id	sid	tid	token	lemma	pos
ajfa-4117	1	1	microsoft	microsoft	PROPN
ajfa-4117	1	2	word	word	NOUN
ajfa-4117	1	3	4117-15337-1-sm-writer2-new-final.docx	4117-15337-1-sm-writer2-new-final.docx	PROPN
ajfa-4117	1	4	asian	asian	ADJ
ajfa-4117	1	5	journal	journal	NOUN
ajfa-4117	1	6	of	of	ADP
ajfa-4117	1	7	finance	finance	PROPN
ajfa-4117	1	8	&	&	CCONJ
ajfa-4117	1	9	accounting	accounting	PROPN
ajfa-4117	1	10	issn	issn	PROPN
ajfa-4117	1	11	1946	1946	NUM
ajfa-4117	1	12	-	-	PUNCT
ajfa-4117	1	13	052x	052x	NOUN
ajfa-4117	1	14	2013	2013	NUM
ajfa-4117	1	15	,	,	PUNCT
ajfa-4117	1	16	vol	vol	NOUN
ajfa-4117	1	17	.	.	PROPN
ajfa-4117	1	18	5	5	NUM
ajfa-4117	1	19	,	,	PUNCT
ajfa-4117	1	20	no	no	INTJ
ajfa-4117	1	21	.	.	NOUN
ajfa-4117	1	22	2	2	NUM
ajfa-4117	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	1	24	101	101	NUM
ajfa-4117	1	25	can	can	AUX
ajfa-4117	1	26	corporate	corporate	ADJ
ajfa-4117	1	27	governance	governance	NOUN
ajfa-4117	1	28	mitigate	mitigate	VERB
ajfa-4117	1	29	the	the	DET
ajfa-4117	1	30	adverse	adverse	ADJ
ajfa-4117	1	31	impact	impact	NOUN
ajfa-4117	1	32	of	of	ADP
ajfa-4117	1	33	investor	investor	NOUN
ajfa-4117	1	34	sentiment	sentiment	NOUN
ajfa-4117	1	35	on	on	ADP
ajfa-4117	1	36	corporate	corporate	ADJ
ajfa-4117	1	37	investment	investment	NOUN
ajfa-4117	1	38	decisions	decision	NOUN
ajfa-4117	1	39	?	?	PUNCT
ajfa-4117	2	1	evidence	evidence	NOUN
ajfa-4117	2	2	from	from	ADP
ajfa-4117	2	3	taiwan	taiwan	PROPN
ajfa-4117	2	4	wei	wei	PROPN
ajfa-4117	2	5	-	-	PROPN
ajfa-4117	2	6	ju	ju	PROPN
ajfa-4117	2	7	chen	chen	PROPN
ajfa-4117	2	8	department	department	PROPN
ajfa-4117	2	9	of	of	ADP
ajfa-4117	2	10	accounting	accounting	PROPN
ajfa-4117	2	11	tamkang	tamkang	PROPN
ajfa-4117	2	12	university	university	PROPN
ajfa-4117	2	13	,	,	PUNCT
ajfa-4117	2	14	taiwan	taiwan	PROPN
ajfa-4117	2	15	tel	tel	PROPN
ajfa-4117	2	16	:	:	PUNCT
ajfa-4117	2	17	(	(	PUNCT
ajfa-4117	2	18	886	886	NUM
ajfa-4117	2	19	-	-	PUNCT
ajfa-4117	2	20	2)-26	2)-26	NUM
ajfa-4117	2	21	-	-	PUNCT
ajfa-4117	2	22	215	215	NUM
ajfa-4117	2	23	-	-	SYM
ajfa-4117	2	24	656	656	NUM
ajfa-4117	2	25	ext	ext	NOUN
ajfa-4117	2	26	:	:	PUNCT
ajfa-4117	2	27	3365	3365	NUM
ajfa-4117	2	28	e	e	NOUN
ajfa-4117	2	29	-	-	NOUN
ajfa-4117	2	30	mail	mail	NOUN
ajfa-4117	2	31	:	:	PUNCT
ajfa-4117	2	32	weiju@mail.tku.edu.tw	weiju@mail.tku.edu.tw	PROPN
ajfa-4117	2	33	received	receive	VERB
ajfa-4117	2	34	:	:	PUNCT
ajfa-4117	2	35	august	august	PROPN
ajfa-4117	2	36	23	23	NUM
ajfa-4117	2	37	,	,	PUNCT
ajfa-4117	2	38	2013	2013	NUM
ajfa-4117	2	39	accepted	accept	VERB
ajfa-4117	2	40	:	:	PUNCT
ajfa-4117	2	41	september	september	PROPN
ajfa-4117	2	42	25	25	NUM
ajfa-4117	2	43	,	,	PUNCT
ajfa-4117	2	44	2013	2013	NUM
ajfa-4117	2	45	published	publish	VERB
ajfa-4117	2	46	:	:	PUNCT
ajfa-4117	2	47	december	december	PROPN
ajfa-4117	2	48	1	1	NUM
ajfa-4117	2	49	,	,	PUNCT
ajfa-4117	3	1	2013	2013	NUM
ajfa-4117	3	2	doi:10.5296	doi:10.5296	NOUN
ajfa-4117	3	3	/	/	SYM
ajfa-4117	3	4	ajfa.v5i2.4117	ajfa.v5i2.4117	X
ajfa-4117	3	5	url	url	PROPN
ajfa-4117	3	6	:	:	PUNCT
ajfa-4117	3	7	http://dx.doi.org/10.5296/ajfa.v5i2.4117	http://dx.doi.org/10.5296/ajfa.v5i2.4117	X
ajfa-4117	4	1	i	i	PRON
ajfa-4117	4	2	gratefully	gratefully	ADV
ajfa-4117	4	3	acknowledge	acknowledge	VERB
ajfa-4117	4	4	the	the	DET
ajfa-4117	4	5	financial	financial	ADJ
ajfa-4117	4	6	support	support	NOUN
ajfa-4117	4	7	from	from	ADP
ajfa-4117	4	8	national	national	PROPN
ajfa-4117	4	9	science	science	PROPN
ajfa-4117	4	10	council	council	PROPN
ajfa-4117	4	11	of	of	ADP
ajfa-4117	4	12	taiwan	taiwan	PROPN
ajfa-4117	4	13	.	.	PUNCT
ajfa-4117	5	1	the	the	DET
ajfa-4117	5	2	author	author	NOUN
ajfa-4117	5	3	thanks	thank	VERB
ajfa-4117	5	4	the	the	DET
ajfa-4117	5	5	anonymous	anonymous	PROPN
ajfa-4117	5	6	referee	referee	NOUN
ajfa-4117	5	7	for	for	ADP
ajfa-4117	5	8	helpful	helpful	ADJ
ajfa-4117	5	9	comments	comment	NOUN
ajfa-4117	5	10	.	.	PUNCT
ajfa-4117	6	1	the	the	DET
ajfa-4117	6	2	author	author	NOUN
ajfa-4117	6	3	also	also	ADV
ajfa-4117	6	4	thanks	thank	NOUN
ajfa-4117	6	5	ying	ying	PROPN
ajfa-4117	6	6	-	-	PUNCT
ajfa-4117	6	7	ying	ying	PROPN
ajfa-4117	6	8	chu	chu	PROPN
ajfa-4117	6	9	for	for	ADP
ajfa-4117	6	10	help	help	NOUN
ajfa-4117	6	11	in	in	ADP
ajfa-4117	6	12	collecting	collect	VERB
ajfa-4117	6	13	the	the	DET
ajfa-4117	6	14	data	datum	NOUN
ajfa-4117	6	15	and	and	CCONJ
ajfa-4117	6	16	ju	ju	PROPN
ajfa-4117	6	17	-	-	PUNCT
ajfa-4117	6	18	lan	lan	PROPN
ajfa-4117	6	19	tsai	tsai	PROPN
ajfa-4117	6	20	for	for	ADP
ajfa-4117	6	21	research	research	NOUN
ajfa-4117	6	22	assistance	assistance	NOUN
ajfa-4117	6	23	.	.	PUNCT
ajfa-4117	7	1	abstract	abstract	ADJ
ajfa-4117	7	2	this	this	DET
ajfa-4117	7	3	paper	paper	NOUN
ajfa-4117	7	4	explores	explore	NOUN
ajfa-4117	7	5	whether	whether	SCONJ
ajfa-4117	7	6	investor	investor	NOUN
ajfa-4117	7	7	sentiment	sentiment	NOUN
ajfa-4117	7	8	has	have	VERB
ajfa-4117	7	9	an	an	DET
ajfa-4117	7	10	adverse	adverse	ADJ
ajfa-4117	7	11	impact	impact	NOUN
ajfa-4117	7	12	on	on	ADP
ajfa-4117	7	13	corporate	corporate	ADJ
ajfa-4117	7	14	investment	investment	NOUN
ajfa-4117	7	15	decisions	decision	NOUN
ajfa-4117	7	16	and	and	CCONJ
ajfa-4117	7	17	whether	whether	SCONJ
ajfa-4117	7	18	such	such	ADJ
ajfa-4117	7	19	impact	impact	NOUN
ajfa-4117	7	20	,	,	PUNCT
ajfa-4117	7	21	if	if	SCONJ
ajfa-4117	7	22	present	present	ADJ
ajfa-4117	7	23	,	,	PUNCT
ajfa-4117	7	24	can	can	AUX
ajfa-4117	7	25	be	be	AUX
ajfa-4117	7	26	effectively	effectively	ADV
ajfa-4117	7	27	mitigated	mitigate	VERB
ajfa-4117	7	28	by	by	ADP
ajfa-4117	7	29	sound	sound	ADJ
ajfa-4117	7	30	corporate	corporate	ADJ
ajfa-4117	7	31	governance	governance	NOUN
ajfa-4117	7	32	mechanisms	mechanism	NOUN
ajfa-4117	7	33	.	.	PUNCT
ajfa-4117	8	1	the	the	DET
ajfa-4117	8	2	sample	sample	NOUN
ajfa-4117	8	3	comprises	comprise	VERB
ajfa-4117	8	4	listed	list	VERB
ajfa-4117	8	5	firms	firm	NOUN
ajfa-4117	8	6	in	in	ADP
ajfa-4117	8	7	taiwan	taiwan	PROPN
ajfa-4117	8	8	between	between	ADP
ajfa-4117	8	9	2003	2003	NUM
ajfa-4117	8	10	and	and	CCONJ
ajfa-4117	8	11	2010	2010	NUM
ajfa-4117	8	12	.	.	PUNCT
ajfa-4117	9	1	empirical	empirical	ADJ
ajfa-4117	9	2	results	result	NOUN
ajfa-4117	9	3	indicate	indicate	VERB
ajfa-4117	9	4	that	that	SCONJ
ajfa-4117	9	5	investor	investor	NOUN
ajfa-4117	9	6	sentiment	sentiment	NOUN
ajfa-4117	9	7	is	be	AUX
ajfa-4117	9	8	significantly	significantly	ADV
ajfa-4117	9	9	and	and	CCONJ
ajfa-4117	9	10	positively	positively	ADV
ajfa-4117	9	11	related	relate	VERB
ajfa-4117	9	12	to	to	ADP
ajfa-4117	9	13	amount	amount	NOUN
ajfa-4117	9	14	of	of	ADP
ajfa-4117	9	15	new	new	ADJ
ajfa-4117	9	16	investment	investment	NOUN
ajfa-4117	9	17	and	and	CCONJ
ajfa-4117	9	18	over	over	ADP
ajfa-4117	9	19	-	-	PUNCT
ajfa-4117	9	20	investment	investment	NOUN
ajfa-4117	9	21	.	.	PUNCT
ajfa-4117	10	1	investor	investor	NOUN
ajfa-4117	10	2	sentiment	sentiment	NOUN
ajfa-4117	10	3	has	have	VERB
ajfa-4117	10	4	an	an	DET
ajfa-4117	10	5	adverse	adverse	ADJ
ajfa-4117	10	6	impact	impact	NOUN
ajfa-4117	10	7	on	on	ADP
ajfa-4117	10	8	corporate	corporate	ADJ
ajfa-4117	10	9	investment	investment	NOUN
ajfa-4117	10	10	decisions	decision	NOUN
ajfa-4117	10	11	.	.	PUNCT
ajfa-4117	11	1	further	further	ADJ
ajfa-4117	11	2	test	test	NOUN
ajfa-4117	11	3	for	for	ADP
ajfa-4117	11	4	the	the	DET
ajfa-4117	11	5	moderating	moderate	VERB
ajfa-4117	11	6	effect	effect	NOUN
ajfa-4117	11	7	of	of	ADP
ajfa-4117	11	8	corporate	corporate	ADJ
ajfa-4117	11	9	governance	governance	NOUN
ajfa-4117	11	10	confirms	confirm	VERB
ajfa-4117	11	11	that	that	SCONJ
ajfa-4117	11	12	corporate	corporate	ADJ
ajfa-4117	11	13	governance	governance	NOUN
ajfa-4117	11	14	mechanisms	mechanism	NOUN
ajfa-4117	11	15	can	can	AUX
ajfa-4117	11	16	mitigate	mitigate	VERB
ajfa-4117	11	17	such	such	ADJ
ajfa-4117	11	18	adverse	adverse	ADJ
ajfa-4117	11	19	impact	impact	NOUN
ajfa-4117	11	20	of	of	ADP
ajfa-4117	11	21	investor	investor	NOUN
ajfa-4117	11	22	sentiment	sentiment	NOUN
ajfa-4117	11	23	on	on	ADP
ajfa-4117	11	24	corporate	corporate	ADJ
ajfa-4117	11	25	investment	investment	NOUN
ajfa-4117	11	26	decisions	decision	NOUN
ajfa-4117	11	27	.	.	PUNCT
ajfa-4117	12	1	the	the	DET
ajfa-4117	12	2	empirical	empirical	ADJ
ajfa-4117	12	3	results	result	NOUN
ajfa-4117	12	4	support	support	VERB
ajfa-4117	12	5	the	the	DET
ajfa-4117	12	6	argument	argument	NOUN
ajfa-4117	12	7	of	of	ADP
ajfa-4117	12	8	previous	previous	ADJ
ajfa-4117	12	9	literature	literature	NOUN
ajfa-4117	12	10	that	that	SCONJ
ajfa-4117	12	11	corporate	corporate	ADJ
ajfa-4117	12	12	governance	governance	NOUN
ajfa-4117	12	13	has	have	VERB
ajfa-4117	12	14	both	both	CCONJ
ajfa-4117	12	15	incentive	incentive	NOUN
ajfa-4117	12	16	and	and	CCONJ
ajfa-4117	12	17	monitoring	monitor	VERB
ajfa-4117	12	18	effects	effect	NOUN
ajfa-4117	12	19	on	on	ADP
ajfa-4117	12	20	managers	manager	NOUN
ajfa-4117	12	21	’	’	PART
ajfa-4117	12	22	decision	decision	NOUN
ajfa-4117	12	23	-	-	PUNCT
ajfa-4117	12	24	making	making	NOUN
ajfa-4117	12	25	.	.	PUNCT
ajfa-4117	13	1	due	due	ADP
ajfa-4117	13	2	to	to	ADP
ajfa-4117	13	3	the	the	DET
ajfa-4117	13	4	agency	agency	NOUN
ajfa-4117	13	5	problem	problem	NOUN
ajfa-4117	13	6	,	,	PUNCT
ajfa-4117	13	7	managers	manager	NOUN
ajfa-4117	13	8	’	'	PUNCT
ajfa-4117	13	9	investment	investment	NOUN
ajfa-4117	13	10	decisions	decision	NOUN
ajfa-4117	13	11	may	may	AUX
ajfa-4117	13	12	be	be	AUX
ajfa-4117	13	13	affected	affect	VERB
ajfa-4117	13	14	by	by	ADP
ajfa-4117	13	15	investor	investor	NOUN
ajfa-4117	13	16	sentiment	sentiment	NOUN
ajfa-4117	13	17	and	and	CCONJ
ajfa-4117	13	18	deviate	deviate	VERB
ajfa-4117	13	19	from	from	ADP
ajfa-4117	13	20	the	the	DET
ajfa-4117	13	21	goal	goal	NOUN
ajfa-4117	13	22	of	of	ADP
ajfa-4117	13	23	maximizing	maximize	VERB
ajfa-4117	13	24	firm	firm	ADJ
ajfa-4117	13	25	value	value	NOUN
ajfa-4117	13	26	.	.	PUNCT
ajfa-4117	14	1	therefore	therefore	ADV
ajfa-4117	14	2	,	,	PUNCT
ajfa-4117	14	3	firms	firm	NOUN
ajfa-4117	14	4	should	should	AUX
ajfa-4117	14	5	reinforce	reinforce	VERB
ajfa-4117	14	6	their	their	PRON
ajfa-4117	14	7	corporate	corporate	ADJ
ajfa-4117	14	8	governance	governance	NOUN
ajfa-4117	14	9	mechanisms	mechanism	NOUN
ajfa-4117	14	10	to	to	PART
ajfa-4117	14	11	minimize	minimize	VERB
ajfa-4117	14	12	the	the	DET
ajfa-4117	14	13	adverse	adverse	ADJ
ajfa-4117	14	14	impact	impact	NOUN
ajfa-4117	14	15	of	of	ADP
ajfa-4117	14	16	investor	investor	NOUN
ajfa-4117	14	17	sentiment	sentiment	NOUN
ajfa-4117	14	18	.	.	PUNCT
ajfa-4117	15	1	keywords	keyword	NOUN
ajfa-4117	15	2	:	:	PUNCT
ajfa-4117	15	3	corporate	corporate	ADJ
ajfa-4117	15	4	governance	governance	NOUN
ajfa-4117	15	5	;	;	PUNCT
ajfa-4117	15	6	board	board	NOUN
ajfa-4117	15	7	of	of	ADP
ajfa-4117	15	8	director	director	NOUN
ajfa-4117	15	9	mechanisms	mechanism	NOUN
ajfa-4117	15	10	;	;	PUNCT
ajfa-4117	15	11	agency	agency	NOUN
ajfa-4117	15	12	theory	theory	NOUN
ajfa-4117	15	13	;	;	PUNCT
ajfa-4117	15	14	investor	investor	NOUN
ajfa-4117	15	15	sentiment	sentiment	NOUN
ajfa-4117	15	16	;	;	PUNCT
ajfa-4117	15	17	investment	investment	NOUN
ajfa-4117	15	18	decision	decision	NOUN
ajfa-4117	15	19	asian	asian	ADJ
ajfa-4117	15	20	journal	journal	NOUN
ajfa-4117	15	21	of	of	ADP
ajfa-4117	15	22	finance	finance	PROPN
ajfa-4117	15	23	&	&	CCONJ
ajfa-4117	15	24	accounting	accounting	PROPN
ajfa-4117	15	25	issn	issn	PROPN
ajfa-4117	15	26	1946	1946	NUM
ajfa-4117	15	27	-	-	PUNCT
ajfa-4117	15	28	052x	052x	NOUN
ajfa-4117	15	29	2013	2013	NUM
ajfa-4117	15	30	,	,	PUNCT
ajfa-4117	15	31	vol	vol	NOUN
ajfa-4117	15	32	.	.	PROPN
ajfa-4117	15	33	5	5	NUM
ajfa-4117	15	34	,	,	PUNCT
ajfa-4117	15	35	no	no	INTJ
ajfa-4117	15	36	.	.	NOUN
ajfa-4117	15	37	2	2	NUM
ajfa-4117	15	38	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	15	39	102	102	NUM
ajfa-4117	15	40	1	1	NUM
ajfa-4117	15	41	.	.	PUNCT
ajfa-4117	16	1	introduction	introduction	NOUN
ajfa-4117	16	2	classical	classical	ADJ
ajfa-4117	16	3	financial	financial	ADJ
ajfa-4117	16	4	theory	theory	NOUN
ajfa-4117	16	5	assumes	assume	VERB
ajfa-4117	16	6	that	that	SCONJ
ajfa-4117	16	7	investors	investor	NOUN
ajfa-4117	16	8	are	be	AUX
ajfa-4117	16	9	rational	rational	ADJ
ajfa-4117	16	10	.	.	PUNCT
ajfa-4117	17	1	the	the	DET
ajfa-4117	17	2	efficient	efficient	ADJ
ajfa-4117	17	3	market	market	NOUN
ajfa-4117	17	4	hypothesis	hypothesis	NOUN
ajfa-4117	17	5	suggests	suggest	VERB
ajfa-4117	17	6	that	that	SCONJ
ajfa-4117	17	7	share	share	NOUN
ajfa-4117	17	8	prices	price	NOUN
ajfa-4117	17	9	reflect	reflect	VERB
ajfa-4117	17	10	all	all	DET
ajfa-4117	17	11	the	the	DET
ajfa-4117	17	12	information	information	NOUN
ajfa-4117	17	13	of	of	ADP
ajfa-4117	17	14	a	a	DET
ajfa-4117	17	15	firm	firm	NOUN
ajfa-4117	17	16	.	.	PUNCT
ajfa-4117	18	1	however	however	ADV
ajfa-4117	18	2	,	,	PUNCT
ajfa-4117	18	3	recent	recent	ADJ
ajfa-4117	18	4	studies	study	NOUN
ajfa-4117	18	5	show	show	VERB
ajfa-4117	18	6	that	that	SCONJ
ajfa-4117	18	7	investors	investor	NOUN
ajfa-4117	18	8	are	be	AUX
ajfa-4117	18	9	actually	actually	ADV
ajfa-4117	18	10	not	not	PART
ajfa-4117	18	11	rational	rational	ADJ
ajfa-4117	18	12	and	and	CCONJ
ajfa-4117	18	13	will	will	AUX
ajfa-4117	18	14	be	be	AUX
ajfa-4117	18	15	driven	drive	VERB
ajfa-4117	18	16	by	by	ADP
ajfa-4117	18	17	emotional	emotional	ADJ
ajfa-4117	18	18	factors	factor	NOUN
ajfa-4117	18	19	to	to	PART
ajfa-4117	18	20	make	make	VERB
ajfa-4117	18	21	wrong	wrong	ADJ
ajfa-4117	18	22	investment	investment	NOUN
ajfa-4117	18	23	decisions	decision	NOUN
ajfa-4117	18	24	(	(	PUNCT
ajfa-4117	18	25	e.g.	e.g.	ADV
ajfa-4117	18	26	,	,	PUNCT
ajfa-4117	18	27	cornelli	cornelli	NOUN
ajfa-4117	18	28	,	,	PUNCT
ajfa-4117	18	29	goldreich	goldreich	ADJ
ajfa-4117	18	30	,	,	PUNCT
ajfa-4117	18	31	&	&	CCONJ
ajfa-4117	18	32	ljungqvist	ljungqvist	NOUN
ajfa-4117	18	33	,	,	PUNCT
ajfa-4117	18	34	2006	2006	NUM
ajfa-4117	18	35	;	;	PUNCT
ajfa-4117	18	36	de	de	X
ajfa-4117	18	37	long	long	ADV
ajfa-4117	18	38	,	,	PUNCT
ajfa-4117	18	39	shleifer	shleifer	VERB
ajfa-4117	18	40	,	,	PUNCT
ajfa-4117	18	41	summers	summer	NOUN
ajfa-4117	18	42	,	,	PUNCT
ajfa-4117	18	43	&	&	CCONJ
ajfa-4117	18	44	waldmann	waldmann	PROPN
ajfa-4117	18	45	,	,	PUNCT
ajfa-4117	18	46	1990	1990	NUM
ajfa-4117	18	47	;	;	PUNCT
ajfa-4117	18	48	dorn	dorn	PROPN
ajfa-4117	18	49	,	,	PUNCT
ajfa-4117	18	50	2009	2009	NUM
ajfa-4117	18	51	;	;	PUNCT
ajfa-4117	18	52	shleifer	shleifer	PROPN
ajfa-4117	18	53	&	&	CCONJ
ajfa-4117	18	54	vishny	vishny	PROPN
ajfa-4117	18	55	,	,	PUNCT
ajfa-4117	18	56	1997	1997	NUM
ajfa-4117	18	57	)	)	PUNCT
ajfa-4117	18	58	.	.	PUNCT
ajfa-4117	19	1	the	the	DET
ajfa-4117	19	2	presence	presence	NOUN
ajfa-4117	19	3	of	of	ADP
ajfa-4117	19	4	sentimental	sentimental	ADJ
ajfa-4117	19	5	investors	investor	NOUN
ajfa-4117	19	6	makes	make	VERB
ajfa-4117	19	7	a	a	DET
ajfa-4117	19	8	firm	firm	NOUN
ajfa-4117	19	9	’s	’s	PART
ajfa-4117	19	10	share	share	NOUN
ajfa-4117	19	11	price	price	NOUN
ajfa-4117	19	12	deviate	deviate	NOUN
ajfa-4117	19	13	from	from	ADP
ajfa-4117	19	14	its	its	PRON
ajfa-4117	19	15	fundamentals	fundamental	NOUN
ajfa-4117	19	16	.	.	PUNCT
ajfa-4117	20	1	in	in	ADP
ajfa-4117	20	2	other	other	ADJ
ajfa-4117	20	3	words	word	NOUN
ajfa-4117	20	4	,	,	PUNCT
ajfa-4117	20	5	a	a	DET
ajfa-4117	20	6	firm	firm	NOUN
ajfa-4117	20	7	’s	’s	PART
ajfa-4117	20	8	share	share	NOUN
ajfa-4117	20	9	price	price	NOUN
ajfa-4117	20	10	is	be	AUX
ajfa-4117	20	11	determined	determine	VERB
ajfa-4117	20	12	by	by	ADP
ajfa-4117	20	13	not	not	PART
ajfa-4117	20	14	only	only	ADV
ajfa-4117	20	15	its	its	PRON
ajfa-4117	20	16	fundamentals	fundamental	NOUN
ajfa-4117	20	17	but	but	CCONJ
ajfa-4117	20	18	also	also	ADV
ajfa-4117	20	19	investor	investor	NOUN
ajfa-4117	20	20	sentiment	sentiment	NOUN
ajfa-4117	20	21	.	.	PUNCT
ajfa-4117	21	1	it	it	PRON
ajfa-4117	21	2	has	have	AUX
ajfa-4117	21	3	been	be	AUX
ajfa-4117	21	4	documented	document	VERB
ajfa-4117	21	5	in	in	ADP
ajfa-4117	21	6	many	many	ADJ
ajfa-4117	21	7	studies	study	NOUN
ajfa-4117	21	8	that	that	SCONJ
ajfa-4117	21	9	investor	investor	NOUN
ajfa-4117	21	10	sentiment	sentiment	NOUN
ajfa-4117	21	11	also	also	ADV
ajfa-4117	21	12	has	have	AUX
ajfa-4117	21	13	an	an	DET
ajfa-4117	21	14	impact	impact	NOUN
ajfa-4117	21	15	on	on	ADP
ajfa-4117	21	16	manager	manager	NOUN
ajfa-4117	21	17	decisions	decision	NOUN
ajfa-4117	21	18	(	(	PUNCT
ajfa-4117	21	19	baker	baker	PROPN
ajfa-4117	21	20	,	,	PUNCT
ajfa-4117	21	21	stein	stein	PROPN
ajfa-4117	21	22	,	,	PUNCT
ajfa-4117	21	23	&	&	CCONJ
ajfa-4117	21	24	wurgler	wurgler	PROPN
ajfa-4117	21	25	,	,	PUNCT
ajfa-4117	21	26	2003	2003	NUM
ajfa-4117	21	27	;	;	PUNCT
ajfa-4117	21	28	baker	baker	PROPN
ajfa-4117	21	29	&	&	CCONJ
ajfa-4117	21	30	wurgler	wurgler	PROPN
ajfa-4117	21	31	,	,	PUNCT
ajfa-4117	21	32	2004	2004	NUM
ajfa-4117	21	33	;	;	PUNCT
ajfa-4117	21	34	dong	dong	PROPN
ajfa-4117	21	35	,	,	PUNCT
ajfa-4117	21	36	hirshleifer	hirshleifer	NOUN
ajfa-4117	21	37	,	,	PUNCT
ajfa-4117	21	38	&	&	CCONJ
ajfa-4117	21	39	teoh	teoh	PROPN
ajfa-4117	21	40	,	,	PUNCT
ajfa-4117	21	41	2007	2007	NUM
ajfa-4117	21	42	;	;	PUNCT
ajfa-4117	21	43	gilchrist	gilchrist	NOUN
ajfa-4117	21	44	,	,	PUNCT
ajfa-4117	21	45	himmelberg	himmelberg	PROPN
ajfa-4117	21	46	,	,	PUNCT
ajfa-4117	21	47	&	&	CCONJ
ajfa-4117	21	48	huberman	huberman	NOUN
ajfa-4117	21	49	,	,	PUNCT
ajfa-4117	21	50	2005	2005	NUM
ajfa-4117	21	51	;	;	PUNCT
ajfa-4117	21	52	polk	polk	PROPN
ajfa-4117	21	53	&	&	CCONJ
ajfa-4117	21	54	sapienza	sapienza	PROPN
ajfa-4117	21	55	,	,	PUNCT
ajfa-4117	21	56	2009	2009	NUM
ajfa-4117	21	57	)	)	PUNCT
ajfa-4117	21	58	.	.	PUNCT
ajfa-4117	22	1	therefore	therefore	ADV
ajfa-4117	22	2	,	,	PUNCT
ajfa-4117	22	3	this	this	DET
ajfa-4117	22	4	paper	paper	NOUN
ajfa-4117	22	5	will	will	AUX
ajfa-4117	22	6	explore	explore	VERB
ajfa-4117	22	7	whether	whether	SCONJ
ajfa-4117	22	8	investor	investor	NOUN
ajfa-4117	22	9	sentiment	sentiment	NOUN
ajfa-4117	22	10	has	have	VERB
ajfa-4117	22	11	an	an	DET
ajfa-4117	22	12	adverse	adverse	ADJ
ajfa-4117	22	13	impact	impact	NOUN
ajfa-4117	22	14	on	on	ADP
ajfa-4117	22	15	corporate	corporate	ADJ
ajfa-4117	22	16	investment	investment	NOUN
ajfa-4117	22	17	decisions	decision	NOUN
ajfa-4117	22	18	and	and	CCONJ
ajfa-4117	22	19	further	far	ADV
ajfa-4117	22	20	examine	examine	VERB
ajfa-4117	22	21	whether	whether	SCONJ
ajfa-4117	22	22	such	such	ADJ
ajfa-4117	22	23	impact	impact	NOUN
ajfa-4117	22	24	,	,	PUNCT
ajfa-4117	22	25	if	if	SCONJ
ajfa-4117	22	26	present	present	ADJ
ajfa-4117	22	27	,	,	PUNCT
ajfa-4117	22	28	can	can	AUX
ajfa-4117	22	29	be	be	AUX
ajfa-4117	22	30	mitigated	mitigate	VERB
ajfa-4117	22	31	by	by	ADP
ajfa-4117	22	32	sound	sound	ADJ
ajfa-4117	22	33	corporate	corporate	ADJ
ajfa-4117	22	34	governance	governance	NOUN
ajfa-4117	22	35	mechanisms	mechanism	NOUN
ajfa-4117	22	36	.	.	PUNCT
ajfa-4117	23	1	making	make	VERB
ajfa-4117	23	2	investment	investment	NOUN
ajfa-4117	23	3	decisions	decision	NOUN
ajfa-4117	23	4	is	be	AUX
ajfa-4117	23	5	an	an	DET
ajfa-4117	23	6	important	important	ADJ
ajfa-4117	23	7	activity	activity	NOUN
ajfa-4117	23	8	in	in	ADP
ajfa-4117	23	9	firm	firm	ADJ
ajfa-4117	23	10	management	management	NOUN
ajfa-4117	23	11	.	.	PUNCT
ajfa-4117	24	1	for	for	ADP
ajfa-4117	24	2	sustainable	sustainable	ADJ
ajfa-4117	24	3	operations	operation	NOUN
ajfa-4117	24	4	,	,	PUNCT
ajfa-4117	24	5	firms	firm	NOUN
ajfa-4117	24	6	need	need	VERB
ajfa-4117	24	7	to	to	PART
ajfa-4117	24	8	constantly	constantly	ADV
ajfa-4117	24	9	expand	expand	VERB
ajfa-4117	24	10	and	and	CCONJ
ajfa-4117	24	11	innovate	innovate	VERB
ajfa-4117	24	12	their	their	PRON
ajfa-4117	24	13	facilities	facility	NOUN
ajfa-4117	24	14	and	and	CCONJ
ajfa-4117	24	15	products	product	NOUN
ajfa-4117	24	16	.	.	PUNCT
ajfa-4117	25	1	investment	investment	NOUN
ajfa-4117	25	2	decisions	decision	NOUN
ajfa-4117	25	3	concern	concern	VERB
ajfa-4117	25	4	the	the	DET
ajfa-4117	25	5	allocation	allocation	NOUN
ajfa-4117	25	6	and	and	CCONJ
ajfa-4117	25	7	use	use	NOUN
ajfa-4117	25	8	of	of	ADP
ajfa-4117	25	9	resources	resource	NOUN
ajfa-4117	25	10	and	and	CCONJ
ajfa-4117	25	11	funds	fund	NOUN
ajfa-4117	25	12	,	,	PUNCT
ajfa-4117	25	13	usually	usually	ADV
ajfa-4117	25	14	in	in	ADP
ajfa-4117	25	15	a	a	DET
ajfa-4117	25	16	large	large	ADJ
ajfa-4117	25	17	amount	amount	NOUN
ajfa-4117	25	18	.	.	PUNCT
ajfa-4117	26	1	a	a	DET
ajfa-4117	26	2	wrong	wrong	ADJ
ajfa-4117	26	3	decision	decision	NOUN
ajfa-4117	26	4	can	can	AUX
ajfa-4117	26	5	pose	pose	VERB
ajfa-4117	26	6	a	a	DET
ajfa-4117	26	7	serious	serious	ADJ
ajfa-4117	26	8	threat	threat	NOUN
ajfa-4117	26	9	to	to	ADP
ajfa-4117	26	10	the	the	DET
ajfa-4117	26	11	survival	survival	NOUN
ajfa-4117	26	12	of	of	ADP
ajfa-4117	26	13	the	the	DET
ajfa-4117	26	14	firm	firm	NOUN
ajfa-4117	26	15	.	.	PUNCT
ajfa-4117	27	1	hence	hence	ADV
ajfa-4117	27	2	,	,	PUNCT
ajfa-4117	27	3	careful	careful	ADJ
ajfa-4117	27	4	assessment	assessment	NOUN
ajfa-4117	27	5	of	of	ADP
ajfa-4117	27	6	investment	investment	NOUN
ajfa-4117	27	7	decisions	decision	NOUN
ajfa-4117	27	8	is	be	AUX
ajfa-4117	27	9	of	of	ADP
ajfa-4117	27	10	high	high	ADJ
ajfa-4117	27	11	importance	importance	NOUN
ajfa-4117	27	12	to	to	ADP
ajfa-4117	27	13	firms	firm	NOUN
ajfa-4117	27	14	.	.	PUNCT
ajfa-4117	28	1	however	however	ADV
ajfa-4117	28	2	,	,	PUNCT
ajfa-4117	28	3	recent	recent	ADJ
ajfa-4117	28	4	studies	study	NOUN
ajfa-4117	28	5	(	(	PUNCT
ajfa-4117	28	6	e.g.	e.g.	ADV
ajfa-4117	28	7	,	,	PUNCT
ajfa-4117	28	8	baker	baker	PROPN
ajfa-4117	28	9	et	et	PROPN
ajfa-4117	28	10	al	al	PROPN
ajfa-4117	28	11	.	.	PROPN
ajfa-4117	28	12	,	,	PUNCT
ajfa-4117	28	13	2003	2003	NUM
ajfa-4117	28	14	;	;	PUNCT
ajfa-4117	28	15	dong	dong	PROPN
ajfa-4117	28	16	et	et	PROPN
ajfa-4117	28	17	al	al	PROPN
ajfa-4117	28	18	.	.	PROPN
ajfa-4117	28	19	,	,	PUNCT
ajfa-4117	28	20	2007	2007	NUM
ajfa-4117	28	21	)	)	PUNCT
ajfa-4117	28	22	have	have	AUX
ajfa-4117	28	23	found	find	VERB
ajfa-4117	28	24	that	that	SCONJ
ajfa-4117	28	25	managers	manager	NOUN
ajfa-4117	28	26	do	do	AUX
ajfa-4117	28	27	not	not	PART
ajfa-4117	28	28	always	always	ADV
ajfa-4117	28	29	make	make	VERB
ajfa-4117	28	30	investment	investment	NOUN
ajfa-4117	28	31	decisions	decision	NOUN
ajfa-4117	28	32	in	in	ADP
ajfa-4117	28	33	the	the	DET
ajfa-4117	28	34	interest	interest	NOUN
ajfa-4117	28	35	of	of	ADP
ajfa-4117	28	36	shareholders	shareholder	NOUN
ajfa-4117	28	37	.	.	PUNCT
ajfa-4117	29	1	the	the	DET
ajfa-4117	29	2	empirical	empirical	ADJ
ajfa-4117	29	3	finding	finding	NOUN
ajfa-4117	29	4	in	in	ADP
ajfa-4117	29	5	baker	baker	PROPN
ajfa-4117	29	6	et	et	PROPN
ajfa-4117	29	7	al	al	PROPN
ajfa-4117	29	8	.	.	PROPN
ajfa-4117	29	9	(	(	PUNCT
ajfa-4117	29	10	2003	2003	NUM
ajfa-4117	29	11	)	)	PUNCT
ajfa-4117	29	12	shows	show	VERB
ajfa-4117	29	13	that	that	SCONJ
ajfa-4117	29	14	the	the	DET
ajfa-4117	29	15	irrational	irrational	ADJ
ajfa-4117	29	16	element	element	NOUN
ajfa-4117	29	17	of	of	ADP
ajfa-4117	29	18	stock	stock	NOUN
ajfa-4117	29	19	prices	price	NOUN
ajfa-4117	29	20	may	may	AUX
ajfa-4117	29	21	affect	affect	VERB
ajfa-4117	29	22	corporate	corporate	ADJ
ajfa-4117	29	23	investment	investment	NOUN
ajfa-4117	29	24	through	through	ADP
ajfa-4117	29	25	an	an	DET
ajfa-4117	29	26	equity	equity	NOUN
ajfa-4117	29	27	financing	financing	NOUN
ajfa-4117	29	28	channel	channel	NOUN
ajfa-4117	29	29	.	.	PUNCT
ajfa-4117	30	1	through	through	ADP
ajfa-4117	30	2	this	this	DET
ajfa-4117	30	3	equity	equity	NOUN
ajfa-4117	30	4	financing	financing	NOUN
ajfa-4117	30	5	channel	channel	NOUN
ajfa-4117	30	6	,	,	PUNCT
ajfa-4117	30	7	mispricing	misprice	VERB
ajfa-4117	30	8	caused	cause	VERB
ajfa-4117	30	9	by	by	ADP
ajfa-4117	30	10	investor	investor	NOUN
ajfa-4117	30	11	sentiment	sentiment	NOUN
ajfa-4117	30	12	has	have	VERB
ajfa-4117	30	13	a	a	DET
ajfa-4117	30	14	positive	positive	ADJ
ajfa-4117	30	15	effect	effect	NOUN
ajfa-4117	30	16	on	on	ADP
ajfa-4117	30	17	investment	investment	NOUN
ajfa-4117	30	18	level	level	NOUN
ajfa-4117	30	19	,	,	PUNCT
ajfa-4117	30	20	particularly	particularly	ADV
ajfa-4117	30	21	among	among	ADP
ajfa-4117	30	22	highly	highly	ADV
ajfa-4117	30	23	equity	equity	NOUN
ajfa-4117	30	24	-	-	PUNCT
ajfa-4117	30	25	dependent	dependent	ADJ
ajfa-4117	30	26	firms	firm	NOUN
ajfa-4117	30	27	.	.	PUNCT
ajfa-4117	31	1	in	in	ADP
ajfa-4117	31	2	addition	addition	NOUN
ajfa-4117	31	3	to	to	ADP
ajfa-4117	31	4	the	the	DET
ajfa-4117	31	5	equity	equity	NOUN
ajfa-4117	31	6	financing	financing	NOUN
ajfa-4117	31	7	channel	channel	NOUN
ajfa-4117	31	8	,	,	PUNCT
ajfa-4117	31	9	investor	investor	NOUN
ajfa-4117	31	10	sentiment	sentiment	NOUN
ajfa-4117	31	11	can	can	AUX
ajfa-4117	31	12	also	also	ADV
ajfa-4117	31	13	affect	affect	VERB
ajfa-4117	31	14	investment	investment	NOUN
ajfa-4117	31	15	decisions	decision	NOUN
ajfa-4117	31	16	through	through	ADP
ajfa-4117	31	17	a	a	DET
ajfa-4117	31	18	catering	catering	NOUN
ajfa-4117	31	19	channel	channel	NOUN
ajfa-4117	31	20	(	(	PUNCT
ajfa-4117	31	21	grundy	grundy	PROPN
ajfa-4117	31	22	&	&	CCONJ
ajfa-4117	31	23	li	li	PROPN
ajfa-4117	31	24	,	,	PUNCT
ajfa-4117	31	25	2010	2010	NUM
ajfa-4117	31	26	;	;	PUNCT
ajfa-4117	31	27	kau	kau	PROPN
ajfa-4117	31	28	,	,	PUNCT
ajfa-4117	31	29	linck	linck	PROPN
ajfa-4117	31	30	,	,	PUNCT
ajfa-4117	31	31	&	&	CCONJ
ajfa-4117	31	32	rubin	rubin	PROPN
ajfa-4117	31	33	,	,	PUNCT
ajfa-4117	31	34	2008	2008	NUM
ajfa-4117	31	35	;	;	PUNCT
ajfa-4117	31	36	morck	morck	NOUN
ajfa-4117	31	37	,	,	PUNCT
ajfa-4117	31	38	shleifer	shleifer	PROPN
ajfa-4117	31	39	,	,	PUNCT
ajfa-4117	31	40	vishny	vishny	PROPN
ajfa-4117	31	41	,	,	PUNCT
ajfa-4117	31	42	shapiro	shapiro	PROPN
ajfa-4117	31	43	,	,	PUNCT
ajfa-4117	31	44	&	&	CCONJ
ajfa-4117	31	45	poterba	poterba	NOUN
ajfa-4117	31	46	,	,	PUNCT
ajfa-4117	31	47	1990	1990	NUM
ajfa-4117	31	48	;	;	PUNCT
ajfa-4117	31	49	polk	polk	PROPN
ajfa-4117	31	50	&	&	CCONJ
ajfa-4117	31	51	sapienza	sapienza	PROPN
ajfa-4117	31	52	,	,	PUNCT
ajfa-4117	31	53	2009	2009	NUM
ajfa-4117	31	54	)	)	PUNCT
ajfa-4117	31	55	.	.	PUNCT
ajfa-4117	32	1	managers	manager	NOUN
ajfa-4117	32	2	may	may	AUX
ajfa-4117	32	3	increase	increase	VERB
ajfa-4117	32	4	firm	firm	ADJ
ajfa-4117	32	5	investment	investment	NOUN
ajfa-4117	32	6	to	to	PART
ajfa-4117	32	7	cater	cater	VERB
ajfa-4117	32	8	to	to	ADP
ajfa-4117	32	9	the	the	DET
ajfa-4117	32	10	optimistic	optimistic	ADJ
ajfa-4117	32	11	(	(	PUNCT
ajfa-4117	32	12	pessimistic	pessimistic	ADJ
ajfa-4117	32	13	)	)	PUNCT
ajfa-4117	32	14	sentiment	sentiment	NOUN
ajfa-4117	32	15	of	of	ADP
ajfa-4117	32	16	investors	investor	NOUN
ajfa-4117	32	17	(	(	PUNCT
ajfa-4117	32	18	mcconnell	mcconnell	PROPN
ajfa-4117	32	19	&	&	CCONJ
ajfa-4117	32	20	muscarella	muscarella	PROPN
ajfa-4117	32	21	,	,	PUNCT
ajfa-4117	32	22	1985	1985	NUM
ajfa-4117	32	23	)	)	PUNCT
ajfa-4117	32	24	.	.	PUNCT
ajfa-4117	33	1	in	in	ADP
ajfa-4117	33	2	doing	do	VERB
ajfa-4117	33	3	so	so	ADV
ajfa-4117	33	4	,	,	PUNCT
ajfa-4117	33	5	they	they	PRON
ajfa-4117	33	6	can	can	AUX
ajfa-4117	33	7	achieve	achieve	VERB
ajfa-4117	33	8	a	a	DET
ajfa-4117	33	9	quick	quick	ADJ
ajfa-4117	33	10	boost	boost	NOUN
ajfa-4117	33	11	of	of	ADP
ajfa-4117	33	12	the	the	DET
ajfa-4117	33	13	firm	firm	NOUN
ajfa-4117	33	14	’s	’s	PART
ajfa-4117	33	15	stock	stock	NOUN
ajfa-4117	33	16	price	price	NOUN
ajfa-4117	33	17	and	and	CCONJ
ajfa-4117	33	18	earn	earn	VERB
ajfa-4117	33	19	higher	high	ADJ
ajfa-4117	33	20	salary	salary	NOUN
ajfa-4117	33	21	or	or	CCONJ
ajfa-4117	33	22	compensation	compensation	NOUN
ajfa-4117	33	23	for	for	ADP
ajfa-4117	33	24	themselves	themselves	PRON
ajfa-4117	33	25	.	.	PUNCT
ajfa-4117	34	1	managers	manager	NOUN
ajfa-4117	34	2	operate	operate	VERB
ajfa-4117	34	3	the	the	DET
ajfa-4117	34	4	firm	firm	NOUN
ajfa-4117	34	5	for	for	ADP
ajfa-4117	34	6	firm	firm	ADJ
ajfa-4117	34	7	owners	owner	NOUN
ajfa-4117	34	8	.	.	PUNCT
ajfa-4117	35	1	hired	hire	VERB
ajfa-4117	35	2	by	by	ADP
ajfa-4117	35	3	the	the	DET
ajfa-4117	35	4	firm	firm	NOUN
ajfa-4117	35	5	,	,	PUNCT
ajfa-4117	35	6	they	they	PRON
ajfa-4117	35	7	are	be	AUX
ajfa-4117	35	8	supposed	suppose	VERB
ajfa-4117	35	9	to	to	PART
ajfa-4117	35	10	pursue	pursue	VERB
ajfa-4117	35	11	maximum	maximum	ADJ
ajfa-4117	35	12	interest	interest	NOUN
ajfa-4117	35	13	of	of	ADP
ajfa-4117	35	14	shareholders	shareholder	NOUN
ajfa-4117	35	15	.	.	PUNCT
ajfa-4117	36	1	however	however	ADV
ajfa-4117	36	2	,	,	PUNCT
ajfa-4117	36	3	due	due	ADP
ajfa-4117	36	4	to	to	ADP
ajfa-4117	36	5	the	the	DET
ajfa-4117	36	6	agency	agency	NOUN
ajfa-4117	36	7	problem	problem	NOUN
ajfa-4117	36	8	,	,	PUNCT
ajfa-4117	36	9	some	some	DET
ajfa-4117	36	10	managers	manager	NOUN
ajfa-4117	36	11	may	may	AUX
ajfa-4117	36	12	shirk	shirk	VERB
ajfa-4117	36	13	or	or	CCONJ
ajfa-4117	36	14	act	act	VERB
ajfa-4117	36	15	in	in	ADP
ajfa-4117	36	16	their	their	PRON
ajfa-4117	36	17	own	own	ADJ
ajfa-4117	36	18	best	good	ADJ
ajfa-4117	36	19	interests	interest	NOUN
ajfa-4117	36	20	(	(	PUNCT
ajfa-4117	36	21	jensen	jensen	PROPN
ajfa-4117	36	22	&	&	CCONJ
ajfa-4117	36	23	meckling	meckling	PROPN
ajfa-4117	36	24	,	,	PUNCT
ajfa-4117	36	25	1976	1976	NUM
ajfa-4117	36	26	)	)	PUNCT
ajfa-4117	36	27	.	.	PUNCT
ajfa-4117	37	1	no	no	PRON
ajfa-4117	37	2	matter	matter	NOUN
ajfa-4117	37	3	through	through	SCONJ
ajfa-4117	37	4	which	which	DET
ajfa-4117	37	5	channel	channel	NOUN
ajfa-4117	37	6	investor	investor	NOUN
ajfa-4117	37	7	sentiment	sentiment	NOUN
ajfa-4117	37	8	motivate	motivate	VERB
ajfa-4117	37	9	managers	manager	NOUN
ajfa-4117	37	10	to	to	PART
ajfa-4117	37	11	make	make	VERB
ajfa-4117	37	12	decisions	decision	NOUN
ajfa-4117	37	13	that	that	PRON
ajfa-4117	37	14	lead	lead	VERB
ajfa-4117	37	15	to	to	ADP
ajfa-4117	37	16	over	over	ADP
ajfa-4117	37	17	-	-	PUNCT
ajfa-4117	37	18	investment	investment	NOUN
ajfa-4117	37	19	or	or	CCONJ
ajfa-4117	37	20	under	under	NOUN
ajfa-4117	37	21	-	-	PUNCT
ajfa-4117	37	22	investment	investment	NOUN
ajfa-4117	37	23	,	,	PUNCT
ajfa-4117	37	24	such	such	ADJ
ajfa-4117	37	25	decisions	decision	NOUN
ajfa-4117	37	26	are	be	AUX
ajfa-4117	37	27	detrimental	detrimental	ADJ
ajfa-4117	37	28	to	to	ADP
ajfa-4117	37	29	firm	firm	ADJ
ajfa-4117	37	30	value	value	NOUN
ajfa-4117	37	31	.	.	PUNCT
ajfa-4117	38	1	previous	previous	ADJ
ajfa-4117	38	2	research	research	NOUN
ajfa-4117	38	3	has	have	AUX
ajfa-4117	38	4	obtained	obtain	VERB
ajfa-4117	38	5	abundant	abundant	ADJ
ajfa-4117	38	6	evidence	evidence	NOUN
ajfa-4117	38	7	that	that	PRON
ajfa-4117	38	8	sound	sound	VERB
ajfa-4117	38	9	corporate	corporate	ADJ
ajfa-4117	38	10	governance	governance	NOUN
ajfa-4117	38	11	mechanisms	mechanism	NOUN
ajfa-4117	38	12	can	can	AUX
ajfa-4117	38	13	mitigate	mitigate	VERB
ajfa-4117	38	14	the	the	DET
ajfa-4117	38	15	agency	agency	NOUN
ajfa-4117	38	16	problem	problem	NOUN
ajfa-4117	38	17	and	and	CCONJ
ajfa-4117	38	18	further	further	ADJ
ajfa-4117	38	19	increase	increase	VERB
ajfa-4117	38	20	firm	firm	ADJ
ajfa-4117	38	21	performance	performance	NOUN
ajfa-4117	38	22	and	and	CCONJ
ajfa-4117	38	23	shareholder	shareholder	NOUN
ajfa-4117	38	24	wealth	wealth	NOUN
ajfa-4117	38	25	(	(	PUNCT
ajfa-4117	38	26	e.g.	e.g.	ADV
ajfa-4117	38	27	,	,	PUNCT
ajfa-4117	38	28	agrawal	agrawal	PROPN
ajfa-4117	38	29	&	&	CCONJ
ajfa-4117	38	30	knoeber	knoeber	PROPN
ajfa-4117	38	31	,	,	PUNCT
ajfa-4117	38	32	1996	1996	NUM
ajfa-4117	38	33	;	;	PUNCT
ajfa-4117	38	34	core	core	NOUN
ajfa-4117	38	35	,	,	PUNCT
ajfa-4117	38	36	guay	guay	NOUN
ajfa-4117	38	37	,	,	PUNCT
ajfa-4117	38	38	&	&	CCONJ
ajfa-4117	38	39	rusticus	rusticus	PROPN
ajfa-4117	38	40	,	,	PUNCT
ajfa-4117	38	41	2006	2006	NUM
ajfa-4117	38	42	;	;	PUNCT
ajfa-4117	38	43	cremers	cremer	NOUN
ajfa-4117	38	44	&	&	CCONJ
ajfa-4117	38	45	nair	nair	PROPN
ajfa-4117	38	46	,	,	PUNCT
ajfa-4117	38	47	2005	2005	NUM
ajfa-4117	38	48	)	)	PUNCT
ajfa-4117	38	49	.	.	PUNCT
ajfa-4117	39	1	based	base	VERB
ajfa-4117	39	2	on	on	ADP
ajfa-4117	39	3	this	this	DET
ajfa-4117	39	4	perspective	perspective	NOUN
ajfa-4117	39	5	,	,	PUNCT
ajfa-4117	39	6	this	this	DET
ajfa-4117	39	7	paper	paper	NOUN
ajfa-4117	39	8	will	will	AUX
ajfa-4117	39	9	examine	examine	VERB
ajfa-4117	39	10	whether	whether	SCONJ
ajfa-4117	39	11	corporate	corporate	ADJ
ajfa-4117	39	12	governance	governance	NOUN
ajfa-4117	39	13	mechanisms	mechanism	NOUN
ajfa-4117	39	14	can	can	AUX
ajfa-4117	39	15	induce	induce	VERB
ajfa-4117	39	16	or	or	CCONJ
ajfa-4117	39	17	force	force	VERB
ajfa-4117	39	18	managers	manager	NOUN
ajfa-4117	39	19	to	to	PART
ajfa-4117	39	20	act	act	VERB
ajfa-4117	39	21	toward	toward	ADP
ajfa-4117	39	22	maximization	maximization	NOUN
ajfa-4117	39	23	of	of	ADP
ajfa-4117	39	24	firm	firm	ADJ
ajfa-4117	39	25	value	value	NOUN
ajfa-4117	39	26	regardless	regardless	ADV
ajfa-4117	39	27	of	of	ADP
ajfa-4117	39	28	investor	investor	NOUN
ajfa-4117	39	29	sentiment	sentiment	NOUN
ajfa-4117	39	30	.	.	PUNCT
ajfa-4117	40	1	the	the	DET
ajfa-4117	40	2	main	main	ADJ
ajfa-4117	40	3	contributions	contribution	NOUN
ajfa-4117	40	4	of	of	ADP
ajfa-4117	40	5	this	this	DET
ajfa-4117	40	6	paper	paper	NOUN
ajfa-4117	40	7	are	be	AUX
ajfa-4117	40	8	as	as	SCONJ
ajfa-4117	40	9	follows	follow	VERB
ajfa-4117	40	10	:	:	PUNCT
ajfa-4117	40	11	first	first	ADV
ajfa-4117	40	12	,	,	PUNCT
ajfa-4117	40	13	many	many	ADJ
ajfa-4117	40	14	studies	study	NOUN
ajfa-4117	40	15	have	have	AUX
ajfa-4117	40	16	shown	show	VERB
ajfa-4117	40	17	that	that	SCONJ
ajfa-4117	40	18	asian	asian	ADJ
ajfa-4117	40	19	journal	journal	NOUN
ajfa-4117	40	20	of	of	ADP
ajfa-4117	40	21	finance	finance	PROPN
ajfa-4117	40	22	&	&	CCONJ
ajfa-4117	40	23	accounting	accounting	PROPN
ajfa-4117	40	24	issn	issn	PROPN
ajfa-4117	40	25	1946	1946	NUM
ajfa-4117	40	26	-	-	PUNCT
ajfa-4117	40	27	052x	052x	NOUN
ajfa-4117	40	28	2013	2013	NUM
ajfa-4117	40	29	,	,	PUNCT
ajfa-4117	40	30	vol	vol	NOUN
ajfa-4117	40	31	.	.	PROPN
ajfa-4117	40	32	5	5	NUM
ajfa-4117	40	33	,	,	PUNCT
ajfa-4117	40	34	no	no	INTJ
ajfa-4117	40	35	.	.	NOUN
ajfa-4117	40	36	2	2	NUM
ajfa-4117	40	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	40	38	103	103	NUM
ajfa-4117	40	39	mispricing	mispricing	NOUN
ajfa-4117	40	40	caused	cause	VERB
ajfa-4117	40	41	by	by	ADP
ajfa-4117	40	42	investor	investor	NOUN
ajfa-4117	40	43	sentiment	sentiment	NOUN
ajfa-4117	40	44	affects	affect	VERB
ajfa-4117	40	45	managers	manager	NOUN
ajfa-4117	40	46	’	’	PART
ajfa-4117	40	47	investment	investment	NOUN
ajfa-4117	40	48	decisions	decision	NOUN
ajfa-4117	40	49	.	.	PUNCT
ajfa-4117	41	1	this	this	DET
ajfa-4117	41	2	paper	paper	NOUN
ajfa-4117	41	3	further	far	ADV
ajfa-4117	41	4	examines	examine	VERB
ajfa-4117	41	5	whether	whether	SCONJ
ajfa-4117	41	6	corporate	corporate	ADJ
ajfa-4117	41	7	governance	governance	NOUN
ajfa-4117	41	8	can	can	AUX
ajfa-4117	41	9	moderate	moderate	VERB
ajfa-4117	41	10	the	the	DET
ajfa-4117	41	11	relation	relation	NOUN
ajfa-4117	41	12	between	between	ADP
ajfa-4117	41	13	investor	investor	NOUN
ajfa-4117	41	14	sentiment	sentiment	NOUN
ajfa-4117	41	15	and	and	CCONJ
ajfa-4117	41	16	investment	investment	NOUN
ajfa-4117	41	17	decisions	decision	NOUN
ajfa-4117	41	18	.	.	PUNCT
ajfa-4117	42	1	second	second	ADJ
ajfa-4117	42	2	,	,	PUNCT
ajfa-4117	42	3	previous	previous	ADJ
ajfa-4117	42	4	research	research	NOUN
ajfa-4117	42	5	of	of	ADP
ajfa-4117	42	6	the	the	DET
ajfa-4117	42	7	impact	impact	NOUN
ajfa-4117	42	8	of	of	ADP
ajfa-4117	42	9	investor	investor	NOUN
ajfa-4117	42	10	sentiment	sentiment	NOUN
ajfa-4117	42	11	on	on	ADP
ajfa-4117	42	12	investment	investment	NOUN
ajfa-4117	42	13	decisions	decision	NOUN
ajfa-4117	42	14	uses	use	VERB
ajfa-4117	42	15	investment	investment	NOUN
ajfa-4117	42	16	level	level	NOUN
ajfa-4117	42	17	as	as	ADP
ajfa-4117	42	18	the	the	DET
ajfa-4117	42	19	main	main	ADJ
ajfa-4117	42	20	dependent	dependent	ADJ
ajfa-4117	42	21	variable	variable	NOUN
ajfa-4117	42	22	.	.	PUNCT
ajfa-4117	43	1	this	this	DET
ajfa-4117	43	2	paper	paper	NOUN
ajfa-4117	43	3	employs	employ	VERB
ajfa-4117	43	4	the	the	DET
ajfa-4117	43	5	over	over	ADP
ajfa-4117	43	6	-	-	PUNCT
ajfa-4117	43	7	investment	investment	NOUN
ajfa-4117	43	8	(	(	PUNCT
ajfa-4117	43	9	under	under	ADP
ajfa-4117	43	10	-	-	PUNCT
ajfa-4117	43	11	investment	investment	NOUN
ajfa-4117	43	12	)	)	PUNCT
ajfa-4117	43	13	model	model	NOUN
ajfa-4117	43	14	introduced	introduce	VERB
ajfa-4117	43	15	by	by	ADP
ajfa-4117	43	16	richardson	richardson	PROPN
ajfa-4117	43	17	(	(	PUNCT
ajfa-4117	43	18	2006	2006	NUM
ajfa-4117	43	19	)	)	PUNCT
ajfa-4117	43	20	to	to	PART
ajfa-4117	43	21	estimate	estimate	VERB
ajfa-4117	43	22	the	the	DET
ajfa-4117	43	23	amount	amount	NOUN
ajfa-4117	43	24	of	of	ADP
ajfa-4117	43	25	over	over	ADP
ajfa-4117	43	26	-	-	PUNCT
ajfa-4117	43	27	investment	investment	NOUN
ajfa-4117	43	28	and	and	CCONJ
ajfa-4117	43	29	test	test	NOUN
ajfa-4117	43	30	whether	whether	SCONJ
ajfa-4117	43	31	investor	investor	NOUN
ajfa-4117	43	32	sentiment	sentiment	NOUN
ajfa-4117	43	33	has	have	VERB
ajfa-4117	43	34	an	an	DET
ajfa-4117	43	35	adverse	adverse	ADJ
ajfa-4117	43	36	impact	impact	NOUN
ajfa-4117	43	37	on	on	ADP
ajfa-4117	43	38	investment	investment	NOUN
ajfa-4117	43	39	decisions	decision	NOUN
ajfa-4117	43	40	.	.	PUNCT
ajfa-4117	44	1	third	third	ADJ
ajfa-4117	44	2	,	,	PUNCT
ajfa-4117	44	3	based	base	VERB
ajfa-4117	44	4	on	on	ADP
ajfa-4117	44	5	baker	baker	PROPN
ajfa-4117	44	6	&	&	CCONJ
ajfa-4117	44	7	wurgler	wurgler	PROPN
ajfa-4117	44	8	’s	’s	PART
ajfa-4117	44	9	(	(	PUNCT
ajfa-4117	44	10	2006	2006	NUM
ajfa-4117	44	11	)	)	PUNCT
ajfa-4117	44	12	methodology	methodology	NOUN
ajfa-4117	44	13	,	,	PUNCT
ajfa-4117	44	14	this	this	DET
ajfa-4117	44	15	paper	paper	NOUN
ajfa-4117	44	16	develops	develop	VERB
ajfa-4117	44	17	a	a	DET
ajfa-4117	44	18	composite	composite	ADJ
ajfa-4117	44	19	index	index	NOUN
ajfa-4117	44	20	of	of	ADP
ajfa-4117	44	21	investor	investor	NOUN
ajfa-4117	44	22	sentiment	sentiment	NOUN
ajfa-4117	44	23	through	through	ADP
ajfa-4117	44	24	principal	principal	ADJ
ajfa-4117	44	25	component	component	NOUN
ajfa-4117	44	26	analysis	analysis	NOUN
ajfa-4117	44	27	.	.	PUNCT
ajfa-4117	45	1	four	four	NUM
ajfa-4117	45	2	proxy	proxy	ADJ
ajfa-4117	45	3	variables	variable	NOUN
ajfa-4117	45	4	,	,	PUNCT
ajfa-4117	45	5	including	include	VERB
ajfa-4117	45	6	stock	stock	NOUN
ajfa-4117	45	7	turnover	turnover	NOUN
ajfa-4117	45	8	,	,	PUNCT
ajfa-4117	45	9	number	number	NOUN
ajfa-4117	45	10	of	of	ADP
ajfa-4117	45	11	ipos	ipos	NOUN
ajfa-4117	45	12	,	,	PUNCT
ajfa-4117	45	13	consumer	consumer	NOUN
ajfa-4117	45	14	confidence	confidence	NOUN
ajfa-4117	45	15	index	index	NOUN
ajfa-4117	45	16	(	(	PUNCT
ajfa-4117	45	17	cci	cci	PROPN
ajfa-4117	45	18	)	)	PUNCT
ajfa-4117	45	19	,	,	PUNCT
ajfa-4117	45	20	and	and	CCONJ
ajfa-4117	45	21	discretionary	discretionary	ADJ
ajfa-4117	45	22	accruals	accrual	NOUN
ajfa-4117	45	23	are	be	AUX
ajfa-4117	45	24	considered	consider	VERB
ajfa-4117	45	25	in	in	ADP
ajfa-4117	45	26	the	the	DET
ajfa-4117	45	27	analysis	analysis	NOUN
ajfa-4117	45	28	.	.	PUNCT
ajfa-4117	46	1	this	this	DET
ajfa-4117	46	2	composite	composite	ADJ
ajfa-4117	46	3	index	index	NOUN
ajfa-4117	46	4	can	can	AUX
ajfa-4117	46	5	better	well	ADV
ajfa-4117	46	6	represent	represent	VERB
ajfa-4117	46	7	investor	investor	NOUN
ajfa-4117	46	8	sentiment	sentiment	NOUN
ajfa-4117	46	9	as	as	SCONJ
ajfa-4117	46	10	it	it	PRON
ajfa-4117	46	11	contains	contain	VERB
ajfa-4117	46	12	not	not	PART
ajfa-4117	46	13	only	only	ADV
ajfa-4117	46	14	the	the	DET
ajfa-4117	46	15	market	market	NOUN
ajfa-4117	46	16	-	-	PUNCT
ajfa-4117	46	17	wide	wide	ADJ
ajfa-4117	46	18	and	and	CCONJ
ajfa-4117	46	19	firm	firm	ADJ
ajfa-4117	46	20	-	-	PUNCT
ajfa-4117	46	21	level	level	NOUN
ajfa-4117	46	22	investor	investor	NOUN
ajfa-4117	46	23	sentiment	sentiment	NOUN
ajfa-4117	46	24	index	index	NOUN
ajfa-4117	46	25	but	but	CCONJ
ajfa-4117	46	26	also	also	ADV
ajfa-4117	46	27	the	the	DET
ajfa-4117	46	28	direct	direct	ADJ
ajfa-4117	46	29	and	and	CCONJ
ajfa-4117	46	30	indirect	indirect	ADJ
ajfa-4117	46	31	investor	investor	NOUN
ajfa-4117	46	32	sentiment	sentiment	NOUN
ajfa-4117	46	33	index	index	NOUN
ajfa-4117	46	34	.	.	PUNCT
ajfa-4117	47	1	fourth	fourth	ADJ
ajfa-4117	47	2	,	,	PUNCT
ajfa-4117	47	3	due	due	ADP
ajfa-4117	47	4	to	to	ADP
ajfa-4117	47	5	the	the	DET
ajfa-4117	47	6	diversity	diversity	NOUN
ajfa-4117	47	7	and	and	CCONJ
ajfa-4117	47	8	interchangeability	interchangeability	NOUN
ajfa-4117	47	9	of	of	ADP
ajfa-4117	47	10	corporate	corporate	ADJ
ajfa-4117	47	11	governance	governance	NOUN
ajfa-4117	47	12	mechanisms	mechanism	NOUN
ajfa-4117	47	13	(	(	PUNCT
ajfa-4117	47	14	bathala	bathala	PROPN
ajfa-4117	47	15	&	&	CCONJ
ajfa-4117	47	16	rao	rao	PROPN
ajfa-4117	47	17	,	,	PUNCT
ajfa-4117	47	18	1995	1995	NUM
ajfa-4117	47	19	)	)	PUNCT
ajfa-4117	47	20	,	,	PUNCT
ajfa-4117	47	21	the	the	DET
ajfa-4117	47	22	quality	quality	NOUN
ajfa-4117	47	23	of	of	ADP
ajfa-4117	47	24	a	a	DET
ajfa-4117	47	25	firm	firm	NOUN
ajfa-4117	47	26	’s	’s	PART
ajfa-4117	47	27	corporate	corporate	ADJ
ajfa-4117	47	28	governance	governance	NOUN
ajfa-4117	47	29	can	can	AUX
ajfa-4117	47	30	not	not	PART
ajfa-4117	47	31	be	be	AUX
ajfa-4117	47	32	judged	judge	VERB
ajfa-4117	47	33	simply	simply	ADV
ajfa-4117	47	34	by	by	ADP
ajfa-4117	47	35	the	the	DET
ajfa-4117	47	36	effectiveness	effectiveness	NOUN
ajfa-4117	47	37	of	of	ADP
ajfa-4117	47	38	a	a	DET
ajfa-4117	47	39	single	single	ADJ
ajfa-4117	47	40	mechanism	mechanism	NOUN
ajfa-4117	47	41	.	.	PUNCT
ajfa-4117	48	1	this	this	DET
ajfa-4117	48	2	paper	paper	NOUN
ajfa-4117	48	3	follows	follow	VERB
ajfa-4117	48	4	the	the	DET
ajfa-4117	48	5	method	method	NOUN
ajfa-4117	48	6	used	use	VERB
ajfa-4117	48	7	by	by	ADP
ajfa-4117	48	8	bushman	bushman	PROPN
ajfa-4117	48	9	,	,	PUNCT
ajfa-4117	48	10	chen	chen	PROPN
ajfa-4117	48	11	,	,	PUNCT
ajfa-4117	48	12	engel	engel	PROPN
ajfa-4117	48	13	,	,	PUNCT
ajfa-4117	48	14	and	and	CCONJ
ajfa-4117	48	15	smith	smith	PROPN
ajfa-4117	48	16	(	(	PUNCT
ajfa-4117	48	17	2004	2004	NUM
ajfa-4117	48	18	)	)	PUNCT
ajfa-4117	48	19	and	and	CCONJ
ajfa-4117	48	20	young	young	ADJ
ajfa-4117	48	21	and	and	CCONJ
ajfa-4117	48	22	wu	wu	PROPN
ajfa-4117	48	23	(	(	PUNCT
ajfa-4117	48	24	2009	2009	NUM
ajfa-4117	48	25	)	)	PUNCT
ajfa-4117	48	26	to	to	PART
ajfa-4117	48	27	integrate	integrate	VERB
ajfa-4117	48	28	various	various	ADJ
ajfa-4117	48	29	corporate	corporate	ADJ
ajfa-4117	48	30	governance	governance	NOUN
ajfa-4117	48	31	variables	variable	NOUN
ajfa-4117	48	32	into	into	ADP
ajfa-4117	48	33	a	a	DET
ajfa-4117	48	34	composite	composite	ADJ
ajfa-4117	48	35	index	index	NOUN
ajfa-4117	48	36	of	of	ADP
ajfa-4117	48	37	corporate	corporate	ADJ
ajfa-4117	48	38	governance	governance	NOUN
ajfa-4117	48	39	.	.	PUNCT
ajfa-4117	49	1	with	with	ADP
ajfa-4117	49	2	this	this	DET
ajfa-4117	49	3	index	index	NOUN
ajfa-4117	49	4	,	,	PUNCT
ajfa-4117	49	5	this	this	DET
ajfa-4117	49	6	paper	paper	NOUN
ajfa-4117	49	7	further	far	ADV
ajfa-4117	49	8	examines	examine	VERB
ajfa-4117	49	9	whether	whether	SCONJ
ajfa-4117	49	10	corporate	corporate	ADJ
ajfa-4117	49	11	governance	governance	NOUN
ajfa-4117	49	12	mechanisms	mechanism	NOUN
ajfa-4117	49	13	can	can	AUX
ajfa-4117	49	14	mitigate	mitigate	VERB
ajfa-4117	49	15	the	the	DET
ajfa-4117	49	16	adverse	adverse	ADJ
ajfa-4117	49	17	impact	impact	NOUN
ajfa-4117	49	18	of	of	ADP
ajfa-4117	49	19	investor	investor	NOUN
ajfa-4117	49	20	sentiment	sentiment	NOUN
ajfa-4117	49	21	on	on	ADP
ajfa-4117	49	22	investment	investment	NOUN
ajfa-4117	49	23	decisions	decision	NOUN
ajfa-4117	49	24	.	.	PUNCT
ajfa-4117	50	1	our	our	PRON
ajfa-4117	50	2	empirical	empirical	ADJ
ajfa-4117	50	3	results	result	NOUN
ajfa-4117	50	4	indicate	indicate	VERB
ajfa-4117	50	5	that	that	SCONJ
ajfa-4117	50	6	investor	investor	NOUN
ajfa-4117	50	7	sentiment	sentiment	NOUN
ajfa-4117	50	8	has	have	VERB
ajfa-4117	50	9	an	an	DET
ajfa-4117	50	10	impact	impact	NOUN
ajfa-4117	50	11	on	on	ADP
ajfa-4117	50	12	corporate	corporate	ADJ
ajfa-4117	50	13	investment	investment	NOUN
ajfa-4117	50	14	level	level	NOUN
ajfa-4117	50	15	.	.	PUNCT
ajfa-4117	51	1	firms	firm	NOUN
ajfa-4117	51	2	tend	tend	VERB
ajfa-4117	51	3	to	to	PART
ajfa-4117	51	4	invest	invest	VERB
ajfa-4117	51	5	more	more	ADJ
ajfa-4117	51	6	when	when	SCONJ
ajfa-4117	51	7	investors	investor	NOUN
ajfa-4117	51	8	are	be	AUX
ajfa-4117	51	9	more	more	ADV
ajfa-4117	51	10	optimistic	optimistic	ADJ
ajfa-4117	51	11	.	.	PUNCT
ajfa-4117	52	1	investment	investment	NOUN
ajfa-4117	52	2	decisions	decision	NOUN
ajfa-4117	52	3	that	that	PRON
ajfa-4117	52	4	fluctuate	fluctuate	VERB
ajfa-4117	52	5	with	with	ADP
ajfa-4117	52	6	investor	investor	NOUN
ajfa-4117	52	7	sentiment	sentiment	NOUN
ajfa-4117	52	8	will	will	AUX
ajfa-4117	52	9	result	result	VERB
ajfa-4117	52	10	in	in	ADP
ajfa-4117	52	11	abnormal	abnormal	ADJ
ajfa-4117	52	12	firm	firm	ADJ
ajfa-4117	52	13	investment	investment	NOUN
ajfa-4117	52	14	.	.	PUNCT
ajfa-4117	53	1	managers	manager	NOUN
ajfa-4117	53	2	are	be	AUX
ajfa-4117	53	3	likely	likely	ADJ
ajfa-4117	53	4	to	to	PART
ajfa-4117	53	5	over	over	ADV
ajfa-4117	53	6	-	-	PUNCT
ajfa-4117	53	7	invest	invest	VERB
ajfa-4117	53	8	when	when	SCONJ
ajfa-4117	53	9	they	they	PRON
ajfa-4117	53	10	increase	increase	VERB
ajfa-4117	53	11	their	their	PRON
ajfa-4117	53	12	firm	firm	NOUN
ajfa-4117	53	13	’s	’s	PART
ajfa-4117	53	14	investment	investment	NOUN
ajfa-4117	53	15	under	under	ADP
ajfa-4117	53	16	the	the	DET
ajfa-4117	53	17	influence	influence	NOUN
ajfa-4117	53	18	of	of	ADP
ajfa-4117	53	19	investor	investor	NOUN
ajfa-4117	53	20	sentiment	sentiment	NOUN
ajfa-4117	53	21	(	(	PUNCT
ajfa-4117	53	22	no	no	ADV
ajfa-4117	53	23	matter	matter	NOUN
ajfa-4117	53	24	through	through	ADP
ajfa-4117	53	25	the	the	DET
ajfa-4117	53	26	equity	equity	NOUN
ajfa-4117	53	27	financing	financing	NOUN
ajfa-4117	53	28	channel	channel	NOUN
ajfa-4117	53	29	or	or	CCONJ
ajfa-4117	53	30	through	through	ADP
ajfa-4117	53	31	the	the	DET
ajfa-4117	53	32	catering	catering	NOUN
ajfa-4117	53	33	channel	channel	NOUN
ajfa-4117	53	34	)	)	PUNCT
ajfa-4117	53	35	.	.	PUNCT
ajfa-4117	54	1	excessive	excessive	ADJ
ajfa-4117	54	2	investment	investment	NOUN
ajfa-4117	54	3	of	of	ADP
ajfa-4117	54	4	resources	resource	NOUN
ajfa-4117	54	5	into	into	ADP
ajfa-4117	54	6	projects	project	NOUN
ajfa-4117	54	7	with	with	ADP
ajfa-4117	54	8	little	little	ADJ
ajfa-4117	54	9	benefit	benefit	NOUN
ajfa-4117	54	10	for	for	ADP
ajfa-4117	54	11	the	the	DET
ajfa-4117	54	12	firm	firm	NOUN
ajfa-4117	54	13	will	will	AUX
ajfa-4117	54	14	cause	cause	VERB
ajfa-4117	54	15	a	a	DET
ajfa-4117	54	16	persisting	persist	VERB
ajfa-4117	54	17	decline	decline	NOUN
ajfa-4117	54	18	of	of	ADP
ajfa-4117	54	19	firm	firm	ADJ
ajfa-4117	54	20	value	value	NOUN
ajfa-4117	54	21	.	.	PUNCT
ajfa-4117	55	1	as	as	ADP
ajfa-4117	55	2	to	to	ADP
ajfa-4117	55	3	the	the	DET
ajfa-4117	55	4	moderating	moderate	VERB
ajfa-4117	55	5	effect	effect	NOUN
ajfa-4117	55	6	of	of	ADP
ajfa-4117	55	7	corporate	corporate	ADJ
ajfa-4117	55	8	governance	governance	NOUN
ajfa-4117	55	9	,	,	PUNCT
ajfa-4117	55	10	empirical	empirical	ADJ
ajfa-4117	55	11	evidence	evidence	NOUN
ajfa-4117	55	12	shows	show	VERB
ajfa-4117	55	13	that	that	PRON
ajfa-4117	55	14	increase	increase	NOUN
ajfa-4117	55	15	of	of	ADP
ajfa-4117	55	16	investment	investment	NOUN
ajfa-4117	55	17	level	level	NOUN
ajfa-4117	55	18	and	and	CCONJ
ajfa-4117	55	19	over	over	ADP
ajfa-4117	55	20	-	-	PUNCT
ajfa-4117	55	21	investment	investment	NOUN
ajfa-4117	55	22	induced	induce	VERB
ajfa-4117	55	23	by	by	ADP
ajfa-4117	55	24	the	the	DET
ajfa-4117	55	25	optimism	optimism	NOUN
ajfa-4117	55	26	of	of	ADP
ajfa-4117	55	27	investors	investor	NOUN
ajfa-4117	55	28	can	can	AUX
ajfa-4117	55	29	be	be	AUX
ajfa-4117	55	30	mitigated	mitigate	VERB
ajfa-4117	55	31	in	in	ADP
ajfa-4117	55	32	the	the	DET
ajfa-4117	55	33	presence	presence	NOUN
ajfa-4117	55	34	of	of	ADP
ajfa-4117	55	35	effective	effective	ADJ
ajfa-4117	55	36	corporate	corporate	ADJ
ajfa-4117	55	37	governance	governance	NOUN
ajfa-4117	55	38	mechanisms	mechanism	NOUN
ajfa-4117	55	39	.	.	PUNCT
ajfa-4117	56	1	in	in	ADP
ajfa-4117	56	2	other	other	ADJ
ajfa-4117	56	3	words	word	NOUN
ajfa-4117	56	4	,	,	PUNCT
ajfa-4117	56	5	sound	sound	ADJ
ajfa-4117	56	6	corporate	corporate	ADJ
ajfa-4117	56	7	governance	governance	NOUN
ajfa-4117	56	8	mechanisms	mechanism	NOUN
ajfa-4117	56	9	can	can	AUX
ajfa-4117	56	10	offer	offer	VERB
ajfa-4117	56	11	positive	positive	ADJ
ajfa-4117	56	12	incentives	incentive	NOUN
ajfa-4117	56	13	and	and	CCONJ
ajfa-4117	56	14	constraints	constraint	NOUN
ajfa-4117	56	15	to	to	ADP
ajfa-4117	56	16	managers	manager	NOUN
ajfa-4117	56	17	to	to	PART
ajfa-4117	56	18	avoid	avoid	VERB
ajfa-4117	56	19	the	the	DET
ajfa-4117	56	20	agency	agency	NOUN
ajfa-4117	56	21	problem	problem	NOUN
ajfa-4117	56	22	.	.	PUNCT
ajfa-4117	57	1	2	2	X
ajfa-4117	57	2	.	.	X
ajfa-4117	57	3	theoretical	theoretical	ADJ
ajfa-4117	57	4	background	background	NOUN
ajfa-4117	57	5	and	and	CCONJ
ajfa-4117	57	6	hypotheses	hypothese	VERB
ajfa-4117	57	7	2.1	2.1	NUM
ajfa-4117	57	8	investor	investor	NOUN
ajfa-4117	57	9	sentiment	sentiment	NOUN
ajfa-4117	57	10	and	and	CCONJ
ajfa-4117	57	11	investment	investment	NOUN
ajfa-4117	57	12	decisions	decision	NOUN
ajfa-4117	57	13	investor	investor	NOUN
ajfa-4117	57	14	sentiment	sentiment	NOUN
ajfa-4117	57	15	affects	affect	VERB
ajfa-4117	57	16	stock	stock	NOUN
ajfa-4117	57	17	prices	price	NOUN
ajfa-4117	57	18	,	,	PUNCT
ajfa-4117	57	19	causing	cause	VERB
ajfa-4117	57	20	a	a	DET
ajfa-4117	57	21	deviation	deviation	NOUN
ajfa-4117	57	22	of	of	ADP
ajfa-4117	57	23	stock	stock	NOUN
ajfa-4117	57	24	prices	price	NOUN
ajfa-4117	57	25	from	from	ADP
ajfa-4117	57	26	fundamentals	fundamental	NOUN
ajfa-4117	57	27	(	(	PUNCT
ajfa-4117	57	28	baker	baker	PROPN
ajfa-4117	57	29	&	&	CCONJ
ajfa-4117	57	30	wurgler	wurgler	PROPN
ajfa-4117	57	31	,	,	PUNCT
ajfa-4117	57	32	2006	2006	NUM
ajfa-4117	57	33	,	,	PUNCT
ajfa-4117	57	34	2007	2007	NUM
ajfa-4117	57	35	;	;	PUNCT
ajfa-4117	57	36	baker	baker	PROPN
ajfa-4117	57	37	,	,	PUNCT
ajfa-4117	57	38	wurgler	wurgler	NOUN
ajfa-4117	57	39	,	,	PUNCT
ajfa-4117	57	40	&	&	CCONJ
ajfa-4117	57	41	yuan	yuan	PROPN
ajfa-4117	57	42	,	,	PUNCT
ajfa-4117	57	43	2012	2012	NUM
ajfa-4117	57	44	;	;	PUNCT
ajfa-4117	57	45	lemmon	lemmon	PROPN
ajfa-4117	57	46	&	&	CCONJ
ajfa-4117	57	47	portniaguina	portniaguina	PROPN
ajfa-4117	57	48	,	,	PUNCT
ajfa-4117	57	49	2006	2006	NUM
ajfa-4117	57	50	;	;	PUNCT
ajfa-4117	57	51	shleifer	shleifer	PROPN
ajfa-4117	57	52	&	&	CCONJ
ajfa-4117	57	53	vishny	vishny	PROPN
ajfa-4117	57	54	,	,	PUNCT
ajfa-4117	57	55	1997	1997	NUM
ajfa-4117	57	56	)	)	PUNCT
ajfa-4117	57	57	.	.	PUNCT
ajfa-4117	58	1	when	when	SCONJ
ajfa-4117	58	2	investors	investor	NOUN
ajfa-4117	58	3	are	be	AUX
ajfa-4117	58	4	optimistic	optimistic	ADJ
ajfa-4117	58	5	,	,	PUNCT
ajfa-4117	58	6	they	they	PRON
ajfa-4117	58	7	may	may	AUX
ajfa-4117	58	8	overlook	overlook	VERB
ajfa-4117	58	9	negative	negative	ADJ
ajfa-4117	58	10	information	information	NOUN
ajfa-4117	58	11	and	and	CCONJ
ajfa-4117	58	12	overreact	overreact	VERB
ajfa-4117	58	13	to	to	ADP
ajfa-4117	58	14	positive	positive	ADJ
ajfa-4117	58	15	information	information	NOUN
ajfa-4117	58	16	,	,	PUNCT
ajfa-4117	58	17	resulting	result	VERB
ajfa-4117	58	18	in	in	ADP
ajfa-4117	58	19	overvaluation	overvaluation	NOUN
ajfa-4117	58	20	of	of	ADP
ajfa-4117	58	21	stock	stock	NOUN
ajfa-4117	58	22	prices	price	NOUN
ajfa-4117	58	23	.	.	PUNCT
ajfa-4117	59	1	conversely	conversely	ADV
ajfa-4117	59	2	,	,	PUNCT
ajfa-4117	59	3	when	when	SCONJ
ajfa-4117	59	4	investors	investor	NOUN
ajfa-4117	59	5	are	be	AUX
ajfa-4117	59	6	pessimistic	pessimistic	ADJ
ajfa-4117	59	7	,	,	PUNCT
ajfa-4117	59	8	they	they	PRON
ajfa-4117	59	9	may	may	AUX
ajfa-4117	59	10	overlook	overlook	VERB
ajfa-4117	59	11	positive	positive	ADJ
ajfa-4117	59	12	information	information	NOUN
ajfa-4117	59	13	and	and	CCONJ
ajfa-4117	59	14	overreact	overreact	VERB
ajfa-4117	59	15	to	to	ADP
ajfa-4117	59	16	negative	negative	ADJ
ajfa-4117	59	17	information	information	NOUN
ajfa-4117	59	18	,	,	PUNCT
ajfa-4117	59	19	resulting	result	VERB
ajfa-4117	59	20	in	in	ADP
ajfa-4117	59	21	undervaluation	undervaluation	NOUN
ajfa-4117	59	22	of	of	ADP
ajfa-4117	59	23	stock	stock	NOUN
ajfa-4117	59	24	prices	price	NOUN
ajfa-4117	59	25	.	.	PUNCT
ajfa-4117	60	1	investor	investor	NOUN
ajfa-4117	60	2	sentiment	sentiment	NOUN
ajfa-4117	60	3	causes	cause	VERB
ajfa-4117	60	4	mispricing	misprice	VERB
ajfa-4117	60	5	,	,	PUNCT
ajfa-4117	60	6	which	which	PRON
ajfa-4117	60	7	in	in	ADP
ajfa-4117	60	8	turn	turn	NOUN
ajfa-4117	60	9	affects	affect	VERB
ajfa-4117	60	10	a	a	DET
ajfa-4117	60	11	firm	firm	NOUN
ajfa-4117	60	12	’s	’s	PART
ajfa-4117	60	13	investment	investment	NOUN
ajfa-4117	60	14	level	level	NOUN
ajfa-4117	60	15	through	through	ADP
ajfa-4117	60	16	two	two	NUM
ajfa-4117	60	17	main	main	ADJ
ajfa-4117	60	18	channels	channel	NOUN
ajfa-4117	60	19	,	,	PUNCT
ajfa-4117	60	20	namely	namely	ADV
ajfa-4117	60	21	the	the	DET
ajfa-4117	60	22	equity	equity	NOUN
ajfa-4117	60	23	financing	financing	NOUN
ajfa-4117	60	24	channel	channel	NOUN
ajfa-4117	60	25	and	and	CCONJ
ajfa-4117	60	26	the	the	DET
ajfa-4117	60	27	catering	catering	NOUN
ajfa-4117	60	28	channel	channel	NOUN
ajfa-4117	60	29	.	.	PUNCT
ajfa-4117	61	1	keynes	keynes	PROPN
ajfa-4117	61	2	(	(	PUNCT
ajfa-4117	61	3	1936	1936	NUM
ajfa-4117	61	4	)	)	PUNCT
ajfa-4117	61	5	argues	argue	VERB
ajfa-4117	61	6	that	that	SCONJ
ajfa-4117	61	7	stock	stock	NOUN
ajfa-4117	61	8	prices	price	NOUN
ajfa-4117	61	9	contain	contain	VERB
ajfa-4117	61	10	an	an	DET
ajfa-4117	61	11	important	important	ADJ
ajfa-4117	61	12	element	element	NOUN
ajfa-4117	61	13	of	of	ADP
ajfa-4117	61	14	irrationality	irrationality	NOUN
ajfa-4117	61	15	.	.	PUNCT
ajfa-4117	62	1	this	this	DET
ajfa-4117	62	2	asian	asian	ADJ
ajfa-4117	62	3	journal	journal	NOUN
ajfa-4117	62	4	of	of	ADP
ajfa-4117	62	5	finance	finance	PROPN
ajfa-4117	62	6	&	&	CCONJ
ajfa-4117	62	7	accounting	accounting	PROPN
ajfa-4117	62	8	issn	issn	PROPN
ajfa-4117	62	9	1946	1946	NUM
ajfa-4117	62	10	-	-	PUNCT
ajfa-4117	62	11	052x	052x	NOUN
ajfa-4117	62	12	2013	2013	NUM
ajfa-4117	62	13	,	,	PUNCT
ajfa-4117	62	14	vol	vol	NOUN
ajfa-4117	62	15	.	.	PROPN
ajfa-4117	62	16	5	5	NUM
ajfa-4117	62	17	,	,	PUNCT
ajfa-4117	62	18	no	no	INTJ
ajfa-4117	62	19	.	.	NOUN
ajfa-4117	62	20	2	2	NUM
ajfa-4117	62	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	62	22	104	104	NUM
ajfa-4117	62	23	element	element	NOUN
ajfa-4117	62	24	influences	influence	VERB
ajfa-4117	62	25	a	a	DET
ajfa-4117	62	26	firm	firm	NOUN
ajfa-4117	62	27	’s	’s	PART
ajfa-4117	62	28	financing	financing	NOUN
ajfa-4117	62	29	decisions	decision	NOUN
ajfa-4117	62	30	and	and	CCONJ
ajfa-4117	62	31	further	further	ADJ
ajfa-4117	62	32	investment	investment	NOUN
ajfa-4117	62	33	decisions	decision	NOUN
ajfa-4117	62	34	.	.	PUNCT
ajfa-4117	63	1	many	many	ADJ
ajfa-4117	63	2	studies	study	NOUN
ajfa-4117	63	3	have	have	AUX
ajfa-4117	63	4	studied	study	VERB
ajfa-4117	63	5	the	the	DET
ajfa-4117	63	6	equity	equity	NOUN
ajfa-4117	63	7	financing	financing	NOUN
ajfa-4117	63	8	channel	channel	NOUN
ajfa-4117	63	9	through	through	ADP
ajfa-4117	63	10	which	which	PRON
ajfa-4117	63	11	managers	manager	NOUN
ajfa-4117	63	12	’	'	PUNCT
ajfa-4117	63	13	investment	investment	NOUN
ajfa-4117	63	14	decisions	decision	NOUN
ajfa-4117	63	15	are	be	AUX
ajfa-4117	63	16	affected	affect	VERB
ajfa-4117	63	17	(	(	PUNCT
ajfa-4117	63	18	blanchard	blanchard	PROPN
ajfa-4117	63	19	,	,	PUNCT
ajfa-4117	63	20	rhee	rhee	PROPN
ajfa-4117	63	21	,	,	PUNCT
ajfa-4117	63	22	&	&	CCONJ
ajfa-4117	63	23	summers	summer	NOUN
ajfa-4117	63	24	,	,	PUNCT
ajfa-4117	63	25	1993	1993	NUM
ajfa-4117	63	26	;	;	PUNCT
ajfa-4117	64	1	bosworth	bosworth	PROPN
ajfa-4117	64	2	,	,	PUNCT
ajfa-4117	64	3	hymans	hyman	NOUN
ajfa-4117	64	4	,	,	PUNCT
ajfa-4117	64	5	&	&	CCONJ
ajfa-4117	64	6	modigliani	modigliani	PROPN
ajfa-4117	64	7	,	,	PUNCT
ajfa-4117	64	8	1975	1975	NUM
ajfa-4117	64	9	;	;	PUNCT
ajfa-4117	64	10	fischer	fischer	PROPN
ajfa-4117	64	11	&	&	CCONJ
ajfa-4117	64	12	merton	merton	PROPN
ajfa-4117	64	13	,	,	PUNCT
ajfa-4117	64	14	1984	1984	NUM
ajfa-4117	64	15	;	;	PUNCT
ajfa-4117	64	16	morck	morck	PROPN
ajfa-4117	64	17	et	et	PROPN
ajfa-4117	64	18	al	al	PROPN
ajfa-4117	64	19	.	.	PROPN
ajfa-4117	64	20	,	,	PUNCT
ajfa-4117	64	21	1990	1990	NUM
ajfa-4117	64	22	;	;	PUNCT
ajfa-4117	64	23	stein	stein	PROPN
ajfa-4117	64	24	,	,	PUNCT
ajfa-4117	64	25	1996	1996	NUM
ajfa-4117	64	26	)	)	PUNCT
ajfa-4117	64	27	.	.	PUNCT
ajfa-4117	65	1	stein	stein	PROPN
ajfa-4117	65	2	(	(	PUNCT
ajfa-4117	65	3	1996	1996	NUM
ajfa-4117	65	4	)	)	PUNCT
ajfa-4117	65	5	,	,	PUNCT
ajfa-4117	65	6	for	for	ADP
ajfa-4117	65	7	instance	instance	NOUN
ajfa-4117	65	8	,	,	PUNCT
ajfa-4117	65	9	proposes	propose	VERB
ajfa-4117	65	10	a	a	DET
ajfa-4117	65	11	model	model	NOUN
ajfa-4117	65	12	of	of	ADP
ajfa-4117	65	13	equity	equity	NOUN
ajfa-4117	65	14	financing	financing	NOUN
ajfa-4117	65	15	channel	channel	NOUN
ajfa-4117	65	16	in	in	ADP
ajfa-4117	65	17	which	which	PRON
ajfa-4117	65	18	mispricing	misprice	VERB
ajfa-4117	65	19	of	of	ADP
ajfa-4117	65	20	a	a	DET
ajfa-4117	65	21	firm	firm	NOUN
ajfa-4117	65	22	’s	’s	PART
ajfa-4117	65	23	stock	stock	NOUN
ajfa-4117	65	24	causes	cause	VERB
ajfa-4117	65	25	changes	change	NOUN
ajfa-4117	65	26	in	in	ADP
ajfa-4117	65	27	the	the	DET
ajfa-4117	65	28	financing	financing	NOUN
ajfa-4117	65	29	conditions	condition	NOUN
ajfa-4117	65	30	for	for	ADP
ajfa-4117	65	31	the	the	DET
ajfa-4117	65	32	firm	firm	NOUN
ajfa-4117	65	33	.	.	PUNCT
ajfa-4117	66	1	the	the	DET
ajfa-4117	66	2	cost	cost	NOUN
ajfa-4117	66	3	of	of	ADP
ajfa-4117	66	4	equity	equity	NOUN
ajfa-4117	66	5	financing	financing	NOUN
ajfa-4117	66	6	for	for	ADP
ajfa-4117	66	7	the	the	DET
ajfa-4117	66	8	firm	firm	NOUN
ajfa-4117	66	9	is	be	AUX
ajfa-4117	66	10	lower	low	ADJ
ajfa-4117	66	11	when	when	SCONJ
ajfa-4117	66	12	its	its	PRON
ajfa-4117	66	13	stock	stock	NOUN
ajfa-4117	66	14	is	be	AUX
ajfa-4117	66	15	overpriced	overprice	VERB
ajfa-4117	66	16	.	.	PUNCT
ajfa-4117	67	1	according	accord	VERB
ajfa-4117	67	2	to	to	ADP
ajfa-4117	67	3	the	the	DET
ajfa-4117	67	4	market	market	NOUN
ajfa-4117	67	5	timing	timing	NOUN
ajfa-4117	67	6	theory	theory	NOUN
ajfa-4117	67	7	,	,	PUNCT
ajfa-4117	67	8	managers	manager	NOUN
ajfa-4117	67	9	will	will	AUX
ajfa-4117	67	10	issue	issue	VERB
ajfa-4117	67	11	stocks	stock	NOUN
ajfa-4117	67	12	to	to	PART
ajfa-4117	67	13	get	get	VERB
ajfa-4117	67	14	finance	finance	NOUN
ajfa-4117	67	15	.	.	PUNCT
ajfa-4117	68	1	they	they	PRON
ajfa-4117	68	2	increase	increase	VERB
ajfa-4117	68	3	the	the	DET
ajfa-4117	68	4	firm	firm	NOUN
ajfa-4117	68	5	’s	’s	PART
ajfa-4117	68	6	investment	investment	NOUN
ajfa-4117	68	7	after	after	ADP
ajfa-4117	68	8	gaining	gain	VERB
ajfa-4117	68	9	sufficient	sufficient	ADJ
ajfa-4117	68	10	finance	finance	NOUN
ajfa-4117	68	11	for	for	ADP
ajfa-4117	68	12	investment	investment	NOUN
ajfa-4117	68	13	.	.	PUNCT
ajfa-4117	69	1	if	if	SCONJ
ajfa-4117	69	2	they	they	PRON
ajfa-4117	69	3	invest	invest	VERB
ajfa-4117	69	4	without	without	ADP
ajfa-4117	69	5	careful	careful	ADJ
ajfa-4117	69	6	assessment	assessment	NOUN
ajfa-4117	69	7	,	,	PUNCT
ajfa-4117	69	8	they	they	PRON
ajfa-4117	69	9	may	may	AUX
ajfa-4117	69	10	waste	waste	VERB
ajfa-4117	69	11	resources	resource	NOUN
ajfa-4117	69	12	on	on	ADP
ajfa-4117	69	13	projects	project	NOUN
