id	sid	tid	token	lemma	pos
ajfa-3998	1	1	microsoft	microsoft	PROPN
ajfa-3998	1	2	word	word	NOUN
ajfa-3998	1	3	3998-14929-1-sm-writer2-new.docx	3998-14929-1-sm-writer2-new.docx	NUM
ajfa-3998	1	4	asian	asian	ADJ
ajfa-3998	1	5	journal	journal	NOUN
ajfa-3998	1	6	of	of	ADP
ajfa-3998	1	7	finance	finance	PROPN
ajfa-3998	1	8	&	&	CCONJ
ajfa-3998	1	9	accounting	accounting	PROPN
ajfa-3998	1	10	issn	issn	PROPN
ajfa-3998	1	11	1946	1946	NUM
ajfa-3998	1	12	-	-	PUNCT
ajfa-3998	1	13	052x	052x	NOUN
ajfa-3998	1	14	2013	2013	NUM
ajfa-3998	1	15	,	,	PUNCT
ajfa-3998	1	16	vol	vol	NOUN
ajfa-3998	1	17	.	.	PROPN
ajfa-3998	1	18	5	5	NUM
ajfa-3998	1	19	,	,	PUNCT
ajfa-3998	1	20	no	no	INTJ
ajfa-3998	1	21	.	.	NOUN
ajfa-3998	1	22	2	2	NUM
ajfa-3998	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	1	24	47	47	NUM
ajfa-3998	1	25	cross	cross	ADJ
ajfa-3998	1	26	-	-	ADJ
ajfa-3998	1	27	sectional	sectional	ADJ
ajfa-3998	1	28	variation	variation	NOUN
ajfa-3998	1	29	in	in	ADP
ajfa-3998	1	30	stock	stock	NOUN
ajfa-3998	1	31	price	price	NOUN
ajfa-3998	1	32	reaction	reaction	NOUN
ajfa-3998	1	33	to	to	ADP
ajfa-3998	1	34	bond	bond	NOUN
ajfa-3998	1	35	rating	rating	NOUN
ajfa-3998	1	36	changes	change	NOUN
ajfa-3998	1	37	:	:	PUNCT
ajfa-3998	1	38	evidence	evidence	NOUN
ajfa-3998	1	39	from	from	ADP
ajfa-3998	1	40	india	india	PROPN
ajfa-3998	1	41	sanjay	sanjay	PROPN
ajfa-3998	1	42	sehgal	sehgal	PROPN
ajfa-3998	1	43	professor	professor	PROPN
ajfa-3998	1	44	,	,	PUNCT
ajfa-3998	1	45	department	department	NOUN
ajfa-3998	1	46	of	of	ADP
ajfa-3998	1	47	financial	financial	ADJ
ajfa-3998	1	48	studies	study	NOUN
ajfa-3998	1	49	south	south	PROPN
ajfa-3998	1	50	campus	campus	PROPN
ajfa-3998	1	51	,	,	PUNCT
ajfa-3998	1	52	university	university	PROPN
ajfa-3998	1	53	of	of	ADP
ajfa-3998	1	54	delhi	delhi	PROPN
ajfa-3998	1	55	benito	benito	PROPN
ajfa-3998	1	56	juarez	juarez	PROPN
ajfa-3998	1	57	road	road	PROPN
ajfa-3998	1	58	,	,	PUNCT
ajfa-3998	1	59	dhaula	dhaula	PROPN
ajfa-3998	1	60	kuan	kuan	PROPN
ajfa-3998	1	61	,	,	PUNCT
ajfa-3998	1	62	delhi	delhi	PROPN
ajfa-3998	1	63	,	,	PUNCT
ajfa-3998	1	64	india	india	PROPN
ajfa-3998	1	65	e	e	PROPN
ajfa-3998	1	66	-	-	NOUN
ajfa-3998	1	67	mail	mail	NOUN
ajfa-3998	1	68	:	:	PUNCT
ajfa-3998	1	69	sanjayfin15@yahoo.co.in	sanjayfin15@yahoo.co.in	PROPN
ajfa-3998	1	70	shruti	shruti	PROPN
ajfa-3998	1	71	mathur	mathur	PROPN
ajfa-3998	1	72	(	(	PUNCT
ajfa-3998	1	73	corresponding	corresponding	ADJ
ajfa-3998	1	74	author	author	NOUN
ajfa-3998	1	75	)	)	PUNCT
ajfa-3998	1	76	assistant	assistant	NOUN
ajfa-3998	1	77	professor	professor	NOUN
ajfa-3998	1	78	,	,	PUNCT
ajfa-3998	1	79	sri	sri	PROPN
ajfa-3998	1	80	venkateswara	venkateswara	PROPN
ajfa-3998	1	81	college	college	PROPN
ajfa-3998	1	82	,	,	PUNCT
ajfa-3998	1	83	university	university	PROPN
ajfa-3998	1	84	of	of	ADP
ajfa-3998	1	85	delhi	delhi	PROPN
ajfa-3998	1	86	benito	benito	PROPN
ajfa-3998	1	87	juarez	juarez	PROPN
ajfa-3998	1	88	road	road	PROPN
ajfa-3998	1	89	,	,	PUNCT
ajfa-3998	1	90	dhaula	dhaula	PROPN
ajfa-3998	1	91	kuan	kuan	PROPN
ajfa-3998	1	92	,	,	PUNCT
ajfa-3998	1	93	delhi	delhi	PROPN
ajfa-3998	1	94	,	,	PUNCT
ajfa-3998	1	95	india	india	PROPN
ajfa-3998	1	96	e	e	PROPN
ajfa-3998	1	97	-	-	NOUN
ajfa-3998	1	98	mail	mail	NOUN
ajfa-3998	1	99	:	:	PUNCT
ajfa-3998	1	100	shrutimathur25@gmail.com	shrutimathur25@gmail.com	X
ajfa-3998	1	101	received	receive	VERB
ajfa-3998	1	102	:	:	PUNCT
ajfa-3998	1	103	july	july	PROPN
ajfa-3998	1	104	12	12	NUM
ajfa-3998	1	105	,	,	PUNCT
ajfa-3998	1	106	2013	2013	NUM
ajfa-3998	1	107	accepted	accept	VERB
ajfa-3998	1	108	:	:	PUNCT
ajfa-3998	1	109	september	september	PROPN
ajfa-3998	1	110	7	7	NUM
ajfa-3998	1	111	,	,	PUNCT
ajfa-3998	1	112	2013	2013	NUM
ajfa-3998	1	113	published	publish	VERB
ajfa-3998	1	114	:	:	PUNCT
ajfa-3998	1	115	december	december	PROPN
ajfa-3998	1	116	1	1	NUM
ajfa-3998	1	117	,	,	PUNCT
ajfa-3998	2	1	2013	2013	NUM
ajfa-3998	2	2	doi:10.5296	doi:10.5296	NOUN
ajfa-3998	2	3	/	/	SYM
ajfa-3998	2	4	ajfa.v5i2.3998	ajfa.v5i2.3998	PRON
ajfa-3998	2	5	url	url	PROPN
ajfa-3998	2	6	:	:	PUNCT
ajfa-3998	2	7	http://dx.doi.org/10.5296/ajfa.v5i2.3998	http://dx.doi.org/10.5296/ajfa.v5i2.3998	X
ajfa-3998	2	8	abstract	abstract	NOUN
ajfa-3998	2	9	we	we	PRON
ajfa-3998	2	10	study	study	VERB
ajfa-3998	2	11	the	the	DET
ajfa-3998	2	12	cross	cross	NOUN
ajfa-3998	2	13	–	–	PUNCT
ajfa-3998	2	14	sectional	sectional	ADJ
ajfa-3998	2	15	variation	variation	NOUN
ajfa-3998	2	16	in	in	ADP
ajfa-3998	2	17	stock	stock	NOUN
ajfa-3998	2	18	price	price	NOUN
ajfa-3998	2	19	reaction	reaction	NOUN
ajfa-3998	2	20	to	to	ADP
ajfa-3998	2	21	bond	bond	NOUN
ajfa-3998	2	22	rating	rating	NOUN
ajfa-3998	2	23	changes	change	NOUN
ajfa-3998	2	24	for	for	ADP
ajfa-3998	2	25	india	india	PROPN
ajfa-3998	2	26	.	.	PUNCT
ajfa-3998	3	1	pre	pre	VERB
ajfa-3998	4	1	–	–	PUNCT
ajfa-3998	4	2	event	event	NOUN
ajfa-3998	4	3	returns	return	NOUN
ajfa-3998	4	4	are	be	AUX
ajfa-3998	4	5	significant	significant	ADJ
ajfa-3998	4	6	for	for	ADP
ajfa-3998	4	7	downgrades	downgrade	NOUN
ajfa-3998	4	8	but	but	CCONJ
ajfa-3998	4	9	not	not	PART
ajfa-3998	4	10	for	for	ADP
ajfa-3998	4	11	upgrades	upgrade	NOUN
ajfa-3998	4	12	implying	imply	VERB
ajfa-3998	4	13	that	that	SCONJ
ajfa-3998	4	14	investors	investor	NOUN
ajfa-3998	4	15	are	be	AUX
ajfa-3998	4	16	able	able	ADJ
ajfa-3998	4	17	to	to	PART
ajfa-3998	4	18	anticipate	anticipate	VERB
ajfa-3998	4	19	bad	bad	ADJ
ajfa-3998	4	20	news	news	NOUN
ajfa-3998	4	21	more	more	ADJ
ajfa-3998	4	22	than	than	ADP
ajfa-3998	4	23	good	good	ADJ
ajfa-3998	4	24	news	news	NOUN
ajfa-3998	4	25	.	.	PUNCT
ajfa-3998	5	1	significant	significant	ADJ
ajfa-3998	5	2	post	post	NOUN
ajfa-3998	5	3	event	event	NOUN
ajfa-3998	5	4	abnormal	abnormal	ADJ
ajfa-3998	5	5	returns	return	NOUN
ajfa-3998	5	6	are	be	AUX
ajfa-3998	5	7	observed	observe	VERB
ajfa-3998	5	8	for	for	ADP
ajfa-3998	5	9	rating	rating	NOUN
ajfa-3998	5	10	upgrades	upgrade	NOUN
ajfa-3998	5	11	suggesting	suggest	VERB
ajfa-3998	5	12	the	the	DET
ajfa-3998	5	13	dominance	dominance	NOUN
ajfa-3998	5	14	of	of	ADP
ajfa-3998	5	15	signalling	signal	VERB
ajfa-3998	5	16	effect	effect	NOUN
ajfa-3998	5	17	.	.	PUNCT
ajfa-3998	6	1	no	no	DET
ajfa-3998	6	2	post	post	NOUN
ajfa-3998	6	3	event	event	NOUN
ajfa-3998	6	4	abnormal	abnormal	ADJ
ajfa-3998	6	5	returns	return	NOUN
ajfa-3998	6	6	are	be	AUX
ajfa-3998	6	7	seen	see	VERB
ajfa-3998	6	8	in	in	ADP
ajfa-3998	6	9	case	case	NOUN
ajfa-3998	6	10	of	of	ADP
ajfa-3998	6	11	downgrades	downgrade	NOUN
ajfa-3998	6	12	owing	owe	VERB
ajfa-3998	6	13	to	to	ADP
ajfa-3998	6	14	anticipation	anticipation	NOUN
ajfa-3998	6	15	and	and	CCONJ
ajfa-3998	6	16	early	early	ADJ
ajfa-3998	6	17	investor	investor	NOUN
ajfa-3998	6	18	reaction	reaction	NOUN
ajfa-3998	6	19	in	in	ADP
ajfa-3998	6	20	the	the	DET
ajfa-3998	6	21	pre	pre	NOUN
ajfa-3998	6	22	–	–	PUNCT
ajfa-3998	6	23	event	event	NOUN
ajfa-3998	6	24	period	period	NOUN
ajfa-3998	6	25	.	.	PUNCT
ajfa-3998	7	1	it	it	PRON
ajfa-3998	7	2	was	be	AUX
ajfa-3998	7	3	found	find	VERB
ajfa-3998	7	4	that	that	SCONJ
ajfa-3998	7	5	firm	firm	ADJ
ajfa-3998	7	6	chacterstics	chacterstic	NOUN
ajfa-3998	7	7	do	do	AUX
ajfa-3998	7	8	impact	impact	VERB
ajfa-3998	7	9	the	the	DET
ajfa-3998	7	10	relationship	relationship	NOUN
ajfa-3998	7	11	between	between	ADP
ajfa-3998	7	12	bond	bond	NOUN
ajfa-3998	7	13	rating	rating	NOUN
ajfa-3998	7	14	changes	change	NOUN
ajfa-3998	7	15	and	and	CCONJ
ajfa-3998	7	16	stock	stock	NOUN
ajfa-3998	7	17	returns	return	NOUN
ajfa-3998	7	18	.	.	PUNCT
ajfa-3998	8	1	small	small	ADJ
ajfa-3998	8	2	size	size	NOUN
ajfa-3998	8	3	,	,	PUNCT
ajfa-3998	8	4	low	low	ADJ
ajfa-3998	8	5	p	p	X
ajfa-3998	8	6	/	/	SYM
ajfa-3998	8	7	b	b	NOUN
ajfa-3998	8	8	,	,	PUNCT
ajfa-3998	8	9	less	less	ADV
ajfa-3998	8	10	liquid	liquid	ADJ
ajfa-3998	8	11	,	,	PUNCT
ajfa-3998	8	12	high	high	ADJ
ajfa-3998	8	13	leverage	leverage	NOUN
ajfa-3998	8	14	,	,	PUNCT
ajfa-3998	8	15	more	more	ADV
ajfa-3998	8	16	intangible	intangible	ADJ
ajfa-3998	8	17	assets	asset	NOUN
ajfa-3998	8	18	and	and	CCONJ
ajfa-3998	8	19	less	less	ADV
ajfa-3998	8	20	profitable	profitable	ADJ
ajfa-3998	8	21	companies	company	NOUN
ajfa-3998	8	22	tend	tend	VERB
ajfa-3998	8	23	to	to	PART
ajfa-3998	8	24	provide	provide	VERB
ajfa-3998	8	25	positive	positive	ADJ
ajfa-3998	8	26	returns	return	NOUN
ajfa-3998	8	27	after	after	ADP
ajfa-3998	8	28	downgrades	downgrade	NOUN
ajfa-3998	8	29	implying	imply	VERB
ajfa-3998	8	30	wealth	wealth	NOUN
ajfa-3998	8	31	redistribution	redistribution	NOUN
ajfa-3998	8	32	effect	effect	NOUN
ajfa-3998	8	33	.	.	PUNCT
ajfa-3998	9	1	they	they	PRON
ajfa-3998	9	2	also	also	ADV
ajfa-3998	9	3	generally	generally	ADV
ajfa-3998	9	4	provide	provide	VERB
ajfa-3998	9	5	positive	positive	ADJ
ajfa-3998	9	6	post	post	NOUN
ajfa-3998	9	7	–	–	PUNCT
ajfa-3998	9	8	upgrade	upgrade	VERB
ajfa-3998	9	9	returns	return	NOUN
ajfa-3998	9	10	indicating	indicate	VERB
ajfa-3998	9	11	signalling	signal	VERB
ajfa-3998	9	12	effect	effect	NOUN
ajfa-3998	9	13	.	.	PUNCT
ajfa-3998	10	1	analysing	analyse	VERB
ajfa-3998	10	2	factors	factor	NOUN
ajfa-3998	10	3	that	that	PRON
ajfa-3998	10	4	influence	influence	NOUN
ajfa-3998	10	5	postrating	postrate	VERB
ajfa-3998	10	6	performance	performance	NOUN
ajfa-3998	10	7	one	one	NUM
ajfa-3998	10	8	confirms	confirm	VERB
ajfa-3998	10	9	negative	negative	ADJ
ajfa-3998	10	10	relationship	relationship	NOUN
ajfa-3998	10	11	between	between	ADP
ajfa-3998	10	12	pre	pre	NOUN
ajfa-3998	10	13	and	and	CCONJ
ajfa-3998	10	14	post	post	VERB
ajfa-3998	10	15	downgrade	downgrade	NOUN
ajfa-3998	10	16	returns	return	NOUN
ajfa-3998	10	17	as	as	ADV
ajfa-3998	10	18	well	well	ADV
ajfa-3998	10	19	as	as	ADP
ajfa-3998	10	20	magnitude	magnitude	NOUN
ajfa-3998	10	21	of	of	ADP
ajfa-3998	10	22	rating	rating	NOUN
ajfa-3998	10	23	change	change	NOUN
ajfa-3998	10	24	and	and	CCONJ
ajfa-3998	10	25	post	post	NOUN
ajfa-3998	10	26	–	–	PUNCT
ajfa-3998	10	27	downgrade	downgrade	VERB
ajfa-3998	10	28	returns	return	NOUN
ajfa-3998	10	29	.	.	PUNCT
ajfa-3998	11	1	our	our	PRON
ajfa-3998	11	2	findings	finding	NOUN
ajfa-3998	11	3	shall	shall	AUX
ajfa-3998	11	4	be	be	AUX
ajfa-3998	11	5	highly	highly	ADV
ajfa-3998	11	6	useful	useful	ADJ
ajfa-3998	11	7	for	for	ADP
ajfa-3998	11	8	policy	policy	NOUN
ajfa-3998	11	9	makers	maker	NOUN
ajfa-3998	11	10	,	,	PUNCT
ajfa-3998	11	11	credit	credit	NOUN
ajfa-3998	11	12	rating	rating	NOUN
ajfa-3998	11	13	agencies	agency	NOUN
ajfa-3998	11	14	,	,	PUNCT
ajfa-3998	11	15	investment	investment	NOUN
ajfa-3998	11	16	analysts	analyst	NOUN
ajfa-3998	11	17	,	,	PUNCT
ajfa-3998	11	18	bankers	banker	NOUN
ajfa-3998	11	19	and	and	CCONJ
ajfa-3998	11	20	academicians	academician	NOUN
ajfa-3998	11	21	.	.	PUNCT
ajfa-3998	12	1	the	the	DET
ajfa-3998	12	2	research	research	NOUN
ajfa-3998	12	3	contributes	contribute	VERB
ajfa-3998	12	4	to	to	ADP
ajfa-3998	12	5	bond	bond	NOUN
ajfa-3998	12	6	rating	rating	NOUN
ajfa-3998	12	7	and	and	CCONJ
ajfa-3998	12	8	market	market	NOUN
ajfa-3998	12	9	efficiency	efficiency	NOUN
ajfa-3998	12	10	literature	literature	NOUN
ajfa-3998	12	11	for	for	ADP
ajfa-3998	12	12	emerging	emerge	VERB
ajfa-3998	12	13	markets	market	NOUN
ajfa-3998	12	14	.	.	PUNCT
ajfa-3998	13	1	asian	asian	ADJ
ajfa-3998	13	2	journal	journal	PROPN
ajfa-3998	13	3	of	of	ADP
ajfa-3998	13	4	finance	finance	PROPN
ajfa-3998	13	5	&	&	CCONJ
ajfa-3998	13	6	accounting	accounting	PROPN
ajfa-3998	13	7	issn	issn	PROPN
ajfa-3998	13	8	1946	1946	NUM
ajfa-3998	13	9	-	-	PUNCT
ajfa-3998	13	10	052x	052x	NOUN
ajfa-3998	13	11	2013	2013	NUM
ajfa-3998	13	12	,	,	PUNCT
ajfa-3998	13	13	vol	vol	NOUN
ajfa-3998	13	14	.	.	PROPN
ajfa-3998	13	15	5	5	NUM
ajfa-3998	13	16	,	,	PUNCT
ajfa-3998	13	17	no	no	INTJ
ajfa-3998	13	18	.	.	NOUN
ajfa-3998	13	19	2	2	NUM
ajfa-3998	13	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	13	21	48	48	NUM
ajfa-3998	13	22	keywords	keyword	NOUN
ajfa-3998	13	23	:	:	PUNCT
ajfa-3998	13	24	bond	bond	NOUN
ajfa-3998	13	25	ratings	rating	NOUN
ajfa-3998	13	26	,	,	PUNCT
ajfa-3998	13	27	stock	stock	NOUN
ajfa-3998	13	28	price	price	NOUN
ajfa-3998	13	29	reaction	reaction	NOUN
ajfa-3998	13	30	,	,	PUNCT
ajfa-3998	13	31	wealth	wealth	NOUN
ajfa-3998	13	32	redistribution	redistribution	NOUN
ajfa-3998	13	33	and	and	CCONJ
ajfa-3998	13	34	signalling	signal	VERB
ajfa-3998	13	35	effect	effect	NOUN
ajfa-3998	13	36	,	,	PUNCT
ajfa-3998	13	37	firm	firm	ADJ
ajfa-3998	13	38	characteristics	characteristic	NOUN
ajfa-3998	13	39	,	,	PUNCT
ajfa-3998	13	40	event	event	NOUN
ajfa-3998	13	41	study	study	VERB
ajfa-3998	13	42	analysis	analysis	NOUN
ajfa-3998	13	43	jel	jel	PROPN
ajfa-3998	13	44	codes	code	NOUN
ajfa-3998	13	45	:	:	PUNCT
ajfa-3998	13	46	g14	g14	PROPN
ajfa-3998	13	47	,	,	PUNCT
ajfa-3998	13	48	g24	g24	NOUN
ajfa-3998	13	49	,	,	PUNCT
ajfa-3998	13	50	c12	c12	PROPN
ajfa-3998	13	51	,	,	PUNCT
ajfa-3998	13	52	c13	c13	PROPN
ajfa-3998	13	53	asian	asian	PROPN
ajfa-3998	13	54	journal	journal	PROPN
ajfa-3998	13	55	of	of	ADP
ajfa-3998	13	56	finance	finance	PROPN
ajfa-3998	13	57	&	&	CCONJ
ajfa-3998	13	58	accounting	accounting	PROPN
ajfa-3998	13	59	issn	issn	PROPN
ajfa-3998	13	60	1946	1946	NUM
ajfa-3998	13	61	-	-	PUNCT
ajfa-3998	13	62	052x	052x	NOUN
ajfa-3998	13	63	2013	2013	NUM
ajfa-3998	13	64	,	,	PUNCT
ajfa-3998	13	65	vol	vol	NOUN
ajfa-3998	13	66	.	.	PROPN
ajfa-3998	13	67	5	5	NUM
ajfa-3998	13	68	,	,	PUNCT
ajfa-3998	13	69	no	no	INTJ
ajfa-3998	13	70	.	.	NOUN
ajfa-3998	13	71	2	2	NUM
ajfa-3998	13	72	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	13	73	49	49	NUM
ajfa-3998	13	74	1	1	NUM
ajfa-3998	13	75	.	.	PUNCT
ajfa-3998	14	1	introduction	introduction	NOUN
ajfa-3998	14	2	credit	credit	NOUN
ajfa-3998	14	3	rating	rating	NOUN
ajfa-3998	14	4	agencies	agency	NOUN
ajfa-3998	14	5	play	play	VERB
ajfa-3998	14	6	a	a	DET
ajfa-3998	14	7	very	very	ADV
ajfa-3998	14	8	vital	vital	ADJ
ajfa-3998	14	9	role	role	NOUN
ajfa-3998	14	10	in	in	ADP
ajfa-3998	14	11	the	the	DET
ajfa-3998	14	12	financial	financial	ADJ
ajfa-3998	14	13	markets	market	NOUN
ajfa-3998	14	14	by	by	ADP
ajfa-3998	14	15	providing	provide	VERB
ajfa-3998	14	16	an	an	DET
ajfa-3998	14	17	opinion	opinion	NOUN
ajfa-3998	14	18	about	about	ADP
ajfa-3998	14	19	the	the	DET
ajfa-3998	14	20	‘	'	PUNCT
ajfa-3998	14	21	quality	quality	NOUN
ajfa-3998	14	22	’	'	PUNCT
ajfa-3998	14	23	or	or	CCONJ
ajfa-3998	14	24	‘	'	PUNCT
ajfa-3998	14	25	creditworthiness	creditworthiness	NOUN
ajfa-3998	14	26	’	'	PUNCT
ajfa-3998	14	27	of	of	ADP
ajfa-3998	14	28	a	a	DET
ajfa-3998	14	29	particular	particular	ADJ
ajfa-3998	14	30	debt	debt	NOUN
ajfa-3998	14	31	instrument	instrument	NOUN
ajfa-3998	14	32	to	to	ADP
ajfa-3998	14	33	the	the	DET
ajfa-3998	14	34	investors	investor	NOUN
ajfa-3998	14	35	.	.	PUNCT
ajfa-3998	15	1	the	the	DET
ajfa-3998	15	2	ratings	rating	NOUN
ajfa-3998	15	3	define	define	VERB
ajfa-3998	15	4	the	the	DET
ajfa-3998	15	5	default	default	NOUN
ajfa-3998	15	6	risk	risk	NOUN
ajfa-3998	15	7	for	for	ADP
ajfa-3998	15	8	the	the	DET
ajfa-3998	15	9	bond	bond	NOUN
ajfa-3998	15	10	issue	issue	NOUN
ajfa-3998	15	11	over	over	ADP
ajfa-3998	15	12	its	its	PRON
ajfa-3998	15	13	life	life	NOUN
ajfa-3998	15	14	.	.	PUNCT
ajfa-3998	16	1	while	while	SCONJ
ajfa-3998	16	2	the	the	DET
ajfa-3998	16	3	investors	investor	NOUN
ajfa-3998	16	4	gain	gain	VERB
ajfa-3998	16	5	from	from	ADP
ajfa-3998	16	6	this	this	DET
ajfa-3998	16	7	assessment	assessment	NOUN
ajfa-3998	16	8	,	,	PUNCT
ajfa-3998	16	9	it	it	PRON
ajfa-3998	16	10	is	be	AUX
ajfa-3998	16	11	claimed	claim	VERB
ajfa-3998	16	12	that	that	SCONJ
ajfa-3998	16	13	the	the	DET
ajfa-3998	16	14	firms	firm	NOUN
ajfa-3998	16	15	also	also	ADV
ajfa-3998	16	16	benefit	benefit	VERB
ajfa-3998	16	17	because	because	SCONJ
ajfa-3998	16	18	ratings	rating	NOUN
ajfa-3998	16	19	and	and	CCONJ
ajfa-3998	16	20	subsequent	subsequent	ADJ
ajfa-3998	16	21	rating	rating	NOUN
ajfa-3998	16	22	changes	change	NOUN
ajfa-3998	16	23	are	be	AUX
ajfa-3998	16	24	an	an	DET
ajfa-3998	16	25	effective	effective	ADJ
ajfa-3998	16	26	means	mean	NOUN
ajfa-3998	16	27	of	of	ADP
ajfa-3998	16	28	conveying	convey	VERB
ajfa-3998	16	29	confidential	confidential	ADJ
ajfa-3998	16	30	inside	inside	ADJ
ajfa-3998	16	31	information	information	NOUN
ajfa-3998	16	32	to	to	ADP
ajfa-3998	16	33	the	the	DET
ajfa-3998	16	34	investors	investor	NOUN
ajfa-3998	16	35	without	without	ADP
ajfa-3998	16	36	revealing	reveal	VERB
ajfa-3998	16	37	anything	anything	PRON
ajfa-3998	16	38	to	to	ADP
ajfa-3998	16	39	the	the	DET
ajfa-3998	16	40	competitors	competitor	NOUN
ajfa-3998	16	41	(	(	PUNCT
ajfa-3998	16	42	kliger	kliger	NOUN
ajfa-3998	16	43	and	and	CCONJ
ajfa-3998	16	44	sarig	sarig	NOUN
ajfa-3998	16	45	,	,	PUNCT
ajfa-3998	16	46	2000	2000	NUM
ajfa-3998	16	47	;	;	PUNCT
ajfa-3998	16	48	bannier	bannier	NOUN
ajfa-3998	16	49	and	and	CCONJ
ajfa-3998	16	50	hirsch	hirsch	PROPN
ajfa-3998	16	51	,	,	PUNCT
ajfa-3998	16	52	2010	2010	NUM
ajfa-3998	16	53	)	)	PUNCT
ajfa-3998	16	54	.	.	PUNCT
ajfa-3998	17	1	however	however	ADV
ajfa-3998	17	2	,	,	PUNCT
ajfa-3998	17	3	recently	recently	ADV
ajfa-3998	17	4	the	the	DET
ajfa-3998	17	5	rating	rating	NOUN
ajfa-3998	17	6	agencies	agency	NOUN
ajfa-3998	17	7	have	have	AUX
ajfa-3998	17	8	been	be	AUX
ajfa-3998	17	9	severely	severely	ADV
ajfa-3998	17	10	criticized	criticize	VERB
ajfa-3998	17	11	.	.	PUNCT
ajfa-3998	18	1	the	the	DET
ajfa-3998	18	2	lack	lack	NOUN
ajfa-3998	18	3	of	of	ADP
ajfa-3998	18	4	prompt	prompt	ADJ
ajfa-3998	18	5	response	response	NOUN
ajfa-3998	18	6	by	by	ADP
ajfa-3998	18	7	the	the	DET
ajfa-3998	18	8	rating	rating	NOUN
ajfa-3998	18	9	agencies	agency	NOUN
ajfa-3998	18	10	during	during	ADP
ajfa-3998	18	11	the	the	DET
ajfa-3998	18	12	east	east	ADJ
ajfa-3998	18	13	asian	asian	ADJ
ajfa-3998	18	14	financial	financial	ADJ
ajfa-3998	18	15	crisis	crisis	NOUN
ajfa-3998	18	16	(	(	PUNCT
ajfa-3998	18	17	1997	1997	NUM
ajfa-3998	18	18	)	)	PUNCT
ajfa-3998	18	19	,	,	PUNCT
ajfa-3998	18	20	the	the	DET
ajfa-3998	18	21	failures	failure	NOUN
ajfa-3998	18	22	of	of	ADP
ajfa-3998	18	23	enron	enron	PROPN
ajfa-3998	18	24	(	(	PUNCT
ajfa-3998	18	25	2001	2001	NUM
ajfa-3998	18	26	)	)	PUNCT
ajfa-3998	18	27	,	,	PUNCT
ajfa-3998	18	28	worldcom	worldcom	PROPN
ajfa-3998	18	29	(	(	PUNCT
ajfa-3998	18	30	2002	2002	NUM
ajfa-3998	18	31	)	)	PUNCT
ajfa-3998	18	32	and	and	CCONJ
ajfa-3998	18	33	subprime	subprime	ADJ
ajfa-3998	18	34	mortgage	mortgage	NOUN
ajfa-3998	18	35	crisis	crisis	NOUN
ajfa-3998	18	36	(	(	PUNCT
ajfa-3998	18	37	2008	2008	NUM
ajfa-3998	18	38	)	)	PUNCT
ajfa-3998	18	39	have	have	AUX
ajfa-3998	18	40	put	put	VERB
ajfa-3998	18	41	a	a	DET
ajfa-3998	18	42	question	question	NOUN
ajfa-3998	18	43	mark	mark	NOUN
ajfa-3998	18	44	on	on	ADP
ajfa-3998	18	45	their	their	PRON
ajfa-3998	18	46	reliability	reliability	NOUN
ajfa-3998	18	47	and	and	CCONJ
ajfa-3998	18	48	credibility	credibility	NOUN
ajfa-3998	18	49	.	.	PUNCT
ajfa-3998	19	1	the	the	DET
ajfa-3998	19	2	issue	issue	NOUN
ajfa-3998	19	3	regarding	regard	VERB
ajfa-3998	19	4	the	the	DET
ajfa-3998	19	5	informational	informational	ADJ
ajfa-3998	19	6	content	content	NOUN
ajfa-3998	19	7	of	of	ADP
ajfa-3998	19	8	the	the	DET
ajfa-3998	19	9	ratings	rating	NOUN
ajfa-3998	19	10	has	have	AUX
ajfa-3998	19	11	been	be	AUX
ajfa-3998	19	12	debated	debate	VERB
ajfa-3998	19	13	.	.	PUNCT
ajfa-3998	20	1	one	one	NUM
ajfa-3998	20	2	school	school	NOUN
ajfa-3998	20	3	of	of	ADP
ajfa-3998	20	4	thought	thought	NOUN
ajfa-3998	20	5	believes	believe	VERB
ajfa-3998	20	6	that	that	SCONJ
ajfa-3998	20	7	ratings	rating	NOUN
ajfa-3998	20	8	only	only	ADV
ajfa-3998	20	9	lower	low	ADJ
ajfa-3998	20	10	the	the	DET
ajfa-3998	20	11	borrowing	borrowing	NOUN
ajfa-3998	20	12	costs	cost	NOUN
ajfa-3998	20	13	but	but	CCONJ
ajfa-3998	20	14	do	do	AUX
ajfa-3998	20	15	not	not	PART
ajfa-3998	20	16	tell	tell	VERB
ajfa-3998	20	17	anything	anything	PRON
ajfa-3998	20	18	new	new	ADJ
ajfa-3998	20	19	(	(	PUNCT
ajfa-3998	20	20	wakeman	wakeman	NOUN
ajfa-3998	20	21	,	,	PUNCT
ajfa-3998	20	22	1990	1990	NUM
ajfa-3998	20	23	)	)	PUNCT
ajfa-3998	20	24	.	.	PUNCT
ajfa-3998	21	1	the	the	DET
ajfa-3998	21	2	agency	agency	NOUN
ajfa-3998	21	3	’s	’s	PART
ajfa-3998	21	4	rating	rating	NOUN
ajfa-3998	21	5	change	change	NOUN
ajfa-3998	21	6	action	action	NOUN
ajfa-3998	21	7	is	be	AUX
ajfa-3998	21	8	based	base	VERB
ajfa-3998	21	9	on	on	ADP
ajfa-3998	21	10	publicly	publicly	ADV
ajfa-3998	21	11	available	available	ADJ
ajfa-3998	21	12	information	information	NOUN
ajfa-3998	21	13	and	and	CCONJ
ajfa-3998	21	14	lags	lag	VERB
ajfa-3998	21	15	the	the	DET
ajfa-3998	21	16	event	event	NOUN
ajfa-3998	21	17	.	.	PUNCT
ajfa-3998	22	1	thus	thus	ADV
ajfa-3998	22	2	,	,	PUNCT
ajfa-3998	22	3	the	the	DET
ajfa-3998	22	4	announcement	announcement	NOUN
ajfa-3998	22	5	of	of	ADP
ajfa-3998	22	6	bond	bond	NOUN
ajfa-3998	22	7	rating	rating	NOUN
ajfa-3998	22	8	changes	change	NOUN
ajfa-3998	22	9	would	would	AUX
ajfa-3998	22	10	not	not	PART
ajfa-3998	22	11	affect	affect	VERB
ajfa-3998	22	12	market	market	NOUN
ajfa-3998	22	13	prices	price	NOUN
ajfa-3998	22	14	,	,	PUNCT
ajfa-3998	22	15	assuming	assume	VERB
ajfa-3998	22	16	the	the	DET
ajfa-3998	22	17	capital	capital	NOUN
ajfa-3998	22	18	markets	market	NOUN
ajfa-3998	22	19	are	be	AUX
ajfa-3998	22	20	efficient	efficient	ADJ
ajfa-3998	22	21	in	in	ADP
ajfa-3998	22	22	semi	semi	ADJ
ajfa-3998	22	23	-	-	ADJ
ajfa-3998	22	24	strong	strong	ADJ
ajfa-3998	22	25	form	form	NOUN
ajfa-3998	22	26	.	.	PUNCT
ajfa-3998	23	1	many	many	ADJ
ajfa-3998	23	2	studies	study	NOUN
ajfa-3998	23	3	support	support	VERB
ajfa-3998	23	4	the	the	DET
ajfa-3998	23	5	premise	premise	NOUN
ajfa-3998	23	6	that	that	SCONJ
ajfa-3998	23	7	bond	bond	NOUN
ajfa-3998	23	8	rating	rating	NOUN
ajfa-3998	23	9	changes	change	NOUN
ajfa-3998	23	10	do	do	AUX
ajfa-3998	23	11	not	not	PART
ajfa-3998	23	12	provide	provide	VERB
ajfa-3998	23	13	new	new	ADJ
ajfa-3998	23	14	information	information	NOUN
ajfa-3998	23	15	(	(	PUNCT
ajfa-3998	23	16	pinches	pinches	PROPN
ajfa-3998	23	17	&	&	CCONJ
ajfa-3998	23	18	singleton	singleton	PROPN
ajfa-3998	23	19	,	,	PUNCT
ajfa-3998	23	20	1978	1978	NUM
ajfa-3998	23	21	;	;	PUNCT
ajfa-3998	23	22	creighton	creighton	PROPN
ajfa-3998	23	23	,	,	PUNCT
ajfa-3998	23	24	gower	gower	PROPN
ajfa-3998	23	25	and	and	CCONJ
ajfa-3998	23	26	richards	richard	NOUN
ajfa-3998	23	27	,	,	PUNCT
ajfa-3998	23	28	2007	2007	NUM
ajfa-3998	23	29	;	;	PUNCT
ajfa-3998	23	30	mohindroo	mohindroo	NOUN
ajfa-3998	23	31	,	,	PUNCT
ajfa-3998	23	32	2008	2008	NUM
ajfa-3998	23	33	)	)	PUNCT
ajfa-3998	23	34	.	.	PUNCT
ajfa-3998	24	1	on	on	ADP
ajfa-3998	24	2	the	the	DET
ajfa-3998	24	3	other	other	ADJ
ajfa-3998	24	4	hand	hand	NOUN
ajfa-3998	24	5	,	,	PUNCT
ajfa-3998	24	6	the	the	DET
ajfa-3998	24	7	credit	credit	NOUN
ajfa-3998	24	8	rating	rating	NOUN
ajfa-3998	24	9	agencies	agency	NOUN
ajfa-3998	24	10	claim	claim	VERB
ajfa-3998	24	11	to	to	PART
ajfa-3998	24	12	possess	possess	VERB
ajfa-3998	24	13	superior	superior	ADJ
ajfa-3998	24	14	information	information	NOUN
ajfa-3998	24	15	about	about	ADP
ajfa-3998	24	16	the	the	DET
ajfa-3998	24	17	company	company	NOUN
ajfa-3998	24	18	which	which	PRON
ajfa-3998	24	19	is	be	AUX
ajfa-3998	24	20	used	use	VERB
ajfa-3998	24	21	by	by	ADP
ajfa-3998	24	22	them	they	PRON
ajfa-3998	24	23	for	for	ADP
ajfa-3998	24	24	arriving	arrive	VERB
ajfa-3998	24	25	at	at	ADP
ajfa-3998	24	26	their	their	PRON
ajfa-3998	24	27	ratings	rating	NOUN
ajfa-3998	24	28	(	(	PUNCT
ajfa-3998	24	29	goh	goh	PROPN
ajfa-3998	24	30	and	and	CCONJ
ajfa-3998	24	31	ederington	ederington	NOUN
ajfa-3998	24	32	,	,	PUNCT
ajfa-3998	24	33	1993	1993	NUM
ajfa-3998	24	34	;	;	PUNCT
ajfa-3998	24	35	ederington	ederington	NOUN
ajfa-3998	24	36	and	and	CCONJ
ajfa-3998	24	37	yawitz	yawitz	PROPN
ajfa-3998	24	38	,	,	PUNCT
ajfa-3998	24	39	1987	1987	NUM
ajfa-3998	24	40	)	)	PUNCT
ajfa-3998	24	41	.	.	PUNCT
ajfa-3998	25	1	therefore	therefore	ADV
ajfa-3998	25	2	,	,	PUNCT
ajfa-3998	25	3	any	any	DET
ajfa-3998	25	4	change	change	NOUN
ajfa-3998	25	5	in	in	ADP
ajfa-3998	25	6	the	the	DET
ajfa-3998	25	7	ratings	rating	NOUN
ajfa-3998	25	8	would	would	AUX
ajfa-3998	25	9	affect	affect	VERB
ajfa-3998	25	10	security	security	NOUN
ajfa-3998	25	11	prices	price	NOUN
ajfa-3998	25	12	.	.	PUNCT
ajfa-3998	26	1	again	again	ADV
ajfa-3998	26	2	,	,	PUNCT
ajfa-3998	26	3	the	the	DET
ajfa-3998	26	4	exact	exact	ADJ
ajfa-3998	26	5	nature	nature	NOUN
ajfa-3998	26	6	of	of	ADP
ajfa-3998	26	7	relationship	relationship	NOUN
ajfa-3998	26	8	between	between	ADP
ajfa-3998	26	9	rating	rating	NOUN
ajfa-3998	26	10	changes	change	NOUN
ajfa-3998	26	11	and	and	CCONJ
ajfa-3998	26	12	stock	stock	NOUN
ajfa-3998	26	13	returns	return	NOUN
ajfa-3998	26	14	needs	need	VERB
ajfa-3998	26	15	to	to	PART
ajfa-3998	26	16	be	be	AUX
ajfa-3998	26	17	understood	understand	VERB
ajfa-3998	26	18	.	.	PUNCT
ajfa-3998	27	1	there	there	PRON
ajfa-3998	27	2	are	be	VERB
ajfa-3998	27	3	two	two	NUM
ajfa-3998	27	4	main	main	ADJ
ajfa-3998	27	5	theories	theory	NOUN
ajfa-3998	27	6	which	which	PRON
ajfa-3998	27	7	explain	explain	VERB
ajfa-3998	27	8	the	the	DET
ajfa-3998	27	9	impact	impact	NOUN
ajfa-3998	27	10	of	of	ADP
ajfa-3998	27	11	rating	rating	NOUN
ajfa-3998	27	12	change	change	NOUN
ajfa-3998	27	13	announcements	announcement	NOUN
ajfa-3998	27	14	by	by	ADP
ajfa-3998	27	15	the	the	DET
ajfa-3998	27	16	credit	credit	NOUN
ajfa-3998	27	17	rating	rating	NOUN
ajfa-3998	27	18	agency	agency	NOUN
ajfa-3998	27	19	on	on	ADP
ajfa-3998	27	20	stock	stock	NOUN
ajfa-3998	27	21	prices	price	NOUN
ajfa-3998	27	22	.	.	PUNCT
ajfa-3998	28	1	these	these	PRON
ajfa-3998	28	2	are	be	AUX
ajfa-3998	28	3	-information	-information	ADJ
ajfa-3998	28	4	asymmetry	asymmetry	NOUN
ajfa-3998	28	5	and	and	CCONJ
ajfa-3998	28	6	signalling	signal	VERB
ajfa-3998	28	7	hypothesis	hypothesis	NOUN
ajfa-3998	28	8	and	and	CCONJ
ajfa-3998	28	9	wealth	wealth	NOUN
ajfa-3998	28	10	redistribution	redistribution	NOUN
ajfa-3998	28	11	hypothesis	hypothesis	NOUN
ajfa-3998	28	12	(	(	PUNCT
ajfa-3998	28	13	romero	romero	PROPN
ajfa-3998	28	14	and	and	CCONJ
ajfa-3998	28	15	fernández	fernández	PROPN
ajfa-3998	28	16	,	,	PUNCT
ajfa-3998	28	17	2007	2007	NUM
ajfa-3998	28	18	)	)	PUNCT
ajfa-3998	28	19	.	.	PUNCT
ajfa-3998	29	1	the	the	DET
ajfa-3998	29	2	signalling	signal	VERB
ajfa-3998	29	3	hypothesis	hypothesis	NOUN
ajfa-3998	29	4	suggests	suggest	VERB
ajfa-3998	29	5	that	that	SCONJ
ajfa-3998	29	6	a	a	DET
ajfa-3998	29	7	rating	rating	NOUN
ajfa-3998	29	8	change	change	NOUN
ajfa-3998	29	9	provides	provide	VERB
ajfa-3998	29	10	additional	additional	ADJ
ajfa-3998	29	11	information	information	NOUN
ajfa-3998	29	12	to	to	ADP
ajfa-3998	29	13	the	the	DET
ajfa-3998	29	14	market	market	NOUN
ajfa-3998	29	15	about	about	ADP
ajfa-3998	29	16	total	total	ADJ
ajfa-3998	29	17	value	value	NOUN
ajfa-3998	29	18	of	of	ADP
ajfa-3998	29	19	the	the	DET
ajfa-3998	29	20	firm	firm	NOUN
ajfa-3998	29	21	.	.	PUNCT
ajfa-3998	30	1	a	a	DET
ajfa-3998	30	2	rating	rating	NOUN
ajfa-3998	30	3	change	change	NOUN
ajfa-3998	30	4	may	may	AUX
ajfa-3998	30	5	be	be	AUX
ajfa-3998	30	6	seen	see	VERB
ajfa-3998	30	7	as	as	ADP
ajfa-3998	30	8	a	a	DET
ajfa-3998	30	9	signal	signal	NOUN
ajfa-3998	30	10	indicating	indicate	VERB
ajfa-3998	30	11	future	future	ADJ
ajfa-3998	30	12	earnings	earning	NOUN
ajfa-3998	30	13	and	and	CCONJ
ajfa-3998	30	14	cash	cash	NOUN
ajfa-3998	30	15	flows	flow	NOUN
ajfa-3998	30	16	of	of	ADP
ajfa-3998	30	17	the	the	DET
ajfa-3998	30	18	issuer	issuer	NOUN
ajfa-3998	30	19	.	.	PUNCT
ajfa-3998	31	1	hence	hence	ADV
ajfa-3998	31	2	,	,	PUNCT
ajfa-3998	31	3	a	a	DET
ajfa-3998	31	4	rating	rating	NOUN
ajfa-3998	31	5	downgrade	downgrade	NOUN
ajfa-3998	31	6	is	be	AUX
ajfa-3998	31	7	associated	associate	VERB
ajfa-3998	31	8	with	with	ADP
ajfa-3998	31	9	a	a	DET
ajfa-3998	31	10	decline	decline	NOUN
ajfa-3998	31	11	in	in	ADP
ajfa-3998	31	12	stock	stock	NOUN
ajfa-3998	31	13	prices	price	NOUN
ajfa-3998	31	14	(	(	PUNCT
ajfa-3998	31	15	hand	hand	NOUN
ajfa-3998	31	16	,	,	PUNCT
ajfa-3998	31	17	holthausen	holthausen	NOUN
ajfa-3998	31	18	and	and	CCONJ
ajfa-3998	31	19	leftwich	leftwich	PROPN
ajfa-3998	31	20	,	,	PUNCT
ajfa-3998	31	21	1992	1992	NUM
ajfa-3998	31	22	;	;	PUNCT
ajfa-3998	31	23	elayan	elayan	PROPN
ajfa-3998	31	24	,	,	PUNCT
ajfa-3998	31	25	maris	maris	PROPN
ajfa-3998	31	26	and	and	CCONJ
ajfa-3998	31	27	young	young	ADJ
ajfa-3998	31	28	,	,	PUNCT
ajfa-3998	31	29	1996	1996	NUM
ajfa-3998	31	30	;	;	PUNCT
ajfa-3998	31	31	hite	hite	NOUN
ajfa-3998	31	32	and	and	CCONJ
ajfa-3998	31	33	warga	warga	NOUN
ajfa-3998	31	34	,	,	PUNCT
ajfa-3998	31	35	1997	1997	NUM
ajfa-3998	31	36	;	;	PUNCT
ajfa-3998	31	37	barron	barron	PROPN
ajfa-3998	31	38	,	,	PUNCT
ajfa-3998	31	39	clare	clare	NOUN
ajfa-3998	31	40	and	and	CCONJ
ajfa-3998	31	41	thomas	thomas	PROPN
ajfa-3998	31	42	,	,	PUNCT
ajfa-3998	31	43	1997	1997	NUM
ajfa-3998	31	44	;	;	PUNCT
ajfa-3998	31	45	dichev	dichev	NOUN
ajfa-3998	31	46	and	and	CCONJ
ajfa-3998	31	47	piotrosky	piotrosky	NOUN
ajfa-3998	31	48	,	,	PUNCT
ajfa-3998	31	49	2001	2001	NUM
ajfa-3998	31	50	;	;	PUNCT
ajfa-3998	31	51	choy	choy	NOUN
ajfa-3998	31	52	,	,	PUNCT
ajfa-3998	31	53	gray	gray	ADJ
ajfa-3998	31	54	and	and	CCONJ
ajfa-3998	31	55	ragunathan	ragunathan	NOUN
ajfa-3998	31	56	,	,	PUNCT
ajfa-3998	31	57	2006	2006	NUM
ajfa-3998	31	58	;	;	PUNCT
ajfa-3998	31	59	gropp	gropp	PROPN
ajfa-3998	31	60	and	and	CCONJ
ajfa-3998	31	61	richards	richard	NOUN
ajfa-3998	31	62	,	,	PUNCT
ajfa-3998	31	63	2001	2001	NUM
ajfa-3998	31	64	;	;	PUNCT
ajfa-3998	31	65	benjamin	benjamin	PROPN
ajfa-3998	31	66	,	,	PUNCT
ajfa-3998	31	67	2008	2008	NUM
ajfa-3998	31	68	;	;	PUNCT
ajfa-3998	31	69	avramov	avramov	PROPN
ajfa-3998	31	70	et	et	PROPN
ajfa-3998	31	71	al	al	PROPN
ajfa-3998	31	72	.	.	PROPN
ajfa-3998	31	73	2009	2009	NUM
ajfa-3998	31	74	;	;	PUNCT
ajfa-3998	31	75	chakravarty	chakravarty	NOUN
ajfa-3998	31	76	,	,	PUNCT
ajfa-3998	31	77	chiyachantana	chiyachantana	PROPN
ajfa-3998	31	78	and	and	CCONJ
ajfa-3998	31	79	lee	lee	PROPN
ajfa-3998	31	80	,	,	PUNCT
ajfa-3998	31	81	2009	2009	NUM
ajfa-3998	31	82	;	;	PUNCT
ajfa-3998	31	83	lal	lal	PROPN
ajfa-3998	31	84	and	and	CCONJ
ajfa-3998	31	85	mitra	mitra	PROPN
ajfa-3998	31	86	,	,	PUNCT
ajfa-3998	31	87	2011	2011	NUM
ajfa-3998	31	88	)	)	PUNCT
ajfa-3998	31	89	while	while	SCONJ
ajfa-3998	31	90	an	an	DET
ajfa-3998	31	91	upgrade	upgrade	NOUN
ajfa-3998	31	92	(	(	PUNCT
ajfa-3998	31	93	or	or	CCONJ
ajfa-3998	31	94	placement	placement	NOUN
ajfa-3998	31	95	on	on	ADP
ajfa-3998	31	96	a	a	DET
ajfa-3998	31	97	watch	watch	NOUN
ajfa-3998	31	98	with	with	ADP
ajfa-3998	31	99	positive	positive	ADJ
ajfa-3998	31	100	indications	indication	NOUN
ajfa-3998	31	101	)	)	PUNCT
ajfa-3998	31	102	is	be	AUX
ajfa-3998	31	103	associated	associate	VERB
ajfa-3998	31	104	with	with	ADP
ajfa-3998	31	105	rise	rise	NOUN
ajfa-3998	31	106	in	in	ADP
ajfa-3998	31	107	stock	stock	NOUN
ajfa-3998	31	108	prices	price	NOUN
ajfa-3998	31	109	(	(	PUNCT
ajfa-3998	31	110	barron	barron	PROPN
ajfa-3998	31	111	,	,	PUNCT
ajfa-3998	31	112	clare	clare	NOUN
ajfa-3998	31	113	and	and	CCONJ
ajfa-3998	31	114	thomas	thomas	PROPN
ajfa-3998	31	115	,	,	PUNCT
ajfa-3998	31	116	1997	1997	NUM
ajfa-3998	31	117	;	;	PUNCT
ajfa-3998	31	118	gropp	gropp	PROPN
ajfa-3998	31	119	and	and	CCONJ
ajfa-3998	31	120	richards	richard	NOUN
ajfa-3998	31	121	,	,	PUNCT
ajfa-3998	31	122	2001	2001	NUM
ajfa-3998	31	123	;	;	PUNCT
ajfa-3998	31	124	chakravarty	chakravarty	NOUN
ajfa-3998	31	125	,	,	PUNCT
ajfa-3998	31	126	chiyachantana	chiyachantana	PROPN
ajfa-3998	31	127	and	and	CCONJ
ajfa-3998	31	128	lee	lee	PROPN
ajfa-3998	31	129	,	,	PUNCT
ajfa-3998	31	130	2009	2009	NUM
ajfa-3998	31	131	)	)	PUNCT
ajfa-3998	31	132	.	.	PUNCT
ajfa-3998	32	1	wealth	wealth	NOUN
ajfa-3998	32	2	redistribution	redistribution	NOUN
ajfa-3998	32	3	hypothesis	hypothesis	NOUN
ajfa-3998	32	4	emphasizes	emphasize	VERB
ajfa-3998	32	5	that	that	SCONJ
ajfa-3998	32	6	there	there	PRON
ajfa-3998	32	7	is	be	VERB
ajfa-3998	32	8	usually	usually	ADV
ajfa-3998	32	9	a	a	DET
ajfa-3998	32	10	conflict	conflict	NOUN
ajfa-3998	32	11	between	between	ADP
ajfa-3998	32	12	the	the	DET
ajfa-3998	32	13	interest	interest	NOUN
ajfa-3998	32	14	of	of	ADP
ajfa-3998	32	15	bondholders	bondholder	NOUN
ajfa-3998	32	16	and	and	CCONJ
ajfa-3998	32	17	stockholders	stockholder	NOUN
ajfa-3998	32	18	.	.	PUNCT
ajfa-3998	33	1	the	the	DET
ajfa-3998	33	2	limited	limited	ADJ
ajfa-3998	33	3	liability	liability	NOUN
ajfa-3998	33	4	may	may	AUX
ajfa-3998	33	5	prompt	prompt	VERB
ajfa-3998	33	6	the	the	DET
ajfa-3998	33	7	stockholders	stockholder	NOUN
ajfa-3998	33	8	to	to	PART
ajfa-3998	33	9	invest	invest	VERB
ajfa-3998	33	10	in	in	ADP
ajfa-3998	33	11	riskier	risky	ADJ
ajfa-3998	33	12	options	option	NOUN
ajfa-3998	33	13	to	to	PART
ajfa-3998	33	14	earn	earn	VERB
ajfa-3998	33	15	higher	high	ADJ
ajfa-3998	33	16	return	return	NOUN
ajfa-3998	33	17	.	.	PUNCT
ajfa-3998	34	1	such	such	DET
ajfa-3998	34	2	an	an	DET
ajfa-3998	34	3	approach	approach	NOUN
ajfa-3998	34	4	increases	increase	VERB
ajfa-3998	34	5	the	the	DET
ajfa-3998	34	6	default	default	NOUN
ajfa-3998	34	7	risk	risk	NOUN
ajfa-3998	34	8	of	of	ADP
ajfa-3998	34	9	outstanding	outstanding	ADJ
ajfa-3998	34	10	bonds	bond	NOUN
ajfa-3998	34	11	forcing	force	VERB
ajfa-3998	34	12	the	the	DET
ajfa-3998	34	13	credit	credit	NOUN
ajfa-3998	34	14	rating	rating	NOUN
ajfa-3998	34	15	agencies	agency	NOUN
ajfa-3998	34	16	to	to	PART
ajfa-3998	34	17	downgrade	downgrade	VERB
ajfa-3998	34	18	the	the	DET
ajfa-3998	34	19	rating	rating	NOUN
ajfa-3998	34	20	(	(	PUNCT
ajfa-3998	34	21	romero	romero	PROPN
ajfa-3998	34	22	and	and	CCONJ
ajfa-3998	34	23	fernández	fernández	PROPN
ajfa-3998	34	24	,	,	PUNCT
ajfa-3998	34	25	2007	2007	NUM
ajfa-3998	34	26	)	)	PUNCT
ajfa-3998	34	27	.	.	PUNCT
ajfa-3998	35	1	this	this	PRON
ajfa-3998	35	2	leads	lead	VERB
ajfa-3998	35	3	to	to	ADP
ajfa-3998	35	4	a	a	DET
ajfa-3998	35	5	decline	decline	NOUN
ajfa-3998	35	6	in	in	ADP
ajfa-3998	35	7	the	the	DET
ajfa-3998	35	8	value	value	NOUN
ajfa-3998	35	9	of	of	ADP
ajfa-3998	35	10	bond	bond	NOUN
ajfa-3998	35	11	,	,	PUNCT
ajfa-3998	35	12	which	which	PRON
ajfa-3998	35	13	is	be	AUX
ajfa-3998	35	14	transferred	transfer	VERB
ajfa-3998	35	15	from	from	ADP
ajfa-3998	35	16	bondholders	bondholder	NOUN
ajfa-3998	35	17	to	to	ADP
ajfa-3998	35	18	stockholders	stockholder	NOUN
ajfa-3998	35	19	,	,	PUNCT
ajfa-3998	35	20	leading	lead	VERB
ajfa-3998	35	21	to	to	ADP
ajfa-3998	35	22	a	a	DET
ajfa-3998	35	23	rise	rise	NOUN
ajfa-3998	35	24	in	in	ADP
ajfa-3998	35	25	share	share	NOUN
ajfa-3998	35	26	price	price	NOUN
ajfa-3998	35	27	.	.	PUNCT
ajfa-3998	36	1	conversely	conversely	ADV
ajfa-3998	36	2	,	,	PUNCT
ajfa-3998	36	3	a	a	DET
ajfa-3998	36	4	rating	rating	NOUN
ajfa-3998	36	5	upgrade	upgrade	NOUN
ajfa-3998	36	6	will	will	AUX
ajfa-3998	36	7	asian	asian	ADJ
ajfa-3998	36	8	journal	journal	NOUN
ajfa-3998	36	9	of	of	ADP
ajfa-3998	36	10	finance	finance	PROPN
ajfa-3998	36	11	&	&	CCONJ
ajfa-3998	36	12	accounting	accounting	PROPN
ajfa-3998	36	13	issn	issn	PROPN
ajfa-3998	36	14	1946	1946	NUM
ajfa-3998	36	15	-	-	PUNCT
ajfa-3998	36	16	052x	052x	NOUN
ajfa-3998	36	17	2013	2013	NUM
ajfa-3998	36	18	,	,	PUNCT
ajfa-3998	36	19	vol	vol	NOUN
ajfa-3998	36	20	.	.	PROPN
ajfa-3998	37	1	5	5	NUM
ajfa-3998	37	2	,	,	PUNCT
ajfa-3998	37	3	no	no	INTJ
ajfa-3998	37	4	.	.	NOUN
ajfa-3998	37	5	2	2	NUM
ajfa-3998	37	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	37	7	50	50	NUM
ajfa-3998	37	8	lead	lead	NOUN
ajfa-3998	37	9	to	to	ADP
ajfa-3998	37	10	a	a	DET
ajfa-3998	37	11	decrease	decrease	NOUN
ajfa-3998	37	12	in	in	ADP
ajfa-3998	37	13	stock	stock	NOUN
ajfa-3998	37	14	prices	price	NOUN
ajfa-3998	37	15	.	.	PUNCT
ajfa-3998	38	1	holthausen	holthausen	NOUN
ajfa-3998	38	2	and	and	CCONJ
ajfa-3998	38	3	leftwich	leftwich	PRON
ajfa-3998	38	4	(	(	PUNCT
ajfa-3998	38	5	1986	1986	NUM
ajfa-3998	38	6	)	)	PUNCT
ajfa-3998	38	7	and	and	CCONJ
ajfa-3998	38	8	zaima	zaima	PROPN
ajfa-3998	38	9	and	and	CCONJ
ajfa-3998	38	10	mccarthy	mccarthy	PROPN
ajfa-3998	38	11	(	(	PUNCT
ajfa-3998	38	12	1988	1988	NUM
ajfa-3998	38	13	)	)	PUNCT
ajfa-3998	38	14	also	also	ADV
ajfa-3998	38	15	suggest	suggest	VERB
ajfa-3998	38	16	that	that	SCONJ
ajfa-3998	38	17	if	if	SCONJ
ajfa-3998	38	18	equity	equity	NOUN
ajfa-3998	38	19	shareholders	shareholder	NOUN
ajfa-3998	38	20	are	be	AUX
ajfa-3998	38	21	viewed	view	VERB
ajfa-3998	38	22	as	as	ADP
ajfa-3998	38	23	holding	hold	VERB
ajfa-3998	38	24	an	an	DET
ajfa-3998	38	25	option	option	NOUN
ajfa-3998	38	26	on	on	ADP
ajfa-3998	38	27	the	the	DET
ajfa-3998	38	28	value	value	NOUN
ajfa-3998	38	29	of	of	ADP
ajfa-3998	38	30	the	the	DET
ajfa-3998	38	31	firm	firm	NOUN
ajfa-3998	38	32	with	with	ADP
ajfa-3998	38	33	an	an	DET
ajfa-3998	38	34	exercise	exercise	NOUN
ajfa-3998	38	35	price	price	NOUN
ajfa-3998	38	36	equal	equal	ADJ
ajfa-3998	38	37	to	to	ADP
ajfa-3998	38	38	the	the	DET
ajfa-3998	38	39	par	par	NOUN
ajfa-3998	38	40	value	value	NOUN
ajfa-3998	38	41	of	of	ADP
ajfa-3998	38	42	the	the	DET
ajfa-3998	38	43	firm	firm	NOUN
ajfa-3998	38	44	's	's	PART
ajfa-3998	38	45	debt	debt	NOUN
ajfa-3998	38	46	,	,	PUNCT
ajfa-3998	38	47	then	then	ADV
ajfa-3998	38	48	an	an	DET
ajfa-3998	38	49	increase	increase	NOUN
ajfa-3998	38	50	in	in	ADP
ajfa-3998	38	51	the	the	DET
ajfa-3998	38	52	variance	variance	NOUN
ajfa-3998	38	53	of	of	ADP
ajfa-3998	38	54	the	the	DET
ajfa-3998	38	55	firm	firm	NOUN
ajfa-3998	38	56	's	's	PART
ajfa-3998	38	57	cash	cash	NOUN
ajfa-3998	38	58	flows	flow	NOUN
ajfa-3998	38	59	would	would	AUX
ajfa-3998	38	60	redistribute	redistribute	VERB
ajfa-3998	38	61	the	the	DET
ajfa-3998	38	62	wealth	wealth	NOUN
ajfa-3998	38	63	from	from	ADP
ajfa-3998	38	64	bondholders	bondholder	NOUN
ajfa-3998	38	65	to	to	ADP
ajfa-3998	38	66	stockholders	stockholder	NOUN
ajfa-3998	38	67	.	.	PUNCT
ajfa-3998	39	1	the	the	PRON
ajfa-3998	39	2	higher	high	ADJ
ajfa-3998	39	3	the	the	DET
ajfa-3998	39	4	volatility	volatility	NOUN
ajfa-3998	39	5	,	,	PUNCT
ajfa-3998	39	6	the	the	PRON
ajfa-3998	39	7	more	more	ADV
ajfa-3998	39	8	the	the	DET
ajfa-3998	39	9	risk	risk	NOUN
ajfa-3998	39	10	and	and	CCONJ
ajfa-3998	39	11	thus	thus	ADV
ajfa-3998	39	12	the	the	DET
ajfa-3998	39	13	option	option	NOUN
ajfa-3998	39	14	pricing	pricing	NOUN
ajfa-3998	39	15	model	model	NOUN
ajfa-3998	39	16	for	for	ADP
ajfa-3998	39	17	valuation	valuation	NOUN
ajfa-3998	39	18	becomes	become	VERB
ajfa-3998	39	19	more	more	ADV
ajfa-3998	39	20	relevant	relevant	ADJ
ajfa-3998	39	21	.	.	PUNCT
ajfa-3998	40	1	results	result	NOUN
ajfa-3998	40	2	obtained	obtain	VERB
ajfa-3998	40	3	by	by	ADP
ajfa-3998	40	4	goh	goh	PROPN
ajfa-3998	40	5	and	and	CCONJ
ajfa-3998	40	6	ederington	ederington	NOUN
ajfa-3998	40	7	(	(	PUNCT
ajfa-3998	40	8	1993	1993	NUM
ajfa-3998	40	9	)	)	PUNCT
ajfa-3998	40	10	;	;	PUNCT
ajfa-3998	40	11	bhoot	bhoot	NOUN
ajfa-3998	40	12	(	(	PUNCT
ajfa-3998	40	13	1995	1995	NUM
ajfa-3998	40	14	)	)	PUNCT
ajfa-3998	40	15	and	and	CCONJ
ajfa-3998	40	16	romero	romero	PROPN
ajfa-3998	40	17	and	and	CCONJ
ajfa-3998	40	18	fernández	fernández	PROPN
ajfa-3998	40	19	(	(	PUNCT
ajfa-3998	40	20	2007	2007	NUM
ajfa-3998	40	21	)	)	PUNCT
ajfa-3998	40	22	support	support	NOUN
ajfa-3998	40	23	wealth	wealth	NOUN
ajfa-3998	40	24	redistribution	redistribution	NOUN
ajfa-3998	40	25	hypothesis	hypothesis	NOUN
ajfa-3998	40	26	.	.	PUNCT
ajfa-3998	41	1	the	the	DET
ajfa-3998	41	2	signalling	signalling	ADJ
ajfa-3998	41	3	and	and	CCONJ
ajfa-3998	41	4	wealth	wealth	NOUN
ajfa-3998	41	5	redistribution	redistribution	NOUN
ajfa-3998	41	6	effects	effect	NOUN
ajfa-3998	41	7	work	work	VERB
ajfa-3998	41	8	in	in	ADP
ajfa-3998	41	9	opposite	opposite	ADJ
ajfa-3998	41	10	direction	direction	NOUN
ajfa-3998	41	11	and	and	CCONJ
ajfa-3998	41	12	may	may	AUX
ajfa-3998	41	13	fully	fully	ADV
ajfa-3998	41	14	or	or	CCONJ
ajfa-3998	41	15	partly	partly	ADV
ajfa-3998	41	16	offset	offset	VERB
ajfa-3998	41	17	each	each	DET
ajfa-3998	41	18	other	other	ADJ
ajfa-3998	41	19	.	.	PUNCT
ajfa-3998	42	1	prior	prior	ADJ
ajfa-3998	42	2	literature	literature	PROPN
ajfa-3998	42	3	also	also	ADV
ajfa-3998	42	4	shows	show	VERB
ajfa-3998	42	5	that	that	SCONJ
ajfa-3998	42	6	the	the	DET
ajfa-3998	42	7	price	price	NOUN
ajfa-3998	42	8	responsiveness	responsiveness	NOUN
ajfa-3998	42	9	to	to	ADP
ajfa-3998	42	10	downgrades	downgrade	NOUN
ajfa-3998	42	11	is	be	AUX
ajfa-3998	42	12	more	more	ADV
ajfa-3998	42	13	pronounced	pronounced	ADJ
ajfa-3998	42	14	than	than	ADP
ajfa-3998	42	15	upgrades	upgrade	NOUN
ajfa-3998	42	16	.	.	PUNCT
ajfa-3998	43	1	this	this	PRON
ajfa-3998	43	2	confirms	confirm	VERB
ajfa-3998	43	3	the	the	DET
ajfa-3998	43	4	asymmetric	asymmetric	ADJ
ajfa-3998	43	5	nature	nature	NOUN
ajfa-3998	43	6	of	of	ADP
ajfa-3998	43	7	relationship	relationship	NOUN
ajfa-3998	43	8	between	between	ADP
ajfa-3998	43	9	bond	bond	NOUN
ajfa-3998	43	10	rating	rating	NOUN
ajfa-3998	43	11	changes	change	NOUN
ajfa-3998	43	12	and	and	CCONJ
ajfa-3998	43	13	stock	stock	NOUN
ajfa-3998	43	14	returns	return	NOUN
ajfa-3998	43	15	.	.	PUNCT
ajfa-3998	44	1	another	another	DET
ajfa-3998	44	2	notable	notable	ADJ
ajfa-3998	44	3	issue	issue	NOUN
ajfa-3998	44	4	is	be	AUX
ajfa-3998	44	5	whether	whether	SCONJ
ajfa-3998	44	6	all	all	DET
ajfa-3998	44	7	the	the	DET
ajfa-3998	44	8	firms	firm	NOUN
ajfa-3998	44	9	react	react	VERB
ajfa-3998	44	10	in	in	ADP
ajfa-3998	44	11	a	a	DET
ajfa-3998	44	12	similar	similar	ADJ
ajfa-3998	44	13	manner	manner	NOUN
ajfa-3998	44	14	to	to	ADP
ajfa-3998	44	15	the	the	DET
ajfa-3998	44	16	information	information	NOUN
ajfa-3998	44	17	provided	provide	VERB
ajfa-3998	44	18	by	by	ADP
ajfa-3998	44	19	the	the	DET
ajfa-3998	44	20	rating	rating	NOUN
ajfa-3998	44	21	changes	change	NOUN
ajfa-3998	44	22	.	.	PUNCT
ajfa-3998	45	1	there	there	PRON
ajfa-3998	45	2	may	may	AUX
ajfa-3998	45	3	be	be	AUX
ajfa-3998	45	4	a	a	DET
ajfa-3998	45	5	differential	differential	ADJ
ajfa-3998	45	6	response	response	NOUN
ajfa-3998	45	7	to	to	ADP
ajfa-3998	45	8	new	new	ADJ
ajfa-3998	45	9	information	information	NOUN
ajfa-3998	45	10	in	in	ADP
ajfa-3998	45	11	case	case	NOUN
ajfa-3998	45	12	of	of	ADP
ajfa-3998	45	13	companies	company	NOUN
ajfa-3998	45	14	for	for	ADP
ajfa-3998	45	15	which	which	PRON
ajfa-3998	45	16	there	there	PRON
ajfa-3998	45	17	is	be	VERB
ajfa-3998	45	18	little	little	ADJ
ajfa-3998	45	19	or	or	CCONJ
ajfa-3998	45	20	infrequent	infrequent	ADJ
ajfa-3998	45	21	information	information	NOUN
ajfa-3998	45	22	compared	compare	VERB
ajfa-3998	45	23	to	to	ADP
ajfa-3998	45	24	companies	company	NOUN
ajfa-3998	45	25	which	which	PRON
ajfa-3998	45	26	are	be	AUX
ajfa-3998	45	27	always	always	ADV
ajfa-3998	45	28	in	in	ADP
ajfa-3998	45	29	news	news	NOUN
ajfa-3998	45	30	.	.	PUNCT
ajfa-3998	46	1	the	the	DET
ajfa-3998	46	2	former	former	ADJ
ajfa-3998	46	3	are	be	AUX
ajfa-3998	46	4	much	much	ADV
ajfa-3998	46	5	harder	hard	ADJ
ajfa-3998	46	6	to	to	PART
ajfa-3998	46	7	value	value	VERB
ajfa-3998	46	8	and	and	CCONJ
ajfa-3998	46	9	arbitrage	arbitrage	NOUN
ajfa-3998	46	10	.	.	PUNCT
ajfa-3998	47	1	for	for	ADP
ajfa-3998	47	2	instance	instance	NOUN
ajfa-3998	47	3	,	,	PUNCT
ajfa-3998	47	4	small	small	ADJ
ajfa-3998	47	5	size	size	NOUN
ajfa-3998	47	6	,	,	PUNCT
ajfa-3998	47	7	low	low	ADJ
ajfa-3998	47	8	price	price	NOUN
ajfa-3998	47	9	to	to	ADP
ajfa-3998	47	10	book	book	NOUN
ajfa-3998	47	11	value	value	NOUN
ajfa-3998	47	12	(	(	PUNCT
ajfa-3998	47	13	as	as	ADP
ajfa-3998	47	14	a	a	DET
ajfa-3998	47	15	measure	measure	NOUN
ajfa-3998	47	16	of	of	ADP
ajfa-3998	47	17	relative	relative	ADJ
ajfa-3998	47	18	firm	firm	ADJ
ajfa-3998	47	19	distress	distress	NOUN
ajfa-3998	47	20	as	as	SCONJ
ajfa-3998	47	21	suggested	suggest	VERB
ajfa-3998	47	22	by	by	ADP
ajfa-3998	47	23	chan	chan	PROPN
ajfa-3998	47	24	and	and	CCONJ
ajfa-3998	47	25	chen	chen	PROPN
ajfa-3998	47	26	(	(	PUNCT
ajfa-3998	47	27	1991	1991	NUM
ajfa-3998	47	28	)	)	PUNCT
ajfa-3998	47	29	)	)	PUNCT
ajfa-3998	47	30	,	,	PUNCT
ajfa-3998	47	31	low	low	ADJ
ajfa-3998	47	32	liquidity	liquidity	NOUN
ajfa-3998	47	33	,	,	PUNCT
ajfa-3998	47	34	high	high	ADJ
ajfa-3998	47	35	asset	asset	NOUN
ajfa-3998	47	36	intangibility	intangibility	NOUN
ajfa-3998	47	37	,	,	PUNCT
ajfa-3998	47	38	high	high	ADJ
ajfa-3998	47	39	leverage	leverage	NOUN
ajfa-3998	47	40	and	and	CCONJ
ajfa-3998	47	41	low	low	ADJ
ajfa-3998	47	42	profitability	profitability	NOUN
ajfa-3998	47	43	firms	firm	NOUN
ajfa-3998	47	44	are	be	AUX
ajfa-3998	47	45	expected	expect	VERB
ajfa-3998	47	46	to	to	PART
ajfa-3998	47	47	exhibit	exhibit	VERB
ajfa-3998	47	48	stronger	strong	ADJ
ajfa-3998	47	49	price	price	NOUN
ajfa-3998	47	50	reaction	reaction	NOUN
ajfa-3998	47	51	to	to	ADP
ajfa-3998	47	52	bond	bond	NOUN
ajfa-3998	47	53	rating	rating	NOUN
ajfa-3998	47	54	information	information	NOUN
ajfa-3998	47	55	,	,	PUNCT
ajfa-3998	47	56	owing	owe	VERB
ajfa-3998	47	57	to	to	ADP
ajfa-3998	47	58	poor	poor	ADJ
ajfa-3998	47	59	disclosures	disclosure	NOUN
ajfa-3998	47	60	,	,	PUNCT
ajfa-3998	47	61	lower	low	ADJ
ajfa-3998	47	62	investment	investment	NOUN
ajfa-3998	47	63	analyst	analyst	NOUN
ajfa-3998	47	64	and	and	CCONJ
ajfa-3998	47	65	media	medium	NOUN
ajfa-3998	47	66	coverage	coverage	NOUN
ajfa-3998	47	67	,	,	PUNCT
ajfa-3998	47	68	higher	high	ADJ
ajfa-3998	47	69	cost	cost	NOUN
ajfa-3998	47	70	of	of	ADP
ajfa-3998	47	71	trading	trading	NOUN
ajfa-3998	47	72	,	,	PUNCT
ajfa-3998	47	73	greater	great	ADJ
ajfa-3998	47	74	degree	degree	NOUN
ajfa-3998	47	75	of	of	ADP
ajfa-3998	47	76	uncertainty	uncertainty	NOUN
ajfa-3998	47	77	in	in	ADP
ajfa-3998	47	78	estimating	estimate	VERB
ajfa-3998	47	79	their	their	PRON
ajfa-3998	47	80	cash	cash	NOUN
ajfa-3998	47	81	flows	flow	NOUN
ajfa-3998	47	82	and	and	CCONJ
ajfa-3998	47	83	a	a	DET
ajfa-3998	47	84	greater	great	ADJ
ajfa-3998	47	85	likelihood	likelihood	NOUN
ajfa-3998	47	86	of	of	ADP
ajfa-3998	47	87	earnings	earning	NOUN
ajfa-3998	47	88	management	management	NOUN
ajfa-3998	47	89	.	.	PUNCT
ajfa-3998	48	1	dichev	dichev	PROPN
ajfa-3998	48	2	and	and	CCONJ
ajfa-3998	48	3	piotroski	piotroski	PROPN
ajfa-3998	48	4	(	(	PUNCT
ajfa-3998	48	5	2001	2001	NUM
ajfa-3998	48	6	)	)	PUNCT
ajfa-3998	48	7	and	and	CCONJ
ajfa-3998	48	8	creighton	creighton	PROPN
ajfa-3998	48	9	,	,	PUNCT
ajfa-3998	48	10	gower	gower	PROPN
ajfa-3998	48	11	and	and	CCONJ
ajfa-3998	48	12	richards	richards	PROPN
ajfa-3998	48	13	(	(	PUNCT
ajfa-3998	48	14	2007	2007	NUM
ajfa-3998	48	15	)	)	PUNCT
ajfa-3998	48	16	reported	report	VERB
ajfa-3998	48	17	stronger	strong	ADJ
ajfa-3998	48	18	price	price	NOUN
ajfa-3998	48	19	reaction	reaction	NOUN
ajfa-3998	48	20	for	for	ADP
ajfa-3998	48	21	small	small	ADJ
ajfa-3998	48	22	firms	firm	NOUN
ajfa-3998	48	23	.	.	PUNCT
ajfa-3998	49	1	avramov	avramov	PROPN
ajfa-3998	49	2	et	et	PROPN
ajfa-3998	49	3	al	al	PROPN
ajfa-3998	49	4	.	.	PROPN
ajfa-3998	50	1	(	(	PUNCT
ajfa-3998	50	2	2009	2009	NUM
ajfa-3998	50	3	)	)	PUNCT
ajfa-3998	50	4	ran	run	VERB
ajfa-3998	50	5	cross	cross	ADJ
ajfa-3998	50	6	-	-	ADJ
ajfa-3998	50	7	sectional	sectional	ADJ
ajfa-3998	50	8	regressions	regression	NOUN
ajfa-3998	50	9	of	of	ADP
ajfa-3998	50	10	monthly	monthly	ADJ
ajfa-3998	50	11	individual	individual	ADJ
ajfa-3998	50	12	stock	stock	NOUN
ajfa-3998	50	13	returns	return	NOUN
ajfa-3998	50	14	on	on	ADP
ajfa-3998	50	15	credit	credit	NOUN
ajfa-3998	50	16	rating	rating	NOUN
ajfa-3998	50	17	and	and	CCONJ
ajfa-3998	50	18	other	other	ADJ
ajfa-3998	50	19	firm	firm	ADJ
ajfa-3998	50	20	characteristics	characteristic	NOUN
ajfa-3998	50	21	including	include	VERB
ajfa-3998	50	22	book	book	NOUN
ajfa-3998	50	23	value	value	NOUN
ajfa-3998	50	24	to	to	ADP
ajfa-3998	50	25	market	market	NOUN
ajfa-3998	50	26	value	value	NOUN
ajfa-3998	50	27	ratio	ratio	NOUN
ajfa-3998	50	28	but	but	CCONJ
ajfa-3998	50	29	did	do	AUX
ajfa-3998	50	30	not	not	PART
ajfa-3998	50	31	find	find	VERB
ajfa-3998	50	32	it	it	PRON
ajfa-3998	50	33	to	to	PART
ajfa-3998	50	34	significantly	significantly	ADV
ajfa-3998	50	35	affect	affect	VERB
ajfa-3998	50	36	the	the	DET
ajfa-3998	50	37	returns	return	NOUN
ajfa-3998	50	38	.	.	PUNCT
ajfa-3998	51	1	cornell	cornell	PROPN
ajfa-3998	51	2	,	,	PUNCT
ajfa-3998	51	3	landsman	landsman	NOUN
ajfa-3998	51	4	and	and	CCONJ
ajfa-3998	51	5	shapiro	shapiro	PROPN
ajfa-3998	51	6	(	(	PUNCT
ajfa-3998	51	7	1989	1989	NUM
ajfa-3998	51	8	)	)	PUNCT
ajfa-3998	51	9	found	find	VERB
ajfa-3998	51	10	that	that	SCONJ
ajfa-3998	51	11	a	a	DET
ajfa-3998	51	12	firm	firm	NOUN
ajfa-3998	51	13	’s	’s	PART
ajfa-3998	51	14	stock	stock	NOUN
ajfa-3998	51	15	price	price	NOUN
ajfa-3998	51	16	response	response	NOUN
ajfa-3998	51	17	to	to	ADP
ajfa-3998	51	18	bond	bond	NOUN
ajfa-3998	51	19	rating	rating	NOUN
ajfa-3998	51	20	variations	variation	NOUN
ajfa-3998	51	21	depends	depend	VERB
ajfa-3998	51	22	on	on	ADP
ajfa-3998	51	23	the	the	DET
ajfa-3998	51	24	net	net	ADJ
ajfa-3998	51	25	intangible	intangible	ADJ
ajfa-3998	51	26	assets	asset	NOUN
ajfa-3998	51	27	of	of	ADP
ajfa-3998	51	28	the	the	DET
ajfa-3998	51	29	firm	firm	NOUN
ajfa-3998	51	30	.	.	PUNCT
ajfa-3998	52	1	kliger	kliger	PROPN
ajfa-3998	52	2	and	and	CCONJ
ajfa-3998	52	3	sarig	sarig	PROPN
ajfa-3998	52	4	(	(	PUNCT
ajfa-3998	52	5	2000	2000	NUM
ajfa-3998	52	6	)	)	PUNCT
ajfa-3998	52	7	show	show	VERB
ajfa-3998	52	8	that	that	SCONJ
ajfa-3998	52	9	the	the	DET
ajfa-3998	52	10	bond	bond	NOUN
ajfa-3998	52	11	price	price	NOUN
ajfa-3998	52	12	reaction	reaction	NOUN
ajfa-3998	52	13	to	to	ADP
ajfa-3998	52	14	rating	rating	NOUN
ajfa-3998	52	15	change	change	NOUN
ajfa-3998	52	16	was	be	AUX
ajfa-3998	52	17	positively	positively	ADV
ajfa-3998	52	18	affected	affect	VERB
ajfa-3998	52	19	by	by	ADP
ajfa-3998	52	20	the	the	DET
ajfa-3998	52	21	firm	firm	NOUN
ajfa-3998	52	22	’s	’s	PART
ajfa-3998	52	23	leverage	leverage	NOUN
ajfa-3998	52	24	.	.	PUNCT
ajfa-3998	53	1	in	in	ADP
ajfa-3998	53	2	contrast	contrast	NOUN
ajfa-3998	53	3	,	,	PUNCT
ajfa-3998	53	4	goh	goh	PROPN
ajfa-3998	53	5	and	and	CCONJ
ajfa-3998	53	6	ederington	ederington	NOUN
ajfa-3998	53	7	(	(	PUNCT
ajfa-3998	53	8	1993	1993	NUM
ajfa-3998	53	9	)	)	PUNCT
ajfa-3998	53	10	report	report	NOUN
ajfa-3998	53	11	that	that	PRON
ajfa-3998	53	12	downgrades	downgrade	VERB
ajfa-3998	53	13	arising	arise	VERB
ajfa-3998	53	14	due	due	ADP
ajfa-3998	53	15	to	to	ADP
ajfa-3998	53	16	a	a	DET
ajfa-3998	53	17	change	change	NOUN
ajfa-3998	53	18	in	in	ADP
ajfa-3998	53	19	the	the	DET
ajfa-3998	53	20	leverage	leverage	NOUN
ajfa-3998	53	21	of	of	ADP
ajfa-3998	53	22	the	the	DET
ajfa-3998	53	23	firm	firm	NOUN
ajfa-3998	53	24	did	do	AUX
ajfa-3998	53	25	not	not	PART
ajfa-3998	53	26	affect	affect	VERB
ajfa-3998	53	27	the	the	DET
ajfa-3998	53	28	prices	price	NOUN
ajfa-3998	53	29	of	of	ADP
ajfa-3998	53	30	stocks	stock	NOUN
ajfa-3998	53	31	significantly	significantly	ADV
ajfa-3998	53	32	.	.	PUNCT
ajfa-3998	54	1	the	the	DET
ajfa-3998	54	2	actual	actual	ADJ
ajfa-3998	54	3	direction	direction	NOUN
ajfa-3998	54	4	of	of	ADP
ajfa-3998	54	5	the	the	DET
ajfa-3998	54	6	impact	impact	NOUN
ajfa-3998	54	7	on	on	ADP
ajfa-3998	54	8	returns	return	NOUN
ajfa-3998	54	9	depends	depend	VERB
ajfa-3998	54	10	on	on	ADP
ajfa-3998	54	11	whether	whether	SCONJ
ajfa-3998	54	12	earnings	earning	NOUN
ajfa-3998	54	13	or	or	CCONJ
ajfa-3998	54	14	leverage	leverage	NOUN
ajfa-3998	54	15	or	or	CCONJ
ajfa-3998	54	16	both	both	PRON
ajfa-3998	54	17	are	be	AUX
ajfa-3998	54	18	a	a	DET
ajfa-3998	54	19	surprise	surprise	NOUN
ajfa-3998	54	20	.	.	PUNCT
ajfa-3998	55	1	apart	apart	ADV
ajfa-3998	55	2	from	from	ADP
ajfa-3998	55	3	firm	firm	ADJ
ajfa-3998	55	4	characteristics	characteristic	NOUN
ajfa-3998	55	5	,	,	PUNCT
ajfa-3998	55	6	there	there	PRON
ajfa-3998	55	7	are	be	VERB
ajfa-3998	55	8	a	a	DET
ajfa-3998	55	9	number	number	NOUN
ajfa-3998	55	10	of	of	ADP
ajfa-3998	55	11	other	other	ADJ
ajfa-3998	55	12	factors	factor	NOUN
ajfa-3998	55	13	which	which	PRON
ajfa-3998	55	14	influence	influence	VERB
ajfa-3998	55	15	the	the	DET
ajfa-3998	55	16	response	response	NOUN
ajfa-3998	55	17	of	of	ADP
ajfa-3998	55	18	share	share	NOUN
ajfa-3998	55	19	prices	price	NOUN
ajfa-3998	55	20	to	to	ADP
ajfa-3998	55	21	a	a	DET
ajfa-3998	55	22	bond	bond	NOUN
ajfa-3998	55	23	rating	rating	NOUN
ajfa-3998	55	24	change	change	NOUN
ajfa-3998	55	25	.	.	PUNCT
ajfa-3998	56	1	all	all	DET
ajfa-3998	56	2	other	other	ADJ
ajfa-3998	56	3	things	thing	NOUN
ajfa-3998	56	4	remaining	remain	VERB
ajfa-3998	56	5	the	the	DET
ajfa-3998	56	6	same	same	ADJ
ajfa-3998	56	7	,	,	PUNCT
ajfa-3998	56	8	the	the	DET
ajfa-3998	56	9	market	market	NOUN
ajfa-3998	56	10	should	should	AUX
ajfa-3998	56	11	only	only	ADV
ajfa-3998	56	12	show	show	VERB
ajfa-3998	56	13	price	price	NOUN
ajfa-3998	56	14	response	response	NOUN
ajfa-3998	56	15	to	to	ADP
ajfa-3998	56	16	a	a	DET
ajfa-3998	56	17	surprise	surprise	NOUN
ajfa-3998	56	18	or	or	CCONJ
ajfa-3998	56	19	unanticipated	unanticipated	ADJ
ajfa-3998	56	20	rating	rating	NOUN
ajfa-3998	56	21	change	change	NOUN
ajfa-3998	56	22	.	.	PUNCT
ajfa-3998	57	1	this	this	PRON
ajfa-3998	57	2	implies	imply	VERB
ajfa-3998	57	3	that	that	SCONJ
ajfa-3998	57	4	the	the	DET
ajfa-3998	57	5	pre	pre	NOUN
ajfa-3998	57	6	–	–	PUNCT
ajfa-3998	57	7	event	event	NOUN
ajfa-3998	57	8	and	and	CCONJ
ajfa-3998	57	9	post	post	NOUN
ajfa-3998	57	10	–	–	PUNCT
ajfa-3998	57	11	event	event	NOUN
ajfa-3998	57	12	returns	return	NOUN
ajfa-3998	57	13	should	should	AUX
