id	sid	tid	token	lemma	pos
ajfa-431	1	1	asian	asian	ADJ
ajfa-431	1	2	journal	journal	PROPN
ajfa-431	1	3	of	of	ADP
ajfa-431	1	4	finance	finance	PROPN
ajfa-431	1	5	&	&	CCONJ
ajfa-431	1	6	accounting	accounting	PROPN
ajfa-431	1	7	issn	issn	PROPN
ajfa-431	1	8	1946	1946	NUM
ajfa-431	1	9	-	-	PUNCT
ajfa-431	1	10	052x	052x	NOUN
ajfa-431	1	11	2010	2010	NUM
ajfa-431	1	12	,	,	PUNCT
ajfa-431	1	13	vol	vol	NOUN
ajfa-431	1	14	.	.	PROPN
ajfa-431	1	15	2	2	NUM
ajfa-431	1	16	,	,	PUNCT
ajfa-431	1	17	no	no	INTJ
ajfa-431	1	18	.	.	NOUN
ajfa-431	1	19	1	1	NUM
ajfa-431	1	20	:	:	PUNCT
ajfa-431	1	21	e3	e3	VERB
ajfa-431	1	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	1	23	47	47	NUM
ajfa-431	1	24	the	the	DET
ajfa-431	1	25	effects	effect	NOUN
ajfa-431	1	26	of	of	ADP
ajfa-431	1	27	corporate	corporate	ADJ
ajfa-431	1	28	ownership	ownership	NOUN
ajfa-431	1	29	structure	structure	NOUN
ajfa-431	1	30	on	on	ADP
ajfa-431	1	31	earnings	earning	NOUN
ajfa-431	1	32	conservatism	conservatism	NOUN
ajfa-431	1	33	:	:	PUNCT
ajfa-431	1	34	evidence	evidence	NOUN
ajfa-431	1	35	from	from	ADP
ajfa-431	1	36	china	china	PROPN
ajfa-431	1	37	fan	fan	PROPN
ajfa-431	1	38	-	-	PUNCT
ajfa-431	1	39	hua	hua	PROPN
ajfa-431	1	40	kung	kung	PROPN
ajfa-431	1	41	department	department	PROPN
ajfa-431	1	42	of	of	ADP
ajfa-431	1	43	accounting	accounting	PROPN
ajfa-431	1	44	,	,	PUNCT
ajfa-431	1	45	tamkang	tamkang	PROPN
ajfa-431	1	46	university	university	PROPN
ajfa-431	1	47	tamsui	tamsui	PROPN
ajfa-431	1	48	,	,	PUNCT
ajfa-431	1	49	taipei	taipei	PROPN
ajfa-431	1	50	county	county	PROPN
ajfa-431	1	51	,	,	PUNCT
ajfa-431	1	52	taiwan	taiwan	PROPN
ajfa-431	1	53	,	,	PUNCT
ajfa-431	1	54	25137	25137	NUM
ajfa-431	1	55	tel	tel	PROPN
ajfa-431	1	56	:	:	PUNCT
ajfa-431	1	57	886	886	NUM
ajfa-431	1	58	-	-	SYM
ajfa-431	1	59	2	2	NUM
ajfa-431	1	60	-	-	PUNCT
ajfa-431	1	61	2621	2621	NUM
ajfa-431	1	62	-	-	SYM
ajfa-431	1	63	5656	5656	NUM
ajfa-431	1	64	e	e	NOUN
ajfa-431	1	65	-	-	NOUN
ajfa-431	1	66	mail	mail	NOUN
ajfa-431	1	67	:	:	PUNCT
ajfa-431	1	68	kung@mail.tku.edu.tw	kung@mail.tku.edu.tw	PROPN
ajfa-431	1	69	chia	chia	PROPN
ajfa-431	1	70	-	-	PUNCT
ajfa-431	1	71	ling	ling	PROPN
ajfa-431	1	72	cheng	cheng	PROPN
ajfa-431	1	73	department	department	PROPN
ajfa-431	1	74	of	of	ADP
ajfa-431	1	75	accounting	accounting	PROPN
ajfa-431	1	76	,	,	PUNCT
ajfa-431	1	77	fu	fu	PROPN
ajfa-431	1	78	-	-	PUNCT
ajfa-431	1	79	jen	jen	PROPN
ajfa-431	1	80	catholic	catholic	PROPN
ajfa-431	1	81	university	university	PROPN
ajfa-431	1	82	hsinchuang	hsinchuang	PROPN
ajfa-431	1	83	city	city	PROPN
ajfa-431	1	84	,	,	PUNCT
ajfa-431	1	85	taipei	taipei	PROPN
ajfa-431	1	86	county	county	PROPN
ajfa-431	1	87	,	,	PUNCT
ajfa-431	1	88	taiwan	taiwan	PROPN
ajfa-431	1	89	,	,	PUNCT
ajfa-431	1	90	24205	24205	NUM
ajfa-431	1	91	tel	tel	ADP
ajfa-431	1	92	:	:	PUNCT
ajfa-431	1	93	886	886	NUM
ajfa-431	1	94	-	-	SYM
ajfa-431	1	95	2	2	NUM
ajfa-431	1	96	-	-	PUNCT
ajfa-431	1	97	2905	2905	NUM
ajfa-431	1	98	-	-	PUNCT
ajfa-431	1	99	2962	2962	NUM
ajfa-431	1	100	e	e	NOUN
ajfa-431	1	101	-	-	NOUN
ajfa-431	1	102	mail	mail	NOUN
ajfa-431	1	103	:	:	PUNCT
ajfa-431	1	104	075024@mail.fju.edu.tw	075024@mail.fju.edu.tw	NUM
ajfa-431	2	1	kieran	kieran	PROPN
ajfa-431	2	2	james	james	PROPN
ajfa-431	2	3	(	(	PUNCT
ajfa-431	2	4	corresponding	corresponding	ADJ
ajfa-431	2	5	author	author	NOUN
ajfa-431	2	6	)	)	PUNCT
ajfa-431	2	7	department	department	NOUN
ajfa-431	2	8	of	of	ADP
ajfa-431	2	9	accounting	accounting	NOUN
ajfa-431	2	10	,	,	PUNCT
ajfa-431	2	11	economics	economic	NOUN
ajfa-431	2	12	and	and	CCONJ
ajfa-431	2	13	finance	finance	NOUN
ajfa-431	2	14	,	,	PUNCT
ajfa-431	2	15	university	university	NOUN
ajfa-431	2	16	of	of	ADP
ajfa-431	2	17	southern	southern	PROPN
ajfa-431	2	18	queensland	queensland	PROPN
ajfa-431	2	19	,	,	PUNCT
ajfa-431	2	20	toowoomba	toowoomba	PROPN
ajfa-431	2	21	qld	qld	PROPN
ajfa-431	2	22	.	.	PROPN
ajfa-431	2	23	4350	4350	NUM
ajfa-431	2	24	,	,	PUNCT
ajfa-431	2	25	australia	australia	PROPN
ajfa-431	2	26	tel	tel	PROPN
ajfa-431	2	27	:	:	PUNCT
ajfa-431	2	28	61	61	NUM
ajfa-431	2	29	-	-	SYM
ajfa-431	2	30	7	7	NUM
ajfa-431	2	31	-	-	PUNCT
ajfa-431	2	32	46311456	46311456	NUM
ajfa-431	2	33	e	e	NOUN
ajfa-431	2	34	-	-	NOUN
ajfa-431	2	35	mail	mail	NOUN
ajfa-431	2	36	:	:	PUNCT
ajfa-431	2	37	kieran_james@yahoo.com	kieran_james@yahoo.com	X
ajfa-431	2	38	and	and	CCONJ
ajfa-431	2	39	jamesk@usq.edu.au	jamesk@usq.edu.au	PROPN
ajfa-431	2	40	mailto:kung@mail.tku.edu.tw	mailto:kung@mail.tku.edu.tw	PROPN
ajfa-431	2	41	mailto:075024@mail.fju.edu.tw	mailto:075024@mail.fju.edu.tw	NOUN
ajfa-431	3	1	mailto:kieran_james@yahoo.com	mailto:kieran_james@yahoo.com	X
ajfa-431	3	2	mailto:jamesk@usq.edu.au	mailto:jamesk@usq.edu.au	PROPN
ajfa-431	3	3	asian	asian	PROPN
ajfa-431	3	4	journal	journal	PROPN
ajfa-431	3	5	of	of	ADP
ajfa-431	3	6	finance	finance	PROPN
ajfa-431	3	7	&	&	CCONJ
ajfa-431	3	8	accounting	accounting	PROPN
ajfa-431	3	9	issn	issn	PROPN
ajfa-431	3	10	1946	1946	NUM
ajfa-431	3	11	-	-	PUNCT
ajfa-431	3	12	052x	052x	NOUN
ajfa-431	3	13	2010	2010	NUM
ajfa-431	3	14	,	,	PUNCT
ajfa-431	3	15	vol	vol	NOUN
ajfa-431	3	16	.	.	PROPN
ajfa-431	3	17	2	2	NUM
ajfa-431	3	18	,	,	PUNCT
ajfa-431	3	19	no	no	INTJ
ajfa-431	3	20	.	.	NOUN
ajfa-431	3	21	1	1	NUM
ajfa-431	3	22	:	:	PUNCT
ajfa-431	3	23	e3	e3	VERB
ajfa-431	3	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	3	25	48	48	NUM
ajfa-431	3	26	received	receive	VERB
ajfa-431	3	27	:	:	PUNCT
ajfa-431	3	28	june	june	PROPN
ajfa-431	3	29	29	29	NUM
ajfa-431	3	30	,	,	PUNCT
ajfa-431	3	31	2010	2010	NUM
ajfa-431	3	32	accepted	accept	VERB
ajfa-431	3	33	:	:	PUNCT
ajfa-431	3	34	december	december	PROPN
ajfa-431	3	35	16	16	NUM
ajfa-431	3	36	,	,	PUNCT
ajfa-431	3	37	2010	2010	NUM
ajfa-431	3	38	abstract	abstract	ADV
ajfa-431	3	39	this	this	DET
ajfa-431	3	40	paper	paper	NOUN
ajfa-431	3	41	investigates	investigate	VERB
ajfa-431	3	42	the	the	DET
ajfa-431	3	43	incremental	incremental	ADJ
ajfa-431	3	44	effects	effect	NOUN
ajfa-431	3	45	of	of	ADP
ajfa-431	3	46	corporate	corporate	ADJ
ajfa-431	3	47	ownership	ownership	NOUN
ajfa-431	3	48	structure	structure	NOUN
ajfa-431	3	49	on	on	ADP
ajfa-431	3	50	earnings	earning	NOUN
ajfa-431	3	51	conservatism	conservatism	NOUN
ajfa-431	3	52	,	,	PUNCT
ajfa-431	3	53	examining	examine	VERB
ajfa-431	3	54	data	datum	NOUN
ajfa-431	3	55	of	of	ADP
ajfa-431	3	56	chinese	chinese	ADJ
ajfa-431	3	57	listed	list	VERB
ajfa-431	3	58	companies	company	NOUN
ajfa-431	3	59	.	.	PUNCT
ajfa-431	4	1	we	we	PRON
ajfa-431	4	2	employ	employ	VERB
ajfa-431	4	3	the	the	DET
ajfa-431	4	4	concept	concept	NOUN
ajfa-431	4	5	of	of	ADP
ajfa-431	4	6	conditional	conditional	ADJ
ajfa-431	4	7	conservatism	conservatism	NOUN
ajfa-431	4	8	to	to	PART
ajfa-431	4	9	define	define	VERB
ajfa-431	4	10	earnings	earning	NOUN
ajfa-431	4	11	conservatism	conservatism	NOUN
ajfa-431	4	12	and	and	CCONJ
ajfa-431	4	13	adopt	adopt	VERB
ajfa-431	4	14	empirical	empirical	ADJ
ajfa-431	4	15	models	model	NOUN
ajfa-431	4	16	developed	develop	VERB
ajfa-431	4	17	by	by	ADP
ajfa-431	4	18	basu	basu	PROPN
ajfa-431	4	19	(	(	PUNCT
ajfa-431	4	20	1997	1997	NUM
ajfa-431	4	21	)	)	PUNCT
ajfa-431	4	22	and	and	CCONJ
ajfa-431	4	23	ball	ball	NOUN
ajfa-431	4	24	and	and	CCONJ
ajfa-431	4	25	shivakumar	shivakumar	PROPN
ajfa-431	4	26	(	(	PUNCT
ajfa-431	4	27	2005	2005	NUM
ajfa-431	4	28	)	)	PUNCT
ajfa-431	4	29	to	to	PART
ajfa-431	4	30	measure	measure	VERB
ajfa-431	4	31	the	the	DET
ajfa-431	4	32	degree	degree	NOUN
ajfa-431	4	33	of	of	ADP
ajfa-431	4	34	earnings	earning	NOUN
ajfa-431	4	35	conservatism	conservatism	NOUN
ajfa-431	4	36	.	.	PUNCT
ajfa-431	5	1	our	our	PRON
ajfa-431	5	2	empirical	empirical	ADJ
ajfa-431	5	3	results	result	NOUN
ajfa-431	5	4	show	show	VERB
ajfa-431	5	5	that	that	SCONJ
ajfa-431	5	6	the	the	DET
ajfa-431	5	7	earnings	earning	NOUN
ajfa-431	5	8	of	of	ADP
ajfa-431	5	9	companies	company	NOUN
ajfa-431	5	10	with	with	ADP
ajfa-431	5	11	higher	high	ADJ
ajfa-431	5	12	non	non	ADJ
ajfa-431	5	13	-	-	ADJ
ajfa-431	5	14	tradable	tradable	ADJ
ajfa-431	5	15	shares	share	NOUN
ajfa-431	5	16	have	have	VERB
ajfa-431	5	17	lower	low	ADJ
ajfa-431	5	18	earnings	earning	NOUN
ajfa-431	5	19	conservatism	conservatism	NOUN
ajfa-431	5	20	.	.	PUNCT
ajfa-431	6	1	consistent	consistent	ADJ
ajfa-431	6	2	with	with	ADP
ajfa-431	6	3	prior	prior	ADJ
ajfa-431	6	4	studies	study	NOUN
ajfa-431	6	5	,	,	PUNCT
ajfa-431	6	6	this	this	DET
ajfa-431	6	7	point	point	NOUN
ajfa-431	6	8	demonstrates	demonstrate	VERB
ajfa-431	6	9	that	that	SCONJ
ajfa-431	6	10	the	the	DET
ajfa-431	6	11	companies	company	NOUN
ajfa-431	6	12	with	with	ADP
ajfa-431	6	13	state	state	NOUN
ajfa-431	6	14	and	and	CCONJ
ajfa-431	6	15	concentrated	concentrated	ADJ
ajfa-431	6	16	ownership	ownership	NOUN
ajfa-431	6	17	structures	structure	NOUN
ajfa-431	6	18	are	be	AUX
ajfa-431	6	19	more	more	ADV
ajfa-431	6	20	likely	likely	ADJ
ajfa-431	6	21	to	to	PART
ajfa-431	6	22	depend	depend	VERB
ajfa-431	6	23	on	on	ADP
ajfa-431	6	24	private	private	ADJ
ajfa-431	6	25	communication	communication	NOUN
ajfa-431	6	26	to	to	PART
ajfa-431	6	27	reduce	reduce	VERB
ajfa-431	6	28	information	information	NOUN
ajfa-431	6	29	asymmetry	asymmetry	NOUN
ajfa-431	6	30	and	and	CCONJ
ajfa-431	6	31	to	to	PART
ajfa-431	6	32	resolve	resolve	VERB
ajfa-431	6	33	agency	agency	NOUN
ajfa-431	6	34	problems	problem	NOUN
ajfa-431	6	35	internally	internally	ADV
ajfa-431	6	36	,	,	PUNCT
ajfa-431	6	37	thereby	thereby	ADV
ajfa-431	6	38	creating	create	VERB
ajfa-431	6	39	a	a	DET
ajfa-431	6	40	low	low	ADJ
ajfa-431	6	41	demand	demand	NOUN
ajfa-431	6	42	for	for	ADP
ajfa-431	6	43	earnings	earning	NOUN
ajfa-431	6	44	conservatism	conservatism	NOUN
ajfa-431	6	45	.	.	PUNCT
ajfa-431	7	1	the	the	DET
ajfa-431	7	2	results	result	NOUN
ajfa-431	7	3	of	of	ADP
ajfa-431	7	4	this	this	DET
ajfa-431	7	5	study	study	NOUN
ajfa-431	7	6	contribute	contribute	VERB
ajfa-431	7	7	to	to	ADP
ajfa-431	7	8	our	our	PRON
ajfa-431	7	9	understanding	understanding	NOUN
ajfa-431	7	10	of	of	ADP
ajfa-431	7	11	how	how	SCONJ
ajfa-431	7	12	companies	company	NOUN
ajfa-431	7	13	’	’	PART
ajfa-431	7	14	ownership	ownership	NOUN
ajfa-431	7	15	structures	structure	NOUN
ajfa-431	7	16	affect	affect	VERB
ajfa-431	7	17	the	the	DET
ajfa-431	7	18	properties	property	NOUN
ajfa-431	7	19	of	of	ADP
ajfa-431	7	20	earnings	earning	NOUN
ajfa-431	7	21	in	in	ADP
ajfa-431	7	22	emerging	emerge	VERB
ajfa-431	7	23	markets	market	NOUN
ajfa-431	7	24	and	and	CCONJ
ajfa-431	7	25	post	post	ADJ
ajfa-431	7	26	-	-	ADJ
ajfa-431	7	27	communist	communist	ADJ
ajfa-431	7	28	markets	market	NOUN
ajfa-431	7	29	.	.	PUNCT
ajfa-431	8	1	keywords	keyword	NOUN
ajfa-431	8	2	:	:	PUNCT
ajfa-431	8	3	earnings	earning	NOUN
ajfa-431	8	4	conservatism	conservatism	NOUN
ajfa-431	8	5	,	,	PUNCT
ajfa-431	8	6	non	non	ADJ
ajfa-431	8	7	-	-	ADJ
ajfa-431	8	8	tradable	tradable	ADJ
ajfa-431	8	9	shares	share	NOUN
ajfa-431	8	10	,	,	PUNCT
ajfa-431	8	11	ownership	ownership	NOUN
ajfa-431	8	12	structure	structure	NOUN
ajfa-431	8	13	,	,	PUNCT
ajfa-431	8	14	post	post	ADJ
ajfa-431	8	15	-	-	ADJ
ajfa-431	8	16	communist	communist	ADJ
ajfa-431	8	17	studies	study	NOUN
ajfa-431	8	18	,	,	PUNCT
ajfa-431	8	19	split	split	NOUN
ajfa-431	8	20	-	-	PUNCT
ajfa-431	8	21	share	share	NOUN
ajfa-431	8	22	structure	structure	NOUN
ajfa-431	8	23	,	,	PUNCT
ajfa-431	8	24	state	state	NOUN
ajfa-431	8	25	ownership	ownership	NOUN
ajfa-431	8	26	jel	jel	PROPN
ajfa-431	8	27	classifications	classification	NOUN
ajfa-431	8	28	:	:	PUNCT
ajfa-431	8	29	m40	m40	PROPN
ajfa-431	8	30	,	,	PUNCT
ajfa-431	8	31	m41	m41	PROPN
ajfa-431	8	32	,	,	PUNCT
ajfa-431	8	33	m49	m49	PROPN
ajfa-431	8	34	asian	asian	ADJ
ajfa-431	8	35	journal	journal	NOUN
ajfa-431	8	36	of	of	ADP
ajfa-431	8	37	finance	finance	PROPN
ajfa-431	8	38	&	&	CCONJ
ajfa-431	8	39	accounting	accounting	PROPN
ajfa-431	8	40	issn	issn	PROPN
ajfa-431	8	41	1946	1946	NUM
ajfa-431	8	42	-	-	PUNCT
ajfa-431	8	43	052x	052x	NOUN
ajfa-431	8	44	2010	2010	NUM
ajfa-431	8	45	,	,	PUNCT
ajfa-431	8	46	vol	vol	NOUN
ajfa-431	8	47	.	.	PROPN
ajfa-431	8	48	2	2	NUM
ajfa-431	8	49	,	,	PUNCT
ajfa-431	8	50	no	no	INTJ
ajfa-431	8	51	.	.	NOUN
ajfa-431	9	1	1	1	NUM
ajfa-431	9	2	:	:	PUNCT
ajfa-431	9	3	e3	e3	VERB
ajfa-431	9	4	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	9	5	49	49	NUM
ajfa-431	9	6	1	1	NUM
ajfa-431	9	7	.	.	PUNCT
ajfa-431	10	1	introduction	introduction	NOUN
ajfa-431	10	2	in	in	ADP
ajfa-431	10	3	the	the	DET
ajfa-431	10	4	1990s	1990s	NUM
ajfa-431	11	1	,	,	PUNCT
ajfa-431	11	2	china	china	PROPN
ajfa-431	11	3	launched	launch	VERB
ajfa-431	11	4	the	the	DET
ajfa-431	11	5	shanghai	shanghai	PROPN
ajfa-431	11	6	stock	stock	PROPN
ajfa-431	11	7	exchange	exchange	PROPN
ajfa-431	11	8	and	and	CCONJ
ajfa-431	11	9	subsequently	subsequently	ADV
ajfa-431	11	10	the	the	DET
ajfa-431	11	11	shenzhen	shenzhen	PROPN
ajfa-431	11	12	stock	stock	PROPN
ajfa-431	11	13	exchange	exchange	PROPN
ajfa-431	11	14	.	.	PUNCT
ajfa-431	12	1	apart	apart	ADV
ajfa-431	12	2	from	from	ADP
ajfa-431	12	3	allowing	allow	VERB
ajfa-431	12	4	state	state	NOUN
ajfa-431	12	5	-	-	PUNCT
ajfa-431	12	6	owned	own	VERB
ajfa-431	12	7	enterprises	enterprise	NOUN
ajfa-431	12	8	(	(	PUNCT
ajfa-431	12	9	soes	soe	NOUN
ajfa-431	12	10	)	)	PUNCT
ajfa-431	12	11	to	to	PART
ajfa-431	12	12	obtain	obtain	VERB
ajfa-431	12	13	foreign	foreign	ADJ
ajfa-431	12	14	capital	capital	NOUN
ajfa-431	12	15	,	,	PUNCT
ajfa-431	12	16	the	the	DET
ajfa-431	12	17	purpose	purpose	NOUN
ajfa-431	12	18	of	of	ADP
ajfa-431	12	19	establishing	establish	VERB
ajfa-431	12	20	the	the	DET
ajfa-431	12	21	stock	stock	NOUN
ajfa-431	12	22	exchanges	exchange	NOUN
ajfa-431	12	23	was	be	AUX
ajfa-431	12	24	to	to	PART
ajfa-431	12	25	boost	boost	VERB
ajfa-431	12	26	the	the	DET
ajfa-431	12	27	performance	performance	NOUN
ajfa-431	12	28	of	of	ADP
ajfa-431	12	29	soes	soe	NOUN
ajfa-431	12	30	through	through	ADP
ajfa-431	12	31	pressure	pressure	NOUN
ajfa-431	12	32	and	and	CCONJ
ajfa-431	12	33	accountability	accountability	NOUN
ajfa-431	12	34	in	in	ADP
ajfa-431	12	35	the	the	DET
ajfa-431	12	36	capital	capital	NOUN
ajfa-431	12	37	market	market	NOUN
ajfa-431	12	38	.	.	PUNCT
ajfa-431	13	1	however	however	ADV
ajfa-431	13	2	,	,	PUNCT
ajfa-431	13	3	due	due	ADP
ajfa-431	13	4	to	to	ADP
ajfa-431	13	5	political	political	ADJ
ajfa-431	13	6	and	and	CCONJ
ajfa-431	13	7	economic	economic	ADJ
ajfa-431	13	8	concerns	concern	NOUN
ajfa-431	13	9	and	and	CCONJ
ajfa-431	13	10	the	the	DET
ajfa-431	13	11	possibility	possibility	NOUN
ajfa-431	13	12	of	of	ADP
ajfa-431	13	13	a	a	DET
ajfa-431	13	14	foreign	foreign	ADJ
ajfa-431	13	15	takeover	takeover	NOUN
ajfa-431	13	16	of	of	ADP
ajfa-431	13	17	local	local	ADJ
ajfa-431	13	18	soes	soe	NOUN
ajfa-431	13	19	,	,	PUNCT
ajfa-431	13	20	the	the	DET
ajfa-431	13	21	chinese	chinese	ADJ
ajfa-431	13	22	government	government	NOUN
ajfa-431	13	23	refused	refuse	VERB
ajfa-431	13	24	a	a	DET
ajfa-431	13	25	complete	complete	ADJ
ajfa-431	13	26	privatization	privatization	NOUN
ajfa-431	13	27	of	of	ADP
ajfa-431	13	28	enterprises	enterprise	NOUN
ajfa-431	13	29	and	and	CCONJ
ajfa-431	13	30	intended	intend	VERB
ajfa-431	13	31	to	to	PART
ajfa-431	13	32	retain	retain	VERB
ajfa-431	13	33	its	its	PRON
ajfa-431	13	34	position	position	NOUN
ajfa-431	13	35	as	as	ADP
ajfa-431	13	36	the	the	DET
ajfa-431	13	37	proprietor	proprietor	NOUN
ajfa-431	13	38	of	of	ADP
ajfa-431	13	39	businesses	business	NOUN
ajfa-431	13	40	,	,	PUNCT
ajfa-431	13	41	in	in	ADP
ajfa-431	13	42	order	order	NOUN
ajfa-431	13	43	to	to	PART
ajfa-431	13	44	seize	seize	VERB
ajfa-431	13	45	control	control	NOUN
ajfa-431	13	46	of	of	ADP
ajfa-431	13	47	resource	resource	NOUN
ajfa-431	13	48	allocation	allocation	NOUN
ajfa-431	13	49	within	within	ADP
ajfa-431	13	50	the	the	DET
ajfa-431	13	51	country	country	NOUN
ajfa-431	13	52	(	(	PUNCT
ajfa-431	13	53	allen	allen	PROPN
ajfa-431	13	54	et	et	PROPN
ajfa-431	13	55	al	al	PROPN
ajfa-431	13	56	.	.	PROPN
ajfa-431	13	57	,	,	PUNCT
ajfa-431	13	58	2005	2005	NUM
ajfa-431	13	59	)	)	PUNCT
ajfa-431	13	60	.	.	PUNCT
ajfa-431	14	1	the	the	DET
ajfa-431	14	2	country	country	NOUN
ajfa-431	14	3	presently	presently	ADV
ajfa-431	14	4	has	have	VERB
ajfa-431	14	5	some	some	DET
ajfa-431	14	6	communist	communist	ADJ
ajfa-431	14	7	elements	element	NOUN
ajfa-431	14	8	and	and	CCONJ
ajfa-431	14	9	some	some	DET
ajfa-431	14	10	capitalist	capitalist	ADJ
ajfa-431	14	11	elements	element	NOUN
ajfa-431	14	12	operating	operate	VERB
ajfa-431	14	13	under	under	ADP
ajfa-431	14	14	broader	broad	ADJ
ajfa-431	14	15	communist	communist	PROPN
ajfa-431	14	16	party	party	PROPN
ajfa-431	14	17	supervision	supervision	NOUN
ajfa-431	14	18	,	,	PUNCT
ajfa-431	14	19	and	and	CCONJ
ajfa-431	14	20	to	to	ADP
ajfa-431	14	21	that	that	DET
ajfa-431	14	22	extent	extent	NOUN
ajfa-431	14	23	we	we	PRON
ajfa-431	14	24	are	be	AUX
ajfa-431	14	25	largely	largely	ADV
ajfa-431	14	26	in	in	ADP
ajfa-431	14	27	uncharted	uncharted	ADJ
ajfa-431	14	28	waters	water	NOUN
ajfa-431	14	29	.	.	PUNCT
ajfa-431	15	1	the	the	DET
ajfa-431	15	2	slovenian	slovenian	ADJ
ajfa-431	15	3	post	post	ADJ
ajfa-431	15	4	-	-	ADJ
ajfa-431	15	5	communist	communist	ADJ
ajfa-431	15	6	philosopher	philosopher	NOUN
ajfa-431	15	7	slavoj	slavoj	PROPN
ajfa-431	15	8	žižek	žižek	PROPN
ajfa-431	15	9	(	(	PUNCT
ajfa-431	15	10	2010	2010	NUM
ajfa-431	15	11	)	)	PUNCT
ajfa-431	15	12	has	have	AUX
ajfa-431	15	13	commented	comment	VERB
ajfa-431	15	14	that	that	SCONJ
ajfa-431	15	15	china	china	PROPN
ajfa-431	15	16	’s	’s	PART
ajfa-431	15	17	unique	unique	ADJ
ajfa-431	15	18	synthesis	synthesis	NOUN
ajfa-431	15	19	of	of	ADP
ajfa-431	15	20	capitalism	capitalism	NOUN
ajfa-431	15	21	and	and	CCONJ
ajfa-431	15	22	communism	communism	NOUN
ajfa-431	15	23	,	,	PUNCT
ajfa-431	15	24	rather	rather	ADV
ajfa-431	15	25	than	than	ADP
ajfa-431	15	26	being	be	AUX
ajfa-431	15	27	unstable	unstable	ADJ
ajfa-431	15	28	,	,	PUNCT
ajfa-431	15	29	has	have	AUX
ajfa-431	15	30	been	be	AUX
ajfa-431	15	31	a	a	DET
ajfa-431	15	32	broadly	broadly	ADV
ajfa-431	15	33	successful	successful	ADJ
ajfa-431	15	34	experiment	experiment	NOUN
ajfa-431	15	35	that	that	PRON
ajfa-431	15	36	has	have	AUX
ajfa-431	15	37	lasted	last	VERB
ajfa-431	15	38	30	30	NUM
ajfa-431	15	39	years	year	NOUN
ajfa-431	15	40	.	.	PUNCT
ajfa-431	16	1	this	this	DET
ajfa-431	16	2	chinese	chinese	ADJ
ajfa-431	16	3	experiment	experiment	NOUN
ajfa-431	16	4	can	can	AUX
ajfa-431	16	5	be	be	AUX
ajfa-431	16	6	seen	see	VERB
ajfa-431	16	7	as	as	ADP
ajfa-431	16	8	a	a	DET
ajfa-431	16	9	longer	long	ADJ
ajfa-431	16	10	and	and	CCONJ
ajfa-431	16	11	deeper	deep	ADJ
ajfa-431	16	12	version	version	NOUN
ajfa-431	16	13	of	of	ADP
ajfa-431	16	14	the	the	DET
ajfa-431	16	15	limited	limited	ADJ
ajfa-431	16	16	capitalism	capitalism	NOUN
ajfa-431	16	17	called	call	VERB
ajfa-431	16	18	the	the	DET
ajfa-431	16	19	new	new	ADJ
ajfa-431	16	20	economic	economic	ADJ
ajfa-431	16	21	policy	policy	NOUN
ajfa-431	16	22	(	(	PUNCT
ajfa-431	16	23	nep	nep	NOUN
ajfa-431	16	24	)	)	PUNCT
ajfa-431	16	25	that	that	SCONJ
ajfa-431	16	26	the	the	DET
ajfa-431	16	27	marxist	marxist	ADJ
ajfa-431	16	28	revolutionary	revolutionary	ADJ
ajfa-431	16	29	vladimir	vladimir	PROPN
ajfa-431	16	30	ilyich	ilyich	PROPN
ajfa-431	16	31	lenin	lenin	PROPN
ajfa-431	16	32	introduced	introduce	VERB
ajfa-431	16	33	to	to	ADP
ajfa-431	16	34	the	the	DET
ajfa-431	16	35	former	former	ADJ
ajfa-431	16	36	soviet	soviet	PROPN
ajfa-431	16	37	union	union	NOUN
ajfa-431	16	38	in	in	ADP
ajfa-431	16	39	the	the	DET
ajfa-431	16	40	1920s	1920s	NUM
ajfa-431	16	41	to	to	PART
ajfa-431	16	42	kick	kick	VERB
ajfa-431	16	43	-	-	PUNCT
ajfa-431	16	44	start	start	NOUN
ajfa-431	16	45	growth	growth	NOUN
ajfa-431	16	46	after	after	ADP
ajfa-431	16	47	the	the	DET
ajfa-431	16	48	civil	civil	ADJ
ajfa-431	16	49	war	war	NOUN
ajfa-431	16	50	.	.	PUNCT
ajfa-431	17	1	the	the	DET
ajfa-431	17	2	chinese	chinese	ADJ
ajfa-431	17	3	government	government	NOUN
ajfa-431	17	4	later	later	ADV
ajfa-431	17	5	devised	devise	VERB
ajfa-431	17	6	a	a	DET
ajfa-431	17	7	“	"	PUNCT
ajfa-431	17	8	binary	binary	ADJ
ajfa-431	17	9	equity	equity	NOUN
ajfa-431	17	10	structure	structure	NOUN
ajfa-431	17	11	”	"	PUNCT
ajfa-431	17	12	in	in	ADP
ajfa-431	17	13	which	which	PRON
ajfa-431	17	14	shares	share	NOUN
ajfa-431	17	15	are	be	AUX
ajfa-431	17	16	divided	divide	VERB
ajfa-431	17	17	into	into	ADP
ajfa-431	17	18	two	two	NUM
ajfa-431	17	19	categories	category	NOUN
ajfa-431	17	20	:	:	PUNCT
ajfa-431	17	21	those	those	PRON
ajfa-431	17	22	owned	own	VERB
ajfa-431	17	23	by	by	ADP
ajfa-431	17	24	the	the	DET
ajfa-431	17	25	government	government	NOUN
ajfa-431	17	26	,	,	PUNCT
ajfa-431	17	27	legal	legal	ADJ
ajfa-431	17	28	persons	person	NOUN
ajfa-431	17	29	and	and	CCONJ
ajfa-431	17	30	institutions	institution	NOUN
ajfa-431	17	31	,	,	PUNCT
ajfa-431	17	32	and	and	CCONJ
ajfa-431	17	33	those	those	PRON
ajfa-431	17	34	owned	own	VERB
ajfa-431	17	35	by	by	ADP
ajfa-431	17	36	investors	investor	NOUN
ajfa-431	17	37	to	to	PART
ajfa-431	17	38	be	be	AUX
ajfa-431	17	39	traded	trade	VERB
ajfa-431	17	40	in	in	ADP
ajfa-431	17	41	the	the	DET
ajfa-431	17	42	capital	capital	NOUN
ajfa-431	17	43	market	market	NOUN
ajfa-431	17	44	(	(	PUNCT
ajfa-431	17	45	tenev	tenev	PROPN
ajfa-431	17	46	et	et	PROPN
ajfa-431	17	47	al	al	PROPN
ajfa-431	17	48	.	.	PROPN
ajfa-431	17	49	,	,	PUNCT
ajfa-431	17	50	2002	2002	NUM
ajfa-431	17	51	)	)	PUNCT
ajfa-431	17	52	.	.	PUNCT
ajfa-431	18	1	1	1	NUM
ajfa-431	18	2	the	the	DET
ajfa-431	18	3	two	two	NUM
ajfa-431	18	4	types	type	NOUN
ajfa-431	18	5	of	of	ADP
ajfa-431	18	6	shares	share	NOUN
ajfa-431	18	7	differ	differ	VERB
ajfa-431	18	8	in	in	SCONJ
ajfa-431	18	9	that	that	SCONJ
ajfa-431	18	10	the	the	DET
ajfa-431	18	11	former	former	ADJ
ajfa-431	18	12	is	be	AUX
ajfa-431	18	13	not	not	PART
ajfa-431	18	14	allowed	allow	VERB
ajfa-431	18	15	to	to	PART
ajfa-431	18	16	be	be	AUX
ajfa-431	18	17	publicly	publicly	ADV
ajfa-431	18	18	traded	trade	VERB
ajfa-431	18	19	and	and	CCONJ
ajfa-431	18	20	its	its	PRON
ajfa-431	18	21	valuation	valuation	NOUN
ajfa-431	18	22	is	be	AUX
ajfa-431	18	23	based	base	VERB
ajfa-431	18	24	on	on	ADP
ajfa-431	18	25	the	the	DET
ajfa-431	18	26	net	net	ADJ
ajfa-431	18	27	asset	asset	NOUN
ajfa-431	18	28	value	value	NOUN
ajfa-431	18	29	of	of	ADP
ajfa-431	18	30	an	an	DET
ajfa-431	18	31	enterprise	enterprise	NOUN
ajfa-431	18	32	,	,	PUNCT
ajfa-431	18	33	whereas	whereas	SCONJ
ajfa-431	18	34	that	that	PRON
ajfa-431	18	35	of	of	ADP
ajfa-431	18	36	the	the	DET
ajfa-431	18	37	latter	latter	ADJ
ajfa-431	18	38	is	be	AUX
ajfa-431	18	39	based	base	VERB
ajfa-431	18	40	on	on	ADP
ajfa-431	18	41	market	market	NOUN
ajfa-431	18	42	value	value	NOUN
ajfa-431	18	43	.	.	PUNCT
ajfa-431	19	1	as	as	ADP
ajfa-431	19	2	a	a	DET
ajfa-431	19	3	result	result	NOUN
ajfa-431	19	4	,	,	PUNCT
ajfa-431	19	5	such	such	DET
ajfa-431	19	6	a	a	DET
ajfa-431	19	7	split	split	ADJ
ajfa-431	19	8	-	-	PUNCT
ajfa-431	19	9	share	share	NOUN
ajfa-431	19	10	structure	structure	NOUN
ajfa-431	19	11	allows	allow	VERB
ajfa-431	19	12	only	only	ADV
ajfa-431	19	13	one	one	NUM
ajfa-431	19	14	-	-	PUNCT
ajfa-431	19	15	third	third	NOUN
ajfa-431	19	16	of	of	ADP
ajfa-431	19	17	the	the	DET
ajfa-431	19	18	public	public	ADJ
ajfa-431	19	19	companies	company	NOUN
ajfa-431	19	20	’	'	PUNCT
ajfa-431	19	21	shares	share	NOUN
ajfa-431	19	22	to	to	PART
ajfa-431	19	23	be	be	AUX
ajfa-431	19	24	traded	trade	VERB
ajfa-431	19	25	in	in	ADP
ajfa-431	19	26	the	the	DET
ajfa-431	19	27	market	market	NOUN
ajfa-431	19	28	,	,	PUNCT
ajfa-431	19	29	while	while	SCONJ
ajfa-431	19	30	a	a	DET
ajfa-431	19	31	majority	majority	NOUN
ajfa-431	19	32	of	of	ADP
ajfa-431	19	33	the	the	DET
ajfa-431	19	34	shares	share	NOUN
ajfa-431	19	35	is	be	AUX
ajfa-431	19	36	held	hold	VERB
ajfa-431	19	37	by	by	ADP
ajfa-431	19	38	the	the	DET
ajfa-431	19	39	chinese	chinese	ADJ
ajfa-431	19	40	government	government	NOUN
ajfa-431	19	41	.	.	PUNCT
ajfa-431	20	1	under	under	ADP
ajfa-431	20	2	such	such	ADJ
ajfa-431	20	3	circumstances	circumstance	NOUN
ajfa-431	20	4	,	,	PUNCT
ajfa-431	20	5	investors	investor	NOUN
ajfa-431	20	6	are	be	AUX
ajfa-431	20	7	unable	unable	ADJ
ajfa-431	20	8	to	to	PART
ajfa-431	20	9	monitor	monitor	VERB
ajfa-431	20	10	operations	operation	NOUN
ajfa-431	20	11	.	.	PUNCT
ajfa-431	21	1	in	in	ADP
ajfa-431	21	2	the	the	DET
ajfa-431	21	3	meantime	meantime	NOUN
ajfa-431	21	4	,	,	PUNCT
ajfa-431	21	5	since	since	SCONJ
ajfa-431	21	6	the	the	DET
ajfa-431	21	7	board	board	NOUN
ajfa-431	21	8	and	and	CCONJ
ajfa-431	21	9	corporate	corporate	ADJ
ajfa-431	21	10	executives	executive	NOUN
ajfa-431	21	11	are	be	AUX
ajfa-431	21	12	mostly	mostly	ADV
ajfa-431	21	13	appointed	appoint	VERB
ajfa-431	21	14	by	by	ADP
ajfa-431	21	15	the	the	DET
ajfa-431	21	16	government	government	NOUN
ajfa-431	21	17	,	,	PUNCT
ajfa-431	21	18	their	their	PRON
ajfa-431	21	19	management	management	NOUN
ajfa-431	21	20	and	and	CCONJ
ajfa-431	21	21	supervision	supervision	NOUN
ajfa-431	21	22	activities	activity	NOUN
ajfa-431	21	23	are	be	AUX
ajfa-431	21	24	not	not	PART
ajfa-431	21	25	aimed	aim	VERB
ajfa-431	21	26	specifically	specifically	ADV
ajfa-431	21	27	at	at	ADP
ajfa-431	21	28	maximizing	maximize	VERB
ajfa-431	21	29	the	the	DET
ajfa-431	21	30	earnings	earning	NOUN
ajfa-431	21	31	of	of	ADP
ajfa-431	21	32	owners	owner	NOUN
ajfa-431	21	33	of	of	ADP
ajfa-431	21	34	tradable	tradable	ADJ
ajfa-431	21	35	shares	share	NOUN
ajfa-431	21	36	who	who	PRON
ajfa-431	21	37	have	have	VERB
ajfa-431	21	38	no	no	DET
ajfa-431	21	39	say	say	NOUN
ajfa-431	21	40	in	in	ADP
ajfa-431	21	41	supervision	supervision	NOUN
ajfa-431	21	42	and	and	CCONJ
ajfa-431	21	43	decision	decision	NOUN
ajfa-431	21	44	-	-	PUNCT
ajfa-431	21	45	making	make	VERB
ajfa-431	21	46	processes	process	NOUN
ajfa-431	21	47	.	.	PUNCT
ajfa-431	22	1	dividend	dividend	NOUN
ajfa-431	22	2	payments	payment	NOUN
ajfa-431	22	3	also	also	ADV
ajfa-431	22	4	depend	depend	VERB
ajfa-431	22	5	on	on	ADP
ajfa-431	22	6	holders	holder	NOUN
ajfa-431	22	7	of	of	ADP
ajfa-431	22	8	non	non	ADJ
ajfa-431	22	9	-	-	ADJ
ajfa-431	22	10	tradable	tradable	ADJ
ajfa-431	22	11	shares	share	NOUN
ajfa-431	22	12	.	.	PUNCT
ajfa-431	23	1	as	as	ADP
ajfa-431	23	2	a	a	DET
ajfa-431	23	3	consequence	consequence	NOUN
ajfa-431	23	4	,	,	PUNCT
ajfa-431	23	5	majority	majority	NOUN
ajfa-431	23	6	shareholders	shareholder	NOUN
ajfa-431	23	7	are	be	AUX
ajfa-431	23	8	able	able	ADJ
ajfa-431	23	9	to	to	PART
ajfa-431	23	10	enjoy	enjoy	VERB
ajfa-431	23	11	most	most	ADJ
ajfa-431	23	12	of	of	ADP
ajfa-431	23	13	the	the	DET
ajfa-431	23	14	shareholder	shareholder	NOUN
ajfa-431	23	15	rights	right	NOUN
ajfa-431	23	16	,	,	PUNCT
ajfa-431	23	17	despite	despite	SCONJ
ajfa-431	23	18	investing	invest	VERB
ajfa-431	23	19	only	only	ADV
ajfa-431	23	20	a	a	DET
ajfa-431	23	21	small	small	ADJ
ajfa-431	23	22	amount	amount	NOUN
ajfa-431	23	23	of	of	ADP
ajfa-431	23	24	capital	capital	NOUN
ajfa-431	23	25	,	,	PUNCT
ajfa-431	23	26	while	while	SCONJ
ajfa-431	23	27	the	the	DET
ajfa-431	23	28	minority	minority	NOUN
ajfa-431	23	29	shareholders	shareholder	NOUN
ajfa-431	23	30	’	'	PUNCT
ajfa-431	23	31	benefits	benefit	NOUN
ajfa-431	23	32	are	be	AUX
ajfa-431	23	33	undermined	undermined	ADJ
ajfa-431	23	34	.	.	PUNCT
ajfa-431	24	1	since	since	SCONJ
ajfa-431	24	2	non	non	ADJ
ajfa-431	24	3	-	-	ADJ
ajfa-431	24	4	tradable	tradable	ADJ
ajfa-431	24	5	shares	share	NOUN
ajfa-431	24	6	can	can	AUX
ajfa-431	24	7	not	not	PART
ajfa-431	24	8	be	be	AUX
ajfa-431	24	9	traded	trade	VERB
ajfa-431	24	10	in	in	ADP
ajfa-431	24	11	secondary	secondary	ADJ
ajfa-431	24	12	markets	market	NOUN
ajfa-431	24	13	,	,	PUNCT
ajfa-431	24	14	their	their	PRON
ajfa-431	24	15	prices	price	NOUN
ajfa-431	24	16	are	be	AUX
ajfa-431	24	17	based	base	VERB
ajfa-431	24	18	on	on	ADP
ajfa-431	24	19	the	the	DET
ajfa-431	24	20	net	net	ADJ
ajfa-431	24	21	asset	asset	NOUN
ajfa-431	24	22	value	value	NOUN
ajfa-431	24	23	of	of	ADP
ajfa-431	24	24	corporations	corporation	NOUN
ajfa-431	24	25	.	.	PUNCT
ajfa-431	25	1	transfers	transfer	NOUN
ajfa-431	25	2	of	of	ADP
ajfa-431	25	3	non	non	ADJ
ajfa-431	25	4	-	-	ADJ
ajfa-431	25	5	tradable	tradable	ADJ
ajfa-431	25	6	shares	share	NOUN
ajfa-431	25	7	mostly	mostly	ADV
ajfa-431	25	8	require	require	VERB
ajfa-431	25	9	the	the	DET
ajfa-431	25	10	approval	approval	NOUN
ajfa-431	25	11	of	of	ADP
ajfa-431	25	12	the	the	DET
ajfa-431	25	13	boards	board	NOUN
ajfa-431	25	14	of	of	ADP
ajfa-431	25	15	both	both	DET
ajfa-431	25	16	buying	buy	VERB
ajfa-431	25	17	and	and	CCONJ
ajfa-431	25	18	selling	sell	VERB
ajfa-431	25	19	parties	party	NOUN
ajfa-431	25	20	,	,	PUNCT
ajfa-431	25	21	authorities	authority	NOUN
ajfa-431	25	22	,	,	PUNCT
ajfa-431	25	23	and	and	CCONJ
ajfa-431	25	24	other	other	ADJ
ajfa-431	25	25	relevant	relevant	ADJ
ajfa-431	25	26	departments	department	NOUN
ajfa-431	25	27	before	before	SCONJ
ajfa-431	25	28	contracts	contract	NOUN
ajfa-431	25	29	are	be	AUX
ajfa-431	25	30	signed	sign	VERB
ajfa-431	25	31	to	to	PART
ajfa-431	25	32	complete	complete	VERB
ajfa-431	25	33	the	the	DET
ajfa-431	25	34	transaction	transaction	NOUN
ajfa-431	25	35	.	.	PUNCT
ajfa-431	26	1	de	de	PROPN
ajfa-431	26	2	alessi	alessi	PROPN
ajfa-431	26	3	(	(	PUNCT
ajfa-431	26	4	1974	1974	NUM
ajfa-431	26	5	)	)	PUNCT
ajfa-431	26	6	suggested	suggest	VERB
ajfa-431	26	7	that	that	SCONJ
ajfa-431	26	8	since	since	SCONJ
ajfa-431	26	9	equities	equity	NOUN
ajfa-431	26	10	of	of	ADP
ajfa-431	26	11	soes	soe	NOUN
ajfa-431	26	12	are	be	AUX
ajfa-431	26	13	nontransferable	nontransferable	ADJ
ajfa-431	26	14	,	,	PUNCT
ajfa-431	26	15	stock	stock	NOUN
ajfa-431	26	16	valuation	valuation	NOUN
ajfa-431	26	17	does	do	AUX
ajfa-431	26	18	not	not	PART
ajfa-431	26	19	reflect	reflect	VERB
ajfa-431	26	20	corporate	corporate	ADJ
ajfa-431	26	21	value	value	NOUN
ajfa-431	26	22	and	and	CCONJ
ajfa-431	26	23	performance	performance	NOUN
ajfa-431	26	24	.	.	PUNCT
ajfa-431	27	1	estrin	estrin	NOUN
ajfa-431	27	2	and	and	CCONJ
ajfa-431	27	3	perotin	perotin	PROPN
ajfa-431	27	4	(	(	PUNCT
ajfa-431	27	5	1991	1991	NUM
ajfa-431	27	6	)	)	PUNCT
ajfa-431	27	7	argued	argue	VERB
ajfa-431	27	8	that	that	SCONJ
ajfa-431	27	9	government	government	NOUN
ajfa-431	27	10	,	,	PUNCT
ajfa-431	27	11	as	as	ADP
ajfa-431	27	12	the	the	DET
ajfa-431	27	13	proprietor	proprietor	NOUN
ajfa-431	27	14	of	of	ADP
ajfa-431	27	15	soes	soe	NOUN
ajfa-431	27	16	,	,	PUNCT
ajfa-431	27	17	does	do	AUX
ajfa-431	27	18	not	not	PART
ajfa-431	27	19	prioritize	prioritize	VERB
ajfa-431	27	20	profit	profit	NOUN
ajfa-431	27	21	maximization	maximization	NOUN
ajfa-431	27	22	.	.	PUNCT
ajfa-431	28	1	enhancing	enhance	VERB
ajfa-431	28	2	corporate	corporate	ADJ
ajfa-431	28	3	performance	performance	NOUN
ajfa-431	28	4	is	be	AUX
ajfa-431	28	5	a	a	DET
ajfa-431	28	6	secondary	secondary	ADJ
ajfa-431	28	7	goal	goal	NOUN
ajfa-431	28	8	whose	whose	DET
ajfa-431	28	9	importance	importance	NOUN
ajfa-431	28	10	comes	come	VERB
ajfa-431	28	11	after	after	SCONJ
ajfa-431	28	12	political	political	ADJ
ajfa-431	28	13	and	and	CCONJ
ajfa-431	28	14	economic	economic	ADJ
ajfa-431	28	15	ones	one	NOUN
ajfa-431	28	16	have	have	AUX
ajfa-431	28	17	been	be	AUX
ajfa-431	28	18	achieved	achieve	VERB
ajfa-431	28	19	.	.	PUNCT
ajfa-431	29	1	1	1	NUM
ajfa-431	29	2	the	the	DET
ajfa-431	29	3	ultimate	ultimate	ADJ
ajfa-431	29	4	controlling	control	VERB
ajfa-431	29	5	owner	owner	NOUN
ajfa-431	29	6	of	of	ADP
ajfa-431	29	7	state	state	NOUN
ajfa-431	29	8	shares	share	NOUN
ajfa-431	29	9	is	be	AUX
ajfa-431	29	10	the	the	DET
ajfa-431	29	11	state	state	NOUN
ajfa-431	29	12	council	council	NOUN
ajfa-431	29	13	,	,	PUNCT
ajfa-431	29	14	but	but	CCONJ
ajfa-431	29	15	these	these	DET
ajfa-431	29	16	shares	share	NOUN
ajfa-431	29	17	are	be	AUX
ajfa-431	29	18	managed	manage	VERB
ajfa-431	29	19	by	by	ADP
ajfa-431	29	20	the	the	DET
ajfa-431	29	21	local	local	ADJ
ajfa-431	29	22	bureau	bureau	NOUN
ajfa-431	29	23	of	of	ADP
ajfa-431	29	24	the	the	DET
ajfa-431	29	25	ministry	ministry	PROPN
ajfa-431	29	26	of	of	ADP
ajfa-431	29	27	finance	finance	PROPN
ajfa-431	29	28	or	or	CCONJ
ajfa-431	29	29	other	other	ADJ
ajfa-431	29	30	central	central	ADJ
ajfa-431	29	31	and	and	CCONJ
ajfa-431	29	32	local	local	ADJ
ajfa-431	29	33	government	government	NOUN
ajfa-431	29	34	bureaus	bureaus	NOUN
ajfa-431	29	35	,	,	PUNCT
ajfa-431	29	36	as	as	ADV
ajfa-431	29	37	well	well	ADV
ajfa-431	29	38	as	as	ADP
ajfa-431	29	39	soes	soe	NOUN
ajfa-431	29	40	(	(	PUNCT
ajfa-431	29	41	green	green	ADJ
ajfa-431	29	42	,	,	PUNCT
ajfa-431	29	43	2003	2003	NUM
ajfa-431	29	44	)	)	PUNCT
ajfa-431	29	45	.	.	PUNCT
ajfa-431	30	1	asian	asian	ADJ
ajfa-431	30	2	journal	journal	PROPN
ajfa-431	30	3	of	of	ADP
ajfa-431	30	4	finance	finance	PROPN
ajfa-431	30	5	&	&	CCONJ
ajfa-431	30	6	accounting	accounting	PROPN
ajfa-431	30	7	issn	issn	PROPN
ajfa-431	30	8	1946	1946	NUM
ajfa-431	30	9	-	-	PUNCT
ajfa-431	30	10	052x	052x	NOUN
ajfa-431	30	11	2010	2010	NUM
ajfa-431	30	12	,	,	PUNCT
ajfa-431	30	13	vol	vol	NOUN
ajfa-431	30	14	.	.	PROPN
ajfa-431	30	15	2	2	NUM
ajfa-431	30	16	,	,	PUNCT
ajfa-431	30	17	no	no	INTJ
ajfa-431	30	18	.	.	NOUN
ajfa-431	30	19	1	1	NUM
ajfa-431	30	20	:	:	PUNCT
ajfa-431	30	21	e3	e3	VERB
ajfa-431	30	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	30	23	50	50	NUM
ajfa-431	30	24	this	this	DET
ajfa-431	30	25	paper	paper	NOUN
ajfa-431	30	26	investigates	investigate	VERB
ajfa-431	30	27	the	the	DET
ajfa-431	30	28	incremental	incremental	ADJ
ajfa-431	30	29	effects	effect	NOUN
ajfa-431	30	30	of	of	ADP
ajfa-431	30	31	state	state	NOUN
ajfa-431	30	32	and	and	CCONJ
ajfa-431	30	33	concentrated	concentrated	ADJ
ajfa-431	30	34	ownership	ownership	NOUN
ajfa-431	30	35	structure	structure	NOUN
ajfa-431	30	36	on	on	ADP
ajfa-431	30	37	earnings	earning	NOUN
ajfa-431	30	38	conservatism	conservatism	NOUN
ajfa-431	30	39	,	,	PUNCT
ajfa-431	30	40	examining	examine	VERB
ajfa-431	30	41	data	datum	NOUN
ajfa-431	30	42	for	for	ADP
ajfa-431	30	43	chinese	chinese	ADJ
ajfa-431	30	44	listed	list	VERB
ajfa-431	30	45	companies	company	NOUN
ajfa-431	30	46	.	.	PUNCT
ajfa-431	31	1	we	we	PRON
ajfa-431	31	2	employ	employ	VERB
ajfa-431	31	3	the	the	DET
ajfa-431	31	4	concept	concept	NOUN
ajfa-431	31	5	of	of	ADP
ajfa-431	31	6	“	"	PUNCT
ajfa-431	31	7	conditional	conditional	ADJ
ajfa-431	31	8	conservatism	conservatism	NOUN
ajfa-431	31	9	”	"	PUNCT
ajfa-431	31	10	to	to	PART
ajfa-431	31	11	operationalize	operationalize	VERB
ajfa-431	31	12	earnings	earning	NOUN
ajfa-431	31	13	conservatism	conservatism	NOUN
ajfa-431	31	14	.	.	PUNCT
ajfa-431	32	1	conditional	conditional	ADJ
ajfa-431	32	2	conservatism	conservatism	NOUN
ajfa-431	32	3	is	be	AUX
ajfa-431	32	4	defined	define	VERB
ajfa-431	32	5	as	as	ADP
ajfa-431	32	6	the	the	DET
ajfa-431	32	7	tendency	tendency	NOUN
ajfa-431	32	8	to	to	PART
ajfa-431	32	9	accelerate	accelerate	VERB
ajfa-431	32	10	losses	loss	NOUN
ajfa-431	32	11	and	and	CCONJ
ajfa-431	32	12	defer	defer	VERB
ajfa-431	32	13	gains	gain	NOUN
ajfa-431	32	14	.	.	PUNCT
ajfa-431	33	1	this	this	DET
ajfa-431	33	2	characteristic	characteristic	NOUN
ajfa-431	33	3	of	of	ADP
ajfa-431	33	4	conservatism	conservatism	NOUN
ajfa-431	33	5	is	be	AUX
ajfa-431	33	6	referred	refer	VERB
ajfa-431	33	7	to	to	ADP
ajfa-431	33	8	in	in	ADP
ajfa-431	33	9	the	the	DET
ajfa-431	33	10	literature	literature	NOUN
ajfa-431	33	11	as	as	ADP
ajfa-431	33	12	asymmetric	asymmetric	ADJ
ajfa-431	33	13	loss	loss	NOUN
ajfa-431	33	14	recognition	recognition	NOUN
ajfa-431	33	15	timeliness	timeliness	NOUN
ajfa-431	33	16	(	(	PUNCT
ajfa-431	33	17	ball	ball	NOUN
ajfa-431	33	18	and	and	CCONJ
ajfa-431	33	19	shivakumar	shivakumar	PROPN
ajfa-431	33	20	,	,	PUNCT
ajfa-431	33	21	2005	2005	NUM
ajfa-431	33	22	;	;	PUNCT
ajfa-431	33	23	beaver	beaver	NOUN
ajfa-431	33	24	and	and	CCONJ
ajfa-431	33	25	ryan	ryan	PROPN
ajfa-431	33	26	,	,	PUNCT
ajfa-431	33	27	2005	2005	NUM
ajfa-431	33	28	;	;	PUNCT
ajfa-431	33	29	pae	pae	X
ajfa-431	33	30	et	et	PROPN
ajfa-431	33	31	al	al	PROPN
ajfa-431	33	32	.	.	PROPN
ajfa-431	33	33	,	,	PUNCT
ajfa-431	33	34	2005	2005	NUM
ajfa-431	33	35	)	)	PUNCT
ajfa-431	33	36	.	.	PUNCT
ajfa-431	34	1	ball	ball	NOUN
ajfa-431	34	2	and	and	CCONJ
ajfa-431	34	3	shivakumar	shivakumar	PROPN
ajfa-431	34	4	(	(	PUNCT
ajfa-431	34	5	2005	2005	NUM
ajfa-431	34	6	)	)	PUNCT
ajfa-431	34	7	assert	assert	VERB
ajfa-431	34	8	that	that	SCONJ
ajfa-431	34	9	conditional	conditional	ADJ
ajfa-431	34	10	conservatism	conservatism	NOUN
ajfa-431	34	11	,	,	PUNCT
ajfa-431	34	12	which	which	PRON
ajfa-431	34	13	enhances	enhance	VERB
ajfa-431	34	14	relevance	relevance	NOUN
ajfa-431	34	15	and	and	CCONJ
ajfa-431	34	16	representational	representational	ADJ
ajfa-431	34	17	faithfulness	faithfulness	NOUN
ajfa-431	34	18	,	,	PUNCT
ajfa-431	34	19	is	be	AUX
ajfa-431	34	20	one	one	NUM
ajfa-431	34	21	of	of	ADP
ajfa-431	34	22	the	the	DET
ajfa-431	34	23	primary	primary	ADJ
ajfa-431	34	24	attributes	attribute	NOUN
ajfa-431	34	25	of	of	ADP
ajfa-431	34	26	financial	financial	ADJ
ajfa-431	34	27	reporting	reporting	NOUN
ajfa-431	34	28	quality	quality	NOUN
ajfa-431	34	29	in	in	ADP
ajfa-431	34	30	capitalist	capitalist	ADJ
ajfa-431	34	31	countries	country	NOUN
ajfa-431	34	32	.	.	PUNCT
ajfa-431	35	1	they	they	PRON
ajfa-431	35	2	also	also	ADV
ajfa-431	35	3	contend	contend	VERB
ajfa-431	35	4	that	that	SCONJ
ajfa-431	35	5	conditional	conditional	ADJ
ajfa-431	35	6	conservatism	conservatism	NOUN
ajfa-431	35	7	enhances	enhance	VERB
ajfa-431	35	8	contracting	contract	VERB
ajfa-431	35	9	efficiency	efficiency	NOUN
ajfa-431	35	10	because	because	SCONJ
ajfa-431	35	11	it	it	PRON
ajfa-431	35	12	makes	make	VERB
ajfa-431	35	13	financial	financial	ADJ
ajfa-431	35	14	reporting	reporting	NOUN
ajfa-431	35	15	more	more	ADV
ajfa-431	35	16	informative	informative	ADJ
ajfa-431	35	17	and	and	CCONJ
ajfa-431	35	18	useful	useful	ADJ
ajfa-431	35	19	,	,	PUNCT
ajfa-431	35	20	and	and	CCONJ
ajfa-431	35	21	thus	thus	ADV
ajfa-431	35	22	allows	allow	VERB
ajfa-431	35	23	stakeholders	stakeholder	NOUN
ajfa-431	35	24	to	to	PART
ajfa-431	35	25	monitor	monitor	VERB
ajfa-431	35	26	a	a	DET
ajfa-431	35	27	company	company	NOUN
ajfa-431	35	28	’s	’s	PART
ajfa-431	35	29	performance	performance	NOUN
ajfa-431	35	30	better	well	ADV
ajfa-431	35	31	.	.	PUNCT
ajfa-431	36	1	prior	prior	ADJ
ajfa-431	36	2	research	research	NOUN
ajfa-431	36	3	suggests	suggest	VERB
ajfa-431	36	4	that	that	SCONJ
ajfa-431	36	5	the	the	DET
ajfa-431	36	6	demand	demand	NOUN
ajfa-431	36	7	for	for	ADP
ajfa-431	36	8	earnings	earning	NOUN
ajfa-431	36	9	conservatism	conservatism	NOUN
ajfa-431	36	10	is	be	AUX
ajfa-431	36	11	determined	determine	VERB
ajfa-431	36	12	either	either	CCONJ
ajfa-431	36	13	directly	directly	ADV
ajfa-431	36	14	or	or	CCONJ
ajfa-431	36	15	in	in	ADP
ajfa-431	36	16	interaction	interaction	NOUN
ajfa-431	36	17	with	with	ADP
ajfa-431	36	18	managers	manager	NOUN
ajfa-431	36	19	’	'	PUNCT
ajfa-431	36	20	reporting	reporting	NOUN
ajfa-431	36	21	incentives	incentive	NOUN
ajfa-431	36	22	.	.	PUNCT
ajfa-431	37	1	as	as	SCONJ
ajfa-431	37	2	discussed	discuss	VERB
ajfa-431	37	3	above	above	ADV
ajfa-431	37	4	,	,	PUNCT
ajfa-431	37	5	china	china	PROPN
ajfa-431	37	6	’s	’s	PART
ajfa-431	37	7	unique	unique	ADJ
