194	577	27	“	"	PUNCT
ajfa-194	577	28	relationship	relationship	NOUN
ajfa-194	577	29	investing	investing	NOUN
ajfa-194	577	30	”	"	PUNCT
ajfa-194	577	31	role	role	NOUN
ajfa-194	577	32	.	.	PUNCT
ajfa-194	578	1	quasi	quasi	NOUN
ajfa-194	578	2	-	-	NOUN
ajfa-194	578	3	indexers	indexer	NOUN
ajfa-194	578	4	have	have	VERB
ajfa-194	578	5	long	long	ADJ
ajfa-194	578	6	investment	investment	NOUN
ajfa-194	578	7	horizon	horizon	NOUN
ajfa-194	578	8	(	(	PUNCT
ajfa-194	578	9	low	low	ADJ
ajfa-194	578	10	turnover	turnover	NOUN
ajfa-194	578	11	factor	factor	NOUN
ajfa-194	578	12	)	)	PUNCT
ajfa-194	578	13	and	and	CCONJ
ajfa-194	578	14	small	small	ADJ
ajfa-194	578	15	stakes	stake	NOUN
ajfa-194	578	16	(	(	PUNCT
ajfa-194	578	17	low	low	ADJ
ajfa-194	578	18	concentration	concentration	NOUN
ajfa-194	578	19	factor	factor	NOUN
ajfa-194	578	20	)	)	PUNCT
ajfa-194	578	21	in	in	ADP
ajfa-194	578	22	portfolio	portfolio	NOUN
ajfa-194	578	23	firms	firm	NOUN
ajfa-194	578	24	,	,	PUNCT
ajfa-194	578	25	consistent	consistent	ADJ
ajfa-194	578	26	with	with	ADP
ajfa-194	578	27	a	a	DET
ajfa-194	578	28	passive	passive	ADJ
ajfa-194	578	29	buy	buy	NOUN
ajfa-194	578	30	-	-	PUNCT
ajfa-194	578	31	and	and	CCONJ
ajfa-194	578	32	-	-	PUNCT
ajfa-194	578	33	hold	hold	VERB
ajfa-194	578	34	indexing	indexing	NOUN
ajfa-194	578	35	strategy	strategy	NOUN
ajfa-194	578	36	.	.	PUNCT
ajfa-194	579	1	pt1	pt1	PROPN
ajfa-194	579	2	=	=	PROPN
ajfa-194	579	3	institution‟s	institution‟s	ADP
ajfa-194	579	4	quarterly	quarterly	ADJ
ajfa-194	579	5	portfolio	portfolio	NOUN
ajfa-194	579	6	turnover	turnover	NOUN
ajfa-194	579	7	percentage=	percentage=	NOUN
ajfa-194	579	8	1	1	NUM
ajfa-194	579	9	,	,	PUNCT
ajfa-194	579	10	1|	1|	NUM
ajfa-194	580	1	|	|	ADV
ajfa-194	580	2	/	/	SYM
ajfa-194	580	3	(	(	PUNCT
ajfa-194	580	4	)	)	PUNCT
ajfa-194	580	5	kt	kt	PROPN
ajfa-194	580	6	kt	kt	PROPN
ajfa-194	580	7	kt	kt	PROPN
ajfa-194	580	8	k	k	PROPN
ajfa-194	580	9	tw	tw	PROPN
ajfa-194	580	10	w	w	PROPN
ajfa-194	580	11	w	w	PROPN
ajfa-194	580	12	w	w	PROPN
ajfa-194	580	13	,	,	PUNCT
ajfa-194	580	14	ktw	ktw	PROPN
ajfa-194	580	15	is	be	AUX
ajfa-194	580	16	portfolio	portfolio	NOUN
ajfa-194	580	17	weight	weight	NOUN
ajfa-194	580	18	(	(	PUNCT
ajfa-194	580	19	shares	share	NOUN
ajfa-194	580	20	held	hold	VERB
ajfa-194	580	21	times	time	NOUN
ajfa-194	580	22	stock	stock	NOUN
ajfa-194	580	23	price	price	NOUN
ajfa-194	580	24	)	)	PUNCT
ajfa-194	580	25	in	in	ADP
