id	sid	tid	token	lemma	pos
ajfa-2558	1	1	microsoft	microsoft	PROPN
ajfa-2558	1	2	word	word	NOUN
ajfa-2558	1	3	2558	2558	NUM
ajfa-2558	1	4	-	-	SYM
ajfa-2558	1	5	10001	10001	NUM
ajfa-2558	1	6	-	-	PUNCT
ajfa-2558	1	7	2	2	NUM
ajfa-2558	1	8	-	-	PUNCT
ajfa-2558	1	9	rv	rv	NOUN
ajfa-2558	1	10	-	-	PUNCT
ajfa-2558	1	11	writer2	writer2	VERB
ajfa-2558	1	12	-	-	ADJ
ajfa-2558	1	13	new	new	ADJ
ajfa-2558	1	14	asian	asian	ADJ
ajfa-2558	1	15	journal	journal	NOUN
ajfa-2558	1	16	of	of	ADP
ajfa-2558	1	17	finance	finance	PROPN
ajfa-2558	1	18	&	&	CCONJ
ajfa-2558	1	19	accounting	accounting	PROPN
ajfa-2558	1	20	issn	issn	PROPN
ajfa-2558	1	21	1946	1946	NUM
ajfa-2558	1	22	-	-	PUNCT
ajfa-2558	1	23	052x	052x	NOUN
ajfa-2558	1	24	2012	2012	NUM
ajfa-2558	1	25	,	,	PUNCT
ajfa-2558	1	26	vol	vol	NOUN
ajfa-2558	1	27	.	.	PROPN
ajfa-2558	1	28	4	4	NUM
ajfa-2558	1	29	,	,	PUNCT
ajfa-2558	1	30	no	no	INTJ
ajfa-2558	1	31	.	.	NOUN
ajfa-2558	1	32	2	2	NUM
ajfa-2558	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	1	34	301	301	NUM
ajfa-2558	1	35	valuation	valuation	NOUN
ajfa-2558	1	36	of	of	ADP
ajfa-2558	1	37	a	a	DET
ajfa-2558	1	38	holding	hold	VERB
ajfa-2558	1	39	company	company	NOUN
ajfa-2558	1	40	:	:	PUNCT
ajfa-2558	1	41	the	the	DET
ajfa-2558	1	42	case	case	NOUN
ajfa-2558	1	43	of	of	ADP
ajfa-2558	1	44	sk	sk	ADP
ajfa-2558	1	45	c&c	c&c	PROPN
ajfa-2558	1	46	ipo	ipo	PROPN
ajfa-2558	1	47	seoungpil	seoungpil	PROPN
ajfa-2558	1	48	ahn	ahn	PROPN
ajfa-2558	1	49	(	(	PUNCT
ajfa-2558	1	50	corresponding	correspond	VERB
ajfa-2558	1	51	author	author	NOUN
ajfa-2558	1	52	)	)	PUNCT
ajfa-2558	1	53	sogang	sogang	PROPN
ajfa-2558	1	54	business	business	PROPN
ajfa-2558	1	55	school	school	PROPN
ajfa-2558	1	56	,	,	PUNCT
ajfa-2558	1	57	sogang	sogang	PROPN
ajfa-2558	1	58	university	university	PROPN
ajfa-2558	1	59	pa706	pa706	PROPN
ajfa-2558	1	60	,	,	PUNCT
ajfa-2558	1	61	35	35	NUM
ajfa-2558	1	62	baekbeom	baekbeom	NOUN
ajfa-2558	1	63	-	-	PUNCT
ajfa-2558	1	64	ro	ro	NOUN
ajfa-2558	1	65	,	,	PUNCT
ajfa-2558	1	66	mapo	mapo	NOUN
ajfa-2558	1	67	-	-	PUNCT
ajfa-2558	1	68	gu	gu	NOUN
ajfa-2558	1	69	,	,	PUNCT
ajfa-2558	1	70	seoul	seoul	PROPN
ajfa-2558	1	71	121	121	NUM
ajfa-2558	1	72	-	-	SYM
ajfa-2558	1	73	742	742	NUM
ajfa-2558	1	74	,	,	PUNCT
ajfa-2558	1	75	korea	korea	PROPN
ajfa-2558	1	76	e	e	PROPN
ajfa-2558	1	77	-	-	NOUN
ajfa-2558	1	78	mail	mail	NOUN
ajfa-2558	1	79	:	:	PUNCT
ajfa-2558	1	80	spahn@sogang.ac.kr	spahn@sogang.ac.kr	ADJ
ajfa-2558	1	81	gwangheon	gwangheon	NOUN
ajfa-2558	1	82	hong	hong	PROPN
ajfa-2558	1	83	sogang	sogang	PROPN
ajfa-2558	1	84	business	business	PROPN
ajfa-2558	1	85	school	school	PROPN
ajfa-2558	1	86	,	,	PUNCT
ajfa-2558	1	87	sogang	sogang	PROPN
ajfa-2558	1	88	university	university	PROPN
ajfa-2558	1	89	pa711	pa711	NOUN
ajfa-2558	1	90	,	,	PUNCT
ajfa-2558	1	91	35	35	NUM
ajfa-2558	1	92	baekbeom	baekbeom	NOUN
ajfa-2558	1	93	-	-	PUNCT
ajfa-2558	1	94	ro	ro	NOUN
ajfa-2558	1	95	,	,	PUNCT
ajfa-2558	1	96	mapo	mapo	NOUN
ajfa-2558	1	97	-	-	PUNCT
ajfa-2558	1	98	gu	gu	NOUN
ajfa-2558	1	99	,	,	PUNCT
ajfa-2558	1	100	seoul	seoul	PROPN
ajfa-2558	1	101	121	121	NUM
ajfa-2558	1	102	-	-	SYM
ajfa-2558	1	103	742	742	NUM
ajfa-2558	1	104	,	,	PUNCT
ajfa-2558	1	105	korea	korea	PROPN
ajfa-2558	1	106	e	e	PROPN
ajfa-2558	1	107	-	-	NOUN
ajfa-2558	1	108	mail	mail	NOUN
ajfa-2558	1	109	:	:	PUNCT
ajfa-2558	1	110	ghong@sogang.ac.kr	ghong@sogang.ac.kr	X
ajfa-2558	1	111	doseong	doseong	ADP
ajfa-2558	1	112	kim	kim	PROPN
ajfa-2558	1	113	sogang	sogang	PROPN
ajfa-2558	1	114	business	business	PROPN
ajfa-2558	1	115	school	school	PROPN
ajfa-2558	1	116	,	,	PUNCT
ajfa-2558	1	117	sogang	sogang	PROPN
ajfa-2558	1	118	university	university	PROPN
ajfa-2558	1	119	ma311	ma311	PROPN
ajfa-2558	1	120	,	,	PUNCT
ajfa-2558	1	121	35	35	NUM
ajfa-2558	1	122	baekbeom	baekbeom	NOUN
ajfa-2558	1	123	-	-	PUNCT
ajfa-2558	1	124	ro	ro	NOUN
ajfa-2558	1	125	,	,	PUNCT
ajfa-2558	1	126	mapo	mapo	NOUN
ajfa-2558	1	127	-	-	PUNCT
ajfa-2558	1	128	gu	gu	NOUN
ajfa-2558	1	129	,	,	PUNCT
ajfa-2558	1	130	seoul	seoul	PROPN
ajfa-2558	1	131	121	121	NUM
ajfa-2558	1	132	-	-	SYM
ajfa-2558	1	133	742	742	NUM
ajfa-2558	1	134	,	,	PUNCT
ajfa-2558	1	135	korea	korea	PROPN
ajfa-2558	1	136	e	e	PROPN
ajfa-2558	1	137	-	-	NOUN
ajfa-2558	1	138	mail	mail	NOUN
ajfa-2558	1	139	:	:	PUNCT
ajfa-2558	1	140	doseong@sogang.ac.kr	doseong@sogang.ac.kr	PUNCT
ajfa-2558	1	141	young	young	ADJ
ajfa-2558	1	142	-	-	PUNCT
ajfa-2558	1	143	seok	seok	PROPN
ajfa-2558	1	144	park	park	PROPN
ajfa-2558	1	145	sogang	sogang	PROPN
ajfa-2558	1	146	business	business	PROPN
ajfa-2558	1	147	school	school	PROPN
ajfa-2558	1	148	,	,	PUNCT
ajfa-2558	1	149	sogang	sogang	PROPN
ajfa-2558	1	150	university	university	PROPN
ajfa-2558	1	151	pa811	pa811	PROPN
ajfa-2558	1	152	,	,	PUNCT
ajfa-2558	1	153	35	35	NUM
ajfa-2558	1	154	baekbeom	baekbeom	NOUN
ajfa-2558	1	155	-	-	PUNCT
ajfa-2558	1	156	ro	ro	NOUN
ajfa-2558	1	157	,	,	PUNCT
ajfa-2558	1	158	mapo	mapo	NOUN
ajfa-2558	1	159	-	-	PUNCT
ajfa-2558	1	160	gu	gu	NOUN
ajfa-2558	1	161	,	,	PUNCT
ajfa-2558	1	162	seoul	seoul	PROPN
ajfa-2558	1	163	121	121	NUM
ajfa-2558	1	164	-	-	SYM
ajfa-2558	1	165	742	742	NUM
ajfa-2558	1	166	,	,	PUNCT
ajfa-2558	1	167	korea	korea	PROPN
ajfa-2558	1	168	e	e	PROPN
ajfa-2558	1	169	-	-	NOUN
ajfa-2558	1	170	mail	mail	NOUN
ajfa-2558	1	171	:	:	PUNCT
ajfa-2558	1	172	yspark@sogang.ac.kr	yspark@sogang.ac.kr	PRON
ajfa-2558	1	173	received	receive	VERB
ajfa-2558	1	174	:	:	PUNCT
ajfa-2558	1	175	oct	oct	PROPN
ajfa-2558	1	176	.	.	PROPN
ajfa-2558	1	177	25	25	NUM
ajfa-2558	1	178	,	,	PUNCT
ajfa-2558	1	179	2012	2012	NUM
ajfa-2558	1	180	accepted	accept	VERB
ajfa-2558	1	181	:	:	PUNCT
ajfa-2558	1	182	november	november	PROPN
ajfa-2558	1	183	6	6	NUM
ajfa-2558	1	184	,	,	PUNCT
ajfa-2558	1	185	2012	2012	NUM
ajfa-2558	1	186	published	publish	VERB
ajfa-2558	1	187	:	:	PUNCT
ajfa-2558	1	188	december	december	PROPN
ajfa-2558	1	189	1	1	NUM
ajfa-2558	1	190	,	,	PUNCT
ajfa-2558	1	191	2012	2012	NUM
ajfa-2558	1	192	doi:10.5296	doi:10.5296	NOUN
ajfa-2558	1	193	/	/	SYM
ajfa-2558	1	194	ajfa.v4i2.2558	ajfa.v4i2.2558	NUM
ajfa-2558	1	195	url	url	PROPN
ajfa-2558	1	196	:	:	PUNCT
ajfa-2558	1	197	http://dx.doi.org/10.5296/ajfa.v4i2.2558	http://dx.doi.org/10.5296/ajfa.v4i2.2558	X
ajfa-2558	1	198	abstract	abstract	ADV
ajfa-2558	1	199	we	we	PRON
ajfa-2558	1	200	examine	examine	VERB
ajfa-2558	1	201	the	the	DET
ajfa-2558	1	202	ipo	ipo	NOUN
ajfa-2558	1	203	of	of	ADP
ajfa-2558	1	204	sk	sk	PROPN
ajfa-2558	1	205	c&c	c&c	PROPN
ajfa-2558	1	206	.	.	PUNCT
ajfa-2558	2	1	facing	face	VERB
ajfa-2558	2	2	the	the	DET
ajfa-2558	2	3	recent	recent	ADJ
ajfa-2558	2	4	regulation	regulation	NOUN
ajfa-2558	2	5	change	change	NOUN
ajfa-2558	2	6	to	to	PART
ajfa-2558	2	7	improve	improve	VERB
ajfa-2558	2	8	corporate	corporate	ADJ
ajfa-2558	2	9	governance	governance	NOUN
ajfa-2558	2	10	structure	structure	NOUN
ajfa-2558	2	11	,	,	PUNCT
ajfa-2558	2	12	korean	korean	ADJ
ajfa-2558	2	13	conglomerates	conglomerate	NOUN
ajfa-2558	2	14	resolve	resolve	VERB
ajfa-2558	2	15	the	the	DET
ajfa-2558	2	16	issue	issue	NOUN
ajfa-2558	2	17	of	of	ADP
ajfa-2558	2	18	cross	cross	NOUN
ajfa-2558	2	19	-	-	NOUN
ajfa-2558	2	20	holdings	holding	NOUN
ajfa-2558	2	21	across	across	ADP
ajfa-2558	2	22	asian	asian	ADJ
ajfa-2558	2	23	journal	journal	NOUN
ajfa-2558	2	24	of	of	ADP
ajfa-2558	2	25	finance	finance	PROPN
ajfa-2558	2	26	&	&	CCONJ
ajfa-2558	2	27	accounting	accounting	PROPN
ajfa-2558	2	28	issn	issn	PROPN
ajfa-2558	2	29	1946	1946	NUM
ajfa-2558	2	30	-	-	PUNCT
ajfa-2558	2	31	052x	052x	NOUN
ajfa-2558	2	32	2012	2012	NUM
ajfa-2558	2	33	,	,	PUNCT
ajfa-2558	2	34	vol	vol	NOUN
ajfa-2558	2	35	.	.	PROPN
ajfa-2558	2	36	4	4	NUM
ajfa-2558	2	37	,	,	PUNCT
ajfa-2558	2	38	no	no	INTJ
ajfa-2558	2	39	.	.	NOUN
ajfa-2558	2	40	2	2	NUM
ajfa-2558	2	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2558	2	42	302	302	NUM
ajfa-2558	2	43	affiliated	affiliated	ADJ
ajfa-2558	2	44	companies	company	NOUN
ajfa-2558	2	45	.	.	PUNCT
ajfa-2558	3	1	the	the	DET
ajfa-2558	3	2	establishment	establishment	NOUN
ajfa-2558	3	3	of	of	ADP
ajfa-2558	3	4	a	a	DET
ajfa-2558	3	5	holding	hold	VERB
ajfa-2558	3	6	company	company	NOUN
ajfa-2558	3	7	and	and	CCONJ
ajfa-2558	3	8	the	the	DET
ajfa-2558	3	9	ipo	ipo	NOUN
ajfa-2558	3	10	of	of	ADP
ajfa-2558	3	11	sk	sk	PROPN
ajfa-2558	3	12	c&c	c&c	PROPN
ajfa-2558	3	13	streamline	streamline	VERB
ajfa-2558	3	14	the	the	DET
ajfa-2558	3	15	ownership	ownership	NOUN
ajfa-2558	3	16	structure	structure	NOUN
ajfa-2558	3	17	of	of	ADP
ajfa-2558	3	18	sk	sk	NOUN
ajfa-2558	3	19	group	group	NOUN
ajfa-2558	3	20	.	.	PUNCT
ajfa-2558	4	1	our	our	PRON
ajfa-2558	4	2	analysis	analysis	NOUN
ajfa-2558	4	3	shows	show	VERB
ajfa-2558	4	4	that	that	SCONJ
ajfa-2558	4	5	the	the	DET
ajfa-2558	4	6	issue	issue	NOUN
ajfa-2558	4	7	price	price	NOUN
ajfa-2558	4	8	of	of	ADP
ajfa-2558	4	9	sk	sk	NOUN
ajfa-2558	4	10	c&c	c&c	PROPN
ajfa-2558	4	11	is	be	AUX
ajfa-2558	4	12	set	set	VERB
ajfa-2558	4	13	at	at	ADP
ajfa-2558	4	14	substantial	substantial	ADJ
ajfa-2558	4	15	discount	discount	NOUN
ajfa-2558	4	16	.	.	PUNCT
ajfa-2558	5	1	given	give	VERB
ajfa-2558	5	2	that	that	SCONJ
ajfa-2558	5	3	the	the	DET
ajfa-2558	5	4	priority	priority	NOUN
ajfa-2558	5	5	of	of	ADP
ajfa-2558	5	6	sk	sk	NOUN
ajfa-2558	5	7	group	group	NOUN
ajfa-2558	5	8	was	be	AUX
ajfa-2558	5	9	to	to	PART
ajfa-2558	5	10	improve	improve	VERB
ajfa-2558	5	11	corporate	corporate	ADJ
ajfa-2558	5	12	governance	governance	NOUN
ajfa-2558	5	13	structure	structure	NOUN
ajfa-2558	5	14	,	,	PUNCT
ajfa-2558	5	15	it	it	PRON
ajfa-2558	5	16	appears	appear	VERB
ajfa-2558	5	17	that	that	SCONJ
ajfa-2558	5	18	managers	manager	NOUN
ajfa-2558	5	19	of	of	ADP
ajfa-2558	5	20	sk	sk	NOUN
ajfa-2558	5	21	c&c	c&c	PROPN
ajfa-2558	5	22	are	be	AUX
ajfa-2558	5	23	less	less	ADV
ajfa-2558	5	24	interested	interested	ADJ
ajfa-2558	5	25	in	in	ADP
ajfa-2558	5	26	selling	sell	VERB
ajfa-2558	5	27	their	their	PRON
ajfa-2558	5	28	shares	share	NOUN
ajfa-2558	5	29	at	at	ADP
ajfa-2558	5	30	the	the	DET
ajfa-2558	5	31	highest	high	ADJ
ajfa-2558	5	32	possible	possible	ADJ
ajfa-2558	5	33	price	price	NOUN
ajfa-2558	5	34	.	.	PUNCT
ajfa-2558	6	1	the	the	DET
ajfa-2558	6	2	ipo	ipo	PROPN
ajfa-2558	6	3	of	of	ADP
ajfa-2558	6	4	sk	sk	PROPN
ajfa-2558	6	5	c&c	c&c	PROPN
ajfa-2558	6	6	achieved	achieve	VERB
ajfa-2558	6	7	the	the	DET
ajfa-2558	6	8	intended	intend	VERB
ajfa-2558	6	9	goal	goal	NOUN
ajfa-2558	6	10	of	of	ADP
ajfa-2558	6	11	dismantling	dismantle	VERB
ajfa-2558	6	12	cross	cross	NOUN
ajfa-2558	6	13	-	-	NOUN
ajfa-2558	6	14	holdings	holding	NOUN
ajfa-2558	6	15	and	and	CCONJ
ajfa-2558	6	16	streamlining	streamline	VERB
ajfa-2558	6	17	ownership	ownership	NOUN
ajfa-2558	6	18	structure	structure	NOUN
ajfa-2558	6	19	of	of	ADP
ajfa-2558	6	20	sk	sk	NOUN
ajfa-2558	6	21	group	group	NOUN
ajfa-2558	6	22	.	.	PUNCT
ajfa-2558	7	1	this	this	PRON
ajfa-2558	7	2	drives	drive	VERB
ajfa-2558	7	3	higher	high	ADJ
ajfa-2558	7	4	market	market	NOUN
ajfa-2558	7	5	valuation	valuation	NOUN
ajfa-2558	7	6	for	for	ADP
ajfa-2558	7	7	shareholders	shareholder	NOUN
ajfa-2558	7	8	of	of	ADP
ajfa-2558	7	9	sk	sk	NOUN
ajfa-2558	7	10	c&c	c&c	PROPN
ajfa-2558	7	11	and	and	CCONJ
ajfa-2558	7	12	affiliated	affiliated	ADJ
ajfa-2558	7	13	companies	company	NOUN
ajfa-2558	7	14	in	in	ADP
ajfa-2558	7	15	sk	sk	NOUN
ajfa-2558	7	16	group	group	NOUN
ajfa-2558	7	17	as	as	ADV
ajfa-2558	7	18	well	well	ADV
ajfa-2558	7	19	.	.	PUNCT
ajfa-2558	8	1	keywords	keyword	NOUN
ajfa-2558	8	2	:	:	PUNCT
ajfa-2558	8	3	ipo	ipo	NOUN
ajfa-2558	8	4	;	;	PUNCT
ajfa-2558	8	5	valuation	valuation	NOUN
ajfa-2558	8	6	;	;	PUNCT
ajfa-2558	8	7	holding	hold	VERB
ajfa-2558	8	8	company	company	NOUN
ajfa-2558	8	9	;	;	PUNCT
ajfa-2558	8	10	ownership	ownership	NOUN
ajfa-2558	8	11	structure	structure	NOUN
ajfa-2558	8	12	;	;	PUNCT
ajfa-2558	8	13	governance	governance	NOUN
ajfa-2558	8	14	structure	structure	NOUN
ajfa-2558	8	15	jel	jel	PROPN
ajfa-2558	8	16	classification	classification	PROPN
ajfa-2558	8	17	:	:	PUNCT
ajfa-2558	8	18	g30	g30	PROPN
ajfa-2558	8	19	,	,	PUNCT
ajfa-2558	8	20	g32	g32	NOUN
ajfa-2558	8	21	,	,	PUNCT
ajfa-2558	8	22	g34	g34	NOUN
ajfa-2558	8	23	asian	asian	PROPN
ajfa-2558	8	24	journal	journal	PROPN
ajfa-2558	8	25	of	of	ADP
ajfa-2558	8	26	finance	finance	PROPN
ajfa-2558	8	27	&	&	CCONJ
ajfa-2558	8	28	accounting	accounting	PROPN
ajfa-2558	8	29	issn	issn	PROPN
ajfa-2558	8	30	1946	1946	NUM
ajfa-2558	8	31	-	-	PUNCT
ajfa-2558	8	32	052x	052x	NOUN
ajfa-2558	8	33	2012	2012	NUM
ajfa-2558	8	34	,	,	PUNCT
ajfa-2558	8	35	vol	vol	NOUN
ajfa-2558	8	36	.	.	PROPN
ajfa-2558	8	37	4	4	NUM
ajfa-2558	8	38	,	,	PUNCT
ajfa-2558	8	39	no	no	INTJ
ajfa-2558	8	40	.	.	NOUN
ajfa-2558	8	41	2	2	NUM
ajfa-2558	8	42	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	8	43	303	303	NUM
ajfa-2558	8	44	1	1	NUM
ajfa-2558	8	45	.	.	PUNCT
ajfa-2558	9	1	introduction	introduction	NOUN
ajfa-2558	9	2	on	on	ADP
ajfa-2558	9	3	november	november	PROPN
ajfa-2558	9	4	3	3	NUM
ajfa-2558	9	5	,	,	PUNCT
ajfa-2558	9	6	2009	2009	NUM
ajfa-2558	9	7	,	,	PUNCT
ajfa-2558	9	8	sk	sk	PROPN
ajfa-2558	9	9	group	group	NOUN
ajfa-2558	9	10	(	(	PUNCT
ajfa-2558	9	11	“	"	PUNCT
ajfa-2558	9	12	sk	sk	PROPN
ajfa-2558	9	13	”	"	PUNCT
ajfa-2558	9	14	,	,	PUNCT
ajfa-2558	9	15	hereafter	hereafter	ADV
ajfa-2558	9	16	)	)	PUNCT
ajfa-2558	9	17	has	have	AUX
ajfa-2558	9	18	announced	announce	VERB
ajfa-2558	9	19	the	the	DET
ajfa-2558	9	20	initial	initial	ADJ
ajfa-2558	9	21	public	public	ADJ
ajfa-2558	9	22	offering	offering	NOUN
ajfa-2558	9	23	(	(	PUNCT
ajfa-2558	9	24	ipo	ipo	NOUN
ajfa-2558	9	25	)	)	PUNCT
ajfa-2558	9	26	of	of	ADP
ajfa-2558	9	27	sk	sk	ADP
ajfa-2558	9	28	c&c	c&c	PROPN
ajfa-2558	9	29	that	that	PRON
ajfa-2558	9	30	would	would	AUX
ajfa-2558	9	31	complete	complete	VERB
ajfa-2558	9	32	a	a	DET
ajfa-2558	9	33	holding	hold	VERB
ajfa-2558	9	34	company	company	NOUN
ajfa-2558	9	35	structure	structure	NOUN
ajfa-2558	9	36	for	for	ADP
ajfa-2558	9	37	sk	sk	PROPN
ajfa-2558	9	38	.	.	PROPN
ajfa-2558	9	39	through	through	ADP
ajfa-2558	9	40	the	the	DET
ajfa-2558	9	41	ipo	ipo	NOUN
ajfa-2558	9	42	of	of	ADP
ajfa-2558	9	43	sk	sk	PROPN
ajfa-2558	9	44	c&c	c&c	PROPN
ajfa-2558	9	45	,	,	PUNCT
ajfa-2558	9	46	sk	sk	PROPN
ajfa-2558	9	47	group	group	NOUN
ajfa-2558	9	48	,	,	PUNCT
ajfa-2558	9	49	one	one	NUM
ajfa-2558	9	50	of	of	ADP
ajfa-2558	9	51	the	the	DET
ajfa-2558	9	52	biggest	big	ADJ
ajfa-2558	9	53	korean	korean	ADJ
ajfa-2558	9	54	conglomerates	conglomerate	NOUN
ajfa-2558	9	55	known	know	VERB
ajfa-2558	9	56	as	as	ADP
ajfa-2558	9	57	chaebul	chaebul	NOUN
ajfa-2558	9	58	,	,	PUNCT
ajfa-2558	9	59	resolves	resolve	VERB
ajfa-2558	9	60	cross	cros	NOUN
ajfa-2558	9	61	-	-	NOUN
ajfa-2558	9	62	holdings	holding	NOUN
ajfa-2558	9	63	across	across	ADP
ajfa-2558	9	64	its	its	PRON
ajfa-2558	9	65	core	core	NOUN
ajfa-2558	9	66	subsidiaries	subsidiary	NOUN
ajfa-2558	9	67	and	and	CCONJ
ajfa-2558	9	68	transforms	transform	VERB
ajfa-2558	9	69	into	into	ADP
ajfa-2558	9	70	a	a	DET
ajfa-2558	9	71	formal	formal	ADJ
ajfa-2558	9	72	holding	hold	VERB
ajfa-2558	9	73	company	company	NOUN
ajfa-2558	9	74	structure	structure	NOUN
ajfa-2558	9	75	.	.	PUNCT
ajfa-2558	10	1	the	the	DET
ajfa-2558	10	2	completion	completion	NOUN
ajfa-2558	10	3	of	of	ADP
ajfa-2558	10	4	this	this	DET
ajfa-2558	10	5	transition	transition	NOUN
ajfa-2558	10	6	is	be	AUX
ajfa-2558	10	7	targeted	target	VERB
ajfa-2558	10	8	for	for	ADP
ajfa-2558	10	9	the	the	DET
ajfa-2558	10	10	early	early	ADJ
ajfa-2558	10	11	next	next	ADJ
ajfa-2558	10	12	year	year	NOUN
ajfa-2558	10	13	.	.	PUNCT
ajfa-2558	11	1	the	the	DET
ajfa-2558	11	2	transition	transition	NOUN
ajfa-2558	11	3	of	of	ADP
ajfa-2558	11	4	sk	sk	NOUN
ajfa-2558	11	5	to	to	ADP
ajfa-2558	11	6	a	a	DET
ajfa-2558	11	7	holding	hold	VERB
ajfa-2558	11	8	company	company	NOUN
ajfa-2558	11	9	has	have	AUX
ajfa-2558	11	10	been	be	AUX
ajfa-2558	11	11	planned	plan	VERB
ajfa-2558	11	12	since	since	SCONJ
ajfa-2558	11	13	july	july	PROPN
ajfa-2558	11	14	of	of	ADP
ajfa-2558	11	15	2007	2007	NUM
ajfa-2558	11	16	when	when	SCONJ
ajfa-2558	11	17	president	president	PROPN
ajfa-2558	11	18	choi	choi	PROPN
ajfa-2558	11	19	unveiled	unveil	VERB
ajfa-2558	11	20	the	the	DET
ajfa-2558	11	21	plan	plan	NOUN
ajfa-2558	11	22	emphasizing	emphasize	VERB
ajfa-2558	11	23	“	"	PUNCT
ajfa-2558	11	24	…	…	PUNCT
ajfa-2558	11	25	.	.	PUNCT
ajfa-2558	12	1	to	to	PART
ajfa-2558	12	2	meet	meet	VERB
ajfa-2558	12	3	with	with	ADP
ajfa-2558	12	4	expectations	expectation	NOUN
ajfa-2558	12	5	from	from	ADP
ajfa-2558	12	6	the	the	DET
ajfa-2558	12	7	market	market	NOUN
ajfa-2558	12	8	and	and	CCONJ
ajfa-2558	12	9	policy	policy	NOUN
ajfa-2558	12	10	makers	maker	NOUN
ajfa-2558	12	11	and	and	CCONJ
ajfa-2558	12	12	to	to	PART
ajfa-2558	12	13	expedite	expedite	VERB
ajfa-2558	12	14	on	on	ADP
ajfa-2558	12	15	global	global	ADJ
ajfa-2558	12	16	management	management	NOUN
ajfa-2558	12	17	,	,	PUNCT
ajfa-2558	12	18	corporate	corporate	ADJ
ajfa-2558	12	19	governance	governance	NOUN
ajfa-2558	12	20	structure	structure	NOUN
ajfa-2558	12	21	of	of	ADP
ajfa-2558	12	22	sk	sk	NOUN
ajfa-2558	12	23	shall	shall	AUX
ajfa-2558	12	24	be	be	AUX
ajfa-2558	12	25	improved	improve	VERB
ajfa-2558	12	26	to	to	PART
ajfa-2558	12	27	meet	meet	VERB
ajfa-2558	12	28	the	the	DET
ajfa-2558	12	29	global	global	ADJ
ajfa-2558	12	30	standard	standard	NOUN
ajfa-2558	12	31	”	"	PUNCT
ajfa-2558	12	32	.	.	PUNCT
ajfa-2558	13	1	as	as	SCONJ
ajfa-2558	13	2	he	he	PRON
ajfa-2558	13	3	argues	argue	VERB
ajfa-2558	13	4	,	,	PUNCT
ajfa-2558	13	5	resolving	resolve	VERB
ajfa-2558	13	6	cross	cross	NOUN
ajfa-2558	13	7	-	-	NOUN
ajfa-2558	13	8	holdings	holding	NOUN
ajfa-2558	13	9	among	among	ADP
ajfa-2558	13	10	subsidiary	subsidiary	NOUN
ajfa-2558	13	11	companies	company	NOUN
ajfa-2558	13	12	has	have	VERB
ajfa-2558	13	13	important	important	ADJ
ajfa-2558	13	14	implication	implication	NOUN
ajfa-2558	13	15	for	for	ADP
ajfa-2558	13	16	the	the	DET
ajfa-2558	13	17	company	company	NOUN
ajfa-2558	13	18	’s	’s	PART
ajfa-2558	13	19	market	market	NOUN
ajfa-2558	13	20	valuation	valuation	NOUN
ajfa-2558	13	21	.	.	PUNCT
ajfa-2558	14	1	the	the	DET
ajfa-2558	14	2	uk	uk	PROPN
ajfa-2558	14	3	’s	’s	PART
ajfa-2558	14	4	cadbury	cadbury	NOUN
ajfa-2558	14	5	report	report	NOUN
ajfa-2558	14	6	in	in	ADP
ajfa-2558	14	7	1992	1992	NUM
ajfa-2558	14	8	and	and	CCONJ
ajfa-2558	14	9	the	the	DET
ajfa-2558	14	10	us	us	PROPN
ajfa-2558	14	11	sarbanes	sarbanes	PROPN
ajfa-2558	14	12	-	-	PUNCT
ajfa-2558	14	13	oxley	oxley	ADJ
ajfa-2558	14	14	act	act	NOUN
ajfa-2558	14	15	of	of	ADP
ajfa-2558	14	16	2002	2002	NUM
ajfa-2558	14	17	require	require	VERB
ajfa-2558	14	18	significant	significant	ADJ
ajfa-2558	14	19	improvement	improvement	NOUN
ajfa-2558	14	20	in	in	ADP
ajfa-2558	14	21	corporate	corporate	ADJ
ajfa-2558	14	22	governance	governance	NOUN
ajfa-2558	14	23	practices	practice	NOUN
ajfa-2558	14	24	.	.	PUNCT
ajfa-2558	15	1	these	these	DET
ajfa-2558	15	2	rules	rule	NOUN
ajfa-2558	15	3	are	be	AUX
ajfa-2558	15	4	followed	follow	VERB
ajfa-2558	15	5	by	by	ADP
ajfa-2558	15	6	similar	similar	ADJ
ajfa-2558	15	7	regulations	regulation	NOUN
ajfa-2558	15	8	in	in	ADP
ajfa-2558	15	9	other	other	ADJ
ajfa-2558	15	10	countries	country	NOUN
ajfa-2558	15	11	including	include	VERB
ajfa-2558	15	12	korea	korea	PROPN
ajfa-2558	15	13	in	in	ADP
ajfa-2558	15	14	the	the	DET
ajfa-2558	15	15	effort	effort	NOUN
ajfa-2558	15	16	to	to	PART
ajfa-2558	15	17	increase	increase	VERB
ajfa-2558	15	18	transparency	transparency	NOUN
ajfa-2558	15	19	and	and	CCONJ
ajfa-2558	15	20	effectiveness	effectiveness	NOUN
ajfa-2558	15	21	of	of	ADP
ajfa-2558	15	22	corporate	corporate	ADJ
ajfa-2558	15	23	governance	governance	NOUN
ajfa-2558	15	24	structure	structure	NOUN
ajfa-2558	15	25	within	within	ADP
ajfa-2558	15	26	a	a	DET
ajfa-2558	15	27	company	company	NOUN
ajfa-2558	15	28	.	.	PUNCT
ajfa-2558	16	1	in	in	ADP
ajfa-2558	16	2	academia	academia	NOUN
ajfa-2558	16	3	,	,	PUNCT
ajfa-2558	16	4	many	many	ADJ
ajfa-2558	16	5	scholars	scholar	NOUN
ajfa-2558	16	6	including	include	VERB
ajfa-2558	16	7	gompers	gomper	NOUN
ajfa-2558	16	8	,	,	PUNCT
ajfa-2558	16	9	ishii	ishii	PROPN
ajfa-2558	16	10	,	,	PUNCT
ajfa-2558	16	11	and	and	CCONJ
ajfa-2558	16	12	metrick	metrick	ADJ
ajfa-2558	16	13	(	(	PUNCT
ajfa-2558	16	14	2003	2003	NUM
ajfa-2558	16	15	)	)	PUNCT
ajfa-2558	16	16	,	,	PUNCT
ajfa-2558	16	17	boone	boone	PROPN
ajfa-2558	16	18	,	,	PUNCT
ajfa-2558	16	19	field	field	NOUN
ajfa-2558	16	20	,	,	PUNCT
ajfa-2558	16	21	karpoff	karpoff	NOUN
ajfa-2558	16	22	,	,	PUNCT
ajfa-2558	16	23	and	and	CCONJ
ajfa-2558	16	24	raheja	raheja	PROPN
ajfa-2558	16	25	(	(	PUNCT
ajfa-2558	16	26	2007	2007	NUM
ajfa-2558	16	27	)	)	PUNCT
ajfa-2558	16	28	,	,	PUNCT
ajfa-2558	16	29	and	and	CCONJ
ajfa-2558	16	30	yermack	yermack	NOUN
ajfa-2558	16	31	(	(	PUNCT
ajfa-2558	16	32	1996	1996	NUM
ajfa-2558	16	33	)	)	PUNCT
ajfa-2558	16	34	document	document	NOUN
ajfa-2558	16	35	that	that	SCONJ
ajfa-2558	16	36	corporate	corporate	ADJ
ajfa-2558	16	37	governance	governance	NOUN
ajfa-2558	16	38	structure	structure	NOUN
ajfa-2558	16	39	has	have	VERB
ajfa-2558	16	40	an	an	DET
ajfa-2558	16	41	important	important	ADJ
ajfa-2558	16	42	impact	impact	NOUN
ajfa-2558	16	43	on	on	ADP
ajfa-2558	16	44	firm	firm	ADJ
ajfa-2558	16	45	value	value	NOUN
ajfa-2558	16	46	.	.	PUNCT
ajfa-2558	17	1	fundamental	fundamental	ADJ
ajfa-2558	17	2	weaknesses	weakness	NOUN
ajfa-2558	17	3	in	in	ADP
ajfa-2558	17	4	governance	governance	NOUN
ajfa-2558	17	5	may	may	AUX
ajfa-2558	17	6	have	have	VERB
ajfa-2558	17	7	crippling	crippling	ADJ
ajfa-2558	17	8	consequences	consequence	NOUN
ajfa-2558	17	9	for	for	ADP
ajfa-2558	17	10	a	a	DET
ajfa-2558	17	11	company	company	NOUN
ajfa-2558	17	12	’s	’s	PART
ajfa-2558	17	13	future	future	ADJ
ajfa-2558	17	14	growth	growth	NOUN
ajfa-2558	17	15	perspectives	perspective	NOUN
ajfa-2558	17	16	and	and	CCONJ
ajfa-2558	17	17	hence	hence	ADV
ajfa-2558	17	18	constrain	constrain	VERB
ajfa-2558	17	19	firm	firm	ADJ
ajfa-2558	17	20	value	value	NOUN
ajfa-2558	17	21	.	.	PUNCT
ajfa-2558	18	1	we	we	PRON
ajfa-2558	18	2	show	show	VERB
ajfa-2558	18	3	how	how	SCONJ
ajfa-2558	18	4	the	the	DET
ajfa-2558	18	5	ipo	ipo	NOUN
ajfa-2558	18	6	is	be	AUX
ajfa-2558	18	7	related	relate	VERB
ajfa-2558	18	8	to	to	ADP
ajfa-2558	18	9	the	the	DET
ajfa-2558	18	10	corporate	corporate	ADJ
ajfa-2558	18	11	governance	governance	NOUN
ajfa-2558	18	12	reform	reform	NOUN
ajfa-2558	18	13	.	.	PUNCT
ajfa-2558	19	1	using	use	VERB
ajfa-2558	19	2	the	the	DET
ajfa-2558	19	3	ipo	ipo	NOUN
ajfa-2558	19	4	of	of	ADP
ajfa-2558	19	5	sk	sk	PROPN
ajfa-2558	19	6	c&c	c&c	PROPN
ajfa-2558	19	7	,	,	PUNCT
ajfa-2558	19	8	we	we	PRON
ajfa-2558	19	9	illustrate	illustrate	VERB
ajfa-2558	19	10	the	the	DET
ajfa-2558	19	11	importance	importance	NOUN
ajfa-2558	19	12	of	of	ADP
ajfa-2558	19	13	corporate	corporate	ADJ
ajfa-2558	19	14	governance	governance	NOUN
ajfa-2558	19	15	for	for	ADP
ajfa-2558	19	16	the	the	DET
ajfa-2558	19	17	firm	firm	NOUN
ajfa-2558	19	18	’s	’s	PART
ajfa-2558	19	19	decision	decision	NOUN
ajfa-2558	19	20	makings	making	NOUN
ajfa-2558	19	21	.	.	PUNCT
ajfa-2558	20	1	the	the	DET
ajfa-2558	20	2	ipo	ipo	PROPN
ajfa-2558	20	3	of	of	ADP
ajfa-2558	20	4	sk	sk	PROPN
ajfa-2558	20	5	c&c	c&c	PROPN
ajfa-2558	20	6	enhances	enhance	VERB
ajfa-2558	20	7	transparency	transparency	NOUN
ajfa-2558	20	8	of	of	ADP
ajfa-2558	20	9	the	the	DET
ajfa-2558	20	10	sk	sk	NOUN
ajfa-2558	20	11	group	group	NOUN
ajfa-2558	20	12	,	,	PUNCT
ajfa-2558	20	13	improves	improve	VERB
ajfa-2558	20	14	corporate	corporate	ADJ
ajfa-2558	20	15	governance	governance	NOUN
ajfa-2558	20	16	structure	structure	NOUN
ajfa-2558	20	17	,	,	PUNCT
ajfa-2558	20	18	and	and	CCONJ
ajfa-2558	20	19	thus	thus	ADV
ajfa-2558	20	20	eliminates	eliminate	VERB
ajfa-2558	20	21	the	the	DET
ajfa-2558	20	22	value	value	NOUN
ajfa-2558	20	23	discount	discount	NOUN
ajfa-2558	20	24	associated	associate	VERB
ajfa-2558	20	25	with	with	ADP
ajfa-2558	20	26	its	its	PRON
ajfa-2558	20	27	poor	poor	ADJ
ajfa-2558	20	28	governance	governance	NOUN
ajfa-2558	20	29	structure	structure	NOUN
ajfa-2558	20	30	.	.	PUNCT
ajfa-2558	21	1	fundamental	fundamental	ADJ
ajfa-2558	21	2	analysis	analysis	NOUN
ajfa-2558	21	3	on	on	ADP
ajfa-2558	21	4	the	the	DET
ajfa-2558	21	5	value	value	NOUN
ajfa-2558	21	6	of	of	ADP
ajfa-2558	21	7	sk	sk	NOUN
ajfa-2558	21	8	c&c	c&c	PROPN
ajfa-2558	21	9	shows	show	VERB
ajfa-2558	21	10	that	that	SCONJ
ajfa-2558	21	11	the	the	DET
ajfa-2558	21	12	ipo	ipo	PROPN
