id	sid	tid	token	lemma	pos
ajfa-3802	1	1	microsoft	microsoft	PROPN
ajfa-3802	1	2	word	word	NOUN
ajfa-3802	1	3	3802-14520-1-ed-new2.docx	3802-14520-1-ed-new2.docx	NUM
ajfa-3802	1	4	asian	asian	ADJ
ajfa-3802	1	5	journal	journal	NOUN
ajfa-3802	1	6	of	of	ADP
ajfa-3802	1	7	finance	finance	PROPN
ajfa-3802	1	8	&	&	CCONJ
ajfa-3802	1	9	accounting	accounting	PROPN
ajfa-3802	1	10	issn	issn	PROPN
ajfa-3802	1	11	1946	1946	NUM
ajfa-3802	1	12	-	-	PUNCT
ajfa-3802	1	13	052x	052x	NOUN
ajfa-3802	1	14	2013	2013	NUM
ajfa-3802	1	15	,	,	PUNCT
ajfa-3802	1	16	vol	vol	NOUN
ajfa-3802	1	17	.	.	PROPN
ajfa-3802	1	18	5	5	NUM
ajfa-3802	1	19	,	,	PUNCT
ajfa-3802	1	20	no	no	INTJ
ajfa-3802	1	21	.	.	NOUN
ajfa-3802	1	22	1	1	NUM
ajfa-3802	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	1	24	419	419	NUM
ajfa-3802	1	25	the	the	DET
ajfa-3802	1	26	relationship	relationship	NOUN
ajfa-3802	1	27	between	between	ADP
ajfa-3802	1	28	organization	organization	NOUN
ajfa-3802	1	29	strategy	strategy	NOUN
ajfa-3802	1	30	,	,	PUNCT
ajfa-3802	1	31	fixed	fix	VERB
ajfa-3802	1	32	-	-	PUNCT
ajfa-3802	1	33	assets	asset	NOUN
ajfa-3802	1	34	investment	investment	NOUN
ajfa-3802	1	35	and	and	CCONJ
ajfa-3802	1	36	earnings	earning	NOUN
ajfa-3802	1	37	quality	quality	NOUN
ajfa-3802	1	38	shen	shen	PROPN
ajfa-3802	1	39	-	-	PUNCT
ajfa-3802	1	40	ho	ho	PROPN
ajfa-3802	1	41	chang	chang	PROPN
ajfa-3802	1	42	department	department	PROPN
ajfa-3802	1	43	of	of	ADP
ajfa-3802	1	44	accounting	accounting	PROPN
ajfa-3802	1	45	,	,	PUNCT
ajfa-3802	1	46	feng	feng	PROPN
ajfa-3802	1	47	chia	chia	PROPN
ajfa-3802	1	48	university	university	PROPN
ajfa-3802	1	49	,	,	PUNCT
ajfa-3802	1	50	taiwan	taiwan	PROPN
ajfa-3802	1	51	no	no	INTJ
ajfa-3802	1	52	.	.	PROPN
ajfa-3802	1	53	100	100	NUM
ajfa-3802	1	54	,	,	PUNCT
ajfa-3802	1	55	wenhwa	wenhwa	PROPN
ajfa-3802	1	56	rd	rd	PROPN
ajfa-3802	1	57	.	.	PROPN
ajfa-3802	1	58	,	,	PUNCT
ajfa-3802	1	59	seatwen	seatwen	PROPN
ajfa-3802	1	60	,	,	PUNCT
ajfa-3802	1	61	taichung	taichung	PROPN
ajfa-3802	1	62	,	,	PUNCT
ajfa-3802	1	63	taiwan	taiwan	PROPN
ajfa-3802	1	64	40724	40724	NUM
ajfa-3802	1	65	e	e	NOUN
ajfa-3802	1	66	-	-	NOUN
ajfa-3802	1	67	mail	mail	NOUN
ajfa-3802	1	68	:	:	PUNCT
ajfa-3802	1	69	shchang@fcu.edu.tw	shchang@fcu.edu.tw	PROPN
ajfa-3802	1	70	teng	teng	PROPN
ajfa-3802	1	71	-	-	PUNCT
ajfa-3802	1	72	shih	shih	PROPN
ajfa-3802	1	73	wang	wang	PROPN
ajfa-3802	1	74	program	program	PROPN
ajfa-3802	1	75	in	in	ADP
ajfa-3802	1	76	business	business	NOUN
ajfa-3802	1	77	,	,	PUNCT
ajfa-3802	1	78	feng	feng	PROPN
ajfa-3802	1	79	chia	chia	PROPN
ajfa-3802	1	80	university	university	PROPN
ajfa-3802	1	81	,	,	PUNCT
ajfa-3802	1	82	taiwan	taiwan	PROPN
ajfa-3802	1	83	no	no	INTJ
ajfa-3802	1	84	.	.	PROPN
ajfa-3802	1	85	100	100	NUM
ajfa-3802	1	86	,	,	PUNCT
ajfa-3802	1	87	wenhwa	wenhwa	PROPN
ajfa-3802	1	88	rd	rd	PROPN
ajfa-3802	1	89	.	.	PROPN
ajfa-3802	1	90	,	,	PUNCT
ajfa-3802	1	91	seatwen	seatwen	PROPN
ajfa-3802	1	92	,	,	PUNCT
ajfa-3802	1	93	taichung	taichung	PROPN
ajfa-3802	1	94	,	,	PUNCT
ajfa-3802	1	95	taiwan	taiwan	PROPN
ajfa-3802	1	96	40724	40724	NUM
ajfa-3802	1	97	e	e	NOUN
ajfa-3802	1	98	-	-	NOUN
ajfa-3802	1	99	mail	mail	NOUN
ajfa-3802	1	100	:	:	PUNCT
ajfa-3802	1	101	t.swang0617@gmail.com	t.swang0617@gmail.com	X
ajfa-3802	1	102	shaio	shaio	PROPN
ajfa-3802	1	103	yan	yan	PROPN
ajfa-3802	1	104	huang	huang	PROPN
ajfa-3802	1	105	(	(	PUNCT
ajfa-3802	1	106	corresponding	correspond	VERB
ajfa-3802	1	107	author	author	NOUN
ajfa-3802	1	108	)	)	PUNCT
ajfa-3802	1	109	advanced	advanced	PROPN
ajfa-3802	1	110	institute	institute	NOUN
ajfa-3802	1	111	of	of	ADP
ajfa-3802	1	112	manufacturing	manufacturing	NOUN
ajfa-3802	1	113	with	with	ADP
ajfa-3802	1	114	high	high	ADJ
ajfa-3802	1	115	-	-	PUNCT
ajfa-3802	1	116	tech	tech	NOUN
ajfa-3802	1	117	innovations	innovation	NOUN
ajfa-3802	1	118	department	department	NOUN
ajfa-3802	1	119	of	of	ADP
ajfa-3802	1	120	accounting	accounting	NOUN
ajfa-3802	1	121	and	and	CCONJ
ajfa-3802	1	122	information	information	NOUN
ajfa-3802	1	123	technology	technology	PROPN
ajfa-3802	1	124	national	national	PROPN
ajfa-3802	1	125	chung	chung	PROPN
ajfa-3802	1	126	cheng	cheng	PROPN
ajfa-3802	1	127	university	university	PROPN
ajfa-3802	1	128	,	,	PUNCT
ajfa-3802	1	129	no	no	INTJ
ajfa-3802	1	130	.	.	NOUN
ajfa-3802	1	131	168	168	NUM
ajfa-3802	1	132	university	university	PROPN
ajfa-3802	1	133	rd	rd	PROPN
ajfa-3802	1	134	.	.	PROPN
ajfa-3802	1	135	,	,	PUNCT
ajfa-3802	1	136	minhsiung	minhsiung	PROPN
ajfa-3802	1	137	township	township	PROPN
ajfa-3802	1	138	,	,	PUNCT
ajfa-3802	1	139	chiayi	chiayi	X
ajfa-3802	1	140	county	county	VERB
ajfa-3802	1	141	62102	62102	NUM
ajfa-3802	1	142	,	,	PUNCT
ajfa-3802	1	143	taiwan	taiwan	PROPN
ajfa-3802	1	144	e	e	PROPN
ajfa-3802	1	145	-	-	NOUN
ajfa-3802	1	146	mail	mail	NOUN
ajfa-3802	1	147	:	:	PUNCT
ajfa-3802	1	148	actsyh@yahoo.com.tw	actsyh@yahoo.com.tw	VERB
ajfa-3802	1	149	an	an	PROPN
ajfa-3802	1	150	-	-	PUNCT
ajfa-3802	1	151	an	an	DET
ajfa-3802	1	152	chiu	chiu	PROPN
ajfa-3802	1	153	department	department	PROPN
ajfa-3802	1	154	of	of	ADP
ajfa-3802	1	155	accounting	accounting	NOUN
ajfa-3802	1	156	and	and	CCONJ
ajfa-3802	1	157	information	information	NOUN
ajfa-3802	1	158	technology	technology	PROPN
ajfa-3802	1	159	national	national	PROPN
ajfa-3802	1	160	chung	chung	PROPN
ajfa-3802	1	161	cheng	cheng	PROPN
ajfa-3802	1	162	university	university	PROPN
ajfa-3802	2	1	no	no	PROPN
ajfa-3802	2	2	.	.	PROPN
ajfa-3802	2	3	168	168	NUM
ajfa-3802	2	4	university	university	PROPN
ajfa-3802	2	5	rd	rd	PROPN
ajfa-3802	2	6	.	.	PROPN
ajfa-3802	2	7	,	,	PUNCT
ajfa-3802	2	8	minhsiung	minhsiung	PROPN
ajfa-3802	2	9	township	township	PROPN
ajfa-3802	2	10	,	,	PUNCT
ajfa-3802	2	11	chiayi	chiayi	X
ajfa-3802	2	12	county	county	VERB
ajfa-3802	2	13	62102	62102	NUM
ajfa-3802	2	14	,	,	PUNCT
ajfa-3802	2	15	taiwan	taiwan	PROPN
ajfa-3802	2	16	e	e	PROPN
ajfa-3802	2	17	-	-	NOUN
ajfa-3802	2	18	mail	mail	NOUN
ajfa-3802	2	19	:	:	PUNCT
ajfa-3802	2	20	ananchiu2009@gmail.com	ananchiu2009@gmail.com	X
ajfa-3802	2	21	received	receive	VERB
ajfa-3802	2	22	:	:	PUNCT
ajfa-3802	2	23	june	june	PROPN
ajfa-3802	2	24	2	2	NUM
ajfa-3802	2	25	,	,	PUNCT
ajfa-3802	2	26	2013	2013	NUM
ajfa-3802	2	27	accepted	accept	VERB
ajfa-3802	2	28	:	:	PUNCT
ajfa-3802	2	29	june	june	PROPN
ajfa-3802	2	30	20	20	NUM
ajfa-3802	2	31	,	,	PUNCT
ajfa-3802	2	32	2013	2013	NUM
ajfa-3802	2	33	published	publish	VERB
ajfa-3802	2	34	:	:	PUNCT
ajfa-3802	2	35	june	june	PROPN
ajfa-3802	2	36	20	20	NUM
ajfa-3802	2	37	,	,	PUNCT
ajfa-3802	2	38	2013	2013	NUM
ajfa-3802	2	39	doi:10.5296	doi:10.5296	NOUN
ajfa-3802	2	40	/	/	SYM
ajfa-3802	2	41	ajfa.v5i1.3802	ajfa.v5i1.3802	X
ajfa-3802	2	42	url	url	NOUN
ajfa-3802	2	43	:	:	PUNCT
ajfa-3802	2	44	http://dx.doi.org/10.5296/ajfa.v5i1.3802	http://dx.doi.org/10.5296/ajfa.v5i1.3802	ADP
ajfa-3802	2	45	abstract	abstract	ADJ
ajfa-3802	2	46	one	one	NUM
ajfa-3802	2	47	of	of	ADP
ajfa-3802	2	48	the	the	DET
ajfa-3802	2	49	important	important	ADJ
ajfa-3802	2	50	sources	source	NOUN
ajfa-3802	2	51	for	for	SCONJ
ajfa-3802	2	52	investors	investor	NOUN
ajfa-3802	2	53	to	to	PART
ajfa-3802	2	54	evaluate	evaluate	VERB
ajfa-3802	2	55	is	be	AUX
ajfa-3802	2	56	the	the	DET
ajfa-3802	2	57	information	information	NOUN
ajfa-3802	2	58	provided	provide	VERB
ajfa-3802	2	59	in	in	ADP
ajfa-3802	2	60	the	the	DET
ajfa-3802	2	61	asian	asian	ADJ
ajfa-3802	2	62	journal	journal	NOUN
ajfa-3802	2	63	of	of	ADP
ajfa-3802	2	64	finance	finance	PROPN
ajfa-3802	2	65	&	&	CCONJ
ajfa-3802	2	66	accounting	accounting	PROPN
ajfa-3802	2	67	issn	issn	PROPN
ajfa-3802	2	68	1946	1946	NUM
ajfa-3802	2	69	-	-	PUNCT
ajfa-3802	2	70	052x	052x	NOUN
ajfa-3802	2	71	2013	2013	NUM
ajfa-3802	2	72	,	,	PUNCT
ajfa-3802	2	73	vol	vol	NOUN
ajfa-3802	2	74	.	.	PROPN
ajfa-3802	2	75	5	5	NUM
ajfa-3802	2	76	,	,	PUNCT
ajfa-3802	2	77	no	no	INTJ
ajfa-3802	2	78	.	.	NOUN
ajfa-3802	2	79	1	1	NUM
ajfa-3802	2	80	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	2	81	420	420	NUM
ajfa-3802	2	82	financial	financial	ADJ
ajfa-3802	2	83	statements	statement	NOUN
ajfa-3802	2	84	disclosed	disclose	VERB
ajfa-3802	2	85	by	by	ADP
ajfa-3802	2	86	firms	firm	NOUN
ajfa-3802	2	87	.	.	PUNCT
ajfa-3802	3	1	past	past	ADJ
ajfa-3802	3	2	researches	research	NOUN
ajfa-3802	3	3	consider	consider	VERB
ajfa-3802	3	4	that	that	SCONJ
ajfa-3802	3	5	worse	bad	ADJ
ajfa-3802	3	6	financial	financial	ADJ
ajfa-3802	3	7	statement	statement	NOUN
ajfa-3802	3	8	quality	quality	NOUN
ajfa-3802	3	9	has	have	VERB
ajfa-3802	3	10	higher	high	ADJ
ajfa-3802	3	11	information	information	NOUN
ajfa-3802	3	12	risks	risk	NOUN
ajfa-3802	3	13	from	from	ADP
ajfa-3802	3	14	the	the	DET
ajfa-3802	3	15	aspect	aspect	NOUN
ajfa-3802	3	16	of	of	ADP
ajfa-3802	3	17	information	information	NOUN
ajfa-3802	3	18	risks	risk	NOUN
ajfa-3802	3	19	but	but	CCONJ
ajfa-3802	3	20	they	they	PRON
ajfa-3802	3	21	ignore	ignore	VERB
ajfa-3802	3	22	the	the	DET
ajfa-3802	3	23	investors	investor	NOUN
ajfa-3802	3	24	’	'	PUNCT
ajfa-3802	3	25	degree	degree	NOUN
ajfa-3802	3	26	of	of	ADP
ajfa-3802	3	27	tolerance	tolerance	NOUN
ajfa-3802	3	28	and	and	CCONJ
ajfa-3802	3	29	aversion	aversion	NOUN
ajfa-3802	3	30	towards	towards	ADP
ajfa-3802	3	31	risks	risk	NOUN
ajfa-3802	3	32	.	.	PUNCT
ajfa-3802	4	1	furthermore	furthermore	ADV
ajfa-3802	4	2	,	,	PUNCT
ajfa-3802	4	3	the	the	DET
ajfa-3802	4	4	accounting	accounting	NOUN
ajfa-3802	4	5	signals	signal	NOUN
ajfa-3802	4	6	hidden	hide	VERB
ajfa-3802	4	7	behind	behind	ADP
ajfa-3802	4	8	financial	financial	ADJ
ajfa-3802	4	9	statements	statement	NOUN
ajfa-3802	4	10	can	can	AUX
ajfa-3802	4	11	be	be	AUX
ajfa-3802	4	12	considered	consider	VERB
ajfa-3802	4	13	as	as	ADP
ajfa-3802	4	14	important	important	ADJ
ajfa-3802	4	15	information	information	NOUN
ajfa-3802	4	16	for	for	SCONJ
ajfa-3802	4	17	investors	investor	NOUN
ajfa-3802	4	18	to	to	PART
ajfa-3802	4	19	evaluate	evaluate	VERB
ajfa-3802	4	20	the	the	DET
ajfa-3802	4	21	futurity	futurity	NOUN
ajfa-3802	4	22	of	of	ADP
ajfa-3802	4	23	enterprises	enterprise	NOUN
ajfa-3802	4	24	.	.	PUNCT
ajfa-3802	5	1	thus	thus	ADV
ajfa-3802	5	2	,	,	PUNCT
ajfa-3802	5	3	it	it	PRON
ajfa-3802	5	4	is	be	AUX
ajfa-3802	5	5	our	our	PRON
ajfa-3802	5	6	main	main	ADJ
ajfa-3802	5	7	research	research	NOUN
ajfa-3802	5	8	topic	topic	NOUN
ajfa-3802	5	9	as	as	ADP
ajfa-3802	5	10	how	how	SCONJ
ajfa-3802	5	11	to	to	PART
ajfa-3802	5	12	apply	apply	VERB
ajfa-3802	5	13	accounting	accounting	NOUN
ajfa-3802	5	14	signals	signal	NOUN
ajfa-3802	5	15	on	on	ADP
ajfa-3802	5	16	investment	investment	NOUN
ajfa-3802	5	17	risks	risk	NOUN
ajfa-3802	5	18	.	.	PUNCT
ajfa-3802	6	1	this	this	DET
ajfa-3802	6	2	study	study	NOUN
ajfa-3802	6	3	uses	use	VERB
ajfa-3802	6	4	data	datum	NOUN
ajfa-3802	6	5	of	of	ADP
ajfa-3802	6	6	the	the	DET
ajfa-3802	6	7	u.s	u.s	PROPN
ajfa-3802	6	8	.	.	PROPN
ajfa-3802	6	9	during	during	ADP
ajfa-3802	6	10	1991	1991	NUM
ajfa-3802	6	11	-	-	SYM
ajfa-3802	6	12	2008	2008	NUM
ajfa-3802	6	13	to	to	PART
ajfa-3802	6	14	review	review	VERB
ajfa-3802	6	15	the	the	DET
ajfa-3802	6	16	influence	influence	NOUN
ajfa-3802	6	17	of	of	ADP
ajfa-3802	6	18	accounting	accounting	NOUN
ajfa-3802	6	19	signals	signal	NOUN
ajfa-3802	6	20	on	on	ADP
ajfa-3802	6	21	investment	investment	NOUN
ajfa-3802	6	22	risks	risk	NOUN
ajfa-3802	6	23	.	.	PUNCT
ajfa-3802	7	1	result	result	NOUN
ajfa-3802	7	2	finds	find	VERB
ajfa-3802	7	3	that	that	SCONJ
ajfa-3802	7	4	in	in	ADP
ajfa-3802	7	5	the	the	DET
ajfa-3802	7	6	investment	investment	NOUN
ajfa-3802	7	7	management	management	NOUN
ajfa-3802	7	8	essentials	essential	NOUN
ajfa-3802	7	9	in	in	ADP
ajfa-3802	7	10	firm	firm	ADJ
ajfa-3802	7	11	-	-	PUNCT
ajfa-3802	7	12	wise	wise	ADJ
ajfa-3802	7	13	,	,	PUNCT
ajfa-3802	7	14	the	the	DET
ajfa-3802	7	15	accounting	accounting	NOUN
ajfa-3802	7	16	signals	signal	NOUN
ajfa-3802	7	17	for	for	ADP
ajfa-3802	7	18	capital	capital	NOUN
ajfa-3802	7	19	expenditure	expenditure	NOUN
ajfa-3802	7	20	ratio	ratio	NOUN
ajfa-3802	7	21	per	per	ADP
ajfa-3802	7	22	person	person	NOUN
ajfa-3802	7	23	can	can	AUX
ajfa-3802	7	24	lower	lower	VERB
ajfa-3802	7	25	the	the	DET
ajfa-3802	7	26	investment	investment	NOUN
ajfa-3802	7	27	risks	risk	VERB
ajfa-3802	7	28	no	no	PRON
ajfa-3802	7	29	matter	matter	NOUN
ajfa-3802	7	30	in	in	ADP
ajfa-3802	7	31	cost	cost	NOUN
ajfa-3802	7	32	leadership	leadership	NOUN
ajfa-3802	7	33	firms	firm	NOUN
ajfa-3802	7	34	or	or	CCONJ
ajfa-3802	7	35	differentiation	differentiation	NOUN
ajfa-3802	7	36	strategy	strategy	NOUN
ajfa-3802	7	37	firms	firm	NOUN
ajfa-3802	7	38	.	.	PUNCT
ajfa-3802	8	1	for	for	SCONJ
ajfa-3802	8	2	the	the	DET
ajfa-3802	8	3	investment	investment	NOUN
ajfa-3802	8	4	management	management	NOUN
ajfa-3802	8	5	essentials	essential	NOUN
ajfa-3802	8	6	in	in	ADP
ajfa-3802	8	7	industry	industry	NOUN
ajfa-3802	8	8	-	-	PUNCT
ajfa-3802	8	9	wise	wise	ADJ
ajfa-3802	8	10	,	,	PUNCT
ajfa-3802	8	11	we	we	PRON
ajfa-3802	8	12	have	have	VERB
ajfa-3802	8	13	the	the	DET
ajfa-3802	8	14	below	below	ADJ
ajfa-3802	8	15	findings	finding	NOUN
ajfa-3802	8	16	:	:	PUNCT
ajfa-3802	8	17	in	in	ADP
ajfa-3802	8	18	cost	cost	NOUN
ajfa-3802	8	19	leadership	leadership	NOUN
ajfa-3802	8	20	strategy	strategy	NOUN
ajfa-3802	8	21	samples	sample	NOUN
ajfa-3802	8	22	,	,	PUNCT
ajfa-3802	8	23	there	there	PRON
ajfa-3802	8	24	is	be	VERB
ajfa-3802	8	25	competitive	competitive	ADJ
ajfa-3802	8	26	convergence	convergence	NOUN
ajfa-3802	8	27	if	if	SCONJ
ajfa-3802	8	28	enterprises	enterprise	NOUN
ajfa-3802	8	29	over	over	ADP
ajfa-3802	8	30	-	-	PUNCT
ajfa-3802	8	31	pursue	pursue	VERB
ajfa-3802	8	32	the	the	DET
ajfa-3802	8	33	fixed	fix	VERB
ajfa-3802	8	34	asset	asset	NOUN
ajfa-3802	8	35	turnover	turnover	NOUN
ajfa-3802	8	36	ratio	ratio	NOUN
ajfa-3802	8	37	.	.	PUNCT
ajfa-3802	9	1	in	in	ADP
ajfa-3802	9	2	the	the	DET
ajfa-3802	9	3	samples	sample	NOUN
ajfa-3802	9	4	that	that	PRON
ajfa-3802	9	5	adopt	adopt	VERB
ajfa-3802	9	6	differentiation	differentiation	NOUN
ajfa-3802	9	7	strategy	strategy	NOUN
ajfa-3802	9	8	,	,	PUNCT
ajfa-3802	9	9	increasing	increase	VERB
ajfa-3802	9	10	the	the	DET
ajfa-3802	9	11	ixed	ixed	ADJ
ajfa-3802	9	12	asset	asset	NOUN
ajfa-3802	9	13	turnover	turnover	NOUN
ajfa-3802	9	14	ratio	ratio	NOUN
ajfa-3802	9	15	can	can	AUX
ajfa-3802	9	16	enhance	enhance	VERB
ajfa-3802	9	17	organization	organization	NOUN
ajfa-3802	9	18	’s	’s	PART
ajfa-3802	9	19	competitiveness	competitiveness	NOUN
ajfa-3802	9	20	and	and	CCONJ
ajfa-3802	9	21	reduce	reduce	VERB
ajfa-3802	9	22	investment	investment	NOUN
ajfa-3802	9	23	risks	risk	NOUN
ajfa-3802	9	24	.	.	PUNCT
ajfa-3802	10	1	this	this	PRON
ajfa-3802	10	2	is	be	AUX
ajfa-3802	10	3	the	the	DET
ajfa-3802	10	4	first	first	ADJ
ajfa-3802	10	5	study	study	NOUN
ajfa-3802	10	6	that	that	PRON
ajfa-3802	10	7	applies	apply	VERB
ajfa-3802	10	8	capability	capability	NOUN
ajfa-3802	10	9	index	index	NOUN
ajfa-3802	10	10	of	of	ADP
ajfa-3802	10	11	accrual	accrual	ADJ
ajfa-3802	10	12	quality	quality	NOUN
ajfa-3802	10	13	(	(	PUNCT
ajfa-3802	10	14	investors	investor	NOUN
ajfa-3802	10	15	’	'	PUNCT
ajfa-3802	10	16	degree	degree	NOUN
ajfa-3802	10	17	of	of	ADP
ajfa-3802	10	18	tolerance	tolerance	NOUN
ajfa-3802	10	19	and	and	CCONJ
ajfa-3802	10	20	aversion	aversion	NOUN
ajfa-3802	10	21	towards	towards	ADP
ajfa-3802	10	22	risks	risk	NOUN
ajfa-3802	10	23	)	)	PUNCT
ajfa-3802	10	24	on	on	ADP
ajfa-3802	10	25	researches	research	NOUN
ajfa-3802	10	26	of	of	ADP
ajfa-3802	10	27	accounting	accounting	NOUN
ajfa-3802	10	28	signals	signal	NOUN
ajfa-3802	10	29	and	and	CCONJ
ajfa-3802	10	30	discovers	discover	VERB
ajfa-3802	10	31	that	that	PRON
ajfa-3802	10	32	competitive	competitive	ADJ
ajfa-3802	10	33	convergence	convergence	NOUN
ajfa-3802	10	34	exists	exist	VERB
ajfa-3802	10	35	in	in	ADP
ajfa-3802	10	36	organizations	organization	NOUN
ajfa-3802	10	37	that	that	PRON
ajfa-3802	10	38	adopt	adopt	VERB
ajfa-3802	10	39	cost	cost	NOUN
ajfa-3802	10	40	leadership	leadership	NOUN
ajfa-3802	10	41	strategy	strategy	NOUN
ajfa-3802	10	42	.	.	PUNCT
ajfa-3802	11	1	keywords	keyword	NOUN
ajfa-3802	11	2	:	:	PUNCT
ajfa-3802	11	3	earning	earn	VERB
ajfa-3802	11	4	quality	quality	NOUN
ajfa-3802	11	5	,	,	PUNCT
ajfa-3802	11	6	investment	investment	NOUN
ajfa-3802	11	7	risks	risk	NOUN
ajfa-3802	11	8	,	,	PUNCT
ajfa-3802	11	9	accounting	accounting	NOUN
ajfa-3802	11	10	signals	signal	NOUN
ajfa-3802	11	11	,	,	PUNCT
ajfa-3802	11	12	organization	organization	NOUN
ajfa-3802	11	13	strategy	strategy	NOUN
ajfa-3802	11	14	,	,	PUNCT
ajfa-3802	11	15	competitive	competitive	ADJ
ajfa-3802	11	16	convergence	convergence	NOUN
ajfa-3802	11	17	asian	asian	ADJ
ajfa-3802	11	18	journal	journal	NOUN
ajfa-3802	11	19	of	of	ADP
ajfa-3802	11	20	finance	finance	PROPN
ajfa-3802	11	21	&	&	CCONJ
ajfa-3802	11	22	accounting	accounting	PROPN
ajfa-3802	11	23	issn	issn	PROPN
ajfa-3802	11	24	1946	1946	NUM
ajfa-3802	11	25	-	-	PUNCT
ajfa-3802	11	26	052x	052x	NOUN
ajfa-3802	11	27	2013	2013	NUM
ajfa-3802	11	28	,	,	PUNCT
ajfa-3802	11	29	vol	vol	NOUN
ajfa-3802	11	30	.	.	PROPN
ajfa-3802	11	31	5	5	NUM
ajfa-3802	11	32	,	,	PUNCT
ajfa-3802	11	33	no	no	INTJ
ajfa-3802	11	34	.	.	NOUN
ajfa-3802	11	35	1	1	NUM
ajfa-3802	11	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	11	37	421	421	NUM
ajfa-3802	11	38	1	1	NUM
ajfa-3802	11	39	.	.	PUNCT
ajfa-3802	12	1	introduction	introduction	NOUN
ajfa-3802	12	2	this	this	DET
ajfa-3802	12	3	study	study	NOUN
ajfa-3802	12	4	is	be	AUX
ajfa-3802	12	5	an	an	DET
ajfa-3802	12	6	extension	extension	NOUN
ajfa-3802	12	7	of	of	ADP
ajfa-3802	12	8	the	the	DET
ajfa-3802	12	9	research	research	NOUN
ajfa-3802	12	10	of	of	ADP
ajfa-3802	12	11	soliman	soliman	NOUN
ajfa-3802	12	12	(	(	PUNCT
ajfa-3802	12	13	2008	2008	NUM
ajfa-3802	12	14	)	)	PUNCT
ajfa-3802	12	15	and	and	CCONJ
ajfa-3802	12	16	a	a	DET
ajfa-3802	12	17	review	review	NOUN
ajfa-3802	12	18	of	of	ADP
ajfa-3802	12	19	the	the	DET
ajfa-3802	12	20	influence	influence	NOUN
ajfa-3802	12	21	of	of	ADP
ajfa-3802	12	22	accounting	accounting	NOUN
ajfa-3802	12	23	signals	signal	NOUN
ajfa-3802	12	24	on	on	ADP
ajfa-3802	12	25	investment	investment	NOUN
ajfa-3802	12	26	risks	risk	NOUN
ajfa-3802	12	27	.	.	PUNCT
ajfa-3802	13	1	investment	investment	NOUN
ajfa-3802	13	2	risks	risk	NOUN
ajfa-3802	13	3	are	be	AUX
ajfa-3802	13	4	defined	define	VERB
ajfa-3802	13	5	as	as	ADP
ajfa-3802	13	6	the	the	DET
ajfa-3802	13	7	risks	risk	NOUN
ajfa-3802	13	8	of	of	ADP
ajfa-3802	13	9	investors	investor	NOUN
ajfa-3802	13	10	'	'	PART
ajfa-3802	13	11	uncertainty	uncertainty	NOUN
ajfa-3802	13	12	on	on	ADP
ajfa-3802	13	13	future	future	ADJ
ajfa-3802	13	14	investment	investment	NOUN
ajfa-3802	13	15	or	or	CCONJ
ajfa-3802	13	16	investment	investment	NOUN
ajfa-3802	13	17	losses	loss	NOUN
ajfa-3802	13	18	.	.	PUNCT
ajfa-3802	14	1	in	in	ADP
ajfa-3802	14	2	another	another	DET
ajfa-3802	14	3	word	word	NOUN
ajfa-3802	14	4	,	,	PUNCT
ajfa-3802	14	5	investors	investor	NOUN
ajfa-3802	14	6	invest	invest	VERB
ajfa-3802	14	7	in	in	ADP
ajfa-3802	14	8	securities	security	NOUN
ajfa-3802	14	9	based	base	VERB
ajfa-3802	14	10	on	on	ADP
ajfa-3802	14	11	the	the	DET
ajfa-3802	14	12	information	information	NOUN
ajfa-3802	14	13	on	on	ADP
ajfa-3802	14	14	financial	financial	ADJ
ajfa-3802	14	15	statements	statement	NOUN
ajfa-3802	14	16	disclosed	disclose	VERB
ajfa-3802	14	17	by	by	ADP
ajfa-3802	14	18	company	company	NOUN
ajfa-3802	14	19	managers	manager	NOUN
ajfa-3802	14	20	and	and	CCONJ
ajfa-3802	14	21	such	such	ADJ
ajfa-3802	14	22	investment	investment	NOUN
ajfa-3802	14	23	causes	cause	VERB
ajfa-3802	14	24	uncertainty	uncertainty	NOUN
ajfa-3802	14	25	.	.	PUNCT
ajfa-3802	15	1	it	it	PRON
ajfa-3802	15	2	is	be	AUX
ajfa-3802	15	3	suggested	suggest	VERB
ajfa-3802	15	4	that	that	SCONJ
ajfa-3802	15	5	the	the	DET
ajfa-3802	15	6	acquisition	acquisition	NOUN
ajfa-3802	15	7	and	and	CCONJ
ajfa-3802	15	8	use	use	NOUN
ajfa-3802	15	9	of	of	ADP
ajfa-3802	15	10	information	information	NOUN
ajfa-3802	15	11	on	on	ADP
ajfa-3802	15	12	financial	financial	ADJ
ajfa-3802	15	13	statements	statement	NOUN
ajfa-3802	15	14	is	be	AUX
ajfa-3802	15	15	regarded	regard	VERB
ajfa-3802	15	16	as	as	ADP
ajfa-3802	15	17	one	one	NUM
ajfa-3802	15	18	of	of	ADP
ajfa-3802	15	19	the	the	DET
ajfa-3802	15	20	methods	method	NOUN
ajfa-3802	15	21	to	to	PART
ajfa-3802	15	22	reduce	reduce	VERB
ajfa-3802	15	23	investment	investment	NOUN
ajfa-3802	15	24	risks	risk	NOUN
ajfa-3802	15	25	.	.	PUNCT
ajfa-3802	16	1	for	for	ADP
ajfa-3802	16	2	example	example	NOUN
ajfa-3802	16	3	,	,	PUNCT
ajfa-3802	16	4	market	market	NOUN
ajfa-3802	16	5	participants	participant	NOUN
ajfa-3802	16	6	can	can	AUX
ajfa-3802	16	7	assess	assess	VERB
ajfa-3802	16	8	a	a	DET
ajfa-3802	16	9	firm	firm	NOUN
ajfa-3802	16	10	’s	’s	PART
ajfa-3802	16	11	capability	capability	NOUN
ajfa-3802	16	12	of	of	ADP
ajfa-3802	16	13	solvency	solvency	NOUN
ajfa-3802	16	14	and	and	CCONJ
ajfa-3802	16	15	liquidity	liquidity	NOUN
ajfa-3802	16	16	through	through	ADP
ajfa-3802	16	17	the	the	DET
ajfa-3802	16	18	cash	cash	NOUN
ajfa-3802	16	19	flows	flow	VERB
ajfa-3802	16	20	information	information	NOUN
ajfa-3802	16	21	;	;	PUNCT
ajfa-3802	16	22	or	or	CCONJ
ajfa-3802	16	23	,	,	PUNCT
ajfa-3802	16	24	to	to	PART
ajfa-3802	16	25	conduct	conduct	VERB
ajfa-3802	16	26	business	business	NOUN
ajfa-3802	16	27	valuation	valuation	NOUN
ajfa-3802	16	28	using	use	VERB
ajfa-3802	16	29	accruals	accrual	NOUN
ajfa-3802	16	30	in	in	ADP
ajfa-3802	16	31	earnings	earning	NOUN
ajfa-3802	16	32	.	.	PUNCT
ajfa-3802	17	1	however	however	ADV
ajfa-3802	17	2	,	,	PUNCT
ajfa-3802	17	3	earnings	earning	NOUN
ajfa-3802	17	4	information	information	NOUN
ajfa-3802	17	5	can	can	AUX
ajfa-3802	17	6	have	have	AUX
ajfa-3802	17	7	estimated	estimate	VERB
ajfa-3802	17	8	errors	error	NOUN
ajfa-3802	17	9	under	under	ADP
ajfa-3802	17	10	intentional	intentional	ADJ
ajfa-3802	17	11	or	or	CCONJ
ajfa-3802	17	12	unintentional	unintentional	ADJ
ajfa-3802	17	13	management	management	NOUN
ajfa-3802	17	14	of	of	ADP
ajfa-3802	17	15	managers	manager	NOUN
ajfa-3802	17	16	.	.	PUNCT
ajfa-3802	18	1	francis	francis	PROPN
ajfa-3802	18	2	,	,	PUNCT
ajfa-3802	18	3	lafond	lafond	PROPN
ajfa-3802	18	4	,	,	PUNCT
ajfa-3802	18	5	olsson	olsson	PROPN
ajfa-3802	18	6	and	and	CCONJ
ajfa-3802	18	7	schipper	schipper	PROPN
ajfa-3802	18	8	(	(	PUNCT
ajfa-3802	18	9	2005	2005	NUM
ajfa-3802	18	10	)	)	PUNCT
ajfa-3802	18	11	pointed	point	VERB
ajfa-3802	18	12	out	out	ADP
ajfa-3802	18	13	intentional	intentional	ADJ
ajfa-3802	18	14	error	error	NOUN
ajfa-3802	18	15	was	be	AUX
ajfa-3802	18	16	caused	cause	VERB
ajfa-3802	18	17	by	by	ADP
ajfa-3802	18	18	the	the	DET
ajfa-3802	18	19	earnings	earning	NOUN
ajfa-3802	18	20	management	management	NOUN
ajfa-3802	18	21	of	of	ADP
ajfa-3802	18	22	managers	manager	NOUN
ajfa-3802	18	23	whereas	whereas	SCONJ
ajfa-3802	18	24	unintentional	unintentional	ADJ
ajfa-3802	18	25	error	error	NOUN
ajfa-3802	18	26	was	be	AUX
ajfa-3802	18	27	caused	cause	VERB
ajfa-3802	18	28	by	by	ADP
ajfa-3802	18	29	management	management	NOUN
ajfa-3802	18	30	lapses	lapse	NOUN
ajfa-3802	18	31	and	and	CCONJ
ajfa-3802	18	32	environmental	environmental	ADJ
ajfa-3802	18	33	uncertainty	uncertainty	NOUN
ajfa-3802	18	34	.	.	PUNCT
ajfa-3802	19	1	not	not	PART
ajfa-3802	19	2	to	to	PART
ajfa-3802	19	3	mention	mention	VERB
ajfa-3802	19	4	whether	whether	SCONJ
ajfa-3802	19	5	such	such	ADJ
ajfa-3802	19	6	errors	error	NOUN
ajfa-3802	19	7	are	be	AUX
ajfa-3802	19	8	caused	cause	VERB
ajfa-3802	19	9	by	by	ADP
ajfa-3802	19	10	the	the	DET
ajfa-3802	19	11	intentions	intention	NOUN
ajfa-3802	19	12	of	of	ADP
ajfa-3802	19	13	managers	manager	NOUN
ajfa-3802	19	14	,	,	PUNCT
ajfa-3802	19	15	the	the	DET
ajfa-3802	19	16	measurement	measurement	NOUN
ajfa-3802	19	17	errors	error	NOUN
ajfa-3802	19	18	for	for	ADP
ajfa-3802	19	19	accruals	accrual	NOUN
ajfa-3802	19	20	will	will	AUX
ajfa-3802	19	21	affect	affect	VERB
ajfa-3802	19	22	accrual	accrual	ADJ
ajfa-3802	19	23	quality	quality	NOUN
ajfa-3802	19	24	and	and	CCONJ
ajfa-3802	19	25	lead	lead	VERB
ajfa-3802	19	26	to	to	ADP
ajfa-3802	19	27	two	two	NUM
ajfa-3802	19	28	results	result	NOUN
ajfa-3802	19	29	:	:	PUNCT
ajfa-3802	19	30	1	1	X
ajfa-3802	19	31	.	.	X
ajfa-3802	19	32	earnings	earning	NOUN
ajfa-3802	19	33	after	after	ADP
ajfa-3802	19	34	tax	tax	NOUN
ajfa-3802	19	35	will	will	AUX
ajfa-3802	19	36	diverge	diverge	VERB
ajfa-3802	19	37	from	from	ADP
ajfa-3802	19	38	the	the	DET
ajfa-3802	19	39	actual	actual	ADJ
ajfa-3802	19	40	cash	cash	NOUN
ajfa-3802	19	41	receipts	receipt	NOUN
ajfa-3802	19	42	;	;	PUNCT
ajfa-3802	19	43	2	2	X
ajfa-3802	19	44	.	.	X
ajfa-3802	19	45	the	the	PRON
ajfa-3802	19	46	more	more	ADV
ajfa-3802	19	47	the	the	DET
ajfa-3802	19	48	undetected	undetected	ADJ
ajfa-3802	19	49	estimated	estimate	VERB
ajfa-3802	19	50	errors	error	NOUN
ajfa-3802	19	51	included	include	VERB
ajfa-3802	19	52	in	in	ADP
ajfa-3802	19	53	earnings	earning	NOUN
ajfa-3802	19	54	after	after	ADP
ajfa-3802	19	55	tax	tax	NOUN
ajfa-3802	19	56	,	,	PUNCT
ajfa-3802	19	57	the	the	PRON
ajfa-3802	19	58	higher	high	ADJ
ajfa-3802	19	59	the	the	DET
ajfa-3802	19	60	uncertainty	uncertainty	NOUN
ajfa-3802	19	61	is	be	AUX
ajfa-3802	19	62	.	.	PUNCT
ajfa-3802	20	1	therefore	therefore	ADV
ajfa-3802	20	2	,	,	PUNCT
ajfa-3802	20	3	investors	investor	NOUN
ajfa-3802	20	4	use	use	VERB
ajfa-3802	20	5	financial	financial	ADJ
ajfa-3802	20	6	information	information	NOUN
ajfa-3802	20	7	that	that	PRON
ajfa-3802	20	8	includes	include	VERB
ajfa-3802	20	9	uncertain	uncertain	ADJ
ajfa-3802	20	10	accrual	accrual	ADJ
ajfa-3802	20	11	items	item	NOUN
ajfa-3802	20	12	during	during	ADP
ajfa-3802	20	13	investment	investment	NOUN
ajfa-3802	20	14	decision	decision	NOUN
ajfa-3802	20	15	-	-	PUNCT
ajfa-3802	20	16	making	make	VERB
ajfa-3802	20	17	process	process	NOUN
ajfa-3802	20	18	when	when	SCONJ
ajfa-3802	20	19	they	they	PRON
ajfa-3802	20	20	are	be	AUX
ajfa-3802	20	21	not	not	PART
ajfa-3802	20	22	disclosed	disclose	VERB
ajfa-3802	20	23	with	with	ADP
ajfa-3802	20	24	full	full	ADJ
ajfa-3802	20	25	information	information	NOUN
ajfa-3802	20	26	and	and	CCONJ
ajfa-3802	20	27	there	there	PRON
ajfa-3802	20	28	are	be	VERB
ajfa-3802	20	29	risks	risk	NOUN
ajfa-3802	20	30	caused	cause	VERB
ajfa-3802	20	31	by	by	ADP
ajfa-3802	20	32	the	the	DET
ajfa-3802	20	33	uncertainty	uncertainty	NOUN
ajfa-3802	20	34	.	.	PUNCT
ajfa-3802	21	1	this	this	PRON
ajfa-3802	21	2	is	be	AUX
ajfa-3802	21	3	called	call	VERB
ajfa-3802	21	4	investment	investment	NOUN
ajfa-3802	21	5	risks	risk	NOUN
ajfa-3802	21	6	.	.	PUNCT
ajfa-3802	22	1	in	in	ADP
ajfa-3802	22	2	the	the	DET
ajfa-3802	22	3	past	past	NOUN
ajfa-3802	22	4	,	,	PUNCT
ajfa-3802	22	5	standard	standard	ADJ
ajfa-3802	22	6	deviation	deviation	NOUN
ajfa-3802	22	7	of	of	ADP
ajfa-3802	22	8	residuals	residual	NOUN
ajfa-3802	22	9	for	for	ADP
ajfa-3802	22	10	regression	regression	NOUN
ajfa-3802	22	11	model	model	NOUN
ajfa-3802	22	12	has	have	AUX
ajfa-3802	22	13	been	be	AUX
ajfa-3802	22	14	the	the	DET
ajfa-3802	22	15	major	major	ADJ
ajfa-3802	22	16	measurement	measurement	NOUN
ajfa-3802	22	17	of	of	ADP
ajfa-3802	22	18	investment	investment	NOUN
ajfa-3802	22	19	risks	risk	NOUN
ajfa-3802	22	20	(	(	PUNCT
ajfa-3802	22	21	e.g	e.g	X
ajfa-3802	22	22	francis	francis	PROPN
ajfa-3802	22	23	et	et	PROPN
ajfa-3802	22	24	al	al	PROPN
ajfa-3802	22	25	.	.	PROPN
ajfa-3802	22	26	,	,	PUNCT
ajfa-3802	22	27	2005	2005	NUM
ajfa-3802	22	28	;	;	PUNCT
ajfa-3802	22	29	core	core	NOUN
ajfa-3802	22	30	,	,	PUNCT
ajfa-3802	22	31	guay	guay	NOUN
ajfa-3802	22	32	and	and	CCONJ
ajfa-3802	22	33	verdi	verdi	NOUN
ajfa-3802	22	34	,	,	PUNCT
ajfa-3802	22	35	2008	2008	NUM
ajfa-3802	22	36	;	;	PUNCT
ajfa-3802	22	37	kim	kim	PROPN
ajfa-3802	22	38	&	&	CCONJ
ajfa-3802	22	39	qi	qi	PROPN
ajfa-3802	22	40	,	,	PUNCT
ajfa-3802	22	41	2010	2010	NUM
ajfa-3802	22	42	;	;	PUNCT
ajfa-3802	22	43	mashruwala	mashruwala	PROPN
ajfa-3802	22	44	&	&	CCONJ
ajfa-3802	22	45	mashruwala	mashruwala	PROPN
ajfa-3802	22	46	,	,	PUNCT
ajfa-3802	22	47	2011	2011	NUM
ajfa-3802	22	48	)	)	PUNCT
ajfa-3802	22	49	.	.	PUNCT
ajfa-3802	23	1	for	for	ADP
ajfa-3802	23	2	investors	investor	NOUN
ajfa-3802	23	3	,	,	PUNCT
ajfa-3802	23	4	however	however	ADV
ajfa-3802	23	5	,	,	PUNCT
ajfa-3802	23	6	assessment	assessment	NOUN
ajfa-3802	23	7	of	of	ADP
ajfa-3802	23	8	investment	investment	NOUN
ajfa-3802	23	9	risks	risk	NOUN
ajfa-3802	23	10	should	should	AUX
ajfa-3802	23	11	consider	consider	VERB
ajfa-3802	23	12	the	the	DET
ajfa-3802	23	13	degree	degree	NOUN
ajfa-3802	23	14	of	of	ADP
ajfa-3802	23	15	tolerance	tolerance	NOUN
ajfa-3802	23	16	and	and	CCONJ
ajfa-3802	23	17	aversion	aversion	NOUN
ajfa-3802	23	18	towards	towards	ADP
ajfa-3802	23	19	risks	risk	NOUN
ajfa-3802	23	20	instead	instead	ADV
ajfa-3802	23	21	of	of	ADP
ajfa-3802	23	22	the	the	DET
ajfa-3802	23	23	information	information	NOUN
ajfa-3802	23	24	risks	risk	NOUN
ajfa-3802	23	25	of	of	ADP
ajfa-3802	23	26	objects	object	NOUN
ajfa-3802	23	27	.	.	PUNCT
ajfa-3802	24	1	chang	chang	PROPN
ajfa-3802	24	2	,	,	PUNCT
ajfa-3802	24	3	huang	huang	PROPN
ajfa-3802	24	4	,	,	PUNCT
ajfa-3802	24	5	chiu	chiu	PROPN
ajfa-3802	24	6	and	and	CCONJ
ajfa-3802	24	7	huang	huang	PROPN
ajfa-3802	24	8	(	(	PUNCT
ajfa-3802	24	9	2012	2012	NUM
ajfa-3802	24	10	)	)	PUNCT
ajfa-3802	24	11	established	establish	VERB
ajfa-3802	24	12	a	a	DET
ajfa-3802	24	13	basic	basic	ADJ
ajfa-3802	24	14	capability	capability	NOUN
ajfa-3802	24	15	index	index	NOUN
ajfa-3802	24	16	of	of	ADP
ajfa-3802	24	17	accrual	accrual	ADJ
ajfa-3802	24	18	quality	quality	NOUN
ajfa-3802	24	19	,	,	PUNCT
ajfa-3802	24	20	as	as	ADV
ajfa-3802	24	21	know	know	VERB
ajfa-3802	24	22	as	as	ADP
ajfa-3802	24	23	cbaq	cbaq	NOUN
ajfa-3802	24	24	with	with	ADP
ajfa-3802	24	25	loss	loss	NOUN
ajfa-3802	24	26	function	function	NOUN
ajfa-3802	24	27	in	in	ADP
ajfa-3802	24	28	mathematical	mathematical	ADJ
ajfa-3802	24	29	model	model	NOUN
ajfa-3802	24	30	deduction	deduction	NOUN
ajfa-3802	24	31	.	.	PUNCT
ajfa-3802	25	1	the	the	DET
ajfa-3802	25	2	index	index	NOUN
ajfa-3802	25	3	is	be	AUX
ajfa-3802	25	4	built	build	VERB
ajfa-3802	25	5	based	base	VERB
ajfa-3802	25	6	on	on	ADP
ajfa-3802	25	7	investors	investor	NOUN
ajfa-3802	25	8	'	'	PART
ajfa-3802	25	9	degree	degree	NOUN
ajfa-3802	25	10	of	of	ADP
ajfa-3802	25	11	tolerance	tolerance	NOUN
ajfa-3802	25	12	and	and	CCONJ
ajfa-3802	25	13	aversion	aversion	NOUN
ajfa-3802	25	14	towards	towards	ADP
ajfa-3802	25	15	risks	risk	NOUN
ajfa-3802	25	16	.	.	PUNCT
ajfa-3802	26	1	it	it	PRON
ajfa-3802	26	2	also	also	ADV
ajfa-3802	26	3	found	find	VERB
ajfa-3802	26	4	that	that	SCONJ
ajfa-3802	26	5	higher	high	ADJ
ajfa-3802	26	6	the	the	DET
ajfa-3802	26	7	capability	capability	NOUN
ajfa-3802	26	8	index	index	NOUN
ajfa-3802	26	9	of	of	ADP
ajfa-3802	26	10	basic	basic	ADJ
ajfa-3802	26	11	accrual	accrual	ADJ
ajfa-3802	26	12	quality	quality	NOUN
ajfa-3802	26	13	,	,	PUNCT
ajfa-3802	26	14	the	the	PRON
ajfa-3802	26	15	lower	low	ADJ
ajfa-3802	26	16	the	the	DET
ajfa-3802	26	17	investment	investment	NOUN
ajfa-3802	26	18	risks	risk	NOUN
ajfa-3802	26	19	.	.	PUNCT
ajfa-3802	27	1	investors	investor	NOUN
ajfa-3802	27	2	should	should	AUX
ajfa-3802	27	3	also	also	ADV
ajfa-3802	27	4	respect	respect	VERB
ajfa-3802	27	5	the	the	DET
ajfa-3802	27	6	accounting	accounting	NOUN
ajfa-3802	27	7	signals	signal	NOUN
ajfa-3802	27	8	from	from	ADP
ajfa-3802	27	9	firms	firm	NOUN
ajfa-3802	27	10	while	while	SCONJ
ajfa-3802	27	11	considering	consider	VERB
ajfa-3802	27	12	information	information	NOUN
ajfa-3802	27	13	risks	risk	NOUN
ajfa-3802	27	14	and	and	CCONJ
ajfa-3802	27	15	their	their	PRON
ajfa-3802	27	16	degree	degree	NOUN
ajfa-3802	27	17	of	of	ADP
ajfa-3802	27	18	tolerance	tolerance	NOUN
ajfa-3802	27	19	and	and	CCONJ
ajfa-3802	27	20	aversion	aversion	NOUN
ajfa-3802	27	21	towards	towards	ADP
ajfa-3802	27	22	risks	risk	NOUN
ajfa-3802	27	23	.	.	PUNCT
ajfa-3802	28	1	the	the	DET
ajfa-3802	28	2	earnings	earning	NOUN
ajfa-3802	28	3	information	information	NOUN
ajfa-3802	28	4	provided	provide	VERB
ajfa-3802	28	5	in	in	ADP
ajfa-3802	28	6	financial	financial	ADJ
ajfa-3802	28	7	statements	statement	NOUN
ajfa-3802	28	8	is	be	AUX
ajfa-3802	28	9	an	an	DET
ajfa-3802	28	10	important	important	ADJ
ajfa-3802	28	11	reference	reference	NOUN
ajfa-3802	28	12	on	on	ADP
ajfa-3802	28	13	the	the	DET
ajfa-3802	28	14	capital	capital	NOUN
ajfa-3802	28	15	market	market	NOUN
ajfa-3802	28	16	for	for	ADP
ajfa-3802	28	17	investors	investor	NOUN
ajfa-3802	28	18	.	.	PUNCT
ajfa-3802	29	1	nissim	nissim	PROPN
ajfa-3802	29	2	and	and	CCONJ
ajfa-3802	29	3	penman	penman	PROPN
ajfa-3802	29	4	(	(	PUNCT
ajfa-3802	29	5	2001	2001	NUM
ajfa-3802	29	6	)	)	PUNCT
ajfa-3802	29	7	were	be	AUX
ajfa-3802	29	8	the	the	DET
ajfa-3802	29	9	first	first	ADJ
ajfa-3802	29	10	to	to	PART
ajfa-3802	29	11	convert	convert	VERB
ajfa-3802	29	12	accounting	accounting	NOUN
ajfa-3802	29	13	-	-	PUNCT
ajfa-3802	29	14	based	base	VERB
ajfa-3802	29	15	valuation	valuation	NOUN
ajfa-3802	29	16	analysis	analysis	NOUN
ajfa-3802	29	17	to	to	ADP
ajfa-3802	29	18	option	option	NOUN
ajfa-3802	29	19	-	-	PUNCT
ajfa-3802	29	20	based	base	VERB
ajfa-3802	29	21	analysis	analysis	NOUN
ajfa-3802	29	22	and	and	CCONJ
ajfa-3802	29	23	pointed	point	VERB
ajfa-3802	29	24	out	out	ADP
ajfa-3802	29	25	current	current	ADJ
ajfa-3802	29	26	financial	financial	ADJ
ajfa-3802	29	27	indicators	indicator	NOUN
ajfa-3802	29	28	in	in	ADP
ajfa-3802	29	29	the	the	DET
ajfa-3802	29	30	analysis	analysis	NOUN
ajfa-3802	29	31	of	of	ADP
ajfa-3802	29	32	current	current	ADJ
ajfa-3802	29	33	financial	financial	ADJ
ajfa-3802	29	34	statement	statement	NOUN
ajfa-3802	29	35	can	can	AUX
ajfa-3802	29	36	be	be	AUX
ajfa-3802	29	37	seen	see	VERB
ajfa-3802	29	38	as	as	ADP
ajfa-3802	29	39	current	current	ADJ
ajfa-3802	29	40	ratios	ratio	NOUN
ajfa-3802	29	41	as	as	ADP
ajfa-3802	29	42	predictors	predictor	NOUN
ajfa-3802	29	43	of	of	ADP
ajfa-3802	29	44	the	the	DET
ajfa-3802	29	45	future	future	ADJ
ajfa-3802	29	46	ratios	ratio	NOUN
ajfa-3802	29	47	that	that	PRON
ajfa-3802	29	48	determine	determine	VERB
ajfa-3802	29	49	equity	equity	NOUN
ajfa-3802	29	50	payoff	payoff	NOUN
ajfa-3802	29	51	.	.	PUNCT
ajfa-3802	30	1	soliman	soliman	NOUN
ajfa-3802	30	2	(	(	PUNCT
ajfa-3802	30	3	2008	2008	NUM
ajfa-3802	30	4	)	)	PUNCT
ajfa-3802	30	5	used	use	VERB
ajfa-3802	30	6	dupont	dupont	NOUN
ajfa-3802	30	7	analysis	analysis	NOUN
ajfa-3802	30	8	to	to	PART
ajfa-3802	30	9	point	point	VERB
ajfa-3802	30	10	out	out	ADP
ajfa-3802	30	11	the	the	DET
ajfa-3802	30	12	accounting	accounting	NOUN
ajfa-3802	30	13	signals	signal	NOUN
ajfa-3802	30	14	in	in	ADP
ajfa-3802	30	15	the	the	DET
ajfa-3802	30	16	analysis	analysis	NOUN
ajfa-3802	30	17	in	in	ADP
ajfa-3802	30	18	fact	fact	NOUN
ajfa-3802	30	19	provides	provide	VERB
ajfa-3802	30	20	incremental	incremental	ADJ
ajfa-3802	30	21	information	information	NOUN
ajfa-3802	30	22	about	about	ADP
ajfa-3802	30	23	firm	firm	PROPN
ajfa-3802	30	24	’s	’s	PART
ajfa-3802	30	25	characteristics	characteristic	NOUN
ajfa-3802	30	26	.	.	PUNCT
ajfa-3802	31	1	in	in	ADP
ajfa-3802	31	2	long	long	ADJ
ajfa-3802	31	3	term	term	NOUN
ajfa-3802	31	4	,	,	PUNCT
ajfa-3802	31	5	the	the	DET
ajfa-3802	31	6	accounting	accounting	NOUN
ajfa-3802	31	7	signals	signal	NOUN
ajfa-3802	31	8	also	also	ADV
ajfa-3802	31	9	provide	provide	VERB
ajfa-3802	31	10	market	market	NOUN
ajfa-3802	31	11	participants	participant	NOUN
ajfa-3802	31	12	the	the	DET
ajfa-3802	31	13	incremental	incremental	ADJ
ajfa-3802	31	14	information	information	NOUN
ajfa-3802	31	15	about	about	ADP
ajfa-3802	31	16	future	future	ADJ
ajfa-3802	31	17	earnings	earning	NOUN
ajfa-3802	31	18	.	.	PUNCT
ajfa-3802	32	1	this	this	DET
ajfa-3802	32	2	paper	paper	NOUN
ajfa-3802	32	3	thinks	think	VERB
ajfa-3802	32	4	the	the	DET
ajfa-3802	32	5	accounting	accounting	NOUN
ajfa-3802	32	6	signals	signal	NOUN
ajfa-3802	32	7	financial	financial	ADJ
ajfa-3802	32	8	indicators	indicator	NOUN
ajfa-3802	32	9	from	from	ADP
ajfa-3802	32	10	dupont	dupont	NOUN
ajfa-3802	32	11	analysis	analysis	NOUN
ajfa-3802	32	12	can	can	AUX
ajfa-3802	32	13	reflect	reflect	VERB
ajfa-3802	32	14	the	the	DET
ajfa-3802	32	15	current	current	ADJ
ajfa-3802	32	16	operation	operation	NOUN
ajfa-3802	32	17	situation	situation	NOUN
ajfa-3802	32	18	of	of	ADP
ajfa-3802	32	19	a	a	DET
ajfa-3802	32	20	firm	firm	NOUN
ajfa-3802	32	21	but	but	CCONJ
ajfa-3802	32	22	there	there	PRON
ajfa-3802	32	23	are	be	VERB
ajfa-3802	32	24	few	few	ADJ
ajfa-3802	32	25	researches	research	NOUN
ajfa-3802	32	26	on	on	ADP
ajfa-3802	32	27	its	its	PRON
ajfa-3802	32	28	relationship	relationship	NOUN
ajfa-3802	32	29	with	with	ADP
ajfa-3802	32	30	the	the	DET
ajfa-3802	32	31	investment	investment	NOUN
ajfa-3802	32	32	risks	risk	NOUN
ajfa-3802	32	33	evaluated	evaluate	VERB
ajfa-3802	32	34	by	by	ADP
ajfa-3802	32	35	investors	investor	NOUN
ajfa-3802	32	36	.	.	PUNCT
ajfa-3802	33	1	hence	hence	ADV
ajfa-3802	33	2	,	,	PUNCT
ajfa-3802	33	3	we	we	PRON
ajfa-3802	33	4	attempt	attempt	VERB
ajfa-3802	33	5	to	to	PART
ajfa-3802	33	6	combine	combine	VERB
ajfa-3802	33	7	the	the	DET
ajfa-3802	33	8	accounting	accounting	NOUN
ajfa-3802	33	9	signals	signal	NOUN
ajfa-3802	33	10	obtained	obtain	VERB
ajfa-3802	33	11	from	from	ADP
ajfa-3802	33	12	dupont	dupont	NOUN
ajfa-3802	33	13	analysis	analysis	NOUN
ajfa-3802	33	14	and	and	CCONJ
ajfa-3802	33	15	review	review	VERB
ajfa-3802	33	16	asian	asian	ADJ
ajfa-3802	33	17	journal	journal	NOUN
ajfa-3802	33	18	of	of	ADP
ajfa-3802	33	19	finance	finance	PROPN
ajfa-3802	33	20	&	&	CCONJ
ajfa-3802	33	21	accounting	accounting	PROPN
ajfa-3802	33	22	issn	issn	PROPN
ajfa-3802	33	23	1946	1946	NUM
ajfa-3802	33	24	-	-	PUNCT
ajfa-3802	33	25	052x	052x	NOUN
ajfa-3802	33	26	2013	2013	NUM
ajfa-3802	33	27	,	,	PUNCT
ajfa-3802	33	28	vol	vol	NOUN
ajfa-3802	33	29	.	.	PROPN
ajfa-3802	33	30	5	5	NUM
ajfa-3802	33	31	,	,	PUNCT
ajfa-3802	33	32	no	no	INTJ
ajfa-3802	33	33	.	.	NOUN
ajfa-3802	33	34	1	1	NUM
ajfa-3802	33	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	33	36	422	422	NUM
ajfa-3802	33	37	their	their	PRON
ajfa-3802	33	38	relation	relation	NOUN
ajfa-3802	33	39	.	.	PUNCT
ajfa-3802	34	1	to	to	PART
ajfa-3802	34	2	review	review	VERB
ajfa-3802	34	3	our	our	PRON
ajfa-3802	34	4	research	research	NOUN
ajfa-3802	34	5	topics	topic	NOUN
ajfa-3802	34	6	,	,	PUNCT
ajfa-3802	34	7	we	we	PRON
ajfa-3802	34	8	apply	apply	VERB
ajfa-3802	34	9	the	the	DET
ajfa-3802	34	10	capability	capability	NOUN
ajfa-3802	34	11	index	index	NOUN
ajfa-3802	34	12	of	of	ADP
ajfa-3802	34	13	accrual	accrual	ADJ
ajfa-3802	34	14	quality	quality	NOUN
ajfa-3802	34	15	that	that	PRON
ajfa-3802	34	16	considers	consider	VERB
ajfa-3802	34	17	investors	investor	NOUN
ajfa-3802	34	18	’	'	PUNCT
ajfa-3802	34	19	degree	degree	NOUN
ajfa-3802	34	20	of	of	ADP
ajfa-3802	34	21	tolerance	tolerance	NOUN
ajfa-3802	34	22	and	and	CCONJ
ajfa-3802	34	23	aversion	aversion	NOUN
ajfa-3802	34	24	towards	towards	ADP
ajfa-3802	34	25	risks	risk	NOUN
ajfa-3802	34	26	established	establish	VERB
ajfa-3802	34	27	by	by	ADP
ajfa-3802	34	28	chang	chang	PROPN
ajfa-3802	34	29	et	et	PROPN
ajfa-3802	34	30	al.(2012	al.(2012	PROPN
ajfa-3802	34	31	)	)	PUNCT
ajfa-3802	34	32	and	and	CCONJ
ajfa-3802	34	33	take	take	VERB
ajfa-3802	34	34	this	this	PRON
ajfa-3802	34	35	as	as	ADP
ajfa-3802	34	36	the	the	DET
ajfa-3802	34	37	proxy	proxy	NOUN
ajfa-3802	34	38	for	for	ADP
ajfa-3802	34	39	investment	investment	NOUN
ajfa-3802	34	40	risks	risk	NOUN
ajfa-3802	34	41	.	.	PUNCT
ajfa-3802	35	1	afterwards	afterwards	ADV
ajfa-3802	35	2	,	,	PUNCT
ajfa-3802	35	3	we	we	PRON
ajfa-3802	35	4	review	review	VERB
ajfa-3802	35	5	whether	whether	SCONJ
ajfa-3802	35	6	the	the	DET
ajfa-3802	35	7	capability	capability	NOUN
ajfa-3802	35	8	index	index	NOUN
ajfa-3802	35	9	of	of	ADP
ajfa-3802	35	10	accrual	accrual	ADJ
ajfa-3802	35	11	quality	quality	NOUN
ajfa-3802	35	12	used	use	VERB
ajfa-3802	35	13	in	in	ADP
ajfa-3802	35	14	this	this	DET
ajfa-3802	35	15	paper	paper	NOUN
ajfa-3802	35	16	has	have	VERB
ajfa-3802	35	17	the	the	DET
ajfa-3802	35	18	same	same	ADJ
ajfa-3802	35	19	propensity	propensity	NOUN
ajfa-3802	35	20	as	as	ADP
ajfa-3802	35	21	the	the	DET
ajfa-3802	35	22	accrual	accrual	ADJ
ajfa-3802	35	23	quality	quality	NOUN
ajfa-3802	35	24	by	by	ADP
ajfa-3802	35	25	the	the	DET
ajfa-3802	35	26	firm	firm	ADJ
ajfa-3802	35	27	characteristics	characteristic	NOUN
ajfa-3802	35	28	variable	variable	NOUN
ajfa-3802	35	29	proposed	propose	VERB
ajfa-3802	35	30	by	by	ADP
ajfa-3802	35	31	dechow	dechow	ADV
ajfa-3802	35	32	and	and	CCONJ
ajfa-3802	35	33	dichev	dichev	PROPN
ajfa-3802	35	34	(	(	PUNCT
ajfa-3802	35	35	2002	2002	NUM
ajfa-3802	35	36	)	)	PUNCT
ajfa-3802	35	37	and	and	CCONJ
ajfa-3802	35	38	verify	verify	VERB
ajfa-3802	35	39	the	the	DET
ajfa-3802	35	40	usefulness	usefulness	NOUN
ajfa-3802	35	41	of	of	ADP
ajfa-3802	35	42	capability	capability	NOUN
ajfa-3802	35	43	index	index	NOUN
ajfa-3802	35	44	of	of	ADP
ajfa-3802	35	45	accrual	accrual	ADJ
ajfa-3802	35	46	quality	quality	NOUN
ajfa-3802	35	47	as	as	ADP
ajfa-3802	35	48	investment	investment	NOUN
ajfa-3802	35	49	risks	risk	NOUN
ajfa-3802	35	50	.	.	PUNCT
ajfa-3802	36	1	then	then	ADV
ajfa-3802	36	2	,	,	PUNCT
ajfa-3802	36	3	we	we	PRON
ajfa-3802	36	4	will	will	AUX
ajfa-3802	36	5	break	break	VERB
ajfa-3802	36	6	down	down	ADP
ajfa-3802	36	7	two	two	NUM
ajfa-3802	36	8	levels	level	NOUN
ajfa-3802	36	9	of	of	ADP
ajfa-3802	36	10	accounting	accounting	NOUN
ajfa-3802	36	11	signals	signal	NOUN
ajfa-3802	36	12	indicators	indicator	NOUN
ajfa-3802	36	13	using	use	VERB
ajfa-3802	36	14	dupont	dupont	NOUN
ajfa-3802	36	15	analysis	analysis	NOUN
ajfa-3802	36	16	strategy	strategy	NOUN
ajfa-3802	36	17	level	level	NOUN
ajfa-3802	36	18	and	and	CCONJ
ajfa-3802	36	19	internal	internal	ADJ
ajfa-3802	36	20	management	management	NOUN
ajfa-3802	36	21	level	level	NOUN
ajfa-3802	36	22	–	–	PUNCT
ajfa-3802	36	23	and	and	CCONJ
ajfa-3802	36	24	review	review	VERB
ajfa-3802	36	25	their	their	PRON
ajfa-3802	36	26	relationship	relationship	NOUN
ajfa-3802	36	27	with	with	ADP
ajfa-3802	36	28	investment	investment	NOUN
ajfa-3802	36	29	risks	risk	NOUN
ajfa-3802	36	30	.	.	PUNCT
ajfa-3802	37	1	our	our	PRON
ajfa-3802	37	2	results	result	NOUN
ajfa-3802	37	3	show	show	VERB
ajfa-3802	37	4	that	that	SCONJ
ajfa-3802	37	5	firm	firm	ADJ
ajfa-3802	37	6	scale	scale	NOUN
ajfa-3802	37	7	is	be	AUX
ajfa-3802	37	8	positively	positively	ADV
ajfa-3802	37	9	associated	associate	VERB
ajfa-3802	37	10	with	with	ADP
ajfa-3802	37	11	the	the	DET
ajfa-3802	37	12	capability	capability	NOUN
ajfa-3802	37	13	index	index	NOUN
ajfa-3802	37	14	of	of	ADP
ajfa-3802	37	15	accrual	accrual	ADJ
ajfa-3802	37	16	quality	quality	NOUN
ajfa-3802	37	17	that	that	PRON
ajfa-3802	37	18	means	mean	VERB
ajfa-3802	37	19	larger	large	ADJ
ajfa-3802	37	20	firms	firm	NOUN
ajfa-3802	37	21	have	have	VERB
ajfa-3802	37	22	more	more	ADV
ajfa-3802	37	23	stable	stable	ADJ
ajfa-3802	37	24	operations	operation	NOUN
ajfa-3802	37	25	which	which	PRON
ajfa-3802	37	26	will	will	AUX
ajfa-3802	37	27	reduce	reduce	VERB
ajfa-3802	37	28	estimated	estimated	ADJ
ajfa-3802	37	29	errors	error	NOUN
ajfa-3802	37	30	and	and	CCONJ
ajfa-3802	37	31	investment	investment	NOUN
ajfa-3802	37	32	risks	risk	NOUN
ajfa-3802	37	33	.	.	PUNCT
ajfa-3802	38	1	standard	standard	ADJ
ajfa-3802	38	2	deviation	deviation	NOUN
ajfa-3802	38	3	of	of	ADP
ajfa-3802	38	4	revenue	revenue	NOUN
ajfa-3802	38	5	,	,	PUNCT
ajfa-3802	38	6	standard	standard	ADJ
ajfa-3802	38	7	deviation	deviation	NOUN
ajfa-3802	38	8	of	of	ADP
ajfa-3802	38	9	cash	cash	NOUN
ajfa-3802	38	10	flows	flow	NOUN
ajfa-3802	38	11	and	and	CCONJ
ajfa-3802	38	12	number	number	NOUN
ajfa-3802	38	13	of	of	ADP
ajfa-3802	38	14	surplus	surplus	NOUN
ajfa-3802	38	15	are	be	AUX
ajfa-3802	38	16	negatively	negatively	ADV
ajfa-3802	38	17	associated	associate	VERB
ajfa-3802	38	18	.	.	PUNCT
ajfa-3802	39	1	when	when	SCONJ
ajfa-3802	39	2	the	the	DET
ajfa-3802	39	3	firms	firm	NOUN
ajfa-3802	39	4	face	face	VERB
ajfa-3802	39	5	environment	environment	NOUN
ajfa-3802	39	6	with	with	ADP
ajfa-3802	39	7	higher	high	ADJ
ajfa-3802	39	8	uncertainty	uncertainty	NOUN
ajfa-3802	39	9	or	or	CCONJ
ajfa-3802	39	10	greater	great	ADJ
ajfa-3802	39	11	number	number	NOUN
ajfa-3802	39	12	of	of	ADP
ajfa-3802	39	13	surplus	surplus	NOUN
ajfa-3802	39	14	,	,	PUNCT
ajfa-3802	39	15	the	the	DET
ajfa-3802	39	16	investment	investment	NOUN
ajfa-3802	39	17	risks	risk	NOUN
ajfa-3802	39	18	will	will	AUX
ajfa-3802	39	19	increase	increase	VERB
ajfa-3802	39	20	.	.	PUNCT
ajfa-3802	40	1	for	for	ADP
ajfa-3802	40	2	the	the	DET
ajfa-3802	40	3	influence	influence	NOUN
ajfa-3802	40	4	of	of	ADP
ajfa-3802	40	5	investment	investment	NOUN
ajfa-3802	40	6	management	management	NOUN
ajfa-3802	40	7	on	on	ADP
ajfa-3802	40	8	investment	investment	NOUN
ajfa-3802	40	9	risks	risk	NOUN
ajfa-3802	40	10	,	,	PUNCT
ajfa-3802	40	11	we	we	PRON
ajfa-3802	40	12	find	find	VERB
ajfa-3802	40	13	that	that	SCONJ
ajfa-3802	40	14	the	the	DET
ajfa-3802	40	15	increase	increase	NOUN
ajfa-3802	40	16	respect	respect	NOUN
ajfa-3802	40	17	on	on	ADP
ajfa-3802	40	18	automation	automation	NOUN
ajfa-3802	40	19	can	can	AUX
ajfa-3802	40	20	reduce	reduce	VERB
ajfa-3802	40	21	risks	risk	NOUN
ajfa-3802	40	22	no	no	ADV
ajfa-3802	40	23	matter	matter	ADV
ajfa-3802	40	24	the	the	DET
ajfa-3802	40	25	firms	firm	NOUN
ajfa-3802	40	26	adopt	adopt	VERB
ajfa-3802	40	27	cost	cost	NOUN
ajfa-3802	40	28	leadership	leadership	NOUN
ajfa-3802	40	29	or	or	CCONJ
ajfa-3802	40	30	differentiation	differentiation	NOUN
ajfa-3802	40	31	strategies	strategy	NOUN
ajfa-3802	40	32	if	if	SCONJ
ajfa-3802	40	33	we	we	PRON
ajfa-3802	40	34	put	put	VERB
ajfa-3802	40	35	aside	aside	ADV
ajfa-3802	40	36	industry	industry	NOUN
ajfa-3802	40	37	effect	effect	NOUN
ajfa-3802	40	38	in	in	ADP
ajfa-3802	40	39	investment	investment	NOUN
ajfa-3802	40	40	management	management	NOUN
ajfa-3802	40	41	.	.	PUNCT
ajfa-3802	41	1	the	the	DET
ajfa-3802	41	2	enhancement	enhancement	NOUN
ajfa-3802	41	3	in	in	ADP
ajfa-3802	41	4	automation	automation	NOUN
ajfa-3802	41	5	helps	help	VERB
ajfa-3802	41	6	firms	firm	NOUN
ajfa-3802	41	7	to	to	PART
ajfa-3802	41	8	adapt	adapt	VERB
ajfa-3802	41	9	to	to	ADP
ajfa-3802	41	10	uncertainty	uncertainty	NOUN
ajfa-3802	41	11	in	in	ADP
ajfa-3802	41	12	the	the	DET
ajfa-3802	41	13	environment	environment	NOUN
ajfa-3802	41	14	.	.	PUNCT
ajfa-3802	42	1	in	in	ADP
ajfa-3802	42	2	samples	sample	NOUN
ajfa-3802	42	3	adopt	adopt	VERB
ajfa-3802	42	4	cost	cost	NOUN
ajfa-3802	42	5	leadership	leadership	NOUN
ajfa-3802	42	6	strategy	strategy	NOUN
ajfa-3802	42	7	,	,	PUNCT
ajfa-3802	42	8	there	there	PRON
ajfa-3802	42	9	is	be	VERB
ajfa-3802	42	10	competitive	competitive	ADJ
ajfa-3802	42	11	convergence	convergence	NOUN
ajfa-3802	42	12	proposed	propose	VERB
ajfa-3802	42	13	by	by	ADP
ajfa-3802	42	14	porter	porter	NOUN
ajfa-3802	42	15	(	(	PUNCT
ajfa-3802	42	16	1996	1996	NUM
ajfa-3802	42	17	)	)	PUNCT
ajfa-3802	42	18	if	if	SCONJ
ajfa-3802	42	19	enterprises	enterprise	NOUN
ajfa-3802	42	20	over	over	ADP
ajfa-3802	42	21	-	-	PUNCT
ajfa-3802	42	22	pursue	pursue	VERB
ajfa-3802	42	23	the	the	DET
ajfa-3802	42	24	turnover	turnover	NOUN
ajfa-3802	42	25	of	of	ADP
ajfa-3802	42	26	fixed	fix	VERB
ajfa-3802	42	27	assets	asset	NOUN
ajfa-3802	42	28	.	.	PUNCT
ajfa-3802	43	1	that	that	PRON
ajfa-3802	43	2	means	mean	VERB
ajfa-3802	43	3	enterprises	enterprise	NOUN
ajfa-3802	43	4	will	will	AUX
ajfa-3802	43	5	have	have	VERB
ajfa-3802	43	6	similar	similar	ADJ
ajfa-3802	43	7	strategy	strategy	NOUN
ajfa-3802	43	8	if	if	SCONJ
ajfa-3802	43	9	they	they	PRON
ajfa-3802	43	10	improve	improve	VERB
ajfa-3802	43	11	quality	quality	NOUN
ajfa-3802	43	12	,	,	PUNCT
ajfa-3802	43	13	production	production	NOUN
ajfa-3802	43	14	cycle	cycle	NOUN
ajfa-3802	43	15	and	and	CCONJ
ajfa-3802	43	16	relationship	relationship	NOUN
ajfa-3802	43	17	with	with	ADP
ajfa-3802	43	18	partners	partner	NOUN
ajfa-3802	43	19	and	and	CCONJ
ajfa-3802	43	20	vendors	vendor	NOUN
ajfa-3802	43	21	by	by	ADP
ajfa-3802	43	22	simulating	simulate	VERB
ajfa-3802	43	23	each	each	DET
ajfa-3802	43	24	other	other	ADJ
ajfa-3802	43	25	.	.	PUNCT
ajfa-3802	44	1	this	this	PRON
ajfa-3802	44	2	will	will	AUX
ajfa-3802	44	3	result	result	VERB
ajfa-3802	44	4	in	in	ADP
ajfa-3802	44	5	deterioration	deterioration	NOUN
ajfa-3802	44	6	where	where	SCONJ
ajfa-3802	44	7	there	there	PRON
ajfa-3802	44	8	is	be	VERB
ajfa-3802	44	9	no	no	DET
ajfa-3802	44	10	winner	winner	NOUN
ajfa-3802	44	11	in	in	ADP
ajfa-3802	44	12	the	the	DET
ajfa-3802	44	13	market	market	NOUN
ajfa-3802	44	14	so	so	SCONJ
ajfa-3802	44	15	the	the	DET
ajfa-3802	44	16	investment	investment	NOUN
ajfa-3802	44	17	risks	risk	NOUN
ajfa-3802	44	18	increase	increase	VERB
ajfa-3802	44	19	.	.	PUNCT
ajfa-3802	45	1	in	in	ADP
ajfa-3802	45	2	the	the	DET
ajfa-3802	45	3	samples	sample	NOUN
ajfa-3802	45	4	that	that	PRON
ajfa-3802	45	5	adopt	adopt	VERB
ajfa-3802	45	6	differentiation	differentiation	NOUN
ajfa-3802	45	7	strategy	strategy	NOUN
ajfa-3802	45	8	,	,	PUNCT
ajfa-3802	45	9	increasing	increase	VERB
ajfa-3802	45	10	the	the	DET
ajfa-3802	45	11	turnover	turnover	NOUN
ajfa-3802	45	12	of	of	ADP
ajfa-3802	45	13	fixed	fix	VERB
ajfa-3802	45	14	assets	asset	NOUN
ajfa-3802	45	15	can	can	AUX
ajfa-3802	45	16	enhance	enhance	VERB
ajfa-3802	45	17	organization	organization	NOUN
ajfa-3802	45	18	’s	’s	PART
ajfa-3802	45	19	competitiveness	competitiveness	NOUN
ajfa-3802	45	20	and	and	CCONJ
ajfa-3802	45	21	reduce	reduce	VERB
ajfa-3802	45	22	investment	investment	NOUN
ajfa-3802	45	23	risks	risk	NOUN
ajfa-3802	45	24	.	.	PUNCT
ajfa-3802	46	1	when	when	SCONJ
ajfa-3802	46	2	we	we	PRON
ajfa-3802	46	3	inspect	inspect	VERB
ajfa-3802	46	4	the	the	DET
ajfa-3802	46	5	relation	relation	NOUN
ajfa-3802	46	6	between	between	ADP
ajfa-3802	46	7	investment	investment	NOUN
ajfa-3802	46	8	management	management	NOUN
ajfa-3802	46	9	and	and	CCONJ
ajfa-3802	46	10	investment	investment	NOUN
ajfa-3802	46	11	risks	risk	NOUN
ajfa-3802	46	12	,	,	PUNCT
ajfa-3802	46	13	this	this	DET
ajfa-3802	46	14	study	study	NOUN
ajfa-3802	46	15	interprets	interpret	VERB
ajfa-3802	46	16	that	that	SCONJ
ajfa-3802	46	17	no	no	ADV
ajfa-3802	46	18	matter	matter	ADV
ajfa-3802	46	19	which	which	DET
ajfa-3802	46	20	strategy	strategy	NOUN
ajfa-3802	46	21	is	be	AUX
ajfa-3802	46	22	adopted	adopt	VERB
ajfa-3802	46	23	–	–	PUNCT
ajfa-3802	46	24	cost	cost	NOUN
ajfa-3802	46	25	leadership	leadership	NOUN
ajfa-3802	46	26	or	or	CCONJ
ajfa-3802	46	27	differentiation	differentiation	NOUN
ajfa-3802	46	28	–	–	PUNCT
ajfa-3802	46	29	the	the	DET
ajfa-3802	46	30	enhancement	enhancement	NOUN
ajfa-3802	46	31	of	of	ADP
ajfa-3802	46	32	automation	automation	NOUN
ajfa-3802	46	33	equipment	equipment	NOUN
ajfa-3802	46	34	should	should	AUX
ajfa-3802	46	35	be	be	AUX
ajfa-3802	46	36	taken	take	VERB
ajfa-3802	46	37	into	into	ADP
ajfa-3802	46	38	consideration	consideration	NOUN
ajfa-3802	46	39	.	.	PUNCT
ajfa-3802	47	1	for	for	ADP
ajfa-3802	47	2	firms	firm	NOUN
ajfa-3802	47	3	that	that	PRON
ajfa-3802	47	4	adopt	adopt	VERB
ajfa-3802	47	5	cost	cost	NOUN
ajfa-3802	47	6	leadership	leadership	NOUN
ajfa-3802	47	7	strategy	strategy	NOUN
ajfa-3802	47	8	,	,	PUNCT
ajfa-3802	47	9	the	the	DET
ajfa-3802	47	10	use	use	NOUN
ajfa-3802	47	11	of	of	ADP
ajfa-3802	47	12	automatic	automatic	ADJ
ajfa-3802	47	13	production	production	NOUN
ajfa-3802	47	14	can	can	AUX
ajfa-3802	47	15	reduce	reduce	VERB
ajfa-3802	47	16	the	the	DET
ajfa-3802	47	17	uncertainty	uncertainty	NOUN
ajfa-3802	47	18	factors	factor	NOUN
ajfa-3802	47	19	from	from	ADP
ajfa-3802	47	20	non	non	ADJ
ajfa-3802	47	21	-	-	ADJ
ajfa-3802	47	22	fixed	fixed	ADJ
ajfa-3802	47	23	assets	asset	NOUN
ajfa-3802	47	24	and	and	CCONJ
ajfa-3802	47	25	investment	investment	NOUN
ajfa-3802	47	26	risks	risk	NOUN
ajfa-3802	47	27	in	in	ADP
ajfa-3802	47	28	the	the	DET
ajfa-3802	47	29	case	case	NOUN
ajfa-3802	47	30	of	of	ADP
ajfa-3802	47	31	low	low	ADJ
ajfa-3802	47	32	gross	gross	ADJ
ajfa-3802	47	33	profit	profit	NOUN
ajfa-3802	47	34	rate	rate	NOUN
ajfa-3802	47	35	.	.	PUNCT
ajfa-3802	48	1	on	on	ADP
ajfa-3802	48	2	the	the	DET
ajfa-3802	48	3	contrary	contrary	NOUN
ajfa-3802	48	4	,	,	PUNCT
ajfa-3802	48	5	in	in	ADP
ajfa-3802	48	6	the	the	DET
ajfa-3802	48	7	case	case	NOUN
ajfa-3802	48	8	of	of	ADP
ajfa-3802	48	9	high	high	ADJ
ajfa-3802	48	10	gross	gross	ADJ
ajfa-3802	48	11	profit	profit	NOUN
ajfa-3802	48	12	rate	rate	NOUN
ajfa-3802	48	13	,	,	PUNCT
ajfa-3802	48	14	firms	firm	NOUN
ajfa-3802	48	15	adopt	adopt	VERB
ajfa-3802	48	16	differentiation	differentiation	NOUN
ajfa-3802	48	17	strategy	strategy	NOUN
ajfa-3802	48	18	can	can	AUX
ajfa-3802	48	19	adjust	adjust	VERB
ajfa-3802	48	20	production	production	NOUN
ajfa-3802	48	21	methods	method	NOUN
ajfa-3802	48	22	in	in	ADP
ajfa-3802	48	23	a	a	DET
ajfa-3802	48	24	speed	speed	NOUN
ajfa-3802	48	25	that	that	PRON
ajfa-3802	48	26	surpasses	surpass	VERB
ajfa-3802	48	27	the	the	DET
ajfa-3802	48	28	industry	industry	NOUN
ajfa-3802	48	29	by	by	ADP
ajfa-3802	48	30	automatic	automatic	ADJ
ajfa-3802	48	31	production	production	NOUN
ajfa-3802	48	32	and	and	CCONJ
ajfa-3802	48	33	provide	provide	VERB
ajfa-3802	48	34	better	well	ADJ
ajfa-3802	48	35	differentiated	differentiated	ADJ
ajfa-3802	48	36	products	product	NOUN
ajfa-3802	48	37	or	or	CCONJ
ajfa-3802	48	38	services	service	NOUN
ajfa-3802	48	39	to	to	ADP
ajfa-3802	48	40	customers	customer	NOUN
ajfa-3802	48	41	.	.	PUNCT
ajfa-3802	49	1	the	the	DET
ajfa-3802	49	2	major	major	ADJ
ajfa-3802	49	3	contribution	contribution	NOUN
ajfa-3802	49	4	of	of	ADP
ajfa-3802	49	5	this	this	DET
ajfa-3802	49	6	study	study	NOUN
ajfa-3802	49	7	is	be	AUX
ajfa-3802	49	8	to	to	PART
ajfa-3802	49	9	consider	consider	VERB
ajfa-3802	49	10	investors	investor	NOUN
ajfa-3802	49	11	’	'	PUNCT
ajfa-3802	49	12	degree	degree	NOUN
ajfa-3802	49	13	of	of	ADP
ajfa-3802	49	14	tolerance	tolerance	NOUN
ajfa-3802	49	15	and	and	CCONJ
ajfa-3802	49	16	aversion	aversion	NOUN
ajfa-3802	49	17	towards	towards	ADP
ajfa-3802	49	18	risks	risk	NOUN
ajfa-3802	49	19	in	in	ADP
ajfa-3802	49	20	the	the	DET
ajfa-3802	49	21	capability	capability	NOUN
ajfa-3802	49	22	index	index	NOUN
ajfa-3802	49	23	of	of	ADP
ajfa-3802	49	24	accrual	accrual	ADJ
ajfa-3802	49	25	quality	quality	NOUN
ajfa-3802	49	26	and	and	CCONJ
ajfa-3802	49	27	apply	apply	VERB
ajfa-3802	49	28	it	it	PRON
ajfa-3802	49	29	on	on	ADP
ajfa-3802	49	30	the	the	DET
ajfa-3802	49	31	research	research	NOUN
ajfa-3802	49	32	of	of	ADP
ajfa-3802	49	33	firm	firm	NOUN
ajfa-3802	49	34	’s	’s	PART
ajfa-3802	49	35	accounting	accounting	NOUN
ajfa-3802	49	36	signals	signal	NOUN
ajfa-3802	49	37	.	.	PUNCT
ajfa-3802	50	1	different	different	ADJ
ajfa-3802	50	2	from	from	ADP
ajfa-3802	50	3	past	past	ADJ
ajfa-3802	50	4	researchers	researcher	NOUN
ajfa-3802	50	5	which	which	PRON
ajfa-3802	50	6	only	only	ADV
ajfa-3802	50	7	adopt	adopt	VERB
ajfa-3802	50	8	standard	standard	ADJ
ajfa-3802	50	9	deviation	deviation	NOUN
ajfa-3802	50	10	of	of	ADP
ajfa-3802	50	11	residuals	residual	NOUN
ajfa-3802	50	12	as	as	ADP
ajfa-3802	50	13	the	the	DET
ajfa-3802	50	14	measurement	measurement	NOUN
ajfa-3802	50	15	of	of	ADP
ajfa-3802	50	16	information	information	NOUN
ajfa-3802	50	17	risk	risk	NOUN
ajfa-3802	50	18	,	,	PUNCT
ajfa-3802	50	19	this	this	DET
ajfa-3802	50	20	study	study	NOUN
ajfa-3802	50	21	not	not	PART
ajfa-3802	50	22	only	only	ADV
ajfa-3802	50	23	considers	consider	VERB
ajfa-3802	50	24	the	the	DET
ajfa-3802	50	25	degree	degree	NOUN
ajfa-3802	50	26	of	of	ADP
ajfa-3802	50	27	tolerance	tolerance	NOUN
ajfa-3802	50	28	and	and	CCONJ
ajfa-3802	50	29	aversion	aversion	NOUN
ajfa-3802	50	30	towards	towards	ADP
ajfa-3802	50	31	risks	risk	NOUN
ajfa-3802	50	32	in	in	ADP
ajfa-3802	50	33	the	the	DET
ajfa-3802	50	34	capability	capability	NOUN
ajfa-3802	50	35	index	index	NOUN
ajfa-3802	50	36	of	of	ADP
ajfa-3802	50	37	accrual	accrual	ADJ
ajfa-3802	50	38	quality	quality	NOUN
ajfa-3802	50	39	,	,	PUNCT
ajfa-3802	50	40	but	but	CCONJ
ajfa-3802	50	41	also	also	ADV
ajfa-3802	50	42	applies	apply	VERB
ajfa-3802	50	43	it	it	PRON
ajfa-3802	50	44	on	on	ADP
ajfa-3802	50	45	the	the	DET
ajfa-3802	50	46	research	research	NOUN
ajfa-3802	50	47	of	of	ADP
ajfa-3802	50	48	accounting	accounting	NOUN
ajfa-3802	50	49	signals	signal	NOUN
ajfa-3802	50	50	analysis	analysis	NOUN
ajfa-3802	50	51	in	in	ADP
ajfa-3802	50	52	capital	capital	NOUN
ajfa-3802	50	53	market	market	NOUN
ajfa-3802	50	54	.	.	PUNCT
ajfa-3802	51	1	this	this	DET
ajfa-3802	51	2	study	study	NOUN
ajfa-3802	51	3	also	also	ADV
ajfa-3802	51	4	points	point	VERB
ajfa-3802	51	5	out	out	ADP
ajfa-3802	51	6	the	the	DET
ajfa-3802	51	7	influence	influence	NOUN
ajfa-3802	51	8	of	of	ADP
ajfa-3802	51	9	accounting	accounting	NOUN
ajfa-3802	51	10	signals	signal	NOUN
ajfa-3802	51	11	input	input	NOUN
ajfa-3802	51	12	on	on	ADP
ajfa-3802	51	13	investment	investment	NOUN
ajfa-3802	51	14	risks	risk	NOUN
ajfa-3802	51	15	.	.	PUNCT
ajfa-3802	52	1	rest	rest	NOUN
ajfa-3802	52	2	of	of	ADP
ajfa-3802	52	3	this	this	DET
ajfa-3802	52	4	paper	paper	NOUN
ajfa-3802	52	5	includes	include	VERB
ajfa-3802	52	6	literature	literature	NOUN
ajfa-3802	52	7	review	review	NOUN
ajfa-3802	52	8	which	which	PRON
ajfa-3802	52	9	addresses	address	VERB
ajfa-3802	52	10	literature	literature	NOUN
ajfa-3802	52	11	related	relate	VERB
ajfa-3802	52	12	to	to	ADP
ajfa-3802	52	13	business	business	NOUN
ajfa-3802	52	14	valuation	valuation	NOUN
ajfa-3802	52	15	process	process	NOUN
ajfa-3802	52	16	,	,	PUNCT
ajfa-3802	52	17	organization	organization	NOUN
ajfa-3802	52	18	strategies	strategy	NOUN
ajfa-3802	52	19	,	,	PUNCT
ajfa-3802	52	20	and	and	CCONJ
ajfa-3802	52	21	accounting	accounting	NOUN
ajfa-3802	52	22	signals	signal	NOUN
ajfa-3802	52	23	.	.	PUNCT
ajfa-3802	53	1	research	research	NOUN
ajfa-3802	53	2	design	design	NOUN
ajfa-3802	53	3	includes	include	VERB
ajfa-3802	53	4	deduction	deduction	NOUN
ajfa-3802	53	5	of	of	ADP
ajfa-3802	53	6	capability	capability	NOUN
ajfa-3802	53	7	index	index	NOUN
ajfa-3802	53	8	of	of	ADP
ajfa-3802	53	9	accrual	accrual	ADJ
ajfa-3802	53	10	quality	quality	NOUN
ajfa-3802	53	11	,	,	PUNCT
ajfa-3802	53	12	definitions	definition	NOUN
ajfa-3802	53	13	of	of	ADP
ajfa-3802	53	14	related	related	ADJ
ajfa-3802	53	15	variables	variable	NOUN
ajfa-3802	53	16	and	and	CCONJ
ajfa-3802	53	17	explanation	explanation	NOUN
ajfa-3802	53	18	of	of	ADP
ajfa-3802	53	19	sources	source	NOUN
ajfa-3802	53	20	.	.	PUNCT
ajfa-3802	54	1	asian	asian	ADJ
ajfa-3802	54	2	journal	journal	PROPN
ajfa-3802	54	3	of	of	ADP
ajfa-3802	54	4	finance	finance	PROPN
ajfa-3802	54	5	&	&	CCONJ
ajfa-3802	54	6	accounting	accounting	PROPN
ajfa-3802	54	7	issn	issn	PROPN
ajfa-3802	54	8	1946	1946	NUM
ajfa-3802	54	9	-	-	PUNCT
ajfa-3802	54	10	052x	052x	NOUN
ajfa-3802	54	11	2013	2013	NUM
ajfa-3802	54	12	,	,	PUNCT
ajfa-3802	54	13	vol	vol	NOUN
ajfa-3802	54	14	.	.	PROPN
ajfa-3802	54	15	5	5	NUM
ajfa-3802	54	16	,	,	PUNCT
ajfa-3802	54	17	no	no	INTJ
ajfa-3802	54	18	.	.	NOUN
ajfa-3802	54	19	1	1	NUM
ajfa-3802	54	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	54	21	423	423	NUM
ajfa-3802	54	22	next	next	ADJ
ajfa-3802	54	23	will	will	AUX
ajfa-3802	54	24	be	be	AUX
ajfa-3802	54	25	empirical	empirical	ADJ
ajfa-3802	54	26	results	result	NOUN
ajfa-3802	54	27	which	which	PRON
ajfa-3802	54	28	include	include	VERB
ajfa-3802	54	29	descriptive	descriptive	ADJ
ajfa-3802	54	30	statistics	statistic	NOUN
ajfa-3802	54	31	,	,	PUNCT
ajfa-3802	54	32	regression	regression	VERB
ajfa-3802	54	33	analysis	analysis	NOUN
ajfa-3802	54	34	and	and	CCONJ
ajfa-3802	54	35	sensitivity	sensitivity	NOUN
ajfa-3802	54	36	analysis	analysis	NOUN
ajfa-3802	54	37	.	.	PUNCT
ajfa-3802	55	1	last	last	ADJ
ajfa-3802	55	2	section	section	NOUN
ajfa-3802	55	3	is	be	AUX
ajfa-3802	55	4	our	our	PRON
ajfa-3802	55	5	conclusions	conclusion	NOUN
ajfa-3802	55	6	and	and	CCONJ
ajfa-3802	55	7	practical	practical	ADJ
ajfa-3802	55	8	implications	implication	NOUN
ajfa-3802	55	9	of	of	ADP
ajfa-3802	55	10	this	this	DET
ajfa-3802	55	11	study	study	NOUN
ajfa-3802	55	12	.	.	PUNCT
ajfa-3802	56	1	2	2	X
ajfa-3802	56	2	.	.	X
ajfa-3802	56	3	literature	literature	PROPN
ajfa-3802	56	4	review	review	PROPN
ajfa-3802	56	5	organization	organization	NOUN
ajfa-3802	56	6	strategy	strategy	NOUN
ajfa-3802	56	7	and	and	CCONJ
ajfa-3802	56	8	business	business	NOUN
ajfa-3802	56	9	valuation	valuation	NOUN
ajfa-3802	56	10	organization	organization	NOUN
ajfa-3802	56	11	strategies	strategy	NOUN
ajfa-3802	56	12	are	be	AUX
ajfa-3802	56	13	like	like	ADP
ajfa-3802	56	14	nautical	nautical	ADJ
ajfa-3802	56	15	maps	map	NOUN
ajfa-3802	56	16	which	which	PRON
ajfa-3802	56	17	provide	provide	VERB
ajfa-3802	56	18	clear	clear	ADJ
ajfa-3802	56	19	guidelines	guideline	NOUN
ajfa-3802	56	20	of	of	ADP
ajfa-3802	56	21	the	the	DET
ajfa-3802	56	22	competitive	competitive	ADJ
ajfa-3802	56	23	markets	market	NOUN
ajfa-3802	56	24	for	for	ADP
ajfa-3802	56	25	enterprises	enterprise	NOUN
ajfa-3802	56	26	.	.	PUNCT
ajfa-3802	57	1	porter	porter	NOUN
ajfa-3802	57	2	(	(	PUNCT
ajfa-3802	57	3	1996	1996	NUM
ajfa-3802	57	4	)	)	PUNCT
ajfa-3802	57	5	suggests	suggest	VERB
ajfa-3802	57	6	that	that	SCONJ
ajfa-3802	57	7	organization	organization	NOUN
ajfa-3802	57	8	strategies	strategy	NOUN
ajfa-3802	57	9	should	should	AUX
ajfa-3802	57	10	be	be	AUX
ajfa-3802	57	11	classified	classify	VERB
ajfa-3802	57	12	as	as	ADP
ajfa-3802	57	13	differentiation	differentiation	NOUN
ajfa-3802	57	14	strategy	strategy	NOUN
ajfa-3802	57	15	and	and	CCONJ
ajfa-3802	57	16	cost	cost	NOUN
ajfa-3802	57	17	leadership	leadership	NOUN
ajfa-3802	57	18	strategy	strategy	NOUN
ajfa-3802	57	19	.	.	PUNCT
ajfa-3802	58	1	firms	firm	NOUN
ajfa-3802	58	2	are	be	AUX
ajfa-3802	58	3	able	able	ADJ
ajfa-3802	58	4	to	to	PART
