id	sid	tid	token	lemma	pos
ajfa-2777	1	1	microsoft	microsoft	PROPN
ajfa-2777	1	2	word	word	NOUN
ajfa-2777	1	3	2777	2777	NUM
ajfa-2777	1	4	-	-	SYM
ajfa-2777	1	5	10734	10734	NUM
ajfa-2777	1	6	-	-	PUNCT
ajfa-2777	1	7	1	1	NUM
ajfa-2777	1	8	-	-	PUNCT
ajfa-2777	1	9	sm	sm	NOUN
ajfa-2777	1	10	-	-	PUNCT
ajfa-2777	1	11	writer2	writer2	VERB
ajfa-2777	1	12	-	-	ADJ
ajfa-2777	1	13	new	new	ADJ
ajfa-2777	1	14	-	-	PUNCT
ajfa-2777	1	15	final	final	ADJ
ajfa-2777	1	16	an	an	DET
ajfa-2777	1	17	e	e	NOUN
ajfa-2777	1	18	receive	receive	VERB
ajfa-2777	1	19	doi:10.5	doi:10.5	NOUN
ajfa-2777	1	20	abstra	abstra	PROPN
ajfa-2777	1	21	this	this	DET
ajfa-2777	1	22	stu	stu	PROPN
ajfa-2777	1	23	compan	compan	PROPN
ajfa-2777	1	24	profitab	profitab	NOUN
ajfa-2777	1	25	mature	mature	VERB
ajfa-2777	1	26	the	the	DET
ajfa-2777	1	27	fin	fin	NOUN
ajfa-2777	1	28	dividen	dividen	NOUN
ajfa-2777	1	29	returns	return	NOUN
ajfa-2777	1	30	.	.	PUNCT
ajfa-2777	2	1	between	between	ADP
ajfa-2777	2	2	model	model	NOUN
ajfa-2777	2	3	explain	explain	VERB
ajfa-2777	2	4	pricing	pricing	NOUN
ajfa-2777	2	5	as	as	ADP
ajfa-2777	2	6	portf	portf	NOUN
ajfa-2777	2	7	for	for	ADP
ajfa-2777	2	8	eme	eme	PROPN
ajfa-2777	2	9	keywo	keywo	PROPN
ajfa-2777	2	10	jel	jel	PROPN
ajfa-2777	2	11	cod	cod	PROPN
ajfa-2777	2	12	empiric	empiric	NOUN
ajfa-2777	2	13	ed	ed	NOUN
ajfa-2777	2	14	:	:	PUNCT
ajfa-2777	2	15	nov	nov	PROPN
ajfa-2777	2	16	.	.	PROPN
ajfa-2777	2	17	28	28	NUM
ajfa-2777	2	18	5296	5296	NUM
ajfa-2777	2	19	/	/	SYM
ajfa-2777	2	20	ajfa.v4	ajfa.v4	PROPN
ajfa-2777	2	21	ct	ct	NUM
ajfa-2777	2	22	udy	udy	NOUN
ajfa-2777	2	23	examin	examin	NOUN
ajfa-2777	2	24	nies	ny	NOUN
ajfa-2777	2	25	on	on	ADP
ajfa-2777	2	26	the	the	DET
ajfa-2777	2	27	bility	bility	NOUN
ajfa-2777	2	28	and	and	CCONJ
ajfa-2777	2	29	re	re	NOUN
ajfa-2777	2	30	markets	market	NOUN
ajfa-2777	2	31	.	.	PUNCT
ajfa-2777	3	1	fu	fu	PROPN
ajfa-2777	3	2	ndings	nding	NOUN
ajfa-2777	3	3	can	can	AUX
ajfa-2777	3	4	nd	nd	PRON
ajfa-2777	3	5	payouts	payouts	VERB
ajfa-2777	3	6	a	a	PRON
ajfa-2777	3	7	.	.	PUNCT
ajfa-2777	4	1	a	a	DET
ajfa-2777	4	2	positive	positive	ADJ
ajfa-2777	4	3	n	n	NOUN
ajfa-2777	4	4	payouts	payout	NOUN
ajfa-2777	4	5	an	an	PRON
ajfa-2777	4	6	is	be	AUX
ajfa-2777	4	7	able	able	ADJ
ajfa-2777	4	8	to	to	PART
ajfa-2777	4	9	ed	ed	VERB
ajfa-2777	4	10	by	by	ADP
ajfa-2777	4	11	cap	cap	NOUN
ajfa-2777	4	12	in	in	ADP
ajfa-2777	4	13	the	the	DET
ajfa-2777	4	14	india	india	PROPN
ajfa-2777	4	15	folio	folio	PROPN
ajfa-2777	4	16	manag	manag	VERB
ajfa-2777	4	17	erging	erging	PROPN
ajfa-2777	4	18	mark	mark	PROPN
ajfa-2777	4	19	rds	rds	PROPN
ajfa-2777	4	20	:	:	PUNCT
ajfa-2777	4	21	profita	profita	PROPN
ajfa-2777	4	22	de	de	PROPN
ajfa-2777	4	23	:	:	PUNCT
ajfa-2777	4	24	c22	c22	NOUN
ajfa-2777	4	25	,	,	PUNCT
ajfa-2777	4	26	c3	c3	PROPN
ajfa-2777	4	27	cal	cal	X
ajfa-2777	4	28	inve	inve	VERB
ajfa-2777	4	29	in	in	ADP
ajfa-2777	4	30	t	t	PROPN
ajfa-2777	4	31	professor	professor	NOUN
ajfa-2777	5	1	o	o	PROPN
ajfa-2777	5	2	srivid	srivid	PROPN
ajfa-2777	5	3	assista	assista	PROPN
ajfa-2777	5	4	sgtb	sgtb	PROPN
ajfa-2777	6	1	k	k	PROPN
ajfa-2777	6	2	,	,	PUNCT
ajfa-2777	6	3	2012	2012	NUM
ajfa-2777	6	4	a	a	DET
ajfa-2777	6	5	4i2.2777	4i2.2777	PROPN
ajfa-2777	6	6	nes	ne	NOUN
ajfa-2777	6	7	the	the	DET
ajfa-2777	6	8	profi	profi	PROPN
ajfa-2777	6	9	bse	bse	NOUN
ajfa-2777	6	10	from	from	ADP
ajfa-2777	6	11	eturns	eturn	NOUN
ajfa-2777	6	12	is	be	AUX
ajfa-2777	6	13	em	em	PRON
ajfa-2777	6	14	urther	urther	NOUN
ajfa-2777	6	15	the	the	DET
ajfa-2777	6	16	ob	ob	INTJ
ajfa-2777	6	17	be	be	AUX
ajfa-2777	6	18	explaine	explaine	ADJ
ajfa-2777	6	19	and	and	CCONJ
ajfa-2777	6	20	are	be	AUX
ajfa-2777	6	21	ther	ther	ADV
ajfa-2777	6	22	e	e	PROPN
ajfa-2777	6	23	relationshi	relationshi	PROPN
ajfa-2777	6	24	nd	nd	PROPN
ajfa-2777	6	25	beta	beta	PROPN
ajfa-2777	6	26	is	be	AUX
ajfa-2777	6	27	o	o	NOUN
ajfa-2777	6	28	explain	explain	VERB
ajfa-2777	6	29	re	re	ADP
ajfa-2777	6	30	m.	m.	NOUN
ajfa-2777	6	31	thus	thus	ADV
ajfa-2777	6	32	th	th	X
ajfa-2777	6	33	an	an	DET
ajfa-2777	6	34	context	context	NOUN
ajfa-2777	6	35	.	.	PUNCT
ajfa-2777	7	1	gers	ger	NOUN
ajfa-2777	7	2	.	.	PUNCT
ajfa-2777	8	1	the	the	DET
ajfa-2777	8	2	st	st	PROPN
ajfa-2777	8	3	kets	kets	PROPN
ajfa-2777	8	4	.	.	PUNCT
ajfa-2777	9	1	ability	ability	NOUN
ajfa-2777	9	2	,	,	PUNCT
ajfa-2777	9	3	divi	divi	PROPN
ajfa-2777	9	4	33	33	NUM
ajfa-2777	9	5	,	,	PUNCT
ajfa-2777	9	6	g12	g12	NOUN
ajfa-2777	9	7	,	,	PUNCT
ajfa-2777	9	8	g1	g1	PROPN
ajfa-2777	9	9	estigati	estigati	PROPN
ajfa-2777	9	10	the	the	DET
ajfa-2777	9	11	indi	indi	PROPN
ajfa-2777	9	12	s	s	PROPN
ajfa-2777	9	13	of	of	ADP
ajfa-2777	9	14	finance	finance	NOUN
ajfa-2777	9	15	,	,	PUNCT
ajfa-2777	9	16	univer	univer	AUX
ajfa-2777	9	17	dya	dya	VERB
ajfa-2777	9	18	subrama	subrama	PROPN
ajfa-2777	9	19	ant	ant	PROPN
ajfa-2777	9	20	professo	professo	PROPN
ajfa-2777	9	21	khalsa	khalsa	PROPN
ajfa-2777	9	22	coll	coll	PROPN
ajfa-2777	9	23	e	e	PROPN
ajfa-2777	9	24	-	-	NOUN
ajfa-2777	9	25	mail	mail	NOUN
ajfa-2777	9	26	:	:	PUNCT
ajfa-2777	9	27	sri	sri	PROPN
ajfa-2777	9	28	accepted	accept	VERB
ajfa-2777	9	29	:	:	PUNCT
ajfa-2777	9	30	d	d	X
ajfa-2777	9	31	url	url	PROPN
ajfa-2777	9	32	:	:	PUNCT
ajfa-2777	9	33	http	http	PROPN
ajfa-2777	9	34	itability	itability	PROPN
ajfa-2777	9	35	ano	ano	PROPN
ajfa-2777	9	36	january	january	PROPN
ajfa-2777	9	37	19	19	NUM
ajfa-2777	9	38	mpirically	mpirically	ADV
ajfa-2777	9	39	c	c	PROPN
ajfa-2777	9	40	bserved	bserve	VERB
ajfa-2777	9	41	rela	rela	PROPN
ajfa-2777	9	42	ed	ed	PROPN
ajfa-2777	9	43	by	by	ADP
ajfa-2777	9	44	the	the	DET
ajfa-2777	9	45	f	f	PROPN
ajfa-2777	9	46	refore	refore	PROPN
ajfa-2777	9	47	perce	perce	PROPN
ajfa-2777	9	48	ip	ip	NOUN
ajfa-2777	9	49	between	between	SCONJ
ajfa-2777	9	50	obtained	obtain	VERB
ajfa-2777	9	51	con	con	NOUN
ajfa-2777	9	52	eturns	eturn	NOUN
ajfa-2777	9	53	on	on	ADP
ajfa-2777	9	54	p	p	PROPN
ajfa-2777	9	55	e	e	PROPN
ajfa-2777	9	56	profitabil	profitabil	VERB
ajfa-2777	9	57	our	our	PRON
ajfa-2777	9	58	finding	find	VERB
ajfa-2777	9	59	tudy	tudy	NOUN
ajfa-2777	9	60	contrib	contrib	PROPN
ajfa-2777	9	61	idend	idend	PROPN
ajfa-2777	9	62	payou	payou	PROPN
ajfa-2777	9	63	14	14	NUM
ajfa-2777	9	64	,	,	PUNCT
ajfa-2777	9	65	g15	g15	NOUN
ajfa-2777	9	66	347	347	NUM
ajfa-2777	9	67	ion	ion	NOUN
ajfa-2777	9	68	of	of	ADP
ajfa-2777	9	69	t	t	PROPN
ajfa-2777	9	70	ian	ian	PROPN
ajfa-2777	9	71	sto	sto	PROPN
ajfa-2777	9	72	anjay	anjay	PROPN
ajfa-2777	9	73	sehga	sehga	PROPN
ajfa-2777	9	74	departmen	departman	NOUN
ajfa-2777	9	75	rsity	rsity	NOUN
ajfa-2777	9	76	of	of	ADP
ajfa-2777	9	77	delh	delh	PROPN
ajfa-2777	9	78	aniam(corre	aniam(corre	PROPN
ajfa-2777	9	79	or	or	CCONJ
ajfa-2777	9	80	,	,	PUNCT
ajfa-2777	9	81	departm	departm	PROPN
ajfa-2777	9	82	lege	lege	NOUN
ajfa-2777	9	83	,	,	PUNCT
ajfa-2777	10	1	univer	univer	VERB
ajfa-2777	10	2	ividyadse@	ividyadse@	PROPN
ajfa-2777	10	3	december	december	PROPN
ajfa-2777	10	4	10	10	NUM
ajfa-2777	10	5	p://dx.doi.or	p://dx.doi.or	PRON
ajfa-2777	10	6	omaly	omaly	NOUN
ajfa-2777	10	7	for	for	ADP
ajfa-2777	10	8	th	th	PROPN
ajfa-2777	10	9	996	996	NUM
ajfa-2777	10	10	to	to	ADP
ajfa-2777	10	11	dece	dece	PROPN
ajfa-2777	10	12	confirmed	confirm	VERB
ajfa-2777	10	13	w	w	PROPN
ajfa-2777	10	14	ationship	ationship	NOUN
ajfa-2777	10	15	is	be	AUX
ajfa-2777	10	16	fact	fact	NOUN
ajfa-2777	10	17	that	that	SCONJ
ajfa-2777	10	18	m	m	VERB
ajfa-2777	10	19	eived	eive	VERB
ajfa-2777	10	20	to	to	PART
ajfa-2777	10	21	be	be	AUX
ajfa-2777	10	22	profitability	profitability	NOUN
ajfa-2777	10	23	nfirming	nfirme	VERB
ajfa-2777	10	24	ou	ou	NOUN
ajfa-2777	10	25	profitability	profitability	NOUN
ajfa-2777	10	26	lity	lity	NOUN
ajfa-2777	10	27	anomaly	anomaly	NOUN
ajfa-2777	10	28	gs	gs	PART
ajfa-2777	10	29	have	have	VERB
ajfa-2777	10	30	stro	stro	NOUN
ajfa-2777	10	31	butes	bute	NOUN
ajfa-2777	10	32	to	to	ADP
ajfa-2777	10	33	equ	equ	PROPN
ajfa-2777	10	34	uts	uts	PROPN
ajfa-2777	10	35	,	,	PUNCT
ajfa-2777	10	36	beta	beta	NOUN
ajfa-2777	10	37	,	,	PUNCT
ajfa-2777	10	38	ca	can	AUX
ajfa-2777	10	39	asian	asian	AUX
ajfa-2777	10	40	the	the	DET
ajfa-2777	10	41	prof	prof	PROPN
ajfa-2777	10	42	ock	ock	PROPN
ajfa-2777	10	43	mar	mar	PROPN
ajfa-2777	10	44	al	al	PROPN
ajfa-2777	10	45	,	,	PUNCT
ajfa-2777	10	46	nt	not	PART
ajfa-2777	10	47	of	of	ADP
ajfa-2777	10	48	financ	financ	PROPN
ajfa-2777	10	49	hi	hi	PROPN
ajfa-2777	10	50	,	,	PUNCT
ajfa-2777	10	51	india	india	PROPN
ajfa-2777	10	52	esponding	esponde	VERB
ajfa-2777	10	53	a	a	DET
ajfa-2777	10	54	ment	ment	NOUN
ajfa-2777	10	55	of	of	ADP
ajfa-2777	10	56	econ	econ	PROPN
ajfa-2777	10	57	rsity	rsity	PROPN
ajfa-2777	10	58	of	of	ADP
ajfa-2777	10	59	del	del	PROPN
ajfa-2777	10	60	@gmail.com	@gmail.com	X
ajfa-2777	10	61	0	0	NUM
ajfa-2777	10	62	,	,	PUNCT
ajfa-2777	10	63	2012	2012	NUM
ajfa-2777	10	64	p	p	NOUN
ajfa-2777	10	65	rg/10.5296	rg/10.5296	PROPN
ajfa-2777	10	66	/	/	SYM
ajfa-2777	10	67	a	a	DET
ajfa-2777	10	68	he	he	PROPN
ajfa-2777	10	69	indian	indian	PROPN
ajfa-2777	10	70	st	st	PROPN
ajfa-2777	10	71	ember	ember	PROPN
ajfa-2777	10	72	2010	2010	NUM
ajfa-2777	10	73	which	which	PRON
ajfa-2777	10	74	is	be	AUX
ajfa-2777	10	75	in	in	ADP
ajfa-2777	10	76	s	s	NOUN
ajfa-2777	10	77	robust	robust	ADJ
ajfa-2777	10	78	to	to	ADP
ajfa-2777	10	79	c	c	PROPN
ajfa-2777	10	80	more	more	ADV
ajfa-2777	10	81	profitab	profitab	VERB
ajfa-2777	10	82	less	less	ADV
ajfa-2777	10	83	risky	risky	ADJ
ajfa-2777	10	84	b	b	PROPN
ajfa-2777	10	85	y	y	PROPN
ajfa-2777	10	86	and	and	CCONJ
ajfa-2777	10	87	payou	payou	PROPN
ajfa-2777	10	88	r	r	NOUN
ajfa-2777	10	89	argument	argument	NOUN
ajfa-2777	10	90	.	.	PUNCT
ajfa-2777	11	1	y	y	PROPN
ajfa-2777	11	2	sorted	sort	VERB
ajfa-2777	11	3	po	po	PROPN
ajfa-2777	11	4	y	y	PROPN
ajfa-2777	11	5	does	do	AUX
ajfa-2777	11	6	not	not	PART
ajfa-2777	11	7	p	p	VERB
ajfa-2777	11	8	ong	ong	PROPN
ajfa-2777	11	9	implica	implica	PROPN
ajfa-2777	11	10	uity	uity	PROPN
ajfa-2777	11	11	market	market	PROPN
ajfa-2777	11	12	apm	apm	PROPN
ajfa-2777	11	13	,	,	PUNCT
ajfa-2777	11	14	fama	fama	PROPN
ajfa-2777	11	15	n	n	PRON
ajfa-2777	11	16	journal	journal	NOUN
ajfa-2777	11	17	of	of	ADP
ajfa-2777	11	18	f	f	PROPN
ajfa-2777	11	19	fitabilit	fitabilit	ADJ
ajfa-2777	11	20	rket	rket	NOUN
ajfa-2777	11	21	ial	ial	PROPN
ajfa-2777	11	22	studies	study	NOUN
ajfa-2777	11	23	,	,	PUNCT
ajfa-2777	11	24	author	author	NOUN
ajfa-2777	11	25	)	)	PUNCT
ajfa-2777	11	26	,	,	PUNCT
ajfa-2777	11	27	nomics	nomic	NOUN
ajfa-2777	11	28	,	,	PUNCT
ajfa-2777	11	29	hi	hi	INTJ
ajfa-2777	11	30	,	,	PUNCT
ajfa-2777	11	31	india	india	PROPN
ajfa-2777	11	32	published	publish	VERB
ajfa-2777	11	33	:	:	PUNCT
ajfa-2777	11	34	d	d	X
ajfa-2777	11	35	ajfa.v4i2.27	ajfa.v4i2.27	PROPN
ajfa-2777	11	36	tock	tock	NOUN
ajfa-2777	11	37	market	market	NOUN
ajfa-2777	11	38	0	0	NUM
ajfa-2777	11	39	.	.	PUNCT
ajfa-2777	12	1	a	a	DET
ajfa-2777	12	2	negativ	negativ	PROPN
ajfa-2777	12	3	contrast	contrast	NOUN
ajfa-2777	12	4	to	to	ADP
ajfa-2777	12	5	choice	choice	NOUN
ajfa-2777	12	6	of	of	ADP
ajfa-2777	12	7	pro	pro	ADJ
ajfa-2777	12	8	ble	ble	ADJ
ajfa-2777	12	9	firms	firm	NOUN
ajfa-2777	12	10	te	te	ADP
ajfa-2777	12	11	by	by	ADP
ajfa-2777	12	12	investors	investor	NOUN
ajfa-2777	12	13	uts	uts	PROPN
ajfa-2777	12	14	and	and	CCONJ
ajfa-2777	12	15	a	a	DET
ajfa-2777	12	16	ne	ne	NOUN
ajfa-2777	12	17	.	.	PUNCT
ajfa-2777	13	1	the	the	DET
ajfa-2777	13	2	three	three	NUM
ajfa-2777	13	3	f	f	NOUN
ajfa-2777	13	4	rtfolios	rtfolio	NOUN
ajfa-2777	13	5	wh	wh	AUX
ajfa-2777	13	6	pose	pose	VERB
ajfa-2777	13	7	serious	serious	ADJ
ajfa-2777	13	8	ations	ation	NOUN
ajfa-2777	13	9	for	for	ADP
ajfa-2777	13	10	ac	ac	PROPN
ajfa-2777	13	11	t	t	PROPN
ajfa-2777	13	12	anomaly	anomaly	PROPN
ajfa-2777	13	13	l	l	PROPN
ajfa-2777	13	14	a	a	DET
ajfa-2777	13	15	french	french	ADJ
ajfa-2777	13	16	mo	mo	PROPN
ajfa-2777	13	17	finance	finance	PROPN
ajfa-2777	13	18	&	&	CCONJ
ajfa-2777	13	19	ac	ac	PROPN
ajfa-2777	13	20	issn	issn	PROPN
ajfa-2777	13	21	19	19	NUM
ajfa-2777	13	22	2012	2012	NUM
ajfa-2777	13	23	,	,	PUNCT
ajfa-2777	13	24	vol	vol	NOUN
ajfa-2777	13	25	.	.	PUNCT
ajfa-2777	14	1	www.macrothi	www.macrothi	INTJ
ajfa-2777	15	1	ty	ty	INTJ
ajfa-2777	15	2	anom	anom	PROPN
ajfa-2777	15	3	december	december	PROPN
ajfa-2777	15	4	1	1	NUM
ajfa-2777	15	5	777	777	NUM
ajfa-2777	15	6	t	t	NOUN
ajfa-2777	15	7	using	use	VERB
ajfa-2777	15	8	data	datum	NOUN
ajfa-2777	15	9	ve	ve	PROPN
ajfa-2777	15	10	relation	relation	NOUN
ajfa-2777	15	11	b	b	PROPN
ajfa-2777	15	12	o	o	PROPN
ajfa-2777	15	13	prior	prior	ADJ
ajfa-2777	15	14	rese	rese	PROPN
ajfa-2777	15	15	rofitability	rofitability	PROPN
ajfa-2777	15	16	m	m	VERB
ajfa-2777	15	17	end	end	VERB
ajfa-2777	15	18	to	to	PART
ajfa-2777	15	19	give	give	VERB
ajfa-2777	15	20	s	s	PRON
ajfa-2777	15	21	resulting	result	VERB
ajfa-2777	15	22	i	i	PRON
ajfa-2777	15	23	egative	egative	VERB
ajfa-2777	15	24	rela	rela	PROPN
ajfa-2777	15	25	factor	factor	PROPN
ajfa-2777	15	26	fama	fama	PROPN
ajfa-2777	15	27	hich	hich	PROPN
ajfa-2777	15	28	was	be	AUX
ajfa-2777	15	29	n	n	PRON
ajfa-2777	15	30	s	s	PART
ajfa-2777	15	31	challenge	challenge	NOUN
ajfa-2777	15	32	cademicians	cademician	NOUN
ajfa-2777	15	33	literature	literature	PROPN
ajfa-2777	15	34	es	es	X
ajfa-2777	15	35	odel	odel	PROPN
ajfa-2777	15	36	ccounting	ccounte	VERB
ajfa-2777	15	37	946	946	NUM
ajfa-2777	15	38	-	-	PUNCT
ajfa-2777	15	39	052x	052x	NOUN
ajfa-2777	15	40	4	4	NUM
ajfa-2777	15	41	,	,	PUNCT
ajfa-2777	15	42	no	no	INTJ
ajfa-2777	15	43	.	.	NOUN
ajfa-2777	15	44	2	2	NUM
ajfa-2777	15	45	ink.org/ajfa	ink.org/ajfa	X
ajfa-2777	15	46	maly	maly	PROPN
ajfa-2777	15	47	10	10	NUM
ajfa-2777	15	48	,	,	PUNCT
ajfa-2777	15	49	2012	2012	NUM
ajfa-2777	15	50	a	a	PRON
ajfa-2777	15	51	for	for	ADP
ajfa-2777	15	52	493	493	NUM
ajfa-2777	15	53	between	between	ADP
ajfa-2777	15	54	earch	earch	NOUN
ajfa-2777	15	55	for	for	ADP
ajfa-2777	15	56	measure	measure	NOUN
ajfa-2777	15	57	.	.	PUNCT
ajfa-2777	16	1	e	e	X
ajfa-2777	16	2	higher	high	ADJ
ajfa-2777	16	3	in	in	ADP
ajfa-2777	16	4	lower	low	ADJ
ajfa-2777	16	5	ationship	ationship	NOUN
ajfa-2777	16	6	a	a	DET
ajfa-2777	16	7	french	french	NOUN
ajfa-2777	16	8	not	not	PART
ajfa-2777	16	9	fully	fully	ADV
ajfa-2777	16	10	to	to	ADP
ajfa-2777	16	11	asset	asset	NOUN
ajfa-2777	16	12	s	s	PRON
ajfa-2777	16	13	as	as	ADV
ajfa-2777	16	14	well	well	ADV
ajfa-2777	16	15	specially	specially	ADV
ajfa-2777	16	16	1	1	NUM
ajfa-2777	16	17	.	.	X
ajfa-2777	16	18	intro	intro	VERB
ajfa-2777	16	19	the	the	DET
ajfa-2777	16	20	lite	lite	PROPN
ajfa-2777	16	21	anomal	anomal	ADJ
ajfa-2777	16	22	pricing	pricing	NOUN
ajfa-2777	16	23	.	.	PUNCT
ajfa-2777	17	1	returns	return	NOUN
ajfa-2777	17	2	late	late	ADJ
ajfa-2777	17	3	197	197	NUM
ajfa-2777	17	4	observe	observe	VERB
ajfa-2777	17	5	various	various	ADJ
ajfa-2777	17	6	earning	earn	VERB
ajfa-2777	17	7	well	well	ADV
ajfa-2777	17	8	est	est	X
ajfa-2777	17	9	multifac	multifac	NOUN
ajfa-2777	17	10	expecte	expecte	NOUN
ajfa-2777	17	11	rate	rate	NOUN
ajfa-2777	17	12	are	be	AUX
ajfa-2777	17	13	i.e.	i.e.	X
ajfa-2777	17	14	size	size	NOUN
ajfa-2777	17	15	power	power	NOUN
ajfa-2777	17	16	earning	earn	VERB
ajfa-2777	17	17	howeve	howeve	NOUN
ajfa-2777	17	18	without	without	ADP
ajfa-2777	17	19	momen	momen	PROPN
ajfa-2777	17	20	ritter	ritter	PROPN
ajfa-2777	17	21	,	,	PUNCT
ajfa-2777	17	22	french	french	PROPN
ajfa-2777	17	23	,	,	PUNCT
ajfa-2777	17	24	portfoli	portfoli	PROPN
ajfa-2777	17	25	asset	asset	PROPN
ajfa-2777	17	26	p	p	PRON
ajfa-2777	17	27	heavily	heavily	ADV
ajfa-2777	17	28	compar	compar	NOUN
ajfa-2777	17	29	relation	relation	NOUN
ajfa-2777	17	30	firms	firm	NOUN
ajfa-2777	17	31	h	h	NOUN
ajfa-2777	17	32	include	include	VERB
ajfa-2777	17	33	controll	controll	NOUN
ajfa-2777	17	34	they	they	PRON
ajfa-2777	17	35	re	re	VERB
ajfa-2777	17	36	firms	firm	NOUN
ajfa-2777	17	37	h	h	VERB
ajfa-2777	17	38	(	(	PUNCT
ajfa-2777	17	39	slower	slow	ADJ
ajfa-2777	17	40	and	and	CCONJ
ajfa-2777	17	41	vu	vu	NOUN
ajfa-2777	17	42	returns	return	NOUN
ajfa-2777	17	43	.	.	PUNCT
ajfa-2777	18	1	expecte	expecte	NOUN
ajfa-2777	18	2	the	the	DET
ajfa-2777	18	3	pro	pro	ADJ
ajfa-2777	18	4	positive	positive	ADJ
ajfa-2777	18	5	althoug	althoug	NOUN
ajfa-2777	18	6	market	market	NOUN
ajfa-2777	18	7	associat	associat	VERB
ajfa-2777	18	8	1	1	NUM
ajfa-2777	18	9	banz	banz	NOUN
ajfa-2777	18	10	jegadees	jegadee	NOUN
ajfa-2777	18	11	oduction	oduction	NOUN
ajfa-2777	18	12	erature	erature	NOUN
ajfa-2777	18	13	on	on	ADP
ajfa-2777	18	14	s	s	NOUN
ajfa-2777	18	15	ies	ie	NOUN
ajfa-2777	18	16	as	as	ADP
ajfa-2777	18	17	emp	emp	NOUN
ajfa-2777	18	18	.	.	PUNCT
ajfa-2777	19	1	the	the	DET
ajfa-2777	19	2	capm	capm	PROPN
ajfa-2777	19	3	was	be	AUX
ajfa-2777	19	4	the	the	DET
ajfa-2777	19	5	ac	ac	PROPN
ajfa-2777	19	6	70s	70	NOUN
ajfa-2777	19	7	,	,	PUNCT
ajfa-2777	19	8	empiri	empiri	PROPN
ajfa-2777	19	9	ed	ed	NOUN
ajfa-2777	20	1	that	that	SCONJ
ajfa-2777	20	2	that	that	DET
ajfa-2777	20	3	company	company	NOUN
ajfa-2777	20	4	c	c	PROPN
ajfa-2777	20	5	gs	gs	NOUN
ajfa-2777	20	6	to	to	PART
ajfa-2777	20	7	price	price	VERB
ajfa-2777	20	8	,	,	PUNCT
ajfa-2777	20	9	p	p	PROPN
ajfa-2777	20	10	tablished	tablishe	VERB
ajfa-2777	20	11	th	th	X
ajfa-2777	20	12	ctor	ctor	NOUN
ajfa-2777	20	13	asset	asset	NOUN
ajfa-2777	20	14	p	p	NOUN
ajfa-2777	20	15	ed	ed	NOUN
ajfa-2777	20	16	returns	return	NOUN
ajfa-2777	20	17	,	,	PUNCT
ajfa-2777	20	18	w	w	NOUN
ajfa-2777	20	19	e	e	NOUN
ajfa-2777	20	20	explained	explain	VERB
ajfa-2777	20	21	e	e	NOUN
ajfa-2777	20	22	and	and	CCONJ
ajfa-2777	20	23	value	value	NOUN
ajfa-2777	20	24	in	in	ADP
ajfa-2777	20	25	explaini	explaini	ADJ
ajfa-2777	20	26	gs	gs	PROPN
ajfa-2777	20	27	to	to	PART
ajfa-2777	20	28	price	price	VERB
ajfa-2777	20	29	,	,	PUNCT
ajfa-2777	20	30	l	l	PROPN
ajfa-2777	20	31	er	er	INTJ
ajfa-2777	20	32	recent	recent	ADJ
ajfa-2777	20	33	st	st	PROPN
ajfa-2777	20	34	t	t	PROPN
ajfa-2777	20	35	weaknesse	weaknesse	VERB
ajfa-2777	20	36	ntum	ntum	NOUN
ajfa-2777	20	37	(	(	PUNCT
ajfa-2777	20	38	fama	fama	PROPN
ajfa-2777	20	39	1995	1995	NUM
ajfa-2777	20	40	)	)	PUNCT
ajfa-2777	20	41	,	,	PUNCT
ajfa-2777	20	42	(	(	PUNCT
ajfa-2777	20	43	ike	ike	PROPN
ajfa-2777	20	44	,	,	PUNCT
ajfa-2777	20	45	2008	2008	NUM
ajfa-2777	20	46	)	)	PUNCT
ajfa-2777	20	47	.	.	PUNCT
ajfa-2777	21	1	fam	fam	NOUN
ajfa-2777	21	2	ios	ios	PROPN
ajfa-2777	21	3	sorted	sort	VERB
ajfa-2777	21	4	on	on	ADP
ajfa-2777	21	5	pricing	pricing	NOUN
ajfa-2777	21	6	ano	ano	PROPN
ajfa-2777	21	7	researched	research	VERB
ajfa-2777	21	8	ratively	ratively	ADV
ajfa-2777	21	9	less	less	ADJ
ajfa-2777	21	10	nship	nship	NOUN
ajfa-2777	21	11	betwee	betwee	NOUN
ajfa-2777	21	12	have	have	VERB
ajfa-2777	21	13	greate	greate	NOUN
ajfa-2777	21	14	s	s	PROPN
ajfa-2777	21	15	various	various	ADJ
ajfa-2777	21	16	a	a	DET
ajfa-2777	21	17	ling	ling	NOUN
ajfa-2777	21	18	for	for	ADP
ajfa-2777	21	19	the	the	DET
ajfa-2777	21	20	elate	elate	ADJ
ajfa-2777	21	21	profita	profita	NOUN
ajfa-2777	21	22	have	have	VERB
ajfa-2777	21	23	greate	greate	ADJ
ajfa-2777	21	24	r)-than	r)-than	PROPN
ajfa-2777	21	25	-	-	PUNCT
ajfa-2777	21	26	aver	aver	NOUN
ajfa-2777	21	27	uolteenaho	uolteenaho	PROPN
ajfa-2777	21	28	(	(	PUNCT
ajfa-2777	21	29	.	.	PUNCT
ajfa-2777	22	1	fama	fama	PROPN
ajfa-2777	22	2	and	and	CCONJ
ajfa-2777	22	3	ed	ed	PROPN
ajfa-2777	22	4	profitabil	profitabil	PROPN
ajfa-2777	22	5	fitability	fitability	NOUN
ajfa-2777	22	6	an	an	DET
ajfa-2777	22	7	e	e	PROPN
ajfa-2777	22	8	relation	relation	PROPN
ajfa-2777	22	9	b	b	PROPN
ajfa-2777	22	10	gh	gh	PROPN
ajfa-2777	22	11	the	the	DET
ajfa-2777	22	12	hedge	hedge	NOUN
ajfa-2777	22	13	as	as	ADP
ajfa-2777	22	14	a	a	DET
ajfa-2777	22	15	whol	whol	NOUN
ajfa-2777	22	16	ted	te	VERB
ajfa-2777	22	17	with	with	ADP
ajfa-2777	22	18	the	the	DET
ajfa-2777	22	19	z	z	NOUN
ajfa-2777	22	20	(	(	PUNCT
ajfa-2777	22	21	1981),stattm	1981),stattm	NUM
ajfa-2777	22	22	sh	sh	NOUN
ajfa-2777	22	23	and	and	CCONJ
ajfa-2777	22	24	titman	titman	VERB
ajfa-2777	22	25	stock	stock	PROPN
ajfa-2777	22	26	marke	marke	PROPN
ajfa-2777	22	27	pirical	pirical	PROPN
ajfa-2777	22	28	resu	resu	PROPN
ajfa-2777	22	29	m	m	VERB
ajfa-2777	22	30	which	which	DET
ajfa-2777	22	31	p	p	NOUN
ajfa-2777	22	32	ccepted	ccepte	VERB
ajfa-2777	22	33	para	para	PROPN
ajfa-2777	22	34	ical	ical	PROPN
ajfa-2777	22	35	work	work	NOUN
ajfa-2777	22	36	a	a	DET
ajfa-2777	22	37	much	much	ADJ
ajfa-2777	22	38	of	of	ADP
ajfa-2777	22	39	th	th	NUM
ajfa-2777	22	40	characterist	characterist	NOUN
ajfa-2777	22	41	past	past	ADJ
ajfa-2777	22	42	returns	return	NOUN
ajfa-2777	22	43	hat	hat	NOUN
ajfa-2777	22	44	beta	beta	NOUN
ajfa-2777	22	45	is	be	AUX
ajfa-2777	22	46	i	i	PRON
ajfa-2777	22	47	ricing	rice	VERB
ajfa-2777	22	48	mode	mode	NOUN
ajfa-2777	22	49	which	which	DET
ajfa-2777	22	50	sugge	sugge	NOUN
ajfa-2777	22	51	by	by	ADP
ajfa-2777	22	52	sensitivi	sensitivi	NOUN
ajfa-2777	22	53	are	be	AUX
ajfa-2777	22	54	firm	firm	ADJ
ajfa-2777	22	55	sp	sp	ADP
ajfa-2777	22	56	ing	ing	ADJ
ajfa-2777	22	57	major	major	ADJ
ajfa-2777	22	58	everage	everage	NOUN
ajfa-2777	22	59	.	.	PUNCT
ajfa-2777	23	1	tudies	tudie	NOUN
ajfa-2777	23	2	have	have	VERB
ajfa-2777	23	3	es	e	VERB
ajfa-2777	23	4	.	.	PUNCT
ajfa-2777	24	1	for	for	ADP
ajfa-2777	24	2	insta	insta	PROPN
ajfa-2777	24	3	a	a	PRON
ajfa-2777	24	4	&	&	CCONJ
ajfa-2777	24	5	french	french	ADJ
ajfa-2777	24	6	,	,	PUNCT
ajfa-2777	24	7	enberry	enberry	ADJ
ajfa-2777	24	8	,	,	PUNCT
ajfa-2777	24	9	la	la	PROPN
ajfa-2777	24	10	ma	ma	PROPN
ajfa-2777	24	11	and	and	CCONJ
ajfa-2777	24	12	fre	fre	ADJ
ajfa-2777	24	13	n	n	PRON
ajfa-2777	24	14	accruals	accrual	NOUN
ajfa-2777	24	15	,	,	PUNCT
ajfa-2777	24	16	m	m	VERB
ajfa-2777	24	17	omalies	omalie	NOUN
ajfa-2777	24	18	prim	prim	ADJ
ajfa-2777	24	19	d	d	NOUN
ajfa-2777	24	20	for	for	ADP
ajfa-2777	24	21	the	the	DET
ajfa-2777	24	22	dev	dev	NOUN
ajfa-2777	24	23	s	s	VERB
ajfa-2777	24	24	explored	explore	VERB
ajfa-2777	24	25	.	.	PUNCT
ajfa-2777	25	1	e	e	X
ajfa-2777	25	2	en	en	PROPN
ajfa-2777	25	3	profitabi	profitabi	NOUN
ajfa-2777	25	4	r	r	NOUN
ajfa-2777	25	5	expected	expect	VERB
ajfa-2777	25	6	accounting	accounting	NOUN
ajfa-2777	25	7	,	,	PUNCT
ajfa-2777	25	8	ese	ese	NOUN
ajfa-2777	25	9	variable	variable	ADJ
ajfa-2777	25	10	ability	ability	NOUN
ajfa-2777	25	11	of	of	ADP
ajfa-2777	25	12	a	a	DET
ajfa-2777	25	13	er	er	INTJ
ajfa-2777	25	14	potential	potential	ADJ
ajfa-2777	25	15	rage	rage	NOUN
ajfa-2777	25	16	future	future	NOUN
ajfa-2777	25	17	(	(	PUNCT
ajfa-2777	25	18	2002	2002	NUM
ajfa-2777	25	19	)	)	PUNCT
ajfa-2777	25	20	also	also	ADV
ajfa-2777	25	21	french	french	ADJ
ajfa-2777	25	22	(	(	PUNCT
ajfa-2777	25	23	20	20	NUM
ajfa-2777	25	24	lity	lity	NOUN
ajfa-2777	25	25	implies	imply	VERB
ajfa-2777	25	26	nomaly	nomaly	PROPN
ajfa-2777	25	27	exi	exi	PROPN
ajfa-2777	25	28	etween	etween	VERB
ajfa-2777	25	29	pro	pro	X
ajfa-2777	25	30	e	e	PROPN
ajfa-2777	25	31	portfolio	portfolio	NOUN
ajfa-2777	25	32	r	r	PROPN
ajfa-2777	25	33	e.	e.	PROPN
ajfa-2777	25	34	fitzpatri	fitzpatri	PROPN
ajfa-2777	25	35	e	e	X
ajfa-2777	25	36	lowest	low	ADJ
ajfa-2777	25	37	pro	pro	ADJ
ajfa-2777	25	38	man(1980	man(1980	NOUN
ajfa-2777	25	39	)	)	PUNCT
ajfa-2777	25	40	,	,	PUNCT
ajfa-2777	25	41	b	b	PROPN
ajfa-2777	25	42	n	n	X
ajfa-2777	25	43	(	(	PUNCT
ajfa-2777	25	44	1993	1993	NUM
ajfa-2777	25	45	)	)	PUNCT
ajfa-2777	25	46	.	.	PUNCT
ajfa-2777	26	1	et	et	PROPN
ajfa-2777	26	2	anomalie	anomalie	PROPN
ajfa-2777	26	3	lts	lts	VERB
ajfa-2777	26	4	which	which	DET
ajfa-2777	26	5	a	a	DET
ajfa-2777	26	6	posits	posit	NOUN
ajfa-2777	26	7	a	a	DET
ajfa-2777	26	8	pos	pos	NOUN
ajfa-2777	26	9	adigm	adigm	NOUN
ajfa-2777	26	10	in	in	ADP
ajfa-2777	26	11	th	th	NUM
ajfa-2777	26	12	appeared	appear	VERB
ajfa-2777	26	13	th	th	PRON
ajfa-2777	26	14	he	he	PRON
ajfa-2777	26	15	variation	variation	NOUN
ajfa-2777	26	16	tics	tic	NOUN
ajfa-2777	26	17	could	could	AUX
ajfa-2777	26	18	a	a	DET
ajfa-2777	26	19	s	s	NOUN
ajfa-2777	26	20	,	,	PUNCT
ajfa-2777	26	21	leverage	leverage	VERB
ajfa-2777	26	22	a	a	DET
ajfa-2777	26	23	inadequate	inadequate	ADJ
ajfa-2777	26	24	t	t	NOUN
ajfa-2777	26	25	els	el	NOUN
ajfa-2777	26	26	.	.	PUNCT
ajfa-2777	27	1	fama	fama	PROPN
ajfa-2777	27	2	an	an	DET
ajfa-2777	27	3	ests	est	NOUN
ajfa-2777	27	4	that	that	PRON
ajfa-2777	27	5	exp	exp	VERB
ajfa-2777	27	6	ity	ity	PROPN
ajfa-2777	27	7	to	to	ADP
ajfa-2777	27	8	marke	marke	NOUN
ajfa-2777	27	9	pecific	pecific	NOUN
ajfa-2777	27	10	,	,	PUNCT
ajfa-2777	27	11	yet	yet	CCONJ
ajfa-2777	27	12	t	t	NOUN
ajfa-2777	27	13	anomalies	anomaly	NOUN
ajfa-2777	27	14	e	e	PRON
ajfa-2777	27	15	found	find	VERB
ajfa-2777	27	16	tha	tha	NOUN
ajfa-2777	27	17	ance	ance	NOUN
ajfa-2777	27	18	,	,	PUNCT
ajfa-2777	27	19	the	the	DET
ajfa-2777	27	20	m	m	NOUN
ajfa-2777	27	21	,	,	PUNCT
ajfa-2777	27	22	1996	1996	NUM
ajfa-2777	27	23	)	)	PUNCT
ajfa-2777	27	24	,	,	PUNCT
ajfa-2777	27	25	acc	acc	PROPN
ajfa-2777	27	26	akonishiok	akonishiok	NOUN
ajfa-2777	27	27	ench	ench	NOUN
ajfa-2777	27	28	(	(	PUNCT
ajfa-2777	27	29	2008	2008	NUM
ajfa-2777	27	30	)	)	PUNCT
ajfa-2777	27	31	momentum	momentum	NOUN
ajfa-2777	27	32	marily	marily	ADV
ajfa-2777	27	33	mom	mom	NOUN
ajfa-2777	27	34	veloped	velope	VERB
ajfa-2777	27	35	cap	cap	VERB
ajfa-2777	27	36	existing	exist	VERB
ajfa-2777	27	37	lite	lite	NOUN
ajfa-2777	27	38	ility	ility	PROPN
ajfa-2777	27	39	and	and	CCONJ
ajfa-2777	27	40	ret	ret	NOUN
ajfa-2777	27	41	returns	return	NOUN
ajfa-2777	27	42	.	.	PUNCT
ajfa-2777	28	1	t	t	NOUN
ajfa-2777	28	2	market	market	NOUN
ajfa-2777	28	3	an	an	DET
ajfa-2777	28	4	es	es	X
ajfa-2777	28	5	more	more	ADV
ajfa-2777	28	6	pro	pro	ADJ
ajfa-2777	28	7	firm	firm	NOUN
ajfa-2777	28	8	to	to	ADP
ajfa-2777	28	9	its	its	PRON
ajfa-2777	28	10	for	for	ADP
ajfa-2777	28	11	future	future	ADJ
ajfa-2777	28	12	growth	growth	NOUN
ajfa-2777	28	13	in	in	ADP
ajfa-2777	28	14	o	o	NOUN
ajfa-2777	28	15	find	find	VERB
ajfa-2777	28	16	that	that	SCONJ
ajfa-2777	28	17	m	m	NOUN
ajfa-2777	28	18	006	006	NUM
ajfa-2777	28	19	)	)	PUNCT
ajfa-2777	28	20	conclu	conclu	NOUN
ajfa-2777	28	21	s	s	PART
ajfa-2777	28	22	higher	high	ADJ
ajfa-2777	28	23	exp	exp	NOUN
ajfa-2777	28	24	ts	ts	ADV
ajfa-2777	28	25	only	only	ADV
ajfa-2777	28	26	in	in	ADP
ajfa-2777	28	27	t	t	PROPN
ajfa-2777	28	28	fitability	fitability	NOUN
ajfa-2777	28	29	an	an	DET
ajfa-2777	28	30	returns	return	NOUN
ajfa-2777	28	31	are	be	AUX
ajfa-2777	28	32	n	n	ADV
ajfa-2777	28	33	ick	ick	NOUN
ajfa-2777	28	34	and	and	CCONJ
ajfa-2777	28	35	og	og	PROPN
ajfa-2777	28	36	ofit	ofit	PROPN
ajfa-2777	28	37	quintile	quintile	PROPN
ajfa-2777	28	38	basu	basu	PROPN
ajfa-2777	28	39	(	(	PUNCT
ajfa-2777	28	40	1983	1983	NUM
ajfa-2777	28	41	)	)	PUNCT
ajfa-2777	28	42	,	,	PUNCT
ajfa-2777	28	43	348	348	NUM
ajfa-2777	28	44	es	es	NOUN
ajfa-2777	28	45	is	be	AUX
ajfa-2777	28	46	extensi	extensi	PROPN
ajfa-2777	28	47	are	be	AUX
ajfa-2777	28	48	inconsi	inconsi	PRON
ajfa-2777	28	49	sitive	sitive	ADJ
ajfa-2777	29	1	and	and	CCONJ
ajfa-2777	29	2	l	l	NOUN
ajfa-2777	29	3	he	he	PRON
ajfa-2777	29	4	finance	finance	VERB
ajfa-2777	29	5	li	li	PROPN
ajfa-2777	29	6	hat	hat	PROPN
ajfa-2777	29	7	exposed	expose	VERB
ajfa-2777	29	8	n	n	CCONJ
ajfa-2777	29	9	in	in	ADP
ajfa-2777	29	10	expecte	expecte	NOUN
ajfa-2777	29	11	affect	affect	VERB
ajfa-2777	29	12	stock	stock	NOUN
ajfa-2777	29	13	and	and	CCONJ
ajfa-2777	29	14	momen	moman	NOUN
ajfa-2777	29	15	to	to	PART
ajfa-2777	29	16	explain	explain	VERB
ajfa-2777	29	17	r	r	NOUN
ajfa-2777	29	18	nd	nd	NOUN
ajfa-2777	29	19	french	french	NOUN
ajfa-2777	29	20	(	(	PUNCT
ajfa-2777	29	21	pected	pecte	VERB
ajfa-2777	29	22	retur	retur	PROPN
ajfa-2777	29	23	et	et	PROPN
ajfa-2777	29	24	,	,	PUNCT
ajfa-2777	29	25	size	size	NOUN
ajfa-2777	29	26	and	and	CCONJ
ajfa-2777	29	27	they	they	PRON
ajfa-2777	29	28	have	have	VERB
ajfa-2777	29	29	p	p	NOUN
ajfa-2777	29	30	of	of	ADP
ajfa-2777	29	31	the	the	DET
ajfa-2777	29	32	ca	ca	NOUN
ajfa-2777	29	33	at	at	ADP
ajfa-2777	29	34	even	even	ADV
ajfa-2777	29	35	the	the	DET
ajfa-2777	29	36	model	model	NOUN
ajfa-2777	29	37	fails	fail	VERB
ajfa-2777	29	38	t	t	NOUN
ajfa-2777	29	39	cruals	crual	NOUN
ajfa-2777	29	40	(	(	PUNCT
ajfa-2777	29	41	sloa	sloa	NOUN
ajfa-2777	29	42	&	&	CCONJ
ajfa-2777	29	43	vermae	vermae	PROPN
ajfa-2777	29	44	)	)	PUNCT
ajfa-2777	29	45	point	point	NOUN
ajfa-2777	29	46	out	out	ADP
ajfa-2777	29	47	t	t	PROPN
ajfa-2777	29	48	m	m	NOUN
ajfa-2777	29	49	and	and	CCONJ
ajfa-2777	29	50	net	net	ADJ
ajfa-2777	29	51	sto	sto	PROPN
ajfa-2777	29	52	mentum	mentum	PROPN
ajfa-2777	29	53	,	,	PUNCT
ajfa-2777	29	54	ac	ac	PROPN
ajfa-2777	29	55	pital	pital	ADJ
ajfa-2777	29	56	market	market	NOUN
ajfa-2777	29	57	erature	erature	NOUN
ajfa-2777	29	58	on	on	ADP
ajfa-2777	29	59	p	p	NOUN
ajfa-2777	29	60	turns	turn	NOUN
ajfa-2777	29	61	.	.	PUNCT
ajfa-2777	30	1	haug	haug	VERB
ajfa-2777	30	2	they	they	PRON
ajfa-2777	30	3	constru	constru	PROPN
ajfa-2777	30	4	nd	nd	ADV
ajfa-2777	30	5	past	past	VERB
ajfa-2777	30	6	retu	retu	ADJ
ajfa-2777	30	7	ofitable	ofitable	ADJ
ajfa-2777	30	8	firm	firm	ADJ
ajfa-2777	30	9	growth	growth	NOUN
ajfa-2777	30	10	po	po	NOUN
ajfa-2777	30	11	e	e	NOUN
ajfa-2777	30	12	growth	growth	NOUN
ajfa-2777	30	13	.	.	PUNCT
ajfa-2777	31	1	t	t	PROPN
ajfa-2777	31	2	a	a	DET
ajfa-2777	31	3	stock	stock	NOUN
ajfa-2777	31	4	’s	’s	PART
ajfa-2777	31	5	e	e	NOUN
ajfa-2777	31	6	more	more	ADJ
ajfa-2777	31	7	profit	profit	NOUN
ajfa-2777	31	8	ude	ude	NOUN
ajfa-2777	31	9	that	that	PRON
ajfa-2777	31	10	giv	giv	PROPN
ajfa-2777	31	11	pected	pecte	VERB
ajfa-2777	31	12	retu	retu	VERB
ajfa-2777	31	13	the	the	DET
ajfa-2777	31	14	case	case	NOUN
ajfa-2777	31	15	of	of	ADP
ajfa-2777	31	16	nd	nd	PRON
ajfa-2777	31	17	returns	return	VERB
ajfa-2777	31	18	a	a	DET
ajfa-2777	31	19	nonexistent	nonexistent	ADJ
ajfa-2777	31	20	gden	gden	NOUN
ajfa-2777	31	21	(	(	PUNCT
ajfa-2777	31	22	2009	2009	NUM
ajfa-2777	31	23	)	)	PUNCT
ajfa-2777	31	24	e	e	NOUN
ajfa-2777	31	25	and	and	CCONJ
ajfa-2777	31	26	vice	vice	NOUN
ajfa-2777	31	27	v	v	NOUN
ajfa-2777	31	28	bhandari	bhandari	NOUN
ajfa-2777	31	29	(	(	PUNCT
ajfa-2777	31	30	asian	asian	PROPN
ajfa-2777	31	31	i	i	PROPN
ajfa-2777	31	32	ve	ve	VERB
ajfa-2777	31	33	and	and	CCONJ
ajfa-2777	31	34	gro	gro	VERB
ajfa-2777	31	35	istent	istent	ADJ
ajfa-2777	31	36	with	with	ADP
ajfa-2777	31	37	inear	inear	NOUN
ajfa-2777	31	38	relati	relati	NOUN
ajfa-2777	31	39	iterature	iterature	NOUN
ajfa-2777	31	40	for	for	ADP
ajfa-2777	31	41	d	d	PROPN
ajfa-2777	31	42	the	the	DET
ajfa-2777	31	43	shortc	shortc	NOUN
ajfa-2777	31	44	ed	ed	PROPN
ajfa-2777	31	45	return	return	NOUN
ajfa-2777	31	46	is	be	AUX
ajfa-2777	31	47	returns	return	NOUN
ajfa-2777	31	48	viz	viz	NUM
ajfa-2777	31	49	ntum	ntum	NOUN
ajfa-2777	31	50	(	(	PUNCT
ajfa-2777	31	51	fama	fama	NOUN
ajfa-2777	31	52	returns	return	NOUN
ajfa-2777	31	53	and	and	CCONJ
ajfa-2777	31	54	(	(	PUNCT
ajfa-2777	31	55	1993	1993	NUM
ajfa-2777	31	56	)	)	PUNCT
ajfa-2777	32	1	deve	deve	PROPN
ajfa-2777	32	2	rns	rn	NOUN
ajfa-2777	32	3	on	on	ADP
ajfa-2777	32	4	a	a	DET
ajfa-2777	32	5	port	port	NOUN
ajfa-2777	32	6	d	d	NOUN
ajfa-2777	32	7	value	value	NOUN
ajfa-2777	32	8	facto	facto	X
ajfa-2777	32	9	proven	prove	VERB
ajfa-2777	32	10	to	to	ADP
ajfa-2777	32	11	ha	ha	INTJ
ajfa-2777	32	12	apm	apm	VERB
ajfa-2777	32	13	for	for	ADP
ajfa-2777	32	14	in	in	ADP
ajfa-2777	32	15	fama	fama	NOUN
ajfa-2777	32	16	and	and	CCONJ
ajfa-2777	32	17	to	to	PART
ajfa-2777	32	18	explain	explain	VERB
ajfa-2777	32	19	r	r	NOUN
ajfa-2777	32	20	an	an	PRON
ajfa-2777	32	21	,	,	PUNCT
ajfa-2777	32	22	1996	1996	NUM
ajfa-2777	32	23	)	)	PUNCT
ajfa-2777	32	24	,	,	PUNCT
ajfa-2777	32	25	n	n	X
ajfa-2777	32	26	elen	elen	PROPN
ajfa-2777	32	27	,	,	PUNCT
ajfa-2777	32	28	1995	1995	NUM
ajfa-2777	32	29	)	)	PUNCT
ajfa-2777	32	30	that	that	SCONJ
ajfa-2777	32	31	the	the	DET
ajfa-2777	32	32	mo	mo	PROPN
ajfa-2777	32	33	ock	ock	PROPN
ajfa-2777	32	34	issues	issue	NOUN
ajfa-2777	32	35	in	in	ADP
ajfa-2777	32	36	ccruals	ccrual	NOUN
ajfa-2777	32	37	and	and	CCONJ
ajfa-2777	32	38	ts	ts	NOUN
ajfa-2777	32	39	.	.	PUNCT
ajfa-2777	33	1	it	it	PRON
ajfa-2777	33	2	is	be	AUX
ajfa-2777	33	3	the	the	DET
ajfa-2777	33	4	profitability	profitability	NOUN
ajfa-2777	33	5	gen	gen	NOUN
ajfa-2777	33	6	and	and	CCONJ
ajfa-2777	33	7	bak	bak	PROPN
ajfa-2777	33	8	uct	uct	VERB
ajfa-2777	33	9	a	a	DET
ajfa-2777	33	10	mode	mode	PROPN
ajfa-2777	33	11	urn	urn	NOUN
ajfa-2777	33	12	variable	variable	NOUN
ajfa-2777	33	13	ms	ms	PROPN
ajfa-2777	33	14	tend	tend	VERB
ajfa-2777	33	15	to	to	PART
ajfa-2777	33	16	h	h	VERB
ajfa-2777	33	17	tential	tential	ADJ
ajfa-2777	34	1	and	and	CCONJ
ajfa-2777	34	2	this	this	DET
ajfa-2777	34	3	indica	indica	ADJ
ajfa-2777	34	4	earnings	earning	NOUN
ajfa-2777	34	5	and	and	CCONJ
ajfa-2777	34	6	table	table	NOUN
ajfa-2777	34	7	firms	firm	NOUN
ajfa-2777	34	8	ven	ven	PROPN
ajfa-2777	34	9	bm	bm	PROPN
ajfa-2777	34	10	and	and	CCONJ
ajfa-2777	34	11	rns	rns	PROPN
ajfa-2777	34	12	.	.	PUNCT
ajfa-2777	35	1	fama	fama	PROPN
ajfa-2777	35	2	a	a	DET
ajfa-2777	35	3	f	f	PROPN
ajfa-2777	35	4	small	small	ADJ
ajfa-2777	35	5	stoc	stoc	NOUN
ajfa-2777	35	6	and	and	CCONJ
ajfa-2777	35	7	presenc	presenc	PROPN
ajfa-2777	35	8	t	t	PROPN
ajfa-2777	35	9	in	in	ADP
ajfa-2777	35	10	the	the	DET
ajfa-2777	35	11	case	case	NOUN
ajfa-2777	35	12	)	)	PUNCT
ajfa-2777	35	13	find	find	VERB
ajfa-2777	35	14	that	that	SCONJ
ajfa-2777	35	15	versa	versa	ADV
ajfa-2777	35	16	.	.	PUNCT
ajfa-2777	36	1	artm	artm	PROPN
ajfa-2777	36	2	(	(	PUNCT
ajfa-2777	36	3	1988	1988	NUM
ajfa-2777	36	4	)	)	PUNCT
ajfa-2777	36	5	,	,	PUNCT
ajfa-2777	36	6	de	de	PROPN
ajfa-2777	36	7	b	b	PROPN
ajfa-2777	36	8	n	n	PRON
ajfa-2777	36	9	journal	journal	NOUN
ajfa-2777	36	10	of	of	ADP
ajfa-2777	36	11	f	f	PROPN
ajfa-2777	36	12	owing	owe	VERB
ajfa-2777	36	13	.	.	PUNCT
ajfa-2777	37	1	schw	schw	PROPN
ajfa-2777	37	2	maintained	maintain	VERB
ajfa-2777	37	3	on	on	ADP
ajfa-2777	37	4	between	between	ADP
ajfa-2777	37	5	r	r	NOUN
ajfa-2777	37	6	a	a	DET
ajfa-2777	37	7	long	long	ADJ
ajfa-2777	37	8	tim	tim	PROPN
ajfa-2777	37	9	coming	come	VERB
ajfa-2777	37	10	of	of	ADP
ajfa-2777	37	11	t	t	PROPN
ajfa-2777	37	12	unrelated	unrelated	PROPN
ajfa-2777	37	13	t	t	PROPN
ajfa-2777	37	14	z.	z.	PROPN
ajfa-2777	37	15	size	size	PROPN
ajfa-2777	37	16	,	,	PUNCT
ajfa-2777	37	17	book	book	NOUN
ajfa-2777	37	18	a	a	PRON
ajfa-2777	37	19	&	&	CCONJ
ajfa-2777	37	20	french	french	ADJ
ajfa-2777	37	21	,	,	PUNCT
ajfa-2777	37	22	thus	thus	ADV
ajfa-2777	37	23	there	there	PRON
ajfa-2777	37	24	eloped	elope	VERB
ajfa-2777	37	25	a	a	DET
ajfa-2777	37	26	thr	thr	NOUN
ajfa-2777	37	27	tfolio	tfolio	ADJ
ajfa-2777	37	28	in	in	ADP
ajfa-2777	37	29	exc	exc	NOUN
ajfa-2777	37	30	ors	or	NOUN
ajfa-2777	37	31	.	.	PUNCT
ajfa-2777	38	1	the	the	DET
ajfa-2777	38	2	add	add	NOUN
ajfa-2777	38	3	ave	ave	VERB
ajfa-2777	38	4	an	an	DET
ajfa-2777	38	5	impr	impr	NOUN
ajfa-2777	38	6	nstance	nstance	NOUN
ajfa-2777	38	7	size	size	NOUN
ajfa-2777	38	8	d	d	PROPN
ajfa-2777	38	9	french	french	ADJ
ajfa-2777	38	10	(	(	PUNCT
ajfa-2777	38	11	1	1	NUM
ajfa-2777	38	12	returns	return	NOUN
ajfa-2777	38	13	on	on	ADP
ajfa-2777	38	14	p	p	NOUN
ajfa-2777	38	15	net	net	ADJ
ajfa-2777	38	16	stock	stock	NOUN
ajfa-2777	38	17	is	be	AUX
ajfa-2777	38	18	)	)	PUNCT
ajfa-2777	38	19	)	)	PUNCT
ajfa-2777	38	20	and	and	CCONJ
ajfa-2777	38	21	prof	prof	PROPN
ajfa-2777	38	22	odel	odel	PROPN
ajfa-2777	38	23	fails	fail	VERB
ajfa-2777	38	24	to	to	ADP
ajfa-2777	38	25	n	n	PRON
ajfa-2777	38	26	all	all	DET
ajfa-2777	38	27	size	size	NOUN
ajfa-2777	39	1	gro	gro	PROPN
ajfa-2777	39	2	d	d	NOUN
ajfa-2777	39	3	net	net	ADJ
ajfa-2777	39	4	stock	stock	NOUN
ajfa-2777	39	5	profitability	profitability	NOUN
ajfa-2777	39	6	anomaly	anomaly	NOUN
ajfa-2777	39	7	es	es	ADP
ajfa-2777	39	8	ker	ker	PROPN
ajfa-2777	39	9	(	(	PUNCT
ajfa-2777	39	10	1996	1996	NUM
ajfa-2777	39	11	)	)	PUNCT
ajfa-2777	39	12	fi	fi	NOUN
ajfa-2777	39	13	el	el	PROPN
ajfa-2777	39	14	of	of	ADP
ajfa-2777	39	15	expec	expec	PROPN
ajfa-2777	39	16	es	es	PROPN
ajfa-2777	39	17	and	and	CCONJ
ajfa-2777	39	18	repo	repo	VERB
ajfa-2777	39	19	have	have	VERB
ajfa-2777	39	20	greate	greate	ADJ
ajfa-2777	39	21	posit	posit	NOUN
ajfa-2777	39	22	that	that	PRON
ajfa-2777	39	23	c	c	PROPN
ajfa-2777	39	24	tes	tes	NOUN
ajfa-2777	39	25	the	the	DET
ajfa-2777	39	26	pro	pro	ADJ
ajfa-2777	40	1	d	d	NOUN
ajfa-2777	40	2	dividends	dividend	NOUN
ajfa-2777	40	3	provide	provide	VERB
ajfa-2777	40	4	hig	hig	NOUN
ajfa-2777	40	5	d	d	NOUN
ajfa-2777	40	6	expected	expect	VERB
ajfa-2777	40	7	and	and	CCONJ
ajfa-2777	40	8	french	french	ADJ
ajfa-2777	40	9	cks	ck	NOUN
ajfa-2777	40	10	.	.	PUNCT
ajfa-2777	41	1	in	in	ADP
ajfa-2777	41	2	thi	thi	ADP
ajfa-2777	41	3	ce	ce	PROPN
ajfa-2777	41	4	of	of	ADP
ajfa-2777	41	5	signifi	signifi	PROPN
ajfa-2777	41	6	e	e	PROPN
ajfa-2777	41	7	of	of	ADP
ajfa-2777	41	8	big	big	ADJ
ajfa-2777	41	9	stoc	stoc	NOUN
ajfa-2777	41	10	the	the	DET
ajfa-2777	41	11	lowest	low	ADJ
ajfa-2777	41	12	ann	ann	PROPN
ajfa-2777	41	13	,	,	PUNCT
ajfa-2777	41	14	finter	finter	NOUN
ajfa-2777	41	15	ondt	ondt	VERB
ajfa-2777	41	16	and	and	CCONJ
ajfa-2777	41	17	tha	tha	NUM
ajfa-2777	41	18	finance	finance	NOUN
ajfa-2777	41	19	&	&	CCONJ
ajfa-2777	41	20	ac	ac	PROPN
ajfa-2777	41	21	issn	issn	PROPN
ajfa-2777	41	22	19	19	NUM
ajfa-2777	41	23	2012	2012	NUM
ajfa-2777	41	24	,	,	PUNCT
ajfa-2777	41	25	vol	vol	NOUN
ajfa-2777	41	26	.	.	PUNCT
ajfa-2777	42	1	www.macrothi	www.macrothi	X
ajfa-2777	43	1	wert	wert	PROPN
ajfa-2777	43	2	(	(	PUNCT
ajfa-2777	43	3	2003	2003	NUM
ajfa-2777	43	4	)	)	PUNCT
ajfa-2777	44	1	d	d	NOUN
ajfa-2777	44	2	theories	theory	NOUN
ajfa-2777	44	3	n	n	CCONJ
ajfa-2777	44	4	beta	beta	NOUN
ajfa-2777	44	5	and	and	CCONJ
ajfa-2777	44	6	me	i	PRON
ajfa-2777	44	7	.	.	PUNCT
ajfa-2777	45	1	howeve	howeve	VERB
ajfa-2777	45	2	the	the	DET
ajfa-2777	45	3	capm	capm	PROPN
ajfa-2777	45	4	to	to	ADP
ajfa-2777	45	5	market	market	PROPN
ajfa-2777	45	6	b	b	PROPN
ajfa-2777	45	7	k	k	NOUN
ajfa-2777	45	8	to	to	ADP
ajfa-2777	45	9	market	market	NOUN
ajfa-2777	45	10	,	,	PUNCT
ajfa-2777	45	11	1992)1.it	1992)1.it	DET
ajfa-2777	45	12	w	w	NOUN
ajfa-2777	45	13	is	be	AUX
ajfa-2777	45	14	need	need	ADJ
ajfa-2777	45	15	to	to	ADP
ajfa-2777	45	16	ree	ree	ADJ
ajfa-2777	45	17	-	-	PUNCT
ajfa-2777	45	18	factor	factor	NOUN
ajfa-2777	45	19	m	m	NOUN
ajfa-2777	45	20	cess	cess	ADJ
ajfa-2777	45	21	of	of	ADP
ajfa-2777	45	22	the	the	DET
ajfa-2777	45	23	r	r	NOUN
ajfa-2777	45	24	ditional	ditional	ADJ
ajfa-2777	45	25	risk	risk	NOUN
ajfa-2777	45	26	ressive	ressive	NOUN
ajfa-2777	45	27	exp	exp	NOUN
ajfa-2777	45	28	e	e	NOUN
ajfa-2777	45	29	,	,	PUNCT
ajfa-2777	45	30	book	book	NOUN
ajfa-2777	45	31	to	to	ADP
ajfa-2777	45	32	1993	1993	NUM
ajfa-2777	45	33	)	)	PUNCT
ajfa-2777	45	34	mode	mode	NOUN
ajfa-2777	45	35	portfolios	portfolio	NOUN
ajfa-2777	45	36	so	so	ADV
ajfa-2777	45	37	ssues	ssue	VERB
ajfa-2777	45	38	(	(	PUNCT
ajfa-2777	45	39	loug	loug	PROPN
ajfa-2777	45	40	fitability	fitability	NOUN
ajfa-2777	45	41	(	(	PUNCT
ajfa-2777	45	42	f	f	NOUN
ajfa-2777	45	43	o	o	AUX
ajfa-2777	45	44	explain	explain	VERB
ajfa-2777	45	45	ret	ret	PROPN
ajfa-2777	45	46	oups	oups	PROPN
ajfa-2777	45	47	.	.	PUNCT
ajfa-2777	46	1	k	k	PROPN
ajfa-2777	46	2	issues	issue	NOUN
ajfa-2777	46	3	hav	hav	VERB
ajfa-2777	46	4	y	y	PROPN
ajfa-2777	46	5	anomaly	anomaly	VERB
ajfa-2777	46	6	w	w	NOUN
ajfa-2777	46	7	stablishes	stablishe	VERB
ajfa-2777	46	8	a	a	DET
ajfa-2777	46	9	find	find	NOUN
ajfa-2777	46	10	more	more	ADJ
ajfa-2777	46	11	pr	pr	NOUN
ajfa-2777	46	12	cted	cte	VERB
ajfa-2777	46	13	return	return	VERB
ajfa-2777	46	14	ort	ort	NOUN
ajfa-2777	46	15	that	that	PRON
ajfa-2777	46	16	ev	ev	AUX
ajfa-2777	46	17	er	er	INTJ
ajfa-2777	46	18	expected	expect	VERB
ajfa-2777	46	19	currently	currently	ADV
ajfa-2777	46	20	pr	pr	VERB
ajfa-2777	46	21	obability	obability	NOUN
ajfa-2777	46	22	fo	fo	PROPN
ajfa-2777	46	23	s.	s.	PROPN
ajfa-2777	46	24	cohen	cohen	PROPN
ajfa-2777	46	25	,	,	PUNCT
ajfa-2777	46	26	g	g	PROPN
ajfa-2777	46	27	gher	gher	PROPN
ajfa-2777	46	28	averag	averag	PROPN
ajfa-2777	46	29	investment	investment	PROPN
ajfa-2777	46	30	h	h	PROPN
ajfa-2777	46	31	(	(	PUNCT
ajfa-2777	46	32	2008	2008	NUM
ajfa-2777	46	33	)	)	PUNCT
ajfa-2777	46	34	rep	rep	PROPN
ajfa-2777	46	35	is	be	AUX
ajfa-2777	46	36	case	case	NOUN
ajfa-2777	46	37	they	they	PRON
ajfa-2777	46	38	ficant	ficant	PROPN
ajfa-2777	46	39	hedge	hedge	PROPN
ajfa-2777	46	40	cks	ck	NOUN
ajfa-2777	46	41	,	,	PUNCT
ajfa-2777	46	42	tiny	tiny	ADJ
ajfa-2777	46	43	sto	sto	PROPN
ajfa-2777	46	44	t	t	PROPN
ajfa-2777	46	45	future	future	PROPN
ajfa-2777	46	46	retu	retu	PROPN
ajfa-2777	46	47	and	and	CCONJ
ajfa-2777	46	48	kemp	kemp	PROPN
ajfa-2777	46	49	aler	aler	PROPN
ajfa-2777	46	50	,	,	PUNCT
ajfa-2777	46	51	(	(	PUNCT
ajfa-2777	46	52	1985	1985	NUM
ajfa-2777	46	53	,	,	PUNCT
ajfa-2777	46	54	1	1	NUM
ajfa-2777	46	55	ccounting	ccounte	VERB
ajfa-2777	46	56	946	946	NUM
ajfa-2777	46	57	-	-	PUNCT
ajfa-2777	46	58	052x	052x	NOUN
ajfa-2777	46	59	4	4	NUM
ajfa-2777	46	60	,	,	PUNCT
ajfa-2777	46	61	no	no	INTJ
ajfa-2777	46	62	.	.	NOUN
ajfa-2777	46	63	2	2	NUM
ajfa-2777	46	64	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	46	65	)	)	PUNCT
ajfa-2777	46	66	defines	define	NOUN
ajfa-2777	46	67	of	of	ADP
ajfa-2777	46	68	asset	asset	NOUN
ajfa-2777	46	69	security	security	NOUN
ajfa-2777	46	70	er	er	INTJ
ajfa-2777	46	71	in	in	ADP
ajfa-2777	46	72	the	the	PRON
ajfa-2777	46	73	.	.	PUNCT
ajfa-2777	47	1	it	it	PRON
ajfa-2777	47	2	was	be	AUX
ajfa-2777	47	3	beta	beta	ADJ
ajfa-2777	47	4	and	and	CCONJ
ajfa-2777	47	5	t	t	NOUN
ajfa-2777	47	6	equity	equity	NOUN
ajfa-2777	47	7	,	,	PUNCT
ajfa-2777	47	8	was	be	AUX
ajfa-2777	47	9	then	then	ADV
ajfa-2777	47	10	develop	develop	VERB
ajfa-2777	47	11	model	model	NOUN
ajfa-2777	47	12	for	for	ADP
ajfa-2777	47	13	risk	risk	NOUN
ajfa-2777	47	14	-	-	PUNCT
ajfa-2777	47	15	free	free	ADJ
ajfa-2777	47	16	k	k	PROPN
ajfa-2777	47	17	factors	factor	NOUN
ajfa-2777	47	18	lanatory	lanatory	ADJ
ajfa-2777	47	19	market	market	NOUN
ajfa-2777	47	20	,	,	PUNCT
ajfa-2777	47	21	el	el	PROPN
ajfa-2777	47	22	is	be	AUX
ajfa-2777	47	23	not	not	PART
ajfa-2777	47	24	orted	orte	VERB
ajfa-2777	47	25	on	on	ADP
ajfa-2777	47	26	ghran	ghran	PROPN
ajfa-2777	47	27	&	&	CCONJ
ajfa-2777	47	28	fama	fama	PROPN
ajfa-2777	47	29	&	&	CCONJ
ajfa-2777	47	30	turns	turn	VERB
ajfa-2777	47	31	on	on	ADP
ajfa-2777	47	32	ve	ve	AUX
ajfa-2777	47	33	been	be	AUX
ajfa-2777	47	34	which	which	PRON
ajfa-2777	47	35	is	be	AUX
ajfa-2777	47	36	positive	positive	ADJ
ajfa-2777	47	37	rofitable	rofitable	ADJ