ajfa-3998	57	14	be	be	AUX
ajfa-3998	57	15	negatively	negatively	ADV
ajfa-3998	57	16	correlated	correlate	VERB
ajfa-3998	57	17	.	.	PUNCT
ajfa-3998	58	1	another	another	DET
ajfa-3998	58	2	factor	factor	NOUN
ajfa-3998	58	3	which	which	PRON
ajfa-3998	58	4	affects	affect	VERB
ajfa-3998	58	5	their	their	PRON
ajfa-3998	58	6	relationship	relationship	NOUN
ajfa-3998	58	7	is	be	AUX
ajfa-3998	58	8	the	the	DET
ajfa-3998	58	9	‘	'	PUNCT
ajfa-3998	58	10	importance	importance	NOUN
ajfa-3998	58	11	’	'	PUNCT
ajfa-3998	58	12	of	of	ADP
ajfa-3998	58	13	the	the	DET
ajfa-3998	58	14	information	information	NOUN
ajfa-3998	58	15	being	be	AUX
ajfa-3998	58	16	conveyed	convey	VERB
ajfa-3998	58	17	by	by	ADP
ajfa-3998	58	18	the	the	DET
ajfa-3998	58	19	rating	rating	NOUN
ajfa-3998	58	20	change	change	NOUN
ajfa-3998	58	21	.	.	PUNCT
ajfa-3998	59	1	importance	importance	NOUN
ajfa-3998	59	2	refers	refer	VERB
ajfa-3998	59	3	to	to	ADP
ajfa-3998	59	4	the	the	DET
ajfa-3998	59	5	intrinsic	intrinsic	ADJ
ajfa-3998	59	6	value	value	NOUN
ajfa-3998	59	7	of	of	ADP
ajfa-3998	59	8	the	the	DET
ajfa-3998	59	9	information	information	NOUN
ajfa-3998	59	10	as	as	SCONJ
ajfa-3998	59	11	perceived	perceive	VERB
ajfa-3998	59	12	by	by	ADP
ajfa-3998	59	13	the	the	DET
ajfa-3998	59	14	investors	investor	NOUN
ajfa-3998	59	15	(	(	PUNCT
ajfa-3998	59	16	goh	goh	PROPN
ajfa-3998	59	17	and	and	CCONJ
ajfa-3998	59	18	ederington	ederington	NOUN
ajfa-3998	59	19	,	,	PUNCT
ajfa-3998	59	20	1999	1999	NUM
ajfa-3998	59	21	)	)	PUNCT
ajfa-3998	59	22	.	.	PUNCT
ajfa-3998	60	1	more	more	ADV
ajfa-3998	60	2	vital	vital	ADJ
ajfa-3998	60	3	the	the	DET
ajfa-3998	60	4	information	information	NOUN
ajfa-3998	60	5	being	be	AUX
ajfa-3998	60	6	conveyed	convey	VERB
ajfa-3998	60	7	,	,	PUNCT
ajfa-3998	60	8	the	the	DET
ajfa-3998	60	9	stronger	strong	ADJ
ajfa-3998	60	10	is	be	AUX
ajfa-3998	60	11	the	the	DET
ajfa-3998	60	12	price	price	NOUN
ajfa-3998	60	13	reaction	reaction	NOUN
ajfa-3998	60	14	both	both	CCONJ
ajfa-3998	60	15	before	before	ADP
ajfa-3998	60	16	and	and	CCONJ
ajfa-3998	60	17	after	after	ADP
ajfa-3998	60	18	rating	rating	NOUN
ajfa-3998	60	19	change	change	NOUN
ajfa-3998	60	20	announcement	announcement	NOUN
ajfa-3998	60	21	implying	imply	VERB
ajfa-3998	60	22	a	a	DET
ajfa-3998	60	23	positive	positive	ADJ
ajfa-3998	60	24	correlation	correlation	NOUN
ajfa-3998	60	25	between	between	ADP
ajfa-3998	60	26	the	the	DET
ajfa-3998	60	27	pre	pre	ADJ
ajfa-3998	60	28	–	–	PUNCT
ajfa-3998	60	29	announcement	announcement	NOUN
ajfa-3998	60	30	and	and	CCONJ
ajfa-3998	60	31	post	post	NOUN
ajfa-3998	60	32	–	–	PUNCT
ajfa-3998	60	33	announcement	announcement	NOUN
ajfa-3998	60	34	returns	return	NOUN
ajfa-3998	60	35	(	(	PUNCT
ajfa-3998	60	36	goh	goh	PROPN
ajfa-3998	60	37	asian	asian	PROPN
ajfa-3998	60	38	journal	journal	PROPN
ajfa-3998	60	39	of	of	ADP
ajfa-3998	60	40	finance	finance	PROPN
ajfa-3998	60	41	&	&	CCONJ
ajfa-3998	60	42	accounting	accounting	PROPN
ajfa-3998	60	43	issn	issn	PROPN
ajfa-3998	60	44	1946	1946	NUM
ajfa-3998	60	45	-	-	PUNCT
ajfa-3998	60	46	052x	052x	NOUN
ajfa-3998	60	47	2013	2013	NUM
ajfa-3998	60	48	,	,	PUNCT
ajfa-3998	60	49	vol	vol	NOUN
ajfa-3998	60	50	.	.	PROPN
ajfa-3998	60	51	5	5	NUM
ajfa-3998	60	52	,	,	PUNCT
ajfa-3998	60	53	no	no	INTJ
ajfa-3998	60	54	.	.	NOUN
ajfa-3998	60	55	2	2	NUM
ajfa-3998	60	56	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	60	57	51	51	NUM
ajfa-3998	60	58	and	and	CCONJ
ajfa-3998	60	59	ederington	ederington	NOUN
ajfa-3998	60	60	,	,	PUNCT
ajfa-3998	60	61	1999	1999	NUM
ajfa-3998	60	62	)	)	PUNCT
ajfa-3998	60	63	.	.	PUNCT
ajfa-3998	61	1	another	another	DET
ajfa-3998	61	2	variable	variable	NOUN
ajfa-3998	61	3	shaping	shape	VERB
ajfa-3998	61	4	the	the	DET
ajfa-3998	61	5	response	response	NOUN
ajfa-3998	61	6	of	of	ADP
ajfa-3998	61	7	share	share	NOUN
ajfa-3998	61	8	prices	price	NOUN
ajfa-3998	61	9	to	to	ADP
ajfa-3998	61	10	the	the	DET
ajfa-3998	61	11	rating	rating	NOUN
ajfa-3998	61	12	change	change	NOUN
ajfa-3998	61	13	announcements	announcement	NOUN
ajfa-3998	61	14	is	be	AUX
ajfa-3998	61	15	the	the	DET
ajfa-3998	61	16	magnitude	magnitude	NOUN
ajfa-3998	61	17	of	of	ADP
ajfa-3998	61	18	rating	rating	NOUN
ajfa-3998	61	19	change	change	NOUN
ajfa-3998	61	20	i.e.	i.e.	X
ajfa-3998	61	21	the	the	DET
ajfa-3998	61	22	number	number	NOUN
ajfa-3998	61	23	of	of	ADP
ajfa-3998	61	24	grades	grade	NOUN
ajfa-3998	61	25	or	or	CCONJ
ajfa-3998	61	26	levels	level	NOUN
ajfa-3998	61	27	by	by	ADP
ajfa-3998	61	28	which	which	PRON
ajfa-3998	61	29	the	the	DET
ajfa-3998	61	30	rating	rating	NOUN
ajfa-3998	61	31	is	be	AUX
ajfa-3998	61	32	changed	change	VERB
ajfa-3998	61	33	.	.	PUNCT
ajfa-3998	62	1	cornell	cornell	PROPN
ajfa-3998	62	2	,	,	PUNCT
ajfa-3998	62	3	landsman	landsman	NOUN
ajfa-3998	62	4	and	and	CCONJ
ajfa-3998	62	5	shapiro	shapiro	PROPN
ajfa-3998	62	6	(	(	PUNCT
ajfa-3998	62	7	1989	1989	NUM
ajfa-3998	62	8	)	)	PUNCT
ajfa-3998	62	9	and	and	CCONJ
ajfa-3998	62	10	hand	hand	NOUN
ajfa-3998	62	11	,	,	PUNCT
ajfa-3998	62	12	holthausen	holthausen	NOUN
ajfa-3998	62	13	and	and	CCONJ
ajfa-3998	62	14	leftwich	leftwich	PRON
ajfa-3998	62	15	(	(	PUNCT
ajfa-3998	62	16	1992	1992	NUM
ajfa-3998	62	17	)	)	PUNCT
ajfa-3998	62	18	found	find	VERB
ajfa-3998	62	19	that	that	SCONJ
ajfa-3998	62	20	the	the	DET
ajfa-3998	62	21	number	number	NOUN
ajfa-3998	62	22	of	of	ADP
ajfa-3998	62	23	rating	rating	NOUN
ajfa-3998	62	24	grades	grade	NOUN
ajfa-3998	62	25	changed	change	VERB
ajfa-3998	62	26	on	on	ADP
ajfa-3998	62	27	rating	rating	NOUN
ajfa-3998	62	28	revision	revision	NOUN
ajfa-3998	62	29	has	have	VERB
ajfa-3998	62	30	a	a	DET
ajfa-3998	62	31	significant	significant	ADJ
ajfa-3998	62	32	influence	influence	NOUN
ajfa-3998	62	33	on	on	ADP
ajfa-3998	62	34	returns	return	NOUN
ajfa-3998	62	35	.	.	PUNCT
ajfa-3998	63	1	a	a	DET
ajfa-3998	63	2	related	related	ADJ
ajfa-3998	63	3	issue	issue	NOUN
ajfa-3998	63	4	is	be	AUX
ajfa-3998	63	5	whether	whether	SCONJ
ajfa-3998	63	6	the	the	DET
ajfa-3998	63	7	investors	investor	NOUN
ajfa-3998	63	8	react	react	VERB
ajfa-3998	63	9	more	more	ADV
ajfa-3998	63	10	strongly	strongly	ADV
ajfa-3998	63	11	where	where	SCONJ
ajfa-3998	63	12	the	the	DET
ajfa-3998	63	13	change	change	NOUN
ajfa-3998	63	14	in	in	ADP
ajfa-3998	63	15	bond	bond	NOUN
ajfa-3998	63	16	rating	rating	NOUN
ajfa-3998	63	17	is	be	AUX
ajfa-3998	63	18	from	from	ADP
ajfa-3998	63	19	investment	investment	NOUN
ajfa-3998	63	20	to	to	ADP
ajfa-3998	63	21	speculative	speculative	ADJ
ajfa-3998	63	22	grade	grade	NOUN
ajfa-3998	63	23	in	in	ADP
ajfa-3998	63	24	case	case	NOUN
ajfa-3998	63	25	of	of	ADP
ajfa-3998	63	26	downgrades	downgrade	NOUN
ajfa-3998	63	27	.	.	PUNCT
ajfa-3998	64	1	holthausen	holthausen	NOUN
ajfa-3998	64	2	and	and	CCONJ
ajfa-3998	64	3	leftwich	leftwich	PRON
ajfa-3998	64	4	(	(	PUNCT
ajfa-3998	64	5	1986	1986	NUM
ajfa-3998	64	6	)	)	PUNCT
ajfa-3998	64	7	;	;	PUNCT
ajfa-3998	64	8	hite	hite	VERB
ajfa-3998	64	9	and	and	CCONJ
ajfa-3998	64	10	warga	warga	NOUN
ajfa-3998	64	11	(	(	PUNCT
ajfa-3998	64	12	1997	1997	NUM
ajfa-3998	64	13	)	)	PUNCT
ajfa-3998	64	14	;	;	PUNCT
ajfa-3998	64	15	creighton	creighton	PROPN
ajfa-3998	64	16	,	,	PUNCT
ajfa-3998	64	17	gower	gower	PROPN
ajfa-3998	64	18	and	and	CCONJ
ajfa-3998	64	19	richards	richards	PROPN
ajfa-3998	64	20	(	(	PUNCT
ajfa-3998	64	21	2007	2007	NUM
ajfa-3998	64	22	)	)	PUNCT
ajfa-3998	64	23	;	;	PUNCT
ajfa-3998	64	24	benjamin	benjamin	PROPN
ajfa-3998	64	25	(	(	PUNCT
ajfa-3998	64	26	2008	2008	NUM
ajfa-3998	64	27	)	)	PUNCT
ajfa-3998	64	28	and	and	CCONJ
ajfa-3998	64	29	lal	lal	PROPN
ajfa-3998	64	30	and	and	CCONJ
ajfa-3998	64	31	mitra	mitra	PROPN
ajfa-3998	64	32	(	(	PUNCT
ajfa-3998	64	33	2011	2011	NUM
ajfa-3998	64	34	)	)	PUNCT
ajfa-3998	64	35	found	find	VERB
ajfa-3998	64	36	that	that	SCONJ
ajfa-3998	64	37	downgrades	downgrade	VERB
ajfa-3998	64	38	resulting	result	VERB
ajfa-3998	64	39	in	in	ADP
ajfa-3998	64	40	change	change	NOUN
ajfa-3998	64	41	in	in	ADP
ajfa-3998	64	42	category	category	NOUN
ajfa-3998	64	43	of	of	ADP
ajfa-3998	64	44	bond	bond	NOUN
ajfa-3998	64	45	from	from	ADP
ajfa-3998	64	46	investment	investment	NOUN
ajfa-3998	64	47	to	to	ADP
ajfa-3998	64	48	speculative	speculative	ADJ
ajfa-3998	64	49	grade	grade	NOUN
ajfa-3998	64	50	extract	extract	VERB
ajfa-3998	64	51	a	a	DET
ajfa-3998	64	52	larger	large	ADJ
ajfa-3998	64	53	price	price	NOUN
ajfa-3998	64	54	response	response	NOUN
ajfa-3998	64	55	than	than	ADP
ajfa-3998	64	56	any	any	DET
ajfa-3998	64	57	other	other	ADJ
ajfa-3998	64	58	downgrades	downgrade	NOUN
ajfa-3998	64	59	.	.	PUNCT
ajfa-3998	65	1	similarly	similarly	ADV
ajfa-3998	65	2	,	,	PUNCT
ajfa-3998	65	3	it	it	PRON
ajfa-3998	65	4	is	be	AUX
ajfa-3998	65	5	expected	expect	VERB
ajfa-3998	65	6	that	that	SCONJ
ajfa-3998	65	7	where	where	SCONJ
ajfa-3998	65	8	the	the	DET
ajfa-3998	65	9	bond	bond	NOUN
ajfa-3998	65	10	ratings	rating	NOUN
ajfa-3998	65	11	are	be	AUX
ajfa-3998	65	12	in	in	ADP
ajfa-3998	65	13	the	the	DET
ajfa-3998	65	14	speculative	speculative	ADJ
ajfa-3998	65	15	grade	grade	NOUN
ajfa-3998	65	16	the	the	DET
ajfa-3998	65	17	shareholders	shareholder	NOUN
ajfa-3998	65	18	may	may	AUX
ajfa-3998	65	19	respond	respond	VERB
ajfa-3998	65	20	more	more	ADV
ajfa-3998	65	21	intensely	intensely	ADV
ajfa-3998	65	22	due	due	ADJ
ajfa-3998	65	23	to	to	ADP
ajfa-3998	65	24	higher	high	ADJ
ajfa-3998	65	25	risk	risk	NOUN
ajfa-3998	65	26	of	of	ADP
ajfa-3998	65	27	default	default	NOUN
ajfa-3998	65	28	of	of	ADP
ajfa-3998	65	29	such	such	ADJ
ajfa-3998	65	30	bonds	bond	NOUN
ajfa-3998	65	31	(	(	PUNCT
ajfa-3998	65	32	goh	goh	PROPN
ajfa-3998	65	33	and	and	CCONJ
ajfa-3998	65	34	ederington	ederington	NOUN
ajfa-3998	65	35	,	,	PUNCT
ajfa-3998	65	36	1999	1999	NUM
ajfa-3998	65	37	)	)	PUNCT
ajfa-3998	65	38	.	.	PUNCT
ajfa-3998	66	1	another	another	DET
ajfa-3998	66	2	factor	factor	NOUN
ajfa-3998	66	3	under	under	ADP
ajfa-3998	66	4	consideration	consideration	NOUN
ajfa-3998	66	5	is	be	AUX
ajfa-3998	66	6	the	the	DET
ajfa-3998	66	7	influence	influence	NOUN
ajfa-3998	66	8	of	of	ADP
ajfa-3998	66	9	bad	bad	ADJ
ajfa-3998	66	10	economic	economic	ADJ
ajfa-3998	66	11	conditions	condition	NOUN
ajfa-3998	66	12	on	on	ADP
ajfa-3998	66	13	the	the	DET
ajfa-3998	66	14	post	post	NOUN
ajfa-3998	66	15	–	–	PUNCT
ajfa-3998	66	16	event	event	NOUN
ajfa-3998	66	17	abnormal	abnormal	ADJ
ajfa-3998	66	18	returns	return	NOUN
ajfa-3998	66	19	in	in	ADP
ajfa-3998	66	20	case	case	NOUN
ajfa-3998	66	21	of	of	ADP
ajfa-3998	66	22	rating	rating	NOUN
ajfa-3998	66	23	changes	change	NOUN
ajfa-3998	66	24	(	(	PUNCT
ajfa-3998	66	25	goh	goh	PROPN
ajfa-3998	66	26	and	and	CCONJ
ajfa-3998	66	27	ederington	ederington	NOUN
ajfa-3998	66	28	,	,	PUNCT
ajfa-3998	66	29	1999	1999	NUM
ajfa-3998	66	30	)	)	PUNCT
ajfa-3998	66	31	.	.	PUNCT
ajfa-3998	67	1	the	the	DET
ajfa-3998	67	2	time	time	NOUN
ajfa-3998	67	3	frame	frame	NOUN
ajfa-3998	67	4	in	in	ADP
ajfa-3998	67	5	this	this	DET
ajfa-3998	67	6	study	study	NOUN
ajfa-3998	67	7	includes	include	VERB
ajfa-3998	67	8	the	the	DET
ajfa-3998	67	9	period	period	NOUN
ajfa-3998	67	10	when	when	SCONJ
ajfa-3998	67	11	the	the	DET
ajfa-3998	67	12	investor	investor	NOUN
ajfa-3998	67	13	sentiments	sentiment	NOUN
ajfa-3998	67	14	were	be	AUX
ajfa-3998	67	15	negative	negative	ADJ
ajfa-3998	67	16	due	due	ADP
ajfa-3998	67	17	to	to	ADP
ajfa-3998	67	18	the	the	DET
ajfa-3998	67	19	sub	sub	ADJ
ajfa-3998	67	20	-	-	ADJ
ajfa-3998	67	21	prime	prime	ADJ
ajfa-3998	67	22	mortgage	mortgage	NOUN
ajfa-3998	67	23	crisis	crisis	NOUN
ajfa-3998	67	24	.	.	PUNCT
ajfa-3998	68	1	in	in	ADP
ajfa-3998	68	2	such	such	ADJ
ajfa-3998	68	3	times	time	NOUN
ajfa-3998	68	4	,	,	PUNCT
ajfa-3998	68	5	the	the	DET
ajfa-3998	68	6	investors	investor	NOUN
ajfa-3998	68	7	expect	expect	VERB
ajfa-3998	68	8	bad	bad	ADJ
ajfa-3998	68	9	news	news	NOUN
ajfa-3998	68	10	like	like	ADP
ajfa-3998	68	11	the	the	DET
ajfa-3998	68	12	announcement	announcement	NOUN
ajfa-3998	68	13	of	of	ADP
ajfa-3998	68	14	downgrades	downgrade	NOUN
ajfa-3998	68	15	.	.	PUNCT
ajfa-3998	69	1	they	they	PRON
ajfa-3998	69	2	also	also	ADV
ajfa-3998	69	3	under	under	ADP
ajfa-3998	69	4	react	react	NOUN
ajfa-3998	69	5	to	to	ADP
ajfa-3998	69	6	positive	positive	ADJ
ajfa-3998	69	7	news	news	NOUN
ajfa-3998	69	8	like	like	ADP
ajfa-3998	69	9	announcement	announcement	NOUN
ajfa-3998	69	10	of	of	ADP
ajfa-3998	69	11	upgrades	upgrade	NOUN
ajfa-3998	69	12	though	though	SCONJ
ajfa-3998	69	13	there	there	PRON
ajfa-3998	69	14	is	be	VERB
ajfa-3998	69	15	an	an	DET
ajfa-3998	69	16	element	element	NOUN
ajfa-3998	69	17	of	of	ADP
ajfa-3998	69	18	surprise	surprise	NOUN
ajfa-3998	69	19	.	.	PUNCT
ajfa-3998	70	1	moreover	moreover	ADV
ajfa-3998	70	2	,	,	PUNCT
ajfa-3998	70	3	the	the	DET
ajfa-3998	70	4	degree	degree	NOUN
ajfa-3998	70	5	of	of	ADP
ajfa-3998	70	6	risk	risk	NOUN
ajfa-3998	70	7	aversion	aversion	NOUN
ajfa-3998	70	8	increases	increase	NOUN
ajfa-3998	70	9	in	in	ADP
ajfa-3998	70	10	recession	recession	NOUN
ajfa-3998	70	11	,	,	PUNCT
ajfa-3998	70	12	so	so	CCONJ
ajfa-3998	70	13	the	the	DET
ajfa-3998	70	14	price	price	NOUN
ajfa-3998	70	15	reactions	reaction	NOUN
ajfa-3998	70	16	are	be	AUX
ajfa-3998	70	17	expected	expect	VERB
ajfa-3998	70	18	to	to	PART
ajfa-3998	70	19	be	be	AUX
ajfa-3998	70	20	stronger	strong	ADJ
ajfa-3998	70	21	.	.	PUNCT
ajfa-3998	71	1	this	this	DET
ajfa-3998	71	2	paper	paper	NOUN
ajfa-3998	71	3	also	also	ADV
ajfa-3998	71	4	considers	consider	VERB
ajfa-3998	71	5	the	the	DET
ajfa-3998	71	6	influence	influence	NOUN
ajfa-3998	71	7	of	of	ADP
ajfa-3998	71	8	all	all	DET
ajfa-3998	71	9	such	such	ADJ
ajfa-3998	71	10	factors	factor	NOUN
ajfa-3998	71	11	on	on	ADP
ajfa-3998	71	12	the	the	DET
ajfa-3998	71	13	price	price	NOUN
ajfa-3998	71	14	response	response	NOUN
ajfa-3998	71	15	of	of	ADP
ajfa-3998	71	16	firm	firm	ADJ
ajfa-3998	71	17	–	–	PUNCT
ajfa-3998	71	18	characteristic	characteristic	ADJ
ajfa-3998	71	19	based	base	VERB
ajfa-3998	71	20	portfolios	portfolio	NOUN
ajfa-3998	71	21	(	(	PUNCT
ajfa-3998	71	22	size	size	NOUN
ajfa-3998	71	23	,	,	PUNCT
ajfa-3998	71	24	p	p	X
ajfa-3998	71	25	/	/	SYM
ajfa-3998	71	26	b	b	NOUN
ajfa-3998	71	27	,	,	PUNCT
ajfa-3998	71	28	trading	trading	NOUN
ajfa-3998	71	29	volume	volume	NOUN
ajfa-3998	71	30	,	,	PUNCT
ajfa-3998	71	31	leverage	leverage	NOUN
ajfa-3998	71	32	,	,	PUNCT
ajfa-3998	71	33	intangibility	intangibility	NOUN
ajfa-3998	71	34	and	and	CCONJ
ajfa-3998	71	35	profitability	profitability	NOUN
ajfa-3998	71	36	)	)	PUNCT
ajfa-3998	71	37	to	to	PART
ajfa-3998	71	38	bond	bond	NOUN
ajfa-3998	71	39	rating	rating	NOUN
ajfa-3998	71	40	changes	change	NOUN
ajfa-3998	71	41	.	.	PUNCT
ajfa-3998	72	1	a	a	DET
ajfa-3998	72	2	review	review	NOUN
ajfa-3998	72	3	of	of	ADP
ajfa-3998	72	4	the	the	DET
ajfa-3998	72	5	past	past	ADJ
ajfa-3998	72	6	research	research	NOUN
ajfa-3998	72	7	shows	show	VERB
ajfa-3998	72	8	that	that	SCONJ
ajfa-3998	72	9	although	although	SCONJ
ajfa-3998	72	10	a	a	DET
ajfa-3998	72	11	lot	lot	NOUN
ajfa-3998	72	12	of	of	ADP
ajfa-3998	72	13	studies	study	NOUN
ajfa-3998	72	14	on	on	ADP
ajfa-3998	72	15	the	the	DET
ajfa-3998	72	16	changes	change	NOUN
ajfa-3998	72	17	in	in	ADP
ajfa-3998	72	18	ratings	rating	NOUN
ajfa-3998	72	19	and	and	CCONJ
ajfa-3998	72	20	their	their	PRON
ajfa-3998	72	21	relationship	relationship	NOUN
ajfa-3998	72	22	with	with	ADP
ajfa-3998	72	23	stock	stock	NOUN
ajfa-3998	72	24	returns	return	NOUN
ajfa-3998	72	25	have	have	AUX
ajfa-3998	72	26	been	be	AUX
ajfa-3998	72	27	conducted	conduct	VERB
ajfa-3998	72	28	abroad	abroad	ADV
ajfa-3998	72	29	;	;	PUNCT
ajfa-3998	72	30	there	there	PRON
ajfa-3998	72	31	is	be	VERB
ajfa-3998	72	32	little	little	ADJ
ajfa-3998	72	33	research	research	NOUN
ajfa-3998	72	34	on	on	ADP
ajfa-3998	72	35	the	the	DET
ajfa-3998	72	36	subject	subject	NOUN
ajfa-3998	72	37	in	in	ADP
ajfa-3998	72	38	india	india	PROPN
ajfa-3998	72	39	.	.	PUNCT
ajfa-3998	73	1	the	the	DET
ajfa-3998	73	2	limited	limited	ADJ
ajfa-3998	73	3	literature	literature	NOUN
ajfa-3998	73	4	which	which	PRON
ajfa-3998	73	5	exists	exist	VERB
ajfa-3998	73	6	concentrates	concentrate	VERB
ajfa-3998	73	7	more	more	ADV
ajfa-3998	73	8	on	on	ADP
ajfa-3998	73	9	the	the	DET
ajfa-3998	73	10	comparison	comparison	NOUN
ajfa-3998	73	11	and	and	CCONJ
ajfa-3998	73	12	analysis	analysis	NOUN
ajfa-3998	73	13	of	of	ADP
ajfa-3998	73	14	rating	rating	NOUN
ajfa-3998	73	15	methodologies	methodology	NOUN
ajfa-3998	73	16	and	and	CCONJ
ajfa-3998	73	17	the	the	DET
ajfa-3998	73	18	performance	performance	NOUN
ajfa-3998	73	19	of	of	ADP
ajfa-3998	73	20	various	various	ADJ
ajfa-3998	73	21	rating	rating	NOUN
ajfa-3998	73	22	agencies	agency	NOUN
ajfa-3998	73	23	(	(	PUNCT
ajfa-3998	73	24	duggal	duggal	ADJ
ajfa-3998	73	25	,	,	PUNCT
ajfa-3998	73	26	1992	1992	NUM
ajfa-3998	73	27	;	;	PUNCT
ajfa-3998	73	28	goswami	goswami	NOUN
ajfa-3998	73	29	and	and	CCONJ
ajfa-3998	73	30	venkatesh	venkatesh	PROPN
ajfa-3998	73	31	,	,	PUNCT
ajfa-3998	73	32	1999	1999	NUM
ajfa-3998	73	33	;	;	PUNCT
ajfa-3998	73	34	raghunathan	raghunathan	NOUN
ajfa-3998	73	35	and	and	CCONJ
ajfa-3998	73	36	verma	verma	PROPN
ajfa-3998	73	37	,	,	PUNCT
ajfa-3998	73	38	1992	1992	NUM
ajfa-3998	73	39	;	;	PUNCT
ajfa-3998	73	40	bajaj	bajaj	PROPN
ajfa-3998	73	41	,	,	PUNCT
ajfa-3998	73	42	1998	1998	NUM
ajfa-3998	73	43	;	;	PUNCT
ajfa-3998	73	44	sehgal	sehgal	PROPN
ajfa-3998	73	45	and	and	CCONJ
ajfa-3998	73	46	arora	arora	PROPN
ajfa-3998	73	47	,	,	PUNCT
ajfa-3998	73	48	2004	2004	NUM
ajfa-3998	73	49	;	;	PUNCT
ajfa-3998	73	50	kaur	kaur	PROPN
ajfa-3998	73	51	and	and	CCONJ
ajfa-3998	73	52	kaur	kaur	PROPN
ajfa-3998	73	53	,	,	PUNCT
ajfa-3998	73	54	2011	2011	NUM
ajfa-3998	73	55	)	)	PUNCT
ajfa-3998	73	56	.	.	PUNCT
ajfa-3998	74	1	although	although	SCONJ
ajfa-3998	74	2	some	some	DET
ajfa-3998	74	3	studies	study	NOUN
ajfa-3998	74	4	do	do	AUX
ajfa-3998	74	5	cover	cover	VERB
ajfa-3998	74	6	the	the	DET
ajfa-3998	74	7	rating	rating	NOUN
ajfa-3998	74	8	changes	change	NOUN
ajfa-3998	74	9	,	,	PUNCT
ajfa-3998	74	10	but	but	CCONJ
ajfa-3998	74	11	their	their	PRON
ajfa-3998	74	12	impact	impact	NOUN
ajfa-3998	74	13	on	on	ADP
ajfa-3998	74	14	security	security	NOUN
ajfa-3998	74	15	prices	price	NOUN
ajfa-3998	74	16	is	be	AUX
ajfa-3998	74	17	not	not	PART
ajfa-3998	74	18	examined	examine	VERB
ajfa-3998	74	19	(	(	PUNCT
ajfa-3998	74	20	bajaj	bajaj	PROPN
ajfa-3998	74	21	,	,	PUNCT
ajfa-3998	74	22	1998	1998	NUM
ajfa-3998	74	23	;	;	PUNCT
ajfa-3998	74	24	sehgal	sehgal	PROPN
ajfa-3998	74	25	&	&	CCONJ
ajfa-3998	74	26	arora	arora	PROPN
ajfa-3998	74	27	,	,	PUNCT
ajfa-3998	74	28	2004	2004	NUM
ajfa-3998	74	29	)	)	PUNCT
ajfa-3998	74	30	.	.	PUNCT
ajfa-3998	75	1	only	only	ADV
ajfa-3998	75	2	a	a	DET
ajfa-3998	75	3	few	few	ADJ
ajfa-3998	75	4	studies	study	NOUN
ajfa-3998	75	5	explore	explore	VERB
ajfa-3998	75	6	this	this	DET
ajfa-3998	75	7	relationship	relationship	NOUN
ajfa-3998	75	8	in	in	ADP
ajfa-3998	75	9	the	the	DET
ajfa-3998	75	10	indian	indian	ADJ
ajfa-3998	75	11	context	context	NOUN
ajfa-3998	75	12	(	(	PUNCT
ajfa-3998	75	13	mohindroo	mohindroo	NOUN
ajfa-3998	75	14	,	,	PUNCT
ajfa-3998	75	15	2008	2008	NUM
ajfa-3998	75	16	;	;	PUNCT
ajfa-3998	75	17	lal	lal	PROPN
ajfa-3998	75	18	and	and	CCONJ
ajfa-3998	75	19	mitra	mitra	PROPN
ajfa-3998	75	20	,	,	PUNCT
ajfa-3998	75	21	2011	2011	NUM
ajfa-3998	75	22	)	)	PUNCT
ajfa-3998	75	23	.	.	PUNCT
ajfa-3998	76	1	moreover	moreover	ADV
ajfa-3998	76	2	,	,	PUNCT
ajfa-3998	76	3	other	other	ADJ
ajfa-3998	76	4	important	important	ADJ
ajfa-3998	76	5	areas	area	NOUN
ajfa-3998	76	6	such	such	ADJ
ajfa-3998	76	7	as	as	ADP
ajfa-3998	76	8	the	the	DET
ajfa-3998	76	9	effect	effect	NOUN
ajfa-3998	76	10	of	of	ADP
ajfa-3998	76	11	firm	firm	ADJ
ajfa-3998	76	12	characteristics	characteristic	NOUN
ajfa-3998	76	13	on	on	ADP
ajfa-3998	76	14	the	the	DET
ajfa-3998	76	15	relationship	relationship	NOUN
ajfa-3998	76	16	between	between	ADP
ajfa-3998	76	17	bond	bond	NOUN
ajfa-3998	76	18	rating	rating	NOUN
ajfa-3998	76	19	changes	change	NOUN
ajfa-3998	76	20	and	and	CCONJ
ajfa-3998	76	21	stock	stock	NOUN
ajfa-3998	76	22	return	return	NOUN
ajfa-3998	76	23	behaviour	behaviour	NOUN
ajfa-3998	76	24	have	have	AUX
ajfa-3998	76	25	not	not	PART
ajfa-3998	76	26	been	be	AUX
ajfa-3998	76	27	studied	study	VERB
ajfa-3998	76	28	.	.	PUNCT
ajfa-3998	77	1	the	the	DET
ajfa-3998	77	2	impact	impact	NOUN
ajfa-3998	77	3	of	of	ADP
ajfa-3998	77	4	factors	factor	NOUN
ajfa-3998	77	5	like	like	ADP
ajfa-3998	77	6	anticipation	anticipation	NOUN
ajfa-3998	77	7	,	,	PUNCT
ajfa-3998	77	8	magnitude	magnitude	NOUN
ajfa-3998	77	9	of	of	ADP
ajfa-3998	77	10	rating	rating	NOUN
ajfa-3998	77	11	change	change	NOUN
ajfa-3998	77	12	,	,	PUNCT
ajfa-3998	77	13	transition	transition	NOUN
ajfa-3998	77	14	to	to	ADP
ajfa-3998	77	15	,	,	PUNCT
ajfa-3998	77	16	from	from	ADP
ajfa-3998	77	17	or	or	CCONJ
ajfa-3998	77	18	within	within	ADP
ajfa-3998	77	19	speculative	speculative	ADJ
ajfa-3998	77	20	grade	grade	NOUN
ajfa-3998	77	21	and	and	CCONJ
ajfa-3998	77	22	business	business	NOUN
ajfa-3998	77	23	cycle	cycle	NOUN
ajfa-3998	77	24	on	on	ADP
ajfa-3998	77	25	stock	stock	NOUN
ajfa-3998	77	26	returns	return	NOUN
ajfa-3998	77	27	after	after	ADP
ajfa-3998	77	28	rating	rating	NOUN
ajfa-3998	77	29	change	change	NOUN
ajfa-3998	77	30	in	in	ADP
ajfa-3998	77	31	the	the	DET
ajfa-3998	77	32	indian	indian	ADJ
ajfa-3998	77	33	market	market	NOUN
ajfa-3998	77	34	is	be	AUX
ajfa-3998	77	35	also	also	ADV
ajfa-3998	77	36	largely	largely	ADV
ajfa-3998	77	37	unexamined	unexamined	ADJ
ajfa-3998	77	38	.	.	PUNCT
ajfa-3998	78	1	thus	thus	ADV
ajfa-3998	78	2	,	,	PUNCT
ajfa-3998	78	3	a	a	DET
ajfa-3998	78	4	serious	serious	ADJ
ajfa-3998	78	5	gap	gap	NOUN
ajfa-3998	78	6	exists	exist	VERB
ajfa-3998	78	7	in	in	ADP
ajfa-3998	78	8	the	the	DET
ajfa-3998	78	9	existing	exist	VERB
ajfa-3998	78	10	literature	literature	NOUN
ajfa-3998	78	11	on	on	ADP
ajfa-3998	78	12	credit	credit	NOUN
ajfa-3998	78	13	rating	rating	NOUN
ajfa-3998	78	14	for	for	ADP
ajfa-3998	78	15	the	the	DET
ajfa-3998	78	16	indian	indian	ADJ
ajfa-3998	78	17	environment	environment	NOUN
ajfa-3998	78	18	.	.	PUNCT
ajfa-3998	79	1	the	the	DET
ajfa-3998	79	2	present	present	ADJ
ajfa-3998	79	3	study	study	NOUN
ajfa-3998	79	4	attempts	attempt	VERB
ajfa-3998	79	5	to	to	PART
ajfa-3998	79	6	fill	fill	VERB
ajfa-3998	79	7	this	this	DET
ajfa-3998	79	8	important	important	ADJ
ajfa-3998	79	9	research	research	NOUN
ajfa-3998	79	10	gap	gap	NOUN
ajfa-3998	79	11	in	in	ADP
ajfa-3998	79	12	bond	bond	NOUN
ajfa-3998	79	13	market	market	NOUN
ajfa-3998	79	14	literature	literature	NOUN
ajfa-3998	79	15	.	.	PUNCT
ajfa-3998	80	1	this	this	DET
ajfa-3998	80	2	paper	paper	NOUN
ajfa-3998	80	3	explores	explore	VERB
ajfa-3998	80	4	the	the	DET
ajfa-3998	80	5	relationship	relationship	NOUN
ajfa-3998	80	6	between	between	ADP
ajfa-3998	80	7	bond	bond	NOUN
ajfa-3998	80	8	rating	rating	NOUN
ajfa-3998	80	9	change	change	NOUN
ajfa-3998	80	10	information	information	NOUN
ajfa-3998	80	11	and	and	CCONJ
ajfa-3998	80	12	stock	stock	NOUN
ajfa-3998	80	13	return	return	NOUN
ajfa-3998	80	14	behaviour	behaviour	NOUN
ajfa-3998	80	15	in	in	ADP
ajfa-3998	80	16	india	india	PROPN
ajfa-3998	80	17	.	.	PUNCT
ajfa-3998	81	1	it	it	PRON
ajfa-3998	81	2	examines	examine	VERB
ajfa-3998	81	3	whether	whether	SCONJ
ajfa-3998	81	4	the	the	DET
ajfa-3998	81	5	rating	rating	NOUN
ajfa-3998	81	6	changes	change	NOUN
ajfa-3998	81	7	have	have	VERB
ajfa-3998	81	8	any	any	DET
ajfa-3998	81	9	informational	informational	ADJ
ajfa-3998	81	10	content	content	NOUN
ajfa-3998	81	11	.	.	PUNCT
ajfa-3998	82	1	it	it	PRON
ajfa-3998	82	2	also	also	ADV
ajfa-3998	82	3	evaluates	evaluate	VERB
ajfa-3998	82	4	the	the	DET
ajfa-3998	82	5	cross	cross	ADJ
ajfa-3998	82	6	-	-	ADJ
ajfa-3998	82	7	sectional	sectional	ADJ
ajfa-3998	82	8	variation	variation	NOUN
ajfa-3998	82	9	in	in	ADP
ajfa-3998	82	10	the	the	DET
ajfa-3998	82	11	stock	stock	NOUN
ajfa-3998	82	12	return	return	NOUN
ajfa-3998	82	13	behaviour	behaviour	NOUN
ajfa-3998	82	14	to	to	PART
ajfa-3998	82	15	bond	bond	VERB
ajfa-3998	82	16	rating	rating	NOUN
ajfa-3998	82	17	changes	change	NOUN
ajfa-3998	82	18	for	for	ADP
ajfa-3998	82	19	firms	firm	NOUN
ajfa-3998	82	20	with	with	ADP
ajfa-3998	82	21	different	different	ADJ
ajfa-3998	82	22	characteristics	characteristic	NOUN
ajfa-3998	82	23	(	(	PUNCT
ajfa-3998	82	24	size	size	NOUN
ajfa-3998	82	25	,	,	PUNCT
ajfa-3998	82	26	p	p	X
ajfa-3998	82	27	/	/	SYM
ajfa-3998	82	28	b	b	NOUN
ajfa-3998	82	29	ratio	ratio	NOUN
ajfa-3998	82	30	,	,	PUNCT
ajfa-3998	82	31	liquidity	liquidity	NOUN
ajfa-3998	82	32	,	,	PUNCT
ajfa-3998	82	33	leverage	leverage	NOUN
ajfa-3998	82	34	,	,	PUNCT
ajfa-3998	82	35	intangibles	intangible	NOUN
ajfa-3998	82	36	and	and	CCONJ
ajfa-3998	82	37	profitability	profitability	NOUN
ajfa-3998	82	38	)	)	PUNCT
ajfa-3998	82	39	.	.	PUNCT
ajfa-3998	83	1	the	the	DET
ajfa-3998	83	2	paper	paper	NOUN
ajfa-3998	83	3	inter	inter	PROPN
ajfa-3998	83	4	alia	alia	PROPN
ajfa-3998	83	5	investigates	investigate	VERB
ajfa-3998	83	6	the	the	DET
ajfa-3998	83	7	relationship	relationship	NOUN
ajfa-3998	83	8	between	between	ADP
ajfa-3998	83	9	pre	pre	NOUN
ajfa-3998	83	10	–	–	PUNCT
ajfa-3998	83	11	event	event	NOUN
ajfa-3998	83	12	and	and	CCONJ
ajfa-3998	83	13	asian	asian	ADJ
ajfa-3998	83	14	journal	journal	NOUN
ajfa-3998	83	15	of	of	ADP
ajfa-3998	83	16	finance	finance	PROPN
ajfa-3998	83	17	&	&	CCONJ
ajfa-3998	83	18	accounting	accounting	PROPN
ajfa-3998	83	19	issn	issn	PROPN
ajfa-3998	83	20	1946	1946	NUM
ajfa-3998	83	21	-	-	PUNCT
ajfa-3998	83	22	052x	052x	NOUN
ajfa-3998	83	23	2013	2013	NUM
ajfa-3998	83	24	,	,	PUNCT
ajfa-3998	83	25	vol	vol	NOUN
ajfa-3998	83	26	.	.	PROPN
ajfa-3998	83	27	5	5	NUM
ajfa-3998	83	28	,	,	PUNCT
ajfa-3998	83	29	no	no	INTJ
ajfa-3998	83	30	.	.	NOUN
ajfa-3998	83	31	2	2	NUM
ajfa-3998	83	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	83	33	52	52	NUM
ajfa-3998	83	34	post	post	NOUN
ajfa-3998	83	35	–	–	PUNCT
ajfa-3998	83	36	event	event	NOUN
ajfa-3998	83	37	abnormal	abnormal	ADJ
ajfa-3998	83	38	returns	return	NOUN
ajfa-3998	83	39	implying	imply	VERB
ajfa-3998	83	40	surprise	surprise	NOUN
ajfa-3998	83	41	or	or	CCONJ
ajfa-3998	83	42	importance	importance	NOUN
ajfa-3998	83	43	element	element	NOUN
ajfa-3998	83	44	in	in	ADP
ajfa-3998	83	45	case	case	NOUN
ajfa-3998	83	46	of	of	ADP
ajfa-3998	83	47	upgrades	upgrade	NOUN
ajfa-3998	83	48	and	and	CCONJ
ajfa-3998	83	49	downgrades	downgrade	NOUN
ajfa-3998	83	50	and	and	CCONJ
ajfa-3998	83	51	firm	firm	ADJ
ajfa-3998	83	52	characteristic	characteristic	ADJ
ajfa-3998	83	53	based	base	VERB
ajfa-3998	83	54	portfolios	portfolio	NOUN
ajfa-3998	83	55	.	.	PUNCT
ajfa-3998	84	1	it	it	PRON
ajfa-3998	84	2	also	also	ADV
ajfa-3998	84	3	examines	examine	VERB
ajfa-3998	84	4	whether	whether	SCONJ
ajfa-3998	84	5	factors	factor	NOUN
ajfa-3998	84	6	like	like	ADP
ajfa-3998	84	7	magnitude	magnitude	NOUN
ajfa-3998	84	8	of	of	ADP
ajfa-3998	84	9	rating	rating	NOUN
ajfa-3998	84	10	change	change	NOUN
ajfa-3998	84	11	,	,	PUNCT
ajfa-3998	84	12	transition	transition	NOUN
ajfa-3998	84	13	to	to	ADP
ajfa-3998	84	14	,	,	PUNCT
ajfa-3998	84	15	from	from	ADP
ajfa-3998	84	16	or	or	CCONJ
ajfa-3998	84	17	within	within	ADP
ajfa-3998	84	18	speculative	speculative	ADJ
ajfa-3998	84	19	grade	grade	NOUN
ajfa-3998	84	20	and	and	CCONJ
ajfa-3998	84	21	business	business	NOUN
ajfa-3998	84	22	cycle	cycle	NOUN
ajfa-3998	84	23	influence	influence	NOUN
ajfa-3998	84	24	post	post	NOUN
ajfa-3998	84	25	–	–	PUNCT
ajfa-3998	84	26	event	event	NOUN
ajfa-3998	84	27	abnormal	abnormal	ADJ
ajfa-3998	84	28	returns	return	NOUN
ajfa-3998	84	29	.	.	PUNCT
ajfa-3998	85	1	the	the	DET
ajfa-3998	85	2	paper	paper	NOUN
ajfa-3998	85	3	is	be	AUX
ajfa-3998	85	4	divided	divide	VERB
ajfa-3998	85	5	into	into	ADP
ajfa-3998	85	6	5	5	NUM
ajfa-3998	85	7	sections	section	NOUN
ajfa-3998	85	8	including	include	VERB
ajfa-3998	85	9	the	the	DET
ajfa-3998	85	10	present	present	ADJ
ajfa-3998	85	11	one	one	NUM
ajfa-3998	85	12	.	.	PUNCT
ajfa-3998	86	1	section	section	NOUN
ajfa-3998	86	2	2	2	NUM
ajfa-3998	86	3	describes	describe	VERB
ajfa-3998	86	4	data	datum	NOUN
ajfa-3998	86	5	and	and	CCONJ
ajfa-3998	86	6	their	their	PRON
ajfa-3998	86	7	sources	source	NOUN
ajfa-3998	86	8	,	,	PUNCT
ajfa-3998	86	9	section	section	NOUN
ajfa-3998	86	10	3	3	NUM
ajfa-3998	86	11	deals	deal	NOUN
ajfa-3998	86	12	with	with	ADP
ajfa-3998	86	13	methodological	methodological	ADJ
ajfa-3998	86	14	issues	issue	NOUN
ajfa-3998	86	15	.	.	PUNCT
ajfa-3998	87	1	the	the	DET
ajfa-3998	87	2	empirical	empirical	ADJ
ajfa-3998	87	3	results	result	NOUN
ajfa-3998	87	4	are	be	AUX
ajfa-3998	87	5	discussed	discuss	VERB
ajfa-3998	87	6	in	in	ADP
ajfa-3998	87	7	section	section	NOUN
ajfa-3998	87	8	4	4	NUM
ajfa-3998	87	9	,	,	PUNCT
ajfa-3998	87	10	while	while	SCONJ
ajfa-3998	87	11	the	the	DET
ajfa-3998	87	12	last	last	ADJ
ajfa-3998	87	13	section	section	NOUN
ajfa-3998	87	14	provides	provide	VERB
ajfa-3998	87	15	summary	summary	NOUN
ajfa-3998	87	16	and	and	CCONJ
ajfa-3998	87	17	conclusions	conclusion	NOUN
ajfa-3998	87	18	.	.	PUNCT
ajfa-3998	88	1	2	2	X
ajfa-3998	88	2	.	.	X
ajfa-3998	88	3	data	data	VERB
ajfa-3998	88	4	the	the	DET
ajfa-3998	88	5	data	datum	NOUN
ajfa-3998	88	6	about	about	ADP
ajfa-3998	88	7	the	the	DET
ajfa-3998	88	8	bond	bond	NOUN
ajfa-3998	88	9	rating	rating	NOUN
ajfa-3998	88	10	changes	change	NOUN
ajfa-3998	88	11	was	be	AUX
ajfa-3998	88	12	collected	collect	VERB
ajfa-3998	88	13	from	from	ADP
ajfa-3998	88	14	the	the	DET
ajfa-3998	88	15	websites	website	NOUN
ajfa-3998	88	16	of	of	ADP
ajfa-3998	88	17	the	the	DET
ajfa-3998	88	18	two	two	NUM
ajfa-3998	88	19	main	main	ADJ
ajfa-3998	88	20	rating	rating	NOUN
ajfa-3998	88	21	agencies	agency	NOUN
ajfa-3998	88	22	in	in	ADP
ajfa-3998	88	23	india	india	PROPN
ajfa-3998	88	24	namely	namely	ADV
ajfa-3998	88	25	–	–	PUNCT
ajfa-3998	88	26	crisil	crisil	NOUN
ajfa-3998	88	27	and	and	CCONJ
ajfa-3998	88	28	icra	icra	PROPN
ajfa-3998	88	29	.	.	PUNCT
ajfa-3998	89	1	a	a	DET
ajfa-3998	89	2	list	list	NOUN
ajfa-3998	89	3	of	of	ADP
ajfa-3998	89	4	all	all	DET
ajfa-3998	89	5	the	the	DET
ajfa-3998	89	6	events	event	NOUN
ajfa-3998	89	7	where	where	SCONJ
ajfa-3998	89	8	a	a	DET
ajfa-3998	89	9	company	company	NOUN
ajfa-3998	89	10	’s	’s	PART
ajfa-3998	89	11	bonds	bond	NOUN
ajfa-3998	89	12	had	have	AUX
ajfa-3998	89	13	been	be	AUX
ajfa-3998	89	14	upgraded	upgrade	VERB
ajfa-3998	89	15	or	or	CCONJ
ajfa-3998	89	16	downgraded	downgrade	VERB
ajfa-3998	89	17	between	between	ADP
ajfa-3998	89	18	november	november	PROPN
ajfa-3998	89	19	2003	2003	NUM
ajfa-3998	89	20	and	and	CCONJ
ajfa-3998	89	21	february	february	PROPN
ajfa-3998	89	22	2011	2011	NUM
ajfa-3998	89	23	was	be	AUX
ajfa-3998	89	24	made	make	VERB
ajfa-3998	89	25	.	.	PUNCT
ajfa-3998	90	1	this	this	PRON
ajfa-3998	90	2	consisted	consist	VERB
ajfa-3998	90	3	of	of	ADP
ajfa-3998	90	4	a	a	DET
ajfa-3998	90	5	total	total	NOUN
ajfa-3998	90	6	of	of	ADP
ajfa-3998	90	7	227	227	NUM
ajfa-3998	90	8	bond	bond	NOUN
ajfa-3998	90	9	rating	rating	NOUN
ajfa-3998	90	10	changes	change	NOUN
ajfa-3998	90	11	out	out	ADP
ajfa-3998	90	12	of	of	ADP
ajfa-3998	90	13	which	which	PRON
ajfa-3998	90	14	117	117	NUM
ajfa-3998	90	15	were	be	AUX
ajfa-3998	90	16	downgrades	downgrade	NOUN
ajfa-3998	90	17	and	and	CCONJ
ajfa-3998	90	18	110	110	NUM
ajfa-3998	90	19	were	be	AUX
ajfa-3998	90	20	upgrades	upgrade	NOUN
ajfa-3998	90	21	.	.	PUNCT
ajfa-3998	91	1	however	however	ADV
ajfa-3998	91	2	,	,	PUNCT
ajfa-3998	91	3	these	these	DET
ajfa-3998	91	4	cases	case	NOUN
ajfa-3998	91	5	were	be	AUX
ajfa-3998	91	6	checked	check	VERB
ajfa-3998	91	7	for	for	ADP
ajfa-3998	91	8	any	any	DET
ajfa-3998	91	9	contamination	contamination	NOUN
ajfa-3998	91	10	.	.	PUNCT
ajfa-3998	92	1	the	the	DET
ajfa-3998	92	2	event	event	NOUN
ajfa-3998	92	3	was	be	AUX
ajfa-3998	92	4	considered	consider	VERB
ajfa-3998	92	5	to	to	PART
ajfa-3998	92	6	be	be	AUX
ajfa-3998	92	7	contaminated	contaminate	VERB
ajfa-3998	92	8	if	if	SCONJ
ajfa-3998	92	9	any	any	DET
ajfa-3998	92	10	other	other	ADJ
ajfa-3998	92	11	major	major	ADJ
ajfa-3998	92	12	announcement	announcement	NOUN
ajfa-3998	92	13	like	like	ADP
ajfa-3998	92	14	merger	merger	NOUN
ajfa-3998	92	15	or	or	CCONJ
ajfa-3998	92	16	acquisition	acquisition	NOUN
ajfa-3998	92	17	,	,	PUNCT
ajfa-3998	92	18	divestment	divestment	NOUN
ajfa-3998	92	19	,	,	PUNCT
ajfa-3998	92	20	buyback	buyback	NOUN
ajfa-3998	92	21	of	of	ADP
ajfa-3998	92	22	shares	share	NOUN
ajfa-3998	92	23	,	,	PUNCT
ajfa-3998	92	24	debenture	debenture	NOUN
ajfa-3998	92	25	,	,	PUNCT
ajfa-3998	92	26	gdr	gdr	NOUN
ajfa-3998	92	27	or	or	CCONJ
ajfa-3998	92	28	fccb	fccb	VERB
ajfa-3998	92	29	conversion	conversion	NOUN
ajfa-3998	92	30	or	or	CCONJ
ajfa-3998	92	31	exercising	exercise	VERB
ajfa-3998	92	32	of	of	ADP
ajfa-3998	92	33	esop	esop	PROPN
ajfa-3998	92	34	or	or	CCONJ
ajfa-3998	92	35	esos	esos	PROPN
ajfa-3998	92	36	option	option	NOUN
ajfa-3998	92	37	took	take	VERB
ajfa-3998	92	38	place	place	NOUN
ajfa-3998	92	39	70	70	NUM
ajfa-3998	92	40	days	day	NOUN
ajfa-3998	92	41	before	before	ADP
ajfa-3998	92	42	or	or	CCONJ
ajfa-3998	92	43	35	35	NUM
ajfa-3998	92	44	days	day	NOUN
ajfa-3998	92	45	after	after	ADP
ajfa-3998	92	46	the	the	DET
ajfa-3998	92	47	announcement	announcement	NOUN
ajfa-3998	92	48	of	of	ADP
ajfa-3998	92	49	rating	rating	NOUN
ajfa-3998	92	50	change	change	NOUN
ajfa-3998	92	51	.	.	PUNCT
ajfa-3998	93	1	data	datum	NOUN
ajfa-3998	93	2	was	be	AUX
ajfa-3998	93	3	also	also	ADV
ajfa-3998	93	4	considered	consider	VERB
ajfa-3998	93	5	contaminated	contaminate	VERB
ajfa-3998	93	6	if	if	SCONJ
ajfa-3998	93	7	there	there	PRON
ajfa-3998	93	8	was	be	VERB
ajfa-3998	93	9	any	any	DET
ajfa-3998	93	10	capital	capital	NOUN
ajfa-3998	93	11	structure	structure	NOUN
ajfa-3998	93	12	change	change	NOUN
ajfa-3998	93	13	such	such	ADJ
ajfa-3998	93	14	as	as	ADP
ajfa-3998	93	15	declaration	declaration	NOUN
ajfa-3998	93	16	of	of	ADP
ajfa-3998	93	17	stock	stock	NOUN
ajfa-3998	93	18	dividend	dividend	NOUN
ajfa-3998	93	19	,	,	PUNCT
ajfa-3998	93	20	rights	right	NOUN
ajfa-3998	93	21	issues	issue	NOUN
ajfa-3998	93	22	and	and	CCONJ
ajfa-3998	93	23	stock	stock	NOUN
ajfa-3998	93	24	splits	split	VERB
ajfa-3998	93	25	within	within	ADP
ajfa-3998	93	26	the	the	DET
ajfa-3998	93	27	event	event	NOUN
ajfa-3998	93	28	window	window	NOUN
ajfa-3998	93	29	or	or	CCONJ
ajfa-3998	93	30	if	if	SCONJ
ajfa-3998	93	31	there	there	PRON
ajfa-3998	93	32	was	be	VERB
ajfa-3998	93	33	an	an	DET
ajfa-3998	93	34	earnings	earning	NOUN
ajfa-3998	93	35	announcement	announcement	NOUN
ajfa-3998	93	36	between	between	ADP
ajfa-3998	93	37	±3	±3	ADJ
ajfa-3998	93	38	days	day	NOUN
ajfa-3998	93	39	of	of	ADP
ajfa-3998	93	40	the	the	DET
ajfa-3998	93	41	date	date	NOUN
ajfa-3998	93	42	of	of	ADP
ajfa-3998	93	43	rating	rating	NOUN
ajfa-3998	93	44	change	change	NOUN
ajfa-3998	93	45	(	(	PUNCT
ajfa-3998	93	46	goh	goh	PROPN
ajfa-3998	93	47	and	and	CCONJ
ajfa-3998	93	48	ederington	ederington	NOUN
ajfa-3998	93	49	,	,	PUNCT
ajfa-3998	93	50	1993	1993	NUM
ajfa-3998	93	51	)	)	PUNCT
ajfa-3998	93	52	.	.	PUNCT
ajfa-3998	94	1	it	it	PRON
ajfa-3998	94	2	was	be	AUX
ajfa-3998	94	3	also	also	ADV
ajfa-3998	94	4	important	important	ADJ
ajfa-3998	94	5	to	to	PART
ajfa-3998	94	6	identify	identify	VERB
ajfa-3998	94	7	companies	company	NOUN
ajfa-3998	94	8	for	for	ADP
ajfa-3998	94	9	which	which	PRON
ajfa-3998	94	10	regular	regular	ADJ
ajfa-3998	94	11	stock	stock	NOUN
ajfa-3998	94	12	price	price	NOUN
ajfa-3998	94	13	data	datum	NOUN
ajfa-3998	94	14	was	be	AUX
ajfa-3998	94	15	available	available	ADJ
ajfa-3998	94	16	for	for	ADP
ajfa-3998	94	17	the	the	DET
ajfa-3998	94	18	event	event	NOUN
ajfa-3998	94	19	periods	period	NOUN
ajfa-3998	94	20	.	.	PUNCT
ajfa-3998	95	1	after	after	ADP
ajfa-3998	95	2	data	data	NOUN
ajfa-3998	95	3	filtering	filtering	NOUN
ajfa-3998	95	4	process	process	NOUN
ajfa-3998	95	5	we	we	PRON
ajfa-3998	95	6	finally	finally	ADV
ajfa-3998	95	7	end	end	VERB
ajfa-3998	95	8	up	up	ADP
ajfa-3998	95	9	with	with	ADP
ajfa-3998	95	10	70	70	NUM
ajfa-3998	95	11	valid	valid	ADJ
ajfa-3998	95	12	cases	case	NOUN
ajfa-3998	95	13	of	of	ADP
ajfa-3998	95	14	which	which	PRON
ajfa-3998	95	15	31	31	NUM
ajfa-3998	95	16	were	be	AUX
ajfa-3998	95	17	upgrades	upgrade	NOUN
ajfa-3998	95	18	and	and	CCONJ
ajfa-3998	95	19	39	39	NUM
ajfa-3998	95	20	were	be	AUX
ajfa-3998	95	21	downgrades	downgrade	NOUN
ajfa-3998	95	22	.	.	PUNCT
ajfa-3998	96	1	for	for	ADP
ajfa-3998	96	2	all	all	DET
ajfa-3998	96	3	these	these	DET
ajfa-3998	96	4	70	70	NUM
ajfa-3998	96	5	cases	case	NOUN
ajfa-3998	96	6	of	of	ADP
ajfa-3998	96	7	rating	rating	NOUN
ajfa-3998	96	8	revision	revision	NOUN
ajfa-3998	96	9	,	,	PUNCT
ajfa-3998	96	10	daily	daily	ADJ
ajfa-3998	96	11	closing	closing	NOUN
ajfa-3998	96	12	price	price	NOUN
ajfa-3998	96	13	data	datum	NOUN
ajfa-3998	96	14	was	be	AUX
ajfa-3998	96	15	obtained	obtain	VERB
ajfa-3998	96	16	from	from	ADP
ajfa-3998	96	17	bse	bse	PROPN
ajfa-3998	96	18	sensex	sensex	PROPN
ajfa-3998	96	19	.	.	PUNCT
ajfa-3998	97	1	daily	daily	ADJ
ajfa-3998	97	2	closing	closing	NOUN
ajfa-3998	97	3	observations	observation	NOUN
ajfa-3998	97	4	for	for	ADP
ajfa-3998	97	5	bse	bse	NOUN
ajfa-3998	97	6	200	200	NUM
ajfa-3998	97	7	stock	stock	NOUN
ajfa-3998	97	8	index	index	NOUN
ajfa-3998	97	9	,	,	PUNCT
ajfa-3998	97	10	which	which	PRON
ajfa-3998	97	11	was	be	AUX
ajfa-3998	97	12	used	use	VERB
ajfa-3998	97	13	as	as	ADP
ajfa-3998	97	14	market	market	NOUN
ajfa-3998	97	15	proxy	proxy	NOUN
ajfa-3998	97	16	,	,	PUNCT
ajfa-3998	97	17	were	be	AUX
ajfa-3998	97	18	also	also	ADV
ajfa-3998	97	19	obtained	obtain	VERB
ajfa-3998	97	20	for	for	ADP
ajfa-3998	97	21	the	the	DET
ajfa-3998	97	22	corresponding	corresponding	ADJ
ajfa-3998	97	23	periods	period	NOUN
ajfa-3998	97	24	.	.	PUNCT
ajfa-3998	98	1	bse	bse	PROPN
ajfa-3998	98	2	200	200	NUM
ajfa-3998	98	3	is	be	AUX
ajfa-3998	98	4	a	a	DET
ajfa-3998	98	5	broad	broad	ADJ
ajfa-3998	98	6	based	base	VERB
ajfa-3998	98	7	value	value	NOUN
ajfa-3998	98	8	weighted	weight	VERB
ajfa-3998	98	9	(	(	PUNCT
ajfa-3998	98	10	free	free	ADJ
ajfa-3998	98	11	float	float	NOUN
ajfa-3998	98	12	weighted	weight	VERB
ajfa-3998	98	13	)	)	PUNCT
ajfa-3998	98	14	index	index	NOUN
ajfa-3998	98	15	which	which	PRON
ajfa-3998	98	16	is	be	AUX
ajfa-3998	98	17	compiled	compile	VERB
ajfa-3998	98	18	on	on	ADP
ajfa-3998	98	19	the	the	DET
ajfa-3998	98	20	lines	line	NOUN
ajfa-3998	98	21	of	of	ADP
ajfa-3998	98	22	standard	standard	ADJ
ajfa-3998	98	23	and	and	CCONJ
ajfa-3998	98	24	poor	poor	ADJ
ajfa-3998	98	25	’s	’s	PART
ajfa-3998	98	26	index	index	PROPN
ajfa-3998	98	27	,	,	PUNCT
ajfa-3998	98	28	usa	usa	PROPN
ajfa-3998	98	29	.	.	PUNCT
ajfa-3998	99	1	the	the	DET
ajfa-3998	99	2	data	datum	NOUN
ajfa-3998	99	3	for	for	ADP
ajfa-3998	99	4	firm	firm	ADJ
ajfa-3998	99	5	characteristics	characteristic	NOUN
ajfa-3998	99	6	i.e.	i.e.	ADV
ajfa-3998	99	7	,	,	PUNCT
ajfa-3998	99	8	market	market	NOUN
ajfa-3998	99	9	capitalization	capitalization	NOUN
ajfa-3998	99	10	,	,	PUNCT
ajfa-3998	99	11	price	price	NOUN
ajfa-3998	99	12	to	to	ADP
ajfa-3998	99	13	book	book	NOUN
ajfa-3998	99	14	value	value	NOUN
ajfa-3998	99	15	ratio	ratio	NOUN
ajfa-3998	99	16	,	,	PUNCT
ajfa-3998	99	17	daily	daily	ADJ
ajfa-3998	99	18	trading	trading	NOUN
ajfa-3998	99	19	volume	volume	NOUN
ajfa-3998	99	20	,	,	PUNCT
ajfa-3998	99	21	debt	debt	NOUN
ajfa-3998	99	22	equity	equity	NOUN
ajfa-3998	99	23	ratio	ratio	NOUN
ajfa-3998	99	24	,	,	PUNCT
ajfa-3998	99	25	net	net	ADJ
ajfa-3998	99	26	intangibles	intangible	NOUN
ajfa-3998	99	27	to	to	ADP
ajfa-3998	99	28	total	total	ADJ
ajfa-3998	99	29	assets	asset	NOUN
ajfa-3998	99	30	ratio	ratio	NOUN
ajfa-3998	99	31	and	and	CCONJ
ajfa-3998	99	32	return	return	VERB
ajfa-3998	99	33	to	to	ADP
ajfa-3998	99	34	equity	equity	NOUN
ajfa-3998	99	35	ratio	ratio	NOUN
ajfa-3998	99	36	was	be	AUX
ajfa-3998	99	37	collected	collect	VERB
ajfa-3998	99	38	from	from	ADP
ajfa-3998	99	39	thomson	thomson	PROPN
ajfa-3998	99	40	reuter	reuter	PROPN
ajfa-3998	99	41	’s	’s	PART
ajfa-3998	99	42	datastream	datastream	ADJ
ajfa-3998	99	43	software	software	NOUN
ajfa-3998	99	44	.	.	PUNCT
ajfa-3998	100	1	the	the	DET
ajfa-3998	100	2	details	detail	NOUN
ajfa-3998	100	3	about	about	ADP
ajfa-3998	100	4	measurement	measurement	NOUN
ajfa-3998	100	5	of	of	ADP
ajfa-3998	100	6	each	each	DET
ajfa-3998	100	7	characteristic	characteristic	NOUN
ajfa-3998	100	8	as	as	ADV
ajfa-3998	100	9	well	well	ADV
ajfa-3998	100	10	as	as	ADP
ajfa-3998	100	11	the	the	DET
ajfa-3998	100	12	number	number	NOUN
ajfa-3998	100	13	of	of	ADP
ajfa-3998	100	14	cases	case	NOUN
ajfa-3998	100	15	in	in	ADP
ajfa-3998	100	16	each	each	DET
ajfa-3998	100	17	characteristic	characteristic	ADJ
ajfa-3998	100	18	sorted	sort	VERB
ajfa-3998	100	19	portfolio	portfolio	NOUN
ajfa-3998	100	20	are	be	AUX
ajfa-3998	100	21	given	give	VERB
ajfa-3998	100	22	in	in	ADP
ajfa-3998	100	23	exhibit	exhibit	NOUN
ajfa-3998	100	24	a.	a.	NOUN
ajfa-3998	100	25	to	to	PART
ajfa-3998	100	26	classify	classify	VERB
ajfa-3998	100	27	the	the	DET
ajfa-3998	100	28	cases	case	NOUN
ajfa-3998	100	29	on	on	ADP
ajfa-3998	100	30	the	the	DET
ajfa-3998	100	31	basis	basis	NOUN
ajfa-3998	100	32	of	of	ADP
ajfa-3998	100	33	firm	firm	ADJ
ajfa-3998	100	34	characteristics	characteristic	NOUN
ajfa-3998	100	35	,	,	PUNCT
ajfa-3998	100	36	list	list	NOUN
ajfa-3998	100	37	of	of	ADP
ajfa-3998	100	38	bse	bse	NOUN
ajfa-3998	100	39	500	500	NUM
ajfa-3998	100	40	companies	company	NOUN
ajfa-3998	100	41	and	and	CCONJ
ajfa-3998	100	42	the	the	DET
ajfa-3998	100	43	above	above	ADJ
ajfa-3998	100	44	mentioned	mention	VERB
ajfa-3998	100	45	attributes	attribute	NOUN
ajfa-3998	100	46	was	be	AUX
ajfa-3998	100	47	also	also	ADV
ajfa-3998	100	48	obtained	obtain	VERB
ajfa-3998	100	49	for	for	ADP
ajfa-3998	100	50	each	each	DET
ajfa-3998	100	51	year	year	NOUN
ajfa-3998	100	52	end	end	NOUN
ajfa-3998	100	53	from	from	ADP
ajfa-3998	100	54	december	december	PROPN
ajfa-3998	100	55	2002	2002	NUM
ajfa-3998	100	56	to	to	ADP
ajfa-3998	100	57	december	december	PROPN
ajfa-3998	100	58	2010	2010	NUM
ajfa-3998	100	59	.	.	PUNCT
ajfa-3998	101	1	asian	asian	ADJ
ajfa-3998	101	2	journal	journal	PROPN
ajfa-3998	101	3	of	of	ADP
ajfa-3998	101	4	finance	finance	PROPN
ajfa-3998	101	5	&	&	CCONJ
ajfa-3998	101	6	accounting	accounting	PROPN
ajfa-3998	101	7	issn	issn	PROPN
ajfa-3998	101	8	1946	1946	NUM
ajfa-3998	101	9	-	-	PUNCT
ajfa-3998	101	10	052x	052x	NOUN
ajfa-3998	101	11	2013	2013	NUM
ajfa-3998	101	12	,	,	PUNCT
ajfa-3998	101	13	vol	vol	NOUN
ajfa-3998	101	14	.	.	PROPN
ajfa-3998	101	15	5	5	NUM
ajfa-3998	101	16	,	,	PUNCT
ajfa-3998	101	17	no	no	INTJ
ajfa-3998	101	18	.	.	NOUN
ajfa-3998	101	19	2	2	NUM
ajfa-3998	101	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	101	21	53	53	NUM
ajfa-3998	101	22	exhibit	exhibit	VERB
ajfa-3998	101	23	a	a	DET
ajfa-3998	101	24	:	:	PUNCT
ajfa-3998	101	25	measurement	measurement	NOUN
ajfa-3998	101	26	of	of	ADP
ajfa-3998	101	27	firm	firm	ADJ
ajfa-3998	101	28	characteristics	characteristic	NOUN
ajfa-3998	101	29	firm	firm	ADJ
ajfa-3998	101	30	characteristic	characteristic	ADJ
ajfa-3998	101	31	measurement	measurement	NOUN
ajfa-3998	101	32	calculation	calculation	NOUN
ajfa-3998	101	33	number	number	NOUN
ajfa-3998	101	34	of	of	ADP
ajfa-3998	101	35	usable	usable	ADJ
ajfa-3998	101	36	cases	case	NOUN
ajfa-3998	101	37	number	number	NOUN
ajfa-3998	101	38	of	of	ADP
ajfa-3998	101	39	cases	case	NOUN
ajfa-3998	101	40	in	in	ADP
ajfa-3998	101	41	each	each	DET
ajfa-3998	101	42	portfolio	portfolio	NOUN
ajfa-3998	101	43	size	size	NOUN
ajfa-3998	101	44	natural	natural	ADJ
ajfa-3998	101	45	log	log	NOUN
ajfa-3998	101	46	of	of	ADP
ajfa-3998	101	47	market	market	NOUN
ajfa-3998	101	48	capitalization	capitalization	NOUN
ajfa-3998	101	49	loge[(price	loge[(price	PROPN
ajfa-3998	101	50	)	)	PUNCT
ajfa-3998	101	51	x	x	X
ajfa-3998	102	1	(	(	PUNCT
ajfa-3998	102	2	number	number	NOUN
ajfa-3998	102	3	of	of	ADP
ajfa-3998	102	4	shares	share	NOUN
ajfa-3998	102	5	outstanding	outstanding	ADJ
ajfa-3998	102	6	)	)	PUNCT
ajfa-3998	102	7	]	]	PUNCT
ajfa-3998	102	8	51	51	NUM
ajfa-3998	102	9	cases	case	NOUN
ajfa-3998	102	10	(	(	PUNCT
ajfa-3998	102	11	24	24	NUM
ajfa-3998	102	12	downgrades	downgrade	NOUN
ajfa-3998	102	13	and	and	CCONJ
ajfa-3998	102	14	27	27	NUM
ajfa-3998	102	15	upgrades	upgrade	NOUN
ajfa-3998	102	16	)	)	PUNCT
ajfa-3998	102	17	downgrades9	downgrades9	PROPN
ajfa-3998	102	18	large	large	ADJ
ajfa-3998	102	19	and	and	CCONJ
ajfa-3998	102	20	15	15	NUM
ajfa-3998	102	21	small	small	ADJ
ajfa-3998	102	22	size	size	NOUN
ajfa-3998	102	23	.	.	PUNCT
ajfa-3998	103	1	upgrades19	upgrades19	PROPN
ajfa-3998	103	2	large	large	ADJ
ajfa-3998	103	3	and	and	CCONJ
ajfa-3998	103	4	8	8	NUM
ajfa-3998	103	5	small	small	ADJ
ajfa-3998	103	6	size	size	NOUN
ajfa-3998	103	7	.	.	PUNCT
ajfa-3998	104	1	price	price	NOUN
ajfa-3998	104	2	to	to	ADP
ajfa-3998	104	3	book	book	NOUN
ajfa-3998	104	4	value	value	NOUN
ajfa-3998	104	5	ratio	ratio	NOUN
ajfa-3998	104	6	market	market	NOUN
ajfa-3998	104	7	price	price	NOUN
ajfa-3998	104	8	to	to	ADP
ajfa-3998	104	9	book	book	NOUN
ajfa-3998	104	10	value	value	NOUN
ajfa-3998	104	11	ratio	ratio	NOUN
ajfa-3998	104	12	market	market	NOUN
ajfa-3998	104	13	price	price	NOUN
ajfa-3998	104	14	/	/	SYM
ajfa-3998	104	15	book	book	NOUN
ajfa-3998	104	16	value	value	NOUN
ajfa-3998	104	17	per	per	ADP
ajfa-3998	104	18	share	share	NOUN
ajfa-3998	104	19	50	50	NUM
ajfa-3998	104	20	cases	case	NOUN
ajfa-3998	104	21	(	(	PUNCT
ajfa-3998	104	22	23	23	NUM
ajfa-3998	104	23	downgrades	downgrade	NOUN
ajfa-3998	104	24	and	and	CCONJ
ajfa-3998	104	25	27	27	NUM
ajfa-3998	104	26	upgrades	upgrade	NOUN
ajfa-3998	104	27	)	)	PUNCT
ajfa-3998	104	28	downgrades-	downgrades-	PROPN
ajfa-3998	104	29	,	,	PUNCT
ajfa-3998	104	30	4	4	NUM
ajfa-3998	104	31	high	high	ADJ
ajfa-3998	104	32	and	and	CCONJ
ajfa-3998	104	33	19	19	NUM
ajfa-3998	104	34	low	low	ADJ
ajfa-3998	104	35	p	p	PROPN
ajfa-3998	104	36	/	/	SYM
ajfa-3998	104	37	b.	b.	PROPN
ajfa-3998	104	38	upgrades12	upgrades12	NOUN
ajfa-3998	104	39	high	high	ADJ
ajfa-3998	104	40	and	and	CCONJ
ajfa-3998	104	41	15	15	NUM
ajfa-3998	104	42	low	low	ADJ
ajfa-3998	104	43	p	p	PROPN
ajfa-3998	104	44	/	/	SYM
ajfa-3998	104	45	b.	b.	PROPN
ajfa-3998	104	46	trading	trading	NOUN
ajfa-3998	104	47	volume7	volume7	DET
ajfa-3998	104	48	natual	natual	ADJ
ajfa-3998	104	49	log	log	NOUN
ajfa-3998	104	50	of	of	ADP
ajfa-3998	104	51	average	average	ADJ
ajfa-3998	104	52	trading	trading	NOUN
ajfa-3998	104	53	volume	volume	NOUN
ajfa-3998	104	54	to	to	ADP
ajfa-3998	104	55	total	total	VERB
ajfa-3998	104	56	average	average	ADJ
ajfa-3998	104	57	trading	trading	NOUN
ajfa-3998	104	58	volume	volume	NOUN
ajfa-3998	104	59	for	for	ADP
ajfa-3998	104	60	all	all	DET
ajfa-3998	104	61	companies	company	NOUN
ajfa-3998	104	62	on	on	ADP
ajfa-3998	104	63	bse	bse	PROPN
ajfa-3998	104	64	500	500	NUM
ajfa-3998	104	65	.	.	PUNCT
ajfa-3998	105	1	loge[(average	loge[(average	NOUN
ajfa-3998	105	2	trading	trading	NOUN
ajfa-3998	105	3	volume	volume	NOUN
ajfa-3998	105	4	for	for	ADP
ajfa-3998	105	5	one	one	NUM
ajfa-3998	105	6	year	year	NOUN
ajfa-3998	105	7	preceding	precede	VERB
ajfa-3998	105	8	the	the	DET
ajfa-3998	105	9	date	date	NOUN
ajfa-3998	105	10	of	of	ADP
ajfa-3998	105	11	rating	rating	NOUN
ajfa-3998	105	12	change	change	NOUN
ajfa-3998	105	13	)	)	PUNCT
ajfa-3998	105	14	÷	÷	NOUN
ajfa-3998	106	1	(	(	PUNCT
ajfa-3998	106	2	total	total	ADJ
ajfa-3998	106	3	average	average	ADJ
ajfa-3998	106	4	trading	trading	NOUN
ajfa-3998	106	5	volume	volume	NOUN
ajfa-3998	106	6	for	for	ADP
ajfa-3998	106	7	all	all	DET
ajfa-3998	106	8	companies	company	NOUN
ajfa-3998	106	9	on	on	ADP
ajfa-3998	106	10	bse	bse	PROPN
ajfa-3998	106	11	500	500	NUM
ajfa-3998	106	12	)	)	PUNCT
ajfa-3998	106	13	]	]	PUNCT
ajfa-3998	106	14	48	48	NUM
ajfa-3998	106	15	cases	case	NOUN
ajfa-3998	106	16	(	(	PUNCT
ajfa-3998	106	17	23	23	NUM
ajfa-3998	106	18	downgrades	downgrade	NOUN
ajfa-3998	106	19	and	and	CCONJ
ajfa-3998	106	20	25	25	NUM
ajfa-3998	106	21	upgrades	upgrade	NOUN
ajfa-3998	106	22	)	)	PUNCT
ajfa-3998	106	23	downgrades-12	downgrades-12	NOUN
ajfa-3998	106	24	high	high	ADJ
ajfa-3998	106	25	and	and	CCONJ
ajfa-3998	106	26	11	11	NUM
ajfa-3998	106	27	with	with	ADP
ajfa-3998	106	28	low	low	ADJ
ajfa-3998	106	29	trading	trading	NOUN
ajfa-3998	106	30	volume	volume	NOUN
ajfa-3998	106	31	.	.	PUNCT
ajfa-3998	107	1	upgrades12	upgrades12	PROPN
ajfa-3998	107	2	high	high	ADJ
ajfa-3998	107	3	and	and	CCONJ
ajfa-3998	107	4	13	13	NUM
ajfa-3998	107	5	low	low	ADJ
ajfa-3998	107	6	trading	trading	NOUN
ajfa-3998	107	7	volume	volume	NOUN
ajfa-3998	107	8	.	.	PUNCT
ajfa-3998	108	1	leverage	leverage	NOUN
ajfa-3998	108	2	debt	debt	NOUN
ajfa-3998	108	3	equity	equity	NOUN
ajfa-3998	108	4	ratio	ratio	NOUN
ajfa-3998	108	5	long	long	ADJ
ajfa-3998	108	6	-	-	PUNCT
ajfa-3998	108	7	term	term	NOUN
ajfa-3998	108	8	debt	debt	NOUN
ajfa-3998	108	9	/	/	SYM
ajfa-3998	108	10	shareholders	shareholder	NOUN
ajfa-3998	108	11	'	'	PART
ajfa-3998	108	12	equity	equity	NOUN
ajfa-3998	108	13	.	.	PUNCT
ajfa-3998	109	1	42	42	NUM
ajfa-3998	109	2	cases	case	NOUN
ajfa-3998	109	3	(	(	PUNCT
ajfa-3998	109	4	18	18	NUM
ajfa-3998	109	5	downgrades	downgrade	NOUN
ajfa-3998	109	6	and	and	CCONJ
ajfa-3998	109	7	24	24	NUM
ajfa-3998	109	8	upgrades	upgrade	NOUN
ajfa-3998	109	9	)	)	PUNCT
ajfa-3998	109	10	downgrades11	downgrades11	NOUN
ajfa-3998	109	11	high	high	ADJ
ajfa-3998	109	12	and	and	CCONJ
ajfa-3998	109	13	7	7	NUM
ajfa-3998	109	14	low	low	ADJ
ajfa-3998	109	15	leverage	leverage	NOUN
ajfa-3998	109	16	.	.	PUNCT
ajfa-3998	110	1	upgrades11	upgrades11	PROPN
ajfa-3998	110	2	high	high	ADJ
ajfa-3998	110	3	and	and	CCONJ
ajfa-3998	110	4	13	13	NUM
ajfa-3998	110	5	had	have	VERB
ajfa-3998	110	6	low	low	ADJ
ajfa-3998	110	7	leverage	leverage	NOUN
ajfa-3998	110	8	.	.	PUNCT
ajfa-3998	111	1	intangibles	intangible	NOUN
ajfa-3998	111	2	net	net	ADJ
ajfa-3998	111	3	intangibles	intangible	NOUN
ajfa-3998	111	4	to	to	ADP
ajfa-3998	111	5	total	total	ADJ
ajfa-3998	111	6	assets	asset	NOUN
ajfa-3998	111	7	ratio	ratio	NOUN
ajfa-3998	111	8	net	net	ADJ
ajfa-3998	111	9	intangibles	intangible	NOUN
ajfa-3998	111	10	/	/	SYM
ajfa-3998	111	11	total	total	ADJ
ajfa-3998	111	12	assets	asset	NOUN
ajfa-3998	111	13	44	44	NUM
ajfa-3998	111	14	cases	case	NOUN
ajfa-3998	111	15	(	(	PUNCT
ajfa-3998	111	16	18	18	NUM
ajfa-3998	111	17	downgrades	downgrade	NOUN
ajfa-3998	111	18	and	and	CCONJ
ajfa-3998	111	19	26	26	NUM
ajfa-3998	111	20	upgrades	upgrade	NOUN
ajfa-3998	111	21	)	)	PUNCT
ajfa-3998	111	22	downgrades10	downgrades10	NOUN
ajfa-3998	111	23	high	high	ADJ
ajfa-3998	111	24	and	and	CCONJ
ajfa-3998	111	25	8	8	NUM
ajfa-3998	111	26	as	as	ADP
ajfa-3998	111	27	low	low	ADJ
ajfa-3998	111	28	intangibles	intangible	NOUN
ajfa-3998	111	29	.	.	PUNCT
ajfa-3998	112	1	upgrades14	upgrades14	ADJ
ajfa-3998	112	2	high	high	ADV
ajfa-3998	112	3	and	and	CCONJ
ajfa-3998	112	4	12	12	NUM
ajfa-3998	112	5	had	have	VERB
ajfa-3998	112	6	low	low	ADJ
ajfa-3998	112	7	intangibility	intangibility	NOUN
ajfa-3998	112	8	.	.	PUNCT
ajfa-3998	113	1	profitability	profitability	NOUN
ajfa-3998	113	2	return	return	NOUN
ajfa-3998	113	3	on	on	ADP
ajfa-3998	113	4	equity	equity	NOUN
ajfa-3998	113	5	pat	pat	PROPN
ajfa-3998	113	6	/	/	SYM
ajfa-3998	113	7	average	average	ADJ
ajfa-3998	113	8	net	net	ADJ
ajfa-3998	113	9	worth	worth	ADJ
ajfa-3998	113	10	44	44	NUM
ajfa-3998	113	11	cases	case	NOUN
ajfa-3998	113	12	(	(	PUNCT
ajfa-3998	113	13	18	18	NUM
ajfa-3998	113	14	downgrades	downgrade	NOUN
ajfa-3998	113	15	and	and	CCONJ
ajfa-3998	113	16	26	26	NUM
ajfa-3998	113	17	upgrades	upgrade	NOUN
ajfa-3998	113	18	)	)	PUNCT
ajfa-3998	113	19	downgrades5	downgrades5	NOUN
ajfa-3998	113	20	high	high	ADJ
ajfa-3998	113	21	and	and	CCONJ
ajfa-3998	113	22	13	13	NUM
ajfa-3998	113	23	with	with	ADP
ajfa-3998	113	24	low	low	ADJ
ajfa-3998	113	25	profitability	profitability	NOUN
ajfa-3998	113	26	.	.	PUNCT
ajfa-3998	114	1	upgrades19	upgrades19	PROPN
ajfa-3998	114	2	high	high	PROPN
ajfa-3998	114	3	and	and	CCONJ
ajfa-3998	114	4	7	7	NUM
ajfa-3998	114	5	had	have	VERB
ajfa-3998	114	6	low	low	ADJ
ajfa-3998	114	7	profitability	profitability	NOUN
ajfa-3998	114	8	.	.	PUNCT
ajfa-3998	115	1	asian	asian	ADJ
ajfa-3998	115	2	journal	journal	PROPN
ajfa-3998	115	3	of	of	ADP
ajfa-3998	115	4	finance	finance	PROPN
ajfa-3998	115	5	&	&	CCONJ
ajfa-3998	115	6	accounting	accounting	PROPN
ajfa-3998	115	7	issn	issn	PROPN
ajfa-3998	115	8	1946	1946	NUM
ajfa-3998	115	9	-	-	PUNCT
ajfa-3998	115	10	052x	052x	NOUN
ajfa-3998	115	11	2013	2013	NUM
ajfa-3998	115	12	,	,	PUNCT
ajfa-3998	115	13	vol	vol	NOUN
ajfa-3998	115	14	.	.	PROPN
ajfa-3998	115	15	5	5	NUM
ajfa-3998	115	16	,	,	PUNCT
ajfa-3998	115	17	no	no	INTJ
ajfa-3998	115	18	.	.	NOUN
ajfa-3998	115	19	2	2	NUM
ajfa-3998	115	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	115	21	54	54	NUM
ajfa-3998	115	22	3	3	NUM
ajfa-3998	115	23	.	.	PUNCT
ajfa-3998	115	24	methodology	methodology	NOUN
ajfa-3998	116	1	the	the	DET
ajfa-3998	116	2	study	study	NOUN
ajfa-3998	116	3	has	have	AUX
ajfa-3998	116	4	been	be	AUX
ajfa-3998	116	5	conducted	conduct	VERB
ajfa-3998	116	6	in	in	ADP
ajfa-3998	116	7	two	two	NUM
ajfa-3998	116	8	parts	part	NOUN
ajfa-3998	116	9	.	.	PUNCT
ajfa-3998	117	1	in	in	ADP
ajfa-3998	117	2	the	the	DET