ajfa-4117	69	14	with	with	ADP
ajfa-4117	69	15	a	a	DET
ajfa-4117	69	16	negative	negative	ADJ
ajfa-4117	69	17	net	net	ADJ
ajfa-4117	69	18	present	present	ADJ
ajfa-4117	69	19	value	value	NOUN
ajfa-4117	69	20	(	(	PUNCT
ajfa-4117	69	21	npv	npv	NOUN
ajfa-4117	69	22	)	)	PUNCT
ajfa-4117	69	23	,	,	PUNCT
ajfa-4117	69	24	which	which	PRON
ajfa-4117	69	25	is	be	AUX
ajfa-4117	69	26	a	a	DET
ajfa-4117	69	27	phenomenon	phenomenon	NOUN
ajfa-4117	69	28	called	call	VERB
ajfa-4117	69	29	over	over	ADP
ajfa-4117	69	30	-	-	PUNCT
ajfa-4117	69	31	investment	investment	NOUN
ajfa-4117	69	32	.	.	PUNCT
ajfa-4117	70	1	if	if	SCONJ
ajfa-4117	70	2	the	the	DET
ajfa-4117	70	3	firm	firm	NOUN
ajfa-4117	70	4	’s	’s	PART
ajfa-4117	70	5	stock	stock	NOUN
ajfa-4117	70	6	price	price	NOUN
ajfa-4117	70	7	is	be	AUX
ajfa-4117	70	8	under	under	ADV
ajfa-4117	70	9	-	-	PUNCT
ajfa-4117	70	10	estimated	estimate	VERB
ajfa-4117	70	11	,	,	PUNCT
ajfa-4117	70	12	the	the	DET
ajfa-4117	70	13	cost	cost	NOUN
ajfa-4117	70	14	of	of	ADP
ajfa-4117	70	15	equity	equity	NOUN
ajfa-4117	70	16	financing	financing	NOUN
ajfa-4117	70	17	will	will	AUX
ajfa-4117	70	18	be	be	AUX
ajfa-4117	70	19	higher	high	ADJ
ajfa-4117	70	20	for	for	ADP
ajfa-4117	70	21	the	the	DET
ajfa-4117	70	22	firm	firm	NOUN
ajfa-4117	70	23	.	.	PUNCT
ajfa-4117	71	1	in	in	ADP
ajfa-4117	71	2	this	this	DET
ajfa-4117	71	3	case	case	NOUN
ajfa-4117	71	4	,	,	PUNCT
ajfa-4117	71	5	managers	manager	NOUN
ajfa-4117	71	6	will	will	AUX
ajfa-4117	71	7	not	not	PART
ajfa-4117	71	8	issue	issue	VERB
ajfa-4117	71	9	stocks	stock	NOUN
ajfa-4117	71	10	.	.	PUNCT
ajfa-4117	72	1	they	they	PRON
ajfa-4117	72	2	may	may	AUX
ajfa-4117	72	3	reduce	reduce	VERB
ajfa-4117	72	4	their	their	PRON
ajfa-4117	72	5	firm	firm	NOUN
ajfa-4117	72	6	’s	’s	PART
ajfa-4117	72	7	investment	investment	NOUN
ajfa-4117	72	8	and	and	CCONJ
ajfa-4117	72	9	even	even	ADV
ajfa-4117	72	10	drop	drop	VERB
ajfa-4117	72	11	projects	project	NOUN
ajfa-4117	72	12	with	with	ADP
ajfa-4117	72	13	a	a	DET
ajfa-4117	72	14	positive	positive	ADJ
ajfa-4117	72	15	npv	npv	NOUN
ajfa-4117	72	16	,	,	PUNCT
ajfa-4117	72	17	which	which	PRON
ajfa-4117	72	18	is	be	AUX
ajfa-4117	72	19	a	a	DET
ajfa-4117	72	20	phenomenon	phenomenon	NOUN
ajfa-4117	72	21	called	call	VERB
ajfa-4117	72	22	under	under	NOUN
ajfa-4117	72	23	-	-	PUNCT
ajfa-4117	72	24	investment	investment	NOUN
ajfa-4117	72	25	.	.	PUNCT
ajfa-4117	73	1	therefore	therefore	ADV
ajfa-4117	73	2	,	,	PUNCT
ajfa-4117	73	3	mispricing	misprice	VERB
ajfa-4117	73	4	is	be	AUX
ajfa-4117	73	5	positively	positively	ADV
ajfa-4117	73	6	related	relate	VERB
ajfa-4117	73	7	to	to	ADP
ajfa-4117	73	8	investment	investment	NOUN
ajfa-4117	73	9	level	level	NOUN
ajfa-4117	73	10	and	and	CCONJ
ajfa-4117	73	11	over	over	ADP
ajfa-4117	73	12	-	-	PUNCT
ajfa-4117	73	13	investment	investment	NOUN
ajfa-4117	73	14	.	.	PUNCT
ajfa-4117	74	1	this	this	DET
ajfa-4117	74	2	relation	relation	NOUN
ajfa-4117	74	3	is	be	AUX
ajfa-4117	74	4	particularly	particularly	ADV
ajfa-4117	74	5	evident	evident	ADJ
ajfa-4117	74	6	among	among	ADP
ajfa-4117	74	7	highly	highly	ADV
ajfa-4117	74	8	equity	equity	NOUN
ajfa-4117	74	9	-	-	PUNCT
ajfa-4117	74	10	dependent	dependent	ADJ
ajfa-4117	74	11	firms	firm	NOUN
ajfa-4117	74	12	.	.	PUNCT
ajfa-4117	75	1	baker	baker	PROPN
ajfa-4117	75	2	et	et	PROPN
ajfa-4117	75	3	al	al	PROPN
ajfa-4117	75	4	.	.	PROPN
ajfa-4117	76	1	(	(	PUNCT
ajfa-4117	76	2	2003	2003	NUM
ajfa-4117	76	3	)	)	PUNCT
ajfa-4117	76	4	use	use	VERB
ajfa-4117	76	5	empirical	empirical	ADJ
ajfa-4117	76	6	data	datum	NOUN
ajfa-4117	76	7	to	to	PART
ajfa-4117	76	8	test	test	VERB
ajfa-4117	76	9	stein	stein	PROPN
ajfa-4117	76	10	’s	’s	PART
ajfa-4117	76	11	(	(	PUNCT
ajfa-4117	76	12	1996	1996	NUM
ajfa-4117	76	13	)	)	PUNCT
ajfa-4117	76	14	model	model	NOUN
ajfa-4117	76	15	.	.	PUNCT
ajfa-4117	77	1	their	their	PRON
ajfa-4117	77	2	findings	finding	NOUN
ajfa-4117	77	3	reveal	reveal	VERB
ajfa-4117	77	4	that	that	SCONJ
ajfa-4117	77	5	investment	investment	NOUN
ajfa-4117	77	6	level	level	NOUN
ajfa-4117	77	7	is	be	AUX
ajfa-4117	77	8	positively	positively	ADV
ajfa-4117	77	9	related	relate	VERB
ajfa-4117	77	10	to	to	ADP
ajfa-4117	77	11	the	the	DET
ajfa-4117	77	12	element	element	NOUN
ajfa-4117	77	13	of	of	ADP
ajfa-4117	77	14	irrationality	irrationality	NOUN
ajfa-4117	77	15	,	,	PUNCT
ajfa-4117	77	16	and	and	CCONJ
ajfa-4117	77	17	this	this	DET
ajfa-4117	77	18	relation	relation	NOUN
ajfa-4117	77	19	is	be	AUX
ajfa-4117	77	20	especially	especially	ADV
ajfa-4117	77	21	strong	strong	ADJ
ajfa-4117	77	22	among	among	ADP
ajfa-4117	77	23	highly	highly	ADV
ajfa-4117	77	24	equity	equity	NOUN
ajfa-4117	77	25	-	-	PUNCT
ajfa-4117	77	26	dependent	dependent	ADJ
ajfa-4117	77	27	firms	firm	NOUN
ajfa-4117	77	28	.	.	PUNCT
ajfa-4117	78	1	based	base	VERB
ajfa-4117	78	2	on	on	ADP
ajfa-4117	78	3	baker	baker	PROPN
ajfa-4117	78	4	et	et	PROPN
ajfa-4117	78	5	al	al	PROPN
ajfa-4117	78	6	.	.	PROPN
ajfa-4117	78	7	’s	’s	PART
ajfa-4117	78	8	(	(	PUNCT
ajfa-4117	78	9	2003	2003	NUM
ajfa-4117	78	10	)	)	PUNCT
ajfa-4117	78	11	research	research	NOUN
ajfa-4117	78	12	design	design	NOUN
ajfa-4117	78	13	,	,	PUNCT
ajfa-4117	78	14	chang	chang	PROPN
ajfa-4117	78	15	,	,	PUNCT
ajfa-4117	78	16	tam	tam	PROPN
ajfa-4117	78	17	,	,	PUNCT
ajfa-4117	78	18	tan	tan	PROPN
ajfa-4117	78	19	,	,	PUNCT
ajfa-4117	78	20	and	and	CCONJ
ajfa-4117	78	21	wong	wong	PROPN
ajfa-4117	78	22	(	(	PUNCT
ajfa-4117	78	23	2007	2007	NUM
ajfa-4117	78	24	)	)	PUNCT
ajfa-4117	78	25	draw	draw	VERB
ajfa-4117	78	26	upon	upon	SCONJ
ajfa-4117	78	27	a	a	DET
ajfa-4117	78	28	large	large	ADJ
ajfa-4117	78	29	panel	panel	NOUN
ajfa-4117	78	30	of	of	ADP
ajfa-4117	78	31	australian	australian	ADJ
ajfa-4117	78	32	firms	firm	NOUN
ajfa-4117	78	33	to	to	PART
ajfa-4117	78	34	investigate	investigate	VERB
ajfa-4117	78	35	if	if	SCONJ
ajfa-4117	78	36	mispricing	mispricing	NOUN
ajfa-4117	78	37	caused	cause	VERB
ajfa-4117	78	38	by	by	ADP
ajfa-4117	78	39	investor	investor	NOUN
ajfa-4117	78	40	sentiment	sentiment	NOUN
ajfa-4117	78	41	has	have	VERB
ajfa-4117	78	42	an	an	DET
ajfa-4117	78	43	impact	impact	NOUN
ajfa-4117	78	44	on	on	ADP
ajfa-4117	78	45	investment	investment	NOUN
ajfa-4117	78	46	level	level	NOUN
ajfa-4117	78	47	.	.	PUNCT
ajfa-4117	79	1	their	their	PRON
ajfa-4117	79	2	finding	finding	NOUN
ajfa-4117	79	3	supports	support	VERB
ajfa-4117	79	4	that	that	SCONJ
ajfa-4117	79	5	investor	investor	NOUN
ajfa-4117	79	6	sentiment	sentiment	NOUN
ajfa-4117	79	7	affects	affect	VERB
ajfa-4117	79	8	corporate	corporate	ADJ
ajfa-4117	79	9	investment	investment	NOUN
ajfa-4117	79	10	through	through	ADP
ajfa-4117	79	11	the	the	DET
ajfa-4117	79	12	equity	equity	NOUN
ajfa-4117	79	13	financing	financing	NOUN
ajfa-4117	79	14	channel	channel	NOUN
ajfa-4117	79	15	.	.	PUNCT
ajfa-4117	80	1	dong	dong	PROPN
ajfa-4117	80	2	et	et	PROPN
ajfa-4117	80	3	al	al	PROPN
ajfa-4117	80	4	.	.	PROPN
ajfa-4117	80	5	(	(	PUNCT
ajfa-4117	80	6	2007	2007	NUM
ajfa-4117	80	7	)	)	PUNCT
ajfa-4117	80	8	also	also	ADV
ajfa-4117	80	9	find	find	VERB
ajfa-4117	80	10	that	that	SCONJ
ajfa-4117	80	11	capital	capital	NOUN
ajfa-4117	80	12	expenditure	expenditure	NOUN
ajfa-4117	80	13	and	and	CCONJ
ajfa-4117	80	14	research	research	NOUN
ajfa-4117	80	15	and	and	CCONJ
ajfa-4117	80	16	development	development	NOUN
ajfa-4117	80	17	expenditure	expenditure	NOUN
ajfa-4117	80	18	increase	increase	NOUN
ajfa-4117	80	19	with	with	ADP
ajfa-4117	80	20	mispricing	misprice	VERB
ajfa-4117	80	21	among	among	ADP
ajfa-4117	80	22	overvalued	overvalued	ADJ
ajfa-4117	80	23	firms	firm	NOUN
ajfa-4117	80	24	.	.	PUNCT
ajfa-4117	81	1	the	the	DET
ajfa-4117	81	2	equity	equity	NOUN
ajfa-4117	81	3	financing	financing	NOUN
ajfa-4117	81	4	channel	channel	NOUN
ajfa-4117	81	5	hypothesis	hypothesis	NOUN
ajfa-4117	81	6	states	state	VERB
ajfa-4117	81	7	that	that	SCONJ
ajfa-4117	81	8	investor	investor	NOUN
ajfa-4117	81	9	sentiment	sentiment	NOUN
ajfa-4117	81	10	affects	affect	VERB
ajfa-4117	81	11	firm	firm	ADJ
ajfa-4117	81	12	investment	investment	NOUN
ajfa-4117	81	13	through	through	ADP
ajfa-4117	81	14	the	the	DET
ajfa-4117	81	15	market	market	NOUN
ajfa-4117	81	16	timing	timing	NOUN
ajfa-4117	81	17	for	for	ADP
ajfa-4117	81	18	equity	equity	NOUN
ajfa-4117	81	19	offerings	offering	NOUN
ajfa-4117	81	20	.	.	PUNCT
ajfa-4117	82	1	the	the	DET
ajfa-4117	82	2	effect	effect	NOUN
ajfa-4117	82	3	of	of	ADP
ajfa-4117	82	4	investor	investor	NOUN
ajfa-4117	82	5	sentiment	sentiment	NOUN
ajfa-4117	82	6	on	on	ADP
ajfa-4117	82	7	firm	firm	ADJ
ajfa-4117	82	8	investment	investment	NOUN
ajfa-4117	82	9	is	be	AUX
ajfa-4117	82	10	indirect	indirect	ADJ
ajfa-4117	82	11	.	.	PUNCT
ajfa-4117	83	1	according	accord	VERB
ajfa-4117	83	2	to	to	ADP
ajfa-4117	83	3	this	this	DET
ajfa-4117	83	4	hypothesis	hypothesis	NOUN
ajfa-4117	83	5	,	,	PUNCT
ajfa-4117	83	6	firms	firm	NOUN
ajfa-4117	83	7	with	with	ADP
ajfa-4117	83	8	a	a	DET
ajfa-4117	83	9	huge	huge	ADJ
ajfa-4117	83	10	amount	amount	NOUN
ajfa-4117	83	11	of	of	ADP
ajfa-4117	83	12	internal	internal	ADJ
ajfa-4117	83	13	funds	fund	NOUN
ajfa-4117	83	14	or	or	CCONJ
ajfa-4117	83	15	a	a	DET
ajfa-4117	83	16	high	high	ADJ
ajfa-4117	83	17	debt	debt	NOUN
ajfa-4117	83	18	capacity	capacity	NOUN
ajfa-4117	83	19	do	do	AUX
ajfa-4117	83	20	not	not	PART
ajfa-4117	83	21	need	need	VERB
ajfa-4117	83	22	to	to	PART
ajfa-4117	83	23	obtain	obtain	VERB
ajfa-4117	83	24	finance	finance	NOUN
ajfa-4117	83	25	for	for	ADP
ajfa-4117	83	26	investment	investment	NOUN
ajfa-4117	83	27	from	from	ADP
ajfa-4117	83	28	the	the	DET
ajfa-4117	83	29	equity	equity	NOUN
ajfa-4117	83	30	market	market	NOUN
ajfa-4117	83	31	.	.	PUNCT
ajfa-4117	84	1	in	in	ADP
ajfa-4117	84	2	other	other	ADJ
ajfa-4117	84	3	words	word	NOUN
ajfa-4117	84	4	,	,	PUNCT
ajfa-4117	84	5	their	their	PRON
ajfa-4117	84	6	investment	investment	NOUN
ajfa-4117	84	7	decisions	decision	NOUN
ajfa-4117	84	8	are	be	AUX
ajfa-4117	84	9	not	not	PART
ajfa-4117	84	10	susceptible	susceptible	ADJ
ajfa-4117	84	11	to	to	ADP
ajfa-4117	84	12	fluctuation	fluctuation	NOUN
ajfa-4117	84	13	of	of	ADP
ajfa-4117	84	14	stock	stock	NOUN
ajfa-4117	84	15	prices	price	NOUN
ajfa-4117	84	16	.	.	PUNCT
ajfa-4117	85	1	in	in	ADP
ajfa-4117	85	2	addition	addition	NOUN
ajfa-4117	85	3	to	to	ADP
ajfa-4117	85	4	the	the	DET
ajfa-4117	85	5	equity	equity	NOUN
ajfa-4117	85	6	financing	financing	NOUN
ajfa-4117	85	7	channel	channel	NOUN
ajfa-4117	85	8	,	,	PUNCT
ajfa-4117	85	9	many	many	ADJ
ajfa-4117	85	10	studies	study	NOUN
ajfa-4117	85	11	have	have	AUX
ajfa-4117	85	12	found	find	VERB
ajfa-4117	85	13	that	that	SCONJ
ajfa-4117	85	14	investor	investor	NOUN
ajfa-4117	85	15	sentiment	sentiment	NOUN
ajfa-4117	85	16	also	also	ADV
ajfa-4117	85	17	affects	affect	VERB
ajfa-4117	85	18	firm	firm	ADJ
ajfa-4117	85	19	investment	investment	NOUN
ajfa-4117	85	20	through	through	ADP
ajfa-4117	85	21	the	the	DET
ajfa-4117	85	22	catering	catering	NOUN
ajfa-4117	85	23	channel	channel	NOUN
ajfa-4117	85	24	(	(	PUNCT
ajfa-4117	85	25	grundy	grundy	PROPN
ajfa-4117	85	26	&	&	CCONJ
ajfa-4117	85	27	li	li	PROPN
ajfa-4117	85	28	,	,	PUNCT
ajfa-4117	85	29	2010	2010	NUM
ajfa-4117	85	30	;	;	PUNCT
ajfa-4117	85	31	kau	kau	PROPN
ajfa-4117	85	32	et	et	PROPN
ajfa-4117	85	33	al	al	PROPN
ajfa-4117	85	34	.	.	PROPN
ajfa-4117	85	35	,	,	PUNCT
ajfa-4117	85	36	2008	2008	NUM
ajfa-4117	85	37	;	;	PUNCT
ajfa-4117	85	38	morck	morck	PROPN
ajfa-4117	85	39	et	et	PROPN
ajfa-4117	85	40	al	al	PROPN
ajfa-4117	85	41	.	.	PROPN
ajfa-4117	85	42	,	,	PUNCT
ajfa-4117	85	43	1990	1990	NUM
ajfa-4117	85	44	;	;	PUNCT
ajfa-4117	85	45	polk	polk	PROPN
ajfa-4117	85	46	&	&	CCONJ
ajfa-4117	85	47	sapienza	sapienza	PROPN
ajfa-4117	85	48	,	,	PUNCT
ajfa-4117	85	49	2009	2009	NUM
ajfa-4117	85	50	)	)	PUNCT
ajfa-4117	85	51	.	.	PUNCT
ajfa-4117	86	1	they	they	PRON
ajfa-4117	86	2	state	state	VERB
ajfa-4117	86	3	that	that	SCONJ
ajfa-4117	86	4	mispricing	misprice	VERB
ajfa-4117	86	5	affects	affect	VERB
ajfa-4117	86	6	investment	investment	NOUN
ajfa-4117	86	7	decisions	decision	NOUN
ajfa-4117	86	8	when	when	SCONJ
ajfa-4117	86	9	managers	manager	NOUN
ajfa-4117	86	10	have	have	VERB
ajfa-4117	86	11	an	an	DET
ajfa-4117	86	12	incentive	incentive	NOUN
ajfa-4117	86	13	to	to	PART
ajfa-4117	86	14	cater	cater	VERB
ajfa-4117	86	15	to	to	ADP
ajfa-4117	86	16	the	the	DET
ajfa-4117	86	17	optimistic	optimistic	ADJ
ajfa-4117	86	18	(	(	PUNCT
ajfa-4117	86	19	or	or	CCONJ
ajfa-4117	86	20	pessimistic	pessimistic	ADJ
ajfa-4117	86	21	)	)	PUNCT
ajfa-4117	86	22	sentiment	sentiment	NOUN
ajfa-4117	86	23	of	of	ADP
ajfa-4117	86	24	investors	investor	NOUN
ajfa-4117	86	25	,	,	PUNCT
ajfa-4117	86	26	even	even	ADV
ajfa-4117	86	27	in	in	ADP
ajfa-4117	86	28	the	the	DET
ajfa-4117	86	29	absence	absence	NOUN
ajfa-4117	86	30	of	of	ADP
ajfa-4117	86	31	high	high	ADJ
ajfa-4117	86	32	equity	equity	NOUN
ajfa-4117	86	33	dependence	dependence	NOUN
ajfa-4117	86	34	.	.	PUNCT
ajfa-4117	87	1	due	due	ADP
ajfa-4117	87	2	to	to	ADP
ajfa-4117	87	3	information	information	NOUN
ajfa-4117	87	4	asymmetry	asymmetry	NOUN
ajfa-4117	87	5	,	,	PUNCT
ajfa-4117	87	6	potential	potential	ADJ
ajfa-4117	87	7	investors	investor	NOUN
ajfa-4117	87	8	value	value	VERB
ajfa-4117	87	9	a	a	DET
ajfa-4117	87	10	firm	firm	NOUN
ajfa-4117	87	11	based	base	VERB
ajfa-4117	87	12	on	on	ADP
ajfa-4117	87	13	their	their	PRON
ajfa-4117	87	14	observation	observation	NOUN
ajfa-4117	87	15	of	of	ADP
ajfa-4117	87	16	the	the	DET
ajfa-4117	87	17	firm	firm	NOUN
ajfa-4117	87	18	’s	’s	PART
ajfa-4117	87	19	investment	investment	NOUN
ajfa-4117	87	20	behavior	behavior	NOUN
ajfa-4117	87	21	(	(	PUNCT
ajfa-4117	87	22	chan	chan	PROPN
ajfa-4117	87	23	,	,	PUNCT
ajfa-4117	87	24	martin	martin	PROPN
ajfa-4117	87	25	,	,	PUNCT
ajfa-4117	87	26	&	&	CCONJ
ajfa-4117	87	27	kensinger	kensinger	PROPN
ajfa-4117	87	28	,	,	PUNCT
ajfa-4117	87	29	1990	1990	NUM
ajfa-4117	87	30	;	;	PUNCT
ajfa-4117	87	31	chung	chung	PROPN
ajfa-4117	87	32	,	,	PUNCT
ajfa-4117	87	33	wright	wright	PROPN
ajfa-4117	87	34	,	,	PUNCT
ajfa-4117	87	35	&	&	CCONJ
ajfa-4117	87	36	charoenwong	charoenwong	PROPN
ajfa-4117	87	37	,	,	PUNCT
ajfa-4117	87	38	1998	1998	NUM
ajfa-4117	87	39	;	;	PUNCT
ajfa-4117	87	40	mcconnell	mcconnell	PROPN
ajfa-4117	87	41	&	&	CCONJ
ajfa-4117	87	42	muscarella	muscarella	PROPN
ajfa-4117	87	43	,	,	PUNCT
ajfa-4117	87	44	1985	1985	NUM
ajfa-4117	87	45	;	;	PUNCT
ajfa-4117	87	46	trueman	trueman	NOUN
ajfa-4117	87	47	,	,	PUNCT
ajfa-4117	87	48	1986	1986	NUM
ajfa-4117	87	49	)	)	PUNCT
ajfa-4117	87	50	.	.	PUNCT
ajfa-4117	88	1	according	accord	VERB
ajfa-4117	88	2	to	to	ADP
ajfa-4117	88	3	the	the	DET
ajfa-4117	88	4	catering	catering	NOUN
ajfa-4117	88	5	theory	theory	NOUN
ajfa-4117	88	6	,	,	PUNCT
ajfa-4117	88	7	when	when	SCONJ
ajfa-4117	88	8	investors	investor	NOUN
ajfa-4117	88	9	are	be	AUX
ajfa-4117	88	10	optimistic	optimistic	ADJ
ajfa-4117	88	11	but	but	CCONJ
ajfa-4117	88	12	managers	manager	NOUN
ajfa-4117	88	13	refuse	refuse	VERB
ajfa-4117	88	14	to	to	PART
ajfa-4117	88	15	invest	invest	VERB
ajfa-4117	88	16	in	in	ADP
ajfa-4117	88	17	projects	project	NOUN
ajfa-4117	88	18	favored	favor	VERB
ajfa-4117	88	19	by	by	ADP
ajfa-4117	88	20	the	the	DET
ajfa-4117	88	21	investors	investor	NOUN
ajfa-4117	88	22	,	,	PUNCT
ajfa-4117	88	23	the	the	DET
ajfa-4117	88	24	investors	investor	NOUN
ajfa-4117	88	25	may	may	AUX
ajfa-4117	88	26	sell	sell	VERB
ajfa-4117	88	27	their	their	PRON
ajfa-4117	88	28	shares	share	NOUN
ajfa-4117	88	29	,	,	PUNCT
ajfa-4117	88	30	causing	cause	VERB
ajfa-4117	88	31	a	a	DET
ajfa-4117	88	32	slump	slump	NOUN
ajfa-4117	88	33	of	of	ADP
ajfa-4117	88	34	the	the	DET
ajfa-4117	88	35	firm	firm	NOUN
ajfa-4117	88	36	’s	’s	PART
ajfa-4117	88	37	stock	stock	NOUN
ajfa-4117	88	38	price	price	NOUN
ajfa-4117	88	39	.	.	PUNCT
ajfa-4117	89	1	therefore	therefore	ADV
ajfa-4117	89	2	,	,	PUNCT
ajfa-4117	89	3	managers	manager	NOUN
ajfa-4117	89	4	will	will	AUX
ajfa-4117	89	5	choose	choose	VERB
ajfa-4117	89	6	to	to	PART
ajfa-4117	89	7	increase	increase	VERB
ajfa-4117	89	8	(	(	PUNCT
ajfa-4117	89	9	decrease	decrease	NOUN
ajfa-4117	89	10	)	)	PUNCT
ajfa-4117	89	11	investment	investment	NOUN
ajfa-4117	89	12	to	to	PART
ajfa-4117	89	13	cater	cater	VERB
ajfa-4117	89	14	to	to	ADP
ajfa-4117	89	15	the	the	DET
ajfa-4117	89	16	optimistic	optimistic	ADJ
ajfa-4117	89	17	(	(	PUNCT
ajfa-4117	89	18	pessimistic	pessimistic	ADJ
ajfa-4117	89	19	)	)	PUNCT
ajfa-4117	89	20	sentiment	sentiment	NOUN
ajfa-4117	89	21	of	of	ADP
ajfa-4117	89	22	investors	investor	NOUN
ajfa-4117	89	23	to	to	PART
ajfa-4117	89	24	maximize	maximize	VERB
ajfa-4117	89	25	the	the	DET
ajfa-4117	89	26	firm	firm	NOUN
ajfa-4117	89	27	’s	’s	PART
ajfa-4117	89	28	share	share	NOUN
ajfa-4117	89	29	price	price	NOUN
ajfa-4117	89	30	in	in	ADP
ajfa-4117	89	31	a	a	DET
ajfa-4117	89	32	short	short	ADJ
ajfa-4117	89	33	time	time	NOUN
ajfa-4117	89	34	and	and	CCONJ
ajfa-4117	89	35	earn	earn	VERB
ajfa-4117	89	36	higher	high	ADJ
ajfa-4117	89	37	salary	salary	NOUN
ajfa-4117	89	38	or	or	CCONJ
ajfa-4117	89	39	compensation	compensation	NOUN
ajfa-4117	89	40	for	for	ADP
ajfa-4117	89	41	themselves	themselves	PRON
ajfa-4117	89	42	.	.	PUNCT
ajfa-4117	90	1	however	however	ADV
ajfa-4117	90	2	,	,	PUNCT
ajfa-4117	90	3	over	over	ADP
ajfa-4117	90	4	-	-	PUNCT
ajfa-4117	90	5	investment	investment	NOUN
ajfa-4117	90	6	and	and	CCONJ
ajfa-4117	90	7	under	under	NOUN
ajfa-4117	90	8	-	-	PUNCT
ajfa-4117	90	9	investment	investment	NOUN
ajfa-4117	90	10	are	be	AUX
ajfa-4117	90	11	likely	likely	ADJ
ajfa-4117	90	12	to	to	PART
ajfa-4117	90	13	occur	occur	VERB
ajfa-4117	90	14	when	when	SCONJ
ajfa-4117	90	15	managers	manager	NOUN
ajfa-4117	90	16	overly	overly	ADV
ajfa-4117	90	17	cater	cater	VERB
ajfa-4117	90	18	to	to	ADP
ajfa-4117	90	19	investor	investor	NOUN
ajfa-4117	90	20	sentiment	sentiment	NOUN
ajfa-4117	90	21	.	.	PUNCT
ajfa-4117	91	1	polk	polk	NOUN
ajfa-4117	91	2	and	and	CCONJ
ajfa-4117	91	3	sapienza	sapienza	PROPN
ajfa-4117	91	4	(	(	PUNCT
ajfa-4117	91	5	2009	2009	NUM
ajfa-4117	91	6	)	)	PUNCT
ajfa-4117	91	7	use	use	VERB
ajfa-4117	91	8	discretionary	discretionary	ADJ
ajfa-4117	91	9	accruals	accrual	NOUN
ajfa-4117	91	10	as	as	ADP
ajfa-4117	91	11	a	a	DET
ajfa-4117	91	12	proxy	proxy	NOUN
ajfa-4117	91	13	for	for	ADP
ajfa-4117	91	14	mispricing	misprice	VERB
ajfa-4117	91	15	caused	cause	VERB
ajfa-4117	91	16	by	by	ADP
ajfa-4117	91	17	investor	investor	NOUN
ajfa-4117	91	18	asian	asian	ADJ
ajfa-4117	91	19	journal	journal	PROPN
ajfa-4117	91	20	of	of	ADP
ajfa-4117	91	21	finance	finance	PROPN
ajfa-4117	91	22	&	&	CCONJ
ajfa-4117	91	23	accounting	accounting	PROPN
ajfa-4117	91	24	issn	issn	PROPN
ajfa-4117	91	25	1946	1946	NUM
ajfa-4117	91	26	-	-	PUNCT
ajfa-4117	91	27	052x	052x	NOUN
ajfa-4117	91	28	2013	2013	NUM
ajfa-4117	91	29	,	,	PUNCT
ajfa-4117	91	30	vol	vol	NOUN
ajfa-4117	91	31	.	.	PROPN
ajfa-4117	91	32	5	5	NUM
ajfa-4117	91	33	,	,	PUNCT
ajfa-4117	91	34	no	no	INTJ
ajfa-4117	91	35	.	.	NOUN
ajfa-4117	91	36	2	2	NUM
ajfa-4117	91	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	91	38	105	105	NUM
ajfa-4117	91	39	sentiment	sentiment	NOUN
ajfa-4117	91	40	to	to	PART
ajfa-4117	91	41	test	test	VERB
ajfa-4117	91	42	if	if	SCONJ
ajfa-4117	91	43	corporate	corporate	ADJ
ajfa-4117	91	44	investment	investment	NOUN
ajfa-4117	91	45	caters	cater	NOUN
ajfa-4117	91	46	to	to	ADP
ajfa-4117	91	47	investor	investor	NOUN
ajfa-4117	91	48	sentiment	sentiment	NOUN
ajfa-4117	91	49	.	.	PUNCT
ajfa-4117	92	1	their	their	PRON
ajfa-4117	92	2	empirical	empirical	ADJ
ajfa-4117	92	3	finding	finding	NOUN
ajfa-4117	92	4	suggests	suggest	VERB
ajfa-4117	92	5	a	a	DET
ajfa-4117	92	6	significant	significant	ADJ
ajfa-4117	92	7	and	and	CCONJ
ajfa-4117	92	8	positive	positive	ADJ
ajfa-4117	92	9	relation	relation	NOUN
ajfa-4117	92	10	between	between	ADP
ajfa-4117	92	11	corporate	corporate	ADJ
ajfa-4117	92	12	investment	investment	NOUN
ajfa-4117	92	13	and	and	CCONJ
ajfa-4117	92	14	discretionary	discretionary	ADJ
ajfa-4117	92	15	accruals	accrual	NOUN
ajfa-4117	92	16	.	.	PUNCT
ajfa-4117	93	1	grundy	grundy	PROPN
ajfa-4117	93	2	and	and	CCONJ
ajfa-4117	93	3	li	li	PROPN
ajfa-4117	93	4	(	(	PUNCT
ajfa-4117	93	5	2010	2010	NUM
ajfa-4117	93	6	)	)	PUNCT
ajfa-4117	93	7	also	also	ADV
ajfa-4117	93	8	empirically	empirically	ADV
ajfa-4117	93	9	confirm	confirm	VERB
ajfa-4117	93	10	that	that	SCONJ
ajfa-4117	93	11	managers	manager	NOUN
ajfa-4117	93	12	seeking	seek	VERB
ajfa-4117	93	13	to	to	PART
ajfa-4117	93	14	maximize	maximize	VERB
ajfa-4117	93	15	short	short	ADJ
ajfa-4117	93	16	-	-	PUNCT
ajfa-4117	93	17	term	term	NOUN
ajfa-4117	93	18	shareholder	shareholder	NOUN
ajfa-4117	93	19	value	value	NOUN
ajfa-4117	93	20	may	may	AUX
ajfa-4117	93	21	increase	increase	VERB
ajfa-4117	93	22	corporate	corporate	ADJ
ajfa-4117	93	23	investment	investment	NOUN
ajfa-4117	93	24	that	that	PRON
ajfa-4117	93	25	caters	cater	VERB
ajfa-4117	93	26	to	to	ADP
ajfa-4117	93	27	investor	investor	NOUN
ajfa-4117	93	28	sentiment	sentiment	NOUN
ajfa-4117	93	29	.	.	PUNCT
ajfa-4117	94	1	besides	besides	SCONJ
ajfa-4117	94	2	,	,	PUNCT
ajfa-4117	94	3	if	if	SCONJ
ajfa-4117	94	4	there	there	PRON
ajfa-4117	94	5	is	be	VERB
ajfa-4117	94	6	a	a	DET
ajfa-4117	94	7	high	high	ADJ
ajfa-4117	94	8	level	level	NOUN
ajfa-4117	94	9	of	of	ADP
ajfa-4117	94	10	investor	investor	NOUN
ajfa-4117	94	11	optimism	optimism	NOUN
ajfa-4117	94	12	,	,	PUNCT
ajfa-4117	94	13	a	a	DET
ajfa-4117	94	14	higher	high	ADJ
ajfa-4117	94	15	share	share	NOUN
ajfa-4117	94	16	of	of	ADP
ajfa-4117	94	17	ownership	ownership	NOUN
ajfa-4117	94	18	may	may	AUX
ajfa-4117	94	19	provide	provide	VERB
ajfa-4117	94	20	managers	manager	NOUN
ajfa-4117	94	21	with	with	ADP
ajfa-4117	94	22	an	an	DET
ajfa-4117	94	23	incentive	incentive	NOUN
ajfa-4117	94	24	to	to	ADP
ajfa-4117	94	25	over	over	ADV
ajfa-4117	94	26	-	-	PUNCT
ajfa-4117	94	27	invest	invest	NOUN
ajfa-4117	94	28	.	.	PUNCT
ajfa-4117	95	1	based	base	VERB
ajfa-4117	95	2	on	on	ADP
ajfa-4117	95	3	the	the	DET
ajfa-4117	95	4	above	above	ADJ
ajfa-4117	95	5	theories	theory	NOUN
ajfa-4117	95	6	and	and	CCONJ
ajfa-4117	95	7	discussions	discussion	NOUN
ajfa-4117	95	8	,	,	PUNCT
ajfa-4117	95	9	this	this	DET
ajfa-4117	95	10	paper	paper	NOUN
ajfa-4117	95	11	proposes	propose	VERB
ajfa-4117	95	12	the	the	DET
ajfa-4117	95	13	following	follow	VERB
ajfa-4117	95	14	hypotheses	hypothesis	NOUN
ajfa-4117	95	15	:	:	PUNCT
ajfa-4117	95	16	hypothesis	hypothesis	NOUN
ajfa-4117	95	17	1	1	NUM
ajfa-4117	95	18	:	:	PUNCT
ajfa-4117	95	19	a	a	DET
ajfa-4117	95	20	higher	high	ADJ
ajfa-4117	95	21	level	level	NOUN
ajfa-4117	95	22	of	of	ADP
ajfa-4117	95	23	investor	investor	NOUN
ajfa-4117	95	24	optimism	optimism	NOUN
ajfa-4117	95	25	leads	lead	VERB
ajfa-4117	95	26	to	to	ADP
ajfa-4117	95	27	more	more	ADJ
ajfa-4117	95	28	new	new	ADJ
ajfa-4117	95	29	investment	investment	NOUN
ajfa-4117	95	30	.	.	PUNCT
ajfa-4117	96	1	hypothesis	hypothesis	NOUN
ajfa-4117	96	2	2	2	NUM
ajfa-4117	96	3	:	:	PUNCT
ajfa-4117	96	4	a	a	DET
ajfa-4117	96	5	higher	high	ADJ
ajfa-4117	96	6	level	level	NOUN
ajfa-4117	96	7	of	of	ADP
ajfa-4117	96	8	investor	investor	NOUN
ajfa-4117	96	9	optimism	optimism	NOUN
ajfa-4117	96	10	leads	lead	VERB
ajfa-4117	96	11	to	to	ADP
ajfa-4117	96	12	more	more	ADJ
ajfa-4117	96	13	over	over	ADP
ajfa-4117	96	14	-	-	PUNCT
ajfa-4117	96	15	investment	investment	NOUN
ajfa-4117	96	16	.	.	PUNCT
ajfa-4117	97	1	2.2	2.2	NUM
ajfa-4117	97	2	investor	investor	NOUN
ajfa-4117	97	3	sentiment	sentiment	NOUN
ajfa-4117	97	4	,	,	PUNCT
ajfa-4117	97	5	corporate	corporate	ADJ
ajfa-4117	97	6	governance	governance	NOUN
ajfa-4117	97	7	mechanisms	mechanism	NOUN
ajfa-4117	97	8	,	,	PUNCT
ajfa-4117	97	9	and	and	CCONJ
ajfa-4117	97	10	investment	investment	NOUN
ajfa-4117	97	11	decisions	decision	NOUN
ajfa-4117	97	12	jensen	jensen	PROPN
ajfa-4117	97	13	and	and	CCONJ
ajfa-4117	97	14	meckling	meckling	NOUN
ajfa-4117	97	15	(	(	PUNCT
ajfa-4117	97	16	1976	1976	NUM
ajfa-4117	97	17	)	)	PUNCT
ajfa-4117	97	18	propose	propose	VERB
ajfa-4117	97	19	the	the	DET
ajfa-4117	97	20	agency	agency	NOUN
ajfa-4117	97	21	theory	theory	NOUN
ajfa-4117	97	22	,	,	PUNCT
ajfa-4117	97	23	suggesting	suggest	VERB
ajfa-4117	97	24	that	that	SCONJ
ajfa-4117	97	25	due	due	ADP
ajfa-4117	97	26	to	to	ADP
ajfa-4117	97	27	separation	separation	NOUN
ajfa-4117	97	28	of	of	ADP
ajfa-4117	97	29	ownership	ownership	NOUN
ajfa-4117	97	30	and	and	CCONJ
ajfa-4117	97	31	management	management	NOUN
ajfa-4117	97	32	,	,	PUNCT
ajfa-4117	97	33	managers	manager	NOUN
ajfa-4117	97	34	may	may	AUX
ajfa-4117	97	35	put	put	VERB
ajfa-4117	97	36	aside	aside	ADV
ajfa-4117	97	37	the	the	DET
ajfa-4117	97	38	interest	interest	NOUN
ajfa-4117	97	39	of	of	ADP
ajfa-4117	97	40	shareholders	shareholder	NOUN
ajfa-4117	97	41	while	while	SCONJ
ajfa-4117	97	42	seeking	seek	VERB
ajfa-4117	97	43	their	their	PRON
ajfa-4117	97	44	own	own	ADJ
ajfa-4117	97	45	interest	interest	NOUN
ajfa-4117	97	46	.	.	PUNCT
ajfa-4117	98	1	investment	investment	NOUN
ajfa-4117	98	2	expenditure	expenditure	NOUN
ajfa-4117	98	3	is	be	AUX
ajfa-4117	98	4	an	an	DET
ajfa-4117	98	5	important	important	ADJ
ajfa-4117	98	6	corporate	corporate	ADJ
ajfa-4117	98	7	decision	decision	NOUN
ajfa-4117	98	8	and	and	CCONJ
ajfa-4117	98	9	usually	usually	ADV
ajfa-4117	98	10	involves	involve	VERB
ajfa-4117	98	11	a	a	DET
ajfa-4117	98	12	huge	huge	ADJ
ajfa-4117	98	13	amount	amount	NOUN
ajfa-4117	98	14	of	of	ADP
ajfa-4117	98	15	money	money	NOUN
ajfa-4117	98	16	.	.	PUNCT
ajfa-4117	99	1	however	however	ADV
ajfa-4117	99	2	,	,	PUNCT
ajfa-4117	99	3	the	the	DET
ajfa-4117	99	4	agency	agency	NOUN
ajfa-4117	99	5	problem	problem	NOUN
ajfa-4117	99	6	may	may	AUX
ajfa-4117	99	7	occur	occur	VERB
ajfa-4117	99	8	when	when	SCONJ
ajfa-4117	99	9	managers	manager	NOUN
ajfa-4117	99	10	make	make	VERB
ajfa-4117	99	11	investment	investment	NOUN
ajfa-4117	99	12	decisions	decision	NOUN
ajfa-4117	99	13	that	that	PRON
ajfa-4117	99	14	do	do	AUX
ajfa-4117	99	15	not	not	PART
ajfa-4117	99	16	best	well	ADV
ajfa-4117	99	17	serve	serve	VERB
ajfa-4117	99	18	the	the	DET
ajfa-4117	99	19	interest	interest	NOUN
ajfa-4117	99	20	of	of	ADP
ajfa-4117	99	21	shareholders	shareholder	NOUN
ajfa-4117	99	22	but	but	CCONJ
ajfa-4117	99	23	their	their	PRON
ajfa-4117	99	24	own	own	ADJ
ajfa-4117	99	25	interest	interest	NOUN
ajfa-4117	99	26	.	.	PUNCT
ajfa-4117	100	1	jensen	jensen	PROPN
ajfa-4117	100	2	(	(	PUNCT
ajfa-4117	100	3	1986	1986	NUM
ajfa-4117	100	4	)	)	PUNCT
ajfa-4117	100	5	puts	put	VERB
ajfa-4117	100	6	forth	forth	ADP
ajfa-4117	100	7	the	the	DET
ajfa-4117	100	8	“	"	PUNCT
ajfa-4117	100	9	over	over	ADP
ajfa-4117	100	10	-	-	PUNCT
ajfa-4117	100	11	investment	investment	NOUN
ajfa-4117	100	12	”	"	PUNCT
ajfa-4117	100	13	problem	problem	NOUN
ajfa-4117	100	14	,	,	PUNCT
ajfa-4117	100	15	a	a	DET
ajfa-4117	100	16	problem	problem	NOUN
ajfa-4117	100	17	that	that	PRON
ajfa-4117	100	18	occurs	occur	VERB
ajfa-4117	100	19	when	when	SCONJ
ajfa-4117	100	20	managers	manager	NOUN
ajfa-4117	100	21	do	do	AUX
ajfa-4117	100	22	not	not	PART
ajfa-4117	100	23	seek	seek	VERB
ajfa-4117	100	24	maximization	maximization	NOUN
ajfa-4117	100	25	of	of	ADP
ajfa-4117	100	26	shareholder	shareholder	NOUN
ajfa-4117	100	27	wealth	wealth	NOUN
ajfa-4117	100	28	but	but	CCONJ
ajfa-4117	100	29	personal	personal	ADJ
ajfa-4117	100	30	interests	interest	NOUN
ajfa-4117	100	31	,	,	PUNCT
ajfa-4117	100	32	such	such	ADJ
ajfa-4117	100	33	as	as	ADP
ajfa-4117	100	34	social	social	ADJ
ajfa-4117	100	35	reputation	reputation	NOUN
ajfa-4117	100	36	,	,	PUNCT
ajfa-4117	100	37	higher	high	ADJ
ajfa-4117	100	38	reward	reward	NOUN
ajfa-4117	100	39	or	or	CCONJ
ajfa-4117	100	40	more	more	ADJ
ajfa-4117	100	41	compensation	compensation	NOUN
ajfa-4117	100	42	,	,	PUNCT
ajfa-4117	100	43	through	through	ADP
ajfa-4117	100	44	continuous	continuous	ADJ
ajfa-4117	100	45	firm	firm	ADJ
ajfa-4117	100	46	expansion	expansion	NOUN
ajfa-4117	100	47	.	.	PUNCT
ajfa-4117	101	1	if	if	SCONJ
ajfa-4117	101	2	the	the	DET
ajfa-4117	101	3	free	free	ADJ
ajfa-4117	101	4	cash	cash	NOUN
ajfa-4117	101	5	flow	flow	NOUN
ajfa-4117	101	6	is	be	AUX
ajfa-4117	101	7	large	large	ADJ
ajfa-4117	101	8	,	,	PUNCT
ajfa-4117	101	9	managers	manager	NOUN
ajfa-4117	101	10	are	be	AUX
ajfa-4117	101	11	also	also	ADV
ajfa-4117	101	12	more	more	ADV
ajfa-4117	101	13	likely	likely	ADJ
ajfa-4117	101	14	to	to	PART
ajfa-4117	101	15	invest	invest	VERB
ajfa-4117	101	16	in	in	ADP
ajfa-4117	101	17	negative	negative	ADJ
ajfa-4117	101	18	npv	npv	NOUN
ajfa-4117	101	19	projects	project	NOUN
ajfa-4117	101	20	.	.	PUNCT
ajfa-4117	102	1	such	such	ADJ
ajfa-4117	102	2	investment	investment	NOUN
ajfa-4117	102	3	,	,	PUNCT
ajfa-4117	102	4	called	call	VERB
ajfa-4117	102	5	over	over	ADP
ajfa-4117	102	6	-	-	PUNCT
ajfa-4117	102	7	investment	investment	NOUN
ajfa-4117	102	8	,	,	PUNCT
ajfa-4117	102	9	will	will	AUX
ajfa-4117	102	10	further	far	ADV
ajfa-4117	102	11	decrease	decrease	VERB
ajfa-4117	102	12	the	the	DET
ajfa-4117	102	13	firm	firm	NOUN
ajfa-4117	102	14	’s	’s	PART
ajfa-4117	102	15	value	value	NOUN
ajfa-4117	102	16	and	and	CCONJ
ajfa-4117	102	17	harm	harm	VERB
ajfa-4117	102	18	the	the	DET
ajfa-4117	102	19	interest	interest	NOUN
ajfa-4117	102	20	of	of	ADP
ajfa-4117	102	21	shareholders	shareholder	NOUN
ajfa-4117	102	22	.	.	PUNCT
ajfa-4117	103	1	the	the	DET
ajfa-4117	103	2	incentives	incentive	NOUN
ajfa-4117	103	3	and	and	CCONJ
ajfa-4117	103	4	monitoring	monitor	VERB
ajfa-4117	103	5	mechanisms	mechanism	NOUN
ajfa-4117	103	6	of	of	ADP
ajfa-4117	103	7	corporate	corporate	ADJ
ajfa-4117	103	8	governance	governance	NOUN
ajfa-4117	103	9	can	can	AUX
ajfa-4117	103	10	mitigate	mitigate	VERB
ajfa-4117	103	11	the	the	DET
ajfa-4117	103	12	agency	agency	NOUN
ajfa-4117	103	13	problem	problem	NOUN
ajfa-4117	103	14	.	.	PUNCT
ajfa-4117	104	1	theoretically	theoretically	ADV
ajfa-4117	104	2	,	,	PUNCT
ajfa-4117	104	3	corporate	corporate	ADJ
ajfa-4117	104	4	governance	governance	NOUN
ajfa-4117	104	5	has	have	VERB
ajfa-4117	104	6	a	a	DET
ajfa-4117	104	7	positive	positive	ADJ
ajfa-4117	104	8	effect	effect	NOUN
ajfa-4117	104	9	on	on	ADP
ajfa-4117	104	10	firm	firm	ADJ
ajfa-4117	104	11	value	value	NOUN
ajfa-4117	104	12	and	and	CCONJ
ajfa-4117	104	13	the	the	DET
ajfa-4117	104	14	quality	quality	NOUN
ajfa-4117	104	15	of	of	ADP
ajfa-4117	104	16	managerial	managerial	ADJ
ajfa-4117	104	17	decision	decision	NOUN
ajfa-4117	104	18	-	-	PUNCT
ajfa-4117	104	19	making	making	NOUN
ajfa-4117	104	20	.	.	PUNCT
ajfa-4117	105	1	however	however	ADV
ajfa-4117	105	2	,	,	PUNCT
ajfa-4117	105	3	the	the	DET
ajfa-4117	105	4	extant	extant	ADJ
ajfa-4117	105	5	empirical	empirical	ADJ
ajfa-4117	105	6	research	research	NOUN
ajfa-4117	105	7	has	have	VERB
ajfa-4117	105	8	mixed	mix	VERB
ajfa-4117	105	9	conclusions	conclusion	NOUN
ajfa-4117	105	10	about	about	ADP
ajfa-4117	105	11	the	the	DET
ajfa-4117	105	12	impact	impact	NOUN
ajfa-4117	105	13	of	of	ADP
ajfa-4117	105	14	corporate	corporate	ADJ
ajfa-4117	105	15	governance	governance	NOUN
ajfa-4117	105	16	on	on	ADP
ajfa-4117	105	17	the	the	DET
ajfa-4117	105	18	quality	quality	NOUN
ajfa-4117	105	19	of	of	ADP
ajfa-4117	105	20	managers	manager	NOUN
ajfa-4117	105	21	’	’	PART
ajfa-4117	105	22	investment	investment	NOUN
ajfa-4117	105	23	decisions	decision	NOUN
ajfa-4117	105	24	.	.	PUNCT
ajfa-4117	106	1	the	the	DET
ajfa-4117	106	2	finding	finding	NOUN
ajfa-4117	106	3	of	of	ADP
ajfa-4117	106	4	masulis	masulis	PROPN
ajfa-4117	106	5	,	,	PUNCT
ajfa-4117	106	6	wang	wang	PROPN
ajfa-4117	106	7	,	,	PUNCT
ajfa-4117	106	8	and	and	CCONJ
ajfa-4117	106	9	xie	xie	PROPN
ajfa-4117	106	10	(	(	PUNCT
ajfa-4117	106	11	2007	2007	NUM
ajfa-4117	106	12	)	)	PUNCT
ajfa-4117	106	13	suggests	suggest	VERB
ajfa-4117	106	14	that	that	SCONJ
ajfa-4117	106	15	firms	firm	NOUN
ajfa-4117	106	16	with	with	ADP
ajfa-4117	106	17	better	well	ADJ
ajfa-4117	106	18	corporate	corporate	ADJ
ajfa-4117	106	19	governance	governance	NOUN
ajfa-4117	106	20	are	be	AUX
ajfa-4117	106	21	more	more	ADV
ajfa-4117	106	22	efficient	efficient	ADJ
ajfa-4117	106	23	in	in	ADP
ajfa-4117	106	24	acquisition	acquisition	NOUN
ajfa-4117	106	25	.	.	PUNCT
ajfa-4117	107	1	huang	huang	PROPN
ajfa-4117	107	2	,	,	PUNCT
ajfa-4117	107	3	huang	huang	PROPN
ajfa-4117	107	4	,	,	PUNCT
ajfa-4117	107	5	and	and	CCONJ
ajfa-4117	107	6	chang	chang	PROPN
ajfa-4117	107	7	(	(	PUNCT
ajfa-4117	107	8	2011	2011	NUM
ajfa-4117	107	9	)	)	PUNCT
ajfa-4117	107	10	point	point	VERB
ajfa-4117	107	11	out	out	ADP
ajfa-4117	107	12	that	that	SCONJ
ajfa-4117	107	13	corporate	corporate	ADJ
ajfa-4117	107	14	governance	governance	NOUN
ajfa-4117	107	15	offer	offer	NOUN
ajfa-4117	107	16	monitoring	monitor	VERB
ajfa-4117	107	17	mechanisms	mechanism	NOUN
ajfa-4117	107	18	which	which	PRON
ajfa-4117	107	19	can	can	AUX
ajfa-4117	107	20	ensure	ensure	VERB
ajfa-4117	107	21	that	that	SCONJ
ajfa-4117	107	22	managers	manager	NOUN
ajfa-4117	107	23	make	make	VERB
ajfa-4117	107	24	better	well	ADJ
ajfa-4117	107	25	investment	investment	NOUN
ajfa-4117	107	26	decisions	decision	NOUN
ajfa-4117	107	27	and	and	CCONJ
ajfa-4117	107	28	avoid	avoid	VERB
ajfa-4117	107	29	the	the	DET
ajfa-4117	107	30	over	over	ADP
ajfa-4117	107	31	-	-	PUNCT
ajfa-4117	107	32	investment	investment	NOUN
ajfa-4117	107	33	problem	problem	NOUN
ajfa-4117	107	34	.	.	PUNCT
ajfa-4117	108	1	both	both	DET
ajfa-4117	108	2	harford	harford	PROPN
ajfa-4117	108	3	,	,	PUNCT
ajfa-4117	108	4	mansi	mansi	PROPN
ajfa-4117	108	5	,	,	PUNCT
ajfa-4117	108	6	and	and	CCONJ
ajfa-4117	108	7	maxwell	maxwell	PROPN
ajfa-4117	108	8	(	(	PUNCT
ajfa-4117	108	9	2008	2008	NUM
ajfa-4117	108	10	)	)	PUNCT
ajfa-4117	108	11	and	and	CCONJ
ajfa-4117	108	12	richardson	richardson	PROPN
ajfa-4117	108	13	(	(	PUNCT
ajfa-4117	108	14	2006	2006	NUM
ajfa-4117	108	15	)	)	PUNCT
ajfa-4117	108	16	reveal	reveal	VERB
ajfa-4117	108	17	that	that	SCONJ
ajfa-4117	108	18	firms	firm	NOUN
ajfa-4117	108	19	with	with	ADP
ajfa-4117	108	20	poor	poor	ADJ
ajfa-4117	108	21	corporate	corporate	ADJ
ajfa-4117	108	22	governance	governance	NOUN
ajfa-4117	108	23	tend	tend	VERB
ajfa-4117	108	24	to	to	PART
ajfa-4117	108	25	have	have	VERB
ajfa-4117	108	26	greater	great	ADJ
ajfa-4117	108	27	industry	industry	NOUN
ajfa-4117	108	28	-	-	PUNCT
ajfa-4117	108	29	adjusted	adjust	VERB
ajfa-4117	108	30	investment	investment	NOUN
ajfa-4117	108	31	.	.	PUNCT
ajfa-4117	109	1	bertrand	bertrand	PROPN
ajfa-4117	109	2	and	and	CCONJ
ajfa-4117	109	3	mullainathan	mullainathan	PROPN
ajfa-4117	109	4	(	(	PUNCT
ajfa-4117	109	5	2003	2003	NUM
ajfa-4117	109	6	)	)	PUNCT
ajfa-4117	109	7	and	and	CCONJ
ajfa-4117	109	8	giroud	giroud	NOUN
ajfa-4117	109	9	and	and	CCONJ
ajfa-4117	109	10	mueller	mueller	PROPN
ajfa-4117	109	11	(	(	PUNCT
ajfa-4117	109	12	2010	2010	NUM
ajfa-4117	109	13	)	)	PUNCT
ajfa-4117	109	14	find	find	VERB
ajfa-4117	109	15	that	that	SCONJ
ajfa-4117	109	16	poor	poor	ADJ
ajfa-4117	109	17	corporate	corporate	ADJ
ajfa-4117	109	18	governance	governance	NOUN
ajfa-4117	109	19	results	result	NOUN
ajfa-4117	109	20	in	in	ADP
ajfa-4117	109	21	under	under	NOUN
ajfa-4117	109	22	-	-	PUNCT
ajfa-4117	109	23	investment	investment	NOUN
ajfa-4117	109	24	.	.	PUNCT
ajfa-4117	110	1	however	however	ADV
ajfa-4117	110	2	,	,	PUNCT
ajfa-4117	110	3	richardson	richardson	PROPN
ajfa-4117	110	4	(	(	PUNCT
ajfa-4117	110	5	2006	2006	NUM
ajfa-4117	110	6	)	)	PUNCT
ajfa-4117	110	7	argues	argue	VERB
ajfa-4117	110	8	that	that	SCONJ
ajfa-4117	110	9	only	only	ADV
ajfa-4117	110	10	a	a	DET
ajfa-4117	110	11	small	small	ADJ
ajfa-4117	110	12	portion	portion	NOUN
ajfa-4117	110	13	of	of	ADP
ajfa-4117	110	14	corporate	corporate	ADJ
ajfa-4117	110	15	governance	governance	NOUN
ajfa-4117	110	16	mechanisms	mechanism	NOUN
ajfa-4117	110	17	can	can	AUX
ajfa-4117	110	18	effectively	effectively	ADV
ajfa-4117	110	19	mitigate	mitigate	VERB
ajfa-4117	110	20	over	over	ADP
ajfa-4117	110	21	-	-	PUNCT
ajfa-4117	110	22	investment	investment	NOUN
ajfa-4117	110	23	.	.	PUNCT
ajfa-4117	111	1	mispricing	misprice	VERB
ajfa-4117	111	2	caused	cause	VERB
ajfa-4117	111	3	by	by	ADP
ajfa-4117	111	4	investor	investor	NOUN
ajfa-4117	111	5	sentiment	sentiment	NOUN
ajfa-4117	111	6	can	can	AUX
ajfa-4117	111	7	cause	cause	VERB
ajfa-4117	111	8	an	an	DET
ajfa-4117	111	9	increase	increase	NOUN
ajfa-4117	111	10	in	in	ADP
ajfa-4117	111	11	firm	firm	ADJ
ajfa-4117	111	12	investment	investment	NOUN
ajfa-4117	111	13	or	or	CCONJ
ajfa-4117	111	14	even	even	ADV
ajfa-4117	111	15	over	over	ADP
ajfa-4117	111	16	-	-	PUNCT
ajfa-4117	111	17	investment	investment	NOUN
ajfa-4117	111	18	through	through	ADP
ajfa-4117	111	19	the	the	DET
ajfa-4117	111	20	equity	equity	NOUN
ajfa-4117	111	21	financing	financing	NOUN
ajfa-4117	111	22	channel	channel	NOUN
ajfa-4117	111	23	or	or	CCONJ
ajfa-4117	111	24	the	the	DET
ajfa-4117	111	25	catering	catering	NOUN
ajfa-4117	111	26	channel	channel	NOUN
ajfa-4117	111	27	.	.	PUNCT
ajfa-4117	112	1	according	accord	VERB
ajfa-4117	112	2	to	to	ADP
ajfa-4117	112	3	the	the	DET
ajfa-4117	112	4	agency	agency	NOUN
ajfa-4117	112	5	theory	theory	NOUN
ajfa-4117	112	6	,	,	PUNCT
ajfa-4117	112	7	sound	sound	ADJ
ajfa-4117	112	8	corporate	corporate	ADJ
ajfa-4117	112	9	governance	governance	NOUN
ajfa-4117	112	10	mechanisms	mechanism	NOUN
ajfa-4117	112	11	offer	offer	VERB
ajfa-4117	112	12	incentives	incentive	NOUN
ajfa-4117	112	13	and	and	CCONJ
ajfa-4117	112	14	monitoring	monitor	VERB
ajfa-4117	112	15	effects	effect	NOUN
ajfa-4117	112	16	that	that	PRON
ajfa-4117	112	17	can	can	AUX
ajfa-4117	112	18	lead	lead	VERB
ajfa-4117	112	19	and	and	CCONJ
ajfa-4117	112	20	force	force	VERB
ajfa-4117	112	21	managers	manager	NOUN
ajfa-4117	112	22	to	to	PART
ajfa-4117	112	23	make	make	VERB
ajfa-4117	112	24	decisions	decision	NOUN
ajfa-4117	112	25	in	in	ADP
ajfa-4117	112	26	pursuit	pursuit	NOUN
ajfa-4117	112	27	of	of	ADP
ajfa-4117	112	28	higher	high	ADJ
ajfa-4117	112	29	firm	firm	ADJ
ajfa-4117	112	30	value	value	NOUN
ajfa-4117	112	31	.	.	PUNCT
ajfa-4117	113	1	assume	assume	VERB
ajfa-4117	113	2	that	that	SCONJ
ajfa-4117	113	3	investors	investor	NOUN
ajfa-4117	113	4	have	have	VERB
ajfa-4117	113	5	a	a	DET
ajfa-4117	113	6	high	high	ADJ
ajfa-4117	113	7	degree	degree	NOUN
ajfa-4117	113	8	of	of	ADP
ajfa-4117	113	9	optimism	optimism	NOUN
ajfa-4117	113	10	,	,	PUNCT
ajfa-4117	113	11	and	and	CCONJ
ajfa-4117	113	12	managers	manager	NOUN
ajfa-4117	113	13	obtain	obtain	VERB
ajfa-4117	113	14	a	a	DET
ajfa-4117	113	15	large	large	ADJ
ajfa-4117	113	16	cash	cash	NOUN
ajfa-4117	113	17	flow	flow	NOUN
ajfa-4117	113	18	due	due	ADP
ajfa-4117	113	19	to	to	ADP
ajfa-4117	113	20	market	market	NOUN
ajfa-4117	113	21	timing	timing	NOUN
ajfa-4117	113	22	.	.	PUNCT
ajfa-4117	114	1	firms	firm	NOUN
ajfa-4117	114	2	with	with	ADP
ajfa-4117	114	3	better	well	ADJ
ajfa-4117	114	4	corporate	corporate	ADJ
ajfa-4117	114	5	governance	governance	NOUN
ajfa-4117	114	6	mechanisms	mechanism	NOUN
ajfa-4117	114	7	may	may	AUX
ajfa-4117	114	8	be	be	AUX
ajfa-4117	114	9	able	able	ADJ
ajfa-4117	114	10	to	to	PART
ajfa-4117	114	11	asian	asian	ADJ
ajfa-4117	114	12	journal	journal	PROPN
ajfa-4117	114	13	of	of	ADP
ajfa-4117	114	14	finance	finance	PROPN
ajfa-4117	114	15	&	&	CCONJ
ajfa-4117	114	16	accounting	accounting	PROPN
ajfa-4117	114	17	issn	issn	PROPN
ajfa-4117	114	18	1946	1946	NUM
ajfa-4117	114	19	-	-	PUNCT
ajfa-4117	114	20	052x	052x	NOUN
ajfa-4117	114	21	2013	2013	NUM
ajfa-4117	114	22	,	,	PUNCT
ajfa-4117	114	23	vol	vol	NOUN
ajfa-4117	114	24	.	.	PROPN
ajfa-4117	114	25	5	5	NUM
ajfa-4117	114	26	,	,	PUNCT
ajfa-4117	114	27	no	no	INTJ
ajfa-4117	114	28	.	.	NOUN
ajfa-4117	114	29	2	2	NUM
ajfa-4117	114	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	114	31	106	106	NUM
ajfa-4117	114	32	motivate	motivate	VERB
ajfa-4117	114	33	and	and	CCONJ
ajfa-4117	114	34	compel	compel	VERB
ajfa-4117	114	35	their	their	PRON
ajfa-4117	114	36	managers	manager	NOUN
ajfa-4117	114	37	to	to	PART
ajfa-4117	114	38	make	make	VERB
ajfa-4117	114	39	proper	proper	ADJ
ajfa-4117	114	40	investment	investment	NOUN
ajfa-4117	114	41	decisions	decision	NOUN
ajfa-4117	114	42	and	and	CCONJ
ajfa-4117	114	43	avoid	avoid	VERB
ajfa-4117	114	44	over	over	ADP
ajfa-4117	114	45	-	-	PUNCT
ajfa-4117	114	46	investment	investment	NOUN
ajfa-4117	114	47	in	in	ADP
ajfa-4117	114	48	negative	negative	ADJ
ajfa-4117	114	49	npv	npv	NOUN
ajfa-4117	114	50	projects	project	NOUN
ajfa-4117	114	51	.	.	PUNCT
ajfa-4117	115	1	moreover	moreover	ADV
ajfa-4117	115	2	,	,	PUNCT
ajfa-4117	115	3	they	they	PRON
ajfa-4117	115	4	can	can	AUX
ajfa-4117	115	5	also	also	ADV
ajfa-4117	115	6	motivate	motivate	VERB
ajfa-4117	115	7	and	and	CCONJ
ajfa-4117	115	8	compel	compel	VERB
ajfa-4117	115	9	their	their	PRON
ajfa-4117	115	10	managers	manager	NOUN
ajfa-4117	115	11	not	not	PART
ajfa-4117	115	12	to	to	PART
ajfa-4117	115	13	over	over	ADV
ajfa-4117	115	14	-	-	PUNCT
ajfa-4117	115	15	invest	invest	VERB
ajfa-4117	115	16	only	only	ADV
ajfa-4117	115	17	to	to	PART
ajfa-4117	115	18	cater	cater	VERB
ajfa-4117	115	19	to	to	ADP
ajfa-4117	115	20	investor	investor	NOUN
ajfa-4117	115	21	sentiment	sentiment	NOUN
ajfa-4117	115	22	.	.	PUNCT
ajfa-4117	116	1	based	base	VERB
ajfa-4117	116	2	on	on	ADP
ajfa-4117	116	3	the	the	DET
ajfa-4117	116	4	above	above	ADJ
ajfa-4117	116	5	discussions	discussion	NOUN
ajfa-4117	116	6	,	,	PUNCT
ajfa-4117	116	7	this	this	DET
ajfa-4117	116	8	paper	paper	NOUN
ajfa-4117	116	9	proposes	propose	VERB
ajfa-4117	116	10	the	the	DET
ajfa-4117	116	11	following	follow	VERB
ajfa-4117	116	12	hypotheses	hypothesis	NOUN
ajfa-4117	116	13	:	:	PUNCT
ajfa-4117	116	14	hypothesis	hypothesis	NOUN
ajfa-4117	116	15	3	3	NUM
ajfa-4117	116	16	:	:	PUNCT
ajfa-4117	116	17	in	in	ADP
ajfa-4117	116	18	the	the	DET
ajfa-4117	116	19	presence	presence	NOUN
ajfa-4117	116	20	of	of	ADP
ajfa-4117	116	21	better	well	ADJ
ajfa-4117	116	22	corporate	corporate	ADJ
ajfa-4117	116	23	governance	governance	NOUN
ajfa-4117	116	24	mechanisms	mechanism	NOUN
ajfa-4117	116	25	,	,	PUNCT
ajfa-4117	116	26	the	the	DET
ajfa-4117	116	27	effect	effect	NOUN
ajfa-4117	116	28	of	of	ADP
ajfa-4117	116	29	investor	investor	NOUN
ajfa-4117	116	30	sentiment	sentiment	NOUN
ajfa-4117	116	31	on	on	ADP
ajfa-4117	116	32	new	new	ADJ
ajfa-4117	116	33	investment	investment	NOUN
ajfa-4117	116	34	is	be	AUX
ajfa-4117	116	35	smaller	small	ADJ
ajfa-4117	116	36	.	.	PUNCT
ajfa-4117	117	1	hypothesis	hypothesis	NOUN
ajfa-4117	117	2	4	4	NUM
ajfa-4117	117	3	:	:	PUNCT
ajfa-4117	117	4	in	in	ADP
ajfa-4117	117	5	the	the	DET
ajfa-4117	117	6	presence	presence	NOUN
ajfa-4117	117	7	of	of	ADP
ajfa-4117	117	8	better	well	ADJ
ajfa-4117	117	9	corporate	corporate	ADJ
ajfa-4117	117	10	governance	governance	NOUN
ajfa-4117	117	11	mechanisms	mechanism	NOUN
ajfa-4117	117	12	,	,	PUNCT
ajfa-4117	117	13	the	the	DET
ajfa-4117	117	14	effect	effect	NOUN
ajfa-4117	117	15	of	of	ADP
ajfa-4117	117	16	investor	investor	NOUN
ajfa-4117	117	17	sentiment	sentiment	NOUN
ajfa-4117	117	18	on	on	ADP
ajfa-4117	117	19	over	over	ADP
ajfa-4117	117	20	-	-	PUNCT
ajfa-4117	117	21	investment	investment	NOUN
ajfa-4117	117	22	(	(	PUNCT
ajfa-4117	117	23	under	under	NOUN
ajfa-4117	117	24	-	-	PUNCT
ajfa-4117	117	25	investment	investment	NOUN
ajfa-4117	117	26	)	)	PUNCT
ajfa-4117	117	27	is	be	AUX
ajfa-4117	117	28	smaller	small	ADJ
ajfa-4117	117	29	.	.	PUNCT
ajfa-4117	118	1	3	3	X
ajfa-4117	118	2	.	.	X
ajfa-4117	118	3	data	datum	NOUN
ajfa-4117	118	4	and	and	CCONJ
ajfa-4117	118	5	methodology	methodology	NOUN
ajfa-4117	118	6	3.1	3.1	NUM
ajfa-4117	118	7	data	datum	NOUN
ajfa-4117	118	8	and	and	CCONJ
ajfa-4117	118	9	sample	sample	NOUN
ajfa-4117	118	10	selection	selection	NOUN
ajfa-4117	118	11	this	this	DET
ajfa-4117	118	12	paper	paper	NOUN
ajfa-4117	118	13	draws	draw	VERB
ajfa-4117	118	14	on	on	ADP
ajfa-4117	118	15	a	a	DET
ajfa-4117	118	16	sample	sample	NOUN
ajfa-4117	118	17	comprising	comprise	VERB
ajfa-4117	118	18	publicly	publicly	ADV
ajfa-4117	118	19	listed	list	VERB
ajfa-4117	118	20	firms	firm	NOUN
ajfa-4117	118	21	in	in	ADP
ajfa-4117	118	22	taiwan	taiwan	PROPN
ajfa-4117	118	23	from	from	ADP
ajfa-4117	118	24	2003	2003	NUM
ajfa-4117	118	25	to	to	ADP
ajfa-4117	118	26	2010	2010	NUM
ajfa-4117	118	27	.	.	PUNCT
ajfa-4117	119	1	firms	firm	NOUN
ajfa-4117	119	2	in	in	ADP
ajfa-4117	119	3	the	the	DET
ajfa-4117	119	4	financial	financial	ADJ
ajfa-4117	119	5	industry	industry	NOUN
ajfa-4117	119	6	and	and	CCONJ
ajfa-4117	119	7	firms	firm	NOUN
ajfa-4117	119	8	with	with	ADP
ajfa-4117	119	9	missing	miss	VERB
ajfa-4117	119	10	variables	variable	NOUN
ajfa-4117	119	11	are	be	AUX
ajfa-4117	119	12	excluded	exclude	VERB
ajfa-4117	119	13	from	from	ADP
ajfa-4117	119	14	the	the	DET
ajfa-4117	119	15	sample	sample	NOUN
ajfa-4117	119	16	.	.	PUNCT
ajfa-4117	120	1	the	the	DET
ajfa-4117	120	2	final	final	ADJ
ajfa-4117	120	3	sample	sample	NOUN
ajfa-4117	120	4	includes	include	VERB
ajfa-4117	120	5	7745	7745	NUM
ajfa-4117	120	6	firm	firm	ADJ
ajfa-4117	120	7	-	-	PUNCT
ajfa-4117	120	8	year	year	NOUN
ajfa-4117	120	9	observations	observation	NOUN
ajfa-4117	120	10	.	.	PUNCT
ajfa-4117	121	1	the	the	DET
ajfa-4117	121	2	values	value	NOUN
ajfa-4117	121	3	of	of	ADP
ajfa-4117	121	4	consumer	consumer	NOUN
ajfa-4117	121	5	confidence	confidence	NOUN
ajfa-4117	121	6	index	index	NOUN
ajfa-4117	121	7	(	(	PUNCT
ajfa-4117	121	8	cci	cci	PROPN
ajfa-4117	121	9	)	)	PUNCT
ajfa-4117	121	10	are	be	AUX
ajfa-4117	121	11	obtained	obtain	VERB
ajfa-4117	121	12	from	from	ADP
ajfa-4117	121	13	the	the	DET
ajfa-4117	121	14	monthly	monthly	ADJ
ajfa-4117	121	15	survey	survey	NOUN
ajfa-4117	121	16	conducted	conduct	VERB
ajfa-4117	121	17	by	by	ADP
ajfa-4117	121	18	the	the	DET
ajfa-4117	121	19	research	research	NOUN
ajfa-4117	121	20	center	center	NOUN
ajfa-4117	121	21	for	for	ADP
ajfa-4117	121	22	taiwan	taiwan	PROPN
ajfa-4117	121	23	economic	economic	PROPN
ajfa-4117	121	24	development	development	PROPN
ajfa-4117	121	25	,	,	PUNCT
ajfa-4117	121	26	national	national	ADJ
ajfa-4117	121	27	central	central	ADJ
ajfa-4117	121	28	university	university	NOUN
ajfa-4117	121	29	.	.	PUNCT
ajfa-4117	122	1	the	the	DET
ajfa-4117	122	2	data	datum	NOUN
ajfa-4117	122	3	of	of	ADP
ajfa-4117	122	4	other	other	ADJ
ajfa-4117	122	5	variables	variable	NOUN
ajfa-4117	122	6	of	of	ADP
ajfa-4117	122	7	investor	investor	NOUN
ajfa-4117	122	8	sentiment	sentiment	NOUN
ajfa-4117	122	9	,	,	PUNCT
ajfa-4117	122	10	corporate	corporate	ADJ
ajfa-4117	122	11	governance	governance	NOUN
ajfa-4117	122	12	,	,	PUNCT
ajfa-4117	122	13	and	and	CCONJ
ajfa-4117	122	14	investment	investment	NOUN
ajfa-4117	122	15	decision	decision	NOUN
ajfa-4117	122	16	(	(	PUNCT
ajfa-4117	122	17	including	include	VERB
ajfa-4117	122	18	basic	basic	ADJ
ajfa-4117	122	19	firm	firm	ADJ
ajfa-4117	122	20	data	datum	NOUN
ajfa-4117	122	21	,	,	PUNCT
ajfa-4117	122	22	stock	stock	NOUN
ajfa-4117	122	23	price	price	NOUN
ajfa-4117	122	24	,	,	PUNCT
ajfa-4117	122	25	stock	stock	NOUN
ajfa-4117	122	26	trading	trading	NOUN
ajfa-4117	122	27	volume	volume	NOUN
ajfa-4117	122	28	,	,	PUNCT
ajfa-4117	122	29	ipo	ipo	PROPN
ajfa-4117	122	30	data	data	PROPN
ajfa-4117	122	31	,	,	PUNCT
ajfa-4117	122	32	ownership	ownership	NOUN
ajfa-4117	122	33	structure	structure	NOUN
ajfa-4117	122	34	,	,	PUNCT
ajfa-4117	122	35	board	board	NOUN
ajfa-4117	122	36	composition	composition	NOUN
ajfa-4117	122	37	,	,	PUNCT
ajfa-4117	122	38	and	and	CCONJ
ajfa-4117	122	39	financial	financial	ADJ
ajfa-4117	122	40	reports	report	NOUN
ajfa-4117	122	41	)	)	PUNCT
ajfa-4117	122	42	are	be	AUX
ajfa-4117	122	43	obtained	obtain	VERB
ajfa-4117	122	44	from	from	ADP
ajfa-4117	122	45	taiwan	taiwan	PROPN
ajfa-4117	122	46	economic	economic	ADJ
ajfa-4117	122	47	journal	journal	PROPN
ajfa-4117	122	48	(	(	PUNCT
ajfa-4117	122	49	tej	tej	PROPN
ajfa-4117	122	50	)	)	PUNCT
ajfa-4117	122	51	.	.	PUNCT
ajfa-4117	123	1	3.2	3.2	NUM
ajfa-4117	123	2	empirical	empirical	ADJ
ajfa-4117	123	3	model	model	NOUN
ajfa-4117	123	4	the	the	DET
ajfa-4117	123	5	proposed	propose	VERB
ajfa-4117	123	6	hypotheses	hypothesis	NOUN
ajfa-4117	123	7	are	be	AUX
ajfa-4117	123	8	tested	test	VERB
ajfa-4117	123	9	using	use	VERB
ajfa-4117	123	10	the	the	DET
ajfa-4117	123	11	following	follow	VERB
ajfa-4117	123	12	regression	regression	NOUN
ajfa-4117	123	13	models	model	NOUN
ajfa-4117	123	14	.	.	PUNCT
ajfa-4117	124	1	in	in	ADP
ajfa-4117	124	2	equation	equation	NOUN
ajfa-4117	124	3	(	(	PUNCT
ajfa-4117	124	4	1	1	NUM
ajfa-4117	124	5	)	)	PUNCT
ajfa-4117	124	6	,	,	PUNCT
ajfa-4117	124	7	the	the	DET
ajfa-4117	124	8	independent	independent	ADJ
ajfa-4117	124	9	variable	variable	NOUN
ajfa-4117	124	10	is	be	AUX
ajfa-4117	124	11	investor	investor	NOUN
ajfa-4117	124	12	sentiment	sentiment	NOUN
ajfa-4117	124	13	(	(	PUNCT
ajfa-4117	124	14	senti	senti	NOUN
ajfa-4117	124	15	)	)	PUNCT
ajfa-4117	124	16	,	,	PUNCT
ajfa-4117	124	17	and	and	CCONJ
ajfa-4117	124	18	the	the	DET
ajfa-4117	124	19	dependent	dependent	ADJ
ajfa-4117	124	20	variable	variable	NOUN
ajfa-4117	124	21	is	be	AUX
ajfa-4117	124	22	new	new	ADJ
ajfa-4117	124	23	investment	investment	NOUN
ajfa-4117	124	24	(	(	PUNCT
ajfa-4117	124	25	invest	invest	NOUN
ajfa-4117	124	26	)	)	PUNCT
ajfa-4117	124	27	.	.	PUNCT
ajfa-4117	125	1	this	this	DET
ajfa-4117	125	2	equation	equation	NOUN
ajfa-4117	125	3	is	be	AUX
ajfa-4117	125	4	intended	intend	VERB
ajfa-4117	125	5	to	to	PART
ajfa-4117	125	6	examine	examine	VERB
ajfa-4117	125	7	the	the	DET
ajfa-4117	125	8	relation	relation	NOUN
ajfa-4117	125	9	between	between	ADP
ajfa-4117	125	10	investor	investor	NOUN
ajfa-4117	125	11	sentiment	sentiment	NOUN
ajfa-4117	125	12	and	and	CCONJ
ajfa-4117	125	13	new	new	ADJ
ajfa-4117	125	14	investment	investment	NOUN
ajfa-4117	125	15	level	level	NOUN
ajfa-4117	125	16	.	.	PUNCT
ajfa-4117	126	1	in	in	ADP
ajfa-4117	126	2	equation	equation	NOUN
ajfa-4117	126	3	(	(	PUNCT
ajfa-4117	126	4	2	2	NUM
ajfa-4117	126	5	)	)	PUNCT
ajfa-4117	126	6	,	,	PUNCT
ajfa-4117	126	7	the	the	DET
ajfa-4117	126	8	independent	independent	ADJ
ajfa-4117	126	9	variable	variable	NOUN
ajfa-4117	126	10	is	be	AUX
ajfa-4117	126	11	investor	investor	NOUN
ajfa-4117	126	12	sentiment	sentiment	NOUN
ajfa-4117	126	13	(	(	PUNCT
ajfa-4117	126	14	senti	senti	NOUN
ajfa-4117	126	15	)	)	PUNCT
ajfa-4117	126	16	,	,	PUNCT
ajfa-4117	126	17	and	and	CCONJ
ajfa-4117	126	18	the	the	DET
ajfa-4117	126	19	dependent	dependent	ADJ
ajfa-4117	126	20	variable	variable	NOUN
ajfa-4117	126	21	is	be	AUX
ajfa-4117	126	22	over	over	ADP
ajfa-4117	126	23	-	-	PUNCT
ajfa-4117	126	24	investment	investment	NOUN
ajfa-4117	126	25	(	(	PUNCT
ajfa-4117	126	26	under	under	NOUN
ajfa-4117	126	27	-	-	PUNCT
ajfa-4117	126	28	investment	investment	NOUN
ajfa-4117	126	29	)	)	PUNCT
ajfa-4117	126	30	(	(	PUNCT
ajfa-4117	126	31	overinvest	overinv	ADJ
ajfa-4117	126	32	)	)	PUNCT
ajfa-4117	126	33	.	.	PUNCT
ajfa-4117	127	1	this	this	DET
ajfa-4117	127	2	equation	equation	NOUN
ajfa-4117	127	3	examines	examine	VERB
ajfa-4117	127	4	the	the	DET
ajfa-4117	127	5	relation	relation	NOUN
ajfa-4117	127	6	between	between	ADP
ajfa-4117	127	7	investor	investor	NOUN
ajfa-4117	127	8	sentiment	sentiment	NOUN
ajfa-4117	127	9	and	and	CCONJ
ajfa-4117	127	10	over	over	ADP
ajfa-4117	127	11	-	-	PUNCT
ajfa-4117	127	12	investment	investment	NOUN
ajfa-4117	127	13	.	.	PUNCT
ajfa-4117	128	1	both	both	DET
ajfa-4117	128	2	equation	equation	NOUN
ajfa-4117	128	3	(	(	PUNCT
ajfa-4117	128	4	3	3	NUM
ajfa-4117	128	5	)	)	PUNCT
ajfa-4117	128	6	and	and	CCONJ
ajfa-4117	128	7	equation	equation	NOUN
ajfa-4117	128	8	(	(	PUNCT
ajfa-4117	128	9	4	4	X
ajfa-4117	128	10	)	)	PUNCT
ajfa-4117	128	11	contain	contain	VERB
ajfa-4117	128	12	an	an	DET
ajfa-4117	128	13	interaction	interaction	NOUN
ajfa-4117	128	14	term	term	NOUN
ajfa-4117	128	15	of	of	ADP
ajfa-4117	128	16	investor	investor	NOUN
ajfa-4117	128	17	sentiment	sentiment	NOUN
ajfa-4117	128	18	and	and	CCONJ
ajfa-4117	128	19	corporate	corporate	ADJ
ajfa-4117	128	20	governance	governance	NOUN
ajfa-4117	128	21	(	(	PUNCT
ajfa-4117	128	22	senti*cgi	senti*cgi	NOUN
ajfa-4117	128	23	)	)	PUNCT
ajfa-4117	128	24	to	to	PART
ajfa-4117	128	25	test	test	VERB
ajfa-4117	128	26	the	the	DET
ajfa-4117	128	27	relation	relation	NOUN
ajfa-4117	128	28	of	of	ADP
ajfa-4117	128	29	investor	investor	NOUN
ajfa-4117	128	30	sentiment	sentiment	NOUN
ajfa-4117	128	31	to	to	ADP
ajfa-4117	128	32	investment	investment	NOUN
ajfa-4117	128	33	level	level	NOUN
ajfa-4117	128	34	and	and	CCONJ
ajfa-4117	128	35	over	over	ADP
ajfa-4117	128	36	-	-	PUNCT
ajfa-4117	128	37	investment	investment	NOUN
ajfa-4117	128	38	under	under	ADP
ajfa-4117	128	39	different	different	ADJ
ajfa-4117	128	40	levels	level	NOUN
ajfa-4117	128	41	of	of	ADP
ajfa-4117	128	42	corporate	corporate	ADJ
ajfa-4117	128	43	governance	governance	NOUN
ajfa-4117	128	44	.	.	PUNCT
ajfa-4117	129	1	the	the	DET
ajfa-4117	129	2	selection	selection	NOUN
ajfa-4117	129	3	and	and	CCONJ
ajfa-4117	129	4	measurement	measurement	NOUN
ajfa-4117	129	5	of	of	ADP
ajfa-4117	129	6	each	each	DET
ajfa-4117	129	7	variable	variable	NOUN
ajfa-4117	129	8	is	be	AUX
ajfa-4117	129	9	explained	explain	VERB
ajfa-4117	129	10	as	as	SCONJ
ajfa-4117	129	11	follows	follow	VERB
ajfa-4117	129	12	.	.	PUNCT
ajfa-4117	130	1	the	the	DET
ajfa-4117	130	2	operational	operational	ADJ
ajfa-4117	130	3	definition	definition	NOUN
ajfa-4117	130	4	of	of	ADP
ajfa-4117	130	5	all	all	DET
ajfa-4117	130	6	the	the	DET
ajfa-4117	130	7	variables	variable	NOUN
ajfa-4117	130	8	is	be	AUX
ajfa-4117	130	9	provided	provide	VERB
ajfa-4117	130	10	in	in	ADP
ajfa-4117	130	11	table	table	NOUN
ajfa-4117	130	12	1	1	NUM
ajfa-4117	130	13	.	.	PUNCT
ajfa-4117	130	14	,	,	PUNCT
ajfa-4117	131	1	=	=	PUNCT
ajfa-4117	132	1	+	+	PUNCT
ajfa-4117	132	2	,	,	PUNCT
ajfa-4117	132	3	+	+	CCONJ
ajfa-4117	132	4	,	,	PUNCT
ajfa-4117	132	5	+	+	CCONJ
ajfa-4117	132	6	,	,	PUNCT
ajfa-4117	132	7	+	+	CCONJ
ajfa-4117	132	8	,	,	PUNCT
ajfa-4117	132	9	+	+	CCONJ
ajfa-4117	132	10	,	,	PUNCT
ajfa-4117	132	11	(	(	PUNCT
ajfa-4117	132	12	1	1	NUM
ajfa-4117	132	13	)	)	PUNCT
ajfa-4117	132	14	,	,	PUNCT
ajfa-4117	133	1	=	=	PUNCT
ajfa-4117	133	2	+	+	PUNCT
ajfa-4117	133	3	,	,	PUNCT
ajfa-4117	133	4	+	+	CCONJ
ajfa-4117	133	5	,	,	PUNCT
ajfa-4117	133	6	+	+	CCONJ
ajfa-4117	133	7	,	,	PUNCT
ajfa-4117	133	8	+	+	CCONJ
ajfa-4117	133	9	,	,	PUNCT
ajfa-4117	133	10	+	+	CCONJ
ajfa-4117	133	11	,	,	PUNCT
ajfa-4117	133	12	(	(	PUNCT
ajfa-4117	133	13	2	2	NUM
ajfa-4117	133	14	)	)	PUNCT
ajfa-4117	133	15	,	,	PUNCT
ajfa-4117	134	1	=	=	PUNCT
ajfa-4117	134	2	+	+	PUNCT
ajfa-4117	134	3	,	,	PUNCT
ajfa-4117	134	4	+	+	CCONJ
ajfa-4117	134	5	,	,	PUNCT
ajfa-4117	134	6	+	+	CCONJ
ajfa-4117	134	7	,	,	PUNCT
ajfa-4117	134	8	∗	∗	NOUN
ajfa-4117	134	9	,	,	PUNCT
ajfa-4117	134	10	+	+	CCONJ
ajfa-4117	134	11	,	,	PUNCT
ajfa-4117	134	12	+	+	CCONJ
ajfa-4117	134	13	,	,	PUNCT
ajfa-4117	134	14	+	+	CCONJ
ajfa-4117	134	15	,	,	PUNCT
ajfa-4117	134	16	+	+	CCONJ
ajfa-4117	134	17	,	,	PUNCT
ajfa-4117	134	18	(	(	PUNCT
ajfa-4117	134	19	3	3	NUM
ajfa-4117	134	20	)	)	PUNCT
ajfa-4117	134	21	,	,	PUNCT
ajfa-4117	135	1	=	=	PUNCT
ajfa-4117	135	2	+	+	PUNCT
ajfa-4117	135	3	,	,	PUNCT
ajfa-4117	135	4	+	+	CCONJ
ajfa-4117	135	5	,	,	PUNCT
ajfa-4117	135	6	+	+	CCONJ
ajfa-4117	135	7	,	,	PUNCT
ajfa-4117	135	8	∗	∗	NOUN
ajfa-4117	135	9	,	,	PUNCT
ajfa-4117	135	10	+	+	CCONJ
ajfa-4117	135	11	,	,	PUNCT
ajfa-4117	135	12	+	+	CCONJ
ajfa-4117	135	13	,	,	PUNCT
ajfa-4117	135	14	+	+	CCONJ
ajfa-4117	135	15	,	,	PUNCT
ajfa-4117	135	16	+	+	CCONJ
ajfa-4117	135	17	,	,	PUNCT
ajfa-4117	135	18	(	(	PUNCT
ajfa-4117	135	19	4	4	X
ajfa-4117	135	20	)	)	PUNCT
ajfa-4117	135	21	asian	asian	ADJ
ajfa-4117	135	22	journal	journal	NOUN
ajfa-4117	135	23	of	of	ADP
ajfa-4117	135	24	finance	finance	PROPN
ajfa-4117	135	25	&	&	CCONJ
ajfa-4117	135	26	accounting	accounting	PROPN
ajfa-4117	135	27	issn	issn	PROPN
ajfa-4117	135	28	1946	1946	NUM
ajfa-4117	135	29	-	-	PUNCT
ajfa-4117	135	30	052x	052x	NOUN
ajfa-4117	135	31	2013	2013	NUM
ajfa-4117	135	32	,	,	PUNCT
ajfa-4117	135	33	vol	vol	NOUN
ajfa-4117	135	34	.	.	PROPN
ajfa-4117	135	35	5	5	NUM
ajfa-4117	135	36	,	,	PUNCT
ajfa-4117	135	37	no	no	INTJ
ajfa-4117	135	38	.	.	NOUN
ajfa-4117	135	39	2	2	NUM
ajfa-4117	135	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	135	41	107	107	NUM
ajfa-4117	135	42	3.3	3.3	NUM
ajfa-4117	135	43	variables	variable	NOUN
ajfa-4117	135	44	definitions	definition	NOUN
ajfa-4117	135	45	and	and	CCONJ
ajfa-4117	135	46	measurement	measurement	NOUN
ajfa-4117	135	47	3.3.1	3.3.1	NUM
ajfa-4117	135	48	investment	investment	NOUN
ajfa-4117	135	49	variables	variable	NOUN
ajfa-4117	135	50	in	in	ADP
ajfa-4117	135	51	this	this	DET
ajfa-4117	135	52	paper	paper	NOUN
ajfa-4117	135	53	,	,	PUNCT
ajfa-4117	135	54	the	the	DET
ajfa-4117	135	55	dependent	dependent	ADJ
ajfa-4117	135	56	variables	variable	NOUN
ajfa-4117	135	57	include	include	VERB
ajfa-4117	135	58	new	new	ADJ
ajfa-4117	135	59	investment	investment	NOUN
ajfa-4117	135	60	(	(	PUNCT
ajfa-4117	135	61	invest	invest	VERB
ajfa-4117	135	62	)	)	PUNCT
ajfa-4117	135	63	and	and	CCONJ
ajfa-4117	135	64	over	over	ADP
ajfa-4117	135	65	-	-	PUNCT
ajfa-4117	135	66	investment	investment	NOUN
ajfa-4117	135	67	(	(	PUNCT
ajfa-4117	135	68	overinvest	overinv	ADJ
ajfa-4117	135	69	)	)	PUNCT
ajfa-4117	135	70	.	.	PUNCT
ajfa-4117	136	1	according	accord	VERB
ajfa-4117	136	2	to	to	ADP
ajfa-4117	136	3	richardson	richardson	PROPN
ajfa-4117	136	4	(	(	PUNCT
ajfa-4117	136	5	2006	2006	NUM
ajfa-4117	136	6	)	)	PUNCT
ajfa-4117	136	7	and	and	CCONJ
ajfa-4117	136	8	strong	strong	ADJ
ajfa-4117	136	9	and	and	CCONJ
ajfa-4117	136	10	meyer	meyer	PROPN
ajfa-4117	136	11	(	(	PUNCT
ajfa-4117	136	12	1990	1990	NUM
ajfa-4117	136	13	)	)	PUNCT
ajfa-4117	136	14	,	,	PUNCT
ajfa-4117	136	15	total	total	ADJ
ajfa-4117	136	16	investment	investment	NOUN
ajfa-4117	136	17	expenditure	expenditure	NOUN
ajfa-4117	136	18	is	be	AUX
ajfa-4117	136	19	the	the	DET
ajfa-4117	136	20	sum	sum	NOUN
ajfa-4117	136	21	of	of	ADP
ajfa-4117	136	22	all	all	DET
ajfa-4117	136	23	outlays	outlay	NOUN
ajfa-4117	136	24	on	on	ADP
ajfa-4117	136	25	capital	capital	NOUN
ajfa-4117	136	26	expenditure	expenditure	NOUN
ajfa-4117	136	27	,	,	PUNCT
ajfa-4117	136	28	acquisitions	acquisition	NOUN
ajfa-4117	136	29	,	,	PUNCT
ajfa-4117	136	30	and	and	CCONJ
ajfa-4117	136	31	research	research	NOUN
ajfa-4117	136	32	and	and	CCONJ
ajfa-4117	136	33	development	development	NOUN
ajfa-4117	136	34	less	less	ADJ
ajfa-4117	136	35	receipts	receipt	NOUN
ajfa-4117	136	36	from	from	ADP
ajfa-4117	136	37	the	the	DET
ajfa-4117	136	38	sale	sale	NOUN
ajfa-4117	136	39	of	of	ADP
ajfa-4117	136	40	property	property	NOUN
ajfa-4117	136	41	,	,	PUNCT
ajfa-4117	136	42	plant	plant	NOUN
ajfa-4117	136	43	,	,	PUNCT
ajfa-4117	136	44	and	and	CCONJ
ajfa-4117	136	45	equipment	equipment	NOUN
ajfa-4117	136	46	.	.	PUNCT
ajfa-4117	137	1	total	total	ADJ
ajfa-4117	137	2	investment	investment	NOUN
ajfa-4117	137	3	expenditure	expenditure	NOUN
ajfa-4117	137	4	can	can	AUX
ajfa-4117	137	5	be	be	AUX
ajfa-4117	137	6	broken	break	VERB
ajfa-4117	137	7	down	down	ADP
ajfa-4117	137	8	into	into	ADP
ajfa-4117	137	9	required	require	VERB
ajfa-4117	137	10	investment	investment	NOUN
ajfa-4117	137	11	expenditure	expenditure	NOUN
ajfa-4117	137	12	to	to	PART
ajfa-4117	137	13	maintain	maintain	VERB
ajfa-4117	137	14	assets	asset	NOUN
ajfa-4117	137	15	in	in	ADP
ajfa-4117	137	16	place	place	NOUN
ajfa-4117	137	17	(	(	PUNCT