ajfa-2777	47	38	s	s	NOUN
ajfa-2777	47	39	which	which	PRON
ajfa-2777	47	40	ven	ven	NOUN
ajfa-2777	47	41	after	after	ADP
ajfa-2777	47	42	returns	return	NOUN
ajfa-2777	47	43	.	.	PUNCT
ajfa-2777	48	1	rofitable	rofitable	ADJ
ajfa-2777	48	2	or	or	CCONJ
ajfa-2777	48	3	faster	fast	ADJ
ajfa-2777	48	4	gompers	gomper	NOUN
ajfa-2777	48	5	ge	ge	PROPN
ajfa-2777	48	6	stock	stock	PROPN
ajfa-2777	48	7	t	t	PROPN
ajfa-2777	48	8	,	,	PUNCT
ajfa-2777	48	9	higher	high	ADJ
ajfa-2777	48	10	port	port	NOUN
ajfa-2777	48	11	that	that	PRON
ajfa-2777	48	12	y	y	PRON
ajfa-2777	48	13	find	find	VERB
ajfa-2777	48	14	a	a	DET
ajfa-2777	48	15	e	e	NOUN
ajfa-2777	48	16	returns	return	NOUN
ajfa-2777	48	17	ocks	ock	VERB
ajfa-2777	48	18	and	and	CCONJ
ajfa-2777	48	19	urns	urn	NOUN
ajfa-2777	48	20	are	be	AUX
ajfa-2777	48	21	f	f	X
ajfa-2777	48	22	(	(	PUNCT
ajfa-2777	48	23	2011	2011	NUM
ajfa-2777	48	24	)	)	PUNCT
ajfa-2777	48	25	1987	1987	NUM
ajfa-2777	48	26	)	)	PUNCT
ajfa-2777	48	27	and	and	CCONJ
ajfa-2777	48	28	find	find	VERB
ajfa-2777	48	29	av	av	PROPN
ajfa-2777	48	30	profitab	profitab	VERB
ajfa-2777	48	31	a	a	DET
ajfa-2777	48	32	possi	possi	NOUN
ajfa-2777	48	33	they	they	PRON
ajfa-2777	48	34	vis	vis	X
ajfa-2777	48	35	to	to	ADP
ajfa-2777	48	36	great	great	ADJ
ajfa-2777	48	37	profitab	profitab	NOUN
ajfa-2777	48	38	financia	financia	PROPN
ajfa-2777	48	39	bearing	bear	VERB
ajfa-2777	48	40	the	the	DET
ajfa-2777	48	41	per	per	ADP
ajfa-2777	48	42	positive	positive	ADJ
ajfa-2777	48	43	latter	latter	NOUN
ajfa-2777	48	44	’s	’s	ADV
ajfa-2777	48	45	it	it	PRON
ajfa-2777	48	46	to	to	PART
ajfa-2777	48	47	be	be	AUX
ajfa-2777	48	48	counter	counter	ADJ
ajfa-2777	48	49	risks	risk	NOUN
ajfa-2777	48	50	.	.	PUNCT
ajfa-2777	49	1	to	to	PART
ajfa-2777	49	2	eluc	eluc	AUX
ajfa-2777	49	3	linked	link	VERB
ajfa-2777	49	4	t	t	PROPN
ajfa-2777	49	5	retained	retain	VERB
ajfa-2777	49	6	amidu	amidu	ADJ
ajfa-2777	49	7	capacity	capacity	NOUN
ajfa-2777	49	8	are	be	AUX
ajfa-2777	49	9	imp	imp	X
ajfa-2777	49	10	positive	positive	ADJ
ajfa-2777	49	11	(	(	PUNCT
ajfa-2777	49	12	2003	2003	NUM
ajfa-2777	49	13	)	)	PUNCT
ajfa-2777	49	14	dividen	dividen	VERB
ajfa-2777	49	15	the	the	DET
ajfa-2777	49	16	infl	infl	PROPN
ajfa-2777	49	17	(	(	PUNCT
ajfa-2777	49	18	gordon	gordon	PROPN
ajfa-2777	49	19	gain	gain	VERB
ajfa-2777	49	20	fro	fro	NOUN
ajfa-2777	49	21	shefrin	shefrin	NOUN
ajfa-2777	49	22	want	want	VERB
ajfa-2777	49	23	di	di	NOUN
ajfa-2777	49	24	theory	theory	NOUN
ajfa-2777	49	25	s	s	PART
ajfa-2777	49	26	self	self	NOUN
ajfa-2777	49	27	con	con	NOUN
ajfa-2777	49	28	and	and	CCONJ
ajfa-2777	49	29	do	do	AUX
ajfa-2777	49	30	function	function	NOUN
ajfa-2777	49	31	compan	compan	NOUN
ajfa-2777	49	32	may	may	AUX
ajfa-2777	49	33	be	be	AUX
ajfa-2777	49	34	will	will	AUX
ajfa-2777	49	35	rea	rea	VERB
ajfa-2777	49	36	signific	signific	PROPN
ajfa-2777	49	37	policy	policy	PROPN
ajfa-2777	49	38	a	a	DET
ajfa-2777	49	39	profitab	profitab	NOUN
ajfa-2777	49	40	high	high	ADJ
ajfa-2777	49	41	.	.	PUNCT
ajfa-2777	50	1	dividen	dividen	PROPN
ajfa-2777	50	2	investor	investor	NOUN
ajfa-2777	50	3	verage	verage	NOUN
ajfa-2777	50	4	retu	retu	ADJ
ajfa-2777	50	5	bility	bility	NOUN
ajfa-2777	50	6	portfo	portfo	VERB
ajfa-2777	50	7	ible	ible	ADJ
ajfa-2777	50	8	explana	explana	ADJ
ajfa-2777	50	9	sualise	sualise	PROPN
ajfa-2777	50	10	prof	prof	NOUN
ajfa-2777	50	11	ter	ter	NOUN
ajfa-2777	50	12	risk	risk	NOUN
ajfa-2777	50	13	thu	thu	NOUN
ajfa-2777	50	14	bility	bility	NOUN
ajfa-2777	50	15	from	from	ADP
ajfa-2777	50	16	al	al	PROPN
ajfa-2777	50	17	risk	risk	NOUN
ajfa-2777	50	18	in	in	ADP
ajfa-2777	50	19	m	m	PROPN
ajfa-2777	50	20	g.	g.	PROPN
ajfa-2777	50	21	neverthel	neverthel	PROPN
ajfa-2777	50	22	spective	spective	ADJ
ajfa-2777	50	23	of	of	ADP
ajfa-2777	50	24	e	e	PROPN
ajfa-2777	50	25	alphas	alpha	NOUN
ajfa-2777	50	26	.	.	PUNCT
ajfa-2777	51	1	w	w	NOUN
ajfa-2777	51	2	point	point	NOUN
ajfa-2777	51	3	of	of	ADP
ajfa-2777	51	4	vie	vie	PROPN
ajfa-2777	51	5	relatively	relatively	ADV
ajfa-2777	51	6	l	l	NOUN
ajfa-2777	51	7	r	r	NOUN
ajfa-2777	51	8	argument	argument	NOUN
ajfa-2777	51	9	t	t	NOUN
ajfa-2777	51	10	cidate	cidate	VERB
ajfa-2777	51	11	our	our	PRON
ajfa-2777	51	12	p	p	NOUN
ajfa-2777	51	13	to	to	ADP
ajfa-2777	51	14	payouts	payout	NOUN
ajfa-2777	51	15	d	d	PROPN
ajfa-2777	51	16	and	and	CCONJ
ajfa-2777	51	17	reinv	reinv	ADJ
ajfa-2777	51	18	and	and	CCONJ
ajfa-2777	51	19	abor	abor	PROPN
ajfa-2777	51	20	y	y	PROPN
ajfa-2777	51	21	to	to	PART
ajfa-2777	51	22	pay	pay	VERB
ajfa-2777	51	23	div	div	PROPN
ajfa-2777	51	24	portant	portant	NOUN
ajfa-2777	51	25	in	in	ADV
ajfa-2777	51	26	in	in	ADP
ajfa-2777	51	27	e	e	PROPN
ajfa-2777	51	28	associatio	associatio	NOUN
ajfa-2777	51	29	find	find	VERB
ajfa-2777	51	30	that	that	SCONJ
ajfa-2777	51	31	f	f	PROPN
ajfa-2777	51	32	nd	nd	NOUN
ajfa-2777	51	33	payments	payment	VERB
ajfa-2777	51	34	luence	luence	NOUN
ajfa-2777	51	35	of	of	ADP
ajfa-2777	51	36	c	c	PROPN
ajfa-2777	51	37	n	n	CCONJ
ajfa-2777	51	38	,	,	PUNCT
ajfa-2777	51	39	1963	1963	NUM
ajfa-2777	51	40	)	)	PUNCT
ajfa-2777	51	41	ar	ar	NOUN
ajfa-2777	51	42	om	om	PROPN
ajfa-2777	51	43	future	future	NOUN
ajfa-2777	51	44	in	in	ADV
ajfa-2777	51	45	and	and	CCONJ
ajfa-2777	51	46	statma	statma	VERB
ajfa-2777	51	47	ividends	ividend	NOUN
ajfa-2777	51	48	be	be	AUX
ajfa-2777	51	49	suggests	suggest	VERB
ajfa-2777	51	50	tha	tha	NOUN
ajfa-2777	51	51	ntrol	ntrol	PROPN
ajfa-2777	51	52	reason	reason	NOUN
ajfa-2777	51	53	not	not	PART
ajfa-2777	51	54	want	want	VERB
ajfa-2777	51	55	to	to	ADP
ajfa-2777	51	56	n	n	PROPN
ajfa-2777	51	57	of	of	ADP
ajfa-2777	51	58	divide	divide	PROPN
ajfa-2777	51	59	ny	ny	PROPN
ajfa-2777	51	60	,	,	PUNCT
ajfa-2777	51	61	dividend	dividend	NOUN
ajfa-2777	51	62	e	e	PROPN
ajfa-2777	51	63	interpreted	interpret	VERB
ajfa-2777	51	64	act	act	NOUN
ajfa-2777	51	65	positive	positive	ADJ
ajfa-2777	51	66	ca	can	AUX
ajfa-2777	51	67	nt	not	PART
ajfa-2777	51	68	positive	positive	ADJ
ajfa-2777	51	69	and	and	CCONJ
ajfa-2777	51	70	stock	stock	NOUN
ajfa-2777	51	71	pr	pr	X
ajfa-2777	51	72	ble	ble	PROPN
ajfa-2777	51	73	firm	firm	NOUN
ajfa-2777	51	74	pay	pay	VERB
ajfa-2777	51	75	nd	nd	PRON
ajfa-2777	51	76	payouts	payout	NOUN
ajfa-2777	51	77	rs	rs	ADJ
ajfa-2777	51	78	perceive	perceive	NOUN
ajfa-2777	51	79	urns	urn	NOUN
ajfa-2777	51	80	increas	increas	NOUN
ajfa-2777	51	81	olios	olio	NOUN
ajfa-2777	51	82	.	.	PUNCT
ajfa-2777	52	1	ation	ation	PROPN
ajfa-2777	52	2	for	for	ADP
ajfa-2777	52	3	th	th	X
ajfa-2777	52	4	fits	fit	NOUN
ajfa-2777	52	5	as	as	ADP
ajfa-2777	52	6	the	the	DET
ajfa-2777	52	7	re	re	ADP
ajfa-2777	52	8	us	we	PRON
ajfa-2777	52	9	resulting	result	VERB
ajfa-2777	52	10	the	the	DET
ajfa-2777	52	11	firm	firm	NOUN
ajfa-2777	52	12	’s	’s	PART
ajfa-2777	52	13	p	p	NOUN
ajfa-2777	52	14	managing	manage	VERB
ajfa-2777	52	15	its	its	PRON
ajfa-2777	52	16	ess	ess	NOUN
ajfa-2777	52	17	the	the	DET
ajfa-2777	52	18	enti	enti	X
ajfa-2777	52	19	f	f	X
ajfa-2777	52	20	the	the	DET
ajfa-2777	52	21	invest	inv	ADJ
ajfa-2777	52	22	e	e	NOUN
ajfa-2777	52	23	thus	thus	ADV
ajfa-2777	52	24	purpo	purpo	NOUN
ajfa-2777	52	25	ew	ew	AUX
ajfa-2777	52	26	as	as	ADV
ajfa-2777	52	27	follow	follow	VERB
ajfa-2777	52	28	less	less	ADV
ajfa-2777	52	29	risky	risky	ADJ
ajfa-2777	52	30	an	an	PRON
ajfa-2777	52	31	to	to	ADP
ajfa-2777	52	32	the	the	DET
ajfa-2777	52	33	existi	existi	NOUN
ajfa-2777	52	34	point	point	NOUN
ajfa-2777	52	35	we	we	PRON
ajfa-2777	52	36	h	h	VERB
ajfa-2777	52	37	in	in	ADP
ajfa-2777	52	38	form	form	NOUN
ajfa-2777	52	39	of	of	ADP
ajfa-2777	52	40	vested	vest	VERB
ajfa-2777	52	41	by	by	ADP
ajfa-2777	52	42	th	th	X
ajfa-2777	52	43	(	(	PUNCT
ajfa-2777	52	44	2006	2006	NUM
ajfa-2777	52	45	)	)	PUNCT
ajfa-2777	52	46	,	,	PUNCT
ajfa-2777	52	47	“	"	PUNCT
ajfa-2777	52	48	pr	pr	NOUN
ajfa-2777	52	49	vidends	vidend	NOUN
ajfa-2777	52	50	”	"	PUNCT
ajfa-2777	52	51	.	.	PUNCT
ajfa-2777	53	1	pr	pr	PROPN
ajfa-2777	53	2	nfluencing	nfluence	VERB
ajfa-2777	53	3	d	d	NOUN
ajfa-2777	53	4	on	on	ADP
ajfa-2777	53	5	between	between	ADP
ajfa-2777	53	6	for	for	ADP
ajfa-2777	53	7	emergin	emergin	PROPN
ajfa-2777	53	8	s.	s.	PROPN
ajfa-2777	53	9	given	give	VERB
ajfa-2777	53	10	tha	tha	NOUN
ajfa-2777	53	11	corporate	corporate	ADJ
ajfa-2777	53	12	di	di	NOUN
ajfa-2777	53	13	rgues	rgue	NOUN
ajfa-2777	53	14	that	that	SCONJ
ajfa-2777	53	15	i	i	PRON
ajfa-2777	53	16	nvestments	nvestment	VERB
ajfa-2777	53	17	t	t	PROPN
ajfa-2777	53	18	an	an	PRON
ajfa-2777	53	19	(	(	PUNCT
ajfa-2777	53	20	1984	1984	NUM
ajfa-2777	53	21	)	)	PUNCT
ajfa-2777	54	1	d	d	NOUN
ajfa-2777	54	2	ecause	ecause	NOUN
ajfa-2777	54	3	of	of	ADP
ajfa-2777	54	4	s	s	PRON
ajfa-2777	54	5	at	at	ADP
ajfa-2777	54	6	some	some	DET
ajfa-2777	54	7	inv	inv	ADJ
ajfa-2777	54	8	ns	ns	NUM
ajfa-2777	54	9	or	or	CCONJ
ajfa-2777	54	10	wish	wish	VERB
ajfa-2777	54	11	t	t	NOUN
ajfa-2777	54	12	o	o	NOUN
ajfa-2777	54	13	dip	dip	NOUN
ajfa-2777	54	14	into	into	ADP
ajfa-2777	54	15	ca	ca	NOUN
ajfa-2777	54	16	ends	end	VERB
ajfa-2777	54	17	.	.	PUNCT
ajfa-2777	55	1	since	since	SCONJ
ajfa-2777	55	2	d	d	PROPN
ajfa-2777	55	3	increases	increase	VERB
ajfa-2777	55	4	d	d	NOUN
ajfa-2777	55	5	as	as	ADP
ajfa-2777	55	6	the	the	DET
ajfa-2777	55	7	firm	firm	NOUN
ajfa-2777	55	8	ely	ely	PROPN
ajfa-2777	55	9	.	.	PUNCT
ajfa-2777	56	1	asqiuth	asqiuth	PROPN
ajfa-2777	56	2	e	e	PROPN
ajfa-2777	56	3	impact	impact	NOUN
ajfa-2777	56	4	on	on	ADP
ajfa-2777	56	5	rices	rice	NOUN
ajfa-2777	56	6	was	be	AUX
ajfa-2777	56	7	al	al	PROPN
ajfa-2777	56	8	ys	ys	PROPN
ajfa-2777	56	9	a	a	DET
ajfa-2777	56	10	higher	high	ADJ
ajfa-2777	56	11	not	not	PART
ajfa-2777	56	12	only	only	ADV
ajfa-2777	56	13	e	e	ADP
ajfa-2777	56	14	high	high	ADJ
ajfa-2777	56	15	divid	divid	PROPN
ajfa-2777	56	16	se	se	PROPN
ajfa-2777	56	17	as	as	ADP
ajfa-2777	56	18	one	one	NUM
ajfa-2777	56	19	he	he	PRON
ajfa-2777	56	20	positive	positive	ADJ
ajfa-2777	56	21	r	r	NOUN
ajfa-2777	56	22	eward	eward	NOUN
ajfa-2777	56	23	for	for	ADP
ajfa-2777	56	24	g	g	PROPN
ajfa-2777	56	25	in	in	ADP
ajfa-2777	56	26	higher	high	ADJ
ajfa-2777	56	27	r	r	NOUN
ajfa-2777	56	28	point	point	NOUN
ajfa-2777	56	29	of	of	ADP
ajfa-2777	56	30	vie	vie	PROPN
ajfa-2777	56	31	operations	operation	NOUN
ajfa-2777	56	32	re	re	VERB
ajfa-2777	56	33	analysis	analysis	NOUN
ajfa-2777	56	34	or	or	CCONJ
ajfa-2777	56	35	who	who	PRON
ajfa-2777	56	36	is	be	AUX
ajfa-2777	56	37	ort	ort	NOUN
ajfa-2777	56	38	to	to	PART
ajfa-2777	56	39	expla	expla	VERB
ajfa-2777	56	40	ws	ws	NOUN
ajfa-2777	56	41	.	.	PUNCT
ajfa-2777	57	1	if	if	SCONJ
ajfa-2777	57	2	a	a	DET
ajfa-2777	57	3	firm	firm	NOUN
ajfa-2777	57	4	nd	nd	PRON
ajfa-2777	57	5	are	be	AUX
ajfa-2777	57	6	henc	henc	PROPN
ajfa-2777	57	7	ng	ng	PROPN
ajfa-2777	57	8	explanat	explanat	PROPN
ajfa-2777	57	9	hypothesise	hypothesise	PROPN
ajfa-2777	57	10	f	f	PROPN
ajfa-2777	57	11	dividends	dividend	VERB
ajfa-2777	57	12	he	he	PRON
ajfa-2777	57	13	firm	firm	VERB
ajfa-2777	57	14	or	or	CCONJ
ajfa-2777	57	15	p	p	NOUN
ajfa-2777	57	16	rofits	rofit	NOUN
ajfa-2777	57	17	have	have	AUX
ajfa-2777	57	18	ruitt	ruitt	VERB
ajfa-2777	57	19	and	and	CCONJ
ajfa-2777	57	20	git	git	VERB
ajfa-2777	57	21	dividends	dividend	NOUN
ajfa-2777	57	22	pa	pa	PROPN
ajfa-2777	57	23	dividend	dividend	PROPN
ajfa-2777	57	24	p	p	PROPN
ajfa-2777	57	25	ng	ng	PROPN
ajfa-2777	57	26	markets	market	NOUN
ajfa-2777	57	27	at	at	ADP
ajfa-2777	57	28	higher	high	ADJ
ajfa-2777	57	29	pr	pr	NOUN
ajfa-2777	57	30	ividend	ividend	PROPN
ajfa-2777	57	31	pol	pol	PROPN
ajfa-2777	57	32	investors	investor	NOUN
ajfa-2777	57	33	pr	pr	VERB
ajfa-2777	57	34	tomorrow	tomorrow	NOUN
ajfa-2777	57	35	.	.	PUNCT
ajfa-2777	58	1	h	h	PROPN
ajfa-2777	58	2	develop	develop	VERB
ajfa-2777	58	3	a	a	DET
ajfa-2777	58	4	b	b	PROPN
ajfa-2777	58	5	elf	elf	NUM
ajfa-2777	58	6	control	control	NOUN
ajfa-2777	58	7	vestors	vestor	NOUN
ajfa-2777	58	8	wou	wou	PROPN
ajfa-2777	58	9	o	o	PROPN
ajfa-2777	58	10	avoid	avoid	VERB
ajfa-2777	58	11	reg	reg	NUM
ajfa-2777	58	12	apital	apital	NOUN
ajfa-2777	58	13	.	.	PUNCT
ajfa-2777	59	1	also	also	ADV
ajfa-2777	59	2	e	e	NOUN
ajfa-2777	59	3	managers	manager	NOUN
ajfa-2777	59	4	signal	signal	VERB
ajfa-2777	59	5	a	a	PRON
ajfa-2777	59	6	he	he	PRON
ajfa-2777	59	7	m	m	AUX
ajfa-2777	59	8	having	have	VERB
ajfa-2777	59	9	g	g	PROPN
ajfa-2777	59	10	h	h	NOUN
ajfa-2777	59	11	and	and	CCONJ
ajfa-2777	59	12	mull	mull	VERB
ajfa-2777	59	13	n	n	DET
ajfa-2777	59	14	the	the	DET
ajfa-2777	59	15	firm	firm	NOUN
ajfa-2777	59	16	’s	’s	PART
ajfa-2777	59	17	lso	lso	PROPN
ajfa-2777	59	18	shown	show	VERB
ajfa-2777	59	19	b	b	NUM
ajfa-2777	59	20	r	r	NOUN
ajfa-2777	59	21	dividend	dividend	NOUN
ajfa-2777	59	22	,	,	PUNCT
ajfa-2777	59	23	enhance	enhance	VERB
ajfa-2777	59	24	firm	firm	ADJ
ajfa-2777	59	25	end	end	NOUN
ajfa-2777	59	26	paying	pay	VERB
ajfa-2777	59	27	349	349	NUM
ajfa-2777	59	28	moves	move	NOUN
ajfa-2777	59	29	fro	fro	NOUN
ajfa-2777	59	30	relation	relation	NOUN
ajfa-2777	59	31	obt	obt	NOUN
ajfa-2777	59	32	growth	growth	NOUN
ajfa-2777	59	33	and	and	CCONJ
ajfa-2777	59	34	returns	return	NOUN
ajfa-2777	59	35	.	.	PUNCT
ajfa-2777	60	1	thi	thi	AUX
ajfa-2777	60	2	ew	ew	PROPN
ajfa-2777	60	3	.	.	PUNCT
ajfa-2777	61	1	the	the	DET
ajfa-2777	61	2	fir	fir	NOUN
ajfa-2777	61	3	and	and	CCONJ
ajfa-2777	61	4	profits	profit	NOUN
ajfa-2777	61	5	of	of	ADP
ajfa-2777	61	6	stock	stock	NOUN
ajfa-2777	61	7	ma	ma	PROPN
ajfa-2777	61	8	in	in	ADP
ajfa-2777	61	9	pursuit	pursuit	NOUN
ajfa-2777	61	10	o	o	X
ajfa-2777	61	11	ain	ain	NOUN
ajfa-2777	61	12	the	the	DET
ajfa-2777	61	13	exist	exist	NOUN
ajfa-2777	61	14	m	m	VERB
ajfa-2777	61	15	is	be	AUX
ajfa-2777	61	16	relative	relative	ADJ
ajfa-2777	61	17	ce	ce	PROPN
ajfa-2777	61	18	are	be	AUX
ajfa-2777	61	19	willin	willin	PROPN
ajfa-2777	61	20	tion	tion	NOUN
ajfa-2777	61	21	to	to	ADP
ajfa-2777	61	22	the	the	DET
ajfa-2777	61	23	p	p	NOUN
ajfa-2777	61	24	that	that	DET
ajfa-2777	61	25	risk	risk	NOUN
ajfa-2777	61	26	(	(	PUNCT
ajfa-2777	61	27	m	m	PROPN
ajfa-2777	61	28	s.	s.	PROPN
ajfa-2777	61	29	corporate	corporate	PROPN
ajfa-2777	61	30	paid	pay	VERB
ajfa-2777	61	31	out	out	ADP
ajfa-2777	61	32	to	to	PART
ajfa-2777	61	33	been	be	AUX
ajfa-2777	61	34	regar	regar	PROPN
ajfa-2777	61	35	tman	tman	PROPN
ajfa-2777	61	36	(	(	PUNCT
ajfa-2777	61	37	1991	1991	NUM
ajfa-2777	61	38	ayments	ayment	NOUN
ajfa-2777	61	39	.	.	PUNCT
ajfa-2777	62	1	y	y	NOUN
ajfa-2777	62	2	policy	policy	NOUN
ajfa-2777	62	3	and	and	CCONJ
ajfa-2777	62	4	p	p	X
ajfa-2777	62	5	(	(	PUNCT
ajfa-2777	62	6	including	include	VERB
ajfa-2777	62	7	rofitable	rofitable	ADJ
ajfa-2777	62	8	firm	firm	ADJ
ajfa-2777	62	9	licies	licie	NOUN
ajfa-2777	62	10	on	on	ADP
ajfa-2777	62	11	st	st	PROPN
ajfa-2777	62	12	refer	refer	VERB
ajfa-2777	62	13	a	a	DET
ajfa-2777	62	14	divi	divi	NOUN
ajfa-2777	62	15	hence	hence	ADV
ajfa-2777	62	16	inve	inve	VERB
ajfa-2777	62	17	ehavioural	ehavioural	ADJ
ajfa-2777	62	18	and	and	CCONJ
ajfa-2777	62	19	due	due	ADJ
ajfa-2777	62	20	to	to	PART
ajfa-2777	62	21	uld	uld	AUX
ajfa-2777	62	22	be	be	AUX
ajfa-2777	63	1	willin	willin	PROPN
ajfa-2777	63	2	gret	gret	PROPN
ajfa-2777	63	3	.	.	PUNCT
ajfa-2777	63	4	investo	investo	PROPN
ajfa-2777	63	5	there	there	PRON
ajfa-2777	63	6	is	be	VERB
ajfa-2777	63	7	em	em	PRON
ajfa-2777	63	8	s	s	VERB
ajfa-2777	63	9	have	have	AUX
ajfa-2777	63	10	mor	mor	ADV
ajfa-2777	63	11	ealthy	ealthy	ADJ
ajfa-2777	63	12	grow	grow	VERB
ajfa-2777	63	13	ood	ood	PROPN
ajfa-2777	63	14	future	future	ADJ
ajfa-2777	63	15	lins	lin	NOUN
ajfa-2777	63	16	(	(	PUNCT
ajfa-2777	63	17	1983	1983	NUM
ajfa-2777	63	18	)	)	PUNCT
ajfa-2777	63	19	stock	stock	NOUN
ajfa-2777	63	20	price	price	NOUN
ajfa-2777	63	21	by	by	ADP
ajfa-2777	63	22	john	john	PROPN
ajfa-2777	63	23	and	and	CCONJ
ajfa-2777	63	24	investors	investors	PROPN
ajfa-2777	64	1	w	w	PROPN
ajfa-2777	64	2	m	m	VERB
ajfa-2777	64	3	values	value	NOUN
ajfa-2777	64	4	o	o	NOUN
ajfa-2777	64	5	g	g	NOUN
ajfa-2777	64	6	companies	company	NOUN
ajfa-2777	64	7	asian	asian	ADJ
ajfa-2777	64	8	om	om	PROPN
ajfa-2777	64	9	low	low	ADJ
ajfa-2777	64	10	pr	pr	NOUN
ajfa-2777	64	11	tained	taine	VERB
ajfa-2777	64	12	by	by	ADP
ajfa-2777	64	13	th	th	NOUN
ajfa-2777	64	14	innovation	innovation	NOUN
ajfa-2777	64	15	is	be	AUX
ajfa-2777	64	16	explanati	explanati	PROPN
ajfa-2777	64	17	rm	rm	PROPN
ajfa-2777	64	18	might	might	AUX
ajfa-2777	64	19	ha	ha	INTJ
ajfa-2777	64	20	s	s	VERB
ajfa-2777	64	21	could	could	AUX
ajfa-2777	64	22	be	be	AUX
ajfa-2777	64	23	r	r	NOUN
ajfa-2777	64	24	arket	arket	NOUN
ajfa-2777	64	25	anoma	anoma	NOUN
ajfa-2777	64	26	of	of	ADP
ajfa-2777	64	27	trading	trade	VERB
ajfa-2777	64	28	ence	ence	NOUN
ajfa-2777	64	29	of	of	ADP
ajfa-2777	64	30	the	the	DET
ajfa-2777	64	31	ly	ly	X
ajfa-2777	64	32	more	more	ADV
ajfa-2777	64	33	pro	pro	X
ajfa-2777	64	34	ng	ng	PROPN
ajfa-2777	64	35	to	to	PART
ajfa-2777	64	36	accept	accept	VERB
ajfa-2777	64	37	profits	profit	NOUN
ajfa-2777	64	38	as	as	SCONJ
ajfa-2777	64	39	co	co	PROPN
ajfa-2777	64	40	measured	measure	VERB
ajfa-2777	64	41	b	b	PROPN
ajfa-2777	64	42	e	e	PROPN
ajfa-2777	64	43	profits	profit	NOUN
ajfa-2777	64	44	ea	ea	X
ajfa-2777	64	45	shareholde	shareholde	PROPN
ajfa-2777	64	46	rded	rde	VERB
ajfa-2777	64	47	as	as	ADP
ajfa-2777	64	48	the	the	PRON
ajfa-2777	64	49	)	)	PUNCT
ajfa-2777	64	50	show	show	VERB
ajfa-2777	64	51	that	that	SCONJ
ajfa-2777	64	52	yiadom	yiadom	NOUN
ajfa-2777	64	53	and	and	CCONJ
ajfa-2777	64	54	profitability	profitability	NOUN
ajfa-2777	64	55	g	g	PROPN
ajfa-2777	64	56	india	india	PROPN
ajfa-2777	64	57	)	)	PUNCT
ajfa-2777	64	58	hig	hig	PROPN
ajfa-2777	65	1	ms	ms	PROPN
ajfa-2777	65	2	pay	pay	VERB
ajfa-2777	65	3	high	high	ADJ
ajfa-2777	65	4	ock	ock	NOUN
ajfa-2777	65	5	prices	price	NOUN
ajfa-2777	65	6	.	.	PUNCT
ajfa-2777	66	1	dend	dend	NOUN
ajfa-2777	66	2	today	today	NOUN
ajfa-2777	66	3	stors	stor	NOUN
ajfa-2777	66	4	value	value	VERB
ajfa-2777	66	5	theory	theory	NOUN
ajfa-2777	66	6	in	in	ADP
ajfa-2777	66	7	w	w	PROPN
ajfa-2777	66	8	o	o	NOUN
ajfa-2777	66	9	choices	choice	NOUN
ajfa-2777	66	10	m	m	VERB
ajfa-2777	66	11	ng	ng	ADJ
ajfa-2777	66	12	to	to	PART
ajfa-2777	66	13	pay	pay	VERB
ajfa-2777	66	14	a	a	DET
ajfa-2777	66	15	ors	or	NOUN
ajfa-2777	66	16	finance	finance	NOUN
ajfa-2777	66	17	mpirical	mpirical	ADJ
ajfa-2777	66	18	evid	evid	PROPN
ajfa-2777	66	19	re	re	PROPN
ajfa-2777	66	20	informat	informat	ADJ
ajfa-2777	66	21	wing	wing	NOUN
ajfa-2777	66	22	firm	firm	NOUN
ajfa-2777	66	23	.	.	PUNCT
ajfa-2777	67	1	a	a	DET
ajfa-2777	67	2	profitability	profitability	NOUN
ajfa-2777	67	3	find	find	VERB
ajfa-2777	67	4	that	that	SCONJ
ajfa-2777	67	5	t	t	PROPN
ajfa-2777	67	6	e.	e.	PROPN
ajfa-2777	67	7	the	the	DET
ajfa-2777	67	8	posit	posit	NOUN
ajfa-2777	67	9	d	d	X
ajfa-2777	67	10	williams	williams	PROPN
ajfa-2777	67	11	(	(	PUNCT
ajfa-2777	67	12	would	would	AUX
ajfa-2777	67	13	buy	buy	VERB
ajfa-2777	67	14	owing	owe	VERB
ajfa-2777	67	15	to	to	ADP
ajfa-2777	67	16	the	the	DET
ajfa-2777	67	17	s	s	NOUN
ajfa-2777	67	18	as	as	ADV
ajfa-2777	67	19	less	less	ADJ
ajfa-2777	67	20	ris	ris	PROPN
ajfa-2777	67	21	n	n	PRON
ajfa-2777	67	22	journal	journal	NOUN
ajfa-2777	67	23	of	of	ADP
ajfa-2777	67	24	f	f	PROPN
ajfa-2777	67	25	rofitability	rofitability	PROPN
ajfa-2777	67	26	he	he	PRON
ajfa-2777	67	27	above	above	ADP
ajfa-2777	67	28	stu	stu	PROPN
ajfa-2777	67	29	,	,	PUNCT
ajfa-2777	67	30	which	which	PRON
ajfa-2777	67	31	exp	exp	NOUN
ajfa-2777	67	32	ion	ion	NOUN
ajfa-2777	67	33	is	be	AUX
ajfa-2777	67	34	justif	justif	NOUN
ajfa-2777	67	35	ave	ave	PROPN
ajfa-2777	67	36	borne	borne	PROPN
ajfa-2777	67	37	h	h	PROPN
ajfa-2777	67	38	regarded	regard	VERB
ajfa-2777	67	39	as	as	ADP
ajfa-2777	67	40	alies	alie	NOUN
ajfa-2777	67	41	has	have	VERB
ajfa-2777	67	42	to	to	ADP
ajfa-2777	67	43	strategies	strategy	NOUN
ajfa-2777	67	44	w	w	NOUN
ajfa-2777	67	45	profitability	profitability	NOUN
ajfa-2777	67	46	ofitable	ofitable	ADJ
ajfa-2777	67	47	then	then	ADV
ajfa-2777	67	48	t	t	PROPN
ajfa-2777	67	49	low	low	ADJ
ajfa-2777	67	50	return	return	NOUN
ajfa-2777	67	51	ompensation	ompensation	NOUN
ajfa-2777	67	52	by	by	ADP
ajfa-2777	67	53	beta	beta	NOUN
ajfa-2777	67	54	)	)	PUNCT
ajfa-2777	67	55	an	an	DET
ajfa-2777	67	56	arned	arne	VERB
ajfa-2777	67	57	by	by	ADP
ajfa-2777	67	58	fir	fir	NOUN
ajfa-2777	67	59	rs	r	NOUN
ajfa-2777	67	60	as	as	ADP
ajfa-2777	67	61	divide	divide	ADJ
ajfa-2777	67	62	primary	primary	NOUN
ajfa-2777	67	63	in	in	ADP
ajfa-2777	67	64	current	current	ADJ
ajfa-2777	67	65	and	and	CCONJ
ajfa-2777	67	66	agyei(201	agyei(201	PROPN
ajfa-2777	67	67	y.	y.	PROPN
ajfa-2777	67	68	aivazian	aivazian	PROPN
ajfa-2777	67	69	,	,	PUNCT
ajfa-2777	67	70	gh	gh	PROPN
ajfa-2777	67	71	profits	profit	NOUN
ajfa-2777	67	72	t	t	VERB
ajfa-2777	67	73	her	her	PRON
ajfa-2777	67	74	dividen	dividen	VERB
ajfa-2777	67	75	the	the	DET
ajfa-2777	67	76	bird	bird	NOUN
ajfa-2777	68	1	i	i	PRON
ajfa-2777	68	2	y	y	VERB
ajfa-2777	68	3	to	to	ADP
ajfa-2777	68	4	a	a	DET
ajfa-2777	68	5	highl	highl	NOUN
ajfa-2777	68	6	high	high	ADJ
ajfa-2777	68	7	payout	payout	NOUN
ajfa-2777	68	8	which	which	PRON
ajfa-2777	68	9	they	they	PRON
ajfa-2777	68	10	s	s	AUX
ajfa-2777	68	11	made	make	VERB
ajfa-2777	68	12	under	under	ADP
ajfa-2777	68	13	premium	premium	NOUN
ajfa-2777	68	14	fo	fo	ADP
ajfa-2777	68	15	consumptio	consumptio	NOUN
ajfa-2777	68	16	dence	dence	NOUN
ajfa-2777	68	17	to	to	PART
ajfa-2777	68	18	sup	sup	VERB
ajfa-2777	68	19	tion	tion	NOUN
ajfa-2777	68	20	about	about	ADP
ajfa-2777	68	21	an	an	DET
ajfa-2777	68	22	increase	increase	NOUN
ajfa-2777	68	23	y	y	PROPN
ajfa-2777	69	1	and	and	CCONJ
ajfa-2777	69	2	there	there	ADV
ajfa-2777	69	3	the	the	DET
ajfa-2777	69	4	initiatio	initiatio	NOUN
ajfa-2777	69	5	tive	tive	PROPN
ajfa-2777	69	6	relation	relation	NOUN
ajfa-2777	69	7	1985	1985	NUM
ajfa-2777	69	8	)	)	PUNCT
ajfa-2777	69	9	.	.	PUNCT
ajfa-2777	70	1	con	con	PROPN
ajfa-2777	70	2	that	that	PRON
ajfa-2777	70	3	stock	stock	NOUN
ajfa-2777	70	4	eir	eir	PROPN
ajfa-2777	70	5	informa	informa	ADJ
ajfa-2777	70	6	sky	sky	NOUN
ajfa-2777	70	7	it	it	PRON
ajfa-2777	70	8	will	will	AUX
ajfa-2777	70	9	a	a	DET
ajfa-2777	70	10	finance	finance	NOUN
ajfa-2777	70	11	&	&	CCONJ
ajfa-2777	70	12	ac	ac	PROPN
ajfa-2777	70	13	issn	issn	PROPN
ajfa-2777	70	14	19	19	NUM
ajfa-2777	70	15	2012	2012	NUM
ajfa-2777	70	16	,	,	PUNCT
ajfa-2777	70	17	vol	vol	NOUN
ajfa-2777	70	18	.	.	PUNCT
ajfa-2777	71	1	www.macrothi	www.macrothi	X
ajfa-2777	71	2	portfolios	portfolio	NOUN
ajfa-2777	71	3	udies	udie	NOUN
ajfa-2777	71	4	could	could	AUX
ajfa-2777	71	5	poses	pose	VERB
ajfa-2777	71	6	entrep	entrep	ADV
ajfa-2777	71	7	fied	fie	VERB
ajfa-2777	71	8	if	if	SCONJ
ajfa-2777	71	9	we	we	PRON
ajfa-2777	71	10	e	e	VERB
ajfa-2777	71	11	higher	higher	ADV
ajfa-2777	71	12	oper	oper	NOUN
ajfa-2777	71	13	the	the	DET
ajfa-2777	71	14	reward	reward	NOUN
ajfa-2777	71	15	be	be	AUX
ajfa-2777	71	16	carried	carry	VERB
ajfa-2777	71	17	o	o	NOUN
ajfa-2777	71	18	which	which	PRON
ajfa-2777	71	19	can	can	AUX
ajfa-2777	71	20	g	g	PROPN
ajfa-2777	71	21	y	y	PROPN
ajfa-2777	71	22	anomaly	anomaly	PROPN
ajfa-2777	71	23	f	f	PROPN
ajfa-2777	71	24	n	n	PROPN
ajfa-2777	71	25	investors	investor	NOUN
ajfa-2777	71	26	p	p	PROPN
ajfa-2777	71	27	ns	ns	PROPN
ajfa-2777	71	28	.	.	PUNCT
ajfa-2777	72	1	this	this	PRON
ajfa-2777	72	2	wo	will	AUX
ajfa-2777	72	3	n	n	PROPN
ajfa-2777	72	4	for	for	ADP
ajfa-2777	72	5	bearin	bearin	NOUN
ajfa-2777	72	6	nd	nd	NOUN
ajfa-2777	72	7	share	share	PROPN
ajfa-2777	72	8	va	va	PROPN
ajfa-2777	72	9	rms	rm	NOUN
ajfa-2777	72	10	may	may	AUX
ajfa-2777	72	11	b	b	PROPN
ajfa-2777	72	12	ends	end	VERB
ajfa-2777	72	13	.	.	PUNCT
ajfa-2777	73	1	acco	acco	PROPN
ajfa-2777	73	2	ndicator	ndicator	PROPN
ajfa-2777	73	3	of	of	ADP
ajfa-2777	73	4	d	d	PROPN
ajfa-2777	73	5	past	past	ADJ
ajfa-2777	73	6	year	year	NOUN
ajfa-2777	73	7	’	'	PUNCT
ajfa-2777	73	8	1	1	NUM
ajfa-2777	73	9	)	)	PUNCT
ajfa-2777	73	10	show	show	VERB
ajfa-2777	73	11	sig	sig	NOUN
ajfa-2777	73	12	,	,	PUNCT
ajfa-2777	73	13	booth	booth	NOUN
ajfa-2777	73	14	and	and	CCONJ
ajfa-2777	73	15	tend	tend	VERB
ajfa-2777	73	16	to	to	ADP
ajfa-2777	73	17	me	i	PRON
ajfa-2777	73	18	nds	nd	VERB
ajfa-2777	73	19	we	we	PRON
ajfa-2777	73	20	next	next	ADV
ajfa-2777	73	21	in	in	ADP
ajfa-2777	73	22	the	the	DET
ajfa-2777	73	23	hand	hand	NOUN
ajfa-2777	73	24	ly	ly	ADP
ajfa-2777	73	25	uncertain	uncertain	ADJ
ajfa-2777	73	26	ut	ut	NOUN
ajfa-2777	73	27	firms	firm	NOUN
ajfa-2777	73	28	mor	mor	ADV
ajfa-2777	73	29	show	show	VERB
ajfa-2777	73	30	that	that	SCONJ
ajfa-2777	73	31	i	i	PRON
ajfa-2777	73	32	r	r	VERB
ajfa-2777	73	33	uncertainty	uncertainty	NOUN
ajfa-2777	73	34	for	for	ADP
ajfa-2777	73	35	dividend	dividend	NOUN
ajfa-2777	73	36	on	on	ADP
ajfa-2777	73	37	out	out	ADP
ajfa-2777	73	38	of	of	ADP
ajfa-2777	73	39	di	di	NOUN
ajfa-2777	73	40	pport	pport	NOUN
ajfa-2777	73	41	the	the	DET
ajfa-2777	73	42	si	si	INTJ
ajfa-2777	73	43	the	the	DET
ajfa-2777	73	44	health	health	NOUN
ajfa-2777	73	45	in	in	ADP
ajfa-2777	73	46	dividend	dividend	NOUN
ajfa-2777	73	47	efore	efore	PROPN
ajfa-2777	74	1	its	its	PRON
ajfa-2777	74	2	sha	sha	PROPN
ajfa-2777	74	3	on	on	ADP
ajfa-2777	74	4	of	of	ADP
ajfa-2777	74	5	divid	divid	PROPN
ajfa-2777	74	6	n	n	ADV
ajfa-2777	74	7	between	between	ADP
ajfa-2777	74	8	d	d	PROPN
ajfa-2777	74	9	nsequently	nsequently	ADV
ajfa-2777	74	10	i	i	PRON
ajfa-2777	74	11	and	and	CCONJ
ajfa-2777	74	12	drive	drive	VERB
ajfa-2777	74	13	i	i	PRON
ajfa-2777	74	14	ation	ation	PROPN
ajfa-2777	74	15	conten	conten	PROPN
ajfa-2777	74	16	also	also	ADV
ajfa-2777	74	17	result	result	VERB
ajfa-2777	74	18	i	i	PRON
ajfa-2777	74	19	ccounting	ccounte	VERB
ajfa-2777	74	20	946	946	NUM
ajfa-2777	74	21	-	-	PUNCT
ajfa-2777	74	22	052x	052x	NOUN
ajfa-2777	74	23	4	4	NUM
ajfa-2777	74	24	,	,	PUNCT
ajfa-2777	74	25	no	no	INTJ
ajfa-2777	74	26	.	.	NOUN
ajfa-2777	74	27	2	2	NUM
ajfa-2777	74	28	ink.org/ajfa	ink.org/ajfa	X
ajfa-2777	74	29	to	to	ADP
ajfa-2777	74	30	high	high	ADJ
ajfa-2777	74	31	d	d	AUX
ajfa-2777	74	32	be	be	AUX
ajfa-2777	74	33	that	that	SCONJ
ajfa-2777	74	34	preneurs	preneur	NOUN
ajfa-2777	74	35	examine	examine	VERB
ajfa-2777	74	36	rating	rating	NOUN
ajfa-2777	74	37	or	or	CCONJ
ajfa-2777	74	38	d	d	NOUN
ajfa-2777	74	39	for	for	ADP
ajfa-2777	74	40	risk	risk	NOUN
ajfa-2777	74	41	out	out	ADP
ajfa-2777	74	42	from	from	ADP
ajfa-2777	74	43	generate	generate	NOUN
ajfa-2777	74	44	from	from	ADP
ajfa-2777	74	45	the	the	DET
ajfa-2777	74	46	perceive	perceive	NOUN
ajfa-2777	74	47	uld	uld	AUX
ajfa-2777	74	48	be	be	AUX
ajfa-2777	74	49	a	a	DET
ajfa-2777	74	50	g	g	NOUN
ajfa-2777	74	51	higher	high	ADJ
ajfa-2777	74	52	alues	alue	NOUN
ajfa-2777	74	53	are	be	AUX
ajfa-2777	74	54	be	be	AUX
ajfa-2777	74	55	either	either	CCONJ
ajfa-2777	74	56	ording	orde	VERB
ajfa-2777	74	57	to	to	ADP
ajfa-2777	74	58	a	a	DET
ajfa-2777	74	59	firm	firm	NOUN
ajfa-2777	74	60	’s	’s	PART
ajfa-2777	74	61	s	s	NOUN
ajfa-2777	74	62	profits	profit	NOUN
ajfa-2777	74	63	gnificant	gnificant	ADJ
ajfa-2777	74	64	d	d	PROPN
ajfa-2777	74	65	cleary	cleary	PROPN
ajfa-2777	74	66	ean	ean	VERB
ajfa-2777	74	67	high	high	ADJ
ajfa-2777	74	68	explore	explore	NOUN
ajfa-2777	74	69	d	d	NOUN
ajfa-2777	74	70	theory	theory	NOUN
ajfa-2777	74	71	n	n	DET
ajfa-2777	74	72	capital	capital	NOUN
ajfa-2777	75	1	re	re	VERB
ajfa-2777	75	2	highly	highly	ADV
ajfa-2777	75	3	.	.	PUNCT
ajfa-2777	76	1	nvestors	nvestor	NOUN
ajfa-2777	76	2	y.	y.	VERB
ajfa-2777	76	3	their	their	PRON
ajfa-2777	76	4	ds	ds	NOUN
ajfa-2777	76	5	due	due	ADP
ajfa-2777	76	6	to	to	ADP
ajfa-2777	76	7	ividends	ividend	VERB
ajfa-2777	76	8	gnalling	gnalle	VERB
ajfa-2777	76	9	h	h	NOUN
ajfa-2777	76	10	of	of	ADP
ajfa-2777	76	11	the	the	DET
ajfa-2777	76	12	d	d	PROPN
ajfa-2777	76	13	payout	payout	NOUN
ajfa-2777	76	14	are	be	AUX
ajfa-2777	76	15	news	news	NOUN
ajfa-2777	76	16	dend	dend	NOUN
ajfa-2777	76	17	has	have	AUX
ajfa-2777	76	18	dividend	dividend	VERB
ajfa-2777	76	19	f	f	PROPN
ajfa-2777	76	20	a	a	PRON
ajfa-2777	76	21	more	more	ADV
ajfa-2777	76	22	its	its	PRON
ajfa-2777	76	23	price	price	NOUN
ajfa-2777	76	24	nt	not	PART
ajfa-2777	77	1	but	but	CCONJ
ajfa-2777	77	2	if	if	SCONJ
ajfa-2777	77	3	in	in	ADP
ajfa-2777	77	4	lower	low	ADJ
ajfa-2777	77	5	cost	cost	NOUN
ajfa-2777	77	6	of	of	ADP
ajfa-2777	77	7	the	the	DET
ajfa-2777	77	8	valu	valu	NOUN
ajfa-2777	77	9	where	where	SCONJ
ajfa-2777	77	10	x	x	PRON
ajfa-2777	77	11	required	require	VERB
ajfa-2777	77	12	that	that	SCONJ
ajfa-2777	77	13	in	in	ADP
ajfa-2777	77	14	evidenc	evidenc	PROPN
ajfa-2777	77	15	several	several	ADJ
ajfa-2777	77	16	and	and	CCONJ
ajfa-2777	77	17	me	i	PRON
ajfa-2777	77	18	dividen	dividen	VERB
ajfa-2777	77	19	inverse	inverse	NOUN
ajfa-2777	77	20	ceteris	ceteris	NOUN
ajfa-2777	77	21	shows	show	VERB
ajfa-2777	77	22	t	t	PROPN
ajfa-2777	77	23	lernen	lernen	NOUN
ajfa-2777	77	24	risk	risk	NOUN
ajfa-2777	77	25	and	and	CCONJ
ajfa-2777	77	26	risky	risky	ADJ
ajfa-2777	77	27	an	an	DET
ajfa-2777	77	28	states	state	NOUN
ajfa-2777	77	29	th	th	X
ajfa-2777	77	30	investor	investor	NOUN
ajfa-2777	77	31	this	this	DET
ajfa-2777	77	32	pa	pa	PROPN
ajfa-2777	77	33	profitab	profitab	VERB
ajfa-2777	77	34	the	the	DET
ajfa-2777	77	35	anom	anom	PROPN
ajfa-2777	77	36	not	not	PART
ajfa-2777	77	37	the	the	DET
ajfa-2777	77	38	anomaly	anomaly	NOUN
ajfa-2777	77	39	possible	possible	ADJ
ajfa-2777	77	40			NOUN
ajfa-2777	77	41	wh	wh	NOUN
ajfa-2777	77	42			NOUN
ajfa-2777	77	43	do	do	AUX
ajfa-2777	77	44			NOUN
ajfa-2777	77	45	can	can	AUX
ajfa-2777	77	46	the	the	DET
ajfa-2777	77	47	slop	slop	NOUN
ajfa-2777	77	48			PUNCT
ajfa-2777	78	1	can	can	AUX
ajfa-2777	78	2	capm	capm	PROPN
ajfa-2777	78	3	?	?	PUNCT
ajfa-2777	79	1			PROPN
ajfa-2777	79	2	are	be	AUX
ajfa-2777	79	3	the	the	DET
ajfa-2777	79	4	obj	obj	PROPN
ajfa-2777	79	5	1	1	NUM
ajfa-2777	79	6	.	.	PUNCT
ajfa-2777	80	1	is	be	AUX
ajfa-2777	80	2	t	t	PROPN
ajfa-2777	80	3	2	2	NUM
ajfa-2777	80	4	.	.	PUNCT
ajfa-2777	80	5	do	do	AUX
ajfa-2777	80	6	perspec	perspec	VERB
ajfa-2777	80	7	equity	equity	NOUN
ajfa-2777	80	8	/	/	SYM
ajfa-2777	80	9	requ	requ	PROPN
ajfa-2777	80	10	uation	uation	NOUN
ajfa-2777	80	11	equat	equat	NOUN
ajfa-2777	81	1	x	x	PUNCT
ajfa-2777	81	2	is	be	AUX
ajfa-2777	81	3	the	the	DET
ajfa-2777	81	4	ex	ex	X
ajfa-2777	81	5	d	d	NOUN
ajfa-2777	81	6	returns	return	NOUN
ajfa-2777	81	7	of	of	ADP
ajfa-2777	81	8	nvestors	nvestor	NOUN
ajfa-2777	81	9	per	per	ADP
ajfa-2777	81	10	ce	ce	PROPN
ajfa-2777	81	11	in	in	ADP
ajfa-2777	81	12	the	the	DET
ajfa-2777	81	13	l	l	NOUN
ajfa-2777	81	14	l	l	NOUN
ajfa-2777	81	15	studies	study	NOUN
ajfa-2777	81	16	hav	hav	AUX
ajfa-2777	81	17	erville	erville	X
ajfa-2777	81	18	(	(	PUNCT
ajfa-2777	81	19	197	197	NUM
ajfa-2777	81	20	nd	nd	NOUN
ajfa-2777	81	21	payouts	payout	NOUN
ajfa-2777	81	22	t	t	PROPN
ajfa-2777	81	23	relationship	relationship	NOUN
ajfa-2777	81	24	paribus	paribus	NOUN
ajfa-2777	81	25	firm	firm	NOUN
ajfa-2777	81	26	the	the	DET
ajfa-2777	81	27	managem	managem	PROPN
ajfa-2777	81	28	(	(	PUNCT
ajfa-2777	81	29	1973	1973	NUM
ajfa-2777	81	30	)	)	PUNCT
ajfa-2777	81	31	and	and	CCONJ
ajfa-2777	81	32	d	d	X
ajfa-2777	81	33	high	high	ADJ
ajfa-2777	81	34	divid	divid	PROPN
ajfa-2777	81	35	nd	nd	AUX
ajfa-2777	81	36	hence	hence	ADV
ajfa-2777	81	37	inv	inv	VERB
ajfa-2777	81	38	hat	hat	NOUN
ajfa-2777	81	39	high	high	ADJ
ajfa-2777	81	40	pro	pro	ADJ
ajfa-2777	81	41	rs	rs	NOUN
ajfa-2777	81	42	and	and	CCONJ
ajfa-2777	81	43	henc	henc	PROPN
ajfa-2777	81	44	aper	aper	PROPN
ajfa-2777	81	45	has	have	VERB
ajfa-2777	81	46	b	b	PRON
ajfa-2777	81	47	bility	bility	NOUN
ajfa-2777	81	48	anoma	anoma	PROPN
ajfa-2777	81	49	maly	maly	PROPN
ajfa-2777	81	50	for	for	ADP
ajfa-2777	81	51	th	th	X
ajfa-2777	81	52	e	e	NOUN
ajfa-2777	81	53	investor	investor	NOUN
ajfa-2777	81	54	.	.	PUNCT
ajfa-2777	82	1	y	y	PROPN
ajfa-2777	82	2	in	in	ADP
ajfa-2777	82	3	the	the	DET
ajfa-2777	82	4	in	in	ADP
ajfa-2777	82	5	e	e	PROPN
ajfa-2777	82	6	explanatio	explanatio	NOUN
ajfa-2777	82	7	hat	hat	NOUN
ajfa-2777	82	8	is	be	AUX
ajfa-2777	82	9	the	the	DET
ajfa-2777	82	10	rel	rel	NOUN
ajfa-2777	82	11	more	more	ADV
ajfa-2777	82	12	profi	profi	ADJ
ajfa-2777	82	13	n	n	PRON
ajfa-2777	82	14	profitabili	profitabili	NOUN
ajfa-2777	82	15	pe	pe	INTJ
ajfa-2777	82	16	of	of	ADP
ajfa-2777	82	17	the	the	DET
ajfa-2777	82	18	ma	ma	PROPN
ajfa-2777	82	19	n	n	PROPN
ajfa-2777	82	20	the	the	DET
ajfa-2777	82	21	fama	fama	NOUN
ajfa-2777	82	22	?	?	PUNCT
ajfa-2777	83	1	e	e	X
ajfa-2777	83	2	there	there	ADV
ajfa-2777	83	3	any	any	DET
ajfa-2777	83	4	jectives	jective	NOUN
ajfa-2777	83	5	of	of	ADP
ajfa-2777	83	6	t	t	PROPN
ajfa-2777	83	7	the	the	DET
ajfa-2777	83	8	profitabi	profitabi	NOUN
ajfa-2777	83	9	es	es	ADP
ajfa-2777	83	10	the	the	DET
ajfa-2777	83	11	rel	rel	NOUN
ajfa-2777	83	12	ctive	ctive	PROPN
ajfa-2777	83	13	?	?	PUNCT
ajfa-2777	84	1	uired	uired	ADJ
ajfa-2777	84	2	return	return	PROPN
ajfa-2777	84	3	tion	tion	NOUN
ajfa-2777	84	4	xpected	xpecte	VERB
ajfa-2777	84	5	stre	stre	NOUN
ajfa-2777	84	6	f	f	PROPN
ajfa-2777	84	7	investors	investor	NOUN
ajfa-2777	84	8	a	a	DET
ajfa-2777	84	9	rceive	rceive	ADJ
ajfa-2777	84	10	high	high	ADJ
ajfa-2777	84	11	iterature	iterature	NOUN
ajfa-2777	84	12	on	on	ADP
ajfa-2777	84	13	ve	ve	AUX
ajfa-2777	84	14	explored	explore	VERB
ajfa-2777	84	15	72	72	NUM
ajfa-2777	84	16	)	)	PUNCT
ajfa-2777	84	17	docume	docume	PROPN
ajfa-2777	84	18	han	han	PROPN
ajfa-2777	84	19	the	the	DET
ajfa-2777	84	20	flow	flow	NOUN
ajfa-2777	84	21	p	p	NOUN
ajfa-2777	84	22	between	between	ADP
ajfa-2777	84	23	p	p	PROPN
ajfa-2777	84	24	ms	ms	NOUN
ajfa-2777	84	25	with	with	ADP
ajfa-2777	84	26	low	low	PROPN
ajfa-2777	84	27	ment	ment	PROPN
ajfa-2777	84	28	’s	’s	PART
ajfa-2777	84	29	perc	perc	NOUN
ajfa-2777	84	30	d	d	PROPN
ajfa-2777	84	31	gu	gu	PROPN
ajfa-2777	84	32	and	and	CCONJ
ajfa-2777	84	33	k	k	PROPN
ajfa-2777	84	34	dend	dend	VERB
ajfa-2777	84	35	payou	payou	PROPN
ajfa-2777	84	36	vestors	vestor	NOUN
ajfa-2777	84	37	dem	dem	ADJ
ajfa-2777	84	38	ofitable	ofitable	ADJ
ajfa-2777	84	39	firm	firm	NOUN
ajfa-2777	84	40	e	e	NOUN
ajfa-2777	84	41	they	they	PRON
ajfa-2777	84	42	are	be	AUX
ajfa-2777	84	43	w	w	PROPN
ajfa-2777	84	44	een	een	PROPN
ajfa-2777	84	45	motiva	motiva	PROPN
ajfa-2777	84	46	aly	aly	NOUN
ajfa-2777	84	47	in	in	ADP
ajfa-2777	84	48	the	the	DET
ajfa-2777	84	49	i	i	NOUN
ajfa-2777	84	50	e	e	PROPN
ajfa-2777	84	51	mature	mature	VERB
ajfa-2777	84	52	m	m	VERB
ajfa-2777	84	53	to	to	PART
ajfa-2777	84	54	fill	fill	VERB
ajfa-2777	84	55	this	this	DET
ajfa-2777	84	56	dian	dian	PROPN
ajfa-2777	84	57	stock	stock	PROPN
ajfa-2777	84	58	ons	ons	PROPN
ajfa-2777	84	59	.	.	PUNCT
ajfa-2777	85	1	we	we	PRON
ajfa-2777	85	2	spe	spe	VERB
ajfa-2777	85	3	lationship	lationship	NOUN
ajfa-2777	85	4	b	b	ADP
ajfa-2777	85	5	itable	itable	ADJ
ajfa-2777	85	6	firms	firm	NOUN
ajfa-2777	85	7	ity	ity	PROPN
ajfa-2777	85	8	anomaly	anomaly	NOUN
ajfa-2777	85	9	arket	arket	NOUN
ajfa-2777	85	10	factor	factor	NOUN
ajfa-2777	85	11	a	a	DET
ajfa-2777	85	12	french	french	ADJ
ajfa-2777	85	13	m	m	NOUN
ajfa-2777	85	14	links	link	NOUN
ajfa-2777	85	15	betwe	betwe	VERB
ajfa-2777	85	16	the	the	DET
ajfa-2777	85	17	study	study	NOUN
ajfa-2777	85	18	are	be	AUX
ajfa-2777	85	19	ility	ility	NOUN
ajfa-2777	85	20	anomal	anomal	NOUN
ajfa-2777	85	21	lationship	lationship	NOUN
ajfa-2777	85	22	b	b	PROPN
ajfa-2777	85	23	ns	ns	PROPN
ajfa-2777	85	24	.	.	PUNCT
ajfa-2777	86	1	this	this	PRON
ajfa-2777	86	2	will	will	AUX
ajfa-2777	86	3	am	am	VERB
ajfa-2777	86	4	of	of	ADP
ajfa-2777	86	5	divid	divid	NOUN
ajfa-2777	86	6	and	and	CCONJ
ajfa-2777	86	7	v	v	NOUN
ajfa-2777	86	8	is	be	AUX
ajfa-2777	86	9	the	the	DET
ajfa-2777	86	10	h	h	NOUN
ajfa-2777	86	11	dividend	dividend	NOUN
ajfa-2777	87	1	n	n	CCONJ
ajfa-2777	87	2	relationsh	relationsh	ADJ
ajfa-2777	88	1	d	d	PROPN
ajfa-2777	88	2	the	the	DET
ajfa-2777	88	3	relatio	relatio	NOUN
ajfa-2777	88	4	ented	ente	VERB
ajfa-2777	88	5	that	that	SCONJ
ajfa-2777	88	6	w	w	NOUN
ajfa-2777	88	7	of	of	ADP
ajfa-2777	88	8	returns	return	NOUN
ajfa-2777	88	9	payouts	payout	NOUN
ajfa-2777	88	10	and	and	CCONJ
ajfa-2777	88	11	wer	wer	NOUN
ajfa-2777	88	12	payout	payout	NOUN
ajfa-2777	88	13	ception	ception	NOUN
ajfa-2777	88	14	of	of	ADP
ajfa-2777	88	15	u	u	PROPN
ajfa-2777	88	16	kim	kim	PROPN
ajfa-2777	88	17	(	(	PUNCT
ajfa-2777	88	18	2002	2002	NUM
ajfa-2777	88	19	)	)	PUNCT
ajfa-2777	88	20	ut	ut	PROPN
ajfa-2777	88	21	.	.	PUNCT
ajfa-2777	89	1	this	this	DET
ajfa-2777	89	2	wou	wou	PROPN
ajfa-2777	89	3	mand	mand	PROPN
ajfa-2777	89	4	a	a	DET
ajfa-2777	89	5	lowe	lowe	PROPN
ajfa-2777	89	6	ms	ms	PROPN
ajfa-2777	89	7	pay	pay	VERB
ajfa-2777	89	8	high	high	ADV
ajfa-2777	89	9	willing	willing	ADJ
ajfa-2777	89	10	to	to	PART
ajfa-2777	89	11	ac	ac	VERB
ajfa-2777	89	12	ated	ate	VERB
ajfa-2777	89	13	by	by	ADP
ajfa-2777	89	14	the	the	DET
ajfa-2777	89	15	indian	indian	ADJ
ajfa-2777	89	16	stock	stock	NOUN
ajfa-2777	89	17	markets	market	NOUN
ajfa-2777	89	18	has	have	VERB
ajfa-2777	89	19	b	b	X
ajfa-2777	89	20	s	s	NOUN
ajfa-2777	89	21	void	void	NOUN
ajfa-2777	89	22	in	in	ADP
ajfa-2777	89	23	t	t	PROPN
ajfa-2777	89	24	market	market	NOUN
ajfa-2777	89	25	,	,	PUNCT
ajfa-2777	89	26	inv	inv	VERB
ajfa-2777	89	27	ecifically	ecifically	ADV
ajfa-2777	89	28	ex	ex	X
ajfa-2777	89	29	between	between	ADP
ajfa-2777	89	30	firm	firm	ADJ
ajfa-2777	89	31	pay	pay	VERB
ajfa-2777	89	32	higher	high	ADJ
ajfa-2777	89	33	y	y	AUX
ajfa-2777	89	34	be	be	AUX
ajfa-2777	89	35	explain	explain	VERB
ajfa-2777	89	36	bear	bear	VERB
ajfa-2777	89	37	a	a	DET
ajfa-2777	89	38	relat	relat	ADJ
ajfa-2777	89	39	multi	multi	NOUN
ajfa-2777	89	40	factor	factor	NOUN
ajfa-2777	89	41	een	een	PROPN
ajfa-2777	89	42	fama	fama	PROPN
ajfa-2777	90	1	fr	fr	NOUN
ajfa-2777	90	2	e	e	X
ajfa-2777	90	3	ly	ly	VERB
ajfa-2777	90	4	in	in	ADP
ajfa-2777	90	5	returns	return	NOUN
ajfa-2777	90	6	between	between	ADP
ajfa-2777	90	7	p	p	PROPN
ajfa-2777	90	8	350	350	NUM
ajfa-2777	90	9	l	l	NOUN
ajfa-2777	90	10	positively	positively	ADV
ajfa-2777	90	11	v	v	ADP
ajfa-2777	90	12	dends	dend	NOUN
ajfa-2777	90	13	/	/	SYM
ajfa-2777	90	14	cash	cash	NOUN
ajfa-2777	90	15	e	e	NOUN
ajfa-2777	90	16	equity	equity	NOUN
ajfa-2777	90	17	val	val	NOUN
ajfa-2777	90	18	paying	pay	VERB
ajfa-2777	90	19	com	com	NOUN
ajfa-2777	90	20	hip	hip	NOUN
ajfa-2777	90	21	betwee	betwee	NOUN
ajfa-2777	90	22	onship	onship	NOUN
ajfa-2777	90	23	of	of	ADP
ajfa-2777	90	24	div	div	PROPN
ajfa-2777	90	25	investors	investor	NOUN
ajfa-2777	90	26	a	a	PRON
ajfa-2777	90	27	s	s	AUX
ajfa-2777	90	28	obtained	obtain	VERB
ajfa-2777	90	29	f	f	PROPN
ajfa-2777	90	30	d	d	PROPN
ajfa-2777	90	31	beta	beta	PROPN
ajfa-2777	90	32	.	.	PUNCT
ajfa-2777	91	1	beav	beav	PROPN
ajfa-2777	91	2	ratios	ratio	NOUN
ajfa-2777	91	3	are	be	AUX
ajfa-2777	91	4	uncertainty	uncertainty	NOUN
ajfa-2777	91	5	w	w	NOUN
ajfa-2777	91	6	purport	purport	NOUN
ajfa-2777	91	7	an	an	DET
ajfa-2777	91	8	uld	uld	AUX
ajfa-2777	91	9	mean	mean	VERB
ajfa-2777	91	10	th	th	X
ajfa-2777	91	11	er	er	INTJ
ajfa-2777	91	12	premium	premium	NOUN
ajfa-2777	91	13	.	.	PUNCT
ajfa-2777	92	1	her	her	PRON
ajfa-2777	92	2	dividen	dividen	NOUN
ajfa-2777	92	3	ccept	ccept	VERB
ajfa-2777	92	4	lower	low	ADJ
ajfa-2777	92	5	e	e	NOUN
ajfa-2777	92	6	following	follow	VERB
ajfa-2777	92	7	k	k	PROPN
ajfa-2777	92	8	market	market	NOUN
ajfa-2777	92	9	th	th	X
ajfa-2777	92	10	been	be	AUX
ajfa-2777	92	11	analys	analy	NOUN
ajfa-2777	92	12	the	the	DET
ajfa-2777	92	13	literatu	literatu	ADJ
ajfa-2777	92	14	vestigates	vestigate	NOUN
ajfa-2777	92	15	th	th	X
ajfa-2777	92	16	xamine	xamine	VERB
ajfa-2777	92	17	the	the	DET
ajfa-2777	92	18	f	f	PROPN
ajfa-2777	92	19	m	m	PROPN
ajfa-2777	92	20	profitabili	profitabili	NOUN
ajfa-2777	92	21	dividends	dividend	NOUN
ajfa-2777	92	22	?	?	PUNCT
ajfa-2777	93	1	ned	ne	VERB
ajfa-2777	93	2	by	by	ADP
ajfa-2777	93	3	cap	cap	NOUN
ajfa-2777	93	4	tion	tion	NOUN
ajfa-2777	93	5	with	with	ADP
ajfa-2777	93	6	div	div	PROPN
ajfa-2777	93	7	model	model	NOUN
ajfa-2777	93	8	exp	exp	NOUN
ajfa-2777	93	9	rench	rench	NOUN
ajfa-2777	93	10	size	size	NOUN
ajfa-2777	93	11	a	a	DET
ajfa-2777	93	12	s	s	NOUN
ajfa-2777	93	13	empiricall	empiricall	NOUN
ajfa-2777	93	14	profitability	profitability	NOUN
ajfa-2777	93	15	asian	asian	PROPN
ajfa-2777	93	16	y	y	PROPN
ajfa-2777	93	17	impact	impact	NOUN
ajfa-2777	93	18	firm	firm	NOUN
ajfa-2777	93	19	flows	flow	VERB
ajfa-2777	93	20	to	to	PART
ajfa-2777	93	21	in	in	ADP
ajfa-2777	93	22	lue	lue	NOUN
ajfa-2777	93	23	.	.	PUNCT
ajfa-2777	94	1	mpanies	mpanie	NOUN
ajfa-2777	94	2	as	as	ADP
ajfa-2777	94	3	en	en	ADP
ajfa-2777	94	4	dividend	dividend	NOUN
ajfa-2777	94	5	vidends	vidend	NOUN
ajfa-2777	94	6	pay	pay	VERB
ajfa-2777	94	7	are	be	AUX
ajfa-2777	94	8	assured	assure	VERB
ajfa-2777	94	9	from	from	ADP
ajfa-2777	94	10	higher	high	ADJ
ajfa-2777	94	11	ver	ver	PROPN
ajfa-2777	94	12	,	,	PUNCT
ajfa-2777	94	13	kettler	kettler	PROPN
ajfa-2777	94	14	more	more	ADV
ajfa-2777	94	15	risky	risky	ADJ
ajfa-2777	94	16	with	with	ADP
ajfa-2777	94	17	respect	respect	NOUN
ajfa-2777	94	18	n	n	DET
ajfa-2777	94	19	inverse	inverse	NOUN
ajfa-2777	94	20	re	re	NOUN
ajfa-2777	94	21	hat	hat	NOUN
ajfa-2777	94	22	higher	high	ADJ
ajfa-2777	94	23	d	d	NOUN
ajfa-2777	94	24	.	.	PUNCT
ajfa-2777	95	1	thus	thus	ADV
ajfa-2777	95	2	we	we	PRON
ajfa-2777	95	3	h	h	NOUN
ajfa-2777	95	4	nds	nds	VERB
ajfa-2777	95	5	which	which	PRON
ajfa-2777	95	6	ar	ar	NOUN
ajfa-2777	95	7	returns	return	NOUN
ajfa-2777	95	8	.	.	PUNCT
ajfa-2777	96	1	g	g	NOUN
ajfa-2777	96	2	research	research	NOUN
ajfa-2777	96	3	hus	hus	ADV
ajfa-2777	96	4	far	far	ADV
ajfa-2777	96	5	has	have	AUX
ajfa-2777	96	6	n	n	VERB
ajfa-2777	96	7	sed	se	VERB
ajfa-2777	96	8	from	from	ADP
ajfa-2777	96	9	the	the	DET
ajfa-2777	96	10	re	re	NOUN
ajfa-2777	96	11	this	this	PRON
ajfa-2777	96	12	pap	pap	NOUN
ajfa-2777	96	13	he	he	PRON
ajfa-2777	96	14	reasons	reason	NOUN
ajfa-2777	96	15	following	follow	VERB
ajfa-2777	96	16	pr	pr	NOUN
ajfa-2777	96	17	ity	ity	NOUN
ajfa-2777	96	18	and	and	CCONJ
ajfa-2777	96	19	stoc	stoc	NOUN
ajfa-2777	96	20	m	m	PROPN
ajfa-2777	96	21	based	base	VERB
ajfa-2777	96	22	m	m	PROPN
ajfa-2777	96	23	vidend	vidend	NOUN
ajfa-2777	96	24	payo	payo	VERB
ajfa-2777	96	25	plain	plain	ADJ
ajfa-2777	96	26	returns	return	NOUN
ajfa-2777	96	27	and	and	CCONJ
ajfa-2777	96	28	value	value	NOUN
ajfa-2777	96	29	fa	fa	INTJ
ajfa-2777	96	30	ly	ly	ADP
ajfa-2777	96	31	validated	validated	ADJ
ajfa-2777	96	32	and	and	CCONJ
ajfa-2777	96	33	retur	retur	VERB
ajfa-2777	96	34	n	n	DET
ajfa-2777	96	35	journal	journal	NOUN
ajfa-2777	96	36	of	of	ADP