ajfa-3998	117	3	first	first	ADJ
ajfa-3998	117	4	part	part	NOUN
ajfa-3998	117	5	,	,	PUNCT
ajfa-3998	117	6	the	the	DET
ajfa-3998	117	7	relationship	relationship	NOUN
ajfa-3998	117	8	between	between	ADP
ajfa-3998	117	9	company	company	NOUN
ajfa-3998	117	10	characteristics	characteristic	NOUN
ajfa-3998	117	11	,	,	PUNCT
ajfa-3998	117	12	bond	bond	NOUN
ajfa-3998	117	13	rating	rating	NOUN
ajfa-3998	117	14	changes	change	NOUN
ajfa-3998	117	15	and	and	CCONJ
ajfa-3998	117	16	stock	stock	NOUN
ajfa-3998	117	17	returns	return	NOUN
ajfa-3998	117	18	is	be	AUX
ajfa-3998	117	19	examined	examine	VERB
ajfa-3998	117	20	.	.	PUNCT
ajfa-3998	118	1	the	the	DET
ajfa-3998	118	2	impact	impact	NOUN
ajfa-3998	118	3	of	of	ADP
ajfa-3998	118	4	bond	bond	NOUN
ajfa-3998	118	5	rating	rating	NOUN
ajfa-3998	118	6	changes	change	NOUN
ajfa-3998	118	7	is	be	AUX
ajfa-3998	118	8	analysed	analyse	VERB
ajfa-3998	118	9	separately	separately	ADV
ajfa-3998	118	10	in	in	ADP
ajfa-3998	118	11	case	case	NOUN
ajfa-3998	118	12	of	of	ADP
ajfa-3998	118	13	downgrades	downgrade	NOUN
ajfa-3998	118	14	and	and	CCONJ
ajfa-3998	118	15	upgrades	upgrade	NOUN
ajfa-3998	118	16	and	and	CCONJ
ajfa-3998	118	17	for	for	ADP
ajfa-3998	118	18	each	each	PRON
ajfa-3998	118	19	of	of	ADP
ajfa-3998	118	20	the	the	DET
ajfa-3998	118	21	company	company	NOUN
ajfa-3998	118	22	characteristics	characteristic	VERB
ajfa-3998	118	23	.	.	PUNCT
ajfa-3998	119	1	we	we	PRON
ajfa-3998	119	2	use	use	VERB
ajfa-3998	119	3	event	event	NOUN
ajfa-3998	119	4	study	study	NOUN
ajfa-3998	119	5	methodology	methodology	NOUN
ajfa-3998	119	6	,	,	PUNCT
ajfa-3998	119	7	as	as	SCONJ
ajfa-3998	119	8	developed	develop	VERB
ajfa-3998	119	9	by	by	ADP
ajfa-3998	119	10	fama	fama	PROPN
ajfa-3998	119	11	,	,	PUNCT
ajfa-3998	119	12	et	et	PROPN
ajfa-3998	119	13	al	al	PROPN
ajfa-3998	119	14	.	.	PUNCT
ajfa-3998	120	1	(	(	PUNCT
ajfa-3998	120	2	1969	1969	NUM
ajfa-3998	120	3	)	)	PUNCT
ajfa-3998	120	4	,	,	PUNCT
ajfa-3998	120	5	brown	brown	NOUN
ajfa-3998	120	6	and	and	CCONJ
ajfa-3998	120	7	warner	warner	PROPN
ajfa-3998	120	8	(	(	PUNCT
ajfa-3998	120	9	1985	1985	NUM
ajfa-3998	120	10	)	)	PUNCT
ajfa-3998	120	11	and	and	CCONJ
ajfa-3998	120	12	campbell	campbell	PROPN
ajfa-3998	120	13	,	,	PUNCT
ajfa-3998	120	14	et	et	PROPN
ajfa-3998	120	15	al	al	PROPN
ajfa-3998	120	16	.	.	PROPN
ajfa-3998	121	1	(	(	PUNCT
ajfa-3998	121	2	1997	1997	NUM
ajfa-3998	121	3	)	)	PUNCT
ajfa-3998	121	4	.	.	PUNCT
ajfa-3998	122	1	the	the	DET
ajfa-3998	122	2	event	event	NOUN
ajfa-3998	122	3	date	date	NOUN
ajfa-3998	122	4	‘	'	PUNCT
ajfa-3998	122	5	t0	t0	NOUN
ajfa-3998	122	6	’	'	PUNCT
ajfa-3998	122	7	is	be	AUX
ajfa-3998	122	8	the	the	DET
ajfa-3998	122	9	date	date	NOUN
ajfa-3998	122	10	of	of	ADP
ajfa-3998	122	11	announcement	announcement	NOUN
ajfa-3998	122	12	of	of	ADP
ajfa-3998	122	13	the	the	DET
ajfa-3998	122	14	bond	bond	NOUN
ajfa-3998	122	15	rating	rating	NOUN
ajfa-3998	122	16	change	change	NOUN
ajfa-3998	122	17	.	.	PUNCT
ajfa-3998	123	1	the	the	DET
ajfa-3998	123	2	daily	daily	ADJ
ajfa-3998	123	3	closing	close	VERB
ajfa-3998	123	4	stock	stock	NOUN
ajfa-3998	123	5	prices	price	NOUN
ajfa-3998	123	6	for	for	ADP
ajfa-3998	123	7	the	the	DET
ajfa-3998	123	8	period	period	NOUN
ajfa-3998	123	9	t0	t0	PROPN
ajfa-3998	123	10	–	–	PUNCT
ajfa-3998	123	11	120	120	NUM
ajfa-3998	123	12	days	day	NOUN
ajfa-3998	123	13	to	to	ADP
ajfa-3998	123	14	t0	t0	PROPN
ajfa-3998	123	15	+	+	CCONJ
ajfa-3998	123	16	20	20	NUM
ajfa-3998	123	17	days	day	NOUN
ajfa-3998	123	18	are	be	AUX
ajfa-3998	123	19	used	use	VERB
ajfa-3998	123	20	for	for	ADP
ajfa-3998	123	21	analysis	analysis	NOUN
ajfa-3998	123	22	in	in	ADP
ajfa-3998	123	23	this	this	DET
ajfa-3998	123	24	study	study	NOUN
ajfa-3998	123	25	.	.	PUNCT
ajfa-3998	124	1	this	this	DET
ajfa-3998	124	2	daily	daily	ADJ
ajfa-3998	124	3	prices	price	NOUN
ajfa-3998	124	4	are	be	AUX
ajfa-3998	124	5	converted	convert	VERB
ajfa-3998	124	6	into	into	ADP
ajfa-3998	124	7	daily	daily	ADJ
ajfa-3998	124	8	returns	return	NOUN
ajfa-3998	124	9	using	use	VERB
ajfa-3998	124	10	the	the	DET
ajfa-3998	124	11	formula	formula	NOUN
ajfa-3998	124	12	:	:	PUNCT
ajfa-3998	124	13	rk	rk	NOUN
ajfa-3998	124	14	,	,	PUNCT
ajfa-3998	124	15	t	t	PROPN
ajfa-3998	124	16	=	=	SYM
ajfa-3998	124	17	log	log	PROPN
ajfa-3998	124	18	e	e	X
ajfa-3998	124	19	(	(	PUNCT
ajfa-3998	124	20	pk	pk	PROPN
ajfa-3998	124	21	,	,	PUNCT
ajfa-3998	124	22	t	t	PROPN
ajfa-3998	124	23	/	/	SYM
ajfa-3998	124	24	pk	pk	PROPN
ajfa-3998	124	25	,	,	PUNCT
ajfa-3998	124	26	t-1	t-1	PROPN
ajfa-3998	124	27	)	)	PUNCT
ajfa-3998	124	28	(	(	PUNCT
ajfa-3998	124	29	1	1	X
ajfa-3998	124	30	)	)	PUNCT
ajfa-3998	124	31	where	where	SCONJ
ajfa-3998	124	32	,	,	PUNCT
ajfa-3998	124	33	rk	rk	PROPN
ajfa-3998	124	34	,	,	PUNCT
ajfa-3998	124	35	t	t	PROPN
ajfa-3998	124	36	is	be	AUX
ajfa-3998	124	37	the	the	DET
ajfa-3998	124	38	continuously	continuously	ADV
ajfa-3998	124	39	compounded	compound	VERB
ajfa-3998	124	40	return	return	NOUN
ajfa-3998	124	41	on	on	ADP
ajfa-3998	124	42	day	day	NOUN
ajfa-3998	124	43	‘	'	PUNCT
ajfa-3998	124	44	t	t	NOUN
ajfa-3998	124	45	’	'	PUNCT
ajfa-3998	124	46	for	for	ADP
ajfa-3998	124	47	the	the	DET
ajfa-3998	124	48	stock	stock	NOUN
ajfa-3998	124	49	‘	'	PUNCT
ajfa-3998	124	50	k	k	NOUN
ajfa-3998	124	51	’	'	PUNCT
ajfa-3998	124	52	,	,	PUNCT
ajfa-3998	124	53	pk	pk	PROPN
ajfa-3998	124	54	,	,	PUNCT
ajfa-3998	124	55	t	t	PROPN
ajfa-3998	124	56	is	be	AUX
ajfa-3998	124	57	the	the	DET
ajfa-3998	124	58	closing	closing	NOUN
ajfa-3998	124	59	price	price	NOUN
ajfa-3998	124	60	of	of	ADP
ajfa-3998	124	61	the	the	DET
ajfa-3998	124	62	stock	stock	NOUN
ajfa-3998	124	63	‘	'	PUNCT
ajfa-3998	124	64	k	k	NOUN
ajfa-3998	124	65	’	'	PUNCT
ajfa-3998	124	66	on	on	ADP
ajfa-3998	124	67	day	day	NOUN
ajfa-3998	124	68	‘	'	PUNCT
ajfa-3998	124	69	t	t	NOUN
ajfa-3998	124	70	’	'	PUNCT
ajfa-3998	124	71	,	,	PUNCT
ajfa-3998	124	72	and	and	CCONJ
ajfa-3998	124	73	pk	pk	NOUN
ajfa-3998	124	74	,	,	PUNCT
ajfa-3998	124	75	t-1	t-1	PROPN
ajfa-3998	124	76	is	be	AUX
ajfa-3998	124	77	the	the	DET
ajfa-3998	124	78	closing	closing	NOUN
ajfa-3998	124	79	price	price	NOUN
ajfa-3998	124	80	of	of	ADP
ajfa-3998	124	81	the	the	DET
ajfa-3998	124	82	stock	stock	NOUN
ajfa-3998	124	83	‘	'	PUNCT
ajfa-3998	124	84	k	k	NOUN
ajfa-3998	124	85	’	'	PUNCT
ajfa-3998	124	86	on	on	ADP
ajfa-3998	124	87	day	day	NOUN
ajfa-3998	124	88	‘	'	PUNCT
ajfa-3998	124	89	t	t	PROPN
ajfa-3998	124	90	–	–	PUNCT
ajfa-3998	124	91	1	1	NUM
ajfa-3998	124	92	’	'	PUNCT
ajfa-3998	124	93	i.e.	i.e.	X
ajfa-3998	124	94	the	the	DET
ajfa-3998	124	95	previous	previous	ADJ
ajfa-3998	124	96	day	day	NOUN
ajfa-3998	124	97	.	.	PUNCT
ajfa-3998	125	1	daily	daily	ADJ
ajfa-3998	125	2	log	log	NOUN
ajfa-3998	125	3	returns	return	NOUN
ajfa-3998	125	4	were	be	AUX
ajfa-3998	125	5	also	also	ADV
ajfa-3998	125	6	found	find	VERB
ajfa-3998	125	7	for	for	ADP
ajfa-3998	125	8	the	the	DET
ajfa-3998	125	9	bse	bse	NOUN
ajfa-3998	125	10	200	200	NUM
ajfa-3998	125	11	index	index	NOUN
ajfa-3998	125	12	for	for	ADP
ajfa-3998	125	13	the	the	DET
ajfa-3998	125	14	same	same	ADJ
ajfa-3998	125	15	period	period	NOUN
ajfa-3998	125	16	.	.	PUNCT
ajfa-3998	126	1	the	the	DET
ajfa-3998	126	2	market	market	NOUN
ajfa-3998	126	3	model	model	NOUN
ajfa-3998	126	4	developed	develop	VERB
ajfa-3998	126	5	by	by	ADP
ajfa-3998	126	6	sharpe	sharpe	PROPN
ajfa-3998	126	7	(	(	PUNCT
ajfa-3998	126	8	1963	1963	NUM
ajfa-3998	126	9	)	)	PUNCT
ajfa-3998	126	10	was	be	AUX
ajfa-3998	126	11	used	use	VERB
ajfa-3998	126	12	in	in	ADP
ajfa-3998	126	13	the	the	DET
ajfa-3998	126	14	analysis	analysis	NOUN
ajfa-3998	126	15	.	.	PUNCT
ajfa-3998	127	1	this	this	DET
ajfa-3998	127	2	model	model	NOUN
ajfa-3998	127	3	relates	relate	VERB
ajfa-3998	127	4	the	the	DET
ajfa-3998	127	5	return	return	NOUN
ajfa-3998	127	6	of	of	ADP
ajfa-3998	127	7	a	a	DET
ajfa-3998	127	8	security	security	NOUN
ajfa-3998	127	9	to	to	ADP
ajfa-3998	127	10	the	the	DET
ajfa-3998	127	11	return	return	NOUN
ajfa-3998	127	12	of	of	ADP
ajfa-3998	127	13	the	the	DET
ajfa-3998	127	14	market	market	NOUN
ajfa-3998	127	15	index	index	NOUN
ajfa-3998	127	16	as	as	SCONJ
ajfa-3998	127	17	given	give	VERB
ajfa-3998	127	18	below	below	ADV
ajfa-3998	127	19	:	:	PUNCT
ajfa-3998	127	20	rk	rk	NOUN
ajfa-3998	127	21	,	,	PUNCT
ajfa-3998	127	22	t	t	PROPN
ajfa-3998	128	1	=	=	PUNCT
ajfa-3998	128	2	α	α	PROPN
ajfa-3998	128	3	k	k	PROPN
ajfa-3998	129	1	+	+	X
ajfa-3998	129	2	β	β	X
ajfa-3998	129	3	k	k	X
ajfa-3998	129	4	r	r	NOUN
ajfa-3998	129	5	m	m	PROPN
ajfa-3998	129	6	,	,	PUNCT
ajfa-3998	129	7	t	t	PROPN
ajfa-3998	129	8	+	+	CCONJ
ajfa-3998	129	9	ε	ε	PROPN
ajfa-3998	129	10	k	k	PROPN
ajfa-3998	129	11	,	,	PUNCT
ajfa-3998	129	12	t	t	PROPN
ajfa-3998	129	13	(	(	PUNCT
ajfa-3998	129	14	2	2	NUM
ajfa-3998	129	15	)	)	PUNCT
ajfa-3998	129	16	e[ε	e[ε	NOUN
ajfa-3998	130	1	k	k	PROPN
ajfa-3998	130	2	,	,	PUNCT
ajfa-3998	130	3	t	t	X
ajfa-3998	130	4	]	]	PUNCT
ajfa-3998	131	1	=	=	SYM
ajfa-3998	131	2	0	0	PUNCT
ajfa-3998	131	3	and	and	CCONJ
ajfa-3998	131	4	var[ε	var[ε	PRON
ajfa-3998	131	5	k	k	PROPN
ajfa-3998	131	6	,	,	PUNCT
ajfa-3998	131	7	t	t	X
ajfa-3998	131	8	]	]	PUNCT
ajfa-3998	131	9	=	=	SYM
ajfa-3998	131	10	σ2	σ2	PROPN
ajfa-3998	131	11	εk	εk	NOUN
ajfa-3998	131	12	.	.	PUNCT
ajfa-3998	132	1	where	where	SCONJ
ajfa-3998	132	2	,	,	PUNCT
ajfa-3998	132	3	rk	rk	PROPN
ajfa-3998	132	4	,	,	PUNCT
ajfa-3998	132	5	t	t	PROPN
ajfa-3998	132	6	is	be	AUX
ajfa-3998	132	7	the	the	DET
ajfa-3998	132	8	day	day	NOUN
ajfa-3998	132	9	t	t	NOUN
ajfa-3998	132	10	return	return	NOUN
ajfa-3998	132	11	on	on	ADP
ajfa-3998	132	12	security	security	NOUN
ajfa-3998	132	13	‘	'	PUNCT
ajfa-3998	132	14	k	k	NOUN
ajfa-3998	132	15	’	'	PUNCT
ajfa-3998	132	16	,	,	PUNCT
ajfa-3998	132	17	r	r	PROPN
ajfa-3998	132	18	m	m	PROPN
ajfa-3998	132	19	,	,	PUNCT
ajfa-3998	132	20	t	t	PROPN
ajfa-3998	132	21	is	be	AUX
ajfa-3998	132	22	the	the	DET
ajfa-3998	132	23	market	market	NOUN
ajfa-3998	132	24	index	index	NOUN
ajfa-3998	132	25	(	(	PUNCT
ajfa-3998	132	26	bse	bse	NOUN
ajfa-3998	132	27	200	200	NUM
ajfa-3998	132	28	)	)	PUNCT
ajfa-3998	132	29	on	on	ADP
ajfa-3998	132	30	day	day	NOUN
ajfa-3998	132	31	‘	'	PUNCT
ajfa-3998	132	32	t	t	NOUN
ajfa-3998	132	33	’	'	PUNCT
ajfa-3998	132	34	,	,	PUNCT
ajfa-3998	132	35	ε	ε	PROPN
ajfa-3998	132	36	k	k	PROPN
ajfa-3998	132	37	,	,	PUNCT
ajfa-3998	132	38	t	t	PROPN
ajfa-3998	132	39	is	be	AUX
ajfa-3998	132	40	the	the	DET
ajfa-3998	132	41	zero	zero	NUM
ajfa-3998	132	42	mean	mean	NOUN
ajfa-3998	132	43	error	error	NOUN
ajfa-3998	132	44	term	term	NOUN
ajfa-3998	132	45	,	,	PUNCT
ajfa-3998	132	46	and	and	CCONJ
ajfa-3998	132	47	α	α	X
ajfa-3998	132	48	k	k	PROPN
ajfa-3998	132	49	,	,	PUNCT
ajfa-3998	132	50	β	β	PROPN
ajfa-3998	132	51	k	k	PROPN
ajfa-3998	132	52	and	and	CCONJ
ajfa-3998	132	53	σ2	σ2	PROPN
ajfa-3998	132	54	εk	εk	NOUN
ajfa-3998	132	55	are	be	AUX
ajfa-3998	132	56	the	the	DET
ajfa-3998	132	57	estimated	estimate	VERB
ajfa-3998	132	58	parameters	parameter	NOUN
ajfa-3998	132	59	of	of	ADP
ajfa-3998	132	60	the	the	DET
ajfa-3998	132	61	market	market	NOUN
ajfa-3998	132	62	model	model	NOUN
ajfa-3998	132	63	.	.	PUNCT
ajfa-3998	133	1	the	the	DET
ajfa-3998	133	2	market	market	NOUN
ajfa-3998	133	3	model	model	NOUN
ajfa-3998	133	4	is	be	AUX
ajfa-3998	133	5	estimated	estimate	VERB
ajfa-3998	133	6	using	use	VERB
ajfa-3998	133	7	ordinary	ordinary	ADJ
ajfa-3998	133	8	least	least	ADJ
ajfa-3998	133	9	squares	square	NOUN
ajfa-3998	133	10	(	(	PUNCT
ajfa-3998	133	11	ols	ol	NOUN
ajfa-3998	133	12	)	)	PUNCT
ajfa-3998	133	13	regression	regression	NOUN
ajfa-3998	133	14	.	.	PUNCT
ajfa-3998	134	1	the	the	DET
ajfa-3998	134	2	estimation	estimation	NOUN
ajfa-3998	134	3	window	window	NOUN
ajfa-3998	134	4	is	be	AUX
ajfa-3998	134	5	a	a	DET
ajfa-3998	134	6	rolling	rolling	ADJ
ajfa-3998	134	7	window	window	NOUN
ajfa-3998	134	8	and	and	CCONJ
ajfa-3998	134	9	consists	consist	VERB
ajfa-3998	134	10	of	of	ADP
ajfa-3998	134	11	100	100	NUM
ajfa-3998	134	12	days	day	NOUN
ajfa-3998	134	13	immediately	immediately	ADV
ajfa-3998	134	14	before	before	ADP
ajfa-3998	134	15	the	the	DET
ajfa-3998	134	16	day	day	NOUN
ajfa-3998	134	17	t	t	PROPN
ajfa-3998	134	18	,	,	PUNCT
ajfa-3998	134	19	on	on	ADP
ajfa-3998	134	20	which	which	PRON
ajfa-3998	134	21	the	the	DET
ajfa-3998	134	22	return	return	NOUN
ajfa-3998	134	23	rk	rk	PROPN
ajfa-3998	134	24	,	,	PUNCT
ajfa-3998	134	25	t	t	PROPN
ajfa-3998	134	26	is	be	AUX
ajfa-3998	134	27	to	to	PART
ajfa-3998	134	28	be	be	AUX
ajfa-3998	134	29	computed	compute	VERB
ajfa-3998	134	30	.	.	PUNCT
ajfa-3998	135	1	this	this	DET
ajfa-3998	135	2	procedure	procedure	NOUN
ajfa-3998	135	3	has	have	AUX
ajfa-3998	135	4	been	be	AUX
ajfa-3998	135	5	used	use	VERB
ajfa-3998	135	6	to	to	PART
ajfa-3998	135	7	obtain	obtain	VERB
ajfa-3998	135	8	dynamic	dynamic	ADJ
ajfa-3998	135	9	values	value	NOUN
ajfa-3998	135	10	of	of	ADP
ajfa-3998	135	11	α	α	PROPN
ajfa-3998	135	12	k	k	PROPN
ajfa-3998	135	13	and	and	CCONJ
ajfa-3998	135	14	β	β	X
ajfa-3998	135	15	k	k	PROPN
ajfa-3998	135	16	,	,	PUNCT
ajfa-3998	135	17	which	which	PRON
ajfa-3998	135	18	change	change	VERB
ajfa-3998	135	19	for	for	ADP
ajfa-3998	135	20	each	each	DET
ajfa-3998	135	21	day	day	NOUN
ajfa-3998	135	22	of	of	ADP
ajfa-3998	135	23	the	the	DET
ajfa-3998	135	24	event	event	NOUN
ajfa-3998	135	25	window	window	NOUN
ajfa-3998	135	26	(	(	PUNCT
ajfa-3998	135	27	–	–	PUNCT
ajfa-3998	135	28	20	20	NUM
ajfa-3998	135	29	to	to	PART
ajfa-3998	135	30	+20	+20	NUM
ajfa-3998	135	31	days	day	NOUN
ajfa-3998	135	32	)	)	PUNCT
ajfa-3998	135	33	.	.	PUNCT
ajfa-3998	136	1	this	this	PRON
ajfa-3998	136	2	enables	enable	VERB
ajfa-3998	136	3	us	we	PRON
ajfa-3998	136	4	in	in	ADP
ajfa-3998	136	5	obtaining	obtain	VERB
ajfa-3998	136	6	more	more	ADV
ajfa-3998	136	7	precise	precise	ADJ
ajfa-3998	136	8	values	value	NOUN
ajfa-3998	136	9	of	of	ADP
ajfa-3998	136	10	expected	expect	VERB
ajfa-3998	136	11	returns	return	NOUN
ajfa-3998	136	12	for	for	ADP
ajfa-3998	136	13	each	each	DET
ajfa-3998	136	14	day	day	NOUN
ajfa-3998	136	15	of	of	ADP
ajfa-3998	136	16	event	event	NOUN
ajfa-3998	136	17	window	window	NOUN
ajfa-3998	136	18	.	.	PUNCT
ajfa-3998	137	1	the	the	DET
ajfa-3998	137	2	period	period	NOUN
ajfa-3998	137	3	consisting	consist	VERB
ajfa-3998	137	4	of	of	ADP
ajfa-3998	137	5	day	day	NOUN
ajfa-3998	137	6	t0	t0	PROPN
ajfa-3998	137	7	–	–	PUNCT
ajfa-3998	137	8	120	120	NUM
ajfa-3998	137	9	to	to	ADP
ajfa-3998	137	10	day	day	NOUN
ajfa-3998	137	11	t0	t0	PROPN
ajfa-3998	137	12	–	–	PUNCT
ajfa-3998	137	13	21	21	NUM
ajfa-3998	137	14	was	be	AUX
ajfa-3998	137	15	used	use	VERB
ajfa-3998	137	16	to	to	PART
ajfa-3998	137	17	obtain	obtain	VERB
ajfa-3998	137	18	the	the	DET
ajfa-3998	137	19	initial	initial	ADJ
ajfa-3998	137	20	estimates	estimate	NOUN
ajfa-3998	137	21	of	of	ADP
ajfa-3998	137	22	α	α	PROPN
ajfa-3998	137	23	k	k	PROPN
ajfa-3998	137	24	and	and	CCONJ
ajfa-3998	137	25	β	β	PROPN
ajfa-3998	137	26	k	k	PROPN
ajfa-3998	137	27	and	and	CCONJ
ajfa-3998	137	28	the	the	DET
ajfa-3998	137	29	process	process	NOUN
ajfa-3998	137	30	is	be	AUX
ajfa-3998	137	31	repeated	repeat	VERB
ajfa-3998	137	32	by	by	ADP
ajfa-3998	137	33	skipping	skip	VERB
ajfa-3998	137	34	one	one	NUM
ajfa-3998	137	35	day	day	NOUN
ajfa-3998	137	36	at	at	ADP
ajfa-3998	137	37	a	a	DET
ajfa-3998	137	38	time	time	NOUN
ajfa-3998	137	39	.	.	PUNCT
ajfa-3998	138	1	autocorrelation	autocorrelation	NOUN
ajfa-3998	138	2	was	be	AUX
ajfa-3998	138	3	checked	check	VERB
ajfa-3998	138	4	using	use	VERB
ajfa-3998	138	5	durbin	durbin	PROPN
ajfa-3998	138	6	watson	watson	PROPN
ajfa-3998	138	7	test	test	NOUN
ajfa-3998	138	8	at	at	ADP
ajfa-3998	138	9	1	1	NUM
ajfa-3998	138	10	%	%	NOUN
ajfa-3998	138	11	significance	significance	NOUN
ajfa-3998	138	12	level	level	NOUN
ajfa-3998	138	13	.	.	PUNCT
ajfa-3998	139	1	in	in	ADP
ajfa-3998	139	2	this	this	DET
ajfa-3998	139	3	study	study	NOUN
ajfa-3998	139	4	,	,	PUNCT
ajfa-3998	139	5	autocorrelation	autocorrelation	NOUN
ajfa-3998	139	6	was	be	AUX
ajfa-3998	139	7	detected	detect	VERB
ajfa-3998	139	8	in	in	ADP
ajfa-3998	139	9	13	13	NUM
ajfa-3998	139	10	cases	case	NOUN
ajfa-3998	139	11	.	.	PUNCT
ajfa-3998	140	1	gls	gl	VERB
ajfa-3998	140	2	estimation	estimation	NOUN
ajfa-3998	140	3	procedure	procedure	NOUN
ajfa-3998	140	4	is	be	AUX
ajfa-3998	140	5	adopted	adopt	VERB
ajfa-3998	140	6	for	for	ADP
ajfa-3998	140	7	these	these	DET
ajfa-3998	140	8	cases	case	NOUN
ajfa-3998	140	9	to	to	PART
ajfa-3998	140	10	ensure	ensure	VERB
ajfa-3998	140	11	efficiency	efficiency	NOUN
ajfa-3998	140	12	of	of	ADP
ajfa-3998	140	13	the	the	DET
ajfa-3998	140	14	estimated	estimate	VERB
ajfa-3998	140	15	parameters	parameter	NOUN
ajfa-3998	140	16	.	.	PUNCT
ajfa-3998	141	1	asian	asian	ADJ
ajfa-3998	141	2	journal	journal	PROPN
ajfa-3998	141	3	of	of	ADP
ajfa-3998	141	4	finance	finance	PROPN
ajfa-3998	141	5	&	&	CCONJ
ajfa-3998	141	6	accounting	accounting	PROPN
ajfa-3998	141	7	issn	issn	PROPN
ajfa-3998	141	8	1946	1946	NUM
ajfa-3998	141	9	-	-	PUNCT
ajfa-3998	141	10	052x	052x	NOUN
ajfa-3998	141	11	2013	2013	NUM
ajfa-3998	141	12	,	,	PUNCT
ajfa-3998	141	13	vol	vol	NOUN
ajfa-3998	141	14	.	.	PROPN
ajfa-3998	141	15	5	5	NUM
ajfa-3998	141	16	,	,	PUNCT
ajfa-3998	141	17	no	no	INTJ
ajfa-3998	141	18	.	.	NOUN
ajfa-3998	141	19	2	2	NUM
ajfa-3998	141	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	141	21	55	55	NUM
ajfa-3998	141	22	next	next	ADJ
ajfa-3998	141	23	,	,	PUNCT
ajfa-3998	141	24	abnormal	abnormal	ADJ
ajfa-3998	141	25	returns	return	NOUN
ajfa-3998	141	26	were	be	AUX
ajfa-3998	141	27	calculated	calculate	VERB
ajfa-3998	141	28	using	use	VERB
ajfa-3998	141	29	the	the	DET
ajfa-3998	141	30	following	follow	VERB
ajfa-3998	141	31	formula	formula	NOUN
ajfa-3998	141	32	:	:	PUNCT
ajfa-3998	141	33	ark	ark	PROPN
ajfa-3998	141	34	,	,	PUNCT
ajfa-3998	141	35	t	t	NOUN
ajfa-3998	141	36	=	=	SYM
ajfa-3998	141	37	rk	rk	PROPN
ajfa-3998	141	38	,	,	PUNCT
ajfa-3998	141	39	t	t	PROPN
ajfa-3998	141	40	–	–	PUNCT
ajfa-3998	141	41	erk	erk	PROPN
ajfa-3998	141	42	,	,	PUNCT
ajfa-3998	141	43	t	t	PROPN
ajfa-3998	141	44	(	(	PUNCT
ajfa-3998	141	45	3	3	NUM
ajfa-3998	141	46	)	)	PUNCT
ajfa-3998	141	47	where	where	SCONJ
ajfa-3998	141	48	,	,	PUNCT
ajfa-3998	141	49	ark	ark	PROPN
ajfa-3998	141	50	,	,	PUNCT
ajfa-3998	141	51	t	t	PROPN
ajfa-3998	141	52	is	be	AUX
ajfa-3998	141	53	the	the	DET
ajfa-3998	141	54	abnormal	abnormal	ADJ
ajfa-3998	141	55	return	return	NOUN
ajfa-3998	141	56	for	for	ADP
ajfa-3998	141	57	security	security	NOUN
ajfa-3998	141	58	‘	'	PUNCT
ajfa-3998	141	59	k	k	NOUN
ajfa-3998	141	60	’	'	PUNCT
ajfa-3998	141	61	on	on	ADP
ajfa-3998	141	62	day	day	NOUN
ajfa-3998	141	63	‘	'	PUNCT
ajfa-3998	141	64	t	t	NOUN
ajfa-3998	141	65	’	'	PUNCT
ajfa-3998	141	66	,	,	PUNCT
ajfa-3998	141	67	rk	rk	PROPN
ajfa-3998	141	68	,	,	PUNCT
ajfa-3998	141	69	t	t	PROPN
ajfa-3998	141	70	is	be	AUX
ajfa-3998	141	71	the	the	DET
ajfa-3998	141	72	realized	realize	VERB
ajfa-3998	141	73	return	return	NOUN
ajfa-3998	141	74	of	of	ADP
ajfa-3998	141	75	the	the	DET
ajfa-3998	141	76	security	security	NOUN
ajfa-3998	141	77	‘	'	PUNCT
ajfa-3998	141	78	k	k	NOUN
ajfa-3998	141	79	’	'	PUNCT
ajfa-3998	141	80	on	on	ADP
ajfa-3998	141	81	day	day	NOUN
ajfa-3998	141	82	‘	'	PUNCT
ajfa-3998	141	83	t	t	NOUN
ajfa-3998	141	84	’	'	PUNCT
ajfa-3998	141	85	,	,	PUNCT
ajfa-3998	141	86	and	and	CCONJ
ajfa-3998	141	87	erk	erk	PROPN
ajfa-3998	141	88	,	,	PUNCT
ajfa-3998	141	89	t	t	PROPN
ajfa-3998	141	90	is	be	AUX
ajfa-3998	141	91	the	the	DET
ajfa-3998	141	92	fitted	fit	VERB
ajfa-3998	141	93	values	value	NOUN
ajfa-3998	141	94	derived	derive	VERB
ajfa-3998	141	95	from	from	ADP
ajfa-3998	141	96	equation	equation	NOUN
ajfa-3998	141	97	(	(	PUNCT
ajfa-3998	141	98	2	2	NUM
ajfa-3998	141	99	)	)	PUNCT
ajfa-3998	141	100	.	.	PUNCT
ajfa-3998	142	1	the	the	DET
ajfa-3998	142	2	daily	daily	ADJ
ajfa-3998	142	3	abnormal	abnormal	ADJ
ajfa-3998	142	4	returns	return	NOUN
ajfa-3998	142	5	for	for	ADP
ajfa-3998	142	6	the	the	DET
ajfa-3998	142	7	pre	pre	ADJ
ajfa-3998	142	8	-	-	ADJ
ajfa-3998	142	9	event	event	ADJ
ajfa-3998	142	10	window	window	NOUN
ajfa-3998	142	11	,	,	PUNCT
ajfa-3998	142	12	days	day	NOUN
ajfa-3998	142	13	t0	t0	PROPN
ajfa-3998	142	14	–	–	PUNCT
ajfa-3998	142	15	20	20	NUM
ajfa-3998	142	16	to	to	ADP
ajfa-3998	142	17	t0	t0	PROPN
ajfa-3998	142	18	–	–	PUNCT
ajfa-3998	142	19	1	1	NUM
ajfa-3998	142	20	as	as	ADV
ajfa-3998	142	21	well	well	ADV
ajfa-3998	142	22	as	as	ADP
ajfa-3998	142	23	the	the	DET
ajfa-3998	142	24	post	post	NOUN
ajfa-3998	142	25	event	event	NOUN
ajfa-3998	142	26	window	window	NOUN
ajfa-3998	142	27	,	,	PUNCT
ajfa-3998	142	28	i.e.	i.e.	X
ajfa-3998	142	29	days	day	NOUN
ajfa-3998	142	30	t0	t0	NOUN
ajfa-3998	142	31	to	to	ADP
ajfa-3998	142	32	t0	t0	PROPN
ajfa-3998	142	33	+	+	CCONJ
ajfa-3998	142	34	20	20	NUM
ajfa-3998	142	35	were	be	AUX
ajfa-3998	142	36	calculated	calculate	VERB
ajfa-3998	142	37	.	.	PUNCT
ajfa-3998	143	1	for	for	ADP
ajfa-3998	143	2	drawing	draw	VERB
ajfa-3998	143	3	inferences	inference	NOUN
ajfa-3998	143	4	about	about	ADP
ajfa-3998	143	5	the	the	DET
ajfa-3998	143	6	impact	impact	NOUN
ajfa-3998	143	7	of	of	ADP
ajfa-3998	143	8	the	the	DET
ajfa-3998	143	9	event	event	NOUN
ajfa-3998	143	10	,	,	PUNCT
ajfa-3998	143	11	the	the	DET
ajfa-3998	143	12	abnormal	abnormal	ADJ
ajfa-3998	143	13	returns	return	NOUN
ajfa-3998	143	14	so	so	ADV
ajfa-3998	143	15	obtained	obtain	VERB
ajfa-3998	143	16	were	be	AUX
ajfa-3998	143	17	aggregated	aggregate	VERB
ajfa-3998	143	18	.	.	PUNCT
ajfa-3998	144	1	the	the	DET
ajfa-3998	144	2	summation	summation	NOUN
ajfa-3998	144	3	for	for	ADP
ajfa-3998	144	4	each	each	DET
ajfa-3998	144	5	company	company	NOUN
ajfa-3998	144	6	was	be	AUX
ajfa-3998	144	7	across	across	ADP
ajfa-3998	144	8	time	time	NOUN
ajfa-3998	144	9	.	.	PUNCT
ajfa-3998	145	1	cumulative	cumulative	ADJ
ajfa-3998	145	2	abnormal	abnormal	ADJ
ajfa-3998	145	3	returns	return	NOUN
ajfa-3998	145	4	for	for	ADP
ajfa-3998	145	5	the	the	DET
ajfa-3998	145	6	stocks	stock	NOUN
ajfa-3998	145	7	were	be	AUX
ajfa-3998	145	8	defined	define	VERB
ajfa-3998	145	9	as	as	ADP
ajfa-3998	145	10	:	:	PUNCT
ajfa-3998	145	11	=	=	SYM
ajfa-3998	145	12	,	,	PUNCT
ajfa-3998	145	13	(	(	PUNCT
ajfa-3998	145	14	4	4	NUM
ajfa-3998	145	15	)	)	PUNCT
ajfa-3998	145	16	=	=	NOUN
ajfa-3998	145	17	,	,	PUNCT
ajfa-3998	145	18	(	(	PUNCT
ajfa-3998	145	19	5	5	NUM
ajfa-3998	145	20	)	)	PUNCT
ajfa-3998	145	21	where	where	SCONJ
ajfa-3998	145	22	,	,	PUNCT
ajfa-3998	145	23	cari	cari	PROPN
ajfa-3998	145	24	are	be	AUX
ajfa-3998	145	25	the	the	DET
ajfa-3998	145	26	pre	pre	ADJ
ajfa-3998	145	27	-	-	ADJ
ajfa-3998	145	28	event	event	ADJ
ajfa-3998	145	29	cumulative	cumulative	ADJ
ajfa-3998	145	30	abnormal	abnormal	ADJ
ajfa-3998	145	31	returns	return	NOUN
ajfa-3998	145	32	,	,	PUNCT
ajfa-3998	145	33	carj	carj	NOUN
ajfa-3998	145	34	are	be	AUX
ajfa-3998	145	35	the	the	DET
ajfa-3998	145	36	post	post	ADJ
ajfa-3998	145	37	-	-	ADJ
ajfa-3998	145	38	event	event	ADJ
ajfa-3998	145	39	cumulative	cumulative	ADJ
ajfa-3998	145	40	abnormal	abnormal	ADJ
ajfa-3998	145	41	returns	return	NOUN
ajfa-3998	145	42	,	,	PUNCT
ajfa-3998	145	43	and	and	CCONJ
ajfa-3998	145	44	ark	ark	PROPN
ajfa-3998	145	45	,	,	PUNCT
ajfa-3998	145	46	t	t	PROPN
ajfa-3998	145	47	are	be	AUX
ajfa-3998	145	48	the	the	DET
ajfa-3998	145	49	abnormal	abnormal	ADJ
ajfa-3998	145	50	returns	return	NOUN
ajfa-3998	145	51	of	of	ADP
ajfa-3998	145	52	security	security	NOUN
ajfa-3998	145	53	‘	'	PUNCT
ajfa-3998	145	54	k	k	NOUN
ajfa-3998	145	55	’	'	PUNCT
ajfa-3998	145	56	on	on	ADP
ajfa-3998	145	57	day	day	NOUN
ajfa-3998	145	58	‘	'	PUNCT
ajfa-3998	145	59	t	t	NOUN
ajfa-3998	145	60	’	'	PUNCT
ajfa-3998	145	61	calculated	calculate	VERB
ajfa-3998	145	62	using	use	VERB
ajfa-3998	145	63	equation	equation	NOUN
ajfa-3998	145	64	3	3	NUM
ajfa-3998	145	65	the	the	DET
ajfa-3998	145	66	abnormal	abnormal	ADJ
ajfa-3998	145	67	returns	return	NOUN
ajfa-3998	145	68	of	of	ADP
ajfa-3998	145	69	firms	firm	NOUN
ajfa-3998	145	70	with	with	ADP
ajfa-3998	145	71	downgrades	downgrade	NOUN
ajfa-3998	145	72	and	and	CCONJ
ajfa-3998	145	73	those	those	PRON
ajfa-3998	145	74	with	with	ADP
ajfa-3998	145	75	upgrades	upgrade	NOUN
ajfa-3998	145	76	were	be	AUX
ajfa-3998	145	77	analysed	analyse	VERB
ajfa-3998	145	78	as	as	ADP
ajfa-3998	145	79	separate	separate	ADJ
ajfa-3998	145	80	portfolios	portfolio	NOUN
ajfa-3998	145	81	.	.	PUNCT
ajfa-3998	146	1	we	we	PRON
ajfa-3998	146	2	estimate	estimate	VERB
ajfa-3998	146	3	the	the	DET
ajfa-3998	146	4	average	average	NOUN
ajfa-3998	146	5	of	of	ADP
ajfa-3998	146	6	abnormal	abnormal	ADJ
ajfa-3998	146	7	returns	return	NOUN
ajfa-3998	146	8	across	across	ADP
ajfa-3998	146	9	sample	sample	NOUN
ajfa-3998	146	10	companies	company	NOUN
ajfa-3998	146	11	for	for	ADP
ajfa-3998	146	12	each	each	DET
ajfa-3998	146	13	event	event	NOUN
ajfa-3998	146	14	day	day	NOUN
ajfa-3998	146	15	(	(	PUNCT
ajfa-3998	146	16	i.e.	i.e.	X
ajfa-3998	146	17	t0	t0	X
ajfa-3998	146	18	–	–	PUNCT
ajfa-3998	146	19	20	20	NUM
ajfa-3998	146	20	,	,	PUNCT
ajfa-3998	146	21	t0	t0	PROPN
ajfa-3998	146	22	–	–	PUNCT
ajfa-3998	146	23	19,	19,	NUM
ajfa-3998	146	24	…	…	SYM
ajfa-3998	146	25	…	…	PUNCT
ajfa-3998	146	26	.,t0	.,t0	NOUN
ajfa-3998	146	27	+	+	NUM
ajfa-3998	147	1	20	20	NUM
ajfa-3998	147	2	)	)	PUNCT
ajfa-3998	147	3	.	.	PUNCT
ajfa-3998	148	1	these	these	PRON
ajfa-3998	148	2	were	be	AUX
ajfa-3998	148	3	called	call	VERB
ajfa-3998	148	4	as	as	ADP
ajfa-3998	148	5	average	average	ADJ
ajfa-3998	148	6	abnormal	abnormal	ADJ
ajfa-3998	148	7	return	return	NOUN
ajfa-3998	148	8	(	(	PUNCT
ajfa-3998	148	9	aar	aar	NOUN
ajfa-3998	148	10	)	)	PUNCT
ajfa-3998	148	11	.	.	PUNCT
ajfa-3998	149	1	=	=	PRON
ajfa-3998	149	2	,	,	PUNCT
ajfa-3998	149	3	⁄	⁄	PROPN
ajfa-3998	149	4	(	(	PUNCT
ajfa-3998	149	5	6	6	NUM
ajfa-3998	149	6	)	)	PUNCT
ajfa-3998	149	7	where	where	SCONJ
ajfa-3998	149	8	,	,	PUNCT
ajfa-3998	149	9	aart	aart	PROPN
ajfa-3998	149	10	is	be	AUX
ajfa-3998	149	11	the	the	DET
ajfa-3998	149	12	average	average	ADJ
ajfa-3998	149	13	abnormal	abnormal	ADJ
ajfa-3998	149	14	return	return	NOUN
ajfa-3998	149	15	for	for	ADP
ajfa-3998	149	16	day	day	NOUN
ajfa-3998	149	17	‘	'	PUNCT
ajfa-3998	149	18	t	t	NOUN
ajfa-3998	149	19	’	'	PUNCT
ajfa-3998	149	20	,	,	PUNCT
ajfa-3998	149	21	t	t	PROPN
ajfa-3998	149	22	is	be	AUX
ajfa-3998	149	23	any	any	DET
ajfa-3998	149	24	day	day	NOUN
ajfa-3998	149	25	in	in	ADP
ajfa-3998	149	26	the	the	DET
ajfa-3998	149	27	pre	pre	NOUN
ajfa-3998	149	28	–	–	PUNCT
ajfa-3998	149	29	event	event	NOUN
ajfa-3998	149	30	or	or	CCONJ
ajfa-3998	149	31	post	post	NOUN
ajfa-3998	149	32	–	–	PUNCT
ajfa-3998	149	33	event	event	NOUN
ajfa-3998	149	34	window	window	NOUN
ajfa-3998	149	35	(	(	PUNCT
ajfa-3998	149	36	i.e.	i.e.	X
ajfa-3998	149	37	t0	t0	X
ajfa-3998	149	38	–	–	PUNCT
ajfa-3998	149	39	20	20	NUM
ajfa-3998	149	40	,	,	PUNCT
ajfa-3998	149	41	t0	t0	PROPN
ajfa-3998	149	42	–	–	PUNCT
ajfa-3998	149	43	19,	19,	NUM
ajfa-3998	149	44	…	…	SYM
ajfa-3998	149	45	…	…	PUNCT
ajfa-3998	149	46	.,t0	.,t0	NOUN
ajfa-3998	150	1	+	+	CCONJ
ajfa-3998	150	2	20	20	NUM
ajfa-3998	150	3	)	)	PUNCT
ajfa-3998	150	4	ark	ark	PROPN
ajfa-3998	150	5	,	,	PUNCT
ajfa-3998	150	6	t	t	PROPN
ajfa-3998	150	7	is	be	AUX
ajfa-3998	150	8	the	the	DET
ajfa-3998	150	9	abnormal	abnormal	ADJ
ajfa-3998	150	10	return	return	NOUN
ajfa-3998	150	11	of	of	ADP
ajfa-3998	150	12	company	company	NOUN
ajfa-3998	150	13	k	k	PROPN
ajfa-3998	150	14	for	for	ADP
ajfa-3998	150	15	day	day	NOUN
ajfa-3998	150	16	‘	'	PUNCT
ajfa-3998	150	17	t	t	NOUN
ajfa-3998	150	18	’	'	PUNCT
ajfa-3998	150	19	as	as	SCONJ
ajfa-3998	150	20	calculated	calculate	VERB
ajfa-3998	150	21	by	by	ADP
ajfa-3998	150	22	equation	equation	NOUN
ajfa-3998	150	23	3	3	NUM
ajfa-3998	150	24	.	.	PUNCT
ajfa-3998	151	1	n	n	PRON
ajfa-3998	151	2	is	be	AUX
ajfa-3998	151	3	the	the	DET
ajfa-3998	151	4	number	number	NOUN
ajfa-3998	151	5	of	of	ADP
ajfa-3998	151	6	companies	company	NOUN
ajfa-3998	151	7	(	(	PUNCT
ajfa-3998	151	8	31	31	NUM
ajfa-3998	151	9	for	for	ADP
ajfa-3998	151	10	upgrades	upgrade	NOUN
ajfa-3998	151	11	and	and	CCONJ
ajfa-3998	151	12	39	39	NUM
ajfa-3998	151	13	for	for	ADP
ajfa-3998	151	14	downgrades	downgrade	NOUN
ajfa-3998	151	15	)	)	PUNCT
ajfa-3998	151	16	.	.	PUNCT
ajfa-3998	152	1	asian	asian	ADJ
ajfa-3998	152	2	journal	journal	PROPN
ajfa-3998	152	3	of	of	ADP
ajfa-3998	152	4	finance	finance	PROPN
ajfa-3998	152	5	&	&	CCONJ
ajfa-3998	152	6	accounting	accounting	PROPN
ajfa-3998	152	7	issn	issn	PROPN
ajfa-3998	152	8	1946	1946	NUM
ajfa-3998	152	9	-	-	PUNCT
ajfa-3998	152	10	052x	052x	NOUN
ajfa-3998	152	11	2013	2013	NUM
ajfa-3998	152	12	,	,	PUNCT
ajfa-3998	152	13	vol	vol	NOUN
ajfa-3998	152	14	.	.	PROPN
ajfa-3998	152	15	5	5	NUM
ajfa-3998	152	16	,	,	PUNCT
ajfa-3998	152	17	no	no	INTJ
ajfa-3998	152	18	.	.	NOUN
ajfa-3998	152	19	2	2	NUM
ajfa-3998	152	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	152	21	56	56	NUM
ajfa-3998	152	22	the	the	DET
ajfa-3998	152	23	aars	aar	NOUN
ajfa-3998	152	24	were	be	AUX
ajfa-3998	152	25	summed	sum	VERB
ajfa-3998	152	26	for	for	ADP
ajfa-3998	152	27	the	the	DET
ajfa-3998	152	28	pre	pre	NOUN
ajfa-3998	152	29	-	-	NOUN
ajfa-3998	152	30	event	event	NOUN
ajfa-3998	152	31	and	and	CCONJ
ajfa-3998	152	32	post	post	ADJ
ajfa-3998	152	33	-	-	ADJ
ajfa-3998	152	34	event	event	ADJ
ajfa-3998	152	35	windows	window	NOUN
ajfa-3998	152	36	to	to	PART
ajfa-3998	152	37	obtain	obtain	VERB
ajfa-3998	152	38	caari	caari	ADJ
ajfa-3998	152	39	and	and	CCONJ
ajfa-3998	152	40	caarj	caarj	VERB
ajfa-3998	152	41	respectively	respectively	ADV
ajfa-3998	152	42	.	.	PUNCT
ajfa-3998	153	1	these	these	PRON
ajfa-3998	153	2	are	be	AUX
ajfa-3998	153	3	given	give	VERB
ajfa-3998	153	4	by	by	ADP
ajfa-3998	153	5	the	the	DET
ajfa-3998	153	6	following	follow	VERB
ajfa-3998	153	7	equations	equation	NOUN
ajfa-3998	153	8	:	:	PUNCT
ajfa-3998	153	9	=	=	SYM
ajfa-3998	153	10	,	,	PUNCT
ajfa-3998	153	11	(	(	PUNCT
ajfa-3998	153	12	7	7	X
ajfa-3998	153	13	)	)	PUNCT
ajfa-3998	153	14	=	=	NOUN
ajfa-3998	153	15	,	,	PUNCT
ajfa-3998	153	16	(	(	PUNCT
ajfa-3998	153	17	8)	8)	NUM
ajfa-3998	153	18	where	where	SCONJ
ajfa-3998	153	19	,	,	PUNCT
ajfa-3998	153	20	caari	caari	ADJ
ajfa-3998	153	21	and	and	CCONJ
ajfa-3998	153	22	caarj	caarj	NOUN
ajfa-3998	153	23	are	be	AUX
ajfa-3998	153	24	respectively	respectively	ADV
ajfa-3998	153	25	the	the	DET
ajfa-3998	153	26	pre	pre	NOUN
ajfa-3998	153	27	-	-	NOUN
ajfa-3998	153	28	event	event	NOUN
ajfa-3998	153	29	and	and	CCONJ
ajfa-3998	153	30	post	post	VERB
ajfa-3998	153	31	event	event	NOUN
ajfa-3998	153	32	cumulative	cumulative	ADJ
ajfa-3998	153	33	average	average	ADJ
ajfa-3998	153	34	abnormal	abnormal	ADJ
ajfa-3998	153	35	returns	return	NOUN
ajfa-3998	153	36	,	,	PUNCT
ajfa-3998	153	37	aart	aart	PROPN
ajfa-3998	153	38	is	be	AUX
ajfa-3998	153	39	the	the	DET
ajfa-3998	153	40	average	average	ADJ
ajfa-3998	153	41	abnormal	abnormal	ADJ
ajfa-3998	153	42	returns	return	NOUN
ajfa-3998	153	43	for	for	ADP
ajfa-3998	153	44	day	day	NOUN
ajfa-3998	153	45	‘	'	PUNCT
ajfa-3998	153	46	t	t	NOUN
ajfa-3998	153	47	’	'	PUNCT
ajfa-3998	153	48	as	as	SCONJ
ajfa-3998	153	49	calculated	calculate	VERB
ajfa-3998	153	50	by	by	ADP
ajfa-3998	153	51	equation	equation	NOUN
ajfa-3998	153	52	6	6	NUM
ajfa-3998	153	53	.	.	PUNCT
ajfa-3998	154	1	the	the	DET
ajfa-3998	154	2	caars	caar	NOUN
ajfa-3998	154	3	were	be	AUX
ajfa-3998	154	4	then	then	ADV
ajfa-3998	154	5	standardized	standardize	VERB
ajfa-3998	154	6	using	use	VERB
ajfa-3998	154	7	the	the	DET
ajfa-3998	154	8	equation	equation	NOUN
ajfa-3998	154	9	given	give	VERB
ajfa-3998	154	10	below	below	ADV
ajfa-3998	154	11	:	:	PUNCT
ajfa-3998	154	12	=	=	SYM
ajfa-3998	154	13	⁄	⁄	ADJ
ajfa-3998	154	14	(	(	PUNCT
ajfa-3998	154	15	9	9	NUM
ajfa-3998	154	16	)	)	PUNCT
ajfa-3998	154	17	where	where	SCONJ
ajfa-3998	154	18	,	,	PUNCT
ajfa-3998	154	19	scaar	scaar	NOUN
ajfa-3998	154	20	is	be	AUX
ajfa-3998	154	21	the	the	DET
ajfa-3998	154	22	standardized	standardized	ADJ
ajfa-3998	154	23	cumulative	cumulative	ADJ
ajfa-3998	154	24	average	average	ADJ
ajfa-3998	154	25	abnormal	abnormal	ADJ
ajfa-3998	154	26	return	return	NOUN
ajfa-3998	154	27	,	,	PUNCT
ajfa-3998	154	28	caar	caar	NOUN
ajfa-3998	154	29	is	be	AUX
ajfa-3998	154	30	the	the	DET
ajfa-3998	154	31	pre	pre	NOUN
ajfa-3998	154	32	-	-	NOUN
ajfa-3998	154	33	event	event	NOUN
ajfa-3998	154	34	or	or	CCONJ
ajfa-3998	154	35	post	post	NOUN
ajfa-3998	154	36	–	–	PUNCT
ajfa-3998	154	37	event	event	NOUN
ajfa-3998	154	38	cumulative	cumulative	ADJ
ajfa-3998	154	39	average	average	ADJ
ajfa-3998	154	40	abnormal	abnormal	ADJ
ajfa-3998	154	41	return	return	NOUN
ajfa-3998	154	42	secaar	secaar	NOUN
ajfa-3998	154	43	is	be	AUX
ajfa-3998	154	44	the	the	DET
ajfa-3998	154	45	standard	standard	ADJ
ajfa-3998	154	46	error	error	NOUN
ajfa-3998	154	47	of	of	ADP
ajfa-3998	154	48	caar	caar	NOUN
ajfa-3998	154	49	calculated	calculate	VERB
ajfa-3998	154	50	as	as	ADP
ajfa-3998	154	51	:	:	PUNCT
ajfa-3998	154	52	=	=	SYM
ajfa-3998	154	53	∗	∗	NOUN
ajfa-3998	154	54	(	(	PUNCT
ajfa-3998	154	55	10	10	NUM
ajfa-3998	154	56	)	)	PUNCT
ajfa-3998	154	57	where	where	SCONJ
ajfa-3998	154	58	,	,	PUNCT
ajfa-3998	154	59	t	t	PROPN
ajfa-3998	154	60	is	be	AUX
ajfa-3998	154	61	the	the	DET
ajfa-3998	154	62	number	number	NOUN
ajfa-3998	154	63	of	of	ADP
ajfa-3998	154	64	days	day	NOUN
ajfa-3998	154	65	(	(	PUNCT
ajfa-3998	154	66	20	20	NUM
ajfa-3998	154	67	for	for	ADP
ajfa-3998	154	68	preevent	preevent	NOUN
ajfa-3998	154	69	and	and	CCONJ
ajfa-3998	154	70	21	21	NUM
ajfa-3998	154	71	for	for	ADP
ajfa-3998	154	72	post	post	NOUN
ajfa-3998	154	73	event	event	NOUN
ajfa-3998	154	74	)	)	PUNCT
ajfa-3998	155	1	σp	σp	PROPN
ajfa-3998	155	2	is	be	AUX
ajfa-3998	155	3	portfolio	portfolio	NOUN
ajfa-3998	155	4	standard	standard	ADJ
ajfa-3998	155	5	deviation	deviation	NOUN
ajfa-3998	155	6	given	give	VERB
ajfa-3998	155	7	by	by	ADP
ajfa-3998	155	8	the	the	DET
ajfa-3998	155	9	markowitz	markowitz	PROPN
ajfa-3998	155	10	portfolio	portfolio	PROPN
ajfa-3998	155	11	formula	formula	VERB
ajfa-3998	155	12	:	:	PUNCT
ajfa-3998	156	1	=	=	X
ajfa-3998	156	2	+	+	CCONJ
ajfa-3998	156	3	(	(	PUNCT
ajfa-3998	156	4	11	11	NUM
ajfa-3998	156	5	)	)	PUNCT
ajfa-3998	156	6	where	where	SCONJ
ajfa-3998	156	7	,	,	PUNCT
ajfa-3998	156	8	σp	σp	PROPN
ajfa-3998	156	9	2	2	NUM
ajfa-3998	156	10	is	be	AUX
ajfa-3998	156	11	the	the	DET
ajfa-3998	156	12	portfolio	portfolio	NOUN
ajfa-3998	156	13	variance	variance	NOUN
ajfa-3998	156	14	.	.	PUNCT
ajfa-3998	157	1	σk	σk	PROPN
ajfa-3998	157	2	and	and	CCONJ
ajfa-3998	157	3	σh	σh	PROPN
ajfa-3998	157	4	are	be	AUX
ajfa-3998	157	5	the	the	DET
ajfa-3998	157	6	standard	standard	ADJ
ajfa-3998	157	7	deviations	deviation	NOUN
ajfa-3998	157	8	of	of	ADP
ajfa-3998	157	9	abnormal	abnormal	ADJ
ajfa-3998	157	10	returns	return	NOUN
ajfa-3998	157	11	of	of	ADP
ajfa-3998	157	12	company	company	NOUN
ajfa-3998	157	13	‘	'	PUNCT
ajfa-3998	157	14	k	k	NOUN
ajfa-3998	157	15	’	'	PUNCT
ajfa-3998	157	16	and	and	CCONJ
ajfa-3998	157	17	‘	'	PUNCT
ajfa-3998	157	18	h	h	NOUN
ajfa-3998	157	19	’	'	PUNCT
ajfa-3998	157	20	for	for	ADP
ajfa-3998	157	21	the	the	DET
ajfa-3998	157	22	pre	pre	X
ajfa-3998	157	23	–	–	PUNCT
ajfa-3998	157	24	event	event	NOUN
ajfa-3998	157	25	or	or	CCONJ
ajfa-3998	157	26	post	post	ADJ
ajfa-3998	157	27	-	-	ADJ
ajfa-3998	157	28	event	event	ADJ
ajfa-3998	157	29	windows	window	NOUN
ajfa-3998	157	30	,	,	PUNCT
ajfa-3998	157	31	ρkh	ρkh	PROPN
ajfa-3998	157	32	is	be	AUX
ajfa-3998	157	33	the	the	DET
ajfa-3998	157	34	correlation	correlation	NOUN
ajfa-3998	157	35	coefficient	coefficient	NOUN
ajfa-3998	157	36	between	between	ADP
ajfa-3998	157	37	the	the	DET
ajfa-3998	157	38	returns	return	NOUN
ajfa-3998	157	39	of	of	ADP
ajfa-3998	157	40	securities	security	NOUN
ajfa-3998	157	41	of	of	ADP
ajfa-3998	157	42	company	company	PROPN
ajfa-3998	157	43	k	k	PROPN
ajfa-3998	157	44	and	and	CCONJ
ajfa-3998	157	45	h.	h.	PROPN
ajfa-3998	157	46	xk	xk	PROPN
ajfa-3998	158	1	=	=	PROPN
ajfa-3998	158	2	xh=1	xh=1	PROPN
ajfa-3998	158	3	/	/	SYM
ajfa-3998	158	4	n	n	CCONJ
ajfa-3998	158	5	(	(	PUNCT
ajfa-3998	158	6	equally	equally	ADV
ajfa-3998	158	7	weighted	weight	VERB
ajfa-3998	158	8	)	)	PUNCT
ajfa-3998	158	9	,	,	PUNCT
ajfa-3998	158	10	asian	asian	ADJ
ajfa-3998	158	11	journal	journal	NOUN
ajfa-3998	158	12	of	of	ADP
ajfa-3998	158	13	finance	finance	PROPN
ajfa-3998	158	14	&	&	CCONJ
ajfa-3998	158	15	accounting	accounting	PROPN
ajfa-3998	158	16	issn	issn	PROPN
ajfa-3998	158	17	1946	1946	NUM
ajfa-3998	158	18	-	-	PUNCT
ajfa-3998	158	19	052x	052x	NOUN
ajfa-3998	158	20	2013	2013	NUM
ajfa-3998	158	21	,	,	PUNCT
ajfa-3998	158	22	vol	vol	NOUN
ajfa-3998	158	23	.	.	PROPN
ajfa-3998	158	24	5	5	NUM
ajfa-3998	158	25	,	,	PUNCT
ajfa-3998	158	26	no	no	INTJ
ajfa-3998	158	27	.	.	NOUN
ajfa-3998	158	28	2	2	NUM
ajfa-3998	158	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	158	30	57	57	NUM
ajfa-3998	158	31	n	n	CCONJ
ajfa-3998	158	32	=	=	NOUN
ajfa-3998	158	33	number	number	NOUN
ajfa-3998	158	34	of	of	ADP
ajfa-3998	158	35	sample	sample	NOUN
ajfa-3998	158	36	companies	company	NOUN
ajfa-3998	158	37	(	(	PUNCT
ajfa-3998	158	38	31	31	NUM
ajfa-3998	158	39	for	for	ADP
ajfa-3998	158	40	upgrades	upgrade	NOUN
ajfa-3998	158	41	and	and	CCONJ
ajfa-3998	158	42	39	39	NUM
ajfa-3998	158	43	for	for	ADP
ajfa-3998	158	44	downgrades	downgrade	NOUN
ajfa-3998	158	45	)	)	PUNCT
ajfa-3998	158	46	.	.	PUNCT
ajfa-3998	159	1	ρkh	ρkh	ADJ
ajfa-3998	159	2	accounts	account	NOUN
ajfa-3998	159	3	for	for	ADP
ajfa-3998	159	4	any	any	DET
ajfa-3998	159	5	cross	cross	NOUN
ajfa-3998	159	6	-	-	NOUN
ajfa-3998	159	7	correlations	correlation	NOUN
ajfa-3998	159	8	between	between	ADP
ajfa-3998	159	9	the	the	DET
ajfa-3998	159	10	securities	security	NOUN
ajfa-3998	159	11	.	.	PUNCT
ajfa-3998	160	1	the	the	DET
ajfa-3998	160	2	correlation	correlation	NOUN
ajfa-3998	160	3	coefficient	coefficient	NOUN
ajfa-3998	160	4	ρkh	ρkh	PROPN
ajfa-3998	160	5	is	be	AUX
ajfa-3998	160	6	taken	take	VERB
ajfa-3998	160	7	to	to	PART
ajfa-3998	160	8	be	be	AUX
ajfa-3998	160	9	0	0	NUM
ajfa-3998	160	10	if	if	SCONJ
ajfa-3998	160	11	there	there	PRON
ajfa-3998	160	12	is	be	VERB
ajfa-3998	160	13	no	no	DET
ajfa-3998	160	14	overlap	overlap	NOUN
ajfa-3998	160	15	in	in	ADP
ajfa-3998	160	16	the	the	DET
ajfa-3998	160	17	event	event	NOUN
ajfa-3998	160	18	windows	window	NOUN
ajfa-3998	160	19	of	of	ADP
ajfa-3998	160	20	the	the	DET
ajfa-3998	160	21	k	k	PROPN
ajfa-3998	160	22	and	and	CCONJ
ajfa-3998	160	23	hth	hth	PROPN
ajfa-3998	160	24	companies	company	NOUN
ajfa-3998	160	25	.	.	PUNCT
ajfa-3998	161	1	the	the	DET
ajfa-3998	161	2	scaar	scaar	NOUN
ajfa-3998	161	3	values	value	NOUN
ajfa-3998	161	4	follow	follow	VERB
ajfa-3998	161	5	t	t	NOUN
ajfa-3998	161	6	-	-	PUNCT
ajfa-3998	161	7	distribution	distribution	NOUN
ajfa-3998	161	8	and	and	CCONJ
ajfa-3998	161	9	are	be	AUX
ajfa-3998	161	10	compared	compare	VERB
ajfa-3998	161	11	to	to	ADP
ajfa-3998	161	12	t	t	PROPN
ajfa-3998	161	13	-	-	PUNCT
ajfa-3998	161	14	statistic	statistic	NOUN
ajfa-3998	161	15	,	,	PUNCT
ajfa-3998	161	16	at	at	ADP
ajfa-3998	161	17	5	5	NUM
ajfa-3998	161	18	%	%	NOUN
ajfa-3998	161	19	significance	significance	NOUN
ajfa-3998	161	20	level	level	NOUN
ajfa-3998	161	21	,	,	PUNCT
ajfa-3998	161	22	2	2	NUM
ajfa-3998	161	23	-	-	PUNCT
ajfa-3998	161	24	tailed	tail	VERB
ajfa-3998	161	25	with	with	ADP
ajfa-3998	161	26	(	(	PUNCT
ajfa-3998	161	27	t-2	t-2	NOUN
ajfa-3998	161	28	)	)	PUNCT
ajfa-3998	161	29	degrees	degree	NOUN
ajfa-3998	161	30	of	of	ADP
ajfa-3998	161	31	freedom	freedom	NOUN
ajfa-3998	161	32	.	.	PUNCT
ajfa-3998	162	1	this	this	PRON
ajfa-3998	162	2	helps	help	VERB
ajfa-3998	162	3	to	to	PART
ajfa-3998	162	4	find	find	VERB
ajfa-3998	162	5	significant	significant	ADJ
ajfa-3998	162	6	average	average	ADJ
ajfa-3998	162	7	abnormal	abnormal	ADJ
ajfa-3998	162	8	returns	return	NOUN
ajfa-3998	162	9	in	in	ADP
ajfa-3998	162	10	the	the	DET
ajfa-3998	162	11	pre	pre	NOUN
ajfa-3998	162	12	-	-	NOUN
ajfa-3998	162	13	event	event	NOUN
ajfa-3998	162	14	and	and	CCONJ
ajfa-3998	162	15	post	post	ADJ
ajfa-3998	162	16	-	-	ADJ
ajfa-3998	162	17	event	event	ADJ
ajfa-3998	162	18	windows	window	NOUN
ajfa-3998	162	19	.	.	PUNCT
ajfa-3998	163	1	the	the	DET
ajfa-3998	163	2	relationship	relationship	NOUN
ajfa-3998	163	3	between	between	ADP
ajfa-3998	163	4	the	the	DET
ajfa-3998	163	5	bond	bond	NOUN
ajfa-3998	163	6	rating	rating	NOUN
ajfa-3998	163	7	changes	change	NOUN
ajfa-3998	163	8	and	and	CCONJ
ajfa-3998	163	9	stock	stock	NOUN
ajfa-3998	163	10	returns	return	NOUN
ajfa-3998	163	11	is	be	AUX
ajfa-3998	163	12	also	also	ADV
ajfa-3998	163	13	analysed	analyse	VERB
ajfa-3998	163	14	for	for	ADP
ajfa-3998	163	15	portfolios	portfolio	NOUN
ajfa-3998	163	16	created	create	VERB
ajfa-3998	163	17	on	on	ADP
ajfa-3998	163	18	basis	basis	NOUN
ajfa-3998	163	19	of	of	ADP
ajfa-3998	163	20	different	different	ADJ
ajfa-3998	163	21	firm	firm	ADJ
ajfa-3998	163	22	chacterstics	chacterstic	NOUN
ajfa-3998	163	23	.	.	PUNCT
ajfa-3998	164	1	the	the	DET
ajfa-3998	164	2	characteristics	characteristic	NOUN
ajfa-3998	164	3	considered	consider	VERB
ajfa-3998	164	4	include	include	VERB
ajfa-3998	164	5	firm	firm	ADJ
ajfa-3998	164	6	size	size	NOUN
ajfa-3998	164	7	,	,	PUNCT
ajfa-3998	164	8	price	price	NOUN
ajfa-3998	164	9	to	to	ADP
ajfa-3998	164	10	book	book	NOUN
ajfa-3998	164	11	value	value	NOUN
ajfa-3998	164	12	ratio	ratio	NOUN
ajfa-3998	164	13	,	,	PUNCT
ajfa-3998	164	14	stock	stock	NOUN
ajfa-3998	164	15	liquidity	liquidity	NOUN
ajfa-3998	164	16	,	,	PUNCT
ajfa-3998	164	17	leverage	leverage	NOUN
ajfa-3998	164	18	,	,	PUNCT
ajfa-3998	164	19	nature	nature	NOUN
ajfa-3998	164	20	of	of	ADP
ajfa-3998	164	21	assets	asset	NOUN
ajfa-3998	164	22	(	(	PUNCT
ajfa-3998	164	23	intangibles	intangible	NOUN
ajfa-3998	164	24	)	)	PUNCT
ajfa-3998	164	25	and	and	CCONJ
ajfa-3998	164	26	profitability	profitability	NOUN
ajfa-3998	164	27	.	.	PUNCT
ajfa-3998	165	1	the	the	DET
ajfa-3998	165	2	first	first	ADJ
ajfa-3998	165	3	step	step	NOUN
ajfa-3998	165	4	included	include	VERB
ajfa-3998	165	5	arranging	arrange	VERB
ajfa-3998	165	6	the	the	DET
ajfa-3998	165	7	bse	bse	NOUN
ajfa-3998	165	8	500	500	NUM
ajfa-3998	165	9	companies	company	NOUN
ajfa-3998	165	10	in	in	ADP
ajfa-3998	165	11	the	the	DET
ajfa-3998	165	12	descending	descend	VERB
ajfa-3998	165	13	order	order	NOUN
ajfa-3998	165	14	of	of	ADP
ajfa-3998	165	15	their	their	PRON
ajfa-3998	165	16	respective	respective	ADJ
ajfa-3998	165	17	firm	firm	ADJ
ajfa-3998	165	18	characteristic	characteristic	ADJ
ajfa-3998	165	19	value	value	NOUN
ajfa-3998	165	20	(	(	PUNCT
ajfa-3998	165	21	size	size	NOUN
ajfa-3998	165	22	,	,	PUNCT
ajfa-3998	165	23	p	p	X
ajfa-3998	165	24	/	/	SYM
ajfa-3998	165	25	b	b	NOUN
ajfa-3998	165	26	ratio	ratio	NOUN
ajfa-3998	165	27	,	,	PUNCT
ajfa-3998	165	28	leverage	leverage	NOUN
ajfa-3998	165	29	,	,	PUNCT
ajfa-3998	165	30	proportion	proportion	NOUN
ajfa-3998	165	31	of	of	ADP
ajfa-3998	165	32	intangibles	intangible	NOUN
ajfa-3998	165	33	and	and	CCONJ
ajfa-3998	165	34	profitability	profitability	NOUN
ajfa-3998	165	35	)	)	PUNCT
ajfa-3998	165	36	at	at	ADP
ajfa-3998	165	37	end	end	NOUN
ajfa-3998	165	38	of	of	ADP
ajfa-3998	165	39	each	each	DET
ajfa-3998	165	40	year	year	NOUN
ajfa-3998	165	41	(	(	PUNCT
ajfa-3998	165	42	31	31	NUM
ajfa-3998	165	43	december	december	PROPN
ajfa-3998	165	44	)	)	PUNCT
ajfa-3998	165	45	from	from	ADP
ajfa-3998	165	46	2002	2002	NUM
ajfa-3998	165	47	to	to	ADP
ajfa-3998	165	48	2010	2010	NUM
ajfa-3998	165	49	.	.	PUNCT
ajfa-3998	166	1	the	the	DET
ajfa-3998	166	2	bse	bse	NOUN
ajfa-3998	166	3	500	500	NUM
ajfa-3998	166	4	companies	company	NOUN
ajfa-3998	166	5	were	be	AUX
ajfa-3998	166	6	then	then	ADV
ajfa-3998	166	7	divided	divide	VERB
ajfa-3998	166	8	into	into	ADP
ajfa-3998	166	9	two	two	NUM
ajfa-3998	166	10	equal	equal	ADJ
ajfa-3998	166	11	parts	part	NOUN
ajfa-3998	166	12	–	–	PUNCT
ajfa-3998	166	13	large	large	ADJ
ajfa-3998	166	14	and	and	CCONJ
ajfa-3998	166	15	small	small	ADJ
ajfa-3998	166	16	,	,	PUNCT
ajfa-3998	166	17	each	each	DET
ajfa-3998	166	18	year	year	NOUN
ajfa-3998	166	19	on	on	ADP
ajfa-3998	166	20	the	the	DET
ajfa-3998	166	21	basis	basis	NOUN
ajfa-3998	166	22	of	of	ADP
ajfa-3998	166	23	their	their	PRON
ajfa-3998	166	24	characteristic	characteristic	ADJ
ajfa-3998	166	25	value	value	NOUN
ajfa-3998	166	26	.	.	PUNCT
ajfa-3998	167	1	company	company	NOUN
ajfa-3998	167	2	below	below	ADP
ajfa-3998	167	3	the	the	DET
ajfa-3998	167	4	median	median	ADJ
ajfa-3998	167	5	characteristic	characteristic	ADJ
ajfa-3998	167	6	value	value	NOUN
ajfa-3998	167	7	was	be	AUX
ajfa-3998	167	8	classified	classify	VERB
ajfa-3998	167	9	as	as	ADP
ajfa-3998	167	10	small	small	ADJ
ajfa-3998	167	11	or	or	CCONJ
ajfa-3998	167	12	low	low	ADJ
ajfa-3998	167	13	on	on	ADP
ajfa-3998	167	14	characteristic	characteristic	ADJ
ajfa-3998	168	1	otherwise	otherwise	ADV
ajfa-3998	168	2	it	it	PRON
ajfa-3998	168	3	was	be	AUX
ajfa-3998	168	4	classified	classify	VERB
ajfa-3998	168	5	as	as	ADP
ajfa-3998	168	6	large	large	ADJ
ajfa-3998	168	7	or	or	CCONJ
ajfa-3998	168	8	high	high	ADJ
ajfa-3998	168	9	on	on	ADP
ajfa-3998	168	10	the	the	DET
ajfa-3998	168	11	characteristic1	characteristic1	NOUN
ajfa-3998	168	12	.	.	PUNCT
ajfa-3998	169	1	the	the	DET
ajfa-3998	169	2	characteristic	characteristic	ADJ
ajfa-3998	169	3	category	category	NOUN
ajfa-3998	169	4	of	of	ADP
ajfa-3998	169	5	each	each	DET
ajfa-3998	169	6	case	case	NOUN
ajfa-3998	169	7	of	of	ADP
ajfa-3998	169	8	bond	bond	NOUN
ajfa-3998	169	9	rating	rating	NOUN
ajfa-3998	169	10	change	change	NOUN
ajfa-3998	169	11	was	be	AUX
ajfa-3998	169	12	taken	take	VERB
ajfa-3998	169	13	as	as	ADP
ajfa-3998	169	14	the	the	DET
ajfa-3998	169	15	category	category	NOUN
ajfa-3998	169	16	to	to	PART
ajfa-3998	169	17	which	which	PRON
ajfa-3998	169	18	the	the	DET
ajfa-3998	169	19	case	case	NOUN
ajfa-3998	169	20	belonged	belong	VERB
ajfa-3998	169	21	for	for	ADP
ajfa-3998	169	22	the	the	DET
ajfa-3998	169	23	year	year	NOUN
ajfa-3998	169	24	–	–	PUNCT
ajfa-3998	169	25	end	end	NOUN
ajfa-3998	169	26	preceding	precede	VERB
ajfa-3998	169	27	the	the	DET
ajfa-3998	169	28	rating	rating	NOUN
ajfa-3998	169	29	change	change	NOUN
ajfa-3998	169	30	.	.	PUNCT
ajfa-3998	170	1	liquidity	liquidity	NOUN
ajfa-3998	170	2	had	have	VERB
ajfa-3998	170	3	to	to	PART
ajfa-3998	170	4	be	be	AUX
ajfa-3998	170	5	estimated	estimate	VERB
ajfa-3998	170	6	as	as	ADP
ajfa-3998	170	7	average	average	ADJ
ajfa-3998	170	8	trading	trading	NOUN
ajfa-3998	170	9	volume	volume	NOUN
ajfa-3998	170	10	.	.	PUNCT
ajfa-3998	171	1	the	the	DET
ajfa-3998	171	2	liquidity	liquidity	NOUN
ajfa-3998	171	3	of	of	ADP
ajfa-3998	171	4	stocks	stock	NOUN
ajfa-3998	171	5	was	be	AUX
ajfa-3998	171	6	computed	compute	VERB
ajfa-3998	171	7	for	for	ADP
ajfa-3998	171	8	each	each	DET
ajfa-3998	171	9	case	case	NOUN
ajfa-3998	171	10	of	of	ADP
ajfa-3998	171	11	rating	rating	NOUN
ajfa-3998	171	12	change	change	NOUN
ajfa-3998	171	13	.	.	PUNCT
ajfa-3998	172	1	the	the	DET
ajfa-3998	172	2	companies	company	NOUN
ajfa-3998	172	3	on	on	ADP
ajfa-3998	172	4	bse	bse	PROPN
ajfa-3998	172	5	500	500	NUM
ajfa-3998	172	6	were	be	AUX
ajfa-3998	172	7	arranged	arrange	VERB
ajfa-3998	172	8	in	in	ADP
ajfa-3998	172	9	the	the	DET
ajfa-3998	172	10	descending	descend	VERB
ajfa-3998	172	11	order	order	NOUN
ajfa-3998	172	12	of	of	ADP
ajfa-3998	172	13	this	this	DET
ajfa-3998	172	14	ratio	ratio	NOUN
ajfa-3998	172	15	and	and	CCONJ
ajfa-3998	172	16	divided	divide	VERB
ajfa-3998	172	17	into	into	ADP
ajfa-3998	172	18	two	two	NUM
ajfa-3998	172	19	equal	equal	ADJ
ajfa-3998	172	20	parts	part	NOUN
ajfa-3998	172	21	high	high	ADJ
ajfa-3998	172	22	and	and	CCONJ
ajfa-3998	172	23	low	low	ADJ
ajfa-3998	172	24	based	base	VERB
ajfa-3998	172	25	on	on	ADP
ajfa-3998	172	26	their	their	PRON
ajfa-3998	172	27	liquidity	liquidity	NOUN
ajfa-3998	172	28	value	value	NOUN
ajfa-3998	172	29	for	for	ADP
ajfa-3998	172	30	each	each	DET
ajfa-3998	172	31	relevant	relevant	ADJ
ajfa-3998	172	32	date	date	NOUN
ajfa-3998	172	33	.	.	PUNCT
ajfa-3998	173	1	company	company	NOUN
ajfa-3998	173	2	below	below	ADP
ajfa-3998	173	3	the	the	DET
ajfa-3998	173	4	median	median	ADJ
ajfa-3998	173	5	liquidity	liquidity	NOUN
ajfa-3998	173	6	value	value	NOUN
ajfa-3998	173	7	was	be	AUX
ajfa-3998	173	8	classified	classify	VERB
ajfa-3998	173	9	as	as	ADP
ajfa-3998	173	10	less	less	ADV
ajfa-3998	173	11	liquid	liquid	NOUN
ajfa-3998	173	12	otherwise	otherwise	ADV
ajfa-3998	173	13	it	it	PRON
ajfa-3998	173	14	was	be	AUX
ajfa-3998	173	15	classified	classify	VERB
ajfa-3998	173	16	as	as	ADP
ajfa-3998	173	17	highly	highly	ADV
ajfa-3998	173	18	liquid	liquid	ADJ
ajfa-3998	173	19	.	.	PUNCT
ajfa-3998	174	1	the	the	DET
ajfa-3998	174	2	category	category	NOUN
ajfa-3998	174	3	of	of	ADP
ajfa-3998	174	4	each	each	DET
ajfa-3998	174	5	case	case	NOUN
ajfa-3998	174	6	of	of	ADP
ajfa-3998	174	7	rating	rating	NOUN
ajfa-3998	174	8	change	change	NOUN
ajfa-3998	174	9	was	be	AUX
ajfa-3998	174	10	taken	take	VERB
ajfa-3998	174	11	as	as	ADP
ajfa-3998	174	12	the	the	DET
ajfa-3998	174	13	category	category	NOUN
ajfa-3998	174	14	to	to	PART
ajfa-3998	174	15	which	which	PRON
ajfa-3998	174	16	the	the	DET
ajfa-3998	174	17	case	case	NOUN
ajfa-3998	174	18	belonged	belong	VERB
ajfa-3998	174	19	on	on	ADP
ajfa-3998	174	20	the	the	DET
ajfa-3998	174	21	relevant	relevant	ADJ
ajfa-3998	174	22	date	date	NOUN
ajfa-3998	174	23	of	of	ADP
ajfa-3998	174	24	rating	rating	NOUN
ajfa-3998	174	25	change	change	NOUN
ajfa-3998	174	26	.	.	PUNCT
ajfa-3998	175	1	thereafter	thereafter	ADV
ajfa-3998	175	2	,	,	PUNCT
ajfa-3998	175	3	upgrade	upgrade	VERB
ajfa-3998	175	4	and	and	CCONJ
ajfa-3998	175	5	downgrade	downgrade	VERB
ajfa-3998	175	6	portfolios	portfolio	NOUN
ajfa-3998	175	7	based	base	VERB
ajfa-3998	175	8	on	on	ADP
ajfa-3998	175	9	each	each	DET
ajfa-3998	175	10	characteristic	characteristic	NOUN
ajfa-3998	175	11	were	be	AUX
ajfa-3998	175	12	analysed	analyse	VERB
ajfa-3998	175	13	separately	separately	ADV
ajfa-3998	175	14	using	use	VERB
ajfa-3998	175	15	the	the	DET
ajfa-3998	175	16	caar	caar	NOUN
ajfa-3998	175	17	analysis	analysis	NOUN
ajfa-3998	175	18	.	.	PUNCT
ajfa-3998	176	1	in	in	ADP
ajfa-3998	176	2	the	the	DET
ajfa-3998	176	3	second	second	ADJ
ajfa-3998	176	4	phase	phase	NOUN
ajfa-3998	176	5	of	of	ADP
ajfa-3998	176	6	research	research	NOUN
ajfa-3998	176	7	,	,	PUNCT
ajfa-3998	176	8	the	the	DET
ajfa-3998	176	9	relationship	relationship	NOUN
ajfa-3998	176	10	between	between	ADP
ajfa-3998	176	11	the	the	DET
ajfa-3998	176	12	stock	stock	NOUN
ajfa-3998	176	13	returns	return	NOUN
ajfa-3998	176	14	and	and	CCONJ
ajfa-3998	176	15	bond	bond	NOUN
ajfa-3998	176	16	rating	rating	NOUN
ajfa-3998	176	17	changes	change	NOUN
ajfa-3998	176	18	was	be	AUX
ajfa-3998	176	19	analysed	analyse	VERB
ajfa-3998	176	20	in	in	ADP
ajfa-3998	176	21	light	light	NOUN
ajfa-3998	176	22	of	of	ADP
ajfa-3998	176	23	factors	factor	NOUN
ajfa-3998	176	24	like	like	ADP
ajfa-3998	176	25	anticipation	anticipation	NOUN
ajfa-3998	176	26	,	,	PUNCT
ajfa-3998	176	27	magnitude	magnitude	NOUN
ajfa-3998	176	28	of	of	ADP
ajfa-3998	176	29	rating	rating	NOUN
ajfa-3998	176	30	change	change	NOUN
ajfa-3998	176	31	,	,	PUNCT
ajfa-3998	176	32	transition	transition	NOUN
ajfa-3998	176	33	to	to	ADP
ajfa-3998	176	34	,	,	PUNCT
ajfa-3998	176	35	from	from	ADP
ajfa-3998	176	36	or	or	CCONJ
ajfa-3998	176	37	within	within	ADP
ajfa-3998	176	38	speculative	speculative	ADJ
ajfa-3998	176	39	grade	grade	NOUN
ajfa-3998	176	40	and	and	CCONJ
ajfa-3998	176	41	impact	impact	NOUN
ajfa-3998	176	42	of	of	ADP
ajfa-3998	176	43	business	business	NOUN
ajfa-3998	176	44	cycle	cycle	NOUN
ajfa-3998	176	45	.	.	PUNCT
ajfa-3998	177	1	the	the	DET
ajfa-3998	177	2	impact	impact	NOUN
ajfa-3998	177	3	of	of	ADP
ajfa-3998	177	4	these	these	DET
ajfa-3998	177	5	factors	factor	NOUN
ajfa-3998	177	6	is	be	AUX
ajfa-3998	177	7	also	also	ADV
ajfa-3998	177	8	seen	see	VERB
ajfa-3998	177	9	for	for	ADP
ajfa-3998	177	10	the	the	DET
ajfa-3998	177	11	various	various	ADJ
ajfa-3998	177	12	firm	firm	ADJ
ajfa-3998	177	13	characteristic	characteristic	ADJ
ajfa-3998	177	14	based	base	VERB
ajfa-3998	177	15	portfolios	portfolio	NOUN
ajfa-3998	177	16	.	.	PUNCT
ajfa-3998	178	1	regression	regression	NOUN
ajfa-3998	178	2	model	model	NOUN
ajfa-3998	178	3	given	give	VERB
ajfa-3998	178	4	by	by	ADP
ajfa-3998	178	5	goh	goh	PROPN
ajfa-3998	178	6	and	and	CCONJ
ajfa-3998	178	7	ederington	ederington	NOUN
ajfa-3998	178	8	(	(	PUNCT
ajfa-3998	178	9	1999	1999	NUM
ajfa-3998	178	10	)	)	PUNCT
ajfa-3998	178	11	was	be	AUX
ajfa-3998	178	12	used	use	VERB
ajfa-3998	178	13	for	for	ADP
ajfa-3998	178	14	analysis	analysis	NOUN
ajfa-3998	178	15	.	.	PUNCT
ajfa-3998	179	1	the	the	DET
ajfa-3998	179	2	equation	equation	NOUN
ajfa-3998	179	3	is	be	AUX
ajfa-3998	179	4	given	give	VERB
ajfa-3998	179	5	below	below	ADV
ajfa-3998	179	6	:	:	PUNCT
ajfa-3998	179	7	carj	carj	NOUN
ajfa-3998	179	8	=	=	PROPN
ajfa-3998	180	1	α	α	PROPN
ajfa-3998	180	2	+	+	X
ajfa-3998	181	1	β1	β1	PROPN
ajfa-3998	181	2	*	*	PUNCT
ajfa-3998	181	3	cari	cari	PROPN
ajfa-3998	181	4	+	+	CCONJ
ajfa-3998	181	5	β2	β2	PROPN
ajfa-3998	181	6	*	*	PROPN
ajfa-3998	181	7	num_grade	num_grade	PROPN
ajfa-3998	181	8	+	+	CCONJ
ajfa-3998	181	9	β3	β3	ADJ
ajfa-3998	181	10	*	*	PUNCT
ajfa-3998	181	11	business_cycle	business_cycle	PROPN