ajfa-431	37	8	corporate	corporate	ADJ
ajfa-431	37	9	ownership	ownership	NOUN
ajfa-431	37	10	structure	structure	NOUN
ajfa-431	37	11	nevertheless	nevertheless	ADV
ajfa-431	37	12	induces	induce	VERB
ajfa-431	37	13	agency	agency	NOUN
ajfa-431	37	14	problems	problem	NOUN
ajfa-431	37	15	.	.	PUNCT
ajfa-431	38	1	meeting	meet	VERB
ajfa-431	38	2	the	the	DET
ajfa-431	38	3	demand	demand	NOUN
ajfa-431	38	4	for	for	ADP
ajfa-431	38	5	earnings	earning	NOUN
ajfa-431	38	6	conservatism	conservatism	NOUN
ajfa-431	38	7	benefits	benefit	VERB
ajfa-431	38	8	the	the	DET
ajfa-431	38	9	corporation	corporation	NOUN
ajfa-431	38	10	and	and	CCONJ
ajfa-431	38	11	its	its	PRON
ajfa-431	38	12	stakeholders	stakeholder	NOUN
ajfa-431	38	13	because	because	SCONJ
ajfa-431	38	14	it	it	PRON
ajfa-431	38	15	alleviates	alleviate	VERB
ajfa-431	38	16	the	the	DET
ajfa-431	38	17	agency	agency	NOUN
ajfa-431	38	18	conflicts	conflict	NOUN
ajfa-431	38	19	(	(	PUNCT
ajfa-431	38	20	or	or	CCONJ
ajfa-431	38	21	information	information	NOUN
ajfa-431	38	22	asymmetry	asymmetry	NOUN
ajfa-431	38	23	)	)	PUNCT
ajfa-431	38	24	.	.	PUNCT
ajfa-431	39	1	this	this	DET
ajfa-431	39	2	paper	paper	NOUN
ajfa-431	39	3	maintains	maintain	VERB
ajfa-431	39	4	that	that	SCONJ
ajfa-431	39	5	the	the	DET
ajfa-431	39	6	stakeholders	stakeholder	NOUN
ajfa-431	39	7	’	'	PUNCT
ajfa-431	39	8	economic	economic	ADJ
ajfa-431	39	9	and/or	and/or	CCONJ
ajfa-431	39	10	political	political	ADJ
ajfa-431	39	11	interests	interest	NOUN
ajfa-431	39	12	provide	provide	VERB
ajfa-431	39	13	important	important	ADJ
ajfa-431	39	14	signals	signal	NOUN
ajfa-431	39	15	about	about	ADP
ajfa-431	39	16	the	the	DET
ajfa-431	39	17	level	level	NOUN
ajfa-431	39	18	of	of	ADP
ajfa-431	39	19	earnings	earning	NOUN
ajfa-431	39	20	conservatism	conservatism	NOUN
ajfa-431	39	21	that	that	PRON
ajfa-431	39	22	should	should	AUX
ajfa-431	39	23	be	be	AUX
ajfa-431	39	24	supplied	supply	VERB
ajfa-431	39	25	to	to	PART
ajfa-431	39	26	meet	meet	VERB
ajfa-431	39	27	demand	demand	NOUN
ajfa-431	39	28	.	.	PUNCT
ajfa-431	40	1	since	since	SCONJ
ajfa-431	40	2	china	china	PROPN
ajfa-431	40	3	’s	’s	PART
ajfa-431	40	4	government	government	NOUN
ajfa-431	40	5	holds	hold	VERB
ajfa-431	40	6	a	a	DET
ajfa-431	40	7	majority	majority	NOUN
ajfa-431	40	8	stake	stake	NOUN
ajfa-431	40	9	,	,	PUNCT
ajfa-431	40	10	this	this	DET
ajfa-431	40	11	concentrated	concentrate	VERB
ajfa-431	40	12	ownership	ownership	NOUN
ajfa-431	40	13	structure	structure	NOUN
ajfa-431	40	14	typically	typically	ADV
ajfa-431	40	15	ignores	ignore	VERB
ajfa-431	40	16	minority	minority	NOUN
ajfa-431	40	17	shareholders	shareholder	NOUN
ajfa-431	40	18	’	'	PUNCT
ajfa-431	40	19	demands	demand	NOUN
ajfa-431	40	20	and	and	CCONJ
ajfa-431	40	21	places	place	NOUN
ajfa-431	40	22	higher	high	ADJ
ajfa-431	40	23	reliance	reliance	NOUN
ajfa-431	40	24	upon	upon	SCONJ
ajfa-431	40	25	private	private	ADJ
ajfa-431	40	26	forms	form	NOUN
ajfa-431	40	27	of	of	ADP
ajfa-431	40	28	communication	communication	NOUN
ajfa-431	40	29	.	.	PUNCT
ajfa-431	41	1	therefore	therefore	ADV
ajfa-431	41	2	,	,	PUNCT
ajfa-431	41	3	there	there	PRON
ajfa-431	41	4	will	will	AUX
ajfa-431	41	5	be	be	AUX
ajfa-431	41	6	less	less	ADJ
ajfa-431	41	7	demand	demand	NOUN
ajfa-431	41	8	for	for	ADP
ajfa-431	41	9	earnings	earning	NOUN
ajfa-431	41	10	conservatism	conservatism	NOUN
ajfa-431	41	11	in	in	ADP
ajfa-431	41	12	china	china	PROPN
ajfa-431	41	13	than	than	ADP
ajfa-431	41	14	in	in	ADP
ajfa-431	41	15	pure	pure	ADJ
ajfa-431	41	16	capitalist	capitalist	ADJ
ajfa-431	41	17	economies	economy	NOUN
ajfa-431	41	18	such	such	ADJ
ajfa-431	41	19	as	as	ADP
ajfa-431	41	20	hong	hong	PROPN
ajfa-431	41	21	kong	kong	PROPN
ajfa-431	41	22	,	,	PUNCT
ajfa-431	41	23	japan	japan	PROPN
ajfa-431	41	24	,	,	PUNCT
ajfa-431	41	25	singapore	singapore	PROPN
ajfa-431	41	26	,	,	PUNCT
ajfa-431	41	27	taiwan	taiwan	PROPN
ajfa-431	41	28	,	,	PUNCT
ajfa-431	41	29	etc	etc	X
ajfa-431	41	30	(	(	PUNCT
ajfa-431	41	31	ball	ball	NOUN
ajfa-431	41	32	et	et	NOUN
ajfa-431	41	33	al	al	PROPN
ajfa-431	41	34	.	.	PROPN
ajfa-431	41	35	,	,	PUNCT
ajfa-431	41	36	2000	2000	NUM
ajfa-431	41	37	)	)	PUNCT
ajfa-431	41	38	.	.	PUNCT
ajfa-431	42	1	hence	hence	ADV
ajfa-431	42	2	,	,	PUNCT
ajfa-431	42	3	we	we	PRON
ajfa-431	42	4	posit	posit	VERB
ajfa-431	42	5	that	that	SCONJ
ajfa-431	42	6	the	the	DET
ajfa-431	42	7	capital	capital	NOUN
ajfa-431	42	8	structure	structure	NOUN
ajfa-431	42	9	of	of	ADP
ajfa-431	42	10	higher	high	ADJ
ajfa-431	42	11	non	non	ADJ
ajfa-431	42	12	-	-	ADJ
ajfa-431	42	13	tradable	tradable	ADJ
ajfa-431	42	14	shares	share	NOUN
ajfa-431	42	15	,	,	PUNCT
ajfa-431	42	16	or	or	CCONJ
ajfa-431	42	17	less	less	ADV
ajfa-431	42	18	proportionate	proportionate	ADJ
ajfa-431	42	19	outside	outside	ADJ
ajfa-431	42	20	investor	investor	NOUN
ajfa-431	42	21	interests	interest	NOUN
ajfa-431	42	22	,	,	PUNCT
ajfa-431	42	23	will	will	AUX
ajfa-431	42	24	diminish	diminish	VERB
ajfa-431	42	25	the	the	DET
ajfa-431	42	26	demand	demand	NOUN
ajfa-431	42	27	for	for	ADP
ajfa-431	42	28	prompt	prompt	ADJ
ajfa-431	42	29	disclosure	disclosure	NOUN
ajfa-431	42	30	of	of	ADP
ajfa-431	42	31	financial	financial	ADJ
ajfa-431	42	32	information	information	NOUN
ajfa-431	42	33	and	and	CCONJ
ajfa-431	42	34	result	result	VERB
ajfa-431	42	35	in	in	ADP
ajfa-431	42	36	lower	low	ADJ
ajfa-431	42	37	earnings	earning	NOUN
ajfa-431	42	38	quality	quality	NOUN
ajfa-431	42	39	.	.	PUNCT
ajfa-431	43	1	consistent	consistent	ADJ
ajfa-431	43	2	with	with	ADP
ajfa-431	43	3	bushman	bushman	PROPN
ajfa-431	43	4	and	and	CCONJ
ajfa-431	43	5	piotroski	piotroski	PROPN
ajfa-431	43	6	(	(	PUNCT
ajfa-431	43	7	2006	2006	NUM
ajfa-431	43	8	)	)	PUNCT
ajfa-431	43	9	and	and	CCONJ
ajfa-431	43	10	lafond	lafond	NOUN
ajfa-431	43	11	(	(	PUNCT
ajfa-431	43	12	2005	2005	NUM
ajfa-431	43	13	)	)	PUNCT
ajfa-431	43	14	,	,	PUNCT
ajfa-431	43	15	our	our	PRON
ajfa-431	43	16	overall	overall	ADJ
ajfa-431	43	17	results	result	NOUN
ajfa-431	43	18	suggest	suggest	VERB
ajfa-431	43	19	that	that	SCONJ
ajfa-431	43	20	chinese	chinese	ADJ
ajfa-431	43	21	companies	company	NOUN
ajfa-431	43	22	with	with	ADP
ajfa-431	43	23	higher	high	ADJ
ajfa-431	43	24	non	non	ADJ
ajfa-431	43	25	-	-	ADJ
ajfa-431	43	26	tradable	tradable	ADJ
ajfa-431	43	27	shares	share	NOUN
ajfa-431	43	28	report	report	VERB
ajfa-431	43	29	less	less	ADJ
ajfa-431	43	30	earnings	earning	NOUN
ajfa-431	43	31	conservatism	conservatism	NOUN
ajfa-431	43	32	.	.	PUNCT
ajfa-431	44	1	as	as	ADV
ajfa-431	44	2	long	long	ADV
ajfa-431	44	3	as	as	SCONJ
ajfa-431	44	4	the	the	DET
ajfa-431	44	5	constraints	constraint	NOUN
ajfa-431	44	6	of	of	ADP
ajfa-431	44	7	dominant	dominant	ADJ
ajfa-431	44	8	government	government	NOUN
ajfa-431	44	9	involvement	involvement	NOUN
ajfa-431	44	10	are	be	AUX
ajfa-431	44	11	imposed	impose	VERB
ajfa-431	44	12	on	on	ADP
ajfa-431	44	13	the	the	DET
ajfa-431	44	14	market	market	NOUN
ajfa-431	44	15	economy	economy	NOUN
ajfa-431	44	16	,	,	PUNCT
ajfa-431	44	17	china	china	PROPN
ajfa-431	44	18	will	will	AUX
ajfa-431	44	19	not	not	PART
ajfa-431	44	20	have	have	VERB
ajfa-431	44	21	an	an	DET
ajfa-431	44	22	infrastructure	infrastructure	NOUN
ajfa-431	44	23	that	that	PRON
ajfa-431	44	24	encourages	encourage	VERB
ajfa-431	44	25	capitalist	capitalist	ADJ
ajfa-431	44	26	-	-	PUNCT
ajfa-431	44	27	style	style	NOUN
ajfa-431	44	28	financial	financial	ADJ
ajfa-431	44	29	reporting	reporting	NOUN
ajfa-431	44	30	.	.	PUNCT
ajfa-431	45	1	this	this	DET
ajfa-431	45	2	paper	paper	NOUN
ajfa-431	45	3	provides	provide	VERB
ajfa-431	45	4	additional	additional	ADJ
ajfa-431	45	5	support	support	NOUN
ajfa-431	45	6	for	for	ADP
ajfa-431	45	7	discriminating	discriminate	VERB
ajfa-431	45	8	among	among	ADP
ajfa-431	45	9	institutional	institutional	ADJ
ajfa-431	45	10	determinants	determinant	NOUN
ajfa-431	45	11	of	of	ADP
ajfa-431	45	12	financial	financial	ADJ
ajfa-431	45	13	reporting	reporting	NOUN
ajfa-431	45	14	quality	quality	NOUN
ajfa-431	45	15	.	.	PUNCT
ajfa-431	46	1	in	in	ADP
ajfa-431	46	2	addition	addition	NOUN
ajfa-431	46	3	,	,	PUNCT
ajfa-431	46	4	it	it	PRON
ajfa-431	46	5	adds	add	VERB
ajfa-431	46	6	to	to	ADP
ajfa-431	46	7	the	the	DET
ajfa-431	46	8	literature	literature	NOUN
ajfa-431	46	9	by	by	ADP
ajfa-431	46	10	identifying	identify	VERB
ajfa-431	46	11	the	the	DET
ajfa-431	46	12	extent	extent	NOUN
ajfa-431	46	13	to	to	PART
ajfa-431	46	14	which	which	PRON
ajfa-431	46	15	conditional	conditional	ADJ
ajfa-431	46	16	conservatism	conservatism	NOUN
ajfa-431	46	17	has	have	AUX
ajfa-431	46	18	been	be	AUX
ajfa-431	46	19	incorporated	incorporate	VERB
ajfa-431	46	20	into	into	ADP
ajfa-431	46	21	current	current	ADJ
ajfa-431	46	22	accounting	accounting	NOUN
ajfa-431	46	23	practice	practice	NOUN
ajfa-431	46	24	in	in	ADP
ajfa-431	46	25	china	china	PROPN
ajfa-431	46	26	.	.	PUNCT
ajfa-431	47	1	in	in	ADP
ajfa-431	47	2	particular	particular	ADJ
ajfa-431	47	3	,	,	PUNCT
ajfa-431	47	4	it	it	PRON
ajfa-431	47	5	takes	take	VERB
ajfa-431	47	6	into	into	ADP
ajfa-431	47	7	account	account	NOUN
ajfa-431	47	8	the	the	DET
ajfa-431	47	9	institutional	institutional	ADJ
ajfa-431	47	10	,	,	PUNCT
ajfa-431	47	11	cultural	cultural	ADJ
ajfa-431	47	12	,	,	PUNCT
ajfa-431	47	13	and	and	CCONJ
ajfa-431	47	14	political	political	ADJ
ajfa-431	47	15	characteristics	characteristic	NOUN
ajfa-431	47	16	of	of	ADP
ajfa-431	47	17	a	a	DET
ajfa-431	47	18	major	major	ADJ
ajfa-431	47	19	emerging	emerge	VERB
ajfa-431	47	20	economy	economy	NOUN
ajfa-431	47	21	that	that	PRON
ajfa-431	47	22	whilst	whilst	SCONJ
ajfa-431	47	23	in	in	ADP
ajfa-431	47	24	the	the	DET
ajfa-431	47	25	process	process	NOUN
ajfa-431	47	26	of	of	ADP
ajfa-431	47	27	guided	guide	VERB
ajfa-431	47	28	transition	transition	NOUN
ajfa-431	47	29	from	from	ADP
ajfa-431	47	30	communism	communism	NOUN
ajfa-431	47	31	to	to	ADP
ajfa-431	47	32	capitalism	capitalism	NOUN
ajfa-431	47	33	has	have	VERB
ajfa-431	47	34	even	even	ADV
ajfa-431	47	35	its	its	PRON
ajfa-431	47	36	capitalist	capitalist	ADJ
ajfa-431	47	37	activities	activity	NOUN
ajfa-431	47	38	monitored	monitor	VERB
ajfa-431	47	39	and	and	CCONJ
ajfa-431	47	40	controlled	control	VERB
ajfa-431	47	41	by	by	ADP
ajfa-431	47	42	the	the	DET
ajfa-431	47	43	communist	communist	PROPN
ajfa-431	47	44	party	party	PROPN
ajfa-431	47	45	.	.	PUNCT
ajfa-431	48	1	our	our	PRON
ajfa-431	48	2	results	result	NOUN
ajfa-431	48	3	will	will	AUX
ajfa-431	48	4	have	have	VERB
ajfa-431	48	5	special	special	ADJ
ajfa-431	48	6	relevance	relevance	NOUN
ajfa-431	48	7	for	for	ADP
ajfa-431	48	8	other	other	ADJ
ajfa-431	48	9	countries	country	NOUN
ajfa-431	48	10	in	in	ADP
ajfa-431	48	11	transition	transition	NOUN
ajfa-431	48	12	from	from	ADP
ajfa-431	48	13	communism	communism	NOUN
ajfa-431	48	14	to	to	ADP
ajfa-431	48	15	some	some	DET
ajfa-431	48	16	style	style	NOUN
ajfa-431	48	17	of	of	ADP
ajfa-431	48	18	capitalism	capitalism	NOUN
ajfa-431	48	19	,	,	PUNCT
ajfa-431	48	20	whether	whether	SCONJ
ajfa-431	48	21	marketor	marketor	NOUN
ajfa-431	48	22	state	state	NOUN
ajfa-431	48	23	-	-	PUNCT
ajfa-431	48	24	controlled	control	VERB
ajfa-431	48	25	,	,	PUNCT
ajfa-431	48	26	such	such	ADJ
ajfa-431	48	27	as	as	ADP
ajfa-431	48	28	russia	russia	PROPN
ajfa-431	48	29	,	,	PUNCT
ajfa-431	48	30	vietnam	vietnam	PROPN
ajfa-431	48	31	,	,	PUNCT
ajfa-431	48	32	the	the	DET
ajfa-431	48	33	former	former	ADJ
ajfa-431	48	34	soviet	soviet	PROPN
ajfa-431	48	35	union	union	NOUN
ajfa-431	48	36	republics	republic	NOUN
ajfa-431	48	37	,	,	PUNCT
ajfa-431	48	38	and	and	CCONJ
ajfa-431	48	39	the	the	DET
ajfa-431	48	40	eastern	eastern	ADJ
ajfa-431	48	41	european	european	ADJ
ajfa-431	48	42	countries	country	NOUN
ajfa-431	48	43	.	.	PUNCT
ajfa-431	49	1	it	it	PRON
ajfa-431	49	2	takes	take	VERB
ajfa-431	49	3	a	a	DET
ajfa-431	49	4	long	long	ADJ
ajfa-431	49	5	period	period	NOUN
ajfa-431	49	6	of	of	ADP
ajfa-431	49	7	time	time	NOUN
ajfa-431	49	8	for	for	ADP
ajfa-431	49	9	social	social	ADJ
ajfa-431	49	10	relationships	relationship	NOUN
ajfa-431	49	11	,	,	PUNCT
ajfa-431	49	12	and	and	CCONJ
ajfa-431	49	13	expectations	expectation	NOUN
ajfa-431	49	14	in	in	ADP
ajfa-431	49	15	relation	relation	NOUN
ajfa-431	49	16	to	to	ADP
ajfa-431	49	17	those	those	DET
ajfa-431	49	18	asian	asian	ADJ
ajfa-431	49	19	journal	journal	NOUN
ajfa-431	49	20	of	of	ADP
ajfa-431	49	21	finance	finance	PROPN
ajfa-431	49	22	&	&	CCONJ
ajfa-431	49	23	accounting	accounting	PROPN
ajfa-431	49	24	issn	issn	PROPN
ajfa-431	49	25	1946	1946	NUM
ajfa-431	49	26	-	-	PUNCT
ajfa-431	49	27	052x	052x	NOUN
ajfa-431	49	28	2010	2010	NUM
ajfa-431	49	29	,	,	PUNCT
ajfa-431	49	30	vol	vol	NOUN
ajfa-431	49	31	.	.	PROPN
ajfa-431	49	32	2	2	NUM
ajfa-431	49	33	,	,	PUNCT
ajfa-431	49	34	no	no	INTJ
ajfa-431	49	35	.	.	NOUN
ajfa-431	49	36	1	1	NUM
ajfa-431	49	37	:	:	PUNCT
ajfa-431	49	38	e3	e3	VERB
ajfa-431	49	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-431	49	40	51	51	NUM
ajfa-431	49	41	relationships	relationship	NOUN
ajfa-431	49	42	,	,	PUNCT
ajfa-431	49	43	to	to	PART
ajfa-431	49	44	adjust	adjust	VERB
ajfa-431	49	45	after	after	ADP
ajfa-431	49	46	a	a	DET
ajfa-431	49	47	number	number	NOUN
ajfa-431	49	48	of	of	ADP
ajfa-431	49	49	years	year	NOUN
ajfa-431	49	50	of	of	ADP
ajfa-431	49	51	communism	communism	NOUN
ajfa-431	49	52	operating	operate	VERB
ajfa-431	49	53	in	in	ADP
ajfa-431	49	54	a	a	DET
ajfa-431	49	55	country	country	NOUN
ajfa-431	49	56	(	(	PUNCT
ajfa-431	49	57	zinoviev	zinoviev	ADV
ajfa-431	49	58	,	,	PUNCT
ajfa-431	49	59	1985	1985	NUM
ajfa-431	49	60	)	)	PUNCT
ajfa-431	49	61	.	.	PUNCT
ajfa-431	50	1	for	for	ADP
ajfa-431	50	2	example	example	NOUN
ajfa-431	50	3	,	,	PUNCT
ajfa-431	50	4	in	in	ADP
ajfa-431	50	5	the	the	DET
ajfa-431	50	6	former	former	ADJ
ajfa-431	50	7	soviet	soviet	PROPN
ajfa-431	50	8	union	union	NOUN
ajfa-431	50	9	,	,	PUNCT
ajfa-431	50	10	communist	communist	ADJ
ajfa-431	50	11	social	social	ADJ
ajfa-431	50	12	relationships	relationship	NOUN
ajfa-431	50	13	and	and	CCONJ
ajfa-431	50	14	their	their	PRON
ajfa-431	50	15	related	related	ADJ
ajfa-431	50	16	expectations	expectation	NOUN
ajfa-431	50	17	did	do	AUX
ajfa-431	50	18	not	not	PART
ajfa-431	50	19	completely	completely	ADV
ajfa-431	50	20	stabilize	stabilize	VERB
ajfa-431	50	21	until	until	ADP
ajfa-431	50	22	as	as	ADV
ajfa-431	50	23	late	late	ADV
ajfa-431	50	24	as	as	ADP
ajfa-431	50	25	the	the	DET
ajfa-431	50	26	leonid	leonid	PROPN
ajfa-431	50	27	brezhnev	brezhnev	PROPN
ajfa-431	50	28	era	era	NOUN
ajfa-431	50	29	in	in	ADP
ajfa-431	50	30	the	the	DET
ajfa-431	50	31	late	late	ADJ
ajfa-431	50	32	1960s	1960	NOUN
ajfa-431	50	33	and	and	CCONJ
ajfa-431	50	34	1970s	1970	NOUN
ajfa-431	50	35	.	.	PUNCT
ajfa-431	51	1	the	the	DET
ajfa-431	51	2	remainder	remainder	NOUN
ajfa-431	51	3	of	of	ADP
ajfa-431	51	4	this	this	DET
ajfa-431	51	5	paper	paper	NOUN
ajfa-431	51	6	is	be	AUX
ajfa-431	51	7	structured	structure	VERB
ajfa-431	51	8	as	as	SCONJ
ajfa-431	51	9	follows	follow	VERB
ajfa-431	51	10	.	.	PUNCT
ajfa-431	52	1	the	the	DET
ajfa-431	52	2	next	next	ADJ
ajfa-431	52	3	section	section	NOUN
ajfa-431	52	4	describes	describe	VERB
ajfa-431	52	5	our	our	PRON
ajfa-431	52	6	hypothesis	hypothesis	NOUN
ajfa-431	52	7	development	development	NOUN
ajfa-431	52	8	.	.	PUNCT
ajfa-431	53	1	the	the	DET
ajfa-431	53	2	following	follow	VERB
ajfa-431	53	3	sections	section	NOUN
ajfa-431	53	4	present	present	VERB
ajfa-431	53	5	our	our	PRON
ajfa-431	53	6	research	research	NOUN
ajfa-431	53	7	design	design	NOUN
ajfa-431	53	8	and	and	CCONJ
ajfa-431	53	9	sample	sample	NOUN
ajfa-431	53	10	selection	selection	NOUN
ajfa-431	53	11	process	process	NOUN
ajfa-431	53	12	.	.	PUNCT
ajfa-431	54	1	we	we	PRON
ajfa-431	54	2	then	then	ADV
ajfa-431	54	3	discuss	discuss	VERB
ajfa-431	54	4	our	our	PRON
ajfa-431	54	5	empirical	empirical	ADJ
ajfa-431	54	6	evidence	evidence	NOUN
ajfa-431	54	7	.	.	PUNCT
ajfa-431	55	1	the	the	DET
ajfa-431	55	2	last	last	ADJ
ajfa-431	55	3	section	section	NOUN
ajfa-431	55	4	contains	contain	VERB
ajfa-431	55	5	a	a	DET
ajfa-431	55	6	brief	brief	ADJ
ajfa-431	55	7	recap	recap	NOUN
ajfa-431	55	8	and	and	CCONJ
ajfa-431	55	9	summarizes	summarize	VERB
ajfa-431	55	10	the	the	DET
ajfa-431	55	11	key	key	ADJ
ajfa-431	55	12	findings	finding	NOUN
ajfa-431	55	13	of	of	ADP
ajfa-431	55	14	the	the	DET
ajfa-431	55	15	study	study	NOUN
ajfa-431	55	16	.	.	PUNCT
ajfa-431	56	1	2	2	X
ajfa-431	56	2	.	.	X
ajfa-431	56	3	hypotheses	hypothese	VERB
ajfa-431	56	4	development	development	NOUN
ajfa-431	56	5	2.1	2.1	NUM
ajfa-431	56	6	institutional	institutional	ADJ
ajfa-431	56	7	and	and	CCONJ
ajfa-431	56	8	political	political	ADJ
ajfa-431	56	9	influences	influence	NOUN
ajfa-431	56	10	during	during	ADP
ajfa-431	56	11	the	the	DET
ajfa-431	56	12	course	course	NOUN
ajfa-431	56	13	of	of	ADP
ajfa-431	56	14	china	china	PROPN
ajfa-431	56	15	’s	’s	PART
ajfa-431	56	16	institutional	institutional	ADJ
ajfa-431	56	17	transformation	transformation	NOUN
ajfa-431	56	18	,	,	PUNCT
ajfa-431	56	19	the	the	DET
ajfa-431	56	20	majority	majority	NOUN
ajfa-431	56	21	of	of	ADP
ajfa-431	56	22	corporations	corporation	NOUN
ajfa-431	56	23	listed	list	VERB
ajfa-431	56	24	on	on	ADP
ajfa-431	56	25	china	china	PROPN
ajfa-431	56	26	’s	’s	PART
ajfa-431	56	27	stock	stock	NOUN
ajfa-431	56	28	exchanges	exchange	NOUN
ajfa-431	56	29	are	be	AUX
ajfa-431	56	30	new	new	ADJ
ajfa-431	56	31	restructured	restructure	VERB
ajfa-431	56	32	soes	soe	NOUN
ajfa-431	56	33	that	that	PRON
ajfa-431	56	34	have	have	VERB
ajfa-431	56	35	a	a	DET
ajfa-431	56	36	distinctive	distinctive	ADJ
ajfa-431	56	37	capital	capital	NOUN
ajfa-431	56	38	structure	structure	NOUN
ajfa-431	56	39	consisting	consist	VERB
ajfa-431	56	40	of	of	ADP
ajfa-431	56	41	non	non	ADJ
ajfa-431	56	42	-	-	ADJ
ajfa-431	56	43	tradable	tradable	ADJ
ajfa-431	56	44	shares	share	NOUN
ajfa-431	56	45	and	and	CCONJ
ajfa-431	56	46	public	public	ADJ
ajfa-431	56	47	tradable	tradable	ADJ
ajfa-431	56	48	shares	share	NOUN
ajfa-431	56	49	.	.	PUNCT
ajfa-431	57	1	due	due	ADP
ajfa-431	57	2	to	to	ADP
ajfa-431	57	3	restrictions	restriction	NOUN
ajfa-431	57	4	on	on	ADP
ajfa-431	57	5	public	public	ADJ
ajfa-431	57	6	offerings	offering	NOUN
ajfa-431	57	7	in	in	ADP
ajfa-431	57	8	china	china	PROPN
ajfa-431	57	9	,	,	PUNCT
ajfa-431	57	10	the	the	DET
ajfa-431	57	11	percentage	percentage	NOUN
ajfa-431	57	12	of	of	ADP
ajfa-431	57	13	shares	share	NOUN
ajfa-431	57	14	available	available	ADJ
ajfa-431	57	15	in	in	ADP
ajfa-431	57	16	the	the	DET
ajfa-431	57	17	open	open	ADJ
ajfa-431	57	18	market	market	NOUN
ajfa-431	57	19	is	be	AUX
ajfa-431	57	20	relatively	relatively	ADV
ajfa-431	57	21	low	low	ADJ
ajfa-431	57	22	.	.	PUNCT
ajfa-431	58	1	in	in	ADP
ajfa-431	58	2	2003	2003	NUM
ajfa-431	58	3	,	,	PUNCT
ajfa-431	58	4	the	the	DET
ajfa-431	58	5	proportion	proportion	NOUN
ajfa-431	58	6	of	of	ADP
ajfa-431	58	7	all	all	DET
ajfa-431	58	8	non	non	ADJ
ajfa-431	58	9	-	-	ADJ
ajfa-431	58	10	tradable	tradable	ADJ
ajfa-431	58	11	(	(	PUNCT
ajfa-431	58	12	tradable	tradable	ADJ
ajfa-431	58	13	)	)	PUNCT
ajfa-431	58	14	shares	share	NOUN
ajfa-431	58	15	was	be	AUX
ajfa-431	58	16	64.45	64.45	NUM
ajfa-431	58	17	%	%	NOUN
ajfa-431	58	18	(	(	PUNCT
ajfa-431	58	19	35.55	35.55	NUM
ajfa-431	58	20	%	%	NOUN
ajfa-431	58	21	)	)	PUNCT
ajfa-431	58	22	.	.	PUNCT
ajfa-431	59	1	2	2	NUM
ajfa-431	59	2	consequently	consequently	ADV
ajfa-431	59	3	,	,	PUNCT
ajfa-431	59	4	a	a	DET
ajfa-431	59	5	high	high	ADJ
ajfa-431	59	6	percentage	percentage	NOUN
ajfa-431	59	7	of	of	ADP
ajfa-431	59	8	non	non	ADJ
ajfa-431	59	9	-	-	ADJ
ajfa-431	59	10	tradable	tradable	ADJ
ajfa-431	59	11	shares	share	NOUN
ajfa-431	59	12	in	in	ADP
ajfa-431	59	13	the	the	DET
ajfa-431	59	14	typical	typical	ADJ
ajfa-431	59	15	corporation	corporation	NOUN
ajfa-431	59	16	are	be	AUX
ajfa-431	59	17	controlled	control	VERB
ajfa-431	59	18	by	by	ADP
ajfa-431	59	19	a	a	DET
ajfa-431	59	20	small	small	ADJ
ajfa-431	59	21	number	number	NOUN
ajfa-431	59	22	of	of	ADP
ajfa-431	59	23	controlling	control	VERB
ajfa-431	59	24	shareholders	shareholder	NOUN
ajfa-431	59	25	.	.	PUNCT
ajfa-431	60	1	3	3	NUM
ajfa-431	60	2	shleifer	shleifer	NOUN
ajfa-431	60	3	and	and	CCONJ
ajfa-431	60	4	vishny	vishny	PROPN
ajfa-431	60	5	(	(	PUNCT
ajfa-431	60	6	1994	1994	NUM
ajfa-431	60	7	)	)	PUNCT
ajfa-431	60	8	claim	claim	VERB
ajfa-431	60	9	that	that	SCONJ
ajfa-431	60	10	privatization	privatization	NOUN
ajfa-431	60	11	improves	improve	VERB
ajfa-431	60	12	corporate	corporate	ADJ
ajfa-431	60	13	performance	performance	NOUN
ajfa-431	60	14	and	and	CCONJ
ajfa-431	60	15	motivates	motivate	VERB
ajfa-431	60	16	executives	executive	NOUN
ajfa-431	60	17	.	.	PUNCT
ajfa-431	61	1	from	from	ADP
ajfa-431	61	2	a	a	DET
ajfa-431	61	3	political	political	ADJ
ajfa-431	61	4	perspective	perspective	NOUN
ajfa-431	61	5	,	,	PUNCT
ajfa-431	61	6	government	government	NOUN
ajfa-431	61	7	officials	official	NOUN
ajfa-431	61	8	demanding	demand	VERB
ajfa-431	61	9	that	that	SCONJ
ajfa-431	61	10	corporations	corporation	NOUN
ajfa-431	61	11	pursue	pursue	VERB
ajfa-431	61	12	political	political	ADJ
ajfa-431	61	13	and	and	CCONJ
ajfa-431	61	14	social	social	ADJ
ajfa-431	61	15	goals	goal	NOUN
ajfa-431	61	16	will	will	AUX
ajfa-431	61	17	generate	generate	VERB
ajfa-431	61	18	political	political	ADJ
ajfa-431	61	19	costs	cost	NOUN
ajfa-431	61	20	that	that	PRON
ajfa-431	61	21	are	be	AUX
ajfa-431	61	22	borne	bear	VERB
ajfa-431	61	23	by	by	ADP
ajfa-431	61	24	the	the	DET
ajfa-431	61	25	soes	soe	NOUN
ajfa-431	61	26	.	.	PUNCT
ajfa-431	62	1	from	from	ADP
ajfa-431	62	2	a	a	DET
ajfa-431	62	3	management	management	NOUN
ajfa-431	62	4	point	point	NOUN
ajfa-431	62	5	of	of	ADP
ajfa-431	62	6	view	view	NOUN
ajfa-431	62	7	,	,	PUNCT
ajfa-431	62	8	the	the	DET
ajfa-431	62	9	agency	agency	NOUN
ajfa-431	62	10	costs	cost	NOUN
ajfa-431	62	11	borne	bear	VERB
ajfa-431	62	12	by	by	ADP
ajfa-431	62	13	proprietors	proprietor	NOUN
ajfa-431	62	14	and	and	CCONJ
ajfa-431	62	15	managers	manager	NOUN
ajfa-431	62	16	are	be	AUX
ajfa-431	62	17	manifest	manifest	ADJ
ajfa-431	62	18	in	in	ADP
ajfa-431	62	19	soes	soe	NOUN
ajfa-431	62	20	because	because	SCONJ
ajfa-431	62	21	shareholders	shareholder	NOUN
ajfa-431	62	22	are	be	AUX
ajfa-431	62	23	less	less	ADV
ajfa-431	62	24	motivated	motivated	ADJ
ajfa-431	62	25	to	to	PART
ajfa-431	62	26	monitor	monitor	VERB
ajfa-431	62	27	executives	executive	NOUN
ajfa-431	62	28	and	and	CCONJ
ajfa-431	62	29	the	the	DET
ajfa-431	62	30	binding	bind	VERB
ajfa-431	62	31	mechanism	mechanism	NOUN
ajfa-431	62	32	of	of	ADP
ajfa-431	62	33	the	the	DET
ajfa-431	62	34	market	market	NOUN
ajfa-431	62	35	is	be	AUX
ajfa-431	62	36	nonexistent	nonexistent	ADJ
ajfa-431	62	37	.	.	PUNCT
ajfa-431	63	1	complete	complete	ADJ
ajfa-431	63	2	privatization	privatization	NOUN
ajfa-431	63	3	indicates	indicate	VERB
ajfa-431	63	4	that	that	SCONJ
ajfa-431	63	5	capital	capital	NOUN
ajfa-431	63	6	flow	flow	NOUN
ajfa-431	63	7	rights	right	NOUN
ajfa-431	63	8	and	and	CCONJ
ajfa-431	63	9	voting	voting	NOUN
ajfa-431	63	10	rights	right	NOUN
ajfa-431	63	11	are	be	AUX
ajfa-431	63	12	transferred	transfer	VERB
ajfa-431	63	13	simultaneously	simultaneously	ADV
ajfa-431	63	14	to	to	ADP
ajfa-431	63	15	private	private	ADJ
ajfa-431	63	16	proprietors	proprietor	NOUN
ajfa-431	63	17	,	,	PUNCT
ajfa-431	63	18	making	make	VERB
ajfa-431	63	19	it	it	PRON
ajfa-431	63	20	difficult	difficult	ADJ
ajfa-431	63	21	for	for	SCONJ
ajfa-431	63	22	them	they	PRON
ajfa-431	63	23	to	to	PART
ajfa-431	63	24	discern	discern	VERB
ajfa-431	63	25	political	political	ADJ
ajfa-431	63	26	and	and	CCONJ
ajfa-431	63	27	management	management	NOUN
ajfa-431	63	28	opinions	opinion	NOUN
ajfa-431	63	29	.	.	PUNCT
ajfa-431	64	1	however	however	ADV
ajfa-431	64	2	,	,	PUNCT
ajfa-431	64	3	with	with	ADP
ajfa-431	64	4	partial	partial	ADJ
ajfa-431	64	5	privatization	privatization	NOUN
ajfa-431	64	6	,	,	PUNCT
ajfa-431	64	7	corporations	corporation	NOUN
ajfa-431	64	8	still	still	ADV
ajfa-431	64	9	are	be	AUX
ajfa-431	64	10	subject	subject	ADJ
ajfa-431	64	11	to	to	ADP
ajfa-431	64	12	government	government	NOUN
ajfa-431	64	13	interference	interference	NOUN
ajfa-431	64	14	as	as	ADP
ajfa-431	64	15	political	political	ADJ
ajfa-431	64	16	cost	cost	NOUN
ajfa-431	64	17	,	,	PUNCT
ajfa-431	64	18	despite	despite	SCONJ
ajfa-431	64	19	the	the	DET
ajfa-431	64	20	fact	fact	NOUN
ajfa-431	64	21	that	that	SCONJ
ajfa-431	64	22	their	their	PRON
ajfa-431	64	23	shares	share	NOUN
ajfa-431	64	24	are	be	AUX
ajfa-431	64	25	traded	trade	VERB
ajfa-431	64	26	on	on	ADP
ajfa-431	64	27	the	the	DET
ajfa-431	64	28	capital	capital	NOUN
ajfa-431	64	29	market	market	NOUN
ajfa-431	64	30	and	and	CCONJ
ajfa-431	64	31	monitored	monitor	VERB
ajfa-431	64	32	by	by	ADP
ajfa-431	64	33	shareholders	shareholder	NOUN
ajfa-431	64	34	.	.	PUNCT
ajfa-431	65	1	political	political	ADJ
ajfa-431	65	2	involvement	involvement	NOUN
ajfa-431	65	3	often	often	ADV
ajfa-431	65	4	occurs	occur	VERB
ajfa-431	65	5	at	at	ADP
ajfa-431	65	6	the	the	DET
ajfa-431	65	7	expense	expense	NOUN
ajfa-431	65	8	of	of	ADP
ajfa-431	65	9	corporate	corporate	ADJ
ajfa-431	65	10	interest	interest	NOUN
ajfa-431	65	11	,	,	PUNCT
ajfa-431	65	12	for	for	ADP
ajfa-431	65	13	the	the	DET
ajfa-431	65	14	purpose	purpose	NOUN
ajfa-431	65	15	of	of	ADP
ajfa-431	65	16	achieving	achieve	VERB
ajfa-431	65	17	political	political	ADJ
ajfa-431	65	18	goals	goal	NOUN
ajfa-431	65	19	.	.	PUNCT
ajfa-431	66	1	for	for	ADP
ajfa-431	66	2	instance	instance	NOUN
ajfa-431	66	3	,	,	PUNCT
ajfa-431	66	4	politicians	politician	NOUN
ajfa-431	66	5	may	may	AUX
ajfa-431	66	6	abuse	abuse	VERB
ajfa-431	66	7	their	their	PRON
ajfa-431	66	8	power	power	NOUN
ajfa-431	66	9	to	to	PART
ajfa-431	66	10	transfer	transfer	VERB
ajfa-431	66	11	some	some	DET
ajfa-431	66	12	corporate	corporate	ADJ
ajfa-431	66	13	resources	resource	NOUN
ajfa-431	66	14	into	into	ADP
ajfa-431	66	15	the	the	DET
ajfa-431	66	16	hands	hand	NOUN
ajfa-431	66	17	of	of	ADP
ajfa-431	66	18	their	their	PRON
ajfa-431	66	19	supporters	supporter	NOUN
ajfa-431	66	20	.	.	PUNCT
ajfa-431	67	1	from	from	ADP
ajfa-431	67	2	the	the	DET
ajfa-431	67	3	perspective	perspective	NOUN
ajfa-431	67	4	of	of	ADP
ajfa-431	67	5	agency	agency	NOUN
ajfa-431	67	6	theory	theory	NOUN
ajfa-431	67	7	,	,	PUNCT
ajfa-431	67	8	under	under	ADP
ajfa-431	67	9	a	a	DET
ajfa-431	67	10	corporate	corporate	ADJ
ajfa-431	67	11	governance	governance	NOUN
ajfa-431	67	12	framework	framework	NOUN
ajfa-431	67	13	,	,	PUNCT
ajfa-431	67	14	the	the	DET
ajfa-431	67	15	equity	equity	NOUN
ajfa-431	67	16	structure	structure	NOUN
ajfa-431	67	17	of	of	ADP
ajfa-431	67	18	publicly	publicly	ADV
ajfa-431	67	19	traded	trade	VERB
ajfa-431	67	20	companies	company	NOUN
ajfa-431	67	21	in	in	ADP
ajfa-431	67	22	china	china	PROPN
ajfa-431	67	23	is	be	AUX
ajfa-431	67	24	susceptible	susceptible	ADJ
ajfa-431	67	25	to	to	ADP
ajfa-431	67	26	both	both	CCONJ
ajfa-431	67	27	internal	internal	ADJ
ajfa-431	67	28	and	and	CCONJ
ajfa-431	67	29	external	external	ADJ
ajfa-431	67	30	moral	moral	ADJ
ajfa-431	67	31	hazards	hazard	NOUN
ajfa-431	67	32	.	.	PUNCT
ajfa-431	68	1	tian	tian	ADJ
ajfa-431	68	2	and	and	CCONJ
ajfa-431	68	3	estrin	estrin	NOUN
ajfa-431	68	4	(	(	PUNCT
ajfa-431	68	5	2008	2008	NUM
ajfa-431	68	6	)	)	PUNCT
ajfa-431	68	7	observe	observe	VERB
ajfa-431	68	8	that	that	SCONJ
ajfa-431	68	9	in	in	ADP
ajfa-431	68	10	china	china	PROPN
ajfa-431	68	11	,	,	PUNCT
ajfa-431	68	12	in	in	ADP
ajfa-431	68	13	times	time	NOUN
ajfa-431	68	14	of	of	ADP
ajfa-431	68	15	high	high	ADJ
ajfa-431	68	16	profitability	profitability	NOUN
ajfa-431	68	17	,	,	PUNCT
ajfa-431	68	18	the	the	DET
ajfa-431	68	19	state	state	NOUN
ajfa-431	68	20	is	be	AUX
ajfa-431	68	21	motivated	motivate	VERB
ajfa-431	68	22	to	to	PART
ajfa-431	68	23	influence	influence	VERB
ajfa-431	68	24	corporate	corporate	ADJ
ajfa-431	68	25	profit	profit	NOUN
ajfa-431	68	26	outcome	outcome	NOUN
ajfa-431	68	27	.	.	PUNCT
ajfa-431	69	1	2	2	NUM
ajfa-431	69	2	based	base	VERB
ajfa-431	69	3	on	on	ADP
ajfa-431	69	4	existing	exist	VERB
ajfa-431	69	5	regulations	regulation	NOUN
ajfa-431	69	6	,	,	PUNCT
ajfa-431	69	7	state	state	NOUN
ajfa-431	69	8	and	and	CCONJ
ajfa-431	69	9	legal	legal	ADJ
ajfa-431	69	10	person	person	NOUN
ajfa-431	69	11	shares	share	NOUN
ajfa-431	69	12	held	hold	VERB
ajfa-431	69	13	by	by	ADP
ajfa-431	69	14	promoters	promoter	NOUN
ajfa-431	69	15	are	be	AUX
ajfa-431	69	16	not	not	PART
ajfa-431	69	17	traded	trade	VERB
ajfa-431	69	18	in	in	ADP
ajfa-431	69	19	the	the	DET
ajfa-431	69	20	open	open	ADJ
ajfa-431	69	21	market	market	NOUN
ajfa-431	69	22	.	.	PUNCT
ajfa-431	70	1	china	china	PROPN
ajfa-431	70	2	securities	securities	PROPN
ajfa-431	70	3	regulatory	regulatory	PROPN
ajfa-431	70	4	commission	commission	PROPN
ajfa-431	70	5	(	(	PUNCT
ajfa-431	70	6	csrc	csrc	PROPN
ajfa-431	70	7	)	)	PUNCT
ajfa-431	70	8	http://www.csrc.gov.cn/	http://www.csrc.gov.cn/	PROPN
ajfa-431	70	9	,	,	PUNCT
ajfa-431	70	10	accessed	access	VERB
ajfa-431	70	11	19	19	NUM
ajfa-431	70	12	december	december	PROPN
ajfa-431	70	13	2004	2004	NUM
ajfa-431	70	14	.	.	PUNCT
ajfa-431	71	1	3	3	NUM
ajfa-431	71	2	in	in	ADP
ajfa-431	71	3	2001	2001	NUM
ajfa-431	71	4	,	,	PUNCT
ajfa-431	71	5	the	the	DET
ajfa-431	71	6	largest	large	ADJ
ajfa-431	71	7	shareholder	shareholder	NOUN
ajfa-431	71	8	stake	stake	NOUN
ajfa-431	71	9	in	in	ADP
ajfa-431	71	10	listed	list	VERB
ajfa-431	71	11	companies	company	NOUN
ajfa-431	71	12	averaged	average	VERB
ajfa-431	71	13	44.9	44.9	NUM
ajfa-431	71	14	per	per	ADP
ajfa-431	71	15	cent	cent	NOUN
ajfa-431	71	16	(	(	PUNCT
ajfa-431	71	17	shi	shi	NOUN
ajfa-431	71	18	and	and	CCONJ
ajfa-431	71	19	weisert	weisert	NOUN
ajfa-431	71	20	,	,	PUNCT
ajfa-431	71	21	2002	2002	NUM
ajfa-431	71	22	)	)	PUNCT
ajfa-431	71	23	,	,	PUNCT
ajfa-431	71	24	indicating	indicate	VERB
ajfa-431	71	25	a	a	DET
ajfa-431	71	26	severe	severe	ADJ
ajfa-431	71	27	concentrated	concentrated	ADJ
ajfa-431	71	28	share	share	NOUN
ajfa-431	71	29	ownership	ownership	NOUN
ajfa-431	71	30	for	for	ADP
ajfa-431	71	31	chinese	chinese	ADJ
ajfa-431	71	32	listed	list	VERB
ajfa-431	71	33	companies	company	NOUN
ajfa-431	71	34	.	.	PUNCT
ajfa-431	72	1	asian	asian	ADJ
ajfa-431	72	2	journal	journal	PROPN
ajfa-431	72	3	of	of	ADP
ajfa-431	72	4	finance	finance	PROPN
ajfa-431	72	5	&	&	CCONJ
ajfa-431	72	6	accounting	accounting	PROPN
ajfa-431	72	7	issn	issn	PROPN
ajfa-431	72	8	1946	1946	NUM
ajfa-431	72	9	-	-	PUNCT
ajfa-431	72	10	052x	052x	NOUN
ajfa-431	72	11	2010	2010	NUM
ajfa-431	72	12	,	,	PUNCT
ajfa-431	72	13	vol	vol	NOUN
ajfa-431	72	14	.	.	PROPN
ajfa-431	72	15	2	2	NUM
ajfa-431	72	16	,	,	PUNCT
ajfa-431	72	17	no	no	INTJ
ajfa-431	72	18	.	.	NOUN
ajfa-431	72	19	1	1	NUM
ajfa-431	72	20	:	:	PUNCT
ajfa-431	72	21	e3	e3	VERB
ajfa-431	72	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	72	23	52	52	NUM
ajfa-431	72	24	shleifer	shleifer	NOUN
ajfa-431	72	25	and	and	CCONJ
ajfa-431	72	26	vishny	vishny	PROPN
ajfa-431	72	27	(	(	PUNCT
ajfa-431	72	28	1998	1998	NUM
ajfa-431	72	29	)	)	PUNCT
ajfa-431	72	30	also	also	ADV
ajfa-431	72	31	propose	propose	VERB
ajfa-431	72	32	that	that	SCONJ
ajfa-431	72	33	equities	equity	NOUN
ajfa-431	72	34	are	be	AUX
ajfa-431	72	35	better	well	ADV
ajfa-431	72	36	privatized	privatized	ADJ
ajfa-431	72	37	than	than	ADP
ajfa-431	72	38	state	state	NOUN
ajfa-431	72	39	-	-	PUNCT
ajfa-431	72	40	owned	own	VERB
ajfa-431	72	41	,	,	PUNCT
ajfa-431	72	42	because	because	SCONJ
ajfa-431	72	43	politicians	politician	NOUN
ajfa-431	72	44	and	and	CCONJ
ajfa-431	72	45	bureaucrats	bureaucrat	NOUN
ajfa-431	72	46	tend	tend	VERB
ajfa-431	72	47	to	to	PART
ajfa-431	72	48	take	take	VERB
ajfa-431	72	49	advantage	advantage	NOUN
ajfa-431	72	50	of	of	ADP
ajfa-431	72	51	corporate	corporate	ADJ
ajfa-431	72	52	benefits	benefit	NOUN
ajfa-431	72	53	.	.	PUNCT
ajfa-431	73	1	in	in	ADP
ajfa-431	73	2	other	other	ADJ
ajfa-431	73	3	words	word	NOUN
ajfa-431	73	4	,	,	PUNCT
ajfa-431	73	5	state	state	NOUN
ajfa-431	73	6	proprietorship	proprietorship	NOUN
ajfa-431	73	7	has	have	VERB
ajfa-431	73	8	a	a	DET
ajfa-431	73	9	detrimental	detrimental	ADJ
ajfa-431	73	10	effect	effect	NOUN
ajfa-431	73	11	on	on	ADP
ajfa-431	73	12	corporate	corporate	ADJ
ajfa-431	73	13	performance	performance	NOUN
ajfa-431	73	14	.	.	PUNCT
ajfa-431	74	1	megginson	megginson	PROPN
ajfa-431	74	2	and	and	CCONJ
ajfa-431	74	3	netter	netter	PROPN
ajfa-431	74	4	(	(	PUNCT
ajfa-431	74	5	2001	2001	NUM
ajfa-431	74	6	)	)	PUNCT
ajfa-431	74	7	contend	contend	VERB
ajfa-431	74	8	that	that	SCONJ
ajfa-431	74	9	private	private	ADJ
ajfa-431	74	10	enterprises	enterprise	NOUN
ajfa-431	74	11	outperform	outperform	VERB
ajfa-431	74	12	their	their	PRON
ajfa-431	74	13	state	state	NOUN
ajfa-431	74	14	-	-	PUNCT
ajfa-431	74	15	owned	own	VERB
ajfa-431	74	16	counterparts	counterpart	NOUN
ajfa-431	74	17	,	,	PUNCT
ajfa-431	74	18	saying	say	VERB
ajfa-431	74	19	that	that	SCONJ
ajfa-431	74	20	corporate	corporate	ADJ
ajfa-431	74	21	performance	performance	NOUN
ajfa-431	74	22	is	be	AUX
ajfa-431	74	23	found	find	VERB
ajfa-431	74	24	to	to	PART
ajfa-431	74	25	have	have	AUX
ajfa-431	74	26	improved	improve	VERB
ajfa-431	74	27	after	after	ADP
ajfa-431	74	28	privatization	privatization	NOUN
ajfa-431	74	29	.	.	PUNCT
ajfa-431	75	1	gupta	gupta	PROPN
ajfa-431	75	2	(	(	PUNCT
ajfa-431	75	3	2005	2005	NUM
ajfa-431	75	4	)	)	PUNCT
ajfa-431	75	5	points	point	VERB
ajfa-431	75	6	out	out	ADP
ajfa-431	75	7	that	that	SCONJ
ajfa-431	75	8	some	some	DET
ajfa-431	75	9	privatized	privatized	ADJ
ajfa-431	75	10	companies	company	NOUN
ajfa-431	75	11	saw	see	VERB
ajfa-431	75	12	their	their	PRON
ajfa-431	75	13	performance	performance	NOUN
ajfa-431	75	14	improved	improve	VERB
ajfa-431	75	15	thanks	thank	NOUN
ajfa-431	75	16	to	to	ADP
ajfa-431	75	17	the	the	DET
ajfa-431	75	18	supervisory	supervisory	ADJ
ajfa-431	75	19	role	role	NOUN
ajfa-431	75	20	that	that	PRON
ajfa-431	75	21	the	the	DET
ajfa-431	75	22	stock	stock	NOUN
ajfa-431	75	23	market	market	NOUN
ajfa-431	75	24	plays	play	VERB
ajfa-431	75	25	in	in	ADP
ajfa-431	75	26	terms	term	NOUN
ajfa-431	75	27	of	of	ADP
ajfa-431	75	28	management	management	NOUN
ajfa-431	75	29	.	.	PUNCT
ajfa-431	76	1	the	the	DET
ajfa-431	76	2	continuing	continue	VERB
ajfa-431	76	3	government	government	NOUN
ajfa-431	76	4	involvement	involvement	NOUN
ajfa-431	76	5	of	of	ADP
ajfa-431	76	6	chinese	chinese	ADJ
ajfa-431	76	7	listed	list	VERB
ajfa-431	76	8	companies	company	NOUN
ajfa-431	76	9	(	(	PUNCT
ajfa-431	76	10	i.e.	i.e.	X
ajfa-431	76	11	the	the	DET
ajfa-431	76	12	government	government	NOUN
ajfa-431	76	13	remains	remain	VERB
ajfa-431	76	14	a	a	DET
ajfa-431	76	15	common	common	ADJ
ajfa-431	76	16	controlling	control	VERB
ajfa-431	76	17	shareholder	shareholder	NOUN
ajfa-431	76	18	)	)	PUNCT
ajfa-431	76	19	is	be	AUX
ajfa-431	76	20	expected	expect	VERB
ajfa-431	76	21	to	to	PART
ajfa-431	76	22	affect	affect	VERB
ajfa-431	76	23	management	management	NOUN
ajfa-431	76	24	reporting	reporting	NOUN
ajfa-431	76	25	incentives	incentive	NOUN
ajfa-431	76	26	and	and	CCONJ
ajfa-431	76	27	threaten	threaten	VERB
ajfa-431	76	28	the	the	DET
ajfa-431	76	29	transparency	transparency	NOUN
ajfa-431	76	30	of	of	ADP
ajfa-431	76	31	accounting	accounting	NOUN
ajfa-431	76	32	information	information	NOUN
ajfa-431	76	33	.	.	PUNCT
ajfa-431	77	1	firstly	firstly	ADV
ajfa-431	77	2	,	,	PUNCT
ajfa-431	77	3	state	state	NOUN
ajfa-431	77	4	ownership	ownership	NOUN
ajfa-431	77	5	raises	raise	VERB
ajfa-431	77	6	a	a	DET
ajfa-431	77	7	query	query	NOUN
ajfa-431	77	8	about	about	ADP
ajfa-431	77	9	whether	whether	SCONJ
ajfa-431	77	10	financial	financial	ADJ
ajfa-431	77	11	reporting	reporting	NOUN
ajfa-431	77	12	is	be	AUX
ajfa-431	77	13	and	and	CCONJ
ajfa-431	77	14	can	can	AUX
ajfa-431	77	15	be	be	AUX
ajfa-431	77	16	based	base	VERB
ajfa-431	77	17	on	on	ADP
ajfa-431	77	18	arm’s	arm’s	NUM
ajfa-431	77	19	-	-	PUNCT
ajfa-431	77	20	length	length	NOUN
ajfa-431	77	21	transactions	transaction	NOUN
ajfa-431	77	22	.	.	PUNCT
ajfa-431	78	1	the	the	DET
ajfa-431	78	2	lack	lack	NOUN
ajfa-431	78	3	of	of	ADP
ajfa-431	78	4	separation	separation	NOUN
ajfa-431	78	5	between	between	ADP
ajfa-431	78	6	ownership	ownership	NOUN
ajfa-431	78	7	and	and	CCONJ
ajfa-431	78	8	management	management	NOUN
ajfa-431	78	9	and	and	CCONJ
ajfa-431	78	10	close	close	ADJ
ajfa-431	78	11	business	business	NOUN
ajfa-431	78	12	relationships	relationship	NOUN
ajfa-431	78	13	between	between	ADP
ajfa-431	78	14	promoters	promoter	NOUN
ajfa-431	78	15	and	and	CCONJ
ajfa-431	78	16	listed	list	VERB
ajfa-431	78	17	companies	company	NOUN
ajfa-431	78	18	thus	thus	ADV
ajfa-431	78	19	presents	present	VERB
ajfa-431	78	20	a	a	DET
ajfa-431	78	21	conflict	conflict	NOUN
ajfa-431	78	22	of	of	ADP
ajfa-431	78	23	interest	interest	NOUN
ajfa-431	78	24	and	and	CCONJ
ajfa-431	78	25	raises	raise	VERB
ajfa-431	78	26	the	the	DET
ajfa-431	78	27	possibility	possibility	NOUN
ajfa-431	78	28	of	of	ADP
ajfa-431	78	29	material	material	NOUN
ajfa-431	78	30	related	relate	VERB
ajfa-431	78	31	-	-	PUNCT
ajfa-431	78	32	party	party	NOUN
ajfa-431	78	33	transactions	transaction	NOUN
ajfa-431	78	34	.	.	PUNCT
ajfa-431	79	1	related	relate	VERB
ajfa-431	79	2	-	-	PUNCT
ajfa-431	79	3	party	party	NOUN
ajfa-431	79	4	transactions	transaction	NOUN
ajfa-431	79	5	provide	provide	VERB
ajfa-431	79	6	an	an	DET
ajfa-431	79	7	easy	easy	ADJ
ajfa-431	79	8	mechanism	mechanism	NOUN
ajfa-431	79	9	for	for	ADP
ajfa-431	79	10	smoothing	smooth	VERB
ajfa-431	79	11	reported	report	VERB
ajfa-431	79	12	income	income	NOUN
ajfa-431	79	13	and	and	CCONJ
ajfa-431	79	14	reducing	reduce	VERB
ajfa-431	79	15	financial	financial	ADJ
ajfa-431	79	16	reporting	reporting	NOUN
ajfa-431	79	17	transparency	transparency	NOUN
ajfa-431	79	18	(	(	PUNCT
ajfa-431	79	19	fan	fan	NOUN
ajfa-431	79	20	and	and	CCONJ
ajfa-431	79	21	wong	wong	PROPN
ajfa-431	79	22	,	,	PUNCT
ajfa-431	79	23	2002	2002	NUM
ajfa-431	79	24	)	)	PUNCT
ajfa-431	79	25	.	.	PUNCT
ajfa-431	80	1	in	in	ADP
ajfa-431	80	2	addition	addition	NOUN
ajfa-431	80	3	,	,	PUNCT
ajfa-431	80	4	officials	official	NOUN
ajfa-431	80	5	in	in	ADP
ajfa-431	80	6	control	control	NOUN
ajfa-431	80	7	of	of	ADP
ajfa-431	80	8	soes	soe	NOUN
ajfa-431	80	9	are	be	AUX
ajfa-431	80	10	not	not	PART
ajfa-431	80	11	entitled	entitle	VERB
ajfa-431	80	12	to	to	ADP
ajfa-431	80	13	residual	residual	ADJ
ajfa-431	80	14	claims	claim	NOUN
ajfa-431	80	15	,	,	PUNCT
ajfa-431	80	16	thus	thus	ADV
ajfa-431	80	17	creating	create	VERB
ajfa-431	80	18	a	a	DET
ajfa-431	80	19	bad	bad	ADJ
ajfa-431	80	20	alignment	alignment	NOUN
ajfa-431	80	21	between	between	ADP
ajfa-431	80	22	their	their	PRON
ajfa-431	80	23	interests	interest	NOUN
ajfa-431	80	24	and	and	CCONJ
ajfa-431	80	25	those	those	PRON
ajfa-431	80	26	of	of	ADP
ajfa-431	80	27	the	the	DET
ajfa-431	80	28	firm	firm	NOUN
ajfa-431	80	29	’s	’s	PART
ajfa-431	80	30	minority	minority	NOUN
ajfa-431	80	31	shareholders	shareholder	NOUN
ajfa-431	80	32	.	.	PUNCT
ajfa-431	81	1	since	since	SCONJ
ajfa-431	81	2	the	the	DET
ajfa-431	81	3	government	government	NOUN
ajfa-431	81	4	is	be	AUX
ajfa-431	81	5	in	in	ADP
ajfa-431	81	6	charge	charge	NOUN
ajfa-431	81	7	of	of	ADP
ajfa-431	81	8	appointing	appoint	VERB
ajfa-431	81	9	important	important	ADJ