ajfa-2777	96	37	f	f	PROPN
ajfa-2777	96	38	m	m	PROPN
ajfa-2777	96	39	values	value	NOUN
ajfa-2777	96	40	as	as	ADP
ajfa-2777	96	41	nfinity	nfinity	NOUN
ajfa-2777	96	42	,	,	PUNCT
ajfa-2777	96	43	k	k	PROPN
ajfa-2777	96	44	is	be	AUX
ajfa-2777	96	45	less	less	ADV
ajfa-2777	96	46	risky	risky	ADJ
ajfa-2777	96	47	d	d	NOUN
ajfa-2777	96	48	payments	payment	NOUN
ajfa-2777	96	49	youts	yout	NOUN
ajfa-2777	96	50	with	with	ADP
ajfa-2777	96	51	m	m	PRON
ajfa-2777	96	52	of	of	ADP
ajfa-2777	96	53	the	the	DET
ajfa-2777	96	54	flow	flow	NOUN
ajfa-2777	96	55	r	r	NOUN
ajfa-2777	96	56	stock	stock	NOUN
ajfa-2777	96	57	price	price	NOUN
ajfa-2777	96	58	and	and	CCONJ
ajfa-2777	96	59	schole	schole	NOUN
ajfa-2777	96	60	.	.	PUNCT
ajfa-2777	97	1	this	this	PRON
ajfa-2777	97	2	is	be	AUX
ajfa-2777	97	3	be	be	AUX
ajfa-2777	97	4	t	t	NOUN
ajfa-2777	97	5	to	to	PART
ajfa-2777	97	6	firm	firm	VERB
ajfa-2777	97	7	’s	’s	PART
ajfa-2777	97	8	e	e	NOUN
ajfa-2777	97	9	lationship	lationship	NOUN
ajfa-2777	97	10	b	b	PROPN
ajfa-2777	97	11	dividend	dividend	NOUN
ajfa-2777	97	12	pa	pa	PROPN
ajfa-2777	97	13	have	have	VERB
ajfa-2777	97	14	a	a	DET
ajfa-2777	97	15	count	count	NOUN
ajfa-2777	98	1	re	re	AUX
ajfa-2777	98	2	viewed	view	VERB
ajfa-2777	98	3	a	a	DET
ajfa-2777	98	4	gaps	gap	NOUN
ajfa-2777	98	5	.	.	PUNCT
ajfa-2777	99	1	first	first	ADV
ajfa-2777	99	2	not	not	PART
ajfa-2777	99	3	been	be	AUX
ajfa-2777	99	4	co	co	VERB
ajfa-2777	99	5	e	e	NOUN
ajfa-2777	99	6	point	point	NOUN
ajfa-2777	99	7	of	of	ADP
ajfa-2777	99	8	vi	vi	NOUN
ajfa-2777	99	9	per	per	ADP
ajfa-2777	99	10	examine	examine	NOUN
ajfa-2777	99	11	for	for	ADP
ajfa-2777	99	12	its	its	PRON
ajfa-2777	99	13	exis	exis	PROPN
ajfa-2777	99	14	ropositions	roposition	NOUN
ajfa-2777	99	15	k	k	PROPN
ajfa-2777	99	16	returns	return	NOUN
ajfa-2777	99	17	?	?	PUNCT
ajfa-2777	100	1	arket	arket	NOUN
ajfa-2777	100	2	factor	factor	NOUN
ajfa-2777	100	3	outs	out	NOUN
ajfa-2777	100	4	?	?	PUNCT
ajfa-2777	101	1	s	s	VERB
ajfa-2777	101	2	that	that	PRON
ajfa-2777	101	3	are	be	AUX
ajfa-2777	101	4	p	p	NOUN
ajfa-2777	101	5	actors	actor	NOUN
ajfa-2777	101	6	and	and	CCONJ
ajfa-2777	101	7	fi	fi	NOUN
ajfa-2777	101	8	d	d	NOUN
ajfa-2777	101	9	in	in	ADP
ajfa-2777	101	10	indian	indian	PROPN
ajfa-2777	101	11	c	c	PROPN
ajfa-2777	101	12	rns	rn	NOUN
ajfa-2777	101	13	reflect	reflect	VERB
ajfa-2777	101	14	finance	finance	PROPN
ajfa-2777	101	15	&	&	CCONJ
ajfa-2777	101	16	ac	ac	PROPN
ajfa-2777	101	17	issn	issn	PROPN
ajfa-2777	101	18	19	19	NUM
ajfa-2777	101	19	2012	2012	NUM
ajfa-2777	101	20	,	,	PUNCT
ajfa-2777	101	21	vol	vol	NOUN
ajfa-2777	101	22	.	.	PUNCT
ajfa-2777	102	1	www.macrothi	www.macrothi	X
ajfa-2777	103	1	s	s	VERB
ajfa-2777	103	2	one	one	NUM
ajfa-2777	103	3	can	can	AUX
ajfa-2777	103	4	s	s	VERB
ajfa-2777	103	5	the	the	DET
ajfa-2777	103	6	cost	cost	NOUN
ajfa-2777	103	7	of	of	ADP
ajfa-2777	103	8	is	be	AUX
ajfa-2777	103	9	reconfir	reconfir	PROPN
ajfa-2777	103	10	s	s	PART
ajfa-2777	103	11	and	and	CCONJ
ajfa-2777	103	12	mark	mark	PROPN
ajfa-2777	103	13	market	market	NOUN
ajfa-2777	103	14	beta	beta	NOUN
ajfa-2777	103	15	ow	ow	INTJ
ajfa-2777	103	16	of	of	ADP
ajfa-2777	103	17	return	return	NOUN
ajfa-2777	103	18	es	es	NOUN
ajfa-2777	103	19	.	.	PUNCT
ajfa-2777	104	1	this	this	DET
ajfa-2777	104	2	lead	lead	NOUN
ajfa-2777	104	3	es	es	X
ajfa-2777	104	4	(	(	PUNCT
ajfa-2777	104	5	1970	1970	NUM
ajfa-2777	104	6	)	)	PUNCT
ajfa-2777	104	7	as	as	ADP
ajfa-2777	104	8	ecause	ecause	ADJ
ajfa-2777	104	9	payo	payo	ADJ
ajfa-2777	104	10	earnings	earning	NOUN
ajfa-2777	104	11	.	.	PUNCT
ajfa-2777	105	1	br	br	NOUN
ajfa-2777	105	2	between	between	ADP
ajfa-2777	105	3	sy	sy	NOUN
ajfa-2777	105	4	aying	aying	NOUN
ajfa-2777	105	5	firms	firm	NOUN
ajfa-2777	105	6	ter	ter	NOUN
ajfa-2777	105	7	argumen	arguman	NOUN
ajfa-2777	105	8	as	as	ADP
ajfa-2777	105	9	less	less	ADV
ajfa-2777	105	10	risky	risky	ADJ
ajfa-2777	105	11	tly	tly	ADV
ajfa-2777	105	12	a	a	DET
ajfa-2777	105	13	study	study	NOUN
ajfa-2777	105	14	onducted	onducte	VERB
ajfa-2777	105	15	.	.	PUNCT
ajfa-2777	106	1	s	s	PART
ajfa-2777	106	2	view	view	NOUN
ajfa-2777	106	3	of	of	ADP
ajfa-2777	106	4	the	the	DET
ajfa-2777	106	5	f	f	PROPN
ajfa-2777	106	6	es	es	ADP
ajfa-2777	106	7	the	the	DET
ajfa-2777	106	8	prof	prof	NOUN
ajfa-2777	106	9	stence	stence	NOUN
ajfa-2777	106	10	and	and	CCONJ
ajfa-2777	106	11	e	e	NOUN
ajfa-2777	106	12	r	r	NOUN
ajfa-2777	106	13	and	and	CCONJ
ajfa-2777	106	14	therefo	therefo	NOUN
ajfa-2777	106	15	possibly	possibly	ADV
ajfa-2777	106	16	mi	mi	PROPN
ajfa-2777	106	17	irm	irm	PROPN
ajfa-2777	106	18	payouts	payout	NOUN
ajfa-2777	106	19	context	context	VERB
ajfa-2777	106	20	?	?	PUNCT
ajfa-2777	107	1	firm	firm	ADJ
ajfa-2777	107	2	or	or	CCONJ
ajfa-2777	107	3	ccounting	ccounte	VERB
ajfa-2777	107	4	946	946	NUM
ajfa-2777	107	5	-	-	PUNCT
ajfa-2777	107	6	052x	052x	NOUN
ajfa-2777	107	7	4	4	NUM
ajfa-2777	107	8	,	,	PUNCT
ajfa-2777	107	9	no	no	INTJ
ajfa-2777	107	10	.	.	NOUN
ajfa-2777	107	11	2	2	NUM
ajfa-2777	107	12	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	107	13	see	see	NOUN
ajfa-2777	107	14	from	from	ADP
ajfa-2777	107	15	(	(	PUNCT
ajfa-2777	107	16	1	1	NUM
ajfa-2777	107	17	)	)	PUNCT
ajfa-2777	107	18	f	f	PROPN
ajfa-2777	107	19	equity/	equity/	PROPN
ajfa-2777	107	20	rmed	rme	VERB
ajfa-2777	107	21	by	by	ADP
ajfa-2777	107	22	ket	ket	PROPN
ajfa-2777	107	23	beta	beta	NOUN
ajfa-2777	107	24	.	.	PUNCT
ajfa-2777	108	1	a.	a.	PROPN
ajfa-2777	108	2	logue	logue	PROPN
ajfa-2777	108	3	ns	ns	NUM
ajfa-2777	108	4	from	from	ADP
ajfa-2777	108	5	ds	d	VERB
ajfa-2777	108	6	to	to	ADP
ajfa-2777	108	7	the	the	DET
ajfa-2777	108	8	ssert	ssert	NOUN
ajfa-2777	108	9	that	that	PRON
ajfa-2777	108	10	out	out	ADP
ajfa-2777	108	11	ratio	ratio	NOUN
ajfa-2777	108	12	reen	reen	X
ajfa-2777	108	13	and	and	CCONJ
ajfa-2777	108	14	stematic	stematic	ADJ
ajfa-2777	108	15	are	be	AUX
ajfa-2777	108	16	less	less	ADV
ajfa-2777	108	17	nt	not	PART
ajfa-2777	108	18	which	which	PRON
ajfa-2777	108	19	y	y	PROPN
ajfa-2777	108	20	by	by	ADP
ajfa-2777	108	21	the	the	DET
ajfa-2777	108	22	y	y	PROPN
ajfa-2777	108	23	of	of	ADP
ajfa-2777	108	24	the	the	DET
ajfa-2777	108	25	secondly	secondly	ADV
ajfa-2777	108	26	firm	firm	ADJ
ajfa-2777	108	27	and	and	CCONJ
ajfa-2777	108	28	fitability	fitability	NOUN
ajfa-2777	108	29	explores	explore	NOUN
ajfa-2777	108	30	fore	fore	NOUN
ajfa-2777	108	31	does	do	AUX
ajfa-2777	108	32	issed	isse	VERB
ajfa-2777	108	33	by	by	ADP
ajfa-2777	108	34	s	s	PROPN
ajfa-2777	108	35	?	?	PUNCT
ajfa-2777	108	36	investor	investor	NOUN
ajfa-2777	108	37	3	3	NUM
ajfa-2777	108	38	.	.	PUNCT
ajfa-2777	109	1	can	can	AUX
ajfa-2777	109	2	capm	capm	VERB
ajfa-2777	109	3	4	4	NUM
ajfa-2777	109	4	.	.	PUNCT
ajfa-2777	110	1	do	do	AUX
ajfa-2777	110	2	the	the	DET
ajfa-2777	110	3	pap	pap	NOUN
ajfa-2777	110	4	explain	explain	VERB
ajfa-2777	110	5	contain	contain	VERB
ajfa-2777	110	6	2	2	NUM
ajfa-2777	110	7	.	.	PUNCT
ajfa-2777	110	8	data	datum	NOUN
ajfa-2777	110	9	the	the	DET
ajfa-2777	110	10	sam	sam	PROPN
ajfa-2777	110	11	study	study	NOUN
ajfa-2777	110	12	u	u	PROPN
ajfa-2777	110	13	rights	right	VERB
ajfa-2777	110	14	a	a	DET
ajfa-2777	110	15	index	index	NOUN
ajfa-2777	110	16	re	re	ADP
ajfa-2777	110	17	trading	trading	NOUN
ajfa-2777	110	18	represen	represen	NOUN
ajfa-2777	110	19	used	use	VERB
ajfa-2777	110	20	as	as	ADP
ajfa-2777	110	21	the	the	DET
ajfa-2777	110	22	line	line	NOUN
ajfa-2777	110	23	percent	percent	NOUN
ajfa-2777	110	24	market	market	NOUN
ajfa-2777	110	25	shares	share	NOUN
ajfa-2777	110	26	o	o	NOUN
ajfa-2777	110	27	book	book	NOUN
ajfa-2777	110	28	va	va	PROPN
ajfa-2777	110	29	alternat	alternat	PROPN
ajfa-2777	110	30	calculat	calculat	PROPN
ajfa-2777	110	31	divided	divide	VERB
ajfa-2777	110	32	average	average	ADJ
ajfa-2777	110	33	data	datum	NOUN
ajfa-2777	110	34	on	on	ADP
ajfa-2777	110	35	thomso	thomso	NOUN
ajfa-2777	110	36	been	be	AUX
ajfa-2777	110	37	us	we	PRON
ajfa-2777	110	38	has	have	VERB
ajfa-2777	110	39	bee	bee	NOUN
ajfa-2777	110	40	we	we	PRON
ajfa-2777	110	41	use	use	VERB
ajfa-2777	110	42	ratio	ratio	NOUN
ajfa-2777	110	43	is	be	AUX
ajfa-2777	110	44	total	total	ADJ
ajfa-2777	110	45	pro	pro	ADJ
ajfa-2777	110	46	3	3	NUM
ajfa-2777	110	47	.	.	PUNCT
ajfa-2777	110	48	meth	meth	NOUN
ajfa-2777	110	49	3.1	3.1	NUM
ajfa-2777	110	50	test	test	NOUN
ajfa-2777	110	51	we	we	PRON
ajfa-2777	110	52	form	form	VERB
ajfa-2777	110	53	t-1	t-1	PROPN
ajfa-2777	110	54	,	,	PUNCT
ajfa-2777	110	55	the	the	DET
ajfa-2777	110	56	the	the	DET
ajfa-2777	110	57	ran	run	VERB
ajfa-2777	110	58	monthly	monthly	ADJ
ajfa-2777	110	59	portfoli	portfoli	PROPN
ajfa-2777	110	60	compan	compan	PROPN
ajfa-2777	110	61	n	n	PROPN
ajfa-2777	110	62	the	the	DET
ajfa-2777	110	63	profi	profi	NOUN
ajfa-2777	110	64	and	and	CCONJ
ajfa-2777	110	65	fama	fama	PROPN
ajfa-2777	110	66	f	f	PROPN
ajfa-2777	110	67	the	the	DET
ajfa-2777	110	68	risk	risk	NOUN
ajfa-2777	110	69	fac	fac	PROPN
ajfa-2777	110	70	per	per	ADP
ajfa-2777	110	71	is	be	AUX
ajfa-2777	110	72	organ	organ	NOUN
ajfa-2777	110	73	s	s	VERB
ajfa-2777	110	74	the	the	DET
ajfa-2777	110	75	metho	metho	PROPN
ajfa-2777	110	76	s	s	PROPN
ajfa-2777	110	77	summary	summary	NOUN
ajfa-2777	110	78	,	,	PUNCT
ajfa-2777	110	79	a	a	DET
ajfa-2777	110	80	mple	mple	NOUN
ajfa-2777	110	81	used	use	VERB
ajfa-2777	110	82	ses	se	NOUN
ajfa-2777	110	83	month	month	NOUN
ajfa-2777	110	84	e	e	NOUN
ajfa-2777	110	85	and	and	CCONJ
ajfa-2777	110	86	stock	stock	NOUN
ajfa-2777	110	87	sp	sp	ADP
ajfa-2777	110	88	epresents	epresent	NOUN
ajfa-2777	110	89	n	n	PRON
ajfa-2777	110	90	activity	activity	NOUN
ajfa-2777	110	91	,	,	PUNCT
ajfa-2777	110	92	an	an	DET
ajfa-2777	110	93	ntative	ntative	NOUN
ajfa-2777	110	94	of	of	ADP
ajfa-2777	110	95	m	m	PROPN
ajfa-2777	110	96	s	s	NOUN
ajfa-2777	110	97	the	the	DET
ajfa-2777	110	98	market	market	NOUN
ajfa-2777	110	99	es	es	NOUN
ajfa-2777	110	100	of	of	ADP
ajfa-2777	110	101	s&p5	s&p5	X
ajfa-2777	110	102	age	age	NOUN
ajfa-2777	110	103	return	return	NOUN
ajfa-2777	110	104	s	s	VERB
ajfa-2777	110	105	capitalisati	capitalisati	PROPN
ajfa-2777	110	106	outstanding	outstanding	ADJ
ajfa-2777	110	107	alue	alue	NOUN
ajfa-2777	110	108	per	per	ADP
ajfa-2777	110	109	sha	sha	PROPN
ajfa-2777	110	110	tive	tive	PROPN
ajfa-2777	110	111	measur	measur	PROPN
ajfa-2777	110	112	ted	te	VERB
ajfa-2777	110	113	as	as	ADP
ajfa-2777	110	114	the	the	DET
ajfa-2777	110	115	i	i	PROPN
ajfa-2777	110	116	d	d	PROPN
ajfa-2777	110	117	by	by	ADP
ajfa-2777	110	118	the	the	DET
ajfa-2777	110	119	aver	aver	PROPN
ajfa-2777	110	120	e	e	NOUN
ajfa-2777	110	121	total	total	ADJ
ajfa-2777	110	122	assets	asset	NOUN
ajfa-2777	110	123	n	n	PRON
ajfa-2777	110	124	share	share	NOUN
ajfa-2777	110	125	pric	pric	ADJ
ajfa-2777	110	126	onone	onone	PROPN
ajfa-2777	110	127	datab	datab	PROPN
ajfa-2777	110	128	sed	se	VERB
ajfa-2777	110	129	as	as	ADP
ajfa-2777	110	130	risk	risk	NOUN
ajfa-2777	110	131	-	-	PUNCT
ajfa-2777	110	132	f	f	NOUN
ajfa-2777	110	133	n	n	PRON
ajfa-2777	110	134	obtained	obtain	VERB
ajfa-2777	110	135	e	e	NOUN
ajfa-2777	110	136	the	the	DET
ajfa-2777	110	137	firm	firm	NOUN
ajfa-2777	110	138	’s	’s	PART
ajfa-2777	110	139	calculated	calculate	VERB
ajfa-2777	110	140	ofit	ofit	NOUN
ajfa-2777	110	141	after	after	SCONJ
ajfa-2777	110	142	tax	tax	NOUN
ajfa-2777	110	143	hodology	hodology	NOUN
ajfa-2777	110	144	t	t	PROPN
ajfa-2777	110	145	the	the	DET
ajfa-2777	110	146	relatio	relatio	NOUN
ajfa-2777	110	147	m	m	PROPN
ajfa-2777	110	148	single	single	ADJ
ajfa-2777	110	149	sor	sor	NOUN
ajfa-2777	110	150	securities	security	NOUN
ajfa-2777	110	151	a	a	DET
ajfa-2777	110	152	nked	nked	ADJ
ajfa-2777	110	153	securit	securit	NOUN
ajfa-2777	110	154	y	y	PROPN
ajfa-2777	110	155	excess	excess	ADJ
ajfa-2777	110	156	ret	ret	PROPN
ajfa-2777	110	157	io	io	PROPN
ajfa-2777	110	158	consisting	consist	VERB
ajfa-2777	110	159	nies	ny	NOUN
ajfa-2777	110	160	with	with	ADP
ajfa-2777	110	161	hi	hi	INTJ
ajfa-2777	110	162	itability	itability	PROPN
ajfa-2777	110	163	ano	ano	PROPN
ajfa-2777	110	164	french	french	PROPN
ajfa-2777	110	165	?	?	PUNCT
ajfa-2777	111	1	ctors	ctor	NOUN
ajfa-2777	111	2	bear	bear	VERB
ajfa-2777	111	3	a	a	DET
ajfa-2777	111	4	nised	nised	ADJ
ajfa-2777	111	5	as	as	ADP
ajfa-2777	111	6	fol	fol	X
ajfa-2777	111	7	odology	odology	NOUN
ajfa-2777	111	8	fol	fol	NOUN
ajfa-2777	111	9	,	,	PUNCT
ajfa-2777	111	10	policy	policy	NOUN
ajfa-2777	111	11	imp	imp	NOUN
ajfa-2777	111	12	consists	consist	VERB
ajfa-2777	111	13	of	of	ADP
ajfa-2777	111	14	end	end	NOUN
ajfa-2777	111	15	closing	closing	NOUN
ajfa-2777	111	16	plits	plit	NOUN
ajfa-2777	111	17	)	)	PUNCT
ajfa-2777	111	18	from	from	ADP
ajfa-2777	111	19	early	early	ADJ
ajfa-2777	111	20	93	93	NUM
ajfa-2777	111	21	%	%	NOUN
ajfa-2777	111	22	nd	nd	PRON
ajfa-2777	111	23	covers	cover	VERB
ajfa-2777	111	24	all	all	DET
ajfa-2777	111	25	market	market	NOUN
ajfa-2777	111	26	perf	perf	NOUN
ajfa-2777	111	27	t	t	PROPN
ajfa-2777	111	28	proxy	proxy	NOUN
ajfa-2777	111	29	.	.	PUNCT
ajfa-2777	112	1	it	it	PRON
ajfa-2777	112	2	i	i	PRON
ajfa-2777	112	3	500	500	NUM
ajfa-2777	112	4	(	(	PUNCT
ajfa-2777	112	5	usa	usa	PROPN
ajfa-2777	112	6	)	)	PUNCT
ajfa-2777	112	7	.	.	PUNCT
ajfa-2777	113	1	series	series	PROPN
ajfa-2777	113	2	for	for	ADP
ajfa-2777	113	3	fu	fu	NOUN
ajfa-2777	113	4	ion	ion	NOUN
ajfa-2777	113	5	is	be	AUX
ajfa-2777	113	6	used	use	VERB
ajfa-2777	113	7	a	a	DET
ajfa-2777	113	8	g.	g.	NOUN
ajfa-2777	113	9	price	price	NOUN
ajfa-2777	113	10	to	to	ADP
ajfa-2777	113	11	b	b	PROPN
ajfa-2777	113	12	are	be	AUX
ajfa-2777	113	13	represen	represen	ADJ
ajfa-2777	113	14	es	es	NOUN
ajfa-2777	113	15	for	for	ADP
ajfa-2777	113	16	profi	profi	ADJ
ajfa-2777	113	17	income	income	NOUN
ajfa-2777	113	18	ava	ava	PROPN
ajfa-2777	113	19	rage	rage	NOUN
ajfa-2777	113	20	commo	commo	NOUN
ajfa-2777	113	21	s.	s.	PROPN
ajfa-2777	113	22	ces	ces	PROPN
ajfa-2777	113	23	,	,	PUNCT
ajfa-2777	113	24	market	market	NOUN
ajfa-2777	113	25	base	base	NOUN
ajfa-2777	113	26	of	of	ADP
ajfa-2777	113	27	tho	tho	PROPN
ajfa-2777	113	28	free	free	PROPN
ajfa-2777	113	29	proxy	proxy	NOUN
ajfa-2777	113	30	a	a	PRON
ajfa-2777	113	31	from	from	ADP
ajfa-2777	113	32	the	the	DET
ajfa-2777	113	33	rb	rb	PROPN
ajfa-2777	113	34	dividend	dividend	NOUN
ajfa-2777	113	35	pa	pa	PROPN
ajfa-2777	113	36	as	as	ADP
ajfa-2777	113	37	equity	equity	NOUN
ajfa-2777	113	38	d	d	PROPN
ajfa-2777	113	39	x.	x.	PROPN
ajfa-2777	113	40	data	data	PROPN
ajfa-2777	113	41	on	on	ADP
ajfa-2777	113	42	t	t	PROPN
ajfa-2777	113	43	on	on	ADP
ajfa-2777	113	44	between	between	ADP
ajfa-2777	113	45	p	p	NOUN
ajfa-2777	113	46	rted	rte	VERB
ajfa-2777	113	47	portfol	portfol	NOUN
ajfa-2777	113	48	are	be	AUX
ajfa-2777	113	49	ranked	rank	VERB
ajfa-2777	113	50	ties	tie	NOUN
ajfa-2777	114	1	are	be	AUX
ajfa-2777	114	2	then	then	ADV
ajfa-2777	114	3	turns	turn	NOUN
ajfa-2777	114	4	are	be	AUX
ajfa-2777	114	5	es	es	ADP
ajfa-2777	114	6	g	g	NOUN
ajfa-2777	114	7	of	of	ADP
ajfa-2777	114	8	20	20	NUM
ajfa-2777	114	9	%	%	NOUN
ajfa-2777	114	10	o	o	NOUN
ajfa-2777	114	11	ighest	igh	ADJ
ajfa-2777	114	12	attrib	attrib	NOUN
ajfa-2777	114	13	omaly	omaly	NOUN
ajfa-2777	114	14	be	be	AUX
ajfa-2777	114	15	c	c	PROPN
ajfa-2777	114	16	fundamenta	fundamenta	PROPN
ajfa-2777	114	17	llows	llow	NOUN
ajfa-2777	114	18	.	.	PUNCT
ajfa-2777	115	1	secti	secti	PROPN
ajfa-2777	115	2	llowed	llowe	VERB
ajfa-2777	115	3	.	.	PUNCT
ajfa-2777	116	1	sec	sec	PROPN
ajfa-2777	116	2	plications	plication	NOUN
ajfa-2777	116	3	an	an	PRON
ajfa-2777	116	4	493	493	NUM
ajfa-2777	116	5	compa	compa	NOUN
ajfa-2777	116	6	adjusted	adjust	VERB
ajfa-2777	116	7	sh	sh	PROPN
ajfa-2777	116	8	jan	jan	PROPN
ajfa-2777	116	9	1996	1996	NUM
ajfa-2777	116	10	t	t	NOUN
ajfa-2777	116	11	of	of	ADP
ajfa-2777	116	12	the	the	DET
ajfa-2777	116	13	total	total	ADJ
ajfa-2777	116	14	l	l	NOUN
ajfa-2777	116	15	20	20	NUM
ajfa-2777	116	16	major	major	ADJ
ajfa-2777	116	17	i	i	PRON
ajfa-2777	116	18	formance	formance	NOUN
ajfa-2777	116	19	.	.	PUNCT
ajfa-2777	117	1	t	t	PROPN
ajfa-2777	117	2	is	be	AUX
ajfa-2777	117	3	a	a	DET
ajfa-2777	117	4	broad	broad	ADJ
ajfa-2777	117	5	b	b	NOUN
ajfa-2777	118	1	the	the	DET
ajfa-2777	118	2	mont	mont	PROPN
ajfa-2777	118	3	urther	urther	NOUN
ajfa-2777	118	4	estima	estima	PROPN
ajfa-2777	118	5	as	as	ADP
ajfa-2777	118	6	the	the	DET
ajfa-2777	118	7	size	size	NOUN
ajfa-2777	118	8	p	p	PROPN
ajfa-2777	118	9	book	book	NOUN
ajfa-2777	118	10	(	(	PUNCT
ajfa-2777	118	11	inver	inver	PROPN
ajfa-2777	118	12	nts	nts	PROPN
ajfa-2777	118	13	the	the	DET
ajfa-2777	118	14	secur	secur	NOUN
ajfa-2777	118	15	ts	ts	ADP
ajfa-2777	118	16	viz	viz	PROPN
ajfa-2777	118	17	return	return	NOUN
ajfa-2777	118	18	ailable	ailable	ADJ
ajfa-2777	118	19	to	to	PART
ajfa-2777	118	20	co	co	VERB
ajfa-2777	118	21	on	on	ADP
ajfa-2777	118	22	equity	equity	NOUN
ajfa-2777	118	23	.	.	PUNCT
ajfa-2777	119	1	r	r	NOUN
ajfa-2777	119	2	index	index	NOUN
ajfa-2777	119	3	all	all	PRON
ajfa-2777	119	4	c	c	PROPN
ajfa-2777	119	5	mson	mson	NOUN
ajfa-2777	119	6	reute	reute	NOUN
ajfa-2777	119	7	as	as	SCONJ
ajfa-2777	119	8	is	be	AUX
ajfa-2777	119	9	the	the	DET
ajfa-2777	119	10	sta	sta	ADJ
ajfa-2777	119	11	bi	bi	PROPN
ajfa-2777	119	12	monthly	monthly	ADJ
ajfa-2777	119	13	ayout	ayout	PROPN
ajfa-2777	119	14	ratio	ratio	PROPN
ajfa-2777	119	15	t	t	PROPN
ajfa-2777	119	16	dividend	dividend	NOUN
ajfa-2777	119	17	tha	tha	INTJ
ajfa-2777	119	18	this	this	PRON
ajfa-2777	119	19	has	have	AUX
ajfa-2777	119	20	been	be	AUX
ajfa-2777	119	21	profitability	profitability	NOUN
ajfa-2777	119	22	lios	lio	NOUN
ajfa-2777	119	23	based	base	VERB
ajfa-2777	119	24	o	o	PROPN
ajfa-2777	119	25	on	on	ADP
ajfa-2777	119	26	the	the	DET
ajfa-2777	119	27	basi	basi	NOUN
ajfa-2777	119	28	n	n	CCONJ
ajfa-2777	119	29	classified	classify	VERB
ajfa-2777	119	30	timated	timate	VERB
ajfa-2777	119	31	for	for	ADP
ajfa-2777	119	32	f	f	PROPN
ajfa-2777	119	33	companie	companie	PROPN
ajfa-2777	119	34	bute	bute	VERB
ajfa-2777	119	35	under	under	ADP
ajfa-2777	119	36	c	c	PROPN
ajfa-2777	119	37	351	351	NUM
ajfa-2777	119	38	captured	capture	VERB
ajfa-2777	119	39	by	by	ADP
ajfa-2777	119	40	al	al	PROPN
ajfa-2777	119	41	relation	relation	PROPN
ajfa-2777	119	42	w	w	PROPN
ajfa-2777	119	43	ion	ion	NOUN
ajfa-2777	119	44	2	2	NUM
ajfa-2777	119	45	descri	descri	NOUN
ajfa-2777	119	46	ction	ction	NOUN
ajfa-2777	119	47	4	4	NUM
ajfa-2777	119	48	give	give	VERB
ajfa-2777	119	49	nd	nd	ADV
ajfa-2777	119	50	concludi	concludi	ADJ
ajfa-2777	119	51	anies	anie	NOUN
ajfa-2777	119	52	that	that	SCONJ
ajfa-2777	119	53	f	f	PROPN
ajfa-2777	119	54	hare	hare	NOUN
ajfa-2777	119	55	prices	price	NOUN
ajfa-2777	119	56	(	(	PUNCT
ajfa-2777	119	57	to	to	AUX
ajfa-2777	119	58	dec	dec	PROPN
ajfa-2777	119	59	201	201	NUM
ajfa-2777	119	60	l	l	NOUN
ajfa-2777	119	61	market	market	NOUN
ajfa-2777	119	62	cap	cap	NOUN
ajfa-2777	119	63	industries	industry	NOUN
ajfa-2777	119	64	o	o	NOUN
ajfa-2777	119	65	the	the	DET
ajfa-2777	119	66	bomba	bomba	PROPN
ajfa-2777	119	67	based	base	VERB
ajfa-2777	119	68	value	value	NOUN
ajfa-2777	119	69	th	th	X
ajfa-2777	119	70	end	end	NOUN
ajfa-2777	119	71	shar	shar	PROPN
ajfa-2777	119	72	ation	ation	PROPN
ajfa-2777	119	73	.	.	PUNCT
ajfa-2777	120	1	proxy	proxy	PROPN
ajfa-2777	120	2	.	.	PUNCT
ajfa-2777	121	1	it	it	PRON
ajfa-2777	121	2	is	be	AUX
ajfa-2777	121	3	c	c	PROPN
ajfa-2777	121	4	rse	rse	NOUN
ajfa-2777	121	5	of	of	ADP
ajfa-2777	121	6	be	be	AUX
ajfa-2777	121	7	/	/	SYM
ajfa-2777	121	8	m	m	PROPN
ajfa-2777	121	9	rity	rity	NOUN
ajfa-2777	121	10	price	price	NOUN
ajfa-2777	121	11	ov	ov	VERB
ajfa-2777	121	12	n	n	PROPN
ajfa-2777	121	13	on	on	ADP
ajfa-2777	121	14	equity	equity	NOUN
ajfa-2777	121	15	ommon	ommon	NOUN
ajfa-2777	121	16	stoc	stoc	NOUN
ajfa-2777	121	17	return	return	NOUN
ajfa-2777	121	18	on	on	ADP
ajfa-2777	121	19	as	as	ADP
ajfa-2777	121	20	company	company	NOUN
ajfa-2777	121	21	ch	ch	NOUN
ajfa-2777	121	22	ers	er	NOUN
ajfa-2777	121	23	.	.	PUNCT
ajfa-2777	122	1	the	the	DET
ajfa-2777	122	2	i	i	PROPN
ajfa-2777	122	3	m	m	PROPN
ajfa-2777	122	4	andard	andard	PROPN
ajfa-2777	122	5	pract	pract	PROPN
ajfa-2777	122	6	handbook	handbook	NOUN
ajfa-2777	122	7	o	o	PROPN
ajfa-2777	122	8	to	to	PART
ajfa-2777	122	9	represent	represent	VERB
ajfa-2777	122	10	at	at	ADP
ajfa-2777	122	11	is	be	AUX
ajfa-2777	122	12	paid	pay	VERB
ajfa-2777	122	13	to	to	ADP
ajfa-2777	122	14	n	n	PROPN
ajfa-2777	122	15	obtained	obtain	VERB
ajfa-2777	122	16	f	f	PROPN
ajfa-2777	122	17	y	y	PROPN
ajfa-2777	122	18	and	and	CCONJ
ajfa-2777	122	19	return	return	VERB
ajfa-2777	122	20	on	on	ADP
ajfa-2777	122	21	each	each	DET
ajfa-2777	122	22	mea	mea	NOUN
ajfa-2777	122	23	is	be	AUX
ajfa-2777	122	24	of	of	ADP
ajfa-2777	122	25	the	the	DET
ajfa-2777	122	26	pr	pr	NOUN
ajfa-2777	122	27	d	d	NOUN
ajfa-2777	122	28	into	into	ADP
ajfa-2777	122	29	five	five	NUM
ajfa-2777	122	30	p	p	NOUN
ajfa-2777	122	31	these	these	DET
ajfa-2777	122	32	portf	portf	NOUN
ajfa-2777	122	33	es	es	NOUN
ajfa-2777	122	34	with	with	ADP
ajfa-2777	122	35	lowe	lowe	PROPN
ajfa-2777	122	36	consideratio	consideratio	PROPN
ajfa-2777	122	37	asian	asian	PROPN
ajfa-2777	122	38	y	y	PROPN
ajfa-2777	122	39	standard	standard	NOUN
ajfa-2777	122	40	with	with	ADP
ajfa-2777	122	41	corpora	corpora	PROPN
ajfa-2777	122	42	ibes	ibe	VERB
ajfa-2777	122	43	the	the	DET
ajfa-2777	122	44	dat	dat	NOUN
ajfa-2777	122	45	es	es	ADP
ajfa-2777	122	46	the	the	DET
ajfa-2777	122	47	emp	emp	NOUN
ajfa-2777	122	48	ng	ng	PROPN
ajfa-2777	122	49	remarks	remark	NOUN
ajfa-2777	122	50	form	form	VERB
ajfa-2777	122	51	part	part	NOUN
ajfa-2777	122	52	o	o	NOUN
ajfa-2777	122	53	(	(	PUNCT
ajfa-2777	122	54	adjusted	adjust	VERB
ajfa-2777	122	55	fo	fo	ADP
ajfa-2777	122	56	10	10	NUM
ajfa-2777	122	57	(	(	PUNCT
ajfa-2777	122	58	180	180	NUM
ajfa-2777	122	59	mo	mo	PROPN
ajfa-2777	122	60	pitalization	pitalization	NOUN
ajfa-2777	122	61	f	f	PROPN
ajfa-2777	123	1	the	the	DET
ajfa-2777	123	2	econo	econo	PROPN
ajfa-2777	123	3	ay	ay	PROPN
ajfa-2777	123	4	stock	stock	PROPN
ajfa-2777	123	5	e	e	PROPN
ajfa-2777	123	6	e	e	PROPN
ajfa-2777	123	7	weighted	weight	VERB
ajfa-2777	123	8	re	re	ADJ
ajfa-2777	123	9	price	price	NOUN
ajfa-2777	123	10	ser	ser	NOUN
ajfa-2777	123	11	calculated	calculate	VERB
ajfa-2777	123	12	a	a	DET
ajfa-2777	123	13	me	i	PRON
ajfa-2777	123	14	)	)	PUNCT
ajfa-2777	123	15	is	be	AUX
ajfa-2777	123	16	used	use	VERB
ajfa-2777	123	17	ver	ver	PROPN
ajfa-2777	123	18	a	a	DET
ajfa-2777	123	19	comp	comp	NOUN
ajfa-2777	123	20	y	y	PROPN
ajfa-2777	123	21	and	and	CCONJ
ajfa-2777	123	22	return	return	VERB
ajfa-2777	123	23	ckholders	ckholder	NOUN
ajfa-2777	123	24	f	f	PROPN
ajfa-2777	123	25	ssets	sset	NOUN
ajfa-2777	123	26	is	be	AUX
ajfa-2777	123	27	calc	calc	ADJ
ajfa-2777	123	28	haracteristic	haracteristic	ADJ
ajfa-2777	123	29	plicit	plicit	NOUN
ajfa-2777	123	30	yields	yield	NOUN
ajfa-2777	123	31	tice	tice	NOUN
ajfa-2777	123	32	in	in	ADP
ajfa-2777	123	33	finan	finan	PROPN
ajfa-2777	123	34	of	of	ADP
ajfa-2777	123	35	statistics	statistic	NOUN
ajfa-2777	123	36	t	t	PROPN
ajfa-2777	123	37	the	the	DET
ajfa-2777	123	38	divide	divide	PROPN
ajfa-2777	123	39	o	o	PROPN
ajfa-2777	123	40	equity	equity	NOUN
ajfa-2777	123	41	sha	sha	PROPN
ajfa-2777	123	42	from	from	ADP
ajfa-2777	123	43	cmie	cmie	PROPN
ajfa-2777	123	44	ns	ns	PROPN
ajfa-2777	123	45	asure	asure	NOUN
ajfa-2777	123	46	of	of	ADP
ajfa-2777	123	47	pro	pro	ADJ
ajfa-2777	123	48	ofitability	ofitability	NOUN
ajfa-2777	124	1	d	d	NOUN
ajfa-2777	124	2	portfolios	portfolio	NOUN
ajfa-2777	124	3	p	p	NOUN
ajfa-2777	124	4	folios	folio	NOUN
ajfa-2777	124	5	for	for	ADP
ajfa-2777	124	6	th	th	X
ajfa-2777	124	7	est	est	NOUN
ajfa-2777	124	8	attribute	attribute	NOUN
ajfa-2777	124	9	on	on	ADP
ajfa-2777	124	10	.	.	PUNCT
ajfa-2777	125	1	p1	p1	NOUN
ajfa-2777	125	2	and	and	CCONJ
ajfa-2777	125	3	n	n	PRON
ajfa-2777	125	4	journal	journal	NOUN
ajfa-2777	125	5	of	of	ADP
ajfa-2777	125	6	f	f	PROPN
ajfa-2777	125	7	asset	asset	PROPN
ajfa-2777	125	8	pricin	pricin	NOUN
ajfa-2777	125	9	ate	eat	VERB
ajfa-2777	125	10	payouts	payout	NOUN
ajfa-2777	125	11	?	?	PUNCT
ajfa-2777	126	1	ta	ta	PROPN
ajfa-2777	126	2	and	and	CCONJ
ajfa-2777	126	3	their	their	PRON
ajfa-2777	126	4	irical	irical	ADJ
ajfa-2777	126	5	result	result	NOUN
ajfa-2777	126	6	.	.	PUNCT
ajfa-2777	127	1	of	of	ADP
ajfa-2777	127	2	bse-500	bse-500	NOUN
ajfa-2777	127	3	or	or	CCONJ
ajfa-2777	127	4	capitalisa	capitalisa	VERB
ajfa-2777	127	5	onthly	onthly	ADJ
ajfa-2777	127	6	obser	obser	NOUN
ajfa-2777	127	7	on	on	ADP
ajfa-2777	127	8	bse	bse	PROPN
ajfa-2777	127	9	,	,	PUNCT
ajfa-2777	127	10	ac	ac	PROPN
ajfa-2777	127	11	my	my	PRON
ajfa-2777	127	12	.	.	PUNCT
ajfa-2777	128	1	hence	hence	ADV
ajfa-2777	128	2	xchange	xchange	PROPN
ajfa-2777	128	3	(	(	PUNCT
ajfa-2777	128	4	b	b	NOUN
ajfa-2777	128	5	index	index	NOUN
ajfa-2777	128	6	which	which	PRON
ajfa-2777	128	7	ries	rie	NOUN
ajfa-2777	128	8	have	have	VERB
ajfa-2777	128	9	b	b	NOUN
ajfa-2777	128	10	as	as	ADP
ajfa-2777	128	11	the	the	DET
ajfa-2777	128	12	natura	natura	NOUN
ajfa-2777	128	13	d	d	PROPN
ajfa-2777	128	14	as	as	ADP
ajfa-2777	128	15	the	the	DET
ajfa-2777	128	16	val	val	NOUN
ajfa-2777	128	17	any	any	DET
ajfa-2777	128	18	’s	’s	ADJ
ajfa-2777	128	19	book	book	NOUN
ajfa-2777	128	20	on	on	ADP
ajfa-2777	128	21	assets	asset	NOUN
ajfa-2777	128	22	.	.	PUNCT
ajfa-2777	129	1	r	r	NOUN
ajfa-2777	129	2	for	for	ADP
ajfa-2777	129	3	the	the	DET
ajfa-2777	129	4	mos	mos	NOUN
ajfa-2777	129	5	ulated	ulate	VERB
ajfa-2777	129	6	as	as	SCONJ
ajfa-2777	129	7	ne	ne	PROPN
ajfa-2777	129	8	cs	cs	PROPN
ajfa-2777	129	9	has	have	AUX
ajfa-2777	129	10	been	be	AUX
ajfa-2777	129	11	s	s	PROPN
ajfa-2777	129	12	on	on	ADP
ajfa-2777	129	13	91	91	NUM
ajfa-2777	129	14	-	-	PUNCT
ajfa-2777	129	15	day	day	NOUN
ajfa-2777	129	16	nce	nce	NOUN
ajfa-2777	129	17	literatur	literatur	X
ajfa-2777	129	18	.	.	PUNCT
ajfa-2777	130	1	nd	nd	PRON
ajfa-2777	130	2	decision	decision	NOUN
ajfa-2777	130	3	are	be	AUX
ajfa-2777	130	4	owners	owner	NOUN
ajfa-2777	130	5	e	e	NOUN
ajfa-2777	130	6	-	-	NOUN
ajfa-2777	130	7	prowess	prowess	NOUN
ajfa-2777	130	8	.	.	PUNCT
ajfa-2777	131	1	fitability	fitability	NOUN
ajfa-2777	131	2	.	.	PUNCT
ajfa-2777	132	1	in	in	ADP
ajfa-2777	132	2	definition	definition	NOUN
ajfa-2777	132	3	un	un	PROPN
ajfa-2777	132	4	p1	p1	PROPN
ajfa-2777	132	5	to	to	PART
ajfa-2777	132	6	p5	p5	VERB
ajfa-2777	132	7	and	and	CCONJ
ajfa-2777	132	8	e	e	NOUN
ajfa-2777	132	9	next	next	ADJ
ajfa-2777	132	10	12	12	NUM
ajfa-2777	132	11	m	m	NOUN
ajfa-2777	132	12	e	e	NOUN
ajfa-2777	132	13	while	while	SCONJ
ajfa-2777	132	14	p5	p5	PROPN
ajfa-2777	132	15	c	c	ADP
ajfa-2777	132	16	p5	p5	PROPN
ajfa-2777	132	17	are	be	AUX
ajfa-2777	132	18	refe	refe	PROPN
ajfa-2777	132	19	finance	finance	PROPN
ajfa-2777	132	20	&	&	CCONJ
ajfa-2777	132	21	ac	ac	PROPN
ajfa-2777	132	22	issn	issn	PROPN
ajfa-2777	132	23	19	19	NUM
ajfa-2777	132	24	2012	2012	NUM
ajfa-2777	132	25	,	,	PUNCT
ajfa-2777	132	26	vol	vol	NOUN
ajfa-2777	132	27	.	.	PUNCT
ajfa-2777	132	28	www.macrothi	www.macrothi	PUNCT
ajfa-2777	133	1	ng	ng	PROPN
ajfa-2777	133	2	models	model	NOUN
ajfa-2777	133	3	?	?	PUNCT
ajfa-2777	134	1	r	r	NOUN
ajfa-2777	134	2	sources	source	NOUN
ajfa-2777	134	3	.	.	PUNCT
ajfa-2777	135	1	s	s	PART
ajfa-2777	135	2	ts	ts	ADJ
ajfa-2777	135	3	.	.	PUNCT
ajfa-2777	136	1	the	the	DET
ajfa-2777	136	2	last	last	ADJ
ajfa-2777	136	3	0	0	NUM
ajfa-2777	136	4	equity	equity	NOUN
ajfa-2777	136	5	ind	ind	PROPN
ajfa-2777	136	6	ation	ation	PROPN
ajfa-2777	136	7	such	such	DET
ajfa-2777	136	8	a	a	DET
ajfa-2777	136	9	rvations	rvation	NOUN
ajfa-2777	136	10	)	)	PUNCT
ajfa-2777	136	11	.	.	PUNCT
ajfa-2777	137	1	b	b	X
ajfa-2777	137	2	ccounts	ccount	NOUN
ajfa-2777	137	3	for	for	ADP
ajfa-2777	137	4	the	the	DET
ajfa-2777	137	5	sample	sample	NOUN
ajfa-2777	137	6	bse	bse	NOUN
ajfa-2777	137	7	)	)	PUNCT
ajfa-2777	137	8	-200	-200	NUM
ajfa-2777	137	9	h	h	NOUN
ajfa-2777	137	10	is	be	AUX
ajfa-2777	137	11	constru	constru	PROPN
ajfa-2777	137	12	een	een	PROPN
ajfa-2777	137	13	conver	conver	PROPN
ajfa-2777	137	14	al	al	PROPN
ajfa-2777	137	15	log	log	NOUN
ajfa-2777	137	16	of	of	ADP
ajfa-2777	137	17	pri	pri	PROPN
ajfa-2777	137	18	alue	alue	PROPN
ajfa-2777	137	19	proxy	proxy	NOUN
ajfa-2777	137	20	.	.	PUNCT
ajfa-2777	138	1	k	k	PROPN
ajfa-2777	138	2	value	value	NOUN
ajfa-2777	138	3	.	.	PUNCT
ajfa-2777	139	1	we	we	PRON
ajfa-2777	139	2	return	return	VERB
ajfa-2777	139	3	on	on	ADP
ajfa-2777	139	4	e	e	PROPN
ajfa-2777	139	5	st	st	PROPN
ajfa-2777	139	6	recent	recent	ADJ
ajfa-2777	139	7	fis	fis	PROPN
ajfa-2777	139	8	et	et	PROPN
ajfa-2777	139	9	income	income	PROPN
ajfa-2777	139	10	sc	sc	PROPN
ajfa-2777	139	11	n	n	CCONJ
ajfa-2777	139	12	obtained	obtain	VERB
ajfa-2777	139	13	f	f	PROPN
ajfa-2777	139	14	y	y	PROPN
ajfa-2777	139	15	treasury	treasury	PROPN
ajfa-2777	139	16	bi	bi	PROPN
ajfa-2777	139	17	re	re	PROPN
ajfa-2777	139	18	.	.	PUNCT
ajfa-2777	140	1	the	the	DET
ajfa-2777	140	2	data	data	PROPN
ajfa-2777	140	3	n.	n.	NOUN
ajfa-2777	140	4	dividends	dividend	NOUN
ajfa-2777	140	5	as	as	ADP
ajfa-2777	140	6	a	a	DET
ajfa-2777	140	7	percen	percen	NOUN
ajfa-2777	140	8	n	n	ADP
ajfa-2777	140	9	december	december	PROPN
ajfa-2777	140	10	under	under	ADP
ajfa-2777	140	11	consid	consid	PROPN
ajfa-2777	140	12	nd	nd	ADV
ajfa-2777	140	13	equally	equally	ADV
ajfa-2777	140	14	-	-	PUNCT
ajfa-2777	140	15	w	w	NOUN
ajfa-2777	140	16	months	month	NOUN
ajfa-2777	140	17	(	(	PUNCT
ajfa-2777	140	18	t	t	PROPN
ajfa-2777	140	19	)	)	PUNCT
ajfa-2777	140	20	.	.	PUNCT
ajfa-2777	141	1	p	p	NOUN
ajfa-2777	141	2	consists	consist	VERB
ajfa-2777	141	3	of	of	ADP
ajfa-2777	141	4	t	t	NOUN
ajfa-2777	141	5	ferred	ferre	VERB
ajfa-2777	141	6	hence	hence	ADV
ajfa-2777	141	7	ccounting	ccounte	VERB
ajfa-2777	141	8	946	946	NUM
ajfa-2777	141	9	-	-	PUNCT
ajfa-2777	141	10	052x	052x	NOUN
ajfa-2777	141	11	4	4	NUM
ajfa-2777	141	12	,	,	PUNCT
ajfa-2777	141	13	no	no	INTJ
ajfa-2777	141	14	.	.	NOUN
ajfa-2777	141	15	2	2	NUM
ajfa-2777	141	16	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	141	17	such	such	ADJ
ajfa-2777	141	18	as	as	ADP
ajfa-2777	141	19	ection	ection	NOUN
ajfa-2777	141	20	3	3	NUM
ajfa-2777	141	21	t	t	NOUN
ajfa-2777	141	22	section	section	NOUN
ajfa-2777	141	23	dex	dex	NOUN
ajfa-2777	141	24	.	.	PUNCT
ajfa-2777	142	1	the	the	DET
ajfa-2777	142	2	s	s	PROPN
ajfa-2777	142	3	bonus	bonus	NOUN
ajfa-2777	142	4	,	,	PUNCT
ajfa-2777	142	5	bse-500	bse-500	VERB
ajfa-2777	142	6	95	95	NUM
ajfa-2777	142	7	%	%	NOUN
ajfa-2777	142	8	of	of	ADP
ajfa-2777	142	9	is	be	AUX
ajfa-2777	142	10	fairly	fairly	ADJ
ajfa-2777	142	11	index	index	NOUN
ajfa-2777	142	12	is	be	AUX
ajfa-2777	142	13	ucted	ucte	VERB
ajfa-2777	142	14	on	on	ADP
ajfa-2777	142	15	rted	rte	VERB
ajfa-2777	142	16	into	into	ADP
ajfa-2777	142	17	ce	ce	PROPN
ajfa-2777	142	18	times	times	PROPN
ajfa-2777	142	19	price	price	NOUN
ajfa-2777	142	20	to	to	PART
ajfa-2777	142	21	use	use	VERB
ajfa-2777	142	22	two	two	NUM
ajfa-2777	142	23	equity	equity	NOUN
ajfa-2777	142	24	is	be	AUX
ajfa-2777	142	25	scal	scal	ADJ
ajfa-2777	142	26	year	year	NOUN
ajfa-2777	142	27	caled	cale	VERB
ajfa-2777	142	28	by	by	ADV
ajfa-2777	142	29	from	from	ADP
ajfa-2777	142	30	the	the	DET
ajfa-2777	142	31	ills	ill	NOUN
ajfa-2777	142	32	have	have	VERB
ajfa-2777	142	33	a	a	PRON
ajfa-2777	142	34	for	for	ADP
ajfa-2777	142	35	this	this	PRON
ajfa-2777	142	36	s	s	PART
ajfa-2777	142	37	payout	payout	ADJ
ajfa-2777	142	38	ntage	ntage	NOUN
ajfa-2777	142	39	of	of	ADP
ajfa-2777	142	40	r	r	NOUN
ajfa-2777	142	41	of	of	ADP
ajfa-2777	142	42	year	year	NOUN
ajfa-2777	142	43	deration	deration	NOUN
ajfa-2777	142	44	.	.	PUNCT
ajfa-2777	143	1	weighted	weighted	PROPN
ajfa-2777	143	2	p1	p1	PROPN
ajfa-2777	143	3	is	be	AUX
ajfa-2777	143	4	the	the	DET
ajfa-2777	143	5	top	top	ADJ
ajfa-2777	143	6	20	20	NUM
ajfa-2777	143	7	%	%	NOUN
ajfa-2777	143	8	eforth	eforth	NOUN
ajfa-2777	143	9	as	as	ADP
ajfa-2777	143	10	corner	corner	NOUN
ajfa-2777	143	11	p	p	PROPN
ajfa-2777	143	12	we	we	PRON
ajfa-2777	143	13	def	def	PROPN
ajfa-2777	143	14	decemb	decemb	NOUN
ajfa-2777	143	15	repeated	repeat	VERB
ajfa-2777	143	16	in	in	ADP
ajfa-2777	143	17	the	the	DET
ajfa-2777	143	18	fi	fi	NOUN
ajfa-2777	143	19	portfoli	portfoli	PROPN
ajfa-2777	143	20	3.2	3.2	NUM
ajfa-2777	143	21	rela	rela	PROPN
ajfa-2777	143	22	to	to	PART
ajfa-2777	143	23	estim	estim	VERB
ajfa-2777	143	24	regressi	regressi	PROPN
ajfa-2777	143	25	is	be	AUX
ajfa-2777	143	26	profit	profit	NOUN
ajfa-2777	143	27	where	where	SCONJ
ajfa-2777	143	28	profitab	profitab	NOUN
ajfa-2777	143	29	constru	constru	PROPN
ajfa-2777	143	30	corner	corner	NOUN
ajfa-2777	143	31	p	p	PROPN
ajfa-2777	143	32	3.3	3.3	NUM
ajfa-2777	143	33	asse	asse	NOUN
ajfa-2777	143	34	capm	capm	NOUN
ajfa-2777	143	35	version	version	NOUN
ajfa-2777	143	36	where	where	SCONJ
ajfa-2777	143	37	r	r	NOUN
ajfa-2777	143	38	risk	risk	NOUN
ajfa-2777	143	39	free	free	ADJ
ajfa-2777	143	40	rmt	rmt	NOUN
ajfa-2777	143	41	–	–	PUNCT
ajfa-2777	143	42	r	r	NOUN
ajfa-2777	143	43	et	et	NOUN
ajfa-2777	143	44	is	be	AUX
ajfa-2777	143	45	the	the	DET
ajfa-2777	143	46	a	a	PRON
ajfa-2777	143	47	(	(	PUNCT
ajfa-2777	143	48	interc	interc	NOUN
ajfa-2777	143	49	b	b	PROPN
ajfa-2777	143	50	is	be	AUX
ajfa-2777	143	51	the	the	DET
ajfa-2777	143	52	the	the	DET
ajfa-2777	143	53	ca	ca	NOUN
ajfa-2777	143	54	market	market	NOUN
ajfa-2777	143	55	signific	signific	NOUN
ajfa-2777	143	56	if	if	SCONJ
ajfa-2777	143	57	there	there	ADV
ajfa-2777	143	58	capm	capm	PROPN
ajfa-2777	143	59	3.4	3.4	NUM
ajfa-2777	143	60	rela	rela	PROPN
ajfa-2777	143	61	the	the	DET
ajfa-2777	143	62	pur	pur	PROPN
ajfa-2777	143	63	firms	firm	NOUN
ajfa-2777	143	64	a	a	DET
ajfa-2777	143	65	individu	individu	ADJ
ajfa-2777	143	66	return	return	NOUN
ajfa-2777	143	67	u	u	NOUN
ajfa-2777	143	68	portfolios	portfolio	NOUN
ajfa-2777	143	69	in	in	ADP
ajfa-2777	143	70	fine	fine	ADJ
ajfa-2777	143	71	a	a	DET
ajfa-2777	143	72	year	year	NOUN
ajfa-2777	143	73	a	a	DET
ajfa-2777	143	74	ber	ber	NOUN
ajfa-2777	143	75	of	of	ADP
ajfa-2777	143	76	each	each	DET
ajfa-2777	143	77	d	d	NOUN
ajfa-2777	143	78	till	till	SCONJ
ajfa-2777	143	79	we	we	PRON
ajfa-2777	143	80	rea	rea	VERB
ajfa-2777	143	81	first	first	ADJ
ajfa-2777	143	82	step	step	NOUN
ajfa-2777	143	83	of	of	ADP
ajfa-2777	143	84	o	o	PROPN
ajfa-2777	143	85	ios	ios	PRON
ajfa-2777	143	86	created	create	VERB
ajfa-2777	143	87	,	,	PUNCT
ajfa-2777	143	88	ationship	ationship	NOUN
ajfa-2777	143	89	be	be	AUX
ajfa-2777	143	90	mate	mate	NOUN
ajfa-2777	143	91	relatio	relatio	NOUN
ajfa-2777	143	92	ion	ion	NOUN
ajfa-2777	143	93	where	where	SCONJ
ajfa-2777	143	94	t	t	PROPN
ajfa-2777	143	95	ts	t	VERB
ajfa-2777	143	96	.	.	PUNCT
ajfa-2777	144	1	we	we	PRON
ajfa-2777	144	2	estim	estim	VERB
ajfa-2777	144	3	λ0	λ0	NOUN
ajfa-2777	144	4	is	be	AUX
ajfa-2777	144	5	a	a	DET
ajfa-2777	144	6	co	co	X
ajfa-2777	144	7	ble	ble	ADJ
ajfa-2777	144	8	firms	firm	NOUN
ajfa-2777	144	9	p	p	NOUN
ajfa-2777	144	10	cted	cte	VERB
ajfa-2777	144	11	profita	profita	NOUN
ajfa-2777	144	12	portfolios	portfolio	NOUN
ajfa-2777	144	13	.	.	PUNCT
ajfa-2777	145	1	et	et	NOUN
ajfa-2777	145	2	pricing	price	VERB
ajfa-2777	145	3	te	te	ADP
ajfa-2777	145	4	regressions	regression	NOUN
ajfa-2777	145	5	of	of	ADP
ajfa-2777	145	6	the	the	DET
ajfa-2777	145	7	mark	mark	PROPN
ajfa-2777	145	8	rpt	rpt	PROPN
ajfa-2777	145	9	–	–	PUNCT
ajfa-2777	145	10	rft	rft	NOUN
ajfa-2777	145	11	is	be	AUX
ajfa-2777	145	12	e	e	NOUN
ajfa-2777	145	13	return	return	NOUN
ajfa-2777	145	14	(	(	PUNCT
ajfa-2777	145	15	rft	rft	NOUN
ajfa-2777	145	16	rft	rft	NOUN
ajfa-2777	145	17	is	be	AUX
ajfa-2777	145	18	the	the	DET
ajfa-2777	145	19	exc	exc	NOUN
ajfa-2777	145	20	error	error	NOUN
ajfa-2777	145	21	term	term	NOUN
ajfa-2777	145	22	,	,	PUNCT
ajfa-2777	145	23	cept	cept	NOUN
ajfa-2777	145	24	)	)	PUNCT
ajfa-2777	145	25	is	be	AUX
ajfa-2777	145	26	a	a	DET
ajfa-2777	145	27	m	m	NOUN
ajfa-2777	145	28	sensitivity	sensitivity	NOUN
ajfa-2777	145	29	apm	apm	NOUN
ajfa-2777	145	30	implie	implie	ADJ
ajfa-2777	145	31	returns	return	NOUN
ajfa-2777	145	32	.	.	PUNCT
ajfa-2777	146	1	h	h	NOUN
ajfa-2777	146	2	cantly	cantly	ADV
ajfa-2777	146	3	positi	positi	PROPN
ajfa-2777	146	4	e	e	PROPN
ajfa-2777	146	5	is	be	AUX
ajfa-2777	146	6	a	a	DET
ajfa-2777	146	7	signi	signi	ADJ
ajfa-2777	146	8	anomaly	anomaly	NOUN
ajfa-2777	146	9	ex	ex	PRON
ajfa-2777	146	10	ation	ation	PROPN
ajfa-2777	146	11	betwe	betwe	PROPN
ajfa-2777	146	12	rpose	rpose	PROPN
ajfa-2777	146	13	of	of	ADP
ajfa-2777	146	14	est	est	X
ajfa-2777	146	15	are	be	AUX
ajfa-2777	146	16	perceive	perceive	ADJ
ajfa-2777	146	17	ual	ual	ADJ
ajfa-2777	146	18	firm	firm	NOUN
ajfa-2777	146	19	by	by	ADP
ajfa-2777	146	20	using	use	VERB
ajfa-2777	146	21	rollin	rollin	PROPN
ajfa-2777	146	22	n	n	CCONJ
ajfa-2777	146	23	the	the	DET
ajfa-2777	146	24	study	study	NOUN
ajfa-2777	146	25	.	.	PUNCT
ajfa-2777	147	1	as	as	ADP
ajfa-2777	147	2	calendar	calendar	NOUN
ajfa-2777	147	3	h	h	NOUN
ajfa-2777	147	4	year	year	NOUN
ajfa-2777	147	5	beg	beg	VERB
ajfa-2777	147	6	ach	ach	PROPN
ajfa-2777	147	7	decemb	decemb	NOUN
ajfa-2777	147	8	our	our	PRON
ajfa-2777	147	9	method	method	NOUN
ajfa-2777	147	10	and	and	CCONJ
ajfa-2777	147	11	ascerta	ascerta	NOUN
ajfa-2777	147	12	etween	etween	VERB
ajfa-2777	147	13	prof	prof	PROPN
ajfa-2777	147	14	onship	onship	NOUN
ajfa-2777	147	15	betw	betw	NOUN
ajfa-2777	147	16	the	the	DET
ajfa-2777	147	17	dividend	dividend	NOUN
ajfa-2777	147	18	mate	mate	NOUN
ajfa-2777	147	19	the	the	DET
ajfa-2777	147	20	foll	foll	NOUN
ajfa-2777	147	21	nstant	nstant	PROPN
ajfa-2777	147	22	.	.	PUNCT
ajfa-2777	148	1	a	a	DET
ajfa-2777	148	2	s	s	NOUN
ajfa-2777	148	3	pay	pay	NOUN
ajfa-2777	148	4	higher	high	ADJ
ajfa-2777	148	5	ability	ability	NOUN
ajfa-2777	148	6	sorte	sorte	NOUN
ajfa-2777	148	7	est	est	PROPN
ajfa-2777	148	8	capm	capm	PROPN
ajfa-2777	148	9	s	s	PART
ajfa-2777	148	10	are	be	AUX
ajfa-2777	148	11	run	run	VERB
ajfa-2777	148	12	on	on	ADP
ajfa-2777	148	13	ket	ket	NOUN
ajfa-2777	148	14	model	model	NOUN
ajfa-2777	148	15	e	e	NOUN
ajfa-2777	148	16	the	the	DET
ajfa-2777	148	17	monthly	monthly	ADJ
ajfa-2777	148	18	ft	ft	NOUN
ajfa-2777	148	19	)	)	PUNCT
ajfa-2777	148	20	,	,	PUNCT
ajfa-2777	148	21	cess	cess	ADJ
ajfa-2777	148	22	market	market	NOUN
ajfa-2777	148	23	measure	measure	NOUN
ajfa-2777	148	24	of	of	ADP
ajfa-2777	148	25	ab	ab	PROPN
ajfa-2777	148	26	coefficient	coefficient	NOUN
ajfa-2777	148	27	es	es	ADP
ajfa-2777	148	28	that	that	DET
ajfa-2777	148	29	exce	exce	NOUN
ajfa-2777	148	30	hence	hence	ADV
ajfa-2777	148	31	,	,	PUNCT
ajfa-2777	148	32	the	the	DET
ajfa-2777	148	33	i	i	PRON
ajfa-2777	148	34	ve	ve	VERB
ajfa-2777	148	35	(	(	PUNCT
ajfa-2777	148	36	negativ	negativ	PROPN
ajfa-2777	148	37	ificant	ificant	ADJ
ajfa-2777	148	38	posi	posi	PROPN
ajfa-2777	148	39	xists	xist	NOUN
ajfa-2777	148	40	.	.	PUNCT
ajfa-2777	149	1	een	een	PROPN
ajfa-2777	149	2	beta	beta	NOUN
ajfa-2777	149	3	and	and	CCONJ
ajfa-2777	149	4	timating	timate	VERB
ajfa-2777	149	5	the	the	DET
ajfa-2777	149	6	ed	ed	NOUN
ajfa-2777	149	7	to	to	PART
ajfa-2777	149	8	be	be	AUX
ajfa-2777	149	9	le	le	AUX
ajfa-2777	149	10	regressing	regress	VERB
ajfa-2777	149	11	ng	ng	PROPN
ajfa-2777	149	12	three	three	NUM
ajfa-2777	149	13	ye	ye	NOUN
ajfa-2777	149	14	the	the	DET
ajfa-2777	149	15	portfol	portfol	ADJ
ajfa-2777	149	16	year	year	NOUN
ajfa-2777	149	17	from	from	ADP
ajfa-2777	149	18	j	j	NOUN
ajfa-2777	149	19	ginning	gin	VERB
ajfa-2777	149	20	in	in	ADP
ajfa-2777	149	21	ber	ber	PROPN
ajfa-2777	149	22	2009	2009	NUM
ajfa-2777	149	23	.	.	PUNCT
ajfa-2777	150	1	dology	dology	NOUN
ajfa-2777	150	2	we	we	PRON
ajfa-2777	150	3	ob	ob	VERB
ajfa-2777	150	4	ain	ain	VERB
ajfa-2777	150	5	the	the	DET
ajfa-2777	150	6	relati	relati	NOUN
ajfa-2777	150	7	fitability	fitability	NOUN
ajfa-2777	150	8	and	and	CCONJ
ajfa-2777	150	9	ween	ween	PROPN
ajfa-2777	150	10	divide	divide	PROPN
ajfa-2777	150	11	d	d	PROPN
ajfa-2777	150	12	payout	payout	NOUN
ajfa-2777	150	13	is	be	AUX
ajfa-2777	150	14	lowing	low	VERB
ajfa-2777	150	15	equa	equa	NOUN
ajfa-2777	150	16	payout	payout	NOUN
ajfa-2777	150	17	significant	significant	ADJ
ajfa-2777	150	18	dividends	dividend	NOUN
ajfa-2777	150	19	ed	ed	PROPN
ajfa-2777	150	20	portfolio	portfolio	PROPN
ajfa-2777	150	21	m	m	PROPN
ajfa-2777	150	22	n	n	PRON
ajfa-2777	150	23	each	each	PRON
ajfa-2777	150	24	of	of	ADP
ajfa-2777	150	25	th	th	X
ajfa-2777	150	26	equation	equation	NOUN
ajfa-2777	150	27	.	.	PUNCT
ajfa-2777	151	1	rpt	rpt	NOUN
ajfa-2777	151	2	y	y	PROPN
ajfa-2777	151	3	excess	excess	ADJ
ajfa-2777	151	4	ret	ret	NOUN
ajfa-2777	151	5	return	return	NOUN
ajfa-2777	151	6	i.e	i.e	X
ajfa-2777	151	7	re	re	PUNCT
ajfa-2777	151	8	bnormal	bnormal	ADJ
ajfa-2777	151	9	pro	pro	NOUN
ajfa-2777	151	10	of	of	ADP
ajfa-2777	151	11	market	market	NOUN
ajfa-2777	151	12	f	f	PROPN
ajfa-2777	151	13	ess	ess	PROPN
ajfa-2777	151	14	returns	return	NOUN
ajfa-2777	151	15	expected	expect	VERB
ajfa-2777	151	16	ve	ve	NOUN
ajfa-2777	151	17	)	)	PUNCT
ajfa-2777	151	18	value	value	NOUN
ajfa-2777	151	19	of	of	ADP
ajfa-2777	151	20	tive	tive	NOUN
ajfa-2777	151	21	or	or	CCONJ
ajfa-2777	151	22	neg	neg	VERB
ajfa-2777	151	23	d	d	X
ajfa-2777	151	24	payouts	payout	NOUN
ajfa-2777	151	25	e	e	PROPN
ajfa-2777	151	26	relation	relation	NOUN
ajfa-2777	151	27	be	be	VERB
ajfa-2777	151	28	ess	ess	NOUN
ajfa-2777	151	29	risky	risky	ADJ
ajfa-2777	151	30	by	by	ADP
ajfa-2777	151	31	a	a	DET
ajfa-2777	151	32	firm	firm	NOUN
ajfa-2777	151	33	’s	’s	PART
ajfa-2777	151	34	ex	ex	X
ajfa-2777	151	35	ear	ear	AUX
ajfa-2777	151	36	regressio	regressio	VERB
ajfa-2777	151	37	352	352	NUM
ajfa-2777	151	38	lios	lio	NOUN
ajfa-2777	151	39	are	be	AUX
ajfa-2777	151	40	re	re	ADJ
ajfa-2777	151	41	-	-	PROPN
ajfa-2777	151	42	b	b	ADJ
ajfa-2777	151	43	january	january	NOUN
ajfa-2777	151	44	to	to	ADP
ajfa-2777	151	45	d	d	PROPN
ajfa-2777	151	46	december	december	PROPN
ajfa-2777	151	47	bserve	bserve	VERB
ajfa-2777	151	48	the	the	DET
ajfa-2777	151	49	u	u	NOUN
ajfa-2777	151	50	ionship	ionship	NOUN
ajfa-2777	151	51	betw	betw	PROPN
ajfa-2777	151	52	d	d	PROPN
ajfa-2777	151	53	payouts	payout	NOUN
ajfa-2777	151	54	end	end	VERB
ajfa-2777	151	55	payout	payout	NOUN
ajfa-2777	151	56	the	the	DET
ajfa-2777	151	57	depend	depend	ADJ
ajfa-2777	151	58	ation	ation	PROPN
ajfa-2777	152	1	t	t	PROPN
ajfa-2777	153	1	i	i	PRON
ajfa-2777	153	2	,	,	PUNCT
ajfa-2777	153	3	t	t	NOUN
ajfa-2777	153	4	=	=	SYM
ajfa-2777	153	5	λ0	λ0	NOUN
ajfa-2777	153	6	+	+	X
ajfa-2777	153	7	λ1	λ1	ADJ