ajfa-3998	181	12	+	+	CCONJ
ajfa-3998	181	13	β4	β4	PROPN
ajfa-3998	181	14	*	*	PROPN
ajfa-3998	181	15	spec	spec	PROPN
ajfa-3998	181	16	+	+	PROPN
ajfa-3998	181	17	β5	β5	PROPN
ajfa-3998	181	18	*	*	VERB
ajfa-3998	181	19	fallen	fallen	ADJ
ajfa-3998	181	20	+	+	CCONJ
ajfa-3998	181	21	εi	εi	INTJ
ajfa-3998	181	22	(	(	PUNCT
ajfa-3998	181	23	12	12	NUM
ajfa-3998	181	24	)	)	PUNCT
ajfa-3998	181	25	e[εi	e[εi	X
ajfa-3998	181	26	]	]	PUNCT
ajfa-3998	181	27	=	=	SYM
ajfa-3998	181	28	0	0	NUM
ajfa-3998	181	29	and	and	CCONJ
ajfa-3998	181	30	var[εi	var[εi	NOUN
ajfa-3998	181	31	]	]	X
ajfa-3998	182	1	=	=	SYM
ajfa-3998	182	2	σ2	σ2	PROPN
ajfa-3998	182	3	εi	εi	VERB
ajfa-3998	182	4	here	here	ADV
ajfa-3998	182	5	,	,	PUNCT
ajfa-3998	182	6	carj	carj	NOUN
ajfa-3998	182	7	is	be	AUX
ajfa-3998	182	8	21	21	NUM
ajfa-3998	182	9	day	day	NOUN
ajfa-3998	182	10	post	post	NOUN
ajfa-3998	182	11	–	–	PUNCT
ajfa-3998	182	12	event	event	NOUN
ajfa-3998	182	13	cumulative	cumulative	ADJ
ajfa-3998	182	14	abnormal	abnormal	ADJ
ajfa-3998	182	15	returns	return	NOUN
ajfa-3998	182	16	including	include	VERB
ajfa-3998	182	17	the	the	DET
ajfa-3998	182	18	day	day	NOUN
ajfa-3998	182	19	of	of	ADP
ajfa-3998	182	20	announcement2	announcement2	PROPN
ajfa-3998	182	21	.	.	PUNCT
ajfa-3998	183	1	cari	cari	PROPN
ajfa-3998	183	2	is	be	AUX
ajfa-3998	183	3	the	the	DET
ajfa-3998	183	4	20	20	NUM
ajfa-3998	183	5	day	day	NOUN
ajfa-3998	183	6	pre	pre	X
ajfa-3998	183	7	–	–	PUNCT
ajfa-3998	183	8	event	event	NOUN
ajfa-3998	183	9	cumulative	cumulative	VERB
ajfa-3998	183	10	abnormal	abnormal	ADJ
ajfa-3998	183	11	returns3	returns3	NOUN
ajfa-3998	183	12	.	.	PUNCT
ajfa-3998	183	13	num_grade	num_grade	PROPN
ajfa-3998	183	14	refers	refer	VERB
ajfa-3998	183	15	to	to	ADP
ajfa-3998	183	16	the	the	DET
ajfa-3998	183	17	magnitude	magnitude	NOUN
ajfa-3998	183	18	of	of	ADP
ajfa-3998	183	19	rating	rating	NOUN
ajfa-3998	183	20	change4	change4	PROPN
ajfa-3998	183	21	.	.	PUNCT
ajfa-3998	184	1	it	it	PRON
ajfa-3998	184	2	is	be	AUX
ajfa-3998	184	3	calculated	calculate	VERB
ajfa-3998	184	4	as	as	ADP
ajfa-3998	184	5	the	the	DET
ajfa-3998	184	6	absolute	absolute	ADJ
ajfa-3998	184	7	value	value	NOUN
ajfa-3998	184	8	of	of	ADP
ajfa-3998	184	9	difference	difference	NOUN
ajfa-3998	184	10	between	between	ADP
ajfa-3998	184	11	the	the	DET
ajfa-3998	184	12	numerical	numerical	ADJ
ajfa-3998	184	13	score	score	NOUN
ajfa-3998	184	14	of	of	ADP
ajfa-3998	184	15	the	the	DET
ajfa-3998	184	16	rating	rating	NOUN
ajfa-3998	184	17	after	after	ADP
ajfa-3998	184	18	and	and	CCONJ
ajfa-3998	184	19	before	before	ADP
ajfa-3998	184	20	the	the	DET
ajfa-3998	184	21	rating	rating	NOUN
ajfa-3998	184	22	asian	asian	ADJ
ajfa-3998	184	23	journal	journal	NOUN
ajfa-3998	184	24	of	of	ADP
ajfa-3998	184	25	finance	finance	PROPN
ajfa-3998	184	26	&	&	CCONJ
ajfa-3998	184	27	accounting	accounting	PROPN
ajfa-3998	184	28	issn	issn	PROPN
ajfa-3998	184	29	1946	1946	NUM
ajfa-3998	184	30	-	-	PUNCT
ajfa-3998	184	31	052x	052x	NOUN
ajfa-3998	184	32	2013	2013	NUM
ajfa-3998	184	33	,	,	PUNCT
ajfa-3998	184	34	vol	vol	NOUN
ajfa-3998	184	35	.	.	PROPN
ajfa-3998	184	36	5	5	NUM
ajfa-3998	184	37	,	,	PUNCT
ajfa-3998	184	38	no	no	INTJ
ajfa-3998	184	39	.	.	NOUN
ajfa-3998	184	40	2	2	NUM
ajfa-3998	184	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	184	42	58	58	NUM
ajfa-3998	184	43	change	change	NOUN
ajfa-3998	184	44	.	.	PUNCT
ajfa-3998	185	1	business_cycle	business_cycle	NOUN
ajfa-3998	185	2	is	be	AUX
ajfa-3998	185	3	dummy	dummy	ADJ
ajfa-3998	185	4	variable	variable	NOUN
ajfa-3998	185	5	for	for	ADP
ajfa-3998	185	6	downturn	downturn	NOUN
ajfa-3998	185	7	of	of	ADP
ajfa-3998	185	8	business	business	NOUN
ajfa-3998	185	9	cycle	cycle	NOUN
ajfa-3998	185	10	taking	take	VERB
ajfa-3998	185	11	values	value	NOUN
ajfa-3998	185	12	either	either	CCONJ
ajfa-3998	185	13	1	1	NUM
ajfa-3998	185	14	or	or	CCONJ
ajfa-3998	185	15	0	0	NUM
ajfa-3998	185	16	.	.	PUNCT
ajfa-3998	186	1	in	in	ADP
ajfa-3998	186	2	this	this	DET
ajfa-3998	186	3	study	study	NOUN
ajfa-3998	186	4	the	the	DET
ajfa-3998	186	5	period	period	NOUN
ajfa-3998	186	6	after	after	ADP
ajfa-3998	186	7	september	september	PROPN
ajfa-3998	186	8	,	,	PUNCT
ajfa-3998	186	9	20085	20085	NUM
ajfa-3998	186	10	was	be	AUX
ajfa-3998	186	11	taken	take	VERB
ajfa-3998	186	12	as	as	ADP
ajfa-3998	186	13	the	the	DET
ajfa-3998	186	14	period	period	NOUN
ajfa-3998	186	15	where	where	SCONJ
ajfa-3998	186	16	the	the	DET
ajfa-3998	186	17	business	business	NOUN
ajfa-3998	186	18	cycle	cycle	NOUN
ajfa-3998	186	19	took	take	VERB
ajfa-3998	186	20	a	a	DET
ajfa-3998	186	21	downturn	downturn	NOUN
ajfa-3998	186	22	due	due	ADP
ajfa-3998	186	23	to	to	ADP
ajfa-3998	186	24	global	global	ADJ
ajfa-3998	186	25	economic	economic	ADJ
ajfa-3998	186	26	crisis	crisis	NOUN
ajfa-3998	186	27	.	.	PUNCT
ajfa-3998	187	1	the	the	DET
ajfa-3998	187	2	variable	variable	NOUN
ajfa-3998	187	3	takes	take	VERB
ajfa-3998	187	4	the	the	DET
ajfa-3998	187	5	value	value	NOUN
ajfa-3998	187	6	of	of	ADP
ajfa-3998	187	7	1	1	NUM
ajfa-3998	187	8	where	where	SCONJ
ajfa-3998	187	9	the	the	DET
ajfa-3998	187	10	rating	rating	NOUN
ajfa-3998	187	11	was	be	AUX
ajfa-3998	187	12	changed	change	VERB
ajfa-3998	187	13	after	after	ADP
ajfa-3998	187	14	september	september	PROPN
ajfa-3998	187	15	,	,	PUNCT
ajfa-3998	187	16	2008	2008	NUM
ajfa-3998	187	17	.	.	PUNCT
ajfa-3998	188	1	in	in	ADP
ajfa-3998	188	2	all	all	DET
ajfa-3998	188	3	other	other	ADJ
ajfa-3998	188	4	cases	case	NOUN
ajfa-3998	188	5	where	where	SCONJ
ajfa-3998	188	6	the	the	DET
ajfa-3998	188	7	rating	rating	NOUN
ajfa-3998	188	8	underwent	undergo	VERB
ajfa-3998	188	9	a	a	DET
ajfa-3998	188	10	change	change	NOUN
ajfa-3998	188	11	in	in	ADP
ajfa-3998	188	12	or	or	CCONJ
ajfa-3998	188	13	before	before	ADP
ajfa-3998	188	14	september	september	PROPN
ajfa-3998	188	15	,	,	PUNCT
ajfa-3998	188	16	2008	2008	NUM
ajfa-3998	188	17	,	,	PUNCT
ajfa-3998	188	18	the	the	DET
ajfa-3998	188	19	dummy	dummy	ADJ
ajfa-3998	188	20	variable	variable	NOUN
ajfa-3998	188	21	is	be	AUX
ajfa-3998	188	22	taken	take	VERB
ajfa-3998	188	23	as	as	ADP
ajfa-3998	188	24	0	0	NUM
ajfa-3998	188	25	.	.	PUNCT
ajfa-3998	189	1	spec	spec	PROPN
ajfa-3998	189	2	is	be	AUX
ajfa-3998	189	3	a	a	DET
ajfa-3998	189	4	dummy	dummy	ADJ
ajfa-3998	189	5	variable	variable	NOUN
ajfa-3998	189	6	taking	take	VERB
ajfa-3998	189	7	the	the	DET
ajfa-3998	189	8	value	value	NOUN
ajfa-3998	189	9	of	of	ADP
ajfa-3998	189	10	1	1	NUM
ajfa-3998	189	11	for	for	ADP
ajfa-3998	189	12	movement	movement	NOUN
ajfa-3998	189	13	within	within	ADP
ajfa-3998	189	14	speculative	speculative	ADJ
ajfa-3998	189	15	grade	grade	NOUN
ajfa-3998	189	16	and	and	CCONJ
ajfa-3998	189	17	0	0	NUM
ajfa-3998	189	18	otherwise	otherwise	ADV
ajfa-3998	189	19	.	.	PUNCT
ajfa-3998	190	1	fallen	fall	VERB
ajfa-3998	190	2	is	be	AUX
ajfa-3998	190	3	also	also	ADV
ajfa-3998	190	4	a	a	DET
ajfa-3998	190	5	dummy	dummy	ADJ
ajfa-3998	190	6	variable	variable	NOUN
ajfa-3998	190	7	which	which	PRON
ajfa-3998	190	8	assumes	assume	VERB
ajfa-3998	190	9	value	value	NOUN
ajfa-3998	190	10	1	1	NUM
ajfa-3998	190	11	where	where	SCONJ
ajfa-3998	190	12	the	the	DET
ajfa-3998	190	13	movement	movement	NOUN
ajfa-3998	190	14	is	be	AUX
ajfa-3998	190	15	to	to	ADP
ajfa-3998	190	16	or	or	CCONJ
ajfa-3998	190	17	from	from	ADP
ajfa-3998	190	18	speculative	speculative	ADJ
ajfa-3998	190	19	grade	grade	NOUN
ajfa-3998	190	20	and	and	CCONJ
ajfa-3998	190	21	0	0	NUM
ajfa-3998	190	22	otherwise	otherwise	ADV
ajfa-3998	190	23	.	.	PUNCT
ajfa-3998	191	1	this	this	DET
ajfa-3998	191	2	model	model	NOUN
ajfa-3998	191	3	was	be	AUX
ajfa-3998	191	4	also	also	ADV
ajfa-3998	191	5	applied	apply	VERB
ajfa-3998	191	6	to	to	ADP
ajfa-3998	191	7	the	the	DET
ajfa-3998	191	8	various	various	ADJ
ajfa-3998	191	9	firm	firm	ADJ
ajfa-3998	191	10	chacteristic	chacteristic	ADJ
ajfa-3998	191	11	based	base	VERB
ajfa-3998	191	12	portfolios	portfolio	NOUN
ajfa-3998	191	13	to	to	PART
ajfa-3998	191	14	examine	examine	VERB
ajfa-3998	191	15	whether	whether	SCONJ
ajfa-3998	191	16	this	this	DET
ajfa-3998	191	17	relationship	relationship	NOUN
ajfa-3998	191	18	changes	change	VERB
ajfa-3998	191	19	due	due	ADJ
ajfa-3998	191	20	to	to	ADP
ajfa-3998	191	21	the	the	DET
ajfa-3998	191	22	variables	variable	NOUN
ajfa-3998	191	23	including	include	VERB
ajfa-3998	191	24	anticipation	anticipation	NOUN
ajfa-3998	191	25	,	,	PUNCT
ajfa-3998	191	26	magnitude	magnitude	NOUN
ajfa-3998	191	27	of	of	ADP
ajfa-3998	191	28	rating	rating	NOUN
ajfa-3998	191	29	change	change	NOUN
ajfa-3998	191	30	and	and	CCONJ
ajfa-3998	191	31	impact	impact	NOUN
ajfa-3998	191	32	of	of	ADP
ajfa-3998	191	33	business	business	NOUN
ajfa-3998	191	34	cycle	cycle	NOUN
ajfa-3998	191	35	.	.	PUNCT
ajfa-3998	192	1	the	the	DET
ajfa-3998	192	2	other	other	ADJ
ajfa-3998	192	3	two	two	NUM
ajfa-3998	192	4	variables	variable	NOUN
ajfa-3998	192	5	(	(	PUNCT
ajfa-3998	192	6	fallen	fallen	ADJ
ajfa-3998	192	7	and	and	CCONJ
ajfa-3998	192	8	spec	spec	PROPN
ajfa-3998	192	9	)	)	PUNCT
ajfa-3998	192	10	were	be	AUX
ajfa-3998	192	11	excluded	exclude	VERB
ajfa-3998	192	12	owing	owe	VERB
ajfa-3998	192	13	to	to	ADP
ajfa-3998	192	14	the	the	DET
ajfa-3998	192	15	lack	lack	NOUN
ajfa-3998	192	16	of	of	ADP
ajfa-3998	192	17	sufficient	sufficient	ADJ
ajfa-3998	192	18	cases	case	NOUN
ajfa-3998	192	19	in	in	ADP
ajfa-3998	192	20	the	the	DET
ajfa-3998	192	21	portfolio	portfolio	NOUN
ajfa-3998	192	22	data	datum	NOUN
ajfa-3998	192	23	.	.	PUNCT
ajfa-3998	193	1	all	all	DET
ajfa-3998	193	2	the	the	DET
ajfa-3998	193	3	variables	variable	NOUN
ajfa-3998	193	4	were	be	AUX
ajfa-3998	193	5	tested	test	VERB
ajfa-3998	193	6	for	for	ADP
ajfa-3998	193	7	correlation	correlation	NOUN
ajfa-3998	193	8	with	with	ADP
ajfa-3998	193	9	each	each	DET
ajfa-3998	193	10	other	other	ADJ
ajfa-3998	193	11	.	.	PUNCT
ajfa-3998	194	1	wherever	wherever	SCONJ
ajfa-3998	194	2	,	,	PUNCT
ajfa-3998	194	3	a	a	DET
ajfa-3998	194	4	significant	significant	ADJ
ajfa-3998	194	5	correlation	correlation	NOUN
ajfa-3998	194	6	was	be	AUX
ajfa-3998	194	7	found	find	VERB
ajfa-3998	194	8	the	the	DET
ajfa-3998	194	9	variables	variable	NOUN
ajfa-3998	194	10	were	be	AUX
ajfa-3998	194	11	suitably	suitably	ADV
ajfa-3998	194	12	transformed	transform	VERB
ajfa-3998	194	13	to	to	PART
ajfa-3998	194	14	avoid	avoid	VERB
ajfa-3998	194	15	multicollinearity	multicollinearity	NOUN
ajfa-3998	194	16	problems	problem	NOUN
ajfa-3998	194	17	.	.	PUNCT
ajfa-3998	195	1	4	4	X
ajfa-3998	195	2	.	.	X
ajfa-3998	195	3	empirical	empirical	ADJ
ajfa-3998	195	4	results	result	NOUN
ajfa-3998	195	5	4.1	4.1	NUM
ajfa-3998	195	6	bond	bond	NOUN
ajfa-3998	195	7	rating	rating	NOUN
ajfa-3998	195	8	changes	change	NOUN
ajfa-3998	195	9	and	and	CCONJ
ajfa-3998	195	10	stock	stock	NOUN
ajfa-3998	195	11	returns	return	NOUN
ajfa-3998	195	12	4.1.1	4.1.1	NUM
ajfa-3998	195	13	aggregate	aggregate	ADJ
ajfa-3998	195	14	analysis	analysis	NOUN
ajfa-3998	195	15	according	accord	VERB
ajfa-3998	195	16	to	to	ADP
ajfa-3998	195	17	table	table	NOUN
ajfa-3998	195	18	1	1	NUM
ajfa-3998	195	19	,	,	PUNCT
ajfa-3998	195	20	in	in	ADP
ajfa-3998	195	21	case	case	NOUN
ajfa-3998	195	22	of	of	ADP
ajfa-3998	195	23	downgrades	downgrade	NOUN
ajfa-3998	195	24	,	,	PUNCT
ajfa-3998	195	25	the	the	DET
ajfa-3998	195	26	pre	pre	NOUN
ajfa-3998	195	27	-	-	ADJ
ajfa-3998	195	28	event	event	ADJ
ajfa-3998	195	29	caar	caar	NOUN
ajfa-3998	195	30	is	be	AUX
ajfa-3998	195	31	positive	positive	ADJ
ajfa-3998	195	32	and	and	CCONJ
ajfa-3998	195	33	significant	significant	ADJ
ajfa-3998	195	34	but	but	CCONJ
ajfa-3998	195	35	post	post	ADJ
ajfa-3998	195	36	–	–	PUNCT
ajfa-3998	195	37	event	event	NOUN
ajfa-3998	195	38	caar	caar	NOUN
ajfa-3998	195	39	is	be	AUX
ajfa-3998	195	40	not	not	PART
ajfa-3998	195	41	significant	significant	ADJ
ajfa-3998	195	42	.	.	PUNCT
ajfa-3998	196	1	the	the	DET
ajfa-3998	196	2	results	result	NOUN
ajfa-3998	196	3	indicate	indicate	VERB
ajfa-3998	196	4	rating	rating	NOUN
ajfa-3998	196	5	changes	change	NOUN
ajfa-3998	196	6	lag	lag	VERB
ajfa-3998	196	7	abnormal	abnormal	ADJ
ajfa-3998	196	8	returns	return	NOUN
ajfa-3998	196	9	.	.	PUNCT
ajfa-3998	197	1	the	the	DET
ajfa-3998	197	2	existence	existence	NOUN
ajfa-3998	197	3	of	of	ADP
ajfa-3998	197	4	lag	lag	NOUN
ajfa-3998	197	5	may	may	AUX
ajfa-3998	197	6	imply	imply	VERB
ajfa-3998	197	7	that	that	SCONJ
ajfa-3998	197	8	the	the	DET
ajfa-3998	197	9	investors	investor	NOUN
ajfa-3998	197	10	pre	pre	VERB
ajfa-3998	197	11	–	–	PUNCT
ajfa-3998	197	12	empt	empt	VERB
ajfa-3998	197	13	or	or	CCONJ
ajfa-3998	197	14	anticipate	anticipate	VERB
ajfa-3998	197	15	that	that	SCONJ
ajfa-3998	197	16	the	the	DET
ajfa-3998	197	17	rating	rating	NOUN
ajfa-3998	197	18	is	be	AUX
ajfa-3998	197	19	about	about	ADJ
ajfa-3998	197	20	to	to	PART
ajfa-3998	197	21	be	be	AUX
ajfa-3998	197	22	downgraded	downgrade	VERB
ajfa-3998	197	23	or	or	CCONJ
ajfa-3998	197	24	there	there	PRON
ajfa-3998	197	25	are	be	VERB
ajfa-3998	197	26	leakages	leakage	NOUN
ajfa-3998	197	27	in	in	ADP
ajfa-3998	197	28	information	information	NOUN
ajfa-3998	197	29	and	and	CCONJ
ajfa-3998	197	30	therefore	therefore	ADV
ajfa-3998	197	31	,	,	PUNCT
ajfa-3998	197	32	the	the	DET
ajfa-3998	197	33	reaction	reaction	NOUN
ajfa-3998	197	34	exists	exist	VERB
ajfa-3998	197	35	before	before	ADP
ajfa-3998	197	36	the	the	DET
ajfa-3998	197	37	announcement	announcement	NOUN
ajfa-3998	197	38	of	of	ADP
ajfa-3998	197	39	downgrade	downgrade	NOUN
ajfa-3998	197	40	.	.	PUNCT
ajfa-3998	198	1	it	it	PRON
ajfa-3998	198	2	indicates	indicate	VERB
ajfa-3998	198	3	that	that	SCONJ
ajfa-3998	198	4	the	the	DET
ajfa-3998	198	5	shareholders	shareholder	NOUN
ajfa-3998	198	6	are	be	AUX
ajfa-3998	198	7	able	able	ADJ
ajfa-3998	198	8	to	to	PART
ajfa-3998	198	9	anticipate	anticipate	VERB
ajfa-3998	198	10	the	the	DET
ajfa-3998	198	11	information	information	NOUN
ajfa-3998	198	12	through	through	ADP
ajfa-3998	198	13	other	other	ADJ
ajfa-3998	198	14	variables	variable	NOUN
ajfa-3998	198	15	related	relate	VERB
ajfa-3998	198	16	to	to	ADP
ajfa-3998	198	17	corporate	corporate	ADJ
ajfa-3998	198	18	performance	performance	NOUN
ajfa-3998	198	19	.	.	PUNCT
ajfa-3998	199	1	the	the	DET
ajfa-3998	199	2	positive	positive	ADJ
ajfa-3998	199	3	direction	direction	NOUN
ajfa-3998	199	4	of	of	ADP
ajfa-3998	199	5	abnormal	abnormal	ADJ
ajfa-3998	199	6	returns	return	NOUN
ajfa-3998	199	7	shows	show	VERB
ajfa-3998	199	8	that	that	SCONJ
ajfa-3998	199	9	the	the	DET
ajfa-3998	199	10	wealth	wealth	NOUN
ajfa-3998	199	11	redistribution	redistribution	NOUN
ajfa-3998	199	12	effect	effect	NOUN
ajfa-3998	199	13	dominates	dominate	VERB
ajfa-3998	199	14	and	and	CCONJ
ajfa-3998	199	15	overcomes	overcome	VERB
ajfa-3998	199	16	the	the	DET
ajfa-3998	199	17	negative	negative	ADJ
ajfa-3998	199	18	earnings	earning	NOUN
ajfa-3998	199	19	signal	signal	NOUN
ajfa-3998	199	20	.	.	PUNCT
ajfa-3998	200	1	while	while	SCONJ
ajfa-3998	200	2	the	the	DET
ajfa-3998	200	3	abnormal	abnormal	ADJ
ajfa-3998	200	4	returns	return	NOUN
ajfa-3998	200	5	are	be	AUX
ajfa-3998	200	6	significantly	significantly	ADV
ajfa-3998	200	7	positive	positive	ADJ
ajfa-3998	200	8	pre	pre	NOUN
ajfa-3998	200	9	-	-	NOUN
ajfa-3998	200	10	event	event	NOUN
ajfa-3998	200	11	,	,	PUNCT
ajfa-3998	200	12	they	they	PRON
ajfa-3998	200	13	are	be	AUX
ajfa-3998	200	14	not	not	PART
ajfa-3998	200	15	significant	significant	ADJ
ajfa-3998	200	16	after	after	ADP
ajfa-3998	200	17	the	the	DET
ajfa-3998	200	18	rating	rating	NOUN
ajfa-3998	200	19	downgrades	downgrade	NOUN
ajfa-3998	200	20	.	.	PUNCT
ajfa-3998	201	1	the	the	DET
ajfa-3998	201	2	investors	investor	NOUN
ajfa-3998	201	3	anticipate	anticipate	VERB
ajfa-3998	201	4	in	in	ADP
ajfa-3998	201	5	advance	advance	NOUN
ajfa-3998	201	6	that	that	SCONJ
ajfa-3998	201	7	the	the	DET
ajfa-3998	201	8	rating	rating	NOUN
ajfa-3998	201	9	is	be	AUX
ajfa-3998	201	10	about	about	ADJ
ajfa-3998	201	11	to	to	PART
ajfa-3998	201	12	be	be	AUX
ajfa-3998	201	13	downgraded	downgrade	VERB
ajfa-3998	201	14	and	and	CCONJ
ajfa-3998	201	15	therefore	therefore	ADV
ajfa-3998	201	16	,	,	PUNCT
ajfa-3998	201	17	the	the	DET
ajfa-3998	201	18	wealth	wealth	NOUN
ajfa-3998	201	19	redistribution	redistribution	NOUN
ajfa-3998	201	20	effect	effect	NOUN
ajfa-3998	201	21	is	be	AUX
ajfa-3998	201	22	exhausted	exhaust	VERB
ajfa-3998	201	23	in	in	ADP
ajfa-3998	201	24	the	the	DET
ajfa-3998	201	25	pre	pre	ADJ
ajfa-3998	201	26	-	-	ADJ
ajfa-3998	201	27	event	event	ADJ
ajfa-3998	201	28	window	window	NOUN
ajfa-3998	201	29	leading	lead	VERB
ajfa-3998	201	30	to	to	ADP
ajfa-3998	201	31	insignificant	insignificant	ADJ
ajfa-3998	201	32	returns	return	NOUN
ajfa-3998	201	33	in	in	ADP
ajfa-3998	201	34	the	the	DET
ajfa-3998	201	35	post	post	NOUN
ajfa-3998	201	36	–	–	PUNCT
ajfa-3998	201	37	announcement	announcement	NOUN
ajfa-3998	201	38	period	period	NOUN
ajfa-3998	201	39	.	.	PUNCT
ajfa-3998	202	1	another	another	DET
ajfa-3998	202	2	explanation	explanation	NOUN
ajfa-3998	202	3	could	could	AUX
ajfa-3998	202	4	be	be	AUX
ajfa-3998	202	5	that	that	SCONJ
ajfa-3998	202	6	the	the	DET
ajfa-3998	202	7	downgrade	downgrade	NOUN
ajfa-3998	202	8	is	be	AUX
ajfa-3998	202	9	seen	see	VERB
ajfa-3998	202	10	as	as	ADP
ajfa-3998	202	11	an	an	DET
ajfa-3998	202	12	indication	indication	NOUN
ajfa-3998	202	13	of	of	ADP
ajfa-3998	202	14	deterioration	deterioration	NOUN
ajfa-3998	202	15	in	in	ADP
ajfa-3998	202	16	the	the	DET
ajfa-3998	202	17	financial	financial	ADJ
ajfa-3998	202	18	health	health	NOUN
ajfa-3998	202	19	of	of	ADP
ajfa-3998	202	20	the	the	DET
ajfa-3998	202	21	company	company	NOUN
ajfa-3998	202	22	which	which	PRON
ajfa-3998	202	23	sends	send	VERB
ajfa-3998	202	24	a	a	DET
ajfa-3998	202	25	negative	negative	ADJ
ajfa-3998	202	26	signal	signal	NOUN
ajfa-3998	202	27	to	to	ADP
ajfa-3998	202	28	the	the	DET
ajfa-3998	202	29	shareholders	shareholder	NOUN
ajfa-3998	202	30	.	.	PUNCT
ajfa-3998	203	1	thus	thus	ADV
ajfa-3998	203	2	,	,	PUNCT
ajfa-3998	203	3	in	in	ADP
ajfa-3998	203	4	the	the	DET
ajfa-3998	203	5	post	post	ADJ
ajfa-3998	203	6	announcement	announcement	NOUN
ajfa-3998	203	7	period	period	NOUN
ajfa-3998	203	8	the	the	DET
ajfa-3998	203	9	positive	positive	ADJ
ajfa-3998	203	10	wealth	wealth	NOUN
ajfa-3998	203	11	redistribution	redistribution	NOUN
ajfa-3998	203	12	effect	effect	NOUN
ajfa-3998	203	13	is	be	AUX
ajfa-3998	203	14	cancelled	cancel	VERB
ajfa-3998	203	15	by	by	ADP
ajfa-3998	203	16	the	the	DET
ajfa-3998	203	17	negative	negative	ADJ
ajfa-3998	203	18	earnings	earning	NOUN
ajfa-3998	203	19	signal	signal	NOUN
ajfa-3998	203	20	resulting	result	VERB
ajfa-3998	203	21	in	in	ADP
ajfa-3998	203	22	insignificant	insignificant	ADJ
ajfa-3998	203	23	returns	return	NOUN
ajfa-3998	203	24	for	for	ADP
ajfa-3998	203	25	the	the	DET
ajfa-3998	203	26	shareholders	shareholder	NOUN
ajfa-3998	203	27	.	.	PUNCT
ajfa-3998	204	1	asian	asian	ADJ
ajfa-3998	204	2	journal	journal	PROPN
ajfa-3998	204	3	of	of	ADP
ajfa-3998	204	4	finance	finance	PROPN
ajfa-3998	204	5	&	&	CCONJ
ajfa-3998	204	6	accounting	accounting	PROPN
ajfa-3998	204	7	issn	issn	PROPN
ajfa-3998	204	8	1946	1946	NUM
ajfa-3998	204	9	-	-	PUNCT
ajfa-3998	204	10	052x	052x	NOUN
ajfa-3998	204	11	2013	2013	NUM
ajfa-3998	204	12	,	,	PUNCT
ajfa-3998	204	13	vol	vol	NOUN
ajfa-3998	204	14	.	.	PROPN
ajfa-3998	204	15	5	5	NUM
ajfa-3998	204	16	,	,	PUNCT
ajfa-3998	204	17	no	no	INTJ
ajfa-3998	204	18	.	.	NOUN
ajfa-3998	204	19	2	2	NUM
ajfa-3998	204	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	204	21	59	59	NUM
ajfa-3998	204	22	table	table	NOUN
ajfa-3998	204	23	1	1	NUM
ajfa-3998	204	24	.	.	PUNCT
ajfa-3998	205	1	aggregate	aggregate	ADJ
ajfa-3998	205	2	analysis	analysis	NOUN
ajfa-3998	205	3	:	:	PUNCT
ajfa-3998	205	4	pre	pre	ADJ
ajfa-3998	205	5	-	-	NOUN
ajfa-3998	205	6	event	event	NOUN
ajfa-3998	205	7	and	and	CCONJ
ajfa-3998	205	8	post	post	ADJ
ajfa-3998	205	9	-	-	ADJ
ajfa-3998	205	10	event	event	ADJ
ajfa-3998	205	11	caar	caar	NOUN
ajfa-3998	205	12	*	*	PUNCT
ajfa-3998	205	13	value	value	NOUN
ajfa-3998	205	14	significant	significant	ADJ
ajfa-3998	205	15	at	at	ADP
ajfa-3998	205	16	5	5	NUM
ajfa-3998	205	17	%	%	NOUN
ajfa-3998	205	18	level	level	NOUN
ajfa-3998	205	19	of	of	ADP
ajfa-3998	205	20	significance	significance	NOUN
ajfa-3998	205	21	in	in	ADP
ajfa-3998	205	22	case	case	NOUN
ajfa-3998	205	23	of	of	ADP
ajfa-3998	205	24	upgrades	upgrade	NOUN
ajfa-3998	205	25	,	,	PUNCT
ajfa-3998	205	26	(	(	PUNCT
ajfa-3998	205	27	table	table	NOUN
ajfa-3998	205	28	1	1	NUM
ajfa-3998	205	29	)	)	PUNCT
ajfa-3998	205	30	,	,	PUNCT
ajfa-3998	205	31	pre	pre	ADJ
ajfa-3998	205	32	-	-	NOUN
ajfa-3998	205	33	event	event	ADJ
ajfa-3998	205	34	caar	caar	NOUN
ajfa-3998	205	35	is	be	AUX
ajfa-3998	205	36	not	not	PART
ajfa-3998	205	37	significant	significant	ADJ
ajfa-3998	205	38	but	but	CCONJ
ajfa-3998	205	39	post	post	VERB
ajfa-3998	205	40	upgrade	upgrade	NOUN
ajfa-3998	205	41	caar	caar	NOUN
ajfa-3998	205	42	is	be	AUX
ajfa-3998	205	43	found	find	VERB
ajfa-3998	205	44	to	to	PART
ajfa-3998	205	45	be	be	AUX
ajfa-3998	205	46	positive	positive	ADJ
ajfa-3998	205	47	and	and	CCONJ
ajfa-3998	205	48	significant	significant	ADJ
ajfa-3998	205	49	.	.	PUNCT
ajfa-3998	206	1	the	the	DET
ajfa-3998	206	2	statistical	statistical	ADJ
ajfa-3998	206	3	insignificance	insignificance	NOUN
ajfa-3998	206	4	of	of	ADP
ajfa-3998	206	5	pre	pre	ADJ
ajfa-3998	206	6	–	–	PUNCT
ajfa-3998	206	7	event	event	NOUN
ajfa-3998	206	8	results	result	NOUN
ajfa-3998	206	9	indicates	indicate	VERB
ajfa-3998	206	10	the	the	DET
ajfa-3998	206	11	lack	lack	NOUN
ajfa-3998	206	12	of	of	ADP
ajfa-3998	206	13	anticipation	anticipation	NOUN
ajfa-3998	206	14	by	by	ADP
ajfa-3998	206	15	the	the	DET
ajfa-3998	206	16	shareholders	shareholder	NOUN
ajfa-3998	206	17	in	in	ADP
ajfa-3998	206	18	case	case	NOUN
ajfa-3998	206	19	of	of	ADP
ajfa-3998	206	20	upgrades	upgrade	NOUN
ajfa-3998	206	21	.	.	PUNCT
ajfa-3998	207	1	it	it	PRON
ajfa-3998	207	2	emphasizes	emphasize	VERB
ajfa-3998	207	3	that	that	SCONJ
ajfa-3998	207	4	shareholders	shareholder	NOUN
ajfa-3998	207	5	do	do	AUX
ajfa-3998	207	6	not	not	PART
ajfa-3998	207	7	monitor	monitor	VERB
ajfa-3998	207	8	good	good	ADJ
ajfa-3998	207	9	news	news	NOUN
ajfa-3998	207	10	or	or	CCONJ
ajfa-3998	207	11	positive	positive	ADJ
ajfa-3998	207	12	developments	development	NOUN
ajfa-3998	207	13	as	as	ADV
ajfa-3998	207	14	closely	closely	ADV
ajfa-3998	207	15	as	as	ADP
ajfa-3998	207	16	bad	bad	ADJ
ajfa-3998	207	17	news	news	NOUN
ajfa-3998	207	18	or	or	CCONJ
ajfa-3998	207	19	potentially	potentially	ADV
ajfa-3998	207	20	negative	negative	ADJ
ajfa-3998	207	21	developments	development	NOUN
ajfa-3998	207	22	.	.	PUNCT
ajfa-3998	208	1	this	this	PRON
ajfa-3998	208	2	confirms	confirm	VERB
ajfa-3998	208	3	asymmetric	asymmetric	ADJ
ajfa-3998	208	4	investor	investor	NOUN
ajfa-3998	208	5	reaction	reaction	NOUN
ajfa-3998	208	6	to	to	ADP
ajfa-3998	208	7	different	different	ADJ
ajfa-3998	208	8	types	type	NOUN
ajfa-3998	208	9	of	of	ADP
ajfa-3998	208	10	information	information	NOUN
ajfa-3998	208	11	.	.	PUNCT
ajfa-3998	209	1	in	in	ADP
ajfa-3998	209	2	case	case	NOUN
ajfa-3998	209	3	of	of	ADP
ajfa-3998	209	4	upgrades	upgrade	NOUN
ajfa-3998	209	5	,	,	PUNCT
ajfa-3998	209	6	significantly	significantly	ADV
ajfa-3998	209	7	positive	positive	ADJ
ajfa-3998	209	8	abnormal	abnormal	ADJ
ajfa-3998	209	9	returns	return	NOUN
ajfa-3998	209	10	are	be	AUX
ajfa-3998	209	11	observed	observe	VERB
ajfa-3998	209	12	after	after	ADP
ajfa-3998	209	13	the	the	DET
ajfa-3998	209	14	rating	rating	NOUN
ajfa-3998	209	15	change	change	NOUN
ajfa-3998	209	16	and	and	CCONJ
ajfa-3998	209	17	there	there	PRON
ajfa-3998	209	18	is	be	VERB
ajfa-3998	209	19	no	no	DET
ajfa-3998	209	20	lag	lag	NOUN
ajfa-3998	209	21	or	or	CCONJ
ajfa-3998	209	22	anticipation	anticipation	NOUN
ajfa-3998	209	23	of	of	ADP
ajfa-3998	209	24	the	the	DET
ajfa-3998	209	25	rating	rating	NOUN
ajfa-3998	209	26	change	change	NOUN
ajfa-3998	209	27	.	.	PUNCT
ajfa-3998	210	1	the	the	DET
ajfa-3998	210	2	positive	positive	ADJ
ajfa-3998	210	3	sign	sign	NOUN
ajfa-3998	210	4	in	in	ADP
ajfa-3998	210	5	case	case	NOUN
ajfa-3998	210	6	of	of	ADP
ajfa-3998	210	7	upgrades	upgrade	NOUN
ajfa-3998	210	8	indicates	indicate	VERB
ajfa-3998	210	9	the	the	DET
ajfa-3998	210	10	dominance	dominance	NOUN
ajfa-3998	210	11	of	of	ADP
ajfa-3998	210	12	signalling	signal	VERB
ajfa-3998	210	13	effect	effect	NOUN
ajfa-3998	210	14	i.e.	i.e.	X
ajfa-3998	210	15	the	the	DET
ajfa-3998	210	16	rating	rating	NOUN
ajfa-3998	210	17	change	change	NOUN
ajfa-3998	210	18	is	be	AUX
ajfa-3998	210	19	seen	see	VERB
ajfa-3998	210	20	as	as	ADP
ajfa-3998	210	21	an	an	DET
ajfa-3998	210	22	indication	indication	NOUN
ajfa-3998	210	23	of	of	ADP
ajfa-3998	210	24	future	future	ADJ
ajfa-3998	210	25	trend	trend	NOUN
ajfa-3998	210	26	of	of	ADP
ajfa-3998	210	27	company	company	NOUN
ajfa-3998	210	28	’s	’s	PART
ajfa-3998	210	29	performance	performance	NOUN
ajfa-3998	210	30	.	.	PUNCT
ajfa-3998	211	1	4.1.2	4.1.2	NUM
ajfa-3998	211	2	analysis	analysis	NOUN
ajfa-3998	211	3	on	on	ADP
ajfa-3998	211	4	the	the	DET
ajfa-3998	211	5	basis	basis	NOUN
ajfa-3998	211	6	of	of	ADP
ajfa-3998	211	7	firm	firm	ADJ
ajfa-3998	211	8	characteristics	characteristic	NOUN
ajfa-3998	211	9	size	size	NOUN
ajfa-3998	211	10	based	base	VERB
ajfa-3998	211	11	portfolios	portfolio	NOUN
ajfa-3998	211	12	the	the	DET
ajfa-3998	211	13	results	result	NOUN
ajfa-3998	211	14	on	on	ADP
ajfa-3998	211	15	the	the	DET
ajfa-3998	211	16	basis	basis	NOUN
ajfa-3998	211	17	of	of	ADP
ajfa-3998	211	18	company	company	NOUN
ajfa-3998	211	19	size	size	NOUN
ajfa-3998	211	20	are	be	AUX
ajfa-3998	211	21	listed	list	VERB
ajfa-3998	211	22	in	in	ADP
ajfa-3998	211	23	panel	panel	NOUN
ajfa-3998	211	24	a	a	PRON
ajfa-3998	211	25	of	of	ADP
ajfa-3998	211	26	table	table	NOUN
ajfa-3998	211	27	2	2	NUM
ajfa-3998	211	28	.	.	PUNCT
ajfa-3998	212	1	it	it	PRON
ajfa-3998	212	2	can	can	AUX
ajfa-3998	212	3	be	be	AUX
ajfa-3998	212	4	seen	see	VERB
ajfa-3998	212	5	that	that	SCONJ
ajfa-3998	212	6	the	the	DET
ajfa-3998	212	7	size	size	NOUN
ajfa-3998	212	8	based	base	VERB
ajfa-3998	212	9	portfolios	portfolio	NOUN
ajfa-3998	212	10	exhibit	exhibit	VERB
ajfa-3998	212	11	different	different	ADJ
ajfa-3998	212	12	return	return	NOUN
ajfa-3998	212	13	behavior	behavior	NOUN
ajfa-3998	212	14	in	in	ADP
ajfa-3998	212	15	case	case	NOUN
ajfa-3998	212	16	of	of	ADP
ajfa-3998	212	17	upgrades	upgrade	NOUN
ajfa-3998	212	18	.	.	PUNCT
ajfa-3998	213	1	while	while	SCONJ
ajfa-3998	213	2	signalling	signal	VERB
ajfa-3998	213	3	effect	effect	NOUN
ajfa-3998	213	4	dominates	dominate	VERB
ajfa-3998	213	5	in	in	ADP
ajfa-3998	213	6	large	large	ADJ
ajfa-3998	213	7	size	size	NOUN
ajfa-3998	213	8	portfolio	portfolio	NOUN
ajfa-3998	213	9	,	,	PUNCT
ajfa-3998	213	10	small	small	ADJ
ajfa-3998	213	11	sized	sized	ADJ
ajfa-3998	213	12	portfolio	portfolio	NOUN
ajfa-3998	213	13	does	do	AUX
ajfa-3998	213	14	not	not	PART
ajfa-3998	213	15	depict	depict	VERB
ajfa-3998	213	16	a	a	DET
ajfa-3998	213	17	significant	significant	ADJ
ajfa-3998	213	18	impact	impact	NOUN
ajfa-3998	213	19	after	after	ADP
ajfa-3998	213	20	upgrades	upgrade	NOUN
ajfa-3998	213	21	.	.	PUNCT
ajfa-3998	214	1	however	however	ADV
ajfa-3998	214	2	,	,	PUNCT
ajfa-3998	214	3	in	in	ADP
ajfa-3998	214	4	case	case	NOUN
ajfa-3998	214	5	of	of	ADP
ajfa-3998	214	6	downgrades	downgrade	NOUN
ajfa-3998	214	7	,	,	PUNCT
ajfa-3998	214	8	both	both	CCONJ
ajfa-3998	214	9	the	the	DET
ajfa-3998	214	10	large	large	ADJ
ajfa-3998	214	11	and	and	CCONJ
ajfa-3998	214	12	small	small	ADJ
ajfa-3998	214	13	size	size	NOUN
ajfa-3998	214	14	portfolios	portfolio	NOUN
ajfa-3998	214	15	show	show	VERB
ajfa-3998	214	16	dominance	dominance	NOUN
ajfa-3998	214	17	of	of	ADP
ajfa-3998	214	18	wealth	wealth	NOUN
ajfa-3998	214	19	redistribution	redistribution	NOUN
ajfa-3998	214	20	effect	effect	NOUN
ajfa-3998	214	21	.	.	PUNCT
ajfa-3998	215	1	thus	thus	ADV
ajfa-3998	215	2	,	,	PUNCT
ajfa-3998	215	3	they	they	PRON
ajfa-3998	215	4	show	show	VERB
ajfa-3998	215	5	similar	similar	ADJ
ajfa-3998	215	6	post	post	NOUN
ajfa-3998	215	7	–	–	PUNCT
ajfa-3998	215	8	downgrade	downgrade	VERB
ajfa-3998	215	9	reaction	reaction	NOUN
ajfa-3998	215	10	.	.	PUNCT
ajfa-3998	216	1	moreover	moreover	ADV
ajfa-3998	216	2	,	,	PUNCT
ajfa-3998	216	3	though	though	SCONJ
ajfa-3998	216	4	theory	theory	NOUN
ajfa-3998	216	5	suggests	suggest	VERB
ajfa-3998	216	6	that	that	SCONJ
ajfa-3998	216	7	small	small	ADJ
ajfa-3998	216	8	sized	sized	ADJ
ajfa-3998	216	9	firms	firm	NOUN
ajfa-3998	216	10	should	should	AUX
ajfa-3998	216	11	respond	respond	VERB
ajfa-3998	216	12	more	more	ADV
ajfa-3998	216	13	strongly	strongly	ADV
ajfa-3998	216	14	to	to	ADP
ajfa-3998	216	15	bond	bond	NOUN
ajfa-3998	216	16	rating	rating	NOUN
ajfa-3998	216	17	changes	change	NOUN
ajfa-3998	216	18	than	than	ADP
ajfa-3998	216	19	large	large	ADJ
ajfa-3998	216	20	firms	firm	NOUN
ajfa-3998	216	21	but	but	CCONJ
ajfa-3998	216	22	the	the	DET
ajfa-3998	216	23	results	result	NOUN
ajfa-3998	216	24	obtained	obtain	VERB
ajfa-3998	216	25	do	do	AUX
ajfa-3998	216	26	not	not	PART
ajfa-3998	216	27	support	support	VERB
ajfa-3998	216	28	this	this	DET
ajfa-3998	216	29	conjecture	conjecture	NOUN
ajfa-3998	216	30	.	.	PUNCT
ajfa-3998	217	1	this	this	PRON
ajfa-3998	217	2	is	be	AUX
ajfa-3998	217	3	due	due	ADJ
ajfa-3998	217	4	to	to	ADP
ajfa-3998	217	5	the	the	DET
ajfa-3998	217	6	observation	observation	NOUN
ajfa-3998	217	7	of	of	ADP
ajfa-3998	217	8	strong	strong	ADJ
ajfa-3998	217	9	post	post	NOUN
ajfa-3998	217	10	–	–	PUNCT
ajfa-3998	217	11	event	event	NOUN
ajfa-3998	217	12	abnormal	abnormal	ADJ
ajfa-3998	217	13	returns	return	NOUN
ajfa-3998	217	14	in	in	ADP
ajfa-3998	217	15	case	case	NOUN
ajfa-3998	217	16	of	of	ADP
ajfa-3998	217	17	large	large	ADJ
ajfa-3998	217	18	firms	firm	NOUN
ajfa-3998	217	19	both	both	CCONJ
ajfa-3998	217	20	after	after	ADP
ajfa-3998	217	21	downgrades	downgrade	NOUN
ajfa-3998	217	22	as	as	ADV
ajfa-3998	217	23	well	well	ADV
ajfa-3998	217	24	as	as	ADP
ajfa-3998	217	25	upgrades	upgrade	NOUN
ajfa-3998	217	26	.	.	PUNCT
ajfa-3998	218	1	in	in	ADP
ajfa-3998	218	2	case	case	NOUN
ajfa-3998	218	3	of	of	ADP
ajfa-3998	218	4	downgrades	downgrade	NOUN
ajfa-3998	218	5	,	,	PUNCT
ajfa-3998	218	6	the	the	DET
ajfa-3998	218	7	large	large	ADJ
ajfa-3998	218	8	size	size	NOUN
ajfa-3998	218	9	firms	firm	NOUN
ajfa-3998	218	10	demonstrate	demonstrate	VERB
ajfa-3998	218	11	stronger	strong	ADJ
ajfa-3998	218	12	response	response	NOUN
ajfa-3998	218	13	(	(	PUNCT
ajfa-3998	218	14	caar	caar	NOUN
ajfa-3998	218	15	=	=	NOUN
ajfa-3998	218	16	0.064	0.064	NUM
ajfa-3998	218	17	)	)	PUNCT
ajfa-3998	218	18	than	than	ADP
ajfa-3998	218	19	small	small	ADJ
ajfa-3998	218	20	size	size	NOUN
ajfa-3998	218	21	portfolio	portfolio	NOUN
ajfa-3998	218	22	(	(	PUNCT
ajfa-3998	218	23	caar	caar	NOUN
ajfa-3998	218	24	=	=	NOUN
ajfa-3998	218	25	0.039	0.039	NUM
ajfa-3998	218	26	)	)	PUNCT
ajfa-3998	218	27	.	.	PUNCT
ajfa-3998	219	1	in	in	ADP
ajfa-3998	219	2	case	case	NOUN
ajfa-3998	219	3	of	of	ADP
ajfa-3998	219	4	upgrades	upgrade	NOUN
ajfa-3998	219	5	,	,	PUNCT
ajfa-3998	219	6	caar	caar	NOUN
ajfa-3998	219	7	is	be	AUX
ajfa-3998	219	8	significant	significant	ADJ
ajfa-3998	219	9	only	only	ADV
ajfa-3998	219	10	in	in	ADP
ajfa-3998	219	11	case	case	NOUN
ajfa-3998	219	12	of	of	ADP
ajfa-3998	219	13	large	large	ADJ
ajfa-3998	219	14	sized	sized	ADJ
ajfa-3998	219	15	firms	firm	NOUN
ajfa-3998	219	16	.	.	PUNCT
ajfa-3998	220	1	it	it	PRON
ajfa-3998	220	2	is	be	AUX
ajfa-3998	220	3	also	also	ADV
ajfa-3998	220	4	observed	observe	VERB
ajfa-3998	220	5	that	that	SCONJ
ajfa-3998	220	6	large	large	ADJ
ajfa-3998	220	7	size	size	NOUN
ajfa-3998	220	8	firms	firm	NOUN
ajfa-3998	220	9	show	show	VERB
ajfa-3998	220	10	anticipation	anticipation	NOUN
ajfa-3998	220	11	both	both	CCONJ
ajfa-3998	220	12	in	in	ADP
ajfa-3998	220	13	case	case	NOUN
ajfa-3998	220	14	of	of	ADP
ajfa-3998	220	15	upgrades	upgrade	NOUN
ajfa-3998	220	16	and	and	CCONJ
ajfa-3998	220	17	downgrades	downgrade	NOUN
ajfa-3998	220	18	as	as	ADP
ajfa-3998	220	19	evident	evident	ADJ
ajfa-3998	220	20	from	from	ADP
ajfa-3998	220	21	the	the	DET
ajfa-3998	220	22	presence	presence	NOUN
ajfa-3998	220	23	of	of	ADP
ajfa-3998	220	24	significant	significant	ADJ
ajfa-3998	220	25	pre	pre	NOUN
ajfa-3998	220	26	–	–	PUNCT
ajfa-3998	220	27	event	event	NOUN
ajfa-3998	220	28	abnormal	abnormal	ADJ
ajfa-3998	220	29	returns	return	NOUN
ajfa-3998	220	30	.	.	PUNCT
ajfa-3998	221	1	this	this	DET
ajfa-3998	221	2	anticipation	anticipation	NOUN
ajfa-3998	221	3	may	may	AUX
ajfa-3998	221	4	be	be	AUX
ajfa-3998	221	5	because	because	SCONJ
ajfa-3998	221	6	institutional	institutional	ADJ
ajfa-3998	221	7	investors	investor	NOUN
ajfa-3998	221	8	have	have	VERB
ajfa-3998	221	9	exposure	exposure	NOUN
ajfa-3998	221	10	in	in	ADP
ajfa-3998	221	11	large	large	ADJ
ajfa-3998	221	12	companies	company	NOUN
ajfa-3998	221	13	and	and	CCONJ
ajfa-3998	221	14	these	these	DET
ajfa-3998	221	15	companies	company	NOUN
ajfa-3998	221	16	are	be	AUX
ajfa-3998	221	17	continuously	continuously	ADV
ajfa-3998	221	18	monitored	monitor	VERB
ajfa-3998	221	19	for	for	ADP
ajfa-3998	221	20	any	any	DET
ajfa-3998	221	21	developments	development	NOUN
ajfa-3998	221	22	which	which	PRON
ajfa-3998	221	23	may	may	AUX
ajfa-3998	221	24	have	have	VERB
ajfa-3998	221	25	a	a	DET
ajfa-3998	221	26	bearing	bearing	NOUN
ajfa-3998	221	27	on	on	ADP
ajfa-3998	221	28	the	the	DET
ajfa-3998	221	29	future	future	ADJ
ajfa-3998	221	30	cash	cash	NOUN
ajfa-3998	221	31	flows	flow	NOUN
ajfa-3998	221	32	.	.	PUNCT
ajfa-3998	222	1	moreover	moreover	ADV
ajfa-3998	222	2	,	,	PUNCT
ajfa-3998	222	3	the	the	DET
ajfa-3998	222	4	impact	impact	NOUN
ajfa-3998	222	5	of	of	ADP
ajfa-3998	222	6	the	the	DET
ajfa-3998	222	7	news	news	NOUN
ajfa-3998	222	8	leading	lead	VERB
ajfa-3998	222	9	to	to	ADP
ajfa-3998	222	10	a	a	DET
ajfa-3998	222	11	rating	rating	NOUN
ajfa-3998	222	12	revision	revision	NOUN
ajfa-3998	222	13	is	be	AUX
ajfa-3998	222	14	not	not	PART
ajfa-3998	222	15	fully	fully	ADV
ajfa-3998	222	16	absorbed	absorb	VERB
ajfa-3998	222	17	in	in	ADP
ajfa-3998	222	18	the	the	DET
ajfa-3998	222	19	pre	pre	NOUN
ajfa-3998	222	20	–	–	PUNCT
ajfa-3998	222	21	event	event	NOUN
ajfa-3998	222	22	period	period	NOUN
ajfa-3998	222	23	and	and	CCONJ
ajfa-3998	222	24	the	the	DET
ajfa-3998	222	25	effect	effect	NOUN
ajfa-3998	222	26	continues	continue	VERB
ajfa-3998	222	27	after	after	ADP
ajfa-3998	222	28	the	the	DET
ajfa-3998	222	29	rating	rating	NOUN
ajfa-3998	222	30	change	change	NOUN
ajfa-3998	222	31	.	.	PUNCT
ajfa-3998	223	1	small	small	ADJ
ajfa-3998	223	2	firm	firm	ADJ
ajfa-3998	223	3	portfolio	portfolio	NOUN
ajfa-3998	223	4	does	do	AUX
ajfa-3998	223	5	not	not	PART
ajfa-3998	223	6	show	show	VERB
ajfa-3998	223	7	anticipation	anticipation	NOUN
ajfa-3998	223	8	in	in	ADP
ajfa-3998	223	9	case	case	NOUN
ajfa-3998	223	10	of	of	ADP
ajfa-3998	223	11	downgrades	downgrade	NOUN
ajfa-3998	223	12	.	.	PUNCT
ajfa-3998	224	1	the	the	DET
ajfa-3998	224	2	absence	absence	NOUN
ajfa-3998	224	3	of	of	ADP
ajfa-3998	224	4	significant	significant	ADJ
ajfa-3998	224	5	returns	return	NOUN
ajfa-3998	224	6	in	in	ADP
ajfa-3998	224	7	case	case	NOUN
ajfa-3998	224	8	of	of	ADP
ajfa-3998	224	9	small	small	ADJ
ajfa-3998	224	10	companies	company	NOUN
ajfa-3998	224	11	indicates	indicate	VERB
ajfa-3998	224	12	that	that	SCONJ
ajfa-3998	224	13	there	there	PRON
ajfa-3998	224	14	is	be	VERB
ajfa-3998	224	15	no	no	DET
ajfa-3998	224	16	pre	pre	ADJ
ajfa-3998	224	17	–	–	PUNCT
ajfa-3998	224	18	emption	emption	NOUN
ajfa-3998	224	19	.	.	PUNCT
ajfa-3998	225	1	this	this	PRON
ajfa-3998	225	2	is	be	AUX
ajfa-3998	225	3	downgrades	downgrade	VERB
ajfa-3998	225	4	upgrades	upgrade	NOUN
ajfa-3998	225	5	pre	pre	ADJ
ajfa-3998	225	6	event	event	PROPN
ajfa-3998	225	7	post	post	NOUN
ajfa-3998	225	8	event	event	NOUN
ajfa-3998	225	9	pre	pre	X
ajfa-3998	226	1	event	event	PROPN
ajfa-3998	226	2	post	post	NOUN
ajfa-3998	226	3	event	event	NOUN
ajfa-3998	226	4	caar	caar	NOUN
ajfa-3998	226	5	0.024	0.024	NUM
ajfa-3998	226	6	*	*	NOUN
ajfa-3998	226	7	0.009	0.009	NUM
ajfa-3998	226	8	-0.002	-0.002	PUNCT
ajfa-3998	226	9	0.016	0.016	NUM
ajfa-3998	226	10	*	*	X
ajfa-3998	226	11	scaar	scaar	NOUN
ajfa-3998	226	12	3.358	3.358	NUM
ajfa-3998	226	13	1.393	1.393	NUM
ajfa-3998	226	14	-0.516	-0.516	NUM
ajfa-3998	226	15	2.882	2.882	NUM
ajfa-3998	226	16	asian	asian	ADJ
ajfa-3998	226	17	journal	journal	NOUN
ajfa-3998	226	18	of	of	ADP
ajfa-3998	226	19	finance	finance	PROPN
ajfa-3998	226	20	&	&	CCONJ
ajfa-3998	226	21	accounting	accounting	PROPN
ajfa-3998	226	22	issn	issn	PROPN
ajfa-3998	226	23	1946	1946	NUM
ajfa-3998	226	24	-	-	PUNCT
ajfa-3998	226	25	052x	052x	NOUN
ajfa-3998	226	26	2013	2013	NUM
ajfa-3998	226	27	,	,	PUNCT
ajfa-3998	226	28	vol	vol	NOUN
ajfa-3998	226	29	.	.	PROPN
ajfa-3998	226	30	5	5	NUM
ajfa-3998	226	31	,	,	PUNCT
ajfa-3998	226	32	no	no	INTJ
ajfa-3998	226	33	.	.	NOUN
ajfa-3998	226	34	2	2	NUM
ajfa-3998	226	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	226	36	60	60	NUM
ajfa-3998	226	37	consistent	consistent	ADJ
ajfa-3998	226	38	with	with	ADP
ajfa-3998	226	39	the	the	DET
ajfa-3998	226	40	expectations	expectation	NOUN
ajfa-3998	226	41	since	since	SCONJ
ajfa-3998	226	42	small	small	ADJ
ajfa-3998	226	43	firms	firm	NOUN
ajfa-3998	226	44	are	be	AUX
ajfa-3998	226	45	expected	expect	VERB
ajfa-3998	226	46	to	to	PART
ajfa-3998	226	47	have	have	VERB
ajfa-3998	226	48	lesser	less	ADJ
ajfa-3998	226	49	transparency	transparency	NOUN
ajfa-3998	226	50	and	and	CCONJ
ajfa-3998	226	51	may	may	AUX
ajfa-3998	226	52	be	be	AUX
ajfa-3998	226	53	difficult	difficult	ADJ
ajfa-3998	226	54	to	to	PART
ajfa-3998	226	55	value	value	VERB
ajfa-3998	226	56	and	and	CCONJ
ajfa-3998	226	57	arbitrage	arbitrage	NOUN
ajfa-3998	226	58	.	.	PUNCT
ajfa-3998	227	1	so	so	ADV
ajfa-3998	227	2	credit	credit	NOUN
ajfa-3998	227	3	ratings	rating	NOUN
ajfa-3998	227	4	provide	provide	VERB
ajfa-3998	227	5	new	new	ADJ
ajfa-3998	227	6	information	information	NOUN
ajfa-3998	227	7	in	in	ADP
ajfa-3998	227	8	their	their	PRON
ajfa-3998	227	9	case	case	NOUN
ajfa-3998	227	10	.	.	PUNCT
ajfa-3998	228	1	table	table	NOUN
ajfa-3998	228	2	2	2	NUM
ajfa-3998	228	3	.	.	X
ajfa-3998	228	4	results	result	NOUN
ajfa-3998	228	5	for	for	ADP
ajfa-3998	228	6	firm	firm	ADJ
ajfa-3998	228	7	characteristic	characteristic	ADJ
ajfa-3998	228	8	–	–	PUNCT
ajfa-3998	228	9	based	base	VERB
ajfa-3998	228	10	portfolios	portfolio	NOUN
ajfa-3998	228	11	panel	panel	VERB
ajfa-3998	228	12	a	a	PRON
ajfa-3998	228	13	:	:	PUNCT
ajfa-3998	228	14	results	result	NOUN
ajfa-3998	228	15	for	for	ADP
ajfa-3998	228	16	size	size	NOUN
ajfa-3998	228	17	–	–	PUNCT
ajfa-3998	228	18	based	base	VERB
ajfa-3998	228	19	portfolios	portfolio	NOUN
ajfa-3998	228	20	downgrades	downgrade	VERB
ajfa-3998	228	21	upgrades	upgrade	NOUN
ajfa-3998	228	22	pre	pre	ADJ
ajfa-3998	228	23	–	–	PUNCT
ajfa-3998	228	24	event	event	NOUN
ajfa-3998	228	25	post	post	NOUN
ajfa-3998	228	26	–	–	PUNCT
ajfa-3998	228	27	event	event	NOUN
ajfa-3998	228	28	pre	pre	VERB
ajfa-3998	228	29	–	–	PUNCT
ajfa-3998	228	30	event	event	NOUN
ajfa-3998	228	31	post	post	NOUN
ajfa-3998	228	32	–	–	PUNCT
ajfa-3998	228	33	event	event	NOUN
ajfa-3998	228	34	large	large	ADJ
ajfa-3998	228	35	small	small	ADJ
ajfa-3998	228	36	large	large	ADJ
ajfa-3998	228	37	small	small	ADJ
ajfa-3998	228	38	large	large	ADJ
ajfa-3998	228	39	small	small	ADJ
ajfa-3998	228	40	large	large	ADJ
ajfa-3998	228	41	small	small	ADJ
ajfa-3998	228	42	caar	caar	NOUN
ajfa-3998	228	43	0.029	0.029	NUM
ajfa-3998	228	44	*	*	NOUN
ajfa-3998	228	45	0.016	0.016	NUM
ajfa-3998	228	46	0.064	0.064	NUM
ajfa-3998	228	47	*	*	NOUN
ajfa-3998	228	48	0.039	0.039	NUM
ajfa-3998	228	49	*	*	NUM
ajfa-3998	228	50	0.018	0.018	NUM
ajfa-3998	228	51	*	*	PUNCT
ajfa-3998	228	52	-0.053	-0.053	PROPN
ajfa-3998	228	53	*	*	PUNCT
ajfa-3998	228	54	0.031	0.031	NUM
ajfa-3998	228	55	*	*	PUNCT
ajfa-3998	228	56	-0.006	-0.006	PROPN
ajfa-3998	228	57	scaar	scaar	VERB
ajfa-3998	228	58	2.299	2.299	NUM
ajfa-3998	228	59	2.097	2.097	NUM
ajfa-3998	228	60	6.198	6.198	NUM
ajfa-3998	228	61	3.804	3.804	NUM
ajfa-3998	228	62	2.983	2.983	NUM
ajfa-3998	228	63	-5.986	-5.986	NUM
ajfa-3998	228	64	4.457	4.457	NUM
ajfa-3998	228	65	-0.494	-0.494	NOUN
ajfa-3998	228	66	panel	panel	NOUN
ajfa-3998	228	67	b	b	NOUN
ajfa-3998	228	68	:	:	PUNCT
ajfa-3998	228	69	results	result	NOUN
ajfa-3998	228	70	for	for	ADP
ajfa-3998	228	71	price	price	NOUN
ajfa-3998	228	72	to	to	ADP
ajfa-3998	228	73	book	book	NOUN
ajfa-3998	228	74	value	value	NOUN
ajfa-3998	228	75	–	–	PUNCT
ajfa-3998	228	76	based	base	VERB
ajfa-3998	228	77	portfolios	portfolio	NOUN
ajfa-3998	228	78	downgrades	downgrade	VERB
ajfa-3998	228	79	upgrades	upgrade	NOUN
ajfa-3998	228	80	pre	pre	ADJ
ajfa-3998	228	81	–	–	PUNCT
ajfa-3998	228	82	event	event	NOUN
ajfa-3998	228	83	post	post	NOUN
ajfa-3998	228	84	–	–	PUNCT
ajfa-3998	228	85	event	event	NOUN
ajfa-3998	228	86	pre	pre	VERB
ajfa-3998	228	87	–	–	PUNCT
ajfa-3998	228	88	event	event	NOUN
ajfa-3998	228	89	post	post	NOUN
ajfa-3998	228	90	–	–	PUNCT
ajfa-3998	228	91	event	event	NOUN
ajfa-3998	228	92	high	high	ADJ
ajfa-3998	228	93	low	low	ADJ
ajfa-3998	228	94	high	high	ADJ
ajfa-3998	228	95	low	low	ADJ
ajfa-3998	228	96	high	high	ADJ
ajfa-3998	228	97	low	low	ADJ
ajfa-3998	228	98	high	high	ADJ
ajfa-3998	228	99	low	low	ADJ
ajfa-3998	228	100	caar	caar	NOUN
ajfa-3998	228	101	-0.062	-0.062	PRON
ajfa-3998	228	102	*	*	SYM
ajfa-3998	228	103	0.040	0.040	NUM
ajfa-3998	228	104	*	*	PUNCT
ajfa-3998	228	105	-0.041	-0.041	PUNCT
ajfa-3998	228	106	0.070	0.070	NUM
ajfa-3998	228	107	*	*	PUNCT
ajfa-3998	228	108	0.021	0.021	NUM
ajfa-3998	228	109	*	*	PUNCT
ajfa-3998	228	110	-0.022	-0.022	PROPN
ajfa-3998	228	111	*	*	PUNCT
ajfa-3998	228	112	0.017	0.017	NUM
ajfa-3998	228	113	*	*	SYM
ajfa-3998	228	114	0.023	0.023	NUM
ajfa-3998	228	115	*	*	NOUN
ajfa-3998	228	116	scaar	scaar	NOUN
ajfa-3998	228	117	-3.270	-3.270	PUNCT
ajfa-3998	228	118	5.535	5.535	NUM
ajfa-3998	228	119	-1.918	-1.918	NOUN
ajfa-3998	228	120	8.324	8.324	NUM
ajfa-3998	228	121	3.072	3.072	NUM
ajfa-3998	228	122	-3.093	-3.093	NUM
ajfa-3998	228	123	2.248	2.248	NUM
ajfa-3998	228	124	2.536	2.536	NUM
ajfa-3998	228	125	panel	panel	NOUN
ajfa-3998	228	126	c	c	NOUN
ajfa-3998	228	127	:	:	PUNCT
ajfa-3998	228	128	results	result	NOUN
ajfa-3998	228	129	for	for	ADP
ajfa-3998	228	130	stock	stock	NOUN
ajfa-3998	228	131	liquidity	liquidity	NOUN
ajfa-3998	228	132	–	–	PUNCT
ajfa-3998	228	133	based	base	VERB
ajfa-3998	228	134	portfolios	portfolio	NOUN
ajfa-3998	228	135	downgrades	downgrade	VERB
ajfa-3998	228	136	upgrades	upgrade	NOUN
ajfa-3998	228	137	pre	pre	ADJ
ajfa-3998	228	138	–	–	PUNCT
ajfa-3998	228	139	event	event	NOUN
ajfa-3998	228	140	post	post	NOUN
ajfa-3998	228	141	–	–	PUNCT
ajfa-3998	228	142	event	event	NOUN
ajfa-3998	228	143	pre	pre	VERB
ajfa-3998	228	144	–	–	PUNCT
ajfa-3998	228	145	event	event	NOUN
ajfa-3998	228	146	post	post	NOUN
ajfa-3998	228	147	–	–	PUNCT
ajfa-3998	228	148	event	event	NOUN
ajfa-3998	228	149	high	high	ADJ
ajfa-3998	228	150	low	low	ADJ
ajfa-3998	228	151	high	high	ADJ
ajfa-3998	228	152	low	low	ADJ
ajfa-3998	228	153	high	high	ADJ
ajfa-3998	228	154	low	low	ADJ
ajfa-3998	228	155	high	high	ADJ
ajfa-3998	228	156	low	low	ADJ
ajfa-3998	228	157	caar	caar	NOUN
ajfa-3998	228	158	0.028	0.028	NUM
ajfa-3998	228	159	*	*	NOUN
ajfa-3998	228	160	0.009	0.009	NUM
ajfa-3998	228	161	0.035	0.035	NUM
ajfa-3998	228	162	*	*	PUNCT
ajfa-3998	228	163	0.080	0.080	NUM
ajfa-3998	228	164	*	*	PUNCT
ajfa-3998	228	165	-0.020	-0.020	PROPN
ajfa-3998	228	166	*	*	NOUN
ajfa-3998	228	167	0.018	0.018	NUM
ajfa-3998	228	168	*	*	PUNCT
ajfa-3998	228	169	-0.049	-0.049	PROPN
ajfa-3998	228	170	*	*	PUNCT
ajfa-3998	228	171	0.070	0.070	NUM
ajfa-3998	228	172	*	*	PUNCT
ajfa-3998	228	173	scaar	scaar	NOUN
ajfa-3998	228	174	2.800	2.800	NUM
ajfa-3998	228	175	0.910	0.910	NUM
ajfa-3998	228	176	3.588	3.588	NUM
ajfa-3998	228	177	6.554	6.554	NUM
ajfa-3998	228	178	-2.652	-2.652	SYM
ajfa-3998	228	179	2.430	2.430	NUM
ajfa-3998	228	180	-7.220	-7.220	ADP
ajfa-3998	228	181	6.655	6.655	NUM
ajfa-3998	228	182	asian	asian	ADJ
ajfa-3998	228	183	journal	journal	NOUN
ajfa-3998	228	184	of	of	ADP
ajfa-3998	228	185	finance	finance	PROPN
ajfa-3998	228	186	&	&	CCONJ
ajfa-3998	228	187	accounting	accounting	PROPN
ajfa-3998	228	188	issn	issn	PROPN
ajfa-3998	228	189	1946	1946	NUM
ajfa-3998	228	190	-	-	PUNCT
ajfa-3998	228	191	052x	052x	NOUN
ajfa-3998	228	192	2013	2013	NUM
ajfa-3998	228	193	,	,	PUNCT
ajfa-3998	228	194	vol	vol	NOUN
ajfa-3998	228	195	.	.	PROPN
ajfa-3998	229	1	5	5	NUM
ajfa-3998	229	2	,	,	PUNCT
ajfa-3998	229	3	no	no	INTJ
ajfa-3998	229	4	.	.	NOUN
ajfa-3998	229	5	2	2	NUM
ajfa-3998	229	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	229	7	61	61	NUM
ajfa-3998	229	8	panel	panel	NOUN
ajfa-3998	229	9	d	d	NOUN
ajfa-3998	229	10	:	:	PUNCT
ajfa-3998	229	11	results	result	NOUN
ajfa-3998	229	12	for	for	ADP
ajfa-3998	229	13	leverage	leverage	NOUN
ajfa-3998	229	14	–	–	PUNCT
ajfa-3998	229	15	based	base	VERB
ajfa-3998	229	16	portfolios	portfolio	NOUN
ajfa-3998	229	17	downgrades	downgrade	VERB
ajfa-3998	229	18	upgrades	upgrade	NOUN
ajfa-3998	229	19	pre	pre	ADJ
ajfa-3998	229	20	–	–	PUNCT
ajfa-3998	229	21	event	event	NOUN
ajfa-3998	229	22	post	post	NOUN
ajfa-3998	229	23	–	–	PUNCT
ajfa-3998	229	24	event	event	NOUN
ajfa-3998	229	25	pre	pre	VERB
ajfa-3998	229	26	–	–	PUNCT
ajfa-3998	229	27	event	event	NOUN
ajfa-3998	229	28	post	post	NOUN
ajfa-3998	229	29	–	–	PUNCT
ajfa-3998	229	30	event	event	NOUN
ajfa-3998	229	31	high	high	ADJ
ajfa-3998	229	32	low	low	ADJ
ajfa-3998	229	33	high	high	ADJ
ajfa-3998	229	34	low	low	ADJ
ajfa-3998	229	35	high	high	ADJ
ajfa-3998	229	36	low	low	ADJ
ajfa-3998	229	37	high	high	ADJ
ajfa-3998	229	38	low	low	ADJ
ajfa-3998	229	39	caar	caar	NOUN
ajfa-3998	229	40	0.027	0.027	NUM
ajfa-3998	229	41	*	*	NOUN
ajfa-3998	230	1	0.004	0.004	NUM
ajfa-3998	230	2	0.081	0.081	NUM
ajfa-3998	230	3	*	*	SYM
ajfa-3998	230	4	0.009	0.009	NUM
ajfa-3998	230	5	-0.020	-0.020	NOUN
ajfa-3998	230	6	*	*	PUNCT
ajfa-3998	230	7	0.020	0.020	NUM
ajfa-3998	230	8	*	*	PUNCT
ajfa-3998	230	9	-0.041	-0.041	DET
ajfa-3998	230	10	*	*	PUNCT
ajfa-3998	230	11	0.076	0.076	NUM
ajfa-3998	230	12	*	*	PUNCT
ajfa-3998	230	13	scaar	scaar	NOUN
ajfa-3998	230	14	2.825	2.825	NUM
ajfa-3998	230	15	0.325	0.325	NUM
ajfa-3998	230	16	7.474	7.474	NUM
ajfa-3998	230	17	0.622	0.622	NUM
ajfa-3998	230	18	-2.371	-2.371	NUM
ajfa-3998	230	19	3.381	3.381	NUM
ajfa-3998	230	20	-4.987	-4.987	SYM
ajfa-3998	230	21	7.897	7.897	NUM
ajfa-3998	230	22	panel	panel	NOUN
ajfa-3998	230	23	e	e	NOUN
ajfa-3998	230	24	:	:	PUNCT
ajfa-3998	230	25	results	result	NOUN
ajfa-3998	230	26	for	for	ADP
ajfa-3998	230	27	intangibles	intangible	NOUN
ajfa-3998	230	28	–	–	PUNCT
ajfa-3998	230	29	based	base	VERB
ajfa-3998	230	30	portfolios	portfolio	NOUN
ajfa-3998	230	31	downgrades	downgrade	VERB
ajfa-3998	230	32	upgrades	upgrade	NOUN
ajfa-3998	230	33	pre	pre	ADJ
ajfa-3998	230	34	–	–	PUNCT
ajfa-3998	230	35	event	event	NOUN
ajfa-3998	230	36	post	post	NOUN
ajfa-3998	230	37	–	–	PUNCT
ajfa-3998	230	38	event	event	NOUN
ajfa-3998	230	39	pre	pre	VERB
ajfa-3998	230	40	–	–	PUNCT
ajfa-3998	230	41	event	event	NOUN
ajfa-3998	230	42	post	post	NOUN
ajfa-3998	230	43	–	–	PUNCT
ajfa-3998	230	44	event	event	NOUN
ajfa-3998	230	45	high	high	ADJ
ajfa-3998	230	46	low	low	ADJ
ajfa-3998	230	47	high	high	ADJ
ajfa-3998	230	48	low	low	ADJ
ajfa-3998	230	49	high	high	ADJ
ajfa-3998	230	50	low	low	ADJ
ajfa-3998	230	51	high	high	ADJ
ajfa-3998	230	52	low	low	ADJ
ajfa-3998	230	53	caar	caar	NOUN
ajfa-3998	230	54	-0.027	-0.027	PUNCT
ajfa-3998	230	55	*	*	PUNCT
ajfa-3998	230	56	0.074	0.074	NUM
ajfa-3998	230	57	*	*	PUNCT
ajfa-3998	230	58	0.056	0.056	NUM
ajfa-3998	230	59	*	*	X
ajfa-3998	230	60	0.048	0.048	NUM
ajfa-3998	230	61	*	*	NOUN
ajfa-3998	230	62	0.017	0.017	NUM
ajfa-3998	230	63	*	*	PUNCT
ajfa-3998	230	64	-0.007	-0.007	PROPN
ajfa-3998	230	65	0.071	0.071	NUM
ajfa-3998	230	66	*	*	SYM
ajfa-3998	230	67	-0.041	-0.041	PRON
ajfa-3998	230	68	*	*	NOUN
ajfa-3998	230	69	scaar	scaar	NOUN
ajfa-3998	230	70	-2.813	-2.813	PUNCT
ajfa-3998	231	1	5.468	5.468	NUM
ajfa-3998	231	2	4.880	4.880	NUM
ajfa-3998	231	3	3.606	3.606	NUM
ajfa-3998	231	4	2.597	2.597	NUM
ajfa-3998	231	5	-0.848	-0.848	NUM
ajfa-3998	231	6	8.038	8.038	NUM
ajfa-3998	231	7	-5.141	-5.141	NOUN
ajfa-3998	231	8	panel	panel	NOUN
ajfa-3998	231	9	f	f	NOUN
ajfa-3998	231	10	:	:	PUNCT
ajfa-3998	231	11	results	result	NOUN
ajfa-3998	231	12	for	for	ADP
ajfa-3998	231	13	profitability	profitability	NOUN
ajfa-3998	231	14	–	–	PUNCT
ajfa-3998	231	15	based	base	VERB
ajfa-3998	231	16	portfolios	portfolio	NOUN
ajfa-3998	231	17	downgrades	downgrade	VERB
ajfa-3998	231	18	upgrades	upgrade	NOUN
ajfa-3998	231	19	pre	pre	ADJ
ajfa-3998	231	20	–	–	PUNCT
ajfa-3998	231	21	event	event	NOUN
ajfa-3998	231	22	post	post	NOUN
ajfa-3998	231	23	–	–	PUNCT
ajfa-3998	231	24	event	event	NOUN
ajfa-3998	231	25	pre	pre	VERB
ajfa-3998	231	26	–	–	PUNCT
ajfa-3998	231	27	event	event	NOUN
ajfa-3998	231	28	post	post	NOUN
ajfa-3998	231	29	–	–	PUNCT
ajfa-3998	231	30	event	event	NOUN
ajfa-3998	231	31	high	high	ADJ
ajfa-3998	231	32	low	low	ADJ
ajfa-3998	231	33	high	high	ADJ
ajfa-3998	231	34	low	low	ADJ
ajfa-3998	231	35	high	high	ADJ
ajfa-3998	231	36	low	low	ADJ
ajfa-3998	231	37	high	high	ADJ
ajfa-3998	231	38	low	low	ADJ
ajfa-3998	231	39	caar	caar	NOUN
ajfa-3998	231	40	0.010	0.010	NUM
ajfa-3998	231	41	0.021	0.021	NUM
ajfa-3998	231	42	*	*	PROPN
ajfa-3998	231	43	-0.012	-0.012	PROPN
ajfa-3998	231	44	0.077	0.077	NUM
ajfa-3998	231	45	*	*	NUM
ajfa-3998	231	46	0.004	0.004	NUM
ajfa-3998	231	47	0.013	0.013	NUM
ajfa-3998	231	48	-0.012	-0.012	NUM
ajfa-3998	231	49	0.104	0.104	NUM
ajfa-3998	231	50	*	*	NOUN
ajfa-3998	231	51	scaar	scaar	NOUN
ajfa-3998	231	52	0.630	0.630	NUM
ajfa-3998	231	53	2.320	2.320	NUM
ajfa-3998	231	54	-0.861	-0.861	NOUN
ajfa-3998	231	55	7.113	7.113	NUM
ajfa-3998	231	56	0.640	0.640	NUM
ajfa-3998	231	57	1.310	1.310	NUM
ajfa-3998	231	58	-1.879	-1.879	NUM
ajfa-3998	231	59	7.606	7.606	NUM
ajfa-3998	231	60	*	*	PUNCT
ajfa-3998	231	61	value	value	NOUN
ajfa-3998	231	62	significant	significant	ADJ
ajfa-3998	231	63	at	at	ADP
ajfa-3998	231	64	5	5	NUM
ajfa-3998	231	65	%	%	NOUN
ajfa-3998	231	66	level	level	NOUN
ajfa-3998	231	67	of	of	ADP
ajfa-3998	231	68	significance	significance	NOUN
ajfa-3998	231	69	price	price	NOUN
ajfa-3998	231	70	to	to	ADP
ajfa-3998	231	71	book	book	NOUN
ajfa-3998	231	72	value	value	NOUN
ajfa-3998	231	73	(	(	PUNCT
ajfa-3998	231	74	p	p	NOUN
ajfa-3998	231	75	/	/	SYM
ajfa-3998	231	76	b	b	NOUN
ajfa-3998	231	77	)	)	PUNCT
ajfa-3998	231	78	based	base	VERB
ajfa-3998	231	79	portfolios	portfolio	NOUN
ajfa-3998	231	80	panel	panel	NOUN
ajfa-3998	231	81	b	b	PROPN
ajfa-3998	231	82	of	of	ADP
ajfa-3998	231	83	table	table	NOUN
ajfa-3998	231	84	2	2	NUM
ajfa-3998	231	85	shows	show	VERB
ajfa-3998	231	86	results	result	NOUN
ajfa-3998	231	87	of	of	ADP
ajfa-3998	231	88	price	price	NOUN
ajfa-3998	231	89	to	to	ADP
ajfa-3998	231	90	book	book	NOUN
ajfa-3998	231	91	value	value	NOUN
ajfa-3998	231	92	based	base	VERB
ajfa-3998	231	93	portfolios	portfolio	NOUN
ajfa-3998	231	94	.	.	PUNCT
ajfa-3998	232	1	the	the	DET
ajfa-3998	232	2	firms	firm	NOUN
ajfa-3998	232	3	classified	classify	VERB
ajfa-3998	232	4	on	on	ADP
ajfa-3998	232	5	the	the	DET
ajfa-3998	232	6	basis	basis	NOUN
ajfa-3998	232	7	of	of	ADP
ajfa-3998	232	8	p	p	PROPN
ajfa-3998	232	9	/	/	SYM
ajfa-3998	232	10	b	b	NOUN
ajfa-3998	232	11	ratio	ratio	NOUN
ajfa-3998	232	12	differ	differ	VERB
ajfa-3998	232	13	in	in	ADP
ajfa-3998	232	14	their	their	PRON
ajfa-3998	232	15	response	response	NOUN
ajfa-3998	232	16	to	to	ADP
ajfa-3998	232	17	bond	bond	NOUN
ajfa-3998	232	18	rating	rating	NOUN
ajfa-3998	232	19	changes	change	NOUN
ajfa-3998	232	20	after	after	ADP
ajfa-3998	232	21	downgrades	downgrade	NOUN
ajfa-3998	232	22	.	.	PUNCT
ajfa-3998	233	1	while	while	SCONJ
ajfa-3998	233	2	no	no	DET
ajfa-3998	233	3	significant	significant	ADJ
ajfa-3998	233	4	reaction	reaction	NOUN
ajfa-3998	233	5	is	be	AUX
ajfa-3998	233	6	seen	see	VERB
ajfa-3998	233	7	for	for	ADP
ajfa-3998	233	8	high	high	ADJ
ajfa-3998	233	9	p	p	PROPN
ajfa-3998	233	10	/	/	SYM
ajfa-3998	233	11	b	b	NOUN
ajfa-3998	233	12	firms	firm	NOUN
ajfa-3998	233	13	after	after	ADP
ajfa-3998	233	14	downgrades	downgrade	NOUN
ajfa-3998	233	15	,	,	PUNCT
ajfa-3998	233	16	for	for	ADP
ajfa-3998	233	17	low	low	ADJ
ajfa-3998	233	18	p	p	PROPN
ajfa-3998	233	19	/	/	SYM
ajfa-3998	233	20	b	b	NOUN
ajfa-3998	233	21	firms	firm	NOUN
ajfa-3998	233	22	a	a	DET
ajfa-3998	233	23	strong	strong	ADJ
ajfa-3998	233	24	wealth	wealth	NOUN
ajfa-3998	233	25	redistribution	redistribution	NOUN
ajfa-3998	233	26	effect	effect	NOUN
ajfa-3998	233	27	is	be	AUX
ajfa-3998	233	28	observed	observe	VERB
ajfa-3998	233	29	.	.	PUNCT
ajfa-3998	234	1	this	this	PRON
ajfa-3998	234	2	may	may	AUX
ajfa-3998	234	3	be	be	AUX
ajfa-3998	234	4	because	because	SCONJ
ajfa-3998	234	5	in	in	ADP
ajfa-3998	234	6	high	high	ADJ
ajfa-3998	234	7	p	p	PROPN
ajfa-3998	234	8	/	/	SYM
ajfa-3998	234	9	b	b	NOUN
ajfa-3998	234	10	firms	firm	NOUN
ajfa-3998	234	11	,	,	PUNCT
ajfa-3998	234	12	both	both	CCONJ