ajfa-2558	21	13	price	price	NOUN
ajfa-2558	21	14	of	of	ADP
ajfa-2558	21	15	sk	sk	NOUN
ajfa-2558	21	16	c&c	c&c	PROPN
ajfa-2558	21	17	is	be	AUX
ajfa-2558	21	18	set	set	VERB
ajfa-2558	21	19	at	at	ADP
ajfa-2558	21	20	a	a	DET
ajfa-2558	21	21	significantly	significantly	ADV
ajfa-2558	21	22	discounted	discount	VERB
ajfa-2558	21	23	value	value	NOUN
ajfa-2558	21	24	.	.	PUNCT
ajfa-2558	22	1	contrary	contrary	ADJ
ajfa-2558	22	2	to	to	ADP
ajfa-2558	22	3	the	the	DET
ajfa-2558	22	4	average	average	ADJ
ajfa-2558	22	5	ipo	ipo	NOUN
ajfa-2558	22	6	performance	performance	NOUN
ajfa-2558	22	7	as	as	SCONJ
ajfa-2558	22	8	reported	report	VERB
ajfa-2558	22	9	in	in	ADP
ajfa-2558	22	10	ritter	ritter	PROPN
ajfa-2558	22	11	(	(	PUNCT
ajfa-2558	22	12	1991	1991	NUM
ajfa-2558	22	13	)	)	PUNCT
ajfa-2558	22	14	,	,	PUNCT
ajfa-2558	22	15	we	we	PRON
ajfa-2558	22	16	find	find	VERB
ajfa-2558	22	17	a	a	DET
ajfa-2558	22	18	significant	significant	ADJ
ajfa-2558	22	19	out	out	ADJ
ajfa-2558	22	20	-	-	PUNCT
ajfa-2558	22	21	performance	performance	NOUN
ajfa-2558	22	22	of	of	ADP
ajfa-2558	22	23	sk	sk	NOUN
ajfa-2558	22	24	c&c	c&c	PROPN
ajfa-2558	22	25	in	in	ADP
ajfa-2558	22	26	the	the	DET
ajfa-2558	22	27	two	two	NUM
ajfa-2558	22	28	years	year	NOUN
ajfa-2558	22	29	after	after	ADP
ajfa-2558	22	30	the	the	DET
ajfa-2558	22	31	ipo	ipo	NOUN
ajfa-2558	22	32	.	.	PUNCT
ajfa-2558	23	1	we	we	PRON
ajfa-2558	23	2	also	also	ADV
ajfa-2558	23	3	explain	explain	VERB
ajfa-2558	23	4	other	other	ADJ
ajfa-2558	23	5	consideration	consideration	NOUN
ajfa-2558	23	6	factors	factor	NOUN
ajfa-2558	23	7	that	that	PRON
ajfa-2558	23	8	lead	lead	VERB
ajfa-2558	23	9	to	to	ADP
ajfa-2558	23	10	the	the	DET
ajfa-2558	23	11	discount	discount	NOUN
ajfa-2558	23	12	in	in	ADP
ajfa-2558	23	13	the	the	DET
ajfa-2558	23	14	ipo	ipo	NOUN
ajfa-2558	23	15	price	price	NOUN
ajfa-2558	23	16	.	.	PUNCT
ajfa-2558	24	1	this	this	DET
ajfa-2558	24	2	research	research	NOUN
ajfa-2558	24	3	contributes	contribute	VERB
ajfa-2558	24	4	to	to	ADP
ajfa-2558	24	5	the	the	DET
ajfa-2558	24	6	literature	literature	NOUN
ajfa-2558	24	7	in	in	ADP
ajfa-2558	24	8	three	three	NUM
ajfa-2558	24	9	significant	significant	ADJ
ajfa-2558	24	10	ways	way	NOUN
ajfa-2558	24	11	.	.	PUNCT
ajfa-2558	25	1	first	first	ADV
ajfa-2558	25	2	,	,	PUNCT
ajfa-2558	25	3	while	while	SCONJ
ajfa-2558	25	4	prior	prior	ADJ
ajfa-2558	25	5	academic	academic	ADJ
ajfa-2558	25	6	studies	study	NOUN
ajfa-2558	25	7	are	be	AUX
ajfa-2558	25	8	mostly	mostly	ADV
ajfa-2558	25	9	focused	focus	VERB
ajfa-2558	25	10	on	on	ADP
ajfa-2558	25	11	the	the	DET
ajfa-2558	25	12	average	average	ADJ
ajfa-2558	25	13	performance	performance	NOUN
ajfa-2558	25	14	of	of	ADP
ajfa-2558	25	15	ipos	ipos	NOUN
ajfa-2558	25	16	and	and	CCONJ
ajfa-2558	25	17	sort	sort	VERB
ajfa-2558	25	18	out	out	ADP
ajfa-2558	25	19	factors	factor	NOUN
ajfa-2558	25	20	that	that	PRON
ajfa-2558	25	21	are	be	AUX
ajfa-2558	25	22	common	common	ADJ
ajfa-2558	25	23	for	for	ADP
ajfa-2558	25	24	the	the	DET
ajfa-2558	25	25	ipo	ipo	NOUN
ajfa-2558	25	26	firms	firm	NOUN
ajfa-2558	25	27	,	,	PUNCT
ajfa-2558	25	28	we	we	PRON
ajfa-2558	25	29	focus	focus	VERB
ajfa-2558	25	30	on	on	ADP
ajfa-2558	25	31	an	an	DET
ajfa-2558	25	32	individual	individual	ADJ
ajfa-2558	25	33	ipo	ipo	NOUN
ajfa-2558	25	34	and	and	CCONJ
ajfa-2558	25	35	extract	extract	VERB
ajfa-2558	25	36	some	some	DET
ajfa-2558	25	37	unnoticed	unnoticed	ADJ
ajfa-2558	25	38	reasons	reason	NOUN
ajfa-2558	25	39	for	for	ADP
ajfa-2558	25	40	the	the	DET
ajfa-2558	25	41	ipo	ipo	NOUN
ajfa-2558	25	42	:	:	PUNCT
ajfa-2558	25	43	the	the	DET
ajfa-2558	25	44	issue	issue	NOUN
ajfa-2558	25	45	of	of	ADP
ajfa-2558	25	46	corporate	corporate	ADJ
ajfa-2558	25	47	governance	governance	NOUN
ajfa-2558	25	48	can	can	AUX
ajfa-2558	25	49	be	be	AUX
ajfa-2558	25	50	another	another	DET
ajfa-2558	25	51	important	important	ADJ
ajfa-2558	25	52	factor	factor	NOUN
ajfa-2558	25	53	that	that	PRON
ajfa-2558	25	54	affects	affect	VERB
ajfa-2558	25	55	the	the	DET
ajfa-2558	25	56	ipo	ipo	NOUN
ajfa-2558	25	57	decision	decision	NOUN
ajfa-2558	25	58	.	.	PUNCT
ajfa-2558	26	1	second	second	ADJ
ajfa-2558	26	2	,	,	PUNCT
ajfa-2558	26	3	we	we	PRON
ajfa-2558	26	4	demonstrate	demonstrate	VERB
ajfa-2558	26	5	that	that	SCONJ
ajfa-2558	26	6	the	the	DET
ajfa-2558	26	7	corporate	corporate	ADJ
ajfa-2558	26	8	governance	governance	NOUN
ajfa-2558	26	9	driven	drive	VERB
ajfa-2558	26	10	ipo	ipo	NOUN
ajfa-2558	26	11	of	of	ADP
ajfa-2558	26	12	sk	sk	PROPN
ajfa-2558	26	13	c&c	c&c	PROPN
ajfa-2558	26	14	outperforms	outperform	VERB
ajfa-2558	26	15	the	the	DET
ajfa-2558	26	16	market	market	NOUN
ajfa-2558	26	17	in	in	ADP
ajfa-2558	26	18	two	two	NUM
ajfa-2558	26	19	-	-	PUNCT
ajfa-2558	26	20	years	year	NOUN
ajfa-2558	26	21	after	after	ADP
ajfa-2558	26	22	the	the	DET
ajfa-2558	26	23	ipo	ipo	NOUN
ajfa-2558	26	24	,	,	PUNCT
ajfa-2558	26	25	which	which	PRON
ajfa-2558	26	26	deviates	deviate	VERB
ajfa-2558	26	27	from	from	ADP
ajfa-2558	26	28	the	the	DET
ajfa-2558	26	29	typical	typical	ADJ
ajfa-2558	26	30	pattern	pattern	NOUN
ajfa-2558	26	31	of	of	ADP
ajfa-2558	26	32	ipo	ipo	NOUN
ajfa-2558	26	33	underperformance	underperformance	NOUN
ajfa-2558	26	34	.	.	PUNCT
ajfa-2558	27	1	finally	finally	ADV
ajfa-2558	27	2	,	,	PUNCT
ajfa-2558	27	3	this	this	DET
ajfa-2558	27	4	study	study	NOUN
ajfa-2558	27	5	can	can	AUX
ajfa-2558	27	6	be	be	AUX
ajfa-2558	27	7	used	use	VERB
ajfa-2558	27	8	in	in	ADP
ajfa-2558	27	9	graduate	graduate	NOUN
ajfa-2558	27	10	programs	program	NOUN
ajfa-2558	27	11	to	to	PART
ajfa-2558	27	12	examine	examine	VERB
ajfa-2558	27	13	various	various	ADJ
ajfa-2558	27	14	circumstantial	circumstantial	ADJ
ajfa-2558	27	15	factors	factor	NOUN
ajfa-2558	27	16	to	to	PART
ajfa-2558	27	17	be	be	AUX
ajfa-2558	27	18	considers	consider	NOUN
ajfa-2558	27	19	in	in	ADP
ajfa-2558	27	20	the	the	DET
ajfa-2558	27	21	ipo	ipo	NOUN
ajfa-2558	27	22	and	and	CCONJ
ajfa-2558	27	23	provide	provide	VERB
ajfa-2558	27	24	practical	practical	ADJ
ajfa-2558	27	25	view	view	NOUN
ajfa-2558	27	26	on	on	ADP
ajfa-2558	27	27	the	the	DET
ajfa-2558	27	28	ipo	ipo	NOUN
ajfa-2558	27	29	pricing	pricing	NOUN
ajfa-2558	27	30	.	.	PUNCT
ajfa-2558	28	1	the	the	DET
ajfa-2558	28	2	reminder	reminder	NOUN
ajfa-2558	28	3	of	of	ADP
ajfa-2558	28	4	the	the	DET
ajfa-2558	28	5	paper	paper	NOUN
ajfa-2558	28	6	is	be	AUX
ajfa-2558	28	7	organized	organize	VERB
ajfa-2558	28	8	as	as	SCONJ
ajfa-2558	28	9	follows	follow	VERB
ajfa-2558	28	10	.	.	PUNCT
ajfa-2558	29	1	in	in	ADP
ajfa-2558	29	2	section	section	NOUN
ajfa-2558	29	3	2	2	NUM
ajfa-2558	29	4	,	,	PUNCT
ajfa-2558	29	5	we	we	PRON
ajfa-2558	29	6	discuss	discuss	VERB
ajfa-2558	29	7	background	background	NOUN
ajfa-2558	29	8	information	information	NOUN
ajfa-2558	29	9	on	on	ADP
ajfa-2558	29	10	sk	sk	PROPN
ajfa-2558	29	11	c&c	c&c	PROPN
ajfa-2558	29	12	ipo	ipo	PROPN
ajfa-2558	29	13	.	.	PUNCT
ajfa-2558	30	1	section	section	PROPN
ajfa-2558	30	2	3	3	NUM
ajfa-2558	30	3	shows	show	VERB
ajfa-2558	30	4	financial	financial	ADJ
ajfa-2558	30	5	data	datum	NOUN
ajfa-2558	30	6	and	and	CCONJ
ajfa-2558	30	7	explains	explain	VERB
ajfa-2558	30	8	our	our	PRON
ajfa-2558	30	9	methodology	methodology	NOUN
ajfa-2558	30	10	to	to	PART
ajfa-2558	30	11	compute	compute	VERB
ajfa-2558	30	12	fundamental	fundamental	ADJ
ajfa-2558	30	13	value	value	NOUN
ajfa-2558	30	14	of	of	ADP
ajfa-2558	30	15	sk	sk	NOUN
ajfa-2558	30	16	c&c	c&c	NOUN
ajfa-2558	30	17	stocks	stock	NOUN
ajfa-2558	30	18	.	.	PUNCT
ajfa-2558	31	1	section	section	NOUN
ajfa-2558	31	2	4	4	NUM
ajfa-2558	31	3	reports	report	VERB
ajfa-2558	31	4	the	the	DET
ajfa-2558	31	5	results	result	NOUN
ajfa-2558	31	6	of	of	ADP
ajfa-2558	31	7	our	our	PRON
ajfa-2558	31	8	analysis	analysis	NOUN
ajfa-2558	31	9	and	and	CCONJ
ajfa-2558	31	10	additional	additional	ADJ
ajfa-2558	31	11	factors	factor	NOUN
ajfa-2558	31	12	to	to	PART
ajfa-2558	31	13	be	be	AUX
ajfa-2558	31	14	considers	consider	NOUN
ajfa-2558	31	15	.	.	PUNCT
ajfa-2558	32	1	section	section	NOUN
ajfa-2558	32	2	5	5	NUM
ajfa-2558	32	3	concludes	conclude	VERB
ajfa-2558	32	4	.	.	PUNCT
ajfa-2558	33	1	asian	asian	ADJ
ajfa-2558	33	2	journal	journal	PROPN
ajfa-2558	33	3	of	of	ADP
ajfa-2558	33	4	finance	finance	PROPN
ajfa-2558	33	5	&	&	CCONJ
ajfa-2558	33	6	accounting	accounting	PROPN
ajfa-2558	33	7	issn	issn	PROPN
ajfa-2558	33	8	1946	1946	NUM
ajfa-2558	33	9	-	-	PUNCT
ajfa-2558	33	10	052x	052x	NOUN
ajfa-2558	33	11	2012	2012	NUM
ajfa-2558	33	12	,	,	PUNCT
ajfa-2558	33	13	vol	vol	NOUN
ajfa-2558	33	14	.	.	PROPN
ajfa-2558	33	15	4	4	NUM
ajfa-2558	33	16	,	,	PUNCT
ajfa-2558	33	17	no	no	INTJ
ajfa-2558	33	18	.	.	NOUN
ajfa-2558	33	19	2	2	NUM
ajfa-2558	33	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	33	21	304	304	NUM
ajfa-2558	33	22	2	2	NUM
ajfa-2558	33	23	.	.	PUNCT
ajfa-2558	33	24	background	background	NOUN
ajfa-2558	33	25	information	information	NOUN
ajfa-2558	33	26	on	on	ADP
ajfa-2558	33	27	sk	sk	PROPN
ajfa-2558	33	28	c&c	c&c	PROPN
ajfa-2558	33	29	ipo	ipo	PROPN
ajfa-2558	33	30	2.1	2.1	NUM
ajfa-2558	33	31	.	.	PUNCT
ajfa-2558	34	1	the	the	DET
ajfa-2558	34	2	plan	plan	NOUN
ajfa-2558	34	3	for	for	ADP
ajfa-2558	34	4	ipo	ipo	NOUN
ajfa-2558	34	5	and	and	CCONJ
ajfa-2558	34	6	ownership	ownership	NOUN
ajfa-2558	34	7	structure	structure	NOUN
ajfa-2558	34	8	change	change	NOUN
ajfa-2558	34	9	sk	sk	ADP
ajfa-2558	34	10	c&c	c&c	PROPN
ajfa-2558	34	11	will	will	AUX
ajfa-2558	34	12	be	be	AUX
ajfa-2558	34	13	listed	list	VERB
ajfa-2558	34	14	in	in	ADP
ajfa-2558	34	15	korean	korean	ADJ
ajfa-2558	34	16	stock	stock	NOUN
ajfa-2558	34	17	exchange	exchange	PROPN
ajfa-2558	34	18	on	on	ADP
ajfa-2558	34	19	nov	nov	PROPN
ajfa-2558	34	20	.	.	PROPN
ajfa-2558	34	21	11	11	NUM
ajfa-2558	34	22	,	,	PUNCT
ajfa-2558	34	23	2009	2009	NUM
ajfa-2558	34	24	and	and	CCONJ
ajfa-2558	34	25	the	the	DET
ajfa-2558	34	26	subscription	subscription	NOUN
ajfa-2558	34	27	by	by	ADP
ajfa-2558	34	28	institutions	institution	NOUN
ajfa-2558	34	29	and	and	CCONJ
ajfa-2558	34	30	public	public	ADJ
ajfa-2558	34	31	investors	investor	NOUN
ajfa-2558	34	32	starts	start	VERB
ajfa-2558	34	33	from	from	ADP
ajfa-2558	34	34	3rd	3rd	NOUN
ajfa-2558	34	35	and	and	CCONJ
ajfa-2558	34	36	4th	4th	NOUN
ajfa-2558	34	37	of	of	ADP
ajfa-2558	34	38	november	november	PROPN
ajfa-2558	34	39	,	,	PUNCT
ajfa-2558	34	40	2009	2009	NUM
ajfa-2558	34	41	.	.	PUNCT
ajfa-2558	35	1	the	the	DET
ajfa-2558	35	2	issue	issue	NOUN
ajfa-2558	35	3	price	price	NOUN
ajfa-2558	35	4	is	be	AUX
ajfa-2558	35	5	set	set	VERB
ajfa-2558	35	6	to	to	PART
ajfa-2558	35	7	be	be	AUX
ajfa-2558	35	8	30,000	30,000	NUM
ajfa-2558	35	9	korean	korean	ADJ
ajfa-2558	35	10	won	won	NOUN
ajfa-2558	35	11	(	(	PUNCT
ajfa-2558	35	12	krw	krw	PROPN
ajfa-2558	35	13	)	)	PUNCT
ajfa-2558	35	14	per	per	ADP
ajfa-2558	35	15	share	share	NOUN
ajfa-2558	35	16	.	.	PUNCT
ajfa-2558	36	1	sk	sk	VERB
ajfa-2558	36	2	plans	plan	NOUN
ajfa-2558	36	3	to	to	PART
ajfa-2558	36	4	sell	sell	VERB
ajfa-2558	36	5	18	18	NUM
ajfa-2558	36	6	million	million	NUM
ajfa-2558	36	7	shares	share	NOUN
ajfa-2558	36	8	of	of	ADP
ajfa-2558	36	9	sk	sk	NOUN
ajfa-2558	36	10	c&c	c&c	PROPN
ajfa-2558	36	11	to	to	ADP
ajfa-2558	36	12	investors	investor	NOUN
ajfa-2558	36	13	,	,	PUNCT
ajfa-2558	36	14	which	which	PRON
ajfa-2558	36	15	represents	represent	VERB
ajfa-2558	36	16	36	36	NUM
ajfa-2558	36	17	%	%	NOUN
ajfa-2558	36	18	of	of	ADP
ajfa-2558	36	19	total	total	ADJ
ajfa-2558	36	20	shares	share	NOUN
ajfa-2558	36	21	of	of	ADP
ajfa-2558	36	22	sk	sk	ADJ
ajfa-2558	36	23	c&c	c&c	PROPN
ajfa-2558	36	24	.	.	PUNCT
ajfa-2558	37	1	before	before	ADP
ajfa-2558	37	2	ipo	ipo	PROPN
ajfa-2558	37	3	,	,	PUNCT
ajfa-2558	37	4	the	the	DET
ajfa-2558	37	5	stakes	stake	NOUN
ajfa-2558	37	6	of	of	ADP
ajfa-2558	37	7	sk	sk	NOUN
ajfa-2558	37	8	c&c	c&c	PROPN
ajfa-2558	37	9	are	be	AUX
ajfa-2558	37	10	held	hold	VERB
ajfa-2558	37	11	by	by	ADP
ajfa-2558	37	12	president	president	PROPN
ajfa-2558	37	13	choi	choi	PROPN
ajfa-2558	37	14	(	(	PUNCT
ajfa-2558	37	15	44.5	44.5	NUM
ajfa-2558	37	16	%	%	NOUN
ajfa-2558	37	17	of	of	ADP
ajfa-2558	37	18	stakes	stake	NOUN
ajfa-2558	37	19	)	)	PUNCT
ajfa-2558	37	20	,	,	PUNCT
ajfa-2558	37	21	sk	sk	PROPN
ajfa-2558	37	22	telecom	telecom	PROPN
ajfa-2558	37	23	co.	co.	PROPN
ajfa-2558	37	24	(	(	PUNCT
ajfa-2558	37	25	30.0	30.0	NUM
ajfa-2558	37	26	%	%	NOUN
ajfa-2558	37	27	or	or	CCONJ
ajfa-2558	37	28	,	,	PUNCT
ajfa-2558	37	29	14.5	14.5	NUM
ajfa-2558	37	30	million	million	NUM
ajfa-2558	37	31	shares	share	NOUN
ajfa-2558	37	32	)	)	PUNCT
ajfa-2558	37	33	and	and	CCONJ
ajfa-2558	37	34	sk	sk	PROPN
ajfa-2558	37	35	network	network	PROPN
ajfa-2558	37	36	co.	co.	PROPN
ajfa-2558	37	37	(	(	PUNCT
ajfa-2558	37	38	15.0	15.0	NUM
ajfa-2558	37	39	%	%	NOUN
ajfa-2558	37	40	or	or	CCONJ
ajfa-2558	37	41	7.5	7.5	NUM
ajfa-2558	37	42	million	million	NUM
ajfa-2558	37	43	shares	share	NOUN
ajfa-2558	37	44	)	)	PUNCT
ajfa-2558	37	45	.	.	PUNCT
ajfa-2558	38	1	in	in	ADP
ajfa-2558	38	2	the	the	DET
ajfa-2558	38	3	process	process	NOUN
ajfa-2558	38	4	of	of	ADP
ajfa-2558	38	5	ipo	ipo	NOUN
ajfa-2558	38	6	,	,	PUNCT
ajfa-2558	38	7	both	both	PRON
ajfa-2558	38	8	sk	sk	ADP
ajfa-2558	38	9	telecom	telecom	NOUN
ajfa-2558	38	10	and	and	CCONJ
ajfa-2558	38	11	sk	sk	PROPN
ajfa-2558	38	12	network	network	NOUN
ajfa-2558	38	13	will	will	AUX
ajfa-2558	38	14	tender	tender	VERB
ajfa-2558	38	15	their	their	PRON
ajfa-2558	38	16	entire	entire	ADJ
ajfa-2558	38	17	stakes	stake	NOUN
ajfa-2558	38	18	(	(	PUNCT
ajfa-2558	38	19	22.5	22.5	NUM
ajfa-2558	38	20	m	m	NOUN
ajfa-2558	38	21	shares	share	NOUN
ajfa-2558	38	22	)	)	PUNCT
ajfa-2558	38	23	in	in	ADP
ajfa-2558	38	24	sk	sk	NOUN
ajfa-2558	38	25	c&c	c&c	PROPN
ajfa-2558	38	26	and	and	CCONJ
ajfa-2558	38	27	from	from	ADP
ajfa-2558	38	28	these	these	DET
ajfa-2558	38	29	shares	share	NOUN
ajfa-2558	38	30	,	,	PUNCT
ajfa-2558	38	31	18	18	NUM
ajfa-2558	38	32	million	million	NUM
ajfa-2558	38	33	shares	share	NOUN
ajfa-2558	38	34	will	will	AUX
ajfa-2558	38	35	be	be	AUX
ajfa-2558	38	36	sold	sell	VERB
ajfa-2558	38	37	to	to	ADP
ajfa-2558	38	38	outside	outside	ADJ
ajfa-2558	38	39	investors	investor	NOUN
ajfa-2558	38	40	.	.	PUNCT
ajfa-2558	39	1	the	the	DET
ajfa-2558	39	2	remaining	remain	VERB
ajfa-2558	39	3	shares	share	NOUN
ajfa-2558	39	4	of	of	ADP
ajfa-2558	39	5	these	these	DET
ajfa-2558	39	6	two	two	NUM
ajfa-2558	39	7	companies	company	NOUN
ajfa-2558	39	8	will	will	AUX
ajfa-2558	39	9	either	either	ADV
ajfa-2558	39	10	keep	keep	VERB
ajfa-2558	39	11	as	as	ADP
ajfa-2558	39	12	investment	investment	NOUN
ajfa-2558	39	13	stocks	stock	NOUN
ajfa-2558	39	14	or	or	CCONJ
ajfa-2558	39	15	be	be	AUX
ajfa-2558	39	16	sold	sell	VERB
ajfa-2558	39	17	to	to	ADP
ajfa-2558	39	18	other	other	ADJ
ajfa-2558	39	19	institutional	institutional	ADJ
ajfa-2558	39	20	investors	investor	NOUN
ajfa-2558	39	21	in	in	ADP
ajfa-2558	39	22	block	block	NOUN
ajfa-2558	39	23	deals	deal	NOUN
ajfa-2558	39	24	after	after	ADP
ajfa-2558	39	25	six	six	NUM
ajfa-2558	39	26	month	month	NOUN
ajfa-2558	39	27	of	of	ADP
ajfa-2558	39	28	lock	lock	NOUN
ajfa-2558	39	29	-	-	PUNCT
ajfa-2558	39	30	up	up	ADP
ajfa-2558	39	31	period	period	NOUN
ajfa-2558	39	32	.	.	PUNCT
ajfa-2558	40	1	an	an	DET
ajfa-2558	40	2	insider	insider	NOUN
ajfa-2558	40	3	at	at	ADP
ajfa-2558	40	4	woori	woori	PROPN
ajfa-2558	40	5	investment	investment	NOUN
ajfa-2558	40	6	securities	security	NOUN
ajfa-2558	40	7	,	,	PUNCT
ajfa-2558	40	8	a	a	DET
ajfa-2558	40	9	leading	lead	VERB
ajfa-2558	40	10	underwriter	underwriter	NOUN
ajfa-2558	40	11	,	,	PUNCT
ajfa-2558	40	12	says	say	VERB
ajfa-2558	40	13	“	"	PUNCT
ajfa-2558	40	14	initially	initially	ADV
ajfa-2558	40	15	we	we	PRON
ajfa-2558	40	16	targeted	target	VERB
ajfa-2558	40	17	for	for	ADP
ajfa-2558	40	18	1.5	1.5	NUM
ajfa-2558	40	19	m	m	NOUN
ajfa-2558	40	20	shares	share	NOUN
ajfa-2558	40	21	.	.	PUNCT
ajfa-2558	41	1	after	after	ADP
ajfa-2558	41	2	receiving	receive	VERB
ajfa-2558	41	3	the	the	DET
ajfa-2558	41	4	intentions	intention	NOUN
ajfa-2558	41	5	from	from	ADP
ajfa-2558	41	6	150	150	NUM
ajfa-2558	41	7	or	or	CCONJ
ajfa-2558	41	8	so	so	ADV
ajfa-2558	41	9	domestic	domestic	ADJ
ajfa-2558	41	10	and	and	CCONJ
ajfa-2558	41	11	international	international	ADJ
ajfa-2558	41	12	institutions	institution	NOUN
ajfa-2558	41	13	to	to	PART
ajfa-2558	41	14	oversubscribe	oversubscribe	VERB
ajfa-2558	41	15	by	by	ADP
ajfa-2558	41	16	more	more	ADJ
ajfa-2558	41	17	than	than	ADP
ajfa-2558	41	18	krw2,000	krw2,000	PROPN
ajfa-2558	41	19	billion	billion	NUM
ajfa-2558	41	20	,	,	PUNCT
ajfa-2558	41	21	we	we	PRON
ajfa-2558	41	22	decide	decide	VERB
ajfa-2558	41	23	to	to	PART
ajfa-2558	41	24	increase	increase	VERB
ajfa-2558	41	25	the	the	DET
ajfa-2558	41	26	number	number	NOUN
ajfa-2558	41	27	of	of	ADP
ajfa-2558	41	28	shares	share	NOUN
ajfa-2558	41	29	selling	sell	VERB
ajfa-2558	41	30	”	"	PUNCT
ajfa-2558	41	31	.	.	PUNCT
ajfa-2558	42	1	through	through	ADP
ajfa-2558	42	2	the	the	DET
ajfa-2558	42	3	ipo	ipo	NOUN
ajfa-2558	42	4	of	of	ADP
ajfa-2558	42	5	sk	sk	PROPN
ajfa-2558	42	6	c&c	c&c	PROPN
ajfa-2558	42	7	,	,	PUNCT
ajfa-2558	42	8	sk	sk	ADP
ajfa-2558	42	9	telecom	telecom	NOUN
ajfa-2558	42	10	and	and	CCONJ
ajfa-2558	42	11	sk	sk	PROPN
ajfa-2558	42	12	network	network	NOUN
ajfa-2558	42	13	can	can	AUX
ajfa-2558	42	14	raise	raise	VERB
ajfa-2558	42	15	krw540	krw540	PROPN
ajfa-2558	42	16	billion	billion	NUM
ajfa-2558	42	17	(	(	PUNCT
ajfa-2558	42	18	about	about	ADP
ajfa-2558	42	19	us$500	us$500	NOUN
ajfa-2558	42	20	million	million	NUM
ajfa-2558	42	21	)	)	PUNCT
ajfa-2558	42	22	to	to	PART
ajfa-2558	42	23	be	be	AUX
ajfa-2558	42	24	used	use	VERB
ajfa-2558	42	25	for	for	SCONJ
ajfa-2558	42	26	the	the	DET
ajfa-2558	42	27	investment	investment	NOUN
ajfa-2558	42	28	to	to	PART
ajfa-2558	42	29	strengthen	strengthen	VERB
ajfa-2558	42	30	their	their	PRON
ajfa-2558	42	31	global	global	ADJ
ajfa-2558	42	32	positions	position	NOUN
ajfa-2558	42	33	.	.	PUNCT
ajfa-2558	43	1	the	the	DET
ajfa-2558	43	2	transition	transition	NOUN
ajfa-2558	43	3	to	to	ADP
ajfa-2558	43	4	a	a	DET
ajfa-2558	43	5	holding	hold	VERB
ajfa-2558	43	6	company	company	NOUN
ajfa-2558	43	7	has	have	VERB
ajfa-2558	43	8	a	a	DET
ajfa-2558	43	9	special	special	ADJ
ajfa-2558	43	10	meaning	meaning	NOUN
ajfa-2558	43	11	for	for	ADP
ajfa-2558	43	12	sk	sk	NOUN
ajfa-2558	43	13	.	.	PUNCT
ajfa-2558	44	1	in	in	ADP
ajfa-2558	44	2	1970	1970	NUM
ajfa-2558	44	3	’s	’s	PART
ajfa-2558	44	4	,	,	PUNCT
ajfa-2558	44	5	sk	sk	PROPN
ajfa-2558	44	6	has	have	AUX
ajfa-2558	44	7	completed	complete	VERB
ajfa-2558	44	8	vertical	vertical	ADJ
ajfa-2558	44	9	integration	integration	NOUN
ajfa-2558	44	10	from	from	ADP
ajfa-2558	44	11	the	the	DET
ajfa-2558	44	12	oil	oil	NOUN
ajfa-2558	44	13	to	to	ADP
ajfa-2558	44	14	fable	fable	NOUN
ajfa-2558	44	15	thorough	thorough	ADJ
ajfa-2558	44	16	the	the	DET
ajfa-2558	44	17	acquisition	acquisition	NOUN
ajfa-2558	44	18	of	of	ADP
ajfa-2558	44	19	korean	korean	ADJ
ajfa-2558	44	20	oil	oil	NOUN
ajfa-2558	44	21	company	company	NOUN
ajfa-2558	44	22	(	(	PUNCT
ajfa-2558	44	23	yu	yu	PROPN
ajfa-2558	44	24	-	-	PROPN
ajfa-2558	44	25	kong	kong	PROPN
ajfa-2558	44	26	,	,	PUNCT
ajfa-2558	44	27	currently	currently	ADV
ajfa-2558	44	28	sk	sk	VERB
ajfa-2558	44	29	energy	energy	PROPN
ajfa-2558	44	30	co.	co.	PROPN
ajfa-2558	44	31	)	)	PUNCT
ajfa-2558	44	32	.	.	PUNCT
ajfa-2558	45	1	following	follow	VERB
ajfa-2558	45	2	new	new	ADJ
ajfa-2558	45	3	business	business	NOUN
ajfa-2558	45	4	venture	venture	NOUN
ajfa-2558	45	5	in	in	ADP
ajfa-2558	45	6	telecommunication	telecommunication	NOUN
ajfa-2558	45	7	industry	industry	NOUN
ajfa-2558	45	8	through	through	ADP
ajfa-2558	45	9	the	the	DET
ajfa-2558	45	10	acquisition	acquisition	NOUN
ajfa-2558	45	11	of	of	ADP
ajfa-2558	45	12	korean	korean	ADJ
ajfa-2558	45	13	mobile	mobile	PROPN
ajfa-2558	45	14	telecomm	telecomm	NOUN
ajfa-2558	45	15	(	(	PUNCT
ajfa-2558	45	16	currently	currently	ADV
ajfa-2558	45	17	,	,	PUNCT
ajfa-2558	45	18	sk	sk	PROPN
ajfa-2558	45	19	telecom	telecom	NOUN
ajfa-2558	45	20	)	)	PUNCT
ajfa-2558	45	21	in	in	ADP
ajfa-2558	45	22	1990	1990	NUM
ajfa-2558	45	23	’s	’s	PART
ajfa-2558	45	24	,	,	PUNCT
ajfa-2558	45	25	this	this	PRON
ajfa-2558	45	26	will	will	AUX
ajfa-2558	45	27	be	be	AUX
ajfa-2558	45	28	an	an	DET
ajfa-2558	45	29	opportunity	opportunity	NOUN
ajfa-2558	45	30	for	for	ADP
ajfa-2558	45	31	sk	sk	NOUN
ajfa-2558	45	32	preparing	prepare	VERB
ajfa-2558	45	33	another	another	DET
ajfa-2558	45	34	big	big	ADJ
ajfa-2558	45	35	jump	jump	NOUN
ajfa-2558	45	36	.	.	PUNCT
ajfa-2558	46	1	sk	sk	PROPN
ajfa-2558	46	2	can	can	AUX
ajfa-2558	46	3	completely	completely	ADV
ajfa-2558	46	4	resolve	resolve	VERB
ajfa-2558	46	5	cross	cross	ADJ
ajfa-2558	46	6	-	-	ADJ
ajfa-2558	46	7	holding	holding	ADJ
ajfa-2558	46	8	issue	issue	NOUN
ajfa-2558	46	9	that	that	PRON
ajfa-2558	46	10	has	have	AUX
ajfa-2558	46	11	prevented	prevent	VERB
ajfa-2558	46	12	sk	sk	NOUN
ajfa-2558	46	13	from	from	ADP
ajfa-2558	46	14	becoming	become	VERB
ajfa-2558	46	15	a	a	DET
ajfa-2558	46	16	holding	hold	VERB
ajfa-2558	46	17	company	company	NOUN
ajfa-2558	46	18	according	accord	VERB
ajfa-2558	46	19	to	to	ADP
ajfa-2558	46	20	the	the	DET
ajfa-2558	46	21	regulation	regulation	NOUN
ajfa-2558	46	22	of	of	ADP
ajfa-2558	46	23	korea	korea	PROPN
ajfa-2558	46	24	fair	fair	ADJ
ajfa-2558	46	25	-	-	PUNCT
ajfa-2558	46	26	trade	trade	NOUN
ajfa-2558	46	27	commission	commission	NOUN
ajfa-2558	46	28	.	.	PUNCT
ajfa-2558	47	1	the	the	DET
ajfa-2558	47	2	commission	commission	NOUN
ajfa-2558	47	3	sets	set	VERB
ajfa-2558	47	4	forth	forth	ADP
ajfa-2558	47	5	the	the	DET
ajfa-2558	47	6	regulation	regulation	NOUN
ajfa-2558	47	7	that	that	PRON
ajfa-2558	47	8	prohibits	prohibit	VERB
ajfa-2558	47	9	cross	cros	NOUN
ajfa-2558	47	10	-	-	NOUN
ajfa-2558	47	11	holdings	holding	NOUN
ajfa-2558	47	12	among	among	ADP
ajfa-2558	47	13	subsidiaries	subsidiary	NOUN
ajfa-2558	47	14	and	and	CCONJ
ajfa-2558	47	15	encourages	encourage	VERB
ajfa-2558	47	16	vertical	vertical	ADJ
ajfa-2558	47	17	integration	integration	NOUN
ajfa-2558	47	18	of	of	ADP
ajfa-2558	47	19	ownership	ownership	NOUN
ajfa-2558	47	20	structure	structure	NOUN
ajfa-2558	47	21	for	for	ADP
ajfa-2558	47	22	a	a	DET
ajfa-2558	47	23	business	business	NOUN
ajfa-2558	47	24	group	group	NOUN
ajfa-2558	47	25	in	in	ADP
ajfa-2558	47	26	korea	korea	PROPN
ajfa-2558	47	27	,	,	PUNCT
ajfa-2558	47	28	chaebul	chaebul	NOUN
ajfa-2558	47	29	.	.	PUNCT
ajfa-2558	48	1	the	the	DET
ajfa-2558	48	2	link	link	NOUN
ajfa-2558	48	3	of	of	ADP
ajfa-2558	48	4	cross	cross	NOUN
ajfa-2558	48	5	-	-	NOUN
ajfa-2558	48	6	holdings	holding	NOUN
ajfa-2558	48	7	for	for	ADP
ajfa-2558	48	8	sk	sk	NOUN
ajfa-2558	48	9	network	network	NOUN
ajfa-2558	48	10	will	will	AUX
ajfa-2558	48	11	break	break	VERB
ajfa-2558	48	12	once	once	ADV
ajfa-2558	48	13	and	and	CCONJ
ajfa-2558	48	14	for	for	ADP
ajfa-2558	48	15	all	all	ADV
ajfa-2558	48	16	through	through	ADP
ajfa-2558	48	17	the	the	DET
ajfa-2558	48	18	sales	sale	NOUN
ajfa-2558	48	19	of	of	ADP
ajfa-2558	48	20	sk	sk	NOUN
ajfa-2558	48	21	network	network	NOUN
ajfa-2558	48	22	’s	’s	PART
ajfa-2558	48	23	entire	entire	ADJ
ajfa-2558	48	24	stake	stake	NOUN
ajfa-2558	48	25	at	at	ADP
ajfa-2558	48	26	the	the	DET
ajfa-2558	48	27	time	time	NOUN
ajfa-2558	48	28	of	of	ADP
ajfa-2558	48	29	sk	sk	NOUN
ajfa-2558	48	30	c&c	c&c	PROPN
ajfa-2558	48	31	’s	’s	PART
ajfa-2558	48	32	ipo	ipo	NOUN
ajfa-2558	48	33	.	.	PUNCT
ajfa-2558	49	1	in	in	ADP
ajfa-2558	49	2	the	the	DET
ajfa-2558	49	3	case	case	NOUN
ajfa-2558	49	4	of	of	ADP
ajfa-2558	49	5	sk	sk	PROPN
ajfa-2558	49	6	telecom	telecom	NOUN
ajfa-2558	49	7	,	,	PUNCT
ajfa-2558	49	8	the	the	DET
ajfa-2558	49	9	remaining	remain	VERB
ajfa-2558	49	10	stakes	stake	NOUN
ajfa-2558	49	11	will	will	AUX
ajfa-2558	49	12	be	be	AUX
ajfa-2558	49	13	sold	sell	VERB
ajfa-2558	49	14	by	by	ADP
ajfa-2558	49	15	april	april	PROPN
ajfa-2558	49	16	of	of	ADP
ajfa-2558	49	17	2010	2010	NUM
ajfa-2558	49	18	.	.	PUNCT
ajfa-2558	50	1	currently	currently	ADV
ajfa-2558	50	2	,	,	PUNCT
ajfa-2558	50	3	fair	fair	ADJ
ajfa-2558	50	4	trade	trade	NOUN
ajfa-2558	50	5	act	act	PROPN
ajfa-2558	50	6	prohibits	prohibit	VERB
ajfa-2558	50	7	a	a	DET
ajfa-2558	50	8	holding	hold	VERB
ajfa-2558	50	9	company	company	NOUN
ajfa-2558	50	10	from	from	ADP
ajfa-2558	50	11	owning	own	VERB
ajfa-2558	50	12	a	a	DET
ajfa-2558	50	13	financial	financial	ADJ
ajfa-2558	50	14	subsidiary	subsidiary	NOUN
ajfa-2558	50	15	,	,	PUNCT
ajfa-2558	50	16	but	but	CCONJ
ajfa-2558	50	17	this	this	DET
ajfa-2558	50	18	law	law	NOUN
