id	sid	tid	token	lemma	pos
ajfa-3687	1	1	microsoft	microsoft	PROPN
ajfa-3687	1	2	word	word	NOUN
ajfa-3687	1	3	3687-13892-1-sm-writer2-new.doc	3687-13892-1-sm-writer2-new.doc	NUM
ajfa-3687	1	4	asian	asian	ADJ
ajfa-3687	1	5	journal	journal	NOUN
ajfa-3687	1	6	of	of	ADP
ajfa-3687	1	7	finance	finance	PROPN
ajfa-3687	1	8	&	&	CCONJ
ajfa-3687	1	9	accounting	accounting	PROPN
ajfa-3687	1	10	issn	issn	PROPN
ajfa-3687	1	11	1946	1946	NUM
ajfa-3687	1	12	-	-	PUNCT
ajfa-3687	1	13	052x	052x	NOUN
ajfa-3687	1	14	2013	2013	NUM
ajfa-3687	1	15	,	,	PUNCT
ajfa-3687	1	16	vol	vol	NOUN
ajfa-3687	1	17	.	.	PROPN
ajfa-3687	1	18	5	5	NUM
ajfa-3687	1	19	,	,	PUNCT
ajfa-3687	1	20	no	no	INTJ
ajfa-3687	1	21	.	.	NOUN
ajfa-3687	1	22	1	1	NUM
ajfa-3687	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	1	24	396	396	NUM
ajfa-3687	1	25	the	the	DET
ajfa-3687	1	26	global	global	ADJ
ajfa-3687	1	27	financial	financial	ADJ
ajfa-3687	1	28	crisis	crisis	NOUN
ajfa-3687	1	29	and	and	CCONJ
ajfa-3687	1	30	the	the	DET
ajfa-3687	1	31	role	role	NOUN
ajfa-3687	1	32	of	of	ADP
ajfa-3687	1	33	ownership	ownership	NOUN
ajfa-3687	1	34	structure	structure	NOUN
ajfa-3687	1	35	on	on	ADP
ajfa-3687	1	36	cost	cost	NOUN
ajfa-3687	1	37	of	of	ADP
ajfa-3687	1	38	capital	capital	PROPN
ajfa-3687	1	39	salman	salman	PROPN
ajfa-3687	1	40	afkhami	afkhami	PROPN
ajfa-3687	1	41	rad	rad	PROPN
ajfa-3687	1	42	department	department	PROPN
ajfa-3687	1	43	of	of	ADP
ajfa-3687	1	44	finance	finance	NOUN
ajfa-3687	1	45	,	,	PUNCT
ajfa-3687	1	46	waikato	waikato	NOUN
ajfa-3687	1	47	management	management	NOUN
ajfa-3687	1	48	school	school	NOUN
ajfa-3687	1	49	,	,	PUNCT
ajfa-3687	1	50	the	the	DET
ajfa-3687	1	51	university	university	PROPN
ajfa-3687	1	52	of	of	ADP
ajfa-3687	1	53	waikato	waikato	PROPN
ajfa-3687	1	54	hamilton	hamilton	PROPN
ajfa-3687	1	55	,	,	PUNCT
ajfa-3687	1	56	new	new	PROPN
ajfa-3687	1	57	zealand	zealand	PROPN
ajfa-3687	1	58	tel	tel	PROPN
ajfa-3687	1	59	:	:	PUNCT
ajfa-3687	1	60	64	64	NUM
ajfa-3687	1	61	-	-	PUNCT
ajfa-3687	1	62	7838	7838	NUM
ajfa-3687	1	63	-	-	SYM
ajfa-3687	1	64	4466	4466	NUM
ajfa-3687	1	65	e	e	NOUN
ajfa-3687	1	66	-	-	NOUN
ajfa-3687	1	67	mail	mail	NOUN
ajfa-3687	1	68	:	:	PUNCT
ajfa-3687	1	69	sa177@waikato.ac.nz	sa177@waikato.ac.nz	PROPN
ajfa-3687	1	70	professor	professor	PROPN
ajfa-3687	1	71	stuart	stuart	PROPN
ajfa-3687	1	72	locke	locke	PROPN
ajfa-3687	1	73	dean	dean	PROPN
ajfa-3687	1	74	of	of	ADP
ajfa-3687	1	75	finance	finance	PROPN
ajfa-3687	1	76	department	department	PROPN
ajfa-3687	1	77	,	,	PUNCT
ajfa-3687	1	78	waikato	waikato	NOUN
ajfa-3687	1	79	management	management	NOUN
ajfa-3687	1	80	school	school	NOUN
ajfa-3687	1	81	,	,	PUNCT
ajfa-3687	1	82	the	the	DET
ajfa-3687	1	83	university	university	PROPN
ajfa-3687	1	84	of	of	ADP
ajfa-3687	1	85	waikato	waikato	PROPN
ajfa-3687	1	86	hamilton	hamilton	PROPN
ajfa-3687	1	87	,	,	PUNCT
ajfa-3687	2	1	new	new	PROPN
ajfa-3687	2	2	zealand	zealand	PROPN
ajfa-3687	2	3	tel	tel	PROPN
ajfa-3687	2	4	:	:	PUNCT
ajfa-3687	2	5	64	64	NUM
ajfa-3687	2	6	-	-	PUNCT
ajfa-3687	2	7	7838	7838	NUM
ajfa-3687	2	8	-	-	SYM
ajfa-3687	2	9	4466	4466	NUM
ajfa-3687	2	10	e	e	NOUN
ajfa-3687	2	11	-	-	NOUN
ajfa-3687	2	12	mail	mail	NOUN
ajfa-3687	2	13	:	:	PUNCT
ajfa-3687	2	14	smlocke@waikato.ac.nz	smlocke@waikato.ac.nz	PROPN
ajfa-3687	2	15	dr	dr	PROPN
ajfa-3687	2	16	.	.	PROPN
ajfa-3687	2	17	krishna	krishna	PROPN
ajfa-3687	2	18	reddy	reddy	PROPN
ajfa-3687	2	19	lecturer	lecturer	NOUN
ajfa-3687	2	20	at	at	ADP
ajfa-3687	2	21	finance	finance	PROPN
ajfa-3687	2	22	department	department	PROPN
ajfa-3687	2	23	,	,	PUNCT
ajfa-3687	2	24	waikato	waikato	NOUN
ajfa-3687	2	25	management	management	NOUN
ajfa-3687	2	26	school	school	NOUN
ajfa-3687	2	27	,	,	PUNCT
ajfa-3687	2	28	the	the	DET
ajfa-3687	2	29	university	university	PROPN
ajfa-3687	2	30	of	of	ADP
ajfa-3687	2	31	waikato	waikato	PROPN
ajfa-3687	2	32	hamilton	hamilton	PROPN
ajfa-3687	2	33	,	,	PUNCT
ajfa-3687	2	34	new	new	PROPN
ajfa-3687	2	35	zealand	zealand	PROPN
ajfa-3687	2	36	tel	tel	PROPN
ajfa-3687	2	37	:	:	PUNCT
ajfa-3687	2	38	64	64	NUM
ajfa-3687	2	39	-	-	PUNCT
ajfa-3687	2	40	7838	7838	NUM
ajfa-3687	2	41	-	-	SYM
ajfa-3687	2	42	4466	4466	NUM
ajfa-3687	2	43	e	e	NOUN
ajfa-3687	2	44	-	-	NOUN
ajfa-3687	2	45	mail	mail	NOUN
ajfa-3687	2	46	:	:	PUNCT
ajfa-3687	2	47	krishna@waikato.ac.nz	krishna@waikato.ac.nz	NOUN
ajfa-3687	2	48	received	receive	VERB
ajfa-3687	2	49	:	:	PUNCT
ajfa-3687	2	50	may	may	AUX
ajfa-3687	2	51	12	12	NUM
ajfa-3687	2	52	,	,	PUNCT
ajfa-3687	2	53	2013	2013	NUM
ajfa-3687	2	54	accepted	accept	VERB
ajfa-3687	2	55	:	:	PUNCT
ajfa-3687	2	56	may	may	AUX
ajfa-3687	2	57	30	30	NUM
ajfa-3687	2	58	,	,	PUNCT
ajfa-3687	2	59	2013	2013	NUM
ajfa-3687	2	60	published	publish	VERB
ajfa-3687	2	61	:	:	PUNCT
ajfa-3687	2	62	june	june	PROPN
ajfa-3687	2	63	17	17	NUM
ajfa-3687	2	64	,	,	PUNCT
ajfa-3687	2	65	2013	2013	NUM
ajfa-3687	2	66	doi:10.5296	doi:10.5296	NOUN
ajfa-3687	2	67	/	/	SYM
ajfa-3687	2	68	ajfa.v5i1.3687	ajfa.v5i1.3687	SYM
ajfa-3687	2	69	url	url	PROPN
ajfa-3687	2	70	:	:	PUNCT
ajfa-3687	2	71	http://dx.doi.org/10.5296/ajfa.v5i1.3687	http://dx.doi.org/10.5296/ajfa.v5i1.3687	CCONJ
ajfa-3687	2	72	abstract	abstract	ADJ
ajfa-3687	2	73	this	this	DET
ajfa-3687	2	74	paper	paper	NOUN
ajfa-3687	2	75	explores	explore	VERB
ajfa-3687	2	76	the	the	DET
ajfa-3687	2	77	relationship	relationship	NOUN
ajfa-3687	2	78	between	between	ADP
ajfa-3687	2	79	ownership	ownership	NOUN
ajfa-3687	2	80	structure	structure	NOUN
ajfa-3687	2	81	and	and	CCONJ
ajfa-3687	2	82	cost	cost	NOUN
ajfa-3687	2	83	of	of	ADP
ajfa-3687	2	84	capital	capital	NOUN
ajfa-3687	2	85	.	.	PUNCT
ajfa-3687	3	1	prior	prior	ADJ
ajfa-3687	3	2	studies	study	NOUN
ajfa-3687	3	3	have	have	AUX
ajfa-3687	3	4	established	establish	VERB
ajfa-3687	3	5	links	link	NOUN
ajfa-3687	3	6	between	between	ADP
ajfa-3687	3	7	ownership	ownership	NOUN
ajfa-3687	3	8	structure	structure	NOUN
ajfa-3687	3	9	,	,	PUNCT
ajfa-3687	3	10	firm	firm	ADJ
ajfa-3687	3	11	performance	performance	NOUN
ajfa-3687	3	12	and	and	CCONJ
ajfa-3687	3	13	cost	cost	NOUN
ajfa-3687	3	14	of	of	ADP
ajfa-3687	3	15	capital	capital	NOUN
ajfa-3687	3	16	but	but	CCONJ
ajfa-3687	3	17	their	their	PRON
ajfa-3687	3	18	results	result	NOUN
ajfa-3687	3	19	are	be	AUX
ajfa-3687	3	20	mixed	mixed	ADJ
ajfa-3687	3	21	and	and	CCONJ
ajfa-3687	3	22	inconclusive	inconclusive	ADJ
ajfa-3687	3	23	.	.	PUNCT
ajfa-3687	4	1	as	as	SCONJ
ajfa-3687	4	2	ownership	ownership	NOUN
ajfa-3687	4	3	structure	structure	NOUN
ajfa-3687	4	4	is	be	AUX
ajfa-3687	4	5	one	one	NUM
ajfa-3687	4	6	of	of	ADP
ajfa-3687	4	7	the	the	DET
ajfa-3687	4	8	important	important	ADJ
ajfa-3687	4	9	issues	issue	NOUN
ajfa-3687	4	10	faced	face	VERB
ajfa-3687	4	11	by	by	ADP
ajfa-3687	4	12	corporates	corporate	NOUN
ajfa-3687	4	13	,	,	PUNCT
ajfa-3687	4	14	especially	especially	ADV
ajfa-3687	4	15	in	in	ADP
ajfa-3687	4	16	listed	list	VERB
ajfa-3687	4	17	companies	company	NOUN
ajfa-3687	4	18	,	,	PUNCT
ajfa-3687	4	19	the	the	DET
ajfa-3687	4	20	objective	objective	NOUN
ajfa-3687	4	21	of	of	ADP
ajfa-3687	4	22	this	this	DET
ajfa-3687	4	23	study	study	NOUN
ajfa-3687	4	24	is	be	AUX
ajfa-3687	4	25	to	to	PART
ajfa-3687	4	26	explore	explore	VERB
ajfa-3687	4	27	the	the	DET
ajfa-3687	4	28	relationship	relationship	NOUN
ajfa-3687	4	29	between	between	ADP
ajfa-3687	4	30	ownership	ownership	NOUN
ajfa-3687	4	31	structure	structure	NOUN
ajfa-3687	4	32	and	and	CCONJ
ajfa-3687	4	33	cost	cost	NOUN
ajfa-3687	4	34	of	of	ADP
ajfa-3687	4	35	capital	capital	NOUN
ajfa-3687	4	36	in	in	ADP
ajfa-3687	4	37	listed	list	VERB
ajfa-3687	4	38	companies	company	NOUN
ajfa-3687	4	39	.	.	PUNCT
ajfa-3687	5	1	in	in	ADP
ajfa-3687	5	2	addition	addition	NOUN
ajfa-3687	5	3	,	,	PUNCT
ajfa-3687	5	4	the	the	DET
ajfa-3687	5	5	role	role	NOUN
ajfa-3687	5	6	ownership	ownership	NOUN
ajfa-3687	5	7	structure	structure	NOUN
ajfa-3687	5	8	plays	play	NOUN
ajfa-3687	5	9	is	be	AUX
ajfa-3687	5	10	regarded	regard	VERB
ajfa-3687	5	11	as	as	ADP
ajfa-3687	5	12	important	important	ADJ
ajfa-3687	5	13	;	;	PUNCT
ajfa-3687	5	14	the	the	DET
ajfa-3687	5	15	expectation	expectation	NOUN
ajfa-3687	5	16	of	of	ADP
ajfa-3687	5	17	managers	manager	NOUN
ajfa-3687	5	18	and	and	CCONJ
ajfa-3687	5	19	shareholders	shareholder	NOUN
ajfa-3687	5	20	is	be	AUX
ajfa-3687	5	21	to	to	PART
ajfa-3687	5	22	determine	determine	VERB
ajfa-3687	5	23	the	the	DET
ajfa-3687	5	24	optimal	optimal	ADJ
ajfa-3687	5	25	ownership	ownership	NOUN
ajfa-3687	5	26	structure	structure	NOUN
ajfa-3687	5	27	that	that	PRON
ajfa-3687	5	28	protects	protect	VERB
ajfa-3687	5	29	companies	company	NOUN
ajfa-3687	5	30	in	in	ADP
ajfa-3687	5	31	normal	normal	ADJ
ajfa-3687	5	32	and	and	CCONJ
ajfa-3687	5	33	in	in	ADP
ajfa-3687	5	34	crisis	crisis	NOUN
ajfa-3687	5	35	situations	situation	NOUN
ajfa-3687	5	36	as	as	ADV
ajfa-3687	5	37	well	well	ADV
ajfa-3687	5	38	.	.	PUNCT
ajfa-3687	6	1	therefore	therefore	ADV
ajfa-3687	6	2	,	,	PUNCT
ajfa-3687	6	3	this	this	DET
ajfa-3687	6	4	study	study	NOUN
ajfa-3687	6	5	asian	asian	ADJ
ajfa-3687	6	6	journal	journal	PROPN
ajfa-3687	6	7	of	of	ADP
ajfa-3687	6	8	finance	finance	PROPN
ajfa-3687	6	9	&	&	CCONJ
ajfa-3687	6	10	accounting	accounting	PROPN
ajfa-3687	6	11	issn	issn	PROPN
ajfa-3687	6	12	1946	1946	NUM
ajfa-3687	6	13	-	-	PUNCT
ajfa-3687	6	14	052x	052x	NOUN
ajfa-3687	6	15	2013	2013	NUM
ajfa-3687	6	16	,	,	PUNCT
ajfa-3687	6	17	vol	vol	NOUN
ajfa-3687	6	18	.	.	PROPN
ajfa-3687	6	19	5	5	NUM
ajfa-3687	6	20	,	,	PUNCT
ajfa-3687	6	21	no	no	INTJ
ajfa-3687	6	22	.	.	NOUN
ajfa-3687	6	23	1	1	NUM
ajfa-3687	6	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	6	25	397	397	NUM
ajfa-3687	6	26	explores	explore	VERB
ajfa-3687	6	27	the	the	DET
ajfa-3687	6	28	role	role	NOUN
ajfa-3687	6	29	ownership	ownership	NOUN
ajfa-3687	6	30	structure	structure	NOUN
ajfa-3687	6	31	plays	play	VERB
ajfa-3687	6	32	in	in	ADP
ajfa-3687	6	33	determining	determine	VERB
ajfa-3687	6	34	the	the	DET
ajfa-3687	6	35	cost	cost	NOUN
ajfa-3687	6	36	of	of	ADP
ajfa-3687	6	37	capital	capital	NOUN
ajfa-3687	6	38	during	during	ADP
ajfa-3687	6	39	and	and	CCONJ
ajfa-3687	6	40	after	after	ADP
ajfa-3687	6	41	the	the	DET
ajfa-3687	6	42	financial	financial	ADJ
ajfa-3687	6	43	crisis	crisis	NOUN
ajfa-3687	6	44	period	period	NOUN
ajfa-3687	6	45	.	.	PUNCT
ajfa-3687	7	1	after	after	ADP
ajfa-3687	7	2	employing	employ	VERB
ajfa-3687	7	3	the	the	DET
ajfa-3687	7	4	panel	panel	NOUN
ajfa-3687	7	5	regression	regression	NOUN
ajfa-3687	7	6	method	method	NOUN
ajfa-3687	7	7	,	,	PUNCT
ajfa-3687	7	8	we	we	PRON
ajfa-3687	7	9	report	report	VERB
ajfa-3687	7	10	a	a	DET
ajfa-3687	7	11	negative	negative	ADJ
ajfa-3687	7	12	relationship	relationship	NOUN
ajfa-3687	7	13	between	between	ADP
ajfa-3687	7	14	the	the	DET
ajfa-3687	7	15	ownership	ownership	NOUN
ajfa-3687	7	16	structure	structure	NOUN
ajfa-3687	7	17	and	and	CCONJ
ajfa-3687	7	18	cost	cost	NOUN
ajfa-3687	7	19	of	of	ADP
ajfa-3687	7	20	capital	capital	NOUN
ajfa-3687	7	21	during	during	ADP
ajfa-3687	7	22	a	a	DET
ajfa-3687	7	23	global	global	ADJ
ajfa-3687	7	24	financial	financial	ADJ
ajfa-3687	7	25	crisis	crisis	NOUN
ajfa-3687	7	26	.	.	PUNCT
ajfa-3687	8	1	keywords	keyword	NOUN
ajfa-3687	8	2	:	:	PUNCT
ajfa-3687	8	3	global	global	ADJ
ajfa-3687	8	4	financial	financial	ADJ
ajfa-3687	8	5	crisis	crisis	NOUN
ajfa-3687	8	6	,	,	PUNCT
ajfa-3687	8	7	ownership	ownership	NOUN
ajfa-3687	8	8	structure	structure	NOUN
ajfa-3687	8	9	,	,	PUNCT
ajfa-3687	8	10	cost	cost	NOUN
ajfa-3687	8	11	of	of	ADP
ajfa-3687	8	12	equity	equity	NOUN
ajfa-3687	8	13	capital	capital	NOUN
ajfa-3687	8	14	asian	asian	PROPN
ajfa-3687	8	15	journal	journal	PROPN
ajfa-3687	8	16	of	of	ADP
ajfa-3687	8	17	finance	finance	PROPN
ajfa-3687	8	18	&	&	CCONJ
ajfa-3687	8	19	accounting	accounting	PROPN
ajfa-3687	8	20	issn	issn	PROPN
ajfa-3687	8	21	1946	1946	NUM
ajfa-3687	8	22	-	-	PUNCT
ajfa-3687	8	23	052x	052x	NOUN
ajfa-3687	8	24	2013	2013	NUM
ajfa-3687	8	25	,	,	PUNCT
ajfa-3687	8	26	vol	vol	NOUN
ajfa-3687	8	27	.	.	PROPN
ajfa-3687	8	28	5	5	NUM
ajfa-3687	8	29	,	,	PUNCT
ajfa-3687	8	30	no	no	INTJ
ajfa-3687	8	31	.	.	NOUN
ajfa-3687	8	32	1	1	NUM
ajfa-3687	8	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	8	34	398	398	NUM
ajfa-3687	8	35	introduction	introduction	NOUN
ajfa-3687	8	36	global	global	ADJ
ajfa-3687	8	37	financial	financial	ADJ
ajfa-3687	8	38	markets	market	NOUN
ajfa-3687	8	39	regardless	regardless	ADV
ajfa-3687	8	40	of	of	ADP
ajfa-3687	8	41	their	their	PRON
ajfa-3687	8	42	distance	distance	NOUN
ajfa-3687	8	43	or	or	CCONJ
ajfa-3687	8	44	openness	openness	NOUN
ajfa-3687	8	45	,	,	PUNCT
ajfa-3687	8	46	exogenously	exogenously	ADV
ajfa-3687	8	47	were	be	AUX
ajfa-3687	8	48	affected	affect	VERB
ajfa-3687	8	49	by	by	ADP
ajfa-3687	8	50	the	the	DET
ajfa-3687	8	51	global	global	ADJ
ajfa-3687	8	52	financial	financial	ADJ
ajfa-3687	8	53	crisis	crisis	NOUN
ajfa-3687	8	54	in	in	ADP
ajfa-3687	8	55	2007	2007	NUM
ajfa-3687	8	56	(	(	PUNCT
ajfa-3687	8	57	bedford	bedford	NOUN
ajfa-3687	8	58	,	,	PUNCT
ajfa-3687	8	59	2008	2008	NUM
ajfa-3687	8	60	)	)	PUNCT
ajfa-3687	8	61	.	.	PUNCT
ajfa-3687	9	1	the	the	DET
ajfa-3687	9	2	effect	effect	NOUN
ajfa-3687	9	3	of	of	ADP
ajfa-3687	9	4	the	the	DET
ajfa-3687	9	5	crisis	crisis	NOUN
ajfa-3687	9	6	on	on	ADP
ajfa-3687	9	7	cost	cost	NOUN
ajfa-3687	9	8	of	of	ADP
ajfa-3687	9	9	capital	capital	NOUN
ajfa-3687	9	10	was	be	AUX
ajfa-3687	9	11	different	different	ADJ
ajfa-3687	9	12	across	across	ADP
ajfa-3687	9	13	countries	country	NOUN
ajfa-3687	9	14	.	.	PUNCT
ajfa-3687	10	1	the	the	DET
ajfa-3687	10	2	world	world	PROPN
ajfa-3687	10	3	bank	bank	PROPN
ajfa-3687	10	4	(	(	PUNCT
ajfa-3687	10	5	2010	2010	NUM
ajfa-3687	10	6	)	)	PUNCT
ajfa-3687	10	7	,	,	PUNCT
ajfa-3687	10	8	reports	report	VERB
ajfa-3687	10	9	that	that	SCONJ
ajfa-3687	10	10	cost	cost	NOUN
ajfa-3687	10	11	of	of	ADP
ajfa-3687	10	12	risk	risk	NOUN
ajfa-3687	10	13	in	in	ADP
ajfa-3687	10	14	high	high	ADJ
ajfa-3687	10	15	-	-	PUNCT
ajfa-3687	10	16	income	income	NOUN
ajfa-3687	10	17	countries	country	NOUN
ajfa-3687	10	18	fell	fall	VERB
ajfa-3687	10	19	more	more	ADV
ajfa-3687	10	20	sharply	sharply	ADV
ajfa-3687	10	21	during	during	ADP
ajfa-3687	10	22	the	the	DET
ajfa-3687	10	23	crisis	crisis	NOUN
ajfa-3687	10	24	compared	compare	VERB
ajfa-3687	10	25	to	to	ADP
ajfa-3687	10	26	other	other	ADJ
ajfa-3687	10	27	countries	country	NOUN
ajfa-3687	10	28	.	.	PUNCT
ajfa-3687	11	1	interest	interest	NOUN
ajfa-3687	11	2	rates	rate	NOUN
ajfa-3687	11	3	in	in	ADP
ajfa-3687	11	4	developing	develop	VERB
ajfa-3687	11	5	countries	country	NOUN
ajfa-3687	11	6	fell	fall	VERB
ajfa-3687	11	7	substantially	substantially	ADV
ajfa-3687	11	8	during	during	ADP
ajfa-3687	11	9	the	the	DET
ajfa-3687	11	10	financial	financial	ADJ
ajfa-3687	11	11	crisis	crisis	NOUN
ajfa-3687	11	12	,	,	PUNCT
ajfa-3687	11	13	countries	country	NOUN
ajfa-3687	11	14	in	in	ADP
ajfa-3687	11	15	east	east	PROPN
ajfa-3687	11	16	asia	asia	PROPN
ajfa-3687	11	17	and	and	CCONJ
ajfa-3687	11	18	the	the	DET
ajfa-3687	11	19	pacific	pacific	PROPN
ajfa-3687	11	20	region	region	NOUN
ajfa-3687	11	21	were	be	AUX
ajfa-3687	11	22	also	also	ADV
ajfa-3687	11	23	affected	affect	VERB
ajfa-3687	11	24	but	but	CCONJ
ajfa-3687	11	25	developing	develop	VERB
ajfa-3687	11	26	countries	country	NOUN
ajfa-3687	11	27	in	in	ADP
ajfa-3687	11	28	europe	europe	PROPN
ajfa-3687	11	29	and	and	CCONJ
ajfa-3687	11	30	central	central	PROPN
ajfa-3687	11	31	asia	asia	PROPN
ajfa-3687	11	32	were	be	AUX
ajfa-3687	11	33	not	not	PART
ajfa-3687	11	34	.	.	PUNCT
ajfa-3687	12	1	a	a	DET
ajfa-3687	12	2	global	global	ADJ
ajfa-3687	12	3	financial	financial	ADJ
ajfa-3687	12	4	crisis	crisis	NOUN
ajfa-3687	12	5	affects	affect	VERB
ajfa-3687	12	6	economies	economy	NOUN
ajfa-3687	12	7	in	in	ADP
ajfa-3687	12	8	different	different	ADJ
ajfa-3687	12	9	ways	way	NOUN
ajfa-3687	12	10	,	,	PUNCT
ajfa-3687	12	11	such	such	ADJ
ajfa-3687	12	12	as	as	ADP
ajfa-3687	12	13	international	international	ADJ
ajfa-3687	12	14	assets	asset	NOUN
ajfa-3687	12	15	,	,	PUNCT
ajfa-3687	12	16	international	international	ADJ
ajfa-3687	12	17	liabilities	liability	NOUN
ajfa-3687	12	18	and	and	CCONJ
ajfa-3687	12	19	international	international	ADJ
ajfa-3687	12	20	financial	financial	ADJ
ajfa-3687	12	21	leverage	leverage	NOUN
ajfa-3687	12	22	(	(	PUNCT
ajfa-3687	12	23	bedford	bedford	NOUN
ajfa-3687	12	24	,	,	PUNCT
ajfa-3687	12	25	2008	2008	NUM
ajfa-3687	12	26	)	)	PUNCT
ajfa-3687	12	27	.	.	PUNCT
ajfa-3687	13	1	exposure	exposure	NOUN
ajfa-3687	13	2	to	to	ADP
ajfa-3687	13	3	prior	prior	ADJ
ajfa-3687	13	4	crises	crisis	NOUN
ajfa-3687	13	5	and	and	CCONJ
ajfa-3687	13	6	market	market	NOUN
ajfa-3687	13	7	malfunctions	malfunction	NOUN
ajfa-3687	13	8	provide	provide	VERB
ajfa-3687	13	9	some	some	DET
ajfa-3687	13	10	guidance	guidance	NOUN
ajfa-3687	13	11	as	as	ADP
ajfa-3687	13	12	to	to	ADP
ajfa-3687	13	13	how	how	SCONJ
ajfa-3687	13	14	companies	company	NOUN
ajfa-3687	13	15	could	could	AUX
ajfa-3687	13	16	equip	equip	VERB
ajfa-3687	13	17	themselves	themselves	PRON
ajfa-3687	13	18	in	in	ADP
ajfa-3687	13	19	order	order	NOUN
ajfa-3687	13	20	to	to	PART
ajfa-3687	13	21	face	face	VERB
ajfa-3687	13	22	these	these	DET
ajfa-3687	13	23	situations	situation	NOUN
ajfa-3687	13	24	.	.	PUNCT
ajfa-3687	14	1	berle	berle	PROPN
ajfa-3687	14	2	and	and	CCONJ
ajfa-3687	14	3	means	means	PROPN
ajfa-3687	14	4	(	(	PUNCT
ajfa-3687	14	5	1932	1932	NUM
ajfa-3687	14	6	)	)	PUNCT
ajfa-3687	14	7	were	be	AUX
ajfa-3687	14	8	the	the	DET
ajfa-3687	14	9	primary	primary	ADJ
ajfa-3687	14	10	researchers	researcher	NOUN
ajfa-3687	14	11	to	to	PART
ajfa-3687	14	12	start	start	VERB
ajfa-3687	14	13	talking	talk	VERB
ajfa-3687	14	14	about	about	ADP
ajfa-3687	14	15	establishment	establishment	NOUN
ajfa-3687	14	16	of	of	ADP
ajfa-3687	14	17	a	a	DET
ajfa-3687	14	18	more	more	ADV
ajfa-3687	14	19	powerful	powerful	ADJ
ajfa-3687	14	20	company	company	NOUN
ajfa-3687	14	21	.	.	PUNCT
ajfa-3687	15	1	establishing	establish	VERB
ajfa-3687	15	2	a	a	DET
ajfa-3687	15	3	powerful	powerful	ADJ
ajfa-3687	15	4	company	company	NOUN
ajfa-3687	15	5	that	that	PRON
ajfa-3687	15	6	has	have	VERB
ajfa-3687	15	7	the	the	DET
ajfa-3687	15	8	ability	ability	NOUN
ajfa-3687	15	9	to	to	PART
ajfa-3687	15	10	protect	protect	VERB
ajfa-3687	15	11	its	its	PRON
ajfa-3687	15	12	shareholders	shareholder	NOUN
ajfa-3687	15	13	’	'	PUNCT
ajfa-3687	15	14	wealth	wealth	NOUN
ajfa-3687	15	15	is	be	AUX
ajfa-3687	15	16	still	still	ADV
ajfa-3687	15	17	a	a	DET
ajfa-3687	15	18	challenging	challenging	ADJ
ajfa-3687	15	19	issue	issue	NOUN
ajfa-3687	15	20	in	in	ADP
ajfa-3687	15	21	academic	academic	ADJ
ajfa-3687	15	22	environments	environment	NOUN
ajfa-3687	15	23	and	and	CCONJ
ajfa-3687	15	24	practical	practical	ADJ
ajfa-3687	15	25	environments	environment	NOUN
ajfa-3687	15	26	(	(	PUNCT
ajfa-3687	15	27	chareonwong	chareonwong	NOUN
ajfa-3687	15	28	,	,	PUNCT
ajfa-3687	15	29	2011	2011	NUM
ajfa-3687	15	30	;	;	PUNCT
ajfa-3687	15	31	margaritis	margaritis	NOUN
ajfa-3687	15	32	,	,	PUNCT
ajfa-3687	15	33	2010	2010	NUM
ajfa-3687	15	34	)	)	PUNCT
ajfa-3687	15	35	.	.	PUNCT
ajfa-3687	16	1	berle	berle	PROPN
ajfa-3687	16	2	and	and	CCONJ
ajfa-3687	16	3	means	means	PROPN
ajfa-3687	16	4	(	(	PUNCT
ajfa-3687	16	5	1932	1932	NUM
ajfa-3687	16	6	)	)	PUNCT
ajfa-3687	16	7	believe	believe	VERB
ajfa-3687	16	8	that	that	SCONJ
ajfa-3687	16	9	a	a	DET
ajfa-3687	16	10	diffused	diffused	ADJ
ajfa-3687	16	11	ownership	ownership	NOUN
ajfa-3687	16	12	structure	structure	NOUN
ajfa-3687	16	13	in	in	ADP
ajfa-3687	16	14	a	a	DET
ajfa-3687	16	15	modern	modern	ADJ
ajfa-3687	16	16	corporation	corporation	NOUN
ajfa-3687	16	17	allows	allow	VERB
ajfa-3687	16	18	managers	manager	NOUN
ajfa-3687	16	19	to	to	PART
ajfa-3687	16	20	take	take	VERB
ajfa-3687	16	21	control	control	NOUN
ajfa-3687	16	22	of	of	ADP
ajfa-3687	16	23	the	the	DET
ajfa-3687	16	24	company	company	NOUN
ajfa-3687	16	25	and	and	CCONJ
ajfa-3687	16	26	care	care	VERB
ajfa-3687	16	27	less	less	ADJ
ajfa-3687	16	28	about	about	ADP
ajfa-3687	16	29	shareholder	shareholder	NOUN
ajfa-3687	16	30	wealth	wealth	NOUN
ajfa-3687	16	31	.	.	PUNCT
ajfa-3687	17	1	while	while	SCONJ
ajfa-3687	17	2	berle	berle	PROPN
ajfa-3687	17	3	and	and	CCONJ
ajfa-3687	17	4	means	mean	VERB
ajfa-3687	17	5	point	point	VERB
ajfa-3687	17	6	out	out	ADP
ajfa-3687	17	7	the	the	DET
ajfa-3687	17	8	divergence	divergence	NOUN
ajfa-3687	17	9	of	of	ADP
ajfa-3687	17	10	interests	interest	NOUN
ajfa-3687	17	11	between	between	ADP
ajfa-3687	17	12	managers	manager	NOUN
ajfa-3687	17	13	and	and	CCONJ
ajfa-3687	17	14	owners	owner	NOUN
ajfa-3687	17	15	as	as	ADP
ajfa-3687	17	16	the	the	DET
ajfa-3687	17	17	source	source	NOUN
ajfa-3687	17	18	of	of	ADP
ajfa-3687	17	19	problems	problem	NOUN
ajfa-3687	17	20	,	,	PUNCT
ajfa-3687	17	21	further	further	ADJ
ajfa-3687	17	22	studies	study	NOUN
ajfa-3687	17	23	in	in	ADP
ajfa-3687	17	24	recent	recent	ADJ
ajfa-3687	17	25	years	year	NOUN
ajfa-3687	17	26	mention	mention	VERB
ajfa-3687	17	27	separation	separation	NOUN
ajfa-3687	17	28	of	of	ADP
ajfa-3687	17	29	ownership	ownership	NOUN
ajfa-3687	17	30	and	and	CCONJ
ajfa-3687	17	31	control	control	NOUN
ajfa-3687	17	32	as	as	ADP
ajfa-3687	17	33	being	be	AUX
ajfa-3687	17	34	a	a	DET
ajfa-3687	17	35	problem	problem	NOUN
ajfa-3687	17	36	and	and	CCONJ
ajfa-3687	17	37	part	part	NOUN
ajfa-3687	17	38	of	of	ADP
ajfa-3687	17	39	a	a	DET
ajfa-3687	17	40	wider	wide	ADJ
ajfa-3687	17	41	debate	debate	NOUN
ajfa-3687	17	42	about	about	ADP
ajfa-3687	17	43	corporate	corporate	ADJ
ajfa-3687	17	44	governance	governance	NOUN
ajfa-3687	17	45	(	(	PUNCT
ajfa-3687	17	46	chen	chen	PROPN
ajfa-3687	17	47	,	,	PUNCT
ajfa-3687	17	48	2009	2009	NUM
ajfa-3687	17	49	;	;	PUNCT
ajfa-3687	17	50	international	international	ADJ
ajfa-3687	17	51	corporate	corporate	ADJ
ajfa-3687	17	52	governance	governance	NOUN
ajfa-3687	17	53	network	network	NOUN
ajfa-3687	17	54	,	,	PUNCT
ajfa-3687	17	55	2009	2009	NUM
ajfa-3687	17	56	)	)	PUNCT
ajfa-3687	17	57	.	.	PUNCT
ajfa-3687	18	1	as	as	SCONJ
ajfa-3687	18	2	insiders	insider	NOUN
ajfa-3687	18	3	,	,	PUNCT
ajfa-3687	18	4	managers	manager	NOUN
ajfa-3687	18	5	and	and	CCONJ
ajfa-3687	18	6	directors	director	NOUN
ajfa-3687	18	7	of	of	ADP
ajfa-3687	18	8	a	a	DET
ajfa-3687	18	9	company	company	NOUN
ajfa-3687	18	10	have	have	VERB
ajfa-3687	18	11	control	control	NOUN
ajfa-3687	18	12	over	over	ADP
ajfa-3687	18	13	almost	almost	ADV
ajfa-3687	18	14	all	all	PRON
ajfa-3687	18	15	parts	part	NOUN
ajfa-3687	18	16	of	of	ADP
ajfa-3687	18	17	a	a	DET
ajfa-3687	18	18	company	company	NOUN
ajfa-3687	18	19	,	,	PUNCT
ajfa-3687	18	20	so	so	SCONJ
ajfa-3687	18	21	it	it	PRON
ajfa-3687	18	22	is	be	AUX
ajfa-3687	18	23	more	more	ADV
ajfa-3687	18	24	probable	probable	ADJ
ajfa-3687	18	25	they	they	PRON
ajfa-3687	18	26	will	will	AUX
ajfa-3687	18	27	be	be	AUX
ajfa-3687	18	28	interested	interested	ADJ
ajfa-3687	18	29	in	in	ADP
ajfa-3687	18	30	maximizing	maximize	VERB
ajfa-3687	18	31	their	their	PRON
ajfa-3687	18	32	own	own	ADJ
ajfa-3687	18	33	interests	interest	NOUN
ajfa-3687	18	34	which	which	PRON
ajfa-3687	18	35	is	be	AUX
ajfa-3687	18	36	sometimes	sometimes	ADV
ajfa-3687	18	37	in	in	ADP
ajfa-3687	18	38	line	line	NOUN
ajfa-3687	18	39	with	with	ADP
ajfa-3687	18	40	owners	owner	NOUN
ajfa-3687	18	41	’	'	PUNCT
ajfa-3687	18	42	utility	utility	NOUN
ajfa-3687	18	43	and	and	CCONJ
ajfa-3687	18	44	sometimes	sometimes	ADV
ajfa-3687	18	45	not	not	PART
ajfa-3687	18	46	.	.	PUNCT
ajfa-3687	19	1	thus	thus	ADV
ajfa-3687	19	2	,	,	PUNCT
ajfa-3687	19	3	in	in	ADP
ajfa-3687	19	4	dealing	deal	VERB
ajfa-3687	19	5	with	with	ADP
ajfa-3687	19	6	corporate	corporate	ADJ
ajfa-3687	19	7	governance	governance	NOUN
ajfa-3687	19	8	debates	debate	VERB
ajfa-3687	19	9	the	the	DET
ajfa-3687	19	10	main	main	ADJ
ajfa-3687	19	11	issue	issue	NOUN
ajfa-3687	19	12	is	be	AUX
ajfa-3687	19	13	to	to	PART
ajfa-3687	19	14	find	find	VERB
ajfa-3687	19	15	the	the	DET
ajfa-3687	19	16	mechanisms	mechanism	NOUN
ajfa-3687	19	17	that	that	PRON
ajfa-3687	19	18	utilize	utilize	VERB
ajfa-3687	19	19	the	the	DET
ajfa-3687	19	20	managers	manager	NOUN
ajfa-3687	19	21	’	’	PART
ajfa-3687	19	22	behaviour	behaviour	NOUN
ajfa-3687	19	23	in	in	ADP
ajfa-3687	19	24	value	value	NOUN
ajfa-3687	19	25	-	-	PUNCT
ajfa-3687	19	26	maximising	maximise	VERB
ajfa-3687	19	27	decisions	decision	NOUN
ajfa-3687	19	28	.	.	PUNCT
ajfa-3687	20	1	through	through	ADP
ajfa-3687	20	2	these	these	DET
ajfa-3687	20	3	mechanisms	mechanism	NOUN
ajfa-3687	20	4	,	,	PUNCT
ajfa-3687	20	5	owners	owner	NOUN
ajfa-3687	20	6	are	be	AUX
ajfa-3687	20	7	able	able	ADJ
ajfa-3687	20	8	to	to	PART
ajfa-3687	20	9	monitor	monitor	VERB
ajfa-3687	20	10	managers	manager	NOUN
ajfa-3687	20	11	’	’	PART
ajfa-3687	20	12	actions	action	NOUN
ajfa-3687	20	13	to	to	PART
ajfa-3687	20	14	ensure	ensure	VERB
ajfa-3687	20	15	they	they	PRON
ajfa-3687	20	16	are	be	AUX
ajfa-3687	20	17	in	in	ADP
ajfa-3687	20	18	line	line	NOUN
ajfa-3687	20	19	with	with	ADP
ajfa-3687	20	20	maximising	maximise	VERB
ajfa-3687	20	21	company	company	NOUN
ajfa-3687	20	22	value	value	NOUN
ajfa-3687	20	23	.	.	PUNCT
ajfa-3687	21	1	mechanisms	mechanism	NOUN
ajfa-3687	21	2	for	for	ADP
ajfa-3687	21	3	utilizing	utilize	VERB
ajfa-3687	21	4	manager	manager	NOUN
ajfa-3687	21	5	behaviour	behaviour	NOUN
ajfa-3687	21	6	consist	consist	VERB
ajfa-3687	21	7	of	of	ADP
ajfa-3687	21	8	different	different	ADJ
ajfa-3687	21	9	strategies	strategy	NOUN
ajfa-3687	21	10	,	,	PUNCT
ajfa-3687	21	11	such	such	ADJ
ajfa-3687	21	12	as	as	ADP
ajfa-3687	21	13	characteristics	characteristic	NOUN
ajfa-3687	21	14	of	of	ADP
ajfa-3687	21	15	ownership	ownership	NOUN
ajfa-3687	21	16	and	and	CCONJ
ajfa-3687	21	17	characteristics	characteristic	NOUN
ajfa-3687	21	18	for	for	ADP
ajfa-3687	21	19	controlling	control	VERB
ajfa-3687	21	20	and	and	CCONJ
ajfa-3687	21	21	running	run	VERB
ajfa-3687	21	22	the	the	DET
ajfa-3687	21	23	company	company	NOUN
ajfa-3687	21	24	.	.	PUNCT
ajfa-3687	22	1	the	the	DET
ajfa-3687	22	2	interests	interest	NOUN
ajfa-3687	22	3	of	of	ADP
ajfa-3687	22	4	company	company	NOUN
ajfa-3687	22	5	insiders	insider	NOUN
ajfa-3687	22	6	(	(	PUNCT
ajfa-3687	22	7	managers	manager	NOUN
ajfa-3687	22	8	and	and	CCONJ
ajfa-3687	22	9	directors	director	NOUN
ajfa-3687	22	10	)	)	PUNCT
ajfa-3687	22	11	and	and	CCONJ
ajfa-3687	22	12	outsiders	outsider	NOUN
ajfa-3687	22	13	(	(	PUNCT
ajfa-3687	22	14	investors	investor	NOUN
ajfa-3687	22	15	and	and	CCONJ
ajfa-3687	22	16	shareholders	shareholder	NOUN
ajfa-3687	22	17	)	)	PUNCT
ajfa-3687	22	18	are	be	AUX
ajfa-3687	22	19	highly	highly	ADV
ajfa-3687	22	20	related	related	ADJ
ajfa-3687	22	21	to	to	ADP
ajfa-3687	22	22	their	their	PRON
ajfa-3687	22	23	own	own	ADJ
ajfa-3687	22	24	benefits	benefit	NOUN
ajfa-3687	22	25	.	.	PUNCT
ajfa-3687	23	1	although	although	SCONJ
ajfa-3687	23	2	moral	moral	ADJ
ajfa-3687	23	3	issues	issue	NOUN
ajfa-3687	23	4	might	might	AUX
ajfa-3687	23	5	satisfy	satisfy	VERB
ajfa-3687	23	6	insiders	insider	NOUN
ajfa-3687	23	7	to	to	PART
ajfa-3687	23	8	do	do	VERB
ajfa-3687	23	9	their	their	PRON
ajfa-3687	23	10	best	good	ADJ
ajfa-3687	23	11	in	in	ADP
ajfa-3687	23	12	maximising	maximise	VERB
ajfa-3687	23	13	company	company	NOUN
ajfa-3687	23	14	value	value	NOUN
ajfa-3687	23	15	,	,	PUNCT
ajfa-3687	23	16	investors	investor	NOUN
ajfa-3687	23	17	can	can	AUX
ajfa-3687	23	18	not	not	PART
ajfa-3687	23	19	convince	convince	VERB
ajfa-3687	23	20	themselves	themselves	PRON
ajfa-3687	23	21	to	to	PART
ajfa-3687	23	22	rely	rely	VERB
ajfa-3687	23	23	on	on	ADP
ajfa-3687	23	24	that	that	PRON
ajfa-3687	23	25	.	.	PUNCT
ajfa-3687	24	1	thus	thus	ADV
ajfa-3687	24	2	,	,	PUNCT
ajfa-3687	24	3	exploring	explore	VERB
ajfa-3687	24	4	a	a	DET
ajfa-3687	24	5	mechanism	mechanism	NOUN
ajfa-3687	24	6	for	for	ADP
ajfa-3687	24	7	monitoring	monitor	VERB
ajfa-3687	24	8	insiders	insider	NOUN
ajfa-3687	24	9	’	’	PART
ajfa-3687	24	10	behaviour	behaviour	NOUN
ajfa-3687	24	11	by	by	ADP
ajfa-3687	24	12	investors	investor	NOUN
ajfa-3687	24	13	and	and	CCONJ
ajfa-3687	24	14	aligning	align	VERB
ajfa-3687	24	15	the	the	DET
ajfa-3687	24	16	interests	interest	NOUN
ajfa-3687	24	17	of	of	ADP
ajfa-3687	24	18	insiders	insider	NOUN
ajfa-3687	24	19	and	and	CCONJ
ajfa-3687	24	20	investors	investor	NOUN
ajfa-3687	24	21	seems	seem	VERB
ajfa-3687	24	22	to	to	PART
ajfa-3687	24	23	be	be	AUX
ajfa-3687	24	24	significant	significant	ADJ
ajfa-3687	24	25	.	.	PUNCT
ajfa-3687	25	1	ownership	ownership	NOUN
ajfa-3687	25	2	structure	structure	NOUN
ajfa-3687	25	3	can	can	AUX
ajfa-3687	25	4	address	address	VERB
ajfa-3687	25	5	these	these	DET
ajfa-3687	25	6	questions	question	NOUN
ajfa-3687	25	7	by	by	ADP
ajfa-3687	25	8	increasing	increase	VERB
ajfa-3687	25	9	the	the	DET
ajfa-3687	25	10	monitoring	monitoring	NOUN
ajfa-3687	25	11	power	power	NOUN
ajfa-3687	25	12	of	of	ADP
ajfa-3687	25	13	investors	investor	NOUN
ajfa-3687	25	14	through	through	ADP
ajfa-3687	25	15	block	block	NOUN
ajfa-3687	25	16	ownership	ownership	NOUN
ajfa-3687	25	17	and	and	CCONJ
ajfa-3687	25	18	aligning	align	VERB
ajfa-3687	25	19	interests	interest	NOUN
ajfa-3687	25	20	through	through	ADP
ajfa-3687	25	21	insider	insider	NOUN
ajfa-3687	25	22	ownership	ownership	NOUN
ajfa-3687	25	23	(	(	PUNCT
ajfa-3687	25	24	margaritis	margaritis	NOUN
ajfa-3687	25	25	,	,	PUNCT
ajfa-3687	25	26	2010	2010	NUM
ajfa-3687	25	27	;	;	PUNCT
ajfa-3687	25	28	mcconnell	mcconnell	PROPN
ajfa-3687	25	29	,	,	PUNCT
ajfa-3687	25	30	2008	2008	NUM
ajfa-3687	25	31	)	)	PUNCT
ajfa-3687	25	32	.	.	PUNCT
ajfa-3687	26	1	bayrakdaroglu	bayrakdaroglu	PROPN
ajfa-3687	26	2	,	,	PUNCT
ajfa-3687	26	3	ersoya	ersoya	NOUN
ajfa-3687	26	4	and	and	CCONJ
ajfa-3687	26	5	citak	citak	NOUN
ajfa-3687	26	6	(	(	PUNCT
ajfa-3687	26	7	2012	2012	NUM
ajfa-3687	26	8	)	)	PUNCT
ajfa-3687	26	9	believe	believe	VERB
ajfa-3687	26	10	that	that	SCONJ
ajfa-3687	26	11	block	block	NOUN
ajfa-3687	26	12	ownership	ownership	NOUN
ajfa-3687	26	13	is	be	AUX
ajfa-3687	26	14	significantly	significantly	ADV
ajfa-3687	26	15	related	relate	VERB
ajfa-3687	26	16	to	to	ADP
ajfa-3687	26	17	a	a	DET
ajfa-3687	26	18	firm	firm	NOUN
ajfa-3687	26	19	’s	’s	PART
ajfa-3687	26	20	performance	performance	NOUN
ajfa-3687	26	21	but	but	CCONJ
ajfa-3687	26	22	find	find	VERB
ajfa-3687	26	23	little	little	ADJ
ajfa-3687	26	24	evidence	evidence	NOUN
ajfa-3687	26	25	of	of	ADP
ajfa-3687	26	26	effectiveness	effectiveness	NOUN
ajfa-3687	26	27	for	for	ADP
ajfa-3687	26	28	insider	insider	NOUN
ajfa-3687	26	29	ownership	ownership	NOUN
ajfa-3687	26	30	.	.	PUNCT
ajfa-3687	27	1	although	although	SCONJ
ajfa-3687	27	2	ownership	ownership	NOUN
ajfa-3687	27	3	structure	structure	NOUN
ajfa-3687	27	4	plays	play	VERB
ajfa-3687	27	5	a	a	DET
ajfa-3687	27	6	significant	significant	ADJ
ajfa-3687	27	7	role	role	NOUN
ajfa-3687	27	8	in	in	ADP
ajfa-3687	27	9	normal	normal	ADJ
ajfa-3687	27	10	business	business	NOUN
ajfa-3687	27	11	situations	situation	NOUN
ajfa-3687	27	12	,	,	PUNCT
ajfa-3687	27	13	an	an	DET
ajfa-3687	27	14	important	important	ADJ
ajfa-3687	27	15	issue	issue	NOUN
ajfa-3687	27	16	that	that	SCONJ
ajfa-3687	27	17	companies	company	NOUN
ajfa-3687	27	18	need	need	VERB
ajfa-3687	27	19	to	to	PART
ajfa-3687	27	20	face	face	VERB
ajfa-3687	27	21	is	be	AUX
ajfa-3687	27	22	whether	whether	SCONJ
ajfa-3687	27	23	the	the	DET
ajfa-3687	27	24	same	same	ADJ
ajfa-3687	27	25	ownership	ownership	NOUN
ajfa-3687	27	26	structure	structure	NOUN
ajfa-3687	27	27	can	can	AUX
ajfa-3687	27	28	asian	asian	ADJ
ajfa-3687	27	29	journal	journal	NOUN
ajfa-3687	27	30	of	of	ADP
ajfa-3687	27	31	finance	finance	PROPN
ajfa-3687	27	32	&	&	CCONJ
ajfa-3687	27	33	accounting	accounting	PROPN
ajfa-3687	27	34	issn	issn	PROPN
ajfa-3687	27	35	1946	1946	NUM
ajfa-3687	27	36	-	-	PUNCT
ajfa-3687	27	37	052x	052x	NOUN
ajfa-3687	27	38	2013	2013	NUM
ajfa-3687	27	39	,	,	PUNCT
ajfa-3687	27	40	vol	vol	NOUN
ajfa-3687	27	41	.	.	PROPN
ajfa-3687	27	42	5	5	NUM
ajfa-3687	27	43	,	,	PUNCT
ajfa-3687	27	44	no	no	INTJ
ajfa-3687	27	45	.	.	NOUN
ajfa-3687	27	46	1	1	NUM
ajfa-3687	27	47	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	27	48	399	399	NUM
ajfa-3687	27	49	survive	survive	VERB
ajfa-3687	27	50	in	in	ADP
ajfa-3687	27	51	companies	company	NOUN
ajfa-3687	27	52	in	in	ADP
ajfa-3687	27	53	difficult	difficult	ADJ
ajfa-3687	27	54	and	and	CCONJ
ajfa-3687	27	55	crisis	crisis	NOUN
ajfa-3687	27	56	situations	situation	NOUN
ajfa-3687	27	57	.	.	PUNCT
ajfa-3687	28	1	in	in	ADP
ajfa-3687	28	2	order	order	NOUN
ajfa-3687	28	3	to	to	PART
ajfa-3687	28	4	address	address	VERB
ajfa-3687	28	5	this	this	DET
ajfa-3687	28	6	question	question	NOUN
ajfa-3687	28	7	,	,	PUNCT
ajfa-3687	28	8	the	the	DET
ajfa-3687	28	9	global	global	ADJ
ajfa-3687	28	10	financial	financial	ADJ
ajfa-3687	28	11	crisis	crisis	NOUN
ajfa-3687	28	12	of	of	ADP
ajfa-3687	28	13	2007	2007	NUM
ajfa-3687	28	14	provides	provide	VERB
ajfa-3687	28	15	a	a	DET
ajfa-3687	28	16	stunning	stunning	ADJ
ajfa-3687	28	17	opportunity	opportunity	NOUN
ajfa-3687	28	18	.	.	PUNCT
ajfa-3687	29	1	the	the	DET
ajfa-3687	29	2	new	new	PROPN
ajfa-3687	29	3	zealand	zealand	PROPN
ajfa-3687	29	4	market	market	NOUN
ajfa-3687	29	5	is	be	AUX
ajfa-3687	29	6	a	a	DET
ajfa-3687	29	7	commodity	commodity	NOUN
ajfa-3687	29	8	-	-	PUNCT
ajfa-3687	29	9	based	base	VERB
ajfa-3687	29	10	economy	economy	NOUN
ajfa-3687	29	11	with	with	ADP
ajfa-3687	29	12	relatively	relatively	ADV
ajfa-3687	29	13	small	small	ADJ
ajfa-3687	29	14	sized	sized	ADJ
ajfa-3687	29	15	companies	company	NOUN
ajfa-3687	29	16	and	and	CCONJ
ajfa-3687	29	17	affected	affect	VERB
ajfa-3687	29	18	by	by	ADP
ajfa-3687	29	19	its	its	PRON
ajfa-3687	29	20	geographical	geographical	ADJ
ajfa-3687	29	21	distance	distance	NOUN
ajfa-3687	29	22	to	to	ADP
ajfa-3687	29	23	export	export	NOUN
ajfa-3687	29	24	markets	market	NOUN
ajfa-3687	29	25	.	.	PUNCT
ajfa-3687	30	1	in	in	ADP
ajfa-3687	30	2	comparison	comparison	NOUN
ajfa-3687	30	3	,	,	PUNCT
ajfa-3687	30	4	singapore	singapore	PROPN
ajfa-3687	30	5	is	be	AUX
ajfa-3687	30	6	a	a	DET
ajfa-3687	30	7	highly	highly	ADV
ajfa-3687	30	8	international	international	ADJ
ajfa-3687	30	9	economy	economy	NOUN
ajfa-3687	30	10	with	with	ADP
ajfa-3687	30	11	larger	large	ADJ
ajfa-3687	30	12	companies	company	NOUN
ajfa-3687	30	13	and	and	CCONJ
ajfa-3687	30	14	an	an	DET
ajfa-3687	30	15	open	open	ADJ
ajfa-3687	30	16	economy	economy	NOUN
ajfa-3687	30	17	.	.	PUNCT
ajfa-3687	31	1	therefore	therefore	ADV
ajfa-3687	31	2	,	,	PUNCT
ajfa-3687	31	3	it	it	PRON
ajfa-3687	31	4	is	be	AUX
ajfa-3687	31	5	appropriate	appropriate	ADJ
ajfa-3687	31	6	to	to	PART
ajfa-3687	31	7	consider	consider	VERB
ajfa-3687	31	8	these	these	DET
ajfa-3687	31	9	two	two	NUM
ajfa-3687	31	10	different	different	ADJ
ajfa-3687	31	11	countries	country	NOUN
ajfa-3687	31	12	and	and	CCONJ
ajfa-3687	31	13	how	how	SCONJ
ajfa-3687	31	14	company	company	NOUN
ajfa-3687	31	15	ownership	ownership	NOUN
ajfa-3687	31	16	structure	structure	NOUN
ajfa-3687	31	17	influences	influence	VERB
ajfa-3687	31	18	the	the	DET
ajfa-3687	31	19	cost	cost	NOUN
ajfa-3687	31	20	of	of	ADP
ajfa-3687	31	21	capital	capital	NOUN
ajfa-3687	31	22	during	during	ADP
ajfa-3687	31	23	a	a	DET
ajfa-3687	31	24	financial	financial	ADJ
ajfa-3687	31	25	crisis	crisis	NOUN
ajfa-3687	31	26	.	.	PUNCT
ajfa-3687	32	1	although	although	SCONJ
ajfa-3687	32	2	there	there	PRON
ajfa-3687	32	3	are	be	VERB
ajfa-3687	32	4	different	different	ADJ
ajfa-3687	32	5	ownership	ownership	NOUN
ajfa-3687	32	6	structures	structure	NOUN
ajfa-3687	32	7	in	in	ADP
ajfa-3687	32	8	these	these	DET
ajfa-3687	32	9	two	two	NUM
ajfa-3687	32	10	countries	country	NOUN
ajfa-3687	32	11	,	,	PUNCT
ajfa-3687	32	12	such	such	ADJ
ajfa-3687	32	13	as	as	ADP
ajfa-3687	32	14	higher	high	ADJ
ajfa-3687	32	15	insider	insider	NOUN
ajfa-3687	32	16	ownership	ownership	NOUN
ajfa-3687	32	17	in	in	ADP
ajfa-3687	32	18	new	new	PROPN
ajfa-3687	32	19	zealand	zealand	PROPN
ajfa-3687	32	20	(	(	PUNCT
ajfa-3687	32	21	12	12	NUM
ajfa-3687	32	22	%	%	NOUN
ajfa-3687	32	23	)	)	PUNCT
ajfa-3687	32	24	compared	compare	VERB
ajfa-3687	32	25	to	to	ADP
ajfa-3687	32	26	relatively	relatively	ADV
ajfa-3687	32	27	lower	low	ADJ
ajfa-3687	32	28	insider	insider	NOUN
ajfa-3687	32	29	ownership	ownership	NOUN
ajfa-3687	32	30	in	in	ADP
ajfa-3687	32	31	singapore	singapore	PROPN
ajfa-3687	32	32	(	(	PUNCT
ajfa-3687	32	33	3	3	NUM
ajfa-3687	32	34	%	%	NOUN
ajfa-3687	32	35	)	)	PUNCT
ajfa-3687	32	36	and	and	CCONJ
ajfa-3687	32	37	lower	low	ADJ
ajfa-3687	32	38	block	block	NOUN
ajfa-3687	32	39	ownership	ownership	NOUN
ajfa-3687	32	40	in	in	ADP
ajfa-3687	32	41	new	new	PROPN
ajfa-3687	32	42	zealand	zealand	PROPN
ajfa-3687	32	43	(	(	PUNCT
ajfa-3687	32	44	49	49	NUM
ajfa-3687	32	45	%	%	NOUN
ajfa-3687	32	46	)	)	PUNCT
ajfa-3687	32	47	compared	compare	VERB
ajfa-3687	32	48	to	to	ADP
ajfa-3687	32	49	higher	high	ADJ
ajfa-3687	32	50	block	block	NOUN
ajfa-3687	32	51	ownership	ownership	NOUN
ajfa-3687	32	52	in	in	ADP