ajfa-4117	137	18	for	for	ADP
ajfa-4117	137	19	which	which	PRON
ajfa-4117	137	20	amortization	amortization	NOUN
ajfa-4117	137	21	and	and	CCONJ
ajfa-4117	137	22	depreciation	depreciation	NOUN
ajfa-4117	137	23	can	can	AUX
ajfa-4117	137	24	be	be	AUX
ajfa-4117	137	25	used	use	VERB
ajfa-4117	137	26	as	as	ADP
ajfa-4117	137	27	the	the	DET
ajfa-4117	137	28	proxy	proxy	NOUN
ajfa-4117	137	29	)	)	PUNCT
ajfa-4117	137	30	and	and	CCONJ
ajfa-4117	137	31	investment	investment	NOUN
ajfa-4117	137	32	expenditure	expenditure	NOUN
ajfa-4117	137	33	on	on	ADP
ajfa-4117	137	34	new	new	ADJ
ajfa-4117	137	35	projects	project	NOUN
ajfa-4117	137	36	.	.	PUNCT
ajfa-4117	138	1	hence	hence	ADV
ajfa-4117	138	2	,	,	PUNCT
ajfa-4117	138	3	new	new	ADJ
ajfa-4117	138	4	investment	investment	NOUN
ajfa-4117	138	5	(	(	PUNCT
ajfa-4117	138	6	invest	invest	VERB
ajfa-4117	138	7	)	)	PUNCT
ajfa-4117	138	8	is	be	AUX
ajfa-4117	138	9	total	total	ADJ
ajfa-4117	138	10	investment	investment	NOUN
ajfa-4117	138	11	expenditure	expenditure	NOUN
ajfa-4117	138	12	minus	minus	CCONJ
ajfa-4117	138	13	amortization	amortization	NOUN
ajfa-4117	138	14	and	and	CCONJ
ajfa-4117	138	15	depreciation	depreciation	NOUN
ajfa-4117	138	16	expense	expense	NOUN
ajfa-4117	138	17	.	.	PUNCT
ajfa-4117	139	1	to	to	PART
ajfa-4117	139	2	estimate	estimate	VERB
ajfa-4117	139	3	the	the	DET
ajfa-4117	139	4	amount	amount	NOUN
ajfa-4117	139	5	of	of	ADP
ajfa-4117	139	6	over	over	ADP
ajfa-4117	139	7	-	-	PUNCT
ajfa-4117	139	8	investment	investment	NOUN
ajfa-4117	139	9	,	,	PUNCT
ajfa-4117	139	10	this	this	DET
ajfa-4117	139	11	paper	paper	NOUN
ajfa-4117	139	12	employs	employ	VERB
ajfa-4117	139	13	the	the	DET
ajfa-4117	139	14	method	method	NOUN
ajfa-4117	139	15	introduced	introduce	VERB
ajfa-4117	139	16	by	by	ADP
ajfa-4117	139	17	richardson	richardson	PROPN
ajfa-4117	139	18	(	(	PUNCT
ajfa-4117	139	19	2006	2006	NUM
ajfa-4117	139	20	)	)	PUNCT
ajfa-4117	139	21	.	.	PUNCT
ajfa-4117	140	1	the	the	DET
ajfa-4117	140	2	expected	expect	VERB
ajfa-4117	140	3	level	level	NOUN
ajfa-4117	140	4	of	of	ADP
ajfa-4117	140	5	new	new	ADJ
ajfa-4117	140	6	investment	investment	NOUN
ajfa-4117	140	7	is	be	AUX
ajfa-4117	140	8	estimated	estimate	VERB
ajfa-4117	140	9	using	use	VERB
ajfa-4117	140	10	equation	equation	NOUN
ajfa-4117	140	11	(	(	PUNCT
ajfa-4117	140	12	5	5	NUM
ajfa-4117	140	13	)	)	PUNCT
ajfa-4117	140	14	.	.	PUNCT
ajfa-4117	141	1	the	the	DET
ajfa-4117	141	2	fitted	fit	VERB
ajfa-4117	141	3	value	value	NOUN
ajfa-4117	141	4	from	from	ADP
ajfa-4117	141	5	the	the	DET
ajfa-4117	141	6	regression	regression	NOUN
ajfa-4117	141	7	is	be	AUX
ajfa-4117	141	8	the	the	DET
ajfa-4117	141	9	estimate	estimate	NOUN
ajfa-4117	141	10	of	of	ADP
ajfa-4117	141	11	the	the	DET
ajfa-4117	141	12	expected	expect	VERB
ajfa-4117	141	13	level	level	NOUN
ajfa-4117	141	14	of	of	ADP
ajfa-4117	141	15	new	new	ADJ
ajfa-4117	141	16	investment	investment	NOUN
ajfa-4117	141	17	.	.	PUNCT
ajfa-4117	142	1	and	and	CCONJ
ajfa-4117	142	2	the	the	DET
ajfa-4117	142	3	residual	residual	ADJ
ajfa-4117	142	4	from	from	ADP
ajfa-4117	142	5	the	the	DET
ajfa-4117	142	6	regression	regression	NOUN
ajfa-4117	142	7	is	be	AUX
ajfa-4117	142	8	the	the	DET
ajfa-4117	142	9	estimate	estimate	NOUN
ajfa-4117	142	10	of	of	ADP
ajfa-4117	142	11	over	over	ADP
ajfa-4117	142	12	-	-	PUNCT
ajfa-4117	142	13	investment	investment	NOUN
ajfa-4117	142	14	.	.	PUNCT
ajfa-4117	143	1	the	the	DET
ajfa-4117	143	2	residual	residual	ADJ
ajfa-4117	143	3	can	can	AUX
ajfa-4117	143	4	be	be	AUX
ajfa-4117	143	5	negative	negative	ADJ
ajfa-4117	143	6	or	or	CCONJ
ajfa-4117	143	7	positive	positive	ADJ
ajfa-4117	143	8	.	.	PUNCT
ajfa-4117	144	1	positive	positive	ADJ
ajfa-4117	144	2	(	(	PUNCT
ajfa-4117	144	3	negative	negative	ADJ
ajfa-4117	144	4	)	)	PUNCT
ajfa-4117	144	5	values	value	NOUN
ajfa-4117	144	6	denote	denote	VERB
ajfa-4117	144	7	over	over	ADP
ajfa-4117	144	8	-	-	PUNCT
ajfa-4117	144	9	investment	investment	NOUN
ajfa-4117	144	10	(	(	PUNCT
ajfa-4117	144	11	under	under	NOUN
ajfa-4117	144	12	-	-	PUNCT
ajfa-4117	144	13	investment	investment	NOUN
ajfa-4117	144	14	)	)	PUNCT
ajfa-4117	144	15	.	.	PUNCT
ajfa-4117	145	1	,	,	PUNCT
ajfa-4117	146	1	=	=	PUNCT
ajfa-4117	147	1	+	+	PUNCT
ajfa-4117	147	2	,	,	PUNCT
ajfa-4117	147	3	+	+	CCONJ
ajfa-4117	147	4	,	,	PUNCT
ajfa-4117	147	5	+	+	CCONJ
ajfa-4117	147	6	,	,	PUNCT
ajfa-4117	147	7	+	+	CCONJ
ajfa-4117	147	8	(	(	PUNCT
ajfa-4117	147	9	)	)	PUNCT
ajfa-4117	147	10	,	,	PUNCT
ajfa-4117	147	11	+	+	CCONJ
ajfa-4117	147	12	(	(	PUNCT
ajfa-4117	147	13	)	)	PUNCT
ajfa-4117	147	14	,	,	PUNCT
ajfa-4117	147	15	+	+	CCONJ
ajfa-4117	147	16	,	,	PUNCT
ajfa-4117	147	17	+	+	CCONJ
ajfa-4117	147	18	,	,	PUNCT
ajfa-4117	147	19	+	+	ADJ
ajfa-4117	147	20	∑	∑	PROPN
ajfa-4117	147	21	c	c	NOUN
ajfa-4117	147	22	+	+	NOUN
ajfa-4117	147	23	∑	∑	PROPN
ajfa-4117	147	24	+	+	CCONJ
ajfa-4117	147	25	,	,	PUNCT
ajfa-4117	147	26	(	(	PUNCT
ajfa-4117	147	27	5	5	NUM
ajfa-4117	147	28	)	)	PUNCT
ajfa-4117	147	29	3.3.2	3.3.2	NUM
ajfa-4117	147	30	investor	investor	NOUN
ajfa-4117	147	31	sentiment	sentiment	NOUN
ajfa-4117	147	32	variables	variable	VERB
ajfa-4117	147	33	to	to	PART
ajfa-4117	147	34	examine	examine	VERB
ajfa-4117	147	35	whether	whether	SCONJ
ajfa-4117	147	36	an	an	DET
ajfa-4117	147	37	individual	individual	ADJ
ajfa-4117	147	38	firm	firm	NOUN
ajfa-4117	147	39	’s	’s	PART
ajfa-4117	147	40	investment	investment	NOUN
ajfa-4117	147	41	decisions	decision	NOUN
ajfa-4117	147	42	are	be	AUX
ajfa-4117	147	43	affected	affect	VERB
ajfa-4117	147	44	by	by	ADP
ajfa-4117	147	45	investor	investor	NOUN
ajfa-4117	147	46	sentiment	sentiment	NOUN
ajfa-4117	147	47	,	,	PUNCT
ajfa-4117	147	48	we	we	PRON
ajfa-4117	147	49	need	need	VERB
ajfa-4117	147	50	to	to	PART
ajfa-4117	147	51	capture	capture	VERB
ajfa-4117	147	52	firm	firm	ADJ
ajfa-4117	147	53	-	-	PUNCT
ajfa-4117	147	54	specific	specific	ADJ
ajfa-4117	147	55	investor	investor	NOUN
ajfa-4117	147	56	sentiment	sentiment	NOUN
ajfa-4117	147	57	.	.	PUNCT
ajfa-4117	148	1	based	base	VERB
ajfa-4117	148	2	on	on	ADP
ajfa-4117	148	3	the	the	DET
ajfa-4117	148	4	methodology	methodology	NOUN
ajfa-4117	148	5	of	of	ADP
ajfa-4117	148	6	previous	previous	ADJ
ajfa-4117	148	7	research	research	NOUN
ajfa-4117	148	8	(	(	PUNCT
ajfa-4117	148	9	e.g.	e.g.	ADV
ajfa-4117	148	10	,	,	PUNCT
ajfa-4117	148	11	baker	baker	PROPN
ajfa-4117	148	12	&	&	CCONJ
ajfa-4117	148	13	wurgler	wurgler	PROPN
ajfa-4117	148	14	,	,	PUNCT
ajfa-4117	148	15	2006	2006	NUM
ajfa-4117	148	16	;	;	PUNCT
ajfa-4117	148	17	polk	polk	PROPN
ajfa-4117	148	18	&	&	CCONJ
ajfa-4117	148	19	sapienza	sapienza	PROPN
ajfa-4117	148	20	,	,	PUNCT
ajfa-4117	148	21	2009	2009	NUM
ajfa-4117	148	22	)	)	PUNCT
ajfa-4117	148	23	,	,	PUNCT
ajfa-4117	148	24	this	this	DET
ajfa-4117	148	25	paper	paper	NOUN
ajfa-4117	148	26	uses	use	VERB
ajfa-4117	148	27	individual	individual	ADJ
ajfa-4117	148	28	stock	stock	NOUN
ajfa-4117	148	29	turnover	turnover	NOUN
ajfa-4117	148	30	(	(	PUNCT
ajfa-4117	148	31	turn	turn	NOUN
ajfa-4117	148	32	)	)	PUNCT
ajfa-4117	148	33	and	and	CCONJ
ajfa-4117	148	34	discretionary	discretionary	ADJ
ajfa-4117	148	35	accruals	accrual	NOUN
ajfa-4117	148	36	(	(	PUNCT
ajfa-4117	148	37	daccr	daccr	NOUN
ajfa-4117	148	38	)	)	PUNCT
ajfa-4117	148	39	as	as	ADP
ajfa-4117	148	40	proxies	proxy	NOUN
ajfa-4117	148	41	of	of	ADP
ajfa-4117	148	42	investor	investor	NOUN
ajfa-4117	148	43	sentiment	sentiment	NOUN
ajfa-4117	148	44	at	at	ADP
ajfa-4117	148	45	the	the	DET
ajfa-4117	148	46	firm	firm	ADJ
ajfa-4117	148	47	level	level	NOUN
ajfa-4117	148	48	.	.	PUNCT
ajfa-4117	149	1	in	in	ADP
ajfa-4117	149	2	addition	addition	NOUN
ajfa-4117	149	3	,	,	PUNCT
ajfa-4117	149	4	number	number	NOUN
ajfa-4117	149	5	of	of	ADP
ajfa-4117	149	6	ipos	ipos	NOUN
ajfa-4117	149	7	(	(	PUNCT
ajfa-4117	149	8	nipo	nipo	NOUN
ajfa-4117	149	9	)	)	PUNCT
ajfa-4117	149	10	and	and	CCONJ
ajfa-4117	149	11	consumer	consumer	NOUN
ajfa-4117	149	12	confidence	confidence	NOUN
ajfa-4117	149	13	index	index	NOUN
ajfa-4117	149	14	(	(	PUNCT
ajfa-4117	149	15	cci	cci	PROPN
ajfa-4117	149	16	)	)	PUNCT
ajfa-4117	149	17	are	be	AUX
ajfa-4117	149	18	used	use	VERB
ajfa-4117	149	19	as	as	ADP
ajfa-4117	149	20	proxies	proxy	NOUN
ajfa-4117	149	21	for	for	ADP
ajfa-4117	149	22	investor	investor	NOUN
ajfa-4117	149	23	sentiment	sentiment	NOUN
ajfa-4117	149	24	at	at	ADP
ajfa-4117	149	25	the	the	DET
ajfa-4117	149	26	market	market	NOUN
ajfa-4117	149	27	level	level	NOUN
ajfa-4117	149	28	.	.	PUNCT
ajfa-4117	150	1	each	each	DET
ajfa-4117	150	2	investor	investor	NOUN
ajfa-4117	150	3	sentiment	sentiment	NOUN
ajfa-4117	150	4	proxy	proxy	NOUN
ajfa-4117	150	5	is	be	AUX
ajfa-4117	150	6	likely	likely	ADJ
ajfa-4117	150	7	to	to	PART
ajfa-4117	150	8	include	include	VERB
ajfa-4117	150	9	a	a	DET
ajfa-4117	150	10	sentiment	sentiment	NOUN
ajfa-4117	150	11	component	component	NOUN
ajfa-4117	150	12	as	as	ADV
ajfa-4117	150	13	well	well	ADV
ajfa-4117	150	14	as	as	ADP
ajfa-4117	150	15	some	some	DET
ajfa-4117	150	16	idiosyncratic	idiosyncratic	ADJ
ajfa-4117	150	17	,	,	PUNCT
ajfa-4117	150	18	non	non	ADJ
ajfa-4117	150	19	-	-	ADJ
ajfa-4117	150	20	sentiment	sentiment	ADJ
ajfa-4117	150	21	-	-	PUNCT
ajfa-4117	150	22	related	relate	VERB
ajfa-4117	150	23	components	component	NOUN
ajfa-4117	150	24	.	.	PUNCT
ajfa-4117	151	1	following	follow	VERB
ajfa-4117	151	2	baker	baker	PROPN
ajfa-4117	151	3	and	and	CCONJ
ajfa-4117	151	4	wurgler	wurgler	PROPN
ajfa-4117	151	5	(	(	PUNCT
ajfa-4117	151	6	2006	2006	NUM
ajfa-4117	151	7	)	)	PUNCT
ajfa-4117	151	8	,	,	PUNCT
ajfa-4117	151	9	this	this	DET
ajfa-4117	151	10	paper	paper	NOUN
ajfa-4117	151	11	performs	perform	VERB
ajfa-4117	151	12	principal	principal	ADJ
ajfa-4117	151	13	component	component	NOUN
ajfa-4117	151	14	analysis	analysis	NOUN
ajfa-4117	151	15	to	to	PART
ajfa-4117	151	16	isolate	isolate	VERB
ajfa-4117	151	17	the	the	DET
ajfa-4117	151	18	common	common	ADJ
ajfa-4117	151	19	components	component	NOUN
ajfa-4117	151	20	.	.	PUNCT
ajfa-4117	152	1	the	the	DET
ajfa-4117	152	2	development	development	NOUN
ajfa-4117	152	3	of	of	ADP
ajfa-4117	152	4	each	each	DET
ajfa-4117	152	5	proxy	proxy	ADJ
ajfa-4117	152	6	variable	variable	NOUN
ajfa-4117	152	7	for	for	ADP
ajfa-4117	152	8	investor	investor	NOUN
ajfa-4117	152	9	sentiment	sentiment	NOUN
ajfa-4117	152	10	and	and	CCONJ
ajfa-4117	152	11	how	how	SCONJ
ajfa-4117	152	12	we	we	PRON
ajfa-4117	152	13	build	build	VERB
ajfa-4117	152	14	a	a	DET
ajfa-4117	152	15	composite	composite	ADJ
ajfa-4117	152	16	index	index	NOUN
ajfa-4117	152	17	of	of	ADP
ajfa-4117	152	18	investor	investor	NOUN
ajfa-4117	152	19	sentiment	sentiment	NOUN
ajfa-4117	152	20	(	(	PUNCT
ajfa-4117	152	21	senti	senti	X
ajfa-4117	152	22	)	)	PUNCT
ajfa-4117	152	23	is	be	AUX
ajfa-4117	152	24	explained	explain	VERB
ajfa-4117	152	25	as	as	SCONJ
ajfa-4117	152	26	follows	follow	VERB
ajfa-4117	152	27	.	.	PUNCT
ajfa-4117	153	1	in	in	ADP
ajfa-4117	153	2	this	this	DET
ajfa-4117	153	3	paper	paper	NOUN
ajfa-4117	153	4	,	,	PUNCT
ajfa-4117	153	5	we	we	PRON
ajfa-4117	153	6	use	use	VERB
ajfa-4117	153	7	four	four	NUM
ajfa-4117	153	8	proxy	proxy	ADJ
ajfa-4117	153	9	variables	variable	NOUN
ajfa-4117	153	10	of	of	ADP
ajfa-4117	153	11	investor	investor	NOUN
ajfa-4117	153	12	sentiment	sentiment	NOUN
ajfa-4117	153	13	,	,	PUNCT
ajfa-4117	153	14	including	include	VERB
ajfa-4117	153	15	turn	turn	NOUN
ajfa-4117	153	16	,	,	PUNCT
ajfa-4117	153	17	daccr	daccr	NOUN
ajfa-4117	153	18	,	,	PUNCT
ajfa-4117	153	19	nipo	nipo	NOUN
ajfa-4117	153	20	,	,	PUNCT
ajfa-4117	153	21	and	and	CCONJ
ajfa-4117	153	22	cci	cci	PROPN
ajfa-4117	153	23	.	.	PUNCT
ajfa-4117	154	1	first	first	ADV
ajfa-4117	154	2	of	of	ADP
ajfa-4117	154	3	all	all	PRON
ajfa-4117	154	4	,	,	PUNCT
ajfa-4117	154	5	we	we	PRON
ajfa-4117	154	6	estimate	estimate	VERB
ajfa-4117	154	7	the	the	DET
ajfa-4117	154	8	first	first	ADJ
ajfa-4117	154	9	principal	principal	ADJ
ajfa-4117	154	10	component	component	NOUN
ajfa-4117	154	11	of	of	ADP
ajfa-4117	154	12	the	the	DET
ajfa-4117	154	13	four	four	NUM
ajfa-4117	154	14	proxies	proxy	NOUN
ajfa-4117	154	15	and	and	CCONJ
ajfa-4117	154	16	their	their	PRON
ajfa-4117	154	17	lags	lag	NOUN
ajfa-4117	154	18	.	.	PUNCT
ajfa-4117	155	1	this	this	PRON
ajfa-4117	155	2	gives	give	VERB
ajfa-4117	155	3	us	we	PRON
ajfa-4117	155	4	a	a	DET
ajfa-4117	155	5	first	first	ADJ
ajfa-4117	155	6	-	-	PUNCT
ajfa-4117	155	7	stage	stage	NOUN
ajfa-4117	155	8	index	index	NOUN
ajfa-4117	155	9	with	with	ADP
ajfa-4117	155	10	eight	eight	NUM
ajfa-4117	155	11	loadings	loading	NOUN
ajfa-4117	155	12	,	,	PUNCT
ajfa-4117	155	13	one	one	NUM
ajfa-4117	155	14	for	for	ADP
ajfa-4117	155	15	each	each	PRON
ajfa-4117	155	16	of	of	ADP
ajfa-4117	155	17	the	the	DET
ajfa-4117	155	18	current	current	ADJ
ajfa-4117	155	19	and	and	CCONJ
ajfa-4117	155	20	lagged	lag	VERB
ajfa-4117	155	21	proxies	proxy	NOUN
ajfa-4117	155	22	.	.	PUNCT
ajfa-4117	156	1	we	we	PRON
ajfa-4117	156	2	then	then	ADV
ajfa-4117	156	3	compute	compute	VERB
ajfa-4117	156	4	the	the	DET
ajfa-4117	156	5	correlation	correlation	NOUN
ajfa-4117	156	6	between	between	ADP
ajfa-4117	156	7	the	the	DET
ajfa-4117	156	8	first	first	ADJ
ajfa-4117	156	9	-	-	PUNCT
ajfa-4117	156	10	stage	stage	NOUN
ajfa-4117	156	11	index	index	NOUN
ajfa-4117	156	12	and	and	CCONJ
ajfa-4117	156	13	the	the	DET
ajfa-4117	156	14	current	current	ADJ
ajfa-4117	156	15	and	and	CCONJ
ajfa-4117	156	16	lagged	lag	VERB
ajfa-4117	156	17	values	value	NOUN
ajfa-4117	156	18	of	of	ADP
ajfa-4117	156	19	each	each	PRON
ajfa-4117	156	20	of	of	ADP
ajfa-4117	156	21	the	the	DET
ajfa-4117	156	22	proxies	proxy	NOUN
ajfa-4117	156	23	.	.	PUNCT
ajfa-4117	157	1	finally	finally	ADV
ajfa-4117	157	2	,	,	PUNCT
ajfa-4117	157	3	we	we	PRON
ajfa-4117	157	4	define	define	VERB
ajfa-4117	157	5	senti	sent	NOUN
ajfa-4117	157	6	as	as	ADP
ajfa-4117	157	7	the	the	DET
ajfa-4117	157	8	first	first	ADJ
ajfa-4117	157	9	principal	principal	ADJ
ajfa-4117	157	10	component	component	NOUN
ajfa-4117	157	11	of	of	ADP
ajfa-4117	157	12	the	the	DET
ajfa-4117	157	13	correlation	correlation	NOUN
ajfa-4117	157	14	matrix	matrix	NOUN
ajfa-4117	157	15	of	of	ADP
ajfa-4117	157	16	four	four	NUM
ajfa-4117	157	17	variables	variable	NOUN
ajfa-4117	157	18	—	—	PUNCT
ajfa-4117	157	19	each	each	DET
ajfa-4117	157	20	respective	respective	ADJ
ajfa-4117	157	21	proxy	proxy	NOUN
ajfa-4117	157	22	’s	’s	PART
ajfa-4117	157	23	lead	lead	NOUN
ajfa-4117	157	24	or	or	CCONJ
ajfa-4117	157	25	lag	lag	NOUN
ajfa-4117	157	26	,	,	PUNCT
ajfa-4117	157	27	whichever	whichever	PRON
ajfa-4117	157	28	has	have	VERB
ajfa-4117	157	29	the	the	DET
ajfa-4117	157	30	higher	high	ADJ
ajfa-4117	157	31	correlation	correlation	NOUN
ajfa-4117	157	32	with	with	ADP
ajfa-4117	157	33	the	the	DET
ajfa-4117	157	34	first	first	ADJ
ajfa-4117	157	35	-	-	PUNCT
ajfa-4117	157	36	stage	stage	NOUN
ajfa-4117	157	37	index	index	NOUN
ajfa-4117	157	38	.	.	PUNCT
ajfa-4117	158	1	this	this	DET
ajfa-4117	158	2	procedure	procedure	NOUN
ajfa-4117	158	3	produces	produce	VERB
ajfa-4117	158	4	a	a	DET
ajfa-4117	158	5	composite	composite	ADJ
ajfa-4117	158	6	index	index	NOUN
ajfa-4117	158	7	of	of	ADP
ajfa-4117	158	8	investor	investor	NOUN
ajfa-4117	158	9	sentiment	sentiment	NOUN
ajfa-4117	158	10	as	as	SCONJ
ajfa-4117	158	11	follows	follow	VERB
ajfa-4117	158	12	.	.	PUNCT
ajfa-4117	159	1	the	the	DET
ajfa-4117	159	2	first	first	ADJ
ajfa-4117	159	3	principal	principal	ADJ
ajfa-4117	159	4	component	component	NOUN
ajfa-4117	159	5	explains	explain	VERB
ajfa-4117	159	6	43.94	43.94	NUM
ajfa-4117	159	7	%	%	NOUN
ajfa-4117	159	8	of	of	ADP
ajfa-4117	159	9	the	the	DET
ajfa-4117	159	10	sample	sample	NOUN
ajfa-4117	159	11	variance	variance	NOUN
ajfa-4117	159	12	.	.	PUNCT
ajfa-4117	160	1	asian	asian	ADJ
ajfa-4117	160	2	journal	journal	PROPN
ajfa-4117	160	3	of	of	ADP
ajfa-4117	160	4	finance	finance	PROPN
ajfa-4117	160	5	&	&	CCONJ
ajfa-4117	160	6	accounting	accounting	PROPN
ajfa-4117	160	7	issn	issn	PROPN
ajfa-4117	160	8	1946	1946	NUM
ajfa-4117	160	9	-	-	PUNCT
ajfa-4117	160	10	052x	052x	NOUN
ajfa-4117	160	11	2013	2013	NUM
ajfa-4117	160	12	,	,	PUNCT
ajfa-4117	160	13	vol	vol	NOUN
ajfa-4117	160	14	.	.	PROPN
ajfa-4117	160	15	5	5	NUM
ajfa-4117	160	16	,	,	PUNCT
ajfa-4117	160	17	no	no	INTJ
ajfa-4117	160	18	.	.	NOUN
ajfa-4117	160	19	2	2	NUM
ajfa-4117	160	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	160	21	108	108	NUM
ajfa-4117	160	22	senti	sent	NOUN
ajfa-4117	160	23	t=0.7057	t=0.7057	ADV
ajfa-4117	160	24	nipot-1	nipot-1	NUM
ajfa-4117	160	25	+	+	NOUN
ajfa-4117	160	26	0.0674	0.0674	NUM
ajfa-4117	160	27	daccr	daccr	NOUN
ajfa-4117	160	28	t-1	t-1	PROPN
ajfa-4117	160	29	+	+	NOUN
ajfa-4117	160	30	0.0400	0.0400	NUM
ajfa-4117	160	31	turn	turn	NOUN
ajfa-4117	160	32	t-1	t-1	PROPN
ajfa-4117	160	33	+	+	PROPN
ajfa-4117	161	1	0.7041	0.7041	NUM
ajfa-4117	161	2	cci	cci	PROPN
ajfa-4117	161	3	t-1	t-1	PROPN
ajfa-4117	161	4	stock	stock	NOUN
ajfa-4117	161	5	turnover	turnover	NOUN
ajfa-4117	161	6	(	(	PUNCT
ajfa-4117	161	7	turn	turn	NOUN
ajfa-4117	161	8	)	)	PUNCT
ajfa-4117	161	9	.	.	PUNCT
ajfa-4117	162	1	baker	baker	PROPN
ajfa-4117	162	2	and	and	CCONJ
ajfa-4117	162	3	stein	stein	PROPN
ajfa-4117	162	4	(	(	PUNCT
ajfa-4117	162	5	2004	2004	NUM
ajfa-4117	162	6	)	)	PUNCT
ajfa-4117	162	7	indicate	indicate	VERB
ajfa-4117	162	8	that	that	SCONJ
ajfa-4117	162	9	turnover	turnover	NOUN
ajfa-4117	162	10	can	can	AUX
ajfa-4117	162	11	serve	serve	VERB
ajfa-4117	162	12	as	as	ADP
ajfa-4117	162	13	a	a	DET
ajfa-4117	162	14	proxy	proxy	NOUN
ajfa-4117	162	15	for	for	ADP
ajfa-4117	162	16	investor	investor	NOUN
ajfa-4117	162	17	sentiment	sentiment	NOUN
ajfa-4117	162	18	.	.	PUNCT
ajfa-4117	163	1	when	when	SCONJ
ajfa-4117	163	2	irrational	irrational	ADJ
ajfa-4117	163	3	investors	investor	NOUN
ajfa-4117	163	4	are	be	AUX
ajfa-4117	163	5	optimistic	optimistic	ADJ
ajfa-4117	163	6	,	,	PUNCT
ajfa-4117	163	7	they	they	PRON
ajfa-4117	163	8	participate	participate	VERB
ajfa-4117	163	9	in	in	ADP
ajfa-4117	163	10	the	the	DET
ajfa-4117	163	11	market	market	NOUN
ajfa-4117	163	12	and	and	CCONJ
ajfa-4117	163	13	thus	thus	ADV
ajfa-4117	163	14	increase	increase	VERB
ajfa-4117	163	15	the	the	DET
ajfa-4117	163	16	turnover	turnover	NOUN
ajfa-4117	163	17	.	.	PUNCT
ajfa-4117	164	1	following	follow	VERB
ajfa-4117	164	2	this	this	DET
ajfa-4117	164	3	idea	idea	NOUN
ajfa-4117	164	4	,	,	PUNCT
ajfa-4117	164	5	baker	baker	PROPN
ajfa-4117	164	6	and	and	CCONJ
ajfa-4117	164	7	wurgler	wurgler	PROPN
ajfa-4117	164	8	(	(	PUNCT
ajfa-4117	164	9	2006	2006	NUM
ajfa-4117	164	10	)	)	PUNCT
ajfa-4117	164	11	include	include	VERB
ajfa-4117	164	12	the	the	DET
ajfa-4117	164	13	market	market	NOUN
ajfa-4117	164	14	turnover	turnover	NOUN
ajfa-4117	164	15	variable	variable	NOUN
ajfa-4117	164	16	in	in	ADP
ajfa-4117	164	17	their	their	PRON
ajfa-4117	164	18	composite	composite	ADJ
ajfa-4117	164	19	sentiment	sentiment	NOUN
ajfa-4117	164	20	index	index	NOUN
ajfa-4117	164	21	to	to	PART
ajfa-4117	164	22	test	test	VERB
ajfa-4117	164	23	the	the	DET
ajfa-4117	164	24	relationship	relationship	NOUN
ajfa-4117	164	25	between	between	ADP
ajfa-4117	164	26	investor	investor	NOUN
ajfa-4117	164	27	sentiment	sentiment	NOUN
ajfa-4117	164	28	and	and	CCONJ
ajfa-4117	164	29	the	the	DET
ajfa-4117	164	30	cross	cross	NOUN
ajfa-4117	164	31	-	-	NOUN
ajfa-4117	164	32	section	section	NOUN
ajfa-4117	164	33	of	of	ADP
ajfa-4117	164	34	stock	stock	NOUN
ajfa-4117	164	35	returns	return	NOUN
ajfa-4117	164	36	.	.	PUNCT
ajfa-4117	165	1	in	in	ADP
ajfa-4117	165	2	this	this	DET
ajfa-4117	165	3	paper	paper	NOUN
ajfa-4117	165	4	,	,	PUNCT
ajfa-4117	165	5	we	we	PRON
ajfa-4117	165	6	use	use	VERB
ajfa-4117	165	7	stock	stock	NOUN
ajfa-4117	165	8	turnover	turnover	NOUN
ajfa-4117	165	9	as	as	ADP
ajfa-4117	165	10	a	a	DET
ajfa-4117	165	11	proxy	proxy	NOUN
ajfa-4117	165	12	for	for	ADP
ajfa-4117	165	13	the	the	DET
ajfa-4117	165	14	sentiment	sentiment	NOUN
ajfa-4117	165	15	of	of	ADP
ajfa-4117	165	16	irrational	irrational	ADJ
ajfa-4117	165	17	investors	investor	NOUN
ajfa-4117	165	18	.	.	PUNCT
ajfa-4117	166	1	high	high	ADJ
ajfa-4117	166	2	turnover	turnover	NOUN
ajfa-4117	166	3	denotes	denote	NOUN
ajfa-4117	166	4	that	that	SCONJ
ajfa-4117	166	5	investors	investor	NOUN
ajfa-4117	166	6	are	be	AUX
ajfa-4117	166	7	optimistic	optimistic	ADJ
ajfa-4117	166	8	about	about	ADP
ajfa-4117	166	9	the	the	DET
ajfa-4117	166	10	firm	firm	NOUN
ajfa-4117	166	11	,	,	PUNCT
ajfa-4117	166	12	and	and	CCONJ
ajfa-4117	166	13	low	low	ADJ
ajfa-4117	166	14	turnover	turnover	NOUN
ajfa-4117	166	15	denotes	denote	NOUN
ajfa-4117	166	16	that	that	SCONJ
ajfa-4117	166	17	investors	investor	NOUN
ajfa-4117	166	18	are	be	AUX
ajfa-4117	166	19	pessimistic	pessimistic	ADJ
ajfa-4117	166	20	about	about	ADP
ajfa-4117	166	21	the	the	DET
ajfa-4117	166	22	firm	firm	NOUN
ajfa-4117	166	23	.	.	PUNCT
ajfa-4117	167	1	discretionary	discretionary	ADJ
ajfa-4117	167	2	accruals	accrual	NOUN
ajfa-4117	167	3	(	(	PUNCT
ajfa-4117	167	4	daccr	daccr	NOUN
ajfa-4117	167	5	)	)	PUNCT
ajfa-4117	167	6	.	.	PUNCT
ajfa-4117	168	1	the	the	DET
ajfa-4117	168	2	optimism	optimism	NOUN
ajfa-4117	168	3	of	of	ADP
ajfa-4117	168	4	investors	investor	NOUN
ajfa-4117	168	5	causes	cause	VERB
ajfa-4117	168	6	overpricing	overpricing	NOUN
ajfa-4117	168	7	of	of	ADP
ajfa-4117	168	8	a	a	DET
ajfa-4117	168	9	stock	stock	NOUN
ajfa-4117	168	10	.	.	PUNCT
ajfa-4117	169	1	sloan	sloan	PROPN
ajfa-4117	169	2	(	(	PUNCT
ajfa-4117	169	3	1996	1996	NUM
ajfa-4117	169	4	)	)	PUNCT
ajfa-4117	169	5	and	and	CCONJ
ajfa-4117	169	6	teoh	teoh	PROPN
ajfa-4117	169	7	,	,	PUNCT
ajfa-4117	169	8	welch	welch	PROPN
ajfa-4117	169	9	,	,	PUNCT
ajfa-4117	169	10	and	and	CCONJ
ajfa-4117	169	11	wong	wong	PROPN
ajfa-4117	169	12	(	(	PUNCT
ajfa-4117	169	13	1998	1998	NUM
ajfa-4117	169	14	)	)	PUNCT
ajfa-4117	169	15	find	find	VERB
ajfa-4117	169	16	that	that	SCONJ
ajfa-4117	169	17	firms	firm	NOUN
ajfa-4117	169	18	with	with	ADP
ajfa-4117	169	19	higher	high	ADJ
ajfa-4117	169	20	discretionary	discretionary	ADJ
ajfa-4117	169	21	accruals	accrual	NOUN
ajfa-4117	169	22	have	have	VERB
ajfa-4117	169	23	lower	low	ADJ
ajfa-4117	169	24	abnormal	abnormal	ADJ
ajfa-4117	169	25	returns	return	NOUN
ajfa-4117	169	26	in	in	ADP
ajfa-4117	169	27	the	the	DET
ajfa-4117	169	28	long	long	ADJ
ajfa-4117	169	29	run	run	NOUN
ajfa-4117	169	30	and	and	CCONJ
ajfa-4117	169	31	therefore	therefore	ADV
ajfa-4117	169	32	infer	infer	VERB
ajfa-4117	169	33	that	that	SCONJ
ajfa-4117	169	34	the	the	DET
ajfa-4117	169	35	current	current	ADJ
ajfa-4117	169	36	stock	stock	NOUN
ajfa-4117	169	37	prices	price	NOUN
ajfa-4117	169	38	of	of	ADP
ajfa-4117	169	39	these	these	DET
ajfa-4117	169	40	firms	firm	NOUN
ajfa-4117	169	41	are	be	AUX
ajfa-4117	169	42	overpriced	overpriced	ADJ
ajfa-4117	169	43	.	.	PUNCT
ajfa-4117	170	1	chi	chi	PROPN
ajfa-4117	170	2	and	and	CCONJ
ajfa-4117	170	3	gupta	gupta	PROPN
ajfa-4117	170	4	(	(	PUNCT
ajfa-4117	170	5	2009	2009	NUM
ajfa-4117	170	6	)	)	PUNCT
ajfa-4117	170	7	and	and	CCONJ
ajfa-4117	170	8	polk	polk	NOUN
ajfa-4117	170	9	and	and	CCONJ
ajfa-4117	170	10	sapienza	sapienza	PROPN
ajfa-4117	170	11	(	(	PUNCT
ajfa-4117	170	12	2009	2009	NUM
ajfa-4117	170	13	)	)	PUNCT
ajfa-4117	170	14	also	also	ADV
ajfa-4117	170	15	use	use	VERB
ajfa-4117	170	16	discretionary	discretionary	ADJ
ajfa-4117	170	17	accruals	accrual	NOUN
ajfa-4117	170	18	as	as	ADP
ajfa-4117	170	19	a	a	DET
ajfa-4117	170	20	proxy	proxy	NOUN
ajfa-4117	170	21	for	for	ADP
ajfa-4117	170	22	sentiment	sentiment	NOUN
ajfa-4117	170	23	-	-	PUNCT
ajfa-4117	170	24	induced	induce	VERB
ajfa-4117	170	25	mispricing	mispricing	NOUN
ajfa-4117	170	26	.	.	PUNCT
ajfa-4117	171	1	based	base	VERB
ajfa-4117	171	2	on	on	ADP
ajfa-4117	171	3	these	these	DET
ajfa-4117	171	4	studies	study	NOUN
ajfa-4117	171	5	,	,	PUNCT
ajfa-4117	171	6	we	we	PRON
ajfa-4117	171	7	also	also	ADV
ajfa-4117	171	8	view	view	VERB
ajfa-4117	171	9	discretionary	discretionary	ADJ
ajfa-4117	171	10	accruals	accrual	NOUN
ajfa-4117	171	11	as	as	ADP
ajfa-4117	171	12	one	one	NUM
ajfa-4117	171	13	of	of	ADP
ajfa-4117	171	14	the	the	DET
ajfa-4117	171	15	proxies	proxy	NOUN
ajfa-4117	171	16	for	for	ADP
ajfa-4117	171	17	investor	investor	NOUN
ajfa-4117	171	18	sentiment	sentiment	NOUN
ajfa-4117	171	19	.	.	PUNCT
ajfa-4117	172	1	high	high	ADJ
ajfa-4117	172	2	(	(	PUNCT
ajfa-4117	172	3	low	low	ADJ
ajfa-4117	172	4	)	)	PUNCT
ajfa-4117	172	5	discretionary	discretionary	ADJ
ajfa-4117	172	6	accruals	accrual	NOUN
ajfa-4117	172	7	indicate	indicate	VERB
ajfa-4117	172	8	the	the	DET
ajfa-4117	172	9	current	current	ADJ
ajfa-4117	172	10	stock	stock	NOUN
ajfa-4117	172	11	prices	price	NOUN
ajfa-4117	172	12	are	be	AUX
ajfa-4117	172	13	overpriced	overprice	VERB
ajfa-4117	172	14	(	(	PUNCT
ajfa-4117	172	15	underpriced	underpriced	ADJ
ajfa-4117	172	16	)	)	PUNCT
ajfa-4117	172	17	and	and	CCONJ
ajfa-4117	172	18	investors	investor	NOUN
ajfa-4117	172	19	are	be	AUX
ajfa-4117	172	20	optimistic	optimistic	ADJ
ajfa-4117	172	21	(	(	PUNCT
ajfa-4117	172	22	pessimistic	pessimistic	ADJ
ajfa-4117	172	23	)	)	PUNCT
ajfa-4117	172	24	.	.	PUNCT
ajfa-4117	173	1	we	we	PRON
ajfa-4117	173	2	estimate	estimate	VERB
ajfa-4117	173	3	discretionary	discretionary	ADJ
ajfa-4117	173	4	accruals	accrual	NOUN
ajfa-4117	173	5	using	use	VERB
ajfa-4117	173	6	the	the	DET
ajfa-4117	173	7	method	method	NOUN
ajfa-4117	173	8	introduced	introduce	VERB
ajfa-4117	173	9	by	by	ADP
ajfa-4117	173	10	polk	polk	NOUN
ajfa-4117	173	11	and	and	CCONJ
ajfa-4117	173	12	sapienza	sapienza	PROPN
ajfa-4117	173	13	(	(	PUNCT
ajfa-4117	173	14	2009	2009	NUM
ajfa-4117	173	15	)	)	PUNCT
ajfa-4117	173	16	.	.	PUNCT
ajfa-4117	174	1	number	number	NOUN
ajfa-4117	174	2	of	of	ADP
ajfa-4117	174	3	ipos	ipos	PROPN
ajfa-4117	174	4	(	(	PUNCT
ajfa-4117	174	5	nipo	nipo	PROPN
ajfa-4117	174	6	)	)	PUNCT
ajfa-4117	174	7	.	.	PUNCT
ajfa-4117	175	1	the	the	DET
ajfa-4117	175	2	ipo	ipo	PROPN
ajfa-4117	175	3	market	market	NOUN
ajfa-4117	175	4	is	be	AUX
ajfa-4117	175	5	often	often	ADV
ajfa-4117	175	6	viewed	view	VERB
ajfa-4117	175	7	as	as	ADP
ajfa-4117	175	8	sensitive	sensitive	ADJ
ajfa-4117	175	9	to	to	ADP
ajfa-4117	175	10	investor	investor	NOUN
ajfa-4117	175	11	sentiment	sentiment	NOUN
ajfa-4117	175	12	.	.	PUNCT
ajfa-4117	176	1	according	accord	VERB
ajfa-4117	176	2	to	to	ADP
ajfa-4117	176	3	the	the	DET
ajfa-4117	176	4	market	market	NOUN
ajfa-4117	176	5	timing	timing	NOUN
ajfa-4117	176	6	theory	theory	NOUN
ajfa-4117	176	7	,	,	PUNCT
ajfa-4117	176	8	managers	manager	NOUN
ajfa-4117	176	9	offer	offer	VERB
ajfa-4117	176	10	ipos	ipos	NOUN
ajfa-4117	176	11	when	when	SCONJ
ajfa-4117	176	12	stock	stock	NOUN
ajfa-4117	176	13	trading	trading	NOUN
ajfa-4117	176	14	is	be	AUX
ajfa-4117	176	15	highly	highly	ADV
ajfa-4117	176	16	active	active	ADJ
ajfa-4117	176	17	and	and	CCONJ
ajfa-4117	176	18	their	their	PRON
ajfa-4117	176	19	stock	stock	NOUN
ajfa-4117	176	20	prices	price	NOUN
ajfa-4117	176	21	are	be	AUX
ajfa-4117	176	22	overpriced	overprice	VERB
ajfa-4117	176	23	(	(	PUNCT
ajfa-4117	176	24	baker	baker	PROPN
ajfa-4117	176	25	&	&	CCONJ
ajfa-4117	176	26	wurgler	wurgler	PROPN
ajfa-4117	176	27	,	,	PUNCT
ajfa-4117	176	28	2002	2002	NUM
ajfa-4117	176	29	;	;	PUNCT
ajfa-4117	176	30	lucas	lucas	PROPN
ajfa-4117	176	31	&	&	CCONJ
ajfa-4117	176	32	mcdonald	mcdonald	PROPN
ajfa-4117	176	33	,	,	PUNCT
ajfa-4117	176	34	1990	1990	NUM
ajfa-4117	176	35	)	)	PUNCT
ajfa-4117	176	36	.	.	PUNCT
ajfa-4117	177	1	it	it	PRON
ajfa-4117	177	2	can	can	AUX
ajfa-4117	177	3	be	be	AUX
ajfa-4117	177	4	inferred	infer	VERB
ajfa-4117	177	5	that	that	SCONJ
ajfa-4117	177	6	investors	investor	NOUN
ajfa-4117	177	7	are	be	AUX
ajfa-4117	177	8	more	more	ADV
ajfa-4117	177	9	optimistic	optimistic	ADJ
ajfa-4117	177	10	when	when	SCONJ
ajfa-4117	177	11	the	the	DET
ajfa-4117	177	12	number	number	NOUN
ajfa-4117	177	13	of	of	ADP
ajfa-4117	177	14	ipos	ipos	NOUN
ajfa-4117	177	15	is	be	AUX
ajfa-4117	177	16	greater	great	ADJ
ajfa-4117	177	17	.	.	PUNCT
ajfa-4117	178	1	consumer	consumer	NOUN
ajfa-4117	178	2	confidence	confidence	NOUN
ajfa-4117	178	3	index	index	NOUN
ajfa-4117	178	4	(	(	PUNCT
ajfa-4117	178	5	cci	cci	PROPN
ajfa-4117	178	6	)	)	PUNCT
ajfa-4117	178	7	.	.	PUNCT
ajfa-4117	179	1	the	the	DET
ajfa-4117	179	2	research	research	NOUN
ajfa-4117	179	3	center	center	NOUN
ajfa-4117	179	4	for	for	ADP
ajfa-4117	179	5	taiwan	taiwan	PROPN
ajfa-4117	179	6	economic	economic	PROPN
ajfa-4117	179	7	development	development	PROPN
ajfa-4117	179	8	,	,	PUNCT
ajfa-4117	179	9	national	national	ADJ
ajfa-4117	179	10	central	central	ADJ
ajfa-4117	179	11	university	university	NOUN
ajfa-4117	179	12	,	,	PUNCT
ajfa-4117	179	13	surveys	survey	NOUN
ajfa-4117	179	14	consumer	consumer	NOUN
ajfa-4117	179	15	confidence	confidence	NOUN
ajfa-4117	179	16	index	index	NOUN
ajfa-4117	179	17	(	(	PUNCT
ajfa-4117	179	18	cci	cci	PROPN
ajfa-4117	179	19	)	)	PUNCT
ajfa-4117	179	20	on	on	ADP
ajfa-4117	179	21	a	a	DET
ajfa-4117	179	22	monthly	monthly	ADJ
ajfa-4117	179	23	basis	basis	NOUN
ajfa-4117	179	24	.	.	PUNCT
ajfa-4117	180	1	unlike	unlike	ADP
ajfa-4117	180	2	the	the	DET
ajfa-4117	180	3	other	other	ADJ
ajfa-4117	180	4	three	three	NUM
ajfa-4117	180	5	indices	index	NOUN
ajfa-4117	180	6	which	which	PRON
ajfa-4117	180	7	evaluate	evaluate	VERB
ajfa-4117	180	8	investment	investment	NOUN
ajfa-4117	180	9	sentiment	sentiment	NOUN
ajfa-4117	180	10	based	base	VERB
ajfa-4117	180	11	on	on	ADP
ajfa-4117	180	12	indirect	indirect	ADJ
ajfa-4117	180	13	data	datum	NOUN
ajfa-4117	180	14	,	,	PUNCT
ajfa-4117	180	15	cci	cci	PROPN
ajfa-4117	180	16	directly	directly	ADV
ajfa-4117	180	17	measures	measure	VERB
ajfa-4117	180	18	the	the	DET
ajfa-4117	180	19	degree	degree	NOUN
ajfa-4117	180	20	to	to	PART
ajfa-4117	180	21	which	which	PRON
ajfa-4117	180	22	investors	investor	NOUN
ajfa-4117	180	23	are	be	AUX
ajfa-4117	180	24	optimistic	optimistic	ADJ
ajfa-4117	180	25	about	about	ADP
ajfa-4117	180	26	the	the	DET
ajfa-4117	180	27	future	future	NOUN
ajfa-4117	180	28	.	.	PUNCT
ajfa-4117	181	1	cci	cci	NOUN
ajfa-4117	181	2	is	be	AUX
ajfa-4117	181	3	a	a	DET
ajfa-4117	181	4	direct	direct	ADJ
ajfa-4117	181	5	index	index	NOUN
ajfa-4117	181	6	of	of	ADP
ajfa-4117	181	7	investor	investor	NOUN
ajfa-4117	181	8	sentiment	sentiment	NOUN
ajfa-4117	181	9	.	.	PUNCT
ajfa-4117	182	1	we	we	PRON
ajfa-4117	182	2	use	use	VERB
ajfa-4117	182	3	this	this	DET
ajfa-4117	182	4	index	index	NOUN
ajfa-4117	182	5	as	as	ADP
ajfa-4117	182	6	a	a	DET
ajfa-4117	182	7	proxy	proxy	NOUN
ajfa-4117	182	8	for	for	ADP
ajfa-4117	182	9	investor	investor	NOUN
ajfa-4117	182	10	sentiment	sentiment	NOUN
ajfa-4117	182	11	.	.	PUNCT
ajfa-4117	183	1	cci	cci	PROPN
ajfa-4117	183	2	considers	consider	VERB
ajfa-4117	183	3	six	six	NUM
ajfa-4117	183	4	factors	factor	NOUN
ajfa-4117	183	5	,	,	PUNCT
ajfa-4117	183	6	including	include	VERB
ajfa-4117	183	7	consumers	consumer	NOUN
ajfa-4117	183	8	’	'	PUNCT
ajfa-4117	183	9	confidence	confidence	NOUN
ajfa-4117	183	10	for	for	ADP
ajfa-4117	183	11	investment	investment	NOUN
ajfa-4117	183	12	in	in	ADP
ajfa-4117	183	13	the	the	DET
ajfa-4117	183	14	next	next	ADJ
ajfa-4117	183	15	six	six	NUM
ajfa-4117	183	16	months	month	NOUN
ajfa-4117	183	17	,	,	PUNCT
ajfa-4117	183	18	timing	timing	NOUN
ajfa-4117	183	19	of	of	ADP
ajfa-4117	183	20	buying	buy	VERB
ajfa-4117	183	21	durables	durable	NOUN
ajfa-4117	183	22	,	,	PUNCT
ajfa-4117	183	23	household	household	NOUN
ajfa-4117	183	24	economic	economic	ADJ
ajfa-4117	183	25	conditions	condition	NOUN
ajfa-4117	183	26	,	,	PUNCT
ajfa-4117	183	27	domestic	domestic	ADJ
ajfa-4117	183	28	price	price	NOUN
ajfa-4117	183	29	level	level	NOUN
ajfa-4117	183	30	,	,	PUNCT
ajfa-4117	183	31	domestic	domestic	ADJ
ajfa-4117	183	32	employment	employment	NOUN
ajfa-4117	183	33	opportunities	opportunity	NOUN
ajfa-4117	183	34	,	,	PUNCT
ajfa-4117	183	35	and	and	CCONJ
ajfa-4117	183	36	the	the	DET
ajfa-4117	183	37	economic	economic	ADJ
ajfa-4117	183	38	climate	climate	NOUN
ajfa-4117	183	39	.	.	PUNCT
ajfa-4117	184	1	the	the	DET
ajfa-4117	184	2	values	value	NOUN
ajfa-4117	184	3	of	of	ADP
ajfa-4117	184	4	this	this	DET
ajfa-4117	184	5	index	index	NOUN
ajfa-4117	184	6	fall	fall	NOUN
ajfa-4117	184	7	between	between	ADP
ajfa-4117	184	8	0~200	0~200	PROPN
ajfa-4117	184	9	.	.	PUNCT
ajfa-4117	184	10	values	value	NOUN
ajfa-4117	184	11	above	above	ADP
ajfa-4117	184	12	100	100	NUM
ajfa-4117	184	13	denote	denote	NOUN
ajfa-4117	184	14	investors	investor	NOUN
ajfa-4117	184	15	are	be	AUX
ajfa-4117	184	16	optimistic	optimistic	ADJ
ajfa-4117	184	17	,	,	PUNCT
ajfa-4117	184	18	and	and	CCONJ
ajfa-4117	184	19	values	value	NOUN
ajfa-4117	184	20	below	below	ADP
ajfa-4117	184	21	100	100	NUM
ajfa-4117	184	22	denote	denote	NOUN
ajfa-4117	184	23	investors	investor	NOUN
ajfa-4117	184	24	are	be	AUX
ajfa-4117	184	25	pessimistic	pessimistic	ADJ
ajfa-4117	184	26	.	.	PUNCT
ajfa-4117	185	1	higher	high	ADJ
ajfa-4117	185	2	cci	cci	PROPN
ajfa-4117	185	3	indicates	indicate	VERB
ajfa-4117	185	4	higher	high	ADJ
ajfa-4117	185	5	investor	investor	NOUN
ajfa-4117	185	6	optimism	optimism	NOUN
ajfa-4117	185	7	(	(	PUNCT
ajfa-4117	185	8	qiu	qiu	PROPN
ajfa-4117	185	9	&	&	CCONJ
ajfa-4117	185	10	welch	welch	PROPN
ajfa-4117	185	11	,	,	PUNCT
ajfa-4117	185	12	2004	2004	NUM
ajfa-4117	185	13	)	)	PUNCT
ajfa-4117	185	14	.	.	PUNCT
ajfa-4117	186	1	3.3.3	3.3.3	NUM
ajfa-4117	186	2	corporate	corporate	ADJ
ajfa-4117	186	3	governance	governance	NOUN
ajfa-4117	186	4	variables	variable	NOUN
ajfa-4117	186	5	bathala	bathala	VERB
ajfa-4117	186	6	and	and	CCONJ
ajfa-4117	186	7	rao	rao	NOUN
ajfa-4117	186	8	(	(	PUNCT
ajfa-4117	186	9	1995	1995	NUM
ajfa-4117	186	10	)	)	PUNCT
ajfa-4117	186	11	point	point	VERB
ajfa-4117	186	12	out	out	ADP
ajfa-4117	186	13	that	that	SCONJ
ajfa-4117	186	14	many	many	ADJ
ajfa-4117	186	15	mechanisms	mechanism	NOUN
ajfa-4117	186	16	of	of	ADP
ajfa-4117	186	17	corporate	corporate	ADJ
ajfa-4117	186	18	governance	governance	NOUN
ajfa-4117	186	19	can	can	AUX
ajfa-4117	186	20	be	be	AUX
ajfa-4117	186	21	substituted	substitute	VERB
ajfa-4117	186	22	for	for	ADP
ajfa-4117	186	23	one	one	NUM
ajfa-4117	186	24	another	another	DET
ajfa-4117	186	25	,	,	PUNCT
ajfa-4117	186	26	so	so	CCONJ
ajfa-4117	186	27	a	a	DET
ajfa-4117	186	28	firm	firm	NOUN
ajfa-4117	186	29	’s	’s	PART
ajfa-4117	186	30	corporate	corporate	ADJ
ajfa-4117	186	31	governance	governance	NOUN
ajfa-4117	186	32	can	can	AUX
ajfa-4117	186	33	not	not	PART
ajfa-4117	186	34	be	be	AUX
ajfa-4117	186	35	measured	measure	VERB
ajfa-4117	186	36	by	by	ADP
ajfa-4117	186	37	the	the	DET
ajfa-4117	186	38	effectiveness	effectiveness	NOUN
ajfa-4117	186	39	of	of	ADP
ajfa-4117	186	40	only	only	ADV
ajfa-4117	186	41	one	one	NUM
ajfa-4117	186	42	of	of	ADP
ajfa-4117	186	43	the	the	DET
ajfa-4117	186	44	mechanisms	mechanism	NOUN
ajfa-4117	186	45	.	.	PUNCT
ajfa-4117	187	1	in	in	ADP
ajfa-4117	187	2	order	order	NOUN
ajfa-4117	187	3	to	to	PART
ajfa-4117	187	4	take	take	VERB
ajfa-4117	187	5	into	into	ADP
ajfa-4117	187	6	account	account	NOUN
ajfa-4117	187	7	a	a	DET
ajfa-4117	187	8	wider	wide	ADJ
ajfa-4117	187	9	spectrum	spectrum	NOUN
ajfa-4117	187	10	of	of	ADP
ajfa-4117	187	11	variables	variable	NOUN
ajfa-4117	187	12	of	of	ADP
ajfa-4117	187	13	corporate	corporate	ADJ
ajfa-4117	187	14	governance	governance	NOUN
ajfa-4117	187	15	,	,	PUNCT
ajfa-4117	187	16	we	we	PRON
ajfa-4117	187	17	adopt	adopt	VERB
ajfa-4117	187	18	the	the	DET
ajfa-4117	187	19	method	method	NOUN
ajfa-4117	187	20	used	use	VERB
ajfa-4117	187	21	by	by	ADP
ajfa-4117	187	22	bushman	bushman	PROPN
ajfa-4117	187	23	et	et	PROPN
ajfa-4117	187	24	al	al	PROPN
ajfa-4117	187	25	.	.	PROPN
ajfa-4117	188	1	(	(	PUNCT
ajfa-4117	188	2	2004	2004	NUM
ajfa-4117	188	3	)	)	PUNCT
ajfa-4117	188	4	,	,	PUNCT
ajfa-4117	188	5	cheng	cheng	PROPN
ajfa-4117	188	6	,	,	PUNCT
ajfa-4117	188	7	gul	gul	PROPN
ajfa-4117	188	8	,	,	PUNCT
ajfa-4117	188	9	tong	tong	PROPN
ajfa-4117	188	10	,	,	PUNCT
ajfa-4117	188	11	and	and	CCONJ
ajfa-4117	188	12	tsui	tsui	PROPN
ajfa-4117	188	13	(	(	PUNCT
ajfa-4117	188	14	2008	2008	NUM
ajfa-4117	188	15	)	)	PUNCT
ajfa-4117	188	16	,	,	PUNCT
ajfa-4117	188	17	and	and	CCONJ
ajfa-4117	188	18	young	young	ADJ
ajfa-4117	188	19	and	and	CCONJ
ajfa-4117	188	20	wu	wu	PROPN
ajfa-4117	188	21	(	(	PUNCT
ajfa-4117	188	22	2009	2009	NUM
ajfa-4117	188	23	)	)	PUNCT
ajfa-4117	188	24	.	.	PUNCT
ajfa-4117	189	1	this	this	DET
ajfa-4117	189	2	method	method	NOUN
ajfa-4117	189	3	is	be	AUX
ajfa-4117	189	4	to	to	PART
ajfa-4117	189	5	combine	combine	VERB
ajfa-4117	189	6	asian	asian	ADJ
ajfa-4117	189	7	journal	journal	PROPN
ajfa-4117	189	8	of	of	ADP
ajfa-4117	189	9	finance	finance	PROPN
ajfa-4117	189	10	&	&	CCONJ
ajfa-4117	189	11	accounting	accounting	PROPN
ajfa-4117	189	12	issn	issn	PROPN
ajfa-4117	189	13	1946	1946	NUM
ajfa-4117	189	14	-	-	PUNCT
ajfa-4117	189	15	052x	052x	NOUN
ajfa-4117	189	16	2013	2013	NUM
ajfa-4117	189	17	,	,	PUNCT
ajfa-4117	189	18	vol	vol	NOUN
ajfa-4117	189	19	.	.	PROPN
ajfa-4117	189	20	5	5	NUM
ajfa-4117	189	21	,	,	PUNCT
ajfa-4117	189	22	no	no	INTJ
ajfa-4117	189	23	.	.	NOUN
ajfa-4117	189	24	2	2	NUM
ajfa-4117	189	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	189	26	109	109	NUM
ajfa-4117	189	27	various	various	ADJ
ajfa-4117	189	28	corporate	corporate	ADJ
ajfa-4117	189	29	governance	governance	NOUN
ajfa-4117	189	30	variables	variable	NOUN
ajfa-4117	189	31	into	into	ADP
ajfa-4117	189	32	one	one	NUM
ajfa-4117	189	33	composite	composite	ADJ
ajfa-4117	189	34	variable	variable	NOUN
ajfa-4117	189	35	to	to	PART
ajfa-4117	189	36	assess	assess	VERB
ajfa-4117	189	37	the	the	DET
ajfa-4117	189	38	quality	quality	NOUN
ajfa-4117	189	39	of	of	ADP
ajfa-4117	189	40	corporate	corporate	ADJ
ajfa-4117	189	41	governance	governance	NOUN
ajfa-4117	189	42	.	.	PUNCT
ajfa-4117	190	1	we	we	PRON
ajfa-4117	190	2	first	first	ADV
ajfa-4117	190	3	select	select	VERB
ajfa-4117	190	4	four	four	NUM
ajfa-4117	190	5	variables	variable	NOUN
ajfa-4117	190	6	related	relate	VERB
ajfa-4117	190	7	to	to	AUX
ajfa-4117	190	8	board	board	VERB
ajfa-4117	190	9	composition	composition	NOUN
ajfa-4117	190	10	to	to	PART
ajfa-4117	190	11	measure	measure	VERB
ajfa-4117	190	12	the	the	DET
ajfa-4117	190	13	monitoring	monitoring	NOUN
ajfa-4117	190	14	effects	effect	NOUN
ajfa-4117	190	15	of	of	ADP
ajfa-4117	190	16	corporate	corporate	ADJ
ajfa-4117	190	17	governance	governance	NOUN
ajfa-4117	190	18	,	,	PUNCT
ajfa-4117	190	19	including	include	VERB
ajfa-4117	190	20	the	the	DET
ajfa-4117	190	21	efficiency	efficiency	NOUN
ajfa-4117	190	22	and	and	CCONJ
ajfa-4117	190	23	independence	independence	NOUN
ajfa-4117	190	24	of	of	ADP
ajfa-4117	190	25	monitoring	monitoring	NOUN
ajfa-4117	190	26	.	.	PUNCT
ajfa-4117	191	1	in	in	ADP
ajfa-4117	191	2	addition	addition	NOUN
ajfa-4117	191	3	,	,	PUNCT
ajfa-4117	191	4	we	we	PRON
ajfa-4117	191	5	select	select	VERB
ajfa-4117	191	6	three	three	NUM
ajfa-4117	191	7	variables	variable	NOUN
ajfa-4117	191	8	concerning	concern	VERB
ajfa-4117	191	9	ownership	ownership	NOUN
ajfa-4117	191	10	structure	structure	NOUN
ajfa-4117	191	11	to	to	PART
ajfa-4117	191	12	measure	measure	VERB
ajfa-4117	191	13	the	the	DET
ajfa-4117	191	14	incentive	incentive	NOUN
ajfa-4117	191	15	effects	effect	NOUN
ajfa-4117	191	16	of	of	ADP
ajfa-4117	191	17	corporate	corporate	ADJ
ajfa-4117	191	18	governance	governance	NOUN
ajfa-4117	191	19	,	,	PUNCT
ajfa-4117	191	20	including	include	VERB
ajfa-4117	191	21	the	the	DET
ajfa-4117	191	22	incentive	incentive	NOUN
ajfa-4117	191	23	for	for	ADP
ajfa-4117	191	24	board	board	NOUN
ajfa-4117	191	25	monitoring	monitoring	NOUN
ajfa-4117	191	26	and	and	CCONJ
ajfa-4117	191	27	the	the	DET
ajfa-4117	191	28	incentive	incentive	NOUN
ajfa-4117	191	29	for	for	SCONJ
ajfa-4117	191	30	the	the	DET
ajfa-4117	191	31	controlling	control	VERB
ajfa-4117	191	32	shareholder	shareholder	NOUN
ajfa-4117	191	33	to	to	PART
ajfa-4117	191	34	reduce	reduce	VERB
ajfa-4117	191	35	expropriation	expropriation	NOUN
ajfa-4117	191	36	.	.	PUNCT
ajfa-4117	192	1	finally	finally	ADV
ajfa-4117	192	2	,	,	PUNCT
ajfa-4117	192	3	we	we	PRON
ajfa-4117	192	4	combine	combine	VERB
ajfa-4117	192	5	these	these	DET
ajfa-4117	192	6	seven	seven	NUM
ajfa-4117	192	7	variables	variable	NOUN
ajfa-4117	192	8	into	into	ADP
ajfa-4117	192	9	one	one	NUM
ajfa-4117	192	10	composite	composite	ADJ
ajfa-4117	192	11	corporate	corporate	ADJ
ajfa-4117	192	12	governance	governance	NOUN
ajfa-4117	192	13	index	index	NOUN
ajfa-4117	192	14	(	(	PUNCT
ajfa-4117	192	15	cgi	cgi	NOUN
ajfa-4117	192	16	)	)	PUNCT
ajfa-4117	192	17	.	.	PUNCT
ajfa-4117	193	1	the	the	DET
ajfa-4117	193	2	variables	variable	NOUN
ajfa-4117	193	3	in	in	ADP
ajfa-4117	193	4	each	each	PRON
ajfa-4117	193	5	of	of	ADP
ajfa-4117	193	6	the	the	DET
ajfa-4117	193	7	two	two	NUM
ajfa-4117	193	8	constructs	construct	NOUN
ajfa-4117	193	9	are	be	AUX
ajfa-4117	193	10	explained	explain	VERB
ajfa-4117	193	11	as	as	SCONJ
ajfa-4117	193	12	follows	follow	VERB
ajfa-4117	193	13	:	:	PUNCT
ajfa-4117	193	14	board	board	NOUN
ajfa-4117	193	15	composition	composition	NOUN
ajfa-4117	193	16	.	.	PUNCT
ajfa-4117	194	1	four	four	NUM
ajfa-4117	194	2	variables	variable	NOUN
ajfa-4117	194	3	of	of	ADP
ajfa-4117	194	4	board	board	NOUN
ajfa-4117	194	5	composition	composition	NOUN
ajfa-4117	194	6	are	be	AUX
ajfa-4117	194	7	considered	consider	VERB
ajfa-4117	194	8	,	,	PUNCT
ajfa-4117	194	9	including	include	VERB
ajfa-4117	194	10	board	board	NOUN
ajfa-4117	194	11	size	size	NOUN
ajfa-4117	194	12	(	(	PUNCT
ajfa-4117	194	13	bodsize	bodsize	PROPN
ajfa-4117	194	14	)	)	PUNCT
ajfa-4117	194	15	,	,	PUNCT
ajfa-4117	194	16	chairman	chairman	NOUN
ajfa-4117	194	17	duality	duality	NOUN
ajfa-4117	194	18	(	(	PUNCT
ajfa-4117	194	19	duality	duality	NOUN
ajfa-4117	194	20	)	)	PUNCT
ajfa-4117	194	21	,	,	PUNCT
ajfa-4117	194	22	ratio	ratio	NOUN
ajfa-4117	194	23	of	of	ADP
ajfa-4117	194	24	outside	outside	ADJ
ajfa-4117	194	25	directors	director	NOUN
ajfa-4117	194	26	(	(	PUNCT
ajfa-4117	194	27	outbod	outbod	ADJ
ajfa-4117	194	28	)	)	PUNCT
ajfa-4117	194	29	,	,	PUNCT
ajfa-4117	194	30	and	and	CCONJ
ajfa-4117	194	31	presence	presence	NOUN
ajfa-4117	194	32	of	of	ADP
ajfa-4117	194	33	independent	independent	ADJ
ajfa-4117	194	34	directors	director	NOUN
ajfa-4117	194	35	or	or	CCONJ
ajfa-4117	194	36	supervisors	supervisor	NOUN
ajfa-4117	194	37	(	(	PUNCT
ajfa-4117	194	38	ind	ind	NOUN
ajfa-4117	194	39	)	)	PUNCT
ajfa-4117	194	40	.	.	PUNCT
ajfa-4117	195	1	jensen	jensen	PROPN
ajfa-4117	195	2	(	(	PUNCT
ajfa-4117	195	3	1993	1993	NUM
ajfa-4117	195	4	)	)	PUNCT
ajfa-4117	195	5	and	and	CCONJ
ajfa-4117	195	6	yermack	yermack	NOUN
ajfa-4117	195	7	(	(	PUNCT
ajfa-4117	195	8	1996	1996	NUM
ajfa-4117	195	9	)	)	PUNCT
ajfa-4117	195	10	have	have	AUX
ajfa-4117	195	11	noted	note	VERB
ajfa-4117	195	12	that	that	SCONJ
ajfa-4117	195	13	when	when	SCONJ
ajfa-4117	195	14	the	the	DET
ajfa-4117	195	15	board	board	NOUN
ajfa-4117	195	16	size	size	NOUN
ajfa-4117	195	17	is	be	AUX
ajfa-4117	195	18	too	too	ADV
ajfa-4117	195	19	large	large	ADJ
ajfa-4117	195	20	,	,	PUNCT
ajfa-4117	195	21	incongruence	incongruence	NOUN
ajfa-4117	195	22	of	of	ADP
ajfa-4117	195	23	opinions	opinion	NOUN
ajfa-4117	195	24	and	and	CCONJ
ajfa-4117	195	25	conflict	conflict	NOUN
ajfa-4117	195	26	of	of	ADP
ajfa-4117	195	27	interest	interest	NOUN
ajfa-4117	195	28	are	be	AUX
ajfa-4117	195	29	likely	likely	ADJ
ajfa-4117	195	30	to	to	PART
ajfa-4117	195	31	occur	occur	VERB
ajfa-4117	195	32	and	and	CCONJ
ajfa-4117	195	33	further	far	ADV
ajfa-4117	195	34	slash	slash	VERB
ajfa-4117	195	35	the	the	DET
ajfa-4117	195	36	effectiveness	effectiveness	NOUN
ajfa-4117	195	37	of	of	ADP
ajfa-4117	195	38	board	board	NOUN
ajfa-4117	195	39	monitoring	monitoring	NOUN
ajfa-4117	195	40	.	.	PUNCT
ajfa-4117	196	1	we	we	PRON
ajfa-4117	196	2	sort	sort	VERB
ajfa-4117	196	3	all	all	DET
ajfa-4117	196	4	the	the	DET
ajfa-4117	196	5	total	total	ADJ
ajfa-4117	196	6	numbers	number	NOUN
ajfa-4117	196	7	of	of	ADP
ajfa-4117	196	8	directors	director	NOUN
ajfa-4117	196	9	on	on	ADP
ajfa-4117	196	10	the	the	DET
ajfa-4117	196	11	board	board	NOUN
ajfa-4117	196	12	in	in	ADP
ajfa-4117	196	13	descending	descend	VERB
ajfa-4117	196	14	order	order	NOUN
ajfa-4117	196	15	and	and	CCONJ
ajfa-4117	196	16	compute	compute	VERB
ajfa-4117	196	17	the	the	DET
ajfa-4117	196	18	percentile	percentile	NOUN
ajfa-4117	196	19	of	of	ADP
ajfa-4117	196	20	each	each	DET
ajfa-4117	196	21	value	value	NOUN
ajfa-4117	196	22	.	.	PUNCT
ajfa-4117	197	1	at	at	ADP
ajfa-4117	197	2	last	last	ADJ
ajfa-4117	197	3	,	,	PUNCT
ajfa-4117	197	4	each	each	DET
ajfa-4117	197	5	percentile	percentile	NOUN
ajfa-4117	197	6	is	be	AUX
ajfa-4117	197	7	converted	convert	VERB
ajfa-4117	197	8	into	into	ADP
ajfa-4117	197	9	a	a	DET
ajfa-4117	197	10	bodsize	bodsize	NOUN
ajfa-4117	197	11	value	value	NOUN
ajfa-4117	197	12	between	between	ADP
ajfa-4117	197	13	0~1	0~1	NOUN
ajfa-4117	197	14	.	.	PUNCT
ajfa-4117	198	1	in	in	ADP
ajfa-4117	198	2	taiwan	taiwan	PROPN
ajfa-4117	198	3	,	,	PUNCT
ajfa-4117	198	4	76	76	NUM
ajfa-4117	198	5	%	%	NOUN
ajfa-4117	198	6	of	of	ADP
ajfa-4117	198	7	listed	list	VERB
ajfa-4117	198	8	firms	firm	NOUN
ajfa-4117	198	9	are	be	AUX
ajfa-4117	198	10	family	family	NOUN
ajfa-4117	198	11	firms	firm	NOUN
ajfa-4117	198	12	,	,	PUNCT
ajfa-4117	198	13	and	and	CCONJ
ajfa-4117	198	14	66.45	66.45	NUM
ajfa-4117	198	15	%	%	NOUN
ajfa-4117	198	16	are	be	AUX
ajfa-4117	198	17	fully	fully	ADV
ajfa-4117	198	18	controlled	control	VERB
ajfa-4117	198	19	by	by	ADP
ajfa-4117	198	20	the	the	DET
ajfa-4117	198	21	largest	large	ADJ
ajfa-4117	198	22	family	family	NOUN
ajfa-4117	198	23	shareholder	shareholder	NOUN
ajfa-4117	198	24	(	(	PUNCT
ajfa-4117	198	25	yeh	yeh	PROPN
ajfa-4117	198	26	,	,	PUNCT
ajfa-4117	198	27	1999	1999	NUM
ajfa-4117	198	28	)	)	PUNCT
ajfa-4117	198	29	.	.	PUNCT
ajfa-4117	199	1	because	because	SCONJ
ajfa-4117	199	2	family	family	NOUN
ajfa-4117	199	3	members	member	NOUN
ajfa-4117	199	4	hold	hold	VERB
ajfa-4117	199	5	decisive	decisive	ADJ
ajfa-4117	199	6	shares	share	NOUN
ajfa-4117	199	7	,	,	PUNCT
ajfa-4117	199	8	agency	agency	NOUN
ajfa-4117	199	9	problem	problem	NOUN
ajfa-4117	199	10	is	be	AUX
ajfa-4117	199	11	likely	likely	ADJ
ajfa-4117	199	12	to	to	PART
ajfa-4117	199	13	occur	occur	VERB
ajfa-4117	199	14	between	between	ADP
ajfa-4117	199	15	controlling	control	VERB
ajfa-4117	199	16	shareholders	shareholder	NOUN
ajfa-4117	199	17	and	and	CCONJ
ajfa-4117	199	18	minority	minority	NOUN
ajfa-4117	199	19	shareholders	shareholder	NOUN
ajfa-4117	199	20	in	in	ADP
ajfa-4117	199	21	family	family	NOUN
ajfa-4117	199	22	firms	firm	NOUN
ajfa-4117	199	23	.	.	PUNCT
ajfa-4117	200	1	if	if	SCONJ
ajfa-4117	200	2	the	the	DET
ajfa-4117	200	3	director	director	NOUN
ajfa-4117	200	4	of	of	ADP
ajfa-4117	200	5	the	the	DET
ajfa-4117	200	6	board	board	NOUN
ajfa-4117	200	7	is	be	AUX
ajfa-4117	200	8	simultaneously	simultaneously	ADV
ajfa-4117	200	9	served	serve	VERB
ajfa-4117	200	10	by	by	ADP
ajfa-4117	200	11	a	a	DET
ajfa-4117	200	12	family	family	NOUN
ajfa-4117	200	13	member	member	NOUN
ajfa-4117	200	14	or	or	CCONJ
ajfa-4117	200	15	the	the	DET
ajfa-4117	200	16	ultimate	ultimate	ADJ
ajfa-4117	200	17	controller	controller	NOUN
ajfa-4117	200	18	,	,	PUNCT
ajfa-4117	200	19	the	the	DET
ajfa-4117	200	20	independence	independence	NOUN
ajfa-4117	200	21	and	and	CCONJ
ajfa-4117	200	22	monitoring	monitor	VERB
ajfa-4117	200	23	effect	effect	NOUN
ajfa-4117	200	24	of	of	ADP
ajfa-4117	200	25	the	the	DET
ajfa-4117	200	26	board	board	NOUN
ajfa-4117	200	27	may	may	AUX
ajfa-4117	200	28	be	be	AUX
ajfa-4117	200	29	compromised	compromise	VERB
ajfa-4117	200	30	.	.	PUNCT
ajfa-4117	201	1	the	the	DET
ajfa-4117	201	2	board	board	NOUN
ajfa-4117	201	3	can	can	AUX
ajfa-4117	201	4	better	well	ADV
ajfa-4117	201	5	supervise	supervise	VERB
ajfa-4117	201	6	the	the	DET
ajfa-4117	201	7	manager	manager	NOUN
ajfa-4117	201	8	without	without	ADP
ajfa-4117	201	9	chairman	chairman	NOUN
ajfa-4117	201	10	duality	duality	NOUN
ajfa-4117	201	11	.	.	PUNCT
ajfa-4117	202	1	therefore	therefore	ADV
ajfa-4117	202	2	,	,	PUNCT
ajfa-4117	202	3	we	we	PRON
ajfa-4117	202	4	set	set	VERB
ajfa-4117	202	5	duality	duality	NOUN
ajfa-4117	202	6	as	as	ADP
ajfa-4117	202	7	a	a	DET
ajfa-4117	202	8	dummy	dummy	ADJ
ajfa-4117	202	9	variable	variable	NOUN
ajfa-4117	202	10	.	.	PUNCT
ajfa-4117	203	1	the	the	DET
ajfa-4117	203	2	value	value	NOUN
ajfa-4117	203	3	is	be	AUX
ajfa-4117	203	4	1	1	NUM
ajfa-4117	203	5	if	if	SCONJ
ajfa-4117	203	6	the	the	DET
ajfa-4117	203	7	chairman	chairman	NOUN
ajfa-4117	203	8	is	be	AUX
ajfa-4117	203	9	not	not	PART
ajfa-4117	203	10	served	serve	VERB
ajfa-4117	203	11	by	by	ADP
ajfa-4117	203	12	a	a	DET
ajfa-4117	203	13	family	family	NOUN
ajfa-4117	203	14	member	member	NOUN
ajfa-4117	203	15	or	or	CCONJ
ajfa-4117	203	16	the	the	DET
ajfa-4117	203	17	ultimate	ultimate	ADJ
ajfa-4117	203	18	controller	controller	NOUN
ajfa-4117	203	19	;	;	PUNCT
ajfa-4117	203	20	the	the	DET
ajfa-4117	203	21	value	value	NOUN
ajfa-4117	203	22	is	be	AUX
ajfa-4117	203	23	0	0	NUM
ajfa-4117	203	24	if	if	SCONJ
ajfa-4117	203	25	otherwise	otherwise	ADV
ajfa-4117	203	26	.	.	PUNCT
ajfa-4117	204	1	fama	fama	PROPN
ajfa-4117	204	2	(	(	PUNCT
ajfa-4117	204	3	1980	1980	NUM
ajfa-4117	204	4	)	)	PUNCT
ajfa-4117	204	5	,	,	PUNCT
ajfa-4117	204	6	firstenberg	firstenberg	PROPN
ajfa-4117	204	7	and	and	CCONJ
ajfa-4117	204	8	malkiel	malkiel	VERB
ajfa-4117	204	9	(	(	PUNCT
ajfa-4117	204	10	1980	1980	NUM
ajfa-4117	204	11	)	)	PUNCT
ajfa-4117	204	12	,	,	PUNCT
ajfa-4117	204	13	and	and	CCONJ
ajfa-4117	204	14	weisbach	weisbach	NOUN
ajfa-4117	204	15	(	(	PUNCT
ajfa-4117	204	16	1988	1988	NUM
ajfa-4117	204	17	)	)	PUNCT
ajfa-4117	204	18	have	have	AUX
ajfa-4117	204	19	mentioned	mention	VERB
ajfa-4117	204	20	that	that	SCONJ
ajfa-4117	204	21	a	a	DET
ajfa-4117	204	22	higher	high	ADJ
ajfa-4117	204	23	ratio	ratio	NOUN
ajfa-4117	204	24	of	of	ADP
ajfa-4117	204	25	outside	outside	ADJ
ajfa-4117	204	26	directors	director	NOUN
ajfa-4117	204	27	on	on	ADP
ajfa-4117	204	28	the	the	DET
ajfa-4117	204	29	board	board	NOUN
ajfa-4117	204	30	increases	increase	VERB
ajfa-4117	204	31	the	the	DET
ajfa-4117	204	32	supervisory	supervisory	ADJ
ajfa-4117	204	33	power	power	NOUN
ajfa-4117	204	34	of	of	ADP
ajfa-4117	204	35	the	the	DET
ajfa-4117	204	36	board	board	NOUN
ajfa-4117	204	37	and	and	CCONJ
ajfa-4117	204	38	is	be	AUX
ajfa-4117	204	39	positive	positive	ADJ
ajfa-4117	204	40	for	for	ADP
ajfa-4117	204	41	firm	firm	ADJ
ajfa-4117	204	42	value	value	NOUN
ajfa-4117	204	43	.	.	PUNCT
ajfa-4117	205	1	beasley	beasley	PROPN
ajfa-4117	205	2	(	(	PUNCT
ajfa-4117	205	3	1996	1996	NUM
ajfa-4117	205	4	)	)	PUNCT
ajfa-4117	205	5	finds	find	VERB
ajfa-4117	205	6	a	a	DET
ajfa-4117	205	7	negative	negative	ADJ
ajfa-4117	205	8	relation	relation	NOUN
ajfa-4117	205	9	between	between	ADP
ajfa-4117	205	10	increase	increase	NOUN
ajfa-4117	205	11	in	in	ADP
ajfa-4117	205	12	the	the	DET
ajfa-4117	205	13	number	number	NOUN
ajfa-4117	205	14	of	of	ADP
ajfa-4117	205	15	outside	outside	ADJ
ajfa-4117	205	16	directors	director	NOUN
ajfa-4117	205	17	and	and	CCONJ
ajfa-4117	205	18	occurrence	occurrence	NOUN
ajfa-4117	205	19	of	of	ADP
ajfa-4117	205	20	financial	financial	ADJ
ajfa-4117	205	21	statement	statement	NOUN
ajfa-4117	205	22	error	error	NOUN
ajfa-4117	205	23	and	and	CCONJ
ajfa-4117	205	24	fraud	fraud	NOUN
ajfa-4117	205	25	.	.	PUNCT
ajfa-4117	206	1	this	this	DET
ajfa-4117	206	2	finding	finding	NOUN
ajfa-4117	206	3	suggests	suggest	VERB
ajfa-4117	206	4	that	that	SCONJ
ajfa-4117	206	5	the	the	DET
ajfa-4117	206	6	presence	presence	NOUN
ajfa-4117	206	7	of	of	ADP
ajfa-4117	206	8	more	more	ADJ
ajfa-4117	206	9	outside	outside	ADJ
ajfa-4117	206	10	directors	director	NOUN
ajfa-4117	206	11	can	can	AUX
ajfa-4117	206	12	help	help	VERB
ajfa-4117	206	13	increase	increase	VERB
ajfa-4117	206	14	the	the	DET
ajfa-4117	206	15	reliability	reliability	NOUN
ajfa-4117	206	16	of	of	ADP
ajfa-4117	206	17	accounting	accounting	NOUN
ajfa-4117	206	18	information	information	NOUN
ajfa-4117	206	19	.	.	PUNCT
ajfa-4117	207	1	in	in	ADP
ajfa-4117	207	2	this	this	DET
ajfa-4117	207	3	paper	paper	NOUN
ajfa-4117	207	4	,	,	PUNCT
ajfa-4117	207	5	we	we	PRON
ajfa-4117	207	6	calculate	calculate	VERB
ajfa-4117	207	7	the	the	DET
ajfa-4117	207	8	ratio	ratio	NOUN
ajfa-4117	207	9	of	of	ADP
ajfa-4117	207	10	outside	outside	ADJ
ajfa-4117	207	11	directors	director	NOUN
ajfa-4117	207	12	in	in	ADP
ajfa-4117	207	13	each	each	DET
ajfa-4117	207	14	firm	firm	NOUN
ajfa-4117	207	15	and	and	CCONJ
ajfa-4117	207	16	sort	sort	ADV
ajfa-4117	207	17	all	all	DET
ajfa-4117	207	18	the	the	DET
ajfa-4117	207	19	values	value	NOUN
ajfa-4117	207	20	into	into	ADP
ajfa-4117	207	21	ascending	ascend	VERB
ajfa-4117	207	22	order	order	NOUN
ajfa-4117	207	23	,	,	PUNCT
ajfa-4117	207	24	so	so	SCONJ
ajfa-4117	207	25	that	that	SCONJ
ajfa-4117	207	26	we	we	PRON
ajfa-4117	207	27	can	can	AUX
ajfa-4117	207	28	convert	convert	VERB
ajfa-4117	207	29	each	each	PRON
ajfa-4117	207	30	of	of	ADP
ajfa-4117	207	31	them	they	PRON
ajfa-4117	207	32	into	into	ADP
ajfa-4117	207	33	a	a	DET
ajfa-4117	207	34	percentile	percentile	ADJ
ajfa-4117	207	35	value	value	NOUN
ajfa-4117	207	36	of	of	ADP
ajfa-4117	207	37	outbod	outbod	NOUN
ajfa-4117	207	38	between	between	ADP
ajfa-4117	207	39	0~1	0~1	PROPN
ajfa-4117	207	40	.	.	PUNCT
ajfa-4117	207	41	sivaramakrishnan	sivaramakrishnan	PROPN
ajfa-4117	207	42	and	and	CCONJ
ajfa-4117	207	43	yu	yu	PROPN
ajfa-4117	207	44	(	(	PUNCT
ajfa-4117	207	45	2008	2008	NUM
ajfa-4117	207	46	)	)	PUNCT
ajfa-4117	207	47	indicate	indicate	VERB
ajfa-4117	207	48	that	that	SCONJ
ajfa-4117	207	49	firms	firm	NOUN
ajfa-4117	207	50	with	with	ADP
ajfa-4117	207	51	more	more	ADJ
ajfa-4117	207	52	independent	independent	ADJ
ajfa-4117	207	53	directors	director	NOUN
ajfa-4117	207	54	have	have	VERB
ajfa-4117	207	55	better	well	ADJ
ajfa-4117	207	56	corporate	corporate	ADJ
ajfa-4117	207	57	governance	governance	NOUN
ajfa-4117	207	58	.	.	PUNCT
ajfa-4117	208	1	we	we	PRON
ajfa-4117	208	2	set	set	VERB
ajfa-4117	208	3	the	the	DET
ajfa-4117	208	4	presence	presence	NOUN
ajfa-4117	208	5	of	of	ADP
ajfa-4117	208	6	independent	independent	ADJ
ajfa-4117	208	7	directors	director	NOUN
ajfa-4117	208	8	(	(	PUNCT
ajfa-4117	208	9	ind	ind	NOUN
ajfa-4117	208	10	)	)	PUNCT
ajfa-4117	208	11	as	as	ADP
ajfa-4117	208	12	a	a	DET
ajfa-4117	208	13	dummy	dummy	ADJ
ajfa-4117	208	14	variable	variable	NOUN
ajfa-4117	208	15	,	,	PUNCT
ajfa-4117	208	16	which	which	PRON
ajfa-4117	208	17	is	be	AUX
ajfa-4117	208	18	coded	code	VERB
ajfa-4117	208	19	1	1	NUM
ajfa-4117	208	20	if	if	SCONJ
ajfa-4117	208	21	independent	independent	ADJ
ajfa-4117	208	22	directors	director	NOUN
ajfa-4117	208	23	or	or	CCONJ
ajfa-4117	208	24	supervisors	supervisor	NOUN
ajfa-4117	208	25	are	be	AUX
ajfa-4117	208	26	present	present	ADJ
ajfa-4117	208	27	on	on	ADP
ajfa-4117	208	28	the	the	DET
ajfa-4117	208	29	board	board	NOUN
ajfa-4117	208	30	and	and	CCONJ
ajfa-4117	208	31	0	0	NUM
ajfa-4117	208	32	if	if	SCONJ
ajfa-4117	208	33	otherwise	otherwise	ADV
ajfa-4117	208	34	.	.	PUNCT
ajfa-4117	209	1	finally	finally	ADV
ajfa-4117	209	2	,	,	PUNCT
ajfa-4117	209	3	we	we	PRON
ajfa-4117	209	4	sum	sum	VERB
ajfa-4117	209	5	the	the	DET
ajfa-4117	209	6	values	value	NOUN
ajfa-4117	209	7	of	of	ADP
ajfa-4117	209	8	the	the	DET
ajfa-4117	209	9	four	four	NUM
ajfa-4117	209	10	variables	variable	NOUN
ajfa-4117	209	11	,	,	PUNCT
ajfa-4117	209	12	namely	namely	ADV
ajfa-4117	209	13	bodsize	bodsize	VERB
ajfa-4117	209	14	,	,	PUNCT
ajfa-4117	209	15	duality	duality	NOUN
ajfa-4117	209	16	,	,	PUNCT
ajfa-4117	209	17	outbod	outbod	ADJ
ajfa-4117	209	18	,	,	PUNCT
ajfa-4117	209	19	and	and	CCONJ
ajfa-4117	209	20	ind	ind	NOUN
ajfa-4117	209	21	to	to	PART
ajfa-4117	209	22	form	form	VERB
ajfa-4117	209	23	a	a	DET
ajfa-4117	209	24	composite	composite	ADJ
ajfa-4117	209	25	board	board	NOUN
ajfa-4117	209	26	composition	composition	NOUN
ajfa-4117	209	27	index	index	NOUN
ajfa-4117	209	28	(	(	PUNCT
ajfa-4117	209	29	cg	cg	NOUN
ajfa-4117	209	30	-	-	PUNCT
ajfa-4117	209	31	bod	bod	NOUN
ajfa-4117	209	32	)	)	PUNCT
ajfa-4117	209	33	.	.	PUNCT
ajfa-4117	210	1	the	the	DET
ajfa-4117	210	2	value	value	NOUN
ajfa-4117	210	3	of	of	ADP
ajfa-4117	210	4	this	this	DET
ajfa-4117	210	5	variable	variable	NOUN
ajfa-4117	210	6	ranges	range	VERB
ajfa-4117	210	7	between	between	ADP
ajfa-4117	210	8	0	0	NUM
ajfa-4117	210	9	and	and	CCONJ
ajfa-4117	210	10	4	4	NUM
ajfa-4117	210	11	.	.	NOUN
ajfa-4117	211	1	higher	high	ADJ
ajfa-4117	211	2	values	value	NOUN
ajfa-4117	211	3	indicate	indicate	VERB
ajfa-4117	211	4	higher	high	ADJ
ajfa-4117	211	5	effectiveness	effectiveness	NOUN
ajfa-4117	211	6	of	of	ADP
ajfa-4117	211	7	the	the	DET
ajfa-4117	211	8	board	board	NOUN
ajfa-4117	211	9	.	.	PUNCT
ajfa-4117	212	1	ownership	ownership	NOUN
ajfa-4117	212	2	structure	structure	NOUN
ajfa-4117	212	3	.	.	PUNCT
ajfa-4117	213	1	three	three	NUM
ajfa-4117	213	2	variables	variable	NOUN
ajfa-4117	213	3	of	of	ADP
ajfa-4117	213	4	ownership	ownership	NOUN
ajfa-4117	213	5	structure	structure	NOUN
ajfa-4117	213	6	are	be	AUX
ajfa-4117	213	7	considered	consider	VERB
ajfa-4117	213	8	,	,	PUNCT
ajfa-4117	213	9	including	include	VERB
ajfa-4117	213	10	ratio	ratio	NOUN
ajfa-4117	213	11	of	of	ADP
ajfa-4117	213	12	shares	share	NOUN
ajfa-4117	213	13	held	hold	VERB
ajfa-4117	213	14	by	by	ADP
ajfa-4117	213	15	board	board	NOUN
ajfa-4117	213	16	members	member	NOUN
ajfa-4117	213	17	(	(	PUNCT
ajfa-4117	213	18	bshold	bshold	ADJ
ajfa-4117	213	19	)	)	PUNCT
ajfa-4117	213	20	,	,	PUNCT
ajfa-4117	213	21	deviation	deviation	NOUN
ajfa-4117	213	22	of	of	ADP
ajfa-4117	213	23	control	control	NOUN
ajfa-4117	213	24	rights	right	NOUN
ajfa-4117	213	25	and	and	CCONJ
ajfa-4117	213	26	cash	cash	NOUN
ajfa-4117	213	27	flow	flow	NOUN
ajfa-4117	213	28	rights	right	NOUN
ajfa-4117	213	29	(	(	PUNCT
ajfa-4117	213	30	dev	dev	PROPN
ajfa-4117	213	31	)	)	PUNCT
ajfa-4117	213	32	,	,	PUNCT
ajfa-4117	213	33	and	and	CCONJ
ajfa-4117	213	34	equity	equity	NOUN
ajfa-4117	213	35	pledge	pledge	NOUN
ajfa-4117	213	36	ratio	ratio	NOUN
ajfa-4117	213	37	of	of	ADP
ajfa-4117	213	38	directors	director	NOUN
ajfa-4117	213	39	and	and	CCONJ
ajfa-4117	213	40	supervisors	supervisor	NOUN
ajfa-4117	213	41	(	(	PUNCT
ajfa-4117	213	42	pledge	pledge	NOUN
ajfa-4117	213	43	)	)	PUNCT
ajfa-4117	213	44	.	.	PUNCT
ajfa-4117	214	1	dechow	dechow	ADJ
ajfa-4117	214	2	,	,	PUNCT
ajfa-4117	214	3	sloan	sloan	NOUN
ajfa-4117	214	4	,	,	PUNCT
ajfa-4117	214	5	and	and	CCONJ
ajfa-4117	214	6	sweeney	sweeney	NOUN
ajfa-4117	214	7	(	(	PUNCT
ajfa-4117	214	8	1996	1996	NUM
ajfa-4117	214	9	)	)	PUNCT
ajfa-4117	214	10	and	and	CCONJ
ajfa-4117	214	11	jensen	jensen	PROPN
ajfa-4117	214	12	and	and	CCONJ
ajfa-4117	214	13	meckling	meckling	NOUN
ajfa-4117	214	14	(	(	PUNCT
ajfa-4117	214	15	1976	1976	NUM
ajfa-4117	214	16	)	)	PUNCT
ajfa-4117	214	17	suggest	suggest	VERB
ajfa-4117	214	18	that	that	SCONJ
ajfa-4117	214	19	when	when	SCONJ
ajfa-4117	214	20	directors	director	NOUN
ajfa-4117	214	21	or	or	CCONJ
ajfa-4117	214	22	supervisors	supervisor	NOUN
ajfa-4117	214	23	hold	hold	VERB
ajfa-4117	214	24	a	a	DET
ajfa-4117	214	25	high	high	ADJ
ajfa-4117	214	26	ratio	ratio	NOUN
ajfa-4117	214	27	of	of	ADP
ajfa-4117	214	28	shares	share	NOUN
ajfa-4117	214	29	of	of	ADP