ajfa-2558	50	19	will	will	AUX
ajfa-2558	50	20	be	be	AUX
ajfa-2558	50	21	abandoned	abandon	VERB
ajfa-2558	50	22	soon	soon	ADV
ajfa-2558	50	23	since	since	SCONJ
ajfa-2558	50	24	the	the	DET
ajfa-2558	50	25	amendment	amendment	NOUN
ajfa-2558	50	26	is	be	AUX
ajfa-2558	50	27	under	under	ADP
ajfa-2558	50	28	the	the	DET
ajfa-2558	50	29	way	way	NOUN
ajfa-2558	50	30	in	in	ADP
ajfa-2558	50	31	the	the	DET
ajfa-2558	50	32	congress	congress	PROPN
ajfa-2558	50	33	.	.	PUNCT
ajfa-2558	51	1	graph	graph	NOUN
ajfa-2558	51	2	1	1	NUM
ajfa-2558	51	3	summarizes	summarize	NOUN
ajfa-2558	51	4	the	the	DET
ajfa-2558	51	5	planned	planned	ADJ
ajfa-2558	51	6	ownership	ownership	NOUN
ajfa-2558	51	7	restructuring	restructuring	NOUN
ajfa-2558	51	8	of	of	ADP
ajfa-2558	51	9	sk	sk	NOUN
ajfa-2558	51	10	group	group	NOUN
ajfa-2558	51	11	after	after	ADP
ajfa-2558	51	12	the	the	DET
ajfa-2558	51	13	ipo	ipo	NOUN
ajfa-2558	51	14	of	of	ADP
ajfa-2558	51	15	sk	sk	PROPN
ajfa-2558	51	16	c&c	c&c	PROPN
ajfa-2558	51	17	.	.	PUNCT
ajfa-2558	52	1	2.2	2.2	NUM
ajfa-2558	52	2	.	.	PUNCT
ajfa-2558	52	3	corporate	corporate	ADJ
ajfa-2558	52	4	governance	governance	NOUN
ajfa-2558	52	5	and	and	CCONJ
ajfa-2558	52	6	the	the	DET
ajfa-2558	52	7	vision	vision	NOUN
ajfa-2558	52	8	for	for	ADP
ajfa-2558	52	9	global	global	ADJ
ajfa-2558	52	10	sk	sk	ADP
ajfa-2558	52	11	the	the	DET
ajfa-2558	52	12	optimal	optimal	ADJ
ajfa-2558	52	13	corporate	corporate	ADJ
ajfa-2558	52	14	governance	governance	NOUN
ajfa-2558	52	15	structure	structure	NOUN
ajfa-2558	52	16	for	for	ADP
ajfa-2558	52	17	an	an	DET
ajfa-2558	52	18	individual	individual	ADJ
ajfa-2558	52	19	corporation	corporation	NOUN
ajfa-2558	52	20	is	be	AUX
ajfa-2558	52	21	far	far	ADV
ajfa-2558	52	22	from	from	ADP
ajfa-2558	52	23	simple	simple	ADJ
ajfa-2558	52	24	regulations	regulation	NOUN
ajfa-2558	52	25	such	such	ADJ
ajfa-2558	52	26	as	as	ADP
ajfa-2558	52	27	having	have	VERB
ajfa-2558	52	28	smaller	small	ADJ
ajfa-2558	52	29	board	board	NOUN
ajfa-2558	52	30	,	,	PUNCT
ajfa-2558	52	31	higher	high	ADJ
ajfa-2558	52	32	proportion	proportion	NOUN
ajfa-2558	52	33	of	of	ADP
ajfa-2558	52	34	outside	outside	ADJ
ajfa-2558	52	35	directors	director	NOUN
ajfa-2558	52	36	,	,	PUNCT
ajfa-2558	52	37	or	or	CCONJ
ajfa-2558	52	38	higher	high	ADJ
ajfa-2558	52	39	ownership	ownership	NOUN
ajfa-2558	52	40	by	by	ADP
ajfa-2558	52	41	managers	manager	NOUN
ajfa-2558	52	42	.	.	PUNCT
ajfa-2558	53	1	coles	coles	PROPN
ajfa-2558	53	2	,	,	PUNCT
ajfa-2558	53	3	daniel	daniel	PROPN
ajfa-2558	53	4	,	,	PUNCT
ajfa-2558	53	5	and	and	CCONJ
ajfa-2558	53	6	naveen	naveen	PROPN
ajfa-2558	53	7	(	(	PUNCT
ajfa-2558	53	8	2008	2008	NUM
ajfa-2558	53	9	)	)	PUNCT
ajfa-2558	53	10	,	,	PUNCT
ajfa-2558	53	11	chi	chi	PROPN
ajfa-2558	53	12	and	and	CCONJ
ajfa-2558	53	13	lee	lee	PROPN
ajfa-2558	53	14	(	(	PUNCT
ajfa-2558	53	15	2010	2010	NUM
ajfa-2558	53	16	)	)	PUNCT
ajfa-2558	53	17	,	,	PUNCT
ajfa-2558	53	18	rose	rise	VERB
ajfa-2558	53	19	(	(	PUNCT
ajfa-2558	53	20	2009	2009	NUM
ajfa-2558	53	21	)	)	PUNCT
ajfa-2558	53	22	,	,	PUNCT
ajfa-2558	53	23	duchin	duchin	NOUN
ajfa-2558	53	24	,	,	PUNCT
ajfa-2558	53	25	matsusaka	matsusaka	NOUN
ajfa-2558	53	26	,	,	PUNCT
ajfa-2558	53	27	and	and	CCONJ
ajfa-2558	53	28	ozbas	ozbas	PROPN
ajfa-2558	53	29	(	(	PUNCT
ajfa-2558	53	30	2010	2010	NUM
ajfa-2558	53	31	)	)	PUNCT
ajfa-2558	53	32	argue	argue	VERB
ajfa-2558	53	33	that	that	SCONJ
ajfa-2558	53	34	the	the	DET
ajfa-2558	53	35	optimal	optimal	ADJ
ajfa-2558	53	36	governance	governance	NOUN
ajfa-2558	53	37	structure	structure	NOUN
ajfa-2558	53	38	depends	depend	VERB
ajfa-2558	53	39	on	on	ADP
ajfa-2558	53	40	firm	firm	ADJ
ajfa-2558	53	41	characteristics	characteristic	NOUN
ajfa-2558	53	42	such	such	ADJ
ajfa-2558	53	43	as	as	ADP
ajfa-2558	53	44	firm	firm	ADJ
ajfa-2558	53	45	size	size	NOUN
ajfa-2558	53	46	,	,	PUNCT
ajfa-2558	53	47	growth	growth	NOUN
ajfa-2558	53	48	opportunities	opportunity	NOUN
ajfa-2558	53	49	,	,	PUNCT
ajfa-2558	53	50	leverage	leverage	NOUN
ajfa-2558	53	51	,	,	PUNCT
ajfa-2558	53	52	and	and	CCONJ
ajfa-2558	53	53	the	the	DET
ajfa-2558	53	54	complexity	complexity	NOUN
ajfa-2558	53	55	asian	asian	ADJ
ajfa-2558	53	56	journal	journal	NOUN
ajfa-2558	53	57	of	of	ADP
ajfa-2558	53	58	finance	finance	PROPN
ajfa-2558	53	59	&	&	CCONJ
ajfa-2558	53	60	accounting	accounting	PROPN
ajfa-2558	53	61	issn	issn	PROPN
ajfa-2558	53	62	1946	1946	NUM
ajfa-2558	53	63	-	-	PUNCT
ajfa-2558	53	64	052x	052x	NOUN
ajfa-2558	53	65	2012	2012	NUM
ajfa-2558	53	66	,	,	PUNCT
ajfa-2558	53	67	vol	vol	NOUN
ajfa-2558	53	68	.	.	PROPN
ajfa-2558	53	69	4	4	NUM
ajfa-2558	53	70	,	,	PUNCT
ajfa-2558	53	71	no	no	INTJ
ajfa-2558	53	72	.	.	NOUN
ajfa-2558	53	73	2	2	NUM
ajfa-2558	53	74	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	53	75	305	305	NUM
ajfa-2558	53	76	of	of	ADP
ajfa-2558	53	77	the	the	DET
ajfa-2558	53	78	operations	operation	NOUN
ajfa-2558	53	79	.	.	PUNCT
ajfa-2558	54	1	klein	klein	PROPN
ajfa-2558	54	2	(	(	PUNCT
ajfa-2558	54	3	1998	1998	NUM
ajfa-2558	54	4	)	)	PUNCT
ajfa-2558	54	5	,	,	PUNCT
ajfa-2558	54	6	bhagat	bhagat	PROPN
ajfa-2558	54	7	and	and	CCONJ
ajfa-2558	54	8	black	black	ADJ
ajfa-2558	54	9	(	(	PUNCT
ajfa-2558	54	10	2001	2001	NUM
ajfa-2558	54	11	)	)	PUNCT
ajfa-2558	54	12	,	,	PUNCT
ajfa-2558	54	13	and	and	CCONJ
ajfa-2558	54	14	boone	boone	PROPN
ajfa-2558	54	15	et	et	PROPN
ajfa-2558	54	16	al	al	PROPN
ajfa-2558	54	17	.	.	PROPN
ajfa-2558	54	18	(	(	PUNCT
ajfa-2558	54	19	2007	2007	NUM
ajfa-2558	54	20	)	)	PUNCT
ajfa-2558	54	21	also	also	ADV
ajfa-2558	54	22	find	find	VERB
ajfa-2558	54	23	that	that	SCONJ
ajfa-2558	54	24	the	the	DET
ajfa-2558	54	25	effectiveness	effectiveness	NOUN
ajfa-2558	54	26	of	of	ADP
ajfa-2558	54	27	board	board	NOUN
ajfa-2558	54	28	monitoring	monitoring	NOUN
ajfa-2558	54	29	is	be	AUX
ajfa-2558	54	30	conditional	conditional	ADJ
ajfa-2558	54	31	on	on	ADP
ajfa-2558	54	32	firm	firm	ADJ
ajfa-2558	54	33	characteristics	characteristic	NOUN
ajfa-2558	54	34	.	.	PUNCT
ajfa-2558	55	1	other	other	ADJ
ajfa-2558	55	2	research	research	NOUN
ajfa-2558	55	3	show	show	VERB
ajfa-2558	55	4	that	that	SCONJ
ajfa-2558	55	5	the	the	DET
ajfa-2558	55	6	impact	impact	NOUN
ajfa-2558	55	7	of	of	ADP
ajfa-2558	55	8	certain	certain	ADJ
ajfa-2558	55	9	governance	governance	NOUN
ajfa-2558	55	10	structure	structure	NOUN
ajfa-2558	55	11	depended	depend	VERB
ajfa-2558	55	12	on	on	ADP
ajfa-2558	55	13	outside	outside	ADJ
ajfa-2558	55	14	environment	environment	NOUN
ajfa-2558	55	15	as	as	ADV
ajfa-2558	55	16	well	well	ADV
ajfa-2558	55	17	.	.	PUNCT
ajfa-2558	56	1	for	for	ADP
ajfa-2558	56	2	example	example	NOUN
ajfa-2558	56	3	,	,	PUNCT
ajfa-2558	56	4	cremers	cremer	NOUN
ajfa-2558	56	5	and	and	CCONJ
ajfa-2558	56	6	nair	nair	NOUN
ajfa-2558	56	7	(	(	PUNCT
ajfa-2558	56	8	2005	2005	NUM
ajfa-2558	56	9	)	)	PUNCT
ajfa-2558	56	10	contend	contend	VERB
ajfa-2558	56	11	that	that	SCONJ
ajfa-2558	56	12	internal	internal	ADJ
ajfa-2558	56	13	governance	governance	NOUN
ajfa-2558	56	14	mechanism	mechanism	NOUN
ajfa-2558	56	15	such	such	ADJ
ajfa-2558	56	16	as	as	ADP
ajfa-2558	56	17	insider	insider	NOUN
ajfa-2558	56	18	ownership	ownership	NOUN
ajfa-2558	56	19	interacts	interact	VERB
ajfa-2558	56	20	with	with	ADP
ajfa-2558	56	21	external	external	ADJ
ajfa-2558	56	22	governance	governance	NOUN
ajfa-2558	56	23	mechanisms	mechanism	NOUN
ajfa-2558	56	24	such	such	ADJ
ajfa-2558	56	25	as	as	ADP
ajfa-2558	56	26	industry	industry	NOUN
ajfa-2558	56	27	competition	competition	NOUN
ajfa-2558	56	28	and	and	CCONJ
ajfa-2558	56	29	institutional	institutional	ADJ
ajfa-2558	56	30	holdings	holding	NOUN
ajfa-2558	56	31	.	.	PUNCT
ajfa-2558	57	1	considering	consider	VERB
ajfa-2558	57	2	these	these	DET
ajfa-2558	57	3	argument	argument	NOUN
ajfa-2558	57	4	,	,	PUNCT
ajfa-2558	57	5	sk	sk	PROPN
ajfa-2558	57	6	group	group	NOUN
ajfa-2558	57	7	shall	shall	AUX
ajfa-2558	57	8	find	find	VERB
ajfa-2558	57	9	the	the	DET
ajfa-2558	57	10	right	right	ADJ
ajfa-2558	57	11	governance	governance	NOUN
ajfa-2558	57	12	system	system	NOUN
ajfa-2558	57	13	that	that	PRON
ajfa-2558	57	14	fits	fit	VERB
ajfa-2558	57	15	for	for	ADP
ajfa-2558	57	16	the	the	DET
ajfa-2558	57	17	company	company	NOUN
ajfa-2558	57	18	’s	’s	PART
ajfa-2558	57	19	characteristics	characteristic	NOUN
ajfa-2558	57	20	.	.	PUNCT
ajfa-2558	58	1	the	the	DET
ajfa-2558	58	2	transition	transition	NOUN
ajfa-2558	58	3	to	to	ADP
ajfa-2558	58	4	a	a	DET
ajfa-2558	58	5	holding	hold	VERB
ajfa-2558	58	6	company	company	NOUN
ajfa-2558	58	7	structure	structure	NOUN
ajfa-2558	58	8	and	and	CCONJ
ajfa-2558	58	9	the	the	DET
ajfa-2558	58	10	adoption	adoption	NOUN
ajfa-2558	58	11	of	of	ADP
ajfa-2558	58	12	independent	independent	ADJ
ajfa-2558	58	13	directors	director	NOUN
ajfa-2558	58	14	are	be	AUX
ajfa-2558	58	15	the	the	DET
ajfa-2558	58	16	solution	solution	NOUN
ajfa-2558	58	17	of	of	ADP
ajfa-2558	58	18	sk	sk	NOUN
ajfa-2558	58	19	group	group	NOUN
ajfa-2558	58	20	to	to	PART
ajfa-2558	58	21	improve	improve	VERB
ajfa-2558	58	22	its	its	PRON
ajfa-2558	58	23	governance	governance	NOUN
ajfa-2558	58	24	structure	structure	NOUN
ajfa-2558	58	25	.	.	PUNCT
ajfa-2558	59	1	sk	sk	PROPN
ajfa-2558	59	2	pursues	pursue	VERB
ajfa-2558	59	3	“	"	PUNCT
ajfa-2558	59	4	big	big	ADJ
ajfa-2558	59	5	leaps	leap	NOUN
ajfa-2558	59	6	”	"	PUNCT
ajfa-2558	59	7	on	on	ADP
ajfa-2558	59	8	the	the	DET
ajfa-2558	59	9	ground	ground	NOUN
ajfa-2558	59	10	of	of	ADP
ajfa-2558	59	11	a	a	DET
ajfa-2558	59	12	stable	stable	ADJ
ajfa-2558	59	13	holding	hold	VERB
ajfa-2558	59	14	company	company	NOUN
ajfa-2558	59	15	structure	structure	NOUN
ajfa-2558	59	16	through	through	ADP
ajfa-2558	59	17	new	new	ADJ
ajfa-2558	59	18	business	business	NOUN
ajfa-2558	59	19	ventures	venture	NOUN
ajfa-2558	59	20	and	and	CCONJ
ajfa-2558	59	21	enforcement	enforcement	NOUN
ajfa-2558	59	22	on	on	ADP
ajfa-2558	59	23	global	global	ADJ
ajfa-2558	59	24	businesses	business	NOUN
ajfa-2558	59	25	.	.	PUNCT
ajfa-2558	60	1	an	an	DET
ajfa-2558	60	2	insider	insider	NOUN
ajfa-2558	60	3	of	of	ADP
ajfa-2558	60	4	the	the	DET
ajfa-2558	60	5	company	company	NOUN
ajfa-2558	60	6	says	say	VERB
ajfa-2558	60	7	“	"	PUNCT
ajfa-2558	60	8	debates	debate	NOUN
ajfa-2558	60	9	on	on	ADP
ajfa-2558	60	10	corporate	corporate	ADJ
ajfa-2558	60	11	governance	governance	NOUN
ajfa-2558	60	12	structure	structure	NOUN
ajfa-2558	60	13	will	will	AUX
ajfa-2558	60	14	inevitably	inevitably	ADV
ajfa-2558	60	15	cause	cause	VERB
ajfa-2558	60	16	unnecessary	unnecessary	ADJ
ajfa-2558	60	17	costs	cost	NOUN
ajfa-2558	60	18	,	,	PUNCT
ajfa-2558	60	19	direct	direct	ADJ
ajfa-2558	60	20	and	and	CCONJ
ajfa-2558	60	21	indirect	indirect	ADJ
ajfa-2558	60	22	,	,	PUNCT
ajfa-2558	60	23	to	to	ADP
ajfa-2558	60	24	the	the	DET
ajfa-2558	60	25	company	company	NOUN
ajfa-2558	60	26	”	"	PUNCT
ajfa-2558	60	27	and	and	CCONJ
ajfa-2558	60	28	“	"	PUNCT
ajfa-2558	60	29	clear	clear	ADJ
ajfa-2558	60	30	governance	governance	NOUN
ajfa-2558	60	31	structure	structure	NOUN
ajfa-2558	60	32	via	via	ADP
ajfa-2558	60	33	the	the	DET
ajfa-2558	60	34	holding	hold	VERB
ajfa-2558	60	35	company	company	NOUN
ajfa-2558	60	36	as	as	ADP
ajfa-2558	60	37	a	a	DET
ajfa-2558	60	38	control	control	NOUN
ajfa-2558	60	39	tower	tower	NOUN
ajfa-2558	60	40	can	can	AUX
ajfa-2558	60	41	intensify	intensify	VERB
ajfa-2558	60	42	the	the	DET
ajfa-2558	60	43	business	business	NOUN
ajfa-2558	60	44	capability	capability	NOUN
ajfa-2558	60	45	of	of	ADP
ajfa-2558	60	46	the	the	DET
ajfa-2558	60	47	group	group	NOUN
ajfa-2558	60	48	”	"	PUNCT
ajfa-2558	60	49	.	.	PUNCT
ajfa-2558	61	1	recent	recent	ADJ
ajfa-2558	61	2	merger	merger	NOUN
ajfa-2558	61	3	of	of	ADP
ajfa-2558	61	4	sk	sk	NOUN
ajfa-2558	61	5	network	network	NOUN
ajfa-2558	61	6	with	with	ADP
ajfa-2558	61	7	sheraton	sheraton	PROPN
ajfa-2558	61	8	workhill	workhill	PROPN
ajfa-2558	61	9	and	and	CCONJ
ajfa-2558	61	10	the	the	DET
ajfa-2558	61	11	inclusion	inclusion	NOUN
ajfa-2558	61	12	of	of	ADP
ajfa-2558	61	13	sk	sk	ADJ
ajfa-2558	61	14	construction	construction	NOUN
ajfa-2558	61	15	as	as	ADP
ajfa-2558	61	16	a	a	DET
ajfa-2558	61	17	subsidiary	subsidiary	NOUN
ajfa-2558	61	18	is	be	AUX
ajfa-2558	61	19	a	a	DET
ajfa-2558	61	20	part	part	NOUN
ajfa-2558	61	21	of	of	ADP
ajfa-2558	61	22	the	the	DET
ajfa-2558	61	23	internal	internal	ADJ
ajfa-2558	61	24	restructuring	restructuring	NOUN
ajfa-2558	61	25	plan	plan	NOUN
ajfa-2558	61	26	to	to	PART
ajfa-2558	61	27	be	be	AUX
ajfa-2558	61	28	aligned	align	VERB
ajfa-2558	61	29	with	with	ADP
ajfa-2558	61	30	the	the	DET
ajfa-2558	61	31	new	new	ADJ
ajfa-2558	61	32	governance	governance	NOUN
ajfa-2558	61	33	system	system	NOUN
ajfa-2558	61	34	.	.	PUNCT
ajfa-2558	62	1	mr	mr	PROPN
ajfa-2558	62	2	,	,	PUNCT
ajfa-2558	62	3	kyun	kyun	PROPN
ajfa-2558	62	4	oh	oh	INTJ
ajfa-2558	62	5	-	-	PUNCT
ajfa-2558	62	6	yong	yong	PROPN
ajfa-2558	62	7	,	,	PUNCT
ajfa-2558	62	8	a	a	DET
ajfa-2558	62	9	vice	vice	NOUN
ajfa-2558	62	10	president	president	NOUN
ajfa-2558	62	11	in	in	ADP
ajfa-2558	62	12	sk	sk	PROPN
ajfa-2558	62	13	brand	brand	NOUN
ajfa-2558	62	14	management	management	NOUN
ajfa-2558	62	15	division	division	NOUN
ajfa-2558	62	16	,	,	PUNCT
ajfa-2558	62	17	argues	argue	VERB
ajfa-2558	62	18	“	"	PUNCT
ajfa-2558	62	19	clear	clear	ADJ
ajfa-2558	62	20	governance	governance	NOUN
ajfa-2558	62	21	structure	structure	NOUN
ajfa-2558	62	22	will	will	AUX
ajfa-2558	62	23	enhance	enhance	VERB
ajfa-2558	62	24	reputation	reputation	NOUN
ajfa-2558	62	25	of	of	ADP
ajfa-2558	62	26	the	the	DET
ajfa-2558	62	27	company	company	NOUN
ajfa-2558	62	28	which	which	PRON
ajfa-2558	62	29	will	will	AUX
ajfa-2558	62	30	create	create	VERB
ajfa-2558	62	31	a	a	DET
ajfa-2558	62	32	synergy	synergy	NOUN
ajfa-2558	62	33	effect	effect	NOUN
ajfa-2558	62	34	with	with	ADP
ajfa-2558	62	35	the	the	DET
ajfa-2558	62	36	global	global	ADJ
ajfa-2558	62	37	business	business	NOUN
ajfa-2558	62	38	strategies	strategy	NOUN
ajfa-2558	62	39	in	in	ADP
ajfa-2558	62	40	sk	sk	INTJ
ajfa-2558	62	41	”	"	PUNCT
ajfa-2558	62	42	and	and	CCONJ
ajfa-2558	62	43	“	"	PUNCT
ajfa-2558	62	44	a	a	DET
ajfa-2558	62	45	transition	transition	NOUN
ajfa-2558	62	46	to	to	ADP
ajfa-2558	62	47	a	a	DET
ajfa-2558	62	48	holding	hold	VERB
ajfa-2558	62	49	company	company	NOUN
ajfa-2558	62	50	will	will	AUX
ajfa-2558	62	51	definitely	definitely	ADV
ajfa-2558	62	52	become	become	VERB
ajfa-2558	62	53	a	a	DET
ajfa-2558	62	54	big	big	ADJ
ajfa-2558	62	55	opportunity	opportunity	NOUN
ajfa-2558	62	56	for	for	ADP
ajfa-2558	62	57	sk	sk	NOUN
ajfa-2558	62	58	”	"	PUNCT
ajfa-2558	62	59	.	.	PUNCT
ajfa-2558	63	1	this	this	DET
ajfa-2558	63	2	emphasis	emphasis	NOUN
ajfa-2558	63	3	on	on	ADP
ajfa-2558	63	4	corporate	corporate	ADJ
ajfa-2558	63	5	governance	governance	NOUN
ajfa-2558	63	6	came	come	VERB
ajfa-2558	63	7	only	only	ADV
ajfa-2558	63	8	after	after	ADP
ajfa-2558	63	9	the	the	DET
ajfa-2558	63	10	painful	painful	ADJ
ajfa-2558	63	11	lesson	lesson	NOUN
ajfa-2558	63	12	by	by	ADP
ajfa-2558	63	13	president	president	NOUN
ajfa-2558	63	14	choi	choi	PROPN
ajfa-2558	63	15	.	.	PUNCT
ajfa-2558	64	1	previously	previously	ADV
ajfa-2558	64	2	,	,	PUNCT
ajfa-2558	64	3	sk	sk	PRON
ajfa-2558	64	4	global	global	PROPN
ajfa-2558	64	5	has	have	AUX
ajfa-2558	64	6	been	be	AUX
ajfa-2558	64	7	involved	involve	VERB
ajfa-2558	64	8	with	with	ADP
ajfa-2558	64	9	fraud	fraud	NOUN
ajfa-2558	64	10	in	in	ADP
ajfa-2558	64	11	accounting	accounting	NOUN
ajfa-2558	64	12	.	.	PUNCT
ajfa-2558	65	1	regulator	regulator	NOUN
ajfa-2558	65	2	has	have	AUX
ajfa-2558	65	3	been	be	AUX
ajfa-2558	65	4	investigated	investigate	VERB
ajfa-2558	65	5	the	the	DET
ajfa-2558	65	6	stock	stock	NOUN
ajfa-2558	65	7	exchange	exchange	NOUN
ajfa-2558	65	8	between	between	ADP
ajfa-2558	65	9	workhill	workhill	NOUN
ajfa-2558	65	10	and	and	CCONJ
ajfa-2558	65	11	sk	sk	VERB
ajfa-2558	65	12	holdings	holding	NOUN
ajfa-2558	65	13	and	and	CCONJ
ajfa-2558	65	14	a	a	DET
ajfa-2558	65	15	secret	secret	ADJ
ajfa-2558	65	16	deal	deal	NOUN
ajfa-2558	65	17	between	between	ADP
ajfa-2558	65	18	sk	sk	NOUN
ajfa-2558	65	19	and	and	CCONJ
ajfa-2558	65	20	jp	jp	PROPN
ajfa-2558	65	21	morgan	morgan	PROPN
ajfa-2558	65	22	.	.	PROPN
ajfa-2558	66	1	president	president	PROPN
ajfa-2558	66	2	choi	choi	PROPN
ajfa-2558	66	3	has	have	AUX
ajfa-2558	66	4	been	be	AUX
ajfa-2558	66	5	convicted	convict	VERB
ajfa-2558	66	6	for	for	ADP
ajfa-2558	66	7	these	these	DET
ajfa-2558	66	8	misdemeanors	misdemeanor	NOUN
ajfa-2558	66	9	.	.	PUNCT
ajfa-2558	67	1	as	as	ADP
ajfa-2558	67	2	of	of	ADP
ajfa-2558	67	3	august	august	PROPN
ajfa-2558	67	4	15	15	NUM
ajfa-2558	67	5	,	,	PUNCT
ajfa-2558	67	6	2008	2008	NUM
ajfa-2558	67	7	,	,	PUNCT
ajfa-2558	67	8	president	president	NOUN
ajfa-2558	67	9	choi	choi	NOUN
ajfa-2558	67	10	has	have	AUX
ajfa-2558	67	11	been	be	AUX
ajfa-2558	67	12	released	release	VERB
ajfa-2558	67	13	.	.	PUNCT
ajfa-2558	68	1	since	since	SCONJ
ajfa-2558	68	2	then	then	ADV
ajfa-2558	68	3	he	he	PRON
ajfa-2558	68	4	accepts	accept	VERB
ajfa-2558	68	5	more	more	ADJ
ajfa-2558	68	6	than	than	ADP
ajfa-2558	68	7	50	50	NUM
ajfa-2558	68	8	%	%	NOUN
ajfa-2558	68	9	of	of	ADP
ajfa-2558	68	10	outside	outside	ADJ
ajfa-2558	68	11	directors	director	NOUN
ajfa-2558	68	12	in	in	ADP
ajfa-2558	68	13	the	the	DET
ajfa-2558	68	14	board	board	NOUN
ajfa-2558	68	15	to	to	PART
ajfa-2558	68	16	ensure	ensure	VERB
ajfa-2558	68	17	internal	internal	ADJ
ajfa-2558	68	18	monitoring	monitoring	NOUN
ajfa-2558	68	19	.	.	PUNCT
ajfa-2558	69	1	currently	currently	ADV
ajfa-2558	69	2	,	,	PUNCT
ajfa-2558	69	3	there	there	PRON
ajfa-2558	69	4	are	be	VERB
ajfa-2558	69	5	no	no	DET
ajfa-2558	69	6	legal	legal	ADJ
ajfa-2558	69	7	actions	action	NOUN
ajfa-2558	69	8	taken	take	VERB
ajfa-2558	69	9	against	against	ADP
ajfa-2558	69	10	the	the	DET
ajfa-2558	69	11	management	management	NOUN
ajfa-2558	69	12	of	of	ADP
ajfa-2558	69	13	sk	sk	NOUN
ajfa-2558	69	14	c&c	c&c	PROPN
ajfa-2558	69	15	and	and	CCONJ
ajfa-2558	69	16	sk	sk	PROPN
ajfa-2558	69	17	group	group	NOUN
ajfa-2558	69	18	.	.	PUNCT
ajfa-2558	70	1	3	3	X
ajfa-2558	70	2	.	.	X
ajfa-2558	70	3	data	datum	NOUN
ajfa-2558	70	4	and	and	CCONJ
ajfa-2558	70	5	methodology	methodology	NOUN
ajfa-2558	70	6	we	we	PRON
ajfa-2558	70	7	separately	separately	ADV
ajfa-2558	70	8	analyze	analyze	VERB
ajfa-2558	70	9	the	the	DET
ajfa-2558	70	10	value	value	NOUN
ajfa-2558	70	11	of	of	ADP
ajfa-2558	70	12	main	main	ADJ
ajfa-2558	70	13	business	business	NOUN
ajfa-2558	70	14	of	of	ADP
ajfa-2558	70	15	sk	sk	NOUN
ajfa-2558	70	16	c&c	c&c	PROPN
ajfa-2558	70	17	and	and	CCONJ
ajfa-2558	70	18	the	the	DET
ajfa-2558	70	19	value	value	NOUN
ajfa-2558	70	20	of	of	ADP
ajfa-2558	70	21	share	share	NOUN
ajfa-2558	70	22	holdings	holding	NOUN
ajfa-2558	70	23	in	in	ADP
ajfa-2558	70	24	subsidiary	subsidiary	NOUN
ajfa-2558	70	25	companies	company	NOUN
ajfa-2558	70	26	.	.	PUNCT
ajfa-2558	71	1	we	we	PRON
ajfa-2558	71	2	then	then	ADV
ajfa-2558	71	3	sum	sum	VERB
ajfa-2558	71	4	these	these	DET
ajfa-2558	71	5	two	two	NUM
ajfa-2558	71	6	parts	part	NOUN
ajfa-2558	71	7	’	'	PUNCT
ajfa-2558	71	8	values	value	NOUN
ajfa-2558	71	9	to	to	PART
ajfa-2558	71	10	compute	compute	VERB
ajfa-2558	71	11	the	the	DET
ajfa-2558	71	12	equity	equity	NOUN
ajfa-2558	71	13	value	value	NOUN
ajfa-2558	71	14	of	of	ADP
ajfa-2558	71	15	sk	sk	NOUN
ajfa-2558	71	16	c&c	c&c	PROPN
ajfa-2558	71	17	and	and	CCONJ
ajfa-2558	71	18	per	per	ADP
ajfa-2558	71	19	share	share	NOUN
ajfa-2558	71	20	value	value	NOUN
ajfa-2558	71	21	.	.	PUNCT
ajfa-2558	72	1	3.1	3.1	NUM
ajfa-2558	72	2	.	.	PUNCT
ajfa-2558	73	1	the	the	DET
ajfa-2558	73	2	value	value	NOUN
ajfa-2558	73	3	of	of	ADP
ajfa-2558	73	4	sk	sk	ADP
ajfa-2558	73	5	c&c	c&c	PROPN
ajfa-2558	73	6	it	it	PRON
ajfa-2558	73	7	business	business	VERB
ajfa-2558	73	8	main	main	ADJ
ajfa-2558	73	9	business	business	NOUN
ajfa-2558	73	10	of	of	ADP
ajfa-2558	73	11	sk	sk	NOUN
ajfa-2558	73	12	c&c	c&c	PROPN
ajfa-2558	73	13	is	be	AUX
ajfa-2558	73	14	an	an	DET
ajfa-2558	73	15	information	information	NOUN
ajfa-2558	73	16	technology	technology	NOUN
ajfa-2558	73	17	(	(	PUNCT
ajfa-2558	73	18	it	it	PRON
ajfa-2558	73	19	)	)	PUNCT
ajfa-2558	73	20	service	service	NOUN
ajfa-2558	73	21	.	.	PUNCT
ajfa-2558	74	1	the	the	DET
ajfa-2558	74	2	company	company	NOUN
ajfa-2558	74	3	has	have	AUX
ajfa-2558	74	4	founded	found	VERB
ajfa-2558	74	5	in	in	ADP
ajfa-2558	74	6	april	april	PROPN
ajfa-2558	74	7	1991	1991	NUM
ajfa-2558	74	8	.	.	PUNCT
ajfa-2558	75	1	sk	sk	PROPN
ajfa-2558	75	2	c&c	c&c	PROPN
ajfa-2558	75	3	envisions	envision	VERB
ajfa-2558	75	4	“	"	PUNCT
ajfa-2558	75	5	global	global	ADJ
ajfa-2558	75	6	u	u	NOUN
ajfa-2558	75	7	-	-	ADJ
ajfa-2558	75	8	service	service	ADJ
ajfa-2558	75	9	leader	leader	NOUN
ajfa-2558	75	10	”	"	PUNCT
ajfa-2558	75	11	in	in	ADP
ajfa-2558	75	12	the	the	DET
ajfa-2558	75	13	digital	digital	ADJ
ajfa-2558	75	14	convergence	convergence	NOUN
ajfa-2558	75	15	areas	area	NOUN
ajfa-2558	75	16	.	.	PUNCT
ajfa-2558	76	1	in	in	ADP
ajfa-2558	76	2	particular	particular	ADJ
ajfa-2558	76	3	,	,	PUNCT
ajfa-2558	76	4	the	the	DET
ajfa-2558	76	5	company	company	NOUN
ajfa-2558	76	6	has	have	VERB
ajfa-2558	76	7	business	business	NOUN
ajfa-2558	76	8	areas	area	NOUN
ajfa-2558	76	9	in	in	ADP
ajfa-2558	76	10	it	it	PRON
ajfa-2558	76	11	strategic	strategic	ADJ
ajfa-2558	76	12	consulting	consulting	NOUN
ajfa-2558	76	13	,	,	PUNCT
ajfa-2558	76	14	it	it	PRON
ajfa-2558	76	15	outsourcing	outsourcing	NOUN
ajfa-2558	76	16	,	,	PUNCT
ajfa-2558	76	17	system	system	NOUN
ajfa-2558	76	18	integration	integration	NOUN
ajfa-2558	76	19	(	(	PUNCT
ajfa-2558	76	20	si	si	NOUN
ajfa-2558	76	21	)	)	PUNCT
ajfa-2558	76	22	,	,	PUNCT
ajfa-2558	76	23	and	and	CCONJ
ajfa-2558	76	24	solutions	solution	NOUN
ajfa-2558	76	25	for	for	ADP
ajfa-2558	76	26	ubiquitous	ubiquitous	ADJ
ajfa-2558	76	27	environment	environment	NOUN
ajfa-2558	76	28	.	.	PUNCT
ajfa-2558	77	1	system	system	NOUN
ajfa-2558	77	2	integration	integration	NOUN
ajfa-2558	77	3	includes	include	VERB
ajfa-2558	77	4	planning	planning	NOUN
ajfa-2558	77	5	,	,	PUNCT
ajfa-2558	77	6	development	development	NOUN
ajfa-2558	77	7	,	,	PUNCT
ajfa-2558	77	8	construction	construction	NOUN
ajfa-2558	77	9	,	,	PUNCT
ajfa-2558	77	10	and	and	CCONJ
ajfa-2558	77	11	operation	operation	NOUN
ajfa-2558	77	12	of	of	ADP
ajfa-2558	77	13	an	an	DET
ajfa-2558	77	14	information	information	NOUN
ajfa-2558	77	15	system	system	NOUN
ajfa-2558	77	16	customized	customize	VERB
ajfa-2558	77	17	for	for	ADP
ajfa-2558	77	18	each	each	DET
ajfa-2558	77	19	customer	customer	NOUN
ajfa-2558	77	20	.	.	PUNCT
ajfa-2558	78	1	in	in	ADP
ajfa-2558	78	2	2008	2008	NUM
ajfa-2558	78	3	and	and	CCONJ
ajfa-2558	78	4	2009	2009	NUM
ajfa-2558	78	5	,	,	PUNCT
ajfa-2558	78	6	si	si	PROPN
ajfa-2558	78	7	services	service	NOUN
ajfa-2558	78	8	represented	represent	VERB
ajfa-2558	78	9	about	about	ADV
ajfa-2558	78	10	65	65	NUM
ajfa-2558	78	11	%	%	NOUN
ajfa-2558	78	12	of	of	ADP
ajfa-2558	78	13	sk	sk	NOUN
ajfa-2558	78	14	c&c	c&c	PROPN
ajfa-2558	78	15	’s	’s	PART
ajfa-2558	78	16	sales	sale	NOUN
ajfa-2558	78	17	revenues	revenue	NOUN
ajfa-2558	78	18	followed	follow	VERB
ajfa-2558	78	19	by	by	ADP
ajfa-2558	78	20	33	33	NUM
ajfa-2558	78	21	%	%	NOUN
ajfa-2558	78	22	of	of	ADP
ajfa-2558	78	23	sales	sale	NOUN
ajfa-2558	78	24	in	in	ADP
ajfa-2558	78	25	operation	operation	NOUN
ajfa-2558	78	26	system	system	NOUN
ajfa-2558	78	27	management	management	NOUN
ajfa-2558	78	28	asian	asian	ADJ
ajfa-2558	78	29	journal	journal	NOUN
ajfa-2558	78	30	of	of	ADP
ajfa-2558	78	31	finance	finance	PROPN
ajfa-2558	78	32	&	&	CCONJ
ajfa-2558	78	33	accounting	accounting	PROPN
ajfa-2558	78	34	issn	issn	PROPN
ajfa-2558	78	35	1946	1946	NUM
ajfa-2558	78	36	-	-	PUNCT
ajfa-2558	78	37	052x	052x	NOUN
ajfa-2558	78	38	2012	2012	NUM
ajfa-2558	78	39	,	,	PUNCT
ajfa-2558	78	40	vol	vol	NOUN
ajfa-2558	78	41	.	.	PROPN
ajfa-2558	78	42	4	4	NUM
ajfa-2558	78	43	,	,	PUNCT
ajfa-2558	78	44	no	no	INTJ
ajfa-2558	78	45	.	.	NOUN
ajfa-2558	78	46	2	2	NUM
ajfa-2558	78	47	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2558	78	48	306	306	NUM
ajfa-2558	78	49	services	service	NOUN
ajfa-2558	78	50	and	and	CCONJ
ajfa-2558	78	51	the	the	DET
ajfa-2558	78	52	remaining	remain	VERB
ajfa-2558	78	53	2	2	NUM
ajfa-2558	78	54	%	%	NOUN
ajfa-2558	78	55	is	be	AUX
ajfa-2558	78	56	from	from	ADP
ajfa-2558	78	57	other	other	ADJ
ajfa-2558	78	58	businesses	business	NOUN
ajfa-2558	78	59	.	.	PUNCT
ajfa-2558	79	1	the	the	DET
ajfa-2558	79	2	majority	majority	NOUN
ajfa-2558	79	3	of	of	ADP