ajfa-3802	58	5	maintain	maintain	VERB
ajfa-3802	58	6	their	their	PRON
ajfa-3802	58	7	differences	difference	NOUN
ajfa-3802	58	8	with	with	ADP
ajfa-3802	58	9	rivals	rival	NOUN
ajfa-3802	58	10	by	by	ADP
ajfa-3802	58	11	using	use	VERB
ajfa-3802	58	12	strategies	strategy	NOUN
ajfa-3802	58	13	.	.	PUNCT
ajfa-3802	59	1	kaplan	kaplan	PROPN
ajfa-3802	59	2	and	and	CCONJ
ajfa-3802	59	3	norton	norton	PROPN
ajfa-3802	59	4	(	(	PUNCT
ajfa-3802	59	5	2000	2000	NUM
ajfa-3802	59	6	)	)	PUNCT
ajfa-3802	59	7	point	point	VERB
ajfa-3802	59	8	out	out	ADP
ajfa-3802	59	9	strategy	strategy	NOUN
ajfa-3802	59	10	map	map	NOUN
ajfa-3802	59	11	can	can	AUX
ajfa-3802	59	12	assist	assist	VERB
ajfa-3802	59	13	employees	employee	NOUN
ajfa-3802	59	14	to	to	PART
ajfa-3802	59	15	understand	understand	VERB
ajfa-3802	59	16	the	the	DET
ajfa-3802	59	17	relation	relation	NOUN
ajfa-3802	59	18	between	between	ADP
ajfa-3802	59	19	their	their	PRON
ajfa-3802	59	20	jobs	job	NOUN
ajfa-3802	59	21	and	and	CCONJ
ajfa-3802	59	22	organization	organization	NOUN
ajfa-3802	59	23	’s	’s	PART
ajfa-3802	59	24	goals	goal	NOUN
ajfa-3802	59	25	and	and	CCONJ
ajfa-3802	59	26	how	how	SCONJ
ajfa-3802	59	27	to	to	PART
ajfa-3802	59	28	achieve	achieve	VERB
ajfa-3802	59	29	such	such	ADJ
ajfa-3802	59	30	goals	goal	NOUN
ajfa-3802	59	31	by	by	ADP
ajfa-3802	59	32	coordination	coordination	NOUN
ajfa-3802	59	33	and	and	CCONJ
ajfa-3802	59	34	cooperation	cooperation	NOUN
ajfa-3802	59	35	and	and	CCONJ
ajfa-3802	59	36	also	also	ADV
ajfa-3802	59	37	to	to	PART
ajfa-3802	59	38	create	create	VERB
ajfa-3802	59	39	organization	organization	NOUN
ajfa-3802	59	40	values	value	NOUN
ajfa-3802	59	41	by	by	ADP
ajfa-3802	59	42	connecting	connect	VERB
ajfa-3802	59	43	organization	organization	NOUN
ajfa-3802	59	44	assets	asset	NOUN
ajfa-3802	59	45	.	.	PUNCT
ajfa-3802	60	1	palepu	palepu	NOUN
ajfa-3802	60	2	,	,	PUNCT
ajfa-3802	60	3	healy	healy	PROPN
ajfa-3802	60	4	,	,	PUNCT
ajfa-3802	60	5	bernard	bernard	PROPN
ajfa-3802	60	6	and	and	CCONJ
ajfa-3802	60	7	peek	peek	PROPN
ajfa-3802	60	8	(	(	PUNCT
ajfa-3802	60	9	2007	2007	NUM
ajfa-3802	60	10	)	)	PUNCT
ajfa-3802	60	11	mention	mention	VERB
ajfa-3802	60	12	organization	organization	NOUN
ajfa-3802	60	13	strategy	strategy	NOUN
ajfa-3802	60	14	analysis	analysis	NOUN
ajfa-3802	60	15	is	be	AUX
ajfa-3802	60	16	the	the	DET
ajfa-3802	60	17	starting	starting	NOUN
ajfa-3802	60	18	point	point	NOUN
ajfa-3802	60	19	for	for	ADP
ajfa-3802	60	20	the	the	DET
ajfa-3802	60	21	analysis	analysis	NOUN
ajfa-3802	60	22	of	of	ADP
ajfa-3802	60	23	financial	financial	ADJ
ajfa-3802	60	24	statement	statement	NOUN
ajfa-3802	60	25	.	.	PUNCT
ajfa-3802	61	1	it	it	PRON
ajfa-3802	61	2	can	can	AUX
ajfa-3802	61	3	be	be	AUX
ajfa-3802	61	4	divided	divide	VERB
ajfa-3802	61	5	as	as	ADP
ajfa-3802	61	6	industry	industry	NOUN
ajfa-3802	61	7	choice	choice	NOUN
ajfa-3802	61	8	,	,	PUNCT
ajfa-3802	61	9	competitive	competitive	ADJ
ajfa-3802	61	10	positioning	positioning	NOUN
ajfa-3802	61	11	analysis	analysis	NOUN
ajfa-3802	61	12	and	and	CCONJ
ajfa-3802	61	13	corporate	corporate	ADJ
ajfa-3802	61	14	strategy	strategy	NOUN
ajfa-3802	61	15	analysis	analysis	NOUN
ajfa-3802	61	16	.	.	PUNCT
ajfa-3802	62	1	competitive	competitive	ADJ
ajfa-3802	62	2	positioning	positioning	NOUN
ajfa-3802	62	3	analysis	analysis	NOUN
ajfa-3802	62	4	includes	include	VERB
ajfa-3802	62	5	cost	cost	NOUN
ajfa-3802	62	6	leadership	leadership	NOUN
ajfa-3802	62	7	and	and	CCONJ
ajfa-3802	62	8	differentiation	differentiation	NOUN
ajfa-3802	62	9	.	.	PUNCT
ajfa-3802	63	1	these	these	DET
ajfa-3802	63	2	two	two	NUM
ajfa-3802	63	3	strategies	strategy	NOUN
ajfa-3802	63	4	can	can	AUX
ajfa-3802	63	5	both	both	PRON
ajfa-3802	63	6	build	build	VERB
ajfa-3802	63	7	continuous	continuous	ADJ
ajfa-3802	63	8	competitive	competitive	ADJ
ajfa-3802	63	9	advantages	advantage	NOUN
ajfa-3802	63	10	.	.	PUNCT
ajfa-3802	64	1	brealey	brealey	NOUN
ajfa-3802	64	2	,	,	PUNCT
ajfa-3802	64	3	myers	myers	PROPN
ajfa-3802	64	4	and	and	CCONJ
ajfa-3802	64	5	allen	allen	PROPN
ajfa-3802	64	6	(	(	PUNCT
ajfa-3802	64	7	2011	2011	NUM
ajfa-3802	64	8	)	)	PUNCT
ajfa-3802	64	9	note	note	VERB
ajfa-3802	64	10	that	that	SCONJ
ajfa-3802	64	11	economic	economic	ADJ
ajfa-3802	64	12	rents1	rents1	NOUN
ajfa-3802	64	13	are	be	AUX
ajfa-3802	64	14	earned	earn	VERB
ajfa-3802	64	15	only	only	ADV
ajfa-3802	64	16	at	at	ADP
ajfa-3802	64	17	two	two	NUM
ajfa-3802	64	18	points	point	NOUN
ajfa-3802	64	19	of	of	ADP
ajfa-3802	64	20	time	time	NOUN
ajfa-3802	64	21	when	when	SCONJ
ajfa-3802	64	22	the	the	DET
ajfa-3802	64	23	industry	industry	NOUN
ajfa-3802	64	24	has	have	AUX
ajfa-3802	64	25	not	not	PART
ajfa-3802	64	26	settled	settle	VERB
ajfa-3802	64	27	down	down	ADP
ajfa-3802	64	28	to	to	ADP
ajfa-3802	64	29	equilibrium	equilibrium	NOUN
ajfa-3802	64	30	or	or	CCONJ
ajfa-3802	64	31	when	when	SCONJ
ajfa-3802	64	32	the	the	DET
ajfa-3802	64	33	firm	firm	NOUN
ajfa-3802	64	34	has	have	VERB
ajfa-3802	64	35	something	something	PRON
ajfa-3802	64	36	valuable	valuable	ADJ
ajfa-3802	64	37	that	that	SCONJ
ajfa-3802	64	38	competitor	competitor	NOUN
ajfa-3802	64	39	does	do	AUX
ajfa-3802	64	40	not	not	PART
ajfa-3802	64	41	have	have	VERB
ajfa-3802	64	42	.	.	PUNCT
ajfa-3802	65	1	therefore	therefore	ADV
ajfa-3802	65	2	,	,	PUNCT
ajfa-3802	65	3	the	the	DET
ajfa-3802	65	4	nature	nature	NOUN
ajfa-3802	65	5	of	of	ADP
ajfa-3802	65	6	organization	organization	NOUN
ajfa-3802	65	7	strategies	strategy	NOUN
ajfa-3802	65	8	is	be	AUX
ajfa-3802	65	9	to	to	PART
ajfa-3802	65	10	provide	provide	VERB
ajfa-3802	65	11	organization	organization	NOUN
ajfa-3802	65	12	a	a	DET
ajfa-3802	65	13	clear	clear	ADJ
ajfa-3802	65	14	guideline	guideline	NOUN
ajfa-3802	65	15	and	and	CCONJ
ajfa-3802	65	16	create	create	VERB
ajfa-3802	65	17	competitive	competitive	ADJ
ajfa-3802	65	18	advantages	advantage	NOUN
ajfa-3802	65	19	and	and	CCONJ
ajfa-3802	65	20	create	create	VERB
ajfa-3802	65	21	continuous	continuous	ADJ
ajfa-3802	65	22	advantages	advantage	NOUN
ajfa-3802	65	23	using	use	VERB
ajfa-3802	65	24	strategies	strategy	NOUN
ajfa-3802	65	25	so	so	SCONJ
ajfa-3802	65	26	to	to	PART
ajfa-3802	65	27	create	create	VERB
ajfa-3802	65	28	more	more	ADJ
ajfa-3802	65	29	economic	economic	ADJ
ajfa-3802	65	30	values	value	NOUN
ajfa-3802	65	31	.	.	PUNCT
ajfa-3802	66	1	porter	porter	NOUN
ajfa-3802	66	2	(	(	PUNCT
ajfa-3802	66	3	1996	1996	NUM
ajfa-3802	66	4	)	)	PUNCT
ajfa-3802	66	5	mentions	mention	VERB
ajfa-3802	66	6	a	a	DET
ajfa-3802	66	7	lot	lot	NOUN
ajfa-3802	66	8	of	of	ADP
ajfa-3802	66	9	organizations	organization	NOUN
ajfa-3802	66	10	mix	mix	VERB
ajfa-3802	66	11	up	up	ADP
ajfa-3802	66	12	organization	organization	NOUN
ajfa-3802	66	13	strategies	strategy	NOUN
ajfa-3802	66	14	with	with	ADP
ajfa-3802	66	15	operational	operational	ADJ
ajfa-3802	66	16	effectiveness	effectiveness	NOUN
ajfa-3802	66	17	and	and	CCONJ
ajfa-3802	66	18	take	take	VERB
ajfa-3802	66	19	the	the	DET
ajfa-3802	66	20	operational	operational	ADJ
ajfa-3802	66	21	effectiveness	effectiveness	NOUN
ajfa-3802	66	22	tools	tool	NOUN
ajfa-3802	66	23	as	as	ADP
ajfa-3802	66	24	organization	organization	NOUN
ajfa-3802	66	25	strategies	strategy	NOUN
ajfa-3802	66	26	,	,	PUNCT
ajfa-3802	66	27	so	so	SCONJ
ajfa-3802	66	28	organization	organization	NOUN
ajfa-3802	66	29	does	do	AUX
ajfa-3802	66	30	not	not	PART
ajfa-3802	66	31	have	have	VERB
ajfa-3802	66	32	sustainable	sustainable	ADJ
ajfa-3802	66	33	advantages	advantage	NOUN
ajfa-3802	66	34	.	.	PUNCT
ajfa-3802	67	1	hence	hence	ADV
ajfa-3802	67	2	,	,	PUNCT
ajfa-3802	67	3	he	he	PRON
ajfa-3802	67	4	defines	define	VERB
ajfa-3802	67	5	the	the	DET
ajfa-3802	67	6	relationship	relationship	NOUN
ajfa-3802	67	7	between	between	ADP
ajfa-3802	67	8	organization	organization	NOUN
ajfa-3802	67	9	strategies	strategy	NOUN
ajfa-3802	67	10	and	and	CCONJ
ajfa-3802	67	11	operational	operational	ADJ
ajfa-3802	67	12	effectiveness	effectiveness	NOUN
ajfa-3802	67	13	.	.	PUNCT
ajfa-3802	68	1	both	both	PRON
ajfa-3802	68	2	of	of	ADP
ajfa-3802	68	3	them	they	PRON
ajfa-3802	68	4	are	be	AUX
ajfa-3802	68	5	the	the	DET
ajfa-3802	68	6	basic	basic	ADJ
ajfa-3802	68	7	requirements	requirement	NOUN
ajfa-3802	68	8	to	to	PART
ajfa-3802	68	9	achieve	achieve	VERB
ajfa-3802	68	10	superior	superior	ADJ
ajfa-3802	68	11	performance	performance	NOUN
ajfa-3802	68	12	of	of	ADP
ajfa-3802	68	13	organization	organization	NOUN
ajfa-3802	68	14	.	.	PUNCT
ajfa-3802	69	1	organization	organization	NOUN
ajfa-3802	69	2	strategies	strategy	NOUN
ajfa-3802	69	3	can	can	AUX
ajfa-3802	69	4	help	help	VERB
ajfa-3802	69	5	organization	organization	NOUN
ajfa-3802	69	6	to	to	PART
ajfa-3802	69	7	outperform	outperform	VERB
ajfa-3802	69	8	its	its	PRON
ajfa-3802	69	9	rivals	rival	NOUN
ajfa-3802	69	10	–	–	PUNCT
ajfa-3802	69	11	normally	normally	ADV
ajfa-3802	69	12	through	through	ADP
ajfa-3802	69	13	cost	cost	NOUN
ajfa-3802	69	14	leadership	leadership	NOUN
ajfa-3802	69	15	or	or	CCONJ
ajfa-3802	69	16	differentiation	differentiation	NOUN
ajfa-3802	69	17	.	.	PUNCT
ajfa-3802	70	1	operational	operational	ADJ
ajfa-3802	70	2	effectiveness	effectiveness	NOUN
ajfa-3802	70	3	means	mean	VERB
ajfa-3802	70	4	performing	perform	VERB
ajfa-3802	70	5	similar	similar	ADJ
ajfa-3802	70	6	activities	activity	NOUN
ajfa-3802	70	7	better	well	ADJ
ajfa-3802	70	8	than	than	SCONJ
ajfa-3802	70	9	rivals	rival	NOUN
ajfa-3802	70	10	perform	perform	VERB
ajfa-3802	70	11	them	they	PRON
ajfa-3802	70	12	.	.	PUNCT
ajfa-3802	71	1	in	in	ADP
ajfa-3802	71	2	the	the	DET
ajfa-3802	71	3	discussion	discussion	NOUN
ajfa-3802	71	4	of	of	ADP
ajfa-3802	71	5	organization	organization	NOUN
ajfa-3802	71	6	strategy	strategy	NOUN
ajfa-3802	71	7	maps	map	NOUN
ajfa-3802	71	8	,	,	PUNCT
ajfa-3802	71	9	kaplan	kaplan	PROPN
ajfa-3802	71	10	and	and	CCONJ
ajfa-3802	71	11	norton	norton	PROPN
ajfa-3802	71	12	(	(	PUNCT
ajfa-3802	71	13	2000	2000	NUM
ajfa-3802	71	14	)	)	PUNCT
ajfa-3802	71	15	think	think	VERB
ajfa-3802	71	16	to	to	PART
ajfa-3802	71	17	increase	increase	VERB
ajfa-3802	71	18	shareholder	shareholder	NOUN
ajfa-3802	71	19	value	value	NOUN
ajfa-3802	71	20	,	,	PUNCT
ajfa-3802	71	21	revenue	revenue	NOUN
ajfa-3802	71	22	growth	growth	NOUN
ajfa-3802	71	23	and	and	CCONJ
ajfa-3802	71	24	productivity	productivity	NOUN
ajfa-3802	71	25	should	should	AUX
ajfa-3802	71	26	be	be	AUX
ajfa-3802	71	27	addressed	address	VERB
ajfa-3802	71	28	.	.	PUNCT
ajfa-3802	72	1	revenue	revenue	NOUN
ajfa-3802	72	2	growth	growth	NOUN
ajfa-3802	72	3	focuses	focus	VERB
ajfa-3802	72	4	on	on	ADP
ajfa-3802	72	5	introducing	introduce	VERB
ajfa-3802	72	6	new	new	ADJ
ajfa-3802	72	7	sources	source	NOUN
ajfa-3802	72	8	of	of	ADP
ajfa-3802	72	9	revenue	revenue	NOUN
ajfa-3802	72	10	and	and	CCONJ
ajfa-3802	72	11	increase	increase	VERB
ajfa-3802	72	12	customer	customer	NOUN
ajfa-3802	72	13	profitability	profitability	NOUN
ajfa-3802	72	14	;	;	PUNCT
ajfa-3802	72	15	while	while	SCONJ
ajfa-3802	72	16	productivity	productivity	NOUN
ajfa-3802	72	17	focuses	focus	VERB
ajfa-3802	72	18	on	on	ADP
ajfa-3802	72	19	improving	improve	VERB
ajfa-3802	72	20	the	the	DET
ajfa-3802	72	21	cost	cost	NOUN
ajfa-3802	72	22	structure	structure	NOUN
ajfa-3802	72	23	and	and	CCONJ
ajfa-3802	72	24	use	use	NOUN
ajfa-3802	72	25	of	of	ADP
ajfa-3802	72	26	assets	asset	NOUN
ajfa-3802	72	27	.	.	PUNCT
ajfa-3802	73	1	palepu	palepu	NOUN
ajfa-3802	73	2	et	et	NOUN
ajfa-3802	73	3	al	al	PROPN
ajfa-3802	73	4	.	.	PROPN
ajfa-3802	74	1	(	(	PUNCT
ajfa-3802	74	2	2007	2007	NUM
ajfa-3802	74	3	)	)	PUNCT
ajfa-3802	74	4	suggest	suggest	VERB
ajfa-3802	74	5	value	value	NOUN
ajfa-3802	74	6	of	of	ADP
ajfa-3802	74	7	a	a	DET
ajfa-3802	74	8	firm	firm	NOUN
ajfa-3802	74	9	is	be	AUX
ajfa-3802	74	10	determined	determine	VERB
ajfa-3802	74	11	by	by	ADP
ajfa-3802	74	12	its	its	PRON
ajfa-3802	74	13	profitability	profitability	NOUN
ajfa-3802	74	14	and	and	CCONJ
ajfa-3802	74	15	growth	growth	NOUN
ajfa-3802	74	16	from	from	ADP
ajfa-3802	74	17	the	the	DET
ajfa-3802	74	18	aspect	aspect	NOUN
ajfa-3802	74	19	of	of	ADP
ajfa-3802	74	20	business	business	NOUN
ajfa-3802	74	21	valuation	valuation	NOUN
ajfa-3802	74	22	.	.	PUNCT
ajfa-3802	75	1	the	the	DET
ajfa-3802	75	2	firm	firm	NOUN
ajfa-3802	75	3	’s	’s	PART
ajfa-3802	75	4	profitability	profitability	NOUN
ajfa-3802	75	5	and	and	CCONJ
ajfa-3802	75	6	growth	growth	NOUN
ajfa-3802	75	7	are	be	AUX
ajfa-3802	75	8	influenced	influence	VERB
ajfa-3802	75	9	by	by	ADP
ajfa-3802	75	10	its	its	PRON
ajfa-3802	75	11	product	product	NOUN
ajfa-3802	75	12	market	market	NOUN
ajfa-3802	75	13	and	and	CCONJ
ajfa-3802	75	14	financial	financial	ADJ
ajfa-3802	75	15	market	market	NOUN
ajfa-3802	75	16	strategies	strategy	NOUN
ajfa-3802	75	17	.	.	PUNCT
ajfa-3802	76	1	the	the	DET
ajfa-3802	76	2	product	product	NOUN
ajfa-3802	76	3	market	market	NOUN
ajfa-3802	76	4	strategies	strategy	NOUN
ajfa-3802	76	5	are	be	AUX
ajfa-3802	76	6	implemented	implement	VERB
ajfa-3802	76	7	through	through	ADP
ajfa-3802	76	8	the	the	DET
ajfa-3802	76	9	firm	firm	NOUN
ajfa-3802	76	10	’s	’s	PART
ajfa-3802	76	11	competitive	competitive	ADJ
ajfa-3802	76	12	strategy	strategy	NOUN
ajfa-3802	76	13	,	,	PUNCT
ajfa-3802	76	14	operating	operate	VERB
ajfa-3802	76	15	policy	policy	NOUN
ajfa-3802	76	16	and	and	CCONJ
ajfa-3802	76	17	investment	investment	NOUN
ajfa-3802	76	18	decisions	decision	NOUN
ajfa-3802	76	19	while	while	SCONJ
ajfa-3802	76	20	financial	financial	ADJ
ajfa-3802	76	21	market	market	NOUN
ajfa-3802	76	22	strategies	strategy	NOUN
ajfa-3802	76	23	are	be	AUX
ajfa-3802	76	24	implemented	implement	VERB
ajfa-3802	76	25	through	through	ADP
ajfa-3802	76	26	financing	financing	NOUN
ajfa-3802	76	27	and	and	CCONJ
ajfa-3802	76	28	dividend	dividend	NOUN
ajfa-3802	76	29	policy	policy	NOUN
ajfa-3802	76	30	.	.	PUNCT
ajfa-3802	77	1	fairfield	fairfield	PROPN
ajfa-3802	77	2	and	and	CCONJ
ajfa-3802	77	3	yohn	yohn	PROPN
ajfa-3802	77	4	(	(	PUNCT
ajfa-3802	77	5	2001	2001	NUM
ajfa-3802	77	6	)	)	PUNCT
ajfa-3802	77	7	mention	mention	VERB
ajfa-3802	77	8	the	the	DET
ajfa-3802	77	9	return	return	NOUN
ajfa-3802	77	10	on	on	ADP
ajfa-3802	77	11	assets	asset	NOUN
ajfa-3802	77	12	can	can	AUX
ajfa-3802	77	13	be	be	AUX
ajfa-3802	77	14	decomposed	decompose	VERB
ajfa-3802	77	15	into	into	ADP
ajfa-3802	77	16	asset	asset	NOUN
ajfa-3802	77	17	turnover	turnover	NOUN
ajfa-3802	77	18	and	and	CCONJ
ajfa-3802	77	19	profit	profit	NOUN
ajfa-3802	77	20	margin	margin	NOUN
ajfa-3802	77	21	.	.	PUNCT
ajfa-3802	78	1	compared	compare	VERB
ajfa-3802	78	2	with	with	ADP
ajfa-3802	78	3	current	current	ADJ
ajfa-3802	78	4	profitability	profitability	NOUN
ajfa-3802	78	5	,	,	PUNCT
ajfa-3802	78	6	it	it	PRON
ajfa-3802	78	7	is	be	AUX
ajfa-3802	78	8	more	more	ADV
ajfa-3802	78	9	useful	useful	ADJ
ajfa-3802	78	10	to	to	PART
ajfa-3802	78	11	provide	provide	VERB
ajfa-3802	78	12	the	the	DET
ajfa-3802	78	13	1	1	NUM
ajfa-3802	78	14	economic	economic	ADJ
ajfa-3802	78	15	rents	rent	NOUN
ajfa-3802	78	16	are	be	AUX
ajfa-3802	78	17	the	the	DET
ajfa-3802	78	18	profit	profit	NOUN
ajfa-3802	78	19	that	that	PRON
ajfa-3802	78	20	cover	cover	VERB
ajfa-3802	78	21	the	the	DET
ajfa-3802	78	22	cost	cost	NOUN
ajfa-3802	78	23	of	of	ADP
ajfa-3802	78	24	capital.(brealey	capital.(brealey	PROPN
ajfa-3802	78	25	et	et	PROPN
ajfa-3802	78	26	al	al	PROPN
ajfa-3802	78	27	.	.	PROPN
ajfa-3802	78	28	,	,	PUNCT
ajfa-3802	78	29	2011	2011	NUM
ajfa-3802	78	30	)	)	PUNCT
ajfa-3802	78	31	asian	asian	ADJ
ajfa-3802	78	32	journal	journal	NOUN
ajfa-3802	78	33	of	of	ADP
ajfa-3802	78	34	finance	finance	PROPN
ajfa-3802	78	35	&	&	CCONJ
ajfa-3802	78	36	accounting	accounting	PROPN
ajfa-3802	78	37	issn	issn	PROPN
ajfa-3802	78	38	1946	1946	NUM
ajfa-3802	78	39	-	-	PUNCT
ajfa-3802	78	40	052x	052x	NOUN
ajfa-3802	78	41	2013	2013	NUM
ajfa-3802	78	42	,	,	PUNCT
ajfa-3802	78	43	vol	vol	NOUN
ajfa-3802	78	44	.	.	PROPN
ajfa-3802	78	45	5	5	NUM
ajfa-3802	78	46	,	,	PUNCT
ajfa-3802	78	47	no	no	INTJ
ajfa-3802	78	48	.	.	NOUN
ajfa-3802	78	49	1	1	NUM
ajfa-3802	78	50	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	78	51	424	424	NUM
ajfa-3802	78	52	insights	insight	NOUN
ajfa-3802	78	53	into	into	ADP
ajfa-3802	78	54	the	the	DET
ajfa-3802	78	55	firm	firm	NOUN
ajfa-3802	78	56	’s	’s	PART
ajfa-3802	78	57	strategy	strategy	NOUN
ajfa-3802	78	58	with	with	ADP
ajfa-3802	78	59	asset	asset	NOUN
ajfa-3802	78	60	turnover	turnover	NOUN
ajfa-3802	78	61	and	and	CCONJ
ajfa-3802	78	62	profit	profit	NOUN
ajfa-3802	78	63	margin	margin	NOUN
ajfa-3802	78	64	.	.	PUNCT
ajfa-3802	79	1	soliman	soliman	NOUN
ajfa-3802	79	2	(	(	PUNCT
ajfa-3802	79	3	2008	2008	NUM
ajfa-3802	79	4	)	)	PUNCT
ajfa-3802	79	5	believes	believe	VERB
ajfa-3802	79	6	the	the	DET
ajfa-3802	79	7	accounting	accounting	NOUN
ajfa-3802	79	8	signals	signal	NOUN
ajfa-3802	79	9	in	in	ADP
ajfa-3802	79	10	the	the	DET
ajfa-3802	79	11	dupont	dupont	NOUN
ajfa-3802	79	12	analysis	analysis	NOUN
ajfa-3802	79	13	can	can	AUX
ajfa-3802	79	14	be	be	AUX
ajfa-3802	79	15	the	the	DET
ajfa-3802	79	16	variables	variable	NOUN
ajfa-3802	79	17	to	to	PART
ajfa-3802	79	18	measure	measure	VERB
ajfa-3802	79	19	the	the	DET
ajfa-3802	79	20	firm	firm	NOUN
ajfa-3802	79	21	’s	’s	PART
ajfa-3802	79	22	operation	operation	NOUN
ajfa-3802	79	23	structure	structure	NOUN
ajfa-3802	79	24	.	.	PUNCT
ajfa-3802	80	1	in	in	ADP
ajfa-3802	80	2	particular	particular	ADJ
ajfa-3802	80	3	,	,	PUNCT
ajfa-3802	80	4	the	the	DET
ajfa-3802	80	5	analysis	analysis	NOUN
ajfa-3802	80	6	decomposes	decompose	VERB
ajfa-3802	80	7	a	a	DET
ajfa-3802	80	8	firm	firm	NOUN
ajfa-3802	80	9	’s	’s	PART
ajfa-3802	80	10	return	return	NOUN
ajfa-3802	80	11	on	on	ADP
ajfa-3802	80	12	net	net	ADJ
ajfa-3802	80	13	operating	operate	VERB
ajfa-3802	80	14	assets	asset	NOUN
ajfa-3802	80	15	(	(	PUNCT
ajfa-3802	80	16	rnoa	rnoa	ADJ
ajfa-3802	80	17	)	)	PUNCT
ajfa-3802	80	18	into	into	ADP
ajfa-3802	80	19	profit	profit	NOUN
ajfa-3802	80	20	margin	margin	NOUN
ajfa-3802	80	21	(	(	PUNCT
ajfa-3802	80	22	pm	pm	NOUN
ajfa-3802	80	23	)	)	PUNCT
ajfa-3802	80	24	and	and	CCONJ
ajfa-3802	80	25	asset	asset	NOUN
ajfa-3802	80	26	turnover	turnover	NOUN
ajfa-3802	80	27	(	(	PUNCT
ajfa-3802	80	28	ato	ato	PROPN
ajfa-3802	80	29	)	)	PUNCT
ajfa-3802	80	30	where	where	SCONJ
ajfa-3802	80	31	pm	pm	NOUN
ajfa-3802	80	32	is	be	AUX
ajfa-3802	80	33	often	often	ADV
ajfa-3802	80	34	derived	derive	VERB
ajfa-3802	80	35	from	from	ADP
ajfa-3802	80	36	pricing	pricing	NOUN
ajfa-3802	80	37	power	power	NOUN
ajfa-3802	80	38	,	,	PUNCT
ajfa-3802	80	39	for	for	ADP
ajfa-3802	80	40	example	example	NOUN
ajfa-3802	80	41	product	product	NOUN
ajfa-3802	80	42	innovation	innovation	NOUN
ajfa-3802	80	43	,	,	PUNCT
ajfa-3802	80	44	product	product	NOUN
ajfa-3802	80	45	positioning	positioning	NOUN
ajfa-3802	80	46	,	,	PUNCT
ajfa-3802	80	47	brand	brand	NOUN
ajfa-3802	80	48	name	name	NOUN
ajfa-3802	80	49	recognition	recognition	NOUN
ajfa-3802	80	50	,	,	PUNCT
ajfa-3802	80	51	first	first	ADJ
ajfa-3802	80	52	mover	mover	NOUN
ajfa-3802	80	53	advantage	advantage	NOUN
ajfa-3802	80	54	,	,	PUNCT
ajfa-3802	80	55	and	and	CCONJ
ajfa-3802	80	56	market	market	NOUN
ajfa-3802	80	57	niches	niche	NOUN
ajfa-3802	80	58	.	.	PUNCT
ajfa-3802	81	1	ato	ato	PROPN
ajfa-3802	81	2	measures	measure	VERB
ajfa-3802	81	3	asset	asset	NOUN
ajfa-3802	81	4	utilization	utilization	NOUN
ajfa-3802	81	5	and	and	CCONJ
ajfa-3802	81	6	efficiency	efficiency	NOUN
ajfa-3802	81	7	,	,	PUNCT
ajfa-3802	81	8	which	which	PRON
ajfa-3802	81	9	generally	generally	ADV
ajfa-3802	81	10	comes	come	VERB
ajfa-3802	81	11	from	from	ADP
ajfa-3802	81	12	the	the	DET
ajfa-3802	81	13	efficient	efficient	ADJ
ajfa-3802	81	14	use	use	NOUN
ajfa-3802	81	15	of	of	ADP
ajfa-3802	81	16	property	property	NOUN
ajfa-3802	81	17	,	,	PUNCT
ajfa-3802	81	18	plant	plant	NOUN
ajfa-3802	81	19	,	,	PUNCT
ajfa-3802	81	20	and	and	CCONJ
ajfa-3802	81	21	equipment	equipment	NOUN
ajfa-3802	81	22	;	;	PUNCT
ajfa-3802	81	23	efficient	efficient	ADJ
ajfa-3802	81	24	inventory	inventory	NOUN
ajfa-3802	81	25	processes	process	NOUN
ajfa-3802	81	26	;	;	PUNCT
ajfa-3802	81	27	and	and	CCONJ
ajfa-3802	81	28	other	other	ADJ
ajfa-3802	81	29	forms	form	NOUN
ajfa-3802	81	30	of	of	ADP
ajfa-3802	81	31	working	work	VERB
ajfa-3802	81	32	capital	capital	NOUN
ajfa-3802	81	33	management	management	NOUN
ajfa-3802	81	34	.	.	PUNCT
ajfa-3802	82	1	therefore	therefore	ADV
ajfa-3802	82	2	,	,	PUNCT
ajfa-3802	82	3	the	the	DET
ajfa-3802	82	4	information	information	NOUN
ajfa-3802	82	5	provided	provide	VERB
ajfa-3802	82	6	by	by	ADP
ajfa-3802	82	7	financial	financial	ADJ
ajfa-3802	82	8	statements	statement	NOUN
ajfa-3802	82	9	assists	assist	VERB
ajfa-3802	82	10	external	external	ADJ
ajfa-3802	82	11	investors	investor	NOUN
ajfa-3802	82	12	,	,	PUNCT
ajfa-3802	82	13	analysts	analyst	NOUN
ajfa-3802	82	14	and	and	CCONJ
ajfa-3802	82	15	creditors	creditor	NOUN
ajfa-3802	82	16	to	to	PART
ajfa-3802	82	17	further	far	ADV
ajfa-3802	82	18	understand	understand	VERB
ajfa-3802	82	19	the	the	DET
ajfa-3802	82	20	current	current	ADJ
ajfa-3802	82	21	strategy	strategy	NOUN
ajfa-3802	82	22	position	position	NOUN
ajfa-3802	82	23	and	and	CCONJ
ajfa-3802	82	24	operation	operation	NOUN
ajfa-3802	82	25	conditions	condition	NOUN
ajfa-3802	82	26	of	of	ADP
ajfa-3802	82	27	a	a	DET
ajfa-3802	82	28	firm	firm	NOUN
ajfa-3802	82	29	.	.	PUNCT
ajfa-3802	83	1	palepu	palepu	NOUN
ajfa-3802	83	2	et	et	NOUN
ajfa-3802	83	3	al	al	PROPN
ajfa-3802	83	4	.	.	PROPN
ajfa-3802	84	1	(	(	PUNCT
ajfa-3802	84	2	2007	2007	NUM
ajfa-3802	84	3	)	)	PUNCT
ajfa-3802	84	4	also	also	ADV
ajfa-3802	84	5	mention	mention	VERB
ajfa-3802	84	6	that	that	SCONJ
ajfa-3802	84	7	the	the	DET
ajfa-3802	84	8	purpose	purpose	NOUN
ajfa-3802	84	9	of	of	ADP
ajfa-3802	84	10	ratio	ratio	NOUN
ajfa-3802	84	11	analysis	analysis	NOUN
ajfa-3802	84	12	is	be	AUX
ajfa-3802	84	13	to	to	PART
ajfa-3802	84	14	evaluate	evaluate	VERB
ajfa-3802	84	15	the	the	DET
ajfa-3802	84	16	effectiveness	effectiveness	NOUN
ajfa-3802	84	17	of	of	ADP
ajfa-3802	84	18	the	the	DET
ajfa-3802	84	19	firm	firm	NOUN
ajfa-3802	84	20	’s	’s	PART
ajfa-3802	84	21	policies	policy	NOUN
ajfa-3802	84	22	.	.	PUNCT
ajfa-3802	85	1	it	it	PRON
ajfa-3802	85	2	can	can	AUX
ajfa-3802	85	3	also	also	ADV
ajfa-3802	85	4	help	help	VERB
ajfa-3802	85	5	analyst	analyst	NOUN
ajfa-3802	85	6	regarding	regard	VERB
ajfa-3802	85	7	the	the	DET
ajfa-3802	85	8	firm	firm	ADJ
ajfa-3802	85	9	performance	performance	NOUN
ajfa-3802	85	10	and	and	CCONJ
ajfa-3802	85	11	prospect	prospect	NOUN
ajfa-3802	85	12	.	.	PUNCT
ajfa-3802	86	1	business	business	NOUN
ajfa-3802	86	2	valuation	valuation	NOUN
ajfa-3802	86	3	theories	theory	NOUN
ajfa-3802	86	4	and	and	CCONJ
ajfa-3802	86	5	accounting	accounting	NOUN
ajfa-3802	86	6	signals	signal	NOUN
ajfa-3802	86	7	the	the	DET
ajfa-3802	86	8	main	main	ADJ
ajfa-3802	86	9	target	target	NOUN
ajfa-3802	86	10	of	of	ADP
ajfa-3802	86	11	financial	financial	ADJ
ajfa-3802	86	12	statements	statement	NOUN
ajfa-3802	86	13	is	be	AUX
ajfa-3802	86	14	to	to	PART
ajfa-3802	86	15	understand	understand	VERB
ajfa-3802	86	16	the	the	DET
ajfa-3802	86	17	determinant	determinant	ADJ
ajfa-3802	86	18	factor	factor	NOUN
ajfa-3802	86	19	of	of	ADP
ajfa-3802	86	20	a	a	DET
ajfa-3802	86	21	firm	firm	NOUN
ajfa-3802	86	22	's	's	PART
ajfa-3802	86	23	value	value	NOUN
ajfa-3802	86	24	.	.	PUNCT
ajfa-3802	87	1	ohlson	ohlson	NOUN
ajfa-3802	87	2	(	(	PUNCT
ajfa-3802	87	3	1995	1995	NUM
ajfa-3802	87	4	)	)	PUNCT
ajfa-3802	87	5	indicates	indicate	VERB
ajfa-3802	87	6	that	that	SCONJ
ajfa-3802	87	7	the	the	DET
ajfa-3802	87	8	value	value	NOUN
ajfa-3802	87	9	of	of	ADP
ajfa-3802	87	10	a	a	DET
ajfa-3802	87	11	firm	firm	NOUN
ajfa-3802	87	12	can	can	AUX
ajfa-3802	87	13	be	be	AUX
ajfa-3802	87	14	expressed	express	VERB
ajfa-3802	87	15	as	as	ADP
ajfa-3802	87	16	a	a	DET
ajfa-3802	87	17	function	function	NOUN
ajfa-3802	87	18	of	of	ADP
ajfa-3802	87	19	the	the	DET
ajfa-3802	87	20	firm	firm	NOUN
ajfa-3802	87	21	’s	’s	PART
ajfa-3802	87	22	book	book	NOUN
ajfa-3802	87	23	value	value	NOUN
ajfa-3802	87	24	and	and	CCONJ
ajfa-3802	87	25	future	future	ADJ
ajfa-3802	87	26	abnormal	abnormal	ADJ
ajfa-3802	87	27	earnings	earning	NOUN
ajfa-3802	87	28	,	,	PUNCT
ajfa-3802	87	29	or	or	CCONJ
ajfa-3802	87	30	future	future	ADJ
ajfa-3802	87	31	return	return	NOUN
ajfa-3802	87	32	on	on	ADP
ajfa-3802	87	33	equity	equity	NOUN
ajfa-3802	87	34	in	in	ADP
ajfa-3802	87	35	excess	excess	NOUN
ajfa-3802	87	36	of	of	ADP
ajfa-3802	87	37	the	the	DET
ajfa-3802	87	38	cost	cost	NOUN
ajfa-3802	87	39	of	of	ADP
ajfa-3802	87	40	capital	capital	NOUN
ajfa-3802	87	41	.	.	PUNCT
ajfa-3802	88	1	on	on	ADP
ajfa-3802	88	2	the	the	DET
ajfa-3802	88	3	other	other	ADJ
ajfa-3802	88	4	hand	hand	NOUN
ajfa-3802	88	5	,	,	PUNCT
ajfa-3802	88	6	nissim	nissim	NOUN
ajfa-3802	88	7	and	and	CCONJ
ajfa-3802	88	8	penman	penman	PROPN
ajfa-3802	88	9	(	(	PUNCT
ajfa-3802	88	10	2001	2001	NUM
ajfa-3802	88	11	)	)	PUNCT
ajfa-3802	88	12	point	point	VERB
ajfa-3802	88	13	out	out	ADP
ajfa-3802	88	14	that	that	SCONJ
ajfa-3802	88	15	financial	financial	ADJ
ajfa-3802	88	16	statements	statement	NOUN
ajfa-3802	88	17	state	state	VERB
ajfa-3802	88	18	the	the	DET
ajfa-3802	88	19	equity	equity	NOUN
ajfa-3802	88	20	value	value	NOUN
ajfa-3802	88	21	of	of	ADP
ajfa-3802	88	22	a	a	DET
ajfa-3802	88	23	firm	firm	NOUN
ajfa-3802	88	24	and	and	CCONJ
ajfa-3802	88	25	it	it	PRON
ajfa-3802	88	26	is	be	AUX
ajfa-3802	88	27	determined	determine	VERB
ajfa-3802	88	28	by	by	ADP
ajfa-3802	88	29	future	future	ADJ
ajfa-3802	88	30	earnings	earning	NOUN
ajfa-3802	88	31	power	power	NOUN
ajfa-3802	88	32	.	.	PUNCT
ajfa-3802	89	1	soliman	soliman	NOUN
ajfa-3802	89	2	(	(	PUNCT
ajfa-3802	89	3	2008	2008	NUM
ajfa-3802	89	4	)	)	PUNCT
ajfa-3802	89	5	uses	use	VERB
ajfa-3802	89	6	the	the	DET
ajfa-3802	89	7	residual	residual	ADJ
ajfa-3802	89	8	income	income	NOUN
ajfa-3802	89	9	model	model	NOUN
ajfa-3802	89	10	to	to	PART
ajfa-3802	89	11	show	show	VERB
ajfa-3802	89	12	stock	stock	NOUN
ajfa-3802	89	13	price	price	NOUN
ajfa-3802	89	14	can	can	AUX
ajfa-3802	89	15	be	be	AUX
ajfa-3802	89	16	rewritten	rewrite	VERB
ajfa-3802	89	17	in	in	ADP
ajfa-3802	89	18	terms	term	NOUN
ajfa-3802	89	19	of	of	ADP
ajfa-3802	89	20	roe	roe	NOUN
ajfa-3802	89	21	and	and	CCONJ
ajfa-3802	89	22	reported	report	VERB
ajfa-3802	89	23	book	book	NOUN
ajfa-3802	89	24	value	value	NOUN
ajfa-3802	89	25	plus	plus	CCONJ
ajfa-3802	89	26	an	an	DET
ajfa-3802	89	27	infinite	infinite	ADJ
ajfa-3802	89	28	sum	sum	NOUN
ajfa-3802	89	29	of	of	ADP
ajfa-3802	89	30	discounted	discount	VERB
ajfa-3802	89	31	residual	residual	ADJ
ajfa-3802	89	32	income	income	NOUN
ajfa-3802	89	33	,	,	PUNCT
ajfa-3802	89	34	as	as	ADP
ajfa-3802	89	35	equation	equation	NOUN
ajfa-3802	89	36	(	(	PUNCT
ajfa-3802	89	37	1	1	NUM
ajfa-3802	89	38	):	):	PUNCT
ajfa-3802	89	39			NOUN
ajfa-3802	89	40			SYM
ajfa-3802	89	41			X
ajfa-3802	90	1			PROPN
ajfa-3802	90	2			SYM
ajfa-3802	90	3			PROPN
ajfa-3802	90	4			NOUN
ajfa-3802	90	5			ADV
ajfa-3802	90	6			PRON
ajfa-3802	90	7	1i	1i	NOUN
ajfa-3802	91	1	i	i	PRON
ajfa-3802	91	2	e	e	VERB
ajfa-3802	91	3	1ite1tt	1ite1tt	NUM
ajfa-3802	91	4	tt	tt	PROPN
ajfa-3802	91	5	r1	r1	PROPN
ajfa-3802	91	6	brroeebp	brroeebp	PROPN
ajfa-3802	91	7	(	(	PUNCT
ajfa-3802	91	8	1	1	NUM
ajfa-3802	91	9	)	)	PUNCT
ajfa-3802	91	10	where	where	SCONJ
ajfa-3802	91	11	,	,	PUNCT
ajfa-3802	91	12	pt	pt	PROPN
ajfa-3802	91	13	:	:	PUNCT
ajfa-3802	91	14	stock	stock	NOUN
ajfa-3802	91	15	price	price	NOUN
ajfa-3802	91	16	in	in	ADP
ajfa-3802	91	17	t	t	PROPN
ajfa-3802	91	18	period	period	NOUN
ajfa-3802	92	1	bt	bt	PROPN
ajfa-3802	92	2	:	:	PUNCT
ajfa-3802	92	3	reported	report	VERB
ajfa-3802	92	4	book	book	NOUN
ajfa-3802	92	5	value	value	NOUN
ajfa-3802	92	6	in	in	ADP
ajfa-3802	92	7	t	t	PROPN
ajfa-3802	92	8	period	period	NOUN
ajfa-3802	92	9	et	et	PROPN
ajfa-3802	92	10	(	(	PUNCT
ajfa-3802	92	11	.	.	PUNCT
ajfa-3802	92	12	):	):	PUNCT
ajfa-3802	92	13	expectation	expectation	NOUN
ajfa-3802	92	14	that	that	PRON
ajfa-3802	92	15	provide	provide	VERB
ajfa-3802	92	16	information	information	NOUN
ajfa-3802	92	17	in	in	ADP
ajfa-3802	92	18	t	t	PROPN
ajfa-3802	92	19	period	period	NOUN
ajfa-3802	92	20	roet+1	roet+1	PROPN
ajfa-3802	92	21	:	:	PUNCT
ajfa-3802	92	22	return	return	VERB
ajfa-3802	92	23	on	on	ADP
ajfa-3802	92	24	equity	equity	NOUN
ajfa-3802	92	25	in	in	ADP
ajfa-3802	92	26	t+1	t+1	NUM
ajfa-3802	92	27	period	period	NOUN
ajfa-3802	92	28	et(dt+i	et(dt+i	PROPN
ajfa-3802	92	29	):	):	PUNCT
ajfa-3802	92	30	expected	expect	VERB
ajfa-3802	92	31	future	future	ADJ
ajfa-3802	92	32	dividends	dividend	NOUN
ajfa-3802	92	33	in	in	ADP
ajfa-3802	92	34	t+1	t+1	NUM
ajfa-3802	92	35	period	period	NOUN
ajfa-3802	92	36	based	base	VERB
ajfa-3802	92	37	on	on	ADP
ajfa-3802	92	38	the	the	DET
ajfa-3802	92	39	information	information	NOUN
ajfa-3802	92	40	that	that	PRON
ajfa-3802	92	41	can	can	AUX
ajfa-3802	92	42	be	be	AUX
ajfa-3802	92	43	provided	provide	VERB
ajfa-3802	92	44	in	in	ADP
ajfa-3802	92	45	t	t	PROPN
ajfa-3802	92	46	period	period	NOUN
ajfa-3802	92	47	re	re	ADP
ajfa-3802	92	48	:	:	PUNCT
ajfa-3802	92	49	cost	cost	NOUN
ajfa-3802	92	50	of	of	ADP
ajfa-3802	92	51	equity	equity	NOUN
ajfa-3802	92	52	capital	capital	NOUN
ajfa-3802	92	53	ohlson	ohlson	NOUN
ajfa-3802	92	54	(	(	PUNCT
ajfa-3802	92	55	1995	1995	NUM
ajfa-3802	92	56	)	)	PUNCT
ajfa-3802	92	57	and	and	CCONJ
ajfa-3802	92	58	feltham	feltham	PROPN
ajfa-3802	92	59	and	and	CCONJ
ajfa-3802	92	60	ohlson	ohlson	NOUN
ajfa-3802	92	61	(	(	PUNCT
ajfa-3802	92	62	1995	1995	NUM
ajfa-3802	92	63	)	)	PUNCT
ajfa-3802	92	64	highlight	highlight	VERB
ajfa-3802	92	65	the	the	DET
ajfa-3802	92	66	theoretical	theoretical	ADJ
ajfa-3802	92	67	importance	importance	NOUN
ajfa-3802	92	68	of	of	ADP
ajfa-3802	92	69	roe	roe	PROPN
ajfa-3802	92	70	in	in	ADP
ajfa-3802	92	71	business	business	NOUN
ajfa-3802	92	72	valuation	valuation	NOUN
ajfa-3802	92	73	.	.	PUNCT
ajfa-3802	93	1	fairfield	fairfield	PROPN
ajfa-3802	93	2	and	and	CCONJ
ajfa-3802	93	3	yohn	yohn	PROPN
ajfa-3802	93	4	(	(	PUNCT
ajfa-3802	93	5	2001	2001	NUM
ajfa-3802	93	6	)	)	PUNCT
ajfa-3802	93	7	mention	mention	VERB
ajfa-3802	93	8	that	that	SCONJ
ajfa-3802	93	9	net	net	ADJ
ajfa-3802	93	10	operating	operating	NOUN
ajfa-3802	93	11	return	return	NOUN
ajfa-3802	93	12	on	on	ADP
ajfa-3802	93	13	assets	asset	NOUN
ajfa-3802	93	14	can	can	AUX
ajfa-3802	93	15	be	be	AUX
ajfa-3802	93	16	decomposed	decompose	VERB
ajfa-3802	93	17	into	into	ADP
ajfa-3802	93	18	asset	asset	NOUN
ajfa-3802	93	19	turnover	turnover	NOUN
ajfa-3802	93	20	and	and	CCONJ
ajfa-3802	93	21	profit	profit	NOUN
ajfa-3802	93	22	margin	margin	NOUN
ajfa-3802	93	23	.	.	PUNCT
ajfa-3802	94	1	asset	asset	NOUN
ajfa-3802	94	2	turnover	turnover	NOUN
ajfa-3802	94	3	measures	measure	VERB
ajfa-3802	94	4	the	the	DET
ajfa-3802	94	5	firm	firm	NOUN
ajfa-3802	94	6	’s	’s	PART
ajfa-3802	94	7	ability	ability	NOUN
ajfa-3802	94	8	to	to	PART
ajfa-3802	94	9	generate	generate	VERB
ajfa-3802	94	10	revenues	revenue	NOUN
ajfa-3802	94	11	from	from	ADP
ajfa-3802	94	12	its	its	PRON
ajfa-3802	94	13	assets	asset	NOUN
ajfa-3802	94	14	while	while	SCONJ
ajfa-3802	94	15	profit	profit	NOUN
ajfa-3802	94	16	margin	margin	NOUN
ajfa-3802	94	17	measures	measure	VERB
ajfa-3802	94	18	the	the	DET
ajfa-3802	94	19	firm	firm	NOUN
ajfa-3802	94	20	’s	’s	PART
ajfa-3802	94	21	ability	ability	NOUN
ajfa-3802	94	22	to	to	PART
ajfa-3802	94	23	control	control	VERB
ajfa-3802	94	24	the	the	DET
ajfa-3802	94	25	costs	cost	NOUN
ajfa-3802	94	26	incurred	incur	VERB
ajfa-3802	94	27	to	to	PART
ajfa-3802	94	28	generate	generate	VERB
ajfa-3802	94	29	the	the	DET
ajfa-3802	94	30	revenue	revenue	NOUN
ajfa-3802	94	31	.	.	PUNCT
ajfa-3802	95	1	they	they	PRON
ajfa-3802	95	2	are	be	AUX
ajfa-3802	95	3	both	both	PRON
ajfa-3802	95	4	part	part	NOUN
ajfa-3802	95	5	of	of	ADP
ajfa-3802	95	6	the	the	DET
ajfa-3802	95	7	firm	firm	NOUN
ajfa-3802	95	8	’s	’s	PART
ajfa-3802	95	9	strategy	strategy	NOUN
ajfa-3802	95	10	.	.	PUNCT
ajfa-3802	96	1	palepu	palepu	NOUN
ajfa-3802	96	2	et	et	NOUN
ajfa-3802	96	3	al	al	PROPN
ajfa-3802	96	4	.	.	PROPN
ajfa-3802	97	1	(	(	PUNCT
ajfa-3802	97	2	2007	2007	NUM
ajfa-3802	97	3	)	)	PUNCT
ajfa-3802	97	4	point	point	NOUN
ajfa-3802	97	5	out	out	ADP
ajfa-3802	97	6	that	that	SCONJ
ajfa-3802	97	7	roe	roe	PROPN
ajfa-3802	97	8	is	be	AUX
ajfa-3802	97	9	the	the	DET
ajfa-3802	97	10	starting	starting	NOUN
ajfa-3802	97	11	point	point	NOUN
ajfa-3802	97	12	of	of	ADP
ajfa-3802	97	13	a	a	DET
ajfa-3802	97	14	systematic	systematic	ADJ
ajfa-3802	97	15	analysis	analysis	NOUN
ajfa-3802	97	16	of	of	ADP
ajfa-3802	97	17	a	a	DET
ajfa-3802	97	18	asian	asian	ADJ
ajfa-3802	97	19	journal	journal	NOUN
ajfa-3802	97	20	of	of	ADP
ajfa-3802	97	21	finance	finance	PROPN
ajfa-3802	97	22	&	&	CCONJ
ajfa-3802	97	23	accounting	accounting	PROPN
ajfa-3802	97	24	issn	issn	PROPN
ajfa-3802	97	25	1946	1946	NUM
ajfa-3802	97	26	-	-	PUNCT
ajfa-3802	97	27	052x	052x	NOUN
ajfa-3802	97	28	2013	2013	NUM
ajfa-3802	97	29	,	,	PUNCT
ajfa-3802	97	30	vol	vol	NOUN
ajfa-3802	97	31	.	.	PROPN
ajfa-3802	97	32	5	5	NUM
ajfa-3802	97	33	,	,	PUNCT
ajfa-3802	97	34	no	no	INTJ
ajfa-3802	97	35	.	.	NOUN
ajfa-3802	97	36	1	1	NUM
ajfa-3802	97	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	97	38	425	425	NUM
ajfa-3802	97	39	firm	firm	NOUN
ajfa-3802	97	40	’s	’s	PART
ajfa-3802	97	41	performance	performance	NOUN
ajfa-3802	97	42	and	and	CCONJ
ajfa-3802	97	43	it	it	PRON
ajfa-3802	97	44	is	be	AUX
ajfa-3802	97	45	the	the	DET
ajfa-3802	97	46	comprehensive	comprehensive	ADJ
ajfa-3802	97	47	indicator	indicator	NOUN
ajfa-3802	97	48	for	for	ADP
ajfa-3802	97	49	firm	firm	NOUN
ajfa-3802	97	50	’s	’s	PART
ajfa-3802	97	51	performance	performance	NOUN
ajfa-3802	97	52	which	which	PRON
ajfa-3802	97	53	provides	provide	VERB
ajfa-3802	97	54	managers	manager	NOUN
ajfa-3802	97	55	the	the	DET
ajfa-3802	97	56	information	information	NOUN
ajfa-3802	97	57	on	on	ADP
ajfa-3802	97	58	employing	employ	VERB
ajfa-3802	97	59	its	its	PRON
ajfa-3802	97	60	assets	asset	NOUN
ajfa-3802	97	61	profitably	profitably	ADV
ajfa-3802	97	62	and	and	CCONJ
ajfa-3802	97	63	generating	generate	VERB
ajfa-3802	97	64	returns	return	NOUN
ajfa-3802	97	65	.	.	PUNCT
ajfa-3802	98	1	roe	roe	NOUN
ajfa-3802	98	2	can	can	AUX
ajfa-3802	98	3	be	be	AUX
ajfa-3802	98	4	decomposed	decompose	VERB
ajfa-3802	98	5	into	into	ADP
ajfa-3802	98	6	roa	roa	NOUN
ajfa-3802	98	7	and	and	CCONJ
ajfa-3802	98	8	a	a	DET
ajfa-3802	98	9	measure	measure	NOUN
ajfa-3802	98	10	of	of	ADP
ajfa-3802	98	11	financial	financial	ADJ
ajfa-3802	98	12	leverage	leverage	NOUN
ajfa-3802	98	13	.	.	PUNCT
ajfa-3802	99	1	soliman	soliman	NOUN
ajfa-3802	99	2	(	(	PUNCT
ajfa-3802	99	3	2008	2008	NUM
ajfa-3802	99	4	)	)	PUNCT
ajfa-3802	99	5	uses	use	VERB
ajfa-3802	99	6	the	the	DET
ajfa-3802	99	7	dupont	dupont	NOUN
ajfa-3802	99	8	analysis	analysis	NOUN
ajfa-3802	99	9	to	to	ADP
ajfa-3802	99	10	decompose	decompose	VERB
ajfa-3802	99	11	roe	roe	NOUN
ajfa-3802	99	12	into	into	ADP
ajfa-3802	99	13	the	the	DET
ajfa-3802	99	14	three	three	NUM
ajfa-3802	99	15	multiplicative	multiplicative	ADJ
ajfa-3802	99	16	ratios	ratio	NOUN
ajfa-3802	99	17	of	of	ADP
ajfa-3802	99	18	profit	profit	NOUN
ajfa-3802	99	19	margin	margin	NOUN
ajfa-3802	99	20	,	,	PUNCT
ajfa-3802	99	21	asset	asset	NOUN
ajfa-3802	99	22	turnover	turnover	NOUN
ajfa-3802	99	23	,	,	PUNCT
ajfa-3802	99	24	and	and	CCONJ
ajfa-3802	99	25	leverage	leverage	NOUN
ajfa-3802	99	26	.	.	PUNCT
ajfa-3802	100	1	the	the	DET
ajfa-3802	100	2	decomposition	decomposition	NOUN
ajfa-3802	100	3	is	be	AUX
ajfa-3802	100	4	shown	show	VERB
ajfa-3802	100	5	as	as	ADP
ajfa-3802	100	6	equation	equation	NOUN
ajfa-3802	100	7	(	(	PUNCT
ajfa-3802	100	8	2	2	NUM
ajfa-3802	100	9	):	):	PUNCT
ajfa-3802	100	10	bvequity	bvequity	NOUN
ajfa-3802	100	11	assets	asset	NOUN
ajfa-3802	100	12	assets	asset	NOUN
ajfa-3802	100	13	sales	sale	NOUN
ajfa-3802	100	14	sales	sale	NOUN
ajfa-3802	100	15	ni	ni	PROPN
ajfa-3802	100	16	leverage	leverage	PROPN
ajfa-3802	100	17	financialroaroe	financialroaroe	PROPN
ajfa-3802	100	18			PROPN
ajfa-3802	100	19	(	(	PUNCT
ajfa-3802	100	20	2	2	X
ajfa-3802	100	21	)	)	PUNCT
ajfa-3802	100	22	palepu	palepu	NOUN
ajfa-3802	100	23	et	et	NOUN
ajfa-3802	100	24	al	al	PROPN
ajfa-3802	100	25	.	.	PROPN
ajfa-3802	101	1	(	(	PUNCT
ajfa-3802	101	2	2007	2007	NUM
ajfa-3802	101	3	)	)	PUNCT
ajfa-3802	101	4	mention	mention	VERB
ajfa-3802	101	5	firm	firm	NOUN
ajfa-3802	101	6	’s	’s	PART
ajfa-3802	101	7	growth	growth	NOUN
ajfa-3802	101	8	and	and	CCONJ
ajfa-3802	101	9	profitability	profitability	NOUN
ajfa-3802	101	10	are	be	AUX
ajfa-3802	101	11	influenced	influence	VERB
ajfa-3802	101	12	by	by	ADP
ajfa-3802	101	13	its	its	PRON
ajfa-3802	101	14	product	product	NOUN
ajfa-3802	101	15	market	market	NOUN
ajfa-3802	101	16	and	and	CCONJ
ajfa-3802	101	17	financial	financial	ADJ
ajfa-3802	101	18	market	market	NOUN
ajfa-3802	101	19	strategies	strategy	NOUN
ajfa-3802	101	20	.	.	PUNCT
ajfa-3802	102	1	the	the	DET
ajfa-3802	102	2	product	product	NOUN
ajfa-3802	102	3	market	market	NOUN
ajfa-3802	102	4	strategies	strategy	NOUN
ajfa-3802	102	5	is	be	AUX
ajfa-3802	102	6	implemented	implement	VERB
ajfa-3802	102	7	through	through	ADP
ajfa-3802	102	8	the	the	DET
ajfa-3802	102	9	firm	firm	NOUN
ajfa-3802	102	10	’s	’s	PART
ajfa-3802	102	11	competitive	competitive	ADJ
ajfa-3802	102	12	strategy	strategy	NOUN
ajfa-3802	102	13	,	,	PUNCT
ajfa-3802	102	14	operating	operate	VERB
ajfa-3802	102	15	policy	policy	NOUN
ajfa-3802	102	16	(	(	PUNCT
ajfa-3802	102	17	including	include	VERB
ajfa-3802	102	18	managing	manage	VERB
ajfa-3802	102	19	revenue	revenue	NOUN
ajfa-3802	102	20	and	and	CCONJ
ajfa-3802	102	21	expenses	expense	NOUN
ajfa-3802	102	22	)	)	PUNCT
ajfa-3802	102	23	and	and	CCONJ
ajfa-3802	102	24	investment	investment	NOUN
ajfa-3802	102	25	decisions	decision	NOUN
ajfa-3802	102	26	(	(	PUNCT
ajfa-3802	102	27	including	include	VERB
ajfa-3802	102	28	managing	manage	VERB
ajfa-3802	102	29	working	work	VERB
ajfa-3802	102	30	capital	capital	NOUN
ajfa-3802	102	31	and	and	CCONJ
ajfa-3802	102	32	fixed	fix	VERB
ajfa-3802	102	33	assets	asset	NOUN
ajfa-3802	102	34	)	)	PUNCT
ajfa-3802	102	35	.	.	PUNCT
ajfa-3802	103	1	financial	financial	ADJ
ajfa-3802	103	2	market	market	NOUN
ajfa-3802	103	3	strategy	strategy	NOUN
ajfa-3802	103	4	ate	ate	AUX
ajfa-3802	103	5	implemented	implement	VERB
ajfa-3802	103	6	through	through	ADP
ajfa-3802	103	7	financing	financing	NOUN
ajfa-3802	103	8	(	(	PUNCT
ajfa-3802	103	9	including	include	VERB
ajfa-3802	103	10	managing	manage	VERB
ajfa-3802	103	11	liabilities	liability	NOUN
ajfa-3802	103	12	and	and	CCONJ
ajfa-3802	103	13	equity	equity	NOUN
ajfa-3802	103	14	)	)	PUNCT
ajfa-3802	103	15	and	and	CCONJ
ajfa-3802	103	16	dividend	dividend	NOUN
ajfa-3802	103	17	policy	policy	NOUN
ajfa-3802	103	18	(	(	PUNCT
ajfa-3802	103	19	including	include	VERB
ajfa-3802	103	20	managing	manage	VERB
ajfa-3802	103	21	payout	payout	NOUN
ajfa-3802	103	22	)	)	PUNCT
ajfa-3802	103	23	.	.	PUNCT
ajfa-3802	104	1	porter	porter	NOUN
ajfa-3802	104	2	(	(	PUNCT
ajfa-3802	104	3	1996	1996	NUM
ajfa-3802	104	4	)	)	PUNCT
ajfa-3802	104	5	mentions	mention	VERB
ajfa-3802	104	6	that	that	SCONJ
ajfa-3802	104	7	organization	organization	NOUN
ajfa-3802	104	8	strategy	strategy	NOUN
ajfa-3802	104	9	and	and	CCONJ
ajfa-3802	104	10	operating	operating	NOUN
ajfa-3802	104	11	effectiveness	effectiveness	NOUN
ajfa-3802	104	12	are	be	AUX
ajfa-3802	104	13	essential	essential	ADJ
ajfa-3802	104	14	for	for	ADP
ajfa-3802	104	15	superior	superior	ADJ
ajfa-3802	104	16	performance	performance	NOUN
ajfa-3802	104	17	.	.	PUNCT
ajfa-3802	105	1	thus	thus	ADV
ajfa-3802	105	2	,	,	PUNCT
ajfa-3802	105	3	this	this	DET
ajfa-3802	105	4	paper	paper	NOUN
ajfa-3802	105	5	will	will	AUX
ajfa-3802	105	6	focus	focus	VERB
ajfa-3802	105	7	on	on	ADP
ajfa-3802	105	8	the	the	DET
ajfa-3802	105	9	decomposition	decomposition	NOUN
ajfa-3802	105	10	of	of	ADP
ajfa-3802	105	11	roa	roa	NOUN
ajfa-3802	105	12	and	and	CCONJ
ajfa-3802	105	13	the	the	DET
ajfa-3802	105	14	presentation	presentation	NOUN
ajfa-3802	105	15	of	of	ADP
ajfa-3802	105	16	product	product	NOUN
ajfa-3802	105	17	market	market	NOUN
ajfa-3802	105	18	strategy	strategy	NOUN
ajfa-3802	105	19	as	as	ADV
ajfa-3802	105	20	well	well	ADV
ajfa-3802	105	21	as	as	ADP
ajfa-3802	105	22	the	the	DET
ajfa-3802	105	23	operating	operating	NOUN
ajfa-3802	105	24	and	and	CCONJ
ajfa-3802	105	25	financial	financial	ADJ
ajfa-3802	105	26	policies	policy	NOUN
ajfa-3802	105	27	.	.	PUNCT
ajfa-3802	106	1	for	for	ADP
ajfa-3802	106	2	business	business	NOUN
ajfa-3802	106	3	strategies	strategy	NOUN
ajfa-3802	106	4	,	,	PUNCT
ajfa-3802	106	5	porter	porter	NOUN
ajfa-3802	106	6	(	(	PUNCT
ajfa-3802	106	7	1996	1996	NUM
ajfa-3802	106	8	)	)	PUNCT
ajfa-3802	106	9	indicates	indicate	VERB
ajfa-3802	106	10	the	the	DET
ajfa-3802	106	11	establishment	establishment	NOUN
ajfa-3802	106	12	of	of	ADP
ajfa-3802	106	13	differences	difference	NOUN
ajfa-3802	106	14	with	with	ADP
ajfa-3802	106	15	rivals	rival	NOUN
ajfa-3802	106	16	to	to	PART
ajfa-3802	106	17	stand	stand	VERB
ajfa-3802	106	18	out	out	ADP
ajfa-3802	106	19	in	in	ADP
ajfa-3802	106	20	the	the	DET
ajfa-3802	106	21	crowd	crowd	NOUN
ajfa-3802	106	22	.	.	PUNCT
ajfa-3802	107	1	the	the	DET
ajfa-3802	107	2	two	two	NUM
ajfa-3802	107	3	methods	method	NOUN
ajfa-3802	107	4	to	to	PART
ajfa-3802	107	5	stay	stay	VERB
ajfa-3802	107	6	different	different	ADJ
ajfa-3802	107	7	with	with	ADP
ajfa-3802	107	8	rivals	rival	NOUN
ajfa-3802	107	9	are	be	AUX
ajfa-3802	107	10	providing	provide	VERB
ajfa-3802	107	11	customers	customer	NOUN
ajfa-3802	107	12	with	with	ADP
ajfa-3802	107	13	higher	high	ADJ
ajfa-3802	107	14	values	value	NOUN
ajfa-3802	107	15	and	and	CCONJ
ajfa-3802	107	16	providing	provide	VERB
ajfa-3802	107	17	lower	low	ADJ
ajfa-3802	107	18	costs	cost	NOUN
ajfa-3802	107	19	but	but	CCONJ
ajfa-3802	107	20	with	with	ADP
ajfa-3802	107	21	the	the	DET
ajfa-3802	107	22	same	same	ADJ
ajfa-3802	107	23	values	value	NOUN
ajfa-3802	107	24	of	of	ADP
ajfa-3802	107	25	the	the	DET
ajfa-3802	107	26	rivals	rival	NOUN
ajfa-3802	107	27	.	.	PUNCT
ajfa-3802	108	1	nissim	nissim	PROPN
ajfa-3802	108	2	and	and	CCONJ
ajfa-3802	108	3	penman	penman	PROPN
ajfa-3802	108	4	(	(	PUNCT
ajfa-3802	108	5	2001	2001	NUM
ajfa-3802	108	6	)	)	PUNCT
ajfa-3802	108	7	use	use	VERB
ajfa-3802	108	8	the	the	DET
ajfa-3802	108	9	decomposition	decomposition	NOUN
ajfa-3802	108	10	of	of	ADP
ajfa-3802	108	11	rnoa	rnoa	NOUN
ajfa-3802	108	12	and	and	CCONJ
ajfa-3802	108	13	have	have	VERB
ajfa-3802	108	14	the	the	DET
ajfa-3802	108	15	following	follow	VERB
ajfa-3802	108	16	results	result	NOUN
ajfa-3802	108	17	:	:	PUNCT
ajfa-3802	108	18	pm	pm	NOUN
ajfa-3802	108	19	measures	measure	VERB
ajfa-3802	108	20	the	the	DET
ajfa-3802	108	21	firm	firm	NOUN
ajfa-3802	108	22	's	's	PART
ajfa-3802	108	23	ability	ability	NOUN
ajfa-3802	108	24	to	to	PART
ajfa-3802	108	25	control	control	VERB
ajfa-3802	108	26	the	the	DET
ajfa-3802	108	27	costs	cost	NOUN
ajfa-3802	108	28	incurred	incur	VERB
ajfa-3802	108	29	to	to	PART
ajfa-3802	108	30	generate	generate	VERB
ajfa-3802	108	31	sales	sale	NOUN
ajfa-3802	108	32	and	and	CCONJ
ajfa-3802	108	33	gives	give	VERB
ajfa-3802	108	34	insight	insight	NOUN
ajfa-3802	108	35	into	into	ADP
ajfa-3802	108	36	the	the	DET
ajfa-3802	108	37	sensitivity	sensitivity	NOUN
ajfa-3802	108	38	of	of	ADP
ajfa-3802	108	39	operating	operate	VERB
ajfa-3802	108	40	income	income	NOUN
ajfa-3802	108	41	to	to	ADP
ajfa-3802	108	42	product	product	NOUN
ajfa-3802	108	43	price	price	NOUN
ajfa-3802	108	44	and	and	CCONJ
ajfa-3802	108	45	cost	cost	NOUN
ajfa-3802	108	46	structure	structure	NOUN
ajfa-3802	108	47	.	.	PUNCT
ajfa-3802	109	1	ato	ato	PROPN
ajfa-3802	109	2	captures	capture	VERB
ajfa-3802	109	3	the	the	DET
ajfa-3802	109	4	firm	firm	NOUN
ajfa-3802	109	5	's	's	PART
ajfa-3802	109	6	efficiency	efficiency	NOUN
ajfa-3802	109	7	in	in	ADP
ajfa-3802	109	8	using	use	VERB
ajfa-3802	109	9	operating	operate	VERB
ajfa-3802	109	10	assets	asset	NOUN
ajfa-3802	109	11	to	to	PART
ajfa-3802	109	12	generate	generate	VERB
ajfa-3802	109	13	sales	sale	NOUN
ajfa-3802	109	14	and	and	CCONJ
ajfa-3802	109	15	is	be	AUX
ajfa-3802	109	16	often	often	ADV
ajfa-3802	109	17	interpreted	interpret	VERB
ajfa-3802	109	18	as	as	ADP
ajfa-3802	109	19	a	a	DET
ajfa-3802	109	20	measure	measure	NOUN
ajfa-3802	109	21	of	of	ADP
ajfa-3802	109	22	asset	asset	NOUN
ajfa-3802	109	23	utilization	utilization	NOUN
ajfa-3802	109	24	by	by	ADP
ajfa-3802	109	25	managers	manager	NOUN
ajfa-3802	109	26	.	.	PUNCT
ajfa-3802	110	1	fairfield	fairfield	PROPN
ajfa-3802	110	2	and	and	CCONJ
ajfa-3802	110	3	yohn	yohn	PROPN
ajfa-3802	110	4	(	(	PUNCT
ajfa-3802	110	5	2001	2001	NUM
ajfa-3802	110	6	)	)	PUNCT
ajfa-3802	110	7	also	also	ADV
ajfa-3802	110	8	point	point	VERB
ajfa-3802	110	9	out	out	ADP
ajfa-3802	110	10	that	that	SCONJ
ajfa-3802	110	11	profit	profit	NOUN
ajfa-3802	110	12	margin	margin	NOUN
ajfa-3802	110	13	,	,	PUNCT
ajfa-3802	110	14	reflects	reflect	VERB
ajfa-3802	110	15	the	the	DET
ajfa-3802	110	16	firm	firm	NOUN
ajfa-3802	110	17	’s	’s	PART
ajfa-3802	110	18	operating	operating	NOUN
ajfa-3802	110	19	efficiency	efficiency	NOUN
ajfa-3802	110	20	while	while	SCONJ
ajfa-3802	110	21	asset	asset	NOUN
ajfa-3802	110	22	turnover	turnover	NOUN
ajfa-3802	110	23	reflects	reflect	VERB
ajfa-3802	110	24	the	the	DET
ajfa-3802	110	25	firm	firm	NOUN
ajfa-3802	110	26	’s	’s	PART
ajfa-3802	110	27	asset	asset	NOUN
ajfa-3802	110	28	utilization	utilization	NOUN
ajfa-3802	110	29	.	.	PUNCT
ajfa-3802	111	1	for	for	ADP
ajfa-3802	111	2	example	example	NOUN
ajfa-3802	111	3	,	,	PUNCT
ajfa-3802	111	4	discount	discount	NOUN
ajfa-3802	111	5	stores	store	NOUN
ajfa-3802	111	6	tend	tend	VERB
ajfa-3802	111	7	to	to	PART
ajfa-3802	111	8	have	have	VERB
ajfa-3802	111	9	relatively	relatively	ADV
ajfa-3802	111	10	higher	high	ADJ
ajfa-3802	111	11	asset	asset	NOUN
ajfa-3802	111	12	turnovers	turnover	NOUN
ajfa-3802	111	13	and	and	CCONJ
ajfa-3802	111	14	lower	low	ADJ
ajfa-3802	111	15	profit	profit	NOUN
ajfa-3802	111	16	margins	margin	NOUN
ajfa-3802	111	17	than	than	ADP
ajfa-3802	111	18	luxury	luxury	NOUN
ajfa-3802	111	19	or	or	CCONJ
ajfa-3802	111	20	specialty	specialty	NOUN
ajfa-3802	111	21	stores	store	NOUN
ajfa-3802	111	22	.	.	PUNCT
ajfa-3802	112	1	palepu	palepu	NOUN
ajfa-3802	112	2	et	et	NOUN
ajfa-3802	112	3	al	al	PROPN
ajfa-3802	112	4	.	.	PROPN
ajfa-3802	113	1	(	(	PUNCT
ajfa-3802	113	2	2007	2007	NUM
ajfa-3802	113	3	)	)	PUNCT
ajfa-3802	113	4	mention	mention	VERB
ajfa-3802	113	5	a	a	DET
ajfa-3802	113	6	firm	firm	NOUN
ajfa-3802	113	7	following	follow	VERB
ajfa-3802	113	8	the	the	DET
ajfa-3802	113	9	differentiation	differentiation	NOUN
ajfa-3802	113	10	strategy	strategy	NOUN
ajfa-3802	113	11	seeks	seek	VERB
ajfa-3802	113	12	to	to	PART
ajfa-3802	113	13	be	be	AUX
ajfa-3802	113	14	unique	unique	ADJ
ajfa-3802	113	15	in	in	ADP
ajfa-3802	113	16	its	its	PRON
ajfa-3802	113	17	industry	industry	NOUN
ajfa-3802	113	18	with	with	ADP
ajfa-3802	113	19	product	product	NOUN
ajfa-3802	113	20	that	that	PRON
ajfa-3802	113	21	is	be	AUX
ajfa-3802	113	22	positioned	position	VERB
ajfa-3802	113	23	to	to	PART
ajfa-3802	113	24	be	be	AUX
ajfa-3802	113	25	highly	highly	ADV
ajfa-3802	113	26	valued	value	VERB
ajfa-3802	113	27	by	by	ADP
ajfa-3802	113	28	customer	customer	NOUN
ajfa-3802	113	29	.	.	PUNCT
ajfa-3802	114	1	on	on	ADP
ajfa-3802	114	2	the	the	DET
ajfa-3802	114	3	other	other	ADJ
ajfa-3802	114	4	hand	hand	NOUN
ajfa-3802	114	5	,	,	PUNCT
ajfa-3802	114	6	cost	cost	NOUN
ajfa-3802	114	7	leadership	leadership	NOUN
ajfa-3802	114	8	achieves	achieve	VERB
ajfa-3802	114	9	superior	superior	ADJ
ajfa-3802	114	10	performance	performance	NOUN
ajfa-3802	114	11	by	by	ADP
ajfa-3802	114	12	economics	economic	NOUN
ajfa-3802	114	13	of	of	ADP
ajfa-3802	114	14	scale	scale	NOUN
ajfa-3802	114	15	and	and	CCONJ
ajfa-3802	114	16	scope	scope	NOUN
ajfa-3802	114	17	,	,	PUNCT
ajfa-3802	114	18	economies	economy	NOUN
ajfa-3802	114	19	of	of	ADP
ajfa-3802	114	20	learning	learning	NOUN
ajfa-3802	114	21	,	,	PUNCT
ajfa-3802	114	22	efficient	efficient	ADJ
ajfa-3802	114	23	production	production	NOUN
ajfa-3802	114	24	,	,	PUNCT
ajfa-3802	114	25	simpler	simple	ADJ
ajfa-3802	114	26	product	product	NOUN
ajfa-3802	114	27	design	design	NOUN
ajfa-3802	114	28	,	,	PUNCT
ajfa-3802	114	29	lower	low	ADJ
ajfa-3802	114	30	input	input	NOUN
ajfa-3802	114	31	costs	cost	NOUN
ajfa-3802	114	32	,	,	PUNCT
ajfa-3802	114	33	and	and	CCONJ
ajfa-3802	114	34	efficient	efficient	ADJ
ajfa-3802	114	35	organizational	organizational	ADJ
ajfa-3802	114	36	processes	process	NOUN
ajfa-3802	114	37	.	.	PUNCT
ajfa-3802	115	1	soliman	soliman	NOUN
ajfa-3802	115	2	(	(	PUNCT
ajfa-3802	115	3	2008	2008	NUM
ajfa-3802	115	4	)	)	PUNCT
ajfa-3802	115	5	points	point	VERB
ajfa-3802	115	6	out	out	ADP
ajfa-3802	115	7	that	that	SCONJ
ajfa-3802	115	8	pm	pm	NOUN
ajfa-3802	115	9	and	and	CCONJ
ajfa-3802	115	10	ato	ato	NOUN
ajfa-3802	115	11	present	present	ADJ
ajfa-3802	115	12	different	different	ADJ
ajfa-3802	115	13	structures	structure	NOUN
ajfa-3802	115	14	about	about	ADP
ajfa-3802	115	15	a	a	DET
ajfa-3802	115	16	firm	firm	NOUN
ajfa-3802	115	17	's	's	PART
ajfa-3802	115	18	operations	operation	NOUN
ajfa-3802	115	19	.	.	PUNCT
ajfa-3802	116	1	pm	pm	NOUN
ajfa-3802	116	2	is	be	AUX
ajfa-3802	116	3	often	often	ADV
ajfa-3802	116	4	derived	derive	VERB
ajfa-3802	116	5	from	from	ADP
ajfa-3802	116	6	pricing	pricing	NOUN
ajfa-3802	116	7	power	power	NOUN
ajfa-3802	116	8	,	,	PUNCT
ajfa-3802	116	9	such	such	ADJ
ajfa-3802	116	10	as	as	ADP
ajfa-3802	116	11	product	product	NOUN
ajfa-3802	116	12	innovation	innovation	NOUN
ajfa-3802	116	13	,	,	PUNCT
ajfa-3802	116	14	product	product	NOUN
ajfa-3802	116	15	positioning	positioning	NOUN
ajfa-3802	116	16	,	,	PUNCT
ajfa-3802	116	17	brand	brand	NOUN
ajfa-3802	116	18	name	name	NOUN
ajfa-3802	116	19	recognition	recognition	NOUN
ajfa-3802	116	20	,	,	PUNCT
ajfa-3802	116	21	first	first	ADJ
ajfa-3802	116	22	mover	mover	NOUN
ajfa-3802	116	23	advantage	advantage	NOUN
ajfa-3802	116	24	,	,	PUNCT
ajfa-3802	116	25	and	and	CCONJ
ajfa-3802	116	26	market	market	NOUN
ajfa-3802	116	27	niches	niche	NOUN
ajfa-3802	116	28	.	.	PUNCT
ajfa-3802	117	1	ato	ato	PROPN
ajfa-3802	117	2	measures	measure	VERB
ajfa-3802	117	3	asset	asset	NOUN
ajfa-3802	117	4	utilization	utilization	NOUN
ajfa-3802	117	5	and	and	CCONJ
ajfa-3802	117	6	efficiency	efficiency	NOUN
ajfa-3802	117	7	,	,	PUNCT
ajfa-3802	117	8	which	which	PRON
ajfa-3802	117	9	generally	generally	ADV
ajfa-3802	117	10	comes	come	VERB
ajfa-3802	117	11	from	from	ADP
ajfa-3802	117	12	the	the	DET
ajfa-3802	117	13	efficient	efficient	ADJ
ajfa-3802	117	14	use	use	NOUN
ajfa-3802	117	15	of	of	ADP
ajfa-3802	117	16	property	property	NOUN
ajfa-3802	117	17	,	,	PUNCT
ajfa-3802	117	18	plant	plant	NOUN
ajfa-3802	117	19	,	,	PUNCT
ajfa-3802	117	20	and	and	CCONJ
ajfa-3802	117	21	equipment	equipment	NOUN
ajfa-3802	117	22	;	;	PUNCT
ajfa-3802	117	23	efficient	efficient	ADJ
ajfa-3802	117	24	inventory	inventory	NOUN
ajfa-3802	117	25	processes	process	NOUN
ajfa-3802	117	26	;	;	PUNCT
ajfa-3802	117	27	and	and	CCONJ
ajfa-3802	117	28	other	other	ADJ
ajfa-3802	117	29	forms	form	NOUN
ajfa-3802	117	30	of	of	ADP
ajfa-3802	117	31	working	work	VERB
ajfa-3802	117	32	capital	capital	NOUN
ajfa-3802	117	33	management	management	NOUN
ajfa-3802	117	34	.	.	PUNCT
ajfa-3802	118	1	there	there	PRON
ajfa-3802	118	2	are	be	VERB
ajfa-3802	118	3	two	two	NUM
ajfa-3802	118	4	sources	source	NOUN
ajfa-3802	118	5	to	to	PART
ajfa-3802	118	6	affect	affect	VERB
ajfa-3802	118	7	ato	ato	PROPN
ajfa-3802	118	8	and	and	CCONJ
ajfa-3802	118	9	pm	pm	VERB
ajfa-3802	118	10	differently	differently	ADV
ajfa-3802	118	11	from	from	ADP
ajfa-3802	118	12	competitiveness	competitiveness	NOUN
ajfa-3802	118	13	aspect	aspect	NOUN
ajfa-3802	118	14	.	.	PUNCT
ajfa-3802	119	1	large	large	ADJ
ajfa-3802	119	2	profit	profit	NOUN
ajfa-3802	119	3	margins	margin	NOUN
ajfa-3802	119	4	often	often	ADV
ajfa-3802	119	5	draw	draw	VERB
ajfa-3802	119	6	new	new	ADJ
ajfa-3802	119	7	entrants	entrant	NOUN
ajfa-3802	119	8	into	into	ADP
ajfa-3802	119	9	the	the	DET
ajfa-3802	119	10	marketplace	marketplace	NOUN
ajfa-3802	119	11	or	or	CCONJ
ajfa-3802	119	12	quick	quick	ADJ
ajfa-3802	119	13	imitation	imitation	NOUN
ajfa-3802	119	14	of	of	ADP
ajfa-3802	119	15	new	new	ADJ
ajfa-3802	119	16	ideas	idea	NOUN
ajfa-3802	119	17	from	from	ADP
ajfa-3802	119	18	existing	exist	VERB
ajfa-3802	119	19	rivals	rival	NOUN
ajfa-3802	119	20	resulting	result	VERB
ajfa-3802	119	21	in	in	ADP
ajfa-3802	119	22	high	high	ADJ
ajfa-3802	119	23	profit	profit	NOUN
ajfa-3802	119	24	margins	margin	NOUN
ajfa-3802	119	25	reverting	revert	VERB
ajfa-3802	119	26	to	to	ADP
ajfa-3802	119	27	normal	normal	ADJ
ajfa-3802	119	28	levels	level	NOUN
ajfa-3802	119	29	.	.	PUNCT
ajfa-3802	120	1	unlike	unlike	ADP
ajfa-3802	120	2	profit	profit	NOUN
ajfa-3802	120	3	margin	margin	NOUN
ajfa-3802	120	4	,	,	PUNCT
ajfa-3802	120	5	however	however	ADV
ajfa-3802	120	6	,	,	PUNCT
ajfa-3802	120	7	asset	asset	NOUN
ajfa-3802	120	8	turnover	turnover	NOUN
ajfa-3802	120	9	is	be	AUX
ajfa-3802	120	10	more	more	ADV
ajfa-3802	120	11	difficult	difficult	ADJ
ajfa-3802	120	12	to	to	PART
ajfa-3802	120	13	imitate	imitate	VERB
ajfa-3802	120	14	another	another	DET
ajfa-3802	120	15	firm	firm	NOUN
ajfa-3802	120	16	's	's	PART
ajfa-3802	120	17	efficient	efficient	ADJ
ajfa-3802	120	18	production	production	NOUN
ajfa-3802	120	19	processes	process	NOUN
ajfa-3802	120	20	so	so	SCONJ
ajfa-3802	120	21	it	it	PRON
ajfa-3802	120	22	is	be	AUX
ajfa-3802	120	23	not	not	PART
ajfa-3802	120	24	threatened	threaten	VERB
ajfa-3802	120	25	by	by	ADP
ajfa-3802	120	26	rivals	rival	NOUN
ajfa-3802	120	27	easily	easily	ADV
ajfa-3802	120	28	.	.	PUNCT
ajfa-3802	121	1	hence	hence	ADV
ajfa-3802	121	2	,	,	PUNCT
ajfa-3802	121	3	asian	asian	ADJ
ajfa-3802	121	4	journal	journal	NOUN
ajfa-3802	121	5	of	of	ADP
ajfa-3802	121	6	finance	finance	PROPN
ajfa-3802	121	7	&	&	CCONJ
ajfa-3802	121	8	accounting	accounting	PROPN
ajfa-3802	121	9	issn	issn	PROPN
ajfa-3802	121	10	1946	1946	NUM
ajfa-3802	121	11	-	-	PUNCT
ajfa-3802	121	12	052x	052x	NOUN
ajfa-3802	121	13	2013	2013	NUM
ajfa-3802	121	14	,	,	PUNCT
ajfa-3802	121	15	vol	vol	NOUN
ajfa-3802	121	16	.	.	PROPN
ajfa-3802	121	17	5	5	NUM
ajfa-3802	121	18	,	,	PUNCT
ajfa-3802	121	19	no	no	INTJ
ajfa-3802	121	20	.	.	NOUN
ajfa-3802	121	21	1	1	NUM
ajfa-3802	121	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	121	23	426	426	NUM
ajfa-3802	121	24	this	this	DET
ajfa-3802	121	25	paper	paper	NOUN
ajfa-3802	121	26	thinks	think	VERB
ajfa-3802	121	27	a	a	DET
ajfa-3802	121	28	relative	relative	ADJ
ajfa-3802	121	29	proportion	proportion	NOUN
ajfa-3802	121	30	of	of	ADP
ajfa-3802	121	31	pm	pm	NOUN
ajfa-3802	121	32	and	and	CCONJ
ajfa-3802	121	33	ato	ato	PROPN
ajfa-3802	121	34	can	can	AUX
ajfa-3802	121	35	distinguish	distinguish	VERB
ajfa-3802	121	36	organization	organization	NOUN
ajfa-3802	121	37	strategies	strategy	NOUN
ajfa-3802	121	38	with	with	ADP
ajfa-3802	121	39	roa	roa	PROPN
ajfa-3802	121	40	.	.	PUNCT
ajfa-3802	122	1	firm	firm	PROPN
ajfa-3802	122	2	with	with	ADP
ajfa-3802	122	3	larger	large	ADJ
ajfa-3802	122	4	profit	profit	NOUN
ajfa-3802	122	5	margins	margin	NOUN
ajfa-3802	122	6	and	and	CCONJ
ajfa-3802	122	7	lower	low	ADJ
ajfa-3802	122	8	asset	asset	NOUN
ajfa-3802	122	9	turnover	turnover	NOUN
ajfa-3802	122	10	will	will	AUX
ajfa-3802	122	11	tend	tend	VERB
ajfa-3802	122	12	to	to	PART
ajfa-3802	122	13	differentiation	differentiation	VERB
ajfa-3802	122	14	while	while	SCONJ
ajfa-3802	122	15	firms	firm	NOUN
ajfa-3802	122	16	with	with	ADP
ajfa-3802	122	17	lower	low	ADJ
ajfa-3802	122	18	profit	profit	NOUN
ajfa-3802	122	19	margins	margin	NOUN
ajfa-3802	122	20	and	and	CCONJ
ajfa-3802	122	21	higher	high	ADJ
ajfa-3802	122	22	asset	asset	NOUN
ajfa-3802	122	23	turnover	turnover	NOUN
ajfa-3802	122	24	will	will	AUX
ajfa-3802	122	25	tend	tend	VERB
ajfa-3802	122	26	to	to	PART
ajfa-3802	122	27	cost	cost	VERB
ajfa-3802	122	28	leadership	leadership	NOUN
ajfa-3802	122	29	.	.	PUNCT
ajfa-3802	123	1	palepu	palepu	NOUN
ajfa-3802	123	2	et	et	NOUN
ajfa-3802	123	3	al	al	PROPN
ajfa-3802	123	4	.	.	PROPN
ajfa-3802	124	1	(	(	PUNCT
ajfa-3802	124	2	2007	2007	NUM
ajfa-3802	124	3	)	)	PUNCT
ajfa-3802	124	4	indicate	indicate	VERB
ajfa-3802	124	5	gross	gross	ADJ
ajfa-3802	124	6	margin	margin	NOUN
ajfa-3802	124	7	is	be	AUX
ajfa-3802	124	8	influenced	influence	VERB
ajfa-3802	124	9	by	by	ADP
ajfa-3802	124	10	two	two	NUM
ajfa-3802	124	11	factors	factor	NOUN
ajfa-3802	124	12	:	:	PUNCT
ajfa-3802	124	13	1	1	X
ajfa-3802	124	14	)	)	PUNCT
ajfa-3802	124	15	the	the	DET
ajfa-3802	124	16	price	price	NOUN
ajfa-3802	124	17	premium	premium	NOUN
ajfa-3802	124	18	that	that	PRON
ajfa-3802	124	19	a	a	DET
ajfa-3802	124	20	firm	firm	NOUN
ajfa-3802	124	21	’s	’s	PART
ajfa-3802	124	22	products	product	NOUN
ajfa-3802	124	23	or	or	CCONJ
ajfa-3802	124	24	services	service	NOUN
ajfa-3802	124	25	command	command	NOUN
ajfa-3802	124	26	in	in	ADP
ajfa-3802	124	27	the	the	DET
ajfa-3802	124	28	marketplace	marketplace	NOUN
ajfa-3802	124	29	and	and	CCONJ
ajfa-3802	124	30	2	2	NUM
ajfa-3802	124	31	)	)	PUNCT
ajfa-3802	124	32	the	the	DET
ajfa-3802	124	33	efficiency	efficiency	NOUN
ajfa-3802	124	34	of	of	ADP
ajfa-3802	124	35	the	the	DET
ajfa-3802	124	36	firm	firm	NOUN
ajfa-3802	124	37	’s	’s	PART
ajfa-3802	124	38	procurement	procurement	NOUN
ajfa-3802	124	39	and	and	CCONJ
ajfa-3802	124	40	production	production	NOUN
ajfa-3802	124	41	process	process	NOUN
ajfa-3802	124	42	in	in	ADP
ajfa-3802	124	43	terms	term	NOUN
ajfa-3802	124	44	of	of	ADP
ajfa-3802	124	45	operating	operate	VERB
ajfa-3802	124	46	management	management	NOUN
ajfa-3802	124	47	.	.	PUNCT
ajfa-3802	125	1	in	in	ADP
ajfa-3802	125	2	terms	term	NOUN
ajfa-3802	125	3	of	of	ADP
ajfa-3802	125	4	investment	investment	NOUN
ajfa-3802	125	5	management	management	NOUN
ajfa-3802	125	6	,	,	PUNCT
ajfa-3802	125	7	it	it	PRON
ajfa-3802	125	8	is	be	AUX
ajfa-3802	125	9	divided	divide	VERB
ajfa-3802	125	10	into	into	ADP
ajfa-3802	125	11	working	work	VERB
ajfa-3802	125	12	capital	capital	NOUN
ajfa-3802	125	13	management	management	NOUN
ajfa-3802	125	14	and	and	CCONJ
ajfa-3802	125	15	management	management	NOUN
ajfa-3802	125	16	of	of	ADP
ajfa-3802	125	17	non	non	ADJ
ajfa-3802	125	18	-	-	ADJ
ajfa-3802	125	19	current	current	ADJ
ajfa-3802	125	20	assets	asset	NOUN
ajfa-3802	125	21	.	.	PUNCT
ajfa-3802	126	1	operating	operate	VERB
ajfa-3802	126	2	working	work	VERB
ajfa-3802	126	3	capital	capital	NOUN
ajfa-3802	126	4	focuses	focus	VERB
ajfa-3802	126	5	on	on	ADP
ajfa-3802	126	6	trade	trade	NOUN
ajfa-3802	126	7	receivables	receivable	NOUN
ajfa-3802	126	8	,	,	PUNCT
ajfa-3802	126	9	inventories	inventory	NOUN
ajfa-3802	126	10	and	and	CCONJ
ajfa-3802	126	11	trade	trade	NOUN
ajfa-3802	126	12	payable	payable	ADJ
ajfa-3802	126	13	.	.	PUNCT
ajfa-3802	127	1	they	they	PRON
ajfa-3802	127	2	are	be	AUX
ajfa-3802	127	3	short	short	ADJ
ajfa-3802	127	4	-	-	PUNCT
ajfa-3802	127	5	term	term	NOUN
ajfa-3802	127	6	investment	investment	NOUN
ajfa-3802	127	7	management	management	NOUN
ajfa-3802	127	8	which	which	PRON
ajfa-3802	127	9	influences	influence	VERB
ajfa-3802	127	10	the	the	DET
ajfa-3802	127	11	normal	normal	ADJ
ajfa-3802	127	12	operation	operation	NOUN
ajfa-3802	127	13	of	of	ADP
ajfa-3802	127	14	a	a	DET
ajfa-3802	127	15	firm	firm	NOUN
ajfa-3802	127	16	.	.	PUNCT
ajfa-3802	128	1	another	another	DET
ajfa-3802	128	2	area	area	NOUN
ajfa-3802	128	3	of	of	ADP
ajfa-3802	128	4	investment	investment	NOUN
ajfa-3802	128	5	management	management	NOUN
ajfa-3802	128	6	concerns	concern	VERB
ajfa-3802	128	7	the	the	DET
ajfa-3802	128	8	utilization	utilization	NOUN
ajfa-3802	128	9	of	of	ADP
ajfa-3802	128	10	a	a	DET
ajfa-3802	128	11	firm	firm	NOUN
ajfa-3802	128	12	’s	’s	PART
ajfa-3802	128	13	non	non	ADJ
ajfa-3802	128	14	-	-	ADJ
ajfa-3802	128	15	current	current	ADJ
ajfa-3802	128	16	asset	asset	NOUN
ajfa-3802	128	17	which	which	PRON
ajfa-3802	128	18	is	be	AUX
ajfa-3802	128	19	long	long	ADJ
ajfa-3802	128	20	-	-	PUNCT
ajfa-3802	128	21	term	term	NOUN
ajfa-3802	128	22	management	management	NOUN
ajfa-3802	128	23	.	.	PUNCT
ajfa-3802	129	1	this	this	DET
ajfa-3802	129	2	paper	paper	NOUN
ajfa-3802	129	3	employs	employ	VERB
ajfa-3802	129	4	hierarchical	hierarchical	ADJ
ajfa-3802	129	5	decomposition	decomposition	NOUN
ajfa-3802	129	6	of	of	ADP
ajfa-3802	129	7	roa	roa	NOUN
ajfa-3802	129	8	and	and	CCONJ
ajfa-3802	129	9	classifies	classify	VERB
ajfa-3802	129	10	fixed	fix	VERB
ajfa-3802	129	11	asset	asset	NOUN
ajfa-3802	129	12	turnover	turnover	NOUN
ajfa-3802	129	13	ratio	ratio	NOUN
ajfa-3802	129	14	and	and	CCONJ
ajfa-3802	129	15	capital	capital	NOUN
ajfa-3802	129	16	expenditure	expenditure	NOUN
ajfa-3802	129	17	ratio	ratio	NOUN
ajfa-3802	129	18	per	per	ADP
ajfa-3802	129	19	person	person	NOUN
ajfa-3802	129	20	as	as	ADP
ajfa-3802	129	21	non	non	ADJ
ajfa-3802	129	22	-	-	ADJ
ajfa-3802	129	23	current	current	ADJ
ajfa-3802	129	24	assets	asset	NOUN
ajfa-3802	129	25	.	.	PUNCT
ajfa-3802	130	1	fixed	fix	VERB
ajfa-3802	130	2	asset	asset	NOUN
ajfa-3802	130	3	turnover	turnover	NOUN
ajfa-3802	130	4	ratio	ratio	NOUN
ajfa-3802	130	5	measures	measure	NOUN
ajfa-3802	130	6	if	if	SCONJ
ajfa-3802	130	7	a	a	DET
ajfa-3802	130	8	firm	firm	NOUN
ajfa-3802	130	9	can	can	AUX
ajfa-3802	130	10	use	use	VERB
ajfa-3802	130	11	fixed	fix	VERB
ajfa-3802	130	12	assets	asset	NOUN
ajfa-3802	130	13	to	to	PART
ajfa-3802	130	14	create	create	VERB
ajfa-3802	130	15	benefits	benefit	NOUN
ajfa-3802	130	16	.	.	PUNCT
ajfa-3802	131	1	capital	capital	NOUN
ajfa-3802	131	2	expenditure	expenditure	NOUN
ajfa-3802	131	3	ratio	ratio	NOUN
ajfa-3802	131	4	per	per	ADP
ajfa-3802	131	5	person	person	NOUN
