id	sid	tid	token	lemma	pos
ajfa-283	1	1	asain	asain	PROPN
ajfa-283	1	2	journal	journal	NOUN
ajfa-283	1	3	of	of	ADP
ajfa-283	1	4	finance	finance	PROPN
ajfa-283	1	5	&	&	CCONJ
ajfa-283	1	6	accounting	accounting	PROPN
ajfa-283	1	7	issn	issn	PROPN
ajfa-283	1	8	1946	1946	NUM
ajfa-283	1	9	-	-	PUNCT
ajfa-283	1	10	052x	052x	NOUN
ajfa-283	1	11	2010	2010	NUM
ajfa-283	1	12	,	,	PUNCT
ajfa-283	1	13	vol	vol	NOUN
ajfa-283	1	14	.	.	PROPN
ajfa-283	1	15	2	2	NUM
ajfa-283	1	16	,	,	PUNCT
ajfa-283	1	17	no	no	INTJ
ajfa-283	1	18	.	.	NOUN
ajfa-283	1	19	1	1	NUM
ajfa-283	1	20	:	:	PUNCT
ajfa-283	1	21	e4	e4	PROPN
ajfa-283	1	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	1	23	68	68	NUM
ajfa-283	1	24	equity	equity	NOUN
ajfa-283	1	25	valuation	valuation	NOUN
ajfa-283	1	26	using	use	VERB
ajfa-283	1	27	price	price	NOUN
ajfa-283	1	28	multiples	multiple	NOUN
ajfa-283	1	29	:	:	PUNCT
ajfa-283	1	30	a	a	DET
ajfa-283	1	31	comparative	comparative	ADJ
ajfa-283	1	32	study	study	NOUN
ajfa-283	1	33	for	for	ADP
ajfa-283	1	34	bricks	brick	NOUN
ajfa-283	1	35	sanjay	sanjay	PROPN
ajfa-283	1	36	sehgal	sehgal	PROPN
ajfa-283	1	37	(	(	PUNCT
ajfa-283	1	38	corresponding	corresponding	ADJ
ajfa-283	1	39	author	author	NOUN
ajfa-283	1	40	)	)	PUNCT
ajfa-283	1	41	department	department	NOUN
ajfa-283	1	42	of	of	ADP
ajfa-283	1	43	financial	financial	ADJ
ajfa-283	1	44	studies	study	NOUN
ajfa-283	1	45	,	,	PUNCT
ajfa-283	1	46	university	university	NOUN
ajfa-283	1	47	of	of	ADP
ajfa-283	1	48	delhi	delhi	PROPN
ajfa-283	1	49	,	,	PUNCT
ajfa-283	1	50	south	south	ADJ
ajfa-283	1	51	campus	campus	NOUN
ajfa-283	1	52	esc	esc	PROPN
ajfa-283	1	53	-	-	PUNCT
ajfa-283	1	54	pau	pau	PROPN
ajfa-283	1	55	,	,	PUNCT
ajfa-283	1	56	france	france	PROPN
ajfa-283	1	57	email	email	NOUN
ajfa-283	1	58	:	:	PUNCT
ajfa-283	1	59	sanjayfin15@gmail.com	sanjayfin15@gmail.com	X
ajfa-283	1	60	asheesh	asheesh	PROPN
ajfa-283	1	61	pandey	pandey	PROPN
ajfa-283	1	62	iilm	iilm	PROPN
ajfa-283	1	63	institute	institute	PROPN
ajfa-283	1	64	for	for	ADP
ajfa-283	1	65	higher	high	ADJ
ajfa-283	1	66	education	education	NOUN
ajfa-283	1	67	,	,	PUNCT
ajfa-283	1	68	gurgaon	gurgaon	PROPN
ajfa-283	1	69	email	email	NOUN
ajfa-283	1	70	:	:	PUNCT
ajfa-283	2	1	asheeshpandey@rediffmail.com	asheeshpandey@rediffmail.com	X
ajfa-283	2	2	received	receive	VERB
ajfa-283	2	3	:	:	PUNCT
ajfa-283	2	4	november	november	PROPN
ajfa-283	2	5	30	30	NUM
ajfa-283	2	6	,	,	PUNCT
ajfa-283	2	7	2009	2009	NUM
ajfa-283	2	8	accepted	accept	VERB
ajfa-283	2	9	:	:	PUNCT
ajfa-283	2	10	december	december	PROPN
ajfa-283	2	11	16	16	NUM
ajfa-283	2	12	,	,	PUNCT
ajfa-283	2	13	2010	2010	NUM
ajfa-283	2	14	abstract	abstract	NOUN
ajfa-283	2	15	in	in	ADP
ajfa-283	2	16	this	this	DET
ajfa-283	2	17	paper	paper	NOUN
ajfa-283	2	18	,	,	PUNCT
ajfa-283	2	19	we	we	PRON
ajfa-283	2	20	evaluate	evaluate	VERB
ajfa-283	2	21	the	the	DET
ajfa-283	2	22	efficacy	efficacy	NOUN
ajfa-283	2	23	of	of	ADP
ajfa-283	2	24	three	three	NUM
ajfa-283	2	25	value	value	NOUN
ajfa-283	2	26	drivers	driver	NOUN
ajfa-283	2	27	namely	namely	ADV
ajfa-283	2	28	,	,	PUNCT
ajfa-283	2	29	earnings	earning	NOUN
ajfa-283	2	30	per	per	ADP
ajfa-283	2	31	share	share	NOUN
ajfa-283	2	32	,	,	PUNCT
ajfa-283	2	33	book	book	NOUN
ajfa-283	2	34	value	value	NOUN
ajfa-283	2	35	and	and	CCONJ
ajfa-283	2	36	sales	sale	NOUN
ajfa-283	2	37	for	for	ADP
ajfa-283	2	38	developing	develop	VERB
ajfa-283	2	39	stock	stock	NOUN
ajfa-283	2	40	price	price	NOUN
ajfa-283	2	41	forecasts	forecast	NOUN
ajfa-283	2	42	using	use	VERB
ajfa-283	2	43	two	two	NUM
ajfa-283	2	44	performance	performance	NOUN
ajfa-283	2	45	evaluation	evaluation	NOUN
ajfa-283	2	46	criteria	criterion	NOUN
ajfa-283	2	47	:	:	PUNCT
ajfa-283	2	48	1	1	X
ajfa-283	2	49	)	)	PUNCT
ajfa-283	2	50	root	root	NOUN
ajfa-283	2	51	mean	mean	VERB
ajfa-283	2	52	squared	square	VERB
ajfa-283	2	53	error	error	NOUN
ajfa-283	2	54	and	and	CCONJ
ajfa-283	2	55	2	2	NUM
ajfa-283	2	56	)	)	PUNCT
ajfa-283	2	57	thail	thail	NOUN
ajfa-283	2	58	inequality	inequality	NOUN
ajfa-283	2	59	coefficient	coefficient	NOUN
ajfa-283	2	60	.	.	PUNCT
ajfa-283	3	1	we	we	PRON
ajfa-283	3	2	employ	employ	VERB
ajfa-283	3	3	data	datum	NOUN
ajfa-283	3	4	for	for	ADP
ajfa-283	3	5	bricks	brick	NOUN
ajfa-283	3	6	economies	economy	NOUN
ajfa-283	3	7	excluding	exclude	VERB
ajfa-283	3	8	russia	russia	NOUN
ajfa-283	3	9	from	from	ADP
ajfa-283	3	10	1993	1993	NUM
ajfa-283	3	11	-	-	SYM
ajfa-283	3	12	2007	2007	NUM
ajfa-283	3	13	.	.	PUNCT
ajfa-283	4	1	we	we	PRON
ajfa-283	4	2	conduct	conduct	VERB
ajfa-283	4	3	our	our	PRON
ajfa-283	4	4	analysis	analysis	NOUN
ajfa-283	4	5	in	in	ADP
ajfa-283	4	6	three	three	NUM
ajfa-283	4	7	phases	phase	NOUN
ajfa-283	4	8	.	.	PUNCT
ajfa-283	5	1	in	in	ADP
ajfa-283	5	2	phase	phase	NOUN
ajfa-283	5	3	one	one	NUM
ajfa-283	5	4	we	we	PRON
ajfa-283	5	5	find	find	VERB
ajfa-283	5	6	that	that	SCONJ
ajfa-283	5	7	price	price	NOUN
ajfa-283	5	8	to	to	ADP
ajfa-283	5	9	book	book	NOUN
ajfa-283	5	10	value	value	NOUN
ajfa-283	5	11	is	be	AUX
ajfa-283	5	12	the	the	DET
ajfa-283	5	13	best	good	ADJ
ajfa-283	5	14	standalone	standalone	ADJ
ajfa-283	5	15	price	price	NOUN
ajfa-283	5	16	multiple	multiple	NOUN
ajfa-283	5	17	for	for	ADP
ajfa-283	5	18	the	the	DET
ajfa-283	5	19	asian	asian	ADJ
ajfa-283	5	20	economies	economy	NOUN
ajfa-283	5	21	(	(	PUNCT
ajfa-283	5	22	india	india	PROPN
ajfa-283	5	23	,	,	PUNCT
ajfa-283	5	24	china	china	PROPN
ajfa-283	5	25	and	and	CCONJ
ajfa-283	5	26	south	south	PROPN
ajfa-283	5	27	korea	korea	PROPN
ajfa-283	5	28	)	)	PUNCT
ajfa-283	5	29	while	while	SCONJ
ajfa-283	5	30	price	price	NOUN
ajfa-283	5	31	to	to	ADP
ajfa-283	5	32	earnings	earning	NOUN
ajfa-283	5	33	does	do	VERB
ajfa-283	5	34	a	a	DET
ajfa-283	5	35	better	well	ADJ
ajfa-283	5	36	job	job	NOUN
ajfa-283	5	37	for	for	ADP
ajfa-283	5	38	equity	equity	NOUN
ajfa-283	5	39	valuation	valuation	NOUN
ajfa-283	5	40	in	in	ADP
ajfa-283	5	41	case	case	NOUN
ajfa-283	5	42	of	of	ADP
ajfa-283	5	43	brazil	brazil	PROPN
ajfa-283	5	44	and	and	CCONJ
ajfa-283	5	45	south	south	PROPN
ajfa-283	5	46	africa	africa	PROPN
ajfa-283	5	47	.	.	PUNCT
ajfa-283	6	1	in	in	ADP
ajfa-283	6	2	the	the	DET
ajfa-283	6	3	next	next	ADJ
ajfa-283	6	4	phase	phase	NOUN
ajfa-283	6	5	we	we	PRON
ajfa-283	6	6	show	show	VERB
ajfa-283	6	7	that	that	PRON
ajfa-283	6	8	combination	combination	NOUN
ajfa-283	6	9	of	of	ADP
ajfa-283	6	10	value	value	NOUN
ajfa-283	6	11	drivers	driver	NOUN
ajfa-283	6	12	do	do	AUX
ajfa-283	6	13	not	not	PART
ajfa-283	6	14	significantly	significantly	ADV
ajfa-283	6	15	improve	improve	VERB
ajfa-283	6	16	price	price	NOUN
ajfa-283	6	17	forecast	forecast	NOUN
ajfa-283	6	18	vis	vis	X
ajfa-283	6	19	-	-	PUNCT
ajfa-283	6	20	à	à	X
ajfa-283	6	21	-	-	PUNCT
ajfa-283	6	22	vis	vis	X
ajfa-283	6	23	standalone	standalone	NOUN
ajfa-283	6	24	multiples	multiple	NOUN
ajfa-283	6	25	.	.	PUNCT
ajfa-283	7	1	our	our	PRON
ajfa-283	7	2	findings	finding	NOUN
ajfa-283	7	3	are	be	AUX
ajfa-283	7	4	in	in	ADP
ajfa-283	7	5	contrast	contrast	NOUN
ajfa-283	7	6	with	with	ADP
ajfa-283	7	7	those	those	PRON
ajfa-283	7	8	for	for	ADP
ajfa-283	7	9	developed	develop	VERB
ajfa-283	7	10	markets	market	NOUN
ajfa-283	7	11	as	as	SCONJ
ajfa-283	7	12	shown	show	VERB
ajfa-283	7	13	by	by	ADP
ajfa-283	7	14	penman	penman	PROPN
ajfa-283	7	15	(	(	PUNCT
ajfa-283	7	16	1996	1996	NUM
ajfa-283	7	17	)	)	PUNCT
ajfa-283	7	18	.	.	PUNCT
ajfa-283	8	1	we	we	PRON
ajfa-283	8	2	also	also	ADV
ajfa-283	8	3	find	find	VERB
ajfa-283	8	4	that	that	SCONJ
ajfa-283	8	5	in	in	ADP
ajfa-283	8	6	indian	indian	ADJ
ajfa-283	8	7	context	context	NOUN
ajfa-283	8	8	market	market	NOUN
ajfa-283	8	9	regression	regression	NOUN
ajfa-283	8	10	is	be	AUX
ajfa-283	8	11	a	a	DET
ajfa-283	8	12	better	well	ADJ
ajfa-283	8	13	tool	tool	NOUN
ajfa-283	8	14	for	for	ADP
ajfa-283	8	15	price	price	NOUN
ajfa-283	8	16	forecasting	forecasting	NOUN
ajfa-283	8	17	compared	compare	VERB
ajfa-283	8	18	to	to	ADP
ajfa-283	8	19	sector	sector	NOUN
ajfa-283	8	20	regression	regression	NOUN
ajfa-283	8	21	as	as	SCONJ
ajfa-283	8	22	larger	large	ADJ
ajfa-283	8	23	number	number	NOUN
ajfa-283	8	24	of	of	ADP
ajfa-283	8	25	observations	observation	NOUN
ajfa-283	8	26	result	result	VERB
ajfa-283	8	27	in	in	ADP
ajfa-283	8	28	better	well	ADJ
ajfa-283	8	29	estimator	estimator	NOUN
ajfa-283	8	30	for	for	ADP
ajfa-283	8	31	our	our	PRON
ajfa-283	8	32	forecast	forecast	NOUN
ajfa-283	8	33	equation	equation	NOUN
ajfa-283	8	34	.	.	PUNCT
ajfa-283	9	1	our	our	PRON
ajfa-283	9	2	findings	finding	NOUN
ajfa-283	9	3	are	be	AUX
ajfa-283	9	4	extremely	extremely	ADV
ajfa-283	9	5	relevant	relevant	ADJ
ajfa-283	9	6	for	for	ADP
ajfa-283	9	7	equity	equity	NOUN
ajfa-283	9	8	analysts	analyst	NOUN
ajfa-283	9	9	and	and	CCONJ
ajfa-283	9	10	portfolio	portfolio	NOUN
ajfa-283	9	11	managers	manager	NOUN
ajfa-283	9	12	who	who	PRON
ajfa-283	9	13	are	be	AUX
ajfa-283	9	14	continuously	continuously	ADV
ajfa-283	9	15	involved	involve	VERB
ajfa-283	9	16	in	in	ADP
ajfa-283	9	17	equity	equity	NOUN
ajfa-283	9	18	evaluation	evaluation	NOUN
ajfa-283	9	19	and	and	CCONJ
ajfa-283	9	20	developing	develop	VERB
ajfa-283	9	21	global	global	ADJ
ajfa-283	9	22	asset	asset	NOUN
ajfa-283	9	23	allocation	allocation	NOUN
ajfa-283	9	24	strategies	strategy	NOUN
ajfa-283	9	25	.	.	PUNCT
ajfa-283	10	1	keywords	keyword	NOUN
ajfa-283	10	2	:	:	PUNCT
ajfa-283	10	3	price	price	NOUN
ajfa-283	10	4	earnings	earning	NOUN
ajfa-283	10	5	ratio	ratio	NOUN
ajfa-283	10	6	,	,	PUNCT
ajfa-283	10	7	price	price	NOUN
ajfa-283	10	8	to	to	ADP
ajfa-283	10	9	book	book	NOUN
ajfa-283	10	10	value	value	NOUN
ajfa-283	10	11	ratio	ratio	NOUN
ajfa-283	10	12	,	,	PUNCT
ajfa-283	10	13	relative	relative	ADJ
ajfa-283	10	14	valuation	valuation	NOUN
ajfa-283	10	15	,	,	PUNCT
ajfa-283	10	16	price	price	NOUN
ajfa-283	10	17	multiples	multiple	NOUN
ajfa-283	10	18	,	,	PUNCT
ajfa-283	10	19	discounted	discount	VERB
ajfa-283	10	20	cash	cash	NOUN
ajfa-283	10	21	flows	flow	VERB
ajfa-283	10	22	jel	jel	NOUN
ajfa-283	10	23	classifications	classification	NOUN
ajfa-283	10	24	:	:	PUNCT
ajfa-283	10	25	c51	c51	NOUN
ajfa-283	10	26	,	,	PUNCT
ajfa-283	10	27	c52	c52	PROPN
ajfa-283	10	28	,	,	PUNCT
ajfa-283	10	29	g11	g11	PROPN
ajfa-283	10	30	,	,	PUNCT
ajfa-283	10	31	g15	g15	PROPN
ajfa-283	10	32	mailto:sanjayfin15@gmail.com	mailto:sanjayfin15@gmail.com	PROPN
ajfa-283	10	33	mailto:asheeshpandey@rediffmail.com	mailto:asheeshpandey@rediffmail.com	X
ajfa-283	10	34	asain	asain	PROPN
ajfa-283	10	35	journal	journal	PROPN
ajfa-283	10	36	of	of	ADP
ajfa-283	10	37	finance	finance	PROPN
ajfa-283	10	38	&	&	CCONJ
ajfa-283	10	39	accounting	accounting	PROPN
ajfa-283	10	40	issn	issn	PROPN
ajfa-283	10	41	1946	1946	NUM
ajfa-283	10	42	-	-	PUNCT
ajfa-283	10	43	052x	052x	NOUN
ajfa-283	10	44	2010	2010	NUM
ajfa-283	10	45	,	,	PUNCT
ajfa-283	10	46	vol	vol	NOUN
ajfa-283	10	47	.	.	PROPN
ajfa-283	10	48	2	2	NUM
ajfa-283	10	49	,	,	PUNCT
ajfa-283	10	50	no	no	INTJ
ajfa-283	10	51	.	.	NOUN
ajfa-283	10	52	1	1	NUM
ajfa-283	10	53	:	:	PUNCT
ajfa-283	10	54	e4	e4	PROPN
ajfa-283	10	55	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	10	56	69	69	NUM
ajfa-283	10	57	1	1	NUM
ajfa-283	10	58	.	.	PUNCT
ajfa-283	11	1	introduction	introduction	NOUN
ajfa-283	11	2	capital	capital	NOUN
ajfa-283	11	3	market	market	NOUN
ajfa-283	11	4	activity	activity	NOUN
ajfa-283	11	5	plays	play	VERB
ajfa-283	11	6	an	an	DET
ajfa-283	11	7	important	important	ADJ
ajfa-283	11	8	role	role	NOUN
ajfa-283	11	9	in	in	ADP
ajfa-283	11	10	financial	financial	ADJ
ajfa-283	11	11	system	system	NOUN
ajfa-283	11	12	for	for	ADP
ajfa-283	11	13	most	most	ADJ
ajfa-283	11	14	of	of	ADP
ajfa-283	11	15	the	the	DET
ajfa-283	11	16	world	world	NOUN
ajfa-283	11	17	economies	economy	NOUN
ajfa-283	11	18	.	.	PUNCT
ajfa-283	12	1	the	the	DET
ajfa-283	12	2	global	global	ADJ
ajfa-283	12	3	capital	capital	NOUN
ajfa-283	12	4	markets	market	NOUN
ajfa-283	12	5	have	have	AUX
ajfa-283	12	6	grown	grow	VERB
ajfa-283	12	7	manifold	manifold	ADJ
ajfa-283	12	8	both	both	CCONJ
ajfa-283	12	9	in	in	ADP
ajfa-283	12	10	terms	term	NOUN
ajfa-283	12	11	of	of	ADP
ajfa-283	12	12	size	size	NOUN
ajfa-283	12	13	as	as	ADV
ajfa-283	12	14	well	well	ADV
ajfa-283	12	15	as	as	ADP
ajfa-283	12	16	operations	operation	NOUN
ajfa-283	12	17	over	over	ADP
ajfa-283	12	18	the	the	DET
ajfa-283	12	19	past	past	ADJ
ajfa-283	12	20	three	three	NUM
ajfa-283	12	21	decades	decade	NOUN
ajfa-283	12	22	.	.	PUNCT
ajfa-283	13	1	the	the	DET
ajfa-283	13	2	academicians	academician	NOUN
ajfa-283	13	3	as	as	ADV
ajfa-283	13	4	well	well	ADV
ajfa-283	13	5	as	as	ADP
ajfa-283	13	6	researchers	researcher	NOUN
ajfa-283	13	7	tend	tend	VERB
ajfa-283	13	8	to	to	PART
ajfa-283	13	9	classify	classify	VERB
ajfa-283	13	10	these	these	DET
ajfa-283	13	11	global	global	ADJ
ajfa-283	13	12	markets	market	NOUN
ajfa-283	13	13	into	into	ADP
ajfa-283	13	14	mature	mature	ADJ
ajfa-283	13	15	and	and	CCONJ
ajfa-283	13	16	emerging	emerge	VERB
ajfa-283	13	17	blocks	block	NOUN
ajfa-283	13	18	.	.	PUNCT
ajfa-283	14	1	the	the	DET
ajfa-283	14	2	matured	mature	VERB
ajfa-283	14	3	markets	market	NOUN
ajfa-283	14	4	provide	provide	VERB
ajfa-283	14	5	historically	historically	ADV
ajfa-283	14	6	low	low	ADJ
ajfa-283	14	7	to	to	ADP
ajfa-283	14	8	medium	medium	ADJ
ajfa-283	14	9	returns	return	NOUN
ajfa-283	14	10	and	and	CCONJ
ajfa-283	14	11	low	low	ADJ
ajfa-283	14	12	risk	risk	NOUN
ajfa-283	14	13	exposures	exposure	NOUN
ajfa-283	14	14	owing	owe	VERB
ajfa-283	14	15	to	to	ADP
ajfa-283	14	16	low	low	ADJ
ajfa-283	14	17	growth	growth	NOUN
ajfa-283	14	18	but	but	CCONJ
ajfa-283	14	19	stable	stable	ADJ
ajfa-283	14	20	economies	economy	NOUN
ajfa-283	14	21	with	with	ADP
ajfa-283	14	22	evolved	evolved	ADJ
ajfa-283	14	23	market	market	NOUN
ajfa-283	14	24	microstructure	microstructure	NOUN
ajfa-283	14	25	and	and	CCONJ
ajfa-283	14	26	greater	great	ADJ
ajfa-283	14	27	institutional	institutional	ADJ
ajfa-283	14	28	trading	trading	NOUN
ajfa-283	14	29	resulting	result	VERB
ajfa-283	14	30	in	in	ADP
ajfa-283	14	31	mature	mature	ADJ
ajfa-283	14	32	investor	investor	NOUN
ajfa-283	14	33	behavior	behavior	NOUN
ajfa-283	14	34	.	.	PUNCT
ajfa-283	15	1	emerging	emerge	VERB
ajfa-283	15	2	markets	market	NOUN
ajfa-283	15	3	,	,	PUNCT
ajfa-283	15	4	on	on	ADP
ajfa-283	15	5	the	the	DET
ajfa-283	15	6	other	other	ADJ
ajfa-283	15	7	hand	hand	NOUN
ajfa-283	15	8	,	,	PUNCT
ajfa-283	15	9	are	be	AUX
ajfa-283	15	10	expected	expect	VERB
ajfa-283	15	11	to	to	PART
ajfa-283	15	12	provide	provide	VERB
ajfa-283	15	13	high	high	ADJ
ajfa-283	15	14	return	return	NOUN
ajfa-283	15	15	and	and	CCONJ
ajfa-283	15	16	risk	risk	NOUN
ajfa-283	15	17	exposures	exposure	NOUN
ajfa-283	15	18	owing	owe	VERB
ajfa-283	15	19	to	to	ADP
ajfa-283	15	20	fast	fast	ADJ
ajfa-283	15	21	growing	grow	VERB
ajfa-283	15	22	but	but	CCONJ
ajfa-283	15	23	volatile	volatile	ADJ
ajfa-283	15	24	economies	economy	NOUN
ajfa-283	15	25	involving	involve	VERB
ajfa-283	15	26	less	less	ADV
ajfa-283	15	27	evolved	evolved	ADJ
ajfa-283	15	28	market	market	NOUN
ajfa-283	15	29	microstructure	microstructure	NOUN
ajfa-283	15	30	and	and	CCONJ
ajfa-283	15	31	greater	great	ADJ
ajfa-283	15	32	individual	individual	ADJ
ajfa-283	15	33	trading	trading	NOUN
ajfa-283	15	34	leading	lead	VERB
ajfa-283	15	35	to	to	ADP
ajfa-283	15	36	less	less	ADV
ajfa-283	15	37	mature	mature	ADJ
ajfa-283	15	38	investor	investor	NOUN
ajfa-283	15	39	behavior	behavior	NOUN
ajfa-283	15	40	.	.	PUNCT
ajfa-283	16	1	bricks	brick	NOUN
ajfa-283	16	2	are	be	AUX
ajfa-283	16	3	large	large	ADJ
ajfa-283	16	4	fast	fast	ADV
ajfa-283	16	5	growing	grow	VERB
ajfa-283	16	6	emerging	emerge	VERB
ajfa-283	16	7	economies	economy	NOUN
ajfa-283	16	8	and	and	CCONJ
ajfa-283	16	9	have	have	AUX
ajfa-283	16	10	caught	catch	VERB
ajfa-283	16	11	attention	attention	NOUN
ajfa-283	16	12	of	of	ADP
ajfa-283	16	13	global	global	ADJ
ajfa-283	16	14	portfolios	portfolio	NOUN
ajfa-283	16	15	and	and	CCONJ
ajfa-283	16	16	fund	fund	NOUN
ajfa-283	16	17	managers	manager	NOUN
ajfa-283	16	18	who	who	PRON
ajfa-283	16	19	seek	seek	VERB
ajfa-283	16	20	to	to	PART
ajfa-283	16	21	diversify	diversify	VERB
ajfa-283	16	22	their	their	PRON
ajfa-283	16	23	international	international	ADJ
ajfa-283	16	24	portfolios	portfolio	NOUN
ajfa-283	16	25	by	by	ADP
ajfa-283	16	26	holding	hold	VERB
ajfa-283	16	27	them	they	PRON
ajfa-283	16	28	across	across	ADP
ajfa-283	16	29	different	different	ADJ
ajfa-283	16	30	market	market	NOUN
ajfa-283	16	31	blocks	block	NOUN
ajfa-283	16	32	to	to	PART
ajfa-283	16	33	take	take	VERB
ajfa-283	16	34	advantage	advantage	NOUN
ajfa-283	16	35	of	of	ADP
ajfa-283	16	36	low	low	ADJ
ajfa-283	16	37	correlations	correlation	NOUN
ajfa-283	16	38	.	.	PUNCT
ajfa-283	17	1	bric	bric	PROPN
ajfa-283	17	2	(	(	PUNCT
ajfa-283	17	3	which	which	PRON
ajfa-283	17	4	is	be	AUX
ajfa-283	17	5	a	a	DET
ajfa-283	17	6	subset	subset	NOUN
ajfa-283	17	7	of	of	ADP
ajfa-283	17	8	bricks	brick	NOUN
ajfa-283	17	9	)	)	PUNCT
ajfa-283	17	10	comprises	comprise	NOUN
ajfa-283	17	11	of	of	ADP
ajfa-283	17	12	brazil	brazil	PROPN
ajfa-283	17	13	,	,	PUNCT
ajfa-283	17	14	russia	russia	PROPN
ajfa-283	17	15	,	,	PUNCT
ajfa-283	17	16	indian	indian	PROPN
ajfa-283	17	17	and	and	CCONJ
ajfa-283	17	18	china	china	PROPN
ajfa-283	17	19	.	.	PUNCT
ajfa-283	18	1	these	these	DET
ajfa-283	18	2	economies	economy	NOUN
ajfa-283	18	3	account	account	VERB
ajfa-283	18	4	for	for	ADP
ajfa-283	18	5	a	a	DET
ajfa-283	18	6	combined	combine	VERB
ajfa-283	18	7	gdp	gdp	NOUN
ajfa-283	18	8	of	of	ADP
ajfa-283	18	9	approximately	approximately	ADV
ajfa-283	18	10	15.435	15.435	NUM
ajfa-283	18	11	trillion	trillion	NUM
ajfa-283	18	12	dollars	dollar	NOUN
ajfa-283	18	13	and	and	CCONJ
ajfa-283	18	14	are	be	AUX
ajfa-283	18	15	estimated	estimate	VERB
ajfa-283	18	16	to	to	PART
ajfa-283	18	17	become	become	VERB
ajfa-283	18	18	the	the	DET
ajfa-283	18	19	most	most	ADV
ajfa-283	18	20	dominant	dominant	ADJ
ajfa-283	18	21	economies	economy	NOUN
ajfa-283	18	22	by	by	ADP
ajfa-283	18	23	2050	2050	NUM
ajfa-283	18	24	(	(	PUNCT
ajfa-283	18	25	see	see	VERB
ajfa-283	18	26	goldman	goldman	PROPN
ajfa-283	18	27	sachs	sachs	PROPN
ajfa-283	18	28	,	,	PUNCT
ajfa-283	18	29	report	report	NOUN
ajfa-283	18	30	on	on	ADP
ajfa-283	18	31	dreaming	dream	VERB
ajfa-283	18	32	with	with	ADP
ajfa-283	18	33	brics	bric	NOUN
ajfa-283	18	34	:	:	PUNCT
ajfa-283	18	35	the	the	DET
ajfa-283	18	36	path	path	NOUN
ajfa-283	18	37	to	to	ADP
ajfa-283	18	38	2050	2050	NUM
ajfa-283	18	39	,	,	PUNCT
ajfa-283	18	40	(	(	PUNCT
ajfa-283	18	41	2003	2003	NUM
ajfa-283	18	42	)	)	PUNCT
ajfa-283	18	43	)	)	PUNCT
ajfa-283	18	44	.	.	PUNCT
ajfa-283	19	1	more	more	ADV
ajfa-283	19	2	recently	recently	ADV
ajfa-283	19	3	,	,	PUNCT
ajfa-283	19	4	the	the	DET
ajfa-283	19	5	investment	investment	NOUN
ajfa-283	19	6	banking	banking	NOUN
ajfa-283	19	7	industry	industry	NOUN
ajfa-283	19	8	has	have	AUX
ajfa-283	19	9	expanded	expand	VERB
ajfa-283	19	10	the	the	DET
ajfa-283	19	11	emerging	emerge	VERB
ajfa-283	19	12	markets	market	NOUN
ajfa-283	19	13	1	1	NUM
ajfa-283	19	14	basket	basket	NOUN
ajfa-283	19	15	from	from	ADP
ajfa-283	19	16	bric	bric	PROPN
ajfa-283	19	17	to	to	ADP
ajfa-283	19	18	bricks	brick	NOUN
ajfa-283	19	19	which	which	PRON
ajfa-283	19	20	now	now	ADV
ajfa-283	19	21	additionally	additionally	ADV
ajfa-283	19	22	includes	include	VERB
ajfa-283	19	23	south	south	PROPN
ajfa-283	19	24	korea	korea	PROPN
ajfa-283	19	25	and	and	CCONJ
ajfa-283	19	26	south	south	PROPN
ajfa-283	19	27	africa	africa	PROPN
ajfa-283	19	28	.	.	PUNCT
ajfa-283	20	1	bricks	brick	NOUN
ajfa-283	20	2	countries	country	NOUN
ajfa-283	20	3	have	have	VERB
ajfa-283	20	4	high	high	ADJ
ajfa-283	20	5	potential	potential	ADJ
ajfa-283	20	6	growth	growth	NOUN
ajfa-283	20	7	;	;	PUNCT
ajfa-283	20	8	they	they	PRON
ajfa-283	20	9	cover	cover	VERB
ajfa-283	20	10	30	30	NUM
ajfa-283	20	11	%	%	NOUN
ajfa-283	20	12	of	of	ADP
ajfa-283	20	13	land	land	NOUN
ajfa-283	20	14	area	area	NOUN
ajfa-283	20	15	of	of	ADP
ajfa-283	20	16	world	world	NOUN
ajfa-283	20	17	,	,	PUNCT
ajfa-283	20	18	47	47	NUM
ajfa-283	20	19	%	%	NOUN
ajfa-283	20	20	of	of	ADP
ajfa-283	20	21	world	world	NOUN
ajfa-283	20	22	population	population	NOUN
ajfa-283	20	23	,	,	PUNCT
ajfa-283	20	24	and	and	CCONJ
ajfa-283	20	25	have	have	VERB
ajfa-283	20	26	a	a	DET
ajfa-283	20	27	combined	combine	VERB
ajfa-283	20	28	gdp	gdp	NOUN
ajfa-283	20	29	of	of	ADP
ajfa-283	20	30	approximately	approximately	ADV
ajfa-283	20	31	17.403	17.403	NUM
ajfa-283	20	32	trillion	trillion	NUM
ajfa-283	20	33	dollars	dollar	NOUN
ajfa-283	20	34	,	,	PUNCT
ajfa-283	20	35	thus	thus	ADV
ajfa-283	20	36	attracting	attract	VERB
ajfa-283	20	37	investors	investor	NOUN
ajfa-283	20	38	from	from	ADP
ajfa-283	20	39	all	all	ADV
ajfa-283	20	40	over	over	ADP
ajfa-283	20	41	the	the	DET
ajfa-283	20	42	world	world	NOUN
ajfa-283	20	43	.	.	PUNCT
ajfa-283	21	1	goldman	goldman	PROPN
ajfa-283	21	2	sachs	sachs	PROPN
ajfa-283	21	3	,	,	PUNCT
ajfa-283	21	4	have	have	AUX
ajfa-283	21	5	estimated	estimate	VERB
ajfa-283	21	6	that	that	SCONJ
ajfa-283	21	7	by	by	ADP
ajfa-283	21	8	2050	2050	NUM
ajfa-283	21	9	the	the	DET
ajfa-283	21	10	combined	combine	VERB
ajfa-283	21	11	economies	economy	NOUN
ajfa-283	21	12	of	of	ADP
ajfa-283	21	13	brics	bric	NOUN
ajfa-283	21	14	can	can	AUX
ajfa-283	21	15	become	become	VERB
ajfa-283	21	16	larger	large	ADJ
ajfa-283	21	17	than	than	ADP
ajfa-283	21	18	g7	g7	PROPN
ajfa-283	21	19	(	(	PUNCT
ajfa-283	21	20	us	us	PROPN
ajfa-283	21	21	,	,	PUNCT
ajfa-283	21	22	japan	japan	PROPN
ajfa-283	21	23	,	,	PUNCT
ajfa-283	21	24	uk	uk	PROPN
ajfa-283	21	25	,	,	PUNCT
ajfa-283	21	26	germany	germany	PROPN
ajfa-283	21	27	,	,	PUNCT
ajfa-283	21	28	france	france	PROPN
ajfa-283	21	29	,	,	PUNCT
ajfa-283	21	30	canada	canada	PROPN
ajfa-283	21	31	and	and	CCONJ
ajfa-283	21	32	italy	italy	PROPN
ajfa-283	21	33	)	)	PUNCT
ajfa-283	21	34	in	in	ADP
ajfa-283	21	35	us	us	PROPN
ajfa-283	21	36	dollar	dollar	NOUN
ajfa-283	21	37	terms	term	NOUN
ajfa-283	21	38	.	.	PUNCT
ajfa-283	22	1	bricks	brick	NOUN
ajfa-283	22	2	countries	countries	PROPN
ajfa-283	22	3	equity	equity	NOUN
ajfa-283	22	4	markets	market	NOUN
ajfa-283	22	5	have	have	AUX
ajfa-283	22	6	seen	see	VERB
ajfa-283	22	7	a	a	DET
ajfa-283	22	8	remarkable	remarkable	ADJ
ajfa-283	22	9	increase	increase	NOUN
ajfa-283	22	10	since	since	SCONJ
ajfa-283	22	11	2001	2001	NUM
ajfa-283	22	12	in	in	ADP
ajfa-283	22	13	their	their	PRON
ajfa-283	22	14	value	value	NOUN
ajfa-283	22	15	:	:	PUNCT
ajfa-283	22	16	brazil	brazil	PROPN
ajfa-283	22	17	has	have	AUX
ajfa-283	22	18	risen	rise	VERB
ajfa-283	22	19	by	by	ADP
ajfa-283	22	20	369	369	NUM
ajfa-283	22	21	%	%	NOUN
ajfa-283	22	22	,	,	PUNCT
ajfa-283	22	23	russia	russia	PROPN
ajfa-283	22	24	by	by	ADP
ajfa-283	22	25	630	630	NUM
ajfa-283	22	26	%	%	NOUN
ajfa-283	22	27	,	,	PUNCT
ajfa-283	22	28	india	india	PROPN
ajfa-283	22	29	by	by	ADP
ajfa-283	22	30	499	499	NUM
ajfa-283	22	31	%	%	NOUN
ajfa-283	22	32	,	,	PUNCT
ajfa-283	22	33	china	china	PROPN
ajfa-283	22	34	by	by	ADP
ajfa-283	22	35	201	201	NUM
ajfa-283	22	36	%	%	NOUN
ajfa-283	22	37	,	,	PUNCT
ajfa-283	22	38	south	south	PROPN
ajfa-283	22	39	korea	korea	PROPN
ajfa-283	22	40	by	by	ADP
ajfa-283	22	41	460	460	NUM
ajfa-283	22	42	%	%	NOUN
ajfa-283	22	43	,	,	PUNCT
ajfa-283	22	44	and	and	CCONJ
ajfa-283	22	45	south	south	PROPN
ajfa-283	22	46	africa	africa	PROPN
ajfa-283	22	47	by	by	ADP
ajfa-283	22	48	70	70	NUM
ajfa-283	22	49	%	%	NOUN
ajfa-283	22	50	using	use	VERB
ajfa-283	22	51	the	the	DET
ajfa-283	22	52	a	a	DET
ajfa-283	22	53	-	-	PUNCT
ajfa-283	22	54	share	share	NOUN
ajfa-283	22	55	market	market	NOUN
ajfa-283	22	56	.	.	PUNCT
ajfa-283	23	1	these	these	DET
ajfa-283	23	2	countries	country	NOUN
ajfa-283	23	3	have	have	VERB
ajfa-283	23	4	economic	economic	ADJ
ajfa-283	23	5	asain	asain	ADJ
ajfa-283	23	6	journal	journal	NOUN
ajfa-283	23	7	of	of	ADP
ajfa-283	23	8	finance	finance	PROPN
ajfa-283	23	9	&	&	CCONJ
ajfa-283	23	10	accounting	accounting	PROPN
ajfa-283	23	11	issn	issn	PROPN
ajfa-283	23	12	1946	1946	NUM
ajfa-283	23	13	-	-	PUNCT
ajfa-283	23	14	052x	052x	NOUN
ajfa-283	23	15	2010	2010	NUM
ajfa-283	23	16	,	,	PUNCT
ajfa-283	23	17	vol	vol	NOUN
ajfa-283	23	18	.	.	PROPN
ajfa-283	23	19	2	2	NUM
ajfa-283	23	20	,	,	PUNCT
ajfa-283	23	21	no	no	INTJ
ajfa-283	23	22	.	.	NOUN
ajfa-283	23	23	1	1	NUM
ajfa-283	23	24	:	:	PUNCT
ajfa-283	23	25	e4	e4	PROPN
ajfa-283	23	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	23	27	70	70	NUM
ajfa-283	23	28	opportunities	opportunity	NOUN
ajfa-283	23	29	,	,	PUNCT
ajfa-283	23	30	as	as	SCONJ
ajfa-283	23	31	their	their	PRON
ajfa-283	23	32	aggregate	aggregate	ADJ
ajfa-283	23	33	contribution	contribution	NOUN
ajfa-283	23	34	to	to	ADP
ajfa-283	23	35	the	the	DET
ajfa-283	23	36	world	world	NOUN
ajfa-283	23	37	output	output	NOUN
ajfa-283	23	38	has	have	AUX
ajfa-283	23	39	been	be	AUX
ajfa-283	23	40	30	30	NUM
ajfa-283	23	41	%	%	NOUN
ajfa-283	23	42	since	since	SCONJ
ajfa-283	23	43	the	the	DET
ajfa-283	23	44	year	year	NOUN
ajfa-283	23	45	2000	2000	NUM
ajfa-283	23	46	.	.	PUNCT
ajfa-283	24	1	their	their	PRON
ajfa-283	24	2	economic	economic	ADJ
ajfa-283	24	3	growth	growth	NOUN
ajfa-283	24	4	has	have	AUX
ajfa-283	24	5	greatly	greatly	ADV
ajfa-283	24	6	influenced	influence	VERB
ajfa-283	24	7	and	and	CCONJ
ajfa-283	24	8	in	in	ADP
ajfa-283	24	9	many	many	ADJ
ajfa-283	24	10	cases	case	NOUN
ajfa-283	24	11	propelled	propel	VERB
ajfa-283	24	12	financial	financial	ADJ
ajfa-283	24	13	markets	market	NOUN
ajfa-283	24	14	.	.	PUNCT
ajfa-283	25	1	however	however	ADV
ajfa-283	25	2	,	,	PUNCT
ajfa-283	25	3	there	there	PRON
ajfa-283	25	4	has	have	AUX
ajfa-283	25	5	been	be	AUX
ajfa-283	25	6	a	a	DET
ajfa-283	25	7	worldwide	worldwide	ADJ
ajfa-283	25	8	correction	correction	NOUN
ajfa-283	25	9	in	in	ADP
ajfa-283	25	10	the	the	DET
ajfa-283	25	11	past	past	ADJ
ajfa-283	25	12	one	one	NUM
ajfa-283	25	13	and	and	CCONJ
ajfa-283	25	14	a	a	DET
ajfa-283	25	15	half	half	NOUN
ajfa-283	25	16	year	year	NOUN
ajfa-283	25	17	in	in	ADP
ajfa-283	25	18	the	the	DET
ajfa-283	25	19	world	world	NOUN
ajfa-283	25	20	capital	capital	NOUN
ajfa-283	25	21	markets	market	NOUN
ajfa-283	25	22	(	(	PUNCT
ajfa-283	25	23	including	include	VERB
ajfa-283	25	24	emerging	emerge	VERB
ajfa-283	25	25	markets	market	NOUN
ajfa-283	25	26	)	)	PUNCT
ajfa-283	25	27	owing	owe	VERB
ajfa-283	25	28	to	to	ADP
ajfa-283	25	29	current	current	ADJ
ajfa-283	25	30	global	global	ADJ
ajfa-283	25	31	financial	financial	ADJ
ajfa-283	25	32	crisis	crisis	NOUN
ajfa-283	25	33	.	.	PUNCT
ajfa-283	26	1	given	give	VERB
ajfa-283	26	2	the	the	DET
ajfa-283	26	3	potential	potential	NOUN
ajfa-283	26	4	of	of	ADP
ajfa-283	26	5	these	these	DET
ajfa-283	26	6	emerging	emerge	VERB
ajfa-283	26	7	economies	economy	NOUN
ajfa-283	26	8	it	it	PRON
ajfa-283	26	9	is	be	AUX
ajfa-283	26	10	extremely	extremely	ADV
ajfa-283	26	11	important	important	ADJ
ajfa-283	26	12	to	to	PART
ajfa-283	26	13	study	study	VERB
ajfa-283	26	14	the	the	DET
ajfa-283	26	15	valuation	valuation	NOUN
ajfa-283	26	16	dynamics	dynamic	NOUN
ajfa-283	26	17	in	in	ADP
ajfa-283	26	18	their	their	PRON
ajfa-283	26	19	capital	capital	NOUN
ajfa-283	26	20	markets	market	NOUN
ajfa-283	26	21	.	.	PUNCT
ajfa-283	27	1	all	all	DET
ajfa-283	27	2	assets	asset	NOUN
ajfa-283	27	3	whether	whether	SCONJ
ajfa-283	27	4	financial	financial	ADJ
ajfa-283	27	5	or	or	CCONJ
ajfa-283	27	6	real	real	ADJ
ajfa-283	27	7	can	can	AUX
ajfa-283	27	8	be	be	AUX
ajfa-283	27	9	valued	value	VERB
ajfa-283	27	10	,	,	PUNCT
ajfa-283	27	11	but	but	CCONJ
ajfa-283	27	12	the	the	DET
ajfa-283	27	13	complexities	complexity	NOUN
ajfa-283	27	14	and	and	CCONJ
ajfa-283	27	15	the	the	DET
ajfa-283	27	16	details	detail	NOUN
ajfa-283	27	17	of	of	ADP
ajfa-283	27	18	valuation	valuation	NOUN
ajfa-283	27	19	will	will	AUX
ajfa-283	27	20	vary	vary	VERB
ajfa-283	27	21	from	from	ADP
ajfa-283	27	22	case	case	NOUN
ajfa-283	27	23	to	to	PART
ajfa-283	27	24	case	case	VERB
ajfa-283	27	25	.	.	PUNCT
ajfa-283	28	1	the	the	DET
ajfa-283	28	2	role	role	NOUN
ajfa-283	28	3	of	of	ADP
ajfa-283	28	4	valuation	valuation	NOUN
ajfa-283	28	5	is	be	AUX
ajfa-283	28	6	different	different	ADJ
ajfa-283	28	7	in	in	ADP
ajfa-283	28	8	different	different	ADJ
ajfa-283	28	9	situations	situation	NOUN
ajfa-283	28	10	.	.	PUNCT
ajfa-283	29	1	like	like	INTJ
ajfa-283	29	2	in	in	ADP
ajfa-283	29	3	portfolio	portfolio	NOUN
ajfa-283	29	4	management	management	NOUN
ajfa-283	29	5	the	the	DET
ajfa-283	29	6	role	role	NOUN
ajfa-283	29	7	of	of	ADP
ajfa-283	29	8	valuation	valuation	NOUN
ajfa-283	29	9	is	be	AUX
ajfa-283	29	10	determined	determine	VERB
ajfa-283	29	11	by	by	ADP
ajfa-283	29	12	the	the	DET
ajfa-283	29	13	investment	investment	NOUN
ajfa-283	29	14	philosophy	philosophy	NOUN
ajfa-283	29	15	of	of	ADP
ajfa-283	29	16	the	the	DET
ajfa-283	29	17	investor	investor	NOUN
ajfa-283	29	18	.	.	PUNCT
ajfa-283	30	1	valuation	valuation	NOUN
ajfa-283	30	2	plays	play	VERB
ajfa-283	30	3	a	a	DET
ajfa-283	30	4	limited	limited	ADJ
ajfa-283	30	5	role	role	NOUN
ajfa-283	30	6	in	in	ADP
ajfa-283	30	7	portfolio	portfolio	NOUN
ajfa-283	30	8	management	management	NOUN
ajfa-283	30	9	for	for	ADP
ajfa-283	30	10	a	a	DET
ajfa-283	30	11	passive	passive	ADJ
ajfa-283	30	12	investor	investor	NOUN
ajfa-283	30	13	,	,	PUNCT
ajfa-283	30	14	whereas	whereas	SCONJ
ajfa-283	30	15	it	it	PRON
ajfa-283	30	16	plays	play	VERB
ajfa-283	30	17	a	a	DET
ajfa-283	30	18	very	very	ADV
ajfa-283	30	19	important	important	ADJ
ajfa-283	30	20	role	role	NOUN
ajfa-283	30	21	for	for	ADP
ajfa-283	30	22	an	an	DET
ajfa-283	30	23	active	active	ADJ
ajfa-283	30	24	investor	investor	NOUN
ajfa-283	30	25	.	.	PUNCT
ajfa-283	31	1	there	there	PRON
ajfa-283	31	2	are	be	VERB
ajfa-283	31	3	different	different	ADJ
ajfa-283	31	4	techniques	technique	NOUN
ajfa-283	31	5	through	through	ADP
ajfa-283	31	6	which	which	PRON
ajfa-283	31	7	analysts	analyst	NOUN
ajfa-283	31	8	value	value	VERB
ajfa-283	31	9	equities	equity	NOUN
ajfa-283	31	10	.	.	PUNCT
ajfa-283	32	1	some	some	DET
ajfa-283	32	2	analysts	analyst	NOUN
ajfa-283	32	3	use	use	VERB
ajfa-283	32	4	discounted	discount	VERB
ajfa-283	32	5	cash	cash	NOUN
ajfa-283	32	6	flow	flow	NOUN
ajfa-283	32	7	(	(	PUNCT
ajfa-283	32	8	dcf	dcf	NOUN
ajfa-283	32	9	)	)	PUNCT
ajfa-283	32	10	models	model	NOUN
ajfa-283	32	11	to	to	ADP
ajfa-283	32	12	value	value	NOUN
ajfa-283	32	13	shares	share	NOUN
ajfa-283	32	14	,	,	PUNCT
ajfa-283	32	15	while	while	SCONJ
ajfa-283	32	16	others	other	NOUN
ajfa-283	32	17	use	use	VERB
ajfa-283	32	18	price	price	NOUN
ajfa-283	32	19	multiples	multiple	NOUN
ajfa-283	32	20	such	such	ADJ
ajfa-283	32	21	as	as	ADP
ajfa-283	32	22	the	the	DET
ajfa-283	32	23	price	price	NOUN
ajfa-283	32	24	earnings	earning	NOUN
ajfa-283	32	25	and	and	CCONJ
ajfa-283	32	26	price	price	NOUN
ajfa-283	32	27	-	-	PUNCT
ajfa-283	32	28	book	book	NOUN
ajfa-283	32	29	value	value	NOUN
ajfa-283	32	30	ratios	ratio	NOUN
ajfa-283	32	31	.	.	PUNCT
ajfa-283	33	1	technical	technical	ADJ
ajfa-283	33	2	analysts	analyst	NOUN
ajfa-283	33	3	believe	believe	VERB
ajfa-283	33	4	that	that	SCONJ
ajfa-283	33	5	prices	price	NOUN
ajfa-283	33	6	are	be	AUX
ajfa-283	33	7	driven	drive	VERB
ajfa-283	33	8	as	as	ADV
ajfa-283	33	9	much	much	ADJ
ajfa-283	33	10	by	by	ADP
ajfa-283	33	11	investor	investor	NOUN
ajfa-283	33	12	psychology	psychology	NOUN
ajfa-283	33	13	as	as	ADP
ajfa-283	33	14	by	by	ADP
ajfa-283	33	15	any	any	DET
ajfa-283	33	16	underlying	underlying	ADJ
ajfa-283	33	17	financial	financial	ADJ
ajfa-283	33	18	variables	variable	NOUN
ajfa-283	33	19	.	.	PUNCT
ajfa-283	34	1	then	then	ADV
ajfa-283	34	2	there	there	PRON
ajfa-283	34	3	are	be	VERB
ajfa-283	34	4	information	information	NOUN
ajfa-283	34	5	traders	trader	NOUN
ajfa-283	34	6	,	,	PUNCT
ajfa-283	34	7	who	who	PRON
ajfa-283	34	8	attempt	attempt	VERB
ajfa-283	34	9	to	to	PART
ajfa-283	34	10	trade	trade	VERB
ajfa-283	34	11	in	in	ADP
ajfa-283	34	12	advance	advance	NOUN
ajfa-283	34	13	of	of	ADP
ajfa-283	34	14	new	new	ADJ
ajfa-283	34	15	information	information	NOUN
ajfa-283	34	16	or	or	CCONJ
ajfa-283	34	17	shortly	shortly	ADV
ajfa-283	34	18	after	after	SCONJ
ajfa-283	34	19	it	it	PRON
ajfa-283	34	20	is	be	AUX
ajfa-283	34	21	revealed	reveal	VERB
ajfa-283	34	22	to	to	ADP
ajfa-283	34	23	financial	financial	ADJ
ajfa-283	34	24	markets	market	NOUN
ajfa-283	34	25	,	,	PUNCT
ajfa-283	34	26	buying	buy	VERB
ajfa-283	34	27	on	on	ADP
ajfa-283	34	28	good	good	ADJ
ajfa-283	34	29	news	news	NOUN
ajfa-283	34	30	and	and	CCONJ
ajfa-283	34	31	selling	sell	VERB
ajfa-283	34	32	on	on	ADP
ajfa-283	34	33	bad	bad	ADJ
ajfa-283	34	34	news	news	NOUN
ajfa-283	34	35	.	.	PUNCT
ajfa-283	35	1	efficient	efficient	ADJ
ajfa-283	35	2	marketers	marketer	NOUN
ajfa-283	35	3	believe	believe	VERB
ajfa-283	35	4	that	that	SCONJ
ajfa-283	35	5	the	the	DET
ajfa-283	35	6	market	market	NOUN
ajfa-283	35	7	price	price	NOUN
ajfa-283	35	8	at	at	ADP
ajfa-283	35	9	any	any	DET
ajfa-283	35	10	point	point	NOUN
ajfa-283	35	11	in	in	ADP
ajfa-283	35	12	time	time	NOUN
ajfa-283	35	13	represents	represent	VERB
ajfa-283	35	14	the	the	DET
ajfa-283	35	15	best	good	ADJ
ajfa-283	35	16	estimate	estimate	NOUN
ajfa-283	35	17	of	of	ADP
ajfa-283	35	18	the	the	DET
ajfa-283	35	19	true	true	ADJ
ajfa-283	35	20	value	value	NOUN
ajfa-283	35	21	of	of	ADP
ajfa-283	35	22	the	the	DET
ajfa-283	35	23	firm	firm	NOUN
ajfa-283	35	24	,	,	PUNCT
ajfa-283	35	25	and	and	CCONJ
ajfa-283	35	26	that	that	SCONJ
ajfa-283	35	27	any	any	DET
ajfa-283	35	28	effort	effort	NOUN
ajfa-283	35	29	to	to	PART
ajfa-283	35	30	exploit	exploit	VERB
ajfa-283	35	31	perceived	perceive	VERB
ajfa-283	35	32	market	market	NOUN
ajfa-283	35	33	in	in	ADP
ajfa-283	35	34	-	-	PUNCT
ajfa-283	35	35	efficiencies	efficiency	NOUN
ajfa-283	35	36	will	will	AUX
ajfa-283	35	37	cost	cost	VERB
ajfa-283	35	38	more	more	ADJ
ajfa-283	35	39	than	than	SCONJ
ajfa-283	35	40	it	it	PRON
ajfa-283	35	41	will	will	AUX
ajfa-283	35	42	make	make	VERB
ajfa-283	35	43	in	in	ADP
ajfa-283	35	44	extra	extra	ADJ
ajfa-283	35	45	-	-	ADJ
ajfa-283	35	46	normal	normal	ADJ
ajfa-283	35	47	profits	profit	NOUN
ajfa-283	35	48	.	.	PUNCT
ajfa-283	36	1	while	while	SCONJ
ajfa-283	36	2	we	we	PRON
ajfa-283	36	3	tend	tend	VERB
ajfa-283	36	4	to	to	PART
ajfa-283	36	5	focus	focus	VERB
ajfa-283	36	6	more	more	ADV
ajfa-283	36	7	on	on	ADP
ajfa-283	36	8	discounted	discount	VERB
ajfa-283	36	9	cash	cash	NOUN
ajfa-283	36	10	flow	flow	NOUN
ajfa-283	36	11	valuation	valuation	NOUN
ajfa-283	36	12	,	,	PUNCT
ajfa-283	36	13	while	while	SCONJ
ajfa-283	36	14	discussing	discuss	VERB
ajfa-283	36	15	valuation	valuation	NOUN
ajfa-283	36	16	,	,	PUNCT
ajfa-283	36	17	the	the	DET
ajfa-283	36	18	reality	reality	NOUN
ajfa-283	36	19	is	be	AUX
ajfa-283	36	20	that	that	SCONJ
ajfa-283	36	21	most	most	ADJ
ajfa-283	36	22	valuations	valuation	NOUN
ajfa-283	36	23	are	be	AUX
ajfa-283	36	24	relative	relative	ADJ
ajfa-283	36	25	in	in	ADP
ajfa-283	36	26	nature	nature	NOUN
ajfa-283	36	27	.	.	PUNCT
ajfa-283	37	1	the	the	DET
ajfa-283	37	2	value	value	NOUN
ajfa-283	37	3	of	of	ADP
ajfa-283	37	4	most	most	ADJ
ajfa-283	37	5	assets	asset	NOUN
ajfa-283	37	6	,	,	PUNCT
ajfa-283	37	7	from	from	ADP
ajfa-283	37	8	the	the	DET
ajfa-283	37	9	house	house	NOUN
ajfa-283	37	10	one	one	NOUN
ajfa-283	37	11	buys	buy	VERB
ajfa-283	37	12	to	to	ADP
ajfa-283	37	13	the	the	DET
ajfa-283	37	14	stocks	stock	NOUN
ajfa-283	37	15	that	that	PRON
ajfa-283	37	16	one	one	NUM
ajfa-283	37	17	invests	invest	NOUN
ajfa-283	37	18	in	in	ADP
ajfa-283	37	19	,	,	PUNCT
ajfa-283	37	20	are	be	AUX
ajfa-283	37	21	based	base	VERB
ajfa-283	37	22	upon	upon	SCONJ
ajfa-283	37	23	how	how	SCONJ
ajfa-283	37	24	similar	similar	ADJ
ajfa-283	37	25	assets	asset	NOUN
ajfa-283	37	26	are	be	AUX
ajfa-283	37	27	priced	price	VERB
ajfa-283	37	28	in	in	ADP
ajfa-283	37	29	the	the	DET
ajfa-283	37	30	market	market	NOUN
ajfa-283	37	31	place	place	NOUN
ajfa-283	37	32	.	.	PUNCT
ajfa-283	38	1	relative	relative	ADJ
ajfa-283	38	2	valuation	valuation	NOUN
ajfa-283	38	3	,	,	PUNCT
ajfa-283	38	4	estimates	estimate	VERB
ajfa-283	38	5	the	the	DET
ajfa-283	38	6	value	value	NOUN
ajfa-283	38	7	of	of	ADP
ajfa-283	38	8	an	an	DET
ajfa-283	38	9	asset	asset	NOUN
ajfa-283	38	10	by	by	ADP
ajfa-283	38	11	looking	look	VERB
ajfa-283	38	12	at	at	ADP
ajfa-283	38	13	the	the	DET
ajfa-283	38	14	pricing	pricing	NOUN
ajfa-283	38	15	of	of	ADP
ajfa-283	38	16	‘	'	PUNCT
ajfa-283	38	17	comparable	comparable	ADJ
ajfa-283	38	18	’	'	PUNCT
ajfa-283	38	19	assets	asset	NOUN
ajfa-283	38	20	relative	relative	ADJ
ajfa-283	38	21	to	to	ADP
ajfa-283	38	22	a	a	DET
ajfa-283	38	23	common	common	ADJ
ajfa-283	38	24	variable	variable	NOUN
ajfa-283	38	25	such	such	ADJ
ajfa-283	38	26	as	as	ADP
ajfa-283	38	27	earnings	earning	NOUN
ajfa-283	38	28	,	,	PUNCT
ajfa-283	38	29	cash	cash	NOUN
ajfa-283	38	30	flows	flow	NOUN
ajfa-283	38	31	,	,	PUNCT
ajfa-283	38	32	book	book	NOUN
ajfa-283	38	33	value	value	NOUN
ajfa-283	38	34	or	or	CCONJ
ajfa-283	38	35	sales	sale	NOUN