ajfa-2558	79	4	revenues	revenue	NOUN
ajfa-2558	79	5	in	in	ADP
ajfa-2558	79	6	2008	2008	NUM
ajfa-2558	79	7	is	be	AUX
ajfa-2558	79	8	generated	generate	VERB
ajfa-2558	79	9	in	in	ADP
ajfa-2558	79	10	the	the	DET
ajfa-2558	79	11	domestic	domestic	ADJ
ajfa-2558	79	12	market	market	NOUN
ajfa-2558	79	13	(	(	PUNCT
ajfa-2558	79	14	almost	almost	ADV
ajfa-2558	79	15	98	98	NUM
ajfa-2558	79	16	%	%	NOUN
ajfa-2558	79	17	of	of	ADP
ajfa-2558	79	18	sales	sale	NOUN
ajfa-2558	79	19	)	)	PUNCT
ajfa-2558	79	20	.	.	PUNCT
ajfa-2558	80	1	from	from	ADP
ajfa-2558	80	2	table	table	NOUN
ajfa-2558	80	3	1	1	NUM
ajfa-2558	80	4	,	,	PUNCT
ajfa-2558	80	5	the	the	DET
ajfa-2558	80	6	market	market	NOUN
ajfa-2558	80	7	for	for	ADP
ajfa-2558	80	8	it	it	PRON
ajfa-2558	80	9	service	service	NOUN
ajfa-2558	80	10	business	business	NOUN
ajfa-2558	80	11	in	in	ADP
ajfa-2558	80	12	korea	korea	PROPN
ajfa-2558	80	13	is	be	AUX
ajfa-2558	80	14	expected	expect	VERB
ajfa-2558	80	15	to	to	PART
ajfa-2558	80	16	grow	grow	VERB
ajfa-2558	80	17	at	at	ADP
ajfa-2558	80	18	average	average	ADJ
ajfa-2558	80	19	5.6	5.6	NUM
ajfa-2558	80	20	%	%	NOUN
ajfa-2558	80	21	for	for	ADP
ajfa-2558	80	22	the	the	DET
ajfa-2558	80	23	next	next	ADJ
ajfa-2558	80	24	three	three	NUM
ajfa-2558	80	25	years	year	NOUN
ajfa-2558	80	26	and	and	CCONJ
ajfa-2558	80	27	the	the	DET
ajfa-2558	80	28	market	market	NOUN
ajfa-2558	80	29	shares	share	NOUN
ajfa-2558	80	30	for	for	ADP
ajfa-2558	80	31	the	the	DET
ajfa-2558	80	32	top	top	ADJ
ajfa-2558	80	33	three	three	NUM
ajfa-2558	80	34	players	player	NOUN
ajfa-2558	80	35	are	be	AUX
ajfa-2558	80	36	likely	likely	ADJ
ajfa-2558	80	37	to	to	PART
ajfa-2558	80	38	remain	remain	VERB
ajfa-2558	80	39	similar	similar	ADJ
ajfa-2558	80	40	over	over	ADP
ajfa-2558	80	41	the	the	DET
ajfa-2558	80	42	period	period	NOUN
ajfa-2558	80	43	.	.	PUNCT
ajfa-2558	81	1	sk	sk	PROPN
ajfa-2558	81	2	c&c	c&c	PROPN
ajfa-2558	81	3	has	have	VERB
ajfa-2558	81	4	its	its	PRON
ajfa-2558	81	5	strength	strength	NOUN
ajfa-2558	81	6	in	in	ADP
ajfa-2558	81	7	financial	financial	ADJ
ajfa-2558	81	8	sectors	sector	NOUN
ajfa-2558	81	9	and	and	CCONJ
ajfa-2558	81	10	there	there	PRON
ajfa-2558	81	11	could	could	AUX
ajfa-2558	81	12	be	be	AUX
ajfa-2558	81	13	higher	high	ADJ
ajfa-2558	81	14	market	market	NOUN
ajfa-2558	81	15	growth	growth	NOUN
ajfa-2558	81	16	due	due	ADP
ajfa-2558	81	17	to	to	ADP
ajfa-2558	81	18	early	early	ADJ
ajfa-2558	81	19	introduction	introduction	NOUN
ajfa-2558	81	20	of	of	ADP
ajfa-2558	81	21	new	new	ADJ
ajfa-2558	81	22	international	international	ADJ
ajfa-2558	81	23	financial	financial	ADJ
ajfa-2558	81	24	reporting	reporting	NOUN
ajfa-2558	81	25	standards	standard	NOUN
ajfa-2558	81	26	(	(	PUNCT
ajfa-2558	81	27	ifrs	ifrs	NOUN
ajfa-2558	81	28	)	)	PUNCT
ajfa-2558	81	29	accounting	accounting	NOUN
ajfa-2558	81	30	rules	rule	NOUN
ajfa-2558	81	31	by	by	ADP
ajfa-2558	81	32	financial	financial	ADJ
ajfa-2558	81	33	companies	company	NOUN
ajfa-2558	81	34	in	in	ADP
ajfa-2558	81	35	korea	korea	PROPN
ajfa-2558	81	36	.	.	PUNCT
ajfa-2558	82	1	in	in	ADP
ajfa-2558	82	2	year	year	NOUN
ajfa-2558	82	3	2009	2009	NUM
ajfa-2558	82	4	,	,	PUNCT
ajfa-2558	82	5	sk	sk	ADP
ajfa-2558	82	6	c&c	c&c	PROPN
ajfa-2558	82	7	expects	expect	VERB
ajfa-2558	82	8	krw230	krw230	PROPN
ajfa-2558	82	9	billion	billion	NUM
ajfa-2558	82	10	(	(	PUNCT
ajfa-2558	82	11	about	about	ADV
ajfa-2558	82	12	us$200	us$200	ADP
ajfa-2558	82	13	million	million	NUM
ajfa-2558	82	14	)	)	PUNCT
ajfa-2558	82	15	sales	sale	NOUN
ajfa-2558	82	16	in	in	ADP
ajfa-2558	82	17	the	the	DET
ajfa-2558	82	18	financial	financial	ADJ
ajfa-2558	82	19	services	service	NOUN
ajfa-2558	82	20	sector	sector	NOUN
ajfa-2558	82	21	,	,	PUNCT
ajfa-2558	82	22	which	which	PRON
ajfa-2558	82	23	is	be	AUX
ajfa-2558	82	24	a	a	DET
ajfa-2558	82	25	substantial	substantial	ADJ
ajfa-2558	82	26	increase	increase	NOUN
ajfa-2558	82	27	from	from	ADP
ajfa-2558	82	28	krw180	krw180	PROPN
ajfa-2558	82	29	billion	billion	NUM
ajfa-2558	82	30	(	(	PUNCT
ajfa-2558	82	31	about	about	ADP
ajfa-2558	82	32	us$150	us$150	NOUN
ajfa-2558	82	33	million	million	NUM
ajfa-2558	82	34	)	)	PUNCT
ajfa-2558	82	35	in	in	ADP
ajfa-2558	82	36	2008	2008	NUM
ajfa-2558	82	37	.	.	PUNCT
ajfa-2558	83	1	the	the	DET
ajfa-2558	83	2	company	company	NOUN
ajfa-2558	83	3	has	have	AUX
ajfa-2558	83	4	actively	actively	ADV
ajfa-2558	83	5	implemented	implement	VERB
ajfa-2558	83	6	globalization	globalization	NOUN
ajfa-2558	83	7	plan	plan	NOUN
ajfa-2558	83	8	since	since	SCONJ
ajfa-2558	83	9	year	year	NOUN
ajfa-2558	83	10	2007	2007	NUM
ajfa-2558	83	11	.	.	PUNCT
ajfa-2558	84	1	the	the	DET
ajfa-2558	84	2	proportion	proportion	NOUN
ajfa-2558	84	3	of	of	ADP
ajfa-2558	84	4	international	international	ADJ
ajfa-2558	84	5	business	business	NOUN
ajfa-2558	84	6	represents	represent	VERB
ajfa-2558	84	7	2.1	2.1	NUM
ajfa-2558	84	8	percent	percent	NOUN
ajfa-2558	84	9	in	in	ADP
ajfa-2558	84	10	2007	2007	NUM
ajfa-2558	84	11	and	and	CCONJ
ajfa-2558	84	12	expected	expect	VERB
ajfa-2558	84	13	to	to	PART
ajfa-2558	84	14	grow	grow	VERB
ajfa-2558	84	15	to	to	ADP
ajfa-2558	84	16	5.1	5.1	NUM
ajfa-2558	84	17	percent	percent	NOUN
ajfa-2558	84	18	by	by	ADP
ajfa-2558	84	19	2009	2009	NUM
ajfa-2558	84	20	.	.	PUNCT
ajfa-2558	85	1	mr	mr	PROPN
ajfa-2558	85	2	.	.	PROPN
ajfa-2558	86	1	oh	oh	INTJ
ajfa-2558	86	2	,	,	PUNCT
ajfa-2558	86	3	a	a	DET
ajfa-2558	86	4	financial	financial	ADJ
ajfa-2558	86	5	analyst	analyst	NOUN
ajfa-2558	86	6	at	at	ADP
ajfa-2558	86	7	ktb	ktb	PROPN
ajfa-2558	86	8	investment	investment	PROPN
ajfa-2558	86	9	securities	security	NOUN
ajfa-2558	86	10	,	,	PUNCT
ajfa-2558	86	11	forecasted	forecast	VERB
ajfa-2558	86	12	that	that	SCONJ
ajfa-2558	86	13	the	the	DET
ajfa-2558	86	14	proportion	proportion	NOUN
ajfa-2558	86	15	of	of	ADP
ajfa-2558	86	16	global	global	ADJ
ajfa-2558	86	17	sales	sale	NOUN
ajfa-2558	86	18	is	be	AUX
ajfa-2558	86	19	expected	expect	VERB
ajfa-2558	86	20	to	to	PART
ajfa-2558	86	21	increase	increase	VERB
ajfa-2558	86	22	up	up	ADP
ajfa-2558	86	23	to	to	PART
ajfa-2558	86	24	12.1	12.1	NUM
ajfa-2558	86	25	percent	percent	NOUN
ajfa-2558	86	26	by	by	ADP
ajfa-2558	86	27	the	the	DET
ajfa-2558	86	28	end	end	NOUN
ajfa-2558	86	29	of	of	ADP
ajfa-2558	86	30	2013	2013	NUM
ajfa-2558	86	31	and	and	CCONJ
ajfa-2558	86	32	then	then	ADV
ajfa-2558	86	33	20	20	NUM
ajfa-2558	86	34	percent	percent	NOUN
ajfa-2558	86	35	in	in	ADP
ajfa-2558	86	36	the	the	DET
ajfa-2558	86	37	much	much	ADV
ajfa-2558	86	38	longer	long	ADJ
ajfa-2558	86	39	run	run	VERB
ajfa-2558	86	40	.	.	PUNCT
ajfa-2558	87	1	the	the	DET
ajfa-2558	87	2	company	company	NOUN
ajfa-2558	87	3	is	be	AUX
ajfa-2558	87	4	expected	expect	VERB
ajfa-2558	87	5	to	to	PART
ajfa-2558	87	6	achieve	achieve	VERB
ajfa-2558	87	7	global	global	ADJ
ajfa-2558	87	8	sales	sale	NOUN
ajfa-2558	87	9	of	of	ADP
ajfa-2558	87	10	krw100	krw100	PROPN
ajfa-2558	87	11	billion	billion	NUM
ajfa-2558	87	12	(	(	PUNCT
ajfa-2558	87	13	about	about	ADP
ajfa-2558	87	14	us$90	us$90	PROPN
ajfa-2558	87	15	million	million	NUM
ajfa-2558	87	16	)	)	PUNCT
ajfa-2558	87	17	by	by	ADP
ajfa-2558	87	18	2010	2010	NUM
ajfa-2558	87	19	through	through	ADP
ajfa-2558	87	20	the	the	DET
ajfa-2558	87	21	establishment	establishment	NOUN
ajfa-2558	87	22	of	of	ADP
ajfa-2558	87	23	a	a	DET
ajfa-2558	87	24	global	global	ADJ
ajfa-2558	87	25	network	network	NOUN
ajfa-2558	87	26	in	in	ADP
ajfa-2558	87	27	china	china	PROPN
ajfa-2558	87	28	,	,	PUNCT
ajfa-2558	87	29	india	india	PROPN
ajfa-2558	87	30	,	,	PUNCT
ajfa-2558	87	31	and	and	CCONJ
ajfa-2558	87	32	the	the	DET
ajfa-2558	87	33	united	united	PROPN
ajfa-2558	87	34	states	states	PROPN
ajfa-2558	87	35	.	.	PUNCT
ajfa-2558	88	1	sk	sk	PROPN
ajfa-2558	88	2	c&c	c&c	PROPN
ajfa-2558	88	3	has	have	AUX
ajfa-2558	88	4	constructed	construct	VERB
ajfa-2558	88	5	mobile	mobile	ADJ
ajfa-2558	88	6	banking	banking	NOUN
ajfa-2558	88	7	service	service	NOUN
ajfa-2558	88	8	systems	system	NOUN
ajfa-2558	88	9	in	in	ADP
ajfa-2558	88	10	singapore	singapore	PROPN
ajfa-2558	88	11	,	,	PUNCT
ajfa-2558	88	12	philippines	philippine	NOUN
ajfa-2558	88	13	,	,	PUNCT
ajfa-2558	88	14	china	china	PROPN
ajfa-2558	88	15	,	,	PUNCT
ajfa-2558	88	16	thailand	thailand	PROPN
ajfa-2558	88	17	,	,	PUNCT
ajfa-2558	88	18	and	and	CCONJ
ajfa-2558	88	19	malaysia	malaysia	PROPN
ajfa-2558	88	20	.	.	PUNCT
ajfa-2558	89	1	an	an	DET
ajfa-2558	89	2	insider	insider	NOUN
ajfa-2558	89	3	of	of	ADP
ajfa-2558	89	4	the	the	DET
ajfa-2558	89	5	company	company	NOUN
ajfa-2558	89	6	mentioned	mention	VERB
ajfa-2558	89	7	“	"	PUNCT
ajfa-2558	89	8	we	we	PRON
ajfa-2558	89	9	will	will	AUX
ajfa-2558	89	10	focus	focus	VERB
ajfa-2558	89	11	on	on	ADP
ajfa-2558	89	12	mobile	mobile	ADJ
ajfa-2558	89	13	financial	financial	ADJ
ajfa-2558	89	14	market	market	NOUN
ajfa-2558	89	15	in	in	ADP
ajfa-2558	89	16	the	the	DET
ajfa-2558	89	17	us	us	PROPN
ajfa-2558	89	18	as	as	ADV
ajfa-2558	89	19	well	well	ADV
ajfa-2558	89	20	as	as	ADP
ajfa-2558	89	21	emerging	emerge	VERB
ajfa-2558	89	22	markets	market	NOUN
ajfa-2558	89	23	”	"	PUNCT
ajfa-2558	89	24	.	.	PUNCT
ajfa-2558	90	1	in	in	ADP
ajfa-2558	90	2	sk	sk	PROPN
ajfa-2558	90	3	c&c	c&c	PROPN
ajfa-2558	90	4	,	,	PUNCT
ajfa-2558	90	5	the	the	DET
ajfa-2558	90	6	operating	operate	VERB
ajfa-2558	90	7	income	income	NOUN
ajfa-2558	90	8	krw	krw	PROPN
ajfa-2558	90	9	50	50	NUM
ajfa-2558	90	10	billion	billion	NUM
ajfa-2558	90	11	till	till	SCONJ
ajfa-2558	90	12	2003	2003	NUM
ajfa-2558	90	13	and	and	CCONJ
ajfa-2558	90	14	jumped	jump	VERB
ajfa-2558	90	15	to	to	ADP
ajfa-2558	90	16	krw90	krw90	VERB
ajfa-2558	90	17	-	-	PUNCT
ajfa-2558	90	18	100	100	NUM
ajfa-2558	90	19	billion	billion	NUM
ajfa-2558	90	20	in	in	ADP
ajfa-2558	90	21	recent	recent	ADJ
ajfa-2558	90	22	years	year	NOUN
ajfa-2558	90	23	.	.	PUNCT
ajfa-2558	91	1	table	table	NOUN
ajfa-2558	91	2	2	2	NUM
ajfa-2558	91	3	illustrates	illustrate	VERB
ajfa-2558	91	4	the	the	DET
ajfa-2558	91	5	recent	recent	ADJ
ajfa-2558	91	6	improvement	improvement	NOUN
ajfa-2558	91	7	of	of	ADP
ajfa-2558	91	8	accounting	accounting	NOUN
ajfa-2558	91	9	performance	performance	NOUN
ajfa-2558	91	10	.	.	PUNCT
ajfa-2558	92	1	it	it	PRON
ajfa-2558	92	2	is	be	AUX
ajfa-2558	92	3	however	however	ADV
ajfa-2558	92	4	possible	possible	ADJ
ajfa-2558	92	5	that	that	SCONJ
ajfa-2558	92	6	sk	sk	NOUN
ajfa-2558	92	7	c&c	c&c	PROPN
ajfa-2558	92	8	charged	charge	VERB
ajfa-2558	92	9	higher	high	ADJ
ajfa-2558	92	10	rates	rate	NOUN
ajfa-2558	92	11	for	for	ADP
ajfa-2558	92	12	the	the	DET
ajfa-2558	92	13	services	service	NOUN
ajfa-2558	92	14	provided	provide	VERB
ajfa-2558	92	15	to	to	PART
ajfa-2558	92	16	sk	sk	VERB
ajfa-2558	92	17	’s	’s	PART
ajfa-2558	92	18	subsidiaries	subsidiary	NOUN
ajfa-2558	92	19	to	to	PART
ajfa-2558	92	20	inflate	inflate	VERB
ajfa-2558	92	21	the	the	DET
ajfa-2558	92	22	operating	operate	VERB
ajfa-2558	92	23	margin	margin	NOUN
ajfa-2558	92	24	and	and	CCONJ
ajfa-2558	92	25	net	net	ADJ
ajfa-2558	92	26	income	income	NOUN
ajfa-2558	92	27	.	.	PUNCT
ajfa-2558	93	1	it	it	PRON
ajfa-2558	93	2	is	be	AUX
ajfa-2558	93	3	well	well	ADV
ajfa-2558	93	4	known	know	VERB
ajfa-2558	93	5	that	that	SCONJ
ajfa-2558	93	6	a	a	DET
ajfa-2558	93	7	firm	firm	NOUN
ajfa-2558	93	8	manages	manage	VERB
ajfa-2558	93	9	earnings	earning	NOUN
ajfa-2558	93	10	for	for	ADP
ajfa-2558	93	11	years	year	NOUN
ajfa-2558	93	12	before	before	ADP
ajfa-2558	93	13	ipos	ipos	PROPN
ajfa-2558	93	14	.	.	PUNCT
ajfa-2558	94	1	if	if	SCONJ
ajfa-2558	94	2	the	the	DET
ajfa-2558	94	3	recent	recent	ADJ
ajfa-2558	94	4	operating	operating	NOUN
ajfa-2558	94	5	performance	performance	NOUN
ajfa-2558	94	6	is	be	AUX
ajfa-2558	94	7	inflated	inflate	VERB
ajfa-2558	94	8	,	,	PUNCT
ajfa-2558	94	9	we	we	PRON
ajfa-2558	94	10	need	need	VERB
ajfa-2558	94	11	to	to	PART
ajfa-2558	94	12	adjust	adjust	VERB
ajfa-2558	94	13	the	the	DET
ajfa-2558	94	14	forecast	forecast	NOUN
ajfa-2558	94	15	downward	downward	ADV
ajfa-2558	94	16	.	.	PUNCT
ajfa-2558	95	1	the	the	DET
ajfa-2558	95	2	globalized	globalize	VERB
ajfa-2558	95	3	si	si	NOUN
ajfa-2558	95	4	firms	firm	NOUN
ajfa-2558	95	5	are	be	AUX
ajfa-2558	95	6	expected	expect	VERB
ajfa-2558	95	7	to	to	PART
ajfa-2558	95	8	grow	grow	VERB
ajfa-2558	95	9	much	much	ADV
ajfa-2558	95	10	faster	fast	ADV
ajfa-2558	95	11	:	:	PUNCT
ajfa-2558	95	12	earnings	earning	NOUN
ajfa-2558	95	13	growth	growth	NOUN
ajfa-2558	95	14	rate	rate	NOUN
ajfa-2558	95	15	of	of	ADP
ajfa-2558	95	16	13.4	13.4	NUM
ajfa-2558	95	17	%	%	NOUN
ajfa-2558	95	18	as	as	SCONJ
ajfa-2558	95	19	shown	show	VERB
ajfa-2558	95	20	in	in	ADP
ajfa-2558	95	21	table	table	NOUN
ajfa-2558	95	22	3	3	NUM
ajfa-2558	95	23	.	.	X
ajfa-2558	95	24	much	much	ADJ
ajfa-2558	95	25	of	of	ADP
ajfa-2558	95	26	this	this	DET
ajfa-2558	95	27	growth	growth	NOUN
ajfa-2558	95	28	expectation	expectation	NOUN
ajfa-2558	95	29	can	can	AUX
ajfa-2558	95	30	be	be	AUX
ajfa-2558	95	31	achieved	achieve	VERB
ajfa-2558	95	32	from	from	ADP
ajfa-2558	95	33	emerging	emerge	VERB
ajfa-2558	95	34	capital	capital	NOUN
ajfa-2558	95	35	markets	market	NOUN
ajfa-2558	95	36	including	include	VERB
ajfa-2558	95	37	china	china	PROPN
ajfa-2558	95	38	,	,	PUNCT
ajfa-2558	95	39	india	india	PROPN
ajfa-2558	95	40	,	,	PUNCT
ajfa-2558	95	41	and	and	CCONJ
ajfa-2558	95	42	south	south	ADJ
ajfa-2558	95	43	american	american	ADJ
ajfa-2558	95	44	countries	country	NOUN
ajfa-2558	95	45	.	.	PUNCT
ajfa-2558	96	1	if	if	SCONJ
ajfa-2558	96	2	sk	sk	PRON
ajfa-2558	96	3	c&c	c&c	PROPN
ajfa-2558	96	4	is	be	AUX
ajfa-2558	96	5	successful	successful	ADJ
ajfa-2558	96	6	in	in	ADP
ajfa-2558	96	7	its	its	PRON
ajfa-2558	96	8	globalization	globalization	NOUN
ajfa-2558	96	9	plan	plan	NOUN
ajfa-2558	96	10	,	,	PUNCT
ajfa-2558	96	11	the	the	DET
ajfa-2558	96	12	company	company	NOUN
ajfa-2558	96	13	can	can	AUX
ajfa-2558	96	14	tap	tap	VERB
ajfa-2558	96	15	on	on	ADP
ajfa-2558	96	16	the	the	DET
ajfa-2558	96	17	higher	high	ADJ
ajfa-2558	96	18	growth	growth	NOUN
ajfa-2558	96	19	potential	potential	NOUN
ajfa-2558	96	20	,	,	PUNCT
ajfa-2558	96	21	which	which	PRON
ajfa-2558	96	22	is	be	AUX
ajfa-2558	96	23	above	above	ADP
ajfa-2558	96	24	the	the	DET
ajfa-2558	96	25	domestic	domestic	ADJ
ajfa-2558	96	26	growth	growth	NOUN
ajfa-2558	96	27	rate	rate	NOUN
ajfa-2558	96	28	estimate	estimate	NOUN
ajfa-2558	96	29	.	.	PUNCT
ajfa-2558	97	1	we	we	PRON
ajfa-2558	97	2	use	use	VERB
ajfa-2558	97	3	relative	relative	ADJ
ajfa-2558	97	4	valuation	valuation	NOUN
ajfa-2558	97	5	approach	approach	NOUN
ajfa-2558	97	6	to	to	PART
ajfa-2558	97	7	estimate	estimate	VERB
ajfa-2558	97	8	the	the	DET
ajfa-2558	97	9	value	value	NOUN
ajfa-2558	97	10	of	of	ADP
ajfa-2558	97	11	it	it	PRON
ajfa-2558	97	12	business	business	NOUN
ajfa-2558	97	13	of	of	ADP
ajfa-2558	97	14	sk	sk	NOUN
ajfa-2558	97	15	c&c	c&c	PROPN
ajfa-2558	97	16	.	.	PUNCT
ajfa-2558	98	1	in	in	ADP
ajfa-2558	98	2	relative	relative	ADJ
ajfa-2558	98	3	valuation	valuation	NOUN
ajfa-2558	98	4	,	,	PUNCT
ajfa-2558	98	5	pe	pe	PROPN
ajfa-2558	98	6	of	of	ADP
ajfa-2558	98	7	other	other	ADJ
ajfa-2558	98	8	companies	company	NOUN
ajfa-2558	98	9	can	can	AUX
ajfa-2558	98	10	be	be	AUX
ajfa-2558	98	11	used	use	VERB
ajfa-2558	98	12	to	to	PART
ajfa-2558	98	13	determine	determine	VERB
ajfa-2558	98	14	ipo	ipo	NOUN
ajfa-2558	98	15	price	price	NOUN
ajfa-2558	98	16	of	of	ADP
ajfa-2558	98	17	sk	sk	NOUN
ajfa-2558	98	18	c&c	c&c	PROPN
ajfa-2558	98	19	.	.	PUNCT
ajfa-2558	99	1	in	in	ADP
ajfa-2558	99	2	the	the	DET
ajfa-2558	99	3	ipo	ipo	NOUN
ajfa-2558	99	4	process	process	NOUN
ajfa-2558	99	5	,	,	PUNCT
ajfa-2558	99	6	pe	pe	ADP
ajfa-2558	99	7	multiple	multiple	ADJ
ajfa-2558	99	8	approach	approach	NOUN
ajfa-2558	99	9	is	be	AUX
ajfa-2558	99	10	widely	widely	ADV
ajfa-2558	99	11	used	use	VERB
ajfa-2558	99	12	to	to	PART
ajfa-2558	99	13	back	back	VERB
ajfa-2558	99	14	up	up	ADP
ajfa-2558	99	15	the	the	DET
ajfa-2558	99	16	estimated	estimate	VERB
ajfa-2558	99	17	intrinsic	intrinsic	ADJ
ajfa-2558	99	18	value	value	NOUN
ajfa-2558	99	19	with	with	ADP
ajfa-2558	99	20	discounted	discount	VERB
ajfa-2558	99	21	cash	cash	NOUN
ajfa-2558	99	22	flow	flow	NOUN
ajfa-2558	99	23	approach	approach	NOUN
ajfa-2558	99	24	.	.	PUNCT
ajfa-2558	100	1	panel	panel	NOUN
ajfa-2558	100	2	b	b	PROPN
ajfa-2558	100	3	of	of	ADP
ajfa-2558	100	4	table	table	NOUN
ajfa-2558	100	5	2	2	NUM
ajfa-2558	100	6	is	be	AUX
ajfa-2558	100	7	pe	pe	X
ajfa-2558	100	8	ratios	ratio	NOUN
ajfa-2558	100	9	for	for	ADP
ajfa-2558	100	10	comparable	comparable	ADJ
ajfa-2558	100	11	firms	firm	NOUN
ajfa-2558	100	12	in	in	ADP
ajfa-2558	100	13	korea	korea	PROPN
ajfa-2558	100	14	,	,	PUNCT
ajfa-2558	100	15	the	the	DET
ajfa-2558	100	16	us	us	PROPN
ajfa-2558	100	17	,	,	PUNCT
ajfa-2558	100	18	and	and	CCONJ
ajfa-2558	100	19	india	india	PROPN
ajfa-2558	100	20	.	.	PUNCT
ajfa-2558	101	1	although	although	SCONJ
ajfa-2558	101	2	samsung	samsung	PROPN
ajfa-2558	101	3	sdi	sdi	PROPN
ajfa-2558	101	4	and	and	CCONJ
ajfa-2558	101	5	lg	lg	PROPN
ajfa-2558	101	6	cns	cns	PROPN
ajfa-2558	101	7	are	be	AUX
ajfa-2558	101	8	not	not	PART
ajfa-2558	101	9	traded	trade	VERB
ajfa-2558	101	10	in	in	ADP
ajfa-2558	101	11	the	the	DET
ajfa-2558	101	12	public	public	ADJ
ajfa-2558	101	13	market	market	NOUN
ajfa-2558	101	14	,	,	PUNCT
ajfa-2558	101	15	their	their	PRON
ajfa-2558	101	16	target	target	NOUN
ajfa-2558	101	17	pe	pe	VERB
ajfa-2558	101	18	is	be	AUX
ajfa-2558	101	19	estimated	estimate	VERB
ajfa-2558	101	20	along	along	ADP
ajfa-2558	101	21	with	with	ADP
ajfa-2558	101	22	pes	pe	NOUN
ajfa-2558	101	23	of	of	ADP
ajfa-2558	101	24	two	two	NUM
ajfa-2558	101	25	other	other	ADJ
ajfa-2558	101	26	listed	list	VERB
ajfa-2558	101	27	korean	korean	ADJ
ajfa-2558	101	28	firms	firm	NOUN
ajfa-2558	101	29	.	.	PUNCT
ajfa-2558	102	1	ssangyong	ssangyong	PROPN
ajfa-2558	102	2	i&c	i&c	PROPN
ajfa-2558	102	3	and	and	CCONJ
ajfa-2558	102	4	shinsegae	shinsegae	PROPN
ajfa-2558	102	5	i&c	i&c	PROPN
ajfa-2558	102	6	are	be	AUX
ajfa-2558	102	7	listed	list	VERB
ajfa-2558	102	8	firms	firm	NOUN
ajfa-2558	102	9	,	,	PUNCT
ajfa-2558	102	10	but	but	CCONJ
ajfa-2558	102	11	their	their	PRON
ajfa-2558	102	12	size	size	NOUN
ajfa-2558	102	13	in	in	ADP
ajfa-2558	102	14	sales	sale	NOUN
ajfa-2558	102	15	and	and	CCONJ
ajfa-2558	102	16	assets	asset	NOUN
ajfa-2558	102	17	are	be	AUX
ajfa-2558	102	18	far	far	ADV
ajfa-2558	102	19	below	below	ADP
ajfa-2558	102	20	those	those	PRON
ajfa-2558	102	21	of	of	ADP
ajfa-2558	102	22	sk	sk	NOUN
ajfa-2558	102	23	c&c	c&c	PROPN
ajfa-2558	102	24	and	and	CCONJ
ajfa-2558	102	25	thus	thus	ADV
ajfa-2558	102	26	they	they	PRON
ajfa-2558	102	27	may	may	AUX
ajfa-2558	102	28	be	be	AUX
ajfa-2558	102	29	not	not	PART
ajfa-2558	102	30	suitable	suitable	ADJ
ajfa-2558	102	31	for	for	ADP
ajfa-2558	102	32	making	make	VERB
ajfa-2558	102	33	direct	direct	ADJ
ajfa-2558	102	34	comparison	comparison	NOUN
ajfa-2558	102	35	with	with	ADP
ajfa-2558	102	36	sk	sk	NOUN
ajfa-2558	102	37	c&c	c&c	PROPN
ajfa-2558	102	38	.	.	PUNCT
ajfa-2558	103	1	industry	industry	NOUN
ajfa-2558	103	2	average	average	NOUN
ajfa-2558	103	3	pe	pe	ADP
ajfa-2558	103	4	multiple	multiple	NOUN
ajfa-2558	103	5	for	for	ADP
ajfa-2558	103	6	the	the	DET
ajfa-2558	103	7	global	global	ADJ
ajfa-2558	103	8	it	it	PRON
ajfa-2558	103	9	firms	firm	NOUN
ajfa-2558	103	10	is	be	AUX
ajfa-2558	103	11	19.62	19.62	NUM
ajfa-2558	103	12	as	as	SCONJ
ajfa-2558	103	13	shown	show	VERB
ajfa-2558	103	14	in	in	ADP
ajfa-2558	103	15	panel	panel	NOUN
ajfa-2558	103	16	a	a	DET
ajfa-2558	103	17	of	of	ADP
ajfa-2558	103	18	table	table	NOUN
ajfa-2558	103	19	3	3	NUM
ajfa-2558	103	20	.	.	PUNCT
ajfa-2558	103	21	asian	asian	ADJ
ajfa-2558	103	22	journal	journal	PROPN
ajfa-2558	103	23	of	of	ADP
ajfa-2558	103	24	finance	finance	PROPN
ajfa-2558	103	25	&	&	CCONJ
ajfa-2558	103	26	accounting	accounting	PROPN
ajfa-2558	103	27	issn	issn	PROPN
ajfa-2558	103	28	1946	1946	NUM
ajfa-2558	103	29	-	-	PUNCT
ajfa-2558	103	30	052x	052x	NOUN
ajfa-2558	103	31	2012	2012	NUM
ajfa-2558	103	32	,	,	PUNCT
ajfa-2558	103	33	vol	vol	NOUN
ajfa-2558	103	34	.	.	PROPN
ajfa-2558	103	35	4	4	NUM
ajfa-2558	103	36	,	,	PUNCT
ajfa-2558	103	37	no	no	INTJ
ajfa-2558	103	38	.	.	NOUN
ajfa-2558	103	39	2	2	NUM
ajfa-2558	103	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	103	41	307	307	NUM
ajfa-2558	103	42	3.2	3.2	NUM
ajfa-2558	103	43	.	.	PUNCT
ajfa-2558	104	1	the	the	DET
ajfa-2558	104	2	value	value	NOUN
ajfa-2558	104	3	of	of	ADP
ajfa-2558	104	4	share	share	NOUN
ajfa-2558	104	5	holdings	holding	NOUN
ajfa-2558	104	6	sk	sk	ADP
ajfa-2558	104	7	c&c	c&c	PROPN
ajfa-2558	104	8	holds	hold	VERB
ajfa-2558	104	9	shares	share	NOUN
ajfa-2558	104	10	of	of	ADP
ajfa-2558	104	11	sk	sk	NOUN
ajfa-2558	104	12	holdings	holding	NOUN
ajfa-2558	104	13	,	,	PUNCT
ajfa-2558	104	14	which	which	PRON
ajfa-2558	104	15	is	be	AUX
ajfa-2558	104	16	a	a	DET
ajfa-2558	104	17	holding	hold	VERB
ajfa-2558	104	18	company	company	NOUN
ajfa-2558	104	19	itself	itself	PRON
ajfa-2558	104	20	of	of	ADP
ajfa-2558	104	21	other	other	ADJ
ajfa-2558	104	22	subsidiaries	subsidiary	NOUN
ajfa-2558	104	23	of	of	ADP
ajfa-2558	104	24	sk	sk	NOUN
ajfa-2558	104	25	group	group	NOUN
ajfa-2558	104	26	.	.	PUNCT
ajfa-2558	105	1	thus	thus	ADV
ajfa-2558	105	2	,	,	PUNCT
ajfa-2558	105	3	there	there	PRON
ajfa-2558	105	4	is	be	VERB
ajfa-2558	105	5	a	a	DET
ajfa-2558	105	6	double	double	ADJ
ajfa-2558	105	7	layer	layer	NOUN
ajfa-2558	105	8	of	of	ADP
ajfa-2558	105	9	holding	hold	VERB
ajfa-2558	105	10	companies	company	NOUN
ajfa-2558	105	11	.	.	PUNCT
ajfa-2558	106	1	the	the	DET
ajfa-2558	106	2	question	question	NOUN
ajfa-2558	106	3	is	be	AUX
ajfa-2558	106	4	whether	whether	SCONJ
ajfa-2558	106	5	the	the	DET
ajfa-2558	106	6	stake	stake	NOUN
ajfa-2558	106	7	in	in	ADP
ajfa-2558	106	8	sk	sk	NOUN
ajfa-2558	106	9	holdings	holding	NOUN
ajfa-2558	106	10	should	should	AUX
ajfa-2558	106	11	be	be	AUX
ajfa-2558	106	12	discounted	discount	VERB
ajfa-2558	106	13	or	or	CCONJ
ajfa-2558	106	14	not	not	PART
ajfa-2558	106	15	.	.	PUNCT
ajfa-2558	107	1	the	the	DET
ajfa-2558	107	2	reason	reason	NOUN
ajfa-2558	107	3	is	be	AUX
ajfa-2558	107	4	that	that	SCONJ
ajfa-2558	107	5	the	the	DET
ajfa-2558	107	6	stakes	stake	NOUN
ajfa-2558	107	7	of	of	ADP
ajfa-2558	107	8	sk	sk	ADJ
ajfa-2558	107	9	holdings	holding	NOUN
ajfa-2558	107	10	in	in	ADP
ajfa-2558	107	11	other	other	ADJ
ajfa-2558	107	12	subsidiaries	subsidiary	NOUN
ajfa-2558	107	13	are	be	AUX
ajfa-2558	107	14	already	already	ADV
ajfa-2558	107	15	discounted	discount	VERB
ajfa-2558	107	16	in	in	ADP
ajfa-2558	107	17	sk	sk	NOUN
ajfa-2558	107	18	holdings	holding	NOUN
ajfa-2558	107	19	’	'	PUNCT
ajfa-2558	107	20	valuation	valuation	NOUN
ajfa-2558	107	21	.	.	PUNCT
ajfa-2558	108	1	therefore	therefore	ADV
ajfa-2558	108	2	,	,	PUNCT
ajfa-2558	108	3	it	it	PRON
ajfa-2558	108	4	seems	seem	VERB
ajfa-2558	108	5	inappropriate	inappropriate	ADJ
ajfa-2558	108	6	to	to	PART
ajfa-2558	108	7	apply	apply	VERB
ajfa-2558	108	8	double	double	ADJ
ajfa-2558	108	9	discount	discount	NOUN
ajfa-2558	108	10	on	on	ADP
ajfa-2558	108	11	sk	sk	PROPN
ajfa-2558	108	12	c&c	c&c	PROPN
ajfa-2558	108	13	’s	’s	PART
ajfa-2558	108	14	stake	stake	NOUN
ajfa-2558	108	15	on	on	ADP
ajfa-2558	108	16	sk	sk	PROPN
ajfa-2558	108	17	.	.	PROPN
ajfa-2558	109	1	for	for	ADP
ajfa-2558	109	2	instance	instance	NOUN
ajfa-2558	109	3	,	,	PUNCT
ajfa-2558	109	4	currently	currently	ADV
ajfa-2558	109	5	market	market	NOUN
ajfa-2558	109	6	price	price	NOUN
ajfa-2558	109	7	of	of	ADP
ajfa-2558	109	8	sk	sk	ADJ
ajfa-2558	109	9	holdings	holding	NOUN
ajfa-2558	109	10	is	be	AUX
ajfa-2558	109	11	around	around	ADP
ajfa-2558	109	12	krw	krw	PROPN
ajfa-2558	109	13	9,200	9,200	NUM
ajfa-2558	109	14	per	per	ADP
ajfa-2558	109	15	share	share	NOUN
ajfa-2558	109	16	(	(	PUNCT
ajfa-2558	109	17	us$8	us$8	PROPN
ajfa-2558	109	18	)	)	PUNCT
ajfa-2558	109	19	and	and	CCONJ
ajfa-2558	109	20	this	this	DET
ajfa-2558	109	21	value	value	NOUN
ajfa-2558	109	22	is	be	AUX
ajfa-2558	109	23	already	already	ADV
ajfa-2558	109	24	60	60	NUM
ajfa-2558	109	25	%	%	NOUN
ajfa-2558	109	26	discounted	discount	VERB
ajfa-2558	109	27	from	from	ADP
ajfa-2558	109	28	sk	sk	PROPN
ajfa-2558	109	29	holdings	holding	NOUN
ajfa-2558	109	30	’	'	PUNCT
ajfa-2558	109	31	net	net	ADJ
ajfa-2558	109	32	asset	asset	NOUN
ajfa-2558	109	33	value	value	NOUN
ajfa-2558	109	34	.	.	PUNCT
ajfa-2558	110	1	in	in	ADP
ajfa-2558	110	2	2004	2004	NUM
ajfa-2558	110	3	when	when	SCONJ
ajfa-2558	110	4	sovereign	sovereign	ADJ
ajfa-2558	110	5	asset	asset	NOUN
ajfa-2558	110	6	management	management	NOUN