ajfa-4117	214	30	the	the	DET
ajfa-4117	214	31	firm	firm	NOUN
ajfa-4117	214	32	,	,	PUNCT
ajfa-4117	214	33	they	they	PRON
ajfa-4117	214	34	will	will	AUX
ajfa-4117	214	35	be	be	AUX
ajfa-4117	214	36	more	more	ADV
ajfa-4117	214	37	motivated	motivated	ADJ
ajfa-4117	214	38	by	by	ADP
ajfa-4117	214	39	a	a	DET
ajfa-4117	214	40	high	high	ADJ
ajfa-4117	214	41	correlation	correlation	NOUN
ajfa-4117	214	42	asian	asian	ADJ
ajfa-4117	214	43	journal	journal	NOUN
ajfa-4117	214	44	of	of	ADP
ajfa-4117	214	45	finance	finance	PROPN
ajfa-4117	214	46	&	&	CCONJ
ajfa-4117	214	47	accounting	accounting	PROPN
ajfa-4117	214	48	issn	issn	PROPN
ajfa-4117	214	49	1946	1946	NUM
ajfa-4117	214	50	-	-	PUNCT
ajfa-4117	214	51	052x	052x	NOUN
ajfa-4117	214	52	2013	2013	NUM
ajfa-4117	214	53	,	,	PUNCT
ajfa-4117	214	54	vol	vol	NOUN
ajfa-4117	214	55	.	.	PROPN
ajfa-4117	214	56	5	5	NUM
ajfa-4117	214	57	,	,	PUNCT
ajfa-4117	214	58	no	no	INTJ
ajfa-4117	214	59	.	.	NOUN
ajfa-4117	214	60	2	2	NUM
ajfa-4117	214	61	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	214	62	110	110	NUM
ajfa-4117	214	63	between	between	ADP
ajfa-4117	214	64	their	their	PRON
ajfa-4117	214	65	financial	financial	ADJ
ajfa-4117	214	66	risk	risk	NOUN
ajfa-4117	214	67	and	and	CCONJ
ajfa-4117	214	68	the	the	DET
ajfa-4117	214	69	firm	firm	NOUN
ajfa-4117	214	70	’s	’s	PART
ajfa-4117	214	71	performance	performance	NOUN
ajfa-4117	214	72	to	to	PART
ajfa-4117	214	73	monitor	monitor	VERB
ajfa-4117	214	74	the	the	DET
ajfa-4117	214	75	management	management	NOUN
ajfa-4117	214	76	.	.	PUNCT
ajfa-4117	215	1	in	in	ADP
ajfa-4117	215	2	this	this	DET
ajfa-4117	215	3	paper	paper	NOUN
ajfa-4117	215	4	,	,	PUNCT
ajfa-4117	215	5	we	we	PRON
ajfa-4117	215	6	sort	sort	VERB
ajfa-4117	215	7	all	all	DET
ajfa-4117	215	8	the	the	DET
ajfa-4117	215	9	ratios	ratio	NOUN
ajfa-4117	215	10	of	of	ADP
ajfa-4117	215	11	board	board	NOUN
ajfa-4117	215	12	ownership	ownership	NOUN
ajfa-4117	215	13	in	in	ADP
ajfa-4117	215	14	ascending	ascend	VERB
ajfa-4117	215	15	order	order	NOUN
ajfa-4117	215	16	to	to	PART
ajfa-4117	215	17	compute	compute	VERB
ajfa-4117	215	18	the	the	DET
ajfa-4117	215	19	percentile	percentile	NOUN
ajfa-4117	215	20	for	for	ADP
ajfa-4117	215	21	each	each	DET
ajfa-4117	215	22	firm	firm	NOUN
ajfa-4117	215	23	,	,	PUNCT
ajfa-4117	215	24	so	so	SCONJ
ajfa-4117	215	25	that	that	SCONJ
ajfa-4117	215	26	the	the	DET
ajfa-4117	215	27	value	value	NOUN
ajfa-4117	215	28	can	can	AUX
ajfa-4117	215	29	be	be	AUX
ajfa-4117	215	30	further	far	ADV
ajfa-4117	215	31	converted	convert	VERB
ajfa-4117	215	32	into	into	ADP
ajfa-4117	215	33	a	a	DET
ajfa-4117	215	34	bshold	bshold	ADJ
ajfa-4117	215	35	value	value	NOUN
ajfa-4117	215	36	between	between	ADP
ajfa-4117	215	37	0~1	0~1	NOUN
ajfa-4117	215	38	.	.	PUNCT
ajfa-4117	215	39	deviation	deviation	NOUN
ajfa-4117	215	40	of	of	ADP
ajfa-4117	215	41	control	control	NOUN
ajfa-4117	215	42	rights	right	NOUN
ajfa-4117	215	43	and	and	CCONJ
ajfa-4117	215	44	cash	cash	NOUN
ajfa-4117	215	45	flow	flow	NOUN
ajfa-4117	215	46	rights	right	NOUN
ajfa-4117	215	47	(	(	PUNCT
ajfa-4117	215	48	dev	dev	PROPN
ajfa-4117	215	49	)	)	PUNCT
ajfa-4117	215	50	is	be	AUX
ajfa-4117	215	51	the	the	DET
ajfa-4117	215	52	difference	difference	NOUN
ajfa-4117	215	53	between	between	ADP
ajfa-4117	215	54	control	control	NOUN
ajfa-4117	215	55	rights	right	NOUN
ajfa-4117	215	56	and	and	CCONJ
ajfa-4117	215	57	cash	cash	NOUN
ajfa-4117	215	58	flow	flow	NOUN
ajfa-4117	215	59	rights	right	NOUN
ajfa-4117	215	60	of	of	ADP
ajfa-4117	215	61	the	the	DET
ajfa-4117	215	62	ultimate	ultimate	ADJ
ajfa-4117	215	63	controller	controller	NOUN
ajfa-4117	215	64	.	.	PUNCT
ajfa-4117	216	1	it	it	PRON
ajfa-4117	216	2	can	can	AUX
ajfa-4117	216	3	be	be	AUX
ajfa-4117	216	4	used	use	VERB
ajfa-4117	216	5	to	to	PART
ajfa-4117	216	6	measure	measure	VERB
ajfa-4117	216	7	the	the	DET
ajfa-4117	216	8	quality	quality	NOUN
ajfa-4117	216	9	of	of	ADP
ajfa-4117	216	10	a	a	DET
ajfa-4117	216	11	firm	firm	NOUN
ajfa-4117	216	12	’s	’s	PART
ajfa-4117	216	13	corporate	corporate	ADJ
ajfa-4117	216	14	governance	governance	NOUN
ajfa-4117	216	15	(	(	PUNCT
ajfa-4117	216	16	claessens	claessen	NOUN
ajfa-4117	216	17	,	,	PUNCT
ajfa-4117	216	18	djankov	djankov	NOUN
ajfa-4117	216	19	,	,	PUNCT
ajfa-4117	216	20	&	&	CCONJ
ajfa-4117	216	21	lang	lang	PROPN
ajfa-4117	216	22	,	,	PUNCT
ajfa-4117	216	23	2000	2000	NUM
ajfa-4117	216	24	;	;	PUNCT
ajfa-4117	216	25	la	la	PROPN
ajfa-4117	216	26	porta	porta	PROPN
ajfa-4117	216	27	,	,	PUNCT
ajfa-4117	216	28	lopez	lopez	NOUN
ajfa-4117	216	29	-	-	PUNCT
ajfa-4117	216	30	de	de	NOUN
ajfa-4117	216	31	-	-	NOUN
ajfa-4117	216	32	silanes	silane	NOUN
ajfa-4117	216	33	,	,	PUNCT
ajfa-4117	216	34	shleifer	shleifer	NOUN
ajfa-4117	216	35	,	,	PUNCT
ajfa-4117	216	36	&	&	CCONJ
ajfa-4117	216	37	vishny	vishny	PROPN
ajfa-4117	216	38	,	,	PUNCT
ajfa-4117	216	39	2002	2002	NUM
ajfa-4117	216	40	)	)	PUNCT
ajfa-4117	216	41	.	.	PUNCT
ajfa-4117	217	1	if	if	SCONJ
ajfa-4117	217	2	dev	dev	PROPN
ajfa-4117	217	3	is	be	AUX
ajfa-4117	217	4	large	large	ADJ
ajfa-4117	217	5	,	,	PUNCT
ajfa-4117	217	6	controlling	control	VERB
ajfa-4117	217	7	shareholders	shareholder	NOUN
ajfa-4117	217	8	can	can	AUX
ajfa-4117	217	9	control	control	VERB
ajfa-4117	217	10	the	the	DET
ajfa-4117	217	11	firm	firm	NOUN
ajfa-4117	217	12	with	with	ADP
ajfa-4117	217	13	a	a	DET
ajfa-4117	217	14	small	small	ADJ
ajfa-4117	217	15	cash	cash	NOUN
ajfa-4117	217	16	flow	flow	NOUN
ajfa-4117	217	17	and	and	CCONJ
ajfa-4117	217	18	there	there	PRON
ajfa-4117	217	19	may	may	AUX
ajfa-4117	217	20	be	be	AUX
ajfa-4117	217	21	a	a	DET
ajfa-4117	217	22	stronger	strong	ADJ
ajfa-4117	217	23	incentive	incentive	NOUN
ajfa-4117	217	24	for	for	SCONJ
ajfa-4117	217	25	them	they	PRON
ajfa-4117	217	26	to	to	PART
ajfa-4117	217	27	embezzle	embezzle	VERB
ajfa-4117	217	28	the	the	DET
ajfa-4117	217	29	firm	firm	NOUN
ajfa-4117	217	30	’s	’s	PART
ajfa-4117	217	31	assets	asset	NOUN
ajfa-4117	217	32	and	and	CCONJ
ajfa-4117	217	33	expropriate	expropriate	VERB
ajfa-4117	217	34	minority	minority	NOUN
ajfa-4117	217	35	shareholders	shareholder	NOUN
ajfa-4117	217	36	.	.	PUNCT
ajfa-4117	218	1	therefore	therefore	ADV
ajfa-4117	218	2	,	,	PUNCT
ajfa-4117	218	3	a	a	DET
ajfa-4117	218	4	larger	large	ADJ
ajfa-4117	218	5	dev	dev	NOUN
ajfa-4117	218	6	leads	lead	VERB
ajfa-4117	218	7	to	to	ADP
ajfa-4117	218	8	worse	bad	ADJ
ajfa-4117	218	9	corporate	corporate	ADJ
ajfa-4117	218	10	governance	governance	NOUN
ajfa-4117	218	11	.	.	PUNCT
ajfa-4117	219	1	we	we	PRON
ajfa-4117	219	2	sort	sort	VERB
ajfa-4117	219	3	all	all	DET
ajfa-4117	219	4	the	the	DET
ajfa-4117	219	5	values	value	NOUN
ajfa-4117	219	6	of	of	ADP
ajfa-4117	219	7	difference	difference	NOUN
ajfa-4117	219	8	between	between	ADP
ajfa-4117	219	9	control	control	NOUN
ajfa-4117	219	10	rights	right	NOUN
ajfa-4117	219	11	and	and	CCONJ
ajfa-4117	219	12	cash	cash	NOUN
ajfa-4117	219	13	flow	flow	NOUN
ajfa-4117	219	14	rights	right	NOUN
ajfa-4117	219	15	in	in	ADP
ajfa-4117	219	16	descending	descend	VERB
ajfa-4117	219	17	order	order	NOUN
ajfa-4117	219	18	and	and	CCONJ
ajfa-4117	219	19	compute	compute	VERB
ajfa-4117	219	20	their	their	PRON
ajfa-4117	219	21	percentiles	percentile	NOUN
ajfa-4117	219	22	,	,	PUNCT
ajfa-4117	219	23	so	so	SCONJ
ajfa-4117	219	24	that	that	SCONJ
ajfa-4117	219	25	each	each	DET
ajfa-4117	219	26	value	value	NOUN
ajfa-4117	219	27	can	can	AUX
ajfa-4117	219	28	be	be	AUX
ajfa-4117	219	29	transformed	transform	VERB
ajfa-4117	219	30	into	into	ADP
ajfa-4117	219	31	a	a	DET
ajfa-4117	219	32	dev	dev	NOUN
ajfa-4117	219	33	value	value	NOUN
ajfa-4117	219	34	between	between	ADP
ajfa-4117	219	35	0~1	0~1	NOUN
ajfa-4117	219	36	.	.	PUNCT
ajfa-4117	220	1	values	value	NOUN
ajfa-4117	220	2	closer	close	ADV
ajfa-4117	220	3	to	to	ADP
ajfa-4117	220	4	1	1	NUM
ajfa-4117	220	5	indicate	indicate	VERB
ajfa-4117	220	6	better	well	ADJ
ajfa-4117	220	7	corporate	corporate	ADJ
ajfa-4117	220	8	governance	governance	NOUN
ajfa-4117	220	9	.	.	PUNCT
ajfa-4117	221	1	according	accord	VERB
ajfa-4117	221	2	to	to	ADP
ajfa-4117	221	3	kao	kao	PROPN
ajfa-4117	221	4	,	,	PUNCT
ajfa-4117	221	5	chiou	chiou	NOUN
ajfa-4117	221	6	,	,	PUNCT
ajfa-4117	221	7	and	and	CCONJ
ajfa-4117	221	8	chen	chen	PROPN
ajfa-4117	221	9	(	(	PUNCT
ajfa-4117	221	10	2004	2004	NUM
ajfa-4117	221	11	)	)	PUNCT
ajfa-4117	221	12	and	and	CCONJ
ajfa-4117	221	13	yeh	yeh	PROPN
ajfa-4117	221	14	,	,	PUNCT
ajfa-4117	221	15	lee	lee	PROPN
ajfa-4117	221	16	,	,	PUNCT
ajfa-4117	221	17	and	and	CCONJ
ajfa-4117	221	18	woidtke	woidtke	NOUN
ajfa-4117	221	19	(	(	PUNCT
ajfa-4117	221	20	2001	2001	NUM
ajfa-4117	221	21	)	)	PUNCT
ajfa-4117	221	22	,	,	PUNCT
ajfa-4117	221	23	a	a	DET
ajfa-4117	221	24	higher	high	ADJ
ajfa-4117	221	25	equity	equity	NOUN
ajfa-4117	221	26	pledge	pledge	NOUN
ajfa-4117	221	27	ratio	ratio	NOUN
ajfa-4117	221	28	of	of	ADP
ajfa-4117	221	29	the	the	DET
ajfa-4117	221	30	board	board	NOUN
ajfa-4117	221	31	suggests	suggest	VERB
ajfa-4117	221	32	that	that	SCONJ
ajfa-4117	221	33	directors	director	NOUN
ajfa-4117	221	34	and	and	CCONJ
ajfa-4117	221	35	supervisors	supervisor	NOUN
ajfa-4117	221	36	are	be	AUX
ajfa-4117	221	37	highly	highly	ADV
ajfa-4117	221	38	involved	involve	VERB
ajfa-4117	221	39	in	in	ADP
ajfa-4117	221	40	the	the	DET
ajfa-4117	221	41	stock	stock	NOUN
ajfa-4117	221	42	market	market	NOUN
ajfa-4117	221	43	and	and	CCONJ
ajfa-4117	221	44	have	have	AUX
ajfa-4117	221	45	collateralized	collateralize	VERB
ajfa-4117	221	46	their	their	PRON
ajfa-4117	221	47	holdings	holding	NOUN
ajfa-4117	221	48	in	in	ADP
ajfa-4117	221	49	exchange	exchange	NOUN
ajfa-4117	221	50	for	for	ADP
ajfa-4117	221	51	cash	cash	NOUN
ajfa-4117	221	52	.	.	PUNCT
ajfa-4117	222	1	there	there	PRON
ajfa-4117	222	2	will	will	AUX
ajfa-4117	222	3	be	be	AUX
ajfa-4117	222	4	a	a	DET
ajfa-4117	222	5	smaller	small	ADJ
ajfa-4117	222	6	incentive	incentive	NOUN
ajfa-4117	222	7	for	for	SCONJ
ajfa-4117	222	8	the	the	DET
ajfa-4117	222	9	directors	director	NOUN
ajfa-4117	222	10	and	and	CCONJ
ajfa-4117	222	11	supervisors	supervisor	NOUN
ajfa-4117	222	12	to	to	PART
ajfa-4117	222	13	manage	manage	VERB
ajfa-4117	222	14	the	the	DET
ajfa-4117	222	15	firm	firm	NOUN
ajfa-4117	222	16	properly	properly	ADV
ajfa-4117	222	17	,	,	PUNCT
ajfa-4117	222	18	and	and	CCONJ
ajfa-4117	222	19	ethical	ethical	ADJ
ajfa-4117	222	20	crisis	crisis	NOUN
ajfa-4117	222	21	is	be	AUX
ajfa-4117	222	22	likely	likely	ADJ
ajfa-4117	222	23	to	to	PART
ajfa-4117	222	24	occur	occur	VERB
ajfa-4117	222	25	.	.	PUNCT
ajfa-4117	223	1	therefore	therefore	ADV
ajfa-4117	223	2	,	,	PUNCT
ajfa-4117	223	3	higher	high	ADJ
ajfa-4117	223	4	pledge	pledge	NOUN
ajfa-4117	223	5	results	result	NOUN
ajfa-4117	223	6	in	in	ADP
ajfa-4117	223	7	worse	bad	ADJ
ajfa-4117	223	8	corporate	corporate	ADJ
ajfa-4117	223	9	governance	governance	NOUN
ajfa-4117	223	10	.	.	PUNCT
ajfa-4117	224	1	we	we	PRON
ajfa-4117	224	2	sort	sort	VERB
ajfa-4117	224	3	all	all	DET
ajfa-4117	224	4	the	the	DET
ajfa-4117	224	5	pledge	pledge	NOUN
ajfa-4117	224	6	ratios	ratio	NOUN
ajfa-4117	224	7	in	in	ADP
ajfa-4117	224	8	descending	descend	VERB
ajfa-4117	224	9	order	order	NOUN
ajfa-4117	224	10	and	and	CCONJ
ajfa-4117	224	11	compute	compute	VERB
ajfa-4117	224	12	the	the	DET
ajfa-4117	224	13	percentile	percentile	NOUN
ajfa-4117	224	14	of	of	ADP
ajfa-4117	224	15	each	each	DET
ajfa-4117	224	16	ratio	ratio	NOUN
ajfa-4117	224	17	to	to	PART
ajfa-4117	224	18	obtain	obtain	VERB
ajfa-4117	224	19	a	a	DET
ajfa-4117	224	20	pledge	pledge	NOUN
ajfa-4117	224	21	value	value	NOUN
ajfa-4117	224	22	between	between	ADP
ajfa-4117	224	23	0~1	0~1	PUNCT
ajfa-4117	224	24	for	for	ADP
ajfa-4117	224	25	each	each	DET
ajfa-4117	224	26	firm	firm	NOUN
ajfa-4117	224	27	.	.	PUNCT
ajfa-4117	225	1	values	value	NOUN
ajfa-4117	225	2	closer	close	ADV
ajfa-4117	225	3	to	to	ADP
ajfa-4117	225	4	1	1	NUM
ajfa-4117	225	5	indicate	indicate	VERB
ajfa-4117	225	6	better	well	ADJ
ajfa-4117	225	7	corporate	corporate	ADJ
ajfa-4117	225	8	governance	governance	NOUN
ajfa-4117	225	9	.	.	PUNCT
ajfa-4117	226	1	we	we	PRON
ajfa-4117	226	2	sum	sum	VERB
ajfa-4117	226	3	the	the	DET
ajfa-4117	226	4	values	value	NOUN
ajfa-4117	226	5	of	of	ADP
ajfa-4117	226	6	bshold	bshold	PROPN
ajfa-4117	226	7	,	,	PUNCT
ajfa-4117	226	8	dev	dev	PROPN
ajfa-4117	226	9	,	,	PUNCT
ajfa-4117	226	10	and	and	CCONJ
ajfa-4117	226	11	pledge	pledge	VERB
ajfa-4117	226	12	to	to	PART
ajfa-4117	226	13	get	get	VERB
ajfa-4117	226	14	a	a	DET
ajfa-4117	226	15	composite	composite	ADJ
ajfa-4117	226	16	ownership	ownership	NOUN
ajfa-4117	226	17	structure	structure	NOUN
ajfa-4117	226	18	index	index	NOUN
ajfa-4117	226	19	(	(	PUNCT
ajfa-4117	226	20	cg	cg	NOUN
ajfa-4117	226	21	-	-	PUNCT
ajfa-4117	226	22	own	own	ADJ
ajfa-4117	226	23	)	)	PUNCT
ajfa-4117	226	24	.	.	PUNCT
ajfa-4117	227	1	the	the	DET
ajfa-4117	227	2	values	value	NOUN
ajfa-4117	227	3	will	will	AUX
ajfa-4117	227	4	range	range	VERB
ajfa-4117	227	5	between	between	ADP
ajfa-4117	227	6	0~3	0~3	NUM
ajfa-4117	227	7	,	,	PUNCT
ajfa-4117	227	8	and	and	CCONJ
ajfa-4117	227	9	the	the	DET
ajfa-4117	227	10	greater	great	ADJ
ajfa-4117	227	11	the	the	DET
ajfa-4117	227	12	value	value	NOUN
ajfa-4117	227	13	,	,	PUNCT
ajfa-4117	227	14	the	the	PRON
ajfa-4117	227	15	better	well	ADJ
ajfa-4117	227	16	the	the	DET
ajfa-4117	227	17	corporate	corporate	ADJ
ajfa-4117	227	18	governance	governance	NOUN
ajfa-4117	227	19	.	.	PUNCT
ajfa-4117	228	1	finally	finally	ADV
ajfa-4117	228	2	,	,	PUNCT
ajfa-4117	228	3	we	we	PRON
ajfa-4117	228	4	add	add	VERB
ajfa-4117	228	5	up	up	ADP
ajfa-4117	228	6	the	the	DET
ajfa-4117	228	7	board	board	NOUN
ajfa-4117	228	8	composition	composition	NOUN
ajfa-4117	228	9	index	index	NOUN
ajfa-4117	228	10	(	(	PUNCT
ajfa-4117	228	11	cg	cg	NOUN
ajfa-4117	228	12	-	-	PUNCT
ajfa-4117	228	13	bod	bod	NOUN
ajfa-4117	228	14	)	)	PUNCT
ajfa-4117	228	15	and	and	CCONJ
ajfa-4117	228	16	the	the	DET
ajfa-4117	228	17	ownership	ownership	NOUN
ajfa-4117	228	18	structure	structure	NOUN
ajfa-4117	228	19	index	index	NOUN
ajfa-4117	228	20	(	(	PUNCT
ajfa-4117	228	21	cg	cg	NOUN
ajfa-4117	228	22	-	-	PUNCT
ajfa-4117	228	23	own	own	ADJ
ajfa-4117	228	24	)	)	PUNCT
ajfa-4117	228	25	to	to	PART
ajfa-4117	228	26	form	form	VERB
ajfa-4117	228	27	a	a	DET
ajfa-4117	228	28	composite	composite	ADJ
ajfa-4117	228	29	corporate	corporate	ADJ
ajfa-4117	228	30	governance	governance	NOUN
ajfa-4117	228	31	index	index	NOUN
ajfa-4117	228	32	(	(	PUNCT
ajfa-4117	228	33	cgi	cgi	NOUN
ajfa-4117	228	34	)	)	PUNCT
ajfa-4117	228	35	.	.	PUNCT
ajfa-4117	229	1	this	this	DET
ajfa-4117	229	2	index	index	NOUN
ajfa-4117	229	3	ranges	range	VERB
ajfa-4117	229	4	from	from	ADP
ajfa-4117	229	5	0	0	NUM
ajfa-4117	229	6	to	to	ADP
ajfa-4117	229	7	7	7	NUM
ajfa-4117	229	8	.	.	PUNCT
ajfa-4117	230	1	this	this	DET
ajfa-4117	230	2	index	index	NOUN
ajfa-4117	230	3	denotes	denote	VERB
ajfa-4117	230	4	the	the	DET
ajfa-4117	230	5	strength	strength	NOUN
ajfa-4117	230	6	of	of	ADP
ajfa-4117	230	7	corporate	corporate	ADJ
ajfa-4117	230	8	governance	governance	NOUN
ajfa-4117	230	9	mechanisms	mechanism	NOUN
ajfa-4117	230	10	,	,	PUNCT
ajfa-4117	230	11	so	so	ADV
ajfa-4117	230	12	the	the	PRON
ajfa-4117	230	13	higher	high	ADJ
ajfa-4117	230	14	the	the	DET
ajfa-4117	230	15	index	index	NOUN
ajfa-4117	230	16	,	,	PUNCT
ajfa-4117	230	17	the	the	PRON
ajfa-4117	230	18	better	well	ADJ
ajfa-4117	230	19	the	the	DET
ajfa-4117	230	20	corporate	corporate	ADJ
ajfa-4117	230	21	governance	governance	NOUN
ajfa-4117	230	22	.	.	PUNCT
ajfa-4117	231	1	3.3.4	3.3.4	NUM
ajfa-4117	231	2	control	control	NOUN
ajfa-4117	231	3	variables	variable	VERB
ajfa-4117	231	4	the	the	DET
ajfa-4117	231	5	control	control	NOUN
ajfa-4117	231	6	variables	variable	NOUN
ajfa-4117	231	7	in	in	ADP
ajfa-4117	231	8	this	this	DET
ajfa-4117	231	9	study	study	NOUN
ajfa-4117	231	10	include	include	VERB
ajfa-4117	231	11	cash	cash	NOUN
ajfa-4117	231	12	flow	flow	NOUN
ajfa-4117	231	13	(	(	PUNCT
ajfa-4117	231	14	cf	cf	NOUN
ajfa-4117	231	15	)	)	PUNCT
ajfa-4117	231	16	,	,	PUNCT
ajfa-4117	231	17	investment	investment	NOUN
ajfa-4117	231	18	opportunity	opportunity	NOUN
ajfa-4117	231	19	(	(	PUNCT
ajfa-4117	231	20	q	q	NOUN
ajfa-4117	231	21	)	)	PUNCT
ajfa-4117	231	22	,	,	PUNCT
ajfa-4117	231	23	and	and	CCONJ
ajfa-4117	231	24	firm	firm	ADJ
ajfa-4117	231	25	size	size	NOUN
ajfa-4117	231	26	(	(	PUNCT
ajfa-4117	231	27	size	size	NOUN
ajfa-4117	231	28	)	)	PUNCT
ajfa-4117	231	29	.	.	PUNCT
ajfa-4117	232	1	both	both	DET
ajfa-4117	232	2	grundy	grundy	PROPN
ajfa-4117	232	3	and	and	CCONJ
ajfa-4117	232	4	li	li	PROPN
ajfa-4117	232	5	(	(	PUNCT
ajfa-4117	232	6	2010	2010	NUM
ajfa-4117	232	7	)	)	PUNCT
ajfa-4117	232	8	and	and	CCONJ
ajfa-4117	232	9	richardson	richardson	PROPN
ajfa-4117	232	10	(	(	PUNCT
ajfa-4117	232	11	2006	2006	NUM
ajfa-4117	232	12	)	)	PUNCT
ajfa-4117	232	13	have	have	AUX
ajfa-4117	232	14	found	find	VERB
ajfa-4117	232	15	a	a	DET
ajfa-4117	232	16	positive	positive	ADJ
ajfa-4117	232	17	relation	relation	NOUN
ajfa-4117	232	18	between	between	ADP
ajfa-4117	232	19	cash	cash	NOUN
ajfa-4117	232	20	holdings	holding	NOUN
ajfa-4117	232	21	and	and	CCONJ
ajfa-4117	232	22	investment	investment	NOUN
ajfa-4117	232	23	expenditure	expenditure	NOUN
ajfa-4117	232	24	.	.	PUNCT
ajfa-4117	233	1	hence	hence	ADV
ajfa-4117	233	2	,	,	PUNCT
ajfa-4117	233	3	cash	cash	NOUN
ajfa-4117	233	4	flow	flow	NOUN
ajfa-4117	233	5	should	should	AUX
ajfa-4117	233	6	be	be	AUX
ajfa-4117	233	7	controlled	control	VERB
ajfa-4117	233	8	.	.	PUNCT
ajfa-4117	234	1	besides	besides	SCONJ
ajfa-4117	234	2	,	,	PUNCT
ajfa-4117	234	3	firms	firm	NOUN
ajfa-4117	234	4	tend	tend	VERB
ajfa-4117	234	5	to	to	PART
ajfa-4117	234	6	invest	invest	VERB
ajfa-4117	234	7	more	more	ADJ
ajfa-4117	234	8	when	when	SCONJ
ajfa-4117	234	9	they	they	PRON
ajfa-4117	234	10	can	can	AUX
ajfa-4117	234	11	have	have	VERB
ajfa-4117	234	12	more	more	ADJ
ajfa-4117	234	13	investment	investment	NOUN
ajfa-4117	234	14	opportunities	opportunity	NOUN
ajfa-4117	234	15	.	.	PUNCT
ajfa-4117	235	1	most	most	ADJ
ajfa-4117	235	2	previous	previous	ADJ
ajfa-4117	235	3	studies	study	NOUN
ajfa-4117	235	4	use	use	VERB
ajfa-4117	235	5	tobin	tobin	NOUN
ajfa-4117	235	6	’s	’s	NOUN
ajfa-4117	235	7	q	q	NOUN
ajfa-4117	235	8	as	as	ADP
ajfa-4117	235	9	a	a	DET
ajfa-4117	235	10	proxy	proxy	NOUN
ajfa-4117	235	11	for	for	ADP
ajfa-4117	235	12	investment	investment	NOUN
ajfa-4117	235	13	opportunity	opportunity	NOUN
ajfa-4117	235	14	(	(	PUNCT
ajfa-4117	235	15	chen	chen	PROPN
ajfa-4117	235	16	,	,	PUNCT
ajfa-4117	235	17	ho	ho	PROPN
ajfa-4117	235	18	,	,	PUNCT
ajfa-4117	235	19	lee	lee	PROPN
ajfa-4117	235	20	,	,	PUNCT
ajfa-4117	235	21	&	&	CCONJ
ajfa-4117	235	22	yeo	yeo	PROPN
ajfa-4117	235	23	,	,	PUNCT
ajfa-4117	235	24	2000	2000	NUM
ajfa-4117	235	25	;	;	PUNCT
ajfa-4117	235	26	polk	polk	PROPN
ajfa-4117	235	27	&	&	CCONJ
ajfa-4117	235	28	sapienza	sapienza	PROPN
ajfa-4117	235	29	,	,	PUNCT
ajfa-4117	235	30	2009	2009	NUM
ajfa-4117	235	31	;	;	PUNCT
ajfa-4117	235	32	richardson	richardson	PROPN
ajfa-4117	235	33	,	,	PUNCT
ajfa-4117	235	34	2006	2006	NUM
ajfa-4117	235	35	)	)	PUNCT
ajfa-4117	235	36	.	.	PUNCT
ajfa-4117	236	1	tobin	tobin	PROPN
ajfa-4117	236	2	’s	’s	PART
ajfa-4117	236	3	q	q	PROPN
ajfa-4117	236	4	is	be	AUX
ajfa-4117	236	5	the	the	DET
ajfa-4117	236	6	ratio	ratio	NOUN
ajfa-4117	236	7	between	between	ADP
ajfa-4117	236	8	the	the	DET
ajfa-4117	236	9	market	market	NOUN
ajfa-4117	236	10	value	value	NOUN
ajfa-4117	236	11	and	and	CCONJ
ajfa-4117	236	12	replacement	replacement	NOUN
ajfa-4117	236	13	value	value	NOUN
ajfa-4117	236	14	of	of	ADP
ajfa-4117	236	15	the	the	DET
ajfa-4117	236	16	total	total	ADJ
ajfa-4117	236	17	assets	asset	NOUN
ajfa-4117	236	18	.	.	PUNCT
ajfa-4117	237	1	as	as	SCONJ
ajfa-4117	237	2	replacement	replacement	NOUN
ajfa-4117	237	3	value	value	NOUN
ajfa-4117	237	4	of	of	ADP
ajfa-4117	237	5	firm	firm	ADJ
ajfa-4117	237	6	assets	asset	NOUN
ajfa-4117	237	7	is	be	AUX
ajfa-4117	237	8	not	not	PART
ajfa-4117	237	9	accessible	accessible	ADJ
ajfa-4117	237	10	,	,	PUNCT
ajfa-4117	237	11	we	we	PRON
ajfa-4117	237	12	use	use	VERB
ajfa-4117	237	13	the	the	DET
ajfa-4117	237	14	book	book	NOUN
ajfa-4117	237	15	value	value	NOUN
ajfa-4117	237	16	of	of	ADP
ajfa-4117	237	17	firm	firm	ADJ
ajfa-4117	237	18	assets	asset	NOUN
ajfa-4117	237	19	instead	instead	ADV
ajfa-4117	237	20	(	(	PUNCT
ajfa-4117	237	21	chung	chung	PROPN
ajfa-4117	237	22	&	&	CCONJ
ajfa-4117	237	23	pruitt	pruitt	PROPN
ajfa-4117	237	24	,	,	PUNCT
ajfa-4117	237	25	1994	1994	NUM
ajfa-4117	237	26	)	)	PUNCT
ajfa-4117	237	27	.	.	PUNCT
ajfa-4117	238	1	finally	finally	ADV
ajfa-4117	238	2	,	,	PUNCT
ajfa-4117	238	3	firm	firm	ADJ
ajfa-4117	238	4	size	size	NOUN
ajfa-4117	238	5	is	be	AUX
ajfa-4117	238	6	controlled	control	VERB
ajfa-4117	238	7	,	,	PUNCT
ajfa-4117	238	8	and	and	CCONJ
ajfa-4117	238	9	the	the	DET
ajfa-4117	238	10	total	total	ADJ
ajfa-4117	238	11	assets	asset	NOUN
ajfa-4117	238	12	at	at	ADP
ajfa-4117	238	13	the	the	DET
ajfa-4117	238	14	beginning	beginning	NOUN
ajfa-4117	238	15	of	of	ADP
ajfa-4117	238	16	the	the	DET
ajfa-4117	238	17	year	year	NOUN
ajfa-4117	238	18	is	be	AUX
ajfa-4117	238	19	used	use	VERB
ajfa-4117	238	20	as	as	ADP
ajfa-4117	238	21	a	a	DET
ajfa-4117	238	22	proxy	proxy	NOUN
ajfa-4117	238	23	for	for	ADP
ajfa-4117	238	24	firm	firm	ADJ
ajfa-4117	238	25	size	size	NOUN
ajfa-4117	238	26	.	.	PUNCT
ajfa-4117	239	1	asian	asian	ADJ
ajfa-4117	239	2	journal	journal	PROPN
ajfa-4117	239	3	of	of	ADP
ajfa-4117	239	4	finance	finance	PROPN
ajfa-4117	239	5	&	&	CCONJ
ajfa-4117	239	6	accounting	accounting	PROPN
ajfa-4117	239	7	issn	issn	PROPN
ajfa-4117	239	8	1946	1946	NUM
ajfa-4117	239	9	-	-	PUNCT
ajfa-4117	239	10	052x	052x	NOUN
ajfa-4117	239	11	2013	2013	NUM
ajfa-4117	239	12	,	,	PUNCT
ajfa-4117	239	13	vol	vol	NOUN
ajfa-4117	239	14	.	.	PROPN
ajfa-4117	239	15	5	5	NUM
ajfa-4117	239	16	,	,	PUNCT
ajfa-4117	239	17	no	no	INTJ
ajfa-4117	239	18	.	.	NOUN
ajfa-4117	239	19	2	2	NUM
ajfa-4117	239	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	239	21	111	111	NUM
ajfa-4117	239	22	table	table	NOUN
ajfa-4117	239	23	1	1	NUM
ajfa-4117	239	24	.	.	PUNCT
ajfa-4117	240	1	variables	variable	NOUN
ajfa-4117	240	2	description	description	NOUN
ajfa-4117	240	3	variable	variable	ADJ
ajfa-4117	240	4	symbol	symbol	NOUN
ajfa-4117	240	5	variable	variable	ADJ
ajfa-4117	240	6	description	description	NOUN
ajfa-4117	240	7	and	and	CCONJ
ajfa-4117	240	8	definition	definition	NOUN
ajfa-4117	240	9	variables	variable	NOUN
ajfa-4117	240	10	in	in	ADP
ajfa-4117	240	11	the	the	DET
ajfa-4117	240	12	primary	primary	ADJ
ajfa-4117	240	13	model	model	NOUN
ajfa-4117	240	14	:	:	PUNCT
ajfa-4117	240	15	new	new	ADJ
ajfa-4117	240	16	investment	investment	NOUN
ajfa-4117	240	17	invest	invest	VERB
ajfa-4117	240	18	the	the	DET
ajfa-4117	240	19	sum	sum	NOUN
ajfa-4117	240	20	of	of	ADP
ajfa-4117	240	21	all	all	DET
ajfa-4117	240	22	outlays	outlay	NOUN
ajfa-4117	240	23	on	on	ADP
ajfa-4117	240	24	capital	capital	NOUN
ajfa-4117	240	25	expenditure	expenditure	NOUN
ajfa-4117	240	26	,	,	PUNCT
ajfa-4117	240	27	acquisitions	acquisition	NOUN
ajfa-4117	240	28	and	and	CCONJ
ajfa-4117	240	29	research	research	NOUN
ajfa-4117	240	30	and	and	CCONJ
ajfa-4117	240	31	development	development	NOUN
ajfa-4117	240	32	less	less	ADJ
ajfa-4117	240	33	receipts	receipt	NOUN
ajfa-4117	240	34	from	from	ADP
ajfa-4117	240	35	the	the	DET
ajfa-4117	240	36	sale	sale	NOUN
ajfa-4117	240	37	of	of	ADP
ajfa-4117	240	38	property	property	NOUN
ajfa-4117	240	39	,	,	PUNCT
ajfa-4117	240	40	plant	plant	NOUN
ajfa-4117	240	41	and	and	CCONJ
ajfa-4117	240	42	equipment	equipment	NOUN
ajfa-4117	240	43	minus	minus	CCONJ
ajfa-4117	240	44	amortization	amortization	NOUN
ajfa-4117	240	45	and	and	CCONJ
ajfa-4117	240	46	depreciation	depreciation	NOUN
ajfa-4117	240	47	expense	expense	NOUN
ajfa-4117	240	48	over	over	ADP
ajfa-4117	240	49	investment	investment	NOUN
ajfa-4117	240	50	overinvest	overinv	ADJ
ajfa-4117	240	51	the	the	DET
ajfa-4117	240	52	residual	residual	ADJ
ajfa-4117	240	53	from	from	ADP
ajfa-4117	240	54	regression	regression	NOUN
ajfa-4117	240	55	(	(	PUNCT
ajfa-4117	240	56	5	5	NUM
ajfa-4117	240	57	)	)	PUNCT
ajfa-4117	240	58	sentiment	sentiment	NOUN
ajfa-4117	240	59	indexes	index	VERB
ajfa-4117	240	60	senti	senti	PRON
ajfa-4117	240	61	the	the	DET
ajfa-4117	240	62	first	first	ADJ
ajfa-4117	240	63	principal	principal	ADJ
ajfa-4117	240	64	component	component	NOUN
ajfa-4117	240	65	of	of	ADP
ajfa-4117	240	66	the	the	DET
ajfa-4117	240	67	correlation	correlation	NOUN
ajfa-4117	240	68	matrix	matrix	NOUN
ajfa-4117	240	69	of	of	ADP
ajfa-4117	240	70	turnt-1	turnt-1	PROPN
ajfa-4117	240	71	,	,	PUNCT
ajfa-4117	240	72	daccrt-1	daccrt-1	NOUN
ajfa-4117	240	73	,	,	PUNCT
ajfa-4117	240	74	ccit-1	ccit-1	NUM
ajfa-4117	240	75	and	and	CCONJ
ajfa-4117	240	76	nipot-1	nipot-1	NOUN
ajfa-4117	240	77	.	.	NOUN
ajfa-4117	241	1	corporate	corporate	ADJ
ajfa-4117	241	2	governance	governance	NOUN
ajfa-4117	241	3	composite	composite	ADJ
ajfa-4117	241	4	indexes	index	NOUN
ajfa-4117	241	5	cgi	cgi	NOUN
ajfa-4117	241	6	the	the	DET
ajfa-4117	241	7	sum	sum	NOUN
ajfa-4117	241	8	of	of	ADP
ajfa-4117	241	9	bodsize	bodsize	NOUN
ajfa-4117	241	10	,	,	PUNCT
ajfa-4117	241	11	duality	duality	NOUN
ajfa-4117	241	12	,	,	PUNCT
ajfa-4117	241	13	outbod	outbod	ADJ
ajfa-4117	241	14	,	,	PUNCT
ajfa-4117	241	15	ind	ind	NOUN
ajfa-4117	241	16	,	,	PUNCT
ajfa-4117	241	17	bshold	bshold	ADJ
ajfa-4117	241	18	,	,	PUNCT
ajfa-4117	241	19	dev	dev	NOUN
ajfa-4117	241	20	and	and	CCONJ
ajfa-4117	241	21	pledge	pledge	VERB
ajfa-4117	241	22	.	.	PUNCT
ajfa-4117	242	1	cash	cash	NOUN
ajfa-4117	242	2	flow	flow	NOUN
ajfa-4117	242	3	cf	cf	X
ajfa-4117	242	4	the	the	DET
ajfa-4117	242	5	sum	sum	NOUN
ajfa-4117	242	6	of	of	ADP
ajfa-4117	242	7	income	income	NOUN
ajfa-4117	242	8	before	before	ADP
ajfa-4117	242	9	extraordinary	extraordinary	ADJ
ajfa-4117	242	10	items	item	NOUN
ajfa-4117	242	11	and	and	CCONJ
ajfa-4117	242	12	depreciation	depreciation	NOUN
ajfa-4117	242	13	and	and	CCONJ
ajfa-4117	242	14	amortization	amortization	NOUN
ajfa-4117	242	15	tobin	tobin	PROPN
ajfa-4117	242	16	’s	’s	PART
ajfa-4117	242	17	q	q	PROPN
ajfa-4117	242	18	q	q	PROPN
ajfa-4117	242	19	the	the	DET
ajfa-4117	242	20	market	market	NOUN
ajfa-4117	242	21	value	value	NOUN
ajfa-4117	242	22	of	of	ADP
ajfa-4117	242	23	total	total	ADJ
ajfa-4117	242	24	assets	asset	NOUN
ajfa-4117	242	25	deflated	deflate	VERB
ajfa-4117	242	26	by	by	ADP
ajfa-4117	242	27	the	the	DET
ajfa-4117	242	28	book	book	NOUN
ajfa-4117	242	29	value	value	NOUN
ajfa-4117	242	30	of	of	ADP
ajfa-4117	242	31	total	total	ADJ
ajfa-4117	242	32	assets	asset	NOUN
ajfa-4117	242	33	firm	firm	ADJ
ajfa-4117	242	34	size	size	NOUN
ajfa-4117	242	35	size	size	NOUN
ajfa-4117	242	36	total	total	ADJ
ajfa-4117	242	37	assets	asset	NOUN
ajfa-4117	242	38	measured	measure	VERB
ajfa-4117	242	39	at	at	ADP
ajfa-4117	242	40	the	the	DET
ajfa-4117	242	41	start	start	NOUN
ajfa-4117	242	42	of	of	ADP
ajfa-4117	242	43	the	the	DET
ajfa-4117	242	44	year	year	NOUN
ajfa-4117	242	45	.	.	PUNCT
ajfa-4117	243	1	variables	variable	NOUN
ajfa-4117	243	2	in	in	ADP
ajfa-4117	243	3	the	the	DET
ajfa-4117	243	4	over	over	ADP
ajfa-4117	243	5	-	-	PUNCT
ajfa-4117	243	6	investment	investment	NOUN
ajfa-4117	243	7	model	model	NOUN
ajfa-4117	243	8	:	:	PUNCT
ajfa-4117	243	9	growth	growth	NOUN
ajfa-4117	243	10	growth	growth	NOUN
ajfa-4117	243	11	change	change	NOUN
ajfa-4117	243	12	of	of	ADP
ajfa-4117	243	13	prime	prime	ADJ
ajfa-4117	243	14	operating	operating	NOUN
ajfa-4117	243	15	revenue	revenue	NOUN
ajfa-4117	243	16	divided	divide	VERB
ajfa-4117	243	17	by	by	ADP
ajfa-4117	243	18	prime	prime	ADJ
ajfa-4117	243	19	operating	operating	NOUN
ajfa-4117	243	20	revenue	revenue	NOUN
ajfa-4117	243	21	at	at	ADP
ajfa-4117	243	22	the	the	DET
ajfa-4117	243	23	beginning	beginning	NOUN
ajfa-4117	243	24	leverage	leverage	NOUN
ajfa-4117	243	25	leverage	leverage	VERB
ajfa-4117	243	26	the	the	DET
ajfa-4117	243	27	sum	sum	NOUN
ajfa-4117	243	28	of	of	ADP
ajfa-4117	243	29	the	the	DET
ajfa-4117	243	30	book	book	NOUN
ajfa-4117	243	31	value	value	NOUN
ajfa-4117	243	32	of	of	ADP
ajfa-4117	243	33	short	short	ADJ
ajfa-4117	243	34	term	term	NOUN
ajfa-4117	243	35	and	and	CCONJ
ajfa-4117	243	36	long	long	ADJ
ajfa-4117	243	37	term	term	NOUN
ajfa-4117	243	38	debt	debt	NOUN
ajfa-4117	243	39	deflated	deflate	VERB
ajfa-4117	243	40	by	by	ADP
ajfa-4117	243	41	the	the	DET
ajfa-4117	243	42	sum	sum	NOUN
ajfa-4117	243	43	of	of	ADP
ajfa-4117	243	44	the	the	DET
ajfa-4117	243	45	book	book	NOUN
ajfa-4117	243	46	value	value	NOUN
ajfa-4117	243	47	of	of	ADP
ajfa-4117	243	48	total	total	ADJ
ajfa-4117	243	49	debt	debt	NOUN
ajfa-4117	243	50	and	and	CCONJ
ajfa-4117	243	51	the	the	DET
ajfa-4117	243	52	book	book	NOUN
ajfa-4117	243	53	value	value	NOUN
ajfa-4117	243	54	of	of	ADP
ajfa-4117	243	55	equity	equity	NOUN
ajfa-4117	243	56	.	.	PUNCT
ajfa-4117	244	1	cash	cash	NOUN
ajfa-4117	244	2	cash	cash	NOUN
ajfa-4117	244	3	the	the	DET
ajfa-4117	244	4	balance	balance	NOUN
ajfa-4117	244	5	of	of	ADP
ajfa-4117	244	6	cash	cash	NOUN
ajfa-4117	244	7	and	and	CCONJ
ajfa-4117	244	8	short	short	ADJ
ajfa-4117	244	9	term	term	NOUN
ajfa-4117	244	10	investments	investment	NOUN
ajfa-4117	244	11	deflated	deflate	VERB
ajfa-4117	244	12	by	by	ADP
ajfa-4117	244	13	total	total	ADJ
ajfa-4117	244	14	assets	asset	NOUN
ajfa-4117	244	15	.	.	PUNCT
ajfa-4117	245	1	firm	firm	ADJ
ajfa-4117	245	2	age	age	NOUN
ajfa-4117	245	3	ln(age	ln(age	NOUN
ajfa-4117	245	4	)	)	PUNCT
ajfa-4117	245	5	logarithm	logarithm	NOUN
ajfa-4117	245	6	of	of	ADP
ajfa-4117	245	7	the	the	DET
ajfa-4117	245	8	number	number	NOUN
ajfa-4117	245	9	of	of	ADP
ajfa-4117	245	10	years	year	NOUN
ajfa-4117	245	11	since	since	SCONJ
ajfa-4117	245	12	incorporation	incorporation	NOUN
ajfa-4117	245	13	.	.	PUNCT
ajfa-4117	246	1	firm	firm	ADJ
ajfa-4117	246	2	size	size	NOUN
ajfa-4117	246	3	ln(size	ln(size	PROPN
ajfa-4117	246	4	)	)	PUNCT
ajfa-4117	246	5	logarithm	logarithm	NOUN
ajfa-4117	246	6	of	of	ADP
ajfa-4117	246	7	total	total	ADJ
ajfa-4117	246	8	assets	asset	NOUN
ajfa-4117	246	9	.	.	PUNCT
ajfa-4117	247	1	stock	stock	NOUN
ajfa-4117	247	2	return	return	PROPN
ajfa-4117	247	3	stock	stock	NOUN
ajfa-4117	247	4	return	return	VERB
ajfa-4117	247	5	the	the	DET
ajfa-4117	247	6	market	market	NOUN
ajfa-4117	247	7	-	-	PUNCT
ajfa-4117	247	8	adjusted	adjust	VERB
ajfa-4117	247	9	stock	stock	NOUN
ajfa-4117	247	10	returns	return	NOUN
ajfa-4117	247	11	.	.	PUNCT
ajfa-4117	248	1	investor	investor	NOUN
ajfa-4117	248	2	sentiment	sentiment	NOUN
ajfa-4117	248	3	variables	variable	VERB
ajfa-4117	248	4	turnover	turnover	NOUN
ajfa-4117	248	5	ratios	ratio	NOUN
ajfa-4117	248	6	turn	turn	VERB
ajfa-4117	248	7	the	the	DET
ajfa-4117	248	8	ratio	ratio	NOUN
ajfa-4117	248	9	of	of	ADP
ajfa-4117	248	10	trading	trading	NOUN
ajfa-4117	248	11	volume	volume	NOUN
ajfa-4117	248	12	to	to	ADP
ajfa-4117	248	13	outstanding	outstanding	ADJ
ajfa-4117	248	14	shares	share	NOUN
ajfa-4117	248	15	of	of	ADP
ajfa-4117	248	16	the	the	DET
ajfa-4117	248	17	firm	firm	NOUN
ajfa-4117	248	18	.	.	PUNCT
ajfa-4117	249	1	discretionary	discretionary	ADJ
ajfa-4117	249	2	accruals	accrual	NOUN
ajfa-4117	249	3	daccr	daccr	VERB
ajfa-4117	249	4	daccr	daccr	NOUN
ajfa-4117	249	5	,	,	PUNCT
ajfa-4117	249	6	=	=	PUNCT
ajfa-4117	249	7	accr	accr	NOUN
ajfa-4117	249	8	,	,	PUNCT
ajfa-4117	249	9	−	−	PROPN
ajfa-4117	249	10	normalaccr	normalaccr	NOUN
ajfa-4117	249	11	,	,	PUNCT
ajfa-4117	249	12	accr	accr	NOUN
ajfa-4117	249	13	,	,	PUNCT
ajfa-4117	249	14	=	=	SYM
ajfa-4117	249	15	∆ncca	∆ncca	PROPN
ajfa-4117	249	16	,	,	PUNCT
ajfa-4117	249	17	−	−	PROPN
ajfa-4117	249	18	∆cl	∆cl	NOUN
ajfa-4117	249	19	,	,	PUNCT
ajfa-4117	249	20	−	−	PROPN
ajfa-4117	249	21	dep	dep	NOUN
ajfa-4117	249	22	,	,	PUNCT
ajfa-4117	249	23	normalaccr	normalaccr	NOUN
ajfa-4117	249	24	,	,	PUNCT
ajfa-4117	249	25	=	=	SYM
ajfa-4117	249	26	∑	∑	PUNCT
ajfa-4117	249	27	accr	accr	NOUN
ajfa-4117	249	28	,	,	PUNCT
ajfa-4117	249	29	∑	∑	ADV
ajfa-4117	249	30	sales	sale	NOUN
ajfa-4117	249	31	,	,	PUNCT
ajfa-4117	249	32	sales	sale	NOUN
ajfa-4117	249	33	,	,	PUNCT
ajfa-4117	249	34	where	where	SCONJ
ajfa-4117	249	35	:	:	PUNCT
ajfa-4117	249	36	△	△	X
ajfa-4117	249	37	ncca	ncca	X
ajfa-4117	249	38	is	be	AUX
ajfa-4117	249	39	the	the	DET
ajfa-4117	249	40	change	change	NOUN
ajfa-4117	249	41	in	in	ADP
ajfa-4117	249	42	noncash	noncash	NOUN
ajfa-4117	249	43	current	current	ADJ
ajfa-4117	249	44	assets	asset	NOUN
ajfa-4117	249	45	.	.	PUNCT
ajfa-4117	250	1	△	△	NOUN
ajfa-4117	250	2	cl	cl	NOUN
ajfa-4117	250	3	is	be	AUX
ajfa-4117	250	4	the	the	DET
ajfa-4117	250	5	change	change	NOUN
ajfa-4117	250	6	in	in	ADP
ajfa-4117	250	7	current	current	ADJ
ajfa-4117	250	8	liabilities	liability	NOUN
ajfa-4117	250	9	minus	minus	ADP
ajfa-4117	250	10	the	the	DET
ajfa-4117	250	11	change	change	NOUN
ajfa-4117	250	12	in	in	ADP
ajfa-4117	250	13	debt	debt	NOUN
ajfa-4117	250	14	included	include	VERB
ajfa-4117	250	15	in	in	ADP
ajfa-4117	250	16	current	current	ADJ
ajfa-4117	250	17	liabilities	liability	NOUN
ajfa-4117	250	18	and	and	CCONJ
ajfa-4117	250	19	minus	minus	ADP
ajfa-4117	250	20	the	the	DET
ajfa-4117	250	21	change	change	NOUN
ajfa-4117	250	22	in	in	ADP
ajfa-4117	250	23	income	income	NOUN
ajfa-4117	250	24	taxes	taxis	NOUN
ajfa-4117	250	25	payable	payable	ADJ
ajfa-4117	250	26	.	.	PUNCT
ajfa-4117	251	1	asian	asian	ADJ
ajfa-4117	251	2	journal	journal	PROPN
ajfa-4117	251	3	of	of	ADP
ajfa-4117	251	4	finance	finance	PROPN
ajfa-4117	251	5	&	&	CCONJ
ajfa-4117	251	6	accounting	accounting	PROPN
ajfa-4117	251	7	issn	issn	PROPN
ajfa-4117	251	8	1946	1946	NUM
ajfa-4117	251	9	-	-	PUNCT
ajfa-4117	251	10	052x	052x	NOUN
ajfa-4117	251	11	2013	2013	NUM
ajfa-4117	251	12	,	,	PUNCT
ajfa-4117	251	13	vol	vol	NOUN
ajfa-4117	251	14	.	.	PROPN
ajfa-4117	251	15	5	5	NUM
ajfa-4117	251	16	,	,	PUNCT
ajfa-4117	251	17	no	no	INTJ
ajfa-4117	251	18	.	.	NOUN
ajfa-4117	251	19	2	2	NUM
ajfa-4117	251	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	251	21	112	112	NUM
ajfa-4117	251	22	table	table	NOUN
ajfa-4117	251	23	1	1	NUM
ajfa-4117	251	24	.	.	PUNCT
ajfa-4117	252	1	variables	variable	NOUN
ajfa-4117	252	2	description	description	NOUN
ajfa-4117	252	3	(	(	PUNCT
ajfa-4117	252	4	continued	continued	ADJ
ajfa-4117	252	5	)	)	PUNCT
ajfa-4117	252	6	variable	variable	ADJ
ajfa-4117	252	7	symbol	symbol	NOUN
ajfa-4117	252	8	variable	variable	ADJ
ajfa-4117	252	9	description	description	NOUN
ajfa-4117	252	10	and	and	CCONJ
ajfa-4117	252	11	definition	definition	NOUN
ajfa-4117	252	12	dep	dep	NOUN
ajfa-4117	252	13	is	be	AUX
ajfa-4117	252	14	depreciation	depreciation	NOUN
ajfa-4117	252	15	and	and	CCONJ
ajfa-4117	252	16	amortization	amortization	NOUN
ajfa-4117	252	17	expense	expense	NOUN
ajfa-4117	252	18	.	.	PUNCT
ajfa-4117	253	1	sales	sale	NOUN
ajfa-4117	253	2	is	be	AUX
ajfa-4117	253	3	net	net	ADJ
ajfa-4117	253	4	sales	sale	NOUN
ajfa-4117	253	5	of	of	ADP
ajfa-4117	253	6	firms	firm	NOUN
ajfa-4117	253	7	.	.	PUNCT
ajfa-4117	254	1	consumer	consumer	NOUN
ajfa-4117	254	2	confidence	confidence	NOUN
ajfa-4117	254	3	index	index	NOUN
ajfa-4117	254	4	cci	cci	NOUN
ajfa-4117	254	5	cci	cci	PROPN
ajfa-4117	254	6	is	be	AUX
ajfa-4117	254	7	calculated	calculate	VERB
ajfa-4117	254	8	based	base	VERB
ajfa-4117	254	9	on	on	ADP
ajfa-4117	254	10	the	the	DET
ajfa-4117	254	11	survey	survey	NOUN
ajfa-4117	254	12	results	result	NOUN
ajfa-4117	254	13	provided	provide	VERB
ajfa-4117	254	14	by	by	ADP
ajfa-4117	254	15	the	the	DET
ajfa-4117	254	16	research	research	NOUN
ajfa-4117	254	17	center	center	NOUN
ajfa-4117	254	18	for	for	ADP
ajfa-4117	254	19	taiwan	taiwan	PROPN
ajfa-4117	254	20	economic	economic	PROPN
ajfa-4117	254	21	development	development	PROPN
ajfa-4117	254	22	,	,	PUNCT
ajfa-4117	254	23	national	national	ADJ
ajfa-4117	254	24	central	central	ADJ
ajfa-4117	254	25	university	university	NOUN
ajfa-4117	254	26	.	.	PUNCT
ajfa-4117	255	1	the	the	DET
ajfa-4117	255	2	number	number	NOUN
ajfa-4117	255	3	of	of	ADP
ajfa-4117	255	4	ipos	ipos	PROPN
ajfa-4117	255	5	nipo	nipo	VERB
ajfa-4117	255	6	the	the	DET
ajfa-4117	255	7	number	number	NOUN
ajfa-4117	255	8	of	of	ADP
ajfa-4117	255	9	ipos	ipos	NOUN
ajfa-4117	255	10	in	in	ADP
ajfa-4117	255	11	year	year	NOUN
ajfa-4117	255	12	t.	t.	NOUN
ajfa-4117	255	13	corporate	corporate	ADJ
ajfa-4117	255	14	governance	governance	NOUN
ajfa-4117	255	15	variables	variable	NOUN
ajfa-4117	255	16	board	board	PROPN
ajfa-4117	255	17	size	size	NOUN
ajfa-4117	255	18	bodsize	bodsize	VERB
ajfa-4117	255	19	all	all	DET
ajfa-4117	255	20	the	the	DET
ajfa-4117	255	21	total	total	ADJ
ajfa-4117	255	22	numbers	number	NOUN
ajfa-4117	255	23	of	of	ADP
ajfa-4117	255	24	directors	director	NOUN
ajfa-4117	255	25	on	on	ADP
ajfa-4117	255	26	the	the	DET
ajfa-4117	255	27	board	board	NOUN
ajfa-4117	255	28	are	be	AUX
ajfa-4117	255	29	sorted	sort	VERB
ajfa-4117	255	30	in	in	ADP
ajfa-4117	255	31	descending	descend	VERB
ajfa-4117	255	32	order	order	NOUN
ajfa-4117	255	33	before	before	ADP
ajfa-4117	255	34	computing	compute	VERB
ajfa-4117	255	35	the	the	DET
ajfa-4117	255	36	percentiles	percentile	NOUN
ajfa-4117	255	37	.	.	PUNCT
ajfa-4117	256	1	each	each	DET
ajfa-4117	256	2	percentile	percentile	NOUN
ajfa-4117	256	3	is	be	AUX
ajfa-4117	256	4	converted	convert	VERB
ajfa-4117	256	5	into	into	ADP
ajfa-4117	256	6	a	a	DET
ajfa-4117	256	7	value	value	NOUN
ajfa-4117	256	8	between	between	ADP
ajfa-4117	256	9	0~1	0~1	NOUN
ajfa-4117	256	10	.	.	PUNCT
ajfa-4117	256	11	chairman	chairman	PROPN
ajfa-4117	256	12	internalization	internalization	NOUN
ajfa-4117	256	13	duality	duality	NOUN
ajfa-4117	256	14	a	a	DET
ajfa-4117	256	15	dummy	dummy	ADJ
ajfa-4117	256	16	variable	variable	NOUN
ajfa-4117	256	17	which	which	PRON
ajfa-4117	256	18	is	be	AUX
ajfa-4117	256	19	coded	code	VERB
ajfa-4117	256	20	one	one	NUM
ajfa-4117	256	21	if	if	SCONJ
ajfa-4117	256	22	the	the	DET
ajfa-4117	256	23	chairman	chairman	NOUN
ajfa-4117	256	24	is	be	AUX
ajfa-4117	256	25	not	not	PART
ajfa-4117	256	26	served	serve	VERB
ajfa-4117	256	27	by	by	ADP
ajfa-4117	256	28	the	the	DET
ajfa-4117	256	29	ultimate	ultimate	ADJ
ajfa-4117	256	30	controller	controller	NOUN
ajfa-4117	256	31	or	or	CCONJ
ajfa-4117	256	32	a	a	DET
ajfa-4117	256	33	family	family	NOUN
ajfa-4117	256	34	member	member	NOUN
ajfa-4117	256	35	and	and	CCONJ
ajfa-4117	256	36	zero	zero	NUM
ajfa-4117	256	37	if	if	SCONJ
ajfa-4117	256	38	otherwise	otherwise	ADV
ajfa-4117	256	39	.	.	PUNCT
ajfa-4117	257	1	the	the	DET
ajfa-4117	257	2	percentage	percentage	NOUN
ajfa-4117	257	3	of	of	ADP
ajfa-4117	257	4	outside	outside	ADJ
ajfa-4117	257	5	directors	director	NOUN
ajfa-4117	257	6	outbod	outbod	VERB
ajfa-4117	257	7	all	all	DET
ajfa-4117	257	8	the	the	DET
ajfa-4117	257	9	ratios	ratio	NOUN
ajfa-4117	257	10	of	of	ADP
ajfa-4117	257	11	outside	outside	ADJ
ajfa-4117	257	12	directors	director	NOUN
ajfa-4117	257	13	are	be	AUX
ajfa-4117	257	14	sorted	sort	VERB
ajfa-4117	257	15	in	in	ADP
ajfa-4117	257	16	ascending	ascend	VERB
ajfa-4117	257	17	order	order	NOUN
ajfa-4117	257	18	before	before	ADP
ajfa-4117	257	19	computing	compute	VERB
ajfa-4117	257	20	the	the	DET
ajfa-4117	257	21	percentiles	percentile	NOUN
ajfa-4117	257	22	.	.	PUNCT
ajfa-4117	258	1	each	each	DET
ajfa-4117	258	2	percentile	percentile	NOUN
ajfa-4117	258	3	is	be	AUX
ajfa-4117	258	4	converted	convert	VERB
ajfa-4117	258	5	into	into	ADP
ajfa-4117	258	6	a	a	DET
ajfa-4117	258	7	value	value	NOUN
ajfa-4117	258	8	between	between	ADP
ajfa-4117	258	9	0~1	0~1	NOUN
ajfa-4117	258	10	.	.	PUNCT
ajfa-4117	258	11	presence	presence	NOUN
ajfa-4117	258	12	of	of	ADP
ajfa-4117	258	13	independent	independent	ADJ
ajfa-4117	258	14	directors	director	NOUN
ajfa-4117	258	15	or	or	CCONJ
ajfa-4117	258	16	supervisors	supervisor	NOUN
ajfa-4117	258	17	ind	ind	VERB
ajfa-4117	258	18	a	a	DET
ajfa-4117	258	19	dummy	dummy	ADJ
ajfa-4117	258	20	variable	variable	NOUN
ajfa-4117	258	21	which	which	PRON
ajfa-4117	258	22	is	be	AUX
ajfa-4117	258	23	coded	code	VERB
ajfa-4117	258	24	one	one	NUM
ajfa-4117	258	25	if	if	SCONJ
ajfa-4117	258	26	the	the	DET
ajfa-4117	258	27	board	board	NOUN
ajfa-4117	258	28	has	have	VERB
ajfa-4117	258	29	independent	independent	ADJ
ajfa-4117	258	30	director(s	director(s	NOUN
ajfa-4117	258	31	)	)	PUNCT
ajfa-4117	258	32	or	or	CCONJ
ajfa-4117	258	33	supervisor(s	supervisor(s	NOUN
ajfa-4117	258	34	)	)	PUNCT
ajfa-4117	258	35	and	and	CCONJ
ajfa-4117	258	36	zero	zero	NUM
ajfa-4117	258	37	if	if	SCONJ
ajfa-4117	258	38	otherwise	otherwise	ADV
ajfa-4117	258	39	.	.	PUNCT
ajfa-4117	259	1	the	the	DET
ajfa-4117	259	2	composite	composite	ADJ
ajfa-4117	259	3	board	board	NOUN
ajfa-4117	259	4	composition	composition	NOUN
ajfa-4117	259	5	index	index	NOUN
ajfa-4117	259	6	cg	cg	NOUN
ajfa-4117	259	7	-	-	PUNCT
ajfa-4117	259	8	bod	bod	NOUN
ajfa-4117	259	9	the	the	DET
ajfa-4117	259	10	sum	sum	NOUN
ajfa-4117	259	11	of	of	ADP
ajfa-4117	259	12	bodsize	bodsize	NOUN
ajfa-4117	259	13	,	,	PUNCT
ajfa-4117	259	14	duality	duality	NOUN
ajfa-4117	259	15	,	,	PUNCT
ajfa-4117	259	16	outbod	outbod	ADJ
ajfa-4117	259	17	and	and	CCONJ
ajfa-4117	259	18	ind	ind	NOUN
ajfa-4117	259	19	.	.	PUNCT
ajfa-4117	260	1	board	board	NOUN
ajfa-4117	260	2	ownership	ownership	NOUN
ajfa-4117	260	3	ratio	ratio	NOUN
ajfa-4117	260	4	bshold	bshold	VERB
ajfa-4117	260	5	all	all	DET
ajfa-4117	260	6	the	the	DET
ajfa-4117	260	7	ratios	ratio	NOUN
ajfa-4117	260	8	of	of	ADP
ajfa-4117	260	9	shares	share	NOUN
ajfa-4117	260	10	held	hold	VERB
ajfa-4117	260	11	by	by	ADP
ajfa-4117	260	12	board	board	NOUN
ajfa-4117	260	13	members	member	NOUN
ajfa-4117	260	14	to	to	ADP
ajfa-4117	260	15	shares	share	NOUN
ajfa-4117	260	16	outstanding	outstanding	ADJ
ajfa-4117	260	17	are	be	AUX
ajfa-4117	260	18	sorted	sort	VERB
ajfa-4117	260	19	in	in	ADP
ajfa-4117	260	20	ascending	ascend	VERB
ajfa-4117	260	21	order	order	NOUN
ajfa-4117	260	22	before	before	ADP
ajfa-4117	260	23	computing	compute	VERB
ajfa-4117	260	24	the	the	DET
ajfa-4117	260	25	percentiles	percentile	NOUN
ajfa-4117	260	26	.	.	PUNCT
ajfa-4117	261	1	each	each	DET
ajfa-4117	261	2	percentile	percentile	NOUN
ajfa-4117	261	3	is	be	AUX
ajfa-4117	261	4	converted	convert	VERB
ajfa-4117	261	5	into	into	ADP
ajfa-4117	261	6	a	a	DET
ajfa-4117	261	7	value	value	NOUN
ajfa-4117	261	8	between	between	ADP
ajfa-4117	261	9	0~1	0~1	NOUN
ajfa-4117	261	10	.	.	PUNCT
ajfa-4117	262	1	the	the	DET
ajfa-4117	262	2	deviation	deviation	NOUN
ajfa-4117	262	3	of	of	ADP
ajfa-4117	262	4	control	control	NOUN
ajfa-4117	262	5	rights	right	NOUN
ajfa-4117	262	6	and	and	CCONJ
ajfa-4117	262	7	cash	cash	NOUN
ajfa-4117	262	8	flow	flow	NOUN
ajfa-4117	262	9	rights	right	NOUN
ajfa-4117	262	10	dev	dev	VERB
ajfa-4117	262	11	all	all	DET
ajfa-4117	262	12	the	the	DET
ajfa-4117	262	13	differences	difference	NOUN
ajfa-4117	262	14	between	between	ADP
ajfa-4117	262	15	control	control	NOUN
ajfa-4117	262	16	rights	right	NOUN
ajfa-4117	262	17	and	and	CCONJ
ajfa-4117	262	18	cash	cash	NOUN
ajfa-4117	262	19	flow	flow	NOUN
ajfa-4117	262	20	rights	right	NOUN
ajfa-4117	262	21	of	of	ADP
ajfa-4117	262	22	the	the	DET
ajfa-4117	262	23	ultimate	ultimate	ADJ
ajfa-4117	262	24	controller	controller	NOUN
ajfa-4117	262	25	are	be	AUX
ajfa-4117	262	26	sorted	sort	VERB
ajfa-4117	262	27	in	in	ADP
ajfa-4117	262	28	descending	descend	VERB
ajfa-4117	262	29	order	order	NOUN
ajfa-4117	262	30	before	before	ADP
ajfa-4117	262	31	computing	compute	VERB
ajfa-4117	262	32	the	the	DET
ajfa-4117	262	33	percentiles	percentile	NOUN
ajfa-4117	262	34	.	.	PUNCT
ajfa-4117	263	1	each	each	DET
ajfa-4117	263	2	percentile	percentile	NOUN
ajfa-4117	263	3	is	be	AUX
ajfa-4117	263	4	converted	convert	VERB
ajfa-4117	263	5	into	into	ADP
ajfa-4117	263	6	a	a	DET
ajfa-4117	263	7	value	value	NOUN
ajfa-4117	263	8	between	between	ADP
ajfa-4117	263	9	0~1	0~1	NOUN
ajfa-4117	263	10	.	.	PUNCT
ajfa-4117	263	11	equity	equity	NOUN
ajfa-4117	263	12	pledge	pledge	NOUN
ajfa-4117	263	13	ratio	ratio	NOUN
ajfa-4117	263	14	of	of	ADP
ajfa-4117	263	15	the	the	DET
ajfa-4117	263	16	board	board	NOUN
ajfa-4117	263	17	pledge	pledge	VERB
ajfa-4117	263	18	all	all	DET
ajfa-4117	263	19	the	the	DET
ajfa-4117	263	20	pledge	pledge	NOUN
ajfa-4117	263	21	ratios	ratio	NOUN
ajfa-4117	263	22	are	be	AUX
ajfa-4117	263	23	sorted	sort	VERB
ajfa-4117	263	24	in	in	ADP
ajfa-4117	263	25	descending	descend	VERB
ajfa-4117	263	26	order	order	NOUN
ajfa-4117	263	27	before	before	ADP
ajfa-4117	263	28	computing	compute	VERB
ajfa-4117	263	29	the	the	DET
ajfa-4117	263	30	percentiles	percentile	NOUN
ajfa-4117	263	31	.	.	PUNCT
ajfa-4117	264	1	each	each	DET
ajfa-4117	264	2	percentile	percentile	NOUN
ajfa-4117	264	3	is	be	AUX
ajfa-4117	264	4	converted	convert	VERB
ajfa-4117	264	5	into	into	ADP
ajfa-4117	264	6	a	a	DET
ajfa-4117	264	7	value	value	NOUN
ajfa-4117	264	8	between	between	ADP
ajfa-4117	264	9	0~1	0~1	NOUN
ajfa-4117	264	10	.	.	PUNCT
ajfa-4117	265	1	the	the	DET
ajfa-4117	265	2	composite	composite	ADJ
ajfa-4117	265	3	ownership	ownership	NOUN
ajfa-4117	265	4	structure	structure	NOUN
ajfa-4117	265	5	index	index	NOUN
ajfa-4117	265	6	cg	cg	NOUN
ajfa-4117	265	7	-	-	PUNCT
ajfa-4117	265	8	own	own	VERB
ajfa-4117	265	9	the	the	DET
ajfa-4117	265	10	sum	sum	NOUN
ajfa-4117	265	11	of	of	ADP
ajfa-4117	265	12	bshold	bshold	PROPN
ajfa-4117	265	13	,	,	PUNCT
ajfa-4117	265	14	dev	dev	NOUN
ajfa-4117	265	15	and	and	CCONJ
ajfa-4117	265	16	pledge	pledge	NOUN
ajfa-4117	265	17	.	.	PUNCT
ajfa-4117	266	1	this	this	DET
ajfa-4117	266	2	table	table	NOUN
ajfa-4117	266	3	provides	provide	VERB
ajfa-4117	266	4	description	description	NOUN
ajfa-4117	266	5	and	and	CCONJ
ajfa-4117	266	6	definition	definition	NOUN
ajfa-4117	266	7	of	of	ADP
ajfa-4117	266	8	the	the	DET
ajfa-4117	266	9	variables	variable	NOUN
ajfa-4117	266	10	.	.	PUNCT
ajfa-4117	267	1	asian	asian	ADJ
ajfa-4117	267	2	journal	journal	PROPN
ajfa-4117	267	3	of	of	ADP
ajfa-4117	267	4	finance	finance	PROPN
ajfa-4117	267	5	&	&	CCONJ
ajfa-4117	267	6	accounting	accounting	PROPN
ajfa-4117	267	7	issn	issn	PROPN
ajfa-4117	267	8	1946	1946	NUM
ajfa-4117	267	9	-	-	PUNCT
ajfa-4117	267	10	052x	052x	NOUN
ajfa-4117	267	11	2013	2013	NUM
ajfa-4117	267	12	,	,	PUNCT
ajfa-4117	267	13	vol	vol	NOUN
ajfa-4117	267	14	.	.	PROPN
ajfa-4117	267	15	5	5	NUM
ajfa-4117	267	16	,	,	PUNCT
ajfa-4117	267	17	no	no	INTJ
ajfa-4117	267	18	.	.	NOUN
ajfa-4117	267	19	2	2	NUM
ajfa-4117	267	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	267	21	113	113	NUM
ajfa-4117	267	22	4	4	NUM
ajfa-4117	267	23	.	.	PUNCT
ajfa-4117	268	1	empirical	empirical	ADJ
ajfa-4117	268	2	results	result	NOUN
ajfa-4117	268	3	and	and	CCONJ
ajfa-4117	268	4	analysis	analysis	NOUN
ajfa-4117	268	5	4.1	4.1	NUM
ajfa-4117	268	6	descriptive	descriptive	ADJ
ajfa-4117	268	7	statistics	statistic	NOUN
ajfa-4117	268	8	the	the	DET
ajfa-4117	268	9	descriptive	descriptive	ADJ
ajfa-4117	268	10	statistics	statistic	NOUN
ajfa-4117	268	11	for	for	ADP
ajfa-4117	268	12	the	the	DET
ajfa-4117	268	13	main	main	ADJ
ajfa-4117	268	14	variables	variable	NOUN
ajfa-4117	268	15	are	be	AUX
ajfa-4117	268	16	presented	present	VERB
ajfa-4117	268	17	in	in	ADP
ajfa-4117	268	18	table	table	NOUN
ajfa-4117	268	19	2	2	NUM
ajfa-4117	268	20	.	.	X
ajfa-4117	268	21	panel	panel	NOUN
ajfa-4117	268	22	a	a	DET
ajfa-4117	268	23	shows	show	VERB
ajfa-4117	268	24	the	the	DET
ajfa-4117	268	25	average	average	ADJ
ajfa-4117	268	26	new	new	ADJ
ajfa-4117	268	27	investment	investment	NOUN
ajfa-4117	268	28	is	be	AUX
ajfa-4117	268	29	$	$	SYM
ajfa-4117	268	30	636	636	NUM
ajfa-4117	268	31	million	million	NUM
ajfa-4117	268	32	,	,	PUNCT
ajfa-4117	268	33	and	and	CCONJ
ajfa-4117	268	34	the	the	DET
ajfa-4117	268	35	abnormal	abnormal	ADJ
ajfa-4117	268	36	investment	investment	NOUN
ajfa-4117	268	37	ranges	range	VERB
ajfa-4117	268	38	between	between	ADP
ajfa-4117	268	39	$	$	SYM
ajfa-4117	268	40	-151,749	-151,749	PROPN
ajfa-4117	268	41	million~$368,091	million~$368,091	PROPN
ajfa-4117	268	42	million	million	NUM
ajfa-4117	268	43	.	.	PUNCT
ajfa-4117	269	1	panel	panel	NOUN
ajfa-4117	269	2	b	b	PROPN
ajfa-4117	269	3	shows	show	VERB
ajfa-4117	269	4	the	the	DET
ajfa-4117	269	5	data	datum	NOUN
ajfa-4117	269	6	of	of	ADP
ajfa-4117	269	7	proxies	proxy	NOUN
ajfa-4117	269	8	for	for	ADP
ajfa-4117	269	9	investor	investor	NOUN
ajfa-4117	269	10	sentiment	sentiment	NOUN
ajfa-4117	269	11	.	.	PUNCT
ajfa-4117	270	1	the	the	DET
ajfa-4117	270	2	mean	mean	ADJ
ajfa-4117	270	3	turnover	turnover	NOUN
ajfa-4117	270	4	(	(	PUNCT
ajfa-4117	270	5	turn	turn	NOUN
ajfa-4117	270	6	)	)	PUNCT
ajfa-4117	270	7	is	be	AUX
ajfa-4117	270	8	211.44	211.44	NUM
ajfa-4117	270	9	%	%	NOUN
ajfa-4117	270	10	,	,	PUNCT
ajfa-4117	270	11	and	and	CCONJ
ajfa-4117	270	12	the	the	DET
ajfa-4117	270	13	mean	mean	ADJ
ajfa-4117	270	14	value	value	NOUN
ajfa-4117	270	15	of	of	ADP
ajfa-4117	270	16	discretionary	discretionary	ADJ
ajfa-4117	270	17	accruals	accrual	NOUN
ajfa-4117	270	18	(	(	PUNCT
ajfa-4117	270	19	daccr	daccr	NOUN
ajfa-4117	270	20	)	)	PUNCT
ajfa-4117	270	21	is	be	AUX
ajfa-4117	270	22	$	$	SYM
ajfa-4117	270	23	-67.13	-67.13	SYM
ajfa-4117	270	24	million	million	NUM
ajfa-4117	270	25	.	.	PUNCT
ajfa-4117	271	1	the	the	DET
ajfa-4117	271	2	difference	difference	NOUN
ajfa-4117	271	3	between	between	ADP
ajfa-4117	271	4	the	the	DET
ajfa-4117	271	5	minimum	minimum	NOUN
ajfa-4117	271	6	and	and	CCONJ
ajfa-4117	271	7	the	the	DET
ajfa-4117	271	8	maximum	maximum	NOUN
ajfa-4117	271	9	of	of	ADP
ajfa-4117	271	10	each	each	DET
ajfa-4117	271	11	variable	variable	NOUN
ajfa-4117	271	12	is	be	AUX
ajfa-4117	271	13	large	large	ADJ
ajfa-4117	271	14	,	,	PUNCT
ajfa-4117	271	15	suggesting	suggest	VERB
ajfa-4117	271	16	that	that	SCONJ
ajfa-4117	271	17	investor	investor	NOUN
ajfa-4117	271	18	sentiment	sentiment	NOUN
ajfa-4117	271	19	varies	vary	VERB
ajfa-4117	271	20	greatly	greatly	ADV
ajfa-4117	271	21	from	from	ADP
ajfa-4117	271	22	firm	firm	ADJ
ajfa-4117	271	23	to	to	PART
ajfa-4117	271	24	firm	firm	VERB
ajfa-4117	271	25	.	.	PUNCT
ajfa-4117	272	1	at	at	ADP
ajfa-4117	272	2	the	the	DET
ajfa-4117	272	3	market	market	NOUN
ajfa-4117	272	4	level	level	NOUN
ajfa-4117	272	5	,	,	PUNCT
ajfa-4117	272	6	cci	cci	NOUN
ajfa-4117	272	7	values	value	NOUN
ajfa-4117	272	8	fall	fall	VERB
ajfa-4117	272	9	between	between	ADP
ajfa-4117	272	10	54.49~78.53	54.49~78.53	NOUN
ajfa-4117	272	11	,	,	PUNCT
ajfa-4117	272	12	and	and	CCONJ
ajfa-4117	272	13	the	the	DET
ajfa-4117	272	14	number	number	NOUN
ajfa-4117	272	15	of	of	ADP
ajfa-4117	272	16	ipos	ipos	PROPN
ajfa-4117	272	17	(	(	PUNCT
ajfa-4117	272	18	nipo	nipo	NOUN
ajfa-4117	272	19	)	)	PUNCT
ajfa-4117	272	20	ranges	range	NOUN
ajfa-4117	272	21	between	between	ADP
ajfa-4117	272	22	34.00~124.00	34.00~124.00	NUM
ajfa-4117	272	23	.	.	PUNCT
ajfa-4117	273	1	the	the	DET
ajfa-4117	273	2	principal	principal	ADJ
ajfa-4117	273	3	component	component	NOUN
ajfa-4117	273	4	analysis	analysis	NOUN
ajfa-4117	273	5	shows	show	VERB
ajfa-4117	273	6	that	that	SCONJ
ajfa-4117	273	7	the	the	DET
ajfa-4117	273	8	mean	mean	NOUN
ajfa-4117	273	9	of	of	ADP
ajfa-4117	273	10	the	the	DET
ajfa-4117	273	11	composite	composite	ADJ
ajfa-4117	273	12	investor	investor	NOUN
ajfa-4117	273	13	sentiment	sentiment	NOUN
ajfa-4117	273	14	index	index	NOUN
ajfa-4117	273	15	(	(	PUNCT
ajfa-4117	273	16	senti	senti	X
ajfa-4117	273	17	)	)	PUNCT
ajfa-4117	273	18	is	be	AUX
ajfa-4117	273	19	0	0	NUM
ajfa-4117	273	20	,	,	PUNCT
ajfa-4117	273	21	with	with	ADP
ajfa-4117	273	22	a	a	DET
ajfa-4117	273	23	standard	standard	ADJ
ajfa-4117	273	24	deviation	deviation	NOUN
ajfa-4117	273	25	of	of	ADP
ajfa-4117	273	26	1.33	1.33	NUM
ajfa-4117	273	27	.	.	PUNCT
ajfa-4117	274	1	overall	overall	ADV
ajfa-4117	274	2	,	,	PUNCT
ajfa-4117	274	3	cci	cci	PROPN
ajfa-4117	274	4	values	value	NOUN
ajfa-4117	274	5	fall	fall	VERB
ajfa-4117	274	6	between	between	ADP
ajfa-4117	274	7	0~100	0~100	NUM
ajfa-4117	274	8	,	,	PUNCT
ajfa-4117	274	9	and	and	CCONJ
ajfa-4117	274	10	the	the	DET
ajfa-4117	274	11	mean	mean	ADJ
ajfa-4117	274	12	value	value	NOUN
ajfa-4117	274	13	of	of	ADP
ajfa-4117	274	14	discretionary	discretionary	ADJ
ajfa-4117	274	15	accruals	accrual	NOUN
ajfa-4117	274	16	is	be	AUX
ajfa-4117	274	17	negative	negative	ADJ
ajfa-4117	274	18	,	,	PUNCT
ajfa-4117	274	19	suggesting	suggest	VERB
ajfa-4117	274	20	that	that	SCONJ
ajfa-4117	274	21	investors	investor	NOUN
ajfa-4117	274	22	are	be	AUX
ajfa-4117	274	23	slightly	slightly	ADV
ajfa-4117	274	24	pessimistic	pessimistic	ADJ
ajfa-4117	274	25	during	during	ADP
ajfa-4117	274	26	the	the	DET
ajfa-4117	274	27	sample	sample	NOUN
ajfa-4117	274	28	period	period	NOUN
ajfa-4117	274	29	.	.	PUNCT
ajfa-4117	275	1	panel	panel	NOUN
ajfa-4117	275	2	c	c	PROPN
ajfa-4117	275	3	presents	present	VERB
ajfa-4117	275	4	the	the	DET
ajfa-4117	275	5	data	datum	NOUN
ajfa-4117	275	6	of	of	ADP
ajfa-4117	275	7	variables	variable	NOUN
ajfa-4117	275	8	of	of	ADP
ajfa-4117	275	9	corporate	corporate	ADJ
ajfa-4117	275	10	governance	governance	NOUN
ajfa-4117	275	11	.	.	PUNCT
ajfa-4117	276	1	the	the	DET
ajfa-4117	276	2	mean	mean	ADJ
ajfa-4117	276	3	composite	composite	ADJ
ajfa-4117	276	4	board	board	NOUN
ajfa-4117	276	5	composition	composition	NOUN
ajfa-4117	276	6	index	index	NOUN
ajfa-4117	276	7	(	(	PUNCT
ajfa-4117	276	8	cg_bod	cg_bod	PROPN
ajfa-4117	276	9	)	)	PUNCT
ajfa-4117	276	10	is	be	AUX
ajfa-4117	276	11	1.69	1.69	NUM
ajfa-4117	276	12	(	(	PUNCT
ajfa-4117	276	13	on	on	ADP
ajfa-4117	276	14	a	a	DET
ajfa-4117	276	15	scale	scale	NOUN
ajfa-4117	276	16	of	of	ADP
ajfa-4117	276	17	0	0	NUM
ajfa-4117	276	18	to	to	PART
ajfa-4117	276	19	4	4	NUM
ajfa-4117	276	20	)	)	PUNCT
ajfa-4117	276	21	.	.	PUNCT
ajfa-4117	277	1	among	among	ADP
ajfa-4117	277	2	the	the	DET
ajfa-4117	277	3	elements	element	NOUN
ajfa-4117	277	4	of	of	ADP
ajfa-4117	277	5	this	this	DET
ajfa-4117	277	6	index	index	NOUN
ajfa-4117	277	7	,	,	PUNCT
ajfa-4117	277	8	the	the	DET
ajfa-4117	277	9	mean	mean	PROPN
ajfa-4117	277	10	board	board	NOUN
ajfa-4117	277	11	size	size	NOUN
ajfa-4117	277	12	(	(	PUNCT
ajfa-4117	277	13	bodsize	bodsize	PROPN
ajfa-4117	277	14	)	)	PUNCT
ajfa-4117	277	15	is	be	AUX
ajfa-4117	277	16	6.83	6.83	NUM
ajfa-4117	277	17	,	,	PUNCT
ajfa-4117	277	18	the	the	DET
ajfa-4117	277	19	mean	mean	ADJ
ajfa-4117	277	20	duality	duality	NOUN
ajfa-4117	277	21	is	be	AUX
ajfa-4117	277	22	0.19	0.19	NUM
ajfa-4117	277	23	,	,	PUNCT
ajfa-4117	277	24	meaning	mean	VERB
ajfa-4117	277	25	only	only	ADV
ajfa-4117	277	26	19	19	NUM
ajfa-4117	277	27	%	%	NOUN
ajfa-4117	277	28	of	of	ADP
ajfa-4117	277	29	the	the	DET
ajfa-4117	277	30	firms	firm	NOUN
ajfa-4117	277	31	do	do	AUX
ajfa-4117	277	32	not	not	PART
ajfa-4117	277	33	have	have	VERB
ajfa-4117	277	34	the	the	DET
ajfa-4117	277	35	chairman	chairman	NOUN
ajfa-4117	277	36	duality	duality	NOUN
ajfa-4117	277	37	problem	problem	NOUN
ajfa-4117	277	38	.	.	PUNCT
ajfa-4117	278	1	in	in	ADP
ajfa-4117	278	2	other	other	ADJ
ajfa-4117	278	3	words	word	NOUN
ajfa-4117	278	4	,	,	PUNCT
ajfa-4117	278	5	most	most	ADJ
ajfa-4117	278	6	sample	sample	NOUN
ajfa-4117	278	7	firms	firm	NOUN
ajfa-4117	278	8	are	be	AUX
ajfa-4117	278	9	run	run	VERB
ajfa-4117	278	10	by	by	ADP
ajfa-4117	278	11	a	a	DET
ajfa-4117	278	12	manager	manager	NOUN
ajfa-4117	278	13	who	who	PRON
ajfa-4117	278	14	is	be	AUX
ajfa-4117	278	15	also	also	ADV
ajfa-4117	278	16	the	the	DET
ajfa-4117	278	17	controlling	control	VERB
ajfa-4117	278	18	shareholder	shareholder	NOUN
ajfa-4117	278	19	or	or	CCONJ
ajfa-4117	278	20	a	a	DET
ajfa-4117	278	21	family	family	NOUN
ajfa-4117	278	22	member	member	NOUN
ajfa-4117	278	23	of	of	ADP
ajfa-4117	278	24	the	the	DET
ajfa-4117	278	25	controlling	control	VERB
ajfa-4117	278	26	shareholder	shareholder	NOUN
ajfa-4117	278	27	and	and	CCONJ
ajfa-4117	278	28	likely	likely	ADJ
ajfa-4117	278	29	to	to	PART
ajfa-4117	278	30	have	have	VERB
ajfa-4117	278	31	the	the	DET
ajfa-4117	278	32	agency	agency	NOUN
ajfa-4117	278	33	problem	problem	NOUN
ajfa-4117	278	34	.	.	PUNCT
ajfa-4117	279	1	the	the	DET
ajfa-4117	279	2	mean	mean	ADJ
ajfa-4117	279	3	ratio	ratio	NOUN
ajfa-4117	279	4	of	of	ADP
ajfa-4117	279	5	outside	outside	ADJ
ajfa-4117	279	6	directors	director	NOUN
ajfa-4117	279	7	is	be	AUX
ajfa-4117	279	8	34	34	NUM
ajfa-4117	279	9	%	%	NOUN
ajfa-4117	279	10	,	,	PUNCT
ajfa-4117	279	11	which	which	PRON
ajfa-4117	279	12	is	be	AUX
ajfa-4117	279	13	not	not	PART
ajfa-4117	279	14	high	high	ADJ
ajfa-4117	279	15	.	.	PUNCT
ajfa-4117	280	1	besides	besides	SCONJ
ajfa-4117	280	2	,	,	PUNCT
ajfa-4117	280	3	43	43	NUM
ajfa-4117	280	4	%	%	NOUN
ajfa-4117	280	5	of	of	ADP
ajfa-4117	280	6	the	the	DET
ajfa-4117	280	7	firms	firm	NOUN
ajfa-4117	280	8	have	have	VERB
ajfa-4117	280	9	independent	independent	ADJ
ajfa-4117	280	10	directors	director	NOUN
ajfa-4117	280	11	and	and	CCONJ
ajfa-4117	280	12	supervisors	supervisor	NOUN
ajfa-4117	280	13	.	.	PUNCT
ajfa-4117	281	1	the	the	DET
ajfa-4117	281	2	mean	mean	ADJ
ajfa-4117	281	3	composite	composite	ADJ
ajfa-4117	281	4	ownership	ownership	NOUN
ajfa-4117	281	5	structure	structure	NOUN
ajfa-4117	281	6	index	index	NOUN
ajfa-4117	281	7	(	(	PUNCT
ajfa-4117	281	8	cg_own	cg_own	PROPN
ajfa-4117	281	9	)	)	PUNCT
ajfa-4117	281	10	is	be	AUX
ajfa-4117	281	11	1.66	1.66	NUM
ajfa-4117	281	12	(	(	PUNCT
ajfa-4117	281	13	on	on	ADP
ajfa-4117	281	14	a	a	DET
ajfa-4117	281	15	scale	scale	NOUN
ajfa-4117	281	16	of	of	ADP
ajfa-4117	281	17	0	0	NUM
ajfa-4117	281	18	to	to	ADP
ajfa-4117	281	19	3	3	NUM
ajfa-4117	281	20	)	)	PUNCT
ajfa-4117	281	21	.	.	PUNCT
ajfa-4117	282	1	among	among	ADP
ajfa-4117	282	2	the	the	DET
ajfa-4117	282	3	elements	element	NOUN
ajfa-4117	282	4	of	of	ADP
ajfa-4117	282	5	this	this	DET
ajfa-4117	282	6	index	index	NOUN
ajfa-4117	282	7	,	,	PUNCT
ajfa-4117	282	8	the	the	DET
ajfa-4117	282	9	mean	mean	ADJ
ajfa-4117	282	10	ownership	ownership	NOUN
ajfa-4117	282	11	ratio	ratio	NOUN
ajfa-4117	282	12	(	(	PUNCT
ajfa-4117	282	13	bshold	bshold	ADJ
ajfa-4117	282	14	)	)	PUNCT
ajfa-4117	282	15	and	and	CCONJ
ajfa-4117	282	16	pledge	pledge	VERB
ajfa-4117	282	17	ratio	ratio	NOUN
ajfa-4117	282	18	(	(	PUNCT
ajfa-4117	282	19	pledge	pledge	NOUN
ajfa-4117	282	20	)	)	PUNCT
ajfa-4117	282	21	of	of	ADP
ajfa-4117	282	22	board	board	NOUN
ajfa-4117	282	23	members	member	NOUN
ajfa-4117	282	24	are	be	AUX
ajfa-4117	282	25	23.38	23.38	NUM
ajfa-4117	282	26	%	%	NOUN
ajfa-4117	282	27	and	and	CCONJ
ajfa-4117	282	28	9.48	9.48	NUM
ajfa-4117	282	29	%	%	NOUN
ajfa-4117	282	30	respectively	respectively	ADV
ajfa-4117	282	31	.	.	PUNCT
ajfa-4117	283	1	the	the	DET
ajfa-4117	283	2	maximum	maximum	ADJ
ajfa-4117	283	3	deviation	deviation	NOUN
ajfa-4117	283	4	of	of	ADP
ajfa-4117	283	5	control	control	NOUN
ajfa-4117	283	6	rights	right	NOUN
ajfa-4117	283	7	and	and	CCONJ
ajfa-4117	283	8	cash	cash	NOUN
ajfa-4117	283	9	flow	flow	NOUN
ajfa-4117	283	10	rights	right	NOUN
ajfa-4117	283	11	(	(	PUNCT
ajfa-4117	283	12	dev	dev	NOUN
ajfa-4117	283	13	)	)	PUNCT
ajfa-4117	283	14	reaches	reach	VERB
ajfa-4117	283	15	as	as	ADV
ajfa-4117	283	16	high	high	ADJ
ajfa-4117	283	17	as	as	ADP
ajfa-4117	283	18	90.62	90.62	NUM
ajfa-4117	283	19	%	%	NOUN
ajfa-4117	283	20	.	.	PUNCT
ajfa-4117	284	1	the	the	DET
ajfa-4117	284	2	sum	sum	NOUN
ajfa-4117	284	3	of	of	ADP
ajfa-4117	284	4	the	the	DET
ajfa-4117	284	5	composite	composite	ADJ
ajfa-4117	284	6	board	board	NOUN