ajfa-3687	32	53	singapore	singapore	PROPN
ajfa-3687	32	54	(	(	PUNCT
ajfa-3687	32	55	72	72	NUM
ajfa-3687	32	56	%	%	NOUN
ajfa-3687	32	57	)	)	PUNCT
ajfa-3687	32	58	,	,	PUNCT
ajfa-3687	32	59	these	these	PRON
ajfa-3687	32	60	can	can	AUX
ajfa-3687	32	61	be	be	AUX
ajfa-3687	32	62	the	the	DET
ajfa-3687	32	63	result	result	NOUN
ajfa-3687	32	64	of	of	ADP
ajfa-3687	32	65	different	different	ADJ
ajfa-3687	32	66	economy	economy	NOUN
ajfa-3687	32	67	and	and	CCONJ
ajfa-3687	32	68	governance	governance	NOUN
ajfa-3687	32	69	mechanisms	mechanism	NOUN
ajfa-3687	32	70	and	and	CCONJ
ajfa-3687	32	71	assessing	assess	VERB
ajfa-3687	32	72	these	these	DET
ajfa-3687	32	73	companies	company	NOUN
ajfa-3687	32	74	in	in	ADP
ajfa-3687	32	75	two	two	NUM
ajfa-3687	32	76	different	different	ADJ
ajfa-3687	32	77	countries	country	NOUN
ajfa-3687	32	78	will	will	AUX
ajfa-3687	32	79	help	help	VERB
ajfa-3687	32	80	academics	academic	NOUN
ajfa-3687	32	81	and	and	CCONJ
ajfa-3687	32	82	practitioners	practitioner	NOUN
ajfa-3687	32	83	to	to	PART
ajfa-3687	32	84	better	well	ADJ
ajfa-3687	32	85	analyse	analyse	VERB
ajfa-3687	32	86	company	company	NOUN
ajfa-3687	32	87	and	and	CCONJ
ajfa-3687	32	88	economy	economy	NOUN
ajfa-3687	32	89	situations	situation	NOUN
ajfa-3687	32	90	.	.	PUNCT
ajfa-3687	33	1	literature	literature	NOUN
ajfa-3687	33	2	review	review	NOUN
ajfa-3687	33	3	conflicts	conflict	NOUN
ajfa-3687	33	4	of	of	ADP
ajfa-3687	33	5	interest	interest	NOUN
ajfa-3687	33	6	between	between	ADP
ajfa-3687	33	7	managers	manager	NOUN
ajfa-3687	33	8	and	and	CCONJ
ajfa-3687	33	9	shareholders	shareholder	NOUN
ajfa-3687	33	10	have	have	AUX
ajfa-3687	33	11	long	long	ADV
ajfa-3687	33	12	been	be	AUX
ajfa-3687	33	13	studied	study	VERB
ajfa-3687	33	14	regarding	regard	VERB
ajfa-3687	33	15	issues	issue	NOUN
ajfa-3687	33	16	of	of	ADP
ajfa-3687	33	17	ownership	ownership	NOUN
ajfa-3687	33	18	and	and	CCONJ
ajfa-3687	33	19	performance	performance	NOUN
ajfa-3687	33	20	;	;	PUNCT
ajfa-3687	33	21	the	the	DET
ajfa-3687	33	22	main	main	ADJ
ajfa-3687	33	23	studies	study	NOUN
ajfa-3687	33	24	were	be	AUX
ajfa-3687	33	25	by	by	ADP
ajfa-3687	33	26	berle	berle	NOUN
ajfa-3687	33	27	and	and	CCONJ
ajfa-3687	33	28	means	mean	NOUN
ajfa-3687	33	29	(	(	PUNCT
ajfa-3687	33	30	1932	1932	NUM
ajfa-3687	33	31	)	)	PUNCT
ajfa-3687	33	32	and	and	CCONJ
ajfa-3687	33	33	jensen	jensen	PROPN
ajfa-3687	33	34	and	and	CCONJ
ajfa-3687	33	35	meckling	meckling	NOUN
ajfa-3687	33	36	(	(	PUNCT
ajfa-3687	33	37	1976	1976	NUM
ajfa-3687	33	38	)	)	PUNCT
ajfa-3687	33	39	.	.	PUNCT
ajfa-3687	34	1	investigations	investigation	NOUN
ajfa-3687	34	2	on	on	ADP
ajfa-3687	34	3	the	the	DET
ajfa-3687	34	4	relationship	relationship	NOUN
ajfa-3687	34	5	between	between	ADP
ajfa-3687	34	6	ownership	ownership	NOUN
ajfa-3687	34	7	structure	structure	NOUN
ajfa-3687	34	8	and	and	CCONJ
ajfa-3687	34	9	performance	performance	NOUN
ajfa-3687	34	10	of	of	ADP
ajfa-3687	34	11	firms	firm	NOUN
ajfa-3687	34	12	go	go	VERB
ajfa-3687	34	13	back	back	ADV
ajfa-3687	34	14	to	to	ADP
ajfa-3687	34	15	(	(	PUNCT
ajfa-3687	34	16	1932	1932	NUM
ajfa-3687	34	17	)	)	PUNCT
ajfa-3687	34	18	when	when	SCONJ
ajfa-3687	34	19	berle	berle	PROPN
ajfa-3687	34	20	and	and	CCONJ
ajfa-3687	34	21	means	mean	NOUN
ajfa-3687	34	22	released	release	VERB
ajfa-3687	34	23	the	the	DET
ajfa-3687	34	24	results	result	NOUN
ajfa-3687	34	25	of	of	ADP
ajfa-3687	34	26	their	their	PRON
ajfa-3687	34	27	study	study	NOUN
ajfa-3687	34	28	of	of	ADP
ajfa-3687	34	29	us	us	PROPN
ajfa-3687	34	30	firms	firm	NOUN
ajfa-3687	34	31	.	.	PUNCT
ajfa-3687	35	1	they	they	PRON
ajfa-3687	35	2	document	document	VERB
ajfa-3687	35	3	that	that	SCONJ
ajfa-3687	35	4	in	in	ADP
ajfa-3687	35	5	firms	firm	NOUN
ajfa-3687	35	6	where	where	SCONJ
ajfa-3687	35	7	lots	lot	NOUN
ajfa-3687	35	8	of	of	ADP
ajfa-3687	35	9	small	small	ADJ
ajfa-3687	35	10	shareholders	shareholder	NOUN
ajfa-3687	35	11	have	have	VERB
ajfa-3687	35	12	the	the	DET
ajfa-3687	35	13	ownership	ownership	NOUN
ajfa-3687	35	14	of	of	ADP
ajfa-3687	35	15	a	a	DET
ajfa-3687	35	16	firm	firm	NOUN
ajfa-3687	35	17	and	and	CCONJ
ajfa-3687	35	18	control	control	NOUN
ajfa-3687	35	19	of	of	ADP
ajfa-3687	35	20	that	that	DET
ajfa-3687	35	21	business	business	NOUN
ajfa-3687	35	22	is	be	AUX
ajfa-3687	35	23	in	in	ADP
ajfa-3687	35	24	hands	hand	NOUN
ajfa-3687	35	25	of	of	ADP
ajfa-3687	35	26	insider	insider	NOUN
ajfa-3687	35	27	managers	manager	NOUN
ajfa-3687	35	28	,	,	PUNCT
ajfa-3687	35	29	there	there	PRON
ajfa-3687	35	30	is	be	VERB
ajfa-3687	35	31	a	a	DET
ajfa-3687	35	32	tendency	tendency	NOUN
ajfa-3687	35	33	for	for	ADP
ajfa-3687	35	34	under	under	ADP
ajfa-3687	35	35	performance	performance	NOUN
ajfa-3687	35	36	.	.	PUNCT
ajfa-3687	36	1	following	follow	VERB
ajfa-3687	36	2	their	their	PRON
ajfa-3687	36	3	study	study	NOUN
ajfa-3687	36	4	,	,	PUNCT
ajfa-3687	36	5	in	in	ADP
ajfa-3687	36	6	(	(	PUNCT
ajfa-3687	36	7	1976	1976	NUM
ajfa-3687	36	8	)	)	PUNCT
ajfa-3687	36	9	a	a	DET
ajfa-3687	36	10	more	more	ADV
ajfa-3687	36	11	classical	classical	ADJ
ajfa-3687	36	12	owner	owner	NOUN
ajfa-3687	36	13	-	-	PUNCT
ajfa-3687	36	14	manager	manager	NOUN
ajfa-3687	36	15	agency	agency	NOUN
ajfa-3687	36	16	problem	problem	NOUN
ajfa-3687	36	17	was	be	AUX
ajfa-3687	36	18	developed	develop	VERB
ajfa-3687	36	19	by	by	ADP
ajfa-3687	36	20	jensen	jensen	PROPN
ajfa-3687	36	21	and	and	CCONJ
ajfa-3687	36	22	meckling	meckling	NOUN
ajfa-3687	36	23	.	.	PUNCT
ajfa-3687	37	1	they	they	PRON
ajfa-3687	37	2	document	document	VERB
ajfa-3687	37	3	that	that	SCONJ
ajfa-3687	37	4	aligning	align	VERB
ajfa-3687	37	5	the	the	DET
ajfa-3687	37	6	interests	interest	NOUN
ajfa-3687	37	7	of	of	ADP
ajfa-3687	37	8	managers	manager	NOUN
ajfa-3687	37	9	and	and	CCONJ
ajfa-3687	37	10	shareholders	shareholder	NOUN
ajfa-3687	37	11	is	be	AUX
ajfa-3687	37	12	possible	possible	ADJ
ajfa-3687	37	13	by	by	ADP
ajfa-3687	37	14	having	have	VERB
ajfa-3687	37	15	managers	manager	NOUN
ajfa-3687	37	16	hold	hold	VERB
ajfa-3687	37	17	shares	share	NOUN
ajfa-3687	37	18	in	in	ADP
ajfa-3687	37	19	that	that	DET
ajfa-3687	37	20	firm	firm	NOUN
ajfa-3687	37	21	.	.	PUNCT
ajfa-3687	38	1	managers	manager	NOUN
ajfa-3687	38	2	who	who	PRON
ajfa-3687	38	3	hold	hold	VERB
ajfa-3687	38	4	shares	share	NOUN
ajfa-3687	38	5	in	in	ADP
ajfa-3687	38	6	a	a	DET
ajfa-3687	38	7	firm	firm	NOUN
ajfa-3687	38	8	do	do	AUX
ajfa-3687	38	9	not	not	PART
ajfa-3687	38	10	have	have	VERB
ajfa-3687	38	11	enough	enough	ADJ
ajfa-3687	38	12	incentive	incentive	NOUN
ajfa-3687	38	13	to	to	PART
ajfa-3687	38	14	expropriate	expropriate	VERB
ajfa-3687	38	15	shareholders	shareholder	NOUN
ajfa-3687	38	16	’	’	PART
ajfa-3687	38	17	wealth	wealth	NOUN
ajfa-3687	38	18	and	and	CCONJ
ajfa-3687	38	19	nor	nor	CCONJ
ajfa-3687	38	20	do	do	AUX
ajfa-3687	38	21	they	they	PRON
ajfa-3687	38	22	engage	engage	VERB
ajfa-3687	38	23	in	in	ADP
ajfa-3687	38	24	external	external	ADJ
ajfa-3687	38	25	activities	activity	NOUN
ajfa-3687	38	26	that	that	PRON
ajfa-3687	38	27	damage	damage	NOUN
ajfa-3687	38	28	company	company	NOUN
ajfa-3687	38	29	profit	profit	NOUN
ajfa-3687	38	30	.	.	PUNCT
ajfa-3687	39	1	mehran	mehran	PROPN
ajfa-3687	39	2	(	(	PUNCT
ajfa-3687	39	3	1995	1995	NUM
ajfa-3687	39	4	)	)	PUNCT
ajfa-3687	39	5	in	in	ADP
ajfa-3687	39	6	his	his	PRON
ajfa-3687	39	7	study	study	NOUN
ajfa-3687	39	8	on	on	ADP
ajfa-3687	39	9	the	the	DET
ajfa-3687	39	10	us	us	PROPN
ajfa-3687	39	11	market	market	NOUN
ajfa-3687	39	12	reports	report	VERB
ajfa-3687	39	13	a	a	DET
ajfa-3687	39	14	positive	positive	ADJ
ajfa-3687	39	15	linear	linear	NOUN
ajfa-3687	39	16	relationship	relationship	NOUN
ajfa-3687	39	17	between	between	ADP
ajfa-3687	39	18	managerial	managerial	ADJ
ajfa-3687	39	19	ownership	ownership	NOUN
ajfa-3687	39	20	and	and	CCONJ
ajfa-3687	39	21	firm	firm	ADJ
ajfa-3687	39	22	performance	performance	NOUN
ajfa-3687	39	23	.	.	PUNCT
ajfa-3687	40	1	in	in	ADP
ajfa-3687	40	2	line	line	NOUN
ajfa-3687	40	3	with	with	ADP
ajfa-3687	40	4	these	these	DET
ajfa-3687	40	5	studies	study	NOUN
ajfa-3687	40	6	,	,	PUNCT
ajfa-3687	40	7	shleifer	shleifer	NOUN
ajfa-3687	40	8	and	and	CCONJ
ajfa-3687	40	9	vishny	vishny	PROPN
ajfa-3687	40	10	(	(	PUNCT
ajfa-3687	40	11	1986	1986	NUM
ajfa-3687	40	12	)	)	PUNCT
ajfa-3687	40	13	indicate	indicate	VERB
ajfa-3687	40	14	that	that	SCONJ
ajfa-3687	40	15	large	large	ADJ
ajfa-3687	40	16	equity	equity	NOUN
ajfa-3687	40	17	holders	holder	NOUN
ajfa-3687	40	18	have	have	VERB
ajfa-3687	40	19	strong	strong	ADJ
ajfa-3687	40	20	incentives	incentive	NOUN
ajfa-3687	40	21	to	to	PART
ajfa-3687	40	22	monitor	monitor	VERB
ajfa-3687	40	23	manager	manager	NOUN
ajfa-3687	40	24	performance	performance	NOUN
ajfa-3687	40	25	and	and	CCONJ
ajfa-3687	40	26	that	that	SCONJ
ajfa-3687	40	27	consequently	consequently	ADV
ajfa-3687	40	28	mitigates	mitigate	VERB
ajfa-3687	40	29	agency	agency	NOUN
ajfa-3687	40	30	conflicts	conflict	NOUN
ajfa-3687	40	31	.	.	PUNCT
ajfa-3687	41	1	prowse	prowse	PROPN
ajfa-3687	41	2	(	(	PUNCT
ajfa-3687	41	3	1994	1994	NUM
ajfa-3687	41	4	)	)	PUNCT
ajfa-3687	41	5	also	also	ADV
ajfa-3687	41	6	indicates	indicate	VERB
ajfa-3687	41	7	that	that	SCONJ
ajfa-3687	41	8	concentrated	concentrated	ADJ
ajfa-3687	41	9	ownership	ownership	NOUN
ajfa-3687	41	10	in	in	ADP
ajfa-3687	41	11	companies	company	NOUN
ajfa-3687	41	12	will	will	AUX
ajfa-3687	41	13	mitigate	mitigate	VERB
ajfa-3687	41	14	agency	agency	NOUN
ajfa-3687	41	15	problems	problem	NOUN
ajfa-3687	41	16	and	and	CCONJ
ajfa-3687	41	17	agency	agency	NOUN
ajfa-3687	41	18	costs	cost	NOUN
ajfa-3687	41	19	.	.	PUNCT
ajfa-3687	42	1	demsetz	demsetz	VERB
ajfa-3687	42	2	(	(	PUNCT
ajfa-3687	42	3	1983	1983	NUM
ajfa-3687	42	4	)	)	PUNCT
ajfa-3687	42	5	believes	believe	VERB
ajfa-3687	42	6	that	that	SCONJ
ajfa-3687	42	7	there	there	PRON
ajfa-3687	42	8	is	be	VERB
ajfa-3687	42	9	a	a	DET
ajfa-3687	42	10	negative	negative	ADJ
ajfa-3687	42	11	relationship	relationship	NOUN
ajfa-3687	42	12	between	between	ADP
ajfa-3687	42	13	managerial	managerial	ADJ
ajfa-3687	42	14	ownership	ownership	NOUN
ajfa-3687	42	15	and	and	CCONJ
ajfa-3687	42	16	companies	company	NOUN
ajfa-3687	42	17	’	'	PUNCT
ajfa-3687	42	18	financial	financial	ADJ
ajfa-3687	42	19	performance	performance	NOUN
ajfa-3687	42	20	because	because	SCONJ
ajfa-3687	42	21	of	of	ADP
ajfa-3687	42	22	the	the	DET
ajfa-3687	42	23	entrenchment	entrenchment	ADJ
ajfa-3687	42	24	effect	effect	NOUN
ajfa-3687	42	25	.	.	PUNCT
ajfa-3687	43	1	thus	thus	ADV
ajfa-3687	43	2	,	,	PUNCT
ajfa-3687	43	3	demsetz	demsetz	VERB
ajfa-3687	43	4	documents	document	NOUN
ajfa-3687	43	5	a	a	DET
ajfa-3687	43	6	negative	negative	ADJ
ajfa-3687	43	7	linear	linear	ADJ
ajfa-3687	43	8	relationship	relationship	NOUN
ajfa-3687	43	9	between	between	ADP
ajfa-3687	43	10	managerial	managerial	ADJ
ajfa-3687	43	11	ownership	ownership	NOUN
ajfa-3687	43	12	and	and	CCONJ
ajfa-3687	43	13	financial	financial	ADJ
ajfa-3687	43	14	performance	performance	NOUN
ajfa-3687	43	15	.	.	PUNCT
ajfa-3687	44	1	ang	ang	PROPN
ajfa-3687	44	2	,	,	PUNCT
ajfa-3687	44	3	cole	cole	PROPN
ajfa-3687	44	4	and	and	CCONJ
ajfa-3687	44	5	lin	lin	PROPN
ajfa-3687	44	6	(	(	PUNCT
ajfa-3687	44	7	2000	2000	NUM
ajfa-3687	44	8	)	)	PUNCT
ajfa-3687	44	9	document	document	NOUN
ajfa-3687	44	10	a	a	DET
ajfa-3687	44	11	negative	negative	ADJ
ajfa-3687	44	12	relationship	relationship	NOUN
ajfa-3687	44	13	between	between	ADP
ajfa-3687	44	14	proportions	proportion	NOUN
ajfa-3687	44	15	of	of	ADP
ajfa-3687	44	16	shares	share	NOUN
ajfa-3687	44	17	owned	own	VERB
ajfa-3687	44	18	by	by	ADP
ajfa-3687	44	19	managers	manager	NOUN
ajfa-3687	44	20	and	and	CCONJ
ajfa-3687	44	21	financial	financial	ADJ
ajfa-3687	44	22	performance	performance	NOUN
ajfa-3687	44	23	in	in	ADP
ajfa-3687	44	24	the	the	DET
ajfa-3687	44	25	us	us	PROPN
ajfa-3687	44	26	market	market	NOUN
ajfa-3687	44	27	.	.	PUNCT
ajfa-3687	45	1	in	in	ADP
ajfa-3687	45	2	subsequent	subsequent	ADJ
ajfa-3687	45	3	years	year	NOUN
ajfa-3687	45	4	,	,	PUNCT
ajfa-3687	45	5	researchers	researcher	NOUN
ajfa-3687	45	6	document	document	VERB
ajfa-3687	45	7	no	no	DET
ajfa-3687	45	8	statistical	statistical	ADJ
ajfa-3687	45	9	significant	significant	ADJ
ajfa-3687	45	10	relationship	relationship	NOUN
ajfa-3687	45	11	between	between	ADP
ajfa-3687	45	12	ownership	ownership	NOUN
ajfa-3687	45	13	structure	structure	NOUN
ajfa-3687	45	14	and	and	CCONJ
ajfa-3687	45	15	firm	firm	ADJ
ajfa-3687	45	16	performance	performance	NOUN
ajfa-3687	45	17	(	(	PUNCT
ajfa-3687	45	18	al	al	PROPN
ajfa-3687	45	19	farooque	farooque	NOUN
ajfa-3687	45	20	,	,	PUNCT
ajfa-3687	45	21	2007	2007	NUM
ajfa-3687	45	22	;	;	PUNCT
ajfa-3687	45	23	demsetz	demsetz	VERB
ajfa-3687	45	24	,	,	PUNCT
ajfa-3687	45	25	2001	2001	NUM
ajfa-3687	45	26	)	)	PUNCT
ajfa-3687	45	27	.	.	PUNCT
ajfa-3687	46	1	followed	follow	VERB
ajfa-3687	46	2	by	by	ADP
ajfa-3687	46	3	demsetz	demsetz	VERB
ajfa-3687	46	4	in	in	ADP
ajfa-3687	46	5	1983	1983	NUM
ajfa-3687	46	6	,	,	PUNCT
ajfa-3687	46	7	stulz	stulz	ADJ
ajfa-3687	46	8	(	(	PUNCT
ajfa-3687	46	9	1988	1988	NUM
ajfa-3687	46	10	)	)	PUNCT
ajfa-3687	46	11	and	and	CCONJ
ajfa-3687	46	12	morck	morck	PROPN
ajfa-3687	46	13	et	et	PROPN
ajfa-3687	46	14	al	al	PROPN
ajfa-3687	46	15	(	(	PUNCT
ajfa-3687	46	16	1988	1988	NUM
ajfa-3687	46	17	)	)	PUNCT
ajfa-3687	46	18	document	document	NOUN
ajfa-3687	46	19	a	a	DET
ajfa-3687	46	20	combined	combined	ADJ
ajfa-3687	46	21	effect	effect	NOUN
ajfa-3687	46	22	of	of	ADP
ajfa-3687	46	23	incentive	incentive	NOUN
ajfa-3687	46	24	alignment	alignment	NOUN
ajfa-3687	46	25	and	and	CCONJ
ajfa-3687	46	26	entrenchment	entrenchment	NOUN
ajfa-3687	46	27	to	to	PART
ajfa-3687	46	28	report	report	VERB
ajfa-3687	46	29	the	the	DET
ajfa-3687	46	30	relationship	relationship	NOUN
ajfa-3687	46	31	between	between	ADP
ajfa-3687	46	32	insider	insider	NOUN
ajfa-3687	46	33	ownership	ownership	NOUN
ajfa-3687	46	34	and	and	CCONJ
ajfa-3687	46	35	firm	firm	ADJ
ajfa-3687	46	36	performance	performance	NOUN
ajfa-3687	46	37	.	.	PUNCT
ajfa-3687	47	1	block	block	NOUN
ajfa-3687	47	2	holders	holder	NOUN
ajfa-3687	47	3	have	have	VERB
ajfa-3687	47	4	strong	strong	ADJ
ajfa-3687	47	5	incentives	incentive	NOUN
ajfa-3687	47	6	to	to	PART
ajfa-3687	47	7	monitor	monitor	VERB
ajfa-3687	47	8	and	and	CCONJ
ajfa-3687	47	9	discipline	discipline	NOUN
ajfa-3687	47	10	management	management	NOUN
ajfa-3687	47	11	in	in	ADP
ajfa-3687	47	12	order	order	NOUN
ajfa-3687	47	13	to	to	PART
ajfa-3687	47	14	mitigate	mitigate	VERB
ajfa-3687	47	15	agency	agency	NOUN
ajfa-3687	47	16	conflicts	conflict	NOUN
ajfa-3687	47	17	(	(	PUNCT
ajfa-3687	47	18	shleifer	shleifer	NOUN
ajfa-3687	47	19	,	,	PUNCT
ajfa-3687	47	20	1986	1986	NUM
ajfa-3687	47	21	,	,	PUNCT
ajfa-3687	47	22	1997	1997	NUM
ajfa-3687	47	23	)	)	PUNCT
ajfa-3687	47	24	.	.	PUNCT
ajfa-3687	48	1	asian	asian	ADJ
ajfa-3687	48	2	journal	journal	PROPN
ajfa-3687	48	3	of	of	ADP
ajfa-3687	48	4	finance	finance	PROPN
ajfa-3687	48	5	&	&	CCONJ
ajfa-3687	48	6	accounting	accounting	PROPN
ajfa-3687	48	7	issn	issn	PROPN
ajfa-3687	48	8	1946	1946	NUM
ajfa-3687	48	9	-	-	PUNCT
ajfa-3687	48	10	052x	052x	NOUN
ajfa-3687	48	11	2013	2013	NUM
ajfa-3687	48	12	,	,	PUNCT
ajfa-3687	48	13	vol	vol	NOUN
ajfa-3687	48	14	.	.	PROPN
ajfa-3687	48	15	5	5	NUM
ajfa-3687	48	16	,	,	PUNCT
ajfa-3687	48	17	no	no	INTJ
ajfa-3687	48	18	.	.	NOUN
ajfa-3687	48	19	1	1	NUM
ajfa-3687	48	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	48	21	400	400	NUM
ajfa-3687	48	22	entrenchment	entrenchment	ADJ
ajfa-3687	48	23	effect	effect	NOUN
ajfa-3687	48	24	determines	determine	VERB
ajfa-3687	48	25	whether	whether	SCONJ
ajfa-3687	48	26	firm	firm	ADJ
ajfa-3687	48	27	value	value	NOUN
ajfa-3687	48	28	would	would	AUX
ajfa-3687	48	29	be	be	AUX
ajfa-3687	48	30	maximised	maximise	VERB
ajfa-3687	48	31	by	by	ADP
ajfa-3687	48	32	the	the	DET
ajfa-3687	48	33	presence	presence	NOUN
ajfa-3687	48	34	of	of	ADP
ajfa-3687	48	35	large	large	ADJ
ajfa-3687	48	36	external	external	ADJ
ajfa-3687	48	37	shareholders	shareholder	NOUN
ajfa-3687	48	38	(	(	PUNCT
ajfa-3687	48	39	claessens	claessen	NOUN
ajfa-3687	48	40	,	,	PUNCT
ajfa-3687	48	41	2003	2003	NUM
ajfa-3687	48	42	;	;	PUNCT
ajfa-3687	48	43	villalonga	villalonga	ADJ
ajfa-3687	48	44	,	,	PUNCT
ajfa-3687	48	45	2006	2006	NUM
ajfa-3687	48	46	)	)	PUNCT
ajfa-3687	48	47	.	.	PUNCT
ajfa-3687	49	1	in	in	ADP
ajfa-3687	49	2	this	this	DET
ajfa-3687	49	3	regard	regard	NOUN
ajfa-3687	49	4	,	,	PUNCT
ajfa-3687	49	5	family	family	NOUN
ajfa-3687	49	6	firms	firm	NOUN
ajfa-3687	49	7	are	be	AUX
ajfa-3687	49	8	a	a	DET
ajfa-3687	49	9	special	special	ADJ
ajfa-3687	49	10	class	class	NOUN
ajfa-3687	49	11	of	of	ADP
ajfa-3687	49	12	large	large	ADJ
ajfa-3687	49	13	shareholders	shareholder	NOUN
ajfa-3687	49	14	with	with	ADP
ajfa-3687	49	15	unique	unique	ADJ
ajfa-3687	49	16	incentive	incentive	NOUN
ajfa-3687	49	17	structures	structure	NOUN
ajfa-3687	49	18	.	.	PUNCT
ajfa-3687	50	1	for	for	ADP
ajfa-3687	50	2	example	example	NOUN
ajfa-3687	50	3	,	,	PUNCT
ajfa-3687	50	4	some	some	DET
ajfa-3687	50	5	factors	factor	NOUN
ajfa-3687	50	6	such	such	ADJ
ajfa-3687	50	7	as	as	ADP
ajfa-3687	50	8	concerns	concern	NOUN
ajfa-3687	50	9	over	over	ADP
ajfa-3687	50	10	family	family	NOUN
ajfa-3687	50	11	and	and	CCONJ
ajfa-3687	50	12	firm	firm	ADJ
ajfa-3687	50	13	reputation	reputation	NOUN
ajfa-3687	50	14	can	can	AUX
ajfa-3687	50	15	mitigate	mitigate	VERB
ajfa-3687	50	16	the	the	DET
ajfa-3687	50	17	agency	agency	NOUN
ajfa-3687	50	18	cost	cost	NOUN
ajfa-3687	50	19	(	(	PUNCT
ajfa-3687	50	20	anderson	anderson	PROPN
ajfa-3687	50	21	,	,	PUNCT
ajfa-3687	50	22	2003	2003	NUM
ajfa-3687	50	23	)	)	PUNCT
ajfa-3687	50	24	.	.	PUNCT
ajfa-3687	51	1	minority	minority	NOUN
ajfa-3687	51	2	shareholders	shareholder	NOUN
ajfa-3687	51	3	’	'	PUNCT
ajfa-3687	51	4	expropriation	expropriation	NOUN
ajfa-3687	51	5	may	may	AUX
ajfa-3687	51	6	still	still	ADV
ajfa-3687	51	7	happen	happen	VERB
ajfa-3687	51	8	in	in	ADP
ajfa-3687	51	9	firms	firm	NOUN
ajfa-3687	51	10	with	with	ADP
ajfa-3687	51	11	controlling	control	VERB
ajfa-3687	51	12	family	family	NOUN
ajfa-3687	51	13	shareholders	shareholder	NOUN
ajfa-3687	51	14	(	(	PUNCT
ajfa-3687	51	15	villalonga	villalonga	ADJ
ajfa-3687	51	16	,	,	PUNCT
ajfa-3687	51	17	2006	2006	NUM
ajfa-3687	51	18	)	)	PUNCT
ajfa-3687	51	19	.	.	PUNCT
ajfa-3687	52	1	reddy	reddy	PROPN
ajfa-3687	52	2	et	et	PROPN
ajfa-3687	52	3	al	al	PROPN
ajfa-3687	52	4	(	(	PUNCT
ajfa-3687	52	5	2008	2008	NUM
ajfa-3687	52	6	)	)	PUNCT
ajfa-3687	52	7	find	find	VERB
ajfa-3687	52	8	a	a	DET
ajfa-3687	52	9	negative	negative	ADJ
ajfa-3687	52	10	relationship	relationship	NOUN
ajfa-3687	52	11	between	between	ADP
ajfa-3687	52	12	insider	insider	NOUN
ajfa-3687	52	13	ownership	ownership	NOUN
ajfa-3687	52	14	and	and	CCONJ
ajfa-3687	52	15	financial	financial	ADJ
ajfa-3687	52	16	performance	performance	NOUN
ajfa-3687	52	17	in	in	ADP
ajfa-3687	52	18	new	new	PROPN
ajfa-3687	52	19	zealand	zealand	PROPN
ajfa-3687	52	20	small	small	ADJ
ajfa-3687	52	21	cap	cap	NOUN
ajfa-3687	52	22	companies	company	NOUN
ajfa-3687	52	23	.	.	PUNCT
ajfa-3687	53	1	morck	morck	PROPN
ajfa-3687	53	2	,	,	PUNCT
ajfa-3687	53	3	shleifer	shleifer	NOUN
ajfa-3687	53	4	and	and	CCONJ
ajfa-3687	53	5	vishny	vishny	PROPN
ajfa-3687	53	6	(	(	PUNCT
ajfa-3687	53	7	1988	1988	NUM
ajfa-3687	53	8	)	)	PUNCT
ajfa-3687	53	9	present	present	VERB
ajfa-3687	53	10	two	two	NUM
ajfa-3687	53	11	conflicting	conflicting	ADJ
ajfa-3687	53	12	effects	effect	NOUN
ajfa-3687	53	13	for	for	ADP
ajfa-3687	53	14	insider	insider	NOUN
ajfa-3687	53	15	ownership	ownership	NOUN
ajfa-3687	53	16	:	:	PUNCT
ajfa-3687	53	17	(	(	PUNCT
ajfa-3687	53	18	1	1	X
ajfa-3687	53	19	)	)	PUNCT
ajfa-3687	53	20	an	an	DET
ajfa-3687	53	21	alignment	alignment	ADJ
ajfa-3687	53	22	effect	effect	NOUN
ajfa-3687	53	23	,	,	PUNCT
ajfa-3687	53	24	(	(	PUNCT
ajfa-3687	53	25	2	2	X
ajfa-3687	53	26	)	)	PUNCT
ajfa-3687	53	27	an	an	DET
ajfa-3687	53	28	entrenchment	entrenchment	ADJ
ajfa-3687	53	29	effect	effect	NOUN
ajfa-3687	53	30	.	.	PUNCT
ajfa-3687	54	1	alignment	alignment	ADJ
ajfa-3687	54	2	effect	effect	NOUN
ajfa-3687	54	3	refers	refer	VERB
ajfa-3687	54	4	to	to	ADP
ajfa-3687	54	5	the	the	DET
ajfa-3687	54	6	positive	positive	ADJ
ajfa-3687	54	7	effect	effect	NOUN
ajfa-3687	54	8	of	of	ADP
ajfa-3687	54	9	increasing	increase	VERB
ajfa-3687	54	10	insider	insider	NOUN
ajfa-3687	54	11	ownership	ownership	NOUN
ajfa-3687	54	12	and	and	CCONJ
ajfa-3687	54	13	firm	firm	ADJ
ajfa-3687	54	14	performance	performance	NOUN
ajfa-3687	54	15	by	by	ADP
ajfa-3687	54	16	aligning	align	VERB
ajfa-3687	54	17	the	the	DET
ajfa-3687	54	18	financial	financial	ADJ
ajfa-3687	54	19	interests	interest	NOUN
ajfa-3687	54	20	of	of	ADP
ajfa-3687	54	21	insiders	insider	NOUN
ajfa-3687	54	22	and	and	CCONJ
ajfa-3687	54	23	firm	firm	ADJ
ajfa-3687	54	24	.	.	PUNCT
ajfa-3687	55	1	entrenchment	entrenchment	ADJ
ajfa-3687	55	2	effect	effect	NOUN
ajfa-3687	55	3	is	be	AUX
ajfa-3687	55	4	when	when	SCONJ
ajfa-3687	55	5	the	the	DET
ajfa-3687	55	6	likelihood	likelihood	NOUN
ajfa-3687	55	7	of	of	ADP
ajfa-3687	55	8	replacement	replacement	NOUN
ajfa-3687	55	9	through	through	ADP
ajfa-3687	55	10	a	a	DET
ajfa-3687	55	11	proxy	proxy	NOUN
ajfa-3687	55	12	fight	fight	NOUN
ajfa-3687	55	13	or	or	CCONJ
ajfa-3687	55	14	takeover	takeover	NOUN
ajfa-3687	55	15	declines	decline	NOUN
ajfa-3687	55	16	as	as	ADP
ajfa-3687	55	17	insider	insider	NOUN
ajfa-3687	55	18	ownership	ownership	NOUN
ajfa-3687	55	19	increases	increase	NOUN
ajfa-3687	55	20	and	and	CCONJ
ajfa-3687	55	21	provides	provide	VERB
ajfa-3687	55	22	more	more	ADJ
ajfa-3687	55	23	incentives	incentive	NOUN
ajfa-3687	55	24	for	for	SCONJ
ajfa-3687	55	25	managers	manager	NOUN
ajfa-3687	55	26	to	to	PART
ajfa-3687	55	27	pursue	pursue	VERB
ajfa-3687	55	28	their	their	PRON
ajfa-3687	55	29	own	own	ADJ
ajfa-3687	55	30	goals	goal	NOUN
ajfa-3687	55	31	.	.	PUNCT
ajfa-3687	56	1	entrenchment	entrenchment	ADJ
ajfa-3687	56	2	effect	effect	NOUN
ajfa-3687	56	3	shows	show	VERB
ajfa-3687	56	4	that	that	SCONJ
ajfa-3687	56	5	expropriation	expropriation	NOUN
ajfa-3687	56	6	of	of	ADP
ajfa-3687	56	7	minority	minority	NOUN
ajfa-3687	56	8	shareholders	shareholder	NOUN
ajfa-3687	56	9	will	will	AUX
ajfa-3687	56	10	occur	occur	VERB
ajfa-3687	56	11	when	when	SCONJ
ajfa-3687	56	12	managers	manager	NOUN
ajfa-3687	56	13	fail	fail	VERB
ajfa-3687	56	14	to	to	PART
ajfa-3687	56	15	align	align	VERB
ajfa-3687	56	16	managers	manager	NOUN
ajfa-3687	56	17	and	and	CCONJ
ajfa-3687	56	18	shareholder	shareholder	NOUN
ajfa-3687	56	19	interests	interest	NOUN
ajfa-3687	56	20	by	by	ADP
ajfa-3687	56	21	giving	give	VERB
ajfa-3687	56	22	shares	share	NOUN
ajfa-3687	56	23	to	to	ADP
ajfa-3687	56	24	managers	manager	NOUN
ajfa-3687	56	25	(	(	PUNCT
ajfa-3687	56	26	johnson	johnson	PROPN
ajfa-3687	56	27	,	,	PUNCT
ajfa-3687	56	28	boone	boone	PROPN
ajfa-3687	56	29	and	and	CCONJ
ajfa-3687	56	30	breach	breach	VERB
ajfa-3687	56	31	2000	2000	NUM
ajfa-3687	56	32	,	,	PUNCT
ajfa-3687	56	33	shleifer	shleifer	NOUN
ajfa-3687	56	34	and	and	CCONJ
ajfa-3687	56	35	vishny	vishny	PROPN
ajfa-3687	56	36	1997	1997	NUM
ajfa-3687	56	37	)	)	PUNCT
ajfa-3687	56	38	.	.	PUNCT
ajfa-3687	57	1	grossman	grossman	PROPN
ajfa-3687	57	2	and	and	CCONJ
ajfa-3687	57	3	hart	hart	PROPN
ajfa-3687	57	4	(	(	PUNCT
ajfa-3687	57	5	1982	1982	NUM
ajfa-3687	57	6	)	)	PUNCT
ajfa-3687	57	7	document	document	NOUN
ajfa-3687	57	8	the	the	DET
ajfa-3687	57	9	strong	strong	ADJ
ajfa-3687	57	10	incentive	incentive	NOUN
ajfa-3687	57	11	of	of	ADP
ajfa-3687	57	12	external	external	ADJ
ajfa-3687	57	13	block	block	NOUN
ajfa-3687	57	14	owners	owner	NOUN
ajfa-3687	57	15	to	to	PART
ajfa-3687	57	16	control	control	VERB
ajfa-3687	57	17	the	the	DET
ajfa-3687	57	18	opportunistic	opportunistic	ADJ
ajfa-3687	57	19	behaviour	behaviour	NOUN
ajfa-3687	57	20	of	of	ADP
ajfa-3687	57	21	management	management	NOUN
ajfa-3687	57	22	.	.	PUNCT
ajfa-3687	58	1	aside	aside	ADV
ajfa-3687	58	2	from	from	ADP
ajfa-3687	58	3	the	the	DET
ajfa-3687	58	4	positive	positive	ADJ
ajfa-3687	58	5	role	role	NOUN
ajfa-3687	58	6	block	block	NOUN
ajfa-3687	58	7	owners	owner	NOUN
ajfa-3687	58	8	have	have	VERB
ajfa-3687	58	9	on	on	ADP
ajfa-3687	58	10	firm	firm	ADJ
ajfa-3687	58	11	performance	performance	NOUN
ajfa-3687	58	12	because	because	SCONJ
ajfa-3687	58	13	of	of	ADP
ajfa-3687	58	14	strong	strong	ADJ
ajfa-3687	58	15	monitoring	monitoring	NOUN
ajfa-3687	58	16	incentives	incentive	NOUN
ajfa-3687	58	17	and	and	CCONJ
ajfa-3687	58	18	voting	voting	NOUN
ajfa-3687	58	19	control	control	NOUN
ajfa-3687	58	20	,	,	PUNCT
ajfa-3687	58	21	some	some	DET
ajfa-3687	58	22	issues	issue	NOUN
ajfa-3687	58	23	also	also	ADV
ajfa-3687	58	24	exist	exist	VERB
ajfa-3687	58	25	that	that	PRON
ajfa-3687	58	26	prevent	prevent	VERB
ajfa-3687	58	27	block	block	NOUN
ajfa-3687	58	28	owners	owner	NOUN
ajfa-3687	58	29	doing	do	VERB
ajfa-3687	58	30	their	their	PRON
ajfa-3687	58	31	best	good	ADJ
ajfa-3687	58	32	for	for	ADP
ajfa-3687	58	33	the	the	DET
ajfa-3687	58	34	firm	firm	NOUN
ajfa-3687	58	35	.	.	PUNCT
ajfa-3687	59	1	cable	cable	NOUN
ajfa-3687	59	2	and	and	CCONJ
ajfa-3687	59	3	yasuki	yasuki	PROPN
ajfa-3687	59	4	(	(	PUNCT
ajfa-3687	59	5	1985	1985	NUM
ajfa-3687	59	6	)	)	PUNCT
ajfa-3687	59	7	document	document	NOUN
ajfa-3687	59	8	a	a	DET
ajfa-3687	59	9	positive	positive	ADJ
ajfa-3687	59	10	relationship	relationship	NOUN
ajfa-3687	59	11	between	between	ADP
ajfa-3687	59	12	ownership	ownership	NOUN
ajfa-3687	59	13	concentration	concentration	NOUN
ajfa-3687	59	14	and	and	CCONJ
ajfa-3687	59	15	firm	firm	ADJ
ajfa-3687	59	16	performance	performance	NOUN
ajfa-3687	59	17	in	in	ADP
ajfa-3687	59	18	japanese	japanese	ADJ
ajfa-3687	59	19	firms	firm	NOUN
ajfa-3687	59	20	except	except	SCONJ
ajfa-3687	59	21	keiretsus	keiretsus	PROPN
ajfa-3687	59	22	which	which	PRON
ajfa-3687	59	23	is	be	AUX
ajfa-3687	59	24	one	one	NUM
ajfa-3687	59	25	kind	kind	NOUN
ajfa-3687	59	26	of	of	ADP
ajfa-3687	59	27	japanese	japanese	ADJ
ajfa-3687	59	28	company	company	NOUN
ajfa-3687	59	29	,	,	PUNCT
ajfa-3687	59	30	while	while	SCONJ
ajfa-3687	59	31	prowse	prowse	PROPN
ajfa-3687	59	32	(	(	PUNCT
ajfa-3687	59	33	1992	1992	NUM
ajfa-3687	59	34	)	)	PUNCT
ajfa-3687	59	35	finds	find	VERB
ajfa-3687	59	36	no	no	DET
ajfa-3687	59	37	significant	significant	ADJ
ajfa-3687	59	38	relationship	relationship	NOUN
ajfa-3687	59	39	between	between	ADP
ajfa-3687	59	40	ownership	ownership	NOUN
ajfa-3687	59	41	concentration	concentration	NOUN
ajfa-3687	59	42	and	and	CCONJ
ajfa-3687	59	43	financial	financial	ADJ
ajfa-3687	59	44	performance	performance	NOUN
ajfa-3687	59	45	of	of	ADP
ajfa-3687	59	46	japanese	japanese	ADJ
ajfa-3687	59	47	firms	firm	NOUN
ajfa-3687	59	48	either	either	CCONJ
ajfa-3687	59	49	keiretsus	keiretsus	PROPN
ajfa-3687	59	50	or	or	CCONJ
ajfa-3687	59	51	non	non	ADJ
ajfa-3687	59	52	-	-	NOUN
ajfa-3687	59	53	keiretsus	keiretsus	NOUN
ajfa-3687	59	54	.	.	PUNCT
ajfa-3687	60	1	in	in	ADP
ajfa-3687	60	2	contrast	contrast	NOUN
ajfa-3687	60	3	,	,	PUNCT
ajfa-3687	60	4	mcconnell	mcconnell	PROPN
ajfa-3687	60	5	and	and	CCONJ
ajfa-3687	60	6	servaes	servaes	PROPN
ajfa-3687	60	7	(	(	PUNCT
ajfa-3687	60	8	1990	1990	NUM
ajfa-3687	60	9	)	)	PUNCT
ajfa-3687	60	10	and	and	CCONJ
ajfa-3687	60	11	thomsen	thomsen	PROPN
ajfa-3687	60	12	and	and	CCONJ
ajfa-3687	60	13	pedersen	pedersen	PROPN
ajfa-3687	60	14	(	(	PUNCT
ajfa-3687	60	15	2000	2000	NUM
ajfa-3687	60	16	)	)	PUNCT
ajfa-3687	60	17	show	show	VERB
ajfa-3687	60	18	a	a	DET
ajfa-3687	60	19	positive	positive	ADJ
ajfa-3687	60	20	relation	relation	NOUN
ajfa-3687	60	21	between	between	ADP
ajfa-3687	60	22	performance	performance	NOUN
ajfa-3687	60	23	and	and	CCONJ
ajfa-3687	60	24	ownership	ownership	NOUN
ajfa-3687	60	25	concentration	concentration	NOUN
ajfa-3687	60	26	.	.	PUNCT
ajfa-3687	61	1	mudambi	mudambi	PROPN
ajfa-3687	61	2	and	and	CCONJ
ajfa-3687	61	3	nicosia	nicosia	PROPN
ajfa-3687	61	4	(	(	PUNCT
ajfa-3687	61	5	1998	1998	NUM
ajfa-3687	61	6	)	)	PUNCT
ajfa-3687	61	7	in	in	ADP
ajfa-3687	61	8	the	the	DET
ajfa-3687	61	9	uk	uk	PROPN
ajfa-3687	61	10	and	and	CCONJ
ajfa-3687	61	11	lehmann	lehmann	PROPN
ajfa-3687	61	12	and	and	CCONJ
ajfa-3687	61	13	weigand	weigand	PROPN
ajfa-3687	61	14	(	(	PUNCT
ajfa-3687	61	15	2000	2000	NUM
ajfa-3687	61	16	)	)	PUNCT
ajfa-3687	61	17	in	in	ADP
ajfa-3687	61	18	germany	germany	PROPN
ajfa-3687	61	19	indicate	indicate	VERB
ajfa-3687	61	20	a	a	DET
ajfa-3687	61	21	negative	negative	ADJ
ajfa-3687	61	22	linear	linear	ADJ
ajfa-3687	61	23	relationship	relationship	NOUN
ajfa-3687	61	24	between	between	ADP
ajfa-3687	61	25	ownership	ownership	NOUN
ajfa-3687	61	26	concentration	concentration	NOUN
ajfa-3687	61	27	and	and	CCONJ
ajfa-3687	61	28	firm	firm	ADJ
ajfa-3687	61	29	performance	performance	NOUN
ajfa-3687	61	30	.	.	PUNCT
ajfa-3687	62	1	they	they	PRON
ajfa-3687	62	2	believe	believe	VERB
ajfa-3687	62	3	that	that	SCONJ
ajfa-3687	62	4	expropriation	expropriation	NOUN
ajfa-3687	62	5	behaviour	behaviour	NOUN
ajfa-3687	62	6	of	of	ADP
ajfa-3687	62	7	block	block	NOUN
ajfa-3687	62	8	owners	owner	NOUN
ajfa-3687	62	9	negatively	negatively	ADV
ajfa-3687	62	10	affects	affect	VERB
ajfa-3687	62	11	firm	firm	ADJ
ajfa-3687	62	12	performance	performance	NOUN
ajfa-3687	62	13	,	,	PUNCT
ajfa-3687	62	14	because	because	SCONJ
ajfa-3687	62	15	block	block	NOUN
ajfa-3687	62	16	owners	owner	NOUN
ajfa-3687	62	17	try	try	VERB
ajfa-3687	62	18	to	to	PART
ajfa-3687	62	19	have	have	VERB
ajfa-3687	62	20	benefits	benefit	NOUN
ajfa-3687	62	21	on	on	ADP
ajfa-3687	62	22	minority	minority	NOUN
ajfa-3687	62	23	shareholders	shareholder	NOUN
ajfa-3687	62	24	’	'	PUNCT
ajfa-3687	62	25	costs	cost	NOUN
ajfa-3687	62	26	.	.	PUNCT
ajfa-3687	63	1	one	one	NUM
ajfa-3687	63	2	of	of	ADP
ajfa-3687	63	3	the	the	DET
ajfa-3687	63	4	outcomes	outcome	NOUN
ajfa-3687	63	5	of	of	ADP
ajfa-3687	63	6	this	this	DET
ajfa-3687	63	7	behaviour	behaviour	NOUN
ajfa-3687	63	8	is	be	AUX
ajfa-3687	63	9	that	that	SCONJ
ajfa-3687	63	10	minority	minority	NOUN
ajfa-3687	63	11	shareholders	shareholder	NOUN
ajfa-3687	63	12	reduce	reduce	VERB
ajfa-3687	63	13	their	their	PRON
ajfa-3687	63	14	ownership	ownership	NOUN
ajfa-3687	63	15	.	.	PUNCT
ajfa-3687	64	1	gedajlovic	gedajlovic	PROPN
ajfa-3687	64	2	and	and	CCONJ
ajfa-3687	64	3	shapiro	shapiro	PROPN
ajfa-3687	64	4	(	(	PUNCT
ajfa-3687	64	5	1998	1998	NUM
ajfa-3687	64	6	)	)	PUNCT
ajfa-3687	64	7	in	in	ADP
ajfa-3687	64	8	us	we	PRON
ajfa-3687	64	9	and	and	CCONJ
ajfa-3687	64	10	miguel	miguel	PROPN
ajfa-3687	64	11	,	,	PUNCT
ajfa-3687	64	12	pindado	pindado	NOUN
ajfa-3687	64	13	and	and	CCONJ
ajfa-3687	64	14	la	la	DET
ajfa-3687	64	15	torre	torre	PROPN
ajfa-3687	64	16	(	(	PUNCT
ajfa-3687	64	17	2004	2004	NUM
ajfa-3687	64	18	)	)	PUNCT
ajfa-3687	64	19	in	in	ADP
ajfa-3687	64	20	spain	spain	PROPN
ajfa-3687	64	21	predict	predict	VERB
ajfa-3687	64	22	a	a	DET
ajfa-3687	64	23	quadratic	quadratic	ADJ
ajfa-3687	64	24	relationship	relationship	NOUN
ajfa-3687	64	25	between	between	ADP
ajfa-3687	64	26	performance	performance	NOUN
ajfa-3687	64	27	and	and	CCONJ
ajfa-3687	64	28	ownership	ownership	NOUN
ajfa-3687	64	29	concentration	concentration	NOUN
ajfa-3687	64	30	.	.	PUNCT
ajfa-3687	65	1	they	they	PRON
ajfa-3687	65	2	assume	assume	VERB
ajfa-3687	65	3	that	that	SCONJ
ajfa-3687	65	4	at	at	ADP
ajfa-3687	65	5	primary	primary	ADJ
ajfa-3687	65	6	levels	level	NOUN
ajfa-3687	65	7	of	of	ADP
ajfa-3687	65	8	ownership	ownership	NOUN
ajfa-3687	65	9	concentration	concentration	NOUN
ajfa-3687	65	10	,	,	PUNCT
ajfa-3687	65	11	the	the	DET
ajfa-3687	65	12	positive	positive	ADJ
ajfa-3687	65	13	effect	effect	NOUN
ajfa-3687	65	14	of	of	ADP
ajfa-3687	65	15	block	block	NOUN
ajfa-3687	65	16	owner	owner	NOUN
ajfa-3687	65	17	monitoring	monitoring	NOUN
ajfa-3687	65	18	leads	lead	VERB
ajfa-3687	65	19	to	to	ADP
ajfa-3687	65	20	an	an	DET
ajfa-3687	65	21	increase	increase	NOUN
ajfa-3687	65	22	in	in	ADP
ajfa-3687	65	23	firm	firm	ADJ
ajfa-3687	65	24	performance	performance	NOUN
ajfa-3687	65	25	and	and	CCONJ
ajfa-3687	65	26	improve	improve	VERB
ajfa-3687	65	27	cost	cost	NOUN
ajfa-3687	65	28	of	of	ADP
ajfa-3687	65	29	capital	capital	NOUN
ajfa-3687	65	30	.	.	PUNCT
ajfa-3687	66	1	but	but	CCONJ
ajfa-3687	66	2	in	in	ADP
ajfa-3687	66	3	high	high	ADJ
ajfa-3687	66	4	levels	level	NOUN
ajfa-3687	66	5	of	of	ADP
ajfa-3687	66	6	block	block	NOUN
ajfa-3687	66	7	ownership	ownership	NOUN
ajfa-3687	66	8	the	the	DET
ajfa-3687	66	9	expropriation	expropriation	NOUN
ajfa-3687	66	10	effect	effect	NOUN
ajfa-3687	66	11	(	(	PUNCT
ajfa-3687	66	12	entrenchment	entrenchment	ADJ
ajfa-3687	66	13	effect	effect	NOUN
ajfa-3687	66	14	)	)	PUNCT
ajfa-3687	66	15	negatively	negatively	ADV
ajfa-3687	66	16	affects	affect	VERB
ajfa-3687	66	17	their	their	PRON
ajfa-3687	66	18	performance	performance	NOUN
ajfa-3687	66	19	and	and	CCONJ
ajfa-3687	66	20	consequently	consequently	ADV
ajfa-3687	66	21	causes	cause	VERB
ajfa-3687	66	22	a	a	DET
ajfa-3687	66	23	decrease	decrease	NOUN
ajfa-3687	66	24	in	in	ADP
ajfa-3687	66	25	firm	firm	ADJ
ajfa-3687	66	26	value	value	NOUN
ajfa-3687	66	27	(	(	PUNCT
ajfa-3687	66	28	claessens	claessen	NOUN
ajfa-3687	66	29	,	,	PUNCT
ajfa-3687	66	30	2003	2003	NUM
ajfa-3687	66	31	)	)	PUNCT
ajfa-3687	66	32	.	.	PUNCT
ajfa-3687	67	1	mahrt	mahrt	PROPN
ajfa-3687	67	2	-	-	PUNCT
ajfa-3687	67	3	smith	smith	PROPN
ajfa-3687	67	4	(	(	PUNCT
ajfa-3687	67	5	2005	2005	NUM
ajfa-3687	67	6	)	)	PUNCT
ajfa-3687	67	7	concludes	conclude	VERB
ajfa-3687	67	8	that	that	SCONJ
ajfa-3687	67	9	predicting	predict	VERB
ajfa-3687	67	10	the	the	DET
ajfa-3687	67	11	effect	effect	NOUN
ajfa-3687	67	12	of	of	ADP
ajfa-3687	67	13	ownership	ownership	NOUN
ajfa-3687	67	14	structure	structure	NOUN
ajfa-3687	67	15	on	on	ADP
ajfa-3687	67	16	firm	firm	ADJ
ajfa-3687	67	17	performance	performance	NOUN
ajfa-3687	67	18	will	will	AUX
ajfa-3687	67	19	be	be	AUX
ajfa-3687	67	20	difficult	difficult	ADJ
ajfa-3687	67	21	unless	unless	SCONJ
ajfa-3687	67	22	one	one	NUM
ajfa-3687	67	23	controls	control	VERB
ajfa-3687	67	24	the	the	DET
ajfa-3687	67	25	firm	firm	NOUN
ajfa-3687	67	26	’s	’s	PART
ajfa-3687	67	27	capital	capital	NOUN
ajfa-3687	67	28	structure	structure	NOUN
ajfa-3687	67	29	choice	choice	NOUN
ajfa-3687	67	30	.	.	PUNCT
ajfa-3687	68	1	asian	asian	ADJ
ajfa-3687	68	2	journal	journal	PROPN
ajfa-3687	68	3	of	of	ADP
ajfa-3687	68	4	finance	finance	PROPN
ajfa-3687	68	5	&	&	CCONJ
ajfa-3687	68	6	accounting	accounting	PROPN
ajfa-3687	68	7	issn	issn	PROPN
ajfa-3687	68	8	1946	1946	NUM
ajfa-3687	68	9	-	-	PUNCT
ajfa-3687	68	10	052x	052x	NOUN
ajfa-3687	68	11	2013	2013	NUM
ajfa-3687	68	12	,	,	PUNCT
ajfa-3687	68	13	vol	vol	NOUN
ajfa-3687	68	14	.	.	PROPN
ajfa-3687	68	15	5	5	NUM
ajfa-3687	68	16	,	,	PUNCT
ajfa-3687	68	17	no	no	INTJ
ajfa-3687	68	18	.	.	NOUN
ajfa-3687	68	19	1	1	NUM
ajfa-3687	68	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	68	21	401	401	NUM
ajfa-3687	68	22	some	some	DET
ajfa-3687	68	23	other	other	ADJ
ajfa-3687	68	24	studies	study	NOUN
ajfa-3687	68	25	document	document	VERB
ajfa-3687	68	26	a	a	DET
ajfa-3687	68	27	non	non	ADJ
ajfa-3687	68	28	-	-	ADJ
ajfa-3687	68	29	linear	linear	ADJ
ajfa-3687	68	30	relationship	relationship	NOUN
ajfa-3687	68	31	between	between	ADP
ajfa-3687	68	32	ownership	ownership	NOUN
ajfa-3687	68	33	concentration	concentration	NOUN
ajfa-3687	68	34	and	and	CCONJ
ajfa-3687	68	35	firm	firm	ADJ
ajfa-3687	68	36	performance	performance	NOUN
ajfa-3687	68	37	.	.	PUNCT
ajfa-3687	69	1	they	they	PRON
ajfa-3687	69	2	find	find	VERB
ajfa-3687	69	3	a	a	DET
ajfa-3687	69	4	cubic	cubic	ADJ
ajfa-3687	69	5	relationship	relationship	NOUN
ajfa-3687	69	6	which	which	PRON
ajfa-3687	69	7	is	be	AUX
ajfa-3687	69	8	an	an	DET
ajfa-3687	69	9	up	up	ADJ
ajfa-3687	69	10	/	/	SYM
ajfa-3687	69	11	down	down	ADP
ajfa-3687	69	12	/	/	SYM
ajfa-3687	69	13	up	up	ADP
ajfa-3687	69	14	relationship	relationship	NOUN
ajfa-3687	69	15	between	between	ADP
ajfa-3687	69	16	performance	performance	NOUN
ajfa-3687	69	17	and	and	CCONJ
ajfa-3687	69	18	ownership	ownership	NOUN
ajfa-3687	69	19	concentration	concentration	NOUN
ajfa-3687	69	20	(	(	PUNCT
ajfa-3687	69	21	gugler	gugler	NOUN
ajfa-3687	69	22	,	,	PUNCT
ajfa-3687	69	23	2004	2004	NUM
ajfa-3687	69	24	;	;	PUNCT
ajfa-3687	69	25	short	short	ADJ
ajfa-3687	69	26	,	,	PUNCT
ajfa-3687	69	27	1999	1999	NUM
ajfa-3687	69	28	)	)	PUNCT
ajfa-3687	69	29	.	.	PUNCT
ajfa-3687	70	1	gugler	gugler	NOUN
ajfa-3687	70	2	,	,	PUNCT
ajfa-3687	70	3	mueller	mueller	PROPN
ajfa-3687	70	4	and	and	CCONJ
ajfa-3687	70	5	yurtoglu	yurtoglu	PROPN
ajfa-3687	70	6	(	(	PUNCT
ajfa-3687	70	7	2004	2004	NUM
ajfa-3687	70	8	)	)	PUNCT
ajfa-3687	70	9	show	show	VERB
ajfa-3687	70	10	that	that	SCONJ
ajfa-3687	70	11	with	with	ADP
ajfa-3687	70	12	primary	primary	ADJ
ajfa-3687	70	13	levels	level	NOUN
ajfa-3687	70	14	of	of	ADP
ajfa-3687	70	15	block	block	NOUN
ajfa-3687	70	16	ownership	ownership	NOUN
ajfa-3687	70	17	there	there	PRON
