id	sid	tid	token	lemma	pos
ajfa-1948	1	1	microsoft	microsoft	PROPN
ajfa-1948	1	2	word	word	NOUN
ajfa-1948	1	3	1948	1948	NUM
ajfa-1948	1	4	-	-	SYM
ajfa-1948	1	5	7647	7647	NUM
ajfa-1948	1	6	-	-	PUNCT
ajfa-1948	1	7	1	1	NUM
ajfa-1948	1	8	-	-	PUNCT
ajfa-1948	1	9	rv	rv	NOUN
ajfa-1948	1	10	-	-	PUNCT
ajfa-1948	1	11	writer2	writer2	VERB
ajfa-1948	1	12	-	-	ADJ
ajfa-1948	1	13	new	new	ADJ
ajfa-1948	1	14	asian	asian	ADJ
ajfa-1948	1	15	journal	journal	NOUN
ajfa-1948	1	16	of	of	ADP
ajfa-1948	1	17	finance	finance	PROPN
ajfa-1948	1	18	&	&	CCONJ
ajfa-1948	1	19	accounting	accounting	PROPN
ajfa-1948	1	20	issn	issn	PROPN
ajfa-1948	1	21	1946	1946	NUM
ajfa-1948	1	22	-	-	PUNCT
ajfa-1948	1	23	052x	052x	NOUN
ajfa-1948	1	24	2013	2013	NUM
ajfa-1948	1	25	,	,	PUNCT
ajfa-1948	1	26	vol	vol	NOUN
ajfa-1948	1	27	.	.	PROPN
ajfa-1948	1	28	5	5	NUM
ajfa-1948	1	29	,	,	PUNCT
ajfa-1948	1	30	no	no	INTJ
ajfa-1948	1	31	.	.	NOUN
ajfa-1948	1	32	1	1	NUM
ajfa-1948	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1948	1	34	73	73	NUM
ajfa-1948	1	35	the	the	DET
ajfa-1948	1	36	ex	ex	NOUN
ajfa-1948	1	37	-	-	ADJ
ajfa-1948	1	38	dividend	dividend	ADJ
ajfa-1948	1	39	-	-	PUNCT
ajfa-1948	1	40	day	day	NOUN
ajfa-1948	1	41	price	price	NOUN
ajfa-1948	1	42	behaviour	behaviour	NOUN
ajfa-1948	1	43	of	of	ADP
ajfa-1948	1	44	blue	blue	ADJ
ajfa-1948	1	45	-	-	PUNCT
ajfa-1948	1	46	chip	chip	NOUN
ajfa-1948	1	47	stocks	stock	NOUN
ajfa-1948	1	48	:	:	PUNCT
ajfa-1948	1	49	international	international	ADJ
ajfa-1948	1	50	evidence	evidence	NOUN
ajfa-1948	1	51	anders	anders	PROPN
ajfa-1948	1	52	isaksson	isaksson	PROPN
ajfa-1948	1	53	ph.d	ph.d	PROPN
ajfa-1948	1	54	.	.	PUNCT
ajfa-1948	2	1	assistant	assistant	PROPN
ajfa-1948	2	2	professor	professor	NOUN
ajfa-1948	2	3	,	,	PUNCT
ajfa-1948	2	4	umeå	umeå	PROPN
ajfa-1948	2	5	school	school	NOUN
ajfa-1948	2	6	of	of	ADP
ajfa-1948	2	7	business	business	NOUN
ajfa-1948	2	8	and	and	CCONJ
ajfa-1948	2	9	economics	economic	NOUN
ajfa-1948	2	10	umeå	umeå	PROPN
ajfa-1948	2	11	university	university	PROPN
ajfa-1948	2	12	,	,	PUNCT
ajfa-1948	2	13	901	901	NUM
ajfa-1948	2	14	87	87	NUM
ajfa-1948	2	15	umeå	umeå	ADJ
ajfa-1948	2	16	,	,	PUNCT
ajfa-1948	2	17	sweden	sweden	VERB
ajfa-1948	2	18	tel	tel	PROPN
ajfa-1948	2	19	:	:	PUNCT
ajfa-1948	2	20	46	46	NUM
ajfa-1948	2	21	-	-	SYM
ajfa-1948	2	22	90	90	NUM
ajfa-1948	2	23	-	-	PUNCT
ajfa-1948	2	24	786	786	NUM
ajfa-1948	2	25	-	-	PUNCT
ajfa-1948	2	26	7879	7879	NUM
ajfa-1948	2	27	e	e	NOUN
ajfa-1948	2	28	-	-	NOUN
ajfa-1948	2	29	mail	mail	NOUN
ajfa-1948	2	30	:	:	PUNCT
ajfa-1948	2	31	anders.isaksson@usbe.umu.se	anders.isaksson@usbe.umu.se	PROPN
ajfa-1948	2	32	md	md	PROPN
ajfa-1948	2	33	mohibul	mohibul	PROPN
ajfa-1948	2	34	islam	islam	PROPN
ajfa-1948	2	35	lecturer	lecturer	PROPN
ajfa-1948	2	36	,	,	PUNCT
ajfa-1948	2	37	university	university	NOUN
ajfa-1948	2	38	of	of	ADP
ajfa-1948	2	39	liberal	liberal	ADJ
ajfa-1948	2	40	arts	arts	PROPN
ajfa-1948	2	41	bangladesh	bangladesh	PROPN
ajfa-1948	2	42	e	e	NOUN
ajfa-1948	2	43	-	-	NOUN
ajfa-1948	2	44	mail	mail	NOUN
ajfa-1948	2	45	:	:	PUNCT
ajfa-1948	2	46	mohibul00@yahoo.com	mohibul00@yahoo.com	X
ajfa-1948	2	47	received	receive	VERB
ajfa-1948	2	48	:	:	PUNCT
ajfa-1948	2	49	june	june	PROPN
ajfa-1948	2	50	14	14	NUM
ajfa-1948	2	51	,	,	PUNCT
ajfa-1948	2	52	2012	2012	NUM
ajfa-1948	2	53	accepted	accept	VERB
ajfa-1948	2	54	:	:	PUNCT
ajfa-1948	2	55	january	january	PROPN
ajfa-1948	2	56	25	25	NUM
ajfa-1948	2	57	,	,	PUNCT
ajfa-1948	2	58	2013	2013	NUM
ajfa-1948	2	59	published	publish	VERB
ajfa-1948	2	60	:	:	PUNCT
ajfa-1948	2	61	june	june	PROPN
ajfa-1948	2	62	1	1	NUM
ajfa-1948	2	63	,	,	PUNCT
ajfa-1948	2	64	2013	2013	NUM
ajfa-1948	2	65	doi:10.5296	doi:10.5296	NOUN
ajfa-1948	2	66	/	/	SYM
ajfa-1948	2	67	ajfa.v5i1.1948	ajfa.v5i1.1948	NOUN
ajfa-1948	2	68	url	url	NOUN
ajfa-1948	2	69	:	:	PUNCT
ajfa-1948	2	70	http://dx.doi.org/10.5296/ajfa.v5i1.1948	http://dx.doi.org/10.5296/ajfa.v5i1.1948	X
ajfa-1948	2	71	abstract	abstract	NOUN
ajfa-1948	2	72	to	to	PART
ajfa-1948	2	73	explain	explain	VERB
ajfa-1948	2	74	the	the	DET
ajfa-1948	2	75	ex	ex	NOUN
ajfa-1948	2	76	-	-	NOUN
ajfa-1948	2	77	day	day	NOUN
ajfa-1948	2	78	stock	stock	NOUN
ajfa-1948	2	79	price	price	NOUN
ajfa-1948	2	80	behaviour	behaviour	NOUN
ajfa-1948	2	81	,	,	PUNCT
ajfa-1948	2	82	previous	previous	ADJ
ajfa-1948	2	83	research	research	NOUN
ajfa-1948	2	84	has	have	AUX
ajfa-1948	2	85	mostly	mostly	ADV
ajfa-1948	2	86	focused	focus	VERB
ajfa-1948	2	87	on	on	ADP
ajfa-1948	2	88	dividend	dividend	NOUN
ajfa-1948	2	89	yield	yield	NOUN
ajfa-1948	2	90	and	and	CCONJ
ajfa-1948	2	91	expected	expect	VERB
ajfa-1948	2	92	return	return	NOUN
ajfa-1948	2	93	.	.	PUNCT
ajfa-1948	3	1	most	most	ADJ
ajfa-1948	3	2	of	of	ADP
ajfa-1948	3	3	these	these	DET
ajfa-1948	3	4	studies	study	NOUN
ajfa-1948	3	5	concentrated	concentrate	VERB
ajfa-1948	3	6	on	on	ADP
ajfa-1948	3	7	the	the	DET
ajfa-1948	3	8	us	us	PROPN
ajfa-1948	3	9	markets	market	NOUN
ajfa-1948	3	10	and	and	CCONJ
ajfa-1948	3	11	were	be	AUX
ajfa-1948	3	12	conducted	conduct	VERB
ajfa-1948	3	13	in	in	ADP
ajfa-1948	3	14	a	a	DET
ajfa-1948	3	15	stable	stable	ADJ
ajfa-1948	3	16	economic	economic	ADJ
ajfa-1948	3	17	condition	condition	NOUN
ajfa-1948	3	18	.	.	PUNCT
ajfa-1948	4	1	this	this	DET
ajfa-1948	4	2	paper	paper	NOUN
ajfa-1948	4	3	examines	examine	VERB
ajfa-1948	4	4	the	the	DET
ajfa-1948	4	5	most	most	ADV
ajfa-1948	4	6	liquid	liquid	ADJ
ajfa-1948	4	7	common	common	ADJ
ajfa-1948	4	8	stock	stock	NOUN
ajfa-1948	4	9	(	(	PUNCT
ajfa-1948	4	10	blue	blue	ADJ
ajfa-1948	4	11	-	-	PUNCT
ajfa-1948	4	12	chip	chip	NOUN
ajfa-1948	4	13	)	)	PUNCT
ajfa-1948	4	14	prices	price	NOUN
ajfa-1948	4	15	behaviour	behaviour	NOUN
ajfa-1948	4	16	on	on	ADP
ajfa-1948	4	17	the	the	DET
ajfa-1948	4	18	ex	ex	NOUN
ajfa-1948	4	19	-	-	NOUN
ajfa-1948	4	20	day	day	NOUN
ajfa-1948	4	21	in	in	ADP
ajfa-1948	4	22	a	a	DET
ajfa-1948	4	23	period	period	NOUN
ajfa-1948	4	24	of	of	ADP
ajfa-1948	4	25	financial	financial	ADJ
ajfa-1948	4	26	crisis	crisis	NOUN
ajfa-1948	4	27	and	and	CCONJ
ajfa-1948	4	28	covers	cover	VERB
ajfa-1948	4	29	four	four	NUM
ajfa-1948	4	30	major	major	ADJ
ajfa-1948	4	31	capital	capital	NOUN
ajfa-1948	4	32	markets	market	NOUN
ajfa-1948	4	33	from	from	ADP
ajfa-1948	4	34	different	different	ADJ
ajfa-1948	4	35	geographic	geographic	ADJ
ajfa-1948	4	36	locations	location	NOUN
ajfa-1948	4	37	(	(	PUNCT
ajfa-1948	4	38	the	the	DET
ajfa-1948	4	39	us	us	PROPN
ajfa-1948	4	40	,	,	PUNCT
ajfa-1948	4	41	the	the	DET
ajfa-1948	4	42	uk	uk	PROPN
ajfa-1948	4	43	,	,	PUNCT
ajfa-1948	4	44	japan	japan	PROPN
ajfa-1948	4	45	,	,	PUNCT
ajfa-1948	4	46	and	and	CCONJ
ajfa-1948	4	47	china	china	PROPN
ajfa-1948	4	48	)	)	PUNCT
ajfa-1948	4	49	.	.	PUNCT
ajfa-1948	5	1	on	on	ADP
ajfa-1948	5	2	the	the	DET
ajfa-1948	5	3	new	new	PROPN
ajfa-1948	5	4	york	york	PROPN
ajfa-1948	5	5	and	and	CCONJ
ajfa-1948	5	6	shanghai	shanghai	PROPN
ajfa-1948	5	7	stock	stock	PROPN
ajfa-1948	5	8	exchanges	exchange	NOUN
ajfa-1948	5	9	,	,	PUNCT
ajfa-1948	5	10	we	we	PRON
ajfa-1948	5	11	observe	observe	VERB
ajfa-1948	5	12	that	that	SCONJ
ajfa-1948	5	13	the	the	DET
ajfa-1948	5	14	stock	stock	NOUN
ajfa-1948	5	15	prices	price	NOUN
ajfa-1948	5	16	drop	drop	NOUN
ajfa-1948	5	17	does	do	AUX
ajfa-1948	5	18	not	not	PART
ajfa-1948	5	19	differ	differ	VERB
ajfa-1948	5	20	from	from	ADP
ajfa-1948	5	21	the	the	DET
ajfa-1948	5	22	dividend	dividend	NOUN
ajfa-1948	5	23	amount	amount	NOUN
ajfa-1948	5	24	on	on	ADP
ajfa-1948	5	25	the	the	DET
ajfa-1948	5	26	ex	ex	NOUN
ajfa-1948	5	27	-	-	NOUN
ajfa-1948	5	28	dividend	dividend	ADJ
ajfa-1948	5	29	day	day	NOUN
ajfa-1948	5	30	and	and	CCONJ
ajfa-1948	5	31	there	there	PRON
ajfa-1948	5	32	is	be	VERB
ajfa-1948	5	33	no	no	DET
ajfa-1948	5	34	evidence	evidence	NOUN
ajfa-1948	5	35	of	of	ADP
ajfa-1948	5	36	abnormal	abnormal	ADJ
ajfa-1948	5	37	return	return	NOUN
ajfa-1948	5	38	and	and	CCONJ
ajfa-1948	5	39	short	short	ADJ
ajfa-1948	5	40	-	-	PUNCT
ajfa-1948	5	41	term	term	NOUN
ajfa-1948	5	42	trading	trading	NOUN
ajfa-1948	5	43	.	.	PUNCT
ajfa-1948	6	1	on	on	ADP
ajfa-1948	6	2	the	the	DET
ajfa-1948	6	3	tokyo	tokyo	PROPN
ajfa-1948	6	4	stock	stock	NOUN
ajfa-1948	6	5	exchange	exchange	NOUN
ajfa-1948	6	6	,	,	PUNCT
ajfa-1948	6	7	the	the	DET
ajfa-1948	6	8	stock	stock	NOUN
ajfa-1948	6	9	prices	price	NOUN
ajfa-1948	6	10	fall	fall	VERB
ajfa-1948	6	11	less	less	ADJ
ajfa-1948	6	12	than	than	ADP
ajfa-1948	6	13	the	the	DET
ajfa-1948	6	14	dividend	dividend	NOUN
ajfa-1948	6	15	amount	amount	NOUN
ajfa-1948	6	16	,	,	PUNCT
ajfa-1948	6	17	which	which	PRON
ajfa-1948	6	18	is	be	AUX
ajfa-1948	6	19	in	in	ADP
ajfa-1948	6	20	contrast	contrast	NOUN
ajfa-1948	6	21	to	to	ADP
ajfa-1948	6	22	the	the	DET
ajfa-1948	6	23	london	london	PROPN
ajfa-1948	6	24	stock	stock	NOUN
ajfa-1948	6	25	exchange	exchange	PROPN
ajfa-1948	6	26	,	,	PUNCT
ajfa-1948	6	27	where	where	SCONJ
ajfa-1948	6	28	the	the	DET
ajfa-1948	6	29	stock	stock	NOUN
ajfa-1948	6	30	prices	price	NOUN
ajfa-1948	6	31	fall	fall	VERB
ajfa-1948	6	32	more	more	ADV
ajfa-1948	6	33	than	than	ADP
ajfa-1948	6	34	the	the	DET
ajfa-1948	6	35	dividend	dividend	NOUN
ajfa-1948	6	36	amount	amount	NOUN
ajfa-1948	6	37	.	.	PUNCT
ajfa-1948	7	1	on	on	ADP
ajfa-1948	7	2	the	the	DET
ajfa-1948	7	3	tokyo	tokyo	PROPN
ajfa-1948	7	4	and	and	CCONJ
ajfa-1948	7	5	london	london	PROPN
ajfa-1948	7	6	stock	stock	NOUN
ajfa-1948	7	7	exchanges	exchange	NOUN
ajfa-1948	7	8	,	,	PUNCT
ajfa-1948	7	9	we	we	PRON
ajfa-1948	7	10	observe	observe	VERB
ajfa-1948	7	11	abnormal	abnormal	ADJ
ajfa-1948	7	12	return	return	NOUN
ajfa-1948	7	13	and	and	CCONJ
ajfa-1948	7	14	short	short	ADJ
ajfa-1948	7	15	-	-	PUNCT
ajfa-1948	7	16	term	term	NOUN
ajfa-1948	7	17	trading	trading	NOUN
ajfa-1948	7	18	around	around	ADP
ajfa-1948	7	19	the	the	DET
ajfa-1948	7	20	ex	ex	NOUN
ajfa-1948	7	21	-	-	NOUN
ajfa-1948	7	22	day	day	NOUN
ajfa-1948	7	23	.	.	PUNCT
ajfa-1948	8	1	possible	possible	ADJ
ajfa-1948	8	2	explanations	explanation	NOUN
ajfa-1948	8	3	for	for	ADP
ajfa-1948	8	4	these	these	DET
ajfa-1948	8	5	differences	difference	NOUN
ajfa-1948	8	6	can	can	AUX
ajfa-1948	8	7	be	be	AUX
ajfa-1948	8	8	financial	financial	ADJ
ajfa-1948	8	9	crisis	crisis	NOUN
ajfa-1948	8	10	(	(	PUNCT
ajfa-1948	8	11	in	in	ADP
ajfa-1948	8	12	the	the	DET
ajfa-1948	8	13	uk	uk	PROPN
ajfa-1948	8	14	)	)	PUNCT
ajfa-1948	8	15	and	and	CCONJ
ajfa-1948	8	16	short	short	ADJ
ajfa-1948	8	17	-	-	PUNCT
ajfa-1948	8	18	term	term	NOUN
ajfa-1948	8	19	trading	trading	NOUN
ajfa-1948	8	20	(	(	PUNCT
ajfa-1948	8	21	in	in	ADP
ajfa-1948	8	22	the	the	DET
ajfa-1948	8	23	japan	japan	PROPN
ajfa-1948	8	24	)	)	PUNCT
ajfa-1948	9	1	keywords	keyword	NOUN
ajfa-1948	9	2	:	:	PUNCT
ajfa-1948	9	3	ex	ex	ADJ
ajfa-1948	9	4	-	-	NOUN
ajfa-1948	9	5	dividend	dividend	ADJ
ajfa-1948	9	6	day	day	NOUN
ajfa-1948	9	7	;	;	PUNCT
ajfa-1948	9	8	abnormal	abnormal	ADJ
ajfa-1948	9	9	return	return	NOUN
ajfa-1948	9	10	;	;	PUNCT
ajfa-1948	9	11	short	short	ADJ
ajfa-1948	9	12	-	-	PUNCT
ajfa-1948	9	13	term	term	NOUN
ajfa-1948	9	14	trading	trading	NOUN
ajfa-1948	9	15	;	;	PUNCT
ajfa-1948	9	16	blue	blue	ADJ
ajfa-1948	9	17	-	-	PUNCT
ajfa-1948	9	18	chip	chip	NOUN
ajfa-1948	9	19	stocks	stock	NOUN
ajfa-1948	9	20	;	;	PUNCT
ajfa-1948	9	21	arbitrage	arbitrage	NOUN
ajfa-1948	9	22	opportunity	opportunity	NOUN
ajfa-1948	9	23	jel	jel	PROPN
ajfa-1948	9	24	classification	classification	NOUN
ajfa-1948	9	25	:	:	PUNCT
ajfa-1948	9	26	g14	g14	PROPN
ajfa-1948	9	27	;	;	PUNCT
ajfa-1948	9	28	g15	g15	PROPN
ajfa-1948	9	29	;	;	PUNCT
ajfa-1948	9	30	g35	g35	PROPN
ajfa-1948	9	31	asian	asian	PROPN
ajfa-1948	9	32	journal	journal	PROPN
ajfa-1948	9	33	of	of	ADP
ajfa-1948	9	34	finance	finance	PROPN
ajfa-1948	9	35	&	&	CCONJ
ajfa-1948	9	36	accounting	accounting	PROPN
ajfa-1948	9	37	issn	issn	PROPN
ajfa-1948	9	38	1946	1946	NUM
ajfa-1948	9	39	-	-	PUNCT
ajfa-1948	9	40	052x	052x	NOUN
ajfa-1948	9	41	2013	2013	NUM
ajfa-1948	9	42	,	,	PUNCT
ajfa-1948	9	43	vol	vol	NOUN
ajfa-1948	9	44	.	.	PROPN
ajfa-1948	9	45	5	5	NUM
ajfa-1948	9	46	,	,	PUNCT
ajfa-1948	9	47	no	no	INTJ
ajfa-1948	9	48	.	.	NOUN
ajfa-1948	9	49	1	1	NUM
ajfa-1948	9	50	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1948	9	51	74	74	NUM
ajfa-1948	9	52	1	1	NUM
ajfa-1948	9	53	.	.	PUNCT
ajfa-1948	10	1	introduction	introduction	NOUN
ajfa-1948	10	2	in	in	ADP
ajfa-1948	10	3	a	a	DET
ajfa-1948	10	4	market	market	NOUN
ajfa-1948	10	5	with	with	ADP
ajfa-1948	10	6	no	no	DET
ajfa-1948	10	7	transaction	transaction	NOUN
ajfa-1948	10	8	costs	cost	NOUN
ajfa-1948	10	9	and	and	CCONJ
ajfa-1948	10	10	no	no	DET
ajfa-1948	10	11	taxes	taxis	NOUN
ajfa-1948	10	12	,	,	PUNCT
ajfa-1948	10	13	the	the	DET
ajfa-1948	10	14	stock	stock	NOUN
ajfa-1948	10	15	prices	price	NOUN
ajfa-1948	10	16	should	should	AUX
ajfa-1948	10	17	drop	drop	VERB
ajfa-1948	10	18	by	by	ADP
ajfa-1948	10	19	the	the	DET
ajfa-1948	10	20	same	same	ADJ
ajfa-1948	10	21	amount	amount	NOUN
ajfa-1948	10	22	as	as	ADP
ajfa-1948	10	23	the	the	DET
ajfa-1948	10	24	dividend	dividend	NOUN
ajfa-1948	10	25	paid	pay	VERB
ajfa-1948	10	26	on	on	ADP
ajfa-1948	10	27	the	the	DET
ajfa-1948	10	28	ex	ex	NOUN
ajfa-1948	10	29	-	-	NOUN
ajfa-1948	10	30	dividend	dividend	ADJ
ajfa-1948	10	31	day	day	NOUN
ajfa-1948	10	32	(	(	PUNCT
ajfa-1948	10	33	campbell	campbell	PROPN
ajfa-1948	10	34	and	and	CCONJ
ajfa-1948	10	35	beranek	beranek	PROPN
ajfa-1948	10	36	,	,	PUNCT
ajfa-1948	10	37	1955	1955	NUM
ajfa-1948	10	38	;	;	PUNCT
ajfa-1948	10	39	elton	elton	PROPN
ajfa-1948	10	40	and	and	CCONJ
ajfa-1948	10	41	gruber	gruber	PROPN
ajfa-1948	10	42	,	,	PUNCT
ajfa-1948	10	43	1970	1970	NUM
ajfa-1948	10	44	)	)	PUNCT
ajfa-1948	10	45	.	.	PUNCT
ajfa-1948	11	1	however	however	ADV
ajfa-1948	11	2	,	,	PUNCT
ajfa-1948	11	3	more	more	ADJ
ajfa-1948	11	4	than	than	ADP
ajfa-1948	11	5	fifty	fifty	NUM
ajfa-1948	11	6	years	year	NOUN
ajfa-1948	11	7	of	of	ADP
ajfa-1948	11	8	research	research	NOUN
ajfa-1948	11	9	have	have	AUX
ajfa-1948	11	10	concluded	conclude	VERB
ajfa-1948	11	11	that	that	SCONJ
ajfa-1948	11	12	the	the	DET
ajfa-1948	11	13	stock	stock	NOUN
ajfa-1948	11	14	price	price	NOUN
ajfa-1948	11	15	drop	drop	NOUN
ajfa-1948	11	16	differs	differ	VERB
ajfa-1948	11	17	from	from	ADP
ajfa-1948	11	18	the	the	DET
ajfa-1948	11	19	dividend	dividend	NOUN
ajfa-1948	11	20	amount	amount	NOUN
ajfa-1948	11	21	on	on	ADP
ajfa-1948	11	22	the	the	DET
ajfa-1948	11	23	ex	ex	NOUN
ajfa-1948	11	24	-	-	NOUN
ajfa-1948	11	25	dividend	dividend	ADJ
ajfa-1948	11	26	day	day	NOUN
ajfa-1948	11	27	.	.	PUNCT
ajfa-1948	12	1	several	several	ADJ
ajfa-1948	12	2	types	type	NOUN
ajfa-1948	12	3	of	of	ADP
ajfa-1948	12	4	interpretations	interpretation	NOUN
ajfa-1948	12	5	are	be	AUX
ajfa-1948	12	6	advanced	advanced	ADJ
ajfa-1948	12	7	in	in	ADP
ajfa-1948	12	8	the	the	DET
ajfa-1948	12	9	literature	literature	NOUN
ajfa-1948	12	10	to	to	PART
ajfa-1948	12	11	explain	explain	VERB
ajfa-1948	12	12	such	such	ADJ
ajfa-1948	12	13	behaviour	behaviour	NOUN
ajfa-1948	12	14	.	.	PUNCT
ajfa-1948	13	1	among	among	ADP
ajfa-1948	13	2	all	all	DET
ajfa-1948	13	3	these	these	DET
ajfa-1948	13	4	studies	study	NOUN
ajfa-1948	13	5	,	,	PUNCT
ajfa-1948	13	6	the	the	DET
ajfa-1948	13	7	most	most	ADV
ajfa-1948	13	8	pronounced	pronounce	VERB
ajfa-1948	13	9	rationales	rationale	NOUN
ajfa-1948	13	10	are	be	AUX
ajfa-1948	13	11	(	(	PUNCT
ajfa-1948	13	12	i	i	NOUN
ajfa-1948	13	13	)	)	PUNCT
ajfa-1948	13	14	the	the	DET
ajfa-1948	13	15	tax	tax	NOUN
ajfa-1948	13	16	explanation	explanation	NOUN
ajfa-1948	13	17	(	(	PUNCT
ajfa-1948	13	18	elton	elton	PROPN
ajfa-1948	13	19	and	and	CCONJ
ajfa-1948	13	20	gruber	gruber	PROPN
ajfa-1948	13	21	,	,	PUNCT
ajfa-1948	13	22	1970	1970	NUM
ajfa-1948	13	23	;	;	PUNCT
ajfa-1948	13	24	litzenberger	litzenberger	NOUN
ajfa-1948	13	25	and	and	CCONJ
ajfa-1948	13	26	ramaswamy	ramaswamy	ADJ
ajfa-1948	13	27	,	,	PUNCT
ajfa-1948	13	28	1979	1979	NUM
ajfa-1948	13	29	;	;	PUNCT
ajfa-1948	13	30	poterba	poterba	NOUN
ajfa-1948	13	31	and	and	CCONJ
ajfa-1948	13	32	summers	summer	NOUN
ajfa-1948	13	33	,	,	PUNCT
ajfa-1948	13	34	1984	1984	NUM
ajfa-1948	13	35	;	;	PUNCT
ajfa-1948	13	36	barclay	barclay	NOUN
ajfa-1948	13	37	,	,	PUNCT
ajfa-1948	13	38	1987	1987	NUM
ajfa-1948	13	39	;	;	PUNCT
ajfa-1948	13	40	lasfer	lasfer	NOUN
ajfa-1948	13	41	,	,	PUNCT
ajfa-1948	13	42	1995	1995	NUM
ajfa-1948	13	43	;	;	PUNCT
ajfa-1948	13	44	bell	bell	NOUN
ajfa-1948	13	45	and	and	CCONJ
ajfa-1948	13	46	jenkinson	jenkinson	PROPN
ajfa-1948	13	47	,	,	PUNCT
ajfa-1948	13	48	2002	2002	NUM
ajfa-1948	13	49	;	;	PUNCT
ajfa-1948	13	50	lasfer	lasfer	NOUN
ajfa-1948	13	51	and	and	CCONJ
ajfa-1948	13	52	zenonos	zenono	NOUN
ajfa-1948	13	53	,	,	PUNCT
ajfa-1948	13	54	2003	2003	NUM
ajfa-1948	13	55	;	;	PUNCT
ajfa-1948	13	56	chen	chen	PROPN
ajfa-1948	13	57	et	et	PROPN
ajfa-1948	13	58	al	al	PROPN
ajfa-1948	13	59	.	.	PROPN
ajfa-1948	13	60	2011	2011	NUM
ajfa-1948	13	61	)	)	PUNCT
ajfa-1948	13	62	;	;	PUNCT
ajfa-1948	13	63	(	(	PUNCT
ajfa-1948	13	64	ii	ii	X
ajfa-1948	13	65	)	)	PUNCT
ajfa-1948	13	66	the	the	DET
ajfa-1948	13	67	cost	cost	NOUN
ajfa-1948	13	68	of	of	ADP
ajfa-1948	13	69	trading	trading	NOUN
ajfa-1948	13	70	as	as	ADV
ajfa-1948	13	71	well	well	ADV
ajfa-1948	13	72	as	as	ADP
ajfa-1948	13	73	the	the	DET
ajfa-1948	13	74	associated	associated	ADJ
ajfa-1948	13	75	risk	risk	NOUN
ajfa-1948	13	76	(	(	PUNCT
ajfa-1948	13	77	kalay	kalay	NOUN
ajfa-1948	13	78	,	,	PUNCT
ajfa-1948	13	79	1982	1982	NUM
ajfa-1948	13	80	;	;	PUNCT
ajfa-1948	13	81	heath	heath	PROPN
ajfa-1948	13	82	and	and	CCONJ
ajfa-1948	13	83	jarrow	jarrow	PROPN
ajfa-1948	13	84	,	,	PUNCT
ajfa-1948	13	85	1988	1988	NUM
ajfa-1948	13	86	;	;	PUNCT
ajfa-1948	13	87	lakonishok	lakonishok	NOUN
ajfa-1948	13	88	and	and	CCONJ
ajfa-1948	13	89	vermaelen	vermaelen	PROPN
ajfa-1948	13	90	,	,	PUNCT
ajfa-1948	13	91	1986	1986	NUM
ajfa-1948	13	92	;	;	PUNCT
ajfa-1948	13	93	boyd	boyd	PROPN
ajfa-1948	13	94	and	and	CCONJ
ajfa-1948	13	95	jagannathan	jagannathan	PROPN
ajfa-1948	13	96	,	,	PUNCT
ajfa-1948	13	97	1994	1994	NUM
ajfa-1948	13	98	;	;	PUNCT
ajfa-1948	13	99	michaely	michaely	ADV
ajfa-1948	13	100	and	and	CCONJ
ajfa-1948	13	101	vila	vila	PROPN
ajfa-1948	13	102	,	,	PUNCT
ajfa-1948	13	103	1996	1996	NUM
ajfa-1948	13	104	)	)	PUNCT
ajfa-1948	13	105	;	;	PUNCT
ajfa-1948	13	106	and	and	CCONJ
ajfa-1948	13	107	(	(	PUNCT
ajfa-1948	13	108	iii	iii	X
ajfa-1948	13	109	)	)	PUNCT
ajfa-1948	13	110	the	the	DET
ajfa-1948	13	111	market	market	NOUN
ajfa-1948	13	112	microstructure	microstructure	NOUN
ajfa-1948	13	113	(	(	PUNCT
ajfa-1948	13	114	frank	frank	ADJ
ajfa-1948	13	115	and	and	CCONJ
ajfa-1948	13	116	jagannathan	jagannathan	PROPN
ajfa-1948	13	117	,	,	PUNCT
ajfa-1948	13	118	1998	1998	NUM
ajfa-1948	13	119	;	;	PUNCT
ajfa-1948	13	120	bali	bali	NOUN
ajfa-1948	13	121	and	and	CCONJ
ajfa-1948	13	122	hite	hite	PROPN
ajfa-1948	13	123	,	,	PUNCT
ajfa-1948	13	124	1998	1998	NUM
ajfa-1948	13	125	)	)	PUNCT
ajfa-1948	13	126	.	.	PUNCT
ajfa-1948	14	1	if	if	SCONJ
ajfa-1948	14	2	the	the	DET
ajfa-1948	14	3	stock	stock	NOUN
ajfa-1948	14	4	prices	price	NOUN
ajfa-1948	14	5	drop	drop	VERB
ajfa-1948	14	6	differs	differ	VERB
ajfa-1948	14	7	from	from	ADP
ajfa-1948	14	8	the	the	DET
ajfa-1948	14	9	dividend	dividend	NOUN
ajfa-1948	14	10	amount	amount	NOUN
ajfa-1948	14	11	,	,	PUNCT
ajfa-1948	14	12	it	it	PRON
ajfa-1948	14	13	signals	signal	VERB
ajfa-1948	14	14	the	the	DET
ajfa-1948	14	15	inefficiency	inefficiency	NOUN
ajfa-1948	14	16	of	of	ADP
ajfa-1948	14	17	a	a	DET
ajfa-1948	14	18	capital	capital	NOUN
ajfa-1948	14	19	market	market	NOUN
ajfa-1948	14	20	.	.	PUNCT
ajfa-1948	15	1	short	short	ADJ
ajfa-1948	15	2	-	-	PUNCT
ajfa-1948	15	3	term	term	NOUN
ajfa-1948	15	4	investors	investor	NOUN
ajfa-1948	15	5	would	would	AUX
ajfa-1948	15	6	be	be	AUX
ajfa-1948	15	7	interested	interested	ADJ
ajfa-1948	15	8	in	in	ADP
ajfa-1948	15	9	such	such	ADJ
ajfa-1948	15	10	inefficiency	inefficiency	NOUN
ajfa-1948	15	11	of	of	ADP
ajfa-1948	15	12	the	the	DET
ajfa-1948	15	13	market	market	NOUN
ajfa-1948	15	14	(	(	PUNCT
ajfa-1948	15	15	those	those	PRON
ajfa-1948	15	16	who	who	PRON
ajfa-1948	15	17	buy	buy	VERB
ajfa-1948	15	18	and	and	CCONJ
ajfa-1948	15	19	sell	sell	VERB
ajfa-1948	15	20	stocks	stock	NOUN
ajfa-1948	15	21	in	in	ADP
ajfa-1948	15	22	a	a	DET
ajfa-1948	15	23	short	short	ADJ
ajfa-1948	15	24	run	run	NOUN
ajfa-1948	15	25	and	and	CCONJ
ajfa-1948	15	26	try	try	VERB
ajfa-1948	15	27	to	to	PART
ajfa-1948	15	28	make	make	VERB
ajfa-1948	15	29	a	a	DET
ajfa-1948	15	30	profit	profit	NOUN
ajfa-1948	15	31	by	by	ADP
ajfa-1948	15	32	using	use	VERB
ajfa-1948	15	33	the	the	DET
ajfa-1948	15	34	inefficiency	inefficiency	NOUN
ajfa-1948	15	35	of	of	ADP
ajfa-1948	15	36	a	a	DET
ajfa-1948	15	37	market	market	NOUN
ajfa-1948	15	38	)	)	PUNCT
ajfa-1948	15	39	to	to	PART
ajfa-1948	15	40	make	make	VERB
ajfa-1948	15	41	an	an	DET
ajfa-1948	15	42	arbitrage	arbitrage	NOUN
ajfa-1948	15	43	profit	profit	NOUN
ajfa-1948	15	44	.	.	PUNCT
ajfa-1948	16	1	elton	elton	PROPN
ajfa-1948	16	2	and	and	CCONJ
ajfa-1948	16	3	gruber	gruber	PROPN
ajfa-1948	16	4	(	(	PUNCT
ajfa-1948	16	5	1970	1970	NUM
ajfa-1948	16	6	)	)	PUNCT
ajfa-1948	16	7	,	,	PUNCT
ajfa-1948	16	8	litzenberger	litzenberger	NOUN
ajfa-1948	16	9	and	and	CCONJ
ajfa-1948	16	10	ramaswamy	ramaswamy	ADJ
ajfa-1948	16	11	(	(	PUNCT
ajfa-1948	16	12	1979	1979	NUM
ajfa-1948	16	13	)	)	PUNCT
ajfa-1948	16	14	,	,	PUNCT
ajfa-1948	16	15	poterba	poterba	NOUN
ajfa-1948	16	16	and	and	CCONJ
ajfa-1948	16	17	summers	summer	NOUN
ajfa-1948	16	18	(	(	PUNCT
ajfa-1948	16	19	1984	1984	NUM
ajfa-1948	16	20	)	)	PUNCT
ajfa-1948	16	21	,	,	PUNCT
ajfa-1948	16	22	and	and	CCONJ
ajfa-1948	16	23	barclay	barclay	PROPN
ajfa-1948	16	24	(	(	PUNCT
ajfa-1948	16	25	1987	1987	NUM
ajfa-1948	16	26	)	)	PUNCT
ajfa-1948	16	27	pointed	point	VERB
ajfa-1948	16	28	out	out	ADP
ajfa-1948	16	29	a	a	DET
ajfa-1948	16	30	strong	strong	ADJ
ajfa-1948	16	31	positive	positive	ADJ
ajfa-1948	16	32	relationship	relationship	NOUN
ajfa-1948	16	33	between	between	ADP
ajfa-1948	16	34	the	the	DET
ajfa-1948	16	35	dividend	dividend	NOUN
ajfa-1948	16	36	yield	yield	NOUN
ajfa-1948	16	37	and	and	CCONJ
ajfa-1948	16	38	the	the	DET
ajfa-1948	16	39	expected	expect	VERB
ajfa-1948	16	40	return	return	NOUN
ajfa-1948	16	41	.	.	PUNCT
ajfa-1948	17	1	lasfer	lasfer	NOUN
ajfa-1948	17	2	and	and	CCONJ
ajfa-1948	17	3	zenonos	zenonos	PROPN
ajfa-1948	17	4	(	(	PUNCT
ajfa-1948	17	5	2003	2003	NUM
ajfa-1948	17	6	)	)	PUNCT
ajfa-1948	17	7	examined	examine	VERB
ajfa-1948	17	8	the	the	DET
ajfa-1948	17	9	stock	stock	NOUN
ajfa-1948	17	10	price	price	NOUN
ajfa-1948	17	11	behaviour	behaviour	NOUN
ajfa-1948	17	12	on	on	ADP
ajfa-1948	17	13	the	the	DET
ajfa-1948	17	14	european	european	ADJ
ajfa-1948	17	15	markets	market	NOUN
ajfa-1948	17	16	(	(	PUNCT
ajfa-1948	17	17	france	france	PROPN
ajfa-1948	17	18	,	,	PUNCT
ajfa-1948	17	19	germany	germany	PROPN
ajfa-1948	17	20	,	,	PUNCT
ajfa-1948	17	21	the	the	DET
ajfa-1948	17	22	uk	uk	PROPN
ajfa-1948	17	23	,	,	PUNCT
ajfa-1948	17	24	and	and	CCONJ
ajfa-1948	17	25	italy	italy	PROPN
ajfa-1948	17	26	)	)	PUNCT
ajfa-1948	17	27	.	.	PUNCT
ajfa-1948	18	1	most	most	ADJ
ajfa-1948	18	2	of	of	ADP
ajfa-1948	18	3	these	these	DET
ajfa-1948	18	4	studies	study	NOUN
ajfa-1948	18	5	focused	focus	VERB
ajfa-1948	18	6	on	on	ADP
ajfa-1948	18	7	the	the	DET
ajfa-1948	18	8	dividend	dividend	NOUN
ajfa-1948	18	9	yield	yield	NOUN
ajfa-1948	18	10	and	and	CCONJ
ajfa-1948	18	11	the	the	DET
ajfa-1948	18	12	entire	entire	ADJ
ajfa-1948	18	13	stock	stock	NOUN
ajfa-1948	18	14	market	market	NOUN
ajfa-1948	18	15	.	.	PUNCT
ajfa-1948	19	1	study	study	NOUN
ajfa-1948	19	2	observed	observe	VERB
ajfa-1948	19	3	mean	mean	ADJ
ajfa-1948	19	4	drop	drop	NOUN
ajfa-1948	19	5	of	of	ADP
ajfa-1948	19	6	stock	stock	NOUN
ajfa-1948	19	7	prices	price	NOUN
ajfa-1948	19	8	on	on	ADP
ajfa-1948	19	9	the	the	DET
ajfa-1948	19	10	new	new	PROPN
ajfa-1948	19	11	york	york	PROPN
ajfa-1948	19	12	stock	stock	PROPN
ajfa-1948	19	13	exchange	exchange	PROPN
ajfa-1948	19	14	is	be	AUX
ajfa-1948	19	15	0.7767	0.7767	NUM
ajfa-1948	19	16	which	which	PRON
ajfa-1948	19	17	is	be	AUX
ajfa-1948	19	18	due	due	ADJ
ajfa-1948	19	19	to	to	ADP
ajfa-1948	19	20	the	the	DET
ajfa-1948	19	21	higher	high	ADJ
ajfa-1948	19	22	taxation	taxation	NOUN
ajfa-1948	19	23	on	on	ADP
ajfa-1948	19	24	dividend	dividend	NOUN
ajfa-1948	19	25	income	income	NOUN
ajfa-1948	19	26	than	than	ADP
ajfa-1948	19	27	capital	capital	NOUN
ajfa-1948	19	28	gain	gain	NOUN
ajfa-1948	19	29	(	(	PUNCT
ajfa-1948	19	30	elton	elton	PROPN
ajfa-1948	19	31	and	and	CCONJ
ajfa-1948	19	32	gruber	gruber	PROPN
ajfa-1948	19	33	,	,	PUNCT
ajfa-1948	19	34	1970	1970	NUM
ajfa-1948	19	35	)	)	PUNCT
ajfa-1948	19	36	.	.	PUNCT
ajfa-1948	20	1	similarly	similarly	ADV
ajfa-1948	20	2	,	,	PUNCT
ajfa-1948	20	3	further	further	ADJ
ajfa-1948	20	4	tax	tax	NOUN
ajfa-1948	20	5	evidence	evidence	NOUN
ajfa-1948	20	6	has	have	AUX
ajfa-1948	20	7	been	be	AUX
ajfa-1948	20	8	observed	observe	VERB
ajfa-1948	20	9	on	on	ADP
ajfa-1948	20	10	the	the	DET
ajfa-1948	20	11	chinese	chinese	ADJ
ajfa-1948	20	12	stock	stock	NOUN
ajfa-1948	20	13	exchange	exchange	PROPN
ajfa-1948	20	14	for	for	ADP
ajfa-1948	20	15	the	the	DET
ajfa-1948	20	16	large	large	ADJ
ajfa-1948	20	17	dividend	dividend	NOUN
ajfa-1948	20	18	yield	yield	NOUN
ajfa-1948	20	19	stocks	stock	NOUN
ajfa-1948	20	20	(	(	PUNCT
ajfa-1948	20	21	nikolaos	nikolaos	PROPN
ajfa-1948	20	22	et	et	PROPN
ajfa-1948	20	23	al	al	PROPN
ajfa-1948	20	24	.	.	PROPN
ajfa-1948	20	25	,	,	PUNCT
ajfa-1948	20	26	2006	2006	NUM
ajfa-1948	20	27	)	)	PUNCT
ajfa-1948	20	28	and	and	CCONJ
ajfa-1948	20	29	london	london	PROPN
ajfa-1948	20	30	stock	stock	PROPN
ajfa-1948	20	31	exchange	exchange	PROPN
ajfa-1948	20	32	(	(	PUNCT
ajfa-1948	20	33	lasfer	lasfer	NOUN
ajfa-1948	20	34	and	and	CCONJ
ajfa-1948	20	35	zenonos	zenono	NOUN
ajfa-1948	20	36	,	,	PUNCT
ajfa-1948	20	37	2003	2003	NUM
ajfa-1948	20	38	,	,	PUNCT
ajfa-1948	20	39	mean	mean	VERB
ajfa-1948	20	40	price	price	NOUN
ajfa-1948	20	41	drop	drop	NOUN
ajfa-1948	20	42	0.701	0.701	NUM
ajfa-1948	20	43	)	)	PUNCT
ajfa-1948	20	44	.	.	PUNCT
ajfa-1948	21	1	furthermore	furthermore	ADV
ajfa-1948	21	2	,	,	PUNCT
ajfa-1948	21	3	insignificant	insignificant	ADJ
ajfa-1948	21	4	evidence	evidence	NOUN
ajfa-1948	21	5	of	of	ADP
ajfa-1948	21	6	tax	tax	NOUN
ajfa-1948	21	7	hypothesis	hypothesis	NOUN
ajfa-1948	21	8	has	have	AUX
ajfa-1948	21	9	been	be	AUX
ajfa-1948	21	10	observed	observe	VERB
ajfa-1948	21	11	on	on	ADP
ajfa-1948	21	12	the	the	DET
ajfa-1948	21	13	tokyo	tokyo	PROPN
ajfa-1948	21	14	stock	stock	NOUN
ajfa-1948	21	15	exchange	exchange	PROPN
ajfa-1948	21	16	(	(	PUNCT
ajfa-1948	21	17	kato	kato	PROPN
ajfa-1948	21	18	and	and	CCONJ
ajfa-1948	21	19	lowenstein	lowenstein	PROPN
ajfa-1948	21	20	,	,	PUNCT
ajfa-1948	21	21	1995	1995	NUM
ajfa-1948	21	22	)	)	PUNCT
ajfa-1948	21	23	where	where	SCONJ
ajfa-1948	21	24	ex	ex	NOUN
ajfa-1948	21	25	-	-	NOUN
ajfa-1948	21	26	day	day	NOUN
ajfa-1948	21	27	stock	stock	NOUN
ajfa-1948	21	28	prices	price	NOUN
ajfa-1948	21	29	(	(	PUNCT
ajfa-1948	21	30	mean	mean	VERB
ajfa-1948	21	31	drop	drop	NOUN
ajfa-1948	21	32	of	of	ADP
ajfa-1948	21	33	stock	stock	NOUN
ajfa-1948	21	34	prices	price	NOUN
ajfa-1948	21	35	is	be	AUX
ajfa-1948	21	36	-0.9317	-0.9317	PRON
ajfa-1948	21	37	)	)	PUNCT
ajfa-1948	21	38	are	be	AUX
ajfa-1948	21	39	influnced	influnce	VERB
ajfa-1948	21	40	by	by	ADP
ajfa-1948	21	41	the	the	DET
ajfa-1948	21	42	year	year	NOUN
ajfa-1948	21	43	end	end	NOUN
ajfa-1948	21	44	effect	effect	NOUN
ajfa-1948	21	45	.	.	PUNCT
ajfa-1948	22	1	however	however	ADV
ajfa-1948	22	2	,	,	PUNCT
ajfa-1948	22	3	no	no	DET
ajfa-1948	22	4	study	study	NOUN
ajfa-1948	22	5	has	have	AUX
ajfa-1948	22	6	concentrated	concentrate	VERB
ajfa-1948	22	7	on	on	ADP
ajfa-1948	22	8	the	the	DET
ajfa-1948	22	9	liquidity	liquidity	NOUN
ajfa-1948	22	10	of	of	ADP
ajfa-1948	22	11	the	the	DET
ajfa-1948	22	12	stocks	stock	NOUN
ajfa-1948	22	13	and	and	CCONJ
ajfa-1948	22	14	the	the	DET
ajfa-1948	22	15	quality	quality	NOUN
ajfa-1948	22	16	of	of	ADP
ajfa-1948	22	17	information	information	NOUN
ajfa-1948	22	18	available	available	ADJ
ajfa-1948	22	19	to	to	ADP
ajfa-1948	22	20	the	the	DET
ajfa-1948	22	21	investors	investor	NOUN
ajfa-1948	22	22	and	and	CCONJ
ajfa-1948	22	23	market	market	NOUN
ajfa-1948	22	24	makers	maker	NOUN
ajfa-1948	22	25	to	to	PART
ajfa-1948	22	26	adjust	adjust	VERB
ajfa-1948	22	27	the	the	DET
ajfa-1948	22	28	stock	stock	NOUN
ajfa-1948	22	29	prices	price	NOUN
ajfa-1948	22	30	.	.	PUNCT
ajfa-1948	23	1	furthermore	furthermore	ADV
ajfa-1948	23	2	,	,	PUNCT
ajfa-1948	23	3	no	no	DET
ajfa-1948	23	4	single	single	ADJ
ajfa-1948	23	5	study	study	NOUN
ajfa-1948	23	6	has	have	AUX
ajfa-1948	23	7	compared	compare	VERB
ajfa-1948	23	8	four	four	NUM
ajfa-1948	23	9	key	key	ADJ
ajfa-1948	23	10	capital	capital	NOUN
ajfa-1948	23	11	markets	market	NOUN
ajfa-1948	23	12	which	which	PRON
ajfa-1948	23	13	represent	represent	VERB
ajfa-1948	23	14	three	three	NUM
ajfa-1948	23	15	major	major	ADJ
ajfa-1948	23	16	geographic	geographic	ADJ
ajfa-1948	23	17	locations	location	NOUN
ajfa-1948	23	18	(	(	PUNCT
ajfa-1948	23	19	asia	asia	PROPN
ajfa-1948	23	20	,	,	PUNCT
ajfa-1948	23	21	europe	europe	PROPN
ajfa-1948	23	22	and	and	CCONJ
ajfa-1948	23	23	america	america	PROPN
ajfa-1948	23	24	)	)	PUNCT
ajfa-1948	23	25	.	.	PUNCT
ajfa-1948	24	1	this	this	DET
ajfa-1948	24	2	study	study	NOUN
ajfa-1948	24	3	concentrates	concentrate	VERB
ajfa-1948	24	4	on	on	ADP
ajfa-1948	24	5	the	the	DET
ajfa-1948	24	6	most	most	ADV
ajfa-1948	24	7	liquid	liquid	ADJ
ajfa-1948	24	8	common	common	ADJ
ajfa-1948	24	9	stocks	stock	NOUN
ajfa-1948	24	10	,	,	PUNCT
ajfa-1948	24	11	known	know	VERB
ajfa-1948	24	12	as	as	ADP
ajfa-1948	24	13	the	the	DET
ajfa-1948	24	14	blue	blue	ADJ
ajfa-1948	24	15	chips	chip	NOUN
ajfa-1948	24	16	of	of	ADP
ajfa-1948	24	17	a	a	DET
ajfa-1948	24	18	stock	stock	NOUN
ajfa-1948	24	19	market	market	NOUN
ajfa-1948	24	20	.	.	PUNCT
ajfa-1948	25	1	secondly	secondly	ADV
ajfa-1948	25	2	,	,	PUNCT
ajfa-1948	25	3	the	the	DET
ajfa-1948	25	4	aim	aim	NOUN
ajfa-1948	25	5	of	of	ADP
ajfa-1948	25	6	this	this	DET
ajfa-1948	25	7	study	study	NOUN
ajfa-1948	25	8	is	be	AUX
ajfa-1948	25	9	to	to	PART
ajfa-1948	25	10	explain	explain	VERB
ajfa-1948	25	11	the	the	DET
ajfa-1948	25	12	ex	ex	NOUN
ajfa-1948	25	13	-	-	NOUN
ajfa-1948	25	14	day	day	NOUN
ajfa-1948	25	15	stock	stock	NOUN
ajfa-1948	25	16	price	price	NOUN
ajfa-1948	25	17	behaviour	behaviour	NOUN
ajfa-1948	25	18	of	of	ADP
ajfa-1948	25	19	four	four	NUM
ajfa-1948	25	20	major	major	ADJ
ajfa-1948	25	21	stock	stock	NOUN
ajfa-1948	25	22	markets	market	NOUN
ajfa-1948	25	23	which	which	PRON
ajfa-1948	25	24	represent	represent	VERB
ajfa-1948	25	25	three	three	NUM
ajfa-1948	25	26	different	different	ADJ
ajfa-1948	25	27	geographic	geographic	ADJ
ajfa-1948	25	28	locations	location	NOUN
ajfa-1948	25	29	and	and	CCONJ
ajfa-1948	25	30	very	very	ADV
ajfa-1948	25	31	dissimilar	dissimilar	ADJ
ajfa-1948	25	32	market	market	NOUN
ajfa-1948	25	33	structures	structure	NOUN
ajfa-1948	25	34	(	(	PUNCT
ajfa-1948	25	35	different	different	ADJ
ajfa-1948	25	36	tax	tax	NOUN
ajfa-1948	25	37	codes	code	NOUN
ajfa-1948	25	38	and	and	CCONJ
ajfa-1948	25	39	trading	trading	NOUN
ajfa-1948	25	40	rules	rule	NOUN
ajfa-1948	25	41	and	and	CCONJ
ajfa-1948	25	42	legislation	legislation	NOUN
ajfa-1948	25	43	)	)	PUNCT
ajfa-1948	25	44	.	.	PUNCT
ajfa-1948	26	1	the	the	DET
ajfa-1948	26	2	reason	reason	NOUN
ajfa-1948	26	3	why	why	SCONJ
ajfa-1948	26	4	we	we	PRON
ajfa-1948	26	5	choose	choose	VERB
ajfa-1948	26	6	these	these	DET
ajfa-1948	26	7	four	four	NUM
ajfa-1948	26	8	capital	capital	NOUN
ajfa-1948	26	9	markets	market	NOUN
ajfa-1948	26	10	is	be	AUX
ajfa-1948	26	11	because	because	SCONJ
ajfa-1948	26	12	these	these	DET
ajfa-1948	26	13	markets	market	NOUN
ajfa-1948	26	14	represent	represent	VERB
ajfa-1948	26	15	maximum	maximum	ADJ
ajfa-1948	26	16	market	market	NOUN
ajfa-1948	26	17	capital	capital	NOUN
ajfa-1948	26	18	in	in	ADP
ajfa-1948	26	19	asia	asia	PROPN
ajfa-1948	26	20	,	,	PUNCT
ajfa-1948	26	21	europe	europe	PROPN
ajfa-1948	26	22	and	and	CCONJ
ajfa-1948	26	23	america	america	PROPN
ajfa-1948	26	24	and	and	CCONJ
ajfa-1948	26	25	the	the	DET
ajfa-1948	26	26	indexes	index	NOUN
ajfa-1948	26	27	are	be	AUX
ajfa-1948	26	28	the	the	DET
ajfa-1948	26	29	key	key	ADJ
ajfa-1948	26	30	indicators	indicator	NOUN
ajfa-1948	26	31	for	for	ADP
ajfa-1948	26	32	an	an	DET
ajfa-1948	26	33	investment	investment	NOUN
ajfa-1948	26	34	decision	decision	NOUN
ajfa-1948	26	35	to	to	ADP
ajfa-1948	26	36	any	any	DET
ajfa-1948	26	37	investors	investor	NOUN
ajfa-1948	26	38	.	.	PUNCT
ajfa-1948	27	1	blue	blue	ADJ
ajfa-1948	27	2	-	-	PUNCT
ajfa-1948	27	3	chip	chip	NOUN
ajfa-1948	27	4	indexes	index	NOUN