ajfa-4117	284	7	composition	composition	NOUN
ajfa-4117	284	8	index	index	NOUN
ajfa-4117	284	9	(	(	PUNCT
ajfa-4117	284	10	cg_bod	cg_bod	PROPN
ajfa-4117	284	11	)	)	PUNCT
ajfa-4117	284	12	and	and	CCONJ
ajfa-4117	284	13	the	the	DET
ajfa-4117	284	14	composite	composite	ADJ
ajfa-4117	284	15	ownership	ownership	NOUN
ajfa-4117	284	16	structure	structure	NOUN
ajfa-4117	284	17	index	index	NOUN
ajfa-4117	284	18	(	(	PUNCT
ajfa-4117	284	19	cg_own	cg_own	PROPN
ajfa-4117	284	20	)	)	PUNCT
ajfa-4117	284	21	is	be	AUX
ajfa-4117	284	22	the	the	DET
ajfa-4117	284	23	composite	composite	ADJ
ajfa-4117	284	24	corporate	corporate	ADJ
ajfa-4117	284	25	governance	governance	NOUN
ajfa-4117	284	26	index	index	NOUN
ajfa-4117	284	27	(	(	PUNCT
ajfa-4117	284	28	cgi	cgi	NOUN
ajfa-4117	284	29	)	)	PUNCT
ajfa-4117	284	30	.	.	PUNCT
ajfa-4117	285	1	the	the	DET
ajfa-4117	285	2	theoretical	theoretical	ADJ
ajfa-4117	285	3	range	range	NOUN
ajfa-4117	285	4	of	of	ADP
ajfa-4117	285	5	this	this	DET
ajfa-4117	285	6	value	value	NOUN
ajfa-4117	285	7	is	be	AUX
ajfa-4117	285	8	between	between	ADP
ajfa-4117	285	9	0~7	0~7	NUM
ajfa-4117	285	10	.	.	PUNCT
ajfa-4117	286	1	the	the	DET
ajfa-4117	286	2	worse	bad	ADJ
ajfa-4117	286	3	firm	firm	NOUN
ajfa-4117	286	4	in	in	ADP
ajfa-4117	286	5	the	the	DET
ajfa-4117	286	6	sample	sample	NOUN
ajfa-4117	286	7	has	have	VERB
ajfa-4117	286	8	0.41	0.41	NUM
ajfa-4117	286	9	on	on	ADP
ajfa-4117	286	10	this	this	DET
ajfa-4117	286	11	index	index	NOUN
ajfa-4117	286	12	,	,	PUNCT
ajfa-4117	286	13	and	and	CCONJ
ajfa-4117	286	14	the	the	DET
ajfa-4117	286	15	best	good	ADJ
ajfa-4117	286	16	has	have	VERB
ajfa-4117	286	17	6.64	6.64	NUM
ajfa-4117	286	18	.	.	PUNCT
ajfa-4117	286	19	4.2	4.2	NUM
ajfa-4117	286	20	investor	investor	NOUN
ajfa-4117	286	21	sentiment	sentiment	NOUN
ajfa-4117	286	22	and	and	CCONJ
ajfa-4117	286	23	new	new	ADJ
ajfa-4117	286	24	investment	investment	NOUN
ajfa-4117	286	25	table	table	NOUN
ajfa-4117	286	26	3	3	NUM
ajfa-4117	286	27	examines	examine	VERB
ajfa-4117	286	28	how	how	SCONJ
ajfa-4117	286	29	investor	investor	NOUN
ajfa-4117	286	30	sentiment	sentiment	NOUN
ajfa-4117	286	31	is	be	AUX
ajfa-4117	286	32	related	relate	VERB
ajfa-4117	286	33	to	to	ADP
ajfa-4117	286	34	new	new	ADJ
ajfa-4117	286	35	investment	investment	NOUN
ajfa-4117	286	36	with	with	ADP
ajfa-4117	286	37	sentiment	sentiment	NOUN
ajfa-4117	286	38	indexes	index	NOUN
ajfa-4117	286	39	as	as	ADP
ajfa-4117	286	40	independent	independent	ADJ
ajfa-4117	286	41	variables	variable	NOUN
ajfa-4117	286	42	,	,	PUNCT
ajfa-4117	286	43	new	new	ADJ
ajfa-4117	286	44	investment	investment	NOUN
ajfa-4117	286	45	as	as	ADP
ajfa-4117	286	46	dependent	dependent	ADJ
ajfa-4117	286	47	variable	variable	NOUN
ajfa-4117	286	48	,	,	PUNCT
ajfa-4117	286	49	and	and	CCONJ
ajfa-4117	286	50	cash	cash	NOUN
ajfa-4117	286	51	flow	flow	NOUN
ajfa-4117	286	52	,	,	PUNCT
ajfa-4117	286	53	investment	investment	NOUN
ajfa-4117	286	54	opportunity	opportunity	NOUN
ajfa-4117	286	55	,	,	PUNCT
ajfa-4117	286	56	and	and	CCONJ
ajfa-4117	286	57	firm	firm	ADJ
ajfa-4117	286	58	size	size	NOUN
ajfa-4117	286	59	as	as	ADP
ajfa-4117	286	60	control	control	NOUN
ajfa-4117	286	61	variables	variable	NOUN
ajfa-4117	286	62	.	.	PUNCT
ajfa-4117	287	1	the	the	DET
ajfa-4117	287	2	data	datum	NOUN
ajfa-4117	287	3	employed	employ	VERB
ajfa-4117	287	4	in	in	ADP
ajfa-4117	287	5	this	this	DET
ajfa-4117	287	6	research	research	NOUN
ajfa-4117	287	7	are	be	AUX
ajfa-4117	287	8	panel	panel	NOUN
ajfa-4117	287	9	data	datum	NOUN
ajfa-4117	287	10	.	.	PUNCT
ajfa-4117	288	1	as	as	SCONJ
ajfa-4117	288	2	shown	show	VERB
ajfa-4117	288	3	in	in	ADP
ajfa-4117	288	4	equation	equation	NOUN
ajfa-4117	288	5	(	(	PUNCT
ajfa-4117	288	6	1)~(4	1)~(4	NUM
ajfa-4117	288	7	)	)	PUNCT
ajfa-4117	288	8	,	,	PUNCT
ajfa-4117	288	9	we	we	PRON
ajfa-4117	288	10	conduct	conduct	VERB
ajfa-4117	288	11	ols	ol	NOUN
ajfa-4117	288	12	with	with	ADP
ajfa-4117	288	13	year	year	NOUN
ajfa-4117	288	14	dummies	dummy	NOUN
ajfa-4117	288	15	controlled	control	VERB
ajfa-4117	288	16	,	,	PUNCT
ajfa-4117	288	17	fixed	fix	VERB
ajfa-4117	288	18	effect	effect	NOUN
ajfa-4117	288	19	regression	regression	NOUN
ajfa-4117	288	20	with	with	ADP
ajfa-4117	288	21	and	and	CCONJ
ajfa-4117	288	22	without	without	ADP
ajfa-4117	288	23	time	time	NOUN
ajfa-4117	288	24	effect	effect	NOUN
ajfa-4117	288	25	,	,	PUNCT
ajfa-4117	288	26	and	and	CCONJ
ajfa-4117	288	27	random	random	ADJ
ajfa-4117	288	28	effect	effect	NOUN
ajfa-4117	288	29	regression	regression	NOUN
ajfa-4117	288	30	respectively	respectively	ADV
ajfa-4117	288	31	to	to	PART
ajfa-4117	288	32	increase	increase	VERB
ajfa-4117	288	33	the	the	DET
ajfa-4117	288	34	robustness	robustness	NOUN
ajfa-4117	288	35	of	of	ADP
ajfa-4117	288	36	the	the	DET
ajfa-4117	288	37	results	result	NOUN
ajfa-4117	288	38	.	.	PUNCT
ajfa-4117	289	1	empirical	empirical	ADJ
ajfa-4117	289	2	results	result	NOUN
ajfa-4117	289	3	indicate	indicate	VERB
ajfa-4117	289	4	that	that	PRON
ajfa-4117	289	5	sentiment	sentiment	NOUN
ajfa-4117	289	6	indexes	index	NOUN
ajfa-4117	289	7	are	be	AUX
ajfa-4117	289	8	positively	positively	ADV
ajfa-4117	289	9	related	relate	VERB
ajfa-4117	289	10	to	to	ADP
ajfa-4117	289	11	new	new	ADJ
ajfa-4117	289	12	investment	investment	NOUN
ajfa-4117	289	13	at	at	ADP
ajfa-4117	289	14	1	1	NUM
ajfa-4117	289	15	%	%	NOUN
ajfa-4117	289	16	significance	significance	NOUN
ajfa-4117	289	17	level	level	NOUN
ajfa-4117	289	18	.	.	PUNCT
ajfa-4117	290	1	therefore	therefore	ADV
ajfa-4117	290	2	,	,	PUNCT
ajfa-4117	290	3	hypothesis	hypothesis	NOUN
ajfa-4117	290	4	1	1	NUM
ajfa-4117	290	5	is	be	AUX
ajfa-4117	290	6	supported	support	VERB
ajfa-4117	290	7	.	.	PUNCT
ajfa-4117	291	1	that	that	PRON
ajfa-4117	291	2	is	be	AUX
ajfa-4117	291	3	,	,	PUNCT
ajfa-4117	291	4	higher	high	ADJ
ajfa-4117	291	5	optimism	optimism	NOUN
ajfa-4117	291	6	of	of	ADP
ajfa-4117	291	7	investors	investor	NOUN
ajfa-4117	291	8	leads	lead	VERB
ajfa-4117	291	9	to	to	ADP
ajfa-4117	291	10	more	more	ADJ
ajfa-4117	291	11	new	new	ADJ
ajfa-4117	291	12	investment	investment	NOUN
ajfa-4117	291	13	.	.	PUNCT
ajfa-4117	292	1	due	due	ADP
ajfa-4117	292	2	to	to	ADP
ajfa-4117	292	3	the	the	DET
ajfa-4117	292	4	consideration	consideration	NOUN
ajfa-4117	292	5	of	of	ADP
ajfa-4117	292	6	equity	equity	NOUN
ajfa-4117	292	7	financing	financing	NOUN
ajfa-4117	292	8	cost	cost	NOUN
ajfa-4117	292	9	or	or	CCONJ
ajfa-4117	292	10	the	the	DET
ajfa-4117	292	11	incentive	incentive	NOUN
ajfa-4117	292	12	to	to	PART
ajfa-4117	292	13	cater	cater	VERB
ajfa-4117	292	14	to	to	ADP
ajfa-4117	292	15	investor	investor	NOUN
ajfa-4117	292	16	sentiment	sentiment	NOUN
ajfa-4117	292	17	(	(	PUNCT
ajfa-4117	292	18	baker	baker	PROPN
ajfa-4117	292	19	et	et	PROPN
ajfa-4117	292	20	al	al	PROPN
ajfa-4117	292	21	.	.	PROPN
ajfa-4117	292	22	,	,	PUNCT
ajfa-4117	292	23	2003	2003	NUM
ajfa-4117	292	24	;	;	PUNCT
ajfa-4117	292	25	polk	polk	PROPN
ajfa-4117	292	26	&	&	CCONJ
ajfa-4117	292	27	sapienza	sapienza	PROPN
ajfa-4117	292	28	,	,	PUNCT
ajfa-4117	292	29	2009	2009	NUM
ajfa-4117	292	30	)	)	PUNCT
ajfa-4117	292	31	,	,	PUNCT
ajfa-4117	292	32	managers	manager	NOUN
ajfa-4117	292	33	may	may	AUX
ajfa-4117	292	34	increase	increase	VERB
ajfa-4117	292	35	their	their	PRON
ajfa-4117	292	36	firm	firm	NOUN
ajfa-4117	292	37	’s	’s	PART
ajfa-4117	292	38	new	new	ADJ
ajfa-4117	292	39	investment	investment	NOUN
ajfa-4117	292	40	when	when	SCONJ
ajfa-4117	292	41	investors	investor	NOUN
ajfa-4117	292	42	are	be	AUX
ajfa-4117	292	43	optimistic	optimistic	ADJ
ajfa-4117	292	44	about	about	ADP
ajfa-4117	292	45	their	their	PRON
ajfa-4117	292	46	firm	firm	NOUN
ajfa-4117	292	47	.	.	PUNCT
ajfa-4117	293	1	among	among	ADP
ajfa-4117	293	2	the	the	DET
ajfa-4117	293	3	control	control	NOUN
ajfa-4117	293	4	variables	variable	NOUN
ajfa-4117	293	5	,	,	PUNCT
ajfa-4117	293	6	cash	cash	NOUN
ajfa-4117	293	7	flow	flow	NOUN
ajfa-4117	293	8	(	(	PUNCT
ajfa-4117	293	9	cf	cf	NOUN
ajfa-4117	293	10	)	)	PUNCT
ajfa-4117	293	11	is	be	AUX
ajfa-4117	293	12	significantly	significantly	ADV
ajfa-4117	293	13	and	and	CCONJ
ajfa-4117	293	14	positive	positive	ADJ
ajfa-4117	293	15	related	relate	VERB
ajfa-4117	293	16	to	to	ADP
ajfa-4117	293	17	new	new	ADJ
ajfa-4117	293	18	investment	investment	NOUN
ajfa-4117	293	19	in	in	ADP
ajfa-4117	293	20	the	the	DET
ajfa-4117	293	21	fixed	fix	VERB
ajfa-4117	293	22	effect	effect	NOUN
ajfa-4117	293	23	regression	regression	NOUN
ajfa-4117	293	24	model	model	NOUN
ajfa-4117	293	25	.	.	PUNCT
ajfa-4117	294	1	asian	asian	ADJ
ajfa-4117	294	2	journal	journal	PROPN
ajfa-4117	294	3	of	of	ADP
ajfa-4117	294	4	finance	finance	PROPN
ajfa-4117	294	5	&	&	CCONJ
ajfa-4117	294	6	accounting	accounting	PROPN
ajfa-4117	294	7	issn	issn	PROPN
ajfa-4117	294	8	1946	1946	NUM
ajfa-4117	294	9	-	-	PUNCT
ajfa-4117	294	10	052x	052x	NOUN
ajfa-4117	294	11	2013	2013	NUM
ajfa-4117	294	12	,	,	PUNCT
ajfa-4117	294	13	vol	vol	NOUN
ajfa-4117	294	14	.	.	PROPN
ajfa-4117	294	15	5	5	NUM
ajfa-4117	294	16	,	,	PUNCT
ajfa-4117	294	17	no	no	INTJ
ajfa-4117	294	18	.	.	NOUN
ajfa-4117	294	19	2	2	NUM
ajfa-4117	294	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	294	21	114	114	NUM
ajfa-4117	294	22	tobin	tobin	PROPN
ajfa-4117	294	23	’s	’s	PART
ajfa-4117	294	24	q	q	NOUN
ajfa-4117	294	25	is	be	AUX
ajfa-4117	294	26	also	also	ADV
ajfa-4117	294	27	significantly	significantly	ADV
ajfa-4117	294	28	and	and	CCONJ
ajfa-4117	294	29	positively	positively	ADV
ajfa-4117	294	30	related	relate	VERB
ajfa-4117	294	31	to	to	ADP
ajfa-4117	294	32	new	new	ADJ
ajfa-4117	294	33	investment	investment	NOUN
ajfa-4117	294	34	.	.	PUNCT
ajfa-4117	295	1	as	as	SCONJ
ajfa-4117	295	2	mentioned	mention	VERB
ajfa-4117	295	3	earlier	early	ADV
ajfa-4117	295	4	,	,	PUNCT
ajfa-4117	295	5	managers	manager	NOUN
ajfa-4117	295	6	invest	invest	VERB
ajfa-4117	295	7	more	more	ADJ
ajfa-4117	295	8	to	to	PART
ajfa-4117	295	9	increase	increase	VERB
ajfa-4117	295	10	firm	firm	ADJ
ajfa-4117	295	11	value	value	NOUN
ajfa-4117	295	12	when	when	SCONJ
ajfa-4117	295	13	they	they	PRON
ajfa-4117	295	14	spot	spot	VERB
ajfa-4117	295	15	good	good	ADJ
ajfa-4117	295	16	investment	investment	NOUN
ajfa-4117	295	17	opportunities	opportunity	NOUN
ajfa-4117	295	18	for	for	ADP
ajfa-4117	295	19	the	the	DET
ajfa-4117	295	20	firm	firm	NOUN
ajfa-4117	295	21	.	.	PUNCT
ajfa-4117	296	1	total	total	ADJ
ajfa-4117	296	2	assets	asset	NOUN
ajfa-4117	296	3	and	and	CCONJ
ajfa-4117	296	4	new	new	ADJ
ajfa-4117	296	5	investment	investment	NOUN
ajfa-4117	296	6	are	be	AUX
ajfa-4117	296	7	significantly	significantly	ADV
ajfa-4117	296	8	and	and	CCONJ
ajfa-4117	296	9	positively	positively	ADV
ajfa-4117	296	10	related	relate	VERB
ajfa-4117	296	11	.	.	PUNCT
ajfa-4117	297	1	new	new	ADJ
ajfa-4117	297	2	investment	investment	NOUN
ajfa-4117	297	3	also	also	ADV
ajfa-4117	297	4	increases	increase	VERB
ajfa-4117	297	5	relatively	relatively	ADV
ajfa-4117	297	6	with	with	ADP
ajfa-4117	297	7	firm	firm	ADJ
ajfa-4117	297	8	size	size	NOUN
ajfa-4117	297	9	.	.	PUNCT
ajfa-4117	298	1	table	table	NOUN
ajfa-4117	298	2	2	2	NUM
ajfa-4117	298	3	.	.	PUNCT
ajfa-4117	298	4	descriptive	descriptive	ADJ
ajfa-4117	298	5	statistics	statistic	NOUN
ajfa-4117	298	6	mean	mean	VERB
ajfa-4117	298	7	std	std	X
ajfa-4117	298	8	.	.	PROPN
ajfa-4117	299	1	dev	dev	PROPN
ajfa-4117	299	2	.	.	PUNCT
ajfa-4117	300	1	minimum	minimum	ADJ
ajfa-4117	300	2	median	median	ADJ
ajfa-4117	300	3	maximum	maximum	ADJ
ajfa-4117	300	4	panel	panel	NOUN
ajfa-4117	300	5	a	a	DET
ajfa-4117	300	6	:	:	PUNCT
ajfa-4117	300	7	investment	investment	NOUN
ajfa-4117	300	8	variables	variable	NOUN
ajfa-4117	300	9	and	and	CCONJ
ajfa-4117	300	10	control	control	NOUN
ajfa-4117	300	11	variables	variable	NOUN
ajfa-4117	300	12	invest	invest	VERB
ajfa-4117	300	13	(	(	PUNCT
ajfa-4117	300	14	million	million	NUM
ajfa-4117	300	15	)	)	PUNCT
ajfa-4117	300	16	636	636	NUM
ajfa-4117	300	17	6,948	6,948	NUM
ajfa-4117	300	18	-111,834	-111,834	SYM
ajfa-4117	300	19	52	52	NUM
ajfa-4117	300	20	381,619	381,619	NUM
ajfa-4117	300	21	overinvest	overinv	ADJ
ajfa-4117	300	22	(	(	PUNCT
ajfa-4117	300	23	million	million	NUM
ajfa-4117	300	24	)	)	PUNCT
ajfa-4117	300	25	0	0	NUM
ajfa-4117	301	1	6,643	6,643	NUM
ajfa-4117	301	2	-151,749	-151,749	PUNCT
ajfa-4117	302	1	-139	-139	NUM
ajfa-4117	302	2	368,091	368,091	NUM
ajfa-4117	302	3	cf	cf	NOUN
ajfa-4117	302	4	(	(	PUNCT
ajfa-4117	302	5	million	million	NUM
ajfa-4117	302	6	)	)	PUNCT
ajfa-4117	302	7	1,730	1,730	NUM
ajfa-4117	302	8	9,041	9,041	NUM
ajfa-4117	302	9	-26,494	-26,494	NOUN
ajfa-4117	302	10	211	211	NUM
ajfa-4117	302	11	229,476	229,476	NUM
ajfa-4117	302	12	size	size	NOUN
ajfa-4117	302	13	(	(	PUNCT
ajfa-4117	302	14	million	million	NUM
ajfa-4117	302	15	)	)	PUNCT
ajfa-4117	302	16	17,799	17,799	NUM
ajfa-4117	302	17	585,940	585,940	NUM
ajfa-4117	302	18	32	32	NUM
ajfa-4117	302	19	3,827	3,827	NUM
ajfa-4117	302	20	1,380,532	1,380,532	NUM
ajfa-4117	302	21	q	q	NOUN
ajfa-4117	302	22	0.73	0.73	NUM
ajfa-4117	302	23	0.74	0.74	NUM
ajfa-4117	302	24	-0.63	-0.63	NUM
ajfa-4117	302	25	0.55	0.55	NUM
ajfa-4117	302	26	11.82	11.82	NUM
ajfa-4117	302	27	panel	panel	NOUN
ajfa-4117	302	28	b	b	NOUN
ajfa-4117	302	29	:	:	PUNCT
ajfa-4117	302	30	investor	investor	NOUN
ajfa-4117	302	31	sentiment	sentiment	NOUN
ajfa-4117	302	32	variables	variable	NOUN
ajfa-4117	302	33	turn	turn	VERB
ajfa-4117	302	34	(	(	PUNCT
ajfa-4117	302	35	%	%	INTJ
ajfa-4117	302	36	)	)	PUNCT
ajfa-4117	302	37	211.44	211.44	NUM
ajfa-4117	302	38	194.17	194.17	NUM
ajfa-4117	302	39	0.07	0.07	NUM
ajfa-4117	302	40	154.57	154.57	NUM
ajfa-4117	302	41	1581.29	1581.29	NUM
ajfa-4117	302	42	daccr	daccr	NOUN
ajfa-4117	302	43	(	(	PUNCT
ajfa-4117	302	44	million	million	NUM
ajfa-4117	302	45	)	)	PUNCT
ajfa-4117	302	46	-67.13	-67.13	PUNCT
ajfa-4117	303	1	3,116.94	3,116.94	NUM
ajfa-4117	303	2	-94,772.25	-94,772.25	NOUN
ajfa-4117	303	3	-10.35	-10.35	NUM
ajfa-4117	303	4	41,446.21	41,446.21	NUM
ajfa-4117	303	5	cci	cci	NOUN
ajfa-4117	303	6	68.04	68.04	NUM
ajfa-4117	303	7	8.48	8.48	NUM
ajfa-4117	303	8	54.49	54.49	NUM
ajfa-4117	303	9	68.75	68.75	NUM
ajfa-4117	303	10	78.53	78.53	NUM
ajfa-4117	303	11	nipo	nipo	NOUN
ajfa-4117	303	12	(	(	PUNCT
ajfa-4117	303	13	number	number	NOUN
ajfa-4117	303	14	of	of	ADP
ajfa-4117	303	15	ipo	ipo	NOUN
ajfa-4117	303	16	firms	firm	NOUN
ajfa-4117	303	17	)	)	PUNCT
ajfa-4117	303	18	62.96	62.96	NUM
ajfa-4117	303	19	28.82	28.82	NUM
ajfa-4117	303	20	34.00	34.00	NUM
ajfa-4117	303	21	52.00	52.00	NUM
ajfa-4117	303	22	124.00	124.00	NUM
ajfa-4117	303	23	senti	senti	X
ajfa-4117	303	24	0.00	0.00	NUM
ajfa-4117	303	25	1.33	1.33	NUM
ajfa-4117	303	26	-3.57	-3.57	NUM
ajfa-4117	303	27	-0.41	-0.41	NUM
ajfa-4117	303	28	2.51	2.51	NUM
ajfa-4117	303	29	panel	panel	NOUN
ajfa-4117	303	30	c	c	NOUN
ajfa-4117	303	31	:	:	PUNCT
ajfa-4117	303	32	corporate	corporate	ADJ
ajfa-4117	303	33	governance	governance	NOUN
ajfa-4117	303	34	variables	variable	NOUN
ajfa-4117	303	35	cg_bod	cg_bod	PROPN
ajfa-4117	303	36	1.69	1.69	NUM
ajfa-4117	303	37	0.79	0.79	NUM
ajfa-4117	303	38	0.00	0.00	NUM
ajfa-4117	303	39	1.80	1.80	NUM
ajfa-4117	303	40	3.95	3.95	NUM
ajfa-4117	303	41	bodsize	bodsize	NOUN
ajfa-4117	303	42	(	(	PUNCT
ajfa-4117	303	43	number	number	NOUN
ajfa-4117	303	44	of	of	ADP
ajfa-4117	303	45	seats	seat	NOUN
ajfa-4117	303	46	)	)	PUNCT
ajfa-4117	303	47	6.83	6.83	NUM
ajfa-4117	303	48	2.33	2.33	NUM
ajfa-4117	303	49	2.00	2.00	NUM
ajfa-4117	303	50	7.00	7.00	NUM
ajfa-4117	303	51	27.00	27.00	NUM
ajfa-4117	303	52	bodsize	bodsize	NOUN
ajfa-4117	303	53	(	(	PUNCT
ajfa-4117	303	54	0	0	NUM
ajfa-4117	303	55	-	-	SYM
ajfa-4117	303	56	1	1	NUM
ajfa-4117	303	57	)	)	PUNCT
ajfa-4117	303	58	0.62	0.62	NUM
ajfa-4117	303	59	0.30	0.30	NUM
ajfa-4117	303	60	0.00	0.00	NUM
ajfa-4117	303	61	0.56	0.56	NUM
ajfa-4117	303	62	1.00	1.00	NUM
ajfa-4117	303	63	duality	duality	NOUN
ajfa-4117	303	64	0.19	0.19	NUM
ajfa-4117	303	65	0.39	0.39	NUM
ajfa-4117	303	66	0.00	0.00	NUM
ajfa-4117	303	67	0.00	0.00	NUM
ajfa-4117	303	68	1.00	1.00	NUM
ajfa-4117	303	69	outbod	outbod	ADJ
ajfa-4117	303	70	(	(	PUNCT
ajfa-4117	303	71	%	%	NOUN
ajfa-4117	303	72	)	)	PUNCT
ajfa-4117	303	73	34.08	34.08	NUM
ajfa-4117	303	74	21.23	21.23	NUM
ajfa-4117	303	75	0.00	0.00	NUM
ajfa-4117	303	76	37.50	37.50	NUM
ajfa-4117	303	77	100.00	100.00	NUM
ajfa-4117	303	78	outbod	outbod	NOUN
ajfa-4117	303	79	(	(	PUNCT
ajfa-4117	303	80	0	0	NUM
ajfa-4117	303	81	-	-	SYM
ajfa-4117	303	82	1	1	NUM
ajfa-4117	303	83	)	)	PUNCT
ajfa-4117	303	84	0.45	0.45	NUM
ajfa-4117	303	85	0.29	0.29	NUM
ajfa-4117	303	86	0.00	0.00	NUM
ajfa-4117	303	87	0.47	0.47	NUM
ajfa-4117	303	88	1.00	1.00	NUM
ajfa-4117	303	89	ind	ind	NOUN
ajfa-4117	303	90	0.43	0.43	NUM
ajfa-4117	303	91	0.50	0.50	NUM
ajfa-4117	303	92	0.00	0.00	NUM
ajfa-4117	303	93	0.00	0.00	NUM
ajfa-4117	303	94	1.00	1.00	NUM
ajfa-4117	303	95	cg_own	cg_own	VERB
ajfa-4117	303	96	1.66	1.66	NUM
ajfa-4117	303	97	0.60	0.60	NUM
ajfa-4117	303	98	0.18	0.18	NUM
ajfa-4117	303	99	1.72	1.72	NUM
ajfa-4117	303	100	2.99	2.99	NUM
ajfa-4117	303	101	bshold	bshold	NOUN
ajfa-4117	303	102	(	(	PUNCT
ajfa-4117	303	103	%	%	INTJ
ajfa-4117	303	104	)	)	PUNCT
ajfa-4117	303	105	23.38	23.38	NUM
ajfa-4117	303	106	13.83	13.83	NUM
ajfa-4117	303	107	0.00	0.00	NUM
ajfa-4117	303	108	19.97	19.97	NUM
ajfa-4117	303	109	94.95	94.95	NUM
ajfa-4117	303	110	bshold	bshold	NOUN
ajfa-4117	303	111	(	(	PUNCT
ajfa-4117	303	112	0	0	NUM
ajfa-4117	303	113	-	-	SYM
ajfa-4117	303	114	1	1	NUM
ajfa-4117	303	115	)	)	PUNCT
ajfa-4117	303	116	0.45	0.45	NUM
ajfa-4117	303	117	0.28	0.28	NUM
ajfa-4117	303	118	0.00	0.00	NUM
ajfa-4117	303	119	0.42	0.42	NUM
ajfa-4117	303	120	1.00	1.00	NUM
ajfa-4117	303	121	dev	dev	NOUN
ajfa-4117	303	122	(	(	PUNCT
ajfa-4117	303	123	%	%	NOUN
ajfa-4117	303	124	)	)	PUNCT
ajfa-4117	303	125	5.29	5.29	NUM
ajfa-4117	303	126	9.31	9.31	NUM
ajfa-4117	303	127	0.00	0.00	NUM
ajfa-4117	303	128	1.31	1.31	NUM
ajfa-4117	303	129	90.62	90.62	NUM
ajfa-4117	303	130	dev	dev	X
ajfa-4117	303	131	(	(	PUNCT
ajfa-4117	303	132	0	0	NUM
ajfa-4117	303	133	-	-	SYM
ajfa-4117	303	134	1	1	NUM
ajfa-4117	303	135	)	)	PUNCT
ajfa-4117	303	136	0.54	0.54	NUM
ajfa-4117	303	137	0.32	0.32	NUM
ajfa-4117	303	138	0.00	0.00	NUM
ajfa-4117	303	139	0.52	0.52	NUM
ajfa-4117	303	140	1.00	1.00	NUM
ajfa-4117	303	141	pledge	pledge	NOUN
ajfa-4117	303	142	(	(	PUNCT
ajfa-4117	303	143	%	%	INTJ
ajfa-4117	303	144	)	)	PUNCT
ajfa-4117	303	145	9.48	9.48	NUM
ajfa-4117	303	146	18.16	18.16	NUM
ajfa-4117	303	147	0.00	0.00	NUM
ajfa-4117	303	148	0.00	0.00	NUM
ajfa-4117	303	149	100.00	100.00	NUM
ajfa-4117	303	150	pledge	pledge	NOUN
ajfa-4117	303	151	(	(	PUNCT
ajfa-4117	303	152	0	0	NUM
ajfa-4117	303	153	-	-	SYM
ajfa-4117	303	154	1	1	NUM
ajfa-4117	303	155	)	)	PUNCT
ajfa-4117	303	156	0.68	0.68	NUM
ajfa-4117	303	157	0.41	0.41	NUM
ajfa-4117	303	158	0.00	0.00	NUM
ajfa-4117	303	159	1.00	1.00	NUM
ajfa-4117	303	160	1.00	1.00	NUM
ajfa-4117	303	161	cgi	cgi	NOUN
ajfa-4117	303	162	3.35	3.35	NUM
ajfa-4117	303	163	1.07	1.07	NUM
ajfa-4117	303	164	0.41	0.41	NUM
ajfa-4117	303	165	3.39	3.39	NUM
ajfa-4117	303	166	6.64	6.64	NUM
ajfa-4117	303	167	n	n	NUM
ajfa-4117	303	168	7,745	7,745	NUM
ajfa-4117	303	169	this	this	DET
ajfa-4117	303	170	table	table	NOUN
ajfa-4117	303	171	presents	present	NOUN
ajfa-4117	303	172	summary	summary	NOUN
ajfa-4117	303	173	statistics	statistic	NOUN
ajfa-4117	303	174	for	for	ADP
ajfa-4117	303	175	the	the	DET
ajfa-4117	303	176	dependent	dependent	ADJ
ajfa-4117	303	177	and	and	CCONJ
ajfa-4117	303	178	independent	independent	ADJ
ajfa-4117	303	179	variables	variable	NOUN
ajfa-4117	303	180	.	.	PUNCT
ajfa-4117	304	1	variable	variable	ADJ
ajfa-4117	304	2	description	description	NOUN
ajfa-4117	304	3	is	be	AUX
ajfa-4117	304	4	specified	specify	VERB
ajfa-4117	304	5	in	in	ADP
ajfa-4117	304	6	table	table	NOUN
ajfa-4117	304	7	1	1	NUM
ajfa-4117	304	8	.	.	PUNCT
ajfa-4117	304	9	asian	asian	ADJ
ajfa-4117	304	10	journal	journal	PROPN
ajfa-4117	304	11	of	of	ADP
ajfa-4117	304	12	finance	finance	PROPN
ajfa-4117	304	13	&	&	CCONJ
ajfa-4117	304	14	accounting	accounting	PROPN
ajfa-4117	304	15	issn	issn	PROPN
ajfa-4117	304	16	1946	1946	NUM
ajfa-4117	304	17	-	-	PUNCT
ajfa-4117	304	18	052x	052x	NOUN
ajfa-4117	304	19	2013	2013	NUM
ajfa-4117	304	20	,	,	PUNCT
ajfa-4117	304	21	vol	vol	NOUN
ajfa-4117	304	22	.	.	PROPN
ajfa-4117	305	1	5	5	NUM
ajfa-4117	305	2	,	,	PUNCT
ajfa-4117	305	3	no	no	INTJ
ajfa-4117	305	4	.	.	NOUN
ajfa-4117	305	5	2	2	NUM
ajfa-4117	305	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	305	7	115	115	NUM
ajfa-4117	305	8	table	table	NOUN
ajfa-4117	305	9	3	3	NUM
ajfa-4117	305	10	.	.	PUNCT
ajfa-4117	306	1	investor	investor	NOUN
ajfa-4117	306	2	sentiment	sentiment	NOUN
ajfa-4117	306	3	and	and	CCONJ
ajfa-4117	306	4	new	new	ADJ
ajfa-4117	306	5	investment	investment	NOUN
ajfa-4117	306	6	(	(	PUNCT
ajfa-4117	306	7	1	1	NUM
ajfa-4117	306	8	)	)	PUNCT
ajfa-4117	306	9	(	(	PUNCT
ajfa-4117	306	10	2	2	NUM
ajfa-4117	306	11	)	)	PUNCT
ajfa-4117	306	12	(	(	PUNCT
ajfa-4117	306	13	3	3	X
ajfa-4117	306	14	)	)	PUNCT
ajfa-4117	306	15	(	(	PUNCT
ajfa-4117	306	16	4	4	X
ajfa-4117	306	17	)	)	PUNCT
ajfa-4117	306	18	ols	ol	NOUN
ajfa-4117	306	19	fixed	fix	VERB
ajfa-4117	306	20	effects	effect	NOUN
ajfa-4117	306	21	random	random	ADJ
ajfa-4117	306	22	effects	effect	NOUN
ajfa-4117	306	23	senti	senti	X
ajfa-4117	306	24	t	t	PROPN
ajfa-4117	306	25	2870.72	2870.72	NUM
ajfa-4117	306	26	*	*	PUNCT
ajfa-4117	306	27	*	*	PUNCT
ajfa-4117	306	28	*	*	PUNCT
ajfa-4117	307	1	303.97	303.97	NUM
ajfa-4117	307	2	*	*	PUNCT
ajfa-4117	307	3	*	*	PUNCT
ajfa-4117	307	4	*	*	PUNCT
ajfa-4117	307	5	4328.99	4328.99	NUM
ajfa-4117	307	6	*	*	PUNCT
ajfa-4117	307	7	*	*	PUNCT
ajfa-4117	307	8	*	*	PUNCT
ajfa-4117	308	1	237.05	237.05	NUM
ajfa-4117	308	2	*	*	PUNCT
ajfa-4117	308	3	*	*	PUNCT
ajfa-4117	308	4	*	*	PUNCT
ajfa-4117	308	5	(	(	PUNCT
ajfa-4117	308	6	3.09	3.09	NUM
ajfa-4117	308	7	)	)	PUNCT
ajfa-4117	308	8	(	(	PUNCT
ajfa-4117	308	9	5.96	5.96	NUM
ajfa-4117	308	10	)	)	PUNCT
ajfa-4117	308	11	(	(	PUNCT
ajfa-4117	308	12	4.80	4.80	NUM
ajfa-4117	308	13	)	)	PUNCT
ajfa-4117	308	14	(	(	PUNCT
ajfa-4117	308	15	4.81	4.81	NUM
ajfa-4117	308	16	)	)	PUNCT
ajfa-4117	308	17	cf	cf	NOUN
ajfa-4117	308	18	t	t	NOUN
ajfa-4117	308	19	0.02	0.02	NUM
ajfa-4117	308	20	0.04	0.04	NUM
ajfa-4117	308	21	*	*	PUNCT
ajfa-4117	308	22	0.02	0.02	NUM
ajfa-4117	308	23	0.00	0.00	NUM
ajfa-4117	308	24	(	(	PUNCT
ajfa-4117	308	25	1.50	1.50	NUM
ajfa-4117	308	26	)	)	PUNCT
ajfa-4117	308	27	(	(	PUNCT
ajfa-4117	308	28	1.78	1.78	NUM
ajfa-4117	308	29	)	)	PUNCT
ajfa-4117	308	30	(	(	PUNCT
ajfa-4117	308	31	0.93	0.93	NUM
ajfa-4117	308	32	)	)	PUNCT
ajfa-4117	308	33	(	(	PUNCT
ajfa-4117	308	34	0.15	0.15	NUM
ajfa-4117	308	35	)	)	PUNCT
ajfa-4117	308	36	q	q	NOUN
ajfa-4117	308	37	t-1	t-1	PROPN
ajfa-4117	308	38	233.90	233.90	NUM
ajfa-4117	308	39	*	*	NOUN
ajfa-4117	308	40	*	*	PUNCT
ajfa-4117	309	1	455.24	455.24	NUM
ajfa-4117	309	2	*	*	PUNCT
ajfa-4117	309	3	*	*	PUNCT
ajfa-4117	309	4	*	*	PUNCT
ajfa-4117	310	1	350.03	350.03	NUM
ajfa-4117	310	2	*	*	X
ajfa-4117	310	3	*	*	PUNCT
ajfa-4117	311	1	366.39	366.39	NUM
ajfa-4117	311	2	*	*	PUNCT
ajfa-4117	311	3	*	*	PUNCT
ajfa-4117	311	4	*	*	PUNCT
ajfa-4117	311	5	(	(	PUNCT
ajfa-4117	311	6	2.37	2.37	NUM
ajfa-4117	311	7	)	)	PUNCT
ajfa-4117	311	8	(	(	PUNCT
ajfa-4117	311	9	3.32	3.32	NUM
ajfa-4117	311	10	)	)	PUNCT
ajfa-4117	311	11	(	(	PUNCT
ajfa-4117	311	12	2.34	2.34	NUM
ajfa-4117	311	13	)	)	PUNCT
ajfa-4117	311	14	(	(	PUNCT
ajfa-4117	311	15	3.09	3.09	NUM
ajfa-4117	311	16	)	)	PUNCT
ajfa-4117	311	17	sizet	sizet	NOUN
ajfa-4117	311	18	0.05	0.05	NUM
ajfa-4117	311	19	*	*	PUNCT
ajfa-4117	311	20	*	*	PUNCT
ajfa-4117	311	21	*	*	PUNCT
ajfa-4117	311	22	0.08	0.08	NUM
ajfa-4117	311	23	*	*	PUNCT
ajfa-4117	311	24	*	*	PUNCT
ajfa-4117	311	25	*	*	PUNCT
ajfa-4117	311	26	0.08	0.08	NUM
ajfa-4117	311	27	*	*	PUNCT
ajfa-4117	311	28	*	*	PUNCT
ajfa-4117	311	29	*	*	PUNCT
ajfa-4117	312	1	0.07	0.07	NUM
ajfa-4117	312	2	*	*	PUNCT
ajfa-4117	312	3	*	*	PUNCT
ajfa-4117	312	4	*	*	PUNCT
ajfa-4117	312	5	(	(	PUNCT
ajfa-4117	312	6	23.07	23.07	NUM
ajfa-4117	312	7	)	)	PUNCT
ajfa-4117	312	8	(	(	PUNCT
ajfa-4117	312	9	20.90	20.90	NUM
ajfa-4117	312	10	)	)	PUNCT
ajfa-4117	312	11	(	(	PUNCT
ajfa-4117	312	12	21.09	21.09	NUM
ajfa-4117	312	13	)	)	PUNCT
ajfa-4117	312	14	(	(	PUNCT
ajfa-4117	312	15	22.65	22.65	NUM
ajfa-4117	312	16	)	)	PUNCT
ajfa-4117	312	17	intercept	intercept	NOUN
ajfa-4117	312	18	-6,644.27	-6,644.27	PROPN
ajfa-4117	312	19	*	*	NOUN
ajfa-4117	312	20	*	*	PUNCT
ajfa-4117	312	21	*	*	PUNCT
ajfa-4117	312	22	-1,172.87	-1,172.87	PUNCT
ajfa-4117	312	23	*	*	NOUN
ajfa-4117	312	24	*	*	PUNCT
ajfa-4117	312	25	*	*	PUNCT
ajfa-4117	312	26	-10,009.71	-10,009.71	PUNCT
ajfa-4117	312	27	*	*	PUNCT
ajfa-4117	312	28	*	*	PUNCT
ajfa-4117	312	29	*	*	PUNCT
ajfa-4117	313	1	-702.89	-702.89	PROPN
ajfa-4117	313	2	*	*	PUNCT
ajfa-4117	313	3	*	*	PUNCT
ajfa-4117	313	4	*	*	PUNCT
ajfa-4117	313	5	(	(	PUNCT
ajfa-4117	313	6	-3.35	-3.35	NOUN
ajfa-4117	313	7	)	)	PUNCT
ajfa-4117	313	8	(	(	PUNCT
ajfa-4117	313	9	-8.89	-8.89	NUM
ajfa-4117	313	10	)	)	PUNCT
ajfa-4117	313	11	(	(	PUNCT
ajfa-4117	313	12	-5.21	-5.21	NOUN
ajfa-4117	313	13	)	)	PUNCT
ajfa-4117	313	14	(	(	PUNCT
ajfa-4117	313	15	-3.73	-3.73	NOUN
ajfa-4117	313	16	)	)	PUNCT
ajfa-4117	313	17	year	year	NOUN
ajfa-4117	313	18	dummies	dummy	NOUN
ajfa-4117	314	1	yes	yes	INTJ
ajfa-4117	314	2	no	no	INTJ
ajfa-4117	315	1	yes	yes	INTJ
ajfa-4117	315	2	n	n	ADV
ajfa-4117	315	3	7,745	7,745	NUM
ajfa-4117	315	4	7,745	7,745	NUM
ajfa-4117	315	5	7,745	7,745	NUM
ajfa-4117	315	6	7,745	7,745	NUM
ajfa-4117	315	7	r2	r2	NOUN
ajfa-4117	315	8	0.18	0.18	NUM
ajfa-4117	315	9	0.09	0.09	NUM
ajfa-4117	315	10	0.09	0.09	NUM
ajfa-4117	315	11	the	the	DET
ajfa-4117	315	12	table	table	NOUN
ajfa-4117	315	13	examines	examine	VERB
ajfa-4117	315	14	how	how	SCONJ
ajfa-4117	315	15	investor	investor	NOUN
ajfa-4117	315	16	sentiment	sentiment	NOUN
ajfa-4117	315	17	is	be	AUX
ajfa-4117	315	18	related	relate	VERB
ajfa-4117	315	19	to	to	ADP
ajfa-4117	315	20	new	new	ADJ
ajfa-4117	315	21	investment	investment	NOUN
ajfa-4117	315	22	.	.	PUNCT
ajfa-4117	316	1	the	the	DET
ajfa-4117	316	2	dependent	dependent	ADJ
ajfa-4117	316	3	variable	variable	NOUN
ajfa-4117	316	4	is	be	AUX
ajfa-4117	316	5	new	new	ADJ
ajfa-4117	316	6	investment	investment	NOUN
ajfa-4117	316	7	(	(	PUNCT
ajfa-4117	316	8	invest	invest	NOUN
ajfa-4117	316	9	)	)	PUNCT
ajfa-4117	316	10	.	.	PUNCT
ajfa-4117	317	1	the	the	DET
ajfa-4117	317	2	independent	independent	ADJ
ajfa-4117	317	3	variables	variable	NOUN
ajfa-4117	317	4	include	include	VERB
ajfa-4117	317	5	sentiment	sentiment	NOUN
ajfa-4117	317	6	index	index	NOUN
ajfa-4117	317	7	(	(	PUNCT
ajfa-4117	317	8	sentit	sentit	NOUN
ajfa-4117	317	9	)	)	PUNCT
ajfa-4117	317	10	,	,	PUNCT
ajfa-4117	317	11	cash	cash	NOUN
ajfa-4117	317	12	flow	flow	NOUN
ajfa-4117	317	13	(	(	PUNCT
ajfa-4117	317	14	cft	cft	PROPN
ajfa-4117	317	15	)	)	PUNCT
ajfa-4117	317	16	,	,	PUNCT
ajfa-4117	317	17	tobin	tobin	PROPN
ajfa-4117	317	18	’s	’s	PART
ajfa-4117	317	19	q	q	X
ajfa-4117	317	20	(	(	PUNCT
ajfa-4117	317	21	qt-1	qt-1	NOUN
ajfa-4117	317	22	)	)	PUNCT
ajfa-4117	317	23	)	)	PUNCT
ajfa-4117	317	24	and	and	CCONJ
ajfa-4117	317	25	firm	firm	ADJ
ajfa-4117	317	26	size	size	NOUN
ajfa-4117	317	27	(	(	PUNCT
ajfa-4117	317	28	sizet	sizet	PROPN
ajfa-4117	317	29	)	)	PUNCT
ajfa-4117	317	30	.	.	PUNCT
ajfa-4117	318	1	detailed	detailed	ADJ
ajfa-4117	318	2	definitions	definition	NOUN
ajfa-4117	318	3	of	of	ADP
ajfa-4117	318	4	the	the	DET
ajfa-4117	318	5	variables	variable	NOUN
ajfa-4117	318	6	are	be	AUX
ajfa-4117	318	7	given	give	VERB
ajfa-4117	318	8	in	in	ADP
ajfa-4117	318	9	table	table	NOUN
ajfa-4117	318	10	1	1	NUM
ajfa-4117	318	11	.	.	PUNCT
ajfa-4117	318	12	t	t	PROPN
ajfa-4117	318	13	-	-	PUNCT
ajfa-4117	318	14	statistics	statistic	NOUN
ajfa-4117	318	15	(	(	PUNCT
ajfa-4117	318	16	for	for	ADP
ajfa-4117	318	17	ols	ol	NOUN
ajfa-4117	318	18	and	and	CCONJ
ajfa-4117	318	19	fixed	fix	VERB
ajfa-4117	318	20	effects	effect	NOUN
ajfa-4117	318	21	models	model	NOUN
ajfa-4117	318	22	)	)	PUNCT
ajfa-4117	318	23	or	or	CCONJ
ajfa-4117	318	24	z	z	NOUN
ajfa-4117	318	25	-	-	PUNCT
ajfa-4117	318	26	statistics	statistic	NOUN
ajfa-4117	318	27	(	(	PUNCT
ajfa-4117	318	28	for	for	ADP
ajfa-4117	318	29	random	random	ADJ
ajfa-4117	318	30	effects	effect	NOUN
ajfa-4117	318	31	model	model	NOUN
ajfa-4117	318	32	)	)	PUNCT
ajfa-4117	318	33	are	be	AUX
ajfa-4117	318	34	reported	report	VERB
ajfa-4117	318	35	below	below	ADP
ajfa-4117	318	36	the	the	DET
ajfa-4117	318	37	estimated	estimate	VERB
ajfa-4117	318	38	coefficients	coefficient	NOUN
ajfa-4117	318	39	.	.	PUNCT
ajfa-4117	319	1	the	the	DET
ajfa-4117	319	2	symbols	symbol	NOUN
ajfa-4117	319	3	*	*	PUNCT
ajfa-4117	319	4	*	*	PUNCT
ajfa-4117	319	5	*	*	PUNCT
ajfa-4117	319	6	,	,	PUNCT
ajfa-4117	319	7	*	*	PUNCT
ajfa-4117	319	8	*	*	PUNCT
ajfa-4117	319	9	,	,	PUNCT
ajfa-4117	319	10	and	and	CCONJ
ajfa-4117	319	11	*	*	PUNCT
ajfa-4117	319	12	denote	denote	VERB
ajfa-4117	319	13	statistical	statistical	ADJ
ajfa-4117	319	14	significance	significance	NOUN
ajfa-4117	319	15	at	at	ADP
ajfa-4117	319	16	1	1	NUM
ajfa-4117	319	17	percent	percent	NOUN
ajfa-4117	319	18	,	,	PUNCT
ajfa-4117	319	19	5	5	NUM
ajfa-4117	319	20	percent	percent	NOUN
ajfa-4117	319	21	,	,	PUNCT
ajfa-4117	319	22	and	and	CCONJ
ajfa-4117	319	23	10	10	NUM
ajfa-4117	319	24	percent	percent	NOUN
ajfa-4117	319	25	levels	level	NOUN
ajfa-4117	319	26	respectively	respectively	ADV
ajfa-4117	319	27	.	.	PUNCT
ajfa-4117	320	1	4.3	4.3	NUM
ajfa-4117	320	2	investor	investor	NOUN
ajfa-4117	320	3	sentiment	sentiment	NOUN
ajfa-4117	320	4	and	and	CCONJ
ajfa-4117	320	5	over	over	ADP
ajfa-4117	320	6	-	-	PUNCT
ajfa-4117	320	7	investment	investment	NOUN
ajfa-4117	320	8	table	table	NOUN
ajfa-4117	320	9	4	4	NUM
ajfa-4117	320	10	examines	examine	VERB
ajfa-4117	320	11	the	the	DET
ajfa-4117	320	12	relation	relation	NOUN
ajfa-4117	320	13	between	between	ADP
ajfa-4117	320	14	investor	investor	NOUN
ajfa-4117	320	15	sentiment	sentiment	NOUN
ajfa-4117	320	16	and	and	CCONJ
ajfa-4117	320	17	over	over	ADP
ajfa-4117	320	18	-	-	PUNCT
ajfa-4117	320	19	investment	investment	NOUN
ajfa-4117	320	20	through	through	ADP
ajfa-4117	320	21	four	four	NUM
ajfa-4117	320	22	models	model	NOUN
ajfa-4117	320	23	,	,	PUNCT
ajfa-4117	320	24	including	include	VERB
ajfa-4117	320	25	ols	ol	NOUN
ajfa-4117	320	26	with	with	ADP
ajfa-4117	320	27	year	year	NOUN
ajfa-4117	320	28	dummies	dummy	NOUN
ajfa-4117	320	29	controlled	control	VERB
ajfa-4117	320	30	,	,	PUNCT
ajfa-4117	320	31	fixed	fix	VERB
ajfa-4117	320	32	effect	effect	NOUN
ajfa-4117	320	33	regressions	regression	NOUN
ajfa-4117	320	34	with	with	ADP
ajfa-4117	320	35	and	and	CCONJ
ajfa-4117	320	36	without	without	ADP
ajfa-4117	320	37	time	time	NOUN
ajfa-4117	320	38	effect	effect	NOUN
ajfa-4117	320	39	,	,	PUNCT
ajfa-4117	320	40	and	and	CCONJ
ajfa-4117	320	41	random	random	ADJ
ajfa-4117	320	42	effect	effect	NOUN
ajfa-4117	320	43	regression	regression	NOUN
ajfa-4117	320	44	.	.	PUNCT
ajfa-4117	321	1	the	the	DET
ajfa-4117	321	2	empirical	empirical	ADJ
ajfa-4117	321	3	findings	finding	NOUN
ajfa-4117	321	4	indicate	indicate	VERB
ajfa-4117	321	5	that	that	SCONJ
ajfa-4117	321	6	the	the	PRON
ajfa-4117	321	7	higher	high	ADJ
ajfa-4117	321	8	the	the	DET
ajfa-4117	321	9	sentiment	sentiment	NOUN
ajfa-4117	321	10	index	index	NOUN
ajfa-4117	321	11	,	,	PUNCT
ajfa-4117	321	12	the	the	PRON
ajfa-4117	321	13	larger	large	ADJ
ajfa-4117	321	14	the	the	DET
ajfa-4117	321	15	over	over	NOUN
ajfa-4117	321	16	-	-	PUNCT
ajfa-4117	321	17	investment	investment	NOUN
ajfa-4117	321	18	.	.	PUNCT
ajfa-4117	322	1	for	for	ADP
ajfa-4117	322	2	instance	instance	NOUN
ajfa-4117	322	3	,	,	PUNCT
ajfa-4117	322	4	in	in	ADP
ajfa-4117	322	5	the	the	DET
ajfa-4117	322	6	fixed	fixed	ADJ
ajfa-4117	322	7	effect	effect	NOUN
ajfa-4117	322	8	model	model	NOUN
ajfa-4117	322	9	with	with	ADP
ajfa-4117	322	10	time	time	NOUN
ajfa-4117	322	11	effect	effect	NOUN
ajfa-4117	322	12	,	,	PUNCT
ajfa-4117	322	13	an	an	DET
ajfa-4117	322	14	increase	increase	NOUN
ajfa-4117	322	15	of	of	ADP
ajfa-4117	322	16	sentiment	sentiment	NOUN
ajfa-4117	322	17	index	index	NOUN
ajfa-4117	322	18	by	by	ADP
ajfa-4117	322	19	1	1	NUM
ajfa-4117	322	20	causes	cause	VERB
ajfa-4117	322	21	an	an	DET
ajfa-4117	322	22	increase	increase	NOUN
ajfa-4117	322	23	in	in	ADP
ajfa-4117	322	24	over	over	ADP
ajfa-4117	322	25	-	-	PUNCT
ajfa-4117	322	26	investment	investment	NOUN
ajfa-4117	322	27	by	by	ADP
ajfa-4117	322	28	$	$	SYM
ajfa-4117	322	29	7,537	7,537	NUM
ajfa-4117	322	30	million	million	NUM
ajfa-4117	322	31	.	.	PUNCT
ajfa-4117	323	1	if	if	SCONJ
ajfa-4117	323	2	investors	investor	NOUN
ajfa-4117	323	3	are	be	AUX
ajfa-4117	323	4	overly	overly	ADV
ajfa-4117	323	5	optimistic	optimistic	ADJ
ajfa-4117	323	6	,	,	PUNCT
ajfa-4117	323	7	managers	manager	NOUN
ajfa-4117	323	8	may	may	AUX
ajfa-4117	323	9	increase	increase	VERB
ajfa-4117	323	10	firm	firm	ADJ
ajfa-4117	323	11	investment	investment	NOUN
ajfa-4117	323	12	due	due	ADP
ajfa-4117	323	13	to	to	ADP
ajfa-4117	323	14	market	market	NOUN
ajfa-4117	323	15	timing	timing	NOUN
ajfa-4117	323	16	or	or	CCONJ
ajfa-4117	323	17	an	an	DET
ajfa-4117	323	18	incentive	incentive	NOUN
ajfa-4117	323	19	to	to	PART
ajfa-4117	323	20	cater	cater	VERB
ajfa-4117	323	21	to	to	ADP
ajfa-4117	323	22	investor	investor	NOUN
ajfa-4117	323	23	sentiment	sentiment	NOUN
ajfa-4117	323	24	.	.	PUNCT
ajfa-4117	324	1	the	the	DET
ajfa-4117	324	2	increased	increase	VERB
ajfa-4117	324	3	investment	investment	NOUN
ajfa-4117	324	4	is	be	AUX
ajfa-4117	324	5	likely	likely	ADJ
ajfa-4117	324	6	to	to	PART
ajfa-4117	324	7	become	become	VERB
ajfa-4117	324	8	over	over	ADP
ajfa-4117	324	9	-	-	PUNCT
ajfa-4117	324	10	investment	investment	NOUN
ajfa-4117	324	11	.	.	PUNCT
ajfa-4117	325	1	conversely	conversely	ADV
ajfa-4117	325	2	,	,	PUNCT
ajfa-4117	325	3	if	if	SCONJ
ajfa-4117	325	4	investors	investor	NOUN
ajfa-4117	325	5	are	be	AUX
ajfa-4117	325	6	overly	overly	ADV
ajfa-4117	325	7	pessimistic	pessimistic	ADJ
ajfa-4117	325	8	,	,	PUNCT
ajfa-4117	325	9	under	under	ADP
ajfa-4117	325	10	-	-	PUNCT
ajfa-4117	325	11	investment	investment	NOUN
ajfa-4117	325	12	is	be	AUX
ajfa-4117	325	13	likely	likely	ADJ
ajfa-4117	325	14	to	to	PART
ajfa-4117	325	15	occur	occur	VERB
ajfa-4117	325	16	.	.	PUNCT
ajfa-4117	326	1	the	the	DET
ajfa-4117	326	2	results	result	NOUN
ajfa-4117	326	3	offer	offer	VERB
ajfa-4117	326	4	support	support	NOUN
ajfa-4117	326	5	for	for	ADP
ajfa-4117	326	6	hypothesis	hypothesis	NOUN
ajfa-4117	326	7	2	2	NUM
ajfa-4117	326	8	,	,	PUNCT
ajfa-4117	326	9	that	that	ADV
ajfa-4117	326	10	is	is	ADV
ajfa-4117	326	11	,	,	PUNCT
ajfa-4117	326	12	higher	high	ADJ
ajfa-4117	326	13	investor	investor	NOUN
ajfa-4117	326	14	optimism	optimism	NOUN
ajfa-4117	326	15	leads	lead	VERB
ajfa-4117	326	16	to	to	ADP
ajfa-4117	326	17	more	more	ADJ
ajfa-4117	326	18	over	over	ADP
ajfa-4117	326	19	-	-	PUNCT
ajfa-4117	326	20	investment	investment	NOUN
ajfa-4117	326	21	.	.	PUNCT
ajfa-4117	327	1	among	among	ADP
ajfa-4117	327	2	the	the	DET
ajfa-4117	327	3	control	control	NOUN
ajfa-4117	327	4	variables	variable	NOUN
ajfa-4117	327	5	,	,	PUNCT
ajfa-4117	327	6	tobin	tobin	PROPN
ajfa-4117	327	7	’s	’s	PART
ajfa-4117	327	8	q	q	PROPN
ajfa-4117	327	9	is	be	AUX
ajfa-4117	327	10	significantly	significantly	ADV
ajfa-4117	327	11	and	and	CCONJ
ajfa-4117	327	12	positively	positively	ADV
ajfa-4117	327	13	related	relate	VERB
ajfa-4117	327	14	to	to	ADP
ajfa-4117	327	15	abnormal	abnormal	ADJ
ajfa-4117	327	16	investment	investment	NOUN
ajfa-4117	327	17	in	in	ADP
ajfa-4117	327	18	some	some	DET
ajfa-4117	327	19	models	model	NOUN
ajfa-4117	327	20	,	,	PUNCT
ajfa-4117	327	21	implying	imply	VERB
ajfa-4117	327	22	that	that	SCONJ
ajfa-4117	327	23	over	over	ADP
ajfa-4117	327	24	-	-	PUNCT
ajfa-4117	327	25	investment	investment	NOUN
ajfa-4117	327	26	is	be	AUX
ajfa-4117	327	27	more	more	ADV
ajfa-4117	327	28	likely	likely	ADJ
ajfa-4117	327	29	to	to	PART
ajfa-4117	327	30	occur	occur	VERB
ajfa-4117	327	31	when	when	SCONJ
ajfa-4117	327	32	there	there	PRON
ajfa-4117	327	33	are	be	VERB
ajfa-4117	327	34	more	more	ADJ
ajfa-4117	327	35	investment	investment	NOUN
ajfa-4117	327	36	opportunities	opportunity	NOUN
ajfa-4117	327	37	.	.	PUNCT
ajfa-4117	328	1	besides	besides	SCONJ
ajfa-4117	328	2	,	,	PUNCT
ajfa-4117	328	3	firm	firm	ADJ
ajfa-4117	328	4	size	size	NOUN
ajfa-4117	328	5	is	be	AUX
ajfa-4117	328	6	positively	positively	ADV
ajfa-4117	328	7	related	relate	VERB
ajfa-4117	328	8	to	to	ADP
ajfa-4117	328	9	over	over	NOUN
ajfa-4117	328	10	-	-	PUNCT
ajfa-4117	328	11	investment	investment	NOUN
ajfa-4117	328	12	.	.	PUNCT
ajfa-4117	329	1	asian	asian	ADJ
ajfa-4117	329	2	journal	journal	PROPN
ajfa-4117	329	3	of	of	ADP
ajfa-4117	329	4	finance	finance	PROPN
ajfa-4117	329	5	&	&	CCONJ
ajfa-4117	329	6	accounting	accounting	PROPN
ajfa-4117	329	7	issn	issn	PROPN
ajfa-4117	329	8	1946	1946	NUM
ajfa-4117	329	9	-	-	PUNCT
ajfa-4117	329	10	052x	052x	NOUN
ajfa-4117	329	11	2013	2013	NUM
ajfa-4117	329	12	,	,	PUNCT
ajfa-4117	329	13	vol	vol	NOUN
ajfa-4117	329	14	.	.	PROPN
ajfa-4117	329	15	5	5	NUM
ajfa-4117	329	16	,	,	PUNCT
ajfa-4117	329	17	no	no	INTJ
ajfa-4117	329	18	.	.	NOUN
ajfa-4117	329	19	2	2	NUM
ajfa-4117	329	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	329	21	116	116	NUM
ajfa-4117	329	22	table	table	NOUN
ajfa-4117	329	23	4	4	NUM
ajfa-4117	329	24	.	.	PUNCT
ajfa-4117	329	25	investor	investor	NOUN
ajfa-4117	329	26	sentiment	sentiment	NOUN
ajfa-4117	329	27	and	and	CCONJ
ajfa-4117	329	28	over	over	ADP
ajfa-4117	329	29	-	-	PUNCT
ajfa-4117	329	30	investment	investment	NOUN
ajfa-4117	329	31	(	(	PUNCT
ajfa-4117	329	32	1	1	NUM
ajfa-4117	329	33	)	)	PUNCT
ajfa-4117	329	34	(	(	PUNCT
ajfa-4117	329	35	2	2	NUM
ajfa-4117	329	36	)	)	PUNCT
ajfa-4117	329	37	(	(	PUNCT
ajfa-4117	329	38	3	3	X
ajfa-4117	329	39	)	)	PUNCT
ajfa-4117	329	40	(	(	PUNCT
ajfa-4117	329	41	4	4	X
ajfa-4117	329	42	)	)	PUNCT
ajfa-4117	329	43	ols	ol	NOUN
ajfa-4117	329	44	fixed	fix	VERB
ajfa-4117	329	45	effects	effect	NOUN
ajfa-4117	329	46	random	random	ADJ
ajfa-4117	329	47	effects	effect	NOUN
ajfa-4117	330	1	senti	senti	X
ajfa-4117	330	2	t	t	PROPN
ajfa-4117	330	3	4,114.26	4,114.26	NUM
ajfa-4117	330	4	*	*	PUNCT
ajfa-4117	330	5	*	*	PUNCT
ajfa-4117	330	6	*	*	PUNCT
ajfa-4117	330	7	231.68	231.68	NUM
ajfa-4117	330	8	*	*	PUNCT
ajfa-4117	330	9	*	*	PUNCT
ajfa-4117	330	10	*	*	PUNCT
ajfa-4117	330	11	7,537.18	7,537.18	NUM
ajfa-4117	330	12	*	*	PUNCT
ajfa-4117	330	13	*	*	PUNCT
ajfa-4117	330	14	*	*	PUNCT
ajfa-4117	330	15	153.44	153.44	NUM
ajfa-4117	330	16	*	*	PUNCT
ajfa-4117	330	17	*	*	PUNCT
ajfa-4117	330	18	*	*	PUNCT
ajfa-4117	330	19	(	(	PUNCT
ajfa-4117	330	20	4.34	4.34	NUM
ajfa-4117	330	21	)	)	PUNCT
ajfa-4117	330	22	(	(	PUNCT
ajfa-4117	330	23	4.35	4.35	NUM
ajfa-4117	330	24	)	)	PUNCT
ajfa-4117	330	25	(	(	PUNCT
ajfa-4117	330	26	8.02	8.02	NUM
ajfa-4117	330	27	)	)	PUNCT
ajfa-4117	330	28	(	(	PUNCT
ajfa-4117	330	29	2.99	2.99	NUM
ajfa-4117	330	30	)	)	PUNCT
ajfa-4117	330	31	cf	cf	NOUN
ajfa-4117	330	32	t	t	PROPN
ajfa-4117	330	33	0.02	0.02	NUM
ajfa-4117	330	34	0.01	0.01	NUM
ajfa-4117	330	35	-0.02	-0.02	NUM
ajfa-4117	330	36	-0.02	-0.02	NUM
ajfa-4117	330	37	(	(	PUNCT
ajfa-4117	330	38	1.43	1.43	NUM
ajfa-4117	330	39	)	)	PUNCT
ajfa-4117	330	40	(	(	PUNCT
ajfa-4117	330	41	0.50	0.50	NUM
ajfa-4117	330	42	)	)	PUNCT
ajfa-4117	330	43	(	(	PUNCT
ajfa-4117	330	44	-0.98	-0.98	NUM
ajfa-4117	330	45	)	)	PUNCT
ajfa-4117	330	46	(	(	PUNCT
ajfa-4117	330	47	-0.90	-0.90	X
ajfa-4117	330	48	)	)	PUNCT
ajfa-4117	330	49	q	q	NOUN
ajfa-4117	330	50	t-1	t-1	PROPN
ajfa-4117	330	51	-2.34	-2.34	NUM
ajfa-4117	330	52	293.71	293.71	NUM
ajfa-4117	330	53	*	*	X
ajfa-4117	330	54	*	*	PUNCT
ajfa-4117	331	1	274.96	274.96	NUM
ajfa-4117	331	2	*	*	SYM
ajfa-4117	331	3	170.03	170.03	NUM
ajfa-4117	331	4	(	(	PUNCT
ajfa-4117	331	5	-0.02	-0.02	NOUN
ajfa-4117	331	6	)	)	PUNCT
ajfa-4117	331	7	(	(	PUNCT
ajfa-4117	331	8	2.05	2.05	NUM
ajfa-4117	331	9	)	)	PUNCT
ajfa-4117	331	10	(	(	PUNCT
ajfa-4117	331	11	1.76	1.76	NUM
ajfa-4117	331	12	)	)	PUNCT
ajfa-4117	331	13	(	(	PUNCT
ajfa-4117	331	14	1.39	1.39	NUM
ajfa-4117	331	15	)	)	PUNCT
ajfa-4117	331	16	sizet	sizet	NOUN
ajfa-4117	331	17	0.03	0.03	NUM
ajfa-4117	331	18	*	*	PUNCT
ajfa-4117	331	19	*	*	PUNCT
ajfa-4117	331	20	*	*	PUNCT
ajfa-4117	331	21	0.06	0.06	NUM
ajfa-4117	331	22	*	*	PUNCT
ajfa-4117	331	23	*	*	PUNCT
ajfa-4117	331	24	*	*	PUNCT
ajfa-4117	332	1	0.07	0.07	NUM
ajfa-4117	332	2	*	*	PUNCT
ajfa-4117	332	3	*	*	PUNCT
ajfa-4117	332	4	*	*	PUNCT
ajfa-4117	332	5	0.05	0.05	NUM
ajfa-4117	332	6	*	*	PUNCT
ajfa-4117	332	7	*	*	PUNCT
ajfa-4117	332	8	*	*	PUNCT
ajfa-4117	332	9	(	(	PUNCT
ajfa-4117	332	10	12.76	12.76	NUM
ajfa-4117	332	11	)	)	PUNCT
ajfa-4117	332	12	(	(	PUNCT
ajfa-4117	332	13	16.26	16.26	NUM
ajfa-4117	332	14	)	)	PUNCT
ajfa-4117	332	15	(	(	PUNCT
ajfa-4117	332	16	17.17	17.17	NUM
ajfa-4117	332	17	)	)	PUNCT
ajfa-4117	332	18	(	(	PUNCT
ajfa-4117	332	19	16.12	16.12	NUM
ajfa-4117	332	20	)	)	PUNCT
ajfa-4117	332	21	intercept	intercept	NOUN
ajfa-4117	332	22	-9,167.71	-9,167.71	NOUN
ajfa-4117	332	23	*	*	NOUN
ajfa-4117	332	24	*	*	PUNCT
ajfa-4117	332	25	*	*	PUNCT
ajfa-4117	332	26	-1,376.87	-1,376.87	PUNCT
ajfa-4117	332	27	*	*	PUNCT
ajfa-4117	332	28	*	*	PUNCT
ajfa-4117	332	29	*	*	PUNCT
ajfa-4117	332	30	-16,811.22	-16,811.22	NOUN
ajfa-4117	332	31	*	*	PUNCT
ajfa-4117	332	32	*	*	PUNCT
ajfa-4117	332	33	*	*	PUNCT
ajfa-4117	332	34	-830.12	-830.12	PROPN
ajfa-4117	332	35	*	*	PUNCT
ajfa-4117	332	36	*	*	PUNCT
ajfa-4117	332	37	*	*	PUNCT
ajfa-4117	332	38	(	(	PUNCT
ajfa-4117	332	39	-4.53	-4.53	NOUN
ajfa-4117	332	40	)	)	PUNCT
ajfa-4117	332	41	(	(	PUNCT
ajfa-4117	332	42	-9.99	-9.99	INTJ
ajfa-4117	332	43	)	)	PUNCT
ajfa-4117	332	44	(	(	PUNCT
ajfa-4117	332	45	-8.39	-8.39	NOUN
ajfa-4117	332	46	)	)	PUNCT
ajfa-4117	332	47	(	(	PUNCT
ajfa-4117	332	48	-4.44	-4.44	X
ajfa-4117	332	49	)	)	PUNCT
ajfa-4117	332	50	year	year	NOUN
ajfa-4117	332	51	dummies	dummy	NOUN
ajfa-4117	333	1	yes	yes	INTJ
ajfa-4117	333	2	no	no	INTJ
ajfa-4117	334	1	yes	yes	INTJ
ajfa-4117	334	2	n	n	ADV
ajfa-4117	334	3	7,745	7,745	NUM
ajfa-4117	334	4	7,745	7,745	NUM
ajfa-4117	334	5	7,745	7,745	NUM
ajfa-4117	334	6	7,745	7,745	NUM
ajfa-4117	334	7	r2	r2	NOUN
ajfa-4117	334	8	0.07	0.07	NUM
ajfa-4117	334	9	0.05	0.05	NUM
ajfa-4117	334	10	0.06	0.06	NUM
ajfa-4117	334	11	the	the	DET
ajfa-4117	334	12	table	table	NOUN
ajfa-4117	334	13	examines	examine	VERB
ajfa-4117	334	14	how	how	SCONJ
ajfa-4117	334	15	investor	investor	NOUN
ajfa-4117	334	16	sentiment	sentiment	NOUN
ajfa-4117	334	17	is	be	AUX
ajfa-4117	334	18	related	relate	VERB
ajfa-4117	334	19	to	to	ADP
ajfa-4117	334	20	over	over	NOUN
ajfa-4117	334	21	-	-	PUNCT
ajfa-4117	334	22	investment	investment	NOUN
ajfa-4117	334	23	.	.	PUNCT
ajfa-4117	335	1	the	the	DET
ajfa-4117	335	2	dependent	dependent	ADJ
ajfa-4117	335	3	variable	variable	NOUN
ajfa-4117	335	4	is	be	AUX
ajfa-4117	335	5	over	over	ADP
ajfa-4117	335	6	-	-	PUNCT
ajfa-4117	335	7	investment	investment	NOUN
ajfa-4117	335	8	(	(	PUNCT
ajfa-4117	335	9	overinvest	overinv	ADJ
ajfa-4117	335	10	)	)	PUNCT
ajfa-4117	335	11	.	.	PUNCT
ajfa-4117	336	1	the	the	DET
ajfa-4117	336	2	independent	independent	ADJ
ajfa-4117	336	3	variables	variable	NOUN
ajfa-4117	336	4	include	include	VERB
ajfa-4117	336	5	sentiment	sentiment	NOUN
ajfa-4117	336	6	index	index	NOUN
ajfa-4117	336	7	(	(	PUNCT
ajfa-4117	336	8	sentit	sentit	NOUN
ajfa-4117	336	9	)	)	PUNCT
ajfa-4117	336	10	,	,	PUNCT
ajfa-4117	336	11	cash	cash	NOUN
ajfa-4117	336	12	flow	flow	NOUN
ajfa-4117	336	13	(	(	PUNCT
ajfa-4117	336	14	cft	cft	PROPN
ajfa-4117	336	15	)	)	PUNCT
ajfa-4117	336	16	,	,	PUNCT
ajfa-4117	336	17	tobin	tobin	PROPN
ajfa-4117	336	18	’s	’s	PART
ajfa-4117	336	19	q	q	X
ajfa-4117	336	20	(	(	PUNCT
ajfa-4117	336	21	qt-1	qt-1	NOUN
ajfa-4117	336	22	)	)	PUNCT
ajfa-4117	336	23	)	)	PUNCT
ajfa-4117	336	24	and	and	CCONJ
ajfa-4117	336	25	firm	firm	ADJ
ajfa-4117	336	26	size	size	NOUN
ajfa-4117	336	27	(	(	PUNCT
ajfa-4117	336	28	sizet	sizet	PROPN
ajfa-4117	336	29	)	)	PUNCT
ajfa-4117	336	30	.	.	PUNCT
ajfa-4117	337	1	detailed	detailed	ADJ
ajfa-4117	337	2	definitions	definition	NOUN
ajfa-4117	337	3	of	of	ADP
ajfa-4117	337	4	the	the	DET
ajfa-4117	337	5	variables	variable	NOUN
ajfa-4117	337	6	are	be	AUX
ajfa-4117	337	7	given	give	VERB
ajfa-4117	337	8	in	in	ADP
ajfa-4117	337	9	table	table	NOUN
ajfa-4117	337	10	1	1	NUM
ajfa-4117	337	11	.	.	PUNCT
ajfa-4117	337	12	t	t	PROPN
ajfa-4117	337	13	-	-	PUNCT
ajfa-4117	337	14	statistics	statistic	NOUN
ajfa-4117	337	15	(	(	PUNCT
ajfa-4117	337	16	for	for	ADP
ajfa-4117	337	17	ols	ol	NOUN
ajfa-4117	337	18	and	and	CCONJ
ajfa-4117	337	19	fixed	fix	VERB
ajfa-4117	337	20	effects	effect	NOUN
ajfa-4117	337	21	models	model	NOUN
ajfa-4117	337	22	)	)	PUNCT
ajfa-4117	337	23	or	or	CCONJ
ajfa-4117	337	24	z	z	NOUN
ajfa-4117	337	25	-	-	PUNCT
ajfa-4117	337	26	statistics	statistic	NOUN
ajfa-4117	337	27	(	(	PUNCT
ajfa-4117	337	28	for	for	ADP
ajfa-4117	337	29	random	random	ADJ
ajfa-4117	337	30	effects	effect	NOUN
ajfa-4117	337	31	model	model	NOUN
ajfa-4117	337	32	)	)	PUNCT
ajfa-4117	337	33	are	be	AUX
ajfa-4117	337	34	reported	report	VERB
ajfa-4117	337	35	below	below	ADP
ajfa-4117	337	36	the	the	DET
ajfa-4117	337	37	estimated	estimate	VERB
ajfa-4117	337	38	coefficients	coefficient	NOUN
ajfa-4117	337	39	.	.	PUNCT
ajfa-4117	338	1	the	the	DET
ajfa-4117	338	2	symbols	symbol	NOUN
ajfa-4117	338	3	*	*	PUNCT
ajfa-4117	338	4	*	*	PUNCT
ajfa-4117	338	5	*	*	PUNCT
ajfa-4117	338	6	,	,	PUNCT
ajfa-4117	338	7	*	*	PUNCT
ajfa-4117	338	8	*	*	PUNCT
ajfa-4117	338	9	,	,	PUNCT
ajfa-4117	338	10	and	and	CCONJ
ajfa-4117	338	11	*	*	PUNCT
ajfa-4117	338	12	denote	denote	VERB
ajfa-4117	338	13	statistical	statistical	ADJ
ajfa-4117	338	14	significance	significance	NOUN
ajfa-4117	338	15	at	at	ADP
ajfa-4117	338	16	1	1	NUM
ajfa-4117	338	17	percent	percent	NOUN
ajfa-4117	338	18	,	,	PUNCT
ajfa-4117	338	19	5	5	NUM
ajfa-4117	338	20	percent	percent	NOUN
ajfa-4117	338	21	,	,	PUNCT
ajfa-4117	338	22	and	and	CCONJ
ajfa-4117	338	23	10	10	NUM
ajfa-4117	338	24	percent	percent	NOUN
ajfa-4117	338	25	levels	level	NOUN
ajfa-4117	338	26	respectively	respectively	ADV
ajfa-4117	338	27	.	.	PUNCT
ajfa-4117	339	1	4.4	4.4	NUM
ajfa-4117	339	2	investor	investor	NOUN
ajfa-4117	339	3	sentiment	sentiment	NOUN
ajfa-4117	339	4	,	,	PUNCT
ajfa-4117	339	5	corporate	corporate	ADJ
ajfa-4117	339	6	governance	governance	NOUN
ajfa-4117	339	7	,	,	PUNCT
ajfa-4117	339	8	and	and	CCONJ
ajfa-4117	339	9	investment	investment	NOUN
ajfa-4117	339	10	decisions	decision	NOUN
ajfa-4117	339	11	in	in	ADP
ajfa-4117	339	12	order	order	NOUN
ajfa-4117	339	13	to	to	PART
ajfa-4117	339	14	examine	examine	VERB
ajfa-4117	339	15	whether	whether	SCONJ
ajfa-4117	339	16	corporate	corporate	ADJ
ajfa-4117	339	17	governance	governance	NOUN
ajfa-4117	339	18	can	can	AUX
ajfa-4117	339	19	mitigate	mitigate	VERB
ajfa-4117	339	20	the	the	DET
ajfa-4117	339	21	impact	impact	NOUN
ajfa-4117	339	22	of	of	ADP
ajfa-4117	339	23	investor	investor	NOUN
ajfa-4117	339	24	sentiment	sentiment	NOUN
ajfa-4117	339	25	on	on	ADP
ajfa-4117	339	26	investment	investment	NOUN
ajfa-4117	339	27	decisions	decision	NOUN
ajfa-4117	339	28	,	,	PUNCT
ajfa-4117	339	29	we	we	PRON
ajfa-4117	339	30	include	include	VERB
ajfa-4117	339	31	the	the	DET
ajfa-4117	339	32	interaction	interaction	NOUN
ajfa-4117	339	33	term	term	NOUN
ajfa-4117	339	34	between	between	ADP
ajfa-4117	339	35	corporate	corporate	ADJ
ajfa-4117	339	36	governance	governance	NOUN
ajfa-4117	339	37	indexes	index	NOUN
ajfa-4117	339	38	and	and	CCONJ
ajfa-4117	339	39	sentiment	sentiment	NOUN
ajfa-4117	339	40	indexes	index	NOUN
ajfa-4117	339	41	in	in	ADP
ajfa-4117	339	42	the	the	DET
ajfa-4117	339	43	regression	regression	NOUN
ajfa-4117	339	44	equations	equation	NOUN
ajfa-4117	339	45	.	.	PUNCT
ajfa-4117	340	1	table	table	NOUN
ajfa-4117	340	2	5	5	NUM
ajfa-4117	340	3	shows	show	VERB
ajfa-4117	340	4	whether	whether	SCONJ
ajfa-4117	340	5	board	board	NOUN
ajfa-4117	340	6	composition	composition	NOUN
ajfa-4117	340	7	moderates	moderate	VERB
ajfa-4117	340	8	the	the	DET
ajfa-4117	340	9	relationship	relationship	NOUN
ajfa-4117	340	10	between	between	ADP
ajfa-4117	340	11	investor	investor	NOUN
ajfa-4117	340	12	sentiment	sentiment	NOUN
ajfa-4117	340	13	and	and	CCONJ
ajfa-4117	340	14	investment	investment	NOUN
ajfa-4117	340	15	decisions	decision	NOUN
ajfa-4117	340	16	.	.	PUNCT
ajfa-4117	341	1	the	the	DET
ajfa-4117	341	2	empirical	empirical	ADJ
ajfa-4117	341	3	results	result	NOUN
ajfa-4117	341	4	of	of	ADP
ajfa-4117	341	5	equation	equation	NOUN
ajfa-4117	341	6	(	(	PUNCT
ajfa-4117	341	7	1)-(4	1)-(4	NUM
ajfa-4117	341	8	)	)	PUNCT
ajfa-4117	341	9	indicate	indicate	VERB
ajfa-4117	341	10	that	that	SCONJ
ajfa-4117	341	11	the	the	DET
ajfa-4117	341	12	interaction	interaction	NOUN
ajfa-4117	341	13	term	term	NOUN
ajfa-4117	341	14	between	between	ADP
ajfa-4117	341	15	board	board	NOUN
ajfa-4117	341	16	composition	composition	NOUN
ajfa-4117	341	17	(	(	PUNCT
ajfa-4117	341	18	cg_bod	cg_bod	PROPN
ajfa-4117	341	19	)	)	PUNCT
ajfa-4117	341	20	and	and	CCONJ
ajfa-4117	341	21	investor	investor	NOUN
ajfa-4117	341	22	sentiment	sentiment	NOUN
ajfa-4117	341	23	(	(	PUNCT
ajfa-4117	341	24	senti	senti	X
ajfa-4117	341	25	)	)	PUNCT
ajfa-4117	341	26	is	be	AUX
ajfa-4117	341	27	significantly	significantly	ADV
ajfa-4117	341	28	and	and	CCONJ
ajfa-4117	341	29	negatively	negatively	ADV
ajfa-4117	341	30	related	relate	VERB
ajfa-4117	341	31	to	to	ADP
ajfa-4117	341	32	new	new	ADJ
ajfa-4117	341	33	investment	investment	NOUN
ajfa-4117	341	34	(	(	PUNCT
ajfa-4117	341	35	invest	invest	NOUN
ajfa-4117	341	36	)	)	PUNCT
ajfa-4117	341	37	.	.	PUNCT
ajfa-4117	342	1	in	in	ADP
ajfa-4117	342	2	other	other	ADJ
ajfa-4117	342	3	words	word	NOUN
ajfa-4117	342	4	,	,	PUNCT
ajfa-4117	342	5	the	the	PRON
ajfa-4117	342	6	higher	high	ADJ
ajfa-4117	342	7	the	the	DET
ajfa-4117	342	8	board	board	NOUN
ajfa-4117	342	9	composition	composition	NOUN
ajfa-4117	342	10	index	index	NOUN
ajfa-4117	342	11	,	,	PUNCT
ajfa-4117	342	12	the	the	PRON
ajfa-4117	342	13	less	less	ADJ
ajfa-4117	342	14	that	that	SCONJ
ajfa-4117	342	15	investor	investor	NOUN
ajfa-4117	342	16	sentiment	sentiment	NOUN
ajfa-4117	342	17	will	will	AUX
ajfa-4117	342	18	positively	positively	ADV
ajfa-4117	342	19	affect	affect	VERB
ajfa-4117	342	20	new	new	ADJ
ajfa-4117	342	21	investment	investment	NOUN
ajfa-4117	342	22	.	.	PUNCT
ajfa-4117	343	1	firms	firm	NOUN
ajfa-4117	343	2	with	with	ADP
ajfa-4117	343	3	a	a	DET
ajfa-4117	343	4	better	well	ADJ
ajfa-4117	343	5	board	board	NOUN
ajfa-4117	343	6	structure	structure	NOUN
ajfa-4117	343	7	can	can	AUX
ajfa-4117	343	8	more	more	ADV
ajfa-4117	343	9	effectively	effectively	ADV
ajfa-4117	343	10	monitor	monitor	VERB
ajfa-4117	343	11	managers	manager	NOUN
ajfa-4117	343	12	’	’	PART
ajfa-4117	343	13	decision	decision	NOUN
ajfa-4117	343	14	-	-	PUNCT
ajfa-4117	343	15	making	making	NOUN
ajfa-4117	343	16	and	and	CCONJ
ajfa-4117	343	17	reduce	reduce	VERB
ajfa-4117	343	18	the	the	DET
ajfa-4117	343	19	adverse	adverse	ADJ
ajfa-4117	343	20	impact	impact	NOUN
ajfa-4117	343	21	of	of	ADP
ajfa-4117	343	22	investor	investor	NOUN
ajfa-4117	343	23	sentiment	sentiment	NOUN
ajfa-4117	343	24	on	on	ADP
ajfa-4117	343	25	their	their	PRON
ajfa-4117	343	26	investment	investment	NOUN
ajfa-4117	343	27	decisions	decision	NOUN
ajfa-4117	343	28	.	.	PUNCT
ajfa-4117	344	1	on	on	ADP
ajfa-4117	344	2	the	the	DET
ajfa-4117	344	3	other	other	ADJ
ajfa-4117	344	4	hand	hand	NOUN
ajfa-4117	344	5	,	,	PUNCT
ajfa-4117	344	6	the	the	DET
ajfa-4117	344	7	results	result	NOUN
ajfa-4117	344	8	of	of	ADP
ajfa-4117	344	9	model	model	NOUN
ajfa-4117	344	10	(	(	PUNCT
ajfa-4117	344	11	5)-(8	5)-(8	NUM
ajfa-4117	344	12	)	)	PUNCT
ajfa-4117	344	13	indicate	indicate	VERB
ajfa-4117	344	14	that	that	SCONJ
ajfa-4117	344	15	the	the	DET
ajfa-4117	344	16	interaction	interaction	NOUN
ajfa-4117	344	17	term	term	NOUN
ajfa-4117	344	18	between	between	ADP
ajfa-4117	344	19	board	board	NOUN
ajfa-4117	344	20	composition	composition	NOUN
ajfa-4117	344	21	(	(	PUNCT
ajfa-4117	344	22	cg_bod	cg_bod	PROPN
ajfa-4117	344	23	)	)	PUNCT
ajfa-4117	344	24	and	and	CCONJ
ajfa-4117	344	25	investor	investor	NOUN
ajfa-4117	344	26	sentiment	sentiment	NOUN
ajfa-4117	344	27	(	(	PUNCT
ajfa-4117	344	28	senti	senti	X
ajfa-4117	344	29	)	)	PUNCT
ajfa-4117	344	30	is	be	AUX
ajfa-4117	344	31	also	also	ADV
ajfa-4117	344	32	significantly	significantly	ADV
ajfa-4117	344	33	and	and	CCONJ
ajfa-4117	344	34	negatively	negatively	ADV
ajfa-4117	344	35	related	relate	VERB
ajfa-4117	344	36	to	to	ADP
ajfa-4117	344	37	over	over	ADP
ajfa-4117	344	38	-	-	PUNCT
ajfa-4117	344	39	investment	investment	NOUN
ajfa-4117	344	40	(	(	PUNCT
ajfa-4117	344	41	overinvest	overinv	ADJ
ajfa-4117	344	42	)	)	PUNCT
ajfa-4117	344	43	.	.	PUNCT
ajfa-4117	345	1	in	in	ADP
ajfa-4117	345	2	other	other	ADJ
ajfa-4117	345	3	words	word	NOUN
ajfa-4117	345	4	,	,	PUNCT
ajfa-4117	345	5	if	if	SCONJ
ajfa-4117	345	6	there	there	PRON
ajfa-4117	345	7	is	be	VERB
ajfa-4117	345	8	a	a	DET
ajfa-4117	345	9	high	high	ADJ
ajfa-4117	345	10	level	level	NOUN
ajfa-4117	345	11	of	of	ADP
ajfa-4117	345	12	investor	investor	NOUN
ajfa-4117	345	13	optimism	optimism	NOUN
ajfa-4117	345	14	,	,	PUNCT
ajfa-4117	345	15	the	the	PRON
ajfa-4117	345	16	better	well	ADJ
ajfa-4117	345	17	the	the	DET
ajfa-4117	345	18	board	board	NOUN
ajfa-4117	345	19	composition	composition	NOUN
ajfa-4117	345	20	,	,	PUNCT
ajfa-4117	345	21	the	the	PRON
ajfa-4117	345	22	more	more	ADV
ajfa-4117	345	23	effectively	effectively	ADV
ajfa-4117	345	24	that	that	SCONJ
ajfa-4117	345	25	the	the	DET
ajfa-4117	345	26	board	board	NOUN
ajfa-4117	345	27	can	can	AUX
ajfa-4117	345	28	monitor	monitor	VERB
ajfa-4117	345	29	managers	manager	NOUN
ajfa-4117	345	30	and	and	CCONJ
ajfa-4117	345	31	prevent	prevent	VERB
ajfa-4117	345	32	them	they	PRON
ajfa-4117	345	33	from	from	ADP
ajfa-4117	345	34	over	over	ADP
ajfa-4117	345	35	-	-	PUNCT
ajfa-4117	345	36	investing	investing	NOUN
ajfa-4117	345	37	only	only	ADV
ajfa-4117	345	38	to	to	PART
ajfa-4117	345	39	cater	cater	VERB
ajfa-4117	345	40	to	to	ADP
ajfa-4117	345	41	investor	investor	NOUN
ajfa-4117	345	42	sentiment	sentiment	NOUN
ajfa-4117	345	43	or	or	CCONJ
ajfa-4117	345	44	because	because	SCONJ
ajfa-4117	345	45	of	of	ADP
ajfa-4117	345	46	the	the	DET
ajfa-4117	345	47	availability	availability	NOUN
ajfa-4117	345	48	of	of	ADP
ajfa-4117	345	49	free	free	ADJ
ajfa-4117	345	50	cash	cash	NOUN
ajfa-4117	345	51	flow	flow	NOUN
ajfa-4117	345	52	.	.	PUNCT
ajfa-4117	346	1	the	the	DET
ajfa-4117	346	2	board	board	NOUN
ajfa-4117	346	3	plays	play	VERB
ajfa-4117	346	4	a	a	DET
ajfa-4117	346	5	central	central	ADJ
ajfa-4117	346	6	role	role	NOUN
ajfa-4117	346	7	in	in	ADP
ajfa-4117	346	8	corporate	corporate	ADJ
ajfa-4117	346	9	governance	governance	NOUN
ajfa-4117	346	10	.	.	PUNCT
ajfa-4117	347	1	asian	asian	ADJ
ajfa-4117	347	2	journal	journal	PROPN
ajfa-4117	347	3	of	of	ADP
ajfa-4117	347	4	finance	finance	PROPN
ajfa-4117	347	5	&	&	CCONJ
ajfa-4117	347	6	accounting	accounting	PROPN
ajfa-4117	347	7	issn	issn	PROPN
ajfa-4117	347	8	1946	1946	NUM
ajfa-4117	347	9	-	-	PUNCT
ajfa-4117	347	10	052x	052x	NOUN
ajfa-4117	347	11	2013	2013	NUM
ajfa-4117	347	12	,	,	PUNCT
ajfa-4117	347	13	vol	vol	NOUN
ajfa-4117	347	14	.	.	PROPN
ajfa-4117	347	15	5	5	NUM
ajfa-4117	347	16	,	,	PUNCT
ajfa-4117	347	17	no	no	INTJ
ajfa-4117	347	18	.	.	NOUN
ajfa-4117	347	19	2	2	NUM
ajfa-4117	347	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	347	21	117	117	NUM
ajfa-4117	347	22	the	the	DET
ajfa-4117	347	23	board	board	NOUN
ajfa-4117	347	24	is	be	AUX
ajfa-4117	347	25	responsible	responsible	ADJ
ajfa-4117	347	26	for	for	ADP
ajfa-4117	347	27	monitoring	monitor	VERB
ajfa-4117	347	28	managerial	managerial	ADJ
ajfa-4117	347	29	performance	performance	NOUN
ajfa-4117	347	30	,	,	PUNCT
ajfa-4117	347	31	preventing	prevent	VERB
ajfa-4117	347	32	conflict	conflict	NOUN
ajfa-4117	347	33	of	of	ADP
ajfa-4117	347	34	interests	interest	NOUN
ajfa-4117	347	35	,	,	PUNCT
ajfa-4117	347	36	and	and	CCONJ
ajfa-4117	347	37	ensuring	ensure	VERB
ajfa-4117	347	38	compliance	compliance	NOUN
ajfa-4117	347	39	of	of	ADP
ajfa-4117	347	40	firm	firm	ADJ
ajfa-4117	347	41	operations	operation	NOUN
ajfa-4117	347	42	with	with	ADP
ajfa-4117	347	43	various	various	ADJ
ajfa-4117	347	44	laws	law	NOUN
ajfa-4117	347	45	.	.	PUNCT
ajfa-4117	348	1	if	if	SCONJ
ajfa-4117	348	2	the	the	DET
ajfa-4117	348	3	board	board	NOUN
ajfa-4117	348	4	has	have	VERB
ajfa-4117	348	5	a	a	DET
ajfa-4117	348	6	better	well	ADJ
ajfa-4117	348	7	composition	composition	NOUN
ajfa-4117	348	8	,	,	PUNCT
ajfa-4117	348	9	it	it	PRON
ajfa-4117	348	10	can	can	AUX
ajfa-4117	348	11	exert	exert	VERB
ajfa-4117	348	12	its	its	PRON
ajfa-4117	348	13	monitoring	monitoring	NOUN
ajfa-4117	348	14	function	function	VERB
ajfa-4117	348	15	more	more	ADV
ajfa-4117	348	16	independently	independently	ADV
ajfa-4117	348	17	and	and	CCONJ
ajfa-4117	348	18	efficiently	efficiently	ADV
ajfa-4117	348	19	.	.	PUNCT
ajfa-4117	349	1	as	as	ADP
ajfa-4117	349	2	a	a	DET
ajfa-4117	349	3	result	result	NOUN
ajfa-4117	349	4	,	,	PUNCT
ajfa-4117	349	5	the	the	DET
ajfa-4117	349	6	impact	impact	NOUN
ajfa-4117	349	7	of	of	ADP
ajfa-4117	349	8	investor	investor	NOUN
ajfa-4117	349	9	sentiment	sentiment	NOUN
ajfa-4117	349	10	that	that	PRON
ajfa-4117	349	11	causes	cause	VERB
ajfa-4117	349	12	inefficient	inefficient	ADJ
ajfa-4117	349	13	allocation	allocation	NOUN
ajfa-4117	349	14	of	of	ADP
ajfa-4117	349	15	resources	resource	NOUN
ajfa-4117	349	16	and	and	CCONJ
ajfa-4117	349	17	harms	harm	VERB
ajfa-4117	349	18	the	the	DET
ajfa-4117	349	19	interest	interest	NOUN
ajfa-4117	349	20	of	of	ADP
ajfa-4117	349	21	shareholders	shareholder	NOUN
ajfa-4117	349	22	can	can	AUX
ajfa-4117	349	23	be	be	AUX
ajfa-4117	349	24	effectively	effectively	ADV
ajfa-4117	349	25	mitigated	mitigate	VERB
ajfa-4117	349	26	.	.	PUNCT
ajfa-4117	350	1	table	table	NOUN
ajfa-4117	350	2	6	6	NUM
ajfa-4117	350	3	includes	include	VERB
ajfa-4117	350	4	the	the	DET
ajfa-4117	350	5	interaction	interaction	NOUN
ajfa-4117	350	6	term	term	NOUN
ajfa-4117	350	7	between	between	ADP
ajfa-4117	350	8	ownership	ownership	NOUN
ajfa-4117	350	9	structure	structure	NOUN
ajfa-4117	350	10	(	(	PUNCT
ajfa-4117	350	11	cg_own	cg_own	PROPN
ajfa-4117	350	12	)	)	PUNCT
ajfa-4117	350	13	and	and	CCONJ
ajfa-4117	350	14	sentiment	sentiment	NOUN
ajfa-4117	350	15	indexes	index	NOUN
ajfa-4117	350	16	(	(	PUNCT
ajfa-4117	350	17	senti	senti	X
ajfa-4117	350	18	)	)	PUNCT
ajfa-4117	350	19	to	to	PART
ajfa-4117	350	20	examine	examine	VERB
ajfa-4117	350	21	whether	whether	SCONJ
ajfa-4117	350	22	ownership	ownership	NOUN
ajfa-4117	350	23	structure	structure	NOUN
ajfa-4117	350	24	moderates	moderate	VERB
ajfa-4117	350	25	the	the	DET
ajfa-4117	350	26	relationship	relationship	NOUN
ajfa-4117	350	27	between	between	ADP
ajfa-4117	350	28	investor	investor	NOUN
ajfa-4117	350	29	sentiment	sentiment	NOUN
ajfa-4117	350	30	and	and	CCONJ
ajfa-4117	350	31	investment	investment	NOUN
ajfa-4117	350	32	decisions	decision	NOUN
ajfa-4117	350	33	.	.	PUNCT
ajfa-4117	351	1	the	the	DET
ajfa-4117	351	2	results	result	NOUN
ajfa-4117	351	3	of	of	ADP
ajfa-4117	351	4	equation	equation	NOUN