ajfa-194	580	26	firm	firm	PROPN
ajfa-194	580	27	k	k	PROPN
ajfa-194	580	28	at	at	ADP
ajfa-194	580	29	end	end	NOUN
ajfa-194	580	30	of	of	ADP
ajfa-194	580	31	quarter	quarter	NOUN
ajfa-194	581	1	t.	t.	NOUN
ajfa-194	581	2	pt2	pt2	PROPN
ajfa-194	582	1	=	=	PUNCT
ajfa-194	583	1	institution‟s	institution‟s	ADP
ajfa-194	583	2	quarterly	quarterly	ADJ
ajfa-194	583	3	portfolio	portfolio	NOUN
ajfa-194	583	4	turnover	turnover	NOUN
ajfa-194	583	5	percentage	percentage	NOUN
ajfa-194	583	6	using	use	VERB
ajfa-194	583	7	only	only	ADV
ajfa-194	583	8	sales	sale	NOUN
ajfa-194	583	9	transactions	transaction	NOUN
ajfa-194	583	10	stab1=	stab1=	VERB
ajfa-194	583	11	percentage	percentage	NOUN
ajfa-194	583	12	of	of	ADP
ajfa-194	583	13	the	the	PRON
ajfa-194	583	14	institution‟s	institution‟s	NOUN
ajfa-194	583	15	holdings	holding	NOUN
ajfa-194	583	16	held	hold	VERB
ajfa-194	583	17	continuously	continuously	ADV
ajfa-194	583	18	for	for	ADP
ajfa-194	583	19	two	two	NUM
ajfa-194	583	20	years	year	NOUN
ajfa-194	583	21	(=	(=	X
ajfa-194	583	22	wktltktwkt	wktltktwkt	NOUN
ajfa-194	583	23	/	/	SYM
ajfa-194	583	24	)	)	PUNCT
ajfa-194	583	25	*	*	PUNCT
ajfa-194	583	26	(	(	PUNCT
ajfa-194	583	27	,	,	PUNCT
ajfa-194	583	28	where	where	SCONJ
ajfa-194	583	29	wkt	wkt	NOUN
ajfa-194	583	30	=	=	NOUN
ajfa-194	583	31	portfolio	portfolio	NOUN
ajfa-194	583	32	weight	weight	NOUN
ajfa-194	583	33	(	(	PUNCT
ajfa-194	583	34	shares	share	NOUN
ajfa-194	583	35	held	hold	VERB
ajfa-194	583	36	times	time	NOUN
ajfa-194	583	37	stock	stock	NOUN
ajfa-194	583	38	price	price	NOUN
ajfa-194	583	39	)	)	PUNCT
ajfa-194	583	40	in	in	ADP
ajfa-194	583	41	firm	firm	PROPN
ajfa-194	583	42	k	k	PROPN
ajfa-194	583	43	at	at	ADP
ajfa-194	583	44	end	end	NOUN
ajfa-194	583	45	of	of	ADP
ajfa-194	583	46	quarter	quarter	NOUN
ajfa-194	583	47	t	t	PROPN
ajfa-194	583	48	,	,	PUNCT
ajfa-194	583	49	ltkt=1	ltkt=1	PROPN
ajfa-194	584	1	if	if	SCONJ
ajfa-194	584	2	the	the	DET
ajfa-194	584	3	institution	institution	NOUN
ajfa-194	584	4	held	hold	VERB
ajfa-194	584	5	firm	firm	NOUN
ajfa-194	584	6	k	k	PROPN
ajfa-194	584	7	continuously	continuously	ADV
ajfa-194	584	8	for	for	ADP
ajfa-194	584	9	prior	prior	ADJ
ajfa-194	584	10	eight	eight	NUM
ajfa-194	584	11	quarters	quarter	NOUN
ajfa-194	584	12	,	,	PUNCT
ajfa-194	584	13	0	0	NUM
ajfa-194	584	14	otherwise	otherwise	ADV
ajfa-194	584	15	)	)	PUNCT
ajfa-194	584	16	stab2	stab2	NOUN