ajfa-283	38	36	.	.	PUNCT
ajfa-283	39	1	there	there	PRON
ajfa-283	39	2	are	be	VERB
ajfa-283	39	3	two	two	NUM
ajfa-283	39	4	components	component	NOUN
ajfa-283	39	5	to	to	ADP
ajfa-283	39	6	relative	relative	ADJ
ajfa-283	39	7	valuation	valuation	NOUN
ajfa-283	39	8	.	.	PUNCT
ajfa-283	40	1	the	the	DET
ajfa-283	40	2	first	first	ADJ
ajfa-283	40	3	is	be	AUX
ajfa-283	40	4	that	that	PRON
ajfa-283	40	5	to	to	PART
ajfa-283	40	6	value	value	VERB
ajfa-283	40	7	assets	asset	NOUN
ajfa-283	40	8	on	on	ADP
ajfa-283	40	9	a	a	DET
ajfa-283	40	10	relative	relative	ADJ
ajfa-283	40	11	basis	basis	NOUN
ajfa-283	40	12	,	,	PUNCT
ajfa-283	40	13	prices	price	NOUN
ajfa-283	40	14	have	have	VERB
ajfa-283	40	15	to	to	PART
ajfa-283	40	16	be	be	AUX
ajfa-283	40	17	standardized	standardize	VERB
ajfa-283	40	18	,	,	PUNCT
ajfa-283	40	19	usually	usually	ADV
ajfa-283	40	20	by	by	ADP
ajfa-283	40	21	converting	convert	VERB
ajfa-283	40	22	prices	price	NOUN
ajfa-283	40	23	into	into	ADP
ajfa-283	40	24	asain	asain	ADJ
ajfa-283	40	25	journal	journal	PROPN
ajfa-283	40	26	of	of	ADP
ajfa-283	40	27	finance	finance	PROPN
ajfa-283	40	28	&	&	CCONJ
ajfa-283	40	29	accounting	accounting	PROPN
ajfa-283	40	30	issn	issn	PROPN
ajfa-283	40	31	1946	1946	NUM
ajfa-283	40	32	-	-	PUNCT
ajfa-283	40	33	052x	052x	NOUN
ajfa-283	40	34	2010	2010	NUM
ajfa-283	40	35	,	,	PUNCT
ajfa-283	40	36	vol	vol	NOUN
ajfa-283	40	37	.	.	PROPN
ajfa-283	40	38	2	2	NUM
ajfa-283	40	39	,	,	PUNCT
ajfa-283	40	40	no	no	INTJ
ajfa-283	40	41	.	.	NOUN
ajfa-283	40	42	1	1	NUM
ajfa-283	40	43	:	:	PUNCT
ajfa-283	40	44	e4	e4	PROPN
ajfa-283	40	45	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	40	46	71	71	NUM
ajfa-283	40	47	multiples	multiple	NOUN
ajfa-283	40	48	of	of	ADP
ajfa-283	40	49	corporate	corporate	ADJ
ajfa-283	40	50	fundamentals	fundamental	NOUN
ajfa-283	40	51	.	.	PUNCT
ajfa-283	41	1	the	the	DET
ajfa-283	41	2	second	second	NOUN
ajfa-283	41	3	is	be	AUX
ajfa-283	41	4	to	to	PART
ajfa-283	41	5	find	find	VERB
ajfa-283	41	6	similar	similar	ADJ
ajfa-283	41	7	firms	firm	NOUN
ajfa-283	41	8	,	,	PUNCT
ajfa-283	41	9	which	which	PRON
ajfa-283	41	10	is	be	AUX
ajfa-283	41	11	difficult	difficult	ADJ
ajfa-283	41	12	to	to	PART
ajfa-283	41	13	do	do	VERB
ajfa-283	41	14	since	since	SCONJ
ajfa-283	41	15	no	no	DET
ajfa-283	41	16	two	two	NUM
ajfa-283	41	17	firms	firm	NOUN
ajfa-283	41	18	are	be	AUX
ajfa-283	41	19	identical	identical	ADJ
ajfa-283	41	20	and	and	CCONJ
ajfa-283	41	21	firms	firm	NOUN
ajfa-283	41	22	in	in	ADP
ajfa-283	41	23	the	the	DET
ajfa-283	41	24	same	same	ADJ
ajfa-283	41	25	business	business	NOUN
ajfa-283	41	26	can	can	AUX
ajfa-283	41	27	still	still	ADV
ajfa-283	41	28	differ	differ	VERB
ajfa-283	41	29	on	on	ADP
ajfa-283	41	30	risk	risk	NOUN
ajfa-283	41	31	,	,	PUNCT
ajfa-283	41	32	growth	growth	NOUN
ajfa-283	41	33	potential	potential	NOUN
ajfa-283	41	34	and	and	CCONJ
ajfa-283	41	35	cash	cash	NOUN
ajfa-283	41	36	flows	flow	NOUN
ajfa-283	41	37	.	.	PUNCT
ajfa-283	42	1	it	it	PRON
ajfa-283	42	2	is	be	AUX
ajfa-283	42	3	the	the	DET
ajfa-283	42	4	most	most	ADV
ajfa-283	42	5	popular	popular	ADJ
ajfa-283	42	6	technique	technique	NOUN
ajfa-283	42	7	of	of	ADP
ajfa-283	42	8	valuing	value	VERB
ajfa-283	42	9	an	an	DET
ajfa-283	42	10	asset	asset	NOUN
ajfa-283	42	11	because	because	SCONJ
ajfa-283	42	12	firstly	firstly	ADV
ajfa-283	42	13	a	a	DET
ajfa-283	42	14	valuation	valuation	NOUN
ajfa-283	42	15	based	base	VERB
ajfa-283	42	16	upon	upon	SCONJ
ajfa-283	42	17	a	a	DET
ajfa-283	42	18	multiple	multiple	NOUN
ajfa-283	42	19	for	for	ADP
ajfa-283	42	20	comparable	comparable	ADJ
ajfa-283	42	21	firms	firm	NOUN
ajfa-283	42	22	can	can	AUX
ajfa-283	42	23	be	be	AUX
ajfa-283	42	24	quickly	quickly	ADV
ajfa-283	42	25	estimated	estimate	VERB
ajfa-283	42	26	with	with	ADP
ajfa-283	42	27	far	far	ADV
ajfa-283	42	28	fewer	few	ADJ
ajfa-283	42	29	assumptions	assumption	NOUN
ajfa-283	42	30	and	and	CCONJ
ajfa-283	42	31	in	in	ADP
ajfa-283	42	32	a	a	DET
ajfa-283	42	33	speedy	speedy	ADJ
ajfa-283	42	34	manner	manner	NOUN
ajfa-283	42	35	compared	compare	VERB
ajfa-283	42	36	to	to	PART
ajfa-283	42	37	dcf	dcf	VERB
ajfa-283	42	38	analysis	analysis	NOUN
ajfa-283	42	39	.	.	PUNCT
ajfa-283	43	1	secondly	secondly	ADV
ajfa-283	43	2	a	a	DET
ajfa-283	43	3	relative	relative	ADJ
ajfa-283	43	4	valuation	valuation	NOUN
ajfa-283	43	5	is	be	AUX
ajfa-283	43	6	simpler	simple	ADJ
ajfa-283	43	7	to	to	PART
ajfa-283	43	8	understand	understand	VERB
ajfa-283	43	9	and	and	CCONJ
ajfa-283	43	10	easier	easy	ADJ
ajfa-283	43	11	to	to	PART
ajfa-283	43	12	present	present	VERB
ajfa-283	43	13	to	to	ADP
ajfa-283	43	14	clients	client	NOUN
ajfa-283	43	15	and	and	CCONJ
ajfa-283	43	16	customers	customer	NOUN
ajfa-283	43	17	.	.	PUNCT
ajfa-283	44	1	finally	finally	ADV
ajfa-283	44	2	in	in	ADP
ajfa-283	44	3	situations	situation	NOUN
ajfa-283	44	4	where	where	SCONJ
ajfa-283	44	5	market	market	NOUN
ajfa-283	44	6	valuations	valuation	NOUN
ajfa-283	44	7	are	be	AUX
ajfa-283	44	8	absent	absent	ADJ
ajfa-283	44	9	,	,	PUNCT
ajfa-283	44	10	either	either	CCONJ
ajfa-283	44	11	because	because	SCONJ
ajfa-283	44	12	the	the	DET
ajfa-283	44	13	share	share	NOUN
ajfa-283	44	14	capital	capital	NOUN
ajfa-283	44	15	is	be	AUX
ajfa-283	44	16	privately	privately	ADV
ajfa-283	44	17	held	hold	VERB
ajfa-283	44	18	,	,	PUNCT
ajfa-283	44	19	or	or	CCONJ
ajfa-283	44	20	because	because	SCONJ
ajfa-283	44	21	the	the	DET
ajfa-283	44	22	proposed	propose	VERB
ajfa-283	44	23	publicly	publicly	ADV
ajfa-283	44	24	traded	trade	VERB
ajfa-283	44	25	entity	entity	NOUN
ajfa-283	44	26	has	have	AUX
ajfa-283	44	27	not	not	PART
ajfa-283	44	28	yet	yet	ADV
ajfa-283	44	29	been	be	AUX
ajfa-283	44	30	created	create	VERB
ajfa-283	44	31	like	like	ADP
ajfa-283	44	32	in	in	ADP
ajfa-283	44	33	case	case	NOUN
ajfa-283	44	34	of	of	ADP
ajfa-283	44	35	spinoffs	spinoff	NOUN
ajfa-283	44	36	,	,	PUNCT
ajfa-283	44	37	relative	relative	ADJ
ajfa-283	44	38	valuation	valuation	NOUN
ajfa-283	44	39	is	be	AUX
ajfa-283	44	40	the	the	DET
ajfa-283	44	41	only	only	ADJ
ajfa-283	44	42	solution	solution	NOUN
ajfa-283	44	43	to	to	PART
ajfa-283	44	44	find	find	VERB
ajfa-283	44	45	value	value	NOUN
ajfa-283	44	46	in	in	ADP
ajfa-283	44	47	such	such	ADJ
ajfa-283	44	48	cases	case	NOUN
ajfa-283	44	49	.	.	PUNCT
ajfa-283	45	1	valuations	valuation	NOUN
ajfa-283	45	2	under	under	ADP
ajfa-283	45	3	this	this	DET
ajfa-283	45	4	approach	approach	NOUN
ajfa-283	45	5	can	can	AUX
ajfa-283	45	6	be	be	AUX
ajfa-283	45	7	standardized	standardize	VERB
ajfa-283	45	8	relative	relative	ADJ
ajfa-283	45	9	to	to	SCONJ
ajfa-283	45	10	earnings	earning	NOUN
ajfa-283	45	11	firms	firm	NOUN
ajfa-283	45	12	generate	generate	VERB
ajfa-283	45	13	,	,	PUNCT
ajfa-283	45	14	to	to	ADP
ajfa-283	45	15	the	the	DET
ajfa-283	45	16	book	book	NOUN
ajfa-283	45	17	value	value	NOUN
ajfa-283	45	18	or	or	CCONJ
ajfa-283	45	19	replacement	replacement	NOUN
ajfa-283	45	20	value	value	NOUN
ajfa-283	45	21	of	of	ADP
ajfa-283	45	22	the	the	DET
ajfa-283	45	23	firms	firm	NOUN
ajfa-283	45	24	themselves	themselves	PRON
ajfa-283	45	25	,	,	PUNCT
ajfa-283	45	26	to	to	ADP
ajfa-283	45	27	the	the	DET
ajfa-283	45	28	revenues	revenue	NOUN
ajfa-283	45	29	that	that	PRON
ajfa-283	45	30	firms	firm	NOUN
ajfa-283	45	31	generate	generate	VERB
ajfa-283	45	32	or	or	CCONJ
ajfa-283	45	33	to	to	PART
ajfa-283	45	34	measure	measure	VERB
ajfa-283	45	35	a	a	DET
ajfa-283	45	36	firm	firm	NOUN
ajfa-283	45	37	’s	’s	PART
ajfa-283	45	38	cash	cash	NOUN
ajfa-283	45	39	flows	flow	NOUN
ajfa-283	45	40	.	.	PUNCT
ajfa-283	46	1	some	some	PRON
ajfa-283	46	2	of	of	ADP
ajfa-283	46	3	the	the	DET
ajfa-283	46	4	important	important	ADJ
ajfa-283	46	5	multiples	multiple	NOUN
ajfa-283	46	6	in	in	ADP
ajfa-283	46	7	relative	relative	ADJ
ajfa-283	46	8	valuations	valuation	NOUN
ajfa-283	46	9	are	be	AUX
ajfa-283	46	10	earnings	earning	NOUN
ajfa-283	46	11	multiples	multiple	NOUN
ajfa-283	46	12	which	which	PRON
ajfa-283	46	13	can	can	AUX
ajfa-283	46	14	be	be	AUX
ajfa-283	46	15	estimated	estimate	VERB
ajfa-283	46	16	using	use	VERB
ajfa-283	46	17	current	current	ADJ
ajfa-283	46	18	earnings	earning	NOUN
ajfa-283	46	19	per	per	ADP
ajfa-283	46	20	share	share	NOUN
ajfa-283	46	21	,	,	PUNCT
ajfa-283	46	22	yielding	yield	VERB
ajfa-283	46	23	a	a	DET
ajfa-283	46	24	current	current	ADJ
ajfa-283	46	25	price	price	NOUN
ajfa-283	46	26	to	to	ADP
ajfa-283	46	27	earning	earn	VERB
ajfa-283	46	28	(	(	PUNCT
ajfa-283	46	29	p	p	X
ajfa-283	46	30	/	/	SYM
ajfa-283	46	31	e	e	NOUN
ajfa-283	46	32	)	)	PUNCT
ajfa-283	46	33	,	,	PUNCT
ajfa-283	46	34	earnings	earning	NOUN
ajfa-283	46	35	over	over	ADP
ajfa-283	46	36	the	the	DET
ajfa-283	46	37	last	last	ADJ
ajfa-283	46	38	four	four	NUM
ajfa-283	46	39	quarters	quarter	NOUN
ajfa-283	46	40	,	,	PUNCT
ajfa-283	46	41	resulting	result	VERB
ajfa-283	46	42	in	in	ADP
ajfa-283	46	43	a	a	DET
ajfa-283	46	44	trailing	trailing	NOUN
ajfa-283	46	45	p	p	X
ajfa-283	46	46	/	/	SYM
ajfa-283	46	47	e	e	NOUN
ajfa-283	46	48	,	,	PUNCT
ajfa-283	46	49	or	or	CCONJ
ajfa-283	46	50	expected	expect	VERB
ajfa-283	46	51	earnings	earning	NOUN
ajfa-283	46	52	per	per	ADP
ajfa-283	46	53	share	share	NOUN
ajfa-283	46	54	in	in	ADP
ajfa-283	46	55	the	the	DET
ajfa-283	46	56	next	next	ADJ
ajfa-283	46	57	year	year	NOUN
ajfa-283	46	58	providing	provide	VERB
ajfa-283	46	59	a	a	DET
ajfa-283	46	60	forward	forward	NOUN
ajfa-283	46	61	p	p	X
ajfa-283	46	62	/	/	SYM
ajfa-283	46	63	e.	e.	PROPN
ajfa-283	46	64	book	book	PROPN
ajfa-283	46	65	value	value	NOUN
ajfa-283	46	66	(	(	PUNCT
ajfa-283	46	67	p	p	X
ajfa-283	46	68	/	/	SYM
ajfa-283	46	69	bv	bv	NOUN
ajfa-283	46	70	)	)	PUNCT
ajfa-283	46	71	or	or	CCONJ
ajfa-283	46	72	replacement	replacement	NOUN
ajfa-283	46	73	value	value	NOUN
ajfa-283	46	74	multiple	multiple	NOUN
ajfa-283	46	75	which	which	PRON
ajfa-283	46	76	is	be	AUX
ajfa-283	46	77	the	the	DET
ajfa-283	46	78	accounting	accounting	NOUN
ajfa-283	46	79	estimate	estimate	NOUN
ajfa-283	46	80	of	of	ADP
ajfa-283	46	81	book	book	NOUN
ajfa-283	46	82	value	value	NOUN
ajfa-283	46	83	is	be	AUX
ajfa-283	46	84	determined	determine	VERB
ajfa-283	46	85	by	by	ADP
ajfa-283	46	86	accounting	accounting	NOUN
ajfa-283	46	87	rules	rule	NOUN
ajfa-283	46	88	and	and	CCONJ
ajfa-283	46	89	is	be	AUX
ajfa-283	46	90	heavily	heavily	ADV
ajfa-283	46	91	influenced	influence	VERB
ajfa-283	46	92	by	by	ADP
ajfa-283	46	93	the	the	DET
ajfa-283	46	94	original	original	ADJ
ajfa-283	46	95	price	price	NOUN
ajfa-283	46	96	paid	pay	VERB
ajfa-283	46	97	for	for	ADP
ajfa-283	46	98	any	any	DET
ajfa-283	46	99	assets	asset	NOUN
ajfa-283	46	100	and	and	CCONJ
ajfa-283	46	101	any	any	DET
ajfa-283	46	102	accounting	accounting	NOUN
ajfa-283	46	103	adjustments	adjustment	NOUN
ajfa-283	46	104	(	(	PUNCT
ajfa-283	46	105	such	such	ADJ
ajfa-283	46	106	as	as	ADP
ajfa-283	46	107	depreciation	depreciation	NOUN
ajfa-283	46	108	,	,	PUNCT
ajfa-283	46	109	inventory	inventory	NOUN
ajfa-283	46	110	valuation	valuation	NOUN
ajfa-283	46	111	etc	etc	X
ajfa-283	46	112	.	.	X
ajfa-283	46	113	)	)	PUNCT
ajfa-283	46	114	made	make	VERB
ajfa-283	46	115	since	since	SCONJ
ajfa-283	46	116	.	.	PUNCT
ajfa-283	47	1	for	for	ADP
ajfa-283	47	2	those	those	PRON
ajfa-283	47	3	who	who	PRON
ajfa-283	47	4	believe	believe	VERB
ajfa-283	47	5	that	that	DET
ajfa-283	47	6	book	book	NOUN
ajfa-283	47	7	value	value	NOUN
ajfa-283	47	8	is	be	AUX
ajfa-283	47	9	not	not	PART
ajfa-283	47	10	a	a	DET
ajfa-283	47	11	good	good	ADJ
ajfa-283	47	12	measure	measure	NOUN
ajfa-283	47	13	of	of	ADP
ajfa-283	47	14	the	the	DET
ajfa-283	47	15	true	true	ADJ
ajfa-283	47	16	value	value	NOUN
ajfa-283	47	17	of	of	ADP
ajfa-283	47	18	assets	asset	NOUN
ajfa-283	47	19	,	,	PUNCT
ajfa-283	47	20	an	an	DET
ajfa-283	47	21	alternative	alternative	NOUN
ajfa-283	47	22	is	be	AUX
ajfa-283	47	23	to	to	PART
ajfa-283	47	24	use	use	VERB
ajfa-283	47	25	the	the	DET
ajfa-283	47	26	replacement	replacement	NOUN
ajfa-283	47	27	cost	cost	NOUN
ajfa-283	47	28	of	of	ADP
ajfa-283	47	29	the	the	DET
ajfa-283	47	30	assets	asset	NOUN
ajfa-283	47	31	,	,	PUNCT
ajfa-283	47	32	the	the	DET
ajfa-283	47	33	ratio	ratio	NOUN
ajfa-283	47	34	of	of	ADP
ajfa-283	47	35	value	value	NOUN
ajfa-283	47	36	of	of	ADP
ajfa-283	47	37	firm	firm	NOUN
ajfa-283	47	38	to	to	PART
ajfa-283	47	39	replacement	replacement	NOUN
ajfa-283	47	40	cost	cost	NOUN
ajfa-283	47	41	is	be	AUX
ajfa-283	47	42	called	call	VERB
ajfa-283	47	43	tobin	tobin	NOUN
ajfa-283	47	44	’s	’s	PART
ajfa-283	47	45	q.	q.	PROPN
ajfa-283	47	46	another	another	DET
ajfa-283	47	47	important	important	ADJ
ajfa-283	47	48	price	price	NOUN
ajfa-283	47	49	multiple	multiple	NOUN
ajfa-283	47	50	used	use	VERB
ajfa-283	47	51	in	in	ADP
ajfa-283	47	52	the	the	DET
ajfa-283	47	53	industry	industry	NOUN
ajfa-283	47	54	is	be	AUX
ajfa-283	47	55	based	base	VERB
ajfa-283	47	56	on	on	ADP
ajfa-283	47	57	firm	firm	ADJ
ajfa-283	47	58	revenues	revenue	NOUN
ajfa-283	47	59	which	which	PRON
ajfa-283	47	60	is	be	AUX
ajfa-283	47	61	a	a	DET
ajfa-283	47	62	ratio	ratio	NOUN
ajfa-283	47	63	of	of	ADP
ajfa-283	47	64	the	the	DET
ajfa-283	47	65	value	value	NOUN
ajfa-283	47	66	of	of	ADP
ajfa-283	47	67	an	an	DET
ajfa-283	47	68	asset	asset	NOUN
ajfa-283	47	69	to	to	ADP
ajfa-283	47	70	the	the	DET
ajfa-283	47	71	revenue	revenue	NOUN
ajfa-283	47	72	it	it	PRON
ajfa-283	47	73	generates	generate	VERB
ajfa-283	47	74	.	.	PUNCT
ajfa-283	48	1	for	for	ADP
ajfa-283	48	2	equity	equity	NOUN
ajfa-283	48	3	investors	investor	NOUN
ajfa-283	48	4	this	this	DET
ajfa-283	48	5	ratio	ratio	NOUN
ajfa-283	48	6	is	be	AUX
ajfa-283	48	7	price	price	NOUN
ajfa-283	48	8	to	to	ADP
ajfa-283	48	9	sales	sale	NOUN
ajfa-283	48	10	ratio	ratio	NOUN
ajfa-283	48	11	(	(	PUNCT
ajfa-283	48	12	p	p	X
ajfa-283	48	13	/	/	SYM
ajfa-283	48	14	s	s	NOUN
ajfa-283	48	15	)	)	PUNCT
ajfa-283	48	16	,	,	PUNCT
ajfa-283	48	17	where	where	SCONJ
ajfa-283	48	18	the	the	DET
ajfa-283	48	19	market	market	NOUN
ajfa-283	48	20	value	value	NOUN
ajfa-283	48	21	per	per	ADP
ajfa-283	48	22	share	share	NOUN
ajfa-283	48	23	is	be	AUX
ajfa-283	48	24	divided	divide	VERB
ajfa-283	48	25	by	by	ADP
ajfa-283	48	26	the	the	DET
ajfa-283	48	27	revenues	revenue	NOUN
ajfa-283	48	28	generated	generate	VERB
ajfa-283	48	29	per	per	ADP
ajfa-283	48	30	share	share	NOUN
ajfa-283	48	31	.	.	PUNCT
ajfa-283	49	1	some	some	DET
ajfa-283	49	2	equity	equity	NOUN
ajfa-283	49	3	researchers	researcher	NOUN
ajfa-283	49	4	emphasize	emphasize	VERB
ajfa-283	49	5	on	on	ADP
ajfa-283	49	6	price	price	NOUN
ajfa-283	49	7	to	to	ADP
ajfa-283	49	8	cash	cash	NOUN
ajfa-283	49	9	flow	flow	NOUN
ajfa-283	49	10	(	(	PUNCT
ajfa-283	49	11	p	p	NOUN
ajfa-283	49	12	/	/	SYM
ajfa-283	49	13	cf	cf	NOUN
ajfa-283	49	14	)	)	PUNCT
ajfa-283	49	15	ratios	ratio	NOUN
ajfa-283	49	16	instead	instead	ADV
ajfa-283	49	17	of	of	ADP
ajfa-283	49	18	traditional	traditional	ADJ
ajfa-283	49	19	p	p	X
ajfa-283	49	20	/	/	SYM
ajfa-283	49	21	e	e	NOUN
ajfa-283	49	22	ratios	ratio	NOUN
ajfa-283	49	23	as	as	SCONJ
ajfa-283	49	24	the	the	DET
ajfa-283	49	25	later	later	NOUN
ajfa-283	49	26	is	be	AUX
ajfa-283	49	27	impacted	impact	VERB
ajfa-283	49	28	by	by	ADP
ajfa-283	49	29	the	the	DET
ajfa-283	49	30	accounting	accounting	NOUN
ajfa-283	49	31	treatment	treatment	NOUN
ajfa-283	49	32	for	for	ADP
ajfa-283	49	33	certain	certain	ADJ
ajfa-283	49	34	items	item	NOUN
ajfa-283	49	35	,	,	PUNCT
ajfa-283	49	36	as	as	SCONJ
ajfa-283	49	37	mentioned	mention	VERB
ajfa-283	49	38	for	for	ADP
ajfa-283	49	39	earnings	earning	NOUN
ajfa-283	49	40	above	above	ADV
ajfa-283	49	41	,	,	PUNCT
ajfa-283	49	42	in	in	ADP
ajfa-283	49	43	the	the	DET
ajfa-283	49	44	firm	firm	NOUN
ajfa-283	49	45	’s	’s	PART
ajfa-283	49	46	financial	financial	ADJ
ajfa-283	49	47	statements	statement	NOUN
ajfa-283	49	48	.	.	PUNCT
ajfa-283	50	1	analysts	analyst	NOUN
ajfa-283	50	2	rely	rely	VERB
ajfa-283	50	3	heavily	heavily	ADV
ajfa-283	50	4	on	on	ADP
ajfa-283	50	5	relative	relative	ADJ
ajfa-283	50	6	valuations	valuation	NOUN
ajfa-283	50	7	for	for	ADP
ajfa-283	50	8	forecasting	forecast	VERB
ajfa-283	50	9	purposes	purpose	NOUN
ajfa-283	50	10	because	because	SCONJ
ajfa-283	50	11	of	of	ADP
ajfa-283	50	12	their	their	PRON
ajfa-283	50	13	importance	importance	NOUN
ajfa-283	50	14	as	as	SCONJ
ajfa-283	50	15	mentioned	mention	VERB
ajfa-283	50	16	above	above	ADV
ajfa-283	50	17	.	.	PUNCT
ajfa-283	51	1	in	in	ADP
ajfa-283	51	2	the	the	DET
ajfa-283	51	3	investment	investment	NOUN
ajfa-283	51	4	community	community	NOUN
ajfa-283	51	5	,	,	PUNCT
ajfa-283	51	6	be	be	AUX
ajfa-283	51	7	it	it	PRON
ajfa-283	51	8	equity	equity	NOUN
ajfa-283	51	9	research	research	NOUN
ajfa-283	51	10	firms	firm	NOUN
ajfa-283	51	11	,	,	PUNCT
ajfa-283	51	12	asain	asain	ADJ
ajfa-283	51	13	journal	journal	NOUN
ajfa-283	51	14	of	of	ADP
ajfa-283	51	15	finance	finance	PROPN
ajfa-283	51	16	&	&	CCONJ
ajfa-283	51	17	accounting	accounting	PROPN
ajfa-283	51	18	issn	issn	PROPN
ajfa-283	51	19	1946	1946	NUM
ajfa-283	51	20	-	-	PUNCT
ajfa-283	51	21	052x	052x	NOUN
ajfa-283	51	22	2010	2010	NUM
ajfa-283	51	23	,	,	PUNCT
ajfa-283	51	24	vol	vol	NOUN
ajfa-283	51	25	.	.	PROPN
ajfa-283	51	26	2	2	NUM
ajfa-283	51	27	,	,	PUNCT
ajfa-283	51	28	no	no	INTJ
ajfa-283	51	29	.	.	NOUN
ajfa-283	51	30	1	1	NUM
ajfa-283	51	31	:	:	PUNCT
ajfa-283	51	32	e4	e4	PROPN
ajfa-283	51	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-283	51	34	72	72	NUM
ajfa-283	51	35	venture	venture	NOUN
ajfa-283	51	36	capitalists	capitalist	NOUN
ajfa-283	51	37	,	,	PUNCT
ajfa-283	51	38	trading	trading	NOUN
ajfa-283	51	39	firms	firm	NOUN
ajfa-283	51	40	,	,	PUNCT
ajfa-283	51	41	investment	investment	NOUN
ajfa-283	51	42	banks	bank	NOUN
ajfa-283	51	43	,	,	PUNCT
ajfa-283	51	44	and	and	CCONJ
ajfa-283	51	45	hedge	hedge	NOUN
ajfa-283	51	46	funds	fund	NOUN
ajfa-283	51	47	etc	etc	X
ajfa-283	51	48	.	.	X
ajfa-283	51	49	,	,	PUNCT
ajfa-283	51	50	relative	relative	ADJ
ajfa-283	51	51	valuation	valuation	NOUN
ajfa-283	51	52	is	be	AUX
ajfa-283	51	53	the	the	DET
ajfa-283	51	54	most	most	ADV
ajfa-283	51	55	acceptable	acceptable	ADJ
ajfa-283	51	56	technique	technique	NOUN
ajfa-283	51	57	for	for	ADP
ajfa-283	51	58	valuing	value	VERB
ajfa-283	51	59	stocks	stock	NOUN
ajfa-283	51	60	apart	apart	ADV
ajfa-283	51	61	from	from	ADP
ajfa-283	51	62	dcf	dcf	PROPN
ajfa-283	51	63	valuation	valuation	PROPN
ajfa-283	51	64	.	.	PUNCT
ajfa-283	52	1	a	a	DET
ajfa-283	52	2	lot	lot	NOUN
ajfa-283	52	3	of	of	ADP
ajfa-283	52	4	empirical	empirical	ADJ
ajfa-283	52	5	work	work	NOUN
ajfa-283	52	6	has	have	AUX
ajfa-283	52	7	been	be	AUX
ajfa-283	52	8	conducted	conduct	VERB
ajfa-283	52	9	for	for	ADP
ajfa-283	52	10	matured	matured	ADJ
ajfa-283	52	11	markets	market	NOUN
ajfa-283	52	12	2	2	NUM
ajfa-283	52	13	relating	relate	VERB
ajfa-283	52	14	to	to	ADP
ajfa-283	52	15	the	the	DET
ajfa-283	52	16	robustness	robustness	NOUN
ajfa-283	52	17	of	of	ADP
ajfa-283	52	18	value	value	NOUN
ajfa-283	52	19	drivers	driver	NOUN
ajfa-283	52	20	in	in	ADP
ajfa-283	52	21	deriving	derive	VERB
ajfa-283	52	22	equity	equity	NOUN
ajfa-283	52	23	prices	price	NOUN
ajfa-283	52	24	.	.	PUNCT
ajfa-283	53	1	similar	similar	ADJ
ajfa-283	53	2	work	work	NOUN
ajfa-283	53	3	for	for	ADP
ajfa-283	53	4	emerging	emerge	VERB
ajfa-283	53	5	markets	market	NOUN
ajfa-283	53	6	including	include	VERB
ajfa-283	53	7	india	india	PROPN
ajfa-283	53	8	,	,	PUNCT
ajfa-283	53	9	is	be	AUX
ajfa-283	53	10	however	however	ADV
ajfa-283	53	11	limited	limited	ADJ
ajfa-283	53	12	.	.	PUNCT
ajfa-283	54	1	the	the	DET
ajfa-283	54	2	study	study	NOUN
ajfa-283	54	3	is	be	AUX
ajfa-283	54	4	organized	organize	VERB
ajfa-283	54	5	into	into	ADP
ajfa-283	54	6	7	7	NUM
ajfa-283	54	7	sections	section	NOUN
ajfa-283	54	8	.	.	PUNCT
ajfa-283	55	1	section	section	NOUN
ajfa-283	55	2	2	2	NUM
ajfa-283	55	3	is	be	AUX
ajfa-283	55	4	devoted	devote	VERB
ajfa-283	55	5	to	to	PART
ajfa-283	55	6	review	review	VERB
ajfa-283	55	7	the	the	DET
ajfa-283	55	8	related	relate	VERB
ajfa-283	55	9	literature	literature	NOUN
ajfa-283	55	10	.	.	PUNCT
ajfa-283	56	1	section	section	NOUN
ajfa-283	56	2	3	3	NUM
ajfa-283	56	3	describes	describe	VERB
ajfa-283	56	4	data	datum	NOUN
ajfa-283	56	5	and	and	CCONJ
ajfa-283	56	6	their	their	PRON
ajfa-283	56	7	sources	source	NOUN
ajfa-283	56	8	.	.	PUNCT
ajfa-283	57	1	equity	equity	NOUN
ajfa-283	57	2	valuation	valuation	NOUN
ajfa-283	57	3	using	use	VERB
ajfa-283	57	4	historical	historical	ADJ
ajfa-283	57	5	price	price	NOUN
ajfa-283	57	6	multiples	multiple	NOUN
ajfa-283	57	7	is	be	AUX
ajfa-283	57	8	discussed	discuss	VERB
ajfa-283	57	9	in	in	ADP
ajfa-283	57	10	section	section	NOUN
ajfa-283	57	11	4	4	NUM
ajfa-283	57	12	.	.	PUNCT
ajfa-283	58	1	in	in	ADP
ajfa-283	58	2	section	section	NOUN
ajfa-283	58	3	5	5	NUM
ajfa-283	58	4	we	we	PRON
ajfa-283	58	5	analyze	analyze	VERB
ajfa-283	58	6	equity	equity	NOUN
ajfa-283	58	7	valuation	valuation	NOUN
ajfa-283	58	8	using	use	VERB
ajfa-283	58	9	combination	combination	NOUN
ajfa-283	58	10	of	of	ADP
ajfa-283	58	11	historical	historical	ADJ
ajfa-283	58	12	price	price	NOUN
ajfa-283	58	13	multiples	multiple	NOUN
ajfa-283	58	14	and	and	CCONJ
ajfa-283	58	15	compare	compare	VERB
ajfa-283	58	16	it	it	PRON
ajfa-283	58	17	with	with	ADP
ajfa-283	58	18	our	our	PRON
ajfa-283	58	19	findings	finding	NOUN
ajfa-283	58	20	for	for	ADP
ajfa-283	58	21	standalone	standalone	ADJ
ajfa-283	58	22	multiples	multiple	NOUN
ajfa-283	58	23	.	.	PUNCT
ajfa-283	59	1	section	section	NOUN
ajfa-283	59	2	6	6	NUM
ajfa-283	59	3	provides	provide	VERB
ajfa-283	59	4	a	a	DET
ajfa-283	59	5	comparison	comparison	NOUN
ajfa-283	59	6	of	of	ADP
ajfa-283	59	7	sector	sector	NOUN
ajfa-283	59	8	regressions	regression	NOUN
ajfa-283	59	9	versus	versus	ADP
ajfa-283	59	10	market	market	NOUN
ajfa-283	59	11	regressions	regression	NOUN
ajfa-283	59	12	in	in	ADP
ajfa-283	59	13	forecasting	forecast	VERB
ajfa-283	59	14	prices	price	NOUN
ajfa-283	59	15	for	for	ADP
ajfa-283	59	16	the	the	DET
ajfa-283	59	17	indian	indian	ADJ
ajfa-283	59	18	environment	environment	NOUN
ajfa-283	59	19	.	.	PUNCT
ajfa-283	60	1	summary	summary	NOUN
ajfa-283	60	2	and	and	CCONJ
ajfa-283	60	3	concluding	conclude	VERB
ajfa-283	60	4	remarks	remark	NOUN
ajfa-283	60	5	are	be	AUX
ajfa-283	60	6	contained	contain	VERB
ajfa-283	60	7	in	in	ADP
ajfa-283	60	8	the	the	DET
ajfa-283	60	9	last	last	ADJ
ajfa-283	60	10	section	section	NOUN
ajfa-283	60	11	.	.	PUNCT
ajfa-283	61	1	2	2	X
ajfa-283	61	2	.	.	X
ajfa-283	61	3	review	review	NOUN
ajfa-283	61	4	of	of	ADP
ajfa-283	61	5	literature	literature	NOUN
ajfa-283	61	6	there	there	PRON
ajfa-283	61	7	is	be	VERB
ajfa-283	61	8	a	a	DET
ajfa-283	61	9	lot	lot	NOUN
ajfa-283	61	10	of	of	ADP
ajfa-283	61	11	literature	literature	NOUN
ajfa-283	61	12	in	in	ADP
ajfa-283	61	13	textbooks	textbook	NOUN
ajfa-283	61	14	(	(	PUNCT
ajfa-283	61	15	e.g.	e.g.	ADV
ajfa-283	61	16	copeland	copeland	PROPN
ajfa-283	61	17	,	,	PUNCT
ajfa-283	61	18	koller	koller	PROPN
ajfa-283	61	19	and	and	CCONJ
ajfa-283	61	20	murrin	murrin	NOUN
ajfa-283	61	21	(	(	PUNCT
ajfa-283	61	22	1994	1994	NUM
ajfa-283	61	23	)	)	PUNCT
ajfa-283	61	24	,	,	PUNCT
ajfa-283	61	25	damodaran	damodaran	VERB
ajfa-283	61	26	(	(	PUNCT
ajfa-283	61	27	1996	1996	NUM
ajfa-283	61	28	)	)	PUNCT
ajfa-283	61	29	,	,	PUNCT
ajfa-283	61	30	and	and	CCONJ
ajfa-283	61	31	palepu	palepu	NOUN
ajfa-283	61	32	,	,	PUNCT
ajfa-283	61	33	healey	healey	PROPN
ajfa-283	61	34	,	,	PUNCT
ajfa-283	61	35	and	and	CCONJ
ajfa-283	61	36	bernard	bernard	PROPN
ajfa-283	61	37	(	(	PUNCT
ajfa-283	61	38	2000	2000	NUM
ajfa-283	61	39	)	)	PUNCT
ajfa-283	61	40	discussing	discuss	VERB
ajfa-283	61	41	price	price	NOUN
ajfa-283	61	42	multiples	multiple	NOUN
ajfa-283	61	43	.	.	PUNCT
ajfa-283	62	1	interestingly	interestingly	ADV
ajfa-283	62	2	there	there	PRON
ajfa-283	62	3	are	be	VERB
ajfa-283	62	4	a	a	DET
ajfa-283	62	5	few	few	ADJ
ajfa-283	62	6	research	research	NOUN
ajfa-283	62	7	papers	paper	NOUN
ajfa-283	62	8	published	publish	VERB
ajfa-283	62	9	on	on	ADP
ajfa-283	62	10	the	the	DET
ajfa-283	62	11	subject	subject	NOUN
ajfa-283	62	12	.	.	PUNCT
ajfa-283	63	1	among	among	ADP
ajfa-283	63	2	all	all	DET
ajfa-283	63	3	the	the	DET
ajfa-283	63	4	value	value	NOUN
ajfa-283	63	5	drivers	driver	NOUN
ajfa-283	63	6	most	most	ADJ
ajfa-283	63	7	of	of	ADP
ajfa-283	63	8	the	the	DET
ajfa-283	63	9	research	research	NOUN
ajfa-283	63	10	work	work	NOUN
ajfa-283	63	11	has	have	AUX
ajfa-283	63	12	been	be	AUX
ajfa-283	63	13	done	do	VERB
ajfa-283	63	14	on	on	ADP
ajfa-283	63	15	historical	historical	ADJ
ajfa-283	63	16	earnings	earning	NOUN
ajfa-283	63	17	and	and	CCONJ
ajfa-283	63	18	cash	cash	NOUN
ajfa-283	63	19	flows	flow	NOUN
ajfa-283	63	20	.	.	PUNCT
ajfa-283	64	1	boatsman	boatsman	PROPN
ajfa-283	64	2	and	and	CCONJ
ajfa-283	64	3	baskin	baskin	X
ajfa-283	64	4	(	(	PUNCT
ajfa-283	64	5	1981	1981	NUM
ajfa-283	64	6	)	)	PUNCT
ajfa-283	64	7	study	study	VERB
ajfa-283	64	8	the	the	DET
ajfa-283	64	9	valuation	valuation	NOUN
ajfa-283	64	10	accuracy	accuracy	NOUN
ajfa-283	64	11	of	of	ADP
ajfa-283	64	12	p	p	X
ajfa-283	64	13	/	/	SYM
ajfa-283	64	14	e	e	NOUN
ajfa-283	64	15	multiples	multiple	NOUN
ajfa-283	64	16	based	base	VERB
ajfa-283	64	17	on	on	ADP
ajfa-283	64	18	two	two	NUM
ajfa-283	64	19	sets	set	NOUN
ajfa-283	64	20	of	of	ADP
ajfa-283	64	21	comparable	comparable	ADJ
ajfa-283	64	22	firms	firm	NOUN
ajfa-283	64	23	from	from	ADP
ajfa-283	64	24	the	the	DET
ajfa-283	64	25	same	same	ADJ
ajfa-283	64	26	industry	industry	NOUN
ajfa-283	64	27	.	.	PUNCT
ajfa-283	65	1	they	they	PRON
ajfa-283	65	2	observe	observe	VERB
ajfa-283	65	3	valuation	valuation	NOUN
ajfa-283	65	4	errors	error	NOUN
ajfa-283	65	5	were	be	AUX
ajfa-283	65	6	minimized	minimize	VERB
ajfa-283	65	7	when	when	SCONJ
ajfa-283	65	8	comparable	comparable	ADJ
ajfa-283	65	9	firms	firm	NOUN
ajfa-283	65	10	are	be	AUX
ajfa-283	65	11	chosen	choose	VERB
ajfa-283	65	12	based	base	VERB
ajfa-283	65	13	on	on	ADP
ajfa-283	65	14	similar	similar	ADJ
ajfa-283	65	15	historical	historical	ADJ
ajfa-283	65	16	earnings	earning	NOUN
ajfa-283	65	17	growth	growth	NOUN
ajfa-283	65	18	relative	relative	ADJ
ajfa-283	65	19	to	to	ADP
ajfa-283	65	20	when	when	SCONJ
ajfa-283	65	21	they	they	PRON
ajfa-283	65	22	are	be	AUX
ajfa-283	65	23	chosen	choose	VERB
ajfa-283	65	24	randomly	randomly	ADV
ajfa-283	65	25	.	.	PUNCT
ajfa-283	66	1	alford	alford	PROPN
ajfa-283	66	2	(	(	PUNCT
ajfa-283	66	3	1992	1992	NUM
ajfa-283	66	4	)	)	PUNCT
ajfa-283	66	5	examine	examine	VERB
ajfa-283	66	6	the	the	DET
ajfa-283	66	7	effect	effect	NOUN
ajfa-283	66	8	of	of	ADP
ajfa-283	66	9	choosing	choose	VERB
ajfa-283	66	10	comparables	comparable	NOUN
ajfa-283	66	11	based	base	VERB
ajfa-283	66	12	on	on	ADP
ajfa-283	66	13	industry	industry	NOUN
ajfa-283	66	14	,	,	PUNCT
ajfa-283	66	15	size	size	NOUN
ajfa-283	66	16	(	(	PUNCT
ajfa-283	66	17	risk	risk	NOUN
ajfa-283	66	18	)	)	PUNCT
ajfa-283	66	19	,	,	PUNCT
ajfa-283	66	20	and	and	CCONJ
ajfa-283	66	21	earnings	earning	NOUN
ajfa-283	66	22	growth	growth	NOUN
ajfa-283	66	23	on	on	ADP
ajfa-283	66	24	the	the	DET
ajfa-283	66	25	meticulousness	meticulousness	NOUN
ajfa-283	66	26	of	of	ADP
ajfa-283	66	27	valuation	valuation	NOUN
ajfa-283	66	28	using	use	VERB
ajfa-283	66	29	p	p	X
ajfa-283	66	30	/	/	SYM
ajfa-283	66	31	e	e	NOUN
ajfa-283	66	32	multiples	multiple	NOUN
ajfa-283	66	33	.	.	PUNCT
ajfa-283	67	1	he	he	PRON
ajfa-283	67	2	finds	find	VERB
ajfa-283	67	3	that	that	SCONJ
ajfa-283	67	4	pricing	pricing	NOUN
ajfa-283	67	5	errors	error	NOUN
ajfa-283	67	6	decline	decline	VERB
ajfa-283	67	7	when	when	SCONJ
ajfa-283	67	8	the	the	DET
ajfa-283	67	9	industry	industry	NOUN
ajfa-283	67	10	definition	definition	NOUN
ajfa-283	67	11	used	use	VERB
ajfa-283	67	12	to	to	PART
ajfa-283	67	13	select	select	VERB
ajfa-283	67	14	comparable	comparable	ADJ
ajfa-283	67	15	firms	firm	NOUN
ajfa-283	67	16	is	be	AUX
ajfa-283	67	17	narrowed	narrow	VERB
ajfa-283	67	18	from	from	ADP
ajfa-283	67	19	a	a	DET
ajfa-283	67	20	broad	broad	ADJ
ajfa-283	67	21	single	single	ADJ
ajfa-283	67	22	digit	digit	NOUN
ajfa-283	67	23	sic	sic	ADJ
ajfa-283	67	24	code	code	NOUN
ajfa-283	67	25	to	to	ADP
ajfa-283	67	26	classifications	classification	NOUN
ajfa-283	67	27	based	base	VERB
ajfa-283	67	28	on	on	ADP
ajfa-283	67	29	two	two	NUM
ajfa-283	67	30	and	and	CCONJ
ajfa-283	67	31	three	three	NUM
ajfa-283	67	32	digits	digit	NOUN
ajfa-283	67	33	.	.	PUNCT
ajfa-283	68	1	he	he	PRON
ajfa-283	68	2	also	also	ADV
ajfa-283	68	3	observes	observe	VERB
ajfa-283	68	4	that	that	SCONJ
ajfa-283	68	5	controlling	control	VERB
ajfa-283	68	6	for	for	ADP
ajfa-283	68	7	size	size	NOUN
ajfa-283	68	8	and	and	CCONJ
ajfa-283	68	9	earnings	earning	NOUN
ajfa-283	68	10	growth	growth	NOUN
ajfa-283	68	11	over	over	ADP
ajfa-283	68	12	and	and	CCONJ
ajfa-283	68	13	above	above	ADP
ajfa-283	68	14	industrial	industrial	ADJ
ajfa-283	68	15	controls	control	NOUN
ajfa-283	68	16	,	,	PUNCT
ajfa-283	68	17	does	do	AUX
ajfa-283	68	18	not	not	PART
ajfa-283	68	19	reduce	reduce	VERB
ajfa-283	68	20	valuation	valuation	NOUN
ajfa-283	68	21	errors	error	NOUN
ajfa-283	68	22	.	.	PUNCT
ajfa-283	69	1	kaplan	kaplan	PROPN
ajfa-283	69	2	and	and	CCONJ
ajfa-283	69	3	ruback	ruback	PROPN
ajfa-283	69	4	(	(	PUNCT
ajfa-283	69	5	1995	1995	NUM
ajfa-283	69	6	)	)	PUNCT
ajfa-283	69	7	analyze	analyze	VERB
ajfa-283	69	8	the	the	DET
ajfa-283	69	9	valuation	valuation	NOUN
ajfa-283	69	10	properties	property	NOUN
ajfa-283	69	11	of	of	ADP
ajfa-283	69	12	dcf	dcf	PROPN
ajfa-283	69	13	approach	approach	NOUN
ajfa-283	69	14	for	for	ADP
ajfa-283	69	15	highly	highly	ADV
ajfa-283	69	16	leveraged	leverage	VERB
ajfa-283	69	17	transactions	transaction	NOUN
ajfa-283	69	18	.	.	PUNCT
ajfa-283	70	1	they	they	PRON
ajfa-283	70	2	find	find	VERB
ajfa-283	70	3	that	that	SCONJ
ajfa-283	70	4	though	though	SCONJ
ajfa-283	70	5	dcf	dcf	PROPN
ajfa-283	70	6	valuations	valuation	NOUN
ajfa-283	70	7	approximate	approximate	ADJ
ajfa-283	70	8	transacted	transact	VERB
ajfa-283	70	9	values	value	NOUN
ajfa-283	70	10	reasonably	reasonably	ADV
ajfa-283	70	11	well	well	ADV
ajfa-283	70	12	but	but	CCONJ
ajfa-283	70	13	simple	simple	ADJ
ajfa-283	70	14	ebitda	ebitda	PROPN
ajfa-283	70	15	asain	asain	PROPN
ajfa-283	70	16	journal	journal	PROPN
ajfa-283	70	17	of	of	ADP
ajfa-283	70	18	finance	finance	PROPN
ajfa-283	70	19	&	&	CCONJ
ajfa-283	70	20	accounting	accounting	PROPN
ajfa-283	70	21	issn	issn	PROPN
ajfa-283	70	22	1946	1946	NUM
ajfa-283	70	23	-	-	PUNCT
ajfa-283	70	24	052x	052x	NOUN
ajfa-283	70	25	2010	2010	NUM
ajfa-283	70	26	,	,	PUNCT
ajfa-283	70	27	vol	vol	NOUN
ajfa-283	70	28	.	.	PROPN
ajfa-283	70	29	2	2	NUM
ajfa-283	70	30	,	,	PUNCT
ajfa-283	70	31	no	no	INTJ
ajfa-283	70	32	.	.	NOUN
ajfa-283	70	33	1	1	NUM
ajfa-283	70	34	:	:	PUNCT
ajfa-283	70	35	e4	e4	PROPN
ajfa-283	70	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	70	37	73	73	NUM
ajfa-283	70	38	(	(	PUNCT
ajfa-283	70	39	earnings	earning	NOUN
ajfa-283	70	40	before	before	ADP
ajfa-283	70	41	interest	interest	NOUN
ajfa-283	70	42	,	,	PUNCT
ajfa-283	70	43	tax	tax	NOUN
ajfa-283	70	44	,	,	PUNCT
ajfa-283	70	45	depreciation	depreciation	NOUN
ajfa-283	70	46	and	and	CCONJ
ajfa-283	70	47	amortization	amortization	NOUN
ajfa-283	70	48	)	)	PUNCT
ajfa-283	70	49	multiples	multiple	NOUN
ajfa-283	70	50	also	also	ADV
ajfa-283	70	51	result	result	VERB
ajfa-283	70	52	in	in	ADP
ajfa-283	70	53	similar	similar	ADJ
ajfa-283	70	54	valuation	valuation	NOUN
ajfa-283	70	55	accuracy	accuracy	NOUN
ajfa-283	70	56	.	.	PUNCT
ajfa-283	71	1	penman	penman	PROPN
ajfa-283	71	2	(	(	PUNCT
ajfa-283	71	3	1996	1996	NUM
ajfa-283	71	4	)	)	PUNCT
ajfa-283	71	5	interprets	interpret	VERB
ajfa-283	71	6	the	the	DET
ajfa-283	71	7	p	p	PROPN
ajfa-283	71	8	/	/	SYM
ajfa-283	71	9	e	e	NOUN
ajfa-283	71	10	ratio	ratio	NOUN
ajfa-283	71	11	&	&	CCONJ
ajfa-283	71	12	market	market	NOUN
ajfa-283	71	13	to	to	ADP
ajfa-283	71	14	book	book	NOUN
ajfa-283	71	15	ratio	ratio	NOUN
ajfa-283	71	16	and	and	CCONJ
ajfa-283	71	17	describe	describe	VERB
ajfa-283	71	18	how	how	SCONJ
ajfa-283	71	19	they	they	PRON
ajfa-283	71	20	articulate	articulate	VERB
ajfa-283	71	21	.	.	PUNCT
ajfa-283	72	1	the	the	DET
ajfa-283	72	2	study	study	NOUN
ajfa-283	72	3	also	also	ADV
ajfa-283	72	4	describes	describe	VERB
ajfa-283	72	5	the	the	DET
ajfa-283	72	6	role	role	NOUN
ajfa-283	72	7	of	of	ADP
ajfa-283	72	8	book	book	NOUN
ajfa-283	72	9	rate	rate	NOUN
ajfa-283	72	10	of	of	ADP
ajfa-283	72	11	return	return	NOUN
ajfa-283	72	12	on	on	ADP
ajfa-283	72	13	equity	equity	NOUN
ajfa-283	72	14	(	(	PUNCT
ajfa-283	72	15	the	the	DET
ajfa-283	72	16	ratio	ratio	NOUN
ajfa-283	72	17	of	of	ADP
ajfa-283	72	18	their	their	PRON
ajfa-283	72	19	denominators	denominator	NOUN
ajfa-283	72	20	)	)	PUNCT
ajfa-283	72	21	in	in	ADP
ajfa-283	72	22	the	the	DET
ajfa-283	72	23	determination	determination	NOUN
ajfa-283	72	24	of	of	ADP
ajfa-283	72	25	ratios	ratio	NOUN
ajfa-283	72	26	and	and	CCONJ
ajfa-283	72	27	the	the	DET
ajfa-283	72	28	relation	relation	NOUN
ajfa-283	72	29	between	between	ADP
ajfa-283	72	30	them	they	PRON
ajfa-283	72	31	.	.	PUNCT
ajfa-283	73	1	the	the	DET
ajfa-283	73	2	study	study	NOUN
ajfa-283	73	3	proves	prove	VERB
ajfa-283	73	4	that	that	SCONJ
ajfa-283	73	5	the	the	DET
ajfa-283	73	6	description	description	NOUN
ajfa-283	73	7	of	of	ADP
ajfa-283	73	8	p	p	X
ajfa-283	73	9	/	/	SYM
ajfa-283	73	10	e	e	NOUN
ajfa-283	73	11	ratio	ratio	NOUN
ajfa-283	73	12	reconciles	reconcile	VERB
ajfa-283	73	13	the	the	DET
ajfa-283	73	14	standard	standard	ADJ
ajfa-283	73	15	growth	growth	NOUN
ajfa-283	73	16	interpretation	interpretation	NOUN
ajfa-283	73	17	of	of	ADP
ajfa-283	73	18	the	the	DET
ajfa-283	73	19	p	p	PROPN
ajfa-283	73	20	/	/	SYM
ajfa-283	73	21	e	e	NOUN
ajfa-283	73	22	with	with	ADP
ajfa-283	73	23	the	the	DET
ajfa-283	73	24	transitory	transitory	ADJ
ajfa-283	73	25	earnings	earning	NOUN
ajfa-283	73	26	(	(	PUNCT
ajfa-283	73	27	molodovsky	molodovsky	ADJ
ajfa-283	73	28	effect	effect	NOUN
ajfa-283	73	29	,	,	PUNCT
ajfa-283	73	30	1953	1953	NUM
ajfa-283	73	31	)	)	PUNCT
ajfa-283	73	32	interpretation	interpretation	NOUN
ajfa-283	73	33	.	.	PUNCT
ajfa-283	74	1	both	both	PRON
ajfa-283	74	2	are	be	AUX
ajfa-283	74	3	correct	correct	ADJ
ajfa-283	74	4	only	only	ADV
ajfa-283	74	5	in	in	ADP
ajfa-283	74	6	special	special	ADJ
ajfa-283	74	7	cases	case	NOUN
ajfa-283	74	8	.	.	PUNCT
ajfa-283	75	1	penmen	penman	NOUN
ajfa-283	75	2	(	(	PUNCT
ajfa-283	75	3	1997	1997	NUM
ajfa-283	75	4	)	)	PUNCT
ajfa-283	75	5	investigate	investigate	VERB
ajfa-283	75	6	approximate	approximate	ADJ
ajfa-283	75	7	benchmark	benchmark	NOUN
ajfa-283	75	8	valuations	valuation	NOUN
ajfa-283	75	9	that	that	PRON
ajfa-283	75	10	combine	combine	VERB
ajfa-283	75	11	earnings	earning	NOUN
ajfa-283	75	12	&	&	CCONJ
ajfa-283	75	13	book	book	NOUN
ajfa-283	75	14	value	value	NOUN
ajfa-283	75	15	together	together	ADV
ajfa-283	75	16	.	.	PUNCT
ajfa-283	76	1	he	he	PRON
ajfa-283	76	2	estimate	estimate	VERB
ajfa-283	76	3	weights	weight	NOUN
ajfa-283	76	4	such	such	ADJ
ajfa-283	76	5	that	that	SCONJ
ajfa-283	76	6	a	a	DET
ajfa-283	76	7	benchmark	benchmark	NOUN
ajfa-283	76	8	price	price	NOUN
ajfa-283	76	9	=	=	PUNCT
ajfa-283	76	10	w1*book	w1*book	VERB
ajfa-283	76	11	value	value	NOUN
ajfa-283	76	12	+	+	CCONJ
ajfa-283	76	13	w2	w2	NOUN
ajfa-283	76	14	*	*	NOUN
ajfa-283	76	15	earnings	earning	NOUN
ajfa-283	76	16	is	be	AUX
ajfa-283	76	17	calculated	calculate	VERB
ajfa-283	76	18	and	and	CCONJ
ajfa-283	76	19	he	he	PRON
ajfa-283	76	20	also	also	ADV
ajfa-283	76	21	examines	examine	VERB
ajfa-283	76	22	the	the	DET
ajfa-283	76	23	robustness	robustness	NOUN
ajfa-283	76	24	of	of	ADP
ajfa-283	76	25	these	these	DET
ajfa-283	76	26	weights	weight	NOUN
ajfa-283	76	27	over	over	ADP
ajfa-283	76	28	time	time	NOUN
ajfa-283	76	29	.	.	PUNCT
ajfa-283	77	1	the	the	DET
ajfa-283	77	2	study	study	NOUN
ajfa-283	77	3	shows	show	VERB
ajfa-283	77	4	that	that	SCONJ
ajfa-283	77	5	weights	weight	NOUN
ajfa-283	77	6	vary	vary	VERB
ajfa-283	77	7	in	in	ADP
ajfa-283	77	8	a	a	DET
ajfa-283	77	9	nonlinear	nonlinear	ADJ
ajfa-283	77	10	way	way	NOUN
ajfa-283	77	11	over	over	ADP
ajfa-283	77	12	the	the	DET
ajfa-283	77	13	amount	amount	NOUN
ajfa-283	77	14	of	of	ADP
ajfa-283	77	15	earnings	earning	NOUN
ajfa-283	77	16	relative	relative	ADJ
ajfa-283	77	17	to	to	ADP
ajfa-283	77	18	book	book	NOUN
ajfa-283	77	19	value	value	NOUN
ajfa-283	77	20	,	,	PUNCT
ajfa-283	77	21	and	and	CCONJ
ajfa-283	77	22	systematically	systematically	ADV
ajfa-283	77	23	so	so	ADV
ajfa-283	77	24	over	over	ADP
ajfa-283	77	25	time	time	NOUN
ajfa-283	77	26	.	.	PUNCT
ajfa-283	78	1	it	it	PRON
ajfa-283	78	2	also	also	ADV
ajfa-283	78	3	demonstrates	demonstrate	VERB
ajfa-283	78	4	that	that	SCONJ
ajfa-283	78	5	estimated	estimate	VERB
ajfa-283	78	6	weights	weight	NOUN
ajfa-283	78	7	are	be	AUX
ajfa-283	78	8	robust	robust	ADJ
ajfa-283	78	9	over	over	ADP
ajfa-283	78	10	time	time	NOUN
ajfa-283	78	11	and	and	CCONJ
ajfa-283	78	12	can	can	AUX
ajfa-283	78	13	be	be	AUX
ajfa-283	78	14	used	use	VERB