ajfa-4117	351	5	(	(	PUNCT
ajfa-4117	351	6	1	1	NUM
ajfa-4117	351	7	)	)	PUNCT
ajfa-4117	351	8	~	~	PUNCT
ajfa-4117	351	9	(	(	PUNCT
ajfa-4117	351	10	4	4	X
ajfa-4117	351	11	)	)	PUNCT
ajfa-4117	351	12	indicate	indicate	VERB
ajfa-4117	351	13	that	that	SCONJ
ajfa-4117	351	14	the	the	DET
ajfa-4117	351	15	interaction	interaction	NOUN
ajfa-4117	351	16	term	term	NOUN
ajfa-4117	351	17	of	of	ADP
ajfa-4117	351	18	cg_own	cg_own	ADJ
ajfa-4117	351	19	and	and	CCONJ
ajfa-4117	351	20	senti	sent	NOUN
ajfa-4117	351	21	is	be	AUX
ajfa-4117	351	22	significantly	significantly	ADV
ajfa-4117	351	23	and	and	CCONJ
ajfa-4117	351	24	negatively	negatively	ADV
ajfa-4117	351	25	related	relate	VERB
ajfa-4117	351	26	to	to	ADP
ajfa-4117	351	27	new	new	ADJ
ajfa-4117	351	28	investment	investment	NOUN
ajfa-4117	351	29	(	(	PUNCT
ajfa-4117	351	30	invest	invest	NOUN
ajfa-4117	351	31	)	)	PUNCT
ajfa-4117	351	32	.	.	PUNCT
ajfa-4117	352	1	the	the	DET
ajfa-4117	352	2	results	result	NOUN
ajfa-4117	352	3	of	of	ADP
ajfa-4117	352	4	equation	equation	NOUN
ajfa-4117	352	5	(	(	PUNCT
ajfa-4117	352	6	5	5	NUM
ajfa-4117	352	7	)	)	PUNCT
ajfa-4117	352	8	~	~	PUNCT
ajfa-4117	352	9	(	(	PUNCT
ajfa-4117	352	10	8)	8)	NUM
ajfa-4117	352	11	indicate	indicate	VERB
ajfa-4117	352	12	that	that	SCONJ
ajfa-4117	352	13	the	the	DET
ajfa-4117	352	14	interaction	interaction	NOUN
ajfa-4117	352	15	term	term	NOUN
ajfa-4117	352	16	of	of	ADP
ajfa-4117	352	17	cg_own	cg_own	ADJ
ajfa-4117	352	18	and	and	CCONJ
ajfa-4117	352	19	senti	sent	NOUN
ajfa-4117	352	20	is	be	AUX
ajfa-4117	352	21	also	also	ADV
ajfa-4117	352	22	significantly	significantly	ADV
ajfa-4117	352	23	and	and	CCONJ
ajfa-4117	352	24	negatively	negatively	ADV
ajfa-4117	352	25	related	relate	VERB
ajfa-4117	352	26	to	to	ADP
ajfa-4117	352	27	over	over	ADP
ajfa-4117	352	28	-	-	PUNCT
ajfa-4117	352	29	investment	investment	NOUN
ajfa-4117	352	30	(	(	PUNCT
ajfa-4117	352	31	overinvest	overinv	ADJ
ajfa-4117	352	32	)	)	PUNCT
ajfa-4117	352	33	.	.	PUNCT
ajfa-4117	353	1	in	in	ADP
ajfa-4117	353	2	other	other	ADJ
ajfa-4117	353	3	words	word	NOUN
ajfa-4117	353	4	,	,	PUNCT
ajfa-4117	353	5	better	well	ADJ
ajfa-4117	353	6	ownership	ownership	NOUN
ajfa-4117	353	7	structure	structure	NOUN
ajfa-4117	353	8	can	can	AUX
ajfa-4117	353	9	mitigate	mitigate	VERB
ajfa-4117	353	10	the	the	DET
ajfa-4117	353	11	impact	impact	NOUN
ajfa-4117	353	12	of	of	ADP
ajfa-4117	353	13	investor	investor	NOUN
ajfa-4117	353	14	sentiment	sentiment	NOUN
ajfa-4117	353	15	on	on	ADP
ajfa-4117	353	16	new	new	ADJ
ajfa-4117	353	17	investment	investment	NOUN
ajfa-4117	353	18	and	and	CCONJ
ajfa-4117	353	19	over	over	ADP
ajfa-4117	353	20	-	-	PUNCT
ajfa-4117	353	21	investment	investment	NOUN
ajfa-4117	353	22	.	.	PUNCT
ajfa-4117	354	1	the	the	DET
ajfa-4117	354	2	ownership	ownership	NOUN
ajfa-4117	354	3	structure	structure	NOUN
ajfa-4117	354	4	index	index	NOUN
ajfa-4117	354	5	(	(	PUNCT
ajfa-4117	354	6	cg_own	cg_own	PROPN
ajfa-4117	354	7	)	)	PUNCT
ajfa-4117	354	8	measures	measure	VERB
ajfa-4117	354	9	the	the	DET
ajfa-4117	354	10	incentive	incentive	NOUN
ajfa-4117	354	11	effects	effect	NOUN
ajfa-4117	354	12	of	of	ADP
ajfa-4117	354	13	corporate	corporate	ADJ
ajfa-4117	354	14	governance	governance	NOUN
ajfa-4117	354	15	mechanisms	mechanism	NOUN
ajfa-4117	354	16	.	.	PUNCT
ajfa-4117	355	1	higher	high	ADJ
ajfa-4117	355	2	board	board	PROPN
ajfa-4117	355	3	ownership	ownership	NOUN
ajfa-4117	355	4	ratios	ratio	NOUN
ajfa-4117	355	5	indicate	indicate	VERB
ajfa-4117	355	6	a	a	DET
ajfa-4117	355	7	higher	high	ADJ
ajfa-4117	355	8	alignment	alignment	NOUN
ajfa-4117	355	9	of	of	ADP
ajfa-4117	355	10	board	board	NOUN
ajfa-4117	355	11	interest	interest	NOUN
ajfa-4117	355	12	to	to	ADP
ajfa-4117	355	13	shareholder	shareholder	NOUN
ajfa-4117	355	14	interest	interest	NOUN
ajfa-4117	355	15	,	,	PUNCT
ajfa-4117	355	16	and	and	CCONJ
ajfa-4117	355	17	there	there	PRON
ajfa-4117	355	18	is	be	VERB
ajfa-4117	355	19	a	a	DET
ajfa-4117	355	20	stronger	strong	ADJ
ajfa-4117	355	21	incentive	incentive	NOUN
ajfa-4117	355	22	for	for	SCONJ
ajfa-4117	355	23	the	the	DET
ajfa-4117	355	24	board	board	NOUN
ajfa-4117	355	25	to	to	PART
ajfa-4117	355	26	monitor	monitor	VERB
ajfa-4117	355	27	managerial	managerial	ADJ
ajfa-4117	355	28	decisions	decision	NOUN
ajfa-4117	355	29	.	.	PUNCT
ajfa-4117	356	1	a	a	DET
ajfa-4117	356	2	high	high	ADJ
ajfa-4117	356	3	pledge	pledge	NOUN
ajfa-4117	356	4	ratio	ratio	NOUN
ajfa-4117	356	5	of	of	ADP
ajfa-4117	356	6	the	the	DET
ajfa-4117	356	7	board	board	NOUN
ajfa-4117	356	8	means	mean	VERB
ajfa-4117	356	9	that	that	SCONJ
ajfa-4117	356	10	board	board	NOUN
ajfa-4117	356	11	members	member	NOUN
ajfa-4117	356	12	have	have	AUX
ajfa-4117	356	13	collateralized	collateralize	VERB
ajfa-4117	356	14	most	most	ADJ
ajfa-4117	356	15	of	of	ADP
ajfa-4117	356	16	their	their	PRON
ajfa-4117	356	17	shares	share	NOUN
ajfa-4117	356	18	in	in	ADP
ajfa-4117	356	19	exchange	exchange	NOUN
ajfa-4117	356	20	for	for	ADP
ajfa-4117	356	21	cash	cash	NOUN
ajfa-4117	356	22	.	.	PUNCT
ajfa-4117	357	1	thus	thus	ADV
ajfa-4117	357	2	,	,	PUNCT
ajfa-4117	357	3	there	there	PRON
ajfa-4117	357	4	is	be	VERB
ajfa-4117	357	5	a	a	DET
ajfa-4117	357	6	weak	weak	ADJ
ajfa-4117	357	7	incentive	incentive	NOUN
ajfa-4117	357	8	for	for	SCONJ
ajfa-4117	357	9	them	they	PRON
ajfa-4117	357	10	to	to	PART
ajfa-4117	357	11	monitor	monitor	VERB
ajfa-4117	357	12	managerial	managerial	ADJ
ajfa-4117	357	13	decisions	decision	NOUN
ajfa-4117	357	14	.	.	PUNCT
ajfa-4117	358	1	besides	besides	SCONJ
ajfa-4117	358	2	,	,	PUNCT
ajfa-4117	358	3	equity	equity	NOUN
ajfa-4117	358	4	collateralization	collateralization	NOUN
ajfa-4117	358	5	will	will	AUX
ajfa-4117	358	6	deepen	deepen	VERB
ajfa-4117	358	7	the	the	DET
ajfa-4117	358	8	connection	connection	NOUN
ajfa-4117	358	9	between	between	ADP
ajfa-4117	358	10	the	the	DET
ajfa-4117	358	11	personal	personal	ADJ
ajfa-4117	358	12	finance	finance	NOUN
ajfa-4117	358	13	of	of	ADP
ajfa-4117	358	14	board	board	NOUN
ajfa-4117	358	15	members	member	NOUN
ajfa-4117	358	16	and	and	CCONJ
ajfa-4117	358	17	the	the	DET
ajfa-4117	358	18	firm	firm	NOUN
ajfa-4117	358	19	’s	’s	PART
ajfa-4117	358	20	stock	stock	NOUN
ajfa-4117	358	21	price	price	NOUN
ajfa-4117	358	22	,	,	PUNCT
ajfa-4117	358	23	offering	offer	VERB
ajfa-4117	358	24	an	an	DET
ajfa-4117	358	25	incentive	incentive	NOUN
ajfa-4117	358	26	for	for	SCONJ
ajfa-4117	358	27	board	board	NOUN
ajfa-4117	358	28	members	member	NOUN
ajfa-4117	358	29	to	to	PART
ajfa-4117	358	30	encourage	encourage	VERB
ajfa-4117	358	31	firm	firm	ADJ
ajfa-4117	358	32	investment	investment	NOUN
ajfa-4117	358	33	that	that	PRON
ajfa-4117	358	34	results	result	VERB
ajfa-4117	358	35	in	in	ADP
ajfa-4117	358	36	a	a	DET
ajfa-4117	358	37	stock	stock	NOUN
ajfa-4117	358	38	price	price	NOUN
ajfa-4117	358	39	increase	increase	NOUN
ajfa-4117	358	40	.	.	PUNCT
ajfa-4117	359	1	finally	finally	ADV
ajfa-4117	359	2	,	,	PUNCT
ajfa-4117	359	3	higher	high	ADJ
ajfa-4117	359	4	deviation	deviation	NOUN
ajfa-4117	359	5	between	between	ADP
ajfa-4117	359	6	control	control	NOUN
ajfa-4117	359	7	rights	right	NOUN
ajfa-4117	359	8	and	and	CCONJ
ajfa-4117	359	9	cash	cash	NOUN
ajfa-4117	359	10	flow	flow	NOUN
ajfa-4117	359	11	rights	right	NOUN
ajfa-4117	359	12	(	(	PUNCT
ajfa-4117	359	13	dev	dev	NOUN
ajfa-4117	359	14	)	)	PUNCT
ajfa-4117	359	15	offer	offer	VERB
ajfa-4117	359	16	an	an	DET
ajfa-4117	359	17	incentive	incentive	NOUN
ajfa-4117	359	18	for	for	SCONJ
ajfa-4117	359	19	the	the	DET
ajfa-4117	359	20	controlling	control	VERB
ajfa-4117	359	21	shareholder	shareholder	NOUN
ajfa-4117	359	22	to	to	PART
ajfa-4117	359	23	expropriate	expropriate	VERB
ajfa-4117	359	24	minority	minority	NOUN
ajfa-4117	359	25	investors	investor	NOUN
ajfa-4117	359	26	.	.	PUNCT
ajfa-4117	360	1	such	such	ADJ
ajfa-4117	360	2	incentive	incentive	NOUN
ajfa-4117	360	3	can	can	AUX
ajfa-4117	360	4	be	be	AUX
ajfa-4117	360	5	reduced	reduce	VERB
ajfa-4117	360	6	if	if	SCONJ
ajfa-4117	360	7	dev	dev	PROPN
ajfa-4117	360	8	is	be	AUX
ajfa-4117	360	9	low	low	ADJ
ajfa-4117	360	10	.	.	PUNCT
ajfa-4117	361	1	therefore	therefore	ADV
ajfa-4117	361	2	,	,	PUNCT
ajfa-4117	361	3	the	the	DET
ajfa-4117	361	4	quality	quality	NOUN
ajfa-4117	361	5	of	of	ADP
ajfa-4117	361	6	ownership	ownership	NOUN
ajfa-4117	361	7	structure	structure	NOUN
ajfa-4117	361	8	concerns	concern	VERB
ajfa-4117	361	9	the	the	DET
ajfa-4117	361	10	incentives	incentive	NOUN
ajfa-4117	361	11	for	for	ADP
ajfa-4117	361	12	monitoring	monitoring	NOUN
ajfa-4117	361	13	and	and	CCONJ
ajfa-4117	361	14	expropriation	expropriation	NOUN
ajfa-4117	361	15	.	.	PUNCT
ajfa-4117	362	1	our	our	PRON
ajfa-4117	362	2	empirical	empirical	ADJ
ajfa-4117	362	3	evidence	evidence	NOUN
ajfa-4117	362	4	confirms	confirm	VERB
ajfa-4117	362	5	that	that	SCONJ
ajfa-4117	362	6	the	the	PRON
ajfa-4117	362	7	better	well	ADJ
ajfa-4117	362	8	the	the	DET
ajfa-4117	362	9	ownership	ownership	NOUN
ajfa-4117	362	10	structure	structure	NOUN
ajfa-4117	362	11	,	,	PUNCT
ajfa-4117	362	12	the	the	PRON
ajfa-4117	362	13	more	more	ADV
ajfa-4117	362	14	effectively	effectively	ADV
ajfa-4117	362	15	that	that	SCONJ
ajfa-4117	362	16	managers	manager	NOUN
ajfa-4117	362	17	’	'	PUNCT
ajfa-4117	362	18	investment	investment	NOUN
ajfa-4117	362	19	decisions	decision	NOUN
ajfa-4117	362	20	can	can	AUX
ajfa-4117	362	21	be	be	AUX
ajfa-4117	362	22	monitored	monitor	VERB
ajfa-4117	362	23	,	,	PUNCT
ajfa-4117	362	24	and	and	CCONJ
ajfa-4117	362	25	the	the	PRON
ajfa-4117	362	26	smaller	small	ADJ
ajfa-4117	362	27	the	the	DET
ajfa-4117	362	28	incentive	incentive	NOUN
ajfa-4117	362	29	for	for	ADP
ajfa-4117	362	30	expropriation	expropriation	NOUN
ajfa-4117	362	31	will	will	AUX
ajfa-4117	362	32	be	be	AUX
ajfa-4117	362	33	.	.	PUNCT
ajfa-4117	363	1	better	well	ADJ
ajfa-4117	363	2	ownership	ownership	NOUN
ajfa-4117	363	3	structure	structure	NOUN
ajfa-4117	363	4	can	can	AUX
ajfa-4117	363	5	help	help	VERB
ajfa-4117	363	6	mitigate	mitigate	VERB
ajfa-4117	363	7	the	the	DET
ajfa-4117	363	8	adverse	adverse	ADJ
ajfa-4117	363	9	impact	impact	NOUN
ajfa-4117	363	10	of	of	ADP
ajfa-4117	363	11	investor	investor	NOUN
ajfa-4117	363	12	sentiment	sentiment	NOUN
ajfa-4117	363	13	on	on	ADP
ajfa-4117	363	14	investment	investment	NOUN
ajfa-4117	363	15	that	that	PRON
ajfa-4117	363	16	concerns	concern	VERB
ajfa-4117	363	17	the	the	DET
ajfa-4117	363	18	long	long	ADJ
ajfa-4117	363	19	-	-	PUNCT
ajfa-4117	363	20	term	term	NOUN
ajfa-4117	363	21	value	value	NOUN
ajfa-4117	363	22	of	of	ADP
ajfa-4117	363	23	the	the	DET
ajfa-4117	363	24	firm	firm	NOUN
ajfa-4117	363	25	.	.	PUNCT
ajfa-4117	364	1	finally	finally	ADV
ajfa-4117	364	2	,	,	PUNCT
ajfa-4117	364	3	based	base	VERB
ajfa-4117	364	4	on	on	ADP
ajfa-4117	364	5	the	the	DET
ajfa-4117	364	6	board	board	NOUN
ajfa-4117	364	7	structure	structure	NOUN
ajfa-4117	364	8	index	index	NOUN
ajfa-4117	364	9	(	(	PUNCT
ajfa-4117	364	10	cg_bod	cg_bod	PROPN
ajfa-4117	364	11	)	)	PUNCT
ajfa-4117	364	12	and	and	CCONJ
ajfa-4117	364	13	the	the	DET
ajfa-4117	364	14	ownership	ownership	NOUN
ajfa-4117	364	15	structure	structure	NOUN
ajfa-4117	364	16	index	index	NOUN
ajfa-4117	364	17	(	(	PUNCT
ajfa-4117	364	18	cg_own	cg_own	PROPN
ajfa-4117	364	19	)	)	PUNCT
ajfa-4117	364	20	,	,	PUNCT
ajfa-4117	364	21	we	we	PRON
ajfa-4117	364	22	analyze	analyze	VERB
ajfa-4117	364	23	whether	whether	SCONJ
ajfa-4117	364	24	the	the	DET
ajfa-4117	364	25	overall	overall	ADJ
ajfa-4117	364	26	quality	quality	NOUN
ajfa-4117	364	27	of	of	ADP
ajfa-4117	364	28	corporate	corporate	ADJ
ajfa-4117	364	29	governance	governance	NOUN
ajfa-4117	364	30	(	(	PUNCT
ajfa-4117	364	31	cgi	cgi	NOUN
ajfa-4117	364	32	)	)	PUNCT
ajfa-4117	364	33	can	can	AUX
ajfa-4117	364	34	moderate	moderate	VERB
ajfa-4117	364	35	the	the	DET
ajfa-4117	364	36	relation	relation	NOUN
ajfa-4117	364	37	between	between	ADP
ajfa-4117	364	38	investor	investor	NOUN
ajfa-4117	364	39	sentiment	sentiment	NOUN
ajfa-4117	364	40	and	and	CCONJ
ajfa-4117	364	41	investment	investment	NOUN
ajfa-4117	364	42	decisions	decision	NOUN
ajfa-4117	364	43	.	.	PUNCT
ajfa-4117	365	1	as	as	SCONJ
ajfa-4117	365	2	shown	show	VERB
ajfa-4117	365	3	in	in	ADP
ajfa-4117	365	4	table	table	NOUN
ajfa-4117	365	5	7	7	NUM
ajfa-4117	365	6	,	,	PUNCT
ajfa-4117	365	7	the	the	DET
ajfa-4117	365	8	interaction	interaction	NOUN
ajfa-4117	365	9	term	term	NOUN
ajfa-4117	365	10	between	between	ADP
ajfa-4117	365	11	senti	senti	PROPN
ajfa-4117	365	12	and	and	CCONJ
ajfa-4117	365	13	cgi	cgi	NOUN
ajfa-4117	365	14	is	be	AUX
ajfa-4117	365	15	significantly	significantly	ADV
ajfa-4117	365	16	and	and	CCONJ
ajfa-4117	365	17	negatively	negatively	ADV
ajfa-4117	365	18	related	relate	VERB
ajfa-4117	365	19	to	to	ADP
ajfa-4117	365	20	both	both	DET
ajfa-4117	365	21	new	new	ADJ
ajfa-4117	365	22	investment	investment	NOUN
ajfa-4117	365	23	(	(	PUNCT
ajfa-4117	365	24	invest	invest	VERB
ajfa-4117	365	25	)	)	PUNCT
ajfa-4117	365	26	and	and	CCONJ
ajfa-4117	365	27	over	over	ADP
ajfa-4117	365	28	-	-	PUNCT
ajfa-4117	365	29	investment	investment	NOUN
ajfa-4117	365	30	(	(	PUNCT
ajfa-4117	365	31	overinvest	overinv	ADJ
ajfa-4117	365	32	)	)	PUNCT
ajfa-4117	365	33	.	.	PUNCT
ajfa-4117	366	1	in	in	ADP
ajfa-4117	366	2	other	other	ADJ
ajfa-4117	366	3	words	word	NOUN
ajfa-4117	366	4	,	,	PUNCT
ajfa-4117	366	5	the	the	PRON
ajfa-4117	366	6	higher	high	ADJ
ajfa-4117	366	7	the	the	DET
ajfa-4117	366	8	composite	composite	ADJ
ajfa-4117	366	9	corporate	corporate	ADJ
ajfa-4117	366	10	governance	governance	NOUN
ajfa-4117	366	11	index	index	NOUN
ajfa-4117	366	12	(	(	PUNCT
ajfa-4117	366	13	cgi	cgi	PROPN
ajfa-4117	366	14	)	)	PUNCT
ajfa-4117	366	15	,	,	PUNCT
ajfa-4117	366	16	the	the	PRON
ajfa-4117	366	17	more	more	ADJ
ajfa-4117	366	18	that	that	SCONJ
ajfa-4117	366	19	the	the	DET
ajfa-4117	366	20	impact	impact	NOUN
ajfa-4117	366	21	of	of	ADP
ajfa-4117	366	22	investor	investor	NOUN
ajfa-4117	366	23	sentiment	sentiment	NOUN
ajfa-4117	366	24	on	on	ADP
ajfa-4117	366	25	new	new	ADJ
ajfa-4117	366	26	investment	investment	NOUN
ajfa-4117	366	27	and	and	CCONJ
ajfa-4117	366	28	over	over	ADP
ajfa-4117	366	29	-	-	PUNCT
ajfa-4117	366	30	investment	investment	NOUN
ajfa-4117	366	31	can	can	AUX
ajfa-4117	366	32	be	be	AUX
ajfa-4117	366	33	mitigated	mitigate	VERB
ajfa-4117	366	34	.	.	PUNCT
ajfa-4117	367	1	the	the	DET
ajfa-4117	367	2	results	result	NOUN
ajfa-4117	367	3	in	in	ADP
ajfa-4117	367	4	table	table	NOUN
ajfa-4117	367	5	5~	5~	NUM
ajfa-4117	367	6	7	7	NUM
ajfa-4117	367	7	supports	support	NOUN
ajfa-4117	367	8	hypothesis	hypothesis	NOUN
ajfa-4117	367	9	3	3	NUM
ajfa-4117	367	10	and	and	CCONJ
ajfa-4117	367	11	hypothesis	hypothesis	NOUN
ajfa-4117	367	12	4	4	NUM
ajfa-4117	367	13	,	,	PUNCT
ajfa-4117	367	14	which	which	PRON
ajfa-4117	367	15	assert	assert	VERB
ajfa-4117	367	16	that	that	SCONJ
ajfa-4117	367	17	better	well	ADJ
ajfa-4117	367	18	corporate	corporate	ADJ
ajfa-4117	367	19	governance	governance	NOUN
ajfa-4117	367	20	mechanisms	mechanism	NOUN
ajfa-4117	367	21	can	can	AUX
ajfa-4117	367	22	mitigate	mitigate	VERB
ajfa-4117	367	23	the	the	DET
ajfa-4117	367	24	impact	impact	NOUN
ajfa-4117	367	25	of	of	ADP
ajfa-4117	367	26	investor	investor	NOUN
ajfa-4117	367	27	sentiment	sentiment	NOUN
ajfa-4117	367	28	on	on	ADP
ajfa-4117	367	29	new	new	ADJ
ajfa-4117	367	30	investment	investment	NOUN
ajfa-4117	367	31	and	and	CCONJ
ajfa-4117	367	32	over	over	ADP
ajfa-4117	367	33	-	-	PUNCT
ajfa-4117	367	34	investment	investment	NOUN
ajfa-4117	367	35	(	(	PUNCT
ajfa-4117	367	36	under	under	NOUN
ajfa-4117	367	37	-	-	PUNCT
ajfa-4117	367	38	investment	investment	NOUN
ajfa-4117	367	39	)	)	PUNCT
ajfa-4117	367	40	respectively	respectively	ADV
ajfa-4117	367	41	.	.	PUNCT
ajfa-4117	368	1	to	to	PART
ajfa-4117	368	2	sum	sum	VERB
ajfa-4117	368	3	up	up	ADP
ajfa-4117	368	4	,	,	PUNCT
ajfa-4117	368	5	investor	investor	NOUN
ajfa-4117	368	6	sentiment	sentiment	NOUN
ajfa-4117	368	7	influences	influence	VERB
ajfa-4117	368	8	a	a	DET
ajfa-4117	368	9	firm	firm	NOUN
ajfa-4117	368	10	’s	’s	PART
ajfa-4117	368	11	investment	investment	NOUN
ajfa-4117	368	12	level	level	NOUN
ajfa-4117	368	13	,	,	PUNCT
ajfa-4117	368	14	even	even	ADV
ajfa-4117	368	15	to	to	ADP
ajfa-4117	368	16	the	the	DET
ajfa-4117	368	17	extent	extent	NOUN
ajfa-4117	368	18	of	of	ADP
ajfa-4117	368	19	over	over	ADP
ajfa-4117	368	20	-	-	PUNCT
ajfa-4117	368	21	investment	investment	NOUN
ajfa-4117	368	22	or	or	CCONJ
ajfa-4117	368	23	under	under	NOUN
ajfa-4117	368	24	-	-	PUNCT
ajfa-4117	368	25	investment	investment	NOUN
ajfa-4117	368	26	;	;	PUNCT
ajfa-4117	368	27	the	the	DET
ajfa-4117	368	28	effect	effect	NOUN
ajfa-4117	368	29	of	of	ADP
ajfa-4117	368	30	investor	investor	NOUN
ajfa-4117	368	31	sentiment	sentiment	NOUN
ajfa-4117	368	32	can	can	AUX
ajfa-4117	368	33	be	be	AUX
ajfa-4117	368	34	mitigated	mitigate	VERB
ajfa-4117	368	35	if	if	SCONJ
ajfa-4117	368	36	better	well	ADJ
ajfa-4117	368	37	corporate	corporate	ADJ
ajfa-4117	368	38	governance	governance	NOUN
ajfa-4117	368	39	mechanisms	mechanism	NOUN
ajfa-4117	368	40	are	be	AUX
ajfa-4117	368	41	present	present	ADJ
ajfa-4117	368	42	.	.	PUNCT
ajfa-4117	369	1	asian	asian	ADJ
ajfa-4117	369	2	journal	journal	PROPN
ajfa-4117	369	3	of	of	ADP
ajfa-4117	369	4	finance	finance	PROPN
ajfa-4117	369	5	&	&	CCONJ
ajfa-4117	369	6	accounting	accounting	PROPN
ajfa-4117	369	7	issn	issn	PROPN
ajfa-4117	369	8	1946	1946	NUM
ajfa-4117	369	9	-	-	PUNCT
ajfa-4117	369	10	052x	052x	NOUN
ajfa-4117	369	11	2013	2013	NUM
ajfa-4117	369	12	,	,	PUNCT
ajfa-4117	369	13	vol	vol	NOUN
ajfa-4117	369	14	.	.	PROPN
ajfa-4117	369	15	5	5	NUM
ajfa-4117	369	16	,	,	PUNCT
ajfa-4117	369	17	no	no	INTJ
ajfa-4117	369	18	.	.	NOUN
ajfa-4117	369	19	2	2	NUM
ajfa-4117	369	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	369	21	118	118	NUM
ajfa-4117	369	22	table	table	NOUN
ajfa-4117	369	23	5	5	NUM
ajfa-4117	369	24	.	.	PUNCT
ajfa-4117	369	25	investor	investor	NOUN
ajfa-4117	369	26	sentiment	sentiment	NOUN
ajfa-4117	369	27	and	and	CCONJ
ajfa-4117	369	28	investment	investment	NOUN
ajfa-4117	369	29	decisions	decision	NOUN
ajfa-4117	369	30	–	–	PUNCT
ajfa-4117	369	31	the	the	DET
ajfa-4117	369	32	moderating	moderate	VERB
ajfa-4117	369	33	effect	effect	NOUN
ajfa-4117	369	34	of	of	ADP
ajfa-4117	369	35	board	board	NOUN
ajfa-4117	369	36	composition	composition	NOUN
ajfa-4117	369	37	(	(	PUNCT
ajfa-4117	369	38	1	1	NUM
ajfa-4117	369	39	)	)	PUNCT
ajfa-4117	369	40	(	(	PUNCT
ajfa-4117	369	41	2	2	NUM
ajfa-4117	369	42	)	)	PUNCT
ajfa-4117	369	43	(	(	PUNCT
ajfa-4117	369	44	3	3	X
ajfa-4117	369	45	)	)	PUNCT
ajfa-4117	369	46	(	(	PUNCT
ajfa-4117	369	47	4	4	NUM
ajfa-4117	369	48	)	)	PUNCT
ajfa-4117	369	49	(	(	PUNCT
ajfa-4117	369	50	5	5	NUM
ajfa-4117	369	51	)	)	PUNCT
ajfa-4117	369	52	(	(	PUNCT
ajfa-4117	369	53	6	6	NUM
ajfa-4117	369	54	)	)	PUNCT
ajfa-4117	369	55	(	(	PUNCT
ajfa-4117	369	56	7	7	NUM
ajfa-4117	369	57	)	)	PUNCT
ajfa-4117	369	58	(	(	PUNCT
ajfa-4117	369	59	8)	8)	NUM
ajfa-4117	369	60	dependent	dependent	ADJ
ajfa-4117	369	61	variable	variable	NOUN
ajfa-4117	369	62	=	=	PRON
ajfa-4117	369	63	invest	invest	VERB
ajfa-4117	369	64	dependent	dependent	ADJ
ajfa-4117	369	65	variable	variable	NOUN
ajfa-4117	369	66	=	=	SYM
ajfa-4117	369	67	overinvest	overinv	ADJ
ajfa-4117	369	68	ols	ol	NOUN
ajfa-4117	369	69	fixed	fix	VERB
ajfa-4117	369	70	effects	effect	NOUN
ajfa-4117	369	71	random	random	ADJ
ajfa-4117	369	72	effects	effect	NOUN
ajfa-4117	369	73	ols	ol	NOUN
ajfa-4117	369	74	fixed	fix	VERB
ajfa-4117	369	75	effects	effect	NOUN
ajfa-4117	369	76	random	random	ADJ
ajfa-4117	369	77	effects	effect	NOUN
ajfa-4117	369	78	senti	senti	X
ajfa-4117	369	79	t	t	PROPN
ajfa-4117	369	80	3,166.65	3,166.65	NUM
ajfa-4117	369	81	*	*	PUNCT
ajfa-4117	369	82	*	*	PUNCT
ajfa-4117	369	83	*	*	PUNCT
ajfa-4117	370	1	710.12	710.12	NUM
ajfa-4117	370	2	*	*	PUNCT
ajfa-4117	370	3	*	*	PUNCT
ajfa-4117	370	4	*	*	PUNCT
ajfa-4117	370	5	4,579.49	4,579.49	NUM
ajfa-4117	370	6	*	*	PUNCT
ajfa-4117	370	7	*	*	PUNCT
ajfa-4117	370	8	*	*	PUNCT
ajfa-4117	371	1	686.74	686.74	NUM
ajfa-4117	371	2	*	*	PUNCT
ajfa-4117	371	3	*	*	PUNCT
ajfa-4117	371	4	*	*	PUNCT
ajfa-4117	371	5	4,401.99	4,401.99	NUM
ajfa-4117	371	6	*	*	PUNCT
ajfa-4117	371	7	*	*	PUNCT
ajfa-4117	371	8	*	*	PUNCT
ajfa-4117	372	1	667.62	667.62	NUM
ajfa-4117	372	2	*	*	PUNCT
ajfa-4117	372	3	*	*	PUNCT
ajfa-4117	372	4	*	*	PUNCT
ajfa-4117	372	5	7,781.53	7,781.53	NUM
ajfa-4117	372	6	*	*	PUNCT
ajfa-4117	372	7	*	*	PUNCT
ajfa-4117	372	8	*	*	PUNCT
ajfa-4117	373	1	629.64	629.64	NUM
ajfa-4117	373	2	*	*	PUNCT
ajfa-4117	373	3	*	*	PUNCT
ajfa-4117	373	4	*	*	PUNCT
ajfa-4117	373	5	(	(	PUNCT
ajfa-4117	373	6	3.40	3.40	NUM
ajfa-4117	373	7	)	)	PUNCT
ajfa-4117	373	8	(	(	PUNCT
ajfa-4117	373	9	5.94	5.94	NUM
ajfa-4117	373	10	)	)	PUNCT
ajfa-4117	373	11	(	(	PUNCT
ajfa-4117	373	12	5.06	5.06	NUM
ajfa-4117	373	13	)	)	PUNCT
ajfa-4117	373	14	(	(	PUNCT
ajfa-4117	373	15	5.95	5.95	NUM
ajfa-4117	373	16	)	)	PUNCT
ajfa-4117	373	17	(	(	PUNCT
ajfa-4117	373	18	4.63	4.63	NUM
ajfa-4117	373	19	)	)	PUNCT
ajfa-4117	373	20	(	(	PUNCT
ajfa-4117	373	21	5.35	5.35	NUM
ajfa-4117	373	22	)	)	PUNCT
ajfa-4117	373	23	(	(	PUNCT
ajfa-4117	373	24	8.25	8.25	NUM
ajfa-4117	373	25	)	)	PUNCT
ajfa-4117	373	26	(	(	PUNCT
ajfa-4117	373	27	5.24	5.24	NUM
ajfa-4117	373	28	)	)	PUNCT
ajfa-4117	373	29	cg_bodt	cg_bodt	VERB
ajfa-4117	373	30	276.44	276.44	NUM
ajfa-4117	373	31	*	*	PUNCT
ajfa-4117	373	32	*	*	PUNCT
ajfa-4117	373	33	*	*	PUNCT
ajfa-4117	373	34	-298.07	-298.07	PROPN
ajfa-4117	373	35	-317.08	-317.08	PROPN
ajfa-4117	373	36	223.90	223.90	NUM
ajfa-4117	373	37	375.42	375.42	NUM
ajfa-4117	373	38	*	*	PUNCT
ajfa-4117	373	39	*	*	PUNCT
ajfa-4117	373	40	*	*	PUNCT
ajfa-4117	374	1	-283.19	-283.19	PUNCT
ajfa-4117	374	2	-234.85	-234.85	PROPN
ajfa-4117	375	1	303.96	303.96	NUM
ajfa-4117	375	2	*	*	PUNCT
ajfa-4117	375	3	*	*	PUNCT
ajfa-4117	375	4	(	(	PUNCT
ajfa-4117	375	5	2.95	2.95	NUM
ajfa-4117	375	6	)	)	PUNCT
ajfa-4117	375	7	(	(	PUNCT
ajfa-4117	375	8	-1.51	-1.51	X
ajfa-4117	375	9	)	)	PUNCT
ajfa-4117	375	10	(	(	PUNCT
ajfa-4117	375	11	-1.60	-1.60	NUM
ajfa-4117	375	12	)	)	PUNCT
ajfa-4117	375	13	(	(	PUNCT
ajfa-4117	375	14	1.53	1.53	NUM
ajfa-4117	375	15	)	)	PUNCT
ajfa-4117	375	16	(	(	PUNCT
ajfa-4117	375	17	3.93	3.93	NUM
ajfa-4117	375	18	)	)	PUNCT
ajfa-4117	375	19	(	(	PUNCT
ajfa-4117	375	20	-1.37	-1.37	NOUN
ajfa-4117	375	21	)	)	PUNCT
ajfa-4117	375	22	(	(	PUNCT
ajfa-4117	375	23	-1.14	-1.14	NOUN
ajfa-4117	375	24	)	)	PUNCT
ajfa-4117	375	25	(	(	PUNCT
ajfa-4117	375	26	2.05	2.05	NUM
ajfa-4117	375	27	)	)	PUNCT
ajfa-4117	375	28	cg_bodt*senti	cg_bodt*senti	PROPN
ajfa-4117	375	29	t	t	PROPN
ajfa-4117	375	30	-275.91	-275.91	NOUN
ajfa-4117	375	31	*	*	PUNCT
ajfa-4117	375	32	*	*	PUNCT
ajfa-4117	375	33	*	*	PUNCT
ajfa-4117	376	1	-260.76	-260.76	PROPN
ajfa-4117	376	2	*	*	PUNCT
ajfa-4117	376	3	*	*	PUNCT
ajfa-4117	376	4	*	*	PUNCT
ajfa-4117	376	5	-281.50	-281.50	PROPN
ajfa-4117	376	6	*	*	PUNCT
ajfa-4117	376	7	*	*	PUNCT
ajfa-4117	376	8	*	*	PUNCT
ajfa-4117	376	9	-283.46	-283.46	PROPN
ajfa-4117	376	10	*	*	PROPN
ajfa-4117	376	11	*	*	PUNCT
ajfa-4117	376	12	*	*	PUNCT
ajfa-4117	376	13	-269.38	-269.38	PROPN
ajfa-4117	376	14	*	*	PUNCT
ajfa-4117	376	15	*	*	PUNCT
ajfa-4117	376	16	*	*	PUNCT
ajfa-4117	376	17	-279.92	-279.92	PROPN
ajfa-4117	376	18	*	*	PUNCT
ajfa-4117	376	19	*	*	PUNCT
ajfa-4117	376	20	*	*	PUNCT
ajfa-4117	377	1	-264.02	-264.02	ADJ
ajfa-4117	377	2	*	*	PUNCT
ajfa-4117	377	3	*	*	PUNCT
ajfa-4117	377	4	*	*	PUNCT
ajfa-4117	378	1	-298.45	-298.45	PUNCT
ajfa-4117	378	2	*	*	PUNCT
ajfa-4117	378	3	*	*	PUNCT
ajfa-4117	378	4	*	*	PUNCT
ajfa-4117	378	5	(	(	PUNCT
ajfa-4117	378	6	-3.91	-3.91	NOUN
ajfa-4117	378	7	)	)	PUNCT
ajfa-4117	378	8	(	(	PUNCT
ajfa-4117	378	9	-3.75	-3.75	PROPN
ajfa-4117	378	10	)	)	PUNCT
ajfa-4117	378	11	(	(	PUNCT
ajfa-4117	378	12	-3.99	-3.99	NOUN
ajfa-4117	378	13	)	)	PUNCT
ajfa-4117	378	14	(	(	PUNCT
ajfa-4117	378	15	-4.27	-4.27	X
ajfa-4117	378	16	)	)	PUNCT
ajfa-4117	378	17	(	(	PUNCT
ajfa-4117	378	18	-3.74	-3.74	NUM
ajfa-4117	378	19	)	)	PUNCT
ajfa-4117	378	20	(	(	PUNCT
ajfa-4117	378	21	-3.86	-3.86	NOUN
ajfa-4117	378	22	)	)	PUNCT
ajfa-4117	378	23	(	(	PUNCT
ajfa-4117	378	24	-3.59	-3.59	NOUN
ajfa-4117	378	25	)	)	PUNCT
ajfa-4117	378	26	(	(	PUNCT
ajfa-4117	378	27	-4.32	-4.32	X
ajfa-4117	378	28	)	)	PUNCT
ajfa-4117	378	29	cft	cft	NOUN
ajfa-4117	378	30	0.02	0.02	NUM
ajfa-4117	378	31	0.04	0.04	NUM
ajfa-4117	378	32	*	*	PUNCT
ajfa-4117	378	33	0.02	0.02	NUM
ajfa-4117	378	34	0.00	0.00	NUM
ajfa-4117	378	35	0.01	0.01	NUM
ajfa-4117	378	36	0.01	0.01	NUM
ajfa-4117	378	37	-0.02	-0.02	NUM
ajfa-4117	378	38	-0.02	-0.02	NUM
ajfa-4117	378	39	(	(	PUNCT
ajfa-4117	378	40	1.24	1.24	NUM
ajfa-4117	378	41	)	)	PUNCT
ajfa-4117	378	42	(	(	PUNCT
ajfa-4117	378	43	1.78	1.78	NUM
ajfa-4117	378	44	)	)	PUNCT
ajfa-4117	378	45	(	(	PUNCT
ajfa-4117	378	46	0.96	0.96	NUM
ajfa-4117	378	47	)	)	PUNCT
ajfa-4117	378	48	(	(	PUNCT
ajfa-4117	378	49	0.01	0.01	NUM
ajfa-4117	378	50	)	)	PUNCT
ajfa-4117	378	51	(	(	PUNCT
ajfa-4117	378	52	1.09	1.09	NUM
ajfa-4117	378	53	)	)	PUNCT
ajfa-4117	378	54	(	(	PUNCT
ajfa-4117	378	55	0.50	0.50	NUM
ajfa-4117	378	56	)	)	PUNCT
ajfa-4117	378	57	(	(	PUNCT
ajfa-4117	378	58	-0.96	-0.96	NUM
ajfa-4117	378	59	)	)	PUNCT
ajfa-4117	378	60	(	(	PUNCT
ajfa-4117	378	61	-1.06	-1.06	NOUN
ajfa-4117	378	62	)	)	PUNCT
ajfa-4117	378	63	qt-1	qt-1	NOUN
ajfa-4117	379	1	184.50	184.50	NUM
ajfa-4117	379	2	*	*	PUNCT
ajfa-4117	380	1	474.14	474.14	NUM
ajfa-4117	380	2	*	*	PUNCT
ajfa-4117	380	3	*	*	PUNCT
ajfa-4117	380	4	*	*	PUNCT
ajfa-4117	381	1	372.10	372.10	NUM
ajfa-4117	381	2	*	*	X
ajfa-4117	381	3	*	*	PUNCT
ajfa-4117	382	1	361.63	361.63	NUM
ajfa-4117	382	2	*	*	PUNCT
ajfa-4117	382	3	*	*	PUNCT
ajfa-4117	382	4	*	*	PUNCT
ajfa-4117	382	5	-66.44	-66.44	ADP
ajfa-4117	382	6	314.07	314.07	NUM
ajfa-4117	382	7	*	*	X
ajfa-4117	382	8	*	*	PUNCT
ajfa-4117	383	1	295.76	295.76	NUM
ajfa-4117	383	2	*	*	SYM
ajfa-4117	383	3	158.48	158.48	NUM
ajfa-4117	383	4	(	(	PUNCT
ajfa-4117	383	5	1.85	1.85	NUM
ajfa-4117	383	6	)	)	PUNCT
ajfa-4117	383	7	(	(	PUNCT
ajfa-4117	383	8	3.46	3.46	NUM
ajfa-4117	383	9	)	)	PUNCT
ajfa-4117	383	10	(	(	PUNCT
ajfa-4117	383	11	2.49	2.49	NUM
ajfa-4117	383	12	)	)	PUNCT
ajfa-4117	383	13	(	(	PUNCT
ajfa-4117	383	14	3.05	3.05	NUM
ajfa-4117	383	15	)	)	PUNCT
ajfa-4117	383	16	(	(	PUNCT
ajfa-4117	383	17	-0.65	-0.65	NUM
ajfa-4117	383	18	)	)	PUNCT
ajfa-4117	383	19	(	(	PUNCT
ajfa-4117	383	20	2.19	2.19	NUM
ajfa-4117	383	21	)	)	PUNCT
ajfa-4117	383	22	(	(	PUNCT
ajfa-4117	383	23	1.90	1.90	NUM
ajfa-4117	383	24	)	)	PUNCT
ajfa-4117	383	25	(	(	PUNCT
ajfa-4117	383	26	1.30	1.30	NUM
ajfa-4117	383	27	)	)	PUNCT
ajfa-4117	383	28	sizet	sizet	VERB
ajfa-4117	383	29	0.05	0.05	NUM
ajfa-4117	383	30	*	*	PUNCT
ajfa-4117	383	31	*	*	PUNCT
ajfa-4117	383	32	*	*	PUNCT
ajfa-4117	383	33	0.08	0.08	NUM
ajfa-4117	383	34	*	*	PUNCT
ajfa-4117	383	35	*	*	PUNCT
ajfa-4117	383	36	*	*	PUNCT
ajfa-4117	383	37	0.08	0.08	NUM
ajfa-4117	383	38	*	*	PUNCT
ajfa-4117	383	39	*	*	PUNCT
ajfa-4117	383	40	*	*	PUNCT
ajfa-4117	384	1	0.07	0.07	NUM
ajfa-4117	384	2	*	*	PUNCT
ajfa-4117	384	3	*	*	PUNCT
ajfa-4117	384	4	*	*	PUNCT
ajfa-4117	384	5	0.03	0.03	NUM
ajfa-4117	384	6	*	*	PUNCT
ajfa-4117	384	7	*	*	PUNCT
ajfa-4117	384	8	*	*	PUNCT
ajfa-4117	384	9	0.07	0.07	NUM
ajfa-4117	384	10	*	*	PUNCT
ajfa-4117	384	11	*	*	PUNCT
ajfa-4117	384	12	*	*	PUNCT
ajfa-4117	384	13	0.07	0.07	NUM
ajfa-4117	384	14	*	*	PUNCT
ajfa-4117	384	15	*	*	PUNCT
ajfa-4117	384	16	*	*	PUNCT
ajfa-4117	384	17	0.05	0.05	NUM
ajfa-4117	384	18	*	*	PUNCT
ajfa-4117	384	19	*	*	PUNCT
ajfa-4117	384	20	*	*	PUNCT
ajfa-4117	384	21	(	(	PUNCT
ajfa-4117	384	22	23.27	23.27	NUM
ajfa-4117	384	23	)	)	PUNCT
ajfa-4117	384	24	(	(	PUNCT
ajfa-4117	384	25	21.25	21.25	NUM
ajfa-4117	384	26	)	)	PUNCT
ajfa-4117	384	27	(	(	PUNCT
ajfa-4117	384	28	21.45	21.45	NUM
ajfa-4117	384	29	)	)	PUNCT
ajfa-4117	384	30	(	(	PUNCT
ajfa-4117	384	31	22.93	22.93	NUM
ajfa-4117	384	32	)	)	PUNCT
ajfa-4117	384	33	(	(	PUNCT
ajfa-4117	384	34	13.19	13.19	NUM
ajfa-4117	384	35	)	)	PUNCT
ajfa-4117	384	36	(	(	PUNCT
ajfa-4117	384	37	16.63	16.63	NUM
ajfa-4117	384	38	)	)	PUNCT
ajfa-4117	384	39	(	(	PUNCT
ajfa-4117	384	40	17.47	17.47	NUM
ajfa-4117	384	41	)	)	PUNCT
ajfa-4117	384	42	(	(	PUNCT
ajfa-4117	384	43	16.44	16.44	NUM
ajfa-4117	384	44	)	)	PUNCT
ajfa-4117	384	45	intercept	intercept	NOUN
ajfa-4117	384	46	-6,834.13	-6,834.13	PRON
ajfa-4117	384	47	*	*	PUNCT
ajfa-4117	384	48	*	*	PUNCT
ajfa-4117	384	49	*	*	PUNCT
ajfa-4117	384	50	-754.07	-754.07	PROPN
ajfa-4117	384	51	*	*	PUNCT
ajfa-4117	384	52	*	*	PUNCT
ajfa-4117	384	53	-9,300.54	-9,300.54	PUNCT
ajfa-4117	384	54	*	*	PUNCT
ajfa-4117	384	55	*	*	PUNCT
ajfa-4117	384	56	*	*	PUNCT
ajfa-4117	384	57	-1,174.27	-1,174.27	X
ajfa-4117	384	58	*	*	ADJ
ajfa-4117	384	59	*	*	PROPN
ajfa-4117	384	60	*	*	PUNCT
ajfa-4117	384	61	-9,486.07	-9,486.07	NOUN
ajfa-4117	384	62	*	*	NOUN
ajfa-4117	384	63	*	*	PUNCT
ajfa-4117	384	64	*	*	PUNCT
ajfa-4117	384	65	-988.45	-988.45	ADJ
ajfa-4117	384	66	*	*	PUNCT
ajfa-4117	384	67	*	*	PUNCT
ajfa-4117	384	68	*	*	PUNCT
ajfa-4117	384	69	-16,265.97	-16,265.97	NOUN
ajfa-4117	384	70	*	*	PUNCT
ajfa-4117	384	71	*	*	PUNCT
ajfa-4117	384	72	*	*	PUNCT
ajfa-4117	384	73	-1,440.42	-1,440.42	PROPN
ajfa-4117	384	74	*	*	NOUN
ajfa-4117	384	75	*	*	PUNCT
ajfa-4117	384	76	*	*	PUNCT
ajfa-4117	384	77	(	(	PUNCT
ajfa-4117	384	78	-3.44	-3.44	NUM
ajfa-4117	384	79	)	)	PUNCT
ajfa-4117	384	80	(	(	PUNCT
ajfa-4117	384	81	-2.12	-2.12	NUM
ajfa-4117	384	82	)	)	PUNCT
ajfa-4117	384	83	(	(	PUNCT
ajfa-4117	384	84	-4.75	-4.75	NUM
ajfa-4117	384	85	)	)	PUNCT
ajfa-4117	384	86	(	(	PUNCT
ajfa-4117	384	87	-3.70	-3.70	X
ajfa-4117	384	88	)	)	PUNCT
ajfa-4117	384	89	(	(	PUNCT
ajfa-4117	384	90	-4.68	-4.68	NOUN
ajfa-4117	384	91	)	)	PUNCT
ajfa-4117	384	92	(	(	PUNCT
ajfa-4117	384	93	-2.66	-2.66	X
ajfa-4117	384	94	)	)	PUNCT
ajfa-4117	384	95	(	(	PUNCT
ajfa-4117	384	96	-7.98	-7.98	NUM
ajfa-4117	384	97	)	)	PUNCT
ajfa-4117	384	98	(	(	PUNCT
ajfa-4117	384	99	-4.52	-4.52	NOUN
ajfa-4117	384	100	)	)	PUNCT
ajfa-4117	384	101	year	year	NOUN
ajfa-4117	384	102	dummies	dummy	NOUN
ajfa-4117	385	1	yes	yes	INTJ
ajfa-4117	386	1	no	no	INTJ
ajfa-4117	387	1	yes	yes	INTJ
ajfa-4117	387	2	yes	yes	INTJ
ajfa-4117	388	1	no	no	INTJ
ajfa-4117	389	1	yes	yes	INTJ
ajfa-4117	389	2	n	n	ADV
ajfa-4117	389	3	7,745	7,745	NUM
ajfa-4117	389	4	7,745	7,745	NUM
ajfa-4117	389	5	7,745	7,745	NUM
ajfa-4117	389	6	7,745	7,745	NUM
ajfa-4117	389	7	7,745	7,745	NUM
ajfa-4117	389	8	7,745	7,745	NUM
ajfa-4117	389	9	7,745	7,745	NUM
ajfa-4117	389	10	7,745	7,745	NUM
ajfa-4117	389	11	r2	r2	NOUN
ajfa-4117	389	12	0.18	0.18	NUM
ajfa-4117	389	13	0.09	0.09	NUM
ajfa-4117	389	14	0.10	0.10	NUM
ajfa-4117	389	15	0.07	0.07	NUM
ajfa-4117	389	16	0.05	0.05	NUM
ajfa-4117	389	17	0.06	0.06	NUM
ajfa-4117	389	18	this	this	DET
ajfa-4117	389	19	table	table	NOUN
ajfa-4117	389	20	examines	examine	VERB
ajfa-4117	389	21	whether	whether	SCONJ
ajfa-4117	389	22	board	board	NOUN
ajfa-4117	389	23	composition	composition	NOUN
ajfa-4117	389	24	moderates	moderate	NOUN
ajfa-4117	389	25	the	the	DET
ajfa-4117	389	26	effect	effect	NOUN
ajfa-4117	389	27	of	of	ADP
ajfa-4117	389	28	investor	investor	NOUN
ajfa-4117	389	29	sentiment	sentiment	NOUN
ajfa-4117	389	30	on	on	ADP
ajfa-4117	389	31	new	new	ADJ
ajfa-4117	389	32	investment	investment	NOUN
ajfa-4117	389	33	and	and	CCONJ
ajfa-4117	389	34	over	over	ADP
ajfa-4117	389	35	-	-	PUNCT
ajfa-4117	389	36	investment	investment	NOUN
ajfa-4117	389	37	.	.	PUNCT
ajfa-4117	390	1	the	the	DET
ajfa-4117	390	2	independent	independent	ADJ
ajfa-4117	390	3	variables	variable	NOUN
ajfa-4117	390	4	include	include	VERB
ajfa-4117	390	5	sentiment	sentiment	NOUN
ajfa-4117	390	6	indexes(sentit	indexes(sentit	PROPN
ajfa-4117	390	7	)	)	PUNCT
ajfa-4117	390	8	,	,	PUNCT
ajfa-4117	390	9	board	board	NOUN
ajfa-4117	390	10	composition	composition	NOUN
ajfa-4117	390	11	indexes	index	NOUN
ajfa-4117	390	12	(	(	PUNCT
ajfa-4117	390	13	cg_bodt	cg_bodt	NOUN
ajfa-4117	390	14	)	)	PUNCT
ajfa-4117	390	15	,	,	PUNCT
ajfa-4117	390	16	cash	cash	NOUN
ajfa-4117	390	17	flow	flow	NOUN
ajfa-4117	390	18	(	(	PUNCT
ajfa-4117	390	19	cft	cft	PROPN
ajfa-4117	390	20	)	)	PUNCT
ajfa-4117	390	21	,	,	PUNCT
ajfa-4117	391	1	tobin	tobin	PROPN
ajfa-4117	391	2	’s	’s	PART
ajfa-4117	391	3	q	q	X
ajfa-4117	391	4	(	(	PUNCT
ajfa-4117	391	5	qt-1	qt-1	NOUN
ajfa-4117	391	6	)	)	PUNCT
ajfa-4117	391	7	,	,	PUNCT
ajfa-4117	391	8	firm	firm	ADJ
ajfa-4117	391	9	size	size	NOUN
ajfa-4117	391	10	(	(	PUNCT
ajfa-4117	391	11	sizet	sizet	PROPN
ajfa-4117	391	12	)	)	PUNCT
ajfa-4117	391	13	and	and	CCONJ
ajfa-4117	391	14	the	the	DET
ajfa-4117	391	15	interaction	interaction	NOUN
ajfa-4117	391	16	term	term	NOUN
ajfa-4117	391	17	of	of	ADP
ajfa-4117	391	18	board	board	NOUN
ajfa-4117	391	19	composition	composition	NOUN
ajfa-4117	391	20	indexes	index	NOUN
ajfa-4117	391	21	and	and	CCONJ
ajfa-4117	391	22	sentiment	sentiment	NOUN
ajfa-4117	391	23	indexes	index	NOUN
ajfa-4117	391	24	(	(	PUNCT
ajfa-4117	391	25	cg_bodt	cg_bodt	NOUN
ajfa-4117	391	26	*	*	PUNCT
ajfa-4117	391	27	sentit	sentit	NOUN
ajfa-4117	391	28	)	)	PUNCT
ajfa-4117	391	29	.	.	PUNCT
ajfa-4117	392	1	detailed	detailed	ADJ
ajfa-4117	392	2	definitions	definition	NOUN
ajfa-4117	392	3	of	of	ADP
ajfa-4117	392	4	the	the	DET
ajfa-4117	392	5	variables	variable	NOUN
ajfa-4117	392	6	are	be	AUX
ajfa-4117	392	7	given	give	VERB
ajfa-4117	392	8	in	in	ADP
ajfa-4117	392	9	table	table	NOUN
ajfa-4117	392	10	1	1	NUM
ajfa-4117	392	11	.	.	PUNCT
ajfa-4117	392	12	t	t	PROPN
ajfa-4117	392	13	-	-	PUNCT
ajfa-4117	392	14	statistics	statistic	NOUN
ajfa-4117	392	15	(	(	PUNCT
ajfa-4117	392	16	for	for	ADP
ajfa-4117	392	17	ols	ol	NOUN
ajfa-4117	392	18	and	and	CCONJ
ajfa-4117	392	19	fixed	fix	VERB
ajfa-4117	392	20	effects	effect	NOUN
ajfa-4117	392	21	models	model	NOUN
ajfa-4117	392	22	)	)	PUNCT
ajfa-4117	392	23	or	or	CCONJ
ajfa-4117	392	24	z	z	NOUN
ajfa-4117	392	25	-	-	PUNCT
ajfa-4117	392	26	statistics	statistic	NOUN
ajfa-4117	392	27	(	(	PUNCT
ajfa-4117	392	28	for	for	ADP
ajfa-4117	392	29	random	random	ADJ
ajfa-4117	392	30	effects	effect	NOUN
ajfa-4117	392	31	model	model	NOUN
ajfa-4117	392	32	)	)	PUNCT
ajfa-4117	392	33	are	be	AUX
ajfa-4117	392	34	reported	report	VERB
ajfa-4117	392	35	below	below	ADP
ajfa-4117	392	36	the	the	DET
ajfa-4117	392	37	estimated	estimate	VERB
ajfa-4117	392	38	coefficients	coefficient	NOUN
ajfa-4117	392	39	.	.	PUNCT
ajfa-4117	393	1	the	the	DET
ajfa-4117	393	2	symbols	symbol	NOUN
ajfa-4117	393	3	*	*	PUNCT
ajfa-4117	393	4	*	*	PUNCT
ajfa-4117	393	5	*	*	PUNCT
ajfa-4117	393	6	,	,	PUNCT
ajfa-4117	393	7	*	*	PUNCT
ajfa-4117	393	8	*	*	PUNCT
ajfa-4117	393	9	,	,	PUNCT
ajfa-4117	393	10	and	and	CCONJ
ajfa-4117	393	11	*	*	PUNCT
ajfa-4117	393	12	denote	denote	VERB
ajfa-4117	393	13	statistical	statistical	ADJ
ajfa-4117	393	14	significance	significance	NOUN
ajfa-4117	393	15	at	at	ADP
ajfa-4117	393	16	1	1	NUM
ajfa-4117	393	17	percent	percent	NOUN
ajfa-4117	393	18	,	,	PUNCT
ajfa-4117	393	19	5	5	NUM
ajfa-4117	393	20	percent	percent	NOUN
ajfa-4117	393	21	,	,	PUNCT
ajfa-4117	393	22	and	and	CCONJ
ajfa-4117	393	23	10	10	NUM
ajfa-4117	393	24	percent	percent	NOUN
ajfa-4117	393	25	levels	level	NOUN
ajfa-4117	393	26	respectively	respectively	ADV
ajfa-4117	393	27	.	.	PUNCT
ajfa-4117	394	1	asian	asian	ADJ
ajfa-4117	394	2	journal	journal	PROPN
ajfa-4117	394	3	of	of	ADP
ajfa-4117	394	4	finance	finance	PROPN
ajfa-4117	394	5	&	&	CCONJ
ajfa-4117	394	6	accounting	accounting	PROPN
ajfa-4117	394	7	issn	issn	PROPN
ajfa-4117	394	8	1946	1946	NUM
ajfa-4117	394	9	-	-	PUNCT
ajfa-4117	394	10	052x	052x	NOUN
ajfa-4117	394	11	2013	2013	NUM
ajfa-4117	394	12	,	,	PUNCT
ajfa-4117	394	13	vol	vol	NOUN
ajfa-4117	394	14	.	.	PROPN
ajfa-4117	394	15	5	5	NUM
ajfa-4117	394	16	,	,	PUNCT
ajfa-4117	394	17	no	no	INTJ
ajfa-4117	394	18	.	.	NOUN
ajfa-4117	394	19	2	2	NUM
ajfa-4117	394	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	394	21	119	119	NUM
ajfa-4117	394	22	table	table	NOUN
ajfa-4117	394	23	6	6	NUM
ajfa-4117	394	24	.	.	PUNCT
ajfa-4117	395	1	investor	investor	NOUN
ajfa-4117	395	2	sentiment	sentiment	NOUN
ajfa-4117	395	3	and	and	CCONJ
ajfa-4117	395	4	investment	investment	NOUN
ajfa-4117	395	5	decisions	decision	NOUN
ajfa-4117	395	6	–	–	PUNCT
ajfa-4117	395	7	the	the	DET
ajfa-4117	395	8	moderating	moderate	VERB
ajfa-4117	395	9	effect	effect	NOUN
ajfa-4117	395	10	of	of	ADP
ajfa-4117	395	11	ownership	ownership	NOUN
ajfa-4117	395	12	structure	structure	NOUN
ajfa-4117	395	13	(	(	PUNCT
ajfa-4117	395	14	1	1	NUM
ajfa-4117	395	15	)	)	PUNCT
ajfa-4117	395	16	(	(	PUNCT
ajfa-4117	395	17	2	2	NUM
ajfa-4117	395	18	)	)	PUNCT
ajfa-4117	395	19	(	(	PUNCT
ajfa-4117	395	20	3	3	X
ajfa-4117	395	21	)	)	PUNCT
ajfa-4117	395	22	(	(	PUNCT
ajfa-4117	395	23	4	4	NUM
ajfa-4117	395	24	)	)	PUNCT
ajfa-4117	395	25	(	(	PUNCT
ajfa-4117	395	26	5	5	NUM
ajfa-4117	395	27	)	)	PUNCT
ajfa-4117	395	28	(	(	PUNCT
ajfa-4117	395	29	6	6	NUM
ajfa-4117	395	30	)	)	PUNCT
ajfa-4117	395	31	(	(	PUNCT
ajfa-4117	395	32	7	7	NUM
ajfa-4117	395	33	)	)	PUNCT
ajfa-4117	395	34	(	(	PUNCT
ajfa-4117	395	35	8)	8)	NUM
ajfa-4117	395	36	dependent	dependent	ADJ
ajfa-4117	395	37	variable	variable	NOUN
ajfa-4117	395	38	=	=	PRON
ajfa-4117	395	39	invest	invest	VERB
ajfa-4117	395	40	dependent	dependent	ADJ
ajfa-4117	395	41	variable	variable	NOUN
ajfa-4117	395	42	=	=	SYM
ajfa-4117	395	43	overinvest	overinv	ADJ
ajfa-4117	395	44	ols	ol	NOUN
ajfa-4117	395	45	fixed	fix	VERB
ajfa-4117	395	46	effects	effect	NOUN
ajfa-4117	395	47	random	random	ADJ
ajfa-4117	395	48	ols	ol	NOUN
ajfa-4117	395	49	fixed	fix	VERB
ajfa-4117	395	50	effects	effect	NOUN
ajfa-4117	395	51	random	random	ADJ
ajfa-4117	395	52	senti	senti	X
ajfa-4117	395	53	t	t	PROPN
ajfa-4117	395	54	3,256.86	3,256.86	NUM
ajfa-4117	395	55	*	*	PUNCT
ajfa-4117	395	56	*	*	PUNCT
ajfa-4117	395	57	*	*	NOUN
ajfa-4117	395	58	1,229.41	1,229.41	NUM
ajfa-4117	395	59	*	*	PUNCT
ajfa-4117	395	60	*	*	PUNCT
ajfa-4117	395	61	*	*	PUNCT
ajfa-4117	395	62	4,764.68	4,764.68	NUM
ajfa-4117	395	63	*	*	PUNCT
ajfa-4117	395	64	*	*	PUNCT
ajfa-4117	395	65	*	*	PUNCT
ajfa-4117	395	66	972.77	972.77	NUM
ajfa-4117	395	67	*	*	PUNCT
ajfa-4117	395	68	*	*	PUNCT
ajfa-4117	395	69	*	*	NOUN
ajfa-4117	395	70	4,840.38	4,840.38	NUM
ajfa-4117	395	71	*	*	PUNCT
ajfa-4117	395	72	*	*	PUNCT
ajfa-4117	395	73	*	*	PUNCT
ajfa-4117	395	74	1,113.92	1,113.92	NUM
ajfa-4117	395	75	*	*	PUNCT
ajfa-4117	395	76	*	*	PUNCT
ajfa-4117	395	77	*	*	PUNCT
ajfa-4117	395	78	7,930.40	7,930.40	NUM
ajfa-4117	395	79	*	*	PUNCT
ajfa-4117	395	80	*	*	PUNCT
ajfa-4117	395	81	*	*	PUNCT
ajfa-4117	395	82	824.72	824.72	NUM
ajfa-4117	395	83	*	*	PUNCT
ajfa-4117	395	84	*	*	PUNCT
ajfa-4117	395	85	*	*	PUNCT
ajfa-4117	395	86	(	(	PUNCT
ajfa-4117	395	87	3.47	3.47	NUM
ajfa-4117	395	88	)	)	PUNCT
ajfa-4117	395	89	(	(	PUNCT
ajfa-4117	395	90	8.06	8.06	NUM
ajfa-4117	395	91	)	)	PUNCT
ajfa-4117	395	92	(	(	PUNCT
ajfa-4117	395	93	5.28	5.28	NUM
ajfa-4117	395	94	)	)	PUNCT
ajfa-4117	395	95	(	(	PUNCT
ajfa-4117	395	96	6.58	6.58	NUM
ajfa-4117	395	97	)	)	PUNCT
ajfa-4117	395	98	(	(	PUNCT
ajfa-4117	395	99	5.06	5.06	NUM
ajfa-4117	395	100	)	)	PUNCT
ajfa-4117	395	101	(	(	PUNCT
ajfa-4117	395	102	6.99	6.99	NUM
ajfa-4117	395	103	)	)	PUNCT
ajfa-4117	395	104	(	(	PUNCT
ajfa-4117	395	105	8.43	8.43	NUM
ajfa-4117	395	106	)	)	PUNCT
ajfa-4117	395	107	(	(	PUNCT
ajfa-4117	395	108	5.36	5.36	NUM
ajfa-4117	395	109	)	)	PUNCT
ajfa-4117	395	110	cg_ownt	cg_ownt	VERB
ajfa-4117	395	111	245.84	245.84	NUM
ajfa-4117	395	112	*	*	NOUN
ajfa-4117	395	113	*	*	PUNCT
ajfa-4117	396	1	213.56	213.56	NUM
ajfa-4117	396	2	208.82	208.82	NUM
ajfa-4117	396	3	229.05	229.05	NUM
ajfa-4117	396	4	681.13	681.13	NUM
ajfa-4117	396	5	*	*	PUNCT
ajfa-4117	396	6	*	*	PUNCT
ajfa-4117	396	7	*	*	PUNCT
ajfa-4117	396	8	390.95	390.95	NUM
ajfa-4117	396	9	395.48	395.48	NUM
ajfa-4117	396	10	*	*	PUNCT
ajfa-4117	396	11	522.44	522.44	NUM
ajfa-4117	396	12	*	*	PUNCT
ajfa-4117	396	13	*	*	PUNCT
ajfa-4117	396	14	*	*	PUNCT
ajfa-4117	396	15	(	(	PUNCT
ajfa-4117	396	16	2.00	2.00	NUM
ajfa-4117	396	17	)	)	PUNCT
ajfa-4117	396	18	(	(	PUNCT
ajfa-4117	396	19	0.93	0.93	NUM
ajfa-4117	396	20	)	)	PUNCT
ajfa-4117	396	21	(	(	PUNCT
ajfa-4117	396	22	0.91	0.91	NUM
ajfa-4117	396	23	)	)	PUNCT
ajfa-4117	396	24	(	(	PUNCT
ajfa-4117	396	25	1.25	1.25	NUM
ajfa-4117	396	26	)	)	PUNCT
ajfa-4117	396	27	(	(	PUNCT
ajfa-4117	396	28	5.44	5.44	NUM
ajfa-4117	396	29	)	)	PUNCT
ajfa-4117	396	30	(	(	PUNCT
ajfa-4117	396	31	1.63	1.63	NUM
ajfa-4117	396	32	)	)	PUNCT
ajfa-4117	396	33	(	(	PUNCT
ajfa-4117	396	34	1.65	1.65	NUM
ajfa-4117	396	35	)	)	PUNCT
ajfa-4117	396	36	(	(	PUNCT
ajfa-4117	396	37	2.79	2.79	NUM
ajfa-4117	396	38	)	)	PUNCT
ajfa-4117	396	39	cg_ownt*senti	cg_ownt*senti	PROPN
ajfa-4117	396	40	t	t	PROPN
ajfa-4117	396	41	-194.26	-194.26	PROPN
ajfa-4117	396	42	*	*	PUNCT
ajfa-4117	396	43	*	*	PUNCT
ajfa-4117	396	44	-563.27	-563.27	PROPN
ajfa-4117	396	45	*	*	PROPN
ajfa-4117	396	46	*	*	PROPN
ajfa-4117	396	47	*	*	PUNCT
ajfa-4117	396	48	-538.62	-538.62	PROPN
ajfa-4117	396	49	*	*	PUNCT
ajfa-4117	396	50	*	*	PUNCT
ajfa-4117	396	51	*	*	PUNCT
ajfa-4117	396	52	-448.26	-448.26	ADJ
ajfa-4117	396	53	*	*	PUNCT
ajfa-4117	396	54	*	*	PUNCT
ajfa-4117	396	55	*	*	PUNCT
ajfa-4117	396	56	-155.54	-155.54	PUNCT
ajfa-4117	396	57	*	*	PUNCT
ajfa-4117	396	58	-537.80	-537.80	PUNCT
ajfa-4117	396	59	*	*	PUNCT
ajfa-4117	396	60	*	*	PUNCT
ajfa-4117	396	61	*	*	PUNCT
ajfa-4117	396	62	-482.45	-482.45	PUNCT
ajfa-4117	396	63	*	*	PUNCT
ajfa-4117	396	64	*	*	PUNCT
ajfa-4117	396	65	*	*	PUNCT
ajfa-4117	396	66	-409.35	-409.35	NOUN
ajfa-4117	396	67	*	*	PUNCT
ajfa-4117	396	68	*	*	PUNCT
ajfa-4117	396	69	*	*	PUNCT
ajfa-4117	396	70	(	(	PUNCT
ajfa-4117	396	71	-2.15	-2.15	NOUN
ajfa-4117	396	72	)	)	PUNCT
ajfa-4117	396	73	(	(	PUNCT
ajfa-4117	396	74	-6.44	-6.44	NUM
ajfa-4117	396	75	)	)	PUNCT
ajfa-4117	396	76	(	(	PUNCT
ajfa-4117	396	77	-6.15	-6.15	NOUN
ajfa-4117	396	78	)	)	PUNCT
ajfa-4117	396	79	(	(	PUNCT
ajfa-4117	396	80	-5.29	-5.29	NOUN
ajfa-4117	396	81	)	)	PUNCT
ajfa-4117	396	82	(	(	PUNCT
ajfa-4117	396	83	-1.69	-1.69	NOUN
ajfa-4117	396	84	)	)	PUNCT
ajfa-4117	396	85	(	(	PUNCT
ajfa-4117	396	86	-5.89	-5.89	NOUN
ajfa-4117	396	87	)	)	PUNCT
ajfa-4117	396	88	(	(	PUNCT
ajfa-4117	396	89	-5.28	-5.28	NOUN
ajfa-4117	396	90	)	)	PUNCT
ajfa-4117	396	91	(	(	PUNCT
ajfa-4117	396	92	-4.64	-4.64	X
ajfa-4117	396	93	)	)	PUNCT
ajfa-4117	396	94	cft	cft	NOUN
ajfa-4117	396	95	0.02	0.02	NUM
ajfa-4117	396	96	0.04	0.04	NUM
ajfa-4117	396	97	*	*	PUNCT
ajfa-4117	396	98	0.02	0.02	NUM
ajfa-4117	396	99	0.00	0.00	NUM
ajfa-4117	396	100	0.01	0.01	NUM
ajfa-4117	396	101	0.01	0.01	NUM
ajfa-4117	396	102	-0.02	-0.02	NUM
ajfa-4117	396	103	-0.02	-0.02	NUM
ajfa-4117	396	104	(	(	PUNCT
ajfa-4117	396	105	1.35	1.35	NUM
ajfa-4117	396	106	)	)	PUNCT
ajfa-4117	396	107	(	(	PUNCT
ajfa-4117	396	108	1.67	1.67	NUM
ajfa-4117	396	109	)	)	PUNCT
ajfa-4117	396	110	(	(	PUNCT
ajfa-4117	396	111	0.92	0.92	NUM
ajfa-4117	396	112	)	)	PUNCT
ajfa-4117	396	113	(	(	PUNCT
ajfa-4117	396	114	0.00	0.00	NUM
ajfa-4117	396	115	)	)	PUNCT
ajfa-4117	396	116	(	(	PUNCT
ajfa-4117	396	117	0.96	0.96	NUM
ajfa-4117	396	118	)	)	PUNCT
ajfa-4117	396	119	(	(	PUNCT
ajfa-4117	396	120	0.39	0.39	NUM
ajfa-4117	396	121	)	)	PUNCT
ajfa-4117	396	122	(	(	PUNCT
ajfa-4117	396	123	-1.00	-1.00	NOUN
ajfa-4117	396	124	)	)	PUNCT
ajfa-4117	396	125	(	(	PUNCT
ajfa-4117	396	126	-1.07	-1.07	NUM
ajfa-4117	396	127	)	)	PUNCT
ajfa-4117	396	128	qt-1	qt-1	NOUN
ajfa-4117	397	1	235.73	235.73	NUM
ajfa-4117	397	2	*	*	X
ajfa-4117	397	3	*	*	PUNCT
ajfa-4117	397	4	437.51	437.51	NUM
ajfa-4117	397	5	*	*	PUNCT
ajfa-4117	397	6	*	*	PUNCT
ajfa-4117	397	7	*	*	PUNCT
ajfa-4117	398	1	339.48	339.48	NUM
ajfa-4117	398	2	*	*	X
ajfa-4117	398	3	*	*	PUNCT
ajfa-4117	399	1	357.42	357.42	NUM
ajfa-4117	399	2	*	*	PUNCT
ajfa-4117	399	3	*	*	PUNCT
ajfa-4117	399	4	*	*	X
ajfa-4117	399	5	-4.75	-4.75	NUM
ajfa-4117	399	6	273.91	273.91	NUM
ajfa-4117	399	7	*	*	PUNCT
ajfa-4117	400	1	262.13	262.13	NUM
ajfa-4117	400	2	*	*	SYM
ajfa-4117	400	3	158.84	158.84	NUM
ajfa-4117	400	4	(	(	PUNCT
ajfa-4117	400	5	2.39	2.39	NUM
ajfa-4117	400	6	)	)	PUNCT
ajfa-4117	400	7	(	(	PUNCT
ajfa-4117	400	8	3.20	3.20	NUM
ajfa-4117	400	9	)	)	PUNCT
ajfa-4117	400	10	(	(	PUNCT
ajfa-4117	400	11	2.28	2.28	NUM
ajfa-4117	400	12	)	)	PUNCT
ajfa-4117	400	13	(	(	PUNCT
ajfa-4117	400	14	3.02	3.02	NUM
ajfa-4117	400	15	)	)	PUNCT
ajfa-4117	400	16	(	(	PUNCT
ajfa-4117	400	17	-0.05	-0.05	NUM
ajfa-4117	400	18	)	)	PUNCT
ajfa-4117	400	19	(	(	PUNCT
ajfa-4117	400	20	1.91	1.91	NUM
ajfa-4117	400	21	)	)	PUNCT
ajfa-4117	400	22	(	(	PUNCT
ajfa-4117	400	23	1.69	1.69	NUM
ajfa-4117	400	24	)	)	PUNCT
ajfa-4117	400	25	(	(	PUNCT
ajfa-4117	400	26	1.31	1.31	NUM
ajfa-4117	400	27	)	)	PUNCT
ajfa-4117	400	28	sizet	sizet	NOUN
ajfa-4117	400	29	0.05	0.05	NUM
ajfa-4117	400	30	*	*	PUNCT
ajfa-4117	400	31	*	*	PUNCT
ajfa-4117	400	32	*	*	PUNCT
ajfa-4117	400	33	0.08	0.08	NUM
ajfa-4117	400	34	*	*	PUNCT
ajfa-4117	400	35	*	*	PUNCT
ajfa-4117	400	36	*	*	PUNCT
ajfa-4117	400	37	0.08	0.08	NUM
ajfa-4117	400	38	*	*	PUNCT
ajfa-4117	400	39	*	*	PUNCT
ajfa-4117	400	40	*	*	PUNCT
ajfa-4117	401	1	0.07	0.07	NUM
ajfa-4117	401	2	*	*	PUNCT
ajfa-4117	401	3	*	*	PUNCT
ajfa-4117	401	4	*	*	PUNCT
ajfa-4117	401	5	0.03	0.03	NUM
ajfa-4117	401	6	*	*	PUNCT
ajfa-4117	401	7	*	*	PUNCT
ajfa-4117	401	8	*	*	PUNCT
ajfa-4117	401	9	0.07	0.07	NUM
ajfa-4117	401	10	*	*	PUNCT
ajfa-4117	401	11	*	*	PUNCT
ajfa-4117	401	12	*	*	PUNCT
ajfa-4117	401	13	0.07	0.07	NUM
ajfa-4117	401	14	*	*	PUNCT
ajfa-4117	401	15	*	*	PUNCT
ajfa-4117	401	16	*	*	PUNCT
ajfa-4117	401	17	0.05	0.05	NUM
ajfa-4117	401	18	*	*	PUNCT
ajfa-4117	401	19	*	*	PUNCT
ajfa-4117	401	20	*	*	PUNCT
ajfa-4117	401	21	(	(	PUNCT
ajfa-4117	401	22	23.05	23.05	NUM
ajfa-4117	401	23	)	)	PUNCT
ajfa-4117	401	24	(	(	PUNCT
ajfa-4117	401	25	21.50	21.50	NUM
ajfa-4117	401	26	)	)	PUNCT
ajfa-4117	401	27	(	(	PUNCT
ajfa-4117	401	28	21.61	21.61	NUM
ajfa-4117	401	29	)	)	PUNCT
ajfa-4117	401	30	(	(	PUNCT
ajfa-4117	401	31	22.99	22.99	NUM
ajfa-4117	401	32	)	)	PUNCT
ajfa-4117	401	33	(	(	PUNCT
ajfa-4117	401	34	13.62	13.62	NUM
ajfa-4117	401	35	)	)	PUNCT
ajfa-4117	401	36	(	(	PUNCT
ajfa-4117	401	37	16.86	16.86	NUM
ajfa-4117	401	38	)	)	PUNCT
ajfa-4117	401	39	(	(	PUNCT
ajfa-4117	401	40	17.66	17.66	NUM
ajfa-4117	401	41	)	)	PUNCT
ajfa-4117	401	42	(	(	PUNCT
ajfa-4117	401	43	16.61	16.61	NUM
ajfa-4117	401	44	)	)	PUNCT
ajfa-4117	401	45	intercept	intercept	NOUN
ajfa-4117	401	46	-7,207.59	-7,207.59	NUM
ajfa-4117	401	47	*	*	NOUN
ajfa-4117	401	48	*	*	PUNCT
ajfa-4117	401	49	*	*	PUNCT
ajfa-4117	401	50	-1,567.97	-1,567.97	NOUN
ajfa-4117	401	51	*	*	NOUN
ajfa-4117	401	52	*	*	PUNCT
ajfa-4117	401	53	*	*	PUNCT
ajfa-4117	401	54	-9,466.07	-9,466.07	PUNCT
ajfa-4117	401	55	*	*	PUNCT
ajfa-4117	401	56	*	*	PUNCT
ajfa-4117	401	57	*	*	PUNCT
ajfa-4117	401	58	-1,115.76	-1,115.76	PROPN
ajfa-4117	401	59	*	*	PUNCT
ajfa-4117	401	60	*	*	PUNCT
ajfa-4117	401	61	*	*	PUNCT
ajfa-4117	401	62	-11,300.38	-11,300.38	PUNCT
ajfa-4117	401	63	*	*	PUNCT
ajfa-4117	401	64	*	*	PUNCT
ajfa-4117	401	65	*	*	PUNCT
ajfa-4117	401	66	-2,066.27	-2,066.27	PROPN
ajfa-4117	401	67	*	*	PUNCT
ajfa-4117	401	68	*	*	PROPN
ajfa-4117	401	69	*	*	PUNCT
ajfa-4117	401	70	-16,679.46	-16,679.46	PUNCT
ajfa-4117	401	71	*	*	PUNCT
ajfa-4117	401	72	*	*	PUNCT
ajfa-4117	401	73	*	*	PUNCT
ajfa-4117	401	74	-1,738.95	-1,738.95	PROPN
ajfa-4117	401	75	*	*	PUNCT
ajfa-4117	401	76	*	*	PUNCT
ajfa-4117	401	77	*	*	PUNCT
ajfa-4117	401	78	(	(	PUNCT
ajfa-4117	401	79	-3.54	-3.54	NUM
ajfa-4117	401	80	)	)	PUNCT
ajfa-4117	401	81	(	(	PUNCT
ajfa-4117	401	82	-3.86	-3.86	NOUN
ajfa-4117	401	83	)	)	PUNCT
ajfa-4117	401	84	(	(	PUNCT
ajfa-4117	401	85	-4.83	-4.83	PROPN
ajfa-4117	401	86	)	)	PUNCT
ajfa-4117	401	87	(	(	PUNCT
ajfa-4117	401	88	-3.06	-3.06	NUM
ajfa-4117	401	89	)	)	PUNCT
ajfa-4117	401	90	(	(	PUNCT
ajfa-4117	401	91	-5.46	-5.46	NOUN
ajfa-4117	401	92	)	)	PUNCT
ajfa-4117	401	93	(	(	PUNCT
ajfa-4117	401	94	-4.87	-4.87	NUM
ajfa-4117	401	95	)	)	PUNCT
ajfa-4117	401	96	(	(	PUNCT
ajfa-4117	401	97	-8.16	-8.16	NOUN
ajfa-4117	401	98	)	)	PUNCT
ajfa-4117	401	99	(	(	PUNCT
ajfa-4117	401	100	-4.72	-4.72	NOUN
ajfa-4117	401	101	)	)	PUNCT
ajfa-4117	401	102	year	year	NOUN
ajfa-4117	401	103	dummies	dummy	NOUN
ajfa-4117	402	1	yes	yes	INTJ
ajfa-4117	403	1	no	no	INTJ
ajfa-4117	404	1	yes	yes	INTJ
ajfa-4117	404	2	yes	yes	INTJ
ajfa-4117	405	1	no	no	INTJ
ajfa-4117	406	1	yes	yes	INTJ
ajfa-4117	406	2	n	n	ADV
ajfa-4117	406	3	7,745	7,745	NUM
ajfa-4117	406	4	7,745	7,745	NUM
ajfa-4117	406	5	7,745	7,745	NUM
ajfa-4117	406	6	7,745	7,745	NUM
ajfa-4117	406	7	7,745	7,745	NUM
ajfa-4117	406	8	7,745	7,745	NUM
ajfa-4117	406	9	7,745	7,745	NUM
ajfa-4117	406	10	7,745	7,745	NUM
ajfa-4117	406	11	r2	r2	NOUN
ajfa-4117	406	12	0.18	0.18	NUM
ajfa-4117	406	13	0.09	0.09	NUM
ajfa-4117	406	14	0.10	0.10	NUM
ajfa-4117	406	15	0.07	0.07	NUM
ajfa-4117	406	16	0.06	0.06	NUM
ajfa-4117	406	17	0.07	0.07	NUM
ajfa-4117	406	18	this	this	DET
ajfa-4117	406	19	table	table	NOUN
ajfa-4117	406	20	examines	examine	VERB
ajfa-4117	406	21	whether	whether	SCONJ
ajfa-4117	406	22	ownership	ownership	NOUN
ajfa-4117	406	23	structure	structure	NOUN
ajfa-4117	406	24	moderates	moderate	VERB
ajfa-4117	406	25	the	the	DET
ajfa-4117	406	26	effect	effect	NOUN
ajfa-4117	406	27	of	of	ADP
ajfa-4117	406	28	investor	investor	NOUN
ajfa-4117	406	29	sentiment	sentiment	NOUN
ajfa-4117	406	30	on	on	ADP
ajfa-4117	406	31	new	new	ADJ
ajfa-4117	406	32	investment	investment	NOUN
ajfa-4117	406	33	and	and	CCONJ
ajfa-4117	406	34	over	over	ADP
ajfa-4117	406	35	-	-	PUNCT
ajfa-4117	406	36	investment	investment	NOUN
ajfa-4117	406	37	.	.	PUNCT
ajfa-4117	407	1	the	the	DET
ajfa-4117	407	2	independent	independent	ADJ
ajfa-4117	407	3	variables	variable	NOUN
ajfa-4117	407	4	include	include	VERB
ajfa-4117	407	5	sentiment	sentiment	NOUN
ajfa-4117	407	6	indexes	index	NOUN
ajfa-4117	407	7	(	(	PUNCT
ajfa-4117	407	8	sentit	sentit	NOUN
ajfa-4117	407	9	)	)	PUNCT
ajfa-4117	407	10	,	,	PUNCT
ajfa-4117	407	11	ownership	ownership	NOUN
ajfa-4117	407	12	structure	structure	NOUN
ajfa-4117	407	13	indexes	index	NOUN
ajfa-4117	407	14	(	(	PUNCT
ajfa-4117	407	15	cg	cg	NOUN
ajfa-4117	407	16	-	-	PUNCT
ajfa-4117	407	17	own	own	ADJ
ajfa-4117	407	18	t	t	NOUN
ajfa-4117	407	19	)	)	PUNCT
ajfa-4117	407	20	,	,	PUNCT
ajfa-4117	407	21	cash	cash	NOUN
ajfa-4117	407	22	flow	flow	NOUN
ajfa-4117	407	23	(	(	PUNCT
ajfa-4117	407	24	cft	cft	PROPN
ajfa-4117	407	25	)	)	PUNCT
ajfa-4117	407	26	,	,	PUNCT
ajfa-4117	407	27	tobin	tobin	PROPN
ajfa-4117	407	28	’s	’s	PART
ajfa-4117	407	29	q	q	X
ajfa-4117	407	30	(	(	PUNCT
ajfa-4117	407	31	qt-1	qt-1	NOUN
ajfa-4117	407	32	)	)	PUNCT
ajfa-4117	407	33	,	,	PUNCT
ajfa-4117	407	34	firm	firm	ADJ
ajfa-4117	407	35	size	size	NOUN
ajfa-4117	407	36	(	(	PUNCT
ajfa-4117	407	37	sizet	sizet	PROPN
ajfa-4117	407	38	)	)	PUNCT
ajfa-4117	407	39	and	and	CCONJ
ajfa-4117	407	40	the	the	DET
ajfa-4117	407	41	interaction	interaction	NOUN
ajfa-4117	407	42	term	term	NOUN
ajfa-4117	407	43	of	of	ADP
ajfa-4117	407	44	ownership	ownership	NOUN
ajfa-4117	407	45	structure	structure	NOUN
ajfa-4117	407	46	indexes	index	NOUN
ajfa-4117	407	47	and	and	CCONJ
ajfa-4117	407	48	sentiment	sentiment	NOUN
ajfa-4117	407	49	indexes(cg	indexes(cg	NOUN
ajfa-4117	407	50	-	-	PUNCT
ajfa-4117	407	51	own	own	ADJ
ajfa-4117	407	52	t	t	NOUN
ajfa-4117	407	53	*	*	PUNCT
ajfa-4117	407	54	sentit	sentit	NOUN
ajfa-4117	407	55	)	)	PUNCT
ajfa-4117	407	56	.	.	PUNCT
ajfa-4117	408	1	detailed	detailed	ADJ
ajfa-4117	408	2	definitions	definition	NOUN
ajfa-4117	408	3	of	of	ADP
ajfa-4117	408	4	the	the	DET
ajfa-4117	408	5	variables	variable	NOUN
ajfa-4117	408	6	are	be	AUX
ajfa-4117	408	7	given	give	VERB
ajfa-4117	408	8	in	in	ADP
ajfa-4117	408	9	table	table	NOUN
ajfa-4117	408	10	1	1	NUM
ajfa-4117	408	11	.	.	PUNCT
ajfa-4117	408	12	t	t	PROPN
ajfa-4117	408	13	-	-	PUNCT
ajfa-4117	408	14	statistics	statistic	NOUN
ajfa-4117	408	15	(	(	PUNCT
ajfa-4117	408	16	for	for	ADP
ajfa-4117	408	17	ols	ol	NOUN
ajfa-4117	408	18	and	and	CCONJ
ajfa-4117	408	19	fixed	fix	VERB
ajfa-4117	408	20	effects	effect	NOUN
ajfa-4117	408	21	models	model	NOUN
ajfa-4117	408	22	)	)	PUNCT
ajfa-4117	408	23	or	or	CCONJ
ajfa-4117	408	24	z	z	NOUN
ajfa-4117	408	25	-	-	PUNCT
ajfa-4117	408	26	statistics	statistic	NOUN
ajfa-4117	408	27	(	(	PUNCT
ajfa-4117	408	28	for	for	ADP
ajfa-4117	408	29	random	random	ADJ
ajfa-4117	408	30	effects	effect	NOUN
ajfa-4117	408	31	model	model	NOUN
ajfa-4117	408	32	)	)	PUNCT
ajfa-4117	408	33	are	be	AUX
ajfa-4117	408	34	reported	report	VERB
ajfa-4117	408	35	below	below	ADP
ajfa-4117	408	36	the	the	DET
ajfa-4117	408	37	estimated	estimate	VERB
ajfa-4117	408	38	coefficients	coefficient	NOUN
ajfa-4117	408	39	.	.	PUNCT
ajfa-4117	409	1	the	the	DET
ajfa-4117	409	2	symbols	symbol	NOUN
ajfa-4117	409	3	*	*	PUNCT
ajfa-4117	409	4	*	*	PUNCT
ajfa-4117	409	5	*	*	PUNCT
ajfa-4117	409	6	,	,	PUNCT
ajfa-4117	409	7	*	*	PUNCT
ajfa-4117	409	8	*	*	PUNCT
ajfa-4117	409	9	,	,	PUNCT
ajfa-4117	409	10	and	and	CCONJ
ajfa-4117	409	11	*	*	PUNCT
ajfa-4117	409	12	denote	denote	VERB
ajfa-4117	409	13	statistical	statistical	ADJ
ajfa-4117	409	14	significance	significance	NOUN
ajfa-4117	409	15	at	at	ADP
ajfa-4117	409	16	1	1	NUM
ajfa-4117	409	17	percent	percent	NOUN
ajfa-4117	409	18	,	,	PUNCT
ajfa-4117	409	19	5	5	NUM
ajfa-4117	409	20	percent	percent	NOUN
ajfa-4117	409	21	,	,	PUNCT
ajfa-4117	409	22	and	and	CCONJ
ajfa-4117	409	23	10	10	NUM
ajfa-4117	409	24	percent	percent	NOUN
ajfa-4117	409	25	levels	level	NOUN
ajfa-4117	409	26	respectively	respectively	ADV
ajfa-4117	409	27	.	.	PUNCT
ajfa-4117	410	1	asian	asian	ADJ
ajfa-4117	410	2	journal	journal	PROPN
ajfa-4117	410	3	of	of	ADP
ajfa-4117	410	4	finance	finance	PROPN
ajfa-4117	410	5	&	&	CCONJ
ajfa-4117	410	6	accounting	accounting	PROPN
ajfa-4117	410	7	issn	issn	PROPN
ajfa-4117	410	8	1946	1946	NUM
ajfa-4117	410	9	-	-	PUNCT
ajfa-4117	410	10	052x	052x	NOUN
ajfa-4117	410	11	2013	2013	NUM
ajfa-4117	410	12	,	,	PUNCT
ajfa-4117	410	13	vol	vol	NOUN
ajfa-4117	410	14	.	.	PROPN
ajfa-4117	410	15	5	5	NUM
ajfa-4117	410	16	,	,	PUNCT
ajfa-4117	410	17	no	no	INTJ
ajfa-4117	410	18	.	.	NOUN
ajfa-4117	410	19	2	2	NUM
ajfa-4117	410	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	410	21	120	120	NUM
ajfa-4117	410	22	table	table	NOUN
ajfa-4117	410	23	7	7	NUM
ajfa-4117	410	24	.	.	PUNCT
ajfa-4117	410	25	investor	investor	NOUN
ajfa-4117	410	26	sentiment	sentiment	NOUN
ajfa-4117	410	27	and	and	CCONJ
ajfa-4117	410	28	investment	investment	NOUN
ajfa-4117	410	29	decisions	decision	NOUN
ajfa-4117	410	30	–	–	PUNCT
ajfa-4117	410	31	the	the	DET
ajfa-4117	410	32	moderating	moderate	VERB
ajfa-4117	410	33	effect	effect	NOUN
ajfa-4117	410	34	of	of	ADP
ajfa-4117	410	35	corporate	corporate	ADJ
ajfa-4117	410	36	governance	governance	NOUN
ajfa-4117	410	37	(	(	PUNCT
ajfa-4117	410	38	1	1	NUM
ajfa-4117	410	39	)	)	PUNCT
ajfa-4117	410	40	(	(	PUNCT
ajfa-4117	410	41	2	2	NUM
ajfa-4117	410	42	)	)	PUNCT
ajfa-4117	410	43	(	(	PUNCT
ajfa-4117	410	44	3	3	X
ajfa-4117	410	45	)	)	PUNCT
ajfa-4117	410	46	(	(	PUNCT
ajfa-4117	410	47	4	4	NUM
ajfa-4117	410	48	)	)	PUNCT
ajfa-4117	410	49	(	(	PUNCT
ajfa-4117	410	50	5	5	NUM
ajfa-4117	410	51	)	)	PUNCT
ajfa-4117	410	52	(	(	PUNCT
ajfa-4117	410	53	6	6	NUM
ajfa-4117	410	54	)	)	PUNCT
ajfa-4117	410	55	(	(	PUNCT
ajfa-4117	410	56	7	7	NUM
ajfa-4117	410	57	)	)	PUNCT
ajfa-4117	410	58	(	(	PUNCT
ajfa-4117	410	59	8)	8)	NUM
ajfa-4117	410	60	dependent	dependent	ADJ
ajfa-4117	410	61	variable	variable	NOUN
ajfa-4117	410	62	=	=	PRON
ajfa-4117	410	63	invest	invest	VERB
ajfa-4117	410	64	dependent	dependent	ADJ
ajfa-4117	410	65	variable	variable	NOUN
ajfa-4117	410	66	=	=	SYM
ajfa-4117	410	67	overinvest	overinv	ADJ
ajfa-4117	410	68	ols	ol	NOUN
ajfa-4117	410	69	fixed	fix	VERB
ajfa-4117	410	70	effects	effect	NOUN
ajfa-4117	410	71	random	random	ADJ
ajfa-4117	410	72	ols	ol	NOUN
ajfa-4117	410	73	fixed	fix	VERB
ajfa-4117	410	74	effects	effect	NOUN
ajfa-4117	410	75	random	random	ADJ
ajfa-4117	410	76	effects	effect	NOUN
ajfa-4117	410	77	senti	senti	X
ajfa-4117	410	78	t	t	PROPN
ajfa-4117	410	79	3,498.15	3,498.15	NUM
ajfa-4117	410	80	*	*	PUNCT
ajfa-4117	410	81	*	*	PUNCT
ajfa-4117	410	82	*	*	PUNCT
ajfa-4117	410	83	1,335.07	1,335.07	NUM
ajfa-4117	410	84	*	*	PUNCT
ajfa-4117	410	85	*	*	PUNCT
ajfa-4117	410	86	*	*	PUNCT
ajfa-4117	410	87	4,931.71	4,931.71	NUM
ajfa-4117	410	88	*	*	PUNCT
ajfa-4117	410	89	*	*	PUNCT
ajfa-4117	410	90	*	*	X
ajfa-4117	410	91	1,199.68	1,199.68	NUM
ajfa-4117	410	92	*	*	PUNCT
ajfa-4117	410	93	*	*	PUNCT
ajfa-4117	410	94	*	*	PUNCT
ajfa-4117	410	95	4,879.97	4,879.97	NOUN
ajfa-4117	410	96	*	*	PUNCT
ajfa-4117	410	97	*	*	PUNCT
ajfa-4117	410	98	*	*	PUNCT
ajfa-4117	410	99	1,275.33	1,275.33	NUM
ajfa-4117	410	100	*	*	PUNCT
ajfa-4117	410	101	*	*	PUNCT
ajfa-4117	410	102	*	*	NOUN
ajfa-4117	410	103	8,112.15	8,112.15	NUM
ajfa-4117	410	104	*	*	NOUN
ajfa-4117	410	105	*	*	PUNCT
ajfa-4117	410	106	*	*	PUNCT
ajfa-4117	410	107	1,116.57	1,116.57	NUM
ajfa-4117	410	108	*	*	PUNCT
ajfa-4117	410	109	*	*	PUNCT
ajfa-4117	410	110	*	*	PUNCT
ajfa-4117	410	111	(	(	PUNCT
ajfa-4117	410	112	3.74	3.74	NUM
ajfa-4117	410	113	)	)	PUNCT
ajfa-4117	410	114	(	(	PUNCT
ajfa-4117	410	115	7.92	7.92	NUM
ajfa-4117	410	116	)	)	PUNCT
ajfa-4117	410	117	(	(	PUNCT
ajfa-4117	410	118	5.45	5.45	NUM
ajfa-4117	410	119	)	)	PUNCT
ajfa-4117	410	120	(	(	PUNCT
ajfa-4117	410	121	7.40	7.40	NUM
ajfa-4117	410	122	)	)	PUNCT
ajfa-4117	410	123	(	(	PUNCT
ajfa-4117	410	124	5.12	5.12	NUM
ajfa-4117	410	125	)	)	PUNCT
ajfa-4117	410	126	(	(	PUNCT
ajfa-4117	410	127	7.24	7.24	NUM
ajfa-4117	410	128	)	)	PUNCT
ajfa-4117	410	129	(	(	PUNCT
ajfa-4117	410	130	8.60	8.60	NUM
ajfa-4117	410	131	)	)	PUNCT
ajfa-4117	410	132	(	(	PUNCT
ajfa-4117	410	133	6.62	6.62	NUM
ajfa-4117	410	134	)	)	PUNCT
ajfa-4117	410	135	cgit	cgit	NOUN
ajfa-4117	410	136	243.14	243.14	NUM
ajfa-4117	410	137	*	*	PUNCT
ajfa-4117	410	138	*	*	PUNCT
ajfa-4117	410	139	*	*	PUNCT
ajfa-4117	410	140	-13.57	-13.57	PUNCT
ajfa-4117	410	141	-28.39	-28.39	ADP
ajfa-4117	410	142	236.80	236.80	NUM
ajfa-4117	410	143	*	*	X
ajfa-4117	410	144	*	*	X
ajfa-4117	410	145	436.97	436.97	NUM
ajfa-4117	410	146	*	*	PUNCT
ajfa-4117	410	147	*	*	PUNCT
ajfa-4117	410	148	*	*	PUNCT
ajfa-4117	410	149	63.50	63.50	NUM
ajfa-4117	410	150	84.40	84.40	NUM
ajfa-4117	410	151	379.12	379.12	NUM
ajfa-4117	410	152	*	*	PUNCT
ajfa-4117	410	153	*	*	PUNCT
ajfa-4117	410	154	*	*	PUNCT
ajfa-4117	410	155	(	(	PUNCT
ajfa-4117	410	156	3.50	3.50	NUM
ajfa-4117	410	157	)	)	PUNCT
ajfa-4117	410	158	(	(	PUNCT
ajfa-4117	410	159	-0.09	-0.09	NUM
ajfa-4117	410	160	)	)	PUNCT
ajfa-4117	410	161	(	(	PUNCT
ajfa-4117	410	162	-0.20	-0.20	NOUN
ajfa-4117	410	163	)	)	PUNCT
ajfa-4117	410	164	(	(	PUNCT
ajfa-4117	410	165	2.18	2.18	NUM
ajfa-4117	410	166	)	)	PUNCT
ajfa-4117	410	167	(	(	PUNCT
ajfa-4117	410	168	6.17	6.17	NUM
ajfa-4117	410	169	)	)	PUNCT
ajfa-4117	410	170	(	(	PUNCT
ajfa-4117	410	171	0.42	0.42	NUM
ajfa-4117	410	172	)	)	PUNCT
ajfa-4117	410	173	(	(	PUNCT
ajfa-4117	410	174	0.56	0.56	NUM
ajfa-4117	410	175	)	)	PUNCT
ajfa-4117	410	176	(	(	PUNCT
ajfa-4117	410	177	3.44	3.44	NUM
ajfa-4117	410	178	)	)	PUNCT
ajfa-4117	410	179	cgit*senti	cgit*senti	PROPN
ajfa-4117	410	180	t	t	PROPN
ajfa-4117	410	181	-212.33	-212.33	PROPN
ajfa-4117	410	182	*	*	PUNCT
ajfa-4117	410	183	*	*	PUNCT
ajfa-4117	410	184	*	*	PUNCT
ajfa-4117	411	1	-321.98	-321.98	PUNCT