ajfa-194	585	1	=	=	PUNCT
ajfa-194	585	2	percentage	percentage	NOUN
ajfa-194	585	3	of	of	ADP
ajfa-194	585	4	the	the	DET
ajfa-194	585	5	institution‟s	institution‟s	NOUN
ajfa-194	585	6	portfolio	portfolio	NOUN
ajfa-194	585	7	firms	firm	NOUN
ajfa-194	585	8	held	hold	VERB
ajfa-194	585	9	continuously	continuously	ADV
ajfa-194	585	10	for	for	ADP
ajfa-194	585	11	two	two	NUM
ajfa-194	585	12	years	year	NOUN
ajfa-194	585	13	.	.	PUNCT
ajfa-194	586	1	lbph	lbph	NOUN
ajfa-194	586	2	=	=	NOUN
ajfa-194	586	3	percentage	percentage	NOUN
ajfa-194	586	4	of	of	ADP
ajfa-194	586	5	the	the	PRON
ajfa-194	586	6	institution‟s	institution‟s	NOUN
ajfa-194	586	7	holdings	holding	NOUN
ajfa-194	586	8	held	hold	VERB
ajfa-194	586	9	in	in	ADP
ajfa-194	586	10	large	large	ADJ
ajfa-194	586	11	blocks	block	NOUN
ajfa-194	586	12	(	(	PUNCT
ajfa-194	586	13	greater	great	ADJ
ajfa-194	586	14	than	than	ADP
ajfa-194	586	15	5	5	NUM
ajfa-194	586	16	%	%	NOUN
ajfa-194	586	17	)	)	PUNCT
ajfa-194	586	18	lbpf	lbpf	NOUN
ajfa-194	587	1	=	=	NOUN
ajfa-194	587	2	percentage	percentage	NOUN
ajfa-194	587	3	of	of	ADP
ajfa-194	587	4	the	the	DET
ajfa-194	587	5	institution‟s	institution‟s	NOUN
ajfa-194	587	6	portfolio	portfolio	NOUN
ajfa-194	587	7	firms	firm	NOUN
ajfa-194	587	8	held	hold	VERB
ajfa-194	587	9	in	in	ADP
ajfa-194	587	10	large	large	ADJ
ajfa-194	587	11	blocks	block	NOUN
ajfa-194	587	12	(	(	PUNCT
ajfa-194	587	13	greater	great	ADJ
ajfa-194	587	14	than	than	ADP
ajfa-194	587	15	5	5	NUM
ajfa-194	587	16	%	%	NOUN
ajfa-194	587	17	)	)	PUNCT
ajfa-194	587	18	aph	aph	PROPN
ajfa-194	588	1	=	=	PUNCT
ajfa-194	588	2	the	the	DET
ajfa-194	588	3	institution‟s	institution‟s	NOUN
ajfa-194	588	4	average	average	ADJ
ajfa-194	588	5	percentage	percentage	NOUN
ajfa-194	588	6	ownership	ownership	NOUN
ajfa-194	588	7	in	in	ADP
ajfa-194	588	8	its	its	PRON
ajfa-194	588	9	portfolio	portfolio	NOUN
ajfa-194	588	10	firms	firm	NOUN
ajfa-194	588	11	.	.	PUNCT
ajfa-194	589	1	conc	conc	VERB
ajfa-194	589	2	=	=	PUNCT
ajfa-194	590	1	the	the	DET
ajfa-194	590	2	institution‟s	institution‟s	NOUN
ajfa-194	590	3	average	average	ADJ
ajfa-194	590	4	investment	investment	NOUN
ajfa-194	590	5	size	size	NOUN
ajfa-194	590	6	in	in	ADP
ajfa-194	590	7	its	its	PRON
ajfa-194	590	8	portfolio	portfolio	NOUN
ajfa-194	590	9	firms	firm	NOUN
ajfa-194	590	10	(	(	PUNCT
ajfa-194	590	11	millions	million	NOUN
ajfa-194	590	12	$	$	SYM
ajfa-194	590	13	)	)	PUNCT