ajfa-3687	70	18	is	be	VERB
ajfa-3687	70	19	a	a	DET
ajfa-3687	70	20	positive	positive	ADJ
ajfa-3687	70	21	relationship	relationship	NOUN
ajfa-3687	70	22	between	between	ADP
ajfa-3687	70	23	block	block	NOUN
ajfa-3687	70	24	ownership	ownership	NOUN
ajfa-3687	70	25	and	and	CCONJ
ajfa-3687	70	26	firm	firm	ADJ
ajfa-3687	70	27	performance	performance	NOUN
ajfa-3687	70	28	because	because	SCONJ
ajfa-3687	70	29	of	of	ADP
ajfa-3687	70	30	block	block	NOUN
ajfa-3687	70	31	owners	owner	NOUN
ajfa-3687	70	32	’	'	PUNCT
ajfa-3687	70	33	incentives	incentive	NOUN
ajfa-3687	70	34	to	to	PART
ajfa-3687	70	35	monitor	monitor	VERB
ajfa-3687	70	36	managers	manager	NOUN
ajfa-3687	70	37	and	and	CCONJ
ajfa-3687	70	38	their	their	PRON
ajfa-3687	70	39	performance	performance	NOUN
ajfa-3687	70	40	.	.	PUNCT
ajfa-3687	71	1	but	but	CCONJ
ajfa-3687	71	2	after	after	ADP
ajfa-3687	71	3	a	a	DET
ajfa-3687	71	4	specific	specific	ADJ
ajfa-3687	71	5	level	level	NOUN
ajfa-3687	71	6	of	of	ADP
ajfa-3687	71	7	ownership	ownership	NOUN
ajfa-3687	71	8	expropriation	expropriation	NOUN
ajfa-3687	71	9	,	,	PUNCT
ajfa-3687	71	10	behaviour	behaviour	NOUN
ajfa-3687	71	11	of	of	ADP
ajfa-3687	71	12	block	block	NOUN
ajfa-3687	71	13	ownership	ownership	NOUN
ajfa-3687	71	14	(	(	PUNCT
ajfa-3687	71	15	entrenchment	entrenchment	ADJ
ajfa-3687	71	16	effect	effect	NOUN
ajfa-3687	71	17	)	)	PUNCT
ajfa-3687	71	18	influences	influence	VERB
ajfa-3687	71	19	their	their	PRON
ajfa-3687	71	20	performance	performance	NOUN
ajfa-3687	71	21	and	and	CCONJ
ajfa-3687	71	22	negatively	negatively	ADV
ajfa-3687	71	23	affects	affect	VERB
ajfa-3687	71	24	firm	firm	ADJ
ajfa-3687	71	25	performance	performance	NOUN
ajfa-3687	71	26	.	.	PUNCT
ajfa-3687	72	1	this	this	PRON
ajfa-3687	72	2	happens	happen	VERB
ajfa-3687	72	3	because	because	SCONJ
ajfa-3687	72	4	their	their	PRON
ajfa-3687	72	5	ownership	ownership	NOUN
ajfa-3687	72	6	is	be	AUX
ajfa-3687	72	7	not	not	PART
ajfa-3687	72	8	up	up	ADP
ajfa-3687	72	9	to	to	ADP
ajfa-3687	72	10	a	a	DET
ajfa-3687	72	11	level	level	NOUN
ajfa-3687	72	12	that	that	PRON
ajfa-3687	72	13	makes	make	VERB
ajfa-3687	72	14	them	they	PRON
ajfa-3687	72	15	highly	highly	ADV
ajfa-3687	72	16	concerned	concerned	ADJ
ajfa-3687	72	17	about	about	ADP
ajfa-3687	72	18	firm	firm	ADJ
ajfa-3687	72	19	performance	performance	NOUN
ajfa-3687	72	20	and	and	CCONJ
ajfa-3687	72	21	nor	nor	CCONJ
ajfa-3687	72	22	is	be	AUX
ajfa-3687	72	23	it	it	PRON
ajfa-3687	72	24	up	up	ADV
ajfa-3687	72	25	to	to	ADP
ajfa-3687	72	26	a	a	DET
ajfa-3687	72	27	level	level	NOUN
ajfa-3687	72	28	where	where	SCONJ
ajfa-3687	72	29	they	they	PRON
ajfa-3687	72	30	can	can	AUX
ajfa-3687	72	31	have	have	VERB
ajfa-3687	72	32	their	their	PRON
ajfa-3687	72	33	effect	effect	NOUN
ajfa-3687	72	34	cheaply	cheaply	ADV
ajfa-3687	72	35	.	.	PUNCT
ajfa-3687	73	1	in	in	ADP
ajfa-3687	73	2	high	high	ADJ
ajfa-3687	73	3	levels	level	NOUN
ajfa-3687	73	4	of	of	ADP
ajfa-3687	73	5	block	block	NOUN
ajfa-3687	73	6	ownership	ownership	NOUN
ajfa-3687	73	7	there	there	PRON
ajfa-3687	73	8	is	be	VERB
ajfa-3687	73	9	a	a	DET
ajfa-3687	73	10	positive	positive	ADJ
ajfa-3687	73	11	relationship	relationship	NOUN
ajfa-3687	73	12	between	between	ADP
ajfa-3687	73	13	block	block	NOUN
ajfa-3687	73	14	ownership	ownership	NOUN
ajfa-3687	73	15	and	and	CCONJ
ajfa-3687	73	16	performance	performance	NOUN
ajfa-3687	73	17	.	.	PUNCT
ajfa-3687	74	1	in	in	ADP
ajfa-3687	74	2	this	this	DET
ajfa-3687	74	3	situation	situation	NOUN
ajfa-3687	74	4	they	they	PRON
ajfa-3687	74	5	have	have	VERB
ajfa-3687	74	6	more	more	ADJ
ajfa-3687	74	7	incentive	incentive	NOUN
ajfa-3687	74	8	to	to	PART
ajfa-3687	74	9	monitor	monitor	VERB
ajfa-3687	74	10	firm	firm	ADJ
ajfa-3687	74	11	performance	performance	NOUN
ajfa-3687	74	12	because	because	SCONJ
ajfa-3687	74	13	their	their	PRON
ajfa-3687	74	14	wealth	wealth	NOUN
ajfa-3687	74	15	is	be	AUX
ajfa-3687	74	16	highly	highly	ADV
ajfa-3687	74	17	tied	tie	VERB
ajfa-3687	74	18	with	with	ADP
ajfa-3687	74	19	firm	firm	ADJ
ajfa-3687	74	20	performance	performance	NOUN
ajfa-3687	74	21	so	so	SCONJ
ajfa-3687	74	22	they	they	PRON
ajfa-3687	74	23	accept	accept	VERB
ajfa-3687	74	24	the	the	DET
ajfa-3687	74	25	costs	cost	NOUN
ajfa-3687	74	26	of	of	ADP
ajfa-3687	74	27	monitoring	monitor	VERB
ajfa-3687	74	28	in	in	ADP
ajfa-3687	74	29	order	order	NOUN
ajfa-3687	74	30	to	to	PART
ajfa-3687	74	31	protect	protect	VERB
ajfa-3687	74	32	their	their	PRON
ajfa-3687	74	33	wealth	wealth	NOUN
ajfa-3687	74	34	.	.	PUNCT
ajfa-3687	75	1	gugler	gugler	NOUN
ajfa-3687	75	2	,	,	PUNCT
ajfa-3687	75	3	mueller	mueller	PROPN
ajfa-3687	75	4	and	and	CCONJ
ajfa-3687	75	5	yurtoglu	yurtoglu	PROPN
ajfa-3687	75	6	(	(	PUNCT
ajfa-3687	75	7	2008	2008	NUM
ajfa-3687	75	8	)	)	PUNCT
ajfa-3687	75	9	document	document	NOUN
ajfa-3687	75	10	an	an	DET
ajfa-3687	75	11	unclear	unclear	ADJ
ajfa-3687	75	12	effect	effect	NOUN
ajfa-3687	75	13	of	of	ADP
ajfa-3687	75	14	insider	insider	NOUN
ajfa-3687	75	15	ownership	ownership	NOUN
ajfa-3687	75	16	on	on	ADP
ajfa-3687	75	17	firm	firm	ADJ
ajfa-3687	75	18	performance	performance	NOUN
ajfa-3687	75	19	.	.	PUNCT
ajfa-3687	76	1	they	they	PRON
ajfa-3687	76	2	believe	believe	VERB
ajfa-3687	76	3	on	on	ADP
ajfa-3687	76	4	both	both	CCONJ
ajfa-3687	76	5	positive	positive	ADJ
ajfa-3687	76	6	role	role	NOUN
ajfa-3687	76	7	of	of	ADP
ajfa-3687	76	8	alignment	alignment	ADJ
ajfa-3687	76	9	effect	effect	NOUN
ajfa-3687	76	10	and	and	CCONJ
ajfa-3687	76	11	negative	negative	ADJ
ajfa-3687	76	12	role	role	NOUN
ajfa-3687	76	13	of	of	ADP
ajfa-3687	76	14	entrenchment	entrenchment	ADJ
ajfa-3687	76	15	effect	effect	NOUN
ajfa-3687	76	16	.	.	PUNCT
ajfa-3687	77	1	while	while	SCONJ
ajfa-3687	77	2	prior	prior	ADJ
ajfa-3687	77	3	studies	study	NOUN
ajfa-3687	77	4	document	document	NOUN
ajfa-3687	77	5	mixed	mixed	ADJ
ajfa-3687	77	6	and	and	CCONJ
ajfa-3687	77	7	inconclusive	inconclusive	ADJ
ajfa-3687	77	8	results	result	NOUN
ajfa-3687	77	9	on	on	ADP
ajfa-3687	77	10	the	the	DET
ajfa-3687	77	11	role	role	NOUN
ajfa-3687	77	12	of	of	ADP
ajfa-3687	77	13	ownership	ownership	NOUN
ajfa-3687	77	14	structure	structure	NOUN
ajfa-3687	77	15	,	,	PUNCT
ajfa-3687	77	16	firm	firm	ADJ
ajfa-3687	77	17	performance	performance	NOUN
ajfa-3687	77	18	and	and	CCONJ
ajfa-3687	77	19	cost	cost	NOUN
ajfa-3687	77	20	of	of	ADP
ajfa-3687	77	21	capital	capital	NOUN
ajfa-3687	77	22	,	,	PUNCT
ajfa-3687	77	23	it	it	PRON
ajfa-3687	77	24	is	be	AUX
ajfa-3687	77	25	still	still	ADV
ajfa-3687	77	26	challenging	challenge	VERB
ajfa-3687	77	27	to	to	PART
ajfa-3687	77	28	know	know	VERB
ajfa-3687	77	29	whether	whether	SCONJ
ajfa-3687	77	30	or	or	CCONJ
ajfa-3687	77	31	not	not	PART
ajfa-3687	77	32	this	this	DET
ajfa-3687	77	33	pool	pool	NOUN
ajfa-3687	77	34	of	of	ADP
ajfa-3687	77	35	research	research	NOUN
ajfa-3687	77	36	can	can	AUX
ajfa-3687	77	37	address	address	VERB
ajfa-3687	77	38	the	the	DET
ajfa-3687	77	39	primary	primary	ADJ
ajfa-3687	77	40	question	question	NOUN
ajfa-3687	77	41	.	.	PUNCT
ajfa-3687	78	1	the	the	DET
ajfa-3687	78	2	primary	primary	ADJ
ajfa-3687	78	3	question	question	NOUN
ajfa-3687	78	4	in	in	ADP
ajfa-3687	78	5	this	this	DET
ajfa-3687	78	6	field	field	NOUN
ajfa-3687	78	7	is	be	AUX
ajfa-3687	78	8	to	to	PART
ajfa-3687	78	9	know	know	VERB
ajfa-3687	78	10	whether	whether	SCONJ
ajfa-3687	78	11	ownership	ownership	NOUN
ajfa-3687	78	12	structure	structure	NOUN
ajfa-3687	78	13	affects	affect	VERB
ajfa-3687	78	14	the	the	DET
ajfa-3687	78	15	performance	performance	NOUN
ajfa-3687	78	16	of	of	ADP
ajfa-3687	78	17	the	the	DET
ajfa-3687	78	18	firms	firm	NOUN
ajfa-3687	78	19	and	and	CCONJ
ajfa-3687	78	20	if	if	SCONJ
ajfa-3687	78	21	the	the	DET
ajfa-3687	78	22	answer	answer	NOUN
ajfa-3687	78	23	is	be	AUX
ajfa-3687	78	24	yes	yes	INTJ
ajfa-3687	78	25	,	,	PUNCT
ajfa-3687	78	26	how	how	SCONJ
ajfa-3687	78	27	does	do	AUX
ajfa-3687	78	28	ownership	ownership	NOUN
ajfa-3687	78	29	structure	structure	NOUN
ajfa-3687	78	30	affect	affect	VERB
ajfa-3687	78	31	firms	firm	NOUN
ajfa-3687	78	32	.	.	PUNCT
ajfa-3687	79	1	although	although	SCONJ
ajfa-3687	79	2	the	the	DET
ajfa-3687	79	3	characteristics	characteristic	NOUN
ajfa-3687	79	4	of	of	ADP
ajfa-3687	79	5	capital	capital	NOUN
ajfa-3687	79	6	markets	market	NOUN
ajfa-3687	79	7	and	and	CCONJ
ajfa-3687	79	8	the	the	DET
ajfa-3687	79	9	characteristics	characteristic	NOUN
ajfa-3687	79	10	of	of	ADP
ajfa-3687	79	11	each	each	DET
ajfa-3687	79	12	economy	economy	NOUN
ajfa-3687	79	13	require	require	VERB
ajfa-3687	79	14	different	different	ADJ
ajfa-3687	79	15	strategies	strategy	NOUN
ajfa-3687	79	16	and	and	CCONJ
ajfa-3687	79	17	guidelines	guideline	NOUN
ajfa-3687	79	18	,	,	PUNCT
ajfa-3687	79	19	an	an	DET
ajfa-3687	79	20	empirical	empirical	ADJ
ajfa-3687	79	21	study	study	NOUN
ajfa-3687	79	22	on	on	ADP
ajfa-3687	79	23	this	this	DET
ajfa-3687	79	24	issue	issue	NOUN
ajfa-3687	79	25	can	can	AUX
ajfa-3687	79	26	clarify	clarify	VERB
ajfa-3687	79	27	different	different	ADJ
ajfa-3687	79	28	dimensions	dimension	NOUN
ajfa-3687	79	29	and	and	CCONJ
ajfa-3687	79	30	aspects	aspect	NOUN
ajfa-3687	79	31	of	of	ADP
ajfa-3687	79	32	ownership	ownership	NOUN
ajfa-3687	79	33	structure	structure	NOUN
ajfa-3687	79	34	.	.	PUNCT
ajfa-3687	80	1	the	the	DET
ajfa-3687	80	2	financial	financial	ADJ
ajfa-3687	80	3	crisis	crisis	NOUN
ajfa-3687	80	4	in	in	ADP
ajfa-3687	80	5	2007	2007	NUM
ajfa-3687	80	6	provides	provide	VERB
ajfa-3687	80	7	a	a	DET
ajfa-3687	80	8	unique	unique	ADJ
ajfa-3687	80	9	situation	situation	NOUN
ajfa-3687	80	10	to	to	PART
ajfa-3687	80	11	check	check	VERB
ajfa-3687	80	12	the	the	DET
ajfa-3687	80	13	efficiency	efficiency	NOUN
ajfa-3687	80	14	of	of	ADP
ajfa-3687	80	15	academic	academic	ADJ
ajfa-3687	80	16	and	and	CCONJ
ajfa-3687	80	17	practical	practical	ADJ
ajfa-3687	80	18	guidelines	guideline	NOUN
ajfa-3687	80	19	on	on	ADP
ajfa-3687	80	20	required	require	VERB
ajfa-3687	80	21	ownership	ownership	NOUN
ajfa-3687	80	22	structure	structure	NOUN
ajfa-3687	80	23	in	in	ADP
ajfa-3687	80	24	firms	firm	NOUN
ajfa-3687	80	25	.	.	PUNCT
ajfa-3687	81	1	if	if	SCONJ
ajfa-3687	81	2	research	research	NOUN
ajfa-3687	81	3	finds	find	VERB
ajfa-3687	81	4	that	that	SCONJ
ajfa-3687	81	5	firms	firm	NOUN
ajfa-3687	81	6	in	in	ADP
ajfa-3687	81	7	different	different	ADJ
ajfa-3687	81	8	economies	economy	NOUN
ajfa-3687	81	9	,	,	PUNCT
ajfa-3687	81	10	which	which	PRON
ajfa-3687	81	11	implement	implement	VERB
ajfa-3687	81	12	different	different	ADJ
ajfa-3687	81	13	ownership	ownership	NOUN
ajfa-3687	81	14	structure	structure	NOUN
ajfa-3687	81	15	guidelines	guideline	NOUN
ajfa-3687	81	16	,	,	PUNCT
ajfa-3687	81	17	successfully	successfully	ADV
ajfa-3687	81	18	pass	pass	VERB
ajfa-3687	81	19	through	through	ADP
ajfa-3687	81	20	a	a	DET
ajfa-3687	81	21	financial	financial	ADJ
ajfa-3687	81	22	crisis	crisis	NOUN
ajfa-3687	81	23	,	,	PUNCT
ajfa-3687	81	24	then	then	ADV
ajfa-3687	81	25	it	it	PRON
ajfa-3687	81	26	is	be	AUX
ajfa-3687	81	27	possible	possible	ADJ
ajfa-3687	81	28	to	to	PART
ajfa-3687	81	29	conclude	conclude	VERB
ajfa-3687	81	30	that	that	SCONJ
ajfa-3687	81	31	the	the	DET
ajfa-3687	81	32	suggested	suggest	VERB
ajfa-3687	81	33	ownership	ownership	NOUN
ajfa-3687	81	34	structures	structure	NOUN
ajfa-3687	81	35	are	be	AUX
ajfa-3687	81	36	efficient	efficient	ADJ
ajfa-3687	81	37	.	.	PUNCT
ajfa-3687	82	1	new	new	PROPN
ajfa-3687	82	2	zealand	zealand	PROPN
ajfa-3687	82	3	as	as	ADP
ajfa-3687	82	4	a	a	DET
ajfa-3687	82	5	commodity	commodity	NOUN
ajfa-3687	82	6	-	-	PUNCT
ajfa-3687	82	7	based	base	VERB
ajfa-3687	82	8	economy	economy	NOUN
ajfa-3687	82	9	with	with	ADP
ajfa-3687	82	10	a	a	DET
ajfa-3687	82	11	unique	unique	ADJ
ajfa-3687	82	12	geographical	geographical	ADJ
ajfa-3687	82	13	situation	situation	NOUN
ajfa-3687	82	14	and	and	CCONJ
ajfa-3687	82	15	singapore	singapore	PROPN
ajfa-3687	82	16	as	as	ADP
ajfa-3687	82	17	a	a	DET
ajfa-3687	82	18	highly	highly	ADV
ajfa-3687	82	19	international	international	ADJ
ajfa-3687	82	20	economy	economy	NOUN
ajfa-3687	82	21	can	can	AUX
ajfa-3687	82	22	reflect	reflect	VERB
ajfa-3687	82	23	the	the	DET
ajfa-3687	82	24	idea	idea	NOUN
ajfa-3687	82	25	of	of	ADP
ajfa-3687	82	26	various	various	ADJ
ajfa-3687	82	27	effects	effect	NOUN
ajfa-3687	82	28	of	of	ADP
ajfa-3687	82	29	ownership	ownership	NOUN
ajfa-3687	82	30	structure	structure	NOUN
ajfa-3687	82	31	in	in	ADP
ajfa-3687	82	32	crisis	crisis	NOUN
ajfa-3687	82	33	situation	situation	NOUN
ajfa-3687	82	34	in	in	ADP
ajfa-3687	82	35	different	different	ADJ
ajfa-3687	82	36	markets	market	NOUN
ajfa-3687	82	37	.	.	PUNCT
ajfa-3687	83	1	method	method	NOUN
ajfa-3687	83	2	and	and	CCONJ
ajfa-3687	83	3	data	datum	NOUN
ajfa-3687	83	4	description	description	NOUN
ajfa-3687	83	5	this	this	DET
ajfa-3687	83	6	study	study	NOUN
ajfa-3687	83	7	includes	include	VERB
ajfa-3687	83	8	two	two	NUM
ajfa-3687	83	9	null	null	ADJ
ajfa-3687	83	10	hypotheses	hypothesis	NOUN
ajfa-3687	83	11	which	which	PRON
ajfa-3687	83	12	are	be	AUX
ajfa-3687	83	13	reported	report	VERB
ajfa-3687	83	14	below	below	ADV
ajfa-3687	83	15	:	:	PUNCT
ajfa-3687	83	16	h0	h0	PROPN
ajfa-3687	83	17	:	:	PUNCT
ajfa-3687	83	18	does	do	AUX
ajfa-3687	83	19	insider	insider	NOUN
ajfa-3687	83	20	ownership	ownership	NOUN
ajfa-3687	83	21	negatively	negatively	ADV
ajfa-3687	83	22	affect	affect	VERB
ajfa-3687	83	23	cost	cost	NOUN
ajfa-3687	83	24	of	of	ADP
ajfa-3687	83	25	capital	capital	NOUN
ajfa-3687	83	26	during	during	ADP
ajfa-3687	83	27	global	global	ADJ
ajfa-3687	83	28	financial	financial	ADJ
ajfa-3687	83	29	crisis	crisis	NOUN
ajfa-3687	83	30	h0	h0	PROPN
ajfa-3687	83	31	:	:	PUNCT
ajfa-3687	83	32	does	do	AUX
ajfa-3687	83	33	block	block	NOUN
ajfa-3687	83	34	ownership	ownership	NOUN
ajfa-3687	83	35	negatively	negatively	ADV
ajfa-3687	83	36	affect	affect	VERB
ajfa-3687	83	37	cost	cost	NOUN
ajfa-3687	83	38	of	of	ADP
ajfa-3687	83	39	capital	capital	NOUN
ajfa-3687	83	40	during	during	ADP
ajfa-3687	83	41	global	global	ADJ
ajfa-3687	83	42	financial	financial	ADJ
ajfa-3687	83	43	crisis	crisis	NOUN
ajfa-3687	83	44	this	this	DET
ajfa-3687	83	45	study	study	NOUN
ajfa-3687	83	46	employs	employ	VERB
ajfa-3687	83	47	regression	regression	NOUN
ajfa-3687	83	48	models	model	NOUN
ajfa-3687	83	49	in	in	ADP
ajfa-3687	83	50	order	order	NOUN
ajfa-3687	83	51	to	to	PART
ajfa-3687	83	52	address	address	VERB
ajfa-3687	83	53	the	the	DET
ajfa-3687	83	54	above	above	ADJ
ajfa-3687	83	55	hypotheses	hypothesis	NOUN
ajfa-3687	83	56	.	.	PUNCT
ajfa-3687	84	1	panel	panel	NOUN
ajfa-3687	84	2	regression	regression	NOUN
ajfa-3687	84	3	model	model	NOUN
ajfa-3687	84	4	and	and	CCONJ
ajfa-3687	84	5	ordinary	ordinary	ADJ
ajfa-3687	84	6	least	least	ADJ
ajfa-3687	84	7	square	square	ADJ
ajfa-3687	84	8	(	(	PUNCT
ajfa-3687	84	9	ols	ol	NOUN
ajfa-3687	84	10	)	)	PUNCT
ajfa-3687	84	11	methods	method	NOUN
ajfa-3687	84	12	of	of	ADP
ajfa-3687	84	13	estimation	estimation	NOUN
ajfa-3687	84	14	are	be	AUX
ajfa-3687	84	15	employed	employ	VERB
ajfa-3687	84	16	in	in	ADP
ajfa-3687	84	17	this	this	DET
ajfa-3687	84	18	study	study	NOUN
ajfa-3687	84	19	.	.	PUNCT
ajfa-3687	85	1	as	as	SCONJ
ajfa-3687	85	2	mentioned	mention	VERB
ajfa-3687	85	3	in	in	ADP
ajfa-3687	85	4	the	the	DET
ajfa-3687	85	5	previous	previous	ADJ
ajfa-3687	85	6	section	section	NOUN
ajfa-3687	85	7	,	,	PUNCT
ajfa-3687	85	8	some	some	DET
ajfa-3687	85	9	studies	study	NOUN
ajfa-3687	85	10	report	report	VERB
ajfa-3687	85	11	a	a	DET
ajfa-3687	85	12	linear	linear	ADJ
ajfa-3687	85	13	relationship	relationship	NOUN
ajfa-3687	85	14	between	between	ADP
ajfa-3687	85	15	ownership	ownership	NOUN
ajfa-3687	85	16	structure	structure	NOUN
ajfa-3687	85	17	(	(	PUNCT
ajfa-3687	85	18	reddy	reddy	NOUN
ajfa-3687	85	19	,	,	PUNCT
ajfa-3687	85	20	2008	2008	NUM
ajfa-3687	85	21	)	)	PUNCT
ajfa-3687	85	22	,	,	PUNCT
ajfa-3687	85	23	performance	performance	NOUN
ajfa-3687	85	24	and	and	CCONJ
ajfa-3687	85	25	cost	cost	NOUN
ajfa-3687	85	26	of	of	ADP
ajfa-3687	85	27	capital	capital	NOUN
ajfa-3687	85	28	while	while	SCONJ
ajfa-3687	85	29	others	other	NOUN
ajfa-3687	85	30	report	report	VERB
ajfa-3687	85	31	a	a	DET
ajfa-3687	85	32	square	square	ADJ
ajfa-3687	85	33	relationship	relationship	NOUN
ajfa-3687	85	34	and	and	CCONJ
ajfa-3687	85	35	yet	yet	CCONJ
ajfa-3687	85	36	others	other	NOUN
ajfa-3687	85	37	report	report	VERB
ajfa-3687	85	38	a	a	DET
ajfa-3687	85	39	cubic	cubic	ADJ
ajfa-3687	85	40	relationship	relationship	NOUN
ajfa-3687	85	41	(	(	PUNCT
ajfa-3687	85	42	gugler	gugler	NOUN
ajfa-3687	85	43	,	,	PUNCT
ajfa-3687	85	44	2008	2008	NUM
ajfa-3687	85	45	)	)	PUNCT
ajfa-3687	85	46	.	.	PUNCT
ajfa-3687	86	1	thus	thus	ADV
ajfa-3687	86	2	in	in	ADP
ajfa-3687	86	3	order	order	NOUN
ajfa-3687	86	4	to	to	ADP
ajfa-3687	86	5	asian	asian	ADJ
ajfa-3687	86	6	journal	journal	NOUN
ajfa-3687	86	7	of	of	ADP
ajfa-3687	86	8	finance	finance	PROPN
ajfa-3687	86	9	&	&	CCONJ
ajfa-3687	86	10	accounting	accounting	PROPN
ajfa-3687	86	11	issn	issn	PROPN
ajfa-3687	86	12	1946	1946	NUM
ajfa-3687	86	13	-	-	PUNCT
ajfa-3687	86	14	052x	052x	NOUN
ajfa-3687	86	15	2013	2013	NUM
ajfa-3687	86	16	,	,	PUNCT
ajfa-3687	86	17	vol	vol	NOUN
ajfa-3687	86	18	.	.	PROPN
ajfa-3687	86	19	5	5	NUM
ajfa-3687	86	20	,	,	PUNCT
ajfa-3687	86	21	no	no	INTJ
ajfa-3687	86	22	.	.	NOUN
ajfa-3687	86	23	1	1	NUM
ajfa-3687	86	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	86	25	402	402	NUM
ajfa-3687	86	26	track	track	VERB
ajfa-3687	86	27	the	the	DET
ajfa-3687	86	28	correct	correct	ADJ
ajfa-3687	86	29	relationship	relationship	NOUN
ajfa-3687	86	30	between	between	ADP
ajfa-3687	86	31	ownership	ownership	NOUN
ajfa-3687	86	32	structure	structure	NOUN
ajfa-3687	86	33	and	and	CCONJ
ajfa-3687	86	34	cost	cost	NOUN
ajfa-3687	86	35	of	of	ADP
ajfa-3687	86	36	capital	capital	NOUN
ajfa-3687	86	37	,	,	PUNCT
ajfa-3687	86	38	three	three	NUM
ajfa-3687	86	39	potential	potential	ADJ
ajfa-3687	86	40	equations	equation	NOUN
ajfa-3687	86	41	are	be	AUX
ajfa-3687	86	42	employed	employ	VERB
ajfa-3687	86	43	.	.	PUNCT
ajfa-3687	87	1	a.	a.	NOUN
ajfa-3687	87	2	a	a	DET
ajfa-3687	87	3	linear	linear	ADJ
ajfa-3687	87	4	equation	equation	NOUN
ajfa-3687	87	5	to	to	PART
ajfa-3687	87	6	check	check	VERB
ajfa-3687	87	7	linear	linear	PROPN
ajfa-3687	87	8	relationship	relationship	NOUN
ajfa-3687	87	9	(	(	PUNCT
ajfa-3687	87	10	cost	cost	NOUN
ajfa-3687	87	11	of	of	ADP
ajfa-3687	87	12	capital	capital	NOUN
ajfa-3687	87	13	)	)	PUNCT
ajfa-3687	87	14	it	it	PRON
ajfa-3687	87	15	=	=	PUNCT
ajfa-3687	87	16	αi	αi	VERB
ajfa-3687	87	17	+	+	SYM
ajfa-3687	88	1	α2i	α2i	X
ajfa-3687	88	2	(	(	PUNCT
ajfa-3687	88	3	ownership	ownership	NOUN
ajfa-3687	88	4	structure	structure	NOUN
ajfa-3687	88	5	)	)	PUNCT
ajfa-3687	88	6	it	it	PRON
ajfa-3687	89	1	+	+	CCONJ
ajfa-3687	89	2	α3ifirm	α3ifirm	NOUN
ajfa-3687	89	3	size	size	VERB
ajfa-3687	89	4	it	it	PRON
ajfa-3687	89	5	+	+	CCONJ
ajfa-3687	89	6	α4i	α4i	ADJ
ajfa-3687	89	7	leverage	leverage	NOUN
ajfa-3687	89	8	it	it	PRON
ajfa-3687	89	9	+	+	CCONJ
ajfa-3687	89	10	α5gdpt	α5gdpt	NUM
ajfa-3687	89	11	b.	b.	PROPN
ajfa-3687	89	12	a	a	DET
ajfa-3687	89	13	square	square	ADJ
ajfa-3687	89	14	equation	equation	NOUN
ajfa-3687	89	15	to	to	PART
ajfa-3687	89	16	check	check	VERB
ajfa-3687	89	17	square	square	ADJ
ajfa-3687	89	18	relationship	relationship	NOUN
ajfa-3687	89	19	(	(	PUNCT
ajfa-3687	89	20	cost	cost	NOUN
ajfa-3687	89	21	of	of	ADP
ajfa-3687	89	22	capital	capital	NOUN
ajfa-3687	89	23	)	)	PUNCT
ajfa-3687	89	24	it	it	PRON
ajfa-3687	90	1	=	=	PUNCT
ajfa-3687	90	2	αi	αi	VERB
ajfa-3687	90	3	+	+	SYM
ajfa-3687	91	1	α2i	α2i	X
ajfa-3687	91	2	(	(	PUNCT
ajfa-3687	91	3	ownership	ownership	NOUN
ajfa-3687	91	4	structure	structure	NOUN
ajfa-3687	91	5	)	)	PUNCT
ajfa-3687	91	6	it	it	PRON
ajfa-3687	91	7	+	+	CCONJ
ajfa-3687	91	8	α3i	α3i	NOUN
ajfa-3687	91	9	(	(	PUNCT
ajfa-3687	91	10	ownership	ownership	NOUN
ajfa-3687	91	11	structure	structure	NOUN
ajfa-3687	91	12	)	)	PUNCT
ajfa-3687	91	13	it	it	PRON
ajfa-3687	91	14	^	^	PUNCT
ajfa-3687	91	15	2	2	X
ajfa-3687	91	16	+	+	NUM
ajfa-3687	91	17	α4ifirm	α4ifirm	NOUN
ajfa-3687	91	18	size	size	NOUN
ajfa-3687	91	19	it	it	PRON
ajfa-3687	91	20	+	+	CCONJ
ajfa-3687	91	21	α5i	α5i	PROPN
ajfa-3687	91	22	leverage	leverage	VERB
ajfa-3687	91	23	it	it	PRON
ajfa-3687	91	24	+	+	CCONJ
ajfa-3687	91	25	α6gdpt	α6gdpt	ADJ
ajfa-3687	91	26	c.	c.	NOUN
ajfa-3687	91	27	a	a	DET
ajfa-3687	91	28	cube	cube	NOUN
ajfa-3687	91	29	equation	equation	NOUN
ajfa-3687	91	30	to	to	PART
ajfa-3687	91	31	check	check	VERB
ajfa-3687	91	32	cubic	cubic	ADJ
ajfa-3687	91	33	relationship	relationship	NOUN
ajfa-3687	91	34	(	(	PUNCT
ajfa-3687	91	35	cost	cost	NOUN
ajfa-3687	91	36	of	of	ADP
ajfa-3687	91	37	capital	capital	NOUN
ajfa-3687	91	38	)	)	PUNCT
ajfa-3687	91	39	it	it	PRON
ajfa-3687	92	1	=	=	PUNCT
ajfa-3687	92	2	αi	αi	VERB
ajfa-3687	92	3	+	+	SYM
ajfa-3687	93	1	α2i	α2i	X
ajfa-3687	93	2	(	(	PUNCT
ajfa-3687	93	3	ownership	ownership	NOUN
ajfa-3687	93	4	structure	structure	NOUN
ajfa-3687	93	5	)	)	PUNCT
ajfa-3687	93	6	it	it	PRON
ajfa-3687	93	7	+	+	CCONJ
ajfa-3687	93	8	α3i	α3i	NOUN
ajfa-3687	93	9	(	(	PUNCT
ajfa-3687	93	10	ownership	ownership	NOUN
ajfa-3687	93	11	structure	structure	NOUN
ajfa-3687	93	12	)	)	PUNCT
ajfa-3687	93	13	it	it	PRON
ajfa-3687	93	14	^2	^2	PUNCT
ajfa-3687	93	15	+	+	CCONJ
ajfa-3687	93	16	α4i	α4i	ADJ
ajfa-3687	93	17	(	(	PUNCT
ajfa-3687	93	18	ownership	ownership	NOUN
ajfa-3687	93	19	structure	structure	NOUN
ajfa-3687	93	20	)	)	PUNCT
ajfa-3687	93	21	it	it	PRON
ajfa-3687	94	1	+	+	CCONJ
ajfa-3687	94	2	α5ifirm	α5ifirm	ADJ
ajfa-3687	94	3	size	size	NOUN
ajfa-3687	94	4	it	it	PRON
ajfa-3687	94	5	+	+	CCONJ
ajfa-3687	94	6	α6i	α6i	NOUN
ajfa-3687	94	7	leverage	leverage	VERB
ajfa-3687	94	8	it	it	PRON
ajfa-3687	94	9	+	+	CCONJ
ajfa-3687	94	10	α7gdpt	α7gdpt	PROPN
ajfa-3687	94	11	where	where	SCONJ
ajfa-3687	94	12	ownership	ownership	NOUN
ajfa-3687	94	13	structure	structure	NOUN
ajfa-3687	94	14	represents	represent	VERB
ajfa-3687	94	15	insider	insider	NOUN
ajfa-3687	94	16	ownership	ownership	NOUN
ajfa-3687	94	17	or	or	CCONJ
ajfa-3687	94	18	block	block	NOUN
ajfa-3687	94	19	ownership	ownership	NOUN
ajfa-3687	94	20	.	.	PUNCT
ajfa-3687	95	1	firm	firm	ADJ
ajfa-3687	95	2	size	size	NOUN
ajfa-3687	95	3	,	,	PUNCT
ajfa-3687	95	4	leverage	leverage	NOUN
ajfa-3687	95	5	and	and	CCONJ
ajfa-3687	95	6	gdp	gdp	NOUN
ajfa-3687	95	7	are	be	AUX
ajfa-3687	95	8	employed	employ	VERB
ajfa-3687	95	9	as	as	ADP
ajfa-3687	95	10	control	control	NOUN
ajfa-3687	95	11	variables	variable	NOUN
ajfa-3687	95	12	.	.	PUNCT
ajfa-3687	96	1	insider	insider	NOUN
ajfa-3687	96	2	ownership	ownership	NOUN
ajfa-3687	96	3	considers	consider	VERB
ajfa-3687	96	4	the	the	DET
ajfa-3687	96	5	percentage	percentage	NOUN
ajfa-3687	96	6	of	of	ADP
ajfa-3687	96	7	the	the	DET
ajfa-3687	96	8	company	company	NOUN
ajfa-3687	96	9	owned	own	VERB
ajfa-3687	96	10	by	by	ADP
ajfa-3687	96	11	company	company	NOUN
ajfa-3687	96	12	managers	manager	NOUN
ajfa-3687	96	13	.	.	PUNCT
ajfa-3687	97	1	although	although	SCONJ
ajfa-3687	97	2	different	different	ADJ
ajfa-3687	97	3	definitions	definition	NOUN
ajfa-3687	97	4	exist	exist	VERB
ajfa-3687	97	5	when	when	SCONJ
ajfa-3687	97	6	estimating	estimate	VERB
ajfa-3687	97	7	block	block	NOUN
ajfa-3687	97	8	ownership	ownership	NOUN
ajfa-3687	97	9	in	in	ADP
ajfa-3687	97	10	companies	company	NOUN
ajfa-3687	97	11	,	,	PUNCT
ajfa-3687	97	12	the	the	DET
ajfa-3687	97	13	most	most	ADV
ajfa-3687	97	14	popular	popular	ADJ
ajfa-3687	97	15	method	method	NOUN
ajfa-3687	97	16	is	be	AUX
ajfa-3687	97	17	to	to	PART
ajfa-3687	97	18	calculate	calculate	VERB
ajfa-3687	97	19	the	the	DET
ajfa-3687	97	20	percentage	percentage	NOUN
ajfa-3687	97	21	of	of	ADP
ajfa-3687	97	22	shares	share	NOUN
ajfa-3687	97	23	owned	own	VERB
ajfa-3687	97	24	by	by	ADP
ajfa-3687	97	25	the	the	DET
ajfa-3687	97	26	top	top	ADJ
ajfa-3687	97	27	five	five	NUM
ajfa-3687	97	28	big	big	ADJ
ajfa-3687	97	29	shareholders	shareholder	NOUN
ajfa-3687	97	30	.	.	PUNCT
ajfa-3687	98	1	this	this	DET
ajfa-3687	98	2	study	study	NOUN
ajfa-3687	98	3	also	also	ADV
ajfa-3687	98	4	employs	employ	VERB
ajfa-3687	98	5	the	the	DET
ajfa-3687	98	6	percentage	percentage	NOUN
ajfa-3687	98	7	of	of	ADP
ajfa-3687	98	8	shares	share	NOUN
ajfa-3687	98	9	owned	own	VERB
ajfa-3687	98	10	by	by	ADP
ajfa-3687	98	11	the	the	DET
ajfa-3687	98	12	top	top	ADJ
ajfa-3687	98	13	five	five	NUM
ajfa-3687	98	14	shareholders	shareholder	NOUN
ajfa-3687	98	15	.	.	PUNCT
ajfa-3687	99	1	these	these	DET
ajfa-3687	99	2	three	three	NUM
ajfa-3687	99	3	equations	equation	NOUN
ajfa-3687	99	4	will	will	AUX
ajfa-3687	99	5	be	be	AUX
ajfa-3687	99	6	used	use	VERB
ajfa-3687	99	7	to	to	PART
ajfa-3687	99	8	check	check	VERB
ajfa-3687	99	9	the	the	DET
ajfa-3687	99	10	potential	potential	ADJ
ajfa-3687	99	11	relationship	relationship	NOUN
ajfa-3687	99	12	between	between	ADP
ajfa-3687	99	13	ownership	ownership	NOUN
ajfa-3687	99	14	structure	structure	NOUN
ajfa-3687	99	15	(	(	PUNCT
ajfa-3687	99	16	insider	insider	NOUN
ajfa-3687	99	17	ownership	ownership	NOUN
ajfa-3687	99	18	and	and	CCONJ
ajfa-3687	99	19	block	block	NOUN
ajfa-3687	99	20	ownership	ownership	NOUN
ajfa-3687	99	21	)	)	PUNCT
ajfa-3687	99	22	and	and	CCONJ
ajfa-3687	99	23	cost	cost	NOUN
ajfa-3687	99	24	of	of	ADP
ajfa-3687	99	25	capital	capital	NOUN
ajfa-3687	99	26	.	.	PUNCT
ajfa-3687	100	1	a	a	DET
ajfa-3687	100	2	dummy	dummy	ADJ
ajfa-3687	100	3	variable	variable	NOUN
ajfa-3687	100	4	is	be	AUX
ajfa-3687	100	5	employed	employ	VERB
ajfa-3687	100	6	to	to	PART
ajfa-3687	100	7	track	track	VERB
ajfa-3687	100	8	the	the	DET
ajfa-3687	100	9	effect	effect	NOUN
ajfa-3687	100	10	of	of	ADP
ajfa-3687	100	11	the	the	DET
ajfa-3687	100	12	global	global	ADJ
ajfa-3687	100	13	financial	financial	ADJ
ajfa-3687	100	14	crisis	crisis	NOUN
ajfa-3687	100	15	.	.	PUNCT
ajfa-3687	101	1	these	these	DET
ajfa-3687	101	2	dummy	dummy	ADJ
ajfa-3687	101	3	variables	variable	NOUN
ajfa-3687	101	4	will	will	AUX
ajfa-3687	101	5	target	target	VERB
ajfa-3687	101	6	2008	2008	NUM
ajfa-3687	101	7	individually	individually	ADV
ajfa-3687	101	8	,	,	PUNCT
ajfa-3687	101	9	and	and	CCONJ
ajfa-3687	101	10	2009	2009	NUM
ajfa-3687	101	11	and	and	CCONJ
ajfa-3687	101	12	2010	2010	NUM
ajfa-3687	101	13	together	together	ADV
ajfa-3687	101	14	,	,	PUNCT
ajfa-3687	101	15	to	to	PART
ajfa-3687	101	16	track	track	VERB
ajfa-3687	101	17	the	the	DET
ajfa-3687	101	18	role	role	NOUN
ajfa-3687	101	19	of	of	ADP
ajfa-3687	101	20	ownership	ownership	NOUN
ajfa-3687	101	21	structure	structure	NOUN
ajfa-3687	101	22	on	on	ADP
ajfa-3687	101	23	cost	cost	NOUN
ajfa-3687	101	24	of	of	ADP
ajfa-3687	101	25	capital	capital	NOUN
ajfa-3687	101	26	during	during	ADP
ajfa-3687	101	27	and	and	CCONJ
ajfa-3687	101	28	after	after	ADP
ajfa-3687	101	29	the	the	DET
ajfa-3687	101	30	global	global	ADJ
ajfa-3687	101	31	financial	financial	ADJ
ajfa-3687	101	32	crisis	crisis	NOUN
ajfa-3687	101	33	.	.	PUNCT
ajfa-3687	102	1	different	different	ADJ
ajfa-3687	102	2	models	model	NOUN
ajfa-3687	102	3	of	of	ADP
ajfa-3687	102	4	calculating	calculate	VERB
ajfa-3687	102	5	cost	cost	NOUN
ajfa-3687	102	6	of	of	ADP
ajfa-3687	102	7	capital	capital	NOUN
ajfa-3687	102	8	have	have	AUX
ajfa-3687	102	9	been	be	AUX
ajfa-3687	102	10	developed	develop	VERB
ajfa-3687	102	11	in	in	ADP
ajfa-3687	102	12	prior	prior	ADJ
ajfa-3687	102	13	studies	study	NOUN
ajfa-3687	102	14	.	.	PUNCT
ajfa-3687	103	1	among	among	ADP
ajfa-3687	103	2	these	these	DET
ajfa-3687	103	3	methods	method	NOUN
ajfa-3687	103	4	,	,	PUNCT
ajfa-3687	103	5	weighted	weight	VERB
ajfa-3687	103	6	average	average	ADJ
ajfa-3687	103	7	cost	cost	NOUN
ajfa-3687	103	8	of	of	ADP
ajfa-3687	103	9	capital	capital	NOUN
ajfa-3687	103	10	captures	capture	VERB
ajfa-3687	103	11	the	the	DET
ajfa-3687	103	12	effect	effect	NOUN
ajfa-3687	103	13	of	of	ADP
ajfa-3687	103	14	cost	cost	NOUN
ajfa-3687	103	15	of	of	ADP
ajfa-3687	103	16	equity	equity	NOUN
ajfa-3687	103	17	and	and	CCONJ
ajfa-3687	103	18	cost	cost	NOUN
ajfa-3687	103	19	of	of	ADP
ajfa-3687	103	20	debt	debt	NOUN
ajfa-3687	103	21	together	together	ADV
ajfa-3687	103	22	.	.	PUNCT
ajfa-3687	104	1	weighted	weight	VERB
ajfa-3687	104	2	average	average	ADJ
ajfa-3687	104	3	cost	cost	NOUN
ajfa-3687	104	4	of	of	ADP
ajfa-3687	104	5	capital	capital	NOUN
ajfa-3687	104	6	(	(	PUNCT
ajfa-3687	104	7	wacc	wacc	PROPN
ajfa-3687	104	8	)	)	PUNCT
ajfa-3687	104	9	is	be	AUX
ajfa-3687	104	10	obtained	obtain	VERB
ajfa-3687	104	11	from	from	ADP
ajfa-3687	104	12	modigliani	modigliani	PROPN
ajfa-3687	104	13	and	and	CCONJ
ajfa-3687	104	14	miller	miller	PROPN
ajfa-3687	104	15	(	(	PUNCT
ajfa-3687	104	16	1958	1958	NUM
ajfa-3687	104	17	,	,	PUNCT
ajfa-3687	104	18	1963	1963	NUM
ajfa-3687	104	19	)	)	PUNCT
ajfa-3687	104	20	and	and	CCONJ
ajfa-3687	104	21	miles	mile	NOUN
ajfa-3687	104	22	and	and	CCONJ
ajfa-3687	104	23	ezzell	ezzell	PROPN
ajfa-3687	104	24	(	(	PUNCT
ajfa-3687	104	25	1980	1980	NUM
ajfa-3687	104	26	)	)	PUNCT
ajfa-3687	104	27	studies	study	NOUN
ajfa-3687	104	28	.	.	PUNCT
ajfa-3687	105	1	ross	ross	PROPN
ajfa-3687	105	2	,	,	PUNCT
ajfa-3687	105	3	westerfield	westerfield	PROPN
ajfa-3687	105	4	and	and	CCONJ
ajfa-3687	105	5	jaffe	jaffe	PROPN
ajfa-3687	105	6	(	(	PUNCT
ajfa-3687	105	7	1996	1996	NUM
ajfa-3687	105	8	)	)	PUNCT
ajfa-3687	105	9	argue	argue	VERB
ajfa-3687	105	10	that	that	SCONJ
ajfa-3687	105	11	wacc	wacc	PROPN
ajfa-3687	105	12	is	be	AUX
ajfa-3687	105	13	the	the	DET
ajfa-3687	105	14	most	most	ADV
ajfa-3687	105	15	widely	widely	ADV
ajfa-3687	105	16	used	use	VERB
ajfa-3687	105	17	method	method	NOUN
ajfa-3687	105	18	of	of	ADP
ajfa-3687	105	19	calculating	calculate	VERB
ajfa-3687	105	20	cost	cost	NOUN
ajfa-3687	105	21	of	of	ADP
ajfa-3687	105	22	capital	capital	NOUN
ajfa-3687	105	23	in	in	ADP
ajfa-3687	105	24	the	the	DET
ajfa-3687	105	25	real	real	ADJ
ajfa-3687	105	26	world	world	NOUN
ajfa-3687	105	27	so	so	ADV
ajfa-3687	105	28	far	far	ADV
ajfa-3687	105	29	.	.	PUNCT
ajfa-3687	106	1	basic	basic	ADJ
ajfa-3687	106	2	definition	definition	NOUN
ajfa-3687	106	3	of	of	ADP
ajfa-3687	106	4	wacc	wacc	PROPN
ajfa-3687	106	5	,	,	PUNCT
ajfa-3687	106	6	which	which	PRON
ajfa-3687	106	7	is	be	AUX
ajfa-3687	106	8	the	the	DET
ajfa-3687	106	9	cost	cost	NOUN
ajfa-3687	106	10	of	of	ADP
ajfa-3687	106	11	capital	capital	NOUN
ajfa-3687	106	12	coming	come	VERB
ajfa-3687	106	13	from	from	ADP
ajfa-3687	106	14	both	both	CCONJ
ajfa-3687	106	15	equity	equity	NOUN
ajfa-3687	106	16	and	and	CCONJ
ajfa-3687	106	17	debt	debt	NOUN
ajfa-3687	106	18	,	,	PUNCT
ajfa-3687	106	19	make	make	VERB
ajfa-3687	106	20	it	it	PRON
ajfa-3687	106	21	one	one	NUM
ajfa-3687	106	22	of	of	ADP
ajfa-3687	106	23	the	the	DET
ajfa-3687	106	24	fundamental	fundamental	ADJ
ajfa-3687	106	25	concepts	concept	NOUN
ajfa-3687	106	26	in	in	ADP
ajfa-3687	106	27	corporate	corporate	ADJ
ajfa-3687	106	28	finance	finance	NOUN
ajfa-3687	106	29	(	(	PUNCT
ajfa-3687	106	30	farber	farber	PROPN
ajfa-3687	106	31	,	,	PUNCT
ajfa-3687	106	32	2006	2006	NUM
ajfa-3687	106	33	)	)	PUNCT
ajfa-3687	106	34	.	.	PUNCT
ajfa-3687	107	1	wacc	wacc	PROPN
ajfa-3687	107	2	equation	equation	NOUN
ajfa-3687	107	3	for	for	ADP
ajfa-3687	107	4	a	a	DET
ajfa-3687	107	5	firm	firm	NOUN
ajfa-3687	107	6	which	which	PRON
ajfa-3687	107	7	is	be	AUX
ajfa-3687	107	8	using	use	VERB
ajfa-3687	107	9	common	common	ADJ
ajfa-3687	107	10	share	share	NOUN
ajfa-3687	107	11	(	(	PUNCT
ajfa-3687	107	12	equity	equity	NOUN
ajfa-3687	107	13	)	)	PUNCT
ajfa-3687	107	14	and	and	CCONJ
ajfa-3687	107	15	bond	bond	NOUN
ajfa-3687	107	16	(	(	PUNCT
ajfa-3687	107	17	debt	debt	NOUN
ajfa-3687	107	18	)	)	PUNCT
ajfa-3687	107	19	financing	financing	NOUN
ajfa-3687	107	20	is	be	AUX
ajfa-3687	107	21	as	as	ADP
ajfa-3687	107	22	below	below	ADV
ajfa-3687	107	23	:	:	PUNCT
ajfa-3687	107	24	wacc	wacc	PROPN
ajfa-3687	107	25	=	=	PUNCT
ajfa-3687	107	26	r	r	NOUN
ajfa-3687	107	27	=	=	PUNCT
ajfa-3687	107	28	wdrd	wdrd	X
ajfa-3687	107	29	(	(	PUNCT
ajfa-3687	107	30	1	1	NUM
ajfa-3687	107	31	-	-	PUNCT
ajfa-3687	107	32	t	t	NOUN
ajfa-3687	107	33	)	)	PUNCT
ajfa-3687	107	34	+	+	CCONJ
ajfa-3687	107	35	were	be	AUX
ajfa-3687	107	36	where	where	SCONJ
ajfa-3687	107	37	rd	rd	NOUN
ajfa-3687	107	38	represents	represent	VERB
ajfa-3687	107	39	the	the	DET
ajfa-3687	107	40	market	market	NOUN
ajfa-3687	107	41	rate	rate	NOUN
ajfa-3687	107	42	on	on	ADP
ajfa-3687	107	43	the	the	DET
ajfa-3687	107	44	firm	firm	NOUN
ajfa-3687	107	45	’s	’s	PART
ajfa-3687	107	46	outstanding	outstanding	ADJ
ajfa-3687	107	47	debt	debt	NOUN
ajfa-3687	107	48	as	as	ADP
ajfa-3687	107	49	cost	cost	NOUN
ajfa-3687	107	50	of	of	ADP
ajfa-3687	107	51	debt	debt	NOUN
ajfa-3687	107	52	and	and	CCONJ
ajfa-3687	107	53	re	re	NOUN
ajfa-3687	107	54	represents	represent	VERB
ajfa-3687	107	55	cost	cost	NOUN
ajfa-3687	107	56	of	of	ADP
ajfa-3687	107	57	equity	equity	NOUN
ajfa-3687	107	58	which	which	PRON
ajfa-3687	107	59	is	be	AUX
ajfa-3687	107	60	frequently	frequently	ADV
ajfa-3687	107	61	calculated	calculate	VERB
ajfa-3687	107	62	by	by	ADP
ajfa-3687	107	63	capm	capm	PROPN
ajfa-3687	107	64	method	method	NOUN
ajfa-3687	107	65	.	.	PUNCT
ajfa-3687	108	1	wd	wd	PROPN
ajfa-3687	108	2	is	be	AUX
ajfa-3687	108	3	the	the	DET
ajfa-3687	108	4	weights	weight	NOUN
ajfa-3687	108	5	of	of	ADP
ajfa-3687	108	6	debt	debt	NOUN
ajfa-3687	108	7	and	and	CCONJ
ajfa-3687	108	8	we	we	PRON
ajfa-3687	108	9	is	be	AUX
ajfa-3687	108	10	the	the	DET
ajfa-3687	108	11	weights	weight	NOUN
ajfa-3687	108	12	of	of	ADP
ajfa-3687	108	13	equity	equity	NOUN
ajfa-3687	108	14	and	and	CCONJ
ajfa-3687	108	15	t	t	PROPN
ajfa-3687	108	16	is	be	AUX
ajfa-3687	108	17	tax	tax	NOUN
ajfa-3687	108	18	.	.	PUNCT
ajfa-3687	109	1	the	the	DET
ajfa-3687	109	2	most	most	ADV
ajfa-3687	109	3	challenging	challenging	ADJ
ajfa-3687	109	4	part	part	NOUN
ajfa-3687	109	5	of	of	ADP
ajfa-3687	109	6	this	this	DET
ajfa-3687	109	7	equation	equation	NOUN
ajfa-3687	109	8	is	be	AUX
ajfa-3687	109	9	the	the	DET
ajfa-3687	109	10	method	method	NOUN
ajfa-3687	109	11	of	of	ADP
ajfa-3687	109	12	estimating	estimate	VERB
ajfa-3687	109	13	cost	cost	NOUN
ajfa-3687	109	14	of	of	ADP
ajfa-3687	109	15	equity	equity	NOUN
ajfa-3687	109	16	.	.	PUNCT
ajfa-3687	110	1	the	the	DET
ajfa-3687	110	2	primary	primary	ADJ
ajfa-3687	110	3	method	method	NOUN
ajfa-3687	110	4	of	of	ADP
ajfa-3687	110	5	calculating	calculate	VERB
ajfa-3687	110	6	cost	cost	NOUN
ajfa-3687	110	7	of	of	ADP
ajfa-3687	110	8	equity	equity	NOUN
ajfa-3687	110	9	was	be	AUX
ajfa-3687	110	10	implemented	implement	VERB
ajfa-3687	110	11	by	by	ADP
ajfa-3687	110	12	sharpe	sharpe	PROPN
ajfa-3687	110	13	(	(	PUNCT
ajfa-3687	110	14	1964	1964	NUM
ajfa-3687	110	15	)	)	PUNCT
ajfa-3687	110	16	and	and	CCONJ
ajfa-3687	110	17	lintner	lintner	X
ajfa-3687	110	18	(	(	PUNCT
ajfa-3687	110	19	1965	1965	NUM
ajfa-3687	110	20	)	)	PUNCT
ajfa-3687	110	21	.	.	PUNCT
ajfa-3687	111	1	they	they	PRON
ajfa-3687	111	2	believe	believe	VERB
ajfa-3687	111	3	that	that	SCONJ
ajfa-3687	111	4	fluctuation	fluctuation	NOUN
ajfa-3687	111	5	of	of	ADP
ajfa-3687	111	6	market	market	NOUN
ajfa-3687	111	7	price	price	NOUN
ajfa-3687	111	8	can	can	AUX
ajfa-3687	111	9	reflect	reflect	VERB
ajfa-3687	111	10	the	the	DET
ajfa-3687	111	11	behaviour	behaviour	NOUN
ajfa-3687	111	12	of	of	ADP
ajfa-3687	111	13	a	a	DET
ajfa-3687	111	14	company	company	NOUN
ajfa-3687	111	15	’s	’s	PART
ajfa-3687	111	16	price	price	NOUN
ajfa-3687	111	17	completely	completely	ADV
ajfa-3687	111	18	.	.	PUNCT
ajfa-3687	112	1	so	so	ADV
ajfa-3687	112	2	they	they	PRON
ajfa-3687	112	3	document	document	VERB
ajfa-3687	112	4	the	the	DET
ajfa-3687	112	5	fluctuation	fluctuation	NOUN
ajfa-3687	112	6	of	of	ADP
ajfa-3687	112	7	company	company	NOUN
ajfa-3687	112	8	price	price	NOUN
ajfa-3687	112	9	as	as	ADP
ajfa-3687	112	10	the	the	DET
ajfa-3687	112	11	side	side	ADJ
ajfa-3687	112	12	effect	effect	NOUN
ajfa-3687	112	13	of	of	ADP
ajfa-3687	112	14	fluctuation	fluctuation	NOUN
ajfa-3687	112	15	of	of	ADP
ajfa-3687	112	16	market	market	NOUN
ajfa-3687	112	17	price	price	NOUN
ajfa-3687	112	18	.	.	PUNCT
ajfa-3687	113	1	they	they	PRON
ajfa-3687	113	2	called	call	VERB
ajfa-3687	113	3	asian	asian	ADJ
ajfa-3687	113	4	journal	journal	NOUN
ajfa-3687	113	5	of	of	ADP
ajfa-3687	113	6	finance	finance	PROPN
ajfa-3687	113	7	&	&	CCONJ
ajfa-3687	113	8	accounting	accounting	PROPN
ajfa-3687	113	9	issn	issn	PROPN
ajfa-3687	113	10	1946	1946	NUM
ajfa-3687	113	11	-	-	PUNCT
ajfa-3687	113	12	052x	052x	NOUN
ajfa-3687	113	13	2013	2013	NUM
ajfa-3687	113	14	,	,	PUNCT
ajfa-3687	113	15	vol	vol	NOUN
ajfa-3687	113	16	.	.	PROPN
ajfa-3687	113	17	5	5	NUM
ajfa-3687	113	18	,	,	PUNCT
ajfa-3687	113	19	no	no	INTJ
ajfa-3687	113	20	.	.	NOUN
ajfa-3687	113	21	1	1	NUM
ajfa-3687	113	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	113	23	403	403	NUM
ajfa-3687	113	24	their	their	PRON
ajfa-3687	113	25	model	model	NOUN
ajfa-3687	113	26	capital	capital	NOUN
ajfa-3687	113	27	asset	asset	NOUN
ajfa-3687	113	28	pricing	pricing	NOUN