ajfa-3998	234	13	the	the	DET
ajfa-3998	234	14	signalling	signalling	ADJ
ajfa-3998	234	15	and	and	CCONJ
ajfa-3998	234	16	wealth	wealth	NOUN
ajfa-3998	234	17	redistribution	redistribution	NOUN
ajfa-3998	234	18	effect	effect	NOUN
ajfa-3998	234	19	cancel	cancel	VERB
ajfa-3998	234	20	each	each	DET
ajfa-3998	234	21	other	other	ADJ
ajfa-3998	234	22	.	.	PUNCT
ajfa-3998	235	1	alternatively	alternatively	ADV
ajfa-3998	235	2	,	,	PUNCT
ajfa-3998	235	3	it	it	PRON
ajfa-3998	235	4	can	can	AUX
ajfa-3998	235	5	be	be	AUX
ajfa-3998	235	6	said	say	VERB
ajfa-3998	235	7	that	that	SCONJ
ajfa-3998	235	8	the	the	DET
ajfa-3998	235	9	entire	entire	ADJ
ajfa-3998	235	10	impact	impact	NOUN
ajfa-3998	235	11	of	of	ADP
ajfa-3998	235	12	the	the	DET
ajfa-3998	235	13	information	information	NOUN
ajfa-3998	235	14	leading	lead	VERB
ajfa-3998	235	15	to	to	ADP
ajfa-3998	235	16	downgrades	downgrade	NOUN
ajfa-3998	235	17	may	may	AUX
ajfa-3998	235	18	have	have	AUX
ajfa-3998	235	19	been	be	AUX
ajfa-3998	235	20	absorbed	absorb	VERB
ajfa-3998	235	21	in	in	ADP
ajfa-3998	235	22	the	the	DET
ajfa-3998	235	23	pre	pre	NOUN
ajfa-3998	235	24	–	–	PUNCT
ajfa-3998	235	25	event	event	NOUN
ajfa-3998	235	26	period	period	NOUN
ajfa-3998	235	27	and	and	CCONJ
ajfa-3998	235	28	,	,	PUNCT
ajfa-3998	235	29	therefore	therefore	ADV
ajfa-3998	235	30	,	,	PUNCT
ajfa-3998	235	31	no	no	DET
ajfa-3998	235	32	significant	significant	ADJ
ajfa-3998	235	33	caar	caar	NOUN
ajfa-3998	235	34	is	be	AUX
ajfa-3998	235	35	observed	observe	VERB
ajfa-3998	235	36	after	after	ADP
ajfa-3998	235	37	the	the	DET
ajfa-3998	235	38	downgrade	downgrade	NOUN
ajfa-3998	235	39	.	.	PUNCT
ajfa-3998	236	1	on	on	ADP
ajfa-3998	236	2	the	the	DET
ajfa-3998	236	3	other	other	ADJ
ajfa-3998	236	4	hand	hand	NOUN
ajfa-3998	236	5	,	,	PUNCT
ajfa-3998	236	6	the	the	DET
ajfa-3998	236	7	fundamentally	fundamentally	ADV
ajfa-3998	236	8	weak6	weak6	NOUN
ajfa-3998	236	9	,	,	PUNCT
ajfa-3998	236	10	low	low	ADJ
ajfa-3998	236	11	p	p	PROPN
ajfa-3998	236	12	/	/	SYM
ajfa-3998	236	13	b	b	NOUN
ajfa-3998	236	14	companies	company	NOUN
ajfa-3998	236	15	demonstrate	demonstrate	VERB
ajfa-3998	236	16	abnormal	abnormal	ADJ
ajfa-3998	236	17	returns	return	NOUN
ajfa-3998	236	18	after	after	ADP
ajfa-3998	236	19	announcement	announcement	NOUN
ajfa-3998	236	20	.	.	PUNCT
ajfa-3998	237	1	they	they	PRON
ajfa-3998	237	2	show	show	VERB
ajfa-3998	237	3	significantly	significantly	ADV
ajfa-3998	237	4	positive	positive	ADJ
ajfa-3998	237	5	abnormal	abnormal	ADJ
ajfa-3998	237	6	returns	return	NOUN
ajfa-3998	237	7	after	after	ADP
ajfa-3998	237	8	downgrade	downgrade	NOUN
ajfa-3998	237	9	.	.	PUNCT
ajfa-3998	238	1	the	the	DET
ajfa-3998	238	2	positive	positive	ADJ
ajfa-3998	238	3	impact	impact	NOUN
ajfa-3998	238	4	may	may	AUX
ajfa-3998	238	5	come	come	VERB
ajfa-3998	238	6	from	from	ADP
ajfa-3998	238	7	possible	possible	ADJ
ajfa-3998	238	8	increase	increase	NOUN
ajfa-3998	238	9	in	in	ADP
ajfa-3998	238	10	leverage	leverage	NOUN
ajfa-3998	238	11	of	of	ADP
ajfa-3998	238	12	the	the	DET
ajfa-3998	238	13	firms	firm	NOUN
ajfa-3998	238	14	which	which	PRON
ajfa-3998	238	15	changes	change	VERB
ajfa-3998	238	16	the	the	DET
ajfa-3998	238	17	risk	risk	NOUN
ajfa-3998	238	18	profile	profile	NOUN
ajfa-3998	238	19	of	of	ADP
ajfa-3998	238	20	the	the	DET
ajfa-3998	238	21	firm	firm	NOUN
ajfa-3998	238	22	.	.	PUNCT
ajfa-3998	239	1	these	these	DET
ajfa-3998	239	2	companies	company	NOUN
ajfa-3998	239	3	initially	initially	ADV
ajfa-3998	239	4	under	under	ADP
ajfa-3998	239	5	react	react	NOUN
ajfa-3998	239	6	to	to	ADP
ajfa-3998	239	7	the	the	DET
ajfa-3998	239	8	information	information	NOUN
ajfa-3998	239	9	leading	lead	VERB
ajfa-3998	239	10	to	to	ADP
ajfa-3998	239	11	rating	rating	NOUN
ajfa-3998	239	12	downgrade	downgrade	NOUN
ajfa-3998	239	13	during	during	ADP
ajfa-3998	239	14	the	the	DET
ajfa-3998	239	15	pre	pre	ADJ
ajfa-3998	239	16	–	–	PUNCT
ajfa-3998	239	17	event	event	NOUN
ajfa-3998	239	18	period	period	NOUN
ajfa-3998	239	19	and	and	CCONJ
ajfa-3998	239	20	the	the	DET
ajfa-3998	239	21	effect	effect	NOUN
ajfa-3998	239	22	asian	asian	ADJ
ajfa-3998	239	23	journal	journal	NOUN
ajfa-3998	239	24	of	of	ADP
ajfa-3998	239	25	finance	finance	PROPN
ajfa-3998	239	26	&	&	CCONJ
ajfa-3998	239	27	accounting	accounting	PROPN
ajfa-3998	239	28	issn	issn	PROPN
ajfa-3998	239	29	1946	1946	NUM
ajfa-3998	239	30	-	-	PUNCT
ajfa-3998	239	31	052x	052x	NOUN
ajfa-3998	239	32	2013	2013	NUM
ajfa-3998	239	33	,	,	PUNCT
ajfa-3998	239	34	vol	vol	NOUN
ajfa-3998	239	35	.	.	PROPN
ajfa-3998	239	36	5	5	NUM
ajfa-3998	239	37	,	,	PUNCT
ajfa-3998	239	38	no	no	INTJ
ajfa-3998	239	39	.	.	NOUN
ajfa-3998	239	40	2	2	NUM
ajfa-3998	239	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	239	42	62	62	NUM
ajfa-3998	239	43	continues	continue	VERB
ajfa-3998	239	44	in	in	ADP
ajfa-3998	239	45	the	the	DET
ajfa-3998	239	46	post	post	NOUN
ajfa-3998	239	47	event	event	NOUN
ajfa-3998	239	48	period	period	NOUN
ajfa-3998	239	49	as	as	ADV
ajfa-3998	239	50	well	well	ADV
ajfa-3998	239	51	,	,	PUNCT
ajfa-3998	239	52	bringing	bring	VERB
ajfa-3998	239	53	positive	positive	ADJ
ajfa-3998	239	54	abnormal	abnormal	ADJ
ajfa-3998	239	55	returns	return	NOUN
ajfa-3998	239	56	later	later	ADV
ajfa-3998	239	57	.	.	PUNCT
ajfa-3998	240	1	in	in	ADP
ajfa-3998	240	2	case	case	NOUN
ajfa-3998	240	3	of	of	ADP
ajfa-3998	240	4	upgrades	upgrade	NOUN
ajfa-3998	240	5	,	,	PUNCT
ajfa-3998	240	6	however	however	ADV
ajfa-3998	240	7	,	,	PUNCT
ajfa-3998	240	8	both	both	PRON
ajfa-3998	240	9	high	high	ADJ
ajfa-3998	240	10	as	as	ADV
ajfa-3998	240	11	well	well	ADV
ajfa-3998	240	12	as	as	ADP
ajfa-3998	240	13	low	low	ADJ
ajfa-3998	240	14	p	p	NOUN
ajfa-3998	240	15	/	/	SYM
ajfa-3998	240	16	b	b	NOUN
ajfa-3998	240	17	portfolios	portfolio	NOUN
ajfa-3998	240	18	exhibit	exhibit	VERB
ajfa-3998	240	19	signalling	signal	VERB
ajfa-3998	240	20	effect	effect	NOUN
ajfa-3998	240	21	after	after	ADP
ajfa-3998	240	22	announcement	announcement	NOUN
ajfa-3998	240	23	.	.	PUNCT
ajfa-3998	241	1	moreover	moreover	ADV
ajfa-3998	241	2	,	,	PUNCT
ajfa-3998	241	3	the	the	DET
ajfa-3998	241	4	relationship	relationship	NOUN
ajfa-3998	241	5	between	between	ADP
ajfa-3998	241	6	bond	bond	NOUN
ajfa-3998	241	7	rating	rating	NOUN
ajfa-3998	241	8	changes	change	NOUN
ajfa-3998	241	9	and	and	CCONJ
ajfa-3998	241	10	stock	stock	NOUN
ajfa-3998	241	11	returns	return	NOUN
ajfa-3998	241	12	is	be	AUX
ajfa-3998	241	13	more	more	ADV
ajfa-3998	241	14	pronounced	pronounced	ADJ
ajfa-3998	241	15	for	for	ADP
ajfa-3998	241	16	low	low	ADJ
ajfa-3998	241	17	p	p	PROPN
ajfa-3998	241	18	/	/	SYM
ajfa-3998	241	19	b	b	NOUN
ajfa-3998	241	20	firms	firm	NOUN
ajfa-3998	241	21	compared	compare	VERB
ajfa-3998	241	22	to	to	ADP
ajfa-3998	241	23	high	high	ADJ
ajfa-3998	241	24	p	p	PROPN
ajfa-3998	241	25	/	/	SYM
ajfa-3998	241	26	b	b	NOUN
ajfa-3998	241	27	firms	firm	NOUN
ajfa-3998	241	28	.	.	PUNCT
ajfa-3998	242	1	this	this	PRON
ajfa-3998	242	2	is	be	AUX
ajfa-3998	242	3	indicated	indicate	VERB
ajfa-3998	242	4	by	by	ADP
ajfa-3998	242	5	the	the	DET
ajfa-3998	242	6	presence	presence	NOUN
ajfa-3998	242	7	of	of	ADP
ajfa-3998	242	8	strong	strong	ADJ
ajfa-3998	242	9	abnormal	abnormal	ADJ
ajfa-3998	242	10	returns	return	NOUN
ajfa-3998	242	11	for	for	ADP
ajfa-3998	242	12	low	low	ADJ
ajfa-3998	242	13	p	p	PROPN
ajfa-3998	242	14	/	/	SYM
ajfa-3998	242	15	b	b	NOUN
ajfa-3998	242	16	firms	firm	NOUN
ajfa-3998	242	17	both	both	CCONJ
ajfa-3998	242	18	after	after	ADP
ajfa-3998	242	19	downgrades	downgrade	NOUN
ajfa-3998	242	20	as	as	ADV
ajfa-3998	242	21	well	well	ADV
ajfa-3998	242	22	as	as	ADP
ajfa-3998	242	23	upgrades	upgrade	NOUN
ajfa-3998	242	24	.	.	PUNCT
ajfa-3998	243	1	this	this	PRON
ajfa-3998	243	2	is	be	AUX
ajfa-3998	243	3	particularly	particularly	ADV
ajfa-3998	243	4	evident	evident	ADJ
ajfa-3998	243	5	in	in	ADP
ajfa-3998	243	6	case	case	NOUN
ajfa-3998	243	7	of	of	ADP
ajfa-3998	243	8	downgrades	downgrade	NOUN
ajfa-3998	243	9	where	where	SCONJ
ajfa-3998	243	10	no	no	DET
ajfa-3998	243	11	significant	significant	ADJ
ajfa-3998	243	12	reaction	reaction	NOUN
ajfa-3998	243	13	is	be	AUX
ajfa-3998	243	14	observed	observe	VERB
ajfa-3998	243	15	for	for	ADP
ajfa-3998	243	16	high	high	ADJ
ajfa-3998	243	17	p	p	PROPN
ajfa-3998	243	18	/	/	SYM
ajfa-3998	243	19	b	b	NOUN
ajfa-3998	243	20	firms	firm	NOUN
ajfa-3998	243	21	after	after	ADP
ajfa-3998	243	22	downgrades	downgrade	NOUN
ajfa-3998	243	23	but	but	CCONJ
ajfa-3998	243	24	for	for	ADP
ajfa-3998	243	25	low	low	ADJ
ajfa-3998	243	26	p	p	PROPN
ajfa-3998	243	27	/	/	SYM
ajfa-3998	243	28	b	b	NOUN
ajfa-3998	243	29	firms	firm	NOUN
ajfa-3998	243	30	a	a	DET
ajfa-3998	243	31	strong	strong	ADJ
ajfa-3998	243	32	wealth	wealth	NOUN
ajfa-3998	243	33	redistribution	redistribution	NOUN
ajfa-3998	243	34	effect	effect	NOUN
ajfa-3998	243	35	is	be	AUX
ajfa-3998	243	36	seen	see	VERB
ajfa-3998	243	37	after	after	ADP
ajfa-3998	243	38	the	the	DET
ajfa-3998	243	39	announcement	announcement	NOUN
ajfa-3998	243	40	of	of	ADP
ajfa-3998	243	41	rating	rating	NOUN
ajfa-3998	243	42	downgrade	downgrade	PROPN
ajfa-3998	243	43	.	.	PUNCT
ajfa-3998	244	1	the	the	DET
ajfa-3998	244	2	value	value	NOUN
ajfa-3998	244	3	of	of	ADP
ajfa-3998	244	4	caar	caar	NOUN
ajfa-3998	244	5	in	in	ADP
ajfa-3998	244	6	their	their	PRON
ajfa-3998	244	7	case	case	NOUN
ajfa-3998	244	8	increases	increase	VERB
ajfa-3998	244	9	from	from	ADP
ajfa-3998	244	10	0.040	0.040	NUM
ajfa-3998	244	11	before	before	ADP
ajfa-3998	244	12	to	to	ADP
ajfa-3998	244	13	0.070	0.070	NUM
ajfa-3998	244	14	after	after	ADP
ajfa-3998	244	15	the	the	DET
ajfa-3998	244	16	announcement	announcement	NOUN
ajfa-3998	244	17	of	of	ADP
ajfa-3998	244	18	downgrade	downgrade	NOUN
ajfa-3998	244	19	.	.	PUNCT
ajfa-3998	245	1	also	also	ADV
ajfa-3998	245	2	in	in	ADP
ajfa-3998	245	3	case	case	NOUN
ajfa-3998	245	4	of	of	ADP
ajfa-3998	245	5	upgrades	upgrade	NOUN
ajfa-3998	245	6	,	,	PUNCT
ajfa-3998	245	7	the	the	DET
ajfa-3998	245	8	stock	stock	NOUN
ajfa-3998	245	9	return	return	NOUN
ajfa-3998	245	10	behavior	behavior	NOUN
ajfa-3998	245	11	of	of	ADP
ajfa-3998	245	12	low	low	ADJ
ajfa-3998	245	13	p	p	PROPN
ajfa-3998	245	14	/	/	SYM
ajfa-3998	245	15	b	b	NOUN
ajfa-3998	245	16	portfolio	portfolio	NOUN
ajfa-3998	245	17	shows	show	VERB
ajfa-3998	245	18	a	a	DET
ajfa-3998	245	19	stronger	strong	ADJ
ajfa-3998	245	20	response	response	NOUN
ajfa-3998	245	21	than	than	ADP
ajfa-3998	245	22	high	high	ADJ
ajfa-3998	245	23	p	p	PROPN
ajfa-3998	245	24	/	/	SYM
ajfa-3998	245	25	b	b	NOUN
ajfa-3998	245	26	firms	firm	NOUN
ajfa-3998	245	27	.	.	PUNCT
ajfa-3998	246	1	the	the	DET
ajfa-3998	246	2	caar	caar	NOUN
ajfa-3998	246	3	value	value	NOUN
ajfa-3998	246	4	for	for	ADP
ajfa-3998	246	5	high	high	ADJ
ajfa-3998	246	6	p	p	PROPN
ajfa-3998	246	7	/	/	SYM
ajfa-3998	246	8	b	b	PROPN
ajfa-3998	246	9	portfolio	portfolio	NOUN
ajfa-3998	246	10	is	be	AUX
ajfa-3998	246	11	only	only	ADV
ajfa-3998	246	12	0.017	0.017	NUM
ajfa-3998	246	13	whereas	whereas	SCONJ
ajfa-3998	246	14	in	in	ADP
ajfa-3998	246	15	case	case	NOUN
ajfa-3998	246	16	of	of	ADP
ajfa-3998	246	17	low	low	ADJ
ajfa-3998	246	18	p	p	PROPN
ajfa-3998	246	19	/	/	SYM
ajfa-3998	246	20	b	b	NOUN
ajfa-3998	246	21	portfolio	portfolio	NOUN
ajfa-3998	246	22	the	the	DET
ajfa-3998	246	23	caar	caar	NOUN
ajfa-3998	246	24	is	be	AUX
ajfa-3998	246	25	0.023	0.023	NUM
ajfa-3998	246	26	after	after	ADP
ajfa-3998	246	27	upgrade	upgrade	NOUN
ajfa-3998	246	28	.	.	PUNCT
ajfa-3998	247	1	for	for	ADP
ajfa-3998	247	2	low	low	ADJ
ajfa-3998	247	3	p	p	PROPN
ajfa-3998	247	4	/	/	SYM
ajfa-3998	247	5	b	b	PROPN
ajfa-3998	247	6	portfolio	portfolio	NOUN
ajfa-3998	247	7	the	the	DET
ajfa-3998	247	8	sign	sign	NOUN
ajfa-3998	247	9	of	of	ADP
ajfa-3998	247	10	caar	caar	NOUN
ajfa-3998	247	11	changes	change	NOUN
ajfa-3998	247	12	from	from	ADP
ajfa-3998	247	13	negative	negative	ADJ
ajfa-3998	247	14	to	to	ADP
ajfa-3998	247	15	positive	positive	ADJ
ajfa-3998	247	16	after	after	ADP
ajfa-3998	247	17	upgrade	upgrade	NOUN
ajfa-3998	247	18	announcement	announcement	NOUN
ajfa-3998	247	19	.	.	PUNCT
ajfa-3998	248	1	in	in	ADP
ajfa-3998	248	2	this	this	DET
ajfa-3998	248	3	case	case	NOUN
ajfa-3998	248	4	a	a	DET
ajfa-3998	248	5	strong	strong	ADJ
ajfa-3998	248	6	positive	positive	ADJ
ajfa-3998	248	7	signal	signal	NOUN
ajfa-3998	248	8	on	on	ADP
ajfa-3998	248	9	announcement	announcement	NOUN
ajfa-3998	248	10	of	of	ADP
ajfa-3998	248	11	upgrade	upgrade	NOUN
ajfa-3998	248	12	overcomes	overcome	VERB
ajfa-3998	248	13	the	the	DET
ajfa-3998	248	14	negative	negative	ADJ
ajfa-3998	248	15	wealth	wealth	NOUN
ajfa-3998	248	16	redistribution	redistribution	NOUN
ajfa-3998	248	17	effect	effect	NOUN
ajfa-3998	248	18	prevailing	prevail	VERB
ajfa-3998	248	19	in	in	ADP
ajfa-3998	248	20	the	the	DET
ajfa-3998	248	21	pre	pre	NOUN
ajfa-3998	248	22	–	–	PUNCT
ajfa-3998	248	23	event	event	NOUN
ajfa-3998	248	24	period	period	NOUN
ajfa-3998	248	25	.	.	PUNCT
ajfa-3998	249	1	this	this	PRON
ajfa-3998	249	2	may	may	AUX
ajfa-3998	249	3	be	be	AUX
ajfa-3998	249	4	because	because	SCONJ
ajfa-3998	249	5	for	for	SCONJ
ajfa-3998	249	6	low	low	ADJ
ajfa-3998	249	7	p	p	PROPN
ajfa-3998	249	8	/	/	SYM
ajfa-3998	249	9	b	b	NOUN
ajfa-3998	249	10	firms	firm	NOUN
ajfa-3998	249	11	there	there	PRON
ajfa-3998	249	12	is	be	VERB
ajfa-3998	249	13	less	less	ADV
ajfa-3998	249	14	reliable	reliable	ADJ
ajfa-3998	249	15	public	public	ADJ
ajfa-3998	249	16	information	information	NOUN
ajfa-3998	249	17	.	.	PUNCT
ajfa-3998	250	1	the	the	DET
ajfa-3998	250	2	negative	negative	ADJ
ajfa-3998	250	3	abnormal	abnormal	ADJ
ajfa-3998	250	4	returns	return	NOUN
ajfa-3998	250	5	before	before	ADP
ajfa-3998	250	6	announcements	announcement	NOUN
ajfa-3998	250	7	of	of	ADP
ajfa-3998	250	8	upgrades	upgrade	NOUN
ajfa-3998	250	9	may	may	AUX
ajfa-3998	250	10	be	be	AUX
ajfa-3998	250	11	due	due	ADJ
ajfa-3998	250	12	to	to	ADP
ajfa-3998	250	13	the	the	DET
ajfa-3998	250	14	wealth	wealth	NOUN
ajfa-3998	250	15	redistribution	redistribution	NOUN
ajfa-3998	250	16	or	or	CCONJ
ajfa-3998	250	17	because	because	SCONJ
ajfa-3998	250	18	the	the	DET
ajfa-3998	250	19	ongoing	ongoing	ADJ
ajfa-3998	250	20	developments	development	NOUN
ajfa-3998	250	21	may	may	AUX
ajfa-3998	250	22	not	not	PART
ajfa-3998	250	23	be	be	AUX
ajfa-3998	250	24	clear	clear	ADJ
ajfa-3998	250	25	to	to	ADP
ajfa-3998	250	26	the	the	DET
ajfa-3998	250	27	shareholders	shareholder	NOUN
ajfa-3998	250	28	and	and	CCONJ
ajfa-3998	250	29	the	the	DET
ajfa-3998	250	30	uncertainty	uncertainty	NOUN
ajfa-3998	250	31	lead	lead	VERB
ajfa-3998	250	32	to	to	PART
ajfa-3998	250	33	fall	fall	VERB
ajfa-3998	250	34	in	in	ADP
ajfa-3998	250	35	prices	price	NOUN
ajfa-3998	250	36	,	,	PUNCT
ajfa-3998	250	37	but	but	CCONJ
ajfa-3998	250	38	the	the	DET
ajfa-3998	250	39	upgrade	upgrade	ADJ
ajfa-3998	250	40	announcement	announcement	NOUN
ajfa-3998	250	41	sends	send	VERB
ajfa-3998	250	42	a	a	DET
ajfa-3998	250	43	clear	clear	ADJ
ajfa-3998	250	44	positive	positive	ADJ
ajfa-3998	250	45	signal	signal	NOUN
ajfa-3998	250	46	leading	lead	VERB
ajfa-3998	250	47	to	to	ADP
ajfa-3998	250	48	positive	positive	ADJ
ajfa-3998	250	49	returns	return	NOUN
ajfa-3998	250	50	after	after	ADP
ajfa-3998	250	51	the	the	DET
ajfa-3998	250	52	upgrades	upgrade	NOUN
ajfa-3998	250	53	.	.	PUNCT
ajfa-3998	251	1	thus	thus	ADV
ajfa-3998	251	2	,	,	PUNCT
ajfa-3998	251	3	it	it	PRON
ajfa-3998	251	4	can	can	AUX
ajfa-3998	251	5	be	be	AUX
ajfa-3998	251	6	concluded	conclude	VERB
ajfa-3998	251	7	that	that	SCONJ
ajfa-3998	251	8	low	low	ADJ
ajfa-3998	251	9	p	p	PROPN
ajfa-3998	251	10	/	/	SYM
ajfa-3998	251	11	b	b	NOUN
ajfa-3998	251	12	firms	firm	NOUN
ajfa-3998	251	13	respond	respond	VERB
ajfa-3998	251	14	more	more	ADV
ajfa-3998	251	15	strongly	strongly	ADV
ajfa-3998	251	16	to	to	ADP
ajfa-3998	251	17	bond	bond	NOUN
ajfa-3998	251	18	rating	rating	NOUN
ajfa-3998	251	19	changes	change	NOUN
ajfa-3998	251	20	than	than	ADP
ajfa-3998	251	21	high	high	ADJ
ajfa-3998	251	22	p	p	PROPN
ajfa-3998	251	23	/	/	SYM
ajfa-3998	251	24	b	b	NOUN
ajfa-3998	251	25	firms	firm	NOUN
ajfa-3998	251	26	.	.	PUNCT
ajfa-3998	252	1	all	all	DET
ajfa-3998	252	2	the	the	DET
ajfa-3998	252	3	p	p	PROPN
ajfa-3998	252	4	/	/	SYM
ajfa-3998	252	5	b	b	NOUN
ajfa-3998	252	6	portfolios	portfolio	NOUN
ajfa-3998	252	7	exhibit	exhibit	VERB
ajfa-3998	252	8	anticipation	anticipation	NOUN
ajfa-3998	252	9	in	in	ADP
ajfa-3998	252	10	pre	pre	ADJ
ajfa-3998	252	11	–	–	PUNCT
ajfa-3998	252	12	event	event	NOUN
ajfa-3998	252	13	period	period	NOUN
ajfa-3998	252	14	.	.	PUNCT
ajfa-3998	253	1	in	in	ADP
ajfa-3998	253	2	downgrades	downgrade	NOUN
ajfa-3998	253	3	,	,	PUNCT
ajfa-3998	253	4	the	the	DET
ajfa-3998	253	5	direction	direction	NOUN
ajfa-3998	253	6	of	of	ADP
ajfa-3998	253	7	caar	caar	NOUN
ajfa-3998	253	8	is	be	AUX
ajfa-3998	253	9	different	different	ADJ
ajfa-3998	253	10	.	.	PUNCT
ajfa-3998	254	1	in	in	ADP
ajfa-3998	254	2	high	high	ADJ
ajfa-3998	254	3	p	p	PROPN
ajfa-3998	254	4	/	/	SYM
ajfa-3998	254	5	b	b	NOUN
ajfa-3998	254	6	firms	firm	NOUN
ajfa-3998	254	7	,	,	PUNCT
ajfa-3998	254	8	the	the	DET
ajfa-3998	254	9	signalling	signal	VERB
ajfa-3998	254	10	effect	effect	NOUN
ajfa-3998	254	11	is	be	AUX
ajfa-3998	254	12	anticipated	anticipate	VERB
ajfa-3998	254	13	and	and	CCONJ
ajfa-3998	254	14	dominant	dominant	ADJ
ajfa-3998	254	15	.	.	PUNCT
ajfa-3998	255	1	this	this	PRON
ajfa-3998	255	2	is	be	AUX
ajfa-3998	255	3	so	so	ADV
ajfa-3998	255	4	because	because	SCONJ
ajfa-3998	255	5	such	such	ADJ
ajfa-3998	255	6	companies	company	NOUN
ajfa-3998	255	7	may	may	AUX
ajfa-3998	255	8	have	have	VERB
ajfa-3998	255	9	better	well	ADJ
ajfa-3998	255	10	disclosures	disclosure	NOUN
ajfa-3998	255	11	which	which	PRON
ajfa-3998	255	12	give	give	VERB
ajfa-3998	255	13	the	the	DET
ajfa-3998	255	14	shareholders	shareholder	NOUN
ajfa-3998	255	15	a	a	DET
ajfa-3998	255	16	fair	fair	ADJ
ajfa-3998	255	17	idea	idea	NOUN
ajfa-3998	255	18	about	about	ADP
ajfa-3998	255	19	the	the	DET
ajfa-3998	255	20	earnings	earning	NOUN
ajfa-3998	255	21	position	position	NOUN
ajfa-3998	255	22	of	of	ADP
ajfa-3998	255	23	these	these	DET
ajfa-3998	255	24	firms	firm	NOUN
ajfa-3998	255	25	.	.	PUNCT
ajfa-3998	256	1	in	in	ADP
ajfa-3998	256	2	the	the	DET
ajfa-3998	256	3	low	low	ADJ
ajfa-3998	256	4	p	p	PROPN
ajfa-3998	256	5	/	/	SYM
ajfa-3998	256	6	b	b	NOUN
ajfa-3998	256	7	companies	company	NOUN
ajfa-3998	256	8	there	there	ADV
ajfa-3998	256	9	may	may	AUX
ajfa-3998	256	10	be	be	AUX
ajfa-3998	256	11	information	information	NOUN
ajfa-3998	256	12	problems	problem	NOUN
ajfa-3998	256	13	which	which	PRON
ajfa-3998	256	14	make	make	VERB
ajfa-3998	256	15	anticipation	anticipation	NOUN
ajfa-3998	256	16	of	of	ADP
ajfa-3998	256	17	earnings	earning	NOUN
ajfa-3998	256	18	difficult	difficult	ADJ
ajfa-3998	256	19	.	.	PUNCT
ajfa-3998	257	1	however	however	ADV
ajfa-3998	257	2	,	,	PUNCT
ajfa-3998	257	3	the	the	DET
ajfa-3998	257	4	wealth	wealth	NOUN
ajfa-3998	257	5	redistribution	redistribution	NOUN
ajfa-3998	257	6	effects	effect	NOUN
ajfa-3998	257	7	are	be	AUX
ajfa-3998	257	8	easier	easy	ADJ
ajfa-3998	257	9	to	to	PART
ajfa-3998	257	10	anticipate	anticipate	VERB
ajfa-3998	257	11	.	.	PUNCT
ajfa-3998	258	1	thus	thus	ADV
ajfa-3998	258	2	,	,	PUNCT
ajfa-3998	258	3	these	these	DET
ajfa-3998	258	4	firms	firm	NOUN
ajfa-3998	258	5	exhibit	exhibit	VERB
ajfa-3998	258	6	positively	positively	ADV
ajfa-3998	258	7	significant	significant	ADJ
ajfa-3998	258	8	returns	return	NOUN
ajfa-3998	258	9	before	before	ADP
ajfa-3998	258	10	downgrade	downgrade	NOUN
ajfa-3998	258	11	.	.	PUNCT
ajfa-3998	259	1	the	the	DET
ajfa-3998	259	2	direction	direction	NOUN
ajfa-3998	259	3	of	of	ADP
ajfa-3998	259	4	pre	pre	ADJ
ajfa-3998	259	5	–	–	PUNCT
ajfa-3998	259	6	event	event	NOUN
ajfa-3998	259	7	caar	caar	NOUN
ajfa-3998	259	8	also	also	ADV
ajfa-3998	259	9	differs	differ	VERB
ajfa-3998	259	10	in	in	ADP
ajfa-3998	259	11	case	case	NOUN
ajfa-3998	259	12	of	of	ADP
ajfa-3998	259	13	upgrades	upgrade	NOUN
ajfa-3998	259	14	.	.	PUNCT
ajfa-3998	260	1	for	for	ADP
ajfa-3998	260	2	high	high	ADJ
ajfa-3998	260	3	p	p	PROPN
ajfa-3998	260	4	/	/	SYM
ajfa-3998	260	5	b	b	NOUN
ajfa-3998	260	6	firms	firm	NOUN
ajfa-3998	260	7	,	,	PUNCT
ajfa-3998	260	8	a	a	DET
ajfa-3998	260	9	positive	positive	ADJ
ajfa-3998	260	10	impact	impact	NOUN
ajfa-3998	260	11	is	be	AUX
ajfa-3998	260	12	seen	see	VERB
ajfa-3998	260	13	on	on	ADP
ajfa-3998	260	14	the	the	DET
ajfa-3998	260	15	share	share	NOUN
ajfa-3998	260	16	prices	price	NOUN
ajfa-3998	260	17	because	because	SCONJ
ajfa-3998	260	18	of	of	ADP
ajfa-3998	260	19	strong	strong	ADJ
ajfa-3998	260	20	signalling	signal	VERB
ajfa-3998	260	21	effect	effect	NOUN
ajfa-3998	260	22	.	.	PUNCT
ajfa-3998	261	1	this	this	DET
ajfa-3998	261	2	observation	observation	NOUN
ajfa-3998	261	3	is	be	AUX
ajfa-3998	261	4	in	in	ADP
ajfa-3998	261	5	line	line	NOUN
ajfa-3998	261	6	with	with	ADP
ajfa-3998	261	7	expectation	expectation	NOUN
ajfa-3998	261	8	that	that	SCONJ
ajfa-3998	261	9	these	these	DET
ajfa-3998	261	10	companies	company	NOUN
ajfa-3998	261	11	disclose	disclose	VERB
ajfa-3998	261	12	information	information	NOUN
ajfa-3998	261	13	in	in	ADP
ajfa-3998	261	14	a	a	DET
ajfa-3998	261	15	timely	timely	ADJ
ajfa-3998	261	16	manner	manner	NOUN
ajfa-3998	261	17	leading	lead	VERB
ajfa-3998	261	18	to	to	ADP
ajfa-3998	261	19	occurrence	occurrence	NOUN
ajfa-3998	261	20	of	of	ADP
ajfa-3998	261	21	abnormal	abnormal	ADJ
ajfa-3998	261	22	returns	return	NOUN
ajfa-3998	261	23	in	in	ADP
ajfa-3998	261	24	the	the	DET
ajfa-3998	261	25	pre	pre	NOUN
ajfa-3998	261	26	–	–	PUNCT
ajfa-3998	261	27	event	event	NOUN
ajfa-3998	261	28	period	period	NOUN
ajfa-3998	261	29	.	.	PUNCT
ajfa-3998	262	1	however	however	ADV
ajfa-3998	262	2	,	,	PUNCT
ajfa-3998	262	3	in	in	ADP
ajfa-3998	262	4	low	low	ADJ
ajfa-3998	262	5	p	p	PROPN
ajfa-3998	262	6	/	/	SYM
ajfa-3998	262	7	b	b	NOUN
ajfa-3998	262	8	firms	firm	NOUN
ajfa-3998	262	9	,	,	PUNCT
ajfa-3998	262	10	wealth	wealth	NOUN
ajfa-3998	262	11	redistribution	redistribution	NOUN
ajfa-3998	262	12	effect	effect	NOUN
ajfa-3998	262	13	offsets	offset	VERB
ajfa-3998	262	14	the	the	DET
ajfa-3998	262	15	positive	positive	ADJ
ajfa-3998	262	16	earnings	earning	NOUN
ajfa-3998	262	17	signal	signal	NOUN
ajfa-3998	262	18	leading	lead	VERB
ajfa-3998	262	19	to	to	ADP
ajfa-3998	262	20	negative	negative	ADJ
ajfa-3998	262	21	caar	caar	NOUN
ajfa-3998	262	22	.	.	PUNCT
ajfa-3998	263	1	stock	stock	NOUN
ajfa-3998	263	2	liquidity	liquidity	NOUN
ajfa-3998	263	3	based	base	VERB
ajfa-3998	263	4	portfolios	portfolio	NOUN
ajfa-3998	263	5	panel	panel	NOUN
ajfa-3998	263	6	c	c	PROPN
ajfa-3998	263	7	of	of	ADP
ajfa-3998	263	8	table	table	NOUN
ajfa-3998	263	9	2	2	NUM
ajfa-3998	263	10	shows	show	VERB
ajfa-3998	263	11	results	result	NOUN
ajfa-3998	263	12	of	of	ADP
ajfa-3998	263	13	stock	stock	NOUN
ajfa-3998	263	14	liquidity	liquidity	NOUN
ajfa-3998	263	15	based	base	VERB
ajfa-3998	263	16	portfolios	portfolio	NOUN
ajfa-3998	263	17	.	.	PUNCT
ajfa-3998	264	1	the	the	DET
ajfa-3998	264	2	relationship	relationship	NOUN
ajfa-3998	264	3	between	between	ADP
ajfa-3998	264	4	bond	bond	NOUN
ajfa-3998	264	5	rating	rating	NOUN
ajfa-3998	264	6	changes	change	NOUN
ajfa-3998	264	7	and	and	CCONJ
ajfa-3998	264	8	stock	stock	NOUN
ajfa-3998	264	9	returns	return	NOUN
ajfa-3998	264	10	differs	differ	VERB
ajfa-3998	264	11	for	for	ADP
ajfa-3998	264	12	illiquid	illiquid	ADJ
ajfa-3998	264	13	and	and	CCONJ
ajfa-3998	264	14	highly	highly	ADV
ajfa-3998	264	15	liquid	liquid	ADJ
ajfa-3998	264	16	stocks	stock	NOUN
ajfa-3998	264	17	only	only	ADV
ajfa-3998	264	18	in	in	ADP
ajfa-3998	264	19	case	case	NOUN
ajfa-3998	264	20	of	of	ADP
ajfa-3998	264	21	upgrades	upgrade	NOUN
ajfa-3998	264	22	.	.	PUNCT
ajfa-3998	265	1	the	the	DET
ajfa-3998	265	2	results	result	NOUN
ajfa-3998	265	3	show	show	VERB
ajfa-3998	265	4	that	that	SCONJ
ajfa-3998	265	5	firms	firm	NOUN
ajfa-3998	265	6	with	with	ADP
ajfa-3998	265	7	high	high	ADJ
ajfa-3998	265	8	trading	trading	NOUN
ajfa-3998	265	9	volume	volume	NOUN
ajfa-3998	265	10	exhibit	exhibit	VERB
ajfa-3998	265	11	wealth	wealth	NOUN
ajfa-3998	265	12	redistribution	redistribution	NOUN
ajfa-3998	265	13	effect	effect	NOUN
ajfa-3998	265	14	in	in	ADP
ajfa-3998	265	15	case	case	NOUN
ajfa-3998	265	16	of	of	ADP
ajfa-3998	265	17	upgrades	upgrade	NOUN
ajfa-3998	265	18	whereas	whereas	SCONJ
ajfa-3998	265	19	the	the	DET
ajfa-3998	265	20	firms	firm	NOUN
ajfa-3998	265	21	with	with	ADP
ajfa-3998	265	22	low	low	ADJ
ajfa-3998	265	23	trading	trading	NOUN
ajfa-3998	265	24	volume	volume	NOUN
ajfa-3998	265	25	demonstrate	demonstrate	VERB
ajfa-3998	265	26	signalling	signal	VERB
ajfa-3998	265	27	effect	effect	NOUN
ajfa-3998	265	28	.	.	PUNCT
ajfa-3998	266	1	this	this	PRON
ajfa-3998	266	2	may	may	AUX
ajfa-3998	266	3	be	be	AUX
ajfa-3998	266	4	because	because	SCONJ
ajfa-3998	266	5	high	high	ADJ
ajfa-3998	266	6	liquidity	liquidity	NOUN
ajfa-3998	266	7	firms	firm	NOUN
ajfa-3998	266	8	may	may	AUX
ajfa-3998	266	9	have	have	VERB
ajfa-3998	266	10	more	more	ADJ
ajfa-3998	266	11	transparency	transparency	NOUN
ajfa-3998	266	12	so	so	SCONJ
ajfa-3998	266	13	earnings	earning	NOUN
ajfa-3998	266	14	signal	signal	NOUN
ajfa-3998	266	15	may	may	AUX
ajfa-3998	266	16	already	already	ADV
ajfa-3998	266	17	be	be	AUX
ajfa-3998	266	18	reflected	reflect	VERB
ajfa-3998	266	19	in	in	ADP
ajfa-3998	266	20	share	share	NOUN
ajfa-3998	266	21	prices	price	NOUN
ajfa-3998	266	22	and	and	CCONJ
ajfa-3998	266	23	wealth	wealth	NOUN
ajfa-3998	266	24	redistribution	redistribution	NOUN
ajfa-3998	266	25	effect	effect	NOUN
ajfa-3998	266	26	may	may	AUX
ajfa-3998	266	27	,	,	PUNCT
ajfa-3998	266	28	therefore	therefore	ADV
ajfa-3998	266	29	,	,	PUNCT
ajfa-3998	266	30	dominate	dominate	VERB
ajfa-3998	266	31	.	.	PUNCT
ajfa-3998	267	1	but	but	CCONJ
ajfa-3998	267	2	less	less	ADJ
ajfa-3998	267	3	liquid	liquid	ADJ
ajfa-3998	267	4	stocks	stock	NOUN
ajfa-3998	267	5	are	be	AUX
ajfa-3998	267	6	more	more	ADV
ajfa-3998	267	7	difficult	difficult	ADJ
ajfa-3998	267	8	asian	asian	ADJ
ajfa-3998	267	9	journal	journal	NOUN
ajfa-3998	267	10	of	of	ADP
ajfa-3998	267	11	finance	finance	PROPN
ajfa-3998	267	12	&	&	CCONJ
ajfa-3998	267	13	accounting	accounting	PROPN
ajfa-3998	267	14	issn	issn	PROPN
ajfa-3998	267	15	1946	1946	NUM
ajfa-3998	267	16	-	-	PUNCT
ajfa-3998	267	17	052x	052x	NOUN
ajfa-3998	267	18	2013	2013	NUM
ajfa-3998	267	19	,	,	PUNCT
ajfa-3998	267	20	vol	vol	NOUN
ajfa-3998	267	21	.	.	PROPN
ajfa-3998	267	22	5	5	NUM
ajfa-3998	267	23	,	,	PUNCT
ajfa-3998	267	24	no	no	INTJ
ajfa-3998	267	25	.	.	NOUN
ajfa-3998	267	26	2	2	NUM
ajfa-3998	267	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	267	28	63	63	NUM
ajfa-3998	267	29	to	to	PART
ajfa-3998	267	30	value	value	VERB
ajfa-3998	267	31	and	and	CCONJ
ajfa-3998	267	32	therefore	therefore	ADV
ajfa-3998	267	33	,	,	PUNCT
ajfa-3998	267	34	the	the	DET
ajfa-3998	267	35	rating	rating	NOUN
ajfa-3998	267	36	upgrades	upgrade	NOUN
ajfa-3998	267	37	give	give	VERB
ajfa-3998	267	38	a	a	DET
ajfa-3998	267	39	strong	strong	ADJ
ajfa-3998	267	40	earnings	earning	NOUN
ajfa-3998	267	41	signal	signal	NOUN
ajfa-3998	267	42	in	in	ADP
ajfa-3998	267	43	case	case	NOUN
ajfa-3998	267	44	of	of	ADP
ajfa-3998	267	45	such	such	ADJ
ajfa-3998	267	46	firms	firm	NOUN
ajfa-3998	267	47	.	.	PUNCT
ajfa-3998	268	1	however	however	ADV
ajfa-3998	268	2	,	,	PUNCT
ajfa-3998	268	3	post	post	NOUN
ajfa-3998	268	4	downgrades	downgrade	NOUN
ajfa-3998	268	5	,	,	PUNCT
ajfa-3998	268	6	wealth	wealth	NOUN
ajfa-3998	268	7	redistribution	redistribution	NOUN
ajfa-3998	268	8	effect	effect	NOUN
ajfa-3998	268	9	is	be	AUX
ajfa-3998	268	10	shown	show	VERB
ajfa-3998	268	11	by	by	ADP
ajfa-3998	268	12	both	both	DET
ajfa-3998	268	13	the	the	DET
ajfa-3998	268	14	portfolios	portfolio	NOUN
ajfa-3998	268	15	.	.	PUNCT
ajfa-3998	269	1	it	it	PRON
ajfa-3998	269	2	is	be	AUX
ajfa-3998	269	3	observed	observe	VERB
ajfa-3998	269	4	that	that	SCONJ
ajfa-3998	269	5	the	the	DET
ajfa-3998	269	6	post	post	NOUN
ajfa-3998	269	7	downgrade	downgrade	VERB
ajfa-3998	269	8	caar	caar	NOUN
ajfa-3998	269	9	for	for	ADP
ajfa-3998	269	10	stocks	stock	NOUN
ajfa-3998	269	11	with	with	ADP
ajfa-3998	269	12	low	low	ADJ
ajfa-3998	269	13	trading	trading	NOUN
ajfa-3998	269	14	volume	volume	NOUN
ajfa-3998	269	15	is	be	AUX
ajfa-3998	269	16	0.080	0.080	NUM
ajfa-3998	269	17	which	which	PRON
ajfa-3998	269	18	is	be	AUX
ajfa-3998	269	19	higher	high	ADJ
ajfa-3998	269	20	as	as	SCONJ
ajfa-3998	269	21	compared	compare	VERB
ajfa-3998	269	22	to	to	ADP
ajfa-3998	269	23	caar	caar	NOUN
ajfa-3998	269	24	of	of	ADP
ajfa-3998	269	25	highly	highly	ADV
ajfa-3998	269	26	liquid	liquid	ADJ
ajfa-3998	269	27	stocks	stock	NOUN
ajfa-3998	269	28	(	(	PUNCT
ajfa-3998	269	29	0.035	0.035	NUM
ajfa-3998	269	30	)	)	PUNCT
ajfa-3998	269	31	.	.	PUNCT
ajfa-3998	270	1	so	so	ADV
ajfa-3998	270	2	the	the	DET
ajfa-3998	270	3	response	response	NOUN
ajfa-3998	270	4	to	to	ADP
ajfa-3998	270	5	bond	bond	NOUN
ajfa-3998	270	6	rating	rating	NOUN
ajfa-3998	270	7	downgrades	downgrade	NOUN
ajfa-3998	270	8	is	be	AUX
ajfa-3998	270	9	stronger	strong	ADJ
ajfa-3998	270	10	in	in	ADP
ajfa-3998	270	11	case	case	NOUN
ajfa-3998	270	12	of	of	ADP
ajfa-3998	270	13	illiquid	illiquid	ADJ
ajfa-3998	270	14	stocks	stock	NOUN
ajfa-3998	270	15	.	.	PUNCT
ajfa-3998	271	1	no	no	DET
ajfa-3998	271	2	significant	significant	ADJ
ajfa-3998	271	3	reaction	reaction	NOUN
ajfa-3998	271	4	is	be	AUX
ajfa-3998	271	5	seen	see	VERB
ajfa-3998	271	6	before	before	ADP
ajfa-3998	271	7	the	the	DET
ajfa-3998	271	8	downgrades	downgrade	NOUN
ajfa-3998	271	9	for	for	ADP
ajfa-3998	271	10	illiquid	illiquid	ADJ
ajfa-3998	271	11	stocks	stock	NOUN
ajfa-3998	271	12	(	(	PUNCT
ajfa-3998	271	13	small	small	ADJ
ajfa-3998	271	14	trading	trading	NOUN
ajfa-3998	271	15	volume	volume	NOUN
ajfa-3998	271	16	)	)	PUNCT
ajfa-3998	271	17	.	.	PUNCT
ajfa-3998	272	1	the	the	DET
ajfa-3998	272	2	lack	lack	NOUN
ajfa-3998	272	3	of	of	ADP
ajfa-3998	272	4	anticipation	anticipation	NOUN
ajfa-3998	272	5	is	be	AUX
ajfa-3998	272	6	in	in	ADP
ajfa-3998	272	7	line	line	NOUN
ajfa-3998	272	8	with	with	ADP
ajfa-3998	272	9	the	the	DET
ajfa-3998	272	10	premise	premise	NOUN
ajfa-3998	272	11	that	that	SCONJ
ajfa-3998	272	12	illiquid	illiquid	ADJ
ajfa-3998	272	13	firms	firm	NOUN
ajfa-3998	272	14	may	may	AUX
ajfa-3998	272	15	have	have	AUX
ajfa-3998	272	16	few	few	ADJ
ajfa-3998	272	17	interested	interested	ADJ
ajfa-3998	272	18	investors	investor	NOUN
ajfa-3998	272	19	and	and	CCONJ
ajfa-3998	272	20	these	these	DET
ajfa-3998	272	21	firms	firm	NOUN
ajfa-3998	272	22	may	may	AUX
ajfa-3998	272	23	not	not	PART
ajfa-3998	272	24	be	be	AUX
ajfa-3998	272	25	closely	closely	ADV
ajfa-3998	272	26	monitored	monitor	VERB
ajfa-3998	272	27	for	for	ADP
ajfa-3998	272	28	major	major	ADJ
ajfa-3998	272	29	changes	change	NOUN
ajfa-3998	272	30	.	.	PUNCT
ajfa-3998	273	1	on	on	ADP
ajfa-3998	273	2	the	the	DET
ajfa-3998	273	3	other	other	ADJ
ajfa-3998	273	4	hand	hand	NOUN
ajfa-3998	273	5	,	,	PUNCT
ajfa-3998	273	6	for	for	ADP
ajfa-3998	273	7	the	the	DET
ajfa-3998	273	8	firms	firm	NOUN
ajfa-3998	273	9	whose	whose	DET
ajfa-3998	273	10	shares	share	NOUN
ajfa-3998	273	11	are	be	AUX
ajfa-3998	273	12	frequently	frequently	ADV
ajfa-3998	273	13	traded	trade	VERB
ajfa-3998	273	14	,	,	PUNCT
ajfa-3998	273	15	positive	positive	ADJ
ajfa-3998	273	16	pre	pre	NOUN
ajfa-3998	273	17	–	–	PUNCT
ajfa-3998	273	18	event	event	NOUN
ajfa-3998	273	19	abnormal	abnormal	ADJ
ajfa-3998	273	20	returns	return	NOUN
ajfa-3998	273	21	are	be	AUX
ajfa-3998	273	22	observed	observe	VERB
ajfa-3998	273	23	.	.	PUNCT
ajfa-3998	274	1	this	this	PRON
ajfa-3998	274	2	is	be	AUX
ajfa-3998	274	3	due	due	ADJ
ajfa-3998	274	4	to	to	ADP
ajfa-3998	274	5	the	the	DET
ajfa-3998	274	6	possible	possible	ADJ
ajfa-3998	274	7	close	close	ADJ
ajfa-3998	274	8	watch	watch	NOUN
ajfa-3998	274	9	kept	keep	VERB
ajfa-3998	274	10	by	by	ADP
ajfa-3998	274	11	the	the	DET
ajfa-3998	274	12	stockholders	stockholder	NOUN
ajfa-3998	274	13	for	for	ADP
ajfa-3998	274	14	any	any	DET
ajfa-3998	274	15	material	material	ADJ
ajfa-3998	274	16	changes	change	NOUN
ajfa-3998	274	17	in	in	ADP
ajfa-3998	274	18	the	the	DET
ajfa-3998	274	19	capital	capital	NOUN
ajfa-3998	274	20	structure	structure	NOUN
ajfa-3998	274	21	or	or	CCONJ
ajfa-3998	274	22	earnings	earning	NOUN
ajfa-3998	274	23	situation	situation	NOUN
ajfa-3998	274	24	of	of	ADP
ajfa-3998	274	25	these	these	DET
ajfa-3998	274	26	companies	company	NOUN
ajfa-3998	274	27	.	.	PUNCT
ajfa-3998	275	1	liquidity	liquidity	NOUN
ajfa-3998	275	2	,	,	PUNCT
ajfa-3998	275	3	therefore	therefore	ADV
ajfa-3998	275	4	,	,	PUNCT
ajfa-3998	275	5	seems	seem	VERB
ajfa-3998	275	6	to	to	PART
ajfa-3998	275	7	be	be	AUX
ajfa-3998	275	8	the	the	DET
ajfa-3998	275	9	criteria	criterion	NOUN
ajfa-3998	275	10	for	for	ADP
ajfa-3998	275	11	pre	pre	ADJ
ajfa-3998	275	12	empting	empting	PROPN
ajfa-3998	275	13	information	information	NOUN
ajfa-3998	275	14	about	about	ADP
ajfa-3998	275	15	the	the	DET
ajfa-3998	275	16	downgraded	downgrade	VERB
ajfa-3998	275	17	stocks	stock	NOUN
ajfa-3998	275	18	.	.	PUNCT
ajfa-3998	276	1	in	in	ADP
ajfa-3998	276	2	case	case	NOUN
ajfa-3998	276	3	of	of	ADP
ajfa-3998	276	4	upgrades	upgrade	NOUN
ajfa-3998	276	5	,	,	PUNCT
ajfa-3998	276	6	liquid	liquid	NOUN
ajfa-3998	276	7	as	as	ADV
ajfa-3998	276	8	well	well	ADV
ajfa-3998	276	9	as	as	ADP
ajfa-3998	276	10	less	less	ADJ
ajfa-3998	276	11	liquid	liquid	ADJ
ajfa-3998	276	12	stocks	stock	NOUN
ajfa-3998	276	13	show	show	VERB
ajfa-3998	276	14	abnormal	abnormal	ADJ
ajfa-3998	276	15	returns	return	NOUN
ajfa-3998	276	16	in	in	ADP
ajfa-3998	276	17	the	the	DET
ajfa-3998	276	18	pre	pre	NOUN
ajfa-3998	276	19	–	–	PUNCT
ajfa-3998	276	20	event	event	NOUN
ajfa-3998	276	21	period	period	NOUN
ajfa-3998	276	22	.	.	PUNCT
ajfa-3998	277	1	however	however	ADV
ajfa-3998	277	2	,	,	PUNCT
ajfa-3998	277	3	the	the	DET
ajfa-3998	277	4	direction	direction	NOUN
ajfa-3998	277	5	of	of	ADP
ajfa-3998	277	6	these	these	DET
ajfa-3998	277	7	returns	return	NOUN
ajfa-3998	277	8	is	be	AUX
ajfa-3998	277	9	different	different	ADJ
ajfa-3998	277	10	.	.	PUNCT
ajfa-3998	278	1	in	in	ADP
ajfa-3998	278	2	case	case	NOUN
ajfa-3998	278	3	of	of	ADP
ajfa-3998	278	4	less	less	ADJ
ajfa-3998	278	5	liquid	liquid	ADJ
ajfa-3998	278	6	(	(	PUNCT
ajfa-3998	278	7	small	small	ADJ
ajfa-3998	278	8	trading	trading	NOUN
ajfa-3998	278	9	volume	volume	NOUN
ajfa-3998	278	10	)	)	PUNCT
ajfa-3998	278	11	stocks	stock	NOUN
ajfa-3998	278	12	,	,	PUNCT
ajfa-3998	278	13	signalling	signal	VERB
ajfa-3998	278	14	effect	effect	NOUN
ajfa-3998	278	15	is	be	AUX
ajfa-3998	278	16	very	very	ADV
ajfa-3998	278	17	strong	strong	ADJ
ajfa-3998	278	18	and	and	CCONJ
ajfa-3998	278	19	overcomes	overcome	VERB
ajfa-3998	278	20	the	the	DET
ajfa-3998	278	21	wealth	wealth	NOUN
ajfa-3998	278	22	redistribution	redistribution	NOUN
ajfa-3998	278	23	effect	effect	NOUN
ajfa-3998	278	24	leading	lead	VERB
ajfa-3998	278	25	to	to	ADP
ajfa-3998	278	26	a	a	DET
ajfa-3998	278	27	positive	positive	ADJ
ajfa-3998	278	28	caar	caar	NOUN
ajfa-3998	278	29	.	.	PUNCT
ajfa-3998	279	1	on	on	ADP
ajfa-3998	279	2	the	the	DET
ajfa-3998	279	3	other	other	ADJ
ajfa-3998	279	4	hand	hand	NOUN
ajfa-3998	279	5	,	,	PUNCT
ajfa-3998	279	6	in	in	ADP
ajfa-3998	279	7	case	case	NOUN
ajfa-3998	279	8	of	of	ADP
ajfa-3998	279	9	more	more	ADJ
ajfa-3998	279	10	liquid	liquid	ADJ
ajfa-3998	279	11	stocks	stock	NOUN
ajfa-3998	279	12	,	,	PUNCT
ajfa-3998	279	13	the	the	DET
ajfa-3998	279	14	wealth	wealth	NOUN
ajfa-3998	279	15	redistribution	redistribution	NOUN
ajfa-3998	279	16	effect	effect	NOUN
ajfa-3998	279	17	dominates	dominate	VERB
ajfa-3998	279	18	and	and	CCONJ
ajfa-3998	279	19	overcomes	overcome	VERB
ajfa-3998	279	20	the	the	DET
ajfa-3998	279	21	signalling	signal	VERB
ajfa-3998	279	22	effect	effect	NOUN
ajfa-3998	279	23	and	and	CCONJ
ajfa-3998	279	24	negative	negative	ADJ
ajfa-3998	279	25	abnormal	abnormal	ADJ
ajfa-3998	279	26	returns	return	NOUN
ajfa-3998	279	27	are	be	AUX
ajfa-3998	279	28	witnessed	witness	VERB
ajfa-3998	279	29	.	.	PUNCT
ajfa-3998	280	1	financial	financial	ADJ
ajfa-3998	280	2	leverage	leverage	NOUN
ajfa-3998	280	3	based	base	VERB
ajfa-3998	280	4	portfoliospanel	portfoliospanel	PROPN
ajfa-3998	280	5	d	d	PROPN
ajfa-3998	280	6	of	of	ADP
ajfa-3998	280	7	table	table	NOUN
ajfa-3998	280	8	2	2	NUM
ajfa-3998	280	9	shows	show	VERB
ajfa-3998	280	10	results	result	NOUN
ajfa-3998	280	11	of	of	ADP
ajfa-3998	280	12	leverage	leverage	NOUN
ajfa-3998	280	13	based	base	VERB
ajfa-3998	280	14	portfolios	portfolio	NOUN
ajfa-3998	280	15	.	.	PUNCT
ajfa-3998	281	1	the	the	DET
ajfa-3998	281	2	relationship	relationship	NOUN
ajfa-3998	281	3	between	between	ADP
ajfa-3998	281	4	bond	bond	NOUN
ajfa-3998	281	5	rating	rating	NOUN
ajfa-3998	281	6	changes	change	NOUN
ajfa-3998	281	7	and	and	CCONJ
ajfa-3998	281	8	stock	stock	NOUN
ajfa-3998	281	9	returns	return	NOUN
ajfa-3998	281	10	differs	differ	VERB
ajfa-3998	281	11	in	in	ADP
ajfa-3998	281	12	case	case	NOUN
ajfa-3998	281	13	of	of	ADP
ajfa-3998	281	14	high	high	ADJ
ajfa-3998	281	15	leverage	leverage	NOUN
ajfa-3998	281	16	firms	firm	NOUN
ajfa-3998	281	17	and	and	CCONJ
ajfa-3998	281	18	low	low	ADJ
ajfa-3998	281	19	leverage	leverage	NOUN
ajfa-3998	281	20	firms	firm	NOUN
ajfa-3998	281	21	.	.	PUNCT
ajfa-3998	282	1	in	in	ADP
ajfa-3998	282	2	case	case	NOUN
ajfa-3998	282	3	of	of	ADP
ajfa-3998	282	4	rating	rating	NOUN
ajfa-3998	282	5	downgrades	downgrade	NOUN
ajfa-3998	282	6	,	,	PUNCT
ajfa-3998	282	7	as	as	SCONJ
ajfa-3998	282	8	expected	expect	VERB
ajfa-3998	282	9	,	,	PUNCT
ajfa-3998	282	10	the	the	DET
ajfa-3998	282	11	high	high	ADJ
ajfa-3998	282	12	leverage	leverage	NOUN
ajfa-3998	282	13	firms	firm	NOUN
ajfa-3998	282	14	show	show	VERB
ajfa-3998	282	15	a	a	DET
ajfa-3998	282	16	strong	strong	ADJ
ajfa-3998	282	17	response	response	NOUN
ajfa-3998	282	18	to	to	ADP
ajfa-3998	282	19	rating	rating	NOUN
ajfa-3998	282	20	change	change	NOUN
ajfa-3998	282	21	while	while	SCONJ
ajfa-3998	282	22	low	low	ADJ
ajfa-3998	282	23	leverage	leverage	NOUN
ajfa-3998	282	24	portfolio	portfolio	NOUN
ajfa-3998	282	25	do	do	AUX
ajfa-3998	282	26	not	not	PART
ajfa-3998	282	27	show	show	VERB
ajfa-3998	282	28	any	any	DET
ajfa-3998	282	29	significant	significant	ADJ
ajfa-3998	282	30	caar	caar	NOUN
ajfa-3998	282	31	.	.	PUNCT
ajfa-3998	283	1	for	for	ADP
ajfa-3998	283	2	high	high	ADJ
ajfa-3998	283	3	leverage	leverage	NOUN
ajfa-3998	283	4	firms	firm	NOUN
ajfa-3998	283	5	the	the	DET
ajfa-3998	283	6	abnormal	abnormal	ADJ
ajfa-3998	283	7	returns	return	NOUN
ajfa-3998	283	8	are	be	AUX
ajfa-3998	283	9	positively	positively	ADV
ajfa-3998	283	10	significant	significant	ADJ
ajfa-3998	283	11	both	both	CCONJ
ajfa-3998	283	12	before	before	ADP
ajfa-3998	283	13	and	and	CCONJ
ajfa-3998	283	14	after	after	ADP
ajfa-3998	283	15	the	the	DET
ajfa-3998	283	16	event	event	NOUN
ajfa-3998	283	17	because	because	SCONJ
ajfa-3998	283	18	the	the	DET
ajfa-3998	283	19	firms	firm	NOUN
ajfa-3998	283	20	which	which	PRON
ajfa-3998	283	21	already	already	ADV
ajfa-3998	283	22	have	have	VERB
ajfa-3998	283	23	a	a	DET
ajfa-3998	283	24	high	high	ADJ
ajfa-3998	283	25	leverage	leverage	NOUN
ajfa-3998	283	26	are	be	AUX
ajfa-3998	283	27	more	more	ADV
ajfa-3998	283	28	risky	risky	ADJ
ajfa-3998	283	29	and	and	CCONJ
ajfa-3998	283	30	therefore	therefore	ADV
ajfa-3998	283	31	any	any	DET
ajfa-3998	283	32	further	further	ADJ
ajfa-3998	283	33	change	change	NOUN
ajfa-3998	283	34	in	in	ADP
ajfa-3998	283	35	leverage	leverage	NOUN
ajfa-3998	283	36	may	may	AUX
ajfa-3998	283	37	be	be	AUX
ajfa-3998	283	38	closely	closely	ADV
ajfa-3998	283	39	monitored	monitor	VERB
ajfa-3998	283	40	by	by	ADP
ajfa-3998	283	41	the	the	DET
ajfa-3998	283	42	shareholders	shareholder	NOUN
ajfa-3998	283	43	.	.	PUNCT
ajfa-3998	284	1	there	there	PRON
ajfa-3998	284	2	is	be	VERB
ajfa-3998	284	3	an	an	DET
ajfa-3998	284	4	increase	increase	NOUN
ajfa-3998	284	5	in	in	ADP
ajfa-3998	284	6	risk	risk	NOUN
ajfa-3998	284	7	due	due	ADP
ajfa-3998	284	8	to	to	ADP
ajfa-3998	284	9	downgrades	downgrade	NOUN
ajfa-3998	284	10	which	which	PRON
ajfa-3998	284	11	prompts	prompt	VERB
ajfa-3998	284	12	the	the	DET
ajfa-3998	284	13	investors	investor	NOUN
ajfa-3998	284	14	to	to	PART
ajfa-3998	284	15	expect	expect	VERB
ajfa-3998	284	16	a	a	DET
ajfa-3998	284	17	higher	high	ADJ
ajfa-3998	284	18	return	return	NOUN
ajfa-3998	284	19	on	on	ADP
ajfa-3998	284	20	their	their	PRON
ajfa-3998	284	21	stocks	stock	NOUN
ajfa-3998	284	22	.	.	PUNCT
ajfa-3998	285	1	the	the	DET
ajfa-3998	285	2	downgrades	downgrade	NOUN
ajfa-3998	285	3	occurring	occur	VERB
ajfa-3998	285	4	due	due	ADP
ajfa-3998	285	5	to	to	PART
ajfa-3998	285	6	change	change	VERB
ajfa-3998	285	7	in	in	ADP
ajfa-3998	285	8	capital	capital	NOUN
ajfa-3998	285	9	structure	structure	NOUN
ajfa-3998	285	10	make	make	VERB
ajfa-3998	285	11	the	the	DET
ajfa-3998	285	12	investment	investment	NOUN
ajfa-3998	285	13	risky	risky	ADJ
ajfa-3998	285	14	for	for	ADP
ajfa-3998	285	15	the	the	DET
ajfa-3998	285	16	bondholders	bondholder	NOUN
ajfa-3998	285	17	but	but	CCONJ
ajfa-3998	285	18	may	may	AUX
ajfa-3998	285	19	lead	lead	VERB
ajfa-3998	285	20	to	to	PART
ajfa-3998	285	21	transfer	transfer	VERB
ajfa-3998	285	22	of	of	ADP
ajfa-3998	285	23	wealth	wealth	NOUN
ajfa-3998	285	24	from	from	ADP
ajfa-3998	285	25	bondholders	bondholder	NOUN
ajfa-3998	285	26	to	to	ADP
ajfa-3998	285	27	shareholders	shareholder	NOUN
ajfa-3998	285	28	.	.	PUNCT
ajfa-3998	286	1	also	also	ADV
ajfa-3998	286	2	,	,	PUNCT
ajfa-3998	286	3	these	these	PRON
ajfa-3998	286	4	are	be	AUX
ajfa-3998	286	5	usually	usually	ADV
ajfa-3998	286	6	the	the	DET
ajfa-3998	286	7	firms	firm	NOUN
ajfa-3998	286	8	with	with	ADP
ajfa-3998	286	9	information	information	NOUN
ajfa-3998	286	10	problems	problem	NOUN
ajfa-3998	286	11	and	and	CCONJ
ajfa-3998	286	12	therefore	therefore	ADV
ajfa-3998	286	13	the	the	DET
ajfa-3998	286	14	wealth	wealth	NOUN
ajfa-3998	286	15	redistribution	redistribution	NOUN
ajfa-3998	286	16	effect	effect	NOUN
ajfa-3998	286	17	is	be	AUX
ajfa-3998	286	18	not	not	PART
ajfa-3998	286	19	fully	fully	ADV
ajfa-3998	286	20	absorbed	absorb	VERB
ajfa-3998	286	21	in	in	ADP
ajfa-3998	286	22	the	the	DET
ajfa-3998	286	23	pre	pre	ADJ
ajfa-3998	286	24	event	event	NOUN
ajfa-3998	286	25	window	window	NOUN
ajfa-3998	286	26	.	.	PUNCT
ajfa-3998	287	1	the	the	DET
ajfa-3998	287	2	firms	firm	NOUN
ajfa-3998	287	3	with	with	ADP
ajfa-3998	287	4	low	low	ADJ
ajfa-3998	287	5	leverage	leverage	NOUN
ajfa-3998	287	6	show	show	VERB
ajfa-3998	287	7	insignificant	insignificant	ADJ
ajfa-3998	287	8	returns	return	NOUN
ajfa-3998	287	9	before	before	ADP
ajfa-3998	287	10	as	as	ADV
ajfa-3998	287	11	well	well	ADV
ajfa-3998	287	12	as	as	ADP
ajfa-3998	287	13	after	after	ADP
ajfa-3998	287	14	the	the	DET
ajfa-3998	287	15	downgrade	downgrade	NOUN
ajfa-3998	287	16	.	.	PUNCT
ajfa-3998	288	1	this	this	PRON
ajfa-3998	288	2	is	be	AUX
ajfa-3998	288	3	because	because	SCONJ
ajfa-3998	288	4	these	these	DET
ajfa-3998	288	5	firms	firm	NOUN
ajfa-3998	288	6	are	be	AUX
ajfa-3998	288	7	less	less	ADV
ajfa-3998	288	8	risky	risky	ADJ
ajfa-3998	288	9	and	and	CCONJ
ajfa-3998	288	10	a	a	DET
ajfa-3998	288	11	downgrade	downgrade	NOUN
ajfa-3998	288	12	,	,	PUNCT
ajfa-3998	288	13	in	in	ADP
ajfa-3998	288	14	particular	particular	ADJ
ajfa-3998	288	15	,	,	PUNCT
ajfa-3998	288	16	that	that	SCONJ
ajfa-3998	288	17	which	which	PRON
ajfa-3998	288	18	occurs	occur	VERB
ajfa-3998	288	19	in	in	ADP
ajfa-3998	288	20	response	response	NOUN
ajfa-3998	288	21	to	to	PART
ajfa-3998	288	22	change	change	VERB
ajfa-3998	288	23	in	in	ADP
ajfa-3998	288	24	capital	capital	NOUN
ajfa-3998	288	25	structure	structure	NOUN
ajfa-3998	288	26	does	do	AUX
ajfa-3998	288	27	not	not	PART
ajfa-3998	288	28	affect	affect	VERB
ajfa-3998	288	29	these	these	DET
ajfa-3998	288	30	firms	firm	NOUN
ajfa-3998	288	31	very	very	ADV
ajfa-3998	288	32	strongly	strongly	ADV
ajfa-3998	288	33	.	.	PUNCT
ajfa-3998	289	1	the	the	DET
ajfa-3998	289	2	response	response	NOUN
ajfa-3998	289	3	of	of	ADP
ajfa-3998	289	4	the	the	DET
ajfa-3998	289	5	two	two	NUM
ajfa-3998	289	6	portfolios	portfolio	NOUN
ajfa-3998	289	7	also	also	ADV
ajfa-3998	289	8	differs	differ	VERB
ajfa-3998	289	9	in	in	ADP
ajfa-3998	289	10	case	case	NOUN
ajfa-3998	289	11	of	of	ADP
ajfa-3998	289	12	upgrades	upgrade	NOUN
ajfa-3998	289	13	.	.	PUNCT
ajfa-3998	290	1	in	in	ADP
ajfa-3998	290	2	case	case	NOUN
ajfa-3998	290	3	of	of	ADP
ajfa-3998	290	4	upgrades	upgrade	NOUN
ajfa-3998	290	5	,	,	PUNCT
ajfa-3998	290	6	while	while	SCONJ
ajfa-3998	290	7	strong	strong	ADJ
ajfa-3998	290	8	wealth	wealth	NOUN
ajfa-3998	290	9	redistribution	redistribution	NOUN
ajfa-3998	290	10	effect	effect	NOUN
ajfa-3998	290	11	explains	explain	VERB
ajfa-3998	290	12	results	result	NOUN
ajfa-3998	290	13	for	for	ADP
ajfa-3998	290	14	high	high	ADJ
ajfa-3998	290	15	leverage	leverage	NOUN
ajfa-3998	290	16	firms	firm	NOUN
ajfa-3998	290	17	,	,	PUNCT
ajfa-3998	290	18	signalling	signal	VERB
ajfa-3998	290	19	effect	effect	NOUN
ajfa-3998	290	20	dominates	dominate	VERB
ajfa-3998	290	21	the	the	DET
ajfa-3998	290	22	firms	firm	NOUN
ajfa-3998	290	23	with	with	ADP
ajfa-3998	290	24	low	low	ADJ
ajfa-3998	290	25	leverage	leverage	NOUN
ajfa-3998	290	26	.	.	PUNCT
ajfa-3998	291	1	the	the	DET
ajfa-3998	291	2	firms	firm	NOUN
ajfa-3998	291	3	with	with	ADP
ajfa-3998	291	4	high	high	ADJ
ajfa-3998	291	5	leverage	leverage	NOUN
ajfa-3998	291	6	demonstrate	demonstrate	VERB
ajfa-3998	291	7	strong	strong	ADJ
ajfa-3998	291	8	wealth	wealth	NOUN
ajfa-3998	291	9	redistribution	redistribution	NOUN
ajfa-3998	291	10	effect	effect	NOUN
ajfa-3998	291	11	both	both	CCONJ
ajfa-3998	291	12	in	in	ADP
ajfa-3998	291	13	case	case	NOUN
ajfa-3998	291	14	of	of	ADP
ajfa-3998	291	15	upgrades	upgrade	NOUN
ajfa-3998	291	16	as	as	ADV
ajfa-3998	291	17	well	well	ADV
ajfa-3998	291	18	as	as	ADP
ajfa-3998	291	19	downgrades	downgrade	NOUN
ajfa-3998	291	20	.	.	PUNCT
ajfa-3998	292	1	this	this	PRON
ajfa-3998	292	2	is	be	AUX
ajfa-3998	292	3	due	due	ADJ
ajfa-3998	292	4	to	to	ADP
ajfa-3998	292	5	the	the	DET
ajfa-3998	292	6	reason	reason	NOUN
ajfa-3998	292	7	that	that	PRON
ajfa-3998	292	8	high	high	ADJ
ajfa-3998	292	9	leverage	leverage	NOUN
ajfa-3998	292	10	firms	firm	NOUN
ajfa-3998	292	11	are	be	AUX
ajfa-3998	292	12	more	more	ADV
ajfa-3998	292	13	sensitive	sensitive	ADJ
ajfa-3998	292	14	to	to	ADP
ajfa-3998	292	15	wealth	wealth	NOUN
ajfa-3998	292	16	redistribution	redistribution	NOUN
ajfa-3998	292	17	effects	effect	NOUN
ajfa-3998	292	18	.	.	PUNCT
ajfa-3998	293	1	asian	asian	ADJ
ajfa-3998	293	2	journal	journal	PROPN
ajfa-3998	293	3	of	of	ADP
ajfa-3998	293	4	finance	finance	PROPN
ajfa-3998	293	5	&	&	CCONJ
ajfa-3998	293	6	accounting	accounting	PROPN
ajfa-3998	293	7	issn	issn	PROPN
ajfa-3998	293	8	1946	1946	NUM
ajfa-3998	293	9	-	-	PUNCT
ajfa-3998	293	10	052x	052x	NOUN
ajfa-3998	293	11	2013	2013	NUM
ajfa-3998	293	12	,	,	PUNCT
ajfa-3998	293	13	vol	vol	NOUN
ajfa-3998	293	14	.	.	PROPN
ajfa-3998	293	15	5	5	NUM
ajfa-3998	293	16	,	,	PUNCT
ajfa-3998	293	17	no	no	INTJ
ajfa-3998	293	18	.	.	NOUN
ajfa-3998	293	19	2	2	NUM
ajfa-3998	293	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	293	21	64	64	NUM
ajfa-3998	293	22	intangible	intangible	ADJ
ajfa-3998	293	23	assets	asset	NOUN
ajfa-3998	293	24	based	base	VERB
ajfa-3998	293	25	portfolios	portfolio	NOUN
ajfa-3998	293	26	panel	panel	NOUN
ajfa-3998	293	27	e	e	NOUN
ajfa-3998	293	28	of	of	ADP
ajfa-3998	293	29	table	table	NOUN
ajfa-3998	293	30	2	2	NUM
ajfa-3998	293	31	shows	show	VERB
ajfa-3998	293	32	results	result	NOUN
ajfa-3998	293	33	of	of	ADP
ajfa-3998	293	34	intangibles	intangible	NOUN
ajfa-3998	293	35	based	base	VERB
ajfa-3998	293	36	portfolios	portfolio	NOUN
ajfa-3998	293	37	.	.	PUNCT
ajfa-3998	294	1	the	the	DET
ajfa-3998	294	2	nature	nature	NOUN
ajfa-3998	294	3	of	of	ADP
ajfa-3998	294	4	response	response	NOUN
ajfa-3998	294	5	to	to	ADP
ajfa-3998	294	6	rating	rating	NOUN
ajfa-3998	294	7	upgrades	upgrade	NOUN
ajfa-3998	294	8	is	be	AUX
ajfa-3998	294	9	different	different	ADJ
ajfa-3998	294	10	for	for	ADP
ajfa-3998	294	11	high	high	ADJ
ajfa-3998	294	12	and	and	CCONJ
ajfa-3998	294	13	low	low	ADJ
ajfa-3998	294	14	intangibility	intangibility	NOUN
ajfa-3998	294	15	firms	firm	NOUN
ajfa-3998	294	16	.	.	PUNCT
ajfa-3998	295	1	in	in	ADP
ajfa-3998	295	2	case	case	NOUN
ajfa-3998	295	3	of	of	ADP
ajfa-3998	295	4	upgrades	upgrade	NOUN
ajfa-3998	295	5	,	,	PUNCT
ajfa-3998	295	6	while	while	SCONJ
ajfa-3998	295	7	strong	strong	ADJ
ajfa-3998	295	8	signal	signal	NOUN
ajfa-3998	295	9	explains	explain	VERB
ajfa-3998	295	10	results	result	NOUN
ajfa-3998	295	11	for	for	ADP
ajfa-3998	295	12	high	high	ADJ
ajfa-3998	295	13	intangibility	intangibility	NOUN
ajfa-3998	295	14	firms	firm	NOUN
ajfa-3998	295	15	,	,	PUNCT
ajfa-3998	295	16	wealth	wealth	NOUN
ajfa-3998	295	17	redistribution	redistribution	NOUN
ajfa-3998	295	18	dominates	dominate	VERB
ajfa-3998	295	19	the	the	DET
ajfa-3998	295	20	firms	firm	NOUN
ajfa-3998	295	21	with	with	ADP
ajfa-3998	295	22	low	low	ADJ
ajfa-3998	295	23	intangibility	intangibility	NOUN
ajfa-3998	295	24	.	.	PUNCT
ajfa-3998	296	1	in	in	ADP
ajfa-3998	296	2	case	case	NOUN
ajfa-3998	296	3	of	of	ADP
ajfa-3998	296	4	firms	firm	NOUN
ajfa-3998	296	5	with	with	ADP
ajfa-3998	296	6	higher	high	ADJ
ajfa-3998	296	7	intangibles	intangible	NOUN
ajfa-3998	296	8	,	,	PUNCT
ajfa-3998	296	9	the	the	DET
ajfa-3998	296	10	value	value	NOUN
ajfa-3998	296	11	of	of	ADP
ajfa-3998	296	12	caar	caar	NOUN
ajfa-3998	296	13	increases	increase	VERB
ajfa-3998	296	14	from	from	ADP
ajfa-3998	296	15	0.017	0.017	NUM
ajfa-3998	296	16	to	to	ADP
ajfa-3998	296	17	0.071	0.071	NUM
ajfa-3998	296	18	after	after	ADP
ajfa-3998	296	19	upgrades	upgrade	NOUN
ajfa-3998	296	20	.	.	PUNCT
ajfa-3998	297	1	this	this	PRON
ajfa-3998	297	2	is	be	AUX
ajfa-3998	297	3	possibly	possibly	ADV
ajfa-3998	297	4	because	because	SCONJ
ajfa-3998	297	5	in	in	ADP
ajfa-3998	297	6	these	these	DET
ajfa-3998	297	7	firms	firm	NOUN
ajfa-3998	297	8	rating	rate	VERB
ajfa-3998	297	9	upgrades	upgrade	NOUN
ajfa-3998	297	10	provide	provide	VERB
ajfa-3998	297	11	new	new	ADJ
ajfa-3998	297	12	earnings	earning	NOUN
ajfa-3998	297	13	information	information	NOUN
ajfa-3998	297	14	.	.	PUNCT
ajfa-3998	298	1	the	the	DET
ajfa-3998	298	2	abnormal	abnormal	ADJ
ajfa-3998	298	3	returns	return	NOUN
ajfa-3998	298	4	continue	continue	VERB
ajfa-3998	298	5	from	from	ADP
ajfa-3998	298	6	the	the	DET
ajfa-3998	298	7	pre	pre	NOUN
ajfa-3998	298	8	–	–	PUNCT
ajfa-3998	298	9	event	event	NOUN
ajfa-3998	298	10	period	period	NOUN
ajfa-3998	298	11	to	to	ADP
ajfa-3998	298	12	the	the	DET
ajfa-3998	298	13	post	post	NOUN
ajfa-3998	298	14	–	–	PUNCT
ajfa-3998	298	15	event	event	NOUN
ajfa-3998	298	16	period	period	NOUN
ajfa-3998	298	17	implying	imply	VERB
ajfa-3998	298	18	that	that	SCONJ
ajfa-3998	298	19	the	the	DET
ajfa-3998	298	20	information	information	NOUN
ajfa-3998	298	21	is	be	AUX
ajfa-3998	298	22	not	not	PART
ajfa-3998	298	23	fully	fully	ADV
ajfa-3998	298	24	absorbed	absorb	VERB
ajfa-3998	298	25	in	in	ADP
ajfa-3998	298	26	the	the	DET
ajfa-3998	298	27	first	first	ADJ
ajfa-3998	298	28	period	period	NOUN
ajfa-3998	298	29	.	.	PUNCT
ajfa-3998	299	1	the	the	DET
ajfa-3998	299	2	caar	caar	NOUN
ajfa-3998	299	3	becomes	become	VERB
ajfa-3998	299	4	stronger	strong	ADJ
ajfa-3998	299	5	after	after	ADP
ajfa-3998	299	6	the	the	DET
ajfa-3998	299	7	announcement	announcement	NOUN
ajfa-3998	299	8	because	because	SCONJ
ajfa-3998	299	9	the	the	DET
ajfa-3998	299	10	announcement	announcement	NOUN
ajfa-3998	299	11	possibly	possibly	ADV
ajfa-3998	299	12	provides	provide	VERB
ajfa-3998	299	13	clear	clear	ADJ
ajfa-3998	299	14	earnings	earning	NOUN
ajfa-3998	299	15	signal	signal	NOUN
ajfa-3998	299	16	for	for	ADP
ajfa-3998	299	17	such	such	ADJ
ajfa-3998	299	18	companies	company	NOUN
ajfa-3998	299	19	which	which	PRON
ajfa-3998	299	20	are	be	AUX
ajfa-3998	299	21	usually	usually	ADV
ajfa-3998	299	22	difficult	difficult	ADJ
ajfa-3998	299	23	to	to	PART
ajfa-3998	299	24	value	value	VERB
ajfa-3998	299	25	and	and	CCONJ
ajfa-3998	299	26	have	have	VERB
ajfa-3998	299	27	less	less	ADV
ajfa-3998	299	28	predictable	predictable	ADJ
ajfa-3998	299	29	earnings	earning	NOUN
ajfa-3998	299	30	.	.	PUNCT
ajfa-3998	300	1	on	on	ADP
ajfa-3998	300	2	the	the	DET
ajfa-3998	300	3	other	other	ADJ
ajfa-3998	300	4	hand	hand	NOUN
ajfa-3998	300	5	,	,	PUNCT
ajfa-3998	300	6	the	the	DET
ajfa-3998	300	7	wealth	wealth	NOUN
ajfa-3998	300	8	redistribution	redistribution	NOUN
ajfa-3998	300	9	appears	appear	VERB
ajfa-3998	300	10	after	after	ADP
ajfa-3998	300	11	the	the	DET
ajfa-3998	300	12	announcement	announcement	NOUN
ajfa-3998	300	13	which	which	PRON
ajfa-3998	300	14	leads	lead	VERB
ajfa-3998	300	15	to	to	ADP
ajfa-3998	300	16	negative	negative	ADJ
ajfa-3998	300	17	returns	return	NOUN
ajfa-3998	300	18	in	in	ADP
ajfa-3998	300	19	case	case	NOUN
ajfa-3998	300	20	of	of	ADP
ajfa-3998	300	21	firms	firm	NOUN
ajfa-3998	300	22	with	with	ADP
ajfa-3998	300	23	small	small	ADJ
ajfa-3998	300	24	proportion	proportion	NOUN
ajfa-3998	300	25	of	of	ADP
ajfa-3998	300	26	intangibles	intangible	NOUN
ajfa-3998	300	27	.	.	PUNCT