ajfa-283	78	15	to	to	PART
ajfa-283	78	16	predict	predict	VERB
ajfa-283	78	17	prices	price	NOUN
ajfa-283	78	18	when	when	SCONJ
ajfa-283	78	19	applied	apply	VERB
ajfa-283	78	20	out	out	ADP
ajfa-283	78	21	of	of	ADP
ajfa-283	78	22	sample	sample	NOUN
ajfa-283	78	23	.	.	PUNCT
ajfa-283	79	1	tasker	tasker	PROPN
ajfa-283	80	1	[	[	X
ajfa-283	80	2	1998	1998	NUM
ajfa-283	80	3	]	]	PUNCT
ajfa-283	80	4	compares	compare	VERB
ajfa-283	80	5	across	across	ADP
ajfa-283	80	6	-	-	PUNCT
ajfa-283	80	7	industry	industry	NOUN
ajfa-283	80	8	patterns	pattern	NOUN
ajfa-283	80	9	in	in	ADP
ajfa-283	80	10	the	the	DET
ajfa-283	80	11	selection	selection	NOUN
ajfa-283	80	12	of	of	ADP
ajfa-283	80	13	comparable	comparable	ADJ
ajfa-283	80	14	firms	firm	NOUN
ajfa-283	80	15	by	by	ADP
ajfa-283	80	16	investment	investment	NOUN
ajfa-283	80	17	bankers	banker	NOUN
ajfa-283	80	18	and	and	CCONJ
ajfa-283	80	19	analysts	analyst	NOUN
ajfa-283	80	20	in	in	ADP
ajfa-283	80	21	acquisition	acquisition	NOUN
ajfa-283	80	22	transactions	transaction	NOUN
ajfa-283	80	23	.	.	PUNCT
ajfa-283	81	1	she	she	PRON
ajfa-283	81	2	finds	find	VERB
ajfa-283	81	3	the	the	DET
ajfa-283	81	4	systematic	systematic	ADJ
ajfa-283	81	5	use	use	NOUN
ajfa-283	81	6	of	of	ADP
ajfa-283	81	7	industry	industry	NOUN
ajfa-283	81	8	-	-	PUNCT
ajfa-283	81	9	specific	specific	ADJ
ajfa-283	81	10	multiples	multiple	NOUN
ajfa-283	81	11	,	,	PUNCT
ajfa-283	81	12	which	which	PRON
ajfa-283	81	13	is	be	AUX
ajfa-283	81	14	consistent	consistent	ADJ
ajfa-283	81	15	with	with	ADP
ajfa-283	81	16	different	different	ADJ
ajfa-283	81	17	multiples	multiple	NOUN
ajfa-283	81	18	being	be	AUX
ajfa-283	81	19	more	more	ADV
ajfa-283	81	20	appropriate	appropriate	ADJ
ajfa-283	81	21	in	in	ADP
ajfa-283	81	22	different	different	ADJ
ajfa-283	81	23	industries	industry	NOUN
ajfa-283	81	24	beatty	beatty	PROPN
ajfa-283	81	25	,	,	PUNCT
ajfa-283	81	26	riffe	riffe	PROPN
ajfa-283	81	27	,	,	PUNCT
ajfa-283	81	28	and	and	CCONJ
ajfa-283	81	29	thompson	thompson	NOUN
ajfa-283	82	1	[	[	X
ajfa-283	82	2	1999	1999	NUM
ajfa-283	82	3	]	]	PUNCT
ajfa-283	82	4	analyze	analyze	VERB
ajfa-283	82	5	different	different	ADJ
ajfa-283	82	6	linear	linear	ADJ
ajfa-283	82	7	combinations	combination	NOUN
ajfa-283	82	8	of	of	ADP
ajfa-283	82	9	value	value	NOUN
ajfa-283	82	10	drivers	driver	NOUN
ajfa-283	82	11	derived	derive	VERB
ajfa-283	82	12	from	from	ADP
ajfa-283	82	13	earnings	earning	NOUN
ajfa-283	82	14	,	,	PUNCT
ajfa-283	82	15	book	book	NOUN
ajfa-283	82	16	value	value	NOUN
ajfa-283	82	17	,	,	PUNCT
ajfa-283	82	18	dividends	dividend	NOUN
ajfa-283	82	19	,	,	PUNCT
ajfa-283	82	20	and	and	CCONJ
ajfa-283	82	21	total	total	ADJ
ajfa-283	82	22	assets	asset	NOUN
ajfa-283	82	23	.	.	PUNCT
ajfa-283	83	1	they	they	PRON
ajfa-283	83	2	derive	derive	VERB
ajfa-283	83	3	and	and	CCONJ
ajfa-283	83	4	document	document	VERB
ajfa-283	83	5	the	the	DET
ajfa-283	83	6	benefits	benefit	NOUN
ajfa-283	83	7	of	of	ADP
ajfa-283	83	8	using	use	VERB
ajfa-283	83	9	the	the	DET
ajfa-283	83	10	harmonic	harmonic	ADJ
ajfa-283	83	11	mean	mean	NOUN
ajfa-283	83	12	,	,	PUNCT
ajfa-283	83	13	and	and	CCONJ
ajfa-283	83	14	introduce	introduce	VERB
ajfa-283	83	15	the	the	DET
ajfa-283	83	16	price	price	NOUN
ajfa-283	83	17	-	-	PUNCT
ajfa-283	83	18	scaled	scale	VERB
ajfa-283	83	19	regressions	regression	NOUN
ajfa-283	83	20	.	.	PUNCT
ajfa-283	84	1	they	they	PRON
ajfa-283	84	2	find	find	VERB
ajfa-283	84	3	the	the	DET
ajfa-283	84	4	best	good	ADJ
ajfa-283	84	5	performance	performance	NOUN
ajfa-283	84	6	is	be	AUX
ajfa-283	84	7	achieved	achieve	VERB
ajfa-283	84	8	by	by	ADP
ajfa-283	84	9	using	use	VERB
ajfa-283	84	10	(	(	PUNCT
ajfa-283	84	11	1	1	NUM
ajfa-283	84	12	)	)	PUNCT
ajfa-283	84	13	weights	weight	NOUN
ajfa-283	84	14	derived	derive	VERB
ajfa-283	84	15	from	from	ADP
ajfa-283	84	16	harmonic	harmonic	ADJ
ajfa-283	84	17	mean	mean	NOUN
ajfa-283	84	18	book	book	NOUN
ajfa-283	84	19	and	and	CCONJ
ajfa-283	84	20	earnings	earning	NOUN
ajfa-283	84	21	multiples	multiple	NOUN
ajfa-283	84	22	and	and	CCONJ
ajfa-283	84	23	(	(	PUNCT
ajfa-283	84	24	2	2	X
ajfa-283	84	25	)	)	PUNCT
ajfa-283	84	26	coefficients	coefficient	NOUN
ajfa-283	84	27	from	from	ADP
ajfa-283	84	28	price	price	NOUN
ajfa-283	84	29	-	-	PUNCT
ajfa-283	84	30	scaled	scale	VERB
ajfa-283	84	31	regressions	regression	NOUN
ajfa-283	84	32	on	on	ADP
ajfa-283	84	33	earnings	earning	NOUN
ajfa-283	84	34	and	and	CCONJ
ajfa-283	84	35	book	book	NOUN
ajfa-283	84	36	value	value	NOUN
ajfa-283	84	37	.	.	PUNCT
ajfa-283	85	1	baker	baker	NOUN
ajfa-283	85	2	and	and	CCONJ
ajfa-283	85	3	ruback	ruback	VERB
ajfa-283	85	4	[	[	X
ajfa-283	85	5	1999	1999	NUM
ajfa-283	85	6	]	]	PUNCT
ajfa-283	85	7	empirically	empirically	ADV
ajfa-283	85	8	show	show	VERB
ajfa-283	85	9	that	that	SCONJ
ajfa-283	85	10	industry	industry	NOUN
ajfa-283	85	11	multiples	multiple	NOUN
ajfa-283	85	12	estimated	estimate	VERB
ajfa-283	85	13	using	use	VERB
ajfa-283	85	14	the	the	DET
ajfa-283	85	15	harmonic	harmonic	ADJ
ajfa-283	85	16	mean	mean	NOUN
ajfa-283	85	17	are	be	AUX
ajfa-283	85	18	close	close	ADJ
ajfa-283	85	19	to	to	ADP
ajfa-283	85	20	minimum	minimum	ADJ
ajfa-283	85	21	-	-	PUNCT
ajfa-283	85	22	variance	variance	NOUN
ajfa-283	85	23	estimates	estimate	NOUN
ajfa-283	85	24	based	base	VERB
ajfa-283	85	25	on	on	ADP
ajfa-283	85	26	monte	monte	PROPN
ajfa-283	85	27	carlo	carlo	PROPN
ajfa-283	85	28	simulations	simulation	NOUN
ajfa-283	85	29	.	.	PUNCT
ajfa-283	86	1	they	they	PRON
ajfa-283	86	2	use	use	VERB
ajfa-283	86	3	the	the	DET
ajfa-283	86	4	harmonic	harmonic	ADJ
ajfa-283	86	5	mean	mean	NOUN
ajfa-283	86	6	estimator	estimator	NOUN
ajfa-283	86	7	to	to	PART
ajfa-283	86	8	calculate	calculate	VERB
ajfa-283	86	9	multiples	multiple	NOUN
ajfa-283	86	10	based	base	VERB
ajfa-283	86	11	on	on	ADP
ajfa-283	86	12	ebitda	ebitda	PROPN
ajfa-283	86	13	,	,	PUNCT
ajfa-283	86	14	ebit	ebit	NOUN
ajfa-283	86	15	,	,	PUNCT
ajfa-283	86	16	and	and	CCONJ
ajfa-283	86	17	sales	sale	NOUN
ajfa-283	86	18	,	,	PUNCT
ajfa-283	86	19	and	and	CCONJ
ajfa-283	86	20	find	find	VERB
ajfa-283	86	21	that	that	SCONJ
ajfa-283	86	22	industry	industry	NOUN
ajfa-283	86	23	-	-	PUNCT
ajfa-283	86	24	adjusted	adjust	VERB
ajfa-283	86	25	ebitda	ebitda	NOUN
ajfa-283	86	26	performs	perform	VERB
ajfa-283	86	27	better	well	ADJ
ajfa-283	86	28	than	than	ADP
ajfa-283	86	29	ebit	ebit	NOUN
ajfa-283	86	30	and	and	CCONJ
ajfa-283	86	31	sales	sale	NOUN
ajfa-283	86	32	.	.	PUNCT
ajfa-283	87	1	instead	instead	ADV
ajfa-283	87	2	of	of	ADP
ajfa-283	87	3	focusing	focus	VERB
ajfa-283	87	4	only	only	ADV
ajfa-283	87	5	on	on	ADP
ajfa-283	87	6	historical	historical	ADJ
ajfa-283	87	7	accounting	accounting	NOUN
ajfa-283	87	8	numbers	number	NOUN
ajfa-283	87	9	,	,	PUNCT
ajfa-283	87	10	kim	kim	PROPN
ajfa-283	87	11	and	and	CCONJ
ajfa-283	87	12	ritter	ritter	PROPN
ajfa-283	87	13	[	[	X
ajfa-283	87	14	1999	1999	NUM
ajfa-283	87	15	]	]	PUNCT
ajfa-283	87	16	,	,	PUNCT
ajfa-283	87	17	in	in	ADP
ajfa-283	87	18	their	their	PRON
ajfa-283	87	19	asain	asain	ADJ
ajfa-283	87	20	journal	journal	NOUN
ajfa-283	87	21	of	of	ADP
ajfa-283	87	22	finance	finance	PROPN
ajfa-283	87	23	&	&	CCONJ
ajfa-283	87	24	accounting	accounting	PROPN
ajfa-283	87	25	issn	issn	PROPN
ajfa-283	87	26	1946	1946	NUM
ajfa-283	87	27	-	-	PUNCT
ajfa-283	87	28	052x	052x	NOUN
ajfa-283	87	29	2010	2010	NUM
ajfa-283	87	30	,	,	PUNCT
ajfa-283	87	31	vol	vol	NOUN
ajfa-283	87	32	.	.	PROPN
ajfa-283	87	33	2	2	NUM
ajfa-283	87	34	,	,	PUNCT
ajfa-283	87	35	no	no	INTJ
ajfa-283	87	36	.	.	NOUN
ajfa-283	87	37	1	1	NUM
ajfa-283	87	38	:	:	PUNCT
ajfa-283	87	39	e4	e4	PROPN
ajfa-283	87	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	87	41	74	74	NUM
ajfa-283	87	42	investigation	investigation	NOUN
ajfa-283	87	43	of	of	ADP
ajfa-283	87	44	how	how	SCONJ
ajfa-283	87	45	initial	initial	ADJ
ajfa-283	87	46	public	public	ADJ
ajfa-283	87	47	offering	offering	NOUN
ajfa-283	87	48	prices	price	NOUN
ajfa-283	87	49	are	be	AUX
ajfa-283	87	50	set	set	VERB
ajfa-283	87	51	using	use	VERB
ajfa-283	87	52	multiples	multiple	NOUN
ajfa-283	87	53	,	,	PUNCT
ajfa-283	87	54	add	add	VERB
ajfa-283	87	55	forecasted	forecast	VERB
ajfa-283	87	56	earnings	earning	NOUN
ajfa-283	87	57	to	to	ADP
ajfa-283	87	58	a	a	DET
ajfa-283	87	59	conventional	conventional	ADJ
ajfa-283	87	60	list	list	NOUN
ajfa-283	87	61	of	of	ADP
ajfa-283	87	62	value	value	NOUN
ajfa-283	87	63	drivers	driver	NOUN
ajfa-283	87	64	,	,	PUNCT
ajfa-283	87	65	which	which	PRON
ajfa-283	87	66	includes	include	VERB
ajfa-283	87	67	book	book	NOUN
ajfa-283	87	68	value	value	NOUN
ajfa-283	87	69	,	,	PUNCT
ajfa-283	87	70	earnings	earning	NOUN
ajfa-283	87	71	,	,	PUNCT
ajfa-283	87	72	cash	cash	NOUN
ajfa-283	87	73	flows	flow	NOUN
ajfa-283	87	74	,	,	PUNCT
ajfa-283	87	75	and	and	CCONJ
ajfa-283	87	76	sales	sale	NOUN
ajfa-283	87	77	.	.	PUNCT
ajfa-283	88	1	they	they	PRON
ajfa-283	88	2	find	find	VERB
ajfa-283	88	3	that	that	SCONJ
ajfa-283	88	4	forward	forward	ADV
ajfa-283	88	5	p	p	X
ajfa-283	88	6	/	/	SYM
ajfa-283	88	7	e	e	NOUN
ajfa-283	88	8	multiples	multiple	NOUN
ajfa-283	88	9	,	,	PUNCT
ajfa-283	88	10	based	base	VERB
ajfa-283	88	11	on	on	ADP
ajfa-283	88	12	forecasted	forecast	VERB
ajfa-283	88	13	earnings	earning	NOUN
ajfa-283	88	14	,	,	PUNCT
ajfa-283	88	15	dominate	dominate	VERB
ajfa-283	88	16	all	all	DET
ajfa-283	88	17	other	other	ADJ
ajfa-283	88	18	multiples	multiple	NOUN
ajfa-283	88	19	in	in	ADP
ajfa-283	88	20	valuation	valuation	NOUN
ajfa-283	88	21	accuracy	accuracy	NOUN
ajfa-283	88	22	,	,	PUNCT
ajfa-283	88	23	and	and	CCONJ
ajfa-283	88	24	that	that	SCONJ
ajfa-283	88	25	the	the	DET
ajfa-283	88	26	earning	earning	NOUN
ajfa-283	88	27	per	per	ADP
ajfa-283	88	28	share	share	NOUN
ajfa-283	88	29	(	(	PUNCT
ajfa-283	88	30	eps	eps	PROPN
ajfa-283	88	31	)	)	PUNCT
ajfa-283	88	32	forecast	forecast	NOUN
ajfa-283	88	33	for	for	ADP
ajfa-283	88	34	next	next	ADJ
ajfa-283	88	35	year	year	NOUN
ajfa-283	88	36	dominates	dominate	VERB
ajfa-283	88	37	the	the	DET
ajfa-283	88	38	current	current	ADJ
ajfa-283	88	39	year	year	NOUN
ajfa-283	88	40	eps	eps	PROPN
ajfa-283	88	41	forecast	forecast	PROPN
ajfa-283	88	42	.	.	PUNCT
ajfa-283	89	1	liu	liu	PROPN
ajfa-283	89	2	,	,	PUNCT
ajfa-283	89	3	nissim	nissim	PROPN
ajfa-283	89	4	,	,	PUNCT
ajfa-283	89	5	&	&	CCONJ
ajfa-283	89	6	thomas	thomas	PROPN
ajfa-283	89	7	(	(	PUNCT
ajfa-283	89	8	march	march	PROPN
ajfa-283	89	9	2002	2002	NUM
ajfa-283	89	10	)	)	PUNCT
ajfa-283	89	11	examine	examine	VERB
ajfa-283	89	12	the	the	DET
ajfa-283	89	13	valuation	valuation	NOUN
ajfa-283	89	14	performance	performance	NOUN
ajfa-283	89	15	of	of	ADP
ajfa-283	89	16	a	a	DET
ajfa-283	89	17	comprehensive	comprehensive	ADJ
ajfa-283	89	18	list	list	NOUN
ajfa-283	89	19	of	of	ADP
ajfa-283	89	20	value	value	NOUN
ajfa-283	89	21	drivers	driver	NOUN
ajfa-283	89	22	to	to	PART
ajfa-283	89	23	find	find	VERB
ajfa-283	89	24	out	out	ADP
ajfa-283	89	25	which	which	PRON
ajfa-283	89	26	of	of	ADP
ajfa-283	89	27	them	they	PRON
ajfa-283	89	28	best	well	ADV
ajfa-283	89	29	explains	explain	VERB
ajfa-283	89	30	the	the	DET
ajfa-283	89	31	stock	stock	NOUN
ajfa-283	89	32	prices	price	NOUN
ajfa-283	89	33	.	.	PUNCT
ajfa-283	90	1	they	they	PRON
ajfa-283	90	2	find	find	VERB
ajfa-283	90	3	in	in	ADP
ajfa-283	90	4	terms	term	NOUN
ajfa-283	90	5	of	of	ADP
ajfa-283	90	6	relative	relative	ADJ
ajfa-283	90	7	performance	performance	NOUN
ajfa-283	90	8	forward	forward	ADJ
ajfa-283	90	9	earnings	earning	NOUN
ajfa-283	90	10	measures	measure	NOUN
ajfa-283	90	11	are	be	AUX
ajfa-283	90	12	followed	follow	VERB
ajfa-283	90	13	by	by	ADP
ajfa-283	90	14	historical	historical	ADJ
ajfa-283	90	15	earnings	earning	NOUN
ajfa-283	90	16	measures	measure	NOUN
ajfa-283	90	17	,	,	PUNCT
ajfa-283	90	18	cash	cash	NOUN
ajfa-283	90	19	flow	flow	NOUN
ajfa-283	90	20	measures	measure	NOUN
ajfa-283	90	21	and	and	CCONJ
ajfa-283	90	22	book	book	NOUN
ajfa-283	90	23	value	value	NOUN
ajfa-283	90	24	of	of	ADP
ajfa-283	90	25	equity	equity	NOUN
ajfa-283	90	26	are	be	AUX
ajfa-283	90	27	tied	tie	VERB
ajfa-283	90	28	for	for	ADP
ajfa-283	90	29	third	third	ADJ
ajfa-283	90	30	,	,	PUNCT
ajfa-283	90	31	and	and	CCONJ
ajfa-283	90	32	sales	sale	NOUN
ajfa-283	90	33	performs	perform	VERB
ajfa-283	90	34	the	the	DET
ajfa-283	90	35	worst	bad	ADJ
ajfa-283	90	36	.	.	PUNCT
ajfa-283	91	1	liu	liu	PROPN
ajfa-283	91	2	,	,	PUNCT
ajfa-283	91	3	nissim	nissim	PROPN
ajfa-283	91	4	&	&	CCONJ
ajfa-283	91	5	thomas	thomas	PROPN
ajfa-283	91	6	(	(	PUNCT
ajfa-283	91	7	september	september	PROPN
ajfa-283	91	8	2002	2002	NUM
ajfa-283	91	9	)	)	PUNCT
ajfa-283	91	10	extend	extend	VERB
ajfa-283	91	11	their	their	PRON
ajfa-283	91	12	previous	previous	ADJ
ajfa-283	91	13	work	work	NOUN
ajfa-283	91	14	for	for	ADP
ajfa-283	91	15	10	10	NUM
ajfa-283	91	16	different	different	ADJ
ajfa-283	91	17	countries	country	NOUN
ajfa-283	91	18	.	.	PUNCT
ajfa-283	92	1	however	however	ADV
ajfa-283	92	2	,	,	PUNCT
ajfa-283	92	3	all	all	DET
ajfa-283	92	4	the	the	DET
ajfa-283	92	5	companies	company	NOUN
ajfa-283	92	6	belong	belong	VERB
ajfa-283	92	7	to	to	ADP
ajfa-283	92	8	the	the	DET
ajfa-283	92	9	matured	matured	ADJ
ajfa-283	92	10	markets	market	NOUN
ajfa-283	92	11	.	.	PUNCT
ajfa-283	93	1	they	they	PRON
ajfa-283	93	2	find	find	VERB
ajfa-283	93	3	out	out	ADP
ajfa-283	93	4	that	that	SCONJ
ajfa-283	93	5	multiples	multiple	NOUN
ajfa-283	93	6	based	base	VERB
ajfa-283	93	7	on	on	ADP
ajfa-283	93	8	earnings	earning	NOUN
ajfa-283	93	9	perform	perform	VERB
ajfa-283	93	10	the	the	DET
ajfa-283	93	11	best	good	ADJ
ajfa-283	93	12	,	,	PUNCT
ajfa-283	93	13	those	those	PRON
ajfa-283	93	14	based	base	VERB
ajfa-283	93	15	on	on	ADP
ajfa-283	93	16	sales	sale	NOUN
ajfa-283	93	17	perform	perform	VERB
ajfa-283	93	18	the	the	DET
ajfa-283	93	19	worst	bad	ADJ
ajfa-283	93	20	&	&	CCONJ
ajfa-283	93	21	dividends	dividend	NOUN
ajfa-283	93	22	and	and	CCONJ
ajfa-283	93	23	cash	cash	NOUN
ajfa-283	93	24	flow	flow	NOUN
ajfa-283	93	25	multiple	multiple	ADJ
ajfa-283	93	26	exhibit	exhibit	NOUN
ajfa-283	93	27	intermediate	intermediate	ADJ
ajfa-283	93	28	performance	performance	NOUN
ajfa-283	93	29	.	.	PUNCT
ajfa-283	94	1	second	second	ADV
ajfa-283	94	2	,	,	PUNCT
ajfa-283	94	3	using	use	VERB
ajfa-283	94	4	forecasts	forecast	NOUN
ajfa-283	94	5	improve	improve	VERB
ajfa-283	94	6	performance	performance	NOUN
ajfa-283	94	7	over	over	ADP
ajfa-283	94	8	multiples	multiple	NOUN
ajfa-283	94	9	based	base	VERB
ajfa-283	94	10	on	on	ADP
ajfa-283	94	11	reported	report	VERB
ajfa-283	94	12	numbers	number	NOUN
ajfa-283	94	13	with	with	ADP
ajfa-283	94	14	greatest	great	ADJ
ajfa-283	94	15	(	(	PUNCT
ajfa-283	94	16	smallest	small	ADJ
ajfa-283	94	17	)	)	PUNCT
ajfa-283	94	18	improvement	improvement	NOUN
ajfa-283	94	19	being	be	AUX
ajfa-283	94	20	earnings	earning	NOUN
ajfa-283	94	21	(	(	PUNCT
ajfa-283	94	22	sales	sale	NOUN
ajfa-283	94	23	)	)	PUNCT
ajfa-283	94	24	.	.	PUNCT
ajfa-283	95	1	liu	liu	PROPN
ajfa-283	95	2	,	,	PUNCT
ajfa-283	95	3	nissim	nissim	PROPN
ajfa-283	95	4	&	&	CCONJ
ajfa-283	95	5	thomas	thomas	PROPN
ajfa-283	95	6	(	(	PUNCT
ajfa-283	95	7	2007	2007	NUM
ajfa-283	95	8	)	)	PUNCT
ajfa-283	95	9	try	try	VERB
ajfa-283	95	10	to	to	PART
ajfa-283	95	11	find	find	VERB
ajfa-283	95	12	out	out	ADP
ajfa-283	95	13	whether	whether	SCONJ
ajfa-283	95	14	valuations	valuation	NOUN
ajfa-283	95	15	based	base	VERB
ajfa-283	95	16	on	on	ADP
ajfa-283	95	17	cash	cash	NOUN
ajfa-283	95	18	flow	flow	NOUN
ajfa-283	95	19	multiples	multiple	NOUN
ajfa-283	95	20	are	be	AUX
ajfa-283	95	21	better	well	ADJ
ajfa-283	95	22	than	than	ADP
ajfa-283	95	23	earnings	earning	NOUN
ajfa-283	95	24	multiple	multiple	NOUN
ajfa-283	95	25	.	.	PUNCT
ajfa-283	96	1	they	they	PRON
ajfa-283	96	2	observe	observe	VERB
ajfa-283	96	3	that	that	SCONJ
ajfa-283	96	4	despite	despite	SCONJ
ajfa-283	96	5	intuitive	intuitive	ADJ
ajfa-283	96	6	claims	claim	NOUN
ajfa-283	96	7	that	that	SCONJ
ajfa-283	96	8	operating	operate	VERB
ajfa-283	96	9	cash	cash	NOUN
ajfa-283	96	10	flows	flow	NOUN
ajfa-283	96	11	are	be	AUX
ajfa-283	96	12	better	well	ADJ
ajfa-283	96	13	than	than	ADP
ajfa-283	96	14	earnings	earning	NOUN
ajfa-283	96	15	as	as	ADP
ajfa-283	96	16	a	a	DET
ajfa-283	96	17	summary	summary	NOUN
ajfa-283	96	18	measure	measure	NOUN
ajfa-283	96	19	of	of	ADP
ajfa-283	96	20	value	value	NOUN
ajfa-283	96	21	,	,	PUNCT
ajfa-283	96	22	stock	stock	NOUN
ajfa-283	96	23	prices	price	NOUN
ajfa-283	96	24	are	be	AUX
ajfa-283	96	25	better	well	ADV
ajfa-283	96	26	explained	explain	VERB
ajfa-283	96	27	by	by	ADP
ajfa-283	96	28	reported	report	VERB
ajfa-283	96	29	earnings	earning	NOUN
ajfa-283	96	30	than	than	SCONJ
ajfa-283	96	31	reported	report	VERB
ajfa-283	96	32	operating	operate	VERB
ajfa-283	96	33	cash	cash	NOUN
ajfa-283	96	34	flows	flow	NOUN
ajfa-283	96	35	.	.	PUNCT
ajfa-283	97	1	huang	huang	PROPN
ajfa-283	97	2	,	,	PUNCT
ajfa-283	97	3	tsai	tsai	PROPN
ajfa-283	97	4	and	and	CCONJ
ajfa-283	97	5	chen	chen	PROPN
ajfa-283	97	6	(	(	PUNCT
ajfa-283	97	7	2007	2007	NUM
ajfa-283	97	8	)	)	PUNCT
ajfa-283	97	9	re	re	X
ajfa-283	97	10	–	–	PUNCT
ajfa-283	97	11	examine	examine	VERB
ajfa-283	97	12	the	the	DET
ajfa-283	97	13	p	p	PROPN
ajfa-283	97	14	/	/	SYM
ajfa-283	97	15	e	e	NOUN
ajfa-283	97	16	anomaly	anomaly	NOUN
ajfa-283	97	17	by	by	ADP
ajfa-283	97	18	decomposing	decompose	VERB
ajfa-283	97	19	p	p	X
ajfa-283	97	20	/	/	SYM
ajfa-283	97	21	e	e	NOUN
ajfa-283	97	22	ratios	ratio	NOUN
ajfa-283	97	23	into	into	ADP
ajfa-283	97	24	a	a	DET
ajfa-283	97	25	fundamental	fundamental	ADJ
ajfa-283	97	26	component	component	NOUN
ajfa-283	97	27	and	and	CCONJ
ajfa-283	97	28	a	a	DET
ajfa-283	97	29	residual	residual	ADJ
ajfa-283	97	30	component	component	NOUN
ajfa-283	97	31	,	,	PUNCT
ajfa-283	97	32	which	which	PRON
ajfa-283	97	33	enables	enable	VERB
ajfa-283	97	34	them	they	PRON
ajfa-283	97	35	to	to	PART
ajfa-283	97	36	capture	capture	VERB
ajfa-283	97	37	factors	factor	NOUN
ajfa-283	97	38	that	that	PRON
ajfa-283	97	39	potentially	potentially	ADV
ajfa-283	97	40	provide	provide	VERB
ajfa-283	97	41	better	well	ADJ
ajfa-283	97	42	measures	measure	NOUN
ajfa-283	97	43	of	of	ADP
ajfa-283	97	44	investor	investor	NOUN
ajfa-283	97	45	overreaction	overreaction	NOUN
ajfa-283	97	46	.	.	PUNCT
ajfa-283	98	1	they	they	PRON
ajfa-283	98	2	find	find	VERB
ajfa-283	98	3	that	that	SCONJ
ajfa-283	98	4	both	both	DET
ajfa-283	98	5	firm	firm	ADJ
ajfa-283	98	6	specific	specific	ADJ
ajfa-283	98	7	and	and	CCONJ
ajfa-283	98	8	macroeconomic	macroeconomic	ADJ
ajfa-283	98	9	factors	factor	NOUN
ajfa-283	98	10	determine	determine	VERB
ajfa-283	98	11	p	p	X
ajfa-283	98	12	/	/	SYM
ajfa-283	98	13	e	e	NOUN
ajfa-283	98	14	multiples	multiple	NOUN
ajfa-283	98	15	.	.	PUNCT
ajfa-283	99	1	da	da	NOUN
ajfa-283	99	2	and	and	CCONJ
ajfa-283	99	3	schaumburg	schaumburg	PROPN
ajfa-283	99	4	(	(	PUNCT
ajfa-283	99	5	2008	2008	NUM
ajfa-283	99	6	)	)	PUNCT
ajfa-283	99	7	document	document	NOUN
ajfa-283	99	8	that	that	PRON
ajfa-283	99	9	within	within	ADP
ajfa-283	99	10	industry	industry	NOUN
ajfa-283	99	11	relative	relative	ADJ
ajfa-283	99	12	valuations	valuation	NOUN
ajfa-283	99	13	implicit	implicit	ADJ
ajfa-283	99	14	in	in	ADP
ajfa-283	99	15	analyst	analyst	NOUN
ajfa-283	99	16	target	target	NOUN
ajfa-283	99	17	prices	price	NOUN
ajfa-283	99	18	do	do	AUX
ajfa-283	99	19	provide	provide	VERB
ajfa-283	99	20	investors	investor	NOUN
ajfa-283	99	21	with	with	ADP
ajfa-283	99	22	valuable	valuable	ADJ
ajfa-283	99	23	information	information	NOUN
ajfa-283	99	24	although	although	SCONJ
ajfa-283	99	25	the	the	DET
ajfa-283	99	26	implied	imply	VERB
ajfa-283	99	27	absolute	absolute	ADJ
ajfa-283	99	28	valuations	valuation	NOUN
ajfa-283	99	29	themselves	themselves	PRON
ajfa-283	99	30	are	be	AUX
ajfa-283	99	31	much	much	ADV
ajfa-283	99	32	less	less	ADV
ajfa-283	99	33	informative	informative	ADJ
ajfa-283	99	34	.	.	PUNCT
ajfa-283	100	1	asain	asain	PROPN
ajfa-283	100	2	journal	journal	PROPN
ajfa-283	100	3	of	of	ADP
ajfa-283	100	4	finance	finance	PROPN
ajfa-283	100	5	&	&	CCONJ
ajfa-283	100	6	accounting	accounting	PROPN
ajfa-283	100	7	issn	issn	PROPN
ajfa-283	100	8	1946	1946	NUM
ajfa-283	100	9	-	-	PUNCT
ajfa-283	100	10	052x	052x	NOUN
ajfa-283	100	11	2010	2010	NUM
ajfa-283	100	12	,	,	PUNCT
ajfa-283	100	13	vol	vol	NOUN
ajfa-283	100	14	.	.	PROPN
ajfa-283	100	15	2	2	NUM
ajfa-283	100	16	,	,	PUNCT
ajfa-283	100	17	no	no	INTJ
ajfa-283	100	18	.	.	NOUN
ajfa-283	100	19	1	1	NUM
ajfa-283	100	20	:	:	PUNCT
ajfa-283	100	21	e4	e4	PROPN
ajfa-283	100	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	100	23	75	75	NUM
ajfa-283	100	24	small	small	ADJ
ajfa-283	100	25	body	body	NOUN
ajfa-283	100	26	of	of	ADP
ajfa-283	100	27	literature	literature	NOUN
ajfa-283	100	28	on	on	ADP
ajfa-283	100	29	price	price	NOUN
ajfa-283	100	30	multiples	multiple	NOUN
ajfa-283	100	31	is	be	AUX
ajfa-283	100	32	also	also	ADV
ajfa-283	100	33	available	available	ADJ
ajfa-283	100	34	for	for	ADP
ajfa-283	100	35	emerging	emerge	VERB
ajfa-283	100	36	markets	market	NOUN
ajfa-283	100	37	including	include	VERB
ajfa-283	100	38	india	india	PROPN
ajfa-283	100	39	.	.	PUNCT
ajfa-283	101	1	irina	irina	PROPN
ajfa-283	101	2	,	,	PUNCT
ajfa-283	101	3	alexander	alexander	PROPN
ajfa-283	101	4	and	and	CCONJ
ajfa-283	101	5	ivan	ivan	PROPN
ajfa-283	101	6	(	(	PUNCT
ajfa-283	101	7	2007	2007	NUM
ajfa-283	101	8	)	)	PUNCT
ajfa-283	101	9	prove	prove	VERB
ajfa-283	101	10	that	that	SCONJ
ajfa-283	101	11	using	use	VERB
ajfa-283	101	12	peers	peer	NOUN
ajfa-283	101	13	from	from	ADP
ajfa-283	101	14	developed	developed	ADJ
ajfa-283	101	15	markets	market	NOUN
ajfa-283	101	16	would	would	AUX
ajfa-283	101	17	overstate	overstate	VERB
ajfa-283	101	18	the	the	DET
ajfa-283	101	19	estimation	estimation	NOUN
ajfa-283	101	20	of	of	ADP
ajfa-283	101	21	equity	equity	NOUN
ajfa-283	101	22	value	value	NOUN
ajfa-283	101	23	in	in	ADP
ajfa-283	101	24	emerging	emerge	VERB
ajfa-283	101	25	market	market	NOUN
ajfa-283	101	26	,	,	PUNCT
ajfa-283	101	27	because	because	SCONJ
ajfa-283	101	28	companies	company	NOUN
ajfa-283	101	29	from	from	ADP
ajfa-283	101	30	emerging	emerge	VERB
ajfa-283	101	31	markets	market	NOUN
ajfa-283	101	32	are	be	AUX
ajfa-283	101	33	subject	subject	ADJ
ajfa-283	101	34	to	to	ADP
ajfa-283	101	35	various	various	ADJ
ajfa-283	101	36	factors	factor	NOUN
ajfa-283	101	37	such	such	ADJ
ajfa-283	101	38	as	as	ADP
ajfa-283	101	39	political	political	ADJ
ajfa-283	101	40	and	and	CCONJ
ajfa-283	101	41	economic	economic	ADJ
ajfa-283	101	42	risks	risk	NOUN
ajfa-283	101	43	,	,	PUNCT
ajfa-283	101	44	low	low	ADJ
ajfa-283	101	45	level	level	NOUN
ajfa-283	101	46	of	of	ADP
ajfa-283	101	47	corporate	corporate	ADJ
ajfa-283	101	48	governance	governance	NOUN
ajfa-283	101	49	and	and	CCONJ
ajfa-283	101	50	high	high	ADJ
ajfa-283	101	51	negative	negative	ADJ
ajfa-283	101	52	skewness	skewness	NOUN
ajfa-283	101	53	etc	etc	X
ajfa-283	101	54	.	.	X
ajfa-283	101	55	,	,	PUNCT
ajfa-283	101	56	and	and	CCONJ
ajfa-283	101	57	thus	thus	ADV
ajfa-283	101	58	require	require	VERB
ajfa-283	101	59	an	an	DET
ajfa-283	101	60	adequate	adequate	ADJ
ajfa-283	101	61	discount	discount	NOUN
ajfa-283	101	62	rate	rate	NOUN
ajfa-283	101	63	by	by	ADP
ajfa-283	101	64	applying	apply	VERB
ajfa-283	101	65	an	an	DET
ajfa-283	101	66	adjustment	adjustment	NOUN
ajfa-283	101	67	factor	factor	NOUN
ajfa-283	101	68	in	in	ADP
ajfa-283	101	69	emerging	emerge	VERB
ajfa-283	101	70	markets	market	NOUN
ajfa-283	101	71	.	.	PUNCT
ajfa-283	102	1	gill	gill	NOUN
ajfa-283	102	2	(	(	PUNCT
ajfa-283	102	3	2003	2003	NUM
ajfa-283	102	4	)	)	PUNCT
ajfa-283	102	5	demonstrates	demonstrate	VERB
ajfa-283	102	6	empirically	empirically	ADV
ajfa-283	102	7	that	that	SCONJ
ajfa-283	102	8	the	the	DET
ajfa-283	102	9	stock	stock	NOUN
ajfa-283	102	10	market	market	NOUN
ajfa-283	102	11	valuations	valuation	NOUN
ajfa-283	102	12	are	be	AUX
ajfa-283	102	13	no	no	ADV
ajfa-283	102	14	longer	long	ADV
ajfa-283	102	15	driven	drive	VERB
ajfa-283	102	16	solely	solely	ADV
ajfa-283	102	17	by	by	ADP
ajfa-283	102	18	traditional	traditional	ADJ
ajfa-283	102	19	investment	investment	NOUN
ajfa-283	102	20	principles	principle	NOUN
ajfa-283	102	21	.	.	PUNCT
ajfa-283	103	1	she	she	PRON
ajfa-283	103	2	find	find	VERB
ajfa-283	103	3	that	that	SCONJ
ajfa-283	103	4	the	the	DET
ajfa-283	103	5	low	low	ADJ
ajfa-283	103	6	p	p	X
ajfa-283	103	7	/	/	SYM
ajfa-283	103	8	e	e	NOUN
ajfa-283	103	9	ratio	ratio	NOUN
ajfa-283	103	10	as	as	ADP
ajfa-283	103	11	an	an	DET
ajfa-283	103	12	indicator	indicator	NOUN
ajfa-283	103	13	does	do	AUX
ajfa-283	103	14	not	not	PART
ajfa-283	103	15	hold	hold	VERB
ajfa-283	103	16	good	good	ADJ
ajfa-283	103	17	anymore	anymore	ADV
ajfa-283	103	18	and	and	CCONJ
ajfa-283	103	19	there	there	PRON
ajfa-283	103	20	is	be	VERB
ajfa-283	103	21	nothing	nothing	PRON
ajfa-283	103	22	like	like	ADP
ajfa-283	103	23	a	a	DET
ajfa-283	103	24	long	long	ADJ
ajfa-283	103	25	-	-	PUNCT
ajfa-283	103	26	term	term	NOUN
ajfa-283	103	27	investment	investment	NOUN
ajfa-283	103	28	strategy	strategy	NOUN
ajfa-283	103	29	.	.	PUNCT
ajfa-283	104	1	dhankar	dhankar	PROPN
ajfa-283	104	2	&	&	CCONJ
ajfa-283	104	3	kumar	kumar	PROPN
ajfa-283	104	4	(	(	PUNCT
ajfa-283	104	5	2007	2007	NUM
ajfa-283	104	6	)	)	PUNCT
ajfa-283	104	7	measure	measure	VERB
ajfa-283	104	8	the	the	DET
ajfa-283	104	9	performance	performance	NOUN
ajfa-283	104	10	of	of	ADP
ajfa-283	104	11	a	a	DET
ajfa-283	104	12	set	set	NOUN
ajfa-283	104	13	of	of	ADP
ajfa-283	104	14	portfolios	portfolio	NOUN
ajfa-283	104	15	,	,	PUNCT
ajfa-283	104	16	which	which	PRON
ajfa-283	104	17	are	be	AUX
ajfa-283	104	18	based	base	VERB
ajfa-283	104	19	on	on	ADP
ajfa-283	104	20	p	p	PROPN
ajfa-283	104	21	/	/	SYM
ajfa-283	104	22	e	e	NOUN
ajfa-283	104	23	of	of	ADP
ajfa-283	104	24	stocks	stock	NOUN
ajfa-283	104	25	.	.	PUNCT
ajfa-283	105	1	the	the	DET
ajfa-283	105	2	study	study	NOUN
ajfa-283	105	3	finds	find	VERB
ajfa-283	105	4	no	no	DET
ajfa-283	105	5	consistency	consistency	NOUN
ajfa-283	105	6	between	between	ADP
ajfa-283	105	7	the	the	DET
ajfa-283	105	8	portfolios	portfolio	NOUN
ajfa-283	105	9	’	'	PUNCT
ajfa-283	105	10	expected	expect	VERB
ajfa-283	105	11	return	return	NOUN
ajfa-283	105	12	and	and	CCONJ
ajfa-283	105	13	their	their	PRON
ajfa-283	105	14	corresponding	corresponding	ADJ
ajfa-283	105	15	p	p	X
ajfa-283	105	16	/	/	SYM
ajfa-283	105	17	e	e	NOUN
ajfa-283	105	18	ratios	ratio	NOUN
ajfa-283	105	19	.	.	PUNCT
ajfa-283	106	1	it	it	PRON
ajfa-283	106	2	observes	observe	VERB
ajfa-283	106	3	that	that	SCONJ
ajfa-283	106	4	the	the	DET
ajfa-283	106	5	stock	stock	NOUN
ajfa-283	106	6	market	market	NOUN
ajfa-283	106	7	failed	fail	VERB
ajfa-283	106	8	to	to	PART
ajfa-283	106	9	reflect	reflect	VERB
ajfa-283	106	10	instantaneous	instantaneous	ADJ
ajfa-283	106	11	response	response	NOUN
ajfa-283	106	12	pertaining	pertain	VERB
ajfa-283	106	13	to	to	ADP
ajfa-283	106	14	earnings	earning	NOUN
ajfa-283	106	15	information	information	NOUN
ajfa-283	106	16	.	.	PUNCT
ajfa-283	107	1	their	their	PRON
ajfa-283	107	2	findings	finding	NOUN
ajfa-283	107	3	question	question	VERB
ajfa-283	107	4	the	the	DET
ajfa-283	107	5	efficient	efficient	ADJ
ajfa-283	107	6	market	market	NOUN
ajfa-283	107	7	hypothesis	hypothesis	NOUN
ajfa-283	107	8	but	but	CCONJ
ajfa-283	107	9	hold	hold	VERB
ajfa-283	107	10	the	the	DET
ajfa-283	107	11	application	application	NOUN
ajfa-283	107	12	of	of	ADP
ajfa-283	107	13	capital	capital	NOUN
ajfa-283	107	14	asset	asset	NOUN
ajfa-283	107	15	pricing	pricing	NOUN
ajfa-283	107	16	model	model	NOUN
ajfa-283	107	17	in	in	ADP
ajfa-283	107	18	the	the	DET
ajfa-283	107	19	indian	indian	ADJ
ajfa-283	107	20	stock	stock	NOUN
ajfa-283	107	21	market	market	NOUN
ajfa-283	107	22	.	.	PUNCT
ajfa-283	108	1	sehgal	sehgal	PROPN
ajfa-283	108	2	and	and	CCONJ
ajfa-283	108	3	pandey	pandey	PROPN
ajfa-283	108	4	(	(	PUNCT
ajfa-283	108	5	2009a	2009a	NUM
ajfa-283	108	6	)	)	PUNCT
ajfa-283	108	7	examine	examine	VERB
ajfa-283	108	8	the	the	DET
ajfa-283	108	9	behavior	behavior	NOUN
ajfa-283	108	10	of	of	ADP
ajfa-283	108	11	price	price	NOUN
ajfa-283	108	12	multiples	multiple	NOUN
ajfa-283	108	13	in	in	ADP
ajfa-283	108	14	india	india	PROPN
ajfa-283	108	15	from	from	ADP
ajfa-283	108	16	1990	1990	NUM
ajfa-283	108	17	-	-	SYM
ajfa-283	108	18	07	07	NUM
ajfa-283	108	19	.	.	PUNCT
ajfa-283	109	1	they	they	PRON
ajfa-283	109	2	observe	observe	VERB
ajfa-283	109	3	that	that	SCONJ
ajfa-283	109	4	price	price	NOUN
ajfa-283	109	5	multiple	multiple	ADJ
ajfa-283	109	6	distributions	distribution	NOUN
ajfa-283	109	7	tend	tend	VERB
ajfa-283	109	8	to	to	PART
ajfa-283	109	9	be	be	AUX
ajfa-283	109	10	normal	normal	ADJ
ajfa-283	109	11	over	over	ADP
ajfa-283	109	12	the	the	DET
ajfa-283	109	13	study	study	NOUN
ajfa-283	109	14	period	period	NOUN
ajfa-283	109	15	,	,	PUNCT
ajfa-283	109	16	thus	thus	ADV
ajfa-283	109	17	,	,	PUNCT
ajfa-283	109	18	making	make	VERB
ajfa-283	109	19	mean	mean	NOUN
ajfa-283	109	20	and	and	CCONJ
ajfa-283	109	21	standard	standard	ADJ
ajfa-283	109	22	deviation	deviation	NOUN
ajfa-283	109	23	of	of	ADP
ajfa-283	109	24	these	these	DET
ajfa-283	109	25	multiples	multiple	NOUN
ajfa-283	109	26	as	as	ADP
ajfa-283	109	27	relevant	relevant	ADJ
ajfa-283	109	28	parameters	parameter	NOUN
ajfa-283	109	29	for	for	ADP
ajfa-283	109	30	equity	equity	NOUN
ajfa-283	109	31	analysis	analysis	NOUN
ajfa-283	109	32	in	in	ADP
ajfa-283	109	33	the	the	DET
ajfa-283	109	34	indian	indian	ADJ
ajfa-283	109	35	context	context	NOUN
ajfa-283	109	36	.	.	PUNCT
ajfa-283	110	1	they	they	PRON
ajfa-283	110	2	also	also	ADV
ajfa-283	110	3	find	find	VERB
ajfa-283	110	4	that	that	SCONJ
ajfa-283	110	5	there	there	PRON
ajfa-283	110	6	is	be	VERB
ajfa-283	110	7	a	a	DET
ajfa-283	110	8	very	very	ADV
ajfa-283	110	9	weak	weak	ADJ
ajfa-283	110	10	relationship	relationship	NOUN
ajfa-283	110	11	between	between	ADP
ajfa-283	110	12	price	price	NOUN
ajfa-283	110	13	multiples	multiple	NOUN
ajfa-283	110	14	and	and	CCONJ
ajfa-283	110	15	their	their	PRON
ajfa-283	110	16	fundamental	fundamental	ADJ
ajfa-283	110	17	determinants	determinant	NOUN
ajfa-283	110	18	and	and	CCONJ
ajfa-283	110	19	hence	hence	ADV
ajfa-283	110	20	the	the	DET
ajfa-283	110	21	cross	cross	ADJ
ajfa-283	110	22	-	-	ADJ
ajfa-283	110	23	sectional	sectional	ADJ
ajfa-283	110	24	linear	linear	NOUN
ajfa-283	110	25	models	model	NOUN
ajfa-283	110	26	do	do	AUX
ajfa-283	110	27	not	not	PART
ajfa-283	110	28	seem	seem	VERB
ajfa-283	110	29	to	to	PART
ajfa-283	110	30	be	be	AUX
ajfa-283	110	31	good	good	ADJ
ajfa-283	110	32	descriptors	descriptor	NOUN
ajfa-283	110	33	of	of	ADP
ajfa-283	110	34	price	price	NOUN
ajfa-283	110	35	multiples	multiple	NOUN
ajfa-283	110	36	.	.	PUNCT
ajfa-283	111	1	the	the	DET
ajfa-283	111	2	study	study	NOUN
ajfa-283	111	3	also	also	ADV
ajfa-283	111	4	proves	prove	VERB
ajfa-283	111	5	that	that	SCONJ
ajfa-283	111	6	price	price	NOUN
ajfa-283	111	7	multiples	multiple	NOUN
ajfa-283	111	8	also	also	ADV
ajfa-283	111	9	seem	seem	VERB
ajfa-283	111	10	to	to	PART
ajfa-283	111	11	be	be	AUX
ajfa-283	111	12	sensitive	sensitive	ADJ
ajfa-283	111	13	to	to	ADP
ajfa-283	111	14	market	market	NOUN
ajfa-283	111	15	conditions	condition	NOUN
ajfa-283	111	16	and	and	CCONJ
ajfa-283	111	17	therefore	therefore	ADV
ajfa-283	111	18	are	be	AUX
ajfa-283	111	19	generally	generally	ADV
ajfa-283	111	20	higher	high	ADJ
ajfa-283	111	21	in	in	ADP
ajfa-283	111	22	upturns	upturn	NOUN
ajfa-283	111	23	with	with	ADP
ajfa-283	111	24	the	the	DET
ajfa-283	111	25	exception	exception	NOUN
ajfa-283	111	26	of	of	ADP
ajfa-283	111	27	infrastructure	infrastructure	NOUN
ajfa-283	111	28	related	relate	VERB
ajfa-283	111	29	sectors	sector	NOUN
ajfa-283	111	30	.	.	PUNCT
ajfa-283	112	1	sehgal	sehgal	PROPN
ajfa-283	112	2	and	and	CCONJ
ajfa-283	112	3	pandey	pandey	PROPN
ajfa-283	112	4	(	(	PUNCT
ajfa-283	112	5	2009b	2009b	NUM
ajfa-283	112	6	)	)	PUNCT
ajfa-283	112	7	evaluate	evaluate	VERB
ajfa-283	112	8	alternative	alternative	ADJ
ajfa-283	112	9	price	price	NOUN
ajfa-283	112	10	multiples	multiple	NOUN
ajfa-283	112	11	for	for	ADP
ajfa-283	112	12	equity	equity	NOUN
ajfa-283	112	13	valuation	valuation	NOUN
ajfa-283	112	14	purposes	purpose	NOUN
ajfa-283	112	15	in	in	ADP
ajfa-283	112	16	the	the	DET
ajfa-283	112	17	indian	indian	ADJ
ajfa-283	112	18	context	context	NOUN
ajfa-283	112	19	.	.	PUNCT
ajfa-283	113	1	they	they	PRON
ajfa-283	113	2	find	find	VERB
ajfa-283	113	3	that	that	SCONJ
ajfa-283	113	4	price	price	NOUN
ajfa-283	113	5	to	to	ADP
ajfa-283	113	6	earnings	earning	NOUN
ajfa-283	113	7	provide	provide	VERB
ajfa-283	113	8	the	the	DET
ajfa-283	113	9	best	good	ADJ
ajfa-283	113	10	price	price	NOUN
ajfa-283	113	11	forecast	forecast	NOUN
ajfa-283	113	12	compared	compare	VERB
ajfa-283	113	13	to	to	ADP
ajfa-283	113	14	other	other	ADJ
ajfa-283	113	15	three	three	NUM
ajfa-283	113	16	price	price	NOUN
ajfa-283	113	17	multiples	multiple	NOUN
ajfa-283	113	18	i.e.	i.e.	X
ajfa-283	113	19	price	price	NOUN
ajfa-283	113	20	to	to	ADP
ajfa-283	113	21	book	book	NOUN
ajfa-283	113	22	value	value	NOUN
ajfa-283	113	23	,	,	PUNCT
ajfa-283	113	24	price	price	NOUN
ajfa-283	113	25	to	to	PART
ajfa-283	113	26	cashflow	cashflow	VERB
ajfa-283	113	27	and	and	CCONJ
ajfa-283	113	28	price	price	NOUN
ajfa-283	113	29	to	to	ADP
ajfa-283	113	30	sales	sale	NOUN
ajfa-283	113	31	.	.	PUNCT
ajfa-283	114	1	the	the	DET
ajfa-283	114	2	study	study	NOUN
ajfa-283	114	3	also	also	ADV
ajfa-283	114	4	reveals	reveal	VERB
ajfa-283	114	5	that	that	SCONJ
ajfa-283	114	6	historical	historical	ADJ
ajfa-283	114	7	price	price	NOUN
ajfa-283	114	8	to	to	ADP
ajfa-283	114	9	earnings	earning	NOUN
ajfa-283	114	10	as	as	ADP
ajfa-283	114	11	a	a	DET
ajfa-283	114	12	standalone	standalone	NOUN
ajfa-283	114	13	multiple	multiple	NOUN
ajfa-283	114	14	does	do	VERB
ajfa-283	114	15	a	a	DET
ajfa-283	114	16	better	well	ADJ
ajfa-283	114	17	job	job	NOUN
ajfa-283	114	18	in	in	ADP
ajfa-283	114	19	equity	equity	NOUN
ajfa-283	114	20	valuation	valuation	NOUN
ajfa-283	114	21	vis	vis	X
ajfa-283	114	22	a	a	X
ajfa-283	114	23	vis	vis	X
ajfa-283	114	24	all	all	DET
ajfa-283	114	25	value	value	NOUN
ajfa-283	114	26	driver	driver	NOUN
ajfa-283	114	27	combinations	combination	NOUN
ajfa-283	114	28	.	.	PUNCT
ajfa-283	115	1	thus	thus	ADV
ajfa-283	115	2	,	,	PUNCT
ajfa-283	115	3	there	there	PRON
ajfa-283	115	4	seems	seem	VERB
ajfa-283	115	5	to	to	PART
ajfa-283	115	6	be	be	AUX
ajfa-283	115	7	a	a	DET
ajfa-283	115	8	major	major	ADJ
ajfa-283	115	9	research	research	NOUN
ajfa-283	115	10	gap	gap	NOUN
ajfa-283	115	11	on	on	ADP
ajfa-283	115	12	the	the	DET
ajfa-283	115	13	subject	subject	NOUN
ajfa-283	115	14	for	for	ADP
ajfa-283	115	15	emerging	emerge	VERB
ajfa-283	115	16	markets	market	NOUN
ajfa-283	115	17	.	.	PUNCT
ajfa-283	116	1	most	most	ADJ
ajfa-283	116	2	of	of	ADP
ajfa-283	116	3	asain	asain	ADJ
ajfa-283	116	4	journal	journal	NOUN
ajfa-283	116	5	of	of	ADP
ajfa-283	116	6	finance	finance	PROPN
ajfa-283	116	7	&	&	CCONJ
ajfa-283	116	8	accounting	accounting	PROPN
ajfa-283	116	9	issn	issn	PROPN
ajfa-283	116	10	1946	1946	NUM
ajfa-283	116	11	-	-	PUNCT
ajfa-283	116	12	052x	052x	NOUN
ajfa-283	116	13	2010	2010	NUM
ajfa-283	116	14	,	,	PUNCT
ajfa-283	116	15	vol	vol	NOUN
ajfa-283	116	16	.	.	PROPN
ajfa-283	116	17	2	2	NUM
ajfa-283	116	18	,	,	PUNCT
ajfa-283	116	19	no	no	INTJ
ajfa-283	116	20	.	.	NOUN
ajfa-283	116	21	1	1	NUM
ajfa-283	116	22	:	:	PUNCT
ajfa-283	116	23	e4	e4	PROPN
ajfa-283	116	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-283	116	25	76	76	NUM
ajfa-283	116	26	the	the	DET
ajfa-283	116	27	work	work	NOUN
ajfa-283	116	28	done	do	VERB
ajfa-283	116	29	in	in	ADP
ajfa-283	116	30	emerging	emerge	VERB
ajfa-283	116	31	markets	market	NOUN
ajfa-283	116	32	relates	relate	VERB
ajfa-283	116	33	to	to	ADP
ajfa-283	116	34	p	p	PROPN
ajfa-283	116	35	/	/	SYM
ajfa-283	116	36	e	e	NOUN
ajfa-283	116	37	ratios	ratio	NOUN
ajfa-283	116	38	while	while	SCONJ
ajfa-283	116	39	no	no	DET
ajfa-283	116	40	concrete	concrete	ADJ
ajfa-283	116	41	research	research	NOUN
ajfa-283	116	42	has	have	AUX
ajfa-283	116	43	been	be	AUX
ajfa-283	116	44	done	do	VERB
ajfa-283	116	45	on	on	ADP
ajfa-283	116	46	other	other	ADJ
ajfa-283	116	47	value	value	NOUN
ajfa-283	116	48	drivers	driver	NOUN
ajfa-283	116	49	like	like	ADP
ajfa-283	116	50	book	book	NOUN
ajfa-283	116	51	value	value	NOUN
ajfa-283	116	52	,	,	PUNCT
ajfa-283	116	53	sales	sale	NOUN
ajfa-283	116	54	&	&	CCONJ
ajfa-283	116	55	cash	cash	NOUN
ajfa-283	116	56	flows	flow	NOUN
ajfa-283	116	57	.	.	PUNCT
ajfa-283	117	1	in	in	ADP
ajfa-283	117	2	this	this	DET
ajfa-283	117	3	paper	paper	NOUN
ajfa-283	117	4	,	,	PUNCT
ajfa-283	117	5	we	we	PRON
ajfa-283	117	6	attempt	attempt	VERB
ajfa-283	117	7	to	to	PART
ajfa-283	117	8	test	test	VERB
ajfa-283	117	9	the	the	DET
ajfa-283	117	10	efficacy	efficacy	NOUN
ajfa-283	117	11	of	of	ADP
ajfa-283	117	12	alternative	alternative	ADJ
ajfa-283	117	13	price	price	NOUN
ajfa-283	117	14	multiples	multiple	NOUN
ajfa-283	117	15	for	for	ADP