ajfa-1948	27	5	are	be	AUX
ajfa-1948	27	6	chosen	choose	VERB
ajfa-1948	27	7	because	because	SCONJ
ajfa-1948	27	8	they	they	PRON
ajfa-1948	27	9	hold	hold	VERB
ajfa-1948	27	10	the	the	DET
ajfa-1948	27	11	most	most	ADV
ajfa-1948	27	12	important	important	ADJ
ajfa-1948	27	13	stocks	stock	NOUN
ajfa-1948	27	14	of	of	ADP
ajfa-1948	27	15	a	a	DET
ajfa-1948	27	16	certain	certain	ADJ
ajfa-1948	27	17	market	market	NOUN
ajfa-1948	27	18	which	which	PRON
ajfa-1948	27	19	are	be	AUX
ajfa-1948	27	20	preferred	prefer	VERB
ajfa-1948	27	21	by	by	ADP
ajfa-1948	27	22	the	the	DET
ajfa-1948	27	23	investors	investor	NOUN
ajfa-1948	27	24	.	.	PUNCT
ajfa-1948	28	1	blue	blue	ADJ
ajfa-1948	28	2	-	-	PUNCT
ajfa-1948	28	3	chip	chip	NOUN
ajfa-1948	28	4	stocks	stock	NOUN
ajfa-1948	28	5	represent	represent	VERB
ajfa-1948	28	6	maximum	maximum	ADJ
ajfa-1948	28	7	market	market	NOUN
ajfa-1948	28	8	capital	capital	NOUN
ajfa-1948	28	9	and	and	CCONJ
ajfa-1948	28	10	function	function	NOUN
ajfa-1948	28	11	as	as	ADP
ajfa-1948	28	12	a	a	DET
ajfa-1948	28	13	benchmark	benchmark	NOUN
ajfa-1948	28	14	of	of	ADP
ajfa-1948	28	15	the	the	DET
ajfa-1948	28	16	market	market	NOUN
ajfa-1948	28	17	movements	movement	NOUN
ajfa-1948	28	18	(	(	PUNCT
ajfa-1948	28	19	downside	downside	ADJ
ajfa-1948	28	20	or	or	CCONJ
ajfa-1948	28	21	upside	upside	ADJ
ajfa-1948	28	22	)	)	PUNCT
ajfa-1948	28	23	.	.	PUNCT
ajfa-1948	29	1	blue	blue	ADJ
ajfa-1948	29	2	-	-	PUNCT
ajfa-1948	29	3	chip	chip	NOUN
ajfa-1948	29	4	indexes	index	NOUN
ajfa-1948	29	5	asian	asian	ADJ
ajfa-1948	29	6	journal	journal	NOUN
ajfa-1948	29	7	of	of	ADP
ajfa-1948	29	8	finance	finance	PROPN
ajfa-1948	29	9	&	&	CCONJ
ajfa-1948	29	10	accounting	accounting	PROPN
ajfa-1948	29	11	issn	issn	PROPN
ajfa-1948	29	12	1946	1946	NUM
ajfa-1948	29	13	-	-	PUNCT
ajfa-1948	29	14	052x	052x	NOUN
ajfa-1948	29	15	2013	2013	NUM
ajfa-1948	29	16	,	,	PUNCT
ajfa-1948	29	17	vol	vol	NOUN
ajfa-1948	29	18	.	.	PROPN
ajfa-1948	29	19	5	5	NUM
ajfa-1948	29	20	,	,	PUNCT
ajfa-1948	29	21	no	no	INTJ
ajfa-1948	29	22	.	.	NOUN
ajfa-1948	29	23	1	1	NUM
ajfa-1948	29	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1948	29	25	75	75	NUM
ajfa-1948	29	26	have	have	AUX
ajfa-1948	29	27	been	be	AUX
ajfa-1948	29	28	proven	prove	VERB
ajfa-1948	29	29	to	to	PART
ajfa-1948	29	30	be	be	AUX
ajfa-1948	29	31	an	an	DET
ajfa-1948	29	32	efficient	efficient	ADJ
ajfa-1948	29	33	empirical	empirical	ADJ
ajfa-1948	29	34	proxy	proxy	NOUN
ajfa-1948	29	35	for	for	ADP
ajfa-1948	29	36	all	all	DET
ajfa-1948	29	37	-	-	PUNCT
ajfa-1948	29	38	shares	share	NOUN
ajfa-1948	29	39	market	market	NOUN
ajfa-1948	29	40	indexes	index	NOUN
ajfa-1948	29	41	(	(	PUNCT
ajfa-1948	29	42	annaert	annaert	NOUN
ajfa-1948	29	43	et	et	PROPN
ajfa-1948	29	44	al	al	PROPN
ajfa-1948	29	45	.	.	PROPN
ajfa-1948	29	46	,	,	PUNCT
ajfa-1948	29	47	2011	2011	NUM
ajfa-1948	29	48	)	)	PUNCT
ajfa-1948	29	49	.	.	PUNCT
ajfa-1948	30	1	investors	investor	NOUN
ajfa-1948	30	2	are	be	AUX
ajfa-1948	30	3	well	well	ADV
ajfa-1948	30	4	aware	aware	ADJ
ajfa-1948	30	5	of	of	ADP
ajfa-1948	30	6	the	the	DET
ajfa-1948	30	7	market	market	NOUN
ajfa-1948	30	8	information	information	NOUN
ajfa-1948	30	9	of	of	ADP
ajfa-1948	30	10	these	these	DET
ajfa-1948	30	11	stocks	stock	NOUN
ajfa-1948	30	12	and	and	CCONJ
ajfa-1948	30	13	,	,	PUNCT
ajfa-1948	30	14	along	along	ADP
ajfa-1948	30	15	with	with	ADP
ajfa-1948	30	16	the	the	DET
ajfa-1948	30	17	market	market	NOUN
ajfa-1948	30	18	makers	maker	NOUN
ajfa-1948	30	19	,	,	PUNCT
ajfa-1948	30	20	continuously	continuously	ADV
ajfa-1948	30	21	adjust	adjust	VERB
ajfa-1948	30	22	valuation	valuation	NOUN
ajfa-1948	30	23	models	model	NOUN
ajfa-1948	30	24	.	.	PUNCT
ajfa-1948	31	1	by	by	ADP
ajfa-1948	31	2	focusing	focus	VERB
ajfa-1948	31	3	on	on	ADP
ajfa-1948	31	4	only	only	ADV
ajfa-1948	31	5	the	the	DET
ajfa-1948	31	6	largest	large	ADJ
ajfa-1948	31	7	stocks	stock	NOUN
ajfa-1948	31	8	we	we	PRON
ajfa-1948	31	9	avoid	avoid	VERB
ajfa-1948	31	10	potential	potential	ADJ
ajfa-1948	31	11	small	small	ADJ
ajfa-1948	31	12	firms	firm	NOUN
ajfa-1948	31	13	effects	effect	NOUN
ajfa-1948	31	14	,	,	PUNCT
ajfa-1948	31	15	e.g.	e.g.	ADV
ajfa-1948	31	16	effects	effect	NOUN
ajfa-1948	31	17	lack	lack	NOUN
ajfa-1948	31	18	of	of	ADP
ajfa-1948	31	19	liquidity	liquidity	NOUN
ajfa-1948	31	20	or	or	CCONJ
ajfa-1948	31	21	infrequent	infrequent	ADJ
ajfa-1948	31	22	trading	trading	NOUN
ajfa-1948	31	23	(	(	PUNCT
ajfa-1948	31	24	franks	frank	NOUN
ajfa-1948	31	25	et	et	PROPN
ajfa-1948	31	26	al	al	PROPN
ajfa-1948	31	27	.	.	PROPN
ajfa-1948	31	28	2009	2009	NUM
ajfa-1948	31	29	;	;	PUNCT
ajfa-1948	31	30	amihud	amihud	PROPN
ajfa-1948	31	31	&	&	CCONJ
ajfa-1948	31	32	mendelson	mendelson	PROPN
ajfa-1948	31	33	,	,	PUNCT
ajfa-1948	31	34	2012	2012	NUM
ajfa-1948	31	35	;	;	PUNCT
ajfa-1948	31	36	roll	roll	NOUN
ajfa-1948	31	37	,	,	PUNCT
ajfa-1948	31	38	2012	2012	NUM
ajfa-1948	31	39	)	)	PUNCT
ajfa-1948	31	40	or	or	CCONJ
ajfa-1948	31	41	other	other	ADJ
ajfa-1948	31	42	firm	firm	ADJ
ajfa-1948	31	43	size	size	NOUN
ajfa-1948	31	44	effects	effect	NOUN
ajfa-1948	31	45	(	(	PUNCT
ajfa-1948	31	46	chan	chan	PROPN
ajfa-1948	31	47	,	,	PUNCT
ajfa-1948	31	48	chen	chen	PROPN
ajfa-1948	31	49	,	,	PUNCT
ajfa-1948	31	50	&	&	CCONJ
ajfa-1948	31	51	hsieh	hsieh	PROPN
ajfa-1948	31	52	,	,	PUNCT
ajfa-1948	31	53	1985	1985	NUM
ajfa-1948	31	54	)	)	PUNCT
ajfa-1948	31	55	.	.	PUNCT
ajfa-1948	32	1	this	this	DET
ajfa-1948	32	2	paper	paper	NOUN
ajfa-1948	32	3	also	also	ADV
ajfa-1948	32	4	limits	limit	VERB
ajfa-1948	32	5	the	the	DET
ajfa-1948	32	6	market	market	NOUN
ajfa-1948	32	7	inefficiency	inefficiency	NOUN
ajfa-1948	32	8	by	by	ADP
ajfa-1948	32	9	choosing	choose	VERB
ajfa-1948	32	10	most	most	ADJ
ajfa-1948	32	11	liquid	liquid	ADJ
ajfa-1948	32	12	common	common	ADJ
ajfa-1948	32	13	stocks	stock	NOUN
ajfa-1948	32	14	as	as	ADP
ajfa-1948	32	15	liquidity	liquidity	NOUN
ajfa-1948	32	16	of	of	ADP
ajfa-1948	32	17	stocks	stock	NOUN
ajfa-1948	32	18	facilities	facility	NOUN
ajfa-1948	32	19	market	market	NOUN
ajfa-1948	32	20	efficiency	efficiency	NOUN
ajfa-1948	32	21	(	(	PUNCT
ajfa-1948	32	22	fowler	fowler	NOUN
ajfa-1948	32	23	and	and	CCONJ
ajfa-1948	32	24	gottesman	gottesman	PROPN
ajfa-1948	32	25	2000	2000	NUM
ajfa-1948	32	26	;	;	PUNCT
ajfa-1948	32	27	jones	jones	PROPN
ajfa-1948	32	28	,	,	PUNCT
ajfa-1948	32	29	2001	2001	NUM
ajfa-1948	32	30	;	;	PUNCT
ajfa-1948	32	31	amihud	amihud	PROPN
ajfa-1948	32	32	,	,	PUNCT
ajfa-1948	32	33	2002	2002	NUM
ajfa-1948	32	34	;	;	PUNCT
ajfa-1948	32	35	tarun	tarun	PROPN
ajfa-1948	32	36	et	et	PROPN
ajfa-1948	32	37	al	al	PROPN
ajfa-1948	32	38	.	.	PROPN
ajfa-1948	32	39	,	,	PUNCT
ajfa-1948	32	40	2008	2008	NUM
ajfa-1948	32	41	)	)	PUNCT
ajfa-1948	32	42	.	.	PUNCT
ajfa-1948	33	1	secondly	secondly	ADV
ajfa-1948	33	2	,	,	PUNCT
ajfa-1948	33	3	we	we	PRON
ajfa-1948	33	4	examine	examine	VERB
ajfa-1948	33	5	abnormal	abnormal	ADJ
ajfa-1948	33	6	return	return	NOUN
ajfa-1948	33	7	and	and	CCONJ
ajfa-1948	33	8	relative	relative	ADJ
ajfa-1948	33	9	trading	trading	NOUN
ajfa-1948	33	10	volume	volume	NOUN
ajfa-1948	33	11	to	to	PART
ajfa-1948	33	12	find	find	VERB
ajfa-1948	33	13	out	out	ADP
ajfa-1948	33	14	the	the	DET
ajfa-1948	33	15	relevancy	relevancy	NOUN
ajfa-1948	33	16	of	of	ADP
ajfa-1948	33	17	arbitrage	arbitrage	NOUN
ajfa-1948	33	18	opportunity	opportunity	NOUN
ajfa-1948	33	19	,	,	PUNCT
ajfa-1948	33	20	which	which	PRON
ajfa-1948	33	21	might	might	AUX
ajfa-1948	33	22	exist	exist	VERB
ajfa-1948	33	23	on	on	ADP
ajfa-1948	33	24	the	the	DET
ajfa-1948	33	25	ex	ex	NOUN
ajfa-1948	33	26	-	-	NOUN
ajfa-1948	33	27	dividend	dividend	ADJ
ajfa-1948	33	28	day	day	NOUN
ajfa-1948	33	29	(	(	PUNCT
ajfa-1948	33	30	due	due	ADP
ajfa-1948	33	31	to	to	ADP
ajfa-1948	33	32	the	the	DET
ajfa-1948	33	33	fact	fact	NOUN
ajfa-1948	33	34	that	that	SCONJ
ajfa-1948	33	35	the	the	DET
ajfa-1948	33	36	stock	stock	NOUN
ajfa-1948	33	37	price	price	NOUN
ajfa-1948	33	38	drop	drop	NOUN
ajfa-1948	33	39	differs	differ	VERB
ajfa-1948	33	40	from	from	ADP
ajfa-1948	33	41	the	the	DET
ajfa-1948	33	42	dividend	dividend	NOUN
ajfa-1948	33	43	amount	amount	NOUN
ajfa-1948	33	44	)	)	PUNCT
ajfa-1948	33	45	.	.	PUNCT
ajfa-1948	34	1	2	2	X
ajfa-1948	34	2	.	.	NUM
ajfa-1948	34	3	prior	prior	ADJ
ajfa-1948	34	4	research	research	NOUN
ajfa-1948	34	5	of	of	ADP
ajfa-1948	34	6	stock	stock	NOUN
ajfa-1948	34	7	price	price	NOUN
ajfa-1948	34	8	behaviour	behaviour	NOUN
ajfa-1948	34	9	on	on	ADP
ajfa-1948	34	10	the	the	DET
ajfa-1948	34	11	ex	ex	NOUN
ajfa-1948	34	12	-	-	NOUN
ajfa-1948	34	13	dividend	dividend	ADJ
ajfa-1948	34	14	day	day	NOUN
ajfa-1948	34	15	the	the	DET
ajfa-1948	34	16	oldest	old	ADJ
ajfa-1948	34	17	study	study	NOUN
ajfa-1948	34	18	of	of	ADP
ajfa-1948	34	19	stock	stock	NOUN
ajfa-1948	34	20	price	price	NOUN
ajfa-1948	34	21	behaviour	behaviour	NOUN
ajfa-1948	34	22	on	on	ADP
ajfa-1948	34	23	the	the	DET
ajfa-1948	34	24	ex	ex	NOUN
ajfa-1948	34	25	-	-	NOUN
ajfa-1948	34	26	dividend	dividend	ADJ
ajfa-1948	34	27	day	day	NOUN
ajfa-1948	34	28	was	be	AUX
ajfa-1948	34	29	by	by	ADP
ajfa-1948	34	30	campbell	campbell	PROPN
ajfa-1948	34	31	and	and	CCONJ
ajfa-1948	34	32	beranek	beranek	PROPN
ajfa-1948	34	33	(	(	PUNCT
ajfa-1948	34	34	1955	1955	NUM
ajfa-1948	34	35	)	)	PUNCT
ajfa-1948	34	36	,	,	PUNCT
ajfa-1948	34	37	in	in	ADP
ajfa-1948	34	38	which	which	PRON
ajfa-1948	34	39	they	they	PRON
ajfa-1948	34	40	argued	argue	VERB
ajfa-1948	34	41	that	that	SCONJ
ajfa-1948	34	42	the	the	DET
ajfa-1948	34	43	stock	stock	NOUN
ajfa-1948	34	44	prices	price	NOUN
ajfa-1948	34	45	drop	drop	VERB
ajfa-1948	34	46	less	less	ADV
ajfa-1948	34	47	than	than	ADP
ajfa-1948	34	48	the	the	DET
ajfa-1948	34	49	dividend	dividend	NOUN
ajfa-1948	34	50	amount	amount	NOUN
ajfa-1948	34	51	.	.	PUNCT
ajfa-1948	35	1	however	however	ADV
ajfa-1948	35	2	,	,	PUNCT
ajfa-1948	35	3	the	the	DET
ajfa-1948	35	4	debate	debate	NOUN
ajfa-1948	35	5	on	on	ADP
ajfa-1948	35	6	the	the	DET
ajfa-1948	35	7	stock	stock	NOUN
ajfa-1948	35	8	price	price	NOUN
ajfa-1948	35	9	drop	drop	NOUN
ajfa-1948	35	10	(	(	PUNCT
ajfa-1948	35	11	it	it	PRON
ajfa-1948	35	12	is	be	AUX
ajfa-1948	35	13	expected	expect	VERB
ajfa-1948	35	14	that	that	SCONJ
ajfa-1948	35	15	the	the	DET
ajfa-1948	35	16	drop	drop	NOUN
ajfa-1948	35	17	in	in	ADP
ajfa-1948	35	18	stock	stock	NOUN
ajfa-1948	35	19	prices	price	NOUN
ajfa-1948	35	20	is	be	AUX
ajfa-1948	35	21	equal	equal	ADJ
ajfa-1948	35	22	to	to	ADP
ajfa-1948	35	23	the	the	DET
ajfa-1948	35	24	dividend	dividend	NOUN
ajfa-1948	35	25	amount	amount	NOUN
ajfa-1948	35	26	)	)	PUNCT
ajfa-1948	35	27	on	on	ADP
ajfa-1948	35	28	the	the	DET
ajfa-1948	35	29	ex	ex	NOUN
ajfa-1948	35	30	-	-	NOUN
ajfa-1948	35	31	day	day	NOUN
ajfa-1948	35	32	and	and	CCONJ
ajfa-1948	35	33	the	the	DET
ajfa-1948	35	34	rationale	rationale	NOUN
ajfa-1948	35	35	behind	behind	ADP
ajfa-1948	35	36	it	it	PRON
ajfa-1948	35	37	became	become	VERB
ajfa-1948	35	38	widespread	widespread	ADJ
ajfa-1948	35	39	after	after	ADP
ajfa-1948	35	40	the	the	DET
ajfa-1948	35	41	publication	publication	NOUN
ajfa-1948	35	42	of	of	ADP
ajfa-1948	35	43	elton	elton	PROPN
ajfa-1948	35	44	and	and	CCONJ
ajfa-1948	35	45	gruber	gruber	PROPN
ajfa-1948	35	46	(	(	PUNCT
ajfa-1948	35	47	1970	1970	NUM
ajfa-1948	35	48	)	)	PUNCT
ajfa-1948	35	49	.	.	PUNCT
ajfa-1948	36	1	their	their	PRON
ajfa-1948	36	2	paper	paper	NOUN
ajfa-1948	36	3	suggested	suggest	VERB
ajfa-1948	36	4	that	that	SCONJ
ajfa-1948	36	5	the	the	DET
ajfa-1948	36	6	stock	stock	NOUN
ajfa-1948	36	7	prices	price	NOUN
ajfa-1948	36	8	fall	fall	VERB
ajfa-1948	36	9	less	less	ADJ
ajfa-1948	36	10	than	than	ADP
ajfa-1948	36	11	the	the	DET
ajfa-1948	36	12	dividend	dividend	NOUN
ajfa-1948	36	13	amount	amount	NOUN
ajfa-1948	36	14	on	on	ADP
ajfa-1948	36	15	the	the	DET
ajfa-1948	36	16	ex	ex	NOUN
ajfa-1948	36	17	-	-	NOUN
ajfa-1948	36	18	dividend	dividend	ADJ
ajfa-1948	36	19	day	day	NOUN
ajfa-1948	36	20	due	due	ADP
ajfa-1948	36	21	to	to	ADP
ajfa-1948	36	22	the	the	DET
ajfa-1948	36	23	effect	effect	NOUN
ajfa-1948	36	24	of	of	ADP
ajfa-1948	36	25	taxation	taxation	NOUN
ajfa-1948	36	26	.	.	PUNCT
ajfa-1948	37	1	moreover	moreover	ADV
ajfa-1948	37	2	,	,	PUNCT
ajfa-1948	37	3	their	their	PRON
ajfa-1948	37	4	findings	finding	NOUN
ajfa-1948	37	5	explained	explain	VERB
ajfa-1948	37	6	that	that	SCONJ
ajfa-1948	37	7	the	the	DET
ajfa-1948	37	8	investors	investor	NOUN
ajfa-1948	37	9	who	who	PRON
ajfa-1948	37	10	are	be	AUX
ajfa-1948	37	11	in	in	ADP
ajfa-1948	37	12	higher	high	ADJ
ajfa-1948	37	13	tax	tax	NOUN
ajfa-1948	37	14	brackets	bracket	NOUN
ajfa-1948	37	15	are	be	AUX
ajfa-1948	37	16	interested	interested	ADJ
ajfa-1948	37	17	in	in	ADP
ajfa-1948	37	18	lower	low	ADJ
ajfa-1948	37	19	dividend	dividend	NOUN
ajfa-1948	37	20	yields	yield	NOUN
ajfa-1948	37	21	,	,	PUNCT
ajfa-1948	37	22	whereas	whereas	SCONJ
ajfa-1948	37	23	lower	low	ADJ
ajfa-1948	37	24	-	-	PUNCT
ajfa-1948	37	25	tax	tax	NOUN
ajfa-1948	37	26	-	-	PUNCT
ajfa-1948	37	27	bracket	bracket	NOUN
ajfa-1948	37	28	investors	investor	NOUN
ajfa-1948	37	29	prefer	prefer	VERB
ajfa-1948	37	30	the	the	DET
ajfa-1948	37	31	opposite	opposite	NOUN
ajfa-1948	37	32	.	.	PUNCT
ajfa-1948	38	1	litzenberger	litzenberger	NOUN
ajfa-1948	38	2	and	and	CCONJ
ajfa-1948	38	3	ramaswamy	ramaswamy	ADJ
ajfa-1948	38	4	(	(	PUNCT
ajfa-1948	38	5	1979	1979	NUM
ajfa-1948	38	6	)	)	PUNCT
ajfa-1948	38	7	,	,	PUNCT
ajfa-1948	38	8	poterba	poterba	NOUN
ajfa-1948	38	9	and	and	CCONJ
ajfa-1948	38	10	summers	summer	NOUN
ajfa-1948	38	11	(	(	PUNCT
ajfa-1948	38	12	1984	1984	NUM
ajfa-1948	38	13	)	)	PUNCT
ajfa-1948	38	14	,	,	PUNCT
ajfa-1948	38	15	barclay	barclay	NOUN
ajfa-1948	38	16	(	(	PUNCT
ajfa-1948	38	17	1987	1987	NUM
ajfa-1948	38	18	)	)	PUNCT
ajfa-1948	38	19	,	,	PUNCT
ajfa-1948	38	20	and	and	CCONJ
ajfa-1948	38	21	whitworth	whitworth	PROPN
ajfa-1948	38	22	and	and	CCONJ
ajfa-1948	38	23	rao	rao	PROPN
ajfa-1948	38	24	(	(	PUNCT
ajfa-1948	38	25	2010	2010	NUM
ajfa-1948	38	26	)	)	PUNCT
ajfa-1948	38	27	also	also	ADV
ajfa-1948	38	28	concluded	conclude	VERB
ajfa-1948	38	29	there	there	PRON
ajfa-1948	38	30	was	be	VERB
ajfa-1948	38	31	significant	significant	ADJ
ajfa-1948	38	32	evidence	evidence	NOUN
ajfa-1948	38	33	of	of	ADP
ajfa-1948	38	34	clientele	clientele	PROPN
ajfa-1948	38	35	effect	effect	NOUN
ajfa-1948	38	36	.	.	PUNCT
ajfa-1948	39	1	kalay	kalay	NOUN
ajfa-1948	39	2	(	(	PUNCT
ajfa-1948	39	3	1982	1982	NUM
ajfa-1948	39	4	)	)	PUNCT
ajfa-1948	39	5	was	be	AUX
ajfa-1948	39	6	the	the	DET
ajfa-1948	39	7	first	first	ADJ
ajfa-1948	39	8	researcher	researcher	NOUN
ajfa-1948	39	9	who	who	PRON
ajfa-1948	39	10	challenged	challenge	VERB
ajfa-1948	39	11	the	the	DET
ajfa-1948	39	12	tax	tax	NOUN
ajfa-1948	39	13	hypothesis	hypothesis	NOUN
ajfa-1948	39	14	as	as	ADP
ajfa-1948	39	15	a	a	DET
ajfa-1948	39	16	cause	cause	NOUN
ajfa-1948	39	17	of	of	ADP
ajfa-1948	39	18	differentiation	differentiation	NOUN
ajfa-1948	39	19	in	in	ADP
ajfa-1948	39	20	price	price	NOUN
ajfa-1948	39	21	drop	drop	NOUN
ajfa-1948	39	22	on	on	ADP
ajfa-1948	39	23	the	the	DET
ajfa-1948	39	24	ex	ex	NOUN
ajfa-1948	39	25	-	-	NOUN
ajfa-1948	39	26	day	day	NOUN
ajfa-1948	39	27	.	.	PUNCT
ajfa-1948	40	1	he	he	PRON
ajfa-1948	40	2	supported	support	VERB
ajfa-1948	40	3	short	short	ADJ
ajfa-1948	40	4	-	-	PUNCT
ajfa-1948	40	5	term	term	NOUN
ajfa-1948	40	6	trading	trading	NOUN
ajfa-1948	40	7	and	and	CCONJ
ajfa-1948	40	8	transaction	transaction	NOUN
ajfa-1948	40	9	costs	cost	NOUN
ajfa-1948	40	10	.	.	PUNCT
ajfa-1948	41	1	a	a	DET
ajfa-1948	41	2	recent	recent	ADJ
ajfa-1948	41	3	study	study	NOUN
ajfa-1948	41	4	by	by	ADP
ajfa-1948	41	5	bali	bali	PROPN
ajfa-1948	41	6	and	and	CCONJ
ajfa-1948	41	7	francis	francis	PROPN
ajfa-1948	41	8	(	(	PUNCT
ajfa-1948	41	9	2011	2011	NUM
ajfa-1948	41	10	)	)	PUNCT
ajfa-1948	41	11	also	also	ADV
ajfa-1948	41	12	argued	argue	VERB
ajfa-1948	41	13	in	in	ADP
ajfa-1948	41	14	favour	favour	NOUN
ajfa-1948	41	15	of	of	ADP
ajfa-1948	41	16	transaction	transaction	NOUN
ajfa-1948	41	17	cost	cost	NOUN
ajfa-1948	41	18	and	and	CCONJ
ajfa-1948	41	19	explained	explain	VERB
ajfa-1948	41	20	that	that	SCONJ
ajfa-1948	41	21	tax	tax	NOUN
ajfa-1948	41	22	can	can	AUX
ajfa-1948	41	23	be	be	AUX
ajfa-1948	41	24	a	a	DET
ajfa-1948	41	25	component	component	NOUN
ajfa-1948	41	26	which	which	PRON
ajfa-1948	41	27	can	can	AUX
ajfa-1948	41	28	affect	affect	VERB
ajfa-1948	41	29	the	the	DET
ajfa-1948	41	30	investors	investor	NOUN
ajfa-1948	41	31	’	’	PART
ajfa-1948	41	32	investment	investment	NOUN
ajfa-1948	41	33	decision	decision	NOUN
ajfa-1948	41	34	but	but	CCONJ
ajfa-1948	41	35	can	can	AUX
ajfa-1948	41	36	not	not	PART
ajfa-1948	41	37	influence	influence	VERB
ajfa-1948	41	38	the	the	DET
ajfa-1948	41	39	ex	ex	NOUN
ajfa-1948	41	40	-	-	NOUN
ajfa-1948	41	41	day	day	NOUN
ajfa-1948	41	42	stock	stock	NOUN
ajfa-1948	41	43	prices	price	NOUN
ajfa-1948	41	44	.	.	PUNCT
ajfa-1948	42	1	heath	heath	PROPN
ajfa-1948	42	2	and	and	CCONJ
ajfa-1948	42	3	jarrow	jarrow	PROPN
ajfa-1948	42	4	(	(	PUNCT
ajfa-1948	42	5	1988	1988	NUM
ajfa-1948	42	6	)	)	PUNCT
ajfa-1948	42	7	expounded	expound	VERB
ajfa-1948	42	8	that	that	SCONJ
ajfa-1948	42	9	the	the	DET
ajfa-1948	42	10	actual	actual	ADJ
ajfa-1948	42	11	ex	ex	ADJ
ajfa-1948	42	12	-	-	NOUN
ajfa-1948	42	13	day	day	NOUN
ajfa-1948	42	14	price	price	NOUN
ajfa-1948	42	15	drop	drop	NOUN
ajfa-1948	42	16	is	be	AUX
ajfa-1948	42	17	unknown	unknown	ADJ
ajfa-1948	42	18	and	and	CCONJ
ajfa-1948	42	19	short	short	ADJ
ajfa-1948	42	20	-	-	PUNCT
ajfa-1948	42	21	term	term	NOUN
ajfa-1948	42	22	trading	trading	NOUN
ajfa-1948	42	23	around	around	ADP
ajfa-1948	42	24	the	the	DET
ajfa-1948	42	25	ex	ex	NOUN
ajfa-1948	42	26	-	-	NOUN
ajfa-1948	42	27	day	day	NOUN
ajfa-1948	42	28	is	be	AUX
ajfa-1948	42	29	risky	risky	ADJ
ajfa-1948	42	30	and	and	CCONJ
ajfa-1948	42	31	this	this	DET
ajfa-1948	42	32	risk	risk	NOUN
ajfa-1948	42	33	is	be	AUX
ajfa-1948	42	34	not	not	PART
ajfa-1948	42	35	trivial	trivial	ADJ
ajfa-1948	42	36	(	(	PUNCT
ajfa-1948	42	37	michaely	michaely	ADV
ajfa-1948	42	38	and	and	CCONJ
ajfa-1948	42	39	vila	vila	PROPN
ajfa-1948	42	40	,	,	PUNCT
ajfa-1948	42	41	1996	1996	NUM
ajfa-1948	42	42	)	)	PUNCT
ajfa-1948	42	43	.	.	PUNCT
ajfa-1948	43	1	heath	heath	PROPN
ajfa-1948	43	2	and	and	CCONJ
ajfa-1948	43	3	jarrow	jarrow	PROPN
ajfa-1948	43	4	’s	’s	PART
ajfa-1948	43	5	research	research	NOUN
ajfa-1948	43	6	(	(	PUNCT
ajfa-1948	43	7	1988	1988	NUM
ajfa-1948	43	8	)	)	PUNCT
ajfa-1948	43	9	also	also	ADV
ajfa-1948	43	10	implied	imply	VERB
ajfa-1948	43	11	that	that	SCONJ
ajfa-1948	43	12	ex	ex	ADJ
ajfa-1948	43	13	-	-	ADJ
ajfa-1948	43	14	dividend	dividend	ADJ
ajfa-1948	43	15	-	-	PUNCT
ajfa-1948	43	16	day	day	NOUN
ajfa-1948	43	17	returns	return	NOUN
ajfa-1948	43	18	must	must	AUX
ajfa-1948	43	19	include	include	VERB
ajfa-1948	43	20	a	a	DET
ajfa-1948	43	21	risk	risk	NOUN
ajfa-1948	43	22	premium	premium	NOUN
ajfa-1948	43	23	.	.	PUNCT
ajfa-1948	44	1	for	for	ADP
ajfa-1948	44	2	instance	instance	NOUN
ajfa-1948	44	3	,	,	PUNCT
ajfa-1948	44	4	boyd	boyd	PROPN
ajfa-1948	44	5	and	and	CCONJ
ajfa-1948	44	6	jagannathan	jagannathan	PROPN
ajfa-1948	44	7	(	(	PUNCT
ajfa-1948	44	8	1994	1994	NUM
ajfa-1948	44	9	)	)	PUNCT
ajfa-1948	44	10	added	add	VERB
ajfa-1948	44	11	a	a	DET
ajfa-1948	44	12	risk	risk	NOUN
ajfa-1948	44	13	premium	premium	NOUN
ajfa-1948	44	14	to	to	ADP
ajfa-1948	44	15	the	the	DET
ajfa-1948	44	16	discount	discount	NOUN
ajfa-1948	44	17	rate	rate	NOUN
ajfa-1948	44	18	when	when	SCONJ
ajfa-1948	44	19	they	they	PRON
ajfa-1948	44	20	modelled	model	VERB
ajfa-1948	44	21	the	the	DET
ajfa-1948	44	22	ex	ex	NOUN
ajfa-1948	44	23	-	-	ADJ
ajfa-1948	44	24	dividend	dividend	ADJ
ajfa-1948	44	25	-	-	PUNCT
ajfa-1948	44	26	day	day	NOUN
ajfa-1948	44	27	return	return	NOUN
ajfa-1948	44	28	.	.	PUNCT
ajfa-1948	45	1	kato	kato	PROPN
ajfa-1948	45	2	and	and	CCONJ
ajfa-1948	45	3	lowenstein	lowenstein	PROPN
ajfa-1948	45	4	(	(	PUNCT
ajfa-1948	45	5	1995	1995	NUM
ajfa-1948	45	6	)	)	PUNCT
ajfa-1948	45	7	focused	focus	VERB
ajfa-1948	45	8	on	on	ADP
ajfa-1948	45	9	the	the	DET
ajfa-1948	45	10	japanese	japanese	ADJ
ajfa-1948	45	11	market	market	NOUN
ajfa-1948	45	12	,	,	PUNCT
ajfa-1948	45	13	where	where	SCONJ
ajfa-1948	45	14	investors	investor	NOUN
ajfa-1948	45	15	have	have	VERB
ajfa-1948	45	16	no	no	DET
ajfa-1948	45	17	difference	difference	NOUN
ajfa-1948	45	18	in	in	ADP
ajfa-1948	45	19	taxation	taxation	NOUN
ajfa-1948	45	20	concerning	concern	VERB
ajfa-1948	45	21	either	either	CCONJ
ajfa-1948	45	22	short	short	ADJ
ajfa-1948	45	23	-	-	PUNCT
ajfa-1948	45	24	term	term	NOUN
ajfa-1948	45	25	or	or	CCONJ
ajfa-1948	45	26	long	long	ADJ
ajfa-1948	45	27	-	-	PUNCT
ajfa-1948	45	28	term	term	NOUN
ajfa-1948	45	29	trading	trading	NOUN
ajfa-1948	45	30	.	.	PUNCT
ajfa-1948	46	1	according	accord	VERB
ajfa-1948	46	2	to	to	ADP
ajfa-1948	46	3	them	they	PRON
ajfa-1948	46	4	,	,	PUNCT
ajfa-1948	46	5	japanese	japanese	ADJ
ajfa-1948	46	6	industry	industry	NOUN
ajfa-1948	46	7	is	be	AUX
ajfa-1948	46	8	unique	unique	ADJ
ajfa-1948	46	9	(	(	PUNCT
ajfa-1948	46	10	‘	'	PUNCT
ajfa-1948	46	11	most	most	ADJ
ajfa-1948	46	12	of	of	ADP
ajfa-1948	46	13	the	the	DET
ajfa-1948	46	14	japanese	japanese	ADJ
ajfa-1948	46	15	firms	firm	NOUN
ajfa-1948	46	16	are	be	AUX
ajfa-1948	46	17	affiliated	affiliate	VERB
ajfa-1948	46	18	with	with	ADP
ajfa-1948	46	19	different	different	ADJ
ajfa-1948	46	20	business	business	NOUN
ajfa-1948	46	21	groups	group	NOUN
ajfa-1948	46	22	,	,	PUNCT
ajfa-1948	46	23	or	or	CCONJ
ajfa-1948	46	24	keiretsu	keiretsu	NOUN
ajfa-1948	46	25	,	,	PUNCT
ajfa-1948	46	26	and	and	CCONJ
ajfa-1948	46	27	engage	engage	VERB
ajfa-1948	46	28	themselves	themselves	PRON
ajfa-1948	46	29	in	in	ADP
ajfa-1948	46	30	trading	trading	NOUN
ajfa-1948	46	31	and	and	CCONJ
ajfa-1948	46	32	reciprocal	reciprocal	ADJ
ajfa-1948	46	33	shareholding	shareholding	NOUN
ajfa-1948	46	34	’	'	PUNCT
ajfa-1948	46	35	,	,	PUNCT
ajfa-1948	46	36	p.	p.	NOUN
ajfa-1948	46	37	818	818	NUM
ajfa-1948	46	38	)	)	PUNCT
ajfa-1948	46	39	and	and	CCONJ
ajfa-1948	46	40	likely	likely	ADJ
ajfa-1948	46	41	to	to	PART
ajfa-1948	46	42	be	be	AUX
ajfa-1948	46	43	influenced	influence	VERB
ajfa-1948	46	44	by	by	ADP
ajfa-1948	46	45	the	the	DET
ajfa-1948	46	46	corporate	corporate	ADJ
ajfa-1948	46	47	traders	trader	NOUN
ajfa-1948	46	48	.	.	PUNCT
ajfa-1948	47	1	their	their	PRON
ajfa-1948	47	2	study	study	NOUN
ajfa-1948	47	3	supported	support	VERB
ajfa-1948	47	4	short	short	ADJ
ajfa-1948	47	5	-	-	PUNCT
ajfa-1948	47	6	term	term	NOUN
ajfa-1948	47	7	trading	trading	NOUN
ajfa-1948	47	8	.	.	PUNCT
ajfa-1948	48	1	lasfer	lasfer	PROPN
ajfa-1948	48	2	’s	’s	PART
ajfa-1948	48	3	study	study	NOUN
ajfa-1948	48	4	(	(	PUNCT
ajfa-1948	48	5	1995	1995	NUM
ajfa-1948	48	6	)	)	PUNCT
ajfa-1948	48	7	was	be	AUX
ajfa-1948	48	8	on	on	ADP
ajfa-1948	48	9	the	the	DET
ajfa-1948	48	10	uk	uk	PROPN
ajfa-1948	48	11	market	market	NOUN
ajfa-1948	48	12	and	and	CCONJ
ajfa-1948	48	13	presented	present	VERB
ajfa-1948	48	14	the	the	DET
ajfa-1948	48	15	effect	effect	NOUN
ajfa-1948	48	16	of	of	ADP
ajfa-1948	48	17	the	the	DET
ajfa-1948	48	18	changes	change	NOUN
ajfa-1948	48	19	before	before	ADP
ajfa-1948	48	20	and	and	CCONJ
ajfa-1948	48	21	after	after	SCONJ
ajfa-1948	48	22	the	the	DET
ajfa-1948	48	23	income	income	NOUN
ajfa-1948	48	24	and	and	CCONJ
ajfa-1948	48	25	corporation	corporation	NOUN
ajfa-1948	48	26	taxes	taxis	NOUN
ajfa-1948	48	27	act	act	VERB
ajfa-1948	48	28	1988	1988	NUM
ajfa-1948	48	29	.	.	PUNCT
ajfa-1948	49	1	his	his	PRON
ajfa-1948	49	2	model	model	NOUN
ajfa-1948	49	3	concluded	conclude	VERB
ajfa-1948	49	4	a	a	DET
ajfa-1948	49	5	significant	significant	ADJ
ajfa-1948	49	6	positive	positive	ADJ
ajfa-1948	49	7	return	return	NOUN
ajfa-1948	49	8	on	on	ADP
ajfa-1948	49	9	stock	stock	NOUN
ajfa-1948	49	10	prices	price	NOUN
ajfa-1948	49	11	before	before	ADP
ajfa-1948	49	12	1988	1988	NUM
ajfa-1948	49	13	due	due	ADP
ajfa-1948	49	14	to	to	ADP
ajfa-1948	49	15	the	the	DET
ajfa-1948	49	16	differentiation	differentiation	NOUN
ajfa-1948	49	17	in	in	ADP
ajfa-1948	49	18	taxation	taxation	NOUN
ajfa-1948	49	19	(	(	PUNCT
ajfa-1948	49	20	both	both	CCONJ
ajfa-1948	49	21	on	on	ADP
ajfa-1948	49	22	asian	asian	ADJ
ajfa-1948	49	23	journal	journal	NOUN
ajfa-1948	49	24	of	of	ADP
ajfa-1948	49	25	finance	finance	PROPN
ajfa-1948	49	26	&	&	CCONJ
ajfa-1948	49	27	accounting	accounting	PROPN
ajfa-1948	49	28	issn	issn	PROPN
ajfa-1948	49	29	1946	1946	NUM
ajfa-1948	49	30	-	-	PUNCT
ajfa-1948	49	31	052x	052x	NOUN
ajfa-1948	49	32	2013	2013	NUM
ajfa-1948	49	33	,	,	PUNCT
ajfa-1948	49	34	vol	vol	NOUN
ajfa-1948	49	35	.	.	PROPN
ajfa-1948	49	36	5	5	NUM
ajfa-1948	49	37	,	,	PUNCT
ajfa-1948	49	38	no	no	INTJ
ajfa-1948	49	39	.	.	NOUN
ajfa-1948	49	40	1	1	NUM
ajfa-1948	49	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	49	42	76	76	NUM
ajfa-1948	49	43	capital	capital	NOUN
ajfa-1948	49	44	gain	gain	NOUN
ajfa-1948	49	45	and	and	CCONJ
ajfa-1948	49	46	dividend	dividend	NOUN
ajfa-1948	49	47	)	)	PUNCT
ajfa-1948	49	48	.	.	PUNCT
ajfa-1948	50	1	additionally	additionally	ADV
ajfa-1948	50	2	,	,	PUNCT
ajfa-1948	50	3	the	the	DET
ajfa-1948	50	4	model	model	NOUN
ajfa-1948	50	5	presented	present	VERB
ajfa-1948	50	6	an	an	DET
ajfa-1948	50	7	insignificant	insignificant	ADJ
ajfa-1948	50	8	return	return	NOUN
ajfa-1948	50	9	after	after	ADP
ajfa-1948	50	10	1988	1988	NUM
ajfa-1948	50	11	,	,	PUNCT
ajfa-1948	50	12	when	when	SCONJ
ajfa-1948	50	13	there	there	PRON
ajfa-1948	50	14	is	be	VERB
ajfa-1948	50	15	no	no	DET
ajfa-1948	50	16	significant	significant	ADJ
ajfa-1948	50	17	difference	difference	NOUN
ajfa-1948	50	18	in	in	ADP
ajfa-1948	50	19	taxation	taxation	NOUN
ajfa-1948	50	20	laws	law	NOUN
ajfa-1948	50	21	regarding	regard	VERB
ajfa-1948	50	22	both	both	CCONJ
ajfa-1948	50	23	dividend	dividend	NOUN
ajfa-1948	50	24	and	and	CCONJ
ajfa-1948	50	25	capital	capital	NOUN
ajfa-1948	50	26	gain	gain	NOUN
ajfa-1948	50	27	.	.	PUNCT
ajfa-1948	51	1	finally	finally	ADV
ajfa-1948	51	2	,	,	PUNCT
ajfa-1948	51	3	he	he	PRON
ajfa-1948	51	4	argued	argue	VERB
ajfa-1948	51	5	that	that	SCONJ
ajfa-1948	51	6	dividend	dividend	NOUN
ajfa-1948	51	7	yield	yield	NOUN
ajfa-1948	51	8	and	and	CCONJ
ajfa-1948	51	9	the	the	DET
ajfa-1948	51	10	duration	duration	NOUN
ajfa-1948	51	11	of	of	ADP
ajfa-1948	51	12	the	the	DET
ajfa-1948	51	13	settlement	settlement	NOUN
ajfa-1948	51	14	period	period	NOUN
ajfa-1948	51	15	generate	generate	VERB
ajfa-1948	51	16	a	a	DET
ajfa-1948	51	17	positive	positive	ADJ
ajfa-1948	51	18	return	return	NOUN
ajfa-1948	51	19	on	on	ADP
ajfa-1948	51	20	the	the	DET
ajfa-1948	51	21	ex	ex	NOUN
ajfa-1948	51	22	-	-	NOUN
ajfa-1948	51	23	day	day	NOUN
ajfa-1948	51	24	,	,	PUNCT
ajfa-1948	51	25	not	not	PART
ajfa-1948	51	26	the	the	DET
ajfa-1948	51	27	bid	bid	NOUN
ajfa-1948	51	28	-	-	PUNCT
ajfa-1948	51	29	ask	ask	NOUN
ajfa-1948	51	30	-	-	PUNCT
ajfa-1948	51	31	spread	spread	ADJ
ajfa-1948	51	32	,	,	PUNCT
ajfa-1948	51	33	transaction	transaction	NOUN
ajfa-1948	51	34	costs	cost	NOUN
ajfa-1948	51	35	,	,	PUNCT
ajfa-1948	51	36	short	short	ADJ
ajfa-1948	51	37	-	-	PUNCT
ajfa-1948	51	38	term	term	NOUN
ajfa-1948	51	39	trading	trading	NOUN
ajfa-1948	51	40	,	,	PUNCT
ajfa-1948	51	41	or	or	CCONJ
ajfa-1948	51	42	other	other	ADJ
ajfa-1948	51	43	means	mean	NOUN
ajfa-1948	51	44	of	of	ADP
ajfa-1948	51	45	dividend	dividend	NOUN
ajfa-1948	51	46	distribution	distribution	NOUN
ajfa-1948	51	47	strategies	strategy	NOUN
ajfa-1948	51	48	.	.	PUNCT
ajfa-1948	52	1	nikolaos	nikolaos	PROPN
ajfa-1948	52	2	et	et	PROPN
ajfa-1948	52	3	al	al	PROPN
ajfa-1948	52	4	.	.	PROPN
ajfa-1948	52	5	(	(	PUNCT
ajfa-1948	52	6	2006	2006	NUM
ajfa-1948	52	7	)	)	PUNCT
ajfa-1948	52	8	suggested	suggest	VERB
ajfa-1948	52	9	that	that	SCONJ
ajfa-1948	52	10	the	the	DET
ajfa-1948	52	11	price	price	NOUN
ajfa-1948	52	12	drop	drop	NOUN
ajfa-1948	52	13	for	for	ADP
ajfa-1948	52	14	taxable	taxable	ADJ
ajfa-1948	52	15	dividend	dividend	NOUN
ajfa-1948	52	16	is	be	AUX
ajfa-1948	52	17	more	more	ADJ
ajfa-1948	52	18	than	than	ADP
ajfa-1948	52	19	the	the	DET
ajfa-1948	52	20	dividend	dividend	NOUN
ajfa-1948	52	21	amount	amount	NOUN
ajfa-1948	52	22	if	if	SCONJ
ajfa-1948	52	23	the	the	DET
ajfa-1948	52	24	taxation	taxation	NOUN
ajfa-1948	52	25	on	on	ADP
ajfa-1948	52	26	dividend	dividend	NOUN
ajfa-1948	52	27	is	be	AUX
ajfa-1948	52	28	higher	high	ADJ
ajfa-1948	52	29	than	than	ADP
ajfa-1948	52	30	the	the	DET
ajfa-1948	52	31	capital	capital	NOUN
ajfa-1948	52	32	gain	gain	NOUN
ajfa-1948	52	33	.	.	PUNCT
ajfa-1948	53	1	their	their	PRON
ajfa-1948	53	2	paper	paper	NOUN
ajfa-1948	53	3	is	be	AUX
ajfa-1948	53	4	based	base	VERB
ajfa-1948	53	5	on	on	ADP
ajfa-1948	53	6	the	the	DET
ajfa-1948	53	7	behaviour	behaviour	NOUN
ajfa-1948	53	8	of	of	ADP
ajfa-1948	53	9	common	common	ADJ
ajfa-1948	53	10	stocks	stock	NOUN
ajfa-1948	53	11	on	on	ADP
ajfa-1948	53	12	the	the	DET
ajfa-1948	53	13	chinese	chinese	ADJ
ajfa-1948	53	14	stock	stock	NOUN
ajfa-1948	53	15	exchange	exchange	PROPN
ajfa-1948	53	16	and	and	CCONJ
ajfa-1948	53	17	they	they	PRON
ajfa-1948	53	18	focused	focus	VERB
ajfa-1948	53	19	on	on	ADP
ajfa-1948	53	20	both	both	CCONJ
ajfa-1948	53	21	taxable	taxable	ADJ
ajfa-1948	53	22	and	and	CCONJ
ajfa-1948	53	23	non	non	ADJ
ajfa-1948	53	24	-	-	ADJ
ajfa-1948	53	25	taxable	taxable	ADJ
ajfa-1948	53	26	cash	cash	NOUN
ajfa-1948	53	27	dividend	dividend	NOUN
ajfa-1948	53	28	.	.	PUNCT
ajfa-1948	54	1	booth	booth	NOUN
ajfa-1948	54	2	and	and	CCONJ
ajfa-1948	54	3	johnston	johnston	PROPN
ajfa-1948	54	4	(	(	PUNCT
ajfa-1948	54	5	1984	1984	NUM
ajfa-1948	54	6	)	)	PUNCT
ajfa-1948	54	7	introduced	introduce	VERB
ajfa-1948	54	8	an	an	DET
ajfa-1948	54	9	institutional	institutional	NOUN
ajfa-1948	54	10	and	and	CCONJ
ajfa-1948	54	11	a	a	DET
ajfa-1948	54	12	professional	professional	ADJ
ajfa-1948	54	13	short	short	ADJ
ajfa-1948	54	14	-	-	PUNCT
ajfa-1948	54	15	term	term	NOUN
ajfa-1948	54	16	-	-	PUNCT
ajfa-1948	54	17	trading	trading	NOUN
ajfa-1948	54	18	hypothesis	hypothesis	NOUN
ajfa-1948	54	19	.	.	PUNCT
ajfa-1948	55	1	these	these	DET
ajfa-1948	55	2	two	two	NUM
ajfa-1948	55	3	hypotheses	hypothesis	NOUN
ajfa-1948	55	4	differ	differ	VERB
ajfa-1948	55	5	regarding	regard	VERB
ajfa-1948	55	6	tax	tax	NOUN
ajfa-1948	55	7	treatment	treatment	NOUN
ajfa-1948	55	8	.	.	PUNCT
ajfa-1948	56	1	they	they	PRON
ajfa-1948	56	2	found	find	VERB
ajfa-1948	56	3	that	that	SCONJ
ajfa-1948	56	4	the	the	DET
ajfa-1948	56	5	ex	ex	NOUN
ajfa-1948	56	6	-	-	ADJ
ajfa-1948	56	7	dividend	dividend	ADJ
ajfa-1948	56	8	day	day	NOUN
ajfa-1948	56	9	is	be	AUX
ajfa-1948	56	10	an	an	DET
ajfa-1948	56	11	important	important	ADJ
ajfa-1948	56	12	input	input	NOUN
ajfa-1948	56	13	in	in	ADP
ajfa-1948	56	14	the	the	DET
ajfa-1948	56	15	trading	trading	NOUN
ajfa-1948	56	16	strategy	strategy	NOUN
ajfa-1948	56	17	for	for	ADP
ajfa-1948	56	18	investors	investor	NOUN
ajfa-1948	56	19	and	and	CCONJ
ajfa-1948	56	20	traders	trader	NOUN
ajfa-1948	56	21	(	(	PUNCT
ajfa-1948	56	22	i.e.	i.e.	X
ajfa-1948	56	23	the	the	DET
ajfa-1948	56	24	market	market	NOUN
ajfa-1948	56	25	makers	maker	NOUN
ajfa-1948	56	26	)	)	PUNCT
ajfa-1948	56	27	.	.	PUNCT
ajfa-1948	57	1	shantanu	shantanu	PROPN
ajfa-1948	57	2	et	et	PROPN
ajfa-1948	57	3	al	al	PROPN
ajfa-1948	57	4	.	.	PROPN
ajfa-1948	57	5	(	(	PUNCT
ajfa-1948	57	6	2004	2004	NUM
ajfa-1948	57	7	)	)	PUNCT
ajfa-1948	57	8	found	find	VERB
ajfa-1948	57	9	strong	strong	ADJ
ajfa-1948	57	10	evidence	evidence	NOUN
ajfa-1948	57	11	of	of	ADP
ajfa-1948	57	12	short	short	ADJ
ajfa-1948	57	13	-	-	PUNCT
ajfa-1948	57	14	term	term	NOUN
ajfa-1948	57	15	trading	trading	NOUN
ajfa-1948	57	16	around	around	ADP
ajfa-1948	57	17	the	the	DET
ajfa-1948	57	18	ex	ex	NOUN
ajfa-1948	57	19	-	-	NOUN
ajfa-1948	57	20	dividend	dividend	ADJ
ajfa-1948	57	21	day	day	NOUN
ajfa-1948	57	22	and	and	CCONJ
ajfa-1948	57	23	pressure	pressure	NOUN
ajfa-1948	57	24	on	on	ADP
ajfa-1948	57	25	the	the	DET
ajfa-1948	57	26	short	short	ADJ
ajfa-1948	57	27	-	-	PUNCT
ajfa-1948	57	28	term	term	NOUN
ajfa-1948	57	29	trader	trader	NOUN
ajfa-1948	57	30	to	to	PART
ajfa-1948	57	31	buy	buy	VERB
ajfa-1948	57	32	before	before	ADP
ajfa-1948	57	33	the	the	DET
ajfa-1948	57	34	event	event	NOUN
ajfa-1948	57	35	date	date	NOUN
ajfa-1948	57	36	and	and	CCONJ
ajfa-1948	57	37	sell	sell	VERB
ajfa-1948	57	38	afterwards	afterwards	ADV
ajfa-1948	57	39	.	.	PUNCT
ajfa-1948	58	1	they	they	PRON
ajfa-1948	58	2	re	re	VERB
ajfa-1948	58	3	-	-	VERB
ajfa-1948	58	4	examined	examine	VERB
ajfa-1948	58	5	the	the	DET
ajfa-1948	58	6	behaviour	behaviour	NOUN
ajfa-1948	58	7	of	of	ADP
ajfa-1948	58	8	stock	stock	NOUN
ajfa-1948	58	9	prices	price	NOUN
ajfa-1948	58	10	and	and	CCONJ
ajfa-1948	58	11	the	the	DET
ajfa-1948	58	12	volume	volume	NOUN
ajfa-1948	58	13	of	of	ADP
ajfa-1948	58	14	all	all	DET