ajfa-3998	301	1	this	this	PRON
ajfa-3998	301	2	may	may	AUX
ajfa-3998	301	3	be	be	AUX
ajfa-3998	301	4	because	because	SCONJ
ajfa-3998	301	5	earnings	earning	NOUN
ajfa-3998	301	6	signal	signal	NOUN
ajfa-3998	301	7	is	be	AUX
ajfa-3998	301	8	not	not	PART
ajfa-3998	301	9	very	very	ADV
ajfa-3998	301	10	strong	strong	ADJ
ajfa-3998	301	11	as	as	SCONJ
ajfa-3998	301	12	these	these	DET
ajfa-3998	301	13	companies	company	NOUN
ajfa-3998	301	14	are	be	AUX
ajfa-3998	301	15	easier	easy	ADJ
ajfa-3998	301	16	to	to	PART
ajfa-3998	301	17	value	value	VERB
ajfa-3998	301	18	.	.	PUNCT
ajfa-3998	302	1	in	in	ADP
ajfa-3998	302	2	case	case	NOUN
ajfa-3998	302	3	of	of	ADP
ajfa-3998	302	4	downgrades	downgrade	NOUN
ajfa-3998	302	5	both	both	CCONJ
ajfa-3998	302	6	the	the	DET
ajfa-3998	302	7	portfolios	portfolio	NOUN
ajfa-3998	302	8	demonstrate	demonstrate	VERB
ajfa-3998	302	9	wealth	wealth	NOUN
ajfa-3998	302	10	redistribution	redistribution	NOUN
ajfa-3998	302	11	effect	effect	NOUN
ajfa-3998	302	12	after	after	ADP
ajfa-3998	302	13	announcement	announcement	NOUN
ajfa-3998	302	14	.	.	PUNCT
ajfa-3998	303	1	moreover	moreover	ADV
ajfa-3998	303	2	,	,	PUNCT
ajfa-3998	303	3	after	after	ADP
ajfa-3998	303	4	downgrades	downgrade	NOUN
ajfa-3998	303	5	,	,	PUNCT
ajfa-3998	303	6	the	the	DET
ajfa-3998	303	7	high	high	ADJ
ajfa-3998	303	8	intangible	intangible	ADJ
ajfa-3998	303	9	firms	firm	NOUN
ajfa-3998	303	10	react	react	VERB
ajfa-3998	303	11	strongly	strongly	ADV
ajfa-3998	303	12	(	(	PUNCT
ajfa-3998	303	13	caar	caar	NOUN
ajfa-3998	303	14	=	=	NOUN
ajfa-3998	303	15	0.056	0.056	NUM
ajfa-3998	303	16	)	)	PUNCT
ajfa-3998	303	17	in	in	ADP
ajfa-3998	303	18	comparison	comparison	NOUN
ajfa-3998	303	19	to	to	ADP
ajfa-3998	303	20	firms	firm	NOUN
ajfa-3998	303	21	with	with	ADP
ajfa-3998	303	22	low	low	ADJ
ajfa-3998	303	23	intangibles	intangible	NOUN
ajfa-3998	303	24	(	(	PUNCT
ajfa-3998	303	25	caar	caar	NOUN
ajfa-3998	303	26	=	=	NOUN
ajfa-3998	303	27	0.048	0.048	NUM
ajfa-3998	303	28	)	)	PUNCT
ajfa-3998	303	29	.	.	PUNCT
ajfa-3998	304	1	the	the	DET
ajfa-3998	304	2	firms	firm	NOUN
ajfa-3998	304	3	with	with	ADP
ajfa-3998	304	4	high	high	ADJ
ajfa-3998	304	5	component	component	NOUN
ajfa-3998	304	6	of	of	ADP
ajfa-3998	304	7	intangibles	intangible	NOUN
ajfa-3998	304	8	show	show	VERB
ajfa-3998	304	9	pre	pre	ADJ
ajfa-3998	304	10	emption	emption	NOUN
ajfa-3998	304	11	about	about	ADP
ajfa-3998	304	12	earnings	earning	NOUN
ajfa-3998	304	13	signal	signal	NOUN
ajfa-3998	304	14	both	both	CCONJ
ajfa-3998	304	15	before	before	ADP
ajfa-3998	304	16	upgrades	upgrade	NOUN
ajfa-3998	304	17	and	and	CCONJ
ajfa-3998	304	18	downgrades	downgrade	NOUN
ajfa-3998	304	19	but	but	CCONJ
ajfa-3998	304	20	the	the	DET
ajfa-3998	304	21	low	low	ADJ
ajfa-3998	304	22	intangibles	intangible	NOUN
ajfa-3998	304	23	firms	firm	NOUN
ajfa-3998	304	24	exhibit	exhibit	VERB
ajfa-3998	304	25	surprise	surprise	NOUN
ajfa-3998	304	26	in	in	ADP
ajfa-3998	304	27	case	case	NOUN
ajfa-3998	304	28	of	of	ADP
ajfa-3998	304	29	upgrades	upgrade	NOUN
ajfa-3998	304	30	.	.	PUNCT
ajfa-3998	305	1	profitability	profitability	NOUN
ajfa-3998	305	2	based	base	VERB
ajfa-3998	305	3	portfoliospanel	portfoliospanel	PROPN
ajfa-3998	305	4	f	f	PROPN
ajfa-3998	305	5	of	of	ADP
ajfa-3998	305	6	table	table	NOUN
ajfa-3998	305	7	2	2	NUM
ajfa-3998	305	8	shows	show	VERB
ajfa-3998	305	9	results	result	NOUN
ajfa-3998	305	10	of	of	ADP
ajfa-3998	305	11	profitability	profitability	NOUN
ajfa-3998	305	12	based	base	VERB
ajfa-3998	305	13	portfolios	portfolio	NOUN
ajfa-3998	305	14	.	.	PUNCT
ajfa-3998	306	1	price	price	NOUN
ajfa-3998	306	2	response	response	NOUN
ajfa-3998	306	3	is	be	AUX
ajfa-3998	306	4	more	more	ADV
ajfa-3998	306	5	pronounced	pronounced	ADJ
ajfa-3998	306	6	for	for	ADP
ajfa-3998	306	7	small	small	ADJ
ajfa-3998	306	8	profitability	profitability	NOUN
ajfa-3998	306	9	firms	firm	NOUN
ajfa-3998	306	10	compared	compare	VERB
ajfa-3998	306	11	to	to	ADP
ajfa-3998	306	12	large	large	ADJ
ajfa-3998	306	13	profitability	profitability	NOUN
ajfa-3998	306	14	firms	firm	NOUN
ajfa-3998	306	15	.	.	PUNCT
ajfa-3998	307	1	the	the	DET
ajfa-3998	307	2	results	result	NOUN
ajfa-3998	307	3	for	for	ADP
ajfa-3998	307	4	high	high	ADJ
ajfa-3998	307	5	profitability	profitability	NOUN
ajfa-3998	307	6	portfolio	portfolio	NOUN
ajfa-3998	307	7	are	be	AUX
ajfa-3998	307	8	insignificant	insignificant	ADJ
ajfa-3998	307	9	.	.	PUNCT
ajfa-3998	308	1	for	for	ADP
ajfa-3998	308	2	low	low	ADJ
ajfa-3998	308	3	profitability	profitability	NOUN
ajfa-3998	308	4	firms	firm	NOUN
ajfa-3998	308	5	,	,	PUNCT
ajfa-3998	308	6	a	a	DET
ajfa-3998	308	7	response	response	NOUN
ajfa-3998	308	8	is	be	AUX
ajfa-3998	308	9	seen	see	VERB
ajfa-3998	308	10	both	both	CCONJ
ajfa-3998	308	11	after	after	ADP
ajfa-3998	308	12	upgrades	upgrade	NOUN
ajfa-3998	308	13	and	and	CCONJ
ajfa-3998	308	14	downgrades	downgrade	NOUN
ajfa-3998	308	15	.	.	PUNCT
ajfa-3998	309	1	signalling	signal	VERB
ajfa-3998	309	2	effect	effect	NOUN
ajfa-3998	309	3	is	be	AUX
ajfa-3998	309	4	dominant	dominant	ADJ
ajfa-3998	309	5	after	after	ADP
ajfa-3998	309	6	upgrades	upgrade	NOUN
ajfa-3998	309	7	in	in	ADP
ajfa-3998	309	8	low	low	ADJ
ajfa-3998	309	9	profitability	profitability	NOUN
ajfa-3998	309	10	firms	firm	NOUN
ajfa-3998	309	11	.	.	PUNCT
ajfa-3998	310	1	this	this	PRON
ajfa-3998	310	2	may	may	AUX
ajfa-3998	310	3	be	be	AUX
ajfa-3998	310	4	because	because	SCONJ
ajfa-3998	310	5	the	the	DET
ajfa-3998	310	6	investors	investor	NOUN
ajfa-3998	310	7	normally	normally	ADV
ajfa-3998	310	8	do	do	AUX
ajfa-3998	310	9	not	not	PART
ajfa-3998	310	10	expect	expect	VERB
ajfa-3998	310	11	firms	firm	NOUN
ajfa-3998	310	12	with	with	ADP
ajfa-3998	310	13	low	low	ADJ
ajfa-3998	310	14	profitability	profitability	NOUN
ajfa-3998	310	15	to	to	PART
ajfa-3998	310	16	be	be	AUX
ajfa-3998	310	17	upgraded	upgrade	VERB
ajfa-3998	310	18	.	.	PUNCT
ajfa-3998	311	1	the	the	DET
ajfa-3998	311	2	announcement	announcement	NOUN
ajfa-3998	311	3	of	of	ADP
ajfa-3998	311	4	upgrade	upgrade	NOUN
ajfa-3998	311	5	is	be	AUX
ajfa-3998	311	6	seen	see	VERB
ajfa-3998	311	7	as	as	ADP
ajfa-3998	311	8	an	an	DET
ajfa-3998	311	9	improvement	improvement	NOUN
ajfa-3998	311	10	in	in	ADP
ajfa-3998	311	11	the	the	DET
ajfa-3998	311	12	future	future	ADJ
ajfa-3998	311	13	earnings	earning	NOUN
ajfa-3998	311	14	prospects	prospect	NOUN
ajfa-3998	311	15	of	of	ADP
ajfa-3998	311	16	the	the	DET
ajfa-3998	311	17	firm	firm	NOUN
ajfa-3998	311	18	.	.	PUNCT
ajfa-3998	312	1	this	this	PRON
ajfa-3998	312	2	leads	lead	VERB
ajfa-3998	312	3	to	to	ADP
ajfa-3998	312	4	positive	positive	ADJ
ajfa-3998	312	5	sentiment	sentiment	NOUN
ajfa-3998	312	6	in	in	ADP
ajfa-3998	312	7	the	the	DET
ajfa-3998	312	8	shareholders	shareholder	NOUN
ajfa-3998	312	9	and	and	CCONJ
ajfa-3998	312	10	generates	generate	VERB
ajfa-3998	312	11	significant	significant	ADJ
ajfa-3998	312	12	returns	return	NOUN
ajfa-3998	312	13	.	.	PUNCT
ajfa-3998	313	1	in	in	ADP
ajfa-3998	313	2	case	case	NOUN
ajfa-3998	313	3	of	of	ADP
ajfa-3998	313	4	downgrades	downgrade	NOUN
ajfa-3998	313	5	,	,	PUNCT
ajfa-3998	313	6	wealth	wealth	NOUN
ajfa-3998	313	7	redistribution	redistribution	NOUN
ajfa-3998	313	8	effect	effect	NOUN
ajfa-3998	313	9	dominates	dominate	VERB
ajfa-3998	313	10	and	and	CCONJ
ajfa-3998	313	11	overcomes	overcome	VERB
ajfa-3998	313	12	the	the	DET
ajfa-3998	313	13	signal	signal	NOUN
ajfa-3998	313	14	.	.	PUNCT
ajfa-3998	314	1	also	also	ADV
ajfa-3998	314	2	firms	firm	NOUN
ajfa-3998	314	3	with	with	ADP
ajfa-3998	314	4	low	low	ADJ
ajfa-3998	314	5	profitability	profitability	NOUN
ajfa-3998	314	6	are	be	AUX
ajfa-3998	314	7	likely	likely	ADJ
ajfa-3998	314	8	to	to	PART
ajfa-3998	314	9	be	be	AUX
ajfa-3998	314	10	downgraded	downgrade	VERB
ajfa-3998	314	11	,	,	PUNCT
ajfa-3998	314	12	thus	thus	ADV
ajfa-3998	314	13	,	,	PUNCT
ajfa-3998	314	14	anticipation	anticipation	NOUN
ajfa-3998	314	15	is	be	AUX
ajfa-3998	314	16	seen	see	VERB
ajfa-3998	314	17	in	in	ADP
ajfa-3998	314	18	form	form	NOUN
ajfa-3998	314	19	of	of	ADP
ajfa-3998	314	20	significant	significant	ADJ
ajfa-3998	314	21	pre	pre	NOUN
ajfa-3998	314	22	–	–	PUNCT
ajfa-3998	314	23	event	event	NOUN
ajfa-3998	314	24	returns	return	NOUN
ajfa-3998	314	25	.	.	PUNCT
ajfa-3998	315	1	there	there	PRON
ajfa-3998	315	2	is	be	VERB
ajfa-3998	315	3	no	no	DET
ajfa-3998	315	4	pre	pre	X
ajfa-3998	315	5	emption	emption	NOUN
ajfa-3998	315	6	in	in	ADP
ajfa-3998	315	7	case	case	NOUN
ajfa-3998	315	8	of	of	ADP
ajfa-3998	315	9	upgrades	upgrade	NOUN
ajfa-3998	315	10	.	.	PUNCT
ajfa-3998	316	1	this	this	PRON
ajfa-3998	316	2	may	may	AUX
ajfa-3998	316	3	be	be	AUX
ajfa-3998	316	4	because	because	SCONJ
ajfa-3998	316	5	investors	investor	NOUN
ajfa-3998	316	6	monitor	monitor	VERB
ajfa-3998	316	7	negative	negative	ADJ
ajfa-3998	316	8	market	market	NOUN
ajfa-3998	316	9	developments	development	NOUN
ajfa-3998	316	10	(	(	PUNCT
ajfa-3998	316	11	leading	lead	VERB
ajfa-3998	316	12	to	to	ADP
ajfa-3998	316	13	downgrades	downgrade	NOUN
ajfa-3998	316	14	)	)	PUNCT
ajfa-3998	316	15	more	more	ADV
ajfa-3998	316	16	closely	closely	ADV
ajfa-3998	316	17	than	than	ADP
ajfa-3998	316	18	good	good	ADJ
ajfa-3998	316	19	ones	one	NOUN
ajfa-3998	316	20	(	(	PUNCT
ajfa-3998	316	21	which	which	PRON
ajfa-3998	316	22	result	result	VERB
ajfa-3998	316	23	in	in	ADP
ajfa-3998	316	24	upgrades	upgrade	NOUN
ajfa-3998	316	25	)	)	PUNCT
ajfa-3998	316	26	.	.	PUNCT
ajfa-3998	317	1	thus	thus	ADV
ajfa-3998	317	2	,	,	PUNCT
ajfa-3998	317	3	firm	firm	ADJ
ajfa-3998	317	4	characteristics	characteristic	NOUN
ajfa-3998	317	5	do	do	AUX
ajfa-3998	317	6	impact	impact	VERB
ajfa-3998	317	7	the	the	DET
ajfa-3998	317	8	relationship	relationship	NOUN
ajfa-3998	317	9	between	between	ADP
ajfa-3998	317	10	rating	rating	NOUN
ajfa-3998	317	11	changes	change	NOUN
ajfa-3998	317	12	and	and	CCONJ
ajfa-3998	317	13	stock	stock	NOUN
ajfa-3998	317	14	returns	return	NOUN
ajfa-3998	317	15	.	.	PUNCT
ajfa-3998	318	1	in	in	ADP
ajfa-3998	318	2	case	case	NOUN
ajfa-3998	318	3	of	of	ADP
ajfa-3998	318	4	less	less	ADV
ajfa-3998	318	5	informationally	informationally	ADV
ajfa-3998	318	6	efficient	efficient	ADJ
ajfa-3998	318	7	firms	firm	NOUN
ajfa-3998	318	8	,	,	PUNCT
ajfa-3998	318	9	wealth	wealth	NOUN
ajfa-3998	318	10	redistribution	redistribution	NOUN
ajfa-3998	318	11	effect	effect	NOUN
ajfa-3998	318	12	dominates	dominate	VERB
ajfa-3998	318	13	in	in	ADP
ajfa-3998	318	14	downgrades	downgrade	NOUN
ajfa-3998	318	15	while	while	SCONJ
ajfa-3998	318	16	signalling	signal	VERB
ajfa-3998	318	17	effect	effect	NOUN
ajfa-3998	318	18	generally	generally	ADV
ajfa-3998	318	19	dominates	dominate	VERB
ajfa-3998	318	20	in	in	ADP
ajfa-3998	318	21	upgrades	upgrade	NOUN
ajfa-3998	318	22	.	.	PUNCT
ajfa-3998	319	1	for	for	ADP
ajfa-3998	319	2	more	more	ADV
ajfa-3998	319	3	informationally	informationally	ADV
ajfa-3998	319	4	efficient	efficient	ADJ
ajfa-3998	319	5	firms	firm	NOUN
ajfa-3998	319	6	,	,	PUNCT
ajfa-3998	319	7	the	the	DET
ajfa-3998	319	8	results	result	NOUN
ajfa-3998	319	9	are	be	AUX
ajfa-3998	319	10	not	not	PART
ajfa-3998	319	11	so	so	ADV
ajfa-3998	319	12	clear	clear	ADJ
ajfa-3998	319	13	.	.	PUNCT
ajfa-3998	320	1	further	far	ADV
ajfa-3998	320	2	,	,	PUNCT
ajfa-3998	320	3	stock	stock	NOUN
ajfa-3998	320	4	price	price	NOUN
ajfa-3998	320	5	reaction	reaction	NOUN
ajfa-3998	320	6	is	be	AUX
ajfa-3998	320	7	stronger	strong	ADJ
ajfa-3998	320	8	for	for	ADP
ajfa-3998	320	9	low	low	ADJ
ajfa-3998	320	10	p	p	NOUN
ajfa-3998	320	11	/	/	SYM
ajfa-3998	320	12	b	b	NOUN
ajfa-3998	320	13	and	and	CCONJ
ajfa-3998	320	14	low	low	ADJ
ajfa-3998	320	15	profitability	profitability	NOUN
ajfa-3998	320	16	firms	firm	NOUN
ajfa-3998	320	17	(	(	PUNCT
ajfa-3998	320	18	which	which	PRON
ajfa-3998	320	19	are	be	AUX
ajfa-3998	320	20	expected	expect	VERB
ajfa-3998	320	21	to	to	PART
ajfa-3998	320	22	be	be	AUX
ajfa-3998	320	23	informationally	informationally	ADV
ajfa-3998	320	24	less	less	ADV
ajfa-3998	320	25	efficient	efficient	ADJ
ajfa-3998	320	26	)	)	PUNCT
ajfa-3998	320	27	viz	viz	NOUN
ajfa-3998	320	28	a	a	DET
ajfa-3998	320	29	viz	viz	NOUN
ajfa-3998	320	30	their	their	PRON
ajfa-3998	320	31	counterparts	counterpart	NOUN
ajfa-3998	320	32	for	for	ADP
ajfa-3998	320	33	both	both	DET
ajfa-3998	320	34	rating	rating	NOUN
ajfa-3998	320	35	upgrades	upgrade	NOUN
ajfa-3998	320	36	as	as	ADV
ajfa-3998	320	37	well	well	ADV
ajfa-3998	320	38	as	as	ADP
ajfa-3998	320	39	downgrades	downgrade	NOUN
ajfa-3998	320	40	.	.	PUNCT
ajfa-3998	321	1	similar	similar	ADJ
ajfa-3998	321	2	conclusions	conclusion	NOUN
ajfa-3998	321	3	however	however	ADV
ajfa-3998	321	4	,	,	PUNCT
ajfa-3998	321	5	can	can	AUX
ajfa-3998	321	6	not	not	PART
ajfa-3998	321	7	be	be	AUX
ajfa-3998	321	8	drawn	draw	VERB
ajfa-3998	321	9	while	while	SCONJ
ajfa-3998	321	10	classifying	classify	VERB
ajfa-3998	321	11	firms	firm	NOUN
ajfa-3998	321	12	on	on	ADP
ajfa-3998	321	13	other	other	ADJ
ajfa-3998	321	14	characteristics	characteristic	NOUN
ajfa-3998	321	15	.	.	PUNCT
ajfa-3998	322	1	asian	asian	ADJ
ajfa-3998	322	2	journal	journal	PROPN
ajfa-3998	322	3	of	of	ADP
ajfa-3998	322	4	finance	finance	PROPN
ajfa-3998	322	5	&	&	CCONJ
ajfa-3998	322	6	accounting	accounting	PROPN
ajfa-3998	322	7	issn	issn	PROPN
ajfa-3998	322	8	1946	1946	NUM
ajfa-3998	322	9	-	-	PUNCT
ajfa-3998	322	10	052x	052x	NOUN
ajfa-3998	322	11	2013	2013	NUM
ajfa-3998	322	12	,	,	PUNCT
ajfa-3998	322	13	vol	vol	NOUN
ajfa-3998	322	14	.	.	PROPN
ajfa-3998	322	15	5	5	NUM
ajfa-3998	322	16	,	,	PUNCT
ajfa-3998	322	17	no	no	INTJ
ajfa-3998	322	18	.	.	NOUN
ajfa-3998	322	19	2	2	NUM
ajfa-3998	322	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	322	21	65	65	NUM
ajfa-3998	322	22	4.2	4.2	NUM
ajfa-3998	322	23	factors	factor	NOUN
ajfa-3998	322	24	affecting	affect	VERB
ajfa-3998	322	25	cross	cross	ADJ
ajfa-3998	322	26	–	–	PUNCT
ajfa-3998	322	27	sectional	sectional	ADJ
ajfa-3998	322	28	post	post	NOUN
ajfa-3998	322	29	rating	rating	NOUN
ajfa-3998	322	30	change	change	NOUN
ajfa-3998	322	31	performance	performance	NOUN
ajfa-3998	322	32	4.2.1	4.2.1	NUM
ajfa-3998	322	33	aggregate	aggregate	ADJ
ajfa-3998	322	34	analysis	analysis	NOUN
ajfa-3998	322	35	table	table	NOUN
ajfa-3998	322	36	3	3	NUM
ajfa-3998	322	37	shows	show	VERB
ajfa-3998	322	38	the	the	DET
ajfa-3998	322	39	results	result	NOUN
ajfa-3998	322	40	of	of	ADP
ajfa-3998	322	41	regression	regression	NOUN
ajfa-3998	322	42	between	between	ADP
ajfa-3998	322	43	the	the	DET
ajfa-3998	322	44	post	post	NOUN
ajfa-3998	322	45	event	event	NOUN
ajfa-3998	322	46	car	car	NOUN
ajfa-3998	322	47	and	and	CCONJ
ajfa-3998	322	48	the	the	DET
ajfa-3998	322	49	independent	independent	ADJ
ajfa-3998	322	50	variables	variable	NOUN
ajfa-3998	322	51	both	both	CCONJ
ajfa-3998	322	52	in	in	ADP
ajfa-3998	322	53	case	case	NOUN
ajfa-3998	322	54	of	of	ADP
ajfa-3998	322	55	downgrades	downgrade	NOUN
ajfa-3998	322	56	and	and	CCONJ
ajfa-3998	322	57	upgrades	upgrade	NOUN
ajfa-3998	322	58	.	.	PUNCT
ajfa-3998	323	1	table	table	NOUN
ajfa-3998	323	2	3	3	NUM
ajfa-3998	323	3	.	.	PUNCT
ajfa-3998	323	4	results	result	NOUN
ajfa-3998	323	5	of	of	ADP
ajfa-3998	323	6	regression	regression	NOUN
ajfa-3998	323	7	between	between	ADP
ajfa-3998	323	8	post	post	NOUN
ajfa-3998	323	9	–	–	PUNCT
ajfa-3998	323	10	event	event	NOUN
ajfa-3998	323	11	car	car	NOUN
ajfa-3998	323	12	and	and	CCONJ
ajfa-3998	323	13	pre	pre	ADJ
ajfa-3998	323	14	–	–	PUNCT
ajfa-3998	323	15	event	event	NOUN
ajfa-3998	323	16	car	car	NOUN
ajfa-3998	323	17	,	,	PUNCT
ajfa-3998	323	18	magnitude	magnitude	NOUN
ajfa-3998	323	19	of	of	ADP
ajfa-3998	323	20	rating	rating	NOUN
ajfa-3998	323	21	change	change	NOUN
ajfa-3998	323	22	,	,	PUNCT
ajfa-3998	323	23	business	business	NOUN
ajfa-3998	323	24	cycle	cycle	NOUN
ajfa-3998	323	25	dummy	dummy	NOUN
ajfa-3998	323	26	,	,	PUNCT
ajfa-3998	323	27	movement	movement	NOUN
ajfa-3998	323	28	within	within	ADP
ajfa-3998	323	29	speculative	speculative	ADJ
ajfa-3998	323	30	grade	grade	NOUN
ajfa-3998	323	31	dummy	dummy	NOUN
ajfa-3998	323	32	and	and	CCONJ
ajfa-3998	323	33	movement	movement	NOUN
ajfa-3998	323	34	from	from	ADP
ajfa-3998	323	35	investment	investment	NOUN
ajfa-3998	323	36	to	to	ADP
ajfa-3998	323	37	speculative	speculative	ADJ
ajfa-3998	323	38	grade	grade	NOUN
ajfa-3998	323	39	dummy	dummy	NOUN
ajfa-3998	323	40	downgrades	downgrade	VERB
ajfa-3998	323	41	upgrades	upgrade	NOUN
ajfa-3998	323	42	*	*	NOUN
ajfa-3998	323	43	*	*	PUNCT
ajfa-3998	323	44	beta	beta	PROPN
ajfa-3998	323	45	t	t	PROPN
ajfa-3998	323	46	beta	beta	PROPN
ajfa-3998	323	47	t	t	PROPN
ajfa-3998	323	48	(	(	PUNCT
ajfa-3998	323	49	constant	constant	ADJ
ajfa-3998	323	50	)	)	PUNCT
ajfa-3998	323	51	0.025	0.025	NUM
ajfa-3998	323	52	0.517	0.517	NUM
ajfa-3998	323	53	0.008	0.008	NUM
ajfa-3998	323	54	0.188	0.188	NUM
ajfa-3998	323	55	cari	cari	PROPN
ajfa-3998	323	56	-0.326	-0.326	PROPN
ajfa-3998	323	57	*	*	SYM
ajfa-3998	323	58	-2.162	-2.162	NUM
ajfa-3998	323	59	0.646	0.646	NUM
ajfa-3998	323	60	1.677	1.677	NUM
ajfa-3998	323	61	num_grade	num_grade	NOUN
ajfa-3998	323	62	-0.081	-0.081	PROPN
ajfa-3998	323	63	*	*	PUNCT
ajfa-3998	323	64	-3.392	-3.392	X
ajfa-3998	323	65	-0.121	-0.121	X
ajfa-3998	323	66	-1.072	-1.072	NOUN
ajfa-3998	323	67	business_cycle	business_cycle	NOUN
ajfa-3998	323	68	-0.031	-0.031	NUM
ajfa-3998	323	69	-0.491	-0.491	NOUN
ajfa-3998	323	70	0.024	0.024	NUM
ajfa-3998	323	71	0.438	0.438	NUM
ajfa-3998	323	72	spec	spec	PROPN
ajfa-3998	323	73	-0.007	-0.007	PROPN
ajfa-3998	323	74	-0.056	-0.056	PROPN
ajfa-3998	323	75	-0.074	-0.074	PUNCT
ajfa-3998	323	76	-0.634	-0.634	PROPN
ajfa-3998	323	77	fallen	fall	VERB
ajfa-3998	323	78	0.075	0.075	NUM
ajfa-3998	323	79	0.648	0.648	NUM
ajfa-3998	323	80	--	--	PUNCT
ajfa-3998	323	81	adjusted	adjust	VERB
ajfa-3998	323	82	r	r	NOUN
ajfa-3998	323	83	square	square	NOUN
ajfa-3998	323	84	0.337	0.337	NUM
ajfa-3998	323	85	0.138	0.138	NUM
ajfa-3998	323	86	*	*	PUNCT
ajfa-3998	323	87	value	value	NOUN
ajfa-3998	323	88	significant	significant	ADJ
ajfa-3998	323	89	at	at	ADP
ajfa-3998	323	90	5	5	NUM
ajfa-3998	323	91	%	%	NOUN
ajfa-3998	323	92	level	level	NOUN
ajfa-3998	323	93	of	of	ADP
ajfa-3998	323	94	significance	significance	NOUN
ajfa-3998	323	95	*	*	PUNCT
ajfa-3998	324	1	*	*	X
ajfa-3998	324	2	there	there	PRON
ajfa-3998	324	3	were	be	VERB
ajfa-3998	324	4	no	no	DET
ajfa-3998	324	5	cases	case	NOUN
ajfa-3998	324	6	of	of	ADP
ajfa-3998	324	7	rise	rise	NOUN
ajfa-3998	324	8	of	of	ADP
ajfa-3998	324	9	rating	rating	NOUN
ajfa-3998	324	10	from	from	ADP
ajfa-3998	324	11	speculative	speculative	ADJ
ajfa-3998	324	12	grade	grade	NOUN
ajfa-3998	324	13	to	to	ADP
ajfa-3998	324	14	investment	investment	NOUN
ajfa-3998	324	15	grade	grade	NOUN
ajfa-3998	324	16	after	after	ADP
ajfa-3998	324	17	upgrade	upgrade	NOUN
ajfa-3998	324	18	in	in	ADP
ajfa-3998	324	19	the	the	DET
ajfa-3998	324	20	sample	sample	NOUN
ajfa-3998	324	21	.	.	PUNCT
ajfa-3998	325	1	therefore	therefore	ADV
ajfa-3998	325	2	,	,	PUNCT
ajfa-3998	325	3	the	the	DET
ajfa-3998	325	4	variable	variable	NOUN
ajfa-3998	325	5	fallen	fall	VERB
ajfa-3998	325	6	was	be	AUX
ajfa-3998	325	7	not	not	PART
ajfa-3998	325	8	included	include	VERB
ajfa-3998	325	9	in	in	ADP
ajfa-3998	325	10	analysis	analysis	NOUN
ajfa-3998	325	11	of	of	ADP
ajfa-3998	325	12	upgrades	upgrade	NOUN
ajfa-3998	325	13	in	in	ADP
ajfa-3998	325	14	case	case	NOUN
ajfa-3998	325	15	of	of	ADP
ajfa-3998	325	16	downgrades	downgrade	NOUN
ajfa-3998	325	17	,	,	PUNCT
ajfa-3998	325	18	two	two	NUM
ajfa-3998	325	19	of	of	ADP
ajfa-3998	325	20	the	the	DET
ajfa-3998	325	21	variables	variable	NOUN
ajfa-3998	325	22	namely	namely	ADV
ajfa-3998	325	23	the	the	DET
ajfa-3998	325	24	pre	pre	ADJ
ajfa-3998	325	25	–	–	PUNCT
ajfa-3998	325	26	event	event	NOUN
ajfa-3998	325	27	car	car	NOUN
ajfa-3998	325	28	(	(	PUNCT
ajfa-3998	325	29	cari	cari	PROPN
ajfa-3998	325	30	)	)	PUNCT
ajfa-3998	325	31	and	and	CCONJ
ajfa-3998	325	32	magnitude	magnitude	NOUN
ajfa-3998	325	33	of	of	ADP
ajfa-3998	325	34	rating	rating	NOUN
ajfa-3998	325	35	change	change	NOUN
ajfa-3998	325	36	(	(	PUNCT
ajfa-3998	325	37	num_grade	num_grade	ADV
ajfa-3998	325	38	)	)	PUNCT
ajfa-3998	325	39	are	be	AUX
ajfa-3998	325	40	found	find	VERB
ajfa-3998	325	41	to	to	PART
ajfa-3998	325	42	significantly	significantly	ADV
ajfa-3998	325	43	affect	affect	VERB
ajfa-3998	325	44	the	the	DET
ajfa-3998	325	45	post	post	NOUN
ajfa-3998	325	46	–	–	PUNCT
ajfa-3998	325	47	event	event	NOUN
ajfa-3998	325	48	stock	stock	NOUN
ajfa-3998	325	49	returns	return	NOUN
ajfa-3998	325	50	.	.	PUNCT
ajfa-3998	326	1	the	the	DET
ajfa-3998	326	2	pre	pre	ADJ
ajfa-3998	326	3	–	–	PUNCT
ajfa-3998	326	4	event	event	NOUN
ajfa-3998	326	5	car	car	NOUN
ajfa-3998	326	6	negatively	negatively	ADV
ajfa-3998	326	7	affects	affect	VERB
ajfa-3998	326	8	the	the	DET
ajfa-3998	326	9	post	post	NOUN
ajfa-3998	326	10	event	event	NOUN
ajfa-3998	326	11	car	car	NOUN
ajfa-3998	326	12	.	.	PUNCT
ajfa-3998	327	1	the	the	DET
ajfa-3998	327	2	negative	negative	ADJ
ajfa-3998	327	3	sign	sign	NOUN
ajfa-3998	327	4	implies	imply	VERB
ajfa-3998	327	5	that	that	SCONJ
ajfa-3998	327	6	post	post	NOUN
ajfa-3998	327	7	–	–	PUNCT
ajfa-3998	327	8	event	event	NOUN
ajfa-3998	327	9	abnormal	abnormal	ADJ
ajfa-3998	327	10	returns	return	NOUN
ajfa-3998	327	11	are	be	AUX
ajfa-3998	327	12	high	high	ADJ
ajfa-3998	327	13	in	in	ADP
ajfa-3998	327	14	cases	case	NOUN
ajfa-3998	327	15	where	where	SCONJ
ajfa-3998	327	16	pre	pre	ADJ
ajfa-3998	327	17	–	–	PUNCT
ajfa-3998	327	18	event	event	NOUN
ajfa-3998	327	19	abnormal	abnormal	ADJ
ajfa-3998	327	20	returns	return	NOUN
ajfa-3998	327	21	are	be	AUX
ajfa-3998	327	22	low	low	ADJ
ajfa-3998	327	23	and	and	CCONJ
ajfa-3998	327	24	vice	vice	NOUN
ajfa-3998	327	25	–	–	PUNCT
ajfa-3998	327	26	versa	versa	ADV
ajfa-3998	327	27	.	.	PUNCT
ajfa-3998	328	1	thus	thus	ADV
ajfa-3998	328	2	,	,	PUNCT
ajfa-3998	328	3	where	where	SCONJ
ajfa-3998	328	4	the	the	DET
ajfa-3998	328	5	downgrade	downgrade	NOUN
ajfa-3998	328	6	is	be	AUX
ajfa-3998	328	7	anticipated	anticipate	VERB
ajfa-3998	328	8	by	by	ADP
ajfa-3998	328	9	the	the	DET
ajfa-3998	328	10	investors	investor	NOUN
ajfa-3998	328	11	,	,	PUNCT
ajfa-3998	328	12	the	the	DET
ajfa-3998	328	13	post	post	NOUN
ajfa-3998	328	14	–	–	PUNCT
ajfa-3998	328	15	event	event	NOUN
ajfa-3998	328	16	abnormal	abnormal	ADJ
ajfa-3998	328	17	returns	return	NOUN
ajfa-3998	328	18	are	be	AUX
ajfa-3998	328	19	low	low	ADJ
ajfa-3998	328	20	whereas	whereas	SCONJ
ajfa-3998	328	21	,	,	PUNCT
ajfa-3998	328	22	the	the	DET
ajfa-3998	328	23	abnormal	abnormal	ADJ
ajfa-3998	328	24	returns	return	NOUN
ajfa-3998	328	25	are	be	AUX
ajfa-3998	328	26	larger	large	ADJ
ajfa-3998	328	27	where	where	SCONJ
ajfa-3998	328	28	the	the	DET
ajfa-3998	328	29	downgrade	downgrade	NOUN
ajfa-3998	328	30	is	be	AUX
ajfa-3998	328	31	a	a	DET
ajfa-3998	328	32	surprise	surprise	NOUN
ajfa-3998	328	33	.	.	PUNCT
ajfa-3998	329	1	the	the	DET
ajfa-3998	329	2	results	result	NOUN
ajfa-3998	329	3	also	also	ADV
ajfa-3998	329	4	show	show	VERB
ajfa-3998	329	5	that	that	SCONJ
ajfa-3998	329	6	the	the	DET
ajfa-3998	329	7	post	post	NOUN
ajfa-3998	329	8	–	–	PUNCT
ajfa-3998	329	9	event	event	NOUN
ajfa-3998	329	10	car	car	NOUN
ajfa-3998	329	11	is	be	AUX
ajfa-3998	329	12	negatively	negatively	ADV
ajfa-3998	329	13	affected	affect	VERB
ajfa-3998	329	14	by	by	ADP
ajfa-3998	329	15	the	the	DET
ajfa-3998	329	16	magnitude	magnitude	NOUN
ajfa-3998	329	17	of	of	ADP
ajfa-3998	329	18	rating	rating	NOUN
ajfa-3998	329	19	change	change	NOUN
ajfa-3998	329	20	.	.	PUNCT
ajfa-3998	330	1	this	this	PRON
ajfa-3998	330	2	means	mean	VERB
ajfa-3998	330	3	that	that	SCONJ
ajfa-3998	330	4	the	the	PRON
ajfa-3998	330	5	more	more	ADV
ajfa-3998	330	6	the	the	DET
ajfa-3998	330	7	magnitude	magnitude	NOUN
ajfa-3998	330	8	of	of	ADP
ajfa-3998	330	9	rating	rating	NOUN
ajfa-3998	330	10	change	change	NOUN
ajfa-3998	330	11	the	the	PRON
ajfa-3998	330	12	lower	low	ADJ
ajfa-3998	330	13	the	the	DET
ajfa-3998	330	14	abnormal	abnormal	ADJ
ajfa-3998	330	15	returns	return	NOUN
ajfa-3998	330	16	after	after	ADP
ajfa-3998	330	17	announcement	announcement	NOUN
ajfa-3998	330	18	.	.	PUNCT
ajfa-3998	331	1	this	this	PRON
ajfa-3998	331	2	is	be	AUX
ajfa-3998	331	3	not	not	PART
ajfa-3998	331	4	in	in	ADP
ajfa-3998	331	5	line	line	NOUN
ajfa-3998	331	6	with	with	ADP
ajfa-3998	331	7	expectations	expectation	NOUN
ajfa-3998	331	8	.	.	PUNCT
ajfa-3998	332	1	usually	usually	ADV
ajfa-3998	332	2	studies	study	NOUN
ajfa-3998	332	3	find	find	VERB
ajfa-3998	332	4	a	a	DET
ajfa-3998	332	5	direct	direct	ADJ
ajfa-3998	332	6	relationship	relationship	NOUN
ajfa-3998	332	7	between	between	ADP
ajfa-3998	332	8	the	the	DET
ajfa-3998	332	9	two	two	NUM
ajfa-3998	332	10	variables	variable	NOUN
ajfa-3998	332	11	.	.	PUNCT
ajfa-3998	333	1	a	a	DET
ajfa-3998	333	2	possible	possible	ADJ
ajfa-3998	333	3	explanation	explanation	NOUN
ajfa-3998	333	4	may	may	AUX
ajfa-3998	333	5	be	be	AUX
ajfa-3998	333	6	that	that	SCONJ
ajfa-3998	333	7	a	a	DET
ajfa-3998	333	8	large	large	ADJ
ajfa-3998	333	9	magnitude	magnitude	NOUN
ajfa-3998	333	10	of	of	ADP
ajfa-3998	333	11	rating	rating	NOUN
ajfa-3998	333	12	change	change	NOUN
ajfa-3998	333	13	is	be	AUX
ajfa-3998	333	14	easier	easy	ADJ
ajfa-3998	333	15	to	to	PART
ajfa-3998	333	16	anticipate	anticipate	VERB
ajfa-3998	333	17	as	as	SCONJ
ajfa-3998	333	18	compared	compare	VERB
ajfa-3998	333	19	to	to	ADP
ajfa-3998	333	20	a	a	DET
ajfa-3998	333	21	small	small	ADJ
ajfa-3998	333	22	rating	rating	NOUN
ajfa-3998	333	23	change	change	NOUN
ajfa-3998	333	24	.	.	PUNCT
ajfa-3998	334	1	it	it	PRON
ajfa-3998	334	2	seems	seem	VERB
ajfa-3998	334	3	that	that	SCONJ
ajfa-3998	334	4	in	in	ADP
ajfa-3998	334	5	case	case	NOUN
ajfa-3998	334	6	of	of	ADP
ajfa-3998	334	7	downgrades	downgrade	NOUN
ajfa-3998	334	8	,	,	PUNCT
ajfa-3998	334	9	the	the	DET
ajfa-3998	334	10	signalling	signal	VERB
ajfa-3998	334	11	effect	effect	NOUN
ajfa-3998	334	12	tends	tend	VERB
ajfa-3998	334	13	to	to	PART
ajfa-3998	334	14	become	become	VERB
ajfa-3998	334	15	stronger	strong	ADJ
ajfa-3998	334	16	for	for	ADP
ajfa-3998	334	17	a	a	DET
ajfa-3998	334	18	larger	large	ADJ
ajfa-3998	334	19	magnitude	magnitude	NOUN
ajfa-3998	334	20	of	of	ADP
ajfa-3998	334	21	rating	rating	NOUN
ajfa-3998	334	22	change	change	NOUN
ajfa-3998	334	23	which	which	PRON
ajfa-3998	334	24	relatively	relatively	ADV
ajfa-3998	334	25	offsets	offset	VERB
ajfa-3998	334	26	the	the	DET
ajfa-3998	334	27	wealth	wealth	NOUN
ajfa-3998	334	28	redistribution	redistribution	NOUN
ajfa-3998	334	29	effect	effect	NOUN
ajfa-3998	334	30	.	.	PUNCT
ajfa-3998	335	1	this	this	PRON
ajfa-3998	335	2	may	may	AUX
ajfa-3998	335	3	be	be	AUX
ajfa-3998	335	4	the	the	DET
ajfa-3998	335	5	reason	reason	NOUN
ajfa-3998	335	6	why	why	SCONJ
ajfa-3998	335	7	more	more	ADJ
ajfa-3998	335	8	the	the	DET
ajfa-3998	335	9	number	number	NOUN
ajfa-3998	335	10	of	of	ADP
ajfa-3998	335	11	grades	grade	NOUN
ajfa-3998	335	12	changed	change	VERB
ajfa-3998	335	13	,	,	PUNCT
ajfa-3998	335	14	the	the	PRON
ajfa-3998	335	15	less	less	ADJ
ajfa-3998	335	16	the	the	DET
ajfa-3998	335	17	impact	impact	NOUN
ajfa-3998	335	18	on	on	ADP
ajfa-3998	335	19	post	post	NOUN
ajfa-3998	335	20	event	event	NOUN
ajfa-3998	335	21	returns	return	NOUN
ajfa-3998	335	22	.	.	PUNCT
ajfa-3998	336	1	other	other	ADJ
ajfa-3998	336	2	variables	variable	NOUN
ajfa-3998	336	3	(	(	PUNCT
ajfa-3998	336	4	business_cycle	business_cycle	NOUN
ajfa-3998	336	5	,	,	PUNCT
ajfa-3998	336	6	spec	spec	PROPN
ajfa-3998	336	7	,	,	PUNCT
ajfa-3998	336	8	fallen	fall	VERB
ajfa-3998	336	9	)	)	PUNCT
ajfa-3998	336	10	were	be	AUX
ajfa-3998	336	11	not	not	PART
ajfa-3998	336	12	found	find	VERB
ajfa-3998	336	13	to	to	PART
ajfa-3998	336	14	be	be	AUX
ajfa-3998	336	15	significant	significant	ADJ
ajfa-3998	336	16	.	.	PUNCT
ajfa-3998	337	1	asian	asian	ADJ
ajfa-3998	337	2	journal	journal	PROPN
ajfa-3998	337	3	of	of	ADP
ajfa-3998	337	4	finance	finance	PROPN
ajfa-3998	337	5	&	&	CCONJ
ajfa-3998	337	6	accounting	accounting	PROPN
ajfa-3998	337	7	issn	issn	PROPN
ajfa-3998	337	8	1946	1946	NUM
ajfa-3998	337	9	-	-	PUNCT
ajfa-3998	337	10	052x	052x	NOUN
ajfa-3998	337	11	2013	2013	NUM
ajfa-3998	337	12	,	,	PUNCT
ajfa-3998	337	13	vol	vol	NOUN
ajfa-3998	337	14	.	.	PROPN
ajfa-3998	337	15	5	5	NUM
ajfa-3998	337	16	,	,	PUNCT
ajfa-3998	337	17	no	no	INTJ
ajfa-3998	337	18	.	.	NOUN
ajfa-3998	337	19	2	2	NUM
ajfa-3998	337	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	337	21	66	66	NUM
ajfa-3998	337	22	in	in	ADP
ajfa-3998	337	23	case	case	NOUN
ajfa-3998	337	24	of	of	ADP
ajfa-3998	337	25	upgrades	upgrade	NOUN
ajfa-3998	337	26	,	,	PUNCT
ajfa-3998	337	27	none	none	NOUN
ajfa-3998	337	28	of	of	ADP
ajfa-3998	337	29	the	the	DET
ajfa-3998	337	30	variables	variable	NOUN
ajfa-3998	337	31	was	be	AUX
ajfa-3998	337	32	found	find	VERB
ajfa-3998	337	33	to	to	PART
ajfa-3998	337	34	be	be	AUX
ajfa-3998	337	35	significant	significant	ADJ
ajfa-3998	337	36	.	.	PUNCT
ajfa-3998	338	1	4.2.2	4.2.2	NUM
ajfa-3998	338	2	firm	firm	ADJ
ajfa-3998	338	3	characteristic	characteristic	ADJ
ajfa-3998	338	4	based	base	VERB
ajfa-3998	338	5	portfolios	portfolio	NOUN
ajfa-3998	338	6	the	the	DET
ajfa-3998	338	7	results	result	NOUN
ajfa-3998	338	8	of	of	ADP
ajfa-3998	338	9	relationship	relationship	NOUN
ajfa-3998	338	10	of	of	ADP
ajfa-3998	338	11	post	post	NOUN
ajfa-3998	338	12	–	–	PUNCT
ajfa-3998	338	13	event	event	NOUN
ajfa-3998	338	14	stock	stock	NOUN
ajfa-3998	338	15	returns	return	NOUN
ajfa-3998	338	16	with	with	ADP
ajfa-3998	338	17	pre	pre	ADJ
ajfa-3998	338	18	–	–	PUNCT
ajfa-3998	338	19	event	event	NOUN
ajfa-3998	338	20	stock	stock	NOUN
ajfa-3998	338	21	returns	return	NOUN
ajfa-3998	338	22	,	,	PUNCT
ajfa-3998	338	23	magnitude	magnitude	NOUN
ajfa-3998	338	24	of	of	ADP
ajfa-3998	338	25	rating	rating	NOUN
ajfa-3998	338	26	change	change	NOUN
ajfa-3998	338	27	and	and	CCONJ
ajfa-3998	338	28	business	business	NOUN
ajfa-3998	338	29	cycle	cycle	NOUN
ajfa-3998	338	30	in	in	ADP
ajfa-3998	338	31	case	case	NOUN
ajfa-3998	338	32	of	of	ADP
ajfa-3998	338	33	bond	bond	NOUN
ajfa-3998	338	34	rating	rating	NOUN
ajfa-3998	338	35	changes	change	NOUN
ajfa-3998	338	36	for	for	ADP
ajfa-3998	338	37	firm	firm	ADJ
ajfa-3998	338	38	characteristic	characteristic	ADJ
ajfa-3998	338	39	based	base	VERB
ajfa-3998	338	40	portfolios	portfolio	NOUN
ajfa-3998	338	41	are	be	AUX
ajfa-3998	338	42	shown	show	VERB
ajfa-3998	338	43	in	in	ADP
ajfa-3998	338	44	table	table	NOUN
ajfa-3998	338	45	4	4	NUM
ajfa-3998	338	46	.	.	PUNCT
ajfa-3998	338	47	significant	significant	ADJ
ajfa-3998	338	48	relationship	relationship	NOUN
ajfa-3998	338	49	was	be	AUX
ajfa-3998	338	50	observed	observe	VERB
ajfa-3998	338	51	in	in	ADP
ajfa-3998	338	52	only	only	ADV
ajfa-3998	338	53	two	two	NUM
ajfa-3998	338	54	cases	case	NOUN
ajfa-3998	338	55	.	.	PUNCT
ajfa-3998	339	1	the	the	DET
ajfa-3998	339	2	portfolios	portfolio	NOUN
ajfa-3998	339	3	based	base	VERB
ajfa-3998	339	4	on	on	ADP
ajfa-3998	339	5	liquidity	liquidity	NOUN
ajfa-3998	339	6	cross	cross	NOUN
ajfa-3998	339	7	–	–	PUNCT
ajfa-3998	339	8	sectional	sectional	ADJ
ajfa-3998	339	9	variation	variation	NOUN
ajfa-3998	339	10	in	in	ADP
ajfa-3998	339	11	case	case	NOUN
ajfa-3998	339	12	of	of	ADP
ajfa-3998	339	13	upgrades	upgrade	NOUN
ajfa-3998	339	14	.	.	PUNCT
ajfa-3998	340	1	the	the	DET
ajfa-3998	340	2	relationship	relationship	NOUN
ajfa-3998	340	3	between	between	ADP
ajfa-3998	340	4	pre	pre	NOUN
ajfa-3998	340	5	–	–	PUNCT
ajfa-3998	340	6	event	event	NOUN
ajfa-3998	340	7	and	and	CCONJ
ajfa-3998	340	8	post	post	NOUN
ajfa-3998	340	9	–	–	PUNCT
ajfa-3998	340	10	event	event	NOUN
ajfa-3998	340	11	returns	return	NOUN
ajfa-3998	340	12	was	be	AUX
ajfa-3998	340	13	found	find	VERB
ajfa-3998	340	14	to	to	PART
ajfa-3998	340	15	be	be	AUX
ajfa-3998	340	16	significant	significant	ADJ
ajfa-3998	340	17	in	in	ADP
ajfa-3998	340	18	case	case	NOUN
ajfa-3998	340	19	of	of	ADP
ajfa-3998	340	20	upgrades	upgrade	NOUN
ajfa-3998	340	21	for	for	ADP
ajfa-3998	340	22	portfolios	portfolio	NOUN
ajfa-3998	340	23	with	with	ADP
ajfa-3998	340	24	large	large	ADJ
ajfa-3998	340	25	trading	trading	NOUN
ajfa-3998	340	26	volume	volume	NOUN
ajfa-3998	340	27	.	.	PUNCT
ajfa-3998	341	1	this	this	PRON
ajfa-3998	341	2	may	may	AUX
ajfa-3998	341	3	be	be	AUX
ajfa-3998	341	4	because	because	SCONJ
ajfa-3998	341	5	in	in	ADP
ajfa-3998	341	6	case	case	NOUN
ajfa-3998	341	7	of	of	ADP
ajfa-3998	341	8	firms	firm	NOUN
ajfa-3998	341	9	with	with	ADP
ajfa-3998	341	10	high	high	ADJ
ajfa-3998	341	11	liquidity	liquidity	NOUN
ajfa-3998	341	12	of	of	ADP
ajfa-3998	341	13	stocks	stock	NOUN
ajfa-3998	341	14	,	,	PUNCT
ajfa-3998	341	15	more	more	ADJ
ajfa-3998	341	16	information	information	NOUN
ajfa-3998	341	17	in	in	ADP
ajfa-3998	341	18	the	the	DET
ajfa-3998	341	19	form	form	NOUN
ajfa-3998	341	20	of	of	ADP
ajfa-3998	341	21	voluntary	voluntary	ADJ
ajfa-3998	341	22	disclosures	disclosure	NOUN
ajfa-3998	341	23	and	and	CCONJ
ajfa-3998	341	24	transparency	transparency	NOUN
ajfa-3998	341	25	is	be	AUX
ajfa-3998	341	26	expected	expect	VERB
ajfa-3998	341	27	.	.	PUNCT
ajfa-3998	342	1	thus	thus	ADV
ajfa-3998	342	2	,	,	PUNCT
ajfa-3998	342	3	the	the	DET
ajfa-3998	342	4	market	market	NOUN
ajfa-3998	342	5	is	be	AUX
ajfa-3998	342	6	able	able	ADJ
ajfa-3998	342	7	to	to	PART
ajfa-3998	342	8	anticipate	anticipate	VERB
ajfa-3998	342	9	the	the	DET
ajfa-3998	342	10	rating	rating	NOUN
ajfa-3998	342	11	change	change	NOUN
ajfa-3998	342	12	in	in	ADP
ajfa-3998	342	13	advance	advance	NOUN
ajfa-3998	342	14	and	and	CCONJ
ajfa-3998	342	15	starts	start	VERB
ajfa-3998	342	16	responding	respond	VERB
ajfa-3998	342	17	to	to	ADP
ajfa-3998	342	18	this	this	DET
ajfa-3998	342	19	information	information	NOUN
ajfa-3998	342	20	even	even	ADV
ajfa-3998	342	21	before	before	ADP
ajfa-3998	342	22	actual	actual	ADJ
ajfa-3998	342	23	announcement	announcement	NOUN
ajfa-3998	342	24	.	.	PUNCT
ajfa-3998	343	1	the	the	DET
ajfa-3998	343	2	relationship	relationship	NOUN
ajfa-3998	343	3	was	be	AUX
ajfa-3998	343	4	positive	positive	ADJ
ajfa-3998	343	5	indicating	indicate	VERB
ajfa-3998	343	6	importance	importance	NOUN
ajfa-3998	343	7	of	of	ADP
ajfa-3998	343	8	the	the	DET
ajfa-3998	343	9	information	information	NOUN
ajfa-3998	343	10	being	be	AUX
ajfa-3998	343	11	conveyed	convey	VERB
ajfa-3998	343	12	through	through	ADP
ajfa-3998	343	13	the	the	DET
ajfa-3998	343	14	upgrade	upgrade	NOUN
ajfa-3998	343	15	.	.	PUNCT
ajfa-3998	344	1	the	the	DET
ajfa-3998	344	2	second	second	ADJ
ajfa-3998	344	3	case	case	NOUN
ajfa-3998	344	4	where	where	SCONJ
ajfa-3998	344	5	the	the	DET
ajfa-3998	344	6	firm	firm	ADJ
ajfa-3998	344	7	characteristic	characteristic	NOUN
ajfa-3998	344	8	based	base	VERB
ajfa-3998	344	9	portfolio	portfolio	NOUN
ajfa-3998	344	10	showed	show	VERB
ajfa-3998	344	11	significant	significant	ADJ
ajfa-3998	344	12	results	result	NOUN
ajfa-3998	344	13	was	be	AUX
ajfa-3998	344	14	in	in	ADP
ajfa-3998	344	15	case	case	NOUN
ajfa-3998	344	16	of	of	ADP
ajfa-3998	344	17	upgrades	upgrade	NOUN
ajfa-3998	344	18	of	of	ADP
ajfa-3998	344	19	portfolio	portfolio	NOUN
ajfa-3998	344	20	with	with	ADP
ajfa-3998	344	21	small	small	ADJ
ajfa-3998	344	22	proportion	proportion	NOUN
ajfa-3998	344	23	of	of	ADP
ajfa-3998	344	24	intangibles	intangible	NOUN
ajfa-3998	344	25	.	.	PUNCT
ajfa-3998	345	1	here	here	ADV
ajfa-3998	345	2	,	,	PUNCT
ajfa-3998	345	3	a	a	DET
ajfa-3998	345	4	significant	significant	ADJ
ajfa-3998	345	5	positive	positive	ADJ
ajfa-3998	345	6	relationship	relationship	NOUN
ajfa-3998	345	7	was	be	AUX
ajfa-3998	345	8	observed	observe	VERB
ajfa-3998	345	9	between	between	ADP
ajfa-3998	345	10	business	business	NOUN
ajfa-3998	345	11	cycle	cycle	NOUN
ajfa-3998	345	12	and	and	CCONJ
ajfa-3998	345	13	post	post	NOUN
ajfa-3998	345	14	–	–	PUNCT
ajfa-3998	345	15	event	event	NOUN
ajfa-3998	345	16	returns	return	NOUN
ajfa-3998	345	17	.	.	PUNCT
ajfa-3998	346	1	this	this	PRON
ajfa-3998	346	2	implies	imply	VERB
ajfa-3998	346	3	that	that	SCONJ
ajfa-3998	346	4	during	during	ADP
ajfa-3998	346	5	a	a	DET
ajfa-3998	346	6	downward	downward	ADJ
ajfa-3998	346	7	trend	trend	NOUN
ajfa-3998	346	8	in	in	ADP
ajfa-3998	346	9	business	business	NOUN
ajfa-3998	346	10	cycle	cycle	NOUN
ajfa-3998	346	11	,	,	PUNCT
ajfa-3998	346	12	the	the	DET
ajfa-3998	346	13	firms	firm	NOUN
ajfa-3998	346	14	with	with	ADP
ajfa-3998	346	15	small	small	ADJ
ajfa-3998	346	16	proportion	proportion	NOUN
ajfa-3998	346	17	of	of	ADP
ajfa-3998	346	18	intangibles	intangible	NOUN
ajfa-3998	346	19	give	give	VERB
ajfa-3998	346	20	better	well	ADJ
ajfa-3998	346	21	returns	return	NOUN
ajfa-3998	346	22	after	after	ADP
ajfa-3998	346	23	upgrade	upgrade	NOUN
ajfa-3998	346	24	.	.	PUNCT
ajfa-3998	347	1	it	it	PRON
ajfa-3998	347	2	may	may	AUX
ajfa-3998	347	3	be	be	AUX
ajfa-3998	347	4	because	because	SCONJ
ajfa-3998	347	5	these	these	DET
ajfa-3998	347	6	companies	company	NOUN
ajfa-3998	347	7	have	have	VERB
ajfa-3998	347	8	more	more	ADJ
ajfa-3998	347	9	tangible	tangible	ADJ
ajfa-3998	347	10	assets	asset	NOUN
ajfa-3998	347	11	whose	whose	DET
ajfa-3998	347	12	value	value	NOUN
ajfa-3998	347	13	does	do	AUX
ajfa-3998	347	14	not	not	PART
ajfa-3998	347	15	erode	erode	VERB
ajfa-3998	347	16	when	when	SCONJ
ajfa-3998	347	17	the	the	DET
ajfa-3998	347	18	business	business	NOUN
ajfa-3998	347	19	cycle	cycle	NOUN
ajfa-3998	347	20	takes	take	VERB
ajfa-3998	347	21	a	a	DET
ajfa-3998	347	22	downturn	downturn	NOUN
ajfa-3998	347	23	.	.	PUNCT
ajfa-3998	348	1	further	far	ADV
ajfa-3998	348	2	,	,	PUNCT
ajfa-3998	348	3	the	the	DET
ajfa-3998	348	4	investors	investor	NOUN
ajfa-3998	348	5	may	may	AUX
ajfa-3998	348	6	shift	shift	VERB
ajfa-3998	348	7	from	from	ADP
ajfa-3998	348	8	companies	company	NOUN
ajfa-3998	348	9	which	which	PRON
ajfa-3998	348	10	have	have	VERB
ajfa-3998	348	11	more	more	ADJ
ajfa-3998	348	12	intangibles	intangible	NOUN
ajfa-3998	348	13	as	as	ADP
ajfa-3998	348	14	the	the	DET
ajfa-3998	348	15	value	value	NOUN
ajfa-3998	348	16	of	of	ADP
ajfa-3998	348	17	these	these	DET
ajfa-3998	348	18	intangible	intangible	ADJ
ajfa-3998	348	19	assets	asset	NOUN
ajfa-3998	348	20	gets	get	AUX
ajfa-3998	348	21	eroded	erode	VERB
ajfa-3998	348	22	during	during	ADP
ajfa-3998	348	23	adverse	adverse	ADJ
ajfa-3998	348	24	conditions	condition	NOUN
ajfa-3998	348	25	making	make	VERB
ajfa-3998	348	26	such	such	ADJ
ajfa-3998	348	27	investments	investment	NOUN
ajfa-3998	348	28	more	more	ADV
ajfa-3998	348	29	risky	risky	ADJ
ajfa-3998	348	30	.	.	PUNCT
ajfa-3998	349	1	thus	thus	ADV
ajfa-3998	349	2	,	,	PUNCT
ajfa-3998	349	3	the	the	DET
ajfa-3998	349	4	firms	firm	NOUN
ajfa-3998	349	5	with	with	ADP
ajfa-3998	349	6	small	small	ADJ
ajfa-3998	349	7	proportion	proportion	NOUN
ajfa-3998	349	8	of	of	ADP
ajfa-3998	349	9	intangibles	intangible	NOUN
ajfa-3998	349	10	become	become	VERB
ajfa-3998	349	11	more	more	ADV
ajfa-3998	349	12	attractive	attractive	ADJ
ajfa-3998	349	13	.	.	PUNCT
ajfa-3998	350	1	moreover	moreover	ADV
ajfa-3998	350	2	,	,	PUNCT
ajfa-3998	350	3	during	during	ADP
ajfa-3998	350	4	adverse	adverse	ADJ
ajfa-3998	350	5	economic	economic	ADJ
ajfa-3998	350	6	conditions	condition	NOUN
ajfa-3998	350	7	investors	investor	NOUN
ajfa-3998	350	8	expect	expect	VERB
ajfa-3998	350	9	ratings	rating	NOUN
ajfa-3998	350	10	to	to	PART
ajfa-3998	350	11	be	be	AUX
ajfa-3998	350	12	downgraded	downgrade	VERB
ajfa-3998	350	13	whereas	whereas	SCONJ
ajfa-3998	350	14	upgrades	upgrade	NOUN
ajfa-3998	350	15	are	be	AUX
ajfa-3998	350	16	less	less	ADV
ajfa-3998	350	17	common	common	ADJ
ajfa-3998	350	18	.	.	PUNCT
ajfa-3998	351	1	as	as	ADP
ajfa-3998	351	2	a	a	DET
ajfa-3998	351	3	result	result	NOUN
ajfa-3998	351	4	,	,	PUNCT
ajfa-3998	351	5	the	the	DET
ajfa-3998	351	6	investors	investor	NOUN
ajfa-3998	351	7	respond	respond	VERB
ajfa-3998	351	8	more	more	ADV
ajfa-3998	351	9	strongly	strongly	ADV
ajfa-3998	351	10	to	to	ADP
ajfa-3998	351	11	an	an	DET
ajfa-3998	351	12	upgrade	upgrade	NOUN
ajfa-3998	351	13	than	than	ADP
ajfa-3998	351	14	a	a	DET
ajfa-3998	351	15	downgrade	downgrade	NOUN
ajfa-3998	351	16	(	(	PUNCT
ajfa-3998	351	17	which	which	PRON
ajfa-3998	351	18	is	be	AUX
ajfa-3998	351	19	a	a	DET
ajfa-3998	351	20	common	common	ADJ
ajfa-3998	351	21	occurrence	occurrence	NOUN
ajfa-3998	351	22	during	during	ADP
ajfa-3998	351	23	such	such	ADJ
ajfa-3998	351	24	periods	period	NOUN
ajfa-3998	351	25	)	)	PUNCT
ajfa-3998	351	26	.	.	PUNCT
ajfa-3998	352	1	in	in	ADP
ajfa-3998	352	2	all	all	DET
ajfa-3998	352	3	other	other	ADJ
ajfa-3998	352	4	cases	case	NOUN
ajfa-3998	352	5	no	no	DET
ajfa-3998	352	6	significant	significant	ADJ
ajfa-3998	352	7	relationship	relationship	NOUN
ajfa-3998	352	8	was	be	AUX
ajfa-3998	352	9	observed	observe	VERB
ajfa-3998	352	10	between	between	ADP
ajfa-3998	352	11	the	the	DET
ajfa-3998	352	12	post	post	NOUN
ajfa-3998	352	13	–	–	PUNCT
ajfa-3998	352	14	event	event	NOUN
ajfa-3998	352	15	abnormal	abnormal	ADJ
ajfa-3998	352	16	returns	return	NOUN
ajfa-3998	352	17	and	and	CCONJ
ajfa-3998	352	18	independent	independent	ADJ
ajfa-3998	352	19	variables	variable	NOUN
ajfa-3998	352	20	.	.	PUNCT
ajfa-3998	353	1	this	this	PRON
ajfa-3998	353	2	implies	imply	VERB
ajfa-3998	353	3	that	that	SCONJ
ajfa-3998	353	4	these	these	DET
ajfa-3998	353	5	variables	variable	NOUN
ajfa-3998	353	6	do	do	AUX
ajfa-3998	353	7	not	not	PART
ajfa-3998	353	8	explain	explain	VERB
ajfa-3998	353	9	cross	cross	VERB
ajfa-3998	353	10	sectional	sectional	ADJ
ajfa-3998	353	11	variation	variation	NOUN
ajfa-3998	353	12	for	for	ADP
ajfa-3998	353	13	the	the	DET
ajfa-3998	353	14	characteristic	characteristic	ADJ
ajfa-3998	353	15	based	base	VERB
ajfa-3998	353	16	portfolios	portfolio	NOUN
ajfa-3998	353	17	except	except	SCONJ
ajfa-3998	353	18	in	in	ADP
ajfa-3998	353	19	the	the	DET
ajfa-3998	353	20	two	two	NUM
ajfa-3998	353	21	cases	case	NOUN
ajfa-3998	353	22	mentioned	mention	VERB
ajfa-3998	353	23	above	above	ADV
ajfa-3998	353	24	.	.	PUNCT
ajfa-3998	354	1	asian	asian	ADJ
ajfa-3998	354	2	journal	journal	PROPN
ajfa-3998	354	3	of	of	ADP
ajfa-3998	354	4	finance	finance	PROPN
ajfa-3998	354	5	&	&	CCONJ
ajfa-3998	354	6	accounting	accounting	PROPN
ajfa-3998	354	7	issn	issn	PROPN
ajfa-3998	354	8	1946	1946	NUM
ajfa-3998	354	9	-	-	PUNCT
ajfa-3998	354	10	052x	052x	NOUN
ajfa-3998	354	11	2013	2013	NUM
ajfa-3998	354	12	,	,	PUNCT
ajfa-3998	354	13	vol	vol	NOUN
ajfa-3998	354	14	.	.	PROPN
ajfa-3998	354	15	5	5	NUM
ajfa-3998	354	16	,	,	PUNCT
ajfa-3998	354	17	no	no	INTJ
ajfa-3998	354	18	.	.	NOUN
ajfa-3998	354	19	2	2	NUM
ajfa-3998	354	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	354	21	67	67	NUM
ajfa-3998	354	22	table	table	NOUN
ajfa-3998	354	23	4	4	NUM
ajfa-3998	354	24	.	.	PUNCT
ajfa-3998	354	25	results	result	NOUN
ajfa-3998	354	26	of	of	ADP
ajfa-3998	354	27	regression	regression	NOUN
ajfa-3998	354	28	between	between	ADP
ajfa-3998	354	29	post	post	NOUN
ajfa-3998	354	30	–	–	PUNCT
ajfa-3998	354	31	event	event	NOUN
ajfa-3998	354	32	car	car	NOUN
ajfa-3998	354	33	and	and	CCONJ
ajfa-3998	354	34	pre	pre	ADJ
ajfa-3998	354	35	–	–	PUNCT
ajfa-3998	354	36	event	event	NOUN
ajfa-3998	354	37	car	car	NOUN
ajfa-3998	354	38	,	,	PUNCT
ajfa-3998	354	39	magnitude	magnitude	NOUN
ajfa-3998	354	40	of	of	ADP
ajfa-3998	354	41	rating	rating	NOUN
ajfa-3998	354	42	change	change	NOUN
ajfa-3998	354	43	,	,	PUNCT
ajfa-3998	354	44	business	business	NOUN
ajfa-3998	354	45	cycle	cycle	NOUN
ajfa-3998	354	46	dummy	dummy	NOUN
ajfa-3998	354	47	for	for	ADP
ajfa-3998	354	48	bond	bond	NOUN
ajfa-3998	354	49	rating	rating	NOUN
ajfa-3998	354	50	changes	change	NOUN
ajfa-3998	354	51	of	of	ADP
ajfa-3998	354	52	characteristic	characteristic	ADJ
ajfa-3998	354	53	–	–	PUNCT
ajfa-3998	354	54	based	base	VERB
ajfa-3998	354	55	portfolios@	portfolios@	PROPN
ajfa-3998	354	56	panel	panel	NOUN
ajfa-3998	354	57	a	a	DET
ajfa-3998	354	58	:	:	PUNCT
ajfa-3998	354	59	results	result	NOUN
ajfa-3998	354	60	for	for	ADP
ajfa-3998	354	61	size	size	NOUN
ajfa-3998	354	62	–	–	PUNCT
ajfa-3998	354	63	based	base	VERB
ajfa-3998	354	64	portfolios	portfolio	NOUN
ajfa-3998	354	65	downgrades	downgrade	VERB
ajfa-3998	354	66	upgrades	upgrade	VERB
ajfa-3998	354	67	large	large	ADJ
ajfa-3998	354	68	small	small	ADJ
ajfa-3998	354	69	large	large	ADJ
ajfa-3998	354	70	small	small	ADJ
ajfa-3998	354	71	*	*	NOUN
ajfa-3998	354	72	*	*	PUNCT
ajfa-3998	354	73	beta	beta	PROPN
ajfa-3998	354	74	t	t	PROPN
ajfa-3998	354	75	beta	beta	NOUN
ajfa-3998	354	76	t	t	PROPN
ajfa-3998	354	77	beta	beta	NOUN
ajfa-3998	354	78	t	t	PROPN
ajfa-3998	354	79	beta	beta	PROPN
ajfa-3998	354	80	t	t	PROPN
ajfa-3998	354	81	constant	constant	ADJ
ajfa-3998	354	82	0.254	0.254	NUM
ajfa-3998	354	83	2.191	2.191	NUM
ajfa-3998	354	84	0.001	0.001	NUM
ajfa-3998	354	85	0.013	0.013	NUM
ajfa-3998	354	86	0.220	0.220	NUM
ajfa-3998	354	87	1.070	1.070	NUM
ajfa-3998	354	88	0.036	0.036	NUM
ajfa-3998	354	89	0.294	0.294	NUM
ajfa-3998	354	90	cari	cari	PROPN
ajfa-3998	354	91	-0.523	-0.523	PROPN
ajfa-3998	354	92	-2.258	-2.258	VERB
ajfa-3998	354	93	0.510	0.510	NUM
ajfa-3998	354	94	0.867	0.867	NUM
ajfa-3998	354	95	0.962	0.962	NUM
ajfa-3998	354	96	1.266	1.266	NUM
ajfa-3998	354	97	0.729	0.729	NUM
ajfa-3998	354	98	1.180	1.180	NUM
ajfa-3998	354	99	num_grade	num_grade	ADV
ajfa-3998	354	100	-0.143	-0.143	PRON
ajfa-3998	354	101	-1.607	-1.607	PROPN
ajfa-3998	354	102	0.030	0.030	NUM
ajfa-3998	354	103	0.681	0.681	NUM
ajfa-3998	354	104	-0.174	-0.174	SYM
ajfa-3998	354	105	-1.053	-1.053	NOUN
ajfa-3998	354	106	--	--	PUNCT
ajfa-3998	354	107	business_cycle	business_cycle	NOUN
ajfa-3998	354	108	0.139	0.139	NUM
ajfa-3998	354	109	1.166	1.166	NUM
ajfa-3998	354	110	-0.028	-0.028	NUM
ajfa-3998	354	111	-0.285	-0.285	SYM
ajfa-3998	354	112	-0.027	-0.027	PROPN
ajfa-3998	354	113	-0.291	-0.291	PROPN
ajfa-3998	354	114	-0.004	-0.004	PUNCT
ajfa-3998	354	115	-0.031	-0.031	NUM
ajfa-3998	354	116	adjusted	adjust	VERB
ajfa-3998	354	117	r	r	NOUN
ajfa-3998	354	118	square	square	NOUN
ajfa-3998	354	119	0.605	0.605	NUM
ajfa-3998	354	120	0.077	0.077	NUM
ajfa-3998	354	121	0.112	0.112	NUM
ajfa-3998	354	122	0.256	0.256	NUM
ajfa-3998	354	123	panel	panel	NOUN
ajfa-3998	354	124	b	b	NOUN
ajfa-3998	354	125	:	:	PUNCT
ajfa-3998	354	126	results	result	NOUN
ajfa-3998	354	127	for	for	ADP
ajfa-3998	354	128	price	price	NOUN
ajfa-3998	354	129	to	to	ADP
ajfa-3998	354	130	book	book	NOUN
ajfa-3998	354	131	value	value	NOUN
ajfa-3998	354	132	–	–	PUNCT
ajfa-3998	354	133	based	base	VERB
ajfa-3998	354	134	portfolios	portfolio	NOUN
ajfa-3998	354	135	downgrades	downgrade	VERB
ajfa-3998	354	136	upgrades	upgrade	NOUN
ajfa-3998	354	137	high	high	ADJ
ajfa-3998	354	138	*	*	PUNCT
ajfa-3998	354	139	*	*	PUNCT
ajfa-3998	354	140	*	*	PUNCT
ajfa-3998	354	141	low	low	ADJ
ajfa-3998	354	142	high	high	ADJ
ajfa-3998	354	143	low	low	ADJ
ajfa-3998	354	144	beta	beta	PROPN
ajfa-3998	354	145	t	t	NOUN
ajfa-3998	354	146	beta	beta	NOUN
ajfa-3998	354	147	t	t	PROPN
ajfa-3998	354	148	beta	beta	NOUN
ajfa-3998	354	149	t	t	PROPN
ajfa-3998	354	150	beta	beta	PROPN
ajfa-3998	354	151	t	t	PROPN
ajfa-3998	354	152	constant	constant	ADJ
ajfa-3998	354	153	-0.966	-0.966	PUNCT
ajfa-3998	354	154	0.033	0.033	NUM
ajfa-3998	354	155	0.443	0.443	NUM
ajfa-3998	354	156	0.232	0.232	NUM
ajfa-3998	354	157	2.117	2.117	NUM
ajfa-3998	354	158	0.215	0.215	NUM
ajfa-3998	354	159	0.804	0.804	NUM
ajfa-3998	354	160	cari	cari	PROPN
ajfa-3998	354	161	-3.360	-3.360	PROPN
ajfa-3998	354	162	-0.285	-0.285	PROPN
ajfa-3998	354	163	-1.025	-1.025	PROPN
ajfa-3998	355	1	0.737	0.737	NUM
ajfa-3998	355	2	1.704	1.704	NUM
ajfa-3998	355	3	1.106	1.106	NUM
ajfa-3998	355	4	1.401	1.401	NUM
ajfa-3998	355	5	num_grade	num_grade	ADP
ajfa-3998	355	6	0.139	0.139	NUM
ajfa-3998	355	7	-0.005	-0.005	NUM
ajfa-3998	355	8	-0.149	-0.149	PUNCT
ajfa-3998	355	9	-0.187	-0.187	PUNCT
ajfa-3998	355	10	-1.950	-1.950	PUNCT
ajfa-3998	355	11	-0.157	-0.157	PUNCT
ajfa-3998	355	12	-0.659	-0.659	X
ajfa-3998	355	13	business_cycle	business_cycle	NOUN
ajfa-3998	355	14	0.678	0.678	NUM
ajfa-3998	355	15	0.088	0.088	NUM
ajfa-3998	355	16	1.291	1.291	NUM
ajfa-3998	355	17	-0.082	-0.082	PUNCT
ajfa-3998	355	18	-1.569	-1.569	PART
ajfa-3998	355	19	-0.029	-0.029	NOUN
ajfa-3998	355	20	-0.157	-0.157	NUM
ajfa-3998	355	21	adjusted	adjust	VERB
ajfa-3998	355	22	r	r	NOUN
ajfa-3998	355	23	square	square	NOUN
ajfa-3998	355	24	-0.136	-0.136	PUNCT
ajfa-3998	355	25	0.046	0.046	NUM
ajfa-3998	355	26	0.173	0.173	NUM
ajfa-3998	355	27	panel	panel	NOUN
ajfa-3998	355	28	c	c	NOUN
ajfa-3998	355	29	:	:	PUNCT
ajfa-3998	355	30	results	result	NOUN
ajfa-3998	355	31	for	for	ADP
ajfa-3998	355	32	stock	stock	NOUN
ajfa-3998	355	33	liquidity	liquidity	NOUN
ajfa-3998	355	34	–	–	PUNCT
ajfa-3998	355	35	based	base	VERB
ajfa-3998	355	36	portfolios	portfolio	NOUN
ajfa-3998	355	37	downgrades	downgrade	VERB
ajfa-3998	355	38	upgrades	upgrade	VERB
ajfa-3998	355	39	high	high	ADJ
ajfa-3998	355	40	low	low	ADJ
ajfa-3998	355	41	high	high	ADJ
ajfa-3998	355	42	low	low	ADJ
ajfa-3998	355	43	beta	beta	PROPN
ajfa-3998	355	44	t	t	NOUN
ajfa-3998	355	45	beta	beta	NOUN
ajfa-3998	355	46	t	t	PROPN
ajfa-3998	355	47	beta	beta	NOUN
ajfa-3998	355	48	t	t	PROPN
ajfa-3998	355	49	beta	beta	PROPN
ajfa-3998	355	50	t	t	X
ajfa-3998	355	51	constant	constant	ADJ
ajfa-3998	355	52	-0.047	-0.047	PRON
ajfa-3998	355	53	-0.432	-0.432	NOUN
ajfa-3998	355	54	0.118	0.118	NUM
ajfa-3998	356	1	0.894	0.894	NUM
ajfa-3998	356	2	0.171	0.171	NUM
ajfa-3998	356	3	1.445	1.445	NUM
ajfa-3998	356	4	0.229	0.229	NUM
ajfa-3998	356	5	0.712	0.712	NUM
ajfa-3998	356	6	cari	cari	PROPN
ajfa-3998	356	7	-0.340	-0.340	PUNCT
ajfa-3998	356	8	-1.353	-1.353	PROPN
ajfa-3998	356	9	0.505	0.505	NUM
ajfa-3998	356	10	0.674	0.674	NUM
ajfa-3998	356	11	0.733	0.733	NUM
ajfa-3998	356	12	*	*	PUNCT
ajfa-3998	356	13	2.304	2.304	NUM
ajfa-3998	356	14	0.773	0.773	NUM
ajfa-3998	356	15	0.926	0.926	NUM
ajfa-3998	356	16	num_grade	num_grade	ADP
ajfa-3998	356	17	0.009	0.009	NUM
ajfa-3998	356	18	0.142	0.142	NUM
ajfa-3998	356	19	0.025	0.025	NUM
ajfa-3998	356	20	0.451	0.451	NUM
ajfa-3998	356	21	-0.157	-0.157	NUM
ajfa-3998	356	22	-1.647	-1.647	PROPN
ajfa-3998	356	23	-0.151	-0.151	NOUN
ajfa-3998	356	24	-0.587	-0.587	PROPN
ajfa-3998	356	25	business_cycle	business_cycle	NOUN
ajfa-3998	356	26	0.160	0.160	NUM
ajfa-3998	356	27	2.040	2.040	NUM
ajfa-3998	356	28	-0.114	-0.114	NOUN
ajfa-3998	356	29	-0.796	-0.796	PUNCT
ajfa-3998	356	30	-0.071	-0.071	X
ajfa-3998	356	31	-1.573	-1.573	X
ajfa-3998	356	32	-0.019	-0.019	PUNCT
ajfa-3998	356	33	-0.135	-0.135	NUM
ajfa-3998	356	34	adjusted	adjusted	ADJ
ajfa-3998	356	35	r	r	NOUN
ajfa-3998	356	36	square	square	NOUN
ajfa-3998	356	37	0.425	0.425	NUM
ajfa-3998	356	38	0.098	0.098	NUM
ajfa-3998	356	39	0.456	0.456	NUM
ajfa-3998	356	40	0.101	0.101	NUM
ajfa-3998	356	41	asian	asian	ADJ
ajfa-3998	356	42	journal	journal	NOUN
ajfa-3998	356	43	of	of	ADP
ajfa-3998	356	44	finance	finance	PROPN
ajfa-3998	356	45	&	&	CCONJ
ajfa-3998	356	46	accounting	accounting	PROPN
ajfa-3998	356	47	issn	issn	PROPN
ajfa-3998	356	48	1946	1946	NUM
ajfa-3998	356	49	-	-	PUNCT
ajfa-3998	356	50	052x	052x	NOUN
ajfa-3998	356	51	2013	2013	NUM
ajfa-3998	356	52	,	,	PUNCT
ajfa-3998	356	53	vol	vol	NOUN
ajfa-3998	356	54	.	.	PROPN
ajfa-3998	356	55	5	5	NUM
ajfa-3998	356	56	,	,	PUNCT
ajfa-3998	356	57	no	no	INTJ
ajfa-3998	356	58	.	.	NOUN
ajfa-3998	356	59	2	2	NUM
ajfa-3998	356	60	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	356	61	68	68	NUM
ajfa-3998	356	62	panel	panel	NOUN
ajfa-3998	356	63	d	d	NOUN
ajfa-3998	356	64	:	:	PUNCT
ajfa-3998	356	65	results	result	NOUN
ajfa-3998	356	66	for	for	ADP
ajfa-3998	356	67	leverage	leverage	NOUN
ajfa-3998	356	68	–	–	PUNCT
ajfa-3998	356	69	based	base	VERB
ajfa-3998	356	70	portfolios	portfolio	NOUN
ajfa-3998	356	71	downgrades	downgrade	VERB
ajfa-3998	356	72	upgrades	upgrade	VERB
ajfa-3998	356	73	high	high	ADJ
ajfa-3998	356	74	low	low	ADJ
ajfa-3998	356	75	high	high	ADJ
ajfa-3998	356	76	low	low	ADJ
ajfa-3998	356	77	*	*	PUNCT
ajfa-3998	356	78	*	*	PUNCT
ajfa-3998	356	79	beta	beta	PROPN
ajfa-3998	356	80	t	t	PROPN
ajfa-3998	356	81	beta	beta	NOUN
ajfa-3998	356	82	t	t	PROPN
ajfa-3998	356	83	beta	beta	NOUN
ajfa-3998	356	84	t	t	PROPN
ajfa-3998	356	85	beta	beta	PROPN
ajfa-3998	356	86	t	t	PROPN
ajfa-3998	356	87	constant	constant	ADJ
ajfa-3998	356	88	0.086	0.086	NUM
ajfa-3998	356	89	1.247	1.247	NUM
ajfa-3998	356	90	-0.119	-0.119	SYM
ajfa-3998	356	91	-0.754	-0.754	PUNCT
ajfa-3998	356	92	0.192	0.192	SYM
ajfa-3998	356	93	1.320	1.320	NUM
ajfa-3998	356	94	0.052	0.052	NUM
ajfa-3998	356	95	0.405	0.405	NUM
ajfa-3998	356	96	cari	cari	NOUN
ajfa-3998	356	97	-0.605	-0.605	PUNCT
ajfa-3998	356	98	-2.067	-2.067	X
ajfa-3998	356	99	-0.807	-0.807	X
ajfa-3998	356	100	-1.120	-1.120	SYM
ajfa-3998	356	101	0.756	0.756	NUM
ajfa-3998	356	102	2.161	2.161	NUM
ajfa-3998	356	103	0.770	0.770	NUM
ajfa-3998	356	104	0.686	0.686	NUM
ajfa-3998	356	105	num_grade	num_grade	NOUN
ajfa-3998	356	106	-0.040	-0.040	NUM
ajfa-3998	356	107	-1.283	-1.283	NUM
ajfa-3998	356	108	0.541	0.541	NUM
ajfa-3998	356	109	1.412	1.412	NUM
ajfa-3998	356	110	-0.169	-0.169	NOUN
ajfa-3998	356	111	-1.522	-1.522	NOUN
ajfa-3998	356	112	--	--	PUNCT
ajfa-3998	356	113	business_cycle	business_cycle	NOUN
ajfa-3998	356	114	0.140	0.140	NUM
ajfa-3998	356	115	1.857	1.857	NUM
ajfa-3998	356	116	0.184	0.184	NUM