ajfa-283	117	16	bricks	brick	NOUN
ajfa-283	117	17	,	,	PUNCT
ajfa-283	117	18	which	which	PRON
ajfa-283	117	19	are	be	AUX
ajfa-283	117	20	the	the	DET
ajfa-283	117	21	most	most	ADV
ajfa-283	117	22	important	important	ADJ
ajfa-283	117	23	set	set	NOUN
ajfa-283	117	24	of	of	ADP
ajfa-283	117	25	countries	country	NOUN
ajfa-283	117	26	in	in	ADP
ajfa-283	117	27	emerging	emerge	VERB
ajfa-283	117	28	market	market	NOUN
ajfa-283	117	29	basket	basket	NOUN
ajfa-283	117	30	.	.	PUNCT
ajfa-283	118	1	the	the	DET
ajfa-283	118	2	study	study	NOUN
ajfa-283	118	3	has	have	VERB
ajfa-283	118	4	the	the	DET
ajfa-283	118	5	following	follow	VERB
ajfa-283	118	6	objectives	objective	NOUN
ajfa-283	118	7	:	:	PUNCT
ajfa-283	118	8	(	(	PUNCT
ajfa-283	118	9	1	1	X
ajfa-283	118	10	)	)	PUNCT
ajfa-283	118	11	to	to	PART
ajfa-283	118	12	understand	understand	VERB
ajfa-283	118	13	which	which	DET
ajfa-283	118	14	standalone	standalone	NOUN
ajfa-283	118	15	value	value	NOUN
ajfa-283	118	16	driver	driver	NOUN
ajfa-283	118	17	is	be	AUX
ajfa-283	118	18	best	good	ADJ
ajfa-283	118	19	for	for	ADP
ajfa-283	118	20	forecasting	forecasting	NOUN
ajfa-283	118	21	prices	price	NOUN
ajfa-283	118	22	,	,	PUNCT
ajfa-283	118	23	(	(	PUNCT
ajfa-283	118	24	2	2	X
ajfa-283	118	25	)	)	PUNCT
ajfa-283	118	26	to	to	PART
ajfa-283	118	27	evaluate	evaluate	VERB
ajfa-283	118	28	whether	whether	SCONJ
ajfa-283	118	29	combination	combination	NOUN
ajfa-283	118	30	of	of	ADP
ajfa-283	118	31	value	value	NOUN
ajfa-283	118	32	drivers	driver	NOUN
ajfa-283	118	33	forecast	forecast	VERB
ajfa-283	118	34	prices	price	NOUN
ajfa-283	118	35	better	well	ADJ
ajfa-283	118	36	than	than	ADP
ajfa-283	118	37	standalone	standalone	ADJ
ajfa-283	118	38	value	value	NOUN
ajfa-283	118	39	drivers	driver	NOUN
ajfa-283	118	40	.	.	PUNCT
ajfa-283	119	1	its	its	PRON
ajfa-283	119	2	corollary	corollary	NOUN
ajfa-283	119	3	would	would	AUX
ajfa-283	119	4	be	be	AUX
ajfa-283	119	5	that	that	SCONJ
ajfa-283	119	6	if	if	SCONJ
ajfa-283	119	7	a	a	DET
ajfa-283	119	8	combination	combination	NOUN
ajfa-283	119	9	of	of	ADP
ajfa-283	119	10	value	value	NOUN
ajfa-283	119	11	drivers	driver	NOUN
ajfa-283	119	12	gives	give	VERB
ajfa-283	119	13	superior	superior	ADJ
ajfa-283	119	14	results	result	NOUN
ajfa-283	119	15	than	than	ADP
ajfa-283	119	16	standalone	standalone	ADJ
ajfa-283	119	17	value	value	NOUN
ajfa-283	119	18	drivers	driver	NOUN
ajfa-283	119	19	then	then	ADV
ajfa-283	119	20	it	it	PRON
ajfa-283	119	21	means	mean	VERB
ajfa-283	119	22	different	different	ADJ
ajfa-283	119	23	value	value	NOUN
ajfa-283	119	24	drivers	driver	NOUN
ajfa-283	119	25	provide	provide	VERB
ajfa-283	119	26	separate	separate	ADJ
ajfa-283	119	27	pieces	piece	NOUN
ajfa-283	119	28	of	of	ADP
ajfa-283	119	29	information	information	NOUN
ajfa-283	119	30	for	for	ADP
ajfa-283	119	31	valuing	value	VERB
ajfa-283	119	32	stock	stock	NOUN
ajfa-283	119	33	,	,	PUNCT
ajfa-283	119	34	and	and	CCONJ
ajfa-283	119	35	hence	hence	ADV
ajfa-283	119	36	they	they	PRON
ajfa-283	119	37	should	should	AUX
ajfa-283	119	38	be	be	AUX
ajfa-283	119	39	combined	combine	VERB
ajfa-283	119	40	to	to	PART
ajfa-283	119	41	get	get	VERB
ajfa-283	119	42	the	the	DET
ajfa-283	119	43	fair	fair	ADJ
ajfa-283	119	44	price	price	NOUN
ajfa-283	119	45	and	and	CCONJ
ajfa-283	119	46	(	(	PUNCT
ajfa-283	119	47	3	3	NUM
ajfa-283	119	48	)	)	PUNCT
ajfa-283	119	49	to	to	PART
ajfa-283	119	50	estimate	estimate	VERB
ajfa-283	119	51	whether	whether	SCONJ
ajfa-283	119	52	price	price	NOUN
ajfa-283	119	53	forecasting	forecasting	NOUN
ajfa-283	119	54	is	be	AUX
ajfa-283	119	55	better	well	ADJ
ajfa-283	119	56	when	when	SCONJ
ajfa-283	119	57	one	one	PRON
ajfa-283	119	58	uses	use	VERB
ajfa-283	119	59	sector	sector	NOUN
ajfa-283	119	60	regressions	regression	NOUN
ajfa-283	119	61	instead	instead	ADV
ajfa-283	119	62	of	of	ADP
ajfa-283	119	63	market	market	NOUN
ajfa-283	119	64	regressions	regression	NOUN
ajfa-283	119	65	.	.	PUNCT
ajfa-283	120	1	we	we	PRON
ajfa-283	120	2	verify	verify	VERB
ajfa-283	120	3	the	the	DET
ajfa-283	120	4	last	last	ADJ
ajfa-283	120	5	objective	objective	NOUN
ajfa-283	120	6	only	only	ADV
ajfa-283	120	7	for	for	ADP
ajfa-283	120	8	the	the	DET
ajfa-283	120	9	indian	indian	ADJ
ajfa-283	120	10	market	market	NOUN
ajfa-283	120	11	owing	owe	VERB
ajfa-283	120	12	to	to	ADP
ajfa-283	120	13	lack	lack	NOUN
ajfa-283	120	14	of	of	ADP
ajfa-283	120	15	sectoral	sectoral	ADJ
ajfa-283	120	16	information	information	NOUN
ajfa-283	120	17	for	for	ADP
ajfa-283	120	18	other	other	ADJ
ajfa-283	120	19	brick	brick	NOUN
ajfa-283	120	20	countries	country	NOUN
ajfa-283	120	21	.	.	PUNCT
ajfa-283	121	1	3	3	X
ajfa-283	121	2	.	.	X
ajfa-283	121	3	data	datum	NOUN
ajfa-283	121	4	we	we	PRON
ajfa-283	121	5	use	use	VERB
ajfa-283	121	6	data	datum	NOUN
ajfa-283	121	7	for	for	ADP
ajfa-283	121	8	six	six	NUM
ajfa-283	121	9	emerging	emerge	VERB
ajfa-283	121	10	economies	economy	NOUN
ajfa-283	121	11	,	,	PUNCT
ajfa-283	121	12	namely	namely	ADV
ajfa-283	121	13	brazil	brazil	PROPN
ajfa-283	121	14	,	,	PUNCT
ajfa-283	121	15	russia	russia	PROPN
ajfa-283	121	16	,	,	PUNCT
ajfa-283	121	17	india	india	PROPN
ajfa-283	121	18	,	,	PUNCT
ajfa-283	121	19	china	china	PROPN
ajfa-283	121	20	,	,	PUNCT
ajfa-283	121	21	south	south	PROPN
ajfa-283	121	22	korea	korea	PROPN
ajfa-283	121	23	and	and	CCONJ
ajfa-283	121	24	south	south	PROPN
ajfa-283	121	25	africa	africa	PROPN
ajfa-283	121	26	(	(	PUNCT
ajfa-283	121	27	known	know	VERB
ajfa-283	121	28	as	as	ADP
ajfa-283	121	29	bricks	brick	NOUN
ajfa-283	121	30	)	)	PUNCT
ajfa-283	121	31	in	in	ADP
ajfa-283	121	32	our	our	PRON
ajfa-283	121	33	study	study	NOUN
ajfa-283	121	34	.	.	PUNCT
ajfa-283	122	1	the	the	DET
ajfa-283	122	2	data	data	NOUN
ajfa-283	122	3	source	source	NOUN
ajfa-283	122	4	is	be	AUX
ajfa-283	122	5	thomson	thomson	PROPN
ajfa-283	122	6	reuters	reuters	PROPN
ajfa-283	122	7	datastream	datastream	ADJ
ajfa-283	122	8	software	software	NOUN
ajfa-283	122	9	5	5	NUM
ajfa-283	122	10	.	.	PUNCT
ajfa-283	123	1	the	the	DET
ajfa-283	123	2	sample	sample	NOUN
ajfa-283	123	3	financial	financial	ADJ
ajfa-283	123	4	ratios	ratio	NOUN
ajfa-283	123	5	have	have	AUX
ajfa-283	123	6	been	be	AUX
ajfa-283	123	7	taken	take	VERB
ajfa-283	123	8	from	from	ADP
ajfa-283	123	9	thomson	thomson	NOUN
ajfa-283	123	10	reutors	reutor	NOUN
ajfa-283	123	11	datastream	datastream	ADJ
ajfa-283	123	12	software	software	NOUN
ajfa-283	123	13	which	which	PRON
ajfa-283	123	14	provides	provide	VERB
ajfa-283	123	15	standardized	standardized	ADJ
ajfa-283	123	16	data	datum	NOUN
ajfa-283	123	17	for	for	ADP
ajfa-283	123	18	all	all	DET
ajfa-283	123	19	markets	market	NOUN
ajfa-283	123	20	(	(	PUNCT
ajfa-283	123	21	as	as	ADP
ajfa-283	123	22	per	per	ADP
ajfa-283	123	23	global	global	ADJ
ajfa-283	123	24	accounting	accounting	NOUN
ajfa-283	123	25	practices	practice	NOUN
ajfa-283	123	26	)	)	PUNCT
ajfa-283	123	27	.	.	PUNCT
ajfa-283	124	1	hence	hence	ADV
ajfa-283	124	2	,	,	PUNCT
ajfa-283	124	3	differences	difference	NOUN
ajfa-283	124	4	in	in	ADP
ajfa-283	124	5	accounting	accounting	NOUN
ajfa-283	124	6	system	system	NOUN
ajfa-283	124	7	across	across	ADP
ajfa-283	124	8	countries	country	NOUN
ajfa-283	124	9	do	do	AUX
ajfa-283	124	10	not	not	PART
ajfa-283	124	11	pose	pose	VERB
ajfa-283	124	12	problems	problem	NOUN
ajfa-283	124	13	for	for	ADP
ajfa-283	124	14	cross	cross	NOUN
ajfa-283	124	15	country	country	NOUN
ajfa-283	124	16	comparisons	comparison	NOUN
ajfa-283	124	17	.	.	PUNCT
ajfa-283	125	1	the	the	DET
ajfa-283	125	2	sample	sample	NOUN
ajfa-283	125	3	period	period	NOUN
ajfa-283	125	4	is	be	AUX
ajfa-283	125	5	1993	1993	NUM
ajfa-283	125	6	-	-	SYM
ajfa-283	125	7	2007	2007	NUM
ajfa-283	125	8	(	(	PUNCT
ajfa-283	125	9	15	15	NUM
ajfa-283	125	10	years	year	NOUN
ajfa-283	125	11	)	)	PUNCT
ajfa-283	125	12	.	.	PUNCT
ajfa-283	126	1	for	for	SCONJ
ajfa-283	126	2	each	each	DET
ajfa-283	126	3	country	country	NOUN
ajfa-283	126	4	sample	sample	NOUN
ajfa-283	126	5	companies	company	NOUN
ajfa-283	126	6	are	be	AUX
ajfa-283	126	7	selected	select	VERB
ajfa-283	126	8	based	base	VERB
ajfa-283	126	9	on	on	ADP
ajfa-283	126	10	the	the	DET
ajfa-283	126	11	following	follow	VERB
ajfa-283	126	12	criteria	criterion	NOUN
ajfa-283	126	13	:	:	PUNCT
ajfa-283	126	14	(	(	PUNCT
ajfa-283	126	15	1	1	X
ajfa-283	126	16	)	)	PUNCT
ajfa-283	126	17	250	250	NUM
ajfa-283	126	18	large	large	ADJ
ajfa-283	126	19	cap	cap	NOUN
ajfa-283	126	20	companies	company	NOUN
ajfa-283	126	21	for	for	ADP
ajfa-283	126	22	each	each	DET
ajfa-283	126	23	country	country	NOUN
ajfa-283	126	24	are	be	AUX
ajfa-283	126	25	selected	select	VERB
ajfa-283	126	26	on	on	ADP
ajfa-283	126	27	the	the	DET
ajfa-283	126	28	basis	basis	NOUN
ajfa-283	126	29	of	of	ADP
ajfa-283	126	30	year	year	NOUN
ajfa-283	126	31	end	end	NOUN
ajfa-283	126	32	market	market	NOUN
ajfa-283	126	33	capitalization	capitalization	NOUN
ajfa-283	126	34	for	for	ADP
ajfa-283	126	35	the	the	DET
ajfa-283	126	36	last	last	ADJ
ajfa-283	126	37	sample	sample	NOUN
ajfa-283	126	38	year	year	NOUN
ajfa-283	126	39	(	(	PUNCT
ajfa-283	126	40	2007	2007	NUM
ajfa-283	126	41	)	)	PUNCT
ajfa-283	126	42	.	.	PUNCT
ajfa-283	127	1	in	in	ADP
ajfa-283	127	2	case	case	NOUN
ajfa-283	127	3	of	of	ADP
ajfa-283	127	4	brazil	brazil	PROPN
ajfa-283	127	5	and	and	CCONJ
ajfa-283	127	6	south	south	PROPN
ajfa-283	127	7	africa	africa	PROPN
ajfa-283	127	8	,	,	PUNCT
ajfa-283	127	9	since	since	SCONJ
ajfa-283	127	10	the	the	DET
ajfa-283	127	11	data	datum	NOUN
ajfa-283	127	12	was	be	AUX
ajfa-283	127	13	available	available	ADJ
ajfa-283	127	14	only	only	ADV
ajfa-283	127	15	for	for	ADP
ajfa-283	127	16	195	195	NUM
ajfa-283	127	17	and	and	CCONJ
ajfa-283	127	18	253	253	NUM
ajfa-283	127	19	companies	company	NOUN
ajfa-283	127	20	respectively	respectively	ADV
ajfa-283	127	21	,	,	PUNCT
ajfa-283	127	22	hence	hence	ADV
ajfa-283	127	23	we	we	PRON
ajfa-283	127	24	use	use	VERB
ajfa-283	127	25	the	the	DET
ajfa-283	127	26	entire	entire	ADJ
ajfa-283	127	27	basket	basket	NOUN
ajfa-283	127	28	without	without	ADP
ajfa-283	127	29	applying	apply	VERB
ajfa-283	127	30	the	the	DET
ajfa-283	127	31	market	market	NOUN
ajfa-283	127	32	capitalization	capitalization	NOUN
ajfa-283	127	33	rule	rule	NOUN
ajfa-283	127	34	,	,	PUNCT
ajfa-283	127	35	(	(	PUNCT
ajfa-283	127	36	2	2	X
ajfa-283	127	37	)	)	PUNCT
ajfa-283	127	38	the	the	DET
ajfa-283	127	39	shortlisted	shortlist	VERB
ajfa-283	127	40	companies	company	NOUN
ajfa-283	127	41	must	must	AUX
ajfa-283	127	42	have	have	VERB
ajfa-283	127	43	prices	price	NOUN
ajfa-283	127	44	available	available	ADJ
ajfa-283	127	45	for	for	ADP
ajfa-283	127	46	at	at	ADV
ajfa-283	127	47	least	least	ADV
ajfa-283	127	48	7	7	NUM
ajfa-283	127	49	years	year	NOUN
ajfa-283	127	50	out	out	ADP
ajfa-283	127	51	of	of	ADP
ajfa-283	127	52	the	the	DET
ajfa-283	127	53	total	total	ADJ
ajfa-283	127	54	sample	sample	NOUN
ajfa-283	127	55	period	period	NOUN
ajfa-283	127	56	,	,	PUNCT
ajfa-283	127	57	(	(	PUNCT
ajfa-283	127	58	3	3	X
ajfa-283	127	59	)	)	PUNCT
ajfa-283	127	60	all	all	DET
ajfa-283	127	61	the	the	DET
ajfa-283	127	62	companies	company	NOUN
ajfa-283	127	63	with	with	ADP
ajfa-283	127	64	prices	price	NOUN
ajfa-283	127	65	of	of	ADP
ajfa-283	127	66	less	less	ADJ
ajfa-283	127	67	than	than	ADP
ajfa-283	127	68	rs	rs	NOUN
ajfa-283	127	69	.	.	PROPN
ajfa-283	127	70	20	20	NUM
ajfa-283	127	71	in	in	ADP
ajfa-283	127	72	a	a	DET
ajfa-283	127	73	particular	particular	ADJ
ajfa-283	127	74	year	year	NOUN
ajfa-283	127	75	have	have	AUX
ajfa-283	127	76	been	be	AUX
ajfa-283	127	77	omitted	omit	VERB
ajfa-283	127	78	out	out	ADP
ajfa-283	127	79	of	of	ADP
ajfa-283	127	80	the	the	DET
ajfa-283	127	81	sample	sample	NOUN
ajfa-283	127	82	for	for	ADP
ajfa-283	127	83	that	that	DET
ajfa-283	127	84	year	year	NOUN
ajfa-283	127	85	.	.	PUNCT
ajfa-283	128	1	this	this	PRON
ajfa-283	128	2	has	have	AUX
ajfa-283	128	3	been	be	AUX
ajfa-283	128	4	done	do	VERB
ajfa-283	128	5	to	to	PART
ajfa-283	128	6	remove	remove	VERB
ajfa-283	128	7	the	the	DET
ajfa-283	128	8	effect	effect	NOUN
ajfa-283	128	9	of	of	ADP
ajfa-283	128	10	penny	penny	NOUN
ajfa-283	128	11	stocks	stock	NOUN
ajfa-283	128	12	in	in	ADP
ajfa-283	128	13	forecasting	forecast	VERB
ajfa-283	128	14	the	the	DET
ajfa-283	128	15	prices	price	NOUN
ajfa-283	128	16	as	as	SCONJ
ajfa-283	128	17	they	they	PRON
ajfa-283	128	18	can	can	AUX
ajfa-283	128	19	make	make	VERB
ajfa-283	128	20	large	large	ADJ
ajfa-283	128	21	distortions	distortion	NOUN
ajfa-283	128	22	in	in	ADP
ajfa-283	128	23	forecasted	forecast	VERB
ajfa-283	128	24	prices	price	NOUN
ajfa-283	128	25	and	and	CCONJ
ajfa-283	128	26	,	,	PUNCT
ajfa-283	128	27	(	(	PUNCT
ajfa-283	128	28	4	4	X
ajfa-283	128	29	)	)	PUNCT
ajfa-283	128	30	the	the	DET
ajfa-283	128	31	value	value	NOUN
ajfa-283	128	32	drivers	driver	NOUN
ajfa-283	128	33	per	per	ADP
ajfa-283	128	34	share	share	NOUN
ajfa-283	128	35	should	should	AUX
ajfa-283	128	36	be	be	AUX
ajfa-283	128	37	positive	positive	ADJ
ajfa-283	128	38	for	for	ADP
ajfa-283	128	39	a	a	DET
ajfa-283	128	40	company	company	NOUN
ajfa-283	128	41	in	in	ADP
ajfa-283	128	42	a	a	DET
ajfa-283	128	43	asain	asain	ADJ
ajfa-283	128	44	journal	journal	NOUN
ajfa-283	128	45	of	of	ADP
ajfa-283	128	46	finance	finance	PROPN
ajfa-283	128	47	&	&	CCONJ
ajfa-283	128	48	accounting	accounting	PROPN
ajfa-283	128	49	issn	issn	PROPN
ajfa-283	128	50	1946	1946	NUM
ajfa-283	128	51	-	-	PUNCT
ajfa-283	128	52	052x	052x	NOUN
ajfa-283	128	53	2010	2010	NUM
ajfa-283	128	54	,	,	PUNCT
ajfa-283	128	55	vol	vol	NOUN
ajfa-283	128	56	.	.	PROPN
ajfa-283	128	57	2	2	NUM
ajfa-283	128	58	,	,	PUNCT
ajfa-283	128	59	no	no	INTJ
ajfa-283	128	60	.	.	NOUN
ajfa-283	128	61	1	1	NUM
ajfa-283	128	62	:	:	PUNCT
ajfa-283	128	63	e4	e4	PROPN
ajfa-283	128	64	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	128	65	77	77	NUM
ajfa-283	128	66	given	give	VERB
ajfa-283	128	67	year	year	NOUN
ajfa-283	128	68	.	.	PUNCT
ajfa-283	129	1	the	the	DET
ajfa-283	129	2	details	detail	NOUN
ajfa-283	129	3	of	of	ADP
ajfa-283	129	4	sample	sample	NOUN
ajfa-283	129	5	companies	company	NOUN
ajfa-283	129	6	for	for	ADP
ajfa-283	129	7	bricks	brick	NOUN
ajfa-283	129	8	are	be	AUX
ajfa-283	129	9	given	give	VERB
ajfa-283	129	10	in	in	ADP
ajfa-283	129	11	exhibit	exhibit	NOUN
ajfa-283	129	12	a.	a.	NOUN
ajfa-283	129	13	we	we	PRON
ajfa-283	129	14	omit	omit	VERB
ajfa-283	129	15	russia	russia	PROPN
ajfa-283	129	16	from	from	ADP
ajfa-283	129	17	our	our	PRON
ajfa-283	129	18	study	study	NOUN
ajfa-283	129	19	owing	owe	VERB
ajfa-283	129	20	to	to	ADP
ajfa-283	129	21	negligible	negligible	ADJ
ajfa-283	129	22	number	number	NOUN
ajfa-283	129	23	of	of	ADP
ajfa-283	129	24	companies	company	NOUN
ajfa-283	129	25	which	which	PRON
ajfa-283	129	26	satisfy	satisfy	VERB
ajfa-283	129	27	our	our	PRON
ajfa-283	129	28	filtering	filtering	NOUN
ajfa-283	129	29	criteria	criterion	NOUN
ajfa-283	129	30	.	.	PUNCT
ajfa-283	130	1	the	the	DET
ajfa-283	130	2	data	datum	NOUN
ajfa-283	130	3	set	set	VERB
ajfa-283	130	4	comprises	comprise	NOUN
ajfa-283	130	5	of	of	ADP
ajfa-283	130	6	three	three	NUM
ajfa-283	130	7	value	value	NOUN
ajfa-283	130	8	drivers	driver	NOUN
ajfa-283	130	9	namely	namely	ADV
ajfa-283	130	10	eps	eps	PROPN
ajfa-283	130	11	,	,	PUNCT
ajfa-283	130	12	bv	bv	PROPN
ajfa-283	130	13	and	and	CCONJ
ajfa-283	130	14	sales	sale	NOUN
ajfa-283	130	15	for	for	ADP
ajfa-283	130	16	each	each	DET
ajfa-283	130	17	sample	sample	NOUN
ajfa-283	130	18	company	company	NOUN
ajfa-283	130	19	.	.	PUNCT
ajfa-283	131	1	we	we	PRON
ajfa-283	131	2	exclude	exclude	VERB
ajfa-283	131	3	cashflow	cashflow	ADJ
ajfa-283	131	4	as	as	ADP
ajfa-283	131	5	a	a	DET
ajfa-283	131	6	value	value	NOUN
ajfa-283	131	7	driver	driver	NOUN
ajfa-283	131	8	from	from	ADP
ajfa-283	131	9	our	our	PRON
ajfa-283	131	10	work	work	NOUN
ajfa-283	131	11	owing	owe	VERB
ajfa-283	131	12	to	to	ADP
ajfa-283	131	13	lack	lack	NOUN
ajfa-283	131	14	of	of	ADP
ajfa-283	131	15	relevant	relevant	ADJ
ajfa-283	131	16	data	datum	NOUN
ajfa-283	131	17	for	for	ADP
ajfa-283	131	18	all	all	DET
ajfa-283	131	19	sample	sample	NOUN
ajfa-283	131	20	companies	company	NOUN
ajfa-283	131	21	except	except	SCONJ
ajfa-283	131	22	india	india	PROPN
ajfa-283	131	23	.	.	PUNCT
ajfa-283	132	1	the	the	DET
ajfa-283	132	2	definitions	definition	NOUN
ajfa-283	132	3	for	for	ADP
ajfa-283	132	4	value	value	NOUN
ajfa-283	132	5	drivers	driver	NOUN
ajfa-283	132	6	are	be	AUX
ajfa-283	132	7	given	give	VERB
ajfa-283	132	8	in	in	ADP
ajfa-283	132	9	exhibit	exhibit	NOUN
ajfa-283	132	10	b.	b.	PROPN
ajfa-283	133	1	all	all	DET
ajfa-283	133	2	information	information	NOUN
ajfa-283	133	3	related	relate	VERB
ajfa-283	133	4	to	to	ADP
ajfa-283	133	5	stock	stock	NOUN
ajfa-283	133	6	prices	price	NOUN
ajfa-283	133	7	and	and	CCONJ
ajfa-283	133	8	value	value	NOUN
ajfa-283	133	9	drivers	driver	NOUN
ajfa-283	133	10	(	(	PUNCT
ajfa-283	133	11	eps	eps	PROPN
ajfa-283	133	12	,	,	PUNCT
ajfa-283	133	13	bv	bv	PROPN
ajfa-283	133	14	and	and	CCONJ
ajfa-283	133	15	sales	sale	NOUN
ajfa-283	133	16	)	)	PUNCT
ajfa-283	133	17	have	have	AUX
ajfa-283	133	18	been	be	AUX
ajfa-283	133	19	taken	take	VERB
ajfa-283	133	20	for	for	ADP
ajfa-283	133	21	the	the	DET
ajfa-283	133	22	end	end	NOUN
ajfa-283	133	23	of	of	ADP
ajfa-283	133	24	march	march	NOUN
ajfa-283	133	25	for	for	ADP
ajfa-283	133	26	each	each	DET
ajfa-283	133	27	sample	sample	NOUN
ajfa-283	133	28	year	year	NOUN
ajfa-283	133	29	.	.	PUNCT
ajfa-283	134	1	this	this	PRON
ajfa-283	134	2	is	be	AUX
ajfa-283	134	3	required	require	VERB
ajfa-283	134	4	to	to	PART
ajfa-283	134	5	compare	compare	VERB
ajfa-283	134	6	results	result	NOUN
ajfa-283	134	7	for	for	ADP
ajfa-283	134	8	india	india	PROPN
ajfa-283	134	9	with	with	ADP
ajfa-283	134	10	other	other	ADJ
ajfa-283	134	11	bricks	brick	NOUN
ajfa-283	134	12	countries	country	NOUN
ajfa-283	134	13	.	.	PUNCT
ajfa-283	135	1	it	it	PRON
ajfa-283	135	2	may	may	AUX
ajfa-283	135	3	be	be	AUX
ajfa-283	135	4	noted	note	VERB
ajfa-283	135	5	financial	financial	ADJ
ajfa-283	135	6	year	year	NOUN
ajfa-283	135	7	is	be	AUX
ajfa-283	135	8	april	april	PROPN
ajfa-283	135	9	of	of	ADP
ajfa-283	135	10	year	year	NOUN
ajfa-283	135	11	t	t	PROPN
ajfa-283	135	12	to	to	ADP
ajfa-283	135	13	march	march	PROPN
ajfa-283	135	14	of	of	ADP
ajfa-283	135	15	year	year	NOUN
ajfa-283	135	16	t+1	t+1	PROPN
ajfa-283	135	17	for	for	ADP
ajfa-283	135	18	india	india	PROPN
ajfa-283	135	19	.	.	PUNCT
ajfa-283	136	1	in	in	ADP
ajfa-283	136	2	the	the	DET
ajfa-283	136	3	indian	indian	ADJ
ajfa-283	136	4	context	context	NOUN
ajfa-283	136	5	we	we	PRON
ajfa-283	136	6	additionally	additionally	ADV
ajfa-283	136	7	compare	compare	VERB
ajfa-283	136	8	the	the	DET
ajfa-283	136	9	price	price	NOUN
ajfa-283	136	10	forecasts	forecast	NOUN
ajfa-283	136	11	provided	provide	VERB
ajfa-283	136	12	by	by	ADP
ajfa-283	136	13	sector	sector	NOUN
ajfa-283	136	14	regressions	regression	NOUN
ajfa-283	136	15	as	as	ADV
ajfa-283	136	16	well	well	ADV
ajfa-283	136	17	as	as	ADP
ajfa-283	136	18	market	market	NOUN
ajfa-283	136	19	regressions	regression	NOUN
ajfa-283	136	20	.	.	PUNCT
ajfa-283	137	1	for	for	ADP
ajfa-283	137	2	sector	sector	NOUN
ajfa-283	137	3	regressions	regression	NOUN
ajfa-283	137	4	we	we	PRON
ajfa-283	137	5	use	use	VERB
ajfa-283	137	6	data	datum	NOUN
ajfa-283	137	7	for	for	ADP
ajfa-283	137	8	13	13	NUM
ajfa-283	137	9	out	out	ADP
ajfa-283	137	10	of	of	ADP
ajfa-283	137	11	20	20	NUM
ajfa-283	137	12	major	major	ADJ
ajfa-283	137	13	sectors	sector	NOUN
ajfa-283	137	14	based	base	VERB
ajfa-283	137	15	on	on	ADP
ajfa-283	137	16	sector	sector	NOUN
ajfa-283	137	17	classification	classification	NOUN
ajfa-283	137	18	of	of	ADP
ajfa-283	137	19	bombay	bombay	PROPN
ajfa-283	137	20	stock	stock	PROPN
ajfa-283	137	21	exchange	exchange	PROPN
ajfa-283	137	22	500	500	NUM
ajfa-283	137	23	index	index	NOUN
ajfa-283	137	24	(	(	PUNCT
ajfa-283	137	25	bse500	bse500	NOUN
ajfa-283	137	26	)	)	PUNCT
ajfa-283	137	27	4	4	NUM
ajfa-283	137	28	.	.	PUNCT
ajfa-283	138	1	two	two	NUM
ajfa-283	138	2	sectors	sector	NOUN
ajfa-283	138	3	namely	namely	ADV
ajfa-283	138	4	,	,	PUNCT
ajfa-283	138	5	diversified	diversified	ADJ
ajfa-283	138	6	and	and	CCONJ
ajfa-283	138	7	miscellaneous	miscellaneous	ADJ
ajfa-283	138	8	are	be	AUX
ajfa-283	138	9	excluded	exclude	VERB
ajfa-283	138	10	from	from	ADP
ajfa-283	138	11	our	our	PRON
ajfa-283	138	12	work	work	NOUN
ajfa-283	138	13	as	as	SCONJ
ajfa-283	138	14	they	they	PRON
ajfa-283	138	15	are	be	AUX
ajfa-283	138	16	difficult	difficult	ADJ
ajfa-283	138	17	to	to	PART
ajfa-283	138	18	benchmark	benchmark	NOUN
ajfa-283	138	19	while	while	SCONJ
ajfa-283	138	20	other	other	ADJ
ajfa-283	138	21	five	five	NUM
ajfa-283	138	22	sectors	sector	NOUN
ajfa-283	138	23	(	(	PUNCT
ajfa-283	138	24	i.e.	i.e.	X
ajfa-283	138	25	media	medium	NOUN
ajfa-283	138	26	and	and	CCONJ
ajfa-283	138	27	publishing	publishing	NOUN
ajfa-283	138	28	,	,	PUNCT
ajfa-283	138	29	tourism	tourism	NOUN
ajfa-283	138	30	,	,	PUNCT
ajfa-283	138	31	telecom	telecom	NOUN
ajfa-283	138	32	,	,	PUNCT
ajfa-283	138	33	consumer	consumer	NOUN
ajfa-283	138	34	durable	durable	ADJ
ajfa-283	138	35	and	and	CCONJ
ajfa-283	138	36	transport	transport	NOUN
ajfa-283	138	37	services	service	NOUN
ajfa-283	138	38	)	)	PUNCT
ajfa-283	138	39	have	have	AUX
ajfa-283	138	40	been	be	AUX
ajfa-283	138	41	omitted	omit	VERB
ajfa-283	138	42	as	as	SCONJ
ajfa-283	138	43	they	they	PRON
ajfa-283	138	44	have	have	VERB
ajfa-283	138	45	few	few	ADJ
ajfa-283	138	46	listed	list	VERB
ajfa-283	138	47	companies	company	NOUN
ajfa-283	138	48	with	with	ADP
ajfa-283	138	49	not	not	PART
ajfa-283	138	50	so	so	ADV
ajfa-283	138	51	frequent	frequent	ADJ
ajfa-283	138	52	trading	trading	NOUN
ajfa-283	138	53	record	record	NOUN
ajfa-283	138	54	.	.	PUNCT
ajfa-283	139	1	for	for	ADP
ajfa-283	139	2	each	each	DET
ajfa-283	139	3	sector	sector	NOUN
ajfa-283	139	4	5	5	NUM
ajfa-283	139	5	12	12	NUM
ajfa-283	139	6	large	large	ADJ
ajfa-283	139	7	cap	cap	NOUN
ajfa-283	139	8	5	5	NUM
ajfa-283	139	9	companies	company	NOUN
ajfa-283	139	10	are	be	AUX
ajfa-283	139	11	selected	select	VERB
ajfa-283	139	12	based	base	VERB
ajfa-283	139	13	on	on	ADP
ajfa-283	139	14	the	the	DET
ajfa-283	139	15	criteria	criterion	NOUN
ajfa-283	139	16	mentioned	mention	VERB
ajfa-283	139	17	above	above	ADV
ajfa-283	139	18	.	.	PUNCT
ajfa-283	140	1	the	the	DET
ajfa-283	140	2	data	data	NOUN
ajfa-283	140	3	details	detail	NOUN
ajfa-283	140	4	for	for	ADP
ajfa-283	140	5	sample	sample	NOUN
ajfa-283	140	6	sectors	sector	NOUN
ajfa-283	140	7	for	for	ADP
ajfa-283	140	8	india	india	PROPN
ajfa-283	140	9	are	be	AUX
ajfa-283	140	10	given	give	VERB
ajfa-283	140	11	in	in	ADP
ajfa-283	140	12	exhibit	exhibit	NOUN
ajfa-283	140	13	c.	c.	PROPN
ajfa-283	140	14	exhibit	exhibit	VERB
ajfa-283	140	15	a	a	DET
ajfa-283	140	16	:	:	PUNCT
ajfa-283	140	17	details	detail	NOUN
ajfa-283	140	18	of	of	ADP
ajfa-283	140	19	sample	sample	NOUN
ajfa-283	140	20	companies	company	NOUN
ajfa-283	140	21	for	for	ADP
ajfa-283	140	22	bricks	brick	NOUN
ajfa-283	140	23	country	country	NOUN
ajfa-283	140	24	no	no	INTJ
ajfa-283	140	25	.	.	PUNCT
ajfa-283	140	26	of	of	ADP
ajfa-283	140	27	companies	company	NOUN
ajfa-283	140	28	before	before	ADP
ajfa-283	140	29	screening	screen	VERB
ajfa-283	140	30	no	no	PRON
ajfa-283	140	31	.	.	PUNCT
ajfa-283	140	32	of	of	ADP
ajfa-283	140	33	companies	company	NOUN
ajfa-283	140	34	after	after	ADP
ajfa-283	140	35	screening	screen	VERB
ajfa-283	140	36	brazil	brazil	PROPN
ajfa-283	140	37	195	195	NUM
ajfa-283	140	38	195	195	NUM
ajfa-283	140	39	russia	russia	NOUN
ajfa-283	140	40	75	75	NUM
ajfa-283	140	41	india	india	PROPN
ajfa-283	140	42	500	500	NUM
ajfa-283	140	43	145	145	NUM
ajfa-283	140	44	china	china	NOUN
ajfa-283	140	45	1492	1492	NUM
ajfa-283	140	46	200	200	NUM
ajfa-283	140	47	south	south	PROPN
ajfa-283	140	48	korea	korea	PROPN
ajfa-283	140	49	931	931	NUM
ajfa-283	140	50	200	200	NUM
ajfa-283	140	51	south	south	PROPN
ajfa-283	140	52	africa	africa	PROPN
ajfa-283	140	53	253	253	NUM
ajfa-283	140	54	253	253	NUM
ajfa-283	140	55	asain	asain	PROPN
ajfa-283	140	56	journal	journal	NOUN
ajfa-283	140	57	of	of	ADP
ajfa-283	140	58	finance	finance	PROPN
ajfa-283	140	59	&	&	CCONJ
ajfa-283	140	60	accounting	accounting	PROPN
ajfa-283	140	61	issn	issn	PROPN
ajfa-283	140	62	1946	1946	NUM
ajfa-283	140	63	-	-	PUNCT
ajfa-283	140	64	052x	052x	NOUN
ajfa-283	140	65	2010	2010	NUM
ajfa-283	140	66	,	,	PUNCT
ajfa-283	140	67	vol	vol	NOUN
ajfa-283	140	68	.	.	PROPN
ajfa-283	140	69	2	2	NUM
ajfa-283	140	70	,	,	PUNCT
ajfa-283	140	71	no	no	INTJ
ajfa-283	140	72	.	.	NOUN
ajfa-283	140	73	1	1	NUM
ajfa-283	140	74	:	:	PUNCT
ajfa-283	140	75	e4	e4	PROPN
ajfa-283	140	76	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	140	77	78	78	NUM
ajfa-283	140	78	exhibit	exhibit	NOUN
ajfa-283	140	79	b	b	NOUN
ajfa-283	140	80	:	:	PUNCT
ajfa-283	140	81	definitions	definition	NOUN
ajfa-283	140	82	of	of	ADP
ajfa-283	140	83	price	price	NOUN
ajfa-283	140	84	and	and	CCONJ
ajfa-283	140	85	value	value	NOUN
ajfa-283	140	86	drivers	driver	NOUN
ajfa-283	140	87	definitions	definition	NOUN
ajfa-283	140	88	price	price	NOUN
ajfa-283	140	89	closing	closing	NOUN
ajfa-283	140	90	price	price	NOUN
ajfa-283	140	91	eps	eps	PROPN
ajfa-283	140	92	(	(	PUNCT
ajfa-283	140	93	net	net	ADJ
ajfa-283	140	94	profit	profit	NOUN
ajfa-283	140	95	–	–	PUNCT
ajfa-283	140	96	preference	preference	NOUN
ajfa-283	140	97	dividend	dividend	NOUN
ajfa-283	140	98	–	–	PUNCT
ajfa-283	140	99	dividend	dividend	NOUN
ajfa-283	140	100	tax	tax	NOUN
ajfa-283	140	101	6	6	NUM
ajfa-283	140	102	)	)	PUNCT
ajfa-283	140	103	/number	/number	NOUN
ajfa-283	140	104	of	of	ADP
ajfa-283	140	105	shares	share	NOUN
ajfa-283	140	106	book	book	NOUN
ajfa-283	140	107	value	value	NOUN
ajfa-283	140	108	net	net	ADJ
ajfa-283	140	109	worth	worth	ADJ
ajfa-283	140	110	/	/	SYM
ajfa-283	140	111	number	number	NOUN
ajfa-283	140	112	of	of	ADP
ajfa-283	140	113	shares	share	NOUN
ajfa-283	140	114	and	and	CCONJ
ajfa-283	140	115	net	net	ADJ
ajfa-283	140	116	worth=	worth=	ADJ
ajfa-283	140	117	equity	equity	NOUN
ajfa-283	140	118	+	+	CCONJ
ajfa-283	140	119	reserves	reserve	NOUN
ajfa-283	140	120	&	&	CCONJ
ajfa-283	140	121	surplus	surplus	ADJ
ajfa-283	140	122	sales	sale	NOUN
ajfa-283	140	123	net	net	ADJ
ajfa-283	140	124	sales	sale	NOUN
ajfa-283	140	125	=	=	PUNCT
ajfa-283	140	126	gross	gross	ADJ
ajfa-283	140	127	sales	sale	NOUN
ajfa-283	140	128	–	–	PUNCT
ajfa-283	140	129	excise	excise	NOUN
ajfa-283	140	130	duty	duty	NOUN
ajfa-283	140	131	exhibit	exhibit	NOUN
ajfa-283	140	132	c	c	NOUN
ajfa-283	140	133	:	:	PUNCT
ajfa-283	140	134	details	detail	NOUN
ajfa-283	140	135	of	of	ADP
ajfa-283	140	136	sample	sample	NOUN
ajfa-283	140	137	sectors	sector	NOUN
ajfa-283	140	138	for	for	ADP
ajfa-283	140	139	india	india	PROPN
ajfa-283	140	140	serial	serial	PROPN
ajfa-283	140	141	no	no	PROPN
ajfa-283	140	142	.	.	PUNCT
ajfa-283	141	1	sector	sector	NOUN
ajfa-283	141	2	no	no	PROPN
ajfa-283	141	3	.	.	PUNCT
ajfa-283	142	1	of	of	ADP
ajfa-283	142	2	companies	company	NOUN
ajfa-283	142	3	1	1	NUM
ajfa-283	142	4	agriculture	agriculture	NOUN
ajfa-283	142	5	12	12	NUM
ajfa-283	142	6	2	2	NUM
ajfa-283	142	7	capital	capital	NOUN
ajfa-283	142	8	goods	good	NOUN
ajfa-283	142	9	12	12	NUM
ajfa-283	142	10	3	3	NUM
ajfa-283	142	11	chemical	chemical	NOUN
ajfa-283	142	12	&	&	CCONJ
ajfa-283	142	13	petrochemical	petrochemical	PROPN
ajfa-283	142	14	12	12	NUM
ajfa-283	142	15	4	4	NUM
ajfa-283	142	16	finance	finance	NOUN
ajfa-283	142	17	12	12	NUM
ajfa-283	142	18	5	5	NUM
ajfa-283	142	19	fast	fast	ADV
ajfa-283	142	20	moving	move	VERB
ajfa-283	142	21	consumer	consumer	NOUN
ajfa-283	142	22	goods	good	NOUN
ajfa-283	142	23	(	(	PUNCT
ajfa-283	142	24	fmcg	fmcg	PROPN
ajfa-283	142	25	)	)	PUNCT
ajfa-283	142	26	12	12	NUM
ajfa-283	142	27	6	6	NUM
ajfa-283	142	28	healthcare	healthcare	NOUN
ajfa-283	142	29	12	12	NUM
ajfa-283	142	30	7	7	NUM
ajfa-283	142	31	housing	housing	NOUN
ajfa-283	142	32	related	relate	VERB
ajfa-283	142	33	12	12	NUM
ajfa-283	142	34	8	8	NUM
ajfa-283	142	35	information	information	NOUN
ajfa-283	142	36	technology	technology	NOUN
ajfa-283	142	37	(	(	PUNCT
ajfa-283	142	38	it	it	PRON
ajfa-283	142	39	)	)	PUNCT
ajfa-283	142	40	12	12	NUM
ajfa-283	142	41	9	9	NUM
ajfa-283	142	42	metal	metal	NOUN
ajfa-283	142	43	,	,	PUNCT
ajfa-283	142	44	metal	metal	NOUN
ajfa-283	142	45	products	product	NOUN
ajfa-283	142	46	&	&	CCONJ
ajfa-283	142	47	mining	mining	NOUN
ajfa-283	142	48	12	12	NUM
ajfa-283	142	49	10	10	NUM
ajfa-283	142	50	oil	oil	NOUN
ajfa-283	142	51	&	&	CCONJ
ajfa-283	142	52	gas	gas	NOUN
ajfa-283	142	53	12	12	NUM
ajfa-283	142	54	11	11	NUM
ajfa-283	142	55	power	power	NOUN
ajfa-283	142	56	6	6	NUM
ajfa-283	142	57	12	12	NUM
ajfa-283	142	58	textile	textile	NOUN
ajfa-283	142	59	7	7	NUM
ajfa-283	142	60	13	13	NUM
ajfa-283	142	61	transport	transport	NOUN
ajfa-283	142	62	equipment	equipment	NOUN
ajfa-283	142	63	12	12	NUM
ajfa-283	142	64	4	4	NUM
ajfa-283	142	65	.	.	PUNCT
ajfa-283	143	1	equity	equity	NOUN
ajfa-283	143	2	valuation	valuation	NOUN
ajfa-283	143	3	using	use	VERB
ajfa-283	143	4	historical	historical	ADJ
ajfa-283	143	5	price	price	NOUN
ajfa-283	143	6	multiples	multiple	NOUN
ajfa-283	143	7	in	in	ADP
ajfa-283	143	8	this	this	DET
ajfa-283	143	9	section	section	NOUN
ajfa-283	143	10	we	we	PRON
ajfa-283	143	11	evaluate	evaluate	VERB
ajfa-283	143	12	standalone	standalone	ADJ
ajfa-283	143	13	price	price	NOUN
ajfa-283	143	14	multiples	multiple	NOUN
ajfa-283	143	15	to	to	PART
ajfa-283	143	16	find	find	VERB
ajfa-283	143	17	out	out	ADP
ajfa-283	143	18	which	which	DET
ajfa-283	143	19	one	one	NUM
ajfa-283	143	20	of	of	ADP
ajfa-283	143	21	them	they	PRON
ajfa-283	143	22	is	be	AUX
ajfa-283	143	23	most	most	ADV
ajfa-283	143	24	efficient	efficient	ADJ
ajfa-283	143	25	in	in	ADP
ajfa-283	143	26	forecasting	forecast	VERB
ajfa-283	143	27	prices	price	NOUN
ajfa-283	143	28	for	for	ADP
ajfa-283	143	29	bricks	brick	NOUN
ajfa-283	143	30	.	.	PUNCT
ajfa-283	144	1	we	we	PRON
ajfa-283	144	2	forecast	forecast	VERB
ajfa-283	144	3	historical	historical	ADJ
ajfa-283	144	4	prices	price	NOUN
ajfa-283	144	5	using	use	VERB
ajfa-283	144	6	three	three	NUM
ajfa-283	144	7	standalone	standalone	ADJ
ajfa-283	144	8	value	value	NOUN
ajfa-283	144	9	drives	drive	NOUN
ajfa-283	144	10	namely	namely	ADV
ajfa-283	144	11	,	,	PUNCT
ajfa-283	144	12	eps	eps	PROPN
ajfa-283	144	13	,	,	PUNCT
ajfa-283	144	14	bv	bv	PROPN
ajfa-283	144	15	,	,	PUNCT
ajfa-283	144	16	and	and	CCONJ
ajfa-283	144	17	sales	sale	NOUN
ajfa-283	144	18	.	.	PUNCT
ajfa-283	145	1	forecasted	forecast	VERB
ajfa-283	145	2	price	price	NOUN
ajfa-283	145	3	for	for	ADP
ajfa-283	145	4	each	each	DET
ajfa-283	145	5	year	year	NOUN
ajfa-283	145	6	is	be	AUX
ajfa-283	145	7	calculated	calculate	VERB
ajfa-283	145	8	by	by	ADP
ajfa-283	145	9	using	use	VERB
ajfa-283	145	10	market	market	NOUN
ajfa-283	145	11	regression	regression	NOUN
ajfa-283	145	12	procedure	procedure	NOUN
ajfa-283	145	13	which	which	PRON
ajfa-283	145	14	has	have	AUX
ajfa-283	145	15	been	be	AUX
ajfa-283	145	16	explained	explain	VERB
ajfa-283	145	17	below	below	ADV
ajfa-283	145	18	.	.	PUNCT
ajfa-283	146	1	we	we	PRON
ajfa-283	146	2	then	then	ADV
ajfa-283	146	3	subtract	subtract	VERB
ajfa-283	146	4	forecasted	forecast	VERB
ajfa-283	146	5	price	price	NOUN
ajfa-283	146	6	from	from	ADP
ajfa-283	146	7	the	the	DET
ajfa-283	146	8	actual	actual	ADJ
ajfa-283	146	9	price	price	NOUN
ajfa-283	146	10	each	each	DET
ajfa-283	146	11	year	year	NOUN
ajfa-283	146	12	to	to	PART
ajfa-283	146	13	get	get	VERB
ajfa-283	146	14	the	the	DET
ajfa-283	146	15	series	series	NOUN
ajfa-283	146	16	of	of	ADP
ajfa-283	146	17	pricing	price	VERB
ajfa-283	146	18	errors	error	NOUN
ajfa-283	146	19	for	for	ADP
ajfa-283	146	20	the	the	DET
ajfa-283	146	21	sample	sample	NOUN
ajfa-283	146	22	period	period	NOUN
ajfa-283	146	23	.	.	PUNCT
ajfa-283	147	1	we	we	PRON
ajfa-283	147	2	next	next	ADJ
ajfa-283	147	3	calculate	calculate	NOUN
ajfa-283	147	4	root	root	NOUN
ajfa-283	147	5	mean	mean	VERB
ajfa-283	147	6	squared	square	VERB
ajfa-283	147	7	error	error	NOUN
ajfa-283	147	8	(	(	PUNCT
ajfa-283	147	9	root	root	NOUN
ajfa-283	147	10	mse	mse	NOUN
ajfa-283	147	11	)	)	PUNCT
ajfa-283	147	12	and	and	CCONJ
ajfa-283	147	13	thail	thail	NOUN
ajfa-283	147	14	asain	asain	PROPN
ajfa-283	147	15	journal	journal	NOUN
ajfa-283	147	16	of	of	ADP
ajfa-283	147	17	finance	finance	PROPN
ajfa-283	147	18	&	&	CCONJ
ajfa-283	147	19	accounting	accounting	PROPN
ajfa-283	147	20	issn	issn	PROPN
ajfa-283	147	21	1946	1946	NUM
ajfa-283	147	22	-	-	PUNCT
ajfa-283	147	23	052x	052x	NOUN
ajfa-283	147	24	2010	2010	NUM
ajfa-283	147	25	,	,	PUNCT
ajfa-283	147	26	vol	vol	NOUN
ajfa-283	147	27	.	.	PROPN
ajfa-283	147	28	2	2	NUM
ajfa-283	147	29	,	,	PUNCT
ajfa-283	147	30	no	no	INTJ
ajfa-283	147	31	.	.	NOUN
ajfa-283	147	32	1	1	NUM
ajfa-283	147	33	:	:	PUNCT
ajfa-283	147	34	e4	e4	PROPN
ajfa-283	147	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	AUX
ajfa-283	147	36	79	79	NUM
ajfa-283	147	37	inequality	inequality	NOUN
ajfa-283	147	38	coefficient	coefficient	NOUN
ajfa-283	147	39	for	for	ADP
ajfa-283	147	40	the	the	DET
ajfa-283	147	41	series	series	NOUN
ajfa-283	147	42	of	of	ADP
ajfa-283	147	43	pricing	pricing	NOUN
ajfa-283	147	44	errors	error	NOUN
ajfa-283	147	45	obtained	obtain	VERB
ajfa-283	147	46	for	for	ADP
ajfa-283	147	47	the	the	DET
ajfa-283	147	48	sample	sample	NOUN
ajfa-283	147	49	companies	company	NOUN
ajfa-283	147	50	.	.	PUNCT
ajfa-283	148	1	the	the	DET
ajfa-283	148	2	price	price	NOUN
ajfa-283	148	3	multiple	multiple	NOUN
ajfa-283	148	4	for	for	ADP
ajfa-283	148	5	which	which	PRON
ajfa-283	148	6	pricing	pricing	NOUN
ajfa-283	148	7	errors	error	NOUN
ajfa-283	148	8	are	be	AUX
ajfa-283	148	9	minimum	minimum	NOUN
ajfa-283	148	10	will	will	AUX
ajfa-283	148	11	be	be	AUX
ajfa-283	148	12	termed	term	VERB
ajfa-283	148	13	as	as	ADP
ajfa-283	148	14	the	the	DET
ajfa-283	148	15	most	most	ADV
ajfa-283	148	16	efficient	efficient	ADJ
ajfa-283	148	17	one	one	NUM
ajfa-283	148	18	for	for	ADP
ajfa-283	148	19	valuing	value	VERB
ajfa-283	148	20	a	a	DET
ajfa-283	148	21	share	share	NOUN
ajfa-283	148	22	using	use	VERB
ajfa-283	148	23	historical	historical	ADJ
ajfa-283	148	24	data	datum	NOUN
ajfa-283	148	25	.	.	PUNCT
ajfa-283	149	1	in	in	ADP
ajfa-283	149	2	order	order	NOUN
ajfa-283	149	3	to	to	PART
ajfa-283	149	4	compute	compute	VERB
ajfa-283	149	5	the	the	DET
ajfa-283	149	6	forecasted	forecast	VERB
ajfa-283	149	7	price	price	NOUN
ajfa-283	149	8	ols	ol	NOUN
ajfa-283	149	9	estimation	estimation	NOUN
ajfa-283	149	10	can	can	AUX
ajfa-283	149	11	be	be	AUX
ajfa-283	149	12	done	do	VERB
ajfa-283	149	13	including	include	VERB
ajfa-283	149	14	an	an	DET
ajfa-283	149	15	intercept	intercept	NOUN
ajfa-283	149	16	term	term	NOUN
ajfa-283	149	17	as	as	SCONJ
ajfa-283	149	18	shown	show	VERB
ajfa-283	149	19	in	in	ADP
ajfa-283	149	20	the	the	DET
ajfa-283	149	21	following	follow	VERB
ajfa-283	149	22	equation	equation	NOUN
ajfa-283	149	23	:	:	PUNCT
ajfa-283	149	24			ADJ
ajfa-283	149	25	ititttit	ititttit	NOUN
ajfa-283	149	26	p	p	PROPN
ajfa-283	149	27			PROPN
ajfa-283	149	28	(	(	PUNCT
ajfa-283	149	29	1	1	NUM
ajfa-283	149	30	)	)	PUNCT
ajfa-283	149	31	where	where	SCONJ
ajfa-283	149	32	,	,	PUNCT
ajfa-283	149	33	α	α	PROPN
ajfa-283	149	34	t	t	PROPN
ajfa-283	149	35	is	be	AUX
ajfa-283	149	36	the	the	DET
ajfa-283	149	37	intercept	intercept	NOUN
ajfa-283	149	38	which	which	PRON
ajfa-283	149	39	captures	capture	VERB
ajfa-283	149	40	the	the	DET
ajfa-283	149	41	average	average	ADJ
ajfa-283	149	42	effect	effect	NOUN
ajfa-283	149	43	of	of	ADP
ajfa-283	149	44	those	those	DET
ajfa-283	149	45	factors	factor	NOUN
ajfa-283	149	46	which	which	PRON
ajfa-283	149	47	are	be	AUX
ajfa-283	149	48	not	not	PART
ajfa-283	149	49	explained	explain	VERB
ajfa-283	149	50	by	by	ADP
ajfa-283	149	51	value	value	NOUN
ajfa-283	149	52	driver	driver	NOUN
ajfa-283	149	53	,	,	PUNCT
ajfa-283	149	54	x	x	VERB
ajfa-283	149	55	it	it	PRON
ajfa-283	149	56	is	be	AUX
ajfa-283	149	57	the	the	DET
ajfa-283	149	58	value	value	NOUN
ajfa-283	149	59	driver	driver	NOUN
ajfa-283	149	60	for	for	ADP
ajfa-283	149	61	firm	firm	ADJ
ajfa-283	149	62	i	i	PRON
ajfa-283	149	63	in	in	ADP
ajfa-283	149	64	year	year	PROPN
ajfa-283	149	65	t	t	PROPN
ajfa-283	149	66	,	,	PUNCT
ajfa-283	149	67	β	β	PROPN
ajfa-283	149	68	t	t	PROPN
ajfa-283	149	69	is	be	AUX
ajfa-283	149	70	the	the	DET
ajfa-283	149	71	multiple	multiple	ADJ
ajfa-283	149	72	on	on	ADP
ajfa-283	149	73	the	the	DET
ajfa-283	149	74	value	value	NOUN
ajfa-283	149	75	driver	driver	NOUN
ajfa-283	149	76	and	and	CCONJ
ajfa-283	149	77	e	e	NOUN
ajfa-283	149	78	it	it	PRON
ajfa-283	149	79	is	be	AUX
ajfa-283	149	80	the	the	DET
ajfa-283	149	81	pricing	pricing	NOUN
ajfa-283	149	82	error	error	NOUN
ajfa-283	149	83	.	.	PUNCT
ajfa-283	150	1	many	many	ADJ
ajfa-283	150	2	factors	factor	NOUN
ajfa-283	150	3	besides	besides	SCONJ