ajfa-3802	131	6	determines	determine	VERB
ajfa-3802	131	7	if	if	SCONJ
ajfa-3802	131	8	a	a	DET
ajfa-3802	131	9	firm	firm	NOUN
ajfa-3802	131	10	uses	use	VERB
ajfa-3802	131	11	high	high	ADJ
ajfa-3802	131	12	technology	technology	NOUN
ajfa-3802	131	13	equipment	equipment	NOUN
ajfa-3802	131	14	in	in	ADP
ajfa-3802	131	15	production	production	NOUN
ajfa-3802	131	16	.	.	PUNCT
ajfa-3802	132	1	when	when	SCONJ
ajfa-3802	132	2	a	a	DET
ajfa-3802	132	3	firm	firm	NOUN
ajfa-3802	132	4	has	have	VERB
ajfa-3802	132	5	higher	high	ADJ
ajfa-3802	132	6	fixed	fix	VERB
ajfa-3802	132	7	asset	asset	NOUN
ajfa-3802	132	8	turnover	turnover	NOUN
ajfa-3802	132	9	ratio	ratio	NOUN
ajfa-3802	132	10	,	,	PUNCT
ajfa-3802	132	11	that	that	PRON
ajfa-3802	132	12	means	mean	VERB
ajfa-3802	132	13	it	it	PRON
ajfa-3802	132	14	can	can	AUX
ajfa-3802	132	15	effectively	effectively	ADV
ajfa-3802	132	16	use	use	VERB
ajfa-3802	132	17	fixed	fix	VERB
ajfa-3802	132	18	asset	asset	NOUN
ajfa-3802	132	19	equipment	equipment	NOUN
ajfa-3802	132	20	and	and	CCONJ
ajfa-3802	132	21	improve	improve	VERB
ajfa-3802	132	22	its	its	PRON
ajfa-3802	132	23	roa	roa	NOUN
ajfa-3802	132	24	.	.	PUNCT
ajfa-3802	133	1	when	when	SCONJ
ajfa-3802	133	2	the	the	DET
ajfa-3802	133	3	firm	firm	NOUN
ajfa-3802	133	4	has	have	VERB
ajfa-3802	133	5	higher	high	ADJ
ajfa-3802	133	6	capital	capital	NOUN
ajfa-3802	133	7	expenditure	expenditure	NOUN
ajfa-3802	133	8	ratio	ratio	NOUN
ajfa-3802	133	9	per	per	ADP
ajfa-3802	133	10	person	person	NOUN
ajfa-3802	133	11	,	,	PUNCT
ajfa-3802	133	12	it	it	PRON
ajfa-3802	133	13	can	can	AUX
ajfa-3802	133	14	react	react	VERB
ajfa-3802	133	15	to	to	ADP
ajfa-3802	133	16	the	the	DET
ajfa-3802	133	17	environment	environment	NOUN
ajfa-3802	133	18	uncertainties	uncertainty	NOUN
ajfa-3802	133	19	quickly	quickly	ADV
ajfa-3802	133	20	and	and	CCONJ
ajfa-3802	133	21	create	create	VERB
ajfa-3802	133	22	more	more	ADJ
ajfa-3802	133	23	values	value	NOUN
ajfa-3802	133	24	with	with	ADP
ajfa-3802	133	25	the	the	DET
ajfa-3802	133	26	assistance	assistance	NOUN
ajfa-3802	133	27	of	of	ADP
ajfa-3802	133	28	high	high	ADJ
ajfa-3802	133	29	technology	technology	NOUN
ajfa-3802	133	30	.	.	PUNCT
ajfa-3802	134	1	accounting	accounting	NOUN
ajfa-3802	134	2	signals	signal	NOUN
ajfa-3802	134	3	and	and	CCONJ
ajfa-3802	134	4	investment	investment	NOUN
ajfa-3802	134	5	risks	risk	NOUN
ajfa-3802	134	6	healy	healy	PROPN
ajfa-3802	134	7	and	and	CCONJ
ajfa-3802	134	8	palepu	palepu	NOUN
ajfa-3802	134	9	(	(	PUNCT
ajfa-3802	134	10	2001	2001	NUM
ajfa-3802	134	11	)	)	PUNCT
ajfa-3802	134	12	think	think	VERB
ajfa-3802	134	13	asymmetric	asymmetric	ADJ
ajfa-3802	134	14	information	information	NOUN
ajfa-3802	134	15	and	and	CCONJ
ajfa-3802	134	16	incentive	incentive	NOUN
ajfa-3802	134	17	problems	problem	NOUN
ajfa-3802	134	18	lead	lead	VERB
ajfa-3802	134	19	to	to	ADP
ajfa-3802	134	20	managers	manager	NOUN
ajfa-3802	134	21	and	and	CCONJ
ajfa-3802	134	22	outside	outside	ADP
ajfa-3802	134	23	investors	investor	NOUN
ajfa-3802	134	24	’	'	PUNCT
ajfa-3802	134	25	demand	demand	NOUN
ajfa-3802	134	26	on	on	ADP
ajfa-3802	134	27	financial	financial	ADJ
ajfa-3802	134	28	reports	report	NOUN
ajfa-3802	134	29	and	and	CCONJ
ajfa-3802	134	30	disclosure	disclosure	NOUN
ajfa-3802	134	31	of	of	ADP
ajfa-3802	134	32	finance	finance	NOUN
ajfa-3802	134	33	.	.	PUNCT
ajfa-3802	135	1	beaver	beaver	PROPN
ajfa-3802	135	2	(	(	PUNCT
ajfa-3802	135	3	2002	2002	NUM
ajfa-3802	135	4	)	)	PUNCT
ajfa-3802	135	5	indicates	indicate	VERB
ajfa-3802	135	6	information	information	NOUN
ajfa-3802	135	7	on	on	ADP
ajfa-3802	135	8	financial	financial	ADJ
ajfa-3802	135	9	statements	statement	NOUN
ajfa-3802	135	10	presents	present	VERB
ajfa-3802	135	11	clear	clear	ADJ
ajfa-3802	135	12	and	and	CCONJ
ajfa-3802	135	13	related	related	ADJ
ajfa-3802	135	14	standard	standard	NOUN
ajfa-3802	135	15	for	for	ADP
ajfa-3802	135	16	decision	decision	NOUN
ajfa-3802	135	17	makers	maker	NOUN
ajfa-3802	135	18	in	in	ADP
ajfa-3802	135	19	making	make	VERB
ajfa-3802	135	20	decisions	decision	NOUN
ajfa-3802	135	21	and	and	CCONJ
ajfa-3802	135	22	for	for	SCONJ
ajfa-3802	135	23	the	the	DET
ajfa-3802	135	24	individual	individual	ADJ
ajfa-3802	135	25	parties	party	NOUN
ajfa-3802	135	26	to	to	PART
ajfa-3802	135	27	make	make	VERB
ajfa-3802	135	28	contracts	contract	NOUN
ajfa-3802	135	29	.	.	PUNCT
ajfa-3802	136	1	for	for	ADP
ajfa-3802	136	2	investors	investor	NOUN
ajfa-3802	136	3	,	,	PUNCT
ajfa-3802	136	4	the	the	DET
ajfa-3802	136	5	earnings	earning	NOUN
ajfa-3802	136	6	information	information	NOUN
ajfa-3802	136	7	on	on	ADP
ajfa-3802	136	8	financial	financial	ADJ
ajfa-3802	136	9	statements	statement	NOUN
ajfa-3802	136	10	evaluates	evaluate	VERB
ajfa-3802	136	11	the	the	DET
ajfa-3802	136	12	results	result	NOUN
ajfa-3802	136	13	of	of	ADP
ajfa-3802	136	14	managers	manager	NOUN
ajfa-3802	136	15	for	for	ADP
ajfa-3802	136	16	the	the	DET
ajfa-3802	136	17	past	past	ADJ
ajfa-3802	136	18	year	year	NOUN
ajfa-3802	136	19	(	(	PUNCT
ajfa-3802	136	20	nwaeze	nwaeze	NOUN
ajfa-3802	136	21	,	,	PUNCT
ajfa-3802	136	22	yang	yang	PROPN
ajfa-3802	136	23	and	and	CCONJ
ajfa-3802	136	24	tin	tin	NOUN
ajfa-3802	136	25	,	,	PUNCT
ajfa-3802	136	26	2006	2006	NUM
ajfa-3802	136	27	;	;	PUNCT
ajfa-3802	136	28	banker	banker	NOUN
ajfa-3802	136	29	,	,	PUNCT
ajfa-3802	136	30	huang	huang	PROPN
ajfa-3802	136	31	and	and	CCONJ
ajfa-3802	136	32	natarajan	natarajan	PROPN
ajfa-3802	136	33	,	,	PUNCT
ajfa-3802	136	34	2009	2009	NUM
ajfa-3802	136	35	)	)	PUNCT
ajfa-3802	136	36	and	and	CCONJ
ajfa-3802	136	37	updates	update	VERB
ajfa-3802	136	38	its	its	PRON
ajfa-3802	136	39	judgment	judgment	NOUN
ajfa-3802	136	40	on	on	ADP
ajfa-3802	136	41	the	the	DET
ajfa-3802	136	42	firm	firm	NOUN
ajfa-3802	136	43	’s	’s	PART
ajfa-3802	136	44	value	value	NOUN
ajfa-3802	136	45	.	.	PUNCT
ajfa-3802	137	1	kothari	kothari	PROPN
ajfa-3802	137	2	(	(	PUNCT
ajfa-3802	137	3	2000	2000	NUM
ajfa-3802	137	4	)	)	PUNCT
ajfa-3802	137	5	mentions	mention	VERB
ajfa-3802	137	6	market	market	NOUN
ajfa-3802	137	7	participants	participant	NOUN
ajfa-3802	137	8	seek	seek	VERB
ajfa-3802	137	9	high	high	ADJ
ajfa-3802	137	10	-	-	PUNCT
ajfa-3802	137	11	quality	quality	NOUN
ajfa-3802	137	12	financial	financial	ADJ
ajfa-3802	137	13	information	information	NOUN
ajfa-3802	137	14	because	because	SCONJ
ajfa-3802	137	15	it	it	PRON
ajfa-3802	137	16	mitigates	mitigate	VERB
ajfa-3802	137	17	information	information	NOUN
ajfa-3802	137	18	asymmetry	asymmetry	NOUN
ajfa-3802	137	19	between	between	ADP
ajfa-3802	137	20	the	the	DET
ajfa-3802	137	21	management	management	NOUN
ajfa-3802	137	22	of	of	ADP
ajfa-3802	137	23	the	the	DET
ajfa-3802	137	24	firm	firm	ADJ
ajfa-3802	137	25	and	and	CCONJ
ajfa-3802	137	26	outside	outside	ADJ
ajfa-3802	137	27	investor	investor	NOUN
ajfa-3802	137	28	.	.	PUNCT
ajfa-3802	138	1	reduced	reduce	VERB
ajfa-3802	138	2	information	information	NOUN
ajfa-3802	138	3	asymmetry	asymmetry	NOUN
ajfa-3802	138	4	has	have	VERB
ajfa-3802	138	5	desirable	desirable	ADJ
ajfa-3802	138	6	effects	effect	NOUN
ajfa-3802	138	7	on	on	ADP
ajfa-3802	138	8	the	the	DET
ajfa-3802	138	9	cost	cost	NOUN
ajfa-3802	138	10	of	of	ADP
ajfa-3802	138	11	capital	capital	NOUN
ajfa-3802	138	12	and	and	CCONJ
ajfa-3802	138	13	the	the	DET
ajfa-3802	138	14	volatility	volatility	NOUN
ajfa-3802	138	15	of	of	ADP
ajfa-3802	138	16	security	security	NOUN
ajfa-3802	138	17	prices	price	NOUN
ajfa-3802	138	18	.	.	PUNCT
ajfa-3802	139	1	hence	hence	ADV
ajfa-3802	139	2	,	,	PUNCT
ajfa-3802	139	3	investors	investor	NOUN
ajfa-3802	139	4	and	and	CCONJ
ajfa-3802	139	5	analysts	analyst	NOUN
ajfa-3802	139	6	can	can	AUX
ajfa-3802	139	7	understand	understand	VERB
ajfa-3802	139	8	the	the	DET
ajfa-3802	139	9	managers	manager	NOUN
ajfa-3802	139	10	’	’	PART
ajfa-3802	139	11	efforts	effort	NOUN
ajfa-3802	139	12	and	and	CCONJ
ajfa-3802	139	13	current	current	ADJ
ajfa-3802	139	14	value	value	NOUN
ajfa-3802	139	15	of	of	ADP
ajfa-3802	139	16	a	a	DET
ajfa-3802	139	17	firm	firm	NOUN
ajfa-3802	139	18	and	and	CCONJ
ajfa-3802	139	19	obtain	obtain	VERB
ajfa-3802	139	20	desirable	desirable	ADJ
ajfa-3802	139	21	returns	return	NOUN
ajfa-3802	139	22	on	on	ADP
ajfa-3802	139	23	equity	equity	NOUN
ajfa-3802	139	24	with	with	ADP
ajfa-3802	139	25	the	the	DET
ajfa-3802	139	26	information	information	NOUN
ajfa-3802	139	27	on	on	ADP
ajfa-3802	139	28	financial	financial	ADJ
ajfa-3802	139	29	statements	statement	NOUN
ajfa-3802	139	30	.	.	PUNCT
ajfa-3802	140	1	beaver	beaver	NOUN
ajfa-3802	140	2	(	(	PUNCT
ajfa-3802	140	3	1998	1998	NUM
ajfa-3802	140	4	)	)	PUNCT
ajfa-3802	140	5	argues	argue	VERB
ajfa-3802	140	6	that	that	SCONJ
ajfa-3802	140	7	one	one	NUM
ajfa-3802	140	8	theoretical	theoretical	ADJ
ajfa-3802	140	9	link	link	NOUN
ajfa-3802	140	10	between	between	ADP
ajfa-3802	140	11	earnings	earning	NOUN
ajfa-3802	140	12	and	and	CCONJ
ajfa-3802	140	13	share	share	NOUN
ajfa-3802	140	14	prices	price	NOUN
ajfa-3802	140	15	is	be	AUX
ajfa-3802	140	16	that	that	SCONJ
ajfa-3802	140	17	current	current	ADJ
ajfa-3802	140	18	earnings	earning	NOUN
ajfa-3802	140	19	provide	provide	VERB
ajfa-3802	140	20	information	information	NOUN
ajfa-3802	140	21	to	to	PART
ajfa-3802	140	22	predict	predict	VERB
ajfa-3802	140	23	future	future	ADJ
ajfa-3802	140	24	earnings	earning	NOUN
ajfa-3802	140	25	.	.	PUNCT
ajfa-3802	141	1	lev	lev	NOUN
ajfa-3802	141	2	and	and	CCONJ
ajfa-3802	141	3	thiagarajan	thiagarajan	NOUN
ajfa-3802	141	4	(	(	PUNCT
ajfa-3802	141	5	1993	1993	NUM
ajfa-3802	141	6	)	)	PUNCT
ajfa-3802	141	7	show	show	VERB
ajfa-3802	141	8	that	that	SCONJ
ajfa-3802	141	9	signals	signal	NOUN
ajfa-3802	141	10	of	of	ADP
ajfa-3802	141	11	the	the	DET
ajfa-3802	141	12	current	current	ADJ
ajfa-3802	141	13	accounting	accounting	NOUN
ajfa-3802	141	14	data	datum	NOUN
ajfa-3802	141	15	can	can	AUX
ajfa-3802	141	16	predict	predict	VERB
ajfa-3802	141	17	future	future	ADJ
ajfa-3802	141	18	earnings	earning	NOUN
ajfa-3802	141	19	change	change	NOUN
ajfa-3802	141	20	.	.	PUNCT
ajfa-3802	142	1	these	these	DET
ajfa-3802	142	2	signals	signal	NOUN
ajfa-3802	142	3	include	include	VERB
ajfa-3802	142	4	information	information	NOUN
ajfa-3802	142	5	about	about	ADP
ajfa-3802	142	6	changes	change	NOUN
ajfa-3802	142	7	in	in	ADP
ajfa-3802	142	8	inventories	inventory	NOUN
ajfa-3802	142	9	,	,	PUNCT
ajfa-3802	142	10	accounts	account	NOUN
ajfa-3802	142	11	receivables	receivable	NOUN
ajfa-3802	142	12	,	,	PUNCT
ajfa-3802	142	13	gross	gross	ADJ
ajfa-3802	142	14	margins	margin	NOUN
ajfa-3802	142	15	,	,	PUNCT
ajfa-3802	142	16	selling	sell	VERB
ajfa-3802	142	17	expenses	expense	NOUN
ajfa-3802	142	18	,	,	PUNCT
ajfa-3802	142	19	capital	capital	NOUN
ajfa-3802	142	20	expenditures	expenditure	NOUN
ajfa-3802	142	21	,	,	PUNCT
ajfa-3802	142	22	etc	etc	X
ajfa-3802	142	23	.	.	X
ajfa-3802	143	1	abarbanell	abarbanell	PROPN
ajfa-3802	143	2	and	and	CCONJ
ajfa-3802	143	3	bushee	bushee	NOUN
ajfa-3802	143	4	(	(	PUNCT
ajfa-3802	143	5	1998	1998	NUM
ajfa-3802	143	6	)	)	PUNCT
ajfa-3802	143	7	find	find	VERB
ajfa-3802	143	8	that	that	SCONJ
ajfa-3802	143	9	fundamental	fundamental	ADJ
ajfa-3802	143	10	signals	signal	NOUN
ajfa-3802	143	11	provide	provide	VERB
ajfa-3802	143	12	information	information	NOUN
ajfa-3802	143	13	about	about	ADP
ajfa-3802	143	14	future	future	ADJ
ajfa-3802	143	15	returns	return	NOUN
ajfa-3802	143	16	that	that	PRON
ajfa-3802	143	17	is	be	AUX
ajfa-3802	143	18	associated	associate	VERB
ajfa-3802	143	19	with	with	ADP
ajfa-3802	143	20	future	future	ADJ
ajfa-3802	143	21	earnings	earning	NOUN
ajfa-3802	143	22	news	news	NOUN
ajfa-3802	143	23	by	by	ADP
ajfa-3802	143	24	fundamental	fundamental	ADJ
ajfa-3802	143	25	accounting	accounting	NOUN
ajfa-3802	143	26	analysis	analysis	NOUN
ajfa-3802	143	27	.	.	PUNCT
ajfa-3802	144	1	nissim	nissim	PROPN
ajfa-3802	144	2	and	and	CCONJ
ajfa-3802	144	3	penman	penman	PROPN
ajfa-3802	144	4	(	(	PUNCT
ajfa-3802	144	5	2001	2001	NUM
ajfa-3802	144	6	)	)	PUNCT
ajfa-3802	144	7	believe	believe	VERB
ajfa-3802	144	8	profitability	profitability	NOUN
ajfa-3802	144	9	and	and	CCONJ
ajfa-3802	144	10	growth	growth	NOUN
ajfa-3802	144	11	are	be	AUX
ajfa-3802	144	12	the	the	DET
ajfa-3802	144	13	driven	drive	VERB
ajfa-3802	144	14	forces	force	NOUN
ajfa-3802	144	15	for	for	ADP
ajfa-3802	144	16	equity	equity	NOUN
ajfa-3802	144	17	values	value	NOUN
ajfa-3802	144	18	.	.	PUNCT
ajfa-3802	145	1	they	they	PRON
ajfa-3802	145	2	also	also	ADV
ajfa-3802	145	3	lay	lie	VERB
ajfa-3802	145	4	out	out	ADP
ajfa-3802	145	5	a	a	DET
ajfa-3802	145	6	structured	structured	ADJ
ajfa-3802	145	7	financial	financial	ADJ
ajfa-3802	145	8	statement	statement	NOUN
ajfa-3802	145	9	to	to	PART
ajfa-3802	145	10	analyze	analyze	VERB
ajfa-3802	145	11	that	that	DET
ajfa-3802	145	12	profitability	profitability	NOUN
ajfa-3802	145	13	and	and	CCONJ
ajfa-3802	145	14	growth	growth	NOUN
ajfa-3802	145	15	facilitate	facilitate	NOUN
ajfa-3802	145	16	forecasting	forecasting	NOUN
ajfa-3802	145	17	and	and	CCONJ
ajfa-3802	145	18	valuation	valuation	NOUN
ajfa-3802	145	19	.	.	PUNCT
ajfa-3802	146	1	soliman	soliman	NOUN
ajfa-3802	146	2	(	(	PUNCT
ajfa-3802	146	3	2008	2008	NUM
ajfa-3802	146	4	)	)	PUNCT
ajfa-3802	146	5	finds	find	VERB
ajfa-3802	146	6	that	that	SCONJ
ajfa-3802	146	7	the	the	DET
ajfa-3802	146	8	information	information	NOUN
ajfa-3802	146	9	in	in	ADP
ajfa-3802	146	10	the	the	DET
ajfa-3802	146	11	accounting	accounting	NOUN
ajfa-3802	146	12	signal	signal	NOUN
ajfa-3802	146	13	is	be	AUX
ajfa-3802	146	14	in	in	ADP
ajfa-3802	146	15	fact	fact	NOUN
ajfa-3802	146	16	incremental	incremental	ADJ
ajfa-3802	146	17	to	to	ADP
ajfa-3802	146	18	asian	asian	ADJ
ajfa-3802	146	19	journal	journal	NOUN
ajfa-3802	146	20	of	of	ADP
ajfa-3802	146	21	finance	finance	PROPN
ajfa-3802	146	22	&	&	CCONJ
ajfa-3802	146	23	accounting	accounting	PROPN
ajfa-3802	146	24	issn	issn	PROPN
ajfa-3802	146	25	1946	1946	NUM
ajfa-3802	146	26	-	-	PUNCT
ajfa-3802	146	27	052x	052x	NOUN
ajfa-3802	146	28	2013	2013	NUM
ajfa-3802	146	29	,	,	PUNCT
ajfa-3802	146	30	vol	vol	NOUN
ajfa-3802	146	31	.	.	PROPN
ajfa-3802	146	32	5	5	NUM
ajfa-3802	146	33	,	,	PUNCT
ajfa-3802	146	34	no	no	INTJ
ajfa-3802	146	35	.	.	NOUN
ajfa-3802	146	36	1	1	NUM
ajfa-3802	146	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	146	38	427	427	NUM
ajfa-3802	146	39	accounting	accounting	NOUN
ajfa-3802	146	40	signals	signal	NOUN
ajfa-3802	146	41	in	in	ADP
ajfa-3802	146	42	predicting	predict	VERB
ajfa-3802	146	43	future	future	ADJ
ajfa-3802	146	44	earnings	earning	NOUN
ajfa-3802	146	45	by	by	ADP
ajfa-3802	146	46	the	the	DET
ajfa-3802	146	47	dupont	dupont	NOUN
ajfa-3802	146	48	analysis	analysis	NOUN
ajfa-3802	146	49	.	.	PUNCT
ajfa-3802	147	1	in	in	ADP
ajfa-3802	147	2	conclusion	conclusion	NOUN
ajfa-3802	147	3	,	,	PUNCT
ajfa-3802	147	4	fundamental	fundamental	ADJ
ajfa-3802	147	5	accounting	accounting	NOUN
ajfa-3802	147	6	signals	signal	NOUN
ajfa-3802	147	7	on	on	ADP
ajfa-3802	147	8	financial	financial	ADJ
ajfa-3802	147	9	statements	statement	NOUN
ajfa-3802	147	10	can	can	AUX
ajfa-3802	147	11	assist	assist	VERB
ajfa-3802	147	12	investors	investor	NOUN
ajfa-3802	147	13	to	to	PART
ajfa-3802	147	14	understand	understand	VERB
ajfa-3802	147	15	the	the	DET
ajfa-3802	147	16	internal	internal	ADJ
ajfa-3802	147	17	strategies	strategy	NOUN
ajfa-3802	147	18	of	of	ADP
ajfa-3802	147	19	organization	organization	NOUN
ajfa-3802	147	20	,	,	PUNCT
ajfa-3802	147	21	allocation	allocation	NOUN
ajfa-3802	147	22	of	of	ADP
ajfa-3802	147	23	assets	asset	NOUN
ajfa-3802	147	24	and	and	CCONJ
ajfa-3802	147	25	profitability	profitability	NOUN
ajfa-3802	147	26	and	and	CCONJ
ajfa-3802	147	27	provide	provide	VERB
ajfa-3802	147	28	incremental	incremental	NOUN
ajfa-3802	147	29	to	to	ADP
ajfa-3802	147	30	accounting	accounting	NOUN
ajfa-3802	147	31	signals	signal	NOUN
ajfa-3802	147	32	for	for	SCONJ
ajfa-3802	147	33	investors	investor	NOUN
ajfa-3802	147	34	to	to	PART
ajfa-3802	147	35	predict	predict	VERB
ajfa-3802	147	36	future	future	ADJ
ajfa-3802	147	37	earnings	earning	NOUN
ajfa-3802	147	38	.	.	PUNCT
ajfa-3802	148	1	to	to	PART
ajfa-3802	148	2	enhance	enhance	VERB
ajfa-3802	148	3	the	the	DET
ajfa-3802	148	4	profitability	profitability	NOUN
ajfa-3802	148	5	information	information	NOUN
ajfa-3802	148	6	,	,	PUNCT
ajfa-3802	148	7	gaap	gaap	PROPN
ajfa-3802	148	8	allows	allow	VERB
ajfa-3802	148	9	managers	manager	NOUN
ajfa-3802	148	10	to	to	PART
ajfa-3802	148	11	mitigate	mitigate	VERB
ajfa-3802	148	12	the	the	DET
ajfa-3802	148	13	timing	timing	NOUN
ajfa-3802	148	14	and	and	CCONJ
ajfa-3802	148	15	matching	matching	NOUN
ajfa-3802	148	16	issues	issue	NOUN
ajfa-3802	148	17	of	of	ADP
ajfa-3802	148	18	cash	cash	NOUN
ajfa-3802	148	19	basis	basis	NOUN
ajfa-3802	148	20	by	by	ADP
ajfa-3802	148	21	accrual	accrual	ADJ
ajfa-3802	148	22	processes	process	NOUN
ajfa-3802	148	23	in	in	ADP
ajfa-3802	148	24	order	order	NOUN
ajfa-3802	148	25	to	to	PART
ajfa-3802	148	26	reflect	reflect	VERB
ajfa-3802	148	27	the	the	DET
ajfa-3802	148	28	earnings	earning	NOUN
ajfa-3802	148	29	of	of	ADP
ajfa-3802	148	30	organization	organization	NOUN
ajfa-3802	148	31	.	.	PUNCT
ajfa-3802	149	1	therefore	therefore	ADV
ajfa-3802	149	2	,	,	PUNCT
ajfa-3802	149	3	the	the	DET
ajfa-3802	149	4	composition	composition	NOUN
ajfa-3802	149	5	of	of	ADP
ajfa-3802	149	6	earnings	earning	NOUN
ajfa-3802	149	7	can	can	AUX
ajfa-3802	149	8	be	be	AUX
ajfa-3802	149	9	divided	divide	VERB
ajfa-3802	149	10	into	into	ADP
ajfa-3802	149	11	accruals	accrual	NOUN
ajfa-3802	149	12	and	and	CCONJ
ajfa-3802	149	13	cash	cash	NOUN
ajfa-3802	149	14	flows	flow	NOUN
ajfa-3802	149	15	.	.	PUNCT
ajfa-3802	150	1	accruals	accrual	NOUN
ajfa-3802	150	2	focus	focus	VERB
ajfa-3802	150	3	on	on	ADP
ajfa-3802	150	4	the	the	DET
ajfa-3802	150	5	timing	timing	NOUN
ajfa-3802	150	6	of	of	ADP
ajfa-3802	150	7	income	income	NOUN
ajfa-3802	150	8	and	and	CCONJ
ajfa-3802	150	9	expenditures	expenditure	NOUN
ajfa-3802	150	10	that	that	PRON
ajfa-3802	150	11	are	be	AUX
ajfa-3802	150	12	recognized	recognize	VERB
ajfa-3802	150	13	in	in	ADP
ajfa-3802	150	14	earnings	earning	NOUN
ajfa-3802	150	15	,	,	PUNCT
ajfa-3802	150	16	while	while	SCONJ
ajfa-3802	150	17	cash	cash	NOUN
ajfa-3802	150	18	flows	flow	NOUN
ajfa-3802	150	19	focus	focus	VERB
ajfa-3802	150	20	on	on	ADP
ajfa-3802	150	21	cash	cash	NOUN
ajfa-3802	150	22	income	income	NOUN
ajfa-3802	150	23	and	and	CCONJ
ajfa-3802	150	24	expenditure	expenditure	NOUN
ajfa-3802	150	25	on	on	ADP
ajfa-3802	150	26	a	a	DET
ajfa-3802	150	27	cash	cash	NOUN
ajfa-3802	150	28	basis	basis	NOUN
ajfa-3802	150	29	.	.	PUNCT
ajfa-3802	151	1	dechow	dechow	ADJ
ajfa-3802	151	2	and	and	CCONJ
ajfa-3802	151	3	dichev	dichev	PROPN
ajfa-3802	151	4	(	(	PUNCT
ajfa-3802	151	5	2002	2002	NUM
ajfa-3802	151	6	)	)	PUNCT
ajfa-3802	151	7	think	think	VERB
ajfa-3802	151	8	that	that	SCONJ
ajfa-3802	151	9	accruals	accrual	NOUN
ajfa-3802	151	10	shift	shift	VERB
ajfa-3802	151	11	or	or	CCONJ
ajfa-3802	151	12	adjust	adjust	VERB
ajfa-3802	151	13	the	the	DET
ajfa-3802	151	14	recognition	recognition	NOUN
ajfa-3802	151	15	of	of	ADP
ajfa-3802	151	16	cash	cash	NOUN
ajfa-3802	151	17	flows	flow	NOUN
ajfa-3802	151	18	over	over	ADP
ajfa-3802	151	19	time	time	NOUN
ajfa-3802	151	20	so	so	SCONJ
ajfa-3802	151	21	the	the	DET
ajfa-3802	151	22	adjusted	adjust	VERB
ajfa-3802	151	23	numbers	number	NOUN
ajfa-3802	151	24	can	can	AUX
ajfa-3802	151	25	better	well	ADV
ajfa-3802	151	26	measure	measure	VERB
ajfa-3802	151	27	a	a	DET
ajfa-3802	151	28	firm	firm	NOUN
ajfa-3802	151	29	’s	’s	PART
ajfa-3802	151	30	performance	performance	NOUN
ajfa-3802	151	31	.	.	PUNCT
ajfa-3802	152	1	however	however	ADV
ajfa-3802	152	2	,	,	PUNCT
ajfa-3802	152	3	accruals	accrual	NOUN
ajfa-3802	152	4	are	be	AUX
ajfa-3802	152	5	frequently	frequently	ADV
ajfa-3802	152	6	based	base	VERB
ajfa-3802	152	7	on	on	ADP
ajfa-3802	152	8	assumptions	assumption	NOUN
ajfa-3802	152	9	and	and	CCONJ
ajfa-3802	152	10	estimates	estimate	VERB
ajfa-3802	152	11	that	that	SCONJ
ajfa-3802	152	12	,	,	PUNCT
ajfa-3802	152	13	if	if	SCONJ
ajfa-3802	152	14	wrong	wrong	ADJ
ajfa-3802	152	15	,	,	PUNCT
ajfa-3802	152	16	must	must	AUX
ajfa-3802	152	17	be	be	AUX
ajfa-3802	152	18	corrected	correct	VERB
ajfa-3802	152	19	in	in	ADP
ajfa-3802	152	20	future	future	ADJ
ajfa-3802	152	21	accruals	accrual	NOUN
ajfa-3802	152	22	and	and	CCONJ
ajfa-3802	152	23	earnings	earning	NOUN
ajfa-3802	152	24	.	.	PUNCT
ajfa-3802	153	1	the	the	DET
ajfa-3802	153	2	estimation	estimation	NOUN
ajfa-3802	153	3	errors	error	NOUN
ajfa-3802	153	4	and	and	CCONJ
ajfa-3802	153	5	their	their	PRON
ajfa-3802	153	6	subsequent	subsequent	ADJ
ajfa-3802	153	7	corrections	correction	NOUN
ajfa-3802	153	8	will	will	AUX
ajfa-3802	153	9	reduce	reduce	VERB
ajfa-3802	153	10	the	the	DET
ajfa-3802	153	11	beneficial	beneficial	ADJ
ajfa-3802	153	12	role	role	NOUN
ajfa-3802	153	13	of	of	ADP
ajfa-3802	153	14	accruals	accrual	NOUN
ajfa-3802	153	15	.	.	PUNCT
ajfa-3802	154	1	mcnichols	mcnichols	PROPN
ajfa-3802	154	2	(	(	PUNCT
ajfa-3802	154	3	2002	2002	NUM
ajfa-3802	154	4	)	)	PUNCT
ajfa-3802	154	5	classifies	classify	VERB
ajfa-3802	154	6	accounting	account	VERB
ajfa-3802	154	7	literature	literature	NOUN
ajfa-3802	154	8	regarding	regard	VERB
ajfa-3802	154	9	earnings	earning	NOUN
ajfa-3802	154	10	quality	quality	NOUN
ajfa-3802	154	11	into	into	ADP
ajfa-3802	154	12	three	three	NUM
ajfa-3802	154	13	categories	category	NOUN
ajfa-3802	154	14	:	:	PUNCT
ajfa-3802	154	15	1	1	X
ajfa-3802	154	16	.	.	X
ajfa-3802	154	17	earnings	earning	NOUN
ajfa-3802	154	18	are	be	AUX
ajfa-3802	154	19	defined	define	VERB
ajfa-3802	154	20	as	as	ADP
ajfa-3802	154	21	high	high	ADJ
ajfa-3802	154	22	quality	quality	NOUN
ajfa-3802	154	23	if	if	SCONJ
ajfa-3802	154	24	earnings	earning	NOUN
ajfa-3802	154	25	are	be	AUX
ajfa-3802	154	26	persistent	persistent	ADJ
ajfa-3802	154	27	,	,	PUNCT
ajfa-3802	154	28	an	an	DET
ajfa-3802	154	29	attribute	attribute	NOUN
ajfa-3802	154	30	based	base	VERB
ajfa-3802	154	31	solely	solely	ADV
ajfa-3802	154	32	on	on	ADP
ajfa-3802	154	33	the	the	DET
ajfa-3802	154	34	time	time	NOUN
ajfa-3802	154	35	-	-	PUNCT
ajfa-3802	154	36	series	series	NOUN
ajfa-3802	154	37	properties	property	NOUN
ajfa-3802	154	38	of	of	ADP
ajfa-3802	154	39	earnings	earning	NOUN
ajfa-3802	154	40	.	.	PUNCT
ajfa-3802	155	1	2	2	X
ajfa-3802	155	2	.	.	X
ajfa-3802	155	3	earnings	earning	NOUN
ajfa-3802	155	4	are	be	AUX
ajfa-3802	155	5	defined	define	VERB
ajfa-3802	155	6	as	as	ADP
ajfa-3802	155	7	high	high	ADJ
ajfa-3802	155	8	quality	quality	NOUN
ajfa-3802	155	9	if	if	SCONJ
ajfa-3802	155	10	earnings	earning	NOUN
ajfa-3802	155	11	accurately	accurately	ADV
ajfa-3802	155	12	represent	represent	VERB
ajfa-3802	155	13	the	the	DET
ajfa-3802	155	14	economic	economic	ADJ
ajfa-3802	155	15	implications	implication	NOUN
ajfa-3802	155	16	of	of	ADP
ajfa-3802	155	17	underlying	underlie	VERB
ajfa-3802	155	18	transactions	transaction	NOUN
ajfa-3802	155	19	and	and	CCONJ
ajfa-3802	155	20	events	event	NOUN
ajfa-3802	155	21	.	.	PUNCT
ajfa-3802	156	1	3	3	X
ajfa-3802	156	2	.	.	X
ajfa-3802	156	3	earnings	earning	NOUN
ajfa-3802	156	4	quality	quality	NOUN
ajfa-3802	156	5	is	be	AUX
ajfa-3802	156	6	defined	define	VERB
ajfa-3802	156	7	in	in	ADP
ajfa-3802	156	8	terms	term	NOUN
ajfa-3802	156	9	of	of	ADP
ajfa-3802	156	10	the	the	DET
ajfa-3802	156	11	relation	relation	NOUN
ajfa-3802	156	12	between	between	ADP
ajfa-3802	156	13	accruals	accrual	NOUN
ajfa-3802	156	14	and	and	CCONJ
ajfa-3802	156	15	cash	cash	NOUN
ajfa-3802	156	16	flows	flow	NOUN
ajfa-3802	156	17	.	.	PUNCT
ajfa-3802	157	1	hence	hence	ADV
ajfa-3802	157	2	,	,	PUNCT
ajfa-3802	157	3	this	this	DET
ajfa-3802	157	4	paper	paper	NOUN
ajfa-3802	157	5	defines	define	VERB
ajfa-3802	157	6	information	information	NOUN
ajfa-3802	157	7	risk	risk	NOUN
ajfa-3802	157	8	as	as	ADP
ajfa-3802	157	9	risks	risk	NOUN
ajfa-3802	157	10	that	that	PRON
ajfa-3802	157	11	incurred	incur	VERB
ajfa-3802	157	12	because	because	SCONJ
ajfa-3802	157	13	investors	investor	NOUN
ajfa-3802	157	14	make	make	VERB
ajfa-3802	157	15	their	their	PRON
ajfa-3802	157	16	decisions	decision	NOUN
ajfa-3802	157	17	using	use	VERB
ajfa-3802	157	18	accruals	accrual	NOUN
ajfa-3802	157	19	that	that	PRON
ajfa-3802	157	20	include	include	VERB
ajfa-3802	157	21	uncertainties	uncertainty	NOUN
ajfa-3802	157	22	.	.	PUNCT
ajfa-3802	158	1	if	if	SCONJ
ajfa-3802	158	2	the	the	DET
ajfa-3802	158	3	earnings	earning	NOUN
ajfa-3802	158	4	quality	quality	NOUN
ajfa-3802	158	5	is	be	AUX
ajfa-3802	158	6	good	good	ADJ
ajfa-3802	158	7	,	,	PUNCT
ajfa-3802	158	8	it	it	PRON
ajfa-3802	158	9	will	will	AUX
ajfa-3802	158	10	reduce	reduce	VERB
ajfa-3802	158	11	the	the	DET
ajfa-3802	158	12	asymmetry	asymmetry	NOUN
ajfa-3802	158	13	in	in	ADP
ajfa-3802	158	14	information	information	NOUN
ajfa-3802	158	15	between	between	ADP
ajfa-3802	158	16	managers	manager	NOUN
ajfa-3802	158	17	and	and	CCONJ
ajfa-3802	158	18	investors	investor	NOUN
ajfa-3802	158	19	.	.	PUNCT
ajfa-3802	159	1	reversely	reversely	ADV
ajfa-3802	159	2	,	,	PUNCT
ajfa-3802	159	3	the	the	DET
ajfa-3802	159	4	asymmetry	asymmetry	NOUN
ajfa-3802	159	5	in	in	ADP
ajfa-3802	159	6	information	information	NOUN
ajfa-3802	159	7	between	between	ADP
ajfa-3802	159	8	managers	manager	NOUN
ajfa-3802	159	9	and	and	CCONJ
ajfa-3802	159	10	investors	investor	NOUN
ajfa-3802	159	11	will	will	AUX
ajfa-3802	159	12	increase	increase	VERB
ajfa-3802	159	13	if	if	SCONJ
ajfa-3802	159	14	earnings	earning	NOUN
ajfa-3802	159	15	quality	quality	NOUN
ajfa-3802	159	16	is	be	AUX
ajfa-3802	159	17	poor	poor	ADJ
ajfa-3802	159	18	.	.	PUNCT
ajfa-3802	160	1	nonetheless	nonetheless	ADV
ajfa-3802	160	2	,	,	PUNCT
ajfa-3802	160	3	market	market	NOUN
ajfa-3802	160	4	participants	participant	NOUN
ajfa-3802	160	5	should	should	AUX
ajfa-3802	160	6	not	not	PART
ajfa-3802	160	7	only	only	ADV
ajfa-3802	160	8	rely	rely	VERB
ajfa-3802	160	9	on	on	ADP
ajfa-3802	160	10	the	the	DET
ajfa-3802	160	11	information	information	NOUN
ajfa-3802	160	12	risks	risk	NOUN
ajfa-3802	160	13	of	of	ADP
ajfa-3802	160	14	the	the	DET
ajfa-3802	160	15	object	object	NOUN
ajfa-3802	160	16	itself	itself	PRON
ajfa-3802	160	17	,	,	PUNCT
ajfa-3802	160	18	they	they	PRON
ajfa-3802	160	19	should	should	AUX
ajfa-3802	160	20	also	also	ADV
ajfa-3802	160	21	consider	consider	VERB
ajfa-3802	160	22	their	their	PRON
ajfa-3802	160	23	degree	degree	NOUN
ajfa-3802	160	24	of	of	ADP
ajfa-3802	160	25	aversion	aversion	NOUN
ajfa-3802	160	26	and	and	CCONJ
ajfa-3802	160	27	tolerance	tolerance	NOUN
ajfa-3802	160	28	towards	towards	ADP
ajfa-3802	160	29	risks	risk	NOUN
ajfa-3802	160	30	.	.	PUNCT
ajfa-3802	161	1	in	in	ADP
ajfa-3802	161	2	addition	addition	NOUN
ajfa-3802	161	3	,	,	PUNCT
ajfa-3802	161	4	they	they	PRON
ajfa-3802	161	5	should	should	AUX
ajfa-3802	161	6	evaluate	evaluate	VERB
ajfa-3802	161	7	a	a	DET
ajfa-3802	161	8	firm	firm	NOUN
ajfa-3802	161	9	’s	’s	PART
ajfa-3802	161	10	decision	decision	NOUN
ajfa-3802	161	11	positioning	positioning	NOUN
ajfa-3802	161	12	,	,	PUNCT
ajfa-3802	161	13	business	business	NOUN
ajfa-3802	161	14	value	value	NOUN
ajfa-3802	161	15	and	and	CCONJ
ajfa-3802	161	16	investment	investment	NOUN
ajfa-3802	161	17	risks	risk	NOUN
ajfa-3802	161	18	by	by	ADP
ajfa-3802	161	19	accounting	accounting	NOUN
ajfa-3802	161	20	signals	signal	NOUN
ajfa-3802	161	21	.	.	PUNCT
ajfa-3802	162	1	thus	thus	ADV
ajfa-3802	162	2	,	,	PUNCT
ajfa-3802	162	3	this	this	DET
ajfa-3802	162	4	paper	paper	NOUN
ajfa-3802	162	5	will	will	AUX
ajfa-3802	162	6	review	review	VERB
ajfa-3802	162	7	the	the	DET
ajfa-3802	162	8	influence	influence	NOUN
ajfa-3802	162	9	of	of	ADP
ajfa-3802	162	10	accounting	accounting	NOUN
ajfa-3802	162	11	signals	signal	NOUN
ajfa-3802	162	12	on	on	ADP
ajfa-3802	162	13	investment	investment	NOUN
ajfa-3802	162	14	risks	risk	NOUN
ajfa-3802	162	15	by	by	ADP
ajfa-3802	162	16	decomposition	decomposition	NOUN
ajfa-3802	162	17	.	.	PUNCT
ajfa-3802	163	1	3	3	X
ajfa-3802	163	2	.	.	X
ajfa-3802	163	3	research	research	NOUN
ajfa-3802	163	4	design	design	NOUN
ajfa-3802	163	5	empirical	empirical	ADJ
ajfa-3802	163	6	model	model	NOUN
ajfa-3802	163	7	past	past	NOUN
ajfa-3802	163	8	researches	research	NOUN
ajfa-3802	163	9	believe	believe	VERB
ajfa-3802	163	10	the	the	DET
ajfa-3802	163	11	use	use	NOUN
ajfa-3802	163	12	of	of	ADP
ajfa-3802	163	13	accounting	accounting	NOUN
ajfa-3802	163	14	signals	signal	NOUN
ajfa-3802	163	15	help	help	VERB
ajfa-3802	163	16	investors	investor	NOUN
ajfa-3802	163	17	or	or	CCONJ
ajfa-3802	163	18	analysts	analyst	NOUN
ajfa-3802	163	19	to	to	PART
ajfa-3802	163	20	understand	understand	VERB
ajfa-3802	163	21	the	the	DET
ajfa-3802	163	22	organization	organization	NOUN
ajfa-3802	163	23	operations	operation	NOUN
ajfa-3802	163	24	and	and	CCONJ
ajfa-3802	163	25	predict	predict	VERB
ajfa-3802	163	26	future	future	ADJ
ajfa-3802	163	27	earnings	earning	NOUN
ajfa-3802	163	28	(	(	PUNCT
ajfa-3802	163	29	e.g.	e.g.	ADV
ajfa-3802	163	30	lev	lev	NOUN
ajfa-3802	163	31	&	&	CCONJ
ajfa-3802	163	32	thiagarajan	thiagarajan	NOUN
ajfa-3802	163	33	,	,	PUNCT
ajfa-3802	163	34	1993	1993	NUM
ajfa-3802	163	35	;	;	PUNCT
ajfa-3802	163	36	abarbanell	abarbanell	PROPN
ajfa-3802	163	37	&	&	CCONJ
ajfa-3802	163	38	bushee	bushee	PROPN
ajfa-3802	163	39	,	,	PUNCT
ajfa-3802	163	40	1998	1998	NUM
ajfa-3802	163	41	;	;	PUNCT
ajfa-3802	163	42	nissim	nissim	PROPN
ajfa-3802	163	43	&	&	CCONJ
ajfa-3802	163	44	penman	penman	PROPN
ajfa-3802	163	45	,	,	PUNCT
ajfa-3802	163	46	2001	2001	NUM
ajfa-3802	163	47	;	;	PUNCT
ajfa-3802	163	48	fairfield	fairfield	PROPN
ajfa-3802	163	49	&	&	CCONJ
ajfa-3802	163	50	yohn	yohn	PROPN
ajfa-3802	163	51	,	,	PUNCT
ajfa-3802	163	52	2001	2001	NUM
ajfa-3802	163	53	;	;	PUNCT
ajfa-3802	163	54	soliman	soliman	NOUN
ajfa-3802	163	55	,	,	PUNCT
ajfa-3802	163	56	2008	2008	NUM
ajfa-3802	163	57	)	)	PUNCT
ajfa-3802	163	58	.	.	PUNCT
ajfa-3802	164	1	soliman	soliman	NOUN
ajfa-3802	164	2	(	(	PUNCT
ajfa-3802	164	3	2008	2008	NUM
ajfa-3802	164	4	)	)	PUNCT
ajfa-3802	164	5	proposed	propose	VERB
ajfa-3802	164	6	a	a	DET
ajfa-3802	164	7	way	way	NOUN
ajfa-3802	164	8	that	that	PRON
ajfa-3802	164	9	investors	investor	NOUN
ajfa-3802	164	10	can	can	AUX
ajfa-3802	164	11	reduce	reduce	VERB
ajfa-3802	164	12	asymmetric	asymmetric	ADJ
ajfa-3802	164	13	information	information	NOUN
ajfa-3802	164	14	in	in	ADP
ajfa-3802	164	15	accounting	accounting	NOUN
ajfa-3802	164	16	signals	signal	NOUN
ajfa-3802	164	17	.	.	PUNCT
ajfa-3802	165	1	by	by	ADP
ajfa-3802	165	2	the	the	DET
ajfa-3802	165	3	decomposition	decomposition	NOUN
ajfa-3802	165	4	of	of	ADP
ajfa-3802	165	5	the	the	DET
ajfa-3802	165	6	dupont	dupont	NOUN
ajfa-3802	165	7	analysis	analysis	NOUN
ajfa-3802	165	8	model	model	NOUN
ajfa-3802	165	9	,	,	PUNCT
ajfa-3802	165	10	market	market	NOUN
ajfa-3802	165	11	investors	investor	NOUN
ajfa-3802	165	12	could	could	AUX
ajfa-3802	165	13	get	get	VERB
ajfa-3802	165	14	superior	superior	ADJ
ajfa-3802	165	15	performance	performance	NOUN
ajfa-3802	165	16	using	use	VERB
ajfa-3802	165	17	the	the	DET
ajfa-3802	165	18	dupont	dupont	NOUN
ajfa-3802	165	19	model	model	NOUN
ajfa-3802	165	20	while	while	SCONJ
ajfa-3802	165	21	analysts	analyst	NOUN
ajfa-3802	165	22	could	could	AUX
ajfa-3802	165	23	correct	correct	VERB
ajfa-3802	165	24	their	their	PRON
ajfa-3802	165	25	prediction	prediction	NOUN
ajfa-3802	165	26	by	by	ADP
ajfa-3802	165	27	the	the	DET
ajfa-3802	165	28	dupont	dupont	NOUN
ajfa-3802	165	29	components	component	NOUN
ajfa-3802	165	30	.	.	PUNCT
ajfa-3802	166	1	however	however	ADV
ajfa-3802	166	2	,	,	PUNCT
ajfa-3802	166	3	whether	whether	SCONJ
ajfa-3802	166	4	a	a	DET
ajfa-3802	166	5	firm	firm	NOUN
ajfa-3802	166	6	’s	’s	PART
ajfa-3802	166	7	financial	financial	ADJ
ajfa-3802	166	8	statement	statement	NOUN
ajfa-3802	166	9	can	can	AUX
ajfa-3802	166	10	reflect	reflect	VERB
ajfa-3802	166	11	the	the	DET
ajfa-3802	166	12	true	true	ADJ
ajfa-3802	166	13	value	value	NOUN
ajfa-3802	166	14	is	be	AUX
ajfa-3802	166	15	the	the	DET
ajfa-3802	166	16	most	most	ADV
ajfa-3802	166	17	concerned	concerned	ADJ
ajfa-3802	166	18	information	information	NOUN
ajfa-3802	166	19	for	for	ADP
ajfa-3802	166	20	outside	outside	ADJ
ajfa-3802	166	21	investors	investor	NOUN
ajfa-3802	166	22	who	who	PRON
ajfa-3802	166	23	pursue	pursue	VERB
ajfa-3802	166	24	for	for	ADP
ajfa-3802	166	25	high	high	ADJ
ajfa-3802	166	26	earnings	earning	NOUN
ajfa-3802	166	27	quality	quality	NOUN
ajfa-3802	166	28	.	.	PUNCT
ajfa-3802	167	1	to	to	PART
ajfa-3802	167	2	enhance	enhance	VERB
ajfa-3802	167	3	the	the	DET
ajfa-3802	167	4	earnings	earning	NOUN
ajfa-3802	167	5	information	information	NOUN
ajfa-3802	167	6	quality	quality	NOUN
ajfa-3802	167	7	for	for	ADP
ajfa-3802	167	8	assisting	assist	VERB
ajfa-3802	167	9	investors	investor	NOUN
ajfa-3802	167	10	or	or	CCONJ
ajfa-3802	167	11	shareholders	shareholder	NOUN
ajfa-3802	167	12	in	in	ADP
ajfa-3802	167	13	valuating	valuating	NOUN
ajfa-3802	167	14	managers	manager	NOUN
ajfa-3802	167	15	’	’	PART
ajfa-3802	167	16	performance	performance	NOUN
ajfa-3802	167	17	,	,	PUNCT
ajfa-3802	167	18	gaap	gaap	PROPN
ajfa-3802	167	19	allows	allow	VERB
ajfa-3802	167	20	managers	manager	NOUN
ajfa-3802	167	21	to	to	PART
ajfa-3802	167	22	mitigate	mitigate	VERB
ajfa-3802	167	23	the	the	DET
ajfa-3802	167	24	timing	timing	NOUN
ajfa-3802	167	25	and	and	CCONJ
ajfa-3802	167	26	matching	matching	NOUN
ajfa-3802	167	27	issues	issue	NOUN
ajfa-3802	167	28	of	of	ADP
ajfa-3802	167	29	cash	cash	NOUN
ajfa-3802	167	30	basis	basis	NOUN
ajfa-3802	167	31	by	by	ADP
ajfa-3802	167	32	accrual	accrual	ADJ
ajfa-3802	167	33	processes	process	NOUN
ajfa-3802	167	34	in	in	ADP
ajfa-3802	167	35	order	order	NOUN
ajfa-3802	167	36	to	to	PART
ajfa-3802	167	37	reflect	reflect	VERB
ajfa-3802	167	38	the	the	DET
ajfa-3802	167	39	earnings	earning	NOUN
ajfa-3802	167	40	of	of	ADP
ajfa-3802	167	41	organization	organization	NOUN
ajfa-3802	167	42	.	.	PUNCT
ajfa-3802	168	1	nevertheless	nevertheless	ADV
ajfa-3802	168	2	,	,	PUNCT
ajfa-3802	168	3	managers	manager	NOUN
ajfa-3802	168	4	may	may	AUX
ajfa-3802	168	5	mislead	mislead	VERB
ajfa-3802	168	6	investors	investor	NOUN
ajfa-3802	168	7	of	of	ADP
ajfa-3802	168	8	the	the	DET
ajfa-3802	168	9	true	true	ADJ
ajfa-3802	168	10	business	business	NOUN
ajfa-3802	168	11	value	value	NOUN
ajfa-3802	168	12	intentionally	intentionally	ADV
ajfa-3802	168	13	which	which	PRON
ajfa-3802	168	14	results	result	VERB
ajfa-3802	168	15	in	in	ADP
ajfa-3802	168	16	investment	investment	NOUN
ajfa-3802	168	17	risks	risk	NOUN
ajfa-3802	168	18	.	.	PUNCT
ajfa-3802	169	1	investment	investment	NOUN
ajfa-3802	169	2	risks	risk	NOUN
ajfa-3802	169	3	were	be	AUX
ajfa-3802	169	4	measured	measure	VERB
ajfa-3802	169	5	mainly	mainly	ADV
ajfa-3802	169	6	by	by	ADP
ajfa-3802	169	7	accrual	accrual	ADJ
ajfa-3802	169	8	quality	quality	NOUN
ajfa-3802	169	9	(	(	PUNCT
ajfa-3802	169	10	residual	residual	ADJ
ajfa-3802	169	11	standard	standard	ADJ
ajfa-3802	169	12	deviation	deviation	NOUN
ajfa-3802	169	13	)	)	PUNCT
ajfa-3802	169	14	in	in	ADP
ajfa-3802	169	15	the	the	DET
ajfa-3802	169	16	past	past	NOUN
ajfa-3802	169	17	(	(	PUNCT
ajfa-3802	169	18	francis	francis	PROPN
ajfa-3802	169	19	et	et	PROPN
ajfa-3802	169	20	al	al	PROPN
ajfa-3802	169	21	.	.	PROPN
ajfa-3802	169	22	,	,	PUNCT
ajfa-3802	169	23	2005	2005	NUM
ajfa-3802	169	24	;	;	PUNCT
ajfa-3802	169	25	core	core	NOUN
ajfa-3802	169	26	et	et	PROPN
ajfa-3802	169	27	al	al	PROPN
ajfa-3802	169	28	.	.	PROPN
ajfa-3802	169	29	,	,	PUNCT
ajfa-3802	169	30	2008	2008	NUM
ajfa-3802	169	31	;	;	PUNCT
ajfa-3802	169	32	asian	asian	ADJ
ajfa-3802	169	33	journal	journal	NOUN
ajfa-3802	169	34	of	of	ADP
ajfa-3802	169	35	finance	finance	PROPN
ajfa-3802	169	36	&	&	CCONJ
ajfa-3802	169	37	accounting	accounting	PROPN
ajfa-3802	169	38	issn	issn	PROPN
ajfa-3802	169	39	1946	1946	NUM
ajfa-3802	169	40	-	-	PUNCT
ajfa-3802	169	41	052x	052x	NOUN
ajfa-3802	169	42	2013	2013	NUM
ajfa-3802	169	43	,	,	PUNCT
ajfa-3802	169	44	vol	vol	NOUN
ajfa-3802	169	45	.	.	PROPN
ajfa-3802	169	46	5	5	NUM
ajfa-3802	169	47	,	,	PUNCT
ajfa-3802	169	48	no	no	INTJ
ajfa-3802	169	49	.	.	NOUN
ajfa-3802	169	50	1	1	NUM
ajfa-3802	169	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	169	52	428	428	NUM
ajfa-3802	169	53	kim	kim	PROPN
ajfa-3802	169	54	&	&	CCONJ
ajfa-3802	169	55	qi	qi	PROPN
ajfa-3802	169	56	,	,	PUNCT
ajfa-3802	169	57	2010	2010	NUM
ajfa-3802	169	58	;	;	PUNCT
ajfa-3802	169	59	mashruwala	mashruwala	PROPN
ajfa-3802	169	60	&	&	CCONJ
ajfa-3802	169	61	mashruwala	mashruwala	PROPN
ajfa-3802	169	62	,	,	PUNCT
ajfa-3802	169	63	2011	2011	NUM
ajfa-3802	169	64	)	)	PUNCT
ajfa-3802	169	65	where	where	SCONJ
ajfa-3802	169	66	worse	bad	ADJ
ajfa-3802	169	67	accrual	accrual	ADJ
ajfa-3802	169	68	quality	quality	NOUN
ajfa-3802	169	69	would	would	AUX
ajfa-3802	169	70	lead	lead	VERB
ajfa-3802	169	71	to	to	ADP
ajfa-3802	169	72	high	high	ADJ
ajfa-3802	169	73	information	information	NOUN
ajfa-3802	169	74	risks	risk	NOUN
ajfa-3802	169	75	.	.	PUNCT
ajfa-3802	170	1	however	however	ADV
ajfa-3802	170	2	,	,	PUNCT
ajfa-3802	170	3	for	for	ADP
ajfa-3802	170	4	the	the	DET
ajfa-3802	170	5	investors	investor	NOUN
ajfa-3802	170	6	,	,	PUNCT
ajfa-3802	170	7	investment	investment	NOUN
ajfa-3802	170	8	risks	risk	NOUN
ajfa-3802	170	9	are	be	AUX
ajfa-3802	170	10	defined	define	VERB
ajfa-3802	170	11	as	as	ADP
ajfa-3802	170	12	the	the	DET
ajfa-3802	170	13	uncertainty	uncertainty	NOUN
ajfa-3802	170	14	of	of	ADP
ajfa-3802	170	15	losses	loss	NOUN
ajfa-3802	170	16	incurred	incur	VERB
ajfa-3802	170	17	because	because	SCONJ
ajfa-3802	170	18	investors	investor	NOUN
ajfa-3802	170	19	make	make	VERB
ajfa-3802	170	20	investment	investment	NOUN
ajfa-3802	170	21	decisions	decision	NOUN
ajfa-3802	170	22	based	base	VERB
ajfa-3802	170	23	on	on	ADP
ajfa-3802	170	24	the	the	DET
ajfa-3802	170	25	financial	financial	ADJ
ajfa-3802	170	26	information	information	NOUN
ajfa-3802	170	27	disclosed	disclose	VERB
ajfa-3802	170	28	by	by	ADP
ajfa-3802	170	29	managers	manager	NOUN
ajfa-3802	170	30	.	.	PUNCT
ajfa-3802	171	1	so	so	ADV
ajfa-3802	171	2	this	this	DET
ajfa-3802	171	3	paper	paper	NOUN
ajfa-3802	171	4	regards	regard	VERB
ajfa-3802	171	5	investment	investment	NOUN
ajfa-3802	171	6	risks	risk	NOUN
ajfa-3802	171	7	as	as	ADP
ajfa-3802	171	8	the	the	DET
ajfa-3802	171	9	ability	ability	NOUN
ajfa-3802	171	10	that	that	PRON
ajfa-3802	171	11	investors	investor	NOUN
ajfa-3802	171	12	can	can	AUX
ajfa-3802	171	13	tolerate	tolerate	VERB
ajfa-3802	171	14	the	the	DET
ajfa-3802	171	15	information	information	NOUN
ajfa-3802	171	16	risks	risk	NOUN
ajfa-3802	171	17	.	.	PUNCT
ajfa-3802	172	1	we	we	PRON
ajfa-3802	172	2	consider	consider	VERB
ajfa-3802	172	3	the	the	DET
ajfa-3802	172	4	investors	investor	NOUN
ajfa-3802	172	5	’	’	PART
ajfa-3802	172	6	tolerance	tolerance	NOUN
ajfa-3802	172	7	range	range	NOUN
ajfa-3802	172	8	towards	towards	ADP
ajfa-3802	172	9	information	information	NOUN
ajfa-3802	172	10	risks	risk	NOUN
ajfa-3802	172	11	instead	instead	ADV
ajfa-3802	172	12	of	of	ADP
ajfa-3802	172	13	only	only	ADV
ajfa-3802	172	14	the	the	DET
ajfa-3802	172	15	dispersion	dispersion	NOUN
ajfa-3802	172	16	degree	degree	NOUN
ajfa-3802	172	17	of	of	ADP
ajfa-3802	172	18	information	information	NOUN
ajfa-3802	172	19	itself	itself	PRON
ajfa-3802	172	20	.	.	PUNCT
ajfa-3802	173	1	this	this	DET
ajfa-3802	173	2	paper	paper	NOUN
ajfa-3802	173	3	employs	employ	VERB
ajfa-3802	173	4	the	the	DET
ajfa-3802	173	5	estimation	estimation	NOUN
ajfa-3802	173	6	model	model	NOUN
ajfa-3802	173	7	of	of	ADP
ajfa-3802	173	8	information	information	NOUN
ajfa-3802	173	9	risks	risk	NOUN
ajfa-3802	173	10	proposed	propose	VERB
ajfa-3802	173	11	by	by	ADP
ajfa-3802	173	12	francis	francis	PROPN
ajfa-3802	173	13	et	et	PROPN
ajfa-3802	173	14	al	al	PROPN
ajfa-3802	173	15	.	.	PROPN
ajfa-3802	174	1	(	(	PUNCT
ajfa-3802	174	2	2005	2005	NUM
ajfa-3802	174	3	)	)	PUNCT
ajfa-3802	174	4	with	with	ADP
ajfa-3802	174	5	assistance	assistance	NOUN
ajfa-3802	174	6	of	of	ADP
ajfa-3802	174	7	formulas	formula	NOUN
ajfa-3802	174	8	of	of	ADP
ajfa-3802	174	9	fundamental	fundamental	ADJ
ajfa-3802	174	10	capability	capability	NOUN
ajfa-3802	174	11	index	index	NOUN
ajfa-3802	174	12	of	of	ADP
ajfa-3802	174	13	accrual	accrual	ADJ
ajfa-3802	174	14	quality	quality	NOUN
ajfa-3802	174	15	by	by	ADP
ajfa-3802	174	16	chang	chang	PROPN
ajfa-3802	174	17	et	et	PROPN
ajfa-3802	174	18	al	al	PROPN
ajfa-3802	174	19	.	.	PROPN
ajfa-3802	175	1	(	(	PUNCT
ajfa-3802	175	2	2012	2012	NUM
ajfa-3802	175	3	)	)	PUNCT
ajfa-3802	175	4	to	to	PART
ajfa-3802	175	5	probe	probe	VERB
ajfa-3802	175	6	the	the	DET
ajfa-3802	175	7	investment	investment	NOUN
ajfa-3802	175	8	risks	risk	NOUN
ajfa-3802	175	9	applied	apply	VERB
ajfa-3802	175	10	in	in	ADP
ajfa-3802	175	11	this	this	DET
ajfa-3802	175	12	paper	paper	NOUN
ajfa-3802	175	13	.	.	PUNCT
ajfa-3802	176	1	dechow	dechow	ADJ
ajfa-3802	176	2	and	and	CCONJ
ajfa-3802	176	3	dichev	dichev	PROPN
ajfa-3802	176	4	(	(	PUNCT
ajfa-3802	176	5	2002	2002	NUM
ajfa-3802	176	6	)	)	PUNCT
ajfa-3802	176	7	suggested	suggest	VERB
ajfa-3802	176	8	that	that	DET
ajfa-3802	176	9	estimate	estimate	NOUN
ajfa-3802	176	10	of	of	ADP
ajfa-3802	176	11	the	the	DET
ajfa-3802	176	12	accrual	accrual	ADJ
ajfa-3802	176	13	quality	quality	NOUN
ajfa-3802	176	14	requires	require	VERB
ajfa-3802	176	15	a	a	DET
ajfa-3802	176	16	lengthy	lengthy	ADJ
ajfa-3802	176	17	time	time	NOUN
ajfa-3802	176	18	-	-	PUNCT
ajfa-3802	176	19	series	series	NOUN
ajfa-3802	176	20	.	.	PUNCT
ajfa-3802	177	1	in	in	ADP
ajfa-3802	177	2	addition	addition	NOUN
ajfa-3802	177	3	,	,	PUNCT
ajfa-3802	177	4	the	the	DET
ajfa-3802	177	5	regression	regression	NOUN
ajfa-3802	177	6	approach	approach	NOUN
ajfa-3802	177	7	requires	require	VERB
ajfa-3802	177	8	information	information	NOUN
ajfa-3802	177	9	about	about	ADP
ajfa-3802	177	10	future	future	ADJ
ajfa-3802	177	11	cash	cash	NOUN
ajfa-3802	177	12	flows	flow	NOUN
ajfa-3802	177	13	,	,	PUNCT
ajfa-3802	177	14	which	which	PRON
ajfa-3802	177	15	reduces	reduce	VERB
ajfa-3802	177	16	its	its	PRON
ajfa-3802	177	17	usefulness	usefulness	NOUN
ajfa-3802	177	18	in	in	ADP
ajfa-3802	177	19	model	model	NOUN
ajfa-3802	177	20	settings	setting	NOUN
ajfa-3802	177	21	.	.	PUNCT
ajfa-3802	178	1	therefore	therefore	ADV
ajfa-3802	178	2	,	,	PUNCT
ajfa-3802	178	3	it	it	PRON
ajfa-3802	178	4	is	be	AUX
ajfa-3802	178	5	valuable	valuable	ADJ
ajfa-3802	178	6	to	to	PART
ajfa-3802	178	7	identify	identify	VERB
ajfa-3802	178	8	observable	observable	ADJ
ajfa-3802	178	9	firm	firm	ADJ
ajfa-3802	178	10	characteristics	characteristic	NOUN
ajfa-3802	178	11	that	that	PRON
ajfa-3802	178	12	act	act	VERB
ajfa-3802	178	13	as	as	ADP
ajfa-3802	178	14	instruments	instrument	NOUN
ajfa-3802	178	15	for	for	ADP
ajfa-3802	178	16	the	the	DET
ajfa-3802	178	17	propensity	propensity	NOUN
ajfa-3802	178	18	to	to	PART
ajfa-3802	178	19	make	make	VERB
ajfa-3802	178	20	estimation	estimation	NOUN
ajfa-3802	178	21	errors	error	NOUN
ajfa-3802	178	22	.	.	PUNCT
ajfa-3802	179	1	this	this	DET
ajfa-3802	179	2	paper	paper	NOUN
ajfa-3802	179	3	will	will	AUX
ajfa-3802	179	4	adopt	adopt	VERB
ajfa-3802	179	5	the	the	DET
ajfa-3802	179	6	firm	firm	ADJ
ajfa-3802	179	7	characteristics	characteristic	NOUN
ajfa-3802	179	8	suggested	suggest	VERB
ajfa-3802	179	9	in	in	ADP
ajfa-3802	179	10	this	this	DET
ajfa-3802	179	11	research	research	NOUN
ajfa-3802	179	12	,	,	PUNCT
ajfa-3802	179	13	such	such	ADJ
ajfa-3802	179	14	as	as	ADP
ajfa-3802	179	15	operation	operation	NOUN
ajfa-3802	179	16	cycle	cycle	NOUN
ajfa-3802	179	17	,	,	PUNCT
ajfa-3802	179	18	firm	firm	ADJ
ajfa-3802	179	19	size	size	NOUN
ajfa-3802	179	20	,	,	PUNCT
ajfa-3802	179	21	cash	cash	NOUN
ajfa-3802	179	22	flows	flow	NOUN
ajfa-3802	179	23	,	,	PUNCT
ajfa-3802	179	24	revenues	revenue	NOUN
ajfa-3802	179	25	,	,	PUNCT
ajfa-3802	179	26	earnings	earning	NOUN
ajfa-3802	179	27	and	and	CCONJ
ajfa-3802	179	28	number	number	NOUN
ajfa-3802	179	29	of	of	ADP
ajfa-3802	179	30	deficits	deficit	NOUN
ajfa-3802	179	31	as	as	ADP
ajfa-3802	179	32	variables	variable	NOUN
ajfa-3802	179	33	to	to	PART
ajfa-3802	179	34	examine	examine	VERB
ajfa-3802	179	35	the	the	DET
ajfa-3802	179	36	influence	influence	NOUN
ajfa-3802	179	37	of	of	ADP
ajfa-3802	179	38	firm	firm	ADJ
ajfa-3802	179	39	characteristics	characteristic	NOUN
ajfa-3802	179	40	and	and	CCONJ
ajfa-3802	179	41	investment	investment	NOUN
ajfa-3802	179	42	risks	risk	NOUN
ajfa-3802	179	43	.	.	PUNCT
ajfa-3802	180	1	the	the	DET
ajfa-3802	180	2	regression	regression	NOUN
ajfa-3802	180	3	model	model	NOUN
ajfa-3802	180	4	is	be	AUX
ajfa-3802	180	5	as	as	ADP
ajfa-3802	180	6	equation	equation	NOUN
ajfa-3802	180	7	(	(	PUNCT
ajfa-3802	180	8	3	3	NUM
ajfa-3802	180	9	)	)	PUNCT
ajfa-3802	180	10	below	below	ADV
ajfa-3802	180	11	:	:	PUNCT
ajfa-3802	180	12	caqi	caqi	PROPN
ajfa-3802	180	13	α	α	PROPN
ajfa-3802	180	14	f	f	X
ajfa-3802	180	15	(	(	PUNCT
ajfa-3802	180	16	ave.opcycle	ave.opcycle	X
ajfa-3802	180	17	i	i	PRON
ajfa-3802	180	18	,	,	PUNCT
ajfa-3802	180	19	ave.size	ave.size	VERB
ajfa-3802	180	20	i	i	PRON
ajfa-3802	180	21	,	,	PUNCT
ajfa-3802	180	22	std	std	PROPN
ajfa-3802	180	23	.	.	NOUN
ajfa-3802	180	24	sale	sale	NOUN
ajfa-3802	180	25	i	i	PRON
ajfa-3802	180	26	,	,	PUNCT
ajfa-3802	180	27	std.ocfi	std.ocfi	NOUN
ajfa-3802	180	28	,	,	PUNCT
ajfa-3802	180	29	std.earningsi	std.earningsi	PROPN
ajfa-3802	180	30	,	,	PUNCT
ajfa-3802	180	31	prop.ni	prop.ni	PROPN
ajfa-3802	180	32	i	i	PROPN
ajfa-3802	180	33	)	)	PUNCT
ajfa-3802	180	34	(	(	PUNCT
ajfa-3802	180	35	3	3	X
ajfa-3802	180	36	)	)	PUNCT
ajfa-3802	180	37	where	where	SCONJ
ajfa-3802	180	38	,	,	PUNCT
ajfa-3802	180	39	caqi	caqi	ADJ
ajfa-3802	180	40	:	:	PUNCT
ajfa-3802	180	41	investment	investment	NOUN
ajfa-3802	180	42	risks	risk	NOUN
ajfa-3802	180	43	of	of	ADP
ajfa-3802	180	44	i	i	PROPN
ajfa-3802	180	45	companies	company	NOUN
ajfa-3802	180	46	.	.	PUNCT
ajfa-3802	181	1	ave.opcyclei	ave.opcyclei	PUNCT
ajfa-3802	181	2	:	:	PUNCT
ajfa-3802	181	3	average	average	ADJ
ajfa-3802	181	4	operation	operation	NOUN
ajfa-3802	181	5	turnover	turnover	NOUN
ajfa-3802	181	6	days	day	NOUN
ajfa-3802	181	7	of	of	ADP
ajfa-3802	181	8	i	i	PROPN
ajfa-3802	181	9	companies	company	NOUN
ajfa-3802	181	10	.	.	PUNCT
ajfa-3802	182	1	ave	ave	PROPN
ajfa-3802	182	2	.	.	PROPN
ajfa-3802	182	3	size	size	PROPN
ajfa-3802	183	1	i	i	PRON
ajfa-3802	183	2	:	:	PUNCT
ajfa-3802	183	3	average	average	ADJ
ajfa-3802	183	4	firm	firm	ADJ
ajfa-3802	183	5	size	size	NOUN
ajfa-3802	183	6	of	of	ADP
ajfa-3802	183	7	i	i	PROPN
ajfa-3802	183	8	companies	company	NOUN
ajfa-3802	183	9	.	.	PUNCT
ajfa-3802	184	1	std.salei	std.salei	NOUN
ajfa-3802	184	2	:	:	PUNCT
ajfa-3802	184	3	standard	standard	ADJ
ajfa-3802	184	4	deviation	deviation	NOUN
ajfa-3802	184	5	of	of	ADP
ajfa-3802	184	6	operation	operation	NOUN
ajfa-3802	184	7	income	income	NOUN
ajfa-3802	184	8	of	of	ADP
ajfa-3802	184	9	i	i	PROPN
ajfa-3802	184	10	companies	company	NOUN
ajfa-3802	184	11	.	.	PUNCT
ajfa-3802	185	1	std.ocfi	std.ocfi	NOUN
ajfa-3802	185	2	:	:	PUNCT
ajfa-3802	185	3	standard	standard	ADJ
ajfa-3802	185	4	deviation	deviation	NOUN
ajfa-3802	185	5	of	of	ADP
ajfa-3802	185	6	cash	cash	NOUN
ajfa-3802	185	7	flows	flow	NOUN
ajfa-3802	185	8	of	of	ADP
ajfa-3802	185	9	i	i	PROPN
ajfa-3802	185	10	companies	company	NOUN
ajfa-3802	185	11	.	.	PUNCT
ajfa-3802	186	1	std.earningsi	std.earningsi	PROPN
ajfa-3802	186	2	:	:	PUNCT
ajfa-3802	186	3	standard	standard	ADJ
ajfa-3802	186	4	deviation	deviation	NOUN
ajfa-3802	186	5	of	of	ADP
ajfa-3802	186	6	earnings	earning	NOUN
ajfa-3802	186	7	of	of	ADP
ajfa-3802	186	8	i	i	PROPN
ajfa-3802	186	9	companies	company	NOUN
ajfa-3802	186	10	.	.	PUNCT
ajfa-3802	187	1	prop.ni	prop.ni	X
ajfa-3802	188	1	i	i	PRON
ajfa-3802	188	2	:	:	PUNCT
ajfa-3802	188	3	number	number	NOUN
ajfa-3802	188	4	of	of	ADP
ajfa-3802	188	5	deficits	deficit	NOUN
ajfa-3802	188	6	of	of	ADP
ajfa-3802	188	7	i	i	PROPN
ajfa-3802	188	8	companies	company	NOUN
ajfa-3802	188	9	.	.	PUNCT
ajfa-3802	189	1	after	after	ADP
ajfa-3802	189	2	that	that	PRON
ajfa-3802	189	3	,	,	PUNCT
ajfa-3802	189	4	this	this	DET
ajfa-3802	189	5	paper	paper	NOUN
ajfa-3802	189	6	reviews	review	VERB
ajfa-3802	189	7	the	the	DET
ajfa-3802	189	8	influence	influence	NOUN
ajfa-3802	189	9	of	of	ADP
ajfa-3802	189	10	accounting	accounting	NOUN
ajfa-3802	189	11	signals	signal	NOUN
ajfa-3802	189	12	on	on	ADP
ajfa-3802	189	13	investment	investment	NOUN
ajfa-3802	189	14	risks	risk	NOUN
ajfa-3802	189	15	by	by	ADP
ajfa-3802	189	16	dupont	dupont	NOUN
ajfa-3802	189	17	components	component	NOUN
ajfa-3802	189	18	concept	concept	NOUN
ajfa-3802	189	19	proposed	propose	VERB
ajfa-3802	189	20	by	by	ADP
ajfa-3802	189	21	soliman	soliman	NOUN
ajfa-3802	189	22	(	(	PUNCT
ajfa-3802	189	23	2008	2008	NUM
ajfa-3802	189	24	)	)	PUNCT
ajfa-3802	189	25	.	.	PUNCT
ajfa-3802	190	1	different	different	ADJ
ajfa-3802	190	2	from	from	ADP
ajfa-3802	190	3	the	the	DET
ajfa-3802	190	4	research	research	NOUN
ajfa-3802	190	5	model	model	NOUN
ajfa-3802	190	6	suggested	suggest	VERB
ajfa-3802	190	7	by	by	ADP
ajfa-3802	190	8	soliman	soliman	NOUN
ajfa-3802	190	9	(	(	PUNCT
ajfa-3802	190	10	2008	2008	NUM
ajfa-3802	190	11	)	)	PUNCT
ajfa-3802	190	12	,	,	PUNCT
ajfa-3802	190	13	this	this	DET
ajfa-3802	190	14	paper	paper	NOUN
ajfa-3802	190	15	first	first	ADV
ajfa-3802	190	16	differentiates	differentiate	VERB
ajfa-3802	190	17	organization	organization	NOUN
ajfa-3802	190	18	strategy	strategy	NOUN
ajfa-3802	190	19	level	level	NOUN
ajfa-3802	190	20	by	by	ADP
ajfa-3802	190	21	profit	profit	NOUN
ajfa-3802	190	22	ratio	ratio	NOUN
ajfa-3802	190	23	and	and	CCONJ
ajfa-3802	190	24	asset	asset	NOUN
ajfa-3802	190	25	turnover	turnover	NOUN
ajfa-3802	190	26	ratio	ratio	NOUN
ajfa-3802	190	27	in	in	ADP
ajfa-3802	190	28	the	the	DET
ajfa-3802	190	29	dupont	dupont	NOUN
ajfa-3802	190	30	components	component	NOUN
ajfa-3802	190	31	and	and	CCONJ
ajfa-3802	190	32	probes	probe	NOUN
ajfa-3802	190	33	the	the	DET
ajfa-3802	190	34	role	role	NOUN
ajfa-3802	190	35	that	that	PRON
ajfa-3802	190	36	management	management	NOUN
ajfa-3802	190	37	plays	play	VERB
ajfa-3802	190	38	in	in	ADP
ajfa-3802	190	39	strategy	strategy	NOUN
ajfa-3802	190	40	level	level	NOUN
ajfa-3802	190	41	.	.	PUNCT
ajfa-3802	191	1	palepu	palepu	NOUN
ajfa-3802	191	2	et	et	NOUN
ajfa-3802	191	3	al	al	PROPN
ajfa-3802	191	4	.	.	PROPN
ajfa-3802	192	1	(	(	PUNCT
ajfa-3802	192	2	2007	2007	NUM
ajfa-3802	192	3	)	)	PUNCT
ajfa-3802	192	4	suggested	suggest	VERB
ajfa-3802	192	5	that	that	SCONJ
ajfa-3802	192	6	there	there	PRON
ajfa-3802	192	7	were	be	VERB
ajfa-3802	192	8	two	two	NUM
ajfa-3802	192	9	types	type	NOUN
ajfa-3802	192	10	of	of	ADP
ajfa-3802	192	11	internal	internal	ADJ
ajfa-3802	192	12	management	management	NOUN
ajfa-3802	192	13	essentials	essential	NOUN
ajfa-3802	192	14	,	,	PUNCT
ajfa-3802	192	15	one	one	NUM
ajfa-3802	192	16	is	be	AUX
ajfa-3802	192	17	operations	operation	NOUN
ajfa-3802	192	18	management	management	NOUN
ajfa-3802	192	19	,	,	PUNCT
ajfa-3802	192	20	another	another	PRON
ajfa-3802	192	21	is	be	AUX
ajfa-3802	192	22	investment	investment	NOUN
ajfa-3802	192	23	management	management	NOUN
ajfa-3802	192	24	.	.	PUNCT
ajfa-3802	193	1	operations	operation	NOUN
ajfa-3802	193	2	management	management	NOUN
ajfa-3802	193	3	focuses	focus	VERB
ajfa-3802	193	4	on	on	ADP
ajfa-3802	193	5	the	the	DET
ajfa-3802	193	6	short	short	ADJ
ajfa-3802	193	7	-	-	PUNCT
ajfa-3802	193	8	term	term	NOUN
ajfa-3802	193	9	performance	performance	NOUN
ajfa-3802	193	10	within	within	ADP
ajfa-3802	193	11	the	the	DET
ajfa-3802	193	12	organization	organization	NOUN
ajfa-3802	193	13	whereas	whereas	SCONJ
ajfa-3802	193	14	investment	investment	NOUN
ajfa-3802	193	15	management	management	NOUN
ajfa-3802	193	16	focuses	focus	VERB
ajfa-3802	193	17	on	on	ADP
ajfa-3802	193	18	the	the	DET
ajfa-3802	193	19	assets	asset	NOUN
ajfa-3802	193	20	management	management	NOUN
ajfa-3802	193	21	in	in	ADP
ajfa-3802	193	22	long	long	ADJ
ajfa-3802	193	23	term	term	NOUN
ajfa-3802	193	24	.	.	PUNCT
ajfa-3802	194	1	the	the	DET
ajfa-3802	194	2	investment	investment	NOUN
ajfa-3802	194	3	risks	risk	VERB
ajfa-3802	194	4	index	index	NOUN
ajfa-3802	194	5	in	in	ADP
ajfa-3802	194	6	this	this	DET
ajfa-3802	194	7	paper	paper	NOUN
ajfa-3802	194	8	employs	employ	VERB
ajfa-3802	194	9	the	the	DET
ajfa-3802	194	10	accrual	accrual	ADJ
ajfa-3802	194	11	quality	quality	NOUN
ajfa-3802	194	12	model	model	NOUN
ajfa-3802	194	13	proposed	propose	VERB
ajfa-3802	194	14	by	by	ADP
ajfa-3802	194	15	francis	francis	PROPN
ajfa-3802	194	16	et	et	PROPN
ajfa-3802	194	17	al	al	PROPN
ajfa-3802	194	18	.	.	PROPN
ajfa-3802	195	1	(	(	PUNCT
ajfa-3802	195	2	2005	2005	NUM
ajfa-3802	195	3	)	)	PUNCT
ajfa-3802	195	4	with	with	ADP
ajfa-3802	195	5	the	the	DET
ajfa-3802	195	6	assistance	assistance	NOUN
ajfa-3802	195	7	of	of	ADP
ajfa-3802	195	8	the	the	DET
ajfa-3802	195	9	firm	firm	ADJ
ajfa-3802	195	10	-	-	PUNCT
ajfa-3802	195	11	specific	specific	ADJ
ajfa-3802	195	12	regression	regression	NOUN
ajfa-3802	195	13	estimate	estimate	NOUN
ajfa-3802	195	14	of	of	ADP
ajfa-3802	195	15	the	the	DET
ajfa-3802	195	16	accrual	accrual	ADJ
ajfa-3802	195	17	quality	quality	NOUN
ajfa-3802	195	18	in	in	ADP
ajfa-3802	195	19	a	a	DET
ajfa-3802	195	20	lengthy	lengthy	ADJ
ajfa-3802	195	21	time	time	NOUN
ajfa-3802	195	22	-	-	PUNCT
ajfa-3802	195	23	series	series	NOUN
ajfa-3802	195	24	and	and	CCONJ
ajfa-3802	195	25	the	the	DET
ajfa-3802	195	26	capability	capability	NOUN
ajfa-3802	195	27	index	index	NOUN
ajfa-3802	195	28	of	of	ADP
ajfa-3802	195	29	accrual	accrual	ADJ
ajfa-3802	195	30	quality	quality	NOUN
ajfa-3802	195	31	.	.	PUNCT
ajfa-3802	196	1	we	we	PRON
ajfa-3802	196	2	obtain	obtain	VERB
ajfa-3802	196	3	model	model	NOUN
ajfa-3802	196	4	(	(	PUNCT
ajfa-3802	196	5	4	4	NUM
ajfa-3802	196	6	)	)	PUNCT
ajfa-3802	196	7	to	to	PART
ajfa-3802	196	8	review	review	VERB
ajfa-3802	196	9	the	the	DET
ajfa-3802	196	10	probing	probe	VERB
ajfa-3802	196	11	questions	question	NOUN
ajfa-3802	196	12	in	in	ADP
ajfa-3802	196	13	this	this	DET
ajfa-3802	196	14	paper	paper	NOUN
ajfa-3802	196	15	:	:	PUNCT
ajfa-3802	196	16	caqi	caqi	PROPN
ajfa-3802	196	17	α	α	PROPN
ajfa-3802	196	18	f	f	X
ajfa-3802	196	19	(	(	PUNCT
ajfa-3802	196	20	ave.fati	ave.fati	X
ajfa-3802	196	21	,	,	PUNCT
ajfa-3802	196	22	ave.pcei	ave.pcei	X
ajfa-3802	196	23	,	,	PUNCT
ajfa-3802	196	24	ave.fat_sici	ave.fat_sici	INTJ
ajfa-3802	196	25	,	,	PUNCT
ajfa-3802	196	26	ave.pcce_sici	ave.pcce_sici	NOUN
ajfa-3802	196	27	,	,	PUNCT
ajfa-3802	196	28	controli；firm	controli；firm	PROPN
ajfa-3802	196	29	strategyi	strategyi	NOUN
ajfa-3802	196	30	)	)	PUNCT
ajfa-3802	196	31	(	(	PUNCT
ajfa-3802	196	32	4	4	X
ajfa-3802	196	33	)	)	PUNCT
ajfa-3802	196	34	asian	asian	ADJ
ajfa-3802	196	35	journal	journal	NOUN
ajfa-3802	196	36	of	of	ADP
ajfa-3802	196	37	finance	finance	PROPN
ajfa-3802	196	38	&	&	CCONJ
ajfa-3802	196	39	accounting	accounting	PROPN
ajfa-3802	196	40	issn	issn	PROPN
ajfa-3802	196	41	1946	1946	NUM
ajfa-3802	196	42	-	-	PUNCT
ajfa-3802	196	43	052x	052x	NOUN
ajfa-3802	196	44	2013	2013	NUM
ajfa-3802	196	45	,	,	PUNCT
ajfa-3802	196	46	vol	vol	NOUN
ajfa-3802	196	47	.	.	PROPN
ajfa-3802	196	48	5	5	NUM
ajfa-3802	196	49	,	,	PUNCT
ajfa-3802	196	50	no	no	INTJ
ajfa-3802	196	51	.	.	NOUN
ajfa-3802	196	52	1	1	NUM
ajfa-3802	196	53	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	196	54	429	429	NUM
ajfa-3802	196	55	where	where	SCONJ
ajfa-3802	196	56	,	,	PUNCT
ajfa-3802	196	57	caqi	caqi	ADJ
ajfa-3802	196	58	:	:	PUNCT
ajfa-3802	196	59	investment	investment	NOUN
ajfa-3802	196	60	risks	risk	NOUN
ajfa-3802	196	61	of	of	ADP
ajfa-3802	196	62	i	i	PROPN
ajfa-3802	196	63	companies	company	NOUN
ajfa-3802	196	64	.	.	PUNCT
ajfa-3802	197	1	ave.fati	ave.fati	NOUN
ajfa-3802	197	2	:	:	PUNCT
ajfa-3802	198	1	fixed	fix	VERB
ajfa-3802	198	2	assets	asset	NOUN
ajfa-3802	198	3	turnover	turnover	NOUN
ajfa-3802	198	4	ratio	ratio	NOUN
ajfa-3802	198	5	of	of	ADP
ajfa-3802	198	6	i	i	PROPN
ajfa-3802	198	7	companies	company	NOUN
ajfa-3802	198	8	.	.	PUNCT
ajfa-3802	199	1	ave.pcei	ave.pcei	NOUN
ajfa-3802	199	2	:	:	PUNCT
ajfa-3802	199	3	capital	capital	NOUN
ajfa-3802	199	4	expenditure	expenditure	NOUN
ajfa-3802	199	5	ratio	ratio	NOUN
ajfa-3802	199	6	per	per	ADP
ajfa-3802	199	7	person	person	NOUN
ajfa-3802	199	8	of	of	ADP
ajfa-3802	199	9	i	i	PROPN
ajfa-3802	199	10	companies	company	NOUN
ajfa-3802	199	11	.	.	PUNCT
ajfa-3802	200	1	ave.fat_sici	ave.fat_sici	ADJ
ajfa-3802	200	2	:	:	PUNCT
ajfa-3802	200	3	difference	difference	NOUN
ajfa-3802	200	4	between	between	ADP
ajfa-3802	200	5	fixed	fix	VERB
ajfa-3802	200	6	assets	asset	NOUN
ajfa-3802	200	7	turnover	turnover	NOUN
ajfa-3802	200	8	ratio	ratio	NOUN
ajfa-3802	200	9	and	and	CCONJ
ajfa-3802	200	10	industry	industry	NOUN
ajfa-3802	200	11	average	average	ADJ
ajfa-3802	200	12	number	number	NOUN
ajfa-3802	200	13	of	of	ADP
ajfa-3802	200	14	i	i	PROPN
ajfa-3802	200	15	companies	company	NOUN
ajfa-3802	200	16	.	.	PUNCT
ajfa-3802	201	1	ave.pcce_sici	ave.pcce_sici	PUNCT
ajfa-3802	201	2	:	:	PUNCT
ajfa-3802	201	3	difference	difference	NOUN
ajfa-3802	201	4	between	between	ADP
ajfa-3802	201	5	capital	capital	NOUN
ajfa-3802	201	6	expenditure	expenditure	NOUN
ajfa-3802	201	7	ratio	ratio	NOUN
ajfa-3802	201	8	per	per	ADP
ajfa-3802	201	9	person	person	NOUN
ajfa-3802	201	10	and	and	CCONJ
ajfa-3802	201	11	industry	industry	NOUN
ajfa-3802	201	12	average	average	ADJ
ajfa-3802	201	13	number	number	NOUN
ajfa-3802	201	14	of	of	ADP
ajfa-3802	201	15	i	i	PROPN
ajfa-3802	201	16	companies	company	NOUN
ajfa-3802	201	17	.	.	PUNCT
ajfa-3802	202	1	controli	controli	NOUN
ajfa-3802	202	2	:	:	PUNCT
ajfa-3802	202	3	control	control	VERB
ajfa-3802	202	4	variable	variable	NOUN
ajfa-3802	202	5	of	of	ADP
ajfa-3802	202	6	i	i	PROPN
ajfa-3802	202	7	companies	company	NOUN
ajfa-3802	202	8	.	.	PUNCT
ajfa-3802	203	1	firm	firm	ADJ
ajfa-3802	203	2	strategyi	strategyi	NOUN
ajfa-3802	203	3	:	:	PUNCT
ajfa-3802	203	4	firm	firm	ADJ
ajfa-3802	203	5	strategy	strategy	NOUN
ajfa-3802	203	6	of	of	ADP
ajfa-3802	203	7	i	i	PROPN
ajfa-3802	203	8	companies	company	NOUN
ajfa-3802	203	9	.	.	PUNCT
ajfa-3802	204	1	investment	investment	NOUN
ajfa-3802	204	2	risks	risk	NOUN
ajfa-3802	204	3	under	under	ADP
ajfa-3802	204	4	capability	capability	NOUN
ajfa-3802	204	5	index	index	NOUN
ajfa-3802	204	6	of	of	ADP
ajfa-3802	204	7	accrual	accrual	ADJ
ajfa-3802	204	8	quality	quality	NOUN
ajfa-3802	204	9	business	business	NOUN
ajfa-3802	204	10	value	value	NOUN
ajfa-3802	204	11	is	be	AUX
ajfa-3802	204	12	the	the	DET
ajfa-3802	204	13	discount	discount	NOUN
ajfa-3802	204	14	free	free	ADJ
ajfa-3802	204	15	cash	cash	NOUN
ajfa-3802	204	16	flow	flow	NOUN
ajfa-3802	204	17	of	of	ADP
ajfa-3802	204	18	a	a	DET
ajfa-3802	204	19	firm	firm	NOUN
ajfa-3802	204	20	in	in	ADP
ajfa-3802	204	21	the	the	DET
ajfa-3802	204	22	future	future	NOUN
ajfa-3802	204	23	.	.	PUNCT
ajfa-3802	205	1	hence	hence	ADV
ajfa-3802	205	2	,	,	PUNCT
ajfa-3802	205	3	investors	investor	NOUN
ajfa-3802	205	4	tend	tend	VERB
ajfa-3802	205	5	to	to	PART
ajfa-3802	205	6	estimate	estimate	VERB
ajfa-3802	205	7	a	a	DET
ajfa-3802	205	8	firm	firm	NOUN
ajfa-3802	205	9	’s	’s	PART
ajfa-3802	205	10	future	future	ADJ
ajfa-3802	205	11	cash	cash	NOUN
ajfa-3802	205	12	flows	flow	NOUN
ajfa-3802	205	13	from	from	ADP
ajfa-3802	205	14	the	the	DET
ajfa-3802	205	15	disclosed	disclose	VERB
ajfa-3802	205	16	financial	financial	ADJ
ajfa-3802	205	17	information	information	NOUN
ajfa-3802	205	18	.	.	PUNCT
ajfa-3802	206	1	nonetheless	nonetheless	ADV
ajfa-3802	206	2	,	,	PUNCT
ajfa-3802	206	3	financial	financial	ADJ
ajfa-3802	206	4	information	information	NOUN
ajfa-3802	206	5	includes	include	VERB
ajfa-3802	206	6	earnings	earning	NOUN
ajfa-3802	206	7	information	information	NOUN
ajfa-3802	206	8	from	from	ADP
ajfa-3802	206	9	two	two	NUM
ajfa-3802	206	10	different	different	ADJ
ajfa-3802	206	11	accounting	accounting	NOUN
ajfa-3802	206	12	bases	basis	NOUN
ajfa-3802	206	13	–	–	PUNCT
ajfa-3802	206	14	net	net	ADJ
ajfa-3802	206	15	profit	profit	NOUN
ajfa-3802	206	16	after	after	ADP
ajfa-3802	206	17	tax	tax	NOUN
ajfa-3802	206	18	on	on	ADP
ajfa-3802	206	19	accrual	accrual	ADJ
ajfa-3802	206	20	basis	basis	NOUN
ajfa-3802	206	21	and	and	CCONJ
ajfa-3802	206	22	operating	operating	NOUN
ajfa-3802	206	23	activities	activity	NOUN
ajfa-3802	206	24	cash	cash	NOUN
ajfa-3802	206	25	flows	flow	NOUN
ajfa-3802	206	26	on	on	ADP
ajfa-3802	206	27	cash	cash	NOUN
ajfa-3802	206	28	basis	basis	NOUN
ajfa-3802	206	29	.	.	PUNCT
ajfa-3802	207	1	if	if	SCONJ
ajfa-3802	207	2	the	the	DET
ajfa-3802	207	3	difference	difference	NOUN
ajfa-3802	207	4	between	between	ADP
ajfa-3802	207	5	these	these	DET
ajfa-3802	207	6	two	two	NUM
ajfa-3802	207	7	is	be	AUX
ajfa-3802	207	8	great	great	ADJ
ajfa-3802	207	9	it	it	PRON
ajfa-3802	207	10	implies	imply	VERB
ajfa-3802	207	11	net	net	ADJ
ajfa-3802	207	12	profit	profit	NOUN
ajfa-3802	207	13	per	per	ADP
ajfa-3802	207	14	book	book	NOUN
ajfa-3802	207	15	is	be	AUX
ajfa-3802	207	16	unable	unable	ADJ
ajfa-3802	207	17	to	to	PART
ajfa-3802	207	18	receive	receive	VERB
ajfa-3802	207	19	cash	cash	NOUN
ajfa-3802	207	20	.	.	PUNCT
ajfa-3802	208	1	accruals	accrual	NOUN
ajfa-3802	208	2	(	(	PUNCT
ajfa-3802	208	3	e.g.	e.g.	ADV
ajfa-3802	208	4	estimation	estimation	NOUN
ajfa-3802	208	5	and	and	CCONJ
ajfa-3802	208	6	assumption	assumption	NOUN
ajfa-3802	208	7	)	)	PUNCT
ajfa-3802	208	8	are	be	AUX
ajfa-3802	208	9	the	the	DET
ajfa-3802	208	10	major	major	ADJ
ajfa-3802	208	11	reason	reason	NOUN
ajfa-3802	208	12	for	for	ADP
ajfa-3802	208	13	the	the	DET
ajfa-3802	208	14	different	different	ADJ
ajfa-3802	208	15	.	.	PUNCT
ajfa-3802	209	1	therefore	therefore	ADV
ajfa-3802	209	2	,	,	PUNCT