ajfa-3687	113	29	model	model	NOUN
ajfa-3687	113	30	(	(	PUNCT
ajfa-3687	113	31	capm	capm	PROPN
ajfa-3687	113	32	)	)	PUNCT
ajfa-3687	113	33	.	.	PUNCT
ajfa-3687	114	1	capm	capm	PROPN
ajfa-3687	114	2	was	be	AUX
ajfa-3687	114	3	the	the	DET
ajfa-3687	114	4	unique	unique	ADJ
ajfa-3687	114	5	method	method	NOUN
ajfa-3687	114	6	of	of	ADP
ajfa-3687	114	7	estimating	estimate	VERB
ajfa-3687	114	8	cost	cost	NOUN
ajfa-3687	114	9	of	of	ADP
ajfa-3687	114	10	equity	equity	NOUN
ajfa-3687	114	11	since	since	SCONJ
ajfa-3687	114	12	fama	fama	PROPN
ajfa-3687	114	13	and	and	CCONJ
ajfa-3687	114	14	french	french	ADJ
ajfa-3687	114	15	(	(	PUNCT
ajfa-3687	114	16	1992	1992	NUM
ajfa-3687	114	17	)	)	PUNCT
ajfa-3687	114	18	revealed	reveal	VERB
ajfa-3687	114	19	the	the	DET
ajfa-3687	114	20	result	result	NOUN
ajfa-3687	114	21	of	of	ADP
ajfa-3687	114	22	their	their	PRON
ajfa-3687	114	23	study	study	NOUN
ajfa-3687	114	24	and	and	CCONJ
ajfa-3687	114	25	introduced	introduce	VERB
ajfa-3687	114	26	two	two	NUM
ajfa-3687	114	27	other	other	ADJ
ajfa-3687	114	28	explanatory	explanatory	ADJ
ajfa-3687	114	29	variables	variable	NOUN
ajfa-3687	114	30	for	for	ADP
ajfa-3687	114	31	explaining	explain	VERB
ajfa-3687	114	32	market	market	NOUN
ajfa-3687	114	33	price	price	NOUN
ajfa-3687	114	34	behaviour	behaviour	NOUN
ajfa-3687	114	35	.	.	PUNCT
ajfa-3687	115	1	their	their	PRON
ajfa-3687	115	2	fama	fama	NOUN
ajfa-3687	115	3	-	-	PUNCT
ajfa-3687	115	4	french	french	ADJ
ajfa-3687	115	5	three	three	NUM
ajfa-3687	115	6	factor	factor	NOUN
ajfa-3687	115	7	model	model	NOUN
ajfa-3687	115	8	,	,	PUNCT
ajfa-3687	115	9	which	which	PRON
ajfa-3687	115	10	includes	include	VERB
ajfa-3687	115	11	firm	firm	ADJ
ajfa-3687	115	12	size	size	NOUN
ajfa-3687	115	13	and	and	CCONJ
ajfa-3687	115	14	book	book	NOUN
ajfa-3687	115	15	-	-	PUNCT
ajfa-3687	115	16	to	to	ADP
ajfa-3687	115	17	-	-	PUNCT
ajfa-3687	115	18	market	market	NOUN
ajfa-3687	115	19	equity	equity	NOUN
ajfa-3687	115	20	of	of	ADP
ajfa-3687	115	21	companies	company	NOUN
ajfa-3687	115	22	,	,	PUNCT
ajfa-3687	115	23	was	be	AUX
ajfa-3687	115	24	the	the	DET
ajfa-3687	115	25	popular	popular	ADJ
ajfa-3687	115	26	method	method	NOUN
ajfa-3687	115	27	of	of	ADP
ajfa-3687	115	28	calculating	calculate	VERB
ajfa-3687	115	29	cost	cost	NOUN
ajfa-3687	115	30	of	of	ADP
ajfa-3687	115	31	equity	equity	NOUN
ajfa-3687	115	32	while	while	SCONJ
ajfa-3687	115	33	jegadeesh	jegadeesh	NOUN
ajfa-3687	115	34	and	and	CCONJ
ajfa-3687	115	35	titman	titman	NOUN
ajfa-3687	115	36	(	(	PUNCT
ajfa-3687	115	37	1993	1993	NUM
ajfa-3687	115	38	)	)	PUNCT
ajfa-3687	115	39	and	and	CCONJ
ajfa-3687	115	40	fama	fama	PROPN
ajfa-3687	115	41	and	and	CCONJ
ajfa-3687	115	42	french	french	ADJ
ajfa-3687	115	43	(	(	PUNCT
ajfa-3687	115	44	1993	1993	NUM
ajfa-3687	115	45	)	)	PUNCT
ajfa-3687	115	46	revealed	reveal	VERB
ajfa-3687	115	47	their	their	PRON
ajfa-3687	115	48	comments	comment	NOUN
ajfa-3687	115	49	about	about	ADP
ajfa-3687	115	50	the	the	DET
ajfa-3687	115	51	effectiveness	effectiveness	NOUN
ajfa-3687	115	52	of	of	ADP
ajfa-3687	115	53	another	another	DET
ajfa-3687	115	54	factor	factor	NOUN
ajfa-3687	115	55	(	(	PUNCT
ajfa-3687	115	56	momentum	momentum	NOUN
ajfa-3687	115	57	factor	factor	NOUN
ajfa-3687	115	58	)	)	PUNCT
ajfa-3687	115	59	on	on	ADP
ajfa-3687	115	60	fluctuation	fluctuation	NOUN
ajfa-3687	115	61	of	of	ADP
ajfa-3687	115	62	companies	company	NOUN
ajfa-3687	115	63	.	.	PUNCT
ajfa-3687	116	1	their	their	PRON
ajfa-3687	116	2	momentum	momentum	NOUN
ajfa-3687	116	3	effect	effect	NOUN
ajfa-3687	116	4	was	be	AUX
ajfa-3687	116	5	the	the	DET
ajfa-3687	116	6	return	return	NOUN
ajfa-3687	116	7	of	of	ADP
ajfa-3687	116	8	diversified	diversified	ADJ
ajfa-3687	116	9	portfolio	portfolio	NOUN
ajfa-3687	116	10	of	of	ADP
ajfa-3687	116	11	winners	winner	NOUN
ajfa-3687	116	12	minus	minus	CCONJ
ajfa-3687	116	13	losers	loser	NOUN
ajfa-3687	116	14	.	.	PUNCT
ajfa-3687	117	1	although	although	SCONJ
ajfa-3687	117	2	negative	negative	ADJ
ajfa-3687	117	3	and	and	CCONJ
ajfa-3687	117	4	positive	positive	ADJ
ajfa-3687	117	5	comments	comment	NOUN
ajfa-3687	117	6	exist	exist	VERB
ajfa-3687	117	7	in	in	ADP
ajfa-3687	117	8	employing	employ	VERB
ajfa-3687	117	9	each	each	DET
ajfa-3687	117	10	method	method	NOUN
ajfa-3687	117	11	,	,	PUNCT
ajfa-3687	117	12	most	most	ADJ
ajfa-3687	117	13	recent	recent	ADJ
ajfa-3687	117	14	studies	study	NOUN
ajfa-3687	117	15	suggest	suggest	VERB
ajfa-3687	117	16	the	the	DET
ajfa-3687	117	17	momentum	momentum	NOUN
ajfa-3687	117	18	model	model	NOUN
ajfa-3687	117	19	is	be	AUX
ajfa-3687	117	20	a	a	DET
ajfa-3687	117	21	better	well	ADJ
ajfa-3687	117	22	model	model	NOUN
ajfa-3687	117	23	for	for	ADP
ajfa-3687	117	24	estimating	estimate	VERB
ajfa-3687	117	25	cost	cost	NOUN
ajfa-3687	117	26	of	of	ADP
ajfa-3687	117	27	equity	equity	NOUN
ajfa-3687	117	28	(	(	PUNCT
ajfa-3687	117	29	fama	fama	PROPN
ajfa-3687	117	30	,	,	PUNCT
ajfa-3687	117	31	2004	2004	NUM
ajfa-3687	117	32	;	;	PUNCT
ajfa-3687	117	33	tien	tien	PROPN
ajfa-3687	117	34	,	,	PUNCT
ajfa-3687	117	35	2010	2010	NUM
ajfa-3687	117	36	)	)	PUNCT
ajfa-3687	117	37	.	.	PUNCT
ajfa-3687	118	1	data	datum	NOUN
ajfa-3687	118	2	data	datum	NOUN
ajfa-3687	118	3	from	from	ADP
ajfa-3687	118	4	large	large	ADJ
ajfa-3687	118	5	listed	list	VERB
ajfa-3687	118	6	companies	company	NOUN
ajfa-3687	118	7	on	on	ADP
ajfa-3687	118	8	the	the	DET
ajfa-3687	118	9	new	new	PROPN
ajfa-3687	118	10	zealand	zealand	PROPN
ajfa-3687	118	11	stock	stock	PROPN
ajfa-3687	118	12	exchange	exchange	PROPN
ajfa-3687	118	13	(	(	PUNCT
ajfa-3687	118	14	nzx	nzx	PROPN
ajfa-3687	118	15	)	)	PUNCT
ajfa-3687	118	16	and	and	CCONJ
ajfa-3687	118	17	singapore	singapore	PROPN
ajfa-3687	118	18	exchange	exchange	PROPN
ajfa-3687	118	19	market	market	NOUN
ajfa-3687	118	20	(	(	PUNCT
ajfa-3687	118	21	sgx	sgx	PROPN
ajfa-3687	118	22	)	)	PUNCT
ajfa-3687	118	23	during	during	ADP
ajfa-3687	118	24	2006	2006	NUM
ajfa-3687	118	25	to	to	ADP
ajfa-3687	118	26	2010	2010	NUM
ajfa-3687	118	27	are	be	AUX
ajfa-3687	118	28	employed	employ	VERB
ajfa-3687	118	29	in	in	ADP
ajfa-3687	118	30	this	this	DET
ajfa-3687	118	31	study	study	NOUN
ajfa-3687	118	32	.	.	PUNCT
ajfa-3687	119	1	large	large	ADJ
ajfa-3687	119	2	listed	list	VERB
ajfa-3687	119	3	companies	company	NOUN
ajfa-3687	119	4	in	in	ADP
ajfa-3687	119	5	new	new	PROPN
ajfa-3687	119	6	zealand	zealand	PROPN
ajfa-3687	119	7	and	and	CCONJ
ajfa-3687	119	8	singapore	singapore	PROPN
ajfa-3687	119	9	are	be	AUX
ajfa-3687	119	10	collected	collect	VERB
ajfa-3687	119	11	through	through	ADP
ajfa-3687	119	12	nzx	nzx	PROPN
ajfa-3687	119	13	50	50	NUM
ajfa-3687	119	14	and	and	CCONJ
ajfa-3687	119	15	sti	sti	PROPN
ajfa-3687	119	16	constituent	constituent	NOUN
ajfa-3687	119	17	respectively	respectively	ADV
ajfa-3687	119	18	.	.	PUNCT
ajfa-3687	120	1	the	the	DET
ajfa-3687	120	2	thomson	thomson	NOUN
ajfa-3687	120	3	one	one	NUM
ajfa-3687	120	4	banker	banker	NOUN
ajfa-3687	120	5	database	database	NOUN
ajfa-3687	120	6	and	and	CCONJ
ajfa-3687	120	7	datastream	datastream	NOUN
ajfa-3687	120	8	are	be	AUX
ajfa-3687	120	9	employed	employ	VERB
ajfa-3687	120	10	to	to	PART
ajfa-3687	120	11	extract	extract	VERB
ajfa-3687	120	12	the	the	DET
ajfa-3687	120	13	data	datum	NOUN
ajfa-3687	120	14	for	for	ADP
ajfa-3687	120	15	weighted	weight	VERB
ajfa-3687	120	16	average	average	ADJ
ajfa-3687	120	17	cost	cost	NOUN
ajfa-3687	120	18	of	of	ADP
ajfa-3687	120	19	capital	capital	NOUN
ajfa-3687	120	20	and	and	CCONJ
ajfa-3687	120	21	firm	firm	ADJ
ajfa-3687	120	22	size	size	NOUN
ajfa-3687	120	23	in	in	ADP
ajfa-3687	120	24	new	new	PROPN
ajfa-3687	120	25	zealand	zealand	PROPN
ajfa-3687	120	26	’s	’s	PART
ajfa-3687	120	27	listed	list	VERB
ajfa-3687	120	28	companies	company	NOUN
ajfa-3687	120	29	and	and	CCONJ
ajfa-3687	120	30	singapore	singapore	PROPN
ajfa-3687	120	31	’s	’s	PART
ajfa-3687	120	32	listed	list	VERB
ajfa-3687	120	33	companies	company	NOUN
ajfa-3687	120	34	during	during	ADP
ajfa-3687	120	35	2006	2006	NUM
ajfa-3687	120	36	to	to	ADP
ajfa-3687	120	37	2010	2010	NUM
ajfa-3687	120	38	.	.	PUNCT
ajfa-3687	121	1	the	the	DET
ajfa-3687	121	2	ownership	ownership	NOUN
ajfa-3687	121	3	information	information	NOUN
ajfa-3687	121	4	of	of	ADP
ajfa-3687	121	5	companies	company	NOUN
ajfa-3687	121	6	consists	consist	VERB
ajfa-3687	121	7	of	of	ADP
ajfa-3687	121	8	insider	insider	NOUN
ajfa-3687	121	9	ownership	ownership	NOUN
ajfa-3687	121	10	and	and	CCONJ
ajfa-3687	121	11	block	block	NOUN
ajfa-3687	121	12	ownership	ownership	NOUN
ajfa-3687	121	13	collected	collect	VERB
ajfa-3687	121	14	from	from	ADP
ajfa-3687	121	15	the	the	DET
ajfa-3687	121	16	annual	annual	ADJ
ajfa-3687	121	17	reports	report	NOUN
ajfa-3687	121	18	of	of	ADP
ajfa-3687	121	19	each	each	DET
ajfa-3687	121	20	listed	list	VERB
ajfa-3687	121	21	company	company	NOUN
ajfa-3687	121	22	.	.	PUNCT
ajfa-3687	122	1	some	some	DET
ajfa-3687	122	2	companies	company	NOUN
ajfa-3687	122	3	are	be	AUX
ajfa-3687	122	4	omitted	omit	VERB
ajfa-3687	122	5	from	from	ADP
ajfa-3687	122	6	the	the	DET
ajfa-3687	122	7	sample	sample	NOUN
ajfa-3687	122	8	because	because	SCONJ
ajfa-3687	122	9	of	of	ADP
ajfa-3687	122	10	unreported	unreported	ADJ
ajfa-3687	122	11	or	or	CCONJ
ajfa-3687	122	12	insufficient	insufficient	ADJ
ajfa-3687	122	13	data	datum	NOUN
ajfa-3687	122	14	or	or	CCONJ
ajfa-3687	122	15	unreported	unreported	ADJ
ajfa-3687	122	16	annual	annual	ADJ
ajfa-3687	122	17	reports	report	NOUN
ajfa-3687	122	18	.	.	PUNCT
ajfa-3687	123	1	the	the	DET
ajfa-3687	123	2	nature	nature	NOUN
ajfa-3687	123	3	and	and	CCONJ
ajfa-3687	123	4	characteristics	characteristic	NOUN
ajfa-3687	123	5	of	of	ADP
ajfa-3687	123	6	the	the	DET
ajfa-3687	123	7	new	new	PROPN
ajfa-3687	123	8	zealand	zealand	PROPN
ajfa-3687	123	9	market	market	NOUN
ajfa-3687	123	10	,	,	PUNCT
ajfa-3687	123	11	which	which	PRON
ajfa-3687	123	12	make	make	VERB
ajfa-3687	123	13	it	it	PRON
ajfa-3687	123	14	more	more	ADV
ajfa-3687	123	15	unique	unique	ADJ
ajfa-3687	123	16	,	,	PUNCT
ajfa-3687	123	17	cause	cause	VERB
ajfa-3687	123	18	more	more	ADJ
ajfa-3687	123	19	elimination	elimination	NOUN
ajfa-3687	123	20	.	.	PUNCT
ajfa-3687	124	1	it	it	PRON
ajfa-3687	124	2	is	be	AUX
ajfa-3687	124	3	obvious	obvious	ADJ
ajfa-3687	124	4	that	that	SCONJ
ajfa-3687	124	5	in	in	ADP
ajfa-3687	124	6	small	small	ADJ
ajfa-3687	124	7	markets	market	NOUN
ajfa-3687	124	8	like	like	ADP
ajfa-3687	124	9	new	new	PROPN
ajfa-3687	124	10	zealand	zealand	PROPN
ajfa-3687	124	11	,	,	PUNCT
ajfa-3687	124	12	not	not	PART
ajfa-3687	124	13	all	all	DET
ajfa-3687	124	14	the	the	DET
ajfa-3687	124	15	companies	company	NOUN
ajfa-3687	124	16	have	have	VERB
ajfa-3687	124	17	transactions	transaction	NOUN
ajfa-3687	124	18	every	every	DET
ajfa-3687	124	19	day	day	NOUN
ajfa-3687	124	20	.	.	PUNCT
ajfa-3687	125	1	thus	thus	ADV
ajfa-3687	125	2	,	,	PUNCT
ajfa-3687	125	3	it	it	PRON
ajfa-3687	125	4	is	be	AUX
ajfa-3687	125	5	expectable	expectable	ADJ
ajfa-3687	125	6	to	to	PART
ajfa-3687	125	7	lose	lose	VERB
ajfa-3687	125	8	a	a	DET
ajfa-3687	125	9	higher	high	ADJ
ajfa-3687	125	10	number	number	NOUN
ajfa-3687	125	11	of	of	ADP
ajfa-3687	125	12	companies	company	NOUN
ajfa-3687	125	13	in	in	ADP
ajfa-3687	125	14	new	new	PROPN
ajfa-3687	125	15	zealand	zealand	PROPN
ajfa-3687	125	16	.	.	PUNCT
ajfa-3687	126	1	descriptive	descriptive	ADJ
ajfa-3687	126	2	statistics	statistic	NOUN
ajfa-3687	126	3	of	of	ADP
ajfa-3687	126	4	this	this	DET
ajfa-3687	126	5	study	study	NOUN
ajfa-3687	126	6	are	be	AUX
ajfa-3687	126	7	reported	report	VERB
ajfa-3687	126	8	in	in	ADP
ajfa-3687	126	9	table	table	NOUN
ajfa-3687	126	10	1	1	NUM
ajfa-3687	126	11	as	as	ADP
ajfa-3687	126	12	below	below	ADV
ajfa-3687	126	13	:	:	PUNCT
ajfa-3687	126	14	asian	asian	ADJ
ajfa-3687	126	15	journal	journal	NOUN
ajfa-3687	126	16	of	of	ADP
ajfa-3687	126	17	finance	finance	PROPN
ajfa-3687	126	18	&	&	CCONJ
ajfa-3687	126	19	accounting	accounting	PROPN
ajfa-3687	126	20	issn	issn	PROPN
ajfa-3687	126	21	1946	1946	NUM
ajfa-3687	126	22	-	-	PUNCT
ajfa-3687	126	23	052x	052x	NOUN
ajfa-3687	126	24	2013	2013	NUM
ajfa-3687	126	25	,	,	PUNCT
ajfa-3687	126	26	vol	vol	NOUN
ajfa-3687	126	27	.	.	PROPN
ajfa-3687	126	28	5	5	NUM
ajfa-3687	126	29	,	,	PUNCT
ajfa-3687	126	30	no	no	INTJ
ajfa-3687	126	31	.	.	NOUN
ajfa-3687	126	32	1	1	NUM
ajfa-3687	126	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	126	34	404	404	NUM
ajfa-3687	126	35	table	table	NOUN
ajfa-3687	126	36	1	1	NUM
ajfa-3687	126	37	.	.	PUNCT
ajfa-3687	126	38	descriptive	descriptive	ADJ
ajfa-3687	126	39	statistics	statistic	NOUN
ajfa-3687	126	40	insider	insider	NOUN
ajfa-3687	126	41	own	own	ADJ
ajfa-3687	126	42	.	.	PUNCT
ajfa-3687	127	1	(	(	PUNCT
ajfa-3687	127	2	nz	nz	NOUN
ajfa-3687	127	3	)	)	PUNCT
ajfa-3687	127	4	block	block	NOUN
ajfa-3687	127	5	own	own	ADJ
ajfa-3687	127	6	.	.	PUNCT
ajfa-3687	128	1	(	(	PUNCT
ajfa-3687	128	2	nz	nz	NOUN
ajfa-3687	128	3	)	)	PUNCT
ajfa-3687	128	4	firm	firm	ADJ
ajfa-3687	128	5	size	size	NOUN
ajfa-3687	128	6	(	(	PUNCT
ajfa-3687	128	7	nz	nz	NOUN
ajfa-3687	128	8	)	)	PUNCT
ajfa-3687	128	9	leverage	leverage	NOUN
ajfa-3687	128	10	(	(	PUNCT
ajfa-3687	128	11	nz	nz	PROPN
ajfa-3687	128	12	)	)	PUNCT
ajfa-3687	128	13	gdp	gdp	NOUN
ajfa-3687	128	14	(	(	PUNCT
ajfa-3687	128	15	nz	nz	PROPN
ajfa-3687	128	16	)	)	PUNCT
ajfa-3687	128	17	insider	insider	NOUN
ajfa-3687	128	18	own	own	ADJ
ajfa-3687	128	19	.	.	PUNCT
ajfa-3687	129	1	(	(	PUNCT
ajfa-3687	129	2	sing	sing	VERB
ajfa-3687	129	3	.	.	PUNCT
ajfa-3687	129	4	)	)	PUNCT
ajfa-3687	130	1	block	block	NOUN
ajfa-3687	130	2	own	own	ADJ
ajfa-3687	130	3	.	.	PUNCT
ajfa-3687	131	1	(	(	PUNCT
ajfa-3687	131	2	sing	sing	NOUN
ajfa-3687	131	3	)	)	PUNCT
ajfa-3687	131	4	firm	firm	ADJ
ajfa-3687	131	5	size	size	NOUN
ajfa-3687	131	6	(	(	PUNCT
ajfa-3687	131	7	sing	sing	NOUN
ajfa-3687	131	8	.	.	PUNCT
ajfa-3687	131	9	)	)	PUNCT
ajfa-3687	132	1	leverage	leverage	NOUN
ajfa-3687	132	2	(	(	PUNCT
ajfa-3687	132	3	sing	sing	NOUN
ajfa-3687	132	4	.	.	PUNCT
ajfa-3687	132	5	)	)	PUNCT
ajfa-3687	133	1	gdp	gdp	NOUN
ajfa-3687	133	2	(	(	PUNCT
ajfa-3687	133	3	sing	se	VERB
ajfa-3687	133	4	.	.	PUNCT
ajfa-3687	133	5	)	)	PUNCT
ajfa-3687	134	1	mean	mean	VERB
ajfa-3687	135	1	8.21	8.21	NUM
ajfa-3687	135	2	48.68	48.68	NUM
ajfa-3687	135	3	13.25	13.25	NUM
ajfa-3687	135	4	2.27	2.27	NUM
ajfa-3687	135	5	1.02	1.02	NUM
ajfa-3687	135	6	1.88	1.88	NUM
ajfa-3687	135	7	71.87	71.87	NUM
ajfa-3687	135	8	15.80	15.80	NUM
ajfa-3687	135	9	2.54	2.54	NUM
ajfa-3687	135	10	6.64	6.64	NUM
ajfa-3687	135	11	median	median	NOUN
ajfa-3687	135	12	1.1	1.1	NUM
ajfa-3687	135	13	48.26	48.26	NUM
ajfa-3687	135	14	13.23	13.23	NUM
ajfa-3687	135	15	0.93	0.93	NUM
ajfa-3687	135	16	1.3	1.3	NUM
ajfa-3687	135	17	0.13	0.13	NUM
ajfa-3687	135	18	75.37	75.37	NUM
ajfa-3687	135	19	15.78	15.78	NUM
ajfa-3687	135	20	0.87	0.87	NUM
ajfa-3687	135	21	8.80	8.80	NUM
ajfa-3687	135	22	maximum	maximum	NOUN
ajfa-3687	135	23	65.00	65.00	NUM
ajfa-3687	135	24	89.02	89.02	NUM
ajfa-3687	135	25	15.99	15.99	NUM
ajfa-3687	135	26	51.29	51.29	NUM
ajfa-3687	135	27	2.7	2.7	NUM
ajfa-3687	135	28	27.8	27.8	NUM
ajfa-3687	135	29	93.23	93.23	NUM
ajfa-3687	135	30	17.97	17.97	NUM
ajfa-3687	135	31	32.20	32.20	NUM
ajfa-3687	135	32	14.80	14.80	NUM
ajfa-3687	135	33	minimum	minimum	NOUN
ajfa-3687	135	34	0.00	0.00	NUM
ajfa-3687	135	35	0.41	0.41	NUM
ajfa-3687	135	36	8.57	8.57	NUM
ajfa-3687	135	37	0.12	0.12	NUM
ajfa-3687	135	38	-2.1	-2.1	NUM
ajfa-3687	135	39	0.00	0.00	NUM
ajfa-3687	135	40	39.39	39.39	NUM
ajfa-3687	135	41	12.09	12.09	NUM
ajfa-3687	135	42	-2.8	-2.8	PROPN
ajfa-3687	135	43	-1.00	-1.00	NUM
ajfa-3687	135	44	std	std	PROPN
ajfa-3687	135	45	.	.	PUNCT
ajfa-3687	136	1	dev	dev	PROPN
ajfa-3687	136	2	.	.	PUNCT
ajfa-3687	137	1	13.8	13.8	NUM
ajfa-3687	137	2	20.44	20.44	NUM
ajfa-3687	137	3	1.26	1.26	NUM
ajfa-3687	137	4	6.21	6.21	NUM
ajfa-3687	137	5	1.78	1.78	NUM
ajfa-3687	137	6	6.2	6.2	NUM
ajfa-3687	137	7	14.47	14.47	NUM
ajfa-3687	137	8	1.00	1.00	NUM
ajfa-3687	137	9	4.11	4.11	NUM
ajfa-3687	137	10	5.66	5.66	NUM
ajfa-3687	137	11	skewness	skewness	NOUN
ajfa-3687	137	12	2.21	2.21	NUM
ajfa-3687	137	13	0.02	0.02	NUM
ajfa-3687	137	14	-0.48	-0.48	NUM
ajfa-3687	137	15	5.89	5.89	NUM
ajfa-3687	137	16	-0.75	-0.75	NUM
ajfa-3687	137	17	3.49	3.49	NUM
ajfa-3687	137	18	-0.52	-0.52	NUM
ajfa-3687	137	19	-0.58	-0.58	NUM
ajfa-3687	137	20	3.67	3.67	NUM
ajfa-3687	137	21	0.00	0.00	NUM
ajfa-3687	137	22	kurtosis	kurtosis	VERB
ajfa-3687	137	23	8.11	8.11	NUM
ajfa-3687	137	24	2.44	2.44	NUM
ajfa-3687	137	25	3.58	3.58	NUM
ajfa-3687	137	26	38.64	38.64	NUM
ajfa-3687	137	27	2.24	2.24	NUM
ajfa-3687	137	28	13.59	13.59	NUM
ajfa-3687	137	29	2.07	2.07	NUM
ajfa-3687	137	30	4.59	4.59	NUM
ajfa-3687	137	31	22.50	22.50	NUM
ajfa-3687	137	32	1.68	1.68	NUM
ajfa-3687	137	33	observations	observation	NOUN
ajfa-3687	137	34	195	195	NUM
ajfa-3687	137	35	195	195	NUM
ajfa-3687	137	36	195	195	NUM
ajfa-3687	137	37	195	195	NUM
ajfa-3687	137	38	195	195	NUM
ajfa-3687	137	39	135	135	NUM
ajfa-3687	137	40	135	135	NUM
ajfa-3687	137	41	135	135	NUM
ajfa-3687	137	42	135	135	NUM
ajfa-3687	137	43	135	135	NUM
ajfa-3687	137	44	as	as	SCONJ
ajfa-3687	137	45	discussed	discuss	VERB
ajfa-3687	137	46	in	in	ADP
ajfa-3687	137	47	the	the	DET
ajfa-3687	137	48	previous	previous	ADJ
ajfa-3687	137	49	section	section	NOUN
ajfa-3687	137	50	,	,	PUNCT
ajfa-3687	137	51	the	the	DET
ajfa-3687	137	52	new	new	PROPN
ajfa-3687	137	53	zealand	zealand	PROPN
ajfa-3687	137	54	market	market	NOUN
ajfa-3687	137	55	is	be	AUX
ajfa-3687	137	56	a	a	DET
ajfa-3687	137	57	relatively	relatively	ADV
ajfa-3687	137	58	small	small	ADJ
ajfa-3687	137	59	market	market	NOUN
ajfa-3687	137	60	.	.	PUNCT
ajfa-3687	138	1	the	the	DET
ajfa-3687	138	2	average	average	ADJ
ajfa-3687	138	3	firm	firm	ADJ
ajfa-3687	138	4	size	size	NOUN
ajfa-3687	138	5	of	of	ADP
ajfa-3687	138	6	new	new	PROPN
ajfa-3687	138	7	zealand	zealand	PROPN
ajfa-3687	138	8	’s	’s	PART
ajfa-3687	138	9	large	large	ADJ
ajfa-3687	138	10	listed	list	VERB
ajfa-3687	138	11	firms	firm	NOUN
ajfa-3687	138	12	is	be	AUX
ajfa-3687	138	13	smaller	small	ADJ
ajfa-3687	138	14	than	than	ADP
ajfa-3687	138	15	firm	firm	ADJ
ajfa-3687	138	16	size	size	NOUN
ajfa-3687	138	17	of	of	ADP
ajfa-3687	138	18	singapore	singapore	PROPN
ajfa-3687	138	19	’s	’s	PART
ajfa-3687	138	20	large	large	ADJ
ajfa-3687	138	21	listed	list	VERB
ajfa-3687	138	22	firms	firm	NOUN
ajfa-3687	138	23	.	.	PUNCT
ajfa-3687	139	1	block	block	NOUN
ajfa-3687	139	2	ownership	ownership	NOUN
ajfa-3687	139	3	in	in	ADP
ajfa-3687	139	4	new	new	PROPN
ajfa-3687	139	5	zealand	zealand	PROPN
ajfa-3687	139	6	’s	’s	PART
ajfa-3687	139	7	large	large	ADJ
ajfa-3687	139	8	listed	listed	ADJ
ajfa-3687	139	9	companies	company	NOUN
ajfa-3687	139	10	is	be	AUX
ajfa-3687	139	11	49	49	NUM
ajfa-3687	139	12	per	per	ADP
ajfa-3687	139	13	cent	cent	NOUN
ajfa-3687	139	14	while	while	SCONJ
ajfa-3687	139	15	in	in	ADP
ajfa-3687	139	16	singapore	singapore	PROPN
ajfa-3687	139	17	72	72	NUM
ajfa-3687	139	18	per	per	ADP
ajfa-3687	139	19	cent	cent	NOUN
ajfa-3687	139	20	of	of	ADP
ajfa-3687	139	21	firm	firm	ADJ
ajfa-3687	139	22	ownership	ownership	NOUN
ajfa-3687	139	23	belongs	belong	VERB
ajfa-3687	139	24	to	to	ADP
ajfa-3687	139	25	the	the	DET
ajfa-3687	139	26	top	top	ADJ
ajfa-3687	139	27	five	five	NUM
ajfa-3687	139	28	shareholders	shareholder	NOUN
ajfa-3687	139	29	.	.	PUNCT
ajfa-3687	140	1	although	although	SCONJ
ajfa-3687	140	2	block	block	NOUN
ajfa-3687	140	3	ownership	ownership	NOUN
ajfa-3687	140	4	in	in	ADP
ajfa-3687	140	5	singapore	singapore	PROPN
ajfa-3687	140	6	is	be	AUX
ajfa-3687	140	7	significantly	significantly	ADV
ajfa-3687	140	8	higher	high	ADJ
ajfa-3687	140	9	than	than	ADP
ajfa-3687	140	10	new	new	PROPN
ajfa-3687	140	11	zealand	zealand	PROPN
ajfa-3687	140	12	,	,	PUNCT
ajfa-3687	140	13	percentage	percentage	NOUN
ajfa-3687	140	14	of	of	ADP
ajfa-3687	140	15	shares	share	NOUN
ajfa-3687	140	16	owned	own	VERB
ajfa-3687	140	17	by	by	ADP
ajfa-3687	140	18	managers	manager	NOUN
ajfa-3687	140	19	of	of	ADP
ajfa-3687	140	20	companies	company	NOUN
ajfa-3687	140	21	in	in	ADP
ajfa-3687	140	22	new	new	PROPN
ajfa-3687	140	23	zealand	zealand	PROPN
ajfa-3687	140	24	is	be	AUX
ajfa-3687	140	25	8.21	8.21	NUM
ajfa-3687	140	26	per	per	ADP
ajfa-3687	140	27	cent	cent	NOUN
ajfa-3687	140	28	which	which	PRON
ajfa-3687	140	29	is	be	AUX
ajfa-3687	140	30	much	much	ADV
ajfa-3687	140	31	higher	high	ADJ
ajfa-3687	140	32	than	than	ADP
ajfa-3687	140	33	1.88	1.88	NUM
ajfa-3687	140	34	per	per	ADP
ajfa-3687	140	35	cent	cent	NOUN
ajfa-3687	140	36	in	in	ADP
ajfa-3687	140	37	singapore	singapore	PROPN
ajfa-3687	140	38	.	.	PUNCT
ajfa-3687	141	1	thus	thus	ADV
ajfa-3687	141	2	,	,	PUNCT
ajfa-3687	141	3	it	it	PRON
ajfa-3687	141	4	is	be	AUX
ajfa-3687	141	5	expectable	expectable	ADJ
ajfa-3687	141	6	to	to	PART
ajfa-3687	141	7	track	track	VERB
ajfa-3687	141	8	different	different	ADJ
ajfa-3687	141	9	roles	role	NOUN
ajfa-3687	141	10	for	for	ADP
ajfa-3687	141	11	ownership	ownership	NOUN
ajfa-3687	141	12	structure	structure	NOUN
ajfa-3687	141	13	on	on	ADP
ajfa-3687	141	14	cost	cost	NOUN
ajfa-3687	141	15	of	of	ADP
ajfa-3687	141	16	capital	capital	NOUN
ajfa-3687	141	17	in	in	ADP
ajfa-3687	141	18	new	new	PROPN
ajfa-3687	141	19	zealand	zealand	PROPN
ajfa-3687	141	20	and	and	CCONJ
ajfa-3687	141	21	singapore	singapore	PROPN
ajfa-3687	141	22	.	.	PUNCT
ajfa-3687	142	1	high	high	ADJ
ajfa-3687	142	2	standard	standard	ADJ
ajfa-3687	142	3	deviation	deviation	NOUN
ajfa-3687	142	4	and	and	CCONJ
ajfa-3687	142	5	difference	difference	NOUN
ajfa-3687	142	6	between	between	ADP
ajfa-3687	142	7	mean	mean	NOUN
ajfa-3687	142	8	and	and	CCONJ
ajfa-3687	142	9	median	median	NOUN
ajfa-3687	142	10	of	of	ADP
ajfa-3687	142	11	some	some	DET
ajfa-3687	142	12	variables	variable	NOUN
ajfa-3687	142	13	show	show	VERB
ajfa-3687	142	14	that	that	SCONJ
ajfa-3687	142	15	the	the	DET
ajfa-3687	142	16	distributions	distribution	NOUN
ajfa-3687	142	17	of	of	ADP
ajfa-3687	142	18	these	these	DET
ajfa-3687	142	19	variables	variable	NOUN
ajfa-3687	142	20	are	be	AUX
ajfa-3687	142	21	not	not	PART
ajfa-3687	142	22	normal	normal	ADJ
ajfa-3687	142	23	.	.	PUNCT
ajfa-3687	143	1	along	along	ADP
ajfa-3687	143	2	with	with	ADP
ajfa-3687	143	3	high	high	ADJ
ajfa-3687	143	4	standard	standard	ADJ
ajfa-3687	143	5	deviation	deviation	NOUN
ajfa-3687	143	6	,	,	PUNCT
ajfa-3687	143	7	skewness	skewness	NOUN
ajfa-3687	143	8	of	of	ADP
ajfa-3687	143	9	variables	variable	NOUN
ajfa-3687	143	10	,	,	PUNCT
ajfa-3687	143	11	which	which	PRON
ajfa-3687	143	12	is	be	AUX
ajfa-3687	143	13	reported	report	VERB
ajfa-3687	143	14	in	in	ADP
ajfa-3687	143	15	descriptive	descriptive	ADJ
ajfa-3687	143	16	statistics	statistic	NOUN
ajfa-3687	143	17	shows	show	VERB
ajfa-3687	143	18	that	that	SCONJ
ajfa-3687	143	19	variables	variable	NOUN
ajfa-3687	143	20	have	have	VERB
ajfa-3687	143	21	tails	tail	NOUN
ajfa-3687	143	22	on	on	ADP
ajfa-3687	143	23	their	their	PRON
ajfa-3687	143	24	right	right	NOUN
ajfa-3687	143	25	or	or	CCONJ
ajfa-3687	143	26	left	leave	VERB
ajfa-3687	143	27	hand	hand	NOUN
ajfa-3687	143	28	side	side	NOUN
ajfa-3687	143	29	.	.	PUNCT
ajfa-3687	144	1	high	high	ADJ
ajfa-3687	144	2	kurtosis	kurtosis	NOUN
ajfa-3687	144	3	distribution	distribution	NOUN
ajfa-3687	144	4	,	,	PUNCT
ajfa-3687	144	5	which	which	PRON
ajfa-3687	144	6	report	report	VERB
ajfa-3687	144	7	in	in	ADP
ajfa-3687	144	8	some	some	DET
ajfa-3687	144	9	variables	variable	NOUN
ajfa-3687	144	10	,	,	PUNCT
ajfa-3687	144	11	shows	show	VERB
ajfa-3687	144	12	that	that	SCONJ
ajfa-3687	144	13	the	the	DET
ajfa-3687	144	14	distribution	distribution	NOUN
ajfa-3687	144	15	of	of	ADP
ajfa-3687	144	16	these	these	DET
ajfa-3687	144	17	variables	variable	NOUN
ajfa-3687	144	18	has	have	VERB
ajfa-3687	144	19	a	a	DET
ajfa-3687	144	20	sharper	sharp	ADJ
ajfa-3687	144	21	peak	peak	NOUN
ajfa-3687	144	22	and	and	CCONJ
ajfa-3687	144	23	longer	long	ADJ
ajfa-3687	144	24	fat	fat	ADJ
ajfa-3687	144	25	tails	tail	NOUN
ajfa-3687	144	26	.	.	PUNCT
ajfa-3687	145	1	dealing	deal	VERB
ajfa-3687	145	2	with	with	ADP
ajfa-3687	145	3	unbalanced	unbalanced	ADJ
ajfa-3687	145	4	data	datum	NOUN
ajfa-3687	145	5	requires	require	VERB
ajfa-3687	145	6	some	some	DET
ajfa-3687	145	7	consideration	consideration	NOUN
ajfa-3687	145	8	.	.	PUNCT
ajfa-3687	146	1	exclusion	exclusion	NOUN
ajfa-3687	146	2	of	of	ADP
ajfa-3687	146	3	outliers	outlier	NOUN
ajfa-3687	146	4	in	in	ADP
ajfa-3687	146	5	case	case	NOUN
ajfa-3687	146	6	of	of	ADP
ajfa-3687	146	7	presence	presence	NOUN
ajfa-3687	146	8	of	of	ADP
ajfa-3687	146	9	fat	fat	ADJ
ajfa-3687	146	10	tails	tail	NOUN
ajfa-3687	146	11	may	may	AUX
ajfa-3687	146	12	lead	lead	VERB
ajfa-3687	146	13	to	to	ADP
ajfa-3687	146	14	depriving	deprive	VERB
ajfa-3687	146	15	the	the	DET
ajfa-3687	146	16	estimations	estimation	NOUN
ajfa-3687	146	17	of	of	ADP
ajfa-3687	146	18	some	some	DET
ajfa-3687	146	19	effective	effective	ADJ
ajfa-3687	146	20	variables	variable	NOUN
ajfa-3687	146	21	.	.	PUNCT
ajfa-3687	147	1	in	in	ADP
ajfa-3687	147	2	order	order	NOUN
ajfa-3687	147	3	to	to	PART
ajfa-3687	147	4	prevent	prevent	VERB
ajfa-3687	147	5	excluding	exclude	VERB
ajfa-3687	147	6	important	important	ADJ
ajfa-3687	147	7	variables	variable	NOUN
ajfa-3687	147	8	in	in	ADP
ajfa-3687	147	9	fat	fat	ADJ
ajfa-3687	147	10	tails	tail	NOUN
ajfa-3687	147	11	the	the	DET
ajfa-3687	147	12	grubbs	grubbs	PROPN
ajfa-3687	147	13	test	test	NOUN
ajfa-3687	147	14	is	be	AUX
ajfa-3687	147	15	implemented	implement	VERB
ajfa-3687	147	16	in	in	ADP
ajfa-3687	147	17	this	this	DET
ajfa-3687	147	18	study	study	NOUN
ajfa-3687	147	19	.	.	PUNCT
ajfa-3687	148	1	the	the	DET
ajfa-3687	148	2	difference	difference	NOUN
ajfa-3687	148	3	between	between	ADP
ajfa-3687	148	4	true	true	ADJ
ajfa-3687	148	5	outliers	outlier	NOUN
ajfa-3687	148	6	and	and	CCONJ
ajfa-3687	148	7	outliers	outlier	NOUN
ajfa-3687	148	8	in	in	ADP
ajfa-3687	148	9	fat	fat	ADJ
ajfa-3687	148	10	tails	tail	NOUN
ajfa-3687	148	11	that	that	PRON
ajfa-3687	148	12	contain	contain	VERB
ajfa-3687	148	13	important	important	ADJ
ajfa-3687	148	14	asian	asian	ADJ
ajfa-3687	148	15	journal	journal	NOUN
ajfa-3687	148	16	of	of	ADP
ajfa-3687	148	17	finance	finance	PROPN
ajfa-3687	148	18	&	&	CCONJ
ajfa-3687	148	19	accounting	accounting	PROPN
ajfa-3687	148	20	issn	issn	PROPN
ajfa-3687	148	21	1946	1946	NUM
ajfa-3687	148	22	-	-	PUNCT
ajfa-3687	148	23	052x	052x	NOUN
ajfa-3687	148	24	2013	2013	NUM
ajfa-3687	148	25	,	,	PUNCT
ajfa-3687	148	26	vol	vol	NOUN
ajfa-3687	148	27	.	.	PROPN
ajfa-3687	148	28	5	5	NUM
ajfa-3687	148	29	,	,	PUNCT
ajfa-3687	148	30	no	no	INTJ
ajfa-3687	148	31	.	.	NOUN
ajfa-3687	148	32	1	1	NUM
ajfa-3687	148	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	148	34	405	405	NUM
ajfa-3687	148	35	information	information	NOUN
ajfa-3687	148	36	is	be	AUX
ajfa-3687	148	37	detectable	detectable	ADJ
ajfa-3687	148	38	through	through	ADP
ajfa-3687	148	39	the	the	DET
ajfa-3687	148	40	grubbs	grubbs	PROPN
ajfa-3687	148	41	test	test	NOUN
ajfa-3687	148	42	.	.	PUNCT
ajfa-3687	149	1	implementation	implementation	NOUN
ajfa-3687	149	2	of	of	ADP
ajfa-3687	149	3	this	this	DET
ajfa-3687	149	4	test	test	NOUN
ajfa-3687	149	5	reveals	reveal	VERB
ajfa-3687	149	6	two	two	NUM
ajfa-3687	149	7	real	real	ADJ
ajfa-3687	149	8	outliers	outlier	NOUN
ajfa-3687	149	9	in	in	ADP
ajfa-3687	149	10	insider	insider	NOUN
ajfa-3687	149	11	ownership	ownership	NOUN
ajfa-3687	149	12	variables	variable	NOUN
ajfa-3687	149	13	.	.	PUNCT
ajfa-3687	150	1	these	these	DET
ajfa-3687	150	2	variables	variable	NOUN
ajfa-3687	150	3	are	be	AUX
ajfa-3687	150	4	corrected	correct	VERB
ajfa-3687	150	5	by	by	ADP
ajfa-3687	150	6	reconsidering	reconsider	VERB
ajfa-3687	150	7	the	the	DET
ajfa-3687	150	8	databases	database	NOUN
ajfa-3687	150	9	.	.	PUNCT
ajfa-3687	151	1	thus	thus	ADV
ajfa-3687	151	2	,	,	PUNCT
ajfa-3687	151	3	presence	presence	NOUN
ajfa-3687	151	4	of	of	ADP
ajfa-3687	151	5	high	high	ADJ
ajfa-3687	151	6	standard	standard	ADJ
ajfa-3687	151	7	deviation	deviation	NOUN
ajfa-3687	151	8	beside	beside	ADP
ajfa-3687	151	9	skewness	skewness	NOUN
ajfa-3687	151	10	and	and	CCONJ
ajfa-3687	151	11	kurtosis	kurtosis	VERB
ajfa-3687	151	12	distribution	distribution	NOUN
ajfa-3687	151	13	of	of	ADP
ajfa-3687	151	14	data	datum	NOUN
ajfa-3687	151	15	in	in	ADP
ajfa-3687	151	16	this	this	DET
ajfa-3687	151	17	study	study	NOUN
ajfa-3687	151	18	does	do	AUX
ajfa-3687	151	19	not	not	PART
ajfa-3687	151	20	lead	lead	VERB
ajfa-3687	151	21	to	to	ADP
ajfa-3687	151	22	exclusion	exclusion	NOUN
ajfa-3687	151	23	of	of	ADP
ajfa-3687	151	24	data	datum	NOUN
ajfa-3687	151	25	because	because	SCONJ
ajfa-3687	151	26	the	the	DET
ajfa-3687	151	27	grubbs	grubbs	PROPN
ajfa-3687	151	28	test	test	NOUN
ajfa-3687	151	29	reveals	reveal	VERB
ajfa-3687	151	30	the	the	DET
ajfa-3687	151	31	importance	importance	NOUN
ajfa-3687	151	32	of	of	ADP
ajfa-3687	151	33	data	datum	NOUN
ajfa-3687	151	34	in	in	ADP
ajfa-3687	151	35	fat	fat	ADJ
ajfa-3687	151	36	tails	tail	NOUN
ajfa-3687	151	37	.	.	PUNCT
ajfa-3687	152	1	endogeneity	endogeneity	NOUN
ajfa-3687	152	2	,	,	PUNCT
ajfa-3687	152	3	heteroskedasticity	heteroskedasticity	NOUN
ajfa-3687	152	4	and	and	CCONJ
ajfa-3687	152	5	correlation	correlation	NOUN
ajfa-3687	152	6	of	of	ADP
ajfa-3687	152	7	variables	variable	NOUN
ajfa-3687	152	8	have	have	AUX
ajfa-3687	152	9	been	be	AUX
ajfa-3687	152	10	checked	check	VERB
ajfa-3687	152	11	and	and	CCONJ
ajfa-3687	152	12	a	a	DET
ajfa-3687	152	13	weighted	weight	VERB
ajfa-3687	152	14	coefficient	coefficient	NOUN
ajfa-3687	152	15	covariance	covariance	NOUN
ajfa-3687	152	16	method	method	NOUN
ajfa-3687	152	17	is	be	AUX
ajfa-3687	152	18	employed	employ	VERB
ajfa-3687	152	19	to	to	PART
ajfa-3687	152	20	track	track	VERB
ajfa-3687	152	21	all	all	DET
ajfa-3687	152	22	three	three	NUM
ajfa-3687	152	23	.	.	PUNCT
ajfa-3687	153	1	this	this	PRON
ajfa-3687	153	2	happens	happen	VERB
ajfa-3687	153	3	in	in	ADP
ajfa-3687	153	4	insider	insider	NOUN
ajfa-3687	153	5	ownership	ownership	NOUN
ajfa-3687	153	6	of	of	ADP
ajfa-3687	153	7	the	the	DET
ajfa-3687	153	8	singapore	singapore	PROPN
ajfa-3687	153	9	market	market	NOUN
ajfa-3687	153	10	.	.	PUNCT
ajfa-3687	154	1	empirical	empirical	ADJ
ajfa-3687	154	2	results	result	NOUN
ajfa-3687	154	3	empirical	empirical	ADJ
ajfa-3687	154	4	results	result	NOUN
ajfa-3687	154	5	of	of	ADP
ajfa-3687	154	6	this	this	DET
ajfa-3687	154	7	study	study	NOUN
ajfa-3687	154	8	document	document	NOUN
ajfa-3687	154	9	a	a	DET
ajfa-3687	154	10	cubic	cubic	ADJ
ajfa-3687	154	11	relationship	relationship	NOUN
ajfa-3687	154	12	between	between	ADP
ajfa-3687	154	13	block	block	NOUN
ajfa-3687	154	14	ownership	ownership	NOUN
ajfa-3687	154	15	and	and	CCONJ
ajfa-3687	154	16	cost	cost	NOUN
ajfa-3687	154	17	of	of	ADP
ajfa-3687	154	18	capital	capital	NOUN
ajfa-3687	154	19	in	in	ADP
ajfa-3687	154	20	new	new	PROPN
ajfa-3687	154	21	zealand	zealand	PROPN
ajfa-3687	154	22	,	,	PUNCT
ajfa-3687	154	23	whereas	whereas	SCONJ
ajfa-3687	154	24	the	the	DET
ajfa-3687	154	25	relationship	relationship	NOUN
ajfa-3687	154	26	between	between	ADP
ajfa-3687	154	27	block	block	NOUN
ajfa-3687	154	28	ownership	ownership	NOUN
ajfa-3687	154	29	and	and	CCONJ
ajfa-3687	154	30	cost	cost	NOUN
ajfa-3687	154	31	of	of	ADP
ajfa-3687	154	32	capital	capital	NOUN
ajfa-3687	154	33	in	in	ADP
ajfa-3687	154	34	singapore	singapore	PROPN
ajfa-3687	154	35	is	be	AUX
ajfa-3687	154	36	squared	square	VERB
ajfa-3687	154	37	.	.	PUNCT
ajfa-3687	155	1	the	the	DET
ajfa-3687	155	2	cube	cube	NOUN
ajfa-3687	155	3	relationship	relationship	NOUN
ajfa-3687	155	4	in	in	ADP
ajfa-3687	155	5	new	new	PROPN
ajfa-3687	155	6	zealand	zealand	PROPN
ajfa-3687	155	7	is	be	AUX
ajfa-3687	155	8	like	like	ADP
ajfa-3687	155	9	a	a	DET
ajfa-3687	155	10	down	down	ADJ
ajfa-3687	155	11	/	/	SYM
ajfa-3687	155	12	up	up	ADP
ajfa-3687	155	13	/	/	SYM
ajfa-3687	155	14	down	down	NOUN
ajfa-3687	155	15	relationship	relationship	NOUN
ajfa-3687	155	16	,	,	PUNCT
ajfa-3687	155	17	the	the	DET
ajfa-3687	155	18	squared	square	VERB
ajfa-3687	155	19	relationship	relationship	NOUN
ajfa-3687	155	20	in	in	ADP
ajfa-3687	155	21	singapore	singapore	PROPN
ajfa-3687	155	22	is	be	AUX
ajfa-3687	155	23	like	like	INTJ
ajfa-3687	155	24	up	up	ADP
ajfa-3687	155	25	/	/	SYM
ajfa-3687	155	26	down	down	NOUN
ajfa-3687	155	27	relationship	relationship	NOUN
ajfa-3687	155	28	.	.	PUNCT
ajfa-3687	156	1	in	in	ADP
ajfa-3687	156	2	new	new	PROPN
ajfa-3687	156	3	zealand	zealand	PROPN
ajfa-3687	156	4	,	,	PUNCT
ajfa-3687	156	5	an	an	DET
ajfa-3687	156	6	increase	increase	NOUN
ajfa-3687	156	7	in	in	ADP
ajfa-3687	156	8	block	block	NOUN
ajfa-3687	156	9	ownership	ownership	NOUN
ajfa-3687	156	10	up	up	ADP
ajfa-3687	156	11	to	to	ADP
ajfa-3687	156	12	18.52	18.52	NUM
ajfa-3687	156	13	per	per	NOUN
ajfa-3687	156	14	cent	cent	NOUN
ajfa-3687	156	15	causes	cause	VERB
ajfa-3687	156	16	cost	cost	NOUN
ajfa-3687	156	17	of	of	ADP
ajfa-3687	156	18	capital	capital	NOUN
ajfa-3687	156	19	to	to	PART
ajfa-3687	156	20	decline	decline	VERB
ajfa-3687	156	21	,	,	PUNCT
ajfa-3687	156	22	while	while	SCONJ
ajfa-3687	156	23	increasing	increase	VERB
ajfa-3687	156	24	block	block	NOUN
ajfa-3687	156	25	ownership	ownership	NOUN
ajfa-3687	156	26	between	between	ADP
ajfa-3687	156	27	18.52	18.52	NUM
ajfa-3687	156	28	per	per	ADP
ajfa-3687	156	29	cent	cent	NOUN
ajfa-3687	156	30	and	and	CCONJ
ajfa-3687	156	31	60.86	60.86	NUM
ajfa-3687	156	32	per	per	ADP
ajfa-3687	156	33	cent	cent	NOUN
ajfa-3687	156	34	causes	cause	VERB
ajfa-3687	156	35	cost	cost	NOUN
ajfa-3687	156	36	of	of	ADP
ajfa-3687	156	37	capital	capital	NOUN
ajfa-3687	156	38	to	to	PART
ajfa-3687	156	39	increase	increase	VERB
ajfa-3687	156	40	.	.	PUNCT
ajfa-3687	157	1	however	however	ADV
ajfa-3687	157	2	,	,	PUNCT
ajfa-3687	157	3	increasing	increase	VERB
ajfa-3687	157	4	block	block	NOUN
ajfa-3687	157	5	ownership	ownership	NOUN
ajfa-3687	157	6	over	over	ADP
ajfa-3687	157	7	60.86	60.86	NUM
ajfa-3687	157	8	per	per	ADP
ajfa-3687	157	9	cent	cent	NOUN
ajfa-3687	157	10	leads	lead	VERB
ajfa-3687	157	11	to	to	ADP
ajfa-3687	157	12	a	a	DET
ajfa-3687	157	13	decline	decline	NOUN
ajfa-3687	157	14	in	in	ADP
ajfa-3687	157	15	the	the	DET
ajfa-3687	157	16	cost	cost	NOUN
ajfa-3687	157	17	of	of	ADP
ajfa-3687	157	18	capital	capital	NOUN
ajfa-3687	157	19	again	again	ADV
ajfa-3687	157	20	.	.	PUNCT
ajfa-3687	158	1	this	this	PRON
ajfa-3687	158	2	means	mean	VERB
ajfa-3687	158	3	that	that	SCONJ
ajfa-3687	158	4	at	at	ADP
ajfa-3687	158	5	low	low	ADJ
ajfa-3687	158	6	levels	level	NOUN
ajfa-3687	158	7	of	of	ADP
ajfa-3687	158	8	block	block	NOUN
ajfa-3687	158	9	ownership	ownership	NOUN
ajfa-3687	158	10	leads	lead	VERB
ajfa-3687	158	11	to	to	ADP
ajfa-3687	158	12	interest	interest	NOUN
ajfa-3687	158	13	alignment	alignment	NOUN
ajfa-3687	158	14	between	between	ADP
ajfa-3687	158	15	the	the	DET
ajfa-3687	158	16	shareholders	shareholder	NOUN
ajfa-3687	158	17	and	and	CCONJ
ajfa-3687	158	18	the	the	DET
ajfa-3687	158	19	management	management	NOUN
ajfa-3687	158	20	.	.	PUNCT
ajfa-3687	159	1	however	however	ADV
ajfa-3687	159	2	,	,	PUNCT
ajfa-3687	159	3	when	when	SCONJ
ajfa-3687	159	4	block	block	NOUN
ajfa-3687	159	5	ownership	ownership	NOUN
ajfa-3687	159	6	increases	increase	NOUN
ajfa-3687	159	7	between	between	ADP
ajfa-3687	159	8	18.52	18.52	NUM
ajfa-3687	159	9	%	%	NOUN
ajfa-3687	159	10	and	and	CCONJ
ajfa-3687	159	11	60.86	60.86	NUM
ajfa-3687	159	12	%	%	NOUN
ajfa-3687	159	13	,	,	PUNCT
ajfa-3687	159	14	it	it	PRON
ajfa-3687	159	15	leads	lead	VERB
ajfa-3687	159	16	to	to	ADP
ajfa-3687	159	17	an	an	DET
ajfa-3687	159	18	entrenchment	entrenchment	ADJ
ajfa-3687	159	19	effect	effect	NOUN
ajfa-3687	159	20	causing	cause	VERB
ajfa-3687	159	21	cost	cost	NOUN
ajfa-3687	159	22	of	of	ADP
ajfa-3687	159	23	capital	capital	NOUN
ajfa-3687	159	24	to	to	PART
ajfa-3687	159	25	increase	increase	VERB
ajfa-3687	159	26	.	.	PUNCT
ajfa-3687	160	1	at	at	ADP
ajfa-3687	160	2	higher	high	ADJ
ajfa-3687	160	3	levels	level	NOUN
ajfa-3687	160	4	of	of	ADP
ajfa-3687	160	5	block	block	NOUN
ajfa-3687	160	6	ownership	ownership	NOUN
ajfa-3687	160	7	,	,	PUNCT
ajfa-3687	160	8	the	the	DET
ajfa-3687	160	9	interest	interest	NOUN
ajfa-3687	160	10	alignment	alignment	NOUN
ajfa-3687	160	11	effect	effect	NOUN
ajfa-3687	160	12	causes	cause	VERB
ajfa-3687	160	13	cost	cost	NOUN
ajfa-3687	160	14	of	of	ADP
ajfa-3687	160	15	capital	capital	NOUN
ajfa-3687	160	16	to	to	PART
ajfa-3687	160	17	decline	decline	VERB
ajfa-3687	160	18	again	again	ADV
ajfa-3687	160	19	.	.	PUNCT
ajfa-3687	161	1	the	the	DET
ajfa-3687	161	2	relationship	relationship	NOUN
ajfa-3687	161	3	between	between	ADP
ajfa-3687	161	4	block	block	NOUN
ajfa-3687	161	5	ownership	ownership	NOUN
ajfa-3687	161	6	and	and	CCONJ
ajfa-3687	161	7	cost	cost	NOUN
ajfa-3687	161	8	of	of	ADP
ajfa-3687	161	9	capital	capital	NOUN
ajfa-3687	161	10	in	in	ADP
ajfa-3687	161	11	singapore	singapore	PROPN
ajfa-3687	161	12	is	be	AUX