ajfa-4117	411	2	*	*	PUNCT
ajfa-4117	411	3	*	*	PUNCT
ajfa-4117	411	4	*	*	PUNCT
ajfa-4117	412	1	-326.08	-326.08	PUNCT
ajfa-4117	412	2	*	*	PUNCT
ajfa-4117	412	3	*	*	PUNCT
ajfa-4117	412	4	*	*	PUNCT
ajfa-4117	413	1	-298.01	-298.01	ADJ
ajfa-4117	413	2	*	*	PUNCT
ajfa-4117	413	3	*	*	PUNCT
ajfa-4117	413	4	*	*	PUNCT
ajfa-4117	413	5	-199.00	-199.00	NOUN
ajfa-4117	413	6	*	*	PROPN
ajfa-4117	413	7	*	*	PUNCT
ajfa-4117	413	8	*	*	PUNCT
ajfa-4117	414	1	-326.10	-326.10	NOUN
ajfa-4117	414	2	*	*	PUNCT
ajfa-4117	414	3	*	*	PUNCT
ajfa-4117	414	4	*	*	PUNCT
ajfa-4117	415	1	-301.22	-301.22	NOUN
ajfa-4117	415	2	*	*	PUNCT
ajfa-4117	415	3	*	*	PUNCT
ajfa-4117	415	4	*	*	PUNCT
ajfa-4117	416	1	-296.74	-296.74	ADJ
ajfa-4117	416	2	*	*	PUNCT
ajfa-4117	416	3	*	*	PUNCT
ajfa-4117	416	4	*	*	PUNCT
ajfa-4117	416	5	(	(	PUNCT
ajfa-4117	416	6	-4.17	-4.17	NOUN
ajfa-4117	416	7	)	)	PUNCT
ajfa-4117	416	8	(	(	PUNCT
ajfa-4117	416	9	-6.41	-6.41	NOUN
ajfa-4117	416	10	)	)	PUNCT
ajfa-4117	416	11	(	(	PUNCT
ajfa-4117	416	12	-6.42	-6.42	NUM
ajfa-4117	416	13	)	)	PUNCT
ajfa-4117	416	14	(	(	PUNCT
ajfa-4117	416	15	-6.21	-6.21	NOUN
ajfa-4117	416	16	)	)	PUNCT
ajfa-4117	416	17	(	(	PUNCT
ajfa-4117	416	18	-3.84	-3.84	NUM
ajfa-4117	416	19	)	)	PUNCT
ajfa-4117	416	20	(	(	PUNCT
ajfa-4117	416	21	-6.21	-6.21	NOUN
ajfa-4117	416	22	)	)	PUNCT
ajfa-4117	416	23	(	(	PUNCT
ajfa-4117	416	24	-5.69	-5.69	NOUN
ajfa-4117	416	25	)	)	PUNCT
ajfa-4117	416	26	(	(	PUNCT
ajfa-4117	416	27	-5.94	-5.94	NUM
ajfa-4117	416	28	)	)	PUNCT
ajfa-4117	416	29	cft	cft	NOUN
ajfa-4117	416	30	0.02	0.02	NUM
ajfa-4117	416	31	0.04	0.04	NUM
ajfa-4117	416	32	*	*	PUNCT
ajfa-4117	416	33	0.02	0.02	NUM
ajfa-4117	416	34	-0.00	-0.00	NUM
ajfa-4117	416	35	0.01	0.01	NUM
ajfa-4117	416	36	0.01	0.01	NUM
ajfa-4117	416	37	-0.03	-0.03	NUM
ajfa-4117	416	38	-0.02	-0.02	NUM
ajfa-4117	416	39	(	(	PUNCT
ajfa-4117	416	40	1.12	1.12	NUM
ajfa-4117	416	41	)	)	PUNCT
ajfa-4117	416	42	(	(	PUNCT
ajfa-4117	416	43	1.70	1.70	NUM
ajfa-4117	416	44	)	)	PUNCT
ajfa-4117	416	45	(	(	PUNCT
ajfa-4117	416	46	0.93	0.93	NUM
ajfa-4117	416	47	)	)	PUNCT
ajfa-4117	416	48	(	(	PUNCT
ajfa-4117	416	49	-0.09	-0.09	NUM
ajfa-4117	416	50	)	)	PUNCT
ajfa-4117	416	51	(	(	PUNCT
ajfa-4117	416	52	0.76	0.76	NUM
ajfa-4117	416	53	)	)	PUNCT
ajfa-4117	416	54	(	(	PUNCT
ajfa-4117	416	55	0.40	0.40	NUM
ajfa-4117	416	56	)	)	PUNCT
ajfa-4117	416	57	(	(	PUNCT
ajfa-4117	416	58	-1.00	-1.00	NOUN
ajfa-4117	416	59	)	)	PUNCT
ajfa-4117	416	60	(	(	PUNCT
ajfa-4117	416	61	-1.19	-1.19	NOUN
ajfa-4117	416	62	)	)	PUNCT
ajfa-4117	416	63	qt-1	qt-1	NOUN
ajfa-4117	417	1	193.52	193.52	NUM
ajfa-4117	417	2	*	*	PUNCT
ajfa-4117	417	3	471.18	471.18	NUM
ajfa-4117	417	4	*	*	PUNCT
ajfa-4117	417	5	*	*	PUNCT
ajfa-4117	417	6	*	*	PUNCT
ajfa-4117	418	1	372.25	372.25	NUM
ajfa-4117	418	2	*	*	X
ajfa-4117	418	3	*	*	PUNCT
ajfa-4117	419	1	355.64	355.64	NUM
ajfa-4117	419	2	*	*	PUNCT
ajfa-4117	419	3	*	*	PUNCT
ajfa-4117	419	4	*	*	PUNCT
ajfa-4117	419	5	-73.29	-73.29	PROPN
ajfa-4117	419	6	308.82	308.82	NUM
ajfa-4117	419	7	*	*	PUNCT
ajfa-4117	419	8	*	*	PUNCT
ajfa-4117	420	1	293.86	293.86	NUM
ajfa-4117	420	2	*	*	SYM
ajfa-4117	420	3	147.65	147.65	NUM
ajfa-4117	420	4	(	(	PUNCT
ajfa-4117	420	5	1.95	1.95	NUM
ajfa-4117	420	6	)	)	PUNCT
ajfa-4117	420	7	(	(	PUNCT
ajfa-4117	420	8	3.44	3.44	NUM
ajfa-4117	420	9	)	)	PUNCT
ajfa-4117	420	10	(	(	PUNCT
ajfa-4117	420	11	2.50	2.50	NUM
ajfa-4117	420	12	)	)	PUNCT
ajfa-4117	420	13	(	(	PUNCT
ajfa-4117	420	14	3.00	3.00	NUM
ajfa-4117	420	15	)	)	PUNCT
ajfa-4117	420	16	(	(	PUNCT
ajfa-4117	420	17	-0.73	-0.73	X
ajfa-4117	420	18	)	)	PUNCT
ajfa-4117	420	19	(	(	PUNCT
ajfa-4117	420	20	2.16	2.16	NUM
ajfa-4117	420	21	)	)	PUNCT
ajfa-4117	420	22	(	(	PUNCT
ajfa-4117	420	23	1.89	1.89	NUM
ajfa-4117	420	24	)	)	PUNCT
ajfa-4117	420	25	(	(	PUNCT
ajfa-4117	420	26	1.21	1.21	NUM
ajfa-4117	420	27	)	)	PUNCT
ajfa-4117	420	28	sizet	sizet	VERB
ajfa-4117	420	29	0.05	0.05	NUM
ajfa-4117	420	30	*	*	PUNCT
ajfa-4117	420	31	*	*	PUNCT
ajfa-4117	420	32	*	*	PUNCT
ajfa-4117	420	33	0.08	0.08	NUM
ajfa-4117	420	34	*	*	PUNCT
ajfa-4117	420	35	*	*	PUNCT
ajfa-4117	420	36	*	*	PUNCT
ajfa-4117	420	37	0.08	0.08	NUM
ajfa-4117	420	38	*	*	PUNCT
ajfa-4117	420	39	*	*	PUNCT
ajfa-4117	420	40	*	*	PUNCT
ajfa-4117	421	1	0.07	0.07	NUM
ajfa-4117	421	2	*	*	PUNCT
ajfa-4117	421	3	*	*	PUNCT
ajfa-4117	421	4	*	*	PUNCT
ajfa-4117	421	5	0.03	0.03	NUM
ajfa-4117	421	6	*	*	PUNCT
ajfa-4117	421	7	*	*	PUNCT
ajfa-4117	421	8	*	*	PUNCT
ajfa-4117	421	9	0.07	0.07	NUM
ajfa-4117	421	10	*	*	PUNCT
ajfa-4117	421	11	*	*	PUNCT
ajfa-4117	421	12	*	*	PUNCT
ajfa-4117	421	13	0.07	0.07	NUM
ajfa-4117	421	14	*	*	PUNCT
ajfa-4117	421	15	*	*	PUNCT
ajfa-4117	421	16	*	*	PUNCT
ajfa-4117	421	17	0.05	0.05	NUM
ajfa-4117	421	18	*	*	PUNCT
ajfa-4117	421	19	*	*	PUNCT
ajfa-4117	421	20	*	*	PUNCT
ajfa-4117	421	21	(	(	PUNCT
ajfa-4117	421	22	23.34	23.34	NUM
ajfa-4117	421	23	)	)	PUNCT
ajfa-4117	421	24	(	(	PUNCT
ajfa-4117	421	25	21.60	21.60	NUM
ajfa-4117	421	26	)	)	PUNCT
ajfa-4117	421	27	(	(	PUNCT
ajfa-4117	421	28	21.74	21.74	NUM
ajfa-4117	421	29	)	)	PUNCT
ajfa-4117	421	30	(	(	PUNCT
ajfa-4117	421	31	23.23	23.23	NUM
ajfa-4117	421	32	)	)	PUNCT
ajfa-4117	421	33	(	(	PUNCT
ajfa-4117	421	34	13.83	13.83	NUM
ajfa-4117	421	35	)	)	PUNCT
ajfa-4117	421	36	(	(	PUNCT
ajfa-4117	421	37	16.94	16.94	NUM
ajfa-4117	421	38	)	)	PUNCT
ajfa-4117	421	39	(	(	PUNCT
ajfa-4117	421	40	17.73	17.73	NUM
ajfa-4117	421	41	)	)	PUNCT
ajfa-4117	421	42	(	(	PUNCT
ajfa-4117	421	43	16.85	16.85	NUM
ajfa-4117	421	44	)	)	PUNCT
ajfa-4117	421	45	intercept	intercept	NOUN
ajfa-4117	421	46	-7,355.65	-7,355.65	PRON
ajfa-4117	421	47	*	*	NOUN
ajfa-4117	421	48	*	*	PUNCT
ajfa-4117	421	49	*	*	PUNCT
ajfa-4117	421	50	-1,244.53	-1,244.53	NOUN
ajfa-4117	421	51	*	*	NOUN
ajfa-4117	421	52	*	*	PUNCT
ajfa-4117	421	53	-9,244.85	-9,244.85	PROPN
ajfa-4117	421	54	*	*	PUNCT
ajfa-4117	421	55	*	*	PUNCT
ajfa-4117	421	56	*	*	PUNCT
ajfa-4117	421	57	-1,622.35	-1,622.35	VERB
ajfa-4117	421	58	*	*	PUNCT
ajfa-4117	421	59	*	*	PUNCT
ajfa-4117	421	60	*	*	PUNCT
ajfa-4117	421	61	-10,824.03	-10,824.03	ADJ
ajfa-4117	421	62	*	*	PUNCT
ajfa-4117	421	63	*	*	PUNCT
ajfa-4117	421	64	*	*	PUNCT
ajfa-4117	421	65	-1,706.78	-1,706.78	PUNCT
ajfa-4117	421	66	*	*	PROPN
ajfa-4117	421	67	*	*	PROPN
ajfa-4117	421	68	*	*	PUNCT
ajfa-4117	421	69	-16,505.24	-16,505.24	NOUN
ajfa-4117	421	70	*	*	PUNCT
ajfa-4117	421	71	*	*	PUNCT
ajfa-4117	421	72	*	*	PUNCT
ajfa-4117	421	73	-2,233.97	-2,233.97	NOUN
ajfa-4117	421	74	*	*	PUNCT
ajfa-4117	421	75	*	*	PUNCT
ajfa-4117	421	76	*	*	PUNCT
ajfa-4117	421	77	(	(	PUNCT
ajfa-4117	421	78	-3.66	-3.66	NUM
ajfa-4117	421	79	)	)	PUNCT
ajfa-4117	421	80	(	(	PUNCT
ajfa-4117	421	81	-2.47	-2.47	X
ajfa-4117	421	82	)	)	PUNCT
ajfa-4117	421	83	(	(	PUNCT
ajfa-4117	421	84	-4.65	-4.65	NUM
ajfa-4117	421	85	)	)	PUNCT
ajfa-4117	421	86	(	(	PUNCT
ajfa-4117	421	87	-3.86	-3.86	NOUN
ajfa-4117	421	88	)	)	PUNCT
ajfa-4117	421	89	(	(	PUNCT
ajfa-4117	421	90	-5.28	-5.28	NOUN
ajfa-4117	421	91	)	)	PUNCT
ajfa-4117	421	92	(	(	PUNCT
ajfa-4117	421	93	-3.25	-3.25	NUM
ajfa-4117	421	94	)	)	PUNCT
ajfa-4117	421	95	(	(	PUNCT
ajfa-4117	421	96	-7.97	-7.97	NOUN
ajfa-4117	421	97	)	)	PUNCT
ajfa-4117	421	98	(	(	PUNCT
ajfa-4117	421	99	-5.27	-5.27	NOUN
ajfa-4117	421	100	)	)	PUNCT
ajfa-4117	421	101	year	year	NOUN
ajfa-4117	421	102	dummies	dummy	NOUN
ajfa-4117	422	1	yes	yes	INTJ
ajfa-4117	423	1	no	no	INTJ
ajfa-4117	424	1	yes	yes	INTJ
ajfa-4117	424	2	yes	yes	INTJ
ajfa-4117	425	1	no	no	INTJ
ajfa-4117	426	1	yes	yes	INTJ
ajfa-4117	426	2	n	n	ADV
ajfa-4117	426	3	7,745	7,745	NUM
ajfa-4117	426	4	7,745	7,745	NUM
ajfa-4117	426	5	7,745	7,745	NUM
ajfa-4117	426	6	7,745	7,745	NUM
ajfa-4117	426	7	7,745	7,745	NUM
ajfa-4117	426	8	7,745	7,745	NUM
ajfa-4117	426	9	7,745	7,745	NUM
ajfa-4117	426	10	7,745	7,745	NUM
ajfa-4117	426	11	r2	r2	NOUN
ajfa-4117	426	12	0.18	0.18	NUM
ajfa-4117	426	13	0.09	0.09	NUM
ajfa-4117	426	14	0.10	0.10	NUM
ajfa-4117	426	15	0.07	0.07	NUM
ajfa-4117	426	16	0.06	0.06	NUM
ajfa-4117	426	17	0.07	0.07	NUM
ajfa-4117	426	18	this	this	DET
ajfa-4117	426	19	table	table	NOUN
ajfa-4117	426	20	examines	examine	VERB
ajfa-4117	426	21	whether	whether	SCONJ
ajfa-4117	426	22	corporate	corporate	ADJ
ajfa-4117	426	23	governance	governance	NOUN
ajfa-4117	426	24	mechanisms	mechanism	NOUN
ajfa-4117	426	25	moderate	moderate	VERB
ajfa-4117	426	26	the	the	DET
ajfa-4117	426	27	effect	effect	NOUN
ajfa-4117	426	28	of	of	ADP
ajfa-4117	426	29	investor	investor	NOUN
ajfa-4117	426	30	sentiment	sentiment	NOUN
ajfa-4117	426	31	on	on	ADP
ajfa-4117	426	32	new	new	ADJ
ajfa-4117	426	33	investment	investment	NOUN
ajfa-4117	426	34	and	and	CCONJ
ajfa-4117	426	35	over	over	ADP
ajfa-4117	426	36	-	-	PUNCT
ajfa-4117	426	37	investment	investment	NOUN
ajfa-4117	426	38	.	.	PUNCT
ajfa-4117	427	1	the	the	DET
ajfa-4117	427	2	independent	independent	ADJ
ajfa-4117	427	3	variables	variable	NOUN
ajfa-4117	427	4	include	include	VERB
ajfa-4117	427	5	sentiment	sentiment	NOUN
ajfa-4117	427	6	indexes	index	NOUN
ajfa-4117	427	7	(	(	PUNCT
ajfa-4117	427	8	sentit	sentit	NOUN
ajfa-4117	427	9	)	)	PUNCT
ajfa-4117	427	10	,	,	PUNCT
ajfa-4117	427	11	corporate	corporate	ADJ
ajfa-4117	427	12	governance	governance	NOUN
ajfa-4117	427	13	composite	composite	ADJ
ajfa-4117	427	14	indexes	index	NOUN
ajfa-4117	427	15	(	(	PUNCT
ajfa-4117	427	16	cgit	cgit	NOUN
ajfa-4117	427	17	)	)	PUNCT
ajfa-4117	427	18	,	,	PUNCT
ajfa-4117	427	19	cash	cash	NOUN
ajfa-4117	427	20	flow	flow	NOUN
ajfa-4117	427	21	(	(	PUNCT
ajfa-4117	427	22	cft	cft	PROPN
ajfa-4117	427	23	)	)	PUNCT
ajfa-4117	427	24	,	,	PUNCT
ajfa-4117	427	25	tobin	tobin	PROPN
ajfa-4117	427	26	’s	’s	PART
ajfa-4117	427	27	q	q	X
ajfa-4117	427	28	(	(	PUNCT
ajfa-4117	427	29	qt-1	qt-1	NOUN
ajfa-4117	427	30	)	)	PUNCT
ajfa-4117	427	31	,	,	PUNCT
ajfa-4117	427	32	firm	firm	ADJ
ajfa-4117	427	33	size	size	NOUN
ajfa-4117	427	34	(	(	PUNCT
ajfa-4117	427	35	sizet	sizet	PROPN
ajfa-4117	427	36	)	)	PUNCT
ajfa-4117	427	37	and	and	CCONJ
ajfa-4117	427	38	the	the	DET
ajfa-4117	427	39	interaction	interaction	NOUN
ajfa-4117	427	40	term	term	NOUN
ajfa-4117	427	41	of	of	ADP
ajfa-4117	427	42	corporate	corporate	ADJ
ajfa-4117	427	43	governance	governance	NOUN
ajfa-4117	427	44	composite	composite	ADJ
ajfa-4117	427	45	indexes	index	NOUN
ajfa-4117	427	46	and	and	CCONJ
ajfa-4117	427	47	sentiment	sentiment	NOUN
ajfa-4117	427	48	indexes	index	NOUN
ajfa-4117	427	49	(	(	PUNCT
ajfa-4117	427	50	cgit	cgit	NOUN
ajfa-4117	427	51	*	*	PUNCT
ajfa-4117	427	52	sentit	sentit	NOUN
ajfa-4117	427	53	)	)	PUNCT
ajfa-4117	427	54	.	.	PUNCT
ajfa-4117	428	1	detailed	detailed	ADJ
ajfa-4117	428	2	definitions	definition	NOUN
ajfa-4117	428	3	of	of	ADP
ajfa-4117	428	4	the	the	DET
ajfa-4117	428	5	variables	variable	NOUN
ajfa-4117	428	6	are	be	AUX
ajfa-4117	428	7	given	give	VERB
ajfa-4117	428	8	in	in	ADP
ajfa-4117	428	9	table	table	NOUN
ajfa-4117	428	10	1	1	NUM
ajfa-4117	428	11	.	.	PUNCT
ajfa-4117	428	12	t	t	PROPN
ajfa-4117	428	13	-	-	PUNCT
ajfa-4117	428	14	statistics	statistic	NOUN
ajfa-4117	428	15	(	(	PUNCT
ajfa-4117	428	16	for	for	ADP
ajfa-4117	428	17	ols	ol	NOUN
ajfa-4117	428	18	and	and	CCONJ
ajfa-4117	428	19	fixed	fix	VERB
ajfa-4117	428	20	effects	effect	NOUN
ajfa-4117	428	21	models	model	NOUN
ajfa-4117	428	22	)	)	PUNCT
ajfa-4117	428	23	or	or	CCONJ
ajfa-4117	428	24	z	z	NOUN
ajfa-4117	428	25	-	-	PUNCT
ajfa-4117	428	26	statistics	statistic	NOUN
ajfa-4117	428	27	(	(	PUNCT
ajfa-4117	428	28	for	for	ADP
ajfa-4117	428	29	random	random	ADJ
ajfa-4117	428	30	effects	effect	NOUN
ajfa-4117	428	31	model	model	NOUN
ajfa-4117	428	32	)	)	PUNCT
ajfa-4117	428	33	are	be	AUX
ajfa-4117	428	34	reported	report	VERB
ajfa-4117	428	35	below	below	ADP
ajfa-4117	428	36	the	the	DET
ajfa-4117	428	37	estimated	estimate	VERB
ajfa-4117	428	38	coefficients	coefficient	NOUN
ajfa-4117	428	39	.	.	PUNCT
ajfa-4117	429	1	the	the	DET
ajfa-4117	429	2	symbols	symbol	NOUN
ajfa-4117	429	3	*	*	PUNCT
ajfa-4117	429	4	*	*	PUNCT
ajfa-4117	429	5	*	*	PUNCT
ajfa-4117	429	6	,	,	PUNCT
ajfa-4117	429	7	*	*	PUNCT
ajfa-4117	429	8	*	*	PUNCT
ajfa-4117	429	9	,	,	PUNCT
ajfa-4117	429	10	and	and	CCONJ
ajfa-4117	429	11	*	*	PUNCT
ajfa-4117	429	12	denote	denote	VERB
ajfa-4117	429	13	statistical	statistical	ADJ
ajfa-4117	429	14	significance	significance	NOUN
ajfa-4117	429	15	at	at	ADP
ajfa-4117	429	16	1	1	NUM
ajfa-4117	429	17	percent	percent	NOUN
ajfa-4117	429	18	,	,	PUNCT
ajfa-4117	429	19	5	5	NUM
ajfa-4117	429	20	percent	percent	NOUN
ajfa-4117	429	21	,	,	PUNCT
ajfa-4117	429	22	and	and	CCONJ
ajfa-4117	429	23	10	10	NUM
ajfa-4117	429	24	percent	percent	NOUN
ajfa-4117	429	25	levels	level	NOUN
ajfa-4117	429	26	respectively	respectively	ADV
ajfa-4117	429	27	.	.	PUNCT
ajfa-4117	430	1	asian	asian	ADJ
ajfa-4117	430	2	journal	journal	PROPN
ajfa-4117	430	3	of	of	ADP
ajfa-4117	430	4	finance	finance	PROPN
ajfa-4117	430	5	&	&	CCONJ
ajfa-4117	430	6	accounting	accounting	PROPN
ajfa-4117	430	7	issn	issn	PROPN
ajfa-4117	430	8	1946	1946	NUM
ajfa-4117	430	9	-	-	PUNCT
ajfa-4117	430	10	052x	052x	NOUN
ajfa-4117	430	11	2013	2013	NUM
ajfa-4117	430	12	,	,	PUNCT
ajfa-4117	430	13	vol	vol	NOUN
ajfa-4117	430	14	.	.	PROPN
ajfa-4117	430	15	5	5	NUM
ajfa-4117	430	16	,	,	PUNCT
ajfa-4117	430	17	no	no	INTJ
ajfa-4117	430	18	.	.	NOUN
ajfa-4117	430	19	2	2	NUM
ajfa-4117	430	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4117	430	21	121	121	NUM
ajfa-4117	430	22	5	5	NUM
ajfa-4117	430	23	.	.	PUNCT
ajfa-4117	430	24	conclusions	conclusion	NOUN
ajfa-4117	430	25	the	the	DET
ajfa-4117	430	26	contemporary	contemporary	ADJ
ajfa-4117	430	27	research	research	NOUN
ajfa-4117	430	28	of	of	ADP
ajfa-4117	430	29	behavioral	behavioral	ADJ
ajfa-4117	430	30	finance	finance	NOUN
ajfa-4117	430	31	suggests	suggest	VERB
ajfa-4117	430	32	that	that	SCONJ
ajfa-4117	430	33	managerial	managerial	ADJ
ajfa-4117	430	34	decision	decision	NOUN
ajfa-4117	430	35	-	-	PUNCT
ajfa-4117	430	36	making	making	NOUN
ajfa-4117	430	37	is	be	AUX
ajfa-4117	430	38	influenced	influence	VERB
ajfa-4117	430	39	by	by	ADP
ajfa-4117	430	40	investor	investor	NOUN
ajfa-4117	430	41	sentiment	sentiment	NOUN
ajfa-4117	430	42	.	.	PUNCT
ajfa-4117	431	1	the	the	DET
ajfa-4117	431	2	fluctuation	fluctuation	NOUN
ajfa-4117	431	3	of	of	ADP
ajfa-4117	431	4	investor	investor	NOUN
ajfa-4117	431	5	sentiment	sentiment	NOUN
ajfa-4117	431	6	can	can	AUX
ajfa-4117	431	7	affect	affect	VERB
ajfa-4117	431	8	a	a	DET
ajfa-4117	431	9	firm	firm	NOUN
ajfa-4117	431	10	’s	’s	PART
ajfa-4117	431	11	investment	investment	NOUN
ajfa-4117	431	12	levels	level	NOUN
ajfa-4117	431	13	through	through	ADP
ajfa-4117	431	14	the	the	DET
ajfa-4117	431	15	equity	equity	NOUN
ajfa-4117	431	16	financing	financing	NOUN
ajfa-4117	431	17	channel	channel	NOUN
ajfa-4117	431	18	or	or	CCONJ
ajfa-4117	431	19	the	the	DET
ajfa-4117	431	20	catering	catering	NOUN
ajfa-4117	431	21	channel	channel	NOUN
ajfa-4117	431	22	.	.	PUNCT
ajfa-4117	432	1	investment	investment	NOUN
ajfa-4117	432	2	decisions	decision	NOUN
ajfa-4117	432	3	that	that	PRON
ajfa-4117	432	4	are	be	AUX
ajfa-4117	432	5	not	not	PART
ajfa-4117	432	6	made	make	VERB
ajfa-4117	432	7	through	through	ADP
ajfa-4117	432	8	careful	careful	ADJ
ajfa-4117	432	9	assessment	assessment	NOUN
ajfa-4117	432	10	for	for	ADP
ajfa-4117	432	11	optimal	optimal	ADJ
ajfa-4117	432	12	investment	investment	NOUN
ajfa-4117	432	13	are	be	AUX
ajfa-4117	432	14	disadvantageous	disadvantageous	ADJ
ajfa-4117	432	15	to	to	ADP
ajfa-4117	432	16	firm	firm	ADJ
ajfa-4117	432	17	value	value	NOUN
ajfa-4117	432	18	and	and	CCONJ
ajfa-4117	432	19	shareholder	shareholder	NOUN
ajfa-4117	432	20	interest	interest	NOUN
ajfa-4117	432	21	.	.	PUNCT
ajfa-4117	433	1	the	the	DET
ajfa-4117	433	2	purpose	purpose	NOUN
ajfa-4117	433	3	of	of	ADP
ajfa-4117	433	4	this	this	DET
ajfa-4117	433	5	paper	paper	NOUN
ajfa-4117	433	6	is	be	AUX
ajfa-4117	433	7	to	to	PART
ajfa-4117	433	8	investigate	investigate	VERB
ajfa-4117	433	9	the	the	DET
ajfa-4117	433	10	impact	impact	NOUN
ajfa-4117	433	11	of	of	ADP
ajfa-4117	433	12	investor	investor	NOUN
ajfa-4117	433	13	sentiment	sentiment	NOUN
ajfa-4117	433	14	on	on	ADP
ajfa-4117	433	15	investment	investment	NOUN
ajfa-4117	433	16	decisions	decision	NOUN
ajfa-4117	433	17	,	,	PUNCT
ajfa-4117	433	18	including	include	VERB
ajfa-4117	433	19	the	the	DET
ajfa-4117	433	20	amount	amount	NOUN
ajfa-4117	433	21	of	of	ADP
ajfa-4117	433	22	new	new	ADJ
ajfa-4117	433	23	investment	investment	NOUN
ajfa-4117	433	24	and	and	CCONJ
ajfa-4117	433	25	over	over	ADP
ajfa-4117	433	26	-	-	PUNCT
ajfa-4117	433	27	investment	investment	NOUN
ajfa-4117	433	28	,	,	PUNCT
ajfa-4117	433	29	and	and	CCONJ
ajfa-4117	433	30	further	far	ADV
ajfa-4117	433	31	examine	examine	VERB
ajfa-4117	433	32	whether	whether	SCONJ
ajfa-4117	433	33	corporate	corporate	ADJ
ajfa-4117	433	34	governance	governance	NOUN
ajfa-4117	433	35	can	can	AUX
ajfa-4117	433	36	mitigate	mitigate	VERB
ajfa-4117	433	37	this	this	DET
ajfa-4117	433	38	impact	impact	NOUN
ajfa-4117	433	39	.	.	PUNCT
ajfa-4117	434	1	empirical	empirical	ADJ
ajfa-4117	434	2	results	result	NOUN
ajfa-4117	434	3	show	show	VERB
ajfa-4117	434	4	that	that	SCONJ
ajfa-4117	434	5	higher	high	ADJ
ajfa-4117	434	6	investor	investor	NOUN
ajfa-4117	434	7	optimism	optimism	NOUN
ajfa-4117	434	8	leads	lead	VERB
ajfa-4117	434	9	to	to	ADP
ajfa-4117	434	10	more	more	ADJ
ajfa-4117	434	11	new	new	ADJ
ajfa-4117	434	12	investment	investment	NOUN
ajfa-4117	434	13	and	and	CCONJ
ajfa-4117	434	14	over	over	ADP
ajfa-4117	434	15	-	-	PUNCT
ajfa-4117	434	16	investment	investment	NOUN
ajfa-4117	434	17	,	,	PUNCT
ajfa-4117	434	18	supporting	support	VERB
ajfa-4117	434	19	the	the	DET
ajfa-4117	434	20	argument	argument	NOUN
ajfa-4117	434	21	that	that	SCONJ
ajfa-4117	434	22	investor	investor	NOUN
ajfa-4117	434	23	sentiment	sentiment	NOUN
ajfa-4117	434	24	has	have	AUX
ajfa-4117	434	25	an	an	DET
ajfa-4117	434	26	adverse	adverse	ADJ
ajfa-4117	434	27	impact	impact	NOUN
ajfa-4117	434	28	on	on	ADP
ajfa-4117	434	29	investment	investment	NOUN
ajfa-4117	434	30	decisions	decision	NOUN
ajfa-4117	434	31	.	.	PUNCT
ajfa-4117	435	1	previous	previous	ADJ
ajfa-4117	435	2	research	research	NOUN
ajfa-4117	435	3	has	have	AUX
ajfa-4117	435	4	documented	document	VERB
ajfa-4117	435	5	that	that	SCONJ
ajfa-4117	435	6	such	such	ADJ
ajfa-4117	435	7	adverse	adverse	ADJ
ajfa-4117	435	8	impact	impact	NOUN
ajfa-4117	435	9	mainly	mainly	ADV
ajfa-4117	435	10	stems	stem	VERB
ajfa-4117	435	11	from	from	ADP
ajfa-4117	435	12	the	the	DET
ajfa-4117	435	13	agency	agency	NOUN
ajfa-4117	435	14	problem	problem	NOUN
ajfa-4117	435	15	.	.	PUNCT
ajfa-4117	436	1	generally	generally	ADV
ajfa-4117	436	2	,	,	PUNCT
ajfa-4117	436	3	a	a	DET
ajfa-4117	436	4	manager	manager	NOUN
ajfa-4117	436	5	's	's	PART
ajfa-4117	436	6	performance	performance	NOUN
ajfa-4117	436	7	is	be	AUX
ajfa-4117	436	8	evaluated	evaluate	VERB
ajfa-4117	436	9	primarily	primarily	ADV
ajfa-4117	436	10	by	by	ADP
ajfa-4117	436	11	the	the	DET
ajfa-4117	436	12	firm	firm	NOUN
ajfa-4117	436	13	’s	’s	PART
ajfa-4117	436	14	stock	stock	NOUN
ajfa-4117	436	15	price	price	NOUN
ajfa-4117	436	16	.	.	PUNCT
ajfa-4117	437	1	their	their	PRON
ajfa-4117	437	2	concern	concern	NOUN
ajfa-4117	437	3	of	of	ADP
ajfa-4117	437	4	personal	personal	ADJ
ajfa-4117	437	5	performance	performance	NOUN
ajfa-4117	437	6	,	,	PUNCT
ajfa-4117	437	7	salary	salary	NOUN
ajfa-4117	437	8	or	or	CCONJ
ajfa-4117	437	9	compensation	compensation	NOUN
ajfa-4117	437	10	may	may	AUX
ajfa-4117	437	11	drive	drive	VERB
ajfa-4117	437	12	them	they	PRON
ajfa-4117	437	13	to	to	PART
ajfa-4117	437	14	seek	seek	VERB
ajfa-4117	437	15	maximization	maximization	NOUN
ajfa-4117	437	16	of	of	ADP
ajfa-4117	437	17	the	the	DET
ajfa-4117	437	18	firm	firm	NOUN
ajfa-4117	437	19	’s	’s	PART
ajfa-4117	437	20	stock	stock	NOUN
ajfa-4117	437	21	price	price	NOUN
ajfa-4117	437	22	within	within	ADP
ajfa-4117	437	23	a	a	DET
ajfa-4117	437	24	short	short	ADJ
ajfa-4117	437	25	time	time	NOUN
ajfa-4117	437	26	(	(	PUNCT
ajfa-4117	437	27	grundy	grundy	PROPN
ajfa-4117	437	28	&	&	CCONJ
ajfa-4117	437	29	li	li	PROPN
ajfa-4117	437	30	,	,	PUNCT
ajfa-4117	437	31	2010	2010	NUM
ajfa-4117	437	32	)	)	PUNCT
ajfa-4117	437	33	.	.	PUNCT
ajfa-4117	438	1	therefore	therefore	ADV
ajfa-4117	438	2	,	,	PUNCT
ajfa-4117	438	3	when	when	SCONJ
ajfa-4117	438	4	investors	investor	NOUN
ajfa-4117	438	5	are	be	AUX
ajfa-4117	438	6	optimistic	optimistic	ADJ
ajfa-4117	438	7	,	,	PUNCT
ajfa-4117	438	8	managers	manager	NOUN
ajfa-4117	438	9	may	may	AUX
ajfa-4117	438	10	make	make	VERB
ajfa-4117	438	11	decisions	decision	NOUN
ajfa-4117	438	12	that	that	PRON
ajfa-4117	438	13	can	can	AUX
ajfa-4117	438	14	cause	cause	VERB
ajfa-4117	438	15	a	a	DET
ajfa-4117	438	16	short	short	ADJ
ajfa-4117	438	17	-	-	PUNCT
ajfa-4117	438	18	term	term	NOUN
ajfa-4117	438	19	boost	boost	NOUN
ajfa-4117	438	20	of	of	ADP
ajfa-4117	438	21	the	the	DET
ajfa-4117	438	22	firm	firm	NOUN
ajfa-4117	438	23	’s	’s	PART
ajfa-4117	438	24	price	price	NOUN
ajfa-4117	438	25	to	to	PART
ajfa-4117	438	26	cater	cater	VERB
ajfa-4117	438	27	to	to	ADP
ajfa-4117	438	28	investor	investor	NOUN
ajfa-4117	438	29	sentiment	sentiment	NOUN
ajfa-4117	438	30	.	.	PUNCT
ajfa-4117	439	1	however	however	ADV
ajfa-4117	439	2	,	,	PUNCT
ajfa-4117	439	3	such	such	ADJ
ajfa-4117	439	4	decisions	decision	NOUN
ajfa-4117	439	5	are	be	AUX
ajfa-4117	439	6	likely	likely	ADJ
ajfa-4117	439	7	to	to	PART
ajfa-4117	439	8	result	result	VERB
ajfa-4117	439	9	in	in	ADP
ajfa-4117	439	10	over	over	ADP
ajfa-4117	439	11	-	-	PUNCT
ajfa-4117	439	12	investment	investment	NOUN
ajfa-4117	439	13	.	.	PUNCT
ajfa-4117	440	1	on	on	ADP
ajfa-4117	440	2	the	the	DET
ajfa-4117	440	3	other	other	ADJ
ajfa-4117	440	4	hand	hand	NOUN
ajfa-4117	440	5	,	,	PUNCT
ajfa-4117	440	6	when	when	SCONJ
ajfa-4117	440	7	investors	investor	NOUN
ajfa-4117	440	8	are	be	AUX
ajfa-4117	440	9	optimistic	optimistic	ADJ
ajfa-4117	440	10	,	,	PUNCT
ajfa-4117	440	11	the	the	DET
ajfa-4117	440	12	cost	cost	NOUN
ajfa-4117	440	13	of	of	ADP
ajfa-4117	440	14	equity	equity	NOUN
ajfa-4117	440	15	financing	financing	NOUN
ajfa-4117	440	16	can	can	AUX
ajfa-4117	440	17	be	be	AUX
ajfa-4117	440	18	lower	low	ADJ
ajfa-4117	440	19	.	.	PUNCT
ajfa-4117	441	1	managers	manager	NOUN
ajfa-4117	441	2	are	be	AUX
ajfa-4117	441	3	likely	likely	ADJ
ajfa-4117	441	4	to	to	PART
ajfa-4117	441	5	obtain	obtain	VERB
ajfa-4117	441	6	more	more	ADJ
ajfa-4117	441	7	finance	finance	NOUN
ajfa-4117	441	8	than	than	SCONJ
ajfa-4117	441	9	needed	need	VERB
ajfa-4117	441	10	.	.	PUNCT
ajfa-4117	442	1	the	the	DET
ajfa-4117	442	2	excessive	excessive	ADJ
ajfa-4117	442	3	cash	cash	NOUN
ajfa-4117	442	4	flow	flow	NOUN
ajfa-4117	442	5	will	will	AUX
ajfa-4117	442	6	reduce	reduce	VERB
ajfa-4117	442	7	the	the	DET
ajfa-4117	442	8	efficiency	efficiency	NOUN
ajfa-4117	442	9	of	of	ADP
ajfa-4117	442	10	firm	firm	ADJ
ajfa-4117	442	11	management	management	NOUN
ajfa-4117	442	12	and	and	CCONJ
ajfa-4117	442	13	investment	investment	NOUN
ajfa-4117	442	14	,	,	PUNCT
ajfa-4117	442	15	causing	cause	VERB
ajfa-4117	442	16	over	over	ADP
ajfa-4117	442	17	-	-	PUNCT
ajfa-4117	442	18	investment	investment	NOUN
ajfa-4117	442	19	(	(	PUNCT
ajfa-4117	442	20	harford	harford	NOUN
ajfa-4117	442	21	,	,	PUNCT
ajfa-4117	442	22	1999	1999	NUM
ajfa-4117	442	23	;	;	PUNCT
ajfa-4117	442	24	jensen	jensen	PROPN
ajfa-4117	442	25	,	,	PUNCT
ajfa-4117	442	26	1986	1986	NUM
ajfa-4117	442	27	;	;	PUNCT
ajfa-4117	442	28	opler	opler	ADJ
ajfa-4117	442	29	,	,	PUNCT
ajfa-4117	442	30	pinkowitz	pinkowitz	NOUN
ajfa-4117	442	31	,	,	PUNCT
ajfa-4117	442	32	stulz	stulz	ADJ
ajfa-4117	442	33	,	,	PUNCT
ajfa-4117	442	34	&	&	CCONJ
ajfa-4117	442	35	williamson	williamson	PROPN
ajfa-4117	442	36	,	,	PUNCT
ajfa-4117	442	37	1999	1999	NUM
ajfa-4117	442	38	,	,	PUNCT
ajfa-4117	442	39	2001	2001	NUM
ajfa-4117	442	40	)	)	PUNCT
ajfa-4117	442	41	.	.	PUNCT
ajfa-4117	443	1	all	all	DET
ajfa-4117	443	2	these	these	DET
ajfa-4117	443	3	problems	problem	NOUN
ajfa-4117	443	4	can	can	AUX
ajfa-4117	443	5	affect	affect	VERB
ajfa-4117	443	6	a	a	DET
ajfa-4117	443	7	firm	firm	NOUN
ajfa-4117	443	8	’s	’s	PART
ajfa-4117	443	9	resource	resource	NOUN
ajfa-4117	443	10	allocation	allocation	NOUN
ajfa-4117	443	11	and	and	CCONJ
ajfa-4117	443	12	jeopardize	jeopardize	VERB
ajfa-4117	443	13	the	the	DET
ajfa-4117	443	14	interest	interest	NOUN
ajfa-4117	443	15	of	of	ADP
ajfa-4117	443	16	the	the	DET
ajfa-4117	443	17	firm	firm	NOUN
ajfa-4117	443	18	and	and	CCONJ
ajfa-4117	443	19	shareholders	shareholder	NOUN
ajfa-4117	443	20	.	.	PUNCT
ajfa-4117	444	1	finally	finally	ADV
ajfa-4117	444	2	,	,	PUNCT
ajfa-4117	444	3	the	the	DET
ajfa-4117	444	4	empirical	empirical	ADJ
ajfa-4117	444	5	evidence	evidence	NOUN
ajfa-4117	444	6	confirms	confirm	VERB
ajfa-4117	444	7	that	that	SCONJ
ajfa-4117	444	8	corporate	corporate	ADJ
ajfa-4117	444	9	governance	governance	NOUN
ajfa-4117	444	10	can	can	AUX
ajfa-4117	444	11	mitigate	mitigate	VERB
ajfa-4117	444	12	the	the	DET
ajfa-4117	444	13	adverse	adverse	ADJ
ajfa-4117	444	14	impact	impact	NOUN
ajfa-4117	444	15	of	of	ADP
ajfa-4117	444	16	investor	investor	NOUN
ajfa-4117	444	17	sentiment	sentiment	NOUN
ajfa-4117	444	18	on	on	ADP
ajfa-4117	444	19	investment	investment	NOUN
ajfa-4117	444	20	decisions	decision	NOUN
ajfa-4117	444	21	.	.	PUNCT
ajfa-4117	445	1	in	in	ADP
ajfa-4117	445	2	the	the	DET
ajfa-4117	445	3	presence	presence	NOUN
ajfa-4117	445	4	of	of	ADP
ajfa-4117	445	5	sound	sound	ADJ
ajfa-4117	445	6	corporate	corporate	ADJ
ajfa-4117	445	7	governance	governance	NOUN
ajfa-4117	445	8	mechanisms	mechanism	NOUN
ajfa-4117	445	9	,	,	PUNCT
ajfa-4117	445	10	the	the	DET
ajfa-4117	445	11	impact	impact	NOUN
ajfa-4117	445	12	of	of	ADP
ajfa-4117	445	13	investor	investor	NOUN
ajfa-4117	445	14	sentiment	sentiment	NOUN
ajfa-4117	445	15	on	on	ADP
ajfa-4117	445	16	new	new	ADJ
ajfa-4117	445	17	investment	investment	NOUN
ajfa-4117	445	18	and	and	CCONJ
ajfa-4117	445	19	over	over	ADP
ajfa-4117	445	20	-	-	PUNCT
ajfa-4117	445	21	investment	investment	NOUN
ajfa-4117	445	22	is	be	AUX
ajfa-4117	445	23	smaller	small	ADJ
ajfa-4117	445	24	.	.	PUNCT
ajfa-4117	446	1	sound	sound	ADJ
ajfa-4117	446	2	corporate	corporate	ADJ
ajfa-4117	446	3	governance	governance	NOUN
ajfa-4117	446	4	mechanisms	mechanism	NOUN
ajfa-4117	446	5	can	can	AUX
ajfa-4117	446	6	motivate	motivate	VERB
ajfa-4117	446	7	board	board	NOUN
ajfa-4117	446	8	members	member	NOUN
ajfa-4117	446	9	to	to	PART
ajfa-4117	446	10	perform	perform	VERB
ajfa-4117	446	11	their	their	PRON
ajfa-4117	446	12	monitoring	monitoring	NOUN
ajfa-4117	446	13	function	function	NOUN
ajfa-4117	446	14	,	,	PUNCT
ajfa-4117	446	15	reduce	reduce	VERB
ajfa-4117	446	16	controlling	control	VERB
ajfa-4117	446	17	shareholders	shareholder	NOUN
ajfa-4117	446	18	’	'	PUNCT
ajfa-4117	446	19	expropriation	expropriation	NOUN
ajfa-4117	446	20	intention	intention	NOUN
ajfa-4117	446	21	,	,	PUNCT
ajfa-4117	446	22	and	and	CCONJ
ajfa-4117	446	23	supervisor	supervisor	NOUN
ajfa-4117	446	24	firm	firm	ADJ
ajfa-4117	446	25	decisions	decision	NOUN
ajfa-4117	446	26	effectively	effectively	ADV
ajfa-4117	446	27	and	and	CCONJ
ajfa-4117	446	28	independently	independently	ADV
ajfa-4117	446	29	.	.	PUNCT
ajfa-4117	447	1	in	in	ADP
ajfa-4117	447	2	the	the	DET
ajfa-4117	447	3	presence	presence	NOUN
ajfa-4117	447	4	of	of	ADP
ajfa-4117	447	5	sound	sound	ADJ
ajfa-4117	447	6	corporate	corporate	ADJ
ajfa-4117	447	7	governance	governance	NOUN
ajfa-4117	447	8	mechanisms	mechanism	NOUN
ajfa-4117	447	9	,	,	PUNCT
ajfa-4117	447	10	managers	manager	NOUN
ajfa-4117	447	11	will	will	AUX
ajfa-4117	447	12	be	be	AUX
ajfa-4117	447	13	less	less	ADV
ajfa-4117	447	14	likely	likely	ADJ
ajfa-4117	447	15	to	to	PART
ajfa-4117	447	16	be	be	AUX
ajfa-4117	447	17	motivated	motivate	VERB
ajfa-4117	447	18	by	by	ADP
ajfa-4117	447	19	self	self	NOUN
ajfa-4117	447	20	-	-	PUNCT
ajfa-4117	447	21	interest	interest	NOUN
ajfa-4117	447	22	to	to	PART
ajfa-4117	447	23	overly	overly	ADV
ajfa-4117	447	24	cater	cater	VERB
ajfa-4117	447	25	to	to	ADP
ajfa-4117	447	26	investor	investor	NOUN
ajfa-4117	447	27	sentiment	sentiment	NOUN
ajfa-4117	447	28	or	or	CCONJ
ajfa-4117	447	29	by	by	ADP
ajfa-4117	447	30	market	market	NOUN
ajfa-4117	447	31	timing	timing	NOUN
ajfa-4117	447	32	considerations	consideration	NOUN
ajfa-4117	447	33	to	to	PART
ajfa-4117	447	34	acquire	acquire	VERB
ajfa-4117	447	35	too	too	ADV
ajfa-4117	447	36	much	much	ADJ
ajfa-4117	447	37	cash	cash	NOUN
ajfa-4117	447	38	flow	flow	NOUN
ajfa-4117	447	39	that	that	PRON
ajfa-4117	447	40	results	result	VERB
ajfa-4117	447	41	in	in	ADP
ajfa-4117	447	42	a	a	DET
ajfa-4117	447	43	waste	waste	NOUN
ajfa-4117	447	44	of	of	ADP
ajfa-4117	447	45	resources	resource	NOUN
ajfa-4117	447	46	or	or	CCONJ
ajfa-4117	447	47	over	over	ADP
ajfa-4117	447	48	-	-	PUNCT
ajfa-4117	447	49	investment	investment	NOUN
ajfa-4117	447	50	.	.	PUNCT
ajfa-4117	448	1	in	in	ADP
ajfa-4117	448	2	order	order	NOUN
ajfa-4117	448	3	to	to	PART
ajfa-4117	448	4	increase	increase	VERB
ajfa-4117	448	5	firm	firm	ADJ
ajfa-4117	448	6	value	value	NOUN
ajfa-4117	448	7	,	,	PUNCT
ajfa-4117	448	8	firms	firm	NOUN
ajfa-4117	448	9	should	should	AUX
ajfa-4117	448	10	reinforce	reinforce	VERB
ajfa-4117	448	11	their	their	PRON
ajfa-4117	448	12	corporate	corporate	ADJ
ajfa-4117	448	13	governance	governance	NOUN
ajfa-4117	448	14	mechanisms	mechanism	NOUN
ajfa-4117	448	15	,	,	PUNCT
ajfa-4117	448	16	strengthen	strengthen	VERB
ajfa-4117	448	17	the	the	DET
ajfa-4117	448	18	monitoring	monitoring	NOUN
ajfa-4117	448	19	function	function	NOUN
ajfa-4117	448	20	of	of	ADP
ajfa-4117	448	21	the	the	DET
ajfa-4117	448	22	board	board	NOUN
ajfa-4117	448	23	,	,	PUNCT
ajfa-4117	448	24	and	and	CCONJ
ajfa-4117	448	25	improve	improve	VERB
ajfa-4117	448	26	the	the	DET
ajfa-4117	448	27	effectiveness	effectiveness	NOUN
ajfa-4117	448	28	of	of	ADP
ajfa-4117	448	29	their	their	PRON
ajfa-4117	448	30	ownership	ownership	NOUN
ajfa-4117	448	31	structure	structure	NOUN
ajfa-4117	448	32	to	to	PART
ajfa-4117	448	33	inhibit	inhibit	VERB
ajfa-4117	448	34	self	self	NOUN
ajfa-4117	448	35	-	-	PUNCT
ajfa-4117	448	36	serving	serve	VERB
ajfa-4117	448	37	or	or	CCONJ
ajfa-4117	448	38	opportunistic	opportunistic	ADJ
ajfa-4117	448	39	behavior	behavior	NOUN
ajfa-4117	448	40	of	of	ADP
ajfa-4117	448	41	managers	manager	NOUN
ajfa-4117	448	42	and	and	CCONJ
ajfa-4117	448	43	mitigate	mitigate	VERB
ajfa-4117	448	44	the	the	DET
ajfa-4117	448	45	adverse	adverse	ADJ
ajfa-4117	448	46	impact	impact	NOUN
ajfa-4117	448	47	of	of	ADP
ajfa-4117	448	48	investor	investor	NOUN
ajfa-4117	448	49	sentiment	sentiment	NOUN
ajfa-4117	448	50	on	on	ADP
ajfa-4117	448	51	their	their	PRON
ajfa-4117	448	52	investment	investment	NOUN
ajfa-4117	448	53	decisions	decision	NOUN
ajfa-4117	448	54	.	.	PUNCT
ajfa-4117	449	1	references	reference	NOUN
ajfa-4117	449	2	agrawal	agrawal	PROPN
ajfa-4117	449	3	,	,	PUNCT
ajfa-4117	449	4	a.	a.	NOUN
ajfa-4117	449	5	,	,	PUNCT
ajfa-4117	449	6	&	&	CCONJ
ajfa-4117	449	7	knoeber	knoeber	PROPN
ajfa-4117	449	8	,	,	PUNCT
ajfa-4117	449	9	c.	c.	PROPN
ajfa-4117	449	10	r.	r.	PROPN
ajfa-4117	449	11	(	(	PUNCT
ajfa-4117	449	12	1996	1996	NUM
ajfa-4117	449	13	)	)	PUNCT
ajfa-4117	449	14	.	.	PUNCT
ajfa-4117	450	1	firm	firm	ADJ
ajfa-4117	450	2	performance	performance	NOUN
ajfa-4117	450	3	and	and	CCONJ
ajfa-4117	450	4	mechanisms	mechanism	NOUN
ajfa-4117	450	5	to	to	PART
ajfa-4117	450	6	control	control	VERB
ajfa-4117	450	7	agency	agency	NOUN
ajfa-4117	450	8	problems	problem	NOUN
ajfa-4117	450	9	between	between	ADP
ajfa-4117	450	10	managers	manager	NOUN
ajfa-4117	450	11	and	and	CCONJ
ajfa-4117	450	12	shareholders	shareholder	NOUN
ajfa-4117	450	13	.	.	PUNCT
ajfa-4117	451	1	the	the	DET
ajfa-4117	451	2	journal	journal	NOUN
ajfa-4117	451	3	of	of	ADP
ajfa-4117	451	4	financial	financial	ADJ
ajfa-4117	451	5	and	and	CCONJ
ajfa-4117	451	6	quantitative	quantitative	ADJ
ajfa-4117	451	7	analysis	analysis	NOUN
ajfa-4117	451	8	,	,	PUNCT
ajfa-4117	451	9	31(3	31(3	NUM
ajfa-4117	451	10	)	)	PUNCT
ajfa-4117	451	11	,	,	PUNCT
ajfa-4117	451	12	377	377	NUM
ajfa-4117	451	13	-	-	SYM
ajfa-4117	451	14	397	397	NUM
ajfa-4117	451	15	.	.	PUNCT
ajfa-4117	452	1	http://dx.doi.org/10.2307/2331397	http://dx.doi.org/10.2307/2331397	PROPN
ajfa-4117	452	2	asian	asian	PROPN
ajfa-4117	452	3	journal	journal	PROPN
ajfa-4117	452	4	of	of	ADP
ajfa-4117	452	5	finance	finance	PROPN
ajfa-4117	452	6	&	&	CCONJ
ajfa-4117	452	7	accounting	accounting	PROPN
ajfa-4117	452	8	issn	issn	PROPN
ajfa-4117	452	9	1946	1946	NUM
ajfa-4117	452	10	-	-	PUNCT
ajfa-4117	452	11	052x	052x	NOUN
ajfa-4117	452	12	2013	2013	NUM
ajfa-4117	452	13	,	,	PUNCT
ajfa-4117	452	14	vol	vol	NOUN
ajfa-4117	452	15	.	.	PROPN
ajfa-4117	452	16	5	5	NUM
ajfa-4117	452	17	,	,	PUNCT
ajfa-4117	452	18	no	no	INTJ
ajfa-4117	452	19	.	.	NOUN
ajfa-4117	452	20	2	2	NUM
ajfa-4117	452	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	452	22	122	122	NUM
ajfa-4117	452	23	baker	baker	NOUN
ajfa-4117	452	24	,	,	PUNCT
ajfa-4117	452	25	m.	m.	NOUN
ajfa-4117	452	26	,	,	PUNCT
ajfa-4117	452	27	&	&	CCONJ
ajfa-4117	452	28	stein	stein	PROPN
ajfa-4117	452	29	,	,	PUNCT
ajfa-4117	452	30	j.	j.	PROPN
ajfa-4117	452	31	c.	c.	PROPN
ajfa-4117	452	32	(	(	PUNCT
ajfa-4117	452	33	2004	2004	NUM
ajfa-4117	452	34	)	)	PUNCT
ajfa-4117	452	35	.	.	PUNCT
ajfa-4117	453	1	market	market	NOUN
ajfa-4117	453	2	liquidity	liquidity	NOUN
ajfa-4117	453	3	as	as	ADP
ajfa-4117	453	4	a	a	DET
ajfa-4117	453	5	sentiment	sentiment	NOUN
ajfa-4117	453	6	indicator	indicator	NOUN
ajfa-4117	453	7	.	.	PUNCT
ajfa-4117	454	1	journal	journal	PROPN
ajfa-4117	454	2	of	of	ADP
ajfa-4117	454	3	financial	financial	ADJ
ajfa-4117	454	4	markets	market	NOUN
ajfa-4117	454	5	,	,	PUNCT
ajfa-4117	454	6	7(3	7(3	NUM
ajfa-4117	454	7	)	)	PUNCT
ajfa-4117	454	8	,	,	PUNCT
ajfa-4117	454	9	271	271	NUM
ajfa-4117	454	10	-	-	SYM
ajfa-4117	454	11	299	299	NUM
ajfa-4117	454	12	.	.	PUNCT
ajfa-4117	455	1	http://dx.doi.org/10.1016/j.finmar.2003.11.005	http://dx.doi.org/10.1016/j.finmar.2003.11.005	PROPN
ajfa-4117	455	2	baker	baker	PROPN
ajfa-4117	455	3	,	,	PUNCT
ajfa-4117	455	4	m.	m.	NOUN
ajfa-4117	455	5	,	,	PUNCT
ajfa-4117	455	6	stein	stein	PROPN
ajfa-4117	455	7	,	,	PUNCT
ajfa-4117	455	8	j.	j.	PROPN
ajfa-4117	455	9	c.	c.	PROPN
ajfa-4117	455	10	,	,	PUNCT
ajfa-4117	455	11	&	&	CCONJ
ajfa-4117	455	12	wurgler	wurgler	PROPN
ajfa-4117	455	13	,	,	PUNCT
ajfa-4117	455	14	j.	j.	PROPN
ajfa-4117	455	15	(	(	PUNCT
ajfa-4117	455	16	2003	2003	NUM
ajfa-4117	455	17	)	)	PUNCT
ajfa-4117	455	18	.	.	PUNCT
ajfa-4117	456	1	when	when	SCONJ
ajfa-4117	456	2	does	do	AUX
ajfa-4117	456	3	the	the	DET
ajfa-4117	456	4	market	market	NOUN
ajfa-4117	456	5	matter	matter	NOUN
ajfa-4117	456	6	?	?	PUNCT
ajfa-4117	457	1	stock	stock	NOUN
ajfa-4117	457	2	prices	price	NOUN
ajfa-4117	457	3	and	and	CCONJ
ajfa-4117	457	4	the	the	DET
ajfa-4117	457	5	investment	investment	NOUN
ajfa-4117	457	6	of	of	ADP
ajfa-4117	457	7	equity	equity	NOUN
ajfa-4117	457	8	-	-	PUNCT
ajfa-4117	457	9	dependent	dependent	ADJ
ajfa-4117	457	10	firms	firm	NOUN
ajfa-4117	457	11	.	.	PUNCT
ajfa-4117	458	1	the	the	DET
ajfa-4117	458	2	quarterly	quarterly	ADJ
ajfa-4117	458	3	journal	journal	NOUN
ajfa-4117	458	4	of	of	ADP
ajfa-4117	458	5	economics	economic	NOUN
ajfa-4117	458	6	,	,	PUNCT
ajfa-4117	458	7	118(3	118(3	NUM
ajfa-4117	458	8	)	)	PUNCT
ajfa-4117	458	9	,	,	PUNCT
ajfa-4117	458	10	969	969	NUM
ajfa-4117	458	11	-	-	SYM
ajfa-4117	458	12	1005	1005	NUM
ajfa-4117	458	13	.	.	PUNCT
ajfa-4117	459	1	http://dx.doi.org/10.1162/00335530360698478	http://dx.doi.org/10.1162/00335530360698478	PROPN
ajfa-4117	459	2	baker	baker	PROPN
ajfa-4117	459	3	,	,	PUNCT
ajfa-4117	459	4	m.	m.	NOUN
ajfa-4117	459	5	,	,	PUNCT
ajfa-4117	459	6	&	&	CCONJ
ajfa-4117	459	7	wurgler	wurgler	PROPN
ajfa-4117	459	8	,	,	PUNCT
ajfa-4117	459	9	j.	j.	PROPN
ajfa-4117	459	10	(	(	PUNCT
ajfa-4117	459	11	2002	2002	NUM
ajfa-4117	459	12	)	)	PUNCT
ajfa-4117	459	13	.	.	PUNCT
ajfa-4117	460	1	market	market	NOUN
ajfa-4117	460	2	timing	timing	NOUN
ajfa-4117	460	3	and	and	CCONJ
ajfa-4117	460	4	capital	capital	NOUN
ajfa-4117	460	5	structure	structure	NOUN
ajfa-4117	460	6	.	.	PUNCT
ajfa-4117	461	1	the	the	DET
ajfa-4117	461	2	journal	journal	PROPN
ajfa-4117	461	3	of	of	ADP
ajfa-4117	461	4	finance	finance	NOUN
ajfa-4117	461	5	,	,	PUNCT
ajfa-4117	461	6	57(1	57(1	NUM
ajfa-4117	461	7	)	)	PUNCT
ajfa-4117	461	8	,	,	PUNCT
ajfa-4117	461	9	1	1	NUM
ajfa-4117	461	10	-	-	SYM
ajfa-4117	461	11	32	32	NUM
ajfa-4117	461	12	.	.	PUNCT
ajfa-4117	462	1	http://dx.doi.org/10.1111/1540-6261.00414	http://dx.doi.org/10.1111/1540-6261.00414	NOUN
ajfa-4117	462	2	baker	baker	PROPN
ajfa-4117	462	3	,	,	PUNCT
ajfa-4117	462	4	m.	m.	NOUN
ajfa-4117	462	5	,	,	PUNCT
ajfa-4117	462	6	&	&	CCONJ
ajfa-4117	462	7	wurgler	wurgler	PROPN
ajfa-4117	462	8	,	,	PUNCT
ajfa-4117	462	9	j.	j.	PROPN
ajfa-4117	462	10	(	(	PUNCT
ajfa-4117	462	11	2004	2004	NUM
ajfa-4117	462	12	)	)	PUNCT
ajfa-4117	462	13	.	.	PUNCT
ajfa-4117	463	1	a	a	DET
ajfa-4117	463	2	catering	catering	NOUN
ajfa-4117	463	3	theory	theory	NOUN
ajfa-4117	463	4	of	of	ADP
ajfa-4117	463	5	dividends	dividend	NOUN
ajfa-4117	463	6	.	.	PUNCT
ajfa-4117	464	1	the	the	DET
ajfa-4117	464	2	journal	journal	NOUN
ajfa-4117	464	3	of	of	ADP
ajfa-4117	464	4	finance	finance	NOUN
ajfa-4117	464	5	,	,	PUNCT
ajfa-4117	464	6	59(3	59(3	NUM
ajfa-4117	464	7	)	)	PUNCT
ajfa-4117	464	8	,	,	PUNCT
ajfa-4117	464	9	1125	1125	NUM
ajfa-4117	464	10	-	-	SYM
ajfa-4117	464	11	1165	1165	NUM
ajfa-4117	464	12	.	.	PUNCT
ajfa-4117	465	1	http://dx.doi.org/10.1111/j.1540-6261.2004.00658.x	http://dx.doi.org/10.1111/j.1540-6261.2004.00658.x	ADJ
ajfa-4117	465	2	baker	baker	PROPN
ajfa-4117	465	3	,	,	PUNCT
ajfa-4117	465	4	m.	m.	NOUN
ajfa-4117	465	5	,	,	PUNCT
ajfa-4117	465	6	&	&	CCONJ
ajfa-4117	465	7	wurgler	wurgler	PROPN
ajfa-4117	465	8	,	,	PUNCT
ajfa-4117	465	9	j.	j.	PROPN
ajfa-4117	465	10	(	(	PUNCT
ajfa-4117	465	11	2006	2006	NUM
ajfa-4117	465	12	)	)	PUNCT
ajfa-4117	465	13	.	.	PUNCT
ajfa-4117	466	1	investor	investor	NOUN
ajfa-4117	466	2	sentiment	sentiment	NOUN
ajfa-4117	466	3	and	and	CCONJ
ajfa-4117	466	4	the	the	DET
ajfa-4117	466	5	cross	cross	NOUN
ajfa-4117	466	6	-	-	NOUN
ajfa-4117	466	7	section	section	NOUN
ajfa-4117	466	8	of	of	ADP
ajfa-4117	466	9	stock	stock	NOUN
ajfa-4117	466	10	returns	return	NOUN
ajfa-4117	466	11	.	.	PUNCT
ajfa-4117	467	1	the	the	DET
ajfa-4117	467	2	journal	journal	NOUN
ajfa-4117	467	3	of	of	ADP
ajfa-4117	467	4	finance	finance	NOUN
ajfa-4117	467	5	,	,	PUNCT
ajfa-4117	467	6	61(4	61(4	NUM
ajfa-4117	467	7	)	)	PUNCT
ajfa-4117	467	8	,	,	PUNCT
ajfa-4117	467	9	1645	1645	NUM
ajfa-4117	467	10	-	-	SYM
ajfa-4117	467	11	1680	1680	NUM
ajfa-4117	467	12	.	.	PUNCT
ajfa-4117	468	1	http://dx.doi.org/10.1111/j.1540-6261.2006.00885.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00885.x	NOUN
ajfa-4117	468	2	baker	baker	PROPN
ajfa-4117	468	3	,	,	PUNCT
ajfa-4117	468	4	m.	m.	NOUN
ajfa-4117	468	5	,	,	PUNCT
ajfa-4117	468	6	&	&	CCONJ
ajfa-4117	468	7	wurgler	wurgler	PROPN
ajfa-4117	468	8	,	,	PUNCT
ajfa-4117	468	9	j.	j.	PROPN
ajfa-4117	468	10	(	(	PUNCT
ajfa-4117	468	11	2007	2007	NUM
ajfa-4117	468	12	)	)	PUNCT
ajfa-4117	468	13	.	.	PUNCT
ajfa-4117	469	1	investor	investor	NOUN
ajfa-4117	469	2	sentiment	sentiment	NOUN
ajfa-4117	469	3	in	in	ADP
ajfa-4117	469	4	the	the	DET
ajfa-4117	469	5	stock	stock	NOUN
ajfa-4117	469	6	market	market	NOUN
ajfa-4117	469	7	.	.	PUNCT
ajfa-4117	470	1	the	the	DET
ajfa-4117	470	2	journal	journal	NOUN
ajfa-4117	470	3	of	of	ADP
ajfa-4117	470	4	economic	economic	ADJ
ajfa-4117	470	5	perspectives	perspective	NOUN
ajfa-4117	470	6	,	,	PUNCT
ajfa-4117	470	7	21(2	21(2	NUM
ajfa-4117	470	8	)	)	PUNCT
ajfa-4117	470	9	,	,	PUNCT
ajfa-4117	470	10	129	129	NUM
ajfa-4117	470	11	-	-	SYM
ajfa-4117	470	12	152	152	NUM
ajfa-4117	470	13	.	.	PUNCT
ajfa-4117	471	1	http://dx.doi.org/10.1257/jep.21.2.129	http://dx.doi.org/10.1257/jep.21.2.129	PROPN
ajfa-4117	471	2	baker	baker	PROPN
ajfa-4117	471	3	,	,	PUNCT
ajfa-4117	471	4	m.	m.	NOUN
ajfa-4117	471	5	,	,	PUNCT
ajfa-4117	471	6	wurgler	wurgler	NOUN
ajfa-4117	471	7	,	,	PUNCT
ajfa-4117	471	8	j.	j.	PROPN
ajfa-4117	471	9	,	,	PUNCT
ajfa-4117	471	10	&	&	CCONJ
ajfa-4117	471	11	yuan	yuan	PROPN
ajfa-4117	471	12	,	,	PUNCT
ajfa-4117	471	13	y.	y.	PROPN
ajfa-4117	471	14	(	(	PUNCT
ajfa-4117	471	15	2012	2012	NUM
ajfa-4117	471	16	)	)	PUNCT
ajfa-4117	471	17	.	.	PUNCT
ajfa-4117	472	1	global	global	ADJ
ajfa-4117	472	2	,	,	PUNCT
ajfa-4117	472	3	local	local	ADJ
ajfa-4117	472	4	,	,	PUNCT
ajfa-4117	472	5	and	and	CCONJ
ajfa-4117	472	6	contagious	contagious	ADJ
ajfa-4117	472	7	investor	investor	NOUN
ajfa-4117	472	8	sentiment	sentiment	NOUN
ajfa-4117	472	9	.	.	PUNCT
ajfa-4117	473	1	journal	journal	NOUN
ajfa-4117	473	2	of	of	ADP
ajfa-4117	473	3	financial	financial	ADJ
ajfa-4117	473	4	economics	economic	NOUN
ajfa-4117	473	5	,	,	PUNCT
ajfa-4117	473	6	104(2	104(2	NUM
ajfa-4117	473	7	)	)	PUNCT
ajfa-4117	473	8	,	,	PUNCT
ajfa-4117	473	9	272	272	NUM
ajfa-4117	473	10	-	-	SYM
ajfa-4117	473	11	287	287	NUM
ajfa-4117	473	12	.	.	PUNCT
ajfa-4117	474	1	http://dx.doi.org/10.1016/j.jfineco.2011.11.002	http://dx.doi.org/10.1016/j.jfineco.2011.11.002	NOUN
ajfa-4117	474	2	bathala	bathala	NOUN
ajfa-4117	474	3	,	,	PUNCT
ajfa-4117	474	4	c.	c.	PROPN
ajfa-4117	474	5	t.	t.	PROPN
ajfa-4117	474	6	,	,	PUNCT
ajfa-4117	474	7	&	&	CCONJ
ajfa-4117	474	8	rao	rao	PROPN
ajfa-4117	474	9	,	,	PUNCT
ajfa-4117	474	10	r.	r.	PROPN
ajfa-4117	474	11	p.	p.	PROPN
ajfa-4117	474	12	(	(	PUNCT
ajfa-4117	474	13	1995	1995	NUM
ajfa-4117	474	14	)	)	PUNCT
ajfa-4117	474	15	.	.	PUNCT
ajfa-4117	475	1	the	the	DET
ajfa-4117	475	2	determinants	determinant	NOUN
ajfa-4117	475	3	of	of	ADP
ajfa-4117	475	4	board	board	NOUN
ajfa-4117	475	5	composition	composition	NOUN
ajfa-4117	475	6	:	:	PUNCT
ajfa-4117	475	7	an	an	DET
ajfa-4117	475	8	agency	agency	NOUN
ajfa-4117	475	9	theory	theory	NOUN
ajfa-4117	475	10	perspective	perspective	NOUN
ajfa-4117	475	11	.	.	PUNCT
ajfa-4117	476	1	managerial	managerial	ADJ
ajfa-4117	476	2	and	and	CCONJ
ajfa-4117	476	3	decision	decision	NOUN
ajfa-4117	476	4	economics	economic	NOUN
ajfa-4117	476	5	,	,	PUNCT
ajfa-4117	476	6	16(1	16(1	NUM
ajfa-4117	476	7	)	)	PUNCT
ajfa-4117	476	8	,	,	PUNCT
ajfa-4117	476	9	59	59	NUM
ajfa-4117	476	10	-	-	SYM
ajfa-4117	476	11	69	69	NUM
ajfa-4117	476	12	.	.	PUNCT
ajfa-4117	477	1	http://dx.doi.org/10.1002/mde.4090160108	http://dx.doi.org/10.1002/mde.4090160108	PROPN
ajfa-4117	477	2	beasley	beasley	PROPN
ajfa-4117	477	3	,	,	PUNCT
ajfa-4117	477	4	m.	m.	PROPN
ajfa-4117	477	5	s.	s.	PROPN
ajfa-4117	477	6	(	(	PUNCT
ajfa-4117	477	7	1996	1996	NUM
ajfa-4117	477	8	)	)	PUNCT
ajfa-4117	477	9	.	.	PUNCT
ajfa-4117	478	1	an	an	DET
ajfa-4117	478	2	empirical	empirical	ADJ
ajfa-4117	478	3	analysis	analysis	NOUN
ajfa-4117	478	4	of	of	ADP
ajfa-4117	478	5	the	the	DET
ajfa-4117	478	6	relation	relation	NOUN
ajfa-4117	478	7	between	between	ADP
ajfa-4117	478	8	the	the	DET
ajfa-4117	478	9	board	board	NOUN
ajfa-4117	478	10	of	of	ADP
ajfa-4117	478	11	director	director	NOUN
ajfa-4117	478	12	composition	composition	NOUN
ajfa-4117	478	13	and	and	CCONJ
ajfa-4117	478	14	financial	financial	ADJ
ajfa-4117	478	15	statement	statement	NOUN
ajfa-4117	478	16	fraud	fraud	NOUN
ajfa-4117	478	17	.	.	PUNCT
ajfa-4117	479	1	the	the	DET
ajfa-4117	479	2	accounting	accounting	NOUN
ajfa-4117	479	3	review	review	NOUN
ajfa-4117	479	4	,	,	PUNCT
ajfa-4117	479	5	71(4	71(4	NUM
ajfa-4117	479	6	)	)	PUNCT
ajfa-4117	479	7	,	,	PUNCT
ajfa-4117	479	8	443	443	NUM
ajfa-4117	479	9	-	-	SYM
ajfa-4117	479	10	465	465	NUM
ajfa-4117	479	11	.	.	PUNCT
ajfa-4117	480	1	bertrand	bertrand	PROPN
ajfa-4117	480	2	,	,	PUNCT
ajfa-4117	480	3	m.	m.	NOUN
ajfa-4117	480	4	,	,	PUNCT
ajfa-4117	480	5	&	&	CCONJ
ajfa-4117	480	6	mullainathan	mullainathan	PROPN
ajfa-4117	480	7	,	,	PUNCT
ajfa-4117	480	8	s.	s.	PROPN
ajfa-4117	480	9	(	(	PUNCT
ajfa-4117	480	10	2003	2003	NUM
ajfa-4117	480	11	)	)	PUNCT
ajfa-4117	480	12	.	.	PUNCT
ajfa-4117	481	1	enjoying	enjoy	VERB
ajfa-4117	481	2	the	the	DET
ajfa-4117	481	3	quiet	quiet	ADJ
ajfa-4117	481	4	life	life	NOUN
ajfa-4117	481	5	?	?	PUNCT
ajfa-4117	482	1	corporate	corporate	ADJ
ajfa-4117	482	2	governance	governance	NOUN
ajfa-4117	482	3	and	and	CCONJ
ajfa-4117	482	4	managerial	managerial	ADJ
ajfa-4117	482	5	preferences	preference	NOUN
ajfa-4117	482	6	.	.	PUNCT
ajfa-4117	483	1	journal	journal	NOUN
ajfa-4117	483	2	of	of	ADP
ajfa-4117	483	3	political	political	ADJ
ajfa-4117	483	4	economy	economy	NOUN
ajfa-4117	483	5	,	,	PUNCT
ajfa-4117	483	6	111(5	111(5	NUM
ajfa-4117	483	7	)	)	PUNCT
ajfa-4117	483	8	,	,	PUNCT
ajfa-4117	483	9	1043	1043	NUM
ajfa-4117	483	10	-	-	SYM
ajfa-4117	483	11	1075	1075	NUM
ajfa-4117	483	12	.	.	PUNCT
ajfa-4117	484	1	http://dx.doi.org/10.1086/376950	http://dx.doi.org/10.1086/376950	PROPN
ajfa-4117	484	2	blanchard	blanchard	PROPN
ajfa-4117	484	3	,	,	PUNCT
ajfa-4117	484	4	o.	o.	PROPN
ajfa-4117	484	5	,	,	PUNCT
ajfa-4117	484	6	rhee	rhee	PROPN
ajfa-4117	484	7	,	,	PUNCT
ajfa-4117	484	8	c.	c.	PROPN
ajfa-4117	484	9	,	,	PUNCT
ajfa-4117	484	10	&	&	CCONJ
ajfa-4117	484	11	summers	summers	PROPN
ajfa-4117	484	12	,	,	PUNCT
ajfa-4117	484	13	l.	l.	PROPN
ajfa-4117	484	14	(	(	PUNCT
ajfa-4117	484	15	1993	1993	NUM
ajfa-4117	484	16	)	)	PUNCT
ajfa-4117	484	17	.	.	PUNCT
ajfa-4117	485	1	the	the	DET
ajfa-4117	485	2	stock	stock	NOUN
ajfa-4117	485	3	market	market	NOUN
ajfa-4117	485	4	,	,	PUNCT
ajfa-4117	485	5	profit	profit	NOUN
ajfa-4117	485	6	,	,	PUNCT
ajfa-4117	485	7	and	and	CCONJ
ajfa-4117	485	8	investment	investment	NOUN
ajfa-4117	485	9	.	.	PUNCT
ajfa-4117	486	1	the	the	DET
ajfa-4117	486	2	quarterly	quarterly	ADJ
ajfa-4117	486	3	journal	journal	NOUN
ajfa-4117	486	4	of	of	ADP
ajfa-4117	486	5	economics	economic	NOUN
ajfa-4117	486	6	,	,	PUNCT
ajfa-4117	486	7	108(1	108(1	NUM
ajfa-4117	486	8	)	)	PUNCT
ajfa-4117	486	9	,	,	PUNCT
ajfa-4117	486	10	115	115	NUM
ajfa-4117	486	11	-	-	SYM
ajfa-4117	486	12	136	136	NUM
ajfa-4117	486	13	.	.	PUNCT
ajfa-4117	487	1	http://dx.doi.org/10.2307/2118497	http://dx.doi.org/10.2307/2118497	PROPN
ajfa-4117	487	2	bosworth	bosworth	PROPN
ajfa-4117	487	3	,	,	PUNCT
ajfa-4117	487	4	b.	b.	PROPN
ajfa-4117	487	5	,	,	PUNCT
ajfa-4117	487	6	hymans	hyman	NOUN
ajfa-4117	487	7	,	,	PUNCT
ajfa-4117	487	8	s.	s.	PROPN
ajfa-4117	487	9	,	,	PUNCT
ajfa-4117	487	10	&	&	CCONJ
ajfa-4117	487	11	modigliani	modigliani	PROPN
ajfa-4117	487	12	,	,	PUNCT
ajfa-4117	487	13	f.	f.	PROPN
ajfa-4117	487	14	(	(	PUNCT
ajfa-4117	487	15	1975	1975	NUM
ajfa-4117	487	16	)	)	PUNCT
ajfa-4117	487	17	.	.	PUNCT
ajfa-4117	488	1	the	the	DET
ajfa-4117	488	2	stock	stock	NOUN
ajfa-4117	488	3	market	market	NOUN
ajfa-4117	488	4	and	and	CCONJ
ajfa-4117	488	5	the	the	DET
ajfa-4117	488	6	economy	economy	NOUN
ajfa-4117	488	7	.	.	PUNCT
ajfa-4117	489	1	brookings	brookings	PROPN
ajfa-4117	489	2	papers	paper	NOUN
ajfa-4117	489	3	on	on	ADP
ajfa-4117	489	4	economic	economic	ADJ
ajfa-4117	489	5	activity	activity	NOUN
ajfa-4117	489	6	,	,	PUNCT
ajfa-4117	489	7	1975(2	1975(2	NUM
ajfa-4117	489	8	)	)	PUNCT
ajfa-4117	489	9	,	,	PUNCT
ajfa-4117	489	10	257	257	NUM
ajfa-4117	489	11	-	-	SYM
ajfa-4117	489	12	300	300	NUM
ajfa-4117	489	13	.	.	PUNCT
ajfa-4117	490	1	http://dx.doi.org/10.2307/2534104	http://dx.doi.org/10.2307/2534104	PROPN
ajfa-4117	490	2	bushman	bushman	PROPN
ajfa-4117	490	3	,	,	PUNCT
ajfa-4117	490	4	r.	r.	PROPN
ajfa-4117	490	5	,	,	PUNCT
ajfa-4117	490	6	chen	chen	PROPN
ajfa-4117	490	7	,	,	PUNCT
ajfa-4117	490	8	q.	q.	PROPN
ajfa-4117	490	9	,	,	PUNCT
ajfa-4117	490	10	engel	engel	PROPN
ajfa-4117	490	11	,	,	PUNCT
ajfa-4117	490	12	e.	e.	PROPN
ajfa-4117	490	13	,	,	PUNCT
ajfa-4117	490	14	&	&	CCONJ
ajfa-4117	490	15	smith	smith	PROPN
ajfa-4117	490	16	,	,	PUNCT
ajfa-4117	490	17	a.	a.	NOUN
ajfa-4117	490	18	(	(	PUNCT
ajfa-4117	490	19	2004	2004	NUM
ajfa-4117	490	20	)	)	PUNCT
ajfa-4117	490	21	.	.	PUNCT
ajfa-4117	491	1	financial	financial	ADJ
ajfa-4117	491	2	accounting	accounting	NOUN
ajfa-4117	491	3	information	information	NOUN
ajfa-4117	491	4	,	,	PUNCT
ajfa-4117	491	5	organizational	organizational	ADJ
ajfa-4117	491	6	complexity	complexity	NOUN
ajfa-4117	491	7	and	and	CCONJ
ajfa-4117	491	8	corporate	corporate	ADJ
ajfa-4117	491	9	governance	governance	NOUN
ajfa-4117	491	10	systems	system	NOUN
ajfa-4117	491	11	.	.	PUNCT
ajfa-4117	492	1	journal	journal	NOUN
ajfa-4117	492	2	of	of	ADP
ajfa-4117	492	3	accounting	accounting	NOUN
ajfa-4117	492	4	and	and	CCONJ
ajfa-4117	492	5	economics	economic	NOUN
ajfa-4117	492	6	,	,	PUNCT
ajfa-4117	492	7	37(2	37(2	PROPN
ajfa-4117	492	8	)	)	PUNCT
ajfa-4117	492	9	,	,	PUNCT
ajfa-4117	492	10	167	167	NUM
ajfa-4117	492	11	-	-	SYM
ajfa-4117	492	12	201	201	NUM
ajfa-4117	492	13	.	.	PUNCT
ajfa-4117	493	1	http://dx.doi.org/10.1016/j.jacceco.2003.09.005	http://dx.doi.org/10.1016/j.jacceco.2003.09.005	PROPN
ajfa-4117	493	2	chan	chan	PROPN
ajfa-4117	493	3	,	,	PUNCT
ajfa-4117	493	4	s.	s.	PROPN
ajfa-4117	493	5	h.	h.	PROPN
ajfa-4117	493	6	,	,	PUNCT
ajfa-4117	493	7	martin	martin	PROPN
ajfa-4117	493	8	,	,	PUNCT
ajfa-4117	493	9	j.	j.	PROPN
ajfa-4117	493	10	d.	d.	PROPN
ajfa-4117	493	11	,	,	PUNCT
ajfa-4117	493	12	&	&	CCONJ
ajfa-4117	493	13	kensinger	kensinger	PROPN
ajfa-4117	493	14	,	,	PUNCT
ajfa-4117	493	15	j.	j.	PROPN
ajfa-4117	493	16	w.	w.	PROPN
ajfa-4117	493	17	(	(	PUNCT
ajfa-4117	493	18	1990	1990	NUM
ajfa-4117	493	19	)	)	PUNCT
ajfa-4117	493	20	.	.	PUNCT
ajfa-4117	494	1	corporate	corporate	ADJ
ajfa-4117	494	2	research	research	NOUN
ajfa-4117	494	3	and	and	CCONJ
ajfa-4117	494	4	development	development	NOUN
ajfa-4117	494	5	expenditures	expenditure	NOUN
ajfa-4117	494	6	and	and	CCONJ
ajfa-4117	494	7	share	share	NOUN
ajfa-4117	494	8	value	value	NOUN
ajfa-4117	494	9	.	.	PUNCT
ajfa-4117	495	1	journal	journal	NOUN
ajfa-4117	495	2	of	of	ADP
ajfa-4117	495	3	financial	financial	ADJ
ajfa-4117	495	4	economics	economic	NOUN
ajfa-4117	495	5	,	,	PUNCT
ajfa-4117	495	6	26(2	26(2	NUM
ajfa-4117	495	7	)	)	PUNCT
ajfa-4117	495	8	,	,	PUNCT
ajfa-4117	495	9	255	255	NUM
ajfa-4117	495	10	-	-	SYM
ajfa-4117	495	11	276	276	NUM
ajfa-4117	495	12	.	.	PUNCT
ajfa-4117	495	13	http://dx.doi.org/10.1016/0304-405x(90)90005-k	http://dx.doi.org/10.1016/0304-405x(90)90005-k	VERB
ajfa-4117	495	14	asian	asian	PROPN
ajfa-4117	495	15	journal	journal	PROPN
ajfa-4117	495	16	of	of	ADP
ajfa-4117	495	17	finance	finance	PROPN
ajfa-4117	495	18	&	&	CCONJ
ajfa-4117	495	19	accounting	accounting	PROPN
ajfa-4117	495	20	issn	issn	PROPN
ajfa-4117	495	21	1946	1946	NUM
ajfa-4117	495	22	-	-	PUNCT
ajfa-4117	495	23	052x	052x	NOUN
ajfa-4117	495	24	2013	2013	NUM
ajfa-4117	495	25	,	,	PUNCT
ajfa-4117	495	26	vol	vol	NOUN
ajfa-4117	495	27	.	.	PROPN
ajfa-4117	495	28	5	5	NUM
ajfa-4117	495	29	,	,	PUNCT
ajfa-4117	495	30	no	no	INTJ
ajfa-4117	495	31	.	.	NOUN
ajfa-4117	495	32	2	2	NUM
ajfa-4117	495	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	495	34	123	123	NUM
ajfa-4117	495	35	chang	chang	PROPN
ajfa-4117	495	36	,	,	PUNCT
ajfa-4117	495	37	x.	x.	PROPN
ajfa-4117	495	38	,	,	PUNCT
ajfa-4117	495	39	tam	tam	PROPN
ajfa-4117	495	40	,	,	PUNCT
ajfa-4117	495	41	l.	l.	PROPN
ajfa-4117	495	42	h.	h.	PROPN
ajfa-4117	495	43	k.	k.	PROPN
ajfa-4117	495	44	,	,	PUNCT
ajfa-4117	495	45	tan	tan	PROPN
ajfa-4117	495	46	,	,	PUNCT
ajfa-4117	495	47	t.	t.	PROPN
ajfa-4117	495	48	j.	j.	PROPN
ajfa-4117	495	49	,	,	PUNCT
ajfa-4117	495	50	&	&	CCONJ
ajfa-4117	495	51	wong	wong	PROPN
ajfa-4117	495	52	,	,	PUNCT
ajfa-4117	495	53	g.	g.	PROPN
ajfa-4117	495	54	(	(	PUNCT
ajfa-4117	495	55	2007	2007	NUM
ajfa-4117	495	56	)	)	PUNCT
ajfa-4117	495	57	.	.	PUNCT
ajfa-4117	496	1	the	the	DET
ajfa-4117	496	2	real	real	ADJ
ajfa-4117	496	3	impact	impact	NOUN
ajfa-4117	496	4	of	of	ADP
ajfa-4117	496	5	stock	stock	NOUN
ajfa-4117	496	6	market	market	NOUN
ajfa-4117	496	7	mispricingevidence	mispricingevidence	NOUN
ajfa-4117	496	8	from	from	ADP
ajfa-4117	496	9	australia	australia	PROPN
ajfa-4117	496	10	.	.	PUNCT
ajfa-4117	497	1	pacific	pacific	ADJ
ajfa-4117	497	2	-	-	PUNCT
ajfa-4117	497	3	basin	basin	NOUN
ajfa-4117	497	4	finance	finance	NOUN
ajfa-4117	497	5	journal	journal	NOUN
ajfa-4117	497	6	,	,	PUNCT
ajfa-4117	497	7	15(4	15(4	NUM
ajfa-4117	497	8	)	)	PUNCT
ajfa-4117	497	9	,	,	PUNCT
ajfa-4117	497	10	388	388	NUM
ajfa-4117	497	11	-	-	SYM
ajfa-4117	497	12	408	408	NUM
ajfa-4117	497	13	.	.	PUNCT
ajfa-4117	498	1	http://dx.doi.org/10.1016/j.pacfin.2006.06.003	http://dx.doi.org/10.1016/j.pacfin.2006.06.003	PROPN
ajfa-4117	498	2	chen	chen	PROPN
ajfa-4117	498	3	,	,	PUNCT
ajfa-4117	498	4	s.	s.	PROPN
ajfa-4117	498	5	s.	s.	PROPN
ajfa-4117	498	6	,	,	PUNCT
ajfa-4117	498	7	ho	ho	PROPN
ajfa-4117	498	8	,	,	PUNCT
ajfa-4117	498	9	k.	k.	PROPN
ajfa-4117	498	10	w.	w.	PROPN
ajfa-4117	498	11	,	,	PUNCT
ajfa-4117	498	12	lee	lee	PROPN
ajfa-4117	498	13	,	,	PUNCT
ajfa-4117	498	14	c.	c.	PROPN
ajfa-4117	498	15	f.	f.	PROPN
ajfa-4117	498	16	,	,	PUNCT
ajfa-4117	498	17	&	&	CCONJ
ajfa-4117	498	18	yeo	yeo	PROPN
ajfa-4117	498	19	,	,	PUNCT
ajfa-4117	498	20	g.	g.	PROPN
ajfa-4117	498	21	h.	h.	PROPN
ajfa-4117	498	22	h.	h.	PROPN
ajfa-4117	498	23	(	(	PUNCT
ajfa-4117	498	24	2000	2000	NUM
ajfa-4117	498	25	)	)	PUNCT
ajfa-4117	498	26	.	.	PUNCT
ajfa-4117	499	1	investment	investment	NOUN
ajfa-4117	499	2	opportunities	opportunity	NOUN
ajfa-4117	499	3	,	,	PUNCT
ajfa-4117	499	4	free	free	ADJ
ajfa-4117	499	5	cash	cash	NOUN
ajfa-4117	499	6	flow	flow	NOUN
ajfa-4117	499	7	and	and	CCONJ
ajfa-4117	499	8	market	market	NOUN
ajfa-4117	499	9	reaction	reaction	NOUN
ajfa-4117	499	10	to	to	ADP
ajfa-4117	499	11	international	international	ADJ
ajfa-4117	499	12	joint	joint	ADJ
ajfa-4117	499	13	ventures	venture	NOUN
ajfa-4117	499	14	.	.	PUNCT
ajfa-4117	500	1	journal	journal	NOUN
ajfa-4117	500	2	of	of	ADP
ajfa-4117	500	3	banking	banking	NOUN
ajfa-4117	500	4	&	&	CCONJ
ajfa-4117	500	5	finance	finance	PROPN
ajfa-4117	500	6	,	,	PUNCT
ajfa-4117	500	7	24(11	24(11	NUM
ajfa-4117	500	8	)	)	PUNCT
ajfa-4117	500	9	,	,	PUNCT
ajfa-4117	500	10	1747	1747	NUM
ajfa-4117	500	11	-	-	SYM
ajfa-4117	500	12	1765	1765	NUM
ajfa-4117	500	13	.	.	PUNCT
ajfa-4117	501	1	http://dx.doi.org/10.1016/s0378-4266(99)00103-x	http://dx.doi.org/10.1016/s0378-4266(99)00103-x	PROPN
ajfa-4117	501	2	cheng	cheng	PROPN
ajfa-4117	501	3	,	,	PUNCT
ajfa-4117	501	4	p.	p.	PROPN
ajfa-4117	501	5	,	,	PUNCT
ajfa-4117	501	6	gul	gul	PROPN
ajfa-4117	501	7	,	,	PUNCT
ajfa-4117	501	8	f.	f.	PROPN
ajfa-4117	501	9	a.	a.	PROPN
ajfa-4117	501	10	,	,	PUNCT
ajfa-4117	501	11	tong	tong	PROPN
ajfa-4117	501	12	,	,	PUNCT
ajfa-4117	501	13	w.	w.	PROPN
ajfa-4117	501	14	h.	h.	PROPN
ajfa-4117	501	15	s.	s.	PROPN
ajfa-4117	501	16	,	,	PUNCT
ajfa-4117	501	17	&	&	CCONJ
ajfa-4117	501	18	tsui	tsui	PROPN
ajfa-4117	501	19	,	,	PUNCT
ajfa-4117	501	20	j.	j.	PROPN
ajfa-4117	501	21	(	(	PUNCT
ajfa-4117	501	22	2008	2008	NUM
ajfa-4117	501	23	)	)	PUNCT
ajfa-4117	501	24	.	.	PUNCT
ajfa-4117	502	1	does	do	AUX
ajfa-4117	502	2	corporate	corporate	ADJ
ajfa-4117	502	3	governance	governance	NOUN
ajfa-4117	502	4	affect	affect	VERB
ajfa-4117	502	5	firm	firm	ADJ
ajfa-4117	502	6	value	value	NOUN
ajfa-4117	502	7	?	?	PUNCT
ajfa-4117	503	1	evidence	evidence	NOUN
ajfa-4117	503	2	with	with	ADP
ajfa-4117	503	3	corporate	corporate	ADJ
ajfa-4117	503	4	governance	governance	NOUN
ajfa-4117	503	5	indices	index	NOUN
ajfa-4117	503	6	.	.	PUNCT
ajfa-4117	504	1	paper	paper	NOUN
ajfa-4117	504	2	presented	present	VERB
ajfa-4117	504	3	at	at	ADP
ajfa-4117	504	4	the	the	DET
ajfa-4117	504	5	aaa	aaa	NOUN
ajfa-4117	504	6	conference	conference	NOUN
ajfa-4117	504	7	.	.	PUNCT
ajfa-4117	505	1	chi	chi	PROPN
ajfa-4117	505	2	,	,	PUNCT
ajfa-4117	505	3	j.	j.	PROPN
ajfa-4117	505	4	,	,	PUNCT
ajfa-4117	505	5	&	&	CCONJ
ajfa-4117	505	6	gupta	gupta	PROPN
ajfa-4117	505	7	,	,	PUNCT
ajfa-4117	505	8	m.	m.	NOUN
ajfa-4117	505	9	(	(	PUNCT
ajfa-4117	505	10	2009	2009	NUM
ajfa-4117	505	11	)	)	PUNCT
ajfa-4117	505	12	.	.	PUNCT
ajfa-4117	506	1	overvaluation	overvaluation	NOUN
ajfa-4117	506	2	and	and	CCONJ
ajfa-4117	506	3	earnings	earning	NOUN
ajfa-4117	506	4	management	management	NOUN
ajfa-4117	506	5	.	.	PUNCT
ajfa-4117	507	1	journal	journal	NOUN
ajfa-4117	507	2	of	of	ADP
ajfa-4117	507	3	banking	banking	NOUN
ajfa-4117	507	4	&	&	CCONJ
ajfa-4117	507	5	finance	finance	PROPN
ajfa-4117	507	6	,	,	PUNCT
ajfa-4117	507	7	33(9	33(9	NUM
ajfa-4117	507	8	)	)	PUNCT
ajfa-4117	507	9	,	,	PUNCT
ajfa-4117	507	10	1652	1652	NUM
ajfa-4117	507	11	-	-	SYM
ajfa-4117	507	12	1663	1663	NUM
ajfa-4117	507	13	.	.	PUNCT
ajfa-4117	508	1	http://dx.doi.org/10.1016/j.jbankfin.2009.03.014	http://dx.doi.org/10.1016/j.jbankfin.2009.03.014	PROPN
ajfa-4117	508	2	chung	chung	PROPN
ajfa-4117	508	3	,	,	PUNCT
ajfa-4117	508	4	k.	k.	PROPN
ajfa-4117	508	5	h.	h.	PROPN
ajfa-4117	508	6	,	,	PUNCT
ajfa-4117	508	7	&	&	CCONJ
ajfa-4117	508	8	pruitt	pruitt	PROPN
ajfa-4117	508	9	,	,	PUNCT
ajfa-4117	508	10	s.	s.	PROPN
ajfa-4117	508	11	w.	w.	PROPN
ajfa-4117	508	12	(	(	PUNCT
ajfa-4117	508	13	1994	1994	NUM
ajfa-4117	508	14	)	)	PUNCT
ajfa-4117	508	15	.	.	PUNCT
ajfa-4117	509	1	a	a	DET
ajfa-4117	509	2	simple	simple	ADJ
ajfa-4117	509	3	approximation	approximation	NOUN
ajfa-4117	509	4	of	of	ADP
ajfa-4117	509	5	tobin	tobin	PROPN
ajfa-4117	509	6	's	's	PART
ajfa-4117	509	7	q.	q.	PROPN
ajfa-4117	509	8	financial	financial	PROPN
ajfa-4117	509	9	management	management	NOUN
ajfa-4117	509	10	,	,	PUNCT
ajfa-4117	509	11	23(3	23(3	NUM
ajfa-4117	509	12	)	)	PUNCT
ajfa-4117	509	13	,	,	PUNCT
ajfa-4117	509	14	70	70	NUM
ajfa-4117	509	15	.	.	PUNCT
ajfa-4117	510	1	http://dx.doi.org/10.2307/3665623	http://dx.doi.org/10.2307/3665623	PROPN
ajfa-4117	510	2	chung	chung	PROPN
ajfa-4117	510	3	,	,	PUNCT
ajfa-4117	510	4	k.	k.	PROPN
ajfa-4117	510	5	h.	h.	PROPN
ajfa-4117	510	6	,	,	PUNCT
ajfa-4117	510	7	wright	wright	PROPN
ajfa-4117	510	8	,	,	PUNCT
ajfa-4117	510	9	p.	p.	PROPN
ajfa-4117	510	10	,	,	PUNCT
ajfa-4117	510	11	&	&	CCONJ
ajfa-4117	510	12	charoenwong	charoenwong	PROPN
ajfa-4117	510	13	,	,	PUNCT
ajfa-4117	510	14	c.	c.	PROPN
ajfa-4117	510	15	(	(	PUNCT
ajfa-4117	510	16	1998	1998	NUM
ajfa-4117	510	17	)	)	PUNCT
ajfa-4117	510	18	.	.	PUNCT
ajfa-4117	511	1	investment	investment	NOUN
ajfa-4117	511	2	opportunities	opportunity	NOUN
ajfa-4117	511	3	and	and	CCONJ
ajfa-4117	511	4	market	market	NOUN
ajfa-4117	511	5	reaction	reaction	NOUN
ajfa-4117	511	6	to	to	ADP
ajfa-4117	511	7	capital	capital	NOUN
ajfa-4117	511	8	expenditure	expenditure	NOUN
ajfa-4117	511	9	decisions	decision	NOUN
ajfa-4117	511	10	.	.	PUNCT
ajfa-4117	512	1	journal	journal	NOUN
ajfa-4117	512	2	of	of	ADP
ajfa-4117	512	3	banking	banking	NOUN
ajfa-4117	512	4	&	&	CCONJ
ajfa-4117	512	5	finance	finance	PROPN
ajfa-4117	512	6	,	,	PUNCT
ajfa-4117	512	7	22(1	22(1	NUM
ajfa-4117	512	8	)	)	PUNCT
ajfa-4117	512	9	,	,	PUNCT
ajfa-4117	512	10	41	41	NUM
ajfa-4117	512	11	-	-	SYM
ajfa-4117	512	12	60	60	NUM
ajfa-4117	512	13	.	.	PUNCT
ajfa-4117	513	1	http://dx.doi.org/10.1016/s0378-4266(97)00021-6	http://dx.doi.org/10.1016/s0378-4266(97)00021-6	PRON
ajfa-4117	513	2	claessens	claessen	VERB
ajfa-4117	513	3	,	,	PUNCT
ajfa-4117	513	4	s.	s.	PROPN
ajfa-4117	513	5	,	,	PUNCT
ajfa-4117	513	6	djankov	djankov	PROPN
ajfa-4117	513	7	,	,	PUNCT
ajfa-4117	513	8	s.	s.	PROPN
ajfa-4117	513	9	,	,	PUNCT
ajfa-4117	513	10	&	&	CCONJ
ajfa-4117	513	11	lang	lang	PROPN
ajfa-4117	513	12	,	,	PUNCT
ajfa-4117	513	13	l.	l.	PROPN