ajfa-3802	209	3	accrual	accrual	ADJ
ajfa-3802	209	4	quality	quality	NOUN
ajfa-3802	209	5	should	should	AUX
ajfa-3802	209	6	also	also	ADV
ajfa-3802	209	7	be	be	AUX
ajfa-3802	209	8	considered	consider	VERB
ajfa-3802	209	9	for	for	ADP
ajfa-3802	209	10	investment	investment	NOUN
ajfa-3802	209	11	valuation	valuation	NOUN
ajfa-3802	209	12	.	.	PUNCT
ajfa-3802	210	1	so	so	ADV
ajfa-3802	210	2	this	this	DET
ajfa-3802	210	3	paper	paper	NOUN
ajfa-3802	210	4	employs	employ	VERB
ajfa-3802	210	5	residuals	residual	NOUN
ajfa-3802	210	6	to	to	PART
ajfa-3802	210	7	measure	measure	VERB
ajfa-3802	210	8	the	the	DET
ajfa-3802	210	9	method	method	NOUN
ajfa-3802	210	10	by	by	ADP
ajfa-3802	210	11	accrual	accrual	ADJ
ajfa-3802	210	12	quality	quality	NOUN
ajfa-3802	210	13	measurement	measurement	NOUN
ajfa-3802	210	14	method	method	NOUN
ajfa-3802	210	15	proposed	propose	VERB
ajfa-3802	210	16	by	by	ADP
ajfa-3802	210	17	francis	francis	PROPN
ajfa-3802	210	18	et	et	PROPN
ajfa-3802	210	19	al	al	PROPN
ajfa-3802	210	20	.	.	PROPN
ajfa-3802	211	1	(	(	PUNCT
ajfa-3802	211	2	2005	2005	NUM
ajfa-3802	211	3	)	)	PUNCT
ajfa-3802	211	4	,	,	PUNCT
ajfa-3802	211	5	as	as	SCONJ
ajfa-3802	211	6	shown	show	VERB
ajfa-3802	211	7	in	in	ADP
ajfa-3802	211	8	equation	equation	NOUN
ajfa-3802	211	9	(	(	PUNCT
ajfa-3802	211	10	5	5	NUM
ajfa-3802	211	11	):	):	PUNCT
ajfa-3802	211	12	t	t	PROPN
ajfa-3802	211	13	,	,	PUNCT
ajfa-3802	211	14	it	it	PRON
ajfa-3802	211	15	,	,	PUNCT
ajfa-3802	211	16	i5t	i5t	NOUN
ajfa-3802	211	17	,	,	PUNCT
ajfa-3802	211	18	i41t	i41t	NUM
ajfa-3802	211	19	,	,	PUNCT
ajfa-3802	211	20	i3t	i3t	NOUN
ajfa-3802	211	21	,	,	PUNCT
ajfa-3802	211	22	i21t	i21t	NOUN
ajfa-3802	211	23	,	,	PUNCT
ajfa-3802	211	24	i10t	i10t	PROPN
ajfa-3802	211	25	,	,	PUNCT
ajfa-3802	211	26	i	i	PRON
ajfa-3802	211	27	ppevrecfocfocfotca	ppevrecfocfocfotca	VERB
ajfa-3802	211	28			VERB
ajfa-3802	211	29			NOUN
ajfa-3802	211	30	(	(	PUNCT
ajfa-3802	211	31	5	5	NUM
ajfa-3802	211	32	)	)	PUNCT
ajfa-3802	211	33	�	�	PROPN
ajfa-3802	211	34	where	where	SCONJ
ajfa-3802	211	35	,	,	PUNCT
ajfa-3802	211	36	t	t	PROPN
ajfa-3802	211	37	,	,	PUNCT
ajfa-3802	211	38	it	it	PRON
ajfa-3802	211	39	,	,	PUNCT
ajfa-3802	211	40	it	it	PRON
ajfa-3802	211	41	,	,	PUNCT
ajfa-3802	211	42	it	it	PRON
ajfa-3802	211	43	,	,	PUNCT
ajfa-3802	211	44	it	it	PRON
ajfa-3802	211	45	,	,	PUNCT
ajfa-3802	211	46	i	i	PRON
ajfa-3802	211	47	stdebtcashclcatca	stdebtcashclcatca	VERB
ajfa-3802	211	48			X
ajfa-3802	211	49	(	(	PUNCT
ajfa-3802	211	50	total	total	ADJ
ajfa-3802	211	51	current	current	ADJ
ajfa-3802	211	52	accruals	accrual	NOUN
ajfa-3802	211	53	of	of	ADP
ajfa-3802	211	54	i	i	PROPN
ajfa-3802	211	55	companies	company	NOUN
ajfa-3802	211	56	)	)	PUNCT
ajfa-3802	211	57	;	;	PUNCT
ajfa-3802	211	58	t	t	PROPN
ajfa-3802	211	59	,	,	PUNCT
ajfa-3802	211	60	ica	ica	DET
ajfa-3802	211	61	changes	change	NOUN
ajfa-3802	211	62	in	in	ADP
ajfa-3802	211	63	current	current	ADJ
ajfa-3802	211	64	assets	asset	NOUN
ajfa-3802	211	65	of	of	ADP
ajfa-3802	211	66	i	i	PRON
ajfa-3802	211	67	companies	company	NOUN
ajfa-3802	211	68	(	(	PUNCT
ajfa-3802	211	69	compustat	compustat	NOUN
ajfa-3802	211	70	#	#	SYM
ajfa-3802	211	71	4	4	NUM
ajfa-3802	211	72	)	)	PUNCT
ajfa-3802	211	73	;	;	PUNCT
ajfa-3802	211	74	t	t	X
ajfa-3802	211	75	,	,	PUNCT
ajfa-3802	211	76	icl	icl	VERB
ajfa-3802	211	77	changes	change	NOUN
ajfa-3802	211	78	in	in	ADP
ajfa-3802	211	79	current	current	ADJ
ajfa-3802	211	80	liabilities	liability	NOUN
ajfa-3802	211	81	of	of	ADP
ajfa-3802	211	82	i	i	PRON
ajfa-3802	211	83	companies	company	NOUN
ajfa-3802	211	84	(	(	PUNCT
ajfa-3802	211	85	compustat	compustat	NOUN
ajfa-3802	211	86	#	#	SYM
ajfa-3802	211	87	5	5	NUM
ajfa-3802	211	88	)	)	PUNCT
ajfa-3802	211	89	;	;	PUNCT
ajfa-3802	211	90	t	t	PROPN
ajfa-3802	211	91	,	,	PUNCT
ajfa-3802	211	92	icash	icash	NOUN
ajfa-3802	211	93	changes	change	NOUN
ajfa-3802	211	94	in	in	ADP
ajfa-3802	211	95	cash	cash	NOUN
ajfa-3802	211	96	of	of	ADP
ajfa-3802	211	97	i	i	PRON
ajfa-3802	211	98	companies	company	NOUN
ajfa-3802	211	99	(	(	PUNCT
ajfa-3802	211	100	compustat	compustat	NOUN
ajfa-3802	211	101	#	#	SYM
ajfa-3802	211	102	1	1	NUM
ajfa-3802	211	103	)	)	PUNCT
ajfa-3802	211	104	;	;	PUNCT
ajfa-3802	211	105	t	t	PROPN
ajfa-3802	211	106	,	,	PUNCT
ajfa-3802	211	107	istdebt	istdebt	ADJ
ajfa-3802	211	108	changes	change	NOUN
ajfa-3802	211	109	in	in	ADP
ajfa-3802	211	110	current	current	ADJ
ajfa-3802	211	111	liabilities	liability	NOUN
ajfa-3802	211	112	due	due	ADJ
ajfa-3802	211	113	within	within	ADP
ajfa-3802	211	114	one	one	NUM
ajfa-3802	211	115	year	year	NOUN
ajfa-3802	211	116	of	of	ADP
ajfa-3802	211	117	i	i	PRON
ajfa-3802	211	118	companies	company	NOUN
ajfa-3802	211	119	(	(	PUNCT
ajfa-3802	211	120	compustat	compustat	NOUN
ajfa-3802	211	121	#	#	SYM
ajfa-3802	211	122	34	34	NUM
ajfa-3802	211	123	)	)	PUNCT
ajfa-3802	211	124	;	;	PUNCT
ajfa-3802	211	125	1t	1t	NUM
ajfa-3802	211	126	,	,	PUNCT
ajfa-3802	211	127	icfo	icfo	VERB
ajfa-3802	211	128			NOUN
ajfa-3802	211	129	operating	operate	VERB
ajfa-3802	211	130	cash	cash	NOUN
ajfa-3802	211	131	flows	flow	NOUN
ajfa-3802	211	132	of	of	ADP
ajfa-3802	211	133	i	i	PRON
ajfa-3802	211	134	companies	company	NOUN
ajfa-3802	211	135	in	in	ADP
ajfa-3802	211	136	t-1	t-1	PROPN
ajfa-3802	211	137	period	period	NOUN
ajfa-3802	211	138	;	;	PUNCT
ajfa-3802	211	139	t	t	X
ajfa-3802	211	140	,	,	PUNCT
ajfa-3802	211	141	icfo	icfo	VERB
ajfa-3802	211	142	operating	operate	VERB
ajfa-3802	211	143	cash	cash	NOUN
ajfa-3802	211	144	flow	flow	NOUN
ajfa-3802	211	145	of	of	ADP
ajfa-3802	211	146	i	i	PRON
ajfa-3802	211	147	companies	company	NOUN
ajfa-3802	211	148	in	in	ADP
ajfa-3802	211	149	t	t	PROPN
ajfa-3802	211	150	period	period	NOUN
ajfa-3802	211	151	(	(	PUNCT
ajfa-3802	211	152	compustat	compustat	NOUN
ajfa-3802	211	153	#	#	SYM
ajfa-3802	211	154	308	308	NUM
ajfa-3802	211	155	)	)	PUNCT
ajfa-3802	211	156	;	;	PUNCT
ajfa-3802	211	157	1t	1t	NUM
ajfa-3802	211	158	,	,	PUNCT
ajfa-3802	211	159	icfo	icfo	VERB
ajfa-3802	211	160			ADV
ajfa-3802	211	161	operating	operate	VERB
ajfa-3802	211	162	cash	cash	NOUN
ajfa-3802	211	163	flow	flow	NOUN
ajfa-3802	211	164	of	of	ADP
ajfa-3802	211	165	i	i	PRON
ajfa-3802	211	166	companies	company	NOUN
ajfa-3802	211	167	in	in	ADP
ajfa-3802	211	168	t+1	t+1	NUM
ajfa-3802	211	169	period	period	NOUN
ajfa-3802	211	170	;	;	PUNCT
ajfa-3802	211	171	t	t	PROPN
ajfa-3802	211	172	,	,	PUNCT
ajfa-3802	211	173	ivre	ivre	VERB
ajfa-3802	211	174	changes	change	NOUN
ajfa-3802	211	175	in	in	ADP
ajfa-3802	211	176	income	income	NOUN
ajfa-3802	211	177	of	of	ADP
ajfa-3802	211	178	i	i	PRON
ajfa-3802	211	179	companies	company	NOUN
ajfa-3802	211	180	in	in	ADP
ajfa-3802	211	181	t	t	PROPN
ajfa-3802	211	182	period	period	NOUN
ajfa-3802	211	183	(	(	PUNCT
ajfa-3802	211	184	compustat	compustat	NOUN
ajfa-3802	211	185	#	#	SYM
ajfa-3802	211	186	12	12	NUM
ajfa-3802	211	187	)	)	PUNCT
ajfa-3802	211	188	;	;	PUNCT
ajfa-3802	212	1	t	t	PROPN
ajfa-3802	212	2	,	,	PUNCT
ajfa-3802	212	3	ippe	ippe	NOUN
ajfa-3802	212	4	assets	asset	NOUN
ajfa-3802	212	5	,	,	PUNCT
ajfa-3802	212	6	plants	plant	NOUN
ajfa-3802	212	7	and	and	CCONJ
ajfa-3802	212	8	equipment	equipment	NOUN
ajfa-3802	212	9	of	of	ADP
ajfa-3802	212	10	i	i	PROPN
ajfa-3802	212	11	asian	asian	PROPN
ajfa-3802	212	12	journal	journal	PROPN
ajfa-3802	212	13	of	of	ADP
ajfa-3802	212	14	finance	finance	PROPN
ajfa-3802	212	15	&	&	CCONJ
ajfa-3802	212	16	accounting	accounting	PROPN
ajfa-3802	212	17	issn	issn	PROPN
ajfa-3802	212	18	1946	1946	NUM
ajfa-3802	212	19	-	-	PUNCT
ajfa-3802	212	20	052x	052x	NOUN
ajfa-3802	212	21	2013	2013	NUM
ajfa-3802	212	22	,	,	PUNCT
ajfa-3802	212	23	vol	vol	NOUN
ajfa-3802	212	24	.	.	PROPN
ajfa-3802	212	25	5	5	NUM
ajfa-3802	212	26	,	,	PUNCT
ajfa-3802	212	27	no	no	INTJ
ajfa-3802	212	28	.	.	NOUN
ajfa-3802	212	29	1	1	NUM
ajfa-3802	212	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	212	31	430	430	NUM
ajfa-3802	212	32	companies	company	NOUN
ajfa-3802	212	33	in	in	ADP
ajfa-3802	212	34	t	t	PROPN
ajfa-3802	212	35	period	period	NOUN
ajfa-3802	212	36	respectively	respectively	ADV
ajfa-3802	212	37	(	(	PUNCT
ajfa-3802	212	38	compustat	compustat	NOUN
ajfa-3802	212	39	#	#	SYM
ajfa-3802	212	40	7	7	NUM
ajfa-3802	212	41	)	)	PUNCT
ajfa-3802	212	42	;	;	PUNCT
ajfa-3802	212	43	t	t	X
ajfa-3802	212	44	,	,	PUNCT
ajfa-3802	212	45	i	i	PROPN
ajfa-3802	212	46	residuals	residual	NOUN
ajfa-3802	212	47	of	of	ADP
ajfa-3802	212	48	i	i	PRON
ajfa-3802	212	49	companies	company	NOUN
ajfa-3802	212	50	in	in	ADP
ajfa-3802	212	51	t	t	PROPN
ajfa-3802	212	52	period	period	NOUN
ajfa-3802	212	53	2	2	NUM
ajfa-3802	212	54	.	.	PUNCT
ajfa-3802	213	1	dechow	dechow	ADJ
ajfa-3802	213	2	and	and	CCONJ
ajfa-3802	213	3	dichev	dichev	PROPN
ajfa-3802	213	4	(	(	PUNCT
ajfa-3802	213	5	2002	2002	NUM
ajfa-3802	213	6	)	)	PUNCT
ajfa-3802	213	7	used	use	VERB
ajfa-3802	213	8	standard	standard	ADJ
ajfa-3802	213	9	deviation	deviation	NOUN
ajfa-3802	213	10	of	of	ADP
ajfa-3802	213	11	the	the	DET
ajfa-3802	213	12	residuals	residual	NOUN
ajfa-3802	213	13	as	as	ADP
ajfa-3802	213	14	a	a	DET
ajfa-3802	213	15	firm	firm	ADJ
ajfa-3802	213	16	-	-	PUNCT
ajfa-3802	213	17	specific	specific	ADJ
ajfa-3802	213	18	measure	measure	NOUN
ajfa-3802	213	19	of	of	ADP
ajfa-3802	213	20	accrual	accrual	ADJ
ajfa-3802	213	21	quality	quality	NOUN
ajfa-3802	213	22	,	,	PUNCT
ajfa-3802	213	23	where	where	SCONJ
ajfa-3802	213	24	a	a	DET
ajfa-3802	213	25	higher	high	ADJ
ajfa-3802	213	26	standard	standard	ADJ
ajfa-3802	213	27	deviation	deviation	NOUN
ajfa-3802	213	28	signified	signify	VERB
ajfa-3802	213	29	lower	low	ADJ
ajfa-3802	213	30	quality	quality	NOUN
ajfa-3802	213	31	.	.	PUNCT
ajfa-3802	214	1	chang	chang	PROPN
ajfa-3802	214	2	et	et	PROPN
ajfa-3802	214	3	al	al	PROPN
ajfa-3802	214	4	.	.	PROPN
ajfa-3802	214	5	(	(	PUNCT
ajfa-3802	214	6	2012	2012	NUM
ajfa-3802	214	7	)	)	PUNCT
ajfa-3802	214	8	employed	employ	VERB
ajfa-3802	214	9	the	the	DET
ajfa-3802	214	10	investors	investor	NOUN
ajfa-3802	214	11	loss	loss	NOUN
ajfa-3802	214	12	function	function	NOUN
ajfa-3802	214	13	concept	concept	NOUN
ajfa-3802	214	14	.	.	PUNCT
ajfa-3802	215	1	when	when	SCONJ
ajfa-3802	215	2	investors	investor	NOUN
ajfa-3802	215	3	faced	face	VERB
ajfa-3802	215	4	an	an	DET
ajfa-3802	215	5	investment	investment	NOUN
ajfa-3802	215	6	target	target	NOUN
ajfa-3802	215	7	with	with	ADP
ajfa-3802	215	8	multiple	multiple	ADJ
ajfa-3802	215	9	t	t	PROPN
ajfa-3802	215	10	,	,	PUNCT
ajfa-3802	215	11	the	the	DET
ajfa-3802	215	12	standard	standard	ADJ
ajfa-3802	215	13	deviation	deviation	NOUN
ajfa-3802	215	14	incurred	incur	VERB
ajfa-3802	215	15	will	will	AUX
ajfa-3802	215	16	hinder	hinder	VERB
ajfa-3802	215	17	investors	investor	NOUN
ajfa-3802	215	18	to	to	PART
ajfa-3802	215	19	measure	measure	VERB
ajfa-3802	215	20	its	its	PRON
ajfa-3802	215	21	accrual	accrual	ADJ
ajfa-3802	215	22	quality	quality	NOUN
ajfa-3802	215	23	.	.	PUNCT
ajfa-3802	216	1	therefore	therefore	ADV
ajfa-3802	216	2	we	we	PRON
ajfa-3802	216	3	should	should	AUX
ajfa-3802	216	4	assume	assume	VERB
ajfa-3802	216	5	investors	investor	NOUN
ajfa-3802	216	6	’	'	PUNCT
ajfa-3802	216	7	tolerance	tolerance	NOUN
ajfa-3802	216	8	range	range	NOUN
ajfa-3802	216	9	is	be	AUX
ajfa-3802	216	10	a	a	DET
ajfa-3802	216	11	90	90	NUM
ajfa-3802	216	12	%	%	NOUN
ajfa-3802	216	13	probability	probability	NOUN
ajfa-3802	216	14	distribution3	distribution3	NOUN
ajfa-3802	216	15	formed	form	VERB
ajfa-3802	216	16	by	by	ADP
ajfa-3802	216	17	potential	potential	ADJ
ajfa-3802	216	18	investment	investment	NOUN
ajfa-3802	216	19	target	target	NOUN
ajfa-3802	216	20	.	.	PUNCT
ajfa-3802	217	1	we	we	PRON
ajfa-3802	217	2	will	will	AUX
ajfa-3802	217	3	learn	learn	VERB
ajfa-3802	217	4	that	that	SCONJ
ajfa-3802	217	5	the	the	DET
ajfa-3802	217	6	investors	investor	NOUN
ajfa-3802	217	7	’	’	PART
ajfa-3802	217	8	tolerance	tolerance	NOUN
ajfa-3802	217	9	range	range	NOUN
ajfa-3802	217	10	is	be	AUX
ajfa-3802	217	11	3.29	3.29	NUM
ajfa-3802	217	12	times	time	NOUN
ajfa-3802	217	13	standard	standard	ADJ
ajfa-3802	217	14	deviation	deviation	NOUN
ajfa-3802	217	15	of	of	ADP
ajfa-3802	217	16	the	the	DET
ajfa-3802	217	17	potential	potential	ADJ
ajfa-3802	217	18	investment	investment	NOUN
ajfa-3802	217	19	target	target	NOUN
ajfa-3802	217	20	and	and	CCONJ
ajfa-3802	217	21	this	this	PRON
ajfa-3802	217	22	is	be	AUX
ajfa-3802	217	23	the	the	DET
ajfa-3802	217	24	numerator	numerator	NOUN
ajfa-3802	217	25	of	of	ADP
ajfa-3802	217	26	capability	capability	NOUN
ajfa-3802	217	27	index	index	NOUN
ajfa-3802	217	28	of	of	ADP
ajfa-3802	217	29	accrual	accrual	ADJ
ajfa-3802	217	30	quality	quality	NOUN
ajfa-3802	217	31	.	.	PUNCT
ajfa-3802	218	1	then	then	ADV
ajfa-3802	218	2	we	we	PRON
ajfa-3802	218	3	assume	assume	VERB
ajfa-3802	218	4	investor	investor	NOUN
ajfa-3802	218	5	’s	’s	PART
ajfa-3802	218	6	investment	investment	NOUN
ajfa-3802	218	7	criteria	criterion	NOUN
ajfa-3802	218	8	is	be	AUX
ajfa-3802	218	9	to	to	PART
ajfa-3802	218	10	choose	choose	VERB
ajfa-3802	218	11	t	t	PROPN
ajfa-3802	218	12	standard	standard	ADJ
ajfa-3802	218	13	deviation	deviation	NOUN
ajfa-3802	218	14	of	of	ADP
ajfa-3802	218	15	the	the	DET
ajfa-3802	218	16	investment	investment	NOUN
ajfa-3802	218	17	target	target	NOUN
ajfa-3802	218	18	(	(	PUNCT
ajfa-3802	218	19	as	as	ADP
ajfa-3802	218	20	known	know	VERB
ajfa-3802	218	21	as	as	ADP
ajfa-3802	218	22	p	p	ADJ
ajfa-3802	218	23	hereinafter	hereinafter	NOUN
ajfa-3802	218	24	)	)	PUNCT
ajfa-3802	218	25	that	that	PRON
ajfa-3802	218	26	equals	equal	VERB
ajfa-3802	218	27	to	to	ADP
ajfa-3802	218	28	t	t	PROPN
ajfa-3802	218	29	standard	standard	ADJ
ajfa-3802	218	30	deviation	deviation	NOUN
ajfa-3802	218	31	of	of	ADP
ajfa-3802	218	32	the	the	DET
ajfa-3802	218	33	potential	potential	ADJ
ajfa-3802	218	34	investment	investment	NOUN
ajfa-3802	218	35	target	target	NOUN
ajfa-3802	218	36	(	(	PUNCT
ajfa-3802	218	37	as	as	ADP
ajfa-3802	218	38	known	know	VERB
ajfa-3802	218	39	as	as	ADP
ajfa-3802	218	40	t	t	ADJ
ajfa-3802	218	41	hereinafter	hereinafter	NOUN
ajfa-3802	218	42	)	)	PUNCT
ajfa-3802	218	43	at	at	ADP
ajfa-3802	218	44	the	the	DET
ajfa-3802	218	45	most	most	ADJ
ajfa-3802	218	46	.	.	PUNCT
ajfa-3802	219	1	the	the	DET
ajfa-3802	219	2	measurement	measurement	NOUN
ajfa-3802	219	3	allowance	allowance	NOUN
ajfa-3802	219	4	of	of	ADP
ajfa-3802	219	5	numerator	numerator	NOUN
ajfa-3802	219	6	of	of	ADP
ajfa-3802	219	7	capability	capability	NOUN
ajfa-3802	219	8	index	index	NOUN
ajfa-3802	219	9	of	of	ADP
ajfa-3802	219	10	accrual	accrual	ADJ
ajfa-3802	219	11	quality	quality	NOUN
ajfa-3802	219	12	is	be	AUX
ajfa-3802	219	13	3.29	3.29	NUM
ajfa-3802	219	14	times	time	NOUN
ajfa-3802	219	15	t	t	PROPN
ajfa-3802	219	16	standard	standard	ADJ
ajfa-3802	219	17	deviation	deviation	NOUN
ajfa-3802	219	18	of	of	ADP
ajfa-3802	219	19	the	the	DET
ajfa-3802	219	20	investment	investment	NOUN
ajfa-3802	219	21	target	target	NOUN
ajfa-3802	219	22	which	which	PRON
ajfa-3802	219	23	is	be	AUX
ajfa-3802	219	24	considered	consider	VERB
ajfa-3802	219	25	as	as	ADP
ajfa-3802	219	26	the	the	DET
ajfa-3802	219	27	denominator	denominator	NOUN
ajfa-3802	219	28	of	of	ADP
ajfa-3802	219	29	capability	capability	NOUN
ajfa-3802	219	30	index	index	NOUN
ajfa-3802	219	31	of	of	ADP
ajfa-3802	219	32	accrual	accrual	ADJ
ajfa-3802	219	33	quality	quality	NOUN
ajfa-3802	219	34	.	.	PUNCT
ajfa-3802	220	1	when	when	SCONJ
ajfa-3802	220	2	the	the	DET
ajfa-3802	220	3	standard	standard	ADJ
ajfa-3802	220	4	deviation	deviation	NOUN
ajfa-3802	220	5	of	of	ADP
ajfa-3802	220	6	residuals	residual	NOUN
ajfa-3802	220	7	for	for	ADP
ajfa-3802	220	8	all	all	DET
ajfa-3802	220	9	potential	potential	ADJ
ajfa-3802	220	10	investment	investment	NOUN
ajfa-3802	220	11	targets	target	NOUN
ajfa-3802	220	12	and	and	CCONJ
ajfa-3802	220	13	investment	investment	NOUN
ajfa-3802	220	14	target	target	NOUN
ajfa-3802	220	15	are	be	AUX
ajfa-3802	220	16	equal	equal	ADJ
ajfa-3802	220	17	,	,	PUNCT
ajfa-3802	220	18	the	the	DET
ajfa-3802	220	19	capability	capability	NOUN
ajfa-3802	220	20	index	index	NOUN
ajfa-3802	220	21	of	of	ADP
ajfa-3802	220	22	accrual	accrual	ADJ
ajfa-3802	220	23	quality	quality	NOUN
ajfa-3802	220	24	should	should	AUX
ajfa-3802	220	25	be	be	AUX
ajfa-3802	220	26	1	1	NUM
ajfa-3802	220	27	.	.	PUNCT
ajfa-3802	221	1	this	this	DET
ajfa-3802	221	2	measurement	measurement	NOUN
ajfa-3802	221	3	index	index	NOUN
ajfa-3802	221	4	is	be	AUX
ajfa-3802	221	5	called	call	VERB
ajfa-3802	221	6	capability	capability	NOUN
ajfa-3802	221	7	index	index	NOUN
ajfa-3802	221	8	of	of	ADP
ajfa-3802	221	9	accrual	accrual	ADJ
ajfa-3802	221	10	quality	quality	NOUN
ajfa-3802	221	11	in	in	ADP
ajfa-3802	221	12	this	this	DET
ajfa-3802	221	13	paper4	paper4	NOUN
ajfa-3802	221	14	(	(	PUNCT
ajfa-3802	221	15	as	as	ADP
ajfa-3802	221	16	known	know	VERB
ajfa-3802	221	17	as	as	ADP
ajfa-3802	221	18	caq	caq	NOUN
ajfa-3802	221	19	hereinafter	hereinafter	NOUN
ajfa-3802	221	20	)	)	PUNCT
ajfa-3802	221	21	.	.	PUNCT
ajfa-3802	222	1	formula	formula	NOUN
ajfa-3802	222	2	(	(	PUNCT
ajfa-3802	222	3	6	6	NUM
ajfa-3802	222	4	)	)	PUNCT
ajfa-3802	222	5	is	be	AUX
ajfa-3802	222	6	shown	show	VERB
ajfa-3802	222	7	as	as	ADP
ajfa-3802	222	8	:	:	PUNCT
ajfa-3802	222	9	p29.3	p29.3	PROPN
ajfa-3802	222	10	lsluslcaq	lsluslcaq	NOUN
ajfa-3802	222	11			PROPN
ajfa-3802	222	12			X
ajfa-3802	222	13	(	(	PUNCT
ajfa-3802	222	14	6	6	NUM
ajfa-3802	222	15	)	)	PUNCT
ajfa-3802	222	16	where	where	SCONJ
ajfa-3802	222	17	,	,	PUNCT
ajfa-3802	222	18	usl	usl	PROPN
ajfa-3802	222	19	:	:	PUNCT
ajfa-3802	222	20	maximum	maximum	ADJ
ajfa-3802	222	21	tolerance	tolerance	NOUN
ajfa-3802	222	22	incurred	incur	VERB
ajfa-3802	222	23	by	by	ADP
ajfa-3802	222	24	t	t	PROPN
ajfa-3802	222	25	of	of	ADP
ajfa-3802	222	26	the	the	DET
ajfa-3802	222	27	potential	potential	ADJ
ajfa-3802	222	28	investment	investment	NOUN
ajfa-3802	222	29	target	target	NOUN
ajfa-3802	222	30	(	(	PUNCT
ajfa-3802	222	31	refer	refer	VERB
ajfa-3802	222	32	to	to	ADP
ajfa-3802	222	33	usl=	usl=	PROPN
ajfa-3802	222	34	tt	tt	PROPN
ajfa-3802	222	35	z	z	NOUN
ajfa-3802	222	36			PROPN
ajfa-3802	222	37			NOUN
ajfa-3802	222	38	)	)	PUNCT
ajfa-3802	222	39	2/1	2/1	NUM
ajfa-3802	222	40	(	(	PUNCT
ajfa-3802	222	41			PROPN
ajfa-3802	222	42	)	)	PUNCT
ajfa-3802	222	43	;	;	PUNCT
ajfa-3802	222	44	lsl	lsl	VERB
ajfa-3802	222	45	:	:	PUNCT
ajfa-3802	222	46	minimum	minimum	ADJ
ajfa-3802	222	47	tolerance	tolerance	NOUN
ajfa-3802	222	48	incurred	incur	VERB
ajfa-3802	222	49	by	by	ADP
ajfa-3802	222	50	t	t	PROPN
ajfa-3802	222	51	of	of	ADP
ajfa-3802	222	52	the	the	DET
ajfa-3802	222	53	potential	potential	ADJ
ajfa-3802	222	54	investment	investment	NOUN
ajfa-3802	222	55	target	target	NOUN
ajfa-3802	222	56	(	(	PUNCT
ajfa-3802	222	57	refer	refer	VERB
ajfa-3802	222	58	to	to	ADP
ajfa-3802	222	59	lsl=	lsl=	PROPN
ajfa-3802	222	60	tt	tt	PROPN
ajfa-3802	222	61	z	z	NOUN
ajfa-3802	222	62			PROPN
ajfa-3802	222	63			NOUN
ajfa-3802	222	64	)	)	PUNCT
ajfa-3802	222	65	2/1	2/1	NUM
ajfa-3802	222	66	(	(	PUNCT
ajfa-3802	222	67			PROPN
ajfa-3802	222	68	)	)	PUNCT
ajfa-3802	222	69	;	;	PUNCT
ajfa-3802	223	1	t	t	PROPN
ajfa-3802	223	2	:	:	PUNCT
ajfa-3802	223	3	mean	mean	NOUN
ajfa-3802	223	4	of	of	ADP
ajfa-3802	223	5	t	t	PROPN
ajfa-3802	223	6	of	of	ADP
ajfa-3802	223	7	the	the	DET
ajfa-3802	223	8	potential	potential	ADJ
ajfa-3802	223	9	investment	investment	NOUN
ajfa-3802	223	10	target	target	NOUN
ajfa-3802	223	11	(	(	PUNCT
ajfa-3802	223	12	mean)5	mean)5	PROPN
ajfa-3802	223	13	;	;	PUNCT
ajfa-3802	223	14	t	t	ADJ
ajfa-3802	223	15	:	:	PUNCT
ajfa-3802	223	16	standard	standard	ADJ
ajfa-3802	223	17	deviation	deviation	NOUN
ajfa-3802	223	18	of	of	ADP
ajfa-3802	223	19	t	t	PROPN
ajfa-3802	223	20	of	of	ADP
ajfa-3802	223	21	the	the	DET
ajfa-3802	223	22	potential	potential	ADJ
ajfa-3802	223	23	investment	investment	NOUN
ajfa-3802	223	24	target	target	NOUN
ajfa-3802	223	25	(	(	PUNCT
ajfa-3802	223	26	standard	standard	ADJ
ajfa-3802	223	27	deviation	deviation	NOUN
ajfa-3802	223	28	)	)	PUNCT
ajfa-3802	223	29	;	;	PUNCT
ajfa-3802	223	30	2	2	NUM
ajfa-3802	223	31	res	re	NOUN
ajfa-3802	223	32	idua	idua	ADJ
ajfa-3802	223	33	l	l	NOUN
ajfa-3802	223	34	s	s	PROPN
ajfa-3802	223	35	a	a	DET
ajfa-3802	223	36	re	re	AUX
ajfa-3802	223	37	ca	can	AUX
ajfa-3802	223	38	lcula	lcula	PROPN
ajfa-3802	223	39	ted	te	VERB
ajfa-3802	223	40	by	by	ADP
ajfa-3802	223	41	fi	fi	PROPN
ajfa-3802	223	42	rm	rm	PROPN
ajfa-3802	223	43	spec	spec	PROPN
ajfa-3802	224	1	i	i	PRON
ajfa-3802	224	2	f	f	PROPN
ajfa-3802	225	1	ic	ic	PROPN
ajfa-3802	225	2	regress	regress	ADJ
ajfa-3802	225	3	ion	ion	NOUN
ajfa-3802	225	4	approach	approach	NOUN
ajfa-3802	225	5	in	in	ADP
ajfa-3802	225	6	th	th	INTJ
ajfa-3802	225	7	i	i	NOUN
ajfa-3802	225	8	s	s	VERB
ajfa-3802	225	9	paper	paper	NOUN
ajfa-3802	225	10	.	.	PUNCT
ajfa-3802	226	1	3	3	NUM
ajfa-3802	226	2	in	in	ADP
ajfa-3802	226	3	s	s	PRON
ajfa-3802	226	4	ta	ta	X
ajfa-3802	226	5	t	t	PROPN
ajfa-3802	227	1	i	i	PRON
ajfa-3802	227	2	s	s	PROPN
ajfa-3802	227	3	t	t	PROPN
ajfa-3802	227	4	ic	ic	X
ajfa-3802	227	5	s	s	PROPN
ajfa-3802	227	6	,	,	PUNCT
ajfa-3802	227	7	p	p	NOUN
ajfa-3802	227	8	robabi	robabi	NOUN
ajfa-3802	228	1	l	l	NOUN
ajfa-3802	229	1	i	i	PRON
ajfa-3802	229	2	ty	ty	INTJ
ajfa-3802	230	1	d	d	X
ajfa-3802	231	1	i	i	PRON
ajfa-3802	231	2	s	s	AUX
ajfa-3802	231	3	t	t	PROPN
ajfa-3802	231	4	r	r	NOUN
ajfa-3802	231	5	ibu	ibu	PROPN
ajfa-3802	231	6	t	t	PROPN
ajfa-3802	231	7	ion	ion	NOUN
ajfa-3802	231	8	normal	normal	ADJ
ajfa-3802	231	9	ly	ly	ADP
ajfa-3802	231	10	uses	use	VERB
ajfa-3802	231	11	90	90	NUM
ajfa-3802	231	12	%	%	NOUN
ajfa-3802	231	13	,	,	PUNCT
ajfa-3802	231	14	95	95	NUM
ajfa-3802	231	15	%	%	NOUN
ajfa-3802	231	16	and	and	CCONJ
ajfa-3802	231	17	99	99	NUM
ajfa-3802	231	18	%	%	NOUN
ajfa-3802	231	19	.	.	PUNCT
ajfa-3802	232	1	the	the	DET
ajfa-3802	232	2	to	to	PART
ajfa-3802	232	3	le	le	X
ajfa-3802	232	4	rance	rance	NOUN
ajfa-3802	232	5	range	range	NOUN
ajfa-3802	232	6	fo	fo	AUX
ajfa-3802	232	7	rmed	rme	VERB
ajfa-3802	232	8	by	by	ADP
ajfa-3802	232	9	90	90	NUM
ajfa-3802	232	10	%	%	NOUN
ajfa-3802	232	11	probabi	probabi	NOUN
ajfa-3802	233	1	l	l	NOUN
ajfa-3802	234	1	i	i	PRON
ajfa-3802	234	2	ty	ty	INTJ
ajfa-3802	235	1	d	d	X
ajfa-3802	235	2	i	i	PRON
ajfa-3802	235	3	s	s	PROPN
ajfa-3802	235	4	t	t	PROPN
ajfa-3802	235	5	r	r	NOUN
ajfa-3802	235	6	ibu	ibu	PROPN
ajfa-3802	235	7	t	t	PROPN
ajfa-3802	235	8	ion	ion	NOUN
ajfa-3802	236	1	i	i	PRON
ajfa-3802	236	2	s	s	VERB
ajfa-3802	236	3	na	na	ADP
ajfa-3802	236	4	r	r	NOUN
ajfa-3802	236	5	rower	rower	NOUN
ajfa-3802	237	1	so	so	SCONJ
ajfa-3802	237	2	we	we	PRON
ajfa-3802	237	3	apply	apply	VERB
ajfa-3802	237	4	th	th	PRON
ajfa-3802	238	1	i	i	PRON
ajfa-3802	238	2	s	s	VERB
ajfa-3802	238	3	a	a	DET
ajfa-3802	238	4	s	s	NOUN
ajfa-3802	238	5	to	to	PART
ajfa-3802	238	6	le	le	X
ajfa-3802	238	7	rance	rance	NOUN
ajfa-3802	238	8	range	range	NOUN
ajfa-3802	238	9	t	t	PROPN
ajfa-3802	238	10	.	.	PUNCT
ajfa-3802	239	1	4	4	NUM
ajfa-3802	239	2	different	different	ADJ
ajfa-3802	239	3	from	from	ADP
ajfa-3802	239	4	research	research	NOUN
ajfa-3802	239	5	of	of	ADP
ajfa-3802	239	6	chang	chang	PROPN
ajfa-3802	239	7	et	et	PROPN
ajfa-3802	239	8	al	al	PROPN
ajfa-3802	239	9	.	.	PROPN
ajfa-3802	240	1	(	(	PUNCT
ajfa-3802	240	2	2012	2012	NUM
ajfa-3802	240	3	)	)	PUNCT
ajfa-3802	240	4	which	which	PRON
ajfa-3802	240	5	uses	use	VERB
ajfa-3802	240	6	residuals	residual	NOUN
ajfa-3802	240	7	estimation	estimation	NOUN
ajfa-3802	240	8	approach	approach	NOUN
ajfa-3802	240	9	suggested	suggest	VERB
ajfa-3802	240	10	by	by	ADP
ajfa-3802	240	11	dechow	dechow	ADV
ajfa-3802	240	12	and	and	CCONJ
ajfa-3802	240	13	dichev	dichev	PROPN
ajfa-3802	240	14	(	(	PUNCT
ajfa-3802	240	15	2002	2002	NUM
ajfa-3802	240	16	)	)	PUNCT
ajfa-3802	240	17	,	,	PUNCT
ajfa-3802	240	18	we	we	PRON
ajfa-3802	240	19	replace	replace	VERB
ajfa-3802	240	20	it	it	PRON
ajfa-3802	240	21	by	by	ADP
ajfa-3802	240	22	the	the	DET
ajfa-3802	240	23	estimation	estimation	NOUN
ajfa-3802	240	24	model	model	NOUN
ajfa-3802	240	25	of	of	ADP
ajfa-3802	240	26	francis	francis	PROPN
ajfa-3802	240	27	et	et	PROPN
ajfa-3802	240	28	al.(2005	al.(2005	PROPN
ajfa-3802	240	29	)	)	PUNCT
ajfa-3802	240	30	.	.	PUNCT
ajfa-3802	241	1	5	5	NUM
ajfa-3802	241	2	thi	thi	NOUN
ajfa-3802	241	3	s	s	PROPN
ajfa-3802	241	4	paper	paper	NOUN
ajfa-3802	241	5	appl	appl	NOUN
ajfa-3802	241	6	ie	ie	X
ajfa-3802	241	7	s	s	PROPN
ajfa-3802	242	1	f	f	NOUN
ajfa-3802	243	1	i	i	NOUN
ajfa-3802	243	2	rm	rm	PROPN
ajfa-3802	243	3	spec	spec	PROPN
ajfa-3802	244	1	i	i	PRON
ajfa-3802	244	2	f	f	PROPN
ajfa-3802	245	1	ic	ic	PROPN
ajfa-3802	245	2	regress	regress	ADJ
ajfa-3802	245	3	ion	ion	NOUN
ajfa-3802	245	4	approach	approach	NOUN
ajfa-3802	245	5	and	and	CCONJ
ajfa-3802	245	6	regress	regress	NOUN
ajfa-3802	245	7	ion	ion	NOUN
ajfa-3802	245	8	assumpt	assumpt	NOUN
ajfa-3802	245	9	ion	ion	NOUN
ajfa-3802	245	10	t	t	NOUN
ajfa-3802	245	11	=	=	SYM
ajfa-3802	245	12	0	0	NUM
ajfa-3802	245	13	.	.	PUNCT
ajfa-3802	246	1	asian	asian	ADJ
ajfa-3802	246	2	journal	journal	PROPN
ajfa-3802	246	3	of	of	ADP
ajfa-3802	246	4	finance	finance	PROPN
ajfa-3802	246	5	&	&	CCONJ
ajfa-3802	246	6	accounting	accounting	PROPN
ajfa-3802	246	7	issn	issn	PROPN
ajfa-3802	246	8	1946	1946	NUM
ajfa-3802	246	9	-	-	PUNCT
ajfa-3802	246	10	052x	052x	NOUN
ajfa-3802	246	11	2013	2013	NUM
ajfa-3802	246	12	,	,	PUNCT
ajfa-3802	246	13	vol	vol	NOUN
ajfa-3802	246	14	.	.	PROPN
ajfa-3802	246	15	5	5	NUM
ajfa-3802	246	16	,	,	PUNCT
ajfa-3802	246	17	no	no	INTJ
ajfa-3802	246	18	.	.	NOUN
ajfa-3802	246	19	1	1	NUM
ajfa-3802	246	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	246	21	431	431	NUM
ajfa-3802	246	22	p	p	NOUN
ajfa-3802	246	23	:	:	PUNCT
ajfa-3802	246	24	standard	standard	ADJ
ajfa-3802	246	25	deviation	deviation	NOUN
ajfa-3802	246	26	of	of	ADP
ajfa-3802	246	27	t	t	PROPN
ajfa-3802	246	28	of	of	ADP
ajfa-3802	246	29	the	the	DET
ajfa-3802	246	30	potential	potential	ADJ
ajfa-3802	246	31	investment	investment	NOUN
ajfa-3802	246	32	target	target	NOUN
ajfa-3802	246	33	and	and	CCONJ
ajfa-3802	246	34	assume	assume	VERB
ajfa-3802	246	35	p	p	PROPN
ajfa-3802	246	36	>	>	X
ajfa-3802	246	37	0	0	X
ajfa-3802	246	38	.	.	PUNCT
ajfa-3802	246	39	assume	assume	VERB
ajfa-3802	246	40	that	that	SCONJ
ajfa-3802	246	41	usl	usl	PROPN
ajfa-3802	246	42	and	and	CCONJ
ajfa-3802	246	43	lsl	lsl	PROPN
ajfa-3802	246	44	remain	remain	VERB
ajfa-3802	246	45	unchanged	unchanged	ADJ
ajfa-3802	246	46	while	while	SCONJ
ajfa-3802	246	47	caq	caq	NOUN
ajfa-3802	246	48	value	value	NOUN
ajfa-3802	246	49	and	and	CCONJ
ajfa-3802	246	50	p	p	ADJ
ajfa-3802	246	51	change	change	NOUN
ajfa-3802	246	52	in	in	ADP
ajfa-3802	246	53	inverse	inverse	ADJ
ajfa-3802	246	54	direction	direction	NOUN
ajfa-3802	246	55	.	.	PUNCT
ajfa-3802	247	1	if	if	SCONJ
ajfa-3802	247	2	t	t	PROPN
ajfa-3802	247	3	of	of	ADP
ajfa-3802	247	4	the	the	DET
ajfa-3802	247	5	potential	potential	ADJ
ajfa-3802	247	6	investment	investment	NOUN
ajfa-3802	247	7	target	target	NOUN
ajfa-3802	247	8	is	be	AUX
ajfa-3802	247	9	distributed	distribute	VERB
ajfa-3802	247	10	discretely	discretely	ADV
ajfa-3802	247	11	,	,	PUNCT
ajfa-3802	247	12	p	p	PROPN
ajfa-3802	247	13	is	be	AUX
ajfa-3802	247	14	larger	large	ADJ
ajfa-3802	247	15	while	while	SCONJ
ajfa-3802	247	16	caq	caq	NOUN
ajfa-3802	247	17	value	value	NOUN
ajfa-3802	247	18	is	be	AUX
ajfa-3802	247	19	smaller	small	ADJ
ajfa-3802	247	20	and	and	CCONJ
ajfa-3802	247	21	vice	vice	ADV
ajfa-3802	247	22	versa	versa	ADV
ajfa-3802	247	23	.	.	PUNCT
ajfa-3802	248	1	from	from	ADP
ajfa-3802	248	2	now	now	ADV
ajfa-3802	248	3	on	on	ADV
ajfa-3802	248	4	,	,	PUNCT
ajfa-3802	248	5	we	we	PRON
ajfa-3802	248	6	include	include	VERB
ajfa-3802	248	7	accrual	accrual	ADJ
ajfa-3802	248	8	quality	quality	NOUN
ajfa-3802	248	9	into	into	ADP
ajfa-3802	248	10	the	the	DET
ajfa-3802	248	11	tolerance	tolerance	NOUN
ajfa-3802	248	12	range	range	NOUN
ajfa-3802	248	13	and	and	CCONJ
ajfa-3802	248	14	decision	decision	NOUN
ajfa-3802	248	15	rules	rule	NOUN
ajfa-3802	248	16	of	of	ADP
ajfa-3802	248	17	investors	investor	NOUN
ajfa-3802	248	18	(	(	PUNCT
ajfa-3802	248	19	p	p	PROPN
ajfa-3802	248	20	≦	≦	PROPN
ajfa-3802	248	21	t	t	NOUN
ajfa-3802	248	22	)	)	PUNCT
ajfa-3802	248	23	which	which	PRON
ajfa-3802	248	24	signifies	signify	VERB
ajfa-3802	248	25	accrual	accrual	ADJ
ajfa-3802	248	26	quality	quality	NOUN
ajfa-3802	248	27	is	be	AUX
ajfa-3802	248	28	extended	extend	VERB
ajfa-3802	248	29	as	as	ADP
ajfa-3802	248	30	a	a	DET
ajfa-3802	248	31	capability	capability	NOUN
ajfa-3802	248	32	index	index	NOUN
ajfa-3802	248	33	of	of	ADP
ajfa-3802	248	34	accrual	accrual	ADJ
ajfa-3802	248	35	quality	quality	NOUN
ajfa-3802	248	36	that	that	PRON
ajfa-3802	248	37	can	can	AUX
ajfa-3802	248	38	do	do	VERB
ajfa-3802	248	39	relative	relative	ADJ
ajfa-3802	248	40	comparison	comparison	NOUN
ajfa-3802	248	41	.	.	PUNCT
ajfa-3802	249	1	chang	chang	PROPN
ajfa-3802	249	2	et	et	PROPN
ajfa-3802	249	3	al	al	PROPN
ajfa-3802	249	4	.	.	PROPN
ajfa-3802	250	1	(	(	PUNCT
ajfa-3802	250	2	2012	2012	NUM
ajfa-3802	250	3	)	)	PUNCT
ajfa-3802	250	4	suggested	suggest	VERB
ajfa-3802	250	5	computing	compute	VERB
ajfa-3802	250	6	the	the	DET
ajfa-3802	250	7	caq	caq	NOUN
ajfa-3802	250	8	of	of	ADP
ajfa-3802	250	9	investment	investment	NOUN
ajfa-3802	250	10	target	target	NOUN
ajfa-3802	250	11	to	to	PART
ajfa-3802	250	12	learn	learn	VERB
ajfa-3802	250	13	the	the	DET
ajfa-3802	250	14	accrual	accrual	ADJ
ajfa-3802	250	15	quality	quality	NOUN
ajfa-3802	250	16	among	among	ADP
ajfa-3802	250	17	investment	investment	NOUN
ajfa-3802	250	18	targets	target	NOUN
ajfa-3802	250	19	when	when	SCONJ
ajfa-3802	250	20	investors	investor	NOUN
ajfa-3802	250	21	are	be	AUX
ajfa-3802	250	22	choosing	choose	VERB
ajfa-3802	250	23	investment	investment	NOUN
ajfa-3802	250	24	targets	target	NOUN
ajfa-3802	250	25	.	.	PUNCT
ajfa-3802	251	1	in	in	ADP
ajfa-3802	251	2	addition	addition	NOUN
ajfa-3802	251	3	,	,	PUNCT
ajfa-3802	251	4	investors	investor	NOUN
ajfa-3802	251	5	can	can	AUX
ajfa-3802	251	6	estimate	estimate	VERB
ajfa-3802	251	7	the	the	DET
ajfa-3802	251	8	loss	loss	NOUN
ajfa-3802	251	9	probability	probability	NOUN
ajfa-3802	251	10	that	that	PRON
ajfa-3802	251	11	incurs	incur	VERB
ajfa-3802	251	12	when	when	SCONJ
ajfa-3802	251	13	t	t	PROPN
ajfa-3802	251	14	of	of	ADP
ajfa-3802	251	15	investment	investment	NOUN
ajfa-3802	251	16	target	target	NOUN
ajfa-3802	251	17	falls	fall	VERB
ajfa-3802	251	18	outside	outside	ADP
ajfa-3802	251	19	the	the	DET
ajfa-3802	251	20	tolerance	tolerance	NOUN
ajfa-3802	251	21	range	range	NOUN
ajfa-3802	251	22	by	by	ADP
ajfa-3802	251	23	the	the	DET
ajfa-3802	251	24	number	number	NOUN
ajfa-3802	251	25	of	of	ADP
ajfa-3802	251	26	caq	caq	NOUN
ajfa-3802	251	27	of	of	ADP
ajfa-3802	251	28	investment	investment	NOUN
ajfa-3802	251	29	target	target	NOUN
ajfa-3802	251	30	.	.	PUNCT
ajfa-3802	252	1	since	since	SCONJ
ajfa-3802	252	2	this	this	DET
ajfa-3802	252	3	risk	risk	NOUN
ajfa-3802	252	4	is	be	AUX
ajfa-3802	252	5	caused	cause	VERB
ajfa-3802	252	6	by	by	ADP
ajfa-3802	252	7	uncertainty	uncertainty	NOUN
ajfa-3802	252	8	,	,	PUNCT
ajfa-3802	252	9	it	it	PRON
ajfa-3802	252	10	is	be	AUX
ajfa-3802	252	11	called	call	VERB
ajfa-3802	252	12	accrual	accrual	ADJ
ajfa-3802	252	13	quality	quality	NOUN
ajfa-3802	252	14	measures	measure	NOUN
ajfa-3802	252	15	of	of	ADP
ajfa-3802	252	16	investment	investment	NOUN
ajfa-3802	252	17	risks	risk	NOUN
ajfa-3802	252	18	(	(	PUNCT
ajfa-3802	252	19	named	name	VERB
ajfa-3802	252	20	as	as	ADP
ajfa-3802	252	21	iri	iri	NOUN
ajfa-3802	252	22	hereinafter	hereinafter	NOUN
ajfa-3802	252	23	)	)	PUNCT
ajfa-3802	252	24	.	.	PUNCT
ajfa-3802	253	1	capability	capability	NOUN
ajfa-3802	253	2	index	index	NOUN
ajfa-3802	253	3	of	of	ADP
ajfa-3802	253	4	accrual	accrual	ADJ
ajfa-3802	253	5	quality	quality	NOUN
ajfa-3802	253	6	is	be	AUX
ajfa-3802	253	7	converted	convert	VERB
ajfa-3802	253	8	into	into	ADP
ajfa-3802	253	9	investment	investment	NOUN
ajfa-3802	253	10	risk	risk	NOUN
ajfa-3802	253	11	value	value	NOUN
ajfa-3802	253	12	so	so	SCONJ
ajfa-3802	253	13	that	that	SCONJ
ajfa-3802	253	14	investors	investor	NOUN
ajfa-3802	253	15	can	can	AUX
ajfa-3802	253	16	measure	measure	VERB
ajfa-3802	253	17	the	the	DET
ajfa-3802	253	18	degree	degree	NOUN
ajfa-3802	253	19	of	of	ADP
ajfa-3802	253	20	risk	risk	NOUN
ajfa-3802	253	21	of	of	ADP
ajfa-3802	253	22	a	a	DET
ajfa-3802	253	23	target	target	NOUN
ajfa-3802	253	24	within	within	ADP
ajfa-3802	253	25	their	their	PRON
ajfa-3802	253	26	investment	investment	NOUN
ajfa-3802	253	27	criteria	criterion	NOUN
ajfa-3802	253	28	.	.	PUNCT
ajfa-3802	254	1	in	in	ADP
ajfa-3802	254	2	a	a	DET
ajfa-3802	254	3	normal	normal	ADJ
ajfa-3802	254	4	assumption	assumption	NOUN
ajfa-3802	254	5	,	,	PUNCT
ajfa-3802	254	6	investment	investment	NOUN
ajfa-3802	254	7	risks	risk	NOUN
ajfa-3802	254	8	are	be	AUX
ajfa-3802	254	9	indicated	indicate	VERB
ajfa-3802	254	10	as	as	ADP
ajfa-3802	254	11	below6	below6	NOUN
ajfa-3802	254	12	:	:	PUNCT
ajfa-3802	254	13	)	)	PUNCT
ajfa-3802	254	14	(	(	PUNCT
ajfa-3802	254	15	)	)	PUNCT
ajfa-3802	254	16	(	(	PUNCT
ajfa-3802	254	17	1ir	1ir	ADJ
ajfa-3802	254	18	t	t	PROPN
ajfa-3802	254	19	t	t	PROPN
ajfa-3802	254	20	t	t	PROPN
ajfa-3802	254	21	t	t	X
ajfa-3802	254	22	i	i	PRON
ajfa-3802	254	23	lsl	lsl	VERB
ajfa-3802	254	24	zp	zp	PROPN
ajfa-3802	254	25	usl	usl	PROPN
ajfa-3802	254	26	zp	zp	PROPN
ajfa-3802	254	27			PROPN
ajfa-3802	254	28			PROPN
ajfa-3802	254	29			PROPN
ajfa-3802	254	30			PROPN
ajfa-3802	254	31			PROPN
ajfa-3802	254	32			PROPN
ajfa-3802	254	33			PROPN
ajfa-3802	254	34			NUM
ajfa-3802	254	35	)	)	PUNCT
ajfa-3802	254	36	645.1(2	645.1(2	NUM
ajfa-3802	254	37	aqczp	aqczp	ADV
ajfa-3802	254	38			NOUN
ajfa-3802	254	39	(	(	PUNCT
ajfa-3802	254	40	7	7	NUM
ajfa-3802	254	41	)	)	PUNCT
ajfa-3802	254	42	in	in	ADP
ajfa-3802	254	43	equation	equation	NOUN
ajfa-3802	254	44	(	(	PUNCT
ajfa-3802	254	45	7	7	X
ajfa-3802	254	46	)	)	PUNCT
ajfa-3802	254	47	we	we	PRON
ajfa-3802	254	48	can	can	AUX
ajfa-3802	254	49	learn	learn	VERB
ajfa-3802	254	50	that	that	SCONJ
ajfa-3802	254	51	when	when	SCONJ
ajfa-3802	254	52	caq	caq	NOUN
ajfa-3802	254	53	value	value	NOUN
ajfa-3802	254	54	is	be	AUX
ajfa-3802	254	55	greater	great	ADJ
ajfa-3802	254	56	,	,	PUNCT
ajfa-3802	254	57	iri	iri	NOUN
ajfa-3802	254	58	value	value	NOUN
ajfa-3802	254	59	is	be	AUX
ajfa-3802	254	60	smaller	small	ADJ
ajfa-3802	254	61	,	,	PUNCT
ajfa-3802	254	62	which	which	PRON
ajfa-3802	254	63	implies	imply	VERB
ajfa-3802	254	64	a	a	DET
ajfa-3802	254	65	lower	low	ADJ
ajfa-3802	254	66	investment	investment	NOUN
ajfa-3802	254	67	risk	risk	NOUN
ajfa-3802	254	68	.	.	PUNCT
ajfa-3802	255	1	on	on	ADP
ajfa-3802	255	2	the	the	DET
ajfa-3802	255	3	contrary	contrary	NOUN
ajfa-3802	255	4	,	,	PUNCT
ajfa-3802	255	5	when	when	SCONJ
ajfa-3802	255	6	caq	caq	NOUN
ajfa-3802	255	7	value	value	NOUN
ajfa-3802	255	8	is	be	AUX
ajfa-3802	255	9	smaller	small	ADJ
ajfa-3802	255	10	but	but	CCONJ
ajfa-3802	255	11	iri	iri	NOUN
ajfa-3802	255	12	value	value	NOUN
ajfa-3802	255	13	is	be	AUX
ajfa-3802	255	14	greater	great	ADJ
ajfa-3802	255	15	,	,	PUNCT
ajfa-3802	255	16	that	that	PRON
ajfa-3802	255	17	implies	imply	VERB
ajfa-3802	255	18	a	a	DET
ajfa-3802	255	19	high	high	ADJ
ajfa-3802	255	20	investment	investment	NOUN
ajfa-3802	255	21	risk	risk	NOUN
ajfa-3802	255	22	.	.	PUNCT
ajfa-3802	256	1	as	as	ADV
ajfa-3802	256	2	long	long	ADV
ajfa-3802	256	3	as	as	SCONJ
ajfa-3802	256	4	we	we	PRON
ajfa-3802	256	5	know	know	VERB
ajfa-3802	256	6	the	the	DET
ajfa-3802	256	7	capability	capability	NOUN
ajfa-3802	256	8	index	index	NOUN
ajfa-3802	256	9	of	of	ADP
ajfa-3802	256	10	accrual	accrual	ADJ
ajfa-3802	256	11	quality	quality	NOUN
ajfa-3802	256	12	we	we	PRON
ajfa-3802	256	13	can	can	AUX
ajfa-3802	256	14	have	have	VERB
ajfa-3802	256	15	an	an	DET
ajfa-3802	256	16	insight	insight	NOUN
ajfa-3802	256	17	into	into	ADP
ajfa-3802	256	18	the	the	DET
ajfa-3802	256	19	investment	investment	NOUN
ajfa-3802	256	20	risks	risk	NOUN
ajfa-3802	256	21	.	.	PUNCT
ajfa-3802	257	1	in	in	ADP
ajfa-3802	257	2	another	another	DET
ajfa-3802	257	3	word	word	NOUN
ajfa-3802	257	4	,	,	PUNCT
ajfa-3802	257	5	the	the	DET
ajfa-3802	257	6	difference	difference	NOUN
ajfa-3802	257	7	between	between	ADP
ajfa-3802	257	8	investors	investor	NOUN
ajfa-3802	257	9	’	’	PART
ajfa-3802	257	10	prediction	prediction	NOUN
ajfa-3802	257	11	of	of	ADP
ajfa-3802	257	12	investment	investment	NOUN
ajfa-3802	257	13	target	target	NOUN
ajfa-3802	257	14	and	and	CCONJ
ajfa-3802	257	15	the	the	DET
ajfa-3802	257	16	actual	actual	ADJ
ajfa-3802	257	17	situation	situation	NOUN
ajfa-3802	257	18	is	be	AUX
ajfa-3802	257	19	huge	huge	ADJ
ajfa-3802	257	20	because	because	SCONJ
ajfa-3802	257	21	of	of	ADP
ajfa-3802	257	22	the	the	DET
ajfa-3802	257	23	poor	poor	ADJ
ajfa-3802	257	24	financial	financial	ADJ
ajfa-3802	257	25	statement	statement	NOUN
ajfa-3802	257	26	quality	quality	NOUN
ajfa-3802	257	27	which	which	PRON
ajfa-3802	257	28	leads	lead	VERB
ajfa-3802	257	29	to	to	ADP
ajfa-3802	257	30	increased	increase	VERB
ajfa-3802	257	31	investment	investment	NOUN
ajfa-3802	257	32	risks	risk	NOUN
ajfa-3802	257	33	.	.	PUNCT
ajfa-3802	258	1	therefore	therefore	ADV
ajfa-3802	258	2	,	,	PUNCT
ajfa-3802	258	3	this	this	DET
ajfa-3802	258	4	paper	paper	NOUN
ajfa-3802	258	5	considers	consider	VERB
ajfa-3802	258	6	capability	capability	NOUN
ajfa-3802	258	7	index	index	NOUN
ajfa-3802	258	8	of	of	ADP
ajfa-3802	258	9	accrual	accrual	ADJ
ajfa-3802	258	10	quality	quality	NOUN
ajfa-3802	258	11	as	as	ADP
ajfa-3802	258	12	investment	investment	NOUN
ajfa-3802	258	13	risks	risk	NOUN
ajfa-3802	258	14	of	of	ADP
ajfa-3802	258	15	accrual	accrual	ADJ
ajfa-3802	258	16	quality	quality	NOUN
ajfa-3802	258	17	measurement	measurement	NOUN
ajfa-3802	258	18	,	,	PUNCT
ajfa-3802	258	19	that	that	ADV
ajfa-3802	258	20	is	is	ADV
ajfa-3802	258	21	,	,	PUNCT
ajfa-3802	258	22	the	the	DET
ajfa-3802	258	23	standard	standard	ADJ
ajfa-3802	258	24	deviation	deviation	NOUN
ajfa-3802	258	25	of	of	ADP
ajfa-3802	258	26	residuals	residual	NOUN
ajfa-3802	258	27	and	and	CCONJ
ajfa-3802	258	28	investment	investment	NOUN
ajfa-3802	258	29	risks	risk	NOUN
ajfa-3802	258	30	of	of	ADP
ajfa-3802	258	31	accrual	accrual	ADJ
ajfa-3802	258	32	quality	quality	NOUN
ajfa-3802	258	33	measurement	measurement	NOUN
ajfa-3802	258	34	have	have	VERB
ajfa-3802	258	35	corresponding	correspond	VERB
ajfa-3802	258	36	mathematical	mathematical	ADJ
ajfa-3802	258	37	relationship	relationship	NOUN
ajfa-3802	258	38	.	.	PUNCT
ajfa-3802	259	1	firm	firm	ADJ
ajfa-3802	259	2	characteristics	characteristics	PROPN
ajfa-3802	259	3	variable	variable	NOUN
ajfa-3802	259	4	dechow	dechow	ADV
ajfa-3802	259	5	and	and	CCONJ
ajfa-3802	259	6	dichev	dichev	PROPN
ajfa-3802	259	7	(	(	PUNCT
ajfa-3802	259	8	2002	2002	NUM
ajfa-3802	259	9	)	)	PUNCT
ajfa-3802	259	10	mentioned	mention	VERB
ajfa-3802	259	11	that	that	SCONJ
ajfa-3802	259	12	the	the	DET
ajfa-3802	259	13	estimation	estimation	NOUN
ajfa-3802	259	14	of	of	ADP
ajfa-3802	259	15	accrual	accrual	ADJ
ajfa-3802	259	16	quality	quality	NOUN
ajfa-3802	259	17	requires	require	VERB
ajfa-3802	259	18	a	a	DET
ajfa-3802	259	19	lengthy	lengthy	ADJ
ajfa-3802	259	20	time	time	NOUN
ajfa-3802	259	21	-	-	PUNCT
ajfa-3802	259	22	series	series	NOUN
ajfa-3802	259	23	.	.	PUNCT
ajfa-3802	260	1	in	in	ADP
ajfa-3802	260	2	the	the	DET
ajfa-3802	260	3	regression	regression	NOUN
ajfa-3802	260	4	approach	approach	NOUN
ajfa-3802	260	5	requires	require	VERB
ajfa-3802	260	6	information	information	NOUN
ajfa-3802	260	7	about	about	ADP
ajfa-3802	260	8	future	future	ADJ
ajfa-3802	260	9	cash	cash	NOUN
ajfa-3802	260	10	flows	flow	NOUN
ajfa-3802	260	11	,	,	PUNCT
ajfa-3802	260	12	which	which	PRON
ajfa-3802	260	13	reduces	reduce	VERB
ajfa-3802	260	14	its	its	PRON
ajfa-3802	260	15	usefulness	usefulness	NOUN
ajfa-3802	260	16	in	in	ADP
ajfa-3802	260	17	the	the	DET
ajfa-3802	260	18	model	model	NOUN
ajfa-3802	260	19	settings	setting	NOUN
ajfa-3802	260	20	.	.	PUNCT
ajfa-3802	261	1	the	the	DET
ajfa-3802	261	2	observation	observation	NOUN
ajfa-3802	261	3	of	of	ADP
ajfa-3802	261	4	firm	firm	ADJ
ajfa-3802	261	5	characteristics	characteristic	NOUN
ajfa-3802	261	6	can	can	AUX
ajfa-3802	261	7	be	be	AUX
ajfa-3802	261	8	the	the	DET
ajfa-3802	261	9	instruments	instrument	NOUN
ajfa-3802	261	10	for	for	ADP
ajfa-3802	261	11	the	the	DET
ajfa-3802	261	12	propensity	propensity	NOUN
ajfa-3802	261	13	to	to	PART
ajfa-3802	261	14	make	make	VERB
ajfa-3802	261	15	estimation	estimation	NOUN
ajfa-3802	261	16	errors	error	NOUN
ajfa-3802	261	17	.	.	PUNCT
ajfa-3802	262	1	hence	hence	ADV
ajfa-3802	262	2	,	,	PUNCT
ajfa-3802	262	3	this	this	DET
ajfa-3802	262	4	paper	paper	NOUN
ajfa-3802	262	5	applies	apply	VERB
ajfa-3802	262	6	the	the	DET
ajfa-3802	262	7	variables	variable	NOUN
ajfa-3802	262	8	from	from	ADP
ajfa-3802	262	9	the	the	DET
ajfa-3802	262	10	model	model	NOUN
ajfa-3802	262	11	of	of	ADP
ajfa-3802	262	12	dechow	dechow	ADJ
ajfa-3802	262	13	and	and	CCONJ
ajfa-3802	262	14	dichev	dichev	PROPN
ajfa-3802	262	15	(	(	PUNCT
ajfa-3802	262	16	2002	2002	NUM
ajfa-3802	262	17	)	)	PUNCT
ajfa-3802	262	18	as	as	ADP
ajfa-3802	262	19	firm	firm	ADJ
ajfa-3802	262	20	characteristics	characteristic	NOUN
ajfa-3802	262	21	measure	measure	NOUN
ajfa-3802	262	22	6	6	NUM
ajfa-3802	262	23	when	when	SCONJ
ajfa-3802	262	24	const	const	X
ajfa-3802	262	25	ruc	ruc	PROPN
ajfa-3802	262	26	t	t	PROPN
ajfa-3802	262	27	ing	ing	NOUN
ajfa-3802	262	28	c	c	PROPN
ajfa-3802	262	29	a	a	DET
ajfa-3802	262	30	q	q	NOUN
ajfa-3802	262	31	,	,	PUNCT
ajfa-3802	262	32	we	we	PRON
ajfa-3802	262	33	assume	assume	VERB
ajfa-3802	262	34	=	=	PRON
ajfa-3802	262	35	.	.	PUNCT
ajfa-3802	263	1	t	t	PROPN
ajfa-3802	263	2	p	p	PROPN
ajfa-3802	263	3	asian	asian	ADJ
ajfa-3802	263	4	journal	journal	NOUN
ajfa-3802	263	5	of	of	ADP
ajfa-3802	263	6	finance	finance	PROPN
ajfa-3802	263	7	&	&	CCONJ
ajfa-3802	263	8	accounting	accounting	PROPN
ajfa-3802	263	9	issn	issn	PROPN
ajfa-3802	263	10	1946	1946	NUM
ajfa-3802	263	11	-	-	PUNCT
ajfa-3802	263	12	052x	052x	NOUN
ajfa-3802	263	13	2013	2013	NUM
ajfa-3802	263	14	,	,	PUNCT
ajfa-3802	263	15	vol	vol	NOUN
ajfa-3802	263	16	.	.	PROPN
ajfa-3802	263	17	5	5	NUM
ajfa-3802	263	18	,	,	PUNCT
ajfa-3802	263	19	no	no	INTJ
ajfa-3802	263	20	.	.	NOUN
ajfa-3802	263	21	1	1	NUM
ajfa-3802	263	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	263	23	432	432	NUM
ajfa-3802	263	24	variables	variable	NOUN
ajfa-3802	263	25	.	.	PUNCT
ajfa-3802	264	1	they	they	PRON
ajfa-3802	264	2	include	include	VERB
ajfa-3802	264	3	average	average	ADJ
ajfa-3802	264	4	operating	operating	NOUN
ajfa-3802	264	5	cycle7	cycle7	NOUN
ajfa-3802	264	6	,	,	PUNCT
ajfa-3802	264	7	firm	firm	ADJ
ajfa-3802	264	8	size	size	NOUN
ajfa-3802	264	9	(	(	PUNCT
ajfa-3802	264	10	compustat	compustat	NOUN
ajfa-3802	264	11	#	#	SYM
ajfa-3802	264	12	6	6	NUM
ajfa-3802	264	13	)	)	PUNCT
ajfa-3802	264	14	,	,	PUNCT
ajfa-3802	264	15	standard	standard	ADJ
ajfa-3802	264	16	deviation	deviation	NOUN
ajfa-3802	264	17	of	of	ADP
ajfa-3802	264	18	revenues	revenue	NOUN
ajfa-3802	264	19	(	(	PUNCT
ajfa-3802	264	20	compustat	compustat	NOUN
ajfa-3802	264	21	#	#	SYM
ajfa-3802	264	22	12	12	NUM
ajfa-3802	264	23	)	)	PUNCT
ajfa-3802	264	24	,	,	PUNCT
ajfa-3802	264	25	standard	standard	ADJ
ajfa-3802	264	26	deviation	deviation	NOUN
ajfa-3802	264	27	of	of	ADP
ajfa-3802	264	28	cash	cash	NOUN
ajfa-3802	264	29	flows	flow	NOUN
ajfa-3802	264	30	(	(	PUNCT
ajfa-3802	264	31	compustat	compustat	NOUN
ajfa-3802	264	32	#	#	SYM
ajfa-3802	264	33	308	308	NUM
ajfa-3802	264	34	)	)	PUNCT
ajfa-3802	264	35	,	,	PUNCT
ajfa-3802	264	36	standard	standard	ADJ
ajfa-3802	264	37	deviation	deviation	NOUN
ajfa-3802	264	38	of	of	ADP
ajfa-3802	264	39	earnings	earning	NOUN
ajfa-3802	264	40	(	(	PUNCT
ajfa-3802	264	41	compustat	compustat	NOUN
ajfa-3802	264	42	#	#	SYM
ajfa-3802	264	43	172	172	NUM
ajfa-3802	264	44	)	)	PUNCT
ajfa-3802	264	45	and	and	CCONJ
ajfa-3802	264	46	number	number	NOUN
ajfa-3802	264	47	of	of	ADP
ajfa-3802	264	48	deficits	deficit	NOUN
ajfa-3802	264	49	.	.	PUNCT
ajfa-3802	265	1	dechow	dechow	ADJ
ajfa-3802	265	2	and	and	CCONJ
ajfa-3802	265	3	dichev	dichev	PROPN
ajfa-3802	265	4	(	(	PUNCT
ajfa-3802	265	5	2002	2002	NUM
ajfa-3802	265	6	)	)	PUNCT
ajfa-3802	265	7	pointed	point	VERB
ajfa-3802	265	8	out	out	ADP
ajfa-3802	265	9	longer	long	ADV
ajfa-3802	265	10	operating	operating	NOUN
ajfa-3802	265	11	cycles	cycle	NOUN
ajfa-3802	265	12	indicated	indicate	VERB
ajfa-3802	265	13	more	more	ADJ
ajfa-3802	265	14	uncertainty	uncertainty	NOUN
ajfa-3802	265	15	,	,	PUNCT
ajfa-3802	265	16	more	more	ADJ
ajfa-3802	265	17	estimation	estimation	NOUN
ajfa-3802	265	18	and	and	CCONJ
ajfa-3802	265	19	errors	error	NOUN
ajfa-3802	265	20	of	of	ADP
ajfa-3802	265	21	estimation	estimation	NOUN
ajfa-3802	265	22	.	.	PUNCT
ajfa-3802	266	1	this	this	DET
ajfa-3802	266	2	paper	paper	NOUN
ajfa-3802	266	3	thinks	think	VERB
ajfa-3802	266	4	more	more	ADJ
ajfa-3802	266	5	estimation	estimation	NOUN
ajfa-3802	266	6	and	and	CCONJ
ajfa-3802	266	7	errors	error	NOUN
ajfa-3802	266	8	of	of	ADP
ajfa-3802	266	9	estimation	estimation	NOUN
ajfa-3802	266	10	will	will	AUX
ajfa-3802	266	11	increase	increase	VERB
ajfa-3802	266	12	information	information	NOUN
ajfa-3802	266	13	risks	risk	NOUN
ajfa-3802	266	14	and	and	CCONJ
ajfa-3802	266	15	therefore	therefore	ADV
ajfa-3802	266	16	increase	increase	VERB
ajfa-3802	266	17	investment	investment	NOUN
ajfa-3802	266	18	risks	risk	NOUN
ajfa-3802	266	19	.	.	PUNCT
ajfa-3802	267	1	dechow	dechow	ADJ
ajfa-3802	267	2	and	and	CCONJ
ajfa-3802	267	3	dichev	dichev	PROPN
ajfa-3802	267	4	(	(	PUNCT
ajfa-3802	267	5	2002	2002	NUM
ajfa-3802	267	6	)	)	PUNCT
ajfa-3802	267	7	expected	expect	VERB
ajfa-3802	267	8	large	large	ADJ
ajfa-3802	267	9	firms	firm	NOUN
ajfa-3802	267	10	have	have	VERB
ajfa-3802	267	11	more	more	ADV
ajfa-3802	267	12	predictable	predictable	ADJ
ajfa-3802	267	13	and	and	CCONJ
ajfa-3802	267	14	stable	stable	ADJ
ajfa-3802	267	15	operations	operation	NOUN
ajfa-3802	267	16	,	,	PUNCT
ajfa-3802	267	17	and	and	CCONJ
ajfa-3802	267	18	therefore	therefore	ADV
ajfa-3802	267	19	less	less	ADJ
ajfa-3802	267	20	estimation	estimation	NOUN
ajfa-3802	267	21	errors	error	NOUN
ajfa-3802	267	22	.	.	PUNCT
ajfa-3802	268	1	hence	hence	ADV
ajfa-3802	268	2	,	,	PUNCT
ajfa-3802	268	3	this	this	DET
ajfa-3802	268	4	paper	paper	NOUN
ajfa-3802	268	5	thinks	think	VERB
ajfa-3802	268	6	larger	large	ADJ
ajfa-3802	268	7	firms	firm	NOUN
ajfa-3802	268	8	will	will	AUX
ajfa-3802	268	9	have	have	VERB
ajfa-3802	268	10	less	less	ADJ
ajfa-3802	268	11	investment	investment	NOUN
ajfa-3802	268	12	risks	risk	NOUN
ajfa-3802	268	13	.	.	PUNCT
ajfa-3802	269	1	for	for	ADP
ajfa-3802	269	2	standard	standard	ADJ
ajfa-3802	269	3	deviation	deviation	NOUN
ajfa-3802	269	4	of	of	ADP
ajfa-3802	269	5	revenues	revenue	NOUN
ajfa-3802	269	6	,	,	PUNCT
ajfa-3802	269	7	dechow	dechow	ADJ
ajfa-3802	269	8	and	and	CCONJ
ajfa-3802	269	9	dichev	dichev	PROPN
ajfa-3802	269	10	(	(	PUNCT
ajfa-3802	269	11	2002	2002	NUM
ajfa-3802	269	12	)	)	PUNCT
ajfa-3802	269	13	mentioned	mention	VERB
ajfa-3802	269	14	the	the	DET
ajfa-3802	269	15	volatility	volatility	NOUN
ajfa-3802	269	16	of	of	ADP
ajfa-3802	269	17	revenues	revenue	NOUN
ajfa-3802	269	18	indicated	indicate	VERB
ajfa-3802	269	19	higher	high	ADJ
ajfa-3802	269	20	uncertainty	uncertainty	NOUN
ajfa-3802	269	21	in	in	ADP
ajfa-3802	269	22	the	the	DET
ajfa-3802	269	23	operating	operating	NOUN
ajfa-3802	269	24	environment	environment	NOUN
ajfa-3802	269	25	,	,	PUNCT
ajfa-3802	269	26	and	and	CCONJ
ajfa-3802	269	27	therefore	therefore	ADV
ajfa-3802	269	28	large	large	ADJ
ajfa-3802	269	29	use	use	NOUN
ajfa-3802	269	30	of	of	ADP
ajfa-3802	269	31	approximations	approximation	NOUN
ajfa-3802	269	32	and	and	CCONJ
ajfa-3802	269	33	estimation	estimation	NOUN
ajfa-3802	269	34	,	,	PUNCT
ajfa-3802	269	35	and	and	CCONJ
ajfa-3802	269	36	reflected	reflect	VERB
ajfa-3802	269	37	greater	great	ADJ
ajfa-3802	269	38	estimation	estimation	NOUN
ajfa-3802	269	39	errors	error	NOUN
ajfa-3802	269	40	.	.	PUNCT
ajfa-3802	270	1	this	this	DET
ajfa-3802	270	2	paper	paper	NOUN
ajfa-3802	270	3	believes	believe	VERB
ajfa-3802	270	4	that	that	SCONJ
ajfa-3802	270	5	more	more	ADJ
ajfa-3802	270	6	uncertainty	uncertainty	NOUN
ajfa-3802	270	7	in	in	ADP
ajfa-3802	270	8	operating	operating	NOUN
ajfa-3802	270	9	environment	environment	NOUN
ajfa-3802	270	10	causes	cause	VERB
ajfa-3802	270	11	more	more	ADJ
ajfa-3802	270	12	measurement	measurement	NOUN
ajfa-3802	270	13	errors	error	NOUN
ajfa-3802	270	14	and	and	CCONJ
ajfa-3802	270	15	greater	great	ADJ
ajfa-3802	270	16	investment	investment	NOUN
ajfa-3802	270	17	risks	risk	NOUN
ajfa-3802	270	18	.	.	PUNCT
ajfa-3802	271	1	dechow	dechow	ADJ
ajfa-3802	271	2	and	and	CCONJ
ajfa-3802	271	3	dichev	dichev	PROPN
ajfa-3802	271	4	(	(	PUNCT
ajfa-3802	271	5	2002	2002	NUM
ajfa-3802	271	6	)	)	PUNCT
ajfa-3802	271	7	stated	state	VERB
ajfa-3802	271	8	that	that	SCONJ
ajfa-3802	271	9	cash	cash	NOUN
ajfa-3802	271	10	flow	flow	NOUN
ajfa-3802	271	11	can	can	AUX
ajfa-3802	271	12	be	be	AUX
ajfa-3802	271	13	a	a	DET
ajfa-3802	271	14	variable	variable	NOUN
ajfa-3802	271	15	for	for	ADP
ajfa-3802	271	16	uncertain	uncertain	ADJ
ajfa-3802	271	17	operating	operating	NOUN
ajfa-3802	271	18	environment	environment	NOUN
ajfa-3802	271	19	.	.	PUNCT
ajfa-3802	272	1	so	so	ADV
ajfa-3802	272	2	this	this	DET
ajfa-3802	272	3	paper	paper	NOUN
ajfa-3802	272	4	suggests	suggest	VERB
ajfa-3802	272	5	that	that	SCONJ
ajfa-3802	272	6	greater	great	ADJ
ajfa-3802	272	7	changes	change	NOUN
ajfa-3802	272	8	in	in	ADP
ajfa-3802	272	9	cash	cash	NOUN
ajfa-3802	272	10	flow	flow	NOUN
ajfa-3802	272	11	will	will	AUX
ajfa-3802	272	12	have	have	VERB
ajfa-3802	272	13	higher	high	ADJ
ajfa-3802	272	14	investment	investment	NOUN
ajfa-3802	272	15	risks	risk	NOUN
ajfa-3802	272	16	.	.	PUNCT
ajfa-3802	273	1	for	for	ADP
ajfa-3802	273	2	the	the	DET
ajfa-3802	273	3	standard	standard	ADJ
ajfa-3802	273	4	deviation	deviation	NOUN
ajfa-3802	273	5	of	of	ADP
ajfa-3802	273	6	earnings	earning	NOUN
ajfa-3802	273	7	,	,	PUNCT
ajfa-3802	273	8	dechow	dechow	ADJ
ajfa-3802	273	9	and	and	CCONJ
ajfa-3802	273	10	dichev	dichev	PROPN
ajfa-3802	273	11	(	(	PUNCT
ajfa-3802	273	12	2002	2002	NUM
ajfa-3802	273	13	)	)	PUNCT
ajfa-3802	273	14	pointed	point	VERB
ajfa-3802	273	15	out	out	ADP
ajfa-3802	273	16	that	that	SCONJ
ajfa-3802	273	17	earnings	earning	NOUN
ajfa-3802	273	18	are	be	AUX
ajfa-3802	273	19	the	the	DET
ajfa-3802	273	20	sum	sum	NOUN
ajfa-3802	273	21	of	of	ADP
ajfa-3802	273	22	accruals	accrual	NOUN
ajfa-3802	273	23	and	and	CCONJ
ajfa-3802	273	24	cash	cash	NOUN
ajfa-3802	273	25	flows	flow	NOUN
ajfa-3802	273	26	.	.	PUNCT
ajfa-3802	274	1	volatility	volatility	NOUN
ajfa-3802	274	2	of	of	ADP
ajfa-3802	274	3	cash	cash	NOUN
ajfa-3802	274	4	flows	flow	NOUN
ajfa-3802	274	5	and	and	CCONJ
ajfa-3802	274	6	accruals	accrual	NOUN
ajfa-3802	274	7	would	would	AUX
ajfa-3802	274	8	lead	lead	VERB
ajfa-3802	274	9	to	to	ADP
ajfa-3802	274	10	poor	poor	ADJ
ajfa-3802	274	11	earnings	earning	NOUN
ajfa-3802	274	12	quality	quality	NOUN
ajfa-3802	274	13	.	.	PUNCT
ajfa-3802	275	1	hence	hence	ADV
ajfa-3802	275	2	,	,	PUNCT
ajfa-3802	275	3	this	this	DET
ajfa-3802	275	4	paper	paper	NOUN
ajfa-3802	275	5	believes	believe	VERB
ajfa-3802	275	6	higher	high	ADJ
ajfa-3802	275	7	standard	standard	ADJ
ajfa-3802	275	8	deviation	deviation	NOUN
ajfa-3802	275	9	of	of	ADP
ajfa-3802	275	10	earnings	earning	NOUN
ajfa-3802	275	11	will	will	AUX
ajfa-3802	275	12	have	have	VERB
ajfa-3802	275	13	higher	high	ADJ
ajfa-3802	275	14	investment	investment	NOUN
ajfa-3802	275	15	risks	risk	NOUN
ajfa-3802	275	16	.	.	PUNCT
ajfa-3802	276	1	dechow	dechow	ADJ
ajfa-3802	276	2	and	and	CCONJ
ajfa-3802	276	3	dichev	dichev	PROPN
ajfa-3802	276	4	(	(	PUNCT
ajfa-3802	276	5	2002	2002	NUM
ajfa-3802	276	6	)	)	PUNCT
ajfa-3802	276	7	pointed	point	VERB
ajfa-3802	276	8	out	out	ADP
ajfa-3802	276	9	that	that	SCONJ
ajfa-3802	276	10	losses	loss	NOUN
ajfa-3802	276	11	were	be	AUX
ajfa-3802	276	12	negative	negative	ADJ
ajfa-3802	276	13	impact	impact	NOUN
ajfa-3802	276	14	to	to	ADP
ajfa-3802	276	15	a	a	DET
ajfa-3802	276	16	firm	firm	NOUN
ajfa-3802	276	17	’s	’s	PART
ajfa-3802	276	18	operating	operating	NOUN
ajfa-3802	276	19	environment	environment	NOUN
ajfa-3802	276	20	.	.	PUNCT
ajfa-3802	277	1	accruals	accrual	NOUN
ajfa-3802	277	2	would	would	AUX
ajfa-3802	277	3	involve	involve	VERB
ajfa-3802	277	4	continuous	continuous	ADJ
ajfa-3802	277	5	estimation	estimation	NOUN
ajfa-3802	277	6	errors	error	NOUN
ajfa-3802	277	7	.	.	PUNCT
ajfa-3802	278	1	hence	hence	ADV
ajfa-3802	278	2	,	,	PUNCT
ajfa-3802	278	3	this	this	DET
ajfa-3802	278	4	paper	paper	NOUN
ajfa-3802	278	5	thinks	think	VERB
ajfa-3802	278	6	more	more	ADV
ajfa-3802	278	7	frequent	frequent	ADJ
ajfa-3802	278	8	number	number	NOUN
ajfa-3802	278	9	of	of	ADP
ajfa-3802	278	10	deficits	deficit	NOUN
ajfa-3802	278	11	in	in	ADP
ajfa-3802	278	12	a	a	DET
ajfa-3802	278	13	firm	firm	NOUN
ajfa-3802	278	14	will	will	AUX
ajfa-3802	278	15	have	have	VERB
ajfa-3802	278	16	higher	high	ADJ
ajfa-3802	278	17	investment	investment	NOUN
ajfa-3802	278	18	risks	risk	NOUN
ajfa-3802	278	19	.	.	PUNCT
ajfa-3802	279	1	organization	organization	NOUN
ajfa-3802	279	2	strategy	strategy	NOUN
ajfa-3802	279	3	in	in	ADP
ajfa-3802	279	4	accounting	accounting	NOUN
ajfa-3802	279	5	signals	signal	NOUN
ajfa-3802	279	6	and	and	CCONJ
ajfa-3802	279	7	management	management	NOUN
ajfa-3802	279	8	factors	factor	NOUN
ajfa-3802	279	9	to	to	PART
ajfa-3802	279	10	enhance	enhance	VERB
ajfa-3802	279	11	a	a	DET
ajfa-3802	279	12	firm	firm	NOUN
ajfa-3802	279	13	’s	’s	PART
ajfa-3802	279	14	value	value	NOUN
ajfa-3802	279	15	,	,	PUNCT
ajfa-3802	279	16	managers	manager	NOUN
ajfa-3802	279	17	pursue	pursue	VERB
ajfa-3802	279	18	profitability	profitability	NOUN
ajfa-3802	279	19	and	and	CCONJ
ajfa-3802	279	20	growth	growth	NOUN
ajfa-3802	279	21	.	.	PUNCT
ajfa-3802	280	1	porter	porter	NOUN
ajfa-3802	280	2	(	(	PUNCT
ajfa-3802	280	3	1996	1996	NUM
ajfa-3802	280	4	)	)	PUNCT
ajfa-3802	280	5	believed	believe	VERB
ajfa-3802	280	6	that	that	SCONJ
ajfa-3802	280	7	organization	organization	NOUN
ajfa-3802	280	8	strategy	strategy	NOUN
ajfa-3802	280	9	and	and	CCONJ
ajfa-3802	280	10	operation	operation	NOUN
ajfa-3802	280	11	performance	performance	NOUN
ajfa-3802	280	12	could	could	AUX
ajfa-3802	280	13	assist	assist	VERB
ajfa-3802	280	14	organization	organization	NOUN
ajfa-3802	280	15	to	to	PART
ajfa-3802	280	16	improve	improve	VERB
ajfa-3802	280	17	its	its	PRON
ajfa-3802	280	18	performance	performance	NOUN
ajfa-3802	280	19	.	.	PUNCT
ajfa-3802	281	1	this	this	DET
ajfa-3802	281	2	paper	paper	NOUN
ajfa-3802	281	3	suggests	suggest	VERB
ajfa-3802	281	4	that	that	SCONJ
ajfa-3802	281	5	there	there	PRON
ajfa-3802	281	6	are	be	VERB
ajfa-3802	281	7	two	two	NUM
ajfa-3802	281	8	levels	level	NOUN
ajfa-3802	281	9	for	for	SCONJ
ajfa-3802	281	10	managers	manager	NOUN
ajfa-3802	281	11	to	to	PART
ajfa-3802	281	12	improve	improve	VERB
ajfa-3802	281	13	performance	performance	NOUN
ajfa-3802	281	14	from	from	ADP
ajfa-3802	281	15	a	a	DET
ajfa-3802	281	16	business	business	NOUN
ajfa-3802	281	17	value	value	NOUN
ajfa-3802	281	18	aspect	aspect	NOUN
ajfa-3802	281	19	and	and	CCONJ
ajfa-3802	281	20	they	they	PRON
ajfa-3802	281	21	are	be	AUX
ajfa-3802	281	22	strategy	strategy	NOUN
ajfa-3802	281	23	level	level	NOUN
ajfa-3802	281	24	and	and	CCONJ
ajfa-3802	281	25	driving	driving	NOUN
ajfa-3802	281	26	factor	factor	NOUN
ajfa-3802	281	27	level	level	NOUN
ajfa-3802	281	28	.	.	PUNCT
ajfa-3802	282	1	strategy	strategy	NOUN
ajfa-3802	282	2	level	level	NOUN
ajfa-3802	282	3	includes	include	VERB
ajfa-3802	282	4	differentiation	differentiation	NOUN
ajfa-3802	282	5	strategy	strategy	NOUN
ajfa-3802	282	6	and	and	CCONJ
ajfa-3802	282	7	cost	cost	NOUN
ajfa-3802	282	8	leadership	leadership	NOUN
ajfa-3802	282	9	strategy	strategy	NOUN
ajfa-3802	282	10	.	.	PUNCT
ajfa-3802	283	1	poter	poter	NOUN
ajfa-3802	283	2	(	(	PUNCT
ajfa-3802	283	3	1985	1985	NUM
ajfa-3802	283	4	)	)	PUNCT
ajfa-3802	283	5	mentioned	mention	VERB
ajfa-3802	283	6	that	that	SCONJ
ajfa-3802	283	7	managers	manager	NOUN
ajfa-3802	283	8	could	could	AUX
ajfa-3802	283	9	ensure	ensure	VERB
ajfa-3802	283	10	the	the	DET
ajfa-3802	283	11	firm	firm	NOUN
ajfa-3802	283	12	maintains	maintain	VERB
ajfa-3802	283	13	its	its	PRON
ajfa-3802	283	14	competitiveness	competitiveness	NOUN
ajfa-3802	283	15	with	with	ADP
ajfa-3802	283	16	the	the	DET
ajfa-3802	283	17	help	help	NOUN
ajfa-3802	283	18	of	of	ADP
ajfa-3802	283	19	differentiation	differentiation	NOUN
ajfa-3802	283	20	strategy	strategy	NOUN
ajfa-3802	283	21	and	and	CCONJ
ajfa-3802	283	22	cost	cost	NOUN
ajfa-3802	283	23	leadership	leadership	NOUN
ajfa-3802	283	24	strategy	strategy	NOUN
ajfa-3802	283	25	.	.	PUNCT
ajfa-3802	284	1	differentiation	differentiation	NOUN
ajfa-3802	284	2	strategy	strategy	NOUN
ajfa-3802	284	3	is	be	AUX
ajfa-3802	284	4	to	to	PART
ajfa-3802	284	5	differentiate	differentiate	VERB
ajfa-3802	284	6	the	the	DET
ajfa-3802	284	7	products	product	NOUN
ajfa-3802	284	8	with	with	ADP
ajfa-3802	284	9	higher	high	ADJ
ajfa-3802	284	10	values	value	NOUN
ajfa-3802	284	11	and	and	CCONJ
ajfa-3802	284	12	uniqueness	uniqueness	NOUN
ajfa-3802	284	13	in	in	ADP
ajfa-3802	284	14	order	order	NOUN
ajfa-3802	284	15	to	to	PART
ajfa-3802	284	16	compete	compete	VERB
ajfa-3802	284	17	successfully	successfully	ADV
ajfa-3802	284	18	.	.	PUNCT
ajfa-3802	285	1	a	a	DET
ajfa-3802	285	2	firm	firm	NOUN
ajfa-3802	285	3	that	that	PRON
ajfa-3802	285	4	has	have	VERB
ajfa-3802	285	5	high	high	ADJ
ajfa-3802	285	6	profit	profit	NOUN
ajfa-3802	285	7	and	and	CCONJ
ajfa-3802	285	8	lower	low	ADJ
ajfa-3802	285	9	asset	asset	NOUN
ajfa-3802	285	10	turnover	turnover	NOUN
ajfa-3802	285	11	ratio	ratio	NOUN
ajfa-3802	285	12	tend	tend	VERB
ajfa-3802	285	13	to	to	PART
ajfa-3802	285	14	apply	apply	VERB
ajfa-3802	285	15	differentiation	differentiation	NOUN
ajfa-3802	285	16	strategy	strategy	NOUN
ajfa-3802	285	17	.	.	PUNCT
ajfa-3802	286	1	cost	cost	NOUN
ajfa-3802	286	2	leadership	leadership	NOUN
ajfa-3802	286	3	strategy	strategy	NOUN
ajfa-3802	286	4	is	be	AUX
ajfa-3802	286	5	a	a	DET
ajfa-3802	286	6	firm	firm	ADJ
ajfa-3802	286	7	achieving	achieve	VERB
ajfa-3802	286	8	high	high	ADJ
ajfa-3802	286	9	effective	effective	ADJ
ajfa-3802	286	10	use	use	NOUN
ajfa-3802	286	11	of	of	ADP
ajfa-3802	286	12	assets	asset	NOUN
ajfa-3802	286	13	to	to	PART
ajfa-3802	286	14	lower	lower	VERB
ajfa-3802	286	15	the	the	DET
ajfa-3802	286	16	costs	cost	NOUN
ajfa-3802	286	17	and	and	CCONJ
ajfa-3802	286	18	therefore	therefore	ADV
ajfa-3802	286	19	wins	win	VERB
ajfa-3802	286	20	market	market	NOUN
ajfa-3802	286	21	share	share	NOUN
ajfa-3802	286	22	.	.	PUNCT
ajfa-3802	287	1	it	it	PRON
ajfa-3802	287	2	is	be	AUX
ajfa-3802	287	3	suitable	suitable	ADJ
ajfa-3802	287	4	for	for	ADP
ajfa-3802	287	5	firms	firm	NOUN
ajfa-3802	287	6	that	that	PRON
ajfa-3802	287	7	have	have	VERB
ajfa-3802	287	8	low	low	ADJ
ajfa-3802	287	9	profit	profit	NOUN
ajfa-3802	287	10	but	but	CCONJ
ajfa-3802	287	11	high	high	ADJ
ajfa-3802	287	12	asset	asset	NOUN
ajfa-3802	287	13	turnover	turnover	NOUN
ajfa-3802	287	14	ratio8	ratio8	NOUN
ajfa-3802	287	15	.	.	PUNCT
ajfa-3802	288	1	first	first	ADV
ajfa-3802	288	2	,	,	PUNCT
ajfa-3802	288	3	this	this	DET
ajfa-3802	288	4	paper	paper	NOUN
ajfa-3802	288	5	decomposes	decompose	VERB
ajfa-3802	288	6	profit	profit	NOUN
ajfa-3802	288	7	margin	margin	NOUN
ajfa-3802	288	8	which	which	PRON
ajfa-3802	288	9	is	be	AUX
ajfa-3802	288	10	decomposed	decompose	VERB
ajfa-3802	288	11	by	by	ADP
ajfa-3802	288	12	roa	roa	NOUN
ajfa-3802	288	13	into	into	ADP
ajfa-3802	288	14	net	net	ADJ
ajfa-3802	288	15	profit	profit	NOUN
ajfa-3802	288	16	margin	margin	NOUN
ajfa-3802	288	17	and	and	CCONJ
ajfa-3802	288	18	gross	gross	ADJ
ajfa-3802	288	19	profit	profit	NOUN
ajfa-3802	288	20	.	.	PUNCT
ajfa-3802	289	1	the	the	DET
ajfa-3802	289	2	combination	combination	NOUN
ajfa-3802	289	3	of	of	ADP
ajfa-3802	289	4	gross	gross	ADJ
ajfa-3802	289	5	profit	profit	NOUN
ajfa-3802	289	6	(	(	PUNCT
ajfa-3802	289	7	(	(	PUNCT
ajfa-3802	289	8	compustat	compustat	NOUN
ajfa-3802	289	9	#	#	NOUN
ajfa-3802	289	10	12	12	NUM
ajfa-3802	289	11	compustat	compustat	NOUN
ajfa-3802	289	12	#	#	NOUN
ajfa-3802	289	13	41)/	41)/	PROPN
ajfa-3802	289	14	compustat	compustat	NOUN
ajfa-3802	289	15	#	#	NOUN
ajfa-3802	289	16	12	12	NUM
ajfa-3802	289	17	)	)	PUNCT
ajfa-3802	289	18	and	and	CCONJ
ajfa-3802	289	19	asset	asset	NOUN
ajfa-3802	289	20	turnover	turnover	NOUN
ajfa-3802	289	21	ratio	ratio	NOUN
ajfa-3802	289	22	(	(	PUNCT
ajfa-3802	289	23	compustat	compustat	NOUN
ajfa-3802	289	24	#	#	NOUN
ajfa-3802	289	25	12/	12/	NUM
ajfa-3802	289	26	compustat	compustat	NOUN
ajfa-3802	289	27	#	#	SYM
ajfa-3802	289	28	6	6	NUM
ajfa-3802	289	29	)	)	PUNCT
ajfa-3802	289	30	can	can	AUX
ajfa-3802	289	31	better	well	ADV
ajfa-3802	289	32	present	present	VERB
ajfa-3802	289	33	the	the	DET
ajfa-3802	289	34	strategy	strategy	NOUN
ajfa-3802	289	35	applied	apply	VERB
ajfa-3802	289	36	in	in	ADP
ajfa-3802	289	37	a	a	DET
ajfa-3802	289	38	firm	firm	NOUN
ajfa-3802	289	39	.	.	PUNCT
ajfa-3802	290	1	this	this	PRON
ajfa-3802	290	2	is	be	AUX
ajfa-3802	290	3	called	call	VERB
ajfa-3802	290	4	the	the	DET
ajfa-3802	290	5	strategy	strategy	NOUN
ajfa-3802	290	6	level	level	NOUN
ajfa-3802	290	7	in	in	ADP
ajfa-3802	290	8	this	this	DET
ajfa-3802	290	9	paper	paper	NOUN
ajfa-3802	290	10	.	.	PUNCT
ajfa-3802	291	1	7	7	NUM
ajfa-3802	291	2	operating	operating	NOUN
ajfa-3802	291	3	cycle	cycle	NOUN
ajfa-3802	291	4	is	be	AUX
ajfa-3802	291	5	inventory	inventory	NOUN
ajfa-3802	291	6	turnover	turnover	NOUN