ajfa-2558	110	7	engaged	engage	VERB
ajfa-2558	110	8	in	in	ADP
ajfa-2558	110	9	the	the	DET
ajfa-2558	110	10	share	share	NOUN
ajfa-2558	110	11	competition	competition	NOUN
ajfa-2558	110	12	with	with	ADP
ajfa-2558	110	13	president	president	PROPN
ajfa-2558	110	14	choi	choi	PROPN
ajfa-2558	110	15	,	,	PUNCT
ajfa-2558	110	16	the	the	DET
ajfa-2558	110	17	share	share	NOUN
ajfa-2558	110	18	price	price	NOUN
ajfa-2558	110	19	went	go	VERB
ajfa-2558	110	20	up	up	ADP
ajfa-2558	110	21	to	to	ADP
ajfa-2558	110	22	krw	krw	PROPN
ajfa-2558	110	23	120,000	120,000	NUM
ajfa-2558	110	24	(	(	PUNCT
ajfa-2558	110	25	us$100	us$100	NOUN
ajfa-2558	110	26	)	)	PUNCT
ajfa-2558	110	27	and	and	CCONJ
ajfa-2558	110	28	over	over	ADP
ajfa-2558	110	29	krw	krw	PROPN
ajfa-2558	110	30	250,000	250,000	NUM
ajfa-2558	110	31	(	(	PUNCT
ajfa-2558	110	32	us$220	us$220	NOUN
ajfa-2558	110	33	)	)	PUNCT
ajfa-2558	110	34	in	in	ADP
ajfa-2558	110	35	2007	2007	NUM
ajfa-2558	110	36	.	.	PUNCT
ajfa-2558	111	1	it	it	PRON
ajfa-2558	111	2	thus	thus	ADV
ajfa-2558	111	3	appears	appear	VERB
ajfa-2558	111	4	that	that	SCONJ
ajfa-2558	111	5	the	the	DET
ajfa-2558	111	6	current	current	ADJ
ajfa-2558	111	7	price	price	NOUN
ajfa-2558	111	8	of	of	ADP
ajfa-2558	111	9	sk	sk	ADJ
ajfa-2558	111	10	holdings	holding	NOUN
ajfa-2558	111	11	is	be	AUX
ajfa-2558	111	12	already	already	ADV
ajfa-2558	111	13	substantially	substantially	ADV
ajfa-2558	111	14	discounted	discount	VERB
ajfa-2558	111	15	.	.	PUNCT
ajfa-2558	112	1	from	from	ADP
ajfa-2558	112	2	table	table	NOUN
ajfa-2558	112	3	3	3	NUM
ajfa-2558	112	4	,	,	PUNCT
ajfa-2558	112	5	usual	usual	ADJ
ajfa-2558	112	6	discount	discount	NOUN
ajfa-2558	112	7	for	for	ADP
ajfa-2558	112	8	holding	hold	VERB
ajfa-2558	112	9	companies	company	NOUN
ajfa-2558	112	10	in	in	ADP
ajfa-2558	112	11	korea	korea	PROPN
ajfa-2558	112	12	ranges	range	VERB
ajfa-2558	112	13	from	from	ADP
ajfa-2558	112	14	30	30	NUM
ajfa-2558	112	15	%	%	NOUN
ajfa-2558	112	16	to	to	PART
ajfa-2558	112	17	60	60	NUM
ajfa-2558	112	18	%	%	NOUN
ajfa-2558	112	19	from	from	ADP
ajfa-2558	112	20	their	their	PRON
ajfa-2558	112	21	net	net	ADJ
ajfa-2558	112	22	asset	asset	NOUN
ajfa-2558	112	23	value	value	NOUN
ajfa-2558	112	24	.	.	PUNCT
ajfa-2558	113	1	the	the	DET
ajfa-2558	113	2	observed	observed	ADJ
ajfa-2558	113	3	discount	discount	NOUN
ajfa-2558	113	4	on	on	ADP
ajfa-2558	113	5	holding	hold	VERB
ajfa-2558	113	6	companies	company	NOUN
ajfa-2558	113	7	is	be	AUX
ajfa-2558	113	8	attributable	attributable	ADJ
ajfa-2558	113	9	to	to	ADP
ajfa-2558	113	10	possible	possible	ADJ
ajfa-2558	113	11	appropriation	appropriation	NOUN
ajfa-2558	113	12	of	of	ADP
ajfa-2558	113	13	minority	minority	NOUN
ajfa-2558	113	14	shareholders	shareholder	NOUN
ajfa-2558	113	15	’	'	PUNCT
ajfa-2558	113	16	interests	interest	NOUN
ajfa-2558	113	17	.	.	PUNCT
ajfa-2558	114	1	the	the	DET
ajfa-2558	114	2	following	follow	VERB
ajfa-2558	114	3	argument	argument	NOUN
ajfa-2558	114	4	presents	present	VERB
ajfa-2558	114	5	some	some	PRON
ajfa-2558	114	6	of	of	ADP
ajfa-2558	114	7	this	this	DET
ajfa-2558	114	8	concern	concern	NOUN
ajfa-2558	114	9	as	as	SCONJ
ajfa-2558	114	10	addressed	address	VERB
ajfa-2558	114	11	in	in	ADP
ajfa-2558	114	12	fitch	fitch	PROPN
ajfa-2558	114	13	’s	’s	PART
ajfa-2558	114	14	report	report	NOUN
ajfa-2558	114	15	on	on	ADP
ajfa-2558	114	16	industrial	industrial	ADJ
ajfa-2558	114	17	investment	investment	NOUN
ajfa-2558	114	18	holding	hold	VERB
ajfa-2558	114	19	companies	company	NOUN
ajfa-2558	114	20	(	(	PUNCT
ajfa-2558	114	21	iihc).i	iihc).i	PROPN
ajfa-2558	114	22	iihcs	iihc	NOUN
ajfa-2558	114	23	are	be	AUX
ajfa-2558	114	24	defined	define	VERB
ajfa-2558	114	25	as	as	ADP
ajfa-2558	114	26	groups	group	NOUN
ajfa-2558	114	27	where	where	SCONJ
ajfa-2558	114	28	a	a	DET
ajfa-2558	114	29	parent	parent	NOUN
ajfa-2558	114	30	company	company	NOUN
ajfa-2558	114	31	controls	control	VERB
ajfa-2558	114	32	subsidiaries	subsidiary	NOUN
ajfa-2558	114	33	’	'	PUNCT
ajfa-2558	114	34	operations	operation	NOUN
ajfa-2558	114	35	with	with	ADP
ajfa-2558	114	36	a	a	DET
ajfa-2558	114	37	majority	majority	NOUN
ajfa-2558	114	38	ownership	ownership	NOUN
ajfa-2558	114	39	that	that	PRON
ajfa-2558	114	40	exceeds	exceed	VERB
ajfa-2558	114	41	50	50	NUM
ajfa-2558	114	42	%	%	NOUN
ajfa-2558	114	43	and	and	CCONJ
ajfa-2558	114	44	associated	associated	ADJ
ajfa-2558	114	45	companies	company	NOUN
ajfa-2558	114	46	with	with	ADP
ajfa-2558	114	47	ownership	ownership	NOUN
ajfa-2558	114	48	ranges	range	NOUN
ajfa-2558	114	49	between	between	ADP
ajfa-2558	114	50	20%and	20%and	PROPN
ajfa-2558	114	51	50	50	NUM
ajfa-2558	114	52	%	%	NOUN
ajfa-2558	114	53	.	.	PUNCT
ajfa-2558	115	1	because	because	SCONJ
ajfa-2558	115	2	the	the	DET
ajfa-2558	115	3	parent	parent	NOUN
ajfa-2558	115	4	company	company	NOUN
ajfa-2558	115	5	is	be	AUX
ajfa-2558	115	6	not	not	PART
ajfa-2558	115	7	able	able	ADJ
ajfa-2558	115	8	to	to	PART
ajfa-2558	115	9	directly	directly	ADV
ajfa-2558	115	10	extract	extract	VERB
ajfa-2558	115	11	cash	cash	NOUN
ajfa-2558	115	12	flows	flow	NOUN
ajfa-2558	115	13	from	from	ADP
ajfa-2558	115	14	subsidiaries	subsidiary	NOUN
ajfa-2558	115	15	and	and	CCONJ
ajfa-2558	115	16	associated	associated	ADJ
ajfa-2558	115	17	companies	company	NOUN
ajfa-2558	115	18	,	,	PUNCT
ajfa-2558	115	19	majority	majority	NOUN
ajfa-2558	115	20	of	of	ADP
ajfa-2558	115	21	cash	cash	NOUN
ajfa-2558	115	22	flows	flow	NOUN
ajfa-2558	115	23	of	of	ADP
ajfa-2558	115	24	the	the	DET
ajfa-2558	115	25	parent	parent	NOUN
ajfa-2558	115	26	firm	firm	NOUN
ajfa-2558	115	27	consists	consist	VERB
ajfa-2558	115	28	of	of	ADP
ajfa-2558	115	29	non	non	ADJ
ajfa-2558	115	30	-	-	ADJ
ajfa-2558	115	31	operational	operational	ADJ
ajfa-2558	115	32	cash	cash	NOUN
ajfa-2558	115	33	flows	flow	NOUN
ajfa-2558	115	34	in	in	ADP
ajfa-2558	115	35	the	the	DET
ajfa-2558	115	36	form	form	NOUN
ajfa-2558	115	37	of	of	ADP
ajfa-2558	115	38	brand	brand	NOUN
ajfa-2558	115	39	royalty	royalty	NOUN
ajfa-2558	115	40	and	and	CCONJ
ajfa-2558	115	41	dividends	dividend	NOUN
ajfa-2558	115	42	,	,	PUNCT
ajfa-2558	115	43	inter	inter	ADJ
ajfa-2558	115	44	-	-	ADJ
ajfa-2558	115	45	company	company	ADJ
ajfa-2558	115	46	loan	loan	NOUN
ajfa-2558	115	47	interest	interest	NOUN
ajfa-2558	115	48	,	,	PUNCT
ajfa-2558	115	49	and/or	and/or	CCONJ
ajfa-2558	115	50	management	management	NOUN
ajfa-2558	115	51	fees	fee	NOUN
ajfa-2558	115	52	.	.	PUNCT
ajfa-2558	116	1	thus	thus	ADV
ajfa-2558	116	2	,	,	PUNCT
ajfa-2558	116	3	this	this	DET
ajfa-2558	116	4	practice	practice	NOUN
ajfa-2558	116	5	causes	cause	VERB
ajfa-2558	116	6	complexity	complexity	NOUN
ajfa-2558	116	7	in	in	ADP
ajfa-2558	116	8	valuing	value	VERB
ajfa-2558	116	9	the	the	DET
ajfa-2558	116	10	parent	parent	NOUN
ajfa-2558	116	11	firm	firm	NOUN
ajfa-2558	116	12	.	.	PUNCT
ajfa-2558	117	1	equity	equity	NOUN
ajfa-2558	117	2	investors	investor	NOUN
ajfa-2558	117	3	therefore	therefore	ADV
ajfa-2558	117	4	concern	concern	NOUN
ajfa-2558	117	5	about	about	ADP
ajfa-2558	117	6	the	the	DET
ajfa-2558	117	7	governance	governance	NOUN
ajfa-2558	117	8	issues	issue	NOUN
ajfa-2558	117	9	caused	cause	VERB
ajfa-2558	117	10	by	by	ADP
ajfa-2558	117	11	the	the	DET
ajfa-2558	117	12	complexity	complexity	NOUN
ajfa-2558	117	13	.	.	PUNCT
ajfa-2558	118	1	specifically	specifically	ADV
ajfa-2558	118	2	,	,	PUNCT
ajfa-2558	118	3	they	they	PRON
ajfa-2558	118	4	concern	concern	VERB
ajfa-2558	118	5	that	that	SCONJ
ajfa-2558	118	6	a	a	DET
ajfa-2558	118	7	main	main	ADJ
ajfa-2558	118	8	shareholder	shareholder	NOUN
ajfa-2558	118	9	(	(	PUNCT
ajfa-2558	118	10	managers	manager	NOUN
ajfa-2558	118	11	of	of	ADP
ajfa-2558	118	12	parent	parent	NOUN
ajfa-2558	118	13	firm	firm	NOUN
ajfa-2558	118	14	)	)	PUNCT
ajfa-2558	118	15	do	do	AUX
ajfa-2558	118	16	not	not	PART
ajfa-2558	118	17	necessarily	necessarily	ADV
ajfa-2558	118	18	act	act	VERB
ajfa-2558	118	19	for	for	ADP
ajfa-2558	118	20	the	the	DET
ajfa-2558	118	21	best	good	ADJ
ajfa-2558	118	22	interests	interest	NOUN
ajfa-2558	118	23	of	of	ADP
ajfa-2558	118	24	minority	minority	NOUN
ajfa-2558	118	25	shareholders	shareholder	NOUN
ajfa-2558	118	26	who	who	PRON
ajfa-2558	118	27	have	have	VERB
ajfa-2558	118	28	less	less	ADV
ajfa-2558	118	29	complete	complete	ADJ
ajfa-2558	118	30	information	information	NOUN
ajfa-2558	118	31	about	about	ADP
ajfa-2558	118	32	the	the	DET
ajfa-2558	118	33	overall	overall	ADJ
ajfa-2558	118	34	group	group	NOUN
ajfa-2558	118	35	.	.	PUNCT
ajfa-2558	119	1	as	as	ADP
ajfa-2558	119	2	a	a	DET
ajfa-2558	119	3	result	result	NOUN
ajfa-2558	119	4	,	,	PUNCT
ajfa-2558	119	5	publicly	publicly	ADV
ajfa-2558	119	6	listed	list	VERB
ajfa-2558	119	7	iihcs	iihc	NOUN
ajfa-2558	119	8	tend	tend	VERB
ajfa-2558	119	9	to	to	PART
ajfa-2558	119	10	trade	trade	VERB
ajfa-2558	119	11	at	at	ADP
ajfa-2558	119	12	a	a	DET
ajfa-2558	119	13	discount	discount	NOUN
ajfa-2558	119	14	,	,	PUNCT
ajfa-2558	119	15	often	often	ADV
ajfa-2558	119	16	by	by	ADP
ajfa-2558	119	17	20%-30	20%-30	NUM
ajfa-2558	119	18	%	%	NOUN
ajfa-2558	119	19	or	or	CCONJ
ajfa-2558	119	20	more	more	ADJ
ajfa-2558	119	21	.	.	PUNCT
ajfa-2558	120	1	in	in	ADP
ajfa-2558	120	2	korea	korea	PROPN
ajfa-2558	120	3	,	,	PUNCT
ajfa-2558	120	4	the	the	DET
ajfa-2558	120	5	holding	hold	VERB
ajfa-2558	120	6	company	company	NOUN
ajfa-2558	120	7	discount	discount	NOUN
ajfa-2558	120	8	is	be	AUX
ajfa-2558	120	9	more	more	ADV
ajfa-2558	120	10	substantial	substantial	ADJ
ajfa-2558	120	11	than	than	ADP
ajfa-2558	120	12	30	30	NUM
ajfa-2558	120	13	%	%	NOUN
ajfa-2558	120	14	.	.	PUNCT
ajfa-2558	121	1	table	table	NOUN
ajfa-2558	121	2	4	4	NUM
ajfa-2558	121	3	illustrates	illustrate	VERB
ajfa-2558	121	4	holding	hold	VERB
ajfa-2558	121	5	company	company	NOUN
ajfa-2558	121	6	discount	discount	NOUN
ajfa-2558	121	7	.	.	PUNCT
ajfa-2558	122	1	the	the	DET
ajfa-2558	122	2	discount	discount	NOUN
ajfa-2558	122	3	ranges	range	VERB
ajfa-2558	122	4	from	from	ADP
ajfa-2558	122	5	28.10	28.10	NUM
ajfa-2558	122	6	%	%	NOUN
ajfa-2558	122	7	to	to	ADP
ajfa-2558	122	8	59.70	59.70	NUM
ajfa-2558	122	9	%	%	NOUN
ajfa-2558	122	10	.	.	PUNCT
ajfa-2558	123	1	higher	high	ADJ
ajfa-2558	123	2	the	the	DET
ajfa-2558	123	3	discount	discount	NOUN
ajfa-2558	123	4	reflects	reflect	VERB
ajfa-2558	123	5	higher	high	ADJ
ajfa-2558	123	6	risk	risk	NOUN
ajfa-2558	123	7	of	of	ADP
ajfa-2558	123	8	deprivation	deprivation	NOUN
ajfa-2558	123	9	of	of	ADP
ajfa-2558	123	10	minority	minority	NOUN
ajfa-2558	123	11	shareholder	shareholder	NOUN
ajfa-2558	123	12	interests	interest	NOUN
ajfa-2558	123	13	.	.	PUNCT
ajfa-2558	124	1	3.3	3.3	NUM
ajfa-2558	124	2	.	.	PUNCT
ajfa-2558	125	1	other	other	ADJ
ajfa-2558	125	2	majority	majority	NOUN
ajfa-2558	125	3	share	share	NOUN
ajfa-2558	125	4	holdings	holding	NOUN
ajfa-2558	125	5	sk	sk	ADP
ajfa-2558	125	6	c&c	c&c	PROPN
ajfa-2558	125	7	also	also	ADV
ajfa-2558	125	8	hold	hold	VERB
ajfa-2558	125	9	one	one	NUM
ajfa-2558	125	10	-	-	PUNCT
ajfa-2558	125	11	hundred	hundred	NUM
ajfa-2558	125	12	percent	percent	NOUN
ajfa-2558	125	13	ownerships	ownership	NOUN
ajfa-2558	125	14	in	in	ADP
ajfa-2558	125	15	two	two	NUM
ajfa-2558	125	16	private	private	ADJ
ajfa-2558	125	17	companies	company	NOUN
ajfa-2558	125	18	:	:	PUNCT
ajfa-2558	125	19	sk	sk	VERB
ajfa-2558	125	20	lubricants	lubricant	NOUN
ajfa-2558	125	21	and	and	CCONJ
ajfa-2558	125	22	infosec	infosec	NOUN
ajfa-2558	125	23	.	.	PUNCT
ajfa-2558	126	1	sk	sk	PROPN
ajfa-2558	126	2	lubricants	lubricant	NOUN
ajfa-2558	126	3	has	have	AUX
ajfa-2558	126	4	been	be	AUX
ajfa-2558	126	5	established	establish	VERB
ajfa-2558	126	6	in	in	ADP
ajfa-2558	126	7	1968	1968	NUM
ajfa-2558	126	8	and	and	CCONJ
ajfa-2558	126	9	has	have	AUX
ajfa-2558	126	10	been	be	AUX
ajfa-2558	126	11	expanding	expand	VERB
ajfa-2558	126	12	lubricants	lubricant	NOUN
ajfa-2558	126	13	business	business	NOUN
ajfa-2558	126	14	since	since	SCONJ
ajfa-2558	126	15	the	the	DET
ajfa-2558	126	16	introduction	introduction	NOUN
ajfa-2558	126	17	of	of	ADP
ajfa-2558	126	18	zic	zic	PROPN
ajfa-2558	126	19	brand	brand	PROPN
ajfa-2558	126	20	in	in	ADP
ajfa-2558	126	21	1995	1995	NUM
ajfa-2558	126	22	.	.	PUNCT
ajfa-2558	127	1	infosec	infosec	PROPN
ajfa-2558	127	2	is	be	AUX
ajfa-2558	127	3	a	a	DET
ajfa-2558	127	4	cyber	cyber	NOUN
ajfa-2558	127	5	-	-	PUNCT
ajfa-2558	127	6	security	security	NOUN
ajfa-2558	127	7	service	service	NOUN
ajfa-2558	127	8	provider	provider	NOUN
ajfa-2558	127	9	established	establish	VERB
ajfa-2558	127	10	in	in	ADP
ajfa-2558	127	11	2000	2000	NUM
ajfa-2558	127	12	.	.	PUNCT
ajfa-2558	128	1	the	the	DET
ajfa-2558	128	2	book	book	NOUN
ajfa-2558	128	3	value	value	NOUN
ajfa-2558	128	4	of	of	ADP
ajfa-2558	128	5	assets	asset	NOUN
ajfa-2558	128	6	of	of	ADP
ajfa-2558	128	7	these	these	DET
ajfa-2558	128	8	two	two	NUM
ajfa-2558	128	9	companies	company	NOUN
ajfa-2558	128	10	is	be	AUX
ajfa-2558	128	11	krw0.663billion	krw0.663billion	PROPN
ajfa-2558	128	12	.	.	PUNCT
ajfa-2558	129	1	in	in	ADP
ajfa-2558	129	2	addition	addition	NOUN
ajfa-2558	129	3	,	,	PUNCT
ajfa-2558	129	4	sk	sk	ADP
ajfa-2558	129	5	c&c	c&c	PROPN
ajfa-2558	129	6	has	have	VERB
ajfa-2558	129	7	32.50	32.50	NUM
ajfa-2558	129	8	%	%	NOUN
ajfa-2558	129	9	of	of	ADP
ajfa-2558	129	10	share	share	NOUN
ajfa-2558	129	11	ownership	ownership	NOUN
ajfa-2558	129	12	in	in	ADP
ajfa-2558	129	13	sk	sk	PROPN
ajfa-2558	129	14	e&s	e&s	PROPN
ajfa-2558	129	15	.	.	PUNCT
ajfa-2558	130	1	sk	sk	PROPN
ajfa-2558	130	2	e&s	e&s	PROPN
ajfa-2558	130	3	is	be	AUX
ajfa-2558	130	4	a	a	DET
ajfa-2558	130	5	private	private	ADJ
ajfa-2558	130	6	utility	utility	NOUN
ajfa-2558	130	7	company	company	NOUN
ajfa-2558	130	8	that	that	PRON
ajfa-2558	130	9	provides	provide	VERB
ajfa-2558	130	10	gas	gas	NOUN
ajfa-2558	130	11	services	service	NOUN
ajfa-2558	130	12	and	and	CCONJ
ajfa-2558	130	13	operates	operate	VERB
ajfa-2558	130	14	lng	lng	PROPN
ajfa-2558	130	15	power	power	NOUN
ajfa-2558	130	16	plant	plant	NOUN
ajfa-2558	130	17	.	.	PUNCT
ajfa-2558	131	1	the	the	DET
ajfa-2558	131	2	book	book	NOUN
ajfa-2558	131	3	value	value	NOUN
ajfa-2558	131	4	of	of	ADP
ajfa-2558	131	5	asset	asset	NOUN
ajfa-2558	131	6	of	of	ADP
ajfa-2558	131	7	sk	sk	ADP
ajfa-2558	131	8	e&s	e&s	PROPN
ajfa-2558	131	9	is	be	AUX
ajfa-2558	131	10	krw	krw	PROPN
ajfa-2558	131	11	0.961	0.961	NUM
ajfa-2558	131	12	billion	billion	NUM
ajfa-2558	131	13	with	with	ADP
ajfa-2558	131	14	ebit	ebit	PROPN
ajfa-2558	131	15	of	of	ADP
ajfa-2558	131	16	krw52	krw52	PROPN
ajfa-2558	131	17	million	million	NUM
ajfa-2558	131	18	as	as	ADP
ajfa-2558	131	19	of	of	ADP
ajfa-2558	131	20	12/31/2009	12/31/2009	NUM
ajfa-2558	131	21	.	.	PUNCT
ajfa-2558	132	1	the	the	DET
ajfa-2558	132	2	market	market	NOUN
ajfa-2558	132	3	value	value	NOUN
ajfa-2558	132	4	of	of	ADP
ajfa-2558	132	5	these	these	DET
ajfa-2558	132	6	private	private	ADJ
ajfa-2558	132	7	companies	company	NOUN
ajfa-2558	132	8	may	may	AUX
ajfa-2558	132	9	be	be	AUX
ajfa-2558	132	10	estimated	estimate	VERB
ajfa-2558	132	11	through	through	ADP
ajfa-2558	132	12	multiple	multiple	ADJ
ajfa-2558	132	13	approach	approach	NOUN
ajfa-2558	132	14	by	by	ADP
ajfa-2558	132	15	referring	refer	VERB
ajfa-2558	132	16	to	to	ADP
ajfa-2558	132	17	the	the	DET
ajfa-2558	132	18	industry	industry	NOUN
ajfa-2558	132	19	benchmark	benchmark	NOUN
ajfa-2558	132	20	.	.	PUNCT
ajfa-2558	133	1	nonetheless	nonetheless	ADV
ajfa-2558	133	2	,	,	PUNCT
ajfa-2558	133	3	since	since	SCONJ
ajfa-2558	133	4	the	the	DET
ajfa-2558	133	5	market	market	NOUN
ajfa-2558	133	6	value	value	NOUN
ajfa-2558	133	7	of	of	ADP
ajfa-2558	133	8	these	these	DET
ajfa-2558	133	9	share	share	NOUN
ajfa-2558	133	10	holdings	holding	NOUN
ajfa-2558	133	11	is	be	AUX
ajfa-2558	133	12	small	small	ADJ
ajfa-2558	133	13	compared	compare	VERB
ajfa-2558	133	14	to	to	ADP
ajfa-2558	133	15	the	the	DET
ajfa-2558	133	16	operating	operating	NOUN
ajfa-2558	133	17	value	value	NOUN
ajfa-2558	133	18	of	of	ADP
ajfa-2558	133	19	sk	sk	NOUN
ajfa-2558	133	20	c&c	c&c	PROPN
ajfa-2558	133	21	,	,	PUNCT
ajfa-2558	133	22	book	book	NOUN
ajfa-2558	133	23	value	value	NOUN
ajfa-2558	133	24	of	of	ADP
ajfa-2558	133	25	assets	asset	NOUN
ajfa-2558	133	26	might	might	AUX
ajfa-2558	133	27	be	be	AUX
ajfa-2558	133	28	used	use	VERB
ajfa-2558	133	29	instead	instead	ADV
ajfa-2558	133	30	for	for	ADP
ajfa-2558	133	31	the	the	DET
ajfa-2558	133	32	sake	sake	NOUN
ajfa-2558	133	33	of	of	ADP
ajfa-2558	133	34	brevity	brevity	NOUN
ajfa-2558	133	35	.	.	PUNCT
ajfa-2558	134	1	asian	asian	ADJ
ajfa-2558	134	2	journal	journal	PROPN
ajfa-2558	134	3	of	of	ADP
ajfa-2558	134	4	finance	finance	PROPN
ajfa-2558	134	5	&	&	CCONJ
ajfa-2558	134	6	accounting	accounting	PROPN
ajfa-2558	134	7	issn	issn	PROPN
ajfa-2558	134	8	1946	1946	NUM
ajfa-2558	134	9	-	-	PUNCT
ajfa-2558	134	10	052x	052x	NOUN
ajfa-2558	134	11	2012	2012	NUM
ajfa-2558	134	12	,	,	PUNCT
ajfa-2558	134	13	vol	vol	NOUN
ajfa-2558	134	14	.	.	PROPN
ajfa-2558	134	15	4	4	NUM
ajfa-2558	134	16	,	,	PUNCT
ajfa-2558	134	17	no	no	INTJ
ajfa-2558	134	18	.	.	NOUN
ajfa-2558	134	19	2	2	NUM
ajfa-2558	134	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	134	21	308	308	NUM
ajfa-2558	134	22	4	4	NUM
ajfa-2558	134	23	.	.	PUNCT
ajfa-2558	135	1	valuation	valuation	NOUN
ajfa-2558	135	2	results	result	VERB
ajfa-2558	135	3	4.1	4.1	NUM
ajfa-2558	135	4	.	.	PUNCT
ajfa-2558	136	1	fundamental	fundamental	ADJ
ajfa-2558	136	2	value	value	NOUN
ajfa-2558	136	3	of	of	ADP
ajfa-2558	136	4	sk	sk	ADP
ajfa-2558	136	5	c&c	c&c	NOUN
ajfa-2558	136	6	based	base	VERB
ajfa-2558	136	7	on	on	ADP
ajfa-2558	136	8	the	the	DET
ajfa-2558	136	9	net	net	ADJ
ajfa-2558	136	10	income	income	NOUN
ajfa-2558	136	11	number	number	NOUN
ajfa-2558	136	12	in	in	ADP
ajfa-2558	136	13	year	year	NOUN
ajfa-2558	136	14	2008	2008	NUM
ajfa-2558	136	15	(	(	PUNCT
ajfa-2558	136	16	krw	krw	PROPN
ajfa-2558	136	17	145.7	145.7	NUM
ajfa-2558	136	18	billion	billion	NUM
ajfa-2558	136	19	)	)	PUNCT
ajfa-2558	136	20	and	and	CCONJ
ajfa-2558	136	21	industry	industry	NOUN
ajfa-2558	136	22	pe	pe	NOUN
ajfa-2558	136	23	multiples	multiple	NOUN
ajfa-2558	136	24	,	,	PUNCT
ajfa-2558	136	25	we	we	PRON
ajfa-2558	136	26	estimate	estimate	VERB
ajfa-2558	136	27	the	the	DET
ajfa-2558	136	28	value	value	NOUN
ajfa-2558	136	29	of	of	ADP
ajfa-2558	136	30	it	it	PRON
ajfa-2558	136	31	business	business	NOUN
ajfa-2558	136	32	of	of	ADP
ajfa-2558	136	33	sk	sk	NOUN
ajfa-2558	136	34	c&c	c&c	PROPN
ajfa-2558	136	35	.	.	PUNCT
ajfa-2558	137	1	from	from	ADP
ajfa-2558	137	2	table	table	NOUN
ajfa-2558	137	3	3	3	NUM
ajfa-2558	137	4	,	,	PUNCT
ajfa-2558	137	5	current	current	ADJ
ajfa-2558	137	6	per	per	X
ajfa-2558	137	7	of	of	ADP
ajfa-2558	137	8	global	global	ADJ
ajfa-2558	137	9	information	information	NOUN
ajfa-2558	137	10	services	service	NOUN
ajfa-2558	137	11	industry	industry	NOUN
ajfa-2558	137	12	is	be	AUX
ajfa-2558	137	13	19.62	19.62	NUM
ajfa-2558	137	14	.	.	PUNCT
ajfa-2558	138	1	thus	thus	ADV
ajfa-2558	138	2	,	,	PUNCT
ajfa-2558	138	3	total	total	ADJ
ajfa-2558	138	4	market	market	NOUN
ajfa-2558	138	5	value	value	NOUN
ajfa-2558	138	6	of	of	ADP
ajfa-2558	138	7	it	it	PRON
ajfa-2558	138	8	business	business	NOUN
ajfa-2558	138	9	of	of	ADP
ajfa-2558	138	10	sk	sk	NOUN
ajfa-2558	138	11	c&c	c&c	PROPN
ajfa-2558	138	12	is	be	AUX
ajfa-2558	138	13	krw	krw	PROPN
ajfa-2558	138	14	2,858.63	2,858.63	NUM
ajfa-2558	138	15	billion	billion	NUM
ajfa-2558	138	16	(=	(=	NOUN
ajfa-2558	138	17	19.62krw145.7	19.62krw145.7	NUM
ajfa-2558	138	18	billion	billion	NUM
ajfa-2558	138	19	,	,	PUNCT
ajfa-2558	138	20	or	or	CCONJ
ajfa-2558	138	21	about	about	ADV
ajfa-2558	138	22	us$130	us$130	ADP
ajfa-2558	138	23	million	million	NUM
ajfa-2558	138	24	)	)	PUNCT
ajfa-2558	138	25	.	.	PUNCT
ajfa-2558	139	1	with	with	ADP
ajfa-2558	139	2	korean	korean	ADJ
ajfa-2558	139	3	industry	industry	NOUN
ajfa-2558	139	4	average	average	NOUN
ajfa-2558	139	5	per	per	ADP
ajfa-2558	139	6	of	of	ADP
ajfa-2558	139	7	12.5	12.5	NUM
ajfa-2558	139	8	,	,	PUNCT
ajfa-2558	139	9	the	the	DET
ajfa-2558	139	10	number	number	NOUN
ajfa-2558	139	11	is	be	AUX
ajfa-2558	139	12	krw	krw	PROPN
ajfa-2558	139	13	1,821.25	1,821.25	NUM
ajfa-2558	139	14	billion	billion	NUM
ajfa-2558	139	15	(	(	PUNCT
ajfa-2558	139	16	about	about	ADP
ajfa-2558	139	17	us$1.6	us$1.6	NOUN
ajfa-2558	139	18	billion	billion	NUM
ajfa-2558	139	19	)	)	PUNCT
ajfa-2558	139	20	.	.	PUNCT
ajfa-2558	140	1	we	we	PRON
ajfa-2558	140	2	thus	thus	ADV
ajfa-2558	140	3	predict	predict	VERB
ajfa-2558	140	4	that	that	SCONJ
ajfa-2558	140	5	the	the	DET
ajfa-2558	140	6	value	value	NOUN
ajfa-2558	140	7	of	of	ADP
ajfa-2558	140	8	it	it	PRON
ajfa-2558	140	9	business	business	NOUN
ajfa-2558	140	10	of	of	ADP
ajfa-2558	140	11	sk	sk	NOUN
ajfa-2558	140	12	c&c	c&c	PROPN
ajfa-2558	140	13	ranges	range	VERB
ajfa-2558	140	14	between	between	ADP
ajfa-2558	140	15	the	the	DET
ajfa-2558	140	16	two	two	NUM
ajfa-2558	140	17	estimates	estimate	NOUN
ajfa-2558	140	18	.	.	PUNCT
ajfa-2558	141	1	next	next	ADV
ajfa-2558	141	2	,	,	PUNCT
ajfa-2558	141	3	our	our	PRON
ajfa-2558	141	4	baseline	baseline	NOUN
ajfa-2558	141	5	valuation	valuation	NOUN
ajfa-2558	141	6	for	for	ADP
ajfa-2558	141	7	share	share	NOUN
ajfa-2558	141	8	holdings	holding	NOUN
ajfa-2558	141	9	is	be	AUX
ajfa-2558	141	10	estimated	estimate	VERB
ajfa-2558	141	11	based	base	VERB
ajfa-2558	141	12	on	on	ADP
ajfa-2558	141	13	the	the	DET
ajfa-2558	141	14	31.8	31.8	NUM
ajfa-2558	141	15	%	%	NOUN
ajfa-2558	141	16	ownership	ownership	NOUN
ajfa-2558	141	17	of	of	ADP
ajfa-2558	141	18	sk	sk	NOUN
ajfa-2558	141	19	c&c	c&c	PROPN
ajfa-2558	141	20	on	on	ADP
ajfa-2558	141	21	sk	sk	NOUN
ajfa-2558	141	22	holdings	holding	NOUN
ajfa-2558	141	23	and	and	CCONJ
ajfa-2558	141	24	the	the	DET
ajfa-2558	141	25	market	market	NOUN
ajfa-2558	141	26	capitalization	capitalization	NOUN
ajfa-2558	141	27	of	of	ADP
ajfa-2558	141	28	sk	sk	NOUN
ajfa-2558	141	29	holdings	holding	NOUN
ajfa-2558	141	30	.	.	PUNCT
ajfa-2558	142	1	the	the	DET
ajfa-2558	142	2	market	market	NOUN
ajfa-2558	142	3	capitalization	capitalization	NOUN
ajfa-2558	142	4	of	of	ADP
ajfa-2558	142	5	sk	sk	NOUN
ajfa-2558	142	6	holdings	holding	NOUN
ajfa-2558	142	7	is	be	AUX
ajfa-2558	142	8	krw	krw	PROPN
ajfa-2558	142	9	4,320	4,320	NUM
ajfa-2558	142	10	billion	billion	NUM
ajfa-2558	142	11	at	at	ADP
ajfa-2558	142	12	the	the	DET
ajfa-2558	142	13	end	end	NOUN
ajfa-2558	142	14	of	of	ADP
ajfa-2558	142	15	september	september	PROPN
ajfa-2558	142	16	,	,	PUNCT
ajfa-2558	142	17	2009	2009	NUM
ajfa-2558	142	18	.	.	PUNCT
ajfa-2558	143	1	thus	thus	ADV
ajfa-2558	143	2	,	,	PUNCT
ajfa-2558	143	3	the	the	DET
ajfa-2558	143	4	baseline	baseline	NOUN
ajfa-2558	143	5	estimated	estimate	VERB
ajfa-2558	143	6	value	value	NOUN
ajfa-2558	143	7	of	of	ADP
ajfa-2558	143	8	ownership	ownership	NOUN
ajfa-2558	143	9	stake	stake	NOUN
ajfa-2558	143	10	in	in	ADP
ajfa-2558	143	11	sk	sk	NOUN
ajfa-2558	143	12	holdings	holding	NOUN
ajfa-2558	143	13	is	be	AUX
ajfa-2558	143	14	krw	krw	PROPN
ajfa-2558	143	15	1,373.76	1,373.76	NUM
ajfa-2558	143	16	billion	billion	NUM
ajfa-2558	143	17	.	.	PUNCT
ajfa-2558	144	1	note	note	VERB
ajfa-2558	144	2	however	however	ADV
ajfa-2558	144	3	that	that	SCONJ
ajfa-2558	144	4	the	the	DET
ajfa-2558	144	5	market	market	NOUN
ajfa-2558	144	6	capitalization	capitalization	NOUN
ajfa-2558	144	7	of	of	ADP
ajfa-2558	144	8	sk	sk	NOUN
ajfa-2558	144	9	holdings	holding	NOUN
ajfa-2558	144	10	is	be	AUX
ajfa-2558	144	11	substantially	substantially	ADV
ajfa-2558	144	12	discounted	discount	VERB
ajfa-2558	144	13	from	from	ADP
ajfa-2558	144	14	its	its	PRON
ajfa-2558	144	15	net	net	ADJ
ajfa-2558	144	16	asset	asset	NOUN
ajfa-2558	144	17	value	value	NOUN
ajfa-2558	144	18	of	of	ADP
ajfa-2558	144	19	ownership	ownership	NOUN
ajfa-2558	144	20	in	in	ADP
ajfa-2558	144	21	other	other	ADJ
ajfa-2558	144	22	subsidiary	subsidiary	NOUN
ajfa-2558	144	23	companies	company	NOUN
ajfa-2558	144	24	.	.	PUNCT
ajfa-2558	145	1	from	from	ADP
ajfa-2558	145	2	table	table	NOUN
ajfa-2558	145	3	4	4	NUM
ajfa-2558	145	4	,	,	PUNCT
ajfa-2558	145	5	the	the	DET
ajfa-2558	145	6	net	net	ADJ
ajfa-2558	145	7	asset	asset	NOUN
ajfa-2558	145	8	value	value	NOUN
ajfa-2558	145	9	of	of	ADP
ajfa-2558	145	10	sk	sk	ADJ
ajfa-2558	145	11	holdings	holding	NOUN
ajfa-2558	145	12	is	be	AUX
ajfa-2558	145	13	krw	krw	PROPN
ajfa-2558	145	14	9,299	9,299	NUM
ajfa-2558	145	15	billion	billion	NUM
ajfa-2558	145	16	.	.	PUNCT
ajfa-2558	146	1	we	we	PRON
ajfa-2558	146	2	apply	apply	VERB
ajfa-2558	146	3	the	the	DET