ajfa-283	150	4	the	the	DET
ajfa-283	150	5	value	value	NOUN
ajfa-283	150	6	driver	driver	NOUN
ajfa-283	150	7	under	under	ADP
ajfa-283	150	8	investigation	investigation	NOUN
ajfa-283	150	9	,	,	PUNCT
ajfa-283	150	10	affect	affect	VERB
ajfa-283	150	11	price	price	NOUN
ajfa-283	150	12	,	,	PUNCT
ajfa-283	150	13	and	and	CCONJ
ajfa-283	150	14	the	the	DET
ajfa-283	150	15	average	average	ADJ
ajfa-283	150	16	effect	effect	NOUN
ajfa-283	150	17	of	of	ADP
ajfa-283	150	18	such	such	ADJ
ajfa-283	150	19	omitted	omit	VERB
ajfa-283	150	20	factors	factor	NOUN
ajfa-283	150	21	is	be	AUX
ajfa-283	150	22	unlikely	unlikely	ADJ
ajfa-283	150	23	to	to	PART
ajfa-283	150	24	be	be	AUX
ajfa-283	150	25	zero	zero	NUM
ajfa-283	150	26	.	.	PUNCT
ajfa-283	151	1	since	since	SCONJ
ajfa-283	151	2	the	the	DET
ajfa-283	151	3	intercept	intercept	NOUN
ajfa-283	151	4	in	in	ADP
ajfa-283	151	5	equation	equation	NOUN
ajfa-283	151	6	(	(	PUNCT
ajfa-283	151	7	1	1	X
ajfa-283	151	8	)	)	PUNCT
ajfa-283	151	9	captures	capture	VERB
ajfa-283	151	10	the	the	DET
ajfa-283	151	11	average	average	ADJ
ajfa-283	151	12	effect	effect	NOUN
ajfa-283	151	13	of	of	ADP
ajfa-283	151	14	omitted	omit	VERB
ajfa-283	151	15	factors	factor	NOUN
ajfa-283	151	16	,	,	PUNCT
ajfa-283	151	17	allowing	allow	VERB
ajfa-283	151	18	for	for	ADP
ajfa-283	151	19	an	an	DET
ajfa-283	151	20	intercept	intercept	NOUN
ajfa-283	151	21	should	should	AUX
ajfa-283	151	22	improve	improve	VERB
ajfa-283	151	23	the	the	DET
ajfa-283	151	24	precision	precision	NOUN
ajfa-283	151	25	of	of	ADP
ajfa-283	151	26	out	out	ADP
ajfa-283	151	27	of	of	ADP
ajfa-283	151	28	sample	sample	NOUN
ajfa-283	151	29	predictions	prediction	NOUN
ajfa-283	151	30	.	.	PUNCT
ajfa-283	152	1	through	through	ADP
ajfa-283	152	2	above	above	ADP
ajfa-283	152	3	equation	equation	NOUN
ajfa-283	152	4	we	we	PRON
ajfa-283	152	5	regress	regress	VERB
ajfa-283	152	6	the	the	DET
ajfa-283	152	7	base	base	NOUN
ajfa-283	152	8	year	year	NOUN
ajfa-283	152	9	price	price	NOUN
ajfa-283	152	10	on	on	ADP
ajfa-283	152	11	the	the	DET
ajfa-283	152	12	base	base	NOUN
ajfa-283	152	13	year	year	NOUN
ajfa-283	152	14	’s	’s	PART
ajfa-283	152	15	value	value	NOUN
ajfa-283	152	16	driver	driver	NOUN
ajfa-283	152	17	and	and	CCONJ
ajfa-283	152	18	use	use	VERB
ajfa-283	152	19	the	the	DET
ajfa-283	152	20	ols	ols	NOUN
ajfa-283	152	21	estimates	estimate	NOUN
ajfa-283	152	22	to	to	PART
ajfa-283	152	23	find	find	VERB
ajfa-283	152	24	out	out	ADP
ajfa-283	152	25	expected	expected	ADJ
ajfa-283	152	26	price	price	NOUN
ajfa-283	152	27	7	7	NUM
ajfa-283	152	28	for	for	ADP
ajfa-283	152	29	base	base	NOUN
ajfa-283	152	30	year	year	NOUN
ajfa-283	152	31	.	.	PUNCT
ajfa-283	153	1	to	to	PART
ajfa-283	153	2	improve	improve	VERB
ajfa-283	153	3	the	the	DET
ajfa-283	153	4	estimation	estimation	NOUN
ajfa-283	153	5	efficiency	efficiency	NOUN
ajfa-283	153	6	,	,	PUNCT
ajfa-283	153	7	we	we	PRON
ajfa-283	153	8	divide	divide	VERB
ajfa-283	153	9	equation	equation	NOUN
ajfa-283	153	10	(	(	PUNCT
ajfa-283	153	11	1	1	NUM
ajfa-283	153	12	)	)	PUNCT
ajfa-283	153	13	by	by	ADP
ajfa-283	153	14	expected	expect	VERB
ajfa-283	153	15	price	price	NOUN
ajfa-283	153	16	.	.	PUNCT
ajfa-283	154	1	(	(	PUNCT
ajfa-283	154	2	2	2	X
ajfa-283	154	3	)	)	PUNCT
ajfa-283	154	4	we	we	PRON
ajfa-283	154	5	divide	divide	VERB
ajfa-283	154	6	equation	equation	NOUN
ajfa-283	154	7	(	(	PUNCT
ajfa-283	154	8	1	1	NUM
ajfa-283	154	9	)	)	PUNCT
ajfa-283	154	10	by	by	ADP
ajfa-283	154	11	expected	expect	VERB
ajfa-283	154	12	price	price	NOUN
ajfa-283	154	13	and	and	CCONJ
ajfa-283	154	14	make	make	VERB
ajfa-283	154	15	it	it	PRON
ajfa-283	154	16	a	a	DET
ajfa-283	154	17	gls	gls	ADJ
ajfa-283	154	18	estimation	estimation	NOUN
ajfa-283	154	19	equation	equation	NOUN
ajfa-283	154	20	in	in	ADP
ajfa-283	154	21	order	order	NOUN
ajfa-283	154	22	to	to	PART
ajfa-283	154	23	remove	remove	VERB
ajfa-283	154	24	the	the	DET
ajfa-283	154	25	effect	effect	NOUN
ajfa-283	154	26	of	of	ADP
ajfa-283	154	27	heteroscedasticity	heteroscedasticity	NOUN
ajfa-283	154	28	and	and	CCONJ
ajfa-283	154	29	to	to	PART
ajfa-283	154	30	obtain	obtain	VERB
ajfa-283	154	31	a	a	DET
ajfa-283	154	32	more	more	ADV
ajfa-283	154	33	efficient	efficient	ADJ
ajfa-283	154	34	estimate	estimate	NOUN
ajfa-283	154	35	of	of	ADP
ajfa-283	154	36	value	value	NOUN
ajfa-283	154	37	driver	driver	NOUN
ajfa-283	154	38	.	.	PUNCT
ajfa-283	155	1	var	var	NOUN
ajfa-283	155	2	(	(	PUNCT
ajfa-283	155	3	ε	ε	PROPN
ajfa-283	155	4	i	i	PROPN
ajfa-283	155	5	)	)	PUNCT
ajfa-283	155	6	is	be	AUX
ajfa-283	155	7	hetroscadic	hetroscadic	ADJ
ajfa-283	155	8	with	with	ADP
ajfa-283	155	9	respect	respect	NOUN
ajfa-283	155	10	to	to	ADP
ajfa-283	155	11	square	square	NOUN
ajfa-283	155	12	of	of	ADP
ajfa-283	155	13	expected	expect	VERB
ajfa-283	155	14	prices	price	NOUN
ajfa-283	155	15	in	in	ADP
ajfa-283	155	16	the	the	DET
ajfa-283	155	17	form	form	NOUN
ajfa-283	155	18	of	of	ADP
ajfa-283	155	19	var	var	NOUN
ajfa-283	155	20	(	(	PUNCT
ajfa-283	155	21	ε	ε	PROPN
ajfa-283	155	22	i	i	PROPN
ajfa-283	155	23	)	)	PUNCT
ajfa-283	156	1	=	=	SYM
ajfa-283	156	2	f	f	X
ajfa-283	156	3	(	(	PUNCT
ajfa-283	156	4	e	e	X
ajfa-283	156	5	(	(	PUNCT
ajfa-283	156	6	pi	pi	NOUN
ajfa-283	156	7	)	)	PUNCT
ajfa-283	156	8	2	2	NUM
ajfa-283	156	9	)	)	PUNCT
ajfa-283	156	10	.	.	PUNCT
ajfa-283	157	1	step	step	NOUN
ajfa-283	157	2	2	2	NUM
ajfa-283	157	3	is	be	AUX
ajfa-283	157	4	performed	perform	VERB
ajfa-283	157	5	only	only	ADV
ajfa-283	157	6	in	in	ADP
ajfa-283	157	7	those	those	DET
ajfa-283	157	8	cases	case	NOUN
ajfa-283	157	9	where	where	SCONJ
ajfa-283	157	10	there	there	PRON
ajfa-283	157	11	is	be	VERB
ajfa-283	157	12	significant	significant	ADJ
ajfa-283	157	13	heteroscedasticity	heteroscedasticity	NOUN
ajfa-283	157	14	as	as	SCONJ
ajfa-283	157	15	shown	show	VERB
ajfa-283	157	16	by	by	ADP
ajfa-283	157	17	white	white	ADJ
ajfa-283	157	18	hetroskedasticity	hetroskedasticity	NOUN
ajfa-283	157	19	(	(	PUNCT
ajfa-283	157	20	no	no	DET
ajfa-283	157	21	cross	cross	ADJ
ajfa-283	157	22	term	term	NOUN
ajfa-283	157	23	term	term	NOUN
ajfa-283	157	24	)	)	PUNCT
ajfa-283	157	25	residual	residual	ADJ
ajfa-283	157	26	test	test	NOUN
ajfa-283	157	27	8	8	NUM
ajfa-283	157	28	.	.	PUNCT
ajfa-283	158	1			NOUN
ajfa-283	158	2			PUNCT
ajfa-283	158	3	it	it	PRON
ajfa-283	158	4	it	it	PRON
ajfa-283	159	1	it	it	PRON
ajfa-283	159	2	it	it	PRON
ajfa-283	160	1	it	it	PRON
ajfa-283	160	2	t	t	VERB
ajfa-283	160	3	it	it	PRON
ajfa-283	161	1	it	it	PRON
ajfa-283	161	2	pp	pp	INTJ
ajfa-283	162	1	t	t	PROPN
ajfa-283	162	2	pp	pp	ADV
ajfa-283	162	3	p	p	NOUN
ajfa-283	162	4			ADJ
ajfa-283	162	5			PROPN
ajfa-283	162	6	asain	asain	PROPN
ajfa-283	162	7	journal	journal	NOUN
ajfa-283	162	8	of	of	ADP
ajfa-283	162	9	finance	finance	PROPN
ajfa-283	162	10	&	&	CCONJ
ajfa-283	162	11	accounting	accounting	PROPN
ajfa-283	162	12	issn	issn	PROPN
ajfa-283	162	13	1946	1946	NUM
ajfa-283	162	14	-	-	PUNCT
ajfa-283	162	15	052x	052x	NOUN
ajfa-283	162	16	2010	2010	NUM
ajfa-283	162	17	,	,	PUNCT
ajfa-283	162	18	vol	vol	NOUN
ajfa-283	162	19	.	.	PROPN
ajfa-283	162	20	2	2	NUM
ajfa-283	162	21	,	,	PUNCT
ajfa-283	162	22	no	no	INTJ
ajfa-283	162	23	.	.	NOUN
ajfa-283	162	24	1	1	NUM
ajfa-283	162	25	:	:	PUNCT
ajfa-283	162	26	e4	e4	PROPN
ajfa-283	162	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-283	162	28	80	80	NUM
ajfa-283	162	29	estimating	estimate	VERB
ajfa-283	162	30	equation	equation	NOUN
ajfa-283	162	31	(	(	PUNCT
ajfa-283	162	32	2	2	NUM
ajfa-283	162	33	)	)	PUNCT
ajfa-283	162	34	with	with	ADP
ajfa-283	162	35	no	no	DET
ajfa-283	162	36	restriction	restriction	NOUN
ajfa-283	162	37	minimizes	minimize	VERB
ajfa-283	162	38	the	the	DET
ajfa-283	162	39	square	square	NOUN
ajfa-283	162	40	of	of	ADP
ajfa-283	162	41	pricing	pricing	NOUN
ajfa-283	162	42	errors	error	NOUN
ajfa-283	162	43	,	,	PUNCT
ajfa-283	162	44	but	but	CCONJ
ajfa-283	162	45	the	the	DET
ajfa-283	162	46	expected	expect	VERB
ajfa-283	162	47	value	value	NOUN
ajfa-283	162	48	of	of	ADP
ajfa-283	162	49	these	these	DET
ajfa-283	162	50	errors	error	NOUN
ajfa-283	162	51	is	be	AUX
ajfa-283	162	52	non	non	ADJ
ajfa-283	162	53	zero	zero	NUM
ajfa-283	162	54	.	.	PUNCT
ajfa-283	163	1	empirically	empirically	ADV
ajfa-283	163	2	it	it	PRON
ajfa-283	163	3	has	have	AUX
ajfa-283	163	4	been	be	AUX
ajfa-283	163	5	proved	prove	VERB
ajfa-283	163	6	by	by	ADP
ajfa-283	163	7	liu	liu	PROPN
ajfa-283	163	8	,	,	PUNCT
ajfa-283	163	9	nissim	nissim	PROPN
ajfa-283	163	10	,	,	PUNCT
ajfa-283	163	11	and	and	CCONJ
ajfa-283	163	12	thomas	thomas	PROPN
ajfa-283	163	13	(	(	PUNCT
ajfa-283	163	14	2002	2002	NUM
ajfa-283	163	15	)	)	PUNCT
ajfa-283	163	16	that	that	SCONJ
ajfa-283	163	17	when	when	SCONJ
ajfa-283	163	18	we	we	PRON
ajfa-283	163	19	impose	impose	VERB
ajfa-283	163	20	the	the	DET
ajfa-283	163	21	restriction	restriction	NOUN
ajfa-283	163	22	that	that	PRON
ajfa-283	163	23	expected	expect	VERB
ajfa-283	163	24	pricing	pricing	NOUN
ajfa-283	163	25	errors	error	NOUN
ajfa-283	163	26	(	(	PUNCT
ajfa-283	163	27	e	e	X
ajfa-283	163	28	(	(	PUNCT
ajfa-283	163	29	ε	ε	PROPN
ajfa-283	163	30	/p	/p	PUNCT
ajfa-283	163	31	)	)	PUNCT
ajfa-283	163	32	)	)	PUNCT
ajfa-283	163	33	be	be	AUX
ajfa-283	163	34	zero	zero	NUM
ajfa-283	163	35	it	it	PRON
ajfa-283	163	36	generates	generate	VERB
ajfa-283	163	37	lower	low	ADJ
ajfa-283	163	38	pricing	pricing	NOUN
ajfa-283	163	39	errors	error	NOUN
ajfa-283	163	40	for	for	ADP
ajfa-283	163	41	most	most	ADJ
ajfa-283	163	42	firms	firm	NOUN
ajfa-283	163	43	,	,	PUNCT
ajfa-283	163	44	relative	relative	ADJ
ajfa-283	163	45	to	to	ADP
ajfa-283	163	46	an	an	DET
ajfa-283	163	47	unrestricted	unrestricted	ADJ
ajfa-283	163	48	estimate	estimate	NOUN
ajfa-283	163	49	,	,	PUNCT
ajfa-283	163	50	but	but	CCONJ
ajfa-283	163	51	it	it	PRON
ajfa-283	163	52	generates	generate	VERB
ajfa-283	163	53	substantially	substantially	ADV
ajfa-283	163	54	higher	high	ADJ
ajfa-283	163	55	errors	error	NOUN
ajfa-283	163	56	in	in	ADP
ajfa-283	163	57	the	the	DET
ajfa-283	163	58	tail	tail	NOUN
ajfa-283	163	59	of	of	ADP
ajfa-283	163	60	the	the	DET
ajfa-283	163	61	distribution	distribution	NOUN
ajfa-283	163	62	.	.	PUNCT
ajfa-283	164	1	by	by	ADP
ajfa-283	164	2	restricting	restrict	VERB
ajfa-283	164	3	ourselves	ourselves	PRON
ajfa-283	164	4	to	to	ADP
ajfa-283	164	5	unbiased	unbiased	ADJ
ajfa-283	164	6	pricing	pricing	NOUN
ajfa-283	164	7	errors	error	NOUN
ajfa-283	164	8	,	,	PUNCT
ajfa-283	164	9	we	we	PRON
ajfa-283	164	10	are	be	AUX
ajfa-283	164	11	in	in	ADP
ajfa-283	164	12	effect	effect	NOUN
ajfa-283	164	13	assigning	assign	VERB
ajfa-283	164	14	lower	low	ADJ
ajfa-283	164	15	weights	weight	NOUN
ajfa-283	164	16	to	to	ADP
ajfa-283	164	17	extreme	extreme	ADJ
ajfa-283	164	18	pricing	pricing	NOUN
ajfa-283	164	19	errors	error	NOUN
ajfa-283	164	20	,	,	PUNCT
ajfa-283	164	21	relative	relative	ADJ
ajfa-283	164	22	to	to	ADP
ajfa-283	164	23	unrestricted	unrestricted	ADJ
ajfa-283	164	24	approach	approach	NOUN
ajfa-283	164	25	.	.	PUNCT
ajfa-283	165	1	by	by	ADP
ajfa-283	165	2	doing	do	VERB
ajfa-283	165	3	so	so	ADV
ajfa-283	165	4	we	we	PRON
ajfa-283	165	5	are	be	AUX
ajfa-283	165	6	also	also	ADV
ajfa-283	165	7	maintaining	maintain	VERB
ajfa-283	165	8	consistency	consistency	NOUN
ajfa-283	165	9	with	with	ADP
ajfa-283	165	10	the	the	DET
ajfa-283	165	11	tradition	tradition	NOUN
ajfa-283	165	12	in	in	ADP
ajfa-283	165	13	econometrics	econometric	NOUN
ajfa-283	165	14	that	that	PRON
ajfa-283	165	15	strongly	strongly	ADV
ajfa-283	165	16	prefers	prefer	VERB
ajfa-283	165	17	unbiasedness	unbiasedness	NOUN
ajfa-283	165	18	over	over	ADP
ajfa-283	165	19	reduced	reduce	VERB
ajfa-283	165	20	dispersion	dispersion	NOUN
ajfa-283	165	21	.	.	PUNCT
ajfa-283	166	1	therefore	therefore	ADV
ajfa-283	166	2	,	,	PUNCT
ajfa-283	166	3	we	we	PRON
ajfa-283	166	4	impose	impose	VERB
ajfa-283	166	5	the	the	DET
ajfa-283	166	6	restriction	restriction	NOUN
ajfa-283	166	7	that	that	SCONJ
ajfa-283	166	8	pricing	pricing	NOUN
ajfa-283	166	9	errors	error	NOUN
ajfa-283	166	10	be	be	VERB
ajfa-283	166	11	unbiased	unbiased	ADJ
ajfa-283	166	12	.	.	PUNCT
ajfa-283	167	1	that	that	PRON
ajfa-283	167	2	is	is	ADV
ajfa-283	167	3	,	,	PUNCT
ajfa-283	167	4	we	we	PRON
ajfa-283	167	5	seek	seek	VERB
ajfa-283	167	6	to	to	PART
ajfa-283	167	7	estimate	estimate	VERB
ajfa-283	167	8	the	the	DET
ajfa-283	167	9	parameters	parameter	NOUN
ajfa-283	167	10	α	α	PROPN
ajfa-283	167	11	t	t	PROPN
ajfa-283	167	12	and	and	CCONJ
ajfa-283	167	13	β	β	PROPN
ajfa-283	167	14	t	t	NOUN
ajfa-283	167	15	that	that	PRON
ajfa-283	167	16	minimize	minimize	VERB
ajfa-283	167	17	the	the	DET
ajfa-283	167	18	variance	variance	NOUN
ajfa-283	167	19	of	of	ADP
ajfa-283	167	20			PROPN
ajfa-283	167	21			PROPN
ajfa-283	168	1			PROPN
ajfa-283	168	2			NOUN
ajfa-283	169	1			PROPN
ajfa-283	170	1			PROPN
ajfa-283	171	1			PROPN
ajfa-283	171	2			PROPN
ajfa-283	172	1			PROPN
ajfa-283	172	2			NOUN
ajfa-283	173	1			PROPN
ajfa-283	173	2	it	it	PRON
ajfa-283	173	3	it	it	PRON
ajfa-283	173	4	p	p	PRON
ajfa-283	173	5			PROPN
ajfa-283	173	6	,	,	PUNCT
ajfa-283	173	7	subject	subject	ADJ
ajfa-283	173	8	to	to	ADP
ajfa-283	173	9	the	the	DET
ajfa-283	173	10	restriction	restriction	NOUN
ajfa-283	173	11	that	that	PRON
ajfa-283	173	12	expected	expect	VERB
ajfa-283	173	13	value	value	NOUN
ajfa-283	173	14	of	of	ADP
ajfa-283	173	15	residual	residual	ADJ
ajfa-283	173	16	term	term	NOUN
ajfa-283	173	17	is	be	AUX
ajfa-283	173	18	zero	zero	NUM
ajfa-283	173	19	:	:	PUNCT
ajfa-283	173	20			PROPN
ajfa-283	173	21			PROPN
ajfa-283	174	1			PROPN
ajfa-283	174	2			NOUN
ajfa-283	175	1			PROPN
ajfa-283	176	1			PROPN
ajfa-283	177	1			PROPN
ajfa-283	177	2			PROPN
ajfa-283	178	1			PROPN
ajfa-283	178	2			NOUN
ajfa-283	178	3			NOUN
ajfa-283	179	1			PROPN
ajfa-283	179	2			PROPN
ajfa-283	179	3			X
ajfa-283	179	4			NOUN
ajfa-283	179	5			X
ajfa-283	179	6			X
ajfa-283	179	7			PROPN
ajfa-283	179	8			NUM
ajfa-283	179	9			NOUN
ajfa-283	180	1			PROPN
ajfa-283	180	2			PROPN
ajfa-283	180	3			PROPN
ajfa-283	180	4			X
ajfa-283	180	5			NOUN
ajfa-283	180	6			NOUN
ajfa-283	180	7			NOUN
ajfa-283	180	8			VERB
ajfa-283	180	9			PROPN
ajfa-283	180	10			NOUN
ajfa-283	180	11			PROPN
ajfa-283	180	12			PROPN
ajfa-283	181	1			PROPN
ajfa-283	181	2			PROPN
ajfa-283	182	1			NOUN
ajfa-283	182	2			PROPN
ajfa-283	183	1			PROPN
ajfa-283	183	2			PROPN
ajfa-283	183	3			PROPN
ajfa-283	184	1			PROPN
ajfa-283	184	2			NOUN
ajfa-283	184	3			NOUN
ajfa-283	185	1			PROPN
ajfa-283	185	2			PROPN
ajfa-283	185	3	it	it	PRON
ajfa-283	185	4	it	it	PRON
ajfa-283	186	1	t	t	VERB
ajfa-283	186	2	it	it	PRON
ajfa-283	187	1	t	t	PROPN
ajfa-283	187	2	it	it	PRON
ajfa-283	187	3	itttit	itttit	VERB
ajfa-283	187	4	it	it	PRON
ajfa-283	187	5	it	it	PRON
ajfa-283	188	1	ppp	ppp	NOUN
ajfa-283	189	1	p	p	NOUN
ajfa-283	189	2	p	p	NOUN
ajfa-283	189	3			NOUN
ajfa-283	189	4			VERB
ajfa-283	189	5			NOUN
ajfa-283	189	6			VERB
ajfa-283	190	1	1	1	NUM
ajfa-283	190	2	1varvarvarmin	1varvarvarmin	NUM
ajfa-283	190	3	,	,	PUNCT
ajfa-283	190	4	(	(	PUNCT
ajfa-283	190	5	3a	3a	NUM
ajfa-283	190	6	)	)	PUNCT
ajfa-283	191	1	s.t	s.t	PROPN
ajfa-283	191	2	.	.	PROPN
ajfa-283	191	3	0	0	PROPN
ajfa-283	191	4			PROPN
ajfa-283	192	1			PROPN
ajfa-283	192	2			PROPN
ajfa-283	193	1			NOUN
ajfa-283	193	2			PROPN
ajfa-283	194	1			PROPN
ajfa-283	194	2			PROPN
ajfa-283	194	3			PROPN
ajfa-283	195	1			PROPN
ajfa-283	195	2			NOUN
ajfa-283	195	3			ADJ
ajfa-283	195	4			PROPN
ajfa-283	196	1	it	it	PRON
ajfa-283	196	2	it	it	PRON
ajfa-283	196	3	p	p	ADJ
ajfa-283	196	4			PROPN
ajfa-283	196	5	(	(	PUNCT
ajfa-283	196	6	3b	3b	NUM
ajfa-283	196	7	)	)	PUNCT
ajfa-283	196	8	it	it	PRON
ajfa-283	196	9	can	can	AUX
ajfa-283	196	10	be	be	AUX
ajfa-283	196	11	shown	show	VERB
ajfa-283	196	12	that	that	SCONJ
ajfa-283	196	13	the	the	DET
ajfa-283	196	14	estimates	estimate	NOUN
ajfa-283	196	15	for	for	ADP
ajfa-283	196	16	αt	αt	PROPN
ajfa-283	196	17	and	and	CCONJ
ajfa-283	196	18	βt	βt	ADP
ajfa-283	196	19	that	that	DET
ajfa-283	196	20	satisfy	satisfy	NOUN
ajfa-283	196	21	(	(	PUNCT
ajfa-283	196	22	3a	3a	NUM
ajfa-283	196	23	)	)	PUNCT
ajfa-283	196	24	and	and	CCONJ
ajfa-283	196	25	(	(	PUNCT
ajfa-283	196	26	3b	3b	NUM
ajfa-283	196	27	)	)	PUNCT
ajfa-283	196	28	are	be	AUX
ajfa-283	196	29	as	as	SCONJ
ajfa-283	196	30	follows	follow	VERB
ajfa-283	196	31	:	:	PUNCT
ajfa-283	197	1			PROPN
ajfa-283	197	2			PROPN
ajfa-283	197	3			PROPN
ajfa-283	198	1			PROPN
ajfa-283	198	2			NOUN
ajfa-283	198	3			PROPN
ajfa-283	199	1			PROPN
ajfa-283	200	1			PROPN
ajfa-283	200	2			VERB
ajfa-283	200	3			PROPN
ajfa-283	200	4			PROPN
ajfa-283	201	1			PROPN
ajfa-283	202	1			PROPN
ajfa-283	202	2			NOUN
ajfa-283	203	1			PROPN
ajfa-283	204	1			PROPN
ajfa-283	205	1			PROPN
ajfa-283	205	2			PROPN
ajfa-283	205	3			PROPN
ajfa-283	205	4			NOUN
ajfa-283	205	5			PROPN
ajfa-283	205	6			PROPN
ajfa-283	205	7			PROPN
ajfa-283	206	1			PROPN
ajfa-283	206	2			NOUN
ajfa-283	207	1			PROPN
ajfa-283	208	1			PROPN
ajfa-283	209	1			PROPN
ajfa-283	209	2			PROPN
ajfa-283	209	3			PROPN
ajfa-283	209	4			NOUN
ajfa-283	209	5			PUNCT
ajfa-283	209	6			PROPN
ajfa-283	209	7			PROPN
ajfa-283	209	8			PROPN
ajfa-283	209	9			NOUN
ajfa-283	209	10			PROPN
ajfa-283	209	11			PROPN
ajfa-283	209	12			PROPN
ajfa-283	209	13			PROPN
ajfa-283	210	1			PROPN
ajfa-283	210	2			NOUN
ajfa-283	210	3			PROPN
ajfa-283	211	1			PROPN
ajfa-283	212	1			PROPN
ajfa-283	212	2			NOUN
ajfa-283	213	1			PROPN
ajfa-283	214	1			PROPN
ajfa-283	215	1			PROPN
ajfa-283	215	2			PROPN
ajfa-283	216	1			PROPN
ajfa-283	216	2			NOUN
ajfa-283	216	3			NOUN
ajfa-283	216	4			PROPN
ajfa-283	216	5			PROPN
ajfa-283	217	1			PROPN
ajfa-283	217	2			NOUN
ajfa-283	218	1			PROPN
ajfa-283	219	1			PROPN
ajfa-283	220	1			PROPN
ajfa-283	220	2			PROPN
ajfa-283	221	1			PROPN
ajfa-283	221	2			NOUN
ajfa-283	221	3			PROPN
ajfa-283	222	1			PROPN
ajfa-283	223	1			PROPN
ajfa-283	223	2			NOUN
ajfa-283	224	1			PROPN
ajfa-283	225	1			PROPN
ajfa-283	226	1			PROPN
ajfa-283	226	2			PROPN
ajfa-283	227	1			PROPN
ajfa-283	227	2			NOUN
ajfa-283	227	3			PROPN
ajfa-283	227	4			PROPN
ajfa-283	227	5			PROPN
ajfa-283	227	6			PROPN
ajfa-283	228	1			PROPN
ajfa-283	228	2			NOUN
ajfa-283	228	3			PROPN
ajfa-283	229	1			PROPN
ajfa-283	230	1			PROPN
ajfa-283	230	2			NOUN
ajfa-283	231	1			PROPN
ajfa-283	232	1			PROPN
ajfa-283	233	1			PROPN
ajfa-283	233	2			PROPN
ajfa-283	234	1			PROPN
ajfa-283	234	2			NOUN
ajfa-283	234	3			PROPN
ajfa-283	235	1			PROPN
ajfa-283	236	1			PROPN
ajfa-283	236	2			NOUN
ajfa-283	236	3			PRON
ajfa-283	236	4			VERB
ajfa-283	236	5			PROPN
ajfa-283	237	1			PROPN
ajfa-283	237	2			PROPN
ajfa-283	238	1			NOUN
ajfa-283	238	2			PROPN
ajfa-283	239	1			PROPN
ajfa-283	239	2			PROPN
ajfa-283	239	3			PROPN
ajfa-283	240	1			PROPN
ajfa-283	240	2			NOUN
ajfa-283	240	3			PROPN
ajfa-283	241	1			PROPN
ajfa-283	242	1			PROPN
ajfa-283	242	2			NOUN
ajfa-283	243	1			PROPN
ajfa-283	244	1			PROPN
ajfa-283	245	1			PROPN
ajfa-283	245	2			PROPN
ajfa-283	245	3			PROPN
ajfa-283	245	4			NOUN
ajfa-283	245	5			ADJ
ajfa-283	245	6			NUM
ajfa-283	245	7			NOUN
ajfa-283	245	8			NOUN
ajfa-283	245	9	it	it	PRON
ajfa-283	245	10	t	t	PROPN
ajfa-283	245	11	itit	itit	PROPN
ajfa-283	245	12	t	t	PROPN
ajfa-283	245	13	ititit	ititit	PROPN
ajfa-283	246	1	t	t	VERB
ajfa-283	246	2	it	it	PRON
ajfa-283	247	1	t	t	VERB
ajfa-283	247	2	it	it	PRON
ajfa-283	247	3	itit	itit	PROPN
ajfa-283	248	1	t	t	PROPN
ajfa-283	248	2	ititit	ititit	PROPN
ajfa-283	248	3	t	t	PROPN
ajfa-283	248	4	pppppppp	pppppppp	VERB
ajfa-283	248	5	p	p	PROPN
ajfa-283	248	6	e	e	PROPN
ajfa-283	248	7	pppp	pppp	PROPN
ajfa-283	248	8	t	t	PROPN
ajfa-283	248	9			NOUN
ajfa-283	248	10			ADP
ajfa-283	248	11	,	,	PUNCT
ajfa-283	248	12	1	1	NUM
ajfa-283	248	13	cov	cov	NOUN
ajfa-283	248	14	1	1	NUM
ajfa-283	248	15	2	2	NUM
ajfa-283	248	16	1	1	NUM
ajfa-283	248	17	varvar	varvar	NOUN
ajfa-283	248	18	1	1	NUM
ajfa-283	248	19	1	1	NUM
ajfa-283	248	20	,	,	PUNCT
ajfa-283	248	21	1	1	NUM
ajfa-283	248	22	cov	cov	NOUN
ajfa-283	248	23	1	1	NUM
ajfa-283	248	24	var	var	NOUN
ajfa-283	248	25	22	22	NUM
ajfa-283	248	26	(	(	PUNCT
ajfa-283	248	27	4	4	NUM
ajfa-283	248	28	)	)	PUNCT
ajfa-283	248	29	asain	asain	ADJ
ajfa-283	248	30	journal	journal	NOUN
ajfa-283	248	31	of	of	ADP
ajfa-283	248	32	finance	finance	PROPN
ajfa-283	248	33	&	&	CCONJ
ajfa-283	248	34	accounting	accounting	PROPN
ajfa-283	248	35	issn	issn	PROPN
ajfa-283	248	36	1946	1946	NUM
ajfa-283	248	37	-	-	PUNCT
ajfa-283	248	38	052x	052x	NOUN
ajfa-283	248	39	2010	2010	NUM
ajfa-283	248	40	,	,	PUNCT
ajfa-283	248	41	vol	vol	NOUN
ajfa-283	248	42	.	.	PROPN
ajfa-283	249	1	2	2	NUM
ajfa-283	249	2	,	,	PUNCT
ajfa-283	249	3	no	no	INTJ
ajfa-283	249	4	.	.	NOUN
ajfa-283	249	5	1	1	NUM
ajfa-283	249	6	:	:	PUNCT
ajfa-283	249	7	e4	e4	PROPN
ajfa-283	249	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-283	249	9	81	81	NUM
ajfa-283	249	10			NUM
ajfa-283	249	11			PROPN
ajfa-283	250	1			PROPN
ajfa-283	250	2			NOUN
ajfa-283	251	1			PROPN
ajfa-283	252	1			PROPN
ajfa-283	253	1			PROPN
ajfa-283	253	2			PROPN
ajfa-283	254	1			PROPN
ajfa-283	254	2			NOUN
ajfa-283	254	3			PROPN
ajfa-283	255	1			PROPN
ajfa-283	256	1			PROPN
ajfa-283	256	2			NOUN
ajfa-283	257	1			PROPN
ajfa-283	258	1			PROPN
ajfa-283	259	1			PROPN
ajfa-283	259	2			PROPN
ajfa-283	259	3			PROPN
ajfa-283	259	4			NOUN
ajfa-283	259	5			NOUN
ajfa-283	259	6			PRON
ajfa-283	260	1			PROPN
ajfa-283	261	1			PROPN
ajfa-283	262	1	it	it	PRON
ajfa-283	263	1	it	it	PRON
ajfa-283	264	1	t	t	X
ajfa-283	264	2	t	t	X
ajfa-283	264	3	t	t	PROPN
ajfa-283	264	4	p	p	X
ajfa-283	264	5	e	e	PROPN
ajfa-283	264	6	p	p	PROPN
ajfa-283	264	7	e	e	PROPN
ajfa-283	264	8	1	1	NUM
ajfa-283	264	9	1	1	NUM
ajfa-283	264	10			NOUN
ajfa-283	264	11			NOUN
ajfa-283	264	12			NOUN
ajfa-283	264	13	(	(	PUNCT
ajfa-283	264	14	5	5	NUM
ajfa-283	264	15	)	)	PUNCT
ajfa-283	265	1	where	where	SCONJ
ajfa-283	265	2	,	,	PUNCT
ajfa-283	265	3	the	the	DET
ajfa-283	265	4	different	different	ADJ
ajfa-283	265	5	et	et	NOUN
ajfa-283	266	1	[	[	X
ajfa-283	266	2	.	.	X
ajfa-283	266	3	]	]	X
ajfa-283	266	4	,	,	PUNCT
ajfa-283	266	5	var	var	PROPN
ajfa-283	266	6	(	(	PUNCT
ajfa-283	266	7	.	.	PUNCT
ajfa-283	266	8	)	)	PUNCT
ajfa-283	266	9	,	,	PUNCT
ajfa-283	266	10	and	and	CCONJ
ajfa-283	266	11	cov	cov	PROPN
ajfa-283	266	12	(	(	PUNCT
ajfa-283	266	13	.	.	PUNCT
ajfa-283	266	14	)	)	PUNCT
ajfa-283	266	15	represent	represent	VERB
ajfa-283	266	16	the	the	DET
ajfa-283	266	17	means	mean	NOUN
ajfa-283	266	18	,	,	PUNCT
ajfa-283	266	19	variances	variance	NOUN
ajfa-283	266	20	,	,	PUNCT
ajfa-283	266	21	and	and	CCONJ
ajfa-283	266	22	covariances	covariance	NOUN
ajfa-283	266	23	of	of	ADP
ajfa-283	266	24	those	those	DET
ajfa-283	266	25	expressions	expression	NOUN
ajfa-283	266	26	for	for	ADP
ajfa-283	266	27	the	the	DET
ajfa-283	266	28	population	population	NOUN
ajfa-283	266	29	,	,	PUNCT
ajfa-283	266	30	and	and	CCONJ
ajfa-283	266	31	are	be	AUX
ajfa-283	266	32	estimated	estimate	VERB
ajfa-283	266	33	using	use	VERB
ajfa-283	266	34	the	the	DET
ajfa-283	266	35	corresponding	correspond	VERB
ajfa-283	266	36	sample	sample	NOUN
ajfa-283	266	37	moments	moment	NOUN
ajfa-283	266	38	for	for	ADP
ajfa-283	266	39	the	the	DET
ajfa-283	266	40	comparable	comparable	ADJ
ajfa-283	266	41	group	group	NOUN
ajfa-283	266	42	.	.	PUNCT
ajfa-283	267	1	after	after	ADP
ajfa-283	267	2	putting	put	VERB
ajfa-283	267	3	the	the	DET
ajfa-283	267	4	above	above	NOUN
ajfa-283	267	5	said	say	VERB
ajfa-283	267	6	restriction	restriction	NOUN
ajfa-283	267	7	we	we	PRON
ajfa-283	267	8	compute	compute	VERB
ajfa-283	267	9	the	the	DET
ajfa-283	267	10	forecasted	forecast	VERB
ajfa-283	267	11	price	price	NOUN
ajfa-283	267	12	for	for	ADP
ajfa-283	267	13	next	next	ADJ
ajfa-283	267	14	year	year	NOUN
ajfa-283	267	15	through	through	ADP
ajfa-283	267	16	gls	gls	ADJ
ajfa-283	267	17	estimation	estimation	NOUN
ajfa-283	267	18	.	.	PUNCT
ajfa-283	268	1	we	we	PRON
ajfa-283	268	2	next	next	ADV
ajfa-283	268	3	estimate	estimate	VERB
ajfa-283	268	4	pricing	pricing	NOUN
ajfa-283	268	5	errors	error	NOUN
ajfa-283	268	6	,	,	PUNCT
ajfa-283	268	7	defined	define	VERB
ajfa-283	268	8	by	by	ADP
ajfa-283	268	9	equation	equation	NOUN
ajfa-283	268	10	(	(	PUNCT
ajfa-283	268	11	6	6	NUM
ajfa-283	268	12	)	)	PUNCT
ajfa-283	268	13	,	,	PUNCT
ajfa-283	268	14	and	and	CCONJ
ajfa-283	268	15	examine	examine	VERB
ajfa-283	268	16	their	their	PRON
ajfa-283	268	17	distributions	distribution	NOUN
ajfa-283	268	18	to	to	PART
ajfa-283	268	19	determine	determine	VERB
ajfa-283	268	20	performance	performance	NOUN
ajfa-283	268	21	.	.	PUNCT
ajfa-283	269	1			PROPN
ajfa-283	269	2			ADV
ajfa-283	270	1			PROPN
ajfa-283	270	2			NUM
ajfa-283	270	3			PRON
ajfa-283	270	4	it	it	PRON
ajfa-283	270	5	it	it	PRON
ajfa-283	270	6	tt	tt	INTJ
ajfa-283	270	7	it	it	PRON
ajfa-283	270	8	it	it	PRON
ajfa-283	271	1	it	it	PRON
ajfa-283	271	2	pp	pp	ADP
ajfa-283	271	3	p	p	NOUN
ajfa-283	271	4			CCONJ
ajfa-283	271	5			X
ajfa-283	271	6	(	(	PUNCT
ajfa-283	271	7	6	6	NUM
ajfa-283	271	8	)	)	PUNCT
ajfa-283	271	9	the	the	DET
ajfa-283	271	10	pricing	pricing	NOUN
ajfa-283	271	11	error	error	NOUN
ajfa-283	271	12	is	be	AUX
ajfa-283	271	13	calculated	calculate	VERB
ajfa-283	271	14	as	as	ADP
ajfa-283	271	15	a	a	DET
ajfa-283	271	16	difference	difference	NOUN
ajfa-283	271	17	between	between	ADP
ajfa-283	271	18	actual	actual	ADJ
ajfa-283	271	19	and	and	CCONJ
ajfa-283	271	20	forecasted	forecast	VERB
ajfa-283	271	21	price	price	NOUN
ajfa-283	271	22	.	.	PUNCT
ajfa-283	272	1	we	we	PRON
ajfa-283	272	2	repeat	repeat	VERB
ajfa-283	272	3	the	the	DET
ajfa-283	272	4	same	same	ADJ
ajfa-283	272	5	procedure	procedure	NOUN
ajfa-283	272	6	for	for	ADP
ajfa-283	272	7	each	each	DET
ajfa-283	272	8	country	country	NOUN
ajfa-283	272	9	for	for	ADP
ajfa-283	272	10	all	all	DET
ajfa-283	272	11	the	the	DET
ajfa-283	272	12	sample	sample	NOUN
ajfa-283	272	13	years	year	NOUN
ajfa-283	272	14	.	.	PUNCT
ajfa-283	273	1	we	we	PRON
ajfa-283	273	2	compute	compute	VERB
ajfa-283	273	3	root	root	NOUN
ajfa-283	273	4	mse	mse	PROPN
ajfa-283	273	5	and	and	CCONJ
ajfa-283	273	6	thail	thail	NOUN
ajfa-283	273	7	inequality	inequality	NOUN
ajfa-283	273	8	coefficient	coefficient	NOUN
ajfa-283	273	9	on	on	ADP
ajfa-283	273	10	the	the	DET
ajfa-283	273	11	series	series	NOUN
ajfa-283	273	12	of	of	ADP
ajfa-283	273	13	pricing	pricing	NOUN
ajfa-283	273	14	errors	error	NOUN
ajfa-283	273	15	over	over	ADP
ajfa-283	273	16	the	the	DET
ajfa-283	273	17	study	study	NOUN
ajfa-283	273	18	period	period	NOUN
ajfa-283	273	19	and	and	CCONJ
ajfa-283	273	20	the	the	DET
ajfa-283	273	21	price	price	NOUN
ajfa-283	273	22	multiple	multiple	NOUN
ajfa-283	273	23	with	with	ADP
ajfa-283	273	24	minimized	minimized	ADJ
ajfa-283	273	25	pricing	pricing	NOUN
ajfa-283	273	26	error	error	NOUN
ajfa-283	273	27	is	be	AUX
ajfa-283	273	28	termed	term	VERB
ajfa-283	273	29	as	as	ADP
ajfa-283	273	30	the	the	DET
ajfa-283	273	31	most	most	ADV
ajfa-283	273	32	efficient	efficient	ADJ
ajfa-283	273	33	one	one	NUM
ajfa-283	273	34	.	.	PUNCT
ajfa-283	274	1	root	root	NOUN
ajfa-283	274	2	mean	mean	VERB
ajfa-283	274	3	squared	square	VERB
ajfa-283	274	4	error	error	NOUN
ajfa-283	274	5	depends	depend	VERB
ajfa-283	274	6	on	on	ADP
ajfa-283	274	7	the	the	DET
ajfa-283	274	8	scale	scale	NOUN
ajfa-283	274	9	of	of	ADP
ajfa-283	274	10	dependent	dependent	ADJ
ajfa-283	274	11	variable	variable	NOUN
ajfa-283	274	12	.	.	PUNCT
ajfa-283	275	1	it	it	PRON
ajfa-283	275	2	is	be	AUX
ajfa-283	275	3	used	use	VERB
ajfa-283	275	4	as	as	ADP
ajfa-283	275	5	a	a	DET
ajfa-283	275	6	relative	relative	ADJ
ajfa-283	275	7	measure	measure	NOUN
ajfa-283	275	8	to	to	PART
ajfa-283	275	9	compare	compare	VERB
ajfa-283	275	10	forecasts	forecast	NOUN
ajfa-283	275	11	for	for	ADP
ajfa-283	275	12	the	the	DET
ajfa-283	275	13	same	same	ADJ
ajfa-283	275	14	series	series	NOUN
ajfa-283	275	15	across	across	ADP
ajfa-283	275	16	different	different	ADJ
ajfa-283	275	17	models	model	NOUN
ajfa-283	275	18	.	.	PUNCT
ajfa-283	276	1	according	accord	VERB
ajfa-283	276	2	to	to	ADP
ajfa-283	276	3	this	this	DET
ajfa-283	276	4	criterion	criterion	NOUN
ajfa-283	276	5	the	the	PRON
ajfa-283	276	6	smaller	small	ADJ
ajfa-283	276	7	the	the	DET
ajfa-283	276	8	error	error	NOUN
ajfa-283	276	9	in	in	ADP
ajfa-283	276	10	a	a	DET
ajfa-283	276	11	model	model	NOUN
ajfa-283	276	12	,	,	PUNCT
ajfa-283	276	13	the	the	DET
ajfa-283	276	14	better	well	ADJ
ajfa-283	276	15	is	be	AUX
ajfa-283	276	16	the	the	DET
ajfa-283	276	17	forecasting	forecasting	NOUN
ajfa-283	276	18	ability	ability	NOUN
ajfa-283	276	19	of	of	ADP
ajfa-283	276	20	that	that	DET
ajfa-283	276	21	model	model	NOUN
ajfa-283	276	22	.	.	PUNCT
ajfa-283	277	1	it	it	PRON
ajfa-283	277	2	is	be	AUX
ajfa-283	277	3	calculated	calculate	VERB
ajfa-283	277	4	as	as	SCONJ
ajfa-283	277	5	follows	follow	VERB
ajfa-283	277	6	:	:	PUNCT
ajfa-283	277	7	asain	asain	NOUN
ajfa-283	277	8	journal	journal	NOUN
ajfa-283	277	9	of	of	ADP
ajfa-283	277	10	finance	finance	PROPN
ajfa-283	277	11	&	&	CCONJ
ajfa-283	277	12	accounting	accounting	PROPN
ajfa-283	277	13	issn	issn	PROPN
ajfa-283	277	14	1946	1946	NUM
ajfa-283	277	15	-	-	PUNCT
ajfa-283	277	16	052x	052x	NOUN
ajfa-283	277	17	2010	2010	NUM
ajfa-283	277	18	,	,	PUNCT
ajfa-283	277	19	vol	vol	NOUN
ajfa-283	277	20	.	.	PROPN
ajfa-283	277	21	2	2	NUM
ajfa-283	277	22	,	,	PUNCT
ajfa-283	277	23	no	no	INTJ
ajfa-283	277	24	.	.	NOUN
ajfa-283	277	25	1	1	NUM
ajfa-283	277	26	:	:	PUNCT
ajfa-283	277	27	e4	e4	PROPN
ajfa-283	277	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	277	29	82	82	NUM
ajfa-283	277	30	root	root	NOUN
ajfa-283	277	31	mean	mean	VERB
ajfa-283	277	32	squared	square	VERB
ajfa-283	277	33	error	error	NOUN
ajfa-283	277	34	=	=	NOUN
ajfa-283	277	35	h	h	NOUN
ajfa-283	278	1	y	y	NOUN
ajfa-283	278	2	ht	ht	INTJ
ajfa-283	278	3	tt	tt	PROPN
ajfa-283	278	4	t	t	PROPN
ajfa-283	278	5	t	t	PROPN
ajfa-283	278	6	y	y	PROPN
ajfa-283	278	7			ADV
ajfa-283	278	8			ADJ
ajfa-283	278	9			PROPN
ajfa-283	278	10			PROPN
ajfa-283	278	11			NUM
ajfa-283	278	12			PRON
ajfa-283	278	13			PROPN
ajfa-283	278	14			PROPN
ajfa-283	278	15			NOUN
ajfa-283	278	16			NOUN
ajfa-283	278	17	1	1	NUM
ajfa-283	278	18	2	2	NUM
ajfa-283	278	19	(	(	PUNCT
ajfa-283	278	20	7	7	NUM
ajfa-283	278	21	)	)	PUNCT
ajfa-283	278	22	where	where	SCONJ
ajfa-283	278	23	,	,	PUNCT
ajfa-283	278	24	y	y	PROPN
ajfa-283	278	25	t	t	PROPN
ajfa-283	278	26	=	=	PUNCT
ajfa-283	278	27	observed	observe	VERB
ajfa-283	278	28	value	value	NOUN
ajfa-283	278	29			PROPN
ajfa-283	278	30	ty	ty	NOUN
ajfa-283	278	31	=	=	NOUN
ajfa-283	278	32	forecasted	forecast	VERB
ajfa-283	278	33	value	value	NOUN
ajfa-283	278	34	h	h	NOUN
ajfa-283	278	35	=	=	NOUN
ajfa-283	278	36	number	number	NOUN
ajfa-283	278	37	of	of	ADP
ajfa-283	278	38	observations	observation	NOUN
ajfa-283	278	39	thail	thail	NOUN
ajfa-283	278	40	inequality	inequality	NOUN
ajfa-283	278	41	coefficient	coefficient	NOUN
ajfa-283	278	42	is	be	AUX
ajfa-283	278	43	scale	scale	NOUN
ajfa-283	278	44	invariant	invariant	ADJ
ajfa-283	278	45	.	.	PUNCT
ajfa-283	279	1	it	it	PRON
ajfa-283	279	2	always	always	ADV
ajfa-283	279	3	lies	lie	VERB
ajfa-283	279	4	in	in	ADP
ajfa-283	279	5	between	between	ADP
ajfa-283	279	6	0	0	NUM
ajfa-283	279	7	and	and	CCONJ
ajfa-283	279	8	1	1	NUM
ajfa-283	279	9	,	,	PUNCT
ajfa-283	279	10	where	where	SCONJ
ajfa-283	279	11	0	0	NUM
ajfa-283	279	12	indicates	indicate	VERB
ajfa-283	279	13	a	a	DET
ajfa-283	279	14	perfect	perfect	ADJ
ajfa-283	279	15	fit	fit	NOUN
ajfa-283	279	16	.	.	PUNCT
ajfa-283	280	1	it	it	PRON
ajfa-283	280	2	is	be	AUX
ajfa-283	280	3	estimated	estimate	VERB
ajfa-283	280	4	as	as	ADP
ajfa-283	280	5	follow	follow	NOUN
ajfa-283	280	6	:	:	PUNCT
ajfa-283	280	7	thail	thail	NOUN
ajfa-283	280	8	inequality	inequality	NOUN
ajfa-283	280	9	coefficient	coefficient	NOUN
ajfa-283	280	10	=	=	X
ajfa-283	281	1	h	h	NOUN
ajfa-283	281	2	y	y	NOUN
ajfa-283	282	1	h	h	NOUN
ajfa-283	282	2	h	h	NOUN
ajfa-283	283	1	y	y	PROPN
ajfa-283	283	2	ht	ht	INTJ
ajfa-283	283	3	tt	tt	PROPN
ajfa-283	284	1	t	t	PROPN
ajfa-283	284	2	ht	ht	INTJ
ajfa-283	284	3	tt	tt	PROPN
ajfa-283	285	1	t	t	PROPN
ajfa-283	285	2	ht	ht	INTJ
ajfa-283	285	3	tt	tt	PROPN
ajfa-283	285	4	t	t	PROPN
ajfa-283	285	5	t	t	PROPN
ajfa-283	285	6	y	y	PROPN
ajfa-283	285	7	y	y	PROPN
ajfa-283	285	8			ADV
ajfa-283	285	9			PROPN
ajfa-283	285	10			PROPN
ajfa-283	286	1			ADJ
ajfa-283	286	2			ADP
ajfa-283	286	3			ADJ
ajfa-283	286	4			ADJ
ajfa-283	286	5			PROPN
ajfa-283	286	6			PROPN
ajfa-283	286	7			ADV
ajfa-283	286	8			PROPN
ajfa-283	286	9			PROPN
ajfa-283	286	10			PRON
ajfa-283	286	11			PROPN
ajfa-283	286	12			PROPN
ajfa-283	286	13			NOUN
ajfa-283	286	14			NOUN
ajfa-283	286	15	1	1	NUM
ajfa-283	286	16	2	2	NUM
ajfa-283	286	17	1	1	NUM
ajfa-283	286	18	2	2	NUM
ajfa-283	286	19	1	1	NUM
ajfa-283	286	20	2	2	NUM
ajfa-283	286	21	(	(	PUNCT
ajfa-283	286	22	8)	8)	NUM
ajfa-283	286	23	through	through	ADP
ajfa-283	286	24	these	these	DET
ajfa-283	286	25	two	two	NUM
ajfa-283	286	26	measures	measure	NOUN
ajfa-283	286	27	we	we	PRON
ajfa-283	286	28	evaluate	evaluate	VERB
ajfa-283	286	29	the	the	DET
ajfa-283	286	30	market	market	NOUN
ajfa-283	286	31	pricing	pricing	NOUN
ajfa-283	286	32	errors	error	NOUN
ajfa-283	286	33	to	to	PART
ajfa-283	286	34	determine	determine	VERB
ajfa-283	286	35	the	the	DET
ajfa-283	286	36	most	most	ADV
ajfa-283	286	37	efficient	efficient	ADJ
ajfa-283	286	38	price	price	NOUN
ajfa-283	286	39	multiple	multiple	NOUN
ajfa-283	286	40	based	base	VERB
ajfa-283	286	41	on	on	ADP
ajfa-283	286	42	error	error	NOUN
ajfa-283	286	43	minimization	minimization	NOUN
ajfa-283	286	44	criteria	criterion	NOUN
ajfa-283	286	45	.	.	PUNCT
ajfa-283	287	1	the	the	DET
ajfa-283	287	2	price	price	NOUN
ajfa-283	287	3	multiple	multiple	NOUN
ajfa-283	287	4	whose	whose	DET
ajfa-283	287	5	pricing	pricing	NOUN
ajfa-283	287	6	error	error	NOUN
ajfa-283	287	7	,	,	PUNCT
ajfa-283	287	8	as	as	ADP
ajfa-283	287	9	per	per	ADP
ajfa-283	287	10	both	both	DET
ajfa-283	287	11	measures	measure	NOUN
ajfa-283	287	12	,	,	PUNCT
ajfa-283	287	13	is	be	AUX
ajfa-283	287	14	least	least	ADJ
ajfa-283	287	15	among	among	ADP
ajfa-283	287	16	the	the	DET
ajfa-283	287	17	three	three	NUM
ajfa-283	287	18	multiples	multiple	NOUN
ajfa-283	287	19	viz	viz	VERB
ajfa-283	287	20	.	.	PUNCT
ajfa-283	288	1	p	p	X
ajfa-283	288	2	/	/	SYM
ajfa-283	288	3	e	e	NOUN
ajfa-283	288	4	,	,	PUNCT
ajfa-283	288	5	p	p	X
ajfa-283	288	6	/	/	SYM
ajfa-283	288	7	bv	bv	PROPN
ajfa-283	288	8	and	and	CCONJ
ajfa-283	288	9	p	p	X
ajfa-283	288	10	/	/	SYM
ajfa-283	288	11	s	s	NOUN
ajfa-283	288	12	will	will	AUX
ajfa-283	288	13	be	be	AUX
ajfa-283	288	14	termed	term	VERB
ajfa-283	288	15	as	as	ADP
ajfa-283	288	16	the	the	DET
ajfa-283	288	17	most	most	ADV
ajfa-283	288	18	efficient	efficient	ADJ
ajfa-283	288	19	one	one	NUM
ajfa-283	288	20	in	in	ADP
ajfa-283	288	21	forecasting	forecasting	NOUN
ajfa-283	288	22	prices	price	NOUN
ajfa-283	288	23	.	.	PUNCT
ajfa-283	289	1	we	we	PRON
ajfa-283	289	2	find	find	VERB
ajfa-283	289	3	that	that	SCONJ
ajfa-283	289	4	the	the	DET
ajfa-283	289	5	pricing	pricing	NOUN
ajfa-283	289	6	errors	error	NOUN
ajfa-283	289	7	for	for	ADP
ajfa-283	289	8	forecasted	forecast	VERB
ajfa-283	289	9	prices	price	NOUN
ajfa-283	289	10	based	base	VERB
ajfa-283	289	11	on	on	ADP
ajfa-283	289	12	p	p	PROPN
ajfa-283	289	13	/	/	SYM
ajfa-283	289	14	bv	bv	PROPN
ajfa-283	289	15	multiples	multiple	NOUN
ajfa-283	289	16	are	be	AUX
ajfa-283	289	17	lowest	low	ADJ
ajfa-283	289	18	for	for	ADP
ajfa-283	289	19	india	india	PROPN
ajfa-283	289	20	,	,	PUNCT
ajfa-283	289	21	china	china	PROPN
ajfa-283	289	22	and	and	CCONJ
ajfa-283	289	23	south	south	PROPN
ajfa-283	289	24	korea	korea	PROPN
ajfa-283	289	25	as	as	ADP
ajfa-283	289	26	compare	compare	VERB
ajfa-283	289	27	to	to	ADP
ajfa-283	289	28	other	other	ADJ
ajfa-283	289	29	multiples	multiple	NOUN
ajfa-283	289	30	,	,	PUNCT
ajfa-283	289	31	using	use	VERB
ajfa-283	289	32	both	both	CCONJ
ajfa-283	289	33	the	the	DET
ajfa-283	289	34	forecast	forecast	NOUN
ajfa-283	289	35	evaluation	evaluation	NOUN
ajfa-283	289	36	measures	measure	NOUN
ajfa-283	289	37	.	.	PUNCT
ajfa-283	290	1	as	as	SCONJ
ajfa-283	290	2	shown	show	VERB
ajfa-283	290	3	in	in	ADP
ajfa-283	290	4	table1	table1	PROPN
ajfa-283	290	5	p	p	PROPN
ajfa-283	290	6	/	/	SYM
ajfa-283	290	7	bv	bv	PROPN
ajfa-283	290	8	exhibits	exhibit	VERB
ajfa-283	290	9	minimum	minimum	ADJ
ajfa-283	290	10	pricing	pricing	NOUN
ajfa-283	290	11	error	error	NOUN
ajfa-283	290	12	for	for	ADP
ajfa-283	290	13	these	these	DET
ajfa-283	290	14	three	three	NUM
ajfa-283	290	15	asian	asian	ADJ
ajfa-283	290	16	economies	economy	NOUN
ajfa-283	290	17	.	.	PUNCT
ajfa-283	291	1	p	p	X
ajfa-283	291	2	/	/	SYM
ajfa-283	291	3	e	e	NOUN
ajfa-283	291	4	is	be	AUX
ajfa-283	291	5	the	the	DET
ajfa-283	291	6	next	next	ADJ
ajfa-283	291	7	efficient	efficient	ADJ
ajfa-283	291	8	price	price	NOUN
ajfa-283	291	9	multiple	multiple	NOUN
ajfa-283	291	10	whereas	whereas	SCONJ
ajfa-283	291	11	p	p	X