ajfa-3802	291	7	days	day	NOUN
ajfa-3802	291	8	plus	plus	CCONJ
ajfa-3802	291	9	accounts	account	VERB
ajfa-3802	291	10	receivable	receivable	ADJ
ajfa-3802	291	11	turnover	turnover	NOUN
ajfa-3802	291	12	days	day	NOUN
ajfa-3802	291	13	.	.	PUNCT
ajfa-3802	292	1	its	its	PRON
ajfa-3802	292	2	formula	formula	NOUN
ajfa-3802	292	3	is	be	AUX
ajfa-3802	292	4	360/(cost	360/(cost	NUM
ajfa-3802	292	5	of	of	ADP
ajfa-3802	292	6	goods	good	NOUN
ajfa-3802	292	7	sold)/(average	sold)/(average	NOUN
ajfa-3802	292	8	inventory)+360/(sale	inventory)+360/(sale	PROPN
ajfa-3802	292	9	/	/	SYM
ajfa-3802	292	10	average	average	NOUN
ajfa-3802	292	11	ar	ar	NOUN
ajfa-3802	292	12	)	)	PUNCT
ajfa-3802	292	13	,	,	PUNCT
ajfa-3802	292	14	where	where	SCONJ
ajfa-3802	292	15	sales	sale	NOUN
ajfa-3802	292	16	(	(	PUNCT
ajfa-3802	292	17	compustat	compustat	NOUN
ajfa-3802	292	18	#	#	NOUN
ajfa-3802	292	19	12	12	NUM
ajfa-3802	292	20	)	)	PUNCT
ajfa-3802	292	21	;	;	PUNCT
ajfa-3802	292	22	cost	cost	NOUN
ajfa-3802	292	23	of	of	ADP
ajfa-3802	292	24	goods	good	NOUN
ajfa-3802	292	25	sold	sell	VERB
ajfa-3802	292	26	(	(	PUNCT
ajfa-3802	292	27	compustat	compustat	NOUN
ajfa-3802	292	28	#	#	NOUN
ajfa-3802	292	29	41	41	NUM
ajfa-3802	292	30	)	)	PUNCT
ajfa-3802	292	31	;	;	PUNCT
ajfa-3802	292	32	ar	ar	PROPN
ajfa-3802	292	33	(	(	PUNCT
ajfa-3802	292	34	compustat	compustat	NOUN
ajfa-3802	292	35	#	#	NOUN
ajfa-3802	292	36	2	2	NUM
ajfa-3802	292	37	)	)	PUNCT
ajfa-3802	292	38	;	;	PUNCT
ajfa-3802	292	39	inventory	inventory	NOUN
ajfa-3802	292	40	(	(	PUNCT
ajfa-3802	292	41	compustat	compustat	NOUN
ajfa-3802	292	42	#	#	NOUN
ajfa-3802	292	43	3	3	NUM
ajfa-3802	292	44	)	)	PUNCT
ajfa-3802	292	45	8	8	NUM
ajfa-3802	292	46	palepu	palepu	NOUN
ajfa-3802	292	47	et	et	NOUN
ajfa-3802	292	48	al	al	PROPN
ajfa-3802	292	49	.	.	PROPN
ajfa-3802	293	1	(	(	PUNCT
ajfa-3802	293	2	2007	2007	NUM
ajfa-3802	293	3	)	)	PUNCT
ajfa-3802	293	4	pointed	point	VERB
ajfa-3802	293	5	cost	cost	NOUN
ajfa-3802	293	6	leadership	leadership	NOUN
ajfa-3802	293	7	approach	approach	NOUN
ajfa-3802	293	8	includes	include	VERB
ajfa-3802	293	9	scale	scale	NOUN
ajfa-3802	293	10	economy	economy	NOUN
ajfa-3802	293	11	,	,	PUNCT
ajfa-3802	293	12	effective	effective	ADJ
ajfa-3802	293	13	production	production	NOUN
ajfa-3802	293	14	,	,	PUNCT
ajfa-3802	293	15	simplified	simplify	VERB
ajfa-3802	293	16	product	product	NOUN
ajfa-3802	293	17	design	design	NOUN
ajfa-3802	293	18	,	,	PUNCT
ajfa-3802	293	19	low	low	ADJ
ajfa-3802	293	20	capital	capital	NOUN
ajfa-3802	293	21	invested	invest	VERB
ajfa-3802	293	22	and	and	CCONJ
ajfa-3802	293	23	effective	effective	ADJ
ajfa-3802	293	24	organizational	organizational	ADJ
ajfa-3802	293	25	processes	process	NOUN
ajfa-3802	293	26	.	.	PUNCT
ajfa-3802	294	1	however	however	ADV
ajfa-3802	294	2	firms	firm	NOUN
ajfa-3802	294	3	applying	apply	VERB
ajfa-3802	294	4	this	this	DET
ajfa-3802	294	5	approach	approach	NOUN
ajfa-3802	294	6	may	may	AUX
ajfa-3802	294	7	face	face	VERB
ajfa-3802	294	8	low	low	ADJ
ajfa-3802	294	9	price	price	NOUN
ajfa-3802	294	10	competition	competition	NOUN
ajfa-3802	294	11	from	from	ADP
ajfa-3802	294	12	rivals	rival	NOUN
ajfa-3802	294	13	and	and	CCONJ
ajfa-3802	294	14	therefore	therefore	ADV
ajfa-3802	294	15	their	their	PRON
ajfa-3802	294	16	returns	return	NOUN
ajfa-3802	294	17	are	be	AUX
ajfa-3802	294	18	lower	low	ADJ
ajfa-3802	294	19	.	.	PUNCT
ajfa-3802	295	1	similarly	similarly	ADV
ajfa-3802	295	2	,	,	PUNCT
ajfa-3802	295	3	horngren	horngren	PROPN
ajfa-3802	295	4	,	,	PUNCT
ajfa-3802	295	5	datar	datar	NOUN
ajfa-3802	295	6	and	and	CCONJ
ajfa-3802	295	7	rajan	rajan	PROPN
ajfa-3802	295	8	(	(	PUNCT
ajfa-3802	295	9	2008	2008	NUM
ajfa-3802	295	10	)	)	PUNCT
ajfa-3802	295	11	mentioned	mention	VERB
ajfa-3802	295	12	organization	organization	NOUN
ajfa-3802	295	13	can	can	AUX
ajfa-3802	295	14	achieve	achieve	VERB
ajfa-3802	295	15	cost	cost	NOUN
ajfa-3802	295	16	leadership	leadership	NOUN
ajfa-3802	295	17	by	by	ADP
ajfa-3802	295	18	impoveing	impovee	VERB
ajfa-3802	295	19	productivity	productivity	NOUN
ajfa-3802	295	20	and	and	CCONJ
ajfa-3802	295	21	effectiveness	effectiveness	NOUN
ajfa-3802	295	22	,	,	PUNCT
ajfa-3802	295	23	eliminating	eliminate	VERB
ajfa-3802	295	24	wastes	waste	NOUN
ajfa-3802	295	25	and	and	CCONJ
ajfa-3802	295	26	cost	cost	NOUN
ajfa-3802	295	27	control	control	NOUN
ajfa-3802	295	28	.	.	PUNCT
ajfa-3802	296	1	asian	asian	ADJ
ajfa-3802	296	2	journal	journal	PROPN
ajfa-3802	296	3	of	of	ADP
ajfa-3802	296	4	finance	finance	PROPN
ajfa-3802	296	5	&	&	CCONJ
ajfa-3802	296	6	accounting	accounting	PROPN
ajfa-3802	296	7	issn	issn	PROPN
ajfa-3802	296	8	1946	1946	NUM
ajfa-3802	296	9	-	-	PUNCT
ajfa-3802	296	10	052x	052x	NOUN
ajfa-3802	296	11	2013	2013	NUM
ajfa-3802	296	12	,	,	PUNCT
ajfa-3802	296	13	vol	vol	NOUN
ajfa-3802	296	14	.	.	PROPN
ajfa-3802	296	15	5	5	NUM
ajfa-3802	296	16	,	,	PUNCT
ajfa-3802	296	17	no	no	INTJ
ajfa-3802	296	18	.	.	NOUN
ajfa-3802	296	19	1	1	NUM
ajfa-3802	296	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	296	21	433	433	NUM
ajfa-3802	296	22	after	after	ADP
ajfa-3802	296	23	that	that	PRON
ajfa-3802	296	24	,	,	PUNCT
ajfa-3802	296	25	we	we	PRON
ajfa-3802	296	26	decompose	decompose	VERB
ajfa-3802	296	27	asset	asset	NOUN
ajfa-3802	296	28	turnover	turnover	NOUN
ajfa-3802	296	29	ratio	ratio	NOUN
ajfa-3802	296	30	into	into	ADP
ajfa-3802	296	31	fixed	fix	VERB
ajfa-3802	296	32	asset	asset	NOUN
ajfa-3802	296	33	turnover	turnover	NOUN
ajfa-3802	296	34	ratio	ratio	NOUN
ajfa-3802	296	35	(	(	PUNCT
ajfa-3802	296	36	compustat	compustat	NOUN
ajfa-3802	296	37	#	#	NOUN
ajfa-3802	296	38	12/	12/	NUM
ajfa-3802	296	39	compustat	compustat	NOUN
ajfa-3802	296	40	#	#	SYM
ajfa-3802	296	41	7	7	NUM
ajfa-3802	296	42	)	)	PUNCT
ajfa-3802	296	43	and	and	CCONJ
ajfa-3802	296	44	capital	capital	NOUN
ajfa-3802	296	45	expenditure	expenditure	NOUN
ajfa-3802	296	46	ratio	ratio	NOUN
ajfa-3802	296	47	per	per	ADP
ajfa-3802	296	48	person	person	NOUN
ajfa-3802	296	49	(	(	PUNCT
ajfa-3802	296	50	compustat	compustat	NOUN
ajfa-3802	296	51	#	#	SYM
ajfa-3802	296	52	7/	7/	NUM
ajfa-3802	296	53	compustat	compustat	NOUN
ajfa-3802	296	54	#	#	SYM
ajfa-3802	296	55	29	29	NUM
ajfa-3802	296	56	)	)	PUNCT
ajfa-3802	296	57	.	.	PUNCT
ajfa-3802	297	1	fixed	fix	VERB
ajfa-3802	297	2	asset	asset	NOUN
ajfa-3802	297	3	turnover	turnover	NOUN
ajfa-3802	297	4	ratio	ratio	NOUN
ajfa-3802	297	5	focuses	focus	VERB
ajfa-3802	297	6	on	on	ADP
ajfa-3802	297	7	the	the	DET
ajfa-3802	297	8	effective	effective	ADJ
ajfa-3802	297	9	use	use	NOUN
ajfa-3802	297	10	of	of	ADP
ajfa-3802	297	11	fixed	fix	VERB
ajfa-3802	297	12	assets	asset	NOUN
ajfa-3802	297	13	while	while	SCONJ
ajfa-3802	297	14	capital	capital	NOUN
ajfa-3802	297	15	expenditure	expenditure	NOUN
ajfa-3802	297	16	ratio	ratio	NOUN
ajfa-3802	297	17	per	per	ADP
ajfa-3802	297	18	person	person	NOUN
ajfa-3802	297	19	focuses	focus	VERB
ajfa-3802	297	20	on	on	ADP
ajfa-3802	297	21	the	the	DET
ajfa-3802	297	22	investment	investment	NOUN
ajfa-3802	297	23	of	of	ADP
ajfa-3802	297	24	equipment	equipment	NOUN
ajfa-3802	297	25	,	,	PUNCT
ajfa-3802	297	26	that	that	PRON
ajfa-3802	297	27	is	be	AUX
ajfa-3802	297	28	the	the	DET
ajfa-3802	297	29	degree	degree	NOUN
ajfa-3802	297	30	of	of	ADP
ajfa-3802	297	31	automation	automation	NOUN
ajfa-3802	297	32	of	of	ADP
ajfa-3802	297	33	a	a	DET
ajfa-3802	297	34	firm	firm	NOUN
ajfa-3802	297	35	.	.	PUNCT
ajfa-3802	298	1	the	the	DET
ajfa-3802	298	2	decomposition	decomposition	NOUN
ajfa-3802	298	3	is	be	AUX
ajfa-3802	298	4	shown	show	VERB
ajfa-3802	298	5	as	as	SCONJ
ajfa-3802	298	6	follows	follow	VERB
ajfa-3802	298	7	:	:	PUNCT
ajfa-3802	298	8	assets	asset	NOUN
ajfa-3802	298	9	employee	employee	NOUN
ajfa-3802	298	10	employee	employee	NOUN
ajfa-3802	298	11	fixassets	fixasset	VERB
ajfa-3802	298	12	fixassets	fixasset	VERB
ajfa-3802	298	13	sales	sale	NOUN
ajfa-3802	298	14	sales	sale	NOUN
ajfa-3802	299	1	ni	ni	NOUN
ajfa-3802	299	2	assets	asset	NOUN
ajfa-3802	299	3	sales	sale	NOUN
ajfa-3802	299	4	sales	sale	NOUN
ajfa-3802	299	5	ofitprgross	ofitprgross	PROPN
ajfa-3802	299	6	ofitprgross	ofitprgross	PROPN
ajfa-3802	299	7	ni	ni	PROPN
ajfa-3802	299	8	assets	asset	NOUN
ajfa-3802	299	9	sales	sale	NOUN
ajfa-3802	299	10	sales	sale	NOUN
ajfa-3802	299	11	ni	ni	PROPN
ajfa-3802	299	12	atopmroa	atopmroa	NOUN
ajfa-3802	299	13			PROPN
ajfa-3802	299	14			PROPN
ajfa-3802	299	15			PROPN
ajfa-3802	299	16			NOUN
ajfa-3802	299	17	(	(	PUNCT
ajfa-3802	299	18	8)	8)	NUM
ajfa-3802	299	19	compared	compare	VERB
ajfa-3802	299	20	with	with	ADP
ajfa-3802	299	21	past	past	ADJ
ajfa-3802	299	22	researchers	researcher	NOUN
ajfa-3802	299	23	which	which	PRON
ajfa-3802	299	24	only	only	ADV
ajfa-3802	299	25	considered	consider	VERB
ajfa-3802	299	26	firm	firm	ADJ
ajfa-3802	299	27	-	-	PUNCT
ajfa-3802	299	28	specific	specific	ADJ
ajfa-3802	299	29	driving	driving	NOUN
ajfa-3802	299	30	factor	factor	NOUN
ajfa-3802	299	31	as	as	ADP
ajfa-3802	299	32	measurement	measurement	NOUN
ajfa-3802	299	33	variable	variable	NOUN
ajfa-3802	299	34	,	,	PUNCT
ajfa-3802	299	35	this	this	DET
ajfa-3802	299	36	paper	paper	NOUN
ajfa-3802	299	37	considers	consider	VERB
ajfa-3802	299	38	difference	difference	NOUN
ajfa-3802	299	39	in	in	ADP
ajfa-3802	299	40	industry	industry	NOUN
ajfa-3802	299	41	mean	mean	VERB
ajfa-3802	299	42	as	as	ADP
ajfa-3802	299	43	driving	drive	VERB
ajfa-3802	299	44	factor	factor	NOUN
ajfa-3802	299	45	in	in	ADP
ajfa-3802	299	46	order	order	NOUN
ajfa-3802	299	47	to	to	PART
ajfa-3802	299	48	review	review	VERB
ajfa-3802	299	49	the	the	DET
ajfa-3802	299	50	firm	firm	ADJ
ajfa-3802	299	51	-	-	PUNCT
ajfa-3802	299	52	specific	specific	ADJ
ajfa-3802	299	53	driving	driving	NOUN
ajfa-3802	299	54	factors	factor	NOUN
ajfa-3802	299	55	from	from	ADP
ajfa-3802	299	56	industry	industry	NOUN
ajfa-3802	299	57	aspect	aspect	NOUN
ajfa-3802	299	58	.	.	PUNCT
ajfa-3802	300	1	hence	hence	ADV
ajfa-3802	300	2	,	,	PUNCT
ajfa-3802	300	3	we	we	PRON
ajfa-3802	300	4	apply	apply	VERB
ajfa-3802	300	5	the	the	DET
ajfa-3802	300	6	mean	mean	NOUN
ajfa-3802	300	7	of	of	ADP
ajfa-3802	300	8	fixed	fix	VERB
ajfa-3802	300	9	asset	asset	NOUN
ajfa-3802	300	10	turnover	turnover	NOUN
ajfa-3802	300	11	ratio	ratio	NOUN
ajfa-3802	300	12	(	(	PUNCT
ajfa-3802	300	13	fixed	fix	VERB
ajfa-3802	300	14	asset	asset	NOUN
ajfa-3802	300	15	turnover	turnover	NOUN
ajfa-3802	300	16	ratio	ratio	NOUN
ajfa-3802	300	17	is	be	AUX
ajfa-3802	300	18	deducted	deduct	VERB
ajfa-3802	300	19	by	by	ADP
ajfa-3802	300	20	3	3	NUM
ajfa-3802	300	21	digits	digit	NOUN
ajfa-3802	300	22	of	of	ADP
ajfa-3802	300	23	sic	sic	NOUN
ajfa-3802	300	24	)	)	PUNCT
ajfa-3802	300	25	and	and	CCONJ
ajfa-3802	300	26	the	the	DET
ajfa-3802	300	27	capital	capital	NOUN
ajfa-3802	300	28	expenditure	expenditure	NOUN
ajfa-3802	300	29	ratio	ratio	NOUN
ajfa-3802	300	30	per	per	ADP
ajfa-3802	300	31	person	person	NOUN
ajfa-3802	300	32	(	(	PUNCT
ajfa-3802	300	33	capital	capital	NOUN
ajfa-3802	300	34	expenditure	expenditure	NOUN
ajfa-3802	300	35	ratio	ratio	NOUN
ajfa-3802	300	36	per	per	ADP
ajfa-3802	300	37	person	person	NOUN
ajfa-3802	300	38	is	be	AUX
ajfa-3802	300	39	deducted	deduct	VERB
ajfa-3802	300	40	by	by	ADP
ajfa-3802	300	41	3	3	NUM
ajfa-3802	300	42	digits	digit	NOUN
ajfa-3802	300	43	of	of	ADP
ajfa-3802	300	44	sic	sic	ADJ
ajfa-3802	300	45	)	)	PUNCT
ajfa-3802	300	46	as	as	ADP
ajfa-3802	300	47	the	the	DET
ajfa-3802	300	48	industry	industry	NOUN
ajfa-3802	300	49	-	-	PUNCT
ajfa-3802	300	50	specific	specific	ADJ
ajfa-3802	300	51	driving	driving	NOUN
ajfa-3802	300	52	factor	factor	NOUN
ajfa-3802	300	53	variables	variable	NOUN
ajfa-3802	300	54	.	.	PUNCT
ajfa-3802	301	1	sources	source	NOUN
ajfa-3802	301	2	table	table	VERB
ajfa-3802	301	3	1	1	NUM
ajfa-3802	301	4	shows	show	VERB
ajfa-3802	301	5	the	the	DET
ajfa-3802	301	6	data	datum	NOUN
ajfa-3802	301	7	collection	collection	NOUN
ajfa-3802	301	8	processes	process	NOUN
ajfa-3802	301	9	.	.	PUNCT
ajfa-3802	302	1	samples	sample	NOUN
ajfa-3802	302	2	are	be	AUX
ajfa-3802	302	3	collected	collect	VERB
ajfa-3802	302	4	from	from	ADP
ajfa-3802	302	5	compustat	compustat	NOUN
ajfa-3802	302	6	research	research	NOUN
ajfa-3802	302	7	insight	insight	NOUN
ajfa-3802	302	8	.	.	PUNCT
ajfa-3802	303	1	we	we	PRON
ajfa-3802	303	2	collect	collect	VERB
ajfa-3802	303	3	data	datum	NOUN
ajfa-3802	303	4	mainly	mainly	ADV
ajfa-3802	303	5	base	base	VERB
ajfa-3802	303	6	on	on	ADP
ajfa-3802	303	7	the	the	DET
ajfa-3802	303	8	three	three	NUM
ajfa-3802	303	9	dimensions	dimension	NOUN
ajfa-3802	303	10	in	in	ADP
ajfa-3802	303	11	this	this	DET
ajfa-3802	303	12	paper	paper	NOUN
ajfa-3802	303	13	and	and	CCONJ
ajfa-3802	303	14	integrate	integrate	VERB
ajfa-3802	303	15	the	the	DET
ajfa-3802	303	16	data	datum	NOUN
ajfa-3802	303	17	into	into	ADP
ajfa-3802	303	18	our	our	PRON
ajfa-3802	303	19	regression	regression	NOUN
ajfa-3802	303	20	model	model	NOUN
ajfa-3802	303	21	by	by	ADP
ajfa-3802	303	22	matching	match	VERB
ajfa-3802	303	23	.	.	PUNCT
ajfa-3802	304	1	the	the	DET
ajfa-3802	304	2	study	study	NOUN
ajfa-3802	304	3	period	period	NOUN
ajfa-3802	304	4	is	be	AUX
ajfa-3802	304	5	1991~20089	1991~20089	NUM
ajfa-3802	304	6	.	.	PUNCT
ajfa-3802	305	1	for	for	ADP
ajfa-3802	305	2	the	the	DET
ajfa-3802	305	3	collection	collection	NOUN
ajfa-3802	305	4	processes	process	NOUN
ajfa-3802	305	5	of	of	ADP
ajfa-3802	305	6	investment	investment	NOUN
ajfa-3802	305	7	risks	risk	NOUN
ajfa-3802	305	8	data	datum	NOUN
ajfa-3802	305	9	,	,	PUNCT
ajfa-3802	305	10	we	we	PRON
ajfa-3802	305	11	collect	collect	VERB
ajfa-3802	305	12	73,083	73,083	NUM
ajfa-3802	305	13	samples	sample	NOUN
ajfa-3802	305	14	with	with	ADP
ajfa-3802	305	15	search	search	NOUN
ajfa-3802	305	16	criteria	criterion	NOUN
ajfa-3802	305	17	:	:	PUNCT
ajfa-3802	305	18	cash	cash	NOUN
ajfa-3802	305	19	flows	flow	NOUN
ajfa-3802	305	20	,	,	PUNCT
ajfa-3802	305	21	properties	property	NOUN
ajfa-3802	305	22	,	,	PUNCT
ajfa-3802	305	23	plants	plant	NOUN
ajfa-3802	305	24	and	and	CCONJ
ajfa-3802	305	25	equipment	equipment	NOUN
ajfa-3802	305	26	,	,	PUNCT
ajfa-3802	305	27	changes	change	NOUN
ajfa-3802	305	28	in	in	ADP
ajfa-3802	305	29	revenues	revenue	NOUN
ajfa-3802	305	30	,	,	PUNCT
ajfa-3802	305	31	changes	change	NOUN
ajfa-3802	305	32	in	in	ADP
ajfa-3802	305	33	current	current	ADJ
ajfa-3802	305	34	assets	asset	NOUN
ajfa-3802	305	35	,	,	PUNCT
ajfa-3802	305	36	changes	change	NOUN
ajfa-3802	305	37	in	in	ADP
ajfa-3802	305	38	current	current	ADJ
ajfa-3802	305	39	liabilities	liability	NOUN
ajfa-3802	305	40	,	,	PUNCT
ajfa-3802	305	41	changes	change	NOUN
ajfa-3802	305	42	in	in	ADP
ajfa-3802	305	43	cash	cash	NOUN
ajfa-3802	305	44	,	,	PUNCT
ajfa-3802	305	45	changes	change	NOUN
ajfa-3802	305	46	in	in	ADP
ajfa-3802	305	47	current	current	ADJ
ajfa-3802	305	48	liabilities	liability	NOUN
ajfa-3802	305	49	due	due	ADJ
ajfa-3802	305	50	within	within	ADP
ajfa-3802	305	51	one	one	NUM
ajfa-3802	305	52	year	year	NOUN
ajfa-3802	305	53	.	.	PUNCT
ajfa-3802	306	1	there	there	PRON
ajfa-3802	306	2	are	be	VERB
ajfa-3802	306	3	67,245	67,245	NUM
ajfa-3802	306	4	samples	sample	NOUN
ajfa-3802	306	5	after	after	ADP
ajfa-3802	306	6	exempting	exempt	VERB
ajfa-3802	306	7	1	1	NUM
ajfa-3802	306	8	%	%	NOUN
ajfa-3802	306	9	of	of	ADP
ajfa-3802	306	10	finance	finance	NOUN
ajfa-3802	306	11	and	and	CCONJ
ajfa-3802	306	12	insurance	insurance	NOUN
ajfa-3802	306	13	industry	industry	NOUN
ajfa-3802	306	14	and	and	CCONJ
ajfa-3802	306	15	extreme	extreme	ADJ
ajfa-3802	306	16	values	value	NOUN
ajfa-3802	306	17	.	.	PUNCT
ajfa-3802	307	1	this	this	DET
ajfa-3802	307	2	study	study	NOUN
ajfa-3802	307	3	also	also	ADV
ajfa-3802	307	4	matches	match	VERB
ajfa-3802	307	5	the	the	DET
ajfa-3802	307	6	cash	cash	NOUN
ajfa-3802	307	7	flows	flow	VERB
ajfa-3802	307	8	data	datum	NOUN
ajfa-3802	307	9	of	of	ADP
ajfa-3802	307	10	prior	prior	ADJ
ajfa-3802	307	11	and	and	CCONJ
ajfa-3802	307	12	later	late	ADJ
ajfa-3802	307	13	periods	period	NOUN
ajfa-3802	307	14	because	because	SCONJ
ajfa-3802	307	15	they	they	PRON
ajfa-3802	307	16	are	be	AUX
ajfa-3802	307	17	involved	involve	VERB
ajfa-3802	307	18	in	in	ADP
ajfa-3802	307	19	computing	compute	VERB
ajfa-3802	307	20	investment	investment	NOUN
ajfa-3802	307	21	risks	risk	NOUN
ajfa-3802	307	22	.	.	PUNCT
ajfa-3802	308	1	so	so	ADV
ajfa-3802	308	2	the	the	DET
ajfa-3802	308	3	samples	sample	NOUN
ajfa-3802	308	4	left	leave	VERB
ajfa-3802	308	5	are	be	AUX
ajfa-3802	308	6	60,952	60,952	NUM
ajfa-3802	308	7	.	.	PUNCT
ajfa-3802	309	1	lastly	lastly	ADV
ajfa-3802	309	2	,	,	PUNCT
ajfa-3802	309	3	we	we	PRON
ajfa-3802	309	4	estimate	estimate	VERB
ajfa-3802	309	5	residuals	residual	NOUN
ajfa-3802	309	6	by	by	ADP
ajfa-3802	309	7	firm	firm	ADJ
ajfa-3802	309	8	-	-	PUNCT
ajfa-3802	309	9	specific	specific	ADJ
ajfa-3802	309	10	regression	regression	NOUN
ajfa-3802	309	11	method	method	NOUN
ajfa-3802	309	12	so	so	SCONJ
ajfa-3802	309	13	the	the	DET
ajfa-3802	309	14	longevity	longevity	NOUN
ajfa-3802	309	15	should	should	AUX
ajfa-3802	309	16	be	be	AUX
ajfa-3802	309	17	8	8	NUM
ajfa-3802	309	18	years	year	NOUN
ajfa-3802	309	19	at	at	ADP
ajfa-3802	309	20	9	9	NUM
ajfa-3802	309	21	to	to	PART
ajfa-3802	309	22	accommodate	accommodate	VERB
ajfa-3802	309	23	the	the	DET
ajfa-3802	309	24	deflated	deflated	ADJ
ajfa-3802	309	25	total	total	ADJ
ajfa-3802	309	26	assets	asset	NOUN
ajfa-3802	309	27	of	of	ADP
ajfa-3802	309	28	prior	prior	ADJ
ajfa-3802	309	29	period	period	NOUN
ajfa-3802	309	30	and	and	CCONJ
ajfa-3802	309	31	cash	cash	NOUN
ajfa-3802	309	32	flow	flow	NOUN
ajfa-3802	309	33	data	datum	NOUN
ajfa-3802	309	34	of	of	ADP
ajfa-3802	309	35	prior	prior	ADJ
ajfa-3802	309	36	and	and	CCONJ
ajfa-3802	309	37	later	later	ADJ
ajfa-3802	309	38	periods	period	NOUN
ajfa-3802	309	39	,	,	PUNCT
ajfa-3802	309	40	the	the	DET
ajfa-3802	309	41	data	data	NOUN
ajfa-3802	309	42	collection	collection	NOUN
ajfa-3802	309	43	period	period	NOUN
ajfa-3802	309	44	is	be	AUX
ajfa-3802	309	45	1990~2009	1990~2009	NUM
ajfa-3802	309	46	.	.	PUNCT
ajfa-3802	310	1	managerial	managerial	ADJ
ajfa-3802	310	2	level	level	NOUN
ajfa-3802	310	3	strategy	strategy	NOUN
ajfa-3802	310	4	level	level	NOUN
ajfa-3802	310	5	asian	asian	ADJ
ajfa-3802	310	6	journal	journal	NOUN
ajfa-3802	310	7	of	of	ADP
ajfa-3802	310	8	finance	finance	PROPN
ajfa-3802	310	9	&	&	CCONJ
ajfa-3802	310	10	accounting	accounting	PROPN
ajfa-3802	310	11	issn	issn	PROPN
ajfa-3802	310	12	1946	1946	NUM
ajfa-3802	310	13	-	-	PUNCT
ajfa-3802	310	14	052x	052x	NOUN
ajfa-3802	310	15	2013	2013	NUM
ajfa-3802	310	16	,	,	PUNCT
ajfa-3802	310	17	vol	vol	NOUN
ajfa-3802	310	18	.	.	PROPN
ajfa-3802	310	19	5	5	NUM
ajfa-3802	310	20	,	,	PUNCT
ajfa-3802	310	21	no	no	INTJ
ajfa-3802	310	22	.	.	NOUN
ajfa-3802	310	23	1	1	NUM
ajfa-3802	310	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	310	25	434	434	NUM
ajfa-3802	310	26	least	least	ADJ
ajfa-3802	310	27	.	.	PUNCT
ajfa-3802	311	1	after	after	ADP
ajfa-3802	311	2	exempting	exempt	VERB
ajfa-3802	311	3	3,747	3,747	NUM
ajfa-3802	311	4	unqualified	unqualified	ADJ
ajfa-3802	311	5	samples	sample	NOUN
ajfa-3802	311	6	,	,	PUNCT
ajfa-3802	311	7	we	we	PRON
ajfa-3802	311	8	have	have	VERB
ajfa-3802	311	9	53,430	53,430	NUM
ajfa-3802	311	10	samples	sample	NOUN
ajfa-3802	311	11	left	leave	VERB
ajfa-3802	311	12	.	.	PUNCT
ajfa-3802	312	1	table	table	NOUN
ajfa-3802	312	2	1	1	NUM
ajfa-3802	312	3	.	.	PUNCT
ajfa-3802	312	4	sample	sample	NOUN
ajfa-3802	312	5	selection	selection	NOUN
ajfa-3802	312	6	companies	company	NOUN
ajfa-3802	312	7	collected	collect	VERB
ajfa-3802	312	8	for	for	ADP
ajfa-3802	312	9	investment	investment	NOUN
ajfa-3802	312	10	risks	risk	NOUN
ajfa-3802	312	11	data	datum	NOUN
ajfa-3802	312	12	–	–	PUNCT
ajfa-3802	312	13	by	by	ADP
ajfa-3802	312	14	year	year	NOUN
ajfa-3802	312	15	cash	cash	NOUN
ajfa-3802	312	16	flows	flow	NOUN
ajfa-3802	312	17	,	,	PUNCT
ajfa-3802	312	18	properties	property	NOUN
ajfa-3802	312	19	,	,	PUNCT
ajfa-3802	312	20	plants	plant	NOUN
ajfa-3802	312	21	and	and	CCONJ
ajfa-3802	312	22	equipment	equipment	NOUN
ajfa-3802	312	23	,	,	PUNCT
ajfa-3802	312	24	changes	change	NOUN
ajfa-3802	312	25	in	in	ADP
ajfa-3802	312	26	revenues	revenue	NOUN
ajfa-3802	312	27	,	,	PUNCT
ajfa-3802	312	28	changes	change	NOUN
ajfa-3802	312	29	in	in	ADP
ajfa-3802	312	30	current	current	ADJ
ajfa-3802	312	31	assets	asset	NOUN
ajfa-3802	312	32	,	,	PUNCT
ajfa-3802	312	33	changes	change	NOUN
ajfa-3802	312	34	in	in	ADP
ajfa-3802	312	35	current	current	ADJ
ajfa-3802	312	36	liabilities	liability	NOUN
ajfa-3802	312	37	,	,	PUNCT
ajfa-3802	312	38	changes	change	NOUN
ajfa-3802	312	39	in	in	ADP
ajfa-3802	312	40	cash	cash	NOUN
ajfa-3802	312	41	,	,	PUNCT
ajfa-3802	312	42	changes	change	NOUN
ajfa-3802	312	43	in	in	ADP
ajfa-3802	312	44	current	current	ADJ
ajfa-3802	312	45	liabilities	liability	NOUN
ajfa-3802	312	46	due	due	ADJ
ajfa-3802	312	47	within	within	ADP
ajfa-3802	312	48	one	one	NUM
ajfa-3802	312	49	year	year	NOUN
ajfa-3802	312	50	–	–	PUNCT
ajfa-3802	312	51	samples	sample	NOUN
ajfa-3802	312	52	by	by	ADP
ajfa-3802	312	53	year	year	NOUN
ajfa-3802	312	54	73,083	73,083	NUM
ajfa-3802	312	55	exempting	exempt	VERB
ajfa-3802	312	56	samples	sample	NOUN
ajfa-3802	312	57	in	in	ADP
ajfa-3802	312	58	finance	finance	NOUN
ajfa-3802	312	59	and	and	CCONJ
ajfa-3802	312	60	insurance	insurance	NOUN
ajfa-3802	312	61	industry	industry	NOUN
ajfa-3802	312	62	and	and	CCONJ
ajfa-3802	312	63	1	1	NUM
ajfa-3802	312	64	%	%	NOUN
ajfa-3802	312	65	of	of	ADP
ajfa-3802	312	66	extreme	extreme	ADJ
ajfa-3802	312	67	values	value	NOUN
ajfa-3802	312	68	in	in	ADP
ajfa-3802	312	69	accruals	accrual	NOUN
ajfa-3802	312	70	,	,	PUNCT
ajfa-3802	312	71	cash	cash	NOUN
ajfa-3802	312	72	flows	flow	NOUN
ajfa-3802	312	73	and	and	CCONJ
ajfa-3802	312	74	changes	change	NOUN
ajfa-3802	312	75	in	in	ADP
ajfa-3802	312	76	revenues	revenue	NOUN
ajfa-3802	312	77	–	–	PUNCT
ajfa-3802	312	78	samples	sample	NOUN
ajfa-3802	312	79	by	by	ADP
ajfa-3802	312	80	year	year	NOUN
ajfa-3802	312	81	67,245	67,245	NUM
ajfa-3802	312	82	companies	company	NOUN
ajfa-3802	312	83	–	–	PUNCT
ajfa-3802	312	84	cash	cash	NOUN
ajfa-3802	312	85	flows	flow	NOUN
ajfa-3802	312	86	in	in	ADP
ajfa-3802	312	87	prior	prior	ADJ
ajfa-3802	312	88	and	and	CCONJ
ajfa-3802	312	89	later	later	ADV
ajfa-3802	312	90	periods	period	VERB
ajfa-3802	312	91	60,952	60,952	NUM
ajfa-3802	312	92	longevity	longevity	NOUN
ajfa-3802	312	93	of	of	ADP
ajfa-3802	312	94	at	at	ADV
ajfa-3802	312	95	least	least	ADV
ajfa-3802	312	96	8	8	NUM
ajfa-3802	312	97	years	year	NOUN
ajfa-3802	312	98	3,747	3,747	NUM
ajfa-3802	312	99	3747	3747	NUM
ajfa-3802	312	100	accesible	accesible	ADJ
ajfa-3802	312	101	companies	company	NOUN
ajfa-3802	312	102	–	–	PUNCT
ajfa-3802	312	103	samples	sample	NOUN
ajfa-3802	312	104	by	by	ADP
ajfa-3802	312	105	year	year	NOUN
ajfa-3802	312	106	53,430	53,430	NUM
ajfa-3802	312	107	source	source	NOUN
ajfa-3802	312	108	:	:	PUNCT
ajfa-3802	312	109	compustat	compustat	NOUN
ajfa-3802	312	110	4	4	NUM
ajfa-3802	312	111	.	.	PUNCT
ajfa-3802	313	1	empirical	empirical	ADJ
ajfa-3802	313	2	results	result	NOUN
ajfa-3802	313	3	regression	regression	VERB
ajfa-3802	313	4	analysis	analysis	NOUN
ajfa-3802	313	5	of	of	ADP
ajfa-3802	313	6	caq	caq	NOUN
ajfa-3802	313	7	and	and	CCONJ
ajfa-3802	313	8	firm	firm	ADJ
ajfa-3802	313	9	characteristics	characteristic	NOUN
ajfa-3802	313	10	we	we	PRON
ajfa-3802	313	11	follow	follow	VERB
ajfa-3802	313	12	the	the	DET
ajfa-3802	313	13	research	research	NOUN
ajfa-3802	313	14	of	of	ADP
ajfa-3802	313	15	soliman	soliman	NOUN
ajfa-3802	313	16	(	(	PUNCT
ajfa-3802	313	17	2008	2008	NUM
ajfa-3802	313	18	)	)	PUNCT
ajfa-3802	313	19	to	to	PART
ajfa-3802	313	20	review	review	VERB
ajfa-3802	313	21	the	the	DET
ajfa-3802	313	22	influence	influence	NOUN
ajfa-3802	313	23	of	of	ADP
ajfa-3802	313	24	accounting	accounting	NOUN
ajfa-3802	313	25	signals	signal	NOUN
ajfa-3802	313	26	from	from	ADP
ajfa-3802	313	27	asymmetric	asymmetric	ADJ
ajfa-3802	313	28	information	information	NOUN
ajfa-3802	313	29	on	on	ADP
ajfa-3802	313	30	outside	outside	ADJ
ajfa-3802	313	31	investors	investor	NOUN
ajfa-3802	313	32	and	and	CCONJ
ajfa-3802	313	33	propose	propose	VERB
ajfa-3802	313	34	the	the	DET
ajfa-3802	313	35	capability	capability	NOUN
ajfa-3802	313	36	index	index	NOUN
ajfa-3802	313	37	of	of	ADP
ajfa-3802	313	38	accrual	accrual	ADJ
ajfa-3802	313	39	quality	quality	NOUN
ajfa-3802	313	40	as	as	ADP
ajfa-3802	313	41	the	the	DET
ajfa-3802	313	42	proxy	proxy	NOUN
ajfa-3802	313	43	of	of	ADP
ajfa-3802	313	44	investment	investment	NOUN
ajfa-3802	313	45	risks	risk	NOUN
ajfa-3802	313	46	from	from	ADP
ajfa-3802	313	47	the	the	DET
ajfa-3802	313	48	loss	loss	NOUN
ajfa-3802	313	49	function	function	NOUN
ajfa-3802	313	50	concept	concept	NOUN
ajfa-3802	313	51	.	.	PUNCT
ajfa-3802	314	1	to	to	PART
ajfa-3802	314	2	verify	verify	VERB
ajfa-3802	314	3	the	the	DET
ajfa-3802	314	4	effectiveness	effectiveness	NOUN
ajfa-3802	314	5	of	of	ADP
ajfa-3802	314	6	the	the	DET
ajfa-3802	314	7	investment	investment	NOUN
ajfa-3802	314	8	risks	risk	NOUN
ajfa-3802	314	9	applied	apply	VERB
ajfa-3802	314	10	in	in	ADP
ajfa-3802	314	11	this	this	DET
ajfa-3802	314	12	study	study	NOUN
ajfa-3802	314	13	,	,	PUNCT
ajfa-3802	314	14	we	we	PRON
ajfa-3802	314	15	employ	employ	VERB
ajfa-3802	314	16	the	the	DET
ajfa-3802	314	17	firm	firm	ADJ
ajfa-3802	314	18	characteristics	characteristic	NOUN
ajfa-3802	314	19	proposed	propose	VERB
ajfa-3802	314	20	by	by	ADP
ajfa-3802	314	21	dechow	dechow	ADJ
ajfa-3802	314	22	and	and	CCONJ
ajfa-3802	314	23	dichev	dichev	PROPN
ajfa-3802	314	24	(	(	PUNCT
ajfa-3802	314	25	2002	2002	NUM
ajfa-3802	314	26	)	)	PUNCT
ajfa-3802	314	27	as	as	SCONJ
ajfa-3802	314	28	our	our	PRON
ajfa-3802	314	29	testing	testing	NOUN
ajfa-3802	314	30	variable	variable	NOUN
ajfa-3802	314	31	to	to	PART
ajfa-3802	314	32	verify	verify	VERB
ajfa-3802	314	33	if	if	SCONJ
ajfa-3802	314	34	its	its	PRON
ajfa-3802	314	35	relationship	relationship	NOUN
ajfa-3802	314	36	with	with	ADP
ajfa-3802	314	37	caq	caq	NOUN
ajfa-3802	314	38	is	be	AUX
ajfa-3802	314	39	consistent	consistent	ADJ
ajfa-3802	314	40	with	with	ADP
ajfa-3802	314	41	past	past	ADJ
ajfa-3802	314	42	researches	research	NOUN
ajfa-3802	314	43	and	and	CCONJ
ajfa-3802	314	44	test	test	VERB
ajfa-3802	314	45	the	the	DET
ajfa-3802	314	46	relationship	relationship	NOUN
ajfa-3802	314	47	between	between	ADP
ajfa-3802	314	48	accounting	accounting	NOUN
ajfa-3802	314	49	signals	signal	NOUN
ajfa-3802	314	50	and	and	CCONJ
ajfa-3802	314	51	investment	investment	NOUN
ajfa-3802	314	52	risks	risk	NOUN
ajfa-3802	314	53	.	.	PUNCT
ajfa-3802	315	1	table	table	NOUN
ajfa-3802	315	2	2	2	NUM
ajfa-3802	315	3	probes	probe	NOUN
ajfa-3802	315	4	if	if	SCONJ
ajfa-3802	315	5	the	the	DET
ajfa-3802	315	6	relationship	relationship	NOUN
ajfa-3802	315	7	between	between	ADP
ajfa-3802	315	8	firm	firm	ADJ
ajfa-3802	315	9	characteristics	characteristic	NOUN
ajfa-3802	315	10	and	and	CCONJ
ajfa-3802	315	11	investment	investment	NOUN
ajfa-3802	315	12	risks	risk	NOUN
ajfa-3802	315	13	we	we	PRON
ajfa-3802	315	14	infer	infer	VERB
ajfa-3802	315	15	is	be	AUX
ajfa-3802	315	16	the	the	DET
ajfa-3802	315	17	same	same	ADJ
ajfa-3802	315	18	as	as	ADP
ajfa-3802	315	19	dechow	dechow	ADJ
ajfa-3802	315	20	and	and	CCONJ
ajfa-3802	315	21	dichev	dichev	PROPN
ajfa-3802	315	22	(	(	PUNCT
ajfa-3802	315	23	2002	2002	NUM
ajfa-3802	315	24	)	)	PUNCT
ajfa-3802	315	25	.	.	PUNCT
ajfa-3802	316	1	panel	panel	NOUN
ajfa-3802	316	2	a	a	PRON
ajfa-3802	316	3	is	be	AUX
ajfa-3802	316	4	the	the	DET
ajfa-3802	316	5	basic	basic	ADJ
ajfa-3802	316	6	descriptive	descriptive	ADJ
ajfa-3802	316	7	statistics	statistic	NOUN
ajfa-3802	316	8	.	.	PUNCT
ajfa-3802	317	1	the	the	DET
ajfa-3802	317	2	means	mean	NOUN
ajfa-3802	317	3	for	for	ADP
ajfa-3802	317	4	caq	caq	NOUN
ajfa-3802	317	5	we	we	PRON
ajfa-3802	317	6	infer	infer	VERB
ajfa-3802	317	7	and	and	CCONJ
ajfa-3802	317	8	related	relate	VERB
ajfa-3802	317	9	firm	firm	ADJ
ajfa-3802	317	10	characteristics	characteristic	NOUN
ajfa-3802	317	11	such	such	ADJ
ajfa-3802	317	12	as	as	ADP
ajfa-3802	317	13	operating	operating	NOUN
ajfa-3802	317	14	cycles	cycle	NOUN
ajfa-3802	317	15	,	,	PUNCT
ajfa-3802	317	16	firm	firm	ADJ
ajfa-3802	317	17	size	size	NOUN
ajfa-3802	317	18	,	,	PUNCT
ajfa-3802	317	19	standard	standard	ADJ
ajfa-3802	317	20	deviation	deviation	NOUN
ajfa-3802	317	21	of	of	ADP
ajfa-3802	317	22	revenues	revenue	NOUN
ajfa-3802	317	23	,	,	PUNCT
ajfa-3802	317	24	standard	standard	ADJ
ajfa-3802	317	25	deviation	deviation	NOUN
ajfa-3802	317	26	of	of	ADP
ajfa-3802	317	27	cash	cash	NOUN
ajfa-3802	317	28	flows	flow	NOUN
ajfa-3802	317	29	,	,	PUNCT
ajfa-3802	317	30	standard	standard	ADJ
ajfa-3802	317	31	deviation	deviation	NOUN
ajfa-3802	317	32	of	of	ADP
ajfa-3802	317	33	earnings	earning	NOUN
ajfa-3802	317	34	and	and	CCONJ
ajfa-3802	317	35	number	number	NOUN
ajfa-3802	317	36	of	of	ADP
ajfa-3802	317	37	deficits	deficit	NOUN
ajfa-3802	317	38	are	be	AUX
ajfa-3802	317	39	6.055	6.055	NUM
ajfa-3802	317	40	,	,	PUNCT
ajfa-3802	317	41	151.306	151.306	NUM
ajfa-3802	317	42	,	,	PUNCT
ajfa-3802	317	43	5.778	5.778	NUM
ajfa-3802	317	44	,	,	PUNCT
ajfa-3802	317	45	0.297	0.297	NUM
ajfa-3802	317	46	,	,	PUNCT
ajfa-3802	317	47	0.100	0.100	NUM
ajfa-3802	317	48	,	,	PUNCT
ajfa-3802	317	49	0.134	0.134	NUM
ajfa-3802	317	50	and	and	CCONJ
ajfa-3802	317	51	4.867	4.867	NUM
ajfa-3802	317	52	respectively	respectively	ADV
ajfa-3802	317	53	;	;	PUNCT
ajfa-3802	317	54	where	where	SCONJ
ajfa-3802	317	55	caq	caq	NOUN
ajfa-3802	317	56	,	,	PUNCT
ajfa-3802	317	57	operating	operating	NOUN
ajfa-3802	317	58	cycles	cycle	NOUN
ajfa-3802	317	59	and	and	CCONJ
ajfa-3802	317	60	number	number	NOUN
ajfa-3802	317	61	of	of	ADP
ajfa-3802	317	62	deficits	deficit	NOUN
ajfa-3802	317	63	are	be	AUX
ajfa-3802	317	64	discretely	discretely	ADV
ajfa-3802	317	65	distributed	distribute	VERB
ajfa-3802	317	66	.	.	PUNCT
ajfa-3802	318	1	panel	panel	NOUN
ajfa-3802	318	2	b	b	PROPN
ajfa-3802	318	3	is	be	AUX
ajfa-3802	318	4	the	the	DET
ajfa-3802	318	5	correlation	correlation	NOUN
ajfa-3802	318	6	coefficient	coefficient	NOUN
ajfa-3802	318	7	between	between	ADP
ajfa-3802	318	8	caq	caq	NOUN
ajfa-3802	318	9	and	and	CCONJ
ajfa-3802	318	10	firm	firm	ADJ
ajfa-3802	318	11	characteristics	characteristic	NOUN
ajfa-3802	318	12	where	where	SCONJ
ajfa-3802	318	13	we	we	PRON
ajfa-3802	318	14	can	can	AUX
ajfa-3802	318	15	learn	learn	VERB
ajfa-3802	318	16	that	that	DET
ajfa-3802	318	17	caq	caq	NOUN
ajfa-3802	318	18	we	we	PRON
ajfa-3802	318	19	infer	infer	VERB
ajfa-3802	318	20	shows	show	VERB
ajfa-3802	318	21	positive	positive	ADJ
ajfa-3802	318	22	correlation	correlation	NOUN
ajfa-3802	318	23	with	with	ADP
ajfa-3802	318	24	firm	firm	ADJ
ajfa-3802	318	25	size	size	NOUN
ajfa-3802	318	26	but	but	CCONJ
ajfa-3802	318	27	it	it	PRON
ajfa-3802	318	28	shows	show	VERB
ajfa-3802	318	29	negative	negative	ADJ
ajfa-3802	318	30	correlation	correlation	NOUN
ajfa-3802	318	31	with	with	ADP
ajfa-3802	318	32	other	other	ADJ
ajfa-3802	318	33	firm	firm	ADJ
ajfa-3802	318	34	characteristics	characteristic	NOUN
ajfa-3802	318	35	.	.	PUNCT
ajfa-3802	319	1	panel	panel	NOUN
ajfa-3802	319	2	c	c	PROPN
ajfa-3802	319	3	is	be	AUX
ajfa-3802	319	4	regression	regression	VERB
ajfa-3802	319	5	analysis	analysis	NOUN
ajfa-3802	319	6	of	of	ADP
ajfa-3802	319	7	this	this	DET
ajfa-3802	319	8	paper	paper	NOUN
ajfa-3802	319	9	.	.	PUNCT
ajfa-3802	320	1	we	we	PRON
ajfa-3802	320	2	can	can	AUX
ajfa-3802	320	3	learn	learn	VERB
ajfa-3802	320	4	that	that	DET
ajfa-3802	320	5	caq	caq	NOUN
ajfa-3802	320	6	and	and	CCONJ
ajfa-3802	320	7	firm	firm	ADJ
ajfa-3802	320	8	size	size	NOUN
ajfa-3802	320	9	are	be	AUX
ajfa-3802	320	10	positively	positively	ADV
ajfa-3802	320	11	correlated	correlate	VERB
ajfa-3802	320	12	which	which	PRON
ajfa-3802	320	13	signifies	signify	VERB
ajfa-3802	320	14	that	that	SCONJ
ajfa-3802	320	15	larger	large	ADJ
ajfa-3802	320	16	firm	firm	ADJ
ajfa-3802	320	17	size	size	NOUN
ajfa-3802	320	18	will	will	AUX
ajfa-3802	320	19	have	have	VERB
ajfa-3802	320	20	greater	great	ADJ
ajfa-3802	320	21	caq	caq	NOUN
ajfa-3802	320	22	.	.	PUNCT
ajfa-3802	321	1	larger	large	ADJ
ajfa-3802	321	2	firm	firm	NOUN
ajfa-3802	321	3	is	be	AUX
ajfa-3802	321	4	more	more	ADV
ajfa-3802	321	5	stable	stable	ADJ
ajfa-3802	321	6	in	in	ADP
ajfa-3802	321	7	operations	operation	NOUN
ajfa-3802	321	8	so	so	SCONJ
ajfa-3802	321	9	the	the	DET
ajfa-3802	321	10	estimation	estimation	NOUN
ajfa-3802	321	11	errors	error	NOUN
ajfa-3802	321	12	are	be	AUX
ajfa-3802	321	13	less	less	ADV
ajfa-3802	321	14	and	and	CCONJ
ajfa-3802	321	15	therefore	therefore	ADV
ajfa-3802	321	16	reduces	reduce	VERB
ajfa-3802	321	17	investment	investment	NOUN
ajfa-3802	321	18	risks	risk	NOUN
ajfa-3802	321	19	.	.	PUNCT
ajfa-3802	322	1	moreover	moreover	ADV
ajfa-3802	322	2	,	,	PUNCT
ajfa-3802	322	3	greater	great	ADJ
ajfa-3802	322	4	standard	standard	ADJ
ajfa-3802	322	5	deviations	deviation	NOUN
ajfa-3802	322	6	of	of	ADP
ajfa-3802	322	7	revenues	revenue	NOUN
ajfa-3802	322	8	or	or	CCONJ
ajfa-3802	322	9	cash	cash	NOUN
ajfa-3802	322	10	flows	flow	NOUN
ajfa-3802	322	11	indicate	indicate	VERB
ajfa-3802	322	12	higher	high	ADJ
ajfa-3802	322	13	uncertainty	uncertainty	NOUN
ajfa-3802	322	14	in	in	ADP
ajfa-3802	322	15	the	the	DET
ajfa-3802	322	16	environment	environment	NOUN
ajfa-3802	322	17	and	and	CCONJ
ajfa-3802	322	18	therefore	therefore	ADV
ajfa-3802	322	19	managers	manager	NOUN
ajfa-3802	322	20	use	use	VERB
ajfa-3802	322	21	more	more	ADJ
ajfa-3802	322	22	estimation	estimation	NOUN
ajfa-3802	322	23	and	and	CCONJ
ajfa-3802	322	24	result	result	NOUN
ajfa-3802	322	25	in	in	ADP
ajfa-3802	322	26	more	more	ADJ
ajfa-3802	322	27	estimation	estimation	NOUN
ajfa-3802	322	28	errors	error	NOUN
ajfa-3802	322	29	.	.	PUNCT
ajfa-3802	323	1	the	the	DET
ajfa-3802	323	2	capability	capability	NOUN
ajfa-3802	323	3	index	index	NOUN
ajfa-3802	323	4	of	of	ADP
ajfa-3802	323	5	accrual	accrual	ADJ
ajfa-3802	323	6	quality	quality	NOUN
ajfa-3802	323	7	becomes	become	VERB
ajfa-3802	323	8	worse	bad	ADJ
ajfa-3802	323	9	and	and	CCONJ
ajfa-3802	323	10	investment	investment	NOUN
ajfa-3802	323	11	risks	risk	NOUN
ajfa-3802	323	12	are	be	AUX
ajfa-3802	323	13	higher	high	ADJ
ajfa-3802	323	14	.	.	PUNCT
ajfa-3802	324	1	in	in	ADP
ajfa-3802	324	2	addition	addition	NOUN
ajfa-3802	324	3	,	,	PUNCT
ajfa-3802	324	4	the	the	DET
ajfa-3802	324	5	two	two	NUM
ajfa-3802	324	6	variables	variable	NOUN
ajfa-3802	324	7	of	of	ADP
ajfa-3802	324	8	environment	environment	NOUN
ajfa-3802	324	9	uncertainty	uncertainty	NOUN
ajfa-3802	324	10	show	show	VERB
ajfa-3802	324	11	asian	asian	ADJ
ajfa-3802	324	12	journal	journal	NOUN
ajfa-3802	324	13	of	of	ADP
ajfa-3802	324	14	finance	finance	PROPN
ajfa-3802	324	15	&	&	CCONJ
ajfa-3802	324	16	accounting	accounting	PROPN
ajfa-3802	324	17	issn	issn	PROPN
ajfa-3802	324	18	1946	1946	NUM
ajfa-3802	324	19	-	-	PUNCT
ajfa-3802	324	20	052x	052x	NOUN
ajfa-3802	324	21	2013	2013	NUM
ajfa-3802	324	22	,	,	PUNCT
ajfa-3802	324	23	vol	vol	NOUN
ajfa-3802	324	24	.	.	PROPN
ajfa-3802	324	25	5	5	NUM
ajfa-3802	324	26	,	,	PUNCT
ajfa-3802	324	27	no	no	INTJ
ajfa-3802	324	28	.	.	NOUN
ajfa-3802	324	29	1	1	NUM
ajfa-3802	324	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	324	31	435	435	NUM
ajfa-3802	324	32	negative	negative	ADJ
ajfa-3802	324	33	correlation	correlation	NOUN
ajfa-3802	324	34	with	with	ADP
ajfa-3802	324	35	caq	caq	NOUN
ajfa-3802	324	36	we	we	PRON
ajfa-3802	324	37	infer	infer	VERB
ajfa-3802	324	38	.	.	PUNCT
ajfa-3802	325	1	it	it	PRON
ajfa-3802	325	2	implies	imply	VERB
ajfa-3802	325	3	when	when	SCONJ
ajfa-3802	325	4	there	there	PRON
ajfa-3802	325	5	is	be	VERB
ajfa-3802	325	6	higher	high	ADJ
ajfa-3802	325	7	uncertainty	uncertainty	NOUN
ajfa-3802	325	8	in	in	ADP
ajfa-3802	325	9	the	the	DET
ajfa-3802	325	10	environment	environment	NOUN
ajfa-3802	325	11	,	,	PUNCT
ajfa-3802	325	12	capability	capability	NOUN
ajfa-3802	325	13	index	index	NOUN
ajfa-3802	325	14	of	of	ADP
ajfa-3802	325	15	accrual	accrual	ADJ
ajfa-3802	325	16	quality	quality	NOUN
ajfa-3802	325	17	becomes	become	VERB
ajfa-3802	325	18	worse	bad	ADJ
ajfa-3802	325	19	and	and	CCONJ
ajfa-3802	325	20	investment	investment	NOUN
ajfa-3802	325	21	risks	risk	NOUN
ajfa-3802	325	22	are	be	AUX
ajfa-3802	325	23	higher	high	ADJ
ajfa-3802	325	24	.	.	PUNCT
ajfa-3802	326	1	when	when	SCONJ
ajfa-3802	326	2	a	a	DET
ajfa-3802	326	3	firm	firm	NOUN
ajfa-3802	326	4	has	have	VERB
ajfa-3802	326	5	more	more	ADJ
ajfa-3802	326	6	deficits	deficit	NOUN
ajfa-3802	326	7	it	it	PRON
ajfa-3802	326	8	is	be	AUX
ajfa-3802	326	9	a	a	DET
ajfa-3802	326	10	negative	negative	ADJ
ajfa-3802	326	11	impact	impact	NOUN
ajfa-3802	326	12	to	to	ADP
ajfa-3802	326	13	it	it	PRON
ajfa-3802	326	14	.	.	PUNCT
ajfa-3802	327	1	capability	capability	NOUN
ajfa-3802	327	2	index	index	NOUN
ajfa-3802	327	3	of	of	ADP
ajfa-3802	327	4	accrual	accrual	ADJ
ajfa-3802	327	5	quality	quality	NOUN
ajfa-3802	327	6	becomes	become	VERB
ajfa-3802	327	7	worse	bad	ADJ
ajfa-3802	327	8	and	and	CCONJ
ajfa-3802	327	9	investment	investment	NOUN
ajfa-3802	327	10	risks	risk	NOUN
ajfa-3802	327	11	are	be	AUX
ajfa-3802	327	12	therefore	therefore	ADV
ajfa-3802	327	13	higher	high	ADJ
ajfa-3802	327	14	.	.	PUNCT
ajfa-3802	328	1	the	the	DET
ajfa-3802	328	2	empirical	empirical	ADJ
ajfa-3802	328	3	result	result	NOUN
ajfa-3802	328	4	in	in	ADP
ajfa-3802	328	5	this	this	DET
ajfa-3802	328	6	paper	paper	NOUN
ajfa-3802	328	7	also	also	ADV
ajfa-3802	328	8	indicates	indicate	VERB
ajfa-3802	328	9	significant	significant	ADJ
ajfa-3802	328	10	negative	negative	ADJ
ajfa-3802	328	11	relationship	relationship	NOUN
ajfa-3802	328	12	between	between	ADP
ajfa-3802	328	13	caq	caq	NOUN
ajfa-3802	328	14	and	and	CCONJ
ajfa-3802	328	15	number	number	NOUN
ajfa-3802	328	16	of	of	ADP
ajfa-3802	328	17	deficits	deficit	NOUN
ajfa-3802	328	18	which	which	PRON
ajfa-3802	328	19	signifies	signify	VERB
ajfa-3802	328	20	that	that	SCONJ
ajfa-3802	328	21	higher	high	ADJ
ajfa-3802	328	22	number	number	NOUN
ajfa-3802	328	23	of	of	ADP
ajfa-3802	328	24	deficits	deficit	NOUN
ajfa-3802	328	25	leads	lead	VERB
ajfa-3802	328	26	to	to	ADP
ajfa-3802	328	27	higher	high	ADJ
ajfa-3802	328	28	investment	investment	NOUN
ajfa-3802	328	29	risks	risk	NOUN
ajfa-3802	328	30	.	.	PUNCT
ajfa-3802	329	1	therefore	therefore	ADV
ajfa-3802	329	2	,	,	PUNCT
ajfa-3802	329	3	the	the	DET
ajfa-3802	329	4	capability	capability	NOUN
ajfa-3802	329	5	index	index	NOUN
ajfa-3802	329	6	of	of	ADP
ajfa-3802	329	7	accrual	accrual	ADJ
ajfa-3802	329	8	quality	quality	NOUN
ajfa-3802	329	9	we	we	PRON
ajfa-3802	329	10	infer	infer	VERB
ajfa-3802	329	11	considering	consider	VERB
ajfa-3802	329	12	loss	loss	NOUN
ajfa-3802	329	13	function	function	NOUN
ajfa-3802	329	14	concept	concept	NOUN
ajfa-3802	329	15	is	be	AUX
ajfa-3802	329	16	useful	useful	ADJ
ajfa-3802	329	17	,	,	PUNCT
ajfa-3802	329	18	and	and	CCONJ
ajfa-3802	329	19	therefore	therefore	ADV
ajfa-3802	329	20	we	we	PRON
ajfa-3802	329	21	will	will	AUX
ajfa-3802	329	22	conduct	conduct	VERB
ajfa-3802	329	23	test	test	NOUN
ajfa-3802	329	24	analysis	analysis	NOUN
ajfa-3802	329	25	with	with	ADP
ajfa-3802	329	26	accounting	accounting	NOUN
ajfa-3802	329	27	signals	signal	NOUN
ajfa-3802	329	28	in	in	ADP
ajfa-3802	329	29	next	next	ADJ
ajfa-3802	329	30	section	section	NOUN
ajfa-3802	329	31	.	.	PUNCT
ajfa-3802	330	1	table	table	NOUN
ajfa-3802	330	2	2	2	NUM
ajfa-3802	330	3	.	.	PUNCT
ajfa-3802	330	4	descriptive	descriptive	ADJ
ajfa-3802	330	5	statistics	statistic	NOUN
ajfa-3802	330	6	and	and	CCONJ
ajfa-3802	330	7	correlation	correlation	NOUN
ajfa-3802	330	8	between	between	ADP
ajfa-3802	330	9	the	the	DET
ajfa-3802	330	10	caq	caq	NOUN
ajfa-3802	330	11	and	and	CCONJ
ajfa-3802	330	12	selected	select	VERB
ajfa-3802	330	13	firm	firm	ADJ
ajfa-3802	330	14	characteristics(n=3,335	characteristics(n=3,335	PROPN
ajfa-3802	330	15	)	)	PUNCT
ajfa-3802	330	16	panel	panel	NOUN
ajfa-3802	330	17	a	a	DET
ajfa-3802	330	18	descriptive	descriptive	ADJ
ajfa-3802	330	19	statistics	statistic	NOUN
ajfa-3802	330	20	25	25	NUM
ajfa-3802	330	21	%	%	NOUN
ajfa-3802	330	22	median	median	NOUN
ajfa-3802	330	23	75	75	NUM
ajfa-3802	330	24	%	%	NOUN
ajfa-3802	330	25	mean	mean	NOUN
ajfa-3802	331	1	standard	standard	ADJ
ajfa-3802	331	2	deviation	deviation	NOUN
ajfa-3802	331	3	dependent	dependent	ADJ
ajfa-3802	331	4	variable	variable	ADJ
ajfa-3802	331	5	caq	caq	VERB
ajfa-3802	331	6	1.759	1.759	NUM
ajfa-3802	331	7	3.831	3.831	NUM
ajfa-3802	331	8	7.675	7.675	NUM
ajfa-3802	331	9	6.055	6.055	NUM
ajfa-3802	331	10	7.429	7.429	NUM
ajfa-3802	331	11	independent	independent	ADJ
ajfa-3802	331	12	variable	variable	ADJ
ajfa-3802	331	13	ave.opcycle	ave.opcycle	NOUN
ajfa-3802	332	1	74.513	74.513	NUM
ajfa-3802	332	2	113.822	113.822	NUM
ajfa-3802	332	3	174.380	174.380	NUM
ajfa-3802	332	4	151.306	151.306	NUM
ajfa-3802	332	5	245.232	245.232	NUM
ajfa-3802	332	6	ave.size	ave.size	NOUN
ajfa-3802	332	7	3.996	3.996	NUM
ajfa-3802	332	8	5.779	5.779	NUM
ajfa-3802	332	9	7.512	7.512	NUM
ajfa-3802	332	10	5.778	5.778	NUM
ajfa-3802	332	11	2.396	2.396	NUM
ajfa-3802	332	12	std	std	NOUN
ajfa-3802	332	13	.	.	PUNCT
ajfa-3802	333	1	sale	sale	NOUN
ajfa-3802	333	2	0.139	0.139	NUM
ajfa-3802	333	3	0.235	0.235	NUM
ajfa-3802	333	4	0.380	0.380	NUM
ajfa-3802	333	5	0.297	0.297	NUM
ajfa-3802	333	6	0.233	0.233	NUM
ajfa-3802	333	7	std.ocf	std.ocf	NUM
ajfa-3802	333	8	0.044	0.044	NUM
ajfa-3802	333	9	0.072	0.072	NUM
ajfa-3802	333	10	0.118	0.118	NUM
ajfa-3802	333	11	0.100	0.100	NUM
ajfa-3802	333	12	0.091	0.091	NUM
ajfa-3802	333	13	std.earnings	std.earning	NOUN
ajfa-3802	333	14	0.042	0.042	NUM
ajfa-3802	333	15	0.083	0.083	NUM
ajfa-3802	333	16	0.173	0.173	NUM
ajfa-3802	333	17	0.134	0.134	NUM
ajfa-3802	333	18	0.137	0.137	NUM
ajfa-3802	333	19	prop.ni	prop.ni	NOUN
ajfa-3802	333	20	1	1	NUM
ajfa-3802	333	21	4	4	NUM
ajfa-3802	333	22	8	8	NUM
ajfa-3802	333	23	4.867	4.867	NUM
ajfa-3802	333	24	4.179	4.179	NUM
ajfa-3802	333	25	panel	panel	NOUN
ajfa-3802	333	26	b	b	PROPN
ajfa-3802	333	27	pearson	pearson	PROPN
ajfa-3802	333	28	correlations	correlation	NOUN
ajfa-3802	333	29	between	between	ADP
ajfa-3802	333	30	the	the	DET
ajfa-3802	333	31	caq	caq	NOUN
ajfa-3802	333	32	and	and	CCONJ
ajfa-3802	333	33	selected	select	VERB
ajfa-3802	333	34	firm	firm	ADJ
ajfa-3802	333	35	characteristics	characteristic	NOUN
ajfa-3802	333	36	ave.opcycle	ave.opcycle	NOUN
ajfa-3802	333	37	ave.size	ave.size	NOUN
ajfa-3802	333	38	std	std	PROPN
ajfa-3802	333	39	.	.	PUNCT
ajfa-3802	333	40	sale	sale	NOUN
ajfa-3802	333	41	std.ocf	std.ocf	NUM
ajfa-3802	333	42	std.earnings	std.earning	NOUN
ajfa-3802	333	43	prop.ni	prop.ni	PROPN
ajfa-3802	333	44	pearson	pearson	PROPN
ajfa-3802	333	45	-0.112	-0.112	PUNCT
ajfa-3802	333	46	0.398	0.398	NUM
ajfa-3802	333	47	-0.277	-0.277	NOUN
ajfa-3802	333	48	-0.367	-0.367	PUNCT
ajfa-3802	333	49	-0.362	-0.362	NUM
ajfa-3802	333	50	-0.382	-0.382	VERB
ajfa-3802	333	51	p	p	ADJ
ajfa-3802	333	52	-	-	PUNCT
ajfa-3802	333	53	value	value	NOUN
ajfa-3802	334	1	0.000	0.000	NUM
ajfa-3802	334	2	0.000	0.000	NUM
ajfa-3802	334	3	0.000	0.000	NUM
ajfa-3802	334	4	0.000	0.000	NUM
ajfa-3802	334	5	0.000	0.000	NUM
ajfa-3802	334	6	0.000	0.000	NUM
ajfa-3802	334	7	panel	panel	NOUN
ajfa-3802	334	8	c	c	NOUN
ajfa-3802	334	9	regressions	regression	NOUN
ajfa-3802	334	10	where	where	SCONJ
ajfa-3802	334	11	the	the	DET
ajfa-3802	334	12	dependent	dependent	ADJ
ajfa-3802	334	13	variable	variable	NOUN
ajfa-3802	334	14	is	be	AUX
ajfa-3802	334	15	the	the	DET
ajfa-3802	334	16	caq	caq	NOUN
ajfa-3802	334	17	and	and	CCONJ
ajfa-3802	334	18	the	the	DET
ajfa-3802	334	19	independent	independent	ADJ
ajfa-3802	334	20	variables	variable	NOUN
ajfa-3802	334	21	are	be	AUX
ajfa-3802	334	22	firm	firm	ADJ
ajfa-3802	334	23	characteristics	characteristic	NOUN
ajfa-3802	334	24	cons	con	NOUN
ajfa-3802	334	25	ave.opcycle	ave.opcycle	NOUN
ajfa-3802	334	26	ave.size	ave.size	NOUN
ajfa-3802	334	27	std	std	PROPN
ajfa-3802	334	28	.	.	PUNCT
ajfa-3802	334	29	sale	sale	NOUN
ajfa-3802	334	30	std.ocf	std.ocf	NUM
ajfa-3802	334	31	std.earnings	std.earning	NOUN
ajfa-3802	334	32	prop.ni	prop.ni	PROPN
ajfa-3802	334	33	adi	adi	PROPN
ajfa-3802	334	34	r^2	r^2	PROPN
ajfa-3802	334	35	coef	coef	PROPN
ajfa-3802	334	36	.	.	PUNCT
ajfa-3802	335	1	6.068	6.068	NUM
ajfa-3802	335	2	-0.001	-0.001	NUM
ajfa-3802	335	3	0.599	0.599	NUM
ajfa-3802	335	4	-3.204	-3.204	SYM
ajfa-3802	335	5	-7.638	-7.638	PROPN
ajfa-3802	335	6	-0.010	-0.010	PUNCT
ajfa-3802	335	7	-0.343	-0.343	NOUN
ajfa-3802	335	8	0.214	0.214	NUM
ajfa-3802	335	9	p	p	ADJ
ajfa-3802	335	10	-	-	PUNCT
ajfa-3802	335	11	valu	valu	NOUN
ajfa-3802	335	12	e	e	NOUN
ajfa-3802	335	13	0.000	0.000	NUM
ajfa-3802	335	14	0.218	0.218	NUM
ajfa-3802	335	15	0.000	0.000	NUM
ajfa-3802	335	16	0.000	0.000	NUM
ajfa-3802	335	17	0.002	0.002	NUM
ajfa-3802	335	18	0.995	0.995	NUM
ajfa-3802	335	19	0.000	0.000	NUM
ajfa-3802	335	20	variable	variable	ADJ
ajfa-3802	335	21	definition	definition	NOUN
ajfa-3802	335	22	:	:	PUNCT
ajfa-3802	335	23	caq	caq	NOUN
ajfa-3802	335	24	is	be	AUX
ajfa-3802	335	25	the	the	DET
ajfa-3802	335	26	investment	investment	NOUN
ajfa-3802	335	27	risks	risk	NOUN
ajfa-3802	335	28	proposed	propose	VERB
ajfa-3802	335	29	by	by	ADP
ajfa-3802	335	30	this	this	DET
ajfa-3802	335	31	study	study	NOUN
ajfa-3802	335	32	.	.	PUNCT
ajfa-3802	336	1	it	it	PRON
ajfa-3802	336	2	is	be	AUX
ajfa-3802	336	3	the	the	DET
ajfa-3802	336	4	estimated	estimate	VERB
ajfa-3802	336	5	residuals	residual	NOUN
ajfa-3802	336	6	calculated	calculate	VERB
ajfa-3802	336	7	by	by	ADP
ajfa-3802	336	8	residuals	residual	NOUN
ajfa-3802	336	9	estimation	estimation	NOUN
ajfa-3802	336	10	approach	approach	NOUN
ajfa-3802	336	11	by	by	ADP
ajfa-3802	336	12	francis	francis	PROPN
ajfa-3802	336	13	et.(2005	et.(2005	PROPN
ajfa-3802	336	14	)	)	PUNCT
ajfa-3802	336	15	and	and	CCONJ
ajfa-3802	336	16	is	be	AUX
ajfa-3802	336	17	converted	convert	VERB
ajfa-3802	336	18	into	into	ADP
ajfa-3802	336	19	the	the	DET
ajfa-3802	336	20	tolerance	tolerance	NOUN
ajfa-3802	336	21	range	range	NOUN
ajfa-3802	336	22	of	of	ADP
ajfa-3802	336	23	investors	investor	NOUN
ajfa-3802	336	24	.	.	PUNCT
ajfa-3802	337	1	ave.opcycle	ave.opcycle	PROPN
ajfa-3802	337	2	average	average	ADJ
ajfa-3802	337	3	operating	operating	NOUN
ajfa-3802	337	4	cycles	cycle	NOUN
ajfa-3802	337	5	are	be	AUX
ajfa-3802	337	6	calculated	calculate	VERB
ajfa-3802	337	7	by	by	ADP
ajfa-3802	337	8	inventory	inventory	NOUN
ajfa-3802	337	9	turnover	turnover	NOUN
ajfa-3802	337	10	days	day	NOUN
ajfa-3802	337	11	plus	plus	CCONJ
ajfa-3802	337	12	account	account	NOUN
ajfa-3802	337	13	receivable	receivable	ADJ
ajfa-3802	337	14	turnover	turnover	NOUN
ajfa-3802	337	15	days	day	NOUN
ajfa-3802	337	16	,	,	PUNCT
ajfa-3802	337	17	the	the	DET
ajfa-3802	337	18	formula	formula	NOUN
ajfa-3802	337	19	is	be	AUX
ajfa-3802	337	20	360/(cost	360/(cost	NUM
ajfa-3802	337	21	of	of	ADP
ajfa-3802	337	22	goods	good	NOUN
ajfa-3802	337	23	sold)/(average	sold)/(average	NOUN
ajfa-3802	337	24	inventory)+360/(sale	inventory)+360/(sale	PROPN
ajfa-3802	337	25	/	/	SYM
ajfa-3802	337	26	average	average	NOUN
ajfa-3802	337	27	ar	ar	PROPN
ajfa-3802	337	28	)	)	PUNCT
ajfa-3802	337	29	;	;	PUNCT
ajfa-3802	337	30	where	where	SCONJ
ajfa-3802	337	31	,	,	PUNCT
ajfa-3802	337	32	sales	sale	NOUN
ajfa-3802	337	33	(	(	PUNCT
ajfa-3802	337	34	compustat	compustat	NOUN
ajfa-3802	337	35	#	#	NOUN
ajfa-3802	337	36	12	12	NUM
ajfa-3802	337	37	)	)	PUNCT
ajfa-3802	337	38	;	;	PUNCT
ajfa-3802	337	39	cost	cost	NOUN
ajfa-3802	337	40	of	of	ADP
ajfa-3802	337	41	goods	good	NOUN
ajfa-3802	337	42	sold	sell	VERB
ajfa-3802	337	43	(	(	PUNCT
ajfa-3802	337	44	compustat	compustat	NOUN
ajfa-3802	337	45	#	#	NOUN
ajfa-3802	337	46	41	41	NUM
ajfa-3802	337	47	)	)	PUNCT
ajfa-3802	337	48	;	;	PUNCT
ajfa-3802	337	49	ar	ar	PROPN
ajfa-3802	337	50	(	(	PUNCT
ajfa-3802	337	51	compustat	compustat	NOUN
ajfa-3802	337	52	#	#	NOUN
ajfa-3802	337	53	2	2	NUM
ajfa-3802	337	54	)	)	PUNCT
ajfa-3802	337	55	;	;	PUNCT
ajfa-3802	337	56	inventory	inventory	NOUN
ajfa-3802	337	57	(	(	PUNCT
ajfa-3802	337	58	compustat	compustat	NOUN
ajfa-3802	337	59	#	#	NOUN
ajfa-3802	337	60	3	3	NUM
ajfa-3802	337	61	)	)	PUNCT
ajfa-3802	337	62	.	.	PUNCT
ajfa-3802	338	1	it	it	PRON
ajfa-3802	338	2	is	be	AUX
ajfa-3802	338	3	then	then	ADV
ajfa-3802	338	4	converted	convert	VERB
ajfa-3802	338	5	back	back	ADV
ajfa-3802	338	6	into	into	ADP
ajfa-3802	338	7	firm	firm	ADJ
ajfa-3802	338	8	level	level	NOUN
ajfa-3802	338	9	by	by	ADP
ajfa-3802	338	10	average	average	ADJ
ajfa-3802	338	11	.	.	PUNCT
ajfa-3802	339	1	ave.size	ave.size	PROPN
ajfa-3802	339	2	is	be	AUX
ajfa-3802	339	3	firm	firm	ADJ
ajfa-3802	339	4	size	size	NOUN
ajfa-3802	339	5	.	.	PUNCT
ajfa-3802	340	1	it	it	PRON
ajfa-3802	340	2	is	be	AUX
ajfa-3802	340	3	calculated	calculate	VERB
ajfa-3802	340	4	by	by	ADP
ajfa-3802	340	5	inputting	inputte	VERB
ajfa-3802	340	6	total	total	ADJ
ajfa-3802	340	7	assets	asset	NOUN
ajfa-3802	340	8	(	(	PUNCT
ajfa-3802	340	9	compustat	compustat	NOUN
ajfa-3802	340	10	#	#	SYM
ajfa-3802	340	11	6	6	NUM
ajfa-3802	340	12	)	)	PUNCT
ajfa-3802	340	13	into	into	ADP
ajfa-3802	340	14	the	the	DET
ajfa-3802	340	15	natural	natural	ADJ
ajfa-3802	340	16	logarithm	logarithm	NOUN
ajfa-3802	340	17	function	function	NOUN
ajfa-3802	340	18	and	and	CCONJ
ajfa-3802	340	19	converted	convert	VERB
ajfa-3802	340	20	back	back	ADV
ajfa-3802	340	21	into	into	ADP
ajfa-3802	340	22	firm	firm	ADJ
ajfa-3802	340	23	level	level	NOUN
ajfa-3802	340	24	by	by	ADP
ajfa-3802	340	25	average	average	ADJ
ajfa-3802	340	26	.	.	PUNCT
ajfa-3802	341	1	std	std	NOUN
ajfa-3802	341	2	.	.	PUNCT
ajfa-3802	341	3	sale	sale	NOUN
ajfa-3802	341	4	is	be	AUX
ajfa-3802	341	5	standard	standard	ADJ
ajfa-3802	341	6	deviation	deviation	NOUN
ajfa-3802	341	7	of	of	ADP
ajfa-3802	341	8	revenues	revenue	NOUN
ajfa-3802	341	9	.	.	PUNCT
ajfa-3802	342	1	revenues	revenue	NOUN
ajfa-3802	342	2	are	be	AUX
ajfa-3802	342	3	deflated	deflate	VERB
ajfa-3802	342	4	by	by	ADP
ajfa-3802	342	5	average	average	ADJ
ajfa-3802	342	6	total	total	ADJ
ajfa-3802	342	7	assets	asset	NOUN
ajfa-3802	342	8	and	and	CCONJ
ajfa-3802	342	9	obtained	obtain	VERB
ajfa-3802	342	10	the	the	DET
ajfa-3802	342	11	standard	standard	ADJ
ajfa-3802	342	12	deviation	deviation	NOUN
ajfa-3802	342	13	.	.	PUNCT
ajfa-3802	343	1	std.ocf	std.ocf	NOUN
ajfa-3802	343	2	is	be	AUX
ajfa-3802	343	3	standard	standard	ADJ
ajfa-3802	343	4	deviation	deviation	NOUN
ajfa-3802	343	5	of	of	ADP
ajfa-3802	343	6	cash	cash	NOUN
ajfa-3802	343	7	flows	flow	NOUN
ajfa-3802	343	8	.	.	PUNCT
ajfa-3802	344	1	cash	cash	NOUN
ajfa-3802	344	2	flows	flow	NOUN
ajfa-3802	344	3	are	be	AUX
ajfa-3802	344	4	deflated	deflate	VERB
ajfa-3802	344	5	by	by	ADP
ajfa-3802	344	6	average	average	ADJ
ajfa-3802	344	7	total	total	ADJ
ajfa-3802	344	8	assets	asset	NOUN
ajfa-3802	344	9	and	and	CCONJ
ajfa-3802	344	10	obtained	obtain	VERB
ajfa-3802	344	11	the	the	DET
ajfa-3802	344	12	standard	standard	ADJ
ajfa-3802	344	13	deviation	deviation	NOUN
ajfa-3802	344	14	.	.	PUNCT
ajfa-3802	345	1	std.earnings	std.earning	NOUN
ajfa-3802	345	2	is	be	AUX
ajfa-3802	345	3	current	current	ADJ
ajfa-3802	345	4	earnings	earning	NOUN
ajfa-3802	345	5	(	(	PUNCT
ajfa-3802	345	6	compustat	compustat	NOUN
ajfa-3802	345	7	#	#	SYM
ajfa-3802	345	8	172	172	NUM
ajfa-3802	345	9	)	)	PUNCT
ajfa-3802	345	10	deflated	deflate	VERB
ajfa-3802	345	11	by	by	ADP
ajfa-3802	345	12	average	average	ADJ
ajfa-3802	345	13	total	total	ADJ
ajfa-3802	345	14	assets	asset	NOUN
ajfa-3802	345	15	and	and	CCONJ
ajfa-3802	345	16	obtained	obtain	VERB
ajfa-3802	345	17	the	the	DET
ajfa-3802	345	18	standard	standard	ADJ
ajfa-3802	345	19	deviation	deviation	NOUN
ajfa-3802	345	20	.	.	PUNCT
ajfa-3802	346	1	prop.ni	prop.ni	PROPN
ajfa-3802	346	2	is	be	AUX
ajfa-3802	346	3	the	the	DET
ajfa-3802	346	4	number	number	NOUN
ajfa-3802	346	5	of	of	ADP
ajfa-3802	346	6	deficits	deficit	NOUN
ajfa-3802	346	7	.	.	PUNCT
ajfa-3802	347	1	if	if	SCONJ
ajfa-3802	347	2	current	current	ADJ
ajfa-3802	347	3	earnings	earning	NOUN
ajfa-3802	347	4	equal	equal	ADJ
ajfa-3802	347	5	to	to	ADP
ajfa-3802	347	6	1	1	NUM
ajfa-3802	347	7	,	,	PUNCT
ajfa-3802	347	8	it	it	PRON
ajfa-3802	347	9	is	be	AUX
ajfa-3802	347	10	converted	convert	VERB
ajfa-3802	347	11	to	to	ADP
ajfa-3802	347	12	firm	firm	ADJ
ajfa-3802	347	13	level	level	NOUN
ajfa-3802	347	14	by	by	ADP
ajfa-3802	347	15	accumulation	accumulation	NOUN
ajfa-3802	347	16	.	.	PUNCT
ajfa-3802	348	1	regression	regression	VERB
ajfa-3802	348	2	analysis	analysis	NOUN
ajfa-3802	348	3	of	of	ADP
ajfa-3802	348	4	caq	caq	NOUN
ajfa-3802	348	5	and	and	CCONJ
ajfa-3802	348	6	accounting	accounting	NOUN
ajfa-3802	348	7	signals	signal	NOUN
ajfa-3802	348	8	next	next	ADV
ajfa-3802	348	9	is	be	AUX
ajfa-3802	348	10	a	a	DET
ajfa-3802	348	11	further	further	ADJ
ajfa-3802	348	12	test	test	NOUN
ajfa-3802	348	13	to	to	PART
ajfa-3802	348	14	structuralize	structuralize	VERB
ajfa-3802	348	15	the	the	DET
ajfa-3802	348	16	influence	influence	NOUN
ajfa-3802	348	17	of	of	ADP
ajfa-3802	348	18	accounting	accounting	NOUN
ajfa-3802	348	19	signals	signal	NOUN
ajfa-3802	348	20	test	test	NOUN
ajfa-3802	348	21	on	on	ADP
ajfa-3802	348	22	investment	investment	NOUN
ajfa-3802	348	23	risks	risk	NOUN
ajfa-3802	348	24	.	.	PUNCT
ajfa-3802	349	1	panel	panel	NOUN
ajfa-3802	349	2	a	a	DET
ajfa-3802	349	3	in	in	ADP
ajfa-3802	349	4	table	table	NOUN
ajfa-3802	349	5	3	3	NUM
ajfa-3802	349	6	is	be	AUX
ajfa-3802	349	7	the	the	DET
ajfa-3802	349	8	descriptive	descriptive	ADJ
ajfa-3802	349	9	statistics	statistic	NOUN
ajfa-3802	349	10	of	of	ADP
ajfa-3802	349	11	samples	sample	NOUN
ajfa-3802	349	12	in	in	ADP
ajfa-3802	349	13	second	second	ADJ
ajfa-3802	349	14	phrase	phrase	NOUN
ajfa-3802	349	15	and	and	CCONJ
ajfa-3802	349	16	panel	panel	NOUN
ajfa-3802	349	17	b	b	PROPN
ajfa-3802	349	18	is	be	AUX
ajfa-3802	349	19	the	the	DET
ajfa-3802	349	20	pearson	pearson	PROPN
ajfa-3802	349	21	correlation	correlation	NOUN
ajfa-3802	349	22	coefficient	coefficient	NOUN
ajfa-3802	349	23	of	of	ADP
ajfa-3802	349	24	all	all	DET
ajfa-3802	349	25	samples	sample	NOUN
ajfa-3802	349	26	.	.	PUNCT
ajfa-3802	350	1	for	for	ADP
ajfa-3802	350	2	descriptive	descriptive	ADJ
ajfa-3802	350	3	statistics	statistic	NOUN
ajfa-3802	350	4	(	(	PUNCT
ajfa-3802	350	5	panel	panel	NOUN
ajfa-3802	350	6	a	a	X
ajfa-3802	350	7	)	)	PUNCT
ajfa-3802	350	8	,	,	PUNCT
ajfa-3802	350	9	the	the	DET
ajfa-3802	350	10	mean	mean	ADJ
ajfa-3802	350	11	and	and	CCONJ
ajfa-3802	350	12	standard	standard	ADJ
ajfa-3802	350	13	deviation	deviation	NOUN
ajfa-3802	350	14	of	of	ADP
ajfa-3802	350	15	caq	caq	NOUN
ajfa-3802	350	16	are	be	AUX
ajfa-3802	350	17	5.975	5.975	NUM
ajfa-3802	350	18	and	and	CCONJ
ajfa-3802	350	19	7.156	7.156	NUM
ajfa-3802	350	20	respectively	respectively	ADV
ajfa-3802	350	21	.	.	PUNCT
ajfa-3802	351	1	the	the	DET
ajfa-3802	351	2	means	mean	NOUN
ajfa-3802	351	3	of	of	ADP
ajfa-3802	351	4	asian	asian	ADJ
ajfa-3802	351	5	journal	journal	NOUN
ajfa-3802	351	6	of	of	ADP
ajfa-3802	351	7	finance	finance	PROPN
ajfa-3802	351	8	&	&	CCONJ
ajfa-3802	351	9	accounting	accounting	PROPN
ajfa-3802	351	10	issn	issn	PROPN
ajfa-3802	351	11	1946	1946	NUM
ajfa-3802	351	12	-	-	PUNCT
ajfa-3802	351	13	052x	052x	NOUN
ajfa-3802	351	14	2013	2013	NUM
ajfa-3802	351	15	,	,	PUNCT
ajfa-3802	351	16	vol	vol	NOUN
ajfa-3802	351	17	.	.	PROPN
ajfa-3802	351	18	5	5	NUM
ajfa-3802	351	19	,	,	PUNCT
ajfa-3802	351	20	no	no	INTJ
ajfa-3802	351	21	.	.	NOUN
ajfa-3802	351	22	1	1	NUM
ajfa-3802	351	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	351	24	436	436	NUM
ajfa-3802	351	25	accounting	accounting	NOUN
ajfa-3802	351	26	signals	signal	NOUN
ajfa-3802	351	27	are	be	AUX
ajfa-3802	351	28	:	:	PUNCT
ajfa-3802	351	29	10.318	10.318	NUM
ajfa-3802	351	30	for	for	ADP
ajfa-3802	351	31	fixed	fix	VERB
ajfa-3802	351	32	asset	asset	NOUN
ajfa-3802	351	33	turnover	turnover	NOUN
ajfa-3802	351	34	ratio	ratio	NOUN
ajfa-3802	351	35	,	,	PUNCT
ajfa-3802	351	36	0.192	0.192	NUM
ajfa-3802	351	37	for	for	ADP
ajfa-3802	351	38	capital	capital	NOUN
ajfa-3802	351	39	expenditure	expenditure	NOUN
ajfa-3802	351	40	ratio	ratio	NOUN
ajfa-3802	351	41	per	per	ADP
ajfa-3802	351	42	person	person	NOUN
ajfa-3802	351	43	,	,	PUNCT
ajfa-3802	351	44	-0.346	-0.346	VERB
ajfa-3802	351	45	for	for	ADP
ajfa-3802	351	46	difference	difference	NOUN
ajfa-3802	351	47	between	between	ADP
ajfa-3802	351	48	fixed	fix	VERB
ajfa-3802	351	49	asset	asset	NOUN
ajfa-3802	351	50	turnover	turnover	NOUN
ajfa-3802	351	51	ratio	ratio	NOUN
ajfa-3802	351	52	and	and	CCONJ
ajfa-3802	351	53	industry	industry	NOUN
ajfa-3802	351	54	mean	mean	VERB
ajfa-3802	351	55	,	,	PUNCT
ajfa-3802	351	56	-0.002	-0.002	PUNCT
ajfa-3802	351	57	for	for	ADP
ajfa-3802	351	58	difference	difference	NOUN
ajfa-3802	351	59	between	between	ADP
ajfa-3802	351	60	capital	capital	NOUN
ajfa-3802	351	61	expenditure	expenditure	NOUN
ajfa-3802	351	62	ratio	ratio	NOUN
ajfa-3802	351	63	per	per	ADP
ajfa-3802	351	64	person	person	NOUN
ajfa-3802	351	65	and	and	CCONJ
ajfa-3802	351	66	industry	industry	NOUN
ajfa-3802	351	67	mean	mean	VERB
ajfa-3802	351	68	.	.	PUNCT
ajfa-3802	352	1	for	for	ADP
ajfa-3802	352	2	control	control	NOUN
ajfa-3802	352	3	variables	variable	NOUN
ajfa-3802	352	4	,	,	PUNCT
ajfa-3802	352	5	5.788	5.788	NUM
ajfa-3802	352	6	for	for	ADP
ajfa-3802	352	7	mean	mean	NOUN
ajfa-3802	352	8	of	of	ADP
ajfa-3802	352	9	firm	firm	ADJ
ajfa-3802	352	10	size	size	NOUN
ajfa-3802	352	11	,	,	PUNCT
ajfa-3802	352	12	0.298	0.298	NUM
ajfa-3802	352	13	for	for	ADP
ajfa-3802	352	14	mean	mean	NOUN
ajfa-3802	352	15	of	of	ADP
ajfa-3802	352	16	standard	standard	ADJ
ajfa-3802	352	17	deviation	deviation	NOUN
ajfa-3802	352	18	of	of	ADP
ajfa-3802	352	19	revenues	revenue	NOUN
ajfa-3802	352	20	,	,	PUNCT
ajfa-3802	352	21	0.100	0.100	NUM
ajfa-3802	352	22	for	for	ADP
ajfa-3802	352	23	mean	mean	NOUN
ajfa-3802	352	24	of	of	ADP
ajfa-3802	352	25	standard	standard	ADJ
ajfa-3802	352	26	deviation	deviation	NOUN
ajfa-3802	352	27	of	of	ADP
ajfa-3802	352	28	cash	cash	NOUN
ajfa-3802	352	29	flows	flow	NOUN
ajfa-3802	352	30	,	,	PUNCT
ajfa-3802	352	31	and	and	CCONJ
ajfa-3802	352	32	4.885	4.885	NUM
ajfa-3802	352	33	for	for	ADP
ajfa-3802	352	34	mean	mean	NOUN
ajfa-3802	352	35	of	of	ADP
ajfa-3802	352	36	number	number	NOUN
ajfa-3802	352	37	of	of	ADP
ajfa-3802	352	38	deficits	deficit	NOUN
ajfa-3802	352	39	.	.	PUNCT
ajfa-3802	353	1	table	table	NOUN
ajfa-3802	353	2	3	3	NUM
ajfa-3802	353	3	.	.	PUNCT
ajfa-3802	353	4	descriptive	descriptive	ADJ
ajfa-3802	353	5	statistics	statistic	NOUN
ajfa-3802	353	6	and	and	CCONJ
ajfa-3802	353	7	correlation	correlation	NOUN
ajfa-3802	353	8	between	between	ADP
ajfa-3802	353	9	the	the	DET
ajfa-3802	353	10	caq	caq	NOUN
ajfa-3802	353	11	and	and	CCONJ
ajfa-3802	353	12	factors	factor	NOUN
ajfa-3802	353	13	of	of	ADP
ajfa-3802	353	14	production(n=3,232	production(n=3,232	PROPN
ajfa-3802	353	15	)	)	PUNCT
ajfa-3802	354	1	_	_	PROPN
ajfa-3802	354	2	roa	roa	PROPN
ajfa-3802	354	3	model	model	PROPN
ajfa-3802	354	4	panel	panel	PROPN
ajfa-3802	354	5	a	a	DET
ajfa-3802	354	6	descriptive	descriptive	ADJ
ajfa-3802	354	7	statistics	statistic	NOUN
ajfa-3802	354	8	25	25	NUM
ajfa-3802	354	9	%	%	NOUN
ajfa-3802	354	10	median	median	NOUN
ajfa-3802	354	11	75	75	NUM
ajfa-3802	354	12	%	%	NOUN
ajfa-3802	354	13	mean	mean	NOUN
ajfa-3802	354	14	standard	standard	ADJ
ajfa-3802	354	15	deviation	deviation	NOUN
ajfa-3802	354	16	dependent	dependent	ADJ
ajfa-3802	354	17	variable	variable	ADJ
ajfa-3802	354	18	caq	caq	NOUN
ajfa-3802	354	19	1.768	1.768	NUM
ajfa-3802	354	20	3.826	3.826	NUM
ajfa-3802	354	21	7.589	7.589	NUM
ajfa-3802	354	22	5.975	5.975	NUM
ajfa-3802	354	23	7.156	7.156	NUM
ajfa-3802	354	24	independent	independent	ADJ
ajfa-3802	354	25	variable	variable	NOUN
ajfa-3802	354	26	ave.fat	ave.fat	NOUN
ajfa-3802	354	27	2.221	2.221	NUM
ajfa-3802	354	28	5.482	5.482	NUM
ajfa-3802	354	29	12.011	12.011	NUM
ajfa-3802	354	30	10.318	10.318	NUM
ajfa-3802	354	31	14.635	14.635	NUM
ajfa-3802	354	32	ave.pce	ave.pce	PROPN
ajfa-3802	354	33	0.018	0.018	NUM
ajfa-3802	354	34	0.036	0.036	NUM
ajfa-3802	354	35	0.097	0.097	NUM
ajfa-3802	354	36	0.192	0.192	NUM
ajfa-3802	354	37	0.478	0.478	NUM
ajfa-3802	354	38	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	354	39	-5.020	-5.020	NUM
ajfa-3802	354	40	-1.465	-1.465	NUM
ajfa-3802	354	41	0.650	0.650	NUM
ajfa-3802	354	42	-0.346	-0.346	PUNCT
ajfa-3802	354	43	11.870	11.870	NUM
ajfa-3802	354	44	ave.pce_sic	ave.pce_sic	PROPN
ajfa-3802	354	45	-0.031	-0.031	NUM
ajfa-3802	354	46	-0.010	-0.010	NOUN
ajfa-3802	354	47	0.010	0.010	NUM
ajfa-3802	354	48	-0.002	-0.002	PUNCT
ajfa-3802	354	49	0.281	0.281	NUM
ajfa-3802	354	50	control	control	NOUN
ajfa-3802	354	51	variable	variable	ADJ
ajfa-3802	354	52	ave.size	ave.size	NOUN
ajfa-3802	354	53	4.005	4.005	NUM
ajfa-3802	354	54	5.779	5.779	NUM
ajfa-3802	354	55	7.511	7.511	NUM
ajfa-3802	354	56	5.788	5.788	NUM
ajfa-3802	354	57	2.385	2.385	NUM
ajfa-3802	354	58	std	std	NOUN
ajfa-3802	354	59	.	.	PUNCT
ajfa-3802	354	60	sale	sale	NOUN
ajfa-3802	354	61	0.140	0.140	NUM
ajfa-3802	354	62	0.236	0.236	NUM
ajfa-3802	354	63	0.381	0.381	NUM
ajfa-3802	354	64	0.298	0.298	NUM
ajfa-3802	354	65	0.233	0.233	NUM
ajfa-3802	354	66	std.ocf	std.ocf	NUM
ajfa-3802	354	67	0.044	0.044	NUM
ajfa-3802	354	68	0.071	0.071	NUM
ajfa-3802	354	69	0.117	0.117	NUM
ajfa-3802	354	70	0.100	0.100	NUM
ajfa-3802	354	71	0.090	0.090	NUM
ajfa-3802	354	72	prop.ni	prop.ni	NUM
ajfa-3802	354	73	1	1	NUM
ajfa-3802	354	74	4	4	NUM
ajfa-3802	354	75	8	8	NUM
ajfa-3802	354	76	4.885	4.885	NUM
ajfa-3802	354	77	4.195	4.195	NUM
ajfa-3802	354	78	panel	panel	NOUN
ajfa-3802	354	79	b	b	PROPN
ajfa-3802	354	80	pearson	pearson	PROPN
ajfa-3802	354	81	correlations	correlation	NOUN