ajfa-431	81	10	personnel	personnel	NOUN
ajfa-431	81	11	,	,	PUNCT
ajfa-431	81	12	and	and	CCONJ
ajfa-431	81	13	makes	make	VERB
ajfa-431	81	14	the	the	DET
ajfa-431	81	15	final	final	ADJ
ajfa-431	81	16	call	call	NOUN
ajfa-431	81	17	on	on	ADP
ajfa-431	81	18	many	many	ADJ
ajfa-431	81	19	matters	matter	NOUN
ajfa-431	81	20	,	,	PUNCT
ajfa-431	81	21	executives	executive	NOUN
ajfa-431	81	22	of	of	ADP
ajfa-431	81	23	soes	soe	NOUN
ajfa-431	81	24	in	in	ADP
ajfa-431	81	25	china	china	PROPN
ajfa-431	81	26	may	may	AUX
ajfa-431	81	27	be	be	AUX
ajfa-431	81	28	more	more	ADV
ajfa-431	81	29	attentive	attentive	ADJ
ajfa-431	81	30	to	to	ADP
ajfa-431	81	31	the	the	DET
ajfa-431	81	32	government	government	NOUN
ajfa-431	81	33	’s	’s	PART
ajfa-431	81	34	demand	demand	NOUN
ajfa-431	81	35	than	than	ADP
ajfa-431	81	36	safeguarding	safeguard	VERB
ajfa-431	81	37	the	the	DET
ajfa-431	81	38	interest	interest	NOUN
ajfa-431	81	39	of	of	ADP
ajfa-431	81	40	individual	individual	ADJ
ajfa-431	81	41	shareholders	shareholder	NOUN
ajfa-431	81	42	(	(	PUNCT
ajfa-431	81	43	chen	chen	PROPN
ajfa-431	81	44	et	et	PROPN
ajfa-431	81	45	al	al	PROPN
ajfa-431	81	46	.	.	PROPN
ajfa-431	81	47	,	,	PUNCT
ajfa-431	81	48	2002	2002	NUM
ajfa-431	81	49	)	)	PUNCT
ajfa-431	81	50	.	.	PUNCT
ajfa-431	82	1	in	in	ADP
ajfa-431	82	2	addition	addition	NOUN
ajfa-431	82	3	,	,	PUNCT
ajfa-431	82	4	the	the	DET
ajfa-431	82	5	problem	problem	NOUN
ajfa-431	82	6	of	of	ADP
ajfa-431	82	7	agency	agency	NOUN
ajfa-431	82	8	may	may	AUX
ajfa-431	82	9	surface	surface	VERB
ajfa-431	82	10	as	as	ADP
ajfa-431	82	11	a	a	DET
ajfa-431	82	12	result	result	NOUN
ajfa-431	82	13	of	of	ADP
ajfa-431	82	14	the	the	DET
ajfa-431	82	15	state	state	NOUN
ajfa-431	82	16	being	be	AUX
ajfa-431	82	17	the	the	DET
ajfa-431	82	18	controlling	control	VERB
ajfa-431	82	19	shareholder	shareholder	NOUN
ajfa-431	82	20	(	(	PUNCT
ajfa-431	82	21	lin	lin	PROPN
ajfa-431	82	22	and	and	CCONJ
ajfa-431	82	23	chen	chen	PROPN
ajfa-431	82	24	,	,	PUNCT
ajfa-431	82	25	1999	1999	NUM
ajfa-431	82	26	)	)	PUNCT
ajfa-431	82	27	.	.	PUNCT
ajfa-431	83	1	government	government	NOUN
ajfa-431	83	2	officials	official	NOUN
ajfa-431	83	3	may	may	AUX
ajfa-431	83	4	use	use	VERB
ajfa-431	83	5	state	state	NOUN
ajfa-431	83	6	proprietorship	proprietorship	NOUN
ajfa-431	83	7	as	as	ADP
ajfa-431	83	8	a	a	DET
ajfa-431	83	9	means	means	NOUN
ajfa-431	83	10	to	to	PART
ajfa-431	83	11	create	create	VERB
ajfa-431	83	12	jobs	job	NOUN
ajfa-431	83	13	,	,	PUNCT
ajfa-431	83	14	subsidies	subsidy	NOUN
ajfa-431	83	15	,	,	PUNCT
ajfa-431	83	16	or	or	CCONJ
ajfa-431	83	17	other	other	ADJ
ajfa-431	83	18	benefits	benefit	NOUN
ajfa-431	83	19	as	as	ADP
ajfa-431	83	20	a	a	DET
ajfa-431	83	21	form	form	NOUN
ajfa-431	83	22	of	of	ADP
ajfa-431	83	23	bribery	bribery	NOUN
ajfa-431	83	24	or	or	CCONJ
ajfa-431	83	25	in	in	ADP
ajfa-431	83	26	exchange	exchange	NOUN
ajfa-431	83	27	for	for	ADP
ajfa-431	83	28	votes	vote	NOUN
ajfa-431	83	29	and	and	CCONJ
ajfa-431	83	30	support	support	NOUN
ajfa-431	83	31	.	.	PUNCT
ajfa-431	84	1	this	this	PRON
ajfa-431	84	2	allows	allow	VERB
ajfa-431	84	3	managers	manager	NOUN
ajfa-431	84	4	to	to	PART
ajfa-431	84	5	manipulate	manipulate	VERB
ajfa-431	84	6	financial	financial	ADJ
ajfa-431	84	7	reports	report	NOUN
ajfa-431	84	8	to	to	PART
ajfa-431	84	9	prevent	prevent	VERB
ajfa-431	84	10	a	a	DET
ajfa-431	84	11	decline	decline	NOUN
ajfa-431	84	12	in	in	ADP
ajfa-431	84	13	state	state	NOUN
ajfa-431	84	14	fiscal	fiscal	ADJ
ajfa-431	84	15	revenue	revenue	NOUN
ajfa-431	84	16	or	or	CCONJ
ajfa-431	84	17	avoid	avoid	VERB
ajfa-431	84	18	an	an	DET
ajfa-431	84	19	embarrassing	embarrassing	ADJ
ajfa-431	84	20	report	report	NOUN
ajfa-431	84	21	that	that	PRON
ajfa-431	84	22	reveals	reveal	VERB
ajfa-431	84	23	large	large	ADJ
ajfa-431	84	24	losses	loss	NOUN
ajfa-431	84	25	(	(	PUNCT
ajfa-431	84	26	tang	tang	NOUN
ajfa-431	84	27	et	et	PROPN
ajfa-431	84	28	al	al	PROPN
ajfa-431	84	29	.	.	PROPN
ajfa-431	84	30	,	,	PUNCT
ajfa-431	84	31	1999	1999	NUM
ajfa-431	84	32	)	)	PUNCT
ajfa-431	84	33	.	.	PUNCT
ajfa-431	85	1	we	we	PRON
ajfa-431	85	2	recall	recall	VERB
ajfa-431	85	3	that	that	SCONJ
ajfa-431	85	4	,	,	PUNCT
ajfa-431	85	5	in	in	ADP
ajfa-431	85	6	the	the	DET
ajfa-431	85	7	mao	mao	PROPN
ajfa-431	85	8	zedong	zedong	PROPN
ajfa-431	85	9	era	era	PROPN
ajfa-431	85	10	,	,	PUNCT
ajfa-431	85	11	the	the	DET
ajfa-431	85	12	great	great	ADJ
ajfa-431	85	13	leap	leap	NOUN
ajfa-431	85	14	forward	forward	ADV
ajfa-431	85	15	of	of	ADP
ajfa-431	85	16	1958	1958	NUM
ajfa-431	85	17	-	-	SYM
ajfa-431	85	18	1959	1959	NUM
ajfa-431	85	19	was	be	AUX
ajfa-431	85	20	characterized	characterize	VERB
ajfa-431	85	21	not	not	PART
ajfa-431	85	22	only	only	ADV
ajfa-431	85	23	by	by	ADP
ajfa-431	85	24	inefficiencies	inefficiency	NOUN
ajfa-431	85	25	in	in	ADP
ajfa-431	85	26	production	production	NOUN
ajfa-431	85	27	but	but	CCONJ
ajfa-431	85	28	also	also	ADV
ajfa-431	85	29	by	by	ADP
ajfa-431	85	30	grossly	grossly	ADV
ajfa-431	85	31	overstated	overstate	VERB
ajfa-431	85	32	production	production	NOUN
ajfa-431	85	33	figures	figure	NOUN
ajfa-431	85	34	,	,	PUNCT
ajfa-431	85	35	the	the	DET
ajfa-431	85	36	main	main	ADJ
ajfa-431	85	37	form	form	NOUN
ajfa-431	85	38	of	of	ADP
ajfa-431	85	39	“	"	PUNCT
ajfa-431	85	40	creative	creative	ADJ
ajfa-431	85	41	accounting	accounting	NOUN
ajfa-431	85	42	”	"	PUNCT
ajfa-431	85	43	that	that	PRON
ajfa-431	85	44	occurs	occur	VERB
ajfa-431	85	45	in	in	ADP
ajfa-431	85	46	a	a	DET
ajfa-431	85	47	pure	pure	ADJ
ajfa-431	85	48	communist	communist	ADJ
ajfa-431	85	49	system	system	NOUN
ajfa-431	85	50	(	(	PUNCT
ajfa-431	85	51	han	han	PROPN
ajfa-431	85	52	,	,	PUNCT
ajfa-431	85	53	1976	1976	NUM
ajfa-431	85	54	,	,	PUNCT
ajfa-431	85	55	p.	p.	NOUN
ajfa-431	85	56	131	131	NUM
ajfa-431	85	57	)	)	PUNCT
ajfa-431	85	58	.	.	PUNCT
ajfa-431	86	1	finally	finally	ADV
ajfa-431	86	2	,	,	PUNCT
ajfa-431	86	3	state	state	NOUN
ajfa-431	86	4	shareholders	shareholder	NOUN
ajfa-431	86	5	,	,	PUNCT
ajfa-431	86	6	either	either	CCONJ
ajfa-431	86	7	state	state	NOUN
ajfa-431	86	8	or	or	CCONJ
ajfa-431	86	9	state	state	NOUN
ajfa-431	86	10	legal	legal	ADJ
ajfa-431	86	11	persons	person	NOUN
ajfa-431	86	12	,	,	PUNCT
ajfa-431	86	13	usually	usually	ADV
ajfa-431	86	14	have	have	VERB
ajfa-431	86	15	access	access	NOUN
ajfa-431	86	16	to	to	ADP
ajfa-431	86	17	inside	inside	ADJ
ajfa-431	86	18	information	information	NOUN
ajfa-431	86	19	,	,	PUNCT
ajfa-431	86	20	another	another	DET
ajfa-431	86	21	factor	factor	NOUN
ajfa-431	86	22	that	that	PRON
ajfa-431	86	23	reduces	reduce	VERB
ajfa-431	86	24	the	the	DET
ajfa-431	86	25	reliability	reliability	NOUN
ajfa-431	86	26	of	of	ADP
ajfa-431	86	27	the	the	DET
ajfa-431	86	28	published	publish	VERB
ajfa-431	86	29	financial	financial	ADJ
ajfa-431	86	30	reports	report	NOUN
ajfa-431	86	31	.	.	PUNCT
ajfa-431	87	1	2.2	2.2	NUM
ajfa-431	87	2	concentrated	concentrate	VERB
ajfa-431	87	3	ownership	ownership	NOUN
ajfa-431	87	4	structure	structure	NOUN
ajfa-431	87	5	la	la	ADP
ajfa-431	87	6	porta	porta	NOUN
ajfa-431	87	7	et	et	PROPN
ajfa-431	87	8	al	al	PROPN
ajfa-431	87	9	.	.	PUNCT
ajfa-431	88	1	(	(	PUNCT
ajfa-431	88	2	1998	1998	NUM
ajfa-431	88	3	)	)	PUNCT
ajfa-431	88	4	claim	claim	VERB
ajfa-431	88	5	that	that	SCONJ
ajfa-431	88	6	agency	agency	NOUN
ajfa-431	88	7	problem	problem	NOUN
ajfa-431	88	8	is	be	AUX
ajfa-431	88	9	prevalent	prevalent	ADJ
ajfa-431	88	10	in	in	ADP
ajfa-431	88	11	many	many	ADJ
ajfa-431	88	12	emerging	emerge	VERB
ajfa-431	88	13	markets	market	NOUN
ajfa-431	88	14	,	,	PUNCT
ajfa-431	88	15	where	where	SCONJ
ajfa-431	88	16	comprehensive	comprehensive	ADJ
ajfa-431	88	17	legal	legal	ADJ
ajfa-431	88	18	protection	protection	NOUN
ajfa-431	88	19	and	and	CCONJ
ajfa-431	88	20	other	other	ADJ
ajfa-431	88	21	governance	governance	NOUN
ajfa-431	88	22	mechanisms	mechanism	NOUN
ajfa-431	88	23	are	be	AUX
ajfa-431	88	24	not	not	PART
ajfa-431	88	25	in	in	ADP
ajfa-431	88	26	place	place	NOUN
ajfa-431	88	27	.	.	PUNCT
ajfa-431	89	1	wei	wei	PROPN
ajfa-431	89	2	et	et	PROPN
ajfa-431	89	3	al	al	PROPN
ajfa-431	89	4	.	.	PROPN
ajfa-431	90	1	(	(	PUNCT
ajfa-431	90	2	2005	2005	NUM
ajfa-431	90	3	)	)	PUNCT
ajfa-431	90	4	consider	consider	VERB
ajfa-431	90	5	the	the	DET
ajfa-431	90	6	agency	agency	NOUN
ajfa-431	90	7	problem	problem	NOUN
ajfa-431	90	8	to	to	PART
ajfa-431	90	9	be	be	AUX
ajfa-431	90	10	particularly	particularly	ADV
ajfa-431	90	11	serious	serious	ADJ
ajfa-431	90	12	in	in	ADP
ajfa-431	90	13	china	china	PROPN
ajfa-431	90	14	.	.	PUNCT
ajfa-431	91	1	the	the	DET
ajfa-431	91	2	split	split	ADJ
ajfa-431	91	3	-	-	PUNCT
ajfa-431	91	4	share	share	NOUN
ajfa-431	91	5	structure	structure	NOUN
ajfa-431	91	6	incentivizes	incentivize	VERB
ajfa-431	91	7	majority	majority	NOUN
ajfa-431	91	8	shareholders	shareholder	NOUN
ajfa-431	91	9	at	at	ADP
ajfa-431	91	10	the	the	DET
ajfa-431	91	11	expense	expense	NOUN
ajfa-431	91	12	of	of	ADP
ajfa-431	91	13	minority	minority	NOUN
ajfa-431	91	14	shareholders	shareholder	NOUN
ajfa-431	91	15	’	'	PUNCT
ajfa-431	91	16	interests	interest	NOUN
ajfa-431	91	17	.	.	PUNCT
ajfa-431	92	1	such	such	ADJ
ajfa-431	92	2	imbalance	imbalance	NOUN
ajfa-431	92	3	exists	exist	VERB
ajfa-431	92	4	because	because	SCONJ
ajfa-431	92	5	corporate	corporate	ADJ
ajfa-431	92	6	insiders	insider	NOUN
ajfa-431	92	7	enjoy	enjoy	VERB
ajfa-431	92	8	a	a	DET
ajfa-431	92	9	marked	mark	VERB
ajfa-431	92	10	separation	separation	NOUN
ajfa-431	92	11	of	of	ADP
ajfa-431	92	12	voting	voting	NOUN
ajfa-431	92	13	rights	right	NOUN
ajfa-431	92	14	and	and	CCONJ
ajfa-431	92	15	cash	cash	NOUN
ajfa-431	92	16	flow	flow	NOUN
ajfa-431	92	17	rights	right	NOUN
ajfa-431	92	18	.	.	PUNCT
ajfa-431	93	1	a	a	DET
ajfa-431	93	2	lack	lack	NOUN
ajfa-431	93	3	of	of	ADP
ajfa-431	93	4	legal	legal	ADJ
ajfa-431	93	5	protection	protection	NOUN
ajfa-431	93	6	for	for	ADP
ajfa-431	93	7	external	external	ADJ
ajfa-431	93	8	shareholders	shareholder	NOUN
ajfa-431	93	9	also	also	ADV
ajfa-431	93	10	contributes	contribute	VERB
ajfa-431	93	11	to	to	ADP
ajfa-431	93	12	the	the	DET
ajfa-431	93	13	agency	agency	NOUN
ajfa-431	93	14	problem	problem	NOUN
ajfa-431	93	15	.	.	PUNCT
ajfa-431	94	1	as	as	ADP
ajfa-431	94	2	a	a	DET
ajfa-431	94	3	result	result	NOUN
ajfa-431	94	4	,	,	PUNCT
ajfa-431	94	5	the	the	DET
ajfa-431	94	6	split	split	ADJ
ajfa-431	94	7	-	-	PUNCT
ajfa-431	94	8	share	share	NOUN
ajfa-431	94	9	structure	structure	NOUN
ajfa-431	94	10	asian	asian	ADJ
ajfa-431	94	11	journal	journal	PROPN
ajfa-431	94	12	of	of	ADP
ajfa-431	94	13	finance	finance	PROPN
ajfa-431	94	14	&	&	CCONJ
ajfa-431	94	15	accounting	accounting	PROPN
ajfa-431	94	16	issn	issn	PROPN
ajfa-431	94	17	1946	1946	NUM
ajfa-431	94	18	-	-	PUNCT
ajfa-431	94	19	052x	052x	NOUN
ajfa-431	94	20	2010	2010	NUM
ajfa-431	94	21	,	,	PUNCT
ajfa-431	94	22	vol	vol	NOUN
ajfa-431	94	23	.	.	PROPN
ajfa-431	94	24	2	2	NUM
ajfa-431	94	25	,	,	PUNCT
ajfa-431	94	26	no	no	INTJ
ajfa-431	94	27	.	.	NOUN
ajfa-431	94	28	1	1	NUM
ajfa-431	94	29	:	:	PUNCT
ajfa-431	94	30	e3	e3	VERB
ajfa-431	94	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	94	32	53	53	NUM
ajfa-431	94	33	adopted	adopt	VERB
ajfa-431	94	34	by	by	ADP
ajfa-431	94	35	chinese	chinese	ADJ
ajfa-431	94	36	corporations	corporation	NOUN
ajfa-431	94	37	has	have	AUX
ajfa-431	94	38	led	lead	VERB
ajfa-431	94	39	to	to	ADP
ajfa-431	94	40	ineffective	ineffective	ADJ
ajfa-431	94	41	governance	governance	NOUN
ajfa-431	94	42	of	of	ADP
ajfa-431	94	43	public	public	ADJ
ajfa-431	94	44	companies	company	NOUN
ajfa-431	94	45	in	in	ADP
ajfa-431	94	46	china	china	PROPN
ajfa-431	94	47	,	,	PUNCT
ajfa-431	94	48	which	which	PRON
ajfa-431	94	49	in	in	ADP
ajfa-431	94	50	turn	turn	NOUN
ajfa-431	94	51	has	have	AUX
ajfa-431	94	52	weakened	weaken	VERB
ajfa-431	94	53	corporate	corporate	ADJ
ajfa-431	94	54	values	value	NOUN
ajfa-431	94	55	.	.	PUNCT
ajfa-431	95	1	previous	previous	ADJ
ajfa-431	95	2	studies	study	NOUN
ajfa-431	95	3	took	take	VERB
ajfa-431	95	4	ownership	ownership	NOUN
ajfa-431	95	5	structure	structure	NOUN
ajfa-431	95	6	as	as	ADP
ajfa-431	95	7	a	a	DET
ajfa-431	95	8	variable	variable	NOUN
ajfa-431	95	9	for	for	ADP
ajfa-431	95	10	corporate	corporate	ADJ
ajfa-431	95	11	governance	governance	NOUN
ajfa-431	95	12	.	.	PUNCT
ajfa-431	96	1	berle	berle	PROPN
ajfa-431	96	2	and	and	CCONJ
ajfa-431	96	3	means	means	PROPN
ajfa-431	96	4	(	(	PUNCT
ajfa-431	96	5	1932	1932	NUM
ajfa-431	96	6	)	)	PUNCT
ajfa-431	96	7	investigated	investigate	VERB
ajfa-431	96	8	the	the	DET
ajfa-431	96	9	securities	security	NOUN
ajfa-431	96	10	markets	market	NOUN
ajfa-431	96	11	in	in	ADP
ajfa-431	96	12	the	the	DET
ajfa-431	96	13	united	united	PROPN
ajfa-431	96	14	states	states	PROPN
ajfa-431	96	15	and	and	CCONJ
ajfa-431	96	16	found	find	VERB
ajfa-431	96	17	that	that	SCONJ
ajfa-431	96	18	shareholder	shareholder	NOUN
ajfa-431	96	19	supervision	supervision	NOUN
ajfa-431	96	20	is	be	AUX
ajfa-431	96	21	diminished	diminish	VERB
ajfa-431	96	22	under	under	ADP
ajfa-431	96	23	a	a	DET
ajfa-431	96	24	decentralized	decentralized	ADJ
ajfa-431	96	25	equity	equity	NOUN
ajfa-431	96	26	structure	structure	NOUN
ajfa-431	96	27	.	.	PUNCT
ajfa-431	97	1	when	when	SCONJ
ajfa-431	97	2	proprietors	proprietor	NOUN
ajfa-431	97	3	and	and	CCONJ
ajfa-431	97	4	corporate	corporate	ADJ
ajfa-431	97	5	executives	executive	NOUN
ajfa-431	97	6	have	have	VERB
ajfa-431	97	7	conflicting	conflict	VERB
ajfa-431	97	8	goals	goal	NOUN
ajfa-431	97	9	and	and	CCONJ
ajfa-431	97	10	face	face	VERB
ajfa-431	97	11	information	information	NOUN
ajfa-431	97	12	asymmetries	asymmetry	NOUN
ajfa-431	97	13	,	,	PUNCT
ajfa-431	97	14	the	the	DET
ajfa-431	97	15	executives	executive	NOUN
ajfa-431	97	16	shift	shift	VERB
ajfa-431	97	17	their	their	PRON
ajfa-431	97	18	goals	goal	NOUN
ajfa-431	97	19	from	from	ADP
ajfa-431	97	20	“	"	PUNCT
ajfa-431	97	21	maximizing	maximize	VERB
ajfa-431	97	22	shareholder	shareholder	NOUN
ajfa-431	97	23	benefits	benefit	NOUN
ajfa-431	97	24	”	"	PUNCT
ajfa-431	97	25	to	to	ADP
ajfa-431	97	26	“	"	PUNCT
ajfa-431	97	27	maximizing	maximize	VERB
ajfa-431	97	28	personal	personal	ADJ
ajfa-431	97	29	wealth	wealth	NOUN
ajfa-431	97	30	.	.	PUNCT
ajfa-431	97	31	”	"	PUNCT
ajfa-431	98	1	in	in	ADP
ajfa-431	98	2	such	such	ADJ
ajfa-431	98	3	cases	case	NOUN
ajfa-431	98	4	,	,	PUNCT
ajfa-431	98	5	the	the	DET
ajfa-431	98	6	proprietors	proprietor	NOUN
ajfa-431	98	7	will	will	AUX
ajfa-431	98	8	be	be	AUX
ajfa-431	98	9	forced	force	VERB
ajfa-431	98	10	to	to	PART
ajfa-431	98	11	shoulder	shoulder	VERB
ajfa-431	98	12	a	a	DET
ajfa-431	98	13	tremendous	tremendous	ADJ
ajfa-431	98	14	agency	agency	NOUN
ajfa-431	98	15	cost	cost	NOUN
ajfa-431	98	16	.	.	PUNCT
ajfa-431	99	1	jensen	jensen	PROPN
ajfa-431	99	2	and	and	CCONJ
ajfa-431	99	3	meckling	meckling	NOUN
ajfa-431	99	4	(	(	PUNCT
ajfa-431	99	5	1976	1976	NUM
ajfa-431	99	6	)	)	PUNCT
ajfa-431	99	7	propose	propose	VERB
ajfa-431	99	8	the	the	DET
ajfa-431	99	9	agency	agency	NOUN
ajfa-431	99	10	theory	theory	NOUN
ajfa-431	99	11	under	under	ADP
ajfa-431	99	12	the	the	DET
ajfa-431	99	13	rationale	rationale	NOUN
ajfa-431	99	14	that	that	SCONJ
ajfa-431	99	15	a	a	DET
ajfa-431	99	16	separation	separation	NOUN
ajfa-431	99	17	of	of	ADP
ajfa-431	99	18	ownership	ownership	NOUN
ajfa-431	99	19	and	and	CCONJ
ajfa-431	99	20	management	management	NOUN
ajfa-431	99	21	will	will	AUX
ajfa-431	99	22	prevent	prevent	VERB
ajfa-431	99	23	executives	executive	NOUN
ajfa-431	99	24	from	from	ADP
ajfa-431	99	25	bearing	bear	VERB
ajfa-431	99	26	the	the	DET
ajfa-431	99	27	full	full	ADJ
ajfa-431	99	28	burden	burden	NOUN
ajfa-431	99	29	of	of	ADP
ajfa-431	99	30	the	the	DET
ajfa-431	99	31	post	post	ADJ
ajfa-431	99	32	-	-	ADJ
ajfa-431	99	33	decision	decision	ADJ
ajfa-431	99	34	consequences	consequence	NOUN
ajfa-431	99	35	.	.	PUNCT
ajfa-431	100	1	in	in	ADP
ajfa-431	100	2	addition	addition	NOUN
ajfa-431	100	3	,	,	PUNCT
ajfa-431	100	4	since	since	SCONJ
ajfa-431	100	5	salaries	salary	NOUN
ajfa-431	100	6	are	be	AUX
ajfa-431	100	7	the	the	DET
ajfa-431	100	8	incentive	incentive	NOUN
ajfa-431	100	9	for	for	ADP
ajfa-431	100	10	hard	hard	ADJ
ajfa-431	100	11	work	work	NOUN
ajfa-431	100	12	,	,	PUNCT
ajfa-431	100	13	profit	profit	NOUN
ajfa-431	100	14	-	-	PUNCT
ajfa-431	100	15	seeking	seek	VERB
ajfa-431	100	16	executives	executive	NOUN
ajfa-431	100	17	may	may	AUX
ajfa-431	100	18	end	end	VERB
ajfa-431	100	19	up	up	ADP
ajfa-431	100	20	making	make	VERB
ajfa-431	100	21	inefficient	inefficient	ADJ
ajfa-431	100	22	decisions	decision	NOUN
ajfa-431	100	23	or	or	CCONJ
ajfa-431	100	24	compromising	compromise	VERB
ajfa-431	100	25	proprietors	proprietor	NOUN
ajfa-431	100	26	’	'	PUNCT
ajfa-431	100	27	interests	interest	NOUN
ajfa-431	100	28	in	in	ADP
ajfa-431	100	29	pursuit	pursuit	NOUN
ajfa-431	100	30	of	of	ADP
ajfa-431	100	31	self	self	NOUN
ajfa-431	100	32	-	-	PUNCT
ajfa-431	100	33	interest	interest	NOUN
ajfa-431	100	34	.	.	PUNCT
ajfa-431	101	1	la	la	INTJ
ajfa-431	101	2	porta	porta	PROPN
ajfa-431	101	3	et	et	PROPN
ajfa-431	101	4	al	al	PROPN
ajfa-431	101	5	.	.	PROPN
ajfa-431	102	1	(	(	PUNCT
ajfa-431	102	2	1999	1999	NUM
ajfa-431	102	3	)	)	PUNCT
ajfa-431	102	4	discover	discover	VERB
ajfa-431	102	5	that	that	SCONJ
ajfa-431	102	6	controlling	control	VERB
ajfa-431	102	7	shareholders	shareholder	NOUN
ajfa-431	102	8	of	of	ADP
ajfa-431	102	9	numerous	numerous	ADJ
ajfa-431	102	10	publicly	publicly	ADV
ajfa-431	102	11	listed	list	VERB
ajfa-431	102	12	companies	company	NOUN
ajfa-431	102	13	use	use	VERB
ajfa-431	102	14	pyramid	pyramid	NOUN
ajfa-431	102	15	structure	structure	NOUN
ajfa-431	102	16	,	,	PUNCT
ajfa-431	102	17	cross	cross	NOUN
ajfa-431	102	18	-	-	NOUN
ajfa-431	102	19	shareholding	shareholding	NOUN
ajfa-431	102	20	,	,	PUNCT
ajfa-431	102	21	and	and	CCONJ
ajfa-431	102	22	interlocking	interlock	VERB
ajfa-431	102	23	directorates	directorate	NOUN
ajfa-431	102	24	to	to	PART
ajfa-431	102	25	expand	expand	VERB
ajfa-431	102	26	their	their	PRON
ajfa-431	102	27	control	control	NOUN
ajfa-431	102	28	rights	right	NOUN
ajfa-431	102	29	beyond	beyond	ADP
ajfa-431	102	30	their	their	PRON
ajfa-431	102	31	current	current	ADJ
ajfa-431	102	32	cash	cash	NOUN
ajfa-431	102	33	flow	flow	NOUN
ajfa-431	102	34	rights	right	NOUN
ajfa-431	102	35	,	,	PUNCT
ajfa-431	102	36	and	and	CCONJ
ajfa-431	102	37	eventually	eventually	ADV
ajfa-431	102	38	gain	gain	VERB
ajfa-431	102	39	total	total	ADJ
ajfa-431	102	40	control	control	NOUN
ajfa-431	102	41	of	of	ADP
ajfa-431	102	42	the	the	DET
ajfa-431	102	43	company	company	NOUN
ajfa-431	102	44	.	.	PUNCT
ajfa-431	103	1	when	when	SCONJ
ajfa-431	103	2	controlling	control	VERB
ajfa-431	103	3	shareholders	shareholder	NOUN
ajfa-431	103	4	obtain	obtain	VERB
ajfa-431	103	5	control	control	NOUN
ajfa-431	103	6	rights	right	NOUN
ajfa-431	103	7	asymmetrical	asymmetrical	ADJ
ajfa-431	103	8	to	to	ADP
ajfa-431	103	9	their	their	PRON
ajfa-431	103	10	equities	equity	NOUN
ajfa-431	103	11	holdings	holding	NOUN
ajfa-431	103	12	,	,	PUNCT
ajfa-431	103	13	they	they	PRON
ajfa-431	103	14	are	be	AUX
ajfa-431	103	15	likely	likely	ADJ
ajfa-431	103	16	to	to	PART
ajfa-431	103	17	damage	damage	VERB
ajfa-431	103	18	other	other	ADJ
ajfa-431	103	19	shareholders	shareholder	NOUN
ajfa-431	103	20	’	’	PART
ajfa-431	103	21	interest	interest	NOUN
ajfa-431	103	22	by	by	ADP
ajfa-431	103	23	means	mean	NOUN
ajfa-431	103	24	of	of	ADP
ajfa-431	103	25	quid	quid	ADJ
ajfa-431	103	26	pro	pro	X
ajfa-431	103	27	quo	quo	NOUN
ajfa-431	103	28	,	,	PUNCT
ajfa-431	103	29	hollowing	hollow	VERB
ajfa-431	103	30	out	out	ADP
ajfa-431	103	31	corporate	corporate	ADJ
ajfa-431	103	32	assets	asset	NOUN
ajfa-431	103	33	and	and	CCONJ
ajfa-431	103	34	other	other	ADJ
ajfa-431	103	35	activities	activity	NOUN
ajfa-431	103	36	of	of	ADP
ajfa-431	103	37	similar	similar	ADJ
ajfa-431	103	38	nature	nature	NOUN
ajfa-431	103	39	.	.	PUNCT
ajfa-431	104	1	research	research	NOUN
ajfa-431	104	2	has	have	AUX
ajfa-431	104	3	been	be	AUX
ajfa-431	104	4	conducted	conduct	VERB
ajfa-431	104	5	to	to	PART
ajfa-431	104	6	investigate	investigate	VERB
ajfa-431	104	7	the	the	DET
ajfa-431	104	8	relationship	relationship	NOUN
ajfa-431	104	9	between	between	ADP
ajfa-431	104	10	ownership	ownership	NOUN
ajfa-431	104	11	structure	structure	NOUN
ajfa-431	104	12	and	and	CCONJ
ajfa-431	104	13	corporate	corporate	ADJ
ajfa-431	104	14	performance	performance	NOUN
ajfa-431	104	15	with	with	ADP
ajfa-431	104	16	differing	differ	VERB
ajfa-431	104	17	results	result	NOUN
ajfa-431	104	18	.	.	PUNCT
ajfa-431	105	1	jensen	jensen	PROPN
ajfa-431	105	2	and	and	CCONJ
ajfa-431	105	3	meckling	meckling	NOUN
ajfa-431	105	4	(	(	PUNCT
ajfa-431	105	5	1976	1976	NUM
ajfa-431	105	6	)	)	PUNCT
ajfa-431	105	7	propose	propose	VERB
ajfa-431	105	8	the	the	DET
ajfa-431	105	9	“	"	PUNCT
ajfa-431	105	10	convergence	convergence	NOUN
ajfa-431	105	11	-	-	PUNCT
ajfa-431	105	12	of	of	ADP
ajfa-431	105	13	-	-	PUNCT
ajfa-431	105	14	interest	interest	NOUN
ajfa-431	105	15	hypothesis	hypothesis	NOUN
ajfa-431	105	16	,	,	PUNCT
ajfa-431	105	17	”	"	PUNCT
ajfa-431	105	18	demonstrating	demonstrate	VERB
ajfa-431	105	19	positive	positive	ADJ
ajfa-431	105	20	correlation	correlation	NOUN
ajfa-431	105	21	between	between	ADP
ajfa-431	105	22	insider	insider	NOUN
ajfa-431	105	23	stock	stock	NOUN
ajfa-431	105	24	holdings	holding	NOUN
ajfa-431	105	25	and	and	CCONJ
ajfa-431	105	26	corporate	corporate	ADJ
ajfa-431	105	27	performance	performance	NOUN
ajfa-431	105	28	,	,	PUNCT
ajfa-431	105	29	whereas	whereas	SCONJ
ajfa-431	105	30	fama	fama	PROPN
ajfa-431	105	31	(	(	PUNCT
ajfa-431	105	32	1980	1980	NUM
ajfa-431	105	33	)	)	PUNCT
ajfa-431	105	34	,	,	PUNCT
ajfa-431	105	35	demsetz	demsetz	VERB
ajfa-431	105	36	and	and	CCONJ
ajfa-431	105	37	lehn	lehn	NOUN
ajfa-431	105	38	(	(	PUNCT
ajfa-431	105	39	1985	1985	NUM
ajfa-431	105	40	)	)	PUNCT
ajfa-431	105	41	,	,	PUNCT
ajfa-431	105	42	and	and	CCONJ
ajfa-431	105	43	mak	mak	PROPN
ajfa-431	105	44	and	and	CCONJ
ajfa-431	105	45	li	li	PROPN
ajfa-431	105	46	(	(	PUNCT
ajfa-431	105	47	2001	2001	NUM
ajfa-431	105	48	)	)	PUNCT
ajfa-431	105	49	show	show	VERB
ajfa-431	105	50	no	no	DET
ajfa-431	105	51	correlation	correlation	NOUN
ajfa-431	105	52	whatsoever	whatsoever	ADV
ajfa-431	105	53	.	.	PUNCT
ajfa-431	106	1	shleifer	shleifer	PROPN
ajfa-431	106	2	and	and	CCONJ
ajfa-431	106	3	vishny	vishny	PROPN
ajfa-431	106	4	(	(	PUNCT
ajfa-431	106	5	1986	1986	NUM
ajfa-431	106	6	)	)	PUNCT
ajfa-431	106	7	,	,	PUNCT
ajfa-431	106	8	agrawal	agrawal	PROPN
ajfa-431	106	9	(	(	PUNCT
ajfa-431	106	10	1990	1990	NUM
ajfa-431	106	11	)	)	PUNCT
ajfa-431	106	12	,	,	PUNCT
ajfa-431	106	13	and	and	CCONJ
ajfa-431	106	14	kang	kang	PROPN
ajfa-431	106	15	and	and	CCONJ
ajfa-431	106	16	shivdasani	shivdasani	PROPN
ajfa-431	106	17	(	(	PUNCT
ajfa-431	106	18	1997	1997	NUM
ajfa-431	106	19	)	)	PUNCT
ajfa-431	106	20	propose	propose	VERB
ajfa-431	106	21	that	that	SCONJ
ajfa-431	106	22	the	the	PRON
ajfa-431	106	23	greater	great	ADJ
ajfa-431	106	24	the	the	DET
ajfa-431	106	25	proportion	proportion	NOUN
ajfa-431	106	26	of	of	ADP
ajfa-431	106	27	controlling	control	VERB
ajfa-431	106	28	shareholders	shareholder	NOUN
ajfa-431	106	29	’	'	PUNCT
ajfa-431	106	30	holdings	holding	NOUN
ajfa-431	106	31	,	,	PUNCT
ajfa-431	106	32	the	the	PRON
ajfa-431	106	33	better	well	ADJ
ajfa-431	106	34	the	the	DET
ajfa-431	106	35	corporate	corporate	ADJ
ajfa-431	106	36	performance	performance	NOUN
ajfa-431	106	37	.	.	PUNCT
ajfa-431	107	1	however	however	ADV
ajfa-431	107	2	,	,	PUNCT
ajfa-431	107	3	xiang	xiang	PROPN
ajfa-431	107	4	and	and	CCONJ
ajfa-431	107	5	zhang	zhang	PROPN
ajfa-431	107	6	(	(	PUNCT
ajfa-431	107	7	1996	1996	NUM
ajfa-431	107	8	)	)	PUNCT
ajfa-431	107	9	and	and	CCONJ
ajfa-431	107	10	steiner	steiner	PROPN
ajfa-431	107	11	(	(	PUNCT
ajfa-431	107	12	1996	1996	NUM
ajfa-431	107	13	)	)	PUNCT
ajfa-431	107	14	disagree	disagree	VERB
ajfa-431	107	15	,	,	PUNCT
ajfa-431	107	16	arguing	argue	VERB
ajfa-431	107	17	that	that	SCONJ
ajfa-431	107	18	the	the	PRON
ajfa-431	107	19	greater	great	ADJ
ajfa-431	107	20	the	the	DET
ajfa-431	107	21	proportion	proportion	NOUN
ajfa-431	107	22	of	of	ADP
ajfa-431	107	23	controlling	control	VERB
ajfa-431	107	24	shareholder	shareholder	NOUN
ajfa-431	107	25	holdings	holding	NOUN
ajfa-431	107	26	,	,	PUNCT
ajfa-431	107	27	the	the	PRON
ajfa-431	107	28	greater	great	ADJ
ajfa-431	107	29	the	the	DET
ajfa-431	107	30	likelihood	likelihood	NOUN
ajfa-431	107	31	of	of	ADP
ajfa-431	107	32	those	those	DET
ajfa-431	107	33	shareholders	shareholder	NOUN
ajfa-431	107	34	snatching	snatch	VERB
ajfa-431	107	35	corporate	corporate	ADJ
ajfa-431	107	36	assets	asset	NOUN
ajfa-431	107	37	,	,	PUNCT
ajfa-431	107	38	with	with	ADP
ajfa-431	107	39	corporate	corporate	ADJ
ajfa-431	107	40	performance	performance	NOUN
ajfa-431	107	41	worse	bad	ADJ
ajfa-431	107	42	off	off	ADV
ajfa-431	107	43	.	.	PUNCT
ajfa-431	108	1	nevertheless	nevertheless	ADV
ajfa-431	108	2	,	,	PUNCT
ajfa-431	108	3	another	another	DET
ajfa-431	108	4	group	group	NOUN
ajfa-431	108	5	of	of	ADP
ajfa-431	108	6	scholars	scholar	NOUN
ajfa-431	108	7	maintain	maintain	VERB
ajfa-431	108	8	no	no	DET
ajfa-431	108	9	correlation	correlation	NOUN
ajfa-431	108	10	between	between	ADP
ajfa-431	108	11	insider	insider	NOUN
ajfa-431	108	12	stock	stock	NOUN
ajfa-431	108	13	holdings	holding	NOUN
ajfa-431	108	14	and	and	CCONJ
ajfa-431	108	15	corporate	corporate	ADJ
ajfa-431	108	16	performance	performance	NOUN
ajfa-431	108	17	(	(	PUNCT
ajfa-431	108	18	agrawal	agrawal	NOUN
ajfa-431	108	19	and	and	CCONJ
ajfa-431	108	20	knoeber	knoeber	NOUN
ajfa-431	108	21	,	,	PUNCT
ajfa-431	108	22	1996	1996	NUM
ajfa-431	108	23	)	)	PUNCT
ajfa-431	108	24	.	.	PUNCT
ajfa-431	109	1	a	a	DET
ajfa-431	109	2	significant	significant	ADJ
ajfa-431	109	3	correlation	correlation	NOUN
ajfa-431	109	4	can	can	AUX
ajfa-431	109	5	be	be	AUX
ajfa-431	109	6	found	find	VERB
ajfa-431	109	7	between	between	ADP
ajfa-431	109	8	equity	equity	NOUN
ajfa-431	109	9	structure	structure	NOUN
ajfa-431	109	10	and	and	CCONJ
ajfa-431	109	11	information	information	NOUN
ajfa-431	109	12	disclosure	disclosure	NOUN
ajfa-431	109	13	.	.	PUNCT
ajfa-431	110	1	la	la	INTJ
ajfa-431	110	2	porta	porta	PROPN
ajfa-431	110	3	et	et	PROPN
ajfa-431	110	4	al	al	PROPN
ajfa-431	110	5	.	.	PROPN
ajfa-431	110	6	(	(	PUNCT
ajfa-431	110	7	1999	1999	NUM
ajfa-431	110	8	)	)	PUNCT
ajfa-431	110	9	noticed	notice	VERB
ajfa-431	110	10	a	a	DET
ajfa-431	110	11	negative	negative	ADJ
ajfa-431	110	12	correlation	correlation	NOUN
ajfa-431	110	13	between	between	ADP
ajfa-431	110	14	the	the	DET
ajfa-431	110	15	level	level	NOUN
ajfa-431	110	16	of	of	ADP
ajfa-431	110	17	ownership	ownership	NOUN
ajfa-431	110	18	concentration	concentration	NOUN
ajfa-431	110	19	and	and	CCONJ
ajfa-431	110	20	the	the	DET
ajfa-431	110	21	level	level	NOUN
ajfa-431	110	22	of	of	ADP
ajfa-431	110	23	accounting	accounting	NOUN
ajfa-431	110	24	disclosure	disclosure	NOUN
ajfa-431	110	25	.	.	PUNCT
ajfa-431	111	1	chau	chau	NOUN
ajfa-431	111	2	et	et	PROPN
ajfa-431	111	3	al	al	PROPN
ajfa-431	111	4	.	.	PROPN
ajfa-431	112	1	(	(	PUNCT
ajfa-431	112	2	2002	2002	NUM
ajfa-431	112	3	)	)	PUNCT
ajfa-431	112	4	pointed	point	VERB
ajfa-431	112	5	out	out	ADP
ajfa-431	112	6	an	an	DET
ajfa-431	112	7	apparent	apparent	ADJ
ajfa-431	112	8	correlation	correlation	NOUN
ajfa-431	112	9	between	between	ADP
ajfa-431	112	10	external	external	ADJ
ajfa-431	112	11	ownership	ownership	NOUN
ajfa-431	112	12	and	and	CCONJ
ajfa-431	112	13	information	information	NOUN
ajfa-431	112	14	disclosure	disclosure	NOUN
ajfa-431	112	15	.	.	PUNCT
ajfa-431	113	1	meanwhile	meanwhile	ADV
ajfa-431	113	2	,	,	PUNCT
ajfa-431	113	3	in	in	ADP
ajfa-431	113	4	corporations	corporation	NOUN
ajfa-431	113	5	with	with	ADP
ajfa-431	113	6	a	a	DET
ajfa-431	113	7	greater	great	ADJ
ajfa-431	113	8	proportion	proportion	NOUN
ajfa-431	113	9	of	of	ADP
ajfa-431	113	10	insider	insider	NOUN
ajfa-431	113	11	holdings	holding	NOUN
ajfa-431	113	12	and	and	CCONJ
ajfa-431	113	13	family	family	NOUN
ajfa-431	113	14	ownership	ownership	NOUN
ajfa-431	113	15	,	,	PUNCT
ajfa-431	113	16	the	the	DET
ajfa-431	113	17	level	level	NOUN
ajfa-431	113	18	of	of	ADP
ajfa-431	113	19	information	information	NOUN
ajfa-431	113	20	disclosure	disclosure	NOUN
ajfa-431	113	21	decreases	decrease	VERB
ajfa-431	113	22	.	.	PUNCT
ajfa-431	114	1	when	when	SCONJ
ajfa-431	114	2	corporate	corporate	ADJ
ajfa-431	114	3	shareholder	shareholder	NOUN
ajfa-431	114	4	ownership	ownership	NOUN
ajfa-431	114	5	exceeds	exceed	VERB
ajfa-431	114	6	a	a	DET
ajfa-431	114	7	certain	certain	ADJ
ajfa-431	114	8	proportion	proportion	NOUN
ajfa-431	114	9	,	,	PUNCT
ajfa-431	114	10	the	the	DET
ajfa-431	114	11	majority	majority	NOUN
ajfa-431	114	12	shareholders	shareholder	NOUN
ajfa-431	114	13	tend	tend	VERB
ajfa-431	114	14	to	to	PART
ajfa-431	114	15	take	take	VERB
ajfa-431	114	16	advantage	advantage	NOUN
ajfa-431	114	17	of	of	ADP
ajfa-431	114	18	the	the	DET
ajfa-431	114	19	company	company	NOUN
ajfa-431	114	20	to	to	PART
ajfa-431	114	21	generate	generate	VERB
ajfa-431	114	22	personal	personal	ADJ
ajfa-431	114	23	profits	profit	NOUN
ajfa-431	114	24	or	or	CCONJ
ajfa-431	114	25	sacrifice	sacrifice	VERB
ajfa-431	114	26	those	those	PRON
ajfa-431	114	27	of	of	ADP
ajfa-431	114	28	the	the	DET
ajfa-431	114	29	minority	minority	NOUN
ajfa-431	114	30	shareholders	shareholder	NOUN
ajfa-431	114	31	.	.	PUNCT
ajfa-431	115	1	asian	asian	ADJ
ajfa-431	115	2	journal	journal	PROPN
ajfa-431	115	3	of	of	ADP
ajfa-431	115	4	finance	finance	PROPN
ajfa-431	115	5	&	&	CCONJ
ajfa-431	115	6	accounting	accounting	PROPN
ajfa-431	115	7	issn	issn	PROPN
ajfa-431	115	8	1946	1946	NUM
ajfa-431	115	9	-	-	PUNCT
ajfa-431	115	10	052x	052x	NOUN
ajfa-431	115	11	2010	2010	NUM
ajfa-431	115	12	,	,	PUNCT
ajfa-431	115	13	vol	vol	NOUN
ajfa-431	115	14	.	.	PROPN
ajfa-431	115	15	2	2	NUM
ajfa-431	115	16	,	,	PUNCT
ajfa-431	115	17	no	no	INTJ
ajfa-431	115	18	.	.	NOUN
ajfa-431	115	19	1	1	NUM
ajfa-431	115	20	:	:	PUNCT
ajfa-431	115	21	e3	e3	VERB
ajfa-431	115	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-431	115	23	54	54	NUM
ajfa-431	115	24	mckinnon	mckinnon	NOUN
ajfa-431	115	25	and	and	CCONJ
ajfa-431	115	26	dalimunthe	dalimunthe	PROPN
ajfa-431	115	27	(	(	PUNCT
ajfa-431	115	28	1993	1993	NUM
ajfa-431	115	29	)	)	PUNCT
ajfa-431	115	30	discover	discover	VERB
ajfa-431	115	31	negative	negative	ADJ
ajfa-431	115	32	correlation	correlation	NOUN
ajfa-431	115	33	between	between	ADP
ajfa-431	115	34	majority	majority	NOUN
ajfa-431	115	35	shareholders	shareholder	NOUN
ajfa-431	115	36	and	and	CCONJ
ajfa-431	115	37	the	the	DET
ajfa-431	115	38	level	level	NOUN
ajfa-431	115	39	of	of	ADP
ajfa-431	115	40	information	information	NOUN
ajfa-431	115	41	disclosure	disclosure	NOUN
ajfa-431	115	42	.	.	PUNCT
ajfa-431	116	1	when	when	SCONJ
ajfa-431	116	2	majority	majority	NOUN
ajfa-431	116	3	shareholders	shareholder	NOUN
ajfa-431	116	4	have	have	VERB
ajfa-431	116	5	greater	great	ADJ
ajfa-431	116	6	holdings	holding	NOUN
ajfa-431	116	7	,	,	PUNCT
ajfa-431	116	8	corporations	corporation	NOUN
ajfa-431	116	9	tend	tend	VERB
ajfa-431	116	10	to	to	PART
ajfa-431	116	11	lower	lower	VERB
ajfa-431	116	12	the	the	DET
ajfa-431	116	13	level	level	NOUN
ajfa-431	116	14	of	of	ADP
ajfa-431	116	15	information	information	NOUN
ajfa-431	116	16	disclosure	disclosure	NOUN
ajfa-431	116	17	and	and	CCONJ
ajfa-431	116	18	are	be	AUX
ajfa-431	116	19	less	less	ADV
ajfa-431	116	20	willing	willing	ADJ
ajfa-431	116	21	to	to	PART
ajfa-431	116	22	disclose	disclose	VERB
ajfa-431	116	23	much	much	ADJ
ajfa-431	116	24	information	information	NOUN
ajfa-431	116	25	.	.	PUNCT
ajfa-431	117	1	according	accord	VERB
ajfa-431	117	2	to	to	ADP
ajfa-431	117	3	the	the	DET
ajfa-431	117	4	corporate	corporate	ADJ
ajfa-431	117	5	governance	governance	NOUN
ajfa-431	117	6	framework	framework	NOUN
ajfa-431	117	7	of	of	ADP
ajfa-431	117	8	the	the	DET
ajfa-431	117	9	world	world	PROPN
ajfa-431	117	10	bank	bank	PROPN
ajfa-431	117	11	,	,	PUNCT
ajfa-431	117	12	majority	majority	NOUN
ajfa-431	117	13	stockholders	stockholder	NOUN
ajfa-431	117	14	are	be	AUX
ajfa-431	117	15	placed	place	VERB
ajfa-431	117	16	under	under	ADP
ajfa-431	117	17	the	the	DET
ajfa-431	117	18	internal	internal	ADJ
ajfa-431	117	19	corporate	corporate	ADJ
ajfa-431	117	20	governance	governance	NOUN
ajfa-431	117	21	.	.	PUNCT
ajfa-431	118	1	following	follow	VERB
ajfa-431	118	2	that	that	DET
ajfa-431	118	3	line	line	NOUN
ajfa-431	118	4	of	of	ADP
ajfa-431	118	5	thinking	thinking	NOUN
ajfa-431	118	6	,	,	PUNCT
ajfa-431	118	7	majority	majority	NOUN
ajfa-431	118	8	shareholders	shareholder	NOUN
ajfa-431	118	9	’	'	PUNCT
ajfa-431	118	10	stock	stock	NOUN
ajfa-431	118	11	holdings	holding	NOUN
ajfa-431	118	12	do	do	AUX
ajfa-431	118	13	not	not	PART
ajfa-431	118	14	facilitate	facilitate	VERB
ajfa-431	118	15	corporate	corporate	ADJ
ajfa-431	118	16	governance	governance	NOUN
ajfa-431	118	17	and	and	CCONJ
ajfa-431	118	18	information	information	NOUN
ajfa-431	118	19	disclosure	disclosure	NOUN
ajfa-431	118	20	;	;	PUNCT
ajfa-431	118	21	quite	quite	DET
ajfa-431	118	22	the	the	DET
ajfa-431	118	23	opposite	opposite	ADJ
ajfa-431	118	24	,	,	PUNCT
ajfa-431	118	25	greater	great	ADJ
ajfa-431	118	26	holdings	holding	NOUN
ajfa-431	118	27	of	of	ADP
ajfa-431	118	28	majority	majority	NOUN
ajfa-431	118	29	shareholders	shareholder	NOUN
ajfa-431	118	30	may	may	AUX
ajfa-431	118	31	diminish	diminish	VERB
ajfa-431	118	32	a	a	DET
ajfa-431	118	33	firm	firm	NOUN
ajfa-431	118	34	’s	’s	PART
ajfa-431	118	35	willingness	willingness	NOUN
ajfa-431	118	36	to	to	PART
ajfa-431	118	37	disclose	disclose	VERB
ajfa-431	118	38	information	information	NOUN
ajfa-431	118	39	.	.	PUNCT
ajfa-431	119	1	fan	fan	PROPN
ajfa-431	119	2	and	and	CCONJ
ajfa-431	119	3	wong	wong	PROPN
ajfa-431	119	4	(	(	PUNCT
ajfa-431	119	5	2002	2002	NUM
ajfa-431	119	6	)	)	PUNCT
ajfa-431	119	7	study	study	VERB
ajfa-431	119	8	corporate	corporate	ADJ
ajfa-431	119	9	governance	governance	NOUN
ajfa-431	119	10	and	and	CCONJ
ajfa-431	119	11	the	the	DET
ajfa-431	119	12	information	information	NOUN
ajfa-431	119	13	content	content	NOUN
ajfa-431	119	14	of	of	ADP
ajfa-431	119	15	accounting	accounting	NOUN
ajfa-431	119	16	earnings	earning	NOUN
ajfa-431	119	17	and	and	CCONJ
ajfa-431	119	18	find	find	VERB
ajfa-431	119	19	that	that	SCONJ
ajfa-431	119	20	stronger	strong	ADJ
ajfa-431	119	21	corporate	corporate	ADJ
ajfa-431	119	22	governance	governance	NOUN
ajfa-431	119	23	has	have	VERB
ajfa-431	119	24	a	a	DET
ajfa-431	119	25	positive	positive	ADJ
ajfa-431	119	26	impact	impact	NOUN
ajfa-431	119	27	on	on	ADP
ajfa-431	119	28	the	the	DET
ajfa-431	119	29	information	information	NOUN
ajfa-431	119	30	content	content	NOUN
ajfa-431	119	31	of	of	ADP
ajfa-431	119	32	accounting	accounting	NOUN
ajfa-431	119	33	earnings	earning	NOUN
ajfa-431	119	34	,	,	PUNCT
ajfa-431	119	35	that	that	ADV
ajfa-431	119	36	is	is	ADV
ajfa-431	119	37	,	,	PUNCT
ajfa-431	119	38	higher	high	ADJ
ajfa-431	119	39	credibility	credibility	NOUN
ajfa-431	119	40	of	of	ADP
ajfa-431	119	41	the	the	DET
ajfa-431	119	42	company	company	NOUN
ajfa-431	119	43	’s	’s	PART
ajfa-431	119	44	financial	financial	ADJ
ajfa-431	119	45	statements	statement	NOUN
ajfa-431	119	46	.	.	PUNCT
ajfa-431	120	1	when	when	SCONJ
ajfa-431	120	2	controlling	control	VERB
ajfa-431	120	3	shareholders	shareholder	NOUN
ajfa-431	120	4	increase	increase	VERB
ajfa-431	120	5	their	their	PRON
ajfa-431	120	6	control	control	NOUN
ajfa-431	120	7	rights	right	NOUN
ajfa-431	120	8	by	by	ADP
ajfa-431	120	9	means	mean	NOUN
ajfa-431	120	10	of	of	ADP
ajfa-431	120	11	pyramid	pyramid	NOUN
ajfa-431	120	12	structures	structure	NOUN
ajfa-431	120	13	,	,	PUNCT
ajfa-431	120	14	cross	cross	ADJ
ajfa-431	120	15	-	-	ADJ
ajfa-431	120	16	holding	holding	ADJ
ajfa-431	120	17	,	,	PUNCT
ajfa-431	120	18	and	and	CCONJ
ajfa-431	120	19	the	the	DET
ajfa-431	120	20	like	like	ADJ
ajfa-431	120	21	,	,	PUNCT
ajfa-431	120	22	agency	agency	NOUN
ajfa-431	120	23	problem	problem	NOUN
ajfa-431	120	24	involving	involve	VERB
ajfa-431	120	25	controlling	controlling	NOUN
ajfa-431	120	26	and	and	CCONJ
ajfa-431	120	27	minority	minority	NOUN
ajfa-431	120	28	shareholders	shareholder	NOUN
ajfa-431	120	29	surfaces	surface	NOUN
ajfa-431	120	30	gradually	gradually	ADV
ajfa-431	120	31	.	.	PUNCT
ajfa-431	121	1	controlling	control	VERB
ajfa-431	121	2	shareholders	shareholder	NOUN
ajfa-431	121	3	tend	tend	VERB
ajfa-431	121	4	to	to	PART
ajfa-431	121	5	take	take	VERB
ajfa-431	121	6	self	self	NOUN
ajfa-431	121	7	-	-	PUNCT
ajfa-431	121	8	interested	interest	VERB
ajfa-431	121	9	actions	action	NOUN
ajfa-431	121	10	when	when	SCONJ
ajfa-431	121	11	disclosing	disclose	VERB
ajfa-431	121	12	financial	financial	ADJ
ajfa-431	121	13	information	information	NOUN
ajfa-431	121	14	and	and	CCONJ
ajfa-431	121	15	inevitably	inevitably	ADV
ajfa-431	121	16	lower	low	ADJ
ajfa-431	121	17	the	the	DET
ajfa-431	121	18	credibility	credibility	NOUN
ajfa-431	121	19	of	of	ADP
ajfa-431	121	20	the	the	DET
ajfa-431	121	21	financial	financial	ADJ
ajfa-431	121	22	statements	statement	NOUN
ajfa-431	121	23	.	.	PUNCT
ajfa-431	122	1	as	as	SCONJ
ajfa-431	122	2	the	the	DET
ajfa-431	122	3	control	control	NOUN
ajfa-431	122	4	rights	right	NOUN
ajfa-431	122	5	of	of	ADP
ajfa-431	122	6	controlling	control	VERB
ajfa-431	122	7	shareholders	shareholder	NOUN
ajfa-431	122	8	expand	expand	VERB
ajfa-431	122	9	,	,	PUNCT
ajfa-431	122	10	or	or	CCONJ
ajfa-431	122	11	there	there	PRON
ajfa-431	122	12	is	be	VERB
ajfa-431	122	13	greater	great	ADJ
ajfa-431	122	14	separation	separation	NOUN
ajfa-431	122	15	of	of	ADP
ajfa-431	122	16	control	control	NOUN
ajfa-431	122	17	rights	right	NOUN
ajfa-431	122	18	and	and	CCONJ
ajfa-431	122	19	cash	cash	NOUN
ajfa-431	122	20	flow	flow	NOUN
ajfa-431	122	21	rights	right	NOUN
ajfa-431	122	22	,	,	PUNCT
ajfa-431	122	23	corporate	corporate	ADJ
ajfa-431	122	24	governance	governance	NOUN
ajfa-431	122	25	deteriorates	deteriorate	VERB
ajfa-431	122	26	and	and	CCONJ
ajfa-431	122	27	the	the	DET
ajfa-431	122	28	information	information	NOUN
ajfa-431	122	29	content	content	NOUN
ajfa-431	122	30	of	of	ADP
ajfa-431	122	31	accounting	accounting	NOUN
ajfa-431	122	32	earnings	earning	NOUN
ajfa-431	122	33	is	be	AUX
ajfa-431	122	34	compromised	compromise	VERB
ajfa-431	122	35	.	.	PUNCT
ajfa-431	123	1	transparency	transparency	NOUN
ajfa-431	123	2	and	and	CCONJ
ajfa-431	123	3	disclosure	disclosure	NOUN
ajfa-431	123	4	are	be	AUX
ajfa-431	123	5	the	the	DET
ajfa-431	123	6	basic	basic	ADJ
ajfa-431	123	7	elements	element	NOUN
ajfa-431	123	8	of	of	ADP
ajfa-431	123	9	corporate	corporate	ADJ
ajfa-431	123	10	governance	governance	NOUN
ajfa-431	123	11	.	.	PUNCT
ajfa-431	124	1	the	the	DET
ajfa-431	124	2	campaign	campaign	NOUN
ajfa-431	124	3	themes	theme	NOUN
ajfa-431	124	4	of	of	ADP
ajfa-431	124	5	glasnost	glasnost	X
ajfa-431	124	6	(	(	PUNCT
ajfa-431	124	7	openness	openness	NOUN
ajfa-431	124	8	)	)	PUNCT
ajfa-431	124	9	and	and	CCONJ
ajfa-431	124	10	perestroika	perestroika	X
ajfa-431	124	11	(	(	PUNCT
ajfa-431	124	12	restructuring	restructuring	NOUN
ajfa-431	124	13	)	)	PUNCT