ajfa-3687	161	13	an	an	DET
ajfa-3687	161	14	up	up	ADJ
ajfa-3687	161	15	/	/	SYM
ajfa-3687	161	16	down	down	NOUN
ajfa-3687	161	17	relationship	relationship	NOUN
ajfa-3687	161	18	where	where	SCONJ
ajfa-3687	161	19	an	an	DET
ajfa-3687	161	20	increase	increase	NOUN
ajfa-3687	161	21	in	in	ADP
ajfa-3687	161	22	block	block	NOUN
ajfa-3687	161	23	ownership	ownership	NOUN
ajfa-3687	161	24	up	up	ADP
ajfa-3687	161	25	to	to	ADP
ajfa-3687	161	26	67.43	67.43	NUM
ajfa-3687	161	27	per	per	NOUN
ajfa-3687	161	28	cent	cent	NOUN
ajfa-3687	161	29	increases	increase	VERB
ajfa-3687	161	30	the	the	DET
ajfa-3687	161	31	cost	cost	NOUN
ajfa-3687	161	32	of	of	ADP
ajfa-3687	161	33	capital	capital	NOUN
ajfa-3687	161	34	and	and	CCONJ
ajfa-3687	161	35	block	block	NOUN
ajfa-3687	161	36	ownership	ownership	NOUN
ajfa-3687	161	37	over	over	ADP
ajfa-3687	161	38	67.43	67.43	NUM
ajfa-3687	161	39	per	per	NOUN
ajfa-3687	161	40	cent	cent	NOUN
ajfa-3687	161	41	causes	cause	VERB
ajfa-3687	161	42	cost	cost	NOUN
ajfa-3687	161	43	of	of	ADP
ajfa-3687	161	44	capital	capital	NOUN
ajfa-3687	161	45	to	to	PART
ajfa-3687	161	46	decline	decline	VERB
ajfa-3687	161	47	.	.	PUNCT
ajfa-3687	162	1	this	this	PRON
ajfa-3687	162	2	means	mean	VERB
ajfa-3687	162	3	that	that	SCONJ
ajfa-3687	162	4	block	block	NOUN
ajfa-3687	162	5	ownership	ownership	NOUN
ajfa-3687	162	6	up	up	ADP
ajfa-3687	162	7	to	to	PART
ajfa-3687	162	8	67.43	67.43	NUM
ajfa-3687	162	9	%	%	NOUN
ajfa-3687	162	10	has	have	VERB
ajfa-3687	162	11	a	a	DET
ajfa-3687	162	12	negative	negative	ADJ
ajfa-3687	162	13	effect	effect	NOUN
ajfa-3687	162	14	on	on	ADP
ajfa-3687	162	15	cost	cost	NOUN
ajfa-3687	162	16	of	of	ADP
ajfa-3687	162	17	capital	capital	NOUN
ajfa-3687	162	18	in	in	ADP
ajfa-3687	162	19	singapore	singapore	PROPN
ajfa-3687	162	20	because	because	SCONJ
ajfa-3687	162	21	of	of	ADP
ajfa-3687	162	22	the	the	DET
ajfa-3687	162	23	entrenchment	entrenchment	NOUN
ajfa-3687	162	24	and	and	CCONJ
ajfa-3687	162	25	expropriation	expropriation	NOUN
ajfa-3687	162	26	behaviour	behaviour	NOUN
ajfa-3687	162	27	.	.	PUNCT
ajfa-3687	163	1	however	however	ADV
ajfa-3687	163	2	,	,	PUNCT
ajfa-3687	163	3	the	the	DET
ajfa-3687	163	4	block	block	NOUN
ajfa-3687	163	5	ownership	ownership	NOUN
ajfa-3687	163	6	over	over	ADP
ajfa-3687	163	7	67.43	67.43	NUM
ajfa-3687	163	8	%	%	NOUN
ajfa-3687	163	9	leads	lead	VERB
ajfa-3687	163	10	to	to	ADP
ajfa-3687	163	11	an	an	DET
ajfa-3687	163	12	interest	interest	NOUN
ajfa-3687	163	13	alignment	alignment	NOUN
ajfa-3687	163	14	causing	cause	VERB
ajfa-3687	163	15	cost	cost	NOUN
ajfa-3687	163	16	of	of	ADP
ajfa-3687	163	17	capital	capital	NOUN
ajfa-3687	163	18	to	to	PART
ajfa-3687	163	19	decline	decline	VERB
ajfa-3687	163	20	.	.	PUNCT
ajfa-3687	164	1	however	however	ADV
ajfa-3687	164	2	,	,	PUNCT
ajfa-3687	164	3	empirical	empirical	ADJ
ajfa-3687	164	4	results	result	NOUN
ajfa-3687	164	5	provide	provide	VERB
ajfa-3687	164	6	a	a	DET
ajfa-3687	164	7	different	different	ADJ
ajfa-3687	164	8	picture	picture	NOUN
ajfa-3687	164	9	when	when	SCONJ
ajfa-3687	164	10	we	we	PRON
ajfa-3687	164	11	consider	consider	VERB
ajfa-3687	164	12	year	year	NOUN
ajfa-3687	164	13	-	-	PUNCT
ajfa-3687	164	14	dummy	dummy	ADJ
ajfa-3687	164	15	variables	variable	NOUN
ajfa-3687	164	16	for	for	ADP
ajfa-3687	164	17	2008	2008	NUM
ajfa-3687	164	18	and	and	CCONJ
ajfa-3687	164	19	for	for	ADP
ajfa-3687	164	20	2009	2009	NUM
ajfa-3687	164	21	-2010	-2010	PROPN
ajfa-3687	164	22	.	.	PUNCT
ajfa-3687	165	1	the	the	DET
ajfa-3687	165	2	results	result	NOUN
ajfa-3687	165	3	for	for	ADP
ajfa-3687	165	4	the	the	DET
ajfa-3687	165	5	year	year	NOUN
ajfa-3687	165	6	-	-	PUNCT
ajfa-3687	165	7	dummy	dummy	NOUN
ajfa-3687	165	8	for	for	ADP
ajfa-3687	165	9	2008	2008	NUM
ajfa-3687	165	10	show	show	VERB
ajfa-3687	165	11	a	a	DET
ajfa-3687	165	12	negative	negative	ADJ
ajfa-3687	165	13	relationship	relationship	NOUN
ajfa-3687	165	14	between	between	ADP
ajfa-3687	165	15	block	block	NOUN
ajfa-3687	165	16	ownership	ownership	NOUN
ajfa-3687	165	17	and	and	CCONJ
ajfa-3687	165	18	cost	cost	NOUN
ajfa-3687	165	19	of	of	ADP
ajfa-3687	165	20	capital	capital	NOUN
ajfa-3687	165	21	and	and	CCONJ
ajfa-3687	165	22	the	the	DET
ajfa-3687	165	23	year	year	NOUN
ajfa-3687	165	24	-	-	PUNCT
ajfa-3687	165	25	dummies	dummy	NOUN
ajfa-3687	165	26	for	for	ADP
ajfa-3687	165	27	2009	2009	NUM
ajfa-3687	165	28	and	and	CCONJ
ajfa-3687	165	29	2010	2010	NUM
ajfa-3687	165	30	document	document	NOUN
ajfa-3687	165	31	a	a	DET
ajfa-3687	165	32	positive	positive	ADJ
ajfa-3687	165	33	relationship	relationship	NOUN
ajfa-3687	165	34	in	in	ADP
ajfa-3687	165	35	new	new	PROPN
ajfa-3687	165	36	zealand	zealand	PROPN
ajfa-3687	165	37	.	.	PUNCT
ajfa-3687	166	1	in	in	ADP
ajfa-3687	166	2	singapore	singapore	PROPN
ajfa-3687	166	3	the	the	DET
ajfa-3687	166	4	year	year	NOUN
ajfa-3687	166	5	-	-	PUNCT
ajfa-3687	166	6	dummy	dummy	ADJ
ajfa-3687	166	7	variable	variable	NOUN
ajfa-3687	166	8	for	for	ADP
ajfa-3687	166	9	2008	2008	NUM
ajfa-3687	166	10	show	show	VERB
ajfa-3687	166	11	a	a	DET
ajfa-3687	166	12	statistically	statistically	ADV
ajfa-3687	166	13	significantly	significantly	ADV
ajfa-3687	166	14	positive	positive	ADJ
ajfa-3687	166	15	relationship	relationship	NOUN
ajfa-3687	166	16	while	while	SCONJ
ajfa-3687	166	17	the	the	DET
ajfa-3687	166	18	year	year	NOUN
ajfa-3687	166	19	dummy	dummy	ADJ
ajfa-3687	166	20	variable	variable	NOUN
ajfa-3687	166	21	for	for	ADP
ajfa-3687	166	22	after-2008	after-2008	NOUN
ajfa-3687	166	23	show	show	VERB
ajfa-3687	166	24	a	a	DET
ajfa-3687	166	25	positive	positive	ADJ
ajfa-3687	166	26	but	but	CCONJ
ajfa-3687	166	27	statistically	statistically	ADV
ajfa-3687	166	28	insignificant	insignificant	ADJ
ajfa-3687	166	29	relationship	relationship	NOUN
ajfa-3687	166	30	.	.	PUNCT
ajfa-3687	167	1	the	the	DET
ajfa-3687	167	2	results	result	NOUN
ajfa-3687	167	3	show	show	VERB
ajfa-3687	167	4	that	that	SCONJ
ajfa-3687	167	5	,	,	PUNCT
ajfa-3687	167	6	block	block	NOUN
ajfa-3687	167	7	owners	owner	NOUN
ajfa-3687	167	8	negatively	negatively	ADV
ajfa-3687	167	9	affected	affect	VERB
ajfa-3687	167	10	cost	cost	NOUN
ajfa-3687	167	11	of	of	ADP
ajfa-3687	167	12	capital	capital	NOUN
ajfa-3687	167	13	in	in	ADP
ajfa-3687	167	14	new	new	PROPN
ajfa-3687	167	15	zealand	zealand	PROPN
ajfa-3687	167	16	during	during	ADP
ajfa-3687	167	17	2008	2008	NUM
ajfa-3687	167	18	and	and	CCONJ
ajfa-3687	167	19	in	in	ADP
ajfa-3687	167	20	the	the	DET
ajfa-3687	167	21	years	year	NOUN
ajfa-3687	167	22	after	after	ADP
ajfa-3687	167	23	2008	2008	NUM
ajfa-3687	167	24	,	,	PUNCT
ajfa-3687	167	25	the	the	DET
ajfa-3687	167	26	role	role	NOUN
ajfa-3687	167	27	of	of	ADP
ajfa-3687	167	28	block	block	NOUN
ajfa-3687	167	29	ownership	ownership	NOUN
ajfa-3687	167	30	on	on	ADP
ajfa-3687	167	31	cost	cost	NOUN
ajfa-3687	167	32	of	of	ADP
ajfa-3687	167	33	capital	capital	NOUN
ajfa-3687	167	34	is	be	AUX
ajfa-3687	167	35	positive	positive	ADJ
ajfa-3687	167	36	because	because	SCONJ
ajfa-3687	167	37	of	of	ADP
ajfa-3687	167	38	expropriation	expropriation	NOUN
ajfa-3687	167	39	behaviour	behaviour	NOUN
ajfa-3687	167	40	.	.	PUNCT
ajfa-3687	168	1	our	our	PRON
ajfa-3687	168	2	results	result	NOUN
ajfa-3687	168	3	show	show	VERB
ajfa-3687	168	4	that	that	SCONJ
ajfa-3687	168	5	block	block	NOUN
ajfa-3687	168	6	ownership	ownership	NOUN
ajfa-3687	168	7	in	in	ADP
ajfa-3687	168	8	the	the	DET
ajfa-3687	168	9	singapore	singapore	PROPN
ajfa-3687	168	10	market	market	NOUN
ajfa-3687	168	11	positively	positively	ADV
ajfa-3687	168	12	affects	affect	VERB
ajfa-3687	168	13	cost	cost	NOUN
ajfa-3687	168	14	of	of	ADP
ajfa-3687	168	15	capital	capital	NOUN
ajfa-3687	168	16	during	during	ADP
ajfa-3687	168	17	and	and	CCONJ
ajfa-3687	168	18	after	after	ADP
ajfa-3687	168	19	a	a	DET
ajfa-3687	168	20	financial	financial	ADJ
ajfa-3687	168	21	crisis	crisis	NOUN
ajfa-3687	168	22	while	while	SCONJ
ajfa-3687	168	23	this	this	DET
ajfa-3687	168	24	effect	effect	NOUN
ajfa-3687	168	25	is	be	AUX
ajfa-3687	168	26	statistically	statistically	ADV
ajfa-3687	168	27	significant	significant	ADJ
ajfa-3687	168	28	in	in	ADP
ajfa-3687	168	29	2008	2008	NUM
ajfa-3687	168	30	but	but	CCONJ
ajfa-3687	168	31	not	not	PART
ajfa-3687	168	32	after	after	ADP
ajfa-3687	168	33	2008	2008	NUM
ajfa-3687	168	34	.	.	PUNCT
ajfa-3687	169	1	this	this	PRON
ajfa-3687	169	2	indicates	indicate	VERB
ajfa-3687	169	3	that	that	SCONJ
ajfa-3687	169	4	high	high	ADJ
ajfa-3687	169	5	level	level	NOUN
ajfa-3687	169	6	of	of	ADP
ajfa-3687	169	7	block	block	NOUN
ajfa-3687	169	8	ownership	ownership	NOUN
ajfa-3687	169	9	has	have	AUX
ajfa-3687	169	10	been	be	AUX
ajfa-3687	169	11	ineffective	ineffective	ADJ
ajfa-3687	169	12	in	in	ADP
ajfa-3687	169	13	singapore	singapore	PROPN
ajfa-3687	169	14	after	after	ADP
ajfa-3687	169	15	the	the	DET
ajfa-3687	169	16	financial	financial	ADJ
ajfa-3687	169	17	crisis	crisis	NOUN
ajfa-3687	169	18	period	period	NOUN
ajfa-3687	169	19	.	.	PUNCT
ajfa-3687	170	1	however	however	ADV
ajfa-3687	170	2	,	,	PUNCT
ajfa-3687	170	3	during	during	ADP
ajfa-3687	170	4	financial	financial	ADJ
ajfa-3687	170	5	crisis	crisis	NOUN
ajfa-3687	170	6	period	period	NOUN
ajfa-3687	170	7	a	a	DET
ajfa-3687	170	8	high	high	ADJ
ajfa-3687	170	9	asian	asian	ADJ
ajfa-3687	170	10	journal	journal	NOUN
ajfa-3687	170	11	of	of	ADP
ajfa-3687	170	12	finance	finance	PROPN
ajfa-3687	170	13	&	&	CCONJ
ajfa-3687	170	14	accounting	accounting	PROPN
ajfa-3687	170	15	issn	issn	PROPN
ajfa-3687	170	16	1946	1946	NUM
ajfa-3687	170	17	-	-	PUNCT
ajfa-3687	170	18	052x	052x	NOUN
ajfa-3687	170	19	2013	2013	NUM
ajfa-3687	170	20	,	,	PUNCT
ajfa-3687	170	21	vol	vol	NOUN
ajfa-3687	170	22	.	.	PROPN
ajfa-3687	170	23	5	5	NUM
ajfa-3687	170	24	,	,	PUNCT
ajfa-3687	170	25	no	no	INTJ
ajfa-3687	170	26	.	.	NOUN
ajfa-3687	170	27	1	1	NUM
ajfa-3687	170	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	170	29	406	406	NUM
ajfa-3687	170	30	block	block	NOUN
ajfa-3687	170	31	ownership	ownership	NOUN
ajfa-3687	170	32	has	have	AUX
ajfa-3687	170	33	had	have	VERB
ajfa-3687	170	34	a	a	DET
ajfa-3687	170	35	negative	negative	ADJ
ajfa-3687	170	36	effect	effect	NOUN
ajfa-3687	170	37	cost	cost	NOUN
ajfa-3687	170	38	of	of	ADP
ajfa-3687	170	39	capital	capital	NOUN
ajfa-3687	170	40	.	.	PUNCT
ajfa-3687	171	1	the	the	DET
ajfa-3687	171	2	average	average	ADJ
ajfa-3687	171	3	level	level	NOUN
ajfa-3687	171	4	of	of	ADP
ajfa-3687	171	5	block	block	NOUN
ajfa-3687	171	6	ownership	ownership	NOUN
ajfa-3687	171	7	in	in	ADP
ajfa-3687	171	8	new	new	PROPN
ajfa-3687	171	9	zealand	zealand	PROPN
ajfa-3687	171	10	and	and	CCONJ
ajfa-3687	171	11	singapore	singapore	PROPN
ajfa-3687	171	12	are	be	AUX
ajfa-3687	171	13	49	49	NUM
ajfa-3687	171	14	%	%	NOUN
ajfa-3687	171	15	and	and	CCONJ
ajfa-3687	171	16	72	72	NUM
ajfa-3687	171	17	%	%	NOUN
ajfa-3687	171	18	respectively	respectively	ADV
ajfa-3687	171	19	.	.	PUNCT
ajfa-3687	172	1	our	our	PRON
ajfa-3687	172	2	empirical	empirical	ADJ
ajfa-3687	172	3	results	result	NOUN
ajfa-3687	172	4	documents	document	VERB
ajfa-3687	172	5	a	a	DET
ajfa-3687	172	6	cube	cube	NOUN
ajfa-3687	172	7	relationship	relationship	NOUN
ajfa-3687	172	8	between	between	ADP
ajfa-3687	172	9	insider	insider	NOUN
ajfa-3687	172	10	ownership	ownership	NOUN
ajfa-3687	172	11	and	and	CCONJ
ajfa-3687	172	12	cost	cost	NOUN
ajfa-3687	172	13	of	of	ADP
ajfa-3687	172	14	capital	capital	NOUN
ajfa-3687	172	15	in	in	ADP
ajfa-3687	172	16	new	new	PROPN
ajfa-3687	172	17	zealand	zealand	PROPN
ajfa-3687	172	18	and	and	CCONJ
ajfa-3687	172	19	a	a	DET
ajfa-3687	172	20	linear	linear	ADJ
ajfa-3687	172	21	relationship	relationship	NOUN
ajfa-3687	172	22	between	between	ADP
ajfa-3687	172	23	insider	insider	NOUN
ajfa-3687	172	24	ownership	ownership	NOUN
ajfa-3687	172	25	and	and	CCONJ
ajfa-3687	172	26	cost	cost	NOUN
ajfa-3687	172	27	of	of	ADP
ajfa-3687	172	28	capital	capital	NOUN
ajfa-3687	172	29	in	in	ADP
ajfa-3687	172	30	singapore	singapore	PROPN
ajfa-3687	172	31	.	.	PUNCT
ajfa-3687	173	1	the	the	DET
ajfa-3687	173	2	cube	cube	NOUN
ajfa-3687	173	3	relationship	relationship	NOUN
ajfa-3687	173	4	in	in	ADP
ajfa-3687	173	5	new	new	PROPN
ajfa-3687	173	6	zealand	zealand	PROPN
ajfa-3687	173	7	is	be	AUX
ajfa-3687	173	8	like	like	ADP
ajfa-3687	173	9	an	an	DET
ajfa-3687	173	10	up	up	ADP
ajfa-3687	173	11	/	/	SYM
ajfa-3687	173	12	down	down	ADP
ajfa-3687	173	13	/	/	SYM
ajfa-3687	173	14	up	up	ADP
ajfa-3687	173	15	relationship	relationship	NOUN
ajfa-3687	173	16	while	while	SCONJ
ajfa-3687	173	17	in	in	ADP
ajfa-3687	173	18	singapore	singapore	PROPN
ajfa-3687	173	19	,	,	PUNCT
ajfa-3687	173	20	the	the	DET
ajfa-3687	173	21	linear	linear	PROPN
ajfa-3687	173	22	relationship	relationship	NOUN
ajfa-3687	173	23	shows	show	VERB
ajfa-3687	173	24	a	a	DET
ajfa-3687	173	25	negative	negative	ADJ
ajfa-3687	173	26	relationship	relationship	NOUN
ajfa-3687	173	27	.	.	PUNCT
ajfa-3687	174	1	in	in	ADP
ajfa-3687	174	2	new	new	PROPN
ajfa-3687	174	3	zealand	zealand	PROPN
ajfa-3687	174	4	,	,	PUNCT
ajfa-3687	174	5	an	an	DET
ajfa-3687	174	6	increase	increase	NOUN
ajfa-3687	174	7	in	in	ADP
ajfa-3687	174	8	insider	insider	NOUN
ajfa-3687	174	9	ownership	ownership	NOUN
ajfa-3687	174	10	up	up	ADP
ajfa-3687	174	11	to	to	ADP
ajfa-3687	174	12	13.16	13.16	NUM
ajfa-3687	174	13	per	per	ADP
ajfa-3687	174	14	cent	cent	NOUN
ajfa-3687	174	15	causes	cause	VERB
ajfa-3687	174	16	an	an	DET
ajfa-3687	174	17	increase	increase	NOUN
ajfa-3687	174	18	in	in	ADP
ajfa-3687	174	19	cost	cost	NOUN
ajfa-3687	174	20	of	of	ADP
ajfa-3687	174	21	capital	capital	NOUN
ajfa-3687	174	22	while	while	SCONJ
ajfa-3687	174	23	increasing	increase	VERB
ajfa-3687	174	24	the	the	DET
ajfa-3687	174	25	insider	insider	NOUN
ajfa-3687	174	26	ownership	ownership	NOUN
ajfa-3687	174	27	between	between	ADP
ajfa-3687	174	28	13.16	13.16	NUM
ajfa-3687	174	29	per	per	ADP
ajfa-3687	174	30	cent	cent	NOUN
ajfa-3687	174	31	and	and	CCONJ
ajfa-3687	174	32	50.63	50.63	NUM
ajfa-3687	174	33	per	per	ADP
ajfa-3687	174	34	cent	cent	NOUN
ajfa-3687	174	35	leads	lead	VERB
ajfa-3687	174	36	to	to	ADP
ajfa-3687	174	37	an	an	DET
ajfa-3687	174	38	increase	increase	NOUN
ajfa-3687	174	39	in	in	ADP
ajfa-3687	174	40	the	the	DET
ajfa-3687	174	41	cost	cost	NOUN
ajfa-3687	174	42	of	of	ADP
ajfa-3687	174	43	capital	capital	NOUN
ajfa-3687	174	44	.	.	PUNCT
ajfa-3687	175	1	however	however	ADV
ajfa-3687	175	2	,	,	PUNCT
ajfa-3687	175	3	increasing	increase	VERB
ajfa-3687	175	4	insider	insider	NOUN
ajfa-3687	175	5	ownership	ownership	NOUN
ajfa-3687	175	6	in	in	ADP
ajfa-3687	175	7	new	new	PROPN
ajfa-3687	175	8	zealand	zealand	PROPN
ajfa-3687	175	9	over	over	ADP
ajfa-3687	175	10	50.63	50.63	NUM
ajfa-3687	175	11	per	per	NOUN
ajfa-3687	175	12	cent	cent	NOUN
ajfa-3687	175	13	leads	lead	VERB
ajfa-3687	175	14	to	to	ADP
ajfa-3687	175	15	an	an	DET
ajfa-3687	175	16	increase	increase	NOUN
ajfa-3687	175	17	in	in	ADP
ajfa-3687	175	18	the	the	DET
ajfa-3687	175	19	cost	cost	NOUN
ajfa-3687	175	20	of	of	ADP
ajfa-3687	175	21	capital	capital	NOUN
ajfa-3687	175	22	again	again	ADV
ajfa-3687	175	23	.	.	PUNCT
ajfa-3687	176	1	our	our	PRON
ajfa-3687	176	2	results	result	NOUN
ajfa-3687	176	3	indicate	indicate	VERB
ajfa-3687	176	4	that	that	SCONJ
ajfa-3687	176	5	at	at	ADP
ajfa-3687	176	6	low	low	ADJ
ajfa-3687	176	7	level	level	NOUN
ajfa-3687	176	8	of	of	ADP
ajfa-3687	176	9	insider	insider	NOUN
ajfa-3687	176	10	ownership	ownership	NOUN
ajfa-3687	176	11	,	,	PUNCT
ajfa-3687	176	12	leads	lead	VERB
ajfa-3687	176	13	to	to	ADP
ajfa-3687	176	14	value	value	NOUN
ajfa-3687	176	15	-	-	PUNCT
ajfa-3687	176	16	destroying	destroy	VERB
ajfa-3687	176	17	decisions	decision	NOUN
ajfa-3687	176	18	.	.	PUNCT
ajfa-3687	177	1	insider	insider	NOUN
ajfa-3687	177	2	ownership	ownership	NOUN
ajfa-3687	177	3	between	between	ADP
ajfa-3687	177	4	13.16	13.16	NUM
ajfa-3687	177	5	%	%	NOUN
ajfa-3687	177	6	and	and	CCONJ
ajfa-3687	177	7	50.63	50.63	NUM
ajfa-3687	177	8	%	%	NOUN
ajfa-3687	177	9	,	,	PUNCT
ajfa-3687	177	10	negatively	negatively	ADV
ajfa-3687	177	11	affects	affect	VERB
ajfa-3687	177	12	cost	cost	NOUN
ajfa-3687	177	13	of	of	ADP
ajfa-3687	177	14	capital	capital	NOUN
ajfa-3687	177	15	because	because	SCONJ
ajfa-3687	177	16	of	of	ADP
ajfa-3687	177	17	the	the	DET
ajfa-3687	177	18	interest	interest	NOUN
ajfa-3687	177	19	alignment	alignment	NOUN
ajfa-3687	177	20	of	of	ADP
ajfa-3687	177	21	the	the	DET
ajfa-3687	177	22	principals	principal	NOUN
ajfa-3687	177	23	and	and	CCONJ
ajfa-3687	177	24	the	the	DET
ajfa-3687	177	25	agents	agent	NOUN
ajfa-3687	177	26	.	.	PUNCT
ajfa-3687	178	1	insider	insider	NOUN
ajfa-3687	178	2	ownership	ownership	NOUN
ajfa-3687	178	3	over	over	ADP
ajfa-3687	178	4	50.63	50.63	NUM
ajfa-3687	178	5	%	%	NOUN
ajfa-3687	178	6	positively	positively	ADV
ajfa-3687	178	7	affects	affect	VERB
ajfa-3687	178	8	the	the	DET
ajfa-3687	178	9	cost	cost	NOUN
ajfa-3687	178	10	of	of	ADP
ajfa-3687	178	11	capital	capital	NOUN
ajfa-3687	178	12	because	because	SCONJ
ajfa-3687	178	13	of	of	ADP
ajfa-3687	178	14	the	the	DET
ajfa-3687	178	15	entrenchment	entrenchment	ADJ
ajfa-3687	178	16	effect	effect	NOUN
ajfa-3687	178	17	and	and	CCONJ
ajfa-3687	178	18	the	the	DET
ajfa-3687	178	19	expropriation	expropriation	NOUN
ajfa-3687	178	20	behaviour	behaviour	NOUN
ajfa-3687	178	21	of	of	ADP
ajfa-3687	178	22	insiders	insider	NOUN
ajfa-3687	178	23	.	.	PUNCT
ajfa-3687	179	1	the	the	DET
ajfa-3687	179	2	relationship	relationship	NOUN
ajfa-3687	179	3	between	between	ADP
ajfa-3687	179	4	insider	insider	NOUN
ajfa-3687	179	5	ownership	ownership	NOUN
ajfa-3687	179	6	and	and	CCONJ
ajfa-3687	179	7	cost	cost	NOUN
ajfa-3687	179	8	of	of	ADP
ajfa-3687	179	9	capital	capital	NOUN
ajfa-3687	179	10	in	in	ADP
ajfa-3687	179	11	singapore	singapore	PROPN
ajfa-3687	179	12	is	be	AUX
ajfa-3687	179	13	negative	negative	ADJ
ajfa-3687	179	14	which	which	PRON
ajfa-3687	179	15	indicates	indicate	VERB
ajfa-3687	179	16	that	that	SCONJ
ajfa-3687	179	17	an	an	DET
ajfa-3687	179	18	increase	increase	NOUN
ajfa-3687	179	19	in	in	ADP
ajfa-3687	179	20	insider	insider	NOUN
ajfa-3687	179	21	ownership	ownership	NOUN
ajfa-3687	179	22	decreases	decrease	VERB
ajfa-3687	179	23	the	the	DET
ajfa-3687	179	24	cost	cost	NOUN
ajfa-3687	179	25	of	of	ADP
ajfa-3687	179	26	capital	capital	NOUN
ajfa-3687	179	27	.	.	PUNCT
ajfa-3687	180	1	this	this	PRON
ajfa-3687	180	2	means	mean	VERB
ajfa-3687	180	3	that	that	SCONJ
ajfa-3687	180	4	higher	high	ADJ
ajfa-3687	180	5	levels	level	NOUN
ajfa-3687	180	6	of	of	ADP
ajfa-3687	180	7	insider	insider	NOUN
ajfa-3687	180	8	ownership	ownership	NOUN
ajfa-3687	180	9	tend	tend	VERB
ajfa-3687	180	10	to	to	PART
ajfa-3687	180	11	better	well	ADV
ajfa-3687	180	12	align	align	VERB
ajfa-3687	180	13	the	the	DET
ajfa-3687	180	14	interests	interest	NOUN
ajfa-3687	180	15	of	of	ADP
ajfa-3687	180	16	insiders	insider	NOUN
ajfa-3687	180	17	and	and	CCONJ
ajfa-3687	180	18	firm	firm	ADJ
ajfa-3687	180	19	.	.	PUNCT
ajfa-3687	181	1	as	as	SCONJ
ajfa-3687	181	2	the	the	DET
ajfa-3687	181	3	average	average	ADJ
ajfa-3687	181	4	level	level	NOUN
ajfa-3687	181	5	of	of	ADP
ajfa-3687	181	6	insider	insider	NOUN
ajfa-3687	181	7	ownership	ownership	NOUN
ajfa-3687	181	8	in	in	ADP
ajfa-3687	181	9	singapore	singapore	PROPN
ajfa-3687	181	10	is	be	AUX
ajfa-3687	181	11	1.88	1.88	NUM
ajfa-3687	181	12	%	%	NOUN
ajfa-3687	181	13	,	,	PUNCT
ajfa-3687	181	14	which	which	PRON
ajfa-3687	181	15	is	be	AUX
ajfa-3687	181	16	not	not	PART
ajfa-3687	181	17	relatively	relatively	ADV
ajfa-3687	181	18	high	high	ADJ
ajfa-3687	181	19	,	,	PUNCT
ajfa-3687	181	20	a	a	DET
ajfa-3687	181	21	higher	high	ADJ
ajfa-3687	181	22	level	level	NOUN
ajfa-3687	181	23	of	of	ADP
ajfa-3687	181	24	insider	insider	NOUN
ajfa-3687	181	25	ownership	ownership	NOUN
ajfa-3687	181	26	makes	make	VERB
ajfa-3687	181	27	the	the	DET
ajfa-3687	181	28	insiders	insider	NOUN
ajfa-3687	181	29	more	more	ADV
ajfa-3687	181	30	concerned	concerned	ADJ
ajfa-3687	181	31	about	about	ADP
ajfa-3687	181	32	maximising	maximise	VERB
ajfa-3687	181	33	firm	firm	ADJ
ajfa-3687	181	34	value	value	NOUN
ajfa-3687	181	35	.	.	PUNCT
ajfa-3687	182	1	the	the	DET
ajfa-3687	182	2	empirical	empirical	ADJ
ajfa-3687	182	3	results	result	NOUN
ajfa-3687	182	4	relating	relate	VERB
ajfa-3687	182	5	to	to	ADP
ajfa-3687	182	6	the	the	DET
ajfa-3687	182	7	year	year	NOUN
ajfa-3687	182	8	-	-	PUNCT
ajfa-3687	182	9	dummy	dummy	ADJ
ajfa-3687	182	10	variables	variable	NOUN
ajfa-3687	182	11	for	for	ADP
ajfa-3687	182	12	2008	2008	NUM
ajfa-3687	182	13	and	and	CCONJ
ajfa-3687	182	14	the	the	DET
ajfa-3687	182	15	period	period	NOUN
ajfa-3687	182	16	2009	2009	NUM
ajfa-3687	182	17	2010	2010	NUM
ajfa-3687	182	18	reveal	reveal	VERB
ajfa-3687	182	19	different	different	ADJ
ajfa-3687	182	20	results	result	NOUN
ajfa-3687	182	21	for	for	ADP
ajfa-3687	182	22	the	the	DET
ajfa-3687	182	23	insider	insider	NOUN
ajfa-3687	182	24	ownership	ownership	NOUN
ajfa-3687	182	25	.	.	PUNCT
ajfa-3687	183	1	while	while	SCONJ
ajfa-3687	183	2	the	the	DET
ajfa-3687	183	3	year	year	NOUN
ajfa-3687	183	4	dummy	dummy	NOUN
ajfa-3687	183	5	for	for	ADP
ajfa-3687	183	6	2008	2008	NUM
ajfa-3687	183	7	show	show	VERB
ajfa-3687	183	8	a	a	DET
ajfa-3687	183	9	negative	negative	ADJ
ajfa-3687	183	10	relationship	relationship	NOUN
ajfa-3687	183	11	between	between	ADP
ajfa-3687	183	12	insider	insider	NOUN
ajfa-3687	183	13	ownership	ownership	NOUN
ajfa-3687	183	14	and	and	CCONJ
ajfa-3687	183	15	cost	cost	NOUN
ajfa-3687	183	16	of	of	ADP
ajfa-3687	183	17	capital	capital	NOUN
ajfa-3687	183	18	,	,	PUNCT
ajfa-3687	183	19	the	the	DET
ajfa-3687	183	20	year	year	NOUN
ajfa-3687	183	21	dummies	dummy	NOUN
ajfa-3687	183	22	for	for	ADP
ajfa-3687	183	23	2009	2009	NUM
ajfa-3687	183	24	and	and	CCONJ
ajfa-3687	183	25	2010	2010	NUM
ajfa-3687	183	26	document	document	NOUN
ajfa-3687	183	27	a	a	DET
ajfa-3687	183	28	positive	positive	ADJ
ajfa-3687	183	29	relationship	relationship	NOUN
ajfa-3687	183	30	in	in	ADP
ajfa-3687	183	31	both	both	PRON
ajfa-3687	183	32	,	,	PUNCT
ajfa-3687	183	33	new	new	PROPN
ajfa-3687	183	34	zealand	zealand	PROPN
ajfa-3687	183	35	and	and	CCONJ
ajfa-3687	183	36	singapore	singapore	PROPN
ajfa-3687	183	37	.	.	PUNCT
ajfa-3687	184	1	insider	insider	NOUN
ajfa-3687	184	2	ownership	ownership	NOUN
ajfa-3687	184	3	positively	positively	ADV
ajfa-3687	184	4	affects	affect	VERB
ajfa-3687	184	5	cost	cost	NOUN
ajfa-3687	184	6	of	of	ADP
ajfa-3687	184	7	capital	capital	NOUN
ajfa-3687	184	8	in	in	ADP
ajfa-3687	184	9	singapore	singapore	PROPN
ajfa-3687	184	10	but	but	CCONJ
ajfa-3687	184	11	this	this	DET
ajfa-3687	184	12	effect	effect	NOUN
ajfa-3687	184	13	is	be	AUX
ajfa-3687	184	14	not	not	PART
ajfa-3687	184	15	statistically	statistically	ADV
ajfa-3687	184	16	significant	significant	ADJ
ajfa-3687	184	17	.	.	PUNCT
ajfa-3687	185	1	the	the	DET
ajfa-3687	185	2	average	average	ADJ
ajfa-3687	185	3	level	level	NOUN
ajfa-3687	185	4	of	of	ADP
ajfa-3687	185	5	insider	insider	NOUN
ajfa-3687	185	6	ownership	ownership	NOUN
ajfa-3687	185	7	in	in	ADP
ajfa-3687	185	8	new	new	PROPN
ajfa-3687	185	9	zealand	zealand	PROPN
ajfa-3687	185	10	is	be	AUX
ajfa-3687	185	11	8.21our	8.21our	NUM
ajfa-3687	185	12	results	result	NOUN
ajfa-3687	185	13	show	show	VERB
ajfa-3687	185	14	that	that	SCONJ
ajfa-3687	185	15	there	there	PRON
ajfa-3687	185	16	is	be	VERB
ajfa-3687	185	17	a	a	DET
ajfa-3687	185	18	positive	positive	ADJ
ajfa-3687	185	19	effect	effect	NOUN
ajfa-3687	185	20	of	of	ADP
ajfa-3687	185	21	insider	insider	NOUN
ajfa-3687	185	22	ownership	ownership	NOUN
ajfa-3687	185	23	on	on	ADP
ajfa-3687	185	24	cost	cost	NOUN
ajfa-3687	185	25	of	of	ADP
ajfa-3687	185	26	capital	capital	NOUN
ajfa-3687	185	27	in	in	ADP
ajfa-3687	185	28	years	year	NOUN
ajfa-3687	185	29	after	after	ADP
ajfa-3687	185	30	2008	2008	NUM
ajfa-3687	185	31	but	but	CCONJ
ajfa-3687	185	32	have	have	VERB
ajfa-3687	185	33	a	a	DET
ajfa-3687	185	34	negative	negative	ADJ
ajfa-3687	185	35	effect	effect	NOUN
ajfa-3687	185	36	cost	cost	NOUN
ajfa-3687	185	37	of	of	ADP
ajfa-3687	185	38	capital	capital	NOUN
ajfa-3687	185	39	e	e	NOUN
ajfa-3687	185	40	during	during	ADP
ajfa-3687	185	41	2008	2008	NUM
ajfa-3687	185	42	.	.	PUNCT
ajfa-3687	186	1	this	this	PRON
ajfa-3687	186	2	indicates	indicate	VERB
ajfa-3687	186	3	that	that	SCONJ
ajfa-3687	186	4	the	the	DET
ajfa-3687	186	5	current	current	ADJ
ajfa-3687	186	6	level	level	NOUN
ajfa-3687	186	7	of	of	ADP
ajfa-3687	186	8	insider	insider	NOUN
ajfa-3687	186	9	ownership	ownership	NOUN
ajfa-3687	186	10	has	have	VERB
ajfa-3687	186	11	a	a	DET
ajfa-3687	186	12	positive	positive	ADJ
ajfa-3687	186	13	effect	effect	NOUN
ajfa-3687	186	14	on	on	ADP
ajfa-3687	186	15	companies	company	NOUN
ajfa-3687	186	16	in	in	ADP
ajfa-3687	186	17	new	new	PROPN
ajfa-3687	186	18	zealand	zealand	PROPN
ajfa-3687	186	19	.	.	PUNCT
ajfa-3687	187	1	in	in	ADP
ajfa-3687	187	2	singapore	singapore	PROPN
ajfa-3687	187	3	,	,	PUNCT
ajfa-3687	187	4	our	our	PRON
ajfa-3687	187	5	results	result	NOUN
ajfa-3687	187	6	show	show	VERB
ajfa-3687	187	7	that	that	SCONJ
ajfa-3687	187	8	insider	insider	NOUN
ajfa-3687	187	9	ownership	ownership	NOUN
ajfa-3687	187	10	has	have	VERB
ajfa-3687	187	11	a	a	DET
ajfa-3687	187	12	positive	positive	ADJ
ajfa-3687	187	13	effect	effect	NOUN
ajfa-3687	187	14	on	on	ADP
ajfa-3687	187	15	cost	cost	NOUN
ajfa-3687	187	16	of	of	ADP
ajfa-3687	187	17	capital	capital	NOUN
ajfa-3687	187	18	of	of	ADP
ajfa-3687	187	19	companies	company	NOUN
ajfa-3687	187	20	during	during	ADP
ajfa-3687	187	21	and	and	CCONJ
ajfa-3687	187	22	after	after	ADP
ajfa-3687	187	23	a	a	DET
ajfa-3687	187	24	financial	financial	ADJ
ajfa-3687	187	25	crisis	crisis	NOUN
ajfa-3687	187	26	.	.	PUNCT
ajfa-3687	188	1	this	this	PRON
ajfa-3687	188	2	indicates	indicate	VERB
ajfa-3687	188	3	that	that	SCONJ
ajfa-3687	188	4	the	the	DET
ajfa-3687	188	5	insider	insider	NOUN
ajfa-3687	188	6	ownership	ownership	NOUN
ajfa-3687	188	7	structure	structure	NOUN
ajfa-3687	188	8	in	in	ADP
ajfa-3687	188	9	singapore	singapore	PROPN
ajfa-3687	188	10	is	be	AUX
ajfa-3687	188	11	not	not	PART
ajfa-3687	188	12	at	at	ADP
ajfa-3687	188	13	optimal	optimal	ADJ
ajfa-3687	188	14	and	and	CCONJ
ajfa-3687	188	15	has	have	VERB
ajfa-3687	188	16	a	a	DET
ajfa-3687	188	17	negative	negative	ADJ
ajfa-3687	188	18	effect	effect	NOUN
ajfa-3687	188	19	on	on	ADP
ajfa-3687	188	20	the	the	DET
ajfa-3687	188	21	cost	cost	NOUN
ajfa-3687	188	22	of	of	ADP
ajfa-3687	188	23	capital	capital	NOUN
ajfa-3687	188	24	in	in	ADP
ajfa-3687	188	25	singapore	singapore	PROPN
ajfa-3687	188	26	.	.	PUNCT
ajfa-3687	189	1	estimations	estimation	NOUN
ajfa-3687	189	2	of	of	ADP
ajfa-3687	189	3	this	this	DET
ajfa-3687	189	4	study	study	NOUN
ajfa-3687	189	5	are	be	AUX
ajfa-3687	189	6	reported	report	VERB
ajfa-3687	189	7	in	in	ADP
ajfa-3687	189	8	appendix	appendix	NOUN
ajfa-3687	189	9	a	a	DET
ajfa-3687	189	10	and	and	CCONJ
ajfa-3687	189	11	b.	b.	PROPN
ajfa-3687	189	12	conclusion	conclusion	NOUN
ajfa-3687	189	13	this	this	DET
ajfa-3687	189	14	paper	paper	NOUN
ajfa-3687	189	15	investigates	investigate	VERB
ajfa-3687	189	16	the	the	DET
ajfa-3687	189	17	effect	effect	NOUN
ajfa-3687	189	18	of	of	ADP
ajfa-3687	189	19	ownership	ownership	NOUN
ajfa-3687	189	20	structure	structure	NOUN
ajfa-3687	189	21	on	on	ADP
ajfa-3687	189	22	cost	cost	NOUN
ajfa-3687	189	23	of	of	ADP
ajfa-3687	189	24	capital	capital	NOUN
ajfa-3687	189	25	during	during	ADP
ajfa-3687	189	26	and	and	CCONJ
ajfa-3687	189	27	after	after	ADP
ajfa-3687	189	28	the	the	DET
ajfa-3687	189	29	2007	2007	NUM
ajfa-3687	189	30	global	global	ADJ
ajfa-3687	189	31	financial	financial	ADJ
ajfa-3687	189	32	crisis	crisis	NOUN
ajfa-3687	189	33	in	in	ADP
ajfa-3687	189	34	new	new	PROPN
ajfa-3687	189	35	zealand	zealand	PROPN
ajfa-3687	189	36	and	and	CCONJ
ajfa-3687	189	37	singapore	singapore	PROPN
ajfa-3687	189	38	’s	’s	PART
ajfa-3687	189	39	large	large	ADJ
ajfa-3687	189	40	listed	list	VERB
ajfa-3687	189	41	companies	company	NOUN
ajfa-3687	189	42	.	.	PUNCT
ajfa-3687	190	1	although	although	SCONJ
ajfa-3687	190	2	the	the	DET
ajfa-3687	190	3	results	result	NOUN
ajfa-3687	190	4	of	of	ADP
ajfa-3687	190	5	prior	prior	ADJ
ajfa-3687	190	6	studies	study	NOUN
ajfa-3687	190	7	about	about	ADP
ajfa-3687	190	8	the	the	DET
ajfa-3687	190	9	effect	effect	NOUN
ajfa-3687	190	10	of	of	ADP
ajfa-3687	190	11	ownership	ownership	NOUN
ajfa-3687	190	12	structure	structure	NOUN
ajfa-3687	190	13	on	on	ADP
ajfa-3687	190	14	firms	firm	NOUN
ajfa-3687	190	15	were	be	AUX
ajfa-3687	190	16	mixed	mixed	ADJ
ajfa-3687	190	17	and	and	CCONJ
ajfa-3687	190	18	inconclusive	inconclusive	ADJ
ajfa-3687	190	19	,	,	PUNCT
ajfa-3687	190	20	this	this	DET
ajfa-3687	190	21	study	study	NOUN
ajfa-3687	190	22	finds	find	VERB
ajfa-3687	190	23	interesting	interesting	ADJ
ajfa-3687	190	24	results	result	NOUN
ajfa-3687	190	25	regarding	regard	VERB
ajfa-3687	190	26	the	the	DET
ajfa-3687	190	27	ownership	ownership	NOUN
ajfa-3687	190	28	-	-	PUNCT
ajfa-3687	190	29	performance	performance	NOUN
ajfa-3687	190	30	relationship	relationship	NOUN
ajfa-3687	190	31	.	.	PUNCT
ajfa-3687	191	1	despite	despite	SCONJ
ajfa-3687	191	2	the	the	DET
ajfa-3687	191	3	ordinary	ordinary	ADJ
ajfa-3687	191	4	effect	effect	NOUN
ajfa-3687	191	5	of	of	ADP
ajfa-3687	191	6	ownership	ownership	NOUN
ajfa-3687	191	7	structure	structure	NOUN
ajfa-3687	191	8	on	on	ADP
ajfa-3687	191	9	cost	cost	NOUN
ajfa-3687	191	10	of	of	ADP
ajfa-3687	191	11	capital	capital	NOUN
ajfa-3687	191	12	(	(	PUNCT
ajfa-3687	191	13	which	which	PRON
ajfa-3687	191	14	depends	depend	VERB
ajfa-3687	191	15	on	on	ADP
ajfa-3687	191	16	the	the	DET
ajfa-3687	191	17	pattern	pattern	NOUN
ajfa-3687	191	18	of	of	ADP
ajfa-3687	191	19	their	their	PRON
ajfa-3687	191	20	relationship	relationship	NOUN
ajfa-3687	191	21	between	between	ADP
ajfa-3687	191	22	ownership	ownership	NOUN
ajfa-3687	191	23	and	and	CCONJ
ajfa-3687	191	24	cost	cost	NOUN
ajfa-3687	191	25	asian	asian	ADJ
ajfa-3687	191	26	journal	journal	NOUN
ajfa-3687	191	27	of	of	ADP
ajfa-3687	191	28	finance	finance	PROPN
ajfa-3687	191	29	&	&	CCONJ
ajfa-3687	191	30	accounting	accounting	PROPN
ajfa-3687	191	31	issn	issn	PROPN
ajfa-3687	191	32	1946	1946	NUM
ajfa-3687	191	33	-	-	PUNCT
ajfa-3687	191	34	052x	052x	NOUN
ajfa-3687	191	35	2013	2013	NUM
ajfa-3687	191	36	,	,	PUNCT
ajfa-3687	191	37	vol	vol	NOUN
ajfa-3687	191	38	.	.	PROPN
ajfa-3687	191	39	5	5	NUM
ajfa-3687	191	40	,	,	PUNCT
ajfa-3687	191	41	no	no	INTJ
ajfa-3687	191	42	.	.	NOUN
ajfa-3687	191	43	1	1	NUM
ajfa-3687	191	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	191	45	407	407	NUM
ajfa-3687	191	46	of	of	ADP
ajfa-3687	191	47	capital	capital	NOUN
ajfa-3687	191	48	and	and	CCONJ
ajfa-3687	191	49	the	the	DET
ajfa-3687	191	50	position	position	NOUN
ajfa-3687	191	51	of	of	ADP
ajfa-3687	191	52	a	a	DET
ajfa-3687	191	53	firm	firm	NOUN
ajfa-3687	191	54	’s	’s	PART
ajfa-3687	191	55	ownership	ownership	NOUN
ajfa-3687	191	56	)	)	PUNCT
ajfa-3687	191	57	,	,	PUNCT
ajfa-3687	191	58	the	the	DET
ajfa-3687	191	59	role	role	NOUN
ajfa-3687	191	60	of	of	ADP
ajfa-3687	191	61	ownership	ownership	NOUN
ajfa-3687	191	62	structure	structure	NOUN
ajfa-3687	191	63	on	on	ADP
ajfa-3687	191	64	cost	cost	NOUN
ajfa-3687	191	65	of	of	ADP
ajfa-3687	191	66	capital	capital	NOUN
ajfa-3687	191	67	affects	affect	VERB
ajfa-3687	191	68	the	the	DET
ajfa-3687	191	69	cost	cost	NOUN
ajfa-3687	191	70	of	of	ADP
ajfa-3687	191	71	capital	capital	NOUN
ajfa-3687	191	72	differently	differently	ADV
ajfa-3687	191	73	during	during	ADP
ajfa-3687	191	74	a	a	DET
ajfa-3687	191	75	crisis	crisis	NOUN
ajfa-3687	191	76	and	and	CCONJ
ajfa-3687	191	77	after	after	ADP
ajfa-3687	191	78	the	the	DET
ajfa-3687	191	79	crisis	crisis	NOUN
ajfa-3687	191	80	.	.	PUNCT
ajfa-3687	192	1	our	our	PRON
ajfa-3687	192	2	results	result	NOUN
ajfa-3687	192	3	show	show	VERB
ajfa-3687	192	4	that	that	SCONJ
ajfa-3687	192	5	block	block	NOUN
ajfa-3687	192	6	ownership	ownership	NOUN
ajfa-3687	192	7	in	in	ADP
ajfa-3687	192	8	new	new	PROPN
ajfa-3687	192	9	zealand	zealand	PROPN
ajfa-3687	192	10	has	have	VERB
ajfa-3687	192	11	a	a	DET
ajfa-3687	192	12	cubic	cubic	ADJ
ajfa-3687	192	13	relationship	relationship	NOUN
ajfa-3687	192	14	with	with	ADP
ajfa-3687	192	15	cost	cost	NOUN
ajfa-3687	192	16	of	of	ADP
ajfa-3687	192	17	capital	capital	NOUN
ajfa-3687	192	18	.	.	PUNCT
ajfa-3687	193	1	we	we	PRON
ajfa-3687	193	2	also	also	ADV
ajfa-3687	193	3	report	report	VERB
ajfa-3687	193	4	that	that	SCONJ
ajfa-3687	193	5	the	the	DET
ajfa-3687	193	6	block	block	NOUN
ajfa-3687	193	7	ownership	ownership	NOUN
ajfa-3687	193	8	in	in	ADP
ajfa-3687	193	9	new	new	PROPN
ajfa-3687	193	10	zealand	zealand	PROPN
ajfa-3687	193	11	has	have	AUX
ajfa-3687	193	12	had	have	VERB
ajfa-3687	193	13	a	a	DET
ajfa-3687	193	14	negative	negative	ADJ
ajfa-3687	193	15	effect	effect	NOUN
ajfa-3687	193	16	on	on	ADP
ajfa-3687	193	17	cost	cost	NOUN
ajfa-3687	193	18	of	of	ADP
ajfa-3687	193	19	capital	capital	NOUN
ajfa-3687	193	20	during	during	ADP
ajfa-3687	193	21	financial	financial	ADJ
ajfa-3687	193	22	crisis	crisis	NOUN
ajfa-3687	193	23	which	which	PRON
ajfa-3687	193	24	reflects	reflect	VERB
ajfa-3687	193	25	on	on	ADP
ajfa-3687	193	26	the	the	DET
ajfa-3687	193	27	effectiveness	effectiveness	NOUN
ajfa-3687	193	28	of	of	ADP
ajfa-3687	193	29	block	block	NOUN
ajfa-3687	193	30	ownership	ownership	NOUN
ajfa-3687	193	31	in	in	ADP
ajfa-3687	193	32	monitoring	monitor	VERB
ajfa-3687	193	33	managerial	managerial	ADJ
ajfa-3687	193	34	decisions	decision	NOUN
ajfa-3687	193	35	during	during	ADP
ajfa-3687	193	36	the	the	DET
ajfa-3687	193	37	financial	financial	ADJ
ajfa-3687	193	38	crisis	crisis	NOUN
ajfa-3687	193	39	period	period	NOUN
ajfa-3687	193	40	.	.	PUNCT
ajfa-3687	194	1	however	however	ADV
ajfa-3687	194	2	,	,	PUNCT
ajfa-3687	194	3	the	the	DET
ajfa-3687	194	4	effect	effect	NOUN
ajfa-3687	194	5	of	of	ADP
ajfa-3687	194	6	block	block	NOUN
ajfa-3687	194	7	ownership	ownership	NOUN
ajfa-3687	194	8	of	of	ADP
ajfa-3687	194	9	cost	cost	NOUN
ajfa-3687	194	10	of	of	ADP
ajfa-3687	194	11	capital	capital	NOUN
ajfa-3687	194	12	becomes	become	VERB
ajfa-3687	194	13	ineffective	ineffective	ADJ
ajfa-3687	194	14	after	after	ADP
ajfa-3687	194	15	the	the	DET
ajfa-3687	194	16	financial	financial	ADJ
ajfa-3687	194	17	crisis	crisis	NOUN
ajfa-3687	194	18	period	period	NOUN
ajfa-3687	194	19	.	.	PUNCT
ajfa-3687	195	1	however	however	ADV
ajfa-3687	195	2	,	,	PUNCT
ajfa-3687	195	3	block	block	NOUN
ajfa-3687	195	4	ownership	ownership	NOUN
ajfa-3687	195	5	in	in	ADP
ajfa-3687	195	6	singapore	singapore	PROPN
ajfa-3687	195	7	has	have	VERB
ajfa-3687	195	8	a	a	DET
ajfa-3687	195	9	positive	positive	ADJ
ajfa-3687	195	10	effect	effect	NOUN
ajfa-3687	195	11	on	on	ADP
ajfa-3687	195	12	cost	cost	NOUN
ajfa-3687	195	13	of	of	ADP
ajfa-3687	195	14	capital	capital	NOUN
ajfa-3687	195	15	during	during	ADP
ajfa-3687	195	16	and	and	CCONJ
ajfa-3687	195	17	after	after	ADP
ajfa-3687	195	18	a	a	DET
ajfa-3687	195	19	financial	financial	ADJ
ajfa-3687	195	20	crisis	crisis	NOUN
ajfa-3687	195	21	,	,	PUNCT
ajfa-3687	195	22	thus	thus	ADV
ajfa-3687	195	23	indicates	indicate	VERB
ajfa-3687	195	24	that	that	SCONJ
ajfa-3687	195	25	block	block	NOUN
ajfa-3687	195	26	owners	owner	NOUN
ajfa-3687	195	27	in	in	ADP
ajfa-3687	195	28	singapore	singapore	PROPN
ajfa-3687	195	29	were	be	AUX
ajfa-3687	195	30	not	not	PART
ajfa-3687	195	31	interested	interested	ADJ
ajfa-3687	195	32	in	in	ADP
ajfa-3687	195	33	monitoring	monitor	VERB
ajfa-3687	195	34	managerial	managerial	ADJ
ajfa-3687	195	35	decisions	decision	NOUN
ajfa-3687	195	36	in	in	ADP
ajfa-3687	195	37	the	the	DET
ajfa-3687	195	38	companies	company	NOUN
ajfa-3687	195	39	they	they	PRON
ajfa-3687	195	40	own	own	VERB
ajfa-3687	195	41	.	.	PUNCT
ajfa-3687	196	1	the	the	DET
ajfa-3687	196	2	empirical	empirical	ADJ
ajfa-3687	196	3	results	result	NOUN
ajfa-3687	196	4	for	for	ADP
ajfa-3687	196	5	insider	insider	NOUN
ajfa-3687	196	6	ownership	ownership	NOUN
ajfa-3687	196	7	in	in	ADP
ajfa-3687	196	8	new	new	PROPN
ajfa-3687	196	9	zealand	zealand	PROPN
ajfa-3687	196	10	are	be	AUX
ajfa-3687	196	11	very	very	ADV
ajfa-3687	196	12	for	for	ADP
ajfa-3687	196	13	the	the	DET
ajfa-3687	196	14	block	block	NOUN
ajfa-3687	196	15	ownership	ownership	NOUN
ajfa-3687	196	16	.	.	PUNCT
ajfa-3687	197	1	there	there	PRON
ajfa-3687	197	2	is	be	VERB
ajfa-3687	197	3	cubic	cubic	ADJ
ajfa-3687	197	4	relationship	relationship	NOUN
ajfa-3687	197	5	between	between	ADP
ajfa-3687	197	6	insider	insider	NOUN
ajfa-3687	197	7	ownership	ownership	NOUN
ajfa-3687	197	8	and	and	CCONJ
ajfa-3687	197	9	cost	cost	NOUN
ajfa-3687	197	10	of	of	ADP
ajfa-3687	197	11	capital	capital	NOUN
ajfa-3687	197	12	in	in	ADP
ajfa-3687	197	13	new	new	PROPN
ajfa-3687	197	14	zealand	zealand	PROPN
ajfa-3687	197	15	.	.	PUNCT
ajfa-3687	198	1	our	our	PRON
ajfa-3687	198	2	results	result	NOUN
ajfa-3687	198	3	show	show	VERB
ajfa-3687	198	4	that	that	SCONJ
ajfa-3687	198	5	during	during	ADP