ajfa-1948	58	15	listed	list	VERB
ajfa-1948	58	16	companies	company	NOUN
ajfa-1948	58	17	on	on	ADP
ajfa-1948	58	18	the	the	DET
ajfa-1948	58	19	canadian	canadian	ADJ
ajfa-1948	58	20	stock	stock	NOUN
ajfa-1948	58	21	market	market	NOUN
ajfa-1948	58	22	from	from	ADP
ajfa-1948	58	23	1996	1996	NUM
ajfa-1948	58	24	to	to	ADP
ajfa-1948	58	25	2003	2003	NUM
ajfa-1948	58	26	.	.	PUNCT
ajfa-1948	59	1	short	short	ADJ
ajfa-1948	59	2	-	-	PUNCT
ajfa-1948	59	3	term	term	NOUN
ajfa-1948	59	4	trading	trading	NOUN
ajfa-1948	59	5	is	be	AUX
ajfa-1948	59	6	also	also	ADV
ajfa-1948	59	7	supported	support	VERB
ajfa-1948	59	8	by	by	ADP
ajfa-1948	59	9	eades	eades	PROPN
ajfa-1948	59	10	et	et	PROPN
ajfa-1948	59	11	al	al	PROPN
ajfa-1948	59	12	.	.	PROPN
ajfa-1948	60	1	(	(	PUNCT
ajfa-1948	60	2	1984	1984	NUM
ajfa-1948	60	3	)	)	PUNCT
ajfa-1948	60	4	;	;	PUNCT
ajfa-1948	61	1	lakonishok	lakonishok	NOUN
ajfa-1948	61	2	and	and	CCONJ
ajfa-1948	61	3	vermaelen	vermaelen	PROPN
ajfa-1948	61	4	(	(	PUNCT
ajfa-1948	61	5	1986	1986	NUM
ajfa-1948	61	6	)	)	PUNCT
ajfa-1948	61	7	;	;	PUNCT
ajfa-1948	61	8	and	and	CCONJ
ajfa-1948	61	9	naranjo	naranjo	PROPN
ajfa-1948	61	10	et	et	PROPN
ajfa-1948	61	11	al	al	PROPN
ajfa-1948	61	12	.	.	PROPN
ajfa-1948	62	1	(	(	PUNCT
ajfa-1948	62	2	2000	2000	NUM
ajfa-1948	62	3	)	)	PUNCT
ajfa-1948	62	4	for	for	ADP
ajfa-1948	62	5	higher	high	ADJ
ajfa-1948	62	6	yield	yield	NOUN
ajfa-1948	62	7	stocks	stock	NOUN
ajfa-1948	62	8	.	.	PUNCT
ajfa-1948	63	1	david	david	PROPN
ajfa-1948	63	2	and	and	CCONJ
ajfa-1948	63	3	jarrow	jarrow	PROPN
ajfa-1948	63	4	(	(	PUNCT
ajfa-1948	63	5	1988	1988	NUM
ajfa-1948	63	6	)	)	PUNCT
ajfa-1948	63	7	performed	perform	VERB
ajfa-1948	63	8	their	their	PRON
ajfa-1948	63	9	study	study	NOUN
ajfa-1948	63	10	based	base	VERB
ajfa-1948	63	11	on	on	ADP
ajfa-1948	63	12	two	two	NUM
ajfa-1948	63	13	assets	asset	NOUN
ajfa-1948	63	14	,	,	PUNCT
ajfa-1948	63	15	risky	risky	ADJ
ajfa-1948	63	16	stocks	stock	NOUN
ajfa-1948	63	17	and	and	CCONJ
ajfa-1948	63	18	riskless	riskless	NOUN
ajfa-1948	63	19	bonds	bond	NOUN
ajfa-1948	63	20	,	,	PUNCT
ajfa-1948	63	21	to	to	PART
ajfa-1948	63	22	find	find	VERB
ajfa-1948	63	23	the	the	DET
ajfa-1948	63	24	possible	possible	ADJ
ajfa-1948	63	25	arbitrage	arbitrage	NOUN
ajfa-1948	63	26	opportunity	opportunity	NOUN
ajfa-1948	63	27	on	on	ADP
ajfa-1948	63	28	the	the	DET
ajfa-1948	63	29	ex	ex	NOUN
ajfa-1948	63	30	-	-	NOUN
ajfa-1948	63	31	dividend	dividend	ADJ
ajfa-1948	63	32	day	day	NOUN
ajfa-1948	63	33	.	.	PUNCT
ajfa-1948	64	1	they	they	PRON
ajfa-1948	64	2	argued	argue	VERB
ajfa-1948	64	3	that	that	SCONJ
ajfa-1948	64	4	although	although	SCONJ
ajfa-1948	64	5	the	the	DET
ajfa-1948	64	6	stock	stock	NOUN
ajfa-1948	64	7	price	price	NOUN
ajfa-1948	64	8	drop	drop	NOUN
ajfa-1948	64	9	differs	differ	VERB
ajfa-1948	64	10	from	from	ADP
ajfa-1948	64	11	the	the	DET
ajfa-1948	64	12	dividend	dividend	NOUN
ajfa-1948	64	13	amount	amount	NOUN
ajfa-1948	64	14	,	,	PUNCT
ajfa-1948	64	15	no	no	DET
ajfa-1948	64	16	trading	trading	NOUN
ajfa-1948	64	17	strategies	strategy	NOUN
ajfa-1948	64	18	can	can	AUX
ajfa-1948	64	19	generate	generate	VERB
ajfa-1948	64	20	any	any	DET
ajfa-1948	64	21	arbitrage	arbitrage	NOUN
ajfa-1948	64	22	profit	profit	NOUN
ajfa-1948	64	23	.	.	PUNCT
ajfa-1948	65	1	dai	dai	PROPN
ajfa-1948	65	2	and	and	CCONJ
ajfa-1948	65	3	rydqvist	rydqvist	NOUN
ajfa-1948	65	4	(	(	PUNCT
ajfa-1948	65	5	2009	2009	NUM
ajfa-1948	65	6	)	)	PUNCT
ajfa-1948	65	7	investigated	investigate	VERB
ajfa-1948	65	8	the	the	DET
ajfa-1948	65	9	arbitrage	arbitrage	NOUN
ajfa-1948	65	10	opportunity	opportunity	NOUN
ajfa-1948	65	11	around	around	ADP
ajfa-1948	65	12	the	the	DET
ajfa-1948	65	13	ex	ex	NOUN
ajfa-1948	65	14	-	-	NOUN
ajfa-1948	65	15	dividend	dividend	ADJ
ajfa-1948	65	16	day	day	NOUN
ajfa-1948	65	17	on	on	ADP
ajfa-1948	65	18	the	the	DET
ajfa-1948	65	19	norwegian	norwegian	ADJ
ajfa-1948	65	20	stock	stock	NOUN
ajfa-1948	65	21	market	market	NOUN
ajfa-1948	65	22	.	.	PUNCT
ajfa-1948	66	1	they	they	PRON
ajfa-1948	66	2	explained	explain	VERB
ajfa-1948	66	3	that	that	SCONJ
ajfa-1948	66	4	the	the	DET
ajfa-1948	66	5	arbitrageur	arbitrageur	NOUN
ajfa-1948	66	6	can	can	AUX
ajfa-1948	66	7	not	not	PART
ajfa-1948	66	8	predict	predict	VERB
ajfa-1948	66	9	the	the	DET
ajfa-1948	66	10	step	step	VERB
ajfa-1948	66	11	-	-	PUNCT
ajfa-1948	66	12	up	up	ADP
ajfa-1948	66	13	amount	amount	NOUN
ajfa-1948	66	14	,	,	PUNCT
ajfa-1948	66	15	which	which	PRON
ajfa-1948	66	16	takes	take	VERB
ajfa-1948	66	17	one	one	NUM
ajfa-1948	66	18	year	year	NOUN
ajfa-1948	66	19	to	to	PART
ajfa-1948	66	20	complete	complete	VERB
ajfa-1948	66	21	after	after	ADP
ajfa-1948	66	22	the	the	DET
ajfa-1948	66	23	trade	trade	NOUN
ajfa-1948	66	24	.	.	PUNCT
ajfa-1948	67	1	the	the	DET
ajfa-1948	67	2	study	study	NOUN
ajfa-1948	67	3	introduced	introduce	VERB
ajfa-1948	67	4	a	a	DET
ajfa-1948	67	5	risk	risk	NOUN
ajfa-1948	67	6	of	of	ADP
ajfa-1948	67	7	miscalculating	miscalculate	VERB
ajfa-1948	67	8	the	the	DET
ajfa-1948	67	9	actual	actual	ADJ
ajfa-1948	67	10	step	step	NOUN
ajfa-1948	67	11	-	-	PUNCT
ajfa-1948	67	12	up	up	ADP
ajfa-1948	67	13	amount	amount	NOUN
ajfa-1948	67	14	,	,	PUNCT
ajfa-1948	67	15	but	but	CCONJ
ajfa-1948	67	16	there	there	PRON
ajfa-1948	67	17	is	be	VERB
ajfa-1948	67	18	a	a	DET
ajfa-1948	67	19	possibility	possibility	NOUN
ajfa-1948	67	20	of	of	ADP
ajfa-1948	67	21	diversifying	diversify	VERB
ajfa-1948	67	22	it	it	PRON
ajfa-1948	67	23	.	.	PUNCT
ajfa-1948	68	1	they	they	PRON
ajfa-1948	68	2	also	also	ADV
ajfa-1948	68	3	concluded	conclude	VERB
ajfa-1948	68	4	that	that	SCONJ
ajfa-1948	68	5	the	the	DET
ajfa-1948	68	6	uncertainty	uncertainty	NOUN
ajfa-1948	68	7	about	about	ADP
ajfa-1948	68	8	the	the	DET
ajfa-1948	68	9	future	future	ADJ
ajfa-1948	68	10	cash	cash	NOUN
ajfa-1948	68	11	flow	flow	NOUN
ajfa-1948	68	12	can	can	AUX
ajfa-1948	68	13	prevent	prevent	VERB
ajfa-1948	68	14	arbitrage	arbitrage	NOUN
ajfa-1948	68	15	opportunities	opportunity	NOUN
ajfa-1948	68	16	.	.	PUNCT
ajfa-1948	69	1	elton	elton	PROPN
ajfa-1948	69	2	et	et	PROPN
ajfa-1948	69	3	al	al	PROPN
ajfa-1948	69	4	.	.	PROPN
ajfa-1948	69	5	(	(	PUNCT
ajfa-1948	69	6	1984	1984	NUM
ajfa-1948	69	7	)	)	PUNCT
ajfa-1948	69	8	;	;	PUNCT
ajfa-1948	69	9	kalay	kalay	NOUN
ajfa-1948	69	10	(	(	PUNCT
ajfa-1948	69	11	1984	1984	NUM
ajfa-1948	69	12	)	)	PUNCT
ajfa-1948	69	13	;	;	PUNCT
ajfa-1948	69	14	and	and	CCONJ
ajfa-1948	69	15	lakonishok	lakonishok	NOUN
ajfa-1948	69	16	and	and	CCONJ
ajfa-1948	69	17	vermaelen	vermaelen	PROPN
ajfa-1948	69	18	(	(	PUNCT
ajfa-1948	69	19	1986	1986	NUM
ajfa-1948	69	20	)	)	PUNCT
ajfa-1948	69	21	explained	explain	VERB
ajfa-1948	69	22	the	the	DET
ajfa-1948	69	23	possibility	possibility	NOUN
ajfa-1948	69	24	of	of	ADP
ajfa-1948	69	25	an	an	DET
ajfa-1948	69	26	arbitrage	arbitrage	NOUN
ajfa-1948	69	27	opportunity	opportunity	NOUN
ajfa-1948	69	28	based	base	VERB
ajfa-1948	69	29	on	on	ADP
ajfa-1948	69	30	a	a	DET
ajfa-1948	69	31	short	short	ADJ
ajfa-1948	69	32	-	-	PUNCT
ajfa-1948	69	33	term	term	NOUN
ajfa-1948	69	34	-	-	PUNCT
ajfa-1948	69	35	trading	trading	NOUN
ajfa-1948	69	36	hypothesis	hypothesis	NOUN
ajfa-1948	69	37	.	.	PUNCT
ajfa-1948	70	1	they	they	PRON
ajfa-1948	70	2	concluded	conclude	VERB
ajfa-1948	70	3	that	that	SCONJ
ajfa-1948	70	4	although	although	SCONJ
ajfa-1948	70	5	an	an	DET
ajfa-1948	70	6	arbitrage	arbitrage	NOUN
ajfa-1948	70	7	opportunity	opportunity	NOUN
ajfa-1948	70	8	exists	exist	VERB
ajfa-1948	70	9	,	,	PUNCT
ajfa-1948	70	10	it	it	PRON
ajfa-1948	70	11	is	be	AUX
ajfa-1948	70	12	not	not	PART
ajfa-1948	70	13	possible	possible	ADJ
ajfa-1948	70	14	to	to	PART
ajfa-1948	70	15	seize	seize	VERB
ajfa-1948	70	16	that	that	DET
ajfa-1948	70	17	opportunity	opportunity	NOUN
ajfa-1948	70	18	because	because	SCONJ
ajfa-1948	70	19	of	of	ADP
ajfa-1948	70	20	transaction	transaction	NOUN
ajfa-1948	70	21	costs	cost	NOUN
ajfa-1948	70	22	.	.	PUNCT
ajfa-1948	71	1	3	3	X
ajfa-1948	71	2	.	.	X
ajfa-1948	71	3	methodology	methodology	NOUN
ajfa-1948	71	4	the	the	DET
ajfa-1948	71	5	objective	objective	NOUN
ajfa-1948	71	6	of	of	ADP
ajfa-1948	71	7	this	this	DET
ajfa-1948	71	8	study	study	NOUN
ajfa-1948	71	9	is	be	AUX
ajfa-1948	71	10	to	to	PART
ajfa-1948	71	11	examine	examine	VERB
ajfa-1948	71	12	the	the	DET
ajfa-1948	71	13	ex	ex	NOUN
ajfa-1948	71	14	-	-	NOUN
ajfa-1948	71	15	day	day	NOUN
ajfa-1948	71	16	stock	stock	NOUN
ajfa-1948	71	17	(	(	PUNCT
ajfa-1948	71	18	blue	blue	ADJ
ajfa-1948	71	19	-	-	PUNCT
ajfa-1948	71	20	chip	chip	NOUN
ajfa-1948	71	21	)	)	PUNCT
ajfa-1948	71	22	price	price	NOUN
ajfa-1948	71	23	behaviour	behaviour	NOUN
ajfa-1948	71	24	.	.	PUNCT
ajfa-1948	72	1	in	in	ADP
ajfa-1948	72	2	general	general	ADJ
ajfa-1948	72	3	,	,	PUNCT
ajfa-1948	72	4	before	before	ADP
ajfa-1948	72	5	the	the	DET
ajfa-1948	72	6	ex	ex	NOUN
ajfa-1948	72	7	-	-	NOUN
ajfa-1948	72	8	dividend	dividend	ADJ
ajfa-1948	72	9	day	day	NOUN
ajfa-1948	72	10	,	,	PUNCT
ajfa-1948	72	11	an	an	DET
ajfa-1948	72	12	individual	individual	ADJ
ajfa-1948	72	13	investor	investor	NOUN
ajfa-1948	72	14	has	have	VERB
ajfa-1948	72	15	two	two	NUM
ajfa-1948	72	16	choices	choice	NOUN
ajfa-1948	72	17	(	(	PUNCT
ajfa-1948	72	18	no	no	DET
ajfa-1948	72	19	short	short	ADJ
ajfa-1948	72	20	-	-	PUNCT
ajfa-1948	72	21	selling	selling	NOUN
ajfa-1948	72	22	,	,	PUNCT
ajfa-1948	72	23	call	call	NOUN
ajfa-1948	72	24	-	-	PUNCT
ajfa-1948	72	25	option	option	NOUN
ajfa-1948	72	26	,	,	PUNCT
ajfa-1948	72	27	or	or	CCONJ
ajfa-1948	72	28	put	put	NOUN
ajfa-1948	72	29	-	-	PUNCT
ajfa-1948	72	30	option	option	NOUN
ajfa-1948	72	31	strategy	strategy	NOUN
ajfa-1948	72	32	):	):	PUNCT
ajfa-1948	72	33	1	1	X
ajfa-1948	72	34	.	.	X
ajfa-1948	72	35	hold	hold	VERB
ajfa-1948	72	36	the	the	DET
ajfa-1948	72	37	stocks	stock	NOUN
ajfa-1948	72	38	on	on	ADP
ajfa-1948	72	39	the	the	DET
ajfa-1948	72	40	cum	cum	NOUN
ajfa-1948	72	41	-	-	PUNCT
ajfa-1948	72	42	day	day	NOUN
ajfa-1948	72	43	and	and	CCONJ
ajfa-1948	72	44	receive	receive	VERB
ajfa-1948	72	45	dividend	dividend	NOUN
ajfa-1948	72	46	as	as	ADP
ajfa-1948	72	47	income	income	NOUN
ajfa-1948	72	48	.	.	PUNCT
ajfa-1948	73	1	2	2	X
ajfa-1948	73	2	.	.	X
ajfa-1948	73	3	sell	sell	VERB
ajfa-1948	73	4	the	the	DET
ajfa-1948	73	5	stocks	stock	NOUN
ajfa-1948	73	6	on	on	ADP
ajfa-1948	73	7	the	the	DET
ajfa-1948	73	8	cum	cum	NOUN
ajfa-1948	73	9	-	-	PUNCT
ajfa-1948	73	10	day	day	NOUN
ajfa-1948	73	11	and	and	CCONJ
ajfa-1948	73	12	receive	receive	VERB
ajfa-1948	73	13	the	the	DET
ajfa-1948	73	14	share	share	NOUN
ajfa-1948	73	15	value	value	NOUN
ajfa-1948	73	16	.	.	PUNCT
ajfa-1948	74	1	if	if	SCONJ
ajfa-1948	74	2	an	an	DET
ajfa-1948	74	3	investor	investor	NOUN
ajfa-1948	74	4	chooses	choose	VERB
ajfa-1948	74	5	to	to	PART
ajfa-1948	74	6	sell	sell	VERB
ajfa-1948	74	7	his	his	PRON
ajfa-1948	74	8	/	/	SYM
ajfa-1948	74	9	her	her	PRON
ajfa-1948	74	10	share	share	NOUN
ajfa-1948	74	11	on	on	ADP
ajfa-1948	74	12	the	the	DET
ajfa-1948	74	13	cum	cum	NOUN
ajfa-1948	74	14	-	-	PUNCT
ajfa-1948	74	15	day	day	NOUN
ajfa-1948	74	16	,	,	PUNCT
ajfa-1948	74	17	he	he	PRON
ajfa-1948	74	18	/	/	SYM
ajfa-1948	74	19	she	she	PRON
ajfa-1948	74	20	will	will	AUX
ajfa-1948	74	21	receive	receive	VERB
ajfa-1948	74	22	only	only	ADV
ajfa-1948	74	23	stock	stock	NOUN
ajfa-1948	74	24	prices	price	NOUN
ajfa-1948	74	25	and	and	CCONJ
ajfa-1948	74	26	lose	lose	VERB
ajfa-1948	74	27	the	the	DET
ajfa-1948	74	28	claim	claim	NOUN
ajfa-1948	74	29	on	on	ADP
ajfa-1948	74	30	the	the	DET
ajfa-1948	74	31	dividend	dividend	NOUN
ajfa-1948	74	32	.	.	PUNCT
ajfa-1948	75	1	under	under	ADP
ajfa-1948	75	2	this	this	DET
ajfa-1948	75	3	assumption	assumption	NOUN
ajfa-1948	75	4	,	,	PUNCT
ajfa-1948	75	5	an	an	DET
ajfa-1948	75	6	investor	investor	NOUN
ajfa-1948	75	7	does	do	AUX
ajfa-1948	75	8	not	not	PART
ajfa-1948	75	9	need	need	VERB
ajfa-1948	75	10	to	to	PART
ajfa-1948	75	11	wait	wait	VERB
ajfa-1948	75	12	for	for	ADP
ajfa-1948	75	13	the	the	DET
ajfa-1948	75	14	dividend	dividend	NOUN
ajfa-1948	75	15	payments	payment	NOUN
ajfa-1948	75	16	.	.	PUNCT
ajfa-1948	76	1	on	on	ADP
ajfa-1948	76	2	the	the	DET
ajfa-1948	76	3	other	other	ADJ
ajfa-1948	76	4	hand	hand	NOUN
ajfa-1948	76	5	,	,	PUNCT
ajfa-1948	76	6	if	if	SCONJ
ajfa-1948	76	7	an	an	DET
ajfa-1948	76	8	investor	investor	NOUN
ajfa-1948	76	9	chooses	choose	VERB
ajfa-1948	76	10	to	to	PART
ajfa-1948	76	11	keep	keep	VERB
ajfa-1948	76	12	the	the	DET
ajfa-1948	76	13	stock	stock	NOUN
ajfa-1948	76	14	on	on	ADP
ajfa-1948	76	15	the	the	DET
ajfa-1948	76	16	cum	cum	NOUN
ajfa-1948	76	17	-	-	PUNCT
ajfa-1948	76	18	day	day	NOUN
ajfa-1948	76	19	(	(	PUNCT
ajfa-1948	76	20	assuming	assume	VERB
ajfa-1948	76	21	that	that	SCONJ
ajfa-1948	76	22	other	other	ADJ
ajfa-1948	76	23	market	market	NOUN
ajfa-1948	76	24	or	or	CCONJ
ajfa-1948	76	25	unsystematic	unsystematic	ADJ
ajfa-1948	76	26	influences	influence	NOUN
ajfa-1948	76	27	are	be	AUX
ajfa-1948	76	28	constant	constant	ADJ
ajfa-1948	76	29	and	and	CCONJ
ajfa-1948	76	30	there	there	PRON
ajfa-1948	76	31	is	be	VERB
ajfa-1948	76	32	asian	asian	ADJ
ajfa-1948	76	33	journal	journal	NOUN
ajfa-1948	76	34	of	of	ADP
ajfa-1948	76	35	finance	finance	PROPN
ajfa-1948	76	36	&	&	CCONJ
ajfa-1948	76	37	accounting	accounting	PROPN
ajfa-1948	76	38	issn	issn	PROPN
ajfa-1948	76	39	1946	1946	NUM
ajfa-1948	76	40	-	-	PUNCT
ajfa-1948	76	41	052x	052x	NOUN
ajfa-1948	76	42	2013	2013	NUM
ajfa-1948	76	43	,	,	PUNCT
ajfa-1948	76	44	vol	vol	NOUN
ajfa-1948	76	45	.	.	PROPN
ajfa-1948	76	46	5	5	NUM
ajfa-1948	76	47	,	,	PUNCT
ajfa-1948	76	48	no	no	INTJ
ajfa-1948	76	49	.	.	NOUN
ajfa-1948	76	50	1	1	NUM
ajfa-1948	76	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1948	76	52	77	77	NUM
ajfa-1948	76	53	no	no	DET
ajfa-1948	76	54	effect	effect	NOUN
ajfa-1948	76	55	of	of	ADP
ajfa-1948	76	56	taxes	taxis	NOUN
ajfa-1948	76	57	)	)	PUNCT
ajfa-1948	76	58	,	,	PUNCT
ajfa-1948	76	59	then	then	ADV
ajfa-1948	76	60	he	he	PRON
ajfa-1948	76	61	/	/	SYM
ajfa-1948	77	1	she	she	PRON
ajfa-1948	77	2	is	be	AUX
ajfa-1948	77	3	entitled	entitle	VERB
ajfa-1948	77	4	to	to	PART
ajfa-1948	77	5	receive	receive	VERB
ajfa-1948	77	6	the	the	DET
ajfa-1948	77	7	total	total	ADJ
ajfa-1948	77	8	wealth	wealth	NOUN
ajfa-1948	77	9	,	,	PUNCT
ajfa-1948	77	10	which	which	PRON
ajfa-1948	77	11	is	be	AUX
ajfa-1948	77	12	equal	equal	ADJ
ajfa-1948	77	13	to	to	ADP
ajfa-1948	77	14	the	the	DET
ajfa-1948	77	15	stock	stock	NOUN
ajfa-1948	77	16	prices	price	NOUN
ajfa-1948	77	17	plus	plus	CCONJ
ajfa-1948	77	18	the	the	DET
ajfa-1948	77	19	dividend	dividend	NOUN
ajfa-1948	77	20	amount	amount	NOUN
ajfa-1948	77	21	.	.	PUNCT
ajfa-1948	78	1	let	let	VERB
ajfa-1948	78	2	op	op	NOUN
ajfa-1948	78	3	=	=	PUNCT
ajfa-1948	78	4	stock	stock	NOUN
ajfa-1948	78	5	price	price	NOUN
ajfa-1948	78	6	on	on	ADP
ajfa-1948	78	7	the	the	DET
ajfa-1948	78	8	ex	ex	NOUN
ajfa-1948	78	9	-	-	NOUN
ajfa-1948	78	10	dividend	dividend	ADJ
ajfa-1948	78	11	day	day	NOUN
ajfa-1948	78	12	1p	1p	X
ajfa-1948	78	13	=	=	SYM
ajfa-1948	78	14	stock	stock	NOUN
ajfa-1948	78	15	price	price	NOUN
ajfa-1948	78	16	on	on	ADP
ajfa-1948	78	17	the	the	DET
ajfa-1948	78	18	cum	cum	NOUN
ajfa-1948	78	19	-	-	PUNCT
ajfa-1948	78	20	dividend	dividend	NOUN
ajfa-1948	78	21	day	day	NOUN
ajfa-1948	79	1	d	d	NOUN
ajfa-1948	79	2	=	=	PUNCT
ajfa-1948	79	3	dividend	dividend	NOUN
ajfa-1948	79	4	amount	amount	NOUN
ajfa-1948	79	5	if	if	SCONJ
ajfa-1948	79	6	an	an	DET
ajfa-1948	79	7	investor	investor	NOUN
ajfa-1948	79	8	holds	hold	VERB
ajfa-1948	79	9	the	the	DET
ajfa-1948	79	10	stocks	stock	NOUN
ajfa-1948	79	11	on	on	ADP
ajfa-1948	79	12	the	the	DET
ajfa-1948	79	13	cum	cum	NOUN
ajfa-1948	79	14	-	-	PUNCT
ajfa-1948	79	15	dividend	dividend	NOUN
ajfa-1948	79	16	day	day	NOUN
ajfa-1948	79	17	,	,	PUNCT
ajfa-1948	79	18	he	he	PRON
ajfa-1948	79	19	/	/	SYM
ajfa-1948	79	20	she	she	PRON
ajfa-1948	79	21	will	will	AUX
ajfa-1948	79	22	receive	receive	VERB
ajfa-1948	79	23	stock	stock	NOUN
ajfa-1948	79	24	prices	price	NOUN
ajfa-1948	79	25	plus	plus	CCONJ
ajfa-1948	79	26	the	the	DET
ajfa-1948	79	27	dividend	dividend	NOUN
ajfa-1948	79	28	amount	amount	NOUN
ajfa-1948	79	29	,	,	PUNCT
ajfa-1948	79	30	which	which	PRON
ajfa-1948	79	31	is	be	AUX
ajfa-1948	79	32	expressed	express	VERB
ajfa-1948	79	33	as	as	ADP
ajfa-1948	79	34	dpp	dpp	PROPN
ajfa-1948	79	35	o	o	PROPN
ajfa-1948	79	36	1	1	PROPN
ajfa-1948	79	37	(	(	PUNCT
ajfa-1948	79	38	1	1	NUM
ajfa-1948	79	39	)	)	PUNCT
ajfa-1948	79	40	if	if	SCONJ
ajfa-1948	79	41	we	we	PRON
ajfa-1948	79	42	deduct	deduct	VERB
ajfa-1948	79	43	‘	'	PUNCT
ajfa-1948	79	44	op	op	NOUN
ajfa-1948	79	45	’	'	PUNCT
ajfa-1948	79	46	from	from	ADP
ajfa-1948	79	47	both	both	DET
ajfa-1948	79	48	sides	side	NOUN
ajfa-1948	79	49	of	of	ADP
ajfa-1948	79	50	the	the	DET
ajfa-1948	79	51	equation	equation	NOUN
ajfa-1948	79	52	(	(	PUNCT
ajfa-1948	79	53	1	1	NUM
ajfa-1948	79	54	)	)	PUNCT
ajfa-1948	79	55	and	and	CCONJ
ajfa-1948	79	56	divide	divide	VERB
ajfa-1948	79	57	the	the	DET
ajfa-1948	79	58	remaining	remain	VERB
ajfa-1948	79	59	value	value	NOUN
ajfa-1948	79	60	by	by	ADP
ajfa-1948	79	61	the	the	DET
ajfa-1948	79	62	dividend	dividend	NOUN
ajfa-1948	79	63	‘	'	PUNCT
ajfa-1948	79	64	d	d	NOUN
ajfa-1948	79	65	’	'	PUNCT
ajfa-1948	79	66	,	,	PUNCT
ajfa-1948	79	67	we	we	PRON
ajfa-1948	79	68	receive	receive	VERB
ajfa-1948	79	69	(	(	PUNCT
ajfa-1948	79	70	equation	equation	NOUN
ajfa-1948	79	71	2	2	NUM
ajfa-1948	79	72	)	)	PUNCT
ajfa-1948	79	73	11	11	NUM
ajfa-1948	79	74			ADP
ajfa-1948	79	75			NOUN
ajfa-1948	80	1			PRON
ajfa-1948	80	2			PROPN
ajfa-1948	80	3			PROPN
ajfa-1948	80	4			NOUN
ajfa-1948	80	5			PROPN
ajfa-1948	80	6			NUM
ajfa-1948	80	7			PROPN
ajfa-1948	80	8			PROPN
ajfa-1948	80	9			PROPN
ajfa-1948	80	10	d	d	PROPN
ajfa-1948	80	11	pdp	pdp	PROPN
ajfa-1948	81	1	d	d	X
ajfa-1948	81	2	pp	pp	PROPN
ajfa-1948	81	3	rpr	rpr	PROPN
ajfa-1948	81	4	ooo	ooo	INTJ
ajfa-1948	81	5	(	(	PUNCT
ajfa-1948	81	6	2	2	NUM
ajfa-1948	81	7	)	)	PUNCT
ajfa-1948	81	8	this	this	DET
ajfa-1948	81	9	ratio	ratio	NOUN
ajfa-1948	81	10	is	be	AUX
ajfa-1948	81	11	known	know	VERB
ajfa-1948	81	12	as	as	ADP
ajfa-1948	81	13	the	the	DET
ajfa-1948	81	14	raw	raw	ADJ
ajfa-1948	81	15	price	price	NOUN
ajfa-1948	81	16	ratio	ratio	NOUN
ajfa-1948	81	17	(	(	PUNCT
ajfa-1948	81	18	rpr	rpr	PROPN
ajfa-1948	81	19	)	)	PUNCT
ajfa-1948	81	20	,	,	PUNCT
ajfa-1948	81	21	which	which	PRON
ajfa-1948	81	22	explains	explain	VERB
ajfa-1948	81	23	the	the	DET
ajfa-1948	81	24	price	price	NOUN
ajfa-1948	81	25	changes	change	NOUN
ajfa-1948	81	26	from	from	ADP
ajfa-1948	81	27	the	the	DET
ajfa-1948	81	28	cum	cum	NOUN
ajfa-1948	81	29	-	-	PUNCT
ajfa-1948	81	30	dividend	dividend	NOUN
ajfa-1948	81	31	day	day	NOUN
ajfa-1948	81	32	to	to	ADP
ajfa-1948	81	33	the	the	DET
ajfa-1948	81	34	ex	ex	NOUN
ajfa-1948	81	35	-	-	NOUN
ajfa-1948	81	36	dividend	dividend	ADJ
ajfa-1948	81	37	day	day	NOUN
ajfa-1948	81	38	.	.	PUNCT
ajfa-1948	82	1	this	this	DET
ajfa-1948	82	2	ratio	ratio	NOUN
ajfa-1948	82	3	illustrates	illustrate	VERB
ajfa-1948	82	4	the	the	DET
ajfa-1948	82	5	changes	change	NOUN
ajfa-1948	82	6	based	base	VERB
ajfa-1948	82	7	on	on	ADP
ajfa-1948	82	8	the	the	DET
ajfa-1948	82	9	amount	amount	NOUN
ajfa-1948	82	10	of	of	ADP
ajfa-1948	82	11	dividend	dividend	NOUN
ajfa-1948	82	12	paid	pay	VERB
ajfa-1948	82	13	out	out	ADP
ajfa-1948	82	14	on	on	ADP
ajfa-1948	82	15	the	the	DET
ajfa-1948	82	16	ex	ex	NOUN
ajfa-1948	82	17	-	-	NOUN
ajfa-1948	82	18	day	day	NOUN
ajfa-1948	82	19	.	.	PUNCT
ajfa-1948	83	1	the	the	DET
ajfa-1948	83	2	null	null	ADJ
ajfa-1948	83	3	hypothesis	hypothesis	NOUN
ajfa-1948	83	4	h1	h1	NOUN
ajfa-1948	83	5	is	be	AUX
ajfa-1948	83	6	developed	develop	VERB
ajfa-1948	83	7	from	from	ADP
ajfa-1948	83	8	the	the	DET
ajfa-1948	83	9	equation	equation	NOUN
ajfa-1948	83	10	(	(	PUNCT
ajfa-1948	83	11	2	2	NUM
ajfa-1948	83	12	)	)	PUNCT
ajfa-1948	83	13	,	,	PUNCT
ajfa-1948	83	14	which	which	PRON
ajfa-1948	83	15	is	be	AUX
ajfa-1948	83	16	h1	h1	PROPN
ajfa-1948	83	17	:	:	PUNCT
ajfa-1948	83	18	the	the	DET
ajfa-1948	83	19	mean	mean	ADJ
ajfa-1948	83	20	(	(	PUNCT
ajfa-1948	83	21	median	median	NOUN
ajfa-1948	83	22	)	)	PUNCT
ajfa-1948	83	23	of	of	ADP
ajfa-1948	83	24	the	the	DET
ajfa-1948	83	25	rpr	rpr	PROPN
ajfa-1948	83	26	=	=	PROPN
ajfa-1948	83	27	1	1	NUM
ajfa-1948	83	28	hyptotheis	hyptotheis	NOUN
ajfa-1948	83	29	1	1	NUM
ajfa-1948	83	30	states	state	NOUN
ajfa-1948	83	31	that	that	SCONJ
ajfa-1948	83	32	stock	stock	NOUN
ajfa-1948	83	33	prices	price	NOUN
ajfa-1948	83	34	should	should	AUX
ajfa-1948	83	35	drop	drop	VERB
ajfa-1948	83	36	by	by	ADP
ajfa-1948	83	37	the	the	DET
ajfa-1948	83	38	same	same	ADJ
ajfa-1948	83	39	amount	amount	NOUN
ajfa-1948	83	40	as	as	ADP
ajfa-1948	83	41	the	the	DET
ajfa-1948	83	42	dividend	dividend	NOUN
ajfa-1948	83	43	paid	pay	VERB
ajfa-1948	83	44	on	on	ADP
ajfa-1948	83	45	the	the	DET
ajfa-1948	83	46	ex	ex	NOUN
ajfa-1948	83	47	-	-	NOUN
ajfa-1948	83	48	day	day	NOUN
ajfa-1948	83	49	.	.	PUNCT
ajfa-1948	84	1	one	one	NUM
ajfa-1948	84	2	criticism	criticism	NOUN
ajfa-1948	84	3	of	of	ADP
ajfa-1948	84	4	this	this	DET
ajfa-1948	84	5	ratio	ratio	NOUN
ajfa-1948	84	6	is	be	AUX
ajfa-1948	84	7	that	that	SCONJ
ajfa-1948	84	8	the	the	DET
ajfa-1948	84	9	rpr	rpr	PROPN
ajfa-1948	84	10	is	be	AUX
ajfa-1948	84	11	subject	subject	ADJ
ajfa-1948	84	12	to	to	ADP
ajfa-1948	84	13	the	the	DET
ajfa-1948	84	14	market	market	NOUN
ajfa-1948	84	15	influence	influence	NOUN
ajfa-1948	84	16	from	from	ADP
ajfa-1948	84	17	the	the	DET
ajfa-1948	84	18	cum	cum	NOUN
ajfa-1948	84	19	-	-	PUNCT
ajfa-1948	84	20	dividend	dividend	NOUN
ajfa-1948	84	21	day	day	NOUN
ajfa-1948	84	22	to	to	ADP
ajfa-1948	84	23	the	the	DET
ajfa-1948	84	24	ex	ex	NOUN
ajfa-1948	84	25	-	-	NOUN
ajfa-1948	84	26	dividend	dividend	ADJ
ajfa-1948	84	27	day	day	NOUN
ajfa-1948	84	28	.	.	PUNCT
ajfa-1948	85	1	to	to	PART
ajfa-1948	85	2	adjust	adjust	VERB
ajfa-1948	85	3	this	this	DET
ajfa-1948	85	4	bias	bias	NOUN
ajfa-1948	85	5	,	,	PUNCT
ajfa-1948	85	6	we	we	PRON
ajfa-1948	85	7	computed	compute	VERB
ajfa-1948	85	8	the	the	DET
ajfa-1948	85	9	market	market	NOUN
ajfa-1948	85	10	-	-	PUNCT
ajfa-1948	85	11	adjusted	adjust	VERB
ajfa-1948	85	12	price	price	NOUN
ajfa-1948	85	13	ratio	ratio	NOUN
ajfa-1948	85	14	(	(	PUNCT
ajfa-1948	85	15	mapr	mapr	PROPN
ajfa-1948	85	16	)	)	PUNCT
ajfa-1948	85	17	.	.	PUNCT
ajfa-1948	86	1	is	be	AUX
ajfa-1948	86	2	the	the	DET
ajfa-1948	86	3	return	return	NOUN
ajfa-1948	86	4	of	of	ADP
ajfa-1948	86	5	the	the	DET
ajfa-1948	86	6	market	market	NOUN
ajfa-1948	86	7	index	index	NOUN
ajfa-1948	86	8	.	.	PUNCT
ajfa-1948	87	1	the	the	DET
ajfa-1948	87	2	value	value	NOUN
ajfa-1948	87	3	of	of	ADP
ajfa-1948	87	4	the	the	DET
ajfa-1948	87	5	mapr	mapr	NOUN
ajfa-1948	87	6	is	be	AUX
ajfa-1948	87	7	equal	equal	ADJ
ajfa-1948	87	8	to	to	ADP
ajfa-1948	87	9	the	the	DET
ajfa-1948	87	10	cum	cum	NOUN
ajfa-1948	87	11	-	-	PUNCT
ajfa-1948	87	12	dividend	dividend	NOUN
ajfa-1948	87	13	-	-	PUNCT
ajfa-1948	87	14	day	day	NOUN
ajfa-1948	87	15	stock	stock	NOUN
ajfa-1948	87	16	price	price	NOUN
ajfa-1948	87	17	minus	minus	CCONJ
ajfa-1948	87	18	the	the	DET
ajfa-1948	87	19	discounted	discount	VERB
ajfa-1948	87	20	(	(	PUNCT
ajfa-1948	87	21	by	by	ADP
ajfa-1948	87	22	daily	daily	ADJ
ajfa-1948	87	23	market	market	NOUN
ajfa-1948	87	24	return	return	NOUN
ajfa-1948	87	25	)	)	PUNCT
ajfa-1948	87	26	ex	ex	NOUN
ajfa-1948	87	27	-	-	NOUN
ajfa-1948	87	28	day	day	NOUN
ajfa-1948	87	29	price	price	NOUN
ajfa-1948	87	30	,	,	PUNCT
ajfa-1948	87	31	which	which	PRON
ajfa-1948	87	32	is	be	AUX
ajfa-1948	87	33	divided	divide	VERB
ajfa-1948	87	34	by	by	ADP
ajfa-1948	87	35	the	the	DET
ajfa-1948	87	36	dividend	dividend	NOUN
ajfa-1948	87	37	amount	amount	NOUN
ajfa-1948	87	38	.	.	PUNCT
ajfa-1948	88	1	the	the	DET
ajfa-1948	88	2	mapr	mapr	NOUN
ajfa-1948	88	3	is	be	AUX
ajfa-1948	88	4	expressed	express	VERB
ajfa-1948	88	5	as	as	ADP
ajfa-1948	88	6	d	d	X
ajfa-1948	88	7	r	r	NOUN
ajfa-1948	88	8	p	p	NOUN
ajfa-1948	88	9	p	p	X
ajfa-1948	88	10	mapr	mapr	NOUN
ajfa-1948	88	11	m	m	VERB
ajfa-1948	88	12	o	o	NOUN
ajfa-1948	88	13			ADJ
ajfa-1948	88	14			PROPN
ajfa-1948	88	15			PROPN
ajfa-1948	88	16			PROPN
ajfa-1948	88	17	11	11	NUM
ajfa-1948	88	18	(	(	PUNCT
ajfa-1948	88	19	3	3	NUM
ajfa-1948	88	20	)	)	PUNCT
ajfa-1948	88	21	the	the	DET
ajfa-1948	88	22	hypothesis	hypothesis	NOUN
ajfa-1948	88	23	h2	h2	NOUN
ajfa-1948	88	24	is	be	AUX
ajfa-1948	88	25	developed	develop	VERB
ajfa-1948	88	26	from	from	ADP
ajfa-1948	88	27	the	the	DET
ajfa-1948	88	28	equation	equation	NOUN
ajfa-1948	88	29	(	(	PUNCT
ajfa-1948	88	30	3	3	NUM
ajfa-1948	88	31	)	)	PUNCT
ajfa-1948	88	32	,	,	PUNCT
ajfa-1948	88	33	which	which	PRON
ajfa-1948	88	34	is	be	AUX
ajfa-1948	88	35	expressed	express	VERB
ajfa-1948	88	36	as	as	ADP
ajfa-1948	88	37	asian	asian	ADJ
ajfa-1948	88	38	journal	journal	NOUN
ajfa-1948	88	39	of	of	ADP
ajfa-1948	88	40	finance	finance	PROPN
ajfa-1948	88	41	&	&	CCONJ
ajfa-1948	88	42	accounting	accounting	PROPN
ajfa-1948	88	43	issn	issn	PROPN
ajfa-1948	88	44	1946	1946	NUM
ajfa-1948	88	45	-	-	PUNCT
ajfa-1948	88	46	052x	052x	NOUN
ajfa-1948	88	47	2013	2013	NUM
ajfa-1948	88	48	,	,	PUNCT
ajfa-1948	88	49	vol	vol	NOUN
ajfa-1948	88	50	.	.	PROPN
ajfa-1948	88	51	5	5	NUM
ajfa-1948	88	52	,	,	PUNCT
ajfa-1948	88	53	no	no	INTJ
ajfa-1948	88	54	.	.	NOUN
ajfa-1948	88	55	1	1	NUM
ajfa-1948	88	56	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	88	57	78	78	NUM
ajfa-1948	88	58	h2	h2	NOUN
ajfa-1948	88	59	:	:	PUNCT
ajfa-1948	88	60	the	the	DET
ajfa-1948	88	61	mean	mean	ADJ
ajfa-1948	88	62	(	(	PUNCT
ajfa-1948	88	63	median	median	NOUN
ajfa-1948	88	64	)	)	PUNCT
ajfa-1948	88	65	of	of	ADP
ajfa-1948	88	66	the	the	DET
ajfa-1948	88	67	mapr	mapr	NOUN
ajfa-1948	88	68	=	=	SYM
ajfa-1948	88	69	1	1	NUM
ajfa-1948	88	70	hyptotheis	hyptotheis	NOUN
ajfa-1948	88	71	2	2	NUM
ajfa-1948	88	72	states	state	NOUN
ajfa-1948	88	73	that	that	SCONJ
ajfa-1948	88	74	the	the	DET
ajfa-1948	88	75	drop	drop	NOUN
ajfa-1948	88	76	of	of	ADP
ajfa-1948	88	77	stock	stock	NOUN
ajfa-1948	88	78	prices	price	NOUN
ajfa-1948	88	79	should	should	AUX
ajfa-1948	88	80	be	be	AUX
ajfa-1948	88	81	equal	equal	ADJ
ajfa-1948	88	82	to	to	ADP
ajfa-1948	88	83	the	the	DET
ajfa-1948	88	84	dividend	dividend	NOUN
ajfa-1948	88	85	amount	amount	NOUN
ajfa-1948	88	86	after	after	ADP
ajfa-1948	88	87	adjusting	adjust	VERB
ajfa-1948	88	88	the	the	DET
ajfa-1948	88	89	market	market	NOUN
ajfa-1948	88	90	influences	influence	NOUN
ajfa-1948	88	91	(	(	PUNCT
ajfa-1948	88	92	if	if	SCONJ
ajfa-1948	88	93	any	any	PRON
ajfa-1948	88	94	)	)	PUNCT
ajfa-1948	88	95	to	to	PART
ajfa-1948	88	96	determine	determine	VERB
ajfa-1948	88	97	the	the	DET
ajfa-1948	88	98	daily	daily	ADJ
ajfa-1948	88	99	stock	stock	NOUN
ajfa-1948	88	100	prices	price	NOUN
ajfa-1948	88	101	.	.	PUNCT
ajfa-1948	89	1	we	we	PRON
ajfa-1948	89	2	also	also	ADV
ajfa-1948	89	3	compute	compute	VERB
ajfa-1948	89	4	the	the	DET
ajfa-1948	89	5	raw	raw	ADJ
ajfa-1948	89	6	price	price	NOUN
ajfa-1948	89	7	drop	drop	NOUN
ajfa-1948	89	8	(	(	PUNCT
ajfa-1948	89	9	rpd	rpd	NOUN
ajfa-1948	89	10	)	)	PUNCT
ajfa-1948	89	11	ratio	ratio	NOUN
ajfa-1948	89	12	1	1	NUM
ajfa-1948	89	13	1	1	NUM
ajfa-1948	89	14			PROPN
ajfa-1948	89	15			PROPN
ajfa-1948	89	16			NOUN
ajfa-1948	89	17			PRON
ajfa-1948	89	18	p	p	NOUN
ajfa-1948	90	1	pp	pp	ADV
ajfa-1948	90	2	rpd	rpd	PROPN
ajfa-1948	90	3	o	o	PROPN
ajfa-1948	90	4	(	(	PUNCT
ajfa-1948	90	5	4	4	NUM
ajfa-1948	90	6	)	)	PUNCT
ajfa-1948	90	7	the	the	DET
ajfa-1948	90	8	theoretical	theoretical	ADJ
ajfa-1948	90	9	value	value	NOUN
ajfa-1948	90	10	of	of	ADP
ajfa-1948	90	11	the	the	DET
ajfa-1948	90	12	rpd	rpd	PROPN
ajfa-1948	90	13	is	be	AUX
ajfa-1948	90	14	equal	equal	ADJ
ajfa-1948	90	15	to	to	ADP
ajfa-1948	90	16	the	the	DET
ajfa-1948	90	17	dividend	dividend	NOUN
ajfa-1948	90	18	yield	yield	NOUN
ajfa-1948	90	19	,	,	PUNCT
ajfa-1948	90	20	which	which	PRON
ajfa-1948	90	21	is	be	AUX
ajfa-1948	90	22	expressed	express	VERB
ajfa-1948	90	23	as	as	ADP
ajfa-1948	90	24	h3	h3	NOUN
ajfa-1948	90	25	:	:	PUNCT
ajfa-1948	90	26	the	the	DET
ajfa-1948	90	27	mean	mean	ADJ
ajfa-1948	90	28	(	(	PUNCT
ajfa-1948	90	29	median	median	NOUN
ajfa-1948	90	30	)	)	PUNCT
ajfa-1948	90	31	of	of	ADP
ajfa-1948	90	32	the	the	DET
ajfa-1948	90	33	rpd	rpd	PROPN
ajfa-1948	90	34	=	=	PROPN
ajfa-1948	90	35	dividend	dividend	NOUN
ajfa-1948	90	36	yield	yield	NOUN
ajfa-1948	90	37	and	and	CCONJ
ajfa-1948	90	38	the	the	DET
ajfa-1948	90	39	market	market	NOUN
ajfa-1948	90	40	-	-	PUNCT
ajfa-1948	90	41	adjusted	adjust	VERB
ajfa-1948	90	42	price	price	NOUN
ajfa-1948	90	43	drop	drop	NOUN
ajfa-1948	90	44	(	(	PUNCT
ajfa-1948	90	45	mapd	mapd	NOUN
ajfa-1948	90	46	)	)	PUNCT
ajfa-1948	90	47	ratio	ratio	NOUN
ajfa-1948	90	48	1	1	NUM
ajfa-1948	90	49	1	1	NUM
ajfa-1948	90	50	1	1	NUM
ajfa-1948	90	51			NOUN
ajfa-1948	90	52			PROPN
ajfa-1948	90	53			NOUN
ajfa-1948	90	54			NOUN
ajfa-1948	90	55			PROPN
ajfa-1948	90	56			PROPN
ajfa-1948	90	57			PROPN
ajfa-1948	90	58			NOUN
ajfa-1948	90	59			VERB
ajfa-1948	90	60			VERB
ajfa-1948	90	61			PROPN
ajfa-1948	90	62	p	p	NOUN
ajfa-1948	90	63	r	r	NOUN
ajfa-1948	90	64	p	p	X
ajfa-1948	90	65	p	p	PRON
ajfa-1948	90	66	mapd	mapd	NOUN
ajfa-1948	91	1	m	m	VERB
ajfa-1948	91	2	o	o	NOUN
ajfa-1948	91	3	(	(	PUNCT
ajfa-1948	91	4	5	5	NUM
ajfa-1948	91	5	)	)	PUNCT
ajfa-1948	91	6	the	the	DET
ajfa-1948	91	7	theoretical	theoretical	ADJ
ajfa-1948	91	8	value	value	NOUN
ajfa-1948	91	9	of	of	ADP
ajfa-1948	91	10	the	the	DET
ajfa-1948	91	11	mapd	mapd	NOUN
ajfa-1948	91	12	is	be	AUX
ajfa-1948	91	13	also	also	ADV
ajfa-1948	91	14	equal	equal	ADJ
ajfa-1948	91	15	to	to	ADP
ajfa-1948	91	16	the	the	DET
ajfa-1948	91	17	dividend	dividend	NOUN
ajfa-1948	91	18	yield	yield	NOUN
ajfa-1948	91	19	and	and	CCONJ
ajfa-1948	91	20	it	it	PRON
ajfa-1948	91	21	is	be	AUX
ajfa-1948	91	22	expressed	express	VERB
ajfa-1948	91	23	as	as	SCONJ
ajfa-1948	91	24	h4	h4	NOUN
ajfa-1948	91	25	:	:	PUNCT
ajfa-1948	91	26	the	the	DET
ajfa-1948	91	27	mean	mean	ADJ
ajfa-1948	91	28	(	(	PUNCT
ajfa-1948	91	29	median	median	NOUN
ajfa-1948	91	30	)	)	PUNCT
ajfa-1948	91	31	of	of	ADP
ajfa-1948	91	32	the	the	DET
ajfa-1948	91	33	mapd	mapd	NOUN
ajfa-1948	91	34	=	=	SYM
ajfa-1948	91	35	dividend	dividend	NOUN
ajfa-1948	91	36	yield	yield	NOUN
ajfa-1948	91	37	h3	h3	NOUN
ajfa-1948	91	38	and	and	CCONJ
ajfa-1948	91	39	h4	h4	NOUN
ajfa-1948	91	40	illustrate	illustrate	VERB
ajfa-1948	91	41	that	that	PRON
ajfa-1948	91	42	mean	mean	NOUN
ajfa-1948	91	43	(	(	PUNCT
ajfa-1948	91	44	median	median	ADJ
ajfa-1948	91	45	)	)	PUNCT
ajfa-1948	91	46	raw	raw	ADJ
ajfa-1948	91	47	price	price	NOUN
ajfa-1948	91	48	drop	drop	NOUN
ajfa-1948	91	49	and	and	CCONJ
ajfa-1948	91	50	market	market	NOUN
ajfa-1948	91	51	-	-	PUNCT
ajfa-1948	91	52	adjusted	adjust	VERB
ajfa-1948	91	53	price	price	NOUN
ajfa-1948	91	54	drop	drop	NOUN
ajfa-1948	91	55	of	of	ADP
ajfa-1948	91	56	each	each	DET
ajfa-1948	91	57	stock	stock	NOUN
ajfa-1948	91	58	should	should	AUX
ajfa-1948	91	59	be	be	AUX
ajfa-1948	91	60	equal	equal	ADJ
ajfa-1948	91	61	to	to	ADP
ajfa-1948	91	62	their	their	PRON
ajfa-1948	91	63	dividend	dividend	NOUN
ajfa-1948	91	64	yield	yield	NOUN
ajfa-1948	91	65	.	.	PUNCT
ajfa-1948	92	1	in	in	ADP
ajfa-1948	92	2	addition	addition	NOUN
ajfa-1948	92	3	,	,	PUNCT
ajfa-1948	92	4	we	we	PRON
ajfa-1948	92	5	compute	compute	VERB
ajfa-1948	92	6	the	the	DET
ajfa-1948	92	7	dividend	dividend	NOUN
ajfa-1948	92	8	yield	yield	NOUN
ajfa-1948	92	9	,	,	PUNCT
ajfa-1948	92	10	d	d	PROPN
ajfa-1948	92	11	1	1	NUM
ajfa-1948	93	1			NOUN
ajfa-1948	93	2	p	p	X
ajfa-1948	93	3	d	d	X
ajfa-1948	93	4	d	d	X
ajfa-1948	93	5	(	(	PUNCT
ajfa-1948	93	6	6	6	NUM
ajfa-1948	93	7	)	)	PUNCT
ajfa-1948	93	8	the	the	DET
ajfa-1948	93	9	raw	raw	ADJ
ajfa-1948	93	10	ex	ex	NOUN
ajfa-1948	93	11	-	-	ADJ
ajfa-1948	93	12	dividend	dividend	ADJ
ajfa-1948	93	13	-	-	PUNCT
ajfa-1948	93	14	day	day	NOUN
ajfa-1948	93	15	return	return	NOUN
ajfa-1948	93	16	,	,	PUNCT
ajfa-1948	93	17	or	or	CCONJ
ajfa-1948	93	18	1	1	NUM
ajfa-1948	93	19	1	1	NUM
ajfa-1948	93	20			PROPN
ajfa-1948	93	21			NOUN
ajfa-1948	93	22			NOUN
ajfa-1948	93	23			PRON
ajfa-1948	93	24	p	p	PROPN
ajfa-1948	93	25	dpp	dpp	PROPN
ajfa-1948	94	1	r	r	NOUN
ajfa-1948	94	2	o	o	NOUN
ajfa-1948	94	3	o	o	X
ajfa-1948	94	4	(	(	PUNCT
ajfa-1948	94	5	7	7	NUM
ajfa-1948	94	6	)	)	PUNCT
ajfa-1948	94	7	and	and	CCONJ
ajfa-1948	94	8	the	the	DET
ajfa-1948	94	9	market	market	NOUN
ajfa-1948	94	10	-	-	PUNCT
ajfa-1948	94	11	adjusted	adjust	VERB
ajfa-1948	94	12	ex	ex	NOUN
ajfa-1948	94	13	-	-	ADJ
ajfa-1948	94	14	dividend	dividend	ADJ
ajfa-1948	94	15	-	-	PUNCT
ajfa-1948	94	16	day	day	NOUN
ajfa-1948	94	17	abnormal	abnormal	ADJ
ajfa-1948	94	18	return	return	NOUN
ajfa-1948	94	19	,	,	PUNCT
ajfa-1948	94	20	maar	maar	NOUN
ajfa-1948	94	21	mo	mo	PROPN
ajfa-1948	94	22	rrmaar	rrmaar	PROPN