ajfa-431	124	14	used	use	VERB
ajfa-431	124	15	by	by	ADP
ajfa-431	124	16	the	the	DET
ajfa-431	124	17	reforming	reform	VERB
ajfa-431	124	18	last	last	ADJ
ajfa-431	124	19	leader	leader	NOUN
ajfa-431	124	20	of	of	ADP
ajfa-431	124	21	the	the	DET
ajfa-431	124	22	soviet	soviet	PROPN
ajfa-431	124	23	union	union	PROPN
ajfa-431	124	24	,	,	PUNCT
ajfa-431	124	25	mikhail	mikhail	PROPN
ajfa-431	124	26	gorbachev	gorbachev	PROPN
ajfa-431	124	27	,	,	PUNCT
ajfa-431	124	28	include	include	VERB
ajfa-431	124	29	respectively	respectively	ADV
ajfa-431	124	30	accounting	account	VERB
ajfa-431	124	31	transparency	transparency	NOUN
ajfa-431	124	32	and	and	CCONJ
ajfa-431	124	33	economic	economic	ADJ
ajfa-431	124	34	efficiency	efficiency	NOUN
ajfa-431	124	35	in	in	ADP
ajfa-431	124	36	production	production	NOUN
ajfa-431	124	37	.	.	PUNCT
ajfa-431	125	1	higher	high	ADJ
ajfa-431	125	2	transparency	transparency	NOUN
ajfa-431	125	3	and	and	CCONJ
ajfa-431	125	4	disclosure	disclosure	NOUN
ajfa-431	125	5	allow	allow	VERB
ajfa-431	125	6	corporate	corporate	ADJ
ajfa-431	125	7	stakeholders	stakeholder	NOUN
ajfa-431	125	8	to	to	PART
ajfa-431	125	9	gain	gain	VERB
ajfa-431	125	10	insight	insight	NOUN
ajfa-431	125	11	into	into	ADP
ajfa-431	125	12	how	how	SCONJ
ajfa-431	125	13	a	a	DET
ajfa-431	125	14	company	company	NOUN
ajfa-431	125	15	is	be	AUX
ajfa-431	125	16	run	run	VERB
ajfa-431	125	17	and	and	CCONJ
ajfa-431	125	18	governed	govern	VERB
ajfa-431	125	19	.	.	PUNCT
ajfa-431	126	1	additionally	additionally	ADV
ajfa-431	126	2	,	,	PUNCT
ajfa-431	126	3	accurate	accurate	ADJ
ajfa-431	126	4	and	and	CCONJ
ajfa-431	126	5	timely	timely	ADJ
ajfa-431	126	6	information	information	NOUN
ajfa-431	126	7	disclosure	disclosure	NOUN
ajfa-431	126	8	can	can	AUX
ajfa-431	126	9	boost	boost	VERB
ajfa-431	126	10	investors	investor	NOUN
ajfa-431	126	11	’	’	PART
ajfa-431	126	12	confidence	confidence	NOUN
ajfa-431	126	13	and	and	CCONJ
ajfa-431	126	14	create	create	VERB
ajfa-431	126	15	market	market	NOUN
ajfa-431	126	16	efficiencies	efficiency	NOUN
ajfa-431	126	17	.	.	PUNCT
ajfa-431	127	1	as	as	ADP
ajfa-431	127	2	ball	ball	PROPN
ajfa-431	127	3	et	et	PROPN
ajfa-431	127	4	al	al	PROPN
ajfa-431	127	5	.	.	PUNCT
ajfa-431	128	1	(	(	PUNCT
ajfa-431	128	2	2000	2000	NUM
ajfa-431	128	3	)	)	PUNCT
ajfa-431	128	4	argue	argue	PROPN
ajfa-431	128	5	,	,	PUNCT
ajfa-431	128	6	concentrated	concentrated	ADJ
ajfa-431	128	7	ownership	ownership	NOUN
ajfa-431	128	8	increases	increase	VERB
ajfa-431	128	9	the	the	DET
ajfa-431	128	10	likelihood	likelihood	NOUN
ajfa-431	128	11	that	that	SCONJ
ajfa-431	128	12	information	information	NOUN
ajfa-431	128	13	will	will	AUX
ajfa-431	128	14	be	be	AUX
ajfa-431	128	15	communicated	communicate	VERB
ajfa-431	128	16	privately	privately	ADV
ajfa-431	128	17	to	to	ADP
ajfa-431	128	18	the	the	DET
ajfa-431	128	19	company	company	NOUN
ajfa-431	128	20	’s	’s	PART
ajfa-431	128	21	controlling	control	VERB
ajfa-431	128	22	shareholders	shareholder	NOUN
ajfa-431	128	23	.	.	PUNCT
ajfa-431	129	1	the	the	DET
ajfa-431	129	2	absence	absence	NOUN
ajfa-431	129	3	of	of	ADP
ajfa-431	129	4	strong	strong	ADJ
ajfa-431	129	5	information	information	NOUN
ajfa-431	129	6	demand	demand	NOUN
ajfa-431	129	7	in	in	ADP
ajfa-431	129	8	companies	company	NOUN
ajfa-431	129	9	with	with	ADP
ajfa-431	129	10	concentrated	concentrated	ADJ
ajfa-431	129	11	ownership	ownership	NOUN
ajfa-431	129	12	is	be	AUX
ajfa-431	129	13	unlikely	unlikely	ADJ
ajfa-431	129	14	to	to	PART
ajfa-431	129	15	encourage	encourage	VERB
ajfa-431	129	16	management	management	NOUN
ajfa-431	129	17	to	to	PART
ajfa-431	129	18	provide	provide	VERB
ajfa-431	129	19	high	high	ADJ
ajfa-431	129	20	quality	quality	NOUN
ajfa-431	129	21	financial	financial	ADJ
ajfa-431	129	22	reporting	reporting	NOUN
ajfa-431	129	23	.	.	PUNCT
ajfa-431	130	1	this	this	DET
ajfa-431	130	2	situation	situation	NOUN
ajfa-431	130	3	reduces	reduce	VERB
ajfa-431	130	4	financial	financial	ADJ
ajfa-431	130	5	transparency	transparency	NOUN
ajfa-431	130	6	and	and	CCONJ
ajfa-431	130	7	is	be	AUX
ajfa-431	130	8	likely	likely	ADJ
ajfa-431	130	9	to	to	PART
ajfa-431	130	10	lead	lead	VERB
ajfa-431	130	11	to	to	ADP
ajfa-431	130	12	the	the	DET
ajfa-431	130	13	expropriation	expropriation	NOUN
ajfa-431	130	14	of	of	ADP
ajfa-431	130	15	wealth	wealth	NOUN
ajfa-431	130	16	from	from	ADP
ajfa-431	130	17	minority	minority	NOUN
ajfa-431	130	18	(	(	PUNCT
ajfa-431	130	19	nongovernment	nongovernment	NOUN
ajfa-431	130	20	)	)	PUNCT
ajfa-431	130	21	shareholders	shareholder	NOUN
ajfa-431	130	22	.	.	PUNCT
ajfa-431	131	1	moreover	moreover	ADV
ajfa-431	131	2	,	,	PUNCT
ajfa-431	131	3	the	the	DET
ajfa-431	131	4	existence	existence	NOUN
ajfa-431	131	5	of	of	ADP
ajfa-431	131	6	a	a	DET
ajfa-431	131	7	high	high	ADJ
ajfa-431	131	8	proportion	proportion	NOUN
ajfa-431	131	9	of	of	ADP
ajfa-431	131	10	non	non	ADJ
ajfa-431	131	11	-	-	ADJ
ajfa-431	131	12	tradable	tradable	ADJ
ajfa-431	131	13	shares	share	NOUN
ajfa-431	131	14	implies	imply	VERB
ajfa-431	131	15	low	low	ADJ
ajfa-431	131	16	contestability	contestability	NOUN
ajfa-431	131	17	of	of	ADP
ajfa-431	131	18	control	control	NOUN
ajfa-431	131	19	,	,	PUNCT
ajfa-431	131	20	a	a	DET
ajfa-431	131	21	situation	situation	NOUN
ajfa-431	131	22	that	that	PRON
ajfa-431	131	23	can	can	AUX
ajfa-431	131	24	lead	lead	VERB
ajfa-431	131	25	to	to	ADP
ajfa-431	131	26	abuses	abuse	NOUN
ajfa-431	131	27	by	by	ADP
ajfa-431	131	28	controlling	control	VERB
ajfa-431	131	29	shareholders	shareholder	NOUN
ajfa-431	131	30	as	as	ADV
ajfa-431	131	31	well	well	ADV
ajfa-431	131	32	as	as	ADP
ajfa-431	131	33	long	long	ADJ
ajfa-431	131	34	-	-	PUNCT
ajfa-431	131	35	term	term	NOUN
ajfa-431	131	36	inefficiencies	inefficiency	NOUN
ajfa-431	131	37	and	and	CCONJ
ajfa-431	131	38	poor	poor	ADJ
ajfa-431	131	39	decisions	decision	NOUN
ajfa-431	131	40	.	.	PUNCT
ajfa-431	132	1	tradable	tradable	ADJ
ajfa-431	132	2	shares	share	NOUN
ajfa-431	132	3	generally	generally	ADV
ajfa-431	132	4	are	be	AUX
ajfa-431	132	5	held	hold	VERB
ajfa-431	132	6	by	by	ADP
ajfa-431	132	7	individuals	individual	NOUN
ajfa-431	132	8	who	who	PRON
ajfa-431	132	9	have	have	VERB
ajfa-431	132	10	few	few	ADJ
ajfa-431	132	11	incentives	incentive	NOUN
ajfa-431	132	12	and	and	CCONJ
ajfa-431	132	13	resources	resource	NOUN
ajfa-431	132	14	to	to	PART
ajfa-431	132	15	perform	perform	VERB
ajfa-431	132	16	a	a	DET
ajfa-431	132	17	monitoring	monitoring	NOUN
ajfa-431	132	18	function	function	NOUN
ajfa-431	132	19	(	(	PUNCT
ajfa-431	132	20	tenev	tenev	NOUN
ajfa-431	132	21	et	et	PROPN
ajfa-431	132	22	al	al	PROPN
ajfa-431	132	23	.	.	PROPN
ajfa-431	132	24	,	,	PUNCT
ajfa-431	132	25	2002	2002	NUM
ajfa-431	132	26	)	)	PUNCT
ajfa-431	132	27	.	.	PUNCT
ajfa-431	133	1	in	in	ADP
ajfa-431	133	2	contrast	contrast	NOUN
ajfa-431	133	3	,	,	PUNCT
ajfa-431	133	4	widely	widely	ADV
ajfa-431	133	5	-	-	PUNCT
ajfa-431	133	6	held	hold	VERB
ajfa-431	133	7	companies	company	NOUN
ajfa-431	133	8	experience	experience	VERB
ajfa-431	133	9	information	information	NOUN
ajfa-431	133	10	asymmetry	asymmetry	NOUN
ajfa-431	133	11	problems	problem	NOUN
ajfa-431	133	12	between	between	ADP
ajfa-431	133	13	managers	manager	NOUN
ajfa-431	133	14	and	and	CCONJ
ajfa-431	133	15	shareholders	shareholder	NOUN
ajfa-431	133	16	,	,	PUNCT
ajfa-431	133	17	make	make	VERB
ajfa-431	133	18	more	more	ADJ
ajfa-431	133	19	use	use	NOUN
ajfa-431	133	20	of	of	ADP
ajfa-431	133	21	financial	financial	ADJ
ajfa-431	133	22	reporting	reporting	NOUN
ajfa-431	133	23	in	in	ADP
ajfa-431	133	24	contracting	contracting	NOUN
ajfa-431	133	25	and	and	CCONJ
ajfa-431	133	26	communicating	communicating	NOUN
ajfa-431	133	27	,	,	PUNCT
ajfa-431	133	28	and	and	CCONJ
ajfa-431	133	29	therefore	therefore	ADV
ajfa-431	133	30	attract	attract	VERB
ajfa-431	133	31	a	a	DET
ajfa-431	133	32	demand	demand	NOUN
ajfa-431	133	33	for	for	ADP
ajfa-431	133	34	conservative	conservative	ADJ
ajfa-431	133	35	reporting	reporting	NOUN
ajfa-431	133	36	(	(	PUNCT
ajfa-431	133	37	ball	ball	NOUN
ajfa-431	133	38	and	and	CCONJ
ajfa-431	133	39	shivakumar	shivakumar	PROPN
ajfa-431	133	40	,	,	PUNCT
ajfa-431	133	41	2005	2005	NUM
ajfa-431	133	42	)	)	PUNCT
ajfa-431	133	43	.	.	PUNCT
ajfa-431	134	1	prior	prior	ADJ
ajfa-431	134	2	research	research	NOUN
ajfa-431	134	3	posits	posit	NOUN
ajfa-431	134	4	that	that	PRON
ajfa-431	134	5	low	low	ADJ
ajfa-431	134	6	ownership	ownership	NOUN
ajfa-431	134	7	concentration	concentration	NOUN
ajfa-431	134	8	or	or	CCONJ
ajfa-431	134	9	greater	great	ADJ
ajfa-431	134	10	asian	asian	ADJ
ajfa-431	134	11	journal	journal	NOUN
ajfa-431	134	12	of	of	ADP
ajfa-431	134	13	finance	finance	PROPN
ajfa-431	134	14	&	&	CCONJ
ajfa-431	134	15	accounting	accounting	PROPN
ajfa-431	134	16	issn	issn	PROPN
ajfa-431	134	17	1946	1946	NUM
ajfa-431	134	18	-	-	PUNCT
ajfa-431	134	19	052x	052x	NOUN
ajfa-431	134	20	2010	2010	NUM
ajfa-431	134	21	,	,	PUNCT
ajfa-431	134	22	vol	vol	NOUN
ajfa-431	134	23	.	.	PROPN
ajfa-431	134	24	2	2	NUM
ajfa-431	134	25	,	,	PUNCT
ajfa-431	134	26	no	no	INTJ
ajfa-431	134	27	.	.	NOUN
ajfa-431	134	28	1	1	NUM
ajfa-431	134	29	:	:	PUNCT
ajfa-431	134	30	e3	e3	VERB
ajfa-431	134	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	134	32	55	55	NUM
ajfa-431	134	33	proportionate	proportionate	ADJ
ajfa-431	134	34	outside	outside	ADJ
ajfa-431	134	35	shareholder	shareholder	NOUN
ajfa-431	134	36	interests	interest	NOUN
ajfa-431	134	37	encourages	encourage	VERB
ajfa-431	134	38	a	a	DET
ajfa-431	134	39	higher	high	ADJ
ajfa-431	134	40	level	level	NOUN
ajfa-431	134	41	of	of	ADP
ajfa-431	134	42	earnings	earning	NOUN
ajfa-431	134	43	conservatism	conservatism	NOUN
ajfa-431	134	44	.	.	PUNCT
ajfa-431	135	1	the	the	DET
ajfa-431	135	2	aforementioned	aforementioned	ADJ
ajfa-431	135	3	literature	literature	NOUN
ajfa-431	135	4	and	and	CCONJ
ajfa-431	135	5	inferences	inference	NOUN
ajfa-431	135	6	lead	lead	VERB
ajfa-431	135	7	to	to	ADP
ajfa-431	135	8	the	the	DET
ajfa-431	135	9	following	follow	VERB
ajfa-431	135	10	hypothesis	hypothesis	NOUN
ajfa-431	135	11	:	:	PUNCT
ajfa-431	135	12	hypothesis	hypothesis	NOUN
ajfa-431	135	13	:	:	PUNCT
ajfa-431	135	14	ceteris	ceteris	NOUN
ajfa-431	135	15	paribus	paribus	NOUN
ajfa-431	135	16	,	,	PUNCT
ajfa-431	135	17	there	there	PRON
ajfa-431	135	18	is	be	VERB
ajfa-431	135	19	a	a	DET
ajfa-431	135	20	negative	negative	ADJ
ajfa-431	135	21	association	association	NOUN
ajfa-431	135	22	between	between	ADP
ajfa-431	135	23	the	the	DET
ajfa-431	135	24	proportion	proportion	NOUN
ajfa-431	135	25	of	of	ADP
ajfa-431	135	26	non	non	ADJ
ajfa-431	135	27	-	-	ADJ
ajfa-431	135	28	tradable	tradable	ADJ
ajfa-431	135	29	shares	share	NOUN
ajfa-431	135	30	and	and	CCONJ
ajfa-431	135	31	earnings	earning	NOUN
ajfa-431	135	32	conservatism	conservatism	NOUN
ajfa-431	135	33	.	.	PUNCT
ajfa-431	136	1	3	3	X
ajfa-431	136	2	.	.	X
ajfa-431	136	3	research	research	NOUN
ajfa-431	136	4	design	design	VERB
ajfa-431	136	5	3.1	3.1	NUM
ajfa-431	136	6	data	datum	NOUN
ajfa-431	136	7	and	and	CCONJ
ajfa-431	136	8	sample	sample	NOUN
ajfa-431	136	9	selection	selection	NOUN
ajfa-431	136	10	the	the	DET
ajfa-431	136	11	sample	sample	NOUN
ajfa-431	136	12	comprises	comprise	VERB
ajfa-431	136	13	all	all	DET
ajfa-431	136	14	publicly	publicly	ADV
ajfa-431	136	15	-	-	PUNCT
ajfa-431	136	16	listed	list	VERB
ajfa-431	136	17	nonfinancial	nonfinancial	ADJ
ajfa-431	136	18	companies	company	NOUN
ajfa-431	136	19	during	during	ADP
ajfa-431	136	20	the	the	DET
ajfa-431	136	21	period	period	NOUN
ajfa-431	136	22	of	of	ADP
ajfa-431	136	23	1994–2003	1994–2003	NUM
ajfa-431	136	24	.	.	PUNCT
ajfa-431	137	1	the	the	DET
ajfa-431	137	2	empirical	empirical	ADJ
ajfa-431	137	3	analysis	analysis	NOUN
ajfa-431	137	4	begins	begin	VERB
ajfa-431	137	5	in	in	ADP
ajfa-431	137	6	1994	1994	NUM
ajfa-431	137	7	because	because	SCONJ
ajfa-431	137	8	few	few	ADJ
ajfa-431	137	9	observations	observation	NOUN
ajfa-431	137	10	were	be	AUX
ajfa-431	137	11	available	available	ADJ
ajfa-431	137	12	before	before	ADP
ajfa-431	137	13	1994	1994	NUM
ajfa-431	137	14	for	for	ADP
ajfa-431	137	15	the	the	DET
ajfa-431	137	16	china	china	PROPN
ajfa-431	137	17	sample	sample	NOUN
ajfa-431	137	18	and	and	CCONJ
ajfa-431	137	19	the	the	DET
ajfa-431	137	20	relation	relation	NOUN
ajfa-431	137	21	between	between	ADP
ajfa-431	137	22	earnings	earning	NOUN
ajfa-431	137	23	and	and	CCONJ
ajfa-431	137	24	returns	return	NOUN
ajfa-431	137	25	in	in	ADP
ajfa-431	137	26	the	the	DET
ajfa-431	137	27	sample	sample	NOUN
ajfa-431	137	28	was	be	AUX
ajfa-431	137	29	substantially	substantially	ADV
ajfa-431	137	30	weak	weak	ADJ
ajfa-431	137	31	.	.	PUNCT
ajfa-431	138	1	4	4	NUM
ajfa-431	138	2	more	more	ADV
ajfa-431	138	3	pertinently	pertinently	ADV
ajfa-431	138	4	,	,	PUNCT
ajfa-431	138	5	china	china	PROPN
ajfa-431	138	6	adopted	adopt	VERB
ajfa-431	138	7	a	a	DET
ajfa-431	138	8	new	new	ADJ
ajfa-431	138	9	accounting	accounting	NOUN
ajfa-431	138	10	system	system	NOUN
ajfa-431	138	11	in	in	ADP
ajfa-431	138	12	1993	1993	NUM
ajfa-431	138	13	,	,	PUNCT
ajfa-431	138	14	which	which	PRON
ajfa-431	138	15	was	be	AUX
ajfa-431	138	16	adapted	adapt	VERB
ajfa-431	138	17	to	to	ADP
ajfa-431	138	18	international	international	ADJ
ajfa-431	138	19	accounting	accounting	NOUN
ajfa-431	138	20	standards	standard	NOUN
ajfa-431	138	21	to	to	PART
ajfa-431	138	22	improve	improve	VERB
ajfa-431	138	23	information	information	NOUN
ajfa-431	138	24	disclosure	disclosure	NOUN
ajfa-431	138	25	.	.	PUNCT
ajfa-431	139	1	after	after	ADP
ajfa-431	139	2	deleting	delete	VERB
ajfa-431	139	3	observations	observation	NOUN
ajfa-431	139	4	with	with	ADP
ajfa-431	139	5	incomplete	incomplete	ADJ
ajfa-431	139	6	data	datum	NOUN
ajfa-431	139	7	and	and	CCONJ
ajfa-431	139	8	extreme	extreme	ADJ
ajfa-431	139	9	values	value	NOUN
ajfa-431	139	10	,	,	PUNCT
ajfa-431	139	11	the	the	DET
ajfa-431	139	12	final	final	ADJ
ajfa-431	139	13	sample	sample	NOUN
ajfa-431	139	14	consists	consist	VERB
ajfa-431	139	15	of	of	ADP
ajfa-431	139	16	7,353	7,353	NUM
ajfa-431	139	17	firm	firm	ADJ
ajfa-431	139	18	-	-	PUNCT
ajfa-431	139	19	year	year	NOUN
ajfa-431	139	20	observations	observation	NOUN
ajfa-431	139	21	.	.	PUNCT
ajfa-431	140	1	all	all	DET
ajfa-431	140	2	data	datum	NOUN
ajfa-431	140	3	are	be	AUX
ajfa-431	140	4	collected	collect	VERB
ajfa-431	140	5	from	from	ADP
ajfa-431	140	6	the	the	DET
ajfa-431	140	7	databases	database	NOUN
ajfa-431	140	8	of	of	ADP
ajfa-431	140	9	taiwan	taiwan	PROPN
ajfa-431	140	10	economic	economic	ADJ
ajfa-431	140	11	journal	journal	PROPN
ajfa-431	140	12	(	(	PUNCT
ajfa-431	140	13	tej	tej	PROPN
ajfa-431	140	14	)	)	PUNCT
ajfa-431	140	15	.	.	PUNCT
ajfa-431	141	1	3.2	3.2	NUM
ajfa-431	141	2	specification	specification	NOUN
ajfa-431	141	3	of	of	ADP
ajfa-431	141	4	the	the	DET
ajfa-431	141	5	empirical	empirical	ADJ
ajfa-431	141	6	model	model	NOUN
ajfa-431	141	7	following	follow	VERB
ajfa-431	141	8	prior	prior	ADJ
ajfa-431	141	9	studies	study	NOUN
ajfa-431	141	10	,	,	PUNCT
ajfa-431	141	11	basu	basu	PROPN
ajfa-431	141	12	’s	’s	PART
ajfa-431	141	13	(	(	PUNCT
ajfa-431	141	14	1997	1997	NUM
ajfa-431	141	15	)	)	PUNCT
ajfa-431	141	16	conservatism	conservatism	NOUN
ajfa-431	141	17	model	model	NOUN
ajfa-431	141	18	is	be	AUX
ajfa-431	141	19	used	use	VERB
ajfa-431	141	20	to	to	PART
ajfa-431	141	21	test	test	VERB
ajfa-431	141	22	hypothesis	hypothesis	NOUN
ajfa-431	141	23	concerned	concern	VERB
ajfa-431	141	24	with	with	ADP
ajfa-431	141	25	the	the	DET
ajfa-431	141	26	difference	difference	NOUN
ajfa-431	141	27	in	in	ADP
ajfa-431	141	28	the	the	DET
ajfa-431	141	29	speed	speed	NOUN
ajfa-431	141	30	with	with	ADP
ajfa-431	141	31	which	which	PRON
ajfa-431	141	32	economic	economic	ADJ
ajfa-431	141	33	gains	gain	NOUN
ajfa-431	141	34	and	and	CCONJ
ajfa-431	141	35	losses	loss	NOUN
ajfa-431	141	36	are	be	AUX
ajfa-431	141	37	captured	capture	VERB
ajfa-431	141	38	in	in	ADP
ajfa-431	141	39	accounting	accounting	NOUN
ajfa-431	141	40	earnings	earning	NOUN
ajfa-431	141	41	.	.	PUNCT
ajfa-431	142	1	prior	prior	ADJ
ajfa-431	142	2	research	research	NOUN
ajfa-431	142	3	indicates	indicate	VERB
ajfa-431	142	4	that	that	SCONJ
ajfa-431	142	5	earnings	earning	NOUN
ajfa-431	142	6	conservatism	conservatism	NOUN
ajfa-431	142	7	is	be	AUX
ajfa-431	142	8	influenced	influence	VERB
ajfa-431	142	9	by	by	ADP
ajfa-431	142	10	company	company	NOUN
ajfa-431	142	11	-	-	PUNCT
ajfa-431	142	12	specific	specific	ADJ
ajfa-431	142	13	attributes	attribute	NOUN
ajfa-431	142	14	like	like	ADP
ajfa-431	142	15	company	company	NOUN
ajfa-431	142	16	size	size	NOUN
ajfa-431	142	17	,	,	PUNCT
ajfa-431	142	18	leverage	leverage	NOUN
ajfa-431	142	19	,	,	PUNCT
ajfa-431	142	20	and	and	CCONJ
ajfa-431	142	21	profitability	profitability	NOUN
ajfa-431	142	22	(	(	PUNCT
ajfa-431	142	23	ball	ball	NOUN
ajfa-431	142	24	and	and	CCONJ
ajfa-431	142	25	shivakumar	shivakumar	PROPN
ajfa-431	142	26	,	,	PUNCT
ajfa-431	142	27	2005	2005	NUM
ajfa-431	142	28	)	)	PUNCT
ajfa-431	142	29	.	.	PUNCT
ajfa-431	143	1	this	this	DET
ajfa-431	143	2	study	study	NOUN
ajfa-431	143	3	extends	extend	VERB
ajfa-431	143	4	basu	basu	PROPN
ajfa-431	143	5	’s	’s	PART
ajfa-431	143	6	(	(	PUNCT
ajfa-431	143	7	1997	1997	NUM
ajfa-431	143	8	)	)	PUNCT
ajfa-431	143	9	model	model	NOUN
ajfa-431	143	10	by	by	ADP
ajfa-431	143	11	incorporating	incorporate	VERB
ajfa-431	143	12	the	the	DET
ajfa-431	143	13	link	link	NOUN
ajfa-431	143	14	between	between	ADP
ajfa-431	143	15	earnings	earning	NOUN
ajfa-431	143	16	conservatism	conservatism	NOUN
ajfa-431	143	17	and	and	CCONJ
ajfa-431	143	18	company	company	NOUN
ajfa-431	143	19	-	-	PUNCT
ajfa-431	143	20	specific	specific	ADJ
ajfa-431	143	21	attributes	attribute	NOUN
ajfa-431	143	22	.	.	PUNCT
ajfa-431	144	1	the	the	DET
ajfa-431	144	2	estimated	estimate	VERB
ajfa-431	144	3	general	general	ADJ
ajfa-431	144	4	model	model	NOUN
ajfa-431	144	5	is	be	AUX
ajfa-431	144	6	as	as	SCONJ
ajfa-431	144	7	follows	follow	VERB
ajfa-431	144	8	:	:	PUNCT
ajfa-431	144	9	tititititititititititi	tititititititititititi	NOUN
ajfa-431	144	10	ti	ti	PROPN
ajfa-431	144	11	ti	ti	NOUN
ajfa-431	144	12	rsizerdntarntardrd	rsizerdntarntardrd	VERB
ajfa-431	144	13	p	p	X
ajfa-431	144	14	x	x	SYM
ajfa-431	144	15	6543210	6543210	NUM
ajfa-431	144	16	1	1	NUM
ajfa-431	144	17			PROPN
ajfa-431	144	18			VERB
ajfa-431	144	19			PROPN
ajfa-431	144	20	titititititititititi	titititititititititi	NOUN
ajfa-431	144	21	rroardlevrlevrdsize	rroardlevrlevrdsize	VERB
ajfa-431	144	22	10987	10987	NUM
ajfa-431	144	23			ADJ
ajfa-431	144	24			NOUN
ajfa-431	144	25	titititi	titititi	VERB
ajfa-431	144	26	rdroa	rdroa	NOUN
ajfa-431	144	27			PROPN
ajfa-431	144	28			PROPN
ajfa-431	144	29	11	11	NUM
ajfa-431	144	30	(	(	PUNCT
ajfa-431	144	31	1	1	NUM
ajfa-431	144	32	)	)	PUNCT
ajfa-431	144	33	where	where	SCONJ
ajfa-431	144	34	:	:	PUNCT
ajfa-431	144	35	xit	xit	PROPN
ajfa-431	144	36	is	be	AUX
ajfa-431	144	37	the	the	DET
ajfa-431	144	38	earnings	earning	NOUN
ajfa-431	144	39	-	-	PUNCT
ajfa-431	144	40	per	per	ADP
ajfa-431	144	41	-	-	PUNCT
ajfa-431	144	42	share	share	NOUN
ajfa-431	144	43	for	for	ADP
ajfa-431	144	44	company	company	NOUN
ajfa-431	144	45	i	i	PRON
ajfa-431	144	46	in	in	ADP
ajfa-431	144	47	year	year	NOUN
ajfa-431	144	48	t	t	PROPN
ajfa-431	144	49	;	;	PUNCT
ajfa-431	144	50	pit-1	pit-1	PUNCT
ajfa-431	144	51	is	be	AUX
ajfa-431	144	52	the	the	DET
ajfa-431	144	53	stock	stock	NOUN
ajfa-431	144	54	price	price	NOUN
ajfa-431	144	55	-	-	PUNCT
ajfa-431	144	56	per	per	ADP
ajfa-431	144	57	-	-	PUNCT
ajfa-431	144	58	share	share	NOUN
ajfa-431	144	59	for	for	ADP
ajfa-431	144	60	company	company	NOUN
ajfa-431	144	61	i	i	PROPN
ajfa-431	144	62	at	at	ADP
ajfa-431	144	63	t-1	t-1	PROPN
ajfa-431	144	64	;	;	PUNCT
ajfa-431	144	65	rit	rit	NOUN
ajfa-431	144	66	is	be	AUX
ajfa-431	144	67	inter	inter	ADJ
ajfa-431	144	68	-	-	ADJ
ajfa-431	144	69	announcement	announcement	ADJ
ajfa-431	144	70	stock	stock	NOUN
ajfa-431	144	71	returns	return	NOUN
ajfa-431	144	72	measured	measure	VERB
ajfa-431	144	73	from	from	ADP
ajfa-431	144	74	may	may	PROPN
ajfa-431	144	75	of	of	ADP
ajfa-431	144	76	year	year	NOUN
ajfa-431	144	77	t	t	PROPN
ajfa-431	144	78	to	to	ADP
ajfa-431	144	79	april	april	PROPN
ajfa-431	144	80	of	of	ADP
ajfa-431	144	81	year	year	NOUN
ajfa-431	144	82	t+1	t+1	NUM
ajfa-431	144	83	;	;	PUNCT
ajfa-431	144	84	dit	dit	PROPN
ajfa-431	144	85	is	be	AUX
ajfa-431	144	86	a	a	DET
ajfa-431	144	87	dummy	dummy	ADJ
ajfa-431	144	88	variable	variable	NOUN
ajfa-431	144	89	set	set	VERB
ajfa-431	144	90	equal	equal	ADJ
ajfa-431	144	91	to	to	ADP
ajfa-431	144	92	one	one	NUM
ajfa-431	144	93	if	if	SCONJ
ajfa-431	144	94	rit	rit	NOUN
ajfa-431	144	95	is	be	AUX
ajfa-431	144	96	negative	negative	ADJ
ajfa-431	144	97	and	and	CCONJ
ajfa-431	144	98	zero	zero	NUM
ajfa-431	144	99	otherwise	otherwise	ADV
ajfa-431	144	100	;	;	PUNCT
ajfa-431	144	101	ntait	ntait	NOUN
ajfa-431	144	102	is	be	AUX
ajfa-431	144	103	comprised	comprise	VERB
ajfa-431	144	104	of	of	ADP
ajfa-431	144	105	the	the	DET
ajfa-431	144	106	average	average	NOUN
ajfa-431	144	107	of	of	ADP
ajfa-431	144	108	the	the	DET
ajfa-431	144	109	percentage	percentage	NOUN
ajfa-431	144	110	of	of	ADP
ajfa-431	144	111	state	state	NOUN
ajfa-431	144	112	ownership	ownership	NOUN
ajfa-431	144	113	and	and	CCONJ
ajfa-431	144	114	non	non	ADJ
ajfa-431	144	115	-	-	ADJ
ajfa-431	144	116	tradable	tradable	ADJ
ajfa-431	144	117	shares	share	NOUN
ajfa-431	144	118	of	of	ADP
ajfa-431	144	119	company	company	NOUN
ajfa-431	144	120	i.	i.	PROPN
ajfa-431	144	121	control	control	PROPN
ajfa-431	144	122	variables	variable	NOUN
ajfa-431	144	123	are	be	AUX
ajfa-431	144	124	defined	define	VERB
ajfa-431	144	125	as	as	SCONJ
ajfa-431	144	126	follows	follow	VERB
ajfa-431	144	127	:	:	PUNCT
ajfa-431	144	128	4	4	NUM
ajfa-431	144	129	there	there	PRON
ajfa-431	144	130	were	be	VERB
ajfa-431	144	131	only	only	ADV
ajfa-431	144	132	77	77	NUM
ajfa-431	144	133	observations	observation	NOUN
ajfa-431	144	134	in	in	ADP
ajfa-431	144	135	the	the	DET
ajfa-431	144	136	1993	1993	NUM
ajfa-431	144	137	sample	sample	NOUN
ajfa-431	144	138	and	and	CCONJ
ajfa-431	144	139	the	the	DET
ajfa-431	144	140	earnings	earning	NOUN
ajfa-431	144	141	response	response	NOUN
ajfa-431	144	142	coefficient	coefficient	NOUN
ajfa-431	144	143	(	(	PUNCT
ajfa-431	144	144	erc	erc	PROPN
ajfa-431	144	145	)	)	PUNCT
ajfa-431	144	146	is	be	AUX
ajfa-431	144	147	significantly	significantly	ADV
ajfa-431	144	148	negative	negative	ADJ
ajfa-431	144	149	.	.	PUNCT
ajfa-431	145	1	asian	asian	ADJ
ajfa-431	145	2	journal	journal	PROPN
ajfa-431	145	3	of	of	ADP
ajfa-431	145	4	finance	finance	PROPN
ajfa-431	145	5	&	&	CCONJ
ajfa-431	145	6	accounting	accounting	PROPN
ajfa-431	145	7	issn	issn	PROPN
ajfa-431	145	8	1946	1946	NUM
ajfa-431	145	9	-	-	PUNCT
ajfa-431	145	10	052x	052x	NOUN
ajfa-431	145	11	2010	2010	NUM
ajfa-431	145	12	,	,	PUNCT
ajfa-431	145	13	vol	vol	NOUN
ajfa-431	145	14	.	.	PROPN
ajfa-431	145	15	2	2	NUM
ajfa-431	145	16	,	,	PUNCT
ajfa-431	145	17	no	no	INTJ
ajfa-431	145	18	.	.	NOUN
ajfa-431	145	19	1	1	NUM
ajfa-431	145	20	:	:	PUNCT
ajfa-431	145	21	e3	e3	VERB
ajfa-431	145	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	145	23	56	56	NUM
ajfa-431	145	24	(	(	PUNCT
ajfa-431	145	25	1	1	NUM
ajfa-431	145	26	)	)	PUNCT
ajfa-431	145	27	company	company	NOUN
ajfa-431	145	28	size	size	NOUN
ajfa-431	145	29	(	(	PUNCT
ajfa-431	145	30	size	size	NOUN
ajfa-431	145	31	)	)	PUNCT
ajfa-431	145	32	is	be	AUX
ajfa-431	145	33	the	the	DET
ajfa-431	145	34	average	average	NOUN
ajfa-431	145	35	of	of	ADP
ajfa-431	145	36	the	the	DET
ajfa-431	145	37	natural	natural	ADJ
ajfa-431	145	38	logarithm	logarithm	NOUN
ajfa-431	145	39	of	of	ADP
ajfa-431	145	40	company	company	NOUN
ajfa-431	145	41	i	i	PRON
ajfa-431	145	42	total	total	ADJ
ajfa-431	145	43	assets	asset	NOUN
ajfa-431	145	44	.	.	PUNCT
ajfa-431	146	1	findings	finding	NOUN
ajfa-431	146	2	in	in	ADP
ajfa-431	146	3	some	some	DET
ajfa-431	146	4	prior	prior	ADJ
ajfa-431	146	5	research	research	NOUN
ajfa-431	146	6	indicate	indicate	VERB
ajfa-431	146	7	that	that	DET
ajfa-431	146	8	company	company	NOUN
ajfa-431	146	9	size	size	NOUN
ajfa-431	146	10	strongly	strongly	ADV
ajfa-431	146	11	influences	influence	VERB
ajfa-431	146	12	financial	financial	ADJ
ajfa-431	146	13	transparency	transparency	NOUN
ajfa-431	146	14	(	(	PUNCT
ajfa-431	146	15	see	see	VERB
ajfa-431	146	16	jaggi	jaggi	NOUN
ajfa-431	146	17	and	and	CCONJ
ajfa-431	146	18	low	low	ADJ
ajfa-431	146	19	,	,	PUNCT
ajfa-431	146	20	2000	2000	NUM
ajfa-431	146	21	)	)	PUNCT
ajfa-431	146	22	.	.	PUNCT
ajfa-431	147	1	watts	watts	PROPN
ajfa-431	147	2	and	and	CCONJ
ajfa-431	147	3	zimmerman	zimmerman	PROPN
ajfa-431	147	4	(	(	PUNCT
ajfa-431	147	5	1986	1986	NUM
ajfa-431	147	6	)	)	PUNCT
ajfa-431	147	7	suggest	suggest	VERB
ajfa-431	147	8	the	the	DET
ajfa-431	147	9	political	political	ADJ
ajfa-431	147	10	costs	cost	NOUN
ajfa-431	147	11	hypothesis	hypothesis	NOUN
ajfa-431	147	12	in	in	ADP
ajfa-431	147	13	positive	positive	ADJ
ajfa-431	147	14	accounting	accounting	NOUN
ajfa-431	147	15	theory	theory	NOUN
ajfa-431	147	16	that	that	SCONJ
ajfa-431	147	17	large	large	ADJ
ajfa-431	147	18	companies	company	NOUN
ajfa-431	147	19	,	,	PUNCT
ajfa-431	147	20	subject	subject	ADJ
ajfa-431	147	21	to	to	ADP
ajfa-431	147	22	political	political	ADJ
ajfa-431	147	23	costs	cost	NOUN
ajfa-431	147	24	,	,	PUNCT
ajfa-431	147	25	may	may	AUX
ajfa-431	147	26	defer	defer	VERB
ajfa-431	147	27	reported	report	VERB
ajfa-431	147	28	earnings	earning	NOUN
ajfa-431	147	29	from	from	ADP
ajfa-431	147	30	current	current	ADJ
ajfa-431	147	31	to	to	ADP
ajfa-431	147	32	future	future	ADJ
ajfa-431	147	33	periods	period	NOUN
ajfa-431	147	34	.	.	PUNCT
ajfa-431	148	1	however	however	ADV
ajfa-431	148	2	,	,	PUNCT
ajfa-431	148	3	most	most	ADV
ajfa-431	148	4	large	large	ADJ
ajfa-431	148	5	corporations	corporation	NOUN
ajfa-431	148	6	in	in	ADP
ajfa-431	148	7	china	china	PROPN
ajfa-431	148	8	are	be	AUX
ajfa-431	148	9	soes	soe	NOUN
ajfa-431	148	10	with	with	ADP
ajfa-431	148	11	high	high	ADJ
ajfa-431	148	12	state	state	NOUN
ajfa-431	148	13	ownership	ownership	NOUN
ajfa-431	148	14	.	.	PUNCT
ajfa-431	149	1	they	they	PRON
ajfa-431	149	2	tend	tend	VERB
ajfa-431	149	3	to	to	PART
ajfa-431	149	4	diminish	diminish	VERB
ajfa-431	149	5	the	the	DET
ajfa-431	149	6	demand	demand	NOUN
ajfa-431	149	7	for	for	ADP
ajfa-431	149	8	promptly	promptly	ADV
ajfa-431	149	9	disclosing	disclose	VERB
ajfa-431	149	10	financial	financial	ADJ
ajfa-431	149	11	information	information	NOUN
ajfa-431	149	12	.	.	PUNCT
ajfa-431	150	1	consequently	consequently	ADV
ajfa-431	150	2	,	,	PUNCT
ajfa-431	150	3	it	it	PRON
ajfa-431	150	4	is	be	AUX
ajfa-431	150	5	expected	expect	VERB
ajfa-431	150	6	that	that	SCONJ
ajfa-431	150	7	there	there	PRON
ajfa-431	150	8	will	will	AUX
ajfa-431	150	9	be	be	AUX
ajfa-431	150	10	a	a	DET
ajfa-431	150	11	negative	negative	ADJ
ajfa-431	150	12	association	association	NOUN
ajfa-431	150	13	between	between	ADP
ajfa-431	150	14	company	company	NOUN
ajfa-431	150	15	size	size	NOUN
ajfa-431	150	16	and	and	CCONJ
ajfa-431	150	17	earnings	earning	NOUN
ajfa-431	150	18	conservatism	conservatism	NOUN
ajfa-431	150	19	.	.	PUNCT
ajfa-431	151	1	(	(	PUNCT
ajfa-431	151	2	2	2	X
ajfa-431	151	3	)	)	PUNCT
ajfa-431	151	4	leverage	leverage	NOUN
ajfa-431	151	5	(	(	PUNCT
ajfa-431	151	6	lev	lev	NOUN
ajfa-431	151	7	)	)	PUNCT
ajfa-431	151	8	is	be	AUX
ajfa-431	151	9	the	the	DET
ajfa-431	151	10	average	average	NOUN
ajfa-431	151	11	of	of	ADP
ajfa-431	151	12	the	the	DET
ajfa-431	151	13	long	long	ADJ
ajfa-431	151	14	-	-	PUNCT
ajfa-431	151	15	term	term	NOUN
ajfa-431	151	16	debt	debt	NOUN
ajfa-431	151	17	divided	divide	VERB
ajfa-431	151	18	by	by	ADP
ajfa-431	151	19	total	total	ADJ
ajfa-431	151	20	assets	asset	NOUN
ajfa-431	151	21	of	of	ADP
ajfa-431	151	22	company	company	NOUN
ajfa-431	151	23	i.	i.	PROPN
ajfa-431	151	24	efficient	efficient	ADJ
ajfa-431	151	25	contracting	contracting	NOUN
ajfa-431	151	26	theory	theory	NOUN
ajfa-431	151	27	suggests	suggest	VERB
ajfa-431	151	28	that	that	SCONJ
ajfa-431	151	29	creditors	creditor	NOUN
ajfa-431	151	30	can	can	AUX
ajfa-431	151	31	mitigate	mitigate	VERB
ajfa-431	151	32	the	the	DET
ajfa-431	151	33	agency	agency	NOUN
ajfa-431	151	34	conflicts	conflict	NOUN
ajfa-431	151	35	between	between	ADP
ajfa-431	151	36	shareholders	shareholder	NOUN
ajfa-431	151	37	and	and	CCONJ
ajfa-431	151	38	creditors	creditor	NOUN
ajfa-431	151	39	by	by	ADP
ajfa-431	151	40	contracting	contract	VERB
ajfa-431	151	41	with	with	ADP
ajfa-431	151	42	companies	company	NOUN
ajfa-431	151	43	using	use	VERB
ajfa-431	151	44	financial	financial	ADJ
ajfa-431	151	45	accounting	accounting	NOUN
ajfa-431	151	46	numbers	number	NOUN
ajfa-431	151	47	via	via	ADP
ajfa-431	151	48	a	a	DET
ajfa-431	151	49	debt	debt	NOUN
ajfa-431	151	50	covenant	covenant	NOUN
ajfa-431	151	51	(	(	PUNCT
ajfa-431	151	52	cotter	cotter	NOUN
ajfa-431	151	53	,	,	PUNCT
ajfa-431	151	54	1998	1998	NUM
ajfa-431	151	55	;	;	PUNCT
ajfa-431	151	56	fields	field	NOUN
ajfa-431	151	57	et	et	PROPN
ajfa-431	151	58	al	al	PROPN
ajfa-431	151	59	.	.	PROPN
ajfa-431	151	60	,	,	PUNCT
ajfa-431	151	61	2001	2001	NUM
ajfa-431	151	62	;	;	PUNCT
ajfa-431	151	63	jensen	jensen	PROPN
ajfa-431	151	64	and	and	CCONJ
ajfa-431	151	65	meckling	meckling	NOUN
ajfa-431	151	66	,	,	PUNCT
ajfa-431	151	67	1976	1976	NUM
ajfa-431	151	68	)	)	PUNCT
ajfa-431	151	69	.	.	PUNCT
ajfa-431	152	1	earnings	earning	NOUN
ajfa-431	152	2	conservatism	conservatism	NOUN
ajfa-431	152	3	provides	provide	VERB
ajfa-431	152	4	contracting	contract	VERB
ajfa-431	152	5	parties	party	NOUN
ajfa-431	152	6	with	with	ADP
ajfa-431	152	7	an	an	DET
ajfa-431	152	8	additional	additional	ADJ
ajfa-431	152	9	tool	tool	NOUN
ajfa-431	152	10	to	to	PART
ajfa-431	152	11	cope	cope	VERB
ajfa-431	152	12	with	with	ADP
ajfa-431	152	13	conflict	conflict	NOUN
ajfa-431	152	14	between	between	ADP
ajfa-431	152	15	debtholders	debtholder	NOUN
ajfa-431	152	16	and	and	CCONJ
ajfa-431	152	17	shareholders	shareholder	NOUN
ajfa-431	152	18	(	(	PUNCT
ajfa-431	152	19	ahmed	ahmed	PROPN
ajfa-431	152	20	et	et	PROPN
ajfa-431	152	21	al	al	PROPN
ajfa-431	152	22	.	.	PROPN
ajfa-431	152	23	,	,	PUNCT
ajfa-431	152	24	2002	2002	NUM
ajfa-431	152	25	;	;	PUNCT
ajfa-431	152	26	watts	watt	NOUN
ajfa-431	152	27	,	,	PUNCT
ajfa-431	152	28	2003a	2003a	NUM
ajfa-431	152	29	)	)	PUNCT
ajfa-431	152	30	.	.	PUNCT
ajfa-431	153	1	companies	company	NOUN
ajfa-431	153	2	with	with	ADP
ajfa-431	153	3	a	a	DET
ajfa-431	153	4	high	high	ADJ
ajfa-431	153	5	level	level	NOUN
ajfa-431	153	6	of	of	ADP
ajfa-431	153	7	leverage	leverage	NOUN
ajfa-431	153	8	generally	generally	ADV
ajfa-431	153	9	are	be	AUX
ajfa-431	153	10	under	under	ADP
ajfa-431	153	11	greater	great	ADJ
ajfa-431	153	12	creditor	creditor	NOUN
ajfa-431	153	13	scrutiny	scrutiny	NOUN
ajfa-431	153	14	to	to	PART
ajfa-431	153	15	ensure	ensure	VERB
ajfa-431	153	16	that	that	SCONJ
ajfa-431	153	17	they	they	PRON
ajfa-431	153	18	do	do	AUX
ajfa-431	153	19	not	not	PART
ajfa-431	153	20	violate	violate	VERB
ajfa-431	153	21	debt	debt	NOUN
ajfa-431	153	22	covenants	covenant	NOUN
ajfa-431	153	23	(	(	PUNCT
ajfa-431	153	24	jaggi	jaggi	NOUN
ajfa-431	153	25	and	and	CCONJ
ajfa-431	153	26	low	low	ADJ
ajfa-431	153	27	,	,	PUNCT
ajfa-431	153	28	2000	2000	NUM
ajfa-431	153	29	;	;	PUNCT
ajfa-431	153	30	jensen	jensen	PROPN
ajfa-431	153	31	and	and	CCONJ
ajfa-431	153	32	meckling	meckling	NOUN
ajfa-431	153	33	,	,	PUNCT
ajfa-431	153	34	1976	1976	NUM
ajfa-431	153	35	)	)	PUNCT
ajfa-431	153	36	.	.	PUNCT
ajfa-431	154	1	anticipating	anticipate	VERB
ajfa-431	154	2	this	this	DET
ajfa-431	154	3	risk	risk	NOUN
ajfa-431	154	4	and	and	CCONJ
ajfa-431	154	5	substantial	substantial	ADJ
ajfa-431	154	6	losses	loss	NOUN
ajfa-431	154	7	from	from	ADP
ajfa-431	154	8	aggressive	aggressive	ADJ
ajfa-431	154	9	accounting	accounting	NOUN
ajfa-431	154	10	,	,	PUNCT
ajfa-431	154	11	creditors	creditor	NOUN
ajfa-431	154	12	will	will	AUX
ajfa-431	154	13	demand	demand	VERB
ajfa-431	154	14	more	more	ADJ
ajfa-431	154	15	conservative	conservative	ADJ
ajfa-431	154	16	accounting	accounting	NOUN
ajfa-431	154	17	by	by	ADP
ajfa-431	154	18	setting	set	VERB
ajfa-431	154	19	tight	tight	ADJ
ajfa-431	154	20	debt	debt	NOUN
ajfa-431	154	21	covenants	covenant	NOUN
ajfa-431	154	22	to	to	PART
ajfa-431	154	23	minimize	minimize	VERB
ajfa-431	154	24	expected	expect	VERB
ajfa-431	154	25	losses	loss	NOUN
ajfa-431	154	26	.	.	PUNCT
ajfa-431	155	1	ahmed	ahmed	PROPN
ajfa-431	155	2	et	et	PROPN
ajfa-431	155	3	al	al	PROPN
ajfa-431	155	4	.	.	PROPN
ajfa-431	156	1	(	(	PUNCT
ajfa-431	156	2	2002	2002	NUM
ajfa-431	156	3	)	)	PUNCT
ajfa-431	156	4	conclude	conclude	VERB
ajfa-431	156	5	that	that	SCONJ
ajfa-431	156	6	companies	company	NOUN
ajfa-431	156	7	with	with	ADP
ajfa-431	156	8	high	high	ADJ
ajfa-431	156	9	leverage	leverage	NOUN
ajfa-431	156	10	tend	tend	VERB
ajfa-431	156	11	to	to	PART
ajfa-431	156	12	adopt	adopt	VERB
ajfa-431	156	13	conservative	conservative	ADJ
ajfa-431	156	14	accounting	accounting	NOUN
ajfa-431	156	15	to	to	PART
ajfa-431	156	16	reduce	reduce	VERB
ajfa-431	156	17	refinancing	refinancing	NOUN
ajfa-431	156	18	expenses	expense	NOUN
ajfa-431	156	19	and	and	CCONJ
ajfa-431	156	20	subsequent	subsequent	ADJ
ajfa-431	156	21	costly	costly	ADJ
ajfa-431	156	22	borrowings	borrowing	NOUN
ajfa-431	156	23	or	or	CCONJ
ajfa-431	156	24	restructuring	restructuring	NOUN
ajfa-431	156	25	costs	cost	NOUN
ajfa-431	156	26	.	.	PUNCT
ajfa-431	157	1	it	it	PRON
ajfa-431	157	2	may	may	AUX
ajfa-431	157	3	be	be	AUX
ajfa-431	157	4	that	that	SCONJ
ajfa-431	157	5	lenders	lender	NOUN
ajfa-431	157	6	prefer	prefer	VERB
ajfa-431	157	7	to	to	PART
ajfa-431	157	8	actively	actively	ADV
ajfa-431	157	9	seek	seek	VERB
ajfa-431	157	10	out	out	ADP
ajfa-431	157	11	or	or	CCONJ
ajfa-431	157	12	impose	impose	VERB
ajfa-431	157	13	less	less	ADV
ajfa-431	157	14	onerous	onerous	ADJ
ajfa-431	157	15	restrictions	restriction	NOUN
ajfa-431	157	16	upon	upon	SCONJ
ajfa-431	157	17	companies	company	NOUN
ajfa-431	157	18	that	that	PRON
ajfa-431	157	19	adopt	adopt	VERB
ajfa-431	157	20	conservative	conservative	ADJ
ajfa-431	157	21	accounting	accounting	NOUN
ajfa-431	157	22	practices	practice	NOUN
ajfa-431	157	23	.	.	PUNCT
ajfa-431	158	1	although	although	SCONJ
ajfa-431	158	2	the	the	DET
ajfa-431	158	3	level	level	NOUN
ajfa-431	158	4	of	of	ADP
ajfa-431	158	5	financing	financing	NOUN
ajfa-431	158	6	provided	provide	VERB
ajfa-431	158	7	by	by	ADP
ajfa-431	158	8	banks	bank	NOUN
ajfa-431	158	9	falls	fall	VERB
ajfa-431	158	10	as	as	SCONJ
ajfa-431	158	11	publicly	publicly	ADV
ajfa-431	158	12	issued	issue	VERB
ajfa-431	158	13	debt	debt	NOUN
ajfa-431	158	14	and	and	CCONJ
ajfa-431	158	15	equity	equity	NOUN
ajfa-431	158	16	financing	financing	NOUN
ajfa-431	158	17	becomes	become	VERB
ajfa-431	158	18	increasingly	increasingly	ADV
ajfa-431	158	19	important	important	ADJ
ajfa-431	158	20	,	,	PUNCT
ajfa-431	158	21	banks	bank	NOUN
ajfa-431	158	22	are	be	AUX
ajfa-431	158	23	the	the	DET
ajfa-431	158	24	major	major	ADJ
ajfa-431	158	25	supplier	supplier	NOUN
ajfa-431	158	26	of	of	ADP
ajfa-431	158	27	funds	fund	NOUN
ajfa-431	158	28	in	in	ADP
ajfa-431	158	29	china	china	PROPN
ajfa-431	158	30	.	.	PUNCT
ajfa-431	159	1	hence	hence	ADV
ajfa-431	159	2	,	,	PUNCT
ajfa-431	159	3	chinese	chinese	ADJ
ajfa-431	159	4	banks	bank	NOUN
ajfa-431	159	5	are	be	AUX
ajfa-431	159	6	expected	expect	VERB
ajfa-431	159	7	to	to	PART
ajfa-431	159	8	play	play	VERB
ajfa-431	159	9	a	a	DET
ajfa-431	159	10	prominent	prominent	ADJ
ajfa-431	159	11	role	role	NOUN
ajfa-431	159	12	in	in	ADP
ajfa-431	159	13	mitigating	mitigate	VERB
ajfa-431	159	14	agency	agency	NOUN
ajfa-431	159	15	problems	problem	NOUN
ajfa-431	159	16	by	by	ADP
ajfa-431	159	17	monitoring	monitor	VERB
ajfa-431	159	18	listed	list	VERB
ajfa-431	159	19	companies	company	NOUN
ajfa-431	159	20	and	and	CCONJ
ajfa-431	159	21	encouraging	encourage	VERB
ajfa-431	159	22	conservative	conservative	ADJ
ajfa-431	159	23	accounting	accounting	NOUN
ajfa-431	159	24	reporting	reporting	NOUN
ajfa-431	159	25	.	.	PUNCT
ajfa-431	160	1	(	(	PUNCT
ajfa-431	160	2	3	3	X
ajfa-431	160	3	)	)	PUNCT
ajfa-431	160	4	profitability	profitability	NOUN
ajfa-431	160	5	(	(	PUNCT
ajfa-431	160	6	roa	roa	NOUN
ajfa-431	160	7	)	)	PUNCT
ajfa-431	160	8	is	be	AUX
ajfa-431	160	9	the	the	DET
ajfa-431	160	10	average	average	NOUN
ajfa-431	160	11	of	of	ADP
ajfa-431	160	12	company	company	NOUN
ajfa-431	160	13	i	i	PRON
ajfa-431	160	14	return	return	VERB
ajfa-431	160	15	on	on	ADP
ajfa-431	160	16	assets	asset	NOUN
ajfa-431	160	17	.	.	PUNCT
ajfa-431	161	1	profitability	profitability	NOUN
ajfa-431	161	2	also	also	ADV
ajfa-431	161	3	is	be	AUX
ajfa-431	161	4	potentially	potentially	ADV
ajfa-431	161	5	associated	associate	VERB
ajfa-431	161	6	with	with	ADP
ajfa-431	161	7	companies	company	NOUN
ajfa-431	161	8	’	'	PUNCT
ajfa-431	161	9	demands	demand	NOUN
ajfa-431	161	10	for	for	ADP
ajfa-431	161	11	and	and	CCONJ
ajfa-431	161	12	cost	cost	NOUN
ajfa-431	161	13	of	of	ADP
ajfa-431	161	14	conservatism	conservatism	NOUN
ajfa-431	161	15	(	(	PUNCT
ajfa-431	161	16	see	see	AUX
ajfa-431	161	17	ahmed	ahmed	PROPN
ajfa-431	161	18	et	et	PROPN
ajfa-431	161	19	al	al	PROPN
ajfa-431	161	20	.	.	PROPN
ajfa-431	161	21	,	,	PUNCT
ajfa-431	161	22	2002	2002	NUM
ajfa-431	161	23	)	)	PUNCT
ajfa-431	161	24	.	.	PUNCT
ajfa-431	162	1	companies	company	NOUN
ajfa-431	162	2	with	with	ADP
ajfa-431	162	3	higher	high	ADJ
ajfa-431	162	4	profitability	profitability	NOUN
ajfa-431	162	5	are	be	AUX
ajfa-431	162	6	expected	expect	VERB
ajfa-431	162	7	to	to	PART
ajfa-431	162	8	use	use	VERB
ajfa-431	162	9	more	more	ADJ
ajfa-431	162	10	conservative	conservative	ADJ
ajfa-431	162	11	accounting	accounting	NOUN
ajfa-431	162	12	because	because	SCONJ
ajfa-431	162	13	the	the	DET
ajfa-431	162	14	cost	cost	NOUN
ajfa-431	162	15	of	of	ADP
ajfa-431	162	16	making	make	VERB
ajfa-431	162	17	a	a	DET
ajfa-431	162	18	conservative	conservative	ADJ
ajfa-431	162	19	accounting	accounting	NOUN
ajfa-431	162	20	choice	choice	NOUN
ajfa-431	162	21	is	be	AUX
ajfa-431	162	22	lower	low	ADJ
ajfa-431	162	23	than	than	ADP
ajfa-431	162	24	for	for	ADP
ajfa-431	162	25	low	low	ADJ
ajfa-431	162	26	-	-	PUNCT
ajfa-431	162	27	profitability	profitability	NOUN
ajfa-431	162	28	companies	company	NOUN
ajfa-431	162	29	.	.	PUNCT
ajfa-431	163	1	hence	hence	ADV
ajfa-431	163	2	,	,	PUNCT
ajfa-431	163	3	we	we	PRON
ajfa-431	163	4	include	include	VERB
ajfa-431	163	5	return	return	NOUN
ajfa-431	163	6	on	on	ADP
ajfa-431	163	7	assets	asset	NOUN
ajfa-431	163	8	as	as	ADP
ajfa-431	163	9	a	a	DET
ajfa-431	163	10	proxy	proxy	NOUN
ajfa-431	163	11	for	for	ADP
ajfa-431	163	12	profitability	profitability	NOUN
ajfa-431	163	13	to	to	PART
ajfa-431	163	14	control	control	VERB
ajfa-431	163	15	for	for	ADP
ajfa-431	163	16	the	the	DET
ajfa-431	163	17	potential	potential	ADJ
ajfa-431	163	18	cost	cost	NOUN
ajfa-431	163	19	of	of	ADP
ajfa-431	163	20	conservatism	conservatism	NOUN
ajfa-431	163	21	(	(	PUNCT
ajfa-431	163	22	ahmed	ahmed	PROPN
ajfa-431	163	23	et	et	PROPN
ajfa-431	163	24	al	al	PROPN
ajfa-431	163	25	.	.	PROPN