ajfa-3687	198	6	a	a	DET
ajfa-3687	198	7	financial	financial	ADJ
ajfa-3687	198	8	crisis	crisis	NOUN
ajfa-3687	198	9	,	,	PUNCT
ajfa-3687	198	10	insider	insider	NOUN
ajfa-3687	198	11	ownership	ownership	NOUN
ajfa-3687	198	12	has	have	AUX
ajfa-3687	198	13	had	have	VERB
ajfa-3687	198	14	a	a	DET
ajfa-3687	198	15	negative	negative	ADJ
ajfa-3687	198	16	effect	effect	NOUN
ajfa-3687	198	17	on	on	ADP
ajfa-3687	198	18	the	the	DET
ajfa-3687	198	19	cost	cost	NOUN
ajfa-3687	198	20	of	of	ADP
ajfa-3687	198	21	capital	capital	NOUN
ajfa-3687	198	22	.	.	PUNCT
ajfa-3687	199	1	however	however	ADV
ajfa-3687	199	2	,	,	PUNCT
ajfa-3687	199	3	our	our	PRON
ajfa-3687	199	4	results	result	NOUN
ajfa-3687	199	5	show	show	VERB
ajfa-3687	199	6	that	that	SCONJ
ajfa-3687	199	7	the	the	DET
ajfa-3687	199	8	insider	insider	NOUN
ajfa-3687	199	9	ownership	ownership	NOUN
ajfa-3687	199	10	in	in	ADP
ajfa-3687	199	11	singapore	singapore	PROPN
ajfa-3687	199	12	has	have	AUX
ajfa-3687	199	13	had	have	VERB
ajfa-3687	199	14	a	a	DET
ajfa-3687	199	15	negative	negative	ADJ
ajfa-3687	199	16	relationship	relationship	NOUN
ajfa-3687	199	17	with	with	ADP
ajfa-3687	199	18	cost	cost	NOUN
ajfa-3687	199	19	of	of	ADP
ajfa-3687	199	20	capital	capital	NOUN
ajfa-3687	199	21	.	.	PUNCT
ajfa-3687	200	1	our	our	PRON
ajfa-3687	200	2	results	result	NOUN
ajfa-3687	200	3	indicate	indicate	VERB
ajfa-3687	200	4	that	that	SCONJ
ajfa-3687	200	5	insider	insider	NOUN
ajfa-3687	200	6	ownership	ownership	NOUN
ajfa-3687	200	7	level	level	NOUN
ajfa-3687	200	8	in	in	ADP
ajfa-3687	200	9	singapore	singapore	PROPN
ajfa-3687	200	10	is	be	AUX
ajfa-3687	200	11	not	not	PART
ajfa-3687	200	12	at	at	ADP
ajfa-3687	200	13	an	an	DET
ajfa-3687	200	14	optimal	optimal	ADJ
ajfa-3687	200	15	level	level	NOUN
ajfa-3687	200	16	.	.	PUNCT
ajfa-3687	201	1	in	in	ADP
ajfa-3687	201	2	summary	summary	NOUN
ajfa-3687	201	3	,	,	PUNCT
ajfa-3687	201	4	our	our	PRON
ajfa-3687	201	5	results	result	NOUN
ajfa-3687	201	6	indicate	indicate	VERB
ajfa-3687	201	7	that	that	PRON
ajfa-3687	201	8	of	of	ADP
ajfa-3687	201	9	the	the	DET
ajfa-3687	201	10	current	current	ADJ
ajfa-3687	201	11	ownership	ownership	NOUN
ajfa-3687	201	12	structure	structure	NOUN
ajfa-3687	201	13	has	have	AUX
ajfa-3687	201	14	helped	help	VERB
ajfa-3687	201	15	companies	company	NOUN
ajfa-3687	201	16	in	in	ADP
ajfa-3687	201	17	new	new	PROPN
ajfa-3687	201	18	zealand	zealand	PROPN
ajfa-3687	201	19	assists	assist	VERB
ajfa-3687	201	20	protection	protection	NOUN
ajfa-3687	201	21	from	from	ADP
ajfa-3687	201	22	the	the	DET
ajfa-3687	201	23	effect	effect	NOUN
ajfa-3687	201	24	of	of	ADP
ajfa-3687	201	25	the	the	DET
ajfa-3687	201	26	global	global	ADJ
ajfa-3687	201	27	financial	financial	ADJ
ajfa-3687	201	28	crisis	crisis	NOUN
ajfa-3687	201	29	..	..	PUNCT
ajfa-3687	202	1	the	the	DET
ajfa-3687	202	2	level	level	NOUN
ajfa-3687	202	3	of	of	ADP
ajfa-3687	202	4	insider	insider	NOUN
ajfa-3687	202	5	ownership	ownership	NOUN
ajfa-3687	202	6	and	and	CCONJ
ajfa-3687	202	7	relatively	relatively	ADV
ajfa-3687	202	8	high	high	ADJ
ajfa-3687	202	9	level	level	NOUN
ajfa-3687	202	10	of	of	ADP
ajfa-3687	202	11	block	block	NOUN
ajfa-3687	202	12	ownership	ownership	NOUN
ajfa-3687	202	13	in	in	ADP
ajfa-3687	202	14	singapore	singapore	PROPN
ajfa-3687	202	15	reflects	reflect	VERB
ajfa-3687	202	16	the	the	DET
ajfa-3687	202	17	view	view	NOUN
ajfa-3687	202	18	that	that	SCONJ
ajfa-3687	202	19	ownership	ownership	NOUN
ajfa-3687	202	20	structure	structure	NOUN
ajfa-3687	202	21	is	be	AUX
ajfa-3687	202	22	singapore	singapore	PROPN
ajfa-3687	202	23	is	be	AUX
ajfa-3687	202	24	not	not	PART
ajfa-3687	202	25	at	at	ADP
ajfa-3687	202	26	an	an	DET
ajfa-3687	202	27	optimal	optimal	ADJ
ajfa-3687	202	28	level	level	NOUN
ajfa-3687	202	29	.	.	PUNCT
ajfa-3687	203	1	references	reference	NOUN
ajfa-3687	203	2	al	al	PROPN
ajfa-3687	203	3	farooque	farooque	PROPN
ajfa-3687	203	4	,	,	PUNCT
ajfa-3687	203	5	o.	o.	PROPN
ajfa-3687	203	6	,	,	PUNCT
ajfa-3687	203	7	zijl	zijl	PROPN
ajfa-3687	203	8	,	,	PUNCT
ajfa-3687	203	9	t.	t.	PROPN
ajfa-3687	203	10	v.	v.	PROPN
ajfa-3687	203	11	,	,	PUNCT
ajfa-3687	203	12	dunstan	dunstan	PROPN
ajfa-3687	203	13	,	,	PUNCT
ajfa-3687	203	14	k.	k.	PROPN
ajfa-3687	203	15	,	,	PUNCT
ajfa-3687	203	16	karim	karim	PROPN
ajfa-3687	203	17	,	,	PUNCT
ajfa-3687	203	18	akm	akm	PROPN
ajfa-3687	203	19	.	.	PUNCT
ajfa-3687	204	1	w.	w.	PROPN
ajfa-3687	204	2	,	,	PUNCT
ajfa-3687	204	3	.	.	PUNCT
ajfa-3687	205	1	(	(	PUNCT
ajfa-3687	205	2	2007	2007	NUM
ajfa-3687	205	3	)	)	PUNCT
ajfa-3687	205	4	.	.	PUNCT
ajfa-3687	206	1	ownership	ownership	NOUN
ajfa-3687	206	2	structure	structure	NOUN
ajfa-3687	206	3	and	and	CCONJ
ajfa-3687	206	4	corporate	corporate	ADJ
ajfa-3687	206	5	performance	performance	NOUN
ajfa-3687	206	6	:	:	PUNCT
ajfa-3687	206	7	evidence	evidence	NOUN
ajfa-3687	206	8	from	from	ADP
ajfa-3687	206	9	bangladesh	bangladesh	PROPN
ajfa-3687	206	10	.	.	PUNCT
ajfa-3687	207	1	asia	asia	PROPN
ajfa-3687	207	2	-	-	PUNCT
ajfa-3687	207	3	pacific	pacific	PROPN
ajfa-3687	207	4	journal	journal	PROPN
ajfa-3687	207	5	of	of	ADP
ajfa-3687	207	6	accounting	accounting	PROPN
ajfa-3687	207	7	&	&	CCONJ
ajfa-3687	207	8	economics	economic	NOUN
ajfa-3687	207	9	,	,	PUNCT
ajfa-3687	207	10	14	14	NUM
ajfa-3687	207	11	,	,	PUNCT
ajfa-3687	207	12	127	127	NUM
ajfa-3687	207	13	-	-	SYM
ajfa-3687	207	14	150	150	NUM
ajfa-3687	207	15	.	.	PUNCT
ajfa-3687	208	1	http://dx.doi.org/10.1080/16081625.2007.9720792	http://dx.doi.org/10.1080/16081625.2007.9720792	ADJ
ajfa-3687	208	2	anderson	anderson	PROPN
ajfa-3687	208	3	,	,	PUNCT
ajfa-3687	208	4	r.	r.	PROPN
ajfa-3687	208	5	c.	c.	PROPN
ajfa-3687	208	6	,	,	PUNCT
ajfa-3687	208	7	reeb	reeb	PROPN
ajfa-3687	208	8	,	,	PUNCT
ajfa-3687	208	9	d.m	d.m	PROPN
ajfa-3687	208	10	.	.	PROPN
ajfa-3687	208	11	,	,	PUNCT
ajfa-3687	208	12	.	.	PUNCT
ajfa-3687	209	1	(	(	PUNCT
ajfa-3687	209	2	2003	2003	NUM
ajfa-3687	209	3	)	)	PUNCT
ajfa-3687	209	4	.	.	PUNCT
ajfa-3687	210	1	founding	found	VERB
ajfa-3687	210	2	family	family	NOUN
ajfa-3687	210	3	ownership	ownership	NOUN
ajfa-3687	210	4	,	,	PUNCT
ajfa-3687	210	5	corporate	corporate	ADJ
ajfa-3687	210	6	diversification	diversification	NOUN
ajfa-3687	210	7	,	,	PUNCT
ajfa-3687	210	8	and	and	CCONJ
ajfa-3687	210	9	firm	firm	ADJ
ajfa-3687	210	10	leverage	leverage	NOUN
ajfa-3687	210	11	.	.	PUNCT
ajfa-3687	211	1	journal	journal	NOUN
ajfa-3687	211	2	of	of	ADP
ajfa-3687	211	3	law	law	NOUN
ajfa-3687	211	4	and	and	CCONJ
ajfa-3687	211	5	economics	economic	NOUN
ajfa-3687	211	6	,	,	PUNCT
ajfa-3687	211	7	46	46	NUM
ajfa-3687	211	8	,	,	PUNCT
ajfa-3687	211	9	653	653	NUM
ajfa-3687	211	10	-	-	SYM
ajfa-3687	211	11	684	684	NUM
ajfa-3687	211	12	.	.	PUNCT
ajfa-3687	212	1	http://dx.doi.org/10.1086/377115	http://dx.doi.org/10.1086/377115	PROPN
ajfa-3687	212	2	ang	ang	PROPN
ajfa-3687	212	3	,	,	PUNCT
ajfa-3687	212	4	j.	j.	PROPN
ajfa-3687	212	5	s.	s.	PROPN
ajfa-3687	212	6	,	,	PUNCT
ajfa-3687	212	7	cole	cole	PROPN
ajfa-3687	212	8	,	,	PUNCT
ajfa-3687	212	9	r.	r.	PROPN
ajfa-3687	212	10	a.	a.	PROPN
ajfa-3687	212	11	,	,	PUNCT
ajfa-3687	212	12	lin	lin	PROPN
ajfa-3687	212	13	,	,	PUNCT
ajfa-3687	212	14	j.	j.	PROPN
ajfa-3687	212	15	w.	w.	PROPN
ajfa-3687	212	16	(	(	PUNCT
ajfa-3687	212	17	2000	2000	NUM
ajfa-3687	212	18	)	)	PUNCT
ajfa-3687	212	19	.	.	PUNCT
ajfa-3687	213	1	agency	agency	NOUN
ajfa-3687	213	2	costs	cost	NOUN
ajfa-3687	213	3	and	and	CCONJ
ajfa-3687	213	4	ownership	ownership	NOUN
ajfa-3687	213	5	structure	structure	NOUN
ajfa-3687	213	6	.	.	PUNCT
ajfa-3687	214	1	the	the	DET
ajfa-3687	214	2	journal	journal	NOUN
ajfa-3687	214	3	of	of	ADP
ajfa-3687	214	4	finance(1	finance(1	NOUN
ajfa-3687	214	5	)	)	PUNCT
ajfa-3687	214	6	,	,	PUNCT
ajfa-3687	214	7	81	81	NUM
ajfa-3687	214	8	-	-	SYM
ajfa-3687	214	9	106	106	NUM
ajfa-3687	214	10	.	.	PUNCT
ajfa-3687	215	1	http://dx.doi.org/10.1111/0022-1082.00201	http://dx.doi.org/10.1111/0022-1082.00201	PROPN
ajfa-3687	215	2	bayrakdaroglu	bayrakdaroglu	PROPN
ajfa-3687	215	3	,	,	PUNCT
ajfa-3687	215	4	a.	a.	NOUN
ajfa-3687	215	5	,	,	PUNCT
ajfa-3687	215	6	ersoy	ersoy	PROPN
ajfa-3687	215	7	,	,	PUNCT
ajfa-3687	215	8	e.	e.	PROPN
ajfa-3687	215	9	,	,	PUNCT
ajfa-3687	215	10	citak	citak	PROPN
ajfa-3687	215	11	,	,	PUNCT
ajfa-3687	215	12	l.	l.	PROPN
ajfa-3687	215	13	,	,	PUNCT
ajfa-3687	215	14	.	.	PUNCT
ajfa-3687	216	1	(	(	PUNCT
ajfa-3687	216	2	2012	2012	NUM
ajfa-3687	216	3	)	)	PUNCT
ajfa-3687	216	4	.	.	PUNCT
ajfa-3687	217	1	is	be	AUX
ajfa-3687	217	2	there	there	PRON
ajfa-3687	217	3	a	a	DET
ajfa-3687	217	4	relationship	relationship	NOUN
ajfa-3687	217	5	between	between	ADP
ajfa-3687	217	6	corporate	corporate	ADJ
ajfa-3687	217	7	governance	governance	NOUN
ajfa-3687	217	8	and	and	CCONJ
ajfa-3687	217	9	value	value	NOUN
ajfa-3687	217	10	-	-	PUNCT
ajfa-3687	217	11	based	base	VERB
ajfa-3687	217	12	financial	financial	ADJ
ajfa-3687	217	13	performance	performance	NOUN
ajfa-3687	217	14	measures	measure	NOUN
ajfa-3687	217	15	?	?	PUNCT
ajfa-3687	218	1	a	a	DET
ajfa-3687	218	2	study	study	NOUN
ajfa-3687	218	3	of	of	ADP
ajfa-3687	218	4	turkey	turkey	NOUN
ajfa-3687	218	5	as	as	ADP
ajfa-3687	218	6	an	an	DET
ajfa-3687	218	7	emerging	emerge	VERB
ajfa-3687	218	8	market	market	NOUN
ajfa-3687	218	9	.	.	PUNCT
ajfa-3687	219	1	asia	asia	PROPN
ajfa-3687	219	2	-	-	PUNCT
ajfa-3687	219	3	pacific	pacific	PROPN
ajfa-3687	219	4	journal	journal	PROPN
ajfa-3687	219	5	of	of	ADP
ajfa-3687	219	6	financial	financial	ADJ
ajfa-3687	219	7	studies	study	NOUN
ajfa-3687	219	8	,	,	PUNCT
ajfa-3687	219	9	41	41	NUM
ajfa-3687	219	10	,	,	PUNCT
ajfa-3687	219	11	224	224	NUM
ajfa-3687	219	12	-	-	SYM
ajfa-3687	219	13	239	239	NUM
ajfa-3687	219	14	.	.	PUNCT
ajfa-3687	220	1	http://dx.doi.org/10.1111/j.2041-6156.2012.01071.x	http://dx.doi.org/10.1111/j.2041-6156.2012.01071.x	NOUN
ajfa-3687	220	2	bedford	bedford	PROPN
ajfa-3687	220	3	,	,	PUNCT
ajfa-3687	220	4	p.	p.	NOUN
ajfa-3687	220	5	(	(	PUNCT
ajfa-3687	220	6	2008	2008	NUM
ajfa-3687	220	7	)	)	PUNCT
ajfa-3687	220	8	.	.	PUNCT
ajfa-3687	221	1	the	the	DET
ajfa-3687	221	2	global	global	ADJ
ajfa-3687	221	3	financial	financial	ADJ
ajfa-3687	221	4	crisis	crisis	NOUN
ajfa-3687	221	5	and	and	CCONJ
ajfa-3687	221	6	its	its	PRON
ajfa-3687	221	7	transmission	transmission	NOUN
ajfa-3687	221	8	to	to	ADP
ajfa-3687	221	9	new	new	PROPN
ajfa-3687	221	10	zealand	zealand	PROPN
ajfa-3687	221	11	an	an	DET
ajfa-3687	221	12	external	external	ADJ
ajfa-3687	221	13	balance	balance	NOUN
ajfa-3687	221	14	sheet	sheet	NOUN
ajfa-3687	221	15	analysis	analysis	NOUN
ajfa-3687	221	16	.	.	PUNCT
ajfa-3687	222	1	reserve	reserve	PROPN
ajfa-3687	222	2	bank	bank	PROPN
ajfa-3687	222	3	of	of	ADP
ajfa-3687	222	4	new	new	PROPN
ajfa-3687	222	5	zealand	zealand	PROPN
ajfa-3687	222	6	,	,	PUNCT
ajfa-3687	222	7	71(4	71(4	NUM
ajfa-3687	222	8	)	)	PUNCT
ajfa-3687	222	9	,	,	PUNCT
ajfa-3687	222	10	18	18	NUM
ajfa-3687	222	11	-	-	SYM
ajfa-3687	222	12	28	28	NUM
ajfa-3687	222	13	.	.	PUNCT
ajfa-3687	223	1	berle	berle	PROPN
ajfa-3687	223	2	,	,	PUNCT
ajfa-3687	223	3	a.	a.	NOUN
ajfa-3687	223	4	a.	a.	PROPN
ajfa-3687	223	5	,	,	PUNCT
ajfa-3687	223	6	and	and	CCONJ
ajfa-3687	223	7	g.	g.	PROPN
ajfa-3687	223	8	means	means	PROPN
ajfa-3687	223	9	,	,	PUNCT
ajfa-3687	223	10	.	.	PUNCT
ajfa-3687	224	1	(	(	PUNCT
ajfa-3687	224	2	1932	1932	NUM
ajfa-3687	224	3	)	)	PUNCT
ajfa-3687	224	4	.	.	PUNCT
ajfa-3687	225	1	the	the	DET
ajfa-3687	225	2	modern	modern	ADJ
ajfa-3687	225	3	corporation	corporation	NOUN
ajfa-3687	225	4	and	and	CCONJ
ajfa-3687	225	5	private	private	ADJ
ajfa-3687	225	6	property	property	NOUN
ajfa-3687	225	7	.	.	PUNCT
ajfa-3687	226	1	macmillan	macmillan	PROPN
ajfa-3687	226	2	press	press	PROPN
ajfa-3687	226	3	,	,	PUNCT
ajfa-3687	226	4	new	new	PROPN
ajfa-3687	226	5	york	york	PROPN
ajfa-3687	226	6	asian	asian	PROPN
ajfa-3687	226	7	journal	journal	PROPN
ajfa-3687	226	8	of	of	ADP
ajfa-3687	226	9	finance	finance	PROPN
ajfa-3687	226	10	&	&	CCONJ
ajfa-3687	226	11	accounting	accounting	PROPN
ajfa-3687	226	12	issn	issn	PROPN
ajfa-3687	226	13	1946	1946	NUM
ajfa-3687	226	14	-	-	PUNCT
ajfa-3687	226	15	052x	052x	NOUN
ajfa-3687	226	16	2013	2013	NUM
ajfa-3687	226	17	,	,	PUNCT
ajfa-3687	226	18	vol	vol	NOUN
ajfa-3687	226	19	.	.	PROPN
ajfa-3687	226	20	5	5	NUM
ajfa-3687	226	21	,	,	PUNCT
ajfa-3687	226	22	no	no	INTJ
ajfa-3687	226	23	.	.	NOUN
ajfa-3687	226	24	1	1	NUM
ajfa-3687	226	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	226	26	408	408	NUM
ajfa-3687	226	27	cable	cable	NOUN
ajfa-3687	226	28	,	,	PUNCT
ajfa-3687	226	29	j.	j.	PROPN
ajfa-3687	226	30	,	,	PUNCT
ajfa-3687	226	31	yasuki	yasuki	PROPN
ajfa-3687	226	32	,	,	PUNCT
ajfa-3687	226	33	h.	h.	PROPN
ajfa-3687	226	34	,	,	PUNCT
ajfa-3687	226	35	.	.	PUNCT
ajfa-3687	227	1	(	(	PUNCT
ajfa-3687	227	2	1985	1985	NUM
ajfa-3687	227	3	)	)	PUNCT
ajfa-3687	227	4	.	.	PUNCT
ajfa-3687	228	1	internal	internal	ADJ
ajfa-3687	228	2	organization	organization	NOUN
ajfa-3687	228	3	,	,	PUNCT
ajfa-3687	228	4	business	business	NOUN
ajfa-3687	228	5	groups	group	NOUN
ajfa-3687	228	6	and	and	CCONJ
ajfa-3687	228	7	corporate	corporate	ADJ
ajfa-3687	228	8	performance	performance	NOUN
ajfa-3687	228	9	:	:	PUNCT
ajfa-3687	228	10	an	an	DET
ajfa-3687	228	11	empirical	empirical	ADJ
ajfa-3687	228	12	test	test	NOUN
ajfa-3687	228	13	of	of	ADP
ajfa-3687	228	14	the	the	DET
ajfa-3687	228	15	multi	multi	ADJ
ajfa-3687	228	16	-	-	ADJ
ajfa-3687	228	17	divisional	divisional	ADJ
ajfa-3687	228	18	hypothesis	hypothesis	NOUN
ajfa-3687	228	19	in	in	ADP
ajfa-3687	228	20	japan	japan	PROPN
ajfa-3687	228	21	.	.	PUNCT
ajfa-3687	229	1	international	international	ADJ
ajfa-3687	229	2	journal	journal	PROPN
ajfa-3687	229	3	of	of	ADP
ajfa-3687	229	4	industrial	industrial	ADJ
ajfa-3687	229	5	organization	organization	NOUN
ajfa-3687	229	6	,	,	PUNCT
ajfa-3687	229	7	3	3	NUM
ajfa-3687	229	8	,	,	PUNCT
ajfa-3687	229	9	401	401	NUM
ajfa-3687	229	10	-	-	SYM
ajfa-3687	229	11	420	420	NUM
ajfa-3687	229	12	.	.	PUNCT
ajfa-3687	230	1	http://dx.doi.org/10.1016/0167-7187(85)90032-3	http://dx.doi.org/10.1016/0167-7187(85)90032-3	VERB
ajfa-3687	231	1	chareonwong	chareonwong	PROPN
ajfa-3687	231	2	,	,	PUNCT
ajfa-3687	231	3	c.	c.	NOUN
ajfa-3687	231	4	,	,	PUNCT
ajfa-3687	231	5	ding	ding	NOUN
ajfa-3687	231	6	,	,	PUNCT
ajfa-3687	231	7	d.	d.	PROPN
ajfa-3687	231	8	k.	k.	PROPN
ajfa-3687	231	9	,	,	PUNCT
ajfa-3687	231	10	siraprapasiri	siraprapasiri	ADV
ajfa-3687	231	11	,	,	PUNCT
ajfa-3687	231	12	v.	v.	ADV
ajfa-3687	231	13	,	,	PUNCT
ajfa-3687	231	14	.	.	PUNCT
ajfa-3687	232	1	(	(	PUNCT
ajfa-3687	232	2	2011	2011	NUM
ajfa-3687	232	3	)	)	PUNCT
ajfa-3687	232	4	.	.	PUNCT
ajfa-3687	233	1	adverse	adverse	ADJ
ajfa-3687	233	2	selection	selection	NOUN
ajfa-3687	233	3	and	and	CCONJ
ajfa-3687	233	4	corporate	corporate	ADJ
ajfa-3687	233	5	governance	governance	NOUN
ajfa-3687	233	6	.	.	PUNCT
ajfa-3687	234	1	international	international	ADJ
ajfa-3687	234	2	review	review	NOUN
ajfa-3687	234	3	of	of	ADP
ajfa-3687	234	4	economics	economic	NOUN
ajfa-3687	234	5	and	and	CCONJ
ajfa-3687	234	6	finance	finance	NOUN
ajfa-3687	234	7	,	,	PUNCT
ajfa-3687	234	8	20	20	NUM
ajfa-3687	234	9	,	,	PUNCT
ajfa-3687	234	10	406	406	NUM
ajfa-3687	234	11	-	-	SYM
ajfa-3687	234	12	420	420	NUM
ajfa-3687	234	13	.	.	PUNCT
ajfa-3687	235	1	http://dx.doi.org/10.1016/j.iref.2010.11.011	http://dx.doi.org/10.1016/j.iref.2010.11.011	PROPN
ajfa-3687	235	2	chen	chen	PROPN
ajfa-3687	235	3	,	,	PUNCT
ajfa-3687	235	4	k.	k.	PROPN
ajfa-3687	235	5	,	,	PUNCT
ajfa-3687	235	6	chen	chen	PROPN
ajfa-3687	235	7	,	,	PUNCT
ajfa-3687	235	8	z.	z.	PROPN
ajfa-3687	235	9	,	,	PUNCT
ajfa-3687	235	10	wei	wei	PROPN
ajfa-3687	235	11	,	,	PUNCT
ajfa-3687	235	12	j.	j.	PROPN
ajfa-3687	235	13	,	,	PUNCT
ajfa-3687	235	14	.	.	PUNCT
ajfa-3687	236	1	(	(	PUNCT
ajfa-3687	236	2	2009	2009	NUM
ajfa-3687	236	3	)	)	PUNCT
ajfa-3687	236	4	.	.	PUNCT
ajfa-3687	237	1	legal	legal	ADJ
ajfa-3687	237	2	protection	protection	NOUN
ajfa-3687	237	3	of	of	ADP
ajfa-3687	237	4	investors	investor	NOUN
ajfa-3687	237	5	,	,	PUNCT
ajfa-3687	237	6	corporate	corporate	ADJ
ajfa-3687	237	7	governance	governance	NOUN
ajfa-3687	237	8	,	,	PUNCT
ajfa-3687	237	9	and	and	CCONJ
ajfa-3687	237	10	the	the	DET
ajfa-3687	237	11	cost	cost	NOUN
ajfa-3687	237	12	of	of	ADP
ajfa-3687	237	13	equity	equity	NOUN
ajfa-3687	237	14	capital	capital	NOUN
ajfa-3687	237	15	.	.	PUNCT
ajfa-3687	238	1	journal	journal	NOUN
ajfa-3687	238	2	of	of	ADP
ajfa-3687	238	3	corporate	corporate	ADJ
ajfa-3687	238	4	finance	finance	NOUN
ajfa-3687	238	5	,	,	PUNCT
ajfa-3687	238	6	15	15	NUM
ajfa-3687	238	7	,	,	PUNCT
ajfa-3687	238	8	273	273	NUM
ajfa-3687	238	9	-	-	SYM
ajfa-3687	238	10	289	289	NUM
ajfa-3687	238	11	.	.	PUNCT
ajfa-3687	239	1	http://dx.doi.org/10.1016/j.jcorpfin.2009.01.001	http://dx.doi.org/10.1016/j.jcorpfin.2009.01.001	ADJ
ajfa-3687	239	2	claessens	claessen	NOUN
ajfa-3687	239	3	,	,	PUNCT
ajfa-3687	239	4	s.	s.	PROPN
ajfa-3687	239	5	,	,	PUNCT
ajfa-3687	239	6	djankov	djankov	PROPN
ajfa-3687	239	7	,	,	PUNCT
ajfa-3687	239	8	s.	s.	PROPN
ajfa-3687	239	9	,	,	PUNCT
ajfa-3687	239	10	fan	fan	PROPN
ajfa-3687	239	11	,	,	PUNCT
ajfa-3687	239	12	j.	j.	PROPN
ajfa-3687	239	13	,	,	PUNCT
ajfa-3687	239	14	lang	lang	PROPN
ajfa-3687	239	15	,	,	PUNCT
ajfa-3687	239	16	l.	l.	PROPN
ajfa-3687	239	17	(	(	PUNCT
ajfa-3687	239	18	2003	2003	NUM
ajfa-3687	239	19	)	)	PUNCT
ajfa-3687	239	20	.	.	PUNCT
ajfa-3687	240	1	disentangling	disentangle	VERB
ajfa-3687	240	2	the	the	DET
ajfa-3687	240	3	incentive	incentive	NOUN
ajfa-3687	240	4	and	and	CCONJ
ajfa-3687	240	5	entrenchment	entrenchment	ADJ
ajfa-3687	240	6	effects	effect	NOUN
ajfa-3687	240	7	of	of	ADP
ajfa-3687	240	8	large	large	ADJ
ajfa-3687	240	9	shareholdings	shareholding	NOUN
ajfa-3687	240	10	.	.	PUNCT
ajfa-3687	241	1	journal	journal	NOUN
ajfa-3687	241	2	of	of	ADP
ajfa-3687	241	3	finance	finance	NOUN
ajfa-3687	241	4	,	,	PUNCT
ajfa-3687	241	5	57(6	57(6	NUM
ajfa-3687	241	6	)	)	PUNCT
ajfa-3687	241	7	,	,	PUNCT
ajfa-3687	241	8	2741	2741	NUM
ajfa-3687	241	9	-	-	SYM
ajfa-3687	241	10	2771	2771	NUM
ajfa-3687	241	11	.	.	PUNCT
ajfa-3687	242	1	http://dx.doi.org/10.1111/1540-6261.00511	http://dx.doi.org/10.1111/1540-6261.00511	PROPN
ajfa-3687	242	2	de	de	PROPN
ajfa-3687	242	3	miguel	miguel	PROPN
ajfa-3687	242	4	,	,	PUNCT
ajfa-3687	242	5	a.	a.	PROPN
ajfa-3687	242	6	,	,	PUNCT
ajfa-3687	242	7	pindado	pindado	PROPN
ajfa-3687	242	8	,	,	PUNCT
ajfa-3687	242	9	j.	j.	PROPN
ajfa-3687	242	10	,	,	PUNCT
ajfa-3687	242	11	de	de	PROPN
ajfa-3687	242	12	la	la	X
ajfa-3687	242	13	torre	torre	PROPN
ajfa-3687	242	14	,	,	PUNCT
ajfa-3687	242	15	c.	c.	PROPN
ajfa-3687	242	16	,	,	PUNCT
ajfa-3687	242	17	.	.	PUNCT
ajfa-3687	243	1	(	(	PUNCT
ajfa-3687	243	2	2004	2004	NUM
ajfa-3687	243	3	)	)	PUNCT
ajfa-3687	243	4	.	.	PUNCT
ajfa-3687	244	1	owneship	owneship	NOUN
ajfa-3687	244	2	structure	structure	NOUN
ajfa-3687	244	3	and	and	CCONJ
ajfa-3687	244	4	firm	firm	ADJ
ajfa-3687	244	5	value	value	NOUN
ajfa-3687	244	6	:	:	PUNCT
ajfa-3687	244	7	new	new	ADJ
ajfa-3687	244	8	evidence	evidence	NOUN
ajfa-3687	244	9	form	form	PROPN
ajfa-3687	244	10	spain	spain	PROPN
ajfa-3687	244	11	.	.	PUNCT
ajfa-3687	245	1	strategic	strategic	ADJ
ajfa-3687	245	2	management	management	NOUN
ajfa-3687	245	3	journal	journal	NOUN
ajfa-3687	245	4	,	,	PUNCT
ajfa-3687	245	5	25(12	25(12	NUM
ajfa-3687	245	6	)	)	PUNCT
ajfa-3687	245	7	,	,	PUNCT
ajfa-3687	245	8	1199	1199	NUM
ajfa-3687	245	9	-	-	SYM
ajfa-3687	245	10	1207	1207	NUM
ajfa-3687	245	11	.	.	PUNCT
ajfa-3687	246	1	http://dx.doi.org/10.1002/smj.430	http://dx.doi.org/10.1002/smj.430	PROPN
ajfa-3687	246	2	demsetz	demsetz	PROPN
ajfa-3687	246	3	,	,	PUNCT
ajfa-3687	246	4	h.	h.	PROPN
ajfa-3687	246	5	,	,	PUNCT
ajfa-3687	246	6	villalonga	villalonga	PROPN
ajfa-3687	246	7	,	,	PUNCT
ajfa-3687	246	8	b.	b.	PROPN
ajfa-3687	246	9	,	,	PUNCT
ajfa-3687	246	10	.	.	PUNCT
ajfa-3687	247	1	(	(	PUNCT
ajfa-3687	247	2	1983	1983	NUM
ajfa-3687	247	3	)	)	PUNCT
ajfa-3687	247	4	.	.	PUNCT
ajfa-3687	248	1	the	the	DET
ajfa-3687	248	2	structure	structure	NOUN
ajfa-3687	248	3	of	of	ADP
ajfa-3687	248	4	ownership	ownership	NOUN
ajfa-3687	248	5	and	and	CCONJ
ajfa-3687	248	6	the	the	DET
ajfa-3687	248	7	theory	theory	NOUN
ajfa-3687	248	8	of	of	ADP
ajfa-3687	248	9	the	the	DET
ajfa-3687	248	10	firm	firm	NOUN
ajfa-3687	248	11	.	.	PUNCT
ajfa-3687	249	1	journal	journal	PROPN
ajfa-3687	249	2	of	of	ADP
ajfa-3687	249	3	law	law	NOUN
ajfa-3687	249	4	and	and	CCONJ
ajfa-3687	249	5	economics	economic	NOUN
ajfa-3687	249	6	,	,	PUNCT
ajfa-3687	249	7	26	26	NUM
ajfa-3687	249	8	,	,	PUNCT
ajfa-3687	249	9	375	375	NUM
ajfa-3687	249	10	-	-	SYM
ajfa-3687	249	11	390	390	NUM
ajfa-3687	249	12	.	.	PUNCT
ajfa-3687	250	1	http://dx.doi.org/10.1002/smj.430	http://dx.doi.org/10.1002/smj.430	PROPN
ajfa-3687	250	2	demsetz	demsetz	PROPN
ajfa-3687	250	3	,	,	PUNCT
ajfa-3687	250	4	h.	h.	PROPN
ajfa-3687	250	5	,	,	PUNCT
ajfa-3687	250	6	villalonga	villalonga	PROPN
ajfa-3687	250	7	,	,	PUNCT
ajfa-3687	250	8	b.	b.	PROPN
ajfa-3687	250	9	,	,	PUNCT
ajfa-3687	250	10	.	.	PUNCT
ajfa-3687	251	1	(	(	PUNCT
ajfa-3687	251	2	2001	2001	NUM
ajfa-3687	251	3	)	)	PUNCT
ajfa-3687	251	4	.	.	PUNCT
ajfa-3687	252	1	ownership	ownership	NOUN
ajfa-3687	252	2	structure	structure	NOUN
ajfa-3687	252	3	and	and	CCONJ
ajfa-3687	252	4	corporate	corporate	ADJ
ajfa-3687	252	5	performance	performance	NOUN
ajfa-3687	252	6	.	.	PUNCT
ajfa-3687	253	1	journal	journal	NOUN
ajfa-3687	253	2	of	of	ADP
ajfa-3687	253	3	corporate	corporate	ADJ
ajfa-3687	253	4	finance	finance	NOUN
ajfa-3687	253	5	,	,	PUNCT
ajfa-3687	253	6	7	7	NUM
ajfa-3687	253	7	,	,	PUNCT
ajfa-3687	253	8	209	209	NUM
ajfa-3687	253	9	-	-	SYM
ajfa-3687	253	10	234	234	NUM
ajfa-3687	253	11	.	.	PUNCT
ajfa-3687	254	1	http://dx.doi.org/10.1016/s0929-1199(01)00020-7	http://dx.doi.org/10.1016/s0929-1199(01)00020-7	PROPN
ajfa-3687	254	2	fama	fama	PROPN
ajfa-3687	254	3	,	,	PUNCT
ajfa-3687	254	4	e.	e.	PROPN
ajfa-3687	254	5	f.	f.	PROPN
ajfa-3687	254	6	,	,	PUNCT
ajfa-3687	254	7	french	french	PROPN
ajfa-3687	254	8	,	,	PUNCT
ajfa-3687	254	9	k.r	k.r	PROPN
ajfa-3687	254	10	.	.	PROPN
ajfa-3687	254	11	,	,	PUNCT
ajfa-3687	254	12	.	.	PUNCT
ajfa-3687	255	1	(	(	PUNCT
ajfa-3687	255	2	1992	1992	NUM
ajfa-3687	255	3	)	)	PUNCT
ajfa-3687	255	4	.	.	PUNCT
ajfa-3687	256	1	the	the	DET
ajfa-3687	256	2	cross	cross	NOUN
ajfa-3687	256	3	-	-	NOUN
ajfa-3687	256	4	section	section	NOUN
ajfa-3687	256	5	of	of	ADP
ajfa-3687	256	6	expected	expect	VERB
ajfa-3687	256	7	stock	stock	NOUN
ajfa-3687	256	8	returns	return	NOUN
ajfa-3687	256	9	.	.	PUNCT
ajfa-3687	257	1	journal	journal	NOUN
ajfa-3687	257	2	of	of	ADP
ajfa-3687	257	3	finance	finance	NOUN
ajfa-3687	257	4	,	,	PUNCT
ajfa-3687	257	5	47	47	NUM
ajfa-3687	257	6	,	,	PUNCT
ajfa-3687	257	7	427	427	NUM
ajfa-3687	257	8	-	-	SYM
ajfa-3687	257	9	465	465	NUM
ajfa-3687	257	10	.	.	PUNCT
ajfa-3687	258	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	PROPN
ajfa-3687	258	2	fama	fama	PROPN
ajfa-3687	258	3	,	,	PUNCT
ajfa-3687	258	4	e.	e.	PROPN
ajfa-3687	258	5	f.	f.	PROPN
ajfa-3687	258	6	,	,	PUNCT
ajfa-3687	258	7	french	french	PROPN
ajfa-3687	258	8	,	,	PUNCT
ajfa-3687	258	9	k.r	k.r	PROPN
ajfa-3687	258	10	.	.	PROPN
ajfa-3687	258	11	,	,	PUNCT
ajfa-3687	258	12	.	.	PUNCT
ajfa-3687	259	1	(	(	PUNCT
ajfa-3687	259	2	1993	1993	NUM
ajfa-3687	259	3	)	)	PUNCT
ajfa-3687	259	4	.	.	PUNCT
ajfa-3687	260	1	common	common	ADJ
ajfa-3687	260	2	risk	risk	NOUN
ajfa-3687	260	3	factors	factor	NOUN
ajfa-3687	260	4	in	in	ADP
ajfa-3687	260	5	returns	return	NOUN
ajfa-3687	260	6	on	on	ADP
ajfa-3687	260	7	stocks	stock	NOUN
ajfa-3687	260	8	and	and	CCONJ
ajfa-3687	260	9	bonds	bond	NOUN
ajfa-3687	260	10	.	.	PUNCT
ajfa-3687	261	1	journal	journal	NOUN
ajfa-3687	261	2	of	of	ADP
ajfa-3687	261	3	financial	financial	ADJ
ajfa-3687	261	4	economics	economic	NOUN
ajfa-3687	261	5	,	,	PUNCT
ajfa-3687	261	6	33	33	NUM
ajfa-3687	261	7	,	,	PUNCT
ajfa-3687	261	8	3	3	NUM
ajfa-3687	261	9	-	-	SYM
ajfa-3687	261	10	56	56	NUM
ajfa-3687	261	11	.	.	PUNCT
ajfa-3687	262	1	http://dx.doi.org/10.1016/0304-405x(93)90023-5	http://dx.doi.org/10.1016/0304-405x(93)90023-5	PROPN
ajfa-3687	262	2	fama	fama	PROPN
ajfa-3687	262	3	,	,	PUNCT
ajfa-3687	262	4	e.	e.	PROPN
ajfa-3687	262	5	f.	f.	PROPN
ajfa-3687	262	6	,	,	PUNCT
ajfa-3687	262	7	french	french	PROPN
ajfa-3687	262	8	,	,	PUNCT
ajfa-3687	262	9	r.f	r.f	PROPN
ajfa-3687	262	10	.	.	PROPN
ajfa-3687	262	11	,	,	PUNCT
ajfa-3687	262	12	.	.	PUNCT
ajfa-3687	263	1	(	(	PUNCT
ajfa-3687	263	2	2004	2004	NUM
ajfa-3687	263	3	)	)	PUNCT
ajfa-3687	263	4	.	.	PUNCT
ajfa-3687	264	1	the	the	DET
ajfa-3687	264	2	capital	capital	NOUN
ajfa-3687	264	3	asset	asset	NOUN
ajfa-3687	264	4	pricing	pricing	NOUN
ajfa-3687	264	5	model	model	NOUN
ajfa-3687	264	6	:	:	PUNCT
ajfa-3687	264	7	theory	theory	NOUN
ajfa-3687	264	8	and	and	CCONJ
ajfa-3687	264	9	evidence	evidence	NOUN
ajfa-3687	264	10	.	.	PUNCT
ajfa-3687	265	1	journal	journal	NOUN
ajfa-3687	265	2	of	of	ADP
ajfa-3687	265	3	economic	economic	ADJ
ajfa-3687	265	4	perspectives	perspective	NOUN
ajfa-3687	265	5	,	,	PUNCT
ajfa-3687	265	6	18(3	18(3	NUM
ajfa-3687	265	7	)	)	PUNCT
ajfa-3687	265	8	,	,	PUNCT
ajfa-3687	265	9	25	25	NUM
ajfa-3687	265	10	-	-	SYM
ajfa-3687	265	11	46	46	NUM
ajfa-3687	265	12	.	.	PUNCT
ajfa-3687	266	1	http://dx.doi.org/10.1257/0895330042162430	http://dx.doi.org/10.1257/0895330042162430	PROPN
ajfa-3687	266	2	farber	farber	PROPN
ajfa-3687	266	3	,	,	PUNCT
ajfa-3687	266	4	a.	a.	PROPN
ajfa-3687	266	5	,	,	PUNCT
ajfa-3687	266	6	gillet	gillet	PROPN
ajfa-3687	266	7	,	,	PUNCT
ajfa-3687	266	8	r.	r.	PROPN
ajfa-3687	266	9	,	,	PUNCT
ajfa-3687	266	10	szafarz	szafarz	NOUN
ajfa-3687	266	11	,	,	PUNCT
ajfa-3687	266	12	a.	a.	NOUN
ajfa-3687	266	13	,	,	PUNCT
ajfa-3687	266	14	.	.	PUNCT
ajfa-3687	267	1	(	(	PUNCT
ajfa-3687	267	2	2006	2006	NUM
ajfa-3687	267	3	)	)	PUNCT
ajfa-3687	267	4	.	.	PUNCT
ajfa-3687	268	1	a	a	DET
ajfa-3687	268	2	general	general	ADJ
ajfa-3687	268	3	formula	formula	NOUN
ajfa-3687	268	4	for	for	ADP
ajfa-3687	268	5	the	the	DET
ajfa-3687	268	6	wacc	wacc	PROPN
ajfa-3687	268	7	.	.	PUNCT
ajfa-3687	269	1	international	international	ADJ
ajfa-3687	269	2	journal	journal	PROPN
ajfa-3687	269	3	of	of	ADP
ajfa-3687	269	4	business	business	NOUN
ajfa-3687	269	5	,	,	PUNCT
ajfa-3687	269	6	11(2	11(2	NUM
ajfa-3687	269	7	)	)	PUNCT
ajfa-3687	269	8	,	,	PUNCT
ajfa-3687	269	9	211	211	NUM
ajfa-3687	269	10	-	-	SYM
ajfa-3687	269	11	218	218	NUM
ajfa-3687	269	12	.	.	PUNCT
ajfa-3687	270	1	gedajlovic	gedajlovic	PROPN
ajfa-3687	270	2	,	,	PUNCT
ajfa-3687	270	3	e.	e.	PROPN
ajfa-3687	270	4	,	,	PUNCT
ajfa-3687	270	5	shapiro	shapiro	PROPN
ajfa-3687	270	6	,	,	PUNCT
ajfa-3687	270	7	d.	d.	PROPN
ajfa-3687	270	8	,	,	PUNCT
ajfa-3687	270	9	.	.	PUNCT
ajfa-3687	271	1	(	(	PUNCT
ajfa-3687	271	2	1998	1998	NUM
ajfa-3687	271	3	)	)	PUNCT
ajfa-3687	271	4	.	.	PUNCT
ajfa-3687	272	1	management	management	NOUN
ajfa-3687	272	2	and	and	CCONJ
ajfa-3687	272	3	ownership	ownership	NOUN
ajfa-3687	272	4	effects	effect	NOUN
ajfa-3687	272	5	:	:	PUNCT
ajfa-3687	272	6	evidence	evidence	NOUN
ajfa-3687	272	7	from	from	ADP
ajfa-3687	272	8	five	five	NUM
ajfa-3687	272	9	countries	country	NOUN
ajfa-3687	272	10	.	.	PUNCT
ajfa-3687	273	1	strategic	strategic	ADJ
ajfa-3687	273	2	management	management	NOUN
ajfa-3687	273	3	journal	journal	NOUN
ajfa-3687	273	4	,	,	PUNCT
ajfa-3687	273	5	19(6	19(6	NUM
ajfa-3687	273	6	)	)	PUNCT
ajfa-3687	273	7	,	,	PUNCT
ajfa-3687	273	8	533	533	NUM
ajfa-3687	273	9	-	-	SYM
ajfa-3687	273	10	553	553	NUM
ajfa-3687	273	11	.	.	PUNCT
ajfa-3687	274	1	http://dx.doi.org/10.1002/(sici)1097-0266(199806)19:6<533::aid-smj957>3.0.co;2-	http://dx.doi.org/10.1002/(sici)1097-0266(199806)19:6<533::aid-smj957>3.0.co;2-	NOUN
ajfa-3687	274	2	#	#	NOUN
ajfa-3687	274	3	grossman	grossman	NOUN
ajfa-3687	274	4	,	,	PUNCT
ajfa-3687	274	5	s.	s.	PROPN
ajfa-3687	274	6	j.	j.	PROPN
ajfa-3687	274	7	,	,	PUNCT
ajfa-3687	274	8	hart	hart	PROPN
ajfa-3687	274	9	,	,	PUNCT
ajfa-3687	274	10	o.	o.	PROPN
ajfa-3687	274	11	,	,	PUNCT
ajfa-3687	274	12	.	.	PUNCT
ajfa-3687	275	1	(	(	PUNCT
ajfa-3687	275	2	1982	1982	NUM
ajfa-3687	275	3	)	)	PUNCT
ajfa-3687	275	4	.	.	PUNCT
ajfa-3687	276	1	corporate	corporate	ADJ
ajfa-3687	276	2	financial	financial	ADJ
ajfa-3687	276	3	structure	structure	NOUN
ajfa-3687	276	4	and	and	CCONJ
ajfa-3687	276	5	managerial	managerial	ADJ
ajfa-3687	276	6	incentives	incentive	NOUN
ajfa-3687	276	7	.	.	PUNCT
ajfa-3687	277	1	in	in	ADP
ajfa-3687	277	2	:	:	PUNCT
ajfa-3687	277	3	mccall	mccall	PROPN
ajfa-3687	277	4	,	,	PUNCT
ajfa-3687	277	5	j.	j.	PROPN
ajfa-3687	277	6	(	(	PUNCT
ajfa-3687	277	7	ed	ed	NOUN
ajfa-3687	277	8	.	.	PUNCT
ajfa-3687	277	9	)	)	PUNCT
ajfa-3687	277	10	,	,	PUNCT
ajfa-3687	277	11	the	the	DET
ajfa-3687	277	12	economics	economic	NOUN
ajfa-3687	277	13	of	of	ADP
ajfa-3687	277	14	information	information	NOUN
ajfa-3687	277	15	and	and	CCONJ
ajfa-3687	277	16	uncertainty(university	uncertainty(university	PROPN
ajfa-3687	277	17	of	of	ADP
ajfa-3687	277	18	chicago	chicago	PROPN
ajfa-3687	277	19	press	press	PROPN
ajfa-3687	277	20	,	,	PUNCT
ajfa-3687	277	21	chicago	chicago	PROPN
ajfa-3687	277	22	)	)	PUNCT
ajfa-3687	277	23	asian	asian	ADJ
ajfa-3687	277	24	journal	journal	NOUN
ajfa-3687	277	25	of	of	ADP
ajfa-3687	277	26	finance	finance	PROPN
ajfa-3687	277	27	&	&	CCONJ
ajfa-3687	277	28	accounting	accounting	PROPN
ajfa-3687	277	29	issn	issn	PROPN
ajfa-3687	277	30	1946	1946	NUM
ajfa-3687	277	31	-	-	PUNCT
ajfa-3687	277	32	052x	052x	NOUN
ajfa-3687	277	33	2013	2013	NUM
ajfa-3687	277	34	,	,	PUNCT
ajfa-3687	277	35	vol	vol	NOUN
ajfa-3687	277	36	.	.	PROPN
ajfa-3687	277	37	5	5	NUM
ajfa-3687	277	38	,	,	PUNCT
ajfa-3687	277	39	no	no	INTJ
ajfa-3687	277	40	.	.	NOUN
ajfa-3687	277	41	1	1	NUM
ajfa-3687	277	42	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	277	43	409	409	NUM
ajfa-3687	277	44	gugler	gugler	NOUN
ajfa-3687	277	45	,	,	PUNCT
ajfa-3687	277	46	k.	k.	PROPN
ajfa-3687	277	47	,	,	PUNCT
ajfa-3687	277	48	mueller	mueller	PROPN
ajfa-3687	277	49	,	,	PUNCT
ajfa-3687	277	50	d.c	d.c	PROPN
ajfa-3687	277	51	.	.	PROPN
ajfa-3687	277	52	,	,	PUNCT
ajfa-3687	277	53	yurtoglu	yurtoglu	PROPN
ajfa-3687	277	54	,	,	PUNCT
ajfa-3687	277	55	b.b	b.b	PROPN
ajfa-3687	277	56	.	.	PROPN
ajfa-3687	277	57	,	,	PUNCT
ajfa-3687	277	58	.	.	PUNCT
ajfa-3687	278	1	(	(	PUNCT
ajfa-3687	278	2	2004	2004	NUM
ajfa-3687	278	3	)	)	PUNCT
ajfa-3687	278	4	.	.	PUNCT
ajfa-3687	279	1	corporate	corporate	ADJ
ajfa-3687	279	2	governance	governance	NOUN
ajfa-3687	279	3	and	and	CCONJ
ajfa-3687	279	4	the	the	DET
ajfa-3687	279	5	returns	return	NOUN
ajfa-3687	279	6	on	on	ADP
ajfa-3687	279	7	investment	investment	NOUN
ajfa-3687	279	8	.	.	PUNCT
ajfa-3687	280	1	journal	journal	PROPN
ajfa-3687	280	2	of	of	ADP
ajfa-3687	280	3	law	law	NOUN
ajfa-3687	280	4	and	and	CCONJ
ajfa-3687	280	5	economics	economic	NOUN
ajfa-3687	280	6	,	,	PUNCT
ajfa-3687	280	7	47	47	NUM
ajfa-3687	280	8	,	,	PUNCT
ajfa-3687	280	9	589	589	NUM
ajfa-3687	280	10	-	-	SYM
ajfa-3687	280	11	633	633	NUM
ajfa-3687	280	12	.	.	PUNCT
ajfa-3687	281	1	http://dx.doi.org/10.1086/425062	http://dx.doi.org/10.1086/425062	NOUN
ajfa-3687	281	2	gugler	gugler	NOUN
ajfa-3687	281	3	,	,	PUNCT
ajfa-3687	281	4	k.	k.	PROPN
ajfa-3687	281	5	,	,	PUNCT
ajfa-3687	281	6	mueller	mueller	PROPN
ajfa-3687	281	7	,	,	PUNCT
ajfa-3687	281	8	d.c	d.c	PROPN
ajfa-3687	281	9	.	.	PROPN
ajfa-3687	281	10	,	,	PUNCT
ajfa-3687	281	11	yurtoglu	yurtoglu	PROPN
ajfa-3687	281	12	,	,	PUNCT
ajfa-3687	281	13	b.b	b.b	PROPN
ajfa-3687	281	14	.	.	PROPN
ajfa-3687	281	15	,	,	PUNCT
ajfa-3687	281	16	.	.	PUNCT
ajfa-3687	282	1	(	(	PUNCT
ajfa-3687	282	2	2008	2008	NUM
ajfa-3687	282	3	)	)	PUNCT
ajfa-3687	282	4	.	.	PUNCT
ajfa-3687	283	1	insider	insider	NOUN
ajfa-3687	283	2	ownership	ownership	NOUN
ajfa-3687	283	3	,	,	PUNCT
ajfa-3687	283	4	ownership	ownership	NOUN
ajfa-3687	283	5	concentration	concentration	NOUN
ajfa-3687	283	6	and	and	CCONJ
ajfa-3687	283	7	investment	investment	NOUN
ajfa-3687	283	8	performance	performance	NOUN
ajfa-3687	283	9	:	:	PUNCT
ajfa-3687	283	10	an	an	DET
ajfa-3687	283	11	international	international	ADJ
ajfa-3687	283	12	comparison	comparison	NOUN
ajfa-3687	283	13	.	.	PUNCT
ajfa-3687	284	1	journal	journal	NOUN
ajfa-3687	284	2	of	of	ADP
ajfa-3687	284	3	corporate	corporate	ADJ
ajfa-3687	284	4	finance	finance	NOUN
ajfa-3687	284	5	,	,	PUNCT
ajfa-3687	284	6	14	14	NUM
ajfa-3687	284	7	,	,	PUNCT
ajfa-3687	284	8	688	688	NUM
ajfa-3687	284	9	-	-	SYM
ajfa-3687	284	10	705	705	NUM
ajfa-3687	284	11	.	.	PUNCT
ajfa-3687	285	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.09.007	http://dx.doi.org/10.1016/j.jcorpfin.2008.09.007	PROPN
ajfa-3687	285	2	international	international	ADJ
ajfa-3687	285	3	corporate	corporate	ADJ
ajfa-3687	285	4	governance	governance	NOUN
ajfa-3687	285	5	network	network	NOUN
ajfa-3687	285	6	.	.	PUNCT
ajfa-3687	286	1	(	(	PUNCT
ajfa-3687	286	2	2009	2009	NUM
ajfa-3687	286	3	.	.	PUNCT
ajfa-3687	287	1	icgn	icgn	VERB
ajfa-3687	287	2	global	global	ADJ
ajfa-3687	287	3	corporate	corporate	ADJ
ajfa-3687	287	4	governance	governance	NOUN
ajfa-3687	287	5	principles	principle	NOUN
ajfa-3687	287	6	:	:	PUNCT
ajfa-3687	287	7	revised	revise	VERB
ajfa-3687	287	8	(	(	PUNCT
ajfa-3687	287	9	2009	2009	NUM
ajfa-3687	287	10	)	)	PUNCT
ajfa-3687	287	11	.	.	PUNCT
ajfa-3687	288	1	paper	paper	NOUN
ajfa-3687	288	2	presented	present	VERB
ajfa-3687	288	3	at	at	ADP
ajfa-3687	288	4	the	the	DET
ajfa-3687	288	5	icgn	icgn	PROPN
ajfa-3687	288	6	conference	conference	PROPN
ajfa-3687	288	7	,	,	PUNCT
ajfa-3687	288	8	washington	washington	PROPN
ajfa-3687	288	9	,	,	PUNCT
ajfa-3687	288	10	usa	usa	PROPN
ajfa-3687	288	11	.	.	PROPN
ajfa-3687	288	12	jegadeesh	jegadeesh	PROPN
ajfa-3687	288	13	,	,	PUNCT
ajfa-3687	288	14	n.	n.	NOUN
ajfa-3687	288	15	,	,	PUNCT
ajfa-3687	288	16	titman	titman	NOUN
ajfa-3687	288	17	,	,	PUNCT
ajfa-3687	288	18	s	s	X
ajfa-3687	288	19	,	,	PUNCT
ajfa-3687	288	20	.	.	PUNCT
ajfa-3687	289	1	(	(	PUNCT
ajfa-3687	289	2	1993	1993	NUM
ajfa-3687	289	3	)	)	PUNCT
ajfa-3687	289	4	.	.	PUNCT
ajfa-3687	290	1	returns	return	NOUN
ajfa-3687	290	2	to	to	ADP
ajfa-3687	290	3	buying	buy	VERB
ajfa-3687	290	4	winners	winner	NOUN
ajfa-3687	290	5	and	and	CCONJ
ajfa-3687	290	6	selling	sell	VERB
ajfa-3687	290	7	losers	loser	NOUN
ajfa-3687	290	8	:	:	PUNCT
ajfa-3687	290	9	implications	implication	NOUN
ajfa-3687	290	10	for	for	ADP
ajfa-3687	290	11	stock	stock	NOUN
ajfa-3687	290	12	market	market	NOUN
ajfa-3687	290	13	efficiency	efficiency	NOUN
ajfa-3687	290	14	journal	journal	NOUN
ajfa-3687	290	15	of	of	ADP
ajfa-3687	290	16	finance	finance	NOUN
ajfa-3687	290	17	,	,	PUNCT
ajfa-3687	290	18	48(1	48(1	NOUN
ajfa-3687	290	19	)	)	PUNCT
ajfa-3687	290	20	,	,	PUNCT
ajfa-3687	290	21	65	65	NUM
ajfa-3687	290	22	-	-	SYM
ajfa-3687	290	23	91	91	NUM
ajfa-3687	290	24	.	.	PUNCT
ajfa-3687	291	1	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04702.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04702.x	PROPN
ajfa-3687	291	2	jensen	jensen	PROPN
ajfa-3687	291	3	,	,	PUNCT
ajfa-3687	291	4	m.	m.	PROPN
ajfa-3687	291	5	c.	c.	PROPN
ajfa-3687	291	6	,	,	PUNCT
ajfa-3687	291	7	meckling	meckling	NOUN
ajfa-3687	291	8	,	,	PUNCT
ajfa-3687	291	9	w.	w.	PROPN
ajfa-3687	291	10	h.	h.	PROPN
ajfa-3687	291	11	,	,	PUNCT
ajfa-3687	291	12	.	.	PUNCT
ajfa-3687	292	1	(	(	PUNCT
ajfa-3687	292	2	1976	1976	NUM
ajfa-3687	292	3	)	)	PUNCT
ajfa-3687	292	4	.	.	PUNCT
ajfa-3687	293	1	theory	theory	NOUN
ajfa-3687	293	2	of	of	ADP
ajfa-3687	293	3	the	the	DET
ajfa-3687	293	4	firm	firm	NOUN
ajfa-3687	293	5	:	:	PUNCT
ajfa-3687	293	6	managerial	managerial	ADJ
ajfa-3687	293	7	behavior	behavior	NOUN
ajfa-3687	293	8	,	,	PUNCT
ajfa-3687	293	9	agency	agency	NOUN
ajfa-3687	293	10	costs	cost	NOUN
ajfa-3687	293	11	and	and	CCONJ
ajfa-3687	293	12	ownership	ownership	NOUN
ajfa-3687	293	13	structure	structure	NOUN
ajfa-3687	293	14	.	.	PUNCT
ajfa-3687	294	1	journal	journal	NOUN
ajfa-3687	294	2	of	of	ADP
ajfa-3687	294	3	financial	financial	ADJ
ajfa-3687	294	4	economics	economic	NOUN
ajfa-3687	294	5	,	,	PUNCT
ajfa-3687	294	6	3	3	NUM
ajfa-3687	294	7	,	,	PUNCT
ajfa-3687	294	8	305	305	NUM
ajfa-3687	294	9	-	-	SYM
ajfa-3687	294	10	360	360	NUM
ajfa-3687	294	11	.	.	PUNCT
ajfa-3687	295	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-3687	295	2	lehmann	lehmann	PROPN
ajfa-3687	295	3	,	,	PUNCT
ajfa-3687	295	4	e.	e.	PROPN
ajfa-3687	295	5	,	,	PUNCT
ajfa-3687	295	6	weigand	weigand	PROPN
ajfa-3687	295	7	,	,	PUNCT
ajfa-3687	295	8	j.	j.	PROPN
ajfa-3687	295	9	,	,	PUNCT
ajfa-3687	295	10	.	.	PUNCT
ajfa-3687	296	1	(	(	PUNCT
ajfa-3687	296	2	2000	2000	NUM
ajfa-3687	296	3	)	)	PUNCT
ajfa-3687	296	4	.	.	PUNCT
ajfa-3687	297	1	does	do	AUX
ajfa-3687	297	2	the	the	DET
ajfa-3687	297	3	governed	govern	VERB
ajfa-3687	297	4	corporation	corporation	NOUN
ajfa-3687	297	5	perform	perform	VERB
ajfa-3687	297	6	better	well	ADV
ajfa-3687	297	7	?	?	PUNCT
ajfa-3687	298	1	governance	governance	NOUN
ajfa-3687	298	2	structures	structure	NOUN
ajfa-3687	298	3	and	and	CCONJ