ajfa-283	291	12	/	/	SYM
ajfa-283	291	13	s	s	PART
ajfa-283	291	14	is	be	AUX
ajfa-283	291	15	the	the	DET
ajfa-283	291	16	worst	bad	ADJ
ajfa-283	291	17	performer	performer	NOUN
ajfa-283	291	18	according	accord	VERB
ajfa-283	291	19	to	to	ADP
ajfa-283	291	20	both	both	DET
ajfa-283	291	21	the	the	DET
ajfa-283	291	22	tests	test	NOUN
ajfa-283	291	23	.	.	PUNCT
ajfa-283	292	1	we	we	PRON
ajfa-283	292	2	also	also	ADV
ajfa-283	292	3	observe	observe	VERB
ajfa-283	292	4	that	that	SCONJ
ajfa-283	292	5	in	in	ADP
ajfa-283	292	6	case	case	NOUN
ajfa-283	292	7	of	of	ADP
ajfa-283	292	8	india	india	PROPN
ajfa-283	292	9	and	and	CCONJ
ajfa-283	292	10	china	china	PROPN
ajfa-283	292	11	errors	error	NOUN
ajfa-283	292	12	given	give	VERB
ajfa-283	292	13	by	by	ADP
ajfa-283	292	14	book	book	NOUN
ajfa-283	292	15	value	value	NOUN
ajfa-283	292	16	and	and	CCONJ
ajfa-283	292	17	eps	eps	NOUN
ajfa-283	292	18	are	be	AUX
ajfa-283	292	19	almost	almost	ADV
ajfa-283	292	20	equal	equal	ADJ
ajfa-283	292	21	,	,	PUNCT
ajfa-283	292	22	wherein	wherein	SCONJ
ajfa-283	292	23	bv	bv	PROPN
ajfa-283	292	24	has	have	VERB
ajfa-283	292	25	a	a	DET
ajfa-283	292	26	slight	slight	ADJ
ajfa-283	292	27	edge	edge	NOUN
ajfa-283	292	28	over	over	ADP
ajfa-283	292	29	eps	eps	PROPN
ajfa-283	292	30	.	.	PROPN
ajfa-283	292	31	on	on	ADP
ajfa-283	292	32	the	the	DET
ajfa-283	292	33	other	other	ADJ
ajfa-283	292	34	hand	hand	NOUN
ajfa-283	292	35	for	for	ADP
ajfa-283	292	36	the	the	DET
ajfa-283	292	37	two	two	NUM
ajfa-283	292	38	non	non	ADJ
ajfa-283	292	39	asian	asian	ADJ
ajfa-283	292	40	economies	economy	NOUN
ajfa-283	292	41	i.e.	i.e.	X
ajfa-283	292	42	brazil	brazil	PROPN
ajfa-283	292	43	and	and	CCONJ
ajfa-283	292	44	south	south	PROPN
ajfa-283	292	45	africa	africa	PROPN
ajfa-283	292	46	,	,	PUNCT
ajfa-283	292	47	p	p	X
ajfa-283	292	48	/	/	SYM
ajfa-283	292	49	e	e	NOUN
ajfa-283	292	50	proves	prove	VERB
ajfa-283	292	51	to	to	PART
ajfa-283	292	52	be	be	AUX
ajfa-283	292	53	the	the	DET
ajfa-283	292	54	better	well	ADJ
ajfa-283	292	55	multiple	multiple	NOUN
ajfa-283	292	56	for	for	ADP
ajfa-283	292	57	forecasting	forecast	VERB
ajfa-283	292	58	prices	price	NOUN
ajfa-283	292	59	as	as	ADP
ajfa-283	292	60	per	per	ADP
ajfa-283	292	61	both	both	CCONJ
ajfa-283	292	62	the	the	DET
ajfa-283	292	63	criteria	criterion	NOUN
ajfa-283	292	64	.	.	PUNCT
ajfa-283	293	1	hence	hence	ADV
ajfa-283	293	2	,	,	PUNCT
ajfa-283	293	3	we	we	PRON
ajfa-283	293	4	can	can	AUX
ajfa-283	293	5	conclude	conclude	VERB
ajfa-283	293	6	that	that	DET
ajfa-283	293	7	asain	asain	NOUN
ajfa-283	293	8	journal	journal	NOUN
ajfa-283	293	9	of	of	ADP
ajfa-283	293	10	finance	finance	PROPN
ajfa-283	293	11	&	&	CCONJ
ajfa-283	293	12	accounting	accounting	PROPN
ajfa-283	293	13	issn	issn	PROPN
ajfa-283	293	14	1946	1946	NUM
ajfa-283	293	15	-	-	PUNCT
ajfa-283	293	16	052x	052x	NOUN
ajfa-283	293	17	2010	2010	NUM
ajfa-283	293	18	,	,	PUNCT
ajfa-283	293	19	vol	vol	NOUN
ajfa-283	293	20	.	.	PROPN
ajfa-283	293	21	2	2	NUM
ajfa-283	293	22	,	,	PUNCT
ajfa-283	293	23	no	no	INTJ
ajfa-283	293	24	.	.	NOUN
ajfa-283	293	25	1	1	NUM
ajfa-283	293	26	:	:	PUNCT
ajfa-283	293	27	e4	e4	PROPN
ajfa-283	293	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	293	29	83	83	NUM
ajfa-283	293	30	in	in	ADP
ajfa-283	293	31	case	case	NOUN
ajfa-283	293	32	of	of	ADP
ajfa-283	293	33	emerging	emerge	VERB
ajfa-283	293	34	economies	economy	NOUN
ajfa-283	293	35	price	price	NOUN
ajfa-283	293	36	forecasting	forecasting	NOUN
ajfa-283	293	37	should	should	AUX
ajfa-283	293	38	be	be	AUX
ajfa-283	293	39	done	do	VERB
ajfa-283	293	40	by	by	ADP
ajfa-283	293	41	p	p	X
ajfa-283	293	42	/	/	SYM
ajfa-283	293	43	e	e	NOUN
ajfa-283	293	44	or	or	CCONJ
ajfa-283	293	45	p	p	NOUN
ajfa-283	293	46	/	/	SYM
ajfa-283	293	47	bv	bv	PROPN
ajfa-283	293	48	ratios	ratio	NOUN
ajfa-283	293	49	.	.	PUNCT
ajfa-283	294	1	5	5	X
ajfa-283	294	2	.	.	X
ajfa-283	294	3	equity	equity	NOUN
ajfa-283	294	4	valuation	valuation	NOUN
ajfa-283	294	5	using	use	VERB
ajfa-283	294	6	combined	combined	ADJ
ajfa-283	294	7	historical	historical	ADJ
ajfa-283	294	8	multiples	multiple	NOUN
ajfa-283	294	9	in	in	ADP
ajfa-283	294	10	this	this	DET
ajfa-283	294	11	section	section	NOUN
ajfa-283	294	12	we	we	PRON
ajfa-283	294	13	evaluate	evaluate	VERB
ajfa-283	294	14	combined	combined	ADJ
ajfa-283	294	15	historical	historical	ADJ
ajfa-283	294	16	price	price	NOUN
ajfa-283	294	17	multiples	multiple	NOUN
ajfa-283	294	18	to	to	PART
ajfa-283	294	19	verify	verify	VERB
ajfa-283	294	20	the	the	DET
ajfa-283	294	21	following	follow	VERB
ajfa-283	294	22	propositions	proposition	NOUN
ajfa-283	294	23	:	:	PUNCT
ajfa-283	294	24	i.	i.	NOUN
ajfa-283	294	25	which	which	PRON
ajfa-283	294	26	is	be	AUX
ajfa-283	294	27	the	the	DET
ajfa-283	294	28	best	good	ADJ
ajfa-283	294	29	combination	combination	NOUN
ajfa-283	294	30	for	for	ADP
ajfa-283	294	31	forecasting	forecasting	NOUN
ajfa-283	294	32	prices	price	NOUN
ajfa-283	294	33	and	and	CCONJ
ajfa-283	294	34	ii	ii	NOUN
ajfa-283	294	35	.	.	PUNCT
ajfa-283	295	1	how	how	SCONJ
ajfa-283	295	2	do	do	AUX
ajfa-283	295	3	the	the	DET
ajfa-283	295	4	combined	combine	VERB
ajfa-283	295	5	multiples	multiple	NOUN
ajfa-283	295	6	perform	perform	VERB
ajfa-283	295	7	vis	vis	X
ajfa-283	295	8	-	-	PUNCT
ajfa-283	295	9	à	à	X
ajfa-283	295	10	-	-	PUNCT
ajfa-283	295	11	vis	vis	X
ajfa-283	295	12	standalone	standalone	ADJ
ajfa-283	295	13	multiples	multiple	NOUN
ajfa-283	295	14	in	in	ADP
ajfa-283	295	15	equity	equity	NOUN
ajfa-283	295	16	valuation	valuation	NOUN
ajfa-283	295	17	.	.	PUNCT
ajfa-283	296	1	we	we	PRON
ajfa-283	296	2	evaluate	evaluate	VERB
ajfa-283	296	3	three	three	NUM
ajfa-283	296	4	combinations	combination	NOUN
ajfa-283	296	5	of	of	ADP
ajfa-283	296	6	value	value	NOUN
ajfa-283	296	7	drivers	driver	NOUN
ajfa-283	296	8	’	'	PUNCT
ajfa-283	296	9	namely	namely	ADV
ajfa-283	296	10	:	:	PUNCT
ajfa-283	296	11	eps	eps	PROPN
ajfa-283	296	12	-	-	PUNCT
ajfa-283	296	13	bv	bv	PROPN
ajfa-283	296	14	,	,	PUNCT
ajfa-283	296	15	eps	ep	NOUN
ajfa-283	296	16	-	-	PUNCT
ajfa-283	296	17	sales	sale	NOUN
ajfa-283	296	18	,	,	PUNCT
ajfa-283	296	19	and	and	CCONJ
ajfa-283	296	20	bv	bv	PROPN
ajfa-283	296	21	-	-	NOUN
ajfa-283	296	22	sales	sale	NOUN
ajfa-283	296	23	to	to	PART
ajfa-283	296	24	analyze	analyze	VERB
ajfa-283	296	25	combined	combined	ADJ
ajfa-283	296	26	historical	historical	ADJ
ajfa-283	296	27	multiples	multiple	NOUN
ajfa-283	296	28	.	.	PUNCT
ajfa-283	297	1	we	we	PRON
ajfa-283	297	2	follow	follow	VERB
ajfa-283	297	3	the	the	DET
ajfa-283	297	4	following	follow	VERB
ajfa-283	297	5	estimation	estimation	NOUN
ajfa-283	297	6	process	process	NOUN
ajfa-283	297	7	:	:	PUNCT
ajfa-283	297	8	in	in	ADP
ajfa-283	297	9	step	step	NOUN
ajfa-283	297	10	1	1	NUM
ajfa-283	297	11	we	we	PRON
ajfa-283	297	12	make	make	VERB
ajfa-283	297	13	stock	stock	NOUN
ajfa-283	297	14	price	price	NOUN
ajfa-283	297	15	as	as	ADP
ajfa-283	297	16	a	a	DET
ajfa-283	297	17	function	function	NOUN
ajfa-283	297	18	of	of	ADP
ajfa-283	297	19	a	a	DET
ajfa-283	297	20	combination	combination	NOUN
ajfa-283	297	21	of	of	ADP
ajfa-283	297	22	value	value	NOUN
ajfa-283	297	23	drivers	driver	NOUN
ajfa-283	297	24	as	as	SCONJ
ajfa-283	297	25	shown	show	VERB
ajfa-283	297	26	in	in	ADP
ajfa-283	297	27	equation	equation	NOUN
ajfa-283	297	28	(	(	PUNCT
ajfa-283	297	29	9	9	NUM
ajfa-283	297	30	)	)	PUNCT
ajfa-283	297	31	below	below	ADV
ajfa-283	297	32	.	.	PUNCT
ajfa-283	298	1			NOUN
ajfa-283	298	2	ittttttit	ittttttit	NOUN
ajfa-283	298	3	p	p	PROPN
ajfa-283	298	4			PROPN
ajfa-283	298	5	2211	2211	NUM
ajfa-283	298	6	(	(	PUNCT
ajfa-283	298	7	9	9	NUM
ajfa-283	298	8	)	)	PUNCT
ajfa-283	298	9	where	where	SCONJ
ajfa-283	298	10	,	,	PUNCT
ajfa-283	298	11	α	α	PROPN
ajfa-283	298	12	t	t	PROPN
ajfa-283	298	13	is	be	AUX
ajfa-283	298	14	the	the	DET
ajfa-283	298	15	intercept	intercept	NOUN
ajfa-283	298	16	which	which	PRON
ajfa-283	298	17	captures	capture	VERB
ajfa-283	298	18	the	the	DET
ajfa-283	298	19	average	average	ADJ
ajfa-283	298	20	effect	effect	NOUN
ajfa-283	298	21	of	of	ADP
ajfa-283	298	22	those	those	DET
ajfa-283	298	23	factors	factor	NOUN
ajfa-283	298	24	which	which	PRON
ajfa-283	298	25	are	be	AUX
ajfa-283	298	26	not	not	PART
ajfa-283	298	27	explained	explain	VERB
ajfa-283	298	28	by	by	ADP
ajfa-283	298	29	value	value	NOUN
ajfa-283	298	30	driver	driver	NOUN
ajfa-283	298	31	,	,	PUNCT
ajfa-283	298	32	x	x	VERB
ajfa-283	298	33	it	it	PRON
ajfa-283	298	34	is	be	AUX
ajfa-283	298	35	the	the	DET
ajfa-283	298	36	value	value	NOUN
ajfa-283	298	37	driver	driver	NOUN
ajfa-283	298	38	for	for	ADP
ajfa-283	298	39	firm	firm	ADJ
ajfa-283	298	40	i	i	PRON
ajfa-283	298	41	in	in	ADP
ajfa-283	298	42	year	year	PROPN
ajfa-283	298	43	t	t	PROPN
ajfa-283	298	44	,	,	PUNCT
ajfa-283	298	45			PROPN
ajfa-283	298	46	t1	t1	NOUN
ajfa-283	298	47	and	and	CCONJ
ajfa-283	298	48			PROPN
ajfa-283	298	49	t2	t2	PROPN
ajfa-283	298	50	are	be	AUX
ajfa-283	298	51	price	price	NOUN
ajfa-283	298	52	multiples	multiple	NOUN
ajfa-283	298	53	for	for	ADP
ajfa-283	298	54	the	the	DET
ajfa-283	298	55	respective	respective	ADJ
ajfa-283	298	56	value	value	NOUN
ajfa-283	298	57	drivers	driver	NOUN
ajfa-283	298	58	and	and	CCONJ
ajfa-283	298	59	e	e	NOUN
ajfa-283	298	60	it	it	PRON
ajfa-283	298	61	is	be	AUX
ajfa-283	298	62	the	the	DET
ajfa-283	298	63	pricing	pricing	NOUN
ajfa-283	298	64	error	error	NOUN
ajfa-283	298	65	.	.	PUNCT
ajfa-283	299	1	through	through	ADP
ajfa-283	299	2	above	above	ADP
ajfa-283	299	3	equation	equation	NOUN
ajfa-283	299	4	we	we	PRON
ajfa-283	299	5	regress	regress	VERB
ajfa-283	299	6	the	the	DET
ajfa-283	299	7	base	base	NOUN
ajfa-283	299	8	year	year	NOUN
ajfa-283	299	9	price	price	NOUN
ajfa-283	299	10	with	with	ADP
ajfa-283	299	11	the	the	DET
ajfa-283	299	12	base	base	NOUN
ajfa-283	299	13	year	year	NOUN
ajfa-283	299	14	’s	’s	PART
ajfa-283	299	15	value	value	NOUN
ajfa-283	299	16	drivers	driver	NOUN
ajfa-283	299	17	to	to	PART
ajfa-283	299	18	find	find	VERB
ajfa-283	299	19	out	out	ADP
ajfa-283	299	20	expected	expect	VERB
ajfa-283	299	21	price	price	NOUN
ajfa-283	299	22	for	for	ADP
ajfa-283	299	23	base	base	NOUN
ajfa-283	299	24	year	year	NOUN
ajfa-283	299	25	.	.	PUNCT
ajfa-283	300	1	to	to	PART
ajfa-283	300	2	improve	improve	VERB
ajfa-283	300	3	the	the	DET
ajfa-283	300	4	estimation	estimation	NOUN
ajfa-283	300	5	efficiency	efficiency	NOUN
ajfa-283	300	6	,	,	PUNCT
ajfa-283	300	7	we	we	PRON
ajfa-283	300	8	divide	divide	VERB
ajfa-283	300	9	equation	equation	NOUN
ajfa-283	300	10	(	(	PUNCT
ajfa-283	300	11	9	9	NUM
ajfa-283	300	12	)	)	PUNCT
ajfa-283	300	13	by	by	ADP
ajfa-283	300	14	expected	expect	VERB
ajfa-283	300	15	price	price	NOUN
ajfa-283	300	16	.	.	PUNCT
ajfa-283	301	1	this	this	DET
ajfa-283	301	2	step	step	NOUN
ajfa-283	301	3	is	be	AUX
ajfa-283	301	4	performed	perform	VERB
ajfa-283	301	5	only	only	ADV
ajfa-283	301	6	in	in	ADP
ajfa-283	301	7	those	those	DET
ajfa-283	301	8	cases	case	NOUN
ajfa-283	301	9	where	where	SCONJ
ajfa-283	301	10	there	there	PRON
ajfa-283	301	11	is	be	VERB
ajfa-283	301	12	significant	significant	ADJ
ajfa-283	301	13	heteroscedasticity	heteroscedasticity	NOUN
ajfa-283	301	14	as	as	SCONJ
ajfa-283	301	15	shown	show	VERB
ajfa-283	301	16	by	by	ADP
ajfa-283	301	17	white	white	ADJ
ajfa-283	301	18	hetroskedasticity	hetroskedasticity	NOUN
ajfa-283	301	19	(	(	PUNCT
ajfa-283	301	20	no	no	DET
ajfa-283	301	21	cross	cross	NOUN
ajfa-283	301	22	term	term	NOUN
ajfa-283	301	23	)	)	PUNCT
ajfa-283	301	24	residual	residual	ADJ
ajfa-283	301	25	test	test	NOUN
ajfa-283	301	26	.	.	PUNCT
ajfa-283	302	1	(	(	PUNCT
ajfa-283	302	2	10	10	NUM
ajfa-283	302	3	)	)	PUNCT
ajfa-283	302	4			NOUN
ajfa-283	302	5			VERB
ajfa-283	302	6	it	it	PRON
ajfa-283	302	7	it	it	PRON
ajfa-283	303	1	it	it	PRON
ajfa-283	304	1	t	t	INTJ
ajfa-283	304	2	t	t	NOUN
ajfa-283	305	1	it	it	PRON
ajfa-283	306	1	t	t	INTJ
ajfa-283	306	2	t	t	PROPN
ajfa-283	306	3	it	it	PRON
ajfa-283	306	4	t	t	VERB
ajfa-283	306	5	it	it	PRON
ajfa-283	306	6	it	it	PRON
ajfa-283	306	7	ppppp	ppppp	VERB
ajfa-283	306	8	p	p	PROPN
ajfa-283	306	9			PROPN
ajfa-283	306	10			PROPN
ajfa-283	306	11			NOUN
ajfa-283	306	12			VERB
ajfa-283	306	13	2	2	NUM
ajfa-283	306	14	2	2	NUM
ajfa-283	306	15	1	1	NUM
ajfa-283	306	16	1	1	NUM
ajfa-283	306	17	asain	asain	NOUN
ajfa-283	306	18	journal	journal	NOUN
ajfa-283	306	19	of	of	ADP
ajfa-283	306	20	finance	finance	PROPN
ajfa-283	306	21	&	&	CCONJ
ajfa-283	306	22	accounting	accounting	PROPN
ajfa-283	306	23	issn	issn	PROPN
ajfa-283	306	24	1946	1946	NUM
ajfa-283	306	25	-	-	PUNCT
ajfa-283	306	26	052x	052x	NOUN
ajfa-283	306	27	2010	2010	NUM
ajfa-283	306	28	,	,	PUNCT
ajfa-283	306	29	vol	vol	NOUN
ajfa-283	306	30	.	.	PROPN
ajfa-283	306	31	2	2	NUM
ajfa-283	306	32	,	,	PUNCT
ajfa-283	306	33	no	no	INTJ
ajfa-283	306	34	.	.	NOUN
ajfa-283	306	35	1	1	NUM
ajfa-283	306	36	:	:	PUNCT
ajfa-283	306	37	e4	e4	PROPN
ajfa-283	306	38	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	306	39	84	84	NUM
ajfa-283	306	40	we	we	PRON
ajfa-283	306	41	estimate	estimate	VERB
ajfa-283	306	42	equation	equation	NOUN
ajfa-283	306	43	(	(	PUNCT
ajfa-283	306	44	10	10	NUM
ajfa-283	306	45	)	)	PUNCT
ajfa-283	306	46	imposing	impose	VERB
ajfa-283	306	47	the	the	DET
ajfa-283	306	48	restriction	restriction	NOUN
ajfa-283	306	49	for	for	ADP
ajfa-283	306	50	the	the	DET
ajfa-283	306	51	error	error	NOUN
ajfa-283	306	52	term	term	NOUN
ajfa-283	306	53	specified	specify	VERB
ajfa-283	306	54	in	in	ADP
ajfa-283	306	55	the	the	DET
ajfa-283	306	56	previous	previous	ADJ
ajfa-283	306	57	section	section	NOUN
ajfa-283	306	58	i.e	i.e	PROPN
ajfa-283	306	59	,	,	PUNCT
ajfa-283	306	60			PROPN
ajfa-283	306	61			PROPN
ajfa-283	307	1			PROPN
ajfa-283	307	2			NOUN
ajfa-283	308	1			PROPN
ajfa-283	309	1			PROPN
ajfa-283	310	1			PROPN
ajfa-283	310	2			PROPN
ajfa-283	311	1			PROPN
ajfa-283	311	2			NOUN
ajfa-283	312	1			PROPN
ajfa-283	312	2	it	it	PRON
ajfa-283	312	3	it	it	PRON
ajfa-283	312	4	p	p	NOUN
ajfa-283	312	5			NOUN
ajfa-283	312	6	=	=	NOUN
ajfa-283	312	7	0	0	NUM
ajfa-283	312	8	so	so	SCONJ
ajfa-283	312	9	that	that	SCONJ
ajfa-283	312	10	our	our	PRON
ajfa-283	312	11	regression	regression	NOUN
ajfa-283	312	12	estimates	estimate	NOUN
ajfa-283	312	13	are	be	AUX
ajfa-283	312	14	unbiased	unbiased	ADJ
ajfa-283	312	15	.	.	PUNCT
ajfa-283	313	1	we	we	PRON
ajfa-283	313	2	obtain	obtain	AUX
ajfa-283	313	3	forecasted	forecast	VERB
ajfa-283	313	4	prices	price	NOUN
ajfa-283	313	5	from	from	ADP
ajfa-283	313	6	equation	equation	NOUN
ajfa-283	313	7	(	(	PUNCT
ajfa-283	313	8	10	10	NUM
ajfa-283	313	9	)	)	PUNCT
ajfa-283	313	10	and	and	CCONJ
ajfa-283	313	11	then	then	ADV
ajfa-283	313	12	use	use	VERB
ajfa-283	313	13	them	they	PRON
ajfa-283	313	14	to	to	PART
ajfa-283	313	15	calculate	calculate	VERB
ajfa-283	313	16	our	our	PRON
ajfa-283	313	17	pricing	pricing	NOUN
ajfa-283	313	18	errors	error	NOUN
ajfa-283	313	19	using	use	VERB
ajfa-283	313	20	equation	equation	NOUN
ajfa-283	313	21	(	(	PUNCT
ajfa-283	313	22	8)	8)	NUM
ajfa-283	313	23	.	.	PUNCT
ajfa-283	314	1	we	we	PRON
ajfa-283	314	2	adopt	adopt	VERB
ajfa-283	314	3	root	root	NOUN
ajfa-283	314	4	mse	mse	NOUN
ajfa-283	314	5	and	and	CCONJ
ajfa-283	314	6	thail	thail	NOUN
ajfa-283	314	7	inequality	inequality	NOUN
ajfa-283	314	8	coefficient	coefficient	NOUN
ajfa-283	314	9	as	as	ADP
ajfa-283	314	10	our	our	PRON
ajfa-283	314	11	criteria	criterion	NOUN
ajfa-283	314	12	for	for	ADP
ajfa-283	314	13	checking	check	VERB
ajfa-283	314	14	the	the	DET
ajfa-283	314	15	quality	quality	NOUN
ajfa-283	314	16	of	of	ADP
ajfa-283	314	17	price	price	NOUN
ajfa-283	314	18	forecast	forecast	NOUN
ajfa-283	314	19	as	as	SCONJ
ajfa-283	314	20	was	be	AUX
ajfa-283	314	21	done	do	VERB
ajfa-283	314	22	in	in	ADP
ajfa-283	314	23	previous	previous	ADJ
ajfa-283	314	24	section	section	NOUN
ajfa-283	314	25	.	.	PUNCT
ajfa-283	315	1	the	the	DET
ajfa-283	315	2	results	result	NOUN
ajfa-283	315	3	for	for	ADP
ajfa-283	315	4	combined	combine	VERB
ajfa-283	315	5	multiples	multiple	NOUN
ajfa-283	315	6	are	be	AUX
ajfa-283	315	7	given	give	VERB
ajfa-283	315	8	in	in	ADP
ajfa-283	315	9	table	table	NOUN
ajfa-283	315	10	2	2	NUM
ajfa-283	315	11	.	.	PUNCT
ajfa-283	316	1	while	while	SCONJ
ajfa-283	316	2	analyzing	analyze	VERB
ajfa-283	316	3	pricing	pricing	NOUN
ajfa-283	316	4	error	error	NOUN
ajfa-283	316	5	distributions	distribution	NOUN
ajfa-283	316	6	for	for	ADP
ajfa-283	316	7	combined	combined	ADJ
ajfa-283	316	8	multiples	multiple	NOUN
ajfa-283	316	9	we	we	PRON
ajfa-283	316	10	find	find	VERB
ajfa-283	316	11	that	that	SCONJ
ajfa-283	316	12	for	for	ADP
ajfa-283	316	13	india	india	PROPN
ajfa-283	316	14	and	and	CCONJ
ajfa-283	316	15	china	china	PROPN
ajfa-283	316	16	the	the	DET
ajfa-283	316	17	errors	error	NOUN
ajfa-283	316	18	are	be	AUX
ajfa-283	316	19	minimum	minimum	ADJ
ajfa-283	316	20	for	for	ADP
ajfa-283	316	21	the	the	DET
ajfa-283	316	22	combination	combination	NOUN
ajfa-283	316	23	of	of	ADP
ajfa-283	316	24	bv	bv	ADJ
ajfa-283	316	25	-	-	ADJ
ajfa-283	316	26	sales	sale	NOUN
ajfa-283	316	27	value	value	NOUN
ajfa-283	316	28	drivers	driver	NOUN
ajfa-283	316	29	according	accord	VERB
ajfa-283	316	30	to	to	ADP
ajfa-283	316	31	both	both	DET
ajfa-283	316	32	the	the	DET
ajfa-283	316	33	criteria	criterion	NOUN
ajfa-283	316	34	.	.	PUNCT
ajfa-283	317	1	eps	ep	NOUN
ajfa-283	317	2	-	-	PUNCT
ajfa-283	317	3	sales	sale	NOUN
ajfa-283	317	4	is	be	AUX
ajfa-283	317	5	the	the	DET
ajfa-283	317	6	next	next	ADJ
ajfa-283	317	7	best	good	ADJ
ajfa-283	317	8	value	value	NOUN
ajfa-283	317	9	driver	driver	NOUN
ajfa-283	317	10	while	while	SCONJ
ajfa-283	317	11	eps	eps	PROPN
ajfa-283	317	12	-	-	PUNCT
ajfa-283	317	13	bv	bv	PROPN
ajfa-283	317	14	performs	perform	VERB
ajfa-283	317	15	worst	bad	ADJ
ajfa-283	317	16	in	in	ADP
ajfa-283	317	17	forecasting	forecasting	NOUN
ajfa-283	317	18	prices	price	NOUN
ajfa-283	317	19	.	.	PUNCT
ajfa-283	318	1	however	however	ADV
ajfa-283	318	2	,	,	PUNCT
ajfa-283	318	3	it	it	PRON
ajfa-283	318	4	is	be	AUX
ajfa-283	318	5	to	to	PART
ajfa-283	318	6	be	be	AUX
ajfa-283	318	7	noted	note	VERB
ajfa-283	318	8	that	that	SCONJ
ajfa-283	318	9	pricing	pricing	NOUN
ajfa-283	318	10	errors	error	NOUN
ajfa-283	318	11	through	through	ADP
ajfa-283	318	12	eps	ep	NOUN
ajfa-283	318	13	-	-	PUNCT
ajfa-283	318	14	sales	sale	NOUN
ajfa-283	318	15	are	be	AUX
ajfa-283	318	16	almost	almost	ADV
ajfa-283	318	17	equal	equal	ADJ
ajfa-283	318	18	to	to	ADP
ajfa-283	318	19	bv	bv	NOUN
ajfa-283	318	20	-	-	NOUN
ajfa-283	318	21	sales	sale	NOUN
ajfa-283	318	22	for	for	ADP
ajfa-283	318	23	india	india	PROPN
ajfa-283	318	24	and	and	CCONJ
ajfa-283	318	25	china	china	PROPN
ajfa-283	318	26	.	.	PUNCT
ajfa-283	319	1	in	in	ADP
ajfa-283	319	2	case	case	NOUN
ajfa-283	319	3	of	of	ADP
ajfa-283	319	4	other	other	ADJ
ajfa-283	319	5	three	three	NUM
ajfa-283	319	6	emerging	emerge	VERB
ajfa-283	319	7	economies	economy	NOUN
ajfa-283	319	8	eps	eps	PROPN
ajfa-283	319	9	-	-	PUNCT
ajfa-283	319	10	bv	bv	PROPN
ajfa-283	319	11	is	be	AUX
ajfa-283	319	12	a	a	DET
ajfa-283	319	13	better	well	ADJ
ajfa-283	319	14	measure	measure	NOUN
ajfa-283	319	15	than	than	ADP
ajfa-283	319	16	other	other	ADJ
ajfa-283	319	17	two	two	NUM
ajfa-283	319	18	combinations	combination	NOUN
ajfa-283	319	19	of	of	ADP
ajfa-283	319	20	value	value	NOUN
ajfa-283	319	21	drivers	driver	NOUN
ajfa-283	319	22	as	as	ADP
ajfa-283	319	23	per	per	ADP
ajfa-283	319	24	both	both	CCONJ
ajfa-283	319	25	the	the	DET
ajfa-283	319	26	criteria	criterion	NOUN
ajfa-283	319	27	.	.	PUNCT
ajfa-283	320	1	we	we	PRON
ajfa-283	320	2	next	next	ADV
ajfa-283	320	3	compare	compare	VERB
ajfa-283	320	4	standalone	standalone	ADJ
ajfa-283	320	5	value	value	NOUN
ajfa-283	320	6	drivers	driver	NOUN
ajfa-283	320	7	with	with	ADP
ajfa-283	320	8	value	value	NOUN
ajfa-283	320	9	driver	driver	NOUN
ajfa-283	320	10	combinations	combination	NOUN
ajfa-283	320	11	.	.	PUNCT
ajfa-283	321	1	it	it	PRON
ajfa-283	321	2	can	can	AUX
ajfa-283	321	3	be	be	AUX
ajfa-283	321	4	seen	see	VERB
ajfa-283	321	5	from	from	ADP
ajfa-283	321	6	tables	table	NOUN
ajfa-283	321	7	1	1	NUM
ajfa-283	321	8	and	and	CCONJ
ajfa-283	321	9	2	2	NUM
ajfa-283	321	10	,	,	PUNCT
ajfa-283	321	11	that	that	SCONJ
ajfa-283	321	12	bv	bv	PROPN
ajfa-283	321	13	(	(	PUNCT
ajfa-283	321	14	the	the	DET
ajfa-283	321	15	best	good	ADJ
ajfa-283	321	16	standalone	standalone	ADJ
ajfa-283	321	17	value	value	NOUN
ajfa-283	321	18	driver	driver	NOUN
ajfa-283	321	19	)	)	PUNCT
ajfa-283	321	20	outperforms	outperform	VERB
ajfa-283	321	21	bv	bv	PROPN
ajfa-283	321	22	-	-	NOUN
ajfa-283	321	23	sales	sale	NOUN
ajfa-283	321	24	(	(	PUNCT
ajfa-283	321	25	the	the	DET
ajfa-283	321	26	best	good	ADJ
ajfa-283	321	27	combination	combination	NOUN
ajfa-283	321	28	of	of	ADP
ajfa-283	321	29	value	value	NOUN
ajfa-283	321	30	drivers	driver	NOUN
ajfa-283	321	31	)	)	PUNCT
ajfa-283	321	32	for	for	ADP
ajfa-283	321	33	india	india	PROPN
ajfa-283	321	34	as	as	ADP
ajfa-283	321	35	per	per	ADP
ajfa-283	321	36	both	both	CCONJ
ajfa-283	321	37	the	the	DET
ajfa-283	321	38	evaluation	evaluation	NOUN
ajfa-283	321	39	criteria	criterion	NOUN
ajfa-283	321	40	.	.	PUNCT
ajfa-283	322	1	the	the	DET
ajfa-283	322	2	value	value	NOUN
ajfa-283	322	3	driver	driver	NOUN
ajfa-283	322	4	combinations	combination	NOUN
ajfa-283	322	5	do	do	AUX
ajfa-283	322	6	not	not	PART
ajfa-283	322	7	consistently	consistently	ADV
ajfa-283	322	8	do	do	VERB
ajfa-283	322	9	better	well	ADJ
ajfa-283	322	10	than	than	ADP
ajfa-283	322	11	standalone	standalone	ADJ
ajfa-283	322	12	value	value	NOUN
ajfa-283	322	13	drivers	driver	NOUN
ajfa-283	322	14	as	as	ADP
ajfa-283	322	15	per	per	ADP
ajfa-283	322	16	our	our	PRON
ajfa-283	322	17	evaluation	evaluation	NOUN
ajfa-283	322	18	criteria	criterion	NOUN
ajfa-283	322	19	for	for	ADP
ajfa-283	322	20	china	china	PROPN
ajfa-283	322	21	and	and	CCONJ
ajfa-283	322	22	south	south	PROPN
ajfa-283	322	23	korea	korea	PROPN
ajfa-283	322	24	.	.	PUNCT
ajfa-283	323	1	on	on	ADP
ajfa-283	323	2	the	the	DET
ajfa-283	323	3	other	other	ADJ
ajfa-283	323	4	hand	hand	NOUN
ajfa-283	323	5	for	for	ADP
ajfa-283	323	6	brazil	brazil	PROPN
ajfa-283	323	7	and	and	CCONJ
ajfa-283	323	8	south	south	PROPN
ajfa-283	323	9	africa	africa	PROPN
ajfa-283	323	10	we	we	PRON
ajfa-283	323	11	get	get	VERB
ajfa-283	323	12	inconsistent	inconsistent	ADJ
ajfa-283	323	13	results	result	NOUN
ajfa-283	323	14	as	as	ADP
ajfa-283	323	15	per	per	ADP
ajfa-283	323	16	both	both	CCONJ
ajfa-283	323	17	the	the	DET
ajfa-283	323	18	criteria	criterion	NOUN
ajfa-283	323	19	.	.	PUNCT
ajfa-283	324	1	in	in	SCONJ
ajfa-283	324	2	case	case	NOUN
ajfa-283	324	3	of	of	ADP
ajfa-283	324	4	south	south	PROPN
ajfa-283	324	5	africa	africa	PROPN
ajfa-283	324	6	,	,	PUNCT
ajfa-283	324	7	eps	eps	PROPN
ajfa-283	324	8	(	(	PUNCT
ajfa-283	324	9	the	the	DET
ajfa-283	324	10	best	good	ADJ
ajfa-283	324	11	standalone	standalone	ADJ
ajfa-283	324	12	value	value	NOUN
ajfa-283	324	13	driver	driver	NOUN
ajfa-283	324	14	)	)	PUNCT
ajfa-283	324	15	performs	perform	VERB
ajfa-283	324	16	better	well	ADJ
ajfa-283	324	17	than	than	ADP
ajfa-283	324	18	eps	eps	PROPN
ajfa-283	324	19	-	-	PUNCT
ajfa-283	324	20	bv	bv	PROPN
ajfa-283	324	21	(	(	PUNCT
ajfa-283	324	22	the	the	DET
ajfa-283	324	23	best	good	ADJ
ajfa-283	324	24	combination	combination	NOUN
ajfa-283	324	25	of	of	ADP
ajfa-283	324	26	value	value	NOUN
ajfa-283	324	27	driver	driver	NOUN
ajfa-283	324	28	)	)	PUNCT
ajfa-283	324	29	while	while	SCONJ
ajfa-283	324	30	for	for	ADP
ajfa-283	324	31	brazil	brazil	PROPN
ajfa-283	324	32	eps	eps	PROPN
ajfa-283	324	33	-	-	PUNCT
ajfa-283	324	34	bv	bv	PROPN
ajfa-283	324	35	gets	get	VERB
ajfa-283	324	36	better	well	ADJ
ajfa-283	324	37	results	result	NOUN
ajfa-283	324	38	than	than	ADP
ajfa-283	324	39	eps	eps	PROPN
ajfa-283	324	40	as	as	ADP
ajfa-283	324	41	per	per	ADP
ajfa-283	324	42	root	root	NOUN
ajfa-283	324	43	mean	mean	VERB
ajfa-283	324	44	squared	square	VERB
ajfa-283	324	45	error	error	NOUN
ajfa-283	324	46	.	.	PUNCT
ajfa-283	325	1	while	while	SCONJ
ajfa-283	325	2	as	as	ADP
ajfa-283	325	3	per	per	ADP
ajfa-283	325	4	thail	thail	NOUN
ajfa-283	325	5	inequality	inequality	NOUN
ajfa-283	325	6	coefficient	coefficient	NOUN
ajfa-283	325	7	criteria	criterion	NOUN
ajfa-283	325	8	eps	eps	PROPN
ajfa-283	325	9	and	and	CCONJ
ajfa-283	325	10	eps	eps	PROPN
ajfa-283	325	11	-	-	PUNCT
ajfa-283	325	12	bv	bv	PROPN
ajfa-283	325	13	are	be	AUX
ajfa-283	325	14	the	the	DET
ajfa-283	325	15	best	good	ADJ
ajfa-283	325	16	multiples	multiple	NOUN
ajfa-283	325	17	in	in	ADP
ajfa-283	325	18	forecasting	forecast	VERB
ajfa-283	325	19	prices	price	NOUN
ajfa-283	325	20	for	for	ADP
ajfa-283	325	21	brazil	brazil	PROPN
ajfa-283	325	22	and	and	CCONJ
ajfa-283	325	23	south	south	PROPN
ajfa-283	325	24	africa	africa	PROPN
ajfa-283	325	25	respectively	respectively	ADV
ajfa-283	325	26	.	.	PUNCT
ajfa-283	326	1	we	we	PRON
ajfa-283	326	2	conclude	conclude	VERB
ajfa-283	326	3	that	that	SCONJ
ajfa-283	326	4	in	in	ADP
ajfa-283	326	5	general	general	ADJ
ajfa-283	326	6	combining	combine	VERB
ajfa-283	326	7	value	value	NOUN
ajfa-283	326	8	drivers	driver	NOUN
ajfa-283	326	9	does	do	AUX
ajfa-283	326	10	not	not	PART
ajfa-283	326	11	improve	improve	VERB
ajfa-283	326	12	our	our	PRON
ajfa-283	326	13	price	price	NOUN
ajfa-283	326	14	asain	asain	NOUN
ajfa-283	326	15	journal	journal	NOUN
ajfa-283	326	16	of	of	ADP
ajfa-283	326	17	finance	finance	PROPN
ajfa-283	326	18	&	&	CCONJ
ajfa-283	326	19	accounting	accounting	PROPN
ajfa-283	326	20	issn	issn	PROPN
ajfa-283	326	21	1946	1946	NUM
ajfa-283	326	22	-	-	PUNCT
ajfa-283	326	23	052x	052x	NOUN
ajfa-283	326	24	2010	2010	NUM
ajfa-283	326	25	,	,	PUNCT
ajfa-283	326	26	vol	vol	NOUN
ajfa-283	326	27	.	.	PROPN
ajfa-283	326	28	2	2	NUM
ajfa-283	326	29	,	,	PUNCT
ajfa-283	326	30	no	no	INTJ
ajfa-283	326	31	.	.	NOUN
ajfa-283	326	32	1	1	NUM
ajfa-283	326	33	:	:	PUNCT
ajfa-283	326	34	e4	e4	PROPN
ajfa-283	326	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-283	326	36	85	85	NUM
ajfa-283	326	37	forecast	forecast	NOUN
ajfa-283	326	38	and	and	CCONJ
ajfa-283	326	39	hence	hence	ADV
ajfa-283	326	40	,	,	PUNCT
ajfa-283	326	41	equity	equity	NOUN
ajfa-283	326	42	valuations	valuation	NOUN
ajfa-283	326	43	can	can	AUX
ajfa-283	326	44	be	be	AUX
ajfa-283	326	45	better	well	ADV
ajfa-283	326	46	done	do	VERB
ajfa-283	326	47	by	by	ADP
ajfa-283	326	48	keeping	keep	VERB
ajfa-283	326	49	the	the	DET
ajfa-283	326	50	process	process	NOUN
ajfa-283	326	51	simple	simple	ADJ
ajfa-283	326	52	by	by	ADP
ajfa-283	326	53	using	use	VERB
ajfa-283	326	54	standalone	standalone	ADJ
ajfa-283	326	55	multiples	multiple	NOUN
ajfa-283	326	56	.	.	PUNCT
ajfa-283	327	1	our	our	PRON
ajfa-283	327	2	results	result	NOUN
ajfa-283	327	3	for	for	ADP
ajfa-283	327	4	emerging	emerge	VERB
ajfa-283	327	5	markets	market	NOUN
ajfa-283	327	6	are	be	AUX
ajfa-283	327	7	in	in	ADP
ajfa-283	327	8	contrast	contrast	NOUN
ajfa-283	327	9	with	with	ADP
ajfa-283	327	10	penman	penman	NOUN
ajfa-283	327	11	(	(	PUNCT
ajfa-283	327	12	1997	1997	NUM
ajfa-283	327	13	)	)	PUNCT
ajfa-283	327	14	,	,	PUNCT
ajfa-283	327	15	who	who	PRON
ajfa-283	327	16	finds	find	VERB
ajfa-283	327	17	that	that	SCONJ
ajfa-283	327	18	combined	combine	VERB
ajfa-283	327	19	value	value	NOUN
ajfa-283	327	20	drivers	driver	NOUN
ajfa-283	327	21	do	do	VERB
ajfa-283	327	22	a	a	DET
ajfa-283	327	23	better	well	ADJ
ajfa-283	327	24	job	job	NOUN
ajfa-283	327	25	than	than	ADP
ajfa-283	327	26	standalone	standalone	ADJ
ajfa-283	327	27	value	value	NOUN
ajfa-283	327	28	drivers	driver	NOUN
ajfa-283	327	29	in	in	ADP
ajfa-283	327	30	case	case	NOUN
ajfa-283	327	31	of	of	ADP
ajfa-283	327	32	matured	mature	VERB
ajfa-283	327	33	markets	market	NOUN
ajfa-283	327	34	.	.	PUNCT
ajfa-283	328	1	our	our	PRON
ajfa-283	328	2	findings	finding	NOUN
ajfa-283	328	3	may	may	AUX
ajfa-283	328	4	be	be	AUX
ajfa-283	328	5	explained	explain	VERB
ajfa-283	328	6	by	by	ADP
ajfa-283	328	7	the	the	DET
ajfa-283	328	8	fact	fact	NOUN
ajfa-283	328	9	that	that	SCONJ
ajfa-283	328	10	different	different	ADJ
ajfa-283	328	11	price	price	NOUN
ajfa-283	328	12	multiples	multiple	NOUN
ajfa-283	328	13	are	be	AUX
ajfa-283	328	14	driven	drive	VERB
ajfa-283	328	15	more	more	ADJ
ajfa-283	328	16	by	by	ADP
ajfa-283	328	17	investor	investor	NOUN
ajfa-283	328	18	sentiment	sentiment	NOUN
ajfa-283	328	19	in	in	ADP
ajfa-283	328	20	emerging	emerge	VERB
ajfa-283	328	21	markets	market	NOUN
ajfa-283	328	22	where	where	SCONJ
ajfa-283	328	23	the	the	DET
ajfa-283	328	24	investors	investor	NOUN
ajfa-283	328	25	do	do	AUX
ajfa-283	328	26	not	not	PART
ajfa-283	328	27	perceive	perceive	VERB
ajfa-283	328	28	each	each	DET
ajfa-283	328	29	price	price	NOUN
ajfa-283	328	30	multiple	multiple	NOUN
ajfa-283	328	31	to	to	PART
ajfa-283	328	32	be	be	AUX
ajfa-283	328	33	providing	provide	VERB
ajfa-283	328	34	different	different	ADJ
ajfa-283	328	35	information	information	NOUN
ajfa-283	328	36	.	.	PUNCT
ajfa-283	329	1	see	see	VERB
ajfa-283	329	2	sehgal	sehgal	PROPN
ajfa-283	329	3	and	and	CCONJ
ajfa-283	329	4	pandey	pandey	PROPN
ajfa-283	329	5	(	(	PUNCT
ajfa-283	329	6	2009	2009	NUM
ajfa-283	329	7	)	)	PUNCT
ajfa-283	329	8	.	.	PUNCT
ajfa-283	330	1	hence	hence	ADV
ajfa-283	330	2	,	,	PUNCT
ajfa-283	330	3	use	use	NOUN
ajfa-283	330	4	of	of	ADP
ajfa-283	330	5	multivariate	multivariate	NOUN
ajfa-283	330	6	models	model	NOUN
ajfa-283	330	7	does	do	AUX
ajfa-283	330	8	not	not	PART
ajfa-283	330	9	improve	improve	VERB
ajfa-283	330	10	our	our	PRON
ajfa-283	330	11	price	price	NOUN
ajfa-283	330	12	forecasts	forecast	NOUN
ajfa-283	330	13	.	.	PUNCT
ajfa-283	331	1	6	6	X
ajfa-283	331	2	.	.	X
ajfa-283	331	3	sector	sector	NOUN
ajfa-283	331	4	regressions	regression	NOUN
ajfa-283	331	5	versus	versus	ADP
ajfa-283	331	6	market	market	NOUN
ajfa-283	331	7	regressions	regression	NOUN
ajfa-283	331	8	:	:	PUNCT
ajfa-283	331	9	the	the	DET
ajfa-283	331	10	indian	indian	ADJ
ajfa-283	331	11	case	case	NOUN
ajfa-283	331	12	in	in	ADP
ajfa-283	331	13	this	this	DET
ajfa-283	331	14	section	section	NOUN
ajfa-283	331	15	we	we	PRON
ajfa-283	331	16	analyze	analyze	VERB
ajfa-283	331	17	indian	indian	ADJ
ajfa-283	331	18	companies	company	NOUN
ajfa-283	331	19	to	to	PART
ajfa-283	331	20	find	find	VERB
ajfa-283	331	21	out	out	ADP
ajfa-283	331	22	whether	whether	SCONJ
ajfa-283	331	23	sector	sector	NOUN
ajfa-283	331	24	regressions	regression	NOUN
ajfa-283	331	25	better	well	ADV
ajfa-283	331	26	explain	explain	VERB
ajfa-283	331	27	the	the	DET
ajfa-283	331	28	stock	stock	NOUN
ajfa-283	331	29	prices	price	NOUN
ajfa-283	331	30	than	than	ADP
ajfa-283	331	31	market	market	NOUN
ajfa-283	331	32	regressions	regression	NOUN
ajfa-283	331	33	.	.	PUNCT
ajfa-283	332	1	sector	sector	NOUN
ajfa-283	332	2	regressions	regression	NOUN
ajfa-283	332	3	are	be	AUX
ajfa-283	332	4	not	not	PART
ajfa-283	332	5	performed	perform	VERB
ajfa-283	332	6	for	for	ADP
ajfa-283	332	7	other	other	ADJ
ajfa-283	332	8	sample	sample	NOUN
ajfa-283	332	9	countries	country	NOUN
ajfa-283	332	10	as	as	SCONJ
ajfa-283	332	11	sector	sector	NOUN
ajfa-283	332	12	classification	classification	NOUN
ajfa-283	332	13	information	information	NOUN
ajfa-283	332	14	for	for	ADP
ajfa-283	332	15	them	they	PRON
ajfa-283	332	16	is	be	AUX
ajfa-283	332	17	not	not	PART
ajfa-283	332	18	available	available	ADJ
ajfa-283	332	19	with	with	ADP
ajfa-283	332	20	us	we	PRON
ajfa-283	332	21	.	.	PUNCT
ajfa-283	333	1	in	in	ADP
ajfa-283	333	2	case	case	NOUN
ajfa-283	333	3	of	of	ADP
ajfa-283	333	4	sector	sector	NOUN
ajfa-283	333	5	regressions	regression	NOUN
ajfa-283	333	6	the	the	DET
ajfa-283	333	7	price	price	NOUN
ajfa-283	333	8	forecasts	forecast	NOUN
ajfa-283	333	9	are	be	AUX
ajfa-283	333	10	obtained	obtain	VERB
ajfa-283	333	11	using	use	VERB
ajfa-283	333	12	data	datum	NOUN
ajfa-283	333	13	for	for	ADP
ajfa-283	333	14	sample	sample	NOUN
ajfa-283	333	15	companies	company	NOUN
ajfa-283	333	16	belonging	belong	VERB
ajfa-283	333	17	to	to	ADP
ajfa-283	333	18	a	a	DET
ajfa-283	333	19	particular	particular	ADJ
ajfa-283	333	20	sector	sector	NOUN
ajfa-283	333	21	.	.	PUNCT
ajfa-283	334	1	we	we	PRON
ajfa-283	334	2	calculate	calculate	VERB
ajfa-283	334	3	pricing	pricing	NOUN
ajfa-283	334	4	errors	error	NOUN
ajfa-283	334	5	by	by	ADP
ajfa-283	334	6	taking	take	VERB
ajfa-283	334	7	the	the	DET
ajfa-283	334	8	difference	difference	NOUN
ajfa-283	334	9	between	between	ADP
ajfa-283	334	10	actual	actual	ADJ
ajfa-283	334	11	and	and	CCONJ
ajfa-283	334	12	forecasted	forecast	VERB
ajfa-283	334	13	prices	price	NOUN
ajfa-283	334	14	.	.	PUNCT
ajfa-283	335	1	the	the	DET
ajfa-283	335	2	distributions	distribution	NOUN
ajfa-283	335	3	of	of	ADP
ajfa-283	335	4	pricing	pricing	NOUN
ajfa-283	335	5	errors	error	NOUN
ajfa-283	335	6	are	be	AUX
ajfa-283	335	7	then	then	ADV
ajfa-283	335	8	used	use	VERB
ajfa-283	335	9	to	to	PART
ajfa-283	335	10	estimate	estimate	VERB
ajfa-283	335	11	our	our	PRON
ajfa-283	335	12	forecast	forecast	NOUN
ajfa-283	335	13	evaluation	evaluation	NOUN
ajfa-283	335	14	criteria	criterion	NOUN
ajfa-283	335	15	namely	namely	ADV
ajfa-283	335	16	,	,	PUNCT
ajfa-283	335	17	root	root	NOUN
ajfa-283	335	18	mse	mse	NOUN
ajfa-283	335	19	and	and	CCONJ
ajfa-283	335	20	thail	thail	NOUN
ajfa-283	335	21	inequality	inequality	NOUN
ajfa-283	335	22	coefficient	coefficient	NOUN
ajfa-283	335	23	.	.	PUNCT
ajfa-283	336	1	in	in	ADP
ajfa-283	336	2	case	case	NOUN
ajfa-283	336	3	of	of	ADP
ajfa-283	336	4	market	market	NOUN
ajfa-283	336	5	regressions	regression	NOUN
ajfa-283	336	6	,	,	PUNCT
ajfa-283	336	7	the	the	DET
ajfa-283	336	8	estimation	estimation	NOUN
ajfa-283	336	9	procedure	procedure	NOUN
ajfa-283	336	10	is	be	AUX
ajfa-283	336	11	similar	similar	ADJ
ajfa-283	336	12	except	except	SCONJ
ajfa-283	336	13	that	that	SCONJ
ajfa-283	336	14	price	price	NOUN
ajfa-283	336	15	forecasts	forecast	NOUN
ajfa-283	336	16	are	be	AUX
ajfa-283	336	17	obtained	obtain	VERB
ajfa-283	336	18	by	by	ADP
ajfa-283	336	19	using	use	VERB
ajfa-283	336	20	information	information	NOUN
ajfa-283	336	21	for	for	ADP
ajfa-283	336	22	all	all	DET
ajfa-283	336	23	the	the	DET
ajfa-283	336	24	sample	sample	NOUN
ajfa-283	336	25	companies	company	NOUN
ajfa-283	336	26	i.e.	i.e.	X
ajfa-283	336	27	for	for	ADP
ajfa-283	336	28	the	the	DET
ajfa-283	336	29	market	market	NOUN
ajfa-283	336	30	as	as	ADP
ajfa-283	336	31	a	a	DET
ajfa-283	336	32	whole	whole	NOUN
ajfa-283	336	33	.	.	PUNCT
ajfa-283	337	1	some	some	DET
ajfa-283	337	2	equity	equity	NOUN
ajfa-283	337	3	analysts	analyst	NOUN
ajfa-283	337	4	argue	argue	VERB
ajfa-283	337	5	that	that	SCONJ
ajfa-283	337	6	sector	sector	NOUN
ajfa-283	337	7	regressions	regression	NOUN
ajfa-283	337	8	are	be	AUX
ajfa-283	337	9	better	well	ADJ
ajfa-283	337	10	than	than	ADP
ajfa-283	337	11	market	market	NOUN
ajfa-283	337	12	regressions	regression	NOUN
ajfa-283	337	13	owing	owe	VERB
ajfa-283	337	14	to	to	ADP
ajfa-283	337	15	the	the	DET
ajfa-283	337	16	fact	fact	NOUN
ajfa-283	337	17	that	that	SCONJ
ajfa-283	337	18	the	the	DET
ajfa-283	337	19	former	former	ADJ
ajfa-283	337	20	controls	control	NOUN
ajfa-283	337	21	for	for	ADP
ajfa-283	337	22	inter	inter	ADJ
ajfa-283	337	23	–	–	PUNCT
ajfa-283	337	24	sectoral	sectoral	ADJ
ajfa-283	337	25	differences	difference	NOUN
ajfa-283	337	26	while	while	SCONJ
ajfa-283	337	27	developing	develop	VERB
ajfa-283	337	28	price	price	NOUN
ajfa-283	337	29	forecast	forecast	NOUN
ajfa-283	337	30	.	.	PUNCT
ajfa-283	338	1	others	other	NOUN
ajfa-283	338	2	argue	argue	VERB
ajfa-283	338	3	in	in	ADP
ajfa-283	338	4	favour	favour	NOUN
ajfa-283	338	5	of	of	ADP
ajfa-283	338	6	market	market	NOUN
ajfa-283	338	7	regressions	regression	NOUN
ajfa-283	338	8	as	as	SCONJ
ajfa-283	338	9	all	all	DET
ajfa-283	338	10	securities	security	NOUN
ajfa-283	338	11	compete	compete	VERB
ajfa-283	338	12	with	with	ADP
ajfa-283	338	13	each	each	DET
ajfa-283	338	14	other	other	ADJ
ajfa-283	338	15	for	for	ADP
ajfa-283	338	16	each	each	DET
ajfa-283	338	17	dollar	dollar	NOUN
ajfa-283	338	18	of	of	ADP
ajfa-283	338	19	investment	investment	NOUN
ajfa-283	338	20	in	in	ADP
ajfa-283	338	21	financial	financial	ADJ
ajfa-283	338	22	markets	market	NOUN
ajfa-283	338	23	,	,	PUNCT
ajfa-283	338	24	irrespective	irrespective	ADV
ajfa-283	338	25	of	of	ADP
ajfa-283	338	26	their	their	PRON
ajfa-283	338	27	sector	sector	NOUN
ajfa-283	338	28	classification	classification	NOUN
ajfa-283	338	29	.	.	PUNCT
ajfa-283	339	1	the	the	DET
ajfa-283	339	2	data	datum	NOUN
ajfa-283	339	3	employed	employ	VERB
ajfa-283	339	4	for	for	ADP
ajfa-283	339	5	india	india	PROPN
ajfa-283	339	6	is	be	AUX
ajfa-283	339	7	same	same	ADJ
ajfa-283	339	8	as	as	SCONJ
ajfa-283	339	9	is	be	AUX
ajfa-283	339	10	used	use	VERB
ajfa-283	339	11	in	in	ADP
ajfa-283	339	12	section	section	NOUN
ajfa-283	339	13	3	3	NUM
ajfa-283	339	14	.	.	PUNCT
ajfa-283	340	1	we	we	PRON
ajfa-283	340	2	find	find	VERB
ajfa-283	340	3	that	that	SCONJ
ajfa-283	340	4	pricing	pricing	NOUN
ajfa-283	340	5	errors	error	NOUN