ajfa-1948	94	23			PROPN
ajfa-1948	94	24	(	(	PUNCT
ajfa-1948	94	25	8)	8)	NUM
ajfa-1948	94	26	the	the	DET
ajfa-1948	94	27	null	null	ADJ
ajfa-1948	94	28	hypothesis	hypothesis	NOUN
ajfa-1948	94	29	h5	h5	NOUN
ajfa-1948	94	30	is	be	AUX
ajfa-1948	94	31	developed	develop	VERB
ajfa-1948	94	32	from	from	ADP
ajfa-1948	94	33	the	the	DET
ajfa-1948	94	34	equation	equation	NOUN
ajfa-1948	94	35	(	(	PUNCT
ajfa-1948	94	36	8)	8)	NUM
ajfa-1948	94	37	,	,	PUNCT
ajfa-1948	94	38	which	which	PRON
ajfa-1948	94	39	is	be	AUX
ajfa-1948	94	40	true	true	ADJ
ajfa-1948	94	41	if	if	SCONJ
ajfa-1948	94	42	the	the	DET
ajfa-1948	94	43	value	value	NOUN
ajfa-1948	94	44	of	of	ADP
ajfa-1948	94	45	the	the	DET
ajfa-1948	94	46	maar	maar	NOUN
ajfa-1948	94	47	is	be	AUX
ajfa-1948	94	48	equal	equal	ADJ
ajfa-1948	94	49	to	to	ADP
ajfa-1948	94	50	0	0	NUM
ajfa-1948	94	51	.	.	PUNCT
ajfa-1948	95	1	the	the	DET
ajfa-1948	95	2	hypothesis	hypothesis	NOUN
ajfa-1948	95	3	h5	h5	NOUN
ajfa-1948	95	4	is	be	AUX
ajfa-1948	95	5	expressed	express	VERB
ajfa-1948	95	6	as	as	ADP
ajfa-1948	95	7	h5	h5	NOUN
ajfa-1948	95	8	:	:	PUNCT
ajfa-1948	95	9	the	the	DET
ajfa-1948	95	10	mean	mean	ADJ
ajfa-1948	95	11	(	(	PUNCT
ajfa-1948	95	12	median	median	NOUN
ajfa-1948	95	13	)	)	PUNCT
ajfa-1948	95	14	of	of	ADP
ajfa-1948	95	15	the	the	DET
ajfa-1948	95	16	maar	maar	NOUN
ajfa-1948	95	17	=	=	SYM
ajfa-1948	95	18	0	0	NUM
ajfa-1948	95	19	asian	asian	ADJ
ajfa-1948	95	20	journal	journal	NOUN
ajfa-1948	95	21	of	of	ADP
ajfa-1948	95	22	finance	finance	PROPN
ajfa-1948	95	23	&	&	CCONJ
ajfa-1948	95	24	accounting	accounting	PROPN
ajfa-1948	95	25	issn	issn	PROPN
ajfa-1948	95	26	1946	1946	NUM
ajfa-1948	95	27	-	-	PUNCT
ajfa-1948	95	28	052x	052x	NOUN
ajfa-1948	95	29	2013	2013	NUM
ajfa-1948	95	30	,	,	PUNCT
ajfa-1948	95	31	vol	vol	NOUN
ajfa-1948	95	32	.	.	PROPN
ajfa-1948	95	33	5	5	NUM
ajfa-1948	95	34	,	,	PUNCT
ajfa-1948	95	35	no	no	INTJ
ajfa-1948	95	36	.	.	NOUN
ajfa-1948	95	37	1	1	NUM
ajfa-1948	95	38	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1948	95	39	79	79	NUM
ajfa-1948	95	40	during	during	ADP
ajfa-1948	95	41	the	the	DET
ajfa-1948	95	42	ex	ex	NOUN
ajfa-1948	95	43	-	-	NOUN
ajfa-1948	95	44	day	day	NOUN
ajfa-1948	95	45	trading	trading	NOUN
ajfa-1948	95	46	,	,	PUNCT
ajfa-1948	95	47	stocks	stock	NOUN
ajfa-1948	95	48	can	can	AUX
ajfa-1948	95	49	not	not	PART
ajfa-1948	95	50	have	have	VERB
ajfa-1948	95	51	abnormal	abnormal	ADJ
ajfa-1948	95	52	return	return	NOUN
ajfa-1948	95	53	(	(	PUNCT
ajfa-1948	95	54	after	after	ADP
ajfa-1948	95	55	adjusting	adjust	VERB
ajfa-1948	95	56	market	market	NOUN
ajfa-1948	95	57	influences	influence	NOUN
ajfa-1948	95	58	)	)	PUNCT
ajfa-1948	95	59	and	and	CCONJ
ajfa-1948	95	60	it	it	PRON
ajfa-1948	95	61	should	should	AUX
ajfa-1948	95	62	be	be	AUX
ajfa-1948	95	63	zero	zero	NUM
ajfa-1948	95	64	which	which	PRON
ajfa-1948	95	65	is	be	AUX
ajfa-1948	95	66	demonstrated	demonstrate	VERB
ajfa-1948	95	67	in	in	ADP
ajfa-1948	95	68	h5	h5	PROPN
ajfa-1948	95	69	.	.	PUNCT
ajfa-1948	96	1	furthermore	furthermore	ADV
ajfa-1948	96	2	,	,	PUNCT
ajfa-1948	96	3	we	we	PRON
ajfa-1948	96	4	compute	compute	VERB
ajfa-1948	96	5	the	the	DET
ajfa-1948	96	6	relative	relative	ADJ
ajfa-1948	96	7	trading	trading	NOUN
ajfa-1948	96	8	volume	volume	NOUN
ajfa-1948	96	9	(	(	PUNCT
ajfa-1948	96	10	rtvt	rtvt	VERB
ajfa-1948	96	11	)	)	PUNCT
ajfa-1948	96	12	for	for	ADP
ajfa-1948	96	13	the	the	DET
ajfa-1948	96	14	day	day	NOUN
ajfa-1948	96	15	‘	'	PUNCT
ajfa-1948	96	16	t	t	NOUN
ajfa-1948	96	17	’	'	PUNCT
ajfa-1948	96	18	around	around	ADP
ajfa-1948	96	19	the	the	DET
ajfa-1948	96	20	ex	ex	NOUN
ajfa-1948	96	21	-	-	NOUN
ajfa-1948	96	22	dividend	dividend	ADJ
ajfa-1948	96	23	day	day	NOUN
ajfa-1948	96	24	(	(	PUNCT
ajfa-1948	96	25	t	t	NOUN
ajfa-1948	96	26	=	=	PUNCT
ajfa-1948	96	27	-5	-5	NOUN
ajfa-1948	96	28	to	to	PART
ajfa-1948	96	29	+	+	ADV
ajfa-1948	96	30	5	5	X
ajfa-1948	96	31	)	)	PUNCT
ajfa-1948	97	1	i	i	PRON
ajfa-1948	97	2	it	it	PRON
ajfa-1948	98	1	t	t	X
ajfa-1948	98	2	avtv	avtv	PROPN
ajfa-1948	98	3	v	v	ADP
ajfa-1948	98	4	rtv	rtv	PROPN
ajfa-1948	98	5			PROPN
ajfa-1948	98	6	(	(	PUNCT
ajfa-1948	98	7	9	9	NUM
ajfa-1948	98	8	)	)	PUNCT
ajfa-1948	98	9	where	where	SCONJ
ajfa-1948	98	10	itv	itv	PROPN
ajfa-1948	98	11	=	=	PUNCT
ajfa-1948	98	12	the	the	DET
ajfa-1948	98	13	trading	trading	NOUN
ajfa-1948	98	14	volume	volume	NOUN
ajfa-1948	98	15	on	on	ADP
ajfa-1948	98	16	the	the	DET
ajfa-1948	98	17	day	day	NOUN
ajfa-1948	98	18	‘	'	PUNCT
ajfa-1948	98	19	t	t	NOUN
ajfa-1948	98	20	’	'	PUNCT
ajfa-1948	98	21	for	for	ADP
ajfa-1948	98	22	the	the	DET
ajfa-1948	98	23	stocks	stock	NOUN
ajfa-1948	98	24	‘	'	PUNCT
ajfa-1948	98	25	i	i	PRON
ajfa-1948	98	26	’	'	PUNCT
ajfa-1948	98	27	and	and	CCONJ
ajfa-1948	98	28	iavtv	iavtv	PROPN
ajfa-1948	99	1	=	=	PUNCT
ajfa-1948	100	1	the	the	DET
ajfa-1948	100	2	average	average	ADJ
ajfa-1948	100	3	trading	trading	NOUN
ajfa-1948	100	4	volume	volume	NOUN
ajfa-1948	100	5	of	of	ADP
ajfa-1948	100	6	a	a	DET
ajfa-1948	100	7	company	company	NOUN
ajfa-1948	100	8	‘	'	PUNCT
ajfa-1948	100	9	i	i	PRON
ajfa-1948	100	10	’	'	PUNCT
ajfa-1948	100	11	estimated	estimate	VERB
ajfa-1948	100	12	over	over	ADP
ajfa-1948	100	13	the	the	DET
ajfa-1948	100	14	period	period	NOUN
ajfa-1948	100	15	of	of	ADP
ajfa-1948	100	16	-30	-30	NUM
ajfa-1948	100	17	to	to	PART
ajfa-1948	100	18	-5	-5	VERB
ajfa-1948	100	19	and	and	CCONJ
ajfa-1948	100	20	+5	+5	ADJ
ajfa-1948	100	21	days	day	NOUN
ajfa-1948	100	22	relative	relative	ADJ
ajfa-1948	100	23	to	to	ADP
ajfa-1948	100	24	the	the	DET
ajfa-1948	100	25	ex	ex	NOUN
ajfa-1948	100	26	-	-	NOUN
ajfa-1948	100	27	dividend	dividend	ADJ
ajfa-1948	100	28	day	day	NOUN
ajfa-1948	100	29	.	.	PUNCT
ajfa-1948	101	1	the	the	DET
ajfa-1948	101	2	theoretical	theoretical	ADJ
ajfa-1948	101	3	value	value	NOUN
ajfa-1948	101	4	of	of	ADP
ajfa-1948	101	5	the	the	DET
ajfa-1948	101	6	rtv	rtv	NOUN
ajfa-1948	101	7	is	be	AUX
ajfa-1948	101	8	equal	equal	ADJ
ajfa-1948	101	9	to	to	ADP
ajfa-1948	101	10	1	1	NUM
ajfa-1948	101	11	and	and	CCONJ
ajfa-1948	101	12	it	it	PRON
ajfa-1948	101	13	is	be	AUX
ajfa-1948	101	14	expressed	express	VERB
ajfa-1948	101	15	as	as	ADP
ajfa-1948	101	16	h6	h6	PROPN
ajfa-1948	101	17	:	:	PUNCT
ajfa-1948	101	18	trtv	trtv	VERB
ajfa-1948	101	19	(	(	PUNCT
ajfa-1948	101	20	relative	relative	ADJ
ajfa-1948	101	21	trading	trading	NOUN
ajfa-1948	101	22	volume	volume	NOUN
ajfa-1948	101	23	)	)	PUNCT
ajfa-1948	102	1	=	=	SYM
ajfa-1948	102	2	1	1	NUM
ajfa-1948	102	3	h6	h6	PROPN
ajfa-1948	102	4	illustrates	illustrate	VERB
ajfa-1948	102	5	the	the	DET
ajfa-1948	102	6	level	level	NOUN
ajfa-1948	102	7	of	of	ADP
ajfa-1948	102	8	significance	significance	NOUN
ajfa-1948	102	9	of	of	ADP
ajfa-1948	102	10	an	an	DET
ajfa-1948	102	11	investor	investor	NOUN
ajfa-1948	102	12	to	to	PART
ajfa-1948	102	13	trade	trade	VERB
ajfa-1948	102	14	around	around	ADP
ajfa-1948	102	15	the	the	DET
ajfa-1948	102	16	ex	ex	NOUN
ajfa-1948	102	17	-	-	NOUN
ajfa-1948	102	18	day	day	NOUN
ajfa-1948	102	19	to	to	PART
ajfa-1948	102	20	grab	grab	VERB
ajfa-1948	102	21	the	the	DET
ajfa-1948	102	22	abnormal	abnormal	ADJ
ajfa-1948	102	23	return	return	NOUN
ajfa-1948	102	24	(	(	PUNCT
ajfa-1948	102	25	if	if	SCONJ
ajfa-1948	102	26	any	any	PRON
ajfa-1948	102	27	)	)	PUNCT
ajfa-1948	102	28	.	.	PUNCT
ajfa-1948	103	1	3.1	3.1	NUM
ajfa-1948	103	2	data	datum	NOUN
ajfa-1948	103	3	collection	collection	NOUN
ajfa-1948	103	4	the	the	DET
ajfa-1948	103	5	data	datum	NOUN
ajfa-1948	103	6	we	we	PRON
ajfa-1948	103	7	collected	collect	VERB
ajfa-1948	103	8	to	to	PART
ajfa-1948	103	9	examine	examine	VERB
ajfa-1948	103	10	the	the	DET
ajfa-1948	103	11	stock	stock	NOUN
ajfa-1948	103	12	price	price	NOUN
ajfa-1948	103	13	behaviour	behaviour	NOUN
ajfa-1948	103	14	on	on	ADP
ajfa-1948	103	15	the	the	DET
ajfa-1948	103	16	ex	ex	NOUN
ajfa-1948	103	17	-	-	ADJ
ajfa-1948	103	18	dividend	dividend	ADJ
ajfa-1948	103	19	day	day	NOUN
ajfa-1948	103	20	covers	cover	VERB
ajfa-1948	103	21	the	the	DET
ajfa-1948	103	22	fiscal	fiscal	ADJ
ajfa-1948	103	23	years	year	NOUN
ajfa-1948	103	24	2005	2005	NUM
ajfa-1948	103	25	to	to	ADP
ajfa-1948	103	26	2009	2009	NUM
ajfa-1948	103	27	.	.	PUNCT
ajfa-1948	104	1	we	we	PRON
ajfa-1948	104	2	selected	select	VERB
ajfa-1948	104	3	companies	company	NOUN
ajfa-1948	104	4	from	from	ADP
ajfa-1948	104	5	the	the	DET
ajfa-1948	104	6	new	new	PROPN
ajfa-1948	104	7	york	york	PROPN
ajfa-1948	104	8	stock	stock	PROPN
ajfa-1948	104	9	exchange	exchange	PROPN
ajfa-1948	104	10	(	(	PUNCT
ajfa-1948	104	11	nyse	nyse	PROPN
ajfa-1948	104	12	)	)	PUNCT
ajfa-1948	104	13	,	,	PUNCT
ajfa-1948	104	14	tokyo	tokyo	PROPN
ajfa-1948	104	15	stock	stock	NOUN
ajfa-1948	104	16	exchange	exchange	PROPN
ajfa-1948	104	17	(	(	PUNCT
ajfa-1948	104	18	tse	tse	PROPN
ajfa-1948	104	19	)	)	PUNCT
ajfa-1948	104	20	,	,	PUNCT
ajfa-1948	104	21	shanghai	shanghai	PROPN
ajfa-1948	104	22	stock	stock	PROPN
ajfa-1948	104	23	exchange	exchange	PROPN
ajfa-1948	104	24	(	(	PUNCT
ajfa-1948	104	25	sse	sse	PROPN
ajfa-1948	104	26	)	)	PUNCT
ajfa-1948	104	27	,	,	PUNCT
ajfa-1948	104	28	and	and	CCONJ
ajfa-1948	104	29	london	london	PROPN
ajfa-1948	104	30	stock	stock	PROPN
ajfa-1948	104	31	exchange	exchange	PROPN
ajfa-1948	104	32	(	(	PUNCT
ajfa-1948	104	33	lse	lse	PROPN
ajfa-1948	104	34	)	)	PUNCT
ajfa-1948	104	35	.	.	PUNCT
ajfa-1948	105	1	as	as	ADP
ajfa-1948	105	2	a	a	DET
ajfa-1948	105	3	proxy	proxy	NOUN
ajfa-1948	105	4	for	for	ADP
ajfa-1948	105	5	blue	blue	ADJ
ajfa-1948	105	6	-	-	PUNCT
ajfa-1948	105	7	chip	chip	NOUN
ajfa-1948	105	8	stock	stock	NOUN
ajfa-1948	105	9	(	(	PUNCT
ajfa-1948	105	10	weiss	weiss	PROPN
ajfa-1948	105	11	and	and	CCONJ
ajfa-1948	105	12	lowe	lowe	PROPN
ajfa-1948	105	13	,	,	PUNCT
ajfa-1948	105	14	1988	1988	NUM
ajfa-1948	105	15	;	;	PUNCT
ajfa-1948	105	16	cho	cho	NOUN
ajfa-1948	105	17	and	and	CCONJ
ajfa-1948	105	18	engle	engle	PROPN
ajfa-1948	105	19	,	,	PUNCT
ajfa-1948	105	20	1999	1999	NUM
ajfa-1948	105	21	;	;	PUNCT
ajfa-1948	105	22	hearn	hearn	NOUN
ajfa-1948	105	23	,	,	PUNCT
ajfa-1948	105	24	2010	2010	NUM
ajfa-1948	105	25	)	)	PUNCT
ajfa-1948	105	26	,	,	PUNCT
ajfa-1948	105	27	our	our	PRON
ajfa-1948	105	28	sample	sample	NOUN
ajfa-1948	105	29	of	of	ADP
ajfa-1948	105	30	companies	company	NOUN
ajfa-1948	105	31	was	be	AUX
ajfa-1948	105	32	selected	select	VERB
ajfa-1948	105	33	to	to	PART
ajfa-1948	105	34	meet	meet	VERB
ajfa-1948	105	35	these	these	DET
ajfa-1948	105	36	specific	specific	ADJ
ajfa-1948	105	37	criteria	criterion	NOUN
ajfa-1948	105	38	:	:	PUNCT
ajfa-1948	105	39			NOUN
ajfa-1948	105	40	listed	list	VERB
ajfa-1948	105	41	under	under	ADP
ajfa-1948	105	42	the	the	DET
ajfa-1948	105	43	s&p	s&p	PROPN
ajfa-1948	105	44	100	100	NUM
ajfa-1948	105	45	index	index	NOUN
ajfa-1948	105	46	,	,	PUNCT
ajfa-1948	105	47	topix	topix	PROPN
ajfa-1948	105	48	100	100	NUM
ajfa-1948	105	49	index	index	NOUN
ajfa-1948	105	50	,	,	PUNCT
ajfa-1948	105	51	sse	sse	PROPN
ajfa-1948	105	52	180	180	NUM
ajfa-1948	105	53	index	index	NOUN
ajfa-1948	105	54	,	,	PUNCT
ajfa-1948	105	55	or	or	CCONJ
ajfa-1948	105	56	ftse	ftse	VERB
ajfa-1948	105	57	100	100	NUM
ajfa-1948	105	58	index	index	NOUN
ajfa-1948	105	59	.	.	PUNCT
ajfa-1948	106	1			X
ajfa-1948	106	2	should	should	AUX
ajfa-1948	106	3	have	have	AUX
ajfa-1948	106	4	paid	pay	VERB
ajfa-1948	106	5	a	a	DET
ajfa-1948	106	6	cash	cash	NOUN
ajfa-1948	106	7	dividend	dividend	NOUN
ajfa-1948	106	8	.	.	PUNCT
ajfa-1948	107	1			NOUN
ajfa-1948	107	2	stock	stock	NOUN
ajfa-1948	107	3	prices	price	NOUN
ajfa-1948	107	4	must	must	AUX
ajfa-1948	107	5	be	be	AUX
ajfa-1948	107	6	available	available	ADJ
ajfa-1948	107	7	thirty	thirty	NUM
ajfa-1948	107	8	-	-	PUNCT
ajfa-1948	107	9	five	five	NUM
ajfa-1948	107	10	days	day	NOUN
ajfa-1948	107	11	prior	prior	ADV
ajfa-1948	107	12	to	to	ADP
ajfa-1948	107	13	,	,	PUNCT
ajfa-1948	107	14	and	and	CCONJ
ajfa-1948	107	15	five	five	NUM
ajfa-1948	107	16	days	day	NOUN
ajfa-1948	107	17	after	after	ADV
ajfa-1948	107	18	,	,	PUNCT
ajfa-1948	107	19	the	the	DET
ajfa-1948	107	20	ex	ex	NOUN
ajfa-1948	107	21	-	-	NOUN
ajfa-1948	107	22	dividend	dividend	ADJ
ajfa-1948	107	23	day	day	NOUN
ajfa-1948	107	24	.	.	PUNCT
ajfa-1948	108	1	our	our	PRON
ajfa-1948	108	2	final	final	ADJ
ajfa-1948	108	3	sample	sample	NOUN
ajfa-1948	108	4	consisted	consist	VERB
ajfa-1948	108	5	of	of	ADP
ajfa-1948	108	6	1,733	1,733	NUM
ajfa-1948	108	7	observations	observation	NOUN
ajfa-1948	108	8	from	from	ADP
ajfa-1948	108	9	the	the	DET
ajfa-1948	108	10	nyse	nyse	PROPN
ajfa-1948	108	11	,	,	PUNCT
ajfa-1948	108	12	951	951	NUM
ajfa-1948	108	13	from	from	ADP
ajfa-1948	108	14	the	the	DET
ajfa-1948	108	15	tse	tse	PROPN
ajfa-1948	108	16	,	,	PUNCT
ajfa-1948	108	17	887	887	NUM
ajfa-1948	108	18	from	from	ADP
ajfa-1948	108	19	the	the	DET
ajfa-1948	108	20	sse	sse	NOUN
ajfa-1948	108	21	,	,	PUNCT
ajfa-1948	108	22	and	and	CCONJ
ajfa-1948	108	23	1,106	1,106	NUM
ajfa-1948	108	24	from	from	ADP
ajfa-1948	108	25	the	the	DET
ajfa-1948	108	26	lse	lse	NOUN
ajfa-1948	108	27	.	.	PUNCT
ajfa-1948	109	1	from	from	ADP
ajfa-1948	109	2	thomson	thomson	PROPN
ajfa-1948	109	3	reuters	reuters	PROPN
ajfa-1948	109	4	datastream	datastream	PROPN
ajfa-1948	109	5	,	,	PUNCT
ajfa-1948	109	6	we	we	PRON
ajfa-1948	109	7	collected	collect	VERB
ajfa-1948	109	8	daily	daily	ADJ
ajfa-1948	109	9	stock	stock	NOUN
ajfa-1948	109	10	prices	price	NOUN
ajfa-1948	109	11	,	,	PUNCT
ajfa-1948	109	12	daily	daily	ADJ
ajfa-1948	109	13	trading	trading	NOUN
ajfa-1948	109	14	volumes	volume	NOUN
ajfa-1948	109	15	,	,	PUNCT
ajfa-1948	109	16	cash	cash	NOUN
ajfa-1948	109	17	dividend	dividend	NOUN
ajfa-1948	109	18	amounts	amount	NOUN
ajfa-1948	109	19	,	,	PUNCT
ajfa-1948	109	20	cumand	cumand	ADV
ajfa-1948	109	21	ex	ex	ADJ
ajfa-1948	109	22	-	-	ADJ
ajfa-1948	109	23	dividend	dividend	ADJ
ajfa-1948	109	24	dates	date	NOUN
ajfa-1948	109	25	,	,	PUNCT
ajfa-1948	109	26	and	and	CCONJ
ajfa-1948	109	27	the	the	DET
ajfa-1948	109	28	annual	annual	ADJ
ajfa-1948	109	29	market	market	NOUN
ajfa-1948	109	30	capital	capital	NOUN
ajfa-1948	109	31	of	of	ADP
ajfa-1948	109	32	each	each	DET
ajfa-1948	109	33	company	company	NOUN
ajfa-1948	109	34	.	.	PUNCT
ajfa-1948	110	1	finally	finally	ADV
ajfa-1948	110	2	,	,	PUNCT
ajfa-1948	110	3	we	we	PRON
ajfa-1948	110	4	compiled	compile	VERB
ajfa-1948	110	5	daily	daily	ADJ
ajfa-1948	110	6	index	index	NOUN
ajfa-1948	110	7	prices	price	NOUN
ajfa-1948	110	8	(	(	PUNCT
ajfa-1948	110	9	s&p	s&p	PROPN
ajfa-1948	110	10	100	100	NUM
ajfa-1948	110	11	,	,	PUNCT
ajfa-1948	110	12	topix	topix	NOUN
ajfa-1948	110	13	100	100	NUM
ajfa-1948	110	14	,	,	PUNCT
ajfa-1948	110	15	sse	sse	NOUN
ajfa-1948	110	16	180	180	NUM
ajfa-1948	110	17	,	,	PUNCT
ajfa-1948	110	18	and	and	CCONJ
ajfa-1948	110	19	ftse	ftse	PROPN
ajfa-1948	110	20	100	100	NUM
ajfa-1948	110	21	)	)	PUNCT
ajfa-1948	110	22	from	from	ADP
ajfa-1948	110	23	the	the	DET
ajfa-1948	110	24	same	same	ADJ
ajfa-1948	110	25	thomson	thomson	NOUN
ajfa-1948	110	26	reuters	reuters	PROPN
ajfa-1948	110	27	datastream	datastream	NOUN
ajfa-1948	110	28	.	.	PUNCT
ajfa-1948	111	1	4	4	X
ajfa-1948	111	2	.	.	X
ajfa-1948	111	3	empirical	empirical	ADJ
ajfa-1948	111	4	findings	finding	NOUN
ajfa-1948	111	5	and	and	CCONJ
ajfa-1948	111	6	analysis	analysis	NOUN
ajfa-1948	111	7	table	table	NOUN
ajfa-1948	111	8	1	1	NUM
ajfa-1948	111	9	shows	show	VERB
ajfa-1948	111	10	the	the	DET
ajfa-1948	111	11	theoretical	theoretical	ADJ
ajfa-1948	111	12	(	(	PUNCT
ajfa-1948	111	13	hypothesized	hypothesized	ADJ
ajfa-1948	111	14	value	value	NOUN
ajfa-1948	111	15	)	)	PUNCT
ajfa-1948	111	16	mean	mean	NOUN
ajfa-1948	112	1	and	and	CCONJ
ajfa-1948	112	2	median	median	ADJ
ajfa-1948	112	3	values	value	NOUN
ajfa-1948	112	4	of	of	ADP
ajfa-1948	112	5	the	the	DET
ajfa-1948	112	6	rpr	rpr	PROPN
ajfa-1948	112	7	,	,	PUNCT
ajfa-1948	112	8	asian	asian	ADJ
ajfa-1948	112	9	journal	journal	NOUN
ajfa-1948	112	10	of	of	ADP
ajfa-1948	112	11	finance	finance	PROPN
ajfa-1948	112	12	&	&	CCONJ
ajfa-1948	112	13	accounting	accounting	PROPN
ajfa-1948	112	14	issn	issn	PROPN
ajfa-1948	112	15	1946	1946	NUM
ajfa-1948	112	16	-	-	PUNCT
ajfa-1948	112	17	052x	052x	NOUN
ajfa-1948	112	18	2013	2013	NUM
ajfa-1948	112	19	,	,	PUNCT
ajfa-1948	112	20	vol	vol	NOUN
ajfa-1948	112	21	.	.	PROPN
ajfa-1948	112	22	5	5	NUM
ajfa-1948	112	23	,	,	PUNCT
ajfa-1948	112	24	no	no	INTJ
ajfa-1948	112	25	.	.	NOUN
ajfa-1948	112	26	1	1	NUM
ajfa-1948	112	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	112	28	80	80	NUM
ajfa-1948	112	29	mapr	mapr	NOUN
ajfa-1948	112	30	,	,	PUNCT
ajfa-1948	112	31	rpd	rpd	PROPN
ajfa-1948	112	32	,	,	PUNCT
ajfa-1948	112	33	mapd	mapd	NOUN
ajfa-1948	112	34	,	,	PUNCT
ajfa-1948	112	35	maar	maar	NOUN
ajfa-1948	112	36	,	,	PUNCT
ajfa-1948	112	37	and	and	CCONJ
ajfa-1948	112	38	rtv	rtv	NOUN
ajfa-1948	112	39	of	of	ADP
ajfa-1948	112	40	the	the	DET
ajfa-1948	112	41	nyse	nyse	PROPN
ajfa-1948	112	42	,	,	PUNCT
ajfa-1948	112	43	tse	tse	PROPN
ajfa-1948	112	44	,	,	PUNCT
ajfa-1948	112	45	sse	sse	NOUN
ajfa-1948	112	46	,	,	PUNCT
ajfa-1948	112	47	and	and	CCONJ
ajfa-1948	112	48	lse	lse	PROPN
ajfa-1948	112	49	.	.	PUNCT
ajfa-1948	113	1	a	a	DET
ajfa-1948	113	2	t	t	NOUN
ajfa-1948	113	3	-	-	PUNCT
ajfa-1948	113	4	statistic	statistic	NOUN
ajfa-1948	113	5	is	be	AUX
ajfa-1948	113	6	used	use	VERB
ajfa-1948	113	7	to	to	PART
ajfa-1948	113	8	analyse	analyse	VERB
ajfa-1948	113	9	the	the	DET
ajfa-1948	113	10	differences	difference	NOUN
ajfa-1948	113	11	between	between	ADP
ajfa-1948	113	12	the	the	DET
ajfa-1948	113	13	theoretical	theoretical	ADJ
ajfa-1948	113	14	and	and	CCONJ
ajfa-1948	113	15	mean	mean	ADJ
ajfa-1948	113	16	values	value	NOUN
ajfa-1948	113	17	.	.	PUNCT
ajfa-1948	114	1	additionally	additionally	ADV
ajfa-1948	114	2	,	,	PUNCT
ajfa-1948	114	3	the	the	DET
ajfa-1948	114	4	wilcoxon	wilcoxon	ADJ
ajfa-1948	114	5	signed	sign	VERB
ajfa-1948	114	6	-	-	PUNCT
ajfa-1948	114	7	rank	rank	NOUN
ajfa-1948	114	8	test	test	NOUN
ajfa-1948	114	9	is	be	AUX
ajfa-1948	114	10	used	use	VERB
ajfa-1948	114	11	to	to	PART
ajfa-1948	114	12	examine	examine	VERB
ajfa-1948	114	13	the	the	DET
ajfa-1948	114	14	differences	difference	NOUN
ajfa-1948	114	15	between	between	ADP
ajfa-1948	114	16	the	the	DET
ajfa-1948	114	17	median	median	NOUN
ajfa-1948	114	18	and	and	CCONJ
ajfa-1948	114	19	corresponding	correspond	VERB
ajfa-1948	114	20	theoretical	theoretical	ADJ
ajfa-1948	114	21	values	value	NOUN
ajfa-1948	114	22	.	.	PUNCT
ajfa-1948	115	1	a	a	DET
ajfa-1948	115	2	t	t	NOUN
ajfa-1948	115	3	-	-	PUNCT
ajfa-1948	115	4	test	test	NOUN
ajfa-1948	115	5	is	be	AUX
ajfa-1948	115	6	also	also	ADV
ajfa-1948	115	7	used	use	VERB
ajfa-1948	115	8	to	to	PART
ajfa-1948	115	9	compute	compute	VERB
ajfa-1948	115	10	the	the	DET
ajfa-1948	115	11	maar	maar	NOUN
ajfa-1948	115	12	.	.	PUNCT
ajfa-1948	115	13	table	table	NOUN
ajfa-1948	115	14	1	1	NUM
ajfa-1948	115	15	.	.	PUNCT
ajfa-1948	115	16	theoretical	theoretical	ADJ
ajfa-1948	115	17	values	value	NOUN
ajfa-1948	115	18	of	of	ADP
ajfa-1948	115	19	the	the	DET
ajfa-1948	115	20	rpr	rpr	PROPN
ajfa-1948	115	21	,	,	PUNCT
ajfa-1948	115	22	mapr	mapr	PROPN
ajfa-1948	115	23	,	,	PUNCT
ajfa-1948	115	24	rpd	rpd	PROPN
ajfa-1948	115	25	,	,	PUNCT
ajfa-1948	115	26	mapd	mapd	NOUN
ajfa-1948	115	27	,	,	PUNCT
ajfa-1948	115	28	maar	maar	NOUN
ajfa-1948	115	29	,	,	PUNCT
ajfa-1948	115	30	rtv	rtv	PROPN
ajfa-1948	115	31	(	(	PUNCT
ajfa-1948	115	32	-1	-1	ADP
ajfa-1948	115	33	to	to	PART
ajfa-1948	115	34	-5	-5	VERB
ajfa-1948	115	35	)	)	PUNCT
ajfa-1948	115	36	,	,	PUNCT
ajfa-1948	115	37	and	and	CCONJ
ajfa-1948	115	38	rtv	rtv	NOUN
ajfa-1948	115	39	(	(	PUNCT
ajfa-1948	115	40	1	1	NUM
ajfa-1948	115	41	to	to	PART
ajfa-1948	115	42	5	5	NUM
ajfa-1948	115	43	)	)	PUNCT
ajfa-1948	115	44	of	of	ADP
ajfa-1948	115	45	the	the	DET
ajfa-1948	115	46	nyse	nyse	PROPN
ajfa-1948	115	47	,	,	PUNCT
ajfa-1948	115	48	tse	tse	PROPN
ajfa-1948	115	49	,	,	PUNCT
ajfa-1948	115	50	sse	sse	NOUN
ajfa-1948	115	51	,	,	PUNCT
ajfa-1948	115	52	and	and	CCONJ
ajfa-1948	115	53	lse	lse	PROPN
ajfa-1948	115	54	theoretical	theoretical	ADJ
ajfa-1948	115	55	values	value	NOUN
ajfa-1948	115	56	nyse	nyse	PROPN
ajfa-1948	115	57	tse	tse	PROPN
ajfa-1948	115	58	sse	sse	PROPN
ajfa-1948	115	59	lse	lse	PROPN
ajfa-1948	115	60	mean	mean	PROPN
ajfa-1948	116	1	median	median	PROPN
ajfa-1948	116	2	mean	mean	NOUN
ajfa-1948	116	3	median	median	NOUN
ajfa-1948	116	4	mean	mean	NOUN
ajfa-1948	116	5	median	median	NOUN
ajfa-1948	116	6	mean	mean	NOUN
ajfa-1948	116	7	median	median	PROPN
ajfa-1948	116	8	rpr	rpr	PROPN
ajfa-1948	116	9	1	1	NUM
ajfa-1948	116	10	1	1	NUM
ajfa-1948	116	11	1	1	NUM
ajfa-1948	116	12	1	1	NUM
ajfa-1948	116	13	1	1	NUM
ajfa-1948	116	14	1	1	NUM
ajfa-1948	116	15	1	1	NUM
ajfa-1948	116	16	1	1	NUM
ajfa-1948	116	17	mapr	mapr	NOUN
ajfa-1948	116	18	1	1	NUM
ajfa-1948	116	19	1	1	NUM
ajfa-1948	116	20	1	1	NUM
ajfa-1948	116	21	1	1	NUM
ajfa-1948	116	22	1	1	NUM
ajfa-1948	116	23	1	1	NUM
ajfa-1948	116	24	1	1	NUM
ajfa-1948	116	25	1	1	NUM
ajfa-1948	116	26	rpd	rpd	NOUN
ajfa-1948	116	27	0.0069	0.0069	NUM
ajfa-1948	116	28	0.0062	0.0062	NUM
ajfa-1948	116	29	0.0084	0.0084	NUM
ajfa-1948	116	30	0.0074	0.0074	NUM
ajfa-1948	116	31	0.0162	0.0162	NUM
ajfa-1948	116	32	0.0123	0.0123	NUM
ajfa-1948	116	33	0.0121	0.0121	NUM
ajfa-1948	116	34	0.01	0.01	NUM
ajfa-1948	116	35	mapd	mapd	NOUN
ajfa-1948	116	36	0.0069	0.0069	NUM
ajfa-1948	116	37	0.0062	0.0062	NUM
ajfa-1948	116	38	0.0084	0.0084	NUM
ajfa-1948	116	39	0.0074	0.0074	NUM
ajfa-1948	116	40	0.0162	0.0162	NUM
ajfa-1948	116	41	0.0123	0.0123	NUM
ajfa-1948	116	42	0.0121	0.0121	NUM
ajfa-1948	116	43	0.01	0.01	NUM
ajfa-1948	116	44	maar	maar	NOUN
ajfa-1948	116	45	0	0	NUM
ajfa-1948	116	46	0	0	NUM
ajfa-1948	116	47	0	0	NUM
ajfa-1948	116	48	0	0	NUM
ajfa-1948	116	49	0	0	NUM
ajfa-1948	116	50	0	0	NUM
ajfa-1948	116	51	0	0	NUM
ajfa-1948	116	52	0	0	NUM
ajfa-1948	117	1	rtv(-1	rtv(-1	VERB
ajfa-1948	117	2	to	to	PART
ajfa-1948	117	3	-5	-5	VERB
ajfa-1948	117	4	)	)	PUNCT
ajfa-1948	117	5	1	1	NUM
ajfa-1948	117	6	1	1	NUM
ajfa-1948	117	7	1	1	NUM
ajfa-1948	117	8	1	1	NUM
ajfa-1948	117	9	1	1	NUM
ajfa-1948	117	10	1	1	NUM
ajfa-1948	117	11	1	1	NUM
ajfa-1948	117	12	1	1	NUM
ajfa-1948	117	13	rtv	rtv	NOUN
ajfa-1948	117	14	(	(	PUNCT
ajfa-1948	117	15	1	1	NUM
ajfa-1948	117	16	to	to	PART
ajfa-1948	117	17	5	5	NUM
ajfa-1948	117	18	)	)	PUNCT
ajfa-1948	117	19	1	1	NUM
ajfa-1948	117	20	1	1	NUM
ajfa-1948	117	21	1	1	NUM
ajfa-1948	117	22	1	1	NUM
ajfa-1948	117	23	1	1	NUM
ajfa-1948	117	24	1	1	NUM
ajfa-1948	117	25	1	1	NUM
ajfa-1948	117	26	1	1	NUM
ajfa-1948	117	27	4.1	4.1	NUM
ajfa-1948	117	28	new	new	PROPN
ajfa-1948	117	29	york	york	PROPN
ajfa-1948	117	30	stock	stock	PROPN
ajfa-1948	117	31	exchange	exchange	PROPN
ajfa-1948	117	32	table	table	NOUN
ajfa-1948	117	33	2	2	NUM
ajfa-1948	117	34	.	.	PUNCT
ajfa-1948	118	1	mean	mean	ADJ
ajfa-1948	118	2	,	,	PUNCT
ajfa-1948	118	3	median	median	PROPN
ajfa-1948	118	4	,	,	PUNCT
ajfa-1948	118	5	t	t	NOUN
ajfa-1948	118	6	-	-	PUNCT
ajfa-1948	118	7	test	test	NOUN
ajfa-1948	118	8	,	,	PUNCT
ajfa-1948	118	9	and	and	CCONJ
ajfa-1948	118	10	wilcoxon	wilcoxon	VERB
ajfa-1948	118	11	signed	sign	VERB
ajfa-1948	118	12	-	-	PUNCT
ajfa-1948	118	13	rank	rank	NOUN
ajfa-1948	118	14	test	test	NOUN
ajfa-1948	118	15	(	(	PUNCT
ajfa-1948	118	16	z	z	NOUN
ajfa-1948	118	17	-	-	PUNCT
ajfa-1948	118	18	value	value	NOUN
ajfa-1948	118	19	)	)	PUNCT
ajfa-1948	118	20	values	value	NOUN
ajfa-1948	118	21	of	of	ADP
ajfa-1948	118	22	the	the	DET
ajfa-1948	118	23	rpr	rpr	PROPN
ajfa-1948	118	24	,	,	PUNCT
ajfa-1948	119	1	mapr	mapr	PROPN
ajfa-1948	119	2	,	,	PUNCT
ajfa-1948	119	3	rpd	rpd	PROPN
ajfa-1948	119	4	,	,	PUNCT
ajfa-1948	119	5	and	and	CCONJ
ajfa-1948	119	6	mapd	mapd	NOUN
ajfa-1948	119	7	of	of	ADP
ajfa-1948	119	8	the	the	DET
ajfa-1948	119	9	nyse	nyse	PROPN
ajfa-1948	119	10	mean	mean	PROPN
ajfa-1948	119	11	t	t	PROPN
ajfa-1948	119	12	-	-	PUNCT
ajfa-1948	119	13	test	test	NOUN
ajfa-1948	119	14	median	median	NOUN
ajfa-1948	119	15	z	z	NOUN
ajfa-1948	119	16	-	-	PUNCT
ajfa-1948	119	17	value	value	NOUN
ajfa-1948	119	18	(	(	PUNCT
ajfa-1948	119	19	median	median	ADJ
ajfa-1948	119	20	)	)	PUNCT
ajfa-1948	119	21	standard	standard	ADJ
ajfa-1948	119	22	deviation	deviation	NOUN
ajfa-1948	119	23	(	(	PUNCT
ajfa-1948	119	24	mean	mean	NOUN
ajfa-1948	119	25	)	)	PUNCT
ajfa-1948	119	26	rpr	rpr	PROPN
ajfa-1948	119	27	1.0514	1.0514	NUM
ajfa-1948	119	28	0.3204	0.3204	NUM
ajfa-1948	119	29	0.9016	0.9016	NUM
ajfa-1948	119	30	0.694	0.694	NUM
ajfa-1948	119	31	3.7349	3.7349	NUM
ajfa-1948	119	32	mapr	mapr	NOUN
ajfa-1948	120	1	1.0073	1.0073	NUM
ajfa-1948	120	2	0.0435	0.0435	NUM
ajfa-1948	120	3	0.8788	0.8788	NUM
ajfa-1948	120	4	0.407	0.407	NUM
ajfa-1948	120	5	3.9322	3.9322	NUM
ajfa-1948	120	6	rpd	rpd	NOUN
ajfa-1948	120	7	0.0073	0.0073	NUM
ajfa-1948	120	8	0.4563	0.4563	NUM
ajfa-1948	120	9	0.0065	0.0065	NUM
ajfa-1948	120	10	0.642	0.642	NUM
ajfa-1948	120	11	0.0183	0.0183	NUM
ajfa-1948	120	12	mapd	mapd	NOUN
ajfa-1948	120	13	0.0077	0.0077	NUM
ajfa-1948	120	14	0.9564	0.9564	NUM
ajfa-1948	120	15	0.0066	0.0066	NUM
ajfa-1948	120	16	0.512	0.512	NUM
ajfa-1948	120	17	0.0185	0.0185	NUM
ajfa-1948	120	18	dividend	dividend	NOUN
ajfa-1948	120	19	yield	yield	NOUN
ajfa-1948	120	20	0.0069	0.0069	NUM
ajfa-1948	120	21	0.0062	0.0062	NUM
ajfa-1948	120	22	0.004	0.004	NUM
ajfa-1948	120	23	the	the	DET
ajfa-1948	120	24	mean	mean	ADJ
ajfa-1948	120	25	(	(	PUNCT
ajfa-1948	120	26	median	median	ADJ
ajfa-1948	120	27	)	)	PUNCT
ajfa-1948	120	28	value	value	NOUN
ajfa-1948	120	29	of	of	ADP
ajfa-1948	120	30	the	the	DET
ajfa-1948	120	31	rpr	rpr	PROPN
ajfa-1948	120	32	and	and	CCONJ
ajfa-1948	120	33	the	the	DET
ajfa-1948	120	34	associated	associated	PROPN
ajfa-1948	120	35	t	t	PROPN
ajfa-1948	120	36	-	-	PUNCT
ajfa-1948	120	37	statistic	statistic	NOUN
ajfa-1948	120	38	(	(	PUNCT
ajfa-1948	120	39	z	z	NOUN
ajfa-1948	120	40	-	-	PUNCT
ajfa-1948	120	41	value	value	NOUN
ajfa-1948	120	42	)	)	PUNCT
ajfa-1948	120	43	suggests	suggest	VERB
ajfa-1948	120	44	that	that	SCONJ
ajfa-1948	120	45	there	there	PRON
ajfa-1948	120	46	are	be	VERB
ajfa-1948	120	47	no	no	DET
ajfa-1948	120	48	statistical	statistical	ADJ
ajfa-1948	120	49	differences	difference	NOUN
ajfa-1948	120	50	between	between	ADP
ajfa-1948	120	51	the	the	DET
ajfa-1948	120	52	mean	mean	ADJ
ajfa-1948	120	53	(	(	PUNCT
ajfa-1948	120	54	median	median	NOUN
ajfa-1948	120	55	)	)	PUNCT
ajfa-1948	120	56	and	and	CCONJ
ajfa-1948	120	57	corresponding	correspond	VERB
ajfa-1948	120	58	theoretical	theoretical	ADJ
ajfa-1948	120	59	value	value	NOUN
ajfa-1948	120	60	1.00	1.00	NUM
ajfa-1948	120	61	(	(	PUNCT
ajfa-1948	120	62	1.00	1.00	NUM
ajfa-1948	120	63	)	)	PUNCT
ajfa-1948	120	64	.	.	PUNCT
ajfa-1948	121	1	the	the	DET
ajfa-1948	121	2	mean	mean	ADJ
ajfa-1948	121	3	(	(	PUNCT
ajfa-1948	121	4	median	median	NOUN
ajfa-1948	121	5	)	)	PUNCT
ajfa-1948	121	6	of	of	ADP
ajfa-1948	121	7	the	the	DET
ajfa-1948	121	8	mapr	mapr	NOUN
ajfa-1948	121	9	and	and	CCONJ
ajfa-1948	121	10	the	the	DET
ajfa-1948	121	11	related	relate	VERB
ajfa-1948	121	12	t	t	NOUN
ajfa-1948	121	13	-	-	PUNCT
ajfa-1948	121	14	value	value	NOUN
ajfa-1948	121	15	(	(	PUNCT
ajfa-1948	121	16	z	z	NOUN
ajfa-1948	121	17	-	-	PUNCT
ajfa-1948	121	18	value	value	NOUN
ajfa-1948	121	19	)	)	PUNCT
ajfa-1948	121	20	also	also	ADV
ajfa-1948	121	21	shows	show	VERB
ajfa-1948	121	22	insignificant	insignificant	ADJ
ajfa-1948	121	23	differences	difference	NOUN
ajfa-1948	121	24	between	between	ADP
ajfa-1948	121	25	the	the	DET
ajfa-1948	121	26	mean	mean	ADJ
ajfa-1948	121	27	(	(	PUNCT
ajfa-1948	121	28	median	median	NOUN
ajfa-1948	121	29	)	)	PUNCT
ajfa-1948	121	30	and	and	CCONJ
ajfa-1948	121	31	theoretical	theoretical	ADJ
ajfa-1948	121	32	value	value	NOUN
ajfa-1948	121	33	1.00	1.00	NUM
ajfa-1948	121	34	(	(	PUNCT
ajfa-1948	121	35	1.00	1.00	NUM
ajfa-1948	121	36	)	)	PUNCT
ajfa-1948	121	37	.	.	PUNCT
ajfa-1948	122	1	these	these	DET
ajfa-1948	122	2	results	result	NOUN
ajfa-1948	122	3	argue	argue	VERB
ajfa-1948	122	4	that	that	SCONJ
ajfa-1948	122	5	stock	stock	NOUN
ajfa-1948	122	6	prices	price	NOUN
ajfa-1948	122	7	drop	drop	VERB
ajfa-1948	122	8	by	by	ADP
ajfa-1948	122	9	the	the	DET
ajfa-1948	122	10	same	same	ADJ
ajfa-1948	122	11	amount	amount	NOUN
ajfa-1948	122	12	as	as	ADP
ajfa-1948	122	13	the	the	DET
ajfa-1948	122	14	dividend	dividend	NOUN
ajfa-1948	122	15	paid	pay	VERB
ajfa-1948	122	16	on	on	ADP
ajfa-1948	122	17	the	the	DET
ajfa-1948	122	18	ex	ex	NOUN
ajfa-1948	122	19	-	-	NOUN
ajfa-1948	122	20	day	day	NOUN
ajfa-1948	122	21	.	.	PUNCT
ajfa-1948	123	1	the	the	DET
ajfa-1948	123	2	mean	mean	ADJ
ajfa-1948	123	3	(	(	PUNCT
ajfa-1948	123	4	median	median	NOUN
ajfa-1948	123	5	)	)	PUNCT
ajfa-1948	123	6	of	of	ADP
ajfa-1948	123	7	the	the	DET
ajfa-1948	123	8	rpd	rpd	PROPN
ajfa-1948	123	9	ratio	ratio	NOUN
ajfa-1948	123	10	,	,	PUNCT
ajfa-1948	123	11	mapd	mapd	NOUN
ajfa-1948	123	12	ratio	ratio	NOUN
ajfa-1948	123	13	,	,	PUNCT
ajfa-1948	123	14	and	and	CCONJ
ajfa-1948	123	15	associated	associate	VERB
ajfa-1948	123	16	t	t	PROPN
ajfa-1948	123	17	-	-	PUNCT
ajfa-1948	123	18	values	value	NOUN
ajfa-1948	123	19	(	(	PUNCT
ajfa-1948	123	20	z	z	NOUN
ajfa-1948	123	21	-	-	PUNCT
ajfa-1948	123	22	value	value	NOUN
ajfa-1948	123	23	)	)	PUNCT
ajfa-1948	123	24	also	also	ADV
ajfa-1948	123	25	suggests	suggest	VERB
ajfa-1948	123	26	that	that	SCONJ
ajfa-1948	123	27	stock	stock	NOUN
ajfa-1948	123	28	prices	price	NOUN
ajfa-1948	123	29	drop	drop	VERB
ajfa-1948	123	30	by	by	ADP
ajfa-1948	123	31	the	the	DET
ajfa-1948	123	32	same	same	ADJ
ajfa-1948	123	33	amount	amount	NOUN
ajfa-1948	123	34	as	as	SCONJ
ajfa-1948	123	35	the	the	DET
ajfa-1948	123	36	dividend	dividend	NOUN
ajfa-1948	123	37	paid	pay	VERB
ajfa-1948	123	38	.	.	PUNCT
ajfa-1948	124	1	the	the	DET
ajfa-1948	124	2	findings	finding	NOUN
ajfa-1948	124	3	asian	asian	PROPN
ajfa-1948	124	4	journal	journal	PROPN
ajfa-1948	124	5	of	of	ADP
ajfa-1948	124	6	finance	finance	PROPN
ajfa-1948	124	7	&	&	CCONJ
ajfa-1948	124	8	accounting	accounting	PROPN
ajfa-1948	124	9	issn	issn	PROPN
ajfa-1948	124	10	1946	1946	NUM
ajfa-1948	124	11	-	-	PUNCT
ajfa-1948	124	12	052x	052x	NOUN
ajfa-1948	124	13	2013	2013	NUM
ajfa-1948	124	14	,	,	PUNCT
ajfa-1948	124	15	vol	vol	NOUN
ajfa-1948	124	16	.	.	PROPN
ajfa-1948	124	17	5	5	NUM
ajfa-1948	124	18	,	,	PUNCT
ajfa-1948	124	19	no	no	INTJ
ajfa-1948	124	20	.	.	NOUN
ajfa-1948	124	21	1	1	NUM
ajfa-1948	124	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1948	124	23	81	81	NUM
ajfa-1948	124	24	also	also	ADV
ajfa-1948	124	25	contend	contend	VERB
ajfa-1948	124	26	that	that	SCONJ
ajfa-1948	124	27	there	there	PRON
ajfa-1948	124	28	is	be	VERB
ajfa-1948	124	29	no	no	DET
ajfa-1948	124	30	significant	significant	ADJ
ajfa-1948	124	31	(	(	PUNCT
ajfa-1948	124	32	p	p	NOUN
ajfa-1948	124	33	-	-	PUNCT
ajfa-1948	124	34	value	value	NOUN
ajfa-1948	124	35	:	:	PUNCT
ajfa-1948	124	36	0.362	0.362	NUM
ajfa-1948	124	37	.	.	PUNCT
ajfa-1948	125	1	see	see	VERB
ajfa-1948	125	2	table	table	NOUN
ajfa-1948	125	3	i	i	PRON
ajfa-1948	125	4	in	in	ADP
ajfa-1948	125	5	appendix	appendix	NOUN
ajfa-1948	125	6	)	)	PUNCT
ajfa-1948	125	7	maar	maar	NOUN
ajfa-1948	125	8	and	and	CCONJ
ajfa-1948	125	9	thus	thus	ADV
ajfa-1948	125	10	no	no	DET
ajfa-1948	125	11	evidence	evidence	NOUN
ajfa-1948	125	12	of	of	ADP
ajfa-1948	125	13	short	short	ADJ
ajfa-1948	125	14	-	-	PUNCT
ajfa-1948	125	15	term	term	NOUN
ajfa-1948	125	16	trading	trading	NOUN
ajfa-1948	125	17	(	(	PUNCT
ajfa-1948	125	18	before	before	ADP
ajfa-1948	125	19	the	the	DET
ajfa-1948	125	20	ex	ex	NOUN
ajfa-1948	125	21	-	-	NOUN
ajfa-1948	125	22	day	day	NOUN
ajfa-1948	125	23	,	,	PUNCT
ajfa-1948	125	24	the	the	DET
ajfa-1948	125	25	p	p	NOUN
ajfa-1948	125	26	-	-	PUNCT
ajfa-1948	125	27	value	value	NOUN
ajfa-1948	125	28	of	of	ADP
ajfa-1948	125	29	the	the	DET
ajfa-1948	125	30	rtv	rtv	PROPN
ajfa-1948	125	31	is	be	AUX
ajfa-1948	125	32	0.300	0.300	NUM
ajfa-1948	125	33	,	,	PUNCT
ajfa-1948	125	34	and	and	CCONJ
ajfa-1948	125	35	afterwards	afterwards	ADV
ajfa-1948	125	36	it	it	PRON
ajfa-1948	125	37	is	be	AUX
ajfa-1948	125	38	0.197	0.197	NUM
ajfa-1948	125	39	.	.	PUNCT
ajfa-1948	126	1	see	see	VERB
ajfa-1948	126	2	table	table	NOUN
ajfa-1948	126	3	i	i	PRON
ajfa-1948	126	4	in	in	ADP
ajfa-1948	126	5	appendix	appendix	NOUN
ajfa-1948	126	6	)	)	PUNCT
ajfa-1948	126	7	before	before	ADP
ajfa-1948	126	8	and	and	CCONJ
ajfa-1948	126	9	after	after	ADP
ajfa-1948	126	10	the	the	DET
ajfa-1948	126	11	ex	ex	NOUN
ajfa-1948	126	12	-	-	NOUN
ajfa-1948	126	13	date	date	NOUN
ajfa-1948	126	14	.	.	PUNCT
ajfa-1948	127	1	this	this	DET
ajfa-1948	127	2	study	study	NOUN
ajfa-1948	127	3	is	be	AUX
ajfa-1948	127	4	generally	generally	ADV
ajfa-1948	127	5	inconsistent	inconsistent	ADJ
ajfa-1948	127	6	with	with	ADP
ajfa-1948	127	7	campbell	campbell	PROPN
ajfa-1948	127	8	and	and	CCONJ