ajfa-2777	153	8	positive	positive	ADJ
ajfa-2777	153	9	va	va	NOUN
ajfa-2777	153	10	and	and	CCONJ
ajfa-2777	153	11	vice	vice	PROPN
ajfa-2777	153	12	v	v	PROPN
ajfa-2777	153	13	os	os	NOUN
ajfa-2777	153	14	and	and	CCONJ
ajfa-2777	153	15	calc	calc	VERB
ajfa-2777	153	16	he	he	PRON
ajfa-2777	153	17	five	five	NUM
ajfa-2777	153	18	port	port	NOUN
ajfa-2777	153	19	–	–	PUNCT
ajfa-2777	153	20	rft	rft	NOUN
ajfa-2777	153	21	=	=	PUNCT
ajfa-2777	153	22	a	a	PRON
ajfa-2777	153	23	+	+	NOUN
ajfa-2777	153	24	turn	turn	NOUN
ajfa-2777	153	25	on	on	ADP
ajfa-2777	153	26	the	the	DET
ajfa-2777	153	27	eturn	eturn	NOUN
ajfa-2777	153	28	on	on	ADP
ajfa-2777	153	29	ma	ma	PROPN
ajfa-2777	153	30	ofits	ofit	NOUN
ajfa-2777	153	31	and	and	CCONJ
ajfa-2777	153	32	factor	factor	NOUN
ajfa-2777	153	33	.	.	PUNCT
ajfa-2777	154	1	on	on	ADP
ajfa-2777	154	2	a	a	DET
ajfa-2777	154	3	portfo	portfo	ADJ
ajfa-2777	154	4	value	value	NOUN
ajfa-2777	154	5	of	of	ADP
ajfa-2777	154	6	a	a	DET
ajfa-2777	154	7	f	f	NOUN
ajfa-2777	154	8	‘	'	PUNCT
ajfa-2777	154	9	a	a	DET
ajfa-2777	154	10	’	'	PUNCT
ajfa-2777	154	11	(	(	PUNCT
ajfa-2777	154	12	interce	interce	INTJ
ajfa-2777	154	13	gative	gative	PROPN
ajfa-2777	154	14	inter	inter	X
ajfa-2777	154	15	etween	etween	VERB
ajfa-2777	154	16	beta	beta	PROPN
ajfa-2777	154	17	y	y	PROPN
ajfa-2777	154	18	investors	investor	NOUN
ajfa-2777	154	19	xcess	xcess	ADJ
ajfa-2777	154	20	month	month	NOUN
ajfa-2777	154	21	ons	ons	PROPN
ajfa-2777	154	22	over	over	ADP
ajfa-2777	154	23	th	th	X
ajfa-2777	154	24	asian	asian	NOUN
ajfa-2777	154	25	balanced	balanced	ADJ
ajfa-2777	154	26	at	at	ADP
ajfa-2777	154	27	december	december	PROPN
ajfa-2777	154	28	.	.	PUNCT
ajfa-2777	155	1	s	s	PART
ajfa-2777	155	2	1995	1995	NUM
ajfa-2777	155	3	and	and	CCONJ
ajfa-2777	155	4	unadjusted	unadjuste	VERB
ajfa-2777	155	5	m	m	PROPN
ajfa-2777	155	6	ween	ween	PROPN
ajfa-2777	155	7	profita	profita	PROPN
ajfa-2777	155	8	ts	ts	PROPN
ajfa-2777	155	9	and	and	CCONJ
ajfa-2777	155	10	profi	profi	PROPN
ajfa-2777	155	11	dent	dent	NOUN
ajfa-2777	155	12	variable	variable	ADJ
ajfa-2777	155	13	profits	profit	NOUN
ajfa-2777	155	14	i	i	PRON
ajfa-2777	155	15	,	,	PUNCT
ajfa-2777	155	16	t	t	PROPN
ajfa-2777	155	17	+	+	CCONJ
ajfa-2777	155	18	alue	alue	NOUN
ajfa-2777	155	19	of	of	ADP
ajfa-2777	155	20	λ	λ	PROPN
ajfa-2777	155	21	versa	versa	ADV
ajfa-2777	155	22	.	.	PUNCT
ajfa-2777	156	1	to	to	AUX
ajfa-2777	156	2	c	c	PROPN
ajfa-2777	156	3	culated	culate	VERB
ajfa-2777	156	4	the	the	DET
ajfa-2777	156	5	tfolios	tfolio	NOUN
ajfa-2777	156	6	usin	usin	PROPN
ajfa-2777	156	7	b	b	X
ajfa-2777	156	8	(	(	PUNCT
ajfa-2777	156	9	rmt	rmt	NOUN
ajfa-2777	156	10	–	–	PUNCT
ajfa-2777	156	11	rft	rft	NOUN
ajfa-2777	156	12	portfolio	portfolio	NOUN
ajfa-2777	156	13	i.	i.	PROPN
ajfa-2777	156	14	arket	arket	PROPN
ajfa-2777	156	15	factor	factor	NOUN
ajfa-2777	156	16	m	m	PROPN
ajfa-2777	156	17	olio	olio	NOUN
ajfa-2777	156	18	should	should	AUX
ajfa-2777	156	19	a	a	DET
ajfa-2777	156	20	(	(	PUNCT
ajfa-2777	156	21	the	the	DET
ajfa-2777	156	22	inter	inter	PROPN
ajfa-2777	156	23	ept	ept	PROPN
ajfa-2777	156	24	)	)	PUNCT
ajfa-2777	156	25	implies	imply	VERB
ajfa-2777	156	26	cept	cept	NOUN
ajfa-2777	156	27	in	in	ADP
ajfa-2777	156	28	the	the	DET
ajfa-2777	156	29	a	a	NOUN
ajfa-2777	156	30	and	and	CCONJ
ajfa-2777	156	31	payou	payou	NOUN
ajfa-2777	156	32	.	.	PUNCT
ajfa-2777	157	1	we	we	PRON
ajfa-2777	157	2	first	first	ADV
ajfa-2777	157	3	hly	hly	VERB
ajfa-2777	157	4	stock	stock	NOUN
ajfa-2777	157	5	re	re	ADP
ajfa-2777	157	6	he	he	PRON
ajfa-2777	157	7	entire	entire	VERB
ajfa-2777	157	8	tim	tim	PROPN
ajfa-2777	157	9	n	n	PROPN
ajfa-2777	157	10	journal	journal	NOUN
ajfa-2777	157	11	of	of	ADP
ajfa-2777	157	12	f	f	PROPN
ajfa-2777	157	13	the	the	DET
ajfa-2777	157	14	end	end	NOUN
ajfa-2777	157	15	of	of	ADP
ajfa-2777	157	16	d	d	PROPN
ajfa-2777	157	17	sample	sample	NOUN
ajfa-2777	157	18	secu	secu	PROPN
ajfa-2777	157	19	d	d	NOUN
ajfa-2777	157	20	portfolio	portfolio	NOUN
ajfa-2777	157	21	mean	mean	VERB
ajfa-2777	157	22	exces	exce	NOUN
ajfa-2777	157	23	ability	ability	NOUN
ajfa-2777	157	24	and	and	CCONJ
ajfa-2777	157	25	r	r	NOUN
ajfa-2777	157	26	fitability	fitability	NOUN
ajfa-2777	157	27	we	we	PRON
ajfa-2777	157	28	e	e	PROPN
ajfa-2777	157	29	and	and	CCONJ
ajfa-2777	157	30	the	the	DET
ajfa-2777	157	31	ex	ex	X
ajfa-2777	157	32	ε	ε	PROPN
ajfa-2777	157	33	t	t	PROPN
ajfa-2777	157	34	λ1	λ1	PROPN
ajfa-2777	157	35	would	would	AUX
ajfa-2777	157	36	in	in	PART
ajfa-2777	157	37	confirm	confirm	VERB
ajfa-2777	157	38	the	the	DET
ajfa-2777	157	39	average	average	ADJ
ajfa-2777	157	40	pa	pa	PROPN
ajfa-2777	157	41	ng	ng	PROPN
ajfa-2777	157	42	the	the	DET
ajfa-2777	157	43	famil	famil	PROPN
ajfa-2777	157	44	t	t	PROPN
ajfa-2777	157	45	)	)	PUNCT
ajfa-2777	158	1	+	+	CCONJ
ajfa-2777	158	2	et	et	PROPN
ajfa-2777	158	3	e.	e.	PROPN
ajfa-2777	158	4	return	return	VERB
ajfa-2777	158	5	on	on	ADP
ajfa-2777	158	6	minus	minus	CCONJ
ajfa-2777	158	7	risk	risk	NOUN
ajfa-2777	158	8	f	f	PROPN
ajfa-2777	158	9	be	be	AUX
ajfa-2777	158	10	fully	fully	ADV
ajfa-2777	158	11	ex	ex	X
ajfa-2777	158	12	rcept	rcept	NOUN
ajfa-2777	158	13	term	term	NOUN
ajfa-2777	158	14	)	)	PUNCT
ajfa-2777	158	15	s	s	VERB
ajfa-2777	158	16	extra	extra	ADJ
ajfa-2777	158	17	-	-	ADJ
ajfa-2777	158	18	norm	norm	ADJ
ajfa-2777	158	19	e	e	PROPN
ajfa-2777	158	20	capm	capm	PROPN
ajfa-2777	158	21	sp	sp	ADP
ajfa-2777	158	22	ts	ts	PROPN
ajfa-2777	158	23	is	be	AUX
ajfa-2777	158	24	to	to	PART
ajfa-2777	158	25	eval	eval	PROPN
ajfa-2777	158	26	estimate	estimate	NOUN
ajfa-2777	158	27	st	st	PROPN
ajfa-2777	158	28	turn	turn	VERB
ajfa-2777	158	29	against	against	ADP
ajfa-2777	158	30	me	i	PRON
ajfa-2777	158	31	period	period	NOUN
ajfa-2777	158	32	.	.	PUNCT
ajfa-2777	159	1	finance	finance	PROPN
ajfa-2777	159	2	&	&	CCONJ
ajfa-2777	159	3	ac	ac	PROPN
ajfa-2777	159	4	issn	issn	PROPN
ajfa-2777	159	5	19	19	NUM
ajfa-2777	159	6	2012	2012	NUM
ajfa-2777	159	7	,	,	PUNCT
ajfa-2777	159	8	vol	vol	NOUN
ajfa-2777	159	9	.	.	PUNCT
ajfa-2777	160	1	www.macrothi	www.macrothi	X
ajfa-2777	160	2	december	december	PROPN
ajfa-2777	160	3	o	o	NOUN
ajfa-2777	161	1	urities	uritie	NOUN
ajfa-2777	161	2	are	be	AUX
ajfa-2777	161	3	s	s	PRON
ajfa-2777	161	4	formation	formation	NOUN
ajfa-2777	161	5	ss	ss	NOUN
ajfa-2777	161	6	returns	return	NOUN
ajfa-2777	161	7	ac	ac	ADP
ajfa-2777	161	8	returns	return	NOUN
ajfa-2777	161	9	.	.	PUNCT
ajfa-2777	162	1	e	e	PRON
ajfa-2777	162	2	run	run	VERB
ajfa-2777	162	3	a	a	DET
ajfa-2777	162	4	pan	pan	NOUN
ajfa-2777	162	5	xplanatory	xplanatory	NOUN
ajfa-2777	162	6	ndicate	ndicate	NOUN
ajfa-2777	162	7	that	that	SCONJ
ajfa-2777	162	8	ese	ese	NOUN
ajfa-2777	162	9	results	result	VERB
ajfa-2777	162	10	ayout	ayout	ADP
ajfa-2777	162	11	ratio	ratio	NOUN
ajfa-2777	162	12	liar	liar	NOUN
ajfa-2777	162	13	“	"	PUNCT
ajfa-2777	162	14	excess	excess	ADJ
ajfa-2777	162	15	n	n	CCONJ
ajfa-2777	162	16	portfolio	portfolio	NOUN
ajfa-2777	162	17	free	free	ADJ
ajfa-2777	162	18	return	return	NOUN
ajfa-2777	162	19	,	,	PUNCT
ajfa-2777	162	20	xplained	xplaine	VERB
ajfa-2777	162	21	by	by	ADP
ajfa-2777	162	22	)	)	PUNCT
ajfa-2777	162	23	should	should	AUX
ajfa-2777	162	24	b	b	PROPN
ajfa-2777	162	25	mal	mal	ADJ
ajfa-2777	162	26	profits	profit	NOUN
ajfa-2777	162	27	pecification	pecification	NOUN
ajfa-2777	162	28	luate	luate	ADJ
ajfa-2777	162	29	if	if	SCONJ
ajfa-2777	162	30	high	high	ADJ
ajfa-2777	162	31	tock	tock	NOUN
ajfa-2777	162	32	beta	beta	PROPN
ajfa-2777	162	33	f	f	PROPN
ajfa-2777	162	34	t	t	PROPN
ajfa-2777	162	35	the	the	DET
ajfa-2777	162	36	excess	excess	NOUN
ajfa-2777	162	37	the	the	DET
ajfa-2777	162	38	variab	variab	NOUN
ajfa-2777	162	39	ccounting	ccounte	VERB
ajfa-2777	162	40	946	946	NUM
ajfa-2777	162	41	-	-	PUNCT
ajfa-2777	162	42	052x	052x	NOUN
ajfa-2777	162	43	4	4	NUM
ajfa-2777	162	44	,	,	PUNCT
ajfa-2777	162	45	no	no	INTJ
ajfa-2777	162	46	.	.	NOUN
ajfa-2777	162	47	2	2	NUM
ajfa-2777	162	48	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	162	49	of	of	ADP
ajfa-2777	162	50	year	year	NOUN
ajfa-2777	162	51	t.	t.	NOUN
ajfa-2777	162	52	sorted	sort	VERB
ajfa-2777	162	53	in	in	ADP
ajfa-2777	162	54	process	process	NOUN
ajfa-2777	162	55	cross	cross	VERB
ajfa-2777	162	56	the	the	DET
ajfa-2777	162	57	nel	nel	PROPN
ajfa-2777	162	58	ols	ols	PROPN
ajfa-2777	162	59	variable	variable	NOUN
ajfa-2777	162	60	(	(	PUNCT
ajfa-2777	162	61	2	2	NUM
ajfa-2777	162	62	)	)	PUNCT
ajfa-2777	162	63	t	t	NOUN
ajfa-2777	162	64	more	more	ADJ
ajfa-2777	162	65	we	we	PRON
ajfa-2777	162	66	also	also	ADV
ajfa-2777	162	67	s	s	VERB
ajfa-2777	162	68	of	of	ADP
ajfa-2777	162	69	the	the	DET
ajfa-2777	162	70	s	s	PART
ajfa-2777	162	71	return	return	NOUN
ajfa-2777	162	72	”	"	PUNCT
ajfa-2777	162	73	(	(	PUNCT
ajfa-2777	162	74	3	3	X
ajfa-2777	162	75	)	)	PUNCT
ajfa-2777	162	76	p	p	NOUN
ajfa-2777	162	77	minus	minus	ADP
ajfa-2777	162	78	y	y	PROPN
ajfa-2777	162	79	excess	excess	NOUN
ajfa-2777	162	80	be	be	AUX
ajfa-2777	162	81	0	0	NUM
ajfa-2777	162	82	.	.	PUNCT
ajfa-2777	163	1	a	a	DET
ajfa-2777	163	2	(	(	PUNCT
ajfa-2777	163	3	losses	loss	NOUN
ajfa-2777	163	4	)	)	PUNCT
ajfa-2777	163	5	.	.	PUNCT
ajfa-2777	164	1	,	,	PUNCT
ajfa-2777	164	2	then	then	ADV
ajfa-2777	164	3	a	a	DET
ajfa-2777	164	4	h	h	NOUN
ajfa-2777	164	5	payout	payout	NOUN
ajfa-2777	164	6	for	for	ADP
ajfa-2777	164	7	each	each	DET
ajfa-2777	164	8	s	s	PART
ajfa-2777	164	9	market	market	NOUN
ajfa-2777	164	10	ble	ble	ADJ
ajfa-2777	164	11	beta	beta	NOUN
ajfa-2777	164	12	measure	measure	NOUN
ajfa-2777	164	13	systema	systema	PROPN
ajfa-2777	164	14	time	time	NOUN
ajfa-2777	164	15	ser	ser	NOUN
ajfa-2777	164	16	where	where	SCONJ
ajfa-2777	164	17	y	y	PROPN
ajfa-2777	164	18	x	x	PROPN
ajfa-2777	164	19	is	be	AUX
ajfa-2777	164	20	the	the	DET
ajfa-2777	164	21	α	α	NOUN
ajfa-2777	164	22	the	the	PRON
ajfa-2777	164	23	in	in	ADV
ajfa-2777	164	24	once	once	ADV
ajfa-2777	164	25	th	th	X
ajfa-2777	164	26	the	the	DET
ajfa-2777	164	27	rela	rela	PROPN
ajfa-2777	164	28	where	where	SCONJ
ajfa-2777	164	29	b	b	X
ajfa-2777	164	30	γ1	γ1	PROPN
ajfa-2777	164	31	in	in	ADP
ajfa-2777	164	32	thi	thi	ADP
ajfa-2777	164	33	relation	relation	NOUN
ajfa-2777	164	34	and	and	CCONJ
ajfa-2777	164	35	calc	calc	NOUN
ajfa-2777	164	36	3.5	3.5	NUM
ajfa-2777	164	37	asse	asse	NOUN
ajfa-2777	164	38	if	if	SCONJ
ajfa-2777	164	39	a	a	DET
ajfa-2777	164	40	ca	ca	NOUN
ajfa-2777	164	41	portfoli	portfoli	NOUN
ajfa-2777	164	42	and	and	CCONJ
ajfa-2777	164	43	fre	fre	VERB
ajfa-2777	164	44	the	the	DET
ajfa-2777	164	45	ff	ff	NOUN
ajfa-2777	164	46	where	where	SCONJ
ajfa-2777	164	47	lmht	lmht	NOUN
ajfa-2777	165	1	i	i	PRON
ajfa-2777	165	2	s	s	VERB
ajfa-2777	165	3	and	and	CCONJ
ajfa-2777	165	4	h	h	PROPN
ajfa-2777	165	5	the	the	DET
ajfa-2777	165	6	oth	oth	PROPN
ajfa-2777	165	7	we	we	PRON
ajfa-2777	165	8	esti	esti	PROPN
ajfa-2777	165	9	split	split	VERB
ajfa-2777	165	10	int	int	NOUN
ajfa-2777	165	11	the	the	DET
ajfa-2777	165	12	end	end	NOUN
ajfa-2777	166	1	stocks	stock	NOUN
ajfa-2777	166	2	o	o	NOUN
ajfa-2777	166	3	for	for	ADP
ajfa-2777	166	4	all	all	DET
ajfa-2777	166	5	t	t	PROPN
ajfa-2777	166	6	four	four	NUM
ajfa-2777	166	7	po	po	NOUN
ajfa-2777	166	8	groups	group	NOUN
ajfa-2777	166	9	.	.	PUNCT
ajfa-2777	167	1	year	year	NOUN
ajfa-2777	167	2	t	t	PROPN
ajfa-2777	167	3	to	to	PART
ajfa-2777	167	4	es	es	VERB
ajfa-2777	167	5	the	the	DET
ajfa-2777	167	6	co	co	NOUN
ajfa-2777	167	7	atic	atic	ADJ
ajfa-2777	167	8	risk	risk	NOUN
ajfa-2777	167	9	of	of	ADP
ajfa-2777	167	10	t	t	PROPN
ajfa-2777	167	11	ries	rie	NOUN
ajfa-2777	167	12	regressi	regressi	PROPN
ajfa-2777	167	13	yi	yi	PROPN
ajfa-2777	167	14	is	be	AUX
ajfa-2777	167	15	the	the	DET
ajfa-2777	167	16	exc	exc	PROPN
ajfa-2777	167	17	e	e	NOUN
ajfa-2777	167	18	excess	excess	ADJ
ajfa-2777	167	19	ma	ma	PROPN
ajfa-2777	167	20	ntercept	ntercept	NOUN
ajfa-2777	167	21	and	and	CCONJ
ajfa-2777	167	22	he	he	PRON
ajfa-2777	167	23	value	value	NOUN
ajfa-2777	167	24	of	of	ADP
ajfa-2777	167	25	ation	ation	PROPN
ajfa-2777	167	26	betwee	betwee	PROPN
ajfa-2777	167	27	beta	beta	NOUN
ajfa-2777	167	28	is	be	AUX
ajfa-2777	167	29	the	the	DET
ajfa-2777	167	30	e	e	NOUN
ajfa-2777	167	31	is	be	AUX
ajfa-2777	167	32	equation	equation	NOUN
ajfa-2777	167	33	s	s	PART
ajfa-2777	167	34	nship	nship	NOUN
ajfa-2777	167	35	betwe	betwe	NOUN
ajfa-2777	167	36	culated	culate	VERB
ajfa-2777	167	37	the	the	DET
ajfa-2777	167	38	et	et	NOUN
ajfa-2777	167	39	pricing	pricing	NOUN
ajfa-2777	167	40	te	te	ADP
ajfa-2777	167	41	apm	apm	PROPN
ajfa-2777	167	42	anoma	anoma	PROPN
ajfa-2777	167	43	ios	ios	PROPN
ajfa-2777	167	44	that	that	PRON
ajfa-2777	167	45	are	be	AUX
ajfa-2777	167	46	ench	ench	NOUN
ajfa-2777	167	47	(	(	PUNCT
ajfa-2777	167	48	1993	1993	NUM
ajfa-2777	167	49	)	)	PUNCT
ajfa-2777	167	50	model	model	NOUN
ajfa-2777	167	51	is	be	AUX
ajfa-2777	167	52	g	g	PROPN
ajfa-2777	167	53	rpt	rpt	PROPN
ajfa-2777	167	54	–	–	PUNCT
ajfa-2777	167	55	smbt	smbt	NOUN
ajfa-2777	167	56	is	be	AUX
ajfa-2777	167	57	the	the	DET
ajfa-2777	167	58	s	s	NOUN
ajfa-2777	167	59	the	the	DET
ajfa-2777	167	60	month	month	NOUN
ajfa-2777	167	61	are	be	AUX
ajfa-2777	167	62	the	the	DET
ajfa-2777	167	63	sens	sen	NOUN
ajfa-2777	167	64	her	her	PRON
ajfa-2777	167	65	two	two	NUM
ajfa-2777	167	66	term	term	NOUN
ajfa-2777	167	67	imate	imate	PROPN
ajfa-2777	167	68	the	the	DET
ajfa-2777	167	69	sm	sm	PROPN
ajfa-2777	167	70	to	to	ADP
ajfa-2777	167	71	two	two	NUM
ajfa-2777	167	72	grou	grou	NOUN
ajfa-2777	167	73	of	of	ADP
ajfa-2777	167	74	decemb	decemb	NOUN
ajfa-2777	167	75	of	of	ADP
ajfa-2777	167	76	the	the	DET
ajfa-2777	167	77	comp	comp	NOUN
ajfa-2777	167	78	the	the	DET
ajfa-2777	167	79	compani	compani	NOUN
ajfa-2777	167	80	ortfolios	ortfolio	NOUN
ajfa-2777	167	81	viz	viz	VERB
ajfa-2777	167	82	monthly	monthly	ADJ
ajfa-2777	167	83	e	e	NOUN
ajfa-2777	167	84	o	o	PROPN
ajfa-2777	167	85	december	december	PROPN
ajfa-2777	167	86	movement	movement	NOUN
ajfa-2777	167	87	the	the	DET
ajfa-2777	167	88	equity	equity	NOUN
ajfa-2777	167	89	s	s	PART
ajfa-2777	167	90	ion	ion	NOUN
ajfa-2777	167	91	for	for	ADP
ajfa-2777	167	92	each	each	DET
ajfa-2777	167	93	cess	cess	ADJ
ajfa-2777	167	94	monthl	monthl	NOUN
ajfa-2777	167	95	arket	arket	NOUN
ajfa-2777	167	96	return	return	NOUN
ajfa-2777	167	97	,	,	PUNCT
ajfa-2777	167	98	d	d	NOUN
ajfa-2777	167	99	βi	βi	PROPN
ajfa-2777	167	100	(	(	PUNCT
ajfa-2777	167	101	beta	beta	NOUN
ajfa-2777	167	102	)	)	PUNCT
ajfa-2777	167	103	is	be	AUX
ajfa-2777	167	104	beta	beta	NOUN
ajfa-2777	167	105	is	be	AUX
ajfa-2777	167	106	ava	ava	PROPN
ajfa-2777	167	107	en	en	X
ajfa-2777	167	108	beta	beta	NOUN
ajfa-2777	167	109	and	and	CCONJ
ajfa-2777	167	110	estimated	estimate	VERB
ajfa-2777	167	111	y	y	PROPN
ajfa-2777	167	112	shows	show	VERB
ajfa-2777	167	113	the	the	DET
ajfa-2777	167	114	r	r	NOUN
ajfa-2777	167	115	en	en	X
ajfa-2777	167	116	beta	beta	NOUN
ajfa-2777	167	117	and	and	CCONJ
ajfa-2777	167	118	average	average	ADJ
ajfa-2777	167	119	bet	bet	NOUN
ajfa-2777	167	120	est	est	X
ajfa-2777	167	121	-	-	NOUN
ajfa-2777	167	122	fama	fama	PROPN
ajfa-2777	167	123	f	f	PROPN
ajfa-2777	167	124	aly	aly	PROPN
ajfa-2777	167	125	exists	exist	VERB
ajfa-2777	167	126	th	th	X
ajfa-2777	167	127	missed	miss	VERB
ajfa-2777	167	128	by	by	ADP
ajfa-2777	167	129	specified	specify	VERB
ajfa-2777	167	130	a	a	DET
ajfa-2777	167	131	iven	iven	NOUN
ajfa-2777	167	132	by	by	ADP
ajfa-2777	167	133	:	:	PUNCT
ajfa-2777	167	134	–	–	PUNCT
ajfa-2777	167	135	rft	rft	NOUN
ajfa-2777	167	136	=	=	PUNCT
ajfa-2777	168	1	a	a	DET
ajfa-2777	168	2	+	+	NUM
ajfa-2777	168	3	b	b	NOUN
ajfa-2777	168	4	e	e	NOUN
ajfa-2777	168	5	monthly	monthly	ADJ
ajfa-2777	168	6	re	re	AUX
ajfa-2777	168	7	hly	hly	AUX
ajfa-2777	168	8	return	return	VERB
ajfa-2777	168	9	on	on	ADP
ajfa-2777	168	10	sitivity	sitivity	NOUN
ajfa-2777	168	11	coef	coef	PROPN
ajfa-2777	168	12	ms	ms	PROPN
ajfa-2777	168	13	are	be	AUX
ajfa-2777	168	14	same	same	ADJ
ajfa-2777	168	15	mb	mb	ADP
ajfa-2777	169	1	and	and	CCONJ
ajfa-2777	169	2	lm	lm	INTJ
ajfa-2777	169	3	upsbig	upsbig	ADJ
ajfa-2777	169	4	(	(	PUNCT
ajfa-2777	169	5	b	b	NOUN
ajfa-2777	169	6	)	)	PUNCT
ajfa-2777	169	7	ber	ber	NOUN
ajfa-2777	169	8	of	of	ADP
ajfa-2777	169	9	every	every	DET
ajfa-2777	169	10	panies	panie	NOUN
ajfa-2777	169	11	inclu	inclu	PROPN
ajfa-2777	169	12	ies	ies	PROPN
ajfa-2777	169	13	.	.	PUNCT
ajfa-2777	170	1	the	the	DET
ajfa-2777	170	2	sto	sto	PROPN
ajfa-2777	170	3	z.	z.	PROPN
ajfa-2777	170	4	s	s	PROPN
ajfa-2777	170	5	/	/	SYM
ajfa-2777	170	6	l	l	NOUN
ajfa-2777	170	7	,	,	PUNCT
ajfa-2777	170	8	s	s	NOUN
ajfa-2777	170	9	/	/	SYM
ajfa-2777	170	10	h	h	NOUN
ajfa-2777	170	11	,	,	PUNCT
ajfa-2777	170	12	equally	equally	ADV
ajfa-2777	170	13	weig	weig	ADJ
ajfa-2777	170	14	r	r	NOUN
ajfa-2777	170	15	of	of	ADP
ajfa-2777	170	16	year	year	NOUN
ajfa-2777	170	17	t.	t.	NOUN
ajfa-2777	170	18	of	of	ADP
ajfa-2777	170	19	security	security	NOUN
ajfa-2777	170	20	security	security	NOUN
ajfa-2777	170	21	of	of	ADP
ajfa-2777	170	22	f	f	PROPN
ajfa-2777	170	23	h	h	PROPN
ajfa-2777	170	24	firm	firm	NOUN
ajfa-2777	170	25	in	in	ADP
ajfa-2777	170	26	the	the	DET
ajfa-2777	170	27	yi	yi	NOUN
ajfa-2777	170	28	=	=	PUNCT
ajfa-2777	171	1	α	α	PROPN
ajfa-2777	171	2	+	+	NOUN
ajfa-2777	171	3	βi	βi	PROPN
ajfa-2777	171	4	x	x	SYM
ajfa-2777	171	5	y	y	PROPN
ajfa-2777	171	6	return	return	NOUN
ajfa-2777	171	7	of	of	ADP
ajfa-2777	171	8	the	the	DET
ajfa-2777	171	9	stock	stock	NOUN
ajfa-2777	171	10	b	b	PROPN
ajfa-2777	171	11	ailable	ailable	ADJ
ajfa-2777	171	12	for	for	ADP
ajfa-2777	171	13	e	e	PROPN
ajfa-2777	171	14	payouts	payout	NOUN
ajfa-2777	171	15	usi	usi	PROPN
ajfa-2777	171	16	beta	beta	PROPN
ajfa-2777	171	17	i	i	PROPN
ajfa-2777	171	18	,	,	PUNCT
ajfa-2777	171	19	t	t	PROPN
ajfa-2777	171	20	=	=	SYM
ajfa-2777	171	21	γ0	γ0	NOUN
ajfa-2777	171	22	+	+	CCONJ
ajfa-2777	172	1	early	early	ADJ
ajfa-2777	172	2	beta	beta	PROPN
ajfa-2777	172	3	f	f	PROPN
ajfa-2777	172	4	elationship	elationship	NOUN
ajfa-2777	172	5	d	d	NOUN
ajfa-2777	172	6	payouts	payout	NOUN
ajfa-2777	172	7	,	,	PUNCT
ajfa-2777	172	8	w	w	PROPN
ajfa-2777	172	9	tas	ta	NOUN
ajfa-2777	172	10	of	of	ADP
ajfa-2777	172	11	the	the	DET
ajfa-2777	172	12	co	co	ADJ
ajfa-2777	172	13	french	french	PROPN
ajfa-2777	172	14	(	(	PUNCT
ajfa-2777	172	15	ff	ff	NOUN
ajfa-2777	172	16	)	)	PUNCT
ajfa-2777	172	17	hen	hen	NOUN
ajfa-2777	172	18	we	we	PRON
ajfa-2777	172	19	atte	atte	VERB
ajfa-2777	172	20	capm	capm	PROPN
ajfa-2777	172	21	can	can	AUX
ajfa-2777	172	22	as	as	SCONJ
ajfa-2777	172	23	follows	follow	VERB
ajfa-2777	172	24	.	.	PUNCT
ajfa-2777	172	25	.	.	PUNCT
ajfa-2777	173	1	b	b	X
ajfa-2777	173	2	(	(	PUNCT
ajfa-2777	173	3	rmt	rmt	NOUN
ajfa-2777	173	4	rft	rft	NOUN
ajfa-2777	173	5	)	)	PUNCT
ajfa-2777	173	6	eturn	eturn	NOUN
ajfa-2777	173	7	on	on	ADP
ajfa-2777	173	8	the	the	DET
ajfa-2777	173	9	n	n	CCONJ
ajfa-2777	173	10	the	the	DET
ajfa-2777	173	11	price	price	NOUN
ajfa-2777	173	12	-	-	PUNCT
ajfa-2777	173	13	t	t	NOUN
ajfa-2777	173	14	fficients	fficient	NOUN
ajfa-2777	173	15	of	of	ADP
ajfa-2777	173	16	as	as	ADV
ajfa-2777	173	17	defined	define	VERB
ajfa-2777	173	18	mh	mh	PROPN
ajfa-2777	173	19	as	as	SCONJ
ajfa-2777	173	20	follow	follow	VERB
ajfa-2777	173	21	)	)	PUNCT
ajfa-2777	173	22	and	and	CCONJ
ajfa-2777	173	23	small	small	ADJ
ajfa-2777	173	24	y	y	PROPN
ajfa-2777	173	25	year	year	NOUN
ajfa-2777	173	26	in	in	ADP
ajfa-2777	173	27	the	the	DET
ajfa-2777	173	28	uded	uded	ADJ
ajfa-2777	173	29	.	.	PUNCT
ajfa-2777	174	1	the	the	DET
ajfa-2777	174	2	p	p	PROPN
ajfa-2777	174	3	ocks	ock	NOUN
ajfa-2777	174	4	are	be	AUX
ajfa-2777	174	5	now	now	ADV
ajfa-2777	174	6	,	,	PUNCT
ajfa-2777	174	7	b	b	X
ajfa-2777	174	8	/	/	SYM
ajfa-2777	174	9	l	l	NOUN
ajfa-2777	174	10	,	,	PUNCT
ajfa-2777	174	11	b	b	X
ajfa-2777	174	12	/	/	SYM
ajfa-2777	174	13	h.	h.	PROPN
ajfa-2777	174	14	ghted	ghte	VERB
ajfa-2777	174	15	return	return	VERB
ajfa-2777	174	16	353	353	NUM
ajfa-2777	174	17	y	y	PROPN
ajfa-2777	174	18	return	return	VERB
ajfa-2777	174	19	wi	wi	PROPN
ajfa-2777	174	20	firm	firm	PROPN
ajfa-2777	174	21	i.	i.	PROPN
ajfa-2777	174	22	the	the	DET
ajfa-2777	174	23	v	v	PROPN
ajfa-2777	174	24	e	e	NOUN
ajfa-2777	174	25	sample	sample	NOUN
ajfa-2777	174	26	as	as	ADP
ajfa-2777	174	27	x	x	X
ajfa-2777	174	28	a	a	DET
ajfa-2777	174	29	firm	firm	NOUN
ajfa-2777	174	30	i	i	PRON
ajfa-2777	174	31	,	,	PUNCT
ajfa-2777	174	32	beta	beta	NOUN
ajfa-2777	174	33	for	for	ADP
ajfa-2777	174	34	firm	firm	ADJ
ajfa-2777	174	35	each	each	DET
ajfa-2777	174	36	firm	firm	NOUN
ajfa-2777	174	37	ov	ov	VERB
ajfa-2777	174	38	ing	ing	ADJ
ajfa-2777	174	39	panel	panel	NOUN
ajfa-2777	174	40	o	o	NOUN
ajfa-2777	175	1	+	+	CCONJ
ajfa-2777	175	2	γ1	γ1	PROPN
ajfa-2777	175	3	payout	payout	NOUN
ajfa-2777	175	4	from	from	ADP
ajfa-2777	175	5	equati	equati	PROPN
ajfa-2777	175	6	between	between	ADP
ajfa-2777	175	7	be	be	VERB
ajfa-2777	175	8	we	we	PRON
ajfa-2777	175	9	construc	construc	VERB
ajfa-2777	175	10	orner	orner	NOUN
ajfa-2777	175	11	portfo	portfo	NOUN
ajfa-2777	175	12	model	model	NOUN
ajfa-2777	175	13	empt	empt	PROPN
ajfa-2777	175	14	to	to	ADP
ajfa-2777	175	15	eva	eva	NOUN
ajfa-2777	175	16	n	n	AUX
ajfa-2777	175	17	be	be	AUX
ajfa-2777	175	18	explain	explain	VERB
ajfa-2777	175	19	+	+	CCONJ
ajfa-2777	175	20	s(smbt	s(smbt	ADJ
ajfa-2777	175	21	)	)	PUNCT
ajfa-2777	175	22	e	e	NOUN
ajfa-2777	175	23	size	size	NOUN
ajfa-2777	175	24	mimic	mimic	ADJ
ajfa-2777	175	25	to	to	ADP
ajfa-2777	175	26	-	-	PUNCT
ajfa-2777	175	27	book	book	NOUN
ajfa-2777	175	28	mim	mim	PROPN
ajfa-2777	175	29	smbt	smbt	NOUN
ajfa-2777	175	30	and	and	CCONJ
ajfa-2777	175	31	l	l	NOUN
ajfa-2777	175	32	in	in	ADP
ajfa-2777	175	33	equation	equation	NOUN
ajfa-2777	175	34	ws	ws	NOUN
ajfa-2777	175	35	.	.	PUNCT
ajfa-2777	176	1	in	in	ADP
ajfa-2777	176	2	each	each	DET
ajfa-2777	176	3	(	(	PUNCT
ajfa-2777	176	4	s	s	NOUN
ajfa-2777	176	5	)	)	PUNCT
ajfa-2777	176	6	based	base	VERB
ajfa-2777	176	7	e	e	PROPN
ajfa-2777	176	8	sample	sample	NOUN
ajfa-2777	176	9	pe	pe	PROPN
ajfa-2777	176	10	price	price	NOUN
ajfa-2777	176	11	to	to	PART
ajfa-2777	176	12	boo	boo	VERB
ajfa-2777	176	13	w	w	NOUN
ajfa-2777	176	14	split	split	NOUN
ajfa-2777	176	15	into	into	ADP
ajfa-2777	176	16	.	.	PUNCT
ajfa-2777	177	1	from	from	ADP
ajfa-2777	177	2	the	the	DET
ajfa-2777	177	3	i	i	PROPN
ajfa-2777	177	4	n	n	PRON
ajfa-2777	177	5	series	serie	NOUN
ajfa-2777	177	6	are	be	AUX
ajfa-2777	177	7	asian	asian	PROPN
ajfa-2777	177	8	ith	ith	PROPN
ajfa-2777	177	9	the	the	DET
ajfa-2777	177	10	ma	ma	PROPN
ajfa-2777	177	11	value	value	NOUN
ajfa-2777	177	12	of	of	ADP
ajfa-2777	177	13	βi	βi	PROPN
ajfa-2777	177	14	follows	follow	VERB
ajfa-2777	177	15	m	m	PROPN
ajfa-2777	177	16	i.	i.	PROPN
ajfa-2777	177	17	ver	ver	PROPN
ajfa-2777	177	18	the	the	DET
ajfa-2777	177	19	enti	enti	X
ajfa-2777	177	20	ls	ls	ADJ
ajfa-2777	177	21	in	in	ADP
ajfa-2777	177	22	the	the	DET
ajfa-2777	177	23	fo	fo	NOUN
ajfa-2777	177	24	ts	ts	ADP
ajfa-2777	178	1	i	i	PRON
ajfa-2777	178	2	,	,	PUNCT
ajfa-2777	178	3	t	t	PROPN
ajfa-2777	178	4	+	+	PROPN
ajfa-2777	178	5	ε	ε	PROPN
ajfa-2777	178	6	t	t	NOUN
ajfa-2777	178	7	on	on	ADP
ajfa-2777	178	8	4	4	NUM
ajfa-2777	178	9	and	and	CCONJ
ajfa-2777	178	10	γ0	γ0	PROPN
ajfa-2777	178	11	eta	eta	PROPN
ajfa-2777	178	12	and	and	CCONJ
ajfa-2777	178	13	payo	payo	VERB
ajfa-2777	178	14	cted	cte	VERB
ajfa-2777	178	15	port	port	NOUN
ajfa-2777	178	16	olios	olio	NOUN
ajfa-2777	178	17	.	.	PUNCT
ajfa-2777	179	1	luate	luate	VERB
ajfa-2777	179	2	if	if	SCONJ
ajfa-2777	179	3	the	the	DET
ajfa-2777	179	4	ned	ned	NOUN
ajfa-2777	179	5	using	use	VERB
ajfa-2777	179	6	th	th	X
ajfa-2777	179	7	+	+	NUM
ajfa-2777	179	8	h(lmht	h(lmht	NOUN
ajfa-2777	179	9	)	)	PUNCT
ajfa-2777	179	10	cking	cke	VERB
ajfa-2777	179	11	portfo	portfo	ADJ
ajfa-2777	179	12	micking	micke	VERB
ajfa-2777	179	13	por	por	NOUN
ajfa-2777	179	14	lmht	lmht	NOUN
ajfa-2777	179	15	n	n	PROPN
ajfa-2777	179	16	(	(	PUNCT
ajfa-2777	179	17	3	3	NUM
ajfa-2777	179	18	)	)	PUNCT
ajfa-2777	179	19	.	.	PUNCT
ajfa-2777	180	1	year	year	NOUN
ajfa-2777	180	2	of	of	ADP
ajfa-2777	180	3	the	the	DET
ajfa-2777	180	4	d	d	PROPN
ajfa-2777	180	5	on	on	ADP
ajfa-2777	180	6	whethe	whethe	PROPN
ajfa-2777	180	7	eriod	eriod	NOUN
ajfa-2777	180	8	is	be	AUX
ajfa-2777	180	9	abov	abov	PROPN
ajfa-2777	181	1	ok	ok	PROPN
ajfa-2777	181	2	equity	equity	PROPN
ajfa-2777	181	3	ra	ra	PROPN
ajfa-2777	181	4	two	two	NUM
ajfa-2777	181	5	equal	equal	ADJ
ajfa-2777	181	6	p	p	NOUN
ajfa-2777	181	7	intersection	intersection	NOUN
ajfa-2777	181	8	e	e	NOUN
ajfa-2777	181	9	calculated	calculate	VERB
ajfa-2777	181	10	n	n	PRON
ajfa-2777	181	11	journal	journal	NOUN
ajfa-2777	181	12	of	of	ADP
ajfa-2777	181	13	f	f	PROPN
ajfa-2777	181	14	rket	rket	NOUN
ajfa-2777	181	15	return	return	NOUN
ajfa-2777	181	16	is	be	AUX
ajfa-2777	181	17	obtained	obtain	VERB
ajfa-2777	181	18	re	re	ADP
ajfa-2777	181	19	sample	sample	NOUN
ajfa-2777	181	20	p	p	NOUN
ajfa-2777	181	21	ollowing	ollowing	NOUN
ajfa-2777	181	22	eq	eq	ADP
ajfa-2777	181	23	0	0	NUM
ajfa-2777	181	24	is	be	AUX
ajfa-2777	181	25	the	the	DET
ajfa-2777	181	26	inte	inte	NOUN
ajfa-2777	181	27	outs	out	NOUN
ajfa-2777	181	28	.	.	PUNCT
ajfa-2777	182	1	to	to	ADP
ajfa-2777	182	2	con	con	PROPN
ajfa-2777	182	3	tfolios	tfolio	NOUN
ajfa-2777	182	4	on	on	ADP
ajfa-2777	182	5	th	th	NUM
ajfa-2777	182	6	excess	excess	ADJ
ajfa-2777	182	7	retu	retu	NOUN
ajfa-2777	182	8	he	he	PRON
ajfa-2777	182	9	three	three	NUM
ajfa-2777	182	10	fac	fac	PROPN
ajfa-2777	182	11	)	)	PUNCT
ajfa-2777	182	12	+	+	NUM
ajfa-2777	182	13	et	et	NOUN
ajfa-2777	182	14	olio	olio	NOUN
ajfa-2777	182	15	,	,	PUNCT
ajfa-2777	182	16	rtfolio	rtfolio	NOUN
ajfa-2777	182	17	,	,	PUNCT
ajfa-2777	182	18	sample	sample	NOUN
ajfa-2777	182	19	per	per	ADP
ajfa-2777	182	20	er	er	INTJ
ajfa-2777	182	21	their	their	PRON
ajfa-2777	182	22	mark	mark	NOUN
ajfa-2777	182	23	ve	ve	NOUN
ajfa-2777	182	24	or	or	CCONJ
ajfa-2777	182	25	below	below	ADP
ajfa-2777	182	26	atio	atio	NOUN
ajfa-2777	182	27	is	be	AUX
ajfa-2777	182	28	calcu	calcu	NOUN
ajfa-2777	182	29	p	p	PROPN
ajfa-2777	182	30	/	/	SYM
ajfa-2777	182	31	b	b	NOUN
ajfa-2777	182	32	groups	group	NOUN
ajfa-2777	182	33	.	.	PUNCT
ajfa-2777	183	1	n	n	PRON
ajfa-2777	183	2	of	of	ADP
ajfa-2777	183	3	the	the	DET
ajfa-2777	183	4	two	two	NUM
ajfa-2777	183	5	for	for	ADP
ajfa-2777	183	6	all	all	DET
ajfa-2777	183	7	por	por	NOUN
ajfa-2777	183	8	finance	finance	NOUN
ajfa-2777	183	9	&	&	CCONJ
ajfa-2777	183	10	ac	ac	PROPN
ajfa-2777	183	11	issn	issn	PROPN
ajfa-2777	183	12	19	19	NUM
ajfa-2777	183	13	2012	2012	NUM
ajfa-2777	183	14	,	,	PUNCT
ajfa-2777	183	15	vol	vol	NOUN
ajfa-2777	183	16	.	.	PUNCT
ajfa-2777	183	17	www.macrothi	www.macrothi	X
ajfa-2777	184	1	n	n	CCONJ
ajfa-2777	184	2	and	and	CCONJ
ajfa-2777	184	3	is	be	AUX
ajfa-2777	184	4	ca	can	AUX
ajfa-2777	184	5	from	from	ADP
ajfa-2777	184	6	the	the	DET
ajfa-2777	184	7	fo	fo	NOUN
ajfa-2777	184	8	period	period	NOUN
ajfa-2777	185	1	,	,	PUNCT
ajfa-2777	185	2	we	we	PRON
ajfa-2777	185	3	quation	quation	VERB
ajfa-2777	185	4	ercept	ercept	VERB
ajfa-2777	185	5	.	.	PUNCT
ajfa-2777	186	1	the	the	DET
ajfa-2777	186	2	nfirm	nfirm	NOUN
ajfa-2777	186	3	our	our	PRON
ajfa-2777	186	4	re	re	VERB
ajfa-2777	186	5	he	he	PRON
ajfa-2777	186	6	basis	basis	NOUN
ajfa-2777	186	7	of	of	ADP
ajfa-2777	186	8	urns	urn	NOUN
ajfa-2777	186	9	of	of	ADP
ajfa-2777	186	10	the	the	DET
ajfa-2777	186	11	ctor	ctor	NOUN
ajfa-2777	186	12	model	model	NOUN
ajfa-2777	186	13	o	o	PROPN
ajfa-2777	186	14	riod	riod	PROPN
ajfa-2777	186	15	t	t	PROPN
ajfa-2777	186	16	,	,	PUNCT
ajfa-2777	186	17	the	the	DET
ajfa-2777	186	18	st	st	PROPN
ajfa-2777	186	19	rket	rket	PROPN
ajfa-2777	186	20	capitali	capitali	PROPN
ajfa-2777	186	21	w	w	PROPN
ajfa-2777	186	22	the	the	DET
ajfa-2777	186	23	median	median	NOUN
ajfa-2777	186	24	ulated	ulate	VERB
ajfa-2777	186	25	in	in	ADP
ajfa-2777	186	26	thi	thi	PROPN
ajfa-2777	186	27	.	.	PUNCT
ajfa-2777	187	1	then	then	ADV
ajfa-2777	187	2	we	we	PRON
ajfa-2777	187	3	c	c	VERB
ajfa-2777	187	4	o	o	NOUN
ajfa-2777	187	5	size	size	NOUN
ajfa-2777	187	6	and	and	CCONJ
ajfa-2777	187	7	t	t	NOUN
ajfa-2777	187	8	rtfolios	rtfolio	NOUN
ajfa-2777	187	9	from	from	ADP
ajfa-2777	187	10	ccounting	ccounte	VERB
ajfa-2777	187	11	946	946	NUM
ajfa-2777	187	12	-	-	PUNCT
ajfa-2777	187	13	052x	052x	NOUN
ajfa-2777	187	14	4	4	NUM
ajfa-2777	187	15	,	,	PUNCT
ajfa-2777	187	16	no	no	INTJ
ajfa-2777	187	17	.	.	NOUN
ajfa-2777	187	18	2	2	NUM
ajfa-2777	187	19	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	187	20	alled	alle	VERB
ajfa-2777	187	21	the	the	DET
ajfa-2777	187	22	ollowing	ollowing	NOUN
ajfa-2777	187	23	(	(	PUNCT
ajfa-2777	187	24	4	4	X
ajfa-2777	187	25	)	)	PUNCT
ajfa-2777	187	26	estimate	estimate	NOUN
ajfa-2777	187	27	(	(	PUNCT
ajfa-2777	187	28	5	5	NUM
ajfa-2777	187	29	)	)	PUNCT
ajfa-2777	187	30	value	value	NOUN
ajfa-2777	187	31	of	of	ADP
ajfa-2777	187	32	esults	esult	NOUN
ajfa-2777	187	33	on	on	ADP
ajfa-2777	187	34	payouts	payout	NOUN
ajfa-2777	187	35	stylized	stylize	VERB
ajfa-2777	187	36	of	of	ADP
ajfa-2777	187	37	fama	fama	NOUN
ajfa-2777	187	38	(	(	PUNCT
ajfa-2777	187	39	6	6	NUM
ajfa-2777	187	40	)	)	PUNCT
ajfa-2777	187	41	ocks	ock	NOUN
ajfa-2777	187	42	are	be	AUX
ajfa-2777	187	43	zation	zation	NOUN
ajfa-2777	187	44	at	at	ADP
ajfa-2777	187	45	n	n	PROPN
ajfa-2777	187	46	for	for	ADP
ajfa-2777	187	47	the	the	PRON
ajfa-2777	187	48	is	be	AUX
ajfa-2777	187	49	month	month	NOUN
ajfa-2777	187	50	construct	construct	VERB
ajfa-2777	187	51	two	two	NUM
ajfa-2777	187	52	p	p	NOUN
ajfa-2777	187	53	/	/	SYM
ajfa-2777	187	54	b	b	NOUN
ajfa-2777	187	55	m	m	NOUN
ajfa-2777	187	56	jan	jan	PROPN
ajfa-2777	187	57	of	of	ADP
ajfa-2777	187	58	the	the	DET
ajfa-2777	187	59	fam	fam	NOUN
ajfa-2777	187	60	of	of	ADP
ajfa-2777	187	61	stock	stock	PROPN
ajfa-2777	187	62	minus	minus	ADP
ajfa-2777	187	63	t	t	PROPN
ajfa-2777	187	64	minus	minus	CCONJ
ajfa-2777	187	65	b	b	PROPN
ajfa-2777	187	66	average	average	ADJ
ajfa-2777	187	67	the	the	DET
ajfa-2777	187	68	two	two	NUM
ajfa-2777	187	69	price	price	NOUN
ajfa-2777	187	70	to	to	ADP
ajfa-2777	187	71	the	the	DET
ajfa-2777	187	72	thir	thir	PROPN
ajfa-2777	187	73	indepen	indepen	NOUN
ajfa-2777	187	74	if	if	SCONJ
ajfa-2777	187	75	the	the	PRON
ajfa-2777	187	76	in	in	ADP
ajfa-2777	187	77	regressi	regressi	PROPN
ajfa-2777	187	78	sectiona	sectiona	PROPN
ajfa-2777	187	79	sample	sample	NOUN
ajfa-2777	187	80	i.e	i.e	PRON
ajfa-2777	187	81	s	s	NOUN
ajfa-2777	187	82	and	and	CCONJ
ajfa-2777	187	83	stocks	stock	NOUN
ajfa-2777	187	84	characte	characte	VERB
ajfa-2777	187	85	the	the	DET
ajfa-2777	187	86	ff	ff	PROPN
ajfa-2777	187	87	m	m	PROPN
ajfa-2777	187	88	3.6	3.6	NUM
ajfa-2777	187	89	rela	rela	NOUN
ajfa-2777	187	90	we	we	PRON
ajfa-2777	187	91	nex	nex	VERB
ajfa-2777	187	92	small	small	ADJ
ajfa-2777	187	93	an	an	DET
ajfa-2777	187	94	be	be	NOUN
ajfa-2777	187	95	mor	mor	PROPN
ajfa-2777	187	96	value	value	NOUN
ajfa-2777	187	97	fa	fa	INTJ
ajfa-2777	187	98	where	where	SCONJ
ajfa-2777	187	99	γ	γ	NOUN
ajfa-2777	187	100	factors	factor	NOUN
ajfa-2777	187	101	size	size	VERB
ajfa-2777	187	102	,	,	PUNCT
ajfa-2777	187	103	p	p	X
ajfa-2777	187	104	/	/	SYM
ajfa-2777	187	105	b	b	NOUN
ajfa-2777	187	106	4	4	NUM
ajfa-2777	187	107	.	.	PUNCT
ajfa-2777	187	108	emp	emp	NOUN
ajfa-2777	187	109	we	we	PRON
ajfa-2777	187	110	beg	beg	VERB
ajfa-2777	187	111	unadjus	unadjus	ADJ
ajfa-2777	187	112	table	table	NOUN
ajfa-2777	187	113	1	1	NUM
ajfa-2777	187	114	panel	panel	NOUN
ajfa-2777	187	115	a	a	DET
ajfa-2777	187	116	2	2	NUM
ajfa-2777	187	117	constr	constr	NOUN
ajfa-2777	187	118	morandi	morandi	PROPN
ajfa-2777	187	119	ma	ma	PROPN
ajfa-2777	187	120	and	and	CCONJ
ajfa-2777	187	121	fren	fren	PROPN
ajfa-2777	187	122	k	k	PROPN
ajfa-2777	187	123	returns2	returns2	PROPN
ajfa-2777	187	124	.	.	PUNCT
ajfa-2777	188	1	t	t	PROPN
ajfa-2777	188	2	the	the	DET
ajfa-2777	188	3	risk	risk	NOUN
ajfa-2777	188	4	-	-	PUNCT
ajfa-2777	188	5	free	free	ADJ
ajfa-2777	188	6	big	big	ADJ
ajfa-2777	188	7	(	(	PUNCT
ajfa-2777	188	8	smb	smb	NOUN
ajfa-2777	188	9	)	)	PUNCT
ajfa-2777	188	10	.	.	PUNCT
ajfa-2777	189	1	e	e	X
ajfa-2777	189	2	of	of	ADP
ajfa-2777	189	3	the	the	DET
ajfa-2777	189	4	mon	mon	PROPN
ajfa-2777	189	5	o	o	PROPN
ajfa-2777	189	6	small	small	ADJ
ajfa-2777	189	7	size	size	NOUN
ajfa-2777	189	8	o	o	NOUN
ajfa-2777	189	9	book	book	NOUN
ajfa-2777	189	10	it	it	PRON
ajfa-2777	189	11	is	be	AUX
ajfa-2777	189	12	f	f	PROPN
ajfa-2777	189	13	rd	rd	NOUN
ajfa-2777	189	14	factor	factor	NOUN
ajfa-2777	189	15	is	be	AUX
ajfa-2777	189	16	ndent	ndent	NOUN
ajfa-2777	189	17	of	of	ADP
ajfa-2777	189	18	size	size	NOUN
ajfa-2777	189	19	ntercepts	ntercept	NOUN
ajfa-2777	189	20	fro	fro	NOUN
ajfa-2777	189	21	ions	ion	NOUN
ajfa-2777	189	22	are	be	AUX
ajfa-2777	189	23	sig	sig	ADJ
ajfa-2777	189	24	al	al	PROPN
ajfa-2777	189	25	patterns	pattern	NOUN
ajfa-2777	189	26	portfolio	portfolio	PROPN
ajfa-2777	189	27	re	re	ADP
ajfa-2777	189	28	d	d	PROPN
ajfa-2777	189	29	h	h	PROPN
ajfa-2777	189	30	for	for	ADP
ajfa-2777	189	31	these	these	PRON
ajfa-2777	189	32	with	with	ADP
ajfa-2777	189	33	partic	partic	ADJ
ajfa-2777	189	34	eristic	eristic	ADJ
ajfa-2777	189	35	patte	patte	PROPN
ajfa-2777	189	36	model	model	PROPN
ajfa-2777	189	37	.	.	PUNCT
ajfa-2777	190	1	ationship	ationship	NOUN
ajfa-2777	190	2	be	be	AUX
ajfa-2777	190	3	xt	xt	X
ajfa-2777	190	4	evaluate	evaluate	VERB
ajfa-2777	190	5	nd	nd	PRON
ajfa-2777	190	6	low	low	NOUN
ajfa-2777	190	7	p	p	X
ajfa-2777	190	8	/	/	SYM
ajfa-2777	190	9	b	b	NOUN
ajfa-2777	190	10	e	e	NOUN
ajfa-2777	190	11	risky	risky	ADJ
ajfa-2777	190	12	visactors	visactor	NOUN
ajfa-2777	190	13	with	with	ADP
ajfa-2777	190	14	γ0	γ0	NOUN
ajfa-2777	190	15	and	and	CCONJ
ajfa-2777	190	16	γ3	γ3	NOUN
ajfa-2777	190	17	are	be	AUX
ajfa-2777	190	18	with	with	ADP
ajfa-2777	190	19	divide	divide	NOUN
ajfa-2777	190	20	b	b	PROPN
ajfa-2777	190	21	and	and	CCONJ
ajfa-2777	190	22	comp	comp	PROPN
ajfa-2777	190	23	pirical	pirical	PROPN
ajfa-2777	190	24	resu	resu	PROPN
ajfa-2777	190	25	gin	gin	NOUN
ajfa-2777	190	26	the	the	DET
ajfa-2777	190	27	em	em	PROPN
ajfa-2777	190	28	sted	ste	VERB
ajfa-2777	190	29	returns	return	NOUN
ajfa-2777	190	30	.	.	PUNCT
ajfa-2777	191	1	unadjuste	unadjuste	PROPN
ajfa-2777	191	2	a.	a.	PROPN
ajfa-2777	191	3	roe	roe	PROPN
ajfa-2777	191	4	sort	sort	PROPN
ajfa-2777	191	5	ruction	ruction	PROPN
ajfa-2777	191	6	metho	metho	PROPN
ajfa-2777	191	7	iere(2012	iere(2012	PROPN
ajfa-2777	191	8	)	)	PUNCT
ajfa-2777	191	9	.	.	PUNCT
ajfa-2777	192	1	nch	nch	PROPN
ajfa-2777	192	2	model	model	NOUN
ajfa-2777	192	3	u	u	PROPN
ajfa-2777	192	4	the	the	DET
ajfa-2777	192	5	first	first	ADJ
ajfa-2777	192	6	fac	fac	PROPN
ajfa-2777	192	7	e	e	NOUN
ajfa-2777	192	8	return	return	NOUN
ajfa-2777	192	9	.	.	PUNCT
ajfa-2777	193	1	th	th	X
ajfa-2777	193	2	to	to	ADP
ajfa-2777	193	3	calculat	calculat	NOUN
ajfa-2777	193	4	nthly	nthly	ADV
ajfa-2777	193	5	return	return	NOUN
ajfa-2777	193	6	e	e	NOUN
ajfa-2777	193	7	portfolios	portfolio	NOUN
ajfa-2777	193	8	free	free	ADJ
ajfa-2777	193	9	from	from	ADP
ajfa-2777	193	10	va	va	PROPN
ajfa-2777	193	11	lmht	lmht	PROPN
ajfa-2777	193	12	whic	whic	PROPN
ajfa-2777	193	13	e	e	NOUN
ajfa-2777	193	14	factor	factor	NOUN
ajfa-2777	193	15	.	.	PUNCT
ajfa-2777	194	1	om	om	VERB
ajfa-2777	194	2	the	the	DET
ajfa-2777	194	3	ff	ff	NOUN
ajfa-2777	194	4	r	r	NOUN
ajfa-2777	194	5	gnificant	gnificant	NOUN
ajfa-2777	194	6	,	,	PUNCT
ajfa-2777	194	7	th	th	X
ajfa-2777	194	8	in	in	ADP
ajfa-2777	194	9	average	average	ADJ
ajfa-2777	194	10	eturns	eturn	NOUN
ajfa-2777	194	11	to	to	ADP
ajfa-2777	194	12	th	th	NUM
ajfa-2777	194	13	e	e	NOUN
ajfa-2777	194	14	factors	factor	NOUN
ajfa-2777	194	15	.	.	PUNCT
ajfa-2777	195	1	w	w	ADP
ajfa-2777	195	2	cular	cular	ADJ
ajfa-2777	195	3	attribu	attribu	NOUN
ajfa-2777	195	4	erns	ern	VERB
ajfa-2777	195	5	in	in	ADP
ajfa-2777	195	6	the	the	DET
ajfa-2777	195	7	s	s	NOUN
ajfa-2777	195	8	etween	etween	VERB
ajfa-2777	195	9	divid	divid	NOUN
ajfa-2777	195	10	if	if	SCONJ
ajfa-2777	195	11	ff	ff	NOUN
ajfa-2777	195	12	size	size	NOUN
ajfa-2777	195	13	a	a	DET
ajfa-2777	195	14	firms	firm	NOUN
ajfa-2777	195	15	tend	tend	VERB
ajfa-2777	195	16	-a	-a	PUNCT
ajfa-2777	195	17	-	-	PUNCT
ajfa-2777	195	18	vis	vis	X
ajfa-2777	195	19	big	big	ADJ
ajfa-2777	195	20	a	a	DET
ajfa-2777	195	21	dividend	dividend	NOUN
ajfa-2777	195	22	pa	pa	PROPN
ajfa-2777	195	23	e	e	PROPN
ajfa-2777	195	24	intercepts	intercept	NOUN
ajfa-2777	195	25	ends	end	VERB
ajfa-2777	195	26	if	if	SCONJ
ajfa-2777	195	27	any	any	PRON
ajfa-2777	195	28	.	.	PUNCT
ajfa-2777	196	1	pute	pute	PROPN
ajfa-2777	196	2	the	the	DET
ajfa-2777	196	3	ave	ave	PROPN
ajfa-2777	196	4	ults	ult	VERB
ajfa-2777	196	5	mpirical	mpirical	ADJ
ajfa-2777	196	6	resu	resu	NOUN
ajfa-2777	196	7	.	.	PUNCT
ajfa-2777	197	1	ed	ed	PROPN
ajfa-2777	197	2	average	average	ADJ
ajfa-2777	197	3	m	m	PROPN
ajfa-2777	197	4	ted	te	VERB
ajfa-2777	197	5	portfolio	portfolio	NOUN
ajfa-2777	197	6	odology	odology	NOUN
ajfa-2777	197	7	for	for	ADP
ajfa-2777	197	8	s	s	PRON
ajfa-2777	197	9	uses	use	VERB
ajfa-2777	197	10	three	three	NUM
ajfa-2777	197	11	e	e	NOUN
ajfa-2777	197	12	ctor	ctor	NOUN
ajfa-2777	197	13	is	be	AUX
ajfa-2777	197	14	the	the	DET
ajfa-2777	197	15	ex	ex	X
ajfa-2777	198	1	he	he	PRON
ajfa-2777	198	2	second	second	ADV
ajfa-2777	199	1	i	i	PRON
ajfa-2777	199	2	te	te	VERB
ajfa-2777	199	3	the	the	DET
ajfa-2777	199	4	mont	mont	NOUN
ajfa-2777	199	5	ns	ns	INTJ
ajfa-2777	199	6	of	of	ADP
ajfa-2777	199	7	the	the	DET
ajfa-2777	199	8	tw	tw	X
ajfa-2777	199	9	(	(	PUNCT
ajfa-2777	199	10	s	s	X
ajfa-2777	199	11	/	/	SYM
ajfa-2777	199	12	l	l	NOUN
ajfa-2777	199	13	,	,	PUNCT
ajfa-2777	199	14	s	s	NOUN
ajfa-2777	199	15	/	/	SYM
ajfa-2777	199	16	h	h	NOUN
ajfa-2777	199	17	)	)	PUNCT
ajfa-2777	199	18	alue	alue	ADJ
ajfa-2777	199	19	effects	effect	NOUN
ajfa-2777	199	20	.	.	PUNCT
ajfa-2777	200	1	smb=(s	smb=(s	PROPN
ajfa-2777	200	2	/	/	SYM
ajfa-2777	200	3	l	l	NOUN
ajfa-2777	200	4	ch	ch	NOUN
ajfa-2777	200	5	is	be	AUX
ajfa-2777	200	6	related	relate	VERB
ajfa-2777	200	7	lmh=(s/	lmh=(s/	ADJ
ajfa-2777	200	8	regressions	regression	NOUN
ajfa-2777	200	9	en	en	ADP
ajfa-2777	200	10	this	this	DET
ajfa-2777	200	11	imp	imp	NOUN
ajfa-2777	200	12	stock	stock	NOUN
ajfa-2777	200	13	return	return	NOUN
ajfa-2777	200	14	e	e	NOUN
ajfa-2777	200	15	size	size	NOUN
ajfa-2777	200	16	and	and	CCONJ
ajfa-2777	200	17	v	v	NOUN
ajfa-2777	200	18	we	we	PRON
ajfa-2777	200	19	further	far	ADV
ajfa-2777	200	20	v	v	NUM
ajfa-2777	200	21	utes	ute	NOUN
ajfa-2777	200	22	i.e.	i.e.	X
ajfa-2777	200	23	sm	sm	PROPN
ajfa-2777	200	24	sample	sample	NOUN
ajfa-2777	200	25	port	port	NOUN
ajfa-2777	200	26	dend	dend	VERB
ajfa-2777	200	27	payou	payou	PROPN
ajfa-2777	200	28	and	and	CCONJ
ajfa-2777	200	29	value	value	NOUN
ajfa-2777	200	30	f	f	X
ajfa-2777	200	31	to	to	PART
ajfa-2777	200	32	pay	pay	VERB
ajfa-2777	200	33	low	low	ADJ
ajfa-2777	200	34	and	and	CCONJ
ajfa-2777	200	35	high	high	ADJ
ajfa-2777	200	36	p/	p/	NOUN
ajfa-2777	200	37	ayouts	ayout	NOUN
ajfa-2777	200	38	respe	respe	VERB
ajfa-2777	200	39	size	size	NOUN
ajfa-2777	200	40	i	i	PROPN
ajfa-2777	200	41	,	,	PUNCT
ajfa-2777	200	42	t	t	PROPN
ajfa-2777	200	43	=	=	SYM
ajfa-2777	200	44	γ0	γ0	PROPN
ajfa-2777	200	45	p	p	PROPN
ajfa-2777	200	46	/	/	SYM
ajfa-2777	200	47	b	b	PROPN
ajfa-2777	200	48	i	i	PROPN
ajfa-2777	200	49	,	,	PUNCT
ajfa-2777	200	50	t	t	PROPN
ajfa-2777	200	51	=	=	SYM
ajfa-2777	200	52	γ3	γ3	NOUN
ajfa-2777	200	53	and	and	CCONJ
ajfa-2777	200	54	γ1	γ1	PROPN
ajfa-2777	200	55	an	an	PRON
ajfa-2777	200	56	to	to	PART
ajfa-2777	200	57	confirm	confirm	VERB
ajfa-2777	200	58	erage	erage	NOUN
ajfa-2777	200	59	values	value	NOUN
ajfa-2777	200	60	ults	ult	NOUN
ajfa-2777	200	61	by	by	ADP
ajfa-2777	200	62	est	est	X
ajfa-2777	200	63	monthly	monthly	ADJ
ajfa-2777	200	64	exc	exc	NOUN
ajfa-2777	200	65	os	os	NOUN
ajfa-2777	200	66	size	size	NOUN
ajfa-2777	200	67	and	and	CCONJ
ajfa-2777	200	68	valu	valu	VERB
ajfa-2777	200	69	354	354	NUM
ajfa-2777	200	70	explanatory	explanatory	ADJ
ajfa-2777	200	71	xcess	xcess	ADJ
ajfa-2777	200	72	mark	mark	NOUN
ajfa-2777	200	73	is	be	AUX
ajfa-2777	200	74	the	the	DET
ajfa-2777	200	75	risk	risk	NOUN
ajfa-2777	200	76	thly	thly	ADV
ajfa-2777	200	77	return	return	VERB
ajfa-2777	200	78	o	o	PROPN
ajfa-2777	200	79	wo	will	AUX
ajfa-2777	200	80	big	big	ADJ
ajfa-2777	200	81	size	size	NOUN
ajfa-2777	200	82	p	p	NOUN
ajfa-2777	200	83	as	as	ADP
ajfa-2777	200	84	this	this	DET
ajfa-2777	200	85	fact	fact	NOUN
ajfa-2777	200	86	.	.	PUNCT
ajfa-2777	201	1	l+s	l+s	NUM
ajfa-2777	201	2	/	/	SYM
ajfa-2777	201	3	h)/2-(b	h)/2-(b	PROPN
ajfa-2777	201	4	d	d	PROPN
ajfa-2777	201	5	to	to	ADP
ajfa-2777	201	6	value	value	NOUN
ajfa-2777	201	7	.	.	PUNCT
ajfa-2777	202	1	/l+b	/l+b	PUNCT
ajfa-2777	202	2	/	/	SYM
ajfa-2777	202	3	l)/2-	l)/2-	NOUN
ajfa-2777	202	4	(	(	PUNCT
ajfa-2777	202	5	are	be	AUX
ajfa-2777	202	6	insigni	insigni	NOUN
ajfa-2777	202	7	plies	ply	NOUN
ajfa-2777	202	8	that	that	SCONJ
ajfa-2777	202	9	the	the	DET
ajfa-2777	202	10	ns	ns	NOUN
ajfa-2777	202	11	that	that	PRON
ajfa-2777	202	12	are	be	AUX
ajfa-2777	202	13	value	value	NOUN
ajfa-2777	202	14	risk	risk	NOUN
ajfa-2777	202	15	f	f	PROPN
ajfa-2777	202	16	verify	verify	VERB
ajfa-2777	202	17	if	if	SCONJ
ajfa-2777	202	18	the	the	DET
ajfa-2777	202	19	mall	mall	NOUN
ajfa-2777	202	20	(	(	PUNCT
ajfa-2777	202	21	big	big	ADJ
ajfa-2777	202	22	)	)	PUNCT
ajfa-2777	202	23	tfolios	tfolio	NOUN
ajfa-2777	202	24	shall	shall	AUX
ajfa-2777	202	25	ut	ut	PROPN
ajfa-2777	202	26	,	,	PUNCT
ajfa-2777	202	27	size	size	NOUN
ajfa-2777	202	28	and	and	CCONJ
ajfa-2777	202	29	v	v	NOUN
ajfa-2777	202	30	factors	factor	NOUN
ajfa-2777	202	31	have	have	VERB
ajfa-2777	202	32	wer	wer	NOUN
ajfa-2777	202	33	dividend	dividend	NOUN
ajfa-2777	202	34	/b	/b	PUNCT
ajfa-2777	202	35	firms	firm	NOUN
ajfa-2777	202	36	.	.	PUNCT
ajfa-2777	203	1	ectively	ectively	ADV
ajfa-2777	203	2	we	we	PRON
ajfa-2777	203	3	0	0	PUNCT
ajfa-2777	203	4	+	+	NUM
ajfa-2777	203	5	γ1	γ1	PROPN
ajfa-2777	203	6	payou	payou	NOUN
ajfa-2777	203	7	3	3	NUM
ajfa-2777	203	8	+	+	CCONJ
ajfa-2777	203	9	γ4	γ4	NOUN
ajfa-2777	203	10	payou	payou	NOUN
ajfa-2777	203	11	nd	nd	NOUN
ajfa-2777	203	12	γ4	γ4	NOUN
ajfa-2777	203	13	would	would	AUX
ajfa-2777	203	14	m	m	VERB
ajfa-2777	203	15	these	these	DET
ajfa-2777	203	16	resul	resul	PROPN
ajfa-2777	203	17	s	s	PRON
ajfa-2777	203	18	of	of	ADP
ajfa-2777	203	19	dividen	dividen	NOUN
ajfa-2777	203	20	timating	timate	VERB
ajfa-2777	203	21	the	the	DET