ajfa-283	340	6	are	be	AUX
ajfa-283	340	7	lower	low	ADJ
ajfa-283	340	8	for	for	ADP
ajfa-283	340	9	market	market	NOUN
ajfa-283	340	10	regressions	regression	NOUN
ajfa-283	340	11	compared	compare	VERB
ajfa-283	340	12	to	to	ADP
ajfa-283	340	13	sector	sector	NOUN
ajfa-283	340	14	regressions	regression	NOUN
ajfa-283	340	15	as	as	SCONJ
ajfa-283	340	16	is	be	AUX
ajfa-283	340	17	shown	show	VERB
ajfa-283	340	18	in	in	ADP
ajfa-283	340	19	table3	table3	PROPN
ajfa-283	340	20	both	both	CCONJ
ajfa-283	340	21	for	for	ADP
ajfa-283	340	22	standalone	standalone	NOUN
ajfa-283	340	23	as	as	ADV
ajfa-283	340	24	well	well	ADV
ajfa-283	340	25	as	as	ADP
ajfa-283	340	26	for	for	ADP
ajfa-283	340	27	pairwise	pairwise	NOUN
ajfa-283	340	28	combination	combination	NOUN
ajfa-283	340	29	of	of	ADP
ajfa-283	340	30	value	value	NOUN
ajfa-283	340	31	drivers	driver	NOUN
ajfa-283	340	32	as	as	ADP
ajfa-283	340	33	per	per	ADP
ajfa-283	340	34	both	both	CCONJ
ajfa-283	340	35	the	the	DET
ajfa-283	340	36	evaluation	evaluation	NOUN
ajfa-283	340	37	criteria	criterion	NOUN
ajfa-283	340	38	.	.	PUNCT
ajfa-283	341	1	the	the	DET
ajfa-283	341	2	reason	reason	NOUN
ajfa-283	341	3	for	for	ADP
ajfa-283	341	4	this	this	PRON
ajfa-283	341	5	could	could	AUX
ajfa-283	341	6	be	be	AUX
ajfa-283	341	7	that	that	SCONJ
ajfa-283	341	8	in	in	ADP
ajfa-283	341	9	market	market	NOUN
ajfa-283	341	10	regressions	regression	NOUN
ajfa-283	341	11	the	the	DET
ajfa-283	341	12	number	number	NOUN
ajfa-283	341	13	of	of	ADP
ajfa-283	341	14	sample	sample	NOUN
ajfa-283	341	15	companies	company	NOUN
ajfa-283	341	16	for	for	ADP
ajfa-283	341	17	each	each	DET
ajfa-283	341	18	sample	sample	NOUN
ajfa-283	341	19	year	year	NOUN
ajfa-283	341	20	is	be	AUX
ajfa-283	341	21	far	far	ADV
ajfa-283	341	22	greater	great	ADJ
ajfa-283	341	23	than	than	ADP
ajfa-283	341	24	the	the	DET
ajfa-283	341	25	number	number	NOUN
ajfa-283	341	26	of	of	ADP
ajfa-283	341	27	sample	sample	NOUN
ajfa-283	341	28	asain	asain	NOUN
ajfa-283	341	29	journal	journal	PROPN
ajfa-283	341	30	of	of	ADP
ajfa-283	341	31	finance	finance	PROPN
ajfa-283	341	32	&	&	CCONJ
ajfa-283	341	33	accounting	accounting	PROPN
ajfa-283	341	34	issn	issn	PROPN
ajfa-283	341	35	1946	1946	NUM
ajfa-283	341	36	-	-	PUNCT
ajfa-283	341	37	052x	052x	NOUN
ajfa-283	341	38	2010	2010	NUM
ajfa-283	341	39	,	,	PUNCT
ajfa-283	341	40	vol	vol	NOUN
ajfa-283	341	41	.	.	PROPN
ajfa-283	341	42	2	2	NUM
ajfa-283	341	43	,	,	PUNCT
ajfa-283	341	44	no	no	INTJ
ajfa-283	341	45	.	.	NOUN
ajfa-283	341	46	1	1	NUM
ajfa-283	341	47	:	:	PUNCT
ajfa-283	341	48	e4	e4	PROPN
ajfa-283	341	49	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	341	50	86	86	NUM
ajfa-283	341	51	companies	company	NOUN
ajfa-283	341	52	used	use	VERB
ajfa-283	341	53	for	for	ADP
ajfa-283	341	54	sector	sector	NOUN
ajfa-283	341	55	regressions	regression	NOUN
ajfa-283	341	56	.	.	PUNCT
ajfa-283	342	1	the	the	DET
ajfa-283	342	2	high	high	ADJ
ajfa-283	342	3	degree	degree	NOUN
ajfa-283	342	4	of	of	ADP
ajfa-283	342	5	freedom	freedom	NOUN
ajfa-283	342	6	in	in	ADP
ajfa-283	342	7	case	case	NOUN
ajfa-283	342	8	of	of	ADP
ajfa-283	342	9	market	market	NOUN
ajfa-283	342	10	regressions	regression	NOUN
ajfa-283	342	11	may	may	AUX
ajfa-283	342	12	result	result	VERB
ajfa-283	342	13	in	in	ADP
ajfa-283	342	14	better	well	ADJ
ajfa-283	342	15	parameter	parameter	NOUN
ajfa-283	342	16	estimation	estimation	NOUN
ajfa-283	342	17	for	for	ADP
ajfa-283	342	18	price	price	NOUN
ajfa-283	342	19	forecast	forecast	NOUN
ajfa-283	342	20	purposes	purpose	NOUN
ajfa-283	342	21	.	.	PUNCT
ajfa-283	343	1	our	our	PRON
ajfa-283	343	2	results	result	NOUN
ajfa-283	343	3	show	show	VERB
ajfa-283	343	4	that	that	SCONJ
ajfa-283	343	5	contrary	contrary	ADV
ajfa-283	343	6	to	to	ADP
ajfa-283	343	7	popular	popular	ADJ
ajfa-283	343	8	belief	belief	NOUN
ajfa-283	343	9	that	that	SCONJ
ajfa-283	343	10	price	price	NOUN
ajfa-283	343	11	multiples	multiple	NOUN
ajfa-283	343	12	based	base	VERB
ajfa-283	343	13	on	on	ADP
ajfa-283	343	14	sector	sector	NOUN
ajfa-283	343	15	regressions	regression	NOUN
ajfa-283	343	16	result	result	VERB
ajfa-283	343	17	in	in	ADP
ajfa-283	343	18	better	well	ADJ
ajfa-283	343	19	forecasting	forecasting	NOUN
ajfa-283	343	20	of	of	ADP
ajfa-283	343	21	prices	price	NOUN
ajfa-283	343	22	,	,	PUNCT
ajfa-283	343	23	we	we	PRON
ajfa-283	343	24	find	find	VERB
ajfa-283	343	25	that	that	SCONJ
ajfa-283	343	26	market	market	NOUN
ajfa-283	343	27	regressions	regression	NOUN
ajfa-283	343	28	provide	provide	VERB
ajfa-283	343	29	better	well	ADJ
ajfa-283	343	30	performance	performance	NOUN
ajfa-283	343	31	.	.	PUNCT
ajfa-283	344	1	we	we	PRON
ajfa-283	344	2	therefore	therefore	ADV
ajfa-283	344	3	,	,	PUNCT
ajfa-283	344	4	suggest	suggest	VERB
ajfa-283	344	5	that	that	SCONJ
ajfa-283	344	6	market	market	NOUN
ajfa-283	344	7	regressions	regression	NOUN
ajfa-283	344	8	should	should	AUX
ajfa-283	344	9	be	be	AUX
ajfa-283	344	10	preferred	prefer	VERB
ajfa-283	344	11	over	over	ADP
ajfa-283	344	12	sector	sector	NOUN
ajfa-283	344	13	regressions	regression	NOUN
ajfa-283	344	14	for	for	ADP
ajfa-283	344	15	equity	equity	NOUN
ajfa-283	344	16	valuation	valuation	NOUN
ajfa-283	344	17	in	in	ADP
ajfa-283	344	18	the	the	DET
ajfa-283	344	19	indian	indian	ADJ
ajfa-283	344	20	context	context	NOUN
ajfa-283	344	21	.	.	PUNCT
ajfa-283	345	1	we	we	PRON
ajfa-283	345	2	could	could	AUX
ajfa-283	345	3	not	not	PART
ajfa-283	345	4	do	do	VERB
ajfa-283	345	5	similar	similar	ADJ
ajfa-283	345	6	analysis	analysis	NOUN
ajfa-283	345	7	for	for	ADP
ajfa-283	345	8	other	other	ADJ
ajfa-283	345	9	bricks	brick	NOUN
ajfa-283	345	10	countries	country	NOUN
ajfa-283	345	11	owing	owe	VERB
ajfa-283	345	12	to	to	ADP
ajfa-283	345	13	lack	lack	NOUN
ajfa-283	345	14	of	of	ADP
ajfa-283	345	15	sector	sector	NOUN
ajfa-283	345	16	classification	classification	NOUN
ajfa-283	345	17	information	information	NOUN
ajfa-283	345	18	for	for	ADP
ajfa-283	345	19	them	they	PRON
ajfa-283	345	20	.	.	PUNCT
ajfa-283	346	1	similar	similar	ADJ
ajfa-283	346	2	work	work	NOUN
ajfa-283	346	3	for	for	ADP
ajfa-283	346	4	these	these	DET
ajfa-283	346	5	countries	country	NOUN
ajfa-283	346	6	shall	shall	AUX
ajfa-283	346	7	be	be	AUX
ajfa-283	346	8	greatly	greatly	ADV
ajfa-283	346	9	useful	useful	ADJ
ajfa-283	346	10	for	for	ADP
ajfa-283	346	11	equity	equity	NOUN
ajfa-283	346	12	analysts	analyst	NOUN
ajfa-283	346	13	and	and	CCONJ
ajfa-283	346	14	global	global	ADJ
ajfa-283	346	15	portfolio	portfolio	NOUN
ajfa-283	346	16	managers	manager	NOUN
ajfa-283	346	17	.	.	PUNCT
ajfa-283	347	1	7	7	X
ajfa-283	347	2	.	.	X
ajfa-283	347	3	summary	summary	NOUN
ajfa-283	347	4	and	and	CCONJ
ajfa-283	347	5	concluding	conclude	VERB
ajfa-283	347	6	remarks	remark	NOUN
ajfa-283	347	7	in	in	ADP
ajfa-283	347	8	this	this	DET
ajfa-283	347	9	study	study	NOUN
ajfa-283	347	10	we	we	PRON
ajfa-283	347	11	evaluate	evaluate	VERB
ajfa-283	347	12	the	the	DET
ajfa-283	347	13	efficacy	efficacy	NOUN
ajfa-283	347	14	of	of	ADP
ajfa-283	347	15	alternative	alternative	ADJ
ajfa-283	347	16	value	value	NOUN
ajfa-283	347	17	drivers	driver	NOUN
ajfa-283	347	18	namely	namely	ADV
ajfa-283	347	19	,	,	PUNCT
ajfa-283	347	20	eps	eps	PROPN
ajfa-283	347	21	,	,	PUNCT
ajfa-283	347	22	bv	bv	PROPN
ajfa-283	347	23	and	and	CCONJ
ajfa-283	347	24	sales	sale	NOUN
ajfa-283	347	25	in	in	ADP
ajfa-283	347	26	providing	provide	VERB
ajfa-283	347	27	price	price	NOUN
ajfa-283	347	28	forecasts	forecast	NOUN
ajfa-283	347	29	.	.	PUNCT
ajfa-283	348	1	we	we	PRON
ajfa-283	348	2	conduct	conduct	VERB
ajfa-283	348	3	this	this	DET
ajfa-283	348	4	analysis	analysis	NOUN
ajfa-283	348	5	for	for	ADP
ajfa-283	348	6	bricks	brick	NOUN
ajfa-283	348	7	(	(	PUNCT
ajfa-283	348	8	excluding	exclude	VERB
ajfa-283	348	9	russia	russia	PROPN
ajfa-283	348	10	)	)	PUNCT
ajfa-283	348	11	which	which	PRON
ajfa-283	348	12	is	be	AUX
ajfa-283	348	13	the	the	DET
ajfa-283	348	14	most	most	ADV
ajfa-283	348	15	important	important	ADJ
ajfa-283	348	16	basket	basket	NOUN
ajfa-283	348	17	amongst	amongst	ADP
ajfa-283	348	18	the	the	DET
ajfa-283	348	19	emerging	emerge	VERB
ajfa-283	348	20	markets	market	NOUN
ajfa-283	348	21	.	.	PUNCT
ajfa-283	349	1	we	we	PRON
ajfa-283	349	2	employ	employ	VERB
ajfa-283	349	3	two	two	NUM
ajfa-283	349	4	performance	performance	NOUN
ajfa-283	349	5	evaluation	evaluation	NOUN
ajfa-283	349	6	criteria	criterion	NOUN
ajfa-283	349	7	i.e.	i.e.	X
ajfa-283	349	8	root	root	NOUN
ajfa-283	349	9	mse	mse	NOUN
ajfa-283	349	10	and	and	CCONJ
ajfa-283	349	11	thail	thail	NOUN
ajfa-283	349	12	inequality	inequality	NOUN
ajfa-283	349	13	coefficient	coefficient	NOUN
ajfa-283	349	14	for	for	ADP
ajfa-283	349	15	checking	check	VERB
ajfa-283	349	16	the	the	DET
ajfa-283	349	17	accuracy	accuracy	NOUN
ajfa-283	349	18	of	of	ADP
ajfa-283	349	19	our	our	PRON
ajfa-283	349	20	price	price	NOUN
ajfa-283	349	21	forecasts	forecast	NOUN
ajfa-283	349	22	.	.	PUNCT
ajfa-283	350	1	our	our	PRON
ajfa-283	350	2	work	work	NOUN
ajfa-283	350	3	involves	involve	VERB
ajfa-283	350	4	three	three	NUM
ajfa-283	350	5	phases	phase	NOUN
ajfa-283	350	6	.	.	PUNCT
ajfa-283	351	1	in	in	ADP
ajfa-283	351	2	phase	phase	NOUN
ajfa-283	351	3	one	one	NUM
ajfa-283	351	4	we	we	PRON
ajfa-283	351	5	evaluate	evaluate	VERB
ajfa-283	351	6	the	the	DET
ajfa-283	351	7	price	price	NOUN
ajfa-283	351	8	forecasts	forecast	NOUN
ajfa-283	351	9	provided	provide	VERB
ajfa-283	351	10	by	by	ADP
ajfa-283	351	11	standalone	standalone	ADJ
ajfa-283	351	12	price	price	NOUN
ajfa-283	351	13	multiples	multiple	NOUN
ajfa-283	351	14	and	and	CCONJ
ajfa-283	351	15	find	find	VERB
ajfa-283	351	16	that	that	SCONJ
ajfa-283	351	17	while	while	SCONJ
ajfa-283	351	18	bv	bv	PROPN
ajfa-283	351	19	is	be	AUX
ajfa-283	351	20	the	the	DET
ajfa-283	351	21	best	good	ADJ
ajfa-283	351	22	value	value	NOUN
ajfa-283	351	23	driver	driver	NOUN
ajfa-283	351	24	in	in	ADP
ajfa-283	351	25	case	case	NOUN
ajfa-283	351	26	of	of	ADP
ajfa-283	351	27	asian	asian	ADJ
ajfa-283	351	28	economies	economy	NOUN
ajfa-283	351	29	(	(	PUNCT
ajfa-283	351	30	india	india	PROPN
ajfa-283	351	31	,	,	PUNCT
ajfa-283	351	32	china	china	PROPN
ajfa-283	351	33	and	and	CCONJ
ajfa-283	351	34	south	south	PROPN
ajfa-283	351	35	korea	korea	PROPN
ajfa-283	351	36	)	)	PUNCT
ajfa-283	351	37	,	,	PUNCT
ajfa-283	351	38	eps	eps	X
ajfa-283	351	39	performs	perform	VERB
ajfa-283	351	40	best	good	ADJ
ajfa-283	351	41	for	for	ADP
ajfa-283	351	42	brazil	brazil	PROPN
ajfa-283	351	43	and	and	CCONJ
ajfa-283	351	44	south	south	PROPN
ajfa-283	351	45	africa	africa	PROPN
ajfa-283	351	46	.	.	PUNCT
ajfa-283	352	1	in	in	ADP
ajfa-283	352	2	the	the	DET
ajfa-283	352	3	second	second	ADJ
ajfa-283	352	4	phase	phase	NOUN
ajfa-283	352	5	we	we	PRON
ajfa-283	352	6	experiment	experiment	VERB
ajfa-283	352	7	with	with	ADP
ajfa-283	352	8	binary	binary	ADJ
ajfa-283	352	9	combinations	combination	NOUN
ajfa-283	352	10	of	of	ADP
ajfa-283	352	11	value	value	NOUN
ajfa-283	352	12	drivers	driver	NOUN
ajfa-283	352	13	and	and	CCONJ
ajfa-283	352	14	find	find	VERB
ajfa-283	352	15	that	that	SCONJ
ajfa-283	352	16	bv	bv	PROPN
ajfa-283	352	17	-	-	PUNCT
ajfa-283	352	18	sales	sale	NOUN
ajfa-283	352	19	is	be	AUX
ajfa-283	352	20	the	the	DET
ajfa-283	352	21	best	good	ADJ
ajfa-283	352	22	combination	combination	NOUN
ajfa-283	352	23	for	for	ADP
ajfa-283	352	24	india	india	PROPN
ajfa-283	352	25	and	and	CCONJ
ajfa-283	352	26	china	china	PROPN
ajfa-283	352	27	,	,	PUNCT
ajfa-283	352	28	while	while	SCONJ
ajfa-283	352	29	bv	bv	PROPN
ajfa-283	352	30	-	-	PUNCT
ajfa-283	352	31	eps	eps	PROPN
ajfa-283	352	32	provides	provide	VERB
ajfa-283	352	33	best	good	ADJ
ajfa-283	352	34	price	price	NOUN
ajfa-283	352	35	forecasts	forecast	NOUN
ajfa-283	352	36	for	for	ADP
ajfa-283	352	37	brazil	brazil	PROPN
ajfa-283	352	38	,	,	PUNCT
ajfa-283	352	39	south	south	PROPN
ajfa-283	352	40	korea	korea	PROPN
ajfa-283	352	41	and	and	CCONJ
ajfa-283	352	42	south	south	PROPN
ajfa-283	352	43	africa	africa	PROPN
ajfa-283	352	44	.	.	PUNCT
ajfa-283	353	1	we	we	PRON
ajfa-283	353	2	further	far	ADV
ajfa-283	353	3	observe	observe	VERB
ajfa-283	353	4	that	that	SCONJ
ajfa-283	353	5	combinations	combination	NOUN
ajfa-283	353	6	of	of	ADP
ajfa-283	353	7	value	value	NOUN
ajfa-283	353	8	drivers	driver	NOUN
ajfa-283	353	9	do	do	AUX
ajfa-283	353	10	not	not	PART
ajfa-283	353	11	seem	seem	VERB
ajfa-283	353	12	to	to	PART
ajfa-283	353	13	outperform	outperform	VERB
ajfa-283	353	14	standalone	standalone	ADJ
ajfa-283	353	15	multiples	multiple	NOUN
ajfa-283	353	16	.	.	PUNCT
ajfa-283	354	1	we	we	PRON
ajfa-283	354	2	recommend	recommend	VERB
ajfa-283	354	3	that	that	SCONJ
ajfa-283	354	4	equity	equity	NOUN
ajfa-283	354	5	valuation	valuation	NOUN
ajfa-283	354	6	process	process	NOUN
ajfa-283	354	7	for	for	ADP
ajfa-283	354	8	the	the	DET
ajfa-283	354	9	sample	sample	NOUN
ajfa-283	354	10	countries	country	NOUN
ajfa-283	354	11	should	should	AUX
ajfa-283	354	12	be	be	AUX
ajfa-283	354	13	kept	keep	VERB
ajfa-283	354	14	simple	simple	ADJ
ajfa-283	354	15	by	by	ADP
ajfa-283	354	16	using	use	VERB
ajfa-283	354	17	relevant	relevant	ADJ
ajfa-283	354	18	standalone	standalone	NOUN
ajfa-283	354	19	price	price	NOUN
ajfa-283	354	20	multiples	multiple	NOUN
ajfa-283	354	21	as	as	ADP
ajfa-283	354	22	use	use	NOUN
ajfa-283	354	23	of	of	ADP
ajfa-283	354	24	additional	additional	ADJ
ajfa-283	354	25	multiples	multiple	NOUN
ajfa-283	354	26	do	do	AUX
ajfa-283	354	27	not	not	PART
ajfa-283	354	28	seem	seem	VERB
ajfa-283	354	29	to	to	PART
ajfa-283	354	30	be	be	AUX
ajfa-283	354	31	providing	provide	VERB
ajfa-283	354	32	any	any	DET
ajfa-283	354	33	significant	significant	ADJ
ajfa-283	354	34	extra	extra	ADJ
ajfa-283	354	35	information	information	NOUN
ajfa-283	354	36	to	to	ADP
ajfa-283	354	37	investors	investor	NOUN
ajfa-283	354	38	for	for	ADP
ajfa-283	354	39	developing	develop	VERB
ajfa-283	354	40	price	price	NOUN
ajfa-283	354	41	forecast	forecast	NOUN
ajfa-283	354	42	.	.	PUNCT
ajfa-283	355	1	our	our	PRON
ajfa-283	355	2	findings	finding	NOUN
ajfa-283	355	3	on	on	ADP
ajfa-283	355	4	emerging	emerge	VERB
ajfa-283	355	5	markets	market	NOUN
ajfa-283	355	6	are	be	AUX
ajfa-283	355	7	in	in	ADP
ajfa-283	355	8	contrast	contrast	NOUN
ajfa-283	355	9	with	with	ADP
ajfa-283	355	10	those	those	PRON
ajfa-283	355	11	for	for	ADP
ajfa-283	355	12	matured	matured	ADJ
ajfa-283	355	13	markets	market	NOUN
ajfa-283	355	14	as	as	SCONJ
ajfa-283	355	15	shown	show	VERB
ajfa-283	355	16	by	by	ADP
ajfa-283	355	17	penman	penman	PROPN
ajfa-283	355	18	(	(	PUNCT
ajfa-283	355	19	1997	1997	NUM
ajfa-283	355	20	)	)	PUNCT
ajfa-283	355	21	.	.	PUNCT
ajfa-283	356	1	asain	asain	PROPN
ajfa-283	356	2	journal	journal	PROPN
ajfa-283	356	3	of	of	ADP
ajfa-283	356	4	finance	finance	PROPN
ajfa-283	356	5	&	&	CCONJ
ajfa-283	356	6	accounting	accounting	PROPN
ajfa-283	356	7	issn	issn	PROPN
ajfa-283	356	8	1946	1946	NUM
ajfa-283	356	9	-	-	PUNCT
ajfa-283	356	10	052x	052x	NOUN
ajfa-283	356	11	2010	2010	NUM
ajfa-283	356	12	,	,	PUNCT
ajfa-283	356	13	vol	vol	NOUN
ajfa-283	356	14	.	.	PROPN
ajfa-283	356	15	2	2	NUM
ajfa-283	356	16	,	,	PUNCT
ajfa-283	356	17	no	no	INTJ
ajfa-283	356	18	.	.	NOUN
ajfa-283	356	19	1	1	NUM
ajfa-283	356	20	:	:	PUNCT
ajfa-283	356	21	e4	e4	PROPN
ajfa-283	356	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	356	23	87	87	NUM
ajfa-283	356	24	in	in	ADP
ajfa-283	356	25	the	the	DET
ajfa-283	356	26	final	final	ADJ
ajfa-283	356	27	phase	phase	NOUN
ajfa-283	356	28	we	we	PRON
ajfa-283	356	29	verify	verify	VERB
ajfa-283	356	30	if	if	SCONJ
ajfa-283	356	31	sector	sector	NOUN
ajfa-283	356	32	regressions	regression	NOUN
ajfa-283	356	33	result	result	VERB
ajfa-283	356	34	in	in	ADP
ajfa-283	356	35	lower	low	ADJ
ajfa-283	356	36	pricing	pricing	NOUN
ajfa-283	356	37	errors	error	NOUN
ajfa-283	356	38	compared	compare	VERB
ajfa-283	356	39	to	to	ADP
ajfa-283	356	40	market	market	NOUN
ajfa-283	356	41	regressions	regression	NOUN
ajfa-283	356	42	in	in	ADP
ajfa-283	356	43	the	the	DET
ajfa-283	356	44	indian	indian	ADJ
ajfa-283	356	45	context	context	NOUN
ajfa-283	356	46	.	.	PUNCT
ajfa-283	357	1	we	we	PRON
ajfa-283	357	2	could	could	AUX
ajfa-283	357	3	not	not	PART
ajfa-283	357	4	conduct	conduct	VERB
ajfa-283	357	5	similar	similar	ADJ
ajfa-283	357	6	analysis	analysis	NOUN
ajfa-283	357	7	for	for	ADP
ajfa-283	357	8	other	other	ADJ
ajfa-283	357	9	countries	country	NOUN
ajfa-283	357	10	owing	owe	VERB
ajfa-283	357	11	to	to	ADP
ajfa-283	357	12	lack	lack	NOUN
ajfa-283	357	13	of	of	ADP
ajfa-283	357	14	sectoral	sectoral	ADJ
ajfa-283	357	15	information	information	NOUN
ajfa-283	357	16	.	.	PUNCT
ajfa-283	358	1	we	we	PRON
ajfa-283	358	2	find	find	VERB
ajfa-283	358	3	that	that	SCONJ
ajfa-283	358	4	contrary	contrary	ADV
ajfa-283	358	5	to	to	ADP
ajfa-283	358	6	popular	popular	ADJ
ajfa-283	358	7	belief	belief	NOUN
ajfa-283	358	8	sector	sector	NOUN
ajfa-283	358	9	regressions	regression	NOUN
ajfa-283	358	10	perform	perform	VERB
ajfa-283	358	11	worse	bad	ADJ
ajfa-283	358	12	than	than	ADP
ajfa-283	358	13	market	market	NOUN
ajfa-283	358	14	regressions	regression	NOUN
ajfa-283	358	15	.	.	PUNCT
ajfa-283	359	1	while	while	SCONJ
ajfa-283	359	2	estimating	estimate	VERB
ajfa-283	359	3	price	price	NOUN
ajfa-283	359	4	forecasts	forecast	NOUN
ajfa-283	359	5	our	our	PRON
ajfa-283	359	6	results	result	NOUN
ajfa-283	359	7	may	may	AUX
ajfa-283	359	8	be	be	AUX
ajfa-283	359	9	outcome	outcome	NOUN
ajfa-283	359	10	of	of	ADP
ajfa-283	359	11	the	the	DET
ajfa-283	359	12	fact	fact	NOUN
ajfa-283	359	13	that	that	SCONJ
ajfa-283	359	14	market	market	NOUN
ajfa-283	359	15	regressions	regression	NOUN
ajfa-283	359	16	are	be	AUX
ajfa-283	359	17	estimated	estimate	VERB
ajfa-283	359	18	using	use	VERB
ajfa-283	359	19	large	large	ADJ
ajfa-283	359	20	pool	pool	NOUN
ajfa-283	359	21	of	of	ADP
ajfa-283	359	22	observations	observation	NOUN
ajfa-283	359	23	(	(	PUNCT
ajfa-283	359	24	sample	sample	NOUN
ajfa-283	359	25	companies	company	NOUN
ajfa-283	359	26	)	)	PUNCT
ajfa-283	359	27	resulting	result	VERB
ajfa-283	359	28	in	in	ADP
ajfa-283	359	29	more	more	ADV
ajfa-283	359	30	efficient	efficient	ADJ
ajfa-283	359	31	estimation	estimation	NOUN
ajfa-283	359	32	of	of	ADP
ajfa-283	359	33	the	the	DET
ajfa-283	359	34	parameters	parameter	NOUN
ajfa-283	359	35	involved	involve	VERB
ajfa-283	359	36	in	in	ADP
ajfa-283	359	37	our	our	PRON
ajfa-283	359	38	forecast	forecast	NOUN
ajfa-283	359	39	regressions	regression	NOUN
ajfa-283	359	40	.	.	PUNCT
ajfa-283	360	1	we	we	PRON
ajfa-283	360	2	suggest	suggest	VERB
ajfa-283	360	3	that	that	SCONJ
ajfa-283	360	4	market	market	NOUN
ajfa-283	360	5	regressions	regression	NOUN
ajfa-283	360	6	should	should	AUX
ajfa-283	360	7	be	be	AUX
ajfa-283	360	8	preferred	prefer	VERB
ajfa-283	360	9	over	over	ADP
ajfa-283	360	10	sector	sector	NOUN
ajfa-283	360	11	regressions	regression	NOUN
ajfa-283	360	12	for	for	ADP
ajfa-283	360	13	equity	equity	NOUN
ajfa-283	360	14	valuation	valuation	NOUN
ajfa-283	360	15	in	in	ADP
ajfa-283	360	16	the	the	DET
ajfa-283	360	17	indian	indian	ADJ
ajfa-283	360	18	environment	environment	NOUN
ajfa-283	360	19	.	.	PUNCT
ajfa-283	361	1	similar	similar	ADJ
ajfa-283	361	2	companies	company	NOUN
ajfa-283	361	3	for	for	ADP
ajfa-283	361	4	other	other	ADJ
ajfa-283	361	5	bricks	brick	NOUN
ajfa-283	361	6	countries	country	NOUN
ajfa-283	361	7	are	be	AUX
ajfa-283	361	8	desirable	desirable	ADJ
ajfa-283	361	9	and	and	CCONJ
ajfa-283	361	10	should	should	AUX
ajfa-283	361	11	be	be	AUX
ajfa-283	361	12	covered	cover	VERB
ajfa-283	361	13	in	in	ADP
ajfa-283	361	14	further	further	ADJ
ajfa-283	361	15	research	research	NOUN
ajfa-283	361	16	.	.	PUNCT
ajfa-283	362	1	our	our	PRON
ajfa-283	362	2	findings	finding	NOUN
ajfa-283	362	3	are	be	AUX
ajfa-283	362	4	extremely	extremely	ADV
ajfa-283	362	5	relevant	relevant	ADJ
ajfa-283	362	6	for	for	ADP
ajfa-283	362	7	equity	equity	NOUN
ajfa-283	362	8	analysts	analyst	NOUN
ajfa-283	362	9	and	and	CCONJ
ajfa-283	362	10	global	global	ADJ
ajfa-283	362	11	portfolio	portfolio	NOUN
ajfa-283	362	12	managers	manager	NOUN
ajfa-283	362	13	who	who	PRON
ajfa-283	362	14	are	be	AUX
ajfa-283	362	15	continuously	continuously	ADV
ajfa-283	362	16	involved	involve	VERB
ajfa-283	362	17	in	in	ADP
ajfa-283	362	18	security	security	NOUN
ajfa-283	362	19	evaluation	evaluation	NOUN
ajfa-283	362	20	and	and	CCONJ
ajfa-283	362	21	developing	develop	VERB
ajfa-283	362	22	strategic	strategic	ADJ
ajfa-283	362	23	allocation	allocation	NOUN
ajfa-283	362	24	strategies	strategy	NOUN
ajfa-283	362	25	involving	involve	VERB
ajfa-283	362	26	distribution	distribution	NOUN
ajfa-283	362	27	of	of	ADP
ajfa-283	362	28	investible	investible	ADJ
ajfa-283	362	29	funds	fund	NOUN
ajfa-283	362	30	across	across	ADP
ajfa-283	362	31	world	world	NOUN
ajfa-283	362	32	markets	market	NOUN
ajfa-283	362	33	including	include	VERB
ajfa-283	362	34	bricks	brick	NOUN
ajfa-283	362	35	.	.	PUNCT
ajfa-283	363	1	our	our	PRON
ajfa-283	363	2	study	study	NOUN
ajfa-283	363	3	contributes	contribute	VERB
ajfa-283	363	4	to	to	ADP
ajfa-283	363	5	the	the	DET
ajfa-283	363	6	equity	equity	NOUN
ajfa-283	363	7	valuation	valuation	NOUN
ajfa-283	363	8	literature	literature	NOUN
ajfa-283	363	9	for	for	ADP
ajfa-283	363	10	emerging	emerge	VERB
ajfa-283	363	11	markets	market	NOUN
ajfa-283	363	12	.	.	PUNCT
ajfa-283	364	1	similar	similar	ADJ
ajfa-283	364	2	work	work	NOUN
ajfa-283	364	3	for	for	ADP
ajfa-283	364	4	other	other	ADJ
ajfa-283	364	5	world	world	NOUN
ajfa-283	364	6	markets	market	NOUN
ajfa-283	364	7	is	be	AUX
ajfa-283	364	8	desirable	desirable	ADJ
ajfa-283	364	9	for	for	ADP
ajfa-283	364	10	inter	inter	ADJ
ajfa-283	364	11	-	-	ADJ
ajfa-283	364	12	country	country	ADJ
ajfa-283	364	13	comparisons	comparison	NOUN
ajfa-283	364	14	on	on	ADP
ajfa-283	364	15	the	the	DET
ajfa-283	364	16	subject	subject	NOUN
ajfa-283	364	17	.	.	PUNCT
ajfa-283	365	1	notes	note	NOUN
ajfa-283	365	2	1	1	NUM
ajfa-283	365	3	.	.	PUNCT
ajfa-283	365	4	emerging	emerge	VERB
ajfa-283	365	5	markets	market	NOUN
ajfa-283	365	6	:	:	PUNCT
ajfa-283	365	7	for	for	SCONJ
ajfa-283	365	8	details	detail	NOUN
ajfa-283	365	9	refer	refer	VERB
ajfa-283	365	10	to	to	ADP
ajfa-283	365	11	irina	irina	PROPN
ajfa-283	365	12	,	,	PUNCT
ajfa-283	365	13	alexander	alexander	PROPN
ajfa-283	365	14	and	and	CCONJ
ajfa-283	365	15	evan	evan	PROPN
ajfa-283	365	16	(	(	PUNCT
ajfa-283	365	17	2007	2007	NUM
ajfa-283	365	18	)	)	PUNCT
ajfa-283	365	19	,	,	PUNCT
ajfa-283	365	20	gill	gill	NOUN
ajfa-283	365	21	(	(	PUNCT
ajfa-283	365	22	2003	2003	NUM
ajfa-283	365	23	)	)	PUNCT
ajfa-283	365	24	,	,	PUNCT
ajfa-283	365	25	dhankar	dhankar	NOUN
ajfa-283	365	26	and	and	CCONJ
ajfa-283	365	27	kumar	kumar	PROPN
ajfa-283	365	28	(	(	PUNCT
ajfa-283	365	29	2007	2007	NUM
ajfa-283	365	30	)	)	PUNCT
ajfa-283	365	31	,	,	PUNCT
ajfa-283	365	32	and	and	CCONJ
ajfa-283	365	33	sehgal	sehgal	PROPN
ajfa-283	365	34	and	and	CCONJ
ajfa-283	365	35	pandey	pandey	PROPN
ajfa-283	365	36	(	(	PUNCT
ajfa-283	365	37	2009	2009	NUM
ajfa-283	365	38	)	)	PUNCT
ajfa-283	365	39	.	.	PUNCT
ajfa-283	366	1	2	2	X
ajfa-283	366	2	.	.	NUM
ajfa-283	366	3	matured	mature	VERB
ajfa-283	366	4	markets	market	NOUN
ajfa-283	366	5	:	:	PUNCT
ajfa-283	366	6	for	for	SCONJ
ajfa-283	366	7	details	detail	NOUN
ajfa-283	366	8	refer	refer	VERB
ajfa-283	366	9	to	to	ADP
ajfa-283	366	10	boatsman	boatsman	NOUN
ajfa-283	366	11	and	and	CCONJ
ajfa-283	366	12	baskin	baskin	X
ajfa-283	366	13	(	(	PUNCT
ajfa-283	366	14	1981	1981	NUM
ajfa-283	366	15	)	)	PUNCT
ajfa-283	366	16	,	,	PUNCT
ajfa-283	366	17	alford	alford	NOUN
ajfa-283	366	18	(	(	PUNCT
ajfa-283	366	19	1992	1992	NUM
ajfa-283	366	20	)	)	PUNCT
ajfa-283	366	21	,	,	PUNCT
ajfa-283	366	22	kaplan	kaplan	PROPN
ajfa-283	366	23	and	and	CCONJ
ajfa-283	366	24	ruback	ruback	PROPN
ajfa-283	366	25	(	(	PUNCT
ajfa-283	366	26	1995	1995	NUM
ajfa-283	366	27	)	)	PUNCT
ajfa-283	366	28	,	,	PUNCT
ajfa-283	366	29	penman	penman	NOUN
ajfa-283	366	30	(	(	PUNCT
ajfa-283	366	31	1996	1996	NUM
ajfa-283	366	32	)	)	PUNCT
ajfa-283	366	33	,	,	PUNCT
ajfa-283	366	34	penman	penman	NOUN
ajfa-283	366	35	(	(	PUNCT
ajfa-283	366	36	1997	1997	NUM
ajfa-283	366	37	)	)	PUNCT
ajfa-283	366	38	,	,	PUNCT
ajfa-283	366	39	tasker	tasker	PROPN
ajfa-283	366	40	(	(	PUNCT
ajfa-283	366	41	1998	1998	NUM
ajfa-283	366	42	)	)	PUNCT
ajfa-283	366	43	,	,	PUNCT
ajfa-283	366	44	baker	baker	NOUN
ajfa-283	366	45	and	and	CCONJ
ajfa-283	366	46	ruback	ruback	PROPN
ajfa-283	366	47	(	(	PUNCT
ajfa-283	366	48	1999	1999	NUM
ajfa-283	366	49	)	)	PUNCT
ajfa-283	366	50	,	,	PUNCT
ajfa-283	366	51	beatty	beatty	PROPN
ajfa-283	366	52	,	,	PUNCT
ajfa-283	366	53	riffe	riffe	PROPN
ajfa-283	366	54	and	and	CCONJ
ajfa-283	366	55	thompson	thompson	PROPN
ajfa-283	366	56	(	(	PUNCT
ajfa-283	366	57	1999	1999	NUM
ajfa-283	366	58	)	)	PUNCT
ajfa-283	366	59	,	,	PUNCT
ajfa-283	366	60	kim	kim	PROPN
ajfa-283	366	61	and	and	CCONJ
ajfa-283	366	62	ritter	ritter	PROPN
ajfa-283	366	63	(	(	PUNCT
ajfa-283	366	64	1999	1999	NUM
ajfa-283	366	65	)	)	PUNCT
ajfa-283	366	66	,	,	PUNCT
ajfa-283	366	67	liu	liu	PROPN
ajfa-283	366	68	,	,	PUNCT
ajfa-283	366	69	nissim	nissim	PROPN
ajfa-283	366	70	and	and	CCONJ
ajfa-283	366	71	thomas	thomas	PROPN
ajfa-283	366	72	(	(	PUNCT
ajfa-283	366	73	2002	2002	NUM
ajfa-283	366	74	)	)	PUNCT
ajfa-283	366	75	,	,	PUNCT
ajfa-283	366	76	liu	liu	PROPN
ajfa-283	366	77	,	,	PUNCT
ajfa-283	366	78	nissim	nissim	PROPN
ajfa-283	366	79	and	and	CCONJ
ajfa-283	366	80	thomas	thomas	PROPN
ajfa-283	366	81	(	(	PUNCT
ajfa-283	366	82	2007	2007	NUM
ajfa-283	366	83	)	)	PUNCT
ajfa-283	366	84	,	,	PUNCT
ajfa-283	366	85	huang	huang	PROPN
ajfa-283	366	86	,	,	PUNCT
ajfa-283	366	87	tsai	tsai	PROPN
ajfa-283	366	88	and	and	CCONJ
ajfa-283	366	89	cheng	cheng	PROPN
ajfa-283	366	90	(	(	PUNCT
ajfa-283	366	91	2007)and	2007)and	PROPN
ajfa-283	366	92	da	da	X
ajfa-283	366	93	and	and	CCONJ
ajfa-283	366	94	schaumburg	schaumburg	PROPN
ajfa-283	366	95	(	(	PUNCT
ajfa-283	366	96	2008	2008	NUM
ajfa-283	366	97	)	)	PUNCT
ajfa-283	366	98	.	.	PUNCT
ajfa-283	367	1	3	3	X
ajfa-283	367	2	.	.	X
ajfa-283	367	3	thomson	thomson	PROPN
ajfa-283	367	4	reuters	reuters	PROPN
ajfa-283	367	5	datastream	datastream	ADJ
ajfa-283	367	6	software	software	NOUN
ajfa-283	367	7	:	:	PUNCT
ajfa-283	367	8	it	it	PRON
ajfa-283	367	9	is	be	AUX
ajfa-283	367	10	a	a	DET
ajfa-283	367	11	financial	financial	ADJ
ajfa-283	367	12	and	and	CCONJ
ajfa-283	367	13	macroeconomic	macroeconomic	ADJ
ajfa-283	367	14	database	database	NOUN
ajfa-283	367	15	,	,	PUNCT
ajfa-283	367	16	covering	cover	VERB
ajfa-283	367	17	major	major	ADJ
ajfa-283	367	18	instruments	instrument	NOUN
ajfa-283	367	19	,	,	PUNCT
ajfa-283	367	20	company	company	NOUN
ajfa-283	367	21	fundamentals	fundamental	NOUN
ajfa-283	367	22	,	,	PUNCT
ajfa-283	367	23	equities	equity	NOUN
ajfa-283	367	24	,	,	PUNCT
ajfa-283	367	25	fixed	fix	VERB
ajfa-283	367	26	income	income	NOUN
ajfa-283	367	27	securities	security	NOUN
ajfa-283	367	28	and	and	CCONJ
ajfa-283	367	29	economic	economic	ADJ
ajfa-283	367	30	indicators	indicator	NOUN
ajfa-283	367	31	for	for	ADP
ajfa-283	367	32	177	177	NUM
ajfa-283	367	33	countries	country	NOUN
ajfa-283	367	34	and	and	CCONJ
ajfa-283	367	35	60	60	NUM
ajfa-283	367	36	markets	market	NOUN
ajfa-283	367	37	worldwide	worldwide	ADV
ajfa-283	367	38	.	.	PUNCT
ajfa-283	368	1	4	4	X
ajfa-283	368	2	.	.	X
ajfa-283	368	3	bse	bse	PROPN
ajfa-283	368	4	500	500	NUM
ajfa-283	368	5	:	:	PUNCT
ajfa-283	368	6	bombay	bombay	PROPN
ajfa-283	368	7	stock	stock	PROPN
ajfa-283	368	8	exchange	exchange	PROPN
ajfa-283	368	9	limited	limit	VERB
ajfa-283	368	10	constructed	construct	VERB
ajfa-283	368	11	a	a	DET
ajfa-283	368	12	new	new	ADJ
ajfa-283	368	13	index	index	NOUN
ajfa-283	368	14	,	,	PUNCT
ajfa-283	368	15	christened	christen	VERB
ajfa-283	368	16	bse-500	bse-500	NOUN
ajfa-283	368	17	,	,	PUNCT
ajfa-283	368	18	consisting	consist	VERB
ajfa-283	368	19	of	of	ADP
ajfa-283	368	20	500	500	NUM
ajfa-283	368	21	scrips	scrip	NOUN
ajfa-283	368	22	w.e.f	w.e.f	NOUN
ajfa-283	368	23	.	.	PUNCT
ajfa-283	369	1	august	august	PROPN
ajfa-283	369	2	9	9	NUM
ajfa-283	369	3	,	,	PUNCT
ajfa-283	369	4	1999	1999	NUM
ajfa-283	369	5	.	.	PUNCT
ajfa-283	370	1	bse-500	bse-500	NOUN
ajfa-283	370	2	index	index	NOUN
ajfa-283	370	3	represents	represent	VERB
ajfa-283	370	4	nearly	nearly	ADV
ajfa-283	370	5	93	93	NUM
ajfa-283	370	6	%	%	NOUN
ajfa-283	370	7	of	of	ADP
ajfa-283	370	8	the	the	DET
ajfa-283	370	9	total	total	ADJ
ajfa-283	370	10	market	market	NOUN
ajfa-283	370	11	capitalization	capitalization	NOUN
ajfa-283	370	12	on	on	ADP
ajfa-283	370	13	bse	bse	PROPN
ajfa-283	370	14	.	.	PUNCT
ajfa-283	371	1	bse-500	bse-500	NOUN
ajfa-283	371	2	covers	cover	VERB
ajfa-283	371	3	all	all	DET
ajfa-283	371	4	20	20	NUM
ajfa-283	371	5	major	major	ADJ
ajfa-283	371	6	industries	industry	NOUN
ajfa-283	371	7	of	of	ADP
ajfa-283	371	8	the	the	DET
ajfa-283	371	9	economy	economy	NOUN
ajfa-283	371	10	.	.	PUNCT
ajfa-283	372	1	in	in	ADP
ajfa-283	372	2	line	line	NOUN
ajfa-283	372	3	with	with	ADP
ajfa-283	372	4	other	other	ADJ
ajfa-283	372	5	bse	bse	NOUN
ajfa-283	372	6	indices	index	NOUN
ajfa-283	372	7	,	,	PUNCT
ajfa-283	372	8	effective	effective	ADJ
ajfa-283	372	9	august	august	PROPN
ajfa-283	372	10	16	16	NUM
ajfa-283	372	11	,	,	PUNCT
ajfa-283	372	12	2005	2005	NUM
ajfa-283	372	13	calculation	calculation	NOUN
ajfa-283	372	14	methodology	methodology	NOUN
ajfa-283	372	15	was	be	AUX
ajfa-283	372	16	shifted	shift	VERB
ajfa-283	372	17	to	to	ADP
ajfa-283	372	18	the	the	DET
ajfa-283	372	19	free	free	ADJ
ajfa-283	372	20	-	-	PUNCT
ajfa-283	372	21	float	float	NOUN
ajfa-283	372	22	methodology	methodology	NOUN
ajfa-283	372	23	.	.	PUNCT
ajfa-283	373	1	asain	asain	PROPN
ajfa-283	373	2	journal	journal	PROPN
ajfa-283	373	3	of	of	ADP
ajfa-283	373	4	finance	finance	PROPN
ajfa-283	373	5	&	&	CCONJ
ajfa-283	373	6	accounting	accounting	PROPN
ajfa-283	373	7	issn	issn	PROPN
ajfa-283	373	8	1946	1946	NUM
ajfa-283	373	9	-	-	PUNCT
ajfa-283	373	10	052x	052x	NOUN
ajfa-283	373	11	2010	2010	NUM
ajfa-283	373	12	,	,	PUNCT
ajfa-283	373	13	vol	vol	NOUN
ajfa-283	373	14	.	.	PROPN
ajfa-283	373	15	2	2	NUM
ajfa-283	373	16	,	,	PUNCT
ajfa-283	373	17	no	no	INTJ
ajfa-283	373	18	.	.	NOUN
ajfa-283	373	19	1	1	NUM
ajfa-283	373	20	:	:	PUNCT
ajfa-283	373	21	e4	e4	PROPN
ajfa-283	373	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	373	23	88	88	NUM
ajfa-283	373	24	5	5	NUM
ajfa-283	373	25	.	.	PUNCT
ajfa-283	374	1	large	large	ADJ
ajfa-283	374	2	cap	cap	NOUN
ajfa-283	374	3	:	:	PUNCT
ajfa-283	374	4	in	in	ADP
ajfa-283	374	5	indian	indian	ADJ
ajfa-283	374	6	context	context	NOUN
ajfa-283	374	7	large	large	ADJ
ajfa-283	374	8	cap	cap	NOUN
ajfa-283	374	9	is	be	AUX
ajfa-283	374	10	a	a	DET
ajfa-283	374	11	term	term	NOUN
ajfa-283	374	12	used	use	VERB
ajfa-283	374	13	by	by	ADP
ajfa-283	374	14	the	the	DET
ajfa-283	374	15	investment	investment	NOUN
ajfa-283	374	16	community	community	NOUN
ajfa-283	374	17	to	to	PART
ajfa-283	374	18	refer	refer	VERB
ajfa-283	374	19	to	to	ADP
ajfa-283	374	20	companies	company	NOUN
ajfa-283	374	21	with	with	ADP
ajfa-283	374	22	a	a	DET
ajfa-283	374	23	market	market	NOUN
ajfa-283	374	24	capitalization	capitalization	NOUN
ajfa-283	374	25	value	value	NOUN
ajfa-283	374	26	of	of	ADP
ajfa-283	374	27	more	more	ADJ
ajfa-283	374	28	than	than	ADP
ajfa-283	374	29	$	$	SYM
ajfa-283	374	30	5	5	NUM
ajfa-283	374	31	billion	billion	NUM
ajfa-283	374	32	.	.	PUNCT
ajfa-283	375	1	large	large	ADJ
ajfa-283	375	2	cap	cap	NOUN
ajfa-283	375	3	is	be	AUX
ajfa-283	375	4	an	an	DET
ajfa-283	375	5	abbreviation	abbreviation	NOUN
ajfa-283	375	6	of	of	ADP
ajfa-283	375	7	the	the	DET
ajfa-283	375	8	term	term	NOUN
ajfa-283	375	9	"	"	PUNCT
ajfa-283	375	10	large	large	ADJ
ajfa-283	375	11	market	market	NOUN
ajfa-283	375	12	capitalization	capitalization	NOUN
ajfa-283	375	13	"	"	PUNCT
ajfa-283	375	14	.	.	PUNCT
ajfa-283	376	1	market	market	NOUN
ajfa-283	376	2	capitalization	capitalization	NOUN
ajfa-283	376	3	is	be	AUX
ajfa-283	376	4	calculated	calculate	VERB
ajfa-283	376	5	by	by	ADP
ajfa-283	376	6	multiplying	multiply	VERB
ajfa-283	376	7	the	the	DET
ajfa-283	376	8	number	number	NOUN
ajfa-283	376	9	of	of	ADP
ajfa-283	376	10	a	a	DET
ajfa-283	376	11	company	company	NOUN
ajfa-283	376	12	's	's	PART
ajfa-283	376	13	shares	share	NOUN
ajfa-283	376	14	outstanding	outstanding	ADJ
ajfa-283	376	15	by	by	ADP
ajfa-283	376	16	its	its	PRON
ajfa-283	376	17	stock	stock	NOUN
ajfa-283	376	18	price	price	NOUN
ajfa-283	376	19	per	per	ADP
ajfa-283	376	20	share	share	NOUN
ajfa-283	376	21	.	.	PUNCT
ajfa-283	377	1	6	6	X
ajfa-283	377	2	.	.	X
ajfa-283	377	3	dividend	dividend	NOUN
ajfa-283	377	4	tax	tax	NOUN
ajfa-283	377	5	:	:	PUNCT
ajfa-283	377	6	it	it	PRON
ajfa-283	377	7	is	be	AUX
ajfa-283	377	8	an	an	DET
ajfa-283	377	9	additional	additional	ADJ
ajfa-283	377	10	tax	tax	NOUN
ajfa-283	377	11	to	to	PART
ajfa-283	377	12	be	be	AUX
ajfa-283	377	13	paid	pay	VERB
ajfa-283	377	14	by	by	ADP
ajfa-283	377	15	domestic	domestic	ADJ
ajfa-283	377	16	companies	company	NOUN
ajfa-283	377	17	when	when	SCONJ
ajfa-283	377	18	they	they	PRON
ajfa-283	377	19	declare	declare	VERB
ajfa-283	377	20	and	and	CCONJ
ajfa-283	377	21	distribute	distribute	VERB
ajfa-283	377	22	dividend	dividend	NOUN
ajfa-283	377	23	among	among	ADP
ajfa-283	377	24	equity	equity	NOUN
ajfa-283	377	25	shareholders	shareholder	NOUN
ajfa-283	377	26	.	.	PUNCT
ajfa-283	378	1	the	the	DET
ajfa-283	378	2	tax	tax	NOUN
ajfa-283	378	3	is	be	AUX
ajfa-283	378	4	levied	levy	VERB
ajfa-283	378	5	at	at	ADP
ajfa-283	378	6	prescribed	prescribe	VERB
ajfa-283	378	7	rate	rate	NOUN
ajfa-283	378	8	(	(	PUNCT
ajfa-283	378	9	for	for	ADP
ajfa-283	378	10	example	example	NOUN
ajfa-283	378	11	in	in	ADP
ajfa-283	378	12	india	india	PROPN
ajfa-283	378	13	it	it	PRON
ajfa-283	378	14	is	be	AUX
ajfa-283	378	15	15	15	NUM
ajfa-283	378	16	%	%	NOUN
ajfa-283	378	17	+	+	NOUN
ajfa-283	378	18	7.5	7.5	NUM
ajfa-283	378	19	%	%	NOUN
ajfa-283	378	20	+	+	CCONJ
ajfa-283	378	21	3	3	NUM
ajfa-283	378	22	%	%	NOUN
ajfa-283	378	23	(	(	PUNCT
ajfa-283	378	24	dividend	dividend	NOUN
ajfa-283	378	25	tax	tax	NOUN
ajfa-283	378	26	+	+	CCONJ
ajfa-283	378	27	surcharge	surcharge	NOUN
ajfa-283	378	28	+	+	CCONJ
ajfa-283	378	29	shec	shec	ADJ
ajfa-283	378	30	)	)	PUNCT
ajfa-283	378	31	on	on	ADP
ajfa-283	378	32	the	the	DET
ajfa-283	378	33	amount	amount	NOUN
ajfa-283	378	34	which	which	PRON
ajfa-283	378	35	is	be	AUX
ajfa-283	378	36	meant	mean	VERB
ajfa-283	378	37	for	for	ADP
ajfa-283	378	38	the	the	DET
ajfa-283	378	39	payment	payment	NOUN
ajfa-283	378	40	of	of	ADP
ajfa-283	378	41	dividend	dividend	NOUN
ajfa-283	378	42	)	)	PUNCT
ajfa-283	378	43	.	.	PUNCT
ajfa-283	379	1	7	7	X
ajfa-283	379	2	.	.	NUM
ajfa-283	379	3	expected	expect	VERB
ajfa-283	379	4	price	price	NOUN
ajfa-283	379	5	is	be	AUX
ajfa-283	379	6	computed	compute	VERB
ajfa-283	379	7	by	by	ADP
ajfa-283	379	8	using	use	VERB
ajfa-283	379	9	the	the	DET
ajfa-283	379	10	parameters	parameter	NOUN
ajfa-283	379	11	estimated	estimate	VERB
ajfa-283	379	12	in	in	ADP
ajfa-283	379	13	equation	equation	NOUN
ajfa-283	379	14	(	(	PUNCT
ajfa-283	379	15	1	1	NUM
ajfa-283	379	16	)	)	PUNCT
ajfa-283	379	17	in	in	ADP
ajfa-283	379	18	the	the	DET
ajfa-283	379	19	form	form	NOUN
ajfa-283	379	20			VERB
ajfa-283	379	21	it	it	PRON
ajfa-283	379	22	itp	itp	AUX
ajfa-283	379	23			PROPN
ajfa-283	379	24			PROPN
ajfa-283	379	25	where	where	SCONJ
ajfa-283	379	26	,	,	PUNCT
ajfa-283	379	27			VERB
ajfa-283	379	28	it	it	PRON
ajfa-283	379	29	=	=	PUNCT
ajfa-283	379	30	value	value	NOUN
ajfa-283	379	31	driver	driver	NOUN
ajfa-283	379	32	8	8	NUM
ajfa-283	379	33	.	.	PUNCT
ajfa-283	380	1	white	white	ADJ
ajfa-283	380	2	hetroskedasticity	hetroskedasticity	PROPN
ajfa-283	380	3	test	test	NOUN
ajfa-283	380	4	:	:	PUNCT
ajfa-283	380	5	these	these	DET
ajfa-283	380	6	tests	test	NOUN
ajfa-283	380	7	are	be	AUX
ajfa-283	380	8	the	the	DET
ajfa-283	380	9	extension	extension	NOUN
ajfa-283	380	10	of	of	ADP
ajfa-283	380	11	white	white	PROPN
ajfa-283	380	12	's	's	PART
ajfa-283	380	13	(	(	PUNCT
ajfa-283	380	14	1980	1980	NUM
ajfa-283	380	15	)	)	PUNCT
ajfa-283	380	16	test	test	NOUN
ajfa-283	380	17	to	to	ADP
ajfa-283	380	18	systems	system	NOUN
ajfa-283	380	19	of	of	ADP
ajfa-283	380	20	equations	equation	NOUN
ajfa-283	380	21	as	as	SCONJ
ajfa-283	380	22	discussed	discuss	VERB
ajfa-283	380	23	by	by	ADP
ajfa-283	380	24	kelejian	kelejian	PROPN
ajfa-283	380	25	(	(	PUNCT
ajfa-283	380	26	1982	1982	NUM
ajfa-283	380	27	)	)	PUNCT
ajfa-283	380	28	and	and	CCONJ
ajfa-283	380	29	doornik	doornik	X
ajfa-283	380	30	(	(	PUNCT
ajfa-283	380	31	1995	1995	NUM
ajfa-283	380	32	)	)	PUNCT
ajfa-283	380	33	.	.	PUNCT
ajfa-283	381	1	the	the	DET
ajfa-283	381	2	test	test	NOUN
ajfa-283	381	3	regression	regression	NOUN
ajfa-283	381	4	is	be	AUX
ajfa-283	381	5	run	run	VERB
ajfa-283	381	6	by	by	ADP
ajfa-283	381	7	regressing	regress	VERB
ajfa-283	381	8	each	each	DET
ajfa-283	381	9	cross	cross	NOUN