ajfa-1948	127	9	beranek	beranek	PROPN
ajfa-1948	127	10	(	(	PUNCT
ajfa-1948	127	11	1955	1955	NUM
ajfa-1948	127	12	)	)	PUNCT
ajfa-1948	127	13	and	and	CCONJ
ajfa-1948	127	14	elton	elton	PROPN
ajfa-1948	127	15	and	and	CCONJ
ajfa-1948	127	16	gruber	gruber	PROPN
ajfa-1948	127	17	(	(	PUNCT
ajfa-1948	127	18	1970	1970	NUM
ajfa-1948	127	19	)	)	PUNCT
ajfa-1948	127	20	(	(	PUNCT
ajfa-1948	127	21	they	they	PRON
ajfa-1948	127	22	documented	document	VERB
ajfa-1948	127	23	that	that	SCONJ
ajfa-1948	127	24	stock	stock	NOUN
ajfa-1948	127	25	prices	price	NOUN
ajfa-1948	127	26	fall	fall	VERB
ajfa-1948	127	27	less	less	ADJ
ajfa-1948	127	28	than	than	ADP
ajfa-1948	127	29	the	the	DET
ajfa-1948	127	30	dividend	dividend	NOUN
ajfa-1948	127	31	amount	amount	NOUN
ajfa-1948	127	32	)	)	PUNCT
ajfa-1948	127	33	but	but	CCONJ
ajfa-1948	127	34	agrees	agree	VERB
ajfa-1948	127	35	with	with	ADP
ajfa-1948	127	36	barclay	barclay	PROPN
ajfa-1948	127	37	(	(	PUNCT
ajfa-1948	127	38	1987	1987	NUM
ajfa-1948	127	39	)	)	PUNCT
ajfa-1948	127	40	(	(	PUNCT
ajfa-1948	127	41	the	the	DET
ajfa-1948	127	42	pre	pre	ADJ
ajfa-1948	127	43	-	-	ADJ
ajfa-1948	127	44	tax	tax	ADJ
ajfa-1948	127	45	-	-	PUNCT
ajfa-1948	127	46	period	period	NOUN
ajfa-1948	127	47	stock	stock	NOUN
ajfa-1948	127	48	price	price	NOUN
ajfa-1948	127	49	drop	drop	NOUN
ajfa-1948	127	50	is	be	AUX
ajfa-1948	127	51	equal	equal	ADJ
ajfa-1948	127	52	to	to	ADP
ajfa-1948	127	53	the	the	DET
ajfa-1948	127	54	dividend	dividend	NOUN
ajfa-1948	127	55	amount	amount	NOUN
ajfa-1948	127	56	)	)	PUNCT
ajfa-1948	127	57	.	.	PUNCT
ajfa-1948	128	1	our	our	PRON
ajfa-1948	128	2	findings	finding	NOUN
ajfa-1948	128	3	are	be	AUX
ajfa-1948	128	4	also	also	ADV
ajfa-1948	128	5	inconsistent	inconsistent	ADJ
ajfa-1948	128	6	with	with	ADP
ajfa-1948	128	7	fedenia	fedenia	NOUN
ajfa-1948	128	8	and	and	CCONJ
ajfa-1948	128	9	grammatikos	grammatikos	NOUN
ajfa-1948	128	10	(	(	PUNCT
ajfa-1948	128	11	1991	1991	NUM
ajfa-1948	128	12	)	)	PUNCT
ajfa-1948	128	13	and	and	CCONJ
ajfa-1948	128	14	lamdin	lamdin	PROPN
ajfa-1948	128	15	and	and	CCONJ
ajfa-1948	128	16	hiemstra	hiemstra	PROPN
ajfa-1948	128	17	(	(	PUNCT
ajfa-1948	128	18	1993	1993	NUM
ajfa-1948	128	19	)	)	PUNCT
ajfa-1948	128	20	,	,	PUNCT
ajfa-1948	128	21	who	who	PRON
ajfa-1948	128	22	argued	argue	VERB
ajfa-1948	128	23	that	that	SCONJ
ajfa-1948	128	24	equal	equal	ADJ
ajfa-1948	128	25	taxation	taxation	NOUN
ajfa-1948	128	26	on	on	ADP
ajfa-1948	128	27	dividend	dividend	NOUN
ajfa-1948	128	28	and	and	CCONJ
ajfa-1948	128	29	capital	capital	NOUN
ajfa-1948	128	30	gain	gain	NOUN
ajfa-1948	128	31	for	for	ADP
ajfa-1948	128	32	the	the	DET
ajfa-1948	128	33	individual	individual	ADJ
ajfa-1948	128	34	investor	investor	NOUN
ajfa-1948	128	35	reduces	reduce	VERB
ajfa-1948	128	36	the	the	DET
ajfa-1948	128	37	price	price	NOUN
ajfa-1948	128	38	-	-	PUNCT
ajfa-1948	128	39	drop	drop	NOUN
ajfa-1948	128	40	ratio	ratio	NOUN
ajfa-1948	128	41	but	but	CCONJ
ajfa-1948	128	42	does	do	AUX
ajfa-1948	128	43	not	not	PART
ajfa-1948	128	44	eliminate	eliminate	VERB
ajfa-1948	128	45	it	it	PRON
ajfa-1948	128	46	.	.	PUNCT
ajfa-1948	129	1	a	a	DET
ajfa-1948	129	2	similar	similar	ADJ
ajfa-1948	129	3	outcome	outcome	NOUN
ajfa-1948	129	4	was	be	AUX
ajfa-1948	129	5	also	also	ADV
ajfa-1948	129	6	concluded	conclude	VERB
ajfa-1948	129	7	by	by	ADP
ajfa-1948	129	8	cloyd	cloyd	NOUN
ajfa-1948	129	9	and	and	CCONJ
ajfa-1948	129	10	weaver	weaver	NOUN
ajfa-1948	129	11	(	(	PUNCT
ajfa-1948	129	12	2006	2006	NUM
ajfa-1948	129	13	)	)	PUNCT
ajfa-1948	129	14	.	.	PUNCT
ajfa-1948	130	1	4.2	4.2	NUM
ajfa-1948	130	2	tokyo	tokyo	PROPN
ajfa-1948	130	3	stock	stock	NOUN
ajfa-1948	130	4	exchange	exchange	PROPN
ajfa-1948	130	5	table	table	NOUN
ajfa-1948	130	6	3	3	NUM
ajfa-1948	130	7	.	.	PUNCT
ajfa-1948	130	8	observes	observe	VERB
ajfa-1948	130	9	the	the	DET
ajfa-1948	130	10	mean	mean	ADJ
ajfa-1948	130	11	,	,	PUNCT
ajfa-1948	130	12	median	median	ADJ
ajfa-1948	130	13	,	,	PUNCT
ajfa-1948	130	14	t	t	NOUN
ajfa-1948	130	15	-	-	PUNCT
ajfa-1948	130	16	test	test	NOUN
ajfa-1948	130	17	,	,	PUNCT
ajfa-1948	130	18	and	and	CCONJ
ajfa-1948	130	19	wilcoxon	wilcoxon	VERB
ajfa-1948	130	20	signed	sign	VERB
ajfa-1948	130	21	-	-	PUNCT
ajfa-1948	130	22	rank	rank	NOUN
ajfa-1948	130	23	test	test	NOUN
ajfa-1948	130	24	(	(	PUNCT
ajfa-1948	130	25	z	z	NOUN
ajfa-1948	130	26	-	-	PUNCT
ajfa-1948	130	27	value	value	NOUN
ajfa-1948	130	28	)	)	PUNCT
ajfa-1948	130	29	values	value	NOUN
ajfa-1948	130	30	of	of	ADP
ajfa-1948	130	31	the	the	DET
ajfa-1948	130	32	rpr	rpr	PROPN
ajfa-1948	130	33	,	,	PUNCT
ajfa-1948	130	34	mapr	mapr	PROPN
ajfa-1948	130	35	,	,	PUNCT
ajfa-1948	130	36	rpd	rpd	PROPN
ajfa-1948	130	37	,	,	PUNCT
ajfa-1948	130	38	and	and	CCONJ
ajfa-1948	130	39	mapd	mapd	NOUN
ajfa-1948	130	40	from	from	ADP
ajfa-1948	130	41	the	the	DET
ajfa-1948	130	42	tse	tse	PROPN
ajfa-1948	130	43	mean	mean	PROPN
ajfa-1948	130	44	t	t	PROPN
ajfa-1948	130	45	-	-	PUNCT
ajfa-1948	130	46	test	test	NOUN
ajfa-1948	130	47	(	(	PUNCT
ajfa-1948	130	48	mean	mean	NOUN
ajfa-1948	130	49	)	)	PUNCT
ajfa-1948	130	50	median	median	ADJ
ajfa-1948	130	51	z	z	NOUN
ajfa-1948	130	52	-	-	PUNCT
ajfa-1948	130	53	value	value	NOUN
ajfa-1948	130	54	standard	standard	ADJ
ajfa-1948	130	55	deviation	deviation	NOUN
ajfa-1948	130	56	(	(	PUNCT
ajfa-1948	130	57	median	median	NOUN
ajfa-1948	130	58	)	)	PUNCT
ajfa-1948	130	59	rpr	rpr	PROPN
ajfa-1948	130	60	0.3927	0.3927	NUM
ajfa-1948	130	61	-3.0582	-3.0582	NOUN
ajfa-1948	130	62	0.7044	0.7044	NUM
ajfa-1948	130	63	0.005	0.005	NUM
ajfa-1948	130	64	3.3465	3.3465	NUM
ajfa-1948	130	65	mapr	mapr	NOUN
ajfa-1948	130	66	0.4147	0.4147	NUM
ajfa-1948	130	67	-2.9328	-2.9328	NOUN
ajfa-1948	130	68	0.7071	0.7071	NUM
ajfa-1948	130	69	0.007	0.007	NUM
ajfa-1948	130	70	3.3633	3.3633	NUM
ajfa-1948	130	71	rpd	rpd	PROPN
ajfa-1948	130	72	0.0054	0.0054	NUM
ajfa-1948	130	73	-2.6566	-2.6566	PROPN
ajfa-1948	130	74	0.006	0.006	NUM
ajfa-1948	130	75	0.056	0.056	NUM
ajfa-1948	130	76	0.0185	0.0185	NUM
ajfa-1948	130	77	mapd	mapd	NOUN
ajfa-1948	130	78	0.0056	0.0056	NUM
ajfa-1948	130	79	-2.4838	-2.4838	NOUN
ajfa-1948	130	80	0.0061	0.0061	NUM
ajfa-1948	130	81	0.067	0.067	NUM
ajfa-1948	130	82	0.0188	0.0188	NUM
ajfa-1948	130	83	dividend	dividend	NOUN
ajfa-1948	130	84	yield	yield	NOUN
ajfa-1948	130	85	0.0084	0.0084	NUM
ajfa-1948	130	86	0.0074	0.0074	NUM
ajfa-1948	130	87	0.005	0.005	NUM
ajfa-1948	130	88	on	on	ADP
ajfa-1948	130	89	the	the	DET
ajfa-1948	130	90	tse	tse	PROPN
ajfa-1948	130	91	,	,	PUNCT
ajfa-1948	130	92	the	the	DET
ajfa-1948	130	93	mean	mean	ADJ
ajfa-1948	130	94	(	(	PUNCT
ajfa-1948	130	95	median	median	NOUN
ajfa-1948	130	96	)	)	PUNCT
ajfa-1948	130	97	of	of	ADP
ajfa-1948	130	98	the	the	DET
ajfa-1948	130	99	rpr	rpr	PROPN
ajfa-1948	130	100	and	and	CCONJ
ajfa-1948	130	101	mapr	mapr	PROPN
ajfa-1948	130	102	(	(	PUNCT
ajfa-1948	130	103	see	see	VERB
ajfa-1948	130	104	table	table	NOUN
ajfa-1948	130	105	3	3	NUM
ajfa-1948	130	106	)	)	PUNCT
ajfa-1948	130	107	and	and	CCONJ
ajfa-1948	130	108	associated	associate	VERB
ajfa-1948	130	109	t	t	PROPN
ajfa-1948	130	110	-	-	PUNCT
ajfa-1948	130	111	test	test	NOUN
ajfa-1948	130	112	(	(	PUNCT
ajfa-1948	130	113	z	z	NOUN
ajfa-1948	130	114	-	-	PUNCT
ajfa-1948	130	115	value	value	NOUN
ajfa-1948	130	116	)	)	PUNCT
ajfa-1948	130	117	shows	show	VERB
ajfa-1948	130	118	significant	significant	ADJ
ajfa-1948	130	119	statistical	statistical	ADJ
ajfa-1948	130	120	differences	difference	NOUN
ajfa-1948	130	121	between	between	ADP
ajfa-1948	130	122	the	the	DET
ajfa-1948	130	123	mean	mean	ADJ
ajfa-1948	130	124	(	(	PUNCT
ajfa-1948	130	125	median	median	NOUN
ajfa-1948	130	126	)	)	PUNCT
ajfa-1948	130	127	and	and	CCONJ
ajfa-1948	130	128	corresponding	correspond	VERB
ajfa-1948	130	129	theoretical	theoretical	ADJ
ajfa-1948	130	130	value	value	NOUN
ajfa-1948	130	131	1.00	1.00	NUM
ajfa-1948	130	132	(	(	PUNCT
ajfa-1948	130	133	1.00	1.00	NUM
ajfa-1948	130	134	)	)	PUNCT
ajfa-1948	130	135	.	.	PUNCT
ajfa-1948	131	1	the	the	DET
ajfa-1948	131	2	values	value	NOUN
ajfa-1948	131	3	of	of	ADP
ajfa-1948	131	4	the	the	DET
ajfa-1948	131	5	rpr	rpr	PROPN
ajfa-1948	131	6	and	and	CCONJ
ajfa-1948	131	7	mapr	mapr	PROPN
ajfa-1948	131	8	suggest	suggest	VERB
ajfa-1948	131	9	that	that	SCONJ
ajfa-1948	131	10	the	the	DET
ajfa-1948	131	11	stock	stock	NOUN
ajfa-1948	131	12	price	price	NOUN
ajfa-1948	131	13	drop	drop	NOUN
ajfa-1948	131	14	is	be	AUX
ajfa-1948	131	15	less	less	ADJ
ajfa-1948	131	16	than	than	ADP
ajfa-1948	131	17	the	the	DET
ajfa-1948	131	18	dividend	dividend	NOUN
ajfa-1948	131	19	amount	amount	NOUN
ajfa-1948	131	20	on	on	ADP
ajfa-1948	131	21	the	the	DET
ajfa-1948	131	22	ex	ex	NOUN
ajfa-1948	131	23	-	-	NOUN
ajfa-1948	131	24	day	day	NOUN
ajfa-1948	131	25	.	.	PUNCT
ajfa-1948	132	1	the	the	DET
ajfa-1948	132	2	median	median	ADJ
ajfa-1948	132	3	values	value	NOUN
ajfa-1948	132	4	(	(	PUNCT
ajfa-1948	132	5	0.0560	0.0560	NUM
ajfa-1948	132	6	and	and	CCONJ
ajfa-1948	132	7	0.0670	0.0670	NUM
ajfa-1948	132	8	)	)	PUNCT
ajfa-1948	132	9	of	of	ADP
ajfa-1948	132	10	the	the	DET
ajfa-1948	132	11	rpd	rpd	NOUN
ajfa-1948	132	12	and	and	CCONJ
ajfa-1948	132	13	mapd	mapd	NOUN
ajfa-1948	132	14	indicate	indicate	VERB
ajfa-1948	132	15	no	no	DET
ajfa-1948	132	16	significant	significant	ADJ
ajfa-1948	132	17	differences	difference	NOUN
ajfa-1948	132	18	(	(	PUNCT
ajfa-1948	132	19	in	in	ADP
ajfa-1948	132	20	the	the	DET
ajfa-1948	132	21	borderline	borderline	NOUN
ajfa-1948	132	22	of	of	ADP
ajfa-1948	132	23	the	the	DET
ajfa-1948	132	24	0.05	0.05	NUM
ajfa-1948	132	25	level	level	NOUN
ajfa-1948	132	26	)	)	PUNCT
ajfa-1948	132	27	between	between	ADP
ajfa-1948	132	28	the	the	DET
ajfa-1948	132	29	observe	observe	ADJ
ajfa-1948	132	30	and	and	CCONJ
ajfa-1948	132	31	theoretical	theoretical	ADJ
ajfa-1948	132	32	values	value	NOUN
ajfa-1948	132	33	.	.	PUNCT
ajfa-1948	133	1	however	however	ADV
ajfa-1948	133	2	,	,	PUNCT
ajfa-1948	133	3	the	the	DET
ajfa-1948	133	4	t	t	NOUN
ajfa-1948	133	5	-	-	PUNCT
ajfa-1948	133	6	values	value	NOUN
ajfa-1948	133	7	(	(	PUNCT
ajfa-1948	133	8	-2.6566	-2.6566	NOUN
ajfa-1948	133	9	and	and	CCONJ
ajfa-1948	133	10	-2.4838	-2.4838	PROPN
ajfa-1948	133	11	)	)	PUNCT
ajfa-1948	133	12	rejected	reject	VERB
ajfa-1948	133	13	the	the	DET
ajfa-1948	133	14	null	null	ADJ
ajfa-1948	133	15	hypothesis	hypothesis	NOUN
ajfa-1948	133	16	.	.	PUNCT
ajfa-1948	134	1	the	the	DET
ajfa-1948	134	2	rpd	rpd	NOUN
ajfa-1948	134	3	and	and	CCONJ
ajfa-1948	134	4	mapd	mapd	NOUN
ajfa-1948	134	5	are	be	AUX
ajfa-1948	134	6	less	less	ADJ
ajfa-1948	134	7	than	than	ADP
ajfa-1948	134	8	the	the	DET
ajfa-1948	134	9	dividend	dividend	NOUN
ajfa-1948	134	10	yield	yield	NOUN
ajfa-1948	134	11	,	,	PUNCT
ajfa-1948	134	12	which	which	PRON
ajfa-1948	134	13	also	also	ADV
ajfa-1948	134	14	supports	support	VERB
ajfa-1948	134	15	that	that	SCONJ
ajfa-1948	134	16	the	the	DET
ajfa-1948	134	17	price	price	NOUN
ajfa-1948	134	18	drop	drop	NOUN
ajfa-1948	134	19	is	be	AUX
ajfa-1948	134	20	less	less	ADJ
ajfa-1948	134	21	than	than	ADP
ajfa-1948	134	22	the	the	DET
ajfa-1948	134	23	dividend	dividend	NOUN
ajfa-1948	134	24	amount	amount	NOUN
ajfa-1948	134	25	.	.	PUNCT
ajfa-1948	135	1	the	the	DET
ajfa-1948	135	2	value	value	NOUN
ajfa-1948	135	3	of	of	ADP
ajfa-1948	135	4	the	the	DET
ajfa-1948	135	5	maar	maar	NOUN
ajfa-1948	135	6	(	(	PUNCT
ajfa-1948	135	7	p	p	NOUN
ajfa-1948	135	8	-	-	PUNCT
ajfa-1948	135	9	value	value	NOUN
ajfa-1948	135	10	:	:	PUNCT
ajfa-1948	135	11	0.000	0.000	X
ajfa-1948	135	12	.	.	PUNCT
ajfa-1948	136	1	see	see	VERB
ajfa-1948	136	2	table	table	NOUN
ajfa-1948	136	3	i	i	PRON
ajfa-1948	136	4	in	in	ADP
ajfa-1948	136	5	appendix	appendix	NOUN
ajfa-1948	136	6	)	)	PUNCT
ajfa-1948	136	7	suggests	suggest	VERB
ajfa-1948	136	8	significant	significant	ADJ
ajfa-1948	136	9	differences	difference	NOUN
ajfa-1948	136	10	from	from	ADP
ajfa-1948	136	11	its	its	PRON
ajfa-1948	136	12	theoretical	theoretical	ADJ
ajfa-1948	136	13	value	value	NOUN
ajfa-1948	136	14	,	,	PUNCT
ajfa-1948	136	15	which	which	PRON
ajfa-1948	136	16	is	be	AUX
ajfa-1948	136	17	an	an	DET
ajfa-1948	136	18	indication	indication	NOUN
ajfa-1948	136	19	of	of	ADP
ajfa-1948	136	20	abnormal	abnormal	ADJ
ajfa-1948	136	21	return	return	NOUN
ajfa-1948	136	22	around	around	ADP
ajfa-1948	136	23	the	the	DET
ajfa-1948	136	24	ex	ex	NOUN
ajfa-1948	136	25	-	-	NOUN
ajfa-1948	136	26	dividend	dividend	ADJ
ajfa-1948	136	27	day	day	NOUN
ajfa-1948	136	28	.	.	PUNCT
ajfa-1948	137	1	the	the	DET
ajfa-1948	137	2	result	result	NOUN
ajfa-1948	137	3	of	of	ADP
ajfa-1948	137	4	the	the	DET
ajfa-1948	137	5	rtv	rtv	PROPN
ajfa-1948	137	6	supports	support	VERB
ajfa-1948	137	7	(	(	PUNCT
ajfa-1948	137	8	p	p	NOUN
ajfa-1948	137	9	-	-	PUNCT
ajfa-1948	137	10	value	value	NOUN
ajfa-1948	137	11	:	:	PUNCT
ajfa-1948	137	12	0.008	0.008	NUM
ajfa-1948	137	13	)	)	PUNCT
ajfa-1948	137	14	short	short	ADJ
ajfa-1948	137	15	-	-	PUNCT
ajfa-1948	137	16	term	term	NOUN
ajfa-1948	137	17	trading	trading	NOUN
ajfa-1948	137	18	before	before	ADP
ajfa-1948	137	19	the	the	DET
ajfa-1948	137	20	ex	ex	NOUN
ajfa-1948	137	21	-	-	NOUN
ajfa-1948	137	22	dividend	dividend	ADJ
ajfa-1948	137	23	day	day	NOUN
ajfa-1948	137	24	.	.	PUNCT
ajfa-1948	138	1	however	however	ADV
ajfa-1948	138	2	,	,	PUNCT
ajfa-1948	138	3	there	there	PRON
ajfa-1948	138	4	is	be	VERB
ajfa-1948	138	5	no	no	DET
ajfa-1948	138	6	evidence	evidence	NOUN
ajfa-1948	138	7	(	(	PUNCT
ajfa-1948	138	8	p	p	NOUN
ajfa-1948	138	9	-	-	PUNCT
ajfa-1948	138	10	value	value	NOUN
ajfa-1948	138	11	:	:	PUNCT
ajfa-1948	138	12	0.270	0.270	NUM
ajfa-1948	138	13	)	)	PUNCT
ajfa-1948	138	14	of	of	ADP
ajfa-1948	138	15	short	short	ADJ
ajfa-1948	138	16	-	-	PUNCT
ajfa-1948	138	17	term	term	NOUN
ajfa-1948	138	18	trading	trading	NOUN
ajfa-1948	138	19	after	after	ADP
ajfa-1948	138	20	the	the	DET
ajfa-1948	138	21	ex	ex	NOUN
ajfa-1948	138	22	-	-	NOUN
ajfa-1948	138	23	dividend	dividend	ADJ
ajfa-1948	138	24	day	day	NOUN
ajfa-1948	138	25	.	.	PUNCT
ajfa-1948	139	1	findings	finding	NOUN
ajfa-1948	139	2	suggests	suggest	VERB
ajfa-1948	139	3	that	that	SCONJ
ajfa-1948	139	4	the	the	DET
ajfa-1948	139	5	stock	stock	NOUN
ajfa-1948	139	6	prices	price	NOUN
ajfa-1948	139	7	drop	drop	VERB
ajfa-1948	139	8	less	less	ADV
ajfa-1948	139	9	than	than	SCONJ
ajfa-1948	139	10	the	the	DET
ajfa-1948	139	11	dividend	dividend	NOUN
ajfa-1948	139	12	amount	amount	NOUN
ajfa-1948	139	13	is	be	AUX
ajfa-1948	139	14	due	due	ADJ
ajfa-1948	139	15	the	the	DET
ajfa-1948	139	16	noise	noise	NOUN
ajfa-1948	139	17	traders	trader	NOUN
ajfa-1948	139	18	who	who	PRON
ajfa-1948	139	19	work	work	VERB
ajfa-1948	139	20	as	as	ADP
ajfa-1948	139	21	a	a	DET
ajfa-1948	139	22	proxy	proxy	NOUN
ajfa-1948	139	23	in	in	ADP
ajfa-1948	139	24	an	an	DET
ajfa-1948	139	25	efficient	efficient	ADJ
ajfa-1948	139	26	market	market	NOUN
ajfa-1948	139	27	to	to	PART
ajfa-1948	139	28	determine	determine	VERB
ajfa-1948	139	29	the	the	DET
ajfa-1948	139	30	true	true	ADJ
ajfa-1948	139	31	prices	price	NOUN
ajfa-1948	139	32	which	which	PRON
ajfa-1948	139	33	is	be	AUX
ajfa-1948	139	34	also	also	ADV
ajfa-1948	139	35	supported	support	VERB
ajfa-1948	139	36	by	by	ADP
ajfa-1948	139	37	paul	paul	PROPN
ajfa-1948	139	38	(	(	PUNCT
ajfa-1948	139	39	2006	2006	NUM
ajfa-1948	139	40	)	)	PUNCT
ajfa-1948	139	41	.	.	PUNCT
ajfa-1948	140	1	our	our	PRON
ajfa-1948	140	2	result	result	NOUN
ajfa-1948	140	3	is	be	AUX
ajfa-1948	140	4	inconsistent	inconsistent	ADJ
ajfa-1948	140	5	with	with	ADP
ajfa-1948	140	6	kato	kato	PROPN
ajfa-1948	140	7	and	and	CCONJ
ajfa-1948	140	8	lowenstein	lowenstein	PROPN
ajfa-1948	140	9	(	(	PUNCT
ajfa-1948	140	10	1995	1995	NUM
ajfa-1948	140	11	)	)	PUNCT
ajfa-1948	140	12	,	,	PUNCT
ajfa-1948	140	13	whose	whose	DET
ajfa-1948	140	14	study	study	NOUN
ajfa-1948	140	15	concluded	conclude	VERB
ajfa-1948	140	16	that	that	SCONJ
ajfa-1948	140	17	the	the	DET
ajfa-1948	140	18	stock	stock	NOUN
ajfa-1948	140	19	prices	price	NOUN
ajfa-1948	140	20	rise	rise	VERB
ajfa-1948	140	21	on	on	ADP
ajfa-1948	140	22	the	the	DET
ajfa-1948	140	23	ex	ex	NOUN
ajfa-1948	140	24	-	-	NOUN
ajfa-1948	140	25	day	day	NOUN
ajfa-1948	140	26	.	.	PUNCT
ajfa-1948	141	1	however	however	ADV
ajfa-1948	141	2	,	,	PUNCT
ajfa-1948	141	3	asian	asian	ADJ
ajfa-1948	141	4	journal	journal	NOUN
ajfa-1948	141	5	of	of	ADP
ajfa-1948	141	6	finance	finance	PROPN
ajfa-1948	141	7	&	&	CCONJ
ajfa-1948	141	8	accounting	accounting	PROPN
ajfa-1948	141	9	issn	issn	PROPN
ajfa-1948	141	10	1946	1946	NUM
ajfa-1948	141	11	-	-	PUNCT
ajfa-1948	141	12	052x	052x	NOUN
ajfa-1948	141	13	2013	2013	NUM
ajfa-1948	141	14	,	,	PUNCT
ajfa-1948	141	15	vol	vol	NOUN
ajfa-1948	141	16	.	.	PROPN
ajfa-1948	141	17	5	5	NUM
ajfa-1948	141	18	,	,	PUNCT
ajfa-1948	141	19	no	no	INTJ
ajfa-1948	141	20	.	.	NOUN
ajfa-1948	141	21	1	1	NUM
ajfa-1948	141	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	141	23	82	82	NUM
ajfa-1948	141	24	our	our	PRON
ajfa-1948	141	25	study	study	NOUN
ajfa-1948	141	26	is	be	AUX
ajfa-1948	141	27	consistent	consistent	ADJ
ajfa-1948	141	28	with	with	ADP
ajfa-1948	141	29	dhatt	dhatt	NOUN
ajfa-1948	141	30	et	et	PROPN
ajfa-1948	141	31	al	al	PROPN
ajfa-1948	141	32	.	.	PUNCT
ajfa-1948	142	1	(	(	PUNCT
ajfa-1948	142	2	1994	1994	NUM
ajfa-1948	142	3	)	)	PUNCT
ajfa-1948	142	4	,	,	PUNCT
ajfa-1948	142	5	who	who	PRON
ajfa-1948	142	6	argued	argue	VERB
ajfa-1948	142	7	the	the	DET
ajfa-1948	142	8	existence	existence	NOUN
ajfa-1948	142	9	of	of	ADP
ajfa-1948	142	10	excess	excess	ADJ
ajfa-1948	142	11	return	return	NOUN
ajfa-1948	142	12	around	around	ADP
ajfa-1948	142	13	the	the	DET
ajfa-1948	142	14	ex	ex	NOUN
ajfa-1948	142	15	-	-	NOUN
ajfa-1948	142	16	day	day	NOUN
ajfa-1948	142	17	in	in	ADP
ajfa-1948	142	18	japan	japan	PROPN
ajfa-1948	142	19	.	.	PUNCT
ajfa-1948	143	1	4.3	4.3	NUM
ajfa-1948	143	2	shanghai	shanghai	PROPN
ajfa-1948	143	3	stock	stock	PROPN
ajfa-1948	143	4	exchange	exchange	PROPN
ajfa-1948	143	5	table	table	NOUN
ajfa-1948	143	6	4	4	NUM
ajfa-1948	143	7	.	.	PUNCT
ajfa-1948	143	8	observes	observe	VERB
ajfa-1948	143	9	the	the	DET
ajfa-1948	143	10	mean	mean	ADJ
ajfa-1948	143	11	,	,	PUNCT
ajfa-1948	143	12	median	median	ADJ
ajfa-1948	143	13	,	,	PUNCT
ajfa-1948	143	14	t	t	NOUN
ajfa-1948	143	15	-	-	PUNCT
ajfa-1948	143	16	test	test	NOUN
ajfa-1948	143	17	,	,	PUNCT
ajfa-1948	143	18	and	and	CCONJ
ajfa-1948	143	19	wilcoxon	wilcoxon	VERB
ajfa-1948	143	20	signed	sign	VERB
ajfa-1948	143	21	-	-	PUNCT
ajfa-1948	143	22	rank	rank	NOUN
ajfa-1948	143	23	test	test	NOUN
ajfa-1948	143	24	(	(	PUNCT
ajfa-1948	143	25	z	z	NOUN
ajfa-1948	143	26	-	-	PUNCT
ajfa-1948	143	27	value	value	NOUN
ajfa-1948	143	28	)	)	PUNCT
ajfa-1948	143	29	values	value	NOUN
ajfa-1948	143	30	of	of	ADP
ajfa-1948	143	31	the	the	DET
ajfa-1948	143	32	rpr	rpr	PROPN
ajfa-1948	143	33	,	,	PUNCT
ajfa-1948	143	34	mapr	mapr	PROPN
ajfa-1948	143	35	,	,	PUNCT
ajfa-1948	143	36	rpd	rpd	PROPN
ajfa-1948	143	37	,	,	PUNCT
ajfa-1948	143	38	and	and	CCONJ
ajfa-1948	143	39	mapd	mapd	NOUN
ajfa-1948	143	40	from	from	ADP
ajfa-1948	143	41	the	the	DET
ajfa-1948	143	42	sse	sse	PROPN
ajfa-1948	143	43	mean	mean	PROPN
ajfa-1948	144	1	t	t	PROPN
ajfa-1948	144	2	-	-	PUNCT
ajfa-1948	144	3	test	test	NOUN
ajfa-1948	144	4	(	(	PUNCT
ajfa-1948	144	5	mean	mean	NOUN
ajfa-1948	144	6	)	)	PUNCT
ajfa-1948	144	7	median	median	NOUN
ajfa-1948	144	8	z	z	NOUN
ajfa-1948	144	9	-	-	PUNCT
ajfa-1948	144	10	value	value	NOUN
ajfa-1948	144	11	(	(	PUNCT
ajfa-1948	144	12	median	median	ADJ
ajfa-1948	144	13	)	)	PUNCT
ajfa-1948	144	14	standard	standard	ADJ
ajfa-1948	144	15	deviation	deviation	NOUN
ajfa-1948	144	16	rpr	rpr	PROPN
ajfa-1948	144	17	0.9117	0.9117	NUM
ajfa-1948	144	18	-0.2538	-0.2538	NOUN
ajfa-1948	144	19	0.94	0.94	NUM
ajfa-1948	144	20	0.858	0.858	NUM
ajfa-1948	144	21	4.102	4.102	NUM
ajfa-1948	144	22	mapr	mapr	VERB
ajfa-1948	144	23	0.966	0.966	NUM
ajfa-1948	144	24	-0.0988	-0.0988	NOUN
ajfa-1948	144	25	0.9249	0.9249	NUM
ajfa-1948	144	26	0.906	0.906	NUM
ajfa-1948	144	27	4.0599	4.0599	NUM
ajfa-1948	144	28	rpd	rpd	NOUN
ajfa-1948	144	29	0.0174	0.0174	NUM
ajfa-1948	144	30	0.4375	0.4375	NUM
ajfa-1948	144	31	0.0175	0.0175	NUM
ajfa-1948	144	32	0.039	0.039	NUM
ajfa-1948	144	33	0.0319	0.0319	NUM
ajfa-1948	144	34	mapd	mapd	NOUN
ajfa-1948	144	35	0.0178	0.0178	NUM
ajfa-1948	144	36	0.5576	0.5576	NUM
ajfa-1948	144	37	0.0171	0.0171	NUM
ajfa-1948	144	38	0.036	0.036	NUM
ajfa-1948	144	39	0.032	0.032	NUM
ajfa-1948	144	40	dividend	dividend	NOUN
ajfa-1948	144	41	yield	yield	NOUN
ajfa-1948	144	42	0.0162	0.0162	NUM
ajfa-1948	144	43	0.0123	0.0123	NUM
ajfa-1948	144	44	0.0136	0.0136	NUM
ajfa-1948	144	45	the	the	DET
ajfa-1948	144	46	mean	mean	ADJ
ajfa-1948	144	47	(	(	PUNCT
ajfa-1948	144	48	median	median	ADJ
ajfa-1948	144	49	)	)	PUNCT
ajfa-1948	144	50	values	value	NOUN
ajfa-1948	144	51	of	of	ADP
ajfa-1948	144	52	the	the	DET
ajfa-1948	144	53	rpr	rpr	PROPN
ajfa-1948	144	54	and	and	CCONJ
ajfa-1948	144	55	mapr	mapr	PROPN
ajfa-1948	144	56	(	(	PUNCT
ajfa-1948	144	57	see	see	VERB
ajfa-1948	144	58	table	table	NOUN
ajfa-1948	144	59	4	4	NUM
ajfa-1948	144	60	)	)	PUNCT
ajfa-1948	144	61	and	and	CCONJ
ajfa-1948	144	62	associated	associate	VERB
ajfa-1948	144	63	t	t	PROPN
ajfa-1948	144	64	-	-	PUNCT
ajfa-1948	144	65	statistic	statistic	NOUN
ajfa-1948	144	66	(	(	PUNCT
ajfa-1948	144	67	z	z	NOUN
ajfa-1948	144	68	-	-	PUNCT
ajfa-1948	144	69	value	value	NOUN
ajfa-1948	144	70	)	)	PUNCT
ajfa-1948	144	71	demonstrate	demonstrate	VERB
ajfa-1948	144	72	no	no	DET
ajfa-1948	144	73	statistical	statistical	ADJ
ajfa-1948	144	74	differences	difference	NOUN
ajfa-1948	144	75	between	between	ADP
ajfa-1948	144	76	the	the	DET
ajfa-1948	144	77	mean	mean	ADJ
ajfa-1948	144	78	(	(	PUNCT
ajfa-1948	144	79	median	median	NOUN
ajfa-1948	144	80	)	)	PUNCT
ajfa-1948	144	81	and	and	CCONJ
ajfa-1948	144	82	theoretical	theoretical	ADJ
ajfa-1948	144	83	values	value	NOUN
ajfa-1948	144	84	.	.	PUNCT
ajfa-1948	145	1	these	these	DET
ajfa-1948	145	2	results	result	NOUN
ajfa-1948	145	3	argue	argue	VERB
ajfa-1948	145	4	that	that	SCONJ
ajfa-1948	145	5	on	on	ADP
ajfa-1948	145	6	the	the	DET
ajfa-1948	145	7	sse	sse	NOUN
ajfa-1948	145	8	,	,	PUNCT
ajfa-1948	145	9	stock	stock	NOUN
ajfa-1948	145	10	prices	price	NOUN
ajfa-1948	145	11	drop	drop	VERB
ajfa-1948	145	12	by	by	ADP
ajfa-1948	145	13	the	the	DET
ajfa-1948	145	14	same	same	ADJ
ajfa-1948	145	15	amount	amount	NOUN
ajfa-1948	145	16	as	as	ADP
ajfa-1948	145	17	the	the	DET
ajfa-1948	145	18	dividend	dividend	NOUN
ajfa-1948	145	19	paid	pay	VERB
ajfa-1948	145	20	on	on	ADP
ajfa-1948	145	21	the	the	DET
ajfa-1948	145	22	ex	ex	NOUN
ajfa-1948	145	23	-	-	NOUN
ajfa-1948	145	24	dividend	dividend	ADJ
ajfa-1948	145	25	day	day	NOUN
ajfa-1948	145	26	.	.	PUNCT
ajfa-1948	146	1	the	the	DET
ajfa-1948	146	2	findings	finding	NOUN
ajfa-1948	146	3	for	for	ADP
ajfa-1948	146	4	the	the	DET
ajfa-1948	146	5	rpr	rpr	PROPN
ajfa-1948	146	6	and	and	CCONJ
ajfa-1948	146	7	mapr	mapr	PROPN
ajfa-1948	146	8	are	be	AUX
ajfa-1948	146	9	also	also	ADV
ajfa-1948	146	10	explainable	explainable	ADJ
ajfa-1948	146	11	by	by	ADP
ajfa-1948	146	12	the	the	DET
ajfa-1948	146	13	rpd	rpd	PROPN
ajfa-1948	146	14	and	and	CCONJ
ajfa-1948	146	15	mapd	mapd	NOUN
ajfa-1948	146	16	.	.	PUNCT
ajfa-1948	147	1	the	the	DET
ajfa-1948	147	2	mean	mean	ADJ
ajfa-1948	147	3	(	(	PUNCT
ajfa-1948	147	4	median	median	ADJ
ajfa-1948	147	5	)	)	PUNCT
ajfa-1948	147	6	values	value	NOUN
ajfa-1948	147	7	of	of	ADP
ajfa-1948	147	8	the	the	DET
ajfa-1948	147	9	rpd	rpd	NOUN
ajfa-1948	147	10	and	and	CCONJ
ajfa-1948	147	11	mapd	mapd	NOUN
ajfa-1948	147	12	and	and	CCONJ
ajfa-1948	147	13	related	relate	VERB
ajfa-1948	147	14	t	t	NOUN
ajfa-1948	147	15	-	-	PUNCT
ajfa-1948	147	16	values	value	NOUN
ajfa-1948	147	17	(	(	PUNCT
ajfa-1948	147	18	z	z	NOUN
ajfa-1948	147	19	-	-	PUNCT
ajfa-1948	147	20	values	value	NOUN
ajfa-1948	147	21	)	)	PUNCT
ajfa-1948	147	22	show	show	VERB
ajfa-1948	147	23	no	no	DET
ajfa-1948	147	24	statistical	statistical	ADJ
ajfa-1948	147	25	differences	difference	NOUN
ajfa-1948	147	26	between	between	ADP
ajfa-1948	147	27	the	the	DET
ajfa-1948	147	28	mean	mean	ADJ
ajfa-1948	147	29	(	(	PUNCT
ajfa-1948	147	30	median	median	NOUN
ajfa-1948	147	31	)	)	PUNCT
ajfa-1948	147	32	and	and	CCONJ
ajfa-1948	147	33	theoretical	theoretical	ADJ
ajfa-1948	147	34	values	value	NOUN
ajfa-1948	147	35	(	(	PUNCT
ajfa-1948	147	36	dividend	dividend	NOUN
ajfa-1948	147	37	yield	yield	NOUN
ajfa-1948	147	38	)	)	PUNCT
ajfa-1948	147	39	.	.	PUNCT
ajfa-1948	148	1	the	the	DET
ajfa-1948	148	2	p	p	NOUN
ajfa-1948	148	3	-	-	PUNCT
ajfa-1948	148	4	value	value	NOUN
ajfa-1948	148	5	(	(	PUNCT
ajfa-1948	148	6	0.632	0.632	NUM
ajfa-1948	148	7	.	.	PUNCT
ajfa-1948	149	1	see	see	VERB
ajfa-1948	149	2	table	table	NOUN
ajfa-1948	149	3	i	i	PRON
ajfa-1948	149	4	in	in	ADP
ajfa-1948	149	5	appendix	appendix	NOUN
ajfa-1948	149	6	)	)	PUNCT
ajfa-1948	149	7	of	of	ADP
ajfa-1948	149	8	the	the	DET
ajfa-1948	149	9	maar	maar	NOUN
ajfa-1948	149	10	shows	show	VERB
ajfa-1948	149	11	no	no	DET
ajfa-1948	149	12	significant	significant	ADJ
ajfa-1948	149	13	evidence	evidence	NOUN
ajfa-1948	149	14	of	of	ADP
ajfa-1948	149	15	abnormal	abnormal	ADJ
ajfa-1948	149	16	return	return	NOUN
ajfa-1948	149	17	and	and	CCONJ
ajfa-1948	149	18	thus	thus	ADV
ajfa-1948	149	19	no	no	DET
ajfa-1948	149	20	indication	indication	NOUN
ajfa-1948	149	21	of	of	ADP
ajfa-1948	149	22	short	short	ADJ
ajfa-1948	149	23	-	-	PUNCT
ajfa-1948	149	24	term	term	NOUN
ajfa-1948	149	25	trading	trading	NOUN
ajfa-1948	149	26	(	(	PUNCT
ajfa-1948	149	27	before	before	ADP
ajfa-1948	149	28	the	the	DET
ajfa-1948	149	29	ex	ex	NOUN
ajfa-1948	149	30	-	-	NOUN
ajfa-1948	149	31	date	date	NOUN
ajfa-1948	149	32	,	,	PUNCT
ajfa-1948	149	33	the	the	DET
ajfa-1948	149	34	p	p	NOUN
ajfa-1948	149	35	-	-	PUNCT
ajfa-1948	149	36	value	value	NOUN
ajfa-1948	149	37	of	of	ADP
ajfa-1948	149	38	the	the	DET
ajfa-1948	149	39	rtv	rtv	NOUN
ajfa-1948	149	40	was	be	AUX
ajfa-1948	149	41	0.822	0.822	NUM
ajfa-1948	149	42	and	and	CCONJ
ajfa-1948	149	43	after	after	ADP
ajfa-1948	149	44	the	the	DET
ajfa-1948	149	45	ex	ex	NOUN
ajfa-1948	149	46	-	-	NOUN
ajfa-1948	149	47	date	date	NOUN
ajfa-1948	149	48	0.493	0.493	NUM
ajfa-1948	149	49	,	,	PUNCT
ajfa-1948	149	50	suggesting	suggest	VERB
ajfa-1948	149	51	insignificant	insignificant	ADJ
ajfa-1948	149	52	differences	difference	NOUN
ajfa-1948	149	53	from	from	ADP
ajfa-1948	149	54	its	its	PRON
ajfa-1948	149	55	theoretical	theoretical	ADJ
ajfa-1948	149	56	value	value	NOUN
ajfa-1948	149	57	.	.	PUNCT
ajfa-1948	150	1	this	this	DET
ajfa-1948	150	2	evidence	evidence	NOUN
ajfa-1948	150	3	is	be	AUX
ajfa-1948	150	4	inconsistent	inconsistent	ADJ
ajfa-1948	150	5	with	with	ADP
ajfa-1948	150	6	nikolaos	nikolaos	PROPN
ajfa-1948	150	7	et	et	PROPN
ajfa-1948	150	8	al	al	PROPN
ajfa-1948	150	9	.	.	PROPN
ajfa-1948	151	1	(	(	PUNCT
ajfa-1948	151	2	2006	2006	NUM
ajfa-1948	151	3	)	)	PUNCT
ajfa-1948	151	4	,	,	PUNCT
ajfa-1948	151	5	who	who	PRON
ajfa-1948	151	6	suggested	suggest	VERB
ajfa-1948	151	7	that	that	SCONJ
ajfa-1948	151	8	for	for	ADP
ajfa-1948	151	9	the	the	DET
ajfa-1948	151	10	taxable	taxable	ADJ
ajfa-1948	151	11	dividend	dividend	NOUN
ajfa-1948	151	12	,	,	PUNCT
ajfa-1948	151	13	stock	stock	NOUN
ajfa-1948	151	14	prices	price	NOUN
ajfa-1948	151	15	fall	fall	VERB
ajfa-1948	151	16	more	more	ADV
ajfa-1948	151	17	than	than	ADP
ajfa-1948	151	18	the	the	DET
ajfa-1948	151	19	dividend	dividend	NOUN
ajfa-1948	151	20	amount	amount	NOUN
ajfa-1948	151	21	(	(	PUNCT
ajfa-1948	151	22	on	on	ADP
ajfa-1948	151	23	the	the	DET
ajfa-1948	151	24	chinese	chinese	ADJ
ajfa-1948	151	25	market	market	NOUN
ajfa-1948	151	26	)	)	PUNCT
ajfa-1948	151	27	.	.	PUNCT
ajfa-1948	152	1	4.4	4.4	NUM
ajfa-1948	152	2	london	london	PROPN
ajfa-1948	152	3	stock	stock	NOUN
ajfa-1948	152	4	exchange	exchange	PROPN
ajfa-1948	152	5	table	table	NOUN
ajfa-1948	152	6	5	5	NUM
ajfa-1948	152	7	.	.	PUNCT
ajfa-1948	152	8	observes	observe	VERB
ajfa-1948	152	9	the	the	DET
ajfa-1948	152	10	mean	mean	ADJ
ajfa-1948	152	11	,	,	PUNCT
ajfa-1948	152	12	median	median	ADJ
ajfa-1948	152	13	,	,	PUNCT
ajfa-1948	152	14	t	t	NOUN
ajfa-1948	152	15	-	-	PUNCT
ajfa-1948	152	16	test	test	NOUN
ajfa-1948	152	17	,	,	PUNCT
ajfa-1948	152	18	and	and	CCONJ
ajfa-1948	152	19	wilcoxon	wilcoxon	VERB
ajfa-1948	152	20	signed	sign	VERB
ajfa-1948	152	21	-	-	PUNCT
ajfa-1948	152	22	rank	rank	NOUN
ajfa-1948	152	23	test	test	NOUN
ajfa-1948	152	24	values	value	NOUN
ajfa-1948	152	25	of	of	ADP
ajfa-1948	152	26	the	the	DET
ajfa-1948	152	27	rpr	rpr	PROPN
ajfa-1948	152	28	,	,	PUNCT
ajfa-1948	152	29	mapr	mapr	PROPN
ajfa-1948	152	30	,	,	PUNCT
ajfa-1948	152	31	rpd	rpd	PROPN
ajfa-1948	152	32	,	,	PUNCT
ajfa-1948	152	33	and	and	CCONJ
ajfa-1948	152	34	mapd	mapd	NOUN
ajfa-1948	152	35	from	from	ADP
ajfa-1948	152	36	the	the	DET
ajfa-1948	152	37	lse	lse	PROPN
ajfa-1948	152	38	mean	mean	PROPN
ajfa-1948	152	39	t	t	NOUN
ajfa-1948	152	40	-	-	PUNCT
ajfa-1948	152	41	test	test	NOUN
ajfa-1948	152	42	(	(	PUNCT
ajfa-1948	152	43	mean	mean	NOUN
ajfa-1948	152	44	)	)	PUNCT
ajfa-1948	152	45	median	median	NOUN
ajfa-1948	152	46	z	z	NOUN
ajfa-1948	152	47	-	-	PUNCT
ajfa-1948	152	48	value	value	NOUN
ajfa-1948	152	49	(	(	PUNCT
ajfa-1948	152	50	median	median	ADJ
ajfa-1948	152	51	)	)	PUNCT
ajfa-1948	152	52	standard	standard	ADJ
ajfa-1948	152	53	deviation	deviation	NOUN
ajfa-1948	152	54	rpr	rpr	PROPN
ajfa-1948	152	55	5.9173	5.9173	NUM
ajfa-1948	152	56	3.3795	3.3795	NUM
ajfa-1948	152	57	0.9938	0.9938	NUM
ajfa-1948	152	58	0.169	0.169	NUM
ajfa-1948	152	59	25.4532	25.4532	NUM
ajfa-1948	152	60	mapr	mapr	PROPN
ajfa-1948	152	61	5.9512	5.9512	NUM
ajfa-1948	152	62	3.4041	3.4041	NUM
ajfa-1948	152	63	0.9879	0.9879	NUM
ajfa-1948	153	1	0.158	0.158	NUM
ajfa-1948	153	2	25.4432	25.4432	NUM
ajfa-1948	153	3	rpd	rpd	NOUN
ajfa-1948	153	4	0.0144	0.0144	NUM
ajfa-1948	153	5	2.123	2.123	NUM
ajfa-1948	153	6	0.0129	0.0129	NUM
ajfa-1948	153	7	-3.69	-3.69	NUM
ajfa-1948	153	8	0.0199	0.0199	NUM
ajfa-1948	153	9	mapd	mapd	NOUN
ajfa-1948	153	10	0.0146	0.0146	NUM
ajfa-1948	153	11	2.2387	2.2387	NUM
ajfa-1948	153	12	0.013	0.013	NUM
ajfa-1948	153	13	0	0	NUM
ajfa-1948	153	14	0.0201	0.0201	NUM
ajfa-1948	153	15	dividend	dividend	NOUN
ajfa-1948	153	16	yield	yield	VERB
ajfa-1948	153	17	0.0121	0.0121	NUM
ajfa-1948	153	18	0.01	0.01	NUM
ajfa-1948	153	19	0.0119	0.0119	NUM
ajfa-1948	153	20	asian	asian	ADJ
ajfa-1948	153	21	journal	journal	NOUN
ajfa-1948	153	22	of	of	ADP
ajfa-1948	153	23	finance	finance	PROPN
ajfa-1948	153	24	&	&	CCONJ
ajfa-1948	153	25	accounting	accounting	PROPN
ajfa-1948	153	26	issn	issn	PROPN
ajfa-1948	153	27	1946	1946	NUM
ajfa-1948	153	28	-	-	PUNCT
ajfa-1948	153	29	052x	052x	NOUN
ajfa-1948	153	30	2013	2013	NUM
ajfa-1948	153	31	,	,	PUNCT
ajfa-1948	153	32	vol	vol	NOUN
ajfa-1948	153	33	.	.	PROPN
ajfa-1948	153	34	5	5	NUM
ajfa-1948	153	35	,	,	PUNCT
ajfa-1948	153	36	no	no	INTJ
ajfa-1948	153	37	.	.	NOUN
ajfa-1948	153	38	1	1	NUM
ajfa-1948	153	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	153	40	83	83	NUM
ajfa-1948	153	41	the	the	DET
ajfa-1948	153	42	mean	mean	NOUN
ajfa-1948	153	43	of	of	ADP
ajfa-1948	153	44	the	the	DET
ajfa-1948	153	45	rpr	rpr	PROPN
ajfa-1948	153	46	and	and	CCONJ
ajfa-1948	153	47	mapr	mapr	PROPN
ajfa-1948	153	48	(	(	PUNCT
ajfa-1948	153	49	see	see	VERB
ajfa-1948	153	50	table	table	NOUN
ajfa-1948	153	51	5	5	NUM
ajfa-1948	153	52	)	)	PUNCT
ajfa-1948	153	53	and	and	CCONJ
ajfa-1948	153	54	associated	associate	VERB
ajfa-1948	153	55	t	t	PROPN
ajfa-1948	153	56	-	-	PUNCT
ajfa-1948	153	57	values	value	NOUN
ajfa-1948	153	58	(	(	PUNCT
ajfa-1948	153	59	z	z	NOUN
ajfa-1948	153	60	-	-	PUNCT
ajfa-1948	153	61	values	value	NOUN
ajfa-1948	153	62	)	)	PUNCT
ajfa-1948	153	63	suggests	suggest	VERB
ajfa-1948	153	64	a	a	DET
ajfa-1948	153	65	significant	significant	ADJ
ajfa-1948	153	66	difference	difference	NOUN
ajfa-1948	153	67	between	between	ADP
ajfa-1948	153	68	the	the	DET
ajfa-1948	153	69	theoretical	theoretical	ADJ
ajfa-1948	153	70	and	and	CCONJ
ajfa-1948	153	71	observe	observe	VERB
ajfa-1948	153	72	values	value	NOUN
ajfa-1948	153	73	.	.	PUNCT
ajfa-1948	154	1	however	however	ADV
ajfa-1948	154	2	,	,	PUNCT
ajfa-1948	154	3	the	the	DET
ajfa-1948	154	4	wilcoxon	wilcoxon	ADJ
ajfa-1948	154	5	(	(	PUNCT
ajfa-1948	154	6	z	z	NOUN
ajfa-1948	154	7	-	-	PUNCT
ajfa-1948	154	8	value	value	NOUN
ajfa-1948	154	9	)	)	PUNCT
ajfa-1948	154	10	test	test	NOUN
ajfa-1948	154	11	accepts	accept	VERB
ajfa-1948	154	12	the	the	DET
ajfa-1948	154	13	null	null	ADJ
ajfa-1948	154	14	hypothesis	hypothesis	NOUN
ajfa-1948	154	15	.	.	PUNCT
ajfa-1948	155	1	a	a	DET
ajfa-1948	155	2	higher	high	ADJ
ajfa-1948	155	3	standard	standard	ADJ
ajfa-1948	155	4	deviation	deviation	NOUN
ajfa-1948	155	5	(	(	PUNCT