ajfa-3998	356	117	0.916	0.916	NUM
ajfa-3998	356	118	-0.062	-0.062	PRON
ajfa-3998	356	119	-1.094	-1.094	PUNCT
ajfa-3998	356	120	0.011	0.011	NUM
ajfa-3998	356	121	0.077	0.077	NUM
ajfa-3998	356	122	adjusted	adjust	VERB
ajfa-3998	356	123	r	r	NOUN
ajfa-3998	356	124	square	square	NOUN
ajfa-3998	356	125	0.444	0.444	NUM
ajfa-3998	356	126	0.601	0.601	NUM
ajfa-3998	356	127	0.405	0.405	NUM
ajfa-3998	356	128	0.045	0.045	NUM
ajfa-3998	356	129	panel	panel	NOUN
ajfa-3998	356	130	e	e	NOUN
ajfa-3998	356	131	:	:	PUNCT
ajfa-3998	356	132	results	result	NOUN
ajfa-3998	356	133	for	for	ADP
ajfa-3998	356	134	intangibles	intangible	NOUN
ajfa-3998	356	135	–	–	PUNCT
ajfa-3998	356	136	based	base	VERB
ajfa-3998	356	137	portfolios	portfolio	NOUN
ajfa-3998	356	138	downgrades	downgrade	VERB
ajfa-3998	356	139	upgrades	upgrade	VERB
ajfa-3998	356	140	high	high	ADJ
ajfa-3998	356	141	low	low	ADJ
ajfa-3998	356	142	high	high	ADJ
ajfa-3998	356	143	*	*	PUNCT
ajfa-3998	356	144	*	*	PUNCT
ajfa-3998	356	145	low	low	ADJ
ajfa-3998	356	146	beta	beta	PROPN
ajfa-3998	356	147	t	t	PROPN
ajfa-3998	356	148	beta	beta	NOUN
ajfa-3998	356	149	t	t	PROPN
ajfa-3998	356	150	beta	beta	NOUN
ajfa-3998	356	151	t	t	PROPN
ajfa-3998	356	152	beta	beta	PROPN
ajfa-3998	356	153	t	t	PROPN
ajfa-3998	356	154	constant	constant	ADJ
ajfa-3998	356	155	0.013	0.013	NUM
ajfa-3998	356	156	0.099	0.099	NUM
ajfa-3998	356	157	0.040	0.040	NUM
ajfa-3998	356	158	0.158	0.158	NUM
ajfa-3998	356	159	0.038	0.038	NUM
ajfa-3998	356	160	0.471	0.471	NUM
ajfa-3998	356	161	0.005	0.005	NUM
ajfa-3998	356	162	0.114	0.114	NUM
ajfa-3998	356	163	cari	cari	PROPN
ajfa-3998	356	164	-0.410	-0.410	PROPN
ajfa-3998	356	165	-0.560	-0.560	X
ajfa-3998	356	166	-0.660	-0.660	PUNCT
ajfa-3998	356	167	-1.582	-1.582	PUNCT
ajfa-3998	356	168	0.366	0.366	NUM
ajfa-3998	356	169	0.371	0.371	NUM
ajfa-3998	356	170	0.372	0.372	NUM
ajfa-3998	356	171	1.648	1.648	NUM
ajfa-3998	356	172	num_grade	num_grade	ADP
ajfa-3998	356	173	-0.009	-0.009	PROPN
ajfa-3998	356	174	-0.170	-0.170	PUNCT
ajfa-3998	356	175	0.005	0.005	NUM
ajfa-3998	356	176	0.025	0.025	NUM
ajfa-3998	356	177	---0.038	---0.038	PUNCT
ajfa-3998	356	178	-0.965	-0.965	PUNCT
ajfa-3998	356	179	business_cycle	business_cycle	NOUN
ajfa-3998	356	180	0.079	0.079	NUM
ajfa-3998	356	181	0.609	0.609	NUM
ajfa-3998	356	182	0.082	0.082	NUM
ajfa-3998	356	183	0.635	0.635	NUM
ajfa-3998	356	184	0.053	0.053	NUM
ajfa-3998	356	185	0.443	0.443	NUM
ajfa-3998	356	186	0.132	0.132	NUM
ajfa-3998	356	187	*	*	SYM
ajfa-3998	356	188	2.304	2.304	NUM
ajfa-3998	356	189	adjusted	adjust	VERB
ajfa-3998	356	190	r	r	NOUN
ajfa-3998	356	191	square	square	NOUN
ajfa-3998	356	192	0.106	0.106	NUM
ajfa-3998	356	193	0.476	0.476	NUM
ajfa-3998	356	194	0.038	0.038	NUM
ajfa-3998	356	195	0.808	0.808	NUM
ajfa-3998	356	196	panel	panel	NOUN
ajfa-3998	356	197	f	f	NOUN
ajfa-3998	356	198	:	:	PUNCT
ajfa-3998	356	199	results	result	NOUN
ajfa-3998	356	200	for	for	ADP
ajfa-3998	356	201	profitability	profitability	NOUN
ajfa-3998	356	202	–	–	PUNCT
ajfa-3998	356	203	based	base	VERB
ajfa-3998	356	204	portfolios	portfolio	NOUN
ajfa-3998	356	205	downgrades	downgrade	VERB
ajfa-3998	356	206	upgrades	upgrade	VERB
ajfa-3998	356	207	high	high	ADJ
ajfa-3998	356	208	low	low	ADJ
ajfa-3998	356	209	high	high	ADJ
ajfa-3998	356	210	low	low	ADJ
ajfa-3998	356	211	beta	beta	PROPN
ajfa-3998	356	212	t	t	NOUN
ajfa-3998	356	213	beta	beta	NOUN
ajfa-3998	356	214	t	t	PROPN
ajfa-3998	356	215	beta	beta	NOUN
ajfa-3998	356	216	t	t	PROPN
ajfa-3998	356	217	beta	beta	PROPN
ajfa-3998	356	218	t	t	PROPN
ajfa-3998	356	219	constant	constant	ADJ
ajfa-3998	356	220	0.013	0.013	NUM
ajfa-3998	356	221	0.404	0.404	NUM
ajfa-3998	356	222	0.08	0.08	NUM
ajfa-3998	356	223	0.721	0.721	NUM
ajfa-3998	356	224	0.132	0.132	NUM
ajfa-3998	356	225	0.914	0.914	NUM
ajfa-3998	356	226	0.339	0.339	NUM
ajfa-3998	356	227	0.576	0.576	NUM
ajfa-3998	356	228	cari	cari	PROPN
ajfa-3998	356	229	-0.238	-0.238	PROPN
ajfa-3998	356	230	-4.371	-4.371	PUNCT
ajfa-3998	356	231	-0.622	-0.622	NUM
ajfa-3998	356	232	-1.492	-1.492	NUM
ajfa-3998	356	233	0.565	0.565	NUM
ajfa-3998	356	234	1.679	1.679	NUM
ajfa-3998	356	235	2.059	2.059	NUM
ajfa-3998	356	236	0.926	0.926	NUM
ajfa-3998	356	237	num_grade	num_grade	ADV
ajfa-3998	356	238	-0.020	-0.020	PROPN
ajfa-3998	356	239	-1.102	-1.102	X
ajfa-3998	356	240	-0.023	-0.023	PUNCT
ajfa-3998	356	241	-0.509	-0.509	NOUN
ajfa-3998	356	242	-0.128	-0.128	PUNCT
ajfa-3998	356	243	-1.055	-1.055	X
ajfa-3998	356	244	-0.258	-0.258	PROPN
ajfa-3998	356	245	-0.594	-0.594	X
ajfa-3998	356	246	business_cycle	business_cycle	PROPN
ajfa-3998	356	247	0.016	0.016	NUM
ajfa-3998	356	248	0.852	0.852	NUM
ajfa-3998	356	249	0.063	0.063	NUM
ajfa-3998	356	250	0.587	0.587	NUM
ajfa-3998	356	251	-0.019	-0.019	PUNCT
ajfa-3998	356	252	-0.355	-0.355	PROPN
ajfa-3998	356	253	0.059	0.059	NUM
ajfa-3998	356	254	0.214	0.214	NUM
ajfa-3998	356	255	adjusted	adjust	VERB
ajfa-3998	356	256	r	r	NOUN
ajfa-3998	356	257	square	square	NOUN
ajfa-3998	356	258	0.956	0.956	NUM
ajfa-3998	356	259	0.209	0.209	NUM
ajfa-3998	356	260	0.168	0.168	NUM
ajfa-3998	356	261	0.277	0.277	NUM
ajfa-3998	356	262	*	*	PUNCT
ajfa-3998	356	263	value	value	NOUN
ajfa-3998	356	264	significant	significant	ADJ
ajfa-3998	356	265	at	at	ADP
ajfa-3998	356	266	5	5	NUM
ajfa-3998	356	267	%	%	NOUN
ajfa-3998	356	268	level	level	NOUN
ajfa-3998	356	269	of	of	ADP
ajfa-3998	356	270	significance	significance	NOUN
ajfa-3998	356	271	*	*	PUNCT
ajfa-3998	356	272	*	*	PUNCT
ajfa-3998	356	273	num_grade	num_grade	PROPN
ajfa-3998	356	274	had	have	VERB
ajfa-3998	356	275	constant	constant	ADJ
ajfa-3998	356	276	value	value	NOUN
ajfa-3998	356	277	of	of	ADP
ajfa-3998	356	278	1	1	NUM
ajfa-3998	356	279	in	in	ADP
ajfa-3998	356	280	the	the	DET
ajfa-3998	356	281	data	datum	NOUN
ajfa-3998	356	282	set	set	NOUN
ajfa-3998	356	283	,	,	PUNCT
ajfa-3998	356	284	therefore	therefore	ADV
ajfa-3998	356	285	,	,	PUNCT
ajfa-3998	356	286	it	it	PRON
ajfa-3998	356	287	was	be	AUX
ajfa-3998	356	288	not	not	PART
ajfa-3998	356	289	included	include	VERB
ajfa-3998	356	290	in	in	ADP
ajfa-3998	356	291	regression	regression	NOUN
ajfa-3998	356	292	.	.	PUNCT
ajfa-3998	357	1	*	*	PUNCT
ajfa-3998	357	2	*	*	PUNCT
ajfa-3998	357	3	*	*	NOUN
ajfa-3998	357	4	results	result	NOUN
ajfa-3998	357	5	could	could	AUX
ajfa-3998	357	6	not	not	PART
ajfa-3998	357	7	be	be	AUX
ajfa-3998	357	8	tested	test	VERB
ajfa-3998	357	9	because	because	SCONJ
ajfa-3998	357	10	of	of	ADP
ajfa-3998	357	11	problem	problem	NOUN
ajfa-3998	357	12	of	of	ADP
ajfa-3998	357	13	micronumerosity	micronumerosity	NOUN
ajfa-3998	357	14	.	.	PUNCT
ajfa-3998	358	1	@	@	ADP
ajfa-3998	358	2	the	the	DET
ajfa-3998	358	3	number	number	NOUN
ajfa-3998	358	4	of	of	ADP
ajfa-3998	358	5	cases	case	NOUN
ajfa-3998	358	6	in	in	ADP
ajfa-3998	358	7	each	each	DET
ajfa-3998	358	8	portfolio	portfolio	NOUN
ajfa-3998	358	9	are	be	AUX
ajfa-3998	358	10	the	the	DET
ajfa-3998	358	11	same	same	ADJ
ajfa-3998	358	12	as	as	SCONJ
ajfa-3998	358	13	mentioned	mention	VERB
ajfa-3998	358	14	in	in	ADP
ajfa-3998	358	15	exhibit	exhibit	NOUN
ajfa-3998	358	16	a	a	DET
ajfa-3998	358	17	5	5	NUM
ajfa-3998	358	18	.	.	PUNCT
ajfa-3998	359	1	summary	summary	NOUN
ajfa-3998	359	2	and	and	CCONJ
ajfa-3998	359	3	conclusions	conclusion	NOUN
ajfa-3998	359	4	this	this	DET
ajfa-3998	359	5	paper	paper	NOUN
ajfa-3998	359	6	analyses	analyse	VERB
ajfa-3998	359	7	the	the	DET
ajfa-3998	359	8	cross	cross	NOUN
ajfa-3998	359	9	–	–	PUNCT
ajfa-3998	359	10	sectional	sectional	ADJ
ajfa-3998	359	11	variation	variation	NOUN
ajfa-3998	359	12	in	in	ADP
ajfa-3998	359	13	the	the	DET
ajfa-3998	359	14	stock	stock	NOUN
ajfa-3998	359	15	price	price	NOUN
ajfa-3998	359	16	reaction	reaction	NOUN
ajfa-3998	359	17	to	to	ADP
ajfa-3998	359	18	bond	bond	NOUN
ajfa-3998	359	19	rating	rating	NOUN
ajfa-3998	359	20	changes	change	NOUN
ajfa-3998	359	21	in	in	ADP
ajfa-3998	359	22	indian	indian	ADJ
ajfa-3998	359	23	context	context	NOUN
ajfa-3998	359	24	.	.	PUNCT
ajfa-3998	360	1	the	the	DET
ajfa-3998	360	2	aggregate	aggregate	ADJ
ajfa-3998	360	3	results	result	NOUN
ajfa-3998	360	4	show	show	VERB
ajfa-3998	360	5	that	that	SCONJ
ajfa-3998	360	6	downgrades	downgrade	NOUN
ajfa-3998	360	7	are	be	AUX
ajfa-3998	360	8	preceded	precede	VERB
ajfa-3998	360	9	by	by	ADP
ajfa-3998	360	10	positive	positive	ADJ
ajfa-3998	360	11	abnormal	abnormal	ADJ
ajfa-3998	360	12	returns	return	NOUN
ajfa-3998	360	13	indicating	indicate	VERB
ajfa-3998	360	14	that	that	SCONJ
ajfa-3998	360	15	either	either	CCONJ
ajfa-3998	360	16	there	there	PRON
ajfa-3998	360	17	are	be	VERB
ajfa-3998	360	18	leakages	leakage	NOUN
ajfa-3998	360	19	in	in	ADP
ajfa-3998	360	20	information	information	NOUN
ajfa-3998	360	21	or	or	CCONJ
ajfa-3998	360	22	the	the	DET
ajfa-3998	360	23	investors	investor	NOUN
ajfa-3998	360	24	can	can	AUX
ajfa-3998	360	25	do	do	VERB
ajfa-3998	360	26	superior	superior	ADJ
ajfa-3998	360	27	analysis	analysis	NOUN
ajfa-3998	360	28	.	.	PUNCT
ajfa-3998	361	1	it	it	PRON
ajfa-3998	361	2	may	may	AUX
ajfa-3998	361	3	also	also	ADV
ajfa-3998	361	4	indicate	indicate	VERB
ajfa-3998	361	5	that	that	SCONJ
ajfa-3998	361	6	rating	rating	NOUN
ajfa-3998	361	7	changes	change	NOUN
ajfa-3998	361	8	by	by	ADP
ajfa-3998	361	9	the	the	DET
ajfa-3998	361	10	rating	rating	NOUN
ajfa-3998	361	11	agency	agency	NOUN
ajfa-3998	361	12	lag	lag	VERB
ajfa-3998	361	13	the	the	DET
ajfa-3998	361	14	news	news	NOUN
ajfa-3998	361	15	which	which	PRON
ajfa-3998	361	16	necessitates	necessitate	VERB
ajfa-3998	361	17	the	the	DET
ajfa-3998	361	18	rating	rating	NOUN
ajfa-3998	361	19	change	change	NOUN
ajfa-3998	361	20	action	action	NOUN
ajfa-3998	361	21	and	and	CCONJ
ajfa-3998	361	22	the	the	DET
ajfa-3998	361	23	shareholders	shareholder	NOUN
ajfa-3998	361	24	are	be	AUX
ajfa-3998	361	25	able	able	ADJ
ajfa-3998	361	26	to	to	PART
ajfa-3998	361	27	anticipate	anticipate	VERB
ajfa-3998	361	28	the	the	DET
ajfa-3998	361	29	ratings	rating	NOUN
ajfa-3998	361	30	information	information	NOUN
ajfa-3998	361	31	through	through	ADP
ajfa-3998	361	32	other	other	ADJ
ajfa-3998	361	33	variables	variable	NOUN
ajfa-3998	361	34	related	relate	VERB
ajfa-3998	361	35	to	to	ADP
ajfa-3998	361	36	corporate	corporate	ADJ
ajfa-3998	361	37	performance	performance	NOUN
ajfa-3998	361	38	.	.	PUNCT
ajfa-3998	362	1	no	no	DET
ajfa-3998	362	2	significant	significant	ADJ
ajfa-3998	362	3	abnormal	abnormal	ADJ
ajfa-3998	362	4	return	return	NOUN
ajfa-3998	362	5	was	be	AUX
ajfa-3998	362	6	reported	report	VERB
ajfa-3998	362	7	after	after	ADP
ajfa-3998	362	8	downgrade	downgrade	NOUN
ajfa-3998	362	9	.	.	PUNCT
ajfa-3998	363	1	asian	asian	ADJ
ajfa-3998	363	2	journal	journal	PROPN
ajfa-3998	363	3	of	of	ADP
ajfa-3998	363	4	finance	finance	PROPN
ajfa-3998	363	5	&	&	CCONJ
ajfa-3998	363	6	accounting	accounting	PROPN
ajfa-3998	363	7	issn	issn	PROPN
ajfa-3998	363	8	1946	1946	NUM
ajfa-3998	363	9	-	-	PUNCT
ajfa-3998	363	10	052x	052x	NOUN
ajfa-3998	363	11	2013	2013	NUM
ajfa-3998	363	12	,	,	PUNCT
ajfa-3998	363	13	vol	vol	NOUN
ajfa-3998	363	14	.	.	PROPN
ajfa-3998	363	15	5	5	NUM
ajfa-3998	363	16	,	,	PUNCT
ajfa-3998	363	17	no	no	INTJ
ajfa-3998	363	18	.	.	NOUN
ajfa-3998	363	19	2	2	NUM
ajfa-3998	363	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	363	21	69	69	NUM
ajfa-3998	363	22	in	in	ADP
ajfa-3998	363	23	case	case	NOUN
ajfa-3998	363	24	of	of	ADP
ajfa-3998	363	25	upgrades	upgrade	NOUN
ajfa-3998	363	26	,	,	PUNCT
ajfa-3998	363	27	no	no	DET
ajfa-3998	363	28	pre	pre	ADJ
ajfa-3998	363	29	–	–	PUNCT
ajfa-3998	363	30	event	event	NOUN
ajfa-3998	363	31	abnormal	abnormal	ADJ
ajfa-3998	363	32	returns	return	NOUN
ajfa-3998	363	33	were	be	AUX
ajfa-3998	363	34	observed	observe	VERB
ajfa-3998	363	35	.	.	PUNCT
ajfa-3998	364	1	this	this	PRON
ajfa-3998	364	2	implies	imply	VERB
ajfa-3998	364	3	that	that	SCONJ
ajfa-3998	364	4	investors	investor	NOUN
ajfa-3998	364	5	were	be	AUX
ajfa-3998	364	6	able	able	ADJ
ajfa-3998	364	7	to	to	PART
ajfa-3998	364	8	anticipate	anticipate	VERB
ajfa-3998	364	9	downgrades	downgrade	NOUN
ajfa-3998	364	10	but	but	CCONJ
ajfa-3998	364	11	not	not	PART
ajfa-3998	364	12	upgrades	upgrade	NOUN
ajfa-3998	364	13	,	,	PUNCT
ajfa-3998	364	14	thus	thus	ADV
ajfa-3998	364	15	,	,	PUNCT
ajfa-3998	364	16	investors	investor	NOUN
ajfa-3998	364	17	seem	seem	VERB
ajfa-3998	364	18	to	to	PART
ajfa-3998	364	19	track	track	VERB
ajfa-3998	364	20	bad	bad	ADJ
ajfa-3998	364	21	news	news	NOUN
ajfa-3998	364	22	more	more	ADJ
ajfa-3998	364	23	than	than	ADP
ajfa-3998	364	24	good	good	ADJ
ajfa-3998	364	25	news	news	NOUN
ajfa-3998	364	26	.	.	PUNCT
ajfa-3998	365	1	on	on	ADP
ajfa-3998	365	2	post	post	NOUN
ajfa-3998	365	3	upgrades	upgrade	NOUN
ajfa-3998	365	4	basis	basis	NOUN
ajfa-3998	365	5	,	,	PUNCT
ajfa-3998	365	6	there	there	PRON
ajfa-3998	365	7	were	be	VERB
ajfa-3998	365	8	significantly	significantly	ADV
ajfa-3998	365	9	positive	positive	ADJ
ajfa-3998	365	10	abnormal	abnormal	ADJ
ajfa-3998	365	11	returns	return	NOUN
ajfa-3998	365	12	.	.	PUNCT
ajfa-3998	366	1	signalling	signal	VERB
ajfa-3998	366	2	effect	effect	NOUN
ajfa-3998	366	3	dominates	dominate	VERB
ajfa-3998	366	4	the	the	DET
ajfa-3998	366	5	post	post	NOUN
ajfa-3998	366	6	–	–	PUNCT
ajfa-3998	366	7	upgrade	upgrade	VERB
ajfa-3998	366	8	investor	investor	NOUN
ajfa-3998	366	9	behaviour	behaviour	NOUN
ajfa-3998	366	10	.	.	PUNCT
ajfa-3998	367	1	this	this	PRON
ajfa-3998	367	2	also	also	ADV
ajfa-3998	367	3	indicates	indicate	VERB
ajfa-3998	367	4	that	that	SCONJ
ajfa-3998	367	5	rating	rating	NOUN
ajfa-3998	367	6	upgrades	upgrade	NOUN
ajfa-3998	367	7	have	have	VERB
ajfa-3998	367	8	informational	informational	ADJ
ajfa-3998	367	9	content	content	NOUN
ajfa-3998	367	10	.	.	PUNCT
ajfa-3998	368	1	the	the	DET
ajfa-3998	368	2	stock	stock	NOUN
ajfa-3998	368	3	price	price	NOUN
ajfa-3998	368	4	reaction	reaction	NOUN
ajfa-3998	368	5	to	to	ADP
ajfa-3998	368	6	bond	bond	NOUN
ajfa-3998	368	7	rating	rating	NOUN
ajfa-3998	368	8	changes	change	NOUN
ajfa-3998	368	9	varies	vary	VERB
ajfa-3998	368	10	for	for	ADP
ajfa-3998	368	11	companies	company	NOUN
ajfa-3998	368	12	with	with	ADP
ajfa-3998	368	13	different	different	ADJ
ajfa-3998	368	14	financial	financial	ADJ
ajfa-3998	368	15	characteristics	characteristic	NOUN
ajfa-3998	368	16	.	.	PUNCT
ajfa-3998	369	1	the	the	DET
ajfa-3998	369	2	differential	differential	ADJ
ajfa-3998	369	3	response	response	NOUN
ajfa-3998	369	4	is	be	AUX
ajfa-3998	369	5	also	also	ADV
ajfa-3998	369	6	seen	see	VERB
ajfa-3998	369	7	on	on	ADP
ajfa-3998	369	8	comparing	compare	VERB
ajfa-3998	369	9	upgrades	upgrade	NOUN
ajfa-3998	369	10	with	with	ADP
ajfa-3998	369	11	downgrades	downgrade	NOUN
ajfa-3998	369	12	.	.	PUNCT
ajfa-3998	370	1	the	the	DET
ajfa-3998	370	2	firms	firm	NOUN
ajfa-3998	370	3	with	with	ADP
ajfa-3998	370	4	low	low	ADJ
ajfa-3998	370	5	p	p	PROPN
ajfa-3998	370	6	/	/	SYM
ajfa-3998	370	7	b	b	NOUN
ajfa-3998	370	8	ratios	ratio	NOUN
ajfa-3998	370	9	and	and	CCONJ
ajfa-3998	370	10	low	low	ADJ
ajfa-3998	370	11	profitability	profitability	NOUN
ajfa-3998	370	12	respond	respond	VERB
ajfa-3998	370	13	more	more	ADV
ajfa-3998	370	14	strongly	strongly	ADV
ajfa-3998	370	15	to	to	ADP
ajfa-3998	370	16	the	the	DET
ajfa-3998	370	17	announcement	announcement	NOUN
ajfa-3998	370	18	of	of	ADP
ajfa-3998	370	19	bond	bond	NOUN
ajfa-3998	370	20	rating	rating	NOUN
ajfa-3998	370	21	changes	change	NOUN
ajfa-3998	370	22	than	than	ADP
ajfa-3998	370	23	their	their	PRON
ajfa-3998	370	24	counterparts	counterpart	NOUN
ajfa-3998	370	25	.	.	PUNCT
ajfa-3998	371	1	results	result	NOUN
ajfa-3998	371	2	show	show	VERB
ajfa-3998	371	3	that	that	SCONJ
ajfa-3998	371	4	after	after	ADP
ajfa-3998	371	5	the	the	DET
ajfa-3998	371	6	announcement	announcement	NOUN
ajfa-3998	371	7	of	of	ADP
ajfa-3998	371	8	downgrade	downgrade	NOUN
ajfa-3998	371	9	,	,	PUNCT
ajfa-3998	371	10	all	all	DET
ajfa-3998	371	11	the	the	DET
ajfa-3998	371	12	companies	company	NOUN
ajfa-3998	371	13	with	with	ADP
ajfa-3998	371	14	possible	possible	ADJ
ajfa-3998	371	15	information	information	NOUN
ajfa-3998	371	16	problems	problem	NOUN
ajfa-3998	371	17	namely	namely	ADV
ajfa-3998	371	18	small	small	ADJ
ajfa-3998	371	19	in	in	ADP
ajfa-3998	371	20	size	size	NOUN
ajfa-3998	371	21	,	,	PUNCT
ajfa-3998	371	22	low	low	ADJ
ajfa-3998	371	23	p	p	X
ajfa-3998	371	24	/	/	SYM
ajfa-3998	371	25	b	b	NOUN
ajfa-3998	371	26	,	,	PUNCT
ajfa-3998	371	27	less	less	ADV
ajfa-3998	371	28	liquid	liquid	ADJ
ajfa-3998	371	29	,	,	PUNCT
ajfa-3998	371	30	high	high	ADJ
ajfa-3998	371	31	leverage	leverage	NOUN
ajfa-3998	371	32	,	,	PUNCT
ajfa-3998	371	33	high	high	ADJ
ajfa-3998	371	34	proportion	proportion	NOUN
ajfa-3998	371	35	of	of	ADP
ajfa-3998	371	36	intangibles	intangible	NOUN
ajfa-3998	371	37	in	in	ADP
ajfa-3998	371	38	total	total	ADJ
ajfa-3998	371	39	assets	asset	NOUN
ajfa-3998	371	40	and	and	CCONJ
ajfa-3998	371	41	low	low	ADJ
ajfa-3998	371	42	profitability	profitability	NOUN
ajfa-3998	371	43	displayed	display	VERB
ajfa-3998	371	44	positive	positive	ADJ
ajfa-3998	371	45	significant	significant	ADJ
ajfa-3998	371	46	abnormal	abnormal	ADJ
ajfa-3998	371	47	returns	return	NOUN
ajfa-3998	371	48	.	.	PUNCT
ajfa-3998	372	1	this	this	PRON
ajfa-3998	372	2	indicates	indicate	VERB
ajfa-3998	372	3	that	that	SCONJ
ajfa-3998	372	4	wealth	wealth	NOUN
ajfa-3998	372	5	redistribution	redistribution	NOUN
ajfa-3998	372	6	effect	effect	NOUN
ajfa-3998	372	7	is	be	AUX
ajfa-3998	372	8	dominant	dominant	ADJ
ajfa-3998	372	9	in	in	ADP
ajfa-3998	372	10	case	case	NOUN
ajfa-3998	372	11	of	of	ADP
ajfa-3998	372	12	bond	bond	NOUN
ajfa-3998	372	13	rating	rating	NOUN
ajfa-3998	372	14	downgrade	downgrade	NOUN
ajfa-3998	372	15	for	for	ADP
ajfa-3998	372	16	firms	firm	NOUN
ajfa-3998	372	17	which	which	PRON
ajfa-3998	372	18	are	be	AUX
ajfa-3998	372	19	expected	expect	VERB
ajfa-3998	372	20	to	to	PART
ajfa-3998	372	21	have	have	VERB
ajfa-3998	372	22	less	less	ADJ
ajfa-3998	372	23	transparency	transparency	NOUN
ajfa-3998	372	24	,	,	PUNCT
ajfa-3998	372	25	information	information	NOUN
ajfa-3998	372	26	problems	problem	NOUN
ajfa-3998	372	27	and	and	CCONJ
ajfa-3998	372	28	earnings	earning	NOUN
ajfa-3998	372	29	management	management	NOUN
ajfa-3998	372	30	.	.	PUNCT
ajfa-3998	373	1	the	the	DET
ajfa-3998	373	2	investors	investor	NOUN
ajfa-3998	373	3	and	and	CCONJ
ajfa-3998	373	4	traders	trader	NOUN
ajfa-3998	373	5	can	can	AUX
ajfa-3998	373	6	thus	thus	ADV
ajfa-3998	373	7	,	,	PUNCT
ajfa-3998	373	8	earn	earn	VERB
ajfa-3998	373	9	positive	positive	ADJ
ajfa-3998	373	10	payoffs	payoff	NOUN
ajfa-3998	373	11	after	after	ADP
ajfa-3998	373	12	downgrades	downgrade	NOUN
ajfa-3998	373	13	of	of	ADP
ajfa-3998	373	14	such	such	ADJ
ajfa-3998	373	15	firms	firm	NOUN
ajfa-3998	373	16	.	.	PUNCT
ajfa-3998	374	1	for	for	ADP
ajfa-3998	374	2	firms	firm	NOUN
ajfa-3998	374	3	which	which	PRON
ajfa-3998	374	4	may	may	AUX
ajfa-3998	374	5	have	have	VERB
ajfa-3998	374	6	information	information	NOUN
ajfa-3998	374	7	problems	problem	NOUN
ajfa-3998	374	8	,	,	PUNCT
ajfa-3998	374	9	response	response	NOUN
ajfa-3998	374	10	differed	differ	VERB
ajfa-3998	374	11	after	after	ADP
ajfa-3998	374	12	upgrades	upgrade	NOUN
ajfa-3998	374	13	.	.	PUNCT
ajfa-3998	375	1	while	while	SCONJ
ajfa-3998	375	2	most	most	ADJ
ajfa-3998	375	3	of	of	ADP
ajfa-3998	375	4	these	these	DET
ajfa-3998	375	5	portfolios	portfolio	NOUN
ajfa-3998	375	6	showed	show	VERB
ajfa-3998	375	7	signalling	signal	VERB
ajfa-3998	375	8	effect	effect	NOUN
ajfa-3998	375	9	(	(	PUNCT
ajfa-3998	375	10	low	low	ADJ
ajfa-3998	375	11	p	p	X
ajfa-3998	375	12	/	/	SYM
ajfa-3998	375	13	b	b	NOUN
ajfa-3998	375	14	,	,	PUNCT
ajfa-3998	375	15	less	less	ADV
ajfa-3998	375	16	liquid	liquid	ADJ
ajfa-3998	375	17	stocks	stock	NOUN
ajfa-3998	375	18	,	,	PUNCT
ajfa-3998	375	19	high	high	ADJ
ajfa-3998	375	20	intangibles	intangible	NOUN
ajfa-3998	375	21	and	and	CCONJ
ajfa-3998	375	22	low	low	ADJ
ajfa-3998	375	23	profitability	profitability	NOUN
ajfa-3998	375	24	)	)	PUNCT
ajfa-3998	375	25	and	and	CCONJ
ajfa-3998	375	26	exhibited	exhibit	VERB
ajfa-3998	375	27	positive	positive	ADJ
ajfa-3998	375	28	returns	return	NOUN
ajfa-3998	375	29	in	in	ADP
ajfa-3998	375	30	the	the	DET
ajfa-3998	375	31	post	post	NOUN
ajfa-3998	375	32	event	event	NOUN
ajfa-3998	375	33	period	period	NOUN
ajfa-3998	375	34	,	,	PUNCT
ajfa-3998	375	35	wealth	wealth	NOUN
ajfa-3998	375	36	redistribution	redistribution	NOUN
ajfa-3998	375	37	effect	effect	NOUN
ajfa-3998	375	38	was	be	AUX
ajfa-3998	375	39	found	find	VERB
ajfa-3998	375	40	to	to	PART
ajfa-3998	375	41	be	be	AUX
ajfa-3998	375	42	strong	strong	ADJ
ajfa-3998	375	43	in	in	ADP
ajfa-3998	375	44	case	case	NOUN
ajfa-3998	375	45	of	of	ADP
ajfa-3998	375	46	high	high	ADJ
ajfa-3998	375	47	leverage	leverage	NOUN
ajfa-3998	375	48	companies	company	NOUN
ajfa-3998	375	49	as	as	SCONJ
ajfa-3998	375	50	shown	show	VERB
ajfa-3998	375	51	by	by	ADP
ajfa-3998	375	52	negative	negative	ADJ
ajfa-3998	375	53	post	post	NOUN
ajfa-3998	375	54	–	–	PUNCT
ajfa-3998	375	55	event	event	NOUN
ajfa-3998	375	56	returns	return	NOUN
ajfa-3998	375	57	.	.	PUNCT
ajfa-3998	376	1	small	small	ADJ
ajfa-3998	376	2	sized	sized	ADJ
ajfa-3998	376	3	companies	company	NOUN
ajfa-3998	376	4	had	have	VERB
ajfa-3998	376	5	insignificant	insignificant	ADJ
ajfa-3998	376	6	returns	return	NOUN
ajfa-3998	376	7	in	in	ADP
ajfa-3998	376	8	the	the	DET
ajfa-3998	376	9	post	post	NOUN
ajfa-3998	376	10	upgrade	upgrade	NOUN
ajfa-3998	376	11	period	period	NOUN
ajfa-3998	376	12	.	.	PUNCT
ajfa-3998	377	1	for	for	ADP
ajfa-3998	377	2	companies	company	NOUN
ajfa-3998	377	3	which	which	PRON
ajfa-3998	377	4	are	be	AUX
ajfa-3998	377	5	expected	expect	VERB
ajfa-3998	377	6	to	to	PART
ajfa-3998	377	7	have	have	VERB
ajfa-3998	377	8	transparency	transparency	NOUN
ajfa-3998	377	9	and	and	CCONJ
ajfa-3998	377	10	better	well	ADJ
ajfa-3998	377	11	disclosures	disclosure	NOUN
ajfa-3998	377	12	,	,	PUNCT
ajfa-3998	377	13	the	the	DET
ajfa-3998	377	14	post	post	NOUN
ajfa-3998	377	15	rating	rating	NOUN
ajfa-3998	377	16	change	change	NOUN
ajfa-3998	377	17	results	result	NOUN
ajfa-3998	377	18	are	be	AUX
ajfa-3998	377	19	not	not	PART
ajfa-3998	377	20	as	as	ADV
ajfa-3998	377	21	strong	strong	ADJ
ajfa-3998	377	22	as	as	ADP
ajfa-3998	377	23	their	their	PRON
ajfa-3998	377	24	counterparts	counterpart	NOUN
ajfa-3998	377	25	.	.	PUNCT
ajfa-3998	378	1	there	there	PRON
ajfa-3998	378	2	is	be	VERB
ajfa-3998	378	3	mixed	mixed	ADJ
ajfa-3998	378	4	response	response	NOUN
ajfa-3998	378	5	to	to	PART
ajfa-3998	378	6	downgrade	downgrade	VERB
ajfa-3998	378	7	announcements	announcement	NOUN
ajfa-3998	378	8	.	.	PUNCT
ajfa-3998	379	1	in	in	ADP
ajfa-3998	379	2	case	case	NOUN
ajfa-3998	379	3	of	of	ADP
ajfa-3998	379	4	downgrades	downgrade	NOUN
ajfa-3998	379	5	,	,	PUNCT
ajfa-3998	379	6	the	the	DET
ajfa-3998	379	7	wealth	wealth	NOUN
ajfa-3998	379	8	redistribution	redistribution	NOUN
ajfa-3998	379	9	effect	effect	NOUN
ajfa-3998	379	10	dominates	dominate	VERB
ajfa-3998	379	11	in	in	ADP
ajfa-3998	379	12	case	case	NOUN
ajfa-3998	379	13	of	of	ADP
ajfa-3998	379	14	only	only	ADV
ajfa-3998	379	15	large	large	ADJ
ajfa-3998	379	16	size	size	NOUN
ajfa-3998	379	17	,	,	PUNCT
ajfa-3998	379	18	highly	highly	ADV
ajfa-3998	379	19	liquid	liquid	ADJ
ajfa-3998	379	20	and	and	CCONJ
ajfa-3998	379	21	low	low	ADJ
ajfa-3998	379	22	intangibles	intangible	NOUN
ajfa-3998	379	23	companies	company	NOUN
ajfa-3998	379	24	.	.	PUNCT
ajfa-3998	380	1	again	again	ADV
ajfa-3998	380	2	in	in	ADP
ajfa-3998	380	3	case	case	NOUN
ajfa-3998	380	4	of	of	ADP
ajfa-3998	380	5	such	such	ADJ
ajfa-3998	380	6	firms	firm	NOUN
ajfa-3998	380	7	,	,	PUNCT
ajfa-3998	380	8	the	the	DET
ajfa-3998	380	9	results	result	NOUN
ajfa-3998	380	10	after	after	ADP
ajfa-3998	380	11	upgrade	upgrade	VERB
ajfa-3998	380	12	announcement	announcement	NOUN
ajfa-3998	380	13	support	support	VERB
ajfa-3998	380	14	the	the	DET
ajfa-3998	380	15	signalling	signal	VERB
ajfa-3998	380	16	effect	effect	NOUN
ajfa-3998	380	17	in	in	ADP
ajfa-3998	380	18	only	only	ADV
ajfa-3998	380	19	three	three	NUM
ajfa-3998	380	20	cases	case	NOUN
ajfa-3998	380	21	(	(	PUNCT
ajfa-3998	380	22	large	large	ADJ
ajfa-3998	380	23	size	size	NOUN
ajfa-3998	380	24	,	,	PUNCT
ajfa-3998	380	25	high	high	ADJ
ajfa-3998	380	26	p	p	X
ajfa-3998	380	27	/	/	SYM
ajfa-3998	380	28	b	b	NOUN
ajfa-3998	380	29	,	,	PUNCT
ajfa-3998	380	30	and	and	CCONJ
ajfa-3998	380	31	low	low	ADJ
ajfa-3998	380	32	leverage	leverage	NOUN
ajfa-3998	380	33	)	)	PUNCT
ajfa-3998	380	34	.	.	PUNCT
ajfa-3998	381	1	analysing	analyse	VERB
ajfa-3998	381	2	the	the	DET
ajfa-3998	381	3	factors	factor	NOUN
ajfa-3998	381	4	that	that	PRON
ajfa-3998	381	5	influence	influence	VERB
ajfa-3998	381	6	post	post	NOUN
ajfa-3998	381	7	–	–	PUNCT
ajfa-3998	381	8	rating	rating	NOUN
ajfa-3998	381	9	performance	performance	NOUN
ajfa-3998	381	10	,	,	PUNCT
ajfa-3998	381	11	it	it	PRON
ajfa-3998	381	12	is	be	AUX
ajfa-3998	381	13	observed	observe	VERB
ajfa-3998	381	14	that	that	SCONJ
ajfa-3998	381	15	pre	pre	ADJ
ajfa-3998	381	16	–	–	PUNCT
ajfa-3998	381	17	event	event	NOUN
ajfa-3998	381	18	car	car	NOUN
ajfa-3998	381	19	negatively	negatively	ADV
ajfa-3998	381	20	affects	affect	VERB
ajfa-3998	381	21	the	the	DET
ajfa-3998	381	22	post	post	NOUN
ajfa-3998	381	23	event	event	NOUN
ajfa-3998	381	24	car	car	NOUN
ajfa-3998	381	25	.	.	PUNCT
ajfa-3998	382	1	the	the	DET
ajfa-3998	382	2	negative	negative	ADJ
ajfa-3998	382	3	sign	sign	NOUN
ajfa-3998	382	4	implies	imply	VERB
ajfa-3998	382	5	that	that	SCONJ
ajfa-3998	382	6	where	where	SCONJ
ajfa-3998	382	7	the	the	DET
ajfa-3998	382	8	downgrade	downgrade	NOUN
ajfa-3998	382	9	is	be	AUX
ajfa-3998	382	10	anticipated	anticipate	VERB
ajfa-3998	382	11	by	by	ADP
ajfa-3998	382	12	the	the	DET
ajfa-3998	382	13	investors	investor	NOUN
ajfa-3998	382	14	,	,	PUNCT
ajfa-3998	382	15	the	the	DET
ajfa-3998	382	16	post	post	NOUN
ajfa-3998	382	17	–	–	PUNCT
ajfa-3998	382	18	event	event	NOUN
ajfa-3998	382	19	abnormal	abnormal	ADJ
ajfa-3998	382	20	returns	return	NOUN
ajfa-3998	382	21	are	be	AUX
ajfa-3998	382	22	low	low	ADJ
ajfa-3998	382	23	,	,	PUNCT
ajfa-3998	382	24	whereas	whereas	SCONJ
ajfa-3998	382	25	,	,	PUNCT
ajfa-3998	382	26	the	the	DET
ajfa-3998	382	27	post	post	NOUN
ajfa-3998	382	28	–	–	PUNCT
ajfa-3998	382	29	event	event	NOUN
ajfa-3998	382	30	abnormal	abnormal	ADJ
ajfa-3998	382	31	returns	return	NOUN
ajfa-3998	382	32	are	be	AUX
ajfa-3998	382	33	larger	large	ADJ
ajfa-3998	382	34	in	in	ADP
ajfa-3998	382	35	cases	case	NOUN
ajfa-3998	382	36	where	where	SCONJ
ajfa-3998	382	37	the	the	DET
ajfa-3998	382	38	downgrade	downgrade	NOUN
ajfa-3998	382	39	is	be	AUX
ajfa-3998	382	40	a	a	DET
ajfa-3998	382	41	surprise	surprise	NOUN
ajfa-3998	382	42	.	.	PUNCT
ajfa-3998	383	1	the	the	DET
ajfa-3998	383	2	results	result	NOUN
ajfa-3998	383	3	also	also	ADV
ajfa-3998	383	4	confirm	confirm	VERB
ajfa-3998	383	5	that	that	SCONJ
ajfa-3998	383	6	there	there	PRON
ajfa-3998	383	7	is	be	VERB
ajfa-3998	383	8	a	a	DET
ajfa-3998	383	9	significantly	significantly	ADV
ajfa-3998	383	10	negative	negative	ADJ
ajfa-3998	383	11	relationship	relationship	NOUN
ajfa-3998	383	12	between	between	ADP
ajfa-3998	383	13	post	post	NOUN
ajfa-3998	383	14	–	–	PUNCT
ajfa-3998	383	15	event	event	NOUN
ajfa-3998	383	16	abnormal	abnormal	ADJ
ajfa-3998	383	17	returns	return	NOUN
ajfa-3998	383	18	and	and	CCONJ
ajfa-3998	383	19	magnitude	magnitude	NOUN
ajfa-3998	383	20	of	of	ADP
ajfa-3998	383	21	rating	rating	NOUN
ajfa-3998	383	22	change	change	NOUN
ajfa-3998	383	23	in	in	ADP
ajfa-3998	383	24	case	case	NOUN
ajfa-3998	383	25	of	of	ADP
ajfa-3998	383	26	downgrades	downgrade	NOUN
ajfa-3998	383	27	which	which	PRON
ajfa-3998	383	28	is	be	AUX
ajfa-3998	383	29	contrary	contrary	ADJ
ajfa-3998	383	30	to	to	ADP
ajfa-3998	383	31	prior	prior	ADJ
ajfa-3998	383	32	research	research	NOUN
ajfa-3998	383	33	.	.	PUNCT
ajfa-3998	384	1	a	a	DET
ajfa-3998	384	2	possible	possible	ADJ
ajfa-3998	384	3	explanation	explanation	NOUN
ajfa-3998	384	4	could	could	AUX
ajfa-3998	384	5	be	be	AUX
ajfa-3998	384	6	that	that	SCONJ
ajfa-3998	384	7	investors	investor	NOUN
ajfa-3998	384	8	generally	generally	ADV
ajfa-3998	384	9	track	track	VERB
ajfa-3998	384	10	troubled	troubled	ADJ
ajfa-3998	384	11	companies	company	NOUN
ajfa-3998	384	12	which	which	PRON
ajfa-3998	384	13	may	may	AUX
ajfa-3998	384	14	experience	experience	VERB
ajfa-3998	384	15	a	a	DET
ajfa-3998	384	16	higher	high	ADJ
ajfa-3998	384	17	magnitude	magnitude	NOUN
ajfa-3998	384	18	of	of	ADP
ajfa-3998	384	19	downgrade	downgrade	PROPN
ajfa-3998	384	20	.	.	PUNCT
ajfa-3998	385	1	thus	thus	ADV
ajfa-3998	385	2	,	,	PUNCT
ajfa-3998	385	3	reducing	reduce	VERB
ajfa-3998	385	4	the	the	DET
ajfa-3998	385	5	surprise	surprise	NOUN
ajfa-3998	385	6	element	element	NOUN
ajfa-3998	385	7	which	which	PRON
ajfa-3998	385	8	is	be	AUX
ajfa-3998	385	9	reflected	reflect	VERB
ajfa-3998	385	10	in	in	ADP
ajfa-3998	385	11	lower	low	ADJ
ajfa-3998	385	12	post	post	NOUN
ajfa-3998	385	13	–	–	PUNCT
ajfa-3998	385	14	event	event	NOUN
ajfa-3998	385	15	abnormal	abnormal	ADJ
ajfa-3998	385	16	returns	return	NOUN
ajfa-3998	385	17	.	.	PUNCT
ajfa-3998	386	1	firm	firm	ADJ
ajfa-3998	386	2	characteristics	characteristic	NOUN
ajfa-3998	386	3	based	base	VERB
ajfa-3998	386	4	portfolios	portfolio	NOUN
ajfa-3998	386	5	were	be	AUX
ajfa-3998	386	6	found	find	VERB
ajfa-3998	386	7	to	to	PART
ajfa-3998	386	8	differ	differ	VERB
ajfa-3998	386	9	cross	cross	NOUN
ajfa-3998	386	10	–	–	PUNCT
ajfa-3998	386	11	sectionally	sectionally	ADV
ajfa-3998	386	12	in	in	ADP
ajfa-3998	386	13	respect	respect	NOUN
ajfa-3998	386	14	to	to	ADP
ajfa-3998	386	15	their	their	PRON
ajfa-3998	386	16	response	response	NOUN
ajfa-3998	386	17	in	in	ADP
ajfa-3998	386	18	only	only	ADV
ajfa-3998	386	19	two	two	NUM
ajfa-3998	386	20	cases	case	NOUN
ajfa-3998	386	21	.	.	PUNCT
ajfa-3998	387	1	the	the	DET
ajfa-3998	387	2	relationship	relationship	NOUN
ajfa-3998	387	3	between	between	ADP
ajfa-3998	387	4	pre	pre	NOUN
ajfa-3998	387	5	–	–	PUNCT
ajfa-3998	387	6	event	event	NOUN
ajfa-3998	387	7	and	and	CCONJ
ajfa-3998	387	8	post	post	NOUN
ajfa-3998	387	9	–	–	PUNCT
ajfa-3998	387	10	event	event	NOUN
ajfa-3998	387	11	asian	asian	ADJ
ajfa-3998	387	12	journal	journal	PROPN
ajfa-3998	387	13	of	of	ADP
ajfa-3998	387	14	finance	finance	PROPN
ajfa-3998	387	15	&	&	CCONJ
ajfa-3998	387	16	accounting	accounting	PROPN
ajfa-3998	387	17	issn	issn	PROPN
ajfa-3998	387	18	1946	1946	NUM
ajfa-3998	387	19	-	-	PUNCT
ajfa-3998	387	20	052x	052x	NOUN
ajfa-3998	387	21	2013	2013	NUM
ajfa-3998	387	22	,	,	PUNCT
ajfa-3998	387	23	vol	vol	NOUN
ajfa-3998	387	24	.	.	PROPN
ajfa-3998	387	25	5	5	NUM
ajfa-3998	387	26	,	,	PUNCT
ajfa-3998	387	27	no	no	INTJ
ajfa-3998	387	28	.	.	NOUN
ajfa-3998	387	29	2	2	NUM
ajfa-3998	387	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	387	31	70	70	NUM
ajfa-3998	387	32	returns	return	NOUN
ajfa-3998	387	33	was	be	AUX
ajfa-3998	387	34	found	find	VERB
ajfa-3998	387	35	to	to	PART
ajfa-3998	387	36	be	be	AUX
ajfa-3998	387	37	significantly	significantly	ADV
ajfa-3998	387	38	positive	positive	ADJ
ajfa-3998	387	39	in	in	ADP
ajfa-3998	387	40	case	case	NOUN
ajfa-3998	387	41	of	of	ADP
ajfa-3998	387	42	upgrades	upgrade	NOUN
ajfa-3998	387	43	for	for	ADP
ajfa-3998	387	44	portfolios	portfolio	NOUN
ajfa-3998	387	45	with	with	ADP
ajfa-3998	387	46	large	large	ADJ
ajfa-3998	387	47	trading	trading	NOUN
ajfa-3998	387	48	volume	volume	NOUN
ajfa-3998	387	49	indicating	indicate	VERB
ajfa-3998	387	50	importance	importance	NOUN
ajfa-3998	387	51	of	of	ADP
ajfa-3998	387	52	the	the	DET
ajfa-3998	387	53	information	information	NOUN
ajfa-3998	387	54	being	be	AUX
ajfa-3998	387	55	conveyed	convey	VERB
ajfa-3998	387	56	.	.	PUNCT
ajfa-3998	388	1	again	again	ADV
ajfa-3998	388	2	in	in	ADP
ajfa-3998	388	3	case	case	NOUN
ajfa-3998	388	4	of	of	ADP
ajfa-3998	388	5	portfolio	portfolio	NOUN
ajfa-3998	388	6	with	with	ADP
ajfa-3998	388	7	small	small	ADJ
ajfa-3998	388	8	proportion	proportion	NOUN
ajfa-3998	388	9	of	of	ADP
ajfa-3998	388	10	intangibles	intangible	NOUN
ajfa-3998	388	11	a	a	DET
ajfa-3998	388	12	significantly	significantly	ADV
ajfa-3998	388	13	positive	positive	ADJ
ajfa-3998	388	14	relationship	relationship	NOUN
ajfa-3998	388	15	was	be	AUX
ajfa-3998	388	16	observed	observe	VERB
ajfa-3998	388	17	between	between	ADP
ajfa-3998	388	18	business	business	NOUN
ajfa-3998	388	19	cycle	cycle	NOUN
ajfa-3998	388	20	and	and	CCONJ
ajfa-3998	388	21	post	post	NOUN
ajfa-3998	388	22	–	–	PUNCT
ajfa-3998	388	23	event	event	NOUN
ajfa-3998	388	24	returns	return	VERB
ajfa-3998	388	25	for	for	ADP
ajfa-3998	388	26	upgrades	upgrade	NOUN
ajfa-3998	388	27	.	.	PUNCT
ajfa-3998	389	1	this	this	PRON
ajfa-3998	389	2	indicates	indicate	VERB
ajfa-3998	389	3	that	that	SCONJ
ajfa-3998	389	4	in	in	SCONJ
ajfa-3998	389	5	companies	company	NOUN
ajfa-3998	389	6	with	with	ADP
ajfa-3998	389	7	low	low	ADJ
ajfa-3998	389	8	intangibility	intangibility	NOUN
ajfa-3998	389	9	the	the	DET
ajfa-3998	389	10	value	value	NOUN
ajfa-3998	389	11	does	do	AUX
ajfa-3998	389	12	not	not	PART
ajfa-3998	389	13	get	get	AUX
ajfa-3998	389	14	eroded	erode	VERB
ajfa-3998	389	15	to	to	ADP
ajfa-3998	389	16	a	a	DET
ajfa-3998	389	17	large	large	ADJ
ajfa-3998	389	18	extent	extent	NOUN
ajfa-3998	389	19	in	in	ADP
ajfa-3998	389	20	the	the	DET
ajfa-3998	389	21	downturn	downturn	NOUN
ajfa-3998	389	22	of	of	ADP
ajfa-3998	389	23	business	business	NOUN
ajfa-3998	389	24	cycle	cycle	NOUN
ajfa-3998	389	25	.	.	PUNCT
ajfa-3998	390	1	the	the	DET
ajfa-3998	390	2	study	study	NOUN
ajfa-3998	390	3	shall	shall	AUX
ajfa-3998	390	4	be	be	AUX
ajfa-3998	390	5	useful	useful	ADJ
ajfa-3998	390	6	for	for	ADP
ajfa-3998	390	7	regulators	regulator	NOUN
ajfa-3998	390	8	,	,	PUNCT
ajfa-3998	390	9	rating	rating	NOUN
ajfa-3998	390	10	agencies	agency	NOUN
ajfa-3998	390	11	,	,	PUNCT
ajfa-3998	390	12	investors	investor	NOUN
ajfa-3998	390	13	,	,	PUNCT
ajfa-3998	390	14	analysts	analyst	NOUN
ajfa-3998	390	15	,	,	PUNCT
ajfa-3998	390	16	bankers	banker	NOUN
ajfa-3998	390	17	and	and	CCONJ
ajfa-3998	390	18	academicians	academician	NOUN
ajfa-3998	390	19	.	.	PUNCT
ajfa-3998	391	1	the	the	DET
ajfa-3998	391	2	research	research	NOUN
ajfa-3998	391	3	has	have	VERB
ajfa-3998	391	4	implications	implication	NOUN
ajfa-3998	391	5	for	for	ADP
ajfa-3998	391	6	the	the	DET
ajfa-3998	391	7	regulators	regulator	NOUN
ajfa-3998	391	8	like	like	ADP
ajfa-3998	391	9	sebi	sebi	NOUN
ajfa-3998	391	10	because	because	SCONJ
ajfa-3998	391	11	the	the	DET
ajfa-3998	391	12	pre	pre	X
ajfa-3998	391	13	–	–	PUNCT
ajfa-3998	391	14	emption	emption	NOUN
ajfa-3998	391	15	of	of	ADP
ajfa-3998	391	16	rating	rating	NOUN
ajfa-3998	391	17	change	change	NOUN
ajfa-3998	391	18	may	may	AUX
ajfa-3998	391	19	imply	imply	VERB
ajfa-3998	391	20	leakages	leakage	NOUN
ajfa-3998	391	21	of	of	ADP
ajfa-3998	391	22	information	information	NOUN
ajfa-3998	391	23	and	and	CCONJ
ajfa-3998	391	24	insider	insider	NOUN
ajfa-3998	391	25	trading	trading	NOUN
ajfa-3998	391	26	in	in	ADP
ajfa-3998	391	27	case	case	NOUN
ajfa-3998	391	28	of	of	ADP
ajfa-3998	391	29	companies	company	NOUN
ajfa-3998	391	30	undergoing	undergo	VERB
ajfa-3998	391	31	rating	rating	NOUN
ajfa-3998	391	32	change	change	NOUN
ajfa-3998	391	33	.	.	PUNCT
ajfa-3998	392	1	the	the	DET
ajfa-3998	392	2	same	same	ADJ
ajfa-3998	392	3	can	can	AUX
ajfa-3998	392	4	be	be	AUX
ajfa-3998	392	5	examined	examine	VERB
ajfa-3998	392	6	by	by	ADP
ajfa-3998	392	7	the	the	DET
ajfa-3998	392	8	regulators	regulator	NOUN
ajfa-3998	392	9	.	.	PUNCT
ajfa-3998	393	1	the	the	DET
ajfa-3998	393	2	study	study	NOUN
ajfa-3998	393	3	is	be	AUX
ajfa-3998	393	4	useful	useful	ADJ
ajfa-3998	393	5	for	for	ADP
ajfa-3998	393	6	credit	credit	NOUN
ajfa-3998	393	7	rating	rating	NOUN
ajfa-3998	393	8	agencies	agency	NOUN
ajfa-3998	393	9	.	.	PUNCT
ajfa-3998	394	1	the	the	DET
ajfa-3998	394	2	role	role	NOUN
ajfa-3998	394	3	of	of	ADP
ajfa-3998	394	4	credit	credit	NOUN
ajfa-3998	394	5	rating	rating	NOUN
ajfa-3998	394	6	agencies	agency	NOUN
ajfa-3998	394	7	as	as	ADP
ajfa-3998	394	8	information	information	NOUN
ajfa-3998	394	9	providers	provider	NOUN
ajfa-3998	394	10	seems	seem	VERB
ajfa-3998	394	11	to	to	PART
ajfa-3998	394	12	be	be	AUX
ajfa-3998	394	13	over	over	ADV
ajfa-3998	394	14	-	-	PUNCT
ajfa-3998	394	15	stated	state	VERB
ajfa-3998	394	16	in	in	ADP
ajfa-3998	394	17	the	the	DET
ajfa-3998	394	18	system	system	NOUN
ajfa-3998	394	19	.	.	PUNCT
ajfa-3998	395	1	this	this	PRON
ajfa-3998	395	2	is	be	AUX
ajfa-3998	395	3	evident	evident	ADJ
ajfa-3998	395	4	from	from	ADP
ajfa-3998	395	5	the	the	DET
ajfa-3998	395	6	presence	presence	NOUN
ajfa-3998	395	7	of	of	ADP
ajfa-3998	395	8	pre	pre	ADJ
ajfa-3998	395	9	–	–	PUNCT
ajfa-3998	395	10	announcement	announcement	NOUN
ajfa-3998	395	11	stock	stock	NOUN
ajfa-3998	395	12	price	price	NOUN
ajfa-3998	395	13	reaction	reaction	NOUN
ajfa-3998	395	14	in	in	ADP
ajfa-3998	395	15	a	a	DET
ajfa-3998	395	16	number	number	NOUN
ajfa-3998	395	17	of	of	ADP
ajfa-3998	395	18	cases	case	NOUN
ajfa-3998	395	19	indicating	indicate	VERB
ajfa-3998	395	20	that	that	SCONJ
ajfa-3998	395	21	the	the	DET
ajfa-3998	395	22	investors	investor	NOUN
ajfa-3998	395	23	are	be	AUX
ajfa-3998	395	24	able	able	ADJ
ajfa-3998	395	25	to	to	PART
ajfa-3998	395	26	gauge	gauge	VERB
ajfa-3998	395	27	the	the	DET
ajfa-3998	395	28	financial	financial	ADJ
ajfa-3998	395	29	position	position	NOUN
ajfa-3998	395	30	of	of	ADP
ajfa-3998	395	31	the	the	DET
ajfa-3998	395	32	firm	firm	NOUN
ajfa-3998	395	33	from	from	ADP
ajfa-3998	395	34	indicators	indicator	NOUN
ajfa-3998	395	35	other	other	ADJ
ajfa-3998	395	36	than	than	ADP
ajfa-3998	395	37	the	the	DET
ajfa-3998	395	38	rating	rating	NOUN
ajfa-3998	395	39	change	change	NOUN
ajfa-3998	395	40	announcements	announcement	NOUN
ajfa-3998	395	41	.	.	PUNCT
ajfa-3998	396	1	there	there	PRON
ajfa-3998	396	2	seems	seem	VERB
ajfa-3998	396	3	to	to	PART
ajfa-3998	396	4	be	be	AUX
ajfa-3998	396	5	a	a	DET
ajfa-3998	396	6	need	need	NOUN
ajfa-3998	396	7	for	for	ADP
ajfa-3998	396	8	closer	close	ADJ
ajfa-3998	396	9	monitoring	monitoring	NOUN
ajfa-3998	396	10	of	of	ADP
ajfa-3998	396	11	assigned	assign	VERB
ajfa-3998	396	12	ratings	rating	NOUN
ajfa-3998	396	13	.	.	PUNCT
ajfa-3998	397	1	the	the	DET
ajfa-3998	397	2	investors	investor	NOUN
ajfa-3998	397	3	and	and	CCONJ
ajfa-3998	397	4	traders	trader	NOUN
ajfa-3998	397	5	can	can	AUX
ajfa-3998	397	6	apply	apply	VERB
ajfa-3998	397	7	the	the	DET
ajfa-3998	397	8	results	result	NOUN
ajfa-3998	397	9	of	of	ADP
ajfa-3998	397	10	the	the	DET
ajfa-3998	397	11	research	research	NOUN
ajfa-3998	397	12	to	to	PART
ajfa-3998	397	13	form	form	VERB
ajfa-3998	397	14	profitable	profitable	ADJ
ajfa-3998	397	15	trading	trading	NOUN
ajfa-3998	397	16	strategies	strategy	NOUN
ajfa-3998	397	17	.	.	PUNCT
ajfa-3998	398	1	the	the	DET
ajfa-3998	398	2	banks	bank	NOUN
ajfa-3998	398	3	and	and	CCONJ
ajfa-3998	398	4	other	other	ADJ
ajfa-3998	398	5	creditors	creditor	NOUN
ajfa-3998	398	6	may	may	AUX
ajfa-3998	398	7	also	also	ADV
ajfa-3998	398	8	find	find	VERB
ajfa-3998	398	9	the	the	DET
ajfa-3998	398	10	study	study	NOUN
ajfa-3998	398	11	helpful	helpful	ADJ
ajfa-3998	398	12	in	in	ADP
ajfa-3998	398	13	ascertaining	ascertain	VERB
ajfa-3998	398	14	how	how	SCONJ
ajfa-3998	398	15	their	their	PRON
ajfa-3998	398	16	returns	return	NOUN
ajfa-3998	398	17	and	and	CCONJ
ajfa-3998	398	18	risk	risk	NOUN
ajfa-3998	398	19	of	of	ADP
ajfa-3998	398	20	default	default	NOUN
ajfa-3998	398	21	varies	vary	VERB
ajfa-3998	398	22	around	around	ADP
ajfa-3998	398	23	rating	rating	NOUN
ajfa-3998	398	24	change	change	NOUN
ajfa-3998	398	25	.	.	PUNCT
ajfa-3998	399	1	the	the	DET
ajfa-3998	399	2	study	study	NOUN
ajfa-3998	399	3	is	be	AUX
ajfa-3998	399	4	helpful	helpful	ADJ
ajfa-3998	399	5	particularly	particularly	ADV
ajfa-3998	399	6	where	where	SCONJ
ajfa-3998	399	7	,	,	PUNCT
ajfa-3998	399	8	a	a	DET
ajfa-3998	399	9	bond	bond	NOUN
ajfa-3998	399	10	rating	rating	NOUN
ajfa-3998	399	11	downgrade	downgrade	NOUN
ajfa-3998	399	12	is	be	AUX
ajfa-3998	399	13	leading	lead	VERB
ajfa-3998	399	14	to	to	ADP
ajfa-3998	399	15	positive	positive	ADJ
ajfa-3998	399	16	returns	return	NOUN
ajfa-3998	399	17	.	.	PUNCT
ajfa-3998	400	1	assuming	assume	VERB
ajfa-3998	400	2	that	that	SCONJ
ajfa-3998	400	3	the	the	DET
ajfa-3998	400	4	overall	overall	ADJ
ajfa-3998	400	5	value	value	NOUN
ajfa-3998	400	6	of	of	ADP
ajfa-3998	400	7	the	the	DET
ajfa-3998	400	8	firm	firm	NOUN
ajfa-3998	400	9	remains	remain	VERB
ajfa-3998	400	10	constant	constant	ADJ
ajfa-3998	400	11	it	it	PRON
ajfa-3998	400	12	implies	imply	VERB
ajfa-3998	400	13	that	that	SCONJ
ajfa-3998	400	14	the	the	DET
ajfa-3998	400	15	shareholders	shareholder	NOUN
ajfa-3998	400	16	are	be	AUX
ajfa-3998	400	17	gaining	gain	VERB
ajfa-3998	400	18	at	at	ADP
ajfa-3998	400	19	the	the	DET
ajfa-3998	400	20	cost	cost	NOUN
ajfa-3998	400	21	of	of	ADP
ajfa-3998	400	22	bondholders	bondholder	NOUN
ajfa-3998	400	23	owing	owe	VERB
ajfa-3998	400	24	to	to	ADP
ajfa-3998	400	25	redistribution	redistribution	NOUN
ajfa-3998	400	26	of	of	ADP
ajfa-3998	400	27	wealth	wealth	NOUN
ajfa-3998	400	28	.	.	PUNCT
ajfa-3998	401	1	from	from	ADP
ajfa-3998	401	2	academic	academic	ADJ
ajfa-3998	401	3	point	point	NOUN
ajfa-3998	401	4	of	of	ADP
ajfa-3998	401	5	view	view	NOUN
ajfa-3998	401	6	study	study	NOUN
ajfa-3998	401	7	contributes	contribute	VERB
ajfa-3998	401	8	to	to	ADP
ajfa-3998	401	9	the	the	DET
ajfa-3998	401	10	bond	bond	NOUN
ajfa-3998	401	11	rating	rating	NOUN
ajfa-3998	401	12	and	and	CCONJ
ajfa-3998	401	13	market	market	NOUN
ajfa-3998	401	14	efficiency	efficiency	NOUN
ajfa-3998	401	15	literature	literature	NOUN
ajfa-3998	401	16	from	from	ADP
ajfa-3998	401	17	the	the	DET
ajfa-3998	401	18	emerging	emerge	VERB
ajfa-3998	401	19	market	market	NOUN
ajfa-3998	401	20	’s	’s	PART
ajfa-3998	401	21	perspective	perspective	NOUN
ajfa-3998	401	22	.	.	PUNCT
ajfa-3998	402	1	notes	note	VERB
ajfa-3998	402	2	1	1	NUM
ajfa-3998	402	3	.	.	PUNCT
ajfa-3998	403	1	in	in	ADP
ajfa-3998	403	2	case	case	NOUN
ajfa-3998	403	3	of	of	ADP
ajfa-3998	403	4	intangibles	intangible	NOUN
ajfa-3998	403	5	,	,	PUNCT
ajfa-3998	403	6	all	all	DET
ajfa-3998	403	7	companies	company	NOUN
ajfa-3998	403	8	which	which	PRON
ajfa-3998	403	9	had	have	VERB
ajfa-3998	403	10	no	no	DET
ajfa-3998	403	11	intangible	intangible	ADJ
ajfa-3998	403	12	assets	asset	NOUN
ajfa-3998	403	13	were	be	AUX
ajfa-3998	403	14	put	put	VERB
ajfa-3998	403	15	in	in	ADP
ajfa-3998	403	16	the	the	DET
ajfa-3998	403	17	low	low	ADJ
ajfa-3998	403	18	intangibles	intangible	NOUN
ajfa-3998	403	19	category	category	NOUN
ajfa-3998	403	20	irrespective	irrespective	ADV
ajfa-3998	403	21	of	of	ADP
ajfa-3998	403	22	where	where	SCONJ
ajfa-3998	403	23	they	they	PRON
ajfa-3998	403	24	fell	fall	VERB
ajfa-3998	403	25	in	in	ADP
ajfa-3998	403	26	equal	equal	ADJ
ajfa-3998	403	27	division	division	NOUN
ajfa-3998	403	28	of	of	ADP
ajfa-3998	403	29	companies	company	NOUN
ajfa-3998	403	30	during	during	ADP
ajfa-3998	403	31	classification	classification	NOUN
ajfa-3998	403	32	.	.	PUNCT
ajfa-3998	404	1	2	2	X
ajfa-3998	404	2	.	.	X
ajfa-3998	404	3	this	this	DET
ajfa-3998	404	4	study	study	NOUN
ajfa-3998	404	5	differs	differ	VERB
ajfa-3998	404	6	from	from	ADP
ajfa-3998	404	7	the	the	DET
ajfa-3998	404	8	work	work	NOUN
ajfa-3998	404	9	by	by	ADP
ajfa-3998	404	10	goh	goh	PROPN
ajfa-3998	404	11	and	and	CCONJ
ajfa-3998	404	12	ederington	ederington	PROPN
ajfa-3998	404	13	,	,	PUNCT
ajfa-3998	404	14	1999	1999	NUM
ajfa-3998	404	15	in	in	ADP
ajfa-3998	404	16	respect	respect	NOUN
ajfa-3998	404	17	of	of	ADP
ajfa-3998	404	18	post	post	NOUN
ajfa-3998	404	19	–	–	PUNCT
ajfa-3998	404	20	event	event	NOUN
ajfa-3998	404	21	window	window	NOUN
ajfa-3998	404	22	.	.	PUNCT
ajfa-3998	405	1	while	while	SCONJ
ajfa-3998	405	2	the	the	DET
ajfa-3998	405	3	above	above	ADJ
ajfa-3998	405	4	mentioned	mention	VERB
ajfa-3998	405	5	researchers	researcher	NOUN
ajfa-3998	405	6	used	use	VERB
ajfa-3998	405	7	a	a	DET
ajfa-3998	405	8	2	2	NUM
ajfa-3998	405	9	day	day	NOUN
ajfa-3998	405	10	post	post	NOUN
ajfa-3998	405	11	event	event	NOUN
ajfa-3998	405	12	window	window	NOUN
ajfa-3998	405	13	,	,	PUNCT
ajfa-3998	405	14	this	this	DET
ajfa-3998	405	15	study	study	NOUN
ajfa-3998	405	16	uses	use	VERB
ajfa-3998	405	17	a	a	DET
ajfa-3998	405	18	longer	long	ADJ
ajfa-3998	405	19	window	window	NOUN
ajfa-3998	405	20	consisting	consist	VERB
ajfa-3998	405	21	of	of	ADP
ajfa-3998	405	22	21	21	NUM
ajfa-3998	405	23	days	day	NOUN
ajfa-3998	405	24	.	.	PUNCT
ajfa-3998	406	1	this	this	PRON
ajfa-3998	406	2	has	have	AUX
ajfa-3998	406	3	been	be	AUX
ajfa-3998	406	4	done	do	VERB
ajfa-3998	406	5	due	due	ADP
ajfa-3998	406	6	to	to	ADP
ajfa-3998	406	7	the	the	DET
ajfa-3998	406	8	reason	reason	NOUN
ajfa-3998	406	9	that	that	SCONJ
ajfa-3998	406	10	impact	impact	NOUN
ajfa-3998	406	11	of	of	ADP
ajfa-3998	406	12	rating	rating	NOUN
ajfa-3998	406	13	change	change	NOUN
ajfa-3998	406	14	is	be	AUX
ajfa-3998	406	15	usually	usually	ADV
ajfa-3998	406	16	lagged	lag	VERB
ajfa-3998	406	17	and	and	CCONJ
ajfa-3998	406	18	is	be	AUX
ajfa-3998	406	19	spread	spread	VERB
ajfa-3998	406	20	over	over	ADP
ajfa-3998	406	21	a	a	DET
ajfa-3998	406	22	longer	long	ADJ
ajfa-3998	406	23	period	period	NOUN
ajfa-3998	406	24	of	of	ADP
ajfa-3998	406	25	time	time	NOUN
ajfa-3998	406	26	.	.	PUNCT
ajfa-3998	407	1	thus	thus	ADV
ajfa-3998	407	2	,	,	PUNCT
ajfa-3998	407	3	a	a	DET
ajfa-3998	407	4	longer	long	ADJ
ajfa-3998	407	5	window	window	NOUN
ajfa-3998	407	6	is	be	AUX
ajfa-3998	407	7	used	use	VERB
ajfa-3998	407	8	to	to	PART
ajfa-3998	407	9	understand	understand	VERB
ajfa-3998	407	10	how	how	SCONJ
ajfa-3998	407	11	the	the	DET
ajfa-3998	407	12	impact	impact	NOUN
ajfa-3998	407	13	of	of	ADP
ajfa-3998	407	14	bond	bond	NOUN
ajfa-3998	407	15	rating	rating	NOUN
ajfa-3998	407	16	change	change	NOUN
ajfa-3998	407	17	continues	continue	VERB
ajfa-3998	407	18	over	over	ADP
ajfa-3998	407	19	time	time	NOUN
ajfa-3998	407	20	.	.	PUNCT
ajfa-3998	408	1	3	3	X
ajfa-3998	408	2	.	.	X
ajfa-3998	408	3	the	the	DET
ajfa-3998	408	4	pre	pre	ADJ
ajfa-3998	408	5	–	–	PUNCT
ajfa-3998	408	6	event	event	NOUN
ajfa-3998	408	7	window	window	NOUN
ajfa-3998	408	8	used	use	VERB
ajfa-3998	408	9	by	by	ADP
ajfa-3998	408	10	goh	goh	PROPN
ajfa-3998	408	11	and	and	CCONJ
ajfa-3998	408	12	ederington	ederington	NOUN
ajfa-3998	408	13	(	(	PUNCT
ajfa-3998	408	14	1999	1999	NUM
ajfa-3998	408	15	)	)	PUNCT
ajfa-3998	408	16	consisted	consist	VERB
ajfa-3998	408	17	of	of	ADP
ajfa-3998	408	18	45	45	NUM
ajfa-3998	408	19	days	day	NOUN
ajfa-3998	408	20	.	.	PUNCT
ajfa-3998	409	1	however	however	ADV
ajfa-3998	409	2	,	,	PUNCT
ajfa-3998	409	3	in	in	ADP
ajfa-3998	409	4	this	this	DET
ajfa-3998	409	5	study	study	NOUN
ajfa-3998	409	6	the	the	DET
ajfa-3998	409	7	window	window	NOUN
ajfa-3998	409	8	used	use	VERB
ajfa-3998	409	9	consists	consist	NOUN
ajfa-3998	409	10	of	of	ADP
ajfa-3998	409	11	20	20	NUM
ajfa-3998	409	12	days	day	NOUN
ajfa-3998	409	13	which	which	PRON
ajfa-3998	409	14	is	be	AUX
ajfa-3998	409	15	consistent	consistent	ADJ
ajfa-3998	409	16	with	with	ADP
ajfa-3998	409	17	the	the	DET
ajfa-3998	409	18	analysis	analysis	NOUN
ajfa-3998	409	19	done	do	VERB
ajfa-3998	409	20	in	in	ADP
ajfa-3998	409	21	the	the	DET
ajfa-3998	409	22	previous	previous	ADJ
ajfa-3998	409	23	sections	section	NOUN
ajfa-3998	409	24	.	.	PUNCT
ajfa-3998	410	1	asian	asian	ADJ
ajfa-3998	410	2	journal	journal	PROPN
ajfa-3998	410	3	of	of	ADP
ajfa-3998	410	4	finance	finance	PROPN
ajfa-3998	410	5	&	&	CCONJ
ajfa-3998	410	6	accounting	accounting	PROPN
ajfa-3998	410	7	issn	issn	PROPN
ajfa-3998	410	8	1946	1946	NUM
ajfa-3998	410	9	-	-	PUNCT
ajfa-3998	410	10	052x	052x	NOUN
ajfa-3998	410	11	2013	2013	NUM
ajfa-3998	410	12	,	,	PUNCT
ajfa-3998	410	13	vol	vol	NOUN
ajfa-3998	410	14	.	.	PROPN
ajfa-3998	410	15	5	5	NUM
ajfa-3998	410	16	,	,	PUNCT
ajfa-3998	410	17	no	no	INTJ
ajfa-3998	410	18	.	.	NOUN
ajfa-3998	410	19	2	2	NUM
ajfa-3998	410	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	410	21	71	71	NUM
ajfa-3998	410	22	4	4	NUM
ajfa-3998	410	23	.	.	PUNCT
ajfa-3998	410	24	for	for	ADP
ajfa-3998	410	25	calculating	calculate	VERB
ajfa-3998	410	26	numgrade	numgrade	PROPN
ajfa-3998	410	27	,	,	PUNCT
ajfa-3998	410	28	icra	icra	PROPN
ajfa-3998	410	29	as	as	ADV
ajfa-3998	410	30	well	well	ADV
ajfa-3998	410	31	as	as	ADP
ajfa-3998	410	32	crisil	crisil	NOUN
ajfa-3998	410	33	’s	’s	PART
ajfa-3998	410	34	rating	rating	NOUN
ajfa-3998	410	35	scale	scale	NOUN
ajfa-3998	410	36	is	be	AUX
ajfa-3998	410	37	converted	convert	VERB
ajfa-3998	410	38	into	into	ADP
ajfa-3998	410	39	numerical	numerical	ADJ
ajfa-3998	410	40	form	form	NOUN
ajfa-3998	410	41	with	with	ADP
ajfa-3998	410	42	the	the	DET
ajfa-3998	410	43	highest	high	ADJ
ajfa-3998	410	44	rating	rating	NOUN
ajfa-3998	410	45	(	(	PUNCT
ajfa-3998	410	46	crisil	crisil	NOUN
ajfa-3998	410	47	aaa	aaa	NOUN
ajfa-3998	410	48	of	of	ADP
ajfa-3998	410	49	crisil	crisil	NOUN
ajfa-3998	410	50	and	and	CCONJ
ajfa-3998	410	51	[	[	X
ajfa-3998	410	52	icra]aaa	icra]aaa	NOUN
ajfa-3998	410	53	of	of	ADP
ajfa-3998	410	54	icra	icra	NOUN
ajfa-3998	410	55	)	)	PUNCT
ajfa-3998	410	56	being	be	AUX
ajfa-3998	410	57	given	give	VERB
ajfa-3998	410	58	a	a	DET
ajfa-3998	410	59	score	score	NOUN
ajfa-3998	410	60	of	of	ADP
ajfa-3998	410	61	20	20	NUM
ajfa-3998	410	62	,	,	PUNCT
ajfa-3998	410	63	and	and	CCONJ
ajfa-3998	410	64	lowest	low	ADJ
ajfa-3998	410	65	rating	rating	NOUN
ajfa-3998	410	66	(	(	PUNCT
ajfa-3998	410	67	crisil	crisil	PROPN
ajfa-3998	410	68	d	d	PROPN
ajfa-3998	410	69	of	of	ADP
ajfa-3998	410	70	crisil	crisil	NOUN
ajfa-3998	410	71	and	and	CCONJ
ajfa-3998	410	72	[	[	X
ajfa-3998	410	73	icra]d	icra]d	NOUN
ajfa-3998	410	74	of	of	ADP
ajfa-3998	410	75	icra)being	icra)bee	VERB
ajfa-3998	410	76	given	give	VERB
ajfa-3998	410	77	a	a	DET
ajfa-3998	410	78	score	score	NOUN
ajfa-3998	410	79	of	of	ADP
ajfa-3998	410	80	1	1	NUM
ajfa-3998	410	81	.	.	PUNCT
ajfa-3998	411	1	the	the	DET
ajfa-3998	411	2	approach	approach	NOUN
ajfa-3998	411	3	of	of	ADP
ajfa-3998	411	4	converting	convert	VERB
ajfa-3998	411	5	the	the	DET
ajfa-3998	411	6	scale	scale	NOUN
ajfa-3998	411	7	of	of	ADP
ajfa-3998	411	8	rating	rating	NOUN
ajfa-3998	411	9	change	change	NOUN
ajfa-3998	411	10	has	have	AUX
ajfa-3998	411	11	been	be	AUX
ajfa-3998	411	12	followed	follow	VERB
ajfa-3998	411	13	by	by	ADP
ajfa-3998	411	14	a	a	DET
ajfa-3998	411	15	number	number	NOUN
ajfa-3998	411	16	of	of	ADP
ajfa-3998	411	17	researchers	researcher	NOUN
ajfa-3998	411	18	like	like	ADP
ajfa-3998	411	19	barron	barron	PROPN
ajfa-3998	411	20	,	,	PUNCT
ajfa-3998	411	21	clare	clare	NOUN
ajfa-3998	411	22	and	and	CCONJ
ajfa-3998	411	23	thomas	thomas	PROPN
ajfa-3998	411	24	(	(	PUNCT
ajfa-3998	411	25	1997	1997	NUM
ajfa-3998	411	26	)	)	PUNCT
ajfa-3998	411	27	;	;	PUNCT
ajfa-3998	411	28	goh	goh	PROPN
ajfa-3998	411	29	and	and	CCONJ
ajfa-3998	411	30	ederington	ederington	NOUN
ajfa-3998	411	31	(	(	PUNCT
ajfa-3998	411	32	1999	1999	NUM
ajfa-3998	411	33	)	)	PUNCT
ajfa-3998	411	34	and	and	CCONJ
ajfa-3998	411	35	avramov	avramov	PROPN
ajfa-3998	411	36	et	et	PROPN
ajfa-3998	411	37	al	al	PROPN
ajfa-3998	411	38	.	.	PROPN
ajfa-3998	411	39	(	(	PUNCT
ajfa-3998	411	40	2009	2009	NUM
ajfa-3998	411	41	)	)	PUNCT
ajfa-3998	411	42	.	.	PUNCT
ajfa-3998	412	1	5	5	X
ajfa-3998	412	2	.	.	X
ajfa-3998	412	3	in	in	ADP
ajfa-3998	412	4	september	september	PROPN
ajfa-3998	412	5	2008	2008	NUM
ajfa-3998	412	6	lehmann	lehmann	PROPN
ajfa-3998	412	7	brothers	brothers	PROPN
ajfa-3998	412	8	holdings	holdings	PROPN
ajfa-3998	412	9	inc	inc	PROPN
ajfa-3998	412	10	.	.	PROPN
ajfa-3998	412	11	filed	file	VERB
ajfa-3998	412	12	for	for	ADP
ajfa-3998	412	13	bankruptcy	bankruptcy	NOUN
ajfa-3998	412	14	.	.	PUNCT
ajfa-3998	413	1	this	this	PRON
ajfa-3998	413	2	was	be	AUX
ajfa-3998	413	3	followed	follow	VERB
ajfa-3998	413	4	by	by	ADP
ajfa-3998	413	5	the	the	DET
ajfa-3998	413	6	fall	fall	NOUN
ajfa-3998	413	7	of	of	ADP
ajfa-3998	413	8	several	several	ADJ
ajfa-3998	413	9	other	other	ADJ
ajfa-3998	413	10	financial	financial	ADJ
ajfa-3998	413	11	corporations	corporation	NOUN
ajfa-3998	413	12	.	.	PUNCT
ajfa-3998	414	1	thus	thus	ADV
ajfa-3998	414	2	,	,	PUNCT
ajfa-3998	414	3	after	after	ADP
ajfa-3998	414	4	this	this	DET
ajfa-3998	414	5	period	period	NOUN
ajfa-3998	414	6	the	the	DET
ajfa-3998	414	7	global	global	ADJ
ajfa-3998	414	8	financial	financial	ADJ
ajfa-3998	414	9	crisis	crisis	NOUN
ajfa-3998	414	10	became	become	VERB
ajfa-3998	414	11	explicit	explicit	ADJ
ajfa-3998	414	12	.	.	PUNCT
ajfa-3998	415	1	hence	hence	ADV
ajfa-3998	415	2	the	the	DET
ajfa-3998	415	3	period	period	NOUN
ajfa-3998	415	4	after	after	ADP
ajfa-3998	415	5	september	september	PROPN
ajfa-3998	415	6	,	,	PUNCT
ajfa-3998	415	7	2008	2008	NUM
ajfa-3998	415	8	has	have	AUX
ajfa-3998	415	9	been	be	AUX
ajfa-3998	415	10	considered	consider	VERB
ajfa-3998	415	11	as	as	ADP
ajfa-3998	415	12	the	the	DET
ajfa-3998	415	13	period	period	NOUN
ajfa-3998	415	14	of	of	ADP
ajfa-3998	415	15	downturn	downturn	NOUN
ajfa-3998	415	16	in	in	ADP
ajfa-3998	415	17	the	the	DET
ajfa-3998	415	18	business	business	NOUN
ajfa-3998	415	19	cycle	cycle	NOUN
ajfa-3998	415	20	.	.	PUNCT
ajfa-3998	416	1	6	6	X