ajfa-283	381	10	product	product	NOUN
ajfa-283	381	11	of	of	ADP
ajfa-283	381	12	the	the	DET
ajfa-283	381	13	residuals	residual	NOUN
ajfa-283	381	14	on	on	ADP
ajfa-283	381	15	the	the	DET
ajfa-283	381	16	cross	cross	NOUN
ajfa-283	381	17	products	product	NOUN
ajfa-283	381	18	of	of	ADP
ajfa-283	381	19	the	the	DET
ajfa-283	381	20	regressors	regressor	NOUN
ajfa-283	381	21	and	and	CCONJ
ajfa-283	381	22	testing	test	VERB
ajfa-283	381	23	the	the	DET
ajfa-283	381	24	joint	joint	ADJ
ajfa-283	381	25	significance	significance	NOUN
ajfa-283	381	26	of	of	ADP
ajfa-283	381	27	the	the	DET
ajfa-283	381	28	regression	regression	NOUN
ajfa-283	381	29	.	.	PUNCT
ajfa-283	382	1	the	the	DET
ajfa-283	382	2	no	no	DET
ajfa-283	382	3	cross	cross	NOUN
ajfa-283	382	4	terms	term	NOUN
ajfa-283	382	5	option	option	NOUN
ajfa-283	382	6	uses	use	VERB
ajfa-283	382	7	only	only	ADV
ajfa-283	382	8	the	the	DET
ajfa-283	382	9	levels	level	NOUN
ajfa-283	382	10	and	and	CCONJ
ajfa-283	382	11	squares	square	NOUN
ajfa-283	382	12	of	of	ADP
ajfa-283	382	13	the	the	DET
ajfa-283	382	14	original	original	ADJ
ajfa-283	382	15	regressors	regressor	NOUN
ajfa-283	382	16	,	,	PUNCT
ajfa-283	382	17	while	while	SCONJ
ajfa-283	382	18	the	the	PRON
ajfa-283	382	19	with	with	ADP
ajfa-283	382	20	cross	cross	NOUN
ajfa-283	382	21	terms	term	NOUN
ajfa-283	382	22	option	option	NOUN
ajfa-283	382	23	includes	include	VERB
ajfa-283	382	24	all	all	DET
ajfa-283	382	25	nonredundant	nonredundant	ADJ
ajfa-283	382	26	cross	cross	NOUN
ajfa-283	382	27	-	-	NOUN
ajfa-283	382	28	products	product	NOUN
ajfa-283	382	29	of	of	ADP
ajfa-283	382	30	the	the	DET
ajfa-283	382	31	original	original	ADJ
ajfa-283	382	32	regressors	regressor	NOUN
ajfa-283	382	33	in	in	ADP
ajfa-283	382	34	the	the	DET
ajfa-283	382	35	test	test	NOUN
ajfa-283	382	36	equation	equation	NOUN
ajfa-283	382	37	.	.	PUNCT
ajfa-283	383	1	the	the	DET
ajfa-283	383	2	test	test	NOUN
ajfa-283	383	3	regression	regression	NOUN
ajfa-283	383	4	always	always	ADV
ajfa-283	383	5	includes	include	VERB
ajfa-283	383	6	a	a	DET
ajfa-283	383	7	constant	constant	ADJ
ajfa-283	383	8	term	term	NOUN
ajfa-283	383	9	as	as	ADP
ajfa-283	383	10	a	a	DET
ajfa-283	383	11	regressor	regressor	NOUN
ajfa-283	383	12	.	.	PUNCT
ajfa-283	384	1	if	if	SCONJ
ajfa-283	384	2	the	the	DET
ajfa-283	384	3	chi	chi	ADJ
ajfa-283	384	4	-	-	PUNCT
ajfa-283	384	5	square	square	ADJ
ajfa-283	384	6	value	value	NOUN
ajfa-283	384	7	at	at	ADP
ajfa-283	384	8	the	the	DET
ajfa-283	384	9	chosen	choose	VERB
ajfa-283	384	10	level	level	NOUN
ajfa-283	384	11	of	of	ADP
ajfa-283	384	12	significance	significance	NOUN
ajfa-283	384	13	,	,	PUNCT
ajfa-283	384	14	or	or	CCONJ
ajfa-283	384	15	if	if	SCONJ
ajfa-283	384	16	the	the	DET
ajfa-283	384	17	p	p	NOUN
ajfa-283	384	18	-	-	PUNCT
ajfa-283	384	19	value	value	NOUN
ajfa-283	384	20	of	of	ADP
ajfa-283	384	21	the	the	DET
ajfa-283	384	22	compute	compute	NOUN
ajfa-283	384	23	chi	chi	PROPN
ajfa-283	384	24	square	square	PROPN
ajfa-283	384	25	value	value	NOUN
ajfa-283	384	26	is	be	AUX
ajfa-283	384	27	reasonably	reasonably	ADV
ajfa-283	384	28	low	low	ADJ
ajfa-283	384	29	(	(	PUNCT
ajfa-283	384	30	say	say	INTJ
ajfa-283	384	31	1	1	NUM
ajfa-283	384	32	%	%	NOUN
ajfa-283	384	33	or	or	CCONJ
ajfa-283	384	34	5	5	NUM
ajfa-283	384	35	%	%	NOUN
ajfa-283	384	36	)	)	PUNCT
ajfa-283	384	37	,	,	PUNCT
ajfa-283	384	38	we	we	PRON
ajfa-283	384	39	can	can	AUX
ajfa-283	384	40	reject	reject	VERB
ajfa-283	384	41	the	the	DET
ajfa-283	384	42	null	null	ADJ
ajfa-283	384	43	hypothesis	hypothesis	NOUN
ajfa-283	384	44	of	of	ADP
ajfa-283	384	45	hetrocedasticity	hetrocedasticity	NOUN
ajfa-283	384	46	.	.	PUNCT
ajfa-283	385	1	references	reference	NOUN
ajfa-283	385	2	alford	alford	PROPN
ajfa-283	385	3	,	,	PUNCT
ajfa-283	385	4	a.	a.	NOUN
ajfa-283	385	5	(	(	PUNCT
ajfa-283	385	6	1992).the	1992).the	DET
ajfa-283	385	7	effect	effect	NOUN
ajfa-283	385	8	of	of	ADP
ajfa-283	385	9	the	the	DET
ajfa-283	385	10	set	set	NOUN
ajfa-283	385	11	of	of	ADP
ajfa-283	385	12	comparable	comparable	ADJ
ajfa-283	385	13	firms	firm	NOUN
ajfa-283	385	14	on	on	ADP
ajfa-283	385	15	the	the	DET
ajfa-283	385	16	accuracy	accuracy	NOUN
ajfa-283	385	17	of	of	ADP
ajfa-283	385	18	the	the	DET
ajfa-283	385	19	price	price	NOUN
ajfa-283	385	20	-	-	PUNCT
ajfa-283	385	21	earnings	earning	NOUN
ajfa-283	385	22	valuation	valuation	NOUN
ajfa-283	385	23	method	method	NOUN
ajfa-283	385	24	.	.	PUNCT
ajfa-283	386	1	journal	journal	NOUN
ajfa-283	386	2	of	of	ADP
ajfa-283	386	3	accounting	accounting	NOUN
ajfa-283	386	4	research	research	NOUN
ajfa-283	386	5	,	,	PUNCT
ajfa-283	386	6	30	30	NUM
ajfa-283	386	7	,	,	PUNCT
ajfa-283	386	8	94–108	94–108	PROPN
ajfa-283	386	9	anthony	anthony	PROPN
ajfa-283	386	10	,	,	PUNCT
ajfa-283	386	11	e.	e.	PROPN
ajfa-283	386	12	bopp	bopp	PROPN
ajfa-283	386	13	.	.	PUNCT
ajfa-283	387	1	(	(	PUNCT
ajfa-283	387	2	1985	1985	NUM
ajfa-283	387	3	)	)	PUNCT
ajfa-283	387	4	.	.	PUNCT
ajfa-283	388	1	on	on	ADP
ajfa-283	388	2	combining	combine	VERB
ajfa-283	388	3	forecasts	forecast	NOUN
ajfa-283	388	4	:	:	PUNCT
ajfa-283	388	5	some	some	DET
ajfa-283	388	6	extensions	extension	NOUN
ajfa-283	388	7	and	and	CCONJ
ajfa-283	388	8	results	result	NOUN
ajfa-283	388	9	.	.	PUNCT
ajfa-283	389	1	management	management	NOUN
ajfa-283	389	2	science	science	NOUN
ajfa-283	389	3	,	,	PUNCT
ajfa-283	389	4	31	31	NUM
ajfa-283	389	5	,	,	PUNCT
ajfa-283	389	6	1492	1492	NUM
ajfa-283	389	7	-	-	SYM
ajfa-283	389	8	1498	1498	NUM
ajfa-283	389	9	baker	baker	NOUN
ajfa-283	389	10	,	,	PUNCT
ajfa-283	389	11	m.	m.	NOUN
ajfa-283	389	12	,	,	PUNCT
ajfa-283	389	13	&	&	CCONJ
ajfa-283	389	14	ruback	ruback	PROPN
ajfa-283	389	15	,	,	PUNCT
ajfa-283	389	16	r.	r.	PROPN
ajfa-283	389	17	(	(	PUNCT
ajfa-283	389	18	1999	1999	NUM
ajfa-283	389	19	)	)	PUNCT
ajfa-283	389	20	.	.	PUNCT
ajfa-283	390	1	estimating	estimate	VERB
ajfa-283	390	2	industry	industry	NOUN
ajfa-283	390	3	multiples	multiple	NOUN
ajfa-283	390	4	.	.	PUNCT
ajfa-283	391	1	working	work	VERB
ajfa-283	391	2	paper	paper	NOUN
ajfa-283	391	3	:	:	PUNCT
ajfa-283	391	4	harvard	harvard	PROPN
ajfa-283	391	5	university	university	PROPN
ajfa-283	391	6	,	,	PUNCT
ajfa-283	391	7	cambridge	cambridge	PROPN
ajfa-283	391	8	,	,	PUNCT
ajfa-283	391	9	ma	ma	PROPN
ajfa-283	391	10	beatty	beatty	PROPN
ajfa-283	391	11	,	,	PUNCT
ajfa-283	391	12	r.p	r.p	PROPN
ajfa-283	391	13	.	.	PROPN
ajfa-283	391	14	,	,	PUNCT
ajfa-283	391	15	riffe	riffe	PROPN
ajfa-283	391	16	,	,	PUNCT
ajfa-283	391	17	s.m	s.m	PROPN
ajfa-283	391	18	.	.	PROPN
ajfa-283	391	19	,	,	PUNCT
ajfa-283	391	20	&	&	CCONJ
ajfa-283	391	21	thompson	thompson	PROPN
ajfa-283	391	22	,	,	PUNCT
ajfa-283	391	23	r.	r.	PROPN
ajfa-283	391	24	(	(	PUNCT
ajfa-283	391	25	1999).the	1999).the	DET
ajfa-283	391	26	method	method	NOUN
ajfa-283	391	27	of	of	ADP
ajfa-283	391	28	comparables	comparable	NOUN
ajfa-283	391	29	and	and	CCONJ
ajfa-283	391	30	tax	tax	NOUN
ajfa-283	391	31	court	court	NOUN
ajfa-283	391	32	valuations	valuation	NOUN
ajfa-283	391	33	of	of	ADP
ajfa-283	391	34	private	private	ADJ
ajfa-283	391	35	firms	firm	NOUN
ajfa-283	391	36	:	:	PUNCT
ajfa-283	391	37	an	an	DET
ajfa-283	391	38	empirical	empirical	ADJ
ajfa-283	391	39	investigation	investigation	NOUN
ajfa-283	391	40	.	.	PUNCT
ajfa-283	392	1	accounting	accounting	NOUN
ajfa-283	392	2	horizons	horizon	NOUN
ajfa-283	392	3	,	,	PUNCT
ajfa-283	392	4	13	13	NUM
ajfa-283	392	5	,	,	PUNCT
ajfa-283	392	6	177–199	177–199	NUM
ajfa-283	392	7	boatsman	boatsman	NOUN
ajfa-283	392	8	,	,	PUNCT
ajfa-283	392	9	j.	j.	PROPN
ajfa-283	392	10	,	,	PUNCT
ajfa-283	392	11	&	&	CCONJ
ajfa-283	392	12	bakin	bakin	PROPN
ajfa-283	392	13	,	,	PUNCT
ajfa-283	392	14	e.	e.	PROPN
ajfa-283	392	15	(	(	PUNCT
ajfa-283	392	16	1981	1981	NUM
ajfa-283	392	17	)	)	PUNCT
ajfa-283	392	18	.	.	PUNCT
ajfa-283	393	1	asset	asset	NOUN
ajfa-283	393	2	valuation	valuation	NOUN
ajfa-283	393	3	with	with	ADP
ajfa-283	393	4	incomplete	incomplete	ADJ
ajfa-283	393	5	markets	market	NOUN
ajfa-283	393	6	.	.	PUNCT
ajfa-283	394	1	the	the	DET
ajfa-283	394	2	asain	asain	ADJ
ajfa-283	394	3	journal	journal	NOUN
ajfa-283	394	4	of	of	ADP
ajfa-283	394	5	finance	finance	PROPN
ajfa-283	394	6	&	&	CCONJ
ajfa-283	394	7	accounting	accounting	PROPN
ajfa-283	394	8	issn	issn	PROPN
ajfa-283	394	9	1946	1946	NUM
ajfa-283	394	10	-	-	PUNCT
ajfa-283	394	11	052x	052x	NOUN
ajfa-283	394	12	2010	2010	NUM
ajfa-283	394	13	,	,	PUNCT
ajfa-283	394	14	vol	vol	NOUN
ajfa-283	394	15	.	.	PROPN
ajfa-283	394	16	2	2	NUM
ajfa-283	394	17	,	,	PUNCT
ajfa-283	394	18	no	no	INTJ
ajfa-283	394	19	.	.	NOUN
ajfa-283	394	20	1	1	NUM
ajfa-283	394	21	:	:	PUNCT
ajfa-283	394	22	e4	e4	PROPN
ajfa-283	394	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-283	394	24	89	89	NUM
ajfa-283	394	25	accounting	accounting	NOUN
ajfa-283	394	26	review	review	NOUN
ajfa-283	394	27	,	,	PUNCT
ajfa-283	394	28	56	56	NUM
ajfa-283	394	29	,	,	PUNCT
ajfa-283	394	30	38	38	NUM
ajfa-283	394	31	-	-	SYM
ajfa-283	394	32	53	53	NUM
ajfa-283	394	33	.	.	PUNCT
ajfa-283	395	1	copeland	copeland	PROPN
ajfa-283	395	2	,	,	PUNCT
ajfa-283	395	3	t.	t.	PROPN
ajfa-283	395	4	,	,	PUNCT
ajfa-283	395	5	koller	koller	PROPN
ajfa-283	395	6	,	,	PUNCT
ajfa-283	395	7	t.	t.	PROPN
ajfa-283	395	8	,	,	PUNCT
ajfa-283	395	9	&	&	CCONJ
ajfa-283	395	10	murrin	murrin	PROPN
ajfa-283	395	11	.	.	PUNCT
ajfa-283	396	1	j.	j.	PROPN
ajfa-283	396	2	(	(	PUNCT
ajfa-283	396	3	1994	1994	NUM
ajfa-283	396	4	)	)	PUNCT
ajfa-283	396	5	.	.	PUNCT
ajfa-283	397	1	valuation	valuation	NOUN
ajfa-283	397	2	.	.	PUNCT
ajfa-283	398	1	new	new	PROPN
ajfa-283	398	2	york	york	PROPN
ajfa-283	398	3	:	:	PUNCT
ajfa-283	398	4	willey	willey	PROPN
ajfa-283	398	5	da	da	PROPN
ajfa-283	398	6	,	,	PUNCT
ajfa-283	398	7	z.	z.	PROPN
ajfa-283	398	8	,	,	PUNCT
ajfa-283	398	9	&	&	CCONJ
ajfa-283	398	10	schaumburg	schaumburg	PROPN
ajfa-283	398	11	,	,	PUNCT
ajfa-283	398	12	e.	e.	PROPN
ajfa-283	398	13	(	(	PUNCT
ajfa-283	398	14	2011	2011	NUM
ajfa-283	398	15	)	)	PUNCT
ajfa-283	398	16	.	.	PUNCT
ajfa-283	399	1	relative	relative	ADJ
ajfa-283	399	2	valuation	valuation	NOUN
ajfa-283	399	3	and	and	CCONJ
ajfa-283	399	4	analyst	analyst	NOUN
ajfa-283	399	5	target	target	NOUN
ajfa-283	399	6	price	price	NOUN
ajfa-283	399	7	forecasts	forecast	NOUN
ajfa-283	399	8	.	.	PUNCT
ajfa-283	400	1	journal	journal	PROPN
ajfa-283	400	2	of	of	ADP
ajfa-283	400	3	financial	financial	ADJ
ajfa-283	400	4	markets	market	NOUN
ajfa-283	400	5	,	,	PUNCT
ajfa-283	400	6	14	14	NUM
ajfa-283	400	7	,	,	PUNCT
ajfa-283	400	8	161	161	NUM
ajfa-283	400	9	-	-	SYM
ajfa-283	400	10	192	192	NUM
ajfa-283	400	11	damodaran	damodaran	NOUN
ajfa-283	400	12	,	,	PUNCT
ajfa-283	400	13	a.	a.	NOUN
ajfa-283	400	14	(	(	PUNCT
ajfa-283	400	15	1996	1996	NUM
ajfa-283	400	16	)	)	PUNCT
ajfa-283	400	17	.	.	PUNCT
ajfa-283	401	1	damodaran	damodaran	VERB
ajfa-283	401	2	on	on	ADP
ajfa-283	401	3	valuation	valuation	NOUN
ajfa-283	401	4	.	.	PUNCT
ajfa-283	402	1	new	new	PROPN
ajfa-283	402	2	york	york	PROPN
ajfa-283	402	3	:	:	PUNCT
ajfa-283	402	4	willey	willey	PROPN
ajfa-283	402	5	huang	huang	PROPN
ajfa-283	402	6	,	,	PUNCT
ajfa-283	402	7	y.	y.	PROPN
ajfa-283	402	8	,	,	PUNCT
ajfa-283	402	9	tsai	tsai	PROPN
ajfa-283	402	10	,	,	PUNCT
ajfa-283	402	11	c.h	c.h	PROPN
ajfa-283	402	12	.	.	PROPN
ajfa-283	402	13	,	,	PUNCT
ajfa-283	402	14	&	&	CCONJ
ajfa-283	402	15	chen	chen	PROPN
ajfa-283	402	16	,	,	PUNCT
ajfa-283	402	17	c.r	c.r	PROPN
ajfa-283	402	18	.	.	PROPN
ajfa-283	402	19	(	(	PUNCT
ajfa-283	402	20	2007	2007	NUM
ajfa-283	402	21	)	)	PUNCT
ajfa-283	402	22	.	.	PUNCT
ajfa-283	403	1	expected	expect	VERB
ajfa-283	403	2	p	p	X
ajfa-283	403	3	/	/	SYM
ajfa-283	403	4	e	e	NOUN
ajfa-283	403	5	,	,	PUNCT
ajfa-283	403	6	residual	residual	ADJ
ajfa-283	403	7	p	p	X
ajfa-283	403	8	/	/	SYM
ajfa-283	403	9	e	e	NOUN
ajfa-283	403	10	,	,	PUNCT
ajfa-283	403	11	and	and	CCONJ
ajfa-283	403	12	stock	stock	NOUN
ajfa-283	403	13	return	return	NOUN
ajfa-283	403	14	reversal	reversal	NOUN
ajfa-283	403	15	:	:	PUNCT
ajfa-283	403	16	time	time	NOUN
ajfa-283	403	17	–	–	PUNCT
ajfa-283	403	18	varying	vary	VERB
ajfa-283	403	19	fundamentals	fundamental	NOUN
ajfa-283	403	20	or	or	CCONJ
ajfa-283	403	21	investor	investor	NOUN
ajfa-283	403	22	overreaction	overreaction	NOUN
ajfa-283	403	23	?	?	PUNCT
ajfa-283	403	24	.	.	PUNCT
ajfa-283	404	1	international	international	ADJ
ajfa-283	404	2	journal	journal	PROPN
ajfa-283	404	3	of	of	ADP
ajfa-283	404	4	business	business	NOUN
ajfa-283	404	5	and	and	CCONJ
ajfa-283	404	6	economics	economic	NOUN
ajfa-283	404	7	,	,	PUNCT
ajfa-283	404	8	vol	vol	NOUN
ajfa-283	404	9	.	.	PROPN
ajfa-283	404	10	6	6	NUM
ajfa-283	404	11	,	,	PUNCT
ajfa-283	404	12	no.1	no.1	NUM
ajfa-283	404	13	,	,	PUNCT
ajfa-283	404	14	11	11	NUM
ajfa-283	404	15	-	-	SYM
ajfa-283	404	16	28	28	NUM
ajfa-283	404	17	irina	irina	PROPN
ajfa-283	404	18	,	,	PUNCT
ajfa-283	404	19	i.	i.	PROPN
ajfa-283	404	20	,	,	PUNCT
ajfa-283	404	21	alexander	alexander	PROPN
ajfa-283	404	22	,	,	PUNCT
ajfa-283	404	23	p.	p.	PROPN
ajfa-283	404	24	,	,	PUNCT
ajfa-283	404	25	&	&	CCONJ
ajfa-283	404	26	ivan	ivan	PROPN
ajfa-283	404	27	,	,	PUNCT
ajfa-283	404	28	k.	k.	PROPN
ajfa-283	404	29	(	(	PUNCT
ajfa-283	404	30	2007	2007	NUM
ajfa-283	404	31	)	)	PUNCT
ajfa-283	404	32	.	.	PUNCT
ajfa-283	405	1	adjustments	adjustment	NOUN
ajfa-283	405	2	to	to	ADP
ajfa-283	405	3	market	market	NOUN
ajfa-283	405	4	multiples	multiple	NOUN
ajfa-283	405	5	–	–	PUNCT
ajfa-283	405	6	based	base	VERB
ajfa-283	405	7	valuation	valuation	NOUN
ajfa-283	405	8	in	in	ADP
ajfa-283	405	9	emerging	emerge	VERB
ajfa-283	405	10	markets	market	NOUN
ajfa-283	405	11	:	:	PUNCT
ajfa-283	405	12	empirical	empirical	ADJ
ajfa-283	405	13	study	study	NOUN
ajfa-283	405	14	for	for	ADP
ajfa-283	405	15	russia	russia	PROPN
ajfa-283	405	16	.	.	PUNCT
ajfa-283	406	1	working	work	VERB
ajfa-283	406	2	paper	paper	NOUN
ajfa-283	406	3	,	,	PUNCT
ajfa-283	406	4	corporate	corporate	ADJ
ajfa-283	406	5	finance	finance	NOUN
ajfa-283	406	6	center	center	NOUN
ajfa-283	406	7	,	,	PUNCT
ajfa-283	406	8	higher	high	ADJ
ajfa-283	406	9	school	school	NOUN
ajfa-283	406	10	of	of	ADP
ajfa-283	406	11	economics	economic	NOUN
ajfa-283	406	12	,	,	PUNCT
ajfa-283	406	13	moscow	moscow	PROPN
ajfa-283	406	14	,	,	PUNCT
ajfa-283	406	15	russia	russia	PROPN
ajfa-283	406	16	kaplan	kaplan	PROPN
ajfa-283	406	17	,	,	PUNCT
ajfa-283	406	18	s.	s.	PROPN
ajfa-283	406	19	n.	n.	PROPN
ajfa-283	406	20	,	,	PUNCT
ajfa-283	406	21	&	&	CCONJ
ajfa-283	406	22	ruback	ruback	PROPN
ajfa-283	406	23	,	,	PUNCT
ajfa-283	406	24	r.	r.	PROPN
ajfa-283	406	25	s.	s.	PROPN
ajfa-283	406	26	(	(	PUNCT
ajfa-283	406	27	1995	1995	NUM
ajfa-283	406	28	)	)	PUNCT
ajfa-283	406	29	.	.	PUNCT
ajfa-283	407	1	the	the	DET
ajfa-283	407	2	valuation	valuation	NOUN
ajfa-283	407	3	of	of	ADP
ajfa-283	407	4	cash	cash	NOUN
ajfa-283	407	5	flow	flow	NOUN
ajfa-283	407	6	forecasts	forecast	NOUN
ajfa-283	407	7	:	:	PUNCT
ajfa-283	407	8	an	an	DET
ajfa-283	407	9	empirical	empirical	ADJ
ajfa-283	407	10	analysis	analysis	NOUN
ajfa-283	407	11	.	.	PUNCT
ajfa-283	408	1	the	the	DET
ajfa-283	408	2	journal	journal	PROPN
ajfa-283	408	3	of	of	ADP
ajfa-283	408	4	finance	finance	NOUN
ajfa-283	408	5	,	,	PUNCT
ajfa-283	408	6	50	50	NUM
ajfa-283	408	7	,	,	PUNCT
ajfa-283	408	8	1059–1093	1059–1093	NUM
ajfa-283	408	9	kim	kim	PROPN
ajfa-283	408	10	,	,	PUNCT
ajfa-283	408	11	m.	m.	NOUN
ajfa-283	408	12	,	,	PUNCT
ajfa-283	408	13	&	&	CCONJ
ajfa-283	408	14	ritter	ritter	PROPN
ajfa-283	408	15	,	,	PUNCT
ajfa-283	408	16	j.	j.	PROPN
ajfa-283	408	17	(	(	PUNCT
ajfa-283	408	18	1999	1999	NUM
ajfa-283	408	19	)	)	PUNCT
ajfa-283	408	20	.	.	PUNCT
ajfa-283	409	1	valuing	value	VERB
ajfa-283	409	2	ipos	ipos	PROPN
ajfa-283	409	3	.	.	PUNCT
ajfa-283	410	1	journal	journal	PROPN
ajfa-283	410	2	of	of	ADP
ajfa-283	410	3	financial	financial	ADJ
ajfa-283	410	4	economics	economic	NOUN
ajfa-283	410	5	,	,	PUNCT
ajfa-283	410	6	53	53	NUM
ajfa-283	410	7	,	,	PUNCT
ajfa-283	410	8	409–37	409–37	NOUN
ajfa-283	410	9	.	.	PUNCT
ajfa-283	411	1	koutroumanidis	koutroumanidis	PROPN
ajfa-283	411	2	,	,	PUNCT
ajfa-283	411	3	t.	t.	PROPN
ajfa-283	411	4	,	,	PUNCT
ajfa-283	411	5	iliadis	iliadis	PROPN
ajfa-283	411	6	,	,	PUNCT
ajfa-283	411	7	l.	l.	PROPN
ajfa-283	411	8	,	,	PUNCT
ajfa-283	411	9	&	&	CCONJ
ajfa-283	411	10	sylaois	sylaois	PROPN
ajfa-283	411	11	,	,	PUNCT
ajfa-283	411	12	g.k	g.k	PROPN
ajfa-283	411	13	.	.	PROPN
ajfa-283	412	1	(	(	PUNCT
ajfa-283	412	2	1986).the	1986).the	DET
ajfa-283	412	3	fisher	fisher	PROPN
ajfa-283	412	4	hypothesis	hypothesis	NOUN
ajfa-283	412	5	under	under	ADP
ajfa-283	412	6	different	different	ADJ
ajfa-283	412	7	monetary	monetary	ADJ
ajfa-283	412	8	regime	regime	NOUN
ajfa-283	412	9	.	.	PUNCT
ajfa-283	413	1	the	the	DET
ajfa-283	413	2	review	review	NOUN
ajfa-283	413	3	of	of	ADP
ajfa-283	413	4	economics	economic	NOUN
ajfa-283	413	5	and	and	CCONJ
ajfa-283	413	6	statistics	statistic	NOUN
ajfa-283	413	7	,	,	PUNCT
ajfa-283	413	8	68	68	NUM
ajfa-283	413	9	,	,	PUNCT
ajfa-283	413	10	674	674	NUM
ajfa-283	413	11	-	-	SYM
ajfa-283	413	12	679	679	NUM
ajfa-283	413	13	liu	liu	PROPN
ajfa-283	413	14	,	,	PUNCT
ajfa-283	413	15	j.	j.	PROPN
ajfa-283	413	16	,	,	PUNCT
ajfa-283	413	17	nssim	nssim	PROPN
ajfa-283	413	18	,	,	PUNCT
ajfa-283	413	19	d.	d.	PROPN
ajfa-283	413	20	,	,	PUNCT
ajfa-283	413	21	&	&	CCONJ
ajfa-283	413	22	thomas	thomas	PROPN
ajfa-283	413	23	,	,	PUNCT
ajfa-283	413	24	j.	j.	PROPN
ajfa-283	413	25	(	(	PUNCT
ajfa-283	413	26	2002a).equity	2002a).equity	NOUN
ajfa-283	413	27	valuation	valuation	NOUN
ajfa-283	413	28	using	use	VERB
ajfa-283	413	29	multiples	multiple	NOUN
ajfa-283	413	30	.	.	PUNCT
ajfa-283	414	1	journal	journal	NOUN
ajfa-283	414	2	of	of	ADP
ajfa-283	414	3	accounting	accounting	NOUN
ajfa-283	414	4	research	research	NOUN
ajfa-283	414	5	,	,	PUNCT
ajfa-283	414	6	40	40	NUM
ajfa-283	414	7	,	,	PUNCT
ajfa-283	414	8	135	135	NUM
ajfa-283	414	9	-	-	SYM
ajfa-283	414	10	172	172	NUM
ajfa-283	414	11	liu	liu	PROPN
ajfa-283	414	12	,	,	PUNCT
ajfa-283	414	13	j.	j.	PROPN
ajfa-283	414	14	,	,	PUNCT
ajfa-283	414	15	nissim	nissim	PROPN
ajfa-283	414	16	,	,	PUNCT
ajfa-283	414	17	d.	d.	PROPN
ajfa-283	414	18	,	,	PUNCT
ajfa-283	414	19	&	&	CCONJ
ajfa-283	414	20	thomas	thomas	PROPN
ajfa-283	414	21	,	,	PUNCT
ajfa-283	414	22	j.	j.	PROPN
ajfa-283	414	23	(	(	PUNCT
ajfa-283	414	24	2002b	2002b	NUM
ajfa-283	414	25	)	)	PUNCT
ajfa-283	414	26	.	.	PUNCT
ajfa-283	415	1	international	international	ADJ
ajfa-283	415	2	equity	equity	NOUN
ajfa-283	415	3	valuation	valuation	NOUN
ajfa-283	415	4	using	use	VERB
ajfa-283	415	5	multiples	multiple	NOUN
ajfa-283	415	6	.	.	PUNCT
ajfa-283	416	1	working	work	VERB
ajfa-283	416	2	paper	paper	NOUN
ajfa-283	416	3	,	,	PUNCT
ajfa-283	416	4	anderson	anderson	PROPN
ajfa-283	416	5	graduate	graduate	PROPN
ajfa-283	416	6	school	school	PROPN
ajfa-283	416	7	of	of	ADP
ajfa-283	416	8	management	management	NOUN
ajfa-283	416	9	,	,	PUNCT
ajfa-283	416	10	university	university	NOUN
ajfa-283	416	11	of	of	ADP
ajfa-283	416	12	california	california	PROPN
ajfa-283	416	13	at	at	ADP
ajfa-283	416	14	los	los	PROPN
ajfa-283	416	15	angeles	angeles	PROPN
ajfa-283	416	16	.	.	PUNCT
ajfa-283	417	1	liu	liu	PROPN
ajfa-283	417	2	,	,	PUNCT
ajfa-283	417	3	j.	j.	PROPN
ajfa-283	417	4	,	,	PUNCT
ajfa-283	417	5	nissim	nissim	PROPN
ajfa-283	417	6	,	,	PUNCT
ajfa-283	417	7	d.	d.	PROPN
ajfa-283	417	8	,	,	PUNCT
ajfa-283	417	9	&	&	CCONJ
ajfa-283	417	10	thomas	thomas	PROPN
ajfa-283	417	11	,	,	PUNCT
ajfa-283	417	12	j.	j.	PROPN
ajfa-283	417	13	(	(	PUNCT
ajfa-283	417	14	2007	2007	NUM
ajfa-283	417	15	)	)	PUNCT
ajfa-283	417	16	.	.	PUNCT
ajfa-283	417	17	is	be	AUX
ajfa-283	417	18	cash	cash	NOUN
ajfa-283	417	19	flow	flow	NOUN
ajfa-283	417	20	king	king	NOUN
ajfa-283	417	21	in	in	ADP
ajfa-283	417	22	valuations	valuation	NOUN
ajfa-283	417	23	.	.	PUNCT
ajfa-283	418	1	financial	financial	ADJ
ajfa-283	418	2	analyst	analyst	NOUN
ajfa-283	418	3	journal	journal	NOUN
ajfa-283	418	4	,	,	PUNCT
ajfa-283	418	5	volume	volume	NOUN
ajfa-283	418	6	63	63	NUM
ajfa-283	418	7	,	,	PUNCT
ajfa-283	418	8	56	56	NUM
ajfa-283	418	9	-	-	SYM
ajfa-283	418	10	65	65	NUM
ajfa-283	418	11	.	.	PUNCT
ajfa-283	419	1	palepu	palepu	NOUN
ajfa-283	419	2	,	,	PUNCT
ajfa-283	419	3	k.	k.	PROPN
ajfa-283	419	4	,	,	PUNCT
ajfa-283	419	5	healey	healey	PROPN
ajfa-283	419	6	,	,	PUNCT
ajfa-283	419	7	p.	p.	PROPN
ajfa-283	419	8	,	,	PUNCT
ajfa-283	419	9	&	&	CCONJ
ajfa-283	419	10	bernard	bernard	PROPN
ajfa-283	419	11	,	,	PUNCT
ajfa-283	419	12	v.	v.	PROPN
ajfa-283	419	13	(	(	PUNCT
ajfa-283	419	14	2000).business	2000).business	NUM
ajfa-283	419	15	analysis	analysis	NOUN
ajfa-283	419	16	and	and	CCONJ
ajfa-283	419	17	valuation	valuation	NOUN
ajfa-283	419	18	(	(	PUNCT
ajfa-283	419	19	2nd	2nd	ADJ
ajfa-283	419	20	ed	ed	NOUN
ajfa-283	419	21	)	)	PUNCT
ajfa-283	419	22	.	.	PUNCT
ajfa-283	420	1	cincinnati	cincinnati	PROPN
ajfa-283	420	2	,	,	PUNCT
ajfa-283	420	3	ohio	ohio	PROPN
ajfa-283	420	4	:	:	PUNCT
ajfa-283	420	5	south	south	ADJ
ajfa-283	420	6	western	western	PROPN
ajfa-283	420	7	college	college	PROPN
ajfa-283	420	8	publishing	publishing	PROPN
ajfa-283	420	9	penman	penman	PROPN
ajfa-283	420	10	,	,	PUNCT
ajfa-283	420	11	s.	s.	PROPN
ajfa-283	420	12	h.	h.	PROPN
ajfa-283	420	13	(	(	PUNCT
ajfa-283	420	14	1996a	1996a	NUM
ajfa-283	420	15	)	)	PUNCT
ajfa-283	420	16	.	.	PUNCT
ajfa-283	421	1	the	the	DET
ajfa-283	421	2	articulation	articulation	NOUN
ajfa-283	421	3	of	of	ADP
ajfa-283	421	4	price	price	NOUN
ajfa-283	421	5	-	-	PUNCT
ajfa-283	421	6	earnings	earning	NOUN
ajfa-283	421	7	ratios	ratio	NOUN
ajfa-283	421	8	and	and	CCONJ
ajfa-283	421	9	market	market	NOUN
ajfa-283	421	10	–	–	PUNCT
ajfa-283	421	11	to	to	ADP
ajfa-283	421	12	book	book	NOUN
ajfa-283	421	13	ratios	ratio	NOUN
ajfa-283	421	14	and	and	CCONJ
ajfa-283	421	15	the	the	DET
ajfa-283	421	16	evolution	evolution	NOUN
ajfa-283	421	17	of	of	ADP
ajfa-283	421	18	growth	growth	NOUN
ajfa-283	421	19	.	.	PUNCT
ajfa-283	422	1	journal	journal	NOUN
ajfa-283	422	2	of	of	ADP
ajfa-283	422	3	accounting	accounting	NOUN
ajfa-283	422	4	research	research	NOUN
ajfa-283	422	5	,	,	PUNCT
ajfa-283	422	6	34	34	NUM
ajfa-283	422	7	,	,	PUNCT
ajfa-283	422	8	253	253	NUM
ajfa-283	422	9	-	-	SYM
ajfa-283	422	10	259	259	NUM
ajfa-283	422	11	penman	penman	NOUN
ajfa-283	422	12	,	,	PUNCT
ajfa-283	422	13	s.	s.	PROPN
ajfa-283	422	14	h.	h.	PROPN
ajfa-283	422	15	(	(	PUNCT
ajfa-283	422	16	1997	1997	NUM
ajfa-283	422	17	)	)	PUNCT
ajfa-283	422	18	.	.	PUNCT
ajfa-283	423	1	combining	combine	VERB
ajfa-283	423	2	earnings	earning	NOUN
ajfa-283	423	3	and	and	CCONJ
ajfa-283	423	4	book	book	NOUN
ajfa-283	423	5	value	value	NOUN
ajfa-283	423	6	in	in	ADP
ajfa-283	423	7	equity	equity	NOUN
ajfa-283	423	8	valuation	valuation	NOUN
ajfa-283	423	9	.	.	PUNCT
ajfa-283	424	1	working	work	VERB
ajfa-283	424	2	paper	paper	NOUN
ajfa-283	424	3	,	,	PUNCT
ajfa-283	424	4	columbia	columbia	PROPN
ajfa-283	424	5	university	university	PROPN
ajfa-283	424	6	,	,	PUNCT
ajfa-283	424	7	department	department	NOUN
ajfa-283	424	8	of	of	ADP
ajfa-283	424	9	accounting	account	VERB
ajfa-283	424	10	asain	asain	PROPN
ajfa-283	424	11	journal	journal	NOUN
ajfa-283	424	12	of	of	ADP
ajfa-283	424	13	finance	finance	PROPN
ajfa-283	424	14	&	&	CCONJ
ajfa-283	424	15	accounting	accounting	PROPN
ajfa-283	424	16	issn	issn	PROPN
ajfa-283	424	17	1946	1946	NUM
ajfa-283	424	18	-	-	PUNCT
ajfa-283	424	19	052x	052x	NOUN
ajfa-283	424	20	2010	2010	NUM
ajfa-283	424	21	,	,	PUNCT
ajfa-283	424	22	vol	vol	NOUN
ajfa-283	424	23	.	.	PROPN
ajfa-283	424	24	2	2	NUM
ajfa-283	424	25	,	,	PUNCT
ajfa-283	424	26	no	no	INTJ
ajfa-283	424	27	.	.	NOUN
ajfa-283	424	28	1	1	NUM
ajfa-283	424	29	:	:	PUNCT
ajfa-283	424	30	e4	e4	PROPN
ajfa-283	424	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-283	424	32	90	90	NUM
ajfa-283	424	33	sehgal	sehgal	ADJ
ajfa-283	424	34	,	,	PUNCT
ajfa-283	424	35	s.	s.	PROPN
ajfa-283	424	36	&	&	CCONJ
ajfa-283	424	37	pandey	pandey	PROPN
ajfa-283	424	38	,	,	PUNCT
ajfa-283	424	39	a.	a.	PROPN
ajfa-283	424	40	(	(	PUNCT
ajfa-283	424	41	2009	2009	NUM
ajfa-283	424	42	)	)	PUNCT
ajfa-283	424	43	.	.	PUNCT
ajfa-283	425	1	the	the	DET
ajfa-283	425	2	behavior	behavior	NOUN
ajfa-283	425	3	of	of	ADP
ajfa-283	425	4	price	price	NOUN
ajfa-283	425	5	multiples	multiple	NOUN
ajfa-283	425	6	in	in	ADP
ajfa-283	425	7	india	india	PROPN
ajfa-283	425	8	(	(	PUNCT
ajfa-283	425	9	1990	1990	NUM
ajfa-283	425	10	-	-	SYM
ajfa-283	425	11	2007	2007	NUM
ajfa-283	425	12	)	)	PUNCT
ajfa-283	425	13	.	.	PUNCT
ajfa-283	426	1	asian	asian	PROPN
ajfa-283	426	2	academy	academy	PROPN
ajfa-283	426	3	of	of	ADP
ajfa-283	426	4	management	management	PROPN
ajfa-283	426	5	journal	journal	PROPN
ajfa-283	426	6	of	of	ADP
ajfa-283	426	7	accounting	accounting	NOUN
ajfa-283	426	8	and	and	CCONJ
ajfa-283	426	9	finance	finance	NOUN
ajfa-283	426	10	,	,	PUNCT
ajfa-283	426	11	5	5	NUM
ajfa-283	426	12	,	,	PUNCT
ajfa-283	426	13	31	31	NUM
ajfa-283	426	14	-	-	SYM
ajfa-283	426	15	65	65	NUM
ajfa-283	426	16	sehgal	sehgal	PROPN
ajfa-283	426	17	,	,	PUNCT
ajfa-283	426	18	s.	s.	PROPN
ajfa-283	426	19	&	&	CCONJ
ajfa-283	426	20	pandey	pandey	PROPN
ajfa-283	426	21	,	,	PUNCT
ajfa-283	426	22	a.	a.	PROPN
ajfa-283	426	23	(	(	PUNCT
ajfa-283	426	24	2010	2010	NUM
ajfa-283	426	25	)	)	PUNCT
ajfa-283	426	26	.	.	PUNCT
ajfa-283	427	1	equity	equity	NOUN
ajfa-283	427	2	valuation	valuation	NOUN
ajfa-283	427	3	using	use	VERB
ajfa-283	427	4	price	price	NOUN
ajfa-283	427	5	multiples	multiple	NOUN
ajfa-283	427	6	:	:	PUNCT
ajfa-283	427	7	evidence	evidence	NOUN
ajfa-283	427	8	from	from	ADP
ajfa-283	427	9	india	india	PROPN
ajfa-283	427	10	.	.	PUNCT
ajfa-283	428	1	asian	asian	PROPN
ajfa-283	428	2	academy	academy	PROPN
ajfa-283	428	3	of	of	ADP
ajfa-283	428	4	management	management	PROPN
ajfa-283	428	5	journal	journal	PROPN
ajfa-283	428	6	of	of	ADP
ajfa-283	428	7	accounting	accounting	NOUN
ajfa-283	428	8	and	and	CCONJ
ajfa-283	428	9	finance	finance	NOUN
ajfa-283	428	10	,	,	PUNCT
ajfa-283	428	11	6	6	NUM
ajfa-283	428	12	,	,	PUNCT
ajfa-283	428	13	89	89	NUM
ajfa-283	428	14	-	-	SYM
ajfa-283	428	15	108	108	NUM
ajfa-283	428	16	tasker	tasker	NOUN
ajfa-283	428	17	,	,	PUNCT
ajfa-283	428	18	s.	s.	PROPN
ajfa-283	428	19	c.	c.	PROPN
ajfa-283	428	20	(	(	PUNCT
ajfa-283	428	21	1998	1998	NUM
ajfa-283	428	22	)	)	PUNCT
ajfa-283	428	23	.	.	PUNCT
ajfa-283	429	1	industry	industry	NOUN
ajfa-283	429	2	preferred	prefer	VERB
ajfa-283	429	3	multiples	multiple	NOUN
ajfa-283	429	4	in	in	ADP
ajfa-283	429	5	acquisition	acquisition	NOUN
ajfa-283	429	6	valuation	valuation	NOUN
ajfa-283	429	7	.	.	PUNCT
ajfa-283	430	1	working	work	VERB
ajfa-283	430	2	paper	paper	NOUN
ajfa-283	430	3	,	,	PUNCT
ajfa-283	430	4	cornell	cornell	PROPN
ajfa-283	430	5	university	university	PROPN
ajfa-283	430	6	,	,	PUNCT
ajfa-283	430	7	ithaca	ithaca	PROPN
ajfa-283	430	8	,	,	PUNCT
ajfa-283	430	9	ny	ny	PROPN
ajfa-283	430	10	thomas	thomas	PROPN
ajfa-283	430	11	,	,	PUNCT
ajfa-283	430	12	a.barthold	a.barthold	ADJ
ajfa-283	430	13	.	.	PUNCT
ajfa-283	430	14	,	,	PUNCT
ajfa-283	430	15	&	&	CCONJ
ajfa-283	430	16	william.r	william.r	PROPN
ajfa-283	430	17	,	,	PUNCT
ajfa-283	430	18	dougan	dougan	PROPN
ajfa-283	430	19	.	.	PUNCT
ajfa-283	431	1	(	(	PUNCT
ajfa-283	431	2	1986	1986	NUM
ajfa-283	431	3	)	)	PUNCT
ajfa-283	431	4	.	.	PUNCT
ajfa-283	432	1	the	the	DET
ajfa-283	432	2	fisher	fisher	PROPN
ajfa-283	432	3	hypothesis	hypothesis	NOUN
ajfa-283	432	4	under	under	ADP
ajfa-283	432	5	different	different	ADJ
ajfa-283	432	6	monetary	monetary	ADJ
ajfa-283	432	7	regimes	regime	NOUN
ajfa-283	432	8	.	.	PUNCT
ajfa-283	433	1	the	the	DET
ajfa-283	433	2	review	review	NOUN
ajfa-283	433	3	of	of	ADP
ajfa-283	433	4	economics	economic	NOUN
ajfa-283	433	5	and	and	CCONJ
ajfa-283	433	6	statistics	statistic	NOUN
ajfa-283	433	7	,	,	PUNCT
ajfa-283	433	8	68	68	NUM
ajfa-283	433	9	,	,	PUNCT
ajfa-283	433	10	674	674	NUM
ajfa-283	433	11	-	-	SYM
ajfa-283	433	12	679	679	NUM
ajfa-283	433	13	tables	table	NOUN
ajfa-283	433	14	table	table	NOUN
ajfa-283	433	15	1	1	NUM
ajfa-283	433	16	:	:	PUNCT
ajfa-283	433	17	standalone	standalone	ADJ
ajfa-283	433	18	value	value	NOUN
ajfa-283	433	19	drivers	driver	NOUN
ajfa-283	433	20	panel	panel	NOUN
ajfa-283	433	21	a	a	DET
ajfa-283	433	22	:	:	PUNCT
ajfa-283	433	23	root	root	NOUN
ajfa-283	433	24	mean	mean	NOUN
ajfa-283	433	25	squared	square	VERB
ajfa-283	433	26	error	error	NOUN
ajfa-283	433	27	eps	eps	PROPN
ajfa-283	433	28	bv	bv	PROPN
ajfa-283	433	29	sales	sales	PROPN
ajfa-283	433	30	india	india	PROPN
ajfa-283	433	31	245.371	245.371	NUM
ajfa-283	433	32	227.190	227.190	NUM
ajfa-283	433	33	266.736	266.736	NUM
ajfa-283	433	34	china	china	PROPN
ajfa-283	433	35	83.427	83.427	NUM
ajfa-283	433	36	82.111	82.111	NUM
ajfa-283	433	37	87.087	87.087	NUM
ajfa-283	433	38	brazil	brazil	PROPN
ajfa-283	433	39	740.142	740.142	NUM
ajfa-283	433	40	1137.737	1137.737	NUM
ajfa-283	433	41	1307.666	1307.666	NUM
ajfa-283	433	42	south	south	PROPN
ajfa-283	433	43	korea	korea	PROPN
ajfa-283	434	1	18196.243	18196.243	NUM
ajfa-283	435	1	7635.384	7635.384	NUM
ajfa-283	435	2	27903.628	27903.628	NUM
ajfa-283	435	3	south	south	PROPN
ajfa-283	435	4	africa	africa	PROPN
ajfa-283	435	5	220.254	220.254	NUM
ajfa-283	435	6	304.812	304.812	NUM
ajfa-283	435	7	303.202	303.202	NUM
ajfa-283	435	8	panel	panel	NOUN
ajfa-283	435	9	b	b	NOUN
ajfa-283	435	10	:	:	PUNCT
ajfa-283	435	11	thail	thail	NOUN
ajfa-283	435	12	inequality	inequality	NOUN
ajfa-283	435	13	coefficient	coefficient	PROPN
ajfa-283	435	14	eps	eps	PROPN
ajfa-283	435	15	bv	bv	PROPN
ajfa-283	435	16	sales	sales	PROPN
ajfa-283	435	17	india	india	PROPN
ajfa-283	435	18	0.392	0.392	NUM
ajfa-283	435	19	0.387	0.387	NUM
ajfa-283	435	20	0.434	0.434	NUM
ajfa-283	435	21	china	china	PROPN
ajfa-283	435	22	0.526	0.526	NUM
ajfa-283	435	23	0.527	0.527	NUM
ajfa-283	435	24	0.538	0.538	NUM
ajfa-283	435	25	brazil	brazil	PROPN
ajfa-283	435	26	0.287	0.287	NUM
ajfa-283	435	27	0.427	0.427	NUM
ajfa-283	435	28	0.429	0.429	NUM
ajfa-283	435	29	south	south	NOUN
ajfa-283	435	30	korea	korea	PROPN
ajfa-283	435	31	0.763	0.763	NUM
ajfa-283	435	32	0.325	0.325	NUM
ajfa-283	435	33	0.656	0.656	NUM
ajfa-283	435	34	south	south	PROPN
ajfa-283	435	35	africa	africa	PROPN
ajfa-283	435	36	0.288	0.288	NUM
ajfa-283	435	37	0.348	0.348	NUM
ajfa-283	435	38	0.398	0.398	NUM
ajfa-283	435	39	asain	asain	ADJ
ajfa-283	435	40	journal	journal	NOUN
ajfa-283	435	41	of	of	ADP
ajfa-283	435	42	finance	finance	PROPN
ajfa-283	435	43	&	&	CCONJ
ajfa-283	435	44	accounting	accounting	PROPN
ajfa-283	435	45	issn	issn	PROPN
ajfa-283	435	46	1946	1946	NUM
ajfa-283	435	47	-	-	PUNCT
ajfa-283	435	48	052x	052x	NOUN
ajfa-283	435	49	2010	2010	NUM
ajfa-283	435	50	,	,	PUNCT
ajfa-283	435	51	vol	vol	NOUN
ajfa-283	435	52	.	.	PROPN
ajfa-283	435	53	2	2	NUM
ajfa-283	435	54	,	,	PUNCT
ajfa-283	435	55	no	no	INTJ
ajfa-283	435	56	.	.	NOUN
ajfa-283	435	57	1	1	NUM
ajfa-283	435	58	:	:	PUNCT
ajfa-283	435	59	e4	e4	PROPN
ajfa-283	435	60	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-283	435	61	91	91	NUM
ajfa-283	435	62	table	table	NOUN
ajfa-283	435	63	2	2	NUM
ajfa-283	435	64	:	:	PUNCT
ajfa-283	435	65	pairwise	pairwise	NOUN
ajfa-283	435	66	combination	combination	NOUN
ajfa-283	435	67	of	of	ADP
ajfa-283	435	68	value	value	NOUN
ajfa-283	435	69	drivers	driver	NOUN
ajfa-283	435	70	panel	panel	NOUN
ajfa-283	435	71	a	a	PRON
ajfa-283	435	72	:	:	PUNCT
ajfa-283	435	73	root	root	NOUN
ajfa-283	435	74	mean	mean	VERB
ajfa-283	435	75	squared	square	VERB
ajfa-283	435	76	error	error	NOUN
ajfa-283	435	77	eps	eps	PROPN
ajfa-283	435	78	-	-	PUNCT
ajfa-283	435	79	bv	bv	PROPN
ajfa-283	435	80	eps	eps	PROPN
ajfa-283	435	81	-	-	PUNCT
ajfa-283	435	82	sales	sale	NOUN
ajfa-283	435	83	bv	bv	PROPN
ajfa-283	435	84	-	-	ADJ
ajfa-283	435	85	sales	sales	ADJ
ajfa-283	435	86	india	india	PROPN
ajfa-283	435	87	1672.848	1672.848	PROPN
ajfa-283	435	88	257.125	257.125	NUM
ajfa-283	435	89	255.150	255.150	NUM
ajfa-283	435	90	china	china	PROPN
ajfa-283	435	91	126.842	126.842	NUM
ajfa-283	435	92	83.142	83.142	NUM
ajfa-283	435	93	82.239	82.239	NUM
ajfa-283	435	94	brazil	brazil	PROPN
ajfa-283	435	95	325.810	325.810	NUM
ajfa-283	435	96	643227.393	643227.393	NUM
ajfa-283	435	97	1090.400	1090.400	NUM
ajfa-283	435	98	south	south	PROPN
ajfa-283	435	99	korea	korea	PROPN
ajfa-283	435	100	4268.134	4268.134	NUM
ajfa-283	436	1	9748.881	9748.881	NUM
ajfa-283	436	2	12061.061	12061.061	NUM
ajfa-283	436	3	south	south	PROPN
ajfa-283	436	4	africa	africa	PROPN
ajfa-283	436	5	229.338	229.338	NUM
ajfa-283	436	6	308.101	308.101	NUM
ajfa-283	436	7	684.993	684.993	NUM
ajfa-283	436	8	table	table	NOUN
ajfa-283	436	9	3	3	NUM
ajfa-283	436	10	:	:	PUNCT
ajfa-283	436	11	sector	sector	NOUN
ajfa-283	436	12	vs	vs	ADP
ajfa-283	436	13	market	market	NOUN
ajfa-283	436	14	regressions	regression	NOUN
ajfa-283	436	15	for	for	ADP
ajfa-283	436	16	india	india	PROPN
ajfa-283	436	17	root	root	PROPN
ajfa-283	436	18	mean	mean	VERB
ajfa-283	436	19	squared	square	VERB
ajfa-283	436	20	error	error	NOUN
ajfa-283	436	21	thail	thail	NOUN
ajfa-283	436	22	inequality	inequality	NOUN
ajfa-283	436	23	coefficient	coefficient	NOUN
ajfa-283	436	24	sector	sector	NOUN
ajfa-283	436	25	regression	regression	NOUN
ajfa-283	436	26	market	market	NOUN
ajfa-283	436	27	regression	regression	NOUN
ajfa-283	436	28	sector	sector	NOUN
ajfa-283	436	29	regression	regression	NOUN
ajfa-283	436	30	market	market	NOUN
ajfa-283	436	31	regression	regression	NOUN
ajfa-283	436	32	eps	eps	ADP
ajfa-283	436	33	290.91	290.91	NUM
ajfa-283	436	34	245.371	245.371	NUM
ajfa-283	436	35	0.418	0.418	NUM
ajfa-283	436	36	0.392	0.392	NUM
ajfa-283	436	37	bv	bv	PROPN
ajfa-283	436	38	322.321	322.321	NUM
ajfa-283	436	39	227.190	227.190	NUM
ajfa-283	436	40	0.456	0.456	NUM
ajfa-283	436	41	0.387	0.387	NUM
ajfa-283	436	42	sales	sale	NOUN
ajfa-283	436	43	678.838	678.838	NUM
ajfa-283	436	44	266.736	266.736	NUM
ajfa-283	436	45	0.648	0.648	NUM
ajfa-283	436	46	0.434	0.434	NUM
ajfa-283	436	47	eps	eps	PROPN
ajfa-283	436	48	-	-	PUNCT
ajfa-283	436	49	bv	bv	PROPN
ajfa-283	436	50	9166.62	9166.62	NUM
ajfa-283	436	51	1672.848	1672.848	NUM
ajfa-283	436	52	0.960	0.960	NUM
ajfa-283	436	53	0.825	0.825	NUM
ajfa-283	436	54	eps	ep	NOUN
ajfa-283	436	55	-	-	PUNCT
ajfa-283	436	56	sales	sale	NOUN
ajfa-283	436	57	560.851	560.851	NUM
ajfa-283	436	58	257.125	257.125	NUM
ajfa-283	436	59	0.576	0.576	NUM
ajfa-283	436	60	0.389	0.389	NUM
ajfa-283	436	61	bv	bv	NOUN
ajfa-283	436	62	-	-	PUNCT
ajfa-283	436	63	sales	sales	ADJ
ajfa-283	436	64	332.357	332.357	NUM
ajfa-283	436	65	255.150	255.150	NUM
ajfa-283	436	66	0.440	0.440	NUM
ajfa-283	436	67	0.395	0.395	NUM
ajfa-283	436	68	copyright	copyright	NOUN
ajfa-283	436	69	disclaimer	disclaimer	NOUN
ajfa-283	436	70	copyright	copyright	NOUN
ajfa-283	436	71	reserved	reserve	VERB
ajfa-283	436	72	by	by	ADP
ajfa-283	436	73	the	the	DET
ajfa-283	436	74	author(s	author(s	NOUN
ajfa-283	436	75	)	)	PUNCT
ajfa-283	436	76	.	.	PUNCT
ajfa-283	437	1	this	this	DET
ajfa-283	437	2	article	article	NOUN
ajfa-283	437	3	is	be	AUX
ajfa-283	437	4	an	an	DET
ajfa-283	437	5	open	open	ADJ
ajfa-283	437	6	-	-	PUNCT
ajfa-283	437	7	access	access	NOUN
ajfa-283	437	8	article	article	NOUN
ajfa-283	437	9	distributed	distribute	VERB
ajfa-283	437	10	under	under	ADP
ajfa-283	437	11	the	the	DET
ajfa-283	437	12	terms	term	NOUN
ajfa-283	437	13	and	and	CCONJ
ajfa-283	437	14	conditions	condition	NOUN
ajfa-283	437	15	of	of	ADP
ajfa-283	437	16	the	the	DET
ajfa-283	437	17	creative	creative	ADJ
ajfa-283	437	18	commons	common	NOUN
ajfa-283	437	19	attribution	attribution	NOUN
ajfa-283	437	20	license	license	NOUN
ajfa-283	437	21	(	(	PUNCT
ajfa-283	437	22	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-283	437	23	)	)	PUNCT
ajfa-283	437	24	.	.	PUNCT
ajfa-283	438	1	panel	panel	NOUN
ajfa-283	438	2	b	b	NOUN
ajfa-283	438	3	:	:	PUNCT
ajfa-283	438	4	thail	thail	NOUN
ajfa-283	438	5	inequality	inequality	NOUN
ajfa-283	438	6	coefficient	coefficient	PROPN
ajfa-283	438	7	eps	eps	PROPN
ajfa-283	438	8	-	-	PUNCT
ajfa-283	438	9	bv	bv	PROPN
ajfa-283	438	10	eps	eps	PROPN
ajfa-283	438	11	-	-	PUNCT
ajfa-283	438	12	sales	sale	NOUN
ajfa-283	438	13	bv	bv	PROPN
ajfa-283	438	14	-	-	ADJ
ajfa-283	438	15	sales	sales	ADJ
ajfa-283	438	16	india	india	PROPN
ajfa-283	438	17	0.825	0.825	NUM
ajfa-283	438	18	0.389	0.389	NUM
ajfa-283	438	19	0.395	0.395	NUM
ajfa-283	438	20	china	china	NOUN
ajfa-283	438	21	0.662	0.662	NUM
ajfa-283	438	22	0.527	0.527	NUM
ajfa-283	438	23	0.526	0.526	NUM
ajfa-283	438	24	brazil	brazil	PROPN
ajfa-283	438	25	0.235	0.235	NUM
ajfa-283	438	26	0.998	0.998	NUM
ajfa-283	438	27	0.423	0.423	NUM
ajfa-283	438	28	south	south	PROPN
ajfa-283	438	29	korea	korea	PROPN
ajfa-283	438	30	0.339	0.339	NUM
ajfa-283	438	31	0.575	0.575	NUM
ajfa-283	438	32	0.530	0.530	NUM
ajfa-283	438	33	south	south	NOUN
ajfa-283	438	34	africa	africa	PROPN
ajfa-283	438	35	0.276	0.276	NUM
ajfa-283	438	36	0.359	0.359	NUM
ajfa-283	438	37	0.569	0.569	NUM