ajfa-1948	155	6	rpr	rpr	NOUN
ajfa-1948	155	7	:	:	PUNCT
ajfa-1948	155	8	25.4532	25.4532	NUM
ajfa-1948	155	9	and	and	CCONJ
ajfa-1948	155	10	mapr	mapr	VERB
ajfa-1948	155	11	:	:	PUNCT
ajfa-1948	155	12	25.4432	25.4432	NUM
ajfa-1948	155	13	)	)	PUNCT
ajfa-1948	155	14	supports	support	VERB
ajfa-1948	155	15	the	the	DET
ajfa-1948	155	16	results	result	NOUN
ajfa-1948	155	17	obtained	obtain	VERB
ajfa-1948	155	18	by	by	ADP
ajfa-1948	155	19	the	the	DET
ajfa-1948	155	20	t	t	NOUN
ajfa-1948	155	21	-	-	PUNCT
ajfa-1948	155	22	test	test	NOUN
ajfa-1948	155	23	.	.	PUNCT
ajfa-1948	156	1	the	the	DET
ajfa-1948	156	2	value	value	NOUN
ajfa-1948	156	3	of	of	ADP
ajfa-1948	156	4	the	the	DET
ajfa-1948	156	5	t	t	NOUN
ajfa-1948	156	6	-	-	PUNCT
ajfa-1948	156	7	test	test	NOUN
ajfa-1948	156	8	is	be	AUX
ajfa-1948	156	9	also	also	ADV
ajfa-1948	156	10	supported	support	VERB
ajfa-1948	156	11	by	by	ADP
ajfa-1948	156	12	the	the	DET
ajfa-1948	156	13	higher	high	ADJ
ajfa-1948	156	14	differences	difference	NOUN
ajfa-1948	156	15	between	between	ADP
ajfa-1948	156	16	the	the	DET
ajfa-1948	156	17	mean	mean	NOUN
ajfa-1948	156	18	(	(	PUNCT
ajfa-1948	156	19	the	the	DET
ajfa-1948	156	20	rpr	rpr	PROPN
ajfa-1948	156	21	and	and	CCONJ
ajfa-1948	156	22	mapr	mapr	PROPN
ajfa-1948	156	23	)	)	PUNCT
ajfa-1948	156	24	and	and	CCONJ
ajfa-1948	156	25	theoretical	theoretical	ADJ
ajfa-1948	156	26	values	value	NOUN
ajfa-1948	156	27	.	.	PUNCT
ajfa-1948	157	1	this	this	PRON
ajfa-1948	157	2	suggests	suggest	VERB
ajfa-1948	157	3	that	that	SCONJ
ajfa-1948	157	4	stock	stock	NOUN
ajfa-1948	157	5	prices	price	NOUN
ajfa-1948	157	6	fall	fall	VERB
ajfa-1948	157	7	more	more	ADV
ajfa-1948	157	8	than	than	ADP
ajfa-1948	157	9	the	the	DET
ajfa-1948	157	10	dividend	dividend	NOUN
ajfa-1948	157	11	amount	amount	NOUN
ajfa-1948	157	12	.	.	PUNCT
ajfa-1948	158	1	we	we	PRON
ajfa-1948	158	2	can	can	AUX
ajfa-1948	158	3	also	also	ADV
ajfa-1948	158	4	explain	explain	VERB
ajfa-1948	158	5	the	the	DET
ajfa-1948	158	6	stock	stock	NOUN
ajfa-1948	158	7	price	price	NOUN
ajfa-1948	158	8	behaviour	behaviour	NOUN
ajfa-1948	158	9	by	by	ADP
ajfa-1948	158	10	the	the	DET
ajfa-1948	158	11	mean	mean	ADJ
ajfa-1948	158	12	(	(	PUNCT
ajfa-1948	158	13	median	median	NOUN
ajfa-1948	158	14	)	)	PUNCT
ajfa-1948	158	15	of	of	ADP
ajfa-1948	158	16	the	the	DET
ajfa-1948	158	17	rpd	rpd	NOUN
ajfa-1948	158	18	and	and	CCONJ
ajfa-1948	158	19	mapd	mapd	NOUN
ajfa-1948	158	20	.	.	PUNCT
ajfa-1948	159	1	the	the	DET
ajfa-1948	159	2	mean	mean	ADJ
ajfa-1948	159	3	(	(	PUNCT
ajfa-1948	159	4	median	median	NOUN
ajfa-1948	159	5	)	)	PUNCT
ajfa-1948	159	6	of	of	ADP
ajfa-1948	159	7	the	the	DET
ajfa-1948	159	8	rpd	rpd	NOUN
ajfa-1948	159	9	and	and	CCONJ
ajfa-1948	159	10	mapd	mapd	NOUN
ajfa-1948	159	11	and	and	CCONJ
ajfa-1948	159	12	related	relate	VERB
ajfa-1948	159	13	t	t	NOUN
ajfa-1948	159	14	-	-	PUNCT
ajfa-1948	159	15	values	value	NOUN
ajfa-1948	159	16	(	(	PUNCT
ajfa-1948	159	17	z	z	NOUN
ajfa-1948	159	18	-	-	PUNCT
ajfa-1948	159	19	values	value	NOUN
ajfa-1948	159	20	)	)	PUNCT
ajfa-1948	159	21	rejects	reject	VERB
ajfa-1948	159	22	the	the	DET
ajfa-1948	159	23	null	null	ADJ
ajfa-1948	159	24	hypothesis	hypothesis	NOUN
ajfa-1948	159	25	.	.	PUNCT
ajfa-1948	160	1	comparing	compare	VERB
ajfa-1948	160	2	the	the	DET
ajfa-1948	160	3	dividend	dividend	NOUN
ajfa-1948	160	4	yield	yield	NOUN
ajfa-1948	160	5	with	with	ADP
ajfa-1948	160	6	the	the	DET
ajfa-1948	160	7	mean	mean	ADJ
ajfa-1948	160	8	values	value	NOUN
ajfa-1948	160	9	of	of	ADP
ajfa-1948	160	10	the	the	DET
ajfa-1948	160	11	rpd	rpd	NOUN
ajfa-1948	160	12	and	and	CCONJ
ajfa-1948	160	13	mapd	mapd	NOUN
ajfa-1948	160	14	,	,	PUNCT
ajfa-1948	160	15	we	we	PRON
ajfa-1948	160	16	can	can	AUX
ajfa-1948	160	17	conclude	conclude	VERB
ajfa-1948	160	18	that	that	SCONJ
ajfa-1948	160	19	the	the	DET
ajfa-1948	160	20	stock	stock	NOUN
ajfa-1948	160	21	prices	price	NOUN
ajfa-1948	160	22	drop	drop	VERB
ajfa-1948	160	23	more	more	ADV
ajfa-1948	160	24	than	than	ADP
ajfa-1948	160	25	the	the	DET
ajfa-1948	160	26	dividend	dividend	NOUN
ajfa-1948	160	27	amount	amount	NOUN
ajfa-1948	160	28	.	.	PUNCT
ajfa-1948	161	1	too	too	ADV
ajfa-1948	161	2	high	high	ADJ
ajfa-1948	161	3	rpr	rpr	PROPN
ajfa-1948	161	4	compare	compare	VERB
ajfa-1948	161	5	to	to	ADP
ajfa-1948	161	6	previous	previous	ADJ
ajfa-1948	161	7	studies	study	NOUN
ajfa-1948	161	8	(	(	PUNCT
ajfa-1948	161	9	lasfer	lasfer	NOUN
ajfa-1948	161	10	and	and	CCONJ
ajfa-1948	161	11	zenonos	zenono	NOUN
ajfa-1948	161	12	,	,	PUNCT
ajfa-1948	161	13	2003	2003	NUM
ajfa-1948	161	14	and	and	CCONJ
ajfa-1948	161	15	lasfer	lasfer	NOUN
ajfa-1948	161	16	,	,	PUNCT
ajfa-1948	161	17	1995	1995	NUM
ajfa-1948	161	18	)	)	PUNCT
ajfa-1948	161	19	can	can	AUX
ajfa-1948	161	20	be	be	AUX
ajfa-1948	161	21	due	due	ADJ
ajfa-1948	161	22	to	to	ADP
ajfa-1948	161	23	the	the	DET
ajfa-1948	161	24	investor	investor	NOUN
ajfa-1948	161	25	’s	’s	PART
ajfa-1948	161	26	expectation	expectation	NOUN
ajfa-1948	161	27	to	to	PART
ajfa-1948	161	28	determine	determine	VERB
ajfa-1948	161	29	the	the	DET
ajfa-1948	161	30	ex	ex	NOUN
ajfa-1948	161	31	-	-	NOUN
ajfa-1948	161	32	day	day	NOUN
ajfa-1948	161	33	stock	stock	NOUN
ajfa-1948	161	34	prices	price	NOUN
ajfa-1948	161	35	and	and	CCONJ
ajfa-1948	161	36	financial	financial	ADJ
ajfa-1948	161	37	instability1	instability1	PROPN
ajfa-1948	161	38	.	.	PUNCT
ajfa-1948	162	1	a	a	DET
ajfa-1948	162	2	too	too	ADV
ajfa-1948	162	3	-	-	PUNCT
ajfa-1948	162	4	high	high	ADJ
ajfa-1948	162	5	standard	standard	ADJ
ajfa-1948	162	6	deviation	deviation	NOUN
ajfa-1948	162	7	and	and	CCONJ
ajfa-1948	162	8	a	a	DET
ajfa-1948	162	9	too	too	ADV
ajfa-1948	162	10	-	-	PUNCT
ajfa-1948	162	11	high	high	ADJ
ajfa-1948	162	12	value	value	NOUN
ajfa-1948	162	13	of	of	ADP
ajfa-1948	162	14	the	the	DET
ajfa-1948	162	15	rpr	rpr	PROPN
ajfa-1948	162	16	and	and	CCONJ
ajfa-1948	162	17	mapr	mapr	PROPN
ajfa-1948	162	18	and	and	CCONJ
ajfa-1948	162	19	associated	associate	VERB
ajfa-1948	162	20	t	t	PROPN
ajfa-1948	162	21	-	-	PUNCT
ajfa-1948	162	22	values	value	NOUN
ajfa-1948	162	23	suggest	suggest	VERB
ajfa-1948	162	24	that	that	SCONJ
ajfa-1948	162	25	the	the	DET
ajfa-1948	162	26	market	market	NOUN
ajfa-1948	162	27	is	be	AUX
ajfa-1948	162	28	experiencing	experience	VERB
ajfa-1948	162	29	higher	high	ADJ
ajfa-1948	162	30	volatility	volatility	NOUN
ajfa-1948	162	31	compared	compare	VERB
ajfa-1948	162	32	to	to	ADP
ajfa-1948	162	33	the	the	DET
ajfa-1948	162	34	other	other	ADJ
ajfa-1948	162	35	markets	market	NOUN
ajfa-1948	162	36	.	.	PUNCT
ajfa-1948	163	1	further	further	ADJ
ajfa-1948	163	2	studies	study	NOUN
ajfa-1948	163	3	are	be	AUX
ajfa-1948	163	4	required	require	VERB
ajfa-1948	163	5	to	to	PART
ajfa-1948	163	6	find	find	VERB
ajfa-1948	163	7	evidence	evidence	NOUN
ajfa-1948	163	8	against	against	ADP
ajfa-1948	163	9	such	such	ADJ
ajfa-1948	163	10	volatility	volatility	NOUN
ajfa-1948	163	11	in	in	ADP
ajfa-1948	163	12	the	the	DET
ajfa-1948	163	13	uk	uk	PROPN
ajfa-1948	163	14	market	market	NOUN
ajfa-1948	163	15	.	.	PUNCT
ajfa-1948	164	1	we	we	PRON
ajfa-1948	164	2	also	also	ADV
ajfa-1948	164	3	observe	observe	VERB
ajfa-1948	164	4	significant	significant	ADJ
ajfa-1948	164	5	evidence	evidence	NOUN
ajfa-1948	164	6	of	of	ADP
ajfa-1948	164	7	the	the	DET
ajfa-1948	164	8	maar	maar	NOUN
ajfa-1948	164	9	(	(	PUNCT
ajfa-1948	164	10	p	p	NOUN
ajfa-1948	164	11	-	-	PUNCT
ajfa-1948	164	12	value	value	NOUN
ajfa-1948	164	13	:	:	PUNCT
ajfa-1948	164	14	0.003	0.003	NUM
ajfa-1948	164	15	.	.	PUNCT
ajfa-1948	165	1	see	see	VERB
ajfa-1948	165	2	table	table	NOUN
ajfa-1948	165	3	i	i	PRON
ajfa-1948	165	4	in	in	ADP
ajfa-1948	165	5	appendix	appendix	NOUN
ajfa-1948	165	6	)	)	PUNCT
ajfa-1948	165	7	and	and	CCONJ
ajfa-1948	165	8	of	of	ADP
ajfa-1948	165	9	short	short	ADJ
ajfa-1948	165	10	-	-	PUNCT
ajfa-1948	165	11	term	term	NOUN
ajfa-1948	165	12	trading	trading	NOUN
ajfa-1948	165	13	(	(	PUNCT
ajfa-1948	165	14	p	p	NOUN
ajfa-1948	165	15	-	-	PUNCT
ajfa-1948	165	16	value	value	NOUN
ajfa-1948	165	17	:	:	PUNCT
ajfa-1948	165	18	0.000	0.000	NUM
ajfa-1948	165	19	)	)	PUNCT
ajfa-1948	165	20	before	before	ADP
ajfa-1948	165	21	the	the	DET
ajfa-1948	165	22	ex	ex	NOUN
ajfa-1948	165	23	-	-	NOUN
ajfa-1948	165	24	dividend	dividend	ADJ
ajfa-1948	165	25	day	day	NOUN
ajfa-1948	166	1	but	but	CCONJ
ajfa-1948	166	2	no	no	DET
ajfa-1948	166	3	indication	indication	NOUN
ajfa-1948	166	4	of	of	ADP
ajfa-1948	166	5	short	short	ADJ
ajfa-1948	166	6	-	-	PUNCT
ajfa-1948	166	7	term	term	NOUN
ajfa-1948	166	8	trading	trading	NOUN
ajfa-1948	166	9	(	(	PUNCT
ajfa-1948	166	10	p	p	NOUN
ajfa-1948	166	11	-	-	PUNCT
ajfa-1948	166	12	value	value	NOUN
ajfa-1948	166	13	:	:	PUNCT
ajfa-1948	166	14	0.593	0.593	NUM
ajfa-1948	166	15	)	)	PUNCT
ajfa-1948	166	16	after	after	ADP
ajfa-1948	166	17	the	the	DET
ajfa-1948	166	18	ex	ex	NOUN
ajfa-1948	166	19	-	-	NOUN
ajfa-1948	166	20	day	day	NOUN
ajfa-1948	166	21	.	.	PUNCT
ajfa-1948	167	1	our	our	PRON
ajfa-1948	167	2	study	study	NOUN
ajfa-1948	167	3	is	be	AUX
ajfa-1948	167	4	consistent	consistent	ADJ
ajfa-1948	167	5	with	with	ADP
ajfa-1948	167	6	lasfer	lasfer	NOUN
ajfa-1948	167	7	and	and	CCONJ
ajfa-1948	167	8	zenonos	zenonos	PROPN
ajfa-1948	167	9	(	(	PUNCT
ajfa-1948	167	10	2003	2003	NUM
ajfa-1948	167	11	)	)	PUNCT
ajfa-1948	167	12	regarding	regard	VERB
ajfa-1948	167	13	the	the	DET
ajfa-1948	167	14	european	european	ADJ
ajfa-1948	167	15	firms	firm	NOUN
ajfa-1948	167	16	and	and	CCONJ
ajfa-1948	167	17	has	have	AUX
ajfa-1948	167	18	documented	document	VERB
ajfa-1948	167	19	positive	positive	ADJ
ajfa-1948	167	20	abnormal	abnormal	ADJ
ajfa-1948	167	21	return	return	NOUN
ajfa-1948	167	22	from	from	ADP
ajfa-1948	167	23	the	the	DET
ajfa-1948	167	24	lse	lse	NOUN
ajfa-1948	167	25	.	.	PUNCT
ajfa-1948	168	1	5	5	NUM
ajfa-1948	168	2	.	.	PUNCT
ajfa-1948	168	3	conclusions	conclusion	NOUN
ajfa-1948	168	4	this	this	DET
ajfa-1948	168	5	paper	paper	NOUN
ajfa-1948	168	6	examines	examine	VERB
ajfa-1948	168	7	the	the	DET
ajfa-1948	168	8	stock	stock	NOUN
ajfa-1948	168	9	price	price	NOUN
ajfa-1948	168	10	behaviour	behaviour	NOUN
ajfa-1948	168	11	of	of	ADP
ajfa-1948	168	12	blue	blue	ADJ
ajfa-1948	168	13	-	-	PUNCT
ajfa-1948	168	14	chip	chip	NOUN
ajfa-1948	168	15	stocks	stock	NOUN
ajfa-1948	168	16	on	on	ADP
ajfa-1948	168	17	the	the	DET
ajfa-1948	168	18	ex	ex	NOUN
ajfa-1948	168	19	-	-	NOUN
ajfa-1948	168	20	dividend	dividend	ADJ
ajfa-1948	168	21	day	day	NOUN
ajfa-1948	168	22	.	.	PUNCT
ajfa-1948	169	1	four	four	NUM
ajfa-1948	169	2	capital	capital	NOUN
ajfa-1948	169	3	markets	market	NOUN
ajfa-1948	169	4	are	be	AUX
ajfa-1948	169	5	selected	select	VERB
ajfa-1948	169	6	for	for	ADP
ajfa-1948	169	7	this	this	DET
ajfa-1948	169	8	study	study	NOUN
ajfa-1948	169	9	.	.	PUNCT
ajfa-1948	170	1	the	the	DET
ajfa-1948	170	2	reason	reason	NOUN
ajfa-1948	170	3	for	for	ADP
ajfa-1948	170	4	this	this	DET
ajfa-1948	170	5	market	market	NOUN
ajfa-1948	170	6	selection	selection	NOUN
ajfa-1948	170	7	is	be	AUX
ajfa-1948	170	8	to	to	PART
ajfa-1948	170	9	examine	examine	VERB
ajfa-1948	170	10	the	the	DET
ajfa-1948	170	11	behaviour	behaviour	NOUN
ajfa-1948	170	12	of	of	ADP
ajfa-1948	170	13	the	the	DET
ajfa-1948	170	14	most	most	ADV
ajfa-1948	170	15	liquid	liquid	ADJ
ajfa-1948	170	16	common	common	ADJ
ajfa-1948	170	17	stock	stock	NOUN
ajfa-1948	170	18	prices	price	NOUN
ajfa-1948	170	19	on	on	ADP
ajfa-1948	170	20	the	the	DET
ajfa-1948	170	21	ex	ex	NOUN
ajfa-1948	170	22	-	-	ADJ
ajfa-1948	170	23	divided	divide	VERB
ajfa-1948	170	24	day	day	NOUN
ajfa-1948	170	25	under	under	ADP
ajfa-1948	170	26	different	different	ADJ
ajfa-1948	170	27	legislation	legislation	NOUN
ajfa-1948	170	28	and	and	CCONJ
ajfa-1948	170	29	trading	trading	NOUN
ajfa-1948	170	30	rules	rule	NOUN
ajfa-1948	170	31	.	.	PUNCT
ajfa-1948	171	1	the	the	DET
ajfa-1948	171	2	sample	sample	NOUN
ajfa-1948	171	3	period	period	NOUN
ajfa-1948	171	4	of	of	ADP
ajfa-1948	171	5	this	this	DET
ajfa-1948	171	6	study	study	NOUN
ajfa-1948	171	7	covers	cover	VERB
ajfa-1948	171	8	2005	2005	NUM
ajfa-1948	171	9	to	to	ADP
ajfa-1948	171	10	2009	2009	NUM
ajfa-1948	171	11	,	,	PUNCT
ajfa-1948	171	12	when	when	SCONJ
ajfa-1948	171	13	each	each	DET
ajfa-1948	171	14	capital	capital	NOUN
ajfa-1948	171	15	market	market	NOUN
ajfa-1948	171	16	experienced	experience	VERB
ajfa-1948	171	17	a	a	DET
ajfa-1948	171	18	financial	financial	ADJ
ajfa-1948	171	19	crisis	crisis	NOUN
ajfa-1948	171	20	and	and	CCONJ
ajfa-1948	171	21	higher	high	ADJ
ajfa-1948	171	22	volatility	volatility	NOUN
ajfa-1948	171	23	.	.	PUNCT
ajfa-1948	172	1	this	this	DET
ajfa-1948	172	2	study	study	NOUN
ajfa-1948	172	3	also	also	ADV
ajfa-1948	172	4	compares	compare	VERB
ajfa-1948	172	5	asian	asian	ADJ
ajfa-1948	172	6	,	,	PUNCT
ajfa-1948	172	7	european	european	ADJ
ajfa-1948	172	8	,	,	PUNCT
ajfa-1948	172	9	and	and	CCONJ
ajfa-1948	172	10	american	american	ADJ
ajfa-1948	172	11	capital	capital	NOUN
ajfa-1948	172	12	markets	market	NOUN
ajfa-1948	172	13	and	and	CCONJ
ajfa-1948	172	14	how	how	SCONJ
ajfa-1948	172	15	they	they	PRON
ajfa-1948	172	16	react	react	VERB
ajfa-1948	172	17	according	accord	VERB
ajfa-1948	172	18	to	to	ADP
ajfa-1948	172	19	the	the	DET
ajfa-1948	172	20	information	information	NOUN
ajfa-1948	172	21	flow	flow	NOUN
ajfa-1948	172	22	in	in	ADP
ajfa-1948	172	23	a	a	DET
ajfa-1948	172	24	financial	financial	ADJ
ajfa-1948	172	25	crisis	crisis	NOUN
ajfa-1948	172	26	.	.	PUNCT
ajfa-1948	173	1	the	the	DET
ajfa-1948	173	2	empirical	empirical	ADJ
ajfa-1948	173	3	evidence	evidence	NOUN
ajfa-1948	173	4	of	of	ADP
ajfa-1948	173	5	the	the	DET
ajfa-1948	173	6	nyse	nyse	PROPN
ajfa-1948	173	7	’s	’s	PART
ajfa-1948	173	8	and	and	CCONJ
ajfa-1948	173	9	sse	sse	PROPN
ajfa-1948	173	10	’s	’s	PART
ajfa-1948	173	11	rpr	rpr	PROPN
ajfa-1948	173	12	,	,	PUNCT
ajfa-1948	173	13	mapr	mapr	PROPN
ajfa-1948	173	14	,	,	PUNCT
ajfa-1948	173	15	rpd	rpd	PROPN
ajfa-1948	173	16	,	,	PUNCT
ajfa-1948	173	17	and	and	CCONJ
ajfa-1948	173	18	mapd	mapd	NOUN
ajfa-1948	173	19	suggests	suggest	VERB
ajfa-1948	173	20	that	that	SCONJ
ajfa-1948	173	21	stock	stock	NOUN
ajfa-1948	173	22	prices	price	NOUN
ajfa-1948	173	23	drop	drop	VERB
ajfa-1948	173	24	by	by	ADP
ajfa-1948	173	25	the	the	DET
ajfa-1948	173	26	same	same	ADJ
ajfa-1948	173	27	amount	amount	NOUN
ajfa-1948	173	28	as	as	ADP
ajfa-1948	173	29	the	the	DET
ajfa-1948	173	30	dividend	dividend	NOUN
ajfa-1948	173	31	paid	pay	VERB
ajfa-1948	173	32	on	on	ADP
ajfa-1948	173	33	the	the	DET
ajfa-1948	173	34	ex	ex	NOUN
ajfa-1948	173	35	-	-	NOUN
ajfa-1948	173	36	day	day	NOUN
ajfa-1948	173	37	.	.	PUNCT
ajfa-1948	174	1	the	the	DET
ajfa-1948	174	2	null	null	ADJ
ajfa-1948	174	3	hypotheses	hypothesis	NOUN
ajfa-1948	174	4	h5	h5	NOUN
ajfa-1948	174	5	and	and	CCONJ
ajfa-1948	174	6	h6	h6	PROPN
ajfa-1948	174	7	are	be	AUX
ajfa-1948	174	8	true	true	ADJ
ajfa-1948	174	9	in	in	ADP
ajfa-1948	174	10	both	both	DET
ajfa-1948	174	11	markets	market	NOUN
ajfa-1948	174	12	,	,	PUNCT
ajfa-1948	174	13	suggesting	suggest	VERB
ajfa-1948	174	14	no	no	DET
ajfa-1948	174	15	indication	indication	NOUN
ajfa-1948	174	16	of	of	ADP
ajfa-1948	174	17	abnormal	abnormal	ADJ
ajfa-1948	174	18	return	return	NOUN
ajfa-1948	174	19	and	and	CCONJ
ajfa-1948	174	20	thus	thus	ADV
ajfa-1948	174	21	no	no	DET
ajfa-1948	174	22	evidence	evidence	NOUN
ajfa-1948	174	23	of	of	ADP
ajfa-1948	174	24	short	short	ADJ
ajfa-1948	174	25	-	-	PUNCT
ajfa-1948	174	26	term	term	NOUN
ajfa-1948	174	27	trading	trading	NOUN
ajfa-1948	174	28	before	before	ADV
ajfa-1948	174	29	and	and	CCONJ
ajfa-1948	174	30	after	after	ADP
ajfa-1948	174	31	the	the	DET
ajfa-1948	174	32	ex	ex	NOUN
ajfa-1948	174	33	-	-	NOUN
ajfa-1948	174	34	day	day	NOUN
ajfa-1948	174	35	.	.	PUNCT
ajfa-1948	175	1	the	the	DET
ajfa-1948	175	2	null	null	ADJ
ajfa-1948	175	3	hypotheses	hypothesis	NOUN
ajfa-1948	175	4	h1	h1	PROPN
ajfa-1948	175	5	,	,	PUNCT
ajfa-1948	175	6	h2	h2	PROPN
ajfa-1948	175	7	,	,	PUNCT
ajfa-1948	175	8	h3	h3	NOUN
ajfa-1948	175	9	,	,	PUNCT
ajfa-1948	175	10	and	and	CCONJ
ajfa-1948	175	11	h4	h4	NOUN
ajfa-1948	175	12	are	be	AUX
ajfa-1948	175	13	rejected	reject	VERB
ajfa-1948	175	14	by	by	ADP
ajfa-1948	175	15	the	the	DET
ajfa-1948	175	16	tse	tse	PROPN
ajfa-1948	175	17	.	.	PUNCT
ajfa-1948	176	1	and	and	CCONJ
ajfa-1948	176	2	they	they	PRON
ajfa-1948	176	3	argued	argue	VERB
ajfa-1948	176	4	that	that	SCONJ
ajfa-1948	176	5	the	the	DET
ajfa-1948	176	6	stock	stock	NOUN
ajfa-1948	176	7	price	price	NOUN
ajfa-1948	176	8	drop	drop	NOUN
ajfa-1948	176	9	is	be	AUX
ajfa-1948	176	10	less	less	ADJ
ajfa-1948	176	11	than	than	ADP
ajfa-1948	176	12	the	the	DET
ajfa-1948	176	13	dividend	dividend	NOUN
ajfa-1948	176	14	amount	amount	NOUN
ajfa-1948	176	15	.	.	PUNCT
ajfa-1948	177	1	the	the	DET
ajfa-1948	177	2	value	value	NOUN
ajfa-1948	177	3	of	of	ADP
ajfa-1948	177	4	the	the	DET
ajfa-1948	177	5	maar	maar	NOUN
ajfa-1948	177	6	suggests	suggest	VERB
ajfa-1948	177	7	a	a	DET
ajfa-1948	177	8	statistically	statistically	ADV
ajfa-1948	177	9	significant	significant	ADJ
ajfa-1948	177	10	amount	amount	NOUN
ajfa-1948	177	11	of	of	ADP
ajfa-1948	177	12	abnormal	abnormal	ADJ
ajfa-1948	177	13	return	return	NOUN
ajfa-1948	177	14	and	and	CCONJ
ajfa-1948	177	15	the	the	DET
ajfa-1948	177	16	value	value	NOUN
ajfa-1948	177	17	of	of	ADP
ajfa-1948	177	18	the	the	DET
ajfa-1948	177	19	rtv	rtv	PROPN
ajfa-1948	177	20	supports	support	VERB
ajfa-1948	177	21	short	short	ADJ
ajfa-1948	177	22	-	-	PUNCT
ajfa-1948	177	23	term	term	NOUN
ajfa-1948	177	24	trading	trading	NOUN
ajfa-1948	177	25	.	.	PUNCT
ajfa-1948	178	1	on	on	ADP
ajfa-1948	178	2	the	the	DET
ajfa-1948	178	3	lse	lse	NOUN
ajfa-1948	178	4	,	,	PUNCT
ajfa-1948	178	5	the	the	DET
ajfa-1948	178	6	values	value	NOUN
ajfa-1948	178	7	of	of	ADP
ajfa-1948	178	8	the	the	DET
ajfa-1948	178	9	rpr	rpr	PROPN
ajfa-1948	178	10	,	,	PUNCT
ajfa-1948	178	11	mapr	mapr	PROPN
ajfa-1948	178	12	,	,	PUNCT
ajfa-1948	178	13	rpd	rpd	PROPN
ajfa-1948	178	14	,	,	PUNCT
ajfa-1948	178	15	and	and	CCONJ
ajfa-1948	178	16	mapd	mapd	NOUN
ajfa-1948	178	17	demonstrate	demonstrate	VERB
ajfa-1948	178	18	that	that	SCONJ
ajfa-1948	178	19	stock	stock	NOUN
ajfa-1948	178	20	prices	price	NOUN
ajfa-1948	178	21	fall	fall	VERB
ajfa-1948	178	22	more	more	ADV
ajfa-1948	178	23	than	than	ADP
ajfa-1948	178	24	the	the	DET
ajfa-1948	178	25	dividend	dividend	NOUN
ajfa-1948	178	26	amount	amount	NOUN
ajfa-1948	178	27	,	,	PUNCT
ajfa-1948	178	28	which	which	PRON
ajfa-1948	178	29	is	be	AUX
ajfa-1948	178	30	not	not	PART
ajfa-1948	178	31	consistent	consistent	ADJ
ajfa-1948	178	32	with	with	ADP
ajfa-1948	178	33	the	the	DET
ajfa-1948	178	34	taxor	taxor	PROPN
ajfa-1948	178	35	transaction	transaction	NOUN
ajfa-1948	178	36	-	-	PUNCT
ajfa-1948	178	37	costs	cost	NOUN
ajfa-1948	178	38	hypothesis	hypothesis	NOUN
ajfa-1948	178	39	.	.	PUNCT
ajfa-1948	179	1	higher	high	ADJ
ajfa-1948	179	2	standard	standard	ADJ
ajfa-1948	179	3	deviation	deviation	NOUN
ajfa-1948	179	4	refers	refer	VERB
ajfa-1948	179	5	to	to	ADP
ajfa-1948	179	6	the	the	DET
ajfa-1948	179	7	higher	high	ADJ
ajfa-1948	179	8	1	1	NUM
ajfa-1948	179	9	“	"	PUNCT
ajfa-1948	179	10	one	one	NUM
ajfa-1948	179	11	after	after	ADP
ajfa-1948	179	12	another	another	PRON
ajfa-1948	179	13	,	,	PUNCT
ajfa-1948	179	14	ltcm	ltcm	PROPN
ajfa-1948	179	15	’s	’s	PART
ajfa-1948	179	16	partners	partner	NOUN
ajfa-1948	179	17	,	,	PUNCT
ajfa-1948	179	18	calling	call	VERB
ajfa-1948	179	19	in	in	ADP
ajfa-1948	179	20	from	from	ADP
ajfa-1948	179	21	tokyo	tokyo	PROPN
ajfa-1948	179	22	and	and	CCONJ
ajfa-1948	179	23	london	london	PROPN
ajfa-1948	179	24	,	,	PUNCT
ajfa-1948	179	25	reported	report	VERB
ajfa-1948	179	26	that	that	SCONJ
ajfa-1948	179	27	their	their	PRON
ajfa-1948	179	28	markets	market	NOUN
ajfa-1948	179	29	had	have	AUX
ajfa-1948	179	30	dried	dry	VERB
ajfa-1948	179	31	up	up	ADP
ajfa-1948	179	32	.	.	PUNCT
ajfa-1948	180	1	there	there	PRON
ajfa-1948	180	2	were	be	VERB
ajfa-1948	180	3	no	no	DET
ajfa-1948	180	4	buyers	buyer	NOUN
ajfa-1948	180	5	,	,	PUNCT
ajfa-1948	180	6	no	no	DET
ajfa-1948	180	7	sellers	seller	NOUN
ajfa-1948	180	8	.	.	PUNCT
ajfa-1948	181	1	it	it	PRON
ajfa-1948	181	2	was	be	AUX
ajfa-1948	181	3	all	all	ADV
ajfa-1948	181	4	but	but	CCONJ
ajfa-1948	181	5	impossible	impossible	ADJ
ajfa-1948	181	6	to	to	PART
ajfa-1948	181	7	maneuver	maneuver	VERB
ajfa-1948	181	8	out	out	ADP
ajfa-1948	181	9	of	of	ADP
ajfa-1948	181	10	large	large	ADJ
ajfa-1948	181	11	trading	trading	NOUN
ajfa-1948	181	12	bets	bet	NOUN
ajfa-1948	181	13	.	.	PUNCT
ajfa-1948	181	14	”	"	PUNCT
ajfa-1948	182	1	wall	wall	PROPN
ajfa-1948	182	2	street	street	PROPN
ajfa-1948	182	3	journal	journal	PROPN
ajfa-1948	182	4	,	,	PUNCT
ajfa-1948	182	5	november	november	PROPN
ajfa-1948	182	6	16	16	NUM
ajfa-1948	182	7	,	,	PUNCT
ajfa-1948	182	8	1998	1998	NUM
ajfa-1948	182	9	.	.	PUNCT
ajfa-1948	183	1	asian	asian	ADJ
ajfa-1948	183	2	journal	journal	PROPN
ajfa-1948	183	3	of	of	ADP
ajfa-1948	183	4	finance	finance	PROPN
ajfa-1948	183	5	&	&	CCONJ
ajfa-1948	183	6	accounting	accounting	PROPN
ajfa-1948	183	7	issn	issn	PROPN
ajfa-1948	183	8	1946	1946	NUM
ajfa-1948	183	9	-	-	PUNCT
ajfa-1948	183	10	052x	052x	NOUN
ajfa-1948	183	11	2013	2013	NUM
ajfa-1948	183	12	,	,	PUNCT
ajfa-1948	183	13	vol	vol	NOUN
ajfa-1948	183	14	.	.	PROPN
ajfa-1948	183	15	5	5	NUM
ajfa-1948	183	16	,	,	PUNCT
ajfa-1948	183	17	no	no	INTJ
ajfa-1948	183	18	.	.	NOUN
ajfa-1948	183	19	1	1	NUM
ajfa-1948	183	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	183	21	84	84	NUM
ajfa-1948	183	22	volatility	volatility	NOUN
ajfa-1948	183	23	of	of	ADP
ajfa-1948	183	24	the	the	DET
ajfa-1948	183	25	market	market	NOUN
ajfa-1948	183	26	and	and	CCONJ
ajfa-1948	183	27	the	the	DET
ajfa-1948	183	28	reason	reason	NOUN
ajfa-1948	183	29	for	for	ADP
ajfa-1948	183	30	such	such	ADJ
ajfa-1948	183	31	volatility	volatility	NOUN
ajfa-1948	183	32	can	can	AUX
ajfa-1948	183	33	be	be	AUX
ajfa-1948	183	34	explained	explain	VERB
ajfa-1948	183	35	by	by	ADP
ajfa-1948	183	36	the	the	DET
ajfa-1948	183	37	financial	financial	ADJ
ajfa-1948	183	38	crisis	crisis	NOUN
ajfa-1948	183	39	.	.	PUNCT
ajfa-1948	184	1	most	most	ADJ
ajfa-1948	184	2	of	of	ADP
ajfa-1948	184	3	the	the	DET
ajfa-1948	184	4	ftse	ftse	NOUN
ajfa-1948	184	5	100	100	NUM
ajfa-1948	184	6	companies	company	NOUN
ajfa-1948	184	7	are	be	AUX
ajfa-1948	184	8	financial	financial	ADJ
ajfa-1948	184	9	institutions	institution	NOUN
ajfa-1948	184	10	.	.	PUNCT
ajfa-1948	185	1	they	they	PRON
ajfa-1948	185	2	carried	carry	VERB
ajfa-1948	185	3	a	a	DET
ajfa-1948	185	4	high	high	ADJ
ajfa-1948	185	5	risk	risk	NOUN
ajfa-1948	185	6	during	during	ADP
ajfa-1948	185	7	the	the	DET
ajfa-1948	185	8	financial	financial	ADJ
ajfa-1948	185	9	crisis	crisis	NOUN
ajfa-1948	185	10	and	and	CCONJ
ajfa-1948	185	11	investors	investor	NOUN
ajfa-1948	185	12	were	be	AUX
ajfa-1948	185	13	scared	scared	ADJ
ajfa-1948	185	14	to	to	PART
ajfa-1948	185	15	hold	hold	VERB
ajfa-1948	185	16	the	the	DET
ajfa-1948	185	17	stocks	stock	NOUN
ajfa-1948	185	18	.	.	PUNCT
ajfa-1948	186	1	however	however	ADV
ajfa-1948	186	2	,	,	PUNCT
ajfa-1948	186	3	further	further	ADJ
ajfa-1948	186	4	research	research	NOUN
ajfa-1948	186	5	is	be	AUX
ajfa-1948	186	6	required	require	VERB
ajfa-1948	186	7	to	to	PART
ajfa-1948	186	8	find	find	VERB
ajfa-1948	186	9	the	the	DET
ajfa-1948	186	10	explanation	explanation	NOUN
ajfa-1948	186	11	for	for	ADP
ajfa-1948	186	12	such	such	ADJ
ajfa-1948	186	13	volatility	volatility	NOUN
ajfa-1948	186	14	.	.	PUNCT
ajfa-1948	187	1	the	the	DET
ajfa-1948	187	2	value	value	NOUN
ajfa-1948	187	3	of	of	ADP
ajfa-1948	187	4	the	the	DET
ajfa-1948	187	5	maar	maar	NOUN
ajfa-1948	187	6	and	and	CCONJ
ajfa-1948	187	7	rtv	rtv	PROPN
ajfa-1948	187	8	suggests	suggest	VERB
ajfa-1948	187	9	an	an	DET
ajfa-1948	187	10	abnormal	abnormal	ADJ
ajfa-1948	187	11	return	return	NOUN
ajfa-1948	187	12	around	around	ADP
ajfa-1948	187	13	the	the	DET
ajfa-1948	187	14	ex	ex	NOUN
ajfa-1948	187	15	-	-	NOUN
ajfa-1948	187	16	day	day	NOUN
ajfa-1948	187	17	and	and	CCONJ
ajfa-1948	187	18	thus	thus	ADV
ajfa-1948	187	19	short	short	ADJ
ajfa-1948	187	20	-	-	PUNCT
ajfa-1948	187	21	term	term	NOUN
ajfa-1948	187	22	trading	trading	NOUN
ajfa-1948	187	23	.	.	PUNCT
ajfa-1948	188	1	5.1	5.1	NUM
ajfa-1948	188	2	limitations	limitation	NOUN
ajfa-1948	188	3	and	and	CCONJ
ajfa-1948	188	4	suggestions	suggestion	NOUN
ajfa-1948	188	5	for	for	ADP
ajfa-1948	188	6	further	further	ADJ
ajfa-1948	188	7	studies	study	NOUN
ajfa-1948	188	8	even	even	ADV
ajfa-1948	188	9	if	if	SCONJ
ajfa-1948	188	10	our	our	PRON
ajfa-1948	188	11	study	study	NOUN
ajfa-1948	188	12	follows	follow	VERB
ajfa-1948	188	13	common	common	ADJ
ajfa-1948	188	14	practice	practice	NOUN
ajfa-1948	188	15	in	in	ADP
ajfa-1948	188	16	measuring	measure	VERB
ajfa-1948	188	17	ex	ex	NOUN
ajfa-1948	188	18	-	-	ADJ
ajfa-1948	188	19	dividend	dividend	ADJ
ajfa-1948	188	20	-	-	PUNCT
ajfa-1948	188	21	day	day	NOUN
ajfa-1948	188	22	price	price	NOUN
ajfa-1948	188	23	behaviour	behaviour	NOUN
ajfa-1948	188	24	we	we	PRON
ajfa-1948	188	25	acknowledge	acknowledge	VERB
ajfa-1948	188	26	that	that	SCONJ
ajfa-1948	188	27	there	there	PRON
ajfa-1948	188	28	might	might	AUX
ajfa-1948	188	29	be	be	AUX
ajfa-1948	188	30	some	some	DET
ajfa-1948	188	31	limitations	limitation	NOUN
ajfa-1948	188	32	in	in	ADP
ajfa-1948	188	33	our	our	PRON
ajfa-1948	188	34	research	research	NOUN
ajfa-1948	188	35	.	.	PUNCT
ajfa-1948	189	1	one	one	NUM
ajfa-1948	189	2	limitation	limitation	NOUN
ajfa-1948	189	3	can	can	AUX
ajfa-1948	189	4	be	be	AUX
ajfa-1948	189	5	that	that	SCONJ
ajfa-1948	189	6	our	our	PRON
ajfa-1948	189	7	studied	studied	ADJ
ajfa-1948	189	8	period	period	NOUN
ajfa-1948	189	9	(	(	PUNCT
ajfa-1948	189	10	2005	2005	NUM
ajfa-1948	189	11	to	to	ADP
ajfa-1948	189	12	2009	2009	NUM
ajfa-1948	189	13	)	)	PUNCT
ajfa-1948	189	14	is	be	AUX
ajfa-1948	189	15	not	not	PART
ajfa-1948	189	16	be	be	AUX
ajfa-1948	189	17	generalizable	generalizable	ADJ
ajfa-1948	189	18	to	to	ADP
ajfa-1948	189	19	other	other	ADJ
ajfa-1948	189	20	periods	period	NOUN
ajfa-1948	189	21	and	and	CCONJ
ajfa-1948	189	22	that	that	SCONJ
ajfa-1948	189	23	some	some	PRON
ajfa-1948	189	24	of	of	ADP
ajfa-1948	189	25	our	our	PRON
ajfa-1948	189	26	findings	finding	NOUN
ajfa-1948	189	27	might	might	AUX
ajfa-1948	189	28	be	be	AUX
ajfa-1948	189	29	an	an	DET
ajfa-1948	189	30	effect	effect	NOUN
ajfa-1948	189	31	of	of	ADP
ajfa-1948	189	32	market	market	NOUN
ajfa-1948	189	33	conditions	condition	NOUN
ajfa-1948	189	34	at	at	ADP
ajfa-1948	189	35	that	that	DET
ajfa-1948	189	36	time	time	NOUN
ajfa-1948	189	37	(	(	PUNCT
ajfa-1948	189	38	even	even	ADV
ajfa-1948	189	39	if	if	SCONJ
ajfa-1948	189	40	our	our	PRON
ajfa-1948	189	41	analysis	analysis	NOUN
ajfa-1948	189	42	of	of	ADP
ajfa-1948	189	43	our	our	PRON
ajfa-1948	189	44	data	datum	NOUN
ajfa-1948	189	45	does	do	AUX
ajfa-1948	189	46	not	not	PART
ajfa-1948	189	47	indicate	indicate	VERB
ajfa-1948	189	48	this	this	PRON
ajfa-1948	189	49	)	)	PUNCT
ajfa-1948	189	50	.	.	PUNCT
ajfa-1948	190	1	our	our	PRON
ajfa-1948	190	2	analysis	analysis	NOUN
ajfa-1948	190	3	is	be	AUX
ajfa-1948	190	4	also	also	ADV
ajfa-1948	190	5	based	base	VERB
ajfa-1948	190	6	on	on	ADP
ajfa-1948	190	7	the	the	DET
ajfa-1948	190	8	assumption	assumption	NOUN
ajfa-1948	190	9	that	that	SCONJ
ajfa-1948	190	10	blue	blue	ADJ
ajfa-1948	190	11	-	-	PUNCT
ajfa-1948	190	12	chip	chip	NOUN
ajfa-1948	190	13	stocks	stock	NOUN
ajfa-1948	190	14	are	be	AUX
ajfa-1948	190	15	a	a	DET
ajfa-1948	190	16	good	good	ADJ
ajfa-1948	190	17	proxy	proxy	NOUN
ajfa-1948	190	18	for	for	ADP
ajfa-1948	190	19	capturing	capture	VERB
ajfa-1948	190	20	ex	ex	NOUN
ajfa-1948	190	21	-	-	ADJ
ajfa-1948	190	22	dividend	dividend	ADJ
ajfa-1948	190	23	-	-	PUNCT
ajfa-1948	190	24	day	day	NOUN
ajfa-1948	190	25	price	price	NOUN
ajfa-1948	190	26	behaviour	behaviour	NOUN
ajfa-1948	190	27	.	.	PUNCT
ajfa-1948	191	1	the	the	DET
ajfa-1948	191	2	limitation	limitation	NOUN
ajfa-1948	191	3	with	with	ADP
ajfa-1948	191	4	this	this	PRON
ajfa-1948	191	5	might	might	AUX
ajfa-1948	191	6	be	be	AUX
ajfa-1948	191	7	that	that	SCONJ
ajfa-1948	191	8	by	by	ADP
ajfa-1948	191	9	limiting	limit	VERB
ajfa-1948	191	10	the	the	DET
ajfa-1948	191	11	effect	effect	NOUN
ajfa-1948	191	12	of	of	ADP
ajfa-1948	191	13	market	market	NOUN
ajfa-1948	191	14	anomalies	anomaly	NOUN
ajfa-1948	191	15	(	(	PUNCT
ajfa-1948	191	16	e.g.	e.g.	ADV
ajfa-1948	191	17	small	small	ADJ
ajfa-1948	191	18	firm	firm	ADJ
ajfa-1948	191	19	effects	effect	NOUN
ajfa-1948	191	20	)	)	PUNCT
ajfa-1948	191	21	we	we	PRON
ajfa-1948	191	22	are	be	AUX
ajfa-1948	191	23	not	not	PART
ajfa-1948	191	24	able	able	ADJ
ajfa-1948	191	25	to	to	PART
ajfa-1948	191	26	analyse	analyse	VERB
ajfa-1948	191	27	how	how	SCONJ
ajfa-1948	191	28	these	these	DET
ajfa-1948	191	29	potential	potential	ADJ
ajfa-1948	191	30	anomalies	anomaly	NOUN
ajfa-1948	191	31	might	might	AUX
ajfa-1948	191	32	affect	affect	VERB
ajfa-1948	191	33	ex	ex	ADJ
ajfa-1948	191	34	-	-	ADJ
ajfa-1948	191	35	dividend	dividend	ADJ
ajfa-1948	191	36	-	-	PUNCT
ajfa-1948	191	37	day	day	NOUN
ajfa-1948	191	38	price	price	NOUN
ajfa-1948	191	39	behaviour	behaviour	NOUN
ajfa-1948	191	40	.	.	PUNCT
ajfa-1948	192	1	hence	hence	ADV
ajfa-1948	192	2	as	as	ADP
ajfa-1948	192	3	a	a	DET
ajfa-1948	192	4	suggestion	suggestion	NOUN
ajfa-1948	192	5	for	for	ADP
ajfa-1948	192	6	future	future	ADJ
ajfa-1948	192	7	research	research	NOUN
ajfa-1948	192	8	it	it	PRON
ajfa-1948	192	9	might	might	AUX
ajfa-1948	192	10	be	be	AUX
ajfa-1948	192	11	interesting	interesting	ADJ
ajfa-1948	192	12	to	to	PART
ajfa-1948	192	13	study	study	VERB
ajfa-1948	192	14	how	how	SCONJ
ajfa-1948	192	15	differences	difference	NOUN
ajfa-1948	192	16	in	in	ADP
ajfa-1948	192	17	liquidity	liquidity	NOUN
ajfa-1948	192	18	and	and	CCONJ
ajfa-1948	192	19	risk	risk	NOUN
ajfa-1948	192	20	(	(	PUNCT
ajfa-1948	192	21	e.g.	e.g.	ADV
ajfa-1948	192	22	small	small	ADJ
ajfa-1948	192	23	versus	versus	ADP
ajfa-1948	192	24	large	large	ADJ
ajfa-1948	192	25	stocks	stock	NOUN
ajfa-1948	192	26	)	)	PUNCT
ajfa-1948	192	27	affect	affect	VERB
ajfa-1948	192	28	ex	ex	ADJ
ajfa-1948	192	29	-	-	ADJ
ajfa-1948	192	30	dividend	dividend	ADJ
ajfa-1948	192	31	-	-	PUNCT
ajfa-1948	192	32	day	day	NOUN
ajfa-1948	192	33	price	price	NOUN
ajfa-1948	192	34	behaviour	behaviour	NOUN
ajfa-1948	192	35	.	.	PUNCT
ajfa-1948	193	1	furthermore	furthermore	ADV
ajfa-1948	193	2	,	,	PUNCT
ajfa-1948	193	3	further	further	ADJ
ajfa-1948	193	4	study	study	NOUN
ajfa-1948	193	5	can	can	AUX
ajfa-1948	193	6	present	present	VERB
ajfa-1948	193	7	tax	tax	NOUN
ajfa-1948	193	8	,	,	PUNCT
ajfa-1948	193	9	transaction	transaction	NOUN
ajfa-1948	193	10	costs	cost	NOUN
ajfa-1948	193	11	and	and	CCONJ
ajfa-1948	193	12	tic	tic	ADJ
ajfa-1948	193	13	size	size	NOUN
ajfa-1948	193	14	in	in	ADP
ajfa-1948	193	15	a	a	DET
ajfa-1948	193	16	same	same	ADJ
ajfa-1948	193	17	mathematical	mathematical	ADJ
ajfa-1948	193	18	model	model	NOUN
ajfa-1948	193	19	by	by	ADP
ajfa-1948	193	20	considering	consider	VERB
ajfa-1948	193	21	the	the	DET
ajfa-1948	193	22	sensitivity	sensitivity	NOUN
ajfa-1948	193	23	of	of	ADP
ajfa-1948	193	24	the	the	DET
ajfa-1948	193	25	daily	daily	ADJ
ajfa-1948	193	26	stock	stock	NOUN
ajfa-1948	193	27	prices	price	NOUN
ajfa-1948	193	28	movement	movement	NOUN
ajfa-1948	193	29	to	to	PART
ajfa-1948	193	30	see	see	VERB
ajfa-1948	193	31	how	how	SCONJ
ajfa-1948	193	32	much	much	ADJ
ajfa-1948	193	33	investors	investor	NOUN
ajfa-1948	193	34	value	value	VERB
ajfa-1948	193	35	each	each	DET
ajfa-1948	193	36	variable	variable	NOUN
ajfa-1948	193	37	to	to	PART
ajfa-1948	193	38	calculate	calculate	VERB
ajfa-1948	193	39	the	the	DET
ajfa-1948	193	40	actual	actual	ADJ
ajfa-1948	193	41	ex	ex	ADJ
ajfa-1948	193	42	-	-	NOUN
ajfa-1948	193	43	day	day	NOUN
ajfa-1948	193	44	stock	stock	NOUN
ajfa-1948	193	45	prices	price	NOUN
ajfa-1948	193	46	.	.	PUNCT
ajfa-1948	194	1	in	in	ADP
ajfa-1948	194	2	addition	addition	NOUN
ajfa-1948	194	3	,	,	PUNCT
ajfa-1948	194	4	stocks	stock	NOUN
ajfa-1948	194	5	can	can	AUX
ajfa-1948	194	6	be	be	AUX
ajfa-1948	194	7	classified	classify	VERB
ajfa-1948	194	8	based	base	VERB
ajfa-1948	194	9	on	on	ADP
ajfa-1948	194	10	the	the	DET
ajfa-1948	194	11	liquidity	liquidity	NOUN
ajfa-1948	194	12	and	and	CCONJ
ajfa-1948	194	13	price	price	NOUN
ajfa-1948	194	14	volatility	volatility	NOUN
ajfa-1948	194	15	to	to	PART
ajfa-1948	194	16	find	find	VERB
ajfa-1948	194	17	the	the	DET
ajfa-1948	194	18	relationship	relationship	NOUN
ajfa-1948	194	19	between	between	ADP
ajfa-1948	194	20	the	the	DET
ajfa-1948	194	21	price	price	NOUN
ajfa-1948	194	22	efficiency	efficiency	NOUN
ajfa-1948	194	23	of	of	ADP
ajfa-1948	194	24	a	a	DET
ajfa-1948	194	25	stock	stock	NOUN