ajfa-431	163	26	,	,	PUNCT
ajfa-431	163	27	2002	2002	NUM
ajfa-431	163	28	)	)	PUNCT
ajfa-431	163	29	.	.	PUNCT
ajfa-431	164	1	in	in	ADP
ajfa-431	164	2	addition	addition	NOUN
ajfa-431	164	3	,	,	PUNCT
ajfa-431	164	4	including	include	VERB
ajfa-431	164	5	a	a	DET
ajfa-431	164	6	control	control	NOUN
ajfa-431	164	7	for	for	ADP
ajfa-431	164	8	profitability	profitability	NOUN
ajfa-431	164	9	also	also	ADV
ajfa-431	164	10	reduces	reduce	VERB
ajfa-431	164	11	the	the	DET
ajfa-431	164	12	likelihood	likelihood	NOUN
ajfa-431	164	13	of	of	ADP
ajfa-431	164	14	an	an	DET
ajfa-431	164	15	omitted	omit	VERB
ajfa-431	164	16	-	-	PUNCT
ajfa-431	164	17	variables	variable	NOUN
ajfa-431	164	18	bias	bias	NOUN
ajfa-431	164	19	.	.	PUNCT
ajfa-431	165	1	equation	equation	NOUN
ajfa-431	165	2	(	(	PUNCT
ajfa-431	165	3	1	1	X
ajfa-431	165	4	)	)	PUNCT
ajfa-431	165	5	posits	posit	NOUN
ajfa-431	165	6	that	that	SCONJ
ajfa-431	165	7	using	use	VERB
ajfa-431	165	8	accounting	accounting	NOUN
ajfa-431	165	9	earnings	earning	NOUN
ajfa-431	165	10	(	(	PUNCT
ajfa-431	165	11	a	a	DET
ajfa-431	165	12	lagging	lag	VERB
ajfa-431	165	13	variable	variable	NOUN
ajfa-431	165	14	)	)	PUNCT
ajfa-431	165	15	as	as	ADP
ajfa-431	165	16	the	the	DET
ajfa-431	165	17	dependent	dependent	ADJ
ajfa-431	165	18	variable	variable	NOUN
ajfa-431	165	19	and	and	CCONJ
ajfa-431	165	20	stock	stock	NOUN
ajfa-431	165	21	returns	return	NOUN
ajfa-431	165	22	(	(	PUNCT
ajfa-431	165	23	a	a	DET
ajfa-431	165	24	leading	lead	VERB
ajfa-431	165	25	variable	variable	NOUN
ajfa-431	165	26	)	)	PUNCT
ajfa-431	165	27	as	as	SCONJ
ajfa-431	165	28	the	the	DET
ajfa-431	165	29	independent	independent	ADJ
ajfa-431	165	30	variable	variable	NOUN
ajfa-431	165	31	estimates	estimate	VERB
ajfa-431	165	32	the	the	DET
ajfa-431	165	33	slope	slope	NOUN
ajfa-431	165	34	coefficient	coefficient	NOUN
ajfa-431	165	35	better	well	ADV
ajfa-431	165	36	.	.	PUNCT
ajfa-431	166	1	a	a	DET
ajfa-431	166	2	bad	bad	ADJ
ajfa-431	166	3	news	news	NOUN
ajfa-431	166	4	dummy	dummy	ADJ
ajfa-431	166	5	dit	dit	NOUN
ajfa-431	166	6	is	be	AUX
ajfa-431	166	7	included	include	VERB
ajfa-431	166	8	in	in	ADP
ajfa-431	166	9	the	the	DET
ajfa-431	166	10	regression	regression	NOUN
ajfa-431	166	11	to	to	PART
ajfa-431	166	12	distinguish	distinguish	VERB
ajfa-431	166	13	bad	bad	ADJ
ajfa-431	166	14	news	news	NOUN
ajfa-431	166	15	from	from	ADP
ajfa-431	166	16	good	good	ADJ
ajfa-431	166	17	news	news	NOUN
ajfa-431	166	18	.	.	PUNCT
ajfa-431	167	1	the	the	DET
ajfa-431	167	2	slope	slope	NOUN
ajfa-431	167	3	coefficients	coefficient	NOUN
ajfa-431	167	4	β2	β2	NOUN
ajfa-431	167	5	and	and	CCONJ
ajfa-431	167	6	β3	β3	VERB
ajfa-431	167	7	in	in	ADP
ajfa-431	167	8	equation	equation	NOUN
ajfa-431	167	9	(	(	PUNCT
ajfa-431	167	10	1	1	X
ajfa-431	167	11	)	)	PUNCT
ajfa-431	167	12	are	be	AUX
ajfa-431	167	13	used	use	VERB
ajfa-431	167	14	to	to	PART
ajfa-431	167	15	measure	measure	VERB
ajfa-431	167	16	asian	asian	ADJ
ajfa-431	167	17	journal	journal	NOUN
ajfa-431	167	18	of	of	ADP
ajfa-431	167	19	finance	finance	PROPN
ajfa-431	167	20	&	&	CCONJ
ajfa-431	167	21	accounting	accounting	PROPN
ajfa-431	167	22	issn	issn	PROPN
ajfa-431	167	23	1946	1946	NUM
ajfa-431	167	24	-	-	PUNCT
ajfa-431	167	25	052x	052x	NOUN
ajfa-431	167	26	2010	2010	NUM
ajfa-431	167	27	,	,	PUNCT
ajfa-431	167	28	vol	vol	NOUN
ajfa-431	167	29	.	.	PROPN
ajfa-431	167	30	2	2	NUM
ajfa-431	167	31	,	,	PUNCT
ajfa-431	167	32	no	no	INTJ
ajfa-431	167	33	.	.	NOUN
ajfa-431	167	34	1	1	NUM
ajfa-431	167	35	:	:	PUNCT
ajfa-431	167	36	e3	e3	VERB
ajfa-431	167	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	167	38	57	57	NUM
ajfa-431	167	39	the	the	DET
ajfa-431	167	40	responsiveness	responsiveness	NOUN
ajfa-431	167	41	of	of	ADP
ajfa-431	167	42	reported	report	VERB
ajfa-431	167	43	earnings	earning	NOUN
ajfa-431	167	44	to	to	ADP
ajfa-431	167	45	the	the	DET
ajfa-431	167	46	news	news	NOUN
ajfa-431	167	47	captured	capture	VERB
ajfa-431	167	48	in	in	ADP
ajfa-431	167	49	contemporaneous	contemporaneous	ADJ
ajfa-431	167	50	returns	return	NOUN
ajfa-431	167	51	.	.	PUNCT
ajfa-431	168	1	these	these	DET
ajfa-431	168	2	slope	slope	NOUN
ajfa-431	168	3	coefficients	coefficient	NOUN
ajfa-431	168	4	are	be	AUX
ajfa-431	168	5	termed	term	VERB
ajfa-431	168	6	“	"	PUNCT
ajfa-431	168	7	return	return	VERB
ajfa-431	168	8	response	response	NOUN
ajfa-431	168	9	coefficients	coefficient	NOUN
ajfa-431	168	10	.	.	PUNCT
ajfa-431	168	11	”	"	PUNCT
ajfa-431	169	1	the	the	DET
ajfa-431	169	2	bad	bad	ADJ
ajfa-431	169	3	news	news	NOUN
ajfa-431	169	4	slope	slope	NOUN
ajfa-431	169	5	coefficient	coefficient	NOUN
ajfa-431	169	6	is	be	AUX
ajfa-431	169	7	steeper	steep	ADJ
ajfa-431	169	8	than	than	ADP
ajfa-431	169	9	the	the	DET
ajfa-431	169	10	good	good	PROPN
ajfa-431	169	11	news	news	NOUN
ajfa-431	169	12	slope	slope	NOUN
ajfa-431	169	13	when	when	SCONJ
ajfa-431	169	14	conservatism	conservatism	NOUN
ajfa-431	169	15	exists	exist	VERB
ajfa-431	169	16	.	.	PUNCT
ajfa-431	170	1	under	under	ADP
ajfa-431	170	2	conservative	conservative	ADJ
ajfa-431	170	3	reporting	reporting	NOUN
ajfa-431	170	4	,	,	PUNCT
ajfa-431	170	5	the	the	DET
ajfa-431	170	6	slope	slope	NOUN
ajfa-431	170	7	coefficient	coefficient	NOUN
ajfa-431	170	8	β3	β3	PROPN
ajfa-431	170	9	,	,	PUNCT
ajfa-431	170	10	which	which	PRON
ajfa-431	170	11	measures	measure	VERB
ajfa-431	170	12	the	the	DET
ajfa-431	170	13	incremental	incremental	ADJ
ajfa-431	170	14	response	response	NOUN
ajfa-431	170	15	of	of	ADP
ajfa-431	170	16	earnings	earning	NOUN
ajfa-431	170	17	to	to	ADP
ajfa-431	170	18	bad	bad	ADJ
ajfa-431	170	19	news	news	NOUN
ajfa-431	170	20	over	over	ADP
ajfa-431	170	21	the	the	DET
ajfa-431	170	22	response	response	NOUN
ajfa-431	170	23	to	to	ADP
ajfa-431	170	24	good	good	ADJ
ajfa-431	170	25	news	news	NOUN
ajfa-431	170	26	,	,	PUNCT
ajfa-431	170	27	is	be	AUX
ajfa-431	170	28	expected	expect	VERB
ajfa-431	170	29	to	to	PART
ajfa-431	170	30	be	be	AUX
ajfa-431	170	31	positive	positive	ADJ
ajfa-431	170	32	.	.	PUNCT
ajfa-431	171	1	coefficient	coefficient	PROPN
ajfa-431	171	2	β4	β4	PROPN
ajfa-431	171	3	captures	capture	VERB
ajfa-431	171	4	the	the	DET
ajfa-431	171	5	marginal	marginal	ADJ
ajfa-431	171	6	effect	effect	NOUN
ajfa-431	171	7	of	of	ADP
ajfa-431	171	8	sensitivity	sensitivity	NOUN
ajfa-431	171	9	to	to	ADP
ajfa-431	171	10	bad	bad	ADJ
ajfa-431	171	11	news	news	NOUN
ajfa-431	171	12	for	for	ADP
ajfa-431	171	13	companies	company	NOUN
ajfa-431	171	14	where	where	SCONJ
ajfa-431	171	15	ntaitdit	ntaitdit	NOUN
ajfa-431	171	16	equals	equal	VERB
ajfa-431	171	17	zero	zero	NUM
ajfa-431	171	18	,	,	PUNCT
ajfa-431	171	19	and	and	CCONJ
ajfa-431	171	20	the	the	DET
ajfa-431	171	21	interaction	interaction	NOUN
ajfa-431	171	22	coefficient	coefficient	NOUN
ajfa-431	171	23	β5	β5	NOUN
ajfa-431	171	24	captures	capture	VERB
ajfa-431	171	25	the	the	DET
ajfa-431	171	26	incremental	incremental	ADJ
ajfa-431	171	27	earnings	earning	NOUN
ajfa-431	171	28	conservatism	conservatism	NOUN
ajfa-431	171	29	for	for	ADP
ajfa-431	171	30	companies	company	NOUN
ajfa-431	171	31	where	where	SCONJ
ajfa-431	171	32	ntaitdit	ntaitdit	NOUN
ajfa-431	171	33	equals	equal	VERB
ajfa-431	171	34	one	one	NUM
ajfa-431	171	35	.	.	PUNCT
ajfa-431	172	1	it	it	PRON
ajfa-431	172	2	also	also	ADV
ajfa-431	172	3	is	be	AUX
ajfa-431	172	4	expected	expect	VERB
ajfa-431	172	5	that	that	SCONJ
ajfa-431	172	6	,	,	PUNCT
ajfa-431	172	7	for	for	ADP
ajfa-431	172	8	conservative	conservative	ADJ
ajfa-431	172	9	reporting	reporting	NOUN
ajfa-431	172	10	,	,	PUNCT
ajfa-431	172	11	the	the	DET
ajfa-431	172	12	interaction	interaction	NOUN
ajfa-431	172	13	coefficient	coefficient	NOUN
ajfa-431	172	14	β5	β5	PROPN
ajfa-431	172	15	will	will	AUX
ajfa-431	172	16	be	be	AUX
ajfa-431	172	17	significantly	significantly	ADV
ajfa-431	172	18	positive	positive	ADJ
ajfa-431	172	19	.	.	PUNCT
ajfa-431	173	1	4	4	X
ajfa-431	173	2	.	.	X
ajfa-431	173	3	results	result	VERB
ajfa-431	173	4	4.1	4.1	NUM
ajfa-431	173	5	descriptive	descriptive	ADJ
ajfa-431	173	6	statistics	statistic	NOUN
ajfa-431	173	7	table	table	NOUN
ajfa-431	173	8	1	1	NUM
ajfa-431	173	9	provides	provide	VERB
ajfa-431	173	10	the	the	DET
ajfa-431	173	11	patterns	pattern	NOUN
ajfa-431	173	12	of	of	ADP
ajfa-431	173	13	annual	annual	ADJ
ajfa-431	173	14	distributions	distribution	NOUN
ajfa-431	173	15	for	for	ADP
ajfa-431	173	16	non	non	ADJ
ajfa-431	173	17	-	-	ADJ
ajfa-431	173	18	tradable	tradable	ADJ
ajfa-431	173	19	shares	share	NOUN
ajfa-431	173	20	for	for	ADP
ajfa-431	173	21	the	the	DET
ajfa-431	173	22	sample	sample	NOUN
ajfa-431	173	23	period	period	NOUN
ajfa-431	173	24	.	.	PUNCT
ajfa-431	174	1	overall	overall	ADJ
ajfa-431	174	2	,	,	PUNCT
ajfa-431	174	3	soe	soe	PROPN
ajfa-431	174	4	reform	reform	NOUN
ajfa-431	174	5	in	in	ADP
ajfa-431	174	6	china	china	PROPN
ajfa-431	174	7	has	have	AUX
ajfa-431	174	8	not	not	PART
ajfa-431	174	9	resulted	result	VERB
ajfa-431	174	10	in	in	ADP
ajfa-431	174	11	a	a	DET
ajfa-431	174	12	fundamental	fundamental	ADJ
ajfa-431	174	13	change	change	NOUN
ajfa-431	174	14	in	in	ADP
ajfa-431	174	15	ownership	ownership	NOUN
ajfa-431	174	16	patterns	pattern	NOUN
ajfa-431	174	17	.	.	PUNCT
ajfa-431	175	1	the	the	DET
ajfa-431	175	2	ownership	ownership	NOUN
ajfa-431	175	3	structure	structure	NOUN
ajfa-431	175	4	of	of	ADP
ajfa-431	175	5	listed	list	VERB
ajfa-431	175	6	companies	company	NOUN
ajfa-431	175	7	has	have	AUX
ajfa-431	175	8	been	be	AUX
ajfa-431	175	9	relatively	relatively	ADV
ajfa-431	175	10	stable	stable	ADJ
ajfa-431	175	11	.	.	PUNCT
ajfa-431	176	1	for	for	ADP
ajfa-431	176	2	non	non	ADJ
ajfa-431	176	3	-	-	ADJ
ajfa-431	176	4	tradable	tradable	ADJ
ajfa-431	176	5	shares	share	NOUN
ajfa-431	176	6	,	,	PUNCT
ajfa-431	176	7	the	the	DET
ajfa-431	176	8	annual	annual	ADJ
ajfa-431	176	9	mean	mean	NOUN
ajfa-431	176	10	(	(	PUNCT
ajfa-431	176	11	median	median	NOUN
ajfa-431	176	12	)	)	PUNCT
ajfa-431	176	13	,	,	PUNCT
ajfa-431	176	14	although	although	SCONJ
ajfa-431	176	15	quite	quite	ADV
ajfa-431	176	16	high	high	ADJ
ajfa-431	176	17	,	,	PUNCT
ajfa-431	176	18	decreased	decrease	VERB
ajfa-431	176	19	slightly	slightly	ADV
ajfa-431	176	20	from	from	ADP
ajfa-431	176	21	61.57	61.57	NUM
ajfa-431	176	22	%	%	NOUN
ajfa-431	176	23	(	(	PUNCT
ajfa-431	176	24	63.33	63.33	NUM
ajfa-431	176	25	%	%	NOUN
ajfa-431	176	26	)	)	PUNCT
ajfa-431	176	27	in	in	ADP
ajfa-431	176	28	1994	1994	NUM
ajfa-431	176	29	to	to	ADP
ajfa-431	176	30	59.02	59.02	NUM
ajfa-431	176	31	%	%	NOUN
ajfa-431	176	32	(	(	PUNCT
ajfa-431	176	33	61.11	61.11	NUM
ajfa-431	176	34	%	%	NOUN
ajfa-431	176	35	)	)	PUNCT
ajfa-431	176	36	.	.	PUNCT
ajfa-431	177	1	this	this	DET
ajfa-431	177	2	pattern	pattern	NOUN
ajfa-431	177	3	implies	imply	VERB
ajfa-431	177	4	that	that	SCONJ
ajfa-431	177	5	the	the	DET
ajfa-431	177	6	ownership	ownership	NOUN
ajfa-431	177	7	of	of	ADP
ajfa-431	177	8	most	most	ADJ
ajfa-431	177	9	chinese	chinese	ADJ
ajfa-431	177	10	listed	list	VERB
ajfa-431	177	11	companies	company	NOUN
ajfa-431	177	12	was	be	AUX
ajfa-431	177	13	not	not	PART
ajfa-431	177	14	diversified	diversify	VERB
ajfa-431	177	15	during	during	ADP
ajfa-431	177	16	the	the	DET
ajfa-431	177	17	sample	sample	NOUN
ajfa-431	177	18	period	period	NOUN
ajfa-431	177	19	.	.	PUNCT
ajfa-431	178	1	the	the	DET
ajfa-431	178	2	proportion	proportion	NOUN
ajfa-431	178	3	of	of	ADP
ajfa-431	178	4	non	non	ADJ
ajfa-431	178	5	-	-	ADJ
ajfa-431	178	6	tradable	tradable	ADJ
ajfa-431	178	7	shares	share	NOUN
ajfa-431	178	8	is	be	AUX
ajfa-431	178	9	high	high	ADJ
ajfa-431	178	10	so	so	ADV
ajfa-431	178	11	only	only	ADV
ajfa-431	178	12	a	a	DET
ajfa-431	178	13	small	small	ADJ
ajfa-431	178	14	portion	portion	NOUN
ajfa-431	178	15	of	of	ADP
ajfa-431	178	16	these	these	DET
ajfa-431	178	17	shares	share	NOUN
ajfa-431	178	18	are	be	AUX
ajfa-431	178	19	traded	trade	VERB
ajfa-431	178	20	in	in	ADP
ajfa-431	178	21	the	the	DET
ajfa-431	178	22	open	open	ADJ
ajfa-431	178	23	market	market	NOUN
ajfa-431	178	24	.	.	PUNCT
ajfa-431	179	1	more	more	ADJ
ajfa-431	179	2	than	than	ADP
ajfa-431	179	3	half	half	NOUN
ajfa-431	179	4	of	of	ADP
ajfa-431	179	5	all	all	DET
ajfa-431	179	6	shares	share	NOUN
ajfa-431	179	7	are	be	AUX
ajfa-431	179	8	non	non	ADJ
ajfa-431	179	9	-	-	ADJ
ajfa-431	179	10	tradable	tradable	ADJ
ajfa-431	179	11	.	.	PUNCT
ajfa-431	180	1	such	such	DET
ajfa-431	180	2	a	a	DET
ajfa-431	180	3	high	high	ADJ
ajfa-431	180	4	proportion	proportion	NOUN
ajfa-431	180	5	of	of	ADP
ajfa-431	180	6	non	non	ADJ
ajfa-431	180	7	-	-	ADJ
ajfa-431	180	8	tradable	tradable	ADJ
ajfa-431	180	9	shares	share	NOUN
ajfa-431	180	10	implies	imply	VERB
ajfa-431	180	11	that	that	SCONJ
ajfa-431	180	12	external	external	ADJ
ajfa-431	180	13	monitoring	monitoring	NOUN
ajfa-431	180	14	of	of	ADP
ajfa-431	180	15	management	management	NOUN
ajfa-431	180	16	probably	probably	ADV
ajfa-431	180	17	is	be	AUX
ajfa-431	180	18	deficient	deficient	ADJ
ajfa-431	180	19	,	,	PUNCT
ajfa-431	180	20	and	and	CCONJ
ajfa-431	180	21	that	that	SCONJ
ajfa-431	180	22	there	there	PRON
ajfa-431	180	23	is	be	VERB
ajfa-431	180	24	either	either	CCONJ
ajfa-431	180	25	low	low	ADJ
ajfa-431	180	26	demand	demand	NOUN
ajfa-431	180	27	for	for	ADP
ajfa-431	180	28	earnings	earning	NOUN
ajfa-431	180	29	conservatism	conservatism	NOUN
ajfa-431	180	30	from	from	ADP
ajfa-431	180	31	external	external	ADJ
ajfa-431	180	32	user	user	NOUN
ajfa-431	180	33	groups	group	NOUN
ajfa-431	180	34	or	or	CCONJ
ajfa-431	180	35	that	that	SCONJ
ajfa-431	180	36	the	the	DET
ajfa-431	180	37	demand	demand	NOUN
ajfa-431	180	38	that	that	PRON
ajfa-431	180	39	does	do	AUX
ajfa-431	180	40	exist	exist	VERB
ajfa-431	180	41	is	be	AUX
ajfa-431	180	42	not	not	PART
ajfa-431	180	43	fulfilled	fulfil	VERB
ajfa-431	180	44	.	.	PUNCT
ajfa-431	181	1	table	table	NOUN
ajfa-431	181	2	1	1	NUM
ajfa-431	181	3	.	.	PUNCT
ajfa-431	182	1	summary	summary	NOUN
ajfa-431	182	2	statistics	statistic	NOUN
ajfa-431	182	3	for	for	ADP
ajfa-431	182	4	non	non	ADJ
ajfa-431	182	5	-	-	ADJ
ajfa-431	182	6	tradable	tradable	ADJ
ajfa-431	182	7	shares	share	NOUN
ajfa-431	182	8	year	year	NOUN
ajfa-431	182	9	n	n	ADP
ajfa-431	182	10	mean	mean	NOUN
ajfa-431	182	11	stddev	stddev	PROPN
ajfa-431	182	12	min	min	PROPN
ajfa-431	182	13	max	max	PROPN
ajfa-431	182	14	75th	75th	PROPN
ajfa-431	182	15	pctl	pctl	NOUN
ajfa-431	182	16	median	median	PROPN
ajfa-431	182	17	25th	25th	PROPN
ajfa-431	182	18	pctl	pctl	NOUN
ajfa-431	182	19	1994	1994	NUM
ajfa-431	182	20	249	249	NUM
ajfa-431	182	21	0.616	0.616	NUM
ajfa-431	182	22	0.169	0.169	NUM
ajfa-431	182	23	0	0	NUM
ajfa-431	182	24	0.928	0.928	NUM
ajfa-431	182	25	0.725	0.725	NUM
ajfa-431	182	26	0.633	0.633	NUM
ajfa-431	182	27	0.523	0.523	NUM
ajfa-431	182	28	1995	1995	NUM
ajfa-431	182	29	290	290	NUM
ajfa-431	182	30	0.605	0.605	NUM
ajfa-431	182	31	0.161	0.161	NUM
ajfa-431	182	32	0	0	NUM
ajfa-431	182	33	0.928	0.928	NUM
ajfa-431	182	34	0.716	0.716	NUM
ajfa-431	182	35	0.621	0.621	NUM
ajfa-431	182	36	0.518	0.518	NUM
ajfa-431	182	37	1996	1996	NUM
ajfa-431	182	38	330	330	NUM
ajfa-431	182	39	0.602	0.602	NUM
ajfa-431	182	40	0.155	0.155	NUM
ajfa-431	182	41	0	0	NUM
ajfa-431	182	42	0.928	0.928	NUM
ajfa-431	182	43	0.710	0.710	NUM
ajfa-431	182	44	0.617	0.617	NUM
ajfa-431	182	45	0.516	0.516	NUM
ajfa-431	182	46	1997	1997	NUM
ajfa-431	182	47	568	568	NUM
ajfa-431	182	48	0.608	0.608	NUM
ajfa-431	182	49	0.137	0.137	NUM
ajfa-431	182	50	0	0	NUM
ajfa-431	182	51	0.928	0.928	NUM
ajfa-431	182	52	0.708	0.708	NUM
ajfa-431	182	53	0.624	0.624	NUM
ajfa-431	182	54	0.527	0.527	NUM
ajfa-431	182	55	1998	1998	NUM
ajfa-431	182	56	737	737	NUM
ajfa-431	182	57	0.607	0.607	NUM
ajfa-431	182	58	0.133	0.133	NUM
ajfa-431	182	59	0	0	NUM
ajfa-431	182	60	0.928	0.928	NUM
ajfa-431	182	61	0.704	0.704	NUM
ajfa-431	182	62	0.625	0.625	NUM
ajfa-431	182	63	0.525	0.525	NUM
ajfa-431	182	64	1999	1999	NUM
ajfa-431	182	65	839	839	NUM
ajfa-431	182	66	0.582	0.582	NUM
ajfa-431	182	67	0.147	0.147	NUM
ajfa-431	182	68	0	0	NUM
ajfa-431	183	1	0.928	0.928	NUM
ajfa-431	183	2	0.696	0.696	NUM
ajfa-431	183	3	0.608	0.608	NUM
ajfa-431	183	4	0.502	0.502	NUM
ajfa-431	183	5	2000	2000	NUM
ajfa-431	183	6	934	934	NUM
ajfa-431	183	7	0.575	0.575	NUM
ajfa-431	183	8	0.145	0.145	NUM
ajfa-431	183	9	0	0	NUM
ajfa-431	183	10	0.928	0.928	NUM
ajfa-431	183	11	0.684	0.684	NUM
ajfa-431	183	12	0.600	0.600	NUM
ajfa-431	183	13	0.488	0.488	NUM
ajfa-431	183	14	2001	2001	NUM
ajfa-431	183	15	1089	1089	NUM
ajfa-431	183	16	0.576	0.576	NUM
ajfa-431	183	17	0.143	0.143	NUM
ajfa-431	183	18	0	0	NUM
ajfa-431	183	19	0.928	0.928	NUM
ajfa-431	183	20	0.683	0.683	NUM
ajfa-431	183	21	0.602	0.602	NUM
ajfa-431	183	22	0.495	0.495	NUM
ajfa-431	183	23	2002	2002	NUM
ajfa-431	183	24	1114	1114	NUM
ajfa-431	183	25	0.575	0.575	NUM
ajfa-431	183	26	0.142	0.142	NUM
ajfa-431	183	27	0	0	NUM
ajfa-431	183	28	0.928	0.928	NUM
ajfa-431	183	29	0.681	0.681	NUM
ajfa-431	183	30	0.600	0.600	NUM
ajfa-431	183	31	0.495	0.495	NUM
ajfa-431	183	32	2003	2003	NUM
ajfa-431	183	33	1203	1203	NUM
ajfa-431	183	34	0.590	0.590	NUM
ajfa-431	183	35	0.128	0.128	NUM
ajfa-431	183	36	0	0	NUM
ajfa-431	183	37	0.913	0.913	NUM
ajfa-431	183	38	0.682	0.682	NUM
ajfa-431	183	39	0.611	0.611	NUM
ajfa-431	183	40	0.525	0.525	NUM
ajfa-431	183	41	total	total	NOUN
ajfa-431	183	42	7353	7353	NUM
ajfa-431	183	43	0.588	0.588	NUM
ajfa-431	183	44	0.142	0.142	NUM
ajfa-431	183	45	0	0	NUM
ajfa-431	183	46	0.928	0.928	NUM
ajfa-431	183	47	0.694	0.694	NUM
ajfa-431	183	48	0.611	0.611	NUM
ajfa-431	183	49	0.509	0.509	NUM
ajfa-431	183	50	a	a	DET
ajfa-431	183	51	non	non	ADJ
ajfa-431	183	52	-	-	ADJ
ajfa-431	183	53	tradable	tradable	ADJ
ajfa-431	183	54	shares	share	NOUN
ajfa-431	183	55	(	(	PUNCT
ajfa-431	183	56	state	state	NOUN
ajfa-431	183	57	shares	share	NOUN
ajfa-431	183	58	,	,	PUNCT
ajfa-431	183	59	state	state	NOUN
ajfa-431	183	60	legal	legal	ADJ
ajfa-431	183	61	person	person	NOUN
ajfa-431	183	62	shares	share	NOUN
ajfa-431	183	63	,	,	PUNCT
ajfa-431	183	64	domestic	domestic	ADJ
ajfa-431	183	65	legal	legal	ADJ
ajfa-431	183	66	person	person	NOUN
ajfa-431	183	67	shares	share	NOUN
ajfa-431	183	68	,	,	PUNCT
ajfa-431	183	69	foreign	foreign	ADJ
ajfa-431	183	70	capital	capital	NOUN
ajfa-431	183	71	legal	legal	ADJ
ajfa-431	183	72	person	person	NOUN
ajfa-431	183	73	shares	share	NOUN
ajfa-431	183	74	,	,	PUNCT
ajfa-431	183	75	and	and	CCONJ
ajfa-431	183	76	internal	internal	ADJ
ajfa-431	183	77	employee	employee	NOUN
ajfa-431	183	78	shares	share	NOUN
ajfa-431	183	79	)	)	PUNCT
ajfa-431	183	80	for	for	ADP
ajfa-431	183	81	the	the	DET
ajfa-431	183	82	sample	sample	NOUN
ajfa-431	183	83	companies	company	NOUN
ajfa-431	183	84	that	that	PRON
ajfa-431	183	85	have	have	VERB
ajfa-431	183	86	a	a	DET
ajfa-431	183	87	full	full	ADJ
ajfa-431	183	88	set	set	NOUN
ajfa-431	183	89	of	of	ADP
ajfa-431	183	90	available	available	ADJ
ajfa-431	183	91	data	datum	NOUN
ajfa-431	183	92	and	and	CCONJ
ajfa-431	183	93	accounting	accounting	NOUN
ajfa-431	183	94	years	year	NOUN
ajfa-431	183	95	falling	fall	VERB
ajfa-431	183	96	within	within	ADP
ajfa-431	183	97	the	the	DET
ajfa-431	183	98	period	period	NOUN
ajfa-431	183	99	1994	1994	NUM
ajfa-431	183	100	-	-	SYM
ajfa-431	183	101	2003	2003	NUM
ajfa-431	183	102	.	.	PUNCT
ajfa-431	184	1	panels	panel	NOUN
ajfa-431	184	2	a	a	PRON
ajfa-431	184	3	and	and	CCONJ
ajfa-431	184	4	b	b	NOUN
ajfa-431	184	5	of	of	ADP
ajfa-431	184	6	table	table	NOUN
ajfa-431	184	7	2	2	NUM
ajfa-431	184	8	report	report	NOUN
ajfa-431	184	9	the	the	DET
ajfa-431	184	10	descriptive	descriptive	ADJ
ajfa-431	184	11	statistics	statistic	NOUN
ajfa-431	184	12	for	for	ADP
ajfa-431	184	13	the	the	DET
ajfa-431	184	14	data	datum	NOUN
ajfa-431	184	15	used	use	VERB
ajfa-431	184	16	to	to	PART
ajfa-431	184	17	estimate	estimate	VERB
ajfa-431	184	18	basu	basu	PROPN
ajfa-431	184	19	’s	’s	PART
ajfa-431	184	20	(	(	PUNCT
ajfa-431	184	21	1997	1997	NUM
ajfa-431	184	22	)	)	PUNCT
ajfa-431	184	23	model	model	NOUN
ajfa-431	184	24	.	.	PUNCT
ajfa-431	185	1	the	the	DET
ajfa-431	185	2	mean	mean	ADJ
ajfa-431	185	3	(	(	PUNCT
ajfa-431	185	4	median	median	ADJ
ajfa-431	185	5	)	)	PUNCT
ajfa-431	185	6	annual	annual	ADJ
ajfa-431	185	7	returns	return	NOUN
ajfa-431	185	8	(	(	PUNCT
ajfa-431	185	9	r	r	NOUN
ajfa-431	185	10	)	)	PUNCT
ajfa-431	185	11	are	be	AUX
ajfa-431	185	12	0.1218	0.1218	NUM
ajfa-431	185	13	(	(	PUNCT
ajfa-431	185	14	-0.0723	-0.0723	VERB
ajfa-431	185	15	)	)	PUNCT
ajfa-431	185	16	with	with	ADP
ajfa-431	185	17	a	a	DET
ajfa-431	185	18	greater	great	ADJ
ajfa-431	185	19	asian	asian	ADJ
ajfa-431	185	20	journal	journal	NOUN
ajfa-431	185	21	of	of	ADP
ajfa-431	185	22	finance	finance	PROPN
ajfa-431	185	23	&	&	CCONJ
ajfa-431	185	24	accounting	accounting	PROPN
ajfa-431	185	25	issn	issn	PROPN
ajfa-431	185	26	1946	1946	NUM
ajfa-431	185	27	-	-	PUNCT
ajfa-431	185	28	052x	052x	NOUN
ajfa-431	185	29	2010	2010	NUM
ajfa-431	185	30	,	,	PUNCT
ajfa-431	185	31	vol	vol	NOUN
ajfa-431	185	32	.	.	PROPN
ajfa-431	185	33	2	2	NUM
ajfa-431	185	34	,	,	PUNCT
ajfa-431	185	35	no	no	INTJ
ajfa-431	185	36	.	.	NOUN
ajfa-431	185	37	1	1	NUM
ajfa-431	185	38	:	:	PUNCT
ajfa-431	185	39	e3	e3	VERB
ajfa-431	185	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	185	41	58	58	NUM
ajfa-431	185	42	variation	variation	NOUN
ajfa-431	185	43	over	over	ADP
ajfa-431	185	44	the	the	DET
ajfa-431	185	45	sample	sample	NOUN
ajfa-431	185	46	period	period	NOUN
ajfa-431	185	47	and	and	CCONJ
ajfa-431	185	48	a	a	DET
ajfa-431	185	49	relatively	relatively	ADV
ajfa-431	185	50	high	high	ADJ
ajfa-431	185	51	volatility	volatility	NOUN
ajfa-431	185	52	(	(	PUNCT
ajfa-431	185	53	the	the	DET
ajfa-431	185	54	standard	standard	ADJ
ajfa-431	185	55	deviation	deviation	NOUN
ajfa-431	185	56	is	be	AUX
ajfa-431	185	57	0.6743	0.6743	NUM
ajfa-431	185	58	)	)	PUNCT
ajfa-431	185	59	that	that	PRON
ajfa-431	185	60	is	be	AUX
ajfa-431	185	61	characteristic	characteristic	ADJ
ajfa-431	185	62	of	of	ADP
ajfa-431	185	63	emerging	emerge	VERB
ajfa-431	185	64	markets	market	NOUN
ajfa-431	185	65	.	.	PUNCT
ajfa-431	186	1	5	5	NUM
ajfa-431	186	2	the	the	DET
ajfa-431	186	3	mean	mean	ADJ
ajfa-431	186	4	value	value	NOUN
ajfa-431	186	5	of	of	ADP
ajfa-431	186	6	earnings	earning	NOUN
ajfa-431	186	7	variable	variable	NOUN
ajfa-431	186	8	(	(	PUNCT
ajfa-431	186	9	ni	ni	NOUN
ajfa-431	186	10	)	)	PUNCT
ajfa-431	186	11	is	be	AUX
ajfa-431	186	12	close	close	ADJ
ajfa-431	186	13	to	to	ADP
ajfa-431	186	14	zero	zero	NUM
ajfa-431	186	15	,	,	PUNCT
ajfa-431	186	16	having	have	VERB
ajfa-431	186	17	mean	mean	NOUN
ajfa-431	186	18	(	(	PUNCT
ajfa-431	186	19	median	median	ADJ
ajfa-431	186	20	)	)	PUNCT
ajfa-431	186	21	and	and	CCONJ
ajfa-431	186	22	standard	standard	ADJ
ajfa-431	186	23	deviation	deviation	NOUN
ajfa-431	186	24	values	value	NOUN
ajfa-431	186	25	of	of	ADP
ajfa-431	186	26	0.0255	0.0255	NUM
ajfa-431	186	27	(	(	PUNCT
ajfa-431	186	28	0.0186	0.0186	NUM
ajfa-431	186	29	)	)	PUNCT
ajfa-431	186	30	and	and	CCONJ
ajfa-431	186	31	0.0789	0.0789	NUM
ajfa-431	186	32	,	,	PUNCT
ajfa-431	186	33	while	while	SCONJ
ajfa-431	186	34	the	the	DET
ajfa-431	186	35	distribution	distribution	NOUN
ajfa-431	186	36	of	of	ADP
ajfa-431	186	37	the	the	DET
ajfa-431	186	38	ni	ni	PROPN
ajfa-431	186	39	variable	variable	NOUN
ajfa-431	186	40	tends	tend	VERB
ajfa-431	186	41	to	to	PART
ajfa-431	186	42	decrease	decrease	VERB
ajfa-431	186	43	over	over	ADP
ajfa-431	186	44	the	the	DET
ajfa-431	186	45	sample	sample	NOUN
ajfa-431	186	46	period	period	NOUN
ajfa-431	186	47	.	.	PUNCT
ajfa-431	187	1	both	both	DET
ajfa-431	187	2	r	r	NOUN
ajfa-431	187	3	and	and	CCONJ
ajfa-431	187	4	ni	ni	PROPN
ajfa-431	187	5	are	be	AUX
ajfa-431	187	6	right	right	ADV
ajfa-431	187	7	-	-	PUNCT
ajfa-431	187	8	skewed	skewed	ADJ
ajfa-431	187	9	(	(	PUNCT
ajfa-431	187	10	means	means	AUX
ajfa-431	187	11	exceed	exceed	VERB
ajfa-431	187	12	medians	median	NOUN
ajfa-431	187	13	)	)	PUNCT
ajfa-431	187	14	,	,	PUNCT
ajfa-431	187	15	indicating	indicate	VERB
ajfa-431	187	16	a	a	DET
ajfa-431	187	17	low	low	ADJ
ajfa-431	187	18	level	level	NOUN
ajfa-431	187	19	of	of	ADP
ajfa-431	187	20	earnings	earning	NOUN
ajfa-431	187	21	conservatism	conservatism	NOUN
ajfa-431	187	22	for	for	ADP
ajfa-431	187	23	the	the	DET
ajfa-431	187	24	china	china	PROPN
ajfa-431	187	25	sample	sample	NOUN
ajfa-431	187	26	.	.	PUNCT
ajfa-431	188	1	6	6	NUM
ajfa-431	188	2	also	also	ADV
ajfa-431	188	3	,	,	PUNCT
ajfa-431	188	4	the	the	DET
ajfa-431	188	5	standard	standard	ADJ
ajfa-431	188	6	deviation	deviation	NOUN
ajfa-431	188	7	of	of	ADP
ajfa-431	188	8	the	the	DET
ajfa-431	188	9	ni	ni	PROPN
ajfa-431	188	10	variable	variable	NOUN
ajfa-431	188	11	always	always	ADV
ajfa-431	188	12	is	be	AUX
ajfa-431	188	13	smaller	small	ADJ
ajfa-431	188	14	than	than	ADP
ajfa-431	188	15	the	the	DET
ajfa-431	188	16	standard	standard	ADJ
ajfa-431	188	17	deviation	deviation	NOUN
ajfa-431	188	18	of	of	ADP
ajfa-431	188	19	r	r	NOUN
ajfa-431	188	20	,	,	PUNCT
ajfa-431	188	21	consistent	consistent	ADJ
ajfa-431	188	22	with	with	ADP
ajfa-431	188	23	ball	ball	NOUN
ajfa-431	188	24	et	et	PROPN
ajfa-431	188	25	al	al	PROPN
ajfa-431	188	26	.	.	PROPN
ajfa-431	188	27	’s	’s	PART
ajfa-431	189	1	(	(	PUNCT
ajfa-431	189	2	2000	2000	NUM
ajfa-431	189	3	,	,	PUNCT
ajfa-431	189	4	p.	p.	NOUN
ajfa-431	189	5	12	12	NUM
ajfa-431	189	6	)	)	PUNCT
ajfa-431	189	7	argument	argument	NOUN
ajfa-431	189	8	that	that	SCONJ
ajfa-431	189	9	accounting	accounting	NOUN
ajfa-431	189	10	income	income	NOUN
ajfa-431	189	11	is	be	AUX
ajfa-431	189	12	a	a	DET
ajfa-431	189	13	lagged	lag	VERB
ajfa-431	189	14	function	function	NOUN
ajfa-431	189	15	of	of	ADP
ajfa-431	189	16	past	past	ADJ
ajfa-431	189	17	and	and	CCONJ
ajfa-431	189	18	present	present	ADJ
ajfa-431	189	19	years	year	NOUN
ajfa-431	189	20	’	'	PUNCT
ajfa-431	189	21	stock	stock	NOUN
ajfa-431	189	22	returns	return	NOUN
ajfa-431	189	23	.	.	PUNCT
ajfa-431	190	1	table	table	NOUN
ajfa-431	190	2	2	2	NUM
ajfa-431	190	3	.	.	PUNCT
ajfa-431	190	4	descriptive	descriptive	ADJ
ajfa-431	190	5	statistics	statistic	NOUN
ajfa-431	190	6	for	for	ADP
ajfa-431	190	7	variables	variable	NOUN
ajfa-431	190	8	panel	panel	NOUN
ajfa-431	190	9	a	a	DET
ajfa-431	190	10	:	:	PUNCT
ajfa-431	190	11	pooled	pooled	ADJ
ajfa-431	190	12	sample	sample	NOUN
ajfa-431	190	13	n	n	DET
ajfa-431	190	14	mean	mean	VERB
ajfa-431	190	15	median	median	PROPN
ajfa-431	190	16	stddev	stddev	PROPN
ajfa-431	190	17	min	min	PROPN
ajfa-431	190	18	max	max	PROPN
ajfa-431	190	19	ni	ni	PROPN
ajfa-431	190	20	7353	7353	NUM
ajfa-431	190	21	0.026	0.026	NUM
ajfa-431	190	22	0.019	0.019	NUM
ajfa-431	190	23	0.079	0.079	NUM
ajfa-431	190	24	-0.701	-0.701	PUNCT
ajfa-431	190	25	1.756	1.756	NUM
ajfa-431	190	26	r	r	NOUN
ajfa-431	190	27	7353	7353	NUM
ajfa-431	190	28	0.122	0.122	NUM
ajfa-431	190	29	-0.072	-0.072	NOUN
ajfa-431	190	30	0.674	0.674	NUM
ajfa-431	190	31	-0.862	-0.862	NUM
ajfa-431	190	32	8.485	8.485	NUM
ajfa-431	190	33	roa	roa	NOUN
ajfa-431	190	34	7353	7353	NUM
ajfa-431	190	35	0.016	0.016	NUM
ajfa-431	190	36	0.042	0.042	NUM
ajfa-431	190	37	0.337	0.337	NUM
ajfa-431	190	38	-3.790	-3.790	NOUN
ajfa-431	190	39	0.377	0.377	NUM
ajfa-431	190	40	lev	lev	NOUN
ajfa-431	190	41	7353	7353	NUM
ajfa-431	190	42	0.458	0.458	NUM
ajfa-431	190	43	0.393	0.393	NUM
ajfa-431	190	44	1.192	1.192	NUM
ajfa-431	190	45	0	0	NUM
ajfa-431	190	46	72.310	72.310	NUM
ajfa-431	190	47	siz	siz	NOUN
ajfa-431	190	48	7353	7353	NUM
ajfa-431	190	49	13.793	13.793	NUM
ajfa-431	190	50	13.736	13.736	NUM
ajfa-431	190	51	0.908	0.908	NUM
ajfa-431	190	52	8.910	8.910	NUM
ajfa-431	190	53	19.576	19.576	NUM
ajfa-431	190	54	panel	panel	NOUN
ajfa-431	190	55	b	b	NOUN
ajfa-431	190	56	:	:	PUNCT
ajfa-431	190	57	selected	select	VERB
ajfa-431	190	58	years	year	NOUN
ajfa-431	190	59	year	year	NOUN
ajfa-431	190	60	n	n	PROPN
ajfa-431	190	61	ni	ni	NOUN
ajfa-431	190	62	r	r	NOUN
ajfa-431	190	63	mean	mean	NOUN
ajfa-431	190	64	stddev	stddev	NOUN
ajfa-431	190	65	mean	mean	PROPN
ajfa-431	190	66	stddev	stddev	PROPN
ajfa-431	190	67	1994	1994	NUM
ajfa-431	190	68	249	249	NUM
ajfa-431	190	69	0.128	0.128	NUM
ajfa-431	190	70	0.153	0.153	NUM
ajfa-431	190	71	-0.064	-0.064	NUM
ajfa-431	190	72	0.357	0.357	NUM
ajfa-431	190	73	1995	1995	NUM
ajfa-431	190	74	290	290	NUM
ajfa-431	190	75	0.107	0.107	NUM
ajfa-431	190	76	0.163	0.163	NUM
ajfa-431	190	77	0.313	0.313	NUM
ajfa-431	190	78	0.477	0.477	NUM
ajfa-431	190	79	1996	1996	NUM
ajfa-431	190	80	330	330	NUM
ajfa-431	190	81	0.071	0.071	NUM
ajfa-431	190	82	0.149	0.149	NUM
ajfa-431	190	83	1.300	1.300	NUM
ajfa-431	190	84	1.115	1.115	NUM
ajfa-431	190	85	1997	1997	NUM
ajfa-431	190	86	568	568	NUM
ajfa-431	190	87	0.034	0.034	NUM
ajfa-431	190	88	0.063	0.063	NUM
ajfa-431	190	89	0.015	0.015	NUM
ajfa-431	190	90	0.515	0.515	NUM
ajfa-431	190	91	1998	1998	NUM
ajfa-431	190	92	737	737	NUM
ajfa-431	190	93	0.027	0.027	NUM
ajfa-431	190	94	0.066	0.066	NUM
ajfa-431	190	95	-0.089	-0.089	NOUN
ajfa-431	190	96	0.429	0.429	NUM
ajfa-431	190	97	1999	1999	NUM
ajfa-431	190	98	839	839	NUM
ajfa-431	190	99	0.030	0.030	NUM
ajfa-431	190	100	0.053	0.053	NUM
ajfa-431	190	101	0.758	0.758	NUM
ajfa-431	190	102	0.726	0.726	NUM
ajfa-431	190	103	2000	2000	NUM
ajfa-431	190	104	934	934	NUM
ajfa-431	190	105	0.013	0.013	NUM
ajfa-431	190	106	0.040	0.040	NUM
ajfa-431	190	107	0.381	0.381	NUM
ajfa-431	190	108	0.890	0.890	NUM
ajfa-431	190	109	2001	2001	NUM
ajfa-431	190	110	1089	1089	NUM
ajfa-431	190	111	0.007	0.007	NUM
ajfa-431	190	112	0.041	0.041	NUM
ajfa-431	190	113	-0.212	-0.212	NUM
ajfa-431	190	114	0.221	0.221	NUM
ajfa-431	190	115	2002	2002	NUM
ajfa-431	190	116	1114	1114	NUM
ajfa-431	190	117	0.006	0.006	NUM
ajfa-431	190	118	0.051	0.051	NUM
ajfa-431	190	119	-0.190	-0.190	NUM
ajfa-431	190	120	0.205	0.205	NUM
ajfa-431	190	121	2003	2003	NUM
ajfa-431	190	122	1203	1203	NUM
ajfa-431	190	123	0.008	0.008	NUM
ajfa-431	190	124	0.061	0.061	NUM
ajfa-431	190	125	-0.083	-0.083	NOUN
ajfa-431	190	126	0.242	0.242	NUM
ajfa-431	190	127	a	a	DET
ajfa-431	190	128	ni	ni	PROPN
ajfa-431	190	129	(	(	PUNCT
ajfa-431	190	130	1/	1/	NUM
ajfa-431	190	131	itit	itit	PROPN
ajfa-431	190	132	px	px	PROPN
ajfa-431	190	133	)	)	PUNCT
ajfa-431	190	134	represents	represent	VERB
ajfa-431	190	135	earnings	earning	NOUN
ajfa-431	190	136	-	-	PUNCT
ajfa-431	190	137	per	per	ADP
ajfa-431	190	138	-	-	PUNCT
ajfa-431	190	139	share	share	NOUN
ajfa-431	190	140	deflated	deflate	VERB
ajfa-431	190	141	by	by	ADP
ajfa-431	190	142	price	price	NOUN
ajfa-431	190	143	at	at	ADP
ajfa-431	190	144	the	the	DET
ajfa-431	190	145	beginning	beginning	NOUN
ajfa-431	190	146	of	of	ADP
ajfa-431	190	147	year	year	NOUN
ajfa-431	190	148	t.	t.	PROPN
ajfa-431	190	149	r	r	NOUN
ajfa-431	190	150	(	(	PUNCT
ajfa-431	190	151	rit	rit	NOUN
ajfa-431	190	152	)	)	PUNCT
ajfa-431	190	153	denotes	denote	NOUN
ajfa-431	190	154	inter	inter	ADJ
ajfa-431	190	155	-	-	NOUN
ajfa-431	190	156	announcement	announcement	ADJ
ajfa-431	190	157	stock	stock	NOUN
ajfa-431	190	158	returns	return	NOUN
ajfa-431	190	159	measured	measure	VERB
ajfa-431	190	160	from	from	ADP
ajfa-431	190	161	may	may	PROPN
ajfa-431	190	162	of	of	ADP
ajfa-431	190	163	year	year	NOUN
ajfa-431	190	164	t	t	PROPN
ajfa-431	190	165	to	to	ADP
ajfa-431	190	166	april	april	PROPN
ajfa-431	190	167	of	of	ADP
ajfa-431	190	168	year	year	NOUN
ajfa-431	190	169	t+1	t+1	PROPN
ajfa-431	190	170	.	.	PROPN
ajfa-431	191	1	roa	roa	PROPN
ajfa-431	191	2	is	be	AUX
ajfa-431	191	3	defined	define	VERB
ajfa-431	191	4	as	as	ADP
ajfa-431	191	5	a	a	DET
ajfa-431	191	6	company	company	NOUN
ajfa-431	191	7	’s	’s	PART
ajfa-431	191	8	net	net	ADJ
ajfa-431	191	9	income	income	NOUN
ajfa-431	191	10	divided	divide	VERB
ajfa-431	191	11	by	by	ADP
ajfa-431	191	12	total	total	ADJ
ajfa-431	191	13	assets	asset	NOUN
ajfa-431	191	14	.	.	PUNCT
ajfa-431	192	1	lev	lev	NOUN
ajfa-431	192	2	is	be	AUX
ajfa-431	192	3	the	the	DET
ajfa-431	192	4	company	company	NOUN
ajfa-431	192	5	’s	’s	PART
ajfa-431	192	6	leverage	leverage	NOUN
ajfa-431	192	7	ratio	ratio	NOUN
ajfa-431	192	8	,	,	PUNCT
ajfa-431	192	9	measured	measure	VERB
ajfa-431	192	10	as	as	ADP
ajfa-431	192	11	total	total	ADJ
ajfa-431	192	12	debts	debt	NOUN
ajfa-431	192	13	divided	divide	VERB
ajfa-431	192	14	by	by	ADP
ajfa-431	192	15	total	total	ADJ
ajfa-431	192	16	assets	asset	NOUN
ajfa-431	192	17	.	.	PUNCT
ajfa-431	193	1	siz	siz	PROPN
ajfa-431	193	2	is	be	AUX
ajfa-431	193	3	the	the	DET
ajfa-431	193	4	natural	natural	ADJ
ajfa-431	193	5	log	log	NOUN
ajfa-431	193	6	of	of	ADP
ajfa-431	193	7	a	a	DET
ajfa-431	193	8	company	company	NOUN
ajfa-431	193	9	’s	’s	PART
ajfa-431	193	10	total	total	ADJ
ajfa-431	193	11	assets	asset	NOUN
ajfa-431	193	12	.	.	PUNCT
ajfa-431	194	1	4.2	4.2	NUM
ajfa-431	194	2	correlation	correlation	NOUN
ajfa-431	194	3	analysis	analysis	NOUN
ajfa-431	194	4	5	5	NUM
ajfa-431	194	5	the	the	DET
ajfa-431	194	6	standard	standard	ADJ
ajfa-431	194	7	deviations	deviation	NOUN
ajfa-431	194	8	of	of	ADP
ajfa-431	194	9	both	both	DET
ajfa-431	194	10	r	r	NOUN
ajfa-431	194	11	and	and	CCONJ
ajfa-431	194	12	ni	ni	PROPN
ajfa-431	194	13	in	in	ADP
ajfa-431	194	14	the	the	DET
ajfa-431	194	15	china	china	PROPN
ajfa-431	194	16	sample	sample	NOUN
ajfa-431	194	17	are	be	AUX
ajfa-431	194	18	very	very	ADV
ajfa-431	194	19	similar	similar	ADJ
ajfa-431	194	20	to	to	ADP
ajfa-431	194	21	the	the	DET
ajfa-431	194	22	sample	sample	NOUN
ajfa-431	194	23	in	in	ADP
ajfa-431	194	24	ball	ball	PROPN
ajfa-431	194	25	et	et	PROPN
ajfa-431	194	26	al	al	PROPN
ajfa-431	194	27	.	.	PROPN
ajfa-431	195	1	(	(	PUNCT
ajfa-431	195	2	2000	2000	NUM
ajfa-431	195	3	)	)	PUNCT
ajfa-431	195	4	and	and	CCONJ
ajfa-431	195	5	to	to	ADP
ajfa-431	195	6	those	those	PRON
ajfa-431	195	7	of	of	ADP
ajfa-431	195	8	the	the	DET
ajfa-431	195	9	four	four	NUM
ajfa-431	195	10	east	east	ADJ
ajfa-431	195	11	asian	asian	ADJ
ajfa-431	195	12	country	country	NOUN
ajfa-431	195	13	samples	sample	NOUN
ajfa-431	195	14	in	in	ADP
ajfa-431	195	15	ball	ball	NOUN
ajfa-431	195	16	et	et	PROPN
ajfa-431	195	17	al	al	PROPN
ajfa-431	195	18	.	.	PUNCT
ajfa-431	196	1	(	(	PUNCT
ajfa-431	196	2	2003	2003	NUM
ajfa-431	196	3	)	)	PUNCT
ajfa-431	196	4	.	.	PUNCT
ajfa-431	197	1	6	6	NUM
ajfa-431	197	2	ball	ball	NOUN
ajfa-431	197	3	et	et	NOUN
ajfa-431	197	4	al	al	PROPN
ajfa-431	197	5	.	.	PUNCT
ajfa-431	198	1	(	(	PUNCT
ajfa-431	198	2	2000	2000	NUM
ajfa-431	198	3	,	,	PUNCT
ajfa-431	198	4	p.	p.	NOUN
ajfa-431	198	5	12	12	NUM
ajfa-431	198	6	)	)	PUNCT
ajfa-431	198	7	state	state	NOUN
ajfa-431	198	8	that	that	SCONJ
ajfa-431	198	9	the	the	DET
ajfa-431	198	10	right	right	ADJ
ajfa-431	198	11	skew	skew	NOUN
ajfa-431	198	12	of	of	ADP
ajfa-431	198	13	earnings	earning	NOUN
ajfa-431	198	14	indicates	indicate	VERB
ajfa-431	198	15	accounting	account	VERB
ajfa-431	198	16	conservatism	conservatism	NOUN
ajfa-431	198	17	because	because	SCONJ
ajfa-431	198	18	conservative	conservative	ADJ
ajfa-431	198	19	accounting	accounting	NOUN
ajfa-431	198	20	tends	tend	VERB
ajfa-431	198	21	to	to	PART
ajfa-431	198	22	incorporate	incorporate	VERB
ajfa-431	198	23	economic	economic	ADJ
ajfa-431	198	24	losses	loss	NOUN
ajfa-431	198	25	as	as	ADP
ajfa-431	198	26	larger	large	ADJ
ajfa-431	198	27	but	but	CCONJ
ajfa-431	198	28	less	less	ADV
ajfa-431	198	29	frequent	frequent	ADJ
ajfa-431	198	30	capitalized	capitalize	VERB
ajfa-431	198	31	amounts	amount	NOUN
ajfa-431	198	32	and	and	CCONJ
ajfa-431	198	33	to	to	PART
ajfa-431	198	34	incorporate	incorporate	VERB
ajfa-431	198	35	economic	economic	ADJ
ajfa-431	198	36	gains	gain	NOUN
ajfa-431	198	37	as	as	SCONJ
ajfa-431	198	38	smaller	small	ADJ
ajfa-431	198	39	but	but	CCONJ
ajfa-431	198	40	persistent	persistent	ADJ
ajfa-431	198	41	flows	flow	NOUN
ajfa-431	198	42	over	over	ADP
ajfa-431	198	43	time	time	NOUN
ajfa-431	198	44	.	.	PUNCT
ajfa-431	199	1	asian	asian	ADJ
ajfa-431	199	2	journal	journal	PROPN
ajfa-431	199	3	of	of	ADP
ajfa-431	199	4	finance	finance	PROPN
ajfa-431	199	5	&	&	CCONJ
ajfa-431	199	6	accounting	accounting	PROPN
ajfa-431	199	7	issn	issn	PROPN
ajfa-431	199	8	1946	1946	NUM
ajfa-431	199	9	-	-	PUNCT
ajfa-431	199	10	052x	052x	NOUN
ajfa-431	199	11	2010	2010	NUM
ajfa-431	199	12	,	,	PUNCT
ajfa-431	199	13	vol	vol	NOUN
ajfa-431	199	14	.	.	PROPN
ajfa-431	199	15	2	2	NUM
ajfa-431	199	16	,	,	PUNCT
ajfa-431	199	17	no	no	INTJ
ajfa-431	199	18	.	.	NOUN
ajfa-431	199	19	1	1	NUM
ajfa-431	199	20	:	:	PUNCT
ajfa-431	199	21	e3	e3	VERB
ajfa-431	199	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-431	199	23	59	59	NUM
ajfa-431	199	24	table	table	NOUN
ajfa-431	199	25	3	3	NUM
ajfa-431	199	26	provides	provide	VERB
ajfa-431	199	27	the	the	DET
ajfa-431	199	28	pearson	pearson	NOUN
ajfa-431	199	29	correlation	correlation	NOUN
ajfa-431	199	30	matrix	matrix	NOUN
ajfa-431	199	31	for	for	ADP
ajfa-431	199	32	determinant	determinant	ADJ
ajfa-431	199	33	and	and	CCONJ
ajfa-431	199	34	proxy	proxy	ADJ
ajfa-431	199	35	variables	variable	NOUN
ajfa-431	199	36	for	for	ADP
ajfa-431	199	37	company	company	NOUN
ajfa-431	199	38	-	-	PUNCT
ajfa-431	199	39	specific	specific	ADJ
ajfa-431	199	40	institutional	institutional	ADJ
ajfa-431	199	41	factors	factor	NOUN
ajfa-431	199	42	.	.	PUNCT
ajfa-431	200	1	as	as	SCONJ
ajfa-431	200	2	shown	show	VERB
ajfa-431	200	3	in	in	ADP
ajfa-431	200	4	table	table	NOUN
ajfa-431	200	5	3	3	NUM
ajfa-431	200	6	,	,	PUNCT
ajfa-431	200	7	the	the	DET
ajfa-431	200	8	correlations	correlation	NOUN
ajfa-431	200	9	among	among	ADP
ajfa-431	200	10	the	the	DET
ajfa-431	200	11	dependent	dependent	ADJ
ajfa-431	200	12	variables	variable	NOUN
ajfa-431	200	13	ni	ni	PROPN
ajfa-431	200	14	and	and	CCONJ
ajfa-431	200	15	r	r	NOUN
ajfa-431	200	16	are	be	AUX
ajfa-431	200	17	significantly	significantly	ADV
ajfa-431	200	18	correlated	correlate	VERB
ajfa-431	200	19	(	(	PUNCT
ajfa-431	200	20	+0.206	+0.206	ADJ
ajfa-431	200	21	)	)	PUNCT
ajfa-431	200	22	as	as	SCONJ
ajfa-431	200	23	expected	expect	VERB
ajfa-431	200	24	,	,	PUNCT
ajfa-431	200	25	suggesting	suggest	VERB
ajfa-431	200	26	that	that	SCONJ
ajfa-431	200	27	accounting	accounting	NOUN
ajfa-431	200	28	income	income	NOUN
ajfa-431	200	29	does	do	AUX
ajfa-431	200	30	reflect	reflect	VERB
ajfa-431	200	31	information	information	NOUN
ajfa-431	200	32	in	in	ADP
ajfa-431	200	33	companies	company	NOUN
ajfa-431	200	34	’	'	PUNCT
ajfa-431	200	35	contemporaneous	contemporaneous	ADJ
ajfa-431	200	36	economic	economic	ADJ
ajfa-431	200	37	incomes	income	NOUN
ajfa-431	200	38	(	(	PUNCT
ajfa-431	200	39	ball	ball	NOUN
ajfa-431	200	40	et	et	NOUN
ajfa-431	200	41	al	al	PROPN
ajfa-431	200	42	.	.	PROPN
ajfa-431	200	43	,	,	PUNCT
ajfa-431	200	44	2000	2000	NUM
ajfa-431	200	45	)	)	PUNCT
ajfa-431	200	46	.	.	PUNCT
ajfa-431	201	1	ni	ni	PROPN
ajfa-431	201	2	also	also	ADV
ajfa-431	201	3	is	be	AUX
ajfa-431	201	4	significantly	significantly	ADV
ajfa-431	201	5	correlated	correlate	VERB
ajfa-431	201	6	with	with	ADP
ajfa-431	201	7	profitability	profitability	NOUN
ajfa-431	201	8	(	(	PUNCT
ajfa-431	201	9	roa	roa	NOUN
ajfa-431	201	10	)	)	PUNCT
ajfa-431	201	11	(	(	PUNCT
ajfa-431	201	12	+0.352	+0.352	VERB
ajfa-431	201	13	)	)	PUNCT
ajfa-431	201	14	,	,	PUNCT
ajfa-431	201	15	leverage	leverage	NOUN
ajfa-431	201	16	(	(	PUNCT
ajfa-431	201	17	lev	lev	NOUN
ajfa-431	201	18	)	)	PUNCT
ajfa-431	201	19	(	(	PUNCT
ajfa-431	201	20	-0.088	-0.088	NOUN
ajfa-431	201	21	)	)	PUNCT
ajfa-431	201	22	and	and	CCONJ