ajfa-2777	203	22	cess	cess	ADJ
ajfa-2777	203	23	returns	return	NOUN
ajfa-2777	204	1	ue	ue	ADJ
ajfa-2777	204	2	factors	factor	NOUN
ajfa-2777	204	3	has	have	VERB
ajfa-2777	204	4	asian	asian	ADJ
ajfa-2777	204	5	variables	variable	NOUN
ajfa-2777	204	6	f	f	PROPN
ajfa-2777	204	7	et	et	NOUN
ajfa-2777	204	8	return	return	VERB
ajfa-2777	204	9	wh	wh	NOUN
ajfa-2777	204	10	factor	factor	NOUN
ajfa-2777	204	11	in	in	ADP
ajfa-2777	204	12	re	re	PROPN
ajfa-2777	204	13	of	of	ADP
ajfa-2777	204	14	the	the	DET
ajfa-2777	204	15	smb	smb	NOUN
ajfa-2777	204	16	portfolios	portfolio	NOUN
ajfa-2777	204	17	(	(	PUNCT
ajfa-2777	204	18	b	b	X
ajfa-2777	204	19	tor	tor	NOUN
ajfa-2777	204	20	has	have	AUX
ajfa-2777	204	21	abo	abo	VERB
ajfa-2777	204	22	b	b	NUM
ajfa-2777	204	23	/	/	SYM
ajfa-2777	204	24	l+b	l+b	NUM
ajfa-2777	204	25	/	/	SYM
ajfa-2777	204	26	h)/2	h)/2	PROPN
ajfa-2777	205	1	it	it	PRON
ajfa-2777	205	2	is	be	AUX
ajfa-2777	205	3	constru	constru	PROPN
ajfa-2777	205	4	(	(	PUNCT
ajfa-2777	205	5	s	s	X
ajfa-2777	205	6	/	/	SYM
ajfa-2777	205	7	h+b	h+b	PROPN
ajfa-2777	205	8	/	/	SYM
ajfa-2777	205	9	h)/	h)/	PROPN
ajfa-2777	205	10	ificant	ificant	NOUN
ajfa-2777	205	11	and	and	CCONJ
ajfa-2777	205	12	t	t	NOUN
ajfa-2777	205	13	e	e	X
ajfa-2777	205	14	ff	ff	PROPN
ajfa-2777	205	15	specifi	specifi	PROPN
ajfa-2777	205	16	missed	miss	VERB
ajfa-2777	205	17	by	by	ADP
ajfa-2777	205	18	factors	factor	NOUN
ajfa-2777	205	19	is	be	AUX
ajfa-2777	205	20	sh	sh	PROPN
ajfa-2777	205	21	corner	corner	NOUN
ajfa-2777	205	22	port	port	NOUN
ajfa-2777	205	23	size	size	NOUN
ajfa-2777	205	24	,	,	PUNCT
ajfa-2777	205	25	low	low	ADJ
ajfa-2777	205	26	support	support	NOUN
ajfa-2777	205	27	the	the	DET
ajfa-2777	205	28	value	value	NOUN
ajfa-2777	205	29	factor	factor	NOUN
ajfa-2777	205	30	e	e	NOUN
ajfa-2777	205	31	their	their	PRON
ajfa-2777	205	32	track	track	NOUN
ajfa-2777	205	33	ds	ds	NOUN
ajfa-2777	205	34	and	and	CCONJ
ajfa-2777	205	35	hence	hence	ADV
ajfa-2777	205	36	to	to	ADP
ajfa-2777	205	37	estimat	estimat	ADJ
ajfa-2777	205	38	estimate	estimate	NOUN
ajfa-2777	205	39	th	th	X
ajfa-2777	205	40	uts	uts	PROPN
ajfa-2777	205	41	i	i	PRON
ajfa-2777	205	42	,	,	PUNCT
ajfa-2777	205	43	t	t	PROPN
ajfa-2777	206	1	+	+	PROPN
ajfa-2777	206	2	ε	ε	PROPN
ajfa-2777	206	3	t	t	PROPN
ajfa-2777	206	4	uts	uts	PROPN
ajfa-2777	206	5	i	i	PRON
ajfa-2777	206	6	,	,	PUNCT
ajfa-2777	206	7	t	t	PROPN
ajfa-2777	206	8	+	+	PROPN
ajfa-2777	206	9	ε	ε	PROPN
ajfa-2777	206	10	t	t	PROPN
ajfa-2777	206	11	indicate	indicate	VERB
ajfa-2777	206	12	the	the	DET
ajfa-2777	206	13	lts	lts	NOUN
ajfa-2777	206	14	we	we	PRON
ajfa-2777	206	15	also	also	ADV
ajfa-2777	206	16	c	c	NOUN
ajfa-2777	206	17	nd	nd	NUM
ajfa-2777	206	18	payouts	payout	NOUN
ajfa-2777	206	19	f	f	PROPN
ajfa-2777	206	20	e	e	PROPN
ajfa-2777	206	21	relationsh	relationsh	PROPN
ajfa-2777	206	22	s	s	VERB
ajfa-2777	206	23	on	on	ADP
ajfa-2777	206	24	profitab	profitab	NOUN
ajfa-2777	206	25	s	s	AUX
ajfa-2777	206	26	been	be	AUX
ajfa-2777	206	27	adopte	adopte	PROPN
ajfa-2777	206	28	n	n	PRON
ajfa-2777	206	29	journal	journal	NOUN
ajfa-2777	206	30	of	of	ADP
ajfa-2777	206	31	f	f	PROPN
ajfa-2777	206	32	for	for	ADP
ajfa-2777	206	33	explainin	explainin	PROPN
ajfa-2777	206	34	hich	hich	PROPN
ajfa-2777	206	35	is	be	AUX
ajfa-2777	206	36	the	the	DET
ajfa-2777	206	37	m	m	PROPN
ajfa-2777	206	38	eturns	eturn	NOUN
ajfa-2777	206	39	relati	relati	NOUN
ajfa-2777	206	40	b	b	PROPN
ajfa-2777	206	41	factor	factor	NOUN
ajfa-2777	207	1	we	we	PRON
ajfa-2777	207	2	b	b	PROPN
ajfa-2777	207	3	/	/	SYM
ajfa-2777	207	4	l	l	NOUN
ajfa-2777	207	5	,	,	PUNCT
ajfa-2777	207	6	b	b	X
ajfa-2777	207	7	/	/	SYM
ajfa-2777	207	8	h	h	NOUN
ajfa-2777	207	9	)	)	PUNCT
ajfa-2777	207	10	f	f	PROPN
ajfa-2777	207	11	ut	ut	PROPN
ajfa-2777	208	1	the	the	DET
ajfa-2777	208	2	same	same	ADJ
ajfa-2777	208	3	2	2	NUM
ajfa-2777	208	4	ucted	ucte	VERB
ajfa-2777	208	5	as	as	ADP
ajfa-2777	208	6	fol	fol	X
ajfa-2777	208	7	/2	/2	PUNCT
ajfa-2777	209	1	the	the	DET
ajfa-2777	209	2	intercep	intercep	ADJ
ajfa-2777	209	3	ication	ication	NOUN
ajfa-2777	209	4	is	be	AUX
ajfa-2777	209	5	ab	ab	PROPN
ajfa-2777	209	6	capm	capm	PROPN
ajfa-2777	209	7	.	.	PUNCT
ajfa-2777	210	1	gr	gr	NOUN
ajfa-2777	210	2	own	own	ADJ
ajfa-2777	210	3	by	by	ADP
ajfa-2777	210	4	hig	hig	NOUN
ajfa-2777	210	5	folios	folio	NOUN
ajfa-2777	210	6	(	(	PUNCT
ajfa-2777	210	7	p1	p1	PROPN
ajfa-2777	210	8	a	a	PRON
ajfa-2777	210	9	(	(	PUNCT
ajfa-2777	210	10	high	high	ADJ
ajfa-2777	210	11	)	)	PUNCT
ajfa-2777	210	12	p	p	NOUN
ajfa-2777	210	13	/	/	SYM
ajfa-2777	210	14	b	b	NOUN
ajfa-2777	210	15	e	e	NOUN
ajfa-2777	210	16	strong	strong	ADJ
ajfa-2777	210	17	per	per	ADP
ajfa-2777	210	18	rs	rs	X
ajfa-2777	210	19	ks	ks	PROPN
ajfa-2777	210	20	in	in	ADP
ajfa-2777	210	21	firm	firm	NOUN
ajfa-2777	210	22	p	p	PROPN
ajfa-2777	210	23	e	e	PROPN
ajfa-2777	210	24	are	be	AUX
ajfa-2777	210	25	percei	percei	NOUN
ajfa-2777	210	26	e	e	NOUN
ajfa-2777	210	27	the	the	DET
ajfa-2777	210	28	relati	relati	PROPN
ajfa-2777	210	29	e	e	NOUN
ajfa-2777	210	30	two	two	NUM
ajfa-2777	210	31	panel	panel	NOUN
ajfa-2777	210	32	e	e	PROPN
ajfa-2777	210	33	relationshi	relationshi	PROPN
ajfa-2777	210	34	construct	construct	VERB
ajfa-2777	210	35	po	po	PROPN
ajfa-2777	210	36	for	for	ADP
ajfa-2777	210	37	corner	corner	NOUN
ajfa-2777	210	38	po	po	PROPN
ajfa-2777	210	39	hip	hip	NOUN
ajfa-2777	210	40	between	between	ADP
ajfa-2777	210	41	bility	bility	NOUN
ajfa-2777	210	42	sorted	sort	VERB
ajfa-2777	210	43	ed	ed	NOUN
ajfa-2777	210	44	from	from	ADP
ajfa-2777	210	45	sehg	sehg	ADJ
ajfa-2777	210	46	finance	finance	PROPN
ajfa-2777	210	47	&	&	CCONJ
ajfa-2777	210	48	ac	ac	PROPN
ajfa-2777	210	49	issn	issn	PROPN
ajfa-2777	210	50	19	19	NUM
ajfa-2777	210	51	2012	2012	NUM
ajfa-2777	210	52	,	,	PUNCT
ajfa-2777	210	53	vol	vol	NOUN
ajfa-2777	210	54	.	.	PUNCT
ajfa-2777	211	1	www.macrothi	www.macrothi	X
ajfa-2777	212	1	ng	ng	PROPN
ajfa-2777	213	1	the	the	DET
ajfa-2777	213	2	cross	cross	PROPN
ajfa-2777	213	3	market	market	NOUN
ajfa-2777	213	4	inde	inde	PROPN
ajfa-2777	213	5	ing	ing	ADJ
ajfa-2777	213	6	to	to	PART
ajfa-2777	213	7	size	size	VERB
ajfa-2777	213	8	subtract	subtract	VERB
ajfa-2777	213	9	the	the	PRON
ajfa-2777	213	10	from	from	ADP
ajfa-2777	213	11	the	the	DET
ajfa-2777	213	12	av	av	PROPN
ajfa-2777	213	13	e	e	PROPN
ajfa-2777	213	14	weighted	weight	VERB
ajfa-2777	213	15	llows	llow	NOUN
ajfa-2777	213	16	such	such	ADJ
ajfa-2777	213	17	t	t	PROPN
ajfa-2777	213	18	pts	pt	NOUN
ajfa-2777	213	19	from	from	ADP
ajfa-2777	213	20	the	the	DET
ajfa-2777	213	21	ble	ble	NOUN
ajfa-2777	213	22	to	to	ADP
ajfa-2777	213	23	captu	captu	PROPN
ajfa-2777	213	24	reater	reater	PROPN
ajfa-2777	213	25	sensi	sensi	PROPN
ajfa-2777	213	26	gher	gher	NOUN
ajfa-2777	213	27	factor	factor	NOUN
ajfa-2777	213	28	l	l	NOUN
ajfa-2777	213	29	and	and	CCONJ
ajfa-2777	213	30	p5	p5	ADJ
ajfa-2777	213	31	)	)	PUNCT
ajfa-2777	213	32	com	com	NOUN
ajfa-2777	213	33	ratio	ratio	NOUN
ajfa-2777	213	34	.	.	PUNCT
ajfa-2777	214	1	suc	suc	PROPN
ajfa-2777	214	2	rformance	rformance	NOUN
ajfa-2777	214	3	i	i	PRON
ajfa-2777	214	4	payout	payout	VERB
ajfa-2777	214	5	ratio	ratio	NOUN
ajfa-2777	214	6	ived	ive	VERB
ajfa-2777	214	7	by	by	ADP
ajfa-2777	214	8	inve	inve	ADJ
ajfa-2777	214	9	ionship	ionship	NOUN
ajfa-2777	214	10	of	of	ADP
ajfa-2777	214	11	s	s	PROPN
ajfa-2777	214	12	l	l	NOUN
ajfa-2777	214	13	ols	ol	NOUN
ajfa-2777	214	14	as	as	ADP
ajfa-2777	214	15	fo	fo	ADP
ajfa-2777	214	16	ip	ip	NOUN
ajfa-2777	214	17	of	of	ADP
ajfa-2777	214	18	size	size	NOUN
ajfa-2777	214	19	an	an	DET
ajfa-2777	214	20	ortfolios	ortfolio	NOUN
ajfa-2777	214	21	bas	bas	NOUN
ajfa-2777	214	22	ortfolios	ortfolio	NOUN
ajfa-2777	214	23	.	.	PUNCT
ajfa-2777	215	1	en	en	ADP
ajfa-2777	215	2	profitabi	profitabi	NOUN
ajfa-2777	215	3	d	d	PROPN
ajfa-2777	215	4	portfolios	portfolio	NOUN
ajfa-2777	215	5	gal	gal	NOUN
ajfa-2777	215	6	,	,	PUNCT
ajfa-2777	215	7	subrama	subrama	NOUN
ajfa-2777	215	8	ccounting	ccounte	VERB
ajfa-2777	215	9	946	946	NUM
ajfa-2777	215	10	-	-	PUNCT
ajfa-2777	215	11	052x	052x	NOUN
ajfa-2777	215	12	4	4	NUM
ajfa-2777	215	13	,	,	PUNCT
ajfa-2777	215	14	no	no	INTJ
ajfa-2777	215	15	.	.	NOUN
ajfa-2777	215	16	2	2	NUM
ajfa-2777	215	17	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	215	18	s	s	PART
ajfa-2777	215	19	section	section	NOUN
ajfa-2777	215	20	ex	ex	NOUN
ajfa-2777	215	21	return	return	NOUN
ajfa-2777	215	22	–	–	PUNCT
ajfa-2777	215	23	small	small	ADJ
ajfa-2777	215	24	e	e	NOUN
ajfa-2777	215	25	simple	simple	ADJ
ajfa-2777	215	26	erage	erage	NOUN
ajfa-2777	215	27	of	of	ADP
ajfa-2777	215	28	-average	-average	NOUN
ajfa-2777	215	29	(	(	PUNCT
ajfa-2777	215	30	7	7	NUM
ajfa-2777	215	31	)	)	PUNCT
ajfa-2777	215	32	that	that	SCONJ
ajfa-2777	215	33	it	it	PRON
ajfa-2777	215	34	is	be	AUX
ajfa-2777	215	35	(	(	PUNCT
ajfa-2777	215	36	8)	8)	NUM
ajfa-2777	215	37	e	e	PROPN
ajfa-2777	215	38	capm	capm	PROPN
ajfa-2777	215	39	ure	ure	PROPN
ajfa-2777	215	40	cross	cross	PROPN
ajfa-2777	215	41	tivity	tivity	NOUN
ajfa-2777	215	42	of	of	ADP
ajfa-2777	215	43	loadings	loading	NOUN
ajfa-2777	215	44	mprise	mprise	NOUN
ajfa-2777	215	45	of	of	ADP
ajfa-2777	215	46	ch	ch	NOUN
ajfa-2777	215	47	stock	stock	NOUN
ajfa-2777	215	48	if	if	SCONJ
ajfa-2777	215	49	any	any	PRON
ajfa-2777	215	50	of	of	ADP
ajfa-2777	215	51	s	s	PRON
ajfa-2777	215	52	i.e.	i.e.	X
ajfa-2777	215	53	do	do	AUX
ajfa-2777	215	54	estors	estor	NOUN
ajfa-2777	215	55	to	to	PART
ajfa-2777	215	56	size	size	VERB
ajfa-2777	215	57	and	and	CCONJ
ajfa-2777	215	58	llows	llow	NOUN
ajfa-2777	215	59	(	(	PUNCT
ajfa-2777	215	60	9	9	NUM
ajfa-2777	215	61	)	)	PUNCT
ajfa-2777	215	62	(	(	PUNCT
ajfa-2777	215	63	10	10	NUM
ajfa-2777	215	64	)	)	PUNCT
ajfa-2777	215	65	nd	nd	NOUN
ajfa-2777	215	66	value	value	NOUN
ajfa-2777	215	67	sed	se	VERB
ajfa-2777	215	68	on	on	ADP
ajfa-2777	215	69	lity	lity	NOUN
ajfa-2777	215	70	and	and	CCONJ
ajfa-2777	215	71	niam	niam	PROPN
ajfa-2777	215	72	and	and	CCONJ
ajfa-2777	215	73	p1	p1	PROPN
ajfa-2777	215	74	mean	mean	VERB
ajfa-2777	215	75	0.023	0.023	NUM
ajfa-2777	215	76	panel	panel	NOUN
ajfa-2777	215	77	b	b	PROPN
ajfa-2777	215	78	p1	p1	PROPN
ajfa-2777	215	79	mean	mean	VERB
ajfa-2777	215	80	0.026	0.026	NUM
ajfa-2777	215	81	table	table	NOUN
ajfa-2777	215	82	1	1	NUM
ajfa-2777	215	83	less	less	ADV
ajfa-2777	215	84	pro	pro	ADJ
ajfa-2777	215	85	less	less	ADV
ajfa-2777	215	86	pro	pro	X
ajfa-2777	215	87	p.a	p.a	PROPN
ajfa-2777	215	88	.	.	PROPN
ajfa-2777	215	89	and	and	CCONJ
ajfa-2777	215	90	signific	signific	ADJ
ajfa-2777	215	91	stocks	stock	NOUN
ajfa-2777	215	92	.	.	PUNCT
ajfa-2777	216	1	whereas	whereas	SCONJ
ajfa-2777	216	2	thus	thus	ADV
ajfa-2777	216	3	w	w	NOUN
ajfa-2777	216	4	results	result	NOUN
ajfa-2777	216	5	o	o	NOUN
ajfa-2777	216	6	is	be	AUX
ajfa-2777	216	7	it	it	PRON
ajfa-2777	216	8	pos	pos	INTJ
ajfa-2777	216	9	he	he	PRON
ajfa-2777	216	10	is	be	AUX
ajfa-2777	216	11	w	w	PROPN
ajfa-2777	216	12	informa	informa	ADJ
ajfa-2777	216	13	one	one	NUM
ajfa-2777	216	14	risk	risk	NOUN
ajfa-2777	216	15	between	between	ADP
ajfa-2777	216	16	table	table	NOUN
ajfa-2777	216	17	2	2	NUM
ajfa-2777	216	18	payout	payout	NOUN
ajfa-2777	216	19	β0	β0	NOUN
ajfa-2777	216	20	0.255	0.255	NUM
ajfa-2777	216	21	*	*	PUNCT
ajfa-2777	216	22	*	*	PUNCT
ajfa-2777	216	23	denot	denot	ADJ
ajfa-2777	216	24	results	result	NOUN
ajfa-2777	216	25	roa	roa	NOUN
ajfa-2777	216	26	)	)	PUNCT
ajfa-2777	216	27	a	a	DET
ajfa-2777	216	28	lower	low	ADJ
ajfa-2777	216	29	p	p	NOUN
ajfa-2777	216	30	of	of	ADP
ajfa-2777	216	31	other	other	ADJ
ajfa-2777	216	32	the	the	DET
ajfa-2777	216	33	ave	ave	PROPN
ajfa-2777	216	34	roe	roe	PROPN
ajfa-2777	216	35	an	an	DET
ajfa-2777	216	36	sorted	sorted	ADJ
ajfa-2777	216	37	3	3	NUM
ajfa-2777	216	38	the	the	DET
ajfa-2777	216	39	eq	eq	NOUN
ajfa-2777	216	40	random	random	ADJ
ajfa-2777	216	41	e	e	PROPN
ajfa-2777	216	42	t	t	PROPN
ajfa-2777	216	43	stat	stat	PROPN
ajfa-2777	216	44	2.461	2.461	NUM
ajfa-2777	216	45	b.	b.	PROPN
ajfa-2777	216	46	roa	roa	PROPN
ajfa-2777	216	47	sor	sor	NOUN
ajfa-2777	216	48	t	t	PROPN
ajfa-2777	216	49	stat	stat	VERB
ajfa-2777	216	50	2.789	2.789	NUM
ajfa-2777	216	51	1	1	NUM
ajfa-2777	216	52	,	,	PUNCT
ajfa-2777	216	53	panel	panel	NOUN
ajfa-2777	216	54	a	a	DET
ajfa-2777	216	55	s	s	NOUN
ajfa-2777	216	56	ofitable	ofitable	ADJ
ajfa-2777	216	57	stoc	stoc	NOUN
ajfa-2777	216	58	ofitable	ofitable	ADJ
ajfa-2777	216	59	and	and	CCONJ
ajfa-2777	216	60	d	d	NOUN
ajfa-2777	216	61	hence	hence	ADV
ajfa-2777	216	62	is	be	AUX
ajfa-2777	216	63	r	r	NOUN
ajfa-2777	216	64	cantly	cantly	ADV
ajfa-2777	216	65	highe	highe	VERB
ajfa-2777	216	66	the	the	DET
ajfa-2777	216	67	lowest	low	ADJ
ajfa-2777	216	68	s	s	X
ajfa-2777	216	69	the	the	DET
ajfa-2777	216	70	highes	highe	NOUN
ajfa-2777	216	71	we	we	PRON
ajfa-2777	216	72	find	find	VERB
ajfa-2777	216	73	a	a	DET
ajfa-2777	216	74	neg	neg	NOUN
ajfa-2777	216	75	obtained	obtain	VERB
ajfa-2777	216	76	for	for	ADP
ajfa-2777	216	77	ssible	ssible	ADJ
ajfa-2777	216	78	that	that	SCONJ
ajfa-2777	216	79	th	th	VERB
ajfa-2777	216	80	willing	willing	ADJ
ajfa-2777	216	81	to	to	ADP
ajfa-2777	216	82	a	a	DET
ajfa-2777	216	83	ation	ation	PROPN
ajfa-2777	216	84	contai	contai	PROPN
ajfa-2777	216	85	k	k	PROPN
ajfa-2777	216	86	factor	factor	PROPN
ajfa-2777	216	87	wh	wh	NOUN
ajfa-2777	216	88	n	n	PRON
ajfa-2777	216	89	profitabili	profitabili	NOUN
ajfa-2777	216	90	2	2	NUM
ajfa-2777	216	91	.	.	PUNCT
ajfa-2777	217	1	empirical	empirical	PROPN
ajfa-2777	217	2	i	i	PROPN
ajfa-2777	217	3	,	,	PUNCT
ajfa-2777	217	4	t	t	PROPN
ajfa-2777	217	5	=	=	SYM
ajfa-2777	217	6	β0	β0	PROPN
ajfa-2777	217	7	+	+	CCONJ
ajfa-2777	217	8	β1	β1	PROPN
ajfa-2777	217	9	t(β0	t(β0	PROPN
ajfa-2777	217	10	)	)	PUNCT
ajfa-2777	218	1	38.475	38.475	NUM
ajfa-2777	218	2	es	es	X
ajfa-2777	218	3	significa	significa	PROPN
ajfa-2777	218	4	of	of	ADP
ajfa-2777	218	5	panel	panel	NOUN
ajfa-2777	218	6	o	o	NOUN
ajfa-2777	218	7	are	be	AUX
ajfa-2777	218	8	more	more	ADJ
ajfa-2777	218	9	li	li	PROPN
ajfa-2777	218	10	profits	profit	NOUN
ajfa-2777	218	11	would	would	AUX
ajfa-2777	218	12	r	r	VERB
ajfa-2777	218	13	empirical	empirical	ADJ
ajfa-2777	218	14	erage	erage	NOUN
ajfa-2777	218	15	value	value	NOUN
ajfa-2777	218	16	nd	nd	NOUN
ajfa-2777	218	17	roa	roa	PROPN
ajfa-2777	218	18	)	)	PUNCT
ajfa-2777	218	19	s	s	PART
ajfa-2777	218	20	portfolio	portfolio	NOUN
ajfa-2777	218	21	i	i	PRON
ajfa-2777	218	22	quation	quation	NOUN
ajfa-2777	218	23	has	have	VERB
ajfa-2777	218	24	b	b	PROPN
ajfa-2777	218	25	effects	effect	NOUN
ajfa-2777	218	26	metho	metho	PROPN
ajfa-2777	218	27	p2	p2	PROPN
ajfa-2777	218	28	mean	mean	VERB
ajfa-2777	218	29	t0.017	t0.017	PROPN
ajfa-2777	218	30	2	2	NUM
ajfa-2777	218	31	rted	rted	ADJ
ajfa-2777	218	32	portfolio	portfolio	NOUN
ajfa-2777	218	33	p2	p2	NOUN
ajfa-2777	218	34	mean	mean	VERB
ajfa-2777	218	35	t0.032	t0.032	DET
ajfa-2777	218	36	3	3	NUM
ajfa-2777	218	37	shows	show	VERB
ajfa-2777	218	38	that	that	SCONJ
ajfa-2777	218	39	cks	ck	NOUN
ajfa-2777	218	40	as	as	ADP
ajfa-2777	218	41	comp	comp	NOUN
ajfa-2777	218	42	d	d	PROPN
ajfa-2777	218	43	more	more	ADV
ajfa-2777	218	44	profi	profi	ADJ
ajfa-2777	218	45	robust	robust	NOUN
ajfa-2777	218	46	.	.	PUNCT
ajfa-2777	219	1	pan	pan	NOUN
ajfa-2777	219	2	er	er	INTJ
ajfa-2777	219	3	for	for	ADP
ajfa-2777	219	4	low	low	ADJ
ajfa-2777	219	5	t	t	PROPN
ajfa-2777	219	6	profitabili	profitabili	NOUN
ajfa-2777	219	7	st	st	PROPN
ajfa-2777	219	8	profitabil	profitabil	PROPN
ajfa-2777	219	9	gative	gative	PROPN
ajfa-2777	219	10	relat	relat	PROPN
ajfa-2777	219	11	r	r	NOUN
ajfa-2777	219	12	mature	mature	ADJ
ajfa-2777	219	13	ma	ma	PROPN
ajfa-2777	219	14	he	he	PROPN
ajfa-2777	219	15	indian	indian	PROPN
ajfa-2777	219	16	in	in	AUX
ajfa-2777	219	17	accept	accept	PROPN
ajfa-2777	219	18	lowe	lowe	PROPN
ajfa-2777	219	19	ined	ine	VERB
ajfa-2777	219	20	in	in	ADP
ajfa-2777	219	21	prof	prof	PROPN
ajfa-2777	219	22	hich	hich	PROPN
ajfa-2777	219	23	could	could	AUX
ajfa-2777	219	24	b	b	PROPN
ajfa-2777	219	25	ity	ity	NOUN
ajfa-2777	219	26	and	and	CCONJ
ajfa-2777	219	27	payo	payo	VERB
ajfa-2777	219	28	l	l	NOUN
ajfa-2777	219	29	results	result	NOUN
ajfa-2777	219	30	of	of	ADP
ajfa-2777	219	31	t	t	PROPN
ajfa-2777	219	32	profitability	profitability	NOUN
ajfa-2777	219	33	roe	roe	PROPN
ajfa-2777	219	34	β1	β1	PROPN
ajfa-2777	219	35	0.032	0.032	NUM
ajfa-2777	219	36	*	*	PUNCT
ajfa-2777	219	37	ance	ance	NOUN
ajfa-2777	219	38	at	at	ADP
ajfa-2777	219	39	the	the	DET
ajfa-2777	219	40	5	5	NUM
ajfa-2777	219	41	ols	ol	NOUN
ajfa-2777	219	42	regress	regress	NOUN
ajfa-2777	219	43	ikely	ikely	ADV
ajfa-2777	219	44	to	to	ADP
ajfa-2777	219	45	pa	pa	PROPN
ajfa-2777	219	46	d	d	PROPN
ajfa-2777	219	47	adopt	adopt	VERB
ajfa-2777	219	48	low	low	ADJ
ajfa-2777	219	49	studies	study	NOUN
ajfa-2777	219	50	(	(	PUNCT
ajfa-2777	219	51	b	b	NOUN
ajfa-2777	219	52	es	es	NOUN
ajfa-2777	219	53	of	of	ADP
ajfa-2777	219	54	payou	payou	NOUN
ajfa-2777	219	55	strengthen	strengthen	VERB
ajfa-2777	219	56	o	o	PROPN
ajfa-2777	219	57	is	be	AUX
ajfa-2777	219	58	20.12	20.12	NUM
ajfa-2777	219	59	%	%	NOUN
ajfa-2777	219	60	een	een	PROPN
ajfa-2777	219	61	estimated	estimate	VERB
ajfa-2777	219	62	od	od	NUM
ajfa-2777	219	63	based	base	VERB
ajfa-2777	219	64	on	on	ADP
ajfa-2777	219	65	w	w	PROPN
ajfa-2777	219	66	p3	p3	PROPN
ajfa-2777	219	67	-stat	-stat	NOUN
ajfa-2777	219	68	me	i	PRON
ajfa-2777	219	69	.205	.205	NUM
ajfa-2777	219	70	0.0	0.0	NUM
ajfa-2777	219	71	os	os	PROPN
ajfa-2777	219	72	p3	p3	PROPN
ajfa-2777	219	73	-stat	-stat	NOUN
ajfa-2777	219	74	me	i	PRON
ajfa-2777	219	75	.141	.141	NUM
ajfa-2777	219	76	0.0	0.0	NUM
ajfa-2777	219	77	the	the	DET
ajfa-2777	219	78	unadjus	unadju	NOUN
ajfa-2777	219	79	pared	pare	VERB
ajfa-2777	219	80	to	to	PART
ajfa-2777	219	81	mo	mo	VERB
ajfa-2777	219	82	itable	itable	PROPN
ajfa-2777	219	83	stock	stock	PROPN
ajfa-2777	219	84	el	el	PROPN
ajfa-2777	219	85	b	b	PROPN
ajfa-2777	219	86	shows	show	VERB
ajfa-2777	219	87	profitability	profitability	NOUN
ajfa-2777	219	88	ity	ity	PROPN
ajfa-2777	219	89	portfolio	portfolio	NOUN
ajfa-2777	219	90	lity	lity	PROPN
ajfa-2777	219	91	portfoli	portfoli	PROPN
ajfa-2777	219	92	ion	ion	NOUN
ajfa-2777	219	93	between	between	ADP
ajfa-2777	219	94	arkets	arket	NOUN
ajfa-2777	219	95	.	.	PUNCT
ajfa-2777	220	1	nvestor	nvestor	NOUN
ajfa-2777	220	2	find	find	VERB
ajfa-2777	220	3	er	er	INTJ
ajfa-2777	220	4	returns	return	NOUN
ajfa-2777	220	5	?	?	PUNCT
ajfa-2777	221	1	fits	fit	VERB
ajfa-2777	221	2	which	which	PRON
ajfa-2777	221	3	c	c	AUX
ajfa-2777	221	4	be	be	AUX
ajfa-2777	221	5	linked	link	VERB
ajfa-2777	221	6	to	to	ADP
ajfa-2777	221	7	outs	out	NOUN
ajfa-2777	221	8	.	.	PUNCT
ajfa-2777	222	1	the	the	DET
ajfa-2777	222	2	panel	panel	NOUN
ajfa-2777	222	3	ol	ol	PROPN
ajfa-2777	222	4	y	y	PROPN
ajfa-2777	222	5	i	i	PROPN
ajfa-2777	222	6	,	,	PUNCT
ajfa-2777	222	7	t	t	PROPN
ajfa-2777	222	8	+	+	CCONJ
ajfa-2777	222	9	ε	ε	PROPN
ajfa-2777	222	10	t	t	NOUN
ajfa-2777	222	11	t(β1	t(β1	NOUN
ajfa-2777	222	12	)	)	PUNCT
ajfa-2777	222	13	*	*	PUNCT
ajfa-2777	222	14	3.222	3.222	NUM
ajfa-2777	222	15	5	5	NUM
ajfa-2777	222	16	%	%	NOUN
ajfa-2777	222	17	level	level	NOUN
ajfa-2777	222	18	usi	usi	NOUN
ajfa-2777	222	19	sion3	sion3	NOUN
ajfa-2777	222	20	(	(	PUNCT
ajfa-2777	222	21	table	table	NOUN
ajfa-2777	222	22	ay	ay	NOUN
ajfa-2777	222	23	higher	high	ADJ
ajfa-2777	222	24	d	d	X
ajfa-2777	222	25	wer	wer	NOUN
ajfa-2777	222	26	payouts	payout	NOUN
ajfa-2777	222	27	.	.	PUNCT
ajfa-2777	223	1	baker	baker	PROPN
ajfa-2777	223	2	,	,	PUNCT
ajfa-2777	223	3	farre	farre	PROPN
ajfa-2777	223	4	uts	ut	NOUN
ajfa-2777	223	5	calculate	calculate	VERB
ajfa-2777	223	6	our	our	PRON
ajfa-2777	223	7	results	result	NOUN
ajfa-2777	223	8	.	.	PUNCT
ajfa-2777	224	1	%	%	INTJ
ajfa-2777	224	2	(	(	PUNCT
ajfa-2777	224	3	18.01	18.01	NUM
ajfa-2777	224	4	%	%	NOUN
ajfa-2777	224	5	d	d	NOUN
ajfa-2777	224	6	using	use	VERB
ajfa-2777	224	7	fixed	fix	VERB
ajfa-2777	224	8	wu	wu	PROPN
ajfa-2777	224	9	-	-	PUNCT
ajfa-2777	224	10	hausman	hausman	ADJ
ajfa-2777	224	11	355	355	NUM
ajfa-2777	224	12	ean	ean	NOUN
ajfa-2777	224	13	t	t	NOUN
ajfa-2777	224	14	-	-	PUNCT
ajfa-2777	224	15	stat	stat	NOUN
ajfa-2777	224	16	14	14	NUM
ajfa-2777	224	17	1.927	1.927	NUM
ajfa-2777	224	18	ean	ean	NOUN
ajfa-2777	224	19	t	t	NOUN
ajfa-2777	224	20	-	-	PUNCT
ajfa-2777	224	21	stat	stat	NOUN
ajfa-2777	224	22	21	21	NUM
ajfa-2777	224	23	2.554	2.554	NUM
ajfa-2777	224	24	sted	ste	VERB
ajfa-2777	224	25	returns	return	NOUN
ajfa-2777	224	26	ore	ore	NOUN
ajfa-2777	224	27	profitab	profitab	NOUN
ajfa-2777	224	28	ks	ks	PROPN
ajfa-2777	224	29	is	be	AUX
ajfa-2777	224	30	1	1	NUM
ajfa-2777	224	31	%	%	NOUN
ajfa-2777	224	32	per	per	ADP
ajfa-2777	224	33	s	s	PRON
ajfa-2777	224	34	that	that	DET
ajfa-2777	224	35	sortin	sortin	NOUN
ajfa-2777	224	36	ty	ty	NOUN
ajfa-2777	224	37	stocks	stock	NOUN
ajfa-2777	224	38	as	as	SCONJ
ajfa-2777	224	39	o	o	PROPN
ajfa-2777	224	40	produces	produce	VERB
ajfa-2777	224	41	io	io	NOUN
ajfa-2777	224	42	produces	produce	VERB
ajfa-2777	224	43	n	n	CCONJ
ajfa-2777	224	44	profitabil	profitabil	VERB
ajfa-2777	224	45	ds	ds	PRON
ajfa-2777	224	46	high	high	ADJ
ajfa-2777	224	47	prof	prof	NOUN
ajfa-2777	224	48	to	to	PART
ajfa-2777	224	49	answe	answe	VERB
ajfa-2777	224	50	could	could	AUX
ajfa-2777	224	51	contr	contr	VERB
ajfa-2777	224	52	o	o	NOUN
ajfa-2777	224	53	dividend	dividend	NOUN
ajfa-2777	224	54	p	p	PROPN
ajfa-2777	224	55	ls	ls	ADJ
ajfa-2777	224	56	regressio	regressio	NOUN
ajfa-2777	224	57	β0	β0	NOUN
ajfa-2777	224	58	2	2	NUM
ajfa-2777	224	59	0.24	0.24	NUM
ajfa-2777	224	60	ing	e	VERB
ajfa-2777	224	61	a	a	DET
ajfa-2777	224	62	two	two	NUM
ajfa-2777	224	63	ta	ta	PART
ajfa-2777	224	64	e	e	NOUN
ajfa-2777	224	65	2)show	2)show	NUM
ajfa-2777	224	66	th	th	NUM
ajfa-2777	224	67	dividends	dividend	NOUN
ajfa-2777	224	68	w	w	NOUN
ajfa-2777	224	69	.	.	PUNCT
ajfa-2777	225	1	the	the	DET
ajfa-2777	225	2	results	result	NOUN
ajfa-2777	225	3	elly	elly	ADV
ajfa-2777	225	4	&	&	CCONJ
ajfa-2777	225	5	edel	edel	PROPN
ajfa-2777	225	6	ed	ed	PROPN
ajfa-2777	225	7	for	for	ADP
ajfa-2777	225	8	corne	corne	NOUN
ajfa-2777	225	9	we	we	PRON
ajfa-2777	225	10	find	find	VERB
ajfa-2777	225	11	th	th	NUM
ajfa-2777	225	12	%	%	NOUN
ajfa-2777	225	13	)	)	PUNCT
ajfa-2777	225	14	and	and	CCONJ
ajfa-2777	225	15	for	for	ADP
ajfa-2777	225	16	d	d	PROPN
ajfa-2777	225	17	effects	effect	NOUN
ajfa-2777	225	18	pane	pane	NOUN
ajfa-2777	225	19	statistic	statistic	NOUN
ajfa-2777	225	20	.	.	PUNCT
ajfa-2777	226	1	asian	asian	ADJ
ajfa-2777	226	2	p4	p4	PROPN
ajfa-2777	226	3	t	t	PROPN
ajfa-2777	226	4	mean	mean	VERB
ajfa-2777	226	5	7	7	NUM
ajfa-2777	226	6	0.017	0.017	NUM
ajfa-2777	226	7	p4	p4	ADJ
ajfa-2777	226	8	t	t	NOUN
ajfa-2777	226	9	mean	mean	VERB
ajfa-2777	226	10	4	4	NUM
ajfa-2777	226	11	0.019	0.019	NUM
ajfa-2777	226	12	s	s	NOUN
ajfa-2777	226	13	on	on	ADP
ajfa-2777	226	14	roe	roe	PROPN
ajfa-2777	226	15	s	s	PART
ajfa-2777	226	16	le	le	X
ajfa-2777	226	17	stocks	stock	NOUN
ajfa-2777	226	18	.	.	PUNCT
ajfa-2777	227	1	t	t	NOUN
ajfa-2777	227	2	r	r	NOUN
ajfa-2777	227	3	month	month	NOUN
ajfa-2777	227	4	(	(	PUNCT
ajfa-2777	227	5	t	t	PROPN
ajfa-2777	227	6	-	-	PUNCT
ajfa-2777	227	7	s	s	NOUN
ajfa-2777	227	8	ng	ng	PROPN
ajfa-2777	227	9	on	on	ADP
ajfa-2777	227	10	roa	roa	PROPN
ajfa-2777	227	11	s	s	PROPN
ajfa-2777	227	12	compared	compare	VERB
ajfa-2777	227	13	an	an	DET
ajfa-2777	227	14	abnorm	abnorm	NOUN
ajfa-2777	227	15	an	an	DET
ajfa-2777	227	16	abnorm	abnorm	NOUN
ajfa-2777	227	17	ity	ity	NOUN
ajfa-2777	227	18	and	and	CCONJ
ajfa-2777	227	19	retu	retu	ADJ
ajfa-2777	227	20	fitable	fitable	ADJ
ajfa-2777	227	21	stock	stock	NOUN
ajfa-2777	227	22	r	r	NOUN
ajfa-2777	227	23	this	this	DET
ajfa-2777	227	24	ques	que	NOUN
ajfa-2777	227	25	ribute	ribute	VERB
ajfa-2777	227	26	to	to	ADP
ajfa-2777	227	27	the	the	DET
ajfa-2777	227	28	payouts	payout	NOUN
ajfa-2777	227	29	.	.	PUNCT
ajfa-2777	228	1	he	he	PRON
ajfa-2777	228	2	on	on	ADP
ajfa-2777	228	3	of	of	ADP
ajfa-2777	228	4	payou	payou	PROPN
ajfa-2777	228	5	t(β0	t(β0	PROPN
ajfa-2777	228	6	44	44	NUM
ajfa-2777	228	7	*	*	SYM
ajfa-2777	228	8	18	18	NUM
ajfa-2777	228	9	.	.	PUNCT
ajfa-2777	228	10	ailed	ail	VERB
ajfa-2777	228	11	t	t	PROPN
ajfa-2777	228	12	-	-	PUNCT
ajfa-2777	228	13	test	test	NOUN
ajfa-2777	228	14	at	at	ADP
ajfa-2777	228	15	firm	firm	NOUN
ajfa-2777	228	16	with	with	ADP
ajfa-2777	228	17	while	while	SCONJ
ajfa-2777	228	18	compa	compa	PROPN
ajfa-2777	228	19	s	s	VERB
ajfa-2777	228	20	appear	appear	VERB
ajfa-2777	228	21	to	to	ADP
ajfa-2777	228	22	lman	lman	NOUN
ajfa-2777	228	23	rb	rb	NOUN
ajfa-2777	228	24	,	,	PUNCT
ajfa-2777	228	25	1	1	NUM
ajfa-2777	228	26	er	er	INTJ
ajfa-2777	228	27	portfolio	portfolio	NOUN
ajfa-2777	228	28	hat	hat	NOUN
ajfa-2777	228	29	average	average	ADJ
ajfa-2777	228	30	high	high	ADJ
ajfa-2777	228	31	roe	roe	PROPN
ajfa-2777	228	32	el	el	PROPN
ajfa-2777	228	33	ols	ols	PROPN
ajfa-2777	228	34	metho	metho	PROPN
ajfa-2777	228	35	n	n	PROPN
ajfa-2777	228	36	journal	journal	NOUN
ajfa-2777	228	37	of	of	ADP
ajfa-2777	228	38	f	f	PROPN
ajfa-2777	228	39	t	t	PROPN
ajfa-2777	228	40	-	-	PUNCT
ajfa-2777	228	41	stat	stat	NOUN
ajfa-2777	228	42	2.459	2.459	NUM
ajfa-2777	228	43	t	t	PROPN
ajfa-2777	228	44	-	-	PUNCT
ajfa-2777	228	45	stat	stat	NOUN
ajfa-2777	228	46	2.648	2.648	NUM
ajfa-2777	228	47	sorted	sorted	ADJ
ajfa-2777	228	48	portf	portf	NOUN
ajfa-2777	228	49	the	the	DET
ajfa-2777	228	50	return	return	NOUN
ajfa-2777	228	51	d	d	X
ajfa-2777	228	52	stat=2.01	stat=2.01	VERB
ajfa-2777	228	53	)	)	PUNCT
ajfa-2777	228	54	w	w	ADP
ajfa-2777	228	55	the	the	DET
ajfa-2777	228	56	averag	averag	PROPN
ajfa-2777	228	57	d	d	PROPN
ajfa-2777	228	58	to	to	ADP
ajfa-2777	228	59	that	that	PRON
ajfa-2777	228	60	of	of	ADP
ajfa-2777	228	61	mal	mal	ADJ
ajfa-2777	228	62	return	return	NOUN
ajfa-2777	228	63	o	o	NOUN
ajfa-2777	228	64	mal	mal	ADJ
ajfa-2777	228	65	return	return	NOUN
ajfa-2777	228	66	of	of	ADP
ajfa-2777	228	67	urns	urn	NOUN
ajfa-2777	228	68	which	which	PRON
ajfa-2777	228	69	i	i	PRON
ajfa-2777	228	70	ks	ks	VERB
ajfa-2777	228	71	to	to	PART
ajfa-2777	228	72	be	be	AUX
ajfa-2777	228	73	less	less	ADJ
ajfa-2777	228	74	stion	stion	NOUN
ajfa-2777	228	75	we	we	PRON
ajfa-2777	228	76	w	w	PROPN
ajfa-2777	228	77	e	e	PROPN
ajfa-2777	228	78	risk	risk	NOUN
ajfa-2777	228	79	argum	argum	ADJ
ajfa-2777	228	80	ence	ence	NOUN
ajfa-2777	228	81	we	we	PRON
ajfa-2777	228	82	calc	calc	VERB
ajfa-2777	228	83	uts	ut	NOUN
ajfa-2777	228	84	on	on	ADP
ajfa-2777	228	85	profit	profit	NOUN
ajfa-2777	228	86	roa	roa	PROPN
ajfa-2777	228	87	0	0	NUM
ajfa-2777	228	88	)	)	PUNCT
ajfa-2777	229	1	β1	β1	NOUN
ajfa-2777	229	2	16	16	NUM
ajfa-2777	229	3	0.2	0.2	NUM
ajfa-2777	229	4	h	h	NOUN
ajfa-2777	229	5	larger	large	ADJ
ajfa-2777	229	6	pro	pro	ADJ
ajfa-2777	229	7	anies	anie	NOUN
ajfa-2777	229	8	that	that	PRON
ajfa-2777	229	9	h	h	NOUN
ajfa-2777	229	10	be	be	AUX
ajfa-2777	229	11	consisten	consisten	VERB
ajfa-2777	229	12	985	985	NUM
ajfa-2777	229	13	,	,	PUNCT
ajfa-2777	229	14	pruitt	pruitt	PROPN
ajfa-2777	229	15	s	s	PART
ajfa-2777	229	16	sorted	sort	VERB
ajfa-2777	229	17	on	on	ADP
ajfa-2777	229	18	e	e	NOUN
ajfa-2777	229	19	payout	payout	NOUN
ajfa-2777	229	20	for	for	ADP
ajfa-2777	229	21	e	e	NOUN
ajfa-2777	229	22	(	(	PUNCT
ajfa-2777	229	23	roa	roa	PROPN
ajfa-2777	229	24	)	)	PUNCT
ajfa-2777	229	25	s	s	PART
ajfa-2777	229	26	od	od	NOUN
ajfa-2777	229	27	,	,	PUNCT
ajfa-2777	229	28	which	which	PRON
ajfa-2777	229	29	has	have	VERB
ajfa-2777	229	30	finance	finance	NOUN
ajfa-2777	229	31	&	&	CCONJ
ajfa-2777	229	32	ac	ac	PROPN
ajfa-2777	229	33	issn	issn	PROPN
ajfa-2777	229	34	19	19	NUM
ajfa-2777	229	35	2012	2012	NUM
ajfa-2777	229	36	,	,	PUNCT
ajfa-2777	229	37	vol	vol	NOUN
ajfa-2777	229	38	.	.	PUNCT
ajfa-2777	230	1	www.macrothi	www.macrothi	X
ajfa-2777	231	1	p5	p5	ADJ
ajfa-2777	231	2	mean	mean	VERB
ajfa-2777	231	3	0.015	0.015	NUM
ajfa-2777	231	4	p5	p5	ADJ
ajfa-2777	231	5	mean	mean	VERB
ajfa-2777	231	6	0.015	0.015	NUM
ajfa-2777	231	7	folios	folio	NOUN
ajfa-2777	231	8	are	be	AUX
ajfa-2777	231	9	la	la	DET
ajfa-2777	231	10	differential	differential	ADJ
ajfa-2777	231	11	b	b	NOUN
ajfa-2777	231	12	which	which	PRON
ajfa-2777	231	13	is	be	AUX
ajfa-2777	231	14	abo	abo	ADJ
ajfa-2777	231	15	ge	ge	PROPN
ajfa-2777	231	16	returns	return	VERB
ajfa-2777	231	17	a	a	DET
ajfa-2777	231	18	f	f	PROPN
ajfa-2777	231	19	high	high	ADJ
ajfa-2777	231	20	prof	prof	NOUN
ajfa-2777	231	21	f	f	PROPN
ajfa-2777	231	22	2.6	2.6	NUM
ajfa-2777	231	23	%	%	NOUN
ajfa-2777	232	1	pe	pe	INTJ
ajfa-2777	232	2	f	f	PROPN
ajfa-2777	232	3	1.5	1.5	NUM
ajfa-2777	232	4	%	%	NOUN
ajfa-2777	232	5	per	per	ADP
ajfa-2777	232	6	is	be	AUX
ajfa-2777	232	7	in	in	ADP
ajfa-2777	232	8	contra	contra	PROPN
ajfa-2777	232	9	s	s	PART
ajfa-2777	232	10	risky	risky	ADJ
ajfa-2777	232	11	due	due	ADJ
ajfa-2777	232	12	t	t	NOUN
ajfa-2777	232	13	want	want	VERB
ajfa-2777	232	14	to	to	ADP
ajfa-2777	232	15	exp	exp	NOUN
ajfa-2777	232	16	ment	ment	NOUN
ajfa-2777	232	17	.	.	PUNCT
ajfa-2777	233	1	we	we	PRON
ajfa-2777	233	2	v	v	AUX
ajfa-2777	233	3	culated	culate	VERB
ajfa-2777	233	4	the	the	DET
ajfa-2777	233	5	tability	tability	NOUN
ajfa-2777	233	6	.	.	PUNCT
ajfa-2777	234	1	t	t	PROPN
ajfa-2777	234	2	(	(	PUNCT
ajfa-2777	234	3	231	231	NUM
ajfa-2777	234	4	*	*	SYM
ajfa-2777	234	5	2	2	NUM
ajfa-2777	234	6	.	.	X
ajfa-2777	235	1	ofits(both	ofits(both	NOUN
ajfa-2777	235	2	r	r	NOUN
ajfa-2777	235	3	have	have	VERB
ajfa-2777	235	4	compa	compa	NOUN
ajfa-2777	235	5	nt	not	PART
ajfa-2777	235	6	with	with	ADP
ajfa-2777	235	7	the	the	DET
ajfa-2777	235	8	t	t	PROPN
ajfa-2777	235	9	&	&	CCONJ
ajfa-2777	235	10	gitman	gitman	PROPN
ajfa-2777	235	11	n	n	CCONJ
ajfa-2777	235	12	profitabili	profitabili	NOUN
ajfa-2777	235	13	r	r	NOUN
ajfa-2777	235	14	low	low	ADJ
ajfa-2777	235	15	roe	roe	NOUN
ajfa-2777	235	16	sorted	sort	VERB
ajfa-2777	235	17	port	port	NOUN
ajfa-2777	235	18	s	s	VERB
ajfa-2777	235	19	been	be	AUX
ajfa-2777	235	20	chosen	choose	VERB
ajfa-2777	235	21	ccounting	ccounte	VERB
ajfa-2777	235	22	946	946	NUM
ajfa-2777	235	23	-	-	PUNCT
ajfa-2777	235	24	052x	052x	NOUN
ajfa-2777	235	25	4	4	NUM
ajfa-2777	235	26	,	,	PUNCT
ajfa-2777	235	27	no	no	INTJ
ajfa-2777	235	28	.	.	NOUN
ajfa-2777	235	29	2	2	NUM
ajfa-2777	235	30	ink.org/ajfa	ink.org/ajfa	X
ajfa-2777	235	31	t	t	PROPN
ajfa-2777	235	32	stat	stat	PROPN
ajfa-2777	235	33	2.197	2.197	NUM
ajfa-2777	235	34	t	t	NOUN
ajfa-2777	235	35	stat	stat	VERB
ajfa-2777	235	36	2.215	2.215	NUM
ajfa-2777	235	37	arger	arger	NOUN
ajfa-2777	235	38	for	for	ADP
ajfa-2777	235	39	between	between	ADP
ajfa-2777	235	40	out	out	ADV
ajfa-2777	235	41	12	12	NUM
ajfa-2777	235	42	%	%	NOUN
ajfa-2777	235	43	re	re	NOUN
ajfa-2777	235	44	again	again	ADV
ajfa-2777	235	45	fitability	fitability	NOUN
ajfa-2777	235	46	r	r	NOUN
ajfa-2777	235	47	month	month	NOUN
ajfa-2777	235	48	r	r	NOUN
ajfa-2777	235	49	month	month	NOUN
ajfa-2777	235	50	.	.	PUNCT
ajfa-2777	236	1	ast	ast	NOUN
ajfa-2777	236	2	to	to	ADP
ajfa-2777	236	3	the	the	DET
ajfa-2777	236	4	to	to	PART
ajfa-2777	236	5	which	which	PRON
ajfa-2777	236	6	lore	lore	VERB
ajfa-2777	236	7	the	the	DET
ajfa-2777	236	8	visualise	visualise	NOUN
ajfa-2777	236	9	relation	relation	PROPN
ajfa-2777	236	10	β1	β1	PROPN
ajfa-2777	236	11	)	)	PUNCT
ajfa-2777	236	12	.074	.074	NUM
ajfa-2777	237	1	roe	roe	NOUN
ajfa-2777	237	2	and	and	CCONJ
ajfa-2777	237	3	aratively	aratively	ADV
ajfa-2777	237	4	findings	finding	NOUN
ajfa-2777	237	5	n	n	CCONJ
ajfa-2777	237	6	,	,	PUNCT
ajfa-2777	237	7	1991	1991	NUM
ajfa-2777	237	8	)	)	PUNCT
ajfa-2777	237	9	.	.	PUNCT
ajfa-2777	238	1	ity	ity	PROPN
ajfa-2777	238	2	(	(	PUNCT
ajfa-2777	238	3	both	both	CCONJ
ajfa-2777	238	4	e	e	X
ajfa-2777	238	5	(	(	PUNCT
ajfa-2777	238	6	roa	roa	NOUN
ajfa-2777	238	7	)	)	PUNCT
ajfa-2777	238	8	tfolio	tfolio	PROPN
ajfa-2777	238	9	is	be	AUX
ajfa-2777	238	10	n	n	ADV
ajfa-2777	238	11	over	over	ADP
ajfa-2777	238	12	the	the	DET
ajfa-2777	238	13	29.67	29.67	NUM
ajfa-2777	238	14	%	%	NOUN
ajfa-2777	238	15	current	current	NOUN
ajfa-2777	238	16	send	send	VERB
ajfa-2777	238	17	a	a	DET
ajfa-2777	238	18	p	p	NOUN
ajfa-2777	238	19	table	table	NOUN
ajfa-2777	238	20	3	3	NUM
ajfa-2777	238	21	panel	panel	NOUN
ajfa-2777	238	22	a	a	DET
ajfa-2777	238	23	portfolio	portfolio	NOUN
ajfa-2777	238	24	p1	p1	NOUN
ajfa-2777	238	25	p2	p2	PROPN
ajfa-2777	238	26	p3	p3	PROPN
ajfa-2777	238	27	p4	p4	ADJ
ajfa-2777	238	28	p5	p5	ADJ
ajfa-2777	238	29	panel	panel	NOUN
ajfa-2777	238	30	b	b	PROPN
ajfa-2777	238	31	portfolio	portfolio	NOUN
ajfa-2777	238	32	p1	p1	NOUN
ajfa-2777	238	33	p2	p2	PROPN
ajfa-2777	238	34	p3	p3	PROPN
ajfa-2777	238	35	p4	p4	ADJ
ajfa-2777	238	36	p5	p5	ADJ
ajfa-2777	238	37	capm	capm	PROPN
ajfa-2777	238	38	on	on	ADP
ajfa-2777	238	39	roe	roe	PROPN
ajfa-2777	238	40	more	more	ADV
ajfa-2777	238	41	pr	pr	VERB
ajfa-2777	238	42	a	a	DET
ajfa-2777	238	43	profit	profit	NOUN
ajfa-2777	238	44	for	for	ADP
ajfa-2777	238	45	less	less	ADJ
ajfa-2777	238	46	that	that	SCONJ
ajfa-2777	238	47	les	le	NOUN
ajfa-2777	238	48	statistic	statistic	NOUN
ajfa-2777	238	49	large	large	ADJ
ajfa-2777	238	50	am	be	AUX
ajfa-2777	238	51	sobered	sober	VERB
ajfa-2777	238	52	with	with	ADP
ajfa-2777	238	53	tha	tha	NOUN
ajfa-2777	238	54	per	per	ADP
ajfa-2777	238	55	mo	mo	PROPN
ajfa-2777	238	56	intercep	intercep	PROPN
ajfa-2777	238	57	presenc	presenc	PROPN
ajfa-2777	238	58	factor	factor	NOUN
ajfa-2777	238	59	is	be	AUX
ajfa-2777	238	60	and	and	CCONJ
ajfa-2777	238	61	me	i	PRON
ajfa-2777	238	62	that	that	PRON
ajfa-2777	238	63	inv	inv	VERB
ajfa-2777	238	64	findings	finding	NOUN
ajfa-2777	238	65	indicate	indicate	VERB
ajfa-2777	238	66	perspec	perspec	NOUN
ajfa-2777	238	67	hence	hence	ADV
ajfa-2777	238	68	s	s	PART
ajfa-2777	238	69	%	%	INTJ
ajfa-2777	238	70	(	(	PUNCT
ajfa-2777	238	71	31.14	31.14	NUM
ajfa-2777	238	72	%	%	NOUN
ajfa-2777	238	73	t	t	NOUN
ajfa-2777	238	74	profits	profit	NOUN
ajfa-2777	238	75	ma	ma	PROPN
ajfa-2777	238	76	positive	positive	ADJ
ajfa-2777	238	77	sign	sign	NOUN
ajfa-2777	238	78	.	.	PUNCT
ajfa-2777	239	1	empirical	empirical	ADJ
ajfa-2777	239	2	.	.	PUNCT
ajfa-2777	240	1	roe	roe	PROPN
ajfa-2777	240	2	sorte	sorte	NOUN
ajfa-2777	240	3	o	o	PROPN
ajfa-2777	240	4	a	a	DET
ajfa-2777	240	5	0.0	0.0	NUM
ajfa-2777	240	6	0.0	0.0	NUM
ajfa-2777	240	7	0.0	0.0	NUM
ajfa-2777	240	8	0.0	0.0	NUM
ajfa-2777	240	9	0.0	0.0	NUM
ajfa-2777	240	10	b.	b.	PROPN
ajfa-2777	240	11	roa	roa	PROPN
ajfa-2777	240	12	sorte	sorte	NOUN
ajfa-2777	240	13	o	o	PROPN
ajfa-2777	241	1	a	a	DET
ajfa-2777	241	2	0.0	0.0	NUM
ajfa-2777	241	3	0.0	0.0	NUM
ajfa-2777	241	4	0.0	0.0	NUM
ajfa-2777	241	5	0.0	0.0	NUM
ajfa-2777	241	6	0.0	0.0	NUM
ajfa-2777	241	7	results	result	NOUN
ajfa-2777	241	8	(	(	PUNCT
ajfa-2777	241	9	ta	ta	X
ajfa-2777	241	10	e	e	NOUN
ajfa-2777	241	11	sorted	sort	VERB
ajfa-2777	241	12	por	por	NOUN
ajfa-2777	241	13	rofitable	rofitable	ADJ
ajfa-2777	241	14	sto	sto	NOUN
ajfa-2777	241	15	tability	tability	NOUN
ajfa-2777	241	16	anom	anom	PROPN
ajfa-2777	241	17	s	s	PART
ajfa-2777	241	18	profitable	profitable	ADJ
ajfa-2777	241	19	ss	ss	PROPN
ajfa-2777	241	20	profitabl	profitabl	VERB
ajfa-2777	241	21	cally	cally	ADV
ajfa-2777	241	22	signifi	signifi	NOUN
ajfa-2777	241	23	mount	mount	PROPN
ajfa-2777	241	24	of	of	ADP
ajfa-2777	241	25	va	va	PROPN
ajfa-2777	241	26	d	d	PROPN
ajfa-2777	241	27	down	down	ADP
ajfa-2777	241	28	due	due	ADJ
ajfa-2777	241	29	at	at	ADP
ajfa-2777	241	30	obtained	obtain	VERB
ajfa-2777	241	31	nth	nth	NOUN
ajfa-2777	241	32	for	for	ADP
ajfa-2777	241	33	les	les	X
ajfa-2777	241	34	pt	pt	PROPN
ajfa-2777	241	35	of	of	ADP
ajfa-2777	241	36	the	the	DET
ajfa-2777	241	37	lo	lo	PROPN
ajfa-2777	241	38	ce	ce	PROPN
ajfa-2777	241	39	of	of	ADP
ajfa-2777	241	40	a	a	DET
ajfa-2777	241	41	profi	profi	NOUN
ajfa-2777	241	42	s	s	PART
ajfa-2777	241	43	able	able	ADJ
ajfa-2777	241	44	to	to	PART
ajfa-2777	241	45	ex	ex	PRON
ajfa-2777	241	46	erville	erville	NOUN
ajfa-2777	241	47	(	(	PUNCT
ajfa-2777	241	48	197	197	NUM
ajfa-2777	241	49	vestors	vestor	NOUN
ajfa-2777	241	50	per	per	ADP
ajfa-2777	241	51	s	s	NOUN
ajfa-2777	241	52	of	of	ADP
ajfa-2777	241	53	scherr	scherr	PROPN
ajfa-2777	241	54	ed	ed	PROPN
ajfa-2777	241	55	a	a	DET
ajfa-2777	241	56	negativ	negativ	PROPN
ajfa-2777	241	57	ctive	ctive	NOUN
ajfa-2777	241	58	who	who	PRON
ajfa-2777	241	59	is	be	AUX
ajfa-2777	241	60	hould	hould	PROPN
ajfa-2777	241	61	provi	provi	PROPN
ajfa-2777	241	62	%	%	PROPN
ajfa-2777	241	63	)	)	PUNCT
ajfa-2777	241	64	.	.	PUNCT
ajfa-2777	242	1	corpora	corpora	PROPN
ajfa-2777	242	2	ay	ay	PROPN
ajfa-2777	242	3	contain	contain	VERB
ajfa-2777	242	4	nal	nal	ADJ
ajfa-2777	242	5	leading	lead	VERB
ajfa-2777	242	6	l	l	NOUN
ajfa-2777	242	7	results	result	NOUN
ajfa-2777	242	8	bas	bas	PROPN
ajfa-2777	242	9	ed	ed	NOUN
ajfa-2777	242	10	portfolios	portfolio	NOUN
ajfa-2777	242	11	012	012	NUM
ajfa-2777	242	12	007	007	NUM
ajfa-2777	242	13	004	004	NUM
ajfa-2777	242	14	007	007	NUM
ajfa-2777	242	15	006	006	NUM
ajfa-2777	242	16	ed	ed	NOUN
ajfa-2777	242	17	portfolios	portfolio	NOUN
ajfa-2777	243	1	014	014	NUM
ajfa-2777	243	2	020	020	NUM
ajfa-2777	243	3	009	009	NUM
ajfa-2777	243	4	009	009	NUM
ajfa-2777	243	5	004	004	NUM
ajfa-2777	243	6	able	able	ADJ
ajfa-2777	243	7	3	3	NUM
ajfa-2777	243	8	)	)	PUNCT
ajfa-2777	243	9	show	show	NOUN
ajfa-2777	243	10	rtfolios	rtfolio	NOUN
ajfa-2777	243	11	is	be	AUX
ajfa-2777	243	12	1	1	NUM
ajfa-2777	243	13	.	.	PUNCT
ajfa-2777	243	14	ocks	ocks	PROPN
ajfa-2777	243	15	.	.	PUNCT
ajfa-2777	244	1	the	the	DET
ajfa-2777	244	2	si	si	PROPN
ajfa-2777	244	3	maly	maly	PROPN
ajfa-2777	244	4	within	within	ADP
ajfa-2777	244	5	stocks(p1	stocks(p1	PROPN
ajfa-2777	244	6	)	)	PUNCT
ajfa-2777	244	7	e	e	NOUN
ajfa-2777	244	8	firms	firm	NOUN
ajfa-2777	244	9	are	be	AUX
ajfa-2777	244	10	ca	ca	PRON
ajfa-2777	244	11	nt	not	PART
ajfa-2777	244	12	which	which	DET
ajfa-2777	244	13	ariation	ariation	NOUN
ajfa-2777	244	14	in	in	ADP
ajfa-2777	244	15	co	co	NOUN
ajfa-2777	244	16	e	e	NOUN
ajfa-2777	244	17	to	to	ADP
ajfa-2777	244	18	the	the	DET
ajfa-2777	244	19	con	con	NOUN
ajfa-2777	244	20	for	for	ADP
ajfa-2777	244	21	roe	roe	NOUN
ajfa-2777	244	22	.	.	PUNCT
ajfa-2777	245	1	t	t	PROPN
ajfa-2777	245	2	s	s	AUX
ajfa-2777	245	3	profitable	profitable	ADJ
ajfa-2777	245	4	ower	ower	PROPN
ajfa-2777	245	5	profita	profita	PROPN
ajfa-2777	245	6	fitability	fitability	PROPN
ajfa-2777	245	7	ano	ano	PROPN
ajfa-2777	245	8	xplain	xplain	VERB
ajfa-2777	245	9	part	part	NOUN
ajfa-2777	245	10	o	o	NOUN
ajfa-2777	245	11	2	2	NUM
ajfa-2777	245	12	)	)	PUNCT
ajfa-2777	245	13	who	who	PRON
ajfa-2777	245	14	find	find	VERB
ajfa-2777	245	15	ceive	ceive	ADJ
ajfa-2777	245	16	profi	profi	PROPN
ajfa-2777	245	17	rer	rer	PROPN
ajfa-2777	245	18	and	and	CCONJ
ajfa-2777	245	19	ma	ma	PROPN
ajfa-2777	246	1	ve	ve	PROPN
ajfa-2777	246	2	relationsh	relationsh	PROPN
ajfa-2777	246	3	s	s	PART
ajfa-2777	246	4	developin	developin	NOUN
ajfa-2777	246	5	ide	ide	NOUN
ajfa-2777	246	6	less	less	ADV
ajfa-2777	246	7	retu	retu	ADJ
ajfa-2777	246	8	ate	eat	VERB
ajfa-2777	246	9	dividend	dividend	NOUN
ajfa-2777	246	10	information	information	NOUN
ajfa-2777	246	11	to	to	PART
ajfa-2777	246	12	stock	stock	VERB
ajfa-2777	246	13	pri	pri	PROPN
ajfa-2777	246	14	ed	ed	NOUN
ajfa-2777	246	15	on	on	ADP
ajfa-2777	246	16	one	one	NUM
ajfa-2777	246	17	f	f	NOUN
ajfa-2777	246	18	s	s	PROPN
ajfa-2777	246	19	b	b	PROPN
ajfa-2777	246	20	1.166	1.166	NUM
ajfa-2777	246	21	1.086	1.086	NUM
ajfa-2777	246	22	1.026	1.026	NUM
ajfa-2777	246	23	0.961	0.961	NUM
ajfa-2777	246	24	0.988	0.988	NUM
ajfa-2777	246	25	s	s	NOUN
ajfa-2777	246	26	b	b	NUM
ajfa-2777	246	27	1.177	1.177	NUM
ajfa-2777	246	28	1.124	1.124	NUM
ajfa-2777	246	29	1.125	1.125	NUM
ajfa-2777	246	30	0.994	0.994	NUM
ajfa-2777	246	31	0.930	0.930	NUM
ajfa-2777	246	32	w	w	ADP
ajfa-2777	246	33	that	that	SCONJ
ajfa-2777	246	34	the	the	DET
ajfa-2777	246	35	e	e	NOUN
ajfa-2777	246	36	.2	.2	NUM
ajfa-2777	246	37	%	%	NOUN
ajfa-2777	246	38	per	per	ADP
ajfa-2777	246	39	mo	mo	PROPN
ajfa-2777	246	40	ignificant	ignificant	PROPN
ajfa-2777	246	41	in	in	ADP
ajfa-2777	246	42	n	n	PROPN
ajfa-2777	246	43	the	the	DET
ajfa-2777	246	44	capm	capm	PROPN
ajfa-2777	246	45	is	be	AUX
ajfa-2777	246	46	higher	high	ADJ
ajfa-2777	246	47	a	a	DET
ajfa-2777	246	48	e	e	NOUN
ajfa-2777	246	49	more	more	ADJ
ajfa-2777	246	50	risk	risk	NOUN
ajfa-2777	246	51	means	mean	VERB
ajfa-2777	246	52	that	that	PRON
ajfa-2777	246	53	ommon	ommon	VERB
ajfa-2777	246	54	stoc	stoc	NOUN
ajfa-2777	246	55	ntribution	ntribution	NOUN
ajfa-2777	246	56	of	of	ADP
ajfa-2777	246	57	the	the	DET
ajfa-2777	246	58	extra	extra	ADJ
ajfa-2777	246	59	no	no	PROPN
ajfa-2777	246	60	e	e	NOUN
ajfa-2777	246	61	stocks	stock	NOUN
ajfa-2777	246	62	and	and	CCONJ
ajfa-2777	246	63	ability	ability	NOUN
ajfa-2777	246	64	portf	portf	NOUN
ajfa-2777	246	65	omaly	omaly	NOUN
ajfa-2777	246	66	withi	withi	NOUN
ajfa-2777	246	67	of	of	ADP
ajfa-2777	246	68	the	the	DET
ajfa-2777	246	69	profit	profit	NOUN
ajfa-2777	246	70	d	d	X
ajfa-2777	246	71	negative	negative	ADJ
ajfa-2777	246	72	r	r	NOUN
ajfa-2777	246	73	itability	itability	NOUN
ajfa-2777	246	74	as	as	ADP
ajfa-2777	246	75	athison	athison	NOUN
ajfa-2777	246	76	(	(	PUNCT
ajfa-2777	246	77	199	199	NUM
ajfa-2777	246	78	hip	hip	NOUN
ajfa-2777	246	79	between	between	ADP
ajfa-2777	246	80	ng	ng	PROPN
ajfa-2777	246	81	a	a	DET
ajfa-2777	246	82	trading	trading	NOUN
ajfa-2777	246	83	urns	urn	NOUN
ajfa-2777	246	84	.	.	PUNCT
ajfa-2777	247	1	356	356	NUM
ajfa-2777	247	2	d	d	NOUN
ajfa-2777	247	3	policy	policy	NOUN
ajfa-2777	247	4	ten	ten	NUM
ajfa-2777	247	5	n	n	NOUN
ajfa-2777	247	6	about	about	ADP
ajfa-2777	247	7	futu	futu	PROPN
ajfa-2777	247	8	ice	ice	PROPN
ajfa-2777	247	9	apprecia	apprecia	PROPN
ajfa-2777	247	10	factor	factor	NOUN
ajfa-2777	247	11	capm	capm	PROPN
ajfa-2777	247	12	t(a	t(a	PROPN
ajfa-2777	247	13	)	)	PUNCT
ajfa-2777	247	14	2.07	2.07	NUM
ajfa-2777	247	15	1.81	1.81	NUM
ajfa-2777	247	16	1.24	1.24	NUM
ajfa-2777	247	17	2.37	2.37	NUM
ajfa-2777	247	18	2.00	2.00	NUM
ajfa-2777	247	19	t(a	t(a	NOUN
ajfa-2777	247	20	)	)	PUNCT
ajfa-2777	247	21	2.48	2.48	NUM
ajfa-2777	247	22	2.81	2.81	NUM
ajfa-2777	247	23	2.30	2.30	NUM
ajfa-2777	247	24	2.63	2.63	NUM
ajfa-2777	247	25	1.69	1.69	NUM
ajfa-2777	247	26	extra	extra	ADJ
ajfa-2777	247	27	norma	norma	PROPN
ajfa-2777	247	28	onth	onth	NOUN
ajfa-2777	247	29	for	for	ADP
ajfa-2777	247	30	less	less	ADJ
ajfa-2777	247	31	ntercepts	ntercept	NOUN
ajfa-2777	247	32	of	of	ADP
ajfa-2777	247	33	m	m	NOUN