ajfa-1948	194	26	and	and	CCONJ
ajfa-1948	194	27	investors	investor	NOUN
ajfa-1948	194	28	decision	decision	NOUN
ajfa-1948	194	29	around	around	ADP
ajfa-1948	194	30	the	the	DET
ajfa-1948	194	31	ex	ex	NOUN
ajfa-1948	194	32	-	-	NOUN
ajfa-1948	194	33	day	day	NOUN
ajfa-1948	194	34	which	which	PRON
ajfa-1948	194	35	is	be	AUX
ajfa-1948	194	36	not	not	PART
ajfa-1948	194	37	considered	consider	VERB
ajfa-1948	194	38	in	in	ADP
ajfa-1948	194	39	this	this	DET
ajfa-1948	194	40	study	study	NOUN
ajfa-1948	194	41	.	.	PUNCT
ajfa-1948	195	1	references	reference	NOUN
ajfa-1948	195	2	amihud	amihud	PROPN
ajfa-1948	195	3	,	,	PUNCT
ajfa-1948	195	4	y.	y.	PROPN
ajfa-1948	195	5	(	(	PUNCT
ajfa-1948	195	6	2002	2002	NUM
ajfa-1948	195	7	)	)	PUNCT
ajfa-1948	195	8	.	.	PUNCT
ajfa-1948	196	1	illiquidity	illiquidity	NOUN
ajfa-1948	196	2	and	and	CCONJ
ajfa-1948	196	3	stock	stock	NOUN
ajfa-1948	196	4	returns	return	NOUN
ajfa-1948	196	5	:	:	PUNCT
ajfa-1948	196	6	cross	cross	NOUN
ajfa-1948	196	7	-	-	NOUN
ajfa-1948	196	8	section	section	NOUN
ajfa-1948	196	9	and	and	CCONJ
ajfa-1948	196	10	time	time	NOUN
ajfa-1948	196	11	-	-	PUNCT
ajfa-1948	196	12	series	series	NOUN
ajfa-1948	196	13	effects	effect	NOUN
ajfa-1948	196	14	.	.	PUNCT
ajfa-1948	197	1	journal	journal	NOUN
ajfa-1948	197	2	of	of	ADP
ajfa-1948	197	3	financial	financial	ADJ
ajfa-1948	197	4	markets	market	NOUN
ajfa-1948	197	5	,	,	PUNCT
ajfa-1948	197	6	5	5	NUM
ajfa-1948	197	7	,	,	PUNCT
ajfa-1948	197	8	31	31	NUM
ajfa-1948	197	9	-	-	SYM
ajfa-1948	197	10	56	56	NUM
ajfa-1948	197	11	.	.	PUNCT
ajfa-1948	198	1	http://dx.doi.org/10.1016/s1386-4181(01)00024-6	http://dx.doi.org/10.1016/s1386-4181(01)00024-6	PROPN
ajfa-1948	198	2	amihud	amihud	PROPN
ajfa-1948	198	3	,	,	PUNCT
ajfa-1948	198	4	y.	y.	PROPN
ajfa-1948	198	5	,	,	PUNCT
ajfa-1948	198	6	&	&	CCONJ
ajfa-1948	198	7	mendelson	mendelson	PROPN
ajfa-1948	198	8	,	,	PUNCT
ajfa-1948	198	9	h.	h.	PROPN
ajfa-1948	198	10	(	(	PUNCT
ajfa-1948	198	11	2012	2012	NUM
ajfa-1948	198	12	)	)	PUNCT
ajfa-1948	198	13	.	.	PUNCT
ajfa-1948	199	1	the	the	DET
ajfa-1948	199	2	effects	effect	NOUN
ajfa-1948	199	3	of	of	ADP
ajfa-1948	199	4	beta	beta	NOUN
ajfa-1948	199	5	,	,	PUNCT
ajfa-1948	199	6	bid	bid	NOUN
ajfa-1948	199	7	ask	ask	NOUN
ajfa-1948	199	8	spread	spread	NOUN
ajfa-1948	199	9	,	,	PUNCT
ajfa-1948	199	10	residual	residual	ADJ
ajfa-1948	199	11	risk	risk	NOUN
ajfa-1948	199	12	,	,	PUNCT
ajfa-1948	199	13	and	and	CCONJ
ajfa-1948	199	14	size	size	NOUN
ajfa-1948	199	15	on	on	ADP
ajfa-1948	199	16	stock	stock	NOUN
ajfa-1948	199	17	returns	return	NOUN
ajfa-1948	199	18	.	.	PUNCT
ajfa-1948	200	1	the	the	DET
ajfa-1948	200	2	journal	journal	PROPN
ajfa-1948	200	3	of	of	ADP
ajfa-1948	200	4	finance	finance	NOUN
ajfa-1948	200	5	,	,	PUNCT
ajfa-1948	200	6	44(2	44(2	NOUN
ajfa-1948	200	7	)	)	PUNCT
ajfa-1948	200	8	,	,	PUNCT
ajfa-1948	200	9	479	479	NUM
ajfa-1948	200	10	-	-	SYM
ajfa-1948	200	11	486	486	NUM
ajfa-1948	200	12	.	.	PUNCT
ajfa-1948	201	1	http://dx.doi.org/10.1111/j.1540-6261.1989.tb05067.x	http://dx.doi.org/10.1111/j.1540-6261.1989.tb05067.x	X
ajfa-1948	201	2	annaert	annaert	NOUN
ajfa-1948	201	3	,	,	PUNCT
ajfa-1948	201	4	j.	j.	PROPN
ajfa-1948	201	5	,	,	PUNCT
ajfa-1948	201	6	buelens	buelens	PROPN
ajfa-1948	201	7	,	,	PUNCT
ajfa-1948	201	8	f.	f.	PROPN
ajfa-1948	201	9	,	,	PUNCT
ajfa-1948	201	10	cuyvers	cuyver	NOUN
ajfa-1948	201	11	,	,	PUNCT
ajfa-1948	201	12	l.	l.	PROPN
ajfa-1948	201	13	,	,	PUNCT
ajfa-1948	201	14	de	de	PROPN
ajfa-1948	201	15	ceuster	ceuster	NOUN
ajfa-1948	201	16	,	,	PUNCT
ajfa-1948	201	17	m.	m.	NOUN
ajfa-1948	201	18	,	,	PUNCT
ajfa-1948	201	19	deloof	deloof	NOUN
ajfa-1948	201	20	,	,	PUNCT
ajfa-1948	201	21	m.	m.	NOUN
ajfa-1948	201	22	,	,	PUNCT
ajfa-1948	201	23	&	&	CCONJ
ajfa-1948	201	24	de	de	X
ajfa-1948	201	25	schepper	schepper	NOUN
ajfa-1948	201	26	,	,	PUNCT
ajfa-1948	201	27	a.	a.	NOUN
ajfa-1948	201	28	(	(	PUNCT
ajfa-1948	201	29	2011	2011	NUM
ajfa-1948	201	30	)	)	PUNCT
ajfa-1948	201	31	.	.	PUNCT
ajfa-1948	201	32	are	be	AUX
ajfa-1948	201	33	blue	blue	ADJ
ajfa-1948	201	34	chip	chip	NOUN
ajfa-1948	201	35	stock	stock	NOUN
ajfa-1948	201	36	market	market	NOUN
ajfa-1948	201	37	indices	indice	VERB
ajfa-1948	201	38	good	good	ADJ
ajfa-1948	201	39	proxies	proxy	NOUN
ajfa-1948	201	40	for	for	ADP
ajfa-1948	201	41	all	all	PRON
ajfa-1948	201	42	-	-	PUNCT
ajfa-1948	201	43	shares	share	NOUN
ajfa-1948	201	44	market	market	NOUN
ajfa-1948	201	45	indices	index	NOUN
ajfa-1948	201	46	?	?	PUNCT
ajfa-1948	202	1	the	the	DET
ajfa-1948	202	2	case	case	NOUN
ajfa-1948	202	3	of	of	ADP
ajfa-1948	202	4	the	the	DET
ajfa-1948	202	5	brussels	brussels	PROPN
ajfa-1948	202	6	stock	stock	PROPN
ajfa-1948	202	7	exchange	exchange	PROPN
ajfa-1948	202	8	1833–2005	1833–2005	NUM
ajfa-1948	202	9	.	.	PUNCT
ajfa-1948	203	1	financial	financial	ADJ
ajfa-1948	203	2	history	history	NOUN
ajfa-1948	203	3	review	review	NOUN
ajfa-1948	203	4	,	,	PUNCT
ajfa-1948	203	5	18(03	18(03	NUM
ajfa-1948	203	6	)	)	PUNCT
ajfa-1948	203	7	,	,	PUNCT
ajfa-1948	203	8	277	277	NUM
ajfa-1948	203	9	-	-	SYM
ajfa-1948	203	10	308	308	NUM
ajfa-1948	203	11	.	.	PUNCT
ajfa-1948	204	1	http://dx.doi.org/10.1017/s0968565011000187	http://dx.doi.org/10.1017/s0968565011000187	PROPN
ajfa-1948	204	2	bali	bali	PROPN
ajfa-1948	204	3	,	,	PUNCT
ajfa-1948	204	4	rakesh	rakesh	PROPN
ajfa-1948	204	5	,	,	PUNCT
ajfa-1948	204	6	hite	hite	PROPN
ajfa-1948	204	7	,	,	PUNCT
ajfa-1948	204	8	&	&	CCONJ
ajfa-1948	204	9	gailen	gailen	PROPN
ajfa-1948	204	10	l.	l.	PROPN
ajfa-1948	204	11	(	(	PUNCT
ajfa-1948	204	12	1998	1998	NUM
ajfa-1948	204	13	)	)	PUNCT
ajfa-1948	204	14	.	.	PUNCT
ajfa-1948	205	1	ex	ex	ADJ
ajfa-1948	205	2	-	-	ADJ
ajfa-1948	205	3	dividend	dividend	ADJ
ajfa-1948	205	4	day	day	NOUN
ajfa-1948	205	5	stock	stock	NOUN
ajfa-1948	205	6	price	price	NOUN
ajfa-1948	205	7	behavior	behavior	NOUN
ajfa-1948	205	8	:	:	PUNCT
ajfa-1948	205	9	discreteness	discreteness	NOUN
ajfa-1948	205	10	or	or	CCONJ
ajfa-1948	205	11	tax	tax	NOUN
ajfa-1948	205	12	-	-	PUNCT
ajfa-1948	205	13	induced	induce	VERB
ajfa-1948	205	14	clienteles	clientele	NOUN
ajfa-1948	205	15	?	?	PUNCT
ajfa-1948	205	16	.	.	PUNCT
ajfa-1948	206	1	journal	journal	PROPN
ajfa-1948	206	2	of	of	ADP
ajfa-1948	206	3	financial	financial	ADJ
ajfa-1948	206	4	economics	economic	NOUN
ajfa-1948	206	5	,	,	PUNCT
ajfa-1948	206	6	47	47	NUM
ajfa-1948	206	7	,	,	PUNCT
ajfa-1948	206	8	127	127	NUM
ajfa-1948	206	9	-	-	SYM
ajfa-1948	206	10	159	159	NUM
ajfa-1948	206	11	.	.	PUNCT
ajfa-1948	207	1	http://dx.doi.org/10.1016/s0304-405x(97)00041-x	http://dx.doi.org/10.1016/s0304-405x(97)00041-x	PROPN
ajfa-1948	207	2	bali	bali	PROPN
ajfa-1948	207	3	,	,	PUNCT
ajfa-1948	207	4	rakesh	rakesh	PROPN
ajfa-1948	207	5	,	,	PUNCT
ajfa-1948	207	6	francis	francis	PROPN
ajfa-1948	207	7	,	,	PUNCT
ajfa-1948	207	8	&	&	CCONJ
ajfa-1948	207	9	jack	jack	PROPN
ajfa-1948	207	10	.	.	PUNCT
ajfa-1948	208	1	j.	j.	PROPN
ajfa-1948	208	2	(	(	PUNCT
ajfa-1948	208	3	2011	2011	NUM
ajfa-1948	208	4	)	)	PUNCT
ajfa-1948	208	5	.	.	PUNCT
ajfa-1948	209	1	further	further	ADJ
ajfa-1948	209	2	evidence	evidence	NOUN
ajfa-1948	209	3	from	from	ADP
ajfa-1948	209	4	ex	ex	ADJ
ajfa-1948	209	5	-	-	ADJ
ajfa-1948	209	6	dividend	dividend	ADJ
ajfa-1948	209	7	days	day	NOUN
ajfa-1948	209	8	.	.	PUNCT
ajfa-1948	210	1	applied	apply	VERB
ajfa-1948	210	2	economics	economic	NOUN
ajfa-1948	210	3	letters	letter	NOUN
ajfa-1948	210	4	,	,	PUNCT
ajfa-1948	210	5	19(6	19(6	NUM
ajfa-1948	210	6	)	)	PUNCT
ajfa-1948	210	7	,	,	PUNCT
ajfa-1948	210	8	537	537	NUM
ajfa-1948	210	9	-	-	SYM
ajfa-1948	210	10	540	540	NUM
ajfa-1948	210	11	.	.	PUNCT
ajfa-1948	211	1	http://dx.doi.org/10.1080/13504851.2011.587763	http://dx.doi.org/10.1080/13504851.2011.587763	PROPN
ajfa-1948	211	2	barclay	barclay	PROPN
ajfa-1948	211	3	,	,	PUNCT
ajfa-1948	211	4	michael	michael	PROPN
ajfa-1948	211	5	j.	j.	PROPN
ajfa-1948	211	6	(	(	PUNCT
ajfa-1948	211	7	1987	1987	NUM
ajfa-1948	211	8	)	)	PUNCT
ajfa-1948	211	9	.	.	PUNCT
ajfa-1948	212	1	dividends	dividend	NOUN
ajfa-1948	212	2	,	,	PUNCT
ajfa-1948	212	3	taxes	taxis	NOUN
ajfa-1948	212	4	and	and	CCONJ
ajfa-1948	212	5	common	common	ADJ
ajfa-1948	212	6	stock	stock	NOUN
ajfa-1948	212	7	prices	price	NOUN
ajfa-1948	212	8	:	:	PUNCT
ajfa-1948	212	9	the	the	DET
ajfa-1948	212	10	ex	ex	NOUN
ajfa-1948	212	11	-	-	ADJ
ajfa-1948	212	12	dividend	dividend	ADJ
ajfa-1948	212	13	asian	asian	ADJ
ajfa-1948	212	14	journal	journal	NOUN
ajfa-1948	212	15	of	of	ADP
ajfa-1948	212	16	finance	finance	PROPN
ajfa-1948	212	17	&	&	CCONJ
ajfa-1948	212	18	accounting	accounting	PROPN
ajfa-1948	212	19	issn	issn	PROPN
ajfa-1948	212	20	1946	1946	NUM
ajfa-1948	212	21	-	-	PUNCT
ajfa-1948	212	22	052x	052x	NOUN
ajfa-1948	212	23	2013	2013	NUM
ajfa-1948	212	24	,	,	PUNCT
ajfa-1948	212	25	vol	vol	NOUN
ajfa-1948	212	26	.	.	PROPN
ajfa-1948	212	27	5	5	NUM
ajfa-1948	212	28	,	,	PUNCT
ajfa-1948	212	29	no	no	INTJ
ajfa-1948	212	30	.	.	NOUN
ajfa-1948	212	31	1	1	NUM
ajfa-1948	212	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	212	33	85	85	NUM
ajfa-1948	212	34	day	day	NOUN
ajfa-1948	212	35	behavior	behavior	NOUN
ajfa-1948	212	36	of	of	ADP
ajfa-1948	212	37	common	common	ADJ
ajfa-1948	212	38	stock	stock	NOUN
ajfa-1948	212	39	prices	price	NOUN
ajfa-1948	212	40	before	before	ADP
ajfa-1948	212	41	the	the	DET
ajfa-1948	212	42	income	income	NOUN
ajfa-1948	212	43	tax	tax	NOUN
ajfa-1948	212	44	.	.	PUNCT
ajfa-1948	213	1	journal	journal	NOUN
ajfa-1948	213	2	of	of	ADP
ajfa-1948	213	3	financial	financial	ADJ
ajfa-1948	213	4	economics	economic	NOUN
ajfa-1948	213	5	,	,	PUNCT
ajfa-1948	213	6	19	19	NUM
ajfa-1948	213	7	,	,	PUNCT
ajfa-1948	213	8	31	31	NUM
ajfa-1948	213	9	-	-	SYM
ajfa-1948	213	10	44	44	NUM
ajfa-1948	213	11	.	.	PUNCT
ajfa-1948	214	1	http://dx.doi.org/10.1016/0304-405x(87)90027-4	http://dx.doi.org/10.1016/0304-405x(87)90027-4	NOUN
ajfa-1948	214	2	bell	bell	PROPN
ajfa-1948	214	3	,	,	PUNCT
ajfa-1948	214	4	leonie	leonie	PROPN
ajfa-1948	214	5	,	,	PUNCT
ajfa-1948	214	6	jenkinson	jenkinson	PROPN
ajfa-1948	214	7	,	,	PUNCT
ajfa-1948	214	8	tim	tim	PROPN
ajfa-1948	214	9	.	.	PROPN
ajfa-1948	214	10	(	(	PUNCT
ajfa-1948	214	11	2002	2002	NUM
ajfa-1948	214	12	)	)	PUNCT
ajfa-1948	214	13	.	.	PUNCT
ajfa-1948	215	1	new	new	ADJ
ajfa-1948	215	2	evidence	evidence	NOUN
ajfa-1948	215	3	on	on	ADP
ajfa-1948	215	4	the	the	DET
ajfa-1948	215	5	impact	impact	NOUN
ajfa-1948	215	6	of	of	ADP
ajfa-1948	215	7	dividend	dividend	NOUN
ajfa-1948	215	8	taxation	taxation	NOUN
ajfa-1948	215	9	and	and	CCONJ
ajfa-1948	215	10	on	on	ADP
ajfa-1948	215	11	the	the	DET
ajfa-1948	215	12	identity	identity	NOUN
ajfa-1948	215	13	of	of	ADP
ajfa-1948	215	14	the	the	DET
ajfa-1948	215	15	marginal	marginal	ADJ
ajfa-1948	215	16	tax	tax	NOUN
ajfa-1948	215	17	investor	investor	NOUN
ajfa-1948	215	18	.	.	PUNCT
ajfa-1948	216	1	journal	journal	PROPN
ajfa-1948	216	2	of	of	ADP
ajfa-1948	216	3	finance	finance	NOUN
ajfa-1948	216	4	,	,	PUNCT
ajfa-1948	216	5	57	57	NUM
ajfa-1948	216	6	,	,	PUNCT
ajfa-1948	216	7	1321	1321	NUM
ajfa-1948	216	8	-	-	SYM
ajfa-1948	216	9	1346	1346	NUM
ajfa-1948	216	10	.	.	PUNCT
ajfa-1948	217	1	http://dx.doi.org/10.1111/1540-6261.00462	http://dx.doi.org/10.1111/1540-6261.00462	PROPN
ajfa-1948	217	2	booth	booth	NOUN
ajfa-1948	217	3	,	,	PUNCT
ajfa-1948	217	4	l.	l.	PROPN
ajfa-1948	217	5	d.	d.	PROPN
ajfa-1948	217	6	,	,	PUNCT
ajfa-1948	217	7	&	&	CCONJ
ajfa-1948	217	8	johnston	johnston	PROPN
ajfa-1948	217	9	,	,	PUNCT
ajfa-1948	217	10	d.	d.	PROPN
ajfa-1948	217	11	j.	j.	PROPN
ajfa-1948	217	12	(	(	PUNCT
ajfa-1948	217	13	1984	1984	NUM
ajfa-1948	217	14	)	)	PUNCT
ajfa-1948	217	15	.	.	PUNCT
ajfa-1948	218	1	the	the	DET
ajfa-1948	218	2	ex	ex	NOUN
ajfa-1948	218	3	-	-	ADJ
ajfa-1948	218	4	dividend	dividend	ADJ
ajfa-1948	218	5	day	day	NOUN
ajfa-1948	218	6	behavior	behavior	NOUN
ajfa-1948	218	7	of	of	ADP
ajfa-1948	218	8	canadian	canadian	ADJ
ajfa-1948	218	9	stock	stock	NOUN
ajfa-1948	218	10	prices	price	NOUN
ajfa-1948	218	11	:	:	PUNCT
ajfa-1948	218	12	tax	tax	NOUN
ajfa-1948	218	13	changes	change	NOUN
ajfa-1948	218	14	and	and	CCONJ
ajfa-1948	218	15	clientele	clientele	NOUN
ajfa-1948	218	16	effects	effect	NOUN
ajfa-1948	218	17	.	.	PUNCT
ajfa-1948	219	1	the	the	DET
ajfa-1948	219	2	journal	journal	NOUN
ajfa-1948	219	3	of	of	ADP
ajfa-1948	219	4	finance	finance	NOUN
ajfa-1948	219	5	,	,	PUNCT
ajfa-1948	219	6	39(2	39(2	NUM
ajfa-1948	219	7	)	)	PUNCT
ajfa-1948	219	8	,	,	PUNCT
ajfa-1948	219	9	457	457	NUM
ajfa-1948	219	10	-	-	SYM
ajfa-1948	219	11	476	476	NUM
ajfa-1948	219	12	.	.	PUNCT
ajfa-1948	220	1	http://dx.doi.org/10.1111/j.1540-6261.1984.tb02320.x	http://dx.doi.org/10.1111/j.1540-6261.1984.tb02320.x	PROPN
ajfa-1948	220	2	boyd	boyd	PROPN
ajfa-1948	220	3	,	,	PUNCT
ajfa-1948	220	4	john	john	PROPN
ajfa-1948	220	5	h.	h.	PROPN
ajfa-1948	220	6	,	,	PUNCT
ajfa-1948	220	7	&	&	CCONJ
ajfa-1948	220	8	jagannathan	jagannathan	PROPN
ajfa-1948	220	9	,	,	PUNCT
ajfa-1948	220	10	ravi	ravi	NOUN
ajfa-1948	220	11	.	.	PUNCT
ajfa-1948	221	1	(	(	PUNCT
ajfa-1948	221	2	1994	1994	NUM
ajfa-1948	221	3	)	)	PUNCT
ajfa-1948	221	4	.	.	PUNCT
ajfa-1948	222	1	ex	ex	ADJ
ajfa-1948	222	2	-	-	ADJ
ajfa-1948	222	3	dividend	dividend	ADJ
ajfa-1948	222	4	price	price	NOUN
ajfa-1948	222	5	behavior	behavior	NOUN
ajfa-1948	222	6	of	of	ADP
ajfa-1948	222	7	common	common	ADJ
ajfa-1948	222	8	stocks	stock	NOUN
ajfa-1948	222	9	.	.	PUNCT
ajfa-1948	223	1	review	review	NOUN
ajfa-1948	223	2	of	of	ADP
ajfa-1948	223	3	financial	financial	ADJ
ajfa-1948	223	4	studies	study	NOUN
ajfa-1948	223	5	,	,	PUNCT
ajfa-1948	223	6	7	7	NUM
ajfa-1948	223	7	,	,	PUNCT
ajfa-1948	223	8	711	711	NUM
ajfa-1948	223	9	-	-	SYM
ajfa-1948	223	10	741	741	NUM
ajfa-1948	223	11	.	.	PUNCT
ajfa-1948	224	1	http://dx.doi.org/10.1093/rfs/7.4.711	http://dx.doi.org/10.1093/rfs/7.4.711	VERB
ajfa-1948	224	2	campbell	campbell	PROPN
ajfa-1948	224	3	,	,	PUNCT
ajfa-1948	224	4	j.	j.	PROPN
ajfa-1948	224	5	,	,	PUNCT
ajfa-1948	224	6	&	&	CCONJ
ajfa-1948	224	7	beranek	beranek	PROPN
ajfa-1948	224	8	,	,	PUNCT
ajfa-1948	224	9	a.	a.	NOUN
ajfa-1948	224	10	(	(	PUNCT
ajfa-1948	224	11	1955	1955	NUM
ajfa-1948	224	12	)	)	PUNCT
ajfa-1948	224	13	.	.	PUNCT
ajfa-1948	225	1	stock	stock	NOUN
ajfa-1948	225	2	price	price	NOUN
ajfa-1948	225	3	behavior	behavior	NOUN
ajfa-1948	225	4	on	on	ADP
ajfa-1948	225	5	ex	ex	ADJ
ajfa-1948	225	6	-	-	ADJ
ajfa-1948	225	7	dividend	dividend	ADJ
ajfa-1948	225	8	dates	date	NOUN
ajfa-1948	225	9	.	.	PUNCT
ajfa-1948	226	1	journal	journal	NOUN
ajfa-1948	226	2	of	of	ADP
ajfa-1948	226	3	finance	finance	NOUN
ajfa-1948	226	4	,	,	PUNCT
ajfa-1948	226	5	10	10	NUM
ajfa-1948	226	6	,	,	PUNCT
ajfa-1948	226	7	125	125	NUM
ajfa-1948	226	8	-	-	SYM
ajfa-1948	226	9	429	429	NUM
ajfa-1948	226	10	.	.	PUNCT
ajfa-1948	227	1	http://dx.doi.org/10.1111/j.1540-6261.1955.tb01295.x	http://dx.doi.org/10.1111/j.1540-6261.1955.tb01295.x	PROPN
ajfa-1948	227	2	chan	chan	PROPN
ajfa-1948	227	3	,	,	PUNCT
ajfa-1948	227	4	k.	k.	PROPN
ajfa-1948	227	5	c.	c.	PROPN
ajfa-1948	227	6	,	,	PUNCT
ajfa-1948	227	7	chen	chen	PROPN
ajfa-1948	227	8	,	,	PUNCT
ajfa-1948	227	9	n.	n.	PROPN
ajfa-1948	227	10	,	,	PUNCT
ajfa-1948	227	11	&	&	CCONJ
ajfa-1948	227	12	hsieh	hsieh	PROPN
ajfa-1948	227	13	,	,	PUNCT
ajfa-1948	227	14	d.	d.	PROPN
ajfa-1948	227	15	a.	a.	PROPN
ajfa-1948	227	16	(	(	PUNCT
ajfa-1948	227	17	1985	1985	NUM
ajfa-1948	227	18	)	)	PUNCT
ajfa-1948	227	19	.	.	PUNCT
ajfa-1948	228	1	an	an	DET
ajfa-1948	228	2	exploratory	exploratory	ADJ
ajfa-1948	228	3	investigation	investigation	NOUN
ajfa-1948	228	4	of	of	ADP
ajfa-1948	228	5	the	the	DET
ajfa-1948	228	6	firm	firm	ADJ
ajfa-1948	228	7	size	size	NOUN
ajfa-1948	228	8	effect	effect	NOUN
ajfa-1948	228	9	.	.	PUNCT
ajfa-1948	229	1	journal	journal	NOUN
ajfa-1948	229	2	of	of	ADP
ajfa-1948	229	3	financial	financial	ADJ
ajfa-1948	229	4	economics	economic	NOUN
ajfa-1948	229	5	,	,	PUNCT
ajfa-1948	229	6	14(3	14(3	NUM
ajfa-1948	229	7	)	)	PUNCT
ajfa-1948	229	8	,	,	PUNCT
ajfa-1948	229	9	451–471	451–471	NUM
ajfa-1948	229	10	.	.	PUNCT
ajfa-1948	230	1	http://dx.doi.org/10.1016/0304-405x(85)90008-x	http://dx.doi.org/10.1016/0304-405x(85)90008-x	PROPN
ajfa-1948	230	2	chen	chen	PROPN
ajfa-1948	230	3	,	,	PUNCT
ajfa-1948	230	4	h.	h.	PROPN
ajfa-1948	230	5	l.	l.	PROPN
ajfa-1948	230	6	,	,	PUNCT
ajfa-1948	230	7	chow	chow	PROPN
ajfa-1948	230	8	,	,	PUNCT
ajfa-1948	230	9	e.	e.	PROPN
ajfa-1948	230	10	h.	h.	PROPN
ajfa-1948	230	11	,	,	PUNCT
ajfa-1948	230	12	&	&	CCONJ
ajfa-1948	230	13	shiu	shiu	PROPN
ajfa-1948	230	14	,	,	PUNCT
ajfa-1948	230	15	c.	c.	PROPN
ajfa-1948	230	16	y.	y.	PROPN
ajfa-1948	230	17	(	(	PUNCT
ajfa-1948	230	18	2011	2011	NUM
ajfa-1948	230	19	)	)	PUNCT
ajfa-1948	230	20	.	.	PUNCT
ajfa-1948	231	1	ex	ex	ADJ
ajfa-1948	231	2	-	-	ADJ
ajfa-1948	231	3	dividend	dividend	ADJ
ajfa-1948	231	4	prices	price	NOUN
ajfa-1948	231	5	and	and	CCONJ
ajfa-1948	231	6	investor	investor	NOUN
ajfa-1948	231	7	trades	trade	NOUN
ajfa-1948	231	8	:	:	PUNCT
ajfa-1948	231	9	evidence	evidence	NOUN
ajfa-1948	231	10	from	from	ADP
ajfa-1948	231	11	taiwan	taiwan	PROPN
ajfa-1948	231	12	.	.	PUNCT
ajfa-1948	232	1	23rd	23rd	ADJ
ajfa-1948	232	2	australasian	australasian	ADJ
ajfa-1948	232	3	finance	finance	NOUN
ajfa-1948	232	4	and	and	CCONJ
ajfa-1948	232	5	banking	banking	NOUN
ajfa-1948	232	6	conference	conference	NOUN
ajfa-1948	232	7	.	.	PUNCT
ajfa-1948	233	1	cho	cho	PROPN
ajfa-1948	233	2	,	,	PUNCT
ajfa-1948	233	3	y.	y.	PROPN
ajfa-1948	233	4	h.	h.	PROPN
ajfa-1948	233	5	,	,	PUNCT
ajfa-1948	233	6	&	&	CCONJ
ajfa-1948	233	7	engle	engle	PROPN
ajfa-1948	233	8	,	,	PUNCT
ajfa-1948	233	9	r.	r.	PROPN
ajfa-1948	233	10	f.	f.	PROPN
ajfa-1948	233	11	(	(	PUNCT
ajfa-1948	233	12	1999	1999	NUM
ajfa-1948	233	13	)	)	PUNCT
ajfa-1948	233	14	.	.	PUNCT
ajfa-1948	234	1	time	time	NOUN
ajfa-1948	234	2	-	-	PUNCT
ajfa-1948	234	3	varying	vary	VERB
ajfa-1948	234	4	betas	beta	NOUN
ajfa-1948	234	5	and	and	CCONJ
ajfa-1948	234	6	asymmetric	asymmetric	ADJ
ajfa-1948	234	7	effect	effect	NOUN
ajfa-1948	234	8	of	of	ADP
ajfa-1948	234	9	news	news	NOUN
ajfa-1948	234	10	:	:	PUNCT
ajfa-1948	234	11	empirical	empirical	ADJ
ajfa-1948	234	12	analysis	analysis	NOUN
ajfa-1948	234	13	of	of	ADP
ajfa-1948	234	14	blue	blue	ADJ
ajfa-1948	234	15	chip	chip	NOUN
ajfa-1948	234	16	stocks	stock	NOUN
ajfa-1948	234	17	.	.	PUNCT
ajfa-1948	235	1	nber	nber	PROPN
ajfa-1948	235	2	working	working	PROPN
ajfa-1948	235	3	paper	paper	PROPN
ajfa-1948	235	4	7330	7330	NUM
ajfa-1948	235	5	.	.	PUNCT
ajfa-1948	236	1	chordia	chordia	NOUN
ajfa-1948	236	2	,	,	PUNCT
ajfa-1948	236	3	tarun	tarun	NOUN
ajfa-1948	236	4	,	,	PUNCT
ajfa-1948	236	5	roll	roll	NOUN
ajfa-1948	236	6	,	,	PUNCT
ajfa-1948	236	7	richard	richard	PROPN
ajfa-1948	236	8	,	,	PUNCT
ajfa-1948	236	9	&	&	CCONJ
ajfa-1948	236	10	subrahmanyam	subrahmanyam	PROPN
ajfa-1948	236	11	,	,	PUNCT
ajfa-1948	236	12	avanidhar	avanidhar	NOUN
ajfa-1948	236	13	.	.	PUNCT
ajfa-1948	237	1	(	(	PUNCT
ajfa-1948	237	2	2008	2008	NUM
ajfa-1948	237	3	)	)	PUNCT
ajfa-1948	237	4	.	.	PUNCT
ajfa-1948	238	1	liquidity	liquidity	NOUN
ajfa-1948	238	2	and	and	CCONJ
ajfa-1948	238	3	market	market	NOUN
ajfa-1948	238	4	efficiency	efficiency	NOUN
ajfa-1948	238	5	.	.	PUNCT
ajfa-1948	239	1	journal	journal	NOUN
ajfa-1948	239	2	of	of	ADP
ajfa-1948	239	3	financial	financial	ADJ
ajfa-1948	239	4	economics	economic	NOUN
ajfa-1948	239	5	,	,	PUNCT
ajfa-1948	239	6	87(2	87(2	NUM
ajfa-1948	239	7	)	)	PUNCT
ajfa-1948	239	8	,	,	PUNCT
ajfa-1948	239	9	249	249	NUM
ajfa-1948	239	10	-	-	SYM
ajfa-1948	239	11	268	268	NUM
ajfa-1948	239	12	.	.	PUNCT
ajfa-1948	240	1	http://dx.doi.org/10.1016/j.jfineco.2007.03.005	http://dx.doi.org/10.1016/j.jfineco.2007.03.005	PROPN
ajfa-1948	240	2	cloyd	cloyd	PROPN
ajfa-1948	240	3	,	,	PUNCT
ajfa-1948	240	4	c.	c.	PROPN
ajfa-1948	240	5	b.	b.	PROPN
ajfa-1948	240	6	,	,	PUNCT
ajfa-1948	240	7	li	li	PROPN
ajfa-1948	240	8	,	,	PUNCT
ajfa-1948	240	9	o.	o.	PROPN
ajfa-1948	240	10	z.	z.	PROPN
ajfa-1948	240	11	,	,	PUNCT
ajfa-1948	240	12	&	&	CCONJ
ajfa-1948	240	13	weaver	weaver	PROPN
ajfa-1948	240	14	,	,	PUNCT
ajfa-1948	240	15	c.	c.	PROPN
ajfa-1948	240	16	d.	d.	PROPN
ajfa-1948	240	17	(	(	PUNCT
ajfa-1948	240	18	2006	2006	NUM
ajfa-1948	240	19	)	)	PUNCT
ajfa-1948	240	20	.	.	PUNCT
ajfa-1948	241	1	ticks	tick	NOUN
ajfa-1948	241	2	and	and	CCONJ
ajfa-1948	241	3	tax	tax	NOUN
ajfa-1948	241	4	:	:	PUNCT
ajfa-1948	241	5	the	the	DET
ajfa-1948	241	6	joint	joint	ADJ
ajfa-1948	241	7	effects	effect	NOUN
ajfa-1948	241	8	of	of	ADP
ajfa-1948	241	9	price	price	NOUN
ajfa-1948	241	10	discreteness	discreteness	NOUN
ajfa-1948	241	11	and	and	CCONJ
ajfa-1948	241	12	taxation	taxation	NOUN
ajfa-1948	241	13	on	on	ADP
ajfa-1948	241	14	ex	ex	ADJ
ajfa-1948	241	15	-	-	ADJ
ajfa-1948	241	16	dividend	dividend	ADJ
ajfa-1948	241	17	returns	return	NOUN
ajfa-1948	241	18	.	.	PUNCT
ajfa-1948	242	1	journal	journal	NOUN
ajfa-1948	242	2	of	of	ADP
ajfa-1948	242	3	the	the	DET
ajfa-1948	242	4	american	american	PROPN
ajfa-1948	242	5	taxation	taxation	PROPN
ajfa-1948	242	6	association	association	PROPN
ajfa-1948	242	7	,	,	PUNCT
ajfa-1948	242	8	28(2	28(2	NUM
ajfa-1948	242	9	)	)	PUNCT
ajfa-1948	242	10	,	,	PUNCT
ajfa-1948	242	11	23	23	NUM
ajfa-1948	242	12	-	-	SYM
ajfa-1948	242	13	46	46	NUM
ajfa-1948	242	14	.	.	PUNCT
ajfa-1948	243	1	http://dx.doi.org/10.2308/jata.2006.28.2.23	http://dx.doi.org/10.2308/jata.2006.28.2.23	PROPN
ajfa-1948	243	2	dai	dai	PROPN
ajfa-1948	243	3	,	,	PUNCT
ajfa-1948	243	4	qinglei	qinglei	PROPN
ajfa-1948	243	5	,	,	PUNCT
ajfa-1948	243	6	&	&	CCONJ
ajfa-1948	243	7	rydqvist	rydqvist	NOUN
ajfa-1948	243	8	,	,	PUNCT
ajfa-1948	243	9	kristian	kristian	PROPN
ajfa-1948	243	10	.	.	PUNCT
ajfa-1948	244	1	(	(	PUNCT
ajfa-1948	244	2	2009	2009	NUM
ajfa-1948	244	3	)	)	PUNCT
ajfa-1948	244	4	.	.	PUNCT
ajfa-1948	245	1	investigation	investigation	NOUN
ajfa-1948	245	2	of	of	ADP
ajfa-1948	245	3	the	the	DET
ajfa-1948	245	4	costly	costly	ADJ
ajfa-1948	245	5	-	-	PUNCT
ajfa-1948	245	6	arbitrage	arbitrage	NOUN
ajfa-1948	245	7	model	model	NOUN
ajfa-1948	245	8	of	of	ADP
ajfa-1948	245	9	price	price	NOUN
ajfa-1948	245	10	formation	formation	NOUN
ajfa-1948	245	11	around	around	ADP
ajfa-1948	245	12	the	the	DET
ajfa-1948	245	13	ex	ex	NOUN
ajfa-1948	245	14	-	-	NOUN
ajfa-1948	245	15	dividend	dividend	ADJ
ajfa-1948	245	16	day	day	NOUN
ajfa-1948	245	17	in	in	ADP
ajfa-1948	245	18	norway	norway	PROPN
ajfa-1948	245	19	.	.	PUNCT
ajfa-1948	246	1	journal	journal	PROPN
ajfa-1948	246	2	of	of	ADP
ajfa-1948	246	3	empirical	empirical	ADJ
ajfa-1948	246	4	finance	finance	NOUN
ajfa-1948	246	5	,	,	PUNCT
ajfa-1948	246	6	16(4	16(4	NUM
ajfa-1948	246	7	)	)	PUNCT
ajfa-1948	246	8	,	,	PUNCT
ajfa-1948	246	9	582	582	NUM
ajfa-1948	246	10	-	-	SYM
ajfa-1948	246	11	596	596	NUM
ajfa-1948	246	12	.	.	PUNCT
ajfa-1948	247	1	http://dx.doi.org/10.1016/j.jempfin.2009.04.001	http://dx.doi.org/10.1016/j.jempfin.2009.04.001	VERB
ajfa-1948	247	2	dhatt	dhatt	NOUN
ajfa-1948	247	3	,	,	PUNCT
ajfa-1948	247	4	manjeet	manjeet	ADJ
ajfa-1948	247	5	s.	s.	PROPN
ajfa-1948	247	6	,	,	PUNCT
ajfa-1948	247	7	kim	kim	PROPN
ajfa-1948	247	8	,	,	PUNCT
ajfa-1948	247	9	yong	yong	PROPN
ajfa-1948	247	10	h.	h.	PROPN
ajfa-1948	247	11	,	,	PUNCT
ajfa-1948	247	12	&	&	CCONJ
ajfa-1948	247	13	mukherji	mukherji	PROPN
ajfa-1948	247	14	,	,	PUNCT
ajfa-1948	247	15	sandip	sandip	NOUN
ajfa-1948	247	16	.	.	PUNCT
ajfa-1948	248	1	(	(	PUNCT
ajfa-1948	248	2	1994	1994	NUM
ajfa-1948	248	3	)	)	PUNCT
ajfa-1948	248	4	.	.	PUNCT
ajfa-1948	249	1	japanese	japanese	ADJ
ajfa-1948	249	2	stock	stock	NOUN
ajfa-1948	249	3	price	price	NOUN
ajfa-1948	249	4	reaction	reaction	NOUN
ajfa-1948	249	5	to	to	ADP
ajfa-1948	249	6	stock	stock	NOUN
ajfa-1948	249	7	dividend	dividend	NOUN
ajfa-1948	249	8	distributions	distribution	NOUN
ajfa-1948	249	9	.	.	PUNCT
ajfa-1948	250	1	pacific	pacific	ADJ
ajfa-1948	250	2	-	-	PUNCT
ajfa-1948	250	3	basin	basin	NOUN
ajfa-1948	250	4	finance	finance	NOUN
ajfa-1948	250	5	journal	journal	NOUN
ajfa-1948	250	6	,	,	PUNCT
ajfa-1948	250	7	2	2	NUM
ajfa-1948	250	8	,	,	PUNCT
ajfa-1948	250	9	43	43	NUM
ajfa-1948	250	10	-	-	SYM
ajfa-1948	250	11	59	59	NUM
ajfa-1948	250	12	.	.	PUNCT
ajfa-1948	251	1	north	north	NOUN
ajfa-1948	251	2	-	-	PUNCT
ajfa-1948	251	3	holland	holland	PROPN
ajfa-1948	251	4	.	.	PUNCT
ajfa-1948	252	1	http://dx.doi.org/10.1016/0927-538x(94)90028-0	http://dx.doi.org/10.1016/0927-538x(94)90028-0	PROPN
ajfa-1948	252	2	dutta	dutta	PROPN
ajfa-1948	252	3	,	,	PUNCT
ajfa-1948	252	4	shantanu	shantanu	PROPN
ajfa-1948	252	5	,	,	PUNCT
ajfa-1948	252	6	jog	jog	PROPN
ajfa-1948	252	7	,	,	PUNCT
ajfa-1948	252	8	vijay	vijay	NOUN
ajfa-1948	252	9	m.	m.	NOUN
ajfa-1948	252	10	,	,	PUNCT
ajfa-1948	252	11	&	&	CCONJ
ajfa-1948	252	12	saadi	saadi	PROPN
ajfa-1948	252	13	,	,	PUNCT
ajfa-1948	252	14	samir.(2004	samir.(2004	NOUN
ajfa-1948	252	15	)	)	PUNCT
ajfa-1948	252	16	.	.	PUNCT
ajfa-1948	253	1	re	re	NOUN
ajfa-1948	254	1	-	-	NOUN
ajfa-1948	255	1	examination	examination	NOUN
ajfa-1948	255	2	of	of	ADP
ajfa-1948	255	3	the	the	DET
ajfa-1948	255	4	ex	ex	NOUN
ajfa-1948	255	5	-	-	ADJ
ajfa-1948	255	6	dividend	dividend	ADJ
ajfa-1948	255	7	day	day	NOUN
ajfa-1948	255	8	behaviour	behaviour	NOUN
ajfa-1948	255	9	of	of	ADP
ajfa-1948	255	10	canadian	canadian	ADJ
ajfa-1948	255	11	stock	stock	NOUN
ajfa-1948	255	12	prices	price	NOUN
ajfa-1948	255	13	.	.	PUNCT
ajfa-1948	256	1	available	available	ADJ
ajfa-1948	256	2	at	at	ADP
ajfa-1948	256	3	ssrn	ssrn	PROPN
ajfa-1948	256	4	:	:	PUNCT
ajfa-1948	256	5	http://ssrn.com/abstract=692942	http://ssrn.com/abstract=692942	PROPN
ajfa-1948	256	6	eades	eades	PROPN
ajfa-1948	256	7	,	,	PUNCT
ajfa-1948	256	8	k.	k.	PROPN
ajfa-1948	256	9	m.	m.	PROPN
ajfa-1948	256	10	,	,	PUNCT
ajfa-1948	256	11	hess	hess	PROPN
ajfa-1948	256	12	,	,	PUNCT
ajfa-1948	256	13	p.	p.	PROPN
ajfa-1948	256	14	j.	j.	PROPN
ajfa-1948	256	15	,	,	PUNCT
ajfa-1948	256	16	&	&	CCONJ
ajfa-1948	256	17	kim	kim	PROPN
ajfa-1948	256	18	,	,	PUNCT
ajfa-1948	256	19	e.	e.	PROPN
ajfa-1948	256	20	h.	h.	PROPN
ajfa-1948	256	21	(	(	PUNCT
ajfa-1948	256	22	1984	1984	NUM
ajfa-1948	256	23	)	)	PUNCT
ajfa-1948	256	24	.	.	PUNCT
ajfa-1948	257	1	on	on	ADP
ajfa-1948	257	2	interpreting	interpret	VERB
ajfa-1948	257	3	security	security	NOUN
ajfa-1948	257	4	returns	return	NOUN
ajfa-1948	257	5	during	during	ADP
ajfa-1948	257	6	the	the	DET
ajfa-1948	257	7	ex	ex	NOUN
ajfa-1948	257	8	-	-	ADJ
ajfa-1948	257	9	dividend	dividend	ADJ
ajfa-1948	257	10	period	period	NOUN
ajfa-1948	257	11	.	.	PUNCT
ajfa-1948	258	1	journal	journal	NOUN
ajfa-1948	258	2	of	of	ADP
ajfa-1948	258	3	financial	financial	ADJ
ajfa-1948	258	4	economics	economic	NOUN
ajfa-1948	258	5	,	,	PUNCT
ajfa-1948	258	6	13(1	13(1	NUM
ajfa-1948	258	7	)	)	PUNCT
ajfa-1948	258	8	,	,	PUNCT
ajfa-1948	258	9	3	3	NUM
ajfa-1948	258	10	-	-	SYM
ajfa-1948	258	11	34	34	NUM
ajfa-1948	258	12	.	.	PUNCT
ajfa-1948	259	1	http://dx.doi.org/10.1016/0304-405x(84)90030-8	http://dx.doi.org/10.1016/0304-405x(84)90030-8	PROPN
ajfa-1948	259	2	asian	asian	ADJ
ajfa-1948	259	3	journal	journal	PROPN
ajfa-1948	259	4	of	of	ADP
ajfa-1948	259	5	finance	finance	PROPN
ajfa-1948	259	6	&	&	CCONJ
ajfa-1948	259	7	accounting	accounting	PROPN
ajfa-1948	259	8	issn	issn	PROPN
ajfa-1948	259	9	1946	1946	NUM
ajfa-1948	259	10	-	-	PUNCT
ajfa-1948	259	11	052x	052x	NOUN
ajfa-1948	259	12	2013	2013	NUM
ajfa-1948	259	13	,	,	PUNCT
ajfa-1948	259	14	vol	vol	NOUN
ajfa-1948	259	15	.	.	PROPN
ajfa-1948	259	16	5	5	NUM
ajfa-1948	259	17	,	,	PUNCT
ajfa-1948	259	18	no	no	INTJ
ajfa-1948	259	19	.	.	NOUN
ajfa-1948	259	20	1	1	NUM
ajfa-1948	259	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	259	22	86	86	NUM
ajfa-1948	259	23	elton	elton	PROPN
ajfa-1948	259	24	,	,	PUNCT
ajfa-1948	259	25	e.j	e.j	PROPN
ajfa-1948	259	26	.	.	PROPN
ajfa-1948	259	27	,	,	PUNCT
ajfa-1948	259	28	&	&	CCONJ
ajfa-1948	259	29	gruber	gruber	PROPN
ajfa-1948	259	30	,	,	PUNCT
ajfa-1948	259	31	m.j	m.j	PROPN
ajfa-1948	259	32	.	.	PROPN
ajfa-1948	259	33	(	(	PUNCT
ajfa-1948	259	34	1970	1970	NUM
ajfa-1948	259	35	)	)	PUNCT
ajfa-1948	259	36	.	.	PUNCT
ajfa-1948	260	1	marginal	marginal	ADJ
ajfa-1948	260	2	stockholder	stockholder	NOUN
ajfa-1948	260	3	tax	tax	NOUN
ajfa-1948	260	4	rates	rate	NOUN
ajfa-1948	260	5	and	and	CCONJ
ajfa-1948	260	6	the	the	DET
ajfa-1948	260	7	clientele	clientele	PROPN
ajfa-1948	260	8	effect	effect	NOUN
ajfa-1948	260	9	.	.	PUNCT
ajfa-1948	261	1	review	review	NOUN
ajfa-1948	261	2	of	of	ADP
ajfa-1948	261	3	economics	economic	NOUN
ajfa-1948	261	4	and	and	CCONJ
ajfa-1948	261	5	statistics	statistic	NOUN
ajfa-1948	261	6	,	,	PUNCT
ajfa-1948	261	7	13	13	NUM
ajfa-1948	261	8	,	,	PUNCT
ajfa-1948	261	9	68	68	NUM
ajfa-1948	261	10	-	-	SYM
ajfa-1948	261	11	74	74	NUM
ajfa-1948	261	12	.	.	PUNCT
ajfa-1948	262	1	http://dx.doi.org/10.2307/1927599	http://dx.doi.org/10.2307/1927599	PROPN
ajfa-1948	262	2	elton	elton	PROPN
ajfa-1948	262	3	,	,	PUNCT
ajfa-1948	262	4	e.j	e.j	PROPN
ajfa-1948	262	5	.	.	PROPN
ajfa-1948	262	6	,	,	PUNCT
ajfa-1948	262	7	gruber	gruber	PROPN
ajfa-1948	262	8	,	,	PUNCT
ajfa-1948	262	9	m.	m.	NOUN
ajfa-1948	262	10	,	,	PUNCT
ajfa-1948	262	11	&	&	CCONJ
ajfa-1948	262	12	rentzler	rentzler	PROPN
ajfa-1948	262	13	,	,	PUNCT
ajfa-1948	262	14	j.	j.	PROPN
ajfa-1948	262	15	(	(	PUNCT
ajfa-1948	262	16	1984	1984	NUM
ajfa-1948	262	17	)	)	PUNCT
ajfa-1948	262	18	.	.	PUNCT
ajfa-1948	263	1	the	the	DET
ajfa-1948	263	2	ex	ex	NOUN
ajfa-1948	263	3	-	-	ADJ
ajfa-1948	263	4	dividend	dividend	ADJ
ajfa-1948	263	5	day	day	NOUN
ajfa-1948	263	6	behavior	behavior	NOUN
ajfa-1948	263	7	of	of	ADP
ajfa-1948	263	8	stock	stock	NOUN
ajfa-1948	263	9	prices	price	NOUN
ajfa-1948	263	10	:	:	PUNCT
ajfa-1948	263	11	a	a	DET
ajfa-1948	263	12	re	re	NOUN
ajfa-1948	263	13	-	-	NOUN
ajfa-1948	263	14	examination	examination	NOUN
ajfa-1948	263	15	of	of	ADP
ajfa-1948	263	16	the	the	DET
ajfa-1948	263	17	clientele	clientele	PROPN
ajfa-1948	263	18	effect	effect	NOUN
ajfa-1948	263	19	.	.	PUNCT
ajfa-1948	264	1	a	a	DET
ajfa-1948	264	2	comment	comment	NOUN
ajfa-1948	264	3	.	.	PUNCT
ajfa-1948	265	1	journal	journal	NOUN
ajfa-1948	265	2	of	of	ADP
ajfa-1948	265	3	finance	finance	NOUN
ajfa-1948	265	4	,	,	PUNCT
ajfa-1948	265	5	39	39	NUM
ajfa-1948	265	6	,	,	PUNCT
ajfa-1948	265	7	551	551	NUM
ajfa-1948	265	8	-	-	SYM
ajfa-1948	265	9	56	56	NUM
ajfa-1948	265	10	.	.	PUNCT
ajfa-1948	266	1	http://dx.doi.org/10.1111/j.1540-6261.1984.tb02328.x	http://dx.doi.org/10.1111/j.1540-6261.1984.tb02328.x	PROPN
ajfa-1948	266	2	fedenia	fedenia	NOUN
ajfa-1948	266	3	,	,	PUNCT
ajfa-1948	266	4	m.	m.	NOUN
ajfa-1948	266	5	,	,	PUNCT
ajfa-1948	266	6	&	&	CCONJ
ajfa-1948	266	7	grammatikos	grammatikos	PROPN
ajfa-1948	266	8	,	,	PUNCT
ajfa-1948	266	9	t.	t.	PROPN
ajfa-1948	266	10	(	(	PUNCT
ajfa-1948	266	11	1991	1991	NUM
ajfa-1948	266	12	)	)	PUNCT
ajfa-1948	266	13	.	.	PUNCT
ajfa-1948	267	1	portfolio	portfolio	NOUN
ajfa-1948	267	2	rebalancing	rebalancing	NOUN
ajfa-1948	267	3	and	and	CCONJ
ajfa-1948	267	4	the	the	DET
ajfa-1948	267	5	effective	effective	ADJ
ajfa-1948	267	6	taxation	taxation	NOUN
ajfa-1948	267	7	of	of	ADP
ajfa-1948	267	8	dividends	dividend	NOUN
ajfa-1948	267	9	and	and	CCONJ
ajfa-1948	267	10	capital	capital	NOUN
ajfa-1948	267	11	gains	gain	NOUN
ajfa-1948	267	12	following	follow	VERB
ajfa-1948	267	13	the	the	DET
ajfa-1948	267	14	tax	tax	NOUN
ajfa-1948	267	15	reform	reform	NOUN
ajfa-1948	267	16	act	act	NOUN
ajfa-1948	267	17	of	of	ADP
ajfa-1948	267	18	1986	1986	NUM
ajfa-1948	267	19	.	.	PUNCT
ajfa-1948	268	1	journal	journal	NOUN
ajfa-1948	268	2	of	of	ADP
ajfa-1948	268	3	banking	banking	NOUN
ajfa-1948	268	4	and	and	CCONJ
ajfa-1948	268	5	finance	finance	NOUN
ajfa-1948	268	6	,	,	PUNCT
ajfa-1948	268	7	15(3	15(3	NUM
ajfa-1948	268	8	)	)	PUNCT
ajfa-1948	268	9	,	,	PUNCT
ajfa-1948	268	10	501	501	NUM
ajfa-1948	268	11	-	-	SYM
ajfa-1948	268	12	520	520	NUM
ajfa-1948	268	13	.	.	PUNCT
ajfa-1948	269	1	http://dx.doi.org/10.1016/0378-4266(91)90083-x	http://dx.doi.org/10.1016/0378-4266(91)90083-x	X
ajfa-1948	269	2	franks	frank	NOUN
ajfa-1948	269	3	,	,	PUNCT
ajfa-1948	269	4	j.	j.	PROPN
ajfa-1948	269	5	,	,	PUNCT
ajfa-1948	269	6	mayer	mayer	PROPN
ajfa-1948	269	7	,	,	PUNCT
ajfa-1948	269	8	c.	c.	PROPN
ajfa-1948	269	9	,	,	PUNCT
ajfa-1948	269	10	&	&	CCONJ
ajfa-1948	269	11	rossi	rossi	PROPN
ajfa-1948	269	12	,	,	PUNCT
ajfa-1948	269	13	s.	s.	PROPN
ajfa-1948	269	14	(	(	PUNCT
ajfa-1948	269	15	2009	2009	NUM
ajfa-1948	269	16	)	)	PUNCT
ajfa-1948	269	17	.	.	PUNCT
ajfa-1948	270	1	ownership	ownership	NOUN
ajfa-1948	270	2	:	:	PUNCT
ajfa-1948	270	3	evolution	evolution	NOUN
ajfa-1948	270	4	and	and	CCONJ
ajfa-1948	270	5	regulation	regulation	NOUN
ajfa-1948	270	6	.	.	PUNCT
ajfa-1948	271	1	review	review	NOUN
ajfa-1948	271	2	of	of	ADP
ajfa-1948	271	3	financial	financial	ADJ
ajfa-1948	271	4	studies	study	NOUN