ajfa-2558	146	4	30	30	NUM
ajfa-2558	146	5	%	%	NOUN
ajfa-2558	146	6	of	of	ADP
ajfa-2558	146	7	the	the	DET
ajfa-2558	146	8	holding	hold	VERB
ajfa-2558	146	9	company	company	NOUN
ajfa-2558	146	10	discount	discount	NOUN
ajfa-2558	146	11	to	to	PART
ajfa-2558	146	12	compute	compute	VERB
ajfa-2558	146	13	the	the	DET
ajfa-2558	146	14	intrinsic	intrinsic	ADJ
ajfa-2558	146	15	value	value	NOUN
ajfa-2558	146	16	of	of	ADP
ajfa-2558	146	17	the	the	DET
ajfa-2558	146	18	share	share	NOUN
ajfa-2558	146	19	holdings	holding	NOUN
ajfa-2558	146	20	.	.	PUNCT
ajfa-2558	147	1	with	with	ADP
ajfa-2558	147	2	this	this	DET
ajfa-2558	147	3	number	number	NOUN
ajfa-2558	147	4	,	,	PUNCT
ajfa-2558	147	5	the	the	DET
ajfa-2558	147	6	estimated	estimate	VERB
ajfa-2558	147	7	ownership	ownership	NOUN
ajfa-2558	147	8	value	value	NOUN
ajfa-2558	147	9	for	for	ADP
ajfa-2558	147	10	sk	sk	NOUN
ajfa-2558	147	11	holdings	holding	NOUN
ajfa-2558	147	12	is	be	AUX
ajfa-2558	147	13	krw	krw	PROPN
ajfa-2558	147	14	2,070	2,070	NUM
ajfa-2558	147	15	billion	billion	NUM
ajfa-2558	147	16	(=	(=	NOUN
ajfa-2558	147	17	krw9,299b(1	krw9,299b(1	NOUN
ajfa-2558	147	18	-	-	PUNCT
ajfa-2558	147	19	30%)31.8	30%)31.8	VERB
ajfa-2558	147	20	%	%	NOUN
ajfa-2558	147	21	)	)	PUNCT
ajfa-2558	147	22	.	.	PUNCT
ajfa-2558	148	1	this	this	PRON
ajfa-2558	148	2	assumes	assume	VERB
ajfa-2558	148	3	that	that	SCONJ
ajfa-2558	148	4	sk	sk	NOUN
ajfa-2558	148	5	c&c	c&c	PROPN
ajfa-2558	148	6	improves	improve	VERB
ajfa-2558	148	7	its	its	PRON
ajfa-2558	148	8	corporate	corporate	ADJ
ajfa-2558	148	9	governance	governance	NOUN
ajfa-2558	148	10	system	system	NOUN
ajfa-2558	148	11	and	and	CCONJ
ajfa-2558	148	12	thereby	thereby	ADV
ajfa-2558	148	13	the	the	DET
ajfa-2558	148	14	excess	excess	ADJ
ajfa-2558	148	15	discount	discount	NOUN
ajfa-2558	148	16	for	for	ADP
ajfa-2558	148	17	the	the	DET
ajfa-2558	148	18	korean	korean	ADJ
ajfa-2558	148	19	holding	hold	VERB
ajfa-2558	148	20	company	company	NOUN
ajfa-2558	148	21	will	will	AUX
ajfa-2558	148	22	be	be	AUX
ajfa-2558	148	23	resolved	resolve	VERB
ajfa-2558	148	24	in	in	ADP
ajfa-2558	148	25	the	the	DET
ajfa-2558	148	26	long	long	ADV
ajfa-2558	148	27	-	-	PUNCT
ajfa-2558	148	28	run	run	NOUN
ajfa-2558	148	29	.	.	PUNCT
ajfa-2558	149	1	the	the	DET
ajfa-2558	149	2	value	value	NOUN
ajfa-2558	149	3	of	of	ADP
ajfa-2558	149	4	holdings	holding	NOUN
ajfa-2558	149	5	in	in	ADP
ajfa-2558	149	6	sk	sk	NOUN
ajfa-2558	149	7	lubricants	lubricant	NOUN
ajfa-2558	149	8	,	,	PUNCT
ajfa-2558	149	9	infosec	infosec	NOUN
ajfa-2558	149	10	,	,	PUNCT
ajfa-2558	149	11	and	and	CCONJ
ajfa-2558	149	12	sk	sk	ADP
ajfa-2558	149	13	e&s	e&s	PROPN
ajfa-2558	149	14	is	be	AUX
ajfa-2558	149	15	estimated	estimate	VERB
ajfa-2558	149	16	with	with	ADP
ajfa-2558	149	17	their	their	PRON
ajfa-2558	149	18	book	book	NOUN
ajfa-2558	149	19	value	value	NOUN
ajfa-2558	149	20	,	,	PUNCT
ajfa-2558	149	21	krw	krw	PROPN
ajfa-2558	149	22	1.624	1.624	NUM
ajfa-2558	149	23	billion	billion	NUM
ajfa-2558	149	24	(=	(=	NOUN
ajfa-2558	149	25	krw	krw	PROPN
ajfa-2558	149	26	0.663	0.663	NUM
ajfa-2558	149	27	billion	billion	NUM
ajfa-2558	149	28	+	+	CCONJ
ajfa-2558	149	29	krw0.961	krw0.961	PROPN
ajfa-2558	149	30	billion	billion	NUM
ajfa-2558	149	31	)	)	PUNCT
ajfa-2558	149	32	.	.	PUNCT
ajfa-2558	150	1	again	again	ADV
ajfa-2558	150	2	,	,	PUNCT
ajfa-2558	150	3	this	this	PRON
ajfa-2558	150	4	may	may	AUX
ajfa-2558	150	5	underestimate	underestimate	VERB
ajfa-2558	150	6	the	the	DET
ajfa-2558	150	7	true	true	ADJ
ajfa-2558	150	8	value	value	NOUN
ajfa-2558	150	9	of	of	ADP
ajfa-2558	150	10	these	these	DET
ajfa-2558	150	11	three	three	NUM
ajfa-2558	150	12	companies	company	NOUN
ajfa-2558	150	13	,	,	PUNCT
ajfa-2558	150	14	but	but	CCONJ
ajfa-2558	150	15	we	we	PRON
ajfa-2558	150	16	consider	consider	VERB
ajfa-2558	150	17	that	that	SCONJ
ajfa-2558	150	18	these	these	DET
ajfa-2558	150	19	companies	company	NOUN
ajfa-2558	150	20	’	’	PART
ajfa-2558	150	21	value	value	NOUN
ajfa-2558	150	22	is	be	AUX
ajfa-2558	150	23	relatively	relatively	ADV
ajfa-2558	150	24	small	small	ADJ
ajfa-2558	150	25	and	and	CCONJ
ajfa-2558	150	26	thus	thus	ADV
ajfa-2558	150	27	the	the	DET
ajfa-2558	150	28	marginal	marginal	ADJ
ajfa-2558	150	29	effect	effect	NOUN
ajfa-2558	150	30	of	of	ADP
ajfa-2558	150	31	any	any	DET
ajfa-2558	150	32	bias	bias	NOUN
ajfa-2558	150	33	on	on	ADP
ajfa-2558	150	34	the	the	DET
ajfa-2558	150	35	final	final	ADJ
ajfa-2558	150	36	valuation	valuation	NOUN
ajfa-2558	150	37	of	of	ADP
ajfa-2558	150	38	sk	sk	NOUN
ajfa-2558	150	39	c&c	c&c	PROPN
ajfa-2558	150	40	would	would	AUX
ajfa-2558	150	41	be	be	AUX
ajfa-2558	150	42	minimal	minimal	ADJ
ajfa-2558	150	43	finally	finally	ADV
ajfa-2558	150	44	,	,	PUNCT
ajfa-2558	150	45	summing	sum	VERB
ajfa-2558	150	46	all	all	DET
ajfa-2558	150	47	these	these	DET
ajfa-2558	150	48	parts	part	NOUN
ajfa-2558	150	49	’	'	PUNCT
ajfa-2558	150	50	value	value	NOUN
ajfa-2558	150	51	together	together	ADV
ajfa-2558	150	52	,	,	PUNCT
ajfa-2558	150	53	our	our	PRON
ajfa-2558	150	54	estimation	estimation	NOUN
ajfa-2558	150	55	for	for	ADP
ajfa-2558	150	56	the	the	DET
ajfa-2558	150	57	total	total	ADJ
ajfa-2558	150	58	equity	equity	NOUN
ajfa-2558	150	59	value	value	NOUN
ajfa-2558	150	60	of	of	ADP
ajfa-2558	150	61	sk	sk	NOUN
ajfa-2558	150	62	c&c	c&c	PROPN
ajfa-2558	150	63	ranges	range	VERB
ajfa-2558	150	64	from	from	ADP
ajfa-2558	150	65	krw	krw	PROPN
ajfa-2558	150	66	3,196.634	3,196.634	NUM
ajfa-2558	150	67	billion	billion	NUM
ajfa-2558	150	68	(=	(=	NOUN
ajfa-2558	150	69	krw	krw	PROPN
ajfa-2558	150	70	1,821.25b	1,821.25b	NUM
ajfa-2558	150	71	+	+	CCONJ
ajfa-2558	150	72	krw	krw	PROPN
ajfa-2558	150	73	1,373.76b	1,373.76b	NOUN
ajfa-2558	150	74	+	+	CCONJ
ajfa-2558	150	75	krw	krw	PROPN
ajfa-2558	150	76	1.624b	1.624b	NUM
ajfa-2558	150	77	)	)	PUNCT
ajfa-2558	150	78	to	to	ADP
ajfa-2558	150	79	krw	krw	PROPN
ajfa-2558	151	1	4,930.254	4,930.254	NUM
ajfa-2558	151	2	billion	billion	NUM
ajfa-2558	151	3	(=	(=	NOUN
ajfa-2558	151	4	krw	krw	PROPN
ajfa-2558	151	5	2,858.63b	2,858.63b	PROPN
ajfa-2558	151	6	+	+	CCONJ
ajfa-2558	151	7	krw	krw	PROPN
ajfa-2558	151	8	2,070b	2,070b	NUM
ajfa-2558	151	9	+	+	CCONJ
ajfa-2558	151	10	krw	krw	PROPN
ajfa-2558	151	11	1.624b	1.624b	NUM
ajfa-2558	151	12	):	):	PUNCT
ajfa-2558	151	13	equity	equity	NOUN
ajfa-2558	151	14	value	value	NOUN
ajfa-2558	151	15	of	of	ADP
ajfa-2558	151	16	sk	sk	NOUN
ajfa-2558	151	17	c&c	c&c	NOUN
ajfa-2558	151	18	=	=	SYM
ajfa-2558	151	19	business	business	NOUN
ajfa-2558	151	20	value	value	NOUN
ajfa-2558	151	21	of	of	ADP
ajfa-2558	151	22	it	it	PRON
ajfa-2558	151	23	services	service	VERB
ajfa-2558	151	24	+	+	CCONJ
ajfa-2558	151	25	ownership	ownership	NOUN
ajfa-2558	151	26	value	value	NOUN
ajfa-2558	151	27	in	in	ADP
ajfa-2558	151	28	sk	sk	NOUN
ajfa-2558	151	29	holdings	holding	NOUN
ajfa-2558	151	30	+	+	CCONJ
ajfa-2558	151	31	majority	majority	NOUN
ajfa-2558	151	32	holdings	holding	NOUN
ajfa-2558	151	33	in	in	ADP
ajfa-2558	151	34	other	other	ADJ
ajfa-2558	151	35	subsidiaries	subsidiary	NOUN
ajfa-2558	151	36	using	use	VERB
ajfa-2558	151	37	the	the	DET
ajfa-2558	151	38	number	number	NOUN
ajfa-2558	151	39	of	of	ADP
ajfa-2558	151	40	shares	share	NOUN
ajfa-2558	151	41	outstanding	outstanding	ADJ
ajfa-2558	151	42	(	(	PUNCT
ajfa-2558	151	43	50	50	NUM
ajfa-2558	151	44	million	million	NUM
ajfa-2558	151	45	shares	share	NOUN
ajfa-2558	151	46	)	)	PUNCT
ajfa-2558	151	47	,	,	PUNCT
ajfa-2558	151	48	we	we	PRON
ajfa-2558	151	49	compute	compute	VERB
ajfa-2558	151	50	the	the	DET
ajfa-2558	151	51	per	per	ADP
ajfa-2558	151	52	share	share	NOUN
ajfa-2558	151	53	value	value	NOUN
ajfa-2558	151	54	of	of	ADP
ajfa-2558	151	55	sk	sk	ADP
ajfa-2558	151	56	c&c	c&c	PROPN
ajfa-2558	151	57	to	to	PART
ajfa-2558	151	58	be	be	AUX
ajfa-2558	151	59	in	in	ADP
ajfa-2558	151	60	the	the	DET
ajfa-2558	151	61	range	range	NOUN
ajfa-2558	151	62	between	between	ADP
ajfa-2558	151	63	krw	krw	PROPN
ajfa-2558	151	64	63,932	63,932	NUM
ajfa-2558	151	65	(=	(=	NOUN
ajfa-2558	151	66	krw	krw	PROPN
ajfa-2558	151	67	3,196.634b/	3,196.634b/	NUM
ajfa-2558	151	68	50	50	NUM
ajfa-2558	151	69	m	m	NOUN
ajfa-2558	151	70	share	share	NOUN
ajfa-2558	151	71	)	)	PUNCT
ajfa-2558	151	72	and	and	CCONJ
ajfa-2558	151	73	krw	krw	PROPN
ajfa-2558	151	74	98,605	98,605	NUM
ajfa-2558	151	75	(=	(=	NOUN
ajfa-2558	151	76	krw	krw	PROPN
ajfa-2558	151	77	4,930.254b/	4,930.254b/	PROPN
ajfa-2558	151	78	50	50	NUM
ajfa-2558	151	79	m	m	NOUN
ajfa-2558	151	80	share	share	NOUN
ajfa-2558	151	81	)	)	PUNCT
ajfa-2558	151	82	.	.	PUNCT
ajfa-2558	152	1	the	the	DET
ajfa-2558	152	2	intrinsic	intrinsic	ADJ
ajfa-2558	152	3	value	value	NOUN
ajfa-2558	152	4	range	range	NOUN
ajfa-2558	152	5	is	be	AUX
ajfa-2558	152	6	two	two	NUM
ajfa-2558	152	7	to	to	PART
ajfa-2558	152	8	three	three	NUM
ajfa-2558	152	9	times	time	NOUN
ajfa-2558	152	10	higher	high	ADJ
ajfa-2558	152	11	than	than	ADP
ajfa-2558	152	12	the	the	DET
ajfa-2558	152	13	ipo	ipo	NOUN
ajfa-2558	152	14	price	price	NOUN
ajfa-2558	152	15	of	of	ADP
ajfa-2558	152	16	krw	krw	PROPN
ajfa-2558	152	17	30,000	30,000	NUM
ajfa-2558	152	18	.	.	PUNCT
ajfa-2558	153	1	considering	consider	VERB
ajfa-2558	153	2	ipo	ipo	NOUN
ajfa-2558	153	3	underpricing	underpricing	NOUN
ajfa-2558	153	4	by	by	ADP
ajfa-2558	153	5	maximum	maximum	ADJ
ajfa-2558	153	6	30	30	NUM
ajfa-2558	153	7	%	%	NOUN
ajfa-2558	153	8	,	,	PUNCT
ajfa-2558	153	9	the	the	DET
ajfa-2558	153	10	result	result	NOUN
ajfa-2558	153	11	indicates	indicate	VERB
ajfa-2558	153	12	that	that	SCONJ
ajfa-2558	153	13	the	the	DET
ajfa-2558	153	14	ipo	ipo	PROPN
ajfa-2558	153	15	price	price	NOUN
ajfa-2558	153	16	of	of	ADP
ajfa-2558	153	17	sk	sk	NOUN
ajfa-2558	153	18	c&c	c&c	PROPN
ajfa-2558	153	19	is	be	AUX
ajfa-2558	153	20	significantly	significantly	ADV
ajfa-2558	153	21	underpriced	underpriced	ADJ
ajfa-2558	153	22	at	at	ADP
ajfa-2558	153	23	the	the	DET
ajfa-2558	153	24	time	time	NOUN
ajfa-2558	153	25	of	of	ADP
ajfa-2558	153	26	the	the	DET
ajfa-2558	153	27	issuance	issuance	NOUN
ajfa-2558	153	28	.	.	PUNCT
ajfa-2558	154	1	in	in	ADP
ajfa-2558	154	2	the	the	DET
ajfa-2558	154	3	next	next	ADJ
ajfa-2558	154	4	section	section	NOUN
ajfa-2558	154	5	,	,	PUNCT
ajfa-2558	154	6	we	we	PRON
ajfa-2558	154	7	consider	consider	VERB
ajfa-2558	154	8	several	several	ADJ
ajfa-2558	154	9	factors	factor	NOUN
ajfa-2558	154	10	that	that	PRON
ajfa-2558	154	11	may	may	AUX
ajfa-2558	154	12	have	have	VERB
ajfa-2558	154	13	influence	influence	NOUN
ajfa-2558	154	14	on	on	ADP
ajfa-2558	154	15	the	the	DET
ajfa-2558	154	16	observed	observed	ADJ
ajfa-2558	154	17	underpricing	underpricing	NOUN
ajfa-2558	154	18	.	.	PUNCT
ajfa-2558	155	1	4.2	4.2	NUM
ajfa-2558	155	2	.	.	PUNCT
ajfa-2558	156	1	other	other	ADJ
ajfa-2558	156	2	consideration	consideration	NOUN
ajfa-2558	156	3	factors	factor	NOUN
ajfa-2558	156	4	asian	asian	ADJ
ajfa-2558	156	5	journal	journal	NOUN
ajfa-2558	156	6	of	of	ADP
ajfa-2558	156	7	finance	finance	PROPN
ajfa-2558	156	8	&	&	CCONJ
ajfa-2558	156	9	accounting	accounting	PROPN
ajfa-2558	156	10	issn	issn	PROPN
ajfa-2558	156	11	1946	1946	NUM
ajfa-2558	156	12	-	-	PUNCT
ajfa-2558	156	13	052x	052x	NOUN
ajfa-2558	156	14	2012	2012	NUM
ajfa-2558	156	15	,	,	PUNCT
ajfa-2558	156	16	vol	vol	NOUN
ajfa-2558	156	17	.	.	PROPN
ajfa-2558	156	18	4	4	NUM
ajfa-2558	156	19	,	,	PUNCT
ajfa-2558	156	20	no	no	INTJ
ajfa-2558	156	21	.	.	NOUN
ajfa-2558	156	22	2	2	NUM
ajfa-2558	156	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	156	24	309	309	NUM
ajfa-2558	156	25	there	there	PRON
ajfa-2558	156	26	are	be	VERB
ajfa-2558	156	27	several	several	ADJ
ajfa-2558	156	28	factors	factor	NOUN
ajfa-2558	156	29	we	we	PRON
ajfa-2558	156	30	further	far	ADV
ajfa-2558	156	31	consider	consider	VERB
ajfa-2558	156	32	to	to	PART
ajfa-2558	156	33	have	have	VERB
ajfa-2558	156	34	a	a	DET
ajfa-2558	156	35	finite	finite	ADJ
ajfa-2558	156	36	adjustment	adjustment	NOUN
ajfa-2558	156	37	on	on	ADP
ajfa-2558	156	38	the	the	DET
ajfa-2558	156	39	final	final	ADJ
ajfa-2558	156	40	valuation	valuation	NOUN
ajfa-2558	156	41	.	.	PUNCT
ajfa-2558	157	1	first	first	ADV
ajfa-2558	157	2	,	,	PUNCT
ajfa-2558	157	3	we	we	PRON
ajfa-2558	157	4	compute	compute	VERB
ajfa-2558	157	5	the	the	DET
ajfa-2558	157	6	operating	operate	VERB
ajfa-2558	157	7	assets	asset	NOUN
ajfa-2558	157	8	value	value	NOUN
ajfa-2558	157	9	for	for	ADP
ajfa-2558	157	10	it	it	PRON
ajfa-2558	157	11	business	business	NOUN
ajfa-2558	157	12	of	of	ADP
ajfa-2558	157	13	sk	sk	NOUN
ajfa-2558	157	14	c&c	c&c	PROPN
ajfa-2558	157	15	separately	separately	ADV
ajfa-2558	157	16	.	.	PUNCT
ajfa-2558	158	1	it	it	PRON
ajfa-2558	158	2	means	mean	VERB
ajfa-2558	158	3	that	that	SCONJ
ajfa-2558	158	4	there	there	PRON
ajfa-2558	158	5	is	be	VERB
ajfa-2558	158	6	no	no	DET
ajfa-2558	158	7	need	need	NOUN
ajfa-2558	158	8	to	to	PART
ajfa-2558	158	9	further	far	ADV
ajfa-2558	158	10	adjust	adjust	VERB
ajfa-2558	158	11	for	for	ADP
ajfa-2558	158	12	the	the	DET
ajfa-2558	158	13	consolidated	consolidated	ADJ
ajfa-2558	158	14	debt	debt	NOUN
ajfa-2558	158	15	.	.	PUNCT
ajfa-2558	159	1	that	that	PRON
ajfa-2558	159	2	is	be	AUX
ajfa-2558	159	3	,	,	PUNCT
ajfa-2558	159	4	if	if	SCONJ
ajfa-2558	159	5	the	the	DET
ajfa-2558	159	6	initial	initial	ADJ
ajfa-2558	159	7	valuation	valuation	NOUN
ajfa-2558	159	8	is	be	AUX
ajfa-2558	159	9	for	for	ADP
ajfa-2558	159	10	cash	cash	NOUN
ajfa-2558	159	11	flows	flow	NOUN
ajfa-2558	159	12	from	from	ADP
ajfa-2558	159	13	consolidated	consolidated	ADJ
ajfa-2558	159	14	assets	asset	NOUN
ajfa-2558	159	15	,	,	PUNCT
ajfa-2558	159	16	then	then	ADV
ajfa-2558	159	17	consolidated	consolidated	ADJ
ajfa-2558	159	18	debt	debt	NOUN
ajfa-2558	159	19	shall	shall	AUX
ajfa-2558	159	20	be	be	AUX
ajfa-2558	159	21	subtracted	subtract	VERB
ajfa-2558	159	22	.	.	PUNCT
ajfa-2558	160	1	second	second	ADV
ajfa-2558	160	2	,	,	PUNCT
ajfa-2558	160	3	there	there	PRON
ajfa-2558	160	4	is	be	VERB
ajfa-2558	160	5	possible	possible	ADJ
ajfa-2558	160	6	merger	merger	NOUN
ajfa-2558	160	7	between	between	ADP
ajfa-2558	160	8	sk	sk	NOUN
ajfa-2558	160	9	c&c	c&c	PROPN
ajfa-2558	160	10	and	and	CCONJ
ajfa-2558	160	11	sk	sk	ADJ
ajfa-2558	160	12	holdings	holding	NOUN
ajfa-2558	160	13	.	.	PUNCT
ajfa-2558	161	1	current	current	ADJ
ajfa-2558	161	2	ownership	ownership	NOUN
ajfa-2558	161	3	structure	structure	NOUN
ajfa-2558	161	4	is	be	AUX
ajfa-2558	161	5	awkward	awkward	ADJ
ajfa-2558	161	6	in	in	ADP
ajfa-2558	161	7	a	a	DET
ajfa-2558	161	8	sense	sense	NOUN
ajfa-2558	161	9	that	that	SCONJ
ajfa-2558	161	10	there	there	PRON
ajfa-2558	161	11	is	be	VERB
ajfa-2558	161	12	a	a	DET
ajfa-2558	161	13	double	double	ADJ
ajfa-2558	161	14	layer	layer	NOUN
ajfa-2558	161	15	of	of	ADP
ajfa-2558	161	16	holding	hold	VERB
ajfa-2558	161	17	companies	company	NOUN
ajfa-2558	161	18	.	.	PUNCT
ajfa-2558	162	1	sk	sk	PROPN
ajfa-2558	162	2	holdings	holding	NOUN
ajfa-2558	162	3	is	be	AUX
ajfa-2558	162	4	a	a	DET
ajfa-2558	162	5	pure	pure	ADJ
ajfa-2558	162	6	holding	hold	VERB
ajfa-2558	162	7	company	company	NOUN
ajfa-2558	162	8	with	with	ADP
ajfa-2558	162	9	less	less	ADJ
ajfa-2558	162	10	of	of	ADP
ajfa-2558	162	11	operating	operate	VERB
ajfa-2558	162	12	assets	asset	NOUN
ajfa-2558	162	13	and	and	CCONJ
ajfa-2558	162	14	most	most	ADJ
ajfa-2558	162	15	of	of	ADP
ajfa-2558	162	16	its	its	PRON
ajfa-2558	162	17	income	income	NOUN
ajfa-2558	162	18	consists	consist	VERB
ajfa-2558	162	19	of	of	ADP
ajfa-2558	162	20	brand	brand	NOUN
ajfa-2558	162	21	royalty	royalty	NOUN
ajfa-2558	162	22	corrected	correct	VERB
ajfa-2558	162	23	from	from	ADP
ajfa-2558	162	24	subsidiaries	subsidiary	NOUN
ajfa-2558	162	25	.	.	PUNCT
ajfa-2558	163	1	president	president	PROPN
ajfa-2558	163	2	choi	choi	PROPN
ajfa-2558	163	3	and	and	CCONJ
ajfa-2558	163	4	his	his	PRON
ajfa-2558	163	5	family	family	NOUN
ajfa-2558	163	6	hold	hold	VERB
ajfa-2558	163	7	about	about	ADV
ajfa-2558	163	8	20	20	NUM
ajfa-2558	163	9	%	%	NOUN
ajfa-2558	163	10	stakes	stake	NOUN
ajfa-2558	163	11	in	in	ADP
ajfa-2558	163	12	sk	sk	NOUN
ajfa-2558	163	13	holdings	holding	NOUN
ajfa-2558	163	14	and	and	CCONJ
ajfa-2558	163	15	50	50	NUM
ajfa-2558	163	16	%	%	NOUN
ajfa-2558	163	17	in	in	ADP
ajfa-2558	163	18	sk	sk	NOUN
ajfa-2558	163	19	c&c	c&c	PROPN
ajfa-2558	163	20	,	,	PUNCT
ajfa-2558	163	21	respectively	respectively	ADV
ajfa-2558	163	22	.	.	PUNCT
ajfa-2558	164	1	the	the	DET
ajfa-2558	164	2	market	market	NOUN
ajfa-2558	164	3	capitalization	capitalization	NOUN
ajfa-2558	164	4	of	of	ADP
ajfa-2558	164	5	sk	sk	NOUN
ajfa-2558	164	6	holdings	holding	NOUN
ajfa-2558	164	7	is	be	AUX
ajfa-2558	164	8	krw	krw	PROPN
ajfa-2558	164	9	4,320	4,320	NUM
ajfa-2558	164	10	billion	billion	NUM
ajfa-2558	164	11	at	at	ADP
ajfa-2558	164	12	the	the	DET
ajfa-2558	164	13	end	end	NOUN
ajfa-2558	164	14	of	of	ADP
ajfa-2558	164	15	september	september	PROPN
ajfa-2558	164	16	,	,	PUNCT
ajfa-2558	164	17	2009	2009	NUM
ajfa-2558	164	18	.	.	PUNCT
ajfa-2558	165	1	the	the	DET
ajfa-2558	165	2	merger	merger	NOUN
ajfa-2558	165	3	between	between	ADP
ajfa-2558	165	4	sk	sk	NOUN
ajfa-2558	165	5	holdings	holding	NOUN
ajfa-2558	165	6	and	and	CCONJ
ajfa-2558	165	7	sk	sk	PROPN
ajfa-2558	165	8	c&c	c&c	PROPN
ajfa-2558	165	9	might	might	AUX
ajfa-2558	165	10	dilute	dilute	VERB
ajfa-2558	165	11	the	the	DET
ajfa-2558	165	12	share	share	NOUN
ajfa-2558	165	13	ownership	ownership	NOUN
ajfa-2558	165	14	of	of	ADP
ajfa-2558	165	15	president	president	PROPN
ajfa-2558	165	16	choi	choi	PROPN
ajfa-2558	165	17	.	.	PUNCT
ajfa-2558	166	1	president	president	PROPN
ajfa-2558	166	2	choi	choi	PROPN
ajfa-2558	166	3	has	have	VERB
ajfa-2558	166	4	an	an	DET
ajfa-2558	166	5	incentive	incentive	NOUN
ajfa-2558	166	6	to	to	PART
ajfa-2558	166	7	increase	increase	VERB
ajfa-2558	166	8	the	the	DET
ajfa-2558	166	9	equity	equity	NOUN
ajfa-2558	166	10	value	value	NOUN
ajfa-2558	166	11	of	of	ADP
ajfa-2558	166	12	sk	sk	NOUN
ajfa-2558	166	13	c&c	c&c	PROPN
ajfa-2558	166	14	’s	’s	PART
ajfa-2558	166	15	operating	operate	VERB
ajfa-2558	166	16	assets	asset	NOUN
ajfa-2558	166	17	to	to	PART
ajfa-2558	166	18	maintain	maintain	VERB
ajfa-2558	166	19	his	his	PRON
ajfa-2558	166	20	ownership	ownership	NOUN
ajfa-2558	166	21	in	in	ADP
ajfa-2558	166	22	the	the	DET
ajfa-2558	166	23	merged	merge	VERB
ajfa-2558	166	24	firm	firm	NOUN
ajfa-2558	166	25	to	to	ADP
ajfa-2558	166	26	at	at	ADV
ajfa-2558	166	27	least	least	ADV
ajfa-2558	166	28	50	50	NUM
ajfa-2558	166	29	%	%	NOUN
ajfa-2558	166	30	.	.	PUNCT
ajfa-2558	167	1	this	this	DET
ajfa-2558	167	2	intention	intention	NOUN
ajfa-2558	167	3	for	for	ADP
ajfa-2558	167	4	future	future	ADJ
ajfa-2558	167	5	merger	merger	NOUN
ajfa-2558	167	6	will	will	AUX
ajfa-2558	167	7	increase	increase	VERB
ajfa-2558	167	8	the	the	DET
ajfa-2558	167	9	stock	stock	NOUN
ajfa-2558	167	10	price	price	NOUN
ajfa-2558	167	11	of	of	ADP
ajfa-2558	167	12	sk	sk	NOUN
ajfa-2558	167	13	c&c	c&c	NOUN
ajfa-2558	167	14	relative	relative	ADJ
ajfa-2558	167	15	to	to	ADP
ajfa-2558	167	16	that	that	PRON
ajfa-2558	167	17	of	of	ADP
ajfa-2558	167	18	sk	sk	NOUN
ajfa-2558	167	19	holdings	holding	NOUN
ajfa-2558	167	20	.	.	PUNCT
ajfa-2558	168	1	third	third	ADJ
ajfa-2558	168	2	,	,	PUNCT
ajfa-2558	168	3	following	follow	VERB
ajfa-2558	168	4	the	the	DET
ajfa-2558	168	5	employee	employee	NOUN
ajfa-2558	168	6	stock	stock	NOUN
ajfa-2558	168	7	plan	plan	NOUN
ajfa-2558	168	8	in	in	ADP
ajfa-2558	168	9	sk	sk	NOUN
ajfa-2558	168	10	c&c	c&c	PROPN
ajfa-2558	168	11	,	,	PUNCT
ajfa-2558	168	12	employees	employee	NOUN
ajfa-2558	168	13	of	of	ADP
ajfa-2558	168	14	sk	sk	NOUN
ajfa-2558	168	15	c&c	c&c	PROPN
ajfa-2558	168	16	are	be	AUX
ajfa-2558	168	17	entitled	entitle	VERB
ajfa-2558	168	18	to	to	PART
ajfa-2558	168	19	subscribe	subscribe	VERB
ajfa-2558	168	20	ipo	ipo	NOUN
ajfa-2558	168	21	shares	share	NOUN
ajfa-2558	168	22	at	at	ADP
ajfa-2558	168	23	the	the	DET
ajfa-2558	168	24	issue	issue	NOUN
ajfa-2558	168	25	price	price	NOUN
ajfa-2558	168	26	of	of	ADP
ajfa-2558	168	27	krw	krw	PROPN
ajfa-2558	168	28	30,000	30,000	NUM
ajfa-2558	168	29	.	.	PUNCT
ajfa-2558	169	1	employees	employee	NOUN
ajfa-2558	169	2	can	can	AUX
ajfa-2558	169	3	buy	buy	VERB
ajfa-2558	169	4	shares	share	NOUN
ajfa-2558	169	5	at	at	ADP
ajfa-2558	169	6	the	the	DET
ajfa-2558	169	7	issue	issue	NOUN
ajfa-2558	169	8	price	price	NOUN
ajfa-2558	169	9	and	and	CCONJ
ajfa-2558	169	10	thus	thus	ADV
ajfa-2558	169	11	these	these	DET
ajfa-2558	169	12	shares	share	NOUN
ajfa-2558	169	13	are	be	AUX
ajfa-2558	169	14	considered	consider	VERB
ajfa-2558	169	15	as	as	ADP
ajfa-2558	169	16	benefits	benefit	NOUN
ajfa-2558	169	17	to	to	ADP
ajfa-2558	169	18	employees	employee	NOUN
ajfa-2558	169	19	.	.	PUNCT
ajfa-2558	170	1	forth	forth	ADV
ajfa-2558	170	2	,	,	PUNCT
ajfa-2558	170	3	as	as	SCONJ
ajfa-2558	170	4	shown	show	VERB
ajfa-2558	170	5	in	in	ADP
ajfa-2558	170	6	the	the	DET
ajfa-2558	170	7	table	table	NOUN
ajfa-2558	170	8	5	5	NUM
ajfa-2558	170	9	,	,	PUNCT
ajfa-2558	170	10	the	the	DET
ajfa-2558	170	11	market	market	NOUN
ajfa-2558	170	12	timing	timing	NOUN
ajfa-2558	170	13	of	of	ADP
ajfa-2558	170	14	sk	sk	NOUN
ajfa-2558	170	15	c&c	c&c	PROPN
ajfa-2558	170	16	’s	’s	PART
ajfa-2558	170	17	ipo	ipo	NOUN
ajfa-2558	170	18	is	be	AUX
ajfa-2558	170	19	during	during	ADP
ajfa-2558	170	20	bear	bear	NOUN
ajfa-2558	170	21	market	market	NOUN
ajfa-2558	170	22	.	.	PUNCT
ajfa-2558	171	1	the	the	DET
ajfa-2558	171	2	stock	stock	NOUN
ajfa-2558	171	3	market	market	NOUN
ajfa-2558	171	4	performance	performance	NOUN
ajfa-2558	171	5	of	of	ADP
ajfa-2558	171	6	recent	recent	ADJ
ajfa-2558	171	7	ipos	ipos	NOUN
ajfa-2558	171	8	is	be	AUX
ajfa-2558	171	9	poor	poor	ADJ
ajfa-2558	171	10	and	and	CCONJ
ajfa-2558	171	11	subsequently	subsequently	ADV
ajfa-2558	171	12	some	some	PRON
ajfa-2558	171	13	of	of	ADP
ajfa-2558	171	14	ipos	ipos	NOUN
ajfa-2558	171	15	scheduled	schedule	VERB
ajfa-2558	171	16	in	in	ADP
ajfa-2558	171	17	october	october	PROPN
ajfa-2558	171	18	are	be	AUX
ajfa-2558	171	19	postponed	postpone	VERB
ajfa-2558	171	20	for	for	ADP
ajfa-2558	171	21	later	later	ADJ
ajfa-2558	171	22	date	date	NOUN
ajfa-2558	171	23	.	.	PUNCT
ajfa-2558	172	1	this	this	PRON
ajfa-2558	172	2	suggests	suggest	VERB
ajfa-2558	172	3	the	the	DET
ajfa-2558	172	4	offer	offer	NOUN
ajfa-2558	172	5	price	price	NOUN
ajfa-2558	172	6	of	of	ADP
ajfa-2558	172	7	sk	sk	NOUN
ajfa-2558	172	8	c&c	c&c	PROPN
ajfa-2558	172	9	is	be	AUX
ajfa-2558	172	10	less	less	ADV
ajfa-2558	172	11	likely	likely	ADJ
ajfa-2558	172	12	to	to	PART
ajfa-2558	172	13	be	be	AUX
ajfa-2558	172	14	overpriced	overprice	VERB
ajfa-2558	172	15	.	.	PUNCT
ajfa-2558	173	1	the	the	DET
ajfa-2558	173	2	implementation	implementation	NOUN
ajfa-2558	173	3	of	of	ADP
ajfa-2558	173	4	global	global	ADJ
ajfa-2558	173	5	visions	vision	NOUN
ajfa-2558	173	6	and	and	CCONJ
ajfa-2558	173	7	clean	clean	VERB
ajfa-2558	173	8	the	the	DET
ajfa-2558	173	9	governance	governance	NOUN
ajfa-2558	173	10	structure	structure	NOUN
ajfa-2558	173	11	is	be	AUX
ajfa-2558	173	12	foremost	foremost	ADJ
ajfa-2558	173	13	priority	priority	NOUN
ajfa-2558	173	14	of	of	ADP
ajfa-2558	173	15	sk	sk	NOUN
ajfa-2558	173	16	group	group	NOUN
ajfa-2558	173	17	and	and	CCONJ
ajfa-2558	173	18	,	,	PUNCT
ajfa-2558	173	19	therefore	therefore	ADV
ajfa-2558	173	20	,	,	PUNCT
ajfa-2558	173	21	the	the	DET
ajfa-2558	173	22	discount	discount	NOUN
ajfa-2558	173	23	of	of	ADP
ajfa-2558	173	24	issue	issue	NOUN
ajfa-2558	173	25	price	price	NOUN
ajfa-2558	173	26	is	be	AUX
ajfa-2558	173	27	less	less	ADJ
ajfa-2558	173	28	of	of	ADP
ajfa-2558	173	29	concern	concern	NOUN
ajfa-2558	173	30	for	for	ADP
ajfa-2558	173	31	the	the	DET
ajfa-2558	173	32	company	company	NOUN
ajfa-2558	173	33	,	,	PUNCT
ajfa-2558	173	34	especially	especially	ADV
ajfa-2558	173	35	when	when	SCONJ
ajfa-2558	173	36	the	the	DET
ajfa-2558	173	37	company	company	NOUN
ajfa-2558	173	38	launches	launch	VERB
ajfa-2558	173	39	its	its	PRON
ajfa-2558	173	40	long	long	ADJ
ajfa-2558	173	41	-	-	PUNCT
ajfa-2558	173	42	term	term	NOUN
ajfa-2558	173	43	strategic	strategic	ADJ
ajfa-2558	173	44	plan	plan	NOUN
ajfa-2558	173	45	.	.	PUNCT
ajfa-2558	174	1	finally	finally	ADV
ajfa-2558	174	2	,	,	PUNCT
ajfa-2558	174	3	we	we	PRON
ajfa-2558	174	4	trace	trace	VERB
ajfa-2558	174	5	the	the	DET
ajfa-2558	174	6	stock	stock	NOUN
ajfa-2558	174	7	market	market	NOUN
ajfa-2558	174	8	performance	performance	NOUN
ajfa-2558	174	9	of	of	ADP
ajfa-2558	174	10	sk	sk	NOUN
ajfa-2558	174	11	c&c	c&c	PROPN
ajfa-2558	174	12	since	since	SCONJ