ajfa-2777	247	34	framewor	framewor	NOUN
ajfa-2777	247	35	as	as	ADP
ajfa-2777	247	36	compared	compare	VERB
ajfa-2777	247	37	ky	ky	PROPN
ajfa-2777	247	38	.	.	PUNCT
ajfa-2777	248	1	the	the	DET
ajfa-2777	248	2	be	be	PROPN
ajfa-2777	248	3	t	t	PROPN
ajfa-2777	248	4	the	the	DET
ajfa-2777	248	5	marke	marke	NOUN
ajfa-2777	248	6	ck	ck	ADJ
ajfa-2777	248	7	returns	return	NOUN
ajfa-2777	248	8	.	.	PUNCT
ajfa-2777	249	1	w	w	NOUN
ajfa-2777	249	2	f	f	PROPN
ajfa-2777	249	3	beta	beta	NOUN
ajfa-2777	249	4	.	.	PUNCT
ajfa-2777	250	1	resu	resu	PROPN
ajfa-2777	250	2	ormal	ormal	PROPN
ajfa-2777	250	3	return	return	VERB
ajfa-2777	250	4	d	d	PROPN
ajfa-2777	250	5	0.4	0.4	NUM
ajfa-2777	250	6	%	%	NOUN
ajfa-2777	250	7	per	per	ADP
ajfa-2777	250	8	folio	folio	NOUN
ajfa-2777	250	9	(	(	PUNCT
ajfa-2777	250	10	p1	p1	NOUN
ajfa-2777	250	11	)	)	PUNCT
ajfa-2777	250	12	i	i	PRON
ajfa-2777	250	13	in	in	ADP
ajfa-2777	250	14	the	the	DET
ajfa-2777	250	15	cap	cap	NOUN
ajfa-2777	250	16	ability	ability	NOUN
ajfa-2777	250	17	anom	anom	PROPN
ajfa-2777	250	18	relation	relation	PROPN
ajfa-2777	250	19	bet	bet	VERB
ajfa-2777	250	20	an	an	DET
ajfa-2777	250	21	“	"	PUNCT
ajfa-2777	250	22	invers	inver	NOUN
ajfa-2777	250	23	96	96	NUM
ajfa-2777	250	24	)	)	PUNCT
ajfa-2777	250	25	,	,	PUNCT
ajfa-2777	250	26	gu	gu	NOUN
ajfa-2777	250	27	and	and	CCONJ
ajfa-2777	250	28	n	n	PRON
ajfa-2777	250	29	profitabili	profitabili	NOUN
ajfa-2777	250	30	g	g	PROPN
ajfa-2777	250	31	strategy	strategy	NOUN
ajfa-2777	250	32	a	a	DET
ajfa-2777	250	33	asian	asian	PROPN
ajfa-2777	250	34	nds	nds	NOUN
ajfa-2777	250	35	to	to	PART
ajfa-2777	250	36	vary	vary	VERB
ajfa-2777	250	37	ure	ure	VERB
ajfa-2777	250	38	profits	profit	NOUN
ajfa-2777	250	39	ation	ation	NOUN
ajfa-2777	250	40	.	.	PUNCT
ajfa-2777	251	1	m	m	VERB
ajfa-2777	251	2	78	78	NUM
ajfa-2777	251	3	7	7	NUM
ajfa-2777	251	4	40	40	NUM
ajfa-2777	251	5	74	74	NUM
ajfa-2777	251	6	08	08	NUM
ajfa-2777	251	7	5	5	NUM
ajfa-2777	251	8	0	0	NUM
ajfa-2777	251	9	00	00	NUM
ajfa-2777	251	10	5	5	NUM
ajfa-2777	251	11	9	9	NUM
ajfa-2777	251	12	al	al	PROPN
ajfa-2777	251	13	returns	return	NOUN
ajfa-2777	251	14	(	(	PUNCT
ajfa-2777	251	15	a	a	DET
ajfa-2777	251	16	profitable	profitable	ADJ
ajfa-2777	251	17	s	s	PART
ajfa-2777	251	18	f	f	PROPN
ajfa-2777	251	19	corner	corner	PROPN
ajfa-2777	251	20	port	port	PROPN
ajfa-2777	251	21	rk	rk	NOUN
ajfa-2777	251	22	.	.	PUNCT
ajfa-2777	252	1	we	we	PRON
ajfa-2777	252	2	how	how	SCONJ
ajfa-2777	252	3	d	d	X
ajfa-2777	252	4	to	to	ADP
ajfa-2777	252	5	more	more	ADJ
ajfa-2777	252	6	p	p	NOUN
ajfa-2777	252	7	eta	eta	PROPN
ajfa-2777	252	8	coefficie	coefficie	PROPN
ajfa-2777	252	9	t	t	PROPN
ajfa-2777	252	10	return	return	PROPN
ajfa-2777	252	11	fac	fac	PROPN
ajfa-2777	252	12	we	we	PRON
ajfa-2777	252	13	find	find	VERB
ajfa-2777	252	14	tha	tha	NOUN
ajfa-2777	252	15	ults	ult	NOUN
ajfa-2777	252	16	on	on	ADP
ajfa-2777	252	17	roa	roa	PROPN
ajfa-2777	252	18	n	n	PROPN
ajfa-2777	252	19	(	(	PUNCT
ajfa-2777	252	20	after	after	ADP
ajfa-2777	252	21	adju	adju	PROPN
ajfa-2777	252	22	r	r	NOUN
ajfa-2777	252	23	month	month	NOUN
ajfa-2777	252	24	for	for	ADP
ajfa-2777	252	25	is	be	AUX
ajfa-2777	252	26	statistica	statistica	PROPN
ajfa-2777	252	27	pm	pm	PROPN
ajfa-2777	252	28	framewo	framewo	PROPN
ajfa-2777	252	29	maly	maly	PROPN
ajfa-2777	252	30	.	.	PUNCT
ajfa-2777	253	1	these	these	DET
ajfa-2777	253	2	tween	tween	NOUN
ajfa-2777	253	3	profi	profi	PROPN
ajfa-2777	253	4	se	se	PROPN
ajfa-2777	253	5	surrogate	surrogate	PROPN
ajfa-2777	253	6	d	d	PROPN
ajfa-2777	253	7	kim	kim	PROPN
ajfa-2777	253	8	(	(	PUNCT
ajfa-2777	253	9	200	200	NUM
ajfa-2777	253	10	ity	ity	NOUN
ajfa-2777	253	11	and	and	CCONJ
ajfa-2777	253	12	syst	syst	VERB
ajfa-2777	253	13	a	a	DET
ajfa-2777	253	14	highly	highly	ADV
ajfa-2777	253	15	pro	pro	ADJ
ajfa-2777	253	16	n	n	NOUN
ajfa-2777	253	17	journal	journal	NOUN
ajfa-2777	253	18	of	of	ADP
ajfa-2777	253	19	f	f	PROPN
ajfa-2777	253	20	y	y	PROPN
ajfa-2777	253	21	directly	directly	ADV
ajfa-2777	253	22	w	w	VERB
ajfa-2777	253	23	and	and	CCONJ
ajfa-2777	253	24	hence	hence	ADV
ajfa-2777	253	25	t(b	t(b	VERB
ajfa-2777	253	26	)	)	PUNCT
ajfa-2777	253	27	17.810	17.810	NUM
ajfa-2777	253	28	23.961	23.961	NUM
ajfa-2777	253	29	23.269	23.269	NUM
ajfa-2777	253	30	24.803	24.803	NUM
ajfa-2777	253	31	30.003	30.003	NUM
ajfa-2777	253	32	t(b	t(b	NOUN
ajfa-2777	253	33	)	)	PUNCT
ajfa-2777	253	34	18.223	18.223	NUM
ajfa-2777	253	35	13.681	13.681	NUM
ajfa-2777	254	1	23.582	23.582	NUM
ajfa-2777	254	2	26.171	26.171	NUM
ajfa-2777	254	3	27.33	27.33	NUM
ajfa-2777	254	4	after	after	ADP
ajfa-2777	254	5	adjustin	adjustin	NOUN
ajfa-2777	254	6	stocks	stock	NOUN
ajfa-2777	254	7	and	and	CCONJ
ajfa-2777	254	8	0	0	NUM
ajfa-2777	254	9	tfolios	tfolio	VERB
ajfa-2777	254	10	conf	conf	NOUN
ajfa-2777	254	11	wever	wever	NOUN
ajfa-2777	254	12	find	find	VERB
ajfa-2777	254	13	th	th	X
ajfa-2777	254	14	profitable	profitable	PROPN
ajfa-2777	254	15	st	st	PROPN
ajfa-2777	254	16	ent	ent	PROPN
ajfa-2777	254	17	of	of	ADP
ajfa-2777	254	18	both	both	DET
ajfa-2777	254	19	tor	tor	NOUN
ajfa-2777	254	20	is	be	AUX
ajfa-2777	254	21	impor	impor	NOUN
ajfa-2777	254	22	at	at	ADP
ajfa-2777	254	23	the	the	DET
ajfa-2777	254	24	alphas	alpha	NOUN
ajfa-2777	254	25	a	a	DET
ajfa-2777	254	26	sorted	sort	VERB
ajfa-2777	254	27	po	po	NOUN
ajfa-2777	254	28	usting	uste	VERB
ajfa-2777	254	29	for	for	ADP
ajfa-2777	254	30	m	m	PROPN
ajfa-2777	254	31	r	r	NOUN
ajfa-2777	254	32	more	more	ADJ
ajfa-2777	254	33	pro	pro	ADJ
ajfa-2777	254	34	ally	ally	NOUN
ajfa-2777	254	35	signific	signific	NOUN
ajfa-2777	254	36	ork	ork	NOUN
ajfa-2777	254	37	.	.	PUNCT
ajfa-2777	255	1	we	we	PRON
ajfa-2777	255	2	rec	rec	PROPN
ajfa-2777	255	3	e	e	PROPN
ajfa-2777	255	4	results	result	NOUN
ajfa-2777	255	5	are	be	AUX
ajfa-2777	255	6	tability	tability	NOUN
ajfa-2777	255	7	and	and	CCONJ
ajfa-2777	255	8	e	e	NOUN
ajfa-2777	255	9	”	"	PUNCT
ajfa-2777	255	10	of	of	ADP
ajfa-2777	255	11	busin	busin	NOUN
ajfa-2777	255	12	02	02	NUM
ajfa-2777	255	13	)	)	PUNCT
ajfa-2777	255	14	and	and	CCONJ
ajfa-2777	255	15	le	le	X
ajfa-2777	255	16	ematic	ematic	ADJ
ajfa-2777	255	17	risk	risk	NOUN
ajfa-2777	255	18	.	.	PUNCT
ajfa-2777	256	1	ofitable	ofitable	ADJ
ajfa-2777	256	2	firm	firm	ADJ
ajfa-2777	256	3	finance	finance	PROPN
ajfa-2777	256	4	&	&	CCONJ
ajfa-2777	256	5	ac	ac	PROPN
ajfa-2777	256	6	issn	issn	PROPN
ajfa-2777	256	7	19	19	NUM
ajfa-2777	256	8	2012	2012	NUM
ajfa-2777	256	9	,	,	PUNCT
ajfa-2777	256	10	vol	vol	NOUN
ajfa-2777	256	11	.	.	PUNCT
ajfa-2777	257	1	www.macrothi	www.macrothi	X
ajfa-2777	257	2	with	with	ADP
ajfa-2777	257	3	current	current	ADJ
ajfa-2777	257	4	large	large	ADJ
ajfa-2777	257	5	payo	payo	NOUN
ajfa-2777	257	6	adj	adj	PROPN
ajfa-2777	257	7	.	.	PUNCT
ajfa-2777	258	1	r	r	NOUN
ajfa-2777	258	2	0.638	0.638	NUM
ajfa-2777	258	3	0.762	0.762	NUM
ajfa-2777	258	4	0.751	0.751	NUM
ajfa-2777	258	5	0.774	0.774	NUM
ajfa-2777	258	6	0.833	0.833	NUM
ajfa-2777	258	7	adj	adj	X
ajfa-2777	258	8	.	.	PUNCT
ajfa-2777	259	1	r	r	NOUN
ajfa-2777	259	2	0.664	0.664	NUM
ajfa-2777	259	3	0.527	0.527	NUM
ajfa-2777	259	4	0.768	0.768	NUM
ajfa-2777	259	5	0.803	0.803	NUM
ajfa-2777	259	6	0.816	0.816	NUM
ajfa-2777	259	7	ng	ng	PROPN
ajfa-2777	259	8	for	for	ADP
ajfa-2777	259	9	mark	mark	NOUN
ajfa-2777	259	10	0.6	0.6	NUM
ajfa-2777	259	11	%	%	NOUN
ajfa-2777	259	12	per	per	ADP
ajfa-2777	259	13	m	m	NOUN
ajfa-2777	259	14	firm	firm	NOUN
ajfa-2777	259	15	the	the	DET
ajfa-2777	259	16	pre	pre	ADJ
ajfa-2777	259	17	hat	hat	NOUN
ajfa-2777	259	18	the	the	DET
ajfa-2777	259	19	mar	mar	PROPN
ajfa-2777	259	20	tocks(p5	tocks(p5	PROPN
ajfa-2777	259	21	)	)	PUNCT
ajfa-2777	259	22	,	,	PUNCT
ajfa-2777	259	23	s	s	NOUN
ajfa-2777	259	24	h	h	NOUN
ajfa-2777	259	25	portfolios	portfolio	NOUN
ajfa-2777	259	26	rtant	rtant	ADJ
ajfa-2777	259	27	in	in	ADP
ajfa-2777	259	28	cap	cap	NOUN
ajfa-2777	259	29	s	s	PROPN
ajfa-2777	259	30	of	of	ADP
ajfa-2777	259	31	p1	p1	NOUN
ajfa-2777	259	32	and	and	CCONJ
ajfa-2777	259	33	ortfolios	ortfolio	NOUN
ajfa-2777	259	34	are	be	AUX
ajfa-2777	259	35	market	market	NOUN
ajfa-2777	259	36	risk	risk	NOUN
ajfa-2777	259	37	)	)	PUNCT
ajfa-2777	259	38	ofitable	ofitable	ADJ
ajfa-2777	259	39	stoc	stoc	NOUN
ajfa-2777	259	40	ca	can	AUX
ajfa-2777	259	41	nt	not	PART
ajfa-2777	259	42	confirm	confirm	VERB
ajfa-2777	259	43	confirm	confirm	VERB
ajfa-2777	259	44	that	that	SCONJ
ajfa-2777	259	45	e	e	NOUN
ajfa-2777	259	46	in	in	ADP
ajfa-2777	259	47	line	line	NOUN
ajfa-2777	259	48	wit	wit	NOUN
ajfa-2777	259	49	d	d	NOUN
ajfa-2777	259	50	beta	beta	NOUN
ajfa-2777	259	51	.	.	PUNCT
ajfa-2777	260	1	they	they	PRON
ajfa-2777	260	2	ness	ness	VERB
ajfa-2777	260	3	risk	risk	VERB
ajfa-2777	260	4	.	.	PUNCT
ajfa-2777	261	1	p	p	X
ajfa-2777	261	2	ee	ee	PROPN
ajfa-2777	261	3	and	and	CCONJ
ajfa-2777	261	4	jang	jang	PROPN
ajfa-2777	261	5	.	.	PUNCT
ajfa-2777	262	1	from	from	ADP
ajfa-2777	262	2	an	an	PRON
ajfa-2777	262	3	in	in	ADP
ajfa-2777	262	4	m	m	PROPN
ajfa-2777	262	5	is	be	AUX
ajfa-2777	262	6	less	less	ADJ
ajfa-2777	262	7	ri	ri	NOUN
ajfa-2777	262	8	ccounting	ccounte	VERB
ajfa-2777	262	9	946	946	NUM
ajfa-2777	262	10	-	-	PUNCT
ajfa-2777	262	11	052x	052x	NOUN
ajfa-2777	262	12	4	4	NUM
ajfa-2777	262	13	,	,	PUNCT
ajfa-2777	262	14	no	no	INTJ
ajfa-2777	262	15	.	.	NOUN
ajfa-2777	262	16	2	2	NUM
ajfa-2777	262	17	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	262	18	t	t	NOUN
ajfa-2777	262	19	profits	profit	NOUN
ajfa-2777	262	20	.	.	PUNCT
ajfa-2777	263	1	uts	ut	NOUN
ajfa-2777	263	2	may	may	AUX
ajfa-2777	263	3	r2	r2	PROPN
ajfa-2777	263	4	r2	r2	PROPN
ajfa-2777	263	5	ket	ket	PROPN
ajfa-2777	263	6	risk	risk	NOUN
ajfa-2777	263	7	)	)	PUNCT
ajfa-2777	263	8	month	month	NOUN
ajfa-2777	263	9	for	for	ADP
ajfa-2777	263	10	sence	sence	NOUN
ajfa-2777	263	11	of	of	ADP
ajfa-2777	263	12	rket	rket	NOUN
ajfa-2777	263	13	beta	beta	NOUN
ajfa-2777	263	14	showing	showing	NOUN
ajfa-2777	263	15	s	s	VERB
ajfa-2777	263	16	is	be	AUX
ajfa-2777	263	17	also	also	ADV
ajfa-2777	263	18	pturing	pture	VERB
ajfa-2777	263	19	a	a	DET
ajfa-2777	263	20	p5	p5	PROPN
ajfa-2777	263	21	have	have	AUX
ajfa-2777	263	22	e	e	NOUN
ajfa-2777	263	23	in	in	ADP
ajfa-2777	263	24	line	line	NOUN
ajfa-2777	263	25	is	be	AUX
ajfa-2777	263	26	1.4	1.4	NUM
ajfa-2777	263	27	%	%	NOUN
ajfa-2777	263	28	cks	ck	NOUN
ajfa-2777	263	29	.	.	PUNCT
ajfa-2777	264	1	the	the	DET
ajfa-2777	264	2	ming	ming	PROPN
ajfa-2777	264	3	the	the	DET
ajfa-2777	264	4	t	t	PROPN
ajfa-2777	264	5	market	market	NOUN
ajfa-2777	264	6	h	h	NOUN
ajfa-2777	264	7	louge	louge	PROPN
ajfa-2777	264	8	y	y	PROPN
ajfa-2777	264	9	reason	reason	NOUN
ajfa-2777	264	10	previous	previous	ADJ
ajfa-2777	264	11	g	g	PROPN
ajfa-2777	264	12	(	(	PUNCT
ajfa-2777	264	13	2006	2006	NUM
ajfa-2777	264	14	)	)	PUNCT
ajfa-2777	264	15	nvestors	nvestor	NOUN
ajfa-2777	264	16	isky	isky	ADV
ajfa-2777	264	17	and	and	CCONJ
ajfa-2777	264	18	table	table	NOUN
ajfa-2777	264	19	4	4	NUM
ajfa-2777	264	20	beta	beta	PROPN
ajfa-2777	264	21	i	i	PROPN
ajfa-2777	264	22	,	,	PUNCT
ajfa-2777	264	23	t	t	PROPN
ajfa-2777	264	24	=	=	PUNCT
ajfa-2777	265	1	*	*	PUNCT
ajfa-2777	265	2	denot	denot	VERB
ajfa-2777	265	3	the	the	DET
ajfa-2777	265	4	res	re	NOUN
ajfa-2777	265	5	dividen	dividen	VERB
ajfa-2777	265	6	risky	risky	ADJ
ajfa-2777	265	7	in	in	ADP
ajfa-2777	265	8	more	more	ADJ
ajfa-2777	265	9	ri	ri	NOUN
ajfa-2777	265	10	adequat	adequat	NOUN
ajfa-2777	265	11	that	that	DET
ajfa-2777	265	12	sinc	sinc	PROPN
ajfa-2777	265	13	table	table	NOUN
ajfa-2777	265	14	5	5	NUM
ajfa-2777	265	15	value	value	NOUN
ajfa-2777	265	16	f	f	PROPN
ajfa-2777	265	17	panel	panel	NOUN
ajfa-2777	265	18	a	a	DET
ajfa-2777	265	19	portfolio	portfolio	NOUN
ajfa-2777	265	20	p1	p1	NOUN
ajfa-2777	265	21	p2	p2	PROPN
ajfa-2777	265	22	p3	p3	PROPN
ajfa-2777	265	23	p4	p4	ADJ
ajfa-2777	265	24	p5	p5	PROPN
ajfa-2777	265	25	panel	panel	NOUN
ajfa-2777	265	26	b.	b.	PROPN
ajfa-2777	265	27	portfolio	portfolio	PROPN
ajfa-2777	265	28	p1	p1	PROPN
ajfa-2777	265	29	p2	p2	PROPN
ajfa-2777	265	30	p3	p3	PROPN
ajfa-2777	265	31	p4	p4	ADJ
ajfa-2777	265	32	p5	p5	NOUN
ajfa-2777	265	33	the	the	DET
ajfa-2777	265	34	ff	ff	PROPN
ajfa-2777	265	35	roe	roe	NOUN
ajfa-2777	265	36	an	an	DET
ajfa-2777	265	37	that	that	DET
ajfa-2777	265	38	bot	bot	NOUN
ajfa-2777	265	39	size	size	NOUN
ajfa-2777	265	40	an	an	DET
ajfa-2777	265	41	predom	predom	NOUN
ajfa-2777	265	42	model	model	NOUN
ajfa-2777	265	43	a	a	PRON
ajfa-2777	265	44	are	be	AUX
ajfa-2777	265	45	robu	robu	NOUN
ajfa-2777	265	46	4	4	NUM
ajfa-2777	265	47	the	the	DET
ajfa-2777	265	48	e	e	NOUN
ajfa-2777	265	49	the	the	DET
ajfa-2777	265	50	fixed	fix	VERB
ajfa-2777	265	51	4	4	NUM
ajfa-2777	265	52	.	.	PUNCT
ajfa-2777	265	53	empirical	empirical	ADJ
ajfa-2777	265	54	=	=	PUNCT
ajfa-2777	265	55	γ0	γ0	PROPN
ajfa-2777	265	56	+	+	CCONJ
ajfa-2777	265	57	γ1	γ1	PROPN
ajfa-2777	265	58	pay	pay	VERB
ajfa-2777	265	59	γ0	γ0	NOUN
ajfa-2777	265	60	0.967	0.967	NUM
ajfa-2777	265	61	*	*	AUX
ajfa-2777	265	62	es	es	X
ajfa-2777	265	63	significa	significa	PROPN
ajfa-2777	265	64	sults	sult	NOUN
ajfa-2777	265	65	of	of	ADP
ajfa-2777	265	66	pa	pa	PROPN
ajfa-2777	265	67	nd	nd	PROPN
ajfa-2777	265	68	payouts	payout	NOUN
ajfa-2777	265	69	(	(	PUNCT
ajfa-2777	265	70	nvestments	nvestment	NOUN
ajfa-2777	265	71	w	w	PROPN
ajfa-2777	265	72	isky	isky	NOUN
ajfa-2777	265	73	.	.	PUNCT
ajfa-2777	266	1	this	this	PRON
ajfa-2777	266	2	te	te	PROPN
ajfa-2777	266	3	funds	fund	VERB
ajfa-2777	266	4	res	res	PROPN
ajfa-2777	266	5	ce	ce	PROPN
ajfa-2777	266	6	beta	beta	PROPN
ajfa-2777	266	7	show	show	NOUN
ajfa-2777	266	8	5	5	NUM
ajfa-2777	266	9	.	.	PUNCT
ajfa-2777	266	10	empirical	empirical	ADJ
ajfa-2777	266	11	factors	factor	NOUN
ajfa-2777	266	12	.	.	PUNCT
ajfa-2777	267	1	.roe	.roe	PROPN
ajfa-2777	267	2	sorted	sort	VERB
ajfa-2777	267	3	o	o	NOUN
ajfa-2777	267	4	a	a	DET
ajfa-2777	267	5	-0.0	-0.0	ADJ
ajfa-2777	267	6	0	0	NUM
ajfa-2777	267	7	-0.0	-0.0	NOUN
ajfa-2777	267	8	0.00	0.00	NUM
ajfa-2777	267	9	0.00	0.00	NUM
ajfa-2777	267	10	.	.	PUNCT
ajfa-2777	268	1	roa	roa	PROPN
ajfa-2777	268	2	sorte	sorte	NOUN
ajfa-2777	268	3	o	o	PROPN
ajfa-2777	269	1	a	a	DET
ajfa-2777	269	2	0.00	0.00	NUM
ajfa-2777	269	3	-0.0	-0.0	NOUN
ajfa-2777	269	4	0	0	NUM
ajfa-2777	269	5	0.00	0.00	NUM
ajfa-2777	269	6	0	0	NUM
ajfa-2777	269	7	results	result	NOUN
ajfa-2777	269	8	(	(	PUNCT
ajfa-2777	269	9	ta	ta	X
ajfa-2777	269	10	nd	nd	NUM
ajfa-2777	269	11	roa	roa	PROPN
ajfa-2777	269	12	)	)	PUNCT
ajfa-2777	269	13	o	o	X
ajfa-2777	269	14	th	th	X
ajfa-2777	269	15	smb	smb	NOUN
ajfa-2777	269	16	and	and	CCONJ
ajfa-2777	269	17	nd	nd	NUM
ajfa-2777	269	18	value	value	NOUN
ajfa-2777	269	19	f	f	PROPN
ajfa-2777	269	20	minantly	minantly	ADV
ajfa-2777	269	21	cap	cap	VERB
ajfa-2777	269	22	absorbs	absorb	VERB
ajfa-2777	269	23	the	the	DET
ajfa-2777	269	24	ust	ust	PROPN
ajfa-2777	269	25	to	to	PART
ajfa-2777	269	26	choic	choic	VERB
ajfa-2777	269	27	equation	equation	NOUN
ajfa-2777	269	28	has	have	VERB
ajfa-2777	269	29	d	d	PROPN
ajfa-2777	269	30	effects	effect	NOUN
ajfa-2777	269	31	meth	meth	NOUN
ajfa-2777	269	32	l	l	NOUN
ajfa-2777	269	33	results	result	NOUN
ajfa-2777	269	34	of	of	ADP
ajfa-2777	269	35	t	t	NOUN
ajfa-2777	269	36	youts	yout	NOUN
ajfa-2777	270	1	i	i	PRON
ajfa-2777	270	2	,	,	PUNCT
ajfa-2777	270	3	t	t	PROPN
ajfa-2777	270	4	+	+	PROPN
ajfa-2777	270	5	ε	ε	PROPN
ajfa-2777	270	6	t	t	PROPN
ajfa-2777	270	7	t(γ0	t(γ0	PROPN
ajfa-2777	270	8	)	)	PUNCT
ajfa-2777	270	9	20.949	20.949	NUM
ajfa-2777	270	10	ance	ance	NOUN
ajfa-2777	270	11	at	at	ADP
ajfa-2777	270	12	the	the	DET
ajfa-2777	270	13	5	5	NUM
ajfa-2777	270	14	anel	anel	NOUN
ajfa-2777	270	15	ols4	ols4	NOUN
ajfa-2777	270	16	(	(	PUNCT
ajfa-2777	270	17	table	table	NOUN
ajfa-2777	270	18	4	4	NUM
ajfa-2777	270	19	)	)	PUNCT
ajfa-2777	270	20	.	.	PUNCT
ajfa-2777	271	1	f	f	PROPN
ajfa-2777	271	2	while	while	SCONJ
ajfa-2777	271	3	firms	firm	NOUN
ajfa-2777	271	4	is	be	AUX
ajfa-2777	271	5	expected	expect	VERB
ajfa-2777	271	6	sulting	sulte	VERB
ajfa-2777	271	7	in	in	ADP
ajfa-2777	271	8	lo	lo	PROPN
ajfa-2777	271	9	ws	ws	PROPN
ajfa-2777	271	10	a	a	DET
ajfa-2777	271	11	negativ	negativ	PROPN
ajfa-2777	271	12	l	l	NOUN
ajfa-2777	271	13	results	result	NOUN
ajfa-2777	271	14	fo	fo	ADP
ajfa-2777	271	15	d	d	NOUN
ajfa-2777	271	16	portfolios	portfolio	NOUN
ajfa-2777	271	17	b	b	NOUN
ajfa-2777	271	18	0053	0053	NUM
ajfa-2777	271	19	1.066	1.066	NUM
ajfa-2777	271	20	1.024	1.024	NUM
ajfa-2777	271	21	002	002	NUM
ajfa-2777	271	22	0.969	0.969	NUM
ajfa-2777	271	23	02	02	NUM
ajfa-2777	271	24	0.927	0.927	NUM
ajfa-2777	271	25	01	01	NUM
ajfa-2777	271	26	0.997	0.997	NUM
ajfa-2777	271	27	d	d	NOUN
ajfa-2777	271	28	portfolios	portfolio	NOUN
ajfa-2777	271	29	b	b	X
ajfa-2777	271	30	02	02	NUM
ajfa-2777	271	31	1.084	1.084	NUM
ajfa-2777	271	32	003	003	NUM
ajfa-2777	271	33	0.965	0.965	NUM
ajfa-2777	271	34	1.070	1.070	NUM
ajfa-2777	271	35	02	02	NUM
ajfa-2777	271	36	0.961	0.961	NUM
ajfa-2777	271	37	0.927	0.927	NUM
ajfa-2777	271	38	able	able	ADJ
ajfa-2777	271	39	5	5	NUM
ajfa-2777	271	40	)	)	PUNCT
ajfa-2777	271	41	show	show	NOUN
ajfa-2777	271	42	owing	owe	VERB
ajfa-2777	271	43	to	to	ADP
ajfa-2777	271	44	co	co	PROPN
ajfa-2777	271	45	d	d	PROPN
ajfa-2777	271	46	lmh	lmh	PROPN
ajfa-2777	271	47	coef	coef	PROPN
ajfa-2777	271	48	factors	factor	NOUN
ajfa-2777	271	49	in	in	SCONJ
ajfa-2777	271	50	ptured	pture	VERB
ajfa-2777	271	51	by	by	ADP
ajfa-2777	271	52	va	va	PROPN
ajfa-2777	271	53	e	e	PROPN
ajfa-2777	271	54	profitabilit	profitabilit	NOUN
ajfa-2777	271	55	e	e	PROPN
ajfa-2777	271	56	of	of	ADP
ajfa-2777	271	57	profitab	profitab	NOUN
ajfa-2777	271	58	been	be	AUX
ajfa-2777	271	59	estimate	estimate	NOUN
ajfa-2777	271	60	hod	hod	NOUN
ajfa-2777	271	61	based	base	VERB
ajfa-2777	271	62	on	on	ADP
ajfa-2777	271	63	the	the	DET
ajfa-2777	271	64	panel	panel	NOUN
ajfa-2777	271	65	ol	ol	ADP
ajfa-2777	271	66	γ	γ	PROPN
ajfa-2777	271	67	9	9	NUM
ajfa-2777	271	68	5	5	NUM
ajfa-2777	271	69	%	%	NOUN
ajfa-2777	271	70	level	level	NOUN
ajfa-2777	271	71	usi	usi	NOUN
ajfa-2777	271	72	show	show	VERB
ajfa-2777	271	73	that	that	SCONJ
ajfa-2777	271	74	firms	firm	NOUN
ajfa-2777	271	75	with	with	ADP
ajfa-2777	271	76	h	h	NOUN
ajfa-2777	271	77	with	with	ADP
ajfa-2777	271	78	persis	persis	PROPN
ajfa-2777	271	79	d	d	NOUN
ajfa-2777	271	80	as	as	ADP
ajfa-2777	271	81	firms	firm	NOUN
ajfa-2777	271	82	ow	ow	INTJ
ajfa-2777	271	83	/	/	SYM
ajfa-2777	271	84	no	no	DET
ajfa-2777	271	85	divid	divid	NOUN
ajfa-2777	271	86	ve	ve	AUX
ajfa-2777	271	87	link	link	VERB
ajfa-2777	271	88	with	with	ADP
ajfa-2777	271	89	r	r	NOUN
ajfa-2777	271	90	the	the	DET
ajfa-2777	271	91	three	three	NUM
ajfa-2777	271	92	s	s	PART
ajfa-2777	271	93	s	s	NOUN
ajfa-2777	271	94	h	h	NOUN
ajfa-2777	271	95	6	6	NUM
ajfa-2777	271	96	0.686	0.686	NUM
ajfa-2777	271	97	0	0	NUM
ajfa-2777	271	98	4	4	NUM
ajfa-2777	271	99	0.415	0.415	NUM
ajfa-2777	271	100	0	0	NUM
ajfa-2777	271	101	9	9	NUM
ajfa-2777	271	102	0.420	0.420	NUM
ajfa-2777	271	103	0	0	NUM
ajfa-2777	271	104	7	7	NUM
ajfa-2777	271	105	0.324	0.324	NUM
ajfa-2777	271	106	0	0	NUM
ajfa-2777	271	107	7	7	NUM
ajfa-2777	271	108	0.420	0.420	NUM
ajfa-2777	271	109	s	s	NOUN
ajfa-2777	271	110	h	h	NOUN
ajfa-2777	271	111	0.523	0.523	NUM
ajfa-2777	271	112	0	0	NUM
ajfa-2777	271	113	.	.	PUNCT
ajfa-2777	272	1	1.090	1.090	NUM
ajfa-2777	272	2	0	0	NUM
ajfa-2777	272	3	.	.	PUNCT
ajfa-2777	272	4	0.502	0.502	NUM
ajfa-2777	272	5	0	0	NUM
ajfa-2777	272	6	.	.	PUNCT
ajfa-2777	272	7	0.371	0.371	NUM
ajfa-2777	272	8	0	0	NUM
ajfa-2777	272	9	.	.	PUNCT
ajfa-2777	273	1	0.429	0.429	NUM
ajfa-2777	273	2	-0	-0	PUNCT
ajfa-2777	273	3	w	w	ADP
ajfa-2777	273	4	insignific	insignific	ADJ
ajfa-2777	273	5	ntribution	ntribution	NOUN
ajfa-2777	273	6	o	o	NOUN
ajfa-2777	273	7	fficients	fficient	NOUN
ajfa-2777	273	8	are	be	AUX
ajfa-2777	273	9	explaining	explain	VERB
ajfa-2777	273	10	alue	alue	ADJ
ajfa-2777	273	11	factor	factor	NOUN
ajfa-2777	273	12	a	a	DET
ajfa-2777	273	13	ty	ty	NOUN
ajfa-2777	273	14	sorted	sort	VERB
ajfa-2777	273	15	re	re	NOUN
ajfa-2777	273	16	bility	bility	NOUN
ajfa-2777	273	17	proxy	proxy	NOUN
ajfa-2777	273	18	ed	ed	NOUN
ajfa-2777	273	19	using	use	VERB
ajfa-2777	273	20	rand	rand	NOUN
ajfa-2777	273	21	wu	wu	PROPN
ajfa-2777	273	22	-	-	PUNCT
ajfa-2777	273	23	hausman	hausman	NOUN
ajfa-2777	273	24	357	357	NUM
ajfa-2777	273	25	ls	ls	PROPN
ajfa-2777	273	26	regressio	regressio	NOUN
ajfa-2777	273	27	γ1	γ1	PROPN
ajfa-2777	273	28	-0.074	-0.074	PROPN
ajfa-2777	273	29	*	*	PUNCT
ajfa-2777	273	30	ing	e	VERB
ajfa-2777	273	31	a	a	DET
ajfa-2777	273	32	two	two	NUM
ajfa-2777	273	33	ta	ta	ADP
ajfa-2777	273	34	market	market	NOUN
ajfa-2777	273	35	be	be	AUX
ajfa-2777	273	36	high	high	ADJ
ajfa-2777	273	37	payou	payou	NOUN
ajfa-2777	273	38	stently	stently	ADV
ajfa-2777	273	39	low	low	ADJ
ajfa-2777	273	40	which	which	PRON
ajfa-2777	273	41	are	be	AUX
ajfa-2777	273	42	dends	dend	NOUN
ajfa-2777	273	43	are	be	AUX
ajfa-2777	273	44	typ	typ	NOUN
ajfa-2777	273	45	h	h	PROPN
ajfa-2777	273	46	payouts	payout	NOUN
ajfa-2777	273	47	,	,	PUNCT
ajfa-2777	273	48	it	it	PRON
ajfa-2777	273	49	factor	factor	VERB
ajfa-2777	273	50	fama	fama	NOUN
ajfa-2777	273	51	h	h	PROPN
ajfa-2777	273	52	t(a	t(a	PROPN
ajfa-2777	273	53	)	)	PUNCT
ajfa-2777	273	54	0.522	0.522	NUM
ajfa-2777	273	55	-0.1	-0.1	NUM
ajfa-2777	273	56	0.322	0.322	NUM
ajfa-2777	273	57	-0.1	-0.1	NUM
ajfa-2777	273	58	0.284	0.284	NUM
ajfa-2777	273	59	-0.8	-0.8	NUM
ajfa-2777	273	60	0.137	0.137	NUM
ajfa-2777	273	61	0.87	0.87	NUM
ajfa-2777	273	62	0.269	0.269	NUM
ajfa-2777	273	63	0.60	0.60	NUM
ajfa-2777	273	64	t(a	t(a	NOUN
ajfa-2777	273	65	)	)	PUNCT
ajfa-2777	273	66	554	554	NUM
ajfa-2777	273	67	0.367	0.367	NUM
ajfa-2777	273	68	827	827	NUM
ajfa-2777	273	69	-0.78	-0.78	NUM
ajfa-2777	273	70	210	210	NUM
ajfa-2777	273	71	0.085	0.085	NUM
ajfa-2777	273	72	082	082	NUM
ajfa-2777	273	73	0.809	0.809	NUM
ajfa-2777	273	74	0.224	0.224	NUM
ajfa-2777	273	75	0.120	0.120	NUM
ajfa-2777	273	76	ca	can	AUX
ajfa-2777	273	77	nt	not	PART
ajfa-2777	273	78	intercep	intercep	NOUN
ajfa-2777	273	79	of	of	ADP
ajfa-2777	273	80	both	both	DET
ajfa-2777	273	81	size	size	NOUN
ajfa-2777	273	82	e	e	NOUN
ajfa-2777	273	83	higher	high	ADJ
ajfa-2777	273	84	for	for	ADP
ajfa-2777	273	85	profitabilit	profitabilit	NOUN
ajfa-2777	273	86	and	and	CCONJ
ajfa-2777	273	87	margina	margina	ADJ
ajfa-2777	273	88	eturns	eturn	NOUN
ajfa-2777	273	89	that	that	SCONJ
ajfa-2777	273	90	a	a	DET
ajfa-2777	273	91	y	y	PROPN
ajfa-2777	273	92	i.e.	i.e.	X
ajfa-2777	273	93	roe	roe	PROPN
ajfa-2777	273	94	a	a	DET
ajfa-2777	273	95	dom	dom	NOUN
ajfa-2777	273	96	effects	effect	NOUN
ajfa-2777	273	97	p	p	NOUN
ajfa-2777	273	98	n	n	PRON
ajfa-2777	273	99	statistic	statistic	NOUN
ajfa-2777	273	100	.	.	PUNCT
ajfa-2777	274	1	asian	asian	ADJ
ajfa-2777	274	2	on	on	ADP
ajfa-2777	274	3	of	of	ADP
ajfa-2777	274	4	beta	beta	ADJ
ajfa-2777	274	5	o	o	NOUN
ajfa-2777	274	6	t(γ1	t(γ1	NOUN
ajfa-2777	274	7	)	)	PUNCT
ajfa-2777	274	8	-3.235	-3.235	NUM
ajfa-2777	274	9	ailed	ail	VERB
ajfa-2777	274	10	t	t	PROPN
ajfa-2777	274	11	-	-	PUNCT
ajfa-2777	274	12	test	test	NOUN
ajfa-2777	274	13	eta	eta	PROPN
ajfa-2777	274	14	is	be	AUX
ajfa-2777	274	15	signi	signi	ADJ
ajfa-2777	274	16	uts	ut	NOUN
ajfa-2777	274	17	(	(	PUNCT
ajfa-2777	274	18	profitab	profitab	NOUN
ajfa-2777	274	19	payouts	payout	NOUN
ajfa-2777	274	20	(	(	PUNCT
ajfa-2777	274	21	pr	pr	ADP
ajfa-2777	274	22	less	less	ADJ
ajfa-2777	274	23	profit	profit	NOUN
ajfa-2777	274	24	pically	pically	ADV
ajfa-2777	274	25	mor	mor	PROPN
ajfa-2777	274	26	t	t	PROPN
ajfa-2777	274	27	absorbs	absorb	VERB
ajfa-2777	274	28	a	a	DET
ajfa-2777	274	29	p	p	NOUN
ajfa-2777	274	30	a	a	DET
ajfa-2777	274	31	french	french	ADJ
ajfa-2777	274	32	m	m	PROPN
ajfa-2777	274	33	t(b	t(b	NOUN
ajfa-2777	274	34	)	)	PUNCT
ajfa-2777	274	35	20	20	NUM
ajfa-2777	274	36	20.983	20.983	NUM
ajfa-2777	274	37	08	08	NUM
ajfa-2777	274	38	26.944	26.944	NUM
ajfa-2777	274	39	801	801	NUM
ajfa-2777	274	40	26.057	26.057	NUM
ajfa-2777	274	41	78	78	NUM
ajfa-2777	274	42	25.952	25.952	NUM
ajfa-2777	274	43	09	09	NUM
ajfa-2777	274	44	35.901	35.901	NUM
ajfa-2777	274	45	t(b	t(b	NOUN
ajfa-2777	274	46	)	)	PUNCT
ajfa-2777	274	47	7	7	NUM
ajfa-2777	274	48	20.776	20.776	NUM
ajfa-2777	274	49	80	80	NUM
ajfa-2777	275	1	23.239	23.239	NUM
ajfa-2777	275	2	5	5	NUM
ajfa-2777	275	3	26.922	26.922	NUM
ajfa-2777	275	4	9	9	NUM
ajfa-2777	275	5	28.403	28.403	NUM
ajfa-2777	275	6	0	0	NUM
ajfa-2777	275	7	32.142	32.142	NUM
ajfa-2777	275	8	pts	pt	NOUN
ajfa-2777	275	9	for	for	ADP
ajfa-2777	275	10	lowe	lowe	NOUN
ajfa-2777	275	11	e	e	PROPN
ajfa-2777	275	12	and	and	CCONJ
ajfa-2777	275	13	value	value	NOUN
ajfa-2777	275	14	r	r	NOUN
ajfa-2777	275	15	p1	p1	NOUN
ajfa-2777	275	16	as	as	ADP
ajfa-2777	275	17	comp	comp	NOUN
ajfa-2777	275	18	ty	ty	NUM
ajfa-2777	275	19	based	base	VERB
ajfa-2777	275	20	r	r	NOUN
ajfa-2777	275	21	ally	ally	NOUN
ajfa-2777	275	22	by	by	ADP
ajfa-2777	275	23	size	size	NOUN
ajfa-2777	275	24	are	be	AUX
ajfa-2777	275	25	missed	miss	VERB
ajfa-2777	275	26	and	and	CCONJ
ajfa-2777	275	27	roa	roa	PROPN
ajfa-2777	275	28	.	.	PUNCT
ajfa-2777	276	1	panel	panel	NOUN
ajfa-2777	276	2	ols	ol	VERB
ajfa-2777	276	3	me	i	PRON
ajfa-2777	276	4	n	n	DET
ajfa-2777	276	5	journal	journal	NOUN
ajfa-2777	276	6	of	of	ADP
ajfa-2777	276	7	f	f	PROPN
ajfa-2777	276	8	on	on	ADP
ajfa-2777	276	9	dividend	dividend	NOUN
ajfa-2777	276	10	a	a	DET
ajfa-2777	276	11	0	0	NUM
ajfa-2777	276	12	ficantly	ficantly	ADV
ajfa-2777	276	13	neg	neg	VERB
ajfa-2777	276	14	bility	bility	NOUN
ajfa-2777	276	15	)	)	PUNCT
ajfa-2777	276	16	are	be	AUX
ajfa-2777	276	17	p	p	NOUN
ajfa-2777	276	18	rofitability	rofitability	NOUN
ajfa-2777	276	19	)	)	PUNCT
ajfa-2777	276	20	table	table	NOUN
ajfa-2777	276	21	and	and	CCONJ
ajfa-2777	276	22	h	h	NOUN
ajfa-2777	276	23	re	re	VERB
ajfa-2777	276	24	risky	risky	ADJ
ajfa-2777	276	25	(	(	PUNCT
ajfa-2777	276	26	hig	hig	NOUN
ajfa-2777	276	27	portion	portion	NOUN
ajfa-2777	276	28	of	of	ADP
ajfa-2777	276	29	r	r	NOUN
ajfa-2777	276	30	model	model	NOUN
ajfa-2777	276	31	based	base	VERB
ajfa-2777	276	32	t(s	t(s	PROPN
ajfa-2777	276	33	)	)	PUNCT
ajfa-2777	276	34	3	3	NUM
ajfa-2777	276	35	7.794	7.794	NUM
ajfa-2777	276	36	4	4	NUM
ajfa-2777	276	37	6.302	6.302	NUM
ajfa-2777	276	38	7	7	NUM
ajfa-2777	276	39	6.530	6.530	NUM
ajfa-2777	276	40	2	2	NUM
ajfa-2777	276	41	5.248	5.248	NUM
ajfa-2777	276	42	1	1	NUM
ajfa-2777	276	43	8.748	8.748	NUM
ajfa-2777	276	44	t(s	t(s	PROPN
ajfa-2777	276	45	)	)	PUNCT
ajfa-2777	277	1	t	t	VERB
ajfa-2777	277	2	5.821	5.821	NUM
ajfa-2777	277	3	15.234	15.234	NUM
ajfa-2777	277	4	7.333	7.333	NUM
ajfa-2777	277	5	2	2	NUM
ajfa-2777	277	6	6.370	6.370	NUM
ajfa-2777	277	7	8.626	8.626	NUM
ajfa-2777	277	8	est	est	X
ajfa-2777	277	9	profitabi	profitabi	NOUN
ajfa-2777	277	10	e	e	NOUN
ajfa-2777	277	11	factors	factor	NOUN
ajfa-2777	277	12	.	.	PUNCT
ajfa-2777	278	1	ff	ff	NOUN
ajfa-2777	278	2	pared	pare	VERB
ajfa-2777	278	3	to	to	ADP
ajfa-2777	278	4	p5	p5	ADJ
ajfa-2777	278	5	returns	return	NOUN
ajfa-2777	278	6	.	.	PUNCT
ajfa-2777	279	1	th	th	X
ajfa-2777	279	2	e	e	NOUN
ajfa-2777	279	3	factor	factor	NOUN
ajfa-2777	279	4	.	.	PUNCT
ajfa-2777	280	1	hen	hen	NOUN
ajfa-2777	280	2	by	by	ADP
ajfa-2777	280	3	capm	capm	PROPN
ajfa-2777	280	4	.	.	PUNCT
ajfa-2777	281	1	ethod	ethod	PROPN
ajfa-2777	281	2	,	,	PUNCT
ajfa-2777	281	3	which	which	PRON
ajfa-2777	281	4	finance	finance	NOUN
ajfa-2777	281	5	&	&	CCONJ
ajfa-2777	281	6	ac	ac	PROPN
ajfa-2777	281	7	issn	issn	PROPN
ajfa-2777	281	8	19	19	NUM
ajfa-2777	281	9	2012	2012	NUM
ajfa-2777	281	10	,	,	PUNCT
ajfa-2777	281	11	vol	vol	NOUN
ajfa-2777	281	12	.	.	PUNCT
ajfa-2777	282	1	www.macrothi	www.macrothi	PUNCT
ajfa-2777	282	2	payouts	payout	NOUN
ajfa-2777	282	3	adj.r2	adj.r2	VERB
ajfa-2777	282	4	.002	.002	NUM
ajfa-2777	282	5	egatively	egatively	ADV
ajfa-2777	282	6	re	re	AUX
ajfa-2777	282	7	perceived	perceive	VERB
ajfa-2777	282	8	to	to	PART
ajfa-2777	282	9	are	are	VERB
ajfa-2777	282	10	perceiv	perceiv	VERB
ajfa-2777	282	11	hence	hence	ADV
ajfa-2777	282	12	do	do	VERB
ajfa-2777	282	13	n	n	DET
ajfa-2777	282	14	gher	gher	ADV
ajfa-2777	282	15	beta	beta	NOUN
ajfa-2777	282	16	)	)	PUNCT
ajfa-2777	282	17	.	.	PUNCT
ajfa-2777	283	1	returns	return	NOUN
ajfa-2777	283	2	in	in	ADP
ajfa-2777	283	3	ca	ca	NOUN
ajfa-2777	283	4	on	on	ADP
ajfa-2777	283	5	market	market	NOUN
ajfa-2777	283	6	t(h	t(h	NOUN
ajfa-2777	283	7	)	)	PUNCT
ajfa-2777	283	8	ad	ad	NOUN
ajfa-2777	283	9	5.759	5.759	NUM
ajfa-2777	283	10	0	0	NUM
ajfa-2777	283	11	.	.	PUNCT
ajfa-2777	284	1	4.742	4.742	NUM
ajfa-2777	284	2	0	0	NUM
ajfa-2777	284	3	.	.	PUNCT
ajfa-2777	285	1	4.277	4.277	NUM
ajfa-2777	285	2	0	0	NUM
ajfa-2777	285	3	.	.	PUNCT
ajfa-2777	286	1	2.159	2.159	NUM
ajfa-2777	286	2	0	0	NUM
ajfa-2777	286	3	.	.	PUNCT
ajfa-2777	287	1	-5.433	-5.433	NUM
ajfa-2777	287	2	0	0	X
ajfa-2777	287	3	.	.	PUNCT
ajfa-2777	288	1	t(h	t(h	ADJ
ajfa-2777	288	2	)	)	PUNCT
ajfa-2777	288	3	ad	ad	NOUN
ajfa-2777	288	4	5.931	5.931	NUM
ajfa-2777	288	5	0.7	0.7	NUM
ajfa-2777	288	6	11.108	11.108	NUM
ajfa-2777	288	7	0.8	0.8	NUM
ajfa-2777	288	8	2.950	2.950	NUM
ajfa-2777	288	9	0.8	0.8	NUM
ajfa-2777	288	10	1.350	1.350	NUM
ajfa-2777	288	11	0.8	0.8	NUM
ajfa-2777	288	12	-4.341	-4.341	NOUN
ajfa-2777	288	13	0.8	0.8	NUM
ajfa-2777	288	14	ility	ility	NOUN
ajfa-2777	288	15	portfol	portfol	NOUN
ajfa-2777	288	16	f	f	PROPN
ajfa-2777	288	17	regression	regression	VERB
ajfa-2777	288	18	5	5	NUM
ajfa-2777	288	19	confirming	confirm	VERB
ajfa-2777	288	20	he	he	PRON
ajfa-2777	288	21	alpha	alpha	ADV
ajfa-2777	288	22	o	o	INTJ
ajfa-2777	288	23	nce	nce	NOUN
ajfa-2777	288	24	the	the	DET
ajfa-2777	288	25	thre	thre	NOUN
ajfa-2777	288	26	.	.	PUNCT
ajfa-2777	289	1	further	far	ADV
ajfa-2777	289	2	ff	ff	PROPN
ajfa-2777	289	3	h	h	NOUN
ajfa-2777	289	4	has	have	AUX
ajfa-2777	289	5	been	be	AUX
ajfa-2777	289	6	cho	cho	NOUN
ajfa-2777	289	7	ccounting	ccounte	VERB
ajfa-2777	289	8	946	946	NUM
ajfa-2777	289	9	-	-	PUNCT
ajfa-2777	289	10	052x	052x	NOUN
ajfa-2777	289	11	4	4	NUM
ajfa-2777	289	12	,	,	PUNCT
ajfa-2777	289	13	no	no	INTJ
ajfa-2777	289	14	.	.	NOUN
ajfa-2777	289	15	2	2	NUM
ajfa-2777	289	16	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	289	17	elated	elated	ADJ
ajfa-2777	289	18	to	to	PART
ajfa-2777	289	19	o	o	NOUN
ajfa-2777	289	20	be	be	AUX
ajfa-2777	289	21	less	less	ADV
ajfa-2777	289	22	ved	ve	VERB
ajfa-2777	289	23	to	to	PART
ajfa-2777	289	24	be	be	AUX
ajfa-2777	289	25	not	not	PART
ajfa-2777	289	26	have	have	AUX
ajfa-2777	289	27	we	we	PRON
ajfa-2777	289	28	find	find	VERB
ajfa-2777	289	29	apm	apm	PROPN
ajfa-2777	289	30	.	.	PUNCT
ajfa-2777	289	31	,	,	PUNCT
ajfa-2777	289	32	size	size	NOUN
ajfa-2777	289	33	&	&	CCONJ
ajfa-2777	289	34	dj.r2	dj.r2	PROPN
ajfa-2777	289	35	791	791	NUM
ajfa-2777	289	36	839	839	NUM
ajfa-2777	289	37	830	830	NUM
ajfa-2777	289	38	816	816	NUM
ajfa-2777	289	39	886	886	NUM
ajfa-2777	289	40	dj.r2	dj.r2	PUNCT
ajfa-2777	289	41	789	789	NUM
ajfa-2777	289	42	884	884	NUM
ajfa-2777	289	43	845	845	NUM
ajfa-2777	289	44	850	850	NUM
ajfa-2777	289	45	873	873	NUM
ajfa-2777	289	46	lios(both	lios(both	PROPN
ajfa-2777	289	47	ns	ns	ADJ
ajfa-2777	289	48	show	show	NOUN
ajfa-2777	289	49	g	g	NOUN
ajfa-2777	289	50	role	role	NOUN
ajfa-2777	289	51	of	of	ADP
ajfa-2777	289	52	f	f	PROPN
ajfa-2777	289	53	p1	p1	PROPN
ajfa-2777	289	54	is	be	AUX
ajfa-2777	289	55	ee	ee	PROPN
ajfa-2777	289	56	factor	factor	NOUN
ajfa-2777	289	57	f	f	PROPN
ajfa-2777	289	58	results	result	VERB
ajfa-2777	289	59	osen	osen	ADJ
ajfa-2777	289	60	over	over	ADP
ajfa-2777	289	61	when	when	SCONJ
ajfa-2777	289	62	w	w	PROPN
ajfa-2777	289	63	roe	roe	PROPN
ajfa-2777	289	64	an	an	DET
ajfa-2777	289	65	profitab	profitab	NOUN
ajfa-2777	289	66	relative	relative	ADJ
ajfa-2777	289	67	distress	distress	NOUN
ajfa-2777	289	68	give	give	VERB
ajfa-2777	289	69	low	low	ADV
ajfa-2777	289	70	next	next	ADV
ajfa-2777	289	71	we	we	PRON
ajfa-2777	289	72	table	table	VERB
ajfa-2777	289	73	6	6	NUM
ajfa-2777	289	74	dividen	dividen	ADJ
ajfa-2777	289	75	size	size	NOUN
ajfa-2777	289	76	i	i	PROPN
ajfa-2777	289	77	,	,	PUNCT
ajfa-2777	289	78	t	t	PROPN
ajfa-2777	290	1	=	=	SYM
ajfa-2777	290	2	p	p	PROPN
ajfa-2777	290	3	/	/	SYM
ajfa-2777	290	4	b	b	PROPN
ajfa-2777	290	5	i	i	PROPN
ajfa-2777	290	6	,	,	PUNCT
ajfa-2777	290	7	t	t	PROPN
ajfa-2777	290	8	=	=	SYM
ajfa-2777	290	9	γ0	γ0	PROPN
ajfa-2777	290	10	22.817	22.817	NUM
ajfa-2777	290	11	our	our	PRON
ajfa-2777	290	12	pa	pa	PROPN
ajfa-2777	290	13	payouts	payout	NOUN
ajfa-2777	290	14	portfoli	portfoli	PROPN
ajfa-2777	290	15	exhibit	exhibit	VERB
ajfa-2777	290	16	19.17	19.17	NUM
ajfa-2777	290	17	%	%	NOUN
ajfa-2777	290	18	high	high	ADJ
ajfa-2777	290	19	p	p	PROPN
ajfa-2777	290	20	/	/	SYM
ajfa-2777	290	21	b	b	PROPN
ajfa-2777	290	22	one	one	NUM
ajfa-2777	290	23	mig	mig	NOUN
ajfa-2777	290	24	instance	instance	NOUN
ajfa-2777	290	25	their	their	PRON
ajfa-2777	290	26	bu	bu	ADJ
ajfa-2777	290	27	hand	hand	NOUN
ajfa-2777	290	28	re	re	NOUN
ajfa-2777	290	29	and	and	CCONJ
ajfa-2777	290	30	earn	earn	VERB
ajfa-2777	290	31	5	5	NUM
ajfa-2777	290	32	.	.	PUNCT
ajfa-2777	290	33	sum	sum	VERB
ajfa-2777	290	34	prior	prior	ADV
ajfa-2777	290	35	re	re	VERB
ajfa-2777	290	36	markets	market	NOUN
ajfa-2777	290	37	from	from	ADP
ajfa-2777	290	38	en	en	ADP
ajfa-2777	290	39	our	our	PRON
ajfa-2777	290	40	res	re	NOUN
ajfa-2777	290	41	robust	robust	ADJ
ajfa-2777	290	42	t	t	NOUN
ajfa-2777	290	43	problem	problem	NOUN
ajfa-2777	290	44	therefor	therefor	VERB
ajfa-2777	290	45	between	between	ADP
ajfa-2777	290	46	firms	firm	NOUN
ajfa-2777	290	47	sh	sh	PROPN
ajfa-2777	290	48	based	base	VERB
ajfa-2777	290	49	a	a	DET
ajfa-2777	290	50	5	5	NUM
ajfa-2777	290	51	for	for	ADP
ajfa-2777	290	52	ro	ro	X
ajfa-2777	290	53	p5	p5	PROPN
ajfa-2777	290	54	is	be	AUX
ajfa-2777	290	55	22	22	NUM
ajfa-2777	290	56	for	for	ADP
ajfa-2777	290	57	p5	p5	ADJ
ajfa-2777	290	58	is	be	AUX
ajfa-2777	290	59	we	we	PRON
ajfa-2777	290	60	investig	investig	VERB
ajfa-2777	290	61	nd	nd	ADV
ajfa-2777	290	62	roa	roa	PROPN
ajfa-2777	290	63	)	)	PUNCT
ajfa-2777	290	64	w	w	PROPN
ajfa-2777	290	65	ble	ble	ADJ
ajfa-2777	290	66	firms	firm	NOUN
ajfa-2777	290	67	ar	ar	PROPN
ajfa-2777	290	68	e	e	PROPN
ajfa-2777	290	69	distress	distress	NOUN
ajfa-2777	290	70	s	s	PART
ajfa-2777	290	71	sed	se	VERB
ajfa-2777	290	72	and	and	CCONJ
ajfa-2777	290	73	sma	sma	VERB
ajfa-2777	290	74	wer	wer	NOUN
ajfa-2777	290	75	dividen	dividen	NOUN
ajfa-2777	290	76	e	e	PRON
ajfa-2777	290	77	try	try	VERB
ajfa-2777	290	78	to	to	PART
ajfa-2777	290	79	dev	dev	VERB
ajfa-2777	290	80	6	6	NUM
ajfa-2777	290	81	.	.	PUNCT
ajfa-2777	291	1	empirical	empirical	ADJ
ajfa-2777	291	2	nd	nd	ADP
ajfa-2777	291	3	payouts	payout	NOUN
ajfa-2777	291	4	=	=	SYM
ajfa-2777	291	5	γ0	γ0	PROPN
ajfa-2777	291	6	+	+	CCONJ
ajfa-2777	291	7	γ1	γ1	PROPN
ajfa-2777	291	8	pay	pay	NOUN
ajfa-2777	291	9	=	=	SYM
ajfa-2777	291	10	γ3	γ3	NOUN
ajfa-2777	291	11	+	+	CCONJ
ajfa-2777	291	12	γ4	γ4	PROPN
ajfa-2777	291	13	pay	pay	NOUN
ajfa-2777	291	14	t(γ0	t(γ0	NOUN
ajfa-2777	291	15	)	)	PUNCT
ajfa-2777	291	16	609.45	609.45	NUM
ajfa-2777	291	17	anel	anel	PROPN
ajfa-2777	291	18	ols	ol	NOUN
ajfa-2777	291	19	re	re	NOUN
ajfa-2777	291	20	s	s	PROPN
ajfa-2777	291	21	and	and	CCONJ
ajfa-2777	291	22	a	a	DET
ajfa-2777	291	23	wea	wea	PROPN
ajfa-2777	291	24	ios	ios	PROPN
ajfa-2777	291	25	formed	form	VERB
ajfa-2777	291	26	o	o	PROPN
ajfa-2777	291	27	lower	low	ADJ
ajfa-2777	291	28	payo	payo	ADJ
ajfa-2777	291	29	%	%	NOUN
ajfa-2777	291	30	and	and	CCONJ
ajfa-2777	291	31	for	for	ADP
ajfa-2777	291	32	bi	bi	PROPN
ajfa-2777	291	33	b	b	PROPN
ajfa-2777	291	34	firms	firm	NOUN
ajfa-2777	291	35	is	be	AUX
ajfa-2777	291	36	3	3	NUM
ajfa-2777	291	37	ght	ght	NOUN
ajfa-2777	291	38	infer	infer	VERB
ajfa-2777	292	1	tha	tha	NOUN
ajfa-2777	293	1	e	e	ADP
ajfa-2777	293	2	small	small	ADJ
ajfa-2777	293	3	firm	firm	NOUN
ajfa-2777	293	4	usiness	usiness	NOUN
ajfa-2777	293	5	and	and	CCONJ
ajfa-2777	293	6	epresent	epresent	PROPN
ajfa-2777	293	7	rela	rela	PROPN
ajfa-2777	293	8	nings	ning	NOUN
ajfa-2777	293	9	growt	growt	PROPN
ajfa-2777	293	10	mary	mary	PROPN
ajfa-2777	293	11	and	and	CCONJ
ajfa-2777	293	12	c	c	PROPN
ajfa-2777	293	13	esearch	esearch	NOUN
ajfa-2777	293	14	has	have	VERB
ajfa-2777	293	15	s	s	X
ajfa-2777	293	16	(	(	PUNCT
ajfa-2777	293	17	see	see	VERB
ajfa-2777	293	18	fama	fama	PROPN
ajfa-2777	293	19	ntrepreneur	ntrepreneur	PROPN
ajfa-2777	293	20	’	'	PUNCT
ajfa-2777	293	21	sults	sult	NOUN
ajfa-2777	293	22	howev	howev	VERB
ajfa-2777	293	23	to	to	ADP
ajfa-2777	293	24	choice	choice	NOUN
ajfa-2777	293	25	of	of	ADP
ajfa-2777	293	26	m	m	PRON
ajfa-2777	293	27	from	from	ADP
ajfa-2777	293	28	inve	inve	NOUN
ajfa-2777	293	29	re	re	ADP
ajfa-2777	293	30	are	be	AUX
ajfa-2777	293	31	perce	perce	NOUN
ajfa-2777	293	32	n	n	PRON
ajfa-2777	293	33	dividend	dividend	NOUN
ajfa-2777	293	34	p	p	PROPN
ajfa-2777	293	35	hould	hould	AUX
ajfa-2777	293	36	prov	prov	PROPN
ajfa-2777	293	37	anomalous	anomalous	ADJ
ajfa-2777	293	38	p	p	PROPN
ajfa-2777	293	39	oe	oe	PROPN
ajfa-2777	293	40	(	(	PUNCT
ajfa-2777	293	41	roa	roa	PROPN
ajfa-2777	293	42	)	)	PUNCT
ajfa-2777	293	43	so	so	ADV
ajfa-2777	293	44	.53(23.92).fo	.53(23.92).fo	PUNCT
ajfa-2777	293	45	8.09(8.81	8.09(8.81	NUM
ajfa-2777	293	46	)	)	PUNCT
ajfa-2777	293	47	.	.	PUNCT
ajfa-2777	294	1	gate	gate	VERB
ajfa-2777	294	2	the	the	DET
ajfa-2777	294	3	ave	ave	NOUN
ajfa-2777	294	4	we	we	PRON
ajfa-2777	294	5	find	find	VERB
ajfa-2777	294	6	tha	tha	NOUN
ajfa-2777	294	7	re	re	AUX
ajfa-2777	294	8	relatively	relatively	ADV
ajfa-2777	294	9	see	see	VERB
ajfa-2777	294	10	chan	chan	PROPN
ajfa-2777	294	11	a	a	DET
ajfa-2777	294	12	all	all	ADV
ajfa-2777	294	13	in	in	ADP
ajfa-2777	294	14	size	size	NOUN
ajfa-2777	294	15	,	,	PUNCT
ajfa-2777	294	16	i	i	PRON
ajfa-2777	294	17	nd	nd	AUX
ajfa-2777	294	18	payouts	payout	VERB
ajfa-2777	294	19	a	a	DET
ajfa-2777	294	20	velop	velop	NOUN
ajfa-2777	294	21	a	a	DET
ajfa-2777	294	22	risk	risk	NOUN
ajfa-2777	294	23	s	s	PART
ajfa-2777	294	24	l	l	NOUN
ajfa-2777	294	25	results	result	NOUN
ajfa-2777	294	26	of	of	ADP
ajfa-2777	294	27	p	p	PRON
ajfa-2777	294	28	youts	yout	NOUN
ajfa-2777	295	1	i	i	PRON
ajfa-2777	295	2	,	,	PUNCT
ajfa-2777	295	3	t	t	PROPN
ajfa-2777	295	4	+	+	PROPN
ajfa-2777	295	5	ε	ε	PROPN
ajfa-2777	295	6	t	t	NOUN
ajfa-2777	295	7	youts	yout	NOUN
ajfa-2777	296	1	i	i	PRON
ajfa-2777	296	2	,	,	PUNCT
ajfa-2777	296	3	t	t	PROPN
ajfa-2777	296	4	+	+	PROPN
ajfa-2777	296	5	ε	ε	PROPN
ajfa-2777	296	6	t	t	PROPN
ajfa-2777	296	7	γ1	γ1	PROPN
ajfa-2777	296	8	0.125	0.125	NUM
ajfa-2777	296	9	esults	esult	NOUN
ajfa-2777	296	10	(	(	PUNCT
ajfa-2777	296	11	tabl	tabl	NOUN
ajfa-2777	296	12	ak	ak	PROPN
ajfa-2777	296	13	positive	positive	ADJ
ajfa-2777	296	14	on	on	ADP
ajfa-2777	296	15	the	the	DET
ajfa-2777	296	16	basis	basis	NOUN
ajfa-2777	296	17	outs	out	NOUN
ajfa-2777	296	18	vis	vis	X
ajfa-2777	296	19	-	-	PUNCT
ajfa-2777	296	20	a	a	DET
ajfa-2777	296	21	-	-	PUNCT
ajfa-2777	296	22	v	v	NOUN
ajfa-2777	296	23	g	g	NOUN
ajfa-2777	296	24	firms	firm	NOUN
ajfa-2777	296	25	is	be	AUX
ajfa-2777	296	26	3	3	NUM
ajfa-2777	296	27	30.64	30.64	NUM
ajfa-2777	296	28	%	%	NOUN
ajfa-2777	296	29	)	)	PUNCT
ajfa-2777	296	30	.	.	PUNCT
ajfa-2777	297	1	ho	ho	PROPN
ajfa-2777	297	2	at	at	ADP
ajfa-2777	297	3	there	there	ADV
ajfa-2777	297	4	cou	cou	VERB
ajfa-2777	297	5	ms	ms	PROPN
ajfa-2777	297	6	are	be	AUX
ajfa-2777	297	7	expo	expo	NUM
ajfa-2777	297	8	more	more	ADV
ajfa-2777	297	9	liquid	liquid	ADJ
ajfa-2777	297	10	atively	atively	ADV
ajfa-2777	297	11	distr	distr	VERB
ajfa-2777	297	12	th	th	NUM
ajfa-2777	297	13	rates	rate	NOUN
ajfa-2777	297	14	(	(	PUNCT
ajfa-2777	297	15	see	see	VERB
ajfa-2777	297	16	conclusion	conclusion	NOUN
ajfa-2777	297	17	confirmed	confirm	VERB
ajfa-2777	297	18	a	a	PRON
ajfa-2777	297	19	and	and	CCONJ
ajfa-2777	297	20	french	french	PROPN
ajfa-2777	297	21	’s	’s	PART
ajfa-2777	297	22	perspectiv	perspectiv	PROPN
ajfa-2777	297	23	ver	ver	PROPN
ajfa-2777	297	24	confirm	confirm	VERB
ajfa-2777	297	25	f	f	PROPN
ajfa-2777	297	26	profitabili	profitabili	PROPN
ajfa-2777	297	27	estor	estor	NOUN
ajfa-2777	297	28	’s	’s	PART
ajfa-2777	297	29	persp	persp	NOUN
ajfa-2777	297	30	eived	eive	VERB
ajfa-2777	297	31	to	to	PART
ajfa-2777	297	32	be	be	AUX
ajfa-2777	297	33	payouts	payout	NOUN
ajfa-2777	297	34	and	and	CCONJ
ajfa-2777	297	35	vide	vide	NOUN
ajfa-2777	297	36	lower	low	ADJ
ajfa-2777	297	37	r	r	NOUN
ajfa-2777	297	38	pattern	pattern	NOUN
ajfa-2777	297	39	in	in	ADP
ajfa-2777	297	40	re	re	ADP
ajfa-2777	297	41	orted	orted	ADJ
ajfa-2777	297	42	portfolio	portfolio	NOUN
ajfa-2777	297	43	or	or	CCONJ
ajfa-2777	297	44	roe	roe	PROPN
ajfa-2777	297	45	(	(	PUNCT
ajfa-2777	297	46	roa	roa	PROPN
ajfa-2777	297	47	erage	erage	NOUN
ajfa-2777	297	48	size	size	NOUN
ajfa-2777	297	49	a	a	PRON
ajfa-2777	297	50	at	at	ADP
ajfa-2777	297	51	p1	p1	PROPN
ajfa-2777	297	52	is	be	AUX
ajfa-2777	297	53	act	act	NOUN
ajfa-2777	297	54	y	y	PROPN
ajfa-2777	297	55	distressed	distressed	ADJ
ajfa-2777	297	56	and	and	CCONJ
ajfa-2777	297	57	chen	chen	PROPN
ajfa-2777	297	58	(	(	PUNCT
ajfa-2777	297	59	it	it	PRON
ajfa-2777	297	60	is	be	AUX
ajfa-2777	297	61	found	find	VERB
ajfa-2777	297	62	and	and	CCONJ
ajfa-2777	297	63	hence	hence	ADV
ajfa-2777	297	64	ar	ar	NOUN
ajfa-2777	297	65	story	story	NOUN
ajfa-2777	297	66	for	for	SCONJ
ajfa-2777	297	67	siz	siz	PROPN
ajfa-2777	297	68	panel	panel	PROPN
ajfa-2777	297	69	ols	ols	PROPN
ajfa-2777	297	70	t(γ1	t(γ1	VERB
ajfa-2777	297	71	)	)	PUNCT
ajfa-2777	297	72	a	a	DET
ajfa-2777	297	73	r	r	NOUN
ajfa-2777	297	74	1.96	1.96	NUM
ajfa-2777	297	75	0	0	NUM
ajfa-2777	297	76	e	e	NOUN
ajfa-2777	297	77	6	6	NUM
ajfa-2777	297	78	)	)	PUNCT
ajfa-2777	297	79	show	show	VERB
ajfa-2777	297	80	relationshi	relationshi	PROPN
ajfa-2777	297	81	s	s	PROPN
ajfa-2777	297	82	of	of	ADP
ajfa-2777	297	83	size	size	NOUN
ajfa-2777	297	84	and	and	CCONJ
ajfa-2777	297	85	vis	vis	X
ajfa-2777	297	86	big	big	ADJ
ajfa-2777	297	87	and	and	CCONJ
ajfa-2777	297	88	30.15	30.15	NUM
ajfa-2777	297	89	%	%	NOUN
ajfa-2777	297	90	.	.	PUNCT
ajfa-2777	298	1	av	av	PROPN
ajfa-2777	298	2	owever	owever	PROPN
ajfa-2777	298	3	in	in	ADP
ajfa-2777	298	4	th	th	X
ajfa-2777	298	5	uld	uld	AUX
ajfa-2777	298	6	be	be	AUX
ajfa-2777	298	7	other	other	ADJ
ajfa-2777	298	8	osed	ose	VERB
ajfa-2777	298	9	to	to	ADP
ajfa-2777	298	10	high	high	ADJ
ajfa-2777	298	11	dity	dity	NOUN
ajfa-2777	298	12	risk	risk	NOUN
ajfa-2777	298	13	ow	ow	INTJ
ajfa-2777	298	14	ressed	resse	VERB