ajfa-431	201	23	company	company	NOUN
ajfa-431	201	24	size	size	NOUN
ajfa-431	201	25	(	(	PUNCT
ajfa-431	201	26	siz	siz	NOUN
ajfa-431	201	27	)	)	PUNCT
ajfa-431	201	28	(	(	PUNCT
ajfa-431	201	29	+0.023	+0.023	NOUN
ajfa-431	201	30	)	)	PUNCT
ajfa-431	201	31	.	.	PUNCT
ajfa-431	202	1	non	non	ADJ
ajfa-431	202	2	-	-	ADJ
ajfa-431	202	3	tradable	tradable	ADJ
ajfa-431	202	4	shares	share	NOUN
ajfa-431	202	5	(	(	PUNCT
ajfa-431	202	6	nta	nta	NOUN
ajfa-431	202	7	)	)	PUNCT
ajfa-431	202	8	is	be	AUX
ajfa-431	202	9	significantly	significantly	ADV
ajfa-431	202	10	correlated	correlate	VERB
ajfa-431	202	11	with	with	ADP
ajfa-431	202	12	roa	roa	PROPN
ajfa-431	202	13	(	(	PUNCT
ajfa-431	202	14	+0.025	+0.025	ADJ
ajfa-431	202	15	)	)	PUNCT
ajfa-431	202	16	.	.	PUNCT
ajfa-431	203	1	these	these	DET
ajfa-431	203	2	correlations	correlation	NOUN
ajfa-431	203	3	indicate	indicate	VERB
ajfa-431	203	4	that	that	SCONJ
ajfa-431	203	5	the	the	DET
ajfa-431	203	6	incremental	incremental	ADJ
ajfa-431	203	7	effect	effect	NOUN
ajfa-431	203	8	of	of	ADP
ajfa-431	203	9	a	a	DET
ajfa-431	203	10	hypothesized	hypothesized	ADJ
ajfa-431	203	11	determinant	determinant	ADJ
ajfa-431	203	12	of	of	ADP
ajfa-431	203	13	earnings	earning	NOUN
ajfa-431	203	14	conservatism	conservatism	NOUN
ajfa-431	203	15	should	should	AUX
ajfa-431	203	16	be	be	AUX
ajfa-431	203	17	properly	properly	ADV
ajfa-431	203	18	identified	identify	VERB
ajfa-431	203	19	and	and	CCONJ
ajfa-431	203	20	explained	explain	VERB
ajfa-431	203	21	.	.	PUNCT
ajfa-431	204	1	7	7	NUM
ajfa-431	204	2	table	table	NOUN
ajfa-431	204	3	3	3	NUM
ajfa-431	204	4	.	.	PUNCT
ajfa-431	204	5	pearson	pearson	PROPN
ajfa-431	204	6	correlation	correlation	NOUN
ajfa-431	204	7	coefficients	coefficient	NOUN
ajfa-431	204	8	among	among	ADP
ajfa-431	204	9	variables	variable	NOUN
ajfa-431	204	10	ni	ni	PROPN
ajfa-431	204	11	r	r	PROPN
ajfa-431	204	12	roa	roa	PROPN
ajfa-431	204	13	lev	lev	PROPN
ajfa-431	204	14	siz	siz	PROPN
ajfa-431	204	15	nta	nta	PROPN
ajfa-431	204	16	ni	ni	PROPN
ajfa-431	204	17	1.000	1.000	NUM
ajfa-431	204	18	r	r	NOUN
ajfa-431	204	19	0.206	0.206	NUM
ajfa-431	204	20	*	*	PUNCT
ajfa-431	204	21	*	*	PUNCT
ajfa-431	204	22	*	*	PUNCT
ajfa-431	204	23	(	(	PUNCT
ajfa-431	204	24	0.000	0.000	NUM
ajfa-431	204	25	)	)	PUNCT
ajfa-431	204	26	1.000	1.000	NUM
ajfa-431	204	27	roa	roa	NOUN
ajfa-431	204	28	0.352	0.352	NUM
ajfa-431	204	29	*	*	PUNCT
ajfa-431	204	30	*	*	PUNCT
ajfa-431	204	31	*	*	PUNCT
ajfa-431	204	32	(	(	PUNCT
ajfa-431	204	33	0.000	0.000	NUM
ajfa-431	204	34	)	)	PUNCT
ajfa-431	205	1	0.064	0.064	NUM
ajfa-431	205	2	*	*	PUNCT
ajfa-431	205	3	*	*	PUNCT
ajfa-431	205	4	*	*	PUNCT
ajfa-431	205	5	(	(	PUNCT
ajfa-431	205	6	0.000	0.000	NUM
ajfa-431	205	7	)	)	PUNCT
ajfa-431	205	8	1.000	1.000	NUM
ajfa-431	205	9	lev	lev	NOUN
ajfa-431	205	10	-0.088	-0.088	PUNCT
ajfa-431	205	11	*	*	PUNCT
ajfa-431	205	12	*	*	PUNCT
ajfa-431	205	13	*	*	PUNCT
ajfa-431	205	14	(	(	PUNCT
ajfa-431	205	15	0.000	0.000	NUM
ajfa-431	205	16	)	)	PUNCT
ajfa-431	205	17	0.001	0.001	NUM
ajfa-431	205	18	(	(	PUNCT
ajfa-431	205	19	0.910	0.910	NUM
ajfa-431	205	20	)	)	PUNCT
ajfa-431	205	21	-0.305	-0.305	NOUN
ajfa-431	206	1	*	*	PUNCT
ajfa-431	206	2	*	*	PUNCT
ajfa-431	206	3	*	*	PUNCT
ajfa-431	206	4	(	(	PUNCT
ajfa-431	206	5	0.000	0.000	NUM
ajfa-431	206	6	)	)	PUNCT
ajfa-431	206	7	1.000	1.000	NUM
ajfa-431	206	8	siz	siz	NOUN
ajfa-431	206	9	0.065	0.065	NUM
ajfa-431	206	10	*	*	PUNCT
ajfa-431	206	11	*	*	PUNCT
ajfa-431	206	12	*	*	PUNCT
ajfa-431	206	13	(	(	PUNCT
ajfa-431	206	14	0.000	0.000	NUM
ajfa-431	206	15	)	)	PUNCT
ajfa-431	206	16	-0.028	-0.028	PROPN
ajfa-431	207	1	*	*	PUNCT
ajfa-431	207	2	*	*	PUNCT
ajfa-431	207	3	(	(	PUNCT
ajfa-431	207	4	0.015	0.015	NUM
ajfa-431	207	5	)	)	PUNCT
ajfa-431	207	6	0.147	0.147	NUM
ajfa-431	207	7	*	*	PUNCT
ajfa-431	207	8	*	*	PUNCT
ajfa-431	207	9	*	*	PUNCT
ajfa-431	207	10	(	(	PUNCT
ajfa-431	207	11	0.000	0.000	NUM
ajfa-431	207	12	)	)	PUNCT
ajfa-431	207	13	-0.050	-0.050	PUNCT
ajfa-431	208	1	*	*	PUNCT
ajfa-431	208	2	*	*	PUNCT
ajfa-431	208	3	*	*	PUNCT
ajfa-431	208	4	(	(	PUNCT
ajfa-431	208	5	0.000	0.000	NUM
ajfa-431	208	6	)	)	PUNCT
ajfa-431	208	7	1.000	1.000	NUM
ajfa-431	208	8	nta	nta	PROPN
ajfa-431	208	9	0.011	0.011	NUM
ajfa-431	208	10	(	(	PUNCT
ajfa-431	208	11	0.360	0.360	NUM
ajfa-431	208	12	)	)	PUNCT
ajfa-431	208	13	0.005	0.005	NUM
ajfa-431	208	14	(	(	PUNCT
ajfa-431	208	15	0.642	0.642	NUM
ajfa-431	208	16	)	)	PUNCT
ajfa-431	208	17	0.026	0.026	NUM
ajfa-431	208	18	*	*	PUNCT
ajfa-431	208	19	*	*	PUNCT
ajfa-431	208	20	(	(	PUNCT
ajfa-431	208	21	0.025	0.025	NUM
ajfa-431	208	22	)	)	PUNCT
ajfa-431	208	23	0.018	0.018	NUM
ajfa-431	208	24	(	(	PUNCT
ajfa-431	208	25	0.131	0.131	NUM
ajfa-431	208	26	)	)	PUNCT
ajfa-431	208	27	0.013	0.013	NUM
ajfa-431	208	28	(	(	PUNCT
ajfa-431	208	29	0.259	0.259	NUM
ajfa-431	208	30	)	)	PUNCT
ajfa-431	208	31	1.000	1.000	NUM
ajfa-431	208	32	a	a	DET
ajfa-431	208	33	note	note	NOUN
ajfa-431	208	34	.	.	PUNCT
ajfa-431	209	1	*	*	PUNCT
ajfa-431	209	2	,	,	PUNCT
ajfa-431	209	3	*	*	PUNCT
ajfa-431	209	4	*	*	PUNCT
ajfa-431	209	5	,	,	PUNCT
ajfa-431	209	6	and	and	CCONJ
ajfa-431	209	7	*	*	PUNCT
ajfa-431	209	8	*	*	PUNCT
ajfa-431	209	9	*	*	PUNCT
ajfa-431	209	10	indicate	indicate	VERB
ajfa-431	209	11	significance	significance	NOUN
ajfa-431	209	12	at	at	ADP
ajfa-431	209	13	the	the	DET
ajfa-431	209	14	10	10	NUM
ajfa-431	209	15	,	,	PUNCT
ajfa-431	209	16	5	5	NUM
ajfa-431	209	17	,	,	PUNCT
ajfa-431	209	18	and	and	CCONJ
ajfa-431	209	19	1	1	NUM
ajfa-431	209	20	percent	percent	NOUN
ajfa-431	209	21	levels	level	NOUN
ajfa-431	209	22	,	,	PUNCT
ajfa-431	209	23	respectively	respectively	ADV
ajfa-431	209	24	.	.	PUNCT
ajfa-431	210	1	the	the	DET
ajfa-431	210	2	p	p	NOUN
ajfa-431	210	3	-	-	PUNCT
ajfa-431	210	4	values	value	NOUN
ajfa-431	210	5	are	be	AUX
ajfa-431	210	6	in	in	ADP
ajfa-431	210	7	parentheses	parenthesis	NOUN
ajfa-431	210	8	.	.	PUNCT
ajfa-431	211	1	a	a	DET
ajfa-431	211	2	ni	ni	PROPN
ajfa-431	211	3	(	(	PUNCT
ajfa-431	211	4	1/	1/	NUM
ajfa-431	211	5	itit	itit	PROPN
ajfa-431	211	6	px	px	PROPN
ajfa-431	211	7	)	)	PUNCT
ajfa-431	211	8	represents	represent	VERB
ajfa-431	211	9	earnings	earning	NOUN
ajfa-431	211	10	-	-	PUNCT
ajfa-431	211	11	per	per	ADP
ajfa-431	211	12	-	-	PUNCT
ajfa-431	211	13	share	share	NOUN
ajfa-431	211	14	deflated	deflate	VERB
ajfa-431	211	15	by	by	ADP
ajfa-431	211	16	price	price	NOUN
ajfa-431	211	17	at	at	ADP
ajfa-431	211	18	the	the	DET
ajfa-431	211	19	beginning	beginning	NOUN
ajfa-431	211	20	of	of	ADP
ajfa-431	211	21	year	year	NOUN
ajfa-431	211	22	t.	t.	PROPN
ajfa-431	211	23	r	r	NOUN
ajfa-431	211	24	(	(	PUNCT
ajfa-431	211	25	rit	rit	NOUN
ajfa-431	211	26	)	)	PUNCT
ajfa-431	211	27	denotes	denote	NOUN
ajfa-431	211	28	inter	inter	ADJ
ajfa-431	211	29	-	-	NOUN
ajfa-431	211	30	announcement	announcement	ADJ
ajfa-431	211	31	stock	stock	NOUN
ajfa-431	211	32	returns	return	NOUN
ajfa-431	211	33	measured	measure	VERB
ajfa-431	211	34	from	from	ADP
ajfa-431	211	35	may	may	PROPN
ajfa-431	211	36	of	of	ADP
ajfa-431	211	37	year	year	NOUN
ajfa-431	211	38	t	t	PROPN
ajfa-431	211	39	to	to	ADP
ajfa-431	211	40	april	april	PROPN
ajfa-431	211	41	of	of	ADP
ajfa-431	211	42	year	year	NOUN
ajfa-431	212	1	t+1	t+1	PROPN
ajfa-431	212	2	.	.	PROPN
ajfa-431	212	3	roa	roa	PROPN
ajfa-431	212	4	is	be	AUX
ajfa-431	212	5	defined	define	VERB
ajfa-431	212	6	as	as	ADP
ajfa-431	212	7	a	a	DET
ajfa-431	212	8	company	company	NOUN
ajfa-431	212	9	’s	’s	PART
ajfa-431	212	10	net	net	ADJ
ajfa-431	212	11	income	income	NOUN
ajfa-431	212	12	divided	divide	VERB
ajfa-431	212	13	by	by	ADP
ajfa-431	212	14	total	total	ADJ
ajfa-431	212	15	assets	asset	NOUN
ajfa-431	212	16	.	.	PUNCT
ajfa-431	213	1	lev	lev	NOUN
ajfa-431	213	2	is	be	AUX
ajfa-431	213	3	the	the	DET
ajfa-431	213	4	company	company	NOUN
ajfa-431	213	5	’s	’s	PART
ajfa-431	213	6	leverage	leverage	NOUN
ajfa-431	213	7	ratio	ratio	NOUN
ajfa-431	213	8	,	,	PUNCT
ajfa-431	213	9	measured	measure	VERB
ajfa-431	213	10	as	as	ADP
ajfa-431	213	11	total	total	ADJ
ajfa-431	213	12	debts	debt	NOUN
ajfa-431	213	13	divided	divide	VERB
ajfa-431	213	14	by	by	ADP
ajfa-431	213	15	total	total	ADJ
ajfa-431	213	16	assets	asset	NOUN
ajfa-431	213	17	.	.	PUNCT
ajfa-431	214	1	siz	siz	PROPN
ajfa-431	214	2	is	be	AUX
ajfa-431	214	3	the	the	DET
ajfa-431	214	4	natural	natural	ADJ
ajfa-431	214	5	log	log	NOUN
ajfa-431	214	6	of	of	ADP
ajfa-431	214	7	a	a	DET
ajfa-431	214	8	company	company	NOUN
ajfa-431	214	9	’s	’s	PART
ajfa-431	214	10	total	total	ADJ
ajfa-431	214	11	assets	asset	NOUN
ajfa-431	214	12	.	.	PUNCT
ajfa-431	215	1	nta	nta	PROPN
ajfa-431	215	2	is	be	AUX
ajfa-431	215	3	the	the	DET
ajfa-431	215	4	proportion	proportion	NOUN
ajfa-431	215	5	of	of	ADP
ajfa-431	215	6	a	a	DET
ajfa-431	215	7	company	company	NOUN
ajfa-431	215	8	’s	’s	PART
ajfa-431	215	9	non	non	ADJ
ajfa-431	215	10	-	-	ADJ
ajfa-431	215	11	tradable	tradable	ADJ
ajfa-431	215	12	shares	share	NOUN
ajfa-431	215	13	.	.	PUNCT
ajfa-431	216	1	4.3	4.3	NUM
ajfa-431	216	2	multivariate	multivariate	NOUN
ajfa-431	216	3	analysis	analysis	NOUN
ajfa-431	216	4	hypothesis	hypothesis	NOUN
ajfa-431	216	5	of	of	ADP
ajfa-431	216	6	this	this	DET
ajfa-431	216	7	study	study	NOUN
ajfa-431	216	8	states	state	VERB
ajfa-431	216	9	that	that	SCONJ
ajfa-431	216	10	there	there	PRON
ajfa-431	216	11	is	be	VERB
ajfa-431	216	12	a	a	DET
ajfa-431	216	13	negative	negative	ADJ
ajfa-431	216	14	association	association	NOUN
ajfa-431	216	15	between	between	ADP
ajfa-431	216	16	the	the	DET
ajfa-431	216	17	proportion	proportion	NOUN
ajfa-431	216	18	of	of	ADP
ajfa-431	216	19	non	non	ADJ
ajfa-431	216	20	-	-	ADJ
ajfa-431	216	21	tradable	tradable	ADJ
ajfa-431	216	22	shares	share	NOUN
ajfa-431	216	23	and	and	CCONJ
ajfa-431	216	24	earnings	earning	NOUN
ajfa-431	216	25	conservatism	conservatism	NOUN
ajfa-431	216	26	.	.	PUNCT
ajfa-431	217	1	table	table	NOUN
ajfa-431	217	2	4	4	NUM
ajfa-431	217	3	reports	report	VERB
ajfa-431	217	4	the	the	DET
ajfa-431	217	5	estimation	estimation	NOUN
ajfa-431	217	6	results	result	NOUN
ajfa-431	217	7	of	of	ADP
ajfa-431	217	8	equation	equation	NOUN
ajfa-431	217	9	(	(	PUNCT
ajfa-431	217	10	1	1	NUM
ajfa-431	217	11	)	)	PUNCT
ajfa-431	217	12	.	.	PUNCT
ajfa-431	218	1	as	as	SCONJ
ajfa-431	218	2	expected	expect	VERB
ajfa-431	218	3	,	,	PUNCT
ajfa-431	218	4	the	the	DET
ajfa-431	218	5	interaction	interaction	NOUN
ajfa-431	218	6	coefficients	coefficient	NOUN
ajfa-431	218	7	β5	β5	PROPN
ajfa-431	218	8	is	be	AUX
ajfa-431	218	9	significantly	significantly	ADV
ajfa-431	218	10	negative	negative	ADJ
ajfa-431	218	11	at	at	ADP
ajfa-431	218	12	the	the	DET
ajfa-431	218	13	1	1	NUM
ajfa-431	218	14	%	%	NOUN
ajfa-431	218	15	level	level	NOUN
ajfa-431	218	16	(	(	PUNCT
ajfa-431	218	17	-0.031	-0.031	NOUN
ajfa-431	218	18	;	;	PUNCT
ajfa-431	218	19	t=-2.80	t=-2.80	NUM
ajfa-431	218	20	)	)	PUNCT
ajfa-431	218	21	.	.	PUNCT
ajfa-431	219	1	the	the	DET
ajfa-431	219	2	results	result	NOUN
ajfa-431	219	3	support	support	VERB
ajfa-431	219	4	our	our	PRON
ajfa-431	219	5	hypothesis	hypothesis	NOUN
ajfa-431	219	6	.	.	PUNCT
ajfa-431	220	1	specifically	specifically	ADV
ajfa-431	220	2	,	,	PUNCT
ajfa-431	220	3	they	they	PRON
ajfa-431	220	4	show	show	VERB
ajfa-431	220	5	that	that	SCONJ
ajfa-431	220	6	,	,	PUNCT
ajfa-431	220	7	after	after	ADP
ajfa-431	220	8	controlling	control	VERB
ajfa-431	220	9	for	for	ADP
ajfa-431	220	10	company	company	NOUN
ajfa-431	220	11	-	-	PUNCT
ajfa-431	220	12	specific	specific	ADJ
ajfa-431	220	13	attributes	attribute	NOUN
ajfa-431	220	14	including	include	VERB
ajfa-431	220	15	company	company	NOUN
ajfa-431	220	16	size	size	NOUN
ajfa-431	220	17	,	,	PUNCT
ajfa-431	220	18	leverage	leverage	NOUN
ajfa-431	220	19	and	and	CCONJ
ajfa-431	220	20	profitability	profitability	NOUN
ajfa-431	220	21	,	,	PUNCT
ajfa-431	220	22	companies	company	NOUN
ajfa-431	220	23	with	with	ADP
ajfa-431	220	24	higher	high	ADJ
ajfa-431	220	25	non	non	ADJ
ajfa-431	220	26	-	-	ADJ
ajfa-431	220	27	tradable	tradable	ADJ
ajfa-431	220	28	shares	share	NOUN
ajfa-431	220	29	have	have	VERB
ajfa-431	220	30	lower	low	ADJ
ajfa-431	220	31	earnings	earning	NOUN
ajfa-431	220	32	conservatism	conservatism	NOUN
ajfa-431	220	33	.	.	PUNCT
ajfa-431	221	1	7	7	NUM
ajfa-431	221	2	watts	watt	NOUN
ajfa-431	221	3	and	and	CCONJ
ajfa-431	221	4	zimmerman	zimmerman	PROPN
ajfa-431	221	5	(	(	PUNCT
ajfa-431	221	6	1990	1990	NUM
ajfa-431	221	7	)	)	PUNCT
ajfa-431	221	8	and	and	CCONJ
ajfa-431	221	9	wong	wong	PROPN
ajfa-431	221	10	and	and	CCONJ
ajfa-431	221	11	wong	wong	PROPN
ajfa-431	221	12	(	(	PUNCT
ajfa-431	221	13	2001	2001	NUM
ajfa-431	221	14	)	)	PUNCT
ajfa-431	221	15	discuss	discuss	VERB
ajfa-431	221	16	and	and	CCONJ
ajfa-431	221	17	explain	explain	VERB
ajfa-431	221	18	the	the	DET
ajfa-431	221	19	problems	problem	NOUN
ajfa-431	221	20	that	that	PRON
ajfa-431	221	21	emerge	emerge	VERB
ajfa-431	221	22	in	in	ADP
ajfa-431	221	23	empirical	empirical	ADJ
ajfa-431	221	24	research	research	NOUN
ajfa-431	221	25	within	within	ADP
ajfa-431	221	26	the	the	DET
ajfa-431	221	27	positive	positive	ADJ
ajfa-431	221	28	accounting	accounting	NOUN
ajfa-431	221	29	tradition	tradition	NOUN
ajfa-431	221	30	when	when	SCONJ
ajfa-431	221	31	“	"	PUNCT
ajfa-431	221	32	correlated	correlate	VERB
ajfa-431	221	33	omitted	omit	VERB
ajfa-431	221	34	variables	variable	NOUN
ajfa-431	221	35	”	"	PUNCT
ajfa-431	221	36	are	be	AUX
ajfa-431	221	37	not	not	PART
ajfa-431	221	38	properly	properly	ADV
ajfa-431	221	39	identified	identify	VERB
ajfa-431	221	40	and	and	CCONJ
ajfa-431	221	41	controlled	control	VERB
ajfa-431	221	42	for	for	ADP
ajfa-431	221	43	.	.	PUNCT
ajfa-431	222	1	asian	asian	ADJ
ajfa-431	222	2	journal	journal	PROPN
ajfa-431	222	3	of	of	ADP
ajfa-431	222	4	finance	finance	PROPN
ajfa-431	222	5	&	&	CCONJ
ajfa-431	222	6	accounting	accounting	PROPN
ajfa-431	222	7	issn	issn	PROPN
ajfa-431	222	8	1946	1946	NUM
ajfa-431	222	9	-	-	PUNCT
ajfa-431	222	10	052x	052x	NOUN
ajfa-431	222	11	2010	2010	NUM
ajfa-431	222	12	,	,	PUNCT
ajfa-431	222	13	vol	vol	NOUN
ajfa-431	222	14	.	.	PROPN
ajfa-431	222	15	2	2	NUM
ajfa-431	222	16	,	,	PUNCT
ajfa-431	222	17	no	no	INTJ
ajfa-431	222	18	.	.	NOUN
ajfa-431	222	19	1	1	NUM
ajfa-431	222	20	:	:	PUNCT
ajfa-431	222	21	e3	e3	VERB
ajfa-431	222	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	222	23	60	60	NUM
ajfa-431	222	24	table	table	NOUN
ajfa-431	222	25	4	4	NUM
ajfa-431	222	26	.	.	PUNCT
ajfa-431	223	1	regression	regression	NOUN
ajfa-431	223	2	result	result	NOUN
ajfa-431	223	3	of	of	ADP
ajfa-431	223	4	earnings	earning	NOUN
ajfa-431	223	5	conservatism	conservatism	NOUN
ajfa-431	223	6	tititititititititititi	tititititititititititi	NOUN
ajfa-431	223	7	ti	ti	NOUN
ajfa-431	223	8	ti	ti	NOUN
ajfa-431	223	9	rsizerdntarntardrd	rsizerdntarntardrd	VERB
ajfa-431	223	10	p	p	X
ajfa-431	223	11	x	x	SYM
ajfa-431	223	12	6543210	6543210	NUM
ajfa-431	223	13	1	1	NUM
ajfa-431	223	14			PROPN
ajfa-431	223	15			VERB
ajfa-431	223	16			PROPN
ajfa-431	223	17	titititititititititi	titititititititititi	NOUN
ajfa-431	223	18	rroardlevrlevrdsize	rroardlevrlevrdsize	VERB
ajfa-431	223	19	10987	10987	NUM
ajfa-431	223	20			ADJ
ajfa-431	223	21			NOUN
ajfa-431	223	22	titititi	titititi	VERB
ajfa-431	223	23	rdroa	rdroa	NOUN
ajfa-431	223	24			PROPN
ajfa-431	223	25			PROPN
ajfa-431	223	26	11	11	NUM
ajfa-431	223	27	(	(	PUNCT
ajfa-431	223	28	1	1	NUM
ajfa-431	223	29	)	)	PUNCT
ajfa-431	223	30	variables	variable	NOUN
ajfa-431	223	31	pred.sign	pred.sign	PROPN
ajfa-431	223	32	coef	coef	PROPN
ajfa-431	223	33	.	.	PUNCT
ajfa-431	224	1	t	t	PROPN
ajfa-431	224	2	-	-	PUNCT
ajfa-431	224	3	stat	stat	NOUN
ajfa-431	224	4	.	.	PUNCT
ajfa-431	225	1	intercept	intercept	VERB
ajfa-431	225	2	?	?	PUNCT
ajfa-431	226	1	0.036	0.036	NUM
ajfa-431	226	2	*	*	PUNCT
ajfa-431	226	3	*	*	PUNCT
ajfa-431	226	4	*	*	PUNCT
ajfa-431	226	5	22.84	22.84	NUM
ajfa-431	226	6	d	d	NOUN
ajfa-431	226	7	?	?	PUNCT
ajfa-431	227	1	-0.001	-0.001	PUNCT
ajfa-431	228	1	*	*	PUNCT
ajfa-431	228	2	*	*	PUNCT
ajfa-431	228	3	*	*	PUNCT
ajfa-431	228	4	-3.67	-3.67	INTJ
ajfa-431	228	5	r	r	NOUN
ajfa-431	228	6	-0.101	-0.101	NOUN
ajfa-431	228	7	*	*	PUNCT
ajfa-431	228	8	*	*	PUNCT
ajfa-431	228	9	*	*	PUNCT
ajfa-431	228	10	-4.94	-4.94	X
ajfa-431	228	11	d*r	d*r	NOUN
ajfa-431	228	12	+	+	CCONJ
ajfa-431	228	13	0.223	0.223	NUM
ajfa-431	228	14	*	*	PUNCT
ajfa-431	228	15	*	*	PUNCT
ajfa-431	228	16	*	*	PUNCT
ajfa-431	228	17	2.99	2.99	NUM
ajfa-431	228	18	nta*r	nta*r	NOUN
ajfa-431	228	19	?	?	PUNCT
ajfa-431	229	1	0.002	0.002	NUM
ajfa-431	229	2	0.15	0.15	NUM
ajfa-431	229	3	nta*r*d	nta*r*d	NOUN
ajfa-431	229	4	-0.031	-0.031	NOUN
ajfa-431	229	5	*	*	PUNCT
ajfa-431	229	6	*	*	PUNCT
ajfa-431	229	7	*	*	PUNCT
ajfa-431	229	8	-2.80	-2.80	NUM
ajfa-431	229	9	size*r	size*r	PUNCT
ajfa-431	229	10	?	?	PUNCT
ajfa-431	230	1	0.007	0.007	NUM
ajfa-431	230	2	*	*	PUNCT
ajfa-431	230	3	*	*	PUNCT
ajfa-431	230	4	*	*	PUNCT
ajfa-431	230	5	4.87	4.87	NUM
ajfa-431	230	6	size*r*d	size*r*d	PROPN
ajfa-431	230	7	-0.010	-0.010	PROPN
ajfa-431	230	8	*	*	PUNCT
ajfa-431	230	9	-1.91	-1.91	NUM
ajfa-431	230	10	lev*r	lev*r	PROPN
ajfa-431	230	11	?	?	PUNCT
ajfa-431	231	1	-0.003	-0.003	PUNCT
ajfa-431	232	1	*	*	PUNCT
ajfa-431	232	2	*	*	PUNCT
ajfa-431	232	3	*	*	PUNCT
ajfa-431	232	4	-5.77	-5.77	ADJ
ajfa-431	232	5	lev*r*d	lev*r*d	NOUN
ajfa-431	232	6	+	+	CCONJ
ajfa-431	232	7	0.001	0.001	NUM
ajfa-431	232	8	0.21	0.21	NUM
ajfa-431	232	9	roa*r	roa*r	NOUN
ajfa-431	232	10	?	?	PUNCT
ajfa-431	233	1	0.462	0.462	NUM
ajfa-431	233	2	*	*	PUNCT
ajfa-431	233	3	*	*	PUNCT
ajfa-431	233	4	*	*	X
ajfa-431	233	5	25.99	25.99	NUM
ajfa-431	233	6	roa*r*d	roa*r*d	NOUN
ajfa-431	233	7	+	+	CCONJ
ajfa-431	233	8	0.611	0.611	NUM
ajfa-431	233	9	*	*	PUNCT
ajfa-431	233	10	*	*	PUNCT
ajfa-431	234	1	*	*	PROPN
ajfa-431	234	2	31.37	31.37	NUM
ajfa-431	234	3	f	f	PROPN
ajfa-431	234	4	value	value	NOUN
ajfa-431	234	5	131.07	131.07	NUM
ajfa-431	234	6	*	*	NOUN
ajfa-431	234	7	*	*	PUNCT
ajfa-431	234	8	*	*	PUNCT
ajfa-431	234	9	adj.r	adj.r	PROPN
ajfa-431	234	10	2	2	NUM
ajfa-431	234	11	(	(	PUNCT
ajfa-431	234	12	%	%	NOUN
ajfa-431	234	13	)	)	PUNCT
ajfa-431	234	14	18.70	18.70	NUM
ajfa-431	234	15	no	no	NOUN
ajfa-431	234	16	.	.	PUNCT
ajfa-431	235	1	of	of	ADP
ajfa-431	235	2	obs	obs	PROPN
ajfa-431	235	3	7353	7353	NUM
ajfa-431	235	4	a	a	DET
ajfa-431	235	5	note	note	NOUN
ajfa-431	235	6	.	.	PUNCT
ajfa-431	236	1	*	*	PUNCT
ajfa-431	236	2	,	,	PUNCT
ajfa-431	236	3	*	*	PUNCT
ajfa-431	236	4	*	*	PUNCT
ajfa-431	236	5	,	,	PUNCT
ajfa-431	236	6	and	and	CCONJ
ajfa-431	236	7	*	*	PUNCT
ajfa-431	236	8	*	*	PUNCT
ajfa-431	236	9	*	*	PUNCT
ajfa-431	236	10	indicate	indicate	VERB
ajfa-431	236	11	significance	significance	NOUN
ajfa-431	236	12	at	at	ADP
ajfa-431	236	13	the	the	DET
ajfa-431	236	14	10	10	NUM
ajfa-431	236	15	,	,	PUNCT
ajfa-431	236	16	5	5	NUM
ajfa-431	236	17	,	,	PUNCT
ajfa-431	236	18	and	and	CCONJ
ajfa-431	236	19	1	1	NUM
ajfa-431	236	20	percent	percent	NOUN
ajfa-431	236	21	levels	level	NOUN
ajfa-431	236	22	.	.	PUNCT
ajfa-431	237	1	b	b	X
ajfa-431	237	2	1/	1/	NUM
ajfa-431	237	3	itit	itit	PROPN
ajfa-431	237	4	px	px	PROPN
ajfa-431	237	5	is	be	AUX
ajfa-431	237	6	company	company	NOUN
ajfa-431	237	7	i	i	PRON
ajfa-431	237	8	’s	’	VERB
ajfa-431	237	9	earnings	earning	NOUN
ajfa-431	237	10	-	-	PUNCT
ajfa-431	237	11	per	per	ADP
ajfa-431	237	12	-	-	PUNCT
ajfa-431	237	13	share	share	NOUN
ajfa-431	237	14	deflated	deflate	VERB
ajfa-431	237	15	by	by	ADP
ajfa-431	237	16	the	the	DET
ajfa-431	237	17	price	price	NOUN
ajfa-431	237	18	at	at	ADP
ajfa-431	237	19	the	the	DET
ajfa-431	237	20	beginning	beginning	NOUN
ajfa-431	237	21	of	of	ADP
ajfa-431	237	22	the	the	DET
ajfa-431	237	23	year	year	NOUN
ajfa-431	237	24	t	t	PROPN
ajfa-431	237	25	;	;	PUNCT
ajfa-431	237	26	rit	rit	PROPN
ajfa-431	237	27	is	be	AUX
ajfa-431	237	28	company	company	NOUN
ajfa-431	237	29	i	i	PRON
ajfa-431	237	30	’s	’s	AUX
ajfa-431	237	31	compounded	compound	VERB
ajfa-431	237	32	monthly	monthly	ADJ
ajfa-431	237	33	return	return	NOUN
ajfa-431	237	34	over	over	ADP
ajfa-431	237	35	the	the	DET
ajfa-431	237	36	12	12	NUM
ajfa-431	237	37	-	-	PUNCT
ajfa-431	237	38	month	month	NOUN
ajfa-431	237	39	period	period	NOUN
ajfa-431	237	40	.	.	PUNCT
ajfa-431	238	1	d	d	X
ajfa-431	238	2	is	be	AUX
ajfa-431	238	3	a	a	DET
ajfa-431	238	4	dummy	dummy	ADJ
ajfa-431	238	5	variable	variable	NOUN
ajfa-431	238	6	for	for	ADP
ajfa-431	238	7	bad	bad	ADJ
ajfa-431	238	8	news	news	NOUN
ajfa-431	238	9	,	,	PUNCT
ajfa-431	238	10	code	code	NOUN
ajfa-431	238	11	one	one	NUM
ajfa-431	238	12	if	if	SCONJ
ajfa-431	238	13	rit	rit	NOUN
ajfa-431	238	14	is	be	AUX
ajfa-431	238	15	negative	negative	ADJ
ajfa-431	238	16	;	;	PUNCT
ajfa-431	238	17	and	and	CCONJ
ajfa-431	238	18	zero	zero	NUM
ajfa-431	238	19	otherwise	otherwise	ADV
ajfa-431	238	20	.	.	PUNCT
ajfa-431	239	1	nta	nta	PROPN
ajfa-431	239	2	is	be	AUX
ajfa-431	239	3	the	the	DET
ajfa-431	239	4	proportion	proportion	NOUN
ajfa-431	239	5	of	of	ADP
ajfa-431	239	6	a	a	DET
ajfa-431	239	7	company	company	NOUN
ajfa-431	239	8	’s	’s	PART
ajfa-431	239	9	non	non	ADJ
ajfa-431	239	10	-	-	ADJ
ajfa-431	239	11	tradable	tradable	ADJ
ajfa-431	239	12	shares	share	NOUN
ajfa-431	239	13	.	.	PUNCT
ajfa-431	240	1	siz	siz	PROPN
ajfa-431	240	2	is	be	AUX
ajfa-431	240	3	the	the	DET
ajfa-431	240	4	natural	natural	ADJ
ajfa-431	240	5	log	log	NOUN
ajfa-431	240	6	of	of	ADP
ajfa-431	240	7	a	a	DET
ajfa-431	240	8	company	company	NOUN
ajfa-431	240	9	’s	’s	PART
ajfa-431	240	10	total	total	ADJ
ajfa-431	240	11	assets	asset	NOUN
ajfa-431	240	12	.	.	PUNCT
ajfa-431	241	1	lev	lev	NOUN
ajfa-431	241	2	is	be	AUX
ajfa-431	241	3	the	the	DET
ajfa-431	241	4	company	company	NOUN
ajfa-431	241	5	’s	’s	PART
ajfa-431	241	6	leverage	leverage	NOUN
ajfa-431	241	7	ratio	ratio	NOUN
ajfa-431	241	8	,	,	PUNCT
ajfa-431	241	9	measured	measure	VERB
ajfa-431	241	10	as	as	ADP
ajfa-431	241	11	total	total	ADJ
ajfa-431	241	12	debts	debt	NOUN
ajfa-431	241	13	divided	divide	VERB
ajfa-431	241	14	by	by	ADP
ajfa-431	241	15	total	total	ADJ
ajfa-431	241	16	assets	asset	NOUN
ajfa-431	241	17	.	.	PUNCT
ajfa-431	242	1	roa	roa	PROPN
ajfa-431	242	2	is	be	AUX
ajfa-431	242	3	defined	define	VERB
ajfa-431	242	4	as	as	ADP
ajfa-431	242	5	a	a	DET
ajfa-431	242	6	company	company	NOUN
ajfa-431	242	7	’s	’s	PART
ajfa-431	242	8	net	net	ADJ
ajfa-431	242	9	income	income	NOUN
ajfa-431	242	10	divided	divide	VERB
ajfa-431	242	11	by	by	ADP
ajfa-431	242	12	total	total	ADJ
ajfa-431	242	13	assets	asset	NOUN
ajfa-431	242	14	.	.	PUNCT
ajfa-431	243	1	furthermore	furthermore	ADV
ajfa-431	243	2	,	,	PUNCT
ajfa-431	243	3	as	as	SCONJ
ajfa-431	243	4	demonstrated	demonstrate	VERB
ajfa-431	243	5	in	in	ADP
ajfa-431	243	6	prior	prior	ADJ
ajfa-431	243	7	studies	study	NOUN
ajfa-431	243	8	,	,	PUNCT
ajfa-431	243	9	institutional	institutional	ADJ
ajfa-431	243	10	factors	factor	NOUN
ajfa-431	243	11	are	be	AUX
ajfa-431	243	12	associated	associate	VERB
ajfa-431	243	13	with	with	ADP
ajfa-431	243	14	agency	agency	NOUN
ajfa-431	243	15	conflicts	conflict	NOUN
ajfa-431	243	16	,	,	PUNCT
ajfa-431	243	17	particularly	particularly	ADV
ajfa-431	243	18	those	those	PRON
ajfa-431	243	19	arising	arise	VERB
ajfa-431	243	20	from	from	ADP
ajfa-431	243	21	information	information	NOUN
ajfa-431	243	22	asymmetry	asymmetry	NOUN
ajfa-431	243	23	,	,	PUNCT
ajfa-431	243	24	so	so	SCONJ
ajfa-431	243	25	they	they	PRON
ajfa-431	243	26	create	create	VERB
ajfa-431	243	27	different	different	ADJ
ajfa-431	243	28	levels	level	NOUN
ajfa-431	243	29	of	of	ADP
ajfa-431	243	30	demand	demand	NOUN
ajfa-431	243	31	for	for	ADP
ajfa-431	243	32	earnings	earning	NOUN
ajfa-431	243	33	conservatism	conservatism	NOUN
ajfa-431	243	34	(	(	PUNCT
ajfa-431	243	35	watts	watts	PROPN
ajfa-431	243	36	,	,	PUNCT
ajfa-431	243	37	2003b	2003b	NUM
ajfa-431	243	38	)	)	PUNCT
ajfa-431	243	39	.	.	PUNCT
ajfa-431	244	1	as	as	SCONJ
ajfa-431	244	2	expected	expect	VERB
ajfa-431	244	3	,	,	PUNCT
ajfa-431	244	4	we	we	PRON
ajfa-431	244	5	find	find	VERB
ajfa-431	244	6	that	that	SCONJ
ajfa-431	244	7	the	the	DET
ajfa-431	244	8	incremental	incremental	ADJ
ajfa-431	244	9	effects	effect	NOUN
ajfa-431	244	10	of	of	ADP
ajfa-431	244	11	profitability	profitability	NOUN
ajfa-431	244	12	(	(	PUNCT
ajfa-431	244	13	+0.611	+0.611	PROPN
ajfa-431	244	14	;	;	PUNCT
ajfa-431	244	15	t=31.37	t=31.37	PROPN
ajfa-431	244	16	)	)	PUNCT
ajfa-431	244	17	and	and	CCONJ
ajfa-431	244	18	company	company	NOUN
ajfa-431	244	19	size	size	NOUN
ajfa-431	244	20	(	(	PUNCT
ajfa-431	244	21	-0.010	-0.010	X
ajfa-431	244	22	;	;	PUNCT
ajfa-431	244	23	t=-1.91	t=-1.91	NUM
ajfa-431	244	24	)	)	PUNCT
ajfa-431	244	25	on	on	ADP
ajfa-431	244	26	earnings	earning	NOUN
ajfa-431	244	27	conservatism	conservatism	NOUN
ajfa-431	244	28	are	be	AUX
ajfa-431	244	29	significant	significant	ADJ
ajfa-431	244	30	with	with	ADP
ajfa-431	244	31	predicted	predict	VERB
ajfa-431	244	32	sign	sign	NOUN
ajfa-431	244	33	.	.	PUNCT
ajfa-431	245	1	however	however	ADV
ajfa-431	245	2	,	,	PUNCT
ajfa-431	245	3	although	although	SCONJ
ajfa-431	245	4	the	the	DET
ajfa-431	245	5	direction	direction	NOUN
ajfa-431	245	6	is	be	AUX
ajfa-431	245	7	as	as	SCONJ
ajfa-431	245	8	predicted	predict	VERB
ajfa-431	245	9	,	,	PUNCT
ajfa-431	245	10	the	the	DET
ajfa-431	245	11	interaction	interaction	NOUN
ajfa-431	245	12	of	of	ADP
ajfa-431	245	13	leverage	leverage	NOUN
ajfa-431	245	14	(	(	PUNCT
ajfa-431	245	15	+0.001	+0.001	NOUN
ajfa-431	245	16	;	;	PUNCT
ajfa-431	245	17	t=0.21	t=0.21	NUM
ajfa-431	245	18	)	)	PUNCT
ajfa-431	245	19	is	be	AUX
ajfa-431	245	20	not	not	PART
ajfa-431	245	21	significant	significant	ADJ
ajfa-431	245	22	.	.	PUNCT
ajfa-431	246	1	this	this	DET
ajfa-431	246	2	last	last	ADJ
ajfa-431	246	3	result	result	NOUN
ajfa-431	246	4	may	may	AUX
ajfa-431	246	5	be	be	AUX
ajfa-431	246	6	because	because	SCONJ
ajfa-431	246	7	banks	bank	NOUN
ajfa-431	246	8	,	,	PUNCT
ajfa-431	246	9	which	which	PRON
ajfa-431	246	10	are	be	AUX
ajfa-431	246	11	government	government	NOUN
ajfa-431	246	12	-	-	PUNCT
ajfa-431	246	13	owned	own	VERB
ajfa-431	246	14	,	,	PUNCT
ajfa-431	246	15	also	also	ADV
ajfa-431	246	16	do	do	AUX
ajfa-431	246	17	not	not	PART
ajfa-431	246	18	demand	demand	VERB
ajfa-431	246	19	earnings	earning	NOUN
ajfa-431	246	20	conservatism	conservatism	NOUN
ajfa-431	246	21	.	.	PUNCT
ajfa-431	247	1	4.4	4.4	NUM
ajfa-431	247	2	alternative	alternative	ADJ
ajfa-431	247	3	model	model	NOUN
ajfa-431	247	4	of	of	ADP
ajfa-431	247	5	earnings	earning	NOUN
ajfa-431	247	6	conservatism	conservatism	NOUN
ajfa-431	247	7	by	by	ADP
ajfa-431	247	8	ball	ball	NOUN
ajfa-431	247	9	and	and	CCONJ
ajfa-431	247	10	shivakumar	shivakumar	PROPN
ajfa-431	247	11	(	(	PUNCT
ajfa-431	247	12	2005	2005	NUM
ajfa-431	247	13	)	)	PUNCT
ajfa-431	247	14	to	to	PART
ajfa-431	247	15	check	check	VERB
ajfa-431	247	16	for	for	ADP
ajfa-431	247	17	the	the	DET
ajfa-431	247	18	robustness	robustness	NOUN
ajfa-431	247	19	of	of	ADP
ajfa-431	247	20	our	our	PRON
ajfa-431	247	21	results	result	NOUN
ajfa-431	247	22	,	,	PUNCT
ajfa-431	247	23	we	we	PRON
ajfa-431	247	24	also	also	ADV
ajfa-431	247	25	apply	apply	VERB
ajfa-431	247	26	the	the	DET
ajfa-431	247	27	alternative	alternative	ADJ
ajfa-431	247	28	empirical	empirical	ADJ
ajfa-431	247	29	model	model	NOUN
ajfa-431	247	30	of	of	ADP
ajfa-431	247	31	earnings	earning	NOUN
ajfa-431	247	32	conservatism	conservatism	NOUN
ajfa-431	247	33	developed	develop	VERB
ajfa-431	247	34	by	by	ADP
ajfa-431	247	35	ball	ball	NOUN
ajfa-431	247	36	and	and	CCONJ
ajfa-431	247	37	shivakumar	shivakumar	PROPN
ajfa-431	247	38	(	(	PUNCT
ajfa-431	247	39	2005	2005	NUM
ajfa-431	247	40	)	)	PUNCT
ajfa-431	247	41	to	to	PART
ajfa-431	247	42	test	test	VERB
ajfa-431	247	43	our	our	PRON
ajfa-431	247	44	hypothesis	hypothesis	NOUN
ajfa-431	247	45	.	.	PUNCT
ajfa-431	248	1	ball	ball	NOUN
ajfa-431	248	2	asian	asian	PROPN
ajfa-431	248	3	journal	journal	PROPN
ajfa-431	248	4	of	of	ADP
ajfa-431	248	5	finance	finance	PROPN
ajfa-431	248	6	&	&	CCONJ
ajfa-431	248	7	accounting	accounting	PROPN
ajfa-431	248	8	issn	issn	PROPN
ajfa-431	248	9	1946	1946	NUM
ajfa-431	248	10	-	-	PUNCT
ajfa-431	248	11	052x	052x	NOUN
ajfa-431	248	12	2010	2010	NUM
ajfa-431	248	13	,	,	PUNCT
ajfa-431	248	14	vol	vol	NOUN
ajfa-431	248	15	.	.	PROPN
ajfa-431	248	16	2	2	NUM
ajfa-431	248	17	,	,	PUNCT
ajfa-431	248	18	no	no	INTJ
ajfa-431	248	19	.	.	NOUN
ajfa-431	248	20	1	1	NUM
ajfa-431	248	21	:	:	PUNCT
ajfa-431	248	22	e3	e3	VERB
ajfa-431	248	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	248	24	61	61	NUM
ajfa-431	248	25	and	and	CCONJ
ajfa-431	248	26	shivakumar	shivakumar	PROPN
ajfa-431	248	27	(	(	PUNCT
ajfa-431	248	28	2005	2005	NUM
ajfa-431	248	29	)	)	PUNCT
ajfa-431	248	30	measure	measure	NOUN
ajfa-431	248	31	earnings	earning	NOUN
ajfa-431	248	32	conservatism	conservatism	NOUN
ajfa-431	248	33	as	as	ADP
ajfa-431	248	34	the	the	DET
ajfa-431	248	35	asymmetric	asymmetric	ADJ
ajfa-431	248	36	timeliness	timeliness	NOUN
ajfa-431	248	37	of	of	ADP
ajfa-431	248	38	accruals	accrual	NOUN
ajfa-431	248	39	in	in	ADP
ajfa-431	248	40	economic	economic	ADJ
ajfa-431	248	41	loss	loss	NOUN
ajfa-431	248	42	recognition	recognition	NOUN
ajfa-431	248	43	relative	relative	ADJ
ajfa-431	248	44	to	to	ADP
ajfa-431	248	45	economic	economic	ADJ
ajfa-431	248	46	gain	gain	NOUN
ajfa-431	248	47	recognition	recognition	NOUN
ajfa-431	248	48	.	.	PUNCT
ajfa-431	249	1	they	they	PRON
ajfa-431	249	2	use	use	VERB
ajfa-431	249	3	operating	operate	VERB
ajfa-431	249	4	cash	cash	NOUN
ajfa-431	249	5	flows	flow	NOUN
ajfa-431	249	6	to	to	PART
ajfa-431	249	7	proxy	proxy	VERB
ajfa-431	249	8	for	for	ADP
ajfa-431	249	9	economic	economic	ADJ
ajfa-431	249	10	losses	loss	NOUN
ajfa-431	249	11	and	and	CCONJ
ajfa-431	249	12	gains	gain	NOUN
ajfa-431	249	13	during	during	ADP
ajfa-431	249	14	the	the	DET
ajfa-431	249	15	year	year	NOUN
ajfa-431	249	16	.	.	PUNCT
ajfa-431	250	1	we	we	PRON
ajfa-431	250	2	extend	extend	VERB
ajfa-431	250	3	the	the	DET
ajfa-431	250	4	ball	ball	NOUN
ajfa-431	250	5	and	and	CCONJ
ajfa-431	250	6	shivakumar	shivakumar	PROPN
ajfa-431	250	7	(	(	PUNCT
ajfa-431	250	8	2005	2005	NUM
ajfa-431	250	9	)	)	PUNCT
ajfa-431	250	10	model	model	NOUN
ajfa-431	250	11	by	by	ADP
ajfa-431	250	12	incorporating	incorporate	VERB
ajfa-431	250	13	the	the	DET
ajfa-431	250	14	link	link	NOUN
ajfa-431	250	15	between	between	ADP
ajfa-431	250	16	earnings	earning	NOUN
ajfa-431	250	17	conservatism	conservatism	NOUN
ajfa-431	250	18	and	and	CCONJ
ajfa-431	250	19	company	company	NOUN
ajfa-431	250	20	-	-	PUNCT
ajfa-431	250	21	specific	specific	ADJ
ajfa-431	250	22	attributes	attribute	NOUN
ajfa-431	250	23	to	to	PART
ajfa-431	250	24	test	test	VERB
ajfa-431	250	25	our	our	PRON
ajfa-431	250	26	hypotheses	hypothesis	NOUN
ajfa-431	250	27	as	as	SCONJ
ajfa-431	250	28	follows	follow	VERB
ajfa-431	250	29	:	:	PUNCT
ajfa-431	250	30	titititititiit	titititititiit	PROPN
ajfa-431	250	31	cfontacfocfodcfocfodacc	cfontacfocfodcfocfodacc	PROPN
ajfa-431	250	32	43210	43210	NUM
ajfa-431	250	33			PROPN
ajfa-431	250	34			VERB
ajfa-431	250	35	titititititititi	titititititititi	PROPN
ajfa-431	250	36	cfocfodsizecfosizecfocfodnta	cfocfodsizecfosizecfocfodnta	VERB
ajfa-431	250	37	765	765	NUM
ajfa-431	250	38			NOUN
ajfa-431	250	39			NOUN
ajfa-431	250	40	tititititititi	tititititititi	NOUN
ajfa-431	250	41	cforoacfocfodlevcfolev	cforoacfocfodlevcfolev	ADJ
ajfa-431	250	42	1098	1098	NUM
ajfa-431	250	43			NOUN
ajfa-431	250	44			ADV
ajfa-431	250	45	titititi	titititi	VERB
ajfa-431	250	46	cfocfodroa	cfocfodroa	PROPN
ajfa-431	250	47			PROPN
ajfa-431	250	48			PROPN
ajfa-431	250	49	11	11	NUM
ajfa-431	250	50	(	(	PUNCT
ajfa-431	250	51	2	2	NUM
ajfa-431	250	52	)	)	PUNCT
ajfa-431	250	53	where	where	SCONJ
ajfa-431	250	54	acci	acci	NOUN
ajfa-431	250	55	is	be	AUX
ajfa-431	250	56	the	the	DET
ajfa-431	250	57	mean	mean	NOUN
ajfa-431	250	58	of	of	ADP
ajfa-431	250	59	total	total	ADJ
ajfa-431	250	60	accruals	accrual	NOUN
ajfa-431	250	61	of	of	ADP
ajfa-431	250	62	company	company	NOUN
ajfa-431	250	63	i	i	PRON
ajfa-431	250	64	multiplied	multiply	VERB
ajfa-431	250	65	by	by	ADP
ajfa-431	250	66	-1	-1	PUNCT
ajfa-431	250	67	and	and	CCONJ
ajfa-431	250	68	standardized	standardize	VERB
ajfa-431	250	69	by	by	ADP
ajfa-431	250	70	beginning	begin	VERB
ajfa-431	250	71	period	period	NOUN
ajfa-431	250	72	total	total	ADJ
ajfa-431	250	73	assets	asset	NOUN
ajfa-431	250	74	.	.	PUNCT
ajfa-431	251	1	accruals	accrual	NOUN
ajfa-431	251	2	are	be	AUX
ajfa-431	251	3	defined	define	VERB
ajfa-431	251	4	as	as	ADP
ajfa-431	251	5	earnings	earning	NOUN
ajfa-431	251	6	before	before	ADP
ajfa-431	251	7	exceptional	exceptional	ADJ
ajfa-431	251	8	items	item	NOUN
ajfa-431	251	9	and	and	CCONJ
ajfa-431	251	10	extra	extra	ADJ
ajfa-431	251	11	-	-	ADJ
ajfa-431	251	12	ordinary	ordinary	ADJ
ajfa-431	251	13	items	item	NOUN
ajfa-431	251	14	minus	minus	ADP
ajfa-431	251	15	cash	cash	NOUN
ajfa-431	251	16	from	from	ADP
ajfa-431	251	17	operations	operation	NOUN
ajfa-431	251	18	;	;	PUNCT
ajfa-431	251	19	cfoit	cfoit	PROPN
ajfa-431	251	20	is	be	AUX
ajfa-431	251	21	operating	operate	VERB
ajfa-431	251	22	cash	cash	NOUN
ajfa-431	251	23	in	in	ADP
ajfa-431	251	24	year	year	NOUN
ajfa-431	251	25	t	t	PROPN
ajfa-431	251	26	dividend	dividend	NOUN
ajfa-431	251	27	by	by	ADP
ajfa-431	251	28	beginning	begin	VERB
ajfa-431	251	29	total	total	ADJ
ajfa-431	251	30	assets	asset	NOUN
ajfa-431	251	31	;	;	PUNCT
ajfa-431	251	32	cfodit	cfodit	NOUN
ajfa-431	251	33	is	be	AUX
ajfa-431	251	34	a	a	DET
ajfa-431	251	35	dummy	dummy	ADJ
ajfa-431	251	36	variable	variable	NOUN
ajfa-431	251	37	set	set	VERB
ajfa-431	251	38	equal	equal	ADJ
ajfa-431	251	39	to	to	ADP
ajfa-431	251	40	one	one	NUM
ajfa-431	251	41	if	if	SCONJ
ajfa-431	251	42	cfoit	cfoit	NOUN
ajfa-431	251	43	is	be	AUX
ajfa-431	251	44	negative	negative	ADJ
ajfa-431	251	45	and	and	CCONJ
ajfa-431	251	46	zero	zero	NUM
ajfa-431	251	47	otherwise	otherwise	ADV
ajfa-431	251	48	.	.	PUNCT
ajfa-431	252	1	the	the	DET
ajfa-431	252	2	result	result	NOUN
ajfa-431	252	3	of	of	ADP
ajfa-431	252	4	equation	equation	NOUN
ajfa-431	252	5	(	(	PUNCT
ajfa-431	252	6	2	2	X
ajfa-431	252	7	)	)	PUNCT
ajfa-431	252	8	is	be	AUX
ajfa-431	252	9	given	give	VERB
ajfa-431	252	10	in	in	ADP
ajfa-431	252	11	table	table	NOUN
ajfa-431	252	12	5	5	NUM
ajfa-431	252	13	.	.	PUNCT
ajfa-431	253	1	the	the	DET
ajfa-431	253	2	results	result	NOUN
ajfa-431	253	3	based	base	VERB
ajfa-431	253	4	on	on	ADP
ajfa-431	253	5	the	the	DET
ajfa-431	253	6	model	model	NOUN
ajfa-431	253	7	of	of	ADP
ajfa-431	253	8	ball	ball	NOUN
ajfa-431	253	9	and	and	CCONJ
ajfa-431	253	10	shivakumar	shivakumar	PROPN
ajfa-431	253	11	(	(	PUNCT
ajfa-431	253	12	2005	2005	NUM
ajfa-431	253	13	)	)	PUNCT
ajfa-431	253	14	are	be	AUX
ajfa-431	253	15	largely	largely	ADV
ajfa-431	253	16	consistent	consistent	ADJ
ajfa-431	253	17	with	with	ADP
ajfa-431	253	18	our	our	PRON
ajfa-431	253	19	findings	finding	NOUN
ajfa-431	253	20	documented	document	VERB
ajfa-431	253	21	above	above	ADV
ajfa-431	253	22	.	.	PUNCT
ajfa-431	254	1	the	the	DET
ajfa-431	254	2	interaction	interaction	NOUN
ajfa-431	254	3	coefficients	coefficient	NOUN
ajfa-431	254	4	β5	β5	PROPN
ajfa-431	254	5	is	be	AUX
ajfa-431	254	6	significantly	significantly	ADV
ajfa-431	254	7	negative	negative	ADJ
ajfa-431	254	8	at	at	ADP
ajfa-431	254	9	the	the	DET
ajfa-431	254	10	1	1	NUM
ajfa-431	254	11	%	%	NOUN
ajfa-431	254	12	level	level	NOUN
ajfa-431	254	13	(	(	PUNCT
ajfa-431	254	14	-0.709	-0.709	NOUN
ajfa-431	254	15	;	;	PUNCT
ajfa-431	254	16	t=-2.60	t=-2.60	NUM
ajfa-431	254	17	)	)	PUNCT
ajfa-431	254	18	.	.	PUNCT
ajfa-431	255	1	again	again	ADV
ajfa-431	255	2	,	,	PUNCT
ajfa-431	255	3	they	they	PRON
ajfa-431	255	4	show	show	VERB
ajfa-431	255	5	that	that	SCONJ
ajfa-431	255	6	chinese	chinese	ADJ
ajfa-431	255	7	companies	company	NOUN
ajfa-431	255	8	with	with	ADP
ajfa-431	255	9	higher	high	ADJ
ajfa-431	255	10	non	non	ADJ
ajfa-431	255	11	-	-	ADJ
ajfa-431	255	12	tradable	tradable	ADJ
ajfa-431	255	13	shares	share	NOUN
ajfa-431	255	14	supply	supply	VERB
ajfa-431	255	15	less	less	ADJ
ajfa-431	255	16	earnings	earning	NOUN
ajfa-431	255	17	conservatism	conservatism	NOUN
ajfa-431	255	18	.	.	PUNCT
ajfa-431	256	1	therefore	therefore	ADV
ajfa-431	256	2	,	,	PUNCT
ajfa-431	256	3	hypothesis	hypothesis	NOUN
ajfa-431	256	4	is	be	AUX
ajfa-431	256	5	supported	support	VERB
ajfa-431	256	6	,	,	PUNCT
ajfa-431	256	7	using	use	VERB
ajfa-431	256	8	an	an	DET
ajfa-431	256	9	alternative	alternative	ADJ
ajfa-431	256	10	empirical	empirical	ADJ
ajfa-431	256	11	model	model	NOUN
ajfa-431	256	12	of	of	ADP
ajfa-431	256	13	earnings	earning	NOUN
ajfa-431	256	14	conservatism	conservatism	NOUN
ajfa-431	256	15	.	.	PUNCT
ajfa-431	257	1	as	as	SCONJ
ajfa-431	257	2	expected	expect	VERB
ajfa-431	257	3	,	,	PUNCT
ajfa-431	257	4	we	we	PRON
ajfa-431	257	5	find	find	VERB
ajfa-431	257	6	that	that	SCONJ
ajfa-431	257	7	the	the	DET
ajfa-431	257	8	incremental	incremental	ADJ
ajfa-431	257	9	effects	effect	NOUN
ajfa-431	257	10	of	of	ADP
ajfa-431	257	11	profitability	profitability	NOUN
ajfa-431	257	12	(	(	PUNCT
ajfa-431	257	13	+3.401	+3.401	NOUN
ajfa-431	257	14	;	;	PUNCT
ajfa-431	257	15	t=12.42	t=12.42	X
ajfa-431	257	16	)	)	PUNCT
ajfa-431	257	17	and	and	CCONJ
ajfa-431	257	18	company	company	NOUN
ajfa-431	257	19	size	size	NOUN
ajfa-431	257	20	(	(	PUNCT
ajfa-431	257	21	-0.250	-0.250	NUM
ajfa-431	257	22	;	;	PUNCT
ajfa-431	257	23	t=-2.23	t=-2.23	X
ajfa-431	257	24	)	)	PUNCT
ajfa-431	257	25	on	on	ADP
ajfa-431	257	26	earnings	earning	NOUN
ajfa-431	257	27	conservatism	conservatism	NOUN
ajfa-431	257	28	are	be	AUX
ajfa-431	257	29	significant	significant	ADJ
ajfa-431	257	30	with	with	ADP
ajfa-431	257	31	the	the	DET
ajfa-431	257	32	predicted	predict	VERB
ajfa-431	257	33	sign	sign	NOUN
ajfa-431	257	34	.	.	PUNCT
ajfa-431	258	1	however	however	ADV
ajfa-431	258	2	,	,	PUNCT
ajfa-431	258	3	the	the	DET
ajfa-431	258	4	interaction	interaction	NOUN
ajfa-431	258	5	of	of	ADP
ajfa-431	258	6	leverage	leverage	NOUN
ajfa-431	258	7	(	(	PUNCT
ajfa-431	258	8	+0.168	+0.168	NOUN
ajfa-431	258	9	;	;	PUNCT
ajfa-431	258	10	t=1.64	t=1.64	NOUN
ajfa-431	258	11	)	)	PUNCT
ajfa-431	258	12	is	be	AUX
ajfa-431	258	13	statistically	statistically	ADV
ajfa-431	258	14	different	different	ADJ
ajfa-431	258	15	from	from	ADP
ajfa-431	258	16	zero	zero	NUM
ajfa-431	258	17	.	.	PUNCT
ajfa-431	259	1	asian	asian	ADJ
ajfa-431	259	2	journal	journal	PROPN
ajfa-431	259	3	of	of	ADP
ajfa-431	259	4	finance	finance	PROPN
ajfa-431	259	5	&	&	CCONJ
ajfa-431	259	6	accounting	accounting	PROPN
ajfa-431	259	7	issn	issn	PROPN
ajfa-431	259	8	1946	1946	NUM
ajfa-431	259	9	-	-	PUNCT
ajfa-431	259	10	052x	052x	NOUN
ajfa-431	259	11	2010	2010	NUM
ajfa-431	259	12	,	,	PUNCT
ajfa-431	259	13	vol	vol	NOUN
ajfa-431	259	14	.	.	PROPN
ajfa-431	259	15	2	2	NUM
ajfa-431	259	16	,	,	PUNCT
ajfa-431	259	17	no	no	INTJ
ajfa-431	259	18	.	.	NOUN
ajfa-431	259	19	1	1	NUM
ajfa-431	259	20	:	:	PUNCT
ajfa-431	259	21	e3	e3	VERB
ajfa-431	259	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	259	23	62	62	NUM
ajfa-431	259	24	table	table	NOUN
ajfa-431	259	25	5	5	NUM
ajfa-431	259	26	.	.	PUNCT
ajfa-431	260	1	regression	regression	NOUN
ajfa-431	260	2	result	result	NOUN
ajfa-431	260	3	of	of	ADP
ajfa-431	260	4	alternative	alternative	ADJ