ajfa-2558	174	13	the	the	DET
ajfa-2558	174	14	ipo	ipo	NOUN
ajfa-2558	174	15	.	.	PUNCT
ajfa-2558	175	1	given	give	VERB
ajfa-2558	175	2	the	the	DET
ajfa-2558	175	3	substantial	substantial	ADJ
ajfa-2558	175	4	discount	discount	NOUN
ajfa-2558	175	5	in	in	ADP
ajfa-2558	175	6	the	the	DET
ajfa-2558	175	7	ipo	ipo	NOUN
ajfa-2558	175	8	price	price	NOUN
ajfa-2558	175	9	,	,	PUNCT
ajfa-2558	175	10	we	we	PRON
ajfa-2558	175	11	expect	expect	VERB
ajfa-2558	175	12	that	that	SCONJ
ajfa-2558	175	13	the	the	DET
ajfa-2558	175	14	company	company	NOUN
ajfa-2558	175	15	would	would	AUX
ajfa-2558	175	16	not	not	PART
ajfa-2558	175	17	underperform	underperform	VERB
ajfa-2558	175	18	.	.	PUNCT
ajfa-2558	176	1	this	this	PRON
ajfa-2558	176	2	would	would	AUX
ajfa-2558	176	3	be	be	AUX
ajfa-2558	176	4	a	a	DET
ajfa-2558	176	5	different	different	ADJ
ajfa-2558	176	6	pattern	pattern	NOUN
ajfa-2558	176	7	from	from	ADP
ajfa-2558	176	8	the	the	DET
ajfa-2558	176	9	typical	typical	ADJ
ajfa-2558	176	10	long	long	ADJ
ajfa-2558	176	11	-	-	PUNCT
ajfa-2558	176	12	run	run	NOUN
ajfa-2558	176	13	underperformance	underperformance	NOUN
ajfa-2558	176	14	of	of	ADP
ajfa-2558	176	15	ipo	ipo	NOUN
ajfa-2558	176	16	stocks	stock	NOUN
ajfa-2558	176	17	as	as	SCONJ
ajfa-2558	176	18	reported	report	VERB
ajfa-2558	176	19	in	in	ADP
ajfa-2558	176	20	ritter	ritter	PROPN
ajfa-2558	176	21	(	(	PUNCT
ajfa-2558	176	22	1991	1991	NUM
ajfa-2558	176	23	)	)	PUNCT
ajfa-2558	176	24	.	.	PUNCT
ajfa-2558	177	1	for	for	ADP
ajfa-2558	177	2	the	the	DET
ajfa-2558	177	3	past	past	ADJ
ajfa-2558	177	4	three	three	NUM
ajfa-2558	177	5	years	year	NOUN
ajfa-2558	177	6	since	since	SCONJ
ajfa-2558	177	7	the	the	DET
ajfa-2558	177	8	ipo	ipo	NOUN
ajfa-2558	177	9	,	,	PUNCT
ajfa-2558	177	10	sk	sk	ADP
ajfa-2558	177	11	c&c	c&c	PROPN
ajfa-2558	177	12	has	have	AUX
ajfa-2558	177	13	been	be	AUX
ajfa-2558	177	14	traded	trade	VERB
ajfa-2558	177	15	in	in	ADP
ajfa-2558	177	16	the	the	DET
ajfa-2558	177	17	range	range	NOUN
ajfa-2558	177	18	of	of	ADP
ajfa-2558	177	19	krw35,650	krw35,650	PROPN
ajfa-2558	177	20	to	to	ADP
ajfa-2558	177	21	krw163,500	krw163,500	PROPN
ajfa-2558	177	22	.	.	PUNCT
ajfa-2558	178	1	as	as	SCONJ
ajfa-2558	178	2	reported	report	VERB
ajfa-2558	178	3	in	in	ADP
ajfa-2558	178	4	graph	graph	NOUN
ajfa-2558	178	5	2	2	NUM
ajfa-2558	178	6	,	,	PUNCT
ajfa-2558	178	7	the	the	DET
ajfa-2558	178	8	stock	stock	NOUN
ajfa-2558	178	9	price	price	NOUN
ajfa-2558	178	10	continues	continue	VERB
ajfa-2558	178	11	to	to	PART
ajfa-2558	178	12	increase	increase	VERB
ajfa-2558	178	13	from	from	ADP
ajfa-2558	178	14	krw35,650	krw35,650	PROPN
ajfa-2558	178	15	,	,	PUNCT
ajfa-2558	178	16	which	which	PRON
ajfa-2558	178	17	is	be	AUX
ajfa-2558	178	18	the	the	DET
ajfa-2558	178	19	opening	opening	NOUN
ajfa-2558	178	20	price	price	NOUN
ajfa-2558	178	21	on	on	ADP
ajfa-2558	178	22	the	the	DET
ajfa-2558	178	23	first	first	ADJ
ajfa-2558	178	24	day	day	NOUN
ajfa-2558	178	25	of	of	ADP
ajfa-2558	178	26	trading	trading	NOUN
ajfa-2558	178	27	.	.	PUNCT
ajfa-2558	179	1	the	the	DET
ajfa-2558	179	2	two	two	NUM
ajfa-2558	179	3	-	-	PUNCT
ajfa-2558	179	4	year	year	NOUN
ajfa-2558	179	5	holding	holding	NOUN
ajfa-2558	179	6	period	period	NOUN
ajfa-2558	179	7	return	return	NOUN
ajfa-2558	179	8	for	for	ADP
ajfa-2558	179	9	sk	sk	NOUN
ajfa-2558	179	10	c&c	c&c	PROPN
ajfa-2558	179	11	is	be	AUX
ajfa-2558	179	12	163.50	163.50	NUM
ajfa-2558	179	13	%	%	NOUN
ajfa-2558	179	14	,	,	PUNCT
ajfa-2558	179	15	outperforming	outperform	VERB
ajfa-2558	179	16	the	the	DET
ajfa-2558	179	17	market	market	NOUN
ajfa-2558	179	18	average	average	ADJ
ajfa-2558	179	19	return	return	NOUN
ajfa-2558	179	20	of	of	ADP
ajfa-2558	179	21	21.80	21.80	NUM
ajfa-2558	179	22	%	%	NOUN
ajfa-2558	179	23	in	in	ADP
ajfa-2558	179	24	the	the	DET
ajfa-2558	179	25	korean	korean	ADJ
ajfa-2558	179	26	stock	stock	NOUN
ajfa-2558	179	27	market	market	NOUN
ajfa-2558	179	28	index	index	NOUN
ajfa-2558	179	29	(	(	PUNCT
ajfa-2558	179	30	kospi	kospi	NOUN
ajfa-2558	179	31	)	)	PUNCT
ajfa-2558	179	32	.	.	PUNCT
ajfa-2558	180	1	the	the	DET
ajfa-2558	180	2	result	result	NOUN
ajfa-2558	180	3	confirms	confirm	VERB
ajfa-2558	180	4	that	that	SCONJ
ajfa-2558	180	5	our	our	PRON
ajfa-2558	180	6	valuation	valuation	NOUN
ajfa-2558	180	7	correctly	correctly	ADV
ajfa-2558	180	8	estimates	estimate	VERB
ajfa-2558	180	9	the	the	DET
ajfa-2558	180	10	intrinsic	intrinsic	ADJ
ajfa-2558	180	11	value	value	NOUN
ajfa-2558	180	12	of	of	ADP
ajfa-2558	180	13	sk	sk	NOUN
ajfa-2558	180	14	c&c	c&c	PROPN
ajfa-2558	180	15	.	.	PUNCT
ajfa-2558	181	1	5	5	NUM
ajfa-2558	181	2	.	.	X
ajfa-2558	181	3	conclusion	conclusion	NOUN
ajfa-2558	181	4	and	and	CCONJ
ajfa-2558	181	5	summary	summary	NOUN
ajfa-2558	181	6	we	we	PRON
ajfa-2558	181	7	examine	examine	VERB
ajfa-2558	181	8	the	the	DET
ajfa-2558	181	9	valuation	valuation	NOUN
ajfa-2558	181	10	of	of	ADP
ajfa-2558	181	11	a	a	DET
ajfa-2558	181	12	holding	hold	VERB
ajfa-2558	181	13	company	company	NOUN
ajfa-2558	181	14	.	.	PUNCT
ajfa-2558	182	1	the	the	DET
ajfa-2558	182	2	ipo	ipo	PROPN
ajfa-2558	182	3	of	of	ADP
ajfa-2558	182	4	sk	sk	PROPN
ajfa-2558	182	5	c&c	c&c	PROPN
ajfa-2558	182	6	provides	provide	VERB
ajfa-2558	182	7	unique	unique	ADJ
ajfa-2558	182	8	test	test	NOUN
ajfa-2558	182	9	settings	setting	NOUN
ajfa-2558	182	10	to	to	PART
ajfa-2558	182	11	examine	examine	VERB
ajfa-2558	182	12	various	various	ADJ
ajfa-2558	182	13	issues	issue	NOUN
ajfa-2558	182	14	related	relate	VERB
ajfa-2558	182	15	to	to	ADP
ajfa-2558	182	16	the	the	DET
ajfa-2558	182	17	ipo	ipo	NOUN
ajfa-2558	182	18	.	.	PUNCT
ajfa-2558	183	1	this	this	DET
ajfa-2558	183	2	study	study	NOUN
ajfa-2558	183	3	illustrates	illustrate	VERB
ajfa-2558	183	4	multiple	multiple	ADJ
ajfa-2558	183	5	factors	factor	NOUN
ajfa-2558	183	6	of	of	ADP
ajfa-2558	183	7	ipo	ipo	NOUN
ajfa-2558	183	8	decision	decision	NOUN
ajfa-2558	183	9	making	make	VERB
ajfa-2558	183	10	that	that	PRON
ajfa-2558	183	11	are	be	AUX
ajfa-2558	183	12	often	often	ADV
ajfa-2558	183	13	ignored	ignore	VERB
ajfa-2558	183	14	in	in	ADP
ajfa-2558	183	15	large	large	ADJ
ajfa-2558	183	16	sample	sample	NOUN
ajfa-2558	183	17	tests	test	NOUN
ajfa-2558	183	18	.	.	PUNCT
ajfa-2558	184	1	the	the	DET
ajfa-2558	184	2	key	key	ADJ
ajfa-2558	184	3	factor	factor	NOUN
ajfa-2558	184	4	for	for	ADP
ajfa-2558	184	5	the	the	DET
ajfa-2558	184	6	ipo	ipo	NOUN
ajfa-2558	184	7	of	of	ADP
ajfa-2558	184	8	sk	sk	PROPN
ajfa-2558	184	9	c&c	c&c	PROPN
ajfa-2558	184	10	is	be	AUX
ajfa-2558	184	11	regulatory	regulatory	ADJ
ajfa-2558	184	12	changes	change	NOUN
ajfa-2558	184	13	to	to	PART
ajfa-2558	184	14	improve	improve	VERB
ajfa-2558	184	15	corporate	corporate	ADJ
ajfa-2558	184	16	governance	governance	NOUN
ajfa-2558	184	17	structure	structure	NOUN
ajfa-2558	184	18	for	for	ADP
ajfa-2558	184	19	sk	sk	NOUN
ajfa-2558	184	20	group	group	NOUN
ajfa-2558	184	21	.	.	PUNCT
ajfa-2558	185	1	unique	unique	ADJ
ajfa-2558	185	2	practice	practice	NOUN
ajfa-2558	185	3	for	for	ADP
ajfa-2558	185	4	korean	korean	ADJ
ajfa-2558	185	5	conglomerates	conglomerate	NOUN
ajfa-2558	185	6	is	be	AUX
ajfa-2558	185	7	cross	cros	NOUN
ajfa-2558	185	8	-	-	NOUN
ajfa-2558	185	9	holdings	holding	NOUN
ajfa-2558	185	10	using	use	VERB
ajfa-2558	185	11	resources	resource	NOUN
ajfa-2558	185	12	of	of	ADP
ajfa-2558	185	13	subsidiary	subsidiary	NOUN
ajfa-2558	185	14	companies	company	NOUN
ajfa-2558	185	15	.	.	PUNCT
ajfa-2558	186	1	this	this	PRON
ajfa-2558	186	2	severely	severely	ADV
ajfa-2558	186	3	weakens	weaken	VERB
ajfa-2558	186	4	transparency	transparency	NOUN
ajfa-2558	186	5	of	of	ADP
ajfa-2558	186	6	korean	korean	ADJ
ajfa-2558	186	7	conglomerates	conglomerate	NOUN
ajfa-2558	186	8	which	which	PRON
ajfa-2558	186	9	often	often	ADV
ajfa-2558	186	10	creates	create	VERB
ajfa-2558	186	11	criticism	criticism	NOUN
ajfa-2558	186	12	by	by	ADP
ajfa-2558	186	13	public	public	ADJ
ajfa-2558	186	14	investors	investor	NOUN
ajfa-2558	186	15	and	and	CCONJ
ajfa-2558	186	16	media	medium	NOUN
ajfa-2558	186	17	.	.	PUNCT
ajfa-2558	187	1	the	the	DET
ajfa-2558	187	2	establishment	establishment	NOUN
ajfa-2558	187	3	of	of	ADP
ajfa-2558	187	4	a	a	DET
ajfa-2558	187	5	holding	hold	VERB
ajfa-2558	187	6	company	company	NOUN
ajfa-2558	187	7	and	and	CCONJ
ajfa-2558	187	8	the	the	DET
ajfa-2558	187	9	ipo	ipo	NOUN
ajfa-2558	187	10	of	of	ADP
ajfa-2558	187	11	sk	sk	PROPN
ajfa-2558	187	12	c&c	c&c	PROPN
ajfa-2558	187	13	clarify	clarify	VERB
ajfa-2558	187	14	the	the	DET
ajfa-2558	187	15	ownership	ownership	NOUN
ajfa-2558	187	16	structure	structure	NOUN
ajfa-2558	187	17	of	of	ADP
ajfa-2558	187	18	sk	sk	NOUN
ajfa-2558	187	19	group	group	NOUN
ajfa-2558	187	20	and	and	CCONJ
ajfa-2558	187	21	thus	thus	ADV
ajfa-2558	187	22	improve	improve	VERB
ajfa-2558	187	23	the	the	DET
ajfa-2558	187	24	transparency	transparency	NOUN
ajfa-2558	187	25	of	of	ADP
ajfa-2558	187	26	asian	asian	ADJ
ajfa-2558	187	27	journal	journal	NOUN
ajfa-2558	187	28	of	of	ADP
ajfa-2558	187	29	finance	finance	PROPN
ajfa-2558	187	30	&	&	CCONJ
ajfa-2558	187	31	accounting	accounting	PROPN
ajfa-2558	187	32	issn	issn	PROPN
ajfa-2558	187	33	1946	1946	NUM
ajfa-2558	187	34	-	-	PUNCT
ajfa-2558	187	35	052x	052x	NOUN
ajfa-2558	187	36	2012	2012	NUM
ajfa-2558	187	37	,	,	PUNCT
ajfa-2558	187	38	vol	vol	NOUN
ajfa-2558	187	39	.	.	PROPN
ajfa-2558	187	40	4	4	NUM
ajfa-2558	187	41	,	,	PUNCT
ajfa-2558	187	42	no	no	INTJ
ajfa-2558	187	43	.	.	NOUN
ajfa-2558	187	44	2	2	NUM
ajfa-2558	187	45	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	187	46	310	310	NUM
ajfa-2558	187	47	the	the	DET
ajfa-2558	187	48	entire	entire	ADJ
ajfa-2558	187	49	affiliated	affiliated	ADJ
ajfa-2558	187	50	companies	company	NOUN
ajfa-2558	187	51	in	in	ADP
ajfa-2558	187	52	sk	sk	NOUN
ajfa-2558	187	53	group	group	NOUN
ajfa-2558	187	54	.	.	PUNCT
ajfa-2558	188	1	our	our	PRON
ajfa-2558	188	2	analysis	analysis	NOUN
ajfa-2558	188	3	shows	show	VERB
ajfa-2558	188	4	that	that	SCONJ
ajfa-2558	188	5	sk	sk	AUX
ajfa-2558	188	6	set	set	VERB
ajfa-2558	188	7	the	the	DET
ajfa-2558	188	8	issue	issue	NOUN
ajfa-2558	188	9	price	price	NOUN
ajfa-2558	188	10	at	at	ADP
ajfa-2558	188	11	substantial	substantial	ADJ
ajfa-2558	188	12	discount	discount	NOUN
ajfa-2558	188	13	.	.	PUNCT
ajfa-2558	189	1	the	the	DET
ajfa-2558	189	2	post	post	NOUN
ajfa-2558	189	3	-	-	NOUN
ajfa-2558	189	4	issuance	issuance	NOUN
ajfa-2558	189	5	of	of	ADP
ajfa-2558	189	6	the	the	DET
ajfa-2558	189	7	ipo	ipo	NOUN
ajfa-2558	189	8	confirms	confirm	VERB
ajfa-2558	189	9	the	the	DET
ajfa-2558	189	10	underpricing	underpricing	NOUN
ajfa-2558	189	11	and	and	CCONJ
ajfa-2558	189	12	show	show	VERB
ajfa-2558	189	13	a	a	DET
ajfa-2558	189	14	different	different	ADJ
ajfa-2558	189	15	pattern	pattern	NOUN
ajfa-2558	189	16	from	from	ADP
ajfa-2558	189	17	the	the	DET
ajfa-2558	189	18	typical	typical	ADJ
ajfa-2558	189	19	ipos	ipos	NOUN
ajfa-2558	189	20	.	.	PUNCT
ajfa-2558	190	1	it	it	PRON
ajfa-2558	190	2	appears	appear	VERB
ajfa-2558	190	3	that	that	SCONJ
ajfa-2558	190	4	managers	manager	NOUN
ajfa-2558	190	5	of	of	ADP
ajfa-2558	190	6	sk	sk	NOUN
ajfa-2558	190	7	c&c	c&c	PROPN
ajfa-2558	190	8	are	be	AUX
ajfa-2558	190	9	less	less	ADV
ajfa-2558	190	10	interested	interested	ADJ
ajfa-2558	190	11	in	in	ADP
ajfa-2558	190	12	selling	sell	VERB
ajfa-2558	190	13	their	their	PRON
ajfa-2558	190	14	shares	share	NOUN
ajfa-2558	190	15	at	at	ADP
ajfa-2558	190	16	the	the	DET
ajfa-2558	190	17	highest	high	ADJ
ajfa-2558	190	18	possible	possible	ADJ
ajfa-2558	190	19	price	price	NOUN
ajfa-2558	190	20	,	,	PUNCT
ajfa-2558	190	21	which	which	PRON
ajfa-2558	190	22	is	be	AUX
ajfa-2558	190	23	typical	typical	ADJ
ajfa-2558	190	24	incentive	incentive	NOUN
ajfa-2558	190	25	of	of	ADP
ajfa-2558	190	26	managers	manager	NOUN
ajfa-2558	190	27	to	to	PART
ajfa-2558	190	28	initiate	initiate	VERB
ajfa-2558	190	29	ipos	ipos	NOUN
ajfa-2558	190	30	.	.	PUNCT
ajfa-2558	191	1	given	give	VERB
ajfa-2558	191	2	that	that	SCONJ
ajfa-2558	191	3	the	the	DET
ajfa-2558	191	4	priority	priority	NOUN
ajfa-2558	191	5	of	of	ADP
ajfa-2558	191	6	sk	sk	NOUN
ajfa-2558	191	7	group	group	NOUN
ajfa-2558	191	8	was	be	AUX
ajfa-2558	191	9	to	to	PART
ajfa-2558	191	10	improve	improve	VERB
ajfa-2558	191	11	corporate	corporate	ADJ
ajfa-2558	191	12	governance	governance	NOUN
ajfa-2558	191	13	structure	structure	NOUN
ajfa-2558	191	14	,	,	PUNCT
ajfa-2558	191	15	the	the	DET
ajfa-2558	191	16	ipo	ipo	NOUN
ajfa-2558	191	17	of	of	ADP
ajfa-2558	191	18	sk	sk	PROPN
ajfa-2558	191	19	c&c	c&c	PROPN
ajfa-2558	191	20	achieved	achieve	VERB
ajfa-2558	191	21	the	the	DET
ajfa-2558	191	22	intended	intend	VERB
ajfa-2558	191	23	goal	goal	NOUN
ajfa-2558	191	24	of	of	ADP
ajfa-2558	191	25	dismantling	dismantle	VERB
ajfa-2558	191	26	cross	cross	NOUN
ajfa-2558	191	27	-	-	NOUN
ajfa-2558	191	28	holdings	holding	NOUN
ajfa-2558	191	29	and	and	CCONJ
ajfa-2558	191	30	streamlining	streamline	VERB
ajfa-2558	191	31	ownership	ownership	NOUN
ajfa-2558	191	32	structure	structure	NOUN
ajfa-2558	191	33	of	of	ADP
ajfa-2558	191	34	sk	sk	NOUN
ajfa-2558	191	35	group	group	NOUN
ajfa-2558	191	36	.	.	PUNCT
ajfa-2558	192	1	this	this	PRON
ajfa-2558	192	2	drives	drive	VERB
ajfa-2558	192	3	higher	high	ADJ
ajfa-2558	192	4	market	market	NOUN
ajfa-2558	192	5	valuation	valuation	NOUN
ajfa-2558	192	6	for	for	ADP
ajfa-2558	192	7	shareholders	shareholder	NOUN
ajfa-2558	192	8	of	of	ADP
ajfa-2558	192	9	sk	sk	NOUN
ajfa-2558	192	10	c&c	c&c	PROPN
ajfa-2558	192	11	and	and	CCONJ
ajfa-2558	192	12	affiliated	affiliated	ADJ
ajfa-2558	192	13	companies	company	NOUN
ajfa-2558	192	14	in	in	ADP
ajfa-2558	192	15	sk	sk	NOUN
ajfa-2558	192	16	group	group	NOUN
ajfa-2558	192	17	as	as	ADV
ajfa-2558	192	18	well	well	ADV
ajfa-2558	192	19	.	.	PUNCT
ajfa-2558	193	1	references	reference	NOUN
ajfa-2558	193	2	bhagat	bhagat	PROPN
ajfa-2558	193	3	,	,	PUNCT
ajfa-2558	193	4	s.	s.	PROPN
ajfa-2558	193	5	,	,	PUNCT
ajfa-2558	193	6	&	&	CCONJ
ajfa-2558	193	7	black	black	PROPN
ajfa-2558	193	8	,	,	PUNCT
ajfa-2558	193	9	b.	b.	PROPN
ajfa-2558	193	10	(	(	PUNCT
ajfa-2558	193	11	2001	2001	NUM
ajfa-2558	193	12	)	)	PUNCT
ajfa-2558	193	13	.	.	PUNCT
ajfa-2558	194	1	the	the	DET
ajfa-2558	194	2	non	non	NOUN
ajfa-2558	194	3	-	-	NOUN
ajfa-2558	194	4	correlation	correlation	NOUN
ajfa-2558	194	5	between	between	ADP
ajfa-2558	194	6	board	board	NOUN
ajfa-2558	194	7	independence	independence	NOUN
ajfa-2558	194	8	and	and	CCONJ
ajfa-2558	194	9	long	long	ADJ
ajfa-2558	194	10	-	-	PUNCT
ajfa-2558	194	11	term	term	NOUN
ajfa-2558	194	12	firm	firm	ADJ
ajfa-2558	194	13	performance	performance	NOUN
ajfa-2558	194	14	,	,	PUNCT
ajfa-2558	194	15	journal	journal	NOUN
ajfa-2558	194	16	of	of	ADP
ajfa-2558	194	17	corporation	corporation	NOUN
ajfa-2558	194	18	law	law	NOUN
ajfa-2558	194	19	,	,	PUNCT
ajfa-2558	194	20	27	27	NUM
ajfa-2558	194	21	,	,	PUNCT
ajfa-2558	194	22	231	231	NUM
ajfa-2558	194	23	-	-	SYM
ajfa-2558	194	24	274	274	NUM
ajfa-2558	194	25	.	.	PUNCT
ajfa-2558	195	1	boone	boone	PROPN
ajfa-2558	195	2	,	,	PUNCT
ajfa-2558	195	3	a.	a.	NOUN
ajfa-2558	195	4	,	,	PUNCT
ajfa-2558	195	5	field	field	NOUN
ajfa-2558	195	6	,	,	PUNCT
ajfa-2558	195	7	l.	l.	PROPN
ajfa-2558	195	8	,	,	PUNCT
ajfa-2558	195	9	karpoff	karpoff	PROPN
ajfa-2558	195	10	,	,	PUNCT
ajfa-2558	195	11	j.	j.	PROPN
ajfa-2558	195	12	,	,	PUNCT
ajfa-2558	195	13	&	&	CCONJ
ajfa-2558	195	14	raheja	raheja	PROPN
ajfa-2558	195	15	,	,	PUNCT
ajfa-2558	195	16	c.	c.	PROPN
ajfa-2558	195	17	(	(	PUNCT
ajfa-2558	195	18	2007	2007	NUM
ajfa-2558	195	19	)	)	PUNCT
ajfa-2558	195	20	.	.	PUNCT
ajfa-2558	196	1	the	the	DET
ajfa-2558	196	2	determinants	determinant	NOUN
ajfa-2558	196	3	of	of	ADP
ajfa-2558	196	4	corporate	corporate	ADJ
ajfa-2558	196	5	board	board	NOUN
ajfa-2558	196	6	size	size	NOUN
ajfa-2558	196	7	and	and	CCONJ
ajfa-2558	196	8	composition	composition	NOUN
ajfa-2558	196	9	:	:	PUNCT
ajfa-2558	196	10	an	an	DET
ajfa-2558	196	11	empirical	empirical	ADJ
ajfa-2558	196	12	analysis	analysis	NOUN
ajfa-2558	196	13	,	,	PUNCT
ajfa-2558	196	14	journal	journal	NOUN
ajfa-2558	196	15	of	of	ADP
ajfa-2558	196	16	financial	financial	ADJ
ajfa-2558	196	17	economics	economic	NOUN
ajfa-2558	196	18	,	,	PUNCT
ajfa-2558	196	19	85	85	NUM
ajfa-2558	196	20	,	,	PUNCT
ajfa-2558	196	21	66	66	NUM
ajfa-2558	196	22	-	-	SYM
ajfa-2558	196	23	101	101	NUM
ajfa-2558	196	24	.	.	PUNCT
ajfa-2558	197	1	chi	chi	PROPN
ajfa-2558	197	2	,	,	PUNCT
ajfa-2558	197	3	j.	j.	PROPN
ajfa-2558	197	4	,	,	PUNCT
ajfa-2558	197	5	&	&	CCONJ
ajfa-2558	197	6	lee	lee	PROPN
ajfa-2558	197	7	,	,	PUNCT
ajfa-2558	197	8	d.	d.	PROPN
ajfa-2558	197	9	(	(	PUNCT
ajfa-2558	197	10	2010	2010	NUM
ajfa-2558	197	11	)	)	PUNCT
ajfa-2558	197	12	.	.	PUNCT
ajfa-2558	198	1	the	the	DET
ajfa-2558	198	2	conditional	conditional	ADJ
ajfa-2558	198	3	nature	nature	NOUN
ajfa-2558	198	4	of	of	ADP
ajfa-2558	198	5	the	the	DET
ajfa-2558	198	6	value	value	NOUN
ajfa-2558	198	7	of	of	ADP
ajfa-2558	198	8	corporate	corporate	ADJ
ajfa-2558	198	9	governance	governance	NOUN
ajfa-2558	198	10	,	,	PUNCT
ajfa-2558	198	11	journal	journal	NOUN
ajfa-2558	198	12	of	of	ADP
ajfa-2558	198	13	banking	banking	NOUN
ajfa-2558	198	14	and	and	CCONJ
ajfa-2558	198	15	finance	finance	NOUN
ajfa-2558	198	16	,	,	PUNCT
ajfa-2558	198	17	34	34	NUM
ajfa-2558	198	18	,	,	PUNCT
ajfa-2558	198	19	350	350	NUM
ajfa-2558	198	20	-	-	SYM
ajfa-2558	198	21	361	361	NUM
ajfa-2558	198	22	.	.	PUNCT
ajfa-2558	199	1	coles	cole	NOUN
ajfa-2558	199	2	,	,	PUNCT
ajfa-2558	199	3	j.	j.	PROPN
ajfa-2558	199	4	,	,	PUNCT
ajfa-2558	199	5	daniel	daniel	PROPN
ajfa-2558	199	6	,	,	PUNCT
ajfa-2558	199	7	n.	n.	PROPN
ajfa-2558	199	8	,	,	PUNCT
ajfa-2558	199	9	&	&	CCONJ
ajfa-2558	199	10	naveen	naveen	PROPN
ajfa-2558	199	11	,	,	PUNCT
ajfa-2558	199	12	l.	l.	PROPN
ajfa-2558	199	13	(	(	PUNCT
ajfa-2558	199	14	2008	2008	NUM
ajfa-2558	199	15	)	)	PUNCT
ajfa-2558	199	16	.	.	PUNCT
ajfa-2558	200	1	boards	board	NOUN
ajfa-2558	200	2	:	:	PUNCT
ajfa-2558	200	3	does	do	AUX
ajfa-2558	200	4	one	one	NUM
ajfa-2558	200	5	size	size	NOUN
ajfa-2558	200	6	fit	fit	VERB
ajfa-2558	200	7	all	all	PRON
ajfa-2558	200	8	?	?	PUNCT
ajfa-2558	200	9	,	,	PUNCT
ajfa-2558	200	10	journal	journal	NOUN
ajfa-2558	200	11	of	of	ADP
ajfa-2558	200	12	financial	financial	ADJ
ajfa-2558	200	13	economics	economic	NOUN
ajfa-2558	200	14	,	,	PUNCT
ajfa-2558	200	15	87	87	NUM
ajfa-2558	200	16	,	,	PUNCT
ajfa-2558	200	17	329	329	NUM
ajfa-2558	200	18	-	-	SYM
ajfa-2558	200	19	356	356	NUM
ajfa-2558	200	20	.	.	PUNCT
ajfa-2558	201	1	cremers	cremer	NOUN
ajfa-2558	201	2	,	,	PUNCT
ajfa-2558	201	3	k.	k.	PROPN
ajfa-2558	201	4	,	,	PUNCT
ajfa-2558	201	5	&	&	CCONJ
ajfa-2558	201	6	nair	nair	PROPN
ajfa-2558	201	7	,	,	PUNCT
ajfa-2558	201	8	v.	v.	PROPN
ajfa-2558	201	9	(	(	PUNCT
ajfa-2558	201	10	2005	2005	NUM
ajfa-2558	201	11	)	)	PUNCT
ajfa-2558	201	12	.	.	PUNCT
ajfa-2558	202	1	governance	governance	NOUN
ajfa-2558	202	2	mechanism	mechanism	NOUN
ajfa-2558	202	3	and	and	CCONJ
ajfa-2558	202	4	equity	equity	NOUN
ajfa-2558	202	5	prices	price	NOUN
ajfa-2558	202	6	,	,	PUNCT
ajfa-2558	202	7	journal	journal	NOUN
ajfa-2558	202	8	of	of	ADP
ajfa-2558	202	9	finance	finance	NOUN
ajfa-2558	202	10	,	,	PUNCT
ajfa-2558	202	11	60	60	NUM
ajfa-2558	202	12	,	,	PUNCT
ajfa-2558	202	13	2859	2859	NUM
ajfa-2558	202	14	-	-	SYM
ajfa-2558	202	15	2894	2894	NUM
ajfa-2558	202	16	.	.	PUNCT
ajfa-2558	203	1	damodaran	damodaran	PROPN
ajfa-2558	203	2	,	,	PUNCT
ajfa-2558	203	3	a.	a.	NOUN
ajfa-2558	203	4	(	(	PUNCT
ajfa-2558	203	5	2006	2006	NUM
ajfa-2558	203	6	)	)	PUNCT
ajfa-2558	203	7	.	.	PUNCT
ajfa-2558	204	1	damodaran	damodaran	VERB
ajfa-2558	204	2	on	on	ADP
ajfa-2558	204	3	valuation	valuation	NOUN
ajfa-2558	204	4	(	(	PUNCT
ajfa-2558	204	5	2nd	2nd	ADJ
ajfa-2558	204	6	ed	ed	NOUN
ajfa-2558	204	7	.	.	PUNCT
ajfa-2558	204	8	)	)	PUNCT
ajfa-2558	204	9	,	,	PUNCT
ajfa-2558	204	10	john	john	PROPN
ajfa-2558	204	11	wiley	wiley	PROPN
ajfa-2558	204	12	&	&	CCONJ
ajfa-2558	204	13	sons	sons	PROPN
ajfa-2558	204	14	inc	inc	PROPN
ajfa-2558	204	15	.	.	PROPN
ajfa-2558	204	16	,	,	PUNCT
ajfa-2558	204	17	new	new	PROPN
ajfa-2558	204	18	york	york	PROPN
ajfa-2558	204	19	:	:	PUNCT
ajfa-2558	204	20	new	new	PROPN
ajfa-2558	204	21	jersey	jersey	PROPN
ajfa-2558	204	22	.	.	PUNCT
ajfa-2558	205	1	pmcid:1635410	pmcid:1635410	PROPN
ajfa-2558	205	2	duchin	duchin	PROPN
ajfa-2558	205	3	,	,	PUNCT
ajfa-2558	205	4	r.	r.	PROPN
ajfa-2558	205	5	,	,	PUNCT
ajfa-2558	205	6	matsusaka	matsusaka	PROPN
ajfa-2558	205	7	,	,	PUNCT
ajfa-2558	205	8	j.	j.	PROPN
ajfa-2558	205	9	&	&	CCONJ
ajfa-2558	205	10	ozbas	ozbas	PROPN
ajfa-2558	205	11	,	,	PUNCT
ajfa-2558	205	12	o.	o.	PROPN
ajfa-2558	205	13	(	(	PUNCT
ajfa-2558	205	14	2010	2010	NUM
ajfa-2558	205	15	)	)	PUNCT
ajfa-2558	205	16	.	.	PUNCT
ajfa-2558	206	1	when	when	SCONJ
ajfa-2558	206	2	are	be	AUX
ajfa-2558	206	3	outside	outside	ADJ
ajfa-2558	206	4	directors	director	NOUN
ajfa-2558	206	5	effective	effective	ADJ
ajfa-2558	206	6	?	?	PUNCT
ajfa-2558	206	7	,	,	PUNCT
ajfa-2558	206	8	journal	journal	NOUN
ajfa-2558	206	9	of	of	ADP
ajfa-2558	206	10	financial	financial	ADJ
ajfa-2558	206	11	economics	economic	NOUN
ajfa-2558	206	12	,	,	PUNCT
ajfa-2558	206	13	96	96	NUM
ajfa-2558	206	14	,	,	PUNCT
ajfa-2558	206	15	195	195	NUM
ajfa-2558	206	16	-	-	SYM
ajfa-2558	206	17	214	214	NUM
ajfa-2558	206	18	.	.	PUNCT
ajfa-2558	207	1	http://dx.doi.org/10.1016/j.jfineco.2009.12.004	http://dx.doi.org/10.1016/j.jfineco.2009.12.004	PROPN
ajfa-2558	207	2	fitch	fitch	NOUN
ajfa-2558	207	3	ratings	rating	NOUN
ajfa-2558	207	4	(	(	PUNCT
ajfa-2558	207	5	2008	2008	NUM
ajfa-2558	207	6	)	)	PUNCT
ajfa-2558	207	7	,	,	PUNCT
ajfa-2558	207	8	global	global	ADJ
ajfa-2558	207	9	corporate	corporate	ADJ
ajfa-2558	207	10	finance	finance	NOUN
ajfa-2558	207	11	criteria	criterion	NOUN
ajfa-2558	207	12	report	report	NOUN
ajfa-2558	207	13	.	.	PUNCT
ajfa-2558	208	1	gompers	gomper	NOUN
ajfa-2558	208	2	,	,	PUNCT
ajfa-2558	208	3	p.	p.	PROPN
ajfa-2558	208	4	,	,	PUNCT
ajfa-2558	208	5	ishii	ishii	PROPN
ajfa-2558	208	6	,	,	PUNCT
ajfa-2558	208	7	j.	j.	PROPN
ajfa-2558	208	8	,	,	PUNCT
ajfa-2558	208	9	&	&	CCONJ
ajfa-2558	208	10	metrick	metrick	ADJ
ajfa-2558	208	11	,	,	PUNCT
ajfa-2558	208	12	a.	a.	NOUN
ajfa-2558	208	13	(	(	PUNCT
ajfa-2558	208	14	2003	2003	NUM
ajfa-2558	208	15	)	)	PUNCT
ajfa-2558	208	16	.	.	PUNCT
ajfa-2558	209	1	corporate	corporate	ADJ
ajfa-2558	209	2	governance	governance	NOUN
ajfa-2558	209	3	and	and	CCONJ
ajfa-2558	209	4	equity	equity	NOUN
ajfa-2558	209	5	prices	price	NOUN
ajfa-2558	209	6	,	,	PUNCT
ajfa-2558	209	7	quarterly	quarterly	ADJ
ajfa-2558	209	8	journal	journal	NOUN
ajfa-2558	209	9	of	of	ADP
ajfa-2558	209	10	economics	economic	NOUN
ajfa-2558	209	11	,	,	PUNCT
ajfa-2558	209	12	118	118	NUM
ajfa-2558	209	13	,	,	PUNCT
ajfa-2558	209	14	107	107	NUM
ajfa-2558	209	15	-	-	SYM
ajfa-2558	209	16	155	155	NUM
ajfa-2558	209	17	.	.	PUNCT
ajfa-2558	210	1	http://dx.doi.org/10.1162/00335530360535162	http://dx.doi.org/10.1162/00335530360535162	PROPN
ajfa-2558	210	2	klein	klein	PROPN
ajfa-2558	210	3	,	,	PUNCT
ajfa-2558	210	4	a.	a.	PROPN
ajfa-2558	210	5	(	(	PUNCT
ajfa-2558	210	6	1998	1998	NUM
ajfa-2558	210	7	)	)	PUNCT
ajfa-2558	210	8	.	.	PUNCT
ajfa-2558	211	1	firm	firm	ADJ
ajfa-2558	211	2	performance	performance	NOUN
ajfa-2558	211	3	and	and	CCONJ
ajfa-2558	211	4	board	board	NOUN
ajfa-2558	211	5	committee	committee	NOUN
ajfa-2558	211	6	structure	structure	NOUN
ajfa-2558	211	7	,	,	PUNCT
ajfa-2558	211	8	journal	journal	NOUN
ajfa-2558	211	9	of	of	ADP
ajfa-2558	211	10	law	law	NOUN
ajfa-2558	211	11	and	and	CCONJ
ajfa-2558	211	12	economics	economic	NOUN
ajfa-2558	211	13	,	,	PUNCT
ajfa-2558	211	14	41	41	NUM
ajfa-2558	211	15	,	,	PUNCT
ajfa-2558	211	16	275–303	275–303	NUM
ajfa-2558	211	17	.	.	PUNCT
ajfa-2558	211	18	http://dx.doi.org/10.1086/467391	http://dx.doi.org/10.1086/467391	PROPN
ajfa-2558	211	19	ritter	ritter	PROPN
ajfa-2558	211	20	,	,	PUNCT
ajfa-2558	211	21	j.	j.	PROPN
ajfa-2558	211	22	(	(	PUNCT
ajfa-2558	211	23	1991	1991	NUM
ajfa-2558	211	24	)	)	PUNCT
ajfa-2558	211	25	.	.	PUNCT
ajfa-2558	212	1	the	the	DET
ajfa-2558	212	2	long	long	ADV
ajfa-2558	212	3	-	-	PUNCT
ajfa-2558	212	4	run	run	NOUN
ajfa-2558	212	5	performance	performance	NOUN
ajfa-2558	212	6	of	of	ADP
ajfa-2558	212	7	initial	initial	ADJ
ajfa-2558	212	8	public	public	ADJ
ajfa-2558	212	9	offerings	offering	NOUN
ajfa-2558	212	10	,	,	PUNCT
ajfa-2558	212	11	journal	journal	NOUN
ajfa-2558	212	12	of	of	ADP
ajfa-2558	212	13	finance	finance	NOUN
ajfa-2558	212	14	,	,	PUNCT
ajfa-2558	212	15	46	46	NUM