ajfa-2777	298	15	firms	firm	NOUN
ajfa-2777	298	16	e	e	ADP
ajfa-2777	298	17	fama	fama	PROPN
ajfa-2777	298	18	and	and	CCONJ
ajfa-2777	298	19	ns	ns	DET
ajfa-2777	298	20	a	a	DET
ajfa-2777	298	21	positive	positive	ADJ
ajfa-2777	298	22	r	r	NOUN
ajfa-2777	298	23	h	h	NOUN
ajfa-2777	298	24	(	(	PUNCT
ajfa-2777	298	25	2008	2008	NUM
ajfa-2777	298	26	)	)	PUNCT
ajfa-2777	298	27	)	)	PUNCT
ajfa-2777	298	28	.	.	PUNCT
ajfa-2777	299	1	t	t	PROPN
ajfa-2777	299	2	ve	ve	AUX
ajfa-2777	299	3	thus	thus	ADV
ajfa-2777	299	4	trea	trea	VERB
ajfa-2777	299	5	a	a	DET
ajfa-2777	299	6	negative	negative	ADJ
ajfa-2777	299	7	ty	ty	INTJ
ajfa-2777	299	8	measure	measure	NOUN
ajfa-2777	299	9	.	.	PUNCT
ajfa-2777	300	1	pective	pective	ADJ
ajfa-2777	300	2	.	.	PUNCT
ajfa-2777	301	1	mo	mo	PROPN
ajfa-2777	301	2	less	less	ADV
ajfa-2777	301	3	risky	risky	ADJ
ajfa-2777	301	4	d	d	PROPN
ajfa-2777	301	5	firm	firm	ADJ
ajfa-2777	301	6	betas	beta	NOUN
ajfa-2777	301	7	returns	return	NOUN
ajfa-2777	301	8	.	.	PUNCT
ajfa-2777	302	1	it	it	PRON
ajfa-2777	302	2	eturns	eturn	VERB
ajfa-2777	302	3	could	could	AUX
ajfa-2777	302	4	os	os	VERB
ajfa-2777	302	5	the	the	DET
ajfa-2777	302	6	averag	averag	PROPN
ajfa-2777	302	7	a	a	PRON
ajfa-2777	302	8	)	)	PUNCT
ajfa-2777	302	9	sorted	sorted	ADJ
ajfa-2777	302	10	por	por	NOUN
ajfa-2777	302	11	358	358	NUM
ajfa-2777	302	12	and	and	CCONJ
ajfa-2777	302	13	p	p	X
ajfa-2777	302	14	/	/	SYM
ajfa-2777	302	15	b5	b5	PROPN
ajfa-2777	302	16	fo	fo	ADP
ajfa-2777	302	17	tually	tually	ADV
ajfa-2777	302	18	small	small	ADJ
ajfa-2777	302	19	and	and	CCONJ
ajfa-2777	302	20	smalle	smalle	NOUN
ajfa-2777	302	21	1991	1991	NUM
ajfa-2777	302	22	)	)	PUNCT
ajfa-2777	302	23	)	)	PUNCT
ajfa-2777	302	24	.	.	PUNCT
ajfa-2777	303	1	sin	sin	VERB
ajfa-2777	303	2	that	that	SCONJ
ajfa-2777	303	3	small	small	ADJ
ajfa-2777	303	4	re	re	X
ajfa-2777	303	5	perceived	perceive	VERB
ajfa-2777	303	6	ze	ze	PROPN
ajfa-2777	303	7	and	and	CCONJ
ajfa-2777	303	8	value	value	NOUN
ajfa-2777	303	9	regression	regression	NOUN
ajfa-2777	303	10	adj	adj	PROPN
ajfa-2777	303	11	r2	r2	PROPN
ajfa-2777	303	12	γ3	γ3	PROPN
ajfa-2777	303	13	.001	.001	NUM
ajfa-2777	303	14	3.13	3.13	NUM
ajfa-2777	303	15	weak	weak	ADJ
ajfa-2777	303	16	posi	posi	NOUN
ajfa-2777	303	17	ip	ip	NOUN
ajfa-2777	303	18	between	between	ADP
ajfa-2777	303	19	d	d	PROPN
ajfa-2777	303	20	p	p	PROPN
ajfa-2777	303	21	/	/	SYM
ajfa-2777	303	22	b	b	NOUN
ajfa-2777	303	23	it	it	PRON
ajfa-2777	303	24	is	be	AUX
ajfa-2777	303	25	o	o	PROPN
ajfa-2777	303	26	high	high	ADJ
ajfa-2777	303	27	p	p	PROPN
ajfa-2777	303	28	/	/	SYM
ajfa-2777	303	29	b	b	NOUN
ajfa-2777	303	30	f	f	PROPN
ajfa-2777	303	31	verage	verage	NOUN
ajfa-2777	303	32	payo	payo	VERB
ajfa-2777	303	33	he	he	PRON
ajfa-2777	303	34	absence	absence	NOUN
ajfa-2777	303	35	o	o	NOUN
ajfa-2777	303	36	reasons	reason	NOUN
ajfa-2777	303	37	for	for	ADP
ajfa-2777	303	38	h	h	NOUN
ajfa-2777	303	39	operation	operation	NOUN
ajfa-2777	303	40	wing	wing	NOUN
ajfa-2777	303	41	to	to	PART
ajfa-2777	303	42	inve	inve	VERB
ajfa-2777	303	43	s	s	PRON
ajfa-2777	303	44	as	as	ADP
ajfa-2777	303	45	show	show	NOUN
ajfa-2777	303	46	b	b	PROPN
ajfa-2777	303	47	french	french	ADJ
ajfa-2777	303	48	(	(	PUNCT
ajfa-2777	303	49	19	19	NUM
ajfa-2777	303	50	relation	relation	NOUN
ajfa-2777	303	51	bet	bet	VERB
ajfa-2777	303	52	these	these	DET
ajfa-2777	303	53	result	result	NOUN
ajfa-2777	303	54	ating	ate	VERB
ajfa-2777	303	55	profits	profit	NOUN
ajfa-2777	303	56	e	e	PROPN
ajfa-2777	303	57	relation	relation	NOUN
ajfa-2777	303	58	be	be	VERB
ajfa-2777	303	59	.	.	PUNCT
ajfa-2777	304	1	this	this	PRON
ajfa-2777	304	2	could	could	AUX
ajfa-2777	304	3	ore	ore	NOUN
ajfa-2777	304	4	profitab	profitab	NOUN
ajfa-2777	304	5	by	by	ADP
ajfa-2777	304	6	investor	investor	NOUN
ajfa-2777	304	7	s.	s.	PROPN
ajfa-2777	304	8	in	in	ADP
ajfa-2777	304	9	other	other	ADJ
ajfa-2777	304	10	w	w	NOUN
ajfa-2777	304	11	is	be	AUX
ajfa-2777	304	12	equally	equally	ADV
ajfa-2777	304	13	d	d	AUX
ajfa-2777	304	14	be	be	AUX
ajfa-2777	304	15	explain	explain	VERB
ajfa-2777	304	16	ge	ge	PROPN
ajfa-2777	304	17	values	value	NOUN
ajfa-2777	304	18	of	of	ADP
ajfa-2777	304	19	m	m	PROPN
ajfa-2777	304	20	rtfolios	rtfolio	NOUN
ajfa-2777	304	21	the	the	DET
ajfa-2777	304	22	av	av	PROPN
ajfa-2777	304	23	asian	asian	NOUN
ajfa-2777	304	24	or	or	CCONJ
ajfa-2777	304	25	the	the	DET
ajfa-2777	304	26	profit	profit	NOUN
ajfa-2777	304	27	l	l	NOUN
ajfa-2777	304	28	size	size	NOUN
ajfa-2777	304	29	and	and	CCONJ
ajfa-2777	304	30	l	l	NOUN
ajfa-2777	304	31	er	er	INTJ
ajfa-2777	304	32	in	in	ADP
ajfa-2777	304	33	size	size	NOUN
ajfa-2777	304	34	(	(	PUNCT
ajfa-2777	304	35	f	f	X
ajfa-2777	304	36	nce	nce	NOUN
ajfa-2777	304	37	less	less	ADV
ajfa-2777	304	38	pr	pr	NOUN
ajfa-2777	304	39	sized	sized	ADJ
ajfa-2777	304	40	comp	comp	NOUN
ajfa-2777	304	41	d	d	NOUN
ajfa-2777	304	42	to	to	PART
ajfa-2777	304	43	be	be	AUX
ajfa-2777	304	44	mor	mor	ADP
ajfa-2777	304	45	e	e	NOUN
ajfa-2777	304	46	factors	factor	NOUN
ajfa-2777	304	47	.	.	PUNCT
ajfa-2777	305	1	of	of	ADP
ajfa-2777	305	2	size	size	NOUN
ajfa-2777	305	3	on	on	ADP
ajfa-2777	305	4	d	d	PROPN
ajfa-2777	305	5	t(γ3	t(γ3	NOUN
ajfa-2777	305	6	)	)	PUNCT
ajfa-2777	305	7	3.904	3.904	NUM
ajfa-2777	305	8	itive	itive	ADJ
ajfa-2777	305	9	relatio	relatio	NOUN
ajfa-2777	305	10	p	p	X
ajfa-2777	305	11	/	/	SYM
ajfa-2777	305	12	b	b	PROPN
ajfa-2777	305	13	and	and	CCONJ
ajfa-2777	305	14	p	p	NOUN
ajfa-2777	305	15	observed	observe	VERB
ajfa-2777	305	16	th	th	X
ajfa-2777	305	17	firms	firm	NOUN
ajfa-2777	305	18	(	(	PUNCT
ajfa-2777	305	19	avera	avera	NOUN
ajfa-2777	305	20	outs	out	NOUN
ajfa-2777	305	21	for	for	ADP
ajfa-2777	305	22	low	low	NOUN
ajfa-2777	305	23	of	of	ADP
ajfa-2777	305	24	any	any	DET
ajfa-2777	305	25	statis	statis	NOUN
ajfa-2777	305	26	r	r	NOUN
ajfa-2777	305	27	the	the	DET
ajfa-2777	305	28	risk	risk	NOUN
ajfa-2777	305	29	sto	sto	NOUN
ajfa-2777	305	30	nal	nal	PROPN
ajfa-2777	305	31	,	,	PUNCT
ajfa-2777	305	32	financia	financia	PROPN
ajfa-2777	305	33	stor	stor	NOUN
ajfa-2777	305	34	neglect	neglect	NOUN
ajfa-2777	305	35	by	by	ADP
ajfa-2777	305	36	weaker	weak	ADJ
ajfa-2777	305	37	t	t	PROPN
ajfa-2777	305	38	995	995	NUM
ajfa-2777	305	39	)	)	PUNCT
ajfa-2777	305	40	)	)	PUNCT
ajfa-2777	305	41	.	.	PUNCT
ajfa-2777	306	1	tween	tween	NOUN
ajfa-2777	306	2	profit	profit	NOUN
ajfa-2777	306	3	ts	ts	X
ajfa-2777	306	4	can	can	AUX
ajfa-2777	306	5	be	be	AUX
ajfa-2777	306	6	ex	ex	NOUN
ajfa-2777	306	7	as	as	ADP
ajfa-2777	306	8	a	a	DET
ajfa-2777	306	9	reward	reward	NOUN
ajfa-2777	306	10	etween	etween	VERB
ajfa-2777	306	11	pro	pro	ADJ
ajfa-2777	306	12	d	d	PROPN
ajfa-2777	306	13	possibly	possibly	ADV
ajfa-2777	306	14	b	b	X
ajfa-2777	306	15	le	le	X
ajfa-2777	306	16	firms	firm	NOUN
ajfa-2777	306	17	ten	ten	NUM
ajfa-2777	306	18	rs	rs	NOUN
ajfa-2777	306	19	.	.	PUNCT
ajfa-2777	307	1	thus	thus	ADV
ajfa-2777	307	2	a	a	DET
ajfa-2777	307	3	n	n	NOUN
ajfa-2777	307	4	words	word	NOUN
ajfa-2777	307	5	more	more	ADV
ajfa-2777	307	6	important	important	ADJ
ajfa-2777	307	7	t	t	NOUN
ajfa-2777	307	8	ned	ne	VERB
ajfa-2777	307	9	by	by	ADP
ajfa-2777	307	10	stand	stand	VERB
ajfa-2777	307	11	market	market	NOUN
ajfa-2777	307	12	cap	cap	NOUN
ajfa-2777	307	13	(	(	PUNCT
ajfa-2777	307	14	si	si	X
ajfa-2777	307	15	verage	verage	NOUN
ajfa-2777	307	16	value	value	NOUN
ajfa-2777	307	17	n	n	PRON
ajfa-2777	307	18	journal	journal	NOUN
ajfa-2777	307	19	of	of	ADP
ajfa-2777	307	20	f	f	PROPN
ajfa-2777	307	21	tability	tability	NOUN
ajfa-2777	307	22	sort	sort	ADV
ajfa-2777	307	23	low	low	ADV
ajfa-2777	307	24	p	p	PROPN
ajfa-2777	307	25	/	/	SYM
ajfa-2777	307	26	b	b	NOUN
ajfa-2777	307	27	vi	vi	NOUN
ajfa-2777	307	28	for	for	ADP
ajfa-2777	307	29	use	use	NOUN
ajfa-2777	307	30	of	of	ADP
ajfa-2777	307	31	p	p	NOUN
ajfa-2777	307	32	rofitable	rofitable	ADJ
ajfa-2777	307	33	fi	fi	NOUN
ajfa-2777	307	34	panies	panie	NOUN
ajfa-2777	307	35	and	and	CCONJ
ajfa-2777	307	36	l	l	NOUN
ajfa-2777	307	37	e	e	NOUN
ajfa-2777	307	38	risky	risky	ADJ
ajfa-2777	307	39	by	by	ADP
ajfa-2777	307	40	in	in	ADP
ajfa-2777	307	41	dividend	dividend	NOUN
ajfa-2777	307	42	pa	pa	PROPN
ajfa-2777	307	43	γ4	γ4	PROPN
ajfa-2777	307	44	0.989	0.989	NUM
ajfa-2777	307	45	onship	onship	NOUN
ajfa-2777	307	46	betw	betw	NOUN
ajfa-2777	307	47	ayouts	ayout	NOUN
ajfa-2777	307	48	.	.	PUNCT
ajfa-2777	308	1	exa	exa	PROPN
ajfa-2777	308	2	hat	hat	PROPN
ajfa-2777	308	3	small	small	ADJ
ajfa-2777	308	4	and	and	CCONJ
ajfa-2777	308	5	age	age	NOUN
ajfa-2777	308	6	payouts	payout	NOUN
ajfa-2777	308	7	w	w	ADP
ajfa-2777	308	8	p	p	PROPN
ajfa-2777	308	9	/	/	SYM
ajfa-2777	308	10	b	b	NOUN
ajfa-2777	308	11	firms	firm	NOUN
ajfa-2777	308	12	stically	stically	ADV
ajfa-2777	308	13	sign	sign	VERB
ajfa-2777	308	14	ory	ory	NOUN
ajfa-2777	308	15	leading	lead	VERB
ajfa-2777	308	16	al	al	PROPN
ajfa-2777	308	17	risks	risk	NOUN
ajfa-2777	308	18	owin	owin	VERB
ajfa-2777	308	19	t.	t.	PROPN
ajfa-2777	308	20	low	low	PROPN
ajfa-2777	308	21	p	p	PROPN
ajfa-2777	308	22	/	/	SYM
ajfa-2777	308	23	b	b	NOUN
ajfa-2777	308	24	track	track	NOUN
ajfa-2777	308	25	record	record	NOUN
ajfa-2777	308	26	tability	tability	NOUN
ajfa-2777	308	27	and	and	CCONJ
ajfa-2777	308	28	xplained	xplaine	VERB
ajfa-2777	308	29	if	if	SCONJ
ajfa-2777	308	30	w	w	PROPN
ajfa-2777	308	31	d	d	NOUN
ajfa-2777	308	32	for	for	ADP
ajfa-2777	308	33	risk	risk	NOUN
ajfa-2777	308	34	be	be	AUX
ajfa-2777	308	35	fitability	fitability	NOUN
ajfa-2777	308	36	an	an	PRON
ajfa-2777	308	37	be	be	AUX
ajfa-2777	308	38	explained	explain	VERB
ajfa-2777	308	39	nd	nd	PRON
ajfa-2777	308	40	to	to	PART
ajfa-2777	308	41	pay	pay	VERB
ajfa-2777	308	42	hi	hi	INTJ
ajfa-2777	308	43	negative	negative	ADJ
ajfa-2777	308	44	rel	rel	NOUN
ajfa-2777	308	45	profitable	profitable	ADJ
ajfa-2777	308	46	(	(	PUNCT
ajfa-2777	308	47	to	to	PART
ajfa-2777	308	48	know	know	VERB
ajfa-2777	308	49	w	w	PROPN
ajfa-2777	308	50	dard	dard	PROPN
ajfa-2777	308	51	asset	asset	PROPN
ajfa-2777	308	52	p	p	PROPN
ajfa-2777	308	53	ize	ize	PROPN
ajfa-2777	308	54	)	)	PUNCT
ajfa-2777	308	55	for	for	ADP
ajfa-2777	308	56	p1	p1	PROPN
ajfa-2777	308	57	is	be	AUX
ajfa-2777	308	58	s	s	NOUN
ajfa-2777	308	59	of	of	ADP
ajfa-2777	308	60	p	p	NOUN
ajfa-2777	308	61	/	/	SYM
ajfa-2777	308	62	b	b	NOUN
ajfa-2777	308	63	for	for	ADP
ajfa-2777	308	64	p	p	PROPN
ajfa-2777	308	65	finance	finance	PROPN
ajfa-2777	308	66	&	&	CCONJ
ajfa-2777	308	67	ac	ac	PROPN
ajfa-2777	308	68	issn	issn	PROPN
ajfa-2777	308	69	19	19	NUM
ajfa-2777	308	70	2012	2012	NUM
ajfa-2777	308	71	,	,	PUNCT
ajfa-2777	308	72	vol	vol	NOUN
ajfa-2777	308	73	.	.	PUNCT
ajfa-2777	309	1	www.macrothi	www.macrothi	X
ajfa-2777	309	2	ted	ted	PROPN
ajfa-2777	309	3	portfolio	portfolio	PROPN
ajfa-2777	309	4	is	be	AUX
ajfa-2777	309	5	-	-	PUNCT
ajfa-2777	309	6	a	a	PRON
ajfa-2777	309	7	-	-	PUNCT
ajfa-2777	309	8	vis	vis	X
ajfa-2777	309	9	p5	p5	PROPN
ajfa-2777	309	10	p	p	PROPN
ajfa-2777	309	11	/	/	SYM
ajfa-2777	309	12	b	b	PROPN
ajfa-2777	309	13	as	as	ADP
ajfa-2777	309	14	a	a	DET
ajfa-2777	309	15	me	i	PRON
ajfa-2777	309	16	irms	irm	NOUN
ajfa-2777	309	17	are	be	AUX
ajfa-2777	309	18	re	re	X
ajfa-2777	309	19	low	low	ADJ
ajfa-2777	309	20	p	p	PROPN
ajfa-2777	309	21	/	/	SYM
ajfa-2777	309	22	b	b	PROPN
ajfa-2777	309	23	co	co	X
ajfa-2777	309	24	nvestors	nvestors	PROPN
ajfa-2777	309	25	.	.	PUNCT
ajfa-2777	310	1	ayouts	ayout	NOUN
ajfa-2777	310	2	and	and	CCONJ
ajfa-2777	310	3	v	v	ADP
ajfa-2777	310	4	t(γ4	t(γ4	NOUN
ajfa-2777	310	5	)	)	PUNCT
ajfa-2777	310	6	0.782	0.782	NUM
ajfa-2777	310	7	ween	ween	PROPN
ajfa-2777	310	8	firm	firm	NOUN
ajfa-2777	310	9	s	s	AUX
ajfa-2777	310	10	amining	amine	VERB
ajfa-2777	310	11	the	the	DET
ajfa-2777	310	12	nd	nd	NOUN
ajfa-2777	310	13	low	low	NOUN
ajfa-2777	310	14	p	p	PROPN
ajfa-2777	310	15	/	/	SYM
ajfa-2777	310	16	b	b	PROPN
ajfa-2777	310	17	f	f	PROPN
ajfa-2777	310	18	s	s	PROPN
ajfa-2777	310	19	for	for	ADP
ajfa-2777	310	20	small	small	ADJ
ajfa-2777	310	21	is	be	AUX
ajfa-2777	310	22	20.26	20.26	NUM
ajfa-2777	310	23	%	%	NOUN
ajfa-2777	310	24	nificant	nificant	ADJ
ajfa-2777	310	25	rela	rela	NOUN
ajfa-2777	310	26	to	to	ADP
ajfa-2777	310	27	these	these	DET
ajfa-2777	310	28	fac	fac	PROPN
ajfa-2777	310	29	ing	ing	ADJ
ajfa-2777	310	30	to	to	ADP
ajfa-2777	310	31	the	the	DET
ajfa-2777	310	32	n	n	PROPN
ajfa-2777	310	33	stocks	stock	NOUN
ajfa-2777	310	34	on	on	ADP
ajfa-2777	310	35	t	t	PROPN
ajfa-2777	310	36	d	d	PROPN
ajfa-2777	310	37	of	of	ADP
ajfa-2777	310	38	their	their	PRON
ajfa-2777	310	39	pa	pa	PROPN
ajfa-2777	310	40	d	d	PROPN
ajfa-2777	310	41	returns	return	NOUN
ajfa-2777	310	42	for	for	SCONJ
ajfa-2777	310	43	we	we	PRON
ajfa-2777	310	44	look	look	VERB
ajfa-2777	310	45	at	at	ADP
ajfa-2777	310	46	t	t	PROPN
ajfa-2777	310	47	earing	eare	VERB
ajfa-2777	310	48	.	.	PUNCT
ajfa-2777	311	1	nd	nd	PRON
ajfa-2777	311	2	returns	return	VERB
ajfa-2777	311	3	w	w	PROPN
ajfa-2777	311	4	d	d	NOUN
ajfa-2777	311	5	by	by	ADP
ajfa-2777	311	6	exami	exami	ADJ
ajfa-2777	311	7	igher	igher	NOUN
ajfa-2777	311	8	divide	divide	NOUN
ajfa-2777	311	9	lation	lation	NOUN
ajfa-2777	311	10	is	be	AUX
ajfa-2777	311	11	po	po	NOUN
ajfa-2777	311	12	(	(	PUNCT
ajfa-2777	311	13	and	and	CCONJ
ajfa-2777	311	14	higher	high	ADJ
ajfa-2777	311	15	whether	whether	SCONJ
ajfa-2777	311	16	prof	prof	NOUN
ajfa-2777	311	17	pricing	pricing	NOUN
ajfa-2777	311	18	mod	mod	PROPN
ajfa-2777	311	19	s	s	PART
ajfa-2777	311	20	22.42	22.42	NUM
ajfa-2777	311	21	(	(	PUNCT
ajfa-2777	311	22	22.53	22.53	NUM
ajfa-2777	311	23	p1	p1	NOUN
ajfa-2777	311	24	is	be	AUX
ajfa-2777	311	25	-0.87(ccounting	-0.87(ccounte	VERB
ajfa-2777	311	26	946	946	NUM
ajfa-2777	311	27	-	-	PUNCT
ajfa-2777	311	28	052x	052x	NOUN
ajfa-2777	311	29	4	4	NUM
ajfa-2777	311	30	,	,	PUNCT
ajfa-2777	311	31	no	no	INTJ
ajfa-2777	311	32	.	.	NOUN
ajfa-2777	311	33	2	2	NUM
ajfa-2777	311	34	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	311	35	os	os	NOUN
ajfa-2777	311	36	(	(	PUNCT
ajfa-2777	311	37	both	both	CCONJ
ajfa-2777	311	38	i.e.	i.e.	X
ajfa-2777	311	39	less	less	ADV
ajfa-2777	311	40	asure	asure	ADJ
ajfa-2777	311	41	of	of	ADP
ajfa-2777	311	42	elatively	elatively	ADJ
ajfa-2777	311	43	mpanies	mpanie	NOUN
ajfa-2777	311	44	value	value	NOUN
ajfa-2777	311	45	on	on	ADP
ajfa-2777	311	46	adj.r2	adj.r2	ADP
ajfa-2777	311	47	0	0	NUM
ajfa-2777	311	48	size	size	NOUN
ajfa-2777	311	49	and	and	CCONJ
ajfa-2777	311	50	e	e	NOUN
ajfa-2777	311	51	corner	corner	NOUN
ajfa-2777	311	52	firms	firm	NOUN
ajfa-2777	311	53	do	do	VERB
ajfa-2777	311	54	firms	firm	NOUN
ajfa-2777	311	55	is	be	AUX
ajfa-2777	311	56	%	%	ADJ
ajfa-2777	311	57	and	and	CCONJ
ajfa-2777	311	58	for	for	ADP
ajfa-2777	311	59	ationship	ationship	NOUN
ajfa-2777	311	60	ctors	ctor	NOUN
ajfa-2777	311	61	for	for	ADP
ajfa-2777	311	62	nature	nature	NOUN
ajfa-2777	311	63	of	of	ADP
ajfa-2777	311	64	the	the	DET
ajfa-2777	311	65	other	other	ADJ
ajfa-2777	311	66	ast	ast	NOUN
ajfa-2777	311	67	sales	sale	NOUN
ajfa-2777	311	68	r	r	NOUN
ajfa-2777	311	69	mature	mature	VERB
ajfa-2777	311	70	the	the	DET
ajfa-2777	311	71	issue	issue	NOUN
ajfa-2777	311	72	which	which	PRON
ajfa-2777	311	73	is	be	AUX
ajfa-2777	311	74	ning	ne	VERB
ajfa-2777	311	75	the	the	DET
ajfa-2777	311	76	ends	end	NOUN
ajfa-2777	311	77	and	and	CCONJ
ajfa-2777	311	78	ostulated	ostulated	ADJ
ajfa-2777	311	79	payout	payout	NOUN
ajfa-2777	311	80	)	)	PUNCT
ajfa-2777	311	81	fitability	fitability	NOUN
ajfa-2777	311	82	els	el	NOUN
ajfa-2777	311	83	.	.	PUNCT
ajfa-2777	312	1	one	one	NUM
ajfa-2777	312	2	3	3	NUM
ajfa-2777	312	3	)	)	PUNCT
ajfa-2777	312	4	and	and	CCONJ
ajfa-2777	312	5	for	for	ADP
ajfa-2777	312	6	0.88	0.88	NUM
ajfa-2777	312	7	)	)	PUNCT
ajfa-2777	312	8	and	and	CCONJ
ajfa-2777	312	9	factor	factor	NOUN
ajfa-2777	312	10	c	c	PROPN
ajfa-2777	312	11	dividen	dividen	ADV
ajfa-2777	312	12	between	between	ADP
ajfa-2777	312	13	it	it	PRON
ajfa-2777	312	14	is	be	AUX
ajfa-2777	312	15	fu	fu	ADJ
ajfa-2777	312	16	returns	return	NOUN
ajfa-2777	312	17	challeng	challeng	X
ajfa-2777	312	18	howeve	howeve	PROPN
ajfa-2777	312	19	alternat	alternat	PROPN
ajfa-2777	312	20	the	the	DET
ajfa-2777	312	21	stu	stu	PROPN
ajfa-2777	312	22	pricing	pricing	NOUN
ajfa-2777	312	23	there	there	ADV
ajfa-2777	312	24	a	a	DET
ajfa-2777	312	25	profitab	profitab	NOUN
ajfa-2777	312	26	the	the	DET
ajfa-2777	312	27	pre	pre	PROPN
ajfa-2777	312	28	markets	market	NOUN
ajfa-2777	312	29	referen	referen	PROPN
ajfa-2777	312	30	ahmed	ahme	VERB
ajfa-2777	312	31	researc	researc	PROPN
ajfa-2777	312	32	aivazia	aivazia	PROPN
ajfa-2777	312	33	dividen	dividen	VERB
ajfa-2777	312	34	http://dx	http://dx	PROPN
ajfa-2777	312	35	amidu	amidu	ADJ
ajfa-2777	312	36	,	,	PUNCT
ajfa-2777	312	37	of	of	ADP
ajfa-2777	312	38	risk	risk	NOUN
ajfa-2777	312	39	f	f	PROPN
ajfa-2777	312	40	artman	artman	PROPN
ajfa-2777	312	41	sample	sample	PROPN
ajfa-2777	312	42	asquith	asquith	PROPN
ajfa-2777	312	43	shareho	shareho	PROPN
ajfa-2777	312	44	baker	baker	PROPN
ajfa-2777	312	45	,	,	PUNCT
ajfa-2777	312	46	dividen	dividen	ADJ
ajfa-2777	312	47	banz	banz	NOUN
ajfa-2777	312	48	,	,	PUNCT
ajfa-2777	312	49	r	r	NOUN
ajfa-2777	312	50	journal	journal	PROPN
ajfa-2777	312	51	http://dx	http://dx	PROPN
ajfa-2777	312	52	basu	basu	PROPN
ajfa-2777	312	53	,	,	PUNCT
ajfa-2777	312	54	s	s	PROPN
ajfa-2777	312	55	for	for	ADP
ajfa-2777	312	56	ny	ny	PROPN
ajfa-2777	312	57	129	129	NUM
ajfa-2777	312	58	-	-	SYM
ajfa-2777	312	59	156	156	NUM
ajfa-2777	312	60	beaver	beaver	NOUN
ajfa-2777	312	61	,	,	PUNCT
ajfa-2777	312	62	the	the	DET
ajfa-2777	312	63	acc	acc	PROPN
ajfa-2777	312	64	capm	capm	PROPN
ajfa-2777	312	65	is	be	AUX
ajfa-2777	312	66	nd	nd	ADP
ajfa-2777	312	67	payouts	payout	NOUN
ajfa-2777	312	68	n	n	PRON
ajfa-2777	312	69	payout	payout	VERB
ajfa-2777	312	70	an	an	DET
ajfa-2777	312	71	urther	urther	NOUN
ajfa-2777	312	72	found	find	VERB
ajfa-2777	312	73	that	that	PRON
ajfa-2777	312	74	are	be	AUX
ajfa-2777	312	75	mis	mis	PROPN
ajfa-2777	312	76	ge	ge	PROPN
ajfa-2777	312	77	to	to	ADP
ajfa-2777	312	78	mult	mult	PROPN
ajfa-2777	312	79	er	er	INTJ
ajfa-2777	312	80	do	do	AUX
ajfa-2777	312	81	not	not	PART
ajfa-2777	312	82	tive	tive	VERB
ajfa-2777	312	83	explana	explana	ADJ
ajfa-2777	312	84	udy	udy	NOUN
ajfa-2777	312	85	has	have	VERB
ajfa-2777	312	86	stro	stro	ADJ
ajfa-2777	312	87	theory	theory	NOUN
ajfa-2777	312	88	that	that	PRON
ajfa-2777	312	89	are	be	AUX
ajfa-2777	312	90	also	also	ADV
ajfa-2777	312	91	i	i	PRON
ajfa-2777	312	92	m	m	PROPN
ajfa-2777	312	93	ble	ble	ADJ
ajfa-2777	312	94	style	style	NOUN
ajfa-2777	312	95	bas	bas	PROPN
ajfa-2777	312	96	esent	esent	NOUN
ajfa-2777	312	97	resear	resear	PROPN
ajfa-2777	312	98	s.	s.	PROPN
ajfa-2777	312	99	nces	nces	PROPN
ajfa-2777	312	100	,	,	PUNCT
ajfa-2777	312	101	h.	h.	PROPN
ajfa-2777	312	102	,	,	PUNCT
ajfa-2777	312	103	&	&	CCONJ
ajfa-2777	312	104	jav	jav	PROPN
ajfa-2777	312	105	ch	ch	PROPN
ajfa-2777	312	106	journal	journal	PROPN
ajfa-2777	312	107	of	of	ADP
ajfa-2777	312	108	an	an	DET
ajfa-2777	312	109	,	,	PUNCT
ajfa-2777	312	110	v.	v.	ADJ
ajfa-2777	312	111	,	,	PUNCT
ajfa-2777	312	112	boo	boo	VERB
ajfa-2777	312	113	nd	nd	PRON
ajfa-2777	312	114	policies	policy	NOUN
ajfa-2777	312	115	x.doi.org/10	x.doi.org/10	NOUN
ajfa-2777	312	116	,	,	PUNCT
ajfa-2777	312	117	m.	m.	NOUN
ajfa-2777	312	118	,	,	PUNCT
ajfa-2777	312	119	&	&	CCONJ
ajfa-2777	312	120	abo	abo	PROPN
ajfa-2777	312	121	finance	finance	NOUN
ajfa-2777	312	122	,	,	PUNCT
ajfa-2777	312	123	7(2	7(2	NUM
ajfa-2777	312	124	nn	nn	PROPN
ajfa-2777	312	125	,	,	PUNCT
ajfa-2777	312	126	s.	s.	PROPN
ajfa-2777	312	127	,	,	PUNCT
ajfa-2777	312	128	finte	finte	NOUN
ajfa-2777	312	129	evidence	evidence	NOUN
ajfa-2777	312	130	fr	fr	PROPN
ajfa-2777	312	131	h	h	NOUN
ajfa-2777	312	132	,	,	PUNCT
ajfa-2777	312	133	p.	p.	NOUN
ajfa-2777	312	134	,	,	PUNCT
ajfa-2777	312	135	&	&	CCONJ
ajfa-2777	312	136	m	m	PROPN
ajfa-2777	312	137	older	old	ADJ
ajfa-2777	312	138	's	's	PART
ajfa-2777	312	139	wealt	wealt	NOUN
ajfa-2777	312	140	,	,	PUNCT
ajfa-2777	312	141	h.	h.	PROPN
ajfa-2777	312	142	,	,	PUNCT
ajfa-2777	312	143	farrel	farrel	VERB
ajfa-2777	312	144	nd	nd	PRON
ajfa-2777	312	145	policy	policy	NOUN
ajfa-2777	312	146	.	.	PUNCT
ajfa-2777	313	1	fi	fi	NOUN
ajfa-2777	313	2	rolf	rolf	PROPN
ajfa-2777	313	3	w.	w.	PROPN
ajfa-2777	313	4	(	(	PUNCT
ajfa-2777	313	5	19	19	NUM
ajfa-2777	313	6	l	l	NOUN
ajfa-2777	313	7	x.doi.org/10	x.doi.org/10	ADJ
ajfa-2777	313	8	sanjoy	sanjoy	NOUN
ajfa-2777	313	9	.	.	PUNCT
ajfa-2777	314	1	(	(	PUNCT
ajfa-2777	314	2	198	198	NUM
ajfa-2777	314	3	yse	yse	PROPN
ajfa-2777	314	4	comm	comm	NOUN
ajfa-2777	314	5	6	6	NUM
ajfa-2777	314	6	.	.	PUNCT
ajfa-2777	315	1	http://dx	http://dx	PROPN
ajfa-2777	315	2	.	.	PROPN
ajfa-2777	315	3	,	,	PUNCT
ajfa-2777	315	4	w.	w.	PROPN
ajfa-2777	315	5	,	,	PUNCT
ajfa-2777	315	6	kettle	kettle	NOUN
ajfa-2777	315	7	counting	counting	NOUN
ajfa-2777	315	8	rev	rev	VERB
ajfa-2777	315	9	partially	partially	ADV
ajfa-2777	315	10	a	a	DET
ajfa-2777	315	11	confirm	confirm	NOUN
ajfa-2777	315	12	the	the	DET
ajfa-2777	315	13	nd	nd	NOUN
ajfa-2777	315	14	beta	beta	NOUN
ajfa-2777	315	15	is	be	AUX
ajfa-2777	315	16	em	em	PRON
ajfa-2777	315	17	d	d	NOUN
ajfa-2777	315	18	that	that	SCONJ
ajfa-2777	315	19	the	the	DET
ajfa-2777	315	20	f	f	NOUN
ajfa-2777	315	21	ssed	sse	VERB
ajfa-2777	315	22	by	by	ADP
ajfa-2777	315	23	ca	can	AUX
ajfa-2777	315	24	tifactor	tifactor	NOUN
ajfa-2777	315	25	ass	ass	NOUN
ajfa-2777	315	26	bear	bear	PROPN
ajfa-2777	315	27	signif	signif	NOUN
ajfa-2777	315	28	ations	ation	NOUN
ajfa-2777	315	29	might	might	AUX
ajfa-2777	315	30	ong	ong	PROPN
ajfa-2777	315	31	implica	implica	PROPN
ajfa-2777	315	32	can	can	AUX
ajfa-2777	315	33	explain	explain	VERB
ajfa-2777	315	34	mplications	mplication	NOUN
ajfa-2777	315	35	sed	sed	ADJ
ajfa-2777	315	36	trading	trading	NOUN
ajfa-2777	315	37	rch	rch	NOUN
ajfa-2777	315	38	contribu	contribu	PROPN
ajfa-2777	315	39	vid	vid	NOUN
ajfa-2777	315	40	,	,	PUNCT
ajfa-2777	315	41	a.	a.	NOUN
ajfa-2777	315	42	(	(	PUNCT
ajfa-2777	315	43	200	200	NUM
ajfa-2777	315	44	f	f	PROPN
ajfa-2777	315	45	finance	finance	NOUN
ajfa-2777	315	46	an	an	DET
ajfa-2777	315	47	oth	oth	PROPN
ajfa-2777	315	48	,	,	PUNCT
ajfa-2777	315	49	l.	l.	PROPN
ajfa-2777	315	50	,	,	PUNCT
ajfa-2777	315	51	&	&	CCONJ
ajfa-2777	316	1	c	c	PROPN
ajfa-2777	316	2	s	s	VERB
ajfa-2777	316	3	from	from	ADP
ajfa-2777	316	4	u	u	NOUN
ajfa-2777	316	5	0.1111/1475	0.1111/1475	NOUN
ajfa-2777	316	6	or	or	CCONJ
ajfa-2777	316	7	,	,	PUNCT
ajfa-2777	316	8	j.	j.	PROPN
ajfa-2777	316	9	(	(	PUNCT
ajfa-2777	316	10	2006	2006	NUM
ajfa-2777	316	11	)	)	PUNCT
ajfa-2777	316	12	2	2	NUM
ajfa-2777	316	13	)	)	PUNCT
ajfa-2777	316	14	,	,	PUNCT
ajfa-2777	316	15	136	136	NUM
ajfa-2777	316	16	-	-	SYM
ajfa-2777	316	17	145	145	NUM
ajfa-2777	316	18	.	.	PUNCT
ajfa-2777	317	1	er	er	INTJ
ajfa-2777	317	2	,	,	PUNCT
ajfa-2777	317	3	p.	p.	NOUN
ajfa-2777	317	4	,	,	PUNCT
ajfa-2777	317	5	&	&	CCONJ
ajfa-2777	317	6	k	k	PROPN
ajfa-2777	317	7	rom	rom	PROPN
ajfa-2777	317	8	the	the	DET
ajfa-2777	317	9	germ	germ	NOUN
ajfa-2777	317	10	mullins	mullins	PROPN
ajfa-2777	317	11	,	,	PUNCT
ajfa-2777	317	12	d	d	PROPN
ajfa-2777	317	13	th	th	PROPN
ajfa-2777	317	14	.	.	PUNCT
ajfa-2777	317	15	journal	journal	PROPN
ajfa-2777	317	16	lly	lly	ADV
ajfa-2777	317	17	,	,	PUNCT
ajfa-2777	317	18	g.	g.	PROPN
ajfa-2777	317	19	,	,	PUNCT
ajfa-2777	317	20	&	&	CCONJ
ajfa-2777	317	21	inancial	inancial	PROPN
ajfa-2777	317	22	ma	ma	PROPN
ajfa-2777	317	23	81).the	81).the	PRON
ajfa-2777	317	24	re	re	X
ajfa-2777	317	25	of	of	ADP
ajfa-2777	317	26	0.1016/0304	0.1016/0304	NUM
ajfa-2777	317	27	83	83	NUM
ajfa-2777	317	28	)	)	PUNCT
ajfa-2777	317	29	.	.	PUNCT
ajfa-2777	318	1	the	the	DET
ajfa-2777	318	2	re	re	PROPN
ajfa-2777	318	3	mon	mon	PROPN
ajfa-2777	318	4	stocks	stocks	PROPN
ajfa-2777	318	5	doi.org/10	doi.org/10	PROPN
ajfa-2777	318	6	.	.	PUNCT
ajfa-2777	319	1	er	er	INTJ
ajfa-2777	319	2	,	,	PUNCT
ajfa-2777	319	3	p.	p.	NOUN
ajfa-2777	319	4	,	,	PUNCT
ajfa-2777	319	5	&	&	CCONJ
ajfa-2777	319	6	sc	sc	PROPN
ajfa-2777	319	7	view	view	NOUN
ajfa-2777	319	8	,	,	PUNCT
ajfa-2777	319	9	654	654	NUM
ajfa-2777	319	10	-	-	SYM
ajfa-2777	319	11	6	6	NUM
ajfa-2777	319	12	ble	ble	NOUN
ajfa-2777	319	13	to	to	ADP
ajfa-2777	319	14	exp	exp	NOUN
ajfa-2777	319	15	e	e	NOUN
ajfa-2777	319	16	risk	risk	NOUN
ajfa-2777	319	17	argum	argum	NOUN
ajfa-2777	319	18	mpirically	mpirically	ADV
ajfa-2777	319	19	co	co	VERB
ajfa-2777	319	20	ff	ff	NOUN
ajfa-2777	319	21	size	size	NOUN
ajfa-2777	319	22	and	and	CCONJ
ajfa-2777	319	23	pm	pm	NOUN
ajfa-2777	319	24	.	.	PUNCT
ajfa-2777	320	1	hence	hence	ADV
ajfa-2777	320	2	set	set	VERB
ajfa-2777	320	3	pricing	pricing	NOUN
ajfa-2777	320	4	ficant	ficant	PROPN
ajfa-2777	320	5	relat	relat	PROPN
ajfa-2777	320	6	t	t	PROPN
ajfa-2777	320	7	be	be	AUX
ajfa-2777	320	8	needed	need	VERB
ajfa-2777	320	9	ations	ation	NOUN
ajfa-2777	320	10	for	for	ADP
ajfa-2777	320	11	a	a	DET
ajfa-2777	320	12	n	n	ADV
ajfa-2777	320	13	prominent	prominent	ADJ
ajfa-2777	320	14	for	for	ADP
ajfa-2777	320	15	investm	investm	NOUN
ajfa-2777	320	16	strategies	strategy	NOUN
ajfa-2777	320	17	.	.	PUNCT
ajfa-2777	321	1	utes	ute	NOUN
ajfa-2777	321	2	to	to	PART
ajfa-2777	321	3	asse	asse	NOUN
ajfa-2777	321	4	09	09	NUM
ajfa-2777	321	5	)	)	PUNCT
ajfa-2777	321	6	.	.	PUNCT
ajfa-2777	322	1	determ	determ	NOUN
ajfa-2777	322	2	nd	nd	INTJ
ajfa-2777	322	3	economic	economic	ADJ
ajfa-2777	322	4	cleary	cleary	NOUN
ajfa-2777	322	5	,	,	PUNCT
ajfa-2777	322	6	s.	s.	PROPN
ajfa-2777	322	7	(	(	PUNCT
ajfa-2777	322	8	us	us	PROPN
ajfa-2777	322	9	firms	firm	NOUN
ajfa-2777	322	10	?	?	PUNCT
ajfa-2777	322	11	.	.	PUNCT
ajfa-2777	323	1	5	5	NUM
ajfa-2777	323	2	-	-	SYM
ajfa-2777	323	3	6803.000	6803.000	NUM
ajfa-2777	323	4	)	)	PUNCT
ajfa-2777	323	5	.	.	PUNCT
ajfa-2777	324	1	determin	determin	VERB
ajfa-2777	324	2	http://dx.do	http://dx.do	PROPN
ajfa-2777	324	3	empf	empf	NOUN
ajfa-2777	324	4	,	,	PUNCT
ajfa-2777	324	5	a.	a.	NOUN
ajfa-2777	324	6	(	(	PUNCT
ajfa-2777	324	7	2	2	NUM
ajfa-2777	324	8	man	man	NOUN
ajfa-2777	324	9	market	market	NOUN
ajfa-2777	324	10	d.	d.	NOUN
ajfa-2777	324	11	(	(	PUNCT
ajfa-2777	324	12	1983	1983	NUM
ajfa-2777	324	13	)	)	PUNCT
ajfa-2777	324	14	.	.	PUNCT
ajfa-2777	325	1	of	of	ADP
ajfa-2777	325	2	business	business	NOUN
ajfa-2777	325	3	edelman	edelman	NOUN
ajfa-2777	325	4	r	r	PROPN
ajfa-2777	325	5	anagement	anagement	NOUN
ajfa-2777	325	6	,	,	PUNCT
ajfa-2777	325	7	lationship	lationship	NOUN
ajfa-2777	325	8	b	b	PROPN
ajfa-2777	325	9	financ	financ	PROPN
ajfa-2777	325	10	4	4	NUM
ajfa-2777	325	11	-	-	PUNCT
ajfa-2777	325	12	405x(81	405x(81	NUM
ajfa-2777	325	13	)	)	PUNCT
ajfa-2777	325	14	elationship	elationship	NOUN
ajfa-2777	326	1	s	s	NOUN
ajfa-2777	326	2	:	:	PUNCT
ajfa-2777	326	3	further	further	ADJ
ajfa-2777	326	4	1016/0304choles	1016/0304choles	NUM
ajfa-2777	326	5	,	,	PUNCT
ajfa-2777	326	6	m.	m.	NOUN
ajfa-2777	326	7	(	(	PUNCT
ajfa-2777	326	8	82	82	NUM
ajfa-2777	326	9	.	.	PUNCT
ajfa-2777	326	10	359	359	NUM
ajfa-2777	326	11	plain	plain	ADJ
ajfa-2777	326	12	the	the	DET
ajfa-2777	326	13	al	al	PROPN
ajfa-2777	326	14	ment	ment	NOUN
ajfa-2777	326	15	for	for	ADP
ajfa-2777	326	16	the	the	DET
ajfa-2777	326	17	onfirmed	onfirmed	ADJ
ajfa-2777	326	18	.	.	PUNCT
ajfa-2777	327	1	d	d	PRON
ajfa-2777	327	2	value	value	NOUN
ajfa-2777	327	3	bas	bas	PROPN
ajfa-2777	327	4	e	e	PROPN
ajfa-2777	327	5	the	the	DET
ajfa-2777	327	6	profitab	profitab	NOUN
ajfa-2777	327	7	framework	framework	NOUN
ajfa-2777	327	8	tionship	tionship	NOUN
ajfa-2777	327	9	wi	wi	PROPN
ajfa-2777	327	10	d	d	PROPN
ajfa-2777	327	11	to	to	PART
ajfa-2777	327	12	justify	justify	VERB
ajfa-2777	327	13	th	th	X
ajfa-2777	327	14	academician	academician	PROPN
ajfa-2777	327	15	t	t	PROPN
ajfa-2777	327	16	equity	equity	PROPN
ajfa-2777	327	17	ma	ma	PROPN
ajfa-2777	327	18	ment	ment	PROPN
ajfa-2777	327	19	manag	manag	PROPN
ajfa-2777	327	20	et	et	PROPN
ajfa-2777	327	21	pricing	price	VERB
ajfa-2777	327	22	an	an	DET
ajfa-2777	327	23	minants	minant	NOUN
ajfa-2777	327	24	of	of	ADP
ajfa-2777	327	25	d	d	PROPN
ajfa-2777	327	26	cs	cs	PROPN
ajfa-2777	327	27	,	,	PUNCT
ajfa-2777	327	28	29	29	NUM
ajfa-2777	327	29	,	,	PUNCT
ajfa-2777	327	30	110(2003	110(2003	NUM
ajfa-2777	327	31	)	)	PUNCT
ajfa-2777	327	32	.	.	PUNCT
ajfa-2777	328	1	do	do	AUX
ajfa-2777	328	2	journal	journal	VERB
ajfa-2777	328	3	64	64	NUM
ajfa-2777	328	4	nants	nant	NOUN
ajfa-2777	328	5	of	of	ADP
ajfa-2777	328	6	divi	divi	PROPN
ajfa-2777	328	7	oi.org/10.1	oi.org/10.1	PROPN
ajfa-2777	328	8	2011	2011	NUM
ajfa-2777	328	9	)	)	PUNCT
ajfa-2777	328	10	.	.	PUNCT
ajfa-2777	329	1	dete	dete	ADJ
ajfa-2777	329	2	t.	t.	PROPN
ajfa-2777	329	3	cfr	cfr	PROPN
ajfa-2777	329	4	work	work	VERB
ajfa-2777	329	5	the	the	DET
ajfa-2777	329	6	impac	impac	PROPN
ajfa-2777	329	7	s	s	PROPN
ajfa-2777	329	8	,	,	PUNCT
ajfa-2777	329	9	56	56	NUM
ajfa-2777	329	10	,	,	PUNCT
ajfa-2777	329	11	1	1	NUM
ajfa-2777	329	12	-	-	SYM
ajfa-2777	329	13	12	12	NUM
ajfa-2777	329	14	.	.	PUNCT
ajfa-2777	330	1	h	h	PROPN
ajfa-2777	330	2	rb	rb	PROPN
ajfa-2777	330	3	,	,	PUNCT
ajfa-2777	330	4	h.	h.	PROPN
ajfa-2777	330	5	(	(	PUNCT
ajfa-2777	330	6	19	19	NUM
ajfa-2777	330	7	14(3	14(3	NUM
ajfa-2777	330	8	)	)	PUNCT
ajfa-2777	330	9	,	,	PUNCT
ajfa-2777	330	10	1007	1007	NUM
ajfa-2777	330	11	between	between	ADP
ajfa-2777	330	12	ret	ret	PROPN
ajfa-2777	330	13	cial	cial	NOUN
ajfa-2777	330	14	)	)	PUNCT
ajfa-2777	330	15	90018	90018	NUM
ajfa-2777	330	16	-	-	SYM
ajfa-2777	330	17	0	0	NUM
ajfa-2777	330	18	between	between	ADP
ajfa-2777	330	19	e	e	NOUN
ajfa-2777	330	20	evidence	evidence	NOUN
ajfa-2777	330	21	.	.	PUNCT
ajfa-2777	331	1	-405x(83)9	-405x(83)9	INTJ
ajfa-2777	331	2	(	(	PUNCT
ajfa-2777	331	3	1970	1970	NUM
ajfa-2777	331	4	)	)	PUNCT
ajfa-2777	331	5	.	.	PUNCT
ajfa-2777	332	1	ma	ma	PROPN
ajfa-2777	332	2	asian	asian	PROPN
ajfa-2777	332	3	lphas	lpha	VERB
ajfa-2777	332	4	on	on	ADP
ajfa-2777	332	5	p	p	PROPN
ajfa-2777	332	6	e	e	PROPN
ajfa-2777	332	7	market	market	NOUN
ajfa-2777	332	8	fa	fa	NOUN
ajfa-2777	332	9	ed	ed	NOUN
ajfa-2777	332	10	factors	factor	NOUN
ajfa-2777	332	11	bility	bility	VERB
ajfa-2777	332	12	anom	anom	PROPN
ajfa-2777	332	13	k	k	PROPN
ajfa-2777	332	14	in	in	ADP
ajfa-2777	332	15	indian	indian	PROPN
ajfa-2777	332	16	ith	ith	PROPN
ajfa-2777	332	17	payout	payout	PROPN
ajfa-2777	332	18	heir	heir	NOUN
ajfa-2777	332	19	risk	risk	NOUN
ajfa-2777	332	20	pre	pre	VERB
ajfa-2777	333	1	ns	ns	INTJ
ajfa-2777	333	2	who	who	PRON
ajfa-2777	333	3	are	be	AUX
ajfa-2777	333	4	arket	arket	NOUN
ajfa-2777	333	5	anoma	anoma	PROPN
ajfa-2777	333	6	gers	ger	NOUN
ajfa-2777	333	7	who	who	PRON
ajfa-2777	333	8	a	a	DET
ajfa-2777	333	9	nomaly	nomaly	ADJ
ajfa-2777	333	10	liter	liter	NOUN
ajfa-2777	333	11	dividend	dividend	NOUN
ajfa-2777	333	12	po	po	PROPN
ajfa-2777	334	1	-125	-125	INTJ
ajfa-2777	334	2	.	.	PUNCT
ajfa-2777	335	1	emerging	emerge	VERB
ajfa-2777	335	2	of	of	ADP
ajfa-2777	335	3	financi	financi	PROPN
ajfa-2777	335	4	idend	idend	VERB
ajfa-2777	335	5	payou	payou	PROPN
ajfa-2777	335	6	108/152659	108/152659	NUM
ajfa-2777	335	7	erminants	erminant	NOUN
ajfa-2777	335	8	o	o	NOUN
ajfa-2777	335	9	king	king	NOUN
ajfa-2777	335	10	paper	paper	NOUN
ajfa-2777	335	11	,	,	PUNCT
ajfa-2777	335	12	ct	ct	NUM
ajfa-2777	335	13	of	of	ADP
ajfa-2777	335	14	initia	initia	NOUN
ajfa-2777	335	15	http://dx.do	http://dx.do	PROPN
ajfa-2777	335	16	85	85	NUM
ajfa-2777	335	17	)	)	PUNCT
ajfa-2777	335	18	.	.	PUNCT
ajfa-2777	336	1	a	a	DET
ajfa-2777	336	2	surv	surv	NOUN
ajfa-2777	336	3	7	7	NUM
ajfa-2777	336	4	-	-	SYM
ajfa-2777	336	5	34	34	NUM
ajfa-2777	336	6	.	.	PUNCT
ajfa-2777	337	1	http://	http://	PROPN
ajfa-2777	337	2	turn	turn	NOUN
ajfa-2777	337	3	and	and	CCONJ
ajfa-2777	337	4	m	m	PROPN
ajfa-2777	337	5	econom	econom	PROPN
ajfa-2777	337	6	earnings	earning	NOUN
ajfa-2777	337	7	yie	yie	PROPN
ajfa-2777	337	8	journal	journal	PROPN
ajfa-2777	337	9	o	o	PROPN
ajfa-2777	337	10	0031	0031	NUM
ajfa-2777	337	11	-	-	SYM
ajfa-2777	337	12	4	4	NUM
ajfa-2777	337	13	arketing	arketing	NOUN
ajfa-2777	337	14	and	and	CCONJ
ajfa-2777	337	15	n	n	PRON
ajfa-2777	337	16	journal	journal	NOUN
ajfa-2777	337	17	of	of	ADP
ajfa-2777	337	18	f	f	PROPN
ajfa-2777	337	19	profitability	profitability	NOUN
ajfa-2777	337	20	ctor	ctor	NOUN
ajfa-2777	337	21	as	as	ADP
ajfa-2777	337	22	a	a	DET
ajfa-2777	337	23	ne	ne	NOUN
ajfa-2777	337	24	absorb	absorb	VERB
ajfa-2777	337	25	the	the	DET
ajfa-2777	337	26	maly	maly	PROPN
ajfa-2777	337	27	does	do	VERB
ajfa-2777	337	28	no	no	PRON
ajfa-2777	337	29	n	n	ADV
ajfa-2777	337	30	context	context	NOUN
ajfa-2777	337	31	.	.	PUNCT
ajfa-2777	338	1	ratios	ratio	NOUN
ajfa-2777	338	2	,	,	PUNCT
ajfa-2777	338	3	thu	thu	PROPN
ajfa-2777	338	4	emiums	emium	NOUN
ajfa-2777	338	5	.	.	PUNCT
ajfa-2777	339	1	searching	search	VERB
ajfa-2777	339	2	f	f	PROPN
ajfa-2777	339	3	lies	lie	VERB
ajfa-2777	339	4	and	and	CCONJ
ajfa-2777	339	5	has	have	AUX
ajfa-2777	339	6	are	be	AUX
ajfa-2777	339	7	continuo	continuo	PROPN
ajfa-2777	339	8	rature	rature	NOUN
ajfa-2777	339	9	espec	espec	PROPN
ajfa-2777	339	10	licy	licy	PROPN
ajfa-2777	339	11	in	in	ADP
ajfa-2777	339	12	paki	paki	PROPN
ajfa-2777	339	13	market	market	NOUN
ajfa-2777	339	14	firm	firm	NOUN
ajfa-2777	339	15	ial	ial	PROPN
ajfa-2777	339	16	researc	researc	PROPN
ajfa-2777	339	17	ut	ut	PROPN
ajfa-2777	339	18	ratios	ratio	NOUN
ajfa-2777	339	19	in	in	ADP
ajfa-2777	339	20	g	g	PROPN
ajfa-2777	339	21	9406106485	9406106485	NUM
ajfa-2777	339	22	of	of	ADP
ajfa-2777	339	23	expected	expect	VERB
ajfa-2777	339	24	10	10	NUM
ajfa-2777	339	25	-	-	SYM
ajfa-2777	339	26	01	01	NUM
ajfa-2777	339	27	.	.	PUNCT
ajfa-2777	340	1	ating	ate	VERB
ajfa-2777	340	2	divid	divid	PROPN
ajfa-2777	340	3	i.org/10.108	i.org/10.108	VERB
ajfa-2777	340	4	vey	vey	NOUN
ajfa-2777	340	5	of	of	ADP
ajfa-2777	340	6	man	man	NOUN
ajfa-2777	340	7	/dx.doi.org/	/dx.doi.org/	NOUN
ajfa-2777	340	8	arket	arket	NOUN
ajfa-2777	340	9	value	value	NOUN
ajfa-2777	340	10	mics	mic	NOUN
ajfa-2777	340	11	,	,	PUNCT
ajfa-2777	340	12	eld	eld	NOUN
ajfa-2777	340	13	,	,	PUNCT
ajfa-2777	340	14	market	market	NOUN
ajfa-2777	340	15	of	of	ADP
ajfa-2777	340	16	financia	financia	PROPN
ajfa-2777	340	17	d	d	ADP
ajfa-2777	340	18	accounting	accounting	NOUN
ajfa-2777	340	19	finance	finance	PROPN
ajfa-2777	340	20	&	&	CCONJ
ajfa-2777	340	21	ac	ac	PROPN
ajfa-2777	340	22	issn	issn	PROPN
ajfa-2777	340	23	19	19	NUM
ajfa-2777	340	24	2012	2012	NUM
ajfa-2777	340	25	,	,	PUNCT
ajfa-2777	340	26	vol	vol	NOUN
ajfa-2777	340	27	.	.	PUNCT
ajfa-2777	341	1	www.macrothi	www.macrothi	X
ajfa-2777	342	1	y	y	PROPN
ajfa-2777	342	2	sorted	sort	VERB
ajfa-2777	342	3	po	po	PROPN
ajfa-2777	342	4	egative	egative	PROPN
ajfa-2777	342	5	rela	rela	PROPN
ajfa-2777	342	6	profitabilit	profitabilit	PROPN
ajfa-2777	342	7	ot	ot	NOUN
ajfa-2777	342	8	pose	pose	VERB
ajfa-2777	342	9	an	an	DET
ajfa-2777	342	10	em	em	PRON
ajfa-2777	342	11	these	these	DET
ajfa-2777	342	12	risk	risk	VERB
ajfa-2777	342	13	us	we	PRON
ajfa-2777	342	14	suggesti	suggesti	NOUN
ajfa-2777	342	15	for	for	ADP
ajfa-2777	342	16	a	a	DET
ajfa-2777	342	17	ration	ration	NOUN
ajfa-2777	342	18	s	s	VERB
ajfa-2777	342	19	a	a	DET
ajfa-2777	342	20	universa	universa	NOUN
ajfa-2777	342	21	ously	ously	ADV
ajfa-2777	342	22	in	in	ADP
ajfa-2777	342	23	pu	pu	PROPN
ajfa-2777	342	24	cially	cially	ADV
ajfa-2777	342	25	for	for	ADP
ajfa-2777	342	26	em	em	PRON
ajfa-2777	342	27	kistan	kistan	ADJ
ajfa-2777	342	28	.	.	PUNCT
ajfa-2777	343	1	inter	inter	PROPN
ajfa-2777	343	2	ms	ms	PROPN
ajfa-2777	343	3	follow	follow	PROPN
ajfa-2777	343	4	d	d	PROPN
ajfa-2777	343	5	ch	ch	PROPN
ajfa-2777	343	6	,	,	PUNCT
ajfa-2777	343	7	26	26	NUM
ajfa-2777	343	8	,	,	PUNCT
ajfa-2777	343	9	3	3	NUM
ajfa-2777	343	10	ghana	ghana	PROPN
ajfa-2777	343	11	.	.	PUNCT
ajfa-2777	344	1	the	the	DET
ajfa-2777	344	2	580	580	NUM
ajfa-2777	344	3	stock	stock	NOUN
ajfa-2777	344	4	retur	retur	NOUN
ajfa-2777	344	5	dend	dend	VERB
ajfa-2777	344	6	paym	paym	NOUN
ajfa-2777	344	7	86/296187	86/296187	NUM
ajfa-2777	344	8	nagement	nagement	NOUN
ajfa-2777	344	9	v	v	ADP
ajfa-2777	344	10	/10.2307/36	/10.2307/36	ADJ
ajfa-2777	344	11	e	e	NOUN
ajfa-2777	344	12	of	of	ADP
ajfa-2777	344	13	commo	commo	NOUN
ajfa-2777	344	14	marc	marc	PROPN
ajfa-2777	344	15	t	t	PROPN
ajfa-2777	344	16	value	value	NOUN
ajfa-2777	344	17	and	and	CCONJ
ajfa-2777	344	18	al	al	PROPN
ajfa-2777	344	19	econom	econom	PROPN
ajfa-2777	344	20	g	g	PROPN
ajfa-2777	344	21	determine	determine	VERB
ajfa-2777	344	22	ccounting	ccounte	VERB
ajfa-2777	344	23	946	946	NUM
ajfa-2777	344	24	-	-	PUNCT
ajfa-2777	344	25	052x	052x	NOUN
ajfa-2777	344	26	4	4	NUM
ajfa-2777	344	27	,	,	PUNCT
ajfa-2777	344	28	no	no	INTJ
ajfa-2777	344	29	.	.	NOUN
ajfa-2777	344	30	2	2	NUM
ajfa-2777	344	31	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	344	32	ortfolios	ortfolio	NOUN
ajfa-2777	344	33	.	.	PUNCT
ajfa-2777	345	1	ationship	ationship	NOUN
ajfa-2777	345	2	ty	ty	NUM
ajfa-2777	345	3	based	base	VERB
ajfa-2777	345	4	mpirical	mpirical	ADJ
ajfa-2777	345	5	k	k	PROPN
ajfa-2777	345	6	factors	factor	NOUN
ajfa-2777	345	7	ing	e	VERB
ajfa-2777	345	8	that	that	SCONJ
ajfa-2777	345	9	nal	nal	ADJ
ajfa-2777	345	10	asset	asset	NOUN
ajfa-2777	345	11	al	al	PROPN
ajfa-2777	345	12	appeal	appeal	NOUN
ajfa-2777	345	13	.	.	PUNCT
ajfa-2777	346	1	ursuit	ursuit	NOUN
ajfa-2777	346	2	of	of	ADP
ajfa-2777	346	3	merging	merge	VERB
ajfa-2777	346	4	national	national	ADJ
ajfa-2777	346	5	different	different	ADJ
ajfa-2777	346	6	371	371	NUM
ajfa-2777	346	7	-	-	SYM
ajfa-2777	346	8	387	387	NUM
ajfa-2777	346	9	.	.	PUNCT
ajfa-2777	347	1	e	e	PROPN
ajfa-2777	347	2	journal	journal	PROPN
ajfa-2777	347	3	rns	rn	VERB
ajfa-2777	347	4	:	:	PUNCT
ajfa-2777	347	5	large	large	ADJ
ajfa-2777	347	6	ments	ment	NOUN
ajfa-2777	347	7	on	on	ADP
ajfa-2777	347	8	views	view	NOUN
ajfa-2777	347	9	on	on	ADP
ajfa-2777	347	10	665062	665062	NUM
ajfa-2777	347	11	on	on	ADP
ajfa-2777	347	12	stock	stock	NOUN
ajfa-2777	347	13	.	.	PUNCT
ajfa-2777	348	1	ch(3	ch(3	NOUN
ajfa-2777	348	2	-	-	PUNCT
ajfa-2777	348	3	18	18	NUM
ajfa-2777	348	4	)	)	PUNCT
ajfa-2777	348	5	.	.	PUNCT
ajfa-2777	349	1	d	d	X
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ajfa-2777	349	3	ics	ic	NOUN
ajfa-2777	349	4	,	,	PUNCT
ajfa-2777	349	5	12	12	NUM
ajfa-2777	349	6	,	,	PUNCT
ajfa-2777	349	7	ed	ed	NOUN
ajfa-2777	349	8	risks	risk	NOUN
ajfa-2777	349	9	.	.	PUNCT
ajfa-2777	350	1	bhanda	bhanda	PROPN
ajfa-2777	350	2	evidenc	evidenc	PROPN
ajfa-2777	350	3	http://dx	http://dx	PROPN
ajfa-2777	350	4	breen	breen	PROPN
ajfa-2777	350	5	,	,	PUNCT
ajfa-2777	350	6	and	and	CCONJ
ajfa-2777	350	7	http://dx	http://dx	PROPN
ajfa-2777	350	8	chan	chan	PROPN
ajfa-2777	350	9	,	,	PUNCT
ajfa-2777	350	10	k	k	PROPN
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ajfa-2777	350	12	.	.	PUNCT
ajfa-2777	351	1	j	j	PROPN
ajfa-2777	351	2	cohen	cohen	PROPN
ajfa-2777	351	3	,	,	PUNCT
ajfa-2777	351	4	journal	journal	PROPN
ajfa-2777	351	5	http://dx	http://dx	PROPN
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ajfa-2777	351	7	bon	bon	X
ajfa-2777	351	8	793	793	NUM
ajfa-2777	351	9	-	-	PUNCT
ajfa-2777	351	10	805	805	NUM
ajfa-2777	351	11	de	de	X
ajfa-2777	351	12	bon	bon	PROPN
ajfa-2777	351	13	market	market	PROPN
ajfa-2777	351	14	http://dx	http://dx	PROPN
ajfa-2777	351	15	fama	fama	PROPN
ajfa-2777	351	16	,	,	PUNCT
ajfa-2777	351	17	journal	journal	NOUN
ajfa-2777	351	18	fama	fama	NOUN
ajfa-2777	351	19	,	,	PUNCT
ajfa-2777	351	20	e	e	NOUN
ajfa-2777	351	21	and	and	CCONJ
ajfa-2777	351	22	http://dx	http://dx	PROPN
ajfa-2777	351	23	fama	fama	PROPN
ajfa-2777	351	24	,	,	PUNCT
ajfa-2777	351	25	e	e	PROPN
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ajfa-2777	351	27	fama	fama	PROPN
ajfa-2777	351	28	,	,	PUNCT
ajfa-2777	351	29	e	e	PROPN
ajfa-2777	351	30	anomal	anomal	PROPN
ajfa-2777	351	31	http://dx	http://dx	PROPN
ajfa-2777	351	32	fama	fama	PROPN
ajfa-2777	351	33	,	,	PUNCT
ajfa-2777	351	34	e	e	X
ajfa-2777	351	35	financia	financia	PROPN
ajfa-2777	351	36	fama	fama	NOUN
ajfa-2777	351	37	,	,	PUNCT
ajfa-2777	351	38	e	e	NOUN
ajfa-2777	351	39	63(4	63(4	NOUN
ajfa-2777	351	40	)	)	PUNCT
ajfa-2777	351	41	,	,	PUNCT
ajfa-2777	351	42	1	1	NUM
ajfa-2777	351	43	fitzpatr	fitzpatr	NOUN
ajfa-2777	351	44	retriev	retriev	VERB
ajfa-2777	351	45	financin	financin	PROPN
ajfa-2777	351	46	gu	gu	PROPN
ajfa-2777	351	47	,	,	PUNCT
ajfa-2777	351	48	z.	z.	PROPN
ajfa-2777	351	49	,	,	PUNCT
ajfa-2777	351	50	journal	journal	PROPN
ajfa-2777	351	51	ari	ari	PROPN
ajfa-2777	351	52	,	,	PUNCT
ajfa-2777	351	53	l.	l.	PROPN
ajfa-2777	351	54	c.	c.	PROPN
ajfa-2777	351	55	(	(	PUNCT
ajfa-2777	351	56	1	1	NUM
ajfa-2777	351	57	ce	ce	PROPN
ajfa-2777	351	58	.	.	PROPN
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ajfa-2777	351	60	w.	w.	PROPN
ajfa-2777	351	61	,	,	PUNCT
ajfa-2777	351	62	&	&	CCONJ
ajfa-2777	351	63	lern	lern	ADJ
ajfa-2777	351	64	return	return	NOUN
ajfa-2777	351	65	.	.	PUNCT
ajfa-2777	352	1	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	352	2	k.c	k.c	PROPN
ajfa-2777	352	3	.	.	PROPN
ajfa-2777	352	4	,	,	PUNCT
ajfa-2777	352	5	&	&	CCONJ
ajfa-2777	352	6	che	che	PROPN
ajfa-2777	352	7	journal	journal	PROPN
ajfa-2777	352	8	of	of	ADP
ajfa-2777	352	9	fi	fi	PROPN
ajfa-2777	352	10	r.	r.	PROPN
ajfa-2777	352	11	b.	b.	PROPN
ajfa-2777	352	12	,	,	PUNCT
ajfa-2777	352	13	go	go	VERB
ajfa-2777	352	14	l	l	NOUN
ajfa-2777	352	15	o	o	X
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ajfa-2777	352	17	nd	nd	PROPN
ajfa-2777	352	18	,	,	PUNCT
ajfa-2777	352	19	w.f	w.f	PROPN
ajfa-2777	352	20	.	.	PROPN
ajfa-2777	352	21	,	,	PUNCT
ajfa-2777	352	22	&	&	CCONJ
ajfa-2777	352	23	5	5	NUM
ajfa-2777	352	24	.	.	PUNCT
ajfa-2777	353	1	http://dx	http://dx	PROPN
ajfa-2777	353	2	.	.	PUNCT
ajfa-2777	354	1	ndt	ndt	PROPN
ajfa-2777	354	2	,	,	PUNCT
ajfa-2777	354	3	w.f	w.f	PROPN
ajfa-2777	354	4	.	.	PROPN
ajfa-2777	354	5	,	,	PUNCT
ajfa-2777	354	6	&	&	CCONJ
ajfa-2777	354	7	seas	seas	PROPN
ajfa-2777	354	8	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	354	9	eugene	eugene	PROPN
ajfa-2777	354	10	f.	f.	PROPN
ajfa-2777	354	11	,	,	PUNCT
ajfa-2777	354	12	l	l	PROPN
ajfa-2777	354	13	of	of	ADP
ajfa-2777	354	14	finance	finance	PROPN
ajfa-2777	354	15	eugene	eugene	PROPN
ajfa-2777	354	16	f.	f.	PROPN
ajfa-2777	354	17	,	,	PUNCT
ajfa-2777	354	18	&	&	CCONJ
ajfa-2777	354	19	bonds	bond	NOUN
ajfa-2777	354	20	.	.	PUNCT
ajfa-2777	355	1	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	355	2	e.	e.	PROPN
ajfa-2777	355	3	,	,	PUNCT
ajfa-2777	355	4	&	&	CCONJ