ajfa-1948	271	5	,	,	PUNCT
ajfa-1948	271	6	22	22	NUM
ajfa-1948	271	7	,	,	PUNCT
ajfa-1948	271	8	4009	4009	NUM
ajfa-1948	271	9	-	-	SYM
ajfa-1948	271	10	56	56	NUM
ajfa-1948	271	11	.	.	PUNCT
ajfa-1948	272	1	http://dx.doi.org/10.1093/rfs/hhn108	http://dx.doi.org/10.1093/rfs/hhn108	PROPN
ajfa-1948	272	2	frank	frank	PROPN
ajfa-1948	272	3	,	,	PUNCT
ajfa-1948	272	4	murray	murray	PROPN
ajfa-1948	272	5	.	.	PROPN
ajfa-1948	272	6	,	,	PUNCT
ajfa-1948	272	7	&	&	CCONJ
ajfa-1948	272	8	jagannathan	jagannathan	PROPN
ajfa-1948	272	9	,	,	PUNCT
ajfa-1948	272	10	ravi	ravi	NOUN
ajfa-1948	272	11	.	.	PUNCT
ajfa-1948	273	1	(	(	PUNCT
ajfa-1948	273	2	1998	1998	NUM
ajfa-1948	273	3	)	)	PUNCT
ajfa-1948	273	4	.	.	PUNCT
ajfa-1948	274	1	why	why	SCONJ
ajfa-1948	274	2	do	do	AUX
ajfa-1948	274	3	stock	stock	NOUN
ajfa-1948	274	4	prices	price	NOUN
ajfa-1948	274	5	drop	drop	VERB
ajfa-1948	274	6	by	by	ADP
ajfa-1948	274	7	less	less	ADJ
ajfa-1948	274	8	than	than	ADP
ajfa-1948	274	9	the	the	DET
ajfa-1948	274	10	value	value	NOUN
ajfa-1948	274	11	of	of	ADP
ajfa-1948	274	12	the	the	DET
ajfa-1948	274	13	dividend	dividend	NOUN
ajfa-1948	274	14	?	?	PUNCT
ajfa-1948	275	1	evidence	evidence	NOUN
ajfa-1948	275	2	from	from	ADP
ajfa-1948	275	3	a	a	DET
ajfa-1948	275	4	country	country	NOUN
ajfa-1948	275	5	without	without	ADP
ajfa-1948	275	6	taxes	taxis	NOUN
ajfa-1948	275	7	.	.	PUNCT
ajfa-1948	276	1	journal	journal	NOUN
ajfa-1948	276	2	of	of	ADP
ajfa-1948	276	3	financial	financial	ADJ
ajfa-1948	276	4	economics	economic	NOUN
ajfa-1948	276	5	,	,	PUNCT
ajfa-1948	276	6	47	47	NUM
ajfa-1948	276	7	,	,	PUNCT
ajfa-1948	276	8	161	161	NUM
ajfa-1948	276	9	-	-	SYM
ajfa-1948	276	10	188	188	NUM
ajfa-1948	276	11	.	.	PUNCT
ajfa-1948	277	1	http://dx.doi.org/10.1016/s0304-405x(97)80053-0	http://dx.doi.org/10.1016/s0304-405x(97)80053-0	PROPN
ajfa-1948	277	2	heath	heath	PROPN
ajfa-1948	277	3	,	,	PUNCT
ajfa-1948	277	4	david	david	PROPN
ajfa-1948	277	5	,	,	PUNCT
ajfa-1948	277	6	c.	c.	PROPN
ajfa-1948	277	7	,	,	PUNCT
ajfa-1948	277	8	jarrow	jarrow	PROPN
ajfa-1948	277	9	,	,	PUNCT
ajfa-1948	277	10	&	&	CCONJ
ajfa-1948	277	11	robert	robert	PROPN
ajfa-1948	277	12	a.	a.	PROPN
ajfa-1948	277	13	(	(	PUNCT
ajfa-1948	277	14	1988	1988	NUM
ajfa-1948	277	15	)	)	PUNCT
ajfa-1948	277	16	.	.	PUNCT
ajfa-1948	278	1	ex	ex	ADJ
ajfa-1948	278	2	-	-	ADJ
ajfa-1948	278	3	dividend	dividend	ADJ
ajfa-1948	278	4	stock	stock	NOUN
ajfa-1948	278	5	price	price	NOUN
ajfa-1948	278	6	behavior	behavior	NOUN
ajfa-1948	278	7	and	and	CCONJ
ajfa-1948	278	8	arbitrage	arbitrage	NOUN
ajfa-1948	278	9	opportunities	opportunity	NOUN
ajfa-1948	278	10	.	.	PUNCT
ajfa-1948	279	1	the	the	DET
ajfa-1948	279	2	journal	journal	NOUN
ajfa-1948	279	3	of	of	ADP
ajfa-1948	279	4	business	business	NOUN
ajfa-1948	279	5	,	,	PUNCT
ajfa-1948	279	6	61(1	61(1	NOUN
ajfa-1948	279	7	)	)	PUNCT
ajfa-1948	279	8	,	,	PUNCT
ajfa-1948	279	9	95	95	NUM
ajfa-1948	279	10	-	-	SYM
ajfa-1948	279	11	108	108	NUM
ajfa-1948	279	12	.	.	PUNCT
ajfa-1948	280	1	http://dx.doi.org/10.1086/296421	http://dx.doi.org/10.1086/296421	PROPN
ajfa-1948	280	2	hearn	hearn	PROPN
ajfa-1948	280	3	,	,	PUNCT
ajfa-1948	280	4	b.	b.	PROPN
ajfa-1948	280	5	(	(	PUNCT
ajfa-1948	280	6	2010	2010	NUM
ajfa-1948	280	7	)	)	PUNCT
ajfa-1948	280	8	.	.	PUNCT
ajfa-1948	281	1	time	time	NOUN
ajfa-1948	281	2	varying	vary	VERB
ajfa-1948	281	3	size	size	NOUN
ajfa-1948	281	4	and	and	CCONJ
ajfa-1948	281	5	liquidity	liquidity	NOUN
ajfa-1948	281	6	effects	effect	NOUN
ajfa-1948	281	7	in	in	ADP
ajfa-1948	281	8	south	south	ADJ
ajfa-1948	281	9	asian	asian	ADJ
ajfa-1948	281	10	equity	equity	NOUN
ajfa-1948	281	11	markets	market	NOUN
ajfa-1948	281	12	:	:	PUNCT
ajfa-1948	281	13	a	a	DET
ajfa-1948	281	14	study	study	NOUN
ajfa-1948	281	15	of	of	ADP
ajfa-1948	281	16	blue	blue	ADJ
ajfa-1948	281	17	-	-	PUNCT
ajfa-1948	281	18	chip	chip	NOUN
ajfa-1948	281	19	industry	industry	NOUN
ajfa-1948	281	20	stocks	stock	NOUN
ajfa-1948	281	21	.	.	PUNCT
ajfa-1948	282	1	international	international	ADJ
ajfa-1948	282	2	review	review	NOUN
ajfa-1948	282	3	of	of	ADP
ajfa-1948	282	4	financial	financial	ADJ
ajfa-1948	282	5	analysis	analysis	NOUN
ajfa-1948	282	6	,	,	PUNCT
ajfa-1948	282	7	19(4	19(4	NOUN
ajfa-1948	282	8	)	)	PUNCT
ajfa-1948	282	9	,	,	PUNCT
ajfa-1948	282	10	242	242	NUM
ajfa-1948	282	11	-	-	SYM
ajfa-1948	282	12	257	257	NUM
ajfa-1948	282	13	.	.	PUNCT
ajfa-1948	283	1	http://dx.doi.org/10.1016/j.irfa.2010.08.007	http://dx.doi.org/10.1016/j.irfa.2010.08.007	PROPN
ajfa-1948	283	2	jacoby	jacoby	PROPN
ajfa-1948	283	3	,	,	PUNCT
ajfa-1948	283	4	g.	g.	PROPN
ajfa-1948	283	5	,	,	PUNCT
ajfa-1948	283	6	d.	d.	PROPN
ajfa-1948	283	7	fowler	fowler	PROPN
ajfa-1948	283	8	,	,	PUNCT
ajfa-1948	283	9	&	&	CCONJ
ajfa-1948	283	10	a.	a.	PROPN
ajfa-1948	283	11	gottesman	gottesman	NOUN
ajfa-1948	283	12	.	.	PUNCT
ajfa-1948	284	1	(	(	PUNCT
ajfa-1948	284	2	2000	2000	NUM
ajfa-1948	284	3	)	)	PUNCT
ajfa-1948	284	4	.	.	PUNCT
ajfa-1948	285	1	the	the	DET
ajfa-1948	285	2	capital	capital	NOUN
ajfa-1948	285	3	asset	asset	NOUN
ajfa-1948	285	4	pricing	pricing	NOUN
ajfa-1948	285	5	model	model	NOUN
ajfa-1948	285	6	and	and	CCONJ
ajfa-1948	285	7	the	the	DET
ajfa-1948	285	8	liquidity	liquidity	NOUN
ajfa-1948	285	9	effect	effect	NOUN
ajfa-1948	285	10	:	:	PUNCT
ajfa-1948	285	11	a	a	DET
ajfa-1948	285	12	theoretical	theoretical	ADJ
ajfa-1948	285	13	approach	approach	NOUN
ajfa-1948	285	14	.	.	PUNCT
ajfa-1948	286	1	journal	journal	NOUN
ajfa-1948	286	2	of	of	ADP
ajfa-1948	286	3	financial	financial	ADJ
ajfa-1948	286	4	markets	market	NOUN
ajfa-1948	286	5	,	,	PUNCT
ajfa-1948	286	6	3	3	NUM
ajfa-1948	286	7	,	,	PUNCT
ajfa-1948	286	8	69	69	NUM
ajfa-1948	286	9	-	-	SYM
ajfa-1948	286	10	81	81	NUM
ajfa-1948	286	11	.	.	PUNCT
ajfa-1948	287	1	http://dx.doi.org/10.1016/s1386-4181(99)00013-0	http://dx.doi.org/10.1016/s1386-4181(99)00013-0	PRON
ajfa-1948	287	2	jones	jone	NOUN
ajfa-1948	287	3	,	,	PUNCT
ajfa-1948	287	4	c.	c.	PROPN
ajfa-1948	287	5	(	(	PUNCT
ajfa-1948	287	6	2001	2001	NUM
ajfa-1948	287	7	)	)	PUNCT
ajfa-1948	287	8	.	.	PUNCT
ajfa-1948	288	1	a	a	DET
ajfa-1948	288	2	century	century	NOUN
ajfa-1948	288	3	of	of	ADP
ajfa-1948	288	4	stock	stock	NOUN
ajfa-1948	288	5	market	market	NOUN
ajfa-1948	288	6	liquidity	liquidity	NOUN
ajfa-1948	288	7	and	and	CCONJ
ajfa-1948	288	8	trading	trading	NOUN
ajfa-1948	288	9	costs	cost	NOUN
ajfa-1948	288	10	,	,	PUNCT
ajfa-1948	288	11	working	working	NOUN
ajfa-1948	288	12	paper	paper	NOUN
ajfa-1948	288	13	,	,	PUNCT
ajfa-1948	288	14	columbia	columbia	PROPN
ajfa-1948	288	15	university	university	PROPN
ajfa-1948	288	16	,	,	PUNCT
ajfa-1948	288	17	new	new	PROPN
ajfa-1948	288	18	york	york	PROPN
ajfa-1948	288	19	,	,	PUNCT
ajfa-1948	288	20	ny	ny	PROPN
ajfa-1948	288	21	.	.	PROPN
ajfa-1948	288	22	kalay	kalay	PROPN
ajfa-1948	288	23	,	,	PUNCT
ajfa-1948	288	24	a.	a.	NOUN
ajfa-1948	288	25	(	(	PUNCT
ajfa-1948	288	26	1982	1982	NUM
ajfa-1948	288	27	)	)	PUNCT
ajfa-1948	288	28	.	.	PUNCT
ajfa-1948	289	1	the	the	DET
ajfa-1948	289	2	ex	ex	NOUN
ajfa-1948	289	3	-	-	ADJ
ajfa-1948	289	4	dividend	dividend	ADJ
ajfa-1948	289	5	day	day	NOUN
ajfa-1948	289	6	behavior	behavior	NOUN
ajfa-1948	289	7	of	of	ADP
ajfa-1948	289	8	stock	stock	NOUN
ajfa-1948	289	9	prices	price	NOUN
ajfa-1948	289	10	:	:	PUNCT
ajfa-1948	289	11	a	a	DET
ajfa-1948	289	12	re	re	NOUN
ajfa-1948	289	13	-	-	NOUN
ajfa-1948	289	14	examination	examination	NOUN
ajfa-1948	289	15	of	of	ADP
ajfa-1948	289	16	the	the	DET
ajfa-1948	289	17	clientele	clientele	PROPN
ajfa-1948	289	18	effect	effect	NOUN
ajfa-1948	289	19	.	.	PUNCT
ajfa-1948	290	1	journal	journal	NOUN
ajfa-1948	290	2	of	of	ADP
ajfa-1948	290	3	finance	finance	NOUN
ajfa-1948	290	4	,	,	PUNCT
ajfa-1948	290	5	37	37	NUM
ajfa-1948	290	6	,	,	PUNCT
ajfa-1948	290	7	1059	1059	NUM
ajfa-1948	290	8	-	-	SYM
ajfa-1948	290	9	1070	1070	NUM
ajfa-1948	290	10	.	.	PUNCT
ajfa-1948	291	1	http://dx.doi.org/10.1111/j.1540-6261.1982.tb03598.x	http://dx.doi.org/10.1111/j.1540-6261.1982.tb03598.x	PROPN
ajfa-1948	291	2	kalay	kalay	NOUN
ajfa-1948	291	3	,	,	PUNCT
ajfa-1948	291	4	a.	a.	NOUN
ajfa-1948	291	5	(	(	PUNCT
ajfa-1948	291	6	1984	1984	NUM
ajfa-1948	291	7	)	)	PUNCT
ajfa-1948	291	8	.	.	PUNCT
ajfa-1948	292	1	the	the	DET
ajfa-1948	292	2	ex	ex	NOUN
ajfa-1948	292	3	-	-	ADJ
ajfa-1948	292	4	dividend	dividend	ADJ
ajfa-1948	292	5	day	day	NOUN
ajfa-1948	292	6	behavior	behavior	NOUN
ajfa-1948	292	7	of	of	ADP
ajfa-1948	292	8	stock	stock	NOUN
ajfa-1948	292	9	prices	price	NOUN
ajfa-1948	292	10	:	:	PUNCT
ajfa-1948	292	11	a	a	DET
ajfa-1948	292	12	re	re	NOUN
ajfa-1948	292	13	-	-	NOUN
ajfa-1948	292	14	examination	examination	NOUN
ajfa-1948	292	15	of	of	ADP
ajfa-1948	292	16	the	the	DET
ajfa-1948	292	17	clientele	clientele	PROPN
ajfa-1948	292	18	effect	effect	NOUN
ajfa-1948	292	19	:	:	PUNCT
ajfa-1948	292	20	a	a	DET
ajfa-1948	292	21	reply	reply	NOUN
ajfa-1948	292	22	.	.	PUNCT
ajfa-1948	293	1	journal	journal	PROPN
ajfa-1948	293	2	of	of	ADP
ajfa-1948	293	3	finance	finance	NOUN
ajfa-1948	293	4	,	,	PUNCT
ajfa-1948	293	5	39	39	NUM
ajfa-1948	293	6	,	,	PUNCT
ajfa-1948	293	7	557	557	NUM
ajfa-1948	293	8	-	-	SYM
ajfa-1948	293	9	61	61	NUM
ajfa-1948	293	10	.	.	PUNCT
ajfa-1948	294	1	http://dx.doi.org/10.1111/j.1540-6261.1984.tb02329.x	http://dx.doi.org/10.1111/j.1540-6261.1984.tb02329.x	PROPN
ajfa-1948	294	2	kato	kato	PROPN
ajfa-1948	294	3	,	,	PUNCT
ajfa-1948	294	4	kato	kato	PROPN
ajfa-1948	294	5	,	,	PUNCT
ajfa-1948	294	6	loewenstein	loewenstein	PROPN
ajfa-1948	294	7	,	,	PUNCT
ajfa-1948	294	8	uri	uri	PROPN
ajfa-1948	294	9	.	.	PUNCT
ajfa-1948	294	10	(	(	PUNCT
ajfa-1948	294	11	1995	1995	NUM
ajfa-1948	294	12	)	)	PUNCT
ajfa-1948	294	13	.	.	PUNCT
ajfa-1948	295	1	the	the	DET
ajfa-1948	295	2	ex	ex	NOUN
ajfa-1948	295	3	-	-	NOUN
ajfa-1948	295	4	dividends	dividend	NOUN
ajfa-1948	295	5	-	-	PUNCT
ajfa-1948	295	6	day	day	NOUN
ajfa-1948	295	7	behavior	behavior	NOUN
ajfa-1948	295	8	of	of	ADP
ajfa-1948	295	9	stock	stock	NOUN
ajfa-1948	295	10	prices	price	NOUN
ajfa-1948	295	11	:	:	PUNCT
ajfa-1948	295	12	the	the	DET
ajfa-1948	295	13	case	case	NOUN
ajfa-1948	295	14	of	of	ADP
ajfa-1948	295	15	japan	japan	PROPN
ajfa-1948	295	16	.	.	PUNCT
ajfa-1948	296	1	the	the	DET
ajfa-1948	296	2	review	review	NOUN
ajfa-1948	296	3	of	of	ADP
ajfa-1948	296	4	financial	financial	ADJ
ajfa-1948	296	5	studies	study	NOUN
ajfa-1948	296	6	,	,	PUNCT
ajfa-1948	296	7	8	8	NUM
ajfa-1948	296	8	,	,	PUNCT
ajfa-1948	296	9	817	817	NUM
ajfa-1948	296	10	-	-	SYM
ajfa-1948	296	11	847	847	NUM
ajfa-1948	296	12	.	.	PUNCT
ajfa-1948	297	1	http://dx.doi.org/10.1093/rfs/8.3.817	http://dx.doi.org/10.1093/rfs/8.3.817	PROPN
ajfa-1948	297	2	lakonishok	lakonishok	PROPN
ajfa-1948	297	3	,	,	PUNCT
ajfa-1948	297	4	j.	j.	PROPN
ajfa-1948	297	5	,	,	PUNCT
ajfa-1948	297	6	&	&	CCONJ
ajfa-1948	297	7	vermaelen	vermaelen	PROPN
ajfa-1948	297	8	,	,	PUNCT
ajfa-1948	297	9	t.	t.	PROPN
ajfa-1948	297	10	(	(	PUNCT
ajfa-1948	297	11	1986	1986	NUM
ajfa-1948	297	12	)	)	PUNCT
ajfa-1948	297	13	.	.	PUNCT
ajfa-1948	298	1	tax	tax	NOUN
ajfa-1948	298	2	-	-	PUNCT
ajfa-1948	298	3	induced	induce	VERB
ajfa-1948	298	4	trading	trading	NOUN
ajfa-1948	298	5	around	around	ADP
ajfa-1948	298	6	ex	ex	NOUN
ajfa-1948	298	7	-	-	ADJ
ajfa-1948	298	8	dividend	dividend	ADJ
ajfa-1948	298	9	days	day	NOUN
ajfa-1948	298	10	.	.	PUNCT
ajfa-1948	299	1	journal	journal	NOUN
ajfa-1948	299	2	of	of	ADP
ajfa-1948	299	3	financial	financial	ADJ
ajfa-1948	299	4	economics	economic	NOUN
ajfa-1948	299	5	,	,	PUNCT
ajfa-1948	299	6	16	16	NUM
ajfa-1948	299	7	,	,	PUNCT
ajfa-1948	299	8	287	287	NUM
ajfa-1948	299	9	-	-	SYM
ajfa-1948	299	10	319	319	NUM
ajfa-1948	299	11	.	.	PUNCT
ajfa-1948	300	1	http://dx.doi.org/10.1016/0304-405x(86)90032-2	http://dx.doi.org/10.1016/0304-405x(86)90032-2	NOUN
ajfa-1948	300	2	asian	asian	PROPN
ajfa-1948	300	3	journal	journal	PROPN
ajfa-1948	300	4	of	of	ADP
ajfa-1948	300	5	finance	finance	PROPN
ajfa-1948	300	6	&	&	CCONJ
ajfa-1948	300	7	accounting	accounting	PROPN
ajfa-1948	300	8	issn	issn	PROPN
ajfa-1948	300	9	1946	1946	NUM
ajfa-1948	300	10	-	-	PUNCT
ajfa-1948	300	11	052x	052x	NOUN
ajfa-1948	300	12	2013	2013	NUM
ajfa-1948	300	13	,	,	PUNCT
ajfa-1948	300	14	vol	vol	NOUN
ajfa-1948	300	15	.	.	PROPN
ajfa-1948	300	16	5	5	NUM
ajfa-1948	300	17	,	,	PUNCT
ajfa-1948	300	18	no	no	INTJ
ajfa-1948	300	19	.	.	NOUN
ajfa-1948	300	20	1	1	NUM
ajfa-1948	300	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	300	22	87	87	NUM
ajfa-1948	300	23	lamdin	lamdin	NOUN
ajfa-1948	300	24	,	,	PUNCT
ajfa-1948	300	25	douglas	douglas	PROPN
ajfa-1948	300	26	j.	j.	PROPN
ajfa-1948	300	27	,	,	PUNCT
ajfa-1948	300	28	&	&	CCONJ
ajfa-1948	300	29	hiemstra	hiemstra	PROPN
ajfa-1948	300	30	,	,	PUNCT
ajfa-1948	300	31	craig	craig	PROPN
ajfa-1948	300	32	.	.	PUNCT
ajfa-1948	301	1	(	(	PUNCT
ajfa-1948	301	2	1993	1993	NUM
ajfa-1948	301	3	)	)	PUNCT
ajfa-1948	301	4	.	.	PUNCT
ajfa-1948	302	1	ex	ex	NOUN
ajfa-1948	302	2	-	-	ADJ
ajfa-1948	302	3	dividend	dividend	ADJ
ajfa-1948	302	4	day	day	NOUN
ajfa-1948	302	5	share	share	NOUN
ajfa-1948	302	6	price	price	NOUN
ajfa-1948	302	7	behavior	behavior	NOUN
ajfa-1948	302	8	:	:	PUNCT
ajfa-1948	302	9	effects	effect	NOUN
ajfa-1948	302	10	of	of	ADP
ajfa-1948	302	11	the	the	DET
ajfa-1948	302	12	tax	tax	NOUN
ajfa-1948	302	13	reform	reform	NOUN
ajfa-1948	302	14	act	act	NOUN
ajfa-1948	302	15	of	of	ADP
ajfa-1948	302	16	1986	1986	NUM
ajfa-1948	302	17	.	.	PUNCT
ajfa-1948	303	1	the	the	DET
ajfa-1948	303	2	review	review	NOUN
ajfa-1948	303	3	of	of	ADP
ajfa-1948	303	4	economics	economic	NOUN
ajfa-1948	303	5	and	and	CCONJ
ajfa-1948	303	6	statistics	statistic	NOUN
ajfa-1948	303	7	,	,	PUNCT
ajfa-1948	303	8	75	75	NUM
ajfa-1948	303	9	,	,	PUNCT
ajfa-1948	303	10	778	778	NUM
ajfa-1948	303	11	-	-	SYM
ajfa-1948	303	12	783	783	NUM
ajfa-1948	303	13	.	.	PUNCT
ajfa-1948	304	1	http://dx.doi.org/10.2307/2110040	http://dx.doi.org/10.2307/2110040	NOUN
ajfa-1948	304	2	le	le	X
ajfa-1948	304	3	bris	bris	PROPN
ajfa-1948	304	4	,	,	PUNCT
ajfa-1948	304	5	david	david	PROPN
ajfa-1948	304	6	,	,	PUNCT
ajfa-1948	304	7	hautcoeur	hautcoeur	PROPN
ajfa-1948	304	8	,	,	PUNCT
ajfa-1948	304	9	&	&	CCONJ
ajfa-1948	304	10	pierre	pierre	NOUN
ajfa-1948	304	11	-	-	PUNCT
ajfa-1948	304	12	cyrille	cyrille	NOUN
ajfa-1948	304	13	.	.	PUNCT
ajfa-1948	305	1	(	(	PUNCT
ajfa-1948	305	2	2010	2010	NUM
ajfa-1948	305	3	)	)	PUNCT
ajfa-1948	305	4	.	.	PUNCT
ajfa-1948	306	1	a	a	DET
ajfa-1948	306	2	challenge	challenge	NOUN
ajfa-1948	306	3	to	to	ADP
ajfa-1948	306	4	triumphant	triumphant	ADJ
ajfa-1948	306	5	optimists	optimist	NOUN
ajfa-1948	306	6	?	?	PUNCT
ajfa-1948	307	1	a	a	DET
ajfa-1948	307	2	blue	blue	ADJ
ajfa-1948	307	3	chips	chip	NOUN
ajfa-1948	307	4	index	index	NOUN
ajfa-1948	307	5	for	for	ADP
ajfa-1948	307	6	the	the	DET
ajfa-1948	307	7	paris	paris	PROPN
ajfa-1948	307	8	stock	stock	NOUN
ajfa-1948	307	9	-	-	PUNCT
ajfa-1948	307	10	exchange	exchange	NOUN
ajfa-1948	307	11	(	(	PUNCT
ajfa-1948	307	12	1854	1854	NUM
ajfa-1948	307	13	-	-	SYM
ajfa-1948	307	14	2007	2007	NUM
ajfa-1948	307	15	)	)	PUNCT
ajfa-1948	307	16	.	.	PUNCT
ajfa-1948	308	1	financial	financial	ADJ
ajfa-1948	308	2	history	history	NOUN
ajfa-1948	308	3	review	review	PROPN
ajfa-1948	308	4	,	,	PUNCT
ajfa-1948	308	5	17(2	17(2	NUM
ajfa-1948	308	6	)	)	PUNCT
ajfa-1948	308	7	,	,	PUNCT
ajfa-1948	308	8	141	141	NUM
ajfa-1948	308	9	-	-	SYM
ajfa-1948	308	10	183	183	NUM
ajfa-1948	308	11	.	.	PUNCT
ajfa-1948	309	1	http://dx.doi.org/10.1017/s096856501000003x	http://dx.doi.org/10.1017/s096856501000003x	ADJ
ajfa-1948	309	2	litzenberger	litzenberger	NOUN
ajfa-1948	309	3	,	,	PUNCT
ajfa-1948	309	4	r.	r.	PROPN
ajfa-1948	309	5	,	,	PUNCT
ajfa-1948	309	6	&	&	CCONJ
ajfa-1948	309	7	ramaswamy	ramaswamy	PROPN
ajfa-1948	309	8	,	,	PUNCT
ajfa-1948	309	9	k.	k.	PROPN
ajfa-1948	309	10	(	(	PUNCT
ajfa-1948	309	11	1979	1979	NUM
ajfa-1948	309	12	)	)	PUNCT
ajfa-1948	309	13	.	.	PUNCT
ajfa-1948	310	1	the	the	DET
ajfa-1948	310	2	effect	effect	NOUN
ajfa-1948	310	3	of	of	ADP
ajfa-1948	310	4	personal	personal	ADJ
ajfa-1948	310	5	taxes	taxis	NOUN
ajfa-1948	310	6	and	and	CCONJ
ajfa-1948	310	7	dividends	dividend	NOUN
ajfa-1948	310	8	on	on	ADP
ajfa-1948	310	9	capital	capital	NOUN
ajfa-1948	310	10	asset	asset	NOUN
ajfa-1948	310	11	pricing	pricing	NOUN
ajfa-1948	310	12	.	.	PUNCT
ajfa-1948	311	1	journal	journal	NOUN
ajfa-1948	311	2	of	of	ADP
ajfa-1948	311	3	financial	financial	ADJ
ajfa-1948	311	4	economics	economic	NOUN
ajfa-1948	311	5	,	,	PUNCT
ajfa-1948	311	6	7	7	NUM
ajfa-1948	311	7	,	,	PUNCT
ajfa-1948	311	8	163	163	NUM
ajfa-1948	311	9	-	-	SYM
ajfa-1948	311	10	195	195	NUM
ajfa-1948	311	11	.	.	PUNCT
ajfa-1948	312	1	http://dx.doi.org/10.1016/0304-405x(79)90012-6	http://dx.doi.org/10.1016/0304-405x(79)90012-6	NOUN
ajfa-1948	312	2	lasfer	lasfer	NOUN
ajfa-1948	312	3	,	,	PUNCT
ajfa-1948	312	4	m.	m.	NOUN
ajfa-1948	312	5	ameziane	ameziane	NOUN
ajfa-1948	312	6	,	,	PUNCT
ajfa-1948	312	7	&	&	CCONJ
ajfa-1948	312	8	zenonos	zenonos	PROPN
ajfa-1948	312	9	,	,	PUNCT
ajfa-1948	312	10	maria	maria	PROPN
ajfa-1948	312	11	.	.	PUNCT
ajfa-1948	313	1	(	(	PUNCT
ajfa-1948	313	2	2003	2003	NUM
ajfa-1948	313	3	)	)	PUNCT
ajfa-1948	313	4	.	.	PUNCT
ajfa-1948	314	1	the	the	DET
ajfa-1948	314	2	tax	tax	NOUN
ajfa-1948	314	3	impact	impact	NOUN
ajfa-1948	314	4	on	on	ADP
ajfa-1948	314	5	the	the	DET
ajfa-1948	314	6	ex	ex	NOUN
ajfa-1948	314	7	-	-	ADJ
ajfa-1948	314	8	dividend	dividend	ADJ
ajfa-1948	314	9	dates	date	NOUN
ajfa-1948	314	10	:	:	PUNCT
ajfa-1948	314	11	evidence	evidence	NOUN
ajfa-1948	314	12	from	from	ADP
ajfa-1948	314	13	european	european	ADJ
ajfa-1948	314	14	firms	firm	NOUN
ajfa-1948	314	15	.	.	PUNCT
ajfa-1948	315	1	cass	cass	PROPN
ajfa-1948	315	2	business	business	PROPN
ajfa-1948	315	3	school	school	PROPN
ajfa-1948	315	4	research	research	NOUN
ajfa-1948	315	5	paper	paper	NOUN
ajfa-1948	315	6	,	,	PUNCT
ajfa-1948	315	7	efa	efa	PROPN
ajfa-1948	315	8	2003	2003	NUM
ajfa-1948	315	9	annual	annual	ADJ
ajfa-1948	315	10	conference	conference	NOUN
ajfa-1948	315	11	paper	paper	NOUN
ajfa-1948	315	12	885	885	NUM
ajfa-1948	315	13	.	.	PUNCT
ajfa-1948	315	14	lasfer	lasfer	NOUN
ajfa-1948	315	15	,	,	PUNCT
ajfa-1948	315	16	ameziane	ameziane	NOUN
ajfa-1948	315	17	m.	m.	NOUN
ajfa-1948	315	18	(	(	PUNCT
ajfa-1948	315	19	1995	1995	NUM
ajfa-1948	315	20	)	)	PUNCT
ajfa-1948	315	21	.	.	PUNCT
ajfa-1948	316	1	ex	ex	NOUN
ajfa-1948	316	2	-	-	ADJ
ajfa-1948	316	3	day	day	NOUN
ajfa-1948	316	4	behavior	behavior	NOUN
ajfa-1948	316	5	:	:	PUNCT
ajfa-1948	316	6	tax	tax	NOUN
ajfa-1948	316	7	or	or	CCONJ
ajfa-1948	316	8	short	short	ADJ
ajfa-1948	316	9	-	-	PUNCT
ajfa-1948	316	10	term	term	NOUN
ajfa-1948	316	11	trading	trading	NOUN
ajfa-1948	316	12	effects	effect	NOUN
ajfa-1948	316	13	.	.	PUNCT
ajfa-1948	317	1	the	the	DET
ajfa-1948	317	2	journal	journal	NOUN
ajfa-1948	317	3	of	of	ADP
ajfa-1948	317	4	finance	finance	NOUN
ajfa-1948	317	5	,	,	PUNCT
ajfa-1948	317	6	50(3	50(3	NUM
ajfa-1948	317	7	)	)	PUNCT
ajfa-1948	317	8	,	,	PUNCT
ajfa-1948	317	9	875	875	NUM
ajfa-1948	317	10	-	-	SYM
ajfa-1948	317	11	897	897	NUM
ajfa-1948	317	12	.	.	PUNCT
ajfa-1948	318	1	http://dx.doi.org/10.1111/j.1540-6261.1995.tb04040.x	http://dx.doi.org/10.1111/j.1540-6261.1995.tb04040.x	PROPN
ajfa-1948	318	2	michaely	michaely	ADV
ajfa-1948	318	3	,	,	PUNCT
ajfa-1948	318	4	r.	r.	PROPN
ajfa-1948	318	5	,	,	PUNCT
ajfa-1948	318	6	&	&	CCONJ
ajfa-1948	318	7	vila	vila	PROPN
ajfa-1948	318	8	,	,	PUNCT
ajfa-1948	318	9	j.	j.	PROPN
ajfa-1948	318	10	(	(	PUNCT
ajfa-1948	318	11	1996	1996	NUM
ajfa-1948	318	12	)	)	PUNCT
ajfa-1948	318	13	.	.	PUNCT
ajfa-1948	319	1	trading	trading	NOUN
ajfa-1948	319	2	volume	volume	NOUN
ajfa-1948	319	3	with	with	ADP
ajfa-1948	319	4	private	private	ADJ
ajfa-1948	319	5	valuation	valuation	NOUN
ajfa-1948	319	6	:	:	PUNCT
ajfa-1948	319	7	evidence	evidence	NOUN
ajfa-1948	319	8	from	from	ADP
ajfa-1948	319	9	the	the	DET
ajfa-1948	319	10	ex	ex	NOUN
ajfa-1948	319	11	-	-	NOUN
ajfa-1948	319	12	dividend	dividend	ADJ
ajfa-1948	319	13	day	day	NOUN
ajfa-1948	319	14	.	.	PUNCT
ajfa-1948	320	1	review	review	NOUN
ajfa-1948	320	2	of	of	ADP
ajfa-1948	320	3	financial	financial	ADJ
ajfa-1948	320	4	studies	study	NOUN
ajfa-1948	320	5	,	,	PUNCT
ajfa-1948	320	6	9	9	NUM
ajfa-1948	320	7	,	,	PUNCT
ajfa-1948	320	8	471	471	NUM
ajfa-1948	320	9	-	-	SYM
ajfa-1948	320	10	509	509	NUM
ajfa-1948	320	11	.	.	PUNCT
ajfa-1948	321	1	http://dx.doi.org/10.1093/rfs/9.2.471	http://dx.doi.org/10.1093/rfs/9.2.471	ADP
ajfa-1948	321	2	milonas	milonas	PROPN
ajfa-1948	321	3	,	,	PUNCT
ajfa-1948	321	4	nikolaos	nikolaos	PROPN
ajfa-1948	321	5	t.	t.	PROPN
ajfa-1948	321	6	,	,	PUNCT
ajfa-1948	321	7	travlos	travlos	PROPN
ajfa-1948	321	8	,	,	PUNCT
ajfa-1948	321	9	nickolaos	nickolaos	PROPN
ajfa-1948	321	10	g.	g.	PROPN
ajfa-1948	321	11	,	,	PUNCT
ajfa-1948	321	12	&	&	CCONJ
ajfa-1948	321	13	xiao	xiao	PROPN
ajfa-1948	321	14	,	,	PUNCT
ajfa-1948	321	15	jason	jason	PROPN
ajfa-1948	321	16	zezhong	zezhong	PROPN
ajfa-1948	321	17	.	.	PUNCT
ajfa-1948	322	1	(	(	PUNCT
ajfa-1948	322	2	2006	2006	NUM
ajfa-1948	322	3	)	)	PUNCT
ajfa-1948	322	4	.	.	PUNCT
ajfa-1948	323	1	the	the	DET
ajfa-1948	323	2	ex	ex	NOUN
ajfa-1948	323	3	-	-	ADJ
ajfa-1948	323	4	dividend	dividend	ADJ
ajfa-1948	323	5	day	day	NOUN
ajfa-1948	323	6	stock	stock	NOUN
ajfa-1948	323	7	price	price	NOUN
ajfa-1948	323	8	behavior	behavior	NOUN
ajfa-1948	323	9	in	in	ADP
ajfa-1948	323	10	the	the	DET
ajfa-1948	323	11	chinese	chinese	ADJ
ajfa-1948	323	12	stock	stock	NOUN
ajfa-1948	323	13	market	market	NOUN
ajfa-1948	323	14	.	.	PUNCT
ajfa-1948	324	1	pacific	pacific	ADJ
ajfa-1948	324	2	-	-	PUNCT
ajfa-1948	324	3	basin	basin	NOUN
ajfa-1948	324	4	finance	finance	NOUN
ajfa-1948	324	5	journal	journal	NOUN
ajfa-1948	324	6	,	,	PUNCT
ajfa-1948	324	7	14(2	14(2	NUM
ajfa-1948	324	8	)	)	PUNCT
ajfa-1948	324	9	,	,	PUNCT
ajfa-1948	324	10	155	155	NUM
ajfa-1948	324	11	-	-	SYM
ajfa-1948	324	12	174	174	NUM
ajfa-1948	324	13	.	.	PUNCT
ajfa-1948	325	1	http://dx.doi.org/10.1016/j.pacfin.2005.06.004	http://dx.doi.org/10.1016/j.pacfin.2005.06.004	VERB
ajfa-1948	325	2	naranjo	naranjo	PROPN
ajfa-1948	325	3	,	,	PUNCT
ajfa-1948	325	4	a.	a.	PROPN
ajfa-1948	325	5	,	,	PUNCT
ajfa-1948	325	6	nimalendran	nimalendran	NOUN
ajfa-1948	325	7	,	,	PUNCT
ajfa-1948	325	8	m.	m.	NOUN
ajfa-1948	325	9	,	,	PUNCT
ajfa-1948	325	10	&	&	CCONJ
ajfa-1948	325	11	ryngaert	ryngaert	NOUN
ajfa-1948	325	12	,	,	PUNCT
ajfa-1948	325	13	m.	m.	NOUN
ajfa-1948	325	14	(	(	PUNCT
ajfa-1948	325	15	2000	2000	NUM
ajfa-1948	325	16	)	)	PUNCT
ajfa-1948	325	17	.	.	PUNCT
ajfa-1948	326	1	time	time	NOUN
ajfa-1948	326	2	variation	variation	NOUN
ajfa-1948	326	3	of	of	ADP
ajfa-1948	326	4	ex	ex	ADJ
ajfa-1948	326	5	-	-	ADJ
ajfa-1948	326	6	dividend	dividend	ADJ
ajfa-1948	326	7	day	day	NOUN
ajfa-1948	326	8	stock	stock	NOUN
ajfa-1948	326	9	returns	return	NOUN
ajfa-1948	326	10	and	and	CCONJ
ajfa-1948	326	11	corporate	corporate	ADJ
ajfa-1948	326	12	dividend	dividend	NOUN
ajfa-1948	326	13	capture	capture	NOUN
ajfa-1948	326	14	:	:	PUNCT
ajfa-1948	326	15	a	a	DET
ajfa-1948	326	16	re	re	NOUN
ajfa-1948	326	17	-	-	NOUN
ajfa-1948	326	18	examination	examination	NOUN
ajfa-1948	326	19	.	.	PUNCT
ajfa-1948	327	1	journal	journal	PROPN
ajfa-1948	327	2	of	of	ADP
ajfa-1948	327	3	finance	finance	NOUN
ajfa-1948	327	4	,	,	PUNCT
ajfa-1948	327	5	55	55	NUM
ajfa-1948	327	6	,	,	PUNCT
ajfa-1948	327	7	2357	2357	NUM
ajfa-1948	327	8	-	-	SYM
ajfa-1948	327	9	2372	2372	NUM
ajfa-1948	327	10	.	.	PUNCT
ajfa-1948	328	1	http://dx.doi.org/10.1111/0022-1082.00290	http://dx.doi.org/10.1111/0022-1082.00290	PROPN
ajfa-1948	328	2	poterba	poterba	NOUN
ajfa-1948	328	3	,	,	PUNCT
ajfa-1948	328	4	j.	j.	PROPN
ajfa-1948	328	5	,	,	PUNCT
ajfa-1948	328	6	&	&	CCONJ
ajfa-1948	328	7	summers	summers	PROPN
ajfa-1948	328	8	,	,	PUNCT
ajfa-1948	328	9	l.	l.	PROPN
ajfa-1948	328	10	(	(	PUNCT
ajfa-1948	328	11	1984	1984	NUM
ajfa-1948	328	12	)	)	PUNCT
ajfa-1948	328	13	.	.	PUNCT
ajfa-1948	329	1	new	new	ADJ
ajfa-1948	329	2	evidence	evidence	NOUN
ajfa-1948	329	3	that	that	SCONJ
ajfa-1948	329	4	taxes	taxis	NOUN
ajfa-1948	329	5	affect	affect	VERB
ajfa-1948	329	6	the	the	DET
ajfa-1948	329	7	valuation	valuation	NOUN
ajfa-1948	329	8	of	of	ADP
ajfa-1948	329	9	dividends	dividend	NOUN
ajfa-1948	329	10	.	.	PUNCT
ajfa-1948	330	1	journal	journal	PROPN
ajfa-1948	330	2	of	of	ADP
ajfa-1948	330	3	finance	finance	NOUN
ajfa-1948	330	4	,	,	PUNCT
ajfa-1948	330	5	39	39	NUM
ajfa-1948	330	6	,	,	PUNCT
ajfa-1948	330	7	1397	1397	NUM
ajfa-1948	330	8	-	-	SYM
ajfa-1948	330	9	1415	1415	NUM
ajfa-1948	330	10	.	.	PUNCT
ajfa-1948	331	1	http://dx.doi.org/10.1111/j.1540-6261.1984.tb04914.x	http://dx.doi.org/10.1111/j.1540-6261.1984.tb04914.x	PROPN
ajfa-1948	331	2	roll	roll	NOUN
ajfa-1948	331	3	,	,	PUNCT
ajfa-1948	331	4	r.	r.	PROPN
ajfa-1948	331	5	(	(	PUNCT
ajfa-1948	331	6	2012	2012	NUM
ajfa-1948	331	7	)	)	PUNCT
ajfa-1948	331	8	.	.	PUNCT
ajfa-1948	332	1	a	a	DET
ajfa-1948	332	2	possible	possible	ADJ
ajfa-1948	332	3	explanation	explanation	NOUN
ajfa-1948	332	4	of	of	ADP
ajfa-1948	332	5	the	the	DET
ajfa-1948	332	6	small	small	ADJ
ajfa-1948	332	7	firm	firm	ADJ
ajfa-1948	332	8	effect	effect	NOUN
ajfa-1948	332	9	.	.	PUNCT
ajfa-1948	333	1	the	the	DET
ajfa-1948	333	2	journal	journal	NOUN
ajfa-1948	333	3	of	of	ADP
ajfa-1948	333	4	finance	finance	NOUN
ajfa-1948	333	5	,	,	PUNCT
ajfa-1948	333	6	36(4	36(4	NUM
ajfa-1948	333	7	)	)	PUNCT
ajfa-1948	333	8	,	,	PUNCT
ajfa-1948	333	9	879–888	879–888	NUM
ajfa-1948	333	10	.	.	PUNCT
ajfa-1948	334	1	http://dx.doi.org/10.1111/j.1540-6261.1981.tb04890.x	http://dx.doi.org/10.1111/j.1540-6261.1981.tb04890.x	PROPN
ajfa-1948	334	2	tetlock	tetlock	NOUN
ajfa-1948	334	3	,	,	PUNCT
ajfa-1948	334	4	paul	paul	PROPN
ajfa-1948	334	5	c.	c.	PROPN
ajfa-1948	334	6	(	(	PUNCT
ajfa-1948	334	7	2006	2006	NUM
ajfa-1948	334	8	)	)	PUNCT
ajfa-1948	334	9	.	.	PUNCT
ajfa-1948	335	1	does	do	AUX
ajfa-1948	335	2	liquidity	liquidity	NOUN
ajfa-1948	335	3	affect	affect	VERB
ajfa-1948	335	4	securities	security	NOUN
ajfa-1948	335	5	market	market	NOUN
ajfa-1948	335	6	efficiency	efficiency	NOUN
ajfa-1948	335	7	?	?	PUNCT
ajfa-1948	335	8	.	.	PUNCT
ajfa-1948	336	1	no	no	DET
ajfa-1948	336	2	159	159	NUM
ajfa-1948	336	3	,	,	PUNCT
ajfa-1948	336	4	working	working	NOUN
ajfa-1948	336	5	paper	paper	NOUN
ajfa-1948	336	6	,	,	PUNCT
ajfa-1948	336	7	regulation2point0	regulation2point0	X
ajfa-1948	336	8	.	.	PUNCT
ajfa-1948	337	1	http://econpapers.repec.org/repec:reg:wpaper:159	http://econpapers.repec.org/repec:reg:wpaper:159	PROPN
ajfa-1948	337	2	.	.	PUNCT
ajfa-1948	338	1	weiss	weiss	PROPN
ajfa-1948	338	2	,	,	PUNCT
ajfa-1948	338	3	g.	g.	PROPN
ajfa-1948	338	4	,	,	PUNCT
ajfa-1948	338	5	&	&	CCONJ
ajfa-1948	338	6	lowe	lowe	PROPN
ajfa-1948	338	7	,	,	PUNCT
ajfa-1948	338	8	j.	j.	PROPN
ajfa-1948	338	9	(	(	PUNCT
ajfa-1948	338	10	1988	1988	NUM
ajfa-1948	338	11	)	)	PUNCT
ajfa-1948	338	12	.	.	PUNCT
ajfa-1948	339	1	dividends	dividend	NOUN
ajfa-1948	339	2	do	do	AUX
ajfa-1948	339	3	n’t	not	PART
ajfa-1948	339	4	lie	lie	VERB
ajfa-1948	339	5	:	:	PUNCT
ajfa-1948	339	6	finding	find	VERB
ajfa-1948	339	7	value	value	NOUN
ajfa-1948	339	8	in	in	ADP
ajfa-1948	339	9	blue	blue	ADJ
ajfa-1948	339	10	-	-	PUNCT
ajfa-1948	339	11	chip	chip	NOUN
ajfa-1948	339	12	stocks	stock	NOUN
ajfa-1948	339	13	.	.	PUNCT
ajfa-1948	340	1	chicago	chicago	PROPN
ajfa-1948	340	2	,	,	PUNCT
ajfa-1948	340	3	il	il	PROPN
ajfa-1948	340	4	:	:	PROPN
ajfa-1948	340	5	longman	longman	ADJ
ajfa-1948	340	6	financial	financial	PROPN
ajfa-1948	340	7	services	service	NOUN
ajfa-1948	340	8	publishing	publishing	NOUN
ajfa-1948	340	9	.	.	PUNCT
ajfa-1948	341	1	whitworth	whitworth	PROPN
ajfa-1948	341	2	,	,	PUNCT
ajfa-1948	341	3	j.	j.	PROPN
ajfa-1948	341	4	,	,	PUNCT
ajfa-1948	341	5	&	&	CCONJ
ajfa-1948	341	6	rao	rao	PROPN
ajfa-1948	341	7	,	,	PUNCT
ajfa-1948	341	8	r.	r.	PROPN
ajfa-1948	341	9	p.	p.	PROPN
ajfa-1948	341	10	(	(	PUNCT
ajfa-1948	341	11	2010	2010	NUM
ajfa-1948	341	12	)	)	PUNCT
ajfa-1948	341	13	.	.	PUNCT
ajfa-1948	342	1	do	do	AUX
ajfa-1948	342	2	tax	tax	NOUN
ajfa-1948	342	3	law	law	NOUN
ajfa-1948	342	4	changes	change	VERB
ajfa-1948	342	5	influence	influence	NOUN
ajfa-1948	342	6	ex	ex	NOUN
ajfa-1948	342	7	-	-	ADJ
ajfa-1948	342	8	dividend	dividend	ADJ
ajfa-1948	342	9	stock	stock	NOUN
ajfa-1948	342	10	price	price	NOUN
ajfa-1948	342	11	behavior	behavior	NOUN
ajfa-1948	342	12	?	?	PUNCT
ajfa-1948	343	1	evidence	evidence	NOUN
ajfa-1948	343	2	from	from	ADP
ajfa-1948	343	3	1926	1926	NUM
ajfa-1948	343	4	to	to	ADP
ajfa-1948	343	5	2005	2005	NUM
ajfa-1948	343	6	.	.	PUNCT
ajfa-1948	344	1	financial	financial	ADJ
ajfa-1948	344	2	management	management	NOUN
ajfa-1948	344	3	,	,	PUNCT
ajfa-1948	344	4	39(1	39(1	NUM
ajfa-1948	344	5	)	)	PUNCT
ajfa-1948	344	6	,	,	PUNCT
ajfa-1948	344	7	419	419	NUM
ajfa-1948	344	8	-	-	SYM
ajfa-1948	344	9	445	445	NUM
ajfa-1948	344	10	.	.	PUNCT
ajfa-1948	345	1	http://dx.doi.org/10.1111/j.1755-053x.2010.01078.x	http://dx.doi.org/10.1111/j.1755-053x.2010.01078.x	PROPN
ajfa-1948	345	2	asian	asian	ADJ
ajfa-1948	345	3	journal	journal	NOUN
ajfa-1948	345	4	of	of	ADP
ajfa-1948	345	5	finance	finance	PROPN
ajfa-1948	345	6	&	&	CCONJ
ajfa-1948	345	7	accounting	accounting	PROPN
ajfa-1948	345	8	issn	issn	PROPN
ajfa-1948	345	9	1946	1946	NUM
ajfa-1948	345	10	-	-	PUNCT
ajfa-1948	345	11	052x	052x	NOUN
ajfa-1948	345	12	2013	2013	NUM
ajfa-1948	345	13	,	,	PUNCT
ajfa-1948	345	14	vol	vol	NOUN
ajfa-1948	345	15	.	.	PROPN
ajfa-1948	345	16	5	5	NUM
ajfa-1948	345	17	,	,	PUNCT
ajfa-1948	345	18	no	no	INTJ
ajfa-1948	345	19	.	.	NOUN
ajfa-1948	345	20	1	1	NUM
ajfa-1948	345	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1948	345	22	88	88	NUM
ajfa-1948	345	23	appendix	appendix	NOUN
ajfa-1948	345	24	i.	i.	NOUN
ajfa-1948	345	25	p	p	NOUN
ajfa-1948	345	26	-	-	PUNCT
ajfa-1948	345	27	values	value	NOUN
ajfa-1948	345	28	of	of	ADP
ajfa-1948	345	29	the	the	DET
ajfa-1948	345	30	maar	maar	NOUN
ajfa-1948	345	31	and	and	CCONJ
ajfa-1948	345	32	rtvt	rtvt	ADJ
ajfa-1948	345	33	market	market	NOUN
ajfa-1948	345	34	measure	measure	NOUN
ajfa-1948	345	35	p	p	NOUN
ajfa-1948	345	36	-	-	PUNCT
ajfa-1948	345	37	value	value	NOUN
ajfa-1948	345	38	nyse	nyse	PROPN
ajfa-1948	345	39	maar	maar	PROPN
ajfa-1948	345	40	0.362	0.362	NUM
ajfa-1948	345	41	rtv	rtv	PROPN
ajfa-1948	345	42	(	(	PUNCT
ajfa-1948	345	43	-1	-1	ADP
ajfa-1948	345	44	to	to	PART
ajfa-1948	345	45	-5	-5	VERB
ajfa-1948	345	46	)	)	PUNCT
ajfa-1948	345	47	0.3	0.3	NUM
ajfa-1948	345	48	rtv	rtv	NOUN
ajfa-1948	345	49	(	(	PUNCT
ajfa-1948	345	50	1	1	NUM
ajfa-1948	345	51	to	to	PART
ajfa-1948	345	52	5	5	NUM
ajfa-1948	345	53	)	)	PUNCT
ajfa-1948	345	54	0.197	0.197	NUM
ajfa-1948	345	55	tse	tse	PROPN
ajfa-1948	345	56	maar	maar	NOUN
ajfa-1948	345	57	.000	.000	NUM
ajfa-1948	345	58	*	*	PROPN
ajfa-1948	345	59	*	*	PUNCT
ajfa-1948	345	60	rtv	rtv	PROPN
ajfa-1948	345	61	(	(	PUNCT
ajfa-1948	345	62	-1	-1	ADP
ajfa-1948	345	63	to	to	PART
ajfa-1948	345	64	-5	-5	VERB
ajfa-1948	345	65	)	)	PUNCT
ajfa-1948	345	66	.008	.008	NUM
ajfa-1948	345	67	*	*	X
ajfa-1948	345	68	rtv	rtv	NOUN
ajfa-1948	345	69	(	(	PUNCT
ajfa-1948	345	70	1	1	NUM
ajfa-1948	345	71	to	to	PART
ajfa-1948	345	72	5	5	NUM
ajfa-1948	345	73	)	)	PUNCT
ajfa-1948	345	74	0.27	0.27	NUM
ajfa-1948	345	75	sse	sse	PROPN
ajfa-1948	345	76	maar	maar	PROPN
ajfa-1948	345	77	0.632	0.632	NUM
ajfa-1948	345	78	rtv	rtv	PROPN
ajfa-1948	345	79	(	(	PUNCT
ajfa-1948	345	80	-1	-1	ADP
ajfa-1948	345	81	to	to	PART
ajfa-1948	345	82	-5	-5	VERB
ajfa-1948	345	83	)	)	PUNCT
ajfa-1948	345	84	0.822	0.822	NUM
ajfa-1948	345	85	rtv	rtv	NOUN
ajfa-1948	345	86	(	(	PUNCT
ajfa-1948	345	87	1	1	NUM
ajfa-1948	345	88	to	to	PART
ajfa-1948	345	89	5	5	NUM
ajfa-1948	345	90	)	)	PUNCT
ajfa-1948	345	91	0.493	0.493	NUM
ajfa-1948	345	92	lse	lse	PROPN
ajfa-1948	345	93	maar	maar	NOUN
ajfa-1948	345	94	.003	.003	NUM
ajfa-1948	345	95	*	*	PROPN
ajfa-1948	345	96	rtv	rtv	PROPN
ajfa-1948	345	97	(	(	PUNCT
ajfa-1948	345	98	-1	-1	ADP
ajfa-1948	345	99	to	to	PART
ajfa-1948	345	100	-5	-5	VERB
ajfa-1948	345	101	)	)	PUNCT
ajfa-1948	345	102	.000	.000	NUM
ajfa-1948	346	1	*	*	PUNCT
ajfa-1948	346	2	*	*	PUNCT
ajfa-1948	346	3	rtv	rtv	NOUN
ajfa-1948	346	4	(	(	PUNCT
ajfa-1948	346	5	1	1	NUM
ajfa-1948	346	6	to	to	PART
ajfa-1948	346	7	5	5	NUM
ajfa-1948	346	8	)	)	PUNCT
ajfa-1948	346	9	0.593	0.593	NUM
ajfa-1948	346	10	significance	significance	NOUN
ajfa-1948	346	11	levels	level	NOUN
ajfa-1948	346	12	:	:	PUNCT
ajfa-1948	347	1	*	*	PUNCT
ajfa-1948	347	2	*	*	PUNCT
ajfa-1948	347	3	indicates	indicate	VERB
ajfa-1948	347	4	p	p	X
ajfa-1948	347	5	<	<	X
ajfa-1948	347	6	0.001	0.001	NUM
ajfa-1948	347	7	,	,	PUNCT
ajfa-1948	347	8	*	*	AUX
ajfa-1948	347	9	indicates	indicate	VERB
ajfa-1948	347	10	p	p	PRON
ajfa-1948	347	11	<	<	X
ajfa-1948	347	12	0.01	0.01	NUM
ajfa-1948	347	13	.	.	PUNCT