ajfa-3687	298	4	corporate	corporate	ADJ
ajfa-3687	298	5	performance	performance	NOUN
ajfa-3687	298	6	in	in	ADP
ajfa-3687	298	7	germany	germany	PROPN
ajfa-3687	298	8	.	.	PUNCT
ajfa-3687	299	1	european	european	PROPN
ajfa-3687	299	2	finance	finance	PROPN
ajfa-3687	299	3	review	review	PROPN
ajfa-3687	299	4	,	,	PUNCT
ajfa-3687	299	5	4	4	NUM
ajfa-3687	299	6	,	,	PUNCT
ajfa-3687	299	7	157	157	NUM
ajfa-3687	299	8	-	-	SYM
ajfa-3687	299	9	195	195	NUM
ajfa-3687	299	10	.	.	PUNCT
ajfa-3687	299	11	http://dx.doi.org/10.1023/a:1009896709767	http://dx.doi.org/10.1023/a:1009896709767	NOUN
ajfa-3687	299	12	lintner	lintner	NOUN
ajfa-3687	299	13	,	,	PUNCT
ajfa-3687	299	14	j.	j.	PROPN
ajfa-3687	299	15	(	(	PUNCT
ajfa-3687	299	16	1965	1965	NUM
ajfa-3687	299	17	)	)	PUNCT
ajfa-3687	299	18	.	.	PUNCT
ajfa-3687	300	1	the	the	DET
ajfa-3687	300	2	valuation	valuation	NOUN
ajfa-3687	300	3	of	of	ADP
ajfa-3687	300	4	risk	risk	NOUN
ajfa-3687	300	5	assets	asset	NOUN
ajfa-3687	300	6	and	and	CCONJ
ajfa-3687	300	7	the	the	DET
ajfa-3687	300	8	selection	selection	NOUN
ajfa-3687	300	9	of	of	ADP
ajfa-3687	300	10	risky	risky	ADJ
ajfa-3687	300	11	investments	investment	NOUN
ajfa-3687	300	12	in	in	ADP
ajfa-3687	300	13	stock	stock	NOUN
ajfa-3687	300	14	portfolios	portfolio	NOUN
ajfa-3687	300	15	and	and	CCONJ
ajfa-3687	300	16	capital	capital	NOUN
ajfa-3687	300	17	budgets	budget	NOUN
ajfa-3687	300	18	.	.	PUNCT
ajfa-3687	301	1	review	review	NOUN
ajfa-3687	301	2	of	of	ADP
ajfa-3687	301	3	economics	economic	NOUN
ajfa-3687	301	4	and	and	CCONJ
ajfa-3687	301	5	statistics	statistic	NOUN
ajfa-3687	301	6	,	,	PUNCT
ajfa-3687	301	7	47(1	47(1	NUM
ajfa-3687	301	8	)	)	PUNCT
ajfa-3687	301	9	,	,	PUNCT
ajfa-3687	301	10	13	13	NUM
ajfa-3687	301	11	-	-	SYM
ajfa-3687	301	12	37	37	NUM
ajfa-3687	301	13	.	.	PUNCT
ajfa-3687	302	1	http://dx.doi.org/10.2307/1924119	http://dx.doi.org/10.2307/1924119	PROPN
ajfa-3687	302	2	mahrt	mahrt	PROPN
ajfa-3687	302	3	-	-	PUNCT
ajfa-3687	302	4	smith	smith	PROPN
ajfa-3687	302	5	,	,	PUNCT
ajfa-3687	302	6	j.	j.	PROPN
ajfa-3687	302	7	(	(	PUNCT
ajfa-3687	302	8	2005	2005	NUM
ajfa-3687	302	9	)	)	PUNCT
ajfa-3687	302	10	.	.	PUNCT
ajfa-3687	303	1	the	the	DET
ajfa-3687	303	2	interaction	interaction	NOUN
ajfa-3687	303	3	of	of	ADP
ajfa-3687	303	4	capital	capital	NOUN
ajfa-3687	303	5	structure	structure	NOUN
ajfa-3687	303	6	and	and	CCONJ
ajfa-3687	303	7	ownership	ownership	NOUN
ajfa-3687	303	8	structure	structure	NOUN
ajfa-3687	303	9	.	.	PUNCT
ajfa-3687	304	1	journal	journal	NOUN
ajfa-3687	304	2	of	of	ADP
ajfa-3687	304	3	business	business	NOUN
ajfa-3687	304	4	,	,	PUNCT
ajfa-3687	304	5	78	78	NUM
ajfa-3687	304	6	,	,	PUNCT
ajfa-3687	304	7	787	787	NUM
ajfa-3687	304	8	-	-	SYM
ajfa-3687	304	9	816	816	NUM
ajfa-3687	304	10	.	.	PUNCT
ajfa-3687	305	1	http://dx.doi.org/10.1086/429644	http://dx.doi.org/10.1086/429644	PROPN
ajfa-3687	305	2	margaritis	margaritis	PROPN
ajfa-3687	305	3	,	,	PUNCT
ajfa-3687	305	4	d.	d.	PROPN
ajfa-3687	305	5	,	,	PUNCT
ajfa-3687	305	6	psillaki	psillaki	PROPN
ajfa-3687	305	7	,	,	PUNCT
ajfa-3687	305	8	m.	m.	NOUN
ajfa-3687	305	9	,	,	PUNCT
ajfa-3687	305	10	.	.	PUNCT
ajfa-3687	306	1	(	(	PUNCT
ajfa-3687	306	2	2010	2010	NUM
ajfa-3687	306	3	)	)	PUNCT
ajfa-3687	306	4	.	.	PUNCT
ajfa-3687	307	1	capital	capital	NOUN
ajfa-3687	307	2	structure	structure	NOUN
ajfa-3687	307	3	,	,	PUNCT
ajfa-3687	307	4	equity	equity	NOUN
ajfa-3687	307	5	ownership	ownership	NOUN
ajfa-3687	307	6	and	and	CCONJ
ajfa-3687	307	7	firm	firm	ADJ
ajfa-3687	307	8	performance	performance	NOUN
ajfa-3687	307	9	.	.	PUNCT
ajfa-3687	308	1	journal	journal	NOUN
ajfa-3687	308	2	of	of	ADP
ajfa-3687	308	3	banking	banking	NOUN
ajfa-3687	308	4	&	&	CCONJ
ajfa-3687	308	5	finance	finance	PROPN
ajfa-3687	308	6	,	,	PUNCT
ajfa-3687	308	7	34	34	NUM
ajfa-3687	308	8	,	,	PUNCT
ajfa-3687	308	9	621	621	NUM
ajfa-3687	308	10	-	-	SYM
ajfa-3687	308	11	632	632	NUM
ajfa-3687	308	12	.	.	PUNCT
ajfa-3687	309	1	http://dx.doi.org/10.1016/j.jbankfin.2009.08.023	http://dx.doi.org/10.1016/j.jbankfin.2009.08.023	PROPN
ajfa-3687	309	2	mcconnell	mcconnell	PROPN
ajfa-3687	309	3	,	,	PUNCT
ajfa-3687	309	4	j.	j.	PROPN
ajfa-3687	309	5	j.	j.	PROPN
ajfa-3687	309	6	,	,	PUNCT
ajfa-3687	309	7	servaes	servaes	PROPN
ajfa-3687	309	8	,	,	PUNCT
ajfa-3687	309	9	h.	h.	PROPN
ajfa-3687	309	10	,	,	PUNCT
ajfa-3687	309	11	.	.	PUNCT
ajfa-3687	310	1	(	(	PUNCT
ajfa-3687	310	2	1990	1990	NUM
ajfa-3687	310	3	)	)	PUNCT
ajfa-3687	310	4	.	.	PUNCT
ajfa-3687	311	1	additional	additional	ADJ
ajfa-3687	311	2	evidence	evidence	NOUN
ajfa-3687	311	3	on	on	ADP
ajfa-3687	311	4	equity	equity	NOUN
ajfa-3687	311	5	ownership	ownership	NOUN
ajfa-3687	311	6	and	and	CCONJ
ajfa-3687	311	7	corporate	corporate	ADJ
ajfa-3687	311	8	value	value	NOUN
ajfa-3687	311	9	.	.	PUNCT
ajfa-3687	312	1	journal	journal	NOUN
ajfa-3687	312	2	of	of	ADP
ajfa-3687	312	3	financial	financial	ADJ
ajfa-3687	312	4	economics	economic	NOUN
ajfa-3687	312	5	,	,	PUNCT
ajfa-3687	312	6	27	27	NUM
ajfa-3687	312	7	,	,	PUNCT
ajfa-3687	312	8	595	595	NUM
ajfa-3687	312	9	-	-	PUNCT
ajfa-3687	312	10	612	612	NUM
ajfa-3687	312	11	.	.	PUNCT
ajfa-3687	312	12	http://dx.doi.org/10.1016/0304-405x(90)90069-c	http://dx.doi.org/10.1016/0304-405x(90)90069-c	PROPN
ajfa-3687	312	13	mcconnell	mcconnell	PROPN
ajfa-3687	312	14	,	,	PUNCT
ajfa-3687	312	15	j.	j.	PROPN
ajfa-3687	312	16	j.	j.	PROPN
ajfa-3687	312	17	,	,	PUNCT
ajfa-3687	312	18	servaes	servaes	PROPN
ajfa-3687	312	19	,	,	PUNCT
ajfa-3687	312	20	h.	h.	PROPN
ajfa-3687	312	21	,	,	PUNCT
ajfa-3687	312	22	lins	lins	PROPN
ajfa-3687	312	23	,	,	PUNCT
ajfa-3687	312	24	k.	k.	PROPN
ajfa-3687	312	25	v.	v.	PROPN
ajfa-3687	312	26	,	,	PUNCT
ajfa-3687	312	27	.	.	PUNCT
ajfa-3687	313	1	(	(	PUNCT
ajfa-3687	313	2	2008	2008	NUM
ajfa-3687	313	3	)	)	PUNCT
ajfa-3687	313	4	.	.	PUNCT
ajfa-3687	314	1	changes	change	NOUN
ajfa-3687	314	2	in	in	ADP
ajfa-3687	314	3	insider	insider	NOUN
ajfa-3687	314	4	ownership	ownership	NOUN
ajfa-3687	314	5	and	and	CCONJ
ajfa-3687	314	6	changes	change	NOUN
ajfa-3687	314	7	in	in	ADP
ajfa-3687	314	8	the	the	DET
ajfa-3687	314	9	market	market	NOUN
ajfa-3687	314	10	value	value	NOUN
ajfa-3687	314	11	of	of	ADP
ajfa-3687	314	12	the	the	DET
ajfa-3687	314	13	firm	firm	NOUN
ajfa-3687	314	14	.	.	PUNCT
ajfa-3687	315	1	journal	journal	NOUN
ajfa-3687	315	2	of	of	ADP
ajfa-3687	315	3	corporate	corporate	ADJ
ajfa-3687	315	4	finance	finance	NOUN
ajfa-3687	315	5	,	,	PUNCT
ajfa-3687	315	6	14	14	NUM
ajfa-3687	315	7	,	,	PUNCT
ajfa-3687	315	8	92	92	NUM
ajfa-3687	315	9	-	-	SYM
ajfa-3687	315	10	106	106	NUM
ajfa-3687	315	11	.	.	PUNCT
ajfa-3687	316	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.02.001	http://dx.doi.org/10.1016/j.jcorpfin.2008.02.001	PROPN
ajfa-3687	316	2	mehran	mehran	PROPN
ajfa-3687	316	3	,	,	PUNCT
ajfa-3687	316	4	h.	h.	PROPN
ajfa-3687	316	5	(	(	PUNCT
ajfa-3687	316	6	1995	1995	NUM
ajfa-3687	316	7	)	)	PUNCT
ajfa-3687	316	8	.	.	PUNCT
ajfa-3687	317	1	executive	executive	PROPN
ajfa-3687	317	2	compensation	compensation	PROPN
ajfa-3687	317	3	,	,	PUNCT
ajfa-3687	317	4	ownership	ownership	NOUN
ajfa-3687	317	5	,	,	PUNCT
ajfa-3687	317	6	and	and	CCONJ
ajfa-3687	317	7	firm	firm	ADJ
ajfa-3687	317	8	performance	performance	NOUN
ajfa-3687	317	9	.	.	PUNCT
ajfa-3687	318	1	journal	journal	NOUN
ajfa-3687	318	2	of	of	ADP
ajfa-3687	318	3	financial	financial	ADJ
ajfa-3687	318	4	economics	economic	NOUN
ajfa-3687	318	5	,	,	PUNCT
ajfa-3687	318	6	38(2	38(2	NOUN
ajfa-3687	318	7	)	)	PUNCT
ajfa-3687	318	8	,	,	PUNCT
ajfa-3687	318	9	163	163	NUM
ajfa-3687	318	10	-	-	SYM
ajfa-3687	318	11	184	184	NUM
ajfa-3687	318	12	.	.	PUNCT
ajfa-3687	319	1	http://dx.doi.org/10.1016/0304-405x(94)00809-f	http://dx.doi.org/10.1016/0304-405x(94)00809-f	PROPN
ajfa-3687	319	2	miles	miles	PROPN
ajfa-3687	319	3	,	,	PUNCT
ajfa-3687	319	4	j.	j.	PROPN
ajfa-3687	319	5	a.	a.	PROPN
ajfa-3687	319	6	,	,	PUNCT
ajfa-3687	319	7	ezzell	ezzell	PROPN
ajfa-3687	319	8	,	,	PUNCT
ajfa-3687	319	9	j.	j.	PROPN
ajfa-3687	319	10	r.	r.	PROPN
ajfa-3687	319	11	,	,	PUNCT
ajfa-3687	319	12	.	.	PUNCT
ajfa-3687	320	1	(	(	PUNCT
ajfa-3687	320	2	1980	1980	NUM
ajfa-3687	320	3	)	)	PUNCT
ajfa-3687	320	4	.	.	PUNCT
ajfa-3687	321	1	the	the	DET
ajfa-3687	321	2	weighted	weight	VERB
ajfa-3687	321	3	average	average	ADJ
ajfa-3687	321	4	cost	cost	NOUN
ajfa-3687	321	5	of	of	ADP
ajfa-3687	321	6	capital	capital	NOUN
ajfa-3687	321	7	,	,	PUNCT
ajfa-3687	321	8	perfect	perfect	ADJ
ajfa-3687	321	9	capital	capital	NOUN
ajfa-3687	321	10	markets	market	NOUN
ajfa-3687	321	11	,	,	PUNCT
ajfa-3687	321	12	and	and	CCONJ
ajfa-3687	321	13	project	project	NOUN
ajfa-3687	321	14	life	life	NOUN
ajfa-3687	321	15	:	:	PUNCT
ajfa-3687	321	16	a	a	DET
ajfa-3687	321	17	clarification	clarification	NOUN
ajfa-3687	321	18	.	.	PUNCT
ajfa-3687	322	1	journal	journal	NOUN
ajfa-3687	322	2	of	of	ADP
ajfa-3687	322	3	financial	financial	ADJ
ajfa-3687	322	4	and	and	CCONJ
ajfa-3687	322	5	quantitative	quantitative	ADJ
ajfa-3687	322	6	analysis	analysis	NOUN
ajfa-3687	322	7	,	,	PUNCT
ajfa-3687	322	8	15	15	NUM
ajfa-3687	322	9	,	,	PUNCT
ajfa-3687	322	10	719	719	NUM
ajfa-3687	322	11	-	-	SYM
ajfa-3687	322	12	730	730	NUM
ajfa-3687	322	13	.	.	PUNCT
ajfa-3687	323	1	http://dx.doi.org/10.2307/2330405	http://dx.doi.org/10.2307/2330405	PROPN
ajfa-3687	323	2	modigliani	modigliani	PROPN
ajfa-3687	323	3	,	,	PUNCT
ajfa-3687	323	4	f.	f.	PROPN
ajfa-3687	323	5	,	,	PUNCT
ajfa-3687	323	6	miller	miller	PROPN
ajfa-3687	323	7	,	,	PUNCT
ajfa-3687	323	8	m.	m.	PROPN
ajfa-3687	323	9	h.	h.	PROPN
ajfa-3687	323	10	,	,	PUNCT
ajfa-3687	323	11	.	.	PUNCT
ajfa-3687	324	1	(	(	PUNCT
ajfa-3687	324	2	1958	1958	NUM
ajfa-3687	324	3	)	)	PUNCT
ajfa-3687	324	4	.	.	PUNCT
ajfa-3687	325	1	the	the	DET
ajfa-3687	325	2	cost	cost	NOUN
ajfa-3687	325	3	of	of	ADP
ajfa-3687	325	4	capital	capital	NOUN
ajfa-3687	325	5	,	,	PUNCT
ajfa-3687	325	6	corporation	corporation	NOUN
ajfa-3687	325	7	finance	finance	NOUN
ajfa-3687	325	8	and	and	CCONJ
ajfa-3687	325	9	the	the	DET
ajfa-3687	325	10	theory	theory	NOUN
ajfa-3687	325	11	of	of	ADP
ajfa-3687	325	12	investment	investment	NOUN
ajfa-3687	325	13	.	.	PUNCT
ajfa-3687	326	1	american	american	PROPN
ajfa-3687	326	2	economic	economic	PROPN
ajfa-3687	326	3	review	review	PROPN
ajfa-3687	326	4	,	,	PUNCT
ajfa-3687	326	5	48	48	NUM
ajfa-3687	326	6	,	,	PUNCT
ajfa-3687	326	7	261	261	NUM
ajfa-3687	326	8	-	-	SYM
ajfa-3687	326	9	297	297	NUM
ajfa-3687	326	10	.	.	PUNCT
ajfa-3687	327	1	asian	asian	ADJ
ajfa-3687	327	2	journal	journal	PROPN
ajfa-3687	327	3	of	of	ADP
ajfa-3687	327	4	finance	finance	PROPN
ajfa-3687	327	5	&	&	CCONJ
ajfa-3687	327	6	accounting	accounting	PROPN
ajfa-3687	327	7	issn	issn	PROPN
ajfa-3687	327	8	1946	1946	NUM
ajfa-3687	327	9	-	-	PUNCT
ajfa-3687	327	10	052x	052x	NOUN
ajfa-3687	327	11	2013	2013	NUM
ajfa-3687	327	12	,	,	PUNCT
ajfa-3687	327	13	vol	vol	NOUN
ajfa-3687	327	14	.	.	PROPN
ajfa-3687	327	15	5	5	NUM
ajfa-3687	327	16	,	,	PUNCT
ajfa-3687	327	17	no	no	INTJ
ajfa-3687	327	18	.	.	NOUN
ajfa-3687	327	19	1	1	NUM
ajfa-3687	327	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	327	21	410	410	NUM
ajfa-3687	327	22	modigliani	modigliani	NOUN
ajfa-3687	327	23	,	,	PUNCT
ajfa-3687	327	24	f.	f.	PROPN
ajfa-3687	327	25	,	,	PUNCT
ajfa-3687	327	26	miller	miller	PROPN
ajfa-3687	327	27	,	,	PUNCT
ajfa-3687	327	28	m.	m.	PROPN
ajfa-3687	327	29	h.	h.	PROPN
ajfa-3687	327	30	,	,	PUNCT
ajfa-3687	327	31	.	.	PUNCT
ajfa-3687	328	1	(	(	PUNCT
ajfa-3687	328	2	1963	1963	NUM
ajfa-3687	328	3	)	)	PUNCT
ajfa-3687	328	4	.	.	PUNCT
ajfa-3687	329	1	corporate	corporate	ADJ
ajfa-3687	329	2	income	income	NOUN
ajfa-3687	329	3	taxes	taxis	NOUN
ajfa-3687	329	4	and	and	CCONJ
ajfa-3687	329	5	cost	cost	NOUN
ajfa-3687	329	6	of	of	ADP
ajfa-3687	329	7	capital	capital	NOUN
ajfa-3687	329	8	.	.	PUNCT
ajfa-3687	330	1	american	american	PROPN
ajfa-3687	330	2	economic	economic	PROPN
ajfa-3687	330	3	review	review	PROPN
ajfa-3687	330	4	,	,	PUNCT
ajfa-3687	330	5	53	53	NUM
ajfa-3687	330	6	,	,	PUNCT
ajfa-3687	330	7	433	433	NUM
ajfa-3687	330	8	-	-	SYM
ajfa-3687	330	9	443	443	NUM
ajfa-3687	330	10	.	.	PUNCT
ajfa-3687	331	1	morck	morck	PROPN
ajfa-3687	331	2	,	,	PUNCT
ajfa-3687	331	3	r.	r.	PROPN
ajfa-3687	331	4	,	,	PUNCT
ajfa-3687	331	5	shleifer	shleifer	PROPN
ajfa-3687	331	6	,	,	PUNCT
ajfa-3687	331	7	a.	a.	NOUN
ajfa-3687	331	8	,	,	PUNCT
ajfa-3687	331	9	r.w.vishny	r.w.vishny	NOUN
ajfa-3687	331	10	,	,	PUNCT
ajfa-3687	331	11	.	.	PUNCT
ajfa-3687	332	1	(	(	PUNCT
ajfa-3687	332	2	1988	1988	NUM
ajfa-3687	332	3	)	)	PUNCT
ajfa-3687	332	4	.	.	PUNCT
ajfa-3687	333	1	management	management	NOUN
ajfa-3687	333	2	ownership	ownership	NOUN
ajfa-3687	333	3	and	and	CCONJ
ajfa-3687	333	4	market	market	NOUN
ajfa-3687	333	5	valuation	valuation	NOUN
ajfa-3687	333	6	:	:	PUNCT
ajfa-3687	333	7	an	an	DET
ajfa-3687	333	8	empirical	empirical	ADJ
ajfa-3687	333	9	analysis	analysis	NOUN
ajfa-3687	333	10	journal	journal	NOUN
ajfa-3687	333	11	of	of	ADP
ajfa-3687	333	12	financial	financial	ADJ
ajfa-3687	333	13	economics	economic	NOUN
ajfa-3687	333	14	,	,	PUNCT
ajfa-3687	333	15	20	20	NUM
ajfa-3687	333	16	,	,	PUNCT
ajfa-3687	333	17	293	293	NUM
ajfa-3687	333	18	-	-	SYM
ajfa-3687	333	19	315	315	NUM
ajfa-3687	333	20	.	.	PUNCT
ajfa-3687	334	1	http://dx.doi.org/10.1016/0304-405x(88)90048-7	http://dx.doi.org/10.1016/0304-405x(88)90048-7	PROPN
ajfa-3687	334	2	mudambi	mudambi	PROPN
ajfa-3687	334	3	,	,	PUNCT
ajfa-3687	334	4	r.	r.	PROPN
ajfa-3687	334	5	,	,	PUNCT
ajfa-3687	334	6	nicosia	nicosia	PROPN
ajfa-3687	334	7	,	,	PUNCT
ajfa-3687	334	8	c.	c.	PROPN
ajfa-3687	334	9	,	,	PUNCT
ajfa-3687	334	10	.	.	PUNCT
ajfa-3687	335	1	(	(	PUNCT
ajfa-3687	335	2	1998	1998	NUM
ajfa-3687	335	3	)	)	PUNCT
ajfa-3687	335	4	.	.	PUNCT
ajfa-3687	336	1	ownership	ownership	NOUN
ajfa-3687	336	2	structure	structure	NOUN
ajfa-3687	336	3	and	and	CCONJ
ajfa-3687	336	4	firm	firm	ADJ
ajfa-3687	336	5	performance	performance	NOUN
ajfa-3687	336	6	:	:	PUNCT
ajfa-3687	336	7	evidence	evidence	NOUN
ajfa-3687	336	8	from	from	ADP
ajfa-3687	336	9	the	the	DET
ajfa-3687	336	10	u.k	u.k	PROPN
ajfa-3687	336	11	.	.	PROPN
ajfa-3687	336	12	financial	financial	PROPN
ajfa-3687	336	13	services	service	NOUN
ajfa-3687	336	14	industry	industry	NOUN
ajfa-3687	336	15	.	.	PUNCT
ajfa-3687	337	1	applied	apply	VERB
ajfa-3687	337	2	financial	financial	ADJ
ajfa-3687	337	3	economics	economic	NOUN
ajfa-3687	337	4	,	,	PUNCT
ajfa-3687	337	5	8	8	NUM
ajfa-3687	337	6	,	,	PUNCT
ajfa-3687	337	7	175	175	NUM
ajfa-3687	337	8	-	-	SYM
ajfa-3687	337	9	180	180	NUM
ajfa-3687	337	10	.	.	PUNCT
ajfa-3687	338	1	http://dx.doi.org/10.1080/096031098333159	http://dx.doi.org/10.1080/096031098333159	PROPN
ajfa-3687	338	2	prowse	prowse	PROPN
ajfa-3687	338	3	,	,	PUNCT
ajfa-3687	338	4	s.	s.	PROPN
ajfa-3687	338	5	(	(	PUNCT
ajfa-3687	338	6	1992	1992	NUM
ajfa-3687	338	7	)	)	PUNCT
ajfa-3687	338	8	.	.	PUNCT
ajfa-3687	339	1	the	the	DET
ajfa-3687	339	2	structure	structure	NOUN
ajfa-3687	339	3	of	of	ADP
ajfa-3687	339	4	corporate	corporate	ADJ
ajfa-3687	339	5	ownership	ownership	NOUN
ajfa-3687	339	6	in	in	ADP
ajfa-3687	339	7	japan	japan	PROPN
ajfa-3687	339	8	.	.	PUNCT
ajfa-3687	340	1	journal	journal	PROPN
ajfa-3687	340	2	of	of	ADP
ajfa-3687	340	3	finance	finance	NOUN
ajfa-3687	340	4	,	,	PUNCT
ajfa-3687	340	5	47	47	NUM
ajfa-3687	340	6	,	,	PUNCT
ajfa-3687	340	7	1121	1121	NUM
ajfa-3687	340	8	-	-	SYM
ajfa-3687	340	9	1140	1140	NUM
ajfa-3687	340	10	.	.	PUNCT
ajfa-3687	341	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04007.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04007.x	X
ajfa-3687	341	2	reddy	reddy	PROPN
ajfa-3687	341	3	,	,	PUNCT
ajfa-3687	341	4	k.	k.	PROPN
ajfa-3687	341	5	,	,	PUNCT
ajfa-3687	341	6	locke	locke	PROPN
ajfa-3687	341	7	,	,	PUNCT
ajfa-3687	341	8	s.	s.	PROPN
ajfa-3687	341	9	m.	m.	PROPN
ajfa-3687	341	10	,	,	PUNCT
ajfa-3687	341	11	scrimgeour	scrimgeour	PROPN
ajfa-3687	341	12	,	,	PUNCT
ajfa-3687	341	13	f.	f.	PROPN
ajfa-3687	341	14	g.	g.	PROPN
ajfa-3687	341	15	,	,	PUNCT
ajfa-3687	341	16	gunasekarage	gunasekarage	NOUN
ajfa-3687	341	17	,	,	PUNCT
ajfa-3687	341	18	a.	a.	NOUN
ajfa-3687	341	19	(	(	PUNCT
ajfa-3687	341	20	2008	2008	NUM
ajfa-3687	341	21	)	)	PUNCT
ajfa-3687	341	22	.	.	PUNCT
ajfa-3687	342	1	corporate	corporate	ADJ
ajfa-3687	342	2	governance	governance	NOUN
ajfa-3687	342	3	practices	practice	NOUN
ajfa-3687	342	4	of	of	ADP
ajfa-3687	342	5	small	small	ADJ
ajfa-3687	342	6	cap	cap	NOUN
ajfa-3687	342	7	companies	company	NOUN
ajfa-3687	342	8	and	and	CCONJ
ajfa-3687	342	9	their	their	PRON
ajfa-3687	342	10	financial	financial	ADJ
ajfa-3687	342	11	performance	performance	NOUN
ajfa-3687	342	12	:	:	PUNCT
ajfa-3687	342	13	an	an	DET
ajfa-3687	342	14	empirical	empirical	ADJ
ajfa-3687	342	15	study	study	NOUN
ajfa-3687	342	16	in	in	ADP
ajfa-3687	342	17	new	new	PROPN
ajfa-3687	342	18	zealand	zealand	PROPN
ajfa-3687	342	19	.	.	PUNCT
ajfa-3687	343	1	international	international	PROPN
ajfa-3687	343	2	journal	journal	PROPN
ajfa-3687	343	3	of	of	ADP
ajfa-3687	343	4	business	business	NOUN
ajfa-3687	343	5	governance	governance	NOUN
ajfa-3687	343	6	and	and	CCONJ
ajfa-3687	343	7	ethics	ethic	NOUN
ajfa-3687	343	8	,	,	PUNCT
ajfa-3687	343	9	1(4	1(4	NUM
ajfa-3687	343	10	)	)	PUNCT
ajfa-3687	343	11	,	,	PUNCT
ajfa-3687	343	12	51	51	NUM
ajfa-3687	343	13	-	-	SYM
ajfa-3687	343	14	78	78	NUM
ajfa-3687	343	15	.	.	PUNCT
ajfa-3687	344	1	http://dx.doi.org/10.1504/ijbge.2008.017891	http://dx.doi.org/10.1504/ijbge.2008.017891	PROPN
ajfa-3687	344	2	ross	ross	PROPN
ajfa-3687	344	3	,	,	PUNCT
ajfa-3687	344	4	s.	s.	PROPN
ajfa-3687	344	5	a.	a.	PROPN
ajfa-3687	344	6	,	,	PUNCT
ajfa-3687	344	7	westerfield	westerfield	PROPN
ajfa-3687	344	8	,	,	PUNCT
ajfa-3687	344	9	r.	r.	PROPN
ajfa-3687	344	10	w.	w.	PROPN
ajfa-3687	344	11	,	,	PUNCT
ajfa-3687	344	12	jaffe	jaffe	PROPN
ajfa-3687	344	13	,	,	PUNCT
ajfa-3687	344	14	j.	j.	PROPN
ajfa-3687	344	15	f.	f.	PROPN
ajfa-3687	344	16	,	,	PUNCT
ajfa-3687	344	17	.	.	PUNCT
ajfa-3687	345	1	(	(	PUNCT
ajfa-3687	345	2	1996	1996	NUM
ajfa-3687	345	3	)	)	PUNCT
ajfa-3687	345	4	.	.	PUNCT
ajfa-3687	346	1	corporate	corporate	ADJ
ajfa-3687	346	2	finance	finance	NOUN
ajfa-3687	346	3	:	:	PUNCT
ajfa-3687	346	4	chicago	chicago	PROPN
ajfa-3687	346	5	:	:	PUNCT
ajfa-3687	346	6	mcgraw	mcgraw	PROPN
ajfa-3687	346	7	-	-	PUNCT
ajfa-3687	346	8	hill	hill	PROPN
ajfa-3687	346	9	,	,	PUNCT
ajfa-3687	346	10	inc	inc	PROPN
ajfa-3687	346	11	.	.	PROPN
ajfa-3687	346	12	sharpe	sharpe	PROPN
ajfa-3687	346	13	,	,	PUNCT
ajfa-3687	346	14	w.	w.	PROPN
ajfa-3687	346	15	f.	f.	PROPN
ajfa-3687	346	16	(	(	PUNCT
ajfa-3687	346	17	1964	1964	NUM
ajfa-3687	346	18	)	)	PUNCT
ajfa-3687	346	19	.	.	PUNCT
ajfa-3687	347	1	capital	capital	NOUN
ajfa-3687	347	2	asset	asset	NOUN
ajfa-3687	347	3	prices	price	NOUN
ajfa-3687	347	4	:	:	PUNCT
ajfa-3687	347	5	a	a	DET
ajfa-3687	347	6	theory	theory	NOUN
ajfa-3687	347	7	of	of	ADP
ajfa-3687	347	8	market	market	NOUN
ajfa-3687	347	9	equilibrium	equilibrium	NOUN
ajfa-3687	347	10	under	under	ADP
ajfa-3687	347	11	conditions	condition	NOUN
ajfa-3687	347	12	of	of	ADP
ajfa-3687	347	13	risk	risk	NOUN
ajfa-3687	347	14	.	.	PUNCT
ajfa-3687	348	1	journal	journal	NOUN
ajfa-3687	348	2	of	of	ADP
ajfa-3687	348	3	finance	finance	NOUN
ajfa-3687	348	4	,	,	PUNCT
ajfa-3687	348	5	19(3	19(3	NUM
ajfa-3687	348	6	)	)	PUNCT
ajfa-3687	348	7	,	,	PUNCT
ajfa-3687	348	8	425	425	NUM
ajfa-3687	348	9	-	-	SYM
ajfa-3687	348	10	442	442	NUM
ajfa-3687	348	11	.	.	PUNCT
ajfa-3687	349	1	shleifer	shleifer	PROPN
ajfa-3687	349	2	,	,	PUNCT
ajfa-3687	349	3	a.	a.	NOUN
ajfa-3687	349	4	,	,	PUNCT
ajfa-3687	349	5	and	and	CCONJ
ajfa-3687	349	6	r.	r.	PROPN
ajfa-3687	349	7	w.	w.	PROPN
ajfa-3687	349	8	vishny	vishny	PROPN
ajfa-3687	349	9	,	,	PUNCT
ajfa-3687	349	10	.	.	PUNCT
ajfa-3687	350	1	(	(	PUNCT
ajfa-3687	350	2	1986	1986	NUM
ajfa-3687	350	3	)	)	PUNCT
ajfa-3687	350	4	.	.	PUNCT
ajfa-3687	351	1	large	large	ADJ
ajfa-3687	351	2	shareholders	shareholder	NOUN
ajfa-3687	351	3	and	and	CCONJ
ajfa-3687	351	4	corporate	corporate	ADJ
ajfa-3687	351	5	control	control	NOUN
ajfa-3687	351	6	.	.	PUNCT
ajfa-3687	352	1	journal	journal	NOUN
ajfa-3687	352	2	of	of	ADP
ajfa-3687	352	3	political	political	ADJ
ajfa-3687	352	4	economy	economy	NOUN
ajfa-3687	352	5	,	,	PUNCT
ajfa-3687	352	6	94	94	NUM
ajfa-3687	352	7	,	,	PUNCT
ajfa-3687	352	8	461	461	NUM
ajfa-3687	352	9	-	-	SYM
ajfa-3687	352	10	488	488	NUM
ajfa-3687	352	11	.	.	PUNCT
ajfa-3687	353	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	PROPN
ajfa-3687	353	2	shleifer	shleifer	PROPN
ajfa-3687	353	3	,	,	PUNCT
ajfa-3687	353	4	a.	a.	NOUN
ajfa-3687	353	5	,	,	PUNCT
ajfa-3687	353	6	and	and	CCONJ
ajfa-3687	353	7	r.	r.	PROPN
ajfa-3687	353	8	w.	w.	PROPN
ajfa-3687	353	9	vishny	vishny	PROPN
ajfa-3687	353	10	,	,	PUNCT
ajfa-3687	353	11	.	.	PUNCT
ajfa-3687	354	1	(	(	PUNCT
ajfa-3687	354	2	1997	1997	NUM
ajfa-3687	354	3	)	)	PUNCT
ajfa-3687	354	4	.	.	PUNCT
ajfa-3687	355	1	a	a	DET
ajfa-3687	355	2	survey	survey	NOUN
ajfa-3687	355	3	of	of	ADP
ajfa-3687	355	4	corporate	corporate	ADJ
ajfa-3687	355	5	governance	governance	NOUN
ajfa-3687	355	6	.	.	PUNCT
ajfa-3687	356	1	journal	journal	NOUN
ajfa-3687	356	2	of	of	ADP
ajfa-3687	356	3	finance	finance	NOUN
ajfa-3687	356	4	,	,	PUNCT
ajfa-3687	356	5	52(2	52(2	NUM
ajfa-3687	356	6	)	)	PUNCT
ajfa-3687	356	7	,	,	PUNCT
ajfa-3687	356	8	737	737	NUM
ajfa-3687	356	9	-	-	SYM
ajfa-3687	356	10	783	783	NUM
ajfa-3687	356	11	.	.	PUNCT
ajfa-3687	357	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	PROPN
ajfa-3687	357	2	short	short	PROPN
ajfa-3687	357	3	,	,	PUNCT
ajfa-3687	357	4	h.	h.	PROPN
ajfa-3687	357	5	,	,	PUNCT
ajfa-3687	357	6	keasey	keasey	PROPN
ajfa-3687	357	7	,	,	PUNCT
ajfa-3687	357	8	k.	k.	PROPN
ajfa-3687	357	9	,	,	PUNCT
ajfa-3687	357	10	.	.	PUNCT
ajfa-3687	358	1	(	(	PUNCT
ajfa-3687	358	2	1999	1999	NUM
ajfa-3687	358	3	)	)	PUNCT
ajfa-3687	358	4	.	.	PUNCT
ajfa-3687	359	1	managerial	managerial	ADJ
ajfa-3687	359	2	ownership	ownership	NOUN
ajfa-3687	359	3	and	and	CCONJ
ajfa-3687	359	4	performance	performance	NOUN
ajfa-3687	359	5	of	of	ADP
ajfa-3687	359	6	firms	firm	NOUN
ajfa-3687	359	7	:	:	PUNCT
ajfa-3687	359	8	evidence	evidence	NOUN
ajfa-3687	359	9	from	from	ADP
ajfa-3687	359	10	the	the	DET
ajfa-3687	359	11	uk	uk	PROPN
ajfa-3687	359	12	.	.	PROPN
ajfa-3687	359	13	journal	journal	PROPN
ajfa-3687	359	14	of	of	ADP
ajfa-3687	359	15	corporate	corporate	ADJ
ajfa-3687	359	16	finance	finance	NOUN
ajfa-3687	359	17	,	,	PUNCT
ajfa-3687	359	18	5	5	NUM
ajfa-3687	359	19	,	,	PUNCT
ajfa-3687	359	20	79	79	NUM
ajfa-3687	359	21	-	-	SYM
ajfa-3687	359	22	101	101	NUM
ajfa-3687	359	23	.	.	PUNCT
ajfa-3687	360	1	http://dx.doi.org/10.1086/261385	http://dx.doi.org/10.1086/261385	PROPN
ajfa-3687	360	2	stulz	stulz	PROPN
ajfa-3687	360	3	,	,	PUNCT
ajfa-3687	360	4	r.	r.	PROPN
ajfa-3687	360	5	(	(	PUNCT
ajfa-3687	360	6	1988	1988	NUM
ajfa-3687	360	7	)	)	PUNCT
ajfa-3687	360	8	.	.	PUNCT
ajfa-3687	361	1	managerial	managerial	ADJ
ajfa-3687	361	2	control	control	NOUN
ajfa-3687	361	3	of	of	ADP
ajfa-3687	361	4	voting	voting	NOUN
ajfa-3687	361	5	rights	right	NOUN
ajfa-3687	361	6	:	:	PUNCT
ajfa-3687	361	7	financing	financing	NOUN
ajfa-3687	361	8	policies	policy	NOUN
ajfa-3687	361	9	and	and	CCONJ
ajfa-3687	361	10	the	the	DET
ajfa-3687	361	11	market	market	NOUN
ajfa-3687	361	12	for	for	ADP
ajfa-3687	361	13	corporate	corporate	ADJ
ajfa-3687	361	14	control	control	NOUN
ajfa-3687	361	15	.	.	PUNCT
ajfa-3687	362	1	journal	journal	NOUN
ajfa-3687	362	2	of	of	ADP
ajfa-3687	362	3	financial	financial	ADJ
ajfa-3687	362	4	economics	economic	NOUN
ajfa-3687	362	5	,	,	PUNCT
ajfa-3687	362	6	20	20	NUM
ajfa-3687	362	7	,	,	PUNCT
ajfa-3687	362	8	25	25	NUM
ajfa-3687	362	9	-	-	SYM
ajfa-3687	362	10	59	59	NUM
ajfa-3687	362	11	.	.	PUNCT
ajfa-3687	363	1	http://dx.doi.org/10.1016/0304-405x(88)90039-6	http://dx.doi.org/10.1016/0304-405x(88)90039-6	AUX
ajfa-3687	363	2	the	the	DET
ajfa-3687	363	3	world	world	NOUN
ajfa-3687	363	4	bank	bank	NOUN
ajfa-3687	363	5	.	.	PUNCT
ajfa-3687	364	1	(	(	PUNCT
ajfa-3687	364	2	2010	2010	NUM
ajfa-3687	364	3	)	)	PUNCT
ajfa-3687	364	4	.	.	PUNCT
ajfa-3687	365	1	global	global	ADJ
ajfa-3687	365	2	economic	economic	ADJ
ajfa-3687	365	3	prospects	prospect	NOUN
ajfa-3687	365	4	.	.	PUNCT
ajfa-3687	366	1	washington	washington	PROPN
ajfa-3687	366	2	thomsen	thomsen	PROPN
ajfa-3687	366	3	,	,	PUNCT
ajfa-3687	366	4	s.	s.	PROPN
ajfa-3687	366	5	,	,	PUNCT
ajfa-3687	366	6	pedersen	pedersen	PROPN
ajfa-3687	366	7	,	,	PUNCT
ajfa-3687	366	8	t.	t.	PROPN
ajfa-3687	366	9	,	,	PUNCT
ajfa-3687	366	10	.	.	PUNCT
ajfa-3687	367	1	(	(	PUNCT
ajfa-3687	367	2	2000	2000	NUM
ajfa-3687	367	3	)	)	PUNCT
ajfa-3687	367	4	.	.	PUNCT
ajfa-3687	368	1	ownership	ownership	NOUN
ajfa-3687	368	2	structure	structure	NOUN
ajfa-3687	368	3	and	and	CCONJ
ajfa-3687	368	4	economic	economic	ADJ
ajfa-3687	368	5	performance	performance	NOUN
ajfa-3687	368	6	in	in	ADP
ajfa-3687	368	7	the	the	DET
ajfa-3687	368	8	largest	large	ADJ
ajfa-3687	368	9	european	european	ADJ
ajfa-3687	368	10	companies	company	NOUN
ajfa-3687	368	11	.	.	PUNCT
ajfa-3687	369	1	strategic	strategic	ADJ
ajfa-3687	369	2	management	management	NOUN
ajfa-3687	369	3	journal	journal	NOUN
ajfa-3687	369	4	,	,	PUNCT
ajfa-3687	369	5	21	21	NUM
ajfa-3687	369	6	,	,	PUNCT
ajfa-3687	369	7	689	689	NUM
ajfa-3687	369	8	-	-	SYM
ajfa-3687	369	9	705	705	NUM
ajfa-3687	369	10	.	.	PUNCT
ajfa-3687	369	11	http://dx.doi.org/10.1002/(sici)1097-0266(200006)21:6<689::aid-smj115>3.0.co;2-y	http://dx.doi.org/10.1002/(sici)1097-0266(200006)21:6<689::aid-smj115>3.0.co;2-y	PROPN
ajfa-3687	369	12	tien	tien	PROPN
ajfa-3687	369	13	,	,	PUNCT
ajfa-3687	369	14	j.	j.	PROPN
ajfa-3687	369	15	j.	j.	PROPN
ajfa-3687	369	16	,	,	PUNCT
ajfa-3687	369	17	wang	wang	PROPN
ajfa-3687	369	18	,	,	PUNCT
ajfa-3687	369	19	j.	j.	PROPN
ajfa-3687	369	20	l.	l.	PROPN
ajfa-3687	369	21	,	,	PUNCT
ajfa-3687	369	22	.	.	PUNCT
ajfa-3687	370	1	(	(	PUNCT
ajfa-3687	370	2	2010	2010	NUM
ajfa-3687	370	3	.	.	PUNCT
ajfa-3687	371	1	the	the	DET
ajfa-3687	371	2	momentum	momentum	NOUN
ajfa-3687	371	3	effect	effect	NOUN
ajfa-3687	371	4	on	on	ADP
ajfa-3687	371	5	estimating	estimate	VERB
ajfa-3687	371	6	the	the	DET
ajfa-3687	371	7	cost	cost	NOUN
ajfa-3687	371	8	of	of	ADP
ajfa-3687	371	9	equity	equity	NOUN
ajfa-3687	371	10	capital	capital	NOUN
ajfa-3687	371	11	for	for	ADP
ajfa-3687	371	12	property	property	NOUN
ajfa-3687	371	13	-	-	PUNCT
ajfa-3687	371	14	liability	liability	NOUN
ajfa-3687	371	15	insurers	insurer	NOUN
ajfa-3687	371	16	.	.	PUNCT
ajfa-3687	372	1	paper	paper	NOUN
ajfa-3687	372	2	presented	present	VERB
ajfa-3687	372	3	at	at	ADP
ajfa-3687	372	4	the	the	DET
ajfa-3687	372	5	ntu	ntu	PROPN
ajfa-3687	372	6	international	international	ADJ
ajfa-3687	372	7	conference	conference	NOUN
ajfa-3687	372	8	of	of	ADP
ajfa-3687	372	9	finance	finance	NOUN
ajfa-3687	372	10	,	,	PUNCT
ajfa-3687	372	11	national	national	PROPN
ajfa-3687	372	12	taiwan	taiwan	PROPN
ajfa-3687	372	13	university	university	PROPN
ajfa-3687	372	14	.	.	PUNCT
ajfa-3687	373	1	villalonga	villalonga	PROPN
ajfa-3687	373	2	,	,	PUNCT
ajfa-3687	373	3	b.	b.	PROPN
ajfa-3687	373	4	,	,	PUNCT
ajfa-3687	373	5	amit	amit	PROPN
ajfa-3687	373	6	,	,	PUNCT
ajfa-3687	373	7	r.	r.	PROPN
ajfa-3687	373	8	,	,	PUNCT
ajfa-3687	373	9	.	.	PUNCT
ajfa-3687	374	1	(	(	PUNCT
ajfa-3687	374	2	2006	2006	NUM
ajfa-3687	374	3	)	)	PUNCT
ajfa-3687	374	4	.	.	PUNCT
ajfa-3687	375	1	how	how	SCONJ
ajfa-3687	375	2	do	do	AUX
ajfa-3687	375	3	family	family	NOUN
ajfa-3687	375	4	ownership	ownership	NOUN
ajfa-3687	375	5	,	,	PUNCT
ajfa-3687	375	6	control	control	NOUN
ajfa-3687	375	7	and	and	CCONJ
ajfa-3687	375	8	management	management	NOUN
ajfa-3687	375	9	affect	affect	VERB
ajfa-3687	375	10	firm	firm	ADJ
ajfa-3687	375	11	value	value	NOUN
ajfa-3687	375	12	?	?	PUNCT
ajfa-3687	376	1	journal	journal	NOUN
ajfa-3687	376	2	of	of	ADP
ajfa-3687	376	3	financial	financial	ADJ
ajfa-3687	376	4	economics	economic	NOUN
ajfa-3687	376	5	,	,	PUNCT
ajfa-3687	376	6	80	80	NUM
ajfa-3687	376	7	,	,	PUNCT
ajfa-3687	376	8	385	385	NUM
ajfa-3687	376	9	-	-	SYM
ajfa-3687	376	10	417	417	NUM
ajfa-3687	376	11	.	.	PUNCT
ajfa-3687	377	1	asian	asian	ADJ
ajfa-3687	377	2	journal	journal	PROPN
ajfa-3687	377	3	of	of	ADP
ajfa-3687	377	4	finance	finance	PROPN
ajfa-3687	377	5	&	&	CCONJ
ajfa-3687	377	6	accounting	accounting	PROPN
ajfa-3687	377	7	issn	issn	PROPN
ajfa-3687	377	8	1946	1946	NUM
ajfa-3687	377	9	-	-	PUNCT
ajfa-3687	377	10	052x	052x	NOUN
ajfa-3687	377	11	2013	2013	NUM
ajfa-3687	377	12	,	,	PUNCT
ajfa-3687	377	13	vol	vol	NOUN
ajfa-3687	377	14	.	.	PROPN
ajfa-3687	377	15	5	5	NUM
ajfa-3687	377	16	,	,	PUNCT
ajfa-3687	377	17	no	no	INTJ
ajfa-3687	377	18	.	.	NOUN
ajfa-3687	377	19	1	1	NUM
ajfa-3687	377	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	377	21	411	411	NUM
ajfa-3687	377	22	appendix	appendix	VERB
ajfa-3687	377	23	a.	a.	NOUN
ajfa-3687	377	24	estimating	estimate	VERB
ajfa-3687	377	25	the	the	DET
ajfa-3687	377	26	effect	effect	NOUN
ajfa-3687	377	27	of	of	ADP
ajfa-3687	377	28	ownership	ownership	NOUN
ajfa-3687	377	29	structure	structure	NOUN
ajfa-3687	377	30	on	on	ADP
ajfa-3687	377	31	cost	cost	NOUN
ajfa-3687	377	32	of	of	ADP
ajfa-3687	377	33	capital	capital	NOUN
ajfa-3687	377	34	(	(	PUNCT
ajfa-3687	377	35	during	during	ADP
ajfa-3687	377	36	and	and	CCONJ
ajfa-3687	377	37	after	after	ADP
ajfa-3687	377	38	global	global	ADJ
ajfa-3687	377	39	financial	financial	ADJ
ajfa-3687	377	40	crisis	crisis	NOUN
ajfa-3687	377	41	)	)	PUNCT
ajfa-3687	377	42	in	in	ADP
ajfa-3687	377	43	new	new	PROPN
ajfa-3687	377	44	zealand	zealand	PROPN
ajfa-3687	377	45	block	block	NOUN
ajfa-3687	377	46	ownership	ownership	NOUN
ajfa-3687	377	47	and	and	CCONJ
ajfa-3687	377	48	cost	cost	NOUN
ajfa-3687	377	49	of	of	ADP
ajfa-3687	377	50	capital	capital	NOUN
ajfa-3687	377	51	in	in	ADP
ajfa-3687	377	52	new	new	PROPN
ajfa-3687	377	53	zealand	zealand	PROPN
ajfa-3687	377	54	in	in	ADP
ajfa-3687	377	55	2008	2008	NUM
ajfa-3687	377	56	dependent	dependent	ADJ
ajfa-3687	377	57	variable	variable	NOUN
ajfa-3687	377	58	:	:	PUNCT
ajfa-3687	377	59	wacc	wacc	PROPN
ajfa-3687	377	60	method	method	NOUN
ajfa-3687	377	61	:	:	PUNCT
ajfa-3687	377	62	pooled	pool	VERB
ajfa-3687	377	63	least	least	ADJ
ajfa-3687	377	64	squares	square	NOUN
ajfa-3687	377	65	total	total	ADJ
ajfa-3687	377	66	pool	pool	NOUN
ajfa-3687	377	67	(	(	PUNCT
ajfa-3687	377	68	balanced	balanced	ADJ
ajfa-3687	377	69	)	)	PUNCT
ajfa-3687	377	70	observations	observation	NOUN
ajfa-3687	377	71	:	:	PUNCT
ajfa-3687	377	72	195	195	NUM
ajfa-3687	377	73	variable	variable	ADJ
ajfa-3687	377	74	coefficient	coefficient	NOUN
ajfa-3687	377	75	std	std	NOUN
ajfa-3687	377	76	.	.	NOUN
ajfa-3687	377	77	error	error	NOUN
ajfa-3687	377	78	t	t	NOUN
ajfa-3687	377	79	-	-	PUNCT
ajfa-3687	377	80	statistic	statistic	NOUN
ajfa-3687	377	81	prob	prob	NOUN
ajfa-3687	377	82	.	.	PUNCT
ajfa-3687	378	1	c	c	PROPN
ajfa-3687	378	2	8.271672	8.271672	NUM
ajfa-3687	378	3	0.604399	0.604399	NUM
ajfa-3687	378	4	13.68578	13.68578	NUM
ajfa-3687	378	5	0.0000	0.0000	NUM
ajfa-3687	378	6	large	large	ADJ
ajfa-3687	378	7	-8.650723	-8.650723	NOUN
ajfa-3687	378	8	3.597196	3.597196	NUM
ajfa-3687	378	9	-2.404852	-2.404852	VERB
ajfa-3687	378	10	0.0172	0.0172	NUM
ajfa-3687	378	11	large^2	large^2	PROPN
ajfa-3687	378	12	30.15846	30.15846	NUM
ajfa-3687	378	13	10.41633	10.41633	NUM
ajfa-3687	378	14	2.895307	2.895307	NUM
ajfa-3687	378	15	0.0042	0.0042	NUM
ajfa-3687	378	16	large^3	large^3	PROPN
ajfa-3687	378	17	-25.26902	-25.26902	PUNCT
ajfa-3687	378	18	8.050133	8.050133	NUM
ajfa-3687	378	19	-3.138956	-3.138956	NOUN
ajfa-3687	378	20	0.0020	0.0020	NUM
ajfa-3687	378	21	ln(size	ln(size	PROPN
ajfa-3687	378	22	)	)	PUNCT
ajfa-3687	378	23	-0.067641	-0.067641	NOUN
ajfa-3687	378	24	0.060706	0.060706	NUM
ajfa-3687	378	25	-1.114225	-1.114225	NOUN
ajfa-3687	378	26	0.2666	0.2666	NUM
ajfa-3687	378	27	leverage	leverage	NOUN
ajfa-3687	378	28	-0.203825	-0.203825	NOUN
ajfa-3687	378	29	0.023540	0.023540	NUM
ajfa-3687	378	30	-8.658570	-8.658570	NOUN
ajfa-3687	378	31	0.0000	0.0000	NUM
ajfa-3687	378	32	gdp	gdp	NOUN
ajfa-3687	378	33	-0.006295	-0.006295	NOUN
ajfa-3687	378	34	0.028042	0.028042	NUM
ajfa-3687	378	35	-0.224500	-0.224500	NOUN
ajfa-3687	378	36	0.8226	0.8226	NUM
ajfa-3687	378	37	dummy(2008	dummy(2008	NOUN
ajfa-3687	378	38	)	)	PUNCT
ajfa-3687	378	39	-0.518033	-0.518033	VERB
ajfa-3687	379	1	0.051671	0.051671	NUM
ajfa-3687	379	2	-10.02569	-10.02569	NUM
ajfa-3687	379	3	0.0000	0.0000	NUM
ajfa-3687	379	4	r	r	NOUN
ajfa-3687	379	5	-	-	PUNCT
ajfa-3687	379	6	squared	square	VERB
ajfa-3687	379	7	0.282452	0.282452	NUM
ajfa-3687	379	8	mean	mean	NOUN
ajfa-3687	379	9	dependent	dependent	ADJ
ajfa-3687	379	10	var	var	NOUN
ajfa-3687	379	11	6.540259	6.540259	NUM
ajfa-3687	379	12	adjusted	adjusted	ADJ
ajfa-3687	379	13	r	r	NOUN
ajfa-3687	379	14	-	-	PUNCT
ajfa-3687	379	15	squared	square	VERB
ajfa-3687	379	16	0.255592	0.255592	NUM
ajfa-3687	379	17	s.d	s.d	PROPN
ajfa-3687	379	18	.	.	PUNCT
ajfa-3687	379	19	dependent	dependent	ADJ
ajfa-3687	379	20	var	var	PROPN
ajfa-3687	379	21	2.526082	2.526082	NUM
ajfa-3687	379	22	s.e	s.e	PROPN
ajfa-3687	379	23	.	.	PROPN
ajfa-3687	379	24	of	of	ADP
ajfa-3687	379	25	regression	regression	NOUN
ajfa-3687	379	26	2.179480	2.179480	NUM
ajfa-3687	379	27	akaike	akaike	ADJ
ajfa-3687	379	28	info	info	NOUN
ajfa-3687	379	29	criterion	criterion	NOUN
ajfa-3687	379	30	4.436210	4.436210	NUM
ajfa-3687	379	31	sum	sum	NOUN
ajfa-3687	379	32	squared	square	VERB
ajfa-3687	379	33	resid	resid	NOUN
ajfa-3687	379	34	888.2747	888.2747	NUM
ajfa-3687	379	35	schwarz	schwarz	NOUN
ajfa-3687	379	36	criterion	criterion	NOUN
ajfa-3687	379	37	4.570487	4.570487	NUM
ajfa-3687	379	38	log	log	NOUN
ajfa-3687	379	39	likelihood	likelihood	NOUN
ajfa-3687	380	1	-424.5305	-424.5305	VERB
ajfa-3687	380	2	hannan	hannan	PROPN
ajfa-3687	380	3	-	-	PUNCT
ajfa-3687	380	4	quinn	quinn	PROPN
ajfa-3687	380	5	criter	criter	NOUN
ajfa-3687	380	6	.	.	PUNCT
ajfa-3687	381	1	4.490577	4.490577	NUM
ajfa-3687	381	2	f	f	X
ajfa-3687	381	3	-	-	PUNCT
ajfa-3687	381	4	statistic	statistic	ADJ
ajfa-3687	381	5	10.51570	10.51570	NUM
ajfa-3687	381	6	durbin	durbin	ADJ
ajfa-3687	381	7	-	-	PUNCT
ajfa-3687	381	8	watson	watson	NOUN
ajfa-3687	381	9	stat	stat	NOUN
ajfa-3687	381	10	0.604093	0.604093	NUM
ajfa-3687	381	11	prob(f	prob(f	NOUN
ajfa-3687	381	12	-	-	PUNCT
ajfa-3687	381	13	statistic	statistic	NOUN
ajfa-3687	381	14	)	)	PUNCT
ajfa-3687	381	15	0.000000	0.000000	NUM
ajfa-3687	381	16	asian	asian	ADJ
ajfa-3687	381	17	journal	journal	NOUN
ajfa-3687	381	18	of	of	ADP
ajfa-3687	381	19	finance	finance	PROPN
ajfa-3687	381	20	&	&	CCONJ
ajfa-3687	381	21	accounting	accounting	PROPN
ajfa-3687	381	22	issn	issn	PROPN
ajfa-3687	381	23	1946	1946	NUM
ajfa-3687	381	24	-	-	PUNCT
ajfa-3687	381	25	052x	052x	NOUN
ajfa-3687	381	26	2013	2013	NUM
ajfa-3687	381	27	,	,	PUNCT
ajfa-3687	381	28	vol	vol	NOUN
ajfa-3687	381	29	.	.	PROPN
ajfa-3687	381	30	5	5	NUM
ajfa-3687	381	31	,	,	PUNCT
ajfa-3687	381	32	no	no	INTJ
ajfa-3687	381	33	.	.	NOUN
ajfa-3687	381	34	1	1	NUM
ajfa-3687	381	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	381	36	412	412	NUM
ajfa-3687	381	37	block	block	NOUN
ajfa-3687	381	38	ownership	ownership	NOUN
ajfa-3687	381	39	and	and	CCONJ
ajfa-3687	381	40	cost	cost	NOUN
ajfa-3687	381	41	of	of	ADP
ajfa-3687	381	42	capital	capital	NOUN
ajfa-3687	381	43	in	in	ADP
ajfa-3687	381	44	new	new	PROPN
ajfa-3687	381	45	zealand	zealand	PROPN
ajfa-3687	381	46	after	after	ADP
ajfa-3687	381	47	2008	2008	NUM
ajfa-3687	381	48	dependent	dependent	ADJ
ajfa-3687	381	49	variable	variable	NOUN
ajfa-3687	381	50	:	:	PUNCT
ajfa-3687	381	51	wacc	wacc	PROPN
ajfa-3687	381	52	method	method	NOUN
ajfa-3687	381	53	:	:	PUNCT
ajfa-3687	381	54	pooled	pool	VERB
ajfa-3687	381	55	least	least	ADJ
ajfa-3687	381	56	squares	square	NOUN
ajfa-3687	381	57	total	total	ADJ
ajfa-3687	381	58	pool	pool	NOUN
ajfa-3687	381	59	(	(	PUNCT
ajfa-3687	381	60	balanced	balanced	ADJ
ajfa-3687	381	61	)	)	PUNCT
ajfa-3687	381	62	observations	observation	NOUN
ajfa-3687	381	63	:	:	PUNCT
ajfa-3687	381	64	195	195	NUM
ajfa-3687	381	65	variable	variable	ADJ
ajfa-3687	381	66	coefficient	coefficient	NOUN
ajfa-3687	381	67	std	std	NOUN
ajfa-3687	381	68	.	.	NOUN
ajfa-3687	381	69	error	error	NOUN
ajfa-3687	381	70	t	t	NOUN
ajfa-3687	381	71	-	-	PUNCT
ajfa-3687	381	72	statistic	statistic	NOUN
ajfa-3687	381	73	prob	prob	NOUN
ajfa-3687	381	74	.	.	PUNCT
ajfa-3687	382	1	c	c	NOUN
ajfa-3687	382	2	7.928905	7.928905	NUM
ajfa-3687	382	3	0.723338	0.723338	NUM
ajfa-3687	382	4	10.96154	10.96154	NUM
ajfa-3687	382	5	0.0000	0.0000	NUM
ajfa-3687	382	6	large	large	ADJ
ajfa-3687	382	7	-8.842967	-8.842967	NOUN
ajfa-3687	382	8	3.622949	3.622949	NUM
ajfa-3687	382	9	-2.440820	-2.440820	NOUN
ajfa-3687	382	10	0.0156	0.0156	NUM
ajfa-3687	382	11	large^2	large^2	PROPN
ajfa-3687	382	12	30.73964	30.73964	NUM
ajfa-3687	382	13	10.48238	10.48238	NUM
ajfa-3687	382	14	2.932507	2.932507	NUM
ajfa-3687	382	15	0.0038	0.0038	NUM