ajfa-3998	416	2	.	.	X
ajfa-3998	416	3	fama	fama	PROPN
ajfa-3998	416	4	and	and	CCONJ
ajfa-3998	416	5	french	french	ADJ
ajfa-3998	416	6	(	(	PUNCT
ajfa-3998	416	7	1995	1995	NUM
ajfa-3998	416	8	)	)	PUNCT
ajfa-3998	416	9	show	show	VERB
ajfa-3998	416	10	that	that	SCONJ
ajfa-3998	416	11	low	low	ADJ
ajfa-3998	416	12	p	p	PROPN
ajfa-3998	416	13	/	/	SYM
ajfa-3998	416	14	b	b	NOUN
ajfa-3998	416	15	firms	firm	NOUN
ajfa-3998	416	16	exhibit	exhibit	VERB
ajfa-3998	416	17	weaker	weak	ADJ
ajfa-3998	416	18	sales	sale	NOUN
ajfa-3998	416	19	and	and	CCONJ
ajfa-3998	416	20	earnings	earning	NOUN
ajfa-3998	416	21	growth	growth	NOUN
ajfa-3998	416	22	rate	rate	NOUN
ajfa-3998	416	23	historically	historically	ADV
ajfa-3998	416	24	viz	viz	VERB
ajfa-3998	416	25	a	a	DET
ajfa-3998	416	26	viz	viz	ADJ
ajfa-3998	416	27	high	high	ADJ
ajfa-3998	416	28	p	p	PROPN
ajfa-3998	416	29	/	/	SYM
ajfa-3998	416	30	b	b	NOUN
ajfa-3998	416	31	firms	firm	NOUN
ajfa-3998	416	32	and	and	CCONJ
ajfa-3998	416	33	hence	hence	ADV
ajfa-3998	416	34	can	can	AUX
ajfa-3998	416	35	be	be	AUX
ajfa-3998	416	36	classified	classify	VERB
ajfa-3998	416	37	as	as	ADP
ajfa-3998	416	38	fundamentally	fundamentally	ADV
ajfa-3998	416	39	distressed	distressed	ADJ
ajfa-3998	416	40	.	.	PUNCT
ajfa-3998	417	1	7	7	X
ajfa-3998	417	2	.	.	X
ajfa-3998	417	3	the	the	DET
ajfa-3998	417	4	measurement	measurement	NOUN
ajfa-3998	417	5	of	of	ADP
ajfa-3998	417	6	trading	trading	NOUN
ajfa-3998	417	7	volume	volume	NOUN
ajfa-3998	417	8	is	be	AUX
ajfa-3998	417	9	in	in	ADP
ajfa-3998	417	10	line	line	NOUN
ajfa-3998	417	11	with	with	ADP
ajfa-3998	417	12	lee	lee	PROPN
ajfa-3998	417	13	and	and	CCONJ
ajfa-3998	417	14	swaminathan	swaminathan	ADV
ajfa-3998	417	15	(	(	PUNCT
ajfa-3998	417	16	2000	2000	NUM
ajfa-3998	417	17	)	)	PUNCT
ajfa-3998	417	18	.	.	PUNCT
ajfa-3998	418	1	references	reference	NOUN
ajfa-3998	418	2	avramov	avramov	PROPN
ajfa-3998	418	3	,	,	PUNCT
ajfa-3998	418	4	d.	d.	PROPN
ajfa-3998	418	5	,	,	PUNCT
ajfa-3998	418	6	chordia	chordia	NOUN
ajfa-3998	418	7	,	,	PUNCT
ajfa-3998	418	8	t.	t.	PROPN
ajfa-3998	418	9	,	,	PUNCT
ajfa-3998	418	10	jostova	jostova	PROPN
ajfa-3998	418	11	,	,	PUNCT
ajfa-3998	418	12	g.	g.	PROPN
ajfa-3998	418	13	,	,	PUNCT
ajfa-3998	418	14	&	&	CCONJ
ajfa-3998	418	15	philipov	philipov	NOUN
ajfa-3998	418	16	,	,	PUNCT
ajfa-3998	418	17	a.	a.	NOUN
ajfa-3998	418	18	(	(	PUNCT
ajfa-3998	418	19	2009	2009	NUM
ajfa-3998	418	20	)	)	PUNCT
ajfa-3998	418	21	.	.	PUNCT
ajfa-3998	419	1	credit	credit	NOUN
ajfa-3998	419	2	ratings	rating	NOUN
ajfa-3998	419	3	and	and	CCONJ
ajfa-3998	419	4	the	the	DET
ajfa-3998	419	5	cross	cross	NOUN
ajfa-3998	419	6	-	-	NOUN
ajfa-3998	419	7	section	section	NOUN
ajfa-3998	419	8	of	of	ADP
ajfa-3998	419	9	stock	stock	NOUN
ajfa-3998	419	10	returns	return	NOUN
ajfa-3998	419	11	.	.	PUNCT
ajfa-3998	420	1	journal	journal	NOUN
ajfa-3998	420	2	of	of	ADP
ajfa-3998	420	3	financial	financial	ADJ
ajfa-3998	420	4	markets	market	NOUN
ajfa-3998	420	5	,	,	PUNCT
ajfa-3998	420	6	12(3	12(3	NUM
ajfa-3998	420	7	)	)	PUNCT
ajfa-3998	420	8	,	,	PUNCT
ajfa-3998	420	9	469	469	NUM
ajfa-3998	420	10	-	-	SYM
ajfa-3998	420	11	499	499	NUM
ajfa-3998	420	12	.	.	PUNCT
ajfa-3998	421	1	http://dx.doi.org/10.1016/j.finmar.2009.01.005	http://dx.doi.org/10.1016/j.finmar.2009.01.005	PROPN
ajfa-3998	421	2	bajaj	bajaj	PROPN
ajfa-3998	421	3	,	,	PUNCT
ajfa-3998	421	4	k.	k.	PROPN
ajfa-3998	421	5	(	(	PUNCT
ajfa-3998	421	6	1998	1998	NUM
ajfa-3998	421	7	)	)	PUNCT
ajfa-3998	421	8	.	.	PUNCT
ajfa-3998	422	1	a	a	DET
ajfa-3998	422	2	study	study	NOUN
ajfa-3998	422	3	of	of	ADP
ajfa-3998	422	4	credit	credit	NOUN
ajfa-3998	422	5	rating	rating	NOUN
ajfa-3998	422	6	in	in	ADP
ajfa-3998	422	7	india	india	PROPN
ajfa-3998	422	8	.	.	PUNCT
ajfa-3998	423	1	ph.d	ph.d	PROPN
ajfa-3998	423	2	.	.	PUNCT
ajfa-3998	424	1	thesis	thesis	NOUN
ajfa-3998	424	2	,	,	PUNCT
ajfa-3998	424	3	submitted	submit	VERB
ajfa-3998	424	4	to	to	ADP
ajfa-3998	424	5	the	the	DET
ajfa-3998	424	6	department	department	PROPN
ajfa-3998	424	7	of	of	ADP
ajfa-3998	424	8	commerce	commerce	PROPN
ajfa-3998	424	9	,	,	PUNCT
ajfa-3998	424	10	delhi	delhi	PROPN
ajfa-3998	424	11	school	school	NOUN
ajfa-3998	424	12	of	of	ADP
ajfa-3998	424	13	economics	economic	NOUN
ajfa-3998	424	14	,	,	PUNCT
ajfa-3998	424	15	university	university	NOUN
ajfa-3998	424	16	of	of	ADP
ajfa-3998	424	17	delhi	delhi	PROPN
ajfa-3998	424	18	.	.	PUNCT
ajfa-3998	425	1	bannier	bannier	NOUN
ajfa-3998	425	2	,	,	PUNCT
ajfa-3998	425	3	c.	c.	PROPN
ajfa-3998	425	4	e.	e.	PROPN
ajfa-3998	425	5	,	,	PUNCT
ajfa-3998	425	6	&	&	CCONJ
ajfa-3998	425	7	hirsch	hirsch	PROPN
ajfa-3998	425	8	,	,	PUNCT
ajfa-3998	425	9	c.	c.	PROPN
ajfa-3998	425	10	(	(	PUNCT
ajfa-3998	425	11	2010	2010	NUM
ajfa-3998	425	12	)	)	PUNCT
ajfa-3998	425	13	.	.	PUNCT
ajfa-3998	426	1	the	the	DET
ajfa-3998	426	2	economic	economic	ADJ
ajfa-3998	426	3	function	function	NOUN
ajfa-3998	426	4	of	of	ADP
ajfa-3998	426	5	credit	credit	NOUN
ajfa-3998	426	6	rating	rating	NOUN
ajfa-3998	426	7	agencies	agency	NOUN
ajfa-3998	426	8	–	–	PUNCT
ajfa-3998	426	9	what	what	PRON
ajfa-3998	426	10	does	do	AUX
ajfa-3998	426	11	the	the	DET
ajfa-3998	426	12	watchlist	watchlist	NOUN
ajfa-3998	426	13	tell	tell	VERB
ajfa-3998	426	14	us	we	PRON
ajfa-3998	426	15	?	?	PUNCT
ajfa-3998	427	1	journal	journal	NOUN
ajfa-3998	427	2	of	of	ADP
ajfa-3998	427	3	banking	banking	NOUN
ajfa-3998	427	4	and	and	CCONJ
ajfa-3998	427	5	finance	finance	NOUN
ajfa-3998	427	6	,	,	PUNCT
ajfa-3998	427	7	34	34	NUM
ajfa-3998	427	8	,	,	PUNCT
ajfa-3998	427	9	3037–3049	3037–3049	NUM
ajfa-3998	427	10	.	.	PUNCT
ajfa-3998	428	1	http://dx.doi.org/10.1016/j.jbankfin.2010.07.002	http://dx.doi.org/10.1016/j.jbankfin.2010.07.002	PROPN
ajfa-3998	428	2	barron	barron	PROPN
ajfa-3998	428	3	,	,	PUNCT
ajfa-3998	428	4	m.	m.	PROPN
ajfa-3998	428	5	j.	j.	PROPN
ajfa-3998	428	6	,	,	PUNCT
ajfa-3998	428	7	clare	clare	PROPN
ajfa-3998	428	8	,	,	PUNCT
ajfa-3998	428	9	a.	a.	PROPN
ajfa-3998	428	10	d.	d.	PROPN
ajfa-3998	428	11	,	,	PUNCT
ajfa-3998	428	12	&	&	CCONJ
ajfa-3998	428	13	thomas	thomas	PROPN
ajfa-3998	428	14	,	,	PUNCT
ajfa-3998	428	15	s.	s.	PROPN
ajfa-3998	428	16	h.	h.	PROPN
ajfa-3998	428	17	(	(	PUNCT
ajfa-3998	428	18	1997	1997	NUM
ajfa-3998	428	19	)	)	PUNCT
ajfa-3998	428	20	.	.	PUNCT
ajfa-3998	429	1	the	the	DET
ajfa-3998	429	2	effect	effect	NOUN
ajfa-3998	429	3	of	of	ADP
ajfa-3998	429	4	bond	bond	NOUN
ajfa-3998	429	5	rating	rating	NOUN
ajfa-3998	429	6	changes	change	NOUN
ajfa-3998	429	7	and	and	CCONJ
ajfa-3998	429	8	new	new	ADJ
ajfa-3998	429	9	ratings	rating	NOUN
ajfa-3998	429	10	on	on	ADP
ajfa-3998	429	11	uk	uk	PROPN
ajfa-3998	429	12	stock	stock	NOUN
ajfa-3998	429	13	returns	return	NOUN
ajfa-3998	429	14	.	.	PUNCT
ajfa-3998	430	1	journal	journal	NOUN
ajfa-3998	430	2	of	of	ADP
ajfa-3998	430	3	business	business	NOUN
ajfa-3998	430	4	finance	finance	NOUN
ajfa-3998	430	5	and	and	CCONJ
ajfa-3998	430	6	accounting	accounting	NOUN
ajfa-3998	430	7	,	,	PUNCT
ajfa-3998	430	8	24	24	NUM
ajfa-3998	430	9	,	,	PUNCT
ajfa-3998	430	10	497–509	497–509	NUM
ajfa-3998	430	11	.	.	PUNCT
ajfa-3998	431	1	http://dx.doi.org/10.1111/1468-5957.00117	http://dx.doi.org/10.1111/1468-5957.00117	PROPN
ajfa-3998	431	2	benjamin	benjamin	PROPN
ajfa-3998	431	3	,	,	PUNCT
ajfa-3998	431	4	e.	e.	PROPN
ajfa-3998	431	5	e.	e.	PROPN
ajfa-3998	431	6	b.	b.	PROPN
ajfa-3998	431	7	c.	c.	PROPN
ajfa-3998	431	8	(	(	PUNCT
ajfa-3998	431	9	2008	2008	NUM
ajfa-3998	431	10	)	)	PUNCT
ajfa-3998	431	11	.	.	PUNCT
ajfa-3998	432	1	the	the	DET
ajfa-3998	432	2	impact	impact	NOUN
ajfa-3998	432	3	of	of	ADP
ajfa-3998	432	4	credit	credit	NOUN
ajfa-3998	432	5	watch	watch	NOUN
ajfa-3998	432	6	and	and	CCONJ
ajfa-3998	432	7	bond	bond	NOUN
ajfa-3998	432	8	rating	rating	NOUN
ajfa-3998	432	9	changes	change	NOUN
ajfa-3998	432	10	on	on	ADP
ajfa-3998	432	11	abnormal	abnormal	ADJ
ajfa-3998	432	12	stock	stock	NOUN
ajfa-3998	432	13	returns	return	NOUN
ajfa-3998	432	14	for	for	ADP
ajfa-3998	432	15	non	non	ADJ
ajfa-3998	432	16	-	-	ADJ
ajfa-3998	432	17	usa	usa	ADJ
ajfa-3998	432	18	domiciled	domicile	VERB
ajfa-3998	432	19	corporations	corporation	NOUN
ajfa-3998	432	20	.	.	PUNCT
ajfa-3998	433	1	dissertations	dissertation	NOUN
ajfa-3998	433	2	and	and	CCONJ
ajfa-3998	433	3	theses	theses	PRON
ajfa-3998	433	4	collection	collection	NOUN
ajfa-3998	433	5	(	(	PUNCT
ajfa-3998	433	6	open	open	ADJ
ajfa-3998	433	7	access	access	NOUN
ajfa-3998	433	8	)	)	PUNCT
ajfa-3998	433	9	.	.	PUNCT
ajfa-3998	434	1	paper	paper	NOUN
ajfa-3998	434	2	44	44	NUM
ajfa-3998	434	3	.	.	PUNCT
ajfa-3998	435	1	retrieved	retrieve	VERB
ajfa-3998	435	2	from	from	ADP
ajfa-3998	435	3	http://ink.library.smu.edu.sg/etd_coll/44	http://ink.library.smu.edu.sg/etd_coll/44	PROPN
ajfa-3998	435	4	bhoot	bhoot	NOUN
ajfa-3998	435	5	,	,	PUNCT
ajfa-3998	435	6	g.	g.	PROPN
ajfa-3998	435	7	(	(	PUNCT
ajfa-3998	435	8	1995	1995	NUM
ajfa-3998	435	9	)	)	PUNCT
ajfa-3998	435	10	.	.	PUNCT
ajfa-3998	436	1	corporate	corporate	ADJ
ajfa-3998	436	2	credit	credit	NOUN
ajfa-3998	436	3	rating	rating	NOUN
ajfa-3998	436	4	in	in	ADP
ajfa-3998	436	5	india	india	PROPN
ajfa-3998	436	6	:	:	PUNCT
ajfa-3998	436	7	an	an	DET
ajfa-3998	436	8	overview	overview	NOUN
ajfa-3998	436	9	.	.	PUNCT
ajfa-3998	437	1	m.phil	m.phil	NOUN
ajfa-3998	437	2	dissertation	dissertation	NOUN
ajfa-3998	437	3	,	,	PUNCT
ajfa-3998	437	4	submitted	submit	VERB
ajfa-3998	437	5	to	to	ADP
ajfa-3998	437	6	the	the	DET
ajfa-3998	437	7	department	department	PROPN
ajfa-3998	437	8	of	of	ADP
ajfa-3998	437	9	commerce	commerce	PROPN
ajfa-3998	437	10	,	,	PUNCT
ajfa-3998	437	11	delhi	delhi	PROPN
ajfa-3998	437	12	school	school	NOUN
ajfa-3998	437	13	of	of	ADP
ajfa-3998	437	14	economics	economic	NOUN
ajfa-3998	437	15	,	,	PUNCT
ajfa-3998	437	16	university	university	NOUN
ajfa-3998	437	17	of	of	ADP
ajfa-3998	437	18	delhi	delhi	PROPN
ajfa-3998	437	19	.	.	PUNCT
ajfa-3998	438	1	brown	brown	PROPN
ajfa-3998	438	2	,	,	PUNCT
ajfa-3998	438	3	s.	s.	PROPN
ajfa-3998	438	4	,	,	PUNCT
ajfa-3998	438	5	&	&	CCONJ
ajfa-3998	438	6	warner	warner	PROPN
ajfa-3998	438	7	,	,	PUNCT
ajfa-3998	438	8	j.	j.	PROPN
ajfa-3998	438	9	(	(	PUNCT
ajfa-3998	438	10	1985	1985	NUM
ajfa-3998	438	11	)	)	PUNCT
ajfa-3998	438	12	.	.	PUNCT
ajfa-3998	439	1	using	use	VERB
ajfa-3998	439	2	daily	daily	ADJ
ajfa-3998	439	3	stock	stock	NOUN
ajfa-3998	439	4	returns	return	NOUN
ajfa-3998	439	5	:	:	PUNCT
ajfa-3998	439	6	the	the	DET
ajfa-3998	439	7	case	case	NOUN
ajfa-3998	439	8	of	of	ADP
ajfa-3998	439	9	event	event	NOUN
ajfa-3998	439	10	studies	study	NOUN
ajfa-3998	439	11	.	.	PUNCT
ajfa-3998	440	1	journal	journal	PROPN
ajfa-3998	440	2	of	of	ADP
ajfa-3998	440	3	financial	financial	ADJ
ajfa-3998	440	4	economics	economic	NOUN
ajfa-3998	440	5	,	,	PUNCT
ajfa-3998	440	6	14	14	NUM
ajfa-3998	440	7	,	,	PUNCT
ajfa-3998	440	8	3	3	NUM
ajfa-3998	440	9	-	-	SYM
ajfa-3998	440	10	31	31	NUM
ajfa-3998	440	11	.	.	PUNCT
ajfa-3998	440	12	http://dx.doi.org/10.1016/0304-405x(85)90042-x	http://dx.doi.org/10.1016/0304-405x(85)90042-x	PROPN
ajfa-3998	440	13	campbell	campbell	PROPN
ajfa-3998	440	14	,	,	PUNCT
ajfa-3998	440	15	j.	j.	PROPN
ajfa-3998	440	16	y.	y.	PROPN
ajfa-3998	440	17	,	,	PUNCT
ajfa-3998	440	18	lo	lo	PROPN
ajfa-3998	440	19	,	,	PUNCT
ajfa-3998	440	20	a.	a.	PROPN
ajfa-3998	440	21	w.	w.	PROPN
ajfa-3998	440	22	,	,	PUNCT
ajfa-3998	440	23	mackinlay	mackinlay	PROPN
ajfa-3998	440	24	,	,	PUNCT
ajfa-3998	440	25	a.	a.	PROPN
ajfa-3998	440	26	c.	c.	PROPN
ajfa-3998	440	27	,	,	PUNCT
ajfa-3998	440	28	&	&	CCONJ
ajfa-3998	440	29	lo	lo	PROPN
ajfa-3998	440	30	,	,	PUNCT
ajfa-3998	440	31	a.y	a.y	PROPN
ajfa-3998	440	32	.	.	PROPN
ajfa-3998	440	33	(	(	PUNCT
ajfa-3998	440	34	1997	1997	NUM
ajfa-3998	440	35	)	)	PUNCT
ajfa-3998	440	36	.	.	PUNCT
ajfa-3998	441	1	the	the	DET
ajfa-3998	441	2	econometrics	econometric	NOUN
ajfa-3998	441	3	of	of	ADP
ajfa-3998	441	4	financial	financial	ADJ
ajfa-3998	441	5	markets	market	NOUN
ajfa-3998	441	6	.	.	PUNCT
ajfa-3998	442	1	princeton	princeton	PROPN
ajfa-3998	442	2	,	,	PUNCT
ajfa-3998	442	3	nj	nj	PROPN
ajfa-3998	442	4	:	:	PUNCT
ajfa-3998	442	5	princeton	princeton	PROPN
ajfa-3998	442	6	university	university	PROPN
ajfa-3998	442	7	press	press	NOUN
ajfa-3998	442	8	.	.	PUNCT
ajfa-3998	443	1	chan	chan	PROPN
ajfa-3998	443	2	,	,	PUNCT
ajfa-3998	443	3	k.	k.	PROPN
ajfa-3998	443	4	c.	c.	PROPN
ajfa-3998	443	5	,	,	PUNCT
ajfa-3998	443	6	&	&	CCONJ
ajfa-3998	443	7	chen	chen	PROPN
ajfa-3998	443	8	,	,	PUNCT
ajfa-3998	443	9	nai	nai	NOUN
ajfa-3998	443	10	-	-	PUNCT
ajfa-3998	443	11	fu	fu	NOUN
ajfa-3998	443	12	.	.	PUNCT
ajfa-3998	444	1	(	(	PUNCT
ajfa-3998	444	2	1991	1991	NUM
ajfa-3998	444	3	)	)	PUNCT
ajfa-3998	444	4	.	.	PUNCT
ajfa-3998	445	1	structural	structural	ADJ
ajfa-3998	445	2	and	and	CCONJ
ajfa-3998	445	3	return	return	VERB
ajfa-3998	445	4	characteristics	characteristic	NOUN
ajfa-3998	445	5	of	of	ADP
ajfa-3998	445	6	small	small	ADJ
ajfa-3998	445	7	and	and	CCONJ
ajfa-3998	445	8	asian	asian	ADJ
ajfa-3998	445	9	journal	journal	NOUN
ajfa-3998	445	10	of	of	ADP
ajfa-3998	445	11	finance	finance	PROPN
ajfa-3998	445	12	&	&	CCONJ
ajfa-3998	445	13	accounting	accounting	PROPN
ajfa-3998	445	14	issn	issn	PROPN
ajfa-3998	445	15	1946	1946	NUM
ajfa-3998	445	16	-	-	PUNCT
ajfa-3998	445	17	052x	052x	NOUN
ajfa-3998	445	18	2013	2013	NUM
ajfa-3998	445	19	,	,	PUNCT
ajfa-3998	445	20	vol	vol	NOUN
ajfa-3998	445	21	.	.	PROPN
ajfa-3998	446	1	5	5	NUM
ajfa-3998	446	2	,	,	PUNCT
ajfa-3998	446	3	no	no	INTJ
ajfa-3998	446	4	.	.	NOUN
ajfa-3998	446	5	2	2	NUM
ajfa-3998	446	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	446	7	72	72	NUM
ajfa-3998	446	8	large	large	ADJ
ajfa-3998	446	9	firms	firm	NOUN
ajfa-3998	446	10	.	.	PUNCT
ajfa-3998	447	1	journal	journal	PROPN
ajfa-3998	447	2	of	of	ADP
ajfa-3998	447	3	finance	finance	NOUN
ajfa-3998	447	4	,	,	PUNCT
ajfa-3998	447	5	46	46	NUM
ajfa-3998	447	6	,	,	PUNCT
ajfa-3998	447	7	1467–84	1467–84	NUM
ajfa-3998	447	8	.	.	PUNCT
ajfa-3998	448	1	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04626.x	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04626.x	PROPN
ajfa-3998	448	2	chakravarty	chakravarty	NOUN
ajfa-3998	448	3	,	,	PUNCT
ajfa-3998	448	4	s.	s.	PROPN
ajfa-3998	448	5	,	,	PUNCT
ajfa-3998	448	6	chiyachantana	chiyachantana	PROPN
ajfa-3998	448	7	,	,	PUNCT
ajfa-3998	448	8	c.	c.	PROPN
ajfa-3998	448	9	,	,	PUNCT
ajfa-3998	448	10	&	&	CCONJ
ajfa-3998	448	11	lee	lee	PROPN
ajfa-3998	448	12	,	,	PUNCT
ajfa-3998	448	13	y.	y.	PROPN
ajfa-3998	448	14	t.	t.	PROPN
ajfa-3998	448	15	(	(	PUNCT
ajfa-3998	448	16	2009	2009	NUM
ajfa-3998	448	17	)	)	PUNCT
ajfa-3998	448	18	.	.	PUNCT
ajfa-3998	449	1	does	do	AUX
ajfa-3998	449	2	the	the	DET
ajfa-3998	449	3	early	early	ADJ
ajfa-3998	449	4	bird	bird	NOUN
ajfa-3998	449	5	get	get	VERB
ajfa-3998	449	6	the	the	DET
ajfa-3998	449	7	worm	worm	NOUN
ajfa-3998	449	8	?	?	PUNCT
ajfa-3998	450	1	the	the	DET
ajfa-3998	450	2	informativeness	informativeness	NOUN
ajfa-3998	450	3	of	of	ADP
ajfa-3998	450	4	credit	credit	NOUN
ajfa-3998	450	5	watch	watch	NOUN
ajfa-3998	450	6	placements	placement	NOUN
ajfa-3998	450	7	.	.	PUNCT
ajfa-3998	451	1	presented	present	VERB
ajfa-3998	451	2	at	at	ADP
ajfa-3998	451	3	the	the	DET
ajfa-3998	451	4	annual	annual	ADJ
ajfa-3998	451	5	meetings	meeting	NOUN
ajfa-3998	451	6	of	of	ADP
ajfa-3998	451	7	the	the	DET
ajfa-3998	451	8	financial	financial	PROPN
ajfa-3998	451	9	management	management	PROPN
ajfa-3998	451	10	association	association	PROPN
ajfa-3998	451	11	european	european	PROPN
ajfa-3998	451	12	conference	conference	PROPN
ajfa-3998	451	13	,	,	PUNCT
ajfa-3998	451	14	turin	turin	PROPN
ajfa-3998	451	15	,	,	PUNCT
ajfa-3998	451	16	2009	2009	NUM
ajfa-3998	451	17	.	.	PUNCT
ajfa-3998	452	1	retrieved	retrieve	VERB
ajfa-3998	452	2	from	from	ADP
ajfa-3998	452	3	http://www.efmaefm.org/0efmameetings/efma%20annual%20meetings/2009milan/efma2009_0136_fullpaper.pdf	http://www.efmaefm.org/0efmameetings/efma%20annual%20meetings/2009milan/efma2009_0136_fullpaper.pdf	NOUN
ajfa-3998	452	4	choy	choy	NOUN
ajfa-3998	452	5	,	,	PUNCT
ajfa-3998	452	6	e.	e.	PROPN
ajfa-3998	452	7	,	,	PUNCT
ajfa-3998	452	8	gray	gray	ADJ
ajfa-3998	452	9	,	,	PUNCT
ajfa-3998	452	10	s.	s.	PROPN
ajfa-3998	452	11	,	,	PUNCT
ajfa-3998	452	12	&	&	CCONJ
ajfa-3998	452	13	ragunathan	ragunathan	PROPN
ajfa-3998	452	14	,	,	PUNCT
ajfa-3998	452	15	v.	v.	PROPN
ajfa-3998	452	16	(	(	PUNCT
ajfa-3998	452	17	2006	2006	NUM
ajfa-3998	452	18	)	)	PUNCT
ajfa-3998	452	19	.	.	PUNCT
ajfa-3998	453	1	effect	effect	NOUN
ajfa-3998	453	2	of	of	ADP
ajfa-3998	453	3	credit	credit	NOUN
ajfa-3998	453	4	rating	rating	NOUN
ajfa-3998	453	5	changes	change	NOUN
ajfa-3998	453	6	on	on	ADP
ajfa-3998	453	7	australian	australian	ADJ
ajfa-3998	453	8	stock	stock	NOUN
ajfa-3998	453	9	returns	return	NOUN
ajfa-3998	453	10	.	.	PUNCT
ajfa-3998	454	1	accounting	accounting	NOUN
ajfa-3998	454	2	and	and	CCONJ
ajfa-3998	454	3	finance	finance	NOUN
ajfa-3998	454	4	,	,	PUNCT
ajfa-3998	454	5	46(5	46(5	NOUN
ajfa-3998	454	6	)	)	PUNCT
ajfa-3998	454	7	,	,	PUNCT
ajfa-3998	454	8	755	755	NUM
ajfa-3998	454	9	-	-	SYM
ajfa-3998	454	10	769	769	NUM
ajfa-3998	454	11	.	.	PUNCT
ajfa-3998	455	1	http://dx.doi.org/10.1111/j.1467-629x.2006.00192.x	http://dx.doi.org/10.1111/j.1467-629x.2006.00192.x	PROPN
ajfa-3998	455	2	cornell	cornell	PROPN
ajfa-3998	455	3	,	,	PUNCT
ajfa-3998	455	4	b.	b.	PROPN
ajfa-3998	455	5	,	,	PUNCT
ajfa-3998	455	6	landsman	landsman	PROPN
ajfa-3998	455	7	,	,	PUNCT
ajfa-3998	455	8	w.	w.	PROPN
ajfa-3998	455	9	,	,	PUNCT
ajfa-3998	455	10	&	&	CCONJ
ajfa-3998	455	11	shapiro	shapiro	PROPN
ajfa-3998	455	12	,	,	PUNCT
ajfa-3998	455	13	a.	a.	PROPN
ajfa-3998	455	14	c.	c.	PROPN
ajfa-3998	455	15	(	(	PUNCT
ajfa-3998	455	16	1989	1989	NUM
ajfa-3998	455	17	)	)	PUNCT
ajfa-3998	455	18	.	.	PUNCT
ajfa-3998	456	1	cross	cross	ADJ
ajfa-3998	456	2	-	-	ADJ
ajfa-3998	456	3	sectional	sectional	ADJ
ajfa-3998	456	4	regularities	regularity	NOUN
ajfa-3998	456	5	in	in	ADP
ajfa-3998	456	6	the	the	DET
ajfa-3998	456	7	response	response	NOUN
ajfa-3998	456	8	of	of	ADP
ajfa-3998	456	9	stock	stock	NOUN
ajfa-3998	456	10	prices	price	NOUN
ajfa-3998	456	11	to	to	PART
ajfa-3998	456	12	bond	bond	NOUN
ajfa-3998	456	13	rating	rating	NOUN
ajfa-3998	456	14	changes	change	NOUN
ajfa-3998	456	15	.	.	PUNCT
ajfa-3998	457	1	journal	journal	NOUN
ajfa-3998	457	2	of	of	ADP
ajfa-3998	457	3	accounting	accounting	NOUN
ajfa-3998	457	4	,	,	PUNCT
ajfa-3998	457	5	auditing	auditing	NOUN
ajfa-3998	457	6	and	and	CCONJ
ajfa-3998	457	7	finance	finance	NOUN
ajfa-3998	457	8	,	,	PUNCT
ajfa-3998	457	9	4	4	NUM
ajfa-3998	457	10	(	(	PUNCT
ajfa-3998	457	11	fall	fall	NOUN
ajfa-3998	457	12	)	)	PUNCT
ajfa-3998	457	13	,	,	PUNCT
ajfa-3998	457	14	460	460	NUM
ajfa-3998	457	15	–	–	PUNCT
ajfa-3998	457	16	479	479	NUM
ajfa-3998	457	17	.	.	PUNCT
ajfa-3998	458	1	creighton	creighton	PROPN
ajfa-3998	458	2	,	,	PUNCT
ajfa-3998	458	3	a.	a.	PROPN
ajfa-3998	458	4	,	,	PUNCT
ajfa-3998	458	5	gower	gower	PROPN
ajfa-3998	458	6	,	,	PUNCT
ajfa-3998	458	7	l.	l.	PROPN
ajfa-3998	458	8	,	,	PUNCT
ajfa-3998	458	9	&	&	CCONJ
ajfa-3998	458	10	richards	richards	PROPN
ajfa-3998	458	11	,	,	PUNCT
ajfa-3998	458	12	a.	a.	PROPN
ajfa-3998	458	13	j.	j.	PROPN
ajfa-3998	458	14	(	(	PUNCT
ajfa-3998	458	15	2007	2007	NUM
ajfa-3998	458	16	)	)	PUNCT
ajfa-3998	458	17	.	.	PUNCT
ajfa-3998	459	1	the	the	DET
ajfa-3998	459	2	impact	impact	NOUN
ajfa-3998	459	3	of	of	ADP
ajfa-3998	459	4	rating	rating	NOUN
ajfa-3998	459	5	changes	change	NOUN
ajfa-3998	459	6	in	in	ADP
ajfa-3998	459	7	australian	australian	ADJ
ajfa-3998	459	8	financial	financial	ADJ
ajfa-3998	459	9	markets	market	NOUN
ajfa-3998	459	10	.	.	PUNCT
ajfa-3998	460	1	pacific	pacific	ADJ
ajfa-3998	460	2	–	–	PUNCT
ajfa-3998	460	3	basin	basin	NOUN
ajfa-3998	460	4	finance	finance	NOUN
ajfa-3998	460	5	journal	journal	NOUN
ajfa-3998	460	6	,	,	PUNCT
ajfa-3998	460	7	15	15	NUM
ajfa-3998	460	8	,	,	PUNCT
ajfa-3998	460	9	1	1	NUM
ajfa-3998	460	10	-	-	SYM
ajfa-3998	460	11	17	17	NUM
ajfa-3998	460	12	.	.	PUNCT
ajfa-3998	461	1	http://dx.doi.org/10.1016/j.pacfin.2006.04.003	http://dx.doi.org/10.1016/j.pacfin.2006.04.003	PROPN
ajfa-3998	461	2	dichev	dichev	PROPN
ajfa-3998	461	3	,	,	PUNCT
ajfa-3998	461	4	i.	i.	PROPN
ajfa-3998	461	5	d.	d.	PROPN
ajfa-3998	461	6	,	,	PUNCT
ajfa-3998	461	7	&	&	CCONJ
ajfa-3998	461	8	piotroski	piotroski	PROPN
ajfa-3998	461	9	,	,	PUNCT
ajfa-3998	461	10	j.	j.	PROPN
ajfa-3998	461	11	d.	d.	PROPN
ajfa-3998	461	12	(	(	PUNCT
ajfa-3998	461	13	2001	2001	NUM
ajfa-3998	461	14	)	)	PUNCT
ajfa-3998	461	15	.	.	PUNCT
ajfa-3998	462	1	the	the	DET
ajfa-3998	462	2	long	long	ADV
ajfa-3998	462	3	-	-	PUNCT
ajfa-3998	462	4	run	run	VERB
ajfa-3998	462	5	stock	stock	NOUN
ajfa-3998	462	6	returns	return	NOUN
ajfa-3998	462	7	following	follow	VERB
ajfa-3998	462	8	bond	bond	NOUN
ajfa-3998	462	9	ratings	rating	NOUN
ajfa-3998	462	10	changes	change	NOUN
ajfa-3998	462	11	.	.	PUNCT
ajfa-3998	463	1	journal	journal	NOUN
ajfa-3998	463	2	of	of	ADP
ajfa-3998	463	3	finance	finance	NOUN
ajfa-3998	463	4	,	,	PUNCT
ajfa-3998	463	5	56	56	NUM
ajfa-3998	463	6	,	,	PUNCT
ajfa-3998	463	7	173	173	NUM
ajfa-3998	463	8	-	-	SYM
ajfa-3998	463	9	203	203	NUM
ajfa-3998	463	10	.	.	PUNCT
ajfa-3998	464	1	http://dx.doi.org/10.1111/0022-1082.00322	http://dx.doi.org/10.1111/0022-1082.00322	PROPN
ajfa-3998	464	2	duggal	duggal	PROPN
ajfa-3998	464	3	,	,	PUNCT
ajfa-3998	464	4	s.	s.	PROPN
ajfa-3998	464	5	(	(	PUNCT
ajfa-3998	464	6	1992	1992	NUM
ajfa-3998	464	7	)	)	PUNCT
ajfa-3998	464	8	.	.	PUNCT
ajfa-3998	465	1	credit	credit	NOUN
ajfa-3998	465	2	rating	rating	NOUN
ajfa-3998	465	3	in	in	ADP
ajfa-3998	465	4	india	india	PROPN
ajfa-3998	465	5	–	–	PUNCT
ajfa-3998	465	6	an	an	DET
ajfa-3998	465	7	emerging	emerge	VERB
ajfa-3998	465	8	financial	financial	ADJ
ajfa-3998	465	9	service	service	NOUN
ajfa-3998	465	10	.	.	PUNCT
ajfa-3998	466	1	m.phil	m.phil	PROPN
ajfa-3998	466	2	dissertation	dissertation	NOUN
ajfa-3998	466	3	,	,	PUNCT
ajfa-3998	466	4	submitted	submit	VERB
ajfa-3998	466	5	to	to	ADP
ajfa-3998	466	6	the	the	DET
ajfa-3998	466	7	department	department	PROPN
ajfa-3998	466	8	of	of	ADP
ajfa-3998	466	9	commerce	commerce	PROPN
ajfa-3998	466	10	,	,	PUNCT
ajfa-3998	466	11	delhi	delhi	PROPN
ajfa-3998	466	12	school	school	NOUN
ajfa-3998	466	13	of	of	ADP
ajfa-3998	466	14	economics	economic	NOUN
ajfa-3998	466	15	,	,	PUNCT
ajfa-3998	466	16	university	university	NOUN
ajfa-3998	466	17	of	of	ADP
ajfa-3998	466	18	delhi	delhi	PROPN
ajfa-3998	466	19	.	.	PUNCT
ajfa-3998	467	1	ederington	ederington	PROPN
ajfa-3998	467	2	,	,	PUNCT
ajfa-3998	467	3	l.	l.	PROPN
ajfa-3998	467	4	h.	h.	PROPN
ajfa-3998	467	5	,	,	PUNCT
ajfa-3998	467	6	&	&	CCONJ
ajfa-3998	467	7	yawitz	yawitz	PROPN
ajfa-3998	467	8	,	,	PUNCT
ajfa-3998	467	9	j.	j.	PROPN
ajfa-3998	467	10	b.	b.	PROPN
ajfa-3998	467	11	(	(	PUNCT
ajfa-3998	467	12	1987	1987	NUM
ajfa-3998	467	13	)	)	PUNCT
ajfa-3998	467	14	.	.	PUNCT
ajfa-3998	468	1	the	the	DET
ajfa-3998	468	2	bond	bond	NOUN
ajfa-3998	468	3	rating	rating	NOUN
ajfa-3998	468	4	process	process	NOUN
ajfa-3998	468	5	.	.	PUNCT
ajfa-3998	469	1	in	in	ADP
ajfa-3998	469	2	altman	altman	PROPN
ajfa-3998	469	3	,	,	PUNCT
ajfa-3998	469	4	e.	e.	PROPN
ajfa-3998	469	5	edition	edition	PROPN
ajfa-3998	469	6	.	.	PUNCT
ajfa-3998	470	1	handbook	handbook	NOUN
ajfa-3998	470	2	of	of	ADP
ajfa-3998	470	3	financial	financial	ADJ
ajfa-3998	470	4	markets	market	NOUN
ajfa-3998	470	5	and	and	CCONJ
ajfa-3998	470	6	institutions	institution	NOUN
ajfa-3998	470	7	,	,	PUNCT
ajfa-3998	470	8	6th	6th	ADJ
ajfa-3998	470	9	edition	edition	NOUN
ajfa-3998	470	10	,	,	PUNCT
ajfa-3998	470	11	john	john	PROPN
ajfa-3998	470	12	wiley	wiley	PROPN
ajfa-3998	470	13	and	and	CCONJ
ajfa-3998	470	14	sons	son	NOUN
ajfa-3998	470	15	,	,	PUNCT
ajfa-3998	470	16	new	new	PROPN
ajfa-3998	470	17	york	york	PROPN
ajfa-3998	470	18	,	,	PUNCT
ajfa-3998	470	19	ny	ny	PROPN
ajfa-3998	470	20	,	,	PUNCT
ajfa-3998	470	21	49	49	NUM
ajfa-3998	470	22	–	–	SYM
ajfa-3998	470	23	51	51	NUM
ajfa-3998	470	24	.	.	PUNCT
ajfa-3998	470	25	elayan	elayan	PROPN
ajfa-3998	470	26	,	,	PUNCT
ajfa-3998	470	27	f.	f.	PROPN
ajfa-3998	470	28	a.	a.	PROPN
ajfa-3998	470	29	,	,	PUNCT
ajfa-3998	470	30	maris	maris	PROPN
ajfa-3998	470	31	,	,	PUNCT
ajfa-3998	470	32	b.	b.	PROPN
ajfa-3998	470	33	a.	a.	PROPN
ajfa-3998	470	34	,	,	PUNCT
ajfa-3998	470	35	&	&	CCONJ
ajfa-3998	470	36	young	young	ADJ
ajfa-3998	470	37	,	,	PUNCT
ajfa-3998	470	38	p.	p.	NOUN
ajfa-3998	470	39	j.	j.	PROPN
ajfa-3998	470	40	(	(	PUNCT
ajfa-3998	470	41	1996	1996	NUM
ajfa-3998	470	42	)	)	PUNCT
ajfa-3998	470	43	.	.	PUNCT
ajfa-3998	471	1	the	the	DET
ajfa-3998	471	2	effect	effect	NOUN
ajfa-3998	471	3	of	of	ADP
ajfa-3998	471	4	commercial	commercial	ADJ
ajfa-3998	471	5	paper	paper	NOUN
ajfa-3998	471	6	rating	rating	NOUN
ajfa-3998	471	7	changes	change	NOUN
ajfa-3998	471	8	and	and	CCONJ
ajfa-3998	471	9	credit	credit	NOUN
ajfa-3998	471	10	-	-	PUNCT
ajfa-3998	471	11	watch	watch	NOUN
ajfa-3998	471	12	placement	placement	NOUN
ajfa-3998	471	13	on	on	ADP
ajfa-3998	471	14	common	common	ADJ
ajfa-3998	471	15	stock	stock	NOUN
ajfa-3998	471	16	prices	price	NOUN
ajfa-3998	471	17	.	.	PUNCT
ajfa-3998	472	1	financial	financial	ADJ
ajfa-3998	472	2	review	review	PROPN
ajfa-3998	472	3	,	,	PUNCT
ajfa-3998	472	4	31	31	NUM
ajfa-3998	472	5	,	,	PUNCT
ajfa-3998	472	6	149–167	149–167	NUM
ajfa-3998	472	7	.	.	PUNCT
ajfa-3998	473	1	http://dx.doi.org/10.1111/j.1540-6288.1996.tb00868.x	http://dx.doi.org/10.1111/j.1540-6288.1996.tb00868.x	PROPN
ajfa-3998	473	2	fama	fama	PROPN
ajfa-3998	473	3	,	,	PUNCT
ajfa-3998	473	4	e.	e.	PROPN
ajfa-3998	473	5	f.	f.	PROPN
ajfa-3998	473	6	,	,	PUNCT
ajfa-3998	473	7	fisher	fisher	PROPN
ajfa-3998	473	8	,	,	PUNCT
ajfa-3998	473	9	l.	l.	PROPN
ajfa-3998	473	10	,	,	PUNCT
ajfa-3998	473	11	jensen	jensen	PROPN
ajfa-3998	473	12	,	,	PUNCT
ajfa-3998	473	13	m.	m.	NOUN
ajfa-3998	473	14	,	,	PUNCT
ajfa-3998	473	15	&	&	CCONJ
ajfa-3998	473	16	roll	roll	PROPN
ajfa-3998	473	17	,	,	PUNCT
ajfa-3998	473	18	r.	r.	PROPN
ajfa-3998	473	19	(	(	PUNCT
ajfa-3998	473	20	1969	1969	NUM
ajfa-3998	473	21	)	)	PUNCT
ajfa-3998	473	22	.	.	PUNCT
ajfa-3998	474	1	the	the	DET
ajfa-3998	474	2	adjustment	adjustment	NOUN
ajfa-3998	474	3	of	of	ADP
ajfa-3998	474	4	stock	stock	NOUN
ajfa-3998	474	5	prices	price	NOUN
ajfa-3998	474	6	to	to	ADP
ajfa-3998	474	7	new	new	ADJ
ajfa-3998	474	8	information	information	NOUN
ajfa-3998	474	9	.	.	PUNCT
ajfa-3998	475	1	international	international	ADJ
ajfa-3998	475	2	economic	economic	ADJ
ajfa-3998	475	3	review	review	NOUN
ajfa-3998	475	4	,	,	PUNCT
ajfa-3998	475	5	10(february	10(february	NUM
ajfa-3998	475	6	)	)	PUNCT
ajfa-3998	475	7	,	,	PUNCT
ajfa-3998	475	8	1–21	1–21	PROPN
ajfa-3998	475	9	.	.	PUNCT
ajfa-3998	476	1	http://dx.doi.org/10.2307/2525569	http://dx.doi.org/10.2307/2525569	PROPN
ajfa-3998	476	2	fama	fama	PROPN
ajfa-3998	476	3	,	,	PUNCT
ajfa-3998	476	4	e.	e.	PROPN
ajfa-3998	476	5	f.	f.	PROPN
ajfa-3998	476	6	,	,	PUNCT
ajfa-3998	476	7	&	&	CCONJ
ajfa-3998	476	8	french	french	PROPN
ajfa-3998	476	9	,	,	PUNCT
ajfa-3998	476	10	k.r	k.r	PROPN
ajfa-3998	476	11	.	.	PROPN
ajfa-3998	476	12	(	(	PUNCT
ajfa-3998	476	13	1995	1995	NUM
ajfa-3998	476	14	)	)	PUNCT
ajfa-3998	476	15	.	.	PUNCT
ajfa-3998	477	1	size	size	NOUN
ajfa-3998	477	2	and	and	CCONJ
ajfa-3998	477	3	book	book	NOUN
ajfa-3998	477	4	-	-	PUNCT
ajfa-3998	477	5	to	to	ADP
ajfa-3998	477	6	-	-	PUNCT
ajfa-3998	477	7	market	market	NOUN
ajfa-3998	477	8	factors	factor	NOUN
ajfa-3998	477	9	in	in	ADP
ajfa-3998	477	10	earnings	earning	NOUN
ajfa-3998	477	11	and	and	CCONJ
ajfa-3998	477	12	returns	return	NOUN
ajfa-3998	477	13	.	.	PUNCT
ajfa-3998	478	1	journal	journal	NOUN
ajfa-3998	478	2	of	of	ADP
ajfa-3998	478	3	finance	finance	NOUN
ajfa-3998	478	4	,	,	PUNCT
ajfa-3998	478	5	50	50	NUM
ajfa-3998	478	6	,	,	PUNCT
ajfa-3998	478	7	131	131	NUM
ajfa-3998	478	8	-	-	SYM
ajfa-3998	478	9	155	155	NUM
ajfa-3998	478	10	.	.	PUNCT
ajfa-3998	479	1	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05169.x	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05169.x	PROPN
ajfa-3998	479	2	goh	goh	PROPN
ajfa-3998	479	3	,	,	PUNCT
ajfa-3998	479	4	j.	j.	PROPN
ajfa-3998	479	5	c.	c.	PROPN
ajfa-3998	479	6	,	,	PUNCT
ajfa-3998	479	7	&	&	CCONJ
ajfa-3998	479	8	ederington	ederington	PROPN
ajfa-3998	479	9	,	,	PUNCT
ajfa-3998	479	10	l.	l.	PROPN
ajfa-3998	479	11	h.	h.	PROPN
ajfa-3998	479	12	(	(	PUNCT
ajfa-3998	479	13	1993	1993	NUM
ajfa-3998	479	14	)	)	PUNCT
ajfa-3998	479	15	.	.	PUNCT
ajfa-3998	479	16	is	be	AUX
ajfa-3998	479	17	a	a	DET
ajfa-3998	479	18	bond	bond	NOUN
ajfa-3998	479	19	rating	rating	NOUN
ajfa-3998	479	20	downgrade	downgrade	VERB
ajfa-3998	479	21	bad	bad	ADJ
ajfa-3998	479	22	news	news	NOUN
ajfa-3998	479	23	,	,	PUNCT
ajfa-3998	479	24	good	good	ADJ
ajfa-3998	479	25	news	news	NOUN
ajfa-3998	479	26	,	,	PUNCT
ajfa-3998	479	27	or	or	CCONJ
ajfa-3998	479	28	no	no	DET
ajfa-3998	479	29	news	news	NOUN
ajfa-3998	479	30	for	for	ADP
ajfa-3998	479	31	stockholders	stockholder	NOUN
ajfa-3998	479	32	?	?	PUNCT
ajfa-3998	480	1	journal	journal	NOUN
ajfa-3998	480	2	of	of	ADP
ajfa-3998	480	3	finance	finance	NOUN
ajfa-3998	480	4	,	,	PUNCT
ajfa-3998	480	5	48	48	NUM
ajfa-3998	480	6	(	(	PUNCT
ajfa-3998	480	7	5	5	NUM
ajfa-3998	480	8	)	)	PUNCT
ajfa-3998	480	9	,	,	PUNCT
ajfa-3998	480	10	2001–2008	2001–2008	NUM
ajfa-3998	480	11	.	.	PUNCT
ajfa-3998	481	1	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05139.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05139.x	PROPN
ajfa-3998	481	2	goh	goh	PROPN
ajfa-3998	481	3	,	,	PUNCT
ajfa-3998	481	4	j.	j.	PROPN
ajfa-3998	481	5	c.	c.	PROPN
ajfa-3998	481	6	,	,	PUNCT
ajfa-3998	481	7	&	&	CCONJ
ajfa-3998	481	8	ederington	ederington	PROPN
ajfa-3998	481	9	,	,	PUNCT
ajfa-3998	481	10	l.	l.	PROPN
ajfa-3998	481	11	h.	h.	PROPN
ajfa-3998	481	12	(	(	PUNCT
ajfa-3998	481	13	1999	1999	NUM
ajfa-3998	481	14	)	)	PUNCT
ajfa-3998	481	15	.	.	PUNCT
ajfa-3998	482	1	cross	cross	ADJ
ajfa-3998	482	2	-	-	ADJ
ajfa-3998	482	3	sectional	sectional	ADJ
ajfa-3998	482	4	variation	variation	NOUN
ajfa-3998	482	5	in	in	ADP
ajfa-3998	482	6	the	the	DET
ajfa-3998	482	7	stock	stock	NOUN
ajfa-3998	482	8	market	market	NOUN
ajfa-3998	482	9	asian	asian	ADJ
ajfa-3998	482	10	journal	journal	NOUN
ajfa-3998	482	11	of	of	ADP
ajfa-3998	482	12	finance	finance	PROPN
ajfa-3998	482	13	&	&	CCONJ
ajfa-3998	482	14	accounting	accounting	PROPN
ajfa-3998	482	15	issn	issn	PROPN
ajfa-3998	482	16	1946	1946	NUM
ajfa-3998	482	17	-	-	PUNCT
ajfa-3998	482	18	052x	052x	NOUN
ajfa-3998	482	19	2013	2013	NUM
ajfa-3998	482	20	,	,	PUNCT
ajfa-3998	482	21	vol	vol	NOUN
ajfa-3998	482	22	.	.	PROPN
ajfa-3998	483	1	5	5	NUM
ajfa-3998	483	2	,	,	PUNCT
ajfa-3998	483	3	no	no	INTJ
ajfa-3998	483	4	.	.	NOUN
ajfa-3998	483	5	2	2	NUM
ajfa-3998	483	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3998	483	7	73	73	NUM
ajfa-3998	483	8	reaction	reaction	NOUN
ajfa-3998	483	9	to	to	ADP
ajfa-3998	483	10	bond	bond	NOUN
ajfa-3998	483	11	rating	rating	NOUN
ajfa-3998	483	12	changes	change	NOUN
ajfa-3998	483	13	.	.	PUNCT
ajfa-3998	484	1	quarterly	quarterly	ADJ
ajfa-3998	484	2	review	review	NOUN
ajfa-3998	484	3	of	of	ADP
ajfa-3998	484	4	economics	economic	NOUN
ajfa-3998	484	5	and	and	CCONJ
ajfa-3998	484	6	finance	finance	NOUN
ajfa-3998	484	7	,	,	PUNCT
ajfa-3998	484	8	39(1	39(1	NUM
ajfa-3998	484	9	)	)	PUNCT
ajfa-3998	484	10	,	,	PUNCT
ajfa-3998	484	11	101–112	101–112	NUM
ajfa-3998	484	12	.	.	PUNCT
ajfa-3998	485	1	http://dx.doi.org/10.1016/s1062-9769(99)80006-4	http://dx.doi.org/10.1016/s1062-9769(99)80006-4	NOUN
ajfa-3998	485	2	goswami	goswami	PROPN
ajfa-3998	485	3	,	,	PUNCT
ajfa-3998	485	4	r.	r.	PROPN
ajfa-3998	485	5	,	,	PUNCT
ajfa-3998	485	6	&	&	CCONJ
ajfa-3998	485	7	venkatesh	venkatesh	PROPN
ajfa-3998	485	8	,	,	PUNCT
ajfa-3998	485	9	s.	s.	PROPN
ajfa-3998	485	10	(	(	PUNCT
ajfa-3998	485	11	1999	1999	NUM
ajfa-3998	485	12	)	)	PUNCT
ajfa-3998	485	13	.	.	PUNCT
ajfa-3998	486	1	understanding	understanding	NOUN
ajfa-3998	486	2	and	and	CCONJ
ajfa-3998	486	3	use	use	NOUN
ajfa-3998	486	4	of	of	ADP
ajfa-3998	486	5	credit	credit	NOUN
ajfa-3998	486	6	rating	rating	NOUN
ajfa-3998	486	7	in	in	ADP
ajfa-3998	486	8	india	india	PROPN
ajfa-3998	486	9	:	:	PUNCT
ajfa-3998	486	10	a	a	DET
ajfa-3998	486	11	survey	survey	NOUN
ajfa-3998	486	12	of	of	ADP
ajfa-3998	486	13	individual	individual	ADJ
ajfa-3998	486	14	and	and	CCONJ
ajfa-3998	486	15	institutional	institutional	ADJ
ajfa-3998	486	16	investors	investor	NOUN
ajfa-3998	486	17	.	.	PUNCT
ajfa-3998	487	1	working	work	VERB
ajfa-3998	487	2	paper	paper	PROPN
ajfa-3998	487	3	no	no	INTJ
ajfa-3998	487	4	.	.	PROPN
ajfa-3998	487	5	134	134	NUM
ajfa-3998	487	6	.	.	PUNCT
ajfa-3998	488	1	indian	indian	PROPN
ajfa-3998	488	2	institute	institute	PROPN
ajfa-3998	488	3	of	of	ADP
ajfa-3998	488	4	management	management	PROPN
ajfa-3998	488	5	,	,	PUNCT
ajfa-3998	488	6	bangalore	bangalore	PROPN
ajfa-3998	488	7	,	,	PUNCT
ajfa-3998	488	8	india	india	PROPN
ajfa-3998	488	9	.	.	PUNCT
ajfa-3998	488	10	retrieved	retrieve	VERB
ajfa-3998	488	11	from	from	ADP
ajfa-3998	488	12	http://www.iimb.ernet.in/research/sites/default/files/wp.iimb_.134.pdf	http://www.iimb.ernet.in/research/sites/default/files/wp.iimb_.134.pdf	PROPN
ajfa-3998	488	13	gropp	gropp	PROPN
ajfa-3998	488	14	,	,	PUNCT
ajfa-3998	488	15	r.	r.	PROPN
ajfa-3998	488	16	,	,	PUNCT
ajfa-3998	488	17	&	&	CCONJ
ajfa-3998	488	18	richards	richards	PROPN
ajfa-3998	488	19	,	,	PUNCT
ajfa-3998	488	20	a.	a.	PROPN
ajfa-3998	488	21	j.	j.	PROPN
ajfa-3998	488	22	(	(	PUNCT
ajfa-3998	488	23	2001	2001	NUM
ajfa-3998	488	24	)	)	PUNCT
ajfa-3998	488	25	.	.	PUNCT
ajfa-3998	489	1	rating	rating	NOUN
ajfa-3998	489	2	agency	agency	NOUN
ajfa-3998	489	3	actions	action	NOUN
ajfa-3998	489	4	and	and	CCONJ
ajfa-3998	489	5	the	the	DET
ajfa-3998	489	6	pricing	pricing	NOUN
ajfa-3998	489	7	of	of	ADP
ajfa-3998	489	8	debt	debt	NOUN
ajfa-3998	489	9	and	and	CCONJ
ajfa-3998	489	10	equity	equity	NOUN
ajfa-3998	489	11	of	of	ADP
ajfa-3998	489	12	european	european	ADJ
ajfa-3998	489	13	banks	bank	NOUN
ajfa-3998	489	14	:	:	PUNCT
ajfa-3998	489	15	what	what	PRON
ajfa-3998	489	16	can	can	AUX
ajfa-3998	489	17	we	we	PRON
ajfa-3998	489	18	infer	infer	VERB
ajfa-3998	489	19	about	about	ADP
ajfa-3998	489	20	private	private	ADJ
ajfa-3998	489	21	sector	sector	NOUN
ajfa-3998	489	22	monitoring	monitoring	NOUN
ajfa-3998	489	23	of	of	ADP
ajfa-3998	489	24	bank	bank	NOUN
ajfa-3998	489	25	soundness	soundness	NOUN
ajfa-3998	489	26	?	?	PUNCT
ajfa-3998	490	1	economic	economic	ADJ
ajfa-3998	490	2	notes	note	NOUN
ajfa-3998	490	3	,	,	PUNCT
ajfa-3998	490	4	30(3	30(3	NUM
ajfa-3998	490	5	)	)	PUNCT
ajfa-3998	490	6	,	,	PUNCT
ajfa-3998	490	7	373–398	373–398	NUM
ajfa-3998	490	8	.	.	PUNCT
ajfa-3998	491	1	http://dx.doi.org/10.1111/1468-0300.00064	http://dx.doi.org/10.1111/1468-0300.00064	NOUN
ajfa-3998	491	2	hand	hand	NOUN
ajfa-3998	491	3	,	,	PUNCT
ajfa-3998	491	4	j.	j.	PROPN
ajfa-3998	491	5	r.	r.	PROPN
ajfa-3998	491	6	m.	m.	PROPN
ajfa-3998	491	7	,	,	PUNCT
ajfa-3998	491	8	holthausen	holthausen	PROPN
ajfa-3998	491	9	,	,	PUNCT
ajfa-3998	491	10	r.	r.	PROPN
ajfa-3998	491	11	w.	w.	PROPN
ajfa-3998	491	12	,	,	PUNCT
ajfa-3998	491	13	&	&	CCONJ
ajfa-3998	491	14	leftwich	leftwich	PROPN
ajfa-3998	491	15	,	,	PUNCT
ajfa-3998	491	16	r.	r.	PROPN
ajfa-3998	491	17	w.	w.	PROPN
ajfa-3998	491	18	(	(	PUNCT
ajfa-3998	491	19	1992	1992	NUM
ajfa-3998	491	20	)	)	PUNCT
ajfa-3998	491	21	.	.	PUNCT
ajfa-3998	492	1	the	the	DET
ajfa-3998	492	2	effect	effect	NOUN
ajfa-3998	492	3	of	of	ADP
ajfa-3998	492	4	bond	bond	NOUN
ajfa-3998	492	5	rating	rating	NOUN
ajfa-3998	492	6	agency	agency	NOUN
ajfa-3998	492	7	announcements	announcement	NOUN
ajfa-3998	492	8	on	on	ADP
ajfa-3998	492	9	bond	bond	NOUN
ajfa-3998	492	10	and	and	CCONJ
ajfa-3998	492	11	stock	stock	NOUN
ajfa-3998	492	12	prices	price	NOUN
ajfa-3998	492	13	.	.	PUNCT
ajfa-3998	493	1	journal	journal	PROPN
ajfa-3998	493	2	of	of	ADP
ajfa-3998	493	3	finance	finance	PROPN
ajfa-3998	493	4	,	,	PUNCT
ajfa-3998	493	5	47(2	47(2	PROPN
ajfa-3998	493	6	)	)	PUNCT
ajfa-3998	493	7	,	,	PUNCT
ajfa-3998	493	8	733–752	733–752	NUM
ajfa-3998	493	9	.	.	PUNCT
ajfa-3998	494	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04407.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04407.x	PROPN
ajfa-3998	494	2	hite	hite	PROPN
ajfa-3998	494	3	,	,	PUNCT
ajfa-3998	494	4	g.	g.	PROPN
ajfa-3998	494	5	,	,	PUNCT
ajfa-3998	494	6	&	&	CCONJ
ajfa-3998	494	7	warga	warga	PROPN
ajfa-3998	494	8	,	,	PUNCT
ajfa-3998	494	9	a.	a.	NOUN
ajfa-3998	494	10	(	(	PUNCT
ajfa-3998	494	11	1997	1997	NUM
ajfa-3998	494	12	)	)	PUNCT
ajfa-3998	494	13	.	.	PUNCT
ajfa-3998	495	1	the	the	DET
ajfa-3998	495	2	effect	effect	NOUN
ajfa-3998	495	3	of	of	ADP
ajfa-3998	495	4	bond	bond	NOUN
ajfa-3998	495	5	-	-	PUNCT
ajfa-3998	495	6	rating	rate	VERB
ajfa-3998	495	7	changes	change	NOUN
ajfa-3998	495	8	on	on	ADP
ajfa-3998	495	9	bond	bond	NOUN
ajfa-3998	495	10	price	price	NOUN
ajfa-3998	495	11	performance	performance	NOUN
ajfa-3998	495	12	.	.	PUNCT
ajfa-3998	496	1	financial	financial	ADJ
ajfa-3998	496	2	analysts	analyst	NOUN
ajfa-3998	496	3	journal	journal	NOUN
ajfa-3998	496	4	,	,	PUNCT
ajfa-3998	496	5	53(3	53(3	NUM
ajfa-3998	496	6	)	)	PUNCT
ajfa-3998	496	7	,	,	PUNCT
ajfa-3998	496	8	35–51	35–51	NUM
ajfa-3998	496	9	.	.	PUNCT
ajfa-3998	497	1	http://dx.doi.org/10.2469/faj.v53.n3.2083	http://dx.doi.org/10.2469/faj.v53.n3.2083	PROPN
ajfa-3998	497	2	holthausen	holthausen	PROPN
ajfa-3998	497	3	,	,	PUNCT
ajfa-3998	497	4	r.	r.	PROPN
ajfa-3998	497	5	w.	w.	PROPN
ajfa-3998	497	6	,	,	PUNCT
ajfa-3998	497	7	&	&	CCONJ
ajfa-3998	497	8	leftwich	leftwich	PROPN
ajfa-3998	497	9	,	,	PUNCT
ajfa-3998	497	10	r.	r.	PROPN
ajfa-3998	497	11	w.	w.	PROPN
ajfa-3998	497	12	(	(	PUNCT
ajfa-3998	497	13	1986	1986	NUM
ajfa-3998	497	14	)	)	PUNCT
ajfa-3998	497	15	.	.	PUNCT
ajfa-3998	498	1	the	the	DET
ajfa-3998	498	2	effect	effect	NOUN
ajfa-3998	498	3	of	of	ADP
ajfa-3998	498	4	bond	bond	NOUN
ajfa-3998	498	5	rating	rating	NOUN
ajfa-3998	498	6	changes	change	NOUN
ajfa-3998	498	7	on	on	ADP
ajfa-3998	498	8	common	common	ADJ
ajfa-3998	498	9	stock	stock	NOUN
ajfa-3998	498	10	prices	price	NOUN
ajfa-3998	498	11	.	.	PUNCT
ajfa-3998	499	1	journal	journal	NOUN
ajfa-3998	499	2	of	of	ADP
ajfa-3998	499	3	financial	financial	ADJ
ajfa-3998	499	4	economics	economic	NOUN
ajfa-3998	499	5	,	,	PUNCT
ajfa-3998	499	6	1(september	1(september	PROPN
ajfa-3998	499	7	)	)	PUNCT
ajfa-3998	499	8	,	,	PUNCT
ajfa-3998	499	9	57	57	NUM
ajfa-3998	499	10	-	-	SYM
ajfa-3998	499	11	89	89	NUM
ajfa-3998	499	12	.	.	PUNCT
ajfa-3998	500	1	http://dx.doi.org/10.1016/0304-405x(86)90006-1	http://dx.doi.org/10.1016/0304-405x(86)90006-1	PROPN
ajfa-3998	500	2	kaur	kaur	PROPN
ajfa-3998	500	3	,	,	PUNCT
ajfa-3998	500	4	k.	k.	PROPN
ajfa-3998	500	5	,	,	PUNCT
ajfa-3998	500	6	&	&	CCONJ
ajfa-3998	500	7	kaur	kaur	PROPN
ajfa-3998	500	8	,	,	PUNCT
ajfa-3998	500	9	r.	r.	PROPN
ajfa-3998	500	10	(	(	PUNCT
ajfa-3998	500	11	2011	2011	NUM
ajfa-3998	500	12	)	)	PUNCT
ajfa-3998	500	13	.	.	PUNCT
ajfa-3998	501	1	credit	credit	NOUN
ajfa-3998	501	2	rating	rating	NOUN
ajfa-3998	501	3	in	in	ADP
ajfa-3998	501	4	india	india	PROPN
ajfa-3998	501	5	:	:	PUNCT
ajfa-3998	501	6	a	a	DET
ajfa-3998	501	7	study	study	NOUN
ajfa-3998	501	8	of	of	ADP
ajfa-3998	501	9	rating	rating	NOUN
ajfa-3998	501	10	methodology	methodology	NOUN
ajfa-3998	501	11	of	of	ADP
ajfa-3998	501	12	rating	rating	NOUN
ajfa-3998	501	13	agencies	agency	NOUN
ajfa-3998	501	14	.	.	PUNCT
ajfa-3998	502	1	global	global	ADJ
ajfa-3998	502	2	journal	journal	PROPN
ajfa-3998	502	3	of	of	ADP
ajfa-3998	502	4	management	management	NOUN
ajfa-3998	502	5	and	and	CCONJ
ajfa-3998	502	6	business	business	NOUN
ajfa-3998	502	7	research	research	NOUN
ajfa-3998	502	8	,	,	PUNCT
ajfa-3998	502	9	11(december	11(december	NUM
ajfa-3998	502	10	)	)	PUNCT
ajfa-3998	502	11	,	,	PUNCT
ajfa-3998	502	12	62	62	NUM
ajfa-3998	502	13	-	-	SYM
ajfa-3998	502	14	68	68	NUM
ajfa-3998	502	15	.	.	PUNCT
ajfa-3998	503	1	kliger	kliger	PROPN
ajfa-3998	503	2	,	,	PUNCT
ajfa-3998	503	3	d.	d.	PROPN
ajfa-3998	503	4	,	,	PUNCT
ajfa-3998	503	5	&	&	CCONJ
ajfa-3998	503	6	sarig	sarig	PROPN
ajfa-3998	503	7	,	,	PUNCT
ajfa-3998	503	8	o.	o.	NOUN
ajfa-3998	503	9	(	(	PUNCT
ajfa-3998	503	10	2000	2000	NUM
ajfa-3998	503	11	)	)	PUNCT
ajfa-3998	503	12	.	.	PUNCT
ajfa-3998	504	1	the	the	DET
ajfa-3998	504	2	information	information	NOUN
ajfa-3998	504	3	value	value	NOUN
ajfa-3998	504	4	of	of	ADP
ajfa-3998	504	5	bond	bond	NOUN
ajfa-3998	504	6	ratings	rating	NOUN
ajfa-3998	504	7	.	.	PUNCT
ajfa-3998	505	1	journal	journal	NOUN
ajfa-3998	505	2	of	of	ADP
ajfa-3998	505	3	finance	finance	NOUN
ajfa-3998	505	4	,	,	PUNCT
ajfa-3998	505	5	55	55	NUM
ajfa-3998	505	6	,	,	PUNCT
ajfa-3998	505	7	2879–2902	2879–2902	NUM
ajfa-3998	505	8	.	.	PUNCT
ajfa-3998	506	1	http://dx.doi.org/10.1111/0022-1082.00311	http://dx.doi.org/10.1111/0022-1082.00311	PROPN
ajfa-3998	506	2	lal	lal	PROPN
ajfa-3998	506	3	,	,	PUNCT
ajfa-3998	506	4	j.	j.	PROPN
ajfa-3998	506	5	,	,	PUNCT
ajfa-3998	506	6	&	&	CCONJ
ajfa-3998	506	7	mitra	mitra	PROPN
ajfa-3998	506	8	,	,	PUNCT
ajfa-3998	506	9	m.	m.	NOUN
ajfa-3998	506	10	(	(	PUNCT
ajfa-3998	506	11	2011	2011	NUM
ajfa-3998	506	12	)	)	PUNCT
ajfa-3998	506	13	.	.	PUNCT
ajfa-3998	507	1	effect	effect	NOUN
ajfa-3998	507	2	of	of	ADP
ajfa-3998	507	3	bond	bond	NOUN
ajfa-3998	507	4	rating	rating	NOUN
ajfa-3998	507	5	on	on	ADP
ajfa-3998	507	6	share	share	NOUN
ajfa-3998	507	7	prices	price	NOUN
ajfa-3998	507	8	:	:	PUNCT
ajfa-3998	507	9	a	a	DET
ajfa-3998	507	10	study	study	NOUN
ajfa-3998	507	11	of	of	ADP
ajfa-3998	507	12	select	select	ADJ
ajfa-3998	507	13	indian	indian	ADJ
ajfa-3998	507	14	companies	company	NOUN
ajfa-3998	507	15	.	.	PUNCT
ajfa-3998	508	1	vision	vision	NOUN
ajfa-3998	508	2	:	:	PUNCT
ajfa-3998	508	3	the	the	DET
ajfa-3998	508	4	journal	journal	NOUN
ajfa-3998	508	5	of	of	ADP
ajfa-3998	508	6	business	business	PROPN
ajfa-3998	508	7	perspective	perspective	NOUN
ajfa-3998	508	8	,	,	PUNCT
ajfa-3998	508	9	15(3	15(3	NUM
ajfa-3998	508	10	)	)	PUNCT
ajfa-3998	508	11	,	,	PUNCT
ajfa-3998	508	12	231–238	231–238	NUM
ajfa-3998	508	13	.	.	PUNCT
ajfa-3998	508	14	http://dx.doi.org/10.1177/097226291101500303	http://dx.doi.org/10.1177/097226291101500303	PROPN
ajfa-3998	508	15	lee	lee	PROPN
ajfa-3998	508	16	,	,	PUNCT
ajfa-3998	508	17	c.	c.	PROPN
ajfa-3998	508	18	m.	m.	PROPN
ajfa-3998	508	19	c.	c.	PROPN
ajfa-3998	508	20	,	,	PUNCT
ajfa-3998	508	21	&	&	CCONJ
ajfa-3998	508	22	swaminathan	swaminathan	PROPN
ajfa-3998	508	23	,	,	PUNCT
ajfa-3998	508	24	b.	b.	PROPN
ajfa-3998	508	25	(	(	PUNCT
ajfa-3998	508	26	2000	2000	NUM
ajfa-3998	508	27	)	)	PUNCT
ajfa-3998	508	28	.	.	PUNCT
ajfa-3998	509	1	price	price	NOUN
ajfa-3998	509	2	momentum	momentum	NOUN
ajfa-3998	509	3	and	and	CCONJ
ajfa-3998	509	4	trading	trading	NOUN
ajfa-3998	509	5	volume	volume	NOUN
ajfa-3998	509	6	.	.	PUNCT
ajfa-3998	510	1	the	the	DET
ajfa-3998	510	2	journal	journal	PROPN
ajfa-3998	510	3	of	of	ADP
ajfa-3998	510	4	finance	finance	NOUN
ajfa-3998	510	5	,	,	PUNCT
ajfa-3998	510	6	55	55	NUM
ajfa-3998	510	7	,	,	PUNCT
ajfa-3998	510	8	2017–2069	2017–2069	NUM
ajfa-3998	510	9	.	.	PUNCT
ajfa-3998	511	1	http://dx.doi.org/10.1111/0022-1082.00280	http://dx.doi.org/10.1111/0022-1082.00280	PROPN
ajfa-3998	511	2	mohindroo	mohindroo	NOUN
ajfa-3998	511	3	,	,	PUNCT
ajfa-3998	511	4	a.	a.	NOUN
ajfa-3998	511	5	(	(	PUNCT
ajfa-3998	511	6	2008	2008	NUM
ajfa-3998	511	7	)	)	PUNCT
ajfa-3998	511	8	.	.	PUNCT
ajfa-3998	512	1	the	the	DET
ajfa-3998	512	2	quality	quality	NOUN
ajfa-3998	512	3	of	of	ADP
ajfa-3998	512	4	credit	credit	NOUN
ajfa-3998	512	5	rating	rating	NOUN
ajfa-3998	512	6	by	by	ADP
ajfa-3998	512	7	icra	icra	NOUN
ajfa-3998	512	8	and	and	CCONJ
ajfa-3998	512	9	crisil	crisil	PROPN
ajfa-3998	512	10	.	.	PUNCT
ajfa-3998	513	1	doctoral	doctoral	ADJ
ajfa-3998	513	2	thesis	thesis	NOUN
ajfa-3998	513	3	,	,	PUNCT
ajfa-3998	513	4	submitted	submit	VERB
ajfa-3998	513	5	to	to	ADP
ajfa-3998	513	6	panjab	panjab	PROPN
ajfa-3998	513	7	university	university	PROPN
ajfa-3998	513	8	,	,	PUNCT
ajfa-3998	513	9	chandigarh	chandigarh	PROPN
ajfa-3998	513	10	.	.	PUNCT
ajfa-3998	514	1	pinches	pinches	PROPN
ajfa-3998	514	2	,	,	PUNCT
ajfa-3998	514	3	g.	g.	PROPN
ajfa-3998	514	4	e.	e.	PROPN
ajfa-3998	514	5	,	,	PUNCT
ajfa-3998	514	6	&	&	CCONJ
ajfa-3998	514	7	singleton	singleton	PROPN
ajfa-3998	514	8	,	,	PUNCT
ajfa-3998	514	9	j.	j.	PROPN
ajfa-3998	514	10	c.	c.	PROPN
ajfa-3998	514	11	(	(	PUNCT
ajfa-3998	514	12	1978	1978	NUM
ajfa-3998	514	13	)	)	PUNCT
ajfa-3998	514	14	.	.	PUNCT
ajfa-3998	515	1	the	the	DET
ajfa-3998	515	2	adjustment	adjustment	NOUN
ajfa-3998	515	3	of	of	ADP
ajfa-3998	515	4	stock	stock	NOUN
ajfa-3998	515	5	prices	price	NOUN
ajfa-3998	515	6	to	to	PART
ajfa-3998	515	7	bond	bond	NOUN
ajfa-3998	515	8	ratings	rating	NOUN
ajfa-3998	515	9	changes	change	NOUN
ajfa-3998	515	10	.	.	PUNCT
ajfa-3998	516	1	the	the	DET
ajfa-3998	516	2	journal	journal	NOUN
ajfa-3998	516	3	of	of	ADP
ajfa-3998	516	4	finance	finance	NOUN
ajfa-3998	516	5	,	,	PUNCT
ajfa-3998	516	6	33	33	NUM
ajfa-3998	516	7	,	,	PUNCT
ajfa-3998	516	8	29–44	29–44	NUM
ajfa-3998	516	9	.	.	PUNCT
ajfa-3998	517	1	http://dx.doi.org/10.1111/j.1540-6261.1978.tb03387.x	http://dx.doi.org/10.1111/j.1540-6261.1978.tb03387.x	NUM
ajfa-3998	517	2	raghunathan	raghunathan	PROPN
ajfa-3998	517	3	,	,	PUNCT
ajfa-3998	517	4	v.	v.	ADV
ajfa-3998	517	5	,	,	PUNCT
ajfa-3998	517	6	&	&	CCONJ
ajfa-3998	517	7	verma	verma	PROPN
ajfa-3998	517	8	,	,	PUNCT
ajfa-3998	517	9	j.	j.	PROPN
ajfa-3998	517	10	r.	r.	PROPN
ajfa-3998	517	11	(	(	PUNCT
ajfa-3998	517	12	1992	1992	NUM
ajfa-3998	517	13	)	)	PUNCT
ajfa-3998	517	14	.	.	PUNCT
ajfa-3998	518	1	crisil	crisil	NOUN
ajfa-3998	518	2	rating	rating	NOUN
ajfa-3998	518	3	:	:	PUNCT
ajfa-3998	518	4	when	when	SCONJ
ajfa-3998	518	5	does	do	AUX
ajfa-3998	518	6	aaa	aaa	VERB
ajfa-3998	518	7	mean	mean	VERB
ajfa-3998	518	8	b	b	PROPN
ajfa-3998	518	9	?	?	PUNCT
ajfa-3998	518	10	vikalpa	vikalpa	NOUN
ajfa-3998	518	11	,	,	PUNCT
ajfa-3998	518	12	17(2	17(2	NUM
ajfa-3998	518	13	)	)	PUNCT
ajfa-3998	518	14	,	,	PUNCT
ajfa-3998	518	15	35–42	35–42	NUM
ajfa-3998	518	16	.	.	PUNCT
ajfa-3998	518	17	asian	asian	ADJ
ajfa-3998	518	18	journal	journal	PROPN
ajfa-3998	518	19	of	of	ADP
ajfa-3998	518	20	finance	finance	PROPN
ajfa-3998	518	21	&	&	CCONJ
ajfa-3998	518	22	accounting	accounting	PROPN
ajfa-3998	518	23	issn	issn	PROPN
ajfa-3998	518	24	1946	1946	NUM
ajfa-3998	518	25	-	-	PUNCT
ajfa-3998	518	26	052x	052x	NOUN
ajfa-3998	518	27	2013	2013	NUM
ajfa-3998	518	28	,	,	PUNCT
ajfa-3998	518	29	vol	vol	NOUN
ajfa-3998	518	30	.	.	PROPN
ajfa-3998	518	31	5	5	NUM
ajfa-3998	518	32	,	,	PUNCT
ajfa-3998	518	33	no	no	INTJ
ajfa-3998	518	34	.	.	NOUN
ajfa-3998	518	35	2	2	NUM
ajfa-3998	518	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3998	518	37	74	74	NUM
ajfa-3998	518	38	romero	romero	PROPN
ajfa-3998	518	39	,	,	PUNCT
ajfa-3998	518	40	p.	p.	NOUN
ajfa-3998	518	41	a.	a.	PROPN
ajfa-3998	518	42	,	,	PUNCT
ajfa-3998	518	43	&	&	CCONJ
ajfa-3998	518	44	fernández	fernández	PROPN
ajfa-3998	518	45	,	,	PUNCT
ajfa-3998	518	46	m.	m.	PROPN
ajfa-3998	518	47	d.	d.	PROPN
ajfa-3998	518	48	r.	r.	PROPN
ajfa-3998	518	49	(	(	PUNCT
ajfa-3998	518	50	2007	2007	NUM
ajfa-3998	518	51	)	)	PUNCT
ajfa-3998	518	52	.	.	PUNCT
ajfa-3998	519	1	bond	bond	NOUN
ajfa-3998	519	2	rating	rating	NOUN
ajfa-3998	519	3	changes	change	NOUN
ajfa-3998	519	4	and	and	CCONJ
ajfa-3998	519	5	stock	stock	NOUN
ajfa-3998	519	6	returns	return	NOUN
ajfa-3998	519	7	:	:	PUNCT
ajfa-3998	519	8	evidence	evidence	NOUN
ajfa-3998	519	9	from	from	ADP
ajfa-3998	519	10	the	the	DET
ajfa-3998	519	11	spanish	spanish	ADJ
ajfa-3998	519	12	stock	stock	NOUN
ajfa-3998	519	13	market	market	NOUN
ajfa-3998	519	14	,	,	PUNCT
ajfa-3998	519	15	spanish	spanish	ADJ
ajfa-3998	519	16	economic	economic	ADJ
ajfa-3998	519	17	review	review	NOUN
ajfa-3998	519	18	,	,	PUNCT
ajfa-3998	519	19	9	9	NUM
ajfa-3998	519	20	(	(	PUNCT
ajfa-3998	519	21	2	2	NUM
ajfa-3998	519	22	)	)	PUNCT
ajfa-3998	519	23	,	,	PUNCT
ajfa-3998	519	24	79	79	NUM
ajfa-3998	519	25	-	-	SYM
ajfa-3998	519	26	103	103	NUM
ajfa-3998	519	27	.	.	PUNCT
ajfa-3998	519	28	http://dx.doi.org/10.1007/s10108-006-9020-0	http://dx.doi.org/10.1007/s10108-006-9020-0	PROPN
ajfa-3998	520	1	sehgal	sehgal	PROPN
ajfa-3998	520	2	,	,	PUNCT
ajfa-3998	520	3	s.	s.	PROPN
ajfa-3998	520	4	,	,	PUNCT
ajfa-3998	520	5	&	&	CCONJ
ajfa-3998	520	6	arora	arora	PROPN
ajfa-3998	520	7	,	,	PUNCT
ajfa-3998	520	8	m.	m.	NOUN
ajfa-3998	520	9	(	(	PUNCT
ajfa-3998	520	10	2004	2004	NUM
ajfa-3998	520	11	)	)	PUNCT
ajfa-3998	520	12	.	.	PUNCT
ajfa-3998	521	1	bond	bond	NOUN
ajfa-3998	521	2	rating	rating	NOUN
ajfa-3998	521	3	variability	variability	NOUN
ajfa-3998	521	4	over	over	ADP
ajfa-3998	521	5	time	time	NOUN
ajfa-3998	521	6	and	and	CCONJ
ajfa-3998	521	7	consistency	consistency	NOUN
ajfa-3998	521	8	of	of	ADP
ajfa-3998	521	9	bond	bond	NOUN
ajfa-3998	521	10	rating	rating	NOUN
ajfa-3998	521	11	methodology	methodology	NOUN
ajfa-3998	521	12	:	:	PUNCT
ajfa-3998	521	13	evidence	evidence	NOUN
ajfa-3998	521	14	from	from	ADP
ajfa-3998	521	15	the	the	DET
ajfa-3998	521	16	indian	indian	ADJ
ajfa-3998	521	17	bond	bond	NOUN
ajfa-3998	521	18	market	market	NOUN
ajfa-3998	521	19	,	,	PUNCT
ajfa-3998	521	20	iimb	iimb	PROPN
ajfa-3998	521	21	management	management	PROPN
ajfa-3998	521	22	review	review	PROPN
ajfa-3998	521	23	,	,	PUNCT
ajfa-3998	521	24	16(3	16(3	PROPN
ajfa-3998	521	25	)	)	PUNCT
ajfa-3998	521	26	,	,	PUNCT
ajfa-3998	521	27	16	16	NUM
ajfa-3998	521	28	-	-	SYM
ajfa-3998	521	29	24	24	NUM
ajfa-3998	521	30	.	.	PUNCT
ajfa-3998	522	1	sharpe	sharpe	PROPN
ajfa-3998	522	2	,	,	PUNCT
ajfa-3998	522	3	w.	w.	PROPN
ajfa-3998	522	4	f.	f.	PROPN
ajfa-3998	522	5	(	(	PUNCT
ajfa-3998	522	6	1963	1963	NUM
ajfa-3998	522	7	)	)	PUNCT
ajfa-3998	522	8	.	.	PUNCT
ajfa-3998	523	1	a	a	DET
ajfa-3998	523	2	simplified	simplified	ADJ
ajfa-3998	523	3	model	model	NOUN
ajfa-3998	523	4	for	for	ADP
ajfa-3998	523	5	portfolio	portfolio	NOUN
ajfa-3998	523	6	analysis	analysis	NOUN
ajfa-3998	523	7	,	,	PUNCT
ajfa-3998	523	8	management	management	NOUN
ajfa-3998	523	9	science	science	NOUN
ajfa-3998	523	10	,	,	PUNCT
ajfa-3998	523	11	january	january	PROPN
ajfa-3998	523	12	,	,	PUNCT
ajfa-3998	523	13	227	227	NUM
ajfa-3998	523	14	-	-	SYM
ajfa-3998	523	15	293	293	NUM
ajfa-3998	523	16	.	.	PUNCT
ajfa-3998	524	1	wakeman	wakeman	PROPN
ajfa-3998	524	2	,	,	PUNCT
ajfa-3998	524	3	l.	l.	PROPN
ajfa-3998	524	4	m.	m.	PROPN
ajfa-3998	524	5	(	(	PUNCT
ajfa-3998	524	6	1990	1990	NUM
ajfa-3998	524	7	)	)	PUNCT
ajfa-3998	524	8	.	.	PUNCT
ajfa-3998	525	1	the	the	DET
ajfa-3998	525	2	real	real	ADJ
ajfa-3998	525	3	function	function	NOUN
ajfa-3998	525	4	of	of	ADP
ajfa-3998	525	5	bond	bond	NOUN
ajfa-3998	525	6	rating	rating	NOUN
ajfa-3998	525	7	agencies	agency	NOUN
ajfa-3998	525	8	.	.	PUNCT
ajfa-3998	526	1	in	in	ADP
ajfa-3998	526	2	c.	c.	PROPN
ajfa-3998	526	3	smith	smith	PROPN
ajfa-3998	526	4	,	,	PUNCT
ajfa-3998	526	5	ed	ed	NOUN
ajfa-3998	526	6	:	:	PUNCT
ajfa-3998	526	7	the	the	DET
ajfa-3998	526	8	modern	modern	ADJ
ajfa-3998	526	9	theory	theory	NOUN
ajfa-3998	526	10	of	of	ADP
ajfa-3998	526	11	corporate	corporate	ADJ
ajfa-3998	526	12	finance	finance	NOUN
ajfa-3998	526	13	,	,	PUNCT
ajfa-3998	526	14	2nd	2nd	ADJ
ajfa-3998	526	15	ed	ed	NOUN
ajfa-3998	526	16	.	.	PROPN
ajfa-3998	526	17	,	,	PUNCT
ajfa-3998	526	18	mcgraw	mcgraw	PROPN
ajfa-3998	526	19	hill	hill	PROPN
ajfa-3998	526	20	,	,	PUNCT
ajfa-3998	526	21	new	new	PROPN
ajfa-3998	526	22	york	york	PROPN
ajfa-3998	526	23	,	,	PUNCT
ajfa-3998	526	24	391	391	NUM
ajfa-3998	526	25	-	-	SYM
ajfa-3998	526	26	396	396	NUM
ajfa-3998	526	27	.	.	PUNCT
ajfa-3998	527	1	pmcid	pmcid	ADJ
ajfa-3998	527	2	:	:	PUNCT
ajfa-3998	527	3	pmc1292652	pmc1292652	PROPN
ajfa-3998	527	4	zaima	zaima	PROPN
ajfa-3998	527	5	,	,	PUNCT
ajfa-3998	527	6	j.	j.	PROPN
ajfa-3998	527	7	k.	k.	PROPN
ajfa-3998	527	8	,	,	PUNCT
ajfa-3998	527	9	&	&	CCONJ
ajfa-3998	527	10	mccarthy	mccarthy	PROPN
ajfa-3998	527	11	,	,	PUNCT
ajfa-3998	527	12	j.	j.	PROPN
ajfa-3998	527	13	e.	e.	PROPN
ajfa-3998	527	14	,	,	PUNCT
ajfa-3998	527	15	(	(	PUNCT
ajfa-3998	527	16	1988	1988	NUM
ajfa-3998	527	17	)	)	PUNCT
ajfa-3998	527	18	.	.	PUNCT
ajfa-3998	528	1	the	the	DET
ajfa-3998	528	2	impact	impact	NOUN
ajfa-3998	528	3	of	of	ADP
ajfa-3998	528	4	bond	bond	NOUN
ajfa-3998	528	5	rating	rating	NOUN
ajfa-3998	528	6	changes	change	NOUN
ajfa-3998	528	7	on	on	ADP
ajfa-3998	528	8	common	common	ADJ
ajfa-3998	528	9	stocks	stock	NOUN
ajfa-3998	528	10	and	and	CCONJ
ajfa-3998	528	11	bonds	bond	NOUN
ajfa-3998	528	12	:	:	PUNCT
ajfa-3998	528	13	tests	test	NOUN
ajfa-3998	528	14	of	of	ADP
ajfa-3998	528	15	the	the	DET
ajfa-3998	528	16	wealth	wealth	NOUN
ajfa-3998	528	17	redistribution	redistribution	NOUN
ajfa-3998	528	18	hypothesis	hypothesis	NOUN
ajfa-3998	528	19	,	,	PUNCT
ajfa-3998	528	20	the	the	DET
ajfa-3998	528	21	financial	financial	ADJ
ajfa-3998	528	22	review	review	NOUN
ajfa-3998	528	23	,	,	PUNCT
ajfa-3998	528	24	23	23	NUM
ajfa-3998	528	25	,	,	PUNCT
ajfa-3998	528	26	483	483	NUM
ajfa-3998	528	27	-	-	SYM
ajfa-3998	528	28	498	498	NUM
ajfa-3998	528	29	.	.	PUNCT
ajfa-3998	529	1	http://dx.doi.org/10.1111/j.1540-6288.1988.tb01283.x	http://dx.doi.org/10.1111/j.1540-6288.1988.tb01283.x	PRON