ajfa-3802	354	82	caq_90	caq_90	VERB
ajfa-3802	354	83	ave.fat	ave.fat	NOUN
ajfa-3802	354	84	ave.pce	ave.pce	PROPN
ajfa-3802	354	85	ave.fat	ave.fat	NOUN
ajfa-3802	354	86	_	_	PUNCT
ajfa-3802	354	87	sic	sic	ADJ
ajfa-3802	354	88	ave.pce	ave.pce	NUM
ajfa-3802	354	89	_	_	NOUN
ajfa-3802	354	90	sic	sic	ADJ
ajfa-3802	354	91	ave.size	ave.size	NOUN
ajfa-3802	354	92	std	std	NOUN
ajfa-3802	354	93	.	.	PROPN
ajfa-3802	354	94	sale	sale	NOUN
ajfa-3802	354	95	std.ocf	std.ocf	NUM
ajfa-3802	354	96	prop	prop	NOUN
ajfa-3802	354	97	.	.	PUNCT
ajfa-3802	355	1	ni	ni	PROPN
ajfa-3802	355	2	caq_90	caq_90	PROPN
ajfa-3802	355	3	pearson	pearson	NOUN
ajfa-3802	355	4	1.000	1.000	NUM
ajfa-3802	355	5	sig	sig	PROPN
ajfa-3802	356	1	ave.fat	ave.fat	NOUN
ajfa-3802	356	2	pearson	pearson	NOUN
ajfa-3802	356	3	-0.185	-0.185	PUNCT
ajfa-3802	356	4	1.000	1.000	NUM
ajfa-3802	356	5	sig	sig	NOUN
ajfa-3802	356	6	0.000	0.000	NUM
ajfa-3802	356	7	ave.pce	ave.pce	PROPN
ajfa-3802	356	8	pearson	pearson	NOUN
ajfa-3802	356	9	0.248	0.248	NUM
ajfa-3802	356	10	-0.232	-0.232	PUNCT
ajfa-3802	356	11	1.000	1.000	NUM
ajfa-3802	356	12	sig	sig	NOUN
ajfa-3802	356	13	0.000	0.000	NUM
ajfa-3802	356	14	0.000	0.000	NUM
ajfa-3802	356	15	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	356	16	pearson	pearson	PROPN
ajfa-3802	356	17	-0.206	-0.206	PUNCT
ajfa-3802	356	18	0.585	0.585	NUM
ajfa-3802	356	19	-0.325	-0.325	NUM
ajfa-3802	356	20	1.000	1.000	NUM
ajfa-3802	356	21	sig	sig	NOUN
ajfa-3802	356	22	0.000	0.000	NUM
ajfa-3802	356	23	0.000	0.000	NUM
ajfa-3802	356	24	0.000	0.000	NUM
ajfa-3802	357	1	ave.pce_sic	ave.pce_sic	PROPN
ajfa-3802	357	2	pearson	pearson	PROPN
ajfa-3802	357	3	0.267	0.267	NUM
ajfa-3802	357	4	-0.245	-0.245	NOUN
ajfa-3802	357	5	0.810	0.810	NUM
ajfa-3802	357	6	-0.406	-0.406	NUM
ajfa-3802	357	7	1.000	1.000	NUM
ajfa-3802	357	8	sig	sig	NOUN
ajfa-3802	357	9	0.000	0.000	NUM
ajfa-3802	357	10	0.000	0.000	NUM
ajfa-3802	357	11	0.000	0.000	NUM
ajfa-3802	357	12	0.000	0.000	NUM
ajfa-3802	357	13	ave.size	ave.size	NOUN
ajfa-3802	357	14	pearson	pearson	NOUN
ajfa-3802	357	15	0.408	0.408	NUM
ajfa-3802	357	16	-0.313	-0.313	PUNCT
ajfa-3802	357	17	0.266	0.266	NUM
ajfa-3802	357	18	-0.225	-0.225	NUM
ajfa-3802	357	19	0.213	0.213	NUM
ajfa-3802	357	20	1.000	1.000	NUM
ajfa-3802	357	21	sig	sig	NOUN
ajfa-3802	358	1	0.000	0.000	NUM
ajfa-3802	358	2	0.000	0.000	NUM
ajfa-3802	358	3	0.000	0.000	NUM
ajfa-3802	358	4	0.000	0.000	NUM
ajfa-3802	358	5	0.000	0.000	NUM
ajfa-3802	358	6	std	std	NOUN
ajfa-3802	358	7	.	.	PUNCT
ajfa-3802	358	8	sale	sale	NOUN
ajfa-3802	358	9	pearson	pearson	NOUN
ajfa-3802	358	10	-0.279	-0.279	NUM
ajfa-3802	358	11	0.433	0.433	NUM
ajfa-3802	358	12	-0.239	-0.239	NUM
ajfa-3802	358	13	0.311	0.311	NUM
ajfa-3802	358	14	-0.232	-0.232	PUNCT
ajfa-3802	358	15	-0.414	-0.414	NUM
ajfa-3802	358	16	1.000	1.000	NUM
ajfa-3802	358	17	sig	sig	NOUN
ajfa-3802	359	1	0.000	0.000	NUM
ajfa-3802	359	2	0.000	0.000	NUM
ajfa-3802	359	3	0.000	0.000	NUM
ajfa-3802	359	4	0.000	0.000	NUM
ajfa-3802	359	5	0.000	0.000	NUM
ajfa-3802	359	6	0.000	0.000	NUM
ajfa-3802	359	7	std.ocf	std.ocf	NUM
ajfa-3802	359	8	pearson	pearson	NOUN
ajfa-3802	359	9	-0.372	-0.372	PUNCT
ajfa-3802	359	10	0.231	0.231	NUM
ajfa-3802	359	11	-0.165	-0.165	NUM
ajfa-3802	359	12	0.166	0.166	NUM
ajfa-3802	359	13	-0.158	-0.158	SYM
ajfa-3802	359	14	-0.602	-0.602	NUM
ajfa-3802	359	15	0.428	0.428	NUM
ajfa-3802	359	16	1.000	1.000	NUM
ajfa-3802	359	17	sig	sig	NOUN
ajfa-3802	359	18	0.000	0.000	NUM
ajfa-3802	359	19	0.000	0.000	NUM
ajfa-3802	359	20	0.000	0.000	NUM
ajfa-3802	359	21	0.000	0.000	NUM
ajfa-3802	359	22	0.000	0.000	NUM
ajfa-3802	359	23	000	000	NUM
ajfa-3802	359	24	0.000	0.000	NUM
ajfa-3802	359	25	prop.ni	prop.ni	PROPN
ajfa-3802	359	26	pearson	pearson	PROPN
ajfa-3802	359	27	-0.383	-0.383	ADP
ajfa-3802	359	28	0.128	0.128	NUM
ajfa-3802	359	29	-0.155	-0.155	PUNCT
ajfa-3802	359	30	0.099	0.099	NUM
ajfa-3802	359	31	-0.154	-0.154	ADJ
ajfa-3802	359	32	-0.533	-0.533	PUNCT
ajfa-3802	359	33	0.296	0.296	NUM
ajfa-3802	359	34	0.564	0.564	NUM
ajfa-3802	359	35	1.000	1.000	NUM
ajfa-3802	359	36	sig	sig	NOUN
ajfa-3802	359	37	0.000	0.000	NUM
ajfa-3802	359	38	0.000	0.000	NUM
ajfa-3802	359	39	0.000	0.000	NUM
ajfa-3802	359	40	0.000	0.000	NUM
ajfa-3802	359	41	0.000	0.000	NUM
ajfa-3802	359	42	0.000	0.000	NUM
ajfa-3802	359	43	0.000	0.000	NUM
ajfa-3802	359	44	0.000	0.000	NUM
ajfa-3802	359	45	variable	variable	ADJ
ajfa-3802	359	46	definition	definition	NOUN
ajfa-3802	359	47	:	:	PUNCT
ajfa-3802	359	48	caq	caq	NOUN
ajfa-3802	359	49	is	be	AUX
ajfa-3802	359	50	the	the	DET
ajfa-3802	359	51	investment	investment	NOUN
ajfa-3802	359	52	risks	risk	NOUN
ajfa-3802	359	53	proposed	propose	VERB
ajfa-3802	359	54	by	by	ADP
ajfa-3802	359	55	this	this	DET
ajfa-3802	359	56	study	study	NOUN
ajfa-3802	359	57	.	.	PUNCT
ajfa-3802	360	1	it	it	PRON
ajfa-3802	360	2	is	be	AUX
ajfa-3802	360	3	the	the	DET
ajfa-3802	360	4	estimated	estimate	VERB
ajfa-3802	360	5	residuals	residual	NOUN
ajfa-3802	360	6	calculated	calculate	VERB
ajfa-3802	360	7	by	by	ADP
ajfa-3802	360	8	residuals	residual	NOUN
ajfa-3802	360	9	estimation	estimation	NOUN
ajfa-3802	360	10	approach	approach	NOUN
ajfa-3802	360	11	by	by	ADP
ajfa-3802	360	12	francis	francis	PROPN
ajfa-3802	360	13	et.(2005	et.(2005	PROPN
ajfa-3802	360	14	)	)	PUNCT
ajfa-3802	360	15	and	and	CCONJ
ajfa-3802	360	16	is	be	AUX
ajfa-3802	360	17	converted	convert	VERB
ajfa-3802	360	18	into	into	ADP
ajfa-3802	360	19	the	the	DET
ajfa-3802	360	20	tolerance	tolerance	NOUN
ajfa-3802	360	21	range	range	NOUN
ajfa-3802	360	22	of	of	ADP
ajfa-3802	360	23	investors	investor	NOUN
ajfa-3802	360	24	.	.	PUNCT
ajfa-3802	361	1	ave.fat	ave.fat	NOUN
ajfa-3802	361	2	fixed	fix	VERB
ajfa-3802	361	3	asset	asset	NOUN
ajfa-3802	361	4	turnover	turnover	NOUN
ajfa-3802	361	5	ratio	ratio	NOUN
ajfa-3802	361	6	is	be	AUX
ajfa-3802	361	7	calculated	calculate	VERB
ajfa-3802	361	8	by	by	ADP
ajfa-3802	361	9	revenues	revenue	NOUN
ajfa-3802	361	10	divided	divide	VERB
ajfa-3802	361	11	by	by	ADP
ajfa-3802	361	12	fixed	fix	VERB
ajfa-3802	361	13	assets(compustat	assets(compustat	NOUN
ajfa-3802	361	14	#	#	NOUN
ajfa-3802	361	15	12/	12/	NUM
ajfa-3802	361	16	compustat	compustat	NOUN
ajfa-3802	361	17	#	#	SYM
ajfa-3802	361	18	7	7	NUM
ajfa-3802	361	19	)	)	PUNCT
ajfa-3802	361	20	and	and	CCONJ
ajfa-3802	361	21	converted	convert	VERB
ajfa-3802	361	22	into	into	ADP
ajfa-3802	361	23	firm	firm	ADJ
ajfa-3802	361	24	level	level	NOUN
ajfa-3802	361	25	by	by	ADP
ajfa-3802	361	26	average	average	ADJ
ajfa-3802	361	27	.	.	PUNCT
ajfa-3802	362	1	ave.pce	ave.pce	PROPN
ajfa-3802	362	2	capital	capital	NOUN
ajfa-3802	362	3	expenditure	expenditure	NOUN
ajfa-3802	362	4	ratio	ratio	NOUN
ajfa-3802	362	5	per	per	ADP
ajfa-3802	362	6	person	person	NOUN
ajfa-3802	362	7	is	be	AUX
ajfa-3802	362	8	calculated	calculate	VERB
ajfa-3802	362	9	by	by	ADP
ajfa-3802	362	10	fixed	fix	VERB
ajfa-3802	362	11	assets	asset	NOUN
ajfa-3802	362	12	divided	divide	VERB
ajfa-3802	362	13	by	by	ADP
ajfa-3802	362	14	number	number	NOUN
ajfa-3802	362	15	of	of	ADP
ajfa-3802	362	16	employees	employee	NOUN
ajfa-3802	362	17	(	(	PUNCT
ajfa-3802	362	18	compustat	compustat	VERB
ajfa-3802	362	19	#	#	SYM
ajfa-3802	362	20	7/	7/	NUM
ajfa-3802	362	21	compustat	compustat	NOUN
ajfa-3802	362	22	#	#	SYM
ajfa-3802	362	23	29	29	NUM
ajfa-3802	362	24	)	)	PUNCT
ajfa-3802	362	25	and	and	CCONJ
ajfa-3802	362	26	converted	convert	VERB
ajfa-3802	362	27	into	into	ADP
ajfa-3802	362	28	firm	firm	ADJ
ajfa-3802	362	29	level	level	NOUN
ajfa-3802	362	30	by	by	ADP
ajfa-3802	362	31	average	average	ADJ
ajfa-3802	362	32	.	.	PUNCT
ajfa-3802	363	1	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	363	2	difference	difference	NOUN
ajfa-3802	363	3	between	between	ADP
ajfa-3802	363	4	fixed	fix	VERB
ajfa-3802	363	5	asset	asset	NOUN
ajfa-3802	363	6	turnover	turnover	NOUN
ajfa-3802	363	7	ratio	ratio	NOUN
ajfa-3802	363	8	and	and	CCONJ
ajfa-3802	363	9	industry	industry	NOUN
ajfa-3802	363	10	mean	mean	NOUN
ajfa-3802	363	11	is	be	AUX
ajfa-3802	363	12	calculated	calculate	VERB
ajfa-3802	363	13	by	by	ADP
ajfa-3802	363	14	fixed	fix	VERB
ajfa-3802	363	15	asset	asset	NOUN
ajfa-3802	363	16	turnover	turnover	NOUN
ajfa-3802	363	17	ratio	ratio	NOUN
ajfa-3802	363	18	in	in	ADP
ajfa-3802	363	19	firm	firm	ADJ
ajfa-3802	363	20	level	level	NOUN
ajfa-3802	363	21	minus	minus	CCONJ
ajfa-3802	363	22	the	the	DET
ajfa-3802	363	23	mean	mean	NOUN
ajfa-3802	363	24	of	of	ADP
ajfa-3802	363	25	fixed	fix	VERB
ajfa-3802	363	26	asset	asset	NOUN
ajfa-3802	363	27	turnover	turnover	NOUN
ajfa-3802	363	28	ratio	ratio	NOUN
ajfa-3802	363	29	in	in	ADP
ajfa-3802	363	30	such	such	ADJ
ajfa-3802	363	31	industry	industry	NOUN
ajfa-3802	363	32	.	.	PUNCT
ajfa-3802	364	1	ave.pce_sic	ave.pce_sic	ADJ
ajfa-3802	364	2	difference	difference	NOUN
ajfa-3802	364	3	between	between	ADP
ajfa-3802	364	4	capital	capital	NOUN
ajfa-3802	364	5	expenditure	expenditure	NOUN
ajfa-3802	364	6	ratio	ratio	NOUN
ajfa-3802	364	7	per	per	ADP
ajfa-3802	364	8	person	person	NOUN
ajfa-3802	364	9	and	and	CCONJ
ajfa-3802	364	10	industry	industry	NOUN
ajfa-3802	364	11	mean	mean	NOUN
ajfa-3802	364	12	is	be	AUX
ajfa-3802	364	13	calculated	calculate	VERB
ajfa-3802	364	14	by	by	ADP
ajfa-3802	364	15	capital	capital	NOUN
ajfa-3802	364	16	expenditure	expenditure	NOUN
ajfa-3802	364	17	ratio	ratio	NOUN
ajfa-3802	364	18	per	per	ADP
ajfa-3802	364	19	person	person	NOUN
ajfa-3802	364	20	in	in	ADP
ajfa-3802	364	21	firm	firm	ADJ
ajfa-3802	364	22	level	level	NOUN
ajfa-3802	364	23	minus	minus	CCONJ
ajfa-3802	364	24	mean	mean	NOUN
ajfa-3802	364	25	of	of	ADP
ajfa-3802	364	26	capital	capital	NOUN
ajfa-3802	364	27	expenditure	expenditure	NOUN
ajfa-3802	364	28	ratio	ratio	NOUN
ajfa-3802	364	29	per	per	ADP
ajfa-3802	364	30	person	person	NOUN
ajfa-3802	364	31	in	in	ADP
ajfa-3802	364	32	such	such	ADJ
ajfa-3802	364	33	industry	industry	NOUN
ajfa-3802	364	34	.	.	PUNCT
ajfa-3802	365	1	ave.size	ave.size	PROPN
ajfa-3802	365	2	is	be	AUX
ajfa-3802	365	3	firm	firm	ADJ
ajfa-3802	365	4	size	size	NOUN
ajfa-3802	365	5	.	.	PUNCT
ajfa-3802	366	1	it	it	PRON
ajfa-3802	366	2	is	be	AUX
ajfa-3802	366	3	calculated	calculate	VERB
ajfa-3802	366	4	by	by	ADP
ajfa-3802	366	5	inputting	inputte	VERB
ajfa-3802	366	6	total	total	ADJ
ajfa-3802	366	7	assets	asset	NOUN
ajfa-3802	366	8	(	(	PUNCT
ajfa-3802	366	9	compustat	compustat	NOUN
ajfa-3802	366	10	#	#	SYM
ajfa-3802	366	11	6	6	NUM
ajfa-3802	366	12	)	)	PUNCT
ajfa-3802	366	13	into	into	ADP
ajfa-3802	366	14	the	the	DET
ajfa-3802	366	15	natural	natural	ADJ
ajfa-3802	366	16	logarithm	logarithm	NOUN
ajfa-3802	366	17	function	function	NOUN
ajfa-3802	366	18	and	and	CCONJ
ajfa-3802	366	19	converted	convert	VERB
ajfa-3802	366	20	back	back	ADV
ajfa-3802	366	21	into	into	ADP
ajfa-3802	366	22	firm	firm	ADJ
ajfa-3802	366	23	level	level	NOUN
ajfa-3802	366	24	by	by	ADP
ajfa-3802	366	25	average	average	ADJ
ajfa-3802	366	26	.	.	PUNCT
ajfa-3802	367	1	std	std	NOUN
ajfa-3802	367	2	.	.	PUNCT
ajfa-3802	367	3	sale	sale	NOUN
ajfa-3802	367	4	is	be	AUX
ajfa-3802	367	5	standard	standard	ADJ
ajfa-3802	367	6	deviation	deviation	NOUN
ajfa-3802	367	7	of	of	ADP
ajfa-3802	367	8	revenues	revenue	NOUN
ajfa-3802	367	9	.	.	PUNCT
ajfa-3802	368	1	revenues	revenue	NOUN
ajfa-3802	368	2	are	be	AUX
ajfa-3802	368	3	deflated	deflate	VERB
ajfa-3802	368	4	by	by	ADP
ajfa-3802	368	5	average	average	ADJ
ajfa-3802	368	6	total	total	ADJ
ajfa-3802	368	7	assets	asset	NOUN
ajfa-3802	368	8	and	and	CCONJ
ajfa-3802	368	9	obtained	obtain	VERB
ajfa-3802	368	10	the	the	DET
ajfa-3802	368	11	standard	standard	ADJ
ajfa-3802	368	12	deviation	deviation	NOUN
ajfa-3802	368	13	.	.	PUNCT
ajfa-3802	369	1	std.ocf	std.ocf	NOUN
ajfa-3802	369	2	is	be	AUX
ajfa-3802	369	3	standard	standard	ADJ
ajfa-3802	369	4	deviation	deviation	NOUN
ajfa-3802	369	5	of	of	ADP
ajfa-3802	369	6	cash	cash	NOUN
ajfa-3802	369	7	flows	flow	NOUN
ajfa-3802	369	8	.	.	PUNCT
ajfa-3802	370	1	cash	cash	NOUN
ajfa-3802	370	2	flows	flow	NOUN
ajfa-3802	370	3	are	be	AUX
ajfa-3802	370	4	deflated	deflate	VERB
ajfa-3802	370	5	by	by	ADP
ajfa-3802	370	6	average	average	ADJ
ajfa-3802	370	7	total	total	ADJ
ajfa-3802	370	8	assets	asset	NOUN
ajfa-3802	370	9	and	and	CCONJ
ajfa-3802	370	10	obtained	obtain	VERB
ajfa-3802	370	11	the	the	DET
ajfa-3802	370	12	standard	standard	ADJ
ajfa-3802	370	13	deviation	deviation	NOUN
ajfa-3802	370	14	.	.	PUNCT
ajfa-3802	371	1	prop.ni	prop.ni	PROPN
ajfa-3802	371	2	is	be	AUX
ajfa-3802	371	3	the	the	DET
ajfa-3802	371	4	number	number	NOUN
ajfa-3802	371	5	of	of	ADP
ajfa-3802	371	6	deficits	deficit	NOUN
ajfa-3802	371	7	.	.	PUNCT
ajfa-3802	372	1	if	if	SCONJ
ajfa-3802	372	2	current	current	ADJ
ajfa-3802	372	3	earnings	earning	NOUN
ajfa-3802	372	4	equal	equal	ADJ
ajfa-3802	372	5	to	to	ADP
ajfa-3802	372	6	1	1	NUM
ajfa-3802	372	7	,	,	PUNCT
ajfa-3802	372	8	it	it	PRON
ajfa-3802	372	9	is	be	AUX
ajfa-3802	372	10	converted	convert	VERB
ajfa-3802	372	11	to	to	ADP
ajfa-3802	372	12	firm	firm	ADJ
ajfa-3802	372	13	level	level	NOUN
ajfa-3802	372	14	by	by	ADP
ajfa-3802	372	15	accumulation	accumulation	NOUN
ajfa-3802	372	16	.	.	PUNCT
ajfa-3802	373	1	asian	asian	ADJ
ajfa-3802	373	2	journal	journal	PROPN
ajfa-3802	373	3	of	of	ADP
ajfa-3802	373	4	finance	finance	PROPN
ajfa-3802	373	5	&	&	CCONJ
ajfa-3802	373	6	accounting	accounting	PROPN
ajfa-3802	373	7	issn	issn	PROPN
ajfa-3802	373	8	1946	1946	NUM
ajfa-3802	373	9	-	-	PUNCT
ajfa-3802	373	10	052x	052x	NOUN
ajfa-3802	373	11	2013	2013	NUM
ajfa-3802	373	12	,	,	PUNCT
ajfa-3802	373	13	vol	vol	NOUN
ajfa-3802	373	14	.	.	PROPN
ajfa-3802	373	15	5	5	NUM
ajfa-3802	373	16	,	,	PUNCT
ajfa-3802	373	17	no	no	INTJ
ajfa-3802	373	18	.	.	NOUN
ajfa-3802	373	19	1	1	NUM
ajfa-3802	373	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	373	21	437	437	NUM
ajfa-3802	373	22	as	as	ADP
ajfa-3802	373	23	for	for	ADP
ajfa-3802	373	24	correlation	correlation	NOUN
ajfa-3802	373	25	coefficient	coefficient	NOUN
ajfa-3802	373	26	,	,	PUNCT
ajfa-3802	373	27	only	only	ADV
ajfa-3802	373	28	the	the	DET
ajfa-3802	373	29	difference	difference	NOUN
ajfa-3802	373	30	between	between	ADP
ajfa-3802	373	31	capital	capital	NOUN
ajfa-3802	373	32	expenditure	expenditure	NOUN
ajfa-3802	373	33	ratio	ratio	NOUN
ajfa-3802	373	34	per	per	ADP
ajfa-3802	373	35	person	person	NOUN
ajfa-3802	373	36	and	and	CCONJ
ajfa-3802	373	37	industry	industry	NOUN
ajfa-3802	373	38	mean	mean	NOUN
ajfa-3802	373	39	has	have	VERB
ajfa-3802	373	40	higher	high	ADJ
ajfa-3802	373	41	correlation	correlation	NOUN
ajfa-3802	373	42	coefficient	coefficient	NOUN
ajfa-3802	373	43	(	(	PUNCT
ajfa-3802	373	44	0.810	0.810	NUM
ajfa-3802	373	45	)	)	PUNCT
ajfa-3802	373	46	among	among	ADP
ajfa-3802	373	47	all	all	DET
ajfa-3802	373	48	variables	variable	NOUN
ajfa-3802	373	49	.	.	PUNCT
ajfa-3802	374	1	other	other	ADJ
ajfa-3802	374	2	independent	independent	ADJ
ajfa-3802	374	3	variables	variable	NOUN
ajfa-3802	374	4	are	be	AUX
ajfa-3802	374	5	lower	low	ADJ
ajfa-3802	374	6	to	to	PART
ajfa-3802	374	7	moderate	moderate	ADJ
ajfa-3802	374	8	correlated	correlate	VERB
ajfa-3802	374	9	.	.	PUNCT
ajfa-3802	375	1	however	however	ADV
ajfa-3802	375	2	,	,	PUNCT
ajfa-3802	375	3	the	the	DET
ajfa-3802	375	4	capital	capital	NOUN
ajfa-3802	375	5	expenditure	expenditure	NOUN
ajfa-3802	375	6	ratio	ratio	NOUN
ajfa-3802	375	7	per	per	ADP
ajfa-3802	375	8	person	person	NOUN
ajfa-3802	375	9	and	and	CCONJ
ajfa-3802	375	10	difference	difference	NOUN
ajfa-3802	375	11	between	between	ADP
ajfa-3802	375	12	capital	capital	NOUN
ajfa-3802	375	13	expenditure	expenditure	NOUN
ajfa-3802	375	14	ratio	ratio	NOUN
ajfa-3802	375	15	per	per	ADP
ajfa-3802	375	16	person	person	NOUN
ajfa-3802	375	17	and	and	CCONJ
ajfa-3802	375	18	industry	industry	NOUN
ajfa-3802	375	19	mean	mean	NOUN
ajfa-3802	375	20	are	be	AUX
ajfa-3802	375	21	not	not	PART
ajfa-3802	375	22	put	put	VERB
ajfa-3802	375	23	on	on	ADP
ajfa-3802	375	24	the	the	DET
ajfa-3802	375	25	same	same	ADJ
ajfa-3802	375	26	regression	regression	NOUN
ajfa-3802	375	27	,	,	PUNCT
ajfa-3802	375	28	so	so	CCONJ
ajfa-3802	375	29	there	there	PRON
ajfa-3802	375	30	is	be	VERB
ajfa-3802	375	31	no	no	DET
ajfa-3802	375	32	collinearity	collinearity	NOUN
ajfa-3802	375	33	for	for	ADP
ajfa-3802	375	34	the	the	DET
ajfa-3802	375	35	variables	variable	NOUN
ajfa-3802	375	36	in	in	ADP
ajfa-3802	375	37	this	this	DET
ajfa-3802	375	38	paper	paper	NOUN
ajfa-3802	375	39	.	.	PUNCT
ajfa-3802	376	1	for	for	ADP
ajfa-3802	376	2	the	the	DET
ajfa-3802	376	3	correlation	correlation	NOUN
ajfa-3802	376	4	between	between	ADP
ajfa-3802	376	5	caq	caq	NOUN
ajfa-3802	376	6	and	and	CCONJ
ajfa-3802	376	7	accounting	accounting	NOUN
ajfa-3802	376	8	signals	signal	NOUN
ajfa-3802	376	9	,	,	PUNCT
ajfa-3802	376	10	fixed	fix	VERB
ajfa-3802	376	11	asset	asset	NOUN
ajfa-3802	376	12	turnover	turnover	NOUN
ajfa-3802	376	13	ratio	ratio	NOUN
ajfa-3802	376	14	and	and	CCONJ
ajfa-3802	376	15	difference	difference	NOUN
ajfa-3802	376	16	between	between	ADP
ajfa-3802	376	17	fixed	fix	VERB
ajfa-3802	376	18	asset	asset	NOUN
ajfa-3802	376	19	turnover	turnover	NOUN
ajfa-3802	376	20	ratio	ratio	NOUN
ajfa-3802	376	21	and	and	CCONJ
ajfa-3802	376	22	industry	industry	NOUN
ajfa-3802	376	23	mean	mean	VERB
ajfa-3802	376	24	have	have	VERB
ajfa-3802	376	25	significant	significant	ADJ
ajfa-3802	376	26	negative	negative	ADJ
ajfa-3802	376	27	correlation	correlation	NOUN
ajfa-3802	376	28	,	,	PUNCT
ajfa-3802	376	29	but	but	CCONJ
ajfa-3802	376	30	capital	capital	NOUN
ajfa-3802	376	31	expenditure	expenditure	NOUN
ajfa-3802	376	32	ratio	ratio	NOUN
ajfa-3802	376	33	per	per	ADP
ajfa-3802	376	34	person	person	NOUN
ajfa-3802	376	35	and	and	CCONJ
ajfa-3802	376	36	difference	difference	NOUN
ajfa-3802	376	37	between	between	ADP
ajfa-3802	376	38	capital	capital	NOUN
ajfa-3802	376	39	expenditure	expenditure	NOUN
ajfa-3802	376	40	ratio	ratio	NOUN
ajfa-3802	376	41	per	per	ADP
ajfa-3802	376	42	person	person	NOUN
ajfa-3802	376	43	and	and	CCONJ
ajfa-3802	376	44	industry	industry	NOUN
ajfa-3802	376	45	mean	mean	VERB
ajfa-3802	376	46	have	have	VERB
ajfa-3802	376	47	significant	significant	ADJ
ajfa-3802	376	48	positive	positive	ADJ
ajfa-3802	376	49	correlation	correlation	NOUN
ajfa-3802	376	50	.	.	PUNCT
ajfa-3802	377	1	this	this	DET
ajfa-3802	377	2	paper	paper	NOUN
ajfa-3802	377	3	then	then	ADV
ajfa-3802	377	4	designs	design	VERB
ajfa-3802	377	5	the	the	DET
ajfa-3802	377	6	strategy	strategy	NOUN
ajfa-3802	377	7	hierarchy	hierarchy	NOUN
ajfa-3802	377	8	based	base	VERB
ajfa-3802	377	9	on	on	ADP
ajfa-3802	377	10	the	the	DET
ajfa-3802	377	11	concept	concept	NOUN
ajfa-3802	377	12	of	of	ADP
ajfa-3802	377	13	a	a	DET
ajfa-3802	377	14	relative	relative	ADJ
ajfa-3802	377	15	proportion	proportion	NOUN
ajfa-3802	377	16	between	between	ADP
ajfa-3802	377	17	profit	profit	NOUN
ajfa-3802	377	18	margins	margin	NOUN
ajfa-3802	377	19	and	and	CCONJ
ajfa-3802	377	20	asset	asset	NOUN
ajfa-3802	377	21	turnover	turnover	NOUN
ajfa-3802	377	22	ratio	ratio	NOUN
ajfa-3802	377	23	,	,	PUNCT
ajfa-3802	377	24	where	where	SCONJ
ajfa-3802	377	25	lower	low	ADJ
ajfa-3802	377	26	profit	profit	NOUN
ajfa-3802	377	27	margins	margin	NOUN
ajfa-3802	377	28	and	and	CCONJ
ajfa-3802	377	29	higher	high	ADJ
ajfa-3802	377	30	asset	asset	NOUN
ajfa-3802	377	31	turnover	turnover	NOUN
ajfa-3802	377	32	ratio	ratio	NOUN
ajfa-3802	377	33	is	be	AUX
ajfa-3802	377	34	cost	cost	NOUN
ajfa-3802	377	35	leadership	leadership	NOUN
ajfa-3802	377	36	firm	firm	NOUN
ajfa-3802	377	37	,	,	PUNCT
ajfa-3802	377	38	higher	high	ADJ
ajfa-3802	377	39	profit	profit	NOUN
ajfa-3802	377	40	margins	margin	NOUN
ajfa-3802	377	41	and	and	CCONJ
ajfa-3802	377	42	lower	low	ADJ
ajfa-3802	377	43	asset	asset	NOUN
ajfa-3802	377	44	turnover	turnover	NOUN
ajfa-3802	377	45	ratio	ratio	NOUN
ajfa-3802	377	46	is	be	AUX
ajfa-3802	377	47	differentiation	differentiation	NOUN
ajfa-3802	377	48	strategy	strategy	NOUN
ajfa-3802	377	49	firm	firm	NOUN
ajfa-3802	377	50	.	.	PUNCT
ajfa-3802	378	1	there	there	PRON
ajfa-3802	378	2	are	be	VERB
ajfa-3802	378	3	416	416	NUM
ajfa-3802	378	4	and	and	CCONJ
ajfa-3802	378	5	1284	1284	NUM
ajfa-3802	378	6	samples	sample	NOUN
ajfa-3802	378	7	respectively	respectively	ADV
ajfa-3802	378	8	.	.	PUNCT
ajfa-3802	379	1	table4	table4	PROPN
ajfa-3802	379	2	is	be	AUX
ajfa-3802	379	3	the	the	DET
ajfa-3802	379	4	regression	regression	NOUN
ajfa-3802	379	5	analysis	analysis	NOUN
ajfa-3802	379	6	after	after	ADP
ajfa-3802	379	7	classifying	classify	VERB
ajfa-3802	379	8	the	the	DET
ajfa-3802	379	9	strategies	strategy	NOUN
ajfa-3802	379	10	.	.	PUNCT
ajfa-3802	380	1	there	there	PRON
ajfa-3802	380	2	are	be	VERB
ajfa-3802	380	3	mainly	mainly	ADV
ajfa-3802	380	4	two	two	NUM
ajfa-3802	380	5	parts	part	NOUN
ajfa-3802	380	6	–	–	PUNCT
ajfa-3802	380	7	firm	firm	NOUN
ajfa-3802	380	8	-	-	PUNCT
ajfa-3802	380	9	specific	specific	ADJ
ajfa-3802	380	10	accounting	accounting	NOUN
ajfa-3802	380	11	signals	signal	NOUN
ajfa-3802	380	12	and	and	CCONJ
ajfa-3802	380	13	industry	industry	NOUN
ajfa-3802	380	14	-	-	PUNCT
ajfa-3802	380	15	specific	specific	ADJ
ajfa-3802	380	16	accounting	accounting	NOUN
ajfa-3802	380	17	signals	signal	NOUN
ajfa-3802	380	18	.	.	PUNCT
ajfa-3802	381	1	in	in	ADP
ajfa-3802	381	2	model1	model1	PROPN
ajfa-3802	381	3	and	and	CCONJ
ajfa-3802	381	4	model2	model2	NOUN
ajfa-3802	381	5	,	,	PUNCT
ajfa-3802	381	6	they	they	PRON
ajfa-3802	381	7	show	show	VERB
ajfa-3802	381	8	the	the	DET
ajfa-3802	381	9	influence	influence	NOUN
ajfa-3802	381	10	of	of	ADP
ajfa-3802	381	11	firm	firm	ADJ
ajfa-3802	381	12	-	-	PUNCT
ajfa-3802	381	13	specific	specific	ADJ
ajfa-3802	381	14	accounting	accounting	NOUN
ajfa-3802	381	15	signals	signal	NOUN
ajfa-3802	381	16	on	on	ADP
ajfa-3802	381	17	investment	investment	NOUN
ajfa-3802	381	18	risks	risk	NOUN
ajfa-3802	381	19	.	.	PUNCT
ajfa-3802	382	1	regression	regression	NOUN
ajfa-3802	382	2	result	result	NOUN
ajfa-3802	382	3	shows	show	VERB
ajfa-3802	382	4	that	that	SCONJ
ajfa-3802	382	5	no	no	DET
ajfa-3802	382	6	matter	matter	NOUN
ajfa-3802	382	7	in	in	ADP
ajfa-3802	382	8	cost	cost	NOUN
ajfa-3802	382	9	leadership	leadership	NOUN
ajfa-3802	382	10	strategy	strategy	NOUN
ajfa-3802	382	11	(	(	PUNCT
ajfa-3802	382	12	model1	model1	PROPN
ajfa-3802	382	13	)	)	PUNCT
ajfa-3802	382	14	or	or	CCONJ
ajfa-3802	382	15	differentiation	differentiation	NOUN
ajfa-3802	382	16	strategy	strategy	NOUN
ajfa-3802	382	17	(	(	PUNCT
ajfa-3802	382	18	model2	model2	NOUN
ajfa-3802	382	19	)	)	PUNCT
ajfa-3802	382	20	,	,	PUNCT
ajfa-3802	382	21	if	if	SCONJ
ajfa-3802	382	22	a	a	DET
ajfa-3802	382	23	firm	firm	NOUN
ajfa-3802	382	24	emphasizes	emphasize	VERB
ajfa-3802	382	25	on	on	ADP
ajfa-3802	382	26	the	the	DET
ajfa-3802	382	27	capital	capital	NOUN
ajfa-3802	382	28	expenditure	expenditure	NOUN
ajfa-3802	382	29	ratio	ratio	NOUN
ajfa-3802	382	30	per	per	ADP
ajfa-3802	382	31	person	person	NOUN
ajfa-3802	382	32	will	will	AUX
ajfa-3802	382	33	reduce	reduce	VERB
ajfa-3802	382	34	investment	investment	NOUN
ajfa-3802	382	35	risks	risk	NOUN
ajfa-3802	382	36	.	.	PUNCT
ajfa-3802	383	1	that	that	PRON
ajfa-3802	383	2	means	mean	VERB
ajfa-3802	383	3	no	no	ADV
ajfa-3802	383	4	matter	matter	ADV
ajfa-3802	383	5	which	which	DET
ajfa-3802	383	6	strategy	strategy	NOUN
ajfa-3802	383	7	a	a	DET
ajfa-3802	383	8	firm	firm	NOUN
ajfa-3802	383	9	applies	apply	VERB
ajfa-3802	383	10	,	,	PUNCT
ajfa-3802	383	11	it	it	PRON
ajfa-3802	383	12	can	can	AUX
ajfa-3802	383	13	reduce	reduce	VERB
ajfa-3802	383	14	investment	investment	NOUN
ajfa-3802	383	15	risks	risk	NOUN
ajfa-3802	383	16	if	if	SCONJ
ajfa-3802	383	17	it	it	PRON
ajfa-3802	383	18	focuses	focus	VERB
ajfa-3802	383	19	on	on	ADP
ajfa-3802	383	20	the	the	DET
ajfa-3802	383	21	degree	degree	NOUN
ajfa-3802	383	22	of	of	ADP
ajfa-3802	383	23	automation	automation	NOUN
ajfa-3802	383	24	.	.	PUNCT
ajfa-3802	384	1	therefore	therefore	ADV
ajfa-3802	384	2	we	we	PRON
ajfa-3802	384	3	can	can	AUX
ajfa-3802	384	4	infer	infer	VERB
ajfa-3802	384	5	that	that	SCONJ
ajfa-3802	384	6	the	the	DET
ajfa-3802	384	7	improvement	improvement	NOUN
ajfa-3802	384	8	in	in	ADP
ajfa-3802	384	9	automation	automation	NOUN
ajfa-3802	384	10	can	can	AUX
ajfa-3802	384	11	allow	allow	VERB
ajfa-3802	384	12	the	the	DET
ajfa-3802	384	13	organization	organization	NOUN
ajfa-3802	384	14	to	to	PART
ajfa-3802	384	15	use	use	VERB
ajfa-3802	384	16	flexible	flexible	ADJ
ajfa-3802	384	17	manufacturing	manufacturing	NOUN
ajfa-3802	384	18	technology	technology	NOUN
ajfa-3802	384	19	to	to	PART
ajfa-3802	384	20	adapt	adapt	VERB
ajfa-3802	384	21	to	to	ADP
ajfa-3802	384	22	environmental	environmental	ADJ
ajfa-3802	384	23	uncertainty	uncertainty	NOUN
ajfa-3802	384	24	.	.	PUNCT
ajfa-3802	385	1	for	for	ADP
ajfa-3802	385	2	example	example	NOUN
ajfa-3802	385	3	,	,	PUNCT
ajfa-3802	385	4	foxconn	foxconn	PROPN
ajfa-3802	385	5	(	(	PUNCT
ajfa-3802	385	6	oem	oem	NOUN
ajfa-3802	385	7	factory	factory	NOUN
ajfa-3802	385	8	for	for	ADP
ajfa-3802	385	9	apple	apple	NOUN
ajfa-3802	385	10	)	)	PUNCT
ajfa-3802	385	11	concerned	concerned	ADJ
ajfa-3802	385	12	about	about	ADP
ajfa-3802	385	13	the	the	DET
ajfa-3802	385	14	investment	investment	NOUN
ajfa-3802	385	15	in	in	ADP
ajfa-3802	385	16	automation	automation	NOUN
ajfa-3802	385	17	equipment	equipment	NOUN
ajfa-3802	385	18	after	after	ADP
ajfa-3802	385	19	a	a	DET
ajfa-3802	385	20	series	series	NOUN
ajfa-3802	385	21	of	of	ADP
ajfa-3802	385	22	suicides	suicide	NOUN
ajfa-3802	385	23	in	in	ADP
ajfa-3802	385	24	china	china	PROPN
ajfa-3802	385	25	and	and	CCONJ
ajfa-3802	385	26	increasing	increase	VERB
ajfa-3802	385	27	salary	salary	NOUN
ajfa-3802	385	28	issues	issue	NOUN
ajfa-3802	385	29	.	.	PUNCT
ajfa-3802	386	1	for	for	ADP
ajfa-3802	386	2	model3	model3	NOUN
ajfa-3802	386	3	and	and	CCONJ
ajfa-3802	386	4	model4	model4	NOUN
ajfa-3802	386	5	,	,	PUNCT
ajfa-3802	386	6	they	they	PRON
ajfa-3802	386	7	show	show	VERB
ajfa-3802	386	8	the	the	DET
ajfa-3802	386	9	influence	influence	NOUN
ajfa-3802	386	10	of	of	ADP
ajfa-3802	386	11	industry	industry	NOUN
ajfa-3802	386	12	-	-	PUNCT
ajfa-3802	386	13	specific	specific	ADJ
ajfa-3802	386	14	accounting	accounting	NOUN
ajfa-3802	386	15	signals	signal	NOUN
ajfa-3802	386	16	on	on	ADP
ajfa-3802	386	17	investment	investment	NOUN
ajfa-3802	386	18	risks	risk	NOUN
ajfa-3802	386	19	.	.	PUNCT
ajfa-3802	387	1	regression	regression	NOUN
ajfa-3802	387	2	result	result	NOUN
ajfa-3802	387	3	shows	show	VERB
ajfa-3802	387	4	that	that	SCONJ
ajfa-3802	387	5	in	in	ADP
ajfa-3802	387	6	cost	cost	NOUN
ajfa-3802	387	7	leadership	leadership	NOUN
ajfa-3802	387	8	strategy	strategy	NOUN
ajfa-3802	387	9	firm	firm	NOUN
ajfa-3802	387	10	(	(	PUNCT
ajfa-3802	387	11	model3	model3	PROPN
ajfa-3802	387	12	)	)	PUNCT
ajfa-3802	387	13	,	,	PUNCT
ajfa-3802	387	14	difference	difference	NOUN
ajfa-3802	387	15	between	between	ADP
ajfa-3802	387	16	fixed	fix	VERB
ajfa-3802	387	17	asset	asset	NOUN
ajfa-3802	387	18	turnover	turnover	NOUN
ajfa-3802	387	19	ratio	ratio	NOUN
ajfa-3802	387	20	and	and	CCONJ
ajfa-3802	387	21	industry	industry	NOUN
ajfa-3802	387	22	mean	mean	NOUN
ajfa-3802	387	23	has	have	VERB
ajfa-3802	387	24	significant	significant	ADJ
ajfa-3802	387	25	positive	positive	ADJ
ajfa-3802	387	26	correlation	correlation	NOUN
ajfa-3802	387	27	with	with	ADP
ajfa-3802	387	28	investment	investment	NOUN
ajfa-3802	387	29	risks	risk	NOUN
ajfa-3802	387	30	.	.	PUNCT
ajfa-3802	388	1	however	however	ADV
ajfa-3802	388	2	in	in	ADP
ajfa-3802	388	3	differentiation	differentiation	NOUN
ajfa-3802	388	4	strategy	strategy	NOUN
ajfa-3802	388	5	firm	firm	NOUN
ajfa-3802	388	6	(	(	PUNCT
ajfa-3802	388	7	model4	model4	NOUN
ajfa-3802	388	8	)	)	PUNCT
ajfa-3802	388	9	,	,	PUNCT
ajfa-3802	388	10	the	the	DET
ajfa-3802	388	11	correlation	correlation	NOUN
ajfa-3802	388	12	is	be	AUX
ajfa-3802	388	13	negative	negative	ADJ
ajfa-3802	388	14	.	.	PUNCT
ajfa-3802	389	1	it	it	PRON
ajfa-3802	389	2	signifies	signify	VERB
ajfa-3802	389	3	that	that	SCONJ
ajfa-3802	389	4	if	if	SCONJ
ajfa-3802	389	5	the	the	DET
ajfa-3802	389	6	fixed	fix	VERB
ajfa-3802	389	7	asset	asset	NOUN
ajfa-3802	389	8	turnover	turnover	NOUN
ajfa-3802	389	9	ratio	ratio	NOUN
ajfa-3802	389	10	in	in	ADP
ajfa-3802	389	11	cost	cost	NOUN
ajfa-3802	389	12	leadership	leadership	NOUN
ajfa-3802	389	13	strategy	strategy	NOUN
ajfa-3802	389	14	firm	firm	NOUN
ajfa-3802	389	15	is	be	AUX
ajfa-3802	389	16	higher	high	ADJ
ajfa-3802	389	17	than	than	SCONJ
ajfa-3802	389	18	industry	industry	NOUN
ajfa-3802	389	19	mean	mean	VERB
ajfa-3802	389	20	,	,	PUNCT
ajfa-3802	389	21	the	the	DET
ajfa-3802	389	22	investment	investment	NOUN
ajfa-3802	389	23	risks	risk	NOUN
ajfa-3802	389	24	are	be	AUX
ajfa-3802	389	25	higher	high	ADJ
ajfa-3802	389	26	;	;	PUNCT
ajfa-3802	389	27	while	while	SCONJ
ajfa-3802	389	28	in	in	ADP
ajfa-3802	389	29	differentiation	differentiation	NOUN
ajfa-3802	389	30	strategy	strategy	NOUN
ajfa-3802	389	31	firm	firm	NOUN
ajfa-3802	389	32	,	,	PUNCT
ajfa-3802	389	33	the	the	DET
ajfa-3802	389	34	situation	situation	NOUN
ajfa-3802	389	35	is	be	AUX
ajfa-3802	389	36	reverse	reverse	ADJ
ajfa-3802	389	37	.	.	PUNCT
ajfa-3802	390	1	a	a	DET
ajfa-3802	390	2	firm	firm	ADJ
ajfa-3802	390	3	following	follow	VERB
ajfa-3802	390	4	cost	cost	NOUN
ajfa-3802	390	5	leadership	leadership	NOUN
ajfa-3802	390	6	strategy	strategy	NOUN
ajfa-3802	390	7	reduces	reduce	VERB
ajfa-3802	390	8	its	its	PRON
ajfa-3802	390	9	production	production	NOUN
ajfa-3802	390	10	costs	cost	NOUN
ajfa-3802	390	11	and	and	CCONJ
ajfa-3802	390	12	earns	earn	VERB
ajfa-3802	390	13	by	by	ADP
ajfa-3802	390	14	sales	sale	NOUN
ajfa-3802	390	15	at	at	ADP
ajfa-3802	390	16	the	the	DET
ajfa-3802	390	17	expense	expense	NOUN
ajfa-3802	390	18	of	of	ADP
ajfa-3802	390	19	profits	profit	NOUN
ajfa-3802	390	20	.	.	PUNCT
ajfa-3802	391	1	hence	hence	ADV
ajfa-3802	391	2	,	,	PUNCT
ajfa-3802	391	3	enhancing	enhance	VERB
ajfa-3802	391	4	fixed	fix	VERB
ajfa-3802	391	5	asset	asset	NOUN
ajfa-3802	391	6	turnover	turnover	NOUN
ajfa-3802	391	7	ratio	ratio	NOUN
ajfa-3802	391	8	can	can	AUX
ajfa-3802	391	9	effectively	effectively	ADV
ajfa-3802	391	10	reduce	reduce	VERB
ajfa-3802	391	11	costs	cost	NOUN
ajfa-3802	391	12	.	.	PUNCT
ajfa-3802	392	1	there	there	PRON
ajfa-3802	392	2	are	be	VERB
ajfa-3802	392	3	two	two	NUM
ajfa-3802	392	4	methods	method	NOUN
ajfa-3802	392	5	to	to	PART
ajfa-3802	392	6	do	do	VERB
ajfa-3802	392	7	so	so	ADV
ajfa-3802	392	8	:	:	PUNCT
ajfa-3802	392	9	increasing	increase	VERB
ajfa-3802	392	10	sales	sale	NOUN
ajfa-3802	392	11	with	with	ADP
ajfa-3802	392	12	unchanged	unchanged	ADJ
ajfa-3802	392	13	fixed	fix	VERB
ajfa-3802	392	14	assets	asset	NOUN
ajfa-3802	392	15	or	or	CCONJ
ajfa-3802	392	16	reducing	reduce	VERB
ajfa-3802	392	17	fixed	fix	VERB
ajfa-3802	392	18	assets	asset	NOUN
ajfa-3802	392	19	held	hold	VERB
ajfa-3802	392	20	with	with	ADP
ajfa-3802	392	21	unchanged	unchanged	ADJ
ajfa-3802	392	22	sales	sale	NOUN
ajfa-3802	392	23	.	.	PUNCT
ajfa-3802	393	1	firms	firm	NOUN
ajfa-3802	393	2	following	follow	VERB
ajfa-3802	393	3	cost	cost	NOUN
ajfa-3802	393	4	leadership	leadership	NOUN
ajfa-3802	393	5	usually	usually	ADV
ajfa-3802	393	6	use	use	VERB
ajfa-3802	393	7	loosen	loosen	NOUN
ajfa-3802	393	8	credit	credit	NOUN
ajfa-3802	393	9	policy	policy	NOUN
ajfa-3802	393	10	or	or	CCONJ
ajfa-3802	393	11	benchmark	benchmark	NOUN
ajfa-3802	393	12	policy	policy	NOUN
ajfa-3802	393	13	to	to	PART
ajfa-3802	393	14	enhance	enhance	VERB
ajfa-3802	393	15	the	the	DET
ajfa-3802	393	16	effective	effective	ADJ
ajfa-3802	393	17	use	use	NOUN
ajfa-3802	393	18	of	of	ADP
ajfa-3802	393	19	fixed	fix	VERB
ajfa-3802	393	20	assets	asset	NOUN
ajfa-3802	393	21	.	.	PUNCT
ajfa-3802	394	1	however	however	ADV
ajfa-3802	394	2	dramatic	dramatic	ADJ
ajfa-3802	394	3	changes	change	NOUN
ajfa-3802	394	4	in	in	ADP
ajfa-3802	394	5	environment	environment	NOUN
ajfa-3802	394	6	such	such	ADJ
ajfa-3802	394	7	as	as	ADP
ajfa-3802	394	8	the	the	DET
ajfa-3802	394	9	financial	financial	ADJ
ajfa-3802	394	10	tsunami	tsunami	NOUN
ajfa-3802	394	11	or	or	CCONJ
ajfa-3802	394	12	economic	economic	ADJ
ajfa-3802	394	13	crisis	crisis	NOUN
ajfa-3802	394	14	will	will	AUX
ajfa-3802	394	15	bring	bring	VERB
ajfa-3802	394	16	greater	great	ADJ
ajfa-3802	394	17	operation	operation	NOUN
ajfa-3802	394	18	risks	risk	NOUN
ajfa-3802	394	19	.	.	PUNCT
ajfa-3802	395	1	porter	porter	NOUN
ajfa-3802	395	2	(	(	PUNCT
ajfa-3802	395	3	1996	1996	NUM
ajfa-3802	395	4	)	)	PUNCT
ajfa-3802	395	5	mentioned	mention	VERB
ajfa-3802	395	6	the	the	DET
ajfa-3802	395	7	competitive	competitive	ADJ
ajfa-3802	395	8	convergence	convergence	NOUN
ajfa-3802	395	9	that	that	PRON
ajfa-3802	395	10	rivals	rival	NOUN
ajfa-3802	395	11	imitate	imitate	VERB
ajfa-3802	395	12	one	one	NUM
ajfa-3802	395	13	another	another	DET
ajfa-3802	395	14	’s	’s	ADJ
ajfa-3802	395	15	improvements	improvement	NOUN
ajfa-3802	395	16	in	in	ADP
ajfa-3802	395	17	quality	quality	NOUN
ajfa-3802	395	18	or	or	CCONJ
ajfa-3802	395	19	supplier	supplier	NOUN
ajfa-3802	395	20	partnerships	partnership	NOUN
ajfa-3802	395	21	so	so	SCONJ
ajfa-3802	395	22	that	that	SCONJ
ajfa-3802	395	23	the	the	DET
ajfa-3802	395	24	strategy	strategy	NOUN
ajfa-3802	395	25	of	of	ADP
ajfa-3802	395	26	each	each	DET
ajfa-3802	395	27	firm	firm	NOUN
ajfa-3802	395	28	tends	tend	VERB
ajfa-3802	395	29	to	to	PART
ajfa-3802	395	30	be	be	AUX
ajfa-3802	395	31	the	the	DET
ajfa-3802	395	32	same	same	ADJ
ajfa-3802	395	33	.	.	PUNCT
ajfa-3802	396	1	it	it	PRON
ajfa-3802	396	2	will	will	AUX
ajfa-3802	396	3	lead	lead	VERB
ajfa-3802	396	4	to	to	ADP
ajfa-3802	396	5	wars	war	NOUN
ajfa-3802	396	6	of	of	ADP
ajfa-3802	396	7	attrition	attrition	NOUN
ajfa-3802	396	8	that	that	PRON
ajfa-3802	396	9	can	can	AUX
ajfa-3802	396	10	be	be	AUX
ajfa-3802	396	11	stopped	stop	VERB
ajfa-3802	396	12	only	only	ADV
ajfa-3802	396	13	by	by	ADP
ajfa-3802	396	14	limiting	limit	VERB
ajfa-3802	396	15	competition	competition	NOUN
ajfa-3802	396	16	.	.	PUNCT
ajfa-3802	397	1	hence	hence	ADV
ajfa-3802	397	2	,	,	PUNCT
ajfa-3802	397	3	for	for	ADP
ajfa-3802	397	4	a	a	DET
ajfa-3802	397	5	firm	firm	ADJ
ajfa-3802	397	6	following	follow	VERB
ajfa-3802	397	7	cost	cost	NOUN
ajfa-3802	397	8	leadership	leadership	NOUN
ajfa-3802	397	9	strategy	strategy	NOUN
ajfa-3802	397	10	,	,	PUNCT
ajfa-3802	397	11	it	it	PRON
ajfa-3802	397	12	produces	produce	VERB
ajfa-3802	397	13	with	with	ADP
ajfa-3802	397	14	high	high	ADJ
ajfa-3802	397	15	effective	effective	ADJ
ajfa-3802	397	16	method	method	NOUN
ajfa-3802	397	17	.	.	PUNCT
ajfa-3802	398	1	there	there	PRON
ajfa-3802	398	2	will	will	AUX
ajfa-3802	398	3	be	be	AUX
ajfa-3802	398	4	competitive	competitive	ADJ
ajfa-3802	398	5	convergence	convergence	NOUN
ajfa-3802	398	6	if	if	SCONJ
ajfa-3802	398	7	a	a	DET
ajfa-3802	398	8	firm	firm	NOUN
ajfa-3802	398	9	emphasizes	emphasize	VERB
ajfa-3802	398	10	too	too	ADV
ajfa-3802	398	11	much	much	ADJ
ajfa-3802	398	12	on	on	ADP
ajfa-3802	398	13	imitating	imitate	VERB
ajfa-3802	398	14	to	to	ADP
ajfa-3802	398	15	improvement	improvement	NOUN
ajfa-3802	398	16	quality	quality	NOUN
ajfa-3802	398	17	asian	asian	ADJ
ajfa-3802	398	18	journal	journal	NOUN
ajfa-3802	398	19	of	of	ADP
ajfa-3802	398	20	finance	finance	PROPN
ajfa-3802	398	21	&	&	CCONJ
ajfa-3802	398	22	accounting	accounting	PROPN
ajfa-3802	398	23	issn	issn	PROPN
ajfa-3802	398	24	1946	1946	NUM
ajfa-3802	398	25	-	-	PUNCT
ajfa-3802	398	26	052x	052x	NOUN
ajfa-3802	398	27	2013	2013	NUM
ajfa-3802	398	28	,	,	PUNCT
ajfa-3802	398	29	vol	vol	NOUN
ajfa-3802	398	30	.	.	PROPN
ajfa-3802	398	31	5	5	NUM
ajfa-3802	398	32	,	,	PUNCT
ajfa-3802	398	33	no	no	INTJ
ajfa-3802	398	34	.	.	NOUN
ajfa-3802	398	35	1	1	NUM
ajfa-3802	398	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	398	37	438	438	NUM
ajfa-3802	398	38	and	and	CCONJ
ajfa-3802	398	39	leads	lead	VERB
ajfa-3802	398	40	to	to	ADP
ajfa-3802	398	41	wars	war	NOUN
ajfa-3802	398	42	of	of	ADP
ajfa-3802	398	43	attrition	attrition	NOUN
ajfa-3802	398	44	which	which	PRON
ajfa-3802	398	45	causes	cause	VERB
ajfa-3802	398	46	higher	high	ADJ
ajfa-3802	398	47	uncertainty	uncertainty	NOUN
ajfa-3802	398	48	in	in	ADP
ajfa-3802	398	49	a	a	DET
ajfa-3802	398	50	firm	firm	NOUN
ajfa-3802	398	51	’s	’s	PART
ajfa-3802	398	52	operation	operation	NOUN
ajfa-3802	398	53	and	and	CCONJ
ajfa-3802	398	54	therefore	therefore	ADV
ajfa-3802	398	55	higher	high	ADJ
ajfa-3802	398	56	investment	investment	NOUN
ajfa-3802	398	57	risks	risk	NOUN
ajfa-3802	398	58	.	.	PUNCT
ajfa-3802	399	1	table	table	NOUN
ajfa-3802	399	2	4	4	NUM
ajfa-3802	399	3	.	.	PUNCT
ajfa-3802	400	1	regressions	regression	NOUN
ajfa-3802	400	2	result	result	VERB
ajfa-3802	400	3	where	where	SCONJ
ajfa-3802	400	4	the	the	DET
ajfa-3802	400	5	dependent	dependent	ADJ
ajfa-3802	400	6	variable	variable	NOUN
ajfa-3802	400	7	is	be	AUX
ajfa-3802	400	8	the	the	DET
ajfa-3802	400	9	caq	caq	NOUN
ajfa-3802	400	10	and	and	CCONJ
ajfa-3802	400	11	the	the	DET
ajfa-3802	400	12	independent	independent	ADJ
ajfa-3802	400	13	variables	variable	NOUN
ajfa-3802	400	14	are	be	AUX
ajfa-3802	400	15	factors	factor	NOUN
ajfa-3802	400	16	of	of	ADP
ajfa-3802	400	17	production	production	NOUN
ajfa-3802	400	18	_	_	PUNCT
ajfa-3802	400	19	roa	roa	PROPN
ajfa-3802	400	20	model	model	PROPN
ajfa-3802	400	21	cost	cost	NOUN
ajfa-3802	400	22	leadership	leadership	NOUN
ajfa-3802	400	23	differentiation	differentiation	NOUN
ajfa-3802	400	24	cost	cost	NOUN
ajfa-3802	400	25	leadership	leadership	NOUN
ajfa-3802	400	26	differentiation	differentiation	NOUN
ajfa-3802	400	27	model1	model1	NOUN
ajfa-3802	400	28	model2	model2	PROPN
ajfa-3802	400	29	model3	model3	PROPN
ajfa-3802	400	30	model4	model4	PROPN
ajfa-3802	400	31	coef	coef	PROPN
ajfa-3802	400	32	p	p	NOUN
ajfa-3802	400	33	-	-	PUNCT
ajfa-3802	400	34	value	value	NOUN
ajfa-3802	400	35	coef	coef	NOUN
ajfa-3802	400	36	p	p	NOUN
ajfa-3802	400	37	-	-	PUNCT
ajfa-3802	400	38	value	value	NOUN
ajfa-3802	400	39	coef	coef	NOUN
ajfa-3802	400	40	p	p	NOUN
ajfa-3802	400	41	-	-	PUNCT
ajfa-3802	400	42	value	value	NOUN
ajfa-3802	400	43	coef	coef	NOUN
ajfa-3802	400	44	p	p	NOUN
ajfa-3802	400	45	-	-	PUNCT
ajfa-3802	400	46	value	value	NOUN
ajfa-3802	400	47	ave.fat	ave.fat	NOUN
ajfa-3802	400	48	-0.023	-0.023	PROPN
ajfa-3802	400	49	0.182	0.182	NUM
ajfa-3802	400	50	0.012	0.012	NUM
ajfa-3802	400	51	0.629	0.629	NUM
ajfa-3802	400	52	ave.pce	ave.pce	NUM
ajfa-3802	400	53	2.593	2.593	NUM
ajfa-3802	400	54	0.009	0.009	NUM
ajfa-3802	400	55	1.643	1.643	NUM
ajfa-3802	400	56	0.000	0.000	NUM
ajfa-3802	400	57	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	400	58	-0.066	-0.066	PROPN
ajfa-3802	400	59	0.013	0.013	NUM
ajfa-3802	400	60	0.094	0.094	NUM
ajfa-3802	400	61	0.000	0.000	NUM
ajfa-3802	401	1	ave.pce_sic	ave.pce_sic	PROPN
ajfa-3802	401	2	0.220	0.220	NUM
ajfa-3802	401	3	0.891	0.891	NUM
ajfa-3802	401	4	0.251	0.251	NUM
ajfa-3802	401	5	0.689	0.689	NUM
ajfa-3802	401	6	ave.size	ave.size	NOUN
ajfa-3802	401	7	0.215	0.215	NUM
ajfa-3802	401	8	0.297	0.297	NUM
ajfa-3802	402	1	0.685	0.685	NUM
ajfa-3802	402	2	0.000	0.000	NUM
ajfa-3802	402	3	0.319	0.319	NUM
ajfa-3802	402	4	0.116	0.116	NUM
ajfa-3802	402	5	0.755	0.755	NUM
ajfa-3802	402	6	0.000	0.000	NUM
ajfa-3802	402	7	std	std	NOUN
ajfa-3802	402	8	.	.	PUNCT
ajfa-3802	402	9	sale	sale	NOUN
ajfa-3802	402	10	-2.078	-2.078	NUM
ajfa-3802	402	11	0.205	0.205	NUM
ajfa-3802	402	12	-6.034	-6.034	NUM
ajfa-3802	402	13	0.000	0.000	NUM
ajfa-3802	402	14	-2.667	-2.667	NOUN
ajfa-3802	402	15	0.099	0.099	NUM
ajfa-3802	402	16	-7.051	-7.051	NOUN
ajfa-3802	402	17	0.000	0.000	NUM
ajfa-3802	402	18	std.ocf	std.ocf	NUM
ajfa-3802	402	19	-10.323	-10.323	PROPN
ajfa-3802	402	20	0.080	0.080	NUM
ajfa-3802	402	21	-13.753	-13.753	NUM
ajfa-3802	402	22	0.000	0.000	NUM
ajfa-3802	402	23	-9.491	-9.491	SYM
ajfa-3802	402	24	0.110	0.110	NUM
ajfa-3802	402	25	-14.629	-14.629	NUM
ajfa-3802	402	26	0.000	0.000	NUM
ajfa-3802	402	27	prop.ni	prop.ni	NUM
ajfa-3802	402	28	-0.429	-0.429	NUM
ajfa-3802	402	29	0.000	0.000	NUM
ajfa-3802	402	30	-0.294	-0.294	NUM
ajfa-3802	402	31	0.000	0.000	NUM
ajfa-3802	402	32	-0.448	-0.448	PUNCT
ajfa-3802	402	33	0.000	0.000	NUM
ajfa-3802	402	34	-0.304	-0.304	SYM
ajfa-3802	402	35	0.000	0.000	NUM
ajfa-3802	402	36	cons	con	NOUN
ajfa-3802	402	37	9.292	9.292	NUM
ajfa-3802	402	38	0.000	0.000	NUM
ajfa-3802	402	39	5.544	5.544	NUM
ajfa-3802	402	40	0.000	0.000	NUM
ajfa-3802	402	41	9.388	9.388	NUM
ajfa-3802	402	42	0.000	0.000	NUM
ajfa-3802	402	43	6.280	6.280	NUM
ajfa-3802	402	44	0.000	0.000	NUM
ajfa-3802	402	45	f	f	NOUN
ajfa-3802	402	46	-	-	PUNCT
ajfa-3802	402	47	value	value	NOUN
ajfa-3802	402	48	17.62	17.62	NUM
ajfa-3802	402	49	61.71	61.71	NUM
ajfa-3802	402	50	16.78	16.78	NUM
ajfa-3802	402	51	61.21	61.21	NUM
ajfa-3802	402	52	p	p	NOUN
ajfa-3802	402	53	-	-	PUNCT
ajfa-3802	402	54	value	value	NOUN
ajfa-3802	402	55	0.000	0.000	NUM
ajfa-3802	402	56	0.000	0.000	NUM
ajfa-3802	402	57	0.000	0.000	NUM
ajfa-3802	402	58	0.000	0.000	NUM
ajfa-3802	402	59	r^2	r^2	VERB
ajfa-3802	402	60	0.205	0.205	NUM
ajfa-3802	402	61	0.225	0.225	NUM
ajfa-3802	402	62	0.198	0.198	NUM
ajfa-3802	402	63	0.223	0.223	NUM
ajfa-3802	402	64	adj	adj	X
ajfa-3802	402	65	r^2	r^2	PROPN
ajfa-3802	402	66	0.194	0.194	NUM
ajfa-3802	402	67	0.221	0.221	NUM
ajfa-3802	402	68	0.186	0.186	NUM
ajfa-3802	402	69	0.220	0.220	NUM
ajfa-3802	402	70	a.	a.	NOUN
ajfa-3802	402	71	variable	variable	ADJ
ajfa-3802	402	72	definition	definition	NOUN
ajfa-3802	402	73	:	:	PUNCT
ajfa-3802	402	74	caq	caq	NOUN
ajfa-3802	402	75	is	be	AUX
ajfa-3802	402	76	the	the	DET
ajfa-3802	402	77	investment	investment	NOUN
ajfa-3802	402	78	risks	risk	NOUN
ajfa-3802	402	79	proposed	propose	VERB
ajfa-3802	402	80	by	by	ADP
ajfa-3802	402	81	this	this	DET
ajfa-3802	402	82	study	study	NOUN
ajfa-3802	402	83	.	.	PUNCT
ajfa-3802	403	1	it	it	PRON
ajfa-3802	403	2	is	be	AUX
ajfa-3802	403	3	the	the	DET
ajfa-3802	403	4	estimated	estimate	VERB
ajfa-3802	403	5	residuals	residual	NOUN
ajfa-3802	403	6	calculated	calculate	VERB
ajfa-3802	403	7	by	by	ADP
ajfa-3802	403	8	residuals	residual	NOUN
ajfa-3802	403	9	estimation	estimation	NOUN
ajfa-3802	403	10	approach	approach	NOUN
ajfa-3802	403	11	by	by	ADP
ajfa-3802	403	12	francis	francis	PROPN
ajfa-3802	403	13	et.(2005	et.(2005	PROPN
ajfa-3802	403	14	)	)	PUNCT
ajfa-3802	403	15	and	and	CCONJ
ajfa-3802	403	16	is	be	AUX
ajfa-3802	403	17	converted	convert	VERB
ajfa-3802	403	18	into	into	ADP
ajfa-3802	403	19	the	the	DET
ajfa-3802	403	20	tolerance	tolerance	NOUN
ajfa-3802	403	21	range	range	NOUN
ajfa-3802	403	22	of	of	ADP
ajfa-3802	403	23	investors	investor	NOUN
ajfa-3802	403	24	.	.	PUNCT
ajfa-3802	404	1	ave.fat	ave.fat	NOUN
ajfa-3802	404	2	fixed	fix	VERB
ajfa-3802	404	3	asset	asset	NOUN
ajfa-3802	404	4	turnover	turnover	NOUN
ajfa-3802	404	5	ratio	ratio	NOUN
ajfa-3802	404	6	is	be	AUX
ajfa-3802	404	7	calculated	calculate	VERB
ajfa-3802	404	8	by	by	ADP
ajfa-3802	404	9	revenues	revenue	NOUN
ajfa-3802	404	10	divided	divide	VERB
ajfa-3802	404	11	by	by	ADP
ajfa-3802	404	12	fixed	fix	VERB
ajfa-3802	404	13	assets(compustat	assets(compustat	NOUN
ajfa-3802	404	14	#	#	NOUN
ajfa-3802	404	15	12/	12/	NUM
ajfa-3802	404	16	compustat	compustat	NOUN
ajfa-3802	404	17	#	#	SYM
ajfa-3802	404	18	7	7	NUM
ajfa-3802	404	19	)	)	PUNCT
ajfa-3802	404	20	and	and	CCONJ
ajfa-3802	404	21	converted	convert	VERB
ajfa-3802	404	22	into	into	ADP
ajfa-3802	404	23	firm	firm	ADJ
ajfa-3802	404	24	level	level	NOUN
ajfa-3802	404	25	by	by	ADP
ajfa-3802	404	26	average	average	ADJ
ajfa-3802	404	27	.	.	PUNCT
ajfa-3802	405	1	ave.pce	ave.pce	PROPN
ajfa-3802	405	2	capital	capital	NOUN
ajfa-3802	405	3	expenditure	expenditure	NOUN
ajfa-3802	405	4	ratio	ratio	NOUN
ajfa-3802	405	5	per	per	ADP
ajfa-3802	405	6	person	person	NOUN
ajfa-3802	405	7	is	be	AUX
ajfa-3802	405	8	calculated	calculate	VERB
ajfa-3802	405	9	by	by	ADP
ajfa-3802	405	10	fixed	fix	VERB
ajfa-3802	405	11	assets	asset	NOUN
ajfa-3802	405	12	divided	divide	VERB
ajfa-3802	405	13	by	by	ADP
ajfa-3802	405	14	number	number	NOUN
ajfa-3802	405	15	of	of	ADP
ajfa-3802	405	16	employees	employee	NOUN
ajfa-3802	405	17	(	(	PUNCT
ajfa-3802	405	18	compustat	compustat	VERB
ajfa-3802	405	19	#	#	SYM
ajfa-3802	405	20	7/	7/	NUM
ajfa-3802	405	21	compustat	compustat	NOUN
ajfa-3802	405	22	#	#	SYM
ajfa-3802	405	23	29	29	NUM
ajfa-3802	405	24	)	)	PUNCT
ajfa-3802	405	25	and	and	CCONJ
ajfa-3802	405	26	converted	convert	VERB
ajfa-3802	405	27	into	into	ADP
ajfa-3802	405	28	firm	firm	ADJ
ajfa-3802	405	29	level	level	NOUN
ajfa-3802	405	30	by	by	ADP
ajfa-3802	405	31	average	average	ADJ
ajfa-3802	405	32	.	.	PUNCT
ajfa-3802	406	1	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	406	2	difference	difference	NOUN
ajfa-3802	406	3	between	between	ADP
ajfa-3802	406	4	fixed	fix	VERB
ajfa-3802	406	5	asset	asset	NOUN
ajfa-3802	406	6	turnover	turnover	NOUN
ajfa-3802	406	7	ratio	ratio	NOUN
ajfa-3802	406	8	and	and	CCONJ
ajfa-3802	406	9	industry	industry	NOUN
ajfa-3802	406	10	mean	mean	NOUN
ajfa-3802	406	11	is	be	AUX
ajfa-3802	406	12	calculated	calculate	VERB
ajfa-3802	406	13	by	by	ADP
ajfa-3802	406	14	fixed	fix	VERB
ajfa-3802	406	15	asset	asset	NOUN
ajfa-3802	406	16	turnover	turnover	NOUN
ajfa-3802	406	17	ratio	ratio	NOUN
ajfa-3802	406	18	in	in	ADP
ajfa-3802	406	19	firm	firm	ADJ
ajfa-3802	406	20	level	level	NOUN
ajfa-3802	406	21	minus	minus	CCONJ
ajfa-3802	406	22	the	the	DET
ajfa-3802	406	23	mean	mean	NOUN
ajfa-3802	406	24	of	of	ADP
ajfa-3802	406	25	fixed	fix	VERB
ajfa-3802	406	26	asset	asset	NOUN
ajfa-3802	406	27	turnover	turnover	NOUN
ajfa-3802	406	28	ratio	ratio	NOUN
ajfa-3802	406	29	in	in	ADP
ajfa-3802	406	30	such	such	ADJ
ajfa-3802	406	31	industry	industry	NOUN
ajfa-3802	406	32	.	.	PUNCT
ajfa-3802	407	1	ave.pce_sic	ave.pce_sic	ADJ
ajfa-3802	407	2	difference	difference	NOUN
ajfa-3802	407	3	between	between	ADP
ajfa-3802	407	4	capital	capital	NOUN
ajfa-3802	407	5	expenditure	expenditure	NOUN
ajfa-3802	407	6	ratio	ratio	NOUN
ajfa-3802	407	7	per	per	ADP
ajfa-3802	407	8	person	person	NOUN
ajfa-3802	407	9	and	and	CCONJ
ajfa-3802	407	10	industry	industry	NOUN
ajfa-3802	407	11	mean	mean	NOUN
ajfa-3802	407	12	is	be	AUX
ajfa-3802	407	13	calculated	calculate	VERB
ajfa-3802	407	14	by	by	ADP
ajfa-3802	407	15	capital	capital	NOUN
ajfa-3802	407	16	expenditure	expenditure	NOUN
ajfa-3802	407	17	ratio	ratio	NOUN
ajfa-3802	407	18	per	per	ADP
ajfa-3802	407	19	person	person	NOUN
ajfa-3802	407	20	in	in	ADP
ajfa-3802	407	21	firm	firm	ADJ
ajfa-3802	407	22	level	level	NOUN
ajfa-3802	407	23	minus	minus	CCONJ
ajfa-3802	407	24	mean	mean	NOUN
ajfa-3802	407	25	of	of	ADP
ajfa-3802	407	26	capital	capital	NOUN
ajfa-3802	407	27	expenditure	expenditure	NOUN
ajfa-3802	407	28	ratio	ratio	NOUN
ajfa-3802	407	29	per	per	ADP
ajfa-3802	407	30	person	person	NOUN
ajfa-3802	407	31	in	in	ADP
ajfa-3802	407	32	such	such	ADJ
ajfa-3802	407	33	industry	industry	NOUN
ajfa-3802	407	34	.	.	PUNCT
ajfa-3802	408	1	ave.size	ave.size	PROPN
ajfa-3802	408	2	is	be	AUX
ajfa-3802	408	3	firm	firm	ADJ
ajfa-3802	408	4	size	size	NOUN
ajfa-3802	408	5	.	.	PUNCT
ajfa-3802	409	1	it	it	PRON
ajfa-3802	409	2	is	be	AUX
ajfa-3802	409	3	calculated	calculate	VERB
ajfa-3802	409	4	by	by	ADP
ajfa-3802	409	5	inputting	inputte	VERB
ajfa-3802	409	6	total	total	ADJ
ajfa-3802	409	7	assets	asset	NOUN
ajfa-3802	409	8	(	(	PUNCT
ajfa-3802	409	9	compustat	compustat	NOUN
ajfa-3802	409	10	#	#	SYM
ajfa-3802	409	11	6	6	NUM
ajfa-3802	409	12	)	)	PUNCT
ajfa-3802	409	13	into	into	ADP
ajfa-3802	409	14	the	the	DET
ajfa-3802	409	15	natural	natural	ADJ
ajfa-3802	409	16	logarithm	logarithm	NOUN
ajfa-3802	409	17	function	function	NOUN
ajfa-3802	409	18	and	and	CCONJ
ajfa-3802	409	19	converted	convert	VERB
ajfa-3802	409	20	back	back	ADV
ajfa-3802	409	21	into	into	ADP
ajfa-3802	409	22	firm	firm	ADJ
ajfa-3802	409	23	level	level	NOUN
ajfa-3802	409	24	by	by	ADP
ajfa-3802	409	25	average	average	ADJ
ajfa-3802	409	26	.	.	PUNCT
ajfa-3802	410	1	std	std	NOUN
ajfa-3802	410	2	.	.	PUNCT
ajfa-3802	410	3	sale	sale	NOUN
ajfa-3802	410	4	is	be	AUX
ajfa-3802	410	5	standard	standard	ADJ
ajfa-3802	410	6	deviation	deviation	NOUN
ajfa-3802	410	7	of	of	ADP
ajfa-3802	410	8	revenues	revenue	NOUN
ajfa-3802	410	9	.	.	PUNCT
ajfa-3802	411	1	revenues	revenue	NOUN
ajfa-3802	411	2	are	be	AUX
ajfa-3802	411	3	deflated	deflate	VERB
ajfa-3802	411	4	by	by	ADP
ajfa-3802	411	5	average	average	ADJ
ajfa-3802	411	6	total	total	ADJ
ajfa-3802	411	7	assets	asset	NOUN
ajfa-3802	411	8	and	and	CCONJ
ajfa-3802	411	9	obtained	obtain	VERB
ajfa-3802	411	10	the	the	DET
ajfa-3802	411	11	standard	standard	ADJ
ajfa-3802	411	12	deviation	deviation	NOUN
ajfa-3802	411	13	.	.	PUNCT
ajfa-3802	412	1	std.ocf	std.ocf	NOUN
ajfa-3802	412	2	is	be	AUX
ajfa-3802	412	3	standard	standard	ADJ
ajfa-3802	412	4	deviation	deviation	NOUN
ajfa-3802	412	5	of	of	ADP
ajfa-3802	412	6	cash	cash	NOUN
ajfa-3802	412	7	flows	flow	NOUN
ajfa-3802	412	8	.	.	PUNCT
ajfa-3802	413	1	cash	cash	NOUN
ajfa-3802	413	2	flows	flow	NOUN
ajfa-3802	413	3	are	be	AUX
ajfa-3802	413	4	deflated	deflate	VERB
ajfa-3802	413	5	by	by	ADP
ajfa-3802	413	6	average	average	ADJ
ajfa-3802	413	7	total	total	ADJ
ajfa-3802	413	8	assets	asset	NOUN
ajfa-3802	413	9	and	and	CCONJ
ajfa-3802	413	10	obtained	obtain	VERB
ajfa-3802	413	11	the	the	DET
ajfa-3802	413	12	standard	standard	ADJ
ajfa-3802	413	13	deviation	deviation	NOUN
ajfa-3802	413	14	.	.	PUNCT
ajfa-3802	414	1	prop.ni	prop.ni	PROPN
ajfa-3802	414	2	is	be	AUX
ajfa-3802	414	3	the	the	DET
ajfa-3802	414	4	number	number	NOUN
ajfa-3802	414	5	of	of	ADP
ajfa-3802	414	6	deficits	deficit	NOUN
ajfa-3802	414	7	.	.	PUNCT
ajfa-3802	415	1	if	if	SCONJ
ajfa-3802	415	2	current	current	ADJ
ajfa-3802	415	3	earnings	earning	NOUN
ajfa-3802	415	4	equal	equal	ADJ
ajfa-3802	415	5	to	to	ADP
ajfa-3802	415	6	1	1	NUM
ajfa-3802	415	7	,	,	PUNCT
ajfa-3802	415	8	it	it	PRON
ajfa-3802	415	9	is	be	AUX
ajfa-3802	415	10	converted	convert	VERB
ajfa-3802	415	11	to	to	ADP
ajfa-3802	415	12	firm	firm	ADJ
ajfa-3802	415	13	level	level	NOUN
ajfa-3802	415	14	by	by	ADP
ajfa-3802	415	15	accumulation	accumulation	NOUN
ajfa-3802	415	16	.	.	PUNCT
ajfa-3802	416	1	b.	b.	PROPN
ajfa-3802	416	2	cost	cost	PROPN
ajfa-3802	416	3	leadership	leadership	NOUN
ajfa-3802	416	4	is	be	AUX
ajfa-3802	416	5	cost	cost	NOUN
ajfa-3802	416	6	leadership	leadership	NOUN
ajfa-3802	416	7	strategy	strategy	NOUN
ajfa-3802	416	8	.	.	PUNCT
ajfa-3802	417	1	firms	firm	NOUN
ajfa-3802	417	2	with	with	ADP
ajfa-3802	417	3	higher	high	ADJ
ajfa-3802	417	4	fixed	fix	VERB
ajfa-3802	417	5	asset	asset	NOUN
ajfa-3802	417	6	turnover	turnover	NOUN
ajfa-3802	417	7	ratio	ratio	NOUN
ajfa-3802	417	8	than	than	ADP
ajfa-3802	417	9	industry	industry	NOUN
ajfa-3802	417	10	mean	mean	NOUN
ajfa-3802	417	11	and	and	CCONJ
ajfa-3802	417	12	lower	low	ADJ
ajfa-3802	417	13	profit	profit	NOUN
ajfa-3802	417	14	margins	margin	NOUN
ajfa-3802	417	15	than	than	ADP
ajfa-3802	417	16	industry	industry	NOUN
ajfa-3802	417	17	mean	mean	NOUN
ajfa-3802	417	18	are	be	AUX
ajfa-3802	417	19	samples	sample	NOUN
ajfa-3802	417	20	for	for	ADP
ajfa-3802	417	21	cost	cost	NOUN
ajfa-3802	417	22	leadership	leadership	NOUN
ajfa-3802	417	23	strategy	strategy	NOUN
ajfa-3802	417	24	.	.	PUNCT
ajfa-3802	418	1	differentiation	differentiation	NOUN
ajfa-3802	418	2	is	be	AUX
ajfa-3802	418	3	differentiation	differentiation	NOUN
ajfa-3802	418	4	strategy	strategy	NOUN
ajfa-3802	418	5	.	.	PUNCT
ajfa-3802	419	1	firms	firm	NOUN
ajfa-3802	419	2	with	with	ADP
ajfa-3802	419	3	lower	low	ADJ
ajfa-3802	419	4	fixed	fix	VERB
ajfa-3802	419	5	asset	asset	NOUN
ajfa-3802	419	6	turnover	turnover	NOUN
ajfa-3802	419	7	ratio	ratio	NOUN
ajfa-3802	419	8	than	than	ADP
ajfa-3802	419	9	industry	industry	NOUN
ajfa-3802	419	10	mean	mean	NOUN
ajfa-3802	419	11	and	and	CCONJ
ajfa-3802	419	12	higher	high	ADJ
ajfa-3802	419	13	profit	profit	NOUN
ajfa-3802	419	14	margins	margin	NOUN
ajfa-3802	419	15	than	than	ADP
ajfa-3802	419	16	industry	industry	NOUN
ajfa-3802	419	17	mean	mean	NOUN
ajfa-3802	419	18	are	be	AUX
ajfa-3802	419	19	samples	sample	NOUN
ajfa-3802	419	20	for	for	ADP
ajfa-3802	419	21	differentiation	differentiation	NOUN
ajfa-3802	419	22	strategy	strategy	NOUN
ajfa-3802	419	23	.	.	PUNCT
ajfa-3802	420	1	by	by	ADP
ajfa-3802	420	2	contrast	contrast	NOUN
ajfa-3802	420	3	,	,	PUNCT
ajfa-3802	420	4	a	a	DET
ajfa-3802	420	5	firm	firm	NOUN
ajfa-3802	420	6	following	follow	VERB
ajfa-3802	420	7	differentiation	differentiation	NOUN
ajfa-3802	420	8	strategy	strategy	NOUN
ajfa-3802	420	9	pursues	pursue	VERB
ajfa-3802	420	10	high	high	ADJ
ajfa-3802	420	11	profit	profit	NOUN
ajfa-3802	420	12	margins	margin	NOUN
ajfa-3802	420	13	and	and	CCONJ
ajfa-3802	420	14	differentiates	differentiate	VERB
ajfa-3802	420	15	the	the	DET
ajfa-3802	420	16	market	market	NOUN
ajfa-3802	420	17	with	with	ADP
ajfa-3802	420	18	its	its	PRON
ajfa-3802	420	19	uniqueness	uniqueness	NOUN
ajfa-3802	420	20	.	.	PUNCT
ajfa-3802	421	1	the	the	DET
ajfa-3802	421	2	firm	firm	NOUN
ajfa-3802	421	3	can	can	AUX
ajfa-3802	421	4	react	react	VERB
ajfa-3802	421	5	immediately	immediately	ADV
ajfa-3802	421	6	to	to	ADP
ajfa-3802	421	7	customer	customer	NOUN
ajfa-3802	421	8	's	's	PART
ajfa-3802	421	9	demands	demand	NOUN
ajfa-3802	421	10	and	and	CCONJ
ajfa-3802	421	11	produce	produce	VERB
ajfa-3802	421	12	customized	customized	ADJ
ajfa-3802	421	13	products	product	NOUN
ajfa-3802	421	14	.	.	PUNCT
ajfa-3802	422	1	hence	hence	ADV
ajfa-3802	422	2	,	,	PUNCT
ajfa-3802	422	3	the	the	DET
ajfa-3802	422	4	firm	firm	NOUN
ajfa-3802	422	5	can	can	AUX
ajfa-3802	422	6	increase	increase	VERB
ajfa-3802	422	7	the	the	DET
ajfa-3802	422	8	fixed	fix	VERB
ajfa-3802	422	9	asset	asset	NOUN
ajfa-3802	422	10	turnover	turnover	NOUN
ajfa-3802	422	11	ratio	ratio	NOUN
ajfa-3802	422	12	by	by	ADP
ajfa-3802	422	13	purchase	purchase	NOUN
ajfa-3802	422	14	or	or	CCONJ
ajfa-3802	422	15	upgrading	upgrade	VERB
ajfa-3802	422	16	flexible	flexible	ADJ
ajfa-3802	422	17	manufacturing	manufacturing	NOUN
ajfa-3802	422	18	system	system	NOUN
ajfa-3802	422	19	to	to	PART
ajfa-3802	422	20	accommodate	accommodate	VERB
ajfa-3802	422	21	to	to	ADP
ajfa-3802	422	22	special	special	ADJ
ajfa-3802	422	23	customized	customize	VERB
ajfa-3802	422	24	orders	order	NOUN
ajfa-3802	422	25	and	and	CCONJ
ajfa-3802	422	26	shorten	shorten	VERB
ajfa-3802	422	27	the	the	DET
ajfa-3802	422	28	duration	duration	NOUN
ajfa-3802	422	29	of	of	ADP
ajfa-3802	422	30	customer	customer	NOUN
ajfa-3802	422	31	's	's	PART
ajfa-3802	422	32	reaction	reaction	NOUN
ajfa-3802	422	33	and	and	CCONJ
ajfa-3802	422	34	thus	thus	ADV
ajfa-3802	422	35	create	create	VERB
ajfa-3802	422	36	higher	high	ADJ
ajfa-3802	422	37	sales	sale	NOUN
ajfa-3802	422	38	revenues	revenue	NOUN
ajfa-3802	422	39	as	as	ADV
ajfa-3802	422	40	well	well	ADV
ajfa-3802	422	41	as	as	ADP
ajfa-3802	422	42	improving	improve	VERB
ajfa-3802	422	43	its	its	PRON
ajfa-3802	422	44	competitiveness	competitiveness	NOUN
ajfa-3802	422	45	to	to	PART
ajfa-3802	422	46	lower	lower	VERB
ajfa-3802	422	47	the	the	DET
ajfa-3802	422	48	investment	investment	NOUN
ajfa-3802	422	49	risks	risk	NOUN
ajfa-3802	422	50	.	.	PUNCT
ajfa-3802	423	1	in	in	ADP
ajfa-3802	423	2	addition	addition	NOUN
ajfa-3802	423	3	,	,	PUNCT
ajfa-3802	423	4	this	this	DET
ajfa-3802	423	5	paper	paper	NOUN
ajfa-3802	423	6	further	far	ADV
ajfa-3802	423	7	analyzes	analyze	VERB
ajfa-3802	423	8	samples	sample	NOUN
ajfa-3802	423	9	surpasses	surpass	VERB
ajfa-3802	423	10	industry	industry	NOUN
ajfa-3802	423	11	mean	mean	VERB
ajfa-3802	423	12	by	by	ADP
ajfa-3802	423	13	roa	roa	NOUN
ajfa-3802	423	14	to	to	PART
ajfa-3802	423	15	examine	examine	VERB
ajfa-3802	423	16	if	if	SCONJ
ajfa-3802	423	17	firms	firm	NOUN
ajfa-3802	423	18	with	with	ADP
ajfa-3802	423	19	better	well	ADJ
ajfa-3802	423	20	performance	performance	NOUN
ajfa-3802	423	21	have	have	VERB
ajfa-3802	423	22	the	the	DET
ajfa-3802	423	23	same	same	ADJ
ajfa-3802	423	24	situation	situation	NOUN
ajfa-3802	423	25	as	as	SCONJ
ajfa-3802	423	26	they	they	PRON
ajfa-3802	423	27	do	do	VERB
ajfa-3802	423	28	before	before	ADP
ajfa-3802	423	29	differentiating	differentiate	VERB
ajfa-3802	423	30	asian	asian	ADJ
ajfa-3802	423	31	journal	journal	NOUN
ajfa-3802	423	32	of	of	ADP
ajfa-3802	423	33	finance	finance	PROPN
ajfa-3802	423	34	&	&	CCONJ
ajfa-3802	423	35	accounting	accounting	PROPN
ajfa-3802	423	36	issn	issn	PROPN
ajfa-3802	423	37	1946	1946	NUM
ajfa-3802	423	38	-	-	PUNCT
ajfa-3802	423	39	052x	052x	NOUN
ajfa-3802	423	40	2013	2013	NUM
ajfa-3802	423	41	,	,	PUNCT
ajfa-3802	423	42	vol	vol	NOUN
ajfa-3802	423	43	.	.	PROPN
ajfa-3802	424	1	5	5	NUM
ajfa-3802	424	2	,	,	PUNCT
ajfa-3802	424	3	no	no	INTJ
ajfa-3802	424	4	.	.	NOUN
ajfa-3802	424	5	1	1	NUM
ajfa-3802	424	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	424	7	439	439	NUM
ajfa-3802	424	8	performance	performance	NOUN
ajfa-3802	424	9	.	.	PUNCT
ajfa-3802	425	1	regression	regression	NOUN
ajfa-3802	425	2	result	result	NOUN
ajfa-3802	425	3	and	and	CCONJ
ajfa-3802	425	4	table4	table4	PROPN
ajfa-3802	425	5	show	show	VERB
ajfa-3802	425	6	the	the	DET
ajfa-3802	425	7	same	same	ADJ
ajfa-3802	425	8	result	result	NOUN
ajfa-3802	425	9	.	.	PUNCT
ajfa-3802	426	1	when	when	SCONJ
ajfa-3802	426	2	considering	consider	VERB
ajfa-3802	426	3	firm	firm	ADJ
ajfa-3802	426	4	-	-	PUNCT
ajfa-3802	426	5	specific	specific	ADJ
ajfa-3802	426	6	accounting	accounting	NOUN
ajfa-3802	426	7	signals	signal	NOUN
ajfa-3802	426	8	,	,	PUNCT
ajfa-3802	426	9	the	the	DET
ajfa-3802	426	10	capital	capital	NOUN
ajfa-3802	426	11	expenditure	expenditure	NOUN
ajfa-3802	426	12	ratio	ratio	NOUN
ajfa-3802	426	13	per	per	ADP
ajfa-3802	426	14	person	person	NOUN
ajfa-3802	426	15	reduces	reduce	VERB
ajfa-3802	426	16	investment	investment	NOUN
ajfa-3802	426	17	risks	risk	NOUN
ajfa-3802	426	18	.	.	PUNCT
ajfa-3802	427	1	however	however	ADV
ajfa-3802	427	2	when	when	SCONJ
ajfa-3802	427	3	considering	consider	VERB
ajfa-3802	427	4	industry	industry	NOUN
ajfa-3802	427	5	-	-	PUNCT
ajfa-3802	427	6	specific	specific	ADJ
ajfa-3802	427	7	accounting	accounting	NOUN
ajfa-3802	427	8	signals	signal	NOUN
ajfa-3802	427	9	,	,	PUNCT
ajfa-3802	427	10	cost	cost	NOUN
ajfa-3802	427	11	leadership	leadership	NOUN
ajfa-3802	427	12	strategy	strategy	NOUN
ajfa-3802	427	13	tends	tend	VERB
ajfa-3802	427	14	to	to	PART
ajfa-3802	427	15	have	have	VERB
ajfa-3802	427	16	competitive	competitive	ADJ
ajfa-3802	427	17	convergence	convergence	NOUN
ajfa-3802	427	18	problem	problem	NOUN
ajfa-3802	427	19	.	.	PUNCT
ajfa-3802	428	1	for	for	ADP
ajfa-3802	428	2	differentiation	differentiation	NOUN
ajfa-3802	428	3	strategy	strategy	NOUN
ajfa-3802	428	4	,	,	PUNCT
ajfa-3802	428	5	it	it	PRON
ajfa-3802	428	6	show	show	VERB
ajfa-3802	428	7	an	an	DET
ajfa-3802	428	8	enhancement	enhancement	NOUN
ajfa-3802	428	9	in	in	ADP
ajfa-3802	428	10	effectiveness	effectiveness	NOUN
ajfa-3802	428	11	of	of	ADP
ajfa-3802	428	12	fixed	fix	VERB
ajfa-3802	428	13	assets	asset	NOUN
ajfa-3802	428	14	and	and	CCONJ
ajfa-3802	428	15	we	we	PRON
ajfa-3802	428	16	can	can	AUX
ajfa-3802	428	17	infer	infer	VERB
ajfa-3802	428	18	that	that	SCONJ
ajfa-3802	428	19	it	it	PRON
ajfa-3802	428	20	improve	improve	VERB
ajfa-3802	428	21	organization	organization	NOUN
ajfa-3802	428	22	competitiveness	competitiveness	NOUN
ajfa-3802	428	23	.	.	PUNCT
ajfa-3802	429	1	table	table	NOUN
ajfa-3802	429	2	5	5	NUM
ajfa-3802	429	3	.	.	PUNCT
ajfa-3802	430	1	regressions	regression	NOUN
ajfa-3802	430	2	result	result	VERB
ajfa-3802	430	3	where	where	SCONJ
ajfa-3802	430	4	the	the	DET
ajfa-3802	430	5	dependent	dependent	ADJ
ajfa-3802	430	6	variable	variable	NOUN
ajfa-3802	430	7	is	be	AUX
ajfa-3802	430	8	the	the	DET
ajfa-3802	430	9	caq	caq	NOUN
ajfa-3802	430	10	and	and	CCONJ
ajfa-3802	430	11	the	the	DET
ajfa-3802	430	12	independent	independent	ADJ
ajfa-3802	430	13	variables	variable	NOUN
ajfa-3802	430	14	are	be	AUX
ajfa-3802	430	15	factors	factor	NOUN
ajfa-3802	430	16	of	of	ADP
ajfa-3802	430	17	production	production	NOUN
ajfa-3802	430	18	under	under	ADP
ajfa-3802	430	19	the	the	DET
ajfa-3802	430	20	firm	firm	ADJ
ajfa-3802	430	21	performance	performance	NOUN
ajfa-3802	430	22	outperform	outperform	NOUN
ajfa-3802	430	23	than	than	ADP
ajfa-3802	430	24	industry	industry	NOUN
ajfa-3802	430	25	performance	performance	NOUN
ajfa-3802	430	26	_	_	PUNCT
ajfa-3802	430	27	roa	roa	PROPN
ajfa-3802	430	28	model	model	PROPN
ajfa-3802	430	29	cost	cost	NOUN
ajfa-3802	430	30	leadership	leadership	NOUN
ajfa-3802	430	31	differentiation	differentiation	NOUN
ajfa-3802	430	32	cost	cost	NOUN
ajfa-3802	430	33	leadership	leadership	NOUN
ajfa-3802	430	34	differentiation	differentiation	NOUN
ajfa-3802	430	35	model1	model1	NOUN
ajfa-3802	430	36	model2	model2	PROPN
ajfa-3802	430	37	model3	model3	PROPN
ajfa-3802	430	38	model4	model4	PROPN
ajfa-3802	430	39	coef	coef	PROPN
ajfa-3802	430	40	p	p	NOUN
ajfa-3802	430	41	-	-	PUNCT
ajfa-3802	430	42	value	value	NOUN
ajfa-3802	430	43	coef	coef	NOUN
ajfa-3802	430	44	p	p	NOUN
ajfa-3802	430	45	-	-	PUNCT
ajfa-3802	430	46	value	value	NOUN
ajfa-3802	430	47	coef	coef	NOUN
ajfa-3802	430	48	p	p	NOUN
ajfa-3802	430	49	-	-	PUNCT
ajfa-3802	430	50	value	value	NOUN
ajfa-3802	430	51	coef	coef	NOUN
ajfa-3802	430	52	p	p	NOUN
ajfa-3802	430	53	-	-	PUNCT
ajfa-3802	430	54	value	value	NOUN
ajfa-3802	430	55	ave.fat	ave.fat	NOUN
ajfa-3802	430	56	-0.013	-0.013	PUNCT
ajfa-3802	430	57	0.506	0.506	NUM
ajfa-3802	430	58	0.014	0.014	NUM
ajfa-3802	430	59	0.590	0.590	NUM
ajfa-3802	430	60	ave.pce	ave.pce	NUM
ajfa-3802	430	61	2.625	2.625	NUM
ajfa-3802	430	62	0.023	0.023	NUM
ajfa-3802	430	63	1.387	1.387	NUM
ajfa-3802	430	64	0.000	0.000	NUM
ajfa-3802	430	65	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	430	66	-0.068	-0.068	ADP
ajfa-3802	430	67	0.025	0.025	NUM
ajfa-3802	430	68	0.094	0.094	NUM