ajfa-431	260	5	model	model	NOUN
ajfa-431	260	6	of	of	ADP
ajfa-431	260	7	earnings	earning	NOUN
ajfa-431	260	8	conservatism	conservatism	NOUN
ajfa-431	260	9	titititititiit	titititititiit	VERB
ajfa-431	260	10	cfontacfocfodcfocfodacc	cfontacfocfodcfocfodacc	PROPN
ajfa-431	260	11	43210	43210	NUM
ajfa-431	260	12			PROPN
ajfa-431	260	13			VERB
ajfa-431	260	14	titititititititi	titititititititi	PROPN
ajfa-431	260	15	cfocfodsizecfosizecfocfodnta	cfocfodsizecfosizecfocfodnta	VERB
ajfa-431	260	16	765	765	NUM
ajfa-431	260	17			NOUN
ajfa-431	260	18			NOUN
ajfa-431	260	19	tititititititi	tititititititi	NOUN
ajfa-431	260	20	cforoacfocfodlevcfolev	cforoacfocfodlevcfolev	ADJ
ajfa-431	260	21	1098	1098	NUM
ajfa-431	260	22			NOUN
ajfa-431	260	23			ADV
ajfa-431	260	24	titititi	titititi	VERB
ajfa-431	260	25	cfocfodroa	cfocfodroa	PROPN
ajfa-431	260	26			PROPN
ajfa-431	260	27			PROPN
ajfa-431	260	28	11	11	NUM
ajfa-431	260	29	(	(	PUNCT
ajfa-431	260	30	2	2	NUM
ajfa-431	260	31	)	)	PUNCT
ajfa-431	260	32	variables	variable	NOUN
ajfa-431	260	33	pred.sign	pred.sign	PROPN
ajfa-431	260	34	coef	coef	PROPN
ajfa-431	260	35	.	.	PUNCT
ajfa-431	261	1	t	t	PROPN
ajfa-431	261	2	-	-	PUNCT
ajfa-431	261	3	stat	stat	NOUN
ajfa-431	261	4	.	.	PUNCT
ajfa-431	262	1	intercept	intercept	VERB
ajfa-431	262	2	?	?	PUNCT
ajfa-431	263	1	0.009	0.009	NUM
ajfa-431	263	2	*	*	PUNCT
ajfa-431	263	3	*	*	PUNCT
ajfa-431	263	4	*	*	SYM
ajfa-431	263	5	3.11	3.11	NUM
ajfa-431	263	6	cfod	cfod	ADJ
ajfa-431	263	7	?	?	PUNCT
ajfa-431	264	1	0.012	0.012	NUM
ajfa-431	264	2	*	*	PUNCT
ajfa-431	264	3	*	*	PROPN
ajfa-431	264	4	2.36	2.36	NUM
ajfa-431	264	5	cfo	cfo	NOUN
ajfa-431	264	6	+	+	CCONJ
ajfa-431	264	7	0.030	0.030	NUM
ajfa-431	264	8	0.30	0.30	NUM
ajfa-431	264	9	cfod*cfo	cfod*cfo	ADJ
ajfa-431	264	10	+	+	CCONJ
ajfa-431	264	11	0.391	0.391	NUM
ajfa-431	264	12	*	*	PUNCT
ajfa-431	264	13	*	*	NOUN
ajfa-431	264	14	2.54	2.54	NUM
ajfa-431	264	15	nta*cfo	nta*cfo	ADJ
ajfa-431	264	16	?	?	PUNCT
ajfa-431	265	1	0.231	0.231	NUM
ajfa-431	265	2	1.48	1.48	NUM
ajfa-431	265	3	nta*cfo*cfod	nta*cfo*cfod	VERB
ajfa-431	265	4	-0.709	-0.709	NOUN
ajfa-431	265	5	*	*	PUNCT
ajfa-431	265	6	*	*	PUNCT
ajfa-431	265	7	*	*	PUNCT
ajfa-431	265	8	-2.60	-2.60	PROPN
ajfa-431	265	9	size*cfo	size*cfo	VERB
ajfa-431	265	10	?	?	PUNCT
ajfa-431	266	1	-0.011	-0.011	X
ajfa-431	267	1	-1.03	-1.03	NUM
ajfa-431	267	2	size*cfo*cfod	size*cfo*cfod	VERB
ajfa-431	267	3	-0.250	-0.250	ADJ
ajfa-431	267	4	*	*	NOUN
ajfa-431	267	5	*	*	NOUN
ajfa-431	267	6	-2.23	-2.23	X
ajfa-431	267	7	lev*cfo	lev*cfo	ADJ
ajfa-431	267	8	?	?	PUNCT
ajfa-431	268	1	-0.158	-0.158	PUNCT
ajfa-431	268	2	*	*	PUNCT
ajfa-431	268	3	-1.78	-1.78	PRON
ajfa-431	268	4	lev*cfo*cfod	lev*cfo*cfod	VERB
ajfa-431	268	5	+	+	CCONJ
ajfa-431	268	6	0.168	0.168	NUM
ajfa-431	268	7	1.64	1.64	NUM
ajfa-431	268	8	roa*cfo	roa*cfo	NOUN
ajfa-431	268	9	?	?	PUNCT
ajfa-431	269	1	-2.990	-2.990	PUNCT
ajfa-431	270	1	*	*	PUNCT
ajfa-431	270	2	*	*	PUNCT
ajfa-431	270	3	*	*	AUX
ajfa-431	270	4	-11.20	-11.20	PROPN
ajfa-431	270	5	roa*cfo*cfod	roa*cfo*cfod	VERB
ajfa-431	270	6	+	+	NOUN
ajfa-431	270	7	3.401	3.401	NUM
ajfa-431	270	8	*	*	PUNCT
ajfa-431	270	9	*	*	PUNCT
ajfa-431	270	10	*	*	X
ajfa-431	270	11	12.42	12.42	NUM
ajfa-431	270	12	f	f	PROPN
ajfa-431	270	13	value	value	NOUN
ajfa-431	270	14	36.56	36.56	NUM
ajfa-431	270	15	*	*	PUNCT
ajfa-431	270	16	*	*	PUNCT
ajfa-431	270	17	*	*	PUNCT
ajfa-431	270	18	adj.r	adj.r	PROPN
ajfa-431	270	19	2	2	NUM
ajfa-431	270	20	(	(	PUNCT
ajfa-431	270	21	%	%	NOUN
ajfa-431	270	22	)	)	PUNCT
ajfa-431	270	23	12.61	12.61	NUM
ajfa-431	270	24	no	no	NOUN
ajfa-431	270	25	.	.	PUNCT
ajfa-431	271	1	of	of	ADP
ajfa-431	271	2	obs	obs	PROPN
ajfa-431	271	3	2264	2264	NUM
ajfa-431	271	4	a	a	DET
ajfa-431	271	5	note	note	NOUN
ajfa-431	271	6	.	.	PUNCT
ajfa-431	272	1	*	*	PUNCT
ajfa-431	272	2	,	,	PUNCT
ajfa-431	272	3	*	*	PUNCT
ajfa-431	272	4	*	*	PUNCT
ajfa-431	272	5	,	,	PUNCT
ajfa-431	272	6	and	and	CCONJ
ajfa-431	272	7	*	*	PUNCT
ajfa-431	272	8	*	*	PUNCT
ajfa-431	272	9	*	*	PUNCT
ajfa-431	272	10	indicate	indicate	VERB
ajfa-431	272	11	significance	significance	NOUN
ajfa-431	272	12	at	at	ADP
ajfa-431	272	13	the	the	DET
ajfa-431	272	14	10	10	NUM
ajfa-431	272	15	,	,	PUNCT
ajfa-431	272	16	5	5	NUM
ajfa-431	272	17	,	,	PUNCT
ajfa-431	272	18	and	and	CCONJ
ajfa-431	272	19	1	1	NUM
ajfa-431	272	20	percent	percent	NOUN
ajfa-431	272	21	levels	level	NOUN
ajfa-431	272	22	.	.	PUNCT
ajfa-431	273	1	b	b	X
ajfa-431	273	2	accit	accit	NOUN
ajfa-431	273	3	is	be	AUX
ajfa-431	273	4	he	he	PRON
ajfa-431	273	5	mean	mean	VERB
ajfa-431	273	6	of	of	ADP
ajfa-431	273	7	total	total	ADJ
ajfa-431	273	8	accruals	accrual	NOUN
ajfa-431	273	9	of	of	ADP
ajfa-431	273	10	company	company	NOUN
ajfa-431	273	11	i	i	PRON
ajfa-431	273	12	multiplied	multiply	VERB
ajfa-431	273	13	by	by	ADP
ajfa-431	273	14	-1	-1	PUNCT
ajfa-431	273	15	and	and	CCONJ
ajfa-431	273	16	standardized	standardize	VERB
ajfa-431	273	17	by	by	ADP
ajfa-431	273	18	beginning	begin	VERB
ajfa-431	273	19	period	period	NOUN
ajfa-431	273	20	total	total	ADJ
ajfa-431	273	21	assets	asset	NOUN
ajfa-431	273	22	.	.	PUNCT
ajfa-431	273	23	;	;	PUNCT
ajfa-431	273	24	cfoit	cfoit	PROPN
ajfa-431	273	25	cash	cash	VERB
ajfa-431	273	26	from	from	ADP
ajfa-431	273	27	operations	operation	NOUN
ajfa-431	273	28	in	in	ADP
ajfa-431	273	29	year	year	NOUN
ajfa-431	273	30	t	t	PROPN
ajfa-431	273	31	standardized	standardize	VERB
ajfa-431	273	32	by	by	ADP
ajfa-431	273	33	beginning	begin	VERB
ajfa-431	273	34	period	period	NOUN
ajfa-431	273	35	total	total	ADJ
ajfa-431	273	36	assets	asset	NOUN
ajfa-431	273	37	.	.	PUNCT
ajfa-431	274	1	d	d	PRON
ajfa-431	274	2	is	be	AUX
ajfa-431	274	3	a	a	DET
ajfa-431	274	4	dummy	dummy	ADJ
ajfa-431	274	5	variable	variable	NOUN
ajfa-431	274	6	for	for	ADP
ajfa-431	274	7	bad	bad	ADJ
ajfa-431	274	8	news	news	NOUN
ajfa-431	274	9	,	,	PUNCT
ajfa-431	274	10	code	code	NOUN
ajfa-431	274	11	one	one	NUM
ajfa-431	274	12	if	if	SCONJ
ajfa-431	274	13	cfoit	cfoit	NOUN
ajfa-431	274	14	is	be	AUX
ajfa-431	274	15	negative	negative	ADJ
ajfa-431	274	16	;	;	PUNCT
ajfa-431	274	17	and	and	CCONJ
ajfa-431	274	18	zero	zero	NUM
ajfa-431	274	19	otherwise	otherwise	ADV
ajfa-431	274	20	.	.	PUNCT
ajfa-431	275	1	nta	nta	PROPN
ajfa-431	275	2	is	be	AUX
ajfa-431	275	3	the	the	DET
ajfa-431	275	4	proportion	proportion	NOUN
ajfa-431	275	5	of	of	ADP
ajfa-431	275	6	a	a	DET
ajfa-431	275	7	company	company	NOUN
ajfa-431	275	8	’s	’s	PART
ajfa-431	275	9	non	non	ADJ
ajfa-431	275	10	-	-	ADJ
ajfa-431	275	11	tradable	tradable	ADJ
ajfa-431	275	12	shares	share	NOUN
ajfa-431	275	13	.	.	PUNCT
ajfa-431	276	1	siz	siz	PROPN
ajfa-431	276	2	is	be	AUX
ajfa-431	276	3	the	the	DET
ajfa-431	276	4	natural	natural	ADJ
ajfa-431	276	5	log	log	NOUN
ajfa-431	276	6	of	of	ADP
ajfa-431	276	7	a	a	DET
ajfa-431	276	8	company	company	NOUN
ajfa-431	276	9	’s	’s	PART
ajfa-431	276	10	total	total	ADJ
ajfa-431	276	11	assets	asset	NOUN
ajfa-431	276	12	.	.	PUNCT
ajfa-431	277	1	lev	lev	NOUN
ajfa-431	277	2	is	be	AUX
ajfa-431	277	3	the	the	DET
ajfa-431	277	4	company	company	NOUN
ajfa-431	277	5	’s	’s	PART
ajfa-431	277	6	leverage	leverage	NOUN
ajfa-431	277	7	ratio	ratio	NOUN
ajfa-431	277	8	,	,	PUNCT
ajfa-431	277	9	measured	measure	VERB
ajfa-431	277	10	as	as	ADP
ajfa-431	277	11	total	total	ADJ
ajfa-431	277	12	debts	debt	NOUN
ajfa-431	277	13	divided	divide	VERB
ajfa-431	277	14	by	by	ADP
ajfa-431	277	15	total	total	ADJ
ajfa-431	277	16	assets	asset	NOUN
ajfa-431	277	17	.	.	PUNCT
ajfa-431	278	1	roa	roa	PROPN
ajfa-431	278	2	is	be	AUX
ajfa-431	278	3	defined	define	VERB
ajfa-431	278	4	as	as	ADP
ajfa-431	278	5	a	a	DET
ajfa-431	278	6	company	company	NOUN
ajfa-431	278	7	’s	’s	PART
ajfa-431	278	8	net	net	ADJ
ajfa-431	278	9	income	income	NOUN
ajfa-431	278	10	divided	divide	VERB
ajfa-431	278	11	by	by	ADP
ajfa-431	278	12	total	total	ADJ
ajfa-431	278	13	assets	asset	NOUN
ajfa-431	278	14	.	.	PUNCT
ajfa-431	279	1	5	5	X
ajfa-431	279	2	.	.	X
ajfa-431	279	3	concluding	conclude	VERB
ajfa-431	279	4	remarks	remark	NOUN
ajfa-431	279	5	summarizing	summarizing	NOUN
ajfa-431	279	6	,	,	PUNCT
ajfa-431	279	7	the	the	DET
ajfa-431	279	8	findings	finding	NOUN
ajfa-431	279	9	demonstrate	demonstrate	VERB
ajfa-431	279	10	an	an	DET
ajfa-431	279	11	important	important	ADJ
ajfa-431	279	12	link	link	NOUN
ajfa-431	279	13	between	between	ADP
ajfa-431	279	14	the	the	DET
ajfa-431	279	15	corporate	corporate	ADJ
ajfa-431	279	16	ownership	ownership	NOUN
ajfa-431	279	17	structure	structure	NOUN
ajfa-431	279	18	for	for	ADP
ajfa-431	279	19	chinese	chinese	ADJ
ajfa-431	279	20	listed	list	VERB
ajfa-431	279	21	companies	company	NOUN
ajfa-431	279	22	and	and	CCONJ
ajfa-431	279	23	earnings	earning	NOUN
ajfa-431	279	24	conservatism	conservatism	NOUN
ajfa-431	279	25	.	.	PUNCT
ajfa-431	280	1	consistent	consistent	ADJ
ajfa-431	280	2	with	with	ADP
ajfa-431	280	3	bushman	bushman	PROPN
ajfa-431	280	4	and	and	CCONJ
ajfa-431	280	5	piotroski	piotroski	PROPN
ajfa-431	280	6	(	(	PUNCT
ajfa-431	280	7	2006	2006	NUM
ajfa-431	280	8	)	)	PUNCT
ajfa-431	280	9	and	and	CCONJ
ajfa-431	280	10	lafond	lafond	NOUN
ajfa-431	280	11	(	(	PUNCT
ajfa-431	280	12	2005	2005	NUM
ajfa-431	280	13	)	)	PUNCT
ajfa-431	280	14	,	,	PUNCT
ajfa-431	280	15	these	these	DET
ajfa-431	280	16	results	result	NOUN
ajfa-431	280	17	indicate	indicate	VERB
ajfa-431	280	18	that	that	SCONJ
ajfa-431	280	19	earnings	earning	NOUN
ajfa-431	280	20	conservatism	conservatism	NOUN
ajfa-431	280	21	decreases	decrease	VERB
ajfa-431	280	22	with	with	ADP
ajfa-431	280	23	the	the	DET
ajfa-431	280	24	presence	presence	NOUN
ajfa-431	280	25	of	of	ADP
ajfa-431	280	26	higher	high	ADJ
ajfa-431	280	27	levels	level	NOUN
ajfa-431	280	28	of	of	ADP
ajfa-431	280	29	non	non	ADJ
ajfa-431	280	30	-	-	ADJ
ajfa-431	280	31	tradable	tradable	ADJ
ajfa-431	280	32	shares	share	NOUN
ajfa-431	280	33	.	.	PUNCT
ajfa-431	281	1	companies	company	NOUN
ajfa-431	281	2	with	with	ADP
ajfa-431	281	3	state	state	NOUN
ajfa-431	281	4	and	and	CCONJ
ajfa-431	281	5	concentrated	concentrated	ADJ
ajfa-431	281	6	ownership	ownership	NOUN
ajfa-431	281	7	structures	structure	NOUN
ajfa-431	281	8	are	be	AUX
ajfa-431	281	9	more	more	ADV
ajfa-431	281	10	likely	likely	ADJ
ajfa-431	281	11	to	to	PART
ajfa-431	281	12	depend	depend	VERB
ajfa-431	281	13	on	on	ADP
ajfa-431	281	14	private	private	ADJ
ajfa-431	281	15	communication	communication	NOUN
ajfa-431	281	16	to	to	PART
ajfa-431	281	17	reduce	reduce	VERB
ajfa-431	281	18	information	information	NOUN
ajfa-431	281	19	asymmetry	asymmetry	NOUN
ajfa-431	281	20	and	and	CCONJ
ajfa-431	281	21	resolve	resolve	VERB
ajfa-431	281	22	agency	agency	NOUN
ajfa-431	281	23	problems	problem	NOUN
ajfa-431	281	24	internally	internally	ADV
ajfa-431	281	25	,	,	PUNCT
ajfa-431	281	26	thereby	thereby	ADV
ajfa-431	281	27	creating	create	VERB
ajfa-431	281	28	low	low	ADJ
ajfa-431	281	29	demand	demand	NOUN
ajfa-431	281	30	for	for	ADP
ajfa-431	281	31	earnings	earning	NOUN
ajfa-431	281	32	conservatism	conservatism	NOUN
ajfa-431	281	33	.	.	PUNCT
ajfa-431	282	1	furthermore	furthermore	ADV
ajfa-431	282	2	,	,	PUNCT
ajfa-431	282	3	the	the	DET
ajfa-431	282	4	regression	regression	NOUN
ajfa-431	282	5	results	result	NOUN
ajfa-431	282	6	show	show	VERB
ajfa-431	282	7	that	that	SCONJ
ajfa-431	282	8	companies	company	NOUN
ajfa-431	282	9	with	with	ADP
ajfa-431	282	10	smaller	small	ADJ
ajfa-431	282	11	size	size	NOUN
ajfa-431	282	12	and	and	CCONJ
ajfa-431	282	13	higher	high	ADJ
ajfa-431	282	14	profitability	profitability	NOUN
ajfa-431	282	15	report	report	NOUN
ajfa-431	282	16	more	more	ADV
ajfa-431	282	17	conservatively	conservatively	ADV
ajfa-431	282	18	.	.	PUNCT
ajfa-431	283	1	collectively	collectively	ADV
ajfa-431	283	2	,	,	PUNCT
ajfa-431	283	3	the	the	DET
ajfa-431	283	4	evidence	evidence	NOUN
ajfa-431	283	5	in	in	ADP
ajfa-431	283	6	this	this	DET
ajfa-431	283	7	study	study	NOUN
ajfa-431	283	8	shows	show	VERB
ajfa-431	283	9	consistently	consistently	ADV
ajfa-431	283	10	that	that	SCONJ
ajfa-431	283	11	differences	difference	NOUN
ajfa-431	283	12	in	in	ADP
ajfa-431	283	13	earnings	earning	NOUN
ajfa-431	283	14	asian	asian	ADJ
ajfa-431	283	15	journal	journal	NOUN
ajfa-431	283	16	of	of	ADP
ajfa-431	283	17	finance	finance	PROPN
ajfa-431	283	18	&	&	CCONJ
ajfa-431	283	19	accounting	accounting	PROPN
ajfa-431	283	20	issn	issn	PROPN
ajfa-431	283	21	1946	1946	NUM
ajfa-431	283	22	-	-	PUNCT
ajfa-431	283	23	052x	052x	NOUN
ajfa-431	283	24	2010	2010	NUM
ajfa-431	283	25	,	,	PUNCT
ajfa-431	283	26	vol	vol	NOUN
ajfa-431	283	27	.	.	PROPN
ajfa-431	283	28	2	2	NUM
ajfa-431	283	29	,	,	PUNCT
ajfa-431	283	30	no	no	INTJ
ajfa-431	283	31	.	.	NOUN
ajfa-431	283	32	1	1	NUM
ajfa-431	283	33	:	:	PUNCT
ajfa-431	283	34	e3	e3	VERB
ajfa-431	283	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-431	283	36	63	63	NUM
ajfa-431	283	37	conservatism	conservatism	NOUN
ajfa-431	283	38	arise	arise	VERB
ajfa-431	283	39	from	from	ADP
ajfa-431	283	40	differential	differential	ADJ
ajfa-431	283	41	information	information	NOUN
ajfa-431	283	42	demands	demand	NOUN
ajfa-431	283	43	.	.	PUNCT
ajfa-431	284	1	more	more	ADV
ajfa-431	284	2	specifically	specifically	ADV
ajfa-431	284	3	,	,	PUNCT
ajfa-431	284	4	the	the	DET
ajfa-431	284	5	level	level	NOUN
ajfa-431	284	6	of	of	ADP
ajfa-431	284	7	earnings	earning	NOUN
ajfa-431	284	8	conservatism	conservatism	NOUN
ajfa-431	284	9	is	be	AUX
ajfa-431	284	10	an	an	DET
ajfa-431	284	11	equilibrium	equilibrium	NOUN
ajfa-431	284	12	outcome	outcome	NOUN
ajfa-431	284	13	of	of	ADP
ajfa-431	284	14	forces	force	NOUN
ajfa-431	284	15	set	set	VERB
ajfa-431	284	16	in	in	ADP
ajfa-431	284	17	motion	motion	NOUN
ajfa-431	284	18	by	by	ADP
ajfa-431	284	19	market	market	NOUN
ajfa-431	284	20	participants	participant	NOUN
ajfa-431	284	21	acting	act	VERB
ajfa-431	284	22	in	in	ADP
ajfa-431	284	23	their	their	PRON
ajfa-431	284	24	own	own	ADJ
ajfa-431	284	25	self	self	NOUN
ajfa-431	284	26	-	-	PUNCT
ajfa-431	284	27	interest	interest	NOUN
ajfa-431	284	28	,	,	PUNCT
ajfa-431	284	29	and	and	CCONJ
ajfa-431	284	30	reflecting	reflect	VERB
ajfa-431	284	31	differences	difference	NOUN
ajfa-431	284	32	in	in	ADP
ajfa-431	284	33	demand	demand	NOUN
ajfa-431	284	34	for	for	ADP
ajfa-431	284	35	conservative	conservative	ADJ
ajfa-431	284	36	financial	financial	ADJ
ajfa-431	284	37	reporting	reporting	NOUN
ajfa-431	284	38	.	.	PUNCT
ajfa-431	285	1	accounting	account	VERB
ajfa-431	285	2	reporting	reporting	NOUN
ajfa-431	285	3	practices	practice	NOUN
ajfa-431	285	4	for	for	ADP
ajfa-431	285	5	chinese	chinese	ADJ
ajfa-431	285	6	companies	company	NOUN
ajfa-431	285	7	are	be	AUX
ajfa-431	285	8	focused	focus	VERB
ajfa-431	285	9	more	more	ADV
ajfa-431	285	10	often	often	ADV
ajfa-431	285	11	on	on	ADP
ajfa-431	285	12	meeting	meet	VERB
ajfa-431	285	13	the	the	DET
ajfa-431	285	14	needs	need	NOUN
ajfa-431	285	15	of	of	ADP
ajfa-431	285	16	the	the	DET
ajfa-431	285	17	major	major	ADJ
ajfa-431	285	18	shareholder	shareholder	NOUN
ajfa-431	285	19	(	(	PUNCT
ajfa-431	285	20	i.e.	i.e.	X
ajfa-431	285	21	the	the	DET
ajfa-431	285	22	chinese	chinese	ADJ
ajfa-431	285	23	communist	communist	PROPN
ajfa-431	285	24	party	party	PROPN
ajfa-431	285	25	)	)	PUNCT
ajfa-431	285	26	rather	rather	ADV
ajfa-431	285	27	than	than	ADP
ajfa-431	285	28	the	the	DET
ajfa-431	285	29	needs	need	NOUN
ajfa-431	285	30	of	of	ADP
ajfa-431	285	31	investors	investor	NOUN
ajfa-431	285	32	.	.	PUNCT
ajfa-431	286	1	china	china	PROPN
ajfa-431	286	2	has	have	AUX
ajfa-431	286	3	been	be	AUX
ajfa-431	286	4	undergoing	undergo	VERB
ajfa-431	286	5	a	a	DET
ajfa-431	286	6	guided	guide	VERB
ajfa-431	286	7	transition	transition	NOUN
ajfa-431	286	8	from	from	ADP
ajfa-431	286	9	a	a	DET
ajfa-431	286	10	planned	plan	VERB
ajfa-431	286	11	economy	economy	NOUN
ajfa-431	286	12	to	to	ADP
ajfa-431	286	13	a	a	DET
ajfa-431	286	14	market	market	NOUN
ajfa-431	286	15	-	-	PUNCT
ajfa-431	286	16	oriented	orient	VERB
ajfa-431	286	17	economy	economy	NOUN
ajfa-431	286	18	but	but	CCONJ
ajfa-431	286	19	the	the	DET
ajfa-431	286	20	market	market	NOUN
ajfa-431	286	21	economy	economy	NOUN
ajfa-431	286	22	remains	remain	VERB
ajfa-431	286	23	under	under	ADP
ajfa-431	286	24	the	the	DET
ajfa-431	286	25	ultimate	ultimate	ADJ
ajfa-431	286	26	control	control	NOUN
ajfa-431	286	27	of	of	ADP
ajfa-431	286	28	the	the	DET
ajfa-431	286	29	communist	communist	ADJ
ajfa-431	286	30	party	party	NOUN
ajfa-431	286	31	.	.	PUNCT
ajfa-431	287	1	we	we	PRON
ajfa-431	287	2	simply	simply	ADV
ajfa-431	287	3	have	have	VERB
ajfa-431	287	4	a	a	DET
ajfa-431	287	5	longer	long	ADJ
ajfa-431	287	6	and	and	CCONJ
ajfa-431	287	7	deeper	deep	ADJ
ajfa-431	287	8	version	version	NOUN
ajfa-431	287	9	of	of	ADP
ajfa-431	287	10	lenin	lenin	PROPN
ajfa-431	287	11	’s	’s	PART
ajfa-431	287	12	new	new	ADJ
ajfa-431	287	13	economic	economic	ADJ
ajfa-431	287	14	policy	policy	NOUN
ajfa-431	287	15	and	and	CCONJ
ajfa-431	287	16	,	,	PUNCT
ajfa-431	287	17	although	although	SCONJ
ajfa-431	287	18	many	many	ADJ
ajfa-431	287	19	do	do	AUX
ajfa-431	287	20	get	get	VERB
ajfa-431	287	21	rich	rich	ADJ
ajfa-431	287	22	,	,	PUNCT
ajfa-431	287	23	communist	communist	ADJ
ajfa-431	287	24	social	social	ADJ
ajfa-431	287	25	relationships	relationship	NOUN
ajfa-431	287	26	and	and	CCONJ
ajfa-431	287	27	expectations	expectation	NOUN
ajfa-431	287	28	still	still	ADV
ajfa-431	287	29	largely	largely	ADV
ajfa-431	287	30	predominate	predominate	ADJ
ajfa-431	287	31	(	(	PUNCT
ajfa-431	287	32	zinoviev	zinoviev	ADV
ajfa-431	287	33	,	,	PUNCT
ajfa-431	287	34	1985	1985	NUM
ajfa-431	287	35	)	)	PUNCT
ajfa-431	287	36	.	.	PUNCT
ajfa-431	288	1	this	this	PRON
ajfa-431	288	2	is	be	AUX
ajfa-431	288	3	especially	especially	ADV
ajfa-431	288	4	the	the	DET
ajfa-431	288	5	case	case	NOUN
ajfa-431	288	6	when	when	SCONJ
ajfa-431	288	7	we	we	PRON
ajfa-431	288	8	consider	consider	VERB
ajfa-431	288	9	the	the	DET
ajfa-431	288	10	higher	high	ADJ
ajfa-431	288	11	levels	level	NOUN
ajfa-431	288	12	of	of	ADP
ajfa-431	288	13	power	power	NOUN
ajfa-431	288	14	within	within	ADP
ajfa-431	288	15	organizations	organization	NOUN
ajfa-431	288	16	.	.	PUNCT
ajfa-431	289	1	we	we	PRON
ajfa-431	289	2	recall	recall	VERB
ajfa-431	289	3	that	that	SCONJ
ajfa-431	289	4	china	china	PROPN
ajfa-431	289	5	started	start	VERB
ajfa-431	289	6	its	its	PRON
ajfa-431	289	7	reform	reform	NOUN
ajfa-431	289	8	efforts	effort	NOUN
ajfa-431	289	9	in	in	ADP
ajfa-431	289	10	the	the	DET
ajfa-431	289	11	late-1970s	late-1970	NOUN
ajfa-431	289	12	under	under	ADP
ajfa-431	289	13	deng	deng	PROPN
ajfa-431	289	14	xiaoping	xiaoping	PROPN
ajfa-431	289	15	in	in	ADP
ajfa-431	289	16	an	an	DET
ajfa-431	289	17	environment	environment	NOUN
ajfa-431	289	18	where	where	SCONJ
ajfa-431	289	19	few	few	ADJ
ajfa-431	289	20	elements	element	NOUN
ajfa-431	289	21	of	of	ADP
ajfa-431	289	22	a	a	DET
ajfa-431	289	23	well	well	ADV
ajfa-431	289	24	functioning	function	VERB
ajfa-431	289	25	financial	financial	ADJ
ajfa-431	289	26	market	market	NOUN
ajfa-431	289	27	were	be	AUX
ajfa-431	289	28	in	in	ADP
ajfa-431	289	29	place	place	NOUN
ajfa-431	289	30	.	.	PUNCT
ajfa-431	290	1	the	the	DET
ajfa-431	290	2	evidence	evidence	NOUN
ajfa-431	290	3	shows	show	VERB
ajfa-431	290	4	that	that	SCONJ
ajfa-431	290	5	china	china	PROPN
ajfa-431	290	6	’s	’s	PART
ajfa-431	290	7	institutional	institutional	ADJ
ajfa-431	290	8	transition	transition	NOUN
ajfa-431	290	9	is	be	AUX
ajfa-431	290	10	far	far	ADV
ajfa-431	290	11	from	from	ADP
ajfa-431	290	12	complete	complete	ADJ
ajfa-431	290	13	and	and	CCONJ
ajfa-431	290	14	will	will	AUX
ajfa-431	290	15	remain	remain	VERB
ajfa-431	290	16	incomplete	incomplete	ADJ
ajfa-431	290	17	as	as	ADV
ajfa-431	290	18	long	long	ADV
ajfa-431	290	19	as	as	ADP
ajfa-431	290	20	preserving	preserve	VERB
ajfa-431	290	21	the	the	DET
ajfa-431	290	22	dominant	dominant	ADJ
ajfa-431	290	23	involvement	involvement	NOUN
ajfa-431	290	24	of	of	ADP
ajfa-431	290	25	government	government	NOUN
ajfa-431	290	26	remains	remain	VERB
ajfa-431	290	27	the	the	DET
ajfa-431	290	28	overriding	override	VERB
ajfa-431	290	29	objective	objective	NOUN
ajfa-431	290	30	of	of	ADP
ajfa-431	290	31	those	those	PRON
ajfa-431	290	32	in	in	ADP
ajfa-431	290	33	power	power	NOUN
ajfa-431	290	34	.	.	PUNCT
ajfa-431	291	1	in	in	ADP
ajfa-431	291	2	such	such	DET
ajfa-431	291	3	an	an	DET
ajfa-431	291	4	environment	environment	NOUN
ajfa-431	291	5	,	,	PUNCT
ajfa-431	291	6	the	the	DET
ajfa-431	291	7	demand	demand	NOUN
ajfa-431	291	8	for	for	ADP
ajfa-431	291	9	conservatism	conservatism	NOUN
ajfa-431	291	10	by	by	ADP
ajfa-431	291	11	minority	minority	NOUN
ajfa-431	291	12	shareholders	shareholder	NOUN
ajfa-431	291	13	remains	remain	VERB
ajfa-431	291	14	less	less	ADV
ajfa-431	291	15	important	important	ADJ
ajfa-431	291	16	and	and	CCONJ
ajfa-431	291	17	unlikely	unlikely	ADJ
ajfa-431	291	18	to	to	PART
ajfa-431	291	19	be	be	AUX
ajfa-431	291	20	adequately	adequately	ADV
ajfa-431	291	21	met	meet	VERB
ajfa-431	291	22	.	.	PUNCT
ajfa-431	292	1	this	this	DET
ajfa-431	292	2	may	may	AUX
ajfa-431	292	3	or	or	CCONJ
ajfa-431	292	4	may	may	AUX
ajfa-431	292	5	not	not	PART
ajfa-431	292	6	trouble	trouble	VERB
ajfa-431	292	7	westerners	westerner	NOUN
ajfa-431	292	8	and	and	CCONJ
ajfa-431	292	9	other	other	ADJ
ajfa-431	292	10	non	non	ADJ
ajfa-431	292	11	-	-	ADJ
ajfa-431	292	12	chinese	chinese	ADJ
ajfa-431	292	13	used	use	VERB
ajfa-431	292	14	to	to	ADP
ajfa-431	292	15	a	a	DET
ajfa-431	292	16	free	free	ADJ
ajfa-431	292	17	-	-	PUNCT
ajfa-431	292	18	market	market	NOUN
ajfa-431	292	19	system	system	NOUN
ajfa-431	292	20	of	of	ADP
ajfa-431	292	21	the	the	DET
ajfa-431	292	22	conventional	conventional	ADJ
ajfa-431	292	23	type	type	NOUN
ajfa-431	292	24	where	where	SCONJ
ajfa-431	292	25	capitalist	capitalist	ADJ
ajfa-431	292	26	business	business	NOUN
ajfa-431	292	27	relationships	relationship	NOUN
ajfa-431	292	28	are	be	AUX
ajfa-431	292	29	the	the	DET
ajfa-431	292	30	norm	norm	NOUN
ajfa-431	292	31	.	.	PUNCT
ajfa-431	293	1	in	in	ADP
ajfa-431	293	2	2005	2005	NUM
ajfa-431	293	3	,	,	PUNCT
ajfa-431	293	4	the	the	DET
ajfa-431	293	5	china	china	PROPN
ajfa-431	293	6	securities	securities	PROPN
ajfa-431	293	7	regulatory	regulatory	PROPN
ajfa-431	293	8	commission	commission	PROPN
ajfa-431	293	9	announced	announce	VERB
ajfa-431	293	10	an	an	DET
ajfa-431	293	11	initiative	initiative	NOUN
ajfa-431	293	12	to	to	PART
ajfa-431	293	13	convert	convert	VERB
ajfa-431	293	14	non	non	ADJ
ajfa-431	293	15	-	-	ADJ
ajfa-431	293	16	tradable	tradable	ADJ
ajfa-431	293	17	shares	share	NOUN
ajfa-431	293	18	into	into	ADP
ajfa-431	293	19	tradable	tradable	ADJ
ajfa-431	293	20	shares	share	NOUN
ajfa-431	293	21	.	.	PUNCT
ajfa-431	294	1	the	the	DET
ajfa-431	294	2	new	new	ADJ
ajfa-431	294	3	initiative	initiative	NOUN
ajfa-431	294	4	(	(	PUNCT
ajfa-431	294	5	called	call	VERB
ajfa-431	294	6	“	"	PUNCT
ajfa-431	294	7	administrative	administrative	ADJ
ajfa-431	294	8	measures	measure	NOUN
ajfa-431	294	9	on	on	ADP
ajfa-431	294	10	the	the	DET
ajfa-431	294	11	split	split	ADJ
ajfa-431	294	12	share	share	NOUN
ajfa-431	294	13	structure	structure	NOUN
ajfa-431	294	14	reform	reform	NOUN
ajfa-431	294	15	of	of	ADP
ajfa-431	294	16	listed	list	VERB
ajfa-431	294	17	companies	company	NOUN
ajfa-431	294	18	”	"	PUNCT
ajfa-431	294	19	)	)	PUNCT
ajfa-431	294	20	provides	provide	VERB
ajfa-431	294	21	ground	ground	NOUN
ajfa-431	294	22	rules	rule	NOUN
ajfa-431	294	23	to	to	PART
ajfa-431	294	24	allow	allow	VERB
ajfa-431	294	25	for	for	ADP
ajfa-431	294	26	the	the	DET
ajfa-431	294	27	conversion	conversion	NOUN
ajfa-431	294	28	of	of	ADP
ajfa-431	294	29	the	the	DET
ajfa-431	294	30	shares	share	NOUN
ajfa-431	294	31	.	.	PUNCT
ajfa-431	295	1	many	many	ADJ
ajfa-431	295	2	investors	investor	NOUN
ajfa-431	295	3	and	and	CCONJ
ajfa-431	295	4	analysts	analyst	NOUN
ajfa-431	295	5	view	view	VERB
ajfa-431	295	6	this	this	PRON
ajfa-431	295	7	as	as	ADP
ajfa-431	295	8	a	a	DET
ajfa-431	295	9	significant	significant	ADJ
ajfa-431	295	10	reform	reform	NOUN
ajfa-431	295	11	that	that	PRON
ajfa-431	295	12	will	will	AUX
ajfa-431	295	13	continue	continue	VERB
ajfa-431	295	14	to	to	PART
ajfa-431	295	15	shift	shift	VERB
ajfa-431	295	16	the	the	DET
ajfa-431	295	17	balance	balance	NOUN
ajfa-431	295	18	of	of	ADP
ajfa-431	295	19	share	share	NOUN
ajfa-431	295	20	ownership	ownership	NOUN
ajfa-431	295	21	from	from	ADP
ajfa-431	295	22	state	state	NOUN
ajfa-431	295	23	ownership	ownership	NOUN
ajfa-431	295	24	to	to	ADP
ajfa-431	295	25	public	public	ADJ
ajfa-431	295	26	ownership	ownership	NOUN
ajfa-431	295	27	by	by	ADP
ajfa-431	295	28	minority	minority	NOUN
ajfa-431	295	29	shareholders	shareholder	NOUN
ajfa-431	295	30	.	.	PUNCT
ajfa-431	296	1	future	future	ADJ
ajfa-431	296	2	research	research	NOUN
ajfa-431	296	3	may	may	AUX
ajfa-431	296	4	investigate	investigate	VERB
ajfa-431	296	5	the	the	DET
ajfa-431	296	6	effectiveness	effectiveness	NOUN
ajfa-431	296	7	of	of	ADP
ajfa-431	296	8	this	this	DET
ajfa-431	296	9	split	split	ADJ
ajfa-431	296	10	-	-	PUNCT
ajfa-431	296	11	share	share	NOUN
ajfa-431	296	12	structure	structure	NOUN
ajfa-431	296	13	reform	reform	NOUN
ajfa-431	296	14	and	and	CCONJ
ajfa-431	296	15	examine	examine	VERB
ajfa-431	296	16	whether	whether	SCONJ
ajfa-431	296	17	the	the	DET
ajfa-431	296	18	diffused	diffuse	VERB
ajfa-431	296	19	ownership	ownership	NOUN
ajfa-431	296	20	structure	structure	NOUN
ajfa-431	296	21	affects	affect	VERB
ajfa-431	296	22	the	the	DET
ajfa-431	296	23	attitudes	attitude	NOUN
ajfa-431	296	24	of	of	ADP
ajfa-431	296	25	management	management	NOUN
ajfa-431	296	26	and	and	CCONJ
ajfa-431	296	27	demands	demand	NOUN
ajfa-431	296	28	of	of	ADP
ajfa-431	296	29	stakeholders	stakeholder	NOUN
ajfa-431	296	30	for	for	ADP
ajfa-431	296	31	earnings	earning	NOUN
ajfa-431	296	32	conservatism	conservatism	NOUN
ajfa-431	296	33	.	.	PUNCT
ajfa-431	297	1	acknowledgements	acknowledgement	NOUN
ajfa-431	297	2	we	we	PRON
ajfa-431	297	3	would	would	AUX
ajfa-431	297	4	like	like	VERB
ajfa-431	297	5	to	to	PART
ajfa-431	297	6	thank	thank	VERB
ajfa-431	297	7	professor	professor	PROPN
ajfa-431	297	8	ray	ray	NOUN
ajfa-431	297	9	ball	ball	NOUN
ajfa-431	297	10	and	and	CCONJ
ajfa-431	297	11	the	the	DET
ajfa-431	297	12	journal	journal	PROPN
ajfa-431	297	13	editor	editor	PROPN
ajfa-431	297	14	dr	dr	PROPN
ajfa-431	297	15	g.	g.	PROPN
ajfa-431	297	16	wickramasinghe	wickramasinghe	PROPN
ajfa-431	297	17	and	and	CCONJ
ajfa-431	297	18	the	the	DET
ajfa-431	297	19	two	two	NUM
ajfa-431	297	20	anonymous	anonymous	ADJ
ajfa-431	297	21	reviewers	reviewer	NOUN
ajfa-431	297	22	.	.	PUNCT
ajfa-431	298	1	asian	asian	ADJ
ajfa-431	298	2	journal	journal	PROPN
ajfa-431	298	3	of	of	ADP
ajfa-431	298	4	finance	finance	PROPN
ajfa-431	298	5	&	&	CCONJ
ajfa-431	298	6	accounting	accounting	PROPN
ajfa-431	298	7	issn	issn	PROPN
ajfa-431	298	8	1946	1946	NUM
ajfa-431	298	9	-	-	PUNCT
ajfa-431	298	10	052x	052x	NOUN
ajfa-431	298	11	2010	2010	NUM
ajfa-431	298	12	,	,	PUNCT
ajfa-431	298	13	vol	vol	NOUN
ajfa-431	298	14	.	.	PROPN
ajfa-431	298	15	2	2	NUM
ajfa-431	298	16	,	,	PUNCT
ajfa-431	298	17	no	no	INTJ
ajfa-431	298	18	.	.	NOUN
ajfa-431	298	19	1	1	NUM
ajfa-431	298	20	:	:	PUNCT
ajfa-431	298	21	e3	e3	VERB
ajfa-431	298	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-431	298	23	64	64	NUM
ajfa-431	298	24	references	reference	NOUN
ajfa-431	298	25	agrawal	agrawal	PROPN
ajfa-431	298	26	,	,	PUNCT
ajfa-431	298	27	a.	a.	NOUN
ajfa-431	298	28	(	(	PUNCT
ajfa-431	298	29	1990	1990	NUM
ajfa-431	298	30	)	)	PUNCT
ajfa-431	298	31	.	.	PUNCT
ajfa-431	299	1	large	large	ADJ
ajfa-431	299	2	shareholders	shareholder	NOUN
ajfa-431	299	3	and	and	CCONJ
ajfa-431	299	4	the	the	DET
ajfa-431	299	5	monitoring	monitoring	NOUN
ajfa-431	299	6	of	of	ADP
ajfa-431	299	7	managers	manager	NOUN
ajfa-431	299	8	:	:	PUNCT
ajfa-431	299	9	the	the	DET
ajfa-431	299	10	case	case	NOUN
ajfa-431	299	11	of	of	ADP
ajfa-431	299	12	antitakeover	antitakeover	ADJ
ajfa-431	299	13	charter	charter	NOUN
ajfa-431	299	14	amendments	amendment	NOUN
ajfa-431	299	15	.	.	PUNCT
ajfa-431	300	1	journal	journal	NOUN
ajfa-431	300	2	of	of	ADP
ajfa-431	300	3	financial	financial	ADJ
ajfa-431	300	4	and	and	CCONJ
ajfa-431	300	5	quantitative	quantitative	ADJ
ajfa-431	300	6	analysis	analysis	NOUN
ajfa-431	300	7	,	,	PUNCT
ajfa-431	300	8	25(2	25(2	NUM
ajfa-431	300	9	)	)	PUNCT
ajfa-431	300	10	,	,	PUNCT
ajfa-431	300	11	143	143	NUM
ajfa-431	300	12	-	-	SYM
ajfa-431	300	13	161	161	NUM
ajfa-431	300	14	agrawal	agrawal	NOUN
ajfa-431	300	15	,	,	PUNCT
ajfa-431	300	16	a.	a.	NOUN
ajfa-431	300	17	,	,	PUNCT
ajfa-431	300	18	&	&	CCONJ
ajfa-431	300	19	knoeber	knoeber	PROPN
ajfa-431	300	20	,	,	PUNCT
ajfa-431	300	21	c.	c.	PROPN
ajfa-431	300	22	r.	r.	PROPN
ajfa-431	300	23	(	(	PUNCT
ajfa-431	300	24	1996	1996	NUM
ajfa-431	300	25	)	)	PUNCT
ajfa-431	300	26	.	.	PUNCT
ajfa-431	301	1	firm	firm	ADJ
ajfa-431	301	2	performance	performance	NOUN
ajfa-431	301	3	and	and	CCONJ
ajfa-431	301	4	mechanisms	mechanism	NOUN
ajfa-431	301	5	to	to	PART
ajfa-431	301	6	control	control	VERB
ajfa-431	301	7	agency	agency	NOUN
ajfa-431	301	8	problems	problem	NOUN
ajfa-431	301	9	between	between	ADP
ajfa-431	301	10	managers	manager	NOUN
ajfa-431	301	11	and	and	CCONJ
ajfa-431	301	12	shareholders	shareholder	NOUN
ajfa-431	301	13	.	.	PUNCT
ajfa-431	302	1	journal	journal	PROPN
ajfa-431	302	2	of	of	ADP
ajfa-431	302	3	financial	financial	ADJ
ajfa-431	302	4	and	and	CCONJ
ajfa-431	302	5	quantitative	quantitative	ADJ
ajfa-431	302	6	analysis	analysis	NOUN
ajfa-431	302	7	,	,	PUNCT
ajfa-431	302	8	31(3	31(3	NUM
ajfa-431	302	9	)	)	PUNCT
ajfa-431	302	10	,	,	PUNCT
ajfa-431	302	11	377	377	NUM
ajfa-431	302	12	-	-	SYM
ajfa-431	302	13	397	397	NUM
ajfa-431	302	14	ahmed	ahme	VERB
ajfa-431	302	15	,	,	PUNCT
ajfa-431	302	16	a.	a.	NOUN
ajfa-431	302	17	,	,	PUNCT
ajfa-431	302	18	billings	billing	NOUN
ajfa-431	302	19	,	,	PUNCT
ajfa-431	302	20	b.	b.	PROPN
ajfa-431	302	21	,	,	PUNCT
ajfa-431	302	22	morton	morton	PROPN
ajfa-431	302	23	,	,	PUNCT
ajfa-431	302	24	r.	r.	PROPN
ajfa-431	302	25	,	,	PUNCT
ajfa-431	302	26	&	&	CCONJ
ajfa-431	302	27	stanford	stanford	PROPN
ajfa-431	302	28	-	-	PUNCT
ajfa-431	302	29	harris	harris	PROPN
ajfa-431	302	30	,	,	PUNCT
ajfa-431	302	31	m.	m.	NOUN
ajfa-431	302	32	(	(	PUNCT
ajfa-431	302	33	2002	2002	NUM
ajfa-431	302	34	)	)	PUNCT
ajfa-431	302	35	.	.	PUNCT
ajfa-431	303	1	the	the	DET
ajfa-431	303	2	role	role	NOUN
ajfa-431	303	3	of	of	ADP
ajfa-431	303	4	accounting	account	VERB
ajfa-431	303	5	conservatism	conservatism	NOUN
ajfa-431	303	6	in	in	ADP
ajfa-431	303	7	mitigating	mitigate	VERB
ajfa-431	303	8	bondholder	bondholder	NOUN
ajfa-431	303	9	-	-	PUNCT
ajfa-431	303	10	shareholder	shareholder	NOUN
ajfa-431	303	11	conflicts	conflict	NOUN
ajfa-431	303	12	over	over	ADP
ajfa-431	303	13	dividend	dividend	NOUN
ajfa-431	303	14	policy	policy	NOUN
ajfa-431	303	15	and	and	CCONJ
ajfa-431	303	16	in	in	ADP
ajfa-431	303	17	reducing	reduce	VERB
ajfa-431	303	18	debt	debt	NOUN
ajfa-431	303	19	costs	cost	NOUN
ajfa-431	303	20	.	.	PUNCT
ajfa-431	304	1	the	the	DET
ajfa-431	304	2	accounting	accounting	NOUN
ajfa-431	304	3	review	review	NOUN
ajfa-431	304	4	,	,	PUNCT
ajfa-431	304	5	77(4	77(4	NUM
ajfa-431	304	6	)	)	PUNCT
ajfa-431	304	7	,	,	PUNCT
ajfa-431	304	8	867	867	NUM
ajfa-431	304	9	-	-	SYM
ajfa-431	304	10	890	890	NUM
ajfa-431	304	11	allen	allen	VERB
ajfa-431	304	12	,	,	PUNCT
ajfa-431	304	13	f.	f.	PROPN
ajfa-431	304	14	,	,	PUNCT
ajfa-431	304	15	qian	qian	PROPN
ajfa-431	304	16	,	,	PUNCT
ajfa-431	304	17	j.	j.	PROPN
ajfa-431	304	18	,	,	PUNCT
ajfa-431	304	19	&	&	CCONJ
ajfa-431	304	20	qian	qian	PROPN
ajfa-431	304	21	,	,	PUNCT
ajfa-431	304	22	m.	m.	NOUN
ajfa-431	304	23	(	(	PUNCT
ajfa-431	304	24	2005	2005	NUM
ajfa-431	304	25	)	)	PUNCT
ajfa-431	304	26	.	.	PUNCT
ajfa-431	305	1	law	law	NOUN
ajfa-431	305	2	,	,	PUNCT
ajfa-431	305	3	finance	finance	NOUN
ajfa-431	305	4	,	,	PUNCT
ajfa-431	305	5	and	and	CCONJ
ajfa-431	305	6	economic	economic	ADJ
ajfa-431	305	7	growth	growth	NOUN
ajfa-431	305	8	in	in	ADP
ajfa-431	305	9	china	china	PROPN
ajfa-431	305	10	.	.	PUNCT
ajfa-431	306	1	journal	journal	PROPN
ajfa-431	306	2	of	of	ADP
ajfa-431	306	3	financial	financial	ADJ
ajfa-431	306	4	economics	economic	NOUN
ajfa-431	306	5	,	,	PUNCT
ajfa-431	306	6	77(1	77(1	NUM
ajfa-431	306	7	)	)	PUNCT
ajfa-431	306	8	,	,	PUNCT
ajfa-431	306	9	57	57	NUM
ajfa-431	306	10	-	-	SYM
ajfa-431	306	11	116	116	NUM
ajfa-431	306	12	ball	ball	NOUN
ajfa-431	306	13	,	,	PUNCT
ajfa-431	306	14	r.	r.	PROPN
ajfa-431	306	15	,	,	PUNCT
ajfa-431	306	16	kothari	kothari	PROPN
ajfa-431	306	17	,	,	PUNCT
ajfa-431	306	18	s.	s.	PROPN
ajfa-431	306	19	,	,	PUNCT
ajfa-431	306	20	&	&	CCONJ
ajfa-431	306	21	robin	robin	PROPN
ajfa-431	306	22	,	,	PUNCT
ajfa-431	306	23	a.	a.	NOUN
ajfa-431	306	24	(	(	PUNCT
ajfa-431	306	25	2000	2000	NUM
ajfa-431	306	26	)	)	PUNCT
ajfa-431	306	27	.	.	PUNCT
ajfa-431	307	1	the	the	DET
ajfa-431	307	2	effect	effect	NOUN
ajfa-431	307	3	of	of	ADP
ajfa-431	307	4	international	international	ADJ
ajfa-431	307	5	institutional	institutional	ADJ
ajfa-431	307	6	factors	factor	NOUN
ajfa-431	307	7	on	on	ADP
ajfa-431	307	8	properties	property	NOUN
ajfa-431	307	9	of	of	ADP
ajfa-431	307	10	accounting	accounting	NOUN
ajfa-431	307	11	earnings	earning	NOUN
ajfa-431	307	12	.	.	PUNCT
ajfa-431	308	1	journal	journal	NOUN
ajfa-431	308	2	of	of	ADP
ajfa-431	308	3	accounting	accounting	NOUN
ajfa-431	308	4	and	and	CCONJ
ajfa-431	308	5	economics	economic	NOUN
ajfa-431	308	6	,	,	PUNCT
ajfa-431	308	7	29(1	29(1	NUM
ajfa-431	308	8	)	)	PUNCT
ajfa-431	308	9	,	,	PUNCT
ajfa-431	308	10	1	1	NUM
ajfa-431	308	11	-	-	SYM
ajfa-431	308	12	51	51	NUM
ajfa-431	308	13	ball	ball	NOUN
ajfa-431	308	14	,	,	PUNCT
ajfa-431	308	15	r.	r.	PROPN
ajfa-431	308	16	,	,	PUNCT
ajfa-431	308	17	robin	robin	PROPN
ajfa-431	308	18	,	,	PUNCT
ajfa-431	308	19	a.	a.	PROPN
ajfa-431	308	20	,	,	PUNCT
ajfa-431	308	21	&	&	CCONJ
ajfa-431	308	22	wu	wu	PROPN
ajfa-431	308	23	,	,	PUNCT
ajfa-431	308	24	j.	j.	PROPN
ajfa-431	308	25	(	(	PUNCT
ajfa-431	308	26	2003	2003	NUM
ajfa-431	308	27	)	)	PUNCT
ajfa-431	308	28	.	.	PUNCT
ajfa-431	309	1	incentives	incentive	NOUN
ajfa-431	309	2	versus	versus	ADP
ajfa-431	309	3	standards	standard	NOUN
ajfa-431	309	4	:	:	PUNCT
ajfa-431	309	5	properties	property	NOUN
ajfa-431	309	6	of	of	ADP
ajfa-431	309	7	accounting	accounting	NOUN
ajfa-431	309	8	income	income	NOUN
ajfa-431	309	9	in	in	ADP
ajfa-431	309	10	four	four	NUM
ajfa-431	309	11	east	east	ADJ
ajfa-431	309	12	asian	asian	ADJ
ajfa-431	309	13	countries	country	NOUN
ajfa-431	309	14	.	.	PUNCT
ajfa-431	310	1	journal	journal	NOUN
ajfa-431	310	2	of	of	ADP
ajfa-431	310	3	accounting	accounting	NOUN
ajfa-431	310	4	and	and	CCONJ
ajfa-431	310	5	economics	economic	NOUN
ajfa-431	310	6	,	,	PUNCT
ajfa-431	310	7	36(1	36(1	NUM
ajfa-431	310	8	-	-	SYM
ajfa-431	310	9	3	3	NUM
ajfa-431	310	10	)	)	PUNCT
ajfa-431	310	11	,	,	PUNCT
ajfa-431	310	12	235	235	NUM
ajfa-431	310	13	-	-	SYM
ajfa-431	310	14	270	270	NUM
ajfa-431	310	15	ball	ball	NOUN
ajfa-431	310	16	,	,	PUNCT
ajfa-431	310	17	r.	r.	PROPN
ajfa-431	310	18	,	,	PUNCT
ajfa-431	310	19	&	&	CCONJ
ajfa-431	310	20	shivakumar	shivakumar	PROPN
ajfa-431	310	21	,	,	PUNCT
ajfa-431	310	22	l.	l.	PROPN
ajfa-431	310	23	(	(	PUNCT
ajfa-431	310	24	2005	2005	NUM
ajfa-431	310	25	)	)	PUNCT
ajfa-431	310	26	.	.	PUNCT
ajfa-431	311	1	earnings	earning	NOUN
ajfa-431	311	2	quality	quality	NOUN
ajfa-431	311	3	in	in	ADP
ajfa-431	311	4	uk	uk	PROPN
ajfa-431	311	5	private	private	ADJ
ajfa-431	311	6	firms	firm	NOUN
ajfa-431	311	7	:	:	PUNCT
ajfa-431	311	8	comparative	comparative	ADJ
ajfa-431	311	9	loss	loss	NOUN
ajfa-431	311	10	recognition	recognition	NOUN
ajfa-431	311	11	timeliness	timeliness	NOUN
ajfa-431	311	12	.	.	PUNCT
ajfa-431	312	1	journal	journal	NOUN
ajfa-431	312	2	of	of	ADP
ajfa-431	312	3	accounting	accounting	NOUN
ajfa-431	312	4	and	and	CCONJ
ajfa-431	312	5	economics	economic	NOUN
ajfa-431	312	6	,	,	PUNCT
ajfa-431	312	7	39(1	39(1	NUM
ajfa-431	312	8	)	)	PUNCT
ajfa-431	312	9	,	,	PUNCT
ajfa-431	312	10	83–128	83–128	PROPN
ajfa-431	312	11	basu	basu	PROPN
ajfa-431	312	12	,	,	PUNCT
ajfa-431	312	13	s.	s.	PROPN
ajfa-431	312	14	(	(	PUNCT
ajfa-431	312	15	1997	1997	NUM
ajfa-431	312	16	)	)	PUNCT
ajfa-431	312	17	.	.	PUNCT
ajfa-431	313	1	the	the	DET
ajfa-431	313	2	conservatism	conservatism	NOUN
ajfa-431	313	3	principle	principle	NOUN
ajfa-431	313	4	and	and	CCONJ
ajfa-431	313	5	the	the	DET
ajfa-431	313	6	asymmetric	asymmetric	ADJ
ajfa-431	313	7	timeliness	timeliness	NOUN
ajfa-431	313	8	of	of	ADP
ajfa-431	313	9	earnings	earning	NOUN
ajfa-431	313	10	.	.	PUNCT
ajfa-431	314	1	journal	journal	NOUN
ajfa-431	314	2	of	of	ADP
ajfa-431	314	3	accounting	accounting	NOUN
ajfa-431	314	4	and	and	CCONJ
ajfa-431	314	5	economics	economic	NOUN
ajfa-431	314	6	,	,	PUNCT
ajfa-431	314	7	24(1	24(1	NUM
ajfa-431	314	8	)	)	PUNCT
ajfa-431	314	9	,	,	PUNCT
ajfa-431	314	10	3	3	NUM
ajfa-431	314	11	-	-	SYM
ajfa-431	314	12	37	37	NUM
ajfa-431	314	13	beaver	beaver	PROPN
ajfa-431	314	14	,	,	PUNCT
ajfa-431	314	15	w.	w.	PROPN
ajfa-431	314	16	,	,	PUNCT
ajfa-431	314	17	&	&	CCONJ
ajfa-431	314	18	ryan	ryan	PROPN
ajfa-431	314	19	,	,	PUNCT
ajfa-431	314	20	s.	s.	PROPN
ajfa-431	314	21	(	(	PUNCT
ajfa-431	314	22	2005	2005	NUM
ajfa-431	314	23	)	)	PUNCT
ajfa-431	314	24	.	.	PUNCT
ajfa-431	315	1	conditional	conditional	ADJ
ajfa-431	315	2	and	and	CCONJ
ajfa-431	315	3	unconditional	unconditional	ADJ
ajfa-431	315	4	conservatism	conservatism	NOUN
ajfa-431	315	5	:	:	PUNCT
ajfa-431	315	6	concepts	concept	NOUN
ajfa-431	315	7	and	and	CCONJ
ajfa-431	315	8	modeling	modeling	NOUN
ajfa-431	315	9	.	.	PUNCT
ajfa-431	316	1	review	review	NOUN
ajfa-431	316	2	of	of	ADP
ajfa-431	316	3	accounting	accounting	NOUN
ajfa-431	316	4	studies	study	NOUN
ajfa-431	316	5	,	,	PUNCT
ajfa-431	316	6	10(2	10(2	PROPN
ajfa-431	316	7	-	-	SYM
ajfa-431	316	8	3	3	NUM
ajfa-431	316	9	)	)	PUNCT
ajfa-431	316	10	,	,	PUNCT
ajfa-431	316	11	269	269	NUM
ajfa-431	316	12	-	-	SYM
ajfa-431	316	13	309	309	NUM
ajfa-431	316	14	berle	berle	NOUN
ajfa-431	316	15	,	,	PUNCT
ajfa-431	316	16	a.	a.	NOUN
ajfa-431	316	17	,	,	PUNCT
ajfa-431	316	18	&	&	CCONJ
ajfa-431	316	19	means	means	PROPN
ajfa-431	316	20	,	,	PUNCT
ajfa-431	316	21	g.	g.	PROPN
ajfa-431	316	22	(	(	PUNCT
ajfa-431	316	23	1932	1932	NUM
ajfa-431	316	24	)	)	PUNCT
ajfa-431	316	25	.	.	PUNCT
ajfa-431	317	1	the	the	DET
ajfa-431	317	2	modern	modern	ADJ
ajfa-431	317	3	corporation	corporation	NOUN
ajfa-431	317	4	and	and	CCONJ
ajfa-431	317	5	private	private	ADJ
ajfa-431	317	6	property	property	NOUN
ajfa-431	317	7	.	.	PUNCT
ajfa-431	318	1	new	new	PROPN
ajfa-431	318	2	york	york	PROPN
ajfa-431	318	3	city	city	PROPN
ajfa-431	318	4	,	,	PUNCT
ajfa-431	318	5	ny	ny	PROPN
ajfa-431	318	6	:	:	PUNCT
ajfa-431	318	7	harcourt	harcourt	PROPN
ajfa-431	318	8	,	,	PUNCT
ajfa-431	318	9	brace	brace	NOUN
ajfa-431	318	10	and	and	CCONJ
ajfa-431	318	11	world	world	PROPN
ajfa-431	318	12	bushman	bushman	PROPN
ajfa-431	318	13	,	,	PUNCT
ajfa-431	318	14	r.	r.	PROPN
ajfa-431	318	15	,	,	PUNCT
ajfa-431	318	16	&	&	CCONJ
ajfa-431	318	17	piotroski	piotroski	PROPN
ajfa-431	318	18	,	,	PUNCT
ajfa-431	318	19	j.	j.	PROPN
ajfa-431	318	20	(	(	PUNCT
ajfa-431	318	21	2006	2006	NUM