ajfa-4117	513	14	h.	h.	PROPN
ajfa-4117	513	15	p.	p.	PROPN
ajfa-4117	513	16	(	(	PUNCT
ajfa-4117	513	17	2000	2000	NUM
ajfa-4117	513	18	)	)	PUNCT
ajfa-4117	513	19	.	.	PUNCT
ajfa-4117	514	1	the	the	DET
ajfa-4117	514	2	separation	separation	NOUN
ajfa-4117	514	3	of	of	ADP
ajfa-4117	514	4	ownership	ownership	NOUN
ajfa-4117	514	5	and	and	CCONJ
ajfa-4117	514	6	control	control	NOUN
ajfa-4117	514	7	in	in	ADP
ajfa-4117	514	8	east	east	ADJ
ajfa-4117	514	9	asian	asian	ADJ
ajfa-4117	514	10	corporations	corporation	NOUN
ajfa-4117	514	11	.	.	PUNCT
ajfa-4117	515	1	journal	journal	PROPN
ajfa-4117	515	2	of	of	ADP
ajfa-4117	515	3	financial	financial	ADJ
ajfa-4117	515	4	economics	economic	NOUN
ajfa-4117	515	5	,	,	PUNCT
ajfa-4117	515	6	58(1–2	58(1–2	PROPN
ajfa-4117	515	7	)	)	PUNCT
ajfa-4117	515	8	,	,	PUNCT
ajfa-4117	515	9	81	81	NUM
ajfa-4117	515	10	-	-	SYM
ajfa-4117	515	11	112	112	NUM
ajfa-4117	515	12	.	.	PUNCT
ajfa-4117	516	1	http://dx.doi.org/10.1016/s0304-405x(00)00067-2	http://dx.doi.org/10.1016/s0304-405x(00)00067-2	NUM
ajfa-4117	516	2	core	core	NOUN
ajfa-4117	516	3	,	,	PUNCT
ajfa-4117	516	4	j.	j.	PROPN
ajfa-4117	516	5	e.	e.	PROPN
ajfa-4117	516	6	,	,	PUNCT
ajfa-4117	516	7	guay	guay	PROPN
ajfa-4117	516	8	,	,	PUNCT
ajfa-4117	516	9	w.	w.	PROPN
ajfa-4117	516	10	r.	r.	PROPN
ajfa-4117	516	11	,	,	PUNCT
ajfa-4117	516	12	&	&	CCONJ
ajfa-4117	516	13	rusticus	rusticus	PROPN
ajfa-4117	516	14	,	,	PUNCT
ajfa-4117	516	15	t.	t.	NOUN
ajfa-4117	516	16	o.	o.	PROPN
ajfa-4117	516	17	(	(	PUNCT
ajfa-4117	516	18	2006	2006	NUM
ajfa-4117	516	19	)	)	PUNCT
ajfa-4117	516	20	.	.	PUNCT
ajfa-4117	517	1	does	do	AUX
ajfa-4117	517	2	weak	weak	ADJ
ajfa-4117	517	3	governance	governance	NOUN
ajfa-4117	517	4	cause	cause	VERB
ajfa-4117	517	5	weak	weak	ADJ
ajfa-4117	517	6	stock	stock	NOUN
ajfa-4117	517	7	returns	return	NOUN
ajfa-4117	517	8	?	?	PUNCT
ajfa-4117	518	1	an	an	DET
ajfa-4117	518	2	examination	examination	NOUN
ajfa-4117	518	3	of	of	ADP
ajfa-4117	518	4	firm	firm	ADJ
ajfa-4117	518	5	operating	operating	NOUN
ajfa-4117	518	6	performance	performance	NOUN
ajfa-4117	518	7	and	and	CCONJ
ajfa-4117	518	8	investors	investor	NOUN
ajfa-4117	518	9	'	'	PART
ajfa-4117	518	10	expectations	expectation	NOUN
ajfa-4117	518	11	.	.	PUNCT
ajfa-4117	519	1	the	the	DET
ajfa-4117	519	2	journal	journal	PROPN
ajfa-4117	519	3	of	of	ADP
ajfa-4117	519	4	finance	finance	NOUN
ajfa-4117	519	5	,	,	PUNCT
ajfa-4117	519	6	61(2	61(2	NUM
ajfa-4117	519	7	)	)	PUNCT
ajfa-4117	519	8	,	,	PUNCT
ajfa-4117	519	9	655	655	NUM
ajfa-4117	519	10	-	-	SYM
ajfa-4117	519	11	687	687	NUM
ajfa-4117	519	12	.	.	PUNCT
ajfa-4117	520	1	http://dx.doi.org/10.1111/j.1540-6261.2006.00851.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00851.x	PROPN
ajfa-4117	520	2	cornelli	cornelli	PROPN
ajfa-4117	520	3	,	,	PUNCT
ajfa-4117	520	4	f.	f.	PROPN
ajfa-4117	520	5	,	,	PUNCT
ajfa-4117	520	6	goldreich	goldreich	PROPN
ajfa-4117	520	7	,	,	PUNCT
ajfa-4117	520	8	d.	d.	PROPN
ajfa-4117	520	9	,	,	PUNCT
ajfa-4117	520	10	&	&	CCONJ
ajfa-4117	520	11	ljungqvist	ljungqvist	PROPN
ajfa-4117	520	12	,	,	PUNCT
ajfa-4117	520	13	a.	a.	NOUN
ajfa-4117	520	14	(	(	PUNCT
ajfa-4117	520	15	2006	2006	NUM
ajfa-4117	520	16	)	)	PUNCT
ajfa-4117	520	17	.	.	PUNCT
ajfa-4117	521	1	investor	investor	NOUN
ajfa-4117	521	2	sentiment	sentiment	NOUN
ajfa-4117	521	3	and	and	CCONJ
ajfa-4117	521	4	pre	pre	ADJ
ajfa-4117	521	5	-	-	ADJ
ajfa-4117	521	6	ipo	ipo	ADJ
ajfa-4117	521	7	markets	market	NOUN
ajfa-4117	521	8	.	.	PUNCT
ajfa-4117	522	1	the	the	DET
ajfa-4117	522	2	journal	journal	NOUN
ajfa-4117	522	3	of	of	ADP
ajfa-4117	522	4	finance	finance	NOUN
ajfa-4117	522	5	,	,	PUNCT
ajfa-4117	522	6	61(3	61(3	NUM
ajfa-4117	522	7	)	)	PUNCT
ajfa-4117	522	8	,	,	PUNCT
ajfa-4117	522	9	1187	1187	NUM
ajfa-4117	522	10	-	-	SYM
ajfa-4117	522	11	1216	1216	NUM
ajfa-4117	522	12	.	.	PUNCT
ajfa-4117	523	1	http://dx.doi.org/10.1111/j.1540-6261.2006.00870.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00870.x	ADJ
ajfa-4117	523	2	cremers	cremer	NOUN
ajfa-4117	523	3	,	,	PUNCT
ajfa-4117	523	4	k.	k.	PROPN
ajfa-4117	523	5	j.	j.	PROPN
ajfa-4117	523	6	m.	m.	PROPN
ajfa-4117	523	7	,	,	PUNCT
ajfa-4117	523	8	&	&	CCONJ
ajfa-4117	523	9	nair	nair	PROPN
ajfa-4117	523	10	,	,	PUNCT
ajfa-4117	523	11	v.	v.	PROPN
ajfa-4117	523	12	b.	b.	PROPN
ajfa-4117	523	13	(	(	PUNCT
ajfa-4117	523	14	2005	2005	NUM
ajfa-4117	523	15	)	)	PUNCT
ajfa-4117	523	16	.	.	PUNCT
ajfa-4117	524	1	governance	governance	NOUN
ajfa-4117	524	2	mechanisms	mechanism	NOUN
ajfa-4117	524	3	and	and	CCONJ
ajfa-4117	524	4	equity	equity	NOUN
ajfa-4117	524	5	prices	price	NOUN
ajfa-4117	524	6	.	.	PUNCT
ajfa-4117	525	1	the	the	DET
ajfa-4117	525	2	journal	journal	PROPN
ajfa-4117	525	3	of	of	ADP
ajfa-4117	525	4	finance	finance	NOUN
ajfa-4117	525	5	,	,	PUNCT
ajfa-4117	525	6	60(6	60(6	NOUN
ajfa-4117	525	7	)	)	PUNCT
ajfa-4117	525	8	,	,	PUNCT
ajfa-4117	525	9	2859	2859	NUM
ajfa-4117	525	10	-	-	SYM
ajfa-4117	525	11	2894	2894	NUM
ajfa-4117	525	12	.	.	PUNCT
ajfa-4117	526	1	http://dx.doi.org/10.1111/j.1540-6261.2005.00819.x	http://dx.doi.org/10.1111/j.1540-6261.2005.00819.x	PROPN
ajfa-4117	526	2	de	de	PROPN
ajfa-4117	526	3	long	long	ADV
ajfa-4117	526	4	,	,	PUNCT
ajfa-4117	526	5	j.	j.	PROPN
ajfa-4117	526	6	b.	b.	PROPN
ajfa-4117	526	7	,	,	PUNCT
ajfa-4117	526	8	shleifer	shleifer	PROPN
ajfa-4117	526	9	,	,	PUNCT
ajfa-4117	526	10	a.	a.	NOUN
ajfa-4117	526	11	,	,	PUNCT
ajfa-4117	526	12	summers	summer	NOUN
ajfa-4117	526	13	,	,	PUNCT
ajfa-4117	526	14	l.	l.	PROPN
ajfa-4117	526	15	h.	h.	PROPN
ajfa-4117	526	16	,	,	PUNCT
ajfa-4117	526	17	&	&	CCONJ
ajfa-4117	526	18	waldmann	waldmann	PROPN
ajfa-4117	526	19	,	,	PUNCT
ajfa-4117	526	20	r.	r.	PROPN
ajfa-4117	526	21	j.	j.	PROPN
ajfa-4117	526	22	(	(	PUNCT
ajfa-4117	526	23	1990	1990	NUM
ajfa-4117	526	24	)	)	PUNCT
ajfa-4117	526	25	.	.	PUNCT
ajfa-4117	527	1	noise	noise	NOUN
ajfa-4117	527	2	trader	trader	NOUN
ajfa-4117	527	3	risk	risk	NOUN
ajfa-4117	527	4	in	in	ADP
ajfa-4117	527	5	financial	financial	ADJ
ajfa-4117	527	6	markets	market	NOUN
ajfa-4117	527	7	.	.	PUNCT
ajfa-4117	528	1	journal	journal	NOUN
ajfa-4117	528	2	of	of	ADP
ajfa-4117	528	3	political	political	ADJ
ajfa-4117	528	4	economy	economy	NOUN
ajfa-4117	528	5	,	,	PUNCT
ajfa-4117	528	6	98(4	98(4	NUM
ajfa-4117	528	7	)	)	PUNCT
ajfa-4117	528	8	,	,	PUNCT
ajfa-4117	528	9	703	703	NUM
ajfa-4117	528	10	-	-	SYM
ajfa-4117	528	11	738	738	NUM
ajfa-4117	528	12	.	.	PUNCT
ajfa-4117	529	1	http://dx.doi.org/10.1086/261703	http://dx.doi.org/10.1086/261703	PROPN
ajfa-4117	529	2	dechow	dechow	ADJ
ajfa-4117	529	3	,	,	PUNCT
ajfa-4117	529	4	p.	p.	NOUN
ajfa-4117	529	5	m.	m.	NOUN
ajfa-4117	529	6	,	,	PUNCT
ajfa-4117	529	7	sloan	sloan	PROPN
ajfa-4117	529	8	,	,	PUNCT
ajfa-4117	529	9	r.	r.	PROPN
ajfa-4117	529	10	g.	g.	PROPN
ajfa-4117	529	11	,	,	PUNCT
ajfa-4117	529	12	&	&	CCONJ
ajfa-4117	529	13	sweeney	sweeney	PROPN
ajfa-4117	529	14	,	,	PUNCT
ajfa-4117	529	15	a.	a.	NOUN
ajfa-4117	529	16	p.	p.	NOUN
ajfa-4117	529	17	(	(	PUNCT
ajfa-4117	529	18	1996	1996	NUM
ajfa-4117	529	19	)	)	PUNCT
ajfa-4117	529	20	.	.	PUNCT
ajfa-4117	530	1	causes	cause	NOUN
ajfa-4117	530	2	and	and	CCONJ
ajfa-4117	530	3	consequences	consequence	NOUN
ajfa-4117	530	4	of	of	ADP
ajfa-4117	530	5	earnings	earning	NOUN
ajfa-4117	530	6	manipulation	manipulation	NOUN
ajfa-4117	530	7	:	:	PUNCT
ajfa-4117	530	8	an	an	DET
ajfa-4117	530	9	analysis	analysis	NOUN
ajfa-4117	530	10	of	of	ADP
ajfa-4117	530	11	firms	firm	NOUN
ajfa-4117	530	12	subject	subject	ADJ
ajfa-4117	530	13	to	to	ADP
ajfa-4117	530	14	enforcement	enforcement	NOUN
ajfa-4117	530	15	actions	action	NOUN
ajfa-4117	530	16	by	by	ADP
ajfa-4117	530	17	the	the	DET
ajfa-4117	530	18	sec	sec	PROPN
ajfa-4117	530	19	.	.	PUNCT
ajfa-4117	531	1	contemporary	contemporary	ADJ
ajfa-4117	531	2	accounting	accounting	PROPN
ajfa-4117	531	3	research	research	NOUN
ajfa-4117	531	4	,	,	PUNCT
ajfa-4117	531	5	13(1	13(1	NUM
ajfa-4117	531	6	)	)	PUNCT
ajfa-4117	531	7	,	,	PUNCT
ajfa-4117	531	8	1	1	NUM
ajfa-4117	531	9	-	-	SYM
ajfa-4117	531	10	36	36	NUM
ajfa-4117	531	11	.	.	PUNCT
ajfa-4117	532	1	http://dx.doi.org/10.1111/j.1911-3846.1996.tb00489.x	http://dx.doi.org/10.1111/j.1911-3846.1996.tb00489.x	PROPN
ajfa-4117	532	2	dong	dong	PROPN
ajfa-4117	532	3	,	,	PUNCT
ajfa-4117	532	4	m.	m.	NOUN
ajfa-4117	532	5	,	,	PUNCT
ajfa-4117	532	6	hirshleifer	hirshleifer	NOUN
ajfa-4117	532	7	,	,	PUNCT
ajfa-4117	532	8	d.	d.	PROPN
ajfa-4117	532	9	,	,	PUNCT
ajfa-4117	532	10	&	&	CCONJ
ajfa-4117	532	11	teoh	teoh	PROPN
ajfa-4117	532	12	,	,	PUNCT
ajfa-4117	532	13	s.	s.	PROPN
ajfa-4117	532	14	h.	h.	PROPN
ajfa-4117	532	15	(	(	PUNCT
ajfa-4117	532	16	2007	2007	NUM
ajfa-4117	532	17	)	)	PUNCT
ajfa-4117	532	18	.	.	PUNCT
ajfa-4117	533	1	stock	stock	NOUN
ajfa-4117	533	2	market	market	NOUN
ajfa-4117	533	3	misvaluation	misvaluation	NOUN
ajfa-4117	533	4	and	and	CCONJ
ajfa-4117	533	5	corporate	corporate	ADJ
ajfa-4117	533	6	investment	investment	NOUN
ajfa-4117	533	7	.	.	PUNCT
ajfa-4117	534	1	mpra	mpra	PROPN
ajfa-4117	534	2	paper	paper	PROPN
ajfa-4117	534	3	.	.	PUNCT
ajfa-4117	535	1	university	university	NOUN
ajfa-4117	535	2	library	library	NOUN
ajfa-4117	535	3	of	of	ADP
ajfa-4117	535	4	munich	munich	PROPN
ajfa-4117	535	5	,	,	PUNCT
ajfa-4117	535	6	germany	germany	PROPN
ajfa-4117	535	7	.	.	PUNCT
ajfa-4117	536	1	dorn	dorn	PROPN
ajfa-4117	536	2	,	,	PUNCT
ajfa-4117	536	3	d.	d.	PROPN
ajfa-4117	536	4	(	(	PUNCT
ajfa-4117	536	5	2009	2009	NUM
ajfa-4117	536	6	)	)	PUNCT
ajfa-4117	536	7	.	.	PUNCT
ajfa-4117	537	1	does	do	AUX
ajfa-4117	537	2	sentiment	sentiment	NOUN
ajfa-4117	537	3	drive	drive	VERB
ajfa-4117	537	4	the	the	DET
ajfa-4117	537	5	retail	retail	ADJ
ajfa-4117	537	6	demand	demand	NOUN
ajfa-4117	537	7	for	for	ADP
ajfa-4117	537	8	ipos	ipos	NOUN
ajfa-4117	537	9	?	?	PUNCT
ajfa-4117	538	1	journal	journal	PROPN
ajfa-4117	538	2	of	of	ADP
ajfa-4117	538	3	financial	financial	ADJ
ajfa-4117	538	4	and	and	CCONJ
ajfa-4117	538	5	quantitative	quantitative	ADJ
ajfa-4117	538	6	analysis	analysis	NOUN
ajfa-4117	538	7	,	,	PUNCT
ajfa-4117	538	8	44(01	44(01	NUM
ajfa-4117	538	9	)	)	PUNCT
ajfa-4117	538	10	,	,	PUNCT
ajfa-4117	538	11	85	85	NUM
ajfa-4117	538	12	-	-	SYM
ajfa-4117	538	13	108	108	NUM
ajfa-4117	538	14	.	.	PUNCT
ajfa-4117	539	1	doi:10.1017	doi:10.1017	NOUN
ajfa-4117	539	2	/	/	SYM
ajfa-4117	539	3	s0022109009090024	s0022109009090024	NUM
ajfa-4117	539	4	asian	asian	ADJ
ajfa-4117	539	5	journal	journal	NOUN
ajfa-4117	539	6	of	of	ADP
ajfa-4117	539	7	finance	finance	PROPN
ajfa-4117	539	8	&	&	CCONJ
ajfa-4117	539	9	accounting	accounting	PROPN
ajfa-4117	539	10	issn	issn	PROPN
ajfa-4117	539	11	1946	1946	NUM
ajfa-4117	539	12	-	-	PUNCT
ajfa-4117	539	13	052x	052x	NOUN
ajfa-4117	539	14	2013	2013	NUM
ajfa-4117	539	15	,	,	PUNCT
ajfa-4117	539	16	vol	vol	NOUN
ajfa-4117	539	17	.	.	PROPN
ajfa-4117	539	18	5	5	NUM
ajfa-4117	539	19	,	,	PUNCT
ajfa-4117	539	20	no	no	INTJ
ajfa-4117	539	21	.	.	NOUN
ajfa-4117	539	22	2	2	NUM
ajfa-4117	539	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	539	24	124	124	NUM
ajfa-4117	539	25	fama	fama	NOUN
ajfa-4117	539	26	,	,	PUNCT
ajfa-4117	539	27	e.	e.	PROPN
ajfa-4117	539	28	f.	f.	PROPN
ajfa-4117	539	29	(	(	PUNCT
ajfa-4117	539	30	1980	1980	NUM
ajfa-4117	539	31	)	)	PUNCT
ajfa-4117	539	32	.	.	PUNCT
ajfa-4117	540	1	agency	agency	NOUN
ajfa-4117	540	2	problems	problem	NOUN
ajfa-4117	540	3	and	and	CCONJ
ajfa-4117	540	4	the	the	DET
ajfa-4117	540	5	theory	theory	NOUN
ajfa-4117	540	6	of	of	ADP
ajfa-4117	540	7	the	the	DET
ajfa-4117	540	8	firm	firm	NOUN
ajfa-4117	540	9	.	.	PUNCT
ajfa-4117	541	1	journal	journal	NOUN
ajfa-4117	541	2	of	of	ADP
ajfa-4117	541	3	political	political	ADJ
ajfa-4117	541	4	economy	economy	NOUN
ajfa-4117	541	5	,	,	PUNCT
ajfa-4117	541	6	88(2	88(2	NUM
ajfa-4117	541	7	)	)	PUNCT
ajfa-4117	541	8	,	,	PUNCT
ajfa-4117	541	9	288	288	NUM
ajfa-4117	541	10	-	-	SYM
ajfa-4117	541	11	307	307	NUM
ajfa-4117	541	12	.	.	PUNCT
ajfa-4117	542	1	http://dx.doi.org/10.1086/260866	http://dx.doi.org/10.1086/260866	PROPN
ajfa-4117	542	2	firstenberg	firstenberg	PROPN
ajfa-4117	542	3	,	,	PUNCT
ajfa-4117	542	4	p.	p.	PROPN
ajfa-4117	542	5	b.	b.	PROPN
ajfa-4117	542	6	,	,	PUNCT
ajfa-4117	542	7	&	&	CCONJ
ajfa-4117	542	8	malkiel	malkiel	PROPN
ajfa-4117	542	9	,	,	PUNCT
ajfa-4117	542	10	b.	b.	PROPN
ajfa-4117	542	11	g.	g.	PROPN
ajfa-4117	542	12	(	(	PUNCT
ajfa-4117	542	13	1980	1980	NUM
ajfa-4117	542	14	)	)	PUNCT
ajfa-4117	542	15	.	.	PUNCT
ajfa-4117	543	1	why	why	SCONJ
ajfa-4117	543	2	corporate	corporate	ADJ
ajfa-4117	543	3	boards	board	NOUN
ajfa-4117	543	4	need	need	VERB
ajfa-4117	543	5	independent	independent	ADJ
ajfa-4117	543	6	directors	director	NOUN
ajfa-4117	543	7	.	.	PUNCT
ajfa-4117	544	1	management	management	NOUN
ajfa-4117	544	2	review	review	PROPN
ajfa-4117	544	3	,	,	PUNCT
ajfa-4117	544	4	69(4	69(4	NOUN
ajfa-4117	544	5	)	)	PUNCT
ajfa-4117	544	6	,	,	PUNCT
ajfa-4117	544	7	26	26	NUM
ajfa-4117	544	8	-	-	SYM
ajfa-4117	544	9	38	38	NUM
ajfa-4117	544	10	.	.	PUNCT
ajfa-4117	545	1	fischer	fischer	PROPN
ajfa-4117	545	2	,	,	PUNCT
ajfa-4117	545	3	s.	s.	PROPN
ajfa-4117	545	4	,	,	PUNCT
ajfa-4117	545	5	&	&	CCONJ
ajfa-4117	545	6	merton	merton	PROPN
ajfa-4117	545	7	,	,	PUNCT
ajfa-4117	545	8	r.	r.	PROPN
ajfa-4117	545	9	c.	c.	PROPN
ajfa-4117	545	10	(	(	PUNCT
ajfa-4117	545	11	1984	1984	NUM
ajfa-4117	545	12	)	)	PUNCT
ajfa-4117	545	13	.	.	PUNCT
ajfa-4117	546	1	macroeconomics	macroeconomic	NOUN
ajfa-4117	546	2	and	and	CCONJ
ajfa-4117	546	3	finance	finance	NOUN
ajfa-4117	546	4	:	:	PUNCT
ajfa-4117	546	5	the	the	DET
ajfa-4117	546	6	role	role	NOUN
ajfa-4117	546	7	of	of	ADP
ajfa-4117	546	8	the	the	DET
ajfa-4117	546	9	stock	stock	NOUN
ajfa-4117	546	10	market	market	NOUN
ajfa-4117	546	11	.	.	PUNCT
ajfa-4117	547	1	carnegie	carnegie	NOUN
ajfa-4117	547	2	-	-	PUNCT
ajfa-4117	547	3	rochester	rochester	PROPN
ajfa-4117	547	4	conference	conference	NOUN
ajfa-4117	547	5	series	series	NOUN
ajfa-4117	547	6	on	on	ADP
ajfa-4117	547	7	public	public	ADJ
ajfa-4117	547	8	policy	policy	NOUN
ajfa-4117	547	9	,	,	PUNCT
ajfa-4117	547	10	21(0	21(0	NUM
ajfa-4117	547	11	)	)	PUNCT
ajfa-4117	547	12	,	,	PUNCT
ajfa-4117	547	13	57	57	NUM
ajfa-4117	547	14	-	-	SYM
ajfa-4117	547	15	108	108	NUM
ajfa-4117	547	16	.	.	PUNCT
ajfa-4117	548	1	http://dx.doi.org/10.1016/0167-2231(84)90005-8	http://dx.doi.org/10.1016/0167-2231(84)90005-8	PROPN
ajfa-4117	548	2	gilchrist	gilchrist	PROPN
ajfa-4117	548	3	,	,	PUNCT
ajfa-4117	548	4	s.	s.	PROPN
ajfa-4117	548	5	,	,	PUNCT
ajfa-4117	548	6	himmelberg	himmelberg	PROPN
ajfa-4117	548	7	,	,	PUNCT
ajfa-4117	548	8	c.	c.	PROPN
ajfa-4117	548	9	p.	p.	PROPN
ajfa-4117	548	10	,	,	PUNCT
ajfa-4117	548	11	&	&	CCONJ
ajfa-4117	548	12	huberman	huberman	NOUN
ajfa-4117	548	13	,	,	PUNCT
ajfa-4117	548	14	g.	g.	PROPN
ajfa-4117	548	15	(	(	PUNCT
ajfa-4117	548	16	2005	2005	NUM
ajfa-4117	548	17	)	)	PUNCT
ajfa-4117	548	18	.	.	PUNCT
ajfa-4117	549	1	do	do	VERB
ajfa-4117	549	2	stock	stock	NOUN
ajfa-4117	549	3	price	price	NOUN
ajfa-4117	549	4	bubbles	bubble	NOUN
ajfa-4117	549	5	influence	influence	VERB
ajfa-4117	549	6	corporate	corporate	ADJ
ajfa-4117	549	7	investment	investment	NOUN
ajfa-4117	549	8	?	?	PUNCT
ajfa-4117	550	1	journal	journal	NOUN
ajfa-4117	550	2	of	of	ADP
ajfa-4117	550	3	monetary	monetary	ADJ
ajfa-4117	550	4	economics	economic	NOUN
ajfa-4117	550	5	,	,	PUNCT
ajfa-4117	550	6	52(4	52(4	NUM
ajfa-4117	550	7	)	)	PUNCT
ajfa-4117	550	8	,	,	PUNCT
ajfa-4117	550	9	805	805	NUM
ajfa-4117	550	10	-	-	SYM
ajfa-4117	550	11	827	827	NUM
ajfa-4117	550	12	.	.	PUNCT
ajfa-4117	551	1	http://dx.doi.org/10.1016/j.jmoneco.2005.03.003	http://dx.doi.org/10.1016/j.jmoneco.2005.03.003	PROPN
ajfa-4117	551	2	giroud	giroud	NOUN
ajfa-4117	551	3	,	,	PUNCT
ajfa-4117	551	4	x.	x.	PROPN
ajfa-4117	551	5	,	,	PUNCT
ajfa-4117	551	6	&	&	CCONJ
ajfa-4117	551	7	mueller	mueller	PROPN
ajfa-4117	551	8	,	,	PUNCT
ajfa-4117	551	9	h.	h.	PROPN
ajfa-4117	551	10	m.	m.	PROPN
ajfa-4117	551	11	(	(	PUNCT
ajfa-4117	551	12	2010	2010	NUM
ajfa-4117	551	13	)	)	PUNCT
ajfa-4117	551	14	.	.	PUNCT
ajfa-4117	552	1	does	do	VERB
ajfa-4117	552	2	corporate	corporate	ADJ
ajfa-4117	552	3	governance	governance	NOUN
ajfa-4117	552	4	matter	matter	NOUN
ajfa-4117	552	5	in	in	ADP
ajfa-4117	552	6	competitive	competitive	ADJ
ajfa-4117	552	7	industries	industry	NOUN
ajfa-4117	552	8	?	?	PUNCT
ajfa-4117	553	1	journal	journal	NOUN
ajfa-4117	553	2	of	of	ADP
ajfa-4117	553	3	financial	financial	ADJ
ajfa-4117	553	4	economics	economic	NOUN
ajfa-4117	553	5	,	,	PUNCT
ajfa-4117	553	6	95(3	95(3	NUM
ajfa-4117	553	7	)	)	PUNCT
ajfa-4117	553	8	,	,	PUNCT
ajfa-4117	553	9	312	312	NUM
ajfa-4117	553	10	-	-	SYM
ajfa-4117	553	11	331	331	NUM
ajfa-4117	553	12	.	.	PUNCT
ajfa-4117	554	1	http://dx.doi.org/10.1016/j.jfineco.2009.10.008	http://dx.doi.org/10.1016/j.jfineco.2009.10.008	PROPN
ajfa-4117	554	2	grundy	grundy	PROPN
ajfa-4117	554	3	,	,	PUNCT
ajfa-4117	554	4	b.	b.	PROPN
ajfa-4117	554	5	d.	d.	PROPN
ajfa-4117	554	6	,	,	PUNCT
ajfa-4117	554	7	&	&	CCONJ
ajfa-4117	554	8	li	li	PROPN
ajfa-4117	554	9	,	,	PUNCT
ajfa-4117	554	10	h.	h.	PROPN
ajfa-4117	554	11	(	(	PUNCT
ajfa-4117	554	12	2010	2010	NUM
ajfa-4117	554	13	)	)	PUNCT
ajfa-4117	554	14	.	.	PUNCT
ajfa-4117	555	1	investor	investor	NOUN
ajfa-4117	555	2	sentiment	sentiment	NOUN
ajfa-4117	555	3	,	,	PUNCT
ajfa-4117	555	4	executive	executive	NOUN
ajfa-4117	555	5	compensation	compensation	NOUN
ajfa-4117	555	6	,	,	PUNCT
ajfa-4117	555	7	and	and	CCONJ
ajfa-4117	555	8	corporate	corporate	ADJ
ajfa-4117	555	9	investment	investment	NOUN
ajfa-4117	555	10	.	.	PUNCT
ajfa-4117	556	1	journal	journal	NOUN
ajfa-4117	556	2	of	of	ADP
ajfa-4117	556	3	banking	banking	NOUN
ajfa-4117	556	4	&	&	CCONJ
ajfa-4117	556	5	finance	finance	PROPN
ajfa-4117	556	6	,	,	PUNCT
ajfa-4117	556	7	34(10	34(10	NUM
ajfa-4117	556	8	)	)	PUNCT
ajfa-4117	556	9	,	,	PUNCT
ajfa-4117	556	10	2439	2439	NUM
ajfa-4117	556	11	-	-	SYM
ajfa-4117	556	12	2449	2449	NUM
ajfa-4117	556	13	.	.	PUNCT
ajfa-4117	557	1	http://dx.doi.org/10.1016/j.jbankfin.2010.03.020	http://dx.doi.org/10.1016/j.jbankfin.2010.03.020	PROPN
ajfa-4117	557	2	harford	harford	PROPN
ajfa-4117	557	3	,	,	PUNCT
ajfa-4117	557	4	j.	j.	PROPN
ajfa-4117	557	5	(	(	PUNCT
ajfa-4117	557	6	1999	1999	NUM
ajfa-4117	557	7	)	)	PUNCT
ajfa-4117	557	8	.	.	PUNCT
ajfa-4117	558	1	corporate	corporate	ADJ
ajfa-4117	558	2	cash	cash	NOUN
ajfa-4117	558	3	reserves	reserve	NOUN
ajfa-4117	558	4	and	and	CCONJ
ajfa-4117	558	5	acquisitions	acquisition	NOUN
ajfa-4117	558	6	.	.	PUNCT
ajfa-4117	559	1	the	the	DET
ajfa-4117	559	2	journal	journal	NOUN
ajfa-4117	559	3	of	of	ADP
ajfa-4117	559	4	finance	finance	NOUN
ajfa-4117	559	5	,	,	PUNCT
ajfa-4117	559	6	54(6	54(6	NOUN
ajfa-4117	559	7	)	)	PUNCT
ajfa-4117	559	8	,	,	PUNCT
ajfa-4117	559	9	1969	1969	NUM
ajfa-4117	559	10	-	-	SYM
ajfa-4117	559	11	1997	1997	NUM
ajfa-4117	559	12	.	.	PUNCT
ajfa-4117	560	1	http://dx.doi.org/10.1111/0022-1082.00179	http://dx.doi.org/10.1111/0022-1082.00179	PROPN
ajfa-4117	560	2	harford	harford	PROPN
ajfa-4117	560	3	,	,	PUNCT
ajfa-4117	560	4	j.	j.	PROPN
ajfa-4117	560	5	,	,	PUNCT
ajfa-4117	560	6	mansi	mansi	PROPN
ajfa-4117	560	7	,	,	PUNCT
ajfa-4117	560	8	s.	s.	PROPN
ajfa-4117	560	9	a.	a.	PROPN
ajfa-4117	560	10	,	,	PUNCT
ajfa-4117	560	11	&	&	CCONJ
ajfa-4117	560	12	maxwell	maxwell	PROPN
ajfa-4117	560	13	,	,	PUNCT
ajfa-4117	560	14	w.	w.	PROPN
ajfa-4117	560	15	f.	f.	PROPN
ajfa-4117	560	16	(	(	PUNCT
ajfa-4117	560	17	2008	2008	NUM
ajfa-4117	560	18	)	)	PUNCT
ajfa-4117	560	19	.	.	PUNCT
ajfa-4117	561	1	corporate	corporate	ADJ
ajfa-4117	561	2	governance	governance	NOUN
ajfa-4117	561	3	and	and	CCONJ
ajfa-4117	561	4	firm	firm	ADJ
ajfa-4117	561	5	cash	cash	NOUN
ajfa-4117	561	6	holdings	holding	NOUN
ajfa-4117	561	7	in	in	ADP
ajfa-4117	561	8	the	the	DET
ajfa-4117	561	9	us	us	PROPN
ajfa-4117	561	10	.	.	PUNCT
ajfa-4117	562	1	journal	journal	PROPN
ajfa-4117	562	2	of	of	ADP
ajfa-4117	562	3	financial	financial	ADJ
ajfa-4117	562	4	economics	economic	NOUN
ajfa-4117	562	5	,	,	PUNCT
ajfa-4117	562	6	87(3	87(3	NOUN
ajfa-4117	562	7	)	)	PUNCT
ajfa-4117	562	8	,	,	PUNCT
ajfa-4117	562	9	535	535	NUM
ajfa-4117	562	10	-	-	SYM
ajfa-4117	562	11	555	555	NUM
ajfa-4117	562	12	.	.	PUNCT
ajfa-4117	563	1	http://dx.doi.org/10.1016/j.jfineco.2007.04.002	http://dx.doi.org/10.1016/j.jfineco.2007.04.002	PROPN
ajfa-4117	563	2	huang	huang	PROPN
ajfa-4117	563	3	,	,	PUNCT
ajfa-4117	563	4	h.	h.	PROPN
ajfa-4117	563	5	h.	h.	PROPN
ajfa-4117	563	6	,	,	PUNCT
ajfa-4117	563	7	huang	huang	PROPN
ajfa-4117	563	8	,	,	PUNCT
ajfa-4117	563	9	i.	i.	PROPN
ajfa-4117	563	10	h.	h.	PROPN
ajfa-4117	563	11	,	,	PUNCT
ajfa-4117	563	12	&	&	CCONJ
ajfa-4117	563	13	chang	chang	PROPN
ajfa-4117	563	14	,	,	PUNCT
ajfa-4117	563	15	c.	c.	PROPN
ajfa-4117	563	16	h.	h.	PROPN
ajfa-4117	563	17	(	(	PUNCT
ajfa-4117	563	18	2011	2011	NUM
ajfa-4117	563	19	)	)	PUNCT
ajfa-4117	563	20	.	.	PUNCT
ajfa-4117	564	1	corporate	corporate	ADJ
ajfa-4117	564	2	performance	performance	NOUN
ajfa-4117	564	3	after	after	ADP
ajfa-4117	564	4	substantial	substantial	ADJ
ajfa-4117	564	5	capital	capital	NOUN
ajfa-4117	564	6	expenditure	expenditure	NOUN
ajfa-4117	564	7	:	:	PUNCT
ajfa-4117	564	8	the	the	DET
ajfa-4117	564	9	role	role	NOUN
ajfa-4117	564	10	of	of	ADP
ajfa-4117	564	11	growth	growth	NOUN
ajfa-4117	564	12	opportunity	opportunity	NOUN
ajfa-4117	564	13	and	and	CCONJ
ajfa-4117	564	14	corporate	corporate	ADJ
ajfa-4117	564	15	governance	governance	NOUN
ajfa-4117	564	16	.	.	PUNCT
ajfa-4117	565	1	ntu	ntu	PROPN
ajfa-4117	565	2	management	management	PROPN
ajfa-4117	565	3	review	review	PROPN
ajfa-4117	565	4	,	,	PUNCT
ajfa-4117	565	5	22(1	22(1	NUM
ajfa-4117	565	6	)	)	PUNCT
ajfa-4117	565	7	,	,	PUNCT
ajfa-4117	565	8	297	297	NUM
ajfa-4117	565	9	-	-	SYM
ajfa-4117	565	10	325	325	NUM
ajfa-4117	565	11	.	.	PUNCT
ajfa-4117	566	1	http://dx.doi.org/10.6226/nturm2011.22.1.297	http://dx.doi.org/10.6226/nturm2011.22.1.297	PROPN
ajfa-4117	566	2	jensen	jensen	PROPN
ajfa-4117	566	3	,	,	PUNCT
ajfa-4117	566	4	m.	m.	PROPN
ajfa-4117	566	5	c.	c.	PROPN
ajfa-4117	566	6	(	(	PUNCT
ajfa-4117	566	7	1986	1986	NUM
ajfa-4117	566	8	)	)	PUNCT
ajfa-4117	566	9	.	.	PUNCT
ajfa-4117	567	1	agency	agency	NOUN
ajfa-4117	567	2	costs	cost	NOUN
ajfa-4117	567	3	of	of	ADP
ajfa-4117	567	4	free	free	ADJ
ajfa-4117	567	5	cash	cash	NOUN
ajfa-4117	567	6	flow	flow	NOUN
ajfa-4117	567	7	,	,	PUNCT
ajfa-4117	567	8	corporate	corporate	ADJ
ajfa-4117	567	9	finance	finance	NOUN
ajfa-4117	567	10	,	,	PUNCT
ajfa-4117	567	11	and	and	CCONJ
ajfa-4117	567	12	takeovers	takeover	NOUN
ajfa-4117	567	13	.	.	PUNCT
ajfa-4117	568	1	the	the	DET
ajfa-4117	568	2	american	american	PROPN
ajfa-4117	568	3	economic	economic	PROPN
ajfa-4117	568	4	review	review	PROPN
ajfa-4117	568	5	,	,	PUNCT
ajfa-4117	568	6	76(2	76(2	NUM
ajfa-4117	568	7	)	)	PUNCT
ajfa-4117	568	8	,	,	PUNCT
ajfa-4117	568	9	323	323	NUM
ajfa-4117	568	10	-	-	SYM
ajfa-4117	568	11	329	329	NUM
ajfa-4117	568	12	.	.	PUNCT
ajfa-4117	569	1	http://dx.doi.org/10.2139/ssrn.99580	http://dx.doi.org/10.2139/ssrn.99580	PROPN
ajfa-4117	569	2	jensen	jensen	PROPN
ajfa-4117	569	3	,	,	PUNCT
ajfa-4117	569	4	m.	m.	PROPN
ajfa-4117	569	5	c.	c.	PROPN
ajfa-4117	569	6	(	(	PUNCT
ajfa-4117	569	7	1993	1993	NUM
ajfa-4117	569	8	)	)	PUNCT
ajfa-4117	569	9	.	.	PUNCT
ajfa-4117	570	1	the	the	DET
ajfa-4117	570	2	modern	modern	ADJ
ajfa-4117	570	3	industrial	industrial	ADJ
ajfa-4117	570	4	revolution	revolution	NOUN
ajfa-4117	570	5	,	,	PUNCT
ajfa-4117	570	6	exit	exit	NOUN
ajfa-4117	570	7	,	,	PUNCT
ajfa-4117	570	8	and	and	CCONJ
ajfa-4117	570	9	the	the	DET
ajfa-4117	570	10	failure	failure	NOUN
ajfa-4117	570	11	of	of	ADP
ajfa-4117	570	12	internal	internal	ADJ
ajfa-4117	570	13	control	control	NOUN
ajfa-4117	570	14	systems	system	NOUN
ajfa-4117	570	15	.	.	PUNCT
ajfa-4117	571	1	the	the	DET
ajfa-4117	571	2	journal	journal	PROPN
ajfa-4117	571	3	of	of	ADP
ajfa-4117	571	4	finance	finance	NOUN
ajfa-4117	571	5	,	,	PUNCT
ajfa-4117	571	6	48(3	48(3	PROPN
ajfa-4117	571	7	)	)	PUNCT
ajfa-4117	571	8	,	,	PUNCT
ajfa-4117	571	9	831	831	NUM
ajfa-4117	571	10	-	-	SYM
ajfa-4117	571	11	880	880	NUM
ajfa-4117	571	12	.	.	PUNCT
ajfa-4117	572	1	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04022.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04022.x	PROPN
ajfa-4117	572	2	jensen	jensen	PROPN
ajfa-4117	572	3	,	,	PUNCT
ajfa-4117	572	4	m.	m.	PROPN
ajfa-4117	572	5	c.	c.	PROPN
ajfa-4117	572	6	,	,	PUNCT
ajfa-4117	572	7	&	&	CCONJ
ajfa-4117	572	8	meckling	meckling	PROPN
ajfa-4117	572	9	,	,	PUNCT
ajfa-4117	572	10	w.	w.	PROPN
ajfa-4117	572	11	h.	h.	PROPN
ajfa-4117	572	12	(	(	PUNCT
ajfa-4117	572	13	1976	1976	NUM
ajfa-4117	572	14	)	)	PUNCT
ajfa-4117	572	15	.	.	PUNCT
ajfa-4117	573	1	theory	theory	NOUN
ajfa-4117	573	2	of	of	ADP
ajfa-4117	573	3	the	the	DET
ajfa-4117	573	4	firm	firm	NOUN
ajfa-4117	573	5	:	:	PUNCT
ajfa-4117	573	6	managerial	managerial	ADJ
ajfa-4117	573	7	behavior	behavior	NOUN
ajfa-4117	573	8	,	,	PUNCT
ajfa-4117	573	9	agency	agency	NOUN
ajfa-4117	573	10	costs	cost	NOUN
ajfa-4117	573	11	and	and	CCONJ
ajfa-4117	573	12	ownership	ownership	NOUN
ajfa-4117	573	13	structure	structure	NOUN
ajfa-4117	573	14	.	.	PUNCT
ajfa-4117	574	1	journal	journal	NOUN
ajfa-4117	574	2	of	of	ADP
ajfa-4117	574	3	financial	financial	ADJ
ajfa-4117	574	4	economics	economic	NOUN
ajfa-4117	574	5	,	,	PUNCT
ajfa-4117	574	6	3(4	3(4	NUM
ajfa-4117	574	7	)	)	PUNCT
ajfa-4117	574	8	,	,	PUNCT
ajfa-4117	574	9	305	305	NUM
ajfa-4117	574	10	-	-	SYM
ajfa-4117	574	11	360	360	NUM
ajfa-4117	574	12	.	.	PUNCT
ajfa-4117	575	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-4117	575	2	kao	kao	PROPN
ajfa-4117	575	3	,	,	PUNCT
ajfa-4117	575	4	l.	l.	PROPN
ajfa-4117	575	5	,	,	PUNCT
ajfa-4117	575	6	chiou	chiou	NOUN
ajfa-4117	575	7	,	,	PUNCT
ajfa-4117	575	8	j.-r	j.-r	PROPN
ajfa-4117	575	9	.	.	PROPN
ajfa-4117	575	10	,	,	PUNCT
ajfa-4117	575	11	&	&	CCONJ
ajfa-4117	575	12	chen	chen	PROPN
ajfa-4117	575	13	,	,	PUNCT
ajfa-4117	575	14	a.	a.	PROPN
ajfa-4117	575	15	(	(	PUNCT
ajfa-4117	575	16	2004	2004	NUM
ajfa-4117	575	17	)	)	PUNCT
ajfa-4117	575	18	.	.	PUNCT
ajfa-4117	576	1	the	the	DET
ajfa-4117	576	2	agency	agency	NOUN
ajfa-4117	576	3	problems	problem	NOUN
ajfa-4117	576	4	,	,	PUNCT
ajfa-4117	576	5	firm	firm	ADJ
ajfa-4117	576	6	performance	performance	NOUN
ajfa-4117	576	7	and	and	CCONJ
ajfa-4117	576	8	monitoring	monitoring	NOUN
ajfa-4117	576	9	mechanisms	mechanism	NOUN
ajfa-4117	576	10	:	:	PUNCT
ajfa-4117	576	11	the	the	DET
ajfa-4117	576	12	evidence	evidence	NOUN
ajfa-4117	576	13	from	from	ADP
ajfa-4117	576	14	collateralised	collateralise	VERB
ajfa-4117	576	15	shares	share	NOUN
ajfa-4117	576	16	in	in	ADP
ajfa-4117	576	17	taiwan	taiwan	PROPN
ajfa-4117	576	18	.	.	PUNCT
ajfa-4117	577	1	corporate	corporate	ADJ
ajfa-4117	577	2	governance	governance	NOUN
ajfa-4117	577	3	:	:	PUNCT
ajfa-4117	577	4	an	an	DET
ajfa-4117	577	5	international	international	ADJ
ajfa-4117	577	6	review	review	NOUN
ajfa-4117	577	7	,	,	PUNCT
ajfa-4117	577	8	12(3	12(3	NUM
ajfa-4117	577	9	)	)	PUNCT
ajfa-4117	577	10	,	,	PUNCT
ajfa-4117	577	11	389	389	NUM
ajfa-4117	577	12	-	-	SYM
ajfa-4117	577	13	402	402	NUM
ajfa-4117	577	14	.	.	PUNCT
ajfa-4117	578	1	http://dx.doi.org/10.1111/j.1467-8683.2004.00380.x	http://dx.doi.org/10.1111/j.1467-8683.2004.00380.x	PROPN
ajfa-4117	578	2	kau	kau	PROPN
ajfa-4117	578	3	,	,	PUNCT
ajfa-4117	578	4	j.	j.	PROPN
ajfa-4117	578	5	b.	b.	PROPN
ajfa-4117	578	6	,	,	PUNCT
ajfa-4117	578	7	linck	linck	PROPN
ajfa-4117	578	8	,	,	PUNCT
ajfa-4117	578	9	j.	j.	PROPN
ajfa-4117	578	10	s.	s.	PROPN
ajfa-4117	578	11	,	,	PUNCT
ajfa-4117	578	12	&	&	CCONJ
ajfa-4117	578	13	rubin	rubin	PROPN
ajfa-4117	578	14	,	,	PUNCT
ajfa-4117	578	15	p.	p.	PROPN
ajfa-4117	578	16	h.	h.	PROPN
ajfa-4117	579	1	(	(	PUNCT
ajfa-4117	579	2	2008	2008	NUM
ajfa-4117	579	3	)	)	PUNCT
ajfa-4117	579	4	.	.	PUNCT
ajfa-4117	580	1	do	do	AUX
ajfa-4117	580	2	managers	manager	NOUN
ajfa-4117	580	3	listen	listen	VERB
ajfa-4117	580	4	to	to	ADP
ajfa-4117	580	5	the	the	DET
ajfa-4117	580	6	market	market	NOUN
ajfa-4117	580	7	?	?	PUNCT
ajfa-4117	581	1	journal	journal	NOUN
ajfa-4117	581	2	of	of	ADP
ajfa-4117	581	3	asian	asian	ADJ
ajfa-4117	581	4	journal	journal	PROPN
ajfa-4117	581	5	of	of	ADP
ajfa-4117	581	6	finance	finance	PROPN
ajfa-4117	581	7	&	&	CCONJ
ajfa-4117	581	8	accounting	accounting	PROPN
ajfa-4117	581	9	issn	issn	PROPN
ajfa-4117	581	10	1946	1946	NUM
ajfa-4117	581	11	-	-	PUNCT
ajfa-4117	581	12	052x	052x	NOUN
ajfa-4117	581	13	2013	2013	NUM
ajfa-4117	581	14	,	,	PUNCT
ajfa-4117	581	15	vol	vol	NOUN
ajfa-4117	581	16	.	.	PROPN
ajfa-4117	581	17	5	5	NUM
ajfa-4117	581	18	,	,	PUNCT
ajfa-4117	581	19	no	no	INTJ
ajfa-4117	581	20	.	.	NOUN
ajfa-4117	581	21	2	2	NUM
ajfa-4117	581	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	581	23	125	125	NUM
ajfa-4117	581	24	corporate	corporate	ADJ
ajfa-4117	581	25	finance	finance	NOUN
ajfa-4117	581	26	,	,	PUNCT
ajfa-4117	581	27	14(4	14(4	NUM
ajfa-4117	581	28	)	)	PUNCT
ajfa-4117	581	29	,	,	PUNCT
ajfa-4117	581	30	347	347	NUM
ajfa-4117	581	31	-	-	SYM
ajfa-4117	581	32	362	362	NUM
ajfa-4117	581	33	.	.	PUNCT
ajfa-4117	582	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.03.002	http://dx.doi.org/10.1016/j.jcorpfin.2008.03.002	NOUN
ajfa-4117	582	2	keynes	keynes	PROPN
ajfa-4117	582	3	,	,	PUNCT
ajfa-4117	582	4	j.	j.	PROPN
ajfa-4117	582	5	m.	m.	PROPN
ajfa-4117	582	6	(	(	PUNCT
ajfa-4117	582	7	1936	1936	NUM
ajfa-4117	582	8	)	)	PUNCT
ajfa-4117	582	9	.	.	PUNCT
ajfa-4117	583	1	the	the	DET
ajfa-4117	583	2	general	general	ADJ
ajfa-4117	583	3	theory	theory	NOUN
ajfa-4117	583	4	of	of	ADP
ajfa-4117	583	5	employment	employment	NOUN
ajfa-4117	583	6	,	,	PUNCT
ajfa-4117	583	7	interest	interest	NOUN
ajfa-4117	583	8	and	and	CCONJ
ajfa-4117	583	9	money	money	NOUN
ajfa-4117	583	10	.	.	PUNCT
ajfa-4117	584	1	london	london	PROPN
ajfa-4117	584	2	:	:	PUNCT
ajfa-4117	584	3	mcmillan	mcmillan	PROPN
ajfa-4117	584	4	.	.	PUNCT
ajfa-4117	585	1	la	la	PROPN
ajfa-4117	585	2	porta	porta	PROPN
ajfa-4117	585	3	,	,	PUNCT
ajfa-4117	585	4	r.	r.	PROPN
ajfa-4117	585	5	,	,	PUNCT
ajfa-4117	585	6	lopez	lopez	NOUN
ajfa-4117	585	7	-	-	PUNCT
ajfa-4117	585	8	de	de	NOUN
ajfa-4117	585	9	-	-	NOUN
ajfa-4117	585	10	silanes	silanes	PROPN
ajfa-4117	585	11	,	,	PUNCT
ajfa-4117	585	12	f.	f.	PROPN
ajfa-4117	585	13	,	,	PUNCT
ajfa-4117	585	14	shleifer	shleifer	PROPN
ajfa-4117	585	15	,	,	PUNCT
ajfa-4117	585	16	a.	a.	PROPN
ajfa-4117	585	17	,	,	PUNCT
ajfa-4117	585	18	&	&	CCONJ
ajfa-4117	585	19	vishny	vishny	PROPN
ajfa-4117	585	20	,	,	PUNCT
ajfa-4117	585	21	r.	r.	PROPN
ajfa-4117	585	22	(	(	PUNCT
ajfa-4117	585	23	2002	2002	NUM
ajfa-4117	585	24	)	)	PUNCT
ajfa-4117	585	25	.	.	PUNCT
ajfa-4117	586	1	investor	investor	NOUN
ajfa-4117	586	2	protection	protection	NOUN
ajfa-4117	586	3	and	and	CCONJ
ajfa-4117	586	4	corporate	corporate	ADJ
ajfa-4117	586	5	valuation	valuation	NOUN
ajfa-4117	586	6	.	.	PUNCT
ajfa-4117	587	1	the	the	DET
ajfa-4117	587	2	journal	journal	PROPN
ajfa-4117	587	3	of	of	ADP
ajfa-4117	587	4	finance	finance	NOUN
ajfa-4117	587	5	,	,	PUNCT
ajfa-4117	587	6	57(3	57(3	NUM
ajfa-4117	587	7	)	)	PUNCT
ajfa-4117	587	8	,	,	PUNCT
ajfa-4117	587	9	1147	1147	NUM
ajfa-4117	587	10	-	-	SYM
ajfa-4117	587	11	1170	1170	NUM
ajfa-4117	587	12	.	.	PUNCT
ajfa-4117	588	1	http://dx.doi.org/10.1111/1540-6261.00457	http://dx.doi.org/10.1111/1540-6261.00457	PRON
ajfa-4117	588	2	lemmon	lemmon	PROPN
ajfa-4117	588	3	,	,	PUNCT
ajfa-4117	588	4	m.	m.	NOUN
ajfa-4117	588	5	,	,	PUNCT
ajfa-4117	588	6	&	&	CCONJ
ajfa-4117	588	7	portniaguina	portniaguina	PROPN
ajfa-4117	588	8	,	,	PUNCT
ajfa-4117	588	9	e.	e.	PROPN
ajfa-4117	588	10	(	(	PUNCT
ajfa-4117	588	11	2006	2006	NUM
ajfa-4117	588	12	)	)	PUNCT
ajfa-4117	588	13	.	.	PUNCT
ajfa-4117	589	1	consumer	consumer	NOUN
ajfa-4117	589	2	confidence	confidence	NOUN
ajfa-4117	589	3	and	and	CCONJ
ajfa-4117	589	4	asset	asset	NOUN
ajfa-4117	589	5	prices	price	NOUN
ajfa-4117	589	6	:	:	PUNCT
ajfa-4117	589	7	some	some	DET
ajfa-4117	589	8	empirical	empirical	ADJ
ajfa-4117	589	9	evidence	evidence	NOUN
ajfa-4117	589	10	.	.	PUNCT
ajfa-4117	590	1	the	the	DET
ajfa-4117	590	2	review	review	NOUN
ajfa-4117	590	3	of	of	ADP
ajfa-4117	590	4	financial	financial	ADJ
ajfa-4117	590	5	studies	study	NOUN
ajfa-4117	590	6	,	,	PUNCT
ajfa-4117	590	7	19(4	19(4	PROPN
ajfa-4117	590	8	)	)	PUNCT
ajfa-4117	590	9	,	,	PUNCT
ajfa-4117	590	10	1499	1499	NUM
ajfa-4117	590	11	-	-	SYM
ajfa-4117	590	12	1529	1529	NUM
ajfa-4117	590	13	.	.	PUNCT
ajfa-4117	591	1	http://dx.doi.org/10.1093/rfs/hhj038	http://dx.doi.org/10.1093/rfs/hhj038	PROPN
ajfa-4117	591	2	lucas	lucas	PROPN
ajfa-4117	591	3	,	,	PUNCT
ajfa-4117	591	4	d.	d.	PROPN
ajfa-4117	591	5	j.	j.	PROPN
ajfa-4117	591	6	,	,	PUNCT
ajfa-4117	591	7	&	&	CCONJ
ajfa-4117	591	8	mcdonald	mcdonald	PROPN
ajfa-4117	591	9	,	,	PUNCT
ajfa-4117	591	10	r.	r.	PROPN
ajfa-4117	591	11	l.	l.	PROPN
ajfa-4117	591	12	(	(	PUNCT
ajfa-4117	591	13	1990	1990	NUM
ajfa-4117	591	14	)	)	PUNCT
ajfa-4117	591	15	.	.	PUNCT
ajfa-4117	592	1	equity	equity	NOUN
ajfa-4117	592	2	issues	issue	NOUN
ajfa-4117	592	3	and	and	CCONJ
ajfa-4117	592	4	stock	stock	NOUN
ajfa-4117	592	5	price	price	NOUN
ajfa-4117	592	6	dynamics	dynamic	NOUN
ajfa-4117	592	7	.	.	PUNCT
ajfa-4117	593	1	the	the	DET
ajfa-4117	593	2	journal	journal	PROPN
ajfa-4117	593	3	of	of	ADP
ajfa-4117	593	4	finance	finance	NOUN
ajfa-4117	593	5	,	,	PUNCT
ajfa-4117	593	6	45(4	45(4	NUM
ajfa-4117	593	7	)	)	PUNCT
ajfa-4117	593	8	,	,	PUNCT
ajfa-4117	593	9	1019	1019	NUM
ajfa-4117	593	10	-	-	SYM
ajfa-4117	593	11	1043	1043	NUM
ajfa-4117	593	12	.	.	PUNCT
ajfa-4117	594	1	http://dx.doi.org/10.1111/j.1540-6261.1990.tb02425.x	http://dx.doi.org/10.1111/j.1540-6261.1990.tb02425.x	PROPN
ajfa-4117	594	2	masulis	masulis	PROPN
ajfa-4117	594	3	,	,	PUNCT
ajfa-4117	594	4	r.	r.	PROPN
ajfa-4117	594	5	w.	w.	PROPN
ajfa-4117	594	6	,	,	PUNCT
ajfa-4117	594	7	wang	wang	PROPN
ajfa-4117	594	8	,	,	PUNCT
ajfa-4117	594	9	c.	c.	PROPN
ajfa-4117	594	10	,	,	PUNCT
ajfa-4117	594	11	&	&	CCONJ
ajfa-4117	594	12	xie	xie	PROPN
ajfa-4117	594	13	,	,	PUNCT
ajfa-4117	594	14	f.	f.	PROPN
ajfa-4117	594	15	(	(	PUNCT
ajfa-4117	594	16	2007	2007	NUM
ajfa-4117	594	17	)	)	PUNCT
ajfa-4117	594	18	.	.	PUNCT
ajfa-4117	595	1	corporate	corporate	ADJ
ajfa-4117	595	2	governance	governance	NOUN
ajfa-4117	595	3	and	and	CCONJ
ajfa-4117	595	4	acquirer	acquirer	NOUN
ajfa-4117	595	5	returns	return	NOUN
ajfa-4117	595	6	.	.	PUNCT
ajfa-4117	596	1	the	the	DET
ajfa-4117	596	2	journal	journal	PROPN
ajfa-4117	596	3	of	of	ADP
ajfa-4117	596	4	finance	finance	NOUN
ajfa-4117	596	5	,	,	PUNCT
ajfa-4117	596	6	62(4	62(4	NOUN
ajfa-4117	596	7	)	)	PUNCT
ajfa-4117	596	8	,	,	PUNCT
ajfa-4117	596	9	1851	1851	NUM
ajfa-4117	596	10	-	-	SYM
ajfa-4117	596	11	1889	1889	NUM
ajfa-4117	596	12	.	.	PUNCT
ajfa-4117	597	1	http://dx.doi.org/10.1111/j.1540-6261.2007.01259.x	http://dx.doi.org/10.1111/j.1540-6261.2007.01259.x	PRON
ajfa-4117	597	2	mcconnell	mcconnell	PROPN
ajfa-4117	597	3	,	,	PUNCT
ajfa-4117	597	4	j.	j.	PROPN
ajfa-4117	597	5	j.	j.	PROPN
ajfa-4117	597	6	,	,	PUNCT
ajfa-4117	597	7	&	&	CCONJ
ajfa-4117	597	8	muscarella	muscarella	PROPN
ajfa-4117	597	9	,	,	PUNCT
ajfa-4117	597	10	c.	c.	PROPN
ajfa-4117	597	11	j.	j.	PROPN
ajfa-4117	597	12	(	(	PUNCT
ajfa-4117	597	13	1985	1985	NUM
ajfa-4117	597	14	)	)	PUNCT
ajfa-4117	597	15	.	.	PUNCT
ajfa-4117	598	1	corporate	corporate	ADJ
ajfa-4117	598	2	capital	capital	NOUN
ajfa-4117	598	3	expenditure	expenditure	NOUN
ajfa-4117	598	4	decisions	decision	NOUN
ajfa-4117	598	5	and	and	CCONJ
ajfa-4117	598	6	the	the	DET
ajfa-4117	598	7	market	market	NOUN
ajfa-4117	598	8	value	value	NOUN
ajfa-4117	598	9	of	of	ADP
ajfa-4117	598	10	the	the	DET
ajfa-4117	598	11	firm	firm	NOUN
ajfa-4117	598	12	.	.	PUNCT
ajfa-4117	599	1	journal	journal	PROPN
ajfa-4117	599	2	of	of	ADP
ajfa-4117	599	3	financial	financial	ADJ
ajfa-4117	599	4	economics	economic	NOUN
ajfa-4117	599	5	,	,	PUNCT
ajfa-4117	599	6	14(3	14(3	NUM
ajfa-4117	599	7	)	)	PUNCT
ajfa-4117	599	8	,	,	PUNCT
ajfa-4117	599	9	399	399	NUM
ajfa-4117	599	10	-	-	SYM
ajfa-4117	599	11	422	422	NUM
ajfa-4117	599	12	.	.	PUNCT
ajfa-4117	600	1	http://dx.doi.org/10.1016/0304-405x(85)90006-6	http://dx.doi.org/10.1016/0304-405x(85)90006-6	PROPN
ajfa-4117	600	2	morck	morck	PROPN
ajfa-4117	600	3	,	,	PUNCT
ajfa-4117	600	4	r.	r.	PROPN
ajfa-4117	600	5	,	,	PUNCT
ajfa-4117	600	6	shleifer	shleifer	PROPN
ajfa-4117	600	7	,	,	PUNCT
ajfa-4117	600	8	a.	a.	PROPN
ajfa-4117	600	9	,	,	PUNCT
ajfa-4117	600	10	vishny	vishny	PROPN
ajfa-4117	600	11	,	,	PUNCT
ajfa-4117	600	12	r.	r.	PROPN
ajfa-4117	600	13	w.	w.	PROPN
ajfa-4117	600	14	,	,	PUNCT
ajfa-4117	600	15	shapiro	shapiro	PROPN
ajfa-4117	600	16	,	,	PUNCT
ajfa-4117	600	17	m.	m.	NOUN
ajfa-4117	600	18	,	,	PUNCT
ajfa-4117	600	19	&	&	CCONJ
ajfa-4117	600	20	poterba	poterba	PROPN
ajfa-4117	600	21	,	,	PUNCT
ajfa-4117	600	22	j.	j.	PROPN
ajfa-4117	600	23	m.	m.	PROPN
ajfa-4117	600	24	(	(	PUNCT
ajfa-4117	600	25	1990	1990	NUM
ajfa-4117	600	26	)	)	PUNCT
ajfa-4117	600	27	.	.	PUNCT
ajfa-4117	601	1	the	the	DET
ajfa-4117	601	2	stock	stock	NOUN
ajfa-4117	601	3	market	market	NOUN
ajfa-4117	601	4	and	and	CCONJ
ajfa-4117	601	5	investment	investment	NOUN
ajfa-4117	601	6	:	:	PUNCT
ajfa-4117	601	7	is	be	AUX
ajfa-4117	601	8	the	the	DET
ajfa-4117	601	9	market	market	NOUN
ajfa-4117	601	10	a	a	DET
ajfa-4117	601	11	sideshow	sideshow	NOUN
ajfa-4117	601	12	?	?	PUNCT
ajfa-4117	602	1	brookings	brookings	PROPN
ajfa-4117	602	2	papers	paper	NOUN
ajfa-4117	602	3	on	on	ADP
ajfa-4117	602	4	economic	economic	ADJ
ajfa-4117	602	5	activity	activity	NOUN
ajfa-4117	602	6	,	,	PUNCT
ajfa-4117	602	7	1990(2	1990(2	NUM
ajfa-4117	602	8	)	)	PUNCT
ajfa-4117	602	9	,	,	PUNCT
ajfa-4117	602	10	157	157	NUM
ajfa-4117	602	11	-	-	SYM
ajfa-4117	602	12	215	215	NUM
ajfa-4117	602	13	.	.	PUNCT
ajfa-4117	603	1	http://dx.doi.org/10.2307/2534506	http://dx.doi.org/10.2307/2534506	NOUN
ajfa-4117	603	2	opler	opler	ADJ
ajfa-4117	603	3	,	,	PUNCT
ajfa-4117	603	4	t.	t.	PROPN
ajfa-4117	603	5	,	,	PUNCT
ajfa-4117	603	6	pinkowitz	pinkowitz	PROPN
ajfa-4117	603	7	,	,	PUNCT
ajfa-4117	603	8	l.	l.	PROPN
ajfa-4117	603	9	,	,	PUNCT
ajfa-4117	603	10	stulz	stulz	ADJ
ajfa-4117	603	11	,	,	PUNCT
ajfa-4117	603	12	r.	r.	PROPN
ajfa-4117	603	13	,	,	PUNCT
ajfa-4117	603	14	&	&	CCONJ
ajfa-4117	603	15	williamson	williamson	PROPN
ajfa-4117	603	16	,	,	PUNCT
ajfa-4117	603	17	r.	r.	PROPN
ajfa-4117	603	18	(	(	PUNCT
ajfa-4117	603	19	1999	1999	NUM
ajfa-4117	603	20	)	)	PUNCT
ajfa-4117	603	21	.	.	PUNCT
ajfa-4117	604	1	the	the	DET
ajfa-4117	604	2	determinants	determinant	NOUN
ajfa-4117	604	3	and	and	CCONJ
ajfa-4117	604	4	implications	implication	NOUN
ajfa-4117	604	5	of	of	ADP
ajfa-4117	604	6	corporate	corporate	ADJ
ajfa-4117	604	7	cash	cash	NOUN
ajfa-4117	604	8	holdings	holding	NOUN
ajfa-4117	604	9	.	.	PUNCT
ajfa-4117	605	1	journal	journal	NOUN
ajfa-4117	605	2	of	of	ADP
ajfa-4117	605	3	financial	financial	ADJ
ajfa-4117	605	4	economics	economic	NOUN
ajfa-4117	605	5	,	,	PUNCT
ajfa-4117	605	6	52(1	52(1	NOUN
ajfa-4117	605	7	)	)	PUNCT
ajfa-4117	605	8	,	,	PUNCT
ajfa-4117	605	9	3	3	NUM
ajfa-4117	605	10	-	-	SYM
ajfa-4117	605	11	46	46	NUM
ajfa-4117	605	12	.	.	PUNCT
ajfa-4117	606	1	http://dx.doi.org/10.1016/s0304-405x(99)00003-3	http://dx.doi.org/10.1016/s0304-405x(99)00003-3	NOUN
ajfa-4117	606	2	opler	opler	ADJ
ajfa-4117	606	3	,	,	PUNCT
ajfa-4117	606	4	t.	t.	PROPN
ajfa-4117	606	5	,	,	PUNCT
ajfa-4117	606	6	pinkowitz	pinkowitz	PROPN
ajfa-4117	606	7	,	,	PUNCT
ajfa-4117	606	8	l.	l.	PROPN
ajfa-4117	606	9	,	,	PUNCT
ajfa-4117	606	10	stulz	stulz	ADJ
ajfa-4117	606	11	,	,	PUNCT
ajfa-4117	606	12	r.	r.	PROPN
ajfa-4117	606	13	,	,	PUNCT
ajfa-4117	606	14	&	&	CCONJ
ajfa-4117	606	15	williamson	williamson	PROPN
ajfa-4117	606	16	,	,	PUNCT
ajfa-4117	606	17	r.	r.	PROPN
ajfa-4117	606	18	(	(	PUNCT
ajfa-4117	606	19	2001	2001	NUM
ajfa-4117	606	20	)	)	PUNCT
ajfa-4117	606	21	.	.	PUNCT
ajfa-4117	607	1	corporate	corporate	ADJ
ajfa-4117	607	2	cash	cash	NOUN
ajfa-4117	607	3	holdings	holding	NOUN
ajfa-4117	607	4	.	.	PUNCT
ajfa-4117	608	1	journal	journal	PROPN
ajfa-4117	608	2	of	of	ADP
ajfa-4117	608	3	applied	apply	VERB
ajfa-4117	608	4	corporate	corporate	ADJ
ajfa-4117	608	5	finance	finance	NOUN
ajfa-4117	608	6	,	,	PUNCT
ajfa-4117	608	7	14(1	14(1	NUM
ajfa-4117	608	8	)	)	PUNCT
ajfa-4117	608	9	,	,	PUNCT
ajfa-4117	608	10	55	55	NUM
ajfa-4117	608	11	-	-	SYM
ajfa-4117	608	12	67	67	NUM
ajfa-4117	608	13	.	.	PUNCT
ajfa-4117	609	1	http://dx.doi.org/10.1111/j.1745-6622.2001.tb00320.x	http://dx.doi.org/10.1111/j.1745-6622.2001.tb00320.x	PROPN
ajfa-4117	609	2	polk	polk	PROPN
ajfa-4117	609	3	,	,	PUNCT
ajfa-4117	609	4	c.	c.	PROPN
ajfa-4117	609	5	,	,	PUNCT
ajfa-4117	609	6	&	&	CCONJ
ajfa-4117	609	7	sapienza	sapienza	PROPN
ajfa-4117	609	8	,	,	PUNCT
ajfa-4117	609	9	p.	p.	NOUN
ajfa-4117	609	10	(	(	PUNCT
ajfa-4117	609	11	2009	2009	NUM
ajfa-4117	609	12	)	)	PUNCT
ajfa-4117	609	13	.	.	PUNCT
ajfa-4117	610	1	the	the	DET
ajfa-4117	610	2	stock	stock	NOUN
ajfa-4117	610	3	market	market	NOUN
ajfa-4117	610	4	and	and	CCONJ
ajfa-4117	610	5	corporate	corporate	ADJ
ajfa-4117	610	6	investment	investment	NOUN
ajfa-4117	610	7	:	:	PUNCT
ajfa-4117	610	8	a	a	DET
ajfa-4117	610	9	test	test	NOUN
ajfa-4117	610	10	of	of	ADP
ajfa-4117	610	11	catering	catering	NOUN
ajfa-4117	610	12	theory	theory	NOUN
ajfa-4117	610	13	.	.	PUNCT
ajfa-4117	611	1	the	the	DET
ajfa-4117	611	2	review	review	NOUN
ajfa-4117	611	3	of	of	ADP
ajfa-4117	611	4	financial	financial	ADJ
ajfa-4117	611	5	studies	study	NOUN
ajfa-4117	611	6	,	,	PUNCT
ajfa-4117	611	7	22(1	22(1	NUM
ajfa-4117	611	8	)	)	PUNCT
ajfa-4117	611	9	,	,	PUNCT
ajfa-4117	611	10	187	187	NUM
ajfa-4117	611	11	-	-	SYM
ajfa-4117	611	12	217	217	NUM
ajfa-4117	611	13	.	.	PUNCT
ajfa-4117	612	1	http://dx.doi.org/10.1093/rfs/hhn030	http://dx.doi.org/10.1093/rfs/hhn030	PROPN
ajfa-4117	612	2	qiu	qiu	PROPN
ajfa-4117	612	3	,	,	PUNCT
ajfa-4117	612	4	l.	l.	PROPN
ajfa-4117	612	5	,	,	PUNCT
ajfa-4117	612	6	&	&	CCONJ
ajfa-4117	612	7	welch	welch	PROPN
ajfa-4117	612	8	,	,	PUNCT
ajfa-4117	612	9	i.	i.	PROPN
ajfa-4117	612	10	(	(	PUNCT
ajfa-4117	612	11	2004	2004	NUM
ajfa-4117	612	12	)	)	PUNCT
ajfa-4117	612	13	.	.	PUNCT
ajfa-4117	613	1	investor	investor	NOUN
ajfa-4117	613	2	sentiment	sentiment	NOUN
ajfa-4117	613	3	measures	measure	NOUN
ajfa-4117	613	4	.	.	PUNCT
ajfa-4117	614	1	national	national	ADJ
ajfa-4117	614	2	bureau	bureau	PROPN
ajfa-4117	614	3	of	of	ADP
ajfa-4117	614	4	economic	economic	ADJ
ajfa-4117	614	5	research	research	NOUN
ajfa-4117	614	6	.	.	PUNCT
ajfa-4117	615	1	richardson	richardson	PROPN
ajfa-4117	615	2	,	,	PUNCT
ajfa-4117	615	3	s.	s.	PROPN
ajfa-4117	615	4	(	(	PUNCT
ajfa-4117	615	5	2006	2006	NUM
ajfa-4117	615	6	)	)	PUNCT
ajfa-4117	615	7	.	.	PUNCT
ajfa-4117	616	1	over	over	ADP
ajfa-4117	616	2	-	-	PUNCT
ajfa-4117	616	3	investment	investment	NOUN
ajfa-4117	616	4	of	of	ADP
ajfa-4117	616	5	free	free	ADJ
ajfa-4117	616	6	cash	cash	NOUN
ajfa-4117	616	7	flow	flow	NOUN
ajfa-4117	616	8	.	.	PUNCT
ajfa-4117	617	1	review	review	NOUN
ajfa-4117	617	2	of	of	ADP
ajfa-4117	617	3	accounting	accounting	NOUN
ajfa-4117	617	4	studies	study	NOUN
ajfa-4117	617	5	,	,	PUNCT
ajfa-4117	617	6	11(2	11(2	NOUN
ajfa-4117	617	7	-	-	PUNCT
ajfa-4117	617	8	3	3	NUM
ajfa-4117	617	9	)	)	PUNCT
ajfa-4117	617	10	,	,	PUNCT
ajfa-4117	617	11	159	159	NUM
ajfa-4117	617	12	-	-	SYM
ajfa-4117	617	13	189	189	NUM
ajfa-4117	617	14	.	.	PUNCT
ajfa-4117	618	1	http://dx.doi.org/10.1007/s11142-006-9012-1	http://dx.doi.org/10.1007/s11142-006-9012-1	PROPN
ajfa-4117	618	2	shleifer	shleifer	PROPN
ajfa-4117	618	3	,	,	PUNCT
ajfa-4117	618	4	a.	a.	PROPN
ajfa-4117	618	5	,	,	PUNCT
ajfa-4117	618	6	&	&	CCONJ
ajfa-4117	618	7	vishny	vishny	PROPN
ajfa-4117	618	8	,	,	PUNCT
ajfa-4117	618	9	r.	r.	PROPN
ajfa-4117	618	10	w.	w.	PROPN
ajfa-4117	618	11	(	(	PUNCT
ajfa-4117	618	12	1997	1997	NUM
ajfa-4117	618	13	)	)	PUNCT
ajfa-4117	618	14	.	.	PUNCT
ajfa-4117	619	1	the	the	DET
ajfa-4117	619	2	limits	limit	NOUN
ajfa-4117	619	3	of	of	ADP
ajfa-4117	619	4	arbitrage	arbitrage	NOUN
ajfa-4117	619	5	.	.	PUNCT
ajfa-4117	620	1	the	the	DET
ajfa-4117	620	2	journal	journal	PROPN
ajfa-4117	620	3	of	of	ADP
ajfa-4117	620	4	finance	finance	NOUN
ajfa-4117	620	5	,	,	PUNCT
ajfa-4117	620	6	52(1	52(1	NOUN
ajfa-4117	620	7	)	)	PUNCT
ajfa-4117	620	8	,	,	PUNCT
ajfa-4117	620	9	35	35	NUM
ajfa-4117	620	10	-	-	SYM
ajfa-4117	620	11	55	55	NUM
ajfa-4117	620	12	.	.	PUNCT
ajfa-4117	621	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03807.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03807.x	PRON
ajfa-4117	621	2	sivaramakrishnan	sivaramakrishnan	NOUN
ajfa-4117	621	3	,	,	PUNCT
ajfa-4117	621	4	s.	s.	PROPN
ajfa-4117	621	5	,	,	PUNCT
ajfa-4117	621	6	&	&	CCONJ
ajfa-4117	621	7	yu	yu	PROPN
ajfa-4117	621	8	,	,	PUNCT
ajfa-4117	621	9	s.	s.	PROPN
ajfa-4117	621	10	c.	c.	PROPN
ajfa-4117	621	11	(	(	PUNCT
ajfa-4117	621	12	2008	2008	NUM
ajfa-4117	621	13	)	)	PUNCT
ajfa-4117	621	14	.	.	PUNCT
ajfa-4117	622	1	on	on	ADP
ajfa-4117	622	2	the	the	DET
ajfa-4117	622	3	association	association	NOUN
ajfa-4117	622	4	between	between	ADP
ajfa-4117	622	5	corporate	corporate	ADJ
ajfa-4117	622	6	governance	governance	NOUN
ajfa-4117	622	7	and	and	CCONJ
ajfa-4117	622	8	earnings	earning	NOUN
ajfa-4117	622	9	quality	quality	NOUN
ajfa-4117	622	10	.	.	PUNCT
ajfa-4117	623	1	paper	paper	NOUN
ajfa-4117	623	2	presented	present	VERB
ajfa-4117	623	3	at	at	ADP
ajfa-4117	623	4	the	the	DET
ajfa-4117	623	5	aaa	aaa	NOUN
ajfa-4117	623	6	2008	2008	NUM
ajfa-4117	623	7	financial	financial	ADJ
ajfa-4117	623	8	accounting	accounting	NOUN
ajfa-4117	623	9	and	and	CCONJ
ajfa-4117	623	10	reporting	report	VERB
ajfa-4117	623	11	asian	asian	ADJ
ajfa-4117	623	12	journal	journal	NOUN
ajfa-4117	623	13	of	of	ADP
ajfa-4117	623	14	finance	finance	PROPN
ajfa-4117	623	15	&	&	CCONJ
ajfa-4117	623	16	accounting	accounting	PROPN
ajfa-4117	623	17	issn	issn	PROPN
ajfa-4117	623	18	1946	1946	NUM
ajfa-4117	623	19	-	-	PUNCT
ajfa-4117	623	20	052x	052x	NOUN
ajfa-4117	623	21	2013	2013	NUM
ajfa-4117	623	22	,	,	PUNCT
ajfa-4117	623	23	vol	vol	NOUN
ajfa-4117	623	24	.	.	PROPN
ajfa-4117	623	25	5	5	NUM
ajfa-4117	623	26	,	,	PUNCT
ajfa-4117	623	27	no	no	INTJ
ajfa-4117	623	28	.	.	NOUN
ajfa-4117	623	29	2	2	NUM
ajfa-4117	623	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4117	623	31	126	126	NUM
ajfa-4117	623	32	section	section	NOUN
ajfa-4117	623	33	(	(	PUNCT
ajfa-4117	623	34	fars	far	NOUN
ajfa-4117	623	35	)	)	PUNCT
ajfa-4117	623	36	.	.	PUNCT
ajfa-4117	624	1	sloan	sloan	PROPN
ajfa-4117	624	2	,	,	PUNCT
ajfa-4117	624	3	r.	r.	PROPN
ajfa-4117	624	4	g.	g.	PROPN
ajfa-4117	624	5	(	(	PUNCT
ajfa-4117	624	6	1996	1996	NUM
ajfa-4117	624	7	)	)	PUNCT
ajfa-4117	624	8	.	.	PUNCT
ajfa-4117	625	1	do	do	AUX
ajfa-4117	625	2	stock	stock	NOUN
ajfa-4117	625	3	prices	price	NOUN
ajfa-4117	625	4	fully	fully	ADV
ajfa-4117	625	5	reflect	reflect	VERB
ajfa-4117	625	6	information	information	NOUN
ajfa-4117	625	7	in	in	ADP
ajfa-4117	625	8	accruals	accrual	NOUN
ajfa-4117	625	9	and	and	CCONJ
ajfa-4117	625	10	cash	cash	NOUN
ajfa-4117	625	11	flows	flow	NOUN
ajfa-4117	625	12	about	about	ADP
ajfa-4117	625	13	future	future	ADJ
ajfa-4117	625	14	earnings	earning	NOUN
ajfa-4117	625	15	?	?	PUNCT
ajfa-4117	626	1	the	the	DET
ajfa-4117	626	2	accounting	accounting	NOUN
ajfa-4117	626	3	review	review	NOUN
ajfa-4117	626	4	,	,	PUNCT
ajfa-4117	626	5	71(3	71(3	NUM
ajfa-4117	626	6	)	)	PUNCT
ajfa-4117	626	7	,	,	PUNCT
ajfa-4117	626	8	289	289	NUM
ajfa-4117	626	9	.	.	PUNCT
ajfa-4117	626	10	retrieved	retrieve	VERB
ajfa-4117	626	11	from	from	ADP
ajfa-4117	626	12	http://www.jstor.org/stable/248290	http://www.jstor.org/stable/248290	PROPN
ajfa-4117	626	13	stein	stein	PROPN
ajfa-4117	626	14	,	,	PUNCT
ajfa-4117	626	15	j.	j.	PROPN
ajfa-4117	626	16	c.	c.	PROPN
ajfa-4117	626	17	(	(	PUNCT
ajfa-4117	626	18	1996	1996	NUM
ajfa-4117	626	19	)	)	PUNCT
ajfa-4117	626	20	.	.	PUNCT
ajfa-4117	627	1	rational	rational	ADJ
ajfa-4117	627	2	capital	capital	NOUN
ajfa-4117	627	3	budgeting	budget	VERB
ajfa-4117	627	4	in	in	ADP
ajfa-4117	627	5	an	an	DET
ajfa-4117	627	6	irrational	irrational	ADJ
ajfa-4117	627	7	world	world	NOUN
ajfa-4117	627	8	.	.	PUNCT
ajfa-4117	628	1	journal	journal	NOUN
ajfa-4117	628	2	of	of	ADP
ajfa-4117	628	3	business	business	NOUN
ajfa-4117	628	4	,	,	PUNCT
ajfa-4117	628	5	69(4	69(4	NOUN
ajfa-4117	628	6	)	)	PUNCT
ajfa-4117	628	7	,	,	PUNCT
ajfa-4117	628	8	429	429	NUM
ajfa-4117	628	9	-	-	SYM
ajfa-4117	628	10	455	455	NUM
ajfa-4117	628	11	.	.	PUNCT
ajfa-4117	629	1	retrieved	retrieve	VERB
ajfa-4117	629	2	from	from	ADP
ajfa-4117	629	3	http://www.jstor.org/stable/2353403	http://www.jstor.org/stable/2353403	NOUN
ajfa-4117	629	4	strong	strong	ADJ
ajfa-4117	629	5	,	,	PUNCT
ajfa-4117	629	6	j.	j.	PROPN
ajfa-4117	629	7	s.	s.	PROPN
ajfa-4117	629	8	,	,	PUNCT
ajfa-4117	629	9	&	&	CCONJ
ajfa-4117	629	10	meyer	meyer	PROPN
ajfa-4117	629	11	,	,	PUNCT
ajfa-4117	629	12	j.	j.	PROPN
ajfa-4117	629	13	r.	r.	PROPN
ajfa-4117	629	14	(	(	PUNCT
ajfa-4117	629	15	1990	1990	NUM
ajfa-4117	629	16	)	)	PUNCT
ajfa-4117	629	17	.	.	PUNCT
ajfa-4117	630	1	sustaining	sustain	VERB
ajfa-4117	630	2	investment	investment	NOUN
ajfa-4117	630	3	,	,	PUNCT
ajfa-4117	630	4	discretionary	discretionary	ADJ
ajfa-4117	630	5	investment	investment	NOUN
ajfa-4117	630	6	,	,	PUNCT
ajfa-4117	630	7	and	and	CCONJ
ajfa-4117	630	8	valuation	valuation	NOUN
ajfa-4117	630	9	:	:	PUNCT
ajfa-4117	630	10	a	a	DET
ajfa-4117	630	11	residual	residual	ADJ
ajfa-4117	630	12	funds	fund	NOUN
ajfa-4117	630	13	study	study	NOUN
ajfa-4117	630	14	of	of	ADP
ajfa-4117	630	15	the	the	DET
ajfa-4117	630	16	paper	paper	NOUN
ajfa-4117	630	17	industry	industry	NOUN
ajfa-4117	630	18	.	.	PUNCT
ajfa-4117	631	1	in	in	ADP
ajfa-4117	631	2	e.	e.	PROPN
ajfa-4117	631	3	r.	r.	PROPN
ajfa-4117	631	4	glenn	glenn	PROPN
ajfa-4117	631	5	hubbard	hubbard	PROPN
ajfa-4117	631	6	(	(	PUNCT
ajfa-4117	631	7	ed	ed	NOUN
ajfa-4117	631	8	.	.	PUNCT
ajfa-4117	631	9	)	)	PUNCT
ajfa-4117	631	10	,	,	PUNCT
ajfa-4117	631	11	asymmetric	asymmetric	ADJ
ajfa-4117	631	12	information	information	NOUN
ajfa-4117	631	13	,	,	PUNCT
ajfa-4117	631	14	corporate	corporate	ADJ
ajfa-4117	631	15	finance	finance	NOUN
ajfa-4117	631	16	,	,	PUNCT
ajfa-4117	631	17	and	and	CCONJ
ajfa-4117	631	18	investment	investment	NOUN
ajfa-4117	631	19	(	(	PUNCT
ajfa-4117	631	20	pp	pp	ADJ
ajfa-4117	631	21	.	.	PUNCT
ajfa-4117	632	1	127	127	NUM
ajfa-4117	632	2	-	-	SYM
ajfa-4117	632	3	148	148	NUM
ajfa-4117	632	4	):	):	PUNCT
ajfa-4117	632	5	university	university	NOUN
ajfa-4117	632	6	of	of	ADP
ajfa-4117	632	7	chicago	chicago	PROPN
ajfa-4117	632	8	press	press	NOUN
ajfa-4117	632	9	.	.	PUNCT
ajfa-4117	633	1	retrieved	retrieve	VERB
ajfa-4117	633	2	from	from	ADP
ajfa-4117	633	3	http://econpapers.repec.org/repec:nbr:nberch:11470	http://econpapers.repec.org/repec:nbr:nberch:11470	PROPN
ajfa-4117	633	4	teoh	teoh	NOUN
ajfa-4117	633	5	,	,	PUNCT
ajfa-4117	633	6	s.	s.	PROPN
ajfa-4117	633	7	h.	h.	PROPN
ajfa-4117	633	8	,	,	PUNCT
ajfa-4117	633	9	welch	welch	PROPN
ajfa-4117	633	10	,	,	PUNCT
ajfa-4117	633	11	i.	i.	PROPN
ajfa-4117	633	12	,	,	PUNCT
ajfa-4117	633	13	&	&	CCONJ
ajfa-4117	633	14	wong	wong	PROPN
ajfa-4117	633	15	,	,	PUNCT
ajfa-4117	633	16	t.	t.	PROPN
ajfa-4117	633	17	j.	j.	PROPN
ajfa-4117	633	18	(	(	PUNCT
ajfa-4117	633	19	1998	1998	NUM
ajfa-4117	633	20	)	)	PUNCT
ajfa-4117	633	21	.	.	PUNCT
ajfa-4117	634	1	earnings	earning	NOUN
ajfa-4117	634	2	management	management	NOUN
ajfa-4117	634	3	and	and	CCONJ
ajfa-4117	634	4	the	the	DET
ajfa-4117	634	5	long	long	ADV
ajfa-4117	634	6	-	-	PUNCT
ajfa-4117	634	7	run	run	NOUN
ajfa-4117	634	8	market	market	NOUN
ajfa-4117	634	9	performance	performance	NOUN
ajfa-4117	634	10	of	of	ADP
ajfa-4117	634	11	initial	initial	ADJ
ajfa-4117	634	12	public	public	ADJ
ajfa-4117	634	13	offerings	offering	NOUN
ajfa-4117	634	14	.	.	PUNCT
ajfa-4117	635	1	the	the	DET
ajfa-4117	635	2	journal	journal	PROPN
ajfa-4117	635	3	of	of	ADP
ajfa-4117	635	4	finance	finance	NOUN
ajfa-4117	635	5	,	,	PUNCT
ajfa-4117	635	6	53(6	53(6	PROPN
ajfa-4117	635	7	)	)	PUNCT
ajfa-4117	635	8	,	,	PUNCT
ajfa-4117	635	9	1935	1935	NUM
ajfa-4117	635	10	-	-	SYM
ajfa-4117	635	11	1974	1974	NUM
ajfa-4117	635	12	.	.	PUNCT
ajfa-4117	636	1	http://dx.doi.org/10.1111/0022-1082.00079	http://dx.doi.org/10.1111/0022-1082.00079	PROPN
ajfa-4117	636	2	trueman	trueman	PROPN
ajfa-4117	636	3	,	,	PUNCT
ajfa-4117	636	4	b.	b.	PROPN
ajfa-4117	636	5	(	(	PUNCT
ajfa-4117	636	6	1986	1986	NUM
ajfa-4117	636	7	)	)	PUNCT
ajfa-4117	636	8	.	.	PUNCT
ajfa-4117	637	1	the	the	DET
ajfa-4117	637	2	relationship	relationship	NOUN
ajfa-4117	637	3	between	between	ADP
ajfa-4117	637	4	the	the	DET
ajfa-4117	637	5	level	level	NOUN
ajfa-4117	637	6	of	of	ADP
ajfa-4117	637	7	capital	capital	NOUN
ajfa-4117	637	8	expenditures	expenditure	NOUN
ajfa-4117	637	9	and	and	CCONJ
ajfa-4117	637	10	firm	firm	ADJ
ajfa-4117	637	11	value	value	NOUN
ajfa-4117	637	12	.	.	PUNCT
ajfa-4117	638	1	the	the	DET
ajfa-4117	638	2	journal	journal	NOUN
ajfa-4117	638	3	of	of	ADP
ajfa-4117	638	4	financial	financial	ADJ
ajfa-4117	638	5	and	and	CCONJ
ajfa-4117	638	6	quantitative	quantitative	ADJ
ajfa-4117	638	7	analysis	analysis	NOUN
ajfa-4117	638	8	,	,	PUNCT
ajfa-4117	638	9	21(2	21(2	NUM
ajfa-4117	638	10	)	)	PUNCT
ajfa-4117	638	11	,	,	PUNCT
ajfa-4117	638	12	115	115	NUM
ajfa-4117	638	13	-	-	SYM
ajfa-4117	638	14	129	129	NUM
ajfa-4117	638	15	.	.	PUNCT
ajfa-4117	639	1	http://dx.doi.org/10.2307/2330732	http://dx.doi.org/10.2307/2330732	NOUN
ajfa-4117	639	2	weisbach	weisbach	NOUN
ajfa-4117	639	3	,	,	PUNCT
ajfa-4117	639	4	m.	m.	NOUN
ajfa-4117	639	5	s.	s.	PROPN
ajfa-4117	639	6	(	(	PUNCT
ajfa-4117	639	7	1988	1988	NUM
ajfa-4117	639	8	)	)	PUNCT
ajfa-4117	639	9	.	.	PUNCT
ajfa-4117	640	1	outside	outside	ADJ
ajfa-4117	640	2	directors	director	NOUN
ajfa-4117	640	3	and	and	CCONJ
ajfa-4117	640	4	ceo	ceo	NOUN
ajfa-4117	640	5	turnover	turnover	NOUN
ajfa-4117	640	6	.	.	PUNCT
ajfa-4117	641	1	journal	journal	NOUN
ajfa-4117	641	2	of	of	ADP
ajfa-4117	641	3	financial	financial	ADJ
ajfa-4117	641	4	economics	economic	NOUN
ajfa-4117	641	5	,	,	PUNCT
ajfa-4117	641	6	20(0	20(0	NOUN
ajfa-4117	641	7	)	)	PUNCT
ajfa-4117	641	8	,	,	PUNCT
ajfa-4117	641	9	431	431	NUM
ajfa-4117	641	10	-	-	SYM
ajfa-4117	641	11	460	460	NUM
ajfa-4117	641	12	.	.	PUNCT
ajfa-4117	642	1	http://dx.doi.org/10.1016/0304-405x(88)90053-0	http://dx.doi.org/10.1016/0304-405x(88)90053-0	PROPN
ajfa-4117	642	2	yeh	yeh	PROPN
ajfa-4117	642	3	,	,	PUNCT
ajfa-4117	642	4	y.	y.	PROPN
ajfa-4117	642	5	h.	h.	PROPN
ajfa-4117	642	6	(	(	PUNCT
ajfa-4117	642	7	1999	1999	NUM
ajfa-4117	642	8	)	)	PUNCT
ajfa-4117	642	9	.	.	PUNCT
ajfa-4117	643	1	family	family	NOUN
ajfa-4117	643	2	groupings	grouping	NOUN
ajfa-4117	643	3	,	,	PUNCT
ajfa-4117	643	4	core	core	NOUN
ajfa-4117	643	5	business	business	NOUN
ajfa-4117	643	6	and	and	CCONJ
ajfa-4117	643	7	return	return	VERB
ajfa-4117	643	8	interaction	interaction	NOUN
ajfa-4117	643	9	:	:	PUNCT
ajfa-4117	643	10	taiwan	taiwan	PROPN
ajfa-4117	643	11	and	and	CCONJ
ajfa-4117	643	12	hong	hong	PROPN
ajfa-4117	643	13	kong	kong	PROPN
ajfa-4117	643	14	stock	stock	NOUN
ajfa-4117	643	15	markets	market	NOUN
ajfa-4117	643	16	.	.	PUNCT
ajfa-4117	644	1	management	management	NOUN
ajfa-4117	644	2	review	review	PROPN
ajfa-4117	644	3	,	,	PUNCT
ajfa-4117	644	4	18(2	18(2	NUM
ajfa-4117	644	5	)	)	PUNCT
ajfa-4117	644	6	,	,	PUNCT
ajfa-4117	644	7	59	59	NUM
ajfa-4117	644	8	-	-	SYM
ajfa-4117	644	9	86	86	NUM
ajfa-4117	644	10	.	.	PUNCT
ajfa-4117	645	1	yeh	yeh	PROPN
ajfa-4117	645	2	,	,	PUNCT
ajfa-4117	645	3	y.	y.	PROPN
ajfa-4117	645	4	h.	h.	PROPN
ajfa-4117	645	5	,	,	PUNCT
ajfa-4117	645	6	lee	lee	PROPN
ajfa-4117	645	7	,	,	PUNCT
ajfa-4117	645	8	t.	t.	PROPN
ajfa-4117	645	9	s.	s.	PROPN
ajfa-4117	645	10	,	,	PUNCT
ajfa-4117	645	11	&	&	CCONJ
ajfa-4117	645	12	woidtke	woidtke	PROPN
ajfa-4117	645	13	,	,	PUNCT
ajfa-4117	645	14	t.	t.	PROPN
ajfa-4117	645	15	(	(	PUNCT
ajfa-4117	645	16	2001	2001	NUM
ajfa-4117	645	17	)	)	PUNCT
ajfa-4117	645	18	.	.	PUNCT
ajfa-4117	646	1	family	family	NOUN
ajfa-4117	646	2	control	control	NOUN
ajfa-4117	646	3	and	and	CCONJ
ajfa-4117	646	4	corporate	corporate	ADJ
ajfa-4117	646	5	governance	governance	NOUN
ajfa-4117	646	6	:	:	PUNCT
ajfa-4117	646	7	evidence	evidence	NOUN
ajfa-4117	646	8	from	from	ADP
ajfa-4117	646	9	taiwan	taiwan	PROPN
ajfa-4117	646	10	.	.	PUNCT
ajfa-4117	647	1	international	international	ADJ
ajfa-4117	647	2	review	review	NOUN
ajfa-4117	647	3	of	of	ADP
ajfa-4117	647	4	finance	finance	NOUN
ajfa-4117	647	5	,	,	PUNCT
ajfa-4117	647	6	2(1	2(1	ADV
ajfa-4117	647	7	-	-	SYM
ajfa-4117	647	8	2	2	NUM
ajfa-4117	647	9	)	)	PUNCT
ajfa-4117	647	10	,	,	PUNCT
ajfa-4117	647	11	21	21	NUM
ajfa-4117	647	12	-	-	SYM
ajfa-4117	647	13	48	48	NUM
ajfa-4117	647	14	.	.	PUNCT
ajfa-4117	648	1	http://dx.doi.org/10.1111/1468-2443.00014	http://dx.doi.org/10.1111/1468-2443.00014	PROPN
ajfa-4117	648	2	yermack	yermack	PROPN
ajfa-4117	648	3	,	,	PUNCT
ajfa-4117	648	4	d.	d.	PROPN
ajfa-4117	648	5	(	(	PUNCT
ajfa-4117	648	6	1996	1996	NUM
ajfa-4117	648	7	)	)	PUNCT
ajfa-4117	648	8	.	.	PUNCT
ajfa-4117	649	1	higher	high	ADJ
ajfa-4117	649	2	market	market	NOUN
ajfa-4117	649	3	valuation	valuation	NOUN
ajfa-4117	649	4	of	of	ADP
ajfa-4117	649	5	companies	company	NOUN
ajfa-4117	649	6	with	with	ADP
ajfa-4117	649	7	a	a	DET
ajfa-4117	649	8	small	small	ADJ
ajfa-4117	649	9	board	board	NOUN
ajfa-4117	649	10	of	of	ADP
ajfa-4117	649	11	directors	director	NOUN
ajfa-4117	649	12	.	.	PUNCT
ajfa-4117	650	1	journal	journal	NOUN
ajfa-4117	650	2	of	of	ADP
ajfa-4117	650	3	financial	financial	ADJ
ajfa-4117	650	4	economics	economic	NOUN
ajfa-4117	650	5	,	,	PUNCT
ajfa-4117	650	6	40(2	40(2	NUM
ajfa-4117	650	7	)	)	PUNCT
ajfa-4117	650	8	,	,	PUNCT
ajfa-4117	650	9	185	185	NUM
ajfa-4117	650	10	-	-	SYM
ajfa-4117	650	11	211	211	NUM
ajfa-4117	650	12	.	.	PUNCT
ajfa-4117	651	1	http://dx.doi.org/10.1016/0304-405x(95)00844-5	http://dx.doi.org/10.1016/0304-405x(95)00844-5	PROPN
ajfa-4117	651	2	young	young	PROPN
ajfa-4117	651	3	,	,	PUNCT
ajfa-4117	651	4	c.	c.	PROPN
ajfa-4117	651	5	s.	s.	PROPN
ajfa-4117	651	6	,	,	PUNCT
ajfa-4117	651	7	&	&	CCONJ
ajfa-4117	651	8	wu	wu	PROPN
ajfa-4117	651	9	,	,	PUNCT
ajfa-4117	651	10	s.	s.	PROPN
ajfa-4117	651	11	j.	j.	PROPN
ajfa-4117	651	12	(	(	PUNCT
ajfa-4117	651	13	2009	2009	NUM
ajfa-4117	651	14	)	)	PUNCT
ajfa-4117	651	15	.	.	PUNCT
ajfa-4117	652	1	the	the	DET
ajfa-4117	652	2	determinants	determinant	NOUN
ajfa-4117	652	3	and	and	CCONJ
ajfa-4117	652	4	effects	effect	NOUN
ajfa-4117	652	5	on	on	ADP
ajfa-4117	652	6	earnings	earning	NOUN
ajfa-4117	652	7	informativeness	informativeness	NOUN
ajfa-4117	652	8	of	of	ADP
ajfa-4117	652	9	asset	asset	NOUN
ajfa-4117	652	10	impairments	impairment	NOUN
ajfa-4117	652	11	:	:	PUNCT
ajfa-4117	652	12	the	the	DET
ajfa-4117	652	13	role	role	NOUN
ajfa-4117	652	14	of	of	ADP
ajfa-4117	652	15	corporate	corporate	ADJ
ajfa-4117	652	16	governance	governance	NOUN
ajfa-4117	652	17	.	.	PUNCT
ajfa-4117	653	1	international	international	ADJ
ajfa-4117	653	2	journal	journal	PROPN
ajfa-4117	653	3	of	of	ADP
ajfa-4117	653	4	accounting	accounting	NOUN
ajfa-4117	653	5	studies	study	NOUN
ajfa-4117	653	6	,	,	PUNCT
ajfa-4117	653	7	48	48	NUM
ajfa-4117	653	8	,	,	PUNCT
ajfa-4117	653	9	67	67	NUM
ajfa-4117	653	10	-	-	SYM
ajfa-4117	653	11	114	114	NUM
ajfa-4117	653	12	.	.	PUNCT