ajfa-3802	430	69	0.000	0.000	NUM
ajfa-3802	431	1	ave.pce_sic	ave.pce_sic	PROPN
ajfa-3802	431	2	0.286	0.286	NUM
ajfa-3802	431	3	0.878	0.878	NUM
ajfa-3802	431	4	0.512	0.512	NUM
ajfa-3802	431	5	0.414	0.414	NUM
ajfa-3802	431	6	ave.size	ave.size	NOUN
ajfa-3802	431	7	0.141	0.141	NUM
ajfa-3802	431	8	0.594	0.594	NUM
ajfa-3802	431	9	0.595	0.595	NUM
ajfa-3802	431	10	0.000	0.000	NUM
ajfa-3802	431	11	0.255	0.255	NUM
ajfa-3802	431	12	0.327	0.327	NUM
ajfa-3802	431	13	0.636	0.636	NUM
ajfa-3802	431	14	0.000	0.000	NUM
ajfa-3802	431	15	std	std	NOUN
ajfa-3802	431	16	.	.	PUNCT
ajfa-3802	431	17	sale	sale	NOUN
ajfa-3802	431	18	-1.920	-1.920	NUM
ajfa-3802	431	19	0.391	0.391	NUM
ajfa-3802	431	20	-7.661	-7.661	NUM
ajfa-3802	431	21	0.000	0.000	NUM
ajfa-3802	431	22	-2.440	-2.440	NUM
ajfa-3802	431	23	0.265	0.265	NUM
ajfa-3802	431	24	-8.316	-8.316	NOUN
ajfa-3802	431	25	0.000	0.000	NUM
ajfa-3802	431	26	std.ocf	std.ocf	NUM
ajfa-3802	431	27	-34.247	-34.247	PROPN
ajfa-3802	431	28	0.012	0.012	NUM
ajfa-3802	431	29	-20.769	-20.769	NUM
ajfa-3802	431	30	0.000	0.000	NUM
ajfa-3802	431	31	-34.584	-34.584	NUM
ajfa-3802	431	32	0.011	0.011	NUM
ajfa-3802	431	33	-22.431	-22.431	NUM
ajfa-3802	431	34	0.000	0.000	NUM
ajfa-3802	431	35	prop.ni	prop.ni	PROPN
ajfa-3802	431	36	-0.417	-0.417	PUNCT
ajfa-3802	431	37	0.016	0.016	NUM
ajfa-3802	431	38	-0.307	-0.307	NUM
ajfa-3802	431	39	0.000	0.000	NUM
ajfa-3802	431	40	-0.419	-0.419	NUM
ajfa-3802	431	41	0.016	0.016	NUM
ajfa-3802	431	42	-0.314	-0.314	NUM
ajfa-3802	431	43	0.000	0.000	NUM
ajfa-3802	431	44	cons	con	NOUN
ajfa-3802	431	45	10.904	10.904	NUM
ajfa-3802	431	46	0.000	0.000	NUM
ajfa-3802	431	47	6.653	6.653	NUM
ajfa-3802	431	48	0.000	0.000	NUM
ajfa-3802	431	49	11.016	11.016	NUM
ajfa-3802	431	50	0.000	0.000	NUM
ajfa-3802	431	51	7.482	7.482	NUM
ajfa-3802	431	52	0.000	0.000	NUM
ajfa-3802	431	53	f	f	NUM
ajfa-3802	431	54	-	-	PUNCT
ajfa-3802	431	55	value	value	NOUN
ajfa-3802	431	56	11.1	11.1	NUM
ajfa-3802	431	57	54.6	54.6	NUM
ajfa-3802	431	58	10.84	10.84	NUM
ajfa-3802	431	59	54.92	54.92	NUM
ajfa-3802	431	60	p	p	NOUN
ajfa-3802	431	61	-	-	PUNCT
ajfa-3802	431	62	value	value	NOUN
ajfa-3802	431	63	0.000	0.000	NUM
ajfa-3802	431	64	0.000	0.000	NUM
ajfa-3802	431	65	0.000	0.000	NUM
ajfa-3802	431	66	0.000	0.000	NUM
ajfa-3802	431	67	r^2	r^2	PROPN
ajfa-3802	431	68	0.201	0.201	NUM
ajfa-3802	431	69	0.228	0.228	NUM
ajfa-3802	431	70	0.198	0.198	NUM
ajfa-3802	431	71	0.229	0.229	NUM
ajfa-3802	431	72	adj	adj	NOUN
ajfa-3802	431	73	r^2	r^2	PROPN
ajfa-3802	431	74	0.183	0.183	NUM
ajfa-3802	431	75	0.223	0.223	NUM
ajfa-3802	431	76	0.179	0.179	NUM
ajfa-3802	431	77	0.224	0.224	NUM
ajfa-3802	431	78	a.	a.	NOUN
ajfa-3802	431	79	variable	variable	ADJ
ajfa-3802	431	80	definition	definition	NOUN
ajfa-3802	431	81	:	:	PUNCT
ajfa-3802	431	82	caq	caq	NOUN
ajfa-3802	431	83	is	be	AUX
ajfa-3802	431	84	the	the	DET
ajfa-3802	431	85	investment	investment	NOUN
ajfa-3802	431	86	risks	risk	NOUN
ajfa-3802	431	87	proposed	propose	VERB
ajfa-3802	431	88	by	by	ADP
ajfa-3802	431	89	this	this	DET
ajfa-3802	431	90	study	study	NOUN
ajfa-3802	431	91	.	.	PUNCT
ajfa-3802	432	1	it	it	PRON
ajfa-3802	432	2	is	be	AUX
ajfa-3802	432	3	the	the	DET
ajfa-3802	432	4	estimated	estimate	VERB
ajfa-3802	432	5	residuals	residual	NOUN
ajfa-3802	432	6	calculated	calculate	VERB
ajfa-3802	432	7	by	by	ADP
ajfa-3802	432	8	residuals	residual	NOUN
ajfa-3802	432	9	estimation	estimation	NOUN
ajfa-3802	432	10	approach	approach	NOUN
ajfa-3802	432	11	by	by	ADP
ajfa-3802	432	12	francis	francis	PROPN
ajfa-3802	432	13	et.(2005	et.(2005	PROPN
ajfa-3802	432	14	)	)	PUNCT
ajfa-3802	432	15	and	and	CCONJ
ajfa-3802	432	16	is	be	AUX
ajfa-3802	432	17	converted	convert	VERB
ajfa-3802	432	18	into	into	ADP
ajfa-3802	432	19	the	the	DET
ajfa-3802	432	20	tolerance	tolerance	NOUN
ajfa-3802	432	21	range	range	NOUN
ajfa-3802	432	22	of	of	ADP
ajfa-3802	432	23	investors	investor	NOUN
ajfa-3802	432	24	.	.	PUNCT
ajfa-3802	433	1	ave.fat	ave.fat	NOUN
ajfa-3802	433	2	fixed	fix	VERB
ajfa-3802	433	3	asset	asset	NOUN
ajfa-3802	433	4	turnover	turnover	NOUN
ajfa-3802	433	5	ratio	ratio	NOUN
ajfa-3802	433	6	is	be	AUX
ajfa-3802	433	7	calculated	calculate	VERB
ajfa-3802	433	8	by	by	ADP
ajfa-3802	433	9	revenues	revenue	NOUN
ajfa-3802	433	10	divided	divide	VERB
ajfa-3802	433	11	by	by	ADP
ajfa-3802	433	12	fixed	fix	VERB
ajfa-3802	433	13	assets(compustat	assets(compustat	NOUN
ajfa-3802	433	14	#	#	NOUN
ajfa-3802	433	15	12/	12/	NUM
ajfa-3802	433	16	compustat	compustat	NOUN
ajfa-3802	433	17	#	#	SYM
ajfa-3802	433	18	7	7	NUM
ajfa-3802	433	19	)	)	PUNCT
ajfa-3802	433	20	and	and	CCONJ
ajfa-3802	433	21	converted	convert	VERB
ajfa-3802	433	22	into	into	ADP
ajfa-3802	433	23	firm	firm	ADJ
ajfa-3802	433	24	level	level	NOUN
ajfa-3802	433	25	by	by	ADP
ajfa-3802	433	26	average	average	ADJ
ajfa-3802	433	27	.	.	PUNCT
ajfa-3802	434	1	ave.pce	ave.pce	PROPN
ajfa-3802	434	2	capital	capital	NOUN
ajfa-3802	434	3	expenditure	expenditure	NOUN
ajfa-3802	434	4	ratio	ratio	NOUN
ajfa-3802	434	5	per	per	ADP
ajfa-3802	434	6	person	person	NOUN
ajfa-3802	434	7	is	be	AUX
ajfa-3802	434	8	calculated	calculate	VERB
ajfa-3802	434	9	by	by	ADP
ajfa-3802	434	10	fixed	fix	VERB
ajfa-3802	434	11	assets	asset	NOUN
ajfa-3802	434	12	divided	divide	VERB
ajfa-3802	434	13	by	by	ADP
ajfa-3802	434	14	number	number	NOUN
ajfa-3802	434	15	of	of	ADP
ajfa-3802	434	16	employees	employee	NOUN
ajfa-3802	434	17	(	(	PUNCT
ajfa-3802	434	18	compustat	compustat	VERB
ajfa-3802	434	19	#	#	SYM
ajfa-3802	434	20	7/	7/	NUM
ajfa-3802	434	21	compustat	compustat	NOUN
ajfa-3802	434	22	#	#	SYM
ajfa-3802	434	23	29	29	NUM
ajfa-3802	434	24	)	)	PUNCT
ajfa-3802	434	25	and	and	CCONJ
ajfa-3802	434	26	converted	convert	VERB
ajfa-3802	434	27	into	into	ADP
ajfa-3802	434	28	firm	firm	ADJ
ajfa-3802	434	29	level	level	NOUN
ajfa-3802	434	30	by	by	ADP
ajfa-3802	434	31	average	average	ADJ
ajfa-3802	434	32	.	.	PUNCT
ajfa-3802	435	1	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	435	2	difference	difference	NOUN
ajfa-3802	435	3	between	between	ADP
ajfa-3802	435	4	fixed	fix	VERB
ajfa-3802	435	5	asset	asset	NOUN
ajfa-3802	435	6	turnover	turnover	NOUN
ajfa-3802	435	7	ratio	ratio	NOUN
ajfa-3802	435	8	and	and	CCONJ
ajfa-3802	435	9	industry	industry	NOUN
ajfa-3802	435	10	mean	mean	NOUN
ajfa-3802	435	11	is	be	AUX
ajfa-3802	435	12	calculated	calculate	VERB
ajfa-3802	435	13	by	by	ADP
ajfa-3802	435	14	fixed	fix	VERB
ajfa-3802	435	15	asset	asset	NOUN
ajfa-3802	435	16	turnover	turnover	NOUN
ajfa-3802	435	17	ratio	ratio	NOUN
ajfa-3802	435	18	in	in	ADP
ajfa-3802	435	19	firm	firm	ADJ
ajfa-3802	435	20	level	level	NOUN
ajfa-3802	435	21	minus	minus	CCONJ
ajfa-3802	435	22	the	the	DET
ajfa-3802	435	23	mean	mean	NOUN
ajfa-3802	435	24	of	of	ADP
ajfa-3802	435	25	fixed	fix	VERB
ajfa-3802	435	26	asset	asset	NOUN
ajfa-3802	435	27	turnover	turnover	NOUN
ajfa-3802	435	28	ratio	ratio	NOUN
ajfa-3802	435	29	in	in	ADP
ajfa-3802	435	30	such	such	ADJ
ajfa-3802	435	31	industry	industry	NOUN
ajfa-3802	435	32	.	.	PUNCT
ajfa-3802	436	1	ave.pce_sic	ave.pce_sic	ADJ
ajfa-3802	436	2	difference	difference	NOUN
ajfa-3802	436	3	between	between	ADP
ajfa-3802	436	4	capital	capital	NOUN
ajfa-3802	436	5	expenditure	expenditure	NOUN
ajfa-3802	436	6	ratio	ratio	NOUN
ajfa-3802	436	7	per	per	ADP
ajfa-3802	436	8	person	person	NOUN
ajfa-3802	436	9	and	and	CCONJ
ajfa-3802	436	10	industry	industry	NOUN
ajfa-3802	436	11	mean	mean	NOUN
ajfa-3802	436	12	is	be	AUX
ajfa-3802	436	13	calculated	calculate	VERB
ajfa-3802	436	14	by	by	ADP
ajfa-3802	436	15	capital	capital	NOUN
ajfa-3802	436	16	expenditure	expenditure	NOUN
ajfa-3802	436	17	ratio	ratio	NOUN
ajfa-3802	436	18	per	per	ADP
ajfa-3802	436	19	person	person	NOUN
ajfa-3802	436	20	in	in	ADP
ajfa-3802	436	21	firm	firm	ADJ
ajfa-3802	436	22	level	level	NOUN
ajfa-3802	436	23	minus	minus	CCONJ
ajfa-3802	436	24	mean	mean	NOUN
ajfa-3802	436	25	of	of	ADP
ajfa-3802	436	26	capital	capital	NOUN
ajfa-3802	436	27	expenditure	expenditure	NOUN
ajfa-3802	436	28	ratio	ratio	NOUN
ajfa-3802	436	29	per	per	ADP
ajfa-3802	436	30	person	person	NOUN
ajfa-3802	436	31	in	in	ADP
ajfa-3802	436	32	such	such	ADJ
ajfa-3802	436	33	industry	industry	NOUN
ajfa-3802	436	34	.	.	PUNCT
ajfa-3802	437	1	ave.size	ave.size	PROPN
ajfa-3802	437	2	is	be	AUX
ajfa-3802	437	3	firm	firm	ADJ
ajfa-3802	437	4	size	size	NOUN
ajfa-3802	437	5	.	.	PUNCT
ajfa-3802	438	1	it	it	PRON
ajfa-3802	438	2	is	be	AUX
ajfa-3802	438	3	calculated	calculate	VERB
ajfa-3802	438	4	by	by	ADP
ajfa-3802	438	5	inputting	inputte	VERB
ajfa-3802	438	6	total	total	ADJ
ajfa-3802	438	7	assets	asset	NOUN
ajfa-3802	438	8	(	(	PUNCT
ajfa-3802	438	9	compustat	compustat	NOUN
ajfa-3802	438	10	#	#	SYM
ajfa-3802	438	11	6	6	NUM
ajfa-3802	438	12	)	)	PUNCT
ajfa-3802	438	13	into	into	ADP
ajfa-3802	438	14	the	the	DET
ajfa-3802	438	15	natural	natural	ADJ
ajfa-3802	438	16	logarithm	logarithm	NOUN
ajfa-3802	438	17	function	function	NOUN
ajfa-3802	438	18	and	and	CCONJ
ajfa-3802	438	19	converted	convert	VERB
ajfa-3802	438	20	back	back	ADV
ajfa-3802	438	21	into	into	ADP
ajfa-3802	438	22	firm	firm	ADJ
ajfa-3802	438	23	level	level	NOUN
ajfa-3802	438	24	by	by	ADP
ajfa-3802	438	25	average	average	ADJ
ajfa-3802	438	26	.	.	PUNCT
ajfa-3802	439	1	std	std	NOUN
ajfa-3802	439	2	.	.	PUNCT
ajfa-3802	439	3	sale	sale	NOUN
ajfa-3802	439	4	is	be	AUX
ajfa-3802	439	5	standard	standard	ADJ
ajfa-3802	439	6	deviation	deviation	NOUN
ajfa-3802	439	7	of	of	ADP
ajfa-3802	439	8	revenues	revenue	NOUN
ajfa-3802	439	9	.	.	PUNCT
ajfa-3802	440	1	revenues	revenue	NOUN
ajfa-3802	440	2	are	be	AUX
ajfa-3802	440	3	deflated	deflate	VERB
ajfa-3802	440	4	by	by	ADP
ajfa-3802	440	5	average	average	ADJ
ajfa-3802	440	6	total	total	ADJ
ajfa-3802	440	7	assets	asset	NOUN
ajfa-3802	440	8	and	and	CCONJ
ajfa-3802	440	9	obtained	obtain	VERB
ajfa-3802	440	10	the	the	DET
ajfa-3802	440	11	standard	standard	ADJ
ajfa-3802	440	12	deviation	deviation	NOUN
ajfa-3802	440	13	.	.	PUNCT
ajfa-3802	441	1	std.ocf	std.ocf	NOUN
ajfa-3802	441	2	is	be	AUX
ajfa-3802	441	3	standard	standard	ADJ
ajfa-3802	441	4	deviation	deviation	NOUN
ajfa-3802	441	5	of	of	ADP
ajfa-3802	441	6	cash	cash	NOUN
ajfa-3802	441	7	flows	flow	NOUN
ajfa-3802	441	8	.	.	PUNCT
ajfa-3802	442	1	cash	cash	NOUN
ajfa-3802	442	2	flows	flow	NOUN
ajfa-3802	442	3	are	be	AUX
ajfa-3802	442	4	deflated	deflate	VERB
ajfa-3802	442	5	by	by	ADP
ajfa-3802	442	6	average	average	ADJ
ajfa-3802	442	7	total	total	ADJ
ajfa-3802	442	8	assets	asset	NOUN
ajfa-3802	442	9	and	and	CCONJ
ajfa-3802	442	10	obtained	obtain	VERB
ajfa-3802	442	11	the	the	DET
ajfa-3802	442	12	standard	standard	ADJ
ajfa-3802	442	13	deviation	deviation	NOUN
ajfa-3802	442	14	.	.	PUNCT
ajfa-3802	443	1	prop.ni	prop.ni	PROPN
ajfa-3802	443	2	is	be	AUX
ajfa-3802	443	3	the	the	DET
ajfa-3802	443	4	number	number	NOUN
ajfa-3802	443	5	of	of	ADP
ajfa-3802	443	6	deficits	deficit	NOUN
ajfa-3802	443	7	.	.	PUNCT
ajfa-3802	444	1	if	if	SCONJ
ajfa-3802	444	2	current	current	ADJ
ajfa-3802	444	3	earnings	earning	NOUN
ajfa-3802	444	4	equal	equal	ADJ
ajfa-3802	444	5	to	to	ADP
ajfa-3802	444	6	1	1	NUM
ajfa-3802	444	7	,	,	PUNCT
ajfa-3802	444	8	it	it	PRON
ajfa-3802	444	9	is	be	AUX
ajfa-3802	444	10	converted	convert	VERB
ajfa-3802	444	11	to	to	ADP
ajfa-3802	444	12	firm	firm	ADJ
ajfa-3802	444	13	level	level	NOUN
ajfa-3802	444	14	by	by	ADP
ajfa-3802	444	15	accumulation	accumulation	NOUN
ajfa-3802	444	16	.	.	PUNCT
ajfa-3802	445	1	b.	b.	PROPN
ajfa-3802	445	2	cost	cost	PROPN
ajfa-3802	445	3	leadership	leadership	NOUN
ajfa-3802	445	4	is	be	AUX
ajfa-3802	445	5	cost	cost	NOUN
ajfa-3802	445	6	leadership	leadership	NOUN
ajfa-3802	445	7	strategy	strategy	NOUN
ajfa-3802	445	8	.	.	PUNCT
ajfa-3802	446	1	firms	firm	NOUN
ajfa-3802	446	2	with	with	ADP
ajfa-3802	446	3	higher	high	ADJ
ajfa-3802	446	4	fixed	fix	VERB
ajfa-3802	446	5	asset	asset	NOUN
ajfa-3802	446	6	turnover	turnover	NOUN
ajfa-3802	446	7	ratio	ratio	NOUN
ajfa-3802	446	8	than	than	ADP
ajfa-3802	446	9	industry	industry	NOUN
ajfa-3802	446	10	mean	mean	NOUN
ajfa-3802	446	11	and	and	CCONJ
ajfa-3802	446	12	lower	low	ADJ
ajfa-3802	446	13	profit	profit	NOUN
ajfa-3802	446	14	margins	margin	NOUN
ajfa-3802	446	15	than	than	ADP
ajfa-3802	446	16	industry	industry	NOUN
ajfa-3802	446	17	mean	mean	NOUN
ajfa-3802	446	18	are	be	AUX
ajfa-3802	446	19	samples	sample	NOUN
ajfa-3802	446	20	for	for	ADP
ajfa-3802	446	21	cost	cost	NOUN
ajfa-3802	446	22	leadership	leadership	NOUN
ajfa-3802	446	23	strategy	strategy	NOUN
ajfa-3802	446	24	.	.	PUNCT
ajfa-3802	447	1	differentiation	differentiation	NOUN
ajfa-3802	447	2	is	be	AUX
ajfa-3802	447	3	differentiation	differentiation	NOUN
ajfa-3802	447	4	strategy	strategy	NOUN
ajfa-3802	447	5	.	.	PUNCT
ajfa-3802	448	1	firms	firm	NOUN
ajfa-3802	448	2	with	with	ADP
ajfa-3802	448	3	lower	low	ADJ
ajfa-3802	448	4	fixed	fix	VERB
ajfa-3802	448	5	asset	asset	NOUN
ajfa-3802	448	6	turnover	turnover	NOUN
ajfa-3802	448	7	ratio	ratio	NOUN
ajfa-3802	448	8	than	than	ADP
ajfa-3802	448	9	industry	industry	NOUN
ajfa-3802	448	10	mean	mean	NOUN
ajfa-3802	448	11	and	and	CCONJ
ajfa-3802	448	12	higher	high	ADJ
ajfa-3802	448	13	profit	profit	NOUN
ajfa-3802	448	14	margins	margin	NOUN
ajfa-3802	448	15	than	than	ADP
ajfa-3802	448	16	industry	industry	NOUN
ajfa-3802	448	17	mean	mean	NOUN
ajfa-3802	448	18	are	be	AUX
ajfa-3802	448	19	samples	sample	NOUN
ajfa-3802	448	20	for	for	ADP
ajfa-3802	448	21	differentiation	differentiation	NOUN
ajfa-3802	448	22	strategy	strategy	NOUN
ajfa-3802	448	23	.	.	PUNCT
ajfa-3802	449	1	sensitivity	sensitivity	NOUN
ajfa-3802	449	2	test	test	VERB
ajfa-3802	449	3	the	the	DET
ajfa-3802	449	4	decomposition	decomposition	NOUN
ajfa-3802	449	5	of	of	ADP
ajfa-3802	449	6	accounting	accounting	NOUN
ajfa-3802	449	7	signals	signal	NOUN
ajfa-3802	449	8	is	be	AUX
ajfa-3802	449	9	based	base	VERB
ajfa-3802	449	10	on	on	ADP
ajfa-3802	449	11	roa	roa	PROPN
ajfa-3802	449	12	in	in	ADP
ajfa-3802	449	13	this	this	DET
ajfa-3802	449	14	paper	paper	NOUN
ajfa-3802	449	15	.	.	PUNCT
ajfa-3802	450	1	soliman	soliman	NOUN
ajfa-3802	450	2	(	(	PUNCT
ajfa-3802	450	3	2008	2008	NUM
ajfa-3802	450	4	)	)	PUNCT
ajfa-3802	450	5	pointed	point	VERB
ajfa-3802	450	6	out	out	ADP
ajfa-3802	450	7	rnoa	rnoa	ADJ
ajfa-3802	450	8	decomposition	decomposition	NOUN
ajfa-3802	450	9	can	can	AUX
ajfa-3802	450	10	capture	capture	VERB
ajfa-3802	450	11	the	the	DET
ajfa-3802	450	12	operation	operation	NOUN
ajfa-3802	450	13	situation	situation	NOUN
ajfa-3802	450	14	without	without	ADP
ajfa-3802	450	15	the	the	DET
ajfa-3802	450	16	effects	effect	NOUN
ajfa-3802	450	17	of	of	ADP
ajfa-3802	450	18	financial	financial	ADJ
ajfa-3802	450	19	leverage	leverage	NOUN
ajfa-3802	450	20	.	.	PUNCT
ajfa-3802	451	1	hence	hence	ADV
ajfa-3802	451	2	,	,	PUNCT
ajfa-3802	451	3	this	this	DET
ajfa-3802	451	4	paper	paper	NOUN
ajfa-3802	451	5	employs	employ	VERB
ajfa-3802	451	6	rnoa	rnoa	ADV
ajfa-3802	451	7	to	to	PART
ajfa-3802	451	8	conduct	conduct	VERB
ajfa-3802	451	9	sensitive	sensitive	ADJ
ajfa-3802	451	10	test	test	NOUN
ajfa-3802	451	11	.	.	PUNCT
ajfa-3802	452	1	table6	table6	PROPN
ajfa-3802	452	2	is	be	AUX
ajfa-3802	452	3	the	the	DET
ajfa-3802	452	4	analysis	analysis	NOUN
ajfa-3802	452	5	result	result	NOUN
ajfa-3802	452	6	for	for	ADP
ajfa-3802	452	7	rnoa	rnoa	ADJ
ajfa-3802	452	8	where	where	SCONJ
ajfa-3802	452	9	the	the	DET
ajfa-3802	452	10	regression	regression	NOUN
ajfa-3802	452	11	result	result	NOUN
ajfa-3802	452	12	indicates	indicate	VERB
ajfa-3802	452	13	capital	capital	NOUN
ajfa-3802	452	14	expenditure	expenditure	NOUN
ajfa-3802	452	15	ratio	ratio	NOUN
ajfa-3802	452	16	per	per	ADP
ajfa-3802	452	17	person	person	NOUN
ajfa-3802	452	18	reduces	reduce	VERB
ajfa-3802	452	19	investment	investment	NOUN
ajfa-3802	452	20	risks	risk	NOUN
ajfa-3802	452	21	no	no	PRON
ajfa-3802	452	22	matter	matter	NOUN
ajfa-3802	452	23	for	for	ADP
ajfa-3802	452	24	cost	cost	NOUN
ajfa-3802	452	25	leadership	leadership	NOUN
ajfa-3802	452	26	strategy	strategy	NOUN
ajfa-3802	452	27	or	or	CCONJ
ajfa-3802	452	28	differentiation	differentiation	NOUN
ajfa-3802	452	29	strategy	strategy	NOUN
ajfa-3802	452	30	in	in	ADP
ajfa-3802	452	31	firm	firm	ADJ
ajfa-3802	452	32	-	-	PUNCT
ajfa-3802	452	33	specific	specific	ADJ
ajfa-3802	452	34	accounting	accounting	NOUN
ajfa-3802	452	35	signals	signal	NOUN
ajfa-3802	452	36	.	.	PUNCT
ajfa-3802	453	1	compared	compare	VERB
ajfa-3802	453	2	with	with	ADP
ajfa-3802	453	3	cost	cost	NOUN
ajfa-3802	453	4	leadership	leadership	NOUN
ajfa-3802	453	5	strategy	strategy	NOUN
ajfa-3802	453	6	,	,	PUNCT
ajfa-3802	453	7	firms	firm	NOUN
ajfa-3802	453	8	following	follow	VERB
ajfa-3802	453	9	differentiation	differentiation	NOUN
ajfa-3802	453	10	strategy	strategy	NOUN
ajfa-3802	453	11	also	also	ADV
ajfa-3802	453	12	show	show	VERB
ajfa-3802	453	13	the	the	DET
ajfa-3802	453	14	improvement	improvement	NOUN
ajfa-3802	453	15	in	in	ADP
ajfa-3802	453	16	fixed	fix	VERB
ajfa-3802	453	17	asset	asset	NOUN
ajfa-3802	453	18	turnover	turnover	NOUN
ajfa-3802	453	19	ratio	ratio	NOUN
ajfa-3802	453	20	can	can	AUX
ajfa-3802	453	21	reduce	reduce	VERB
ajfa-3802	453	22	investment	investment	NOUN
ajfa-3802	453	23	risks	risk	NOUN
ajfa-3802	453	24	.	.	PUNCT
ajfa-3802	454	1	nevertheless	nevertheless	ADV
ajfa-3802	454	2	,	,	PUNCT
ajfa-3802	454	3	the	the	DET
ajfa-3802	454	4	industry	industry	NOUN
ajfa-3802	454	5	-	-	PUNCT
ajfa-3802	454	6	specific	specific	ADJ
ajfa-3802	454	7	accounting	accounting	NOUN
ajfa-3802	454	8	signals	signal	NOUN
ajfa-3802	454	9	shows	show	VERB
ajfa-3802	454	10	influence	influence	NOUN
ajfa-3802	454	11	on	on	ADP
ajfa-3802	454	12	investment	investment	NOUN
ajfa-3802	454	13	risks	risk	NOUN
ajfa-3802	454	14	only	only	ADV
ajfa-3802	454	15	in	in	ADP
ajfa-3802	454	16	differentiation	differentiation	NOUN
ajfa-3802	454	17	strategy	strategy	NOUN
ajfa-3802	454	18	firms	firm	NOUN
ajfa-3802	454	19	.	.	PUNCT
ajfa-3802	455	1	if	if	SCONJ
ajfa-3802	455	2	the	the	DET
ajfa-3802	455	3	firms	firm	NOUN
ajfa-3802	455	4	pursue	pursue	VERB
ajfa-3802	455	5	asian	asian	ADJ
ajfa-3802	455	6	journal	journal	NOUN
ajfa-3802	455	7	of	of	ADP
ajfa-3802	455	8	finance	finance	PROPN
ajfa-3802	455	9	&	&	CCONJ
ajfa-3802	455	10	accounting	accounting	PROPN
ajfa-3802	455	11	issn	issn	PROPN
ajfa-3802	455	12	1946	1946	NUM
ajfa-3802	455	13	-	-	PUNCT
ajfa-3802	455	14	052x	052x	NOUN
ajfa-3802	455	15	2013	2013	NUM
ajfa-3802	455	16	,	,	PUNCT
ajfa-3802	455	17	vol	vol	NOUN
ajfa-3802	455	18	.	.	PROPN
ajfa-3802	455	19	5	5	NUM
ajfa-3802	455	20	,	,	PUNCT
ajfa-3802	455	21	no	no	INTJ
ajfa-3802	455	22	.	.	NOUN
ajfa-3802	455	23	1	1	NUM
ajfa-3802	455	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	455	25	440	440	NUM
ajfa-3802	455	26	improvement	improvement	NOUN
ajfa-3802	455	27	in	in	ADP
ajfa-3802	455	28	fixed	fix	VERB
ajfa-3802	455	29	asset	asset	NOUN
ajfa-3802	455	30	turnover	turnover	NOUN
ajfa-3802	455	31	ratio	ratio	NOUN
ajfa-3802	455	32	will	will	AUX
ajfa-3802	455	33	reduce	reduce	VERB
ajfa-3802	455	34	investment	investment	NOUN
ajfa-3802	455	35	risks	risk	NOUN
ajfa-3802	455	36	.	.	PUNCT
ajfa-3802	456	1	after	after	ADP
ajfa-3802	456	2	differentiating	differentiate	VERB
ajfa-3802	456	3	samples	sample	NOUN
ajfa-3802	456	4	with	with	ADP
ajfa-3802	456	5	better	well	ADJ
ajfa-3802	456	6	performance	performance	NOUN
ajfa-3802	456	7	(	(	PUNCT
ajfa-3802	456	8	table7	table7	NOUN
ajfa-3802	456	9	)	)	PUNCT
ajfa-3802	456	10	,	,	PUNCT
ajfa-3802	456	11	capital	capital	NOUN
ajfa-3802	456	12	expenditure	expenditure	NOUN
ajfa-3802	456	13	ratio	ratio	NOUN
ajfa-3802	456	14	per	per	ADP
ajfa-3802	456	15	person	person	NOUN
ajfa-3802	456	16	reduces	reduce	VERB
ajfa-3802	456	17	investment	investment	NOUN
ajfa-3802	456	18	risks	risk	NOUN
ajfa-3802	456	19	no	no	PRON
ajfa-3802	456	20	matter	matter	NOUN
ajfa-3802	456	21	for	for	ADP
ajfa-3802	456	22	cost	cost	NOUN
ajfa-3802	456	23	leadership	leadership	NOUN
ajfa-3802	456	24	strategy	strategy	NOUN
ajfa-3802	456	25	or	or	CCONJ
ajfa-3802	456	26	differentiation	differentiation	NOUN
ajfa-3802	456	27	strategy	strategy	NOUN
ajfa-3802	456	28	in	in	ADP
ajfa-3802	456	29	firm	firm	ADJ
ajfa-3802	456	30	-	-	PUNCT
ajfa-3802	456	31	specific	specific	ADJ
ajfa-3802	456	32	accounting	accounting	NOUN
ajfa-3802	456	33	signals	signal	NOUN
ajfa-3802	456	34	.	.	PUNCT
ajfa-3802	457	1	table	table	NOUN
ajfa-3802	457	2	6	6	NUM
ajfa-3802	457	3	.	.	PUNCT
ajfa-3802	458	1	regressions	regression	NOUN
ajfa-3802	458	2	where	where	SCONJ
ajfa-3802	458	3	the	the	DET
ajfa-3802	458	4	dependent	dependent	ADJ
ajfa-3802	458	5	variable	variable	NOUN
ajfa-3802	458	6	is	be	AUX
ajfa-3802	458	7	the	the	DET
ajfa-3802	458	8	caq	caq	NOUN
ajfa-3802	458	9	and	and	CCONJ
ajfa-3802	458	10	the	the	DET
ajfa-3802	458	11	independent	independent	ADJ
ajfa-3802	458	12	variables	variable	NOUN
ajfa-3802	458	13	are	be	AUX
ajfa-3802	458	14	factors	factor	NOUN
ajfa-3802	458	15	of	of	ADP
ajfa-3802	458	16	production	production	NOUN
ajfa-3802	458	17	_	_	PUNCT
ajfa-3802	458	18	rnoa	rnoa	ADJ
ajfa-3802	458	19	model	model	NOUN
ajfa-3802	458	20	cost	cost	NOUN
ajfa-3802	458	21	leadership	leadership	NOUN
ajfa-3802	458	22	differentiation	differentiation	NOUN
ajfa-3802	458	23	cost	cost	NOUN
ajfa-3802	458	24	leadership	leadership	NOUN
ajfa-3802	458	25	differentiation	differentiation	NOUN
ajfa-3802	458	26	coef	coef	PROPN
ajfa-3802	458	27	p	p	ADJ
ajfa-3802	458	28	-	-	PUNCT
ajfa-3802	458	29	value	value	NOUN
ajfa-3802	458	30	coef	coef	NOUN
ajfa-3802	458	31	p	p	NOUN
ajfa-3802	458	32	-	-	PUNCT
ajfa-3802	458	33	value	value	NOUN
ajfa-3802	458	34	coef	coef	NOUN
ajfa-3802	458	35	p	p	NOUN
ajfa-3802	458	36	-	-	PUNCT
ajfa-3802	458	37	value	value	NOUN
ajfa-3802	458	38	coef	coef	NOUN
ajfa-3802	458	39	p	p	NOUN
ajfa-3802	458	40	-	-	PUNCT
ajfa-3802	458	41	value	value	NOUN
ajfa-3802	458	42	ave.fat	ave.fat	NOUN
ajfa-3802	458	43	-0.004	-0.004	PUNCT
ajfa-3802	458	44	0.766	0.766	NUM
ajfa-3802	458	45	0.065	0.065	NUM
ajfa-3802	458	46	0.089	0.089	NUM
ajfa-3802	458	47	ave.pce	ave.pce	PROPN
ajfa-3802	458	48	2.017	2.017	NUM
ajfa-3802	458	49	0.010	0.010	NUM
ajfa-3802	458	50	1.616	1.616	NUM
ajfa-3802	458	51	0.004	0.004	NUM
ajfa-3802	458	52	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	458	53	-0.002	-0.002	PUNCT
ajfa-3802	458	54	0.916	0.916	NUM
ajfa-3802	458	55	0.159	0.159	NUM
ajfa-3802	458	56	0.000	0.000	NUM
ajfa-3802	458	57	ave.pce_sic	ave.pce_sic	PROPN
ajfa-3802	458	58	-0.930	-0.930	PROPN
ajfa-3802	458	59	0.421	0.421	NUM
ajfa-3802	458	60	-0.591	-0.591	NOUN
ajfa-3802	458	61	0.559	0.559	NUM
ajfa-3802	458	62	ave.size	ave.size	NOUN
ajfa-3802	458	63	0.390	0.390	NUM
ajfa-3802	458	64	0.015	0.015	NUM
ajfa-3802	458	65	0.665	0.665	NUM
ajfa-3802	458	66	0.000	0.000	NUM
ajfa-3802	458	67	0.480	0.480	NUM
ajfa-3802	458	68	0.003	0.003	NUM
ajfa-3802	458	69	0.720	0.720	NUM
ajfa-3802	458	70	0.000	0.000	NUM
ajfa-3802	458	71	std	std	NOUN
ajfa-3802	458	72	.	.	PUNCT
ajfa-3802	459	1	sale	sale	NOUN
ajfa-3802	459	2	0.318	0.318	NUM
ajfa-3802	459	3	0.815	0.815	NUM
ajfa-3802	459	4	-8.548	-8.548	SYM
ajfa-3802	459	5	0.001	0.001	NUM
ajfa-3802	459	6	-0.333	-0.333	NOUN
ajfa-3802	459	7	0.803	0.803	NUM
ajfa-3802	459	8	-8.595	-8.595	NUM
ajfa-3802	460	1	0.000	0.000	NUM
ajfa-3802	460	2	std.ocf	std.ocf	NUM
ajfa-3802	460	3	-47.455	-47.455	ADP
ajfa-3802	460	4	0.000	0.000	NUM
ajfa-3802	460	5	-58.036	-58.036	NOUN
ajfa-3802	460	6	0.000	0.000	NUM
ajfa-3802	461	1	-49.537	-49.537	NUM
ajfa-3802	461	2	0.000	0.000	NUM
ajfa-3802	461	3	-57.381	-57.381	NUM
ajfa-3802	461	4	0.000	0.000	NUM
ajfa-3802	461	5	prop.ni	prop.ni	NUM
ajfa-3802	461	6	-0.294	-0.294	PUNCT
ajfa-3802	461	7	0.002	0.002	NUM
ajfa-3802	461	8	-0.292	-0.292	NUM
ajfa-3802	461	9	0.007	0.007	NUM
ajfa-3802	461	10	-0.314	-0.314	NUM
ajfa-3802	461	11	0.001	0.001	NUM
ajfa-3802	461	12	-0.301	-0.301	NUM
ajfa-3802	461	13	0.005	0.005	NUM
ajfa-3802	461	14	cons	con	NOUN
ajfa-3802	461	15	8.351	8.351	NUM
ajfa-3802	461	16	0.000	0.000	NUM
ajfa-3802	461	17	9.405	9.405	NUM
ajfa-3802	461	18	0.000	0.000	NUM
ajfa-3802	461	19	8.498	8.498	NUM
ajfa-3802	461	20	0.000	0.000	NUM
ajfa-3802	462	1	10.483	10.483	NUM
ajfa-3802	462	2	0.000	0.000	NUM
ajfa-3802	462	3	f	f	NOUN
ajfa-3802	462	4	-	-	PUNCT
ajfa-3802	462	5	value	value	NOUN
ajfa-3802	462	6	24.26	24.26	NUM
ajfa-3802	462	7	35.33	35.33	NUM
ajfa-3802	462	8	22.64	22.64	NUM
ajfa-3802	462	9	37.14	37.14	NUM
ajfa-3802	462	10	p	p	NOUN
ajfa-3802	462	11	-	-	PUNCT
ajfa-3802	462	12	value	value	NOUN
ajfa-3802	462	13	0.000	0.000	NUM
ajfa-3802	462	14	0.000	0.000	NUM
ajfa-3802	462	15	0.000	0.000	NUM
ajfa-3802	462	16	0.000	0.000	NUM
ajfa-3802	462	17	r^2	r^2	VERB
ajfa-3802	462	18	0.351	0.351	NUM
ajfa-3802	462	19	0.210	0.210	NUM
ajfa-3802	462	20	0.336	0.336	NUM
ajfa-3802	462	21	0.218	0.218	NUM
ajfa-3802	462	22	adj	adj	NOUN
ajfa-3802	462	23	r^2	r^2	PROPN
ajfa-3802	462	24	0.337	0.337	NUM
ajfa-3802	462	25	0.204	0.204	NUM
ajfa-3802	462	26	0.321	0.321	NUM
ajfa-3802	462	27	0.212	0.212	NUM
ajfa-3802	462	28	a.	a.	NOUN
ajfa-3802	462	29	variable	variable	ADJ
ajfa-3802	462	30	definition	definition	NOUN
ajfa-3802	462	31	:	:	PUNCT
ajfa-3802	462	32	caq	caq	NOUN
ajfa-3802	462	33	is	be	AUX
ajfa-3802	462	34	the	the	DET
ajfa-3802	462	35	investment	investment	NOUN
ajfa-3802	462	36	risks	risk	NOUN
ajfa-3802	462	37	proposed	propose	VERB
ajfa-3802	462	38	by	by	ADP
ajfa-3802	462	39	this	this	DET
ajfa-3802	462	40	study	study	NOUN
ajfa-3802	462	41	.	.	PUNCT
ajfa-3802	463	1	it	it	PRON
ajfa-3802	463	2	is	be	AUX
ajfa-3802	463	3	the	the	DET
ajfa-3802	463	4	estimated	estimate	VERB
ajfa-3802	463	5	residuals	residual	NOUN
ajfa-3802	463	6	calculated	calculate	VERB
ajfa-3802	463	7	by	by	ADP
ajfa-3802	463	8	residuals	residual	NOUN
ajfa-3802	463	9	estimation	estimation	NOUN
ajfa-3802	463	10	approach	approach	NOUN
ajfa-3802	463	11	by	by	ADP
ajfa-3802	463	12	francis	francis	PROPN
ajfa-3802	463	13	et.(2005	et.(2005	PROPN
ajfa-3802	463	14	)	)	PUNCT
ajfa-3802	463	15	and	and	CCONJ
ajfa-3802	463	16	is	be	AUX
ajfa-3802	463	17	converted	convert	VERB
ajfa-3802	463	18	into	into	ADP
ajfa-3802	463	19	the	the	DET
ajfa-3802	463	20	tolerance	tolerance	NOUN
ajfa-3802	463	21	range	range	NOUN
ajfa-3802	463	22	of	of	ADP
ajfa-3802	463	23	investors	investor	NOUN
ajfa-3802	463	24	.	.	PUNCT
ajfa-3802	464	1	ave.fat	ave.fat	NOUN
ajfa-3802	464	2	fixed	fix	VERB
ajfa-3802	464	3	asset	asset	NOUN
ajfa-3802	464	4	turnover	turnover	NOUN
ajfa-3802	464	5	ratio	ratio	NOUN
ajfa-3802	464	6	is	be	AUX
ajfa-3802	464	7	calculated	calculate	VERB
ajfa-3802	464	8	by	by	ADP
ajfa-3802	464	9	revenues	revenue	NOUN
ajfa-3802	464	10	divided	divide	VERB
ajfa-3802	464	11	by	by	ADP
ajfa-3802	464	12	fixed	fix	VERB
ajfa-3802	464	13	assets(compustat	assets(compustat	NOUN
ajfa-3802	464	14	#	#	NOUN
ajfa-3802	464	15	12/	12/	NUM
ajfa-3802	464	16	compustat	compustat	NOUN
ajfa-3802	464	17	#	#	SYM
ajfa-3802	464	18	7	7	NUM
ajfa-3802	464	19	)	)	PUNCT
ajfa-3802	464	20	and	and	CCONJ
ajfa-3802	464	21	converted	convert	VERB
ajfa-3802	464	22	into	into	ADP
ajfa-3802	464	23	firm	firm	ADJ
ajfa-3802	464	24	level	level	NOUN
ajfa-3802	464	25	by	by	ADP
ajfa-3802	464	26	average	average	ADJ
ajfa-3802	464	27	.	.	PUNCT
ajfa-3802	465	1	ave.pce	ave.pce	PROPN
ajfa-3802	465	2	capital	capital	NOUN
ajfa-3802	465	3	expenditure	expenditure	NOUN
ajfa-3802	465	4	ratio	ratio	NOUN
ajfa-3802	465	5	per	per	ADP
ajfa-3802	465	6	person	person	NOUN
ajfa-3802	465	7	is	be	AUX
ajfa-3802	465	8	calculated	calculate	VERB
ajfa-3802	465	9	by	by	ADP
ajfa-3802	465	10	fixed	fix	VERB
ajfa-3802	465	11	assets	asset	NOUN
ajfa-3802	465	12	divided	divide	VERB
ajfa-3802	465	13	by	by	ADP
ajfa-3802	465	14	number	number	NOUN
ajfa-3802	465	15	of	of	ADP
ajfa-3802	465	16	employees	employee	NOUN
ajfa-3802	465	17	(	(	PUNCT
ajfa-3802	465	18	compustat	compustat	VERB
ajfa-3802	465	19	#	#	SYM
ajfa-3802	465	20	7/	7/	NUM
ajfa-3802	465	21	compustat	compustat	NOUN
ajfa-3802	465	22	#	#	SYM
ajfa-3802	465	23	29	29	NUM
ajfa-3802	465	24	)	)	PUNCT
ajfa-3802	465	25	and	and	CCONJ
ajfa-3802	465	26	converted	convert	VERB
ajfa-3802	465	27	into	into	ADP
ajfa-3802	465	28	firm	firm	ADJ
ajfa-3802	465	29	level	level	NOUN
ajfa-3802	465	30	by	by	ADP
ajfa-3802	465	31	average	average	ADJ
ajfa-3802	465	32	.	.	PUNCT
ajfa-3802	466	1	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	466	2	difference	difference	NOUN
ajfa-3802	466	3	between	between	ADP
ajfa-3802	466	4	fixed	fix	VERB
ajfa-3802	466	5	asset	asset	NOUN
ajfa-3802	466	6	turnover	turnover	NOUN
ajfa-3802	466	7	ratio	ratio	NOUN
ajfa-3802	466	8	and	and	CCONJ
ajfa-3802	466	9	industry	industry	NOUN
ajfa-3802	466	10	mean	mean	NOUN
ajfa-3802	466	11	is	be	AUX
ajfa-3802	466	12	calculated	calculate	VERB
ajfa-3802	466	13	by	by	ADP
ajfa-3802	466	14	fixed	fix	VERB
ajfa-3802	466	15	asset	asset	NOUN
ajfa-3802	466	16	turnover	turnover	NOUN
ajfa-3802	466	17	ratio	ratio	NOUN
ajfa-3802	466	18	in	in	ADP
ajfa-3802	466	19	firm	firm	ADJ
ajfa-3802	466	20	level	level	NOUN
ajfa-3802	466	21	minus	minus	CCONJ
ajfa-3802	466	22	the	the	DET
ajfa-3802	466	23	mean	mean	NOUN
ajfa-3802	466	24	of	of	ADP
ajfa-3802	466	25	fixed	fix	VERB
ajfa-3802	466	26	asset	asset	NOUN
ajfa-3802	466	27	turnover	turnover	NOUN
ajfa-3802	466	28	ratio	ratio	NOUN
ajfa-3802	466	29	in	in	ADP
ajfa-3802	466	30	such	such	ADJ
ajfa-3802	466	31	industry	industry	NOUN
ajfa-3802	466	32	.	.	PUNCT
ajfa-3802	467	1	ave.pce_sic	ave.pce_sic	ADJ
ajfa-3802	467	2	difference	difference	NOUN
ajfa-3802	467	3	between	between	ADP
ajfa-3802	467	4	capital	capital	NOUN
ajfa-3802	467	5	expenditure	expenditure	NOUN
ajfa-3802	467	6	ratio	ratio	NOUN
ajfa-3802	467	7	per	per	ADP
ajfa-3802	467	8	person	person	NOUN
ajfa-3802	467	9	and	and	CCONJ
ajfa-3802	467	10	industry	industry	NOUN
ajfa-3802	467	11	mean	mean	NOUN
ajfa-3802	467	12	is	be	AUX
ajfa-3802	467	13	calculated	calculate	VERB
ajfa-3802	467	14	by	by	ADP
ajfa-3802	467	15	capital	capital	NOUN
ajfa-3802	467	16	expenditure	expenditure	NOUN
ajfa-3802	467	17	ratio	ratio	NOUN
ajfa-3802	467	18	per	per	ADP
ajfa-3802	467	19	person	person	NOUN
ajfa-3802	467	20	in	in	ADP
ajfa-3802	467	21	firm	firm	ADJ
ajfa-3802	467	22	level	level	NOUN
ajfa-3802	467	23	minus	minus	CCONJ
ajfa-3802	467	24	mean	mean	NOUN
ajfa-3802	467	25	of	of	ADP
ajfa-3802	467	26	capital	capital	NOUN
ajfa-3802	467	27	expenditure	expenditure	NOUN
ajfa-3802	467	28	ratio	ratio	NOUN
ajfa-3802	467	29	per	per	ADP
ajfa-3802	467	30	person	person	NOUN
ajfa-3802	467	31	in	in	ADP
ajfa-3802	467	32	such	such	ADJ
ajfa-3802	467	33	industry	industry	NOUN
ajfa-3802	467	34	.	.	PUNCT
ajfa-3802	468	1	ave.size	ave.size	PROPN
ajfa-3802	468	2	is	be	AUX
ajfa-3802	468	3	firm	firm	ADJ
ajfa-3802	468	4	size	size	NOUN
ajfa-3802	468	5	.	.	PUNCT
ajfa-3802	469	1	it	it	PRON
ajfa-3802	469	2	is	be	AUX
ajfa-3802	469	3	calculated	calculate	VERB
ajfa-3802	469	4	by	by	ADP
ajfa-3802	469	5	inputting	inputte	VERB
ajfa-3802	469	6	total	total	ADJ
ajfa-3802	469	7	assets	asset	NOUN
ajfa-3802	469	8	(	(	PUNCT
ajfa-3802	469	9	compustat	compustat	NOUN
ajfa-3802	469	10	#	#	SYM
ajfa-3802	469	11	6	6	NUM
ajfa-3802	469	12	)	)	PUNCT
ajfa-3802	469	13	into	into	ADP
ajfa-3802	469	14	the	the	DET
ajfa-3802	469	15	natural	natural	ADJ
ajfa-3802	469	16	logarithm	logarithm	NOUN
ajfa-3802	469	17	function	function	NOUN
ajfa-3802	469	18	and	and	CCONJ
ajfa-3802	469	19	converted	convert	VERB
ajfa-3802	469	20	back	back	ADV
ajfa-3802	469	21	into	into	ADP
ajfa-3802	469	22	firm	firm	ADJ
ajfa-3802	469	23	level	level	NOUN
ajfa-3802	469	24	by	by	ADP
ajfa-3802	469	25	average	average	ADJ
ajfa-3802	469	26	.	.	PUNCT
ajfa-3802	470	1	std	std	NOUN
ajfa-3802	470	2	.	.	PUNCT
ajfa-3802	470	3	sale	sale	NOUN
ajfa-3802	470	4	is	be	AUX
ajfa-3802	470	5	standard	standard	ADJ
ajfa-3802	470	6	deviation	deviation	NOUN
ajfa-3802	470	7	of	of	ADP
ajfa-3802	470	8	revenues	revenue	NOUN
ajfa-3802	470	9	.	.	PUNCT
ajfa-3802	471	1	revenues	revenue	NOUN
ajfa-3802	471	2	are	be	AUX
ajfa-3802	471	3	deflated	deflate	VERB
ajfa-3802	471	4	by	by	ADP
ajfa-3802	471	5	average	average	ADJ
ajfa-3802	471	6	total	total	ADJ
ajfa-3802	471	7	assets	asset	NOUN
ajfa-3802	471	8	and	and	CCONJ
ajfa-3802	471	9	obtained	obtain	VERB
ajfa-3802	471	10	the	the	DET
ajfa-3802	471	11	standard	standard	ADJ
ajfa-3802	471	12	deviation	deviation	NOUN
ajfa-3802	471	13	.	.	PUNCT
ajfa-3802	472	1	std.ocf	std.ocf	NOUN
ajfa-3802	472	2	is	be	AUX
ajfa-3802	472	3	standard	standard	ADJ
ajfa-3802	472	4	deviation	deviation	NOUN
ajfa-3802	472	5	of	of	ADP
ajfa-3802	472	6	cash	cash	NOUN
ajfa-3802	472	7	flows	flow	NOUN
ajfa-3802	472	8	.	.	PUNCT
ajfa-3802	473	1	cash	cash	NOUN
ajfa-3802	473	2	flows	flow	NOUN
ajfa-3802	473	3	are	be	AUX
ajfa-3802	473	4	deflated	deflate	VERB
ajfa-3802	473	5	by	by	ADP
ajfa-3802	473	6	average	average	ADJ
ajfa-3802	473	7	total	total	ADJ
ajfa-3802	473	8	assets	asset	NOUN
ajfa-3802	473	9	and	and	CCONJ
ajfa-3802	473	10	obtained	obtain	VERB
ajfa-3802	473	11	the	the	DET
ajfa-3802	473	12	standard	standard	ADJ
ajfa-3802	473	13	deviation	deviation	NOUN
ajfa-3802	473	14	.	.	PUNCT
ajfa-3802	474	1	prop.ni	prop.ni	PROPN
ajfa-3802	474	2	is	be	AUX
ajfa-3802	474	3	the	the	DET
ajfa-3802	474	4	number	number	NOUN
ajfa-3802	474	5	of	of	ADP
ajfa-3802	474	6	deficits	deficit	NOUN
ajfa-3802	474	7	.	.	PUNCT
ajfa-3802	475	1	if	if	SCONJ
ajfa-3802	475	2	current	current	ADJ
ajfa-3802	475	3	earnings	earning	NOUN
ajfa-3802	475	4	equal	equal	ADJ
ajfa-3802	475	5	to	to	ADP
ajfa-3802	475	6	1	1	NUM
ajfa-3802	475	7	,	,	PUNCT
ajfa-3802	475	8	it	it	PRON
ajfa-3802	475	9	is	be	AUX
ajfa-3802	475	10	converted	convert	VERB
ajfa-3802	475	11	to	to	ADP
ajfa-3802	475	12	firm	firm	ADJ
ajfa-3802	475	13	level	level	NOUN
ajfa-3802	475	14	by	by	ADP
ajfa-3802	475	15	accumulation	accumulation	NOUN
ajfa-3802	475	16	.	.	PUNCT
ajfa-3802	476	1	b.	b.	PROPN
ajfa-3802	476	2	cost	cost	PROPN
ajfa-3802	476	3	leadership	leadership	NOUN
ajfa-3802	476	4	is	be	AUX
ajfa-3802	476	5	cost	cost	NOUN
ajfa-3802	476	6	leadership	leadership	NOUN
ajfa-3802	476	7	strategy	strategy	NOUN
ajfa-3802	476	8	.	.	PUNCT
ajfa-3802	477	1	firms	firm	NOUN
ajfa-3802	477	2	with	with	ADP
ajfa-3802	477	3	higher	high	ADJ
ajfa-3802	477	4	fixed	fix	VERB
ajfa-3802	477	5	asset	asset	NOUN
ajfa-3802	477	6	turnover	turnover	NOUN
ajfa-3802	477	7	ratio	ratio	NOUN
ajfa-3802	477	8	than	than	ADP
ajfa-3802	477	9	industry	industry	NOUN
ajfa-3802	477	10	mean	mean	NOUN
ajfa-3802	477	11	and	and	CCONJ
ajfa-3802	477	12	lower	low	ADJ
ajfa-3802	477	13	profit	profit	NOUN
ajfa-3802	477	14	margins	margin	NOUN
ajfa-3802	477	15	than	than	ADP
ajfa-3802	477	16	industry	industry	NOUN
ajfa-3802	477	17	mean	mean	NOUN
ajfa-3802	477	18	are	be	AUX
ajfa-3802	477	19	samples	sample	NOUN
ajfa-3802	477	20	for	for	ADP
ajfa-3802	477	21	cost	cost	NOUN
ajfa-3802	477	22	leadership	leadership	NOUN
ajfa-3802	477	23	strategy	strategy	NOUN
ajfa-3802	477	24	.	.	PUNCT
ajfa-3802	478	1	differentiation	differentiation	NOUN
ajfa-3802	478	2	is	be	AUX
ajfa-3802	478	3	differentiation	differentiation	NOUN
ajfa-3802	478	4	strategy	strategy	NOUN
ajfa-3802	478	5	.	.	PUNCT
ajfa-3802	479	1	firms	firm	NOUN
ajfa-3802	479	2	with	with	ADP
ajfa-3802	479	3	lower	low	ADJ
ajfa-3802	479	4	fixed	fix	VERB
ajfa-3802	479	5	asset	asset	NOUN
ajfa-3802	479	6	turnover	turnover	NOUN
ajfa-3802	479	7	ratio	ratio	NOUN
ajfa-3802	479	8	than	than	ADP
ajfa-3802	479	9	industry	industry	NOUN
ajfa-3802	479	10	mean	mean	NOUN
ajfa-3802	479	11	and	and	CCONJ
ajfa-3802	479	12	higher	high	ADJ
ajfa-3802	479	13	profit	profit	NOUN
ajfa-3802	479	14	margins	margin	NOUN
ajfa-3802	479	15	than	than	ADP
ajfa-3802	479	16	industry	industry	NOUN
ajfa-3802	479	17	mean	mean	NOUN
ajfa-3802	479	18	are	be	AUX
ajfa-3802	479	19	samples	sample	NOUN
ajfa-3802	479	20	for	for	ADP
ajfa-3802	479	21	differentiation	differentiation	NOUN
ajfa-3802	479	22	strategy	strategy	NOUN
ajfa-3802	479	23	.	.	PUNCT
ajfa-3802	480	1	asian	asian	ADJ
ajfa-3802	480	2	journal	journal	PROPN
ajfa-3802	480	3	of	of	ADP
ajfa-3802	480	4	finance	finance	PROPN
ajfa-3802	480	5	&	&	CCONJ
ajfa-3802	480	6	accounting	accounting	PROPN
ajfa-3802	480	7	issn	issn	PROPN
ajfa-3802	480	8	1946	1946	NUM
ajfa-3802	480	9	-	-	PUNCT
ajfa-3802	480	10	052x	052x	NOUN
ajfa-3802	480	11	2013	2013	NUM
ajfa-3802	480	12	,	,	PUNCT
ajfa-3802	480	13	vol	vol	NOUN
ajfa-3802	480	14	.	.	PROPN
ajfa-3802	480	15	5	5	NUM
ajfa-3802	480	16	,	,	PUNCT
ajfa-3802	480	17	no	no	INTJ
ajfa-3802	480	18	.	.	NOUN
ajfa-3802	480	19	1	1	NUM
ajfa-3802	480	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	480	21	441	441	NUM
ajfa-3802	480	22	table	table	NOUN
ajfa-3802	480	23	7	7	NUM
ajfa-3802	480	24	.	.	PUNCT
ajfa-3802	481	1	regressions	regression	NOUN
ajfa-3802	481	2	result	result	VERB
ajfa-3802	481	3	where	where	SCONJ
ajfa-3802	481	4	the	the	DET
ajfa-3802	481	5	dependent	dependent	ADJ
ajfa-3802	481	6	variable	variable	NOUN
ajfa-3802	481	7	is	be	AUX
ajfa-3802	481	8	the	the	DET
ajfa-3802	481	9	caq	caq	NOUN
ajfa-3802	481	10	and	and	CCONJ
ajfa-3802	481	11	the	the	DET
ajfa-3802	481	12	independent	independent	ADJ
ajfa-3802	481	13	variables	variable	NOUN
ajfa-3802	481	14	are	be	AUX
ajfa-3802	481	15	factors	factor	NOUN
ajfa-3802	481	16	of	of	ADP
ajfa-3802	481	17	production	production	NOUN
ajfa-3802	481	18	under	under	ADP
ajfa-3802	481	19	the	the	DET
ajfa-3802	481	20	firm	firm	ADJ
ajfa-3802	481	21	performance	performance	NOUN
ajfa-3802	481	22	outperform	outperform	NOUN
ajfa-3802	481	23	than	than	ADP
ajfa-3802	481	24	industry	industry	NOUN
ajfa-3802	481	25	performance	performance	NOUN
ajfa-3802	481	26	_	_	PUNCT
ajfa-3802	481	27	rnoa	rnoa	ADJ
ajfa-3802	481	28	model	model	NOUN
ajfa-3802	481	29	cost	cost	NOUN
ajfa-3802	481	30	leadership	leadership	NOUN
ajfa-3802	481	31	differentiation	differentiation	NOUN
ajfa-3802	481	32	cost	cost	NOUN
ajfa-3802	481	33	leadership	leadership	NOUN
ajfa-3802	481	34	differentiation	differentiation	NOUN
ajfa-3802	481	35	coef	coef	PROPN
ajfa-3802	481	36	p	p	ADJ
ajfa-3802	481	37	-	-	PUNCT
ajfa-3802	481	38	value	value	NOUN
ajfa-3802	481	39	coef	coef	NOUN
ajfa-3802	481	40	p	p	NOUN
ajfa-3802	481	41	-	-	PUNCT
ajfa-3802	481	42	value	value	NOUN
ajfa-3802	481	43	coef	coef	NOUN
ajfa-3802	481	44	p	p	NOUN
ajfa-3802	481	45	-	-	PUNCT
ajfa-3802	481	46	value	value	NOUN
ajfa-3802	481	47	coef	coef	NOUN
ajfa-3802	481	48	p	p	NOUN
ajfa-3802	481	49	-	-	PUNCT
ajfa-3802	481	50	value	value	NOUN
ajfa-3802	481	51	ave.fat	ave.fat	NOUN
ajfa-3802	481	52	-0.032	-0.032	ADP
ajfa-3802	481	53	0.332	0.332	NUM
ajfa-3802	481	54	0.086	0.086	NUM
ajfa-3802	481	55	0.309	0.309	NUM
ajfa-3802	481	56	ave.pce	ave.pce	NUM
ajfa-3802	481	57	2.480	2.480	NUM
ajfa-3802	481	58	0.044	0.044	NUM
ajfa-3802	481	59	3.222	3.222	NUM
ajfa-3802	481	60	0.002	0.002	NUM
ajfa-3802	481	61	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	481	62	-0.032	-0.032	ADP
ajfa-3802	481	63	0.523	0.523	NUM
ajfa-3802	481	64	0.092	0.092	NUM
ajfa-3802	481	65	0.219	0.219	NUM
ajfa-3802	482	1	ave.pce_sic	ave.pce_sic	PROPN
ajfa-3802	483	1	-0.107	-0.107	PUNCT
ajfa-3802	484	1	0.951	0.951	NUM
ajfa-3802	484	2	0.620	0.620	NUM
ajfa-3802	484	3	0.755	0.755	NUM
ajfa-3802	484	4	ave.size	ave.size	NOUN
ajfa-3802	484	5	0.243	0.243	NUM
ajfa-3802	484	6	0.389	0.389	NUM
ajfa-3802	484	7	0.736	0.736	NUM
ajfa-3802	484	8	0.022	0.022	NUM
ajfa-3802	484	9	0.376	0.376	NUM
ajfa-3802	484	10	0.185	0.185	NUM
ajfa-3802	484	11	0.743	0.743	NUM
ajfa-3802	484	12	0.019	0.019	NUM
ajfa-3802	484	13	std	std	NOUN
ajfa-3802	484	14	.	.	PUNCT
ajfa-3802	485	1	sale	sale	NOUN
ajfa-3802	485	2	2.587	2.587	NUM
ajfa-3802	485	3	0.273	0.273	NUM
ajfa-3802	485	4	-8.431	-8.431	NUM
ajfa-3802	485	5	0.059	0.059	NUM
ajfa-3802	485	6	1.102	1.102	NUM
ajfa-3802	485	7	0.634	0.634	NUM
ajfa-3802	485	8	-8.548	-8.548	SYM
ajfa-3802	485	9	0.027	0.027	NUM
ajfa-3802	485	10	std.ocf	std.ocf	NUM
ajfa-3802	485	11	-57.517	-57.517	PROPN
ajfa-3802	485	12	0.000	0.000	NUM
ajfa-3802	485	13	-67.291	-67.291	PROPN
ajfa-3802	485	14	0.001	0.001	NUM
ajfa-3802	485	15	-59.338	-59.338	NOUN
ajfa-3802	485	16	0.000	0.000	NUM
ajfa-3802	485	17	-75.112	-75.112	PUNCT
ajfa-3802	485	18	0.000	0.000	NUM
ajfa-3802	485	19	prop.ni	prop.ni	NUM
ajfa-3802	485	20	-0.255	-0.255	PUNCT
ajfa-3802	485	21	0.196	0.196	NUM
ajfa-3802	485	22	0.233	0.233	NUM
ajfa-3802	485	23	0.414	0.414	NUM
ajfa-3802	485	24	-0.288	-0.288	NUM
ajfa-3802	485	25	0.155	0.155	NUM
ajfa-3802	485	26	0.268	0.268	NUM
ajfa-3802	485	27	0.359	0.359	NUM
ajfa-3802	485	28	cons	con	NOUN
ajfa-3802	485	29	9.547	9.547	NUM
ajfa-3802	485	30	0.000	0.000	NUM
ajfa-3802	485	31	7.544	7.544	NUM
ajfa-3802	485	32	0.016	0.016	NUM
ajfa-3802	485	33	9.715	9.715	NUM
ajfa-3802	485	34	0.000	0.000	NUM
ajfa-3802	485	35	9.796	9.796	NUM
ajfa-3802	485	36	0.002	0.002	NUM
ajfa-3802	485	37	f	f	X
ajfa-3802	485	38	-	-	PUNCT
ajfa-3802	485	39	value	value	NOUN
ajfa-3802	485	40	9.47	9.47	NUM
ajfa-3802	485	41	13.66	13.66	NUM
ajfa-3802	485	42	8.24	8.24	NUM
ajfa-3802	485	43	11.75	11.75	NUM
ajfa-3802	485	44	p	p	NOUN
ajfa-3802	485	45	-	-	PUNCT
ajfa-3802	485	46	value	value	NOUN
ajfa-3802	486	1	0.000	0.000	NUM
ajfa-3802	486	2	0.000	0.000	NUM
ajfa-3802	486	3	0.000	0.000	NUM
ajfa-3802	486	4	0.000	0.000	NUM
ajfa-3802	486	5	r^2	r^2	VERB
ajfa-3802	486	6	0.339	0.339	NUM
ajfa-3802	486	7	0.318	0.318	NUM
ajfa-3802	486	8	0.308	0.308	NUM
ajfa-3802	486	9	0.286	0.286	NUM
ajfa-3802	486	10	adj	adj	NOUN
ajfa-3802	486	11	r^2	r^2	PROPN
ajfa-3802	486	12	0.303	0.303	NUM
ajfa-3802	486	13	0.295	0.295	NUM
ajfa-3802	486	14	0.271	0.271	NUM
ajfa-3802	486	15	0.262	0.262	NUM
ajfa-3802	486	16	a.	a.	NOUN
ajfa-3802	486	17	variable	variable	ADJ
ajfa-3802	486	18	definition	definition	NOUN
ajfa-3802	486	19	:	:	PUNCT
ajfa-3802	486	20	caq	caq	NOUN
ajfa-3802	486	21	is	be	AUX
ajfa-3802	486	22	the	the	DET
ajfa-3802	486	23	investment	investment	NOUN
ajfa-3802	486	24	risks	risk	NOUN
ajfa-3802	486	25	proposed	propose	VERB
ajfa-3802	486	26	by	by	ADP
ajfa-3802	486	27	this	this	DET
ajfa-3802	486	28	study	study	NOUN
ajfa-3802	486	29	.	.	PUNCT
ajfa-3802	487	1	it	it	PRON
ajfa-3802	487	2	is	be	AUX
ajfa-3802	487	3	the	the	DET
ajfa-3802	487	4	estimated	estimate	VERB
ajfa-3802	487	5	residuals	residual	NOUN
ajfa-3802	487	6	calculated	calculate	VERB
ajfa-3802	487	7	by	by	ADP
ajfa-3802	487	8	residuals	residual	NOUN
ajfa-3802	487	9	estimation	estimation	NOUN
ajfa-3802	487	10	approach	approach	NOUN
ajfa-3802	487	11	by	by	ADP
ajfa-3802	487	12	francis	francis	PROPN
ajfa-3802	487	13	et.(2005	et.(2005	PROPN
ajfa-3802	487	14	)	)	PUNCT
ajfa-3802	487	15	and	and	CCONJ
ajfa-3802	487	16	is	be	AUX
ajfa-3802	487	17	converted	convert	VERB
ajfa-3802	487	18	into	into	ADP
ajfa-3802	487	19	the	the	DET
ajfa-3802	487	20	tolerance	tolerance	NOUN
ajfa-3802	487	21	range	range	NOUN
ajfa-3802	487	22	of	of	ADP
ajfa-3802	487	23	investors	investor	NOUN
ajfa-3802	487	24	.	.	PUNCT
ajfa-3802	488	1	ave.fat	ave.fat	NOUN
ajfa-3802	488	2	fixed	fix	VERB
ajfa-3802	488	3	asset	asset	NOUN
ajfa-3802	488	4	turnover	turnover	NOUN
ajfa-3802	488	5	ratio	ratio	NOUN
ajfa-3802	488	6	is	be	AUX
ajfa-3802	488	7	calculated	calculate	VERB
ajfa-3802	488	8	by	by	ADP
ajfa-3802	488	9	revenues	revenue	NOUN
ajfa-3802	488	10	divided	divide	VERB
ajfa-3802	488	11	by	by	ADP
ajfa-3802	488	12	fixed	fix	VERB
ajfa-3802	488	13	assets(compustat	assets(compustat	NOUN
ajfa-3802	488	14	#	#	NOUN
ajfa-3802	488	15	12/	12/	NUM
ajfa-3802	488	16	compustat	compustat	NOUN
ajfa-3802	488	17	#	#	SYM
ajfa-3802	488	18	7	7	NUM
ajfa-3802	488	19	)	)	PUNCT
ajfa-3802	488	20	and	and	CCONJ
ajfa-3802	488	21	converted	convert	VERB
ajfa-3802	488	22	into	into	ADP
ajfa-3802	488	23	firm	firm	ADJ
ajfa-3802	488	24	level	level	NOUN
ajfa-3802	488	25	by	by	ADP
ajfa-3802	488	26	average	average	ADJ
ajfa-3802	488	27	.	.	PUNCT
ajfa-3802	489	1	ave.pce	ave.pce	PROPN
ajfa-3802	489	2	capital	capital	NOUN
ajfa-3802	489	3	expenditure	expenditure	NOUN
ajfa-3802	489	4	ratio	ratio	NOUN
ajfa-3802	489	5	per	per	ADP
ajfa-3802	489	6	person	person	NOUN
ajfa-3802	489	7	is	be	AUX
ajfa-3802	489	8	calculated	calculate	VERB
ajfa-3802	489	9	by	by	ADP
ajfa-3802	489	10	fixed	fix	VERB
ajfa-3802	489	11	assets	asset	NOUN
ajfa-3802	489	12	divided	divide	VERB
ajfa-3802	489	13	by	by	ADP
ajfa-3802	489	14	number	number	NOUN
ajfa-3802	489	15	of	of	ADP
ajfa-3802	489	16	employees	employee	NOUN
ajfa-3802	489	17	(	(	PUNCT
ajfa-3802	489	18	compustat	compustat	VERB
ajfa-3802	489	19	#	#	SYM
ajfa-3802	489	20	7/	7/	NUM
ajfa-3802	489	21	compustat	compustat	NOUN
ajfa-3802	489	22	#	#	SYM
ajfa-3802	489	23	29	29	NUM
ajfa-3802	489	24	)	)	PUNCT
ajfa-3802	489	25	and	and	CCONJ
ajfa-3802	489	26	converted	convert	VERB
ajfa-3802	489	27	into	into	ADP
ajfa-3802	489	28	firm	firm	ADJ
ajfa-3802	489	29	level	level	NOUN
ajfa-3802	489	30	by	by	ADP
ajfa-3802	489	31	average	average	ADJ
ajfa-3802	489	32	.	.	PUNCT
ajfa-3802	490	1	ave.fat_sic	ave.fat_sic	PROPN
ajfa-3802	490	2	difference	difference	NOUN
ajfa-3802	490	3	between	between	ADP
ajfa-3802	490	4	fixed	fix	VERB
ajfa-3802	490	5	asset	asset	NOUN
ajfa-3802	490	6	turnover	turnover	NOUN
ajfa-3802	490	7	ratio	ratio	NOUN
ajfa-3802	490	8	and	and	CCONJ
ajfa-3802	490	9	industry	industry	NOUN
ajfa-3802	490	10	mean	mean	NOUN
ajfa-3802	490	11	is	be	AUX
ajfa-3802	490	12	calculated	calculate	VERB
ajfa-3802	490	13	by	by	ADP
ajfa-3802	490	14	fixed	fix	VERB
ajfa-3802	490	15	asset	asset	NOUN
ajfa-3802	490	16	turnover	turnover	NOUN
ajfa-3802	490	17	ratio	ratio	NOUN
ajfa-3802	490	18	in	in	ADP
ajfa-3802	490	19	firm	firm	ADJ
ajfa-3802	490	20	level	level	NOUN
ajfa-3802	490	21	minus	minus	CCONJ
ajfa-3802	490	22	the	the	DET
ajfa-3802	490	23	mean	mean	NOUN
ajfa-3802	490	24	of	of	ADP
ajfa-3802	490	25	fixed	fix	VERB
ajfa-3802	490	26	asset	asset	NOUN
ajfa-3802	490	27	turnover	turnover	NOUN
ajfa-3802	490	28	ratio	ratio	NOUN
ajfa-3802	490	29	in	in	ADP
ajfa-3802	490	30	such	such	ADJ
ajfa-3802	490	31	industry	industry	NOUN
ajfa-3802	490	32	.	.	PUNCT
ajfa-3802	491	1	ave.pce_sic	ave.pce_sic	ADJ
ajfa-3802	491	2	difference	difference	NOUN
ajfa-3802	491	3	between	between	ADP
ajfa-3802	491	4	capital	capital	NOUN
ajfa-3802	491	5	expenditure	expenditure	NOUN
ajfa-3802	491	6	ratio	ratio	NOUN
ajfa-3802	491	7	per	per	ADP
ajfa-3802	491	8	person	person	NOUN
ajfa-3802	491	9	and	and	CCONJ
ajfa-3802	491	10	industry	industry	NOUN
ajfa-3802	491	11	mean	mean	NOUN
ajfa-3802	491	12	is	be	AUX
ajfa-3802	491	13	calculated	calculate	VERB
ajfa-3802	491	14	by	by	ADP
ajfa-3802	491	15	capital	capital	NOUN
ajfa-3802	491	16	expenditure	expenditure	NOUN
ajfa-3802	491	17	ratio	ratio	NOUN
ajfa-3802	491	18	per	per	ADP
ajfa-3802	491	19	person	person	NOUN
ajfa-3802	491	20	in	in	ADP
ajfa-3802	491	21	firm	firm	ADJ
ajfa-3802	491	22	level	level	NOUN
ajfa-3802	491	23	minus	minus	CCONJ
ajfa-3802	491	24	mean	mean	NOUN
ajfa-3802	491	25	of	of	ADP
ajfa-3802	491	26	capital	capital	NOUN
ajfa-3802	491	27	expenditure	expenditure	NOUN
ajfa-3802	491	28	ratio	ratio	NOUN
ajfa-3802	491	29	per	per	ADP
ajfa-3802	491	30	person	person	NOUN
ajfa-3802	491	31	in	in	ADP
ajfa-3802	491	32	such	such	ADJ
ajfa-3802	491	33	industry	industry	NOUN
ajfa-3802	491	34	.	.	PUNCT
ajfa-3802	492	1	ave.size	ave.size	PROPN
ajfa-3802	492	2	is	be	AUX
ajfa-3802	492	3	firm	firm	ADJ
ajfa-3802	492	4	size	size	NOUN
ajfa-3802	492	5	.	.	PUNCT
ajfa-3802	493	1	it	it	PRON
ajfa-3802	493	2	is	be	AUX
ajfa-3802	493	3	calculated	calculate	VERB
ajfa-3802	493	4	by	by	ADP
ajfa-3802	493	5	inputting	inputte	VERB
ajfa-3802	493	6	total	total	ADJ
ajfa-3802	493	7	assets	asset	NOUN
ajfa-3802	493	8	(	(	PUNCT
ajfa-3802	493	9	compustat	compustat	NOUN
ajfa-3802	493	10	#	#	SYM
ajfa-3802	493	11	6	6	NUM
ajfa-3802	493	12	)	)	PUNCT
ajfa-3802	493	13	into	into	ADP
ajfa-3802	493	14	the	the	DET
ajfa-3802	493	15	natural	natural	ADJ
ajfa-3802	493	16	logarithm	logarithm	NOUN
ajfa-3802	493	17	function	function	NOUN
ajfa-3802	493	18	and	and	CCONJ
ajfa-3802	493	19	converted	convert	VERB
ajfa-3802	493	20	back	back	ADV
ajfa-3802	493	21	into	into	ADP
ajfa-3802	493	22	firm	firm	ADJ
ajfa-3802	493	23	level	level	NOUN
ajfa-3802	493	24	by	by	ADP
ajfa-3802	493	25	average	average	ADJ
ajfa-3802	493	26	.	.	PUNCT
ajfa-3802	494	1	std	std	NOUN
ajfa-3802	494	2	.	.	PUNCT
ajfa-3802	494	3	sale	sale	NOUN
ajfa-3802	494	4	is	be	AUX
ajfa-3802	494	5	standard	standard	ADJ
ajfa-3802	494	6	deviation	deviation	NOUN
ajfa-3802	494	7	of	of	ADP
ajfa-3802	494	8	revenues	revenue	NOUN
ajfa-3802	494	9	.	.	PUNCT
ajfa-3802	495	1	revenues	revenue	NOUN
ajfa-3802	495	2	are	be	AUX
ajfa-3802	495	3	deflated	deflate	VERB
ajfa-3802	495	4	by	by	ADP
ajfa-3802	495	5	average	average	ADJ
ajfa-3802	495	6	total	total	ADJ
ajfa-3802	495	7	assets	asset	NOUN
ajfa-3802	495	8	and	and	CCONJ
ajfa-3802	495	9	obtained	obtain	VERB
ajfa-3802	495	10	the	the	DET
ajfa-3802	495	11	standard	standard	ADJ
ajfa-3802	495	12	deviation	deviation	NOUN
ajfa-3802	495	13	.	.	PUNCT
ajfa-3802	496	1	std.ocf	std.ocf	NOUN
ajfa-3802	496	2	is	be	AUX
ajfa-3802	496	3	standard	standard	ADJ
ajfa-3802	496	4	deviation	deviation	NOUN
ajfa-3802	496	5	of	of	ADP
ajfa-3802	496	6	cash	cash	NOUN
ajfa-3802	496	7	flows	flow	NOUN
ajfa-3802	496	8	.	.	PUNCT
ajfa-3802	497	1	cash	cash	NOUN
ajfa-3802	497	2	flows	flow	NOUN
ajfa-3802	497	3	are	be	AUX
ajfa-3802	497	4	deflated	deflate	VERB
ajfa-3802	497	5	by	by	ADP
ajfa-3802	497	6	average	average	ADJ
ajfa-3802	497	7	total	total	ADJ
ajfa-3802	497	8	assets	asset	NOUN
ajfa-3802	497	9	and	and	CCONJ
ajfa-3802	497	10	obtained	obtain	VERB
ajfa-3802	497	11	the	the	DET
ajfa-3802	497	12	standard	standard	ADJ
ajfa-3802	497	13	deviation	deviation	NOUN
ajfa-3802	497	14	.	.	PUNCT
ajfa-3802	498	1	prop.ni	prop.ni	PROPN
ajfa-3802	498	2	is	be	AUX
ajfa-3802	498	3	the	the	DET
ajfa-3802	498	4	number	number	NOUN
ajfa-3802	498	5	of	of	ADP
ajfa-3802	498	6	deficits	deficit	NOUN
ajfa-3802	498	7	.	.	PUNCT
ajfa-3802	499	1	if	if	SCONJ
ajfa-3802	499	2	current	current	ADJ
ajfa-3802	499	3	earnings	earning	NOUN
ajfa-3802	499	4	equal	equal	ADJ
ajfa-3802	499	5	to	to	ADP
ajfa-3802	499	6	1	1	NUM
ajfa-3802	499	7	,	,	PUNCT
ajfa-3802	499	8	it	it	PRON
ajfa-3802	499	9	is	be	AUX
ajfa-3802	499	10	converted	convert	VERB
ajfa-3802	499	11	to	to	ADP
ajfa-3802	499	12	firm	firm	ADJ
ajfa-3802	499	13	level	level	NOUN
ajfa-3802	499	14	by	by	ADP
ajfa-3802	499	15	accumulation	accumulation	NOUN
ajfa-3802	499	16	.	.	PUNCT
ajfa-3802	500	1	b.	b.	PROPN
ajfa-3802	500	2	cost	cost	PROPN
ajfa-3802	500	3	leadership	leadership	NOUN
ajfa-3802	500	4	is	be	AUX
ajfa-3802	500	5	cost	cost	NOUN
ajfa-3802	500	6	leadership	leadership	NOUN
ajfa-3802	500	7	strategy	strategy	NOUN
ajfa-3802	500	8	.	.	PUNCT
ajfa-3802	501	1	firms	firm	NOUN
ajfa-3802	501	2	with	with	ADP
ajfa-3802	501	3	higher	high	ADJ
ajfa-3802	501	4	fixed	fix	VERB
ajfa-3802	501	5	asset	asset	NOUN
ajfa-3802	501	6	turnover	turnover	NOUN
ajfa-3802	501	7	ratio	ratio	NOUN
ajfa-3802	501	8	than	than	ADP
ajfa-3802	501	9	industry	industry	NOUN
ajfa-3802	501	10	mean	mean	NOUN
ajfa-3802	501	11	and	and	CCONJ
ajfa-3802	501	12	lower	low	ADJ
ajfa-3802	501	13	profit	profit	NOUN
ajfa-3802	501	14	margins	margin	NOUN
ajfa-3802	501	15	than	than	ADP
ajfa-3802	501	16	industry	industry	NOUN
ajfa-3802	501	17	mean	mean	NOUN
ajfa-3802	501	18	are	be	AUX
ajfa-3802	501	19	samples	sample	NOUN
ajfa-3802	501	20	for	for	ADP
ajfa-3802	501	21	cost	cost	NOUN
ajfa-3802	501	22	leadership	leadership	NOUN
ajfa-3802	501	23	strategy	strategy	NOUN
ajfa-3802	501	24	.	.	PUNCT
ajfa-3802	502	1	differentiation	differentiation	NOUN
ajfa-3802	502	2	is	be	AUX
ajfa-3802	502	3	differentiation	differentiation	NOUN
ajfa-3802	502	4	strategy	strategy	NOUN
ajfa-3802	502	5	.	.	PUNCT
ajfa-3802	503	1	firms	firm	NOUN
ajfa-3802	503	2	with	with	ADP
ajfa-3802	503	3	lower	low	ADJ
ajfa-3802	503	4	fixed	fix	VERB
ajfa-3802	503	5	asset	asset	NOUN
ajfa-3802	503	6	turnover	turnover	NOUN
ajfa-3802	503	7	ratio	ratio	NOUN
ajfa-3802	503	8	than	than	ADP
ajfa-3802	503	9	industry	industry	NOUN
ajfa-3802	503	10	mean	mean	NOUN
ajfa-3802	503	11	and	and	CCONJ
ajfa-3802	503	12	higher	high	ADJ
ajfa-3802	503	13	profit	profit	NOUN
ajfa-3802	503	14	margins	margin	NOUN
ajfa-3802	503	15	than	than	ADP
ajfa-3802	503	16	industry	industry	NOUN
ajfa-3802	503	17	mean	mean	NOUN
ajfa-3802	503	18	are	be	AUX
ajfa-3802	503	19	samples	sample	NOUN
ajfa-3802	503	20	for	for	ADP
ajfa-3802	503	21	differentiation	differentiation	NOUN
ajfa-3802	503	22	strategy	strategy	NOUN
ajfa-3802	503	23	.	.	PUNCT
ajfa-3802	504	1	test	test	NOUN
ajfa-3802	504	2	of	of	ADP
ajfa-3802	504	3	risk	risk	NOUN
ajfa-3802	504	4	confidence	confidence	NOUN
ajfa-3802	504	5	interval	interval	NOUN
ajfa-3802	504	6	for	for	ADP
ajfa-3802	504	7	investors	investor	NOUN
ajfa-3802	504	8	this	this	DET
ajfa-3802	504	9	paper	paper	NOUN
ajfa-3802	504	10	applies	apply	VERB
ajfa-3802	504	11	90	90	NUM
ajfa-3802	504	12	%	%	NOUN
ajfa-3802	504	13	confidence	confidence	NOUN
ajfa-3802	504	14	interval	interval	NOUN
ajfa-3802	504	15	of	of	ADP
ajfa-3802	504	16	investors	investor	NOUN
ajfa-3802	504	17	as	as	ADP
ajfa-3802	504	18	the	the	DET
ajfa-3802	504	19	calculation	calculation	NOUN
ajfa-3802	504	20	standard	standard	NOUN
ajfa-3802	504	21	for	for	ADP
ajfa-3802	504	22	investment	investment	NOUN
ajfa-3802	504	23	risks	risk	NOUN
ajfa-3802	504	24	.	.	PUNCT
ajfa-3802	505	1	to	to	PART
ajfa-3802	505	2	ensure	ensure	VERB
ajfa-3802	505	3	the	the	DET
ajfa-3802	505	4	robustness	robustness	NOUN
ajfa-3802	505	5	of	of	ADP
ajfa-3802	505	6	the	the	DET
ajfa-3802	505	7	study	study	NOUN
ajfa-3802	505	8	,	,	PUNCT
ajfa-3802	505	9	we	we	PRON
ajfa-3802	505	10	also	also	ADV
ajfa-3802	505	11	apply	apply	VERB
ajfa-3802	505	12	95	95	NUM
ajfa-3802	505	13	%	%	NOUN
ajfa-3802	505	14	and	and	CCONJ
ajfa-3802	505	15	99	99	NUM
ajfa-3802	505	16	%	%	NOUN
ajfa-3802	505	17	confidence	confidence	NOUN
ajfa-3802	505	18	intervals	interval	NOUN
ajfa-3802	505	19	in	in	ADP
ajfa-3802	505	20	calculation	calculation	NOUN
ajfa-3802	505	21	and	and	CCONJ
ajfa-3802	505	22	regarded	regard	VERB
ajfa-3802	505	23	as	as	ADP
ajfa-3802	505	24	part	part	NOUN
ajfa-3802	505	25	of	of	ADP
ajfa-3802	505	26	the	the	DET
ajfa-3802	505	27	robustness	robustness	NOUN
ajfa-3802	505	28	test	test	NOUN
ajfa-3802	505	29	.	.	PUNCT
ajfa-3802	506	1	regression	regression	NOUN
ajfa-3802	506	2	result	result	NOUN
ajfa-3802	506	3	shows	show	VERB
ajfa-3802	506	4	95	95	NUM
ajfa-3802	506	5	%	%	NOUN
ajfa-3802	506	6	and	and	CCONJ
ajfa-3802	506	7	99	99	NUM
ajfa-3802	506	8	%	%	NOUN
ajfa-3802	506	9	confidence	confidence	NOUN
ajfa-3802	506	10	intervals	interval	NOUN
ajfa-3802	506	11	have	have	VERB
ajfa-3802	506	12	the	the	DET
ajfa-3802	506	13	same	same	ADJ
ajfa-3802	506	14	result	result	NOUN
ajfa-3802	506	15	with	with	ADP
ajfa-3802	506	16	90	90	NUM
ajfa-3802	506	17	%	%	NOUN
ajfa-3802	506	18	confidence	confidence	NOUN
ajfa-3802	506	19	intervals	interval	NOUN
ajfa-3802	506	20	.	.	PUNCT
ajfa-3802	507	1	hence	hence	ADV
ajfa-3802	507	2	this	this	DET
ajfa-3802	507	3	paper	paper	NOUN
ajfa-3802	507	4	argues	argue	VERB
ajfa-3802	507	5	that	that	SCONJ
ajfa-3802	507	6	capital	capital	NOUN
ajfa-3802	507	7	expenditure	expenditure	NOUN
ajfa-3802	507	8	ratio	ratio	NOUN
ajfa-3802	507	9	per	per	ADP
ajfa-3802	507	10	person	person	NOUN
ajfa-3802	507	11	for	for	ADP
ajfa-3802	507	12	firm	firm	ADJ
ajfa-3802	507	13	-	-	PUNCT
ajfa-3802	507	14	specific	specific	ADJ
ajfa-3802	507	15	accounting	accounting	NOUN
ajfa-3802	507	16	signal	signal	NOUN
ajfa-3802	507	17	can	can	AUX
ajfa-3802	507	18	reduce	reduce	VERB
ajfa-3802	507	19	investment	investment	NOUN
ajfa-3802	507	20	risks	risk	NOUN
ajfa-3802	507	21	.	.	PUNCT
ajfa-3802	508	1	for	for	ADP
ajfa-3802	508	2	industry	industry	NOUN
ajfa-3802	508	3	-	-	PUNCT
ajfa-3802	508	4	specific	specific	ADJ
ajfa-3802	508	5	accounting	accounting	NOUN
ajfa-3802	508	6	signals	signal	NOUN
ajfa-3802	508	7	,	,	PUNCT
ajfa-3802	508	8	it	it	PRON
ajfa-3802	508	9	focuses	focus	VERB
ajfa-3802	508	10	more	more	ADJ
ajfa-3802	508	11	on	on	ADP
ajfa-3802	508	12	fixed	fix	VERB
ajfa-3802	508	13	asset	asset	NOUN
ajfa-3802	508	14	turnover	turnover	NOUN
ajfa-3802	508	15	ratio	ratio	NOUN
ajfa-3802	508	16	.	.	PUNCT
ajfa-3802	509	1	for	for	ADP
ajfa-3802	509	2	firms	firm	NOUN
ajfa-3802	509	3	following	follow	VERB
ajfa-3802	509	4	cost	cost	NOUN
ajfa-3802	509	5	leadership	leadership	NOUN
ajfa-3802	509	6	strategy	strategy	NOUN
ajfa-3802	509	7	,	,	PUNCT
ajfa-3802	509	8	there	there	PRON
ajfa-3802	509	9	will	will	AUX
ajfa-3802	509	10	be	be	AUX
ajfa-3802	509	11	competitive	competitive	ADJ
ajfa-3802	509	12	convergence	convergence	NOUN
ajfa-3802	509	13	problem	problem	NOUN
ajfa-3802	509	14	if	if	SCONJ
ajfa-3802	509	15	the	the	DET
ajfa-3802	509	16	fixed	fix	VERB
ajfa-3802	509	17	asset	asset	NOUN
ajfa-3802	509	18	turnover	turnover	NOUN
ajfa-3802	509	19	ratio	ratio	NOUN
ajfa-3802	509	20	surpasses	surpass	VERB
ajfa-3802	509	21	industry	industry	NOUN
ajfa-3802	509	22	mean	mean	VERB
ajfa-3802	509	23	and	and	CCONJ
ajfa-3802	509	24	therefore	therefore	ADV
ajfa-3802	509	25	increases	increase	VERB
ajfa-3802	509	26	investment	investment	NOUN
ajfa-3802	509	27	risks	risk	NOUN
ajfa-3802	509	28	.	.	PUNCT
ajfa-3802	510	1	for	for	ADP
ajfa-3802	510	2	forms	form	NOUN
ajfa-3802	510	3	applying	apply	VERB
ajfa-3802	510	4	differentiation	differentiation	NOUN
ajfa-3802	510	5	strategy	strategy	NOUN
ajfa-3802	510	6	,	,	PUNCT
ajfa-3802	510	7	it	it	PRON
ajfa-3802	510	8	will	will	AUX
ajfa-3802	510	9	enhance	enhance	VERB
ajfa-3802	510	10	organization	organization	NOUN
ajfa-3802	510	11	competitiveness	competitiveness	NOUN
ajfa-3802	510	12	and	and	CCONJ
ajfa-3802	510	13	reduce	reduce	VERB
ajfa-3802	510	14	investment	investment	NOUN
ajfa-3802	510	15	risks	risk	NOUN
ajfa-3802	510	16	when	when	SCONJ
ajfa-3802	510	17	fixed	fixed	ADJ
ajfa-3802	510	18	asset	asset	NOUN
ajfa-3802	510	19	turnover	turnover	NOUN
ajfa-3802	510	20	ratio	ratio	NOUN
ajfa-3802	510	21	surpasses	surpass	VERB
ajfa-3802	510	22	industry	industry	NOUN
ajfa-3802	510	23	mean	mean	VERB
ajfa-3802	510	24	.	.	PUNCT
ajfa-3802	511	1	5	5	X
ajfa-3802	511	2	.	.	X
ajfa-3802	511	3	research	research	NOUN
ajfa-3802	511	4	conclusions	conclusion	NOUN
ajfa-3802	511	5	the	the	DET
ajfa-3802	511	6	earnings	earning	NOUN
ajfa-3802	511	7	information	information	NOUN
ajfa-3802	511	8	on	on	ADP
ajfa-3802	511	9	financial	financial	ADJ
ajfa-3802	511	10	statements	statement	NOUN
ajfa-3802	511	11	is	be	AUX
ajfa-3802	511	12	summarized	summarize	VERB
ajfa-3802	511	13	by	by	ADP
ajfa-3802	511	14	accruals	accrual	NOUN
ajfa-3802	511	15	basis	basis	NOUN
ajfa-3802	511	16	which	which	PRON
ajfa-3802	511	17	includes	include	VERB
ajfa-3802	511	18	the	the	DET
ajfa-3802	511	19	managers	manager	NOUN
ajfa-3802	511	20	’	’	PART
ajfa-3802	511	21	valuation	valuation	NOUN
ajfa-3802	511	22	and	and	CCONJ
ajfa-3802	511	23	estimation	estimation	NOUN
ajfa-3802	511	24	on	on	ADP
ajfa-3802	511	25	earnings	earning	NOUN
ajfa-3802	511	26	figures	figure	NOUN
ajfa-3802	511	27	.	.	PUNCT
ajfa-3802	512	1	there	there	PRON
ajfa-3802	512	2	can	can	AUX
ajfa-3802	512	3	be	be	AUX
ajfa-3802	512	4	valuation	valuation	NOUN
ajfa-3802	512	5	asian	asian	ADJ
ajfa-3802	512	6	journal	journal	NOUN
ajfa-3802	512	7	of	of	ADP
ajfa-3802	512	8	finance	finance	PROPN
ajfa-3802	512	9	&	&	CCONJ
ajfa-3802	512	10	accounting	accounting	PROPN
ajfa-3802	512	11	issn	issn	PROPN
ajfa-3802	512	12	1946	1946	NUM
ajfa-3802	512	13	-	-	PUNCT
ajfa-3802	512	14	052x	052x	NOUN
ajfa-3802	512	15	2013	2013	NUM
ajfa-3802	512	16	,	,	PUNCT
ajfa-3802	512	17	vol	vol	NOUN
ajfa-3802	512	18	.	.	PROPN
ajfa-3802	512	19	5	5	NUM
ajfa-3802	512	20	,	,	PUNCT
ajfa-3802	512	21	no	no	INTJ
ajfa-3802	512	22	.	.	NOUN
ajfa-3802	512	23	1	1	NUM
ajfa-3802	512	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	512	25	442	442	NUM
ajfa-3802	512	26	or	or	CCONJ
ajfa-3802	512	27	estimation	estimation	NOUN
ajfa-3802	512	28	errors	error	NOUN
ajfa-3802	512	29	intentionally	intentionally	ADV
ajfa-3802	512	30	or	or	CCONJ
ajfa-3802	512	31	unintentionally	unintentionally	ADV
ajfa-3802	512	32	,	,	PUNCT
ajfa-3802	512	33	indirectly	indirectly	ADV
ajfa-3802	512	34	leading	lead	VERB
ajfa-3802	512	35	to	to	ADP
ajfa-3802	512	36	information	information	NOUN
ajfa-3802	512	37	risks	risk	NOUN
ajfa-3802	512	38	when	when	SCONJ
ajfa-3802	512	39	investors	investor	NOUN
ajfa-3802	512	40	use	use	VERB
ajfa-3802	512	41	the	the	DET
ajfa-3802	512	42	information	information	NOUN
ajfa-3802	512	43	.	.	PUNCT
ajfa-3802	513	1	therefore	therefore	ADV
ajfa-3802	513	2	,	,	PUNCT
ajfa-3802	513	3	dechow	dechow	ADJ
ajfa-3802	513	4	and	and	CCONJ
ajfa-3802	513	5	dichev	dichev	PROPN
ajfa-3802	513	6	(	(	PUNCT
ajfa-3802	513	7	2002	2002	NUM
ajfa-3802	513	8	)	)	PUNCT
ajfa-3802	513	9	proposed	propose	VERB
ajfa-3802	513	10	the	the	DET
ajfa-3802	513	11	accrual	accrual	ADJ
ajfa-3802	513	12	quality	quality	NOUN
ajfa-3802	513	13	concept	concept	NOUN
ajfa-3802	513	14	by	by	ADP
ajfa-3802	513	15	matching	match	VERB
ajfa-3802	513	16	of	of	ADP
ajfa-3802	513	17	cash	cash	NOUN
ajfa-3802	513	18	flows	flow	NOUN
ajfa-3802	513	19	and	and	CCONJ
ajfa-3802	513	20	accruals	accrual	NOUN
ajfa-3802	513	21	earnings	earning	NOUN
ajfa-3802	513	22	which	which	PRON
ajfa-3802	513	23	are	be	AUX
ajfa-3802	513	24	applied	apply	VERB
ajfa-3802	513	25	by	by	ADP
ajfa-3802	513	26	many	many	ADJ
ajfa-3802	513	27	subsequent	subsequent	ADJ
ajfa-3802	513	28	researches	research	NOUN
ajfa-3802	513	29	as	as	ADP
ajfa-3802	513	30	proxy	proxy	NOUN
ajfa-3802	513	31	for	for	ADP
ajfa-3802	513	32	information	information	NOUN
ajfa-3802	513	33	risks	risk	NOUN
ajfa-3802	513	34	.	.	PUNCT
ajfa-3802	514	1	yet	yet	ADV
ajfa-3802	514	2	investors	investor	NOUN
ajfa-3802	514	3	also	also	ADV
ajfa-3802	514	4	evaluate	evaluate	VERB
ajfa-3802	514	5	their	their	PRON
ajfa-3802	514	6	degree	degree	NOUN
ajfa-3802	514	7	of	of	ADP
ajfa-3802	514	8	aversion	aversion	NOUN