ajfa-2558	212	16	,	,	PUNCT
ajfa-2558	212	17	3	3	NUM
ajfa-2558	212	18	-	-	SYM
ajfa-2558	212	19	27	27	NUM
ajfa-2558	212	20	.	.	PUNCT
ajfa-2558	213	1	http://dx.doi.org/10.1111/j.1540-6261.1991.tb03743.x	http://dx.doi.org/10.1111/j.1540-6261.1991.tb03743.x	PROPN
ajfa-2558	213	2	rose	rise	VERB
ajfa-2558	213	3	,	,	PUNCT
ajfa-2558	213	4	m.	m.	NOUN
ajfa-2558	213	5	(	(	PUNCT
ajfa-2558	213	6	2009	2009	NUM
ajfa-2558	213	7	)	)	PUNCT
ajfa-2558	213	8	.	.	PUNCT
ajfa-2558	214	1	heterogeneous	heterogeneous	ADJ
ajfa-2558	214	2	impacts	impact	NOUN
ajfa-2558	214	3	of	of	ADP
ajfa-2558	214	4	staggered	staggered	ADJ
ajfa-2558	214	5	boards	board	NOUN
ajfa-2558	214	6	by	by	ADP
ajfa-2558	214	7	ownership	ownership	NOUN
ajfa-2558	214	8	concentration	concentration	NOUN
ajfa-2558	214	9	,	,	PUNCT
ajfa-2558	214	10	journal	journal	NOUN
ajfa-2558	214	11	of	of	ADP
ajfa-2558	214	12	corporate	corporate	ADJ
ajfa-2558	214	13	finance	finance	NOUN
ajfa-2558	214	14	,	,	PUNCT
ajfa-2558	214	15	15	15	NUM
ajfa-2558	214	16	,	,	PUNCT
ajfa-2558	214	17	113	113	NUM
ajfa-2558	214	18	-	-	SYM
ajfa-2558	214	19	128	128	NUM
ajfa-2558	214	20	.	.	PUNCT
ajfa-2558	215	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.09.008	http://dx.doi.org/10.1016/j.jcorpfin.2008.09.008	NOUN
ajfa-2558	215	2	yermack	yermack	NOUN
ajfa-2558	215	3	,	,	PUNCT
ajfa-2558	215	4	d.	d.	PROPN
ajfa-2558	215	5	(	(	PUNCT
ajfa-2558	215	6	1996	1996	NUM
ajfa-2558	215	7	)	)	PUNCT
ajfa-2558	215	8	.	.	PUNCT
ajfa-2558	216	1	higher	high	ADJ
ajfa-2558	216	2	market	market	NOUN
ajfa-2558	216	3	valuation	valuation	NOUN
ajfa-2558	216	4	of	of	ADP
ajfa-2558	216	5	companies	company	NOUN
ajfa-2558	216	6	with	with	ADP
ajfa-2558	216	7	a	a	DET
ajfa-2558	216	8	small	small	ADJ
ajfa-2558	216	9	board	board	NOUN
ajfa-2558	216	10	of	of	ADP
ajfa-2558	216	11	directors	director	NOUN
ajfa-2558	216	12	,	,	PUNCT
ajfa-2558	216	13	journal	journal	NOUN
ajfa-2558	216	14	of	of	ADP
ajfa-2558	216	15	financial	financial	ADJ
ajfa-2558	216	16	economics	economic	NOUN
ajfa-2558	216	17	,	,	PUNCT
ajfa-2558	216	18	40	40	NUM
ajfa-2558	216	19	,	,	PUNCT
ajfa-2558	216	20	185	185	NUM
ajfa-2558	216	21	-	-	SYM
ajfa-2558	216	22	211	211	NUM
ajfa-2558	216	23	.	.	PUNCT
ajfa-2558	217	1	http://dx.doi.org/10.1016/0304-405x(95)00844-5	http://dx.doi.org/10.1016/0304-405x(95)00844-5	PROPN
ajfa-2558	217	2	asian	asian	ADJ
ajfa-2558	217	3	journal	journal	NOUN
ajfa-2558	217	4	of	of	ADP
ajfa-2558	217	5	finance	finance	PROPN
ajfa-2558	217	6	&	&	CCONJ
ajfa-2558	217	7	accounting	accounting	PROPN
ajfa-2558	217	8	issn	issn	PROPN
ajfa-2558	217	9	1946	1946	NUM
ajfa-2558	217	10	-	-	PUNCT
ajfa-2558	217	11	052x	052x	NOUN
ajfa-2558	217	12	2012	2012	NUM
ajfa-2558	217	13	,	,	PUNCT
ajfa-2558	217	14	vol	vol	NOUN
ajfa-2558	217	15	.	.	PROPN
ajfa-2558	217	16	4	4	NUM
ajfa-2558	217	17	,	,	PUNCT
ajfa-2558	217	18	no	no	INTJ
ajfa-2558	217	19	.	.	NOUN
ajfa-2558	217	20	2	2	NUM
ajfa-2558	217	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	217	22	311	311	NUM
ajfa-2558	217	23	appendix	appendix	NOUN
ajfa-2558	217	24	graph	graph	NOUN
ajfa-2558	217	25	1	1	NUM
ajfa-2558	217	26	.	.	PUNCT
ajfa-2558	217	27	ownership	ownership	NOUN
ajfa-2558	217	28	structure	structure	NOUN
ajfa-2558	217	29	of	of	ADP
ajfa-2558	217	30	sk	sk	NOUN
ajfa-2558	217	31	group	group	NOUN
ajfa-2558	217	32	graph	graph	NOUN
ajfa-2558	217	33	2	2	NUM
ajfa-2558	217	34	.	.	NOUN
ajfa-2558	217	35	weekly	weekly	ADJ
ajfa-2558	217	36	price	price	NOUN
ajfa-2558	217	37	chart	chart	NOUN
ajfa-2558	217	38	for	for	ADP
ajfa-2558	217	39	sk	sk	PRON
ajfa-2558	217	40	c&c	c&c	PROPN
ajfa-2558	217	41	(	(	PUNCT
ajfa-2558	217	42	2009/11/01	2009/11/01	NOUN
ajfa-2558	217	43	-	-	SYM
ajfa-2558	217	44	2012/10/01	2012/10/01	NUM
ajfa-2558	217	45	)	)	PUNCT
ajfa-2558	217	46	president	president	NOUN
ajfa-2558	217	47	choi	choi	PROPN
ajfa-2558	217	48	sk	sk	PROPN
ajfa-2558	217	49	telecom	telecom	PROPN
ajfa-2558	217	50	sk	sk	ADP
ajfa-2558	217	51	c&c	c&c	PROPN
ajfa-2558	217	52	sk	sk	PROPN
ajfa-2558	217	53	holdings	holding	NOUN
ajfa-2558	217	54	sk	sk	ADP
ajfa-2558	217	55	networks	network	NOUN
ajfa-2558	217	56	skc	skc	PROPN
ajfa-2558	217	57	sk	sk	PROPN
ajfa-2558	217	58	energy	energy	NOUN
ajfa-2558	217	59	sk	sk	NOUN
ajfa-2558	217	60	gas	gas	NOUN
ajfa-2558	217	61	sk	sk	ADP
ajfa-2558	217	62	e&csk	e&csk	PROPN
ajfa-2558	217	63	e&ssk	e&ssk	X
ajfa-2558	217	64	shipping	shipping	NOUN
ajfa-2558	217	65	sk	sk	NOUN
ajfa-2558	217	66	-	-	PUNCT
ajfa-2558	217	67	pow	pow	NOUN
ajfa-2558	217	68	er	er	INTJ
ajfa-2558	217	69	sk	sk	INTJ
ajfa-2558	217	70	securities	security	NOUN
ajfa-2558	217	71	30	30	NUM
ajfa-2558	217	72	(	(	PUNCT
ajfa-2558	217	73	to	to	PART
ajfa-2558	217	74	be	be	AUX
ajfa-2558	217	75	sold	sell	VERB
ajfa-2558	217	76	)	)	PUNCT
ajfa-2558	217	77	15	15	NUM
ajfa-2558	217	78	(	(	PUNCT
ajfa-2558	217	79	to	to	PART
ajfa-2558	217	80	be	be	AUX
ajfa-2558	217	81	sold	sell	VERB
ajfa-2558	217	82	)	)	PUNCT
ajfa-2558	217	83	44.5	44.5	NUM
ajfa-2558	217	84	31.8	31.8	NUM
ajfa-2558	217	85	7	7	NUM
ajfa-2558	217	86	722.4	722.4	NUM
ajfa-2558	217	87	17	17	NUM
ajfa-2558	217	88	7	7	NUM
ajfa-2558	217	89	10.1	10.1	NUM
ajfa-2558	217	90	asian	asian	ADJ
ajfa-2558	217	91	journal	journal	NOUN
ajfa-2558	217	92	of	of	ADP
ajfa-2558	217	93	finance	finance	PROPN
ajfa-2558	217	94	&	&	CCONJ
ajfa-2558	217	95	accounting	accounting	PROPN
ajfa-2558	217	96	issn	issn	PROPN
ajfa-2558	217	97	1946	1946	NUM
ajfa-2558	217	98	-	-	PUNCT
ajfa-2558	217	99	052x	052x	NOUN
ajfa-2558	217	100	2012	2012	NUM
ajfa-2558	217	101	,	,	PUNCT
ajfa-2558	217	102	vol	vol	NOUN
ajfa-2558	217	103	.	.	PROPN
ajfa-2558	217	104	4	4	NUM
ajfa-2558	217	105	,	,	PUNCT
ajfa-2558	217	106	no	no	INTJ
ajfa-2558	217	107	.	.	NOUN
ajfa-2558	217	108	2	2	NUM
ajfa-2558	217	109	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2558	217	110	312	312	NUM
ajfa-2558	217	111	table	table	NOUN
ajfa-2558	217	112	1	1	NUM
ajfa-2558	217	113	.	.	PUNCT
ajfa-2558	217	114	expected	expect	VERB
ajfa-2558	217	115	sales	sale	NOUN
ajfa-2558	217	116	growth	growth	NOUN
ajfa-2558	217	117	forecasts	forecast	NOUN
ajfa-2558	217	118	for	for	ADP
ajfa-2558	217	119	it	it	PRON
ajfa-2558	217	120	service	service	NOUN
ajfa-2558	217	121	market	market	NOUN
ajfa-2558	217	122	in	in	ADP
ajfa-2558	217	123	korea	korea	PROPN
ajfa-2558	217	124	(	(	PUNCT
ajfa-2558	217	125	in	in	ADP
ajfa-2558	217	126	krw	krw	PROPN
ajfa-2558	217	127	billion	billion	NUM
ajfa-2558	217	128	)	)	PUNCT
ajfa-2558	217	129	2007	2007	NUM
ajfa-2558	217	130	2008	2008	NUM
ajfa-2558	217	131	2009e	2009e	NOUN
ajfa-2558	217	132	2010e	2010e	NUM
ajfa-2558	217	133	2011e	2011e	NUM
ajfa-2558	217	134	2012e	2012e	NUM
ajfa-2558	217	135	average	average	ADJ
ajfa-2558	217	136	growth	growth	NOUN
ajfa-2558	217	137	rate	rate	NOUN
ajfa-2558	217	138	consulting	consulting	NOUN
ajfa-2558	217	139	/	/	SYM
ajfa-2558	217	140	si	si	PROPN
ajfa-2558	217	141	2,493.50	2,493.50	NUM
ajfa-2558	217	142	2,736.80	2,736.80	NUM
ajfa-2558	217	143	2,849.40	2,849.40	NUM
ajfa-2558	217	144	3,049.00	3,049.00	NUM
ajfa-2558	217	145	3,197.40	3,197.40	NUM
ajfa-2558	217	146	3,325.50	3,325.50	NUM
ajfa-2558	217	147	5.90	5.90	NUM
ajfa-2558	217	148	%	%	NOUN
ajfa-2558	217	149	outsourcing	outsourcing	NOUN
ajfa-2558	217	150	2,012.70	2,012.70	NUM
ajfa-2558	217	151	2,214.50	2,214.50	NUM
ajfa-2558	217	152	2,343.90	2,343.90	NUM
ajfa-2558	217	153	2,493.80	2,493.80	NUM
ajfa-2558	217	154	2,643.90	2,643.90	NUM
ajfa-2558	217	155	2,796.20	2,796.20	NUM
ajfa-2558	217	156	6.80	6.80	NUM
ajfa-2558	217	157	%	%	NOUN
ajfa-2558	217	158	support	support	NOUN
ajfa-2558	217	159	&	&	CCONJ
ajfa-2558	217	160	training	train	VERB
ajfa-2558	217	161	1,058.70	1,058.70	NUM
ajfa-2558	217	162	1,097.80	1,097.80	NUM
ajfa-2558	217	163	1,120.60	1,120.60	NUM
ajfa-2558	217	164	1,148.90	1,148.90	NUM
ajfa-2558	217	165	1,173.00	1,173.00	NUM
ajfa-2558	217	166	1,196.10	1,196.10	NUM
ajfa-2558	217	167	2.50	2.50	NUM
ajfa-2558	217	168	%	%	NOUN
ajfa-2558	217	169	it	it	PRON
ajfa-2558	217	170	services	service	VERB
ajfa-2558	217	171	in	in	ADP
ajfa-2558	217	172	total	total	ADJ
ajfa-2558	217	173	5,564.90	5,564.90	NUM
ajfa-2558	217	174	6,049.10	6,049.10	NUM
ajfa-2558	217	175	6,313.90	6,313.90	NUM
ajfa-2558	217	176	6,691.70	6,691.70	NUM
ajfa-2558	217	177	7,014.30	7,014.30	NUM
ajfa-2558	217	178	7,317.80	7,317.80	NUM
ajfa-2558	217	179	5.60	5.60	NUM
ajfa-2558	217	180	%	%	NOUN
ajfa-2558	217	181	source	source	NOUN
ajfa-2558	217	182	:	:	PUNCT
ajfa-2558	217	183	estimates	estimate	NOUN
ajfa-2558	217	184	from	from	ADP
ajfa-2558	217	185	idc	idc	PROPN
ajfa-2558	217	186	,	,	PUNCT
ajfa-2558	217	187	sk	sk	ADP
ajfa-2558	217	188	c&c	c&c	PROPN
ajfa-2558	217	189	,	,	PUNCT
ajfa-2558	217	190	and	and	CCONJ
ajfa-2558	217	191	solomon	solomon	PROPN
ajfa-2558	217	192	investment	investment	PROPN
ajfa-2558	217	193	securities	securities	PROPN
ajfa-2558	217	194	co.	co.	PROPN
ajfa-2558	217	195	table	table	NOUN
ajfa-2558	218	1	2	2	NUM
ajfa-2558	218	2	.	.	PUNCT
ajfa-2558	218	3	historical	historical	ADJ
ajfa-2558	218	4	income	income	NOUN
ajfa-2558	218	5	statement	statement	NOUN
ajfa-2558	218	6	of	of	ADP
ajfa-2558	218	7	sk	sk	PROPN
ajfa-2558	218	8	c&c	c&c	PROPN
ajfa-2558	218	9	sources	source	NOUN
ajfa-2558	218	10	:	:	PUNCT
ajfa-2558	218	11	bloomberg	bloomberg	PROPN
ajfa-2558	218	12	,	,	PUNCT
ajfa-2558	218	13	fn	fn	NOUN
ajfa-2558	218	14	guide	guide	NOUN
ajfa-2558	218	15	(	(	PUNCT
ajfa-2558	218	16	in	in	ADP
ajfa-2558	218	17	krw100	krw100	PROPN
ajfa-2558	218	18	million	million	NUM
ajfa-2558	218	19	)	)	PUNCT
ajfa-2558	218	20	2006	2006	NUM
ajfa-2558	218	21	2007	2007	NUM
ajfa-2558	218	22	2008	2008	NUM
ajfa-2558	218	23	2009.6	2009.6	NUM
ajfa-2558	218	24	sales	sale	NOUN
ajfa-2558	218	25	(	(	PUNCT
ajfa-2558	218	26	net	net	NOUN
ajfa-2558	218	27	)	)	PUNCT
ajfa-2558	218	28	11,079	11,079	NUM
ajfa-2558	218	29	11,609	11,609	NUM
ajfa-2558	218	30	12,752	12,752	NUM
ajfa-2558	218	31	5,216	5,216	NUM
ajfa-2558	218	32	cost	cost	NOUN
ajfa-2558	218	33	of	of	ADP
ajfa-2558	218	34	goods	good	NOUN
ajfa-2558	218	35	sold	sell	VERB
ajfa-2558	218	36	7,055	7,055	NUM
ajfa-2558	218	37	7,652	7,652	NUM
ajfa-2558	218	38	8,099	8,099	NUM
ajfa-2558	218	39	gross	gross	ADJ
ajfa-2558	218	40	sales	sale	NOUN
ajfa-2558	218	41	margin	margin	NOUN
ajfa-2558	218	42	4,024	4,024	NUM
ajfa-2558	218	43	3,958	3,958	NUM
ajfa-2558	218	44	4,653	4,653	NUM
ajfa-2558	218	45	5,216	5,216	NUM
ajfa-2558	218	46	selling	selling	NOUN
ajfa-2558	218	47	,	,	PUNCT
ajfa-2558	218	48	general	general	ADJ
ajfa-2558	218	49	,	,	PUNCT
ajfa-2558	218	50	&	&	CCONJ
ajfa-2558	218	51	admin	admin	PROPN
ajfa-2558	218	52	.	.	PUNCT
ajfa-2558	219	1	expense	expense	NOUN
ajfa-2558	219	2	2,891	2,891	NUM
ajfa-2558	219	3	3,162	3,162	NUM
ajfa-2558	219	4	3,761	3,761	NUM
ajfa-2558	219	5	4,684	4,684	NUM
ajfa-2558	219	6	ebit	ebit	NOUN
ajfa-2558	219	7	1,134	1,134	NUM
ajfa-2558	219	8	796	796	NUM
ajfa-2558	219	9	892	892	NUM
ajfa-2558	219	10	533	533	NUM
ajfa-2558	219	11	ebitda	ebitda	NOUN
ajfa-2558	219	12	1,539	1,539	NUM
ajfa-2558	219	13	1,118	1,118	NUM
ajfa-2558	219	14	1,232	1,232	NUM
ajfa-2558	219	15	706	706	NUM
ajfa-2558	219	16	non	non	ADJ
ajfa-2558	219	17	-	-	ADJ
ajfa-2558	219	18	operating	operate	VERB
ajfa-2558	219	19	income(expense	income(expense	NOUN
ajfa-2558	219	20	)	)	PUNCT
ajfa-2558	219	21	1,558	1,558	NUM
ajfa-2558	219	22	1,959	1,959	NUM
ajfa-2558	219	23	441	441	NUM
ajfa-2558	219	24	944	944	NUM
ajfa-2558	219	25	ebt	ebt	PROPN
ajfa-2558	219	26	2,692	2,692	NUM
ajfa-2558	219	27	2,755	2,755	NUM
ajfa-2558	219	28	1,333	1,333	NUM
ajfa-2558	219	29	1,476	1,476	NUM
ajfa-2558	219	30	corporate	corporate	ADJ
ajfa-2558	219	31	tax	tax	NOUN
ajfa-2558	219	32	754	754	NUM
ajfa-2558	219	33	796	796	NUM
ajfa-2558	219	34	-125	-125	NUM
ajfa-2558	219	35	347	347	NUM
ajfa-2558	219	36	net	net	ADJ
ajfa-2558	219	37	income	income	NOUN
ajfa-2558	219	38	1,938	1,938	NUM
ajfa-2558	219	39	1,959	1,959	NUM
ajfa-2558	219	40	1,458	1,458	NUM
ajfa-2558	219	41	1,129	1,129	NUM
ajfa-2558	219	42	asian	asian	ADJ
ajfa-2558	219	43	journal	journal	NOUN
ajfa-2558	219	44	of	of	ADP
ajfa-2558	219	45	finance	finance	PROPN
ajfa-2558	219	46	&	&	CCONJ
ajfa-2558	219	47	accounting	accounting	PROPN
ajfa-2558	220	1	issn	issn	PROPN
ajfa-2558	220	2	1946	1946	NUM
ajfa-2558	220	3	-	-	PUNCT
ajfa-2558	220	4	052x	052x	NOUN
ajfa-2558	220	5	2012	2012	NUM
ajfa-2558	220	6	,	,	PUNCT
ajfa-2558	220	7	vol	vol	NOUN
ajfa-2558	220	8	.	.	PROPN
ajfa-2558	220	9	4	4	NUM
ajfa-2558	220	10	,	,	PUNCT
ajfa-2558	220	11	no	no	INTJ
ajfa-2558	220	12	.	.	NOUN
ajfa-2558	220	13	2	2	NUM
ajfa-2558	220	14	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2558	220	15	313	313	NUM
ajfa-2558	220	16	table	table	NOUN
ajfa-2558	220	17	3	3	NUM
ajfa-2558	220	18	.	.	PUNCT
ajfa-2558	220	19	industry	industry	NOUN
ajfa-2558	220	20	growth	growth	NOUN
ajfa-2558	220	21	estimates	estimate	NOUN
ajfa-2558	220	22	and	and	CCONJ
ajfa-2558	220	23	pe	pe	PROPN
ajfa-2558	220	24	ratios	ratio	NOUN
ajfa-2558	220	25	a.	a.	NOUN
ajfa-2558	220	26	average	average	NOUN
ajfa-2558	220	27	pe	pe	ADP
ajfa-2558	220	28	multiple	multiple	NOUN
ajfa-2558	220	29	for	for	ADP
ajfa-2558	220	30	the	the	DET
ajfa-2558	220	31	global	global	ADJ
ajfa-2558	220	32	information	information	NOUN
ajfa-2558	220	33	services	service	NOUN
ajfa-2558	220	34	firms	firm	NOUN
ajfa-2558	220	35	source	source	NOUN
ajfa-2558	220	36	:	:	PUNCT
ajfa-2558	220	37	damodaran	damodaran	PROPN
ajfa-2558	220	38	(	(	PUNCT
ajfa-2558	220	39	2006	2006	NUM
ajfa-2558	220	40	)	)	PUNCT
ajfa-2558	220	41	online	online	NOUN
ajfa-2558	220	42	(	(	PUNCT
ajfa-2558	220	43	http://pages.stern.nyu.edu/~adamodr/	http://pages.stern.nyu.edu/~adamodr/	NOUN
ajfa-2558	220	44	)	)	PUNCT
ajfa-2558	220	45	b.	b.	NOUN
ajfa-2558	220	46	pe	pe	PROPN
ajfa-2558	221	1	for	for	ADP
ajfa-2558	221	2	comparable	comparable	ADJ
ajfa-2558	221	3	companies	company	NOUN
ajfa-2558	221	4	company	company	NOUN
ajfa-2558	221	5	country	country	NOUN
ajfa-2558	221	6	target	target	VERB
ajfa-2558	221	7	pe	pe	INTJ
ajfa-2558	221	8	industry	industry	NOUN
ajfa-2558	221	9	average	average	NOUN
ajfa-2558	221	10	pe	pe	X
ajfa-2558	221	11	(	(	PUNCT
ajfa-2558	221	12	local	local	ADJ
ajfa-2558	221	13	)	)	PUNCT
ajfa-2558	221	14	country	country	NOUN
ajfa-2558	221	15	average	average	NOUN
ajfa-2558	221	16	pe	pe	PROPN
ajfa-2558	221	17	samsung	samsung	PROPN
ajfa-2558	221	18	sds	sds	PROPN
ajfa-2558	221	19	korea	korea	PROPN
ajfa-2558	221	20	15.2	15.2	NUM
ajfa-2558	221	21	12.5	12.5	NUM
ajfa-2558	221	22	10	10	NUM
ajfa-2558	221	23	lg	lg	PROPN
ajfa-2558	221	24	cns	cns	PROPN
ajfa-2558	221	25	korea	korea	PROPN
ajfa-2558	221	26	30.1	30.1	NUM
ajfa-2558	221	27	ssangyong	ssangyong	PROPN
ajfa-2558	221	28	i&c	i&c	PROPN
ajfa-2558	221	29	korea	korea	PROPN
ajfa-2558	221	30	15.4	15.4	NUM
ajfa-2558	221	31	shinsegae	shinsegae	NOUN
ajfa-2558	221	32	i&c	i&c	PROPN
ajfa-2558	221	33	korea	korea	PROPN
ajfa-2558	221	34	7.1	7.1	NUM
ajfa-2558	221	35	eds	ed	NOUN
ajfa-2558	221	36	corporation	corporation	NOUN
ajfa-2558	221	37	usa	usa	PROPN
ajfa-2558	221	38	12.5	12.5	NUM
ajfa-2558	221	39	13.8	13.8	NUM
ajfa-2558	221	40	13.8	13.8	NUM
ajfa-2558	221	41	wipro	wipro	ADJ
ajfa-2558	221	42	limited	limit	VERB
ajfa-2558	221	43	india	india	PROPN
ajfa-2558	221	44	16.5	16.5	NUM
ajfa-2558	221	45	16.1	16.1	NUM
ajfa-2558	221	46	13.6	13.6	NUM
ajfa-2558	221	47	infosys	infosys	NOUN
ajfa-2558	221	48	india	india	PROPN
ajfa-2558	221	49	17	17	NUM
ajfa-2558	221	50	sources	source	NOUN
ajfa-2558	221	51	:	:	PUNCT
ajfa-2558	221	52	bloomberg	bloomberg	PROPN
ajfa-2558	221	53	,	,	PUNCT
ajfa-2558	221	54	fn	fn	NOUN
ajfa-2558	221	55	guide	guide	NOUN
ajfa-2558	221	56	table	table	NOUN
ajfa-2558	221	57	4	4	NUM
ajfa-2558	221	58	.	.	PUNCT
ajfa-2558	221	59	comparison	comparison	NOUN
ajfa-2558	221	60	of	of	ADP
ajfa-2558	221	61	six	six	NUM
ajfa-2558	221	62	largest	large	ADJ
ajfa-2558	221	63	holding	hold	VERB
ajfa-2558	221	64	companies	company	NOUN
ajfa-2558	221	65	in	in	ADP
ajfa-2558	221	66	korea	korea	PROPN
ajfa-2558	221	67	(	(	PUNCT
ajfa-2558	221	68	in	in	ADP
ajfa-2558	221	69	krw100	krw100	PROPN
ajfa-2558	221	70	million	million	NUM
ajfa-2558	221	71	,	,	PUNCT
ajfa-2558	221	72	if	if	SCONJ
ajfa-2558	221	73	not	not	PART
ajfa-2558	221	74	otherwise	otherwise	ADV
ajfa-2558	221	75	indicated	indicate	VERB
ajfa-2558	221	76	)	)	PUNCT
ajfa-2558	221	77	lg	lg	NOUN
ajfa-2558	221	78	sk	sk	PROPN
ajfa-2558	221	79	holdings	holding	NOUN
ajfa-2558	221	80	gs	gs	PROPN
ajfa-2558	221	81	doosan	doosan	PROPN
ajfa-2558	221	82	hanhwa	hanhwa	PROPN
ajfa-2558	221	83	cj	cj	PROPN
ajfa-2558	221	84	market	market	NOUN
ajfa-2558	221	85	value	value	NOUN
ajfa-2558	221	86	of	of	ADP
ajfa-2558	221	87	cross	cross	NOUN
ajfa-2558	221	88	holdings	holding	NOUN
ajfa-2558	221	89	140,290	140,290	NUM
ajfa-2558	221	90	98,810	98,810	NUM
ajfa-2558	221	91	41,210	41,210	NUM
ajfa-2558	221	92	31,150	31,150	NUM
ajfa-2558	221	93	44,780	44,780	NUM
ajfa-2558	221	94	21,550	21,550	NUM
ajfa-2558	221	95	net	net	ADJ
ajfa-2558	221	96	asset	asset	NOUN
ajfa-2558	221	97	value	value	NOUN
ajfa-2558	221	98	*	*	PROPN
ajfa-2558	221	99	163,290	163,290	NUM
ajfa-2558	221	100	92,990	92,990	NUM
ajfa-2558	221	101	46,110	46,110	NUM
ajfa-2558	221	102	36,750	36,750	NUM
ajfa-2558	221	103	38,780	38,780	NUM
ajfa-2558	221	104	22,980	22,980	NUM
ajfa-2558	221	105	net	net	ADJ
ajfa-2558	221	106	assets	asset	NOUN
ajfa-2558	221	107	value	value	NOUN
ajfa-2558	221	108	per	per	ADP
ajfa-2558	221	109	share	share	NOUN
ajfa-2558	221	110	(	(	PUNCT
ajfa-2558	221	111	in	in	ADP
ajfa-2558	221	112	krw	krw	PROPN
ajfa-2558	221	113	)	)	PUNCT
ajfa-2558	221	114	92,367	92,367	NUM
ajfa-2558	221	115	226,876	226,876	NUM
ajfa-2558	221	116	48,698	48,698	NUM
ajfa-2558	221	117	158,448	158,448	NUM
ajfa-2558	221	118	55,750	55,750	NUM
ajfa-2558	221	119	82,351	82,351	NUM
ajfa-2558	221	120	stock	stock	NOUN
ajfa-2558	221	121	price	price	NOUN
ajfa-2558	221	122	on	on	ADP
ajfa-2558	221	123	nov	nov	PROPN
ajfa-2558	221	124	.	.	PROPN
ajfa-2558	221	125	5th	5th	NOUN
ajfa-2558	221	126	,	,	PUNCT
ajfa-2558	221	127	2009	2009	NUM
ajfa-2558	221	128	(	(	PUNCT
ajfa-2558	221	129	krw	krw	PROPN
ajfa-2558	221	130	)	)	PUNCT
ajfa-2558	221	131	66,400	66,400	NUM
ajfa-2558	221	132	91,400	91,400	NUM
ajfa-2558	221	133	28,450	28,450	NUM
ajfa-2558	221	134	74,300	74,300	NUM
ajfa-2558	221	135	38,400	38,400	NUM
ajfa-2558	221	136	47,250	47,250	NUM
ajfa-2558	221	137	discount	discount	NOUN
ajfa-2558	221	138	*	*	PUNCT
ajfa-2558	221	139	*	*	PUNCT
ajfa-2558	221	140	28.10	28.10	NUM
ajfa-2558	221	141	%	%	NOUN
ajfa-2558	221	142	59.70	59.70	NUM
ajfa-2558	221	143	%	%	NOUN
ajfa-2558	221	144	41.60	41.60	NUM
ajfa-2558	221	145	%	%	NOUN
ajfa-2558	221	146	53.10	53.10	NUM
ajfa-2558	221	147	%	%	NOUN
ajfa-2558	221	148	31.10	31.10	NUM
ajfa-2558	221	149	%	%	NOUN
ajfa-2558	221	150	42.60	42.60	NUM
ajfa-2558	221	151	%	%	NOUN
ajfa-2558	221	152	*	*	NOUN
ajfa-2558	221	153	:	:	PUNCT
ajfa-2558	221	154	net	net	ADJ
ajfa-2558	221	155	asset	asset	NOUN
ajfa-2558	221	156	value	value	NOUN
ajfa-2558	221	157	=	=	NOUN
ajfa-2558	221	158	market	market	NOUN
ajfa-2558	221	159	value	value	NOUN
ajfa-2558	221	160	of	of	ADP
ajfa-2558	221	161	cross	cross	NOUN
ajfa-2558	221	162	holdings	holding	NOUN
ajfa-2558	221	163	in	in	ADP
ajfa-2558	221	164	subsidiaries	subsidiary	NOUN
ajfa-2558	221	165	+	+	CCONJ
ajfa-2558	221	166	real	real	ADJ
ajfa-2558	221	167	estate	estate	NOUN
ajfa-2558	221	168	+	+	NOUN
ajfa-2558	221	169	brand	brand	NOUN
ajfa-2558	221	170	royalty	royalty	NOUN
ajfa-2558	221	171	net	net	ADJ
ajfa-2558	221	172	borrowings	borrowing	NOUN
ajfa-2558	221	173	*	*	PUNCT
ajfa-2558	221	174	*	*	NOUN
ajfa-2558	221	175	:	:	PUNCT
ajfa-2558	221	176	discount	discount	NOUN
ajfa-2558	221	177	=	=	SYM
ajfa-2558	221	178	(	(	PUNCT
ajfa-2558	221	179	net	net	ADJ
ajfa-2558	221	180	asset	asset	NOUN
ajfa-2558	221	181	value	value	NOUN
ajfa-2558	221	182	per	per	ADP
ajfa-2558	221	183	share	share	NOUN
ajfa-2558	221	184	stock	stock	NOUN
ajfa-2558	221	185	price)/net	price)/net	PROPN
ajfa-2558	221	186	asset	asset	NOUN
ajfa-2558	221	187	value	value	NOUN
ajfa-2558	221	188	per	per	ADP
ajfa-2558	221	189	share	share	NOUN
ajfa-2558	221	190	sources	source	NOUN
ajfa-2558	221	191	:	:	PUNCT
ajfa-2558	221	192	daewoo	daewoo	PROPN
ajfa-2558	221	193	securities	securities	PROPN
ajfa-2558	221	194	co.	co.	PROPN
ajfa-2558	221	195	,	,	PUNCT
ajfa-2558	221	196	shinhan	shinhan	PROPN
ajfa-2558	221	197	finance	finance	PROPN
ajfa-2558	221	198	&	&	CCONJ
ajfa-2558	221	199	investment	investment	NOUN
ajfa-2558	221	200	,	,	PUNCT
ajfa-2558	221	201	2009	2009	NUM
ajfa-2558	221	202	table	table	NOUN
ajfa-2558	221	203	5	5	NUM
ajfa-2558	221	204	.	.	PUNCT
ajfa-2558	221	205	performance	performance	NOUN
ajfa-2558	221	206	of	of	ADP
ajfa-2558	221	207	recent	recent	ADJ
ajfa-2558	221	208	ipos	ipos	NOUN
ajfa-2558	221	209	company	company	NOUN
ajfa-2558	221	210	bidding	bidding	NOUN
ajfa-2558	221	211	date	date	NOUN
ajfa-2558	221	212	(	(	PUNCT
ajfa-2558	221	213	mm.dd	mm.dd	NOUN
ajfa-2558	221	214	)	)	PUNCT
ajfa-2558	221	215	offer	offer	NOUN
ajfa-2558	221	216	price	price	NOUN
ajfa-2558	221	217	(	(	PUNCT
ajfa-2558	221	218	krw	krw	PROPN
ajfa-2558	221	219	)	)	PUNCT
ajfa-2558	221	220	ipo	ipo	PROPN
ajfa-2558	221	221	date	date	NOUN
ajfa-2558	221	222	current	current	ADJ
ajfa-2558	221	223	price	price	NOUN
ajfa-2558	221	224	(	(	PUNCT
ajfa-2558	221	225	krw	krw	NOUN
ajfa-2558	221	226	)	)	PUNCT
ajfa-2558	221	227	changes	change	VERB
ajfa-2558	221	228	i&c	i&c	PROPN
ajfa-2558	221	229	technologies	technology	NOUN
ajfa-2558	221	230	9.24	9.24	NUM
ajfa-2558	221	231	16,000	16,000	NUM
ajfa-2558	221	232	10.6	10.6	NUM
ajfa-2558	221	233	11,500	11,500	NUM
ajfa-2558	221	234	-28.13	-28.13	NUM
ajfa-2558	221	235	%	%	NOUN
ajfa-2558	221	236	neowizbugs	neowizbug	NOUN
ajfa-2558	221	237	9.25	9.25	NUM
ajfa-2558	221	238	9,000	9,000	NUM
ajfa-2558	221	239	10.6	10.6	NUM
ajfa-2558	221	240	6,680	6,680	NUM
ajfa-2558	221	241	-25.78	-25.78	ADJ
ajfa-2558	221	242	%	%	NOUN
ajfa-2558	221	243	dongyang	dongyang	NOUN
ajfa-2558	221	244	life	life	NOUN
ajfa-2558	221	245	insurance	insurance	NOUN
ajfa-2558	221	246	9.3	9.3	NUM
ajfa-2558	221	247	17,000	17,000	NUM
ajfa-2558	221	248	10.8	10.8	NUM
ajfa-2558	221	249	15,000	15,000	NUM
ajfa-2558	221	250	-11.76	-11.76	NUM
ajfa-2558	221	251	%	%	NOUN
ajfa-2558	221	252	hans	hans	PROPN
ajfa-2558	221	253	bio	bio	PROPN
ajfa-2558	221	254	-	-	ADJ
ajfa-2558	221	255	med	med	ADJ
ajfa-2558	221	256	9.3	9.3	NUM
ajfa-2558	221	257	5,500	5,500	NUM
ajfa-2558	221	258	10.9	10.9	NUM
ajfa-2558	221	259	5,970	5,970	NUM
ajfa-2558	221	260	8.55	8.55	NUM
ajfa-2558	221	261	%	%	NOUN
ajfa-2558	221	262	jinro	jinro	PROPN
ajfa-2558	221	263	10.9	10.9	NUM
ajfa-2558	221	264	41,000	41,000	NUM
ajfa-2558	221	265	10.19	10.19	NUM
ajfa-2558	221	266	43,000	43,000	NUM
ajfa-2558	221	267	4.88	4.88	NUM
ajfa-2558	221	268	%	%	NOUN
ajfa-2558	221	269	sources	source	NOUN
ajfa-2558	221	270	:	:	PUNCT
ajfa-2558	221	271	fn	fn	NOUN
ajfa-2558	221	272	guide	guide	VERB
ajfa-2558	221	273	i	i	PRON
ajfa-2558	221	274	fitch	fitch	VERB
ajfa-2558	221	275	ratings	rating	NOUN
ajfa-2558	221	276	,	,	PUNCT
ajfa-2558	221	277	global	global	ADJ
ajfa-2558	221	278	corporate	corporate	ADJ
ajfa-2558	221	279	finance	finance	NOUN
ajfa-2558	221	280	criteria	criterion	NOUN
ajfa-2558	221	281	report	report	NOUN
ajfa-2558	221	282	,	,	PUNCT
ajfa-2558	221	283	may	may	AUX
ajfa-2558	221	284	22	22	NUM
ajfa-2558	221	285	,	,	PUNCT
ajfa-2558	221	286	2008	2008	NUM
ajfa-2558	221	287	.	.	PUNCT
ajfa-2558	222	1	industry	industry	NOUN
ajfa-2558	222	2	name	name	NOUN
ajfa-2558	222	3	number	number	NOUN
ajfa-2558	222	4	of	of	ADP
ajfa-2558	222	5	firms	firm	NOUN
ajfa-2558	222	6	price	price	NOUN
ajfa-2558	222	7	/	/	SYM
ajfa-2558	222	8	current	current	ADJ
ajfa-2558	222	9	eps	eps	NOUN
ajfa-2558	222	10	price	price	NOUN
ajfa-2558	222	11	/	/	SYM
ajfa-2558	222	12	trailing	trail	VERB
ajfa-2558	222	13	eps	eps	NOUN
ajfa-2558	222	14	price	price	NOUN
ajfa-2558	222	15	/	/	SYM
ajfa-2558	222	16	forward	forward	ADV
ajfa-2558	222	17	pe	pe	AUX
ajfa-2558	222	18	expected	expect	VERB
ajfa-2558	222	19	growth	growth	NOUN
ajfa-2558	222	20	payout	payout	NOUN
ajfa-2558	222	21	ratio	ratio	NOUN
ajfa-2558	222	22	information	information	NOUN
ajfa-2558	222	23	services	service	NOUN
ajfa-2558	222	24	29	29	NUM
ajfa-2558	222	25	19.62	19.62	NUM
ajfa-2558	222	26	22.31	22.31	NUM
ajfa-2558	222	27	21.14	21.14	NUM
ajfa-2558	222	28	13.37	13.37	NUM
ajfa-2558	222	29	%	%	NOUN
ajfa-2558	222	30	38.17	38.17	NUM
ajfa-2558	222	31	%	%	NOUN