ajfa-3687	382	16	large^3	large^3	PROPN
ajfa-3687	382	17	-25.64114	-25.64114	PUNCT
ajfa-3687	382	18	8.109621	8.109621	NUM
ajfa-3687	382	19	-3.161817	-3.161817	NOUN
ajfa-3687	382	20	0.0018	0.0018	NUM
ajfa-3687	382	21	ln(size	ln(size	PROPN
ajfa-3687	382	22	)	)	PUNCT
ajfa-3687	382	23	-0.086868	-0.086868	VERB
ajfa-3687	382	24	0.067592	0.067592	NUM
ajfa-3687	382	25	-1.285189	-1.285189	NOUN
ajfa-3687	382	26	0.2003	0.2003	NUM
ajfa-3687	382	27	leverage	leverage	NOUN
ajfa-3687	382	28	-0.203664	-0.203664	VERB
ajfa-3687	382	29	0.023504	0.023504	NUM
ajfa-3687	382	30	-8.665246	-8.665246	NOUN
ajfa-3687	382	31	0.0000	0.0000	NUM
ajfa-3687	382	32	gdp	gdp	NOUN
ajfa-3687	383	1	0.166648	0.166648	NUM
ajfa-3687	383	2	0.045054	0.045054	NUM
ajfa-3687	383	3	3.698848	3.698848	NUM
ajfa-3687	383	4	0.0003	0.0003	NUM
ajfa-3687	383	5	dummy(2009,2010	dummy(2009,2010	PROPN
ajfa-3687	383	6	)	)	PUNCT
ajfa-3687	383	7	0.785978	0.785978	NUM
ajfa-3687	383	8	0.181020	0.181020	NUM
ajfa-3687	383	9	4.341929	4.341929	NUM
ajfa-3687	383	10	0.0000	0.0000	NUM
ajfa-3687	383	11	r	r	X
ajfa-3687	383	12	-	-	PUNCT
ajfa-3687	383	13	squared	square	VERB
ajfa-3687	383	14	0.282723	0.282723	NUM
ajfa-3687	383	15	mean	mean	NOUN
ajfa-3687	383	16	dependent	dependent	ADJ
ajfa-3687	383	17	var	var	NOUN
ajfa-3687	383	18	6.540259	6.540259	NUM
ajfa-3687	383	19	adjusted	adjusted	ADJ
ajfa-3687	383	20	r	r	NOUN
ajfa-3687	383	21	-	-	PUNCT
ajfa-3687	383	22	squared	square	VERB
ajfa-3687	383	23	0.255873	0.255873	NUM
ajfa-3687	383	24	s.d	s.d	PROPN
ajfa-3687	383	25	.	.	PUNCT
ajfa-3687	384	1	dependent	dependent	ADJ
ajfa-3687	384	2	var	var	PROPN
ajfa-3687	384	3	2.526082	2.526082	NUM
ajfa-3687	384	4	s.e	s.e	PROPN
ajfa-3687	384	5	.	.	PROPN
ajfa-3687	384	6	of	of	ADP
ajfa-3687	384	7	regression	regression	NOUN
ajfa-3687	384	8	2.179068	2.179068	NUM
ajfa-3687	384	9	akaike	akaike	ADJ
ajfa-3687	384	10	info	info	NOUN
ajfa-3687	384	11	criterion	criterion	NOUN
ajfa-3687	384	12	4.435832	4.435832	NUM
ajfa-3687	384	13	sum	sum	NOUN
ajfa-3687	384	14	squared	square	VERB
ajfa-3687	384	15	resid	resid	NOUN
ajfa-3687	384	16	887.9394	887.9394	NUM
ajfa-3687	384	17	schwarz	schwarz	PROPN
ajfa-3687	384	18	criterion	criterion	NOUN
ajfa-3687	384	19	4.570109	4.570109	NUM
ajfa-3687	384	20	log	log	NOUN
ajfa-3687	384	21	likelihood	likelihood	NOUN
ajfa-3687	384	22	-424.4936	-424.4936	PROPN
ajfa-3687	384	23	hannan	hannan	PROPN
ajfa-3687	384	24	-	-	PUNCT
ajfa-3687	384	25	quinn	quinn	PROPN
ajfa-3687	384	26	criter	criter	NOUN
ajfa-3687	384	27	.	.	PUNCT
ajfa-3687	385	1	4.490199	4.490199	NUM
ajfa-3687	385	2	f	f	X
ajfa-3687	385	3	-	-	PUNCT
ajfa-3687	385	4	statistic	statistic	ADJ
ajfa-3687	385	5	10.52976	10.52976	NUM
ajfa-3687	385	6	durbin	durbin	ADJ
ajfa-3687	385	7	-	-	PUNCT
ajfa-3687	385	8	watson	watson	NOUN
ajfa-3687	385	9	stat	stat	PROPN
ajfa-3687	385	10	0.603153	0.603153	NUM
ajfa-3687	385	11	prob(f	prob(f	NOUN
ajfa-3687	385	12	-	-	PUNCT
ajfa-3687	385	13	statistic	statistic	NOUN
ajfa-3687	385	14	)	)	PUNCT
ajfa-3687	385	15	0.000000	0.000000	NUM
ajfa-3687	385	16	asian	asian	ADJ
ajfa-3687	385	17	journal	journal	NOUN
ajfa-3687	385	18	of	of	ADP
ajfa-3687	385	19	finance	finance	PROPN
ajfa-3687	385	20	&	&	CCONJ
ajfa-3687	385	21	accounting	accounting	PROPN
ajfa-3687	385	22	issn	issn	PROPN
ajfa-3687	385	23	1946	1946	NUM
ajfa-3687	385	24	-	-	PUNCT
ajfa-3687	385	25	052x	052x	NOUN
ajfa-3687	385	26	2013	2013	NUM
ajfa-3687	385	27	,	,	PUNCT
ajfa-3687	385	28	vol	vol	NOUN
ajfa-3687	385	29	.	.	PROPN
ajfa-3687	385	30	5	5	NUM
ajfa-3687	385	31	,	,	PUNCT
ajfa-3687	385	32	no	no	INTJ
ajfa-3687	385	33	.	.	NOUN
ajfa-3687	385	34	1	1	NUM
ajfa-3687	385	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	385	36	413	413	NUM
ajfa-3687	385	37	insider	insider	NOUN
ajfa-3687	385	38	ownership	ownership	NOUN
ajfa-3687	385	39	and	and	CCONJ
ajfa-3687	385	40	cost	cost	NOUN
ajfa-3687	385	41	of	of	ADP
ajfa-3687	385	42	capital	capital	NOUN
ajfa-3687	385	43	in	in	ADP
ajfa-3687	385	44	new	new	PROPN
ajfa-3687	385	45	zealand	zealand	PROPN
ajfa-3687	385	46	in	in	ADP
ajfa-3687	385	47	2008	2008	NUM
ajfa-3687	385	48	dependent	dependent	ADJ
ajfa-3687	385	49	variable	variable	NOUN
ajfa-3687	385	50	:	:	PUNCT
ajfa-3687	385	51	wacc	wacc	PROPN
ajfa-3687	385	52	method	method	NOUN
ajfa-3687	385	53	:	:	PUNCT
ajfa-3687	385	54	pooled	pool	VERB
ajfa-3687	385	55	least	least	ADJ
ajfa-3687	385	56	squares	square	NOUN
ajfa-3687	385	57	total	total	ADJ
ajfa-3687	385	58	pool	pool	NOUN
ajfa-3687	385	59	(	(	PUNCT
ajfa-3687	385	60	balanced	balanced	ADJ
ajfa-3687	385	61	)	)	PUNCT
ajfa-3687	385	62	observations	observation	NOUN
ajfa-3687	385	63	:	:	PUNCT
ajfa-3687	385	64	195	195	NUM
ajfa-3687	385	65	variable	variable	ADJ
ajfa-3687	385	66	coefficient	coefficient	NOUN
ajfa-3687	385	67	std	std	NOUN
ajfa-3687	385	68	.	.	NOUN
ajfa-3687	385	69	error	error	NOUN
ajfa-3687	385	70	t	t	NOUN
ajfa-3687	385	71	-	-	PUNCT
ajfa-3687	385	72	statistic	statistic	NOUN
ajfa-3687	385	73	prob	prob	NOUN
ajfa-3687	385	74	.	.	PUNCT
ajfa-3687	386	1	c	c	PROPN
ajfa-3687	386	2	5.355533	5.355533	NUM
ajfa-3687	386	3	0.954685	0.954685	NUM
ajfa-3687	386	4	5.609738	5.609738	NUM
ajfa-3687	386	5	0.0000	0.0000	NUM
ajfa-3687	386	6	insider	insider	NOUN
ajfa-3687	386	7	22.52175	22.52175	NUM
ajfa-3687	386	8	4.500250	4.500250	NUM
ajfa-3687	386	9	5.004556	5.004556	NUM
ajfa-3687	386	10	0.0000	0.0000	NUM
ajfa-3687	386	11	insider^2	insider^2	NOUN
ajfa-3687	387	1	-107.4656	-107.4656	PRON
ajfa-3687	387	2	19.84272	19.84272	NUM
ajfa-3687	387	3	-5.415872	-5.415872	NOUN
ajfa-3687	388	1	0.0000	0.0000	NUM
ajfa-3687	389	1	insider^3	insider^3	PROPN
ajfa-3687	389	2	112.3925	112.3925	NUM
ajfa-3687	389	3	21.78575	21.78575	NUM
ajfa-3687	389	4	5.158990	5.158990	NUM
ajfa-3687	389	5	0.0000	0.0000	NUM
ajfa-3687	389	6	ln(size	ln(size	PROPN
ajfa-3687	389	7	)	)	PUNCT
ajfa-3687	389	8	0.106050	0.106050	NUM
ajfa-3687	389	9	0.064117	0.064117	NUM
ajfa-3687	389	10	1.654008	1.654008	NUM
ajfa-3687	389	11	0.0998	0.0998	NUM
ajfa-3687	389	12	leverage	leverage	NOUN
ajfa-3687	389	13	-0.191965	-0.191965	NOUN
ajfa-3687	389	14	0.021828	0.021828	NUM
ajfa-3687	389	15	-8.794347	-8.794347	NOUN
ajfa-3687	389	16	0.0000	0.0000	NUM
ajfa-3687	389	17	gdp	gdp	NOUN
ajfa-3687	389	18	0.010362	0.010362	NUM
ajfa-3687	389	19	0.022427	0.022427	NUM
ajfa-3687	389	20	0.462038	0.462038	NUM
ajfa-3687	389	21	0.6446	0.6446	NUM
ajfa-3687	389	22	dummy(2008	dummy(2008	NOUN
ajfa-3687	389	23	)	)	PUNCT
ajfa-3687	389	24	-0.602786	-0.602786	NOUN
ajfa-3687	390	1	0.038690	0.038690	NUM
ajfa-3687	390	2	-15.57982	-15.57982	NUM
ajfa-3687	391	1	0.0000	0.0000	NUM
ajfa-3687	391	2	r	r	NOUN
ajfa-3687	391	3	-	-	PUNCT
ajfa-3687	391	4	squared	square	VERB
ajfa-3687	391	5	0.281860	0.281860	NUM
ajfa-3687	391	6	mean	mean	VERB
ajfa-3687	391	7	dependent	dependent	ADJ
ajfa-3687	391	8	var	var	NOUN
ajfa-3687	391	9	6.540259	6.540259	NUM
ajfa-3687	392	1	adjusted	adjusted	ADJ
ajfa-3687	392	2	r	r	NOUN
ajfa-3687	392	3	-	-	PUNCT
ajfa-3687	392	4	squared	square	VERB
ajfa-3687	392	5	0.254978	0.254978	NUM
ajfa-3687	392	6	s.d	s.d	PROPN
ajfa-3687	392	7	.	.	PUNCT
ajfa-3687	393	1	dependent	dependent	ADJ
ajfa-3687	393	2	var	var	PROPN
ajfa-3687	393	3	2.526082	2.526082	NUM
ajfa-3687	393	4	s.e	s.e	PROPN
ajfa-3687	393	5	.	.	PROPN
ajfa-3687	393	6	of	of	ADP
ajfa-3687	393	7	regression	regression	NOUN
ajfa-3687	393	8	2.180379	2.180379	NUM
ajfa-3687	393	9	akaike	akaike	ADJ
ajfa-3687	393	10	info	info	NOUN
ajfa-3687	393	11	criterion	criterion	NOUN
ajfa-3687	393	12	4.437035	4.437035	NUM
ajfa-3687	393	13	sum	sum	NOUN
ajfa-3687	393	14	squared	square	VERB
ajfa-3687	393	15	resid	resid	NOUN
ajfa-3687	393	16	889.0078	889.0078	NUM
ajfa-3687	393	17	schwarz	schwarz	NOUN
ajfa-3687	393	18	criterion	criterion	NOUN
ajfa-3687	393	19	4.571312	4.571312	NUM
ajfa-3687	393	20	log	log	NOUN
ajfa-3687	393	21	likelihood	likelihood	NOUN
ajfa-3687	393	22	-424.6109	-424.6109	VERB
ajfa-3687	393	23	hannan	hannan	PROPN
ajfa-3687	393	24	-	-	PUNCT
ajfa-3687	393	25	quinn	quinn	PROPN
ajfa-3687	393	26	criter	criter	NOUN
ajfa-3687	393	27	.	.	PUNCT
ajfa-3687	394	1	4.491402	4.491402	NUM
ajfa-3687	394	2	f	f	X
ajfa-3687	394	3	-	-	PUNCT
ajfa-3687	394	4	statistic	statistic	ADJ
ajfa-3687	394	5	10.48500	10.48500	NUM
ajfa-3687	394	6	durbin	durbin	ADJ
ajfa-3687	394	7	-	-	PUNCT
ajfa-3687	394	8	watson	watson	NOUN
ajfa-3687	394	9	stat	stat	NOUN
ajfa-3687	394	10	0.625110	0.625110	PROPN
ajfa-3687	394	11	prob(f	prob(f	NOUN
ajfa-3687	394	12	-	-	PUNCT
ajfa-3687	394	13	statistic	statistic	NOUN
ajfa-3687	394	14	)	)	PUNCT
ajfa-3687	394	15	0.000000	0.000000	NUM
ajfa-3687	394	16	asian	asian	ADJ
ajfa-3687	394	17	journal	journal	NOUN
ajfa-3687	394	18	of	of	ADP
ajfa-3687	394	19	finance	finance	PROPN
ajfa-3687	394	20	&	&	CCONJ
ajfa-3687	394	21	accounting	accounting	PROPN
ajfa-3687	394	22	issn	issn	PROPN
ajfa-3687	394	23	1946	1946	NUM
ajfa-3687	394	24	-	-	PUNCT
ajfa-3687	394	25	052x	052x	NOUN
ajfa-3687	394	26	2013	2013	NUM
ajfa-3687	394	27	,	,	PUNCT
ajfa-3687	394	28	vol	vol	NOUN
ajfa-3687	394	29	.	.	PROPN
ajfa-3687	394	30	5	5	NUM
ajfa-3687	394	31	,	,	PUNCT
ajfa-3687	394	32	no	no	INTJ
ajfa-3687	394	33	.	.	NOUN
ajfa-3687	394	34	1	1	NUM
ajfa-3687	394	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	394	36	414	414	NUM
ajfa-3687	394	37	insider	insider	NOUN
ajfa-3687	394	38	ownership	ownership	NOUN
ajfa-3687	394	39	and	and	CCONJ
ajfa-3687	394	40	cost	cost	NOUN
ajfa-3687	394	41	of	of	ADP
ajfa-3687	394	42	capital	capital	NOUN
ajfa-3687	394	43	in	in	ADP
ajfa-3687	394	44	new	new	PROPN
ajfa-3687	394	45	zealand	zealand	PROPN
ajfa-3687	394	46	after	after	ADP
ajfa-3687	394	47	2008	2008	NUM
ajfa-3687	394	48	dependent	dependent	ADJ
ajfa-3687	394	49	variable	variable	NOUN
ajfa-3687	394	50	:	:	PUNCT
ajfa-3687	394	51	wacc	wacc	PROPN
ajfa-3687	394	52	method	method	NOUN
ajfa-3687	394	53	:	:	PUNCT
ajfa-3687	394	54	pooled	pool	VERB
ajfa-3687	394	55	least	least	ADJ
ajfa-3687	394	56	squares	square	NOUN
ajfa-3687	394	57	total	total	ADJ
ajfa-3687	394	58	pool	pool	NOUN
ajfa-3687	394	59	(	(	PUNCT
ajfa-3687	394	60	balanced	balanced	ADJ
ajfa-3687	394	61	)	)	PUNCT
ajfa-3687	394	62	observations	observation	NOUN
ajfa-3687	394	63	:	:	PUNCT
ajfa-3687	394	64	195	195	NUM
ajfa-3687	394	65	variable	variable	ADJ
ajfa-3687	394	66	coefficient	coefficient	NOUN
ajfa-3687	394	67	std	std	NOUN
ajfa-3687	394	68	.	.	NOUN
ajfa-3687	394	69	error	error	NOUN
ajfa-3687	394	70	t	t	NOUN
ajfa-3687	394	71	-	-	PUNCT
ajfa-3687	394	72	statistic	statistic	NOUN
ajfa-3687	394	73	prob	prob	NOUN
ajfa-3687	394	74	.	.	PUNCT
ajfa-3687	395	1	c	c	NOUN
ajfa-3687	395	2	5.184484	5.184484	NUM
ajfa-3687	395	3	1.033446	1.033446	NUM
ajfa-3687	395	4	5.016695	5.016695	NUM
ajfa-3687	395	5	0.0000	0.0000	NUM
ajfa-3687	395	6	insider	insider	NOUN
ajfa-3687	395	7	21.05293	21.05293	NUM
ajfa-3687	396	1	4.693327	4.693327	NUM
ajfa-3687	396	2	4.485716	4.485716	NUM
ajfa-3687	396	3	0.0000	0.0000	NUM
ajfa-3687	396	4	insider^2	insider^2	NOUN
ajfa-3687	396	5	-100.8021	-100.8021	PRON
ajfa-3687	396	6	20.61161	20.61161	NUM
ajfa-3687	396	7	-4.890551	-4.890551	NOUN
ajfa-3687	397	1	0.0000	0.0000	NUM
ajfa-3687	397	2	insider^3	insider^3	PROPN
ajfa-3687	397	3	105.3194	105.3194	NUM
ajfa-3687	397	4	22.57381	22.57381	NUM
ajfa-3687	397	5	4.665556	4.665556	NUM
ajfa-3687	397	6	0.0000	0.0000	NUM
ajfa-3687	397	7	ln(size	ln(size	PROPN
ajfa-3687	397	8	)	)	PUNCT
ajfa-3687	397	9	0.078334	0.078334	NUM
ajfa-3687	397	10	0.070363	0.070363	NUM
ajfa-3687	397	11	1.113289	1.113289	NUM
ajfa-3687	397	12	0.2670	0.2670	NUM
ajfa-3687	397	13	leverage	leverage	NOUN
ajfa-3687	397	14	-0.192830	-0.192830	NOUN
ajfa-3687	397	15	0.021996	0.021996	NUM
ajfa-3687	397	16	-8.766701	-8.766701	NOUN
ajfa-3687	397	17	0.0000	0.0000	NUM
ajfa-3687	397	18	gdp	gdp	NOUN
ajfa-3687	397	19	0.166066	0.166066	NUM
ajfa-3687	397	20	0.070954	0.070954	NUM
ajfa-3687	397	21	2.340460	2.340460	NUM
ajfa-3687	397	22	0.0203	0.0203	NUM
ajfa-3687	397	23	dummy(2009,2010	dummy(2009,2010	PROPN
ajfa-3687	397	24	)	)	PUNCT
ajfa-3687	397	25	0.720070	0.720070	NUM
ajfa-3687	397	26	0.286800	0.286800	NUM
ajfa-3687	397	27	2.510706	2.510706	NUM
ajfa-3687	397	28	0.0129	0.0129	NUM
ajfa-3687	397	29	r	r	NOUN
ajfa-3687	397	30	-	-	PUNCT
ajfa-3687	397	31	squared	square	VERB
ajfa-3687	397	32	0.278719	0.278719	NUM
ajfa-3687	397	33	mean	mean	NOUN
ajfa-3687	397	34	dependent	dependent	ADJ
ajfa-3687	397	35	var	var	NOUN
ajfa-3687	397	36	6.540259	6.540259	NUM
ajfa-3687	397	37	adjusted	adjusted	ADJ
ajfa-3687	397	38	r	r	NOUN
ajfa-3687	397	39	-	-	PUNCT
ajfa-3687	397	40	squared	square	VERB
ajfa-3687	397	41	0.251719	0.251719	NUM
ajfa-3687	397	42	s.d	s.d	PROPN
ajfa-3687	397	43	.	.	PUNCT
ajfa-3687	397	44	dependent	dependent	ADJ
ajfa-3687	397	45	var	var	PROPN
ajfa-3687	397	46	2.526082	2.526082	NUM
ajfa-3687	397	47	s.e	s.e	PROPN
ajfa-3687	397	48	.	.	PROPN
ajfa-3687	397	49	of	of	ADP
ajfa-3687	397	50	regression	regression	NOUN
ajfa-3687	397	51	2.185143	2.185143	NUM
ajfa-3687	397	52	akaike	akaike	ADJ
ajfa-3687	397	53	info	info	NOUN
ajfa-3687	397	54	criterion	criterion	NOUN
ajfa-3687	397	55	4.441400	4.441400	NUM
ajfa-3687	397	56	sum	sum	NOUN
ajfa-3687	397	57	squared	square	VERB
ajfa-3687	397	58	resid	resid	NOUN
ajfa-3687	397	59	892.8969	892.8969	NUM
ajfa-3687	397	60	schwarz	schwarz	PROPN
ajfa-3687	397	61	criterion	criterion	NOUN
ajfa-3687	397	62	4.575677	4.575677	NUM
ajfa-3687	397	63	log	log	NOUN
ajfa-3687	397	64	likelihood	likelihood	NOUN
ajfa-3687	397	65	-425.0365	-425.0365	VERB
ajfa-3687	397	66	hannan	hannan	PROPN
ajfa-3687	397	67	-	-	PUNCT
ajfa-3687	397	68	quinn	quinn	PROPN
ajfa-3687	397	69	criter	criter	NOUN
ajfa-3687	397	70	.	.	PUNCT
ajfa-3687	398	1	4.495767	4.495767	NUM
ajfa-3687	398	2	f	f	X
ajfa-3687	398	3	-	-	PUNCT
ajfa-3687	398	4	statistic	statistic	ADJ
ajfa-3687	398	5	10.32297	10.32297	NUM
ajfa-3687	398	6	durbin	durbin	ADJ
ajfa-3687	398	7	-	-	PUNCT
ajfa-3687	398	8	watson	watson	NOUN
ajfa-3687	398	9	stat	stat	PROPN
ajfa-3687	398	10	0.631963	0.631963	NUM
ajfa-3687	398	11	prob(f	prob(f	NOUN
ajfa-3687	398	12	-	-	PUNCT
ajfa-3687	398	13	statistic	statistic	NOUN
ajfa-3687	398	14	)	)	PUNCT
ajfa-3687	398	15	0.000000	0.000000	NUM
ajfa-3687	398	16	asian	asian	ADJ
ajfa-3687	398	17	journal	journal	NOUN
ajfa-3687	398	18	of	of	ADP
ajfa-3687	398	19	finance	finance	PROPN
ajfa-3687	398	20	&	&	CCONJ
ajfa-3687	398	21	accounting	accounting	PROPN
ajfa-3687	398	22	issn	issn	PROPN
ajfa-3687	398	23	1946	1946	NUM
ajfa-3687	398	24	-	-	PUNCT
ajfa-3687	398	25	052x	052x	NOUN
ajfa-3687	398	26	2013	2013	NUM
ajfa-3687	398	27	,	,	PUNCT
ajfa-3687	398	28	vol	vol	NOUN
ajfa-3687	398	29	.	.	PROPN
ajfa-3687	398	30	5	5	NUM
ajfa-3687	398	31	,	,	PUNCT
ajfa-3687	398	32	no	no	INTJ
ajfa-3687	398	33	.	.	NOUN
ajfa-3687	398	34	1	1	NUM
ajfa-3687	398	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3687	398	36	415	415	NUM
ajfa-3687	398	37	appendix	appendix	X
ajfa-3687	398	38	b.	b.	PROPN
ajfa-3687	398	39	estimating	estimate	VERB
ajfa-3687	398	40	the	the	DET
ajfa-3687	398	41	effect	effect	NOUN
ajfa-3687	398	42	of	of	ADP
ajfa-3687	398	43	ownership	ownership	NOUN
ajfa-3687	398	44	structure	structure	NOUN
ajfa-3687	398	45	on	on	ADP
ajfa-3687	398	46	cost	cost	NOUN
ajfa-3687	398	47	of	of	ADP
ajfa-3687	398	48	capital	capital	NOUN
ajfa-3687	398	49	(	(	PUNCT
ajfa-3687	398	50	during	during	ADP
ajfa-3687	398	51	and	and	CCONJ
ajfa-3687	398	52	after	after	ADP
ajfa-3687	398	53	global	global	ADJ
ajfa-3687	398	54	financial	financial	ADJ
ajfa-3687	398	55	crisis	crisis	NOUN
ajfa-3687	398	56	)	)	PUNCT
ajfa-3687	398	57	in	in	ADP
ajfa-3687	398	58	singapore	singapore	PROPN
ajfa-3687	398	59	block	block	NOUN
ajfa-3687	398	60	ownership	ownership	NOUN
ajfa-3687	398	61	and	and	CCONJ
ajfa-3687	398	62	cost	cost	NOUN
ajfa-3687	398	63	of	of	ADP
ajfa-3687	398	64	capital	capital	NOUN
ajfa-3687	398	65	in	in	ADP
ajfa-3687	398	66	singapore	singapore	PROPN
ajfa-3687	398	67	in	in	ADP
ajfa-3687	398	68	2008	2008	NUM
ajfa-3687	398	69	dependent	dependent	ADJ
ajfa-3687	398	70	variable	variable	NOUN
ajfa-3687	398	71	:	:	PUNCT
ajfa-3687	398	72	wacc	wacc	PROPN
ajfa-3687	398	73	method	method	NOUN
ajfa-3687	398	74	:	:	PUNCT
ajfa-3687	398	75	pooled	pool	VERB
ajfa-3687	398	76	least	least	ADJ
ajfa-3687	398	77	squares	square	NOUN
ajfa-3687	398	78	total	total	ADJ
ajfa-3687	398	79	pool	pool	NOUN
ajfa-3687	398	80	(	(	PUNCT
ajfa-3687	398	81	balanced	balanced	ADJ
ajfa-3687	398	82	)	)	PUNCT
ajfa-3687	398	83	observations	observation	NOUN
ajfa-3687	398	84	:	:	PUNCT
ajfa-3687	398	85	135	135	NUM
ajfa-3687	398	86	variable	variable	ADJ
ajfa-3687	398	87	coefficient	coefficient	NOUN
ajfa-3687	398	88	std	std	NOUN
ajfa-3687	398	89	.	.	NOUN
ajfa-3687	398	90	error	error	NOUN
ajfa-3687	398	91	t	t	NOUN
ajfa-3687	398	92	-	-	PUNCT
ajfa-3687	398	93	statistic	statistic	NOUN
ajfa-3687	398	94	prob	prob	NOUN
ajfa-3687	398	95	.	.	PUNCT
ajfa-3687	399	1	c	c	NOUN
ajfa-3687	399	2	-17.82472	-17.82472	PUNCT
ajfa-3687	399	3	10.79626	10.79626	NUM
ajfa-3687	399	4	-1.651009	-1.651009	NOUN
ajfa-3687	399	5	0.1012	0.1012	NUM
ajfa-3687	399	6	large	large	ADJ
ajfa-3687	399	7	53.24728	53.24728	NUM
ajfa-3687	399	8	9.692092	9.692092	NUM
ajfa-3687	399	9	5.493889	5.493889	NUM
ajfa-3687	399	10	0.0000	0.0000	NUM
ajfa-3687	399	11	large^2	large^2	PROPN
ajfa-3687	399	12	-39.50699	-39.50699	PUNCT
ajfa-3687	399	13	8.265752	8.265752	NUM
ajfa-3687	399	14	-4.779600	-4.779600	NOUN
ajfa-3687	399	15	0.0000	0.0000	NUM
ajfa-3687	399	16	ln(size	ln(size	PROPN
ajfa-3687	399	17	)	)	PUNCT
ajfa-3687	399	18	0.379981	0.379981	NUM
ajfa-3687	399	19	0.537943	0.537943	NUM
ajfa-3687	399	20	0.706359	0.706359	NUM
ajfa-3687	399	21	0.4812	0.4812	NUM
ajfa-3687	399	22	leverage	leverage	NOUN
ajfa-3687	399	23	-0.347037	-0.347037	NOUN
ajfa-3687	399	24	0.073370	0.073370	NUM
ajfa-3687	399	25	-4.729977	-4.729977	NOUN
ajfa-3687	399	26	0.0000	0.0000	NUM
ajfa-3687	399	27	gdp	gdp	NOUN
ajfa-3687	399	28	0.014721	0.014721	NUM
ajfa-3687	399	29	0.031444	0.031444	NUM
ajfa-3687	399	30	0.468163	0.468163	NUM
ajfa-3687	399	31	0.6405	0.6405	NUM
ajfa-3687	399	32	dummy(2008	dummy(2008	NOUN
ajfa-3687	399	33	)	)	PUNCT
ajfa-3687	399	34	0.262951	0.262951	NUM
ajfa-3687	399	35	0.147332	0.147332	NUM
ajfa-3687	399	36	1.784751	1.784751	NUM
ajfa-3687	399	37	0.0767	0.0767	NUM
ajfa-3687	399	38	r	r	NOUN
ajfa-3687	399	39	-	-	PUNCT
ajfa-3687	399	40	squared	square	VERB
ajfa-3687	399	41	0.256644	0.256644	NUM
ajfa-3687	399	42	mean	mean	NOUN
ajfa-3687	399	43	dependent	dependent	ADJ
ajfa-3687	399	44	var	var	NOUN
ajfa-3687	399	45	4.493068	4.493068	NUM
ajfa-3687	399	46	adjusted	adjust	VERB
ajfa-3687	399	47	r	r	NOUN
ajfa-3687	399	48	-	-	PUNCT
ajfa-3687	399	49	squared	square	VERB
ajfa-3687	399	50	0.221799	0.221799	NUM
ajfa-3687	399	51	s.d	s.d	PROPN
ajfa-3687	399	52	.	.	PUNCT
ajfa-3687	400	1	dependent	dependent	ADJ
ajfa-3687	400	2	var	var	PROPN
ajfa-3687	400	3	3.146991	3.146991	NUM
ajfa-3687	400	4	s.e	s.e	PROPN
ajfa-3687	400	5	.	.	PROPN
ajfa-3687	400	6	of	of	ADP
ajfa-3687	400	7	regression	regression	NOUN
ajfa-3687	400	8	2.776140	2.776140	NUM
ajfa-3687	400	9	akaike	akaike	ADJ
ajfa-3687	400	10	info	info	NOUN
ajfa-3687	400	11	criterion	criterion	NOUN
ajfa-3687	400	12	4.930459	4.930459	NUM
ajfa-3687	400	13	sum	sum	NOUN
ajfa-3687	400	14	squared	square	VERB
ajfa-3687	400	15	resid	resid	NOUN
ajfa-3687	400	16	986.4902	986.4902	NUM
ajfa-3687	400	17	schwarz	schwarz	ADJ
ajfa-3687	400	18	criterion	criterion	NOUN
ajfa-3687	400	19	5.081103	5.081103	NUM
ajfa-3687	400	20	log	log	NOUN
ajfa-3687	400	21	likelihood	likelihood	NOUN
ajfa-3687	400	22	-325.8060	-325.8060	ADP
ajfa-3687	400	23	hannan	hannan	PROPN
ajfa-3687	400	24	-	-	PUNCT
ajfa-3687	400	25	quinn	quinn	PROPN
ajfa-3687	400	26	criter	criter	NOUN
ajfa-3687	400	27	.	.	PUNCT
ajfa-3687	401	1	4.991677	4.991677	NUM
ajfa-3687	401	2	f	f	X
ajfa-3687	401	3	-	-	PUNCT
ajfa-3687	401	4	statistic	statistic	ADJ
ajfa-3687	401	5	7.365336	7.365336	NUM
ajfa-3687	401	6	durbin	durbin	ADJ
ajfa-3687	401	7	-	-	PUNCT
ajfa-3687	401	8	watson	watson	NOUN
ajfa-3687	401	9	stat	stat	NOUN
ajfa-3687	401	10	1.171419	1.171419	NUM
ajfa-3687	401	11	prob(f	prob(f	NOUN
ajfa-3687	401	12	-	-	PUNCT
ajfa-3687	401	13	statistic	statistic	NOUN
ajfa-3687	401	14	)	)	PUNCT
ajfa-3687	401	15	0.000001	0.000001	NUM
ajfa-3687	401	16	asian	asian	ADJ
ajfa-3687	401	17	journal	journal	NOUN
ajfa-3687	401	18	of	of	ADP
ajfa-3687	401	19	finance	finance	PROPN
ajfa-3687	401	20	&	&	CCONJ
ajfa-3687	401	21	accounting	accounting	PROPN
ajfa-3687	401	22	issn	issn	PROPN
ajfa-3687	401	23	1946	1946	NUM
ajfa-3687	401	24	-	-	PUNCT
ajfa-3687	401	25	052x	052x	NOUN
ajfa-3687	401	26	2013	2013	NUM
ajfa-3687	401	27	,	,	PUNCT
ajfa-3687	401	28	vol	vol	NOUN
ajfa-3687	401	29	.	.	PROPN
ajfa-3687	401	30	5	5	NUM
ajfa-3687	401	31	,	,	PUNCT
ajfa-3687	401	32	no	no	INTJ
ajfa-3687	401	33	.	.	NOUN
ajfa-3687	401	34	1	1	NUM
ajfa-3687	401	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	401	36	416	416	NUM
ajfa-3687	401	37	block	block	NOUN
ajfa-3687	401	38	ownership	ownership	NOUN
ajfa-3687	401	39	and	and	CCONJ
ajfa-3687	401	40	cost	cost	NOUN
ajfa-3687	401	41	of	of	ADP
ajfa-3687	401	42	capital	capital	NOUN
ajfa-3687	401	43	in	in	ADP
ajfa-3687	401	44	singapore	singapore	PROPN
ajfa-3687	401	45	after	after	ADP
ajfa-3687	401	46	2008	2008	NUM
ajfa-3687	401	47	dependent	dependent	ADJ
ajfa-3687	401	48	variable	variable	NOUN
ajfa-3687	401	49	:	:	PUNCT
ajfa-3687	401	50	wacc	wacc	PROPN
ajfa-3687	401	51	method	method	NOUN
ajfa-3687	401	52	:	:	PUNCT
ajfa-3687	401	53	pooled	pool	VERB
ajfa-3687	401	54	least	least	ADJ
ajfa-3687	401	55	squares	square	NOUN
ajfa-3687	401	56	total	total	ADJ
ajfa-3687	401	57	pool	pool	NOUN
ajfa-3687	401	58	(	(	PUNCT
ajfa-3687	401	59	balanced	balanced	ADJ
ajfa-3687	401	60	)	)	PUNCT
ajfa-3687	401	61	observations	observation	NOUN
ajfa-3687	401	62	:	:	PUNCT
ajfa-3687	401	63	135	135	NUM
ajfa-3687	401	64	variable	variable	ADJ
ajfa-3687	401	65	coefficient	coefficient	NOUN
ajfa-3687	401	66	std	std	NOUN
ajfa-3687	401	67	.	.	NOUN
ajfa-3687	401	68	error	error	NOUN
ajfa-3687	401	69	t	t	NOUN
ajfa-3687	401	70	-	-	PUNCT
ajfa-3687	401	71	statistic	statistic	NOUN
ajfa-3687	401	72	prob	prob	NOUN
ajfa-3687	401	73	.	.	PUNCT
ajfa-3687	402	1	c	c	NOUN
ajfa-3687	402	2	-18.09396	-18.09396	PUNCT
ajfa-3687	402	3	10.45832	10.45832	NUM
ajfa-3687	402	4	-1.730102	-1.730102	NOUN
ajfa-3687	402	5	0.0860	0.0860	NUM
ajfa-3687	402	6	large	large	ADJ
ajfa-3687	402	7	53.08459	53.08459	NUM
ajfa-3687	402	8	9.539455	9.539455	NUM
ajfa-3687	402	9	5.564741	5.564741	NUM
ajfa-3687	402	10	0.0000	0.0000	NUM
ajfa-3687	402	11	large^2	large^2	PROPN
ajfa-3687	402	12	-39.33503	-39.33503	NUM
ajfa-3687	402	13	8.116761	8.116761	NUM
ajfa-3687	402	14	-4.846149	-4.846149	NOUN
ajfa-3687	402	15	0.0000	0.0000	NUM
ajfa-3687	402	16	ln(size	ln(size	PROPN
ajfa-3687	402	17	)	)	PUNCT
ajfa-3687	402	18	0.400300	0.400300	NUM
ajfa-3687	402	19	0.511353	0.511353	NUM
ajfa-3687	402	20	0.782824	0.782824	NUM
ajfa-3687	402	21	0.4352	0.4352	NUM
ajfa-3687	402	22	leverage	leverage	NOUN
ajfa-3687	402	23	-0.346919	-0.346919	NOUN
ajfa-3687	402	24	0.072503	0.072503	NUM
ajfa-3687	402	25	-4.784910	-4.784910	NOUN
ajfa-3687	402	26	0.0000	0.0000	NUM
ajfa-3687	402	27	gdp	gdp	NOUN
ajfa-3687	402	28	0.005620	0.005620	NUM
ajfa-3687	402	29	0.026438	0.026438	NUM
ajfa-3687	402	30	0.212562	0.212562	NUM
ajfa-3687	402	31	0.8320	0.8320	NUM
ajfa-3687	402	32	dummy(2009,2010	dummy(2009,2010	PROPN
ajfa-3687	402	33	)	)	PUNCT
ajfa-3687	402	34	0.213434	0.213434	NUM
ajfa-3687	403	1	0.351499	0.351499	NUM
ajfa-3687	403	2	0.607212	0.607212	NUM
ajfa-3687	403	3	0.5448	0.5448	NUM
ajfa-3687	403	4	r	r	X
ajfa-3687	403	5	-	-	PUNCT
ajfa-3687	403	6	squared	square	VERB
ajfa-3687	403	7	0.256896	0.256896	NUM
ajfa-3687	403	8	mean	mean	NOUN
ajfa-3687	403	9	dependent	dependent	ADJ
ajfa-3687	403	10	var	var	NOUN
ajfa-3687	403	11	4.493068	4.493068	NUM
ajfa-3687	403	12	adjusted	adjust	VERB
ajfa-3687	403	13	r	r	NOUN
ajfa-3687	403	14	-	-	PUNCT
ajfa-3687	403	15	squared	square	VERB
ajfa-3687	403	16	0.222063	0.222063	NUM
ajfa-3687	403	17	s.d	s.d	PROPN
ajfa-3687	403	18	.	.	PUNCT
ajfa-3687	404	1	dependent	dependent	ADJ
ajfa-3687	404	2	var	var	PROPN
ajfa-3687	404	3	3.146991	3.146991	NUM
ajfa-3687	404	4	s.e	s.e	PROPN
ajfa-3687	404	5	.	.	PROPN
ajfa-3687	404	6	of	of	ADP
ajfa-3687	404	7	regression	regression	NOUN
ajfa-3687	404	8	2.775669	2.775669	NUM
ajfa-3687	404	9	akaike	akaike	ADJ
ajfa-3687	404	10	info	info	NOUN
ajfa-3687	404	11	criterion	criterion	NOUN
ajfa-3687	404	12	4.930120	4.930120	NUM
ajfa-3687	404	13	sum	sum	NOUN
ajfa-3687	404	14	squared	square	VERB
ajfa-3687	404	15	resid	resid	NOUN
ajfa-3687	404	16	986.1556	986.1556	NUM
ajfa-3687	404	17	schwarz	schwarz	PROPN
ajfa-3687	404	18	criterion	criterion	NOUN
ajfa-3687	404	19	5.080764	5.080764	NUM
ajfa-3687	404	20	log	log	NOUN
ajfa-3687	404	21	likelihood	likelihood	NOUN
ajfa-3687	404	22	-325.7831	-325.7831	ADP
ajfa-3687	404	23	hannan	hannan	PROPN
ajfa-3687	404	24	-	-	PUNCT
ajfa-3687	404	25	quinn	quinn	PROPN
ajfa-3687	404	26	criter	criter	NOUN
ajfa-3687	404	27	.	.	PUNCT
ajfa-3687	405	1	4.991338	4.991338	NUM
ajfa-3687	405	2	f	f	X
ajfa-3687	405	3	-	-	PUNCT
ajfa-3687	405	4	statistic	statistic	ADJ
ajfa-3687	405	5	7.375074	7.375074	NUM
ajfa-3687	405	6	durbin	durbin	ADJ
ajfa-3687	405	7	-	-	PUNCT
ajfa-3687	405	8	watson	watson	NOUN
ajfa-3687	405	9	stat	stat	NOUN
ajfa-3687	405	10	1.166240	1.166240	NUM
ajfa-3687	405	11	prob(f	prob(f	NOUN
ajfa-3687	405	12	-	-	PUNCT
ajfa-3687	405	13	statistic	statistic	NOUN
ajfa-3687	405	14	)	)	PUNCT
ajfa-3687	405	15	0.000001	0.000001	NUM
ajfa-3687	405	16	asian	asian	ADJ
ajfa-3687	405	17	journal	journal	NOUN
ajfa-3687	405	18	of	of	ADP
ajfa-3687	405	19	finance	finance	PROPN
ajfa-3687	405	20	&	&	CCONJ
ajfa-3687	405	21	accounting	accounting	PROPN
ajfa-3687	405	22	issn	issn	PROPN
ajfa-3687	405	23	1946	1946	NUM
ajfa-3687	405	24	-	-	PUNCT
ajfa-3687	405	25	052x	052x	NOUN
ajfa-3687	405	26	2013	2013	NUM
ajfa-3687	405	27	,	,	PUNCT
ajfa-3687	405	28	vol	vol	NOUN
ajfa-3687	405	29	.	.	PROPN
ajfa-3687	405	30	5	5	NUM
ajfa-3687	405	31	,	,	PUNCT
ajfa-3687	405	32	no	no	INTJ
ajfa-3687	405	33	.	.	NOUN
ajfa-3687	405	34	1	1	NUM
ajfa-3687	405	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	405	36	417	417	NUM
ajfa-3687	405	37	insider	insider	NOUN
ajfa-3687	405	38	ownership	ownership	NOUN
ajfa-3687	405	39	and	and	CCONJ
ajfa-3687	405	40	cost	cost	NOUN
ajfa-3687	405	41	of	of	ADP
ajfa-3687	405	42	capital	capital	NOUN
ajfa-3687	405	43	in	in	ADP
ajfa-3687	405	44	singapore	singapore	PROPN
ajfa-3687	405	45	in	in	ADP
ajfa-3687	405	46	2008	2008	NUM
ajfa-3687	405	47	dependent	dependent	ADJ
ajfa-3687	405	48	variable	variable	NOUN
ajfa-3687	405	49	:	:	PUNCT
ajfa-3687	405	50	wacc	wacc	PROPN
ajfa-3687	405	51	method	method	NOUN
ajfa-3687	405	52	:	:	PUNCT
ajfa-3687	405	53	pooled	pool	VERB
ajfa-3687	405	54	least	least	ADJ
ajfa-3687	405	55	squares	square	NOUN
ajfa-3687	405	56	total	total	ADJ
ajfa-3687	405	57	pool	pool	NOUN
ajfa-3687	405	58	(	(	PUNCT
ajfa-3687	405	59	balanced	balanced	ADJ
ajfa-3687	405	60	)	)	PUNCT
ajfa-3687	405	61	observations	observation	NOUN
ajfa-3687	405	62	:	:	PUNCT
ajfa-3687	405	63	135	135	NUM
ajfa-3687	405	64	cross	cross	ADJ
ajfa-3687	405	65	-	-	ADJ
ajfa-3687	405	66	section	section	ADJ
ajfa-3687	405	67	weights	weight	NOUN
ajfa-3687	405	68	(	(	PUNCT
ajfa-3687	405	69	pcse	pcse	NOUN
ajfa-3687	405	70	)	)	PUNCT
ajfa-3687	405	71	standard	standard	ADJ
ajfa-3687	405	72	errors	error	NOUN
ajfa-3687	405	73	&	&	CCONJ
ajfa-3687	405	74	covariance	covariance	PROPN
ajfa-3687	405	75	(	(	PUNCT
ajfa-3687	405	76	d.f	d.f	PROPN
ajfa-3687	405	77	.	.	PROPN
ajfa-3687	405	78	corrected	correct	VERB
ajfa-3687	405	79	)	)	PUNCT
ajfa-3687	405	80	variable	variable	ADJ
ajfa-3687	405	81	coefficient	coefficient	NOUN
ajfa-3687	405	82	std	std	PROPN
ajfa-3687	405	83	.	.	NOUN
ajfa-3687	405	84	error	error	NOUN
ajfa-3687	405	85	t	t	NOUN
ajfa-3687	405	86	-	-	PUNCT
ajfa-3687	405	87	statistic	statistic	NOUN
ajfa-3687	405	88	prob	prob	NOUN
ajfa-3687	405	89	.	.	PUNCT
ajfa-3687	406	1	c	c	NOUN
ajfa-3687	406	2	-3.375147	-3.375147	NOUN
ajfa-3687	407	1	7.243710	7.243710	NUM
ajfa-3687	407	2	-0.465942	-0.465942	VERB
ajfa-3687	407	3	0.6420	0.6420	NUM
ajfa-3687	407	4	insider	insider	NOUN
ajfa-3687	407	5	-5.483263	-5.483263	NOUN
ajfa-3687	407	6	3.026795	3.026795	NUM
ajfa-3687	407	7	-1.811574	-1.811574	NOUN
ajfa-3687	407	8	0.0724	0.0724	NUM
ajfa-3687	407	9	ln(size	ln(size	PROPN
ajfa-3687	407	10	)	)	PUNCT
ajfa-3687	407	11	0.552969	0.552969	NUM
ajfa-3687	407	12	0.468364	0.468364	NUM
ajfa-3687	407	13	1.180641	1.180641	NUM
ajfa-3687	407	14	0.2399	0.2399	NUM
ajfa-3687	407	15	leverage	leverage	NOUN
ajfa-3687	407	16	-0.319168	-0.319168	VERB
ajfa-3687	407	17	0.057806	0.057806	NUM
ajfa-3687	407	18	-5.521405	-5.521405	NOUN
ajfa-3687	407	19	0.0000	0.0000	NUM
ajfa-3687	407	20	gdp	gdp	NOUN
ajfa-3687	407	21	0.000975	0.000975	NUM
ajfa-3687	407	22	0.051646	0.051646	NUM
ajfa-3687	407	23	0.018881	0.018881	NUM
ajfa-3687	407	24	0.9850	0.9850	NUM
ajfa-3687	407	25	dummy(2008	dummy(2008	NOUN
ajfa-3687	407	26	)	)	PUNCT
ajfa-3687	407	27	0.175073	0.175073	NUM
ajfa-3687	408	1	0.712934	0.712934	NUM
ajfa-3687	408	2	0.245568	0.245568	NUM
ajfa-3687	408	3	0.8064	0.8064	NUM
ajfa-3687	408	4	r	r	X
ajfa-3687	408	5	-	-	PUNCT
ajfa-3687	408	6	squared	square	VERB
ajfa-3687	408	7	0.212498	0.212498	NUM
ajfa-3687	408	8	mean	mean	NOUN
ajfa-3687	408	9	dependent	dependent	ADJ
ajfa-3687	408	10	var	var	NOUN
ajfa-3687	408	11	4.493068	4.493068	NUM
ajfa-3687	408	12	adjusted	adjust	VERB
ajfa-3687	408	13	r	r	NOUN
ajfa-3687	408	14	-	-	PUNCT
ajfa-3687	408	15	squared	square	VERB
ajfa-3687	408	16	0.181975	0.181975	NUM
ajfa-3687	408	17	s.d	s.d	PROPN
ajfa-3687	408	18	.	.	PUNCT
ajfa-3687	409	1	dependent	dependent	ADJ
ajfa-3687	409	2	var	var	PROPN
ajfa-3687	409	3	3.146991	3.146991	NUM
ajfa-3687	409	4	s.e	s.e	PROPN
ajfa-3687	409	5	.	.	PROPN
ajfa-3687	409	6	of	of	ADP
ajfa-3687	409	7	regression	regression	NOUN
ajfa-3687	409	8	2.846288	2.846288	NUM
ajfa-3687	409	9	akaike	akaike	ADJ
ajfa-3687	409	10	info	info	NOUN
ajfa-3687	409	11	criterion	criterion	NOUN
ajfa-3687	409	12	4.973335	4.973335	NUM
ajfa-3687	409	13	sum	sum	NOUN
ajfa-3687	409	14	squared	square	VERB
ajfa-3687	409	15	resid	resid	NOUN
ajfa-3687	410	1	1045.075	1045.075	PROPN
ajfa-3687	410	2	schwarz	schwarz	PROPN
ajfa-3687	410	3	criterion	criterion	NOUN
ajfa-3687	410	4	5.102458	5.102458	NUM
ajfa-3687	410	5	log	log	NOUN
ajfa-3687	410	6	likelihood	likelihood	NOUN
ajfa-3687	410	7	-329.7001	-329.7001	PROPN
ajfa-3687	410	8	hannan	hannan	PROPN
ajfa-3687	410	9	-	-	PUNCT
ajfa-3687	410	10	quinn	quinn	PROPN
ajfa-3687	410	11	criter	criter	NOUN
ajfa-3687	410	12	.	.	PUNCT
ajfa-3687	411	1	5.025807	5.025807	NUM
ajfa-3687	411	2	f	f	X
ajfa-3687	411	3	-	-	PUNCT
ajfa-3687	411	4	statistic	statistic	ADJ
ajfa-3687	411	5	6.961822	6.961822	NUM
ajfa-3687	411	6	durbin	durbin	ADJ
ajfa-3687	411	7	-	-	PUNCT
ajfa-3687	411	8	watson	watson	NOUN
ajfa-3687	411	9	stat	stat	NOUN
ajfa-3687	411	10	1.179121	1.179121	NUM
ajfa-3687	411	11	prob(f	prob(f	NOUN
ajfa-3687	411	12	-	-	PUNCT
ajfa-3687	411	13	statistic	statistic	NOUN
ajfa-3687	411	14	)	)	PUNCT
ajfa-3687	411	15	0.000009	0.000009	NUM
ajfa-3687	411	16	asian	asian	ADJ
ajfa-3687	411	17	journal	journal	NOUN
ajfa-3687	411	18	of	of	ADP
ajfa-3687	411	19	finance	finance	PROPN
ajfa-3687	411	20	&	&	CCONJ
ajfa-3687	411	21	accounting	accounting	PROPN
ajfa-3687	411	22	issn	issn	PROPN
ajfa-3687	411	23	1946	1946	NUM
ajfa-3687	411	24	-	-	PUNCT
ajfa-3687	411	25	052x	052x	NOUN
ajfa-3687	411	26	2013	2013	NUM
ajfa-3687	411	27	,	,	PUNCT
ajfa-3687	411	28	vol	vol	NOUN
ajfa-3687	411	29	.	.	PROPN
ajfa-3687	411	30	5	5	NUM
ajfa-3687	411	31	,	,	PUNCT
ajfa-3687	411	32	no	no	INTJ
ajfa-3687	411	33	.	.	NOUN
ajfa-3687	411	34	1	1	NUM
ajfa-3687	411	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3687	411	36	418	418	NUM
ajfa-3687	411	37	insider	insider	NOUN
ajfa-3687	411	38	ownership	ownership	NOUN
ajfa-3687	411	39	and	and	CCONJ
ajfa-3687	411	40	cost	cost	NOUN
ajfa-3687	411	41	of	of	ADP
ajfa-3687	411	42	capital	capital	NOUN
ajfa-3687	411	43	in	in	ADP
ajfa-3687	411	44	singapore	singapore	PROPN
ajfa-3687	411	45	after	after	ADP
ajfa-3687	411	46	2008	2008	NUM
ajfa-3687	411	47	dependent	dependent	ADJ
ajfa-3687	411	48	variable	variable	NOUN
ajfa-3687	411	49	:	:	PUNCT
ajfa-3687	411	50	wacc	wacc	PROPN
ajfa-3687	411	51	method	method	NOUN
ajfa-3687	411	52	:	:	PUNCT
ajfa-3687	411	53	pooled	pool	VERB
ajfa-3687	411	54	least	least	ADJ
ajfa-3687	411	55	squares	square	NOUN
ajfa-3687	411	56	total	total	ADJ
ajfa-3687	411	57	pool	pool	NOUN
ajfa-3687	411	58	(	(	PUNCT
ajfa-3687	411	59	balanced	balanced	ADJ
ajfa-3687	411	60	)	)	PUNCT
ajfa-3687	411	61	observations	observation	NOUN
ajfa-3687	411	62	:	:	PUNCT
ajfa-3687	411	63	135	135	NUM
ajfa-3687	411	64	cross	cross	ADJ
ajfa-3687	411	65	-	-	ADJ
ajfa-3687	411	66	section	section	ADJ
ajfa-3687	411	67	weights	weight	NOUN
ajfa-3687	411	68	(	(	PUNCT
ajfa-3687	411	69	pcse	pcse	NOUN
ajfa-3687	411	70	)	)	PUNCT
ajfa-3687	411	71	standard	standard	ADJ
ajfa-3687	411	72	errors	error	NOUN
ajfa-3687	411	73	&	&	CCONJ
ajfa-3687	411	74	covariance	covariance	PROPN
ajfa-3687	411	75	(	(	PUNCT
ajfa-3687	411	76	d.f	d.f	PROPN
ajfa-3687	411	77	.	.	PROPN
ajfa-3687	411	78	corrected	correct	VERB
ajfa-3687	411	79	)	)	PUNCT
ajfa-3687	411	80	variable	variable	ADJ
ajfa-3687	411	81	coefficient	coefficient	NOUN
ajfa-3687	411	82	std	std	PROPN
ajfa-3687	411	83	.	.	NOUN
ajfa-3687	411	84	error	error	NOUN
ajfa-3687	411	85	t	t	NOUN
ajfa-3687	411	86	-	-	PUNCT
ajfa-3687	411	87	statistic	statistic	NOUN
ajfa-3687	411	88	prob	prob	NOUN
ajfa-3687	411	89	.	.	PUNCT
ajfa-3687	412	1	c	c	NOUN
ajfa-3687	412	2	-3.585075	-3.585075	VERB
ajfa-3687	412	3	7.064813	7.064813	NUM
ajfa-3687	412	4	-0.507455	-0.507455	NOUN
ajfa-3687	412	5	0.6127	0.6127	NUM
ajfa-3687	412	6	insider	insider	NOUN
ajfa-3687	412	7	-5.544249	-5.544249	NOUN
ajfa-3687	412	8	2.865991	2.865991	NUM
ajfa-3687	412	9	-1.934496	-1.934496	NOUN
ajfa-3687	412	10	0.0552	0.0552	NUM
ajfa-3687	412	11	ln(size	ln(size	PROPN
ajfa-3687	412	12	)	)	PUNCT
ajfa-3687	412	13	0.564831	0.564831	NUM
ajfa-3687	412	14	0.448205	0.448205	NUM
ajfa-3687	412	15	1.260206	1.260206	NUM
ajfa-3687	412	16	0.2099	0.2099	NUM
ajfa-3687	412	17	leverage	leverage	NOUN
ajfa-3687	412	18	-0.319479	-0.319479	X
ajfa-3687	412	19	0.056642	0.056642	NUM
ajfa-3687	412	20	-5.640284	-5.640284	NOUN
ajfa-3687	412	21	0.0000	0.0000	NUM
ajfa-3687	412	22	gdp	gdp	NOUN
ajfa-3687	412	23	-0.005433	-0.005433	NOUN
ajfa-3687	412	24	0.044486	0.044486	NUM
ajfa-3687	413	1	-0.122130	-0.122130	NOUN
ajfa-3687	413	2	0.9030	0.9030	NUM
ajfa-3687	413	3	dummy(2009,2010	dummy(2009,2010	PROPN
ajfa-3687	413	4	)	)	PUNCT
ajfa-3687	413	5	0.254901	0.254901	NUM
ajfa-3687	413	6	0.487671	0.487671	NUM
ajfa-3687	413	7	0.522690	0.522690	NUM
ajfa-3687	413	8	0.6021	0.6021	NUM
ajfa-3687	413	9	r	r	NOUN
ajfa-3687	413	10	-	-	PUNCT
ajfa-3687	413	11	squared	square	VERB
ajfa-3687	413	12	0.213703	0.213703	NUM
ajfa-3687	413	13	mean	mean	NOUN
ajfa-3687	413	14	dependent	dependent	ADJ
ajfa-3687	413	15	var	var	NOUN
ajfa-3687	414	1	4.493068	4.493068	NUM
ajfa-3687	414	2	adjusted	adjust	VERB
ajfa-3687	414	3	r	r	NOUN
ajfa-3687	414	4	-	-	PUNCT
ajfa-3687	414	5	squared	square	VERB
ajfa-3687	414	6	0.183226	0.183226	NUM
ajfa-3687	414	7	s.d	s.d	PROPN
ajfa-3687	414	8	.	.	PUNCT
ajfa-3687	415	1	dependent	dependent	ADJ
ajfa-3687	415	2	var	var	PROPN
ajfa-3687	415	3	3.146991	3.146991	NUM
ajfa-3687	415	4	s.e	s.e	PROPN
ajfa-3687	415	5	.	.	PROPN
ajfa-3687	415	6	of	of	ADP
ajfa-3687	415	7	regression	regression	NOUN
ajfa-3687	415	8	2.844110	2.844110	NUM
ajfa-3687	415	9	akaike	akaike	ADJ
ajfa-3687	415	10	info	info	NOUN
ajfa-3687	415	11	criterion	criterion	NOUN
ajfa-3687	415	12	4.971804	4.971804	NUM
ajfa-3687	415	13	sum	sum	NOUN
ajfa-3687	415	14	squared	square	VERB
ajfa-3687	415	15	resid	resid	NOUN
ajfa-3687	415	16	1043.476	1043.476	NUM
ajfa-3687	415	17	schwarz	schwarz	NOUN
ajfa-3687	415	18	criterion	criterion	NOUN
ajfa-3687	415	19	5.100927	5.100927	NUM
ajfa-3687	415	20	log	log	NOUN
ajfa-3687	415	21	likelihood	likelihood	NOUN
ajfa-3687	415	22	-329.5968	-329.5968	ADP
ajfa-3687	415	23	hannan	hannan	PROPN
ajfa-3687	415	24	-	-	PUNCT
ajfa-3687	415	25	quinn	quinn	PROPN
ajfa-3687	415	26	criter	criter	NOUN
ajfa-3687	415	27	.	.	PUNCT
ajfa-3687	416	1	5.024276	5.024276	NUM
ajfa-3687	416	2	f	f	X
ajfa-3687	416	3	-	-	PUNCT
ajfa-3687	416	4	statistic	statistic	ADJ
ajfa-3687	416	5	7.012025	7.012025	NUM
ajfa-3687	416	6	durbin	durbin	ADJ
ajfa-3687	416	7	-	-	PUNCT
ajfa-3687	416	8	watson	watson	NOUN
ajfa-3687	416	9	stat	stat	NOUN
ajfa-3687	416	10	1.177156	1.177156	NUM
ajfa-3687	416	11	prob(f	prob(f	NOUN
ajfa-3687	416	12	-	-	PUNCT
ajfa-3687	416	13	statistic	statistic	NOUN
ajfa-3687	416	14	)	)	PUNCT
ajfa-3687	416	15	0.000008	0.000008	NUM