ajfa-3802	514	9	and	and	CCONJ
ajfa-3802	514	10	tolerance	tolerance	NOUN
ajfa-3802	514	11	towards	towards	ADP
ajfa-3802	514	12	risks	risk	NOUN
ajfa-3802	514	13	other	other	ADJ
ajfa-3802	514	14	than	than	ADP
ajfa-3802	514	15	considering	consider	VERB
ajfa-3802	514	16	only	only	ADV
ajfa-3802	514	17	the	the	DET
ajfa-3802	514	18	information	information	NOUN
ajfa-3802	514	19	on	on	ADP
ajfa-3802	514	20	financial	financial	ADJ
ajfa-3802	514	21	statements	statement	NOUN
ajfa-3802	514	22	when	when	SCONJ
ajfa-3802	514	23	they	they	PRON
ajfa-3802	514	24	make	make	VERB
ajfa-3802	514	25	decisions	decision	NOUN
ajfa-3802	514	26	.	.	PUNCT
ajfa-3802	515	1	moreover	moreover	ADV
ajfa-3802	515	2	,	,	PUNCT
ajfa-3802	515	3	it	it	PRON
ajfa-3802	515	4	has	have	AUX
ajfa-3802	515	5	become	become	VERB
ajfa-3802	515	6	an	an	DET
ajfa-3802	515	7	important	important	ADJ
ajfa-3802	515	8	evaluation	evaluation	NOUN
ajfa-3802	515	9	approach	approach	NOUN
ajfa-3802	515	10	to	to	PART
ajfa-3802	515	11	get	get	VERB
ajfa-3802	515	12	an	an	DET
ajfa-3802	515	13	insight	insight	NOUN
ajfa-3802	515	14	into	into	ADP
ajfa-3802	515	15	the	the	DET
ajfa-3802	515	16	strategy	strategy	NOUN
ajfa-3802	515	17	implementation	implementation	NOUN
ajfa-3802	515	18	and	and	CCONJ
ajfa-3802	515	19	internal	internal	ADJ
ajfa-3802	515	20	management	management	NOUN
ajfa-3802	515	21	activities	activity	NOUN
ajfa-3802	515	22	of	of	ADP
ajfa-3802	515	23	a	a	DET
ajfa-3802	515	24	firm	firm	NOUN
ajfa-3802	515	25	from	from	ADP
ajfa-3802	515	26	financial	financial	ADJ
ajfa-3802	515	27	statements	statement	NOUN
ajfa-3802	515	28	.	.	PUNCT
ajfa-3802	516	1	therefore	therefore	ADV
ajfa-3802	516	2	,	,	PUNCT
ajfa-3802	516	3	we	we	PRON
ajfa-3802	516	4	apply	apply	VERB
ajfa-3802	516	5	the	the	DET
ajfa-3802	516	6	capability	capability	NOUN
ajfa-3802	516	7	index	index	NOUN
ajfa-3802	516	8	of	of	ADP
ajfa-3802	516	9	accrual	accrual	ADJ
ajfa-3802	516	10	quality	quality	NOUN
ajfa-3802	516	11	which	which	PRON
ajfa-3802	516	12	include	include	VERB
ajfa-3802	516	13	investors	investor	NOUN
ajfa-3802	516	14	'	'	PART
ajfa-3802	516	15	degree	degree	NOUN
ajfa-3802	516	16	of	of	ADP
ajfa-3802	516	17	aversion	aversion	NOUN
ajfa-3802	516	18	and	and	CCONJ
ajfa-3802	516	19	tolerance	tolerance	NOUN
ajfa-3802	516	20	towards	towards	ADP
ajfa-3802	516	21	risks	risk	NOUN
ajfa-3802	516	22	suggested	suggest	VERB
ajfa-3802	516	23	by	by	ADP
ajfa-3802	516	24	chang	chang	PROPN
ajfa-3802	516	25	et	et	PROPN
ajfa-3802	516	26	al	al	PROPN
ajfa-3802	516	27	.	.	PROPN
ajfa-3802	517	1	(	(	PUNCT
ajfa-3802	517	2	2012	2012	NUM
ajfa-3802	517	3	)	)	PUNCT
ajfa-3802	517	4	as	as	ADP
ajfa-3802	517	5	the	the	DET
ajfa-3802	517	6	proxy	proxy	NOUN
ajfa-3802	517	7	for	for	ADP
ajfa-3802	517	8	investment	investment	NOUN
ajfa-3802	517	9	risks	risk	NOUN
ajfa-3802	517	10	and	and	CCONJ
ajfa-3802	517	11	review	review	VERB
ajfa-3802	517	12	the	the	DET
ajfa-3802	517	13	influence	influence	NOUN
ajfa-3802	517	14	of	of	ADP
ajfa-3802	517	15	accounting	accounting	NOUN
ajfa-3802	517	16	signals	signal	NOUN
ajfa-3802	517	17	on	on	ADP
ajfa-3802	517	18	investment	investment	NOUN
ajfa-3802	517	19	risks	risk	NOUN
ajfa-3802	517	20	by	by	ADP
ajfa-3802	517	21	extending	extend	VERB
ajfa-3802	517	22	the	the	DET
ajfa-3802	517	23	point	point	NOUN
ajfa-3802	517	24	of	of	ADP
ajfa-3802	517	25	view	view	NOUN
ajfa-3802	517	26	of	of	ADP
ajfa-3802	517	27	soliman	soliman	NOUN
ajfa-3802	517	28	(	(	PUNCT
ajfa-3802	517	29	2008	2008	NUM
ajfa-3802	517	30	)	)	PUNCT
ajfa-3802	517	31	.	.	PUNCT
ajfa-3802	518	1	for	for	ADP
ajfa-3802	518	2	the	the	DET
ajfa-3802	518	3	factors	factor	NOUN
ajfa-3802	518	4	of	of	ADP
ajfa-3802	518	5	investment	investment	NOUN
ajfa-3802	518	6	management	management	NOUN
ajfa-3802	518	7	in	in	ADP
ajfa-3802	518	8	firm	firm	ADJ
ajfa-3802	518	9	-	-	PUNCT
ajfa-3802	518	10	wise	wise	ADJ
ajfa-3802	518	11	,	,	PUNCT
ajfa-3802	518	12	our	our	PRON
ajfa-3802	518	13	result	result	NOUN
ajfa-3802	518	14	shows	show	VERB
ajfa-3802	518	15	that	that	SCONJ
ajfa-3802	518	16	capital	capital	NOUN
ajfa-3802	518	17	expenditure	expenditure	NOUN
ajfa-3802	518	18	ratio	ratio	NOUN
ajfa-3802	518	19	per	per	ADP
ajfa-3802	518	20	person	person	NOUN
ajfa-3802	518	21	can	can	AUX
ajfa-3802	518	22	reduce	reduce	VERB
ajfa-3802	518	23	investment	investment	NOUN
ajfa-3802	518	24	risks	risk	NOUN
ajfa-3802	518	25	no	no	DET
ajfa-3802	518	26	matter	matter	NOUN
ajfa-3802	518	27	for	for	ADP
ajfa-3802	518	28	firms	firm	NOUN
ajfa-3802	518	29	following	follow	VERB
ajfa-3802	518	30	cost	cost	NOUN
ajfa-3802	518	31	leadership	leadership	NOUN
ajfa-3802	518	32	strategy	strategy	NOUN
ajfa-3802	518	33	or	or	CCONJ
ajfa-3802	518	34	differentiation	differentiation	NOUN
ajfa-3802	518	35	strategy	strategy	NOUN
ajfa-3802	518	36	.	.	PUNCT
ajfa-3802	519	1	in	in	ADP
ajfa-3802	519	2	another	another	DET
ajfa-3802	519	3	word	word	NOUN
ajfa-3802	519	4	,	,	PUNCT
ajfa-3802	519	5	the	the	DET
ajfa-3802	519	6	enhancement	enhancement	NOUN
ajfa-3802	519	7	in	in	ADP
ajfa-3802	519	8	automation	automation	NOUN
ajfa-3802	519	9	can	can	AUX
ajfa-3802	519	10	assist	assist	VERB
ajfa-3802	519	11	the	the	DET
ajfa-3802	519	12	firms	firm	NOUN
ajfa-3802	519	13	to	to	PART
ajfa-3802	519	14	use	use	VERB
ajfa-3802	519	15	manufacturing	manufacturing	NOUN
ajfa-3802	519	16	technology	technology	NOUN
ajfa-3802	519	17	to	to	PART
ajfa-3802	519	18	adapt	adapt	VERB
ajfa-3802	519	19	to	to	ADP
ajfa-3802	519	20	environment	environment	NOUN
ajfa-3802	519	21	uncertainty	uncertainty	NOUN
ajfa-3802	519	22	.	.	PUNCT
ajfa-3802	520	1	in	in	ADP
ajfa-3802	520	2	addition	addition	NOUN
ajfa-3802	520	3	,	,	PUNCT
ajfa-3802	520	4	in	in	ADP
ajfa-3802	520	5	industry	industry	NOUN
ajfa-3802	520	6	-	-	PUNCT
ajfa-3802	520	7	wise	wise	ADJ
ajfa-3802	520	8	,	,	PUNCT
ajfa-3802	520	9	our	our	PRON
ajfa-3802	520	10	result	result	NOUN
ajfa-3802	520	11	finds	find	VERB
ajfa-3802	520	12	that	that	SCONJ
ajfa-3802	520	13	the	the	DET
ajfa-3802	520	14	difference	difference	NOUN
ajfa-3802	520	15	between	between	ADP
ajfa-3802	520	16	fixed	fix	VERB
ajfa-3802	520	17	asset	asset	NOUN
ajfa-3802	520	18	turnover	turnover	NOUN
ajfa-3802	520	19	ratio	ratio	NOUN
ajfa-3802	520	20	and	and	CCONJ
ajfa-3802	520	21	industry	industry	NOUN
ajfa-3802	520	22	mean	mean	NOUN
ajfa-3802	520	23	plays	play	VERB
ajfa-3802	520	24	different	different	ADJ
ajfa-3802	520	25	roles	role	NOUN
ajfa-3802	520	26	in	in	ADP
ajfa-3802	520	27	cost	cost	NOUN
ajfa-3802	520	28	leadership	leadership	NOUN
ajfa-3802	520	29	strategy	strategy	NOUN
ajfa-3802	520	30	and	and	CCONJ
ajfa-3802	520	31	differentiation	differentiation	NOUN
ajfa-3802	520	32	strategy	strategy	NOUN
ajfa-3802	520	33	.	.	PUNCT
ajfa-3802	521	1	samples	sample	NOUN
ajfa-3802	521	2	following	follow	VERB
ajfa-3802	521	3	cost	cost	NOUN
ajfa-3802	521	4	leadership	leadership	NOUN
ajfa-3802	521	5	strategy	strategy	NOUN
ajfa-3802	521	6	show	show	VERB
ajfa-3802	521	7	competitive	competitive	ADJ
ajfa-3802	521	8	convergence	convergence	NOUN
ajfa-3802	521	9	effect	effect	NOUN
ajfa-3802	521	10	which	which	PRON
ajfa-3802	521	11	is	be	AUX
ajfa-3802	521	12	proposed	propose	VERB
ajfa-3802	521	13	by	by	ADP
ajfa-3802	521	14	porter	porter	NOUN
ajfa-3802	521	15	(	(	PUNCT
ajfa-3802	521	16	1996	1996	NUM
ajfa-3802	521	17	)	)	PUNCT
ajfa-3802	521	18	when	when	SCONJ
ajfa-3802	521	19	they	they	PRON
ajfa-3802	521	20	over	over	ADP
ajfa-3802	521	21	-	-	PUNCT
ajfa-3802	521	22	pursue	pursue	NOUN
ajfa-3802	521	23	fixed	fix	VERB
ajfa-3802	521	24	asset	asset	NOUN
ajfa-3802	521	25	turnover	turnover	NOUN
ajfa-3802	521	26	ratio	ratio	NOUN
ajfa-3802	521	27	.	.	PUNCT
ajfa-3802	522	1	it	it	PRON
ajfa-3802	522	2	means	mean	VERB
ajfa-3802	522	3	firms	firm	NOUN
ajfa-3802	522	4	imitate	imitate	VERB
ajfa-3802	522	5	each	each	DET
ajfa-3802	522	6	other	other	ADJ
ajfa-3802	522	7	to	to	PART
ajfa-3802	522	8	improve	improve	VERB
ajfa-3802	522	9	quality	quality	NOUN
ajfa-3802	522	10	,	,	PUNCT
ajfa-3802	522	11	production	production	NOUN
ajfa-3802	522	12	cycle	cycle	NOUN
ajfa-3802	522	13	or	or	CCONJ
ajfa-3802	522	14	supplier	supplier	NOUN
ajfa-3802	522	15	partnerships	partnership	NOUN
ajfa-3802	522	16	so	so	SCONJ
ajfa-3802	522	17	their	their	PRON
ajfa-3802	522	18	strategies	strategy	NOUN
ajfa-3802	522	19	tend	tend	VERB
ajfa-3802	522	20	to	to	PART
ajfa-3802	522	21	be	be	AUX
ajfa-3802	522	22	the	the	DET
ajfa-3802	522	23	same	same	ADJ
ajfa-3802	522	24	and	and	CCONJ
ajfa-3802	522	25	this	this	PRON
ajfa-3802	522	26	will	will	AUX
ajfa-3802	522	27	lead	lead	VERB
ajfa-3802	522	28	to	to	ADP
ajfa-3802	522	29	wars	war	NOUN
ajfa-3802	522	30	of	of	ADP
ajfa-3802	522	31	attrition	attrition	NOUN
ajfa-3802	522	32	so	so	SCONJ
ajfa-3802	522	33	there	there	PRON
ajfa-3802	522	34	is	be	VERB
ajfa-3802	522	35	no	no	DET
ajfa-3802	522	36	one	one	NOUN
ajfa-3802	522	37	wins	win	NOUN
ajfa-3802	522	38	in	in	ADP
ajfa-3802	522	39	the	the	DET
ajfa-3802	522	40	market	market	NOUN
ajfa-3802	522	41	and	and	CCONJ
ajfa-3802	522	42	increase	increase	VERB
ajfa-3802	522	43	investment	investment	NOUN
ajfa-3802	522	44	risks	risk	NOUN
ajfa-3802	522	45	.	.	PUNCT
ajfa-3802	523	1	for	for	ADP
ajfa-3802	523	2	samples	sample	NOUN
ajfa-3802	523	3	following	follow	VERB
ajfa-3802	523	4	differentiation	differentiation	NOUN
ajfa-3802	523	5	strategy	strategy	NOUN
ajfa-3802	523	6	,	,	PUNCT
ajfa-3802	523	7	improvement	improvement	NOUN
ajfa-3802	523	8	in	in	ADP
ajfa-3802	523	9	fixed	fix	VERB
ajfa-3802	523	10	asset	asset	NOUN
ajfa-3802	523	11	turnover	turnover	NOUN
ajfa-3802	523	12	ratio	ratio	NOUN
ajfa-3802	523	13	can	can	AUX
ajfa-3802	523	14	enhance	enhance	VERB
ajfa-3802	523	15	organization	organization	NOUN
ajfa-3802	523	16	competitiveness	competitiveness	NOUN
ajfa-3802	523	17	and	and	CCONJ
ajfa-3802	523	18	reduce	reduce	VERB
ajfa-3802	523	19	investment	investment	NOUN
ajfa-3802	523	20	risks	risk	NOUN
ajfa-3802	523	21	.	.	PUNCT
ajfa-3802	524	1	to	to	PART
ajfa-3802	524	2	conclude	conclude	VERB
ajfa-3802	524	3	,	,	PUNCT
ajfa-3802	524	4	there	there	PRON
ajfa-3802	524	5	are	be	VERB
ajfa-3802	524	6	two	two	NUM
ajfa-3802	524	7	parts	part	NOUN
ajfa-3802	524	8	for	for	ADP
ajfa-3802	524	9	the	the	DET
ajfa-3802	524	10	practical	practical	ADJ
ajfa-3802	524	11	implications	implication	NOUN
ajfa-3802	524	12	of	of	ADP
ajfa-3802	524	13	this	this	DET
ajfa-3802	524	14	paper	paper	NOUN
ajfa-3802	524	15	.	.	PUNCT
ajfa-3802	525	1	in	in	ADP
ajfa-3802	525	2	firm	firm	ADJ
ajfa-3802	525	3	-	-	PUNCT
ajfa-3802	525	4	wise	wise	ADJ
ajfa-3802	525	5	,	,	PUNCT
ajfa-3802	525	6	we	we	PRON
ajfa-3802	525	7	find	find	VERB
ajfa-3802	525	8	that	that	SCONJ
ajfa-3802	525	9	capital	capital	NOUN
ajfa-3802	525	10	expenditure	expenditure	NOUN
ajfa-3802	525	11	ratio	ratio	NOUN
ajfa-3802	525	12	per	per	ADP
ajfa-3802	525	13	person	person	NOUN
ajfa-3802	525	14	can	can	AUX
ajfa-3802	525	15	significantly	significantly	ADV
ajfa-3802	525	16	reduce	reduce	VERB
ajfa-3802	525	17	investment	investment	NOUN
ajfa-3802	525	18	risks	risk	NOUN
ajfa-3802	525	19	,	,	PUNCT
ajfa-3802	525	20	simplifying	simplify	VERB
ajfa-3802	525	21	that	that	DET
ajfa-3802	525	22	enhancement	enhancement	NOUN
ajfa-3802	525	23	in	in	ADP
ajfa-3802	525	24	automation	automation	NOUN
ajfa-3802	525	25	equipment	equipment	NOUN
ajfa-3802	525	26	or	or	CCONJ
ajfa-3802	525	27	technical	technical	ADJ
ajfa-3802	525	28	equipment	equipment	NOUN
ajfa-3802	525	29	can	can	AUX
ajfa-3802	525	30	assist	assist	VERB
ajfa-3802	525	31	firms	firm	NOUN
ajfa-3802	525	32	to	to	PART
ajfa-3802	525	33	handle	handle	VERB
ajfa-3802	525	34	the	the	DET
ajfa-3802	525	35	uncertainty	uncertainty	NOUN
ajfa-3802	525	36	in	in	ADP
ajfa-3802	525	37	environment	environment	NOUN
ajfa-3802	525	38	.	.	PUNCT
ajfa-3802	526	1	a	a	DET
ajfa-3802	526	2	well	well	ADV
ajfa-3802	526	3	-	-	PUNCT
ajfa-3802	526	4	known	know	VERB
ajfa-3802	526	5	sample	sample	NOUN
ajfa-3802	526	6	is	be	AUX
ajfa-3802	526	7	foxconn	foxconn	VERB
ajfa-3802	526	8	which	which	PRON
ajfa-3802	526	9	invested	invest	VERB
ajfa-3802	526	10	over	over	ADP
ajfa-3802	526	11	$	$	SYM
ajfa-3802	526	12	10	10	NUM
ajfa-3802	526	13	billion	billion	NUM
ajfa-3802	526	14	in	in	ADP
ajfa-3802	526	15	machines	machine	NOUN
ajfa-3802	526	16	after	after	ADP
ajfa-3802	526	17	the	the	DET
ajfa-3802	526	18	salary	salary	NOUN
ajfa-3802	526	19	increase	increase	NOUN
ajfa-3802	526	20	and	and	CCONJ
ajfa-3802	526	21	labor	labor	NOUN
ajfa-3802	526	22	safety	safety	NOUN
ajfa-3802	526	23	problems	problem	NOUN
ajfa-3802	526	24	.	.	PUNCT
ajfa-3802	527	1	its	its	PRON
ajfa-3802	527	2	main	main	ADJ
ajfa-3802	527	3	purpose	purpose	NOUN
ajfa-3802	527	4	is	be	AUX
ajfa-3802	527	5	to	to	PART
ajfa-3802	527	6	reduce	reduce	VERB
ajfa-3802	527	7	labor	labor	NOUN
ajfa-3802	527	8	cost	cost	NOUN
ajfa-3802	527	9	and	and	CCONJ
ajfa-3802	527	10	improve	improve	VERB
ajfa-3802	527	11	work	work	NOUN
ajfa-3802	527	12	efficiency	efficiency	NOUN
ajfa-3802	527	13	by	by	ADP
ajfa-3802	527	14	automated	automate	VERB
ajfa-3802	527	15	manufacturing	manufacturing	NOUN
ajfa-3802	527	16	.	.	PUNCT
ajfa-3802	528	1	therefore	therefore	ADV
ajfa-3802	528	2	,	,	PUNCT
ajfa-3802	528	3	this	this	DET
ajfa-3802	528	4	paper	paper	NOUN
ajfa-3802	528	5	believes	believe	VERB
ajfa-3802	528	6	automated	automate	VERB
ajfa-3802	528	7	manufacturing	manufacturing	NOUN
ajfa-3802	528	8	processes	process	NOUN
ajfa-3802	528	9	can	can	AUX
ajfa-3802	528	10	help	help	VERB
ajfa-3802	528	11	firms	firm	NOUN
ajfa-3802	528	12	to	to	PART
ajfa-3802	528	13	effectively	effectively	ADV
ajfa-3802	528	14	accommodate	accommodate	VERB
ajfa-3802	528	15	to	to	ADP
ajfa-3802	528	16	uncertain	uncertain	ADJ
ajfa-3802	528	17	environment	environment	NOUN
ajfa-3802	528	18	and	and	CCONJ
ajfa-3802	528	19	quickly	quickly	ADV
ajfa-3802	528	20	adjust	adjust	VERB
ajfa-3802	528	21	the	the	DET
ajfa-3802	528	22	manufacturing	manufacturing	NOUN
ajfa-3802	528	23	pace	pace	NOUN
ajfa-3802	528	24	to	to	PART
ajfa-3802	528	25	meet	meet	VERB
ajfa-3802	528	26	customer	customer	NOUN
ajfa-3802	528	27	’s	’s	PART
ajfa-3802	528	28	needs	need	NOUN
ajfa-3802	528	29	.	.	PUNCT
ajfa-3802	529	1	with	with	ADP
ajfa-3802	529	2	the	the	DET
ajfa-3802	529	3	threat	threat	NOUN
ajfa-3802	529	4	of	of	ADP
ajfa-3802	529	5	japanese	japanese	ADJ
ajfa-3802	529	6	and	and	CCONJ
ajfa-3802	529	7	korean	korean	ADJ
ajfa-3802	529	8	styles	style	NOUN
ajfa-3802	529	9	cars	car	NOUN
ajfa-3802	529	10	,	,	PUNCT
ajfa-3802	529	11	the	the	DET
ajfa-3802	529	12	lean	lean	ADJ
ajfa-3802	529	13	manufacturing	manufacturing	NOUN
ajfa-3802	529	14	at	at	ADP
ajfa-3802	529	15	ford	ford	PROPN
ajfa-3802	529	16	is	be	AUX
ajfa-3802	529	17	another	another	DET
ajfa-3802	529	18	example	example	NOUN
ajfa-3802	529	19	which	which	PRON
ajfa-3802	529	20	converts	convert	VERB
ajfa-3802	529	21	traditional	traditional	ADJ
ajfa-3802	529	22	manufacturing	manufacturing	NOUN
ajfa-3802	529	23	to	to	ADP
ajfa-3802	529	24	high	high	ADJ
ajfa-3802	529	25	automated	automate	VERB
ajfa-3802	529	26	manufacturing	manufacturing	NOUN
ajfa-3802	529	27	.	.	PUNCT
ajfa-3802	530	1	in	in	ADP
ajfa-3802	530	2	industry	industry	NOUN
ajfa-3802	530	3	-	-	PUNCT
ajfa-3802	530	4	wise	wise	ADJ
ajfa-3802	530	5	,	,	PUNCT
ajfa-3802	530	6	we	we	PRON
ajfa-3802	530	7	find	find	VERB
ajfa-3802	530	8	that	that	DET
ajfa-3802	530	9	difference	difference	NOUN
ajfa-3802	530	10	between	between	ADP
ajfa-3802	530	11	fixed	fix	VERB
ajfa-3802	530	12	asset	asset	NOUN
ajfa-3802	530	13	turnover	turnover	NOUN
ajfa-3802	530	14	ratio	ratio	NOUN
ajfa-3802	530	15	and	and	CCONJ
ajfa-3802	530	16	industry	industry	NOUN
ajfa-3802	530	17	mean	mean	NOUN
ajfa-3802	530	18	plays	play	VERB
ajfa-3802	530	19	different	different	ADJ
ajfa-3802	530	20	roles	role	NOUN
ajfa-3802	530	21	in	in	ADP
ajfa-3802	530	22	two	two	NUM
ajfa-3802	530	23	strategies	strategy	NOUN
ajfa-3802	530	24	especially	especially	ADV
ajfa-3802	530	25	we	we	PRON
ajfa-3802	530	26	find	find	VERB
ajfa-3802	530	27	there	there	PRON
ajfa-3802	530	28	is	be	VERB
ajfa-3802	530	29	competitive	competitive	ADJ
ajfa-3802	530	30	convergence	convergence	NOUN
ajfa-3802	530	31	effect	effect	NOUN
ajfa-3802	530	32	in	in	ADP
ajfa-3802	530	33	cost	cost	NOUN
ajfa-3802	530	34	leadership	leadership	NOUN
ajfa-3802	530	35	strategy	strategy	NOUN
ajfa-3802	530	36	firms	firm	NOUN
ajfa-3802	530	37	.	.	PUNCT
ajfa-3802	531	1	for	for	ADP
ajfa-3802	531	2	example	example	NOUN
ajfa-3802	531	3	,	,	PUNCT
ajfa-3802	531	4	most	most	ADJ
ajfa-3802	531	5	of	of	ADP
ajfa-3802	531	6	the	the	DET
ajfa-3802	531	7	dram	dram	PROPN
ajfa-3802	531	8	factories	factory	NOUN
ajfa-3802	531	9	were	be	AUX
ajfa-3802	531	10	oem	oem	NOUN
ajfa-3802	531	11	factories	factory	NOUN
ajfa-3802	531	12	in	in	ADP
ajfa-3802	531	13	the	the	DET
ajfa-3802	531	14	past	past	NOUN
ajfa-3802	531	15	.	.	PUNCT
ajfa-3802	532	1	they	they	PRON
ajfa-3802	532	2	lacked	lack	VERB
ajfa-3802	532	3	the	the	DET
ajfa-3802	532	4	support	support	NOUN
ajfa-3802	532	5	of	of	ADP
ajfa-3802	532	6	the	the	DET
ajfa-3802	532	7	core	core	NOUN
ajfa-3802	532	8	technique	technique	NOUN
ajfa-3802	532	9	so	so	SCONJ
ajfa-3802	532	10	they	they	PRON
ajfa-3802	532	11	could	could	AUX
ajfa-3802	532	12	only	only	ADV
ajfa-3802	532	13	get	get	VERB
ajfa-3802	532	14	orders	order	NOUN
ajfa-3802	532	15	by	by	ADP
ajfa-3802	532	16	lowering	lower	VERB
ajfa-3802	532	17	their	their	PRON
ajfa-3802	532	18	costs	cost	NOUN
ajfa-3802	532	19	.	.	PUNCT
ajfa-3802	533	1	the	the	DET
ajfa-3802	533	2	most	most	ADV
ajfa-3802	533	3	direct	direct	ADJ
ajfa-3802	533	4	way	way	NOUN
ajfa-3802	533	5	to	to	PART
ajfa-3802	533	6	lower	low	ADJ
ajfa-3802	533	7	costs	cost	NOUN
ajfa-3802	533	8	is	be	AUX
ajfa-3802	533	9	plant	plant	NOUN
ajfa-3802	533	10	expansion	expansion	NOUN
ajfa-3802	533	11	and	and	CCONJ
ajfa-3802	533	12	therefore	therefore	ADV
ajfa-3802	533	13	increases	increase	VERB
ajfa-3802	533	14	the	the	DET
ajfa-3802	533	15	effective	effective	ADJ
ajfa-3802	533	16	use	use	NOUN
ajfa-3802	533	17	of	of	ADP
ajfa-3802	533	18	fixed	fix	VERB
ajfa-3802	533	19	assets	asset	NOUN
ajfa-3802	533	20	to	to	PART
ajfa-3802	533	21	compete	compete	VERB
ajfa-3802	533	22	with	with	ADP
ajfa-3802	533	23	rivals	rival	NOUN
ajfa-3802	533	24	.	.	PUNCT
ajfa-3802	534	1	therefore	therefore	ADV
ajfa-3802	534	2	,	,	PUNCT
ajfa-3802	534	3	oem	oem	PROPN
ajfa-3802	534	4	asian	asian	ADJ
ajfa-3802	534	5	journal	journal	PROPN
ajfa-3802	534	6	of	of	ADP
ajfa-3802	534	7	finance	finance	PROPN
ajfa-3802	534	8	&	&	CCONJ
ajfa-3802	534	9	accounting	accounting	PROPN
ajfa-3802	534	10	issn	issn	PROPN
ajfa-3802	534	11	1946	1946	NUM
ajfa-3802	534	12	-	-	PUNCT
ajfa-3802	534	13	052x	052x	NOUN
ajfa-3802	534	14	2013	2013	NUM
ajfa-3802	534	15	,	,	PUNCT
ajfa-3802	534	16	vol	vol	NOUN
ajfa-3802	534	17	.	.	PROPN
ajfa-3802	534	18	5	5	NUM
ajfa-3802	534	19	,	,	PUNCT
ajfa-3802	534	20	no	no	INTJ
ajfa-3802	534	21	.	.	NOUN
ajfa-3802	534	22	1	1	NUM
ajfa-3802	534	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	534	24	443	443	NUM
ajfa-3802	534	25	factories	factory	NOUN
ajfa-3802	534	26	have	have	VERB
ajfa-3802	534	27	high	high	ADJ
ajfa-3802	534	28	profits	profit	NOUN
ajfa-3802	534	29	during	during	ADP
ajfa-3802	534	30	an	an	DET
ajfa-3802	534	31	economy	economy	NOUN
ajfa-3802	534	32	upturn	upturn	NOUN
ajfa-3802	534	33	,	,	PUNCT
ajfa-3802	534	34	but	but	CCONJ
ajfa-3802	534	35	they	they	PRON
ajfa-3802	534	36	also	also	ADV
ajfa-3802	534	37	face	face	VERB
ajfa-3802	534	38	great	great	ADJ
ajfa-3802	534	39	losses	loss	NOUN
ajfa-3802	534	40	during	during	ADP
ajfa-3802	534	41	downturn	downturn	NOUN
ajfa-3802	534	42	.	.	PUNCT
ajfa-3802	535	1	to	to	PART
ajfa-3802	535	2	avoid	avoid	VERB
ajfa-3802	535	3	this	this	PRON
ajfa-3802	535	4	,	,	PUNCT
ajfa-3802	535	5	we	we	PRON
ajfa-3802	535	6	think	think	VERB
ajfa-3802	535	7	firms	firm	NOUN
ajfa-3802	535	8	following	follow	VERB
ajfa-3802	535	9	cost	cost	NOUN
ajfa-3802	535	10	leadership	leadership	NOUN
ajfa-3802	535	11	strategy	strategy	NOUN
ajfa-3802	535	12	should	should	AUX
ajfa-3802	535	13	think	think	VERB
ajfa-3802	535	14	outside	outside	ADP
ajfa-3802	535	15	the	the	DET
ajfa-3802	535	16	box	box	NOUN
ajfa-3802	535	17	and	and	CCONJ
ajfa-3802	535	18	prevent	prevent	VERB
ajfa-3802	535	19	to	to	ADP
ajfa-3802	535	20	over	over	ADP
ajfa-3802	535	21	-	-	PUNCT
ajfa-3802	535	22	pursue	pursue	VERB
ajfa-3802	535	23	fixed	fix	VERB
ajfa-3802	535	24	asset	asset	NOUN
ajfa-3802	535	25	turnover	turnover	NOUN
ajfa-3802	535	26	ratio	ratio	NOUN
ajfa-3802	535	27	and	and	CCONJ
ajfa-3802	535	28	avoid	avoid	VERB
ajfa-3802	535	29	the	the	DET
ajfa-3802	535	30	competitive	competitive	ADJ
ajfa-3802	535	31	convergence	convergence	NOUN
ajfa-3802	535	32	effect	effect	NOUN
ajfa-3802	535	33	.	.	PUNCT
ajfa-3802	536	1	there	there	PRON
ajfa-3802	536	2	are	be	VERB
ajfa-3802	536	3	limitations	limitation	NOUN
ajfa-3802	536	4	for	for	ADP
ajfa-3802	536	5	this	this	DET
ajfa-3802	536	6	research	research	NOUN
ajfa-3802	536	7	.	.	PUNCT
ajfa-3802	537	1	the	the	DET
ajfa-3802	537	2	classifications	classification	NOUN
ajfa-3802	537	3	of	of	ADP
ajfa-3802	537	4	organization	organization	NOUN
ajfa-3802	537	5	strategies	strategy	NOUN
ajfa-3802	537	6	are	be	AUX
ajfa-3802	537	7	mainly	mainly	ADV
ajfa-3802	537	8	based	base	VERB
ajfa-3802	537	9	on	on	ADP
ajfa-3802	537	10	the	the	DET
ajfa-3802	537	11	financial	financial	ADJ
ajfa-3802	537	12	ratio	ratio	NOUN
ajfa-3802	537	13	in	in	ADP
ajfa-3802	537	14	past	past	ADJ
ajfa-3802	537	15	literature	literature	NOUN
ajfa-3802	537	16	instead	instead	ADV
ajfa-3802	537	17	of	of	ADP
ajfa-3802	537	18	case	case	NOUN
ajfa-3802	537	19	study	study	NOUN
ajfa-3802	537	20	,	,	PUNCT
ajfa-3802	537	21	therefore	therefore	ADV
ajfa-3802	537	22	,	,	PUNCT
ajfa-3802	537	23	we	we	PRON
ajfa-3802	537	24	fail	fail	VERB
ajfa-3802	537	25	to	to	PART
ajfa-3802	537	26	probe	probe	VERB
ajfa-3802	537	27	into	into	ADP
ajfa-3802	537	28	a	a	DET
ajfa-3802	537	29	single	single	ADJ
ajfa-3802	537	30	study	study	NOUN
ajfa-3802	537	31	sample	sample	NOUN
ajfa-3802	537	32	and	and	CCONJ
ajfa-3802	537	33	make	make	VERB
ajfa-3802	537	34	conclusion	conclusion	NOUN
ajfa-3802	537	35	.	.	PUNCT
ajfa-3802	538	1	in	in	ADP
ajfa-3802	538	2	addition	addition	NOUN
ajfa-3802	538	3	,	,	PUNCT
ajfa-3802	538	4	we	we	PRON
ajfa-3802	538	5	only	only	ADV
ajfa-3802	538	6	analyze	analyze	VERB
ajfa-3802	538	7	samples	sample	NOUN
ajfa-3802	538	8	in	in	ADP
ajfa-3802	538	9	long	long	ADJ
ajfa-3802	538	10	run	run	NOUN
ajfa-3802	538	11	so	so	SCONJ
ajfa-3802	538	12	the	the	DET
ajfa-3802	538	13	newly	newly	ADV
ajfa-3802	538	14	established	establish	VERB
ajfa-3802	538	15	firms	firm	NOUN
ajfa-3802	538	16	might	might	AUX
ajfa-3802	538	17	be	be	AUX
ajfa-3802	538	18	exempted	exempt	VERB
ajfa-3802	538	19	from	from	ADP
ajfa-3802	538	20	our	our	PRON
ajfa-3802	538	21	samples	sample	NOUN
ajfa-3802	538	22	.	.	PUNCT
ajfa-3802	539	1	however	however	ADV
ajfa-3802	539	2	,	,	PUNCT
ajfa-3802	539	3	these	these	PRON
ajfa-3802	539	4	are	be	AUX
ajfa-3802	539	5	always	always	ADV
ajfa-3802	539	6	some	some	DET
ajfa-3802	539	7	high	high	ADJ
ajfa-3802	539	8	-	-	PUNCT
ajfa-3802	539	9	growth	growth	NOUN
ajfa-3802	539	10	firms	firm	NOUN
ajfa-3802	539	11	which	which	PRON
ajfa-3802	539	12	our	our	PRON
ajfa-3802	539	13	conclusions	conclusion	NOUN
ajfa-3802	539	14	do	do	AUX
ajfa-3802	539	15	not	not	PART
ajfa-3802	539	16	include	include	VERB
ajfa-3802	539	17	.	.	PUNCT
ajfa-3802	540	1	references	reference	NOUN
ajfa-3802	540	2	abarbanell	abarbanell	PROPN
ajfa-3802	540	3	,	,	PUNCT
ajfa-3802	540	4	j.	j.	PROPN
ajfa-3802	540	5	,	,	PUNCT
ajfa-3802	540	6	&	&	CCONJ
ajfa-3802	540	7	bushee	bushee	PROPN
ajfa-3802	540	8	,	,	PUNCT
ajfa-3802	540	9	b.	b.	PROPN
ajfa-3802	540	10	(	(	PUNCT
ajfa-3802	540	11	1998	1998	NUM
ajfa-3802	540	12	)	)	PUNCT
ajfa-3802	540	13	.	.	PUNCT
ajfa-3802	541	1	abnormal	abnormal	ADJ
ajfa-3802	541	2	returns	return	NOUN
ajfa-3802	541	3	to	to	ADP
ajfa-3802	541	4	a	a	DET
ajfa-3802	541	5	fundamental	fundamental	ADJ
ajfa-3802	541	6	analysis	analysis	NOUN
ajfa-3802	541	7	strategy	strategy	NOUN
ajfa-3802	541	8	.	.	PUNCT
ajfa-3802	542	1	the	the	DET
ajfa-3802	542	2	accounting	accounting	NOUN
ajfa-3802	542	3	review	review	NOUN
ajfa-3802	542	4	,	,	PUNCT
ajfa-3802	542	5	73(1	73(1	NUM
ajfa-3802	542	6	)	)	PUNCT
ajfa-3802	542	7	,	,	PUNCT
ajfa-3802	542	8	19	19	NUM
ajfa-3802	542	9	-	-	SYM
ajfa-3802	542	10	45	45	NUM
ajfa-3802	542	11	.	.	PUNCT
ajfa-3802	542	12	banker	banker	NOUN
ajfa-3802	542	13	,	,	PUNCT
ajfa-3802	542	14	r.	r.	PROPN
ajfa-3802	542	15	d.	d.	PROPN
ajfa-3802	542	16	,	,	PUNCT
ajfa-3802	542	17	huang	huang	PROPN
ajfa-3802	542	18	,	,	PUNCT
ajfa-3802	542	19	r.	r.	PROPN
ajfa-3802	542	20	,	,	PUNCT
ajfa-3802	542	21	&	&	CCONJ
ajfa-3802	542	22	natarajan	natarajan	PROPN
ajfa-3802	542	23	,	,	PUNCT
ajfa-3802	542	24	r.	r.	PROPN
ajfa-3802	542	25	(	(	PUNCT
ajfa-3802	542	26	2009	2009	NUM
ajfa-3802	542	27	)	)	PUNCT
ajfa-3802	542	28	.	.	PUNCT
ajfa-3802	543	1	incentive	incentive	NOUN
ajfa-3802	543	2	contracting	contracting	NOUN
ajfa-3802	543	3	and	and	CCONJ
ajfa-3802	543	4	value	value	NOUN
ajfa-3802	543	5	relevance	relevance	NOUN
ajfa-3802	543	6	of	of	ADP
ajfa-3802	543	7	earnings	earning	NOUN
ajfa-3802	543	8	and	and	CCONJ
ajfa-3802	543	9	cash	cash	NOUN
ajfa-3802	543	10	flows	flow	NOUN
ajfa-3802	543	11	.	.	PUNCT
ajfa-3802	544	1	journal	journal	NOUN
ajfa-3802	544	2	of	of	ADP
ajfa-3802	544	3	accounting	accounting	NOUN
ajfa-3802	544	4	research	research	NOUN
ajfa-3802	544	5	,	,	PUNCT
ajfa-3802	544	6	47(3	47(3	NOUN
ajfa-3802	544	7	)	)	PUNCT
ajfa-3802	544	8	,	,	PUNCT
ajfa-3802	544	9	647	647	NUM
ajfa-3802	544	10	-	-	SYM
ajfa-3802	544	11	678	678	NUM
ajfa-3802	544	12	.	.	PUNCT
ajfa-3802	545	1	http://dx.doi.org/10.1111/j.1475-679x.2009.00335.x	http://dx.doi.org/10.1111/j.1475-679x.2009.00335.x	PROPN
ajfa-3802	545	2	beaver	beaver	PROPN
ajfa-3802	545	3	,	,	PUNCT
ajfa-3802	545	4	w.	w.	PROPN
ajfa-3802	545	5	h.	h.	PROPN
ajfa-3802	545	6	(	(	PUNCT
ajfa-3802	545	7	1998	1998	NUM
ajfa-3802	545	8	)	)	PUNCT
ajfa-3802	545	9	.	.	PUNCT
ajfa-3802	546	1	financial	financial	ADJ
ajfa-3802	546	2	reporting	reporting	NOUN
ajfa-3802	546	3	:	:	PUNCT
ajfa-3802	546	4	an	an	DET
ajfa-3802	546	5	accounting	accounting	NOUN
ajfa-3802	546	6	revolution	revolution	NOUN
ajfa-3802	546	7	.	.	PUNCT
ajfa-3802	547	1	3rd	3rd	ADJ
ajfa-3802	547	2	edition	edition	NOUN
ajfa-3802	547	3	.	.	PUNCT
ajfa-3802	548	1	upper	upper	ADJ
ajfa-3802	548	2	saddle	saddle	PROPN
ajfa-3802	548	3	river	river	PROPN
ajfa-3802	548	4	,	,	PUNCT
ajfa-3802	548	5	nj	nj	PROPN
ajfa-3802	548	6	:	:	PUNCT
ajfa-3802	548	7	prentice	prentice	PROPN
ajfa-3802	548	8	hall	hall	PROPN
ajfa-3802	548	9	.	.	PUNCT
ajfa-3802	549	1	beaver	beaver	PROPN
ajfa-3802	549	2	,	,	PUNCT
ajfa-3802	549	3	w.	w.	PROPN
ajfa-3802	549	4	h.	h.	PROPN
ajfa-3802	549	5	(	(	PUNCT
ajfa-3802	549	6	2002	2002	NUM
ajfa-3802	549	7	)	)	PUNCT
ajfa-3802	549	8	.	.	PUNCT
ajfa-3802	550	1	perspectives	perspective	NOUN
ajfa-3802	550	2	on	on	ADP
ajfa-3802	550	3	recent	recent	ADJ
ajfa-3802	550	4	capital	capital	NOUN
ajfa-3802	550	5	market	market	NOUN
ajfa-3802	550	6	research	research	NOUN
ajfa-3802	550	7	.	.	PUNCT
ajfa-3802	551	1	the	the	DET
ajfa-3802	551	2	accounting	accounting	NOUN
ajfa-3802	551	3	review	review	NOUN
ajfa-3802	551	4	,	,	PUNCT
ajfa-3802	551	5	77(2	77(2	PRON
ajfa-3802	551	6	)	)	PUNCT
ajfa-3802	551	7	,	,	PUNCT
ajfa-3802	551	8	453–47	453–47	NUM
ajfa-3802	551	9	.	.	PUNCT
ajfa-3802	551	10	http://dx.doi.org/10.2308/accr.2002.77.2.453	http://dx.doi.org/10.2308/accr.2002.77.2.453	PUNCT
ajfa-3802	551	11	bowen	bowen	PROPN
ajfa-3802	551	12	,	,	PUNCT
ajfa-3802	551	13	r.	r.	PROPN
ajfa-3802	551	14	m.	m.	PROPN
ajfa-3802	551	15	,	,	PUNCT
ajfa-3802	551	16	burgstahler	burgstahler	NOUN
ajfa-3802	551	17	,	,	PUNCT
ajfa-3802	551	18	d.	d.	PROPN
ajfa-3802	551	19	,	,	PUNCT
ajfa-3802	551	20	&	&	CCONJ
ajfa-3802	551	21	daley	daley	PROPN
ajfa-3802	551	22	,	,	PUNCT
ajfa-3802	551	23	l.	l.	PROPN
ajfa-3802	551	24	(	(	PUNCT
ajfa-3802	551	25	1986	1986	NUM
ajfa-3802	551	26	)	)	PUNCT
ajfa-3802	551	27	.	.	PUNCT
ajfa-3802	552	1	evidence	evidence	NOUN
ajfa-3802	552	2	on	on	ADP
ajfa-3802	552	3	the	the	DET
ajfa-3802	552	4	relationships	relationship	NOUN
ajfa-3802	552	5	between	between	ADP
ajfa-3802	552	6	earnings	earning	NOUN
ajfa-3802	552	7	and	and	CCONJ
ajfa-3802	552	8	various	various	ADJ
ajfa-3802	552	9	measures	measure	NOUN
ajfa-3802	552	10	of	of	ADP
ajfa-3802	552	11	cash	cash	NOUN
ajfa-3802	552	12	flow	flow	NOUN
ajfa-3802	552	13	.	.	PUNCT
ajfa-3802	553	1	the	the	DET
ajfa-3802	553	2	accounting	accounting	NOUN
ajfa-3802	553	3	review	review	NOUN
ajfa-3802	553	4	,	,	PUNCT
ajfa-3802	553	5	61(4	61(4	NUM
ajfa-3802	553	6	)	)	PUNCT
ajfa-3802	553	7	,	,	PUNCT
ajfa-3802	553	8	713	713	NUM
ajfa-3802	553	9	-	-	SYM
ajfa-3802	553	10	725	725	NUM
ajfa-3802	553	11	.	.	PUNCT
ajfa-3802	554	1	brealey	brealey	PROPN
ajfa-3802	554	2	,	,	PUNCT
ajfa-3802	554	3	r.	r.	PROPN
ajfa-3802	554	4	a.	a.	PROPN
ajfa-3802	554	5	,	,	PUNCT
ajfa-3802	554	6	myers	myers	PROPN
ajfa-3802	554	7	,	,	PUNCT
ajfa-3802	554	8	s.	s.	PROPN
ajfa-3802	554	9	c.	c.	PROPN
ajfa-3802	554	10	,	,	PUNCT
ajfa-3802	554	11	&	&	CCONJ
ajfa-3802	554	12	allen	allen	PROPN
ajfa-3802	554	13	,	,	PUNCT
ajfa-3802	554	14	f.	f.	PROPN
ajfa-3802	554	15	(	(	PUNCT
ajfa-3802	554	16	2011	2011	NUM
ajfa-3802	554	17	)	)	PUNCT
ajfa-3802	554	18	.	.	PUNCT
ajfa-3802	555	1	principles	principle	NOUN
ajfa-3802	555	2	of	of	ADP
ajfa-3802	555	3	corporate	corporate	ADJ
ajfa-3802	555	4	finance	finance	NOUN
ajfa-3802	555	5	,	,	PUNCT
ajfa-3802	555	6	10th	10th	ADJ
ajfa-3802	555	7	edition	edition	NOUN
ajfa-3802	555	8	,	,	PUNCT
ajfa-3802	555	9	new	new	PROPN
ajfa-3802	555	10	york	york	PROPN
ajfa-3802	555	11	:	:	PUNCT
ajfa-3802	555	12	mcgraw	mcgraw	PROPN
ajfa-3802	555	13	-	-	PUNCT
ajfa-3802	555	14	hill	hill	PROPN
ajfa-3802	555	15	irwin	irwin	PROPN
ajfa-3802	555	16	.	.	PUNCT
ajfa-3802	556	1	chang	chang	PROPN
ajfa-3802	556	2	,	,	PUNCT
ajfa-3802	556	3	s.	s.	PROPN
ajfa-3802	556	4	h.	h.	PROPN
ajfa-3802	556	5	,	,	PUNCT
ajfa-3802	556	6	huang	huang	PROPN
ajfa-3802	556	7	,	,	PUNCT
ajfa-3802	556	8	s.	s.	PROPN
ajfa-3802	556	9	y.	y.	PROPN
ajfa-3802	556	10	,	,	PUNCT
ajfa-3802	556	11	chiu	chiu	PROPN
ajfa-3802	556	12	,	,	PUNCT
ajfa-3802	556	13	a.	a.	NOUN
ajfa-3802	556	14	a.	a.	PROPN
ajfa-3802	556	15	,	,	PUNCT
ajfa-3802	556	16	&	&	CCONJ
ajfa-3802	556	17	huang	huang	PROPN
ajfa-3802	556	18	,	,	PUNCT
ajfa-3802	556	19	m.	m.	NOUN
ajfa-3802	556	20	t.	t.	PROPN
ajfa-3802	556	21	(	(	PUNCT
ajfa-3802	556	22	2012	2012	NUM
ajfa-3802	556	23	)	)	PUNCT
ajfa-3802	556	24	.	.	PUNCT
ajfa-3802	557	1	construction	construction	NOUN
ajfa-3802	557	2	of	of	ADP
ajfa-3802	557	3	investment	investment	NOUN
ajfa-3802	557	4	risk	risk	NOUN
ajfa-3802	557	5	measure	measure	NOUN
ajfa-3802	557	6	by	by	ADP
ajfa-3802	557	7	the	the	DET
ajfa-3802	557	8	dispersion	dispersion	NOUN
ajfa-3802	557	9	degree	degree	NOUN
ajfa-3802	557	10	of	of	ADP
ajfa-3802	557	11	estimation	estimation	NOUN
ajfa-3802	557	12	errors	error	NOUN
ajfa-3802	557	13	of	of	ADP
ajfa-3802	557	14	working	work	VERB
ajfa-3802	557	15	capital	capital	NOUN
ajfa-3802	557	16	.	.	PUNCT
ajfa-3802	558	1	journal	journal	PROPN
ajfa-3802	558	2	of	of	ADP
ajfa-3802	558	3	applied	apply	VERB
ajfa-3802	558	4	finance	finance	NOUN
ajfa-3802	558	5	&	&	CCONJ
ajfa-3802	558	6	banking	banking	NOUN
ajfa-3802	558	7	,	,	PUNCT
ajfa-3802	558	8	2(1	2(1	NUM
ajfa-3802	558	9	)	)	PUNCT
ajfa-3802	558	10	,	,	PUNCT
ajfa-3802	558	11	171	171	NUM
ajfa-3802	558	12	-	-	SYM
ajfa-3802	558	13	195	195	NUM
ajfa-3802	558	14	.	.	PUNCT
ajfa-3802	558	15	core	core	NOUN
ajfa-3802	558	16	,	,	PUNCT
ajfa-3802	558	17	j.	j.	PROPN
ajfa-3802	558	18	,	,	PUNCT
ajfa-3802	558	19	guay	guay	PROPN
ajfa-3802	558	20	,	,	PUNCT
ajfa-3802	558	21	w.	w.	PROPN
ajfa-3802	558	22	,	,	PUNCT
ajfa-3802	558	23	&	&	CCONJ
ajfa-3802	558	24	verdi	verdi	PROPN
ajfa-3802	558	25	,	,	PUNCT
ajfa-3802	558	26	r.	r.	PROPN
ajfa-3802	558	27	(	(	PUNCT
ajfa-3802	558	28	2008	2008	NUM
ajfa-3802	558	29	)	)	PUNCT
ajfa-3802	558	30	.	.	PUNCT
ajfa-3802	559	1	is	be	AUX
ajfa-3802	559	2	accruals	accrual	NOUN
ajfa-3802	559	3	quality	quality	VERB
ajfa-3802	559	4	a	a	DET
ajfa-3802	559	5	priced	price	VERB
ajfa-3802	559	6	risk	risk	NOUN
ajfa-3802	559	7	factor	factor	NOUN
ajfa-3802	559	8	?	?	PUNCT
ajfa-3802	560	1	journal	journal	NOUN
ajfa-3802	560	2	of	of	ADP
ajfa-3802	560	3	accounting	accounting	NOUN
ajfa-3802	560	4	and	and	CCONJ
ajfa-3802	560	5	economics	economic	NOUN
ajfa-3802	560	6	,	,	PUNCT
ajfa-3802	560	7	46(1	46(1	PROPN
ajfa-3802	560	8	)	)	PUNCT
ajfa-3802	560	9	,	,	PUNCT
ajfa-3802	560	10	2	2	NUM
ajfa-3802	560	11	-	-	SYM
ajfa-3802	560	12	22	22	NUM
ajfa-3802	560	13	.	.	PUNCT
ajfa-3802	561	1	http://dx.doi.org/10.1016/j.jacceco.2007.08.001	http://dx.doi.org/10.1016/j.jacceco.2007.08.001	NOUN
ajfa-3802	561	2	dechow	dechow	ADJ
ajfa-3802	561	3	,	,	PUNCT
ajfa-3802	561	4	p.	p.	NOUN
ajfa-3802	561	5	m.	m.	NOUN
ajfa-3802	561	6	,	,	PUNCT
ajfa-3802	561	7	&	&	CCONJ
ajfa-3802	561	8	dichev	dichev	PROPN
ajfa-3802	561	9	,	,	PUNCT
ajfa-3802	561	10	i.	i.	PROPN
ajfa-3802	561	11	d.	d.	PROPN
ajfa-3802	561	12	(	(	PUNCT
ajfa-3802	561	13	2002	2002	NUM
ajfa-3802	561	14	)	)	PUNCT
ajfa-3802	561	15	.	.	PUNCT
ajfa-3802	562	1	the	the	DET
ajfa-3802	562	2	quality	quality	NOUN
ajfa-3802	562	3	of	of	ADP
ajfa-3802	562	4	accruals	accrual	NOUN
ajfa-3802	562	5	and	and	CCONJ
ajfa-3802	562	6	earnings	earning	NOUN
ajfa-3802	562	7	:	:	PUNCT
ajfa-3802	562	8	the	the	DET
ajfa-3802	562	9	role	role	NOUN
ajfa-3802	562	10	of	of	ADP
ajfa-3802	562	11	accrual	accrual	ADJ
ajfa-3802	562	12	estimation	estimation	NOUN
ajfa-3802	562	13	errors	error	NOUN
ajfa-3802	562	14	.	.	PUNCT
ajfa-3802	563	1	the	the	DET
ajfa-3802	563	2	accounting	accounting	NOUN
ajfa-3802	563	3	review	review	NOUN
ajfa-3802	563	4	,	,	PUNCT
ajfa-3802	563	5	77	77	NUM
ajfa-3802	563	6	,	,	PUNCT
ajfa-3802	563	7	35	35	NUM
ajfa-3802	563	8	-	-	SYM
ajfa-3802	563	9	59	59	NUM
ajfa-3802	563	10	.	.	PUNCT
ajfa-3802	564	1	http://dx.doi.org/10.2308/accr.2002.77.s-1.35	http://dx.doi.org/10.2308/accr.2002.77.s-1.35	PROPN
ajfa-3802	564	2	dechow	dechow	ADJ
ajfa-3802	564	3	,	,	PUNCT
ajfa-3802	564	4	p.	p.	NOUN
ajfa-3802	564	5	m.	m.	NOUN
ajfa-3802	564	6	,	,	PUNCT
ajfa-3802	564	7	sloan	sloan	PROPN
ajfa-3802	564	8	,	,	PUNCT
ajfa-3802	564	9	r.	r.	PROPN
ajfa-3802	564	10	g.	g.	PROPN
ajfa-3802	564	11	,	,	PUNCT
ajfa-3802	564	12	&	&	CCONJ
ajfa-3802	564	13	sweeney	sweeney	PROPN
ajfa-3802	564	14	,	,	PUNCT
ajfa-3802	564	15	a.	a.	PROPN
ajfa-3802	564	16	p.	p.	PROPN
ajfa-3802	564	17	,	,	PUNCT
ajfa-3802	564	18	1996	1996	NUM
ajfa-3802	564	19	.	.	PUNCT
ajfa-3802	565	1	causes	cause	NOUN
ajfa-3802	565	2	and	and	CCONJ
ajfa-3802	565	3	consequences	consequence	NOUN
ajfa-3802	565	4	of	of	ADP
ajfa-3802	565	5	earnings	earning	NOUN
ajfa-3802	565	6	manipulation	manipulation	NOUN
ajfa-3802	565	7	:	:	PUNCT
ajfa-3802	565	8	an	an	DET
ajfa-3802	565	9	analysis	analysis	NOUN
ajfa-3802	565	10	of	of	ADP
ajfa-3802	565	11	firms	firm	NOUN
ajfa-3802	565	12	subject	subject	ADJ
ajfa-3802	565	13	to	to	ADP
ajfa-3802	565	14	enforcement	enforcement	NOUN
ajfa-3802	565	15	actions	action	NOUN
ajfa-3802	565	16	by	by	ADP
ajfa-3802	565	17	the	the	DET
ajfa-3802	565	18	sec	sec	PROPN
ajfa-3802	565	19	.	.	PUNCT
ajfa-3802	566	1	contemporary	contemporary	ADJ
ajfa-3802	566	2	accounting	accounting	PROPN
ajfa-3802	566	3	research	research	NOUN
ajfa-3802	566	4	,	,	PUNCT
ajfa-3802	566	5	13(1	13(1	NUM
ajfa-3802	566	6	)	)	PUNCT
ajfa-3802	566	7	,	,	PUNCT
ajfa-3802	566	8	1	1	NUM
ajfa-3802	566	9	-	-	SYM
ajfa-3802	566	10	36	36	NUM
ajfa-3802	566	11	.	.	PUNCT
ajfa-3802	567	1	http://dx.doi.org/10.1111/j.1911-3846.1996.tb00489.x	http://dx.doi.org/10.1111/j.1911-3846.1996.tb00489.x	DET
ajfa-3802	567	2	defond	defond	NOUN
ajfa-3802	567	3	,	,	PUNCT
ajfa-3802	567	4	m.	m.	NOUN
ajfa-3802	567	5	l.	l.	PROPN
ajfa-3802	567	6	,	,	PUNCT
ajfa-3802	567	7	&	&	CCONJ
ajfa-3802	567	8	hung	hung	PROPN
ajfa-3802	567	9	,	,	PUNCT
ajfa-3802	567	10	m.	m.	NOUN
ajfa-3802	567	11	(	(	PUNCT
ajfa-3802	567	12	2003	2003	NUM
ajfa-3802	567	13	)	)	PUNCT
ajfa-3802	567	14	.	.	PUNCT
ajfa-3802	568	1	an	an	DET
ajfa-3802	568	2	empirical	empirical	ADJ
ajfa-3802	568	3	analysis	analysis	NOUN
ajfa-3802	568	4	of	of	ADP
ajfa-3802	568	5	analysts	analyst	NOUN
ajfa-3802	568	6	'	'	PART
ajfa-3802	568	7	cash	cash	NOUN
ajfa-3802	568	8	flow	flow	NOUN
ajfa-3802	568	9	forecasts	forecast	NOUN
ajfa-3802	568	10	.	.	PUNCT
ajfa-3802	569	1	journal	journal	NOUN
ajfa-3802	569	2	of	of	ADP
ajfa-3802	569	3	accounting	accounting	NOUN
ajfa-3802	569	4	and	and	CCONJ
ajfa-3802	569	5	economics	economic	NOUN
ajfa-3802	569	6	,	,	PUNCT
ajfa-3802	569	7	35(1	35(1	NUM
ajfa-3802	569	8	)	)	PUNCT
ajfa-3802	569	9	,	,	PUNCT
ajfa-3802	569	10	73	73	NUM
ajfa-3802	569	11	-	-	SYM
ajfa-3802	569	12	100	100	NUM
ajfa-3802	569	13	http://dx.doi.org/10.1016/s0165-4101(02)00098-8	http://dx.doi.org/10.1016/s0165-4101(02)00098-8	ADP
ajfa-3802	569	14	asian	asian	ADJ
ajfa-3802	569	15	journal	journal	NOUN
ajfa-3802	569	16	of	of	ADP
ajfa-3802	569	17	finance	finance	PROPN
ajfa-3802	569	18	&	&	CCONJ
ajfa-3802	569	19	accounting	accounting	PROPN
ajfa-3802	569	20	issn	issn	PROPN
ajfa-3802	569	21	1946	1946	NUM
ajfa-3802	569	22	-	-	PUNCT
ajfa-3802	569	23	052x	052x	NOUN
ajfa-3802	569	24	2013	2013	NUM
ajfa-3802	569	25	,	,	PUNCT
ajfa-3802	569	26	vol	vol	NOUN
ajfa-3802	569	27	.	.	PROPN
ajfa-3802	569	28	5	5	NUM
ajfa-3802	569	29	,	,	PUNCT
ajfa-3802	569	30	no	no	INTJ
ajfa-3802	569	31	.	.	NOUN
ajfa-3802	569	32	1	1	NUM
ajfa-3802	569	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3802	569	34	444	444	NUM
ajfa-3802	569	35	dreyfus	dreyfu	NOUN
ajfa-3802	569	36	,	,	PUNCT
ajfa-3802	569	37	p.	p.	NOUN
ajfa-3802	569	38	(	(	PUNCT
ajfa-3802	569	39	1988	1988	NUM
ajfa-3802	569	40	)	)	PUNCT
ajfa-3802	569	41	.	.	PUNCT
ajfa-3802	570	1	go	go	VERB
ajfa-3802	570	2	with	with	ADP
ajfa-3802	570	3	the	the	DET
ajfa-3802	570	4	(	(	PUNCT
ajfa-3802	570	5	cash	cash	NOUN
ajfa-3802	570	6	)	)	PUNCT
ajfa-3802	570	7	flow	flow	NOUN
ajfa-3802	570	8	as	as	ADP
ajfa-3802	570	9	company	company	NOUN
ajfa-3802	570	10	's	's	PART
ajfa-3802	570	11	value	value	NOUN
ajfa-3802	570	12	analysis	analysis	NOUN
ajfa-3802	570	13	tool	tool	NOUN
ajfa-3802	570	14	.	.	PUNCT
ajfa-3802	571	1	institutional	institutional	ADJ
ajfa-3802	571	2	investor	investor	NOUN
ajfa-3802	571	3	,	,	PUNCT
ajfa-3802	571	4	22	22	NUM
ajfa-3802	571	5	,	,	PUNCT
ajfa-3802	571	6	55	55	NUM
ajfa-3802	571	7	-	-	SYM
ajfa-3802	571	8	56	56	NUM
ajfa-3802	571	9	.	.	PUNCT
ajfa-3802	572	1	fairfield	fairfield	PROPN
ajfa-3802	572	2	,	,	PUNCT
ajfa-3802	572	3	p.	p.	NOUN
ajfa-3802	572	4	m.	m.	NOUN
ajfa-3802	572	5	,	,	PUNCT
ajfa-3802	572	6	&	&	CCONJ
ajfa-3802	572	7	yohn	yohn	PROPN
ajfa-3802	572	8	,	,	PUNCT
ajfa-3802	572	9	t.	t.	PROPN
ajfa-3802	572	10	l.	l.	PROPN
ajfa-3802	572	11	(	(	PUNCT
ajfa-3802	572	12	2001	2001	NUM
ajfa-3802	572	13	)	)	PUNCT
ajfa-3802	572	14	.	.	PUNCT
ajfa-3802	573	1	using	use	VERB
ajfa-3802	573	2	asset	asset	NOUN
ajfa-3802	573	3	turnover	turnover	NOUN
ajfa-3802	573	4	and	and	CCONJ
ajfa-3802	573	5	profit	profit	NOUN
ajfa-3802	573	6	margin	margin	NOUN
ajfa-3802	573	7	to	to	PART
ajfa-3802	573	8	forecast	forecast	VERB
ajfa-3802	573	9	changes	change	NOUN
ajfa-3802	573	10	in	in	ADP
ajfa-3802	573	11	profitability	profitability	NOUN
ajfa-3802	573	12	.	.	PUNCT
ajfa-3802	574	1	review	review	NOUN
ajfa-3802	574	2	of	of	ADP
ajfa-3802	574	3	accounting	accounting	NOUN
ajfa-3802	574	4	studies	study	NOUN
ajfa-3802	574	5	,	,	PUNCT
ajfa-3802	574	6	6(4	6(4	NOUN
ajfa-3802	574	7	)	)	PUNCT
ajfa-3802	574	8	,	,	PUNCT
ajfa-3802	574	9	371	371	NUM
ajfa-3802	574	10	-	-	SYM
ajfa-3802	574	11	385	385	NUM
ajfa-3802	574	12	.	.	PUNCT
ajfa-3802	575	1	http://dx.doi.org/10.1023/a:1012430513430	http://dx.doi.org/10.1023/a:1012430513430	PROPN
ajfa-3802	575	2	feltham	feltham	PROPN
ajfa-3802	575	3	,	,	PUNCT
ajfa-3802	575	4	g.	g.	PROPN
ajfa-3802	575	5	a.	a.	PROPN
ajfa-3802	575	6	,	,	PUNCT
ajfa-3802	575	7	&	&	CCONJ
ajfa-3802	575	8	ohlson	ohlson	PROPN
ajfa-3802	575	9	,	,	PUNCT
ajfa-3802	575	10	j.	j.	PROPN
ajfa-3802	575	11	a.	a.	PROPN
ajfa-3802	575	12	(	(	PUNCT
ajfa-3802	575	13	1995	1995	NUM
ajfa-3802	575	14	)	)	PUNCT
ajfa-3802	575	15	.	.	PUNCT
ajfa-3802	576	1	valuation	valuation	NOUN
ajfa-3802	576	2	and	and	CCONJ
ajfa-3802	576	3	clean	clean	ADJ
ajfa-3802	576	4	surplus	surplus	NOUN
ajfa-3802	576	5	accounting	accounting	NOUN
ajfa-3802	576	6	for	for	ADP
ajfa-3802	576	7	operating	operate	VERB
ajfa-3802	576	8	and	and	CCONJ
ajfa-3802	576	9	financial	financial	ADJ
ajfa-3802	576	10	activities	activity	NOUN
ajfa-3802	576	11	.	.	PUNCT
ajfa-3802	577	1	contemporary	contemporary	ADJ
ajfa-3802	577	2	accounting	accounting	NOUN
ajfa-3802	577	3	research	research	PROPN
ajfa-3802	577	4	,	,	PUNCT
ajfa-3802	577	5	11(2	11(2	NUM
ajfa-3802	577	6	)	)	PUNCT
ajfa-3802	577	7	,	,	PUNCT
ajfa-3802	577	8	689	689	NUM
ajfa-3802	577	9	-	-	SYM
ajfa-3802	577	10	731	731	NUM
ajfa-3802	577	11	.	.	PUNCT
ajfa-3802	578	1	http://dx.doi.org/10.1111/j.1911-3846.1995.tb00462.x	http://dx.doi.org/10.1111/j.1911-3846.1995.tb00462.x	PROPN
ajfa-3802	578	2	francis	francis	PROPN
ajfa-3802	578	3	,	,	PUNCT
ajfa-3802	578	4	j.	j.	PROPN
ajfa-3802	578	5	,	,	PUNCT
ajfa-3802	578	6	lafond	lafond	PROPN
ajfa-3802	578	7	,	,	PUNCT
ajfa-3802	578	8	r.	r.	PROPN
ajfa-3802	578	9	,	,	PUNCT
ajfa-3802	578	10	olsson	olsson	PROPN
ajfa-3802	578	11	,	,	PUNCT
ajfa-3802	578	12	p.	p.	PROPN
ajfa-3802	578	13	,	,	PUNCT
ajfa-3802	578	14	&	&	CCONJ
ajfa-3802	578	15	schipper	schipper	PROPN
ajfa-3802	578	16	,	,	PUNCT
ajfa-3802	578	17	k.	k.	PROPN
ajfa-3802	578	18	(	(	PUNCT
ajfa-3802	578	19	2005	2005	NUM
ajfa-3802	578	20	)	)	PUNCT
ajfa-3802	578	21	.	.	PUNCT
ajfa-3802	579	1	the	the	DET
ajfa-3802	579	2	market	market	NOUN
ajfa-3802	579	3	pricing	pricing	NOUN
ajfa-3802	579	4	of	of	ADP
ajfa-3802	579	5	accruals	accrual	NOUN
ajfa-3802	579	6	quality	quality	NOUN
ajfa-3802	579	7	.	.	PUNCT
ajfa-3802	580	1	journal	journal	NOUN
ajfa-3802	580	2	of	of	ADP
ajfa-3802	580	3	accounting	accounting	NOUN
ajfa-3802	580	4	and	and	CCONJ
ajfa-3802	580	5	economics	economic	NOUN
ajfa-3802	580	6	,	,	PUNCT
ajfa-3802	580	7	39(2	39(2	NUM
ajfa-3802	580	8	)	)	PUNCT
ajfa-3802	580	9	,	,	PUNCT
ajfa-3802	580	10	295–327	295–327	NUM
ajfa-3802	580	11	.	.	PUNCT
ajfa-3802	581	1	http://dx.doi.org/10.1016/j.jacceco.2004.06.003	http://dx.doi.org/10.1016/j.jacceco.2004.06.003	PROPN
ajfa-3802	581	2	ghosh	ghosh	PROPN
ajfa-3802	581	3	,	,	PUNCT
ajfa-3802	581	4	d.	d.	PROPN
ajfa-3802	581	5	,	,	PUNCT
ajfa-3802	581	6	&	&	CCONJ
ajfa-3802	581	7	olson	olson	PROPN
ajfa-3802	581	8	,	,	PUNCT
ajfa-3802	581	9	l.	l.	PROPN
ajfa-3802	581	10	(	(	PUNCT
ajfa-3802	581	11	2009	2009	NUM
ajfa-3802	581	12	)	)	PUNCT
ajfa-3802	581	13	.	.	PUNCT
ajfa-3802	582	1	environmental	environmental	ADJ
ajfa-3802	582	2	uncertainty	uncertainty	NOUN
ajfa-3802	582	3	and	and	CCONJ
ajfa-3802	582	4	managers	manager	NOUN
ajfa-3802	582	5	'	'	PART
ajfa-3802	582	6	use	use	NOUN
ajfa-3802	582	7	of	of	ADP
ajfa-3802	582	8	discretionary	discretionary	ADJ
ajfa-3802	582	9	accruals	accrual	NOUN
ajfa-3802	582	10	.	.	PUNCT
ajfa-3802	583	1	accounting	accounting	NOUN
ajfa-3802	583	2	,	,	PUNCT
ajfa-3802	583	3	organizations	organization	NOUN
ajfa-3802	583	4	and	and	CCONJ
ajfa-3802	583	5	society	society	NOUN
ajfa-3802	583	6	,	,	PUNCT
ajfa-3802	583	7	34(2	34(2	NUM
ajfa-3802	583	8	)	)	PUNCT
ajfa-3802	583	9	,	,	PUNCT
ajfa-3802	583	10	188–205	188–205	NUM
ajfa-3802	583	11	.	.	PUNCT
ajfa-3802	584	1	http://dx.doi.org/10.1016/j.aos.2008.07.001	http://dx.doi.org/10.1016/j.aos.2008.07.001	PROPN
ajfa-3802	584	2	horngren	horngren	PROPN
ajfa-3802	584	3	,	,	PUNCT
ajfa-3802	584	4	c.	c.	PROPN
ajfa-3802	584	5	t.	t.	PROPN
ajfa-3802	584	6	,	,	PUNCT
ajfa-3802	584	7	datar	datar	PROPN
ajfa-3802	584	8	s.	s.	PROPN
ajfa-3802	584	9	m.	m.	PROPN
ajfa-3802	584	10	,	,	PUNCT
ajfa-3802	584	11	&	&	CCONJ
ajfa-3802	584	12	rajan	rajan	PROPN
ajfa-3802	584	13	m.v	m.v	PROPN
ajfa-3802	584	14	.	.	PUNCT
ajfa-3802	584	15	(	(	PUNCT
ajfa-3802	584	16	2012	2012	NUM
ajfa-3802	584	17	)	)	PUNCT
ajfa-3802	584	18	.	.	PUNCT
ajfa-3802	585	1	cost	cost	NOUN
ajfa-3802	585	2	accounting	account	VERB
ajfa-3802	585	3	a	a	DET
ajfa-3802	585	4	managerial	managerial	ADJ
ajfa-3802	585	5	emphasis	emphasis	NOUN
ajfa-3802	585	6	.	.	PUNCT
ajfa-3802	586	1	fourteenth	fourteenth	ADJ
ajfa-3802	586	2	edition	edition	PROPN
ajfa-3802	586	3	.	.	PUNCT
ajfa-3802	587	1	prentice	prentice	PROPN
ajfa-3802	587	2	hall	hall	PROPN
ajfa-3802	587	3	.	.	PUNCT
ajfa-3802	588	1	healy	healy	PROPN
ajfa-3802	588	2	,	,	PUNCT
ajfa-3802	588	3	p.	p.	NOUN
ajfa-3802	588	4	m.	m.	NOUN
ajfa-3802	588	5	,	,	PUNCT
ajfa-3802	588	6	&	&	CCONJ
ajfa-3802	588	7	palepu	palepu	PROPN
ajfa-3802	588	8	,	,	PUNCT
ajfa-3802	588	9	k.	k.	PROPN
ajfa-3802	588	10	g.	g.	PROPN
ajfa-3802	588	11	(	(	PUNCT
ajfa-3802	588	12	2001	2001	NUM
ajfa-3802	588	13	)	)	PUNCT
ajfa-3802	588	14	.	.	PUNCT
ajfa-3802	589	1	information	information	NOUN
ajfa-3802	589	2	asymmetry	asymmetry	NOUN
ajfa-3802	589	3	,	,	PUNCT
ajfa-3802	589	4	corporate	corporate	ADJ
ajfa-3802	589	5	disclosure	disclosure	NOUN
ajfa-3802	589	6	,	,	PUNCT
ajfa-3802	589	7	and	and	CCONJ
ajfa-3802	589	8	the	the	DET
ajfa-3802	589	9	capital	capital	NOUN
ajfa-3802	589	10	markets	market	NOUN
ajfa-3802	589	11	:	:	PUNCT
ajfa-3802	589	12	a	a	DET
ajfa-3802	589	13	review	review	NOUN
ajfa-3802	589	14	of	of	ADP
ajfa-3802	589	15	the	the	DET
ajfa-3802	589	16	empirical	empirical	ADJ
ajfa-3802	589	17	disclosure	disclosure	NOUN
ajfa-3802	589	18	literature	literature	NOUN
ajfa-3802	589	19	.	.	PUNCT
ajfa-3802	590	1	journal	journal	PROPN
ajfa-3802	590	2	of	of	ADP
ajfa-3802	590	3	accounting	accounting	NOUN
ajfa-3802	590	4	and	and	CCONJ
ajfa-3802	590	5	economics	economic	NOUN
ajfa-3802	590	6	,	,	PUNCT
ajfa-3802	590	7	31(1	31(1	NUM
ajfa-3802	590	8	-	-	SYM
ajfa-3802	590	9	3	3	NUM
ajfa-3802	590	10	)	)	PUNCT
ajfa-3802	590	11	,	,	PUNCT
ajfa-3802	590	12	405–440	405–440	NUM
ajfa-3802	590	13	.	.	PUNCT
ajfa-3802	591	1	http://dx.doi.org/10.1016/s0165-4101(01)00018-0	http://dx.doi.org/10.1016/s0165-4101(01)00018-0	PROPN
ajfa-3802	591	2	kaplan	kaplan	PROPN
ajfa-3802	591	3	,	,	PUNCT
ajfa-3802	591	4	r.	r.	PROPN
ajfa-3802	591	5	s.	s.	PROPN
ajfa-3802	591	6	,	,	PUNCT
ajfa-3802	591	7	&	&	CCONJ
ajfa-3802	591	8	norton	norton	PROPN
ajfa-3802	591	9	,	,	PUNCT
ajfa-3802	591	10	d.	d.	PROPN
ajfa-3802	591	11	p.	p.	PROPN
ajfa-3802	591	12	(	(	PUNCT
ajfa-3802	591	13	2000	2000	NUM
ajfa-3802	591	14	)	)	PUNCT
ajfa-3802	591	15	.	.	PUNCT
ajfa-3802	592	1	having	have	VERB
ajfa-3802	592	2	trouble	trouble	NOUN
ajfa-3802	592	3	with	with	ADP
ajfa-3802	592	4	your	your	PRON
ajfa-3802	592	5	strategy	strategy	NOUN
ajfa-3802	592	6	?	?	PUNCT
ajfa-3802	593	1	then	then	ADV
ajfa-3802	593	2	map	map	VERB
ajfa-3802	593	3	it	it	PRON
ajfa-3802	593	4	.	.	PUNCT
ajfa-3802	594	1	harvard	harvard	PROPN
ajfa-3802	594	2	business	business	PROPN
ajfa-3802	594	3	review	review	PROPN
ajfa-3802	594	4	,	,	PUNCT
ajfa-3802	594	5	september	september	PROPN
ajfa-3802	594	6	-	-	PUNCT
ajfa-3802	594	7	october	october	PROPN
ajfa-3802	594	8	,	,	PUNCT
ajfa-3802	594	9	49	49	NUM
ajfa-3802	594	10	-	-	SYM
ajfa-3802	594	11	61	61	NUM
ajfa-3802	594	12	kim	kim	PROPN
ajfa-3802	594	13	,	,	PUNCT
ajfa-3802	594	14	d.	d.	PROPN
ajfa-3802	594	15	,	,	PUNCT
ajfa-3802	594	16	&	&	CCONJ
ajfa-3802	594	17	qi	qi	PROPN
ajfa-3802	594	18	,	,	PUNCT
ajfa-3802	594	19	y.	y.	PROPN
ajfa-3802	594	20	(	(	PUNCT
ajfa-3802	594	21	2010	2010	NUM
ajfa-3802	594	22	)	)	PUNCT
ajfa-3802	594	23	.	.	PUNCT
ajfa-3802	595	1	accruals	accrual	NOUN
ajfa-3802	595	2	quality	quality	NOUN
ajfa-3802	595	3	,	,	PUNCT
ajfa-3802	595	4	stock	stock	NOUN
ajfa-3802	595	5	returns	return	NOUN
ajfa-3802	595	6	,	,	PUNCT
ajfa-3802	595	7	and	and	CCONJ
ajfa-3802	595	8	macroeconomic	macroeconomic	ADJ
ajfa-3802	595	9	conditions	condition	NOUN
ajfa-3802	595	10	.	.	PUNCT
ajfa-3802	596	1	the	the	DET
ajfa-3802	596	2	accounting	accounting	NOUN
ajfa-3802	596	3	review	review	NOUN
ajfa-3802	596	4	,	,	PUNCT
ajfa-3802	596	5	85(3	85(3	PROPN
ajfa-3802	596	6	)	)	PUNCT
ajfa-3802	596	7	,	,	PUNCT
ajfa-3802	596	8	937–78	937–78	NOUN
ajfa-3802	596	9	.	.	PUNCT
ajfa-3802	597	1	http://dx.doi.org/10.2308/accr.2010.85.3.937	http://dx.doi.org/10.2308/accr.2010.85.3.937	X
ajfa-3802	597	2	kothari	kothari	PROPN
ajfa-3802	597	3	,	,	PUNCT
ajfa-3802	597	4	s.	s.	PROPN
ajfa-3802	597	5	p.	p.	PROPN
ajfa-3802	597	6	(	(	PUNCT
ajfa-3802	597	7	2000	2000	NUM
ajfa-3802	597	8	)	)	PUNCT
ajfa-3802	597	9	.	.	PUNCT
ajfa-3802	598	1	the	the	DET
ajfa-3802	598	2	role	role	NOUN
ajfa-3802	598	3	of	of	ADP
ajfa-3802	598	4	financial	financial	ADJ
ajfa-3802	598	5	reporting	reporting	NOUN
ajfa-3802	598	6	in	in	ADP
ajfa-3802	598	7	reducing	reduce	VERB
ajfa-3802	598	8	financial	financial	ADJ
ajfa-3802	598	9	risks	risk	NOUN
ajfa-3802	598	10	in	in	ADP
ajfa-3802	598	11	the	the	DET
ajfa-3802	598	12	market	market	NOUN
ajfa-3802	598	13	.	.	PUNCT
ajfa-3802	599	1	in	in	ADP
ajfa-3802	599	2	building	build	VERB
ajfa-3802	599	3	an	an	DET
ajfa-3802	599	4	infrastructure	infrastructure	NOUN
ajfa-3802	599	5	for	for	ADP
ajfa-3802	599	6	financial	financial	ADJ
ajfa-3802	599	7	stability	stability	NOUN
ajfa-3802	599	8	,	,	PUNCT
ajfa-3802	599	9	edited	edit	VERB
ajfa-3802	599	10	by	by	ADP
ajfa-3802	599	11	e.	e.	PROPN
ajfa-3802	599	12	s.	s.	PROPN
ajfa-3802	599	13	rosengren	rosengren	PROPN
ajfa-3802	599	14	and	and	CCONJ
ajfa-3802	599	15	j.	j.	PROPN
ajfa-3802	599	16	s.	s.	PROPN
ajfa-3802	599	17	jordan	jordan	PROPN
ajfa-3802	599	18	.	.	PUNCT
ajfa-3802	600	1	federal	federal	PROPN
ajfa-3802	600	2	reserve	reserve	PROPN
ajfa-3802	600	3	bank	bank	PROPN
ajfa-3802	600	4	of	of	ADP
ajfa-3802	600	5	boston	boston	PROPN
ajfa-3802	600	6	conference	conference	PROPN
ajfa-3802	600	7	series	series	PROPN
ajfa-3802	600	8	44	44	NUM
ajfa-3802	600	9	,	,	PUNCT
ajfa-3802	600	10	89	89	NUM
ajfa-3802	600	11	-	-	SYM
ajfa-3802	600	12	102	102	NUM
ajfa-3802	600	13	lev	lev	NOUN
ajfa-3802	600	14	,	,	PUNCT
ajfa-3802	600	15	b.	b.	PROPN
ajfa-3802	600	16	,	,	PUNCT
ajfa-3802	600	17	&	&	CCONJ
ajfa-3802	600	18	thiagarajan	thiagarajan	PROPN
ajfa-3802	600	19	,	,	PUNCT
ajfa-3802	600	20	s.	s.	PROPN
ajfa-3802	600	21	r	r	PROPN
ajfa-3802	600	22	(	(	PUNCT
ajfa-3802	600	23	1993	1993	NUM
ajfa-3802	600	24	)	)	PUNCT
ajfa-3802	600	25	.	.	PUNCT
ajfa-3802	601	1	fundamental	fundamental	ADJ
ajfa-3802	601	2	information	information	NOUN
ajfa-3802	601	3	analysis	analysis	NOUN
ajfa-3802	601	4	.	.	PUNCT
ajfa-3802	602	1	journal	journal	NOUN
ajfa-3802	602	2	of	of	ADP
ajfa-3802	602	3	accounting	accounting	NOUN
ajfa-3802	602	4	research	research	NOUN
ajfa-3802	602	5	,	,	PUNCT
ajfa-3802	602	6	31(2	31(2	NUM
ajfa-3802	602	7	)	)	PUNCT
ajfa-3802	602	8	,	,	PUNCT
ajfa-3802	602	9	190–215	190–215	NUM
ajfa-3802	602	10	.	.	PUNCT
ajfa-3802	603	1	http://dx.doi.org/10.2307/2491270	http://dx.doi.org/10.2307/2491270	PROPN
ajfa-3802	603	2	mashruwala	mashruwala	PROPN
ajfa-3802	603	3	,	,	PUNCT
ajfa-3802	603	4	c.	c.	PROPN
ajfa-3802	603	5	a.	a.	PROPN
ajfa-3802	603	6	,	,	PUNCT
ajfa-3802	603	7	&	&	CCONJ
ajfa-3802	603	8	mashruwala	mashruwala	PROPN
ajfa-3802	603	9	,	,	PUNCT
ajfa-3802	603	10	s.	s.	PROPN
ajfa-3802	603	11	d.	d.	PROPN
ajfa-3802	603	12	(	(	PUNCT
ajfa-3802	603	13	2011	2011	NUM
ajfa-3802	603	14	)	)	PUNCT
ajfa-3802	603	15	.	.	PUNCT
ajfa-3802	604	1	the	the	DET
ajfa-3802	604	2	pricing	pricing	NOUN
ajfa-3802	604	3	of	of	ADP
ajfa-3802	604	4	accruals	accrual	NOUN
ajfa-3802	604	5	quality	quality	NOUN
ajfa-3802	604	6	:	:	PUNCT
ajfa-3802	604	7	january	january	PROPN
ajfa-3802	604	8	vs.	vs.	X
ajfa-3802	604	9	the	the	DET
ajfa-3802	604	10	rest	rest	NOUN
ajfa-3802	604	11	of	of	ADP
ajfa-3802	604	12	the	the	DET
ajfa-3802	604	13	year	year	NOUN
ajfa-3802	604	14	.	.	PUNCT
ajfa-3802	605	1	the	the	DET
ajfa-3802	605	2	accounting	accounting	NOUN
ajfa-3802	605	3	review	review	NOUN
ajfa-3802	605	4	,	,	PUNCT
ajfa-3802	605	5	86(4	86(4	NUM
ajfa-3802	605	6	)	)	PUNCT
ajfa-3802	605	7	,	,	PUNCT
ajfa-3802	605	8	1349	1349	NUM
ajfa-3802	605	9	-	-	SYM
ajfa-3802	605	10	1381	1381	NUM
ajfa-3802	605	11	.	.	PUNCT
ajfa-3802	606	1	http://dx.doi.org/10.2308/accr-10035	http://dx.doi.org/10.2308/accr-10035	PROPN
ajfa-3802	606	2	mcnichols	mcnichols	PROPN
ajfa-3802	606	3	,	,	PUNCT
ajfa-3802	606	4	m.	m.	PROPN
ajfa-3802	606	5	f.	f.	PROPN
ajfa-3802	606	6	(	(	PUNCT
ajfa-3802	606	7	2002	2002	NUM
ajfa-3802	606	8	)	)	PUNCT
ajfa-3802	606	9	.	.	PUNCT
ajfa-3802	607	1	discussion	discussion	NOUN
ajfa-3802	607	2	of	of	ADP
ajfa-3802	607	3	the	the	DET
ajfa-3802	607	4	quality	quality	NOUN
ajfa-3802	607	5	of	of	ADP
ajfa-3802	607	6	accruals	accrual	NOUN
ajfa-3802	607	7	and	and	CCONJ
ajfa-3802	607	8	earnings	earning	NOUN
ajfa-3802	607	9	:	:	PUNCT
ajfa-3802	607	10	the	the	DET
ajfa-3802	607	11	role	role	NOUN
ajfa-3802	607	12	of	of	ADP
ajfa-3802	607	13	accrual	accrual	ADJ
ajfa-3802	607	14	estimation	estimation	NOUN
ajfa-3802	607	15	errors	error	NOUN
ajfa-3802	607	16	.	.	PUNCT
ajfa-3802	608	1	the	the	DET
ajfa-3802	608	2	accounting	accounting	NOUN
ajfa-3802	608	3	review	review	NOUN
ajfa-3802	608	4	,	,	PUNCT
ajfa-3802	608	5	77	77	NUM
ajfa-3802	608	6	,	,	PUNCT
ajfa-3802	608	7	61–69	61–69	NUM
ajfa-3802	608	8	.	.	PUNCT
ajfa-3802	609	1	http://dx.doi.org/10.2308/accr.2002.77.s-1.61	http://dx.doi.org/10.2308/accr.2002.77.s-1.61	PROPN
ajfa-3802	609	2	nissim	nissim	PROPN
ajfa-3802	609	3	,	,	PUNCT
ajfa-3802	609	4	d.	d.	PROPN
ajfa-3802	609	5	,	,	PUNCT
ajfa-3802	609	6	&	&	CCONJ
ajfa-3802	609	7	penman	penman	PROPN
ajfa-3802	609	8	,	,	PUNCT
ajfa-3802	609	9	s.	s.	PROPN
ajfa-3802	609	10	h.	h.	PROPN
ajfa-3802	609	11	(	(	PUNCT
ajfa-3802	609	12	2001	2001	NUM
ajfa-3802	609	13	)	)	PUNCT
ajfa-3802	609	14	.	.	PUNCT
ajfa-3802	610	1	ratio	ratio	NOUN
ajfa-3802	610	2	analysis	analysis	NOUN
ajfa-3802	610	3	and	and	CCONJ
ajfa-3802	610	4	equity	equity	NOUN
ajfa-3802	610	5	valuation	valuation	NOUN
ajfa-3802	610	6	:	:	PUNCT
ajfa-3802	610	7	from	from	ADP
ajfa-3802	610	8	research	research	NOUN
ajfa-3802	610	9	to	to	ADP
ajfa-3802	610	10	practice	practice	NOUN
ajfa-3802	610	11	.	.	PUNCT
ajfa-3802	611	1	review	review	NOUN
ajfa-3802	611	2	of	of	ADP
ajfa-3802	611	3	accounting	accounting	NOUN
ajfa-3802	611	4	studies	study	NOUN
ajfa-3802	611	5	,	,	PUNCT
ajfa-3802	611	6	6(1	6(1	NUM
ajfa-3802	611	7	)	)	PUNCT
ajfa-3802	611	8	,	,	PUNCT
ajfa-3802	611	9	109	109	NUM
ajfa-3802	611	10	-	-	SYM
ajfa-3802	611	11	154	154	NUM
ajfa-3802	611	12	.	.	PUNCT
ajfa-3802	612	1	http://dx.doi.org/10.1023/a:1011338221623	http://dx.doi.org/10.1023/a:1011338221623	PROPN
ajfa-3802	612	2	asian	asian	ADJ
ajfa-3802	612	3	journal	journal	NOUN
ajfa-3802	612	4	of	of	ADP
ajfa-3802	612	5	finance	finance	PROPN
ajfa-3802	612	6	&	&	CCONJ
ajfa-3802	612	7	accounting	accounting	PROPN
ajfa-3802	612	8	issn	issn	PROPN
ajfa-3802	612	9	1946	1946	NUM
ajfa-3802	612	10	-	-	PUNCT
ajfa-3802	612	11	052x	052x	NOUN
ajfa-3802	612	12	2013	2013	NUM
ajfa-3802	612	13	,	,	PUNCT
ajfa-3802	612	14	vol	vol	NOUN
ajfa-3802	612	15	.	.	PROPN
ajfa-3802	612	16	5	5	NUM
ajfa-3802	612	17	,	,	PUNCT
ajfa-3802	612	18	no	no	INTJ
ajfa-3802	612	19	.	.	NOUN
ajfa-3802	612	20	1	1	NUM
ajfa-3802	612	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3802	612	22	445	445	NUM
ajfa-3802	612	23	nwaeze	nwaeze	NOUN
ajfa-3802	612	24	,	,	PUNCT
ajfa-3802	612	25	e.	e.	PROPN
ajfa-3802	612	26	t.	t.	PROPN
ajfa-3802	612	27	,	,	PUNCT
ajfa-3802	612	28	yang	yang	PROPN
ajfa-3802	612	29	,	,	PUNCT
ajfa-3802	612	30	s.	s.	PROPN
ajfa-3802	612	31	s.	s.	PROPN
ajfa-3802	612	32	m.	m.	PROPN
ajfa-3802	612	33	,	,	PUNCT
ajfa-3802	612	34	&	&	CCONJ
ajfa-3802	612	35	yin	yin	PROPN
ajfa-3802	612	36	,	,	PUNCT
ajfa-3802	612	37	q.	q.	PROPN
ajfa-3802	612	38	j.	j.	PROPN
ajfa-3802	612	39	(	(	PUNCT
ajfa-3802	612	40	2006	2006	NUM
ajfa-3802	612	41	)	)	PUNCT
ajfa-3802	612	42	.	.	PUNCT
ajfa-3802	613	1	accounting	accounting	NOUN
ajfa-3802	613	2	information	information	NOUN
ajfa-3802	613	3	and	and	CCONJ
ajfa-3802	613	4	ceo	ceo	NOUN
ajfa-3802	613	5	compensation	compensation	NOUN
ajfa-3802	613	6	:	:	PUNCT
ajfa-3802	613	7	the	the	DET
ajfa-3802	613	8	role	role	NOUN
ajfa-3802	613	9	of	of	ADP
ajfa-3802	613	10	cash	cash	NOUN
ajfa-3802	613	11	flow	flow	NOUN
ajfa-3802	613	12	from	from	ADP
ajfa-3802	613	13	operations	operation	NOUN
ajfa-3802	613	14	in	in	ADP
ajfa-3802	613	15	the	the	DET
ajfa-3802	613	16	presence	presence	NOUN
ajfa-3802	613	17	of	of	ADP
ajfa-3802	613	18	earnings	earning	NOUN
ajfa-3802	613	19	.	.	PUNCT
ajfa-3802	614	1	contemporary	contemporary	ADJ
ajfa-3802	614	2	accounting	accounting	NOUN
ajfa-3802	614	3	research	research	NOUN
ajfa-3802	614	4	,	,	PUNCT
ajfa-3802	614	5	23(1	23(1	NOUN
ajfa-3802	614	6	)	)	PUNCT
ajfa-3802	614	7	,	,	PUNCT
ajfa-3802	614	8	227	227	NUM
ajfa-3802	614	9	-	-	SYM
ajfa-3802	614	10	265	265	NUM
ajfa-3802	614	11	.	.	PUNCT
ajfa-3802	615	1	http://dx.doi.org/10.1506/buqj-8kuq-x2tf-k7t4	http://dx.doi.org/10.1506/buqj-8kuq-x2tf-k7t4	PROPN
ajfa-3802	615	2	ohison	ohison	PROPN
ajfa-3802	615	3	,	,	PUNCT
ajfa-3802	615	4	j.a	j.a	PROPN
ajfa-3802	615	5	.	.	PROPN
ajfa-3802	615	6	(	(	PUNCT
ajfa-3802	615	7	1995	1995	NUM
ajfa-3802	615	8	)	)	PUNCT
ajfa-3802	615	9	.	.	PUNCT
ajfa-3802	616	1	earnings	earning	NOUN
ajfa-3802	616	2	,	,	PUNCT
ajfa-3802	616	3	book	book	NOUN
ajfa-3802	616	4	values	value	NOUN
ajfa-3802	616	5	,	,	PUNCT
ajfa-3802	616	6	and	and	CCONJ
ajfa-3802	616	7	dividends	dividend	NOUN
ajfa-3802	616	8	in	in	ADP
ajfa-3802	616	9	security	security	NOUN
ajfa-3802	616	10	valuation	valuation	NOUN
ajfa-3802	616	11	.	.	PUNCT
ajfa-3802	617	1	contemporary	contemporary	ADJ
ajfa-3802	617	2	accounting	accounting	PROPN
ajfa-3802	617	3	research	research	PROPN
ajfa-3802	617	4	,	,	PUNCT
ajfa-3802	617	5	11(2	11(2	NUM
ajfa-3802	617	6	)	)	PUNCT
ajfa-3802	617	7	,	,	PUNCT
ajfa-3802	617	8	661	661	NUM
ajfa-3802	617	9	-	-	SYM
ajfa-3802	617	10	687	687	NUM
ajfa-3802	617	11	.	.	PUNCT
ajfa-3802	618	1	http://dx.doi.org/10.1111/j.1911-3846.1995.tb00461.x	http://dx.doi.org/10.1111/j.1911-3846.1995.tb00461.x	NOUN
ajfa-3802	618	2	palepu	palepu	NOUN
ajfa-3802	618	3	,	,	PUNCT
ajfa-3802	618	4	g.	g.	PROPN
ajfa-3802	618	5	k.	k.	PROPN
ajfa-3802	618	6	,	,	PUNCT
ajfa-3802	618	7	healy	healy	PROPN
ajfa-3802	618	8	,	,	PUNCT
ajfa-3802	618	9	p.	p.	NOUN
ajfa-3802	618	10	m.	m.	NOUN
ajfa-3802	618	11	,	,	PUNCT
ajfa-3802	618	12	bernard	bernard	PROPN
ajfa-3802	618	13	,	,	PUNCT
ajfa-3802	618	14	l.	l.	PROPN
ajfa-3802	618	15	v.	v.	PROPN
ajfa-3802	618	16	,	,	PUNCT
ajfa-3802	618	17	&	&	CCONJ
ajfa-3802	618	18	peek	peek	PROPN
ajfa-3802	618	19	,	,	PUNCT
ajfa-3802	618	20	e.	e.	PROPN
ajfa-3802	618	21	(	(	PUNCT
ajfa-3802	618	22	2007	2007	NUM
ajfa-3802	618	23	)	)	PUNCT
ajfa-3802	618	24	.	.	PUNCT
ajfa-3802	619	1	business	business	NOUN
ajfa-3802	619	2	analysis	analysis	NOUN
ajfa-3802	619	3	and	and	CCONJ
ajfa-3802	619	4	valuation	valuation	NOUN
ajfa-3802	619	5	.	.	PUNCT
ajfa-3802	620	1	ifrs	ifrs	PROPN
ajfa-3802	620	2	edition	edition	PROPN
ajfa-3802	620	3	,	,	PUNCT
ajfa-3802	620	4	thomson	thomson	PROPN
ajfa-3802	620	5	learning	learning	PROPN
ajfa-3802	620	6	,	,	PUNCT
ajfa-3802	620	7	london	london	PROPN
ajfa-3802	620	8	.	.	PUNCT
ajfa-3802	621	1	porter	porter	PROPN
ajfa-3802	621	2	,	,	PUNCT
ajfa-3802	621	3	m.	m.	PROPN
ajfa-3802	621	4	e.	e.	PROPN
ajfa-3802	621	5	(	(	PUNCT
ajfa-3802	621	6	1996	1996	NUM
ajfa-3802	621	7	)	)	PUNCT
ajfa-3802	621	8	.	.	PUNCT
ajfa-3802	622	1	what	what	PRON
ajfa-3802	622	2	is	be	AUX
ajfa-3802	622	3	strategy	strategy	NOUN
ajfa-3802	622	4	?	?	PUNCT
ajfa-3802	623	1	harvard	harvard	PROPN
ajfa-3802	623	2	business	business	PROPN
ajfa-3802	623	3	review	review	PROPN
ajfa-3802	623	4	,	,	PUNCT
ajfa-3802	623	5	74(6	74(6	NUM
ajfa-3802	623	6	)	)	PUNCT
ajfa-3802	623	7	,	,	PUNCT
ajfa-3802	623	8	61	61	NUM
ajfa-3802	623	9	-	-	SYM
ajfa-3802	623	10	78	78	NUM
ajfa-3802	623	11	.	.	PUNCT
ajfa-3802	624	1	rayburn	rayburn	PROPN
ajfa-3802	624	2	,	,	PUNCT
ajfa-3802	624	3	j.	j.	PROPN
ajfa-3802	624	4	(	(	PUNCT
ajfa-3802	624	5	1986	1986	NUM
ajfa-3802	624	6	)	)	PUNCT
ajfa-3802	624	7	.	.	PUNCT
ajfa-3802	625	1	the	the	DET
ajfa-3802	625	2	association	association	NOUN
ajfa-3802	625	3	of	of	ADP
ajfa-3802	625	4	operating	operate	VERB
ajfa-3802	625	5	cash	cash	NOUN
ajfa-3802	625	6	flow	flow	NOUN
ajfa-3802	625	7	and	and	CCONJ
ajfa-3802	625	8	accruals	accrual	NOUN
ajfa-3802	625	9	with	with	ADP
ajfa-3802	625	10	security	security	NOUN
ajfa-3802	625	11	returns	return	NOUN
ajfa-3802	625	12	.	.	PUNCT
ajfa-3802	626	1	journal	journal	NOUN
ajfa-3802	626	2	of	of	ADP
ajfa-3802	626	3	accounting	accounting	NOUN
ajfa-3802	626	4	research	research	NOUN
ajfa-3802	626	5	,	,	PUNCT
ajfa-3802	626	6	24	24	NUM
ajfa-3802	626	7	,	,	PUNCT
ajfa-3802	626	8	112	112	NUM
ajfa-3802	626	9	-	-	SYM
ajfa-3802	626	10	133	133	NUM
ajfa-3802	626	11	.	.	PUNCT
ajfa-3802	627	1	http://dx.doi.org/10.2307/2490732	http://dx.doi.org/10.2307/2490732	PROPN
ajfa-3802	627	2	soliman	soliman	PROPN
ajfa-3802	627	3	,	,	PUNCT
ajfa-3802	627	4	m.	m.	NOUN
ajfa-3802	627	5	(	(	PUNCT
ajfa-3802	627	6	2008	2008	NUM
ajfa-3802	627	7	)	)	PUNCT
ajfa-3802	627	8	.	.	PUNCT
ajfa-3802	628	1	the	the	DET
ajfa-3802	628	2	use	use	NOUN
ajfa-3802	628	3	of	of	ADP
ajfa-3802	628	4	dupont	dupont	NOUN
ajfa-3802	628	5	analysis	analysis	NOUN
ajfa-3802	628	6	by	by	ADP
ajfa-3802	628	7	market	market	NOUN
ajfa-3802	628	8	participants	participant	NOUN
ajfa-3802	628	9	.	.	PUNCT
ajfa-3802	629	1	the	the	DET
ajfa-3802	629	2	accounting	accounting	NOUN
ajfa-3802	629	3	review	review	PROPN
ajfa-3802	629	4	,	,	PUNCT
ajfa-3802	629	5	83(3	83(3	NUM
ajfa-3802	629	6	)	)	PUNCT
ajfa-3802	629	7	,	,	PUNCT
ajfa-3802	629	8	823	823	NUM
ajfa-3802	629	9	-	-	SYM
ajfa-3802	629	10	853	853	NUM
ajfa-3802	629	11	.	.	PUNCT
ajfa-3802	630	1	http://dx.doi.org/10.2308/accr.2008.83.3.823	http://dx.doi.org/10.2308/accr.2008.83.3.823	X