ajfa-2777	355	5	fren	fren	PROPN
ajfa-2777	355	6	l	l	PROPN
ajfa-2777	355	7	of	of	ADP
ajfa-2777	355	8	finance	finance	NOUN
ajfa-2777	355	9	,	,	PUNCT
ajfa-2777	355	10	eugene	eugene	PROPN
ajfa-2777	355	11	f.	f.	PROPN
ajfa-2777	355	12	,	,	PUNCT
ajfa-2777	355	13	ies	ies	PROPN
ajfa-2777	355	14	.	.	PROPN
ajfa-2777	355	15	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	355	16	e.	e.	PROPN
ajfa-2777	355	17	,	,	PUNCT
ajfa-2777	355	18	&	&	CCONJ
ajfa-2777	355	19	fren	fren	PROPN
ajfa-2777	355	20	al	al	PROPN
ajfa-2777	355	21	economic	economic	PROPN
ajfa-2777	355	22	eugene	eugene	PROPN
ajfa-2777	355	23	f.	f.	PROPN
ajfa-2777	355	24	,	,	PUNCT
ajfa-2777	355	25	1653	1653	NUM
ajfa-2777	355	26	-	-	SYM
ajfa-2777	355	27	1678	1678	NUM
ajfa-2777	355	28	.	.	PUNCT
ajfa-2777	356	1	rick	rick	PROPN
ajfa-2777	356	2	,	,	PUNCT
ajfa-2777	356	3	j.	j.	PROPN
ajfa-2777	356	4	,	,	PUNCT
ajfa-2777	356	5	&	&	CCONJ
ajfa-2777	356	6	ed	ed	PROPN
ajfa-2777	356	7	from	from	ADP
ajfa-2777	356	8	http	http	PROPN
ajfa-2777	356	9	ng	ng	PROPN
ajfa-2777	356	10	policy	policy	NOUN
ajfa-2777	356	11	.	.	PUNCT
ajfa-2777	357	1	j	j	PROPN
ajfa-2777	357	2	,	,	PUNCT
ajfa-2777	357	3	&	&	CCONJ
ajfa-2777	357	4	kim	kim	PROPN
ajfa-2777	357	5	,	,	PUNCT
ajfa-2777	357	6	h	h	NOUN
ajfa-2777	357	7	l	l	NOUN
ajfa-2777	357	8	of	of	ADP
ajfa-2777	357	9	hospital	hospital	NOUN
ajfa-2777	357	10	988	988	NUM
ajfa-2777	357	11	)	)	PUNCT
ajfa-2777	357	12	.	.	PUNCT
ajfa-2777	358	1	debtjourna	debtjourna	VERB
ajfa-2777	358	2	0.1111	0.1111	NUM
ajfa-2777	358	3	/	/	SYM
ajfa-2777	358	4	j.154	j.154	NOUN
ajfa-2777	358	5	ner	ner	NOUN
ajfa-2777	358	6	,	,	PUNCT
ajfa-2777	358	7	e.	e.	PROPN
ajfa-2777	358	8	(	(	PUNCT
ajfa-2777	358	9	197	197	NUM
ajfa-2777	358	10	the	the	DET
ajfa-2777	358	11	0.1111	0.1111	NUM
ajfa-2777	358	12	/	/	SYM
ajfa-2777	358	13	j.154	j.154	NOUN
ajfa-2777	358	14	en	en	X
ajfa-2777	358	15	,	,	PUNCT
ajfa-2777	358	16	nai	nai	NOUN
ajfa-2777	358	17	-	-	PUNCT
ajfa-2777	358	18	fu	fu	NOUN
ajfa-2777	358	19	.	.	PUNCT
ajfa-2777	359	1	finance	finance	NOUN
ajfa-2777	359	2	,	,	PUNCT
ajfa-2777	359	3	56(4	56(4	NUM
ajfa-2777	359	4	mpers	mper	NOUN
ajfa-2777	359	5	,	,	PUNCT
ajfa-2777	359	6	p.	p.	NOUN
ajfa-2777	359	7	a	a	PRON
ajfa-2777	359	8	of	of	ADP
ajfa-2777	359	9	0.1016	0.1016	NUM
ajfa-2777	359	10	/	/	SYM
ajfa-2777	359	11	s030	s030	PROPN
ajfa-2777	359	12	thaler	thaler	NOUN
ajfa-2777	359	13	,	,	PUNCT
ajfa-2777	359	14	r.	r.	PROPN
ajfa-2777	359	15	doi.org/10	doi.org/10	PROPN
ajfa-2777	359	16	.	.	PROPN
ajfa-2777	359	17	&	&	CCONJ
ajfa-2777	359	18	thaler	thaler	PROPN
ajfa-2777	359	19	,	,	PUNCT
ajfa-2777	359	20	r	r	NOUN
ajfa-2777	359	21	onality	onality	NOUN
ajfa-2777	359	22	.	.	PUNCT
ajfa-2777	360	1	0.1111	0.1111	NUM
ajfa-2777	360	2	/	/	SYM
ajfa-2777	360	3	j.154	j.154	NOUN
ajfa-2777	360	4	,	,	PUNCT
ajfa-2777	360	5	&	&	CCONJ
ajfa-2777	360	6	french	french	PROPN
ajfa-2777	360	7	e	e	PROPN
ajfa-2777	360	8	,	,	PUNCT
ajfa-2777	360	9	47	47	NUM
ajfa-2777	360	10	,	,	PUNCT
ajfa-2777	360	11	427	427	NUM
ajfa-2777	360	12	-	-	SYM
ajfa-2777	360	13	4	4	NUM
ajfa-2777	360	14	&	&	CCONJ
ajfa-2777	360	15	french	french	PROPN
ajfa-2777	360	16	,	,	PUNCT
ajfa-2777	360	17	k	k	PROPN
ajfa-2777	360	18	journa	journa	PROPN
ajfa-2777	360	19	0.1016/0304	0.1016/0304	PROPN
ajfa-2777	360	20	nch	nch	PROPN
ajfa-2777	360	21	,	,	PUNCT
ajfa-2777	360	22	k.	k.	PROPN
ajfa-2777	360	23	(	(	PUNCT
ajfa-2777	360	24	199	199	NUM
ajfa-2777	360	25	,	,	PUNCT
ajfa-2777	360	26	50(1	50(1	NUM
ajfa-2777	360	27	)	)	PUNCT
ajfa-2777	360	28	,	,	PUNCT
ajfa-2777	360	29	131	131	NUM
ajfa-2777	360	30	&	&	CCONJ
ajfa-2777	360	31	french	french	PROPN
ajfa-2777	360	32	,	,	PUNCT
ajfa-2777	360	33	journal	journal	NOUN
ajfa-2777	360	34	0.1111	0.1111	NUM
ajfa-2777	360	35	/	/	SYM
ajfa-2777	360	36	j.154	j.154	NOUN
ajfa-2777	360	37	nch	nch	PROPN
ajfa-2777	360	38	,	,	PUNCT
ajfa-2777	360	39	k.	k.	PROPN
ajfa-2777	360	40	(	(	PUNCT
ajfa-2777	360	41	20	20	NUM
ajfa-2777	360	42	cs	cs	PROPN
ajfa-2777	360	43	,	,	PUNCT
ajfa-2777	360	44	82	82	NUM
ajfa-2777	360	45	,	,	PUNCT
ajfa-2777	360	46	491	491	NUM
ajfa-2777	360	47	-	-	SYM
ajfa-2777	360	48	5	5	NUM
ajfa-2777	360	49	&	&	CCONJ
ajfa-2777	360	50	french	french	PROPN
ajfa-2777	360	51	,	,	PUNCT
ajfa-2777	360	52	ogden	ogden	PROPN
ajfa-2777	360	53	,	,	PUNCT
ajfa-2777	360	54	j.	j.	PROPN
ajfa-2777	360	55	p://ssrn.com	p://ssrn.com	PROPN
ajfa-2777	360	56	journal	journal	PROPN
ajfa-2777	360	57	of	of	ADP
ajfa-2777	360	58	fi	fi	PROPN
ajfa-2777	360	59	h.	h.	PROPN
ajfa-2777	360	60	(	(	PUNCT
ajfa-2777	360	61	2002	2002	NUM
ajfa-2777	360	62	)	)	PUNCT
ajfa-2777	360	63	.	.	PUNCT
ajfa-2777	361	1	lity	lity	NOUN
ajfa-2777	361	2	financia	financia	PROPN
ajfa-2777	361	3	-equity	-equity	NOUN
ajfa-2777	361	4	rat	rat	NOUN
ajfa-2777	361	5	al	al	PROPN
ajfa-2777	361	6	40	40	NUM
ajfa-2777	361	7	-	-	SYM
ajfa-2777	361	8	6261.19	6261.19	NUM
ajfa-2777	361	9	73	73	NUM
ajfa-2777	361	10	)	)	PUNCT
ajfa-2777	361	11	.	.	PUNCT
ajfa-2777	362	1	corpor	corpor	PROPN
ajfa-2777	362	2	journa	journa	ADJ
ajfa-2777	362	3	40	40	NUM
ajfa-2777	362	4	-	-	SYM
ajfa-2777	362	5	6261.19	6261.19	NUM
ajfa-2777	362	6	(	(	PUNCT
ajfa-2777	362	7	1991	1991	NUM
ajfa-2777	362	8	)	)	PUNCT
ajfa-2777	362	9	.	.	PUNCT
ajfa-2777	363	1	str	str	NOUN
ajfa-2777	363	2	4	4	NUM
ajfa-2777	363	3	)	)	PUNCT
ajfa-2777	363	4	,	,	PUNCT
ajfa-2777	363	5	1467	1467	NUM
ajfa-2777	363	6	-	-	SYM
ajfa-2777	363	7	14	14	NUM
ajfa-2777	363	8	a.	a.	NOUN
ajfa-2777	363	9	,	,	PUNCT
ajfa-2777	363	10	&	&	CCONJ
ajfa-2777	363	11	vuo	vuo	PROPN
ajfa-2777	363	12	financial	financial	ADJ
ajfa-2777	363	13	04	04	NUM
ajfa-2777	363	14	-	-	PUNCT
ajfa-2777	363	15	405x(02	405x(02	NUM
ajfa-2777	363	16	(	(	PUNCT
ajfa-2777	363	17	1985	1985	NUM
ajfa-2777	363	18	)	)	PUNCT
ajfa-2777	363	19	.	.	PUNCT
ajfa-2777	364	1	do	do	VERB
ajfa-2777	364	2	1111	1111	NUM
ajfa-2777	364	3	/	/	SYM
ajfa-2777	364	4	j.1540	j.1540	PROPN
ajfa-2777	364	5	r.	r.	PROPN
ajfa-2777	364	6	(	(	PUNCT
ajfa-2777	364	7	1987	1987	NUM
ajfa-2777	364	8	)	)	PUNCT
ajfa-2777	364	9	.	.	PUNCT
ajfa-2777	365	1	f	f	PROPN
ajfa-2777	365	2	journal	journal	PROPN
ajfa-2777	365	3	40	40	NUM
ajfa-2777	365	4	-	-	SYM
ajfa-2777	365	5	6261.19	6261.19	NUM
ajfa-2777	365	6	h	h	NOUN
ajfa-2777	365	7	,	,	PUNCT
ajfa-2777	365	8	kenneth	kenneth	PROPN
ajfa-2777	365	9	466	466	NUM
ajfa-2777	365	10	.	.	PUNCT
ajfa-2777	366	1	http://dx	http://dx	PROPN
ajfa-2777	366	2	kenneth	kenneth	PROPN
ajfa-2777	366	3	r.	r.	PROPN
ajfa-2777	366	4	al	al	PROPN
ajfa-2777	366	5	of	of	ADP
ajfa-2777	366	6	4	4	NUM
ajfa-2777	366	7	-	-	SYM
ajfa-2777	366	8	405x(93	405x(93	NUM
ajfa-2777	366	9	)	)	PUNCT
ajfa-2777	366	10	95	95	NUM
ajfa-2777	366	11	)	)	PUNCT
ajfa-2777	366	12	.	.	PUNCT
ajfa-2777	367	1	size	size	NOUN
ajfa-2777	367	2	an	an	DET
ajfa-2777	367	3	-155	-155	PROPN
ajfa-2777	367	4	.	.	PROPN
ajfa-2777	367	5	http:/	http:/	PROPN
ajfa-2777	367	6	kenneth	kenneth	PROPN
ajfa-2777	367	7	r	r	PROPN
ajfa-2777	367	8	o	o	NOUN
ajfa-2777	367	9	40	40	NUM
ajfa-2777	367	10	-	-	SYM
ajfa-2777	367	11	6261.19	6261.19	NUM
ajfa-2777	367	12	06	06	NUM
ajfa-2777	367	13	)	)	PUNCT
ajfa-2777	367	14	.	.	PUNCT
ajfa-2777	368	1	profita	profita	PROPN
ajfa-2777	368	2	518	518	NUM
ajfa-2777	368	3	.	.	PUNCT
ajfa-2777	368	4	http://d	http://d	NOUN
ajfa-2777	368	5	kenneth	kenneth	PROPN
ajfa-2777	368	6	r	r	PROPN
ajfa-2777	368	7	(	(	PUNCT
ajfa-2777	368	8	2009	2009	NUM
ajfa-2777	368	9	)	)	PUNCT
ajfa-2777	368	10	.	.	PUNCT
ajfa-2777	369	1	d	d	PUNCT
ajfa-2777	369	2	m	m	PROPN
ajfa-2777	369	3	/	/	SYM
ajfa-2777	369	4	abstract=1	abstract=1	NOUN
ajfa-2777	369	5	inance	inance	NOUN
ajfa-2777	369	6	,	,	PUNCT
ajfa-2777	369	7	2	2	NUM
ajfa-2777	369	8	,	,	PUNCT
ajfa-2777	369	9	26	26	NUM
ajfa-2777	369	10	determinan	determinan	NOUN
ajfa-2777	369	11	al	al	PROPN
ajfa-2777	369	12	managem	managem	PROPN
ajfa-2777	369	13	360	360	NUM
ajfa-2777	369	14	tio	tio	NOUN
ajfa-2777	369	15	and	and	CCONJ
ajfa-2777	369	16	exp	exp	NOUN
ajfa-2777	369	17	of	of	ADP
ajfa-2777	369	18	88.tb03952	88.tb03952	NUM
ajfa-2777	369	19	rate	rate	NOUN
ajfa-2777	369	20	financia	financia	PROPN
ajfa-2777	369	21	al	al	PROPN
ajfa-2777	369	22	of	of	ADP
ajfa-2777	369	23	73.tb01777	73.tb01777	NUM
ajfa-2777	369	24	ructural	ructural	ADJ
ajfa-2777	369	25	and	and	CCONJ
ajfa-2777	369	26	484	484	NUM
ajfa-2777	369	27	.	.	PUNCT
ajfa-2777	370	1	lteenaho	lteenaho	PROPN
ajfa-2777	370	2	,	,	PUNCT
ajfa-2777	370	3	t	t	PROPN
ajfa-2777	370	4	ec	ec	PROPN
ajfa-2777	370	5	2)00229	2)00229	PROPN
ajfa-2777	370	6	-	-	SYM
ajfa-2777	370	7	5	5	NUM
ajfa-2777	370	8	the	the	DET
ajfa-2777	370	9	stock	stock	NOUN
ajfa-2777	370	10	m	m	PROPN
ajfa-2777	370	11	0	0	NUM
ajfa-2777	370	12	-	-	PUNCT
ajfa-2777	370	13	6261.1985	6261.1985	NUM
ajfa-2777	370	14	further	far	ADV
ajfa-2777	370	15	evid	evid	PROPN
ajfa-2777	370	16	l	l	PROPN
ajfa-2777	370	17	of	of	ADP
ajfa-2777	370	18	87.tb04569	87.tb04569	NUM
ajfa-2777	370	19	r.	r.	X
ajfa-2777	370	20	(	(	PUNCT
ajfa-2777	370	21	1992	1992	NUM
ajfa-2777	370	22	)	)	PUNCT
ajfa-2777	370	23	.	.	PUNCT
ajfa-2777	371	1	dx.doi.org/10	dx.doi.org/10	PROPN
ajfa-2777	371	2	(	(	PUNCT
ajfa-2777	371	3	1993	1993	NUM
ajfa-2777	371	4	)	)	PUNCT
ajfa-2777	371	5	.	.	PUNCT
ajfa-2777	372	1	com	com	NOUN
ajfa-2777	372	2	financ	financ	PROPN
ajfa-2777	372	3	)	)	PUNCT
ajfa-2777	372	4	90023	90023	NUM
ajfa-2777	372	5	-	-	SYM
ajfa-2777	372	6	5	5	NUM
ajfa-2777	372	7	nd	nd	NOUN
ajfa-2777	372	8	book	book	NOUN
ajfa-2777	372	9	to	to	ADP
ajfa-2777	372	10	//dx.doi.org/	//dx.doi.org/	PROPN
ajfa-2777	372	11	r.	r.	PROPN
ajfa-2777	372	12	(	(	PUNCT
ajfa-2777	372	13	1996	1996	NUM
ajfa-2777	372	14	)	)	PUNCT
ajfa-2777	372	15	.	.	PUNCT
ajfa-2777	373	1	m	m	PROPN
ajfa-2777	373	2	of	of	ADP
ajfa-2777	373	3	96.tb05202	96.tb05202	NUM
ajfa-2777	373	4	ability	ability	NOUN
ajfa-2777	373	5	,	,	PUNCT
ajfa-2777	373	6	inve	inve	VERB
ajfa-2777	373	7	dx.doi.org/1	dx.doi.org/1	PROPN
ajfa-2777	373	8	r.	r.	PROPN
ajfa-2777	374	1	(	(	PUNCT
ajfa-2777	374	2	2008).di	2008).di	X
ajfa-2777	374	3	do	do	VERB
ajfa-2777	374	4	asset	asset	NOUN
ajfa-2777	374	5	pr	pr	NOUN
ajfa-2777	374	6	1364888go	1364888go	NOUN
ajfa-2777	374	7	64	64	NUM
ajfa-2777	374	8	-	-	SYM
ajfa-2777	374	9	272	272	NUM
ajfa-2777	374	10	.	.	PUNCT
ajfa-2777	375	1	nts	nt	NOUN
ajfa-2777	375	2	of	of	ADP
ajfa-2777	375	3	resta	resta	PROPN
ajfa-2777	375	4	ment	ment	PROPN
ajfa-2777	375	5	,	,	PUNCT
ajfa-2777	375	6	10(1	10(1	NUM
ajfa-2777	375	7	)	)	PUNCT
ajfa-2777	375	8	,	,	PUNCT
ajfa-2777	375	9	asian	asian	ADJ
ajfa-2777	375	10	pected	pecte	VERB
ajfa-2777	375	11	comm	comm	NOUN
ajfa-2777	375	12	fina	fina	PROPN
ajfa-2777	375	13	2.x	2.x	NUM
ajfa-2777	375	14	al	al	PROPN
ajfa-2777	375	15	strategies	strategy	NOUN
ajfa-2777	375	16	financ	financ	PROPN
ajfa-2777	375	17	7.x	7.x	NUM
ajfa-2777	376	1	d	d	NOUN
ajfa-2777	376	2	return	return	NOUN
ajfa-2777	376	3	cha	cha	NOUN
ajfa-2777	376	4	t.	t.	PROPN
ajfa-2777	376	5	(	(	PUNCT
ajfa-2777	376	6	2002	2002	NUM
ajfa-2777	376	7	)	)	PUNCT
ajfa-2777	376	8	.	.	PUNCT
ajfa-2777	377	1	w	w	NOUN
ajfa-2777	377	2	conomics	conomic	NOUN
ajfa-2777	377	3	,	,	PUNCT
ajfa-2777	377	4	markets	market	NOUN
ajfa-2777	377	5	over	over	ADP
ajfa-2777	377	6	5.tb05004.x	5.tb05004.x	NUM
ajfa-2777	377	7	dence	dence	NOUN
ajfa-2777	377	8	of	of	ADP
ajfa-2777	377	9	in	in	ADP
ajfa-2777	377	10	finan	finan	PROPN
ajfa-2777	377	11	9.x	9.x	NUM
ajfa-2777	377	12	.	.	PUNCT
ajfa-2777	378	1	the	the	DET
ajfa-2777	378	2	cross	cross	NOUN
ajfa-2777	378	3	0.1111	0.1111	PROPN
ajfa-2777	378	4	/	/	SYM
ajfa-2777	378	5	j.15	j.15	ADP
ajfa-2777	378	6	mmon	mmon	PROPN
ajfa-2777	378	7	risk	risk	NOUN
ajfa-2777	378	8	cial	cial	NOUN
ajfa-2777	378	9	ec	ec	PROPN
ajfa-2777	378	10	o	o	NOUN
ajfa-2777	378	11	market	market	NOUN
ajfa-2777	378	12	fa	fa	INTJ
ajfa-2777	378	13	/10.1111	/10.1111	PROPN
ajfa-2777	378	14	/	/	SYM
ajfa-2777	378	15	j.1	j.1	PROPN
ajfa-2777	378	16	multi	multi	ADJ
ajfa-2777	378	17	-	-	ADJ
ajfa-2777	378	18	facto	facto	ADJ
ajfa-2777	378	19	finance	finance	NOUN
ajfa-2777	378	20	,	,	PUNCT
ajfa-2777	378	21	2.x	2.x	NUM
ajfa-2777	378	22	estment	estment	NOUN
ajfa-2777	378	23	and	and	CCONJ
ajfa-2777	378	24	10.1016	10.1016	NUM
ajfa-2777	378	25	/	/	SYM
ajfa-2777	378	26	j.jfi	j.jfi	PROPN
ajfa-2777	378	27	issecting	issecte	VERB
ajfa-2777	378	28	an	an	DET
ajfa-2777	378	29	ricing	rice	VERB
ajfa-2777	378	30	anom	anom	PROPN
ajfa-2777	378	31	ordon	ordon	PROPN
ajfa-2777	378	32	,	,	PUNCT
ajfa-2777	378	33	m.	m.	NOUN
ajfa-2777	378	34	(	(	PUNCT
ajfa-2777	378	35	1	1	NUM
ajfa-2777	378	36	aurant	aurant	NOUN
ajfa-2777	378	37	syste	syste	NOUN
ajfa-2777	378	38	1	1	NUM
ajfa-2777	378	39	-	-	SYM
ajfa-2777	378	40	13	13	NUM
ajfa-2777	378	41	.	.	PUNCT
ajfa-2777	379	1	n	n	PRON
ajfa-2777	379	2	journal	journal	NOUN
ajfa-2777	379	3	of	of	ADP
ajfa-2777	379	4	f	f	PROPN
ajfa-2777	379	5	mon	mon	PROPN
ajfa-2777	379	6	stock	stock	PROPN
ajfa-2777	379	7	ance	ance	PROPN
ajfa-2777	379	8	,	,	PUNCT
ajfa-2777	379	9	s	s	NOUN
ajfa-2777	379	10	and	and	CCONJ
ajfa-2777	379	11	marke	marke	PROPN
ajfa-2777	379	12	ce	ce	PROPN
ajfa-2777	379	13	,	,	PUNCT
ajfa-2777	379	14	28	28	NUM
ajfa-2777	379	15	aracteristics	aracteristic	NOUN
ajfa-2777	379	16	who	who	PRON
ajfa-2777	379	17	underr	underr	VERB
ajfa-2777	379	18	66	66	NUM
ajfa-2777	379	19	,	,	PUNCT
ajfa-2777	379	20	rreact	rreact	NOUN
ajfa-2777	379	21	?	?	PUNCT
ajfa-2777	379	22	.	.	PUNCT
ajfa-2777	380	1	jou	jou	INTJ
ajfa-2777	380	2	x	x	PUNCT
ajfa-2777	380	3	nvestor	nvestor	NOUN
ajfa-2777	380	4	over	over	ADP
ajfa-2777	380	5	nce	nce	NOUN
ajfa-2777	380	6	,	,	PUNCT
ajfa-2777	380	7	4	4	NUM
ajfa-2777	380	8	s	s	NOUN
ajfa-2777	380	9	-	-	PUNCT
ajfa-2777	380	10	section	section	NOUN
ajfa-2777	380	11	of	of	ADP
ajfa-2777	380	12	40	40	NUM
ajfa-2777	380	13	-	-	PUNCT
ajfa-2777	380	14	6261.19	6261.19	NUM
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ajfa-2777	380	16	in	in	ADP
ajfa-2777	380	17	th	th	NOUN
ajfa-2777	380	18	conomics	conomic	NOUN
ajfa-2777	380	19	,	,	PUNCT
ajfa-2777	380	20	ctors	ctor	NOUN
ajfa-2777	380	21	in	in	ADP
ajfa-2777	380	22	ear	ear	PROPN
ajfa-2777	380	23	1540	1540	NUM
ajfa-2777	380	24	-	-	SYM
ajfa-2777	380	25	6261.1	6261.1	NUM
ajfa-2777	380	26	r	r	NOUN
ajfa-2777	380	27	expalnatio	expalnatio	NOUN
ajfa-2777	380	28	5	5	NUM
ajfa-2777	380	29	d	d	NOUN
ajfa-2777	380	30	average	average	ADJ
ajfa-2777	380	31	r	r	NOUN
ajfa-2777	380	32	fineco.2005	fineco.2005	PROPN
ajfa-2777	380	33	.	.	PROPN
ajfa-2777	380	34	nomalies	nomalie	NOUN
ajfa-2777	380	35	.	.	PUNCT
ajfa-2777	381	1	j	j	PROPN
ajfa-2777	381	2	malies	malie	NOUN
ajfa-2777	381	3	have	have	VERB
ajfa-2777	381	4	1963	1963	NUM
ajfa-2777	381	5	)	)	PUNCT
ajfa-2777	381	6	.	.	PUNCT
ajfa-2777	382	1	optim	optim	ADJ
ajfa-2777	382	2	ematic	ematic	ADJ
ajfa-2777	382	3	risk	risk	NOUN
ajfa-2777	382	4	:	:	PUNCT
ajfa-2777	382	5	finance	finance	PROPN
ajfa-2777	382	6	&	&	CCONJ
ajfa-2777	382	7	ac	ac	PROPN
ajfa-2777	382	8	issn	issn	PROPN
ajfa-2777	382	9	19	19	NUM
ajfa-2777	382	10	2012	2012	NUM
ajfa-2777	382	11	,	,	PUNCT
ajfa-2777	382	12	vol	vol	NOUN
ajfa-2777	382	13	.	.	PUNCT
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ajfa-2777	383	3	:	:	PUNCT
ajfa-2777	383	4	e	e	X
ajfa-2777	383	5	43,5	43,5	NUM
ajfa-2777	383	6	et	et	NOUN
ajfa-2777	383	7	measures	measure	NOUN
ajfa-2777	383	8	8(2	8(2	NUM
ajfa-2777	383	9	)	)	PUNCT
ajfa-2777	383	10	,	,	PUNCT
ajfa-2777	383	11	3	3	NUM
ajfa-2777	383	12	s	s	NOUN
ajfa-2777	383	13	of	of	ADP
ajfa-2777	383	14	small	small	ADJ
ajfa-2777	383	15	a	a	DET
ajfa-2777	383	16	reacts	react	NOUN
ajfa-2777	383	17	to	to	PART
ajfa-2777	383	18	ca	ca	VERB
ajfa-2777	383	19	,	,	PUNCT
ajfa-2777	383	20	4	4	NUM
ajfa-2777	383	21	urnal	urnal	NOUN
ajfa-2777	383	22	of	of	ADP
ajfa-2777	383	23	fina	fina	PROPN
ajfa-2777	383	24	rreaction	rreaction	NOUN
ajfa-2777	383	25	an	an	DET
ajfa-2777	383	26	42	42	NUM
ajfa-2777	383	27	,	,	PUNCT
ajfa-2777	383	28	5	5	NUM
ajfa-2777	383	29	f	f	NOUN
ajfa-2777	383	30	expected	expect	VERB
ajfa-2777	383	31	992.tb04398	992.tb04398	NUM
ajfa-2777	383	32	he	he	PRON
ajfa-2777	383	33	returns	return	VERB
ajfa-2777	383	34	o	o	NOUN
ajfa-2777	383	35	33	33	NUM
ajfa-2777	383	36	,	,	PUNCT
ajfa-2777	383	37	rnings	rning	NOUN
ajfa-2777	383	38	and	and	CCONJ
ajfa-2777	383	39	1995.tb051	1995.tb051	NUM
ajfa-2777	383	40	on	on	ADP
ajfa-2777	383	41	of	of	ADP
ajfa-2777	383	42	asset	asset	NOUN
ajfa-2777	383	43	51	51	NUM
ajfa-2777	383	44	,	,	PUNCT
ajfa-2777	383	45	returns	return	NOUN
ajfa-2777	383	46	.	.	PUNCT
ajfa-2777	384	1	jou	jou	INTJ
ajfa-2777	384	2	.09.009	.09.009	PROPN
ajfa-2777	384	3	journal	journal	PROPN
ajfa-2777	384	4	of	of	ADP
ajfa-2777	384	5	f	f	PROPN
ajfa-2777	384	6	e	e	PROPN
ajfa-2777	384	7	a	a	DET
ajfa-2777	384	8	commo	commo	NOUN
ajfa-2777	384	9	mal	mal	ADJ
ajfa-2777	384	10	investm	investm	NOUN
ajfa-2777	384	11	:	:	PUNCT
ajfa-2777	384	12	a	a	DET
ajfa-2777	384	13	reexam	reexam	NOUN
ajfa-2777	384	14	ccounting	ccounte	VERB
ajfa-2777	384	15	946	946	NUM
ajfa-2777	384	16	-	-	PUNCT
ajfa-2777	384	17	052x	052x	NOUN
ajfa-2777	384	18	4	4	NUM
ajfa-2777	384	19	,	,	PUNCT
ajfa-2777	384	20	no	no	INTJ
ajfa-2777	384	21	.	.	NOUN
ajfa-2777	384	22	2	2	NUM
ajfa-2777	384	23	ink.org/ajfa	ink.org/ajfa	X
ajfa-2777	384	24	mpirical	mpirical	ADJ
ajfa-2777	384	25	507	507	NUM
ajfa-2777	384	26	-	-	SYM
ajfa-2777	384	27	528	528	NUM
ajfa-2777	384	28	.	.	PUNCT
ajfa-2777	385	1	s	s	X
ajfa-2777	385	2	of	of	ADP
ajfa-2777	385	3	risk	risk	NOUN
ajfa-2777	385	4	339	339	NUM
ajfa-2777	385	5	-	-	SYM
ajfa-2777	385	6	351	351	NUM
ajfa-2777	385	7	.	.	PUNCT
ajfa-2777	386	1	nd	nd	INTJ
ajfa-2777	386	2	large	large	ADJ
ajfa-2777	386	3	ashflow	ashflow	NOUN
ajfa-2777	386	4	.	.	PUNCT
ajfa-2777	387	1	409	409	NUM
ajfa-2777	387	2	-	-	SYM
ajfa-2777	387	3	462	462	NUM
ajfa-2777	387	4	.	.	PUNCT
ajfa-2777	388	1	ance	ance	NOUN
ajfa-2777	388	2	,	,	PUNCT
ajfa-2777	388	3	40	40	NUM
ajfa-2777	388	4	,	,	PUNCT
ajfa-2777	388	5	nd	nd	PRON
ajfa-2777	388	6	stock	stock	NOUN
ajfa-2777	388	7	557	557	NUM
ajfa-2777	388	8	-	-	SYM
ajfa-2777	388	9	581	581	NUM
ajfa-2777	388	10	.	.	PUNCT
ajfa-2777	388	11	returns	return	NOUN
ajfa-2777	388	12	.	.	PUNCT
ajfa-2777	389	1	8.x	8.x	NUM
ajfa-2777	389	2	on	on	ADP
ajfa-2777	389	3	stocks	stock	NOUN
ajfa-2777	389	4	3	3	NUM
ajfa-2777	389	5	-	-	SYM
ajfa-2777	389	6	56	56	NUM
ajfa-2777	389	7	.	.	PUNCT
ajfa-2777	389	8	returns	return	NOUN
ajfa-2777	389	9	.	.	PUNCT
ajfa-2777	390	1	69.x	69.x	NUM
ajfa-2777	390	2	t	t	NOUN
ajfa-2777	390	3	pricing	price	VERB
ajfa-2777	390	4	55	55	NUM
ajfa-2777	390	5	-	-	SYM
ajfa-2777	390	6	84	84	NUM
ajfa-2777	390	7	.	.	PUNCT
ajfa-2777	391	1	urnal	urnal	ADJ
ajfa-2777	391	2	of	of	ADP
ajfa-2777	391	3	finance	finance	NOUN
ajfa-2777	391	4	,	,	PUNCT
ajfa-2777	391	5	n	n	PRON
ajfa-2777	391	6	link	link	NOUN
ajfa-2777	391	7	?	?	PUNCT
ajfa-2777	391	8	.	.	PUNCT
ajfa-2777	392	1	ment	ment	NOUN
ajfa-2777	392	2	and	and	CCONJ
ajfa-2777	392	3	mination	mination	NOUN
ajfa-2777	392	4	.	.	PUNCT
ajfa-2777	393	1	haugen	haugen	PROPN
ajfa-2777	393	2	stock	stock	PROPN
ajfa-2777	393	3	.	.	PUNCT
ajfa-2777	394	1	http://dx	http://dx	PROPN
ajfa-2777	394	2	ikenber	ikenber	PROPN
ajfa-2777	394	3	share	share	PROPN
ajfa-2777	394	4	http://dx	http://dx	PROPN
ajfa-2777	394	5	jegadee	jegadee	PROPN
ajfa-2777	394	6	implica	implica	PROPN
ajfa-2777	394	7	http://dx	http://dx	PROPN
ajfa-2777	394	8	john	john	PROPN
ajfa-2777	394	9	,	,	PUNCT
ajfa-2777	394	10	k	k	PROPN
ajfa-2777	394	11	journal	journal	PROPN
ajfa-2777	394	12	lee	lee	PROPN
ajfa-2777	394	13	,	,	PUNCT
ajfa-2777	394	14	j.	j.	PROPN
ajfa-2777	394	15	,	,	PUNCT
ajfa-2777	394	16	tourism	tourism	NOUN
ajfa-2777	394	17	logue.d	logue.d	PUNCT
ajfa-2777	394	18	manage	manage	VERB
ajfa-2777	394	19	loughr	loughr	PROPN
ajfa-2777	394	20	http://dx	http://dx	PROPN
ajfa-2777	394	21	pruitt	pruitt	PROPN
ajfa-2777	394	22	,	,	PUNCT
ajfa-2777	394	23	dividen	dividen	VERB
ajfa-2777	394	24	http://dx	http://dx	PROPN
ajfa-2777	394	25	scheme	scheme	NOUN
ajfa-2777	394	26	review	review	NOUN
ajfa-2777	394	27	,	,	PUNCT
ajfa-2777	394	28	schwer	schwer	VERB
ajfa-2777	394	29	stultz	stultz	NOUN
ajfa-2777	394	30	(	(	PUNCT
ajfa-2777	394	31	e	e	PROPN
ajfa-2777	394	32	sehgal	sehgal	PROPN
ajfa-2777	394	33	,	,	PUNCT
ajfa-2777	394	34	stock	stock	NOUN
ajfa-2777	394	35	re	re	NOUN
ajfa-2777	394	36	4(4	4(4	NUM
ajfa-2777	394	37	)	)	PUNCT
ajfa-2777	394	38	,	,	PUNCT
ajfa-2777	394	39	12	12	NUM
ajfa-2777	394	40	shefrin	shefrin	NOUN
ajfa-2777	394	41	journal	journal	PROPN
ajfa-2777	394	42	http://dx	http://dx	PROPN
ajfa-2777	394	43	sloan	sloan	PROPN
ajfa-2777	394	44	,	,	PUNCT
ajfa-2777	394	45	r	r	NOUN
ajfa-2777	394	46	future	future	NOUN
ajfa-2777	394	47	e	e	PROPN
ajfa-2777	394	48	stattma	stattma	ADJ
ajfa-2777	394	49	selected	select	VERB
ajfa-2777	394	50	yiadom	yiadom	PROPN
ajfa-2777	394	51	interna	interna	PROPN
ajfa-2777	394	52	n	n	PROPN
ajfa-2777	394	53	,	,	PUNCT
ajfa-2777	394	54	r.	r.	PROPN
ajfa-2777	394	55	a.	a.	PROPN
ajfa-2777	394	56	,	,	PUNCT
ajfa-2777	394	57	&	&	CCONJ
ajfa-2777	394	58	journ	journ	PROPN
ajfa-2777	394	59	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	395	1	rry	rry	PROPN
ajfa-2777	395	2	,	,	PUNCT
ajfa-2777	395	3	d.	d.	PROPN
ajfa-2777	395	4	,	,	PUNCT
ajfa-2777	395	5	lak	lak	PROPN
ajfa-2777	395	6	repurcha	repurcha	PROPN
ajfa-2777	395	7	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	395	8	esh	esh	PROPN
ajfa-2777	395	9	,	,	PUNCT
ajfa-2777	395	10	n.	n.	NOUN
ajfa-2777	395	11	,	,	PUNCT
ajfa-2777	395	12	&	&	CCONJ
ajfa-2777	395	13	ations	ation	NOUN
ajfa-2777	395	14	for	for	ADP
ajfa-2777	395	15	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	395	16	k.	k.	PROPN
ajfa-2777	395	17	,	,	PUNCT
ajfa-2777	395	18	&	&	CCONJ
ajfa-2777	395	19	willia	willia	PROPN
ajfa-2777	395	20	l	l	PROPN
ajfa-2777	395	21	of	of	ADP
ajfa-2777	395	22	finance	finance	NOUN
ajfa-2777	395	23	,	,	PUNCT
ajfa-2777	395	24	,	,	PUNCT
ajfa-2777	395	25	&	&	CCONJ
ajfa-2777	395	26	jang	jang	PROPN
ajfa-2777	395	27	,	,	PUNCT
ajfa-2777	395	28	m	m	PROPN
ajfa-2777	395	29	managem	managem	PROPN
ajfa-2777	395	30	d.	d.	PROPN
ajfa-2777	395	31	e.	e.	PROPN
ajfa-2777	395	32	,	,	PUNCT
ajfa-2777	395	33	&	&	CCONJ
ajfa-2777	395	34	m	m	PROPN
ajfa-2777	395	35	ement	ement	ADJ
ajfa-2777	395	36	,	,	PUNCT
ajfa-2777	395	37	1(3	1(3	NUM
ajfa-2777	395	38	)	)	PUNCT
ajfa-2777	395	39	,	,	PUNCT
ajfa-2777	395	40	an	an	PRON
ajfa-2777	395	41	,	,	PUNCT
ajfa-2777	395	42	t.	t.	NOUN
ajfa-2777	395	43	,	,	PUNCT
ajfa-2777	395	44	&	&	CCONJ
ajfa-2777	395	45	r	r	PROPN
ajfa-2777	395	46	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	395	47	s.	s.	PROPN
ajfa-2777	395	48	,	,	PUNCT
ajfa-2777	395	49	&	&	CCONJ
ajfa-2777	395	50	gitm	gitm	PROPN
ajfa-2777	395	51	nd	nd	AUX
ajfa-2777	395	52	decisio	decisio	VERB
ajfa-2777	395	53	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	395	54	er	er	INTJ
ajfa-2777	395	55	,	,	PUNCT
ajfa-2777	395	56	p.	p.	NOUN
ajfa-2777	395	57	,	,	PUNCT
ajfa-2777	395	58	&	&	CCONJ
ajfa-2777	395	59	m	m	PROPN
ajfa-2777	395	60	26(i	26(i	NUM
ajfa-2777	395	61	)	)	PUNCT
ajfa-2777	395	62	,	,	PUNCT
ajfa-2777	395	63	5	5	NUM
ajfa-2777	395	64	-	-	SYM
ajfa-2777	395	65	10	10	NUM
ajfa-2777	395	66	rt	rt	PROPN
ajfa-2777	395	67	,	,	PUNCT
ajfa-2777	395	68	w.	w.	PROPN
ajfa-2777	395	69	g.	g.	PROPN
ajfa-2777	395	70	(	(	PUNCT
ajfa-2777	395	71	20	20	NUM
ajfa-2777	395	72	eds	ed	NOUN
ajfa-2777	395	73	.	.	PUNCT
ajfa-2777	395	74	)	)	PUNCT
ajfa-2777	395	75	,	,	PUNCT
ajfa-2777	395	76	hand	hand	PROPN
ajfa-2777	395	77	s.	s.	PROPN
ajfa-2777	395	78	,	,	PUNCT
ajfa-2777	395	79	subram	subram	PROPN
ajfa-2777	395	80	eturn	eturn	PROPN
ajfa-2777	395	81	anoma	anoma	PROPN
ajfa-2777	395	82	21	21	NUM
ajfa-2777	395	83	-	-	SYM
ajfa-2777	395	84	134	134	NUM
ajfa-2777	395	85	.	.	PUNCT
ajfa-2777	396	1	http	http	PROPN
ajfa-2777	396	2	,	,	PUNCT
ajfa-2777	396	3	h.	h.	PROPN
ajfa-2777	396	4	,	,	PUNCT
ajfa-2777	396	5	&	&	CCONJ
ajfa-2777	396	6	st	st	PROPN
ajfa-2777	396	7	l	l	PROPN
ajfa-2777	396	8	of	of	ADP
ajfa-2777	396	9	x.doi.org/10	x.doi.org/10	PROPN
ajfa-2777	396	10	r.	r.	PROPN
ajfa-2777	396	11	(	(	PUNCT
ajfa-2777	396	12	1996	1996	NUM
ajfa-2777	396	13	)	)	PUNCT
ajfa-2777	396	14	.	.	PUNCT
ajfa-2777	397	1	d	d	X
ajfa-2777	397	2	earnings	earning	NOUN
ajfa-2777	397	3	?	?	PUNCT
ajfa-2777	397	4	.	.	PUNCT
ajfa-2777	398	1	t	t	PROPN
ajfa-2777	398	2	an	an	PROPN
ajfa-2777	398	3	,	,	PUNCT
ajfa-2777	398	4	d.	d.	PROPN
ajfa-2777	398	5	(	(	PUNCT
ajfa-2777	398	6	198	198	NUM
ajfa-2777	398	7	d	d	PROPN
ajfa-2777	398	8	papers	paper	NOUN
ajfa-2777	398	9	,	,	PUNCT
ajfa-2777	398	10	4	4	NUM
ajfa-2777	398	11	:	:	SYM
ajfa-2777	398	12	m	m	PROPN
ajfa-2777	398	13	,	,	PUNCT
ajfa-2777	398	14	e.	e.	PROPN
ajfa-2777	398	15	m.	m.	PROPN
ajfa-2777	398	16	,	,	PUNCT
ajfa-2777	398	17	&	&	CCONJ
ajfa-2777	398	18	tional	tional	PROPN
ajfa-2777	398	19	journ	journ	PROPN
ajfa-2777	398	20	nardin	nardin	PROPN
ajfa-2777	398	21	,	,	PUNCT
ajfa-2777	398	22	l.	l.	PROPN
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ajfa-2777	398	25	0.1016/0304	0.1016/0304	PROPN
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ajfa-2777	398	27	,	,	PUNCT
ajfa-2777	398	28	j.	j.	PROPN
ajfa-2777	398	29	,	,	PUNCT
ajfa-2777	398	30	ases	ases	PROPN
ajfa-2777	398	31	.	.	PUNCT
ajfa-2777	399	1	jou	jou	PROPN
ajfa-2777	399	2	0.1016/0304	0.1016/0304	PROPN
ajfa-2777	399	3	&	&	CCONJ
ajfa-2777	399	4	titman	titman	PROPN
ajfa-2777	399	5	,	,	PUNCT
ajfa-2777	399	6	stock	stock	NOUN
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ajfa-2777	399	8	/	/	SYM
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ajfa-2777	399	10	ams	am	NOUN
ajfa-2777	399	11	,	,	PUNCT
ajfa-2777	399	12	j.	j.	PROPN
ajfa-2777	399	13	(	(	PUNCT
ajfa-2777	399	14	198	198	NUM
ajfa-2777	399	15	40(4	40(4	NUM
ajfa-2777	399	16	)	)	PUNCT
ajfa-2777	399	17	,	,	PUNCT
ajfa-2777	399	18	1053	1053	NUM
ajfa-2777	399	19	s.	s.	PROPN
ajfa-2777	399	20	(	(	PUNCT
ajfa-2777	399	21	2007	2007	NUM
ajfa-2777	399	22	)	)	PUNCT
ajfa-2777	399	23	.	.	PUNCT
ajfa-2777	400	1	ent	ent	PROPN
ajfa-2777	400	2	,	,	PUNCT
ajfa-2777	400	3	28	28	NUM
ajfa-2777	400	4	,	,	PUNCT
ajfa-2777	400	5	434	434	NUM
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ajfa-2777	400	7	.	.	PUNCT
ajfa-2777	401	1	l.	l.	PROPN
ajfa-2777	401	2	,	,	PUNCT
ajfa-2777	401	3	37	37	NUM
ajfa-2777	401	4	-	-	SYM
ajfa-2777	401	5	44	44	NUM
ajfa-2777	401	6	.	.	PUNCT
ajfa-2777	402	1	http	http	PROPN
ajfa-2777	402	2	ritter	ritter	PROPN
ajfa-2777	402	3	,	,	PUNCT
ajfa-2777	402	4	j.	j.	PROPN
ajfa-2777	402	5	r.	r.	PROPN
ajfa-2777	402	6	0.1111	0.1111	PROPN
ajfa-2777	402	7	/	/	SYM
ajfa-2777	402	8	j.154	j.154	NOUN
ajfa-2777	402	9	man	man	NOUN
ajfa-2777	402	10	,	,	PUNCT
ajfa-2777	402	11	l.	l.	PROPN
ajfa-2777	402	12	(	(	PUNCT
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ajfa-2777	402	16	m	m	PROPN
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ajfa-2777	402	18	/	/	SYM
ajfa-2777	402	19	j.154	j.154	NOUN
ajfa-2777	402	20	mathison	mathison	PROPN
ajfa-2777	402	21	,	,	PUNCT
ajfa-2777	402	22	t.	t.	PROPN
ajfa-2777	402	23	0	0	NUM
ajfa-2777	402	24	.	.	NOUN
ajfa-2777	402	25	003	003	NUM
ajfa-2777	402	26	)	)	PUNCT
ajfa-2777	402	27	.	.	PUNCT
ajfa-2777	403	1	anom	anom	PROPN
ajfa-2777	403	2	dbook	dbook	NOUN
ajfa-2777	403	3	of	of	ADP
ajfa-2777	403	4	the	the	DET
ajfa-2777	403	5	maniam	maniam	NOUN
ajfa-2777	403	6	,	,	PUNCT
ajfa-2777	403	7	s.	s.	PROPN
ajfa-2777	403	8	,	,	PUNCT
ajfa-2777	403	9	alies	alie	VERB
ajfa-2777	403	10	:	:	PUNCT
ajfa-2777	403	11	eviden	eviden	VERB
ajfa-2777	403	12	p://dx.doi.or	p://dx.doi.or	ADJ
ajfa-2777	403	13	tatman	tatman	ADJ
ajfa-2777	403	14	,	,	PUNCT
ajfa-2777	403	15	m.	m.	NOUN
ajfa-2777	403	16	f	f	PROPN
ajfa-2777	403	17	fin	fin	PROPN
ajfa-2777	403	18	0.1016/0304	0.1016/0304	PROPN
ajfa-2777	403	19	do	do	VERB
ajfa-2777	403	20	stock	stock	NOUN
ajfa-2777	403	21	pr	pr	VERB
ajfa-2777	403	22	the	the	DET
ajfa-2777	403	23	account	account	NOUN
ajfa-2777	403	24	80).book	80).book	NUM
ajfa-2777	403	25	v	v	NOUN
ajfa-2777	403	26	:	:	PUNCT
ajfa-2777	403	27	25	25	NUM
ajfa-2777	403	28	-	-	SYM
ajfa-2777	403	29	45	45	NUM
ajfa-2777	403	30	.	.	PUNCT
ajfa-2777	404	1	agyei	agyei	PROPN
ajfa-2777	404	2	,	,	PUNCT
ajfa-2777	404	3	s.	s.	PROPN
ajfa-2777	404	4	k	k	PROPN
ajfa-2777	404	5	nal	nal	PROPN
ajfa-2777	404	6	of	of	ADP
ajfa-2777	404	7	financ	financ	PROPN
ajfa-2777	404	8	.	.	PUNCT
ajfa-2777	405	1	baker	baker	PROPN
ajfa-2777	405	2	.	.	PUNCT
ajfa-2777	406	1	(	(	PUNCT
ajfa-2777	406	2	19	19	NUM
ajfa-2777	406	3	of	of	ADP
ajfa-2777	406	4	fin	fin	NOUN
ajfa-2777	406	5	4	4	NUM
ajfa-2777	406	6	-	-	NUM
ajfa-2777	406	7	405x(95	405x(95	NUM
ajfa-2777	406	8	)	)	PUNCT
ajfa-2777	406	9	,	,	PUNCT
ajfa-2777	406	10	&	&	CCONJ
ajfa-2777	406	11	vermae	vermae	PROPN
ajfa-2777	406	12	urnal	urnal	ADJ
ajfa-2777	406	13	of	of	ADP
ajfa-2777	406	14	4	4	NUM
ajfa-2777	406	15	-	-	PUNCT
ajfa-2777	406	16	405x(95	405x(95	NUM
ajfa-2777	406	17	)	)	PUNCT
ajfa-2777	406	18	s.	s.	PROPN
ajfa-2777	406	19	(	(	PUNCT
ajfa-2777	406	20	1993	1993	NUM
ajfa-2777	406	21	)	)	PUNCT
ajfa-2777	406	22	.	.	PUNCT
ajfa-2777	407	1	market	market	NOUN
ajfa-2777	407	2	e	e	ADP
ajfa-2777	407	3	40	40	NUM
ajfa-2777	407	4	-	-	SYM
ajfa-2777	407	5	6261.19	6261.19	NUM
ajfa-2777	407	6	85	85	NUM
ajfa-2777	407	7	)	)	PUNCT
ajfa-2777	407	8	.	.	PUNCT
ajfa-2777	408	1	dividen	dividen	VERB
ajfa-2777	408	2	3	3	NUM
ajfa-2777	408	3	-	-	SYM
ajfa-2777	408	4	1070	1070	NUM
ajfa-2777	408	5	the	the	DET
ajfa-2777	408	6	system	system	NOUN
ajfa-2777	408	7	4	4	NUM
ajfa-2777	408	8	-	-	SYM
ajfa-2777	408	9	442	442	NUM
ajfa-2777	408	10	.	.	PUNCT
ajfa-2777	409	1	http:/	http:/	PROPN
ajfa-2777	409	2	j	j	PROPN
ajfa-2777	409	3	,	,	PUNCT
ajfa-2777	409	4	(	(	PUNCT
ajfa-2777	409	5	1972	1972	NUM
ajfa-2777	409	6	)	)	PUNCT
ajfa-2777	409	7	.	.	PUNCT
ajfa-2777	410	1	f	f	X
ajfa-2777	411	1	p://dx.doi.or	p://dx.doi.or	X
ajfa-2777	411	2	(	(	PUNCT
ajfa-2777	411	3	1995	1995	NUM
ajfa-2777	411	4	)	)	PUNCT
ajfa-2777	411	5	.	.	PUNCT
ajfa-2777	412	1	th	th	X
ajfa-2777	412	2	40	40	NUM
ajfa-2777	412	3	-	-	SYM
ajfa-2777	412	4	6261.19	6261.19	NUM
ajfa-2777	412	5	991	991	NUM
ajfa-2777	412	6	)	)	PUNCT
ajfa-2777	412	7	.	.	PUNCT
ajfa-2777	413	1	the	the	DET
ajfa-2777	413	2	i	i	PRON
ajfa-2777	413	3	major	major	VERB
ajfa-2777	413	4	us	we	PRON
ajfa-2777	413	5	40	40	NUM
ajfa-2777	413	6	-	-	SYM
ajfa-2777	413	7	6288.19	6288.19	NUM
ajfa-2777	413	8	(	(	PUNCT
ajfa-2777	413	9	1996	1996	NUM
ajfa-2777	413	10	)	)	PUNCT
ajfa-2777	413	11	.	.	PUNCT
ajfa-2777	414	1	in	in	ADP
ajfa-2777	414	2	malies	malie	NOUN
ajfa-2777	414	3	and	and	CCONJ
ajfa-2777	414	4	m	m	PROPN
ajfa-2777	414	5	e	e	NOUN
ajfa-2777	414	6	economics	economic	NOUN
ajfa-2777	414	7	&	&	CCONJ
ajfa-2777	414	8	morand	morand	PROPN
ajfa-2777	414	9	nce	nce	NOUN
ajfa-2777	414	10	from	from	ADP
ajfa-2777	414	11	ind	ind	NOUN
ajfa-2777	414	12	rg/10.5539	rg/10.5539	NOUN
ajfa-2777	414	13	/	/	SYM
ajfa-2777	414	14	i	i	PRON
ajfa-2777	414	15	.	.	PUNCT
ajfa-2777	415	1	(	(	PUNCT
ajfa-2777	415	2	1984	1984	NUM
ajfa-2777	415	3	)	)	PUNCT
ajfa-2777	415	4	.	.	PUNCT
ajfa-2777	416	1	e	e	X
ajfa-2777	416	2	nancial	nancial	ADJ
ajfa-2777	416	3	4	4	NUM
ajfa-2777	416	4	-	-	PUNCT
ajfa-2777	416	5	405x(84	405x(84	NUM
ajfa-2777	416	6	)	)	PUNCT
ajfa-2777	416	7	rices	rice	NOUN
ajfa-2777	416	8	fully	fully	ADV
ajfa-2777	416	9	r	r	NOUN
ajfa-2777	416	10	ting	ting	PROPN
ajfa-2777	416	11	review	review	NOUN
ajfa-2777	416	12	,	,	PUNCT
ajfa-2777	416	13	alues	alue	NOUN
ajfa-2777	416	14	and	and	CCONJ
ajfa-2777	416	15	s	s	PROPN
ajfa-2777	416	16	k.	k.	PROPN
ajfa-2777	416	17	(	(	PUNCT
ajfa-2777	416	18	2011	2011	NUM
ajfa-2777	416	19	)	)	PUNCT
ajfa-2777	416	20	.	.	PUNCT
ajfa-2777	417	1	ce	ce	PROPN
ajfa-2777	417	2	and	and	CCONJ
ajfa-2777	417	3	econ	econ	PROPN
ajfa-2777	417	4	361	361	NUM
ajfa-2777	417	5	996	996	NUM
ajfa-2777	417	6	)	)	PUNCT
ajfa-2777	417	7	.	.	PUNCT
ajfa-2777	418	1	comm	comm	NOUN
ajfa-2777	418	2	nancial	nancial	ADJ
ajfa-2777	418	3	)	)	PUNCT
ajfa-2777	418	4	00868	00868	NUM
ajfa-2777	418	5	-	-	SYM
ajfa-2777	418	6	f	f	PROPN
ajfa-2777	418	7	elen	elen	PROPN
ajfa-2777	418	8	,	,	PUNCT
ajfa-2777	418	9	t.	t.	PROPN
ajfa-2777	418	10	(	(	PUNCT
ajfa-2777	418	11	199	199	NUM
ajfa-2777	418	12	f	f	PROPN
ajfa-2777	418	13	finan	finan	PROPN
ajfa-2777	418	14	)	)	PUNCT
ajfa-2777	418	15	00826	00826	NUM
ajfa-2777	418	16	-	-	SYM
ajfa-2777	418	17	z	z	NOUN
ajfa-2777	418	18	returns	return	NOUN
ajfa-2777	418	19	efficiency	efficiency	NOUN
ajfa-2777	418	20	.	.	PUNCT
ajfa-2777	419	1	93.tb04702	93.tb04702	NUM
ajfa-2777	419	2	nds	nd	NOUN
ajfa-2777	419	3	,	,	PUNCT
ajfa-2777	419	4	dilutio	dilutio	PROPN
ajfa-2777	419	5	matic	matic	ADJ
ajfa-2777	419	6	-	-	PUNCT
ajfa-2777	419	7	risk	risk	NOUN
ajfa-2777	419	8	d	d	NOUN
ajfa-2777	419	9	//dx.doi.org	//dx.doi.org	PUNCT
ajfa-2777	419	10	financial	financial	PROPN
ajfa-2777	419	11	p	p	PROPN
ajfa-2777	419	12	rg/10.2307/	rg/10.2307/	PROPN
ajfa-2777	420	1	he	he	PRON
ajfa-2777	420	2	new	new	ADJ
ajfa-2777	420	3	issue	issue	NOUN
ajfa-2777	420	4	95.tb05166	95.tb05166	NUM
ajfa-2777	420	5	interactions	interaction	NOUN
ajfa-2777	420	6	firms	firm	NOUN
ajfa-2777	420	7	.	.	PUNCT
ajfa-2777	421	1	91.tb00388	91.tb00388	NUM
ajfa-2777	421	2	nvestment	nvestment	NOUN
ajfa-2777	421	3	s	s	PART
ajfa-2777	421	4	market	market	NOUN
ajfa-2777	421	5	effic	effic	ADJ
ajfa-2777	421	6	s	s	PROPN
ajfa-2777	421	7	of	of	ADP
ajfa-2777	421	8	finance	finance	NOUN
ajfa-2777	421	9	diere	diere	PROPN
ajfa-2777	421	10	,	,	PUNCT
ajfa-2777	421	11	l.	l.	PROPN
ajfa-2777	421	12	p.	p.	PROPN
ajfa-2777	421	13	dia	dia	PROPN
ajfa-2777	421	14	.	.	PROPN
ajfa-2777	422	1	interna	interna	PROPN
ajfa-2777	422	2	ijef.v4n4p1	ijef.v4n4p1	ADJ
ajfa-2777	422	3	explaining	explain	VERB
ajfa-2777	422	4	econom	econom	NOUN
ajfa-2777	422	5	)	)	PUNCT
ajfa-2777	422	6	90025	90025	NUM
ajfa-2777	422	7	-	-	SYM
ajfa-2777	422	8	4	4	NUM
ajfa-2777	422	9	reflect	reflect	VERB
ajfa-2777	422	10	infor	infor	PROPN
ajfa-2777	422	11	w	w	PROPN
ajfa-2777	422	12	,	,	PUNCT
ajfa-2777	422	13	71	71	NUM
ajfa-2777	422	14	,	,	PUNCT
ajfa-2777	422	15	289	289	NUM
ajfa-2777	422	16	-	-	SYM
ajfa-2777	422	17	3	3	NUM
ajfa-2777	422	18	stock	stock	NOUN
ajfa-2777	422	19	retu	retu	ADJ
ajfa-2777	422	20	determinan	determinan	ADJ
ajfa-2777	422	21	nomics	nomic	NOUN
ajfa-2777	422	22	,	,	PUNCT
ajfa-2777	422	23	61	61	NUM
ajfa-2777	422	24	,	,	PUNCT
ajfa-2777	422	25	asian	asian	ADJ
ajfa-2777	422	26	monality	monality	NOUN
ajfa-2777	422	27	in	in	ADP
ajfa-2777	422	28	econom	econom	PROPN
ajfa-2777	422	29	95	95	NUM
ajfa-2777	422	30	)	)	PUNCT
ajfa-2777	422	31	.	.	PUNCT
ajfa-2777	423	1	market	market	NOUN
ajfa-2777	423	2	ncial	ncial	PROPN
ajfa-2777	423	3	ec	ec	PROPN
ajfa-2777	423	4	to	to	ADP
ajfa-2777	423	5	buying	buy	VERB
ajfa-2777	423	6	journal	journal	NOUN
ajfa-2777	423	7	2.x	2.x	NUM
ajfa-2777	423	8	n	n	NUM
ajfa-2777	423	9	and	and	CCONJ
ajfa-2777	423	10	taxes	taxis	NOUN
ajfa-2777	423	11	determinant	determinant	ADJ
ajfa-2777	423	12	g/10.1016	g/10.1016	PROPN
ajfa-2777	423	13	/	/	SYM
ajfa-2777	423	14	j.	j.	PROPN
ajfa-2777	423	15	olicy	olicy	PROPN
ajfa-2777	423	16	and	and	CCONJ
ajfa-2777	423	17	m	m	VERB
ajfa-2777	423	18	/3665142	/3665142	PUNCT
ajfa-2777	423	19	es	es	NOUN
ajfa-2777	423	20	puzzle	puzzle	NOUN
ajfa-2777	423	21	.	.	PUNCT
ajfa-2777	424	1	j	j	NOUN
ajfa-2777	424	2	6.x	6.x	NUM
ajfa-2777	424	3	between	between	ADP
ajfa-2777	424	4	t	t	PROPN
ajfa-2777	424	5	financial	financial	ADJ
ajfa-2777	424	6	8.x	8.x	NUM
ajfa-2777	424	7	trategies	trategie	NOUN
ajfa-2777	424	8	fo	fo	ADP
ajfa-2777	424	9	iency	iency	NOUN
ajfa-2777	424	10	.	.	PUNCT
ajfa-2777	425	1	in	in	ADP
ajfa-2777	425	2	co	co	PROPN
ajfa-2777	425	3	(	(	PUNCT
ajfa-2777	425	4	pp	pp	ADJ
ajfa-2777	425	5	.	.	PUNCT
ajfa-2777	426	1	939	939	NUM
ajfa-2777	426	2	-	-	SYM
ajfa-2777	426	3	94	94	NUM
ajfa-2777	426	4	(	(	PUNCT
ajfa-2777	426	5	2012	2012	NUM
ajfa-2777	426	6	)	)	PUNCT
ajfa-2777	426	7	.	.	PUNCT
ajfa-2777	427	1	a	a	DET
ajfa-2777	427	2	tional	tional	PROPN
ajfa-2777	427	3	journ	journ	NOUN
ajfa-2777	427	4	21	21	NUM
ajfa-2777	427	5	invetsor	invetsor	NOUN
ajfa-2777	427	6	pr	pr	NOUN
ajfa-2777	427	7	mics	mic	NOUN
ajfa-2777	427	8	,	,	PUNCT
ajfa-2777	427	9	rmation	rmation	NOUN
ajfa-2777	427	10	in	in	ADP
ajfa-2777	427	11	15	15	NUM
ajfa-2777	427	12	urns	urn	NOUN
ajfa-2777	427	13	,	,	PUNCT
ajfa-2777	427	14	the	the	DET
ajfa-2777	427	15	c	c	PROPN
ajfa-2777	427	16	nts	nt	NOUN
ajfa-2777	427	17	of	of	ADP
ajfa-2777	427	18	divide	divide	NOUN
ajfa-2777	427	19	99	99	NUM
ajfa-2777	427	20	-	-	SYM
ajfa-2777	427	21	108	108	NUM
ajfa-2777	427	22	.	.	PUNCT
ajfa-2777	428	1	n	n	DET
ajfa-2777	428	2	journal	journal	NOUN
ajfa-2777	428	3	of	of	ADP
ajfa-2777	428	4	f	f	PROPN
ajfa-2777	428	5	the	the	DET
ajfa-2777	428	6	determ	determ	NOUN
ajfa-2777	428	7	ics	ic	NOUN
ajfa-2777	428	8	,	,	PUNCT
ajfa-2777	428	9	4	4	NUM
ajfa-2777	428	10	t	t	NOUN
ajfa-2777	428	11	underreact	underreact	ADJ
ajfa-2777	428	12	onomics	onomic	NOUN
ajfa-2777	428	13	,	,	PUNCT
ajfa-2777	428	14	winners	winner	NOUN
ajfa-2777	428	15	a	a	PRON
ajfa-2777	428	16	of	of	ADP
ajfa-2777	428	17	finan	finan	NOUN
ajfa-2777	428	18	s	s	PART
ajfa-2777	428	19	:	:	PUNCT
ajfa-2777	428	20	a	a	DET
ajfa-2777	428	21	signallin	signallin	NOUN
ajfa-2777	428	22	ts	ts	ADP
ajfa-2777	428	23	of	of	ADP
ajfa-2777	428	24	the	the	DET
ajfa-2777	428	25	u	u	PROPN
ajfa-2777	428	26	tourman.20	tourman.20	PROPN
ajfa-2777	428	27	market	market	NOUN
ajfa-2777	428	28	expe	expe	ADJ
ajfa-2777	428	29	journal	journal	NOUN
ajfa-2777	428	30	of	of	ADP
ajfa-2777	428	31	f	f	PROPN
ajfa-2777	428	32	the	the	DET
ajfa-2777	428	33	investm	investm	PROPN
ajfa-2777	428	34	review	review	NOUN
ajfa-2777	428	35	,	,	PUNCT
ajfa-2777	428	36	or	or	CCONJ
ajfa-2777	428	37	reit	reit	PROPN
ajfa-2777	428	38	inv	inv	VERB
ajfa-2777	428	39	onstantinide	onstantinide	ADV
ajfa-2777	428	40	47	47	NUM
ajfa-2777	428	41	)	)	PUNCT
ajfa-2777	428	42	.	.	PUNCT
ajfa-2777	429	1	search	search	NOUN
ajfa-2777	429	2	for	for	ADP
ajfa-2777	429	3	nal	nal	NOUN
ajfa-2777	429	4	of	of	ADP
ajfa-2777	429	5	econ	econ	PROPN
ajfa-2777	429	6	reference	reference	NOUN
ajfa-2777	429	7	fo	fo	ADP
ajfa-2777	429	8	1984(13	1984(13	NUM
ajfa-2777	429	9	)	)	PUNCT
ajfa-2777	429	10	accruals	accrual	NOUN
ajfa-2777	429	11	an	an	DET
ajfa-2777	429	12	chicago	chicago	PROPN
ajfa-2777	429	13	mb	mb	NOUN
ajfa-2777	429	14	end	end	NOUN
ajfa-2777	429	15	policy	policy	NOUN
ajfa-2777	429	16	finance	finance	NOUN
ajfa-2777	429	17	&	&	CCONJ
ajfa-2777	429	18	ac	ac	PROPN
ajfa-2777	429	19	issn	issn	PROPN
ajfa-2777	429	20	19	19	NUM
ajfa-2777	429	21	2012	2012	NUM
ajfa-2777	429	22	,	,	PUNCT
ajfa-2777	429	23	vol	vol	NOUN
ajfa-2777	429	24	.	.	PUNCT
ajfa-2777	430	1	www.macrothi	www.macrothi	X
ajfa-2777	430	2	minants	minant	NOUN
ajfa-2777	430	3	of	of	ADP
ajfa-2777	430	4	e	e	PROPN
ajfa-2777	430	5	41	41	NUM
ajfa-2777	430	6	,	,	PUNCT
ajfa-2777	430	7	4	4	NUM
ajfa-2777	430	8	tion	tion	NOUN
ajfa-2777	430	9	to	to	PART
ajfa-2777	430	10	open	open	VERB
ajfa-2777	430	11	39	39	NUM
ajfa-2777	430	12	,	,	PUNCT
ajfa-2777	430	13	1	1	NUM
ajfa-2777	430	14	and	and	CCONJ
ajfa-2777	430	15	selling	sell	VERB
ajfa-2777	430	16	nce	nce	NOUN
ajfa-2777	430	17	,	,	PUNCT
ajfa-2777	430	18	48	48	NUM
ajfa-2777	430	19	,	,	PUNCT
ajfa-2777	430	20	ng	ng	PROPN
ajfa-2777	430	21	equilibriu	equilibriu	PROPN
ajfa-2777	430	22	us	us	PROPN
ajfa-2777	430	23	airline	airline	NOUN
ajfa-2777	431	1	i	i	PRON
ajfa-2777	431	2	006.03.012	006.03.012	NUM
ajfa-2777	431	3	ectations	ectation	NOUN
ajfa-2777	431	4	.	.	PUNCT
ajfa-2777	432	1	f	f	PROPN
ajfa-2777	432	2	finance	finance	NOUN
ajfa-2777	432	3	,	,	PUNCT
ajfa-2777	432	4	50	50	NUM
ajfa-2777	432	5	ment	ment	NOUN
ajfa-2777	432	6	,	,	PUNCT
ajfa-2777	432	7	financ	financ	PROPN
ajfa-2777	432	8	26(33	26(33	NUM
ajfa-2777	432	9	)	)	PUNCT
ajfa-2777	432	10	,	,	PUNCT
ajfa-2777	432	11	vestors	vestor	NOUN
ajfa-2777	432	12	.	.	PUNCT
ajfa-2777	433	1	rea	rea	PROPN
ajfa-2777	433	2	es	es	PROPN
ajfa-2777	433	3	,	,	PUNCT
ajfa-2777	433	4	m.	m.	NOUN
ajfa-2777	433	5	harr	harr	PROPN
ajfa-2777	433	6	rational	rational	PROPN
ajfa-2777	433	7	so	so	SCONJ
ajfa-2777	433	8	nomics	nomic	NOUN
ajfa-2777	433	9	and	and	CCONJ
ajfa-2777	433	10	for	for	ADP
ajfa-2777	433	11	cash	cash	NOUN
ajfa-2777	433	12	div	div	NOUN
ajfa-2777	433	13	)	)	PUNCT
ajfa-2777	433	14	,	,	PUNCT
ajfa-2777	433	15	2	2	NUM
ajfa-2777	433	16	nd	nd	NOUN
ajfa-2777	433	17	cash	cash	NOUN
ajfa-2777	433	18	flow	flow	NOUN
ajfa-2777	433	19	ba	ba	PROPN
ajfa-2777	433	20	a	a	DET
ajfa-2777	433	21	jou	jou	INTJ
ajfa-2777	433	22	of	of	ADP
ajfa-2777	433	23	banks	bank	NOUN
ajfa-2777	433	24	in	in	ADP
ajfa-2777	433	25	ccounting	ccounte	VERB
ajfa-2777	433	26	946	946	NUM
ajfa-2777	433	27	-	-	PUNCT
ajfa-2777	433	28	052x	052x	NOUN
ajfa-2777	433	29	4	4	NUM
ajfa-2777	433	30	,	,	PUNCT
ajfa-2777	433	31	no	no	INTJ
ajfa-2777	433	32	.	.	NOUN
ajfa-2777	433	33	2	2	NUM
ajfa-2777	433	34	ink.org/ajfa	ink.org/ajfa	NOUN
ajfa-2777	433	35	expected	expect	VERB
ajfa-2777	433	36	401	401	NUM
ajfa-2777	433	37	-	-	SYM
ajfa-2777	433	38	439	439	NUM
ajfa-2777	433	39	.	.	PUNCT
ajfa-2777	434	1	n	n	PRON
ajfa-2777	434	2	market	market	NOUN
ajfa-2777	434	3	181	181	NUM
ajfa-2777	434	4	-	-	SYM
ajfa-2777	434	5	208	208	NUM
ajfa-2777	434	6	.	.	PUNCT
ajfa-2777	435	1	g	g	NOUN
ajfa-2777	435	2	losers	loser	NOUN
ajfa-2777	435	3	:	:	PUNCT
ajfa-2777	435	4	65	65	NUM
ajfa-2777	435	5	-	-	SYM
ajfa-2777	435	6	91	91	NUM
ajfa-2777	435	7	.	.	PUNCT
ajfa-2777	436	1	um	um	INTJ
ajfa-2777	436	2	.	.	PUNCT
ajfa-2777	437	1	the	the	DET
ajfa-2777	437	2	industry	industry	NOUN
ajfa-2777	437	3	.	.	PUNCT
ajfa-2777	438	1	financial	financial	ADJ
ajfa-2777	438	2	0	0	NUM
ajfa-2777	438	3	,	,	PUNCT
ajfa-2777	438	4	23	23	NUM
ajfa-2777	438	5	-	-	SYM
ajfa-2777	438	6	51	51	NUM
ajfa-2777	438	7	.	.	PUNCT
ajfa-2777	439	1	cing	cing	NOUN
ajfa-2777	439	2	and	and	CCONJ
ajfa-2777	439	3	409	409	NUM
ajfa-2777	439	4	-	-	SYM
ajfa-2777	439	5	30	30	NUM
ajfa-2777	439	6	.	.	PUNCT
ajfa-2777	440	1	al	al	PROPN
ajfa-2777	440	2	estate	estate	PROPN
ajfa-2777	440	3	ris	ris	PROPN
ajfa-2777	440	4	and	and	CCONJ
ajfa-2777	440	5	r.	r.	PROPN
ajfa-2777	440	6	urces	urce	NOUN
ajfa-2777	440	7	of	of	ADP
ajfa-2777	440	8	finance	finance	NOUN
ajfa-2777	440	9	,	,	PUNCT
ajfa-2777	440	10	vidends	vidend	NOUN
ajfa-2777	440	11	.	.	PUNCT
ajfa-2777	441	1	253	253	NUM
ajfa-2777	441	2	-	-	SYM
ajfa-2777	441	3	282	282	NUM
ajfa-2777	441	4	.	.	PUNCT
ajfa-2777	442	1	ws	ws	NOUN
ajfa-2777	442	2	about	about	ADP
ajfa-2777	442	3	urnal	urnal	ADJ
ajfa-2777	442	4	of	of	ADP
ajfa-2777	442	5	n	n	DET
ajfa-2777	442	6	ghana	ghana	PROPN
ajfa-2777	442	7	.	.	PUNCT