ajfa-431	318	22	)	)	PUNCT
ajfa-431	318	23	.	.	PUNCT
ajfa-431	319	1	financial	financial	ADJ
ajfa-431	319	2	reporting	reporting	NOUN
ajfa-431	319	3	incentives	incentive	NOUN
ajfa-431	319	4	for	for	ADP
ajfa-431	319	5	conservative	conservative	ADJ
ajfa-431	319	6	accounting	accounting	NOUN
ajfa-431	319	7	:	:	PUNCT
ajfa-431	319	8	the	the	DET
ajfa-431	319	9	influence	influence	NOUN
ajfa-431	319	10	of	of	ADP
ajfa-431	319	11	legal	legal	ADJ
ajfa-431	319	12	and	and	CCONJ
ajfa-431	319	13	political	political	ADJ
ajfa-431	319	14	institutions	institution	NOUN
ajfa-431	319	15	.	.	PUNCT
ajfa-431	320	1	journal	journal	NOUN
ajfa-431	320	2	of	of	ADP
ajfa-431	320	3	accounting	accounting	NOUN
ajfa-431	320	4	and	and	CCONJ
ajfa-431	320	5	economics	economic	NOUN
ajfa-431	320	6	,	,	PUNCT
ajfa-431	320	7	42(1	42(1	NOUN
ajfa-431	320	8	-	-	PUNCT
ajfa-431	320	9	2	2	NUM
ajfa-431	320	10	)	)	PUNCT
ajfa-431	320	11	,	,	PUNCT
ajfa-431	320	12	107	107	NUM
ajfa-431	320	13	-	-	SYM
ajfa-431	320	14	148	148	NUM
ajfa-431	320	15	chen	chen	NOUN
ajfa-431	320	16	,	,	PUNCT
ajfa-431	320	17	s.	s.	PROPN
ajfa-431	320	18	,	,	PUNCT
ajfa-431	320	19	sun	sun	PROPN
ajfa-431	320	20	,	,	PUNCT
ajfa-431	320	21	z.	z.	PROPN
ajfa-431	320	22	,	,	PUNCT
ajfa-431	320	23	&	&	CCONJ
ajfa-431	320	24	wang	wang	PROPN
ajfa-431	320	25	,	,	PUNCT
ajfa-431	320	26	y.	y.	PROPN
ajfa-431	320	27	(	(	PUNCT
ajfa-431	320	28	2002	2002	NUM
ajfa-431	320	29	)	)	PUNCT
ajfa-431	320	30	.	.	PUNCT
ajfa-431	321	1	evidence	evidence	NOUN
ajfa-431	321	2	from	from	ADP
ajfa-431	321	3	china	china	PROPN
ajfa-431	321	4	on	on	ADP
ajfa-431	321	5	whether	whether	SCONJ
ajfa-431	321	6	harmonized	harmonized	ADJ
ajfa-431	321	7	accounting	accounting	NOUN
ajfa-431	321	8	standards	standard	NOUN
ajfa-431	321	9	harmonize	harmonize	VERB
ajfa-431	321	10	accounting	accounting	NOUN
ajfa-431	321	11	practices	practice	NOUN
ajfa-431	321	12	.	.	PUNCT
ajfa-431	322	1	accounting	accounting	NOUN
ajfa-431	322	2	horizons	horizon	NOUN
ajfa-431	322	3	,	,	PUNCT
ajfa-431	322	4	16(3	16(3	NOUN
ajfa-431	322	5	)	)	PUNCT
ajfa-431	322	6	,	,	PUNCT
ajfa-431	322	7	183	183	NUM
ajfa-431	322	8	-	-	SYM
ajfa-431	322	9	197	197	NUM
ajfa-431	322	10	chau	chau	NOUN
ajfa-431	322	11	,	,	PUNCT
ajfa-431	322	12	g.	g.	PROPN
ajfa-431	322	13	k.	k.	PROPN
ajfa-431	322	14	,	,	PUNCT
ajfa-431	322	15	&	&	CCONJ
ajfa-431	322	16	gray	gray	PROPN
ajfa-431	322	17	,	,	PUNCT
ajfa-431	322	18	s.	s.	PROPN
ajfa-431	322	19	j.	j.	PROPN
ajfa-431	322	20	(	(	PUNCT
ajfa-431	322	21	2002	2002	NUM
ajfa-431	322	22	)	)	PUNCT
ajfa-431	322	23	.	.	PUNCT
ajfa-431	323	1	ownership	ownership	NOUN
ajfa-431	323	2	structure	structure	NOUN
ajfa-431	323	3	and	and	CCONJ
ajfa-431	323	4	corporate	corporate	ADJ
ajfa-431	323	5	voluntary	voluntary	ADJ
ajfa-431	323	6	disclosure	disclosure	NOUN
ajfa-431	323	7	in	in	ADP
ajfa-431	323	8	hong	hong	PROPN
ajfa-431	323	9	kong	kong	PROPN
ajfa-431	323	10	and	and	CCONJ
ajfa-431	323	11	singapore	singapore	PROPN
ajfa-431	323	12	.	.	PUNCT
ajfa-431	324	1	the	the	DET
ajfa-431	324	2	international	international	ADJ
ajfa-431	324	3	journal	journal	NOUN
ajfa-431	324	4	of	of	ADP
ajfa-431	324	5	accounting	accounting	NOUN
ajfa-431	324	6	,	,	PUNCT
ajfa-431	324	7	37(2	37(2	PROPN
ajfa-431	324	8	)	)	PUNCT
ajfa-431	324	9	,	,	PUNCT
ajfa-431	324	10	247–265	247–265	NUM
ajfa-431	324	11	asian	asian	ADJ
ajfa-431	324	12	journal	journal	NOUN
ajfa-431	324	13	of	of	ADP
ajfa-431	324	14	finance	finance	PROPN
ajfa-431	324	15	&	&	CCONJ
ajfa-431	324	16	accounting	accounting	PROPN
ajfa-431	324	17	issn	issn	PROPN
ajfa-431	324	18	1946	1946	NUM
ajfa-431	324	19	-	-	PUNCT
ajfa-431	324	20	052x	052x	NOUN
ajfa-431	324	21	2010	2010	NUM
ajfa-431	324	22	,	,	PUNCT
ajfa-431	324	23	vol	vol	NOUN
ajfa-431	324	24	.	.	PROPN
ajfa-431	324	25	2	2	NUM
ajfa-431	324	26	,	,	PUNCT
ajfa-431	324	27	no	no	INTJ
ajfa-431	324	28	.	.	NOUN
ajfa-431	324	29	1	1	NUM
ajfa-431	324	30	:	:	PUNCT
ajfa-431	324	31	e3	e3	VERB
ajfa-431	324	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	324	33	65	65	NUM
ajfa-431	324	34	cotter	cotter	NOUN
ajfa-431	324	35	,	,	PUNCT
ajfa-431	324	36	j.	j.	PROPN
ajfa-431	324	37	(	(	PUNCT
ajfa-431	324	38	1998	1998	NUM
ajfa-431	324	39	)	)	PUNCT
ajfa-431	324	40	.	.	PUNCT
ajfa-431	325	1	utilisation	utilisation	NOUN
ajfa-431	325	2	and	and	CCONJ
ajfa-431	325	3	restrictiveness	restrictiveness	NOUN
ajfa-431	325	4	of	of	ADP
ajfa-431	325	5	covenants	covenant	NOUN
ajfa-431	325	6	in	in	ADP
ajfa-431	325	7	australian	australian	ADJ
ajfa-431	325	8	private	private	ADJ
ajfa-431	325	9	debt	debt	NOUN
ajfa-431	325	10	contracts	contract	NOUN
ajfa-431	325	11	.	.	PUNCT
ajfa-431	326	1	accounting	accounting	NOUN
ajfa-431	326	2	and	and	CCONJ
ajfa-431	326	3	finance	finance	NOUN
ajfa-431	326	4	,	,	PUNCT
ajfa-431	326	5	38(2	38(2	NOUN
ajfa-431	326	6	)	)	PUNCT
ajfa-431	326	7	,	,	PUNCT
ajfa-431	326	8	181	181	NUM
ajfa-431	326	9	-	-	SYM
ajfa-431	326	10	196	196	NUM
ajfa-431	326	11	de	de	X
ajfa-431	326	12	alessi	alessi	PROPN
ajfa-431	326	13	,	,	PUNCT
ajfa-431	326	14	l.	l.	PROPN
ajfa-431	326	15	(	(	PUNCT
ajfa-431	326	16	1974	1974	NUM
ajfa-431	326	17	)	)	PUNCT
ajfa-431	326	18	.	.	PUNCT
ajfa-431	327	1	an	an	DET
ajfa-431	327	2	economic	economic	ADJ
ajfa-431	327	3	analysis	analysis	NOUN
ajfa-431	327	4	of	of	ADP
ajfa-431	327	5	government	government	NOUN
ajfa-431	327	6	ownership	ownership	NOUN
ajfa-431	327	7	and	and	CCONJ
ajfa-431	327	8	regulation	regulation	NOUN
ajfa-431	327	9	:	:	PUNCT
ajfa-431	327	10	theory	theory	NOUN
ajfa-431	327	11	and	and	CCONJ
ajfa-431	327	12	the	the	DET
ajfa-431	327	13	evidence	evidence	NOUN
ajfa-431	327	14	.	.	PUNCT
ajfa-431	328	1	public	public	ADJ
ajfa-431	328	2	choice	choice	NOUN
ajfa-431	328	3	,	,	PUNCT
ajfa-431	328	4	19(1	19(1	NUM
ajfa-431	328	5	)	)	PUNCT
ajfa-431	328	6	,	,	PUNCT
ajfa-431	328	7	1	1	NUM
ajfa-431	328	8	-	-	SYM
ajfa-431	328	9	42	42	NUM
ajfa-431	328	10	demsetz	demsetz	ADJ
ajfa-431	328	11	h.	h.	PROPN
ajfa-431	328	12	,	,	PUNCT
ajfa-431	328	13	&	&	CCONJ
ajfa-431	328	14	lehn	lehn	PROPN
ajfa-431	328	15	,	,	PUNCT
ajfa-431	328	16	k.	k.	PROPN
ajfa-431	328	17	(	(	PUNCT
ajfa-431	328	18	1985	1985	NUM
ajfa-431	328	19	)	)	PUNCT
ajfa-431	328	20	.	.	PUNCT
ajfa-431	329	1	the	the	DET
ajfa-431	329	2	structure	structure	NOUN
ajfa-431	329	3	of	of	ADP
ajfa-431	329	4	corporate	corporate	ADJ
ajfa-431	329	5	ownership	ownership	NOUN
ajfa-431	329	6	.	.	PUNCT
ajfa-431	330	1	journal	journal	NOUN
ajfa-431	330	2	of	of	ADP
ajfa-431	330	3	political	political	ADJ
ajfa-431	330	4	economy	economy	NOUN
ajfa-431	330	5	,	,	PUNCT
ajfa-431	330	6	93(6	93(6	NOUN
ajfa-431	330	7	)	)	PUNCT
ajfa-431	330	8	,	,	PUNCT
ajfa-431	330	9	1155–1177	1155–1177	NUM
ajfa-431	330	10	estrin	estrin	NOUN
ajfa-431	330	11	,	,	PUNCT
ajfa-431	330	12	s.	s.	PROPN
ajfa-431	330	13	,	,	PUNCT
ajfa-431	330	14	&	&	CCONJ
ajfa-431	330	15	perotin	perotin	PROPN
ajfa-431	330	16	,	,	PUNCT
ajfa-431	330	17	v.	v.	PROPN
ajfa-431	330	18	(	(	PUNCT
ajfa-431	330	19	1991	1991	NUM
ajfa-431	330	20	)	)	PUNCT
ajfa-431	330	21	.	.	PUNCT
ajfa-431	331	1	does	do	AUX
ajfa-431	331	2	ownership	ownership	NOUN
ajfa-431	331	3	always	always	ADV
ajfa-431	331	4	matter	matter	VERB
ajfa-431	331	5	?	?	PUNCT
ajfa-431	332	1	international	international	ADJ
ajfa-431	332	2	journal	journal	PROPN
ajfa-431	332	3	of	of	ADP
ajfa-431	332	4	industrial	industrial	ADJ
ajfa-431	332	5	organization	organization	NOUN
ajfa-431	332	6	,	,	PUNCT
ajfa-431	332	7	9(1	9(1	NUM
ajfa-431	332	8	)	)	PUNCT
ajfa-431	332	9	,	,	PUNCT
ajfa-431	332	10	55–73	55–73	NUM
ajfa-431	332	11	fama	fama	NOUN
ajfa-431	332	12	,	,	PUNCT
ajfa-431	332	13	e.f	e.f	PROPN
ajfa-431	332	14	.	.	PROPN
ajfa-431	332	15	(	(	PUNCT
ajfa-431	332	16	1980	1980	NUM
ajfa-431	332	17	)	)	PUNCT
ajfa-431	332	18	.	.	PUNCT
ajfa-431	333	1	agency	agency	NOUN
ajfa-431	333	2	problems	problem	NOUN
ajfa-431	333	3	and	and	CCONJ
ajfa-431	333	4	the	the	DET
ajfa-431	333	5	theory	theory	NOUN
ajfa-431	333	6	of	of	ADP
ajfa-431	333	7	the	the	DET
ajfa-431	333	8	firm	firm	NOUN
ajfa-431	333	9	.	.	PUNCT
ajfa-431	334	1	journal	journal	NOUN
ajfa-431	334	2	of	of	ADP
ajfa-431	334	3	political	political	ADJ
ajfa-431	334	4	economy	economy	NOUN
ajfa-431	334	5	,	,	PUNCT
ajfa-431	334	6	88(2	88(2	NUM
ajfa-431	334	7	)	)	PUNCT
ajfa-431	334	8	,	,	PUNCT
ajfa-431	334	9	288	288	NUM
ajfa-431	334	10	-	-	SYM
ajfa-431	334	11	307	307	NUM
ajfa-431	334	12	fan	fan	NOUN
ajfa-431	334	13	,	,	PUNCT
ajfa-431	334	14	j.	j.	PROPN
ajfa-431	334	15	,	,	PUNCT
ajfa-431	334	16	wong	wong	PROPN
ajfa-431	334	17	,	,	PUNCT
ajfa-431	334	18	t.	t.	PROPN
ajfa-431	334	19	(	(	PUNCT
ajfa-431	334	20	2002	2002	NUM
ajfa-431	334	21	)	)	PUNCT
ajfa-431	334	22	.	.	PUNCT
ajfa-431	335	1	corporate	corporate	ADJ
ajfa-431	335	2	ownership	ownership	NOUN
ajfa-431	335	3	structure	structure	NOUN
ajfa-431	335	4	and	and	CCONJ
ajfa-431	335	5	the	the	DET
ajfa-431	335	6	informativeness	informativeness	NOUN
ajfa-431	335	7	of	of	ADP
ajfa-431	335	8	accounting	accounting	NOUN
ajfa-431	335	9	earnings	earning	NOUN
ajfa-431	335	10	in	in	ADP
ajfa-431	335	11	east	east	PROPN
ajfa-431	335	12	asia	asia	PROPN
ajfa-431	335	13	.	.	PUNCT
ajfa-431	336	1	journal	journal	PROPN
ajfa-431	336	2	of	of	ADP
ajfa-431	336	3	accounting	accounting	NOUN
ajfa-431	336	4	and	and	CCONJ
ajfa-431	336	5	economics	economic	NOUN
ajfa-431	336	6	,	,	PUNCT
ajfa-431	336	7	33(3	33(3	NOUN
ajfa-431	336	8	)	)	PUNCT
ajfa-431	336	9	,	,	PUNCT
ajfa-431	336	10	401	401	NUM
ajfa-431	336	11	-	-	SYM
ajfa-431	336	12	425	425	NUM
ajfa-431	336	13	fields	field	NOUN
ajfa-431	336	14	,	,	PUNCT
ajfa-431	336	15	t.	t.	PROPN
ajfa-431	336	16	,	,	PUNCT
ajfa-431	336	17	lys	lys	PROPN
ajfa-431	336	18	,	,	PUNCT
ajfa-431	336	19	t.	t.	PROPN
ajfa-431	336	20	,	,	PUNCT
ajfa-431	336	21	&	&	CCONJ
ajfa-431	336	22	vincent	vincent	PROPN
ajfa-431	336	23	,	,	PUNCT
ajfa-431	336	24	l.	l.	PROPN
ajfa-431	336	25	(	(	PUNCT
ajfa-431	336	26	2001	2001	NUM
ajfa-431	336	27	)	)	PUNCT
ajfa-431	336	28	.	.	PUNCT
ajfa-431	337	1	empirical	empirical	ADJ
ajfa-431	337	2	research	research	NOUN
ajfa-431	337	3	on	on	ADP
ajfa-431	337	4	accounting	accounting	NOUN
ajfa-431	337	5	choice	choice	NOUN
ajfa-431	337	6	.	.	PUNCT
ajfa-431	338	1	journal	journal	NOUN
ajfa-431	338	2	of	of	ADP
ajfa-431	338	3	accounting	accounting	NOUN
ajfa-431	338	4	and	and	CCONJ
ajfa-431	338	5	economics	economic	NOUN
ajfa-431	338	6	,	,	PUNCT
ajfa-431	338	7	31(1	31(1	NUM
ajfa-431	338	8	-	-	SYM
ajfa-431	338	9	3	3	NUM
ajfa-431	338	10	)	)	PUNCT
ajfa-431	338	11	,	,	PUNCT
ajfa-431	338	12	255	255	NUM
ajfa-431	338	13	-	-	SYM
ajfa-431	338	14	307	307	NUM
ajfa-431	338	15	green	green	NOUN
ajfa-431	338	16	,	,	PUNCT
ajfa-431	338	17	s.	s.	PROPN
ajfa-431	338	18	(	(	PUNCT
ajfa-431	338	19	2003	2003	NUM
ajfa-431	338	20	)	)	PUNCT
ajfa-431	338	21	.	.	PUNCT
ajfa-431	339	1	china	china	PROPN
ajfa-431	339	2	’s	’s	PART
ajfa-431	339	3	stockmarket	stockmarket	NOUN
ajfa-431	339	4	.	.	PUNCT
ajfa-431	340	1	london	london	PROPN
ajfa-431	340	2	:	:	PUNCT
ajfa-431	340	3	the	the	DET
ajfa-431	340	4	economist	economist	PROPN
ajfa-431	340	5	gupta	gupta	PROPN
ajfa-431	340	6	,	,	PUNCT
ajfa-431	340	7	n.	n.	NOUN
ajfa-431	340	8	(	(	PUNCT
ajfa-431	340	9	2005	2005	NUM
ajfa-431	340	10	)	)	PUNCT
ajfa-431	340	11	.	.	PUNCT
ajfa-431	341	1	partial	partial	ADJ
ajfa-431	341	2	privatization	privatization	NOUN
ajfa-431	341	3	and	and	CCONJ
ajfa-431	341	4	firm	firm	ADJ
ajfa-431	341	5	performance	performance	NOUN
ajfa-431	341	6	.	.	PUNCT
ajfa-431	342	1	journal	journal	NOUN
ajfa-431	342	2	of	of	ADP
ajfa-431	342	3	finance	finance	NOUN
ajfa-431	342	4	,	,	PUNCT
ajfa-431	342	5	60(2	60(2	NUM
ajfa-431	342	6	)	)	PUNCT
ajfa-431	342	7	,	,	PUNCT
ajfa-431	342	8	987	987	NUM
ajfa-431	342	9	-	-	SYM
ajfa-431	342	10	1015	1015	NUM
ajfa-431	342	11	han	han	PROPN
ajfa-431	342	12	,	,	PUNCT
ajfa-431	342	13	s.-y	s.-y	NOUN
ajfa-431	342	14	.	.	PUNCT
ajfa-431	343	1	(	(	PUNCT
ajfa-431	343	2	1976	1976	NUM
ajfa-431	343	3	)	)	PUNCT
ajfa-431	343	4	.	.	PUNCT
ajfa-431	344	1	wind	wind	NOUN
ajfa-431	344	2	in	in	ADP
ajfa-431	344	3	the	the	DET
ajfa-431	344	4	tower	tower	NOUN
ajfa-431	344	5	:	:	PUNCT
ajfa-431	344	6	mao	mao	PROPN
ajfa-431	344	7	tse	tse	PROPN
ajfa-431	344	8	tung	tung	PROPN
ajfa-431	344	9	and	and	CCONJ
ajfa-431	344	10	the	the	DET
ajfa-431	344	11	chinese	chinese	PROPN
ajfa-431	344	12	revolution	revolution	PROPN
ajfa-431	344	13	1949	1949	NUM
ajfa-431	344	14	-	-	SYM
ajfa-431	344	15	1976	1976	NUM
ajfa-431	344	16	.	.	PUNCT
ajfa-431	345	1	london	london	PROPN
ajfa-431	345	2	:	:	PUNCT
ajfa-431	345	3	jonathon	jonathon	PROPN
ajfa-431	345	4	cape	cape	PROPN
ajfa-431	345	5	jaggi	jaggi	PROPN
ajfa-431	345	6	,	,	PUNCT
ajfa-431	345	7	b.	b.	PROPN
ajfa-431	345	8	,	,	PUNCT
ajfa-431	345	9	&	&	CCONJ
ajfa-431	345	10	low	low	ADJ
ajfa-431	345	11	,	,	PUNCT
ajfa-431	345	12	p.	p.	NOUN
ajfa-431	345	13	(	(	PUNCT
ajfa-431	345	14	2000	2000	NUM
ajfa-431	345	15	)	)	PUNCT
ajfa-431	345	16	.	.	PUNCT
ajfa-431	346	1	impact	impact	NOUN
ajfa-431	346	2	of	of	ADP
ajfa-431	346	3	culture	culture	NOUN
ajfa-431	346	4	,	,	PUNCT
ajfa-431	346	5	market	market	NOUN
ajfa-431	346	6	forces	force	NOUN
ajfa-431	346	7	,	,	PUNCT
ajfa-431	346	8	and	and	CCONJ
ajfa-431	346	9	legal	legal	ADJ
ajfa-431	346	10	system	system	NOUN
ajfa-431	346	11	on	on	ADP
ajfa-431	346	12	financial	financial	ADJ
ajfa-431	346	13	disclosures	disclosure	NOUN
ajfa-431	346	14	.	.	PUNCT
ajfa-431	347	1	international	international	ADJ
ajfa-431	347	2	journal	journal	PROPN
ajfa-431	347	3	of	of	ADP
ajfa-431	347	4	accounting	accounting	NOUN
ajfa-431	347	5	,	,	PUNCT
ajfa-431	347	6	35(4	35(4	NUM
ajfa-431	347	7	)	)	PUNCT
ajfa-431	347	8	,	,	PUNCT
ajfa-431	347	9	1113	1113	NUM
ajfa-431	347	10	-	-	SYM
ajfa-431	347	11	1155	1155	NUM
ajfa-431	347	12	jensen	jensen	PROPN
ajfa-431	347	13	,	,	PUNCT
ajfa-431	347	14	m.	m.	NOUN
ajfa-431	347	15	,	,	PUNCT
ajfa-431	347	16	meckling	meckling	NOUN
ajfa-431	347	17	,	,	PUNCT
ajfa-431	347	18	w.	w.	NOUN
ajfa-431	347	19	(	(	PUNCT
ajfa-431	347	20	1976	1976	NUM
ajfa-431	347	21	)	)	PUNCT
ajfa-431	347	22	.	.	PUNCT
ajfa-431	348	1	theory	theory	NOUN
ajfa-431	348	2	of	of	ADP
ajfa-431	348	3	the	the	DET
ajfa-431	348	4	firm	firm	NOUN
ajfa-431	348	5	:	:	PUNCT
ajfa-431	348	6	managerial	managerial	ADJ
ajfa-431	348	7	behavior	behavior	NOUN
ajfa-431	348	8	,	,	PUNCT
ajfa-431	348	9	agency	agency	NOUN
ajfa-431	348	10	costs	cost	NOUN
ajfa-431	348	11	and	and	CCONJ
ajfa-431	348	12	ownership	ownership	NOUN
ajfa-431	348	13	structure	structure	NOUN
ajfa-431	348	14	.	.	PUNCT
ajfa-431	349	1	journal	journal	NOUN
ajfa-431	349	2	of	of	ADP
ajfa-431	349	3	financial	financial	ADJ
ajfa-431	349	4	economics	economic	NOUN
ajfa-431	349	5	,	,	PUNCT
ajfa-431	349	6	3(4	3(4	NUM
ajfa-431	349	7	)	)	PUNCT
ajfa-431	349	8	,	,	PUNCT
ajfa-431	349	9	305	305	NUM
ajfa-431	349	10	-	-	SYM
ajfa-431	349	11	360	360	NUM
ajfa-431	349	12	kang	kang	PROPN
ajfa-431	349	13	,	,	PUNCT
ajfa-431	349	14	j.	j.	PROPN
ajfa-431	349	15	k.	k.	PROPN
ajfa-431	349	16	&	&	CCONJ
ajfa-431	349	17	shivdasani	shivdasani	PROPN
ajfa-431	349	18	,	,	PUNCT
ajfa-431	349	19	a.	a.	NOUN
ajfa-431	349	20	(	(	PUNCT
ajfa-431	349	21	1997	1997	NUM
ajfa-431	349	22	)	)	PUNCT
ajfa-431	349	23	.	.	PUNCT
ajfa-431	350	1	corporate	corporate	ADJ
ajfa-431	350	2	restructuring	restructuring	NOUN
ajfa-431	350	3	during	during	ADP
ajfa-431	350	4	performance	performance	NOUN
ajfa-431	350	5	declines	decline	NOUN
ajfa-431	350	6	in	in	ADP
ajfa-431	350	7	japan	japan	PROPN
ajfa-431	350	8	.	.	PUNCT
ajfa-431	351	1	journal	journal	PROPN
ajfa-431	351	2	of	of	ADP
ajfa-431	351	3	financial	financial	ADJ
ajfa-431	351	4	economics	economic	NOUN
ajfa-431	351	5	,	,	PUNCT
ajfa-431	351	6	46	46	NUM
ajfa-431	351	7	,	,	PUNCT
ajfa-431	351	8	29	29	NUM
ajfa-431	351	9	-	-	SYM
ajfa-431	351	10	65	65	NUM
ajfa-431	351	11	lafond	lafond	NOUN
ajfa-431	351	12	,	,	PUNCT
ajfa-431	351	13	r.	r.	PROPN
ajfa-431	351	14	(	(	PUNCT
ajfa-431	351	15	2005	2005	NUM
ajfa-431	351	16	)	)	PUNCT
ajfa-431	351	17	.	.	PUNCT
ajfa-431	352	1	the	the	DET
ajfa-431	352	2	influence	influence	NOUN
ajfa-431	352	3	of	of	ADP
ajfa-431	352	4	ownership	ownership	NOUN
ajfa-431	352	5	structure	structure	NOUN
ajfa-431	352	6	on	on	ADP
ajfa-431	352	7	earnings	earning	NOUN
ajfa-431	352	8	conservatism	conservatism	NOUN
ajfa-431	352	9	,	,	PUNCT
ajfa-431	352	10	timeliness	timeliness	NOUN
ajfa-431	352	11	and	and	CCONJ
ajfa-431	352	12	informativeness	informativeness	NOUN
ajfa-431	352	13	of	of	ADP
ajfa-431	352	14	stock	stock	NOUN
ajfa-431	352	15	prices	price	NOUN
ajfa-431	352	16	:	:	PUNCT
ajfa-431	352	17	a	a	DET
ajfa-431	352	18	international	international	ADJ
ajfa-431	352	19	comparison	comparison	NOUN
ajfa-431	352	20	.	.	PUNCT
ajfa-431	353	1	working	work	VERB
ajfa-431	353	2	paper	paper	NOUN
ajfa-431	353	3	,	,	PUNCT
ajfa-431	353	4	university	university	PROPN
ajfa-431	353	5	of	of	ADP
ajfa-431	353	6	wisconsin	wisconsin	PROPN
ajfa-431	353	7	-	-	PUNCT
ajfa-431	353	8	madison	madison	PROPN
ajfa-431	353	9	,	,	PUNCT
ajfa-431	353	10	october	october	PROPN
ajfa-431	353	11	.	.	PUNCT
ajfa-431	354	1	asian	asian	PROPN
ajfa-431	354	2	journal	journal	PROPN
ajfa-431	354	3	of	of	ADP
ajfa-431	354	4	finance	finance	PROPN
ajfa-431	354	5	&	&	CCONJ
ajfa-431	354	6	accounting	accounting	PROPN
ajfa-431	354	7	issn	issn	PROPN
ajfa-431	354	8	1946	1946	NUM
ajfa-431	354	9	-	-	PUNCT
ajfa-431	354	10	052x	052x	NOUN
ajfa-431	354	11	2010	2010	NUM
ajfa-431	354	12	,	,	PUNCT
ajfa-431	354	13	vol	vol	NOUN
ajfa-431	354	14	.	.	PROPN
ajfa-431	354	15	2	2	NUM
ajfa-431	354	16	,	,	PUNCT
ajfa-431	354	17	no	no	INTJ
ajfa-431	354	18	.	.	NOUN
ajfa-431	354	19	1	1	NUM
ajfa-431	354	20	:	:	PUNCT
ajfa-431	354	21	e3	e3	VERB
ajfa-431	354	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-431	354	23	66	66	NUM
ajfa-431	354	24	la	la	PRON
ajfa-431	354	25	porta	porta	PROPN
ajfa-431	354	26	,	,	PUNCT
ajfa-431	354	27	r.	r.	PROPN
ajfa-431	354	28	,	,	PUNCT
ajfa-431	354	29	lopez	lopez	NOUN
ajfa-431	354	30	-	-	PUNCT
ajfa-431	354	31	de	de	NOUN
ajfa-431	354	32	-	-	NOUN
ajfa-431	354	33	silances	silance	NOUN
ajfa-431	354	34	,	,	PUNCT
ajfa-431	354	35	f.	f.	PROPN
ajfa-431	354	36	,	,	PUNCT
ajfa-431	354	37	&	&	CCONJ
ajfa-431	354	38	shleifer	shleifer	PROPN
ajfa-431	354	39	,	,	PUNCT
ajfa-431	354	40	a.	a.	NOUN
ajfa-431	354	41	(	(	PUNCT
ajfa-431	354	42	1999	1999	NUM
ajfa-431	354	43	)	)	PUNCT
ajfa-431	354	44	.	.	PUNCT
ajfa-431	355	1	corporate	corporate	ADJ
ajfa-431	355	2	ownership	ownership	NOUN
ajfa-431	355	3	around	around	ADP
ajfa-431	355	4	the	the	DET
ajfa-431	355	5	world	world	NOUN
ajfa-431	355	6	.	.	PUNCT
ajfa-431	356	1	the	the	DET
ajfa-431	356	2	journal	journal	PROPN
ajfa-431	356	3	of	of	ADP
ajfa-431	356	4	finance	finance	NOUN
ajfa-431	356	5	,	,	PUNCT
ajfa-431	356	6	54(2	54(2	NUM
ajfa-431	356	7	)	)	PUNCT
ajfa-431	356	8	,	,	PUNCT
ajfa-431	356	9	471	471	NUM
ajfa-431	356	10	-	-	SYM
ajfa-431	356	11	517	517	NUM
ajfa-431	356	12	la	la	PROPN
ajfa-431	356	13	pora	pora	PROPN
ajfa-431	356	14	,	,	PUNCT
ajfa-431	356	15	r.	r.	PROPN
ajfa-431	356	16	,	,	PUNCT
ajfa-431	356	17	lopez	lopez	NOUN
ajfa-431	356	18	-	-	PUNCT
ajfa-431	356	19	de	de	NOUN
ajfa-431	356	20	-	-	NOUN
ajfa-431	356	21	silanes	silanes	PROPN
ajfa-431	356	22	,	,	PUNCT
ajfa-431	356	23	f.	f.	PROPN
ajfa-431	356	24	,	,	PUNCT
ajfa-431	356	25	shleifer	shleifer	PROPN
ajfa-431	356	26	,	,	PUNCT
ajfa-431	356	27	a.	a.	PROPN
ajfa-431	356	28	,	,	PUNCT
ajfa-431	356	29	&	&	CCONJ
ajfa-431	356	30	vishny	vishny	PROPN
ajfa-431	356	31	,	,	PUNCT
ajfa-431	356	32	r.	r.	PROPN
ajfa-431	356	33	(	(	PUNCT
ajfa-431	356	34	1998	1998	NUM
ajfa-431	356	35	)	)	PUNCT
ajfa-431	356	36	.	.	PUNCT
ajfa-431	357	1	law	law	NOUN
ajfa-431	357	2	and	and	CCONJ
ajfa-431	357	3	finance	finance	NOUN
ajfa-431	357	4	.	.	PUNCT
ajfa-431	358	1	journal	journal	NOUN
ajfa-431	358	2	of	of	ADP
ajfa-431	358	3	political	political	ADJ
ajfa-431	358	4	economy	economy	NOUN
ajfa-431	358	5	,	,	PUNCT
ajfa-431	358	6	106(6	106(6	NUM
ajfa-431	358	7	)	)	PUNCT
ajfa-431	358	8	,	,	PUNCT
ajfa-431	358	9	1113	1113	NUM
ajfa-431	358	10	-	-	SYM
ajfa-431	358	11	1155	1155	NUM
ajfa-431	358	12	lin	lin	PROPN
ajfa-431	358	13	,	,	PUNCT
ajfa-431	358	14	z.	z.	PROPN
ajfa-431	358	15	,	,	PUNCT
ajfa-431	358	16	&	&	CCONJ
ajfa-431	358	17	chen	chen	PROPN
ajfa-431	358	18	,	,	PUNCT
ajfa-431	358	19	f.	f.	PROPN
ajfa-431	358	20	(	(	PUNCT
ajfa-431	358	21	1999	1999	NUM
ajfa-431	358	22	)	)	PUNCT
ajfa-431	358	23	.	.	PUNCT
ajfa-431	359	1	applicability	applicability	NOUN
ajfa-431	359	2	of	of	ADP
ajfa-431	359	3	the	the	DET
ajfa-431	359	4	conservatism	conservatism	NOUN
ajfa-431	359	5	accounting	accounting	NOUN
ajfa-431	359	6	convention	convention	PROPN
ajfa-431	359	7	in	in	ADP
ajfa-431	359	8	china	china	PROPN
ajfa-431	359	9	:	:	PUNCT
ajfa-431	359	10	empirical	empirical	ADJ
ajfa-431	359	11	evidence	evidence	NOUN
ajfa-431	359	12	.	.	PUNCT
ajfa-431	360	1	the	the	DET
ajfa-431	360	2	international	international	ADJ
ajfa-431	360	3	journal	journal	NOUN
ajfa-431	360	4	of	of	ADP
ajfa-431	360	5	accounting	accounting	NOUN
ajfa-431	360	6	,	,	PUNCT
ajfa-431	360	7	34(4	34(4	NUM
ajfa-431	360	8	)	)	PUNCT
ajfa-431	360	9	,	,	PUNCT
ajfa-431	360	10	517	517	NUM
ajfa-431	360	11	-	-	SYM
ajfa-431	360	12	537	537	NUM
ajfa-431	360	13	mak	mak	NOUN
ajfa-431	360	14	,	,	PUNCT
ajfa-431	360	15	y.	y.	PROPN
ajfa-431	360	16	t.	t.	PROPN
ajfa-431	360	17	,	,	PUNCT
ajfa-431	360	18	&	&	CCONJ
ajfa-431	360	19	li	li	PROPN
ajfa-431	360	20	,	,	PUNCT
ajfa-431	360	21	y.	y.	PROPN
ajfa-431	360	22	(	(	PUNCT
ajfa-431	360	23	2001	2001	NUM
ajfa-431	360	24	)	)	PUNCT
ajfa-431	360	25	.	.	PUNCT
ajfa-431	361	1	determinants	determinant	NOUN
ajfa-431	361	2	of	of	ADP
ajfa-431	361	3	corporate	corporate	ADJ
ajfa-431	361	4	ownership	ownership	NOUN
ajfa-431	361	5	and	and	CCONJ
ajfa-431	361	6	board	board	NOUN
ajfa-431	361	7	structure	structure	NOUN
ajfa-431	361	8	:	:	PUNCT
ajfa-431	361	9	evidence	evidence	NOUN
ajfa-431	361	10	from	from	ADP
ajfa-431	361	11	singapore	singapore	PROPN
ajfa-431	361	12	.	.	PUNCT
ajfa-431	362	1	journal	journal	PROPN
ajfa-431	362	2	of	of	ADP
ajfa-431	362	3	corporate	corporate	ADJ
ajfa-431	362	4	finance	finance	NOUN
ajfa-431	362	5	,	,	PUNCT
ajfa-431	362	6	7(3	7(3	NUM
ajfa-431	362	7	)	)	PUNCT
ajfa-431	362	8	,	,	PUNCT
ajfa-431	362	9	235	235	NUM
ajfa-431	362	10	-	-	SYM
ajfa-431	362	11	256	256	NUM
ajfa-431	362	12	mckinnon	mckinnon	NOUN
ajfa-431	362	13	,	,	PUNCT
ajfa-431	362	14	j.	j.	PROPN
ajfa-431	362	15	l.	l.	PROPN
ajfa-431	362	16	,	,	PUNCT
ajfa-431	362	17	&	&	CCONJ
ajfa-431	362	18	dalimunthe	dalimunthe	PROPN
ajfa-431	362	19	,	,	PUNCT
ajfa-431	362	20	l.	l.	PROPN
ajfa-431	362	21	(	(	PUNCT
ajfa-431	362	22	1993	1993	NUM
ajfa-431	362	23	)	)	PUNCT
ajfa-431	362	24	.	.	PUNCT
ajfa-431	363	1	voluntary	voluntary	ADJ
ajfa-431	363	2	disclosure	disclosure	NOUN
ajfa-431	363	3	of	of	ADP
ajfa-431	363	4	segment	segment	NOUN
ajfa-431	363	5	information	information	NOUN
ajfa-431	363	6	by	by	ADP
ajfa-431	363	7	australian	australian	ADJ
ajfa-431	363	8	diversified	diversified	ADJ
ajfa-431	363	9	companies	company	NOUN
ajfa-431	363	10	.	.	PUNCT
ajfa-431	364	1	accounting	accounting	NOUN
ajfa-431	364	2	and	and	CCONJ
ajfa-431	364	3	finance	finance	NOUN
ajfa-431	364	4	,	,	PUNCT
ajfa-431	364	5	33(1	33(1	NUM
ajfa-431	364	6	)	)	PUNCT
ajfa-431	364	7	,	,	PUNCT
ajfa-431	364	8	33–50	33–50	NUM
ajfa-431	364	9	megginson	megginson	NOUN
ajfa-431	364	10	,	,	PUNCT
ajfa-431	364	11	w.	w.	NOUN
ajfa-431	364	12	,	,	PUNCT
ajfa-431	364	13	netter	netter	PROPN
ajfa-431	364	14	,	,	PUNCT
ajfa-431	364	15	j.	j.	PROPN
ajfa-431	364	16	m.	m.	PROPN
ajfa-431	364	17	(	(	PUNCT
ajfa-431	364	18	2001	2001	NUM
ajfa-431	364	19	)	)	PUNCT
ajfa-431	364	20	.	.	PUNCT
ajfa-431	365	1	from	from	ADP
ajfa-431	365	2	state	state	NOUN
ajfa-431	365	3	to	to	ADP
ajfa-431	365	4	market	market	NOUN
ajfa-431	365	5	:	:	PUNCT
ajfa-431	365	6	a	a	DET
ajfa-431	365	7	survey	survey	NOUN
ajfa-431	365	8	of	of	ADP
ajfa-431	365	9	empirical	empirical	ADJ
ajfa-431	365	10	studies	study	NOUN
ajfa-431	365	11	on	on	ADP
ajfa-431	365	12	privatization	privatization	NOUN
ajfa-431	365	13	.	.	PUNCT
ajfa-431	366	1	journal	journal	NOUN
ajfa-431	366	2	of	of	ADP
ajfa-431	366	3	economic	economic	ADJ
ajfa-431	366	4	literature	literature	NOUN
ajfa-431	366	5	,	,	PUNCT
ajfa-431	366	6	39(2	39(2	NUM
ajfa-431	366	7	)	)	PUNCT
ajfa-431	366	8	,	,	PUNCT
ajfa-431	366	9	321	321	NUM
ajfa-431	366	10	-	-	SYM
ajfa-431	366	11	389	389	NUM
ajfa-431	366	12	pae	pae	NOUN
ajfa-431	366	13	,	,	PUNCT
ajfa-431	366	14	j.	j.	PROPN
ajfa-431	366	15	,	,	PUNCT
ajfa-431	366	16	thornton	thornton	PROPN
ajfa-431	366	17	,	,	PUNCT
ajfa-431	366	18	d.	d.	PROPN
ajfa-431	366	19	,	,	PUNCT
ajfa-431	366	20	&	&	CCONJ
ajfa-431	366	21	welker	welker	PROPN
ajfa-431	366	22	,	,	PUNCT
ajfa-431	366	23	m.	m.	NOUN
ajfa-431	366	24	(	(	PUNCT
ajfa-431	366	25	2005	2005	NUM
ajfa-431	366	26	)	)	PUNCT
ajfa-431	366	27	.	.	PUNCT
ajfa-431	367	1	the	the	DET
ajfa-431	367	2	link	link	NOUN
ajfa-431	367	3	between	between	ADP
ajfa-431	367	4	earnings	earning	NOUN
ajfa-431	367	5	conservatism	conservatism	NOUN
ajfa-431	367	6	and	and	CCONJ
ajfa-431	367	7	the	the	DET
ajfa-431	367	8	price	price	NOUN
ajfa-431	367	9	-	-	PUNCT
ajfa-431	367	10	to	to	ADP
ajfa-431	367	11	-	-	PUNCT
ajfa-431	367	12	book	book	NOUN
ajfa-431	367	13	ratio	ratio	NOUN
ajfa-431	367	14	.	.	PUNCT
ajfa-431	368	1	contemporary	contemporary	ADJ
ajfa-431	368	2	accounting	accounting	PROPN
ajfa-431	368	3	research	research	NOUN
ajfa-431	368	4	,	,	PUNCT
ajfa-431	368	5	22(3	22(3	NUM
ajfa-431	368	6	)	)	PUNCT
ajfa-431	368	7	,	,	PUNCT
ajfa-431	368	8	693	693	NUM
ajfa-431	368	9	-	-	SYM
ajfa-431	368	10	717	717	NUM
ajfa-431	368	11	shi	shi	NOUN
ajfa-431	368	12	,	,	PUNCT
ajfa-431	368	13	s.	s.	PROPN
ajfa-431	368	14	,	,	PUNCT
ajfa-431	368	15	&	&	CCONJ
ajfa-431	368	16	weisert	weisert	PROPN
ajfa-431	368	17	,	,	PUNCT
ajfa-431	368	18	d.	d.	PROPN
ajfa-431	368	19	(	(	PUNCT
ajfa-431	368	20	2002	2002	NUM
ajfa-431	368	21	)	)	PUNCT
ajfa-431	368	22	.	.	PUNCT
ajfa-431	369	1	corporate	corporate	ADJ
ajfa-431	369	2	governance	governance	NOUN
ajfa-431	369	3	with	with	ADP
ajfa-431	369	4	chinese	chinese	ADJ
ajfa-431	369	5	characteristics	characteristic	NOUN
ajfa-431	369	6	.	.	PUNCT
ajfa-431	370	1	the	the	DET
ajfa-431	370	2	china	china	PROPN
ajfa-431	370	3	business	business	PROPN
ajfa-431	370	4	review	review	PROPN
ajfa-431	370	5	,	,	PUNCT
ajfa-431	370	6	29(5	29(5	NUM
ajfa-431	370	7	)	)	PUNCT
ajfa-431	370	8	,	,	PUNCT
ajfa-431	370	9	40	40	NUM
ajfa-431	370	10	-	-	SYM
ajfa-431	370	11	44	44	NUM
ajfa-431	370	12	shleifer	shleifer	NOUN
ajfa-431	370	13	,	,	PUNCT
ajfa-431	370	14	a.	a.	PROPN
ajfa-431	370	15	,	,	PUNCT
ajfa-431	370	16	&	&	CCONJ
ajfa-431	370	17	vishny	vishny	PROPN
ajfa-431	370	18	,	,	PUNCT
ajfa-431	370	19	r.	r.	PROPN
ajfa-431	370	20	(	(	PUNCT
ajfa-431	370	21	1986	1986	NUM
ajfa-431	370	22	)	)	PUNCT
ajfa-431	370	23	.	.	PUNCT
ajfa-431	371	1	large	large	ADJ
ajfa-431	371	2	shareholders	shareholder	NOUN
ajfa-431	371	3	and	and	CCONJ
ajfa-431	371	4	corporate	corporate	ADJ
ajfa-431	371	5	control	control	NOUN
ajfa-431	371	6	.	.	PUNCT
ajfa-431	372	1	journal	journal	NOUN
ajfa-431	372	2	of	of	ADP
ajfa-431	372	3	political	political	ADJ
ajfa-431	372	4	economy	economy	NOUN
ajfa-431	372	5	,	,	PUNCT
ajfa-431	372	6	94(3	94(3	NUM
ajfa-431	372	7	)	)	PUNCT
ajfa-431	372	8	,	,	PUNCT
ajfa-431	372	9	461	461	NUM
ajfa-431	372	10	-	-	SYM
ajfa-431	372	11	488	488	NUM
ajfa-431	372	12	shleifer	shleifer	NOUN
ajfa-431	372	13	,	,	PUNCT
ajfa-431	372	14	a.	a.	PROPN
ajfa-431	372	15	,	,	PUNCT
ajfa-431	372	16	&	&	CCONJ
ajfa-431	372	17	vishny	vishny	PROPN
ajfa-431	372	18	,	,	PUNCT
ajfa-431	372	19	r.	r.	PROPN
ajfa-431	372	20	(	(	PUNCT
ajfa-431	372	21	1994	1994	NUM
ajfa-431	372	22	)	)	PUNCT
ajfa-431	372	23	.	.	PUNCT
ajfa-431	373	1	politicians	politician	NOUN
ajfa-431	373	2	and	and	CCONJ
ajfa-431	373	3	firms	firm	NOUN
ajfa-431	373	4	.	.	PUNCT
ajfa-431	374	1	quarterly	quarterly	ADJ
ajfa-431	374	2	journal	journal	NOUN
ajfa-431	374	3	of	of	ADP
ajfa-431	374	4	economics	economic	NOUN
ajfa-431	374	5	,	,	PUNCT
ajfa-431	374	6	109(4	109(4	NUM
ajfa-431	374	7	)	)	PUNCT
ajfa-431	374	8	,	,	PUNCT
ajfa-431	374	9	995	995	NUM
ajfa-431	374	10	-	-	SYM
ajfa-431	374	11	1025	1025	NUM
ajfa-431	374	12	shleifer	shleifer	NOUN
ajfa-431	374	13	,	,	PUNCT
ajfa-431	374	14	a.	a.	PROPN
ajfa-431	374	15	,	,	PUNCT
ajfa-431	374	16	&	&	CCONJ
ajfa-431	374	17	vishny	vishny	PROPN
ajfa-431	374	18	,	,	PUNCT
ajfa-431	374	19	r.	r.	PROPN
ajfa-431	374	20	(	(	PUNCT
ajfa-431	374	21	1998	1998	NUM
ajfa-431	374	22	)	)	PUNCT
ajfa-431	374	23	.	.	PUNCT
ajfa-431	375	1	the	the	DET
ajfa-431	375	2	grabbing	grab	VERB
ajfa-431	375	3	hand	hand	NOUN
ajfa-431	375	4	:	:	PUNCT
ajfa-431	375	5	government	government	NOUN
ajfa-431	375	6	pathologies	pathology	NOUN
ajfa-431	375	7	and	and	CCONJ
ajfa-431	375	8	their	their	PRON
ajfa-431	375	9	cures	cure	NOUN
ajfa-431	375	10	.	.	PUNCT
ajfa-431	376	1	cambridge	cambridge	PROPN
ajfa-431	376	2	,	,	PUNCT
ajfa-431	376	3	ma	ma	PROPN
ajfa-431	376	4	:	:	PUNCT
ajfa-431	376	5	harvard	harvard	PROPN
ajfa-431	376	6	university	university	PROPN
ajfa-431	376	7	press	press	NOUN
ajfa-431	376	8	steiner	steiner	NOUN
ajfa-431	376	9	,	,	PUNCT
ajfa-431	376	10	t.l	t.l	PROPN
ajfa-431	376	11	.	.	PUNCT
ajfa-431	376	12	(	(	PUNCT
ajfa-431	376	13	1996	1996	NUM
ajfa-431	376	14	)	)	PUNCT
ajfa-431	376	15	.	.	PUNCT
ajfa-431	377	1	a	a	DET
ajfa-431	377	2	reexamination	reexamination	NOUN
ajfa-431	377	3	of	of	ADP
ajfa-431	377	4	the	the	DET
ajfa-431	377	5	relationships	relationship	NOUN
ajfa-431	377	6	between	between	ADP
ajfa-431	377	7	ownership	ownership	NOUN
ajfa-431	377	8	structure	structure	NOUN
ajfa-431	377	9	,	,	PUNCT
ajfa-431	377	10	firm	firm	ADJ
ajfa-431	377	11	diversification	diversification	NOUN
ajfa-431	377	12	,	,	PUNCT
ajfa-431	377	13	and	and	CCONJ
ajfa-431	377	14	tobin	tobin	PROPN
ajfa-431	377	15	's	's	PART
ajfa-431	377	16	q.	q.	PROPN
ajfa-431	377	17	journal	journal	PROPN
ajfa-431	377	18	of	of	ADP
ajfa-431	377	19	business	business	NOUN
ajfa-431	377	20	and	and	CCONJ
ajfa-431	377	21	economics	economic	NOUN
ajfa-431	377	22	,	,	PUNCT
ajfa-431	377	23	35(4	35(4	NUM
ajfa-431	377	24	)	)	PUNCT
ajfa-431	377	25	,	,	PUNCT
ajfa-431	377	26	39	39	NUM
ajfa-431	377	27	-	-	SYM
ajfa-431	377	28	48	48	NUM
ajfa-431	377	29	tang	tang	NOUN
ajfa-431	377	30	,	,	PUNCT
ajfa-431	377	31	q.	q.	PROPN
ajfa-431	377	32	,	,	PUNCT
ajfa-431	377	33	chow	chow	PROPN
ajfa-431	377	34	,	,	PUNCT
ajfa-431	377	35	c.	c.	PROPN
ajfa-431	377	36	,	,	PUNCT
ajfa-431	377	37	&	&	CCONJ
ajfa-431	377	38	lau	lau	PROPN
ajfa-431	377	39	,	,	PUNCT
ajfa-431	377	40	a.	a.	PROPN
ajfa-431	377	41	(	(	PUNCT
ajfa-431	377	42	1999	1999	NUM
ajfa-431	377	43	)	)	PUNCT
ajfa-431	377	44	.	.	PUNCT
ajfa-431	378	1	auditing	auditing	NOUN
ajfa-431	378	2	of	of	ADP
ajfa-431	378	3	state	state	NOUN
ajfa-431	378	4	-	-	PUNCT
ajfa-431	378	5	owned	own	VERB
ajfa-431	378	6	enterprises	enterprise	NOUN
ajfa-431	378	7	in	in	ADP
ajfa-431	378	8	china	china	PROPN
ajfa-431	378	9	:	:	PUNCT
ajfa-431	378	10	historic	historic	ADJ
ajfa-431	378	11	development	development	NOUN
ajfa-431	378	12	,	,	PUNCT
ajfa-431	378	13	current	current	ADJ
ajfa-431	378	14	practice	practice	NOUN
ajfa-431	378	15	and	and	CCONJ
ajfa-431	378	16	emerging	emerge	VERB
ajfa-431	378	17	issues	issue	NOUN
ajfa-431	378	18	.	.	PUNCT
ajfa-431	379	1	the	the	DET
ajfa-431	379	2	international	international	ADJ
ajfa-431	379	3	journal	journal	NOUN
ajfa-431	379	4	of	of	ADP
ajfa-431	379	5	accounting	accounting	NOUN
ajfa-431	379	6	,	,	PUNCT
ajfa-431	379	7	34(2	34(2	NUM
ajfa-431	379	8	)	)	PUNCT
ajfa-431	379	9	,	,	PUNCT
ajfa-431	379	10	173	173	NUM
ajfa-431	379	11	-	-	SYM
ajfa-431	379	12	187	187	NUM
ajfa-431	379	13	tenev	tenev	NOUN
ajfa-431	379	14	,	,	PUNCT
ajfa-431	379	15	s.	s.	PROPN
ajfa-431	379	16	,	,	PUNCT
ajfa-431	379	17	zhang	zhang	PROPN
ajfa-431	379	18	,	,	PUNCT
ajfa-431	379	19	c.	c.	PROPN
ajfa-431	379	20	,	,	PUNCT
ajfa-431	379	21	&	&	CCONJ
ajfa-431	379	22	brefort	brefort	PROPN
ajfa-431	379	23	,	,	PUNCT
ajfa-431	379	24	l.	l.	PROPN
ajfa-431	379	25	(	(	PUNCT
ajfa-431	379	26	2002	2002	NUM
ajfa-431	379	27	)	)	PUNCT
ajfa-431	379	28	.	.	PUNCT
ajfa-431	380	1	corporate	corporate	ADJ
ajfa-431	380	2	governance	governance	NOUN
ajfa-431	380	3	and	and	CCONJ
ajfa-431	380	4	enterprise	enterprise	NOUN
ajfa-431	380	5	reform	reform	NOUN
ajfa-431	380	6	in	in	ADP
ajfa-431	380	7	chinabuilding	chinabuilde	VERB
ajfa-431	380	8	the	the	DET
ajfa-431	380	9	institutions	institution	NOUN
ajfa-431	380	10	of	of	ADP
ajfa-431	380	11	modern	modern	ADJ
ajfa-431	380	12	markets	market	NOUN
ajfa-431	380	13	.	.	PUNCT
ajfa-431	381	1	washington	washington	PROPN
ajfa-431	381	2	dc	dc	PROPN
ajfa-431	381	3	:	:	PUNCT
ajfa-431	381	4	world	world	PROPN
ajfa-431	381	5	bank	bank	PROPN
ajfa-431	381	6	and	and	CCONJ
ajfa-431	381	7	international	international	ADJ
ajfa-431	381	8	finance	finance	NOUN
ajfa-431	381	9	corporation	corporation	NOUN
ajfa-431	381	10	asian	asian	ADJ
ajfa-431	381	11	journal	journal	PROPN
ajfa-431	381	12	of	of	ADP
ajfa-431	381	13	finance	finance	PROPN
ajfa-431	381	14	&	&	CCONJ
ajfa-431	381	15	accounting	accounting	PROPN
ajfa-431	381	16	issn	issn	PROPN
ajfa-431	381	17	1946	1946	NUM
ajfa-431	381	18	-	-	PUNCT
ajfa-431	381	19	052x	052x	NOUN
ajfa-431	381	20	2010	2010	NUM
ajfa-431	381	21	,	,	PUNCT
ajfa-431	381	22	vol	vol	NOUN
ajfa-431	381	23	.	.	PROPN
ajfa-431	381	24	2	2	NUM
ajfa-431	381	25	,	,	PUNCT
ajfa-431	381	26	no	no	INTJ
ajfa-431	381	27	.	.	NOUN
ajfa-431	381	28	1	1	NUM
ajfa-431	381	29	:	:	PUNCT
ajfa-431	381	30	e3	e3	VERB
ajfa-431	381	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-431	381	32	67	67	NUM
ajfa-431	381	33	tian	tian	ADJ
ajfa-431	381	34	,	,	PUNCT
ajfa-431	381	35	l.	l.	PROPN
ajfa-431	381	36	,	,	PUNCT
ajfa-431	381	37	&	&	CCONJ
ajfa-431	381	38	estrin	estrin	PROPN
ajfa-431	381	39	,	,	PUNCT
ajfa-431	381	40	s.	s.	PROPN
ajfa-431	381	41	(	(	PUNCT
ajfa-431	381	42	2008	2008	NUM
ajfa-431	381	43	)	)	PUNCT
ajfa-431	381	44	.	.	PUNCT
ajfa-431	382	1	retained	retain	VERB
ajfa-431	382	2	state	state	NOUN
ajfa-431	382	3	shareholding	shareholding	NOUN
ajfa-431	382	4	in	in	ADP
ajfa-431	382	5	chinese	chinese	PROPN
ajfa-431	382	6	plcs	plcs	PROPN
ajfa-431	382	7	:	:	PUNCT
ajfa-431	382	8	does	do	AUX
ajfa-431	382	9	government	government	NOUN
ajfa-431	382	10	ownership	ownership	NOUN
ajfa-431	382	11	always	always	ADV
ajfa-431	382	12	reduce	reduce	VERB
ajfa-431	382	13	corporate	corporate	ADJ
ajfa-431	382	14	values	value	NOUN
ajfa-431	382	15	?	?	PUNCT
ajfa-431	383	1	journal	journal	NOUN
ajfa-431	383	2	of	of	ADP
ajfa-431	383	3	comparative	comparative	ADJ
ajfa-431	383	4	economics	economic	NOUN
ajfa-431	383	5	,	,	PUNCT
ajfa-431	383	6	36(1	36(1	NUM
ajfa-431	383	7	)	)	PUNCT
ajfa-431	383	8	,	,	PUNCT
ajfa-431	383	9	74	74	NUM
ajfa-431	383	10	-	-	SYM
ajfa-431	383	11	89	89	NUM
ajfa-431	383	12	watts	watt	NOUN
ajfa-431	383	13	,	,	PUNCT
ajfa-431	383	14	r.	r.	PROPN
ajfa-431	383	15	l.	l.	PROPN
ajfa-431	383	16	(	(	PUNCT
ajfa-431	383	17	2003a	2003a	NUM
ajfa-431	383	18	)	)	PUNCT
ajfa-431	383	19	.	.	PUNCT
ajfa-431	384	1	conservatism	conservatism	NOUN
ajfa-431	384	2	in	in	ADP
ajfa-431	384	3	accounting	account	VERB
ajfa-431	384	4	part	part	NOUN
ajfa-431	385	1	i	i	NOUN
ajfa-431	385	2	:	:	PUNCT
ajfa-431	385	3	explanations	explanation	NOUN
ajfa-431	385	4	and	and	CCONJ
ajfa-431	385	5	implications	implication	NOUN
ajfa-431	385	6	.	.	PUNCT
ajfa-431	386	1	accounting	accounting	NOUN
ajfa-431	386	2	horizons	horizon	NOUN
ajfa-431	386	3	,	,	PUNCT
ajfa-431	386	4	17(3	17(3	NUM
ajfa-431	386	5	)	)	PUNCT
ajfa-431	386	6	,	,	PUNCT
ajfa-431	386	7	207	207	NUM
ajfa-431	386	8	-	-	SYM
ajfa-431	386	9	221	221	NUM
ajfa-431	386	10	watts	watt	NOUN
ajfa-431	386	11	,	,	PUNCT
ajfa-431	386	12	r.	r.	PROPN
ajfa-431	386	13	l.	l.	PROPN
ajfa-431	386	14	(	(	PUNCT
ajfa-431	386	15	2003b	2003b	NUM
ajfa-431	386	16	)	)	PUNCT
ajfa-431	386	17	.	.	PUNCT
ajfa-431	387	1	conservatism	conservatism	NOUN
ajfa-431	387	2	in	in	ADP
ajfa-431	387	3	accounting	account	VERB
ajfa-431	387	4	part	part	PROPN
ajfa-431	387	5	ii	ii	PROPN
ajfa-431	387	6	:	:	PUNCT
ajfa-431	387	7	evidence	evidence	NOUN
ajfa-431	387	8	and	and	CCONJ
ajfa-431	387	9	research	research	NOUN
ajfa-431	387	10	opportunities	opportunity	NOUN
ajfa-431	387	11	.	.	PUNCT
ajfa-431	388	1	accounting	accounting	NOUN
ajfa-431	388	2	horizons	horizon	NOUN
ajfa-431	388	3	,	,	PUNCT
ajfa-431	388	4	17(4	17(4	NUM
ajfa-431	388	5	)	)	PUNCT
ajfa-431	388	6	,	,	PUNCT
ajfa-431	388	7	287	287	NUM
ajfa-431	388	8	-	-	SYM
ajfa-431	388	9	301	301	NUM
ajfa-431	388	10	watts	watt	NOUN
ajfa-431	388	11	,	,	PUNCT
ajfa-431	388	12	r.	r.	PROPN
ajfa-431	388	13	l.	l.	PROPN
ajfa-431	388	14	,	,	PUNCT
ajfa-431	388	15	&	&	CCONJ
ajfa-431	388	16	zimmerman	zimmerman	PROPN
ajfa-431	388	17	,	,	PUNCT
ajfa-431	388	18	j.	j.	PROPN
ajfa-431	388	19	(	(	PUNCT
ajfa-431	388	20	1986	1986	NUM
ajfa-431	388	21	)	)	PUNCT
ajfa-431	388	22	.	.	PUNCT
ajfa-431	389	1	positive	positive	ADJ
ajfa-431	389	2	accounting	accounting	NOUN
ajfa-431	389	3	theory	theory	NOUN
ajfa-431	389	4	.	.	PUNCT
ajfa-431	390	1	englewood	englewood	PROPN
ajfa-431	390	2	cliffs	cliffs	PROPN
ajfa-431	390	3	,	,	PUNCT
ajfa-431	390	4	nj	nj	PROPN
ajfa-431	390	5	:	:	PUNCT
ajfa-431	390	6	prentice	prentice	NOUN
ajfa-431	390	7	-	-	PUNCT
ajfa-431	390	8	hall	hall	NOUN
ajfa-431	390	9	watts	watts	PROPN
ajfa-431	390	10	,	,	PUNCT
ajfa-431	390	11	r.	r.	PROPN
ajfa-431	390	12	l.	l.	PROPN
ajfa-431	390	13	,	,	PUNCT
ajfa-431	390	14	&	&	CCONJ
ajfa-431	390	15	zimmerman	zimmerman	PROPN
ajfa-431	390	16	,	,	PUNCT
ajfa-431	390	17	j.	j.	PROPN
ajfa-431	390	18	(	(	PUNCT
ajfa-431	390	19	1990	1990	NUM
ajfa-431	390	20	)	)	PUNCT
ajfa-431	390	21	.	.	PUNCT
ajfa-431	391	1	positive	positive	ADJ
ajfa-431	391	2	accounting	accounting	NOUN
ajfa-431	391	3	theory	theory	NOUN
ajfa-431	391	4	:	:	PUNCT
ajfa-431	391	5	a	a	DET
ajfa-431	391	6	ten	ten	NUM
ajfa-431	391	7	year	year	NOUN
ajfa-431	391	8	perspective	perspective	NOUN
ajfa-431	391	9	.	.	PUNCT
ajfa-431	392	1	the	the	DET
ajfa-431	392	2	accounting	accounting	NOUN
ajfa-431	392	3	review	review	NOUN
ajfa-431	392	4	,	,	PUNCT
ajfa-431	392	5	65(1	65(1	NOUN
ajfa-431	392	6	)	)	PUNCT
ajfa-431	392	7	,	,	PUNCT
ajfa-431	392	8	131	131	NUM
ajfa-431	392	9	-	-	SYM
ajfa-431	392	10	156	156	NUM
ajfa-431	392	11	wei	wei	PROPN
ajfa-431	392	12	,	,	PUNCT
ajfa-431	392	13	z.	z.	PROPN
ajfa-431	392	14	,	,	PUNCT
ajfa-431	392	15	xie	xie	PROPN
ajfa-431	392	16	,	,	PUNCT
ajfa-431	392	17	f.	f.	PROPN
ajfa-431	392	18	,	,	PUNCT
ajfa-431	392	19	&	&	CCONJ
ajfa-431	392	20	zhang	zhang	PROPN
ajfa-431	392	21	,	,	PUNCT
ajfa-431	392	22	s.	s.	PROPN
ajfa-431	392	23	(	(	PUNCT
ajfa-431	392	24	2005	2005	NUM
ajfa-431	392	25	)	)	PUNCT
ajfa-431	392	26	.	.	PUNCT
ajfa-431	393	1	ownership	ownership	NOUN
ajfa-431	393	2	structure	structure	NOUN
ajfa-431	393	3	and	and	CCONJ
ajfa-431	393	4	firm	firm	ADJ
ajfa-431	393	5	value	value	NOUN
ajfa-431	393	6	in	in	ADP
ajfa-431	393	7	china	china	PROPN
ajfa-431	393	8	’s	’s	PART
ajfa-431	393	9	privatized	privatized	ADJ
ajfa-431	393	10	firms	firm	NOUN
ajfa-431	393	11	.	.	PUNCT
ajfa-431	394	1	journal	journal	NOUN
ajfa-431	394	2	of	of	ADP
ajfa-431	394	3	financial	financial	ADJ
ajfa-431	394	4	quantitative	quantitative	ADJ
ajfa-431	394	5	analysis	analysis	NOUN
ajfa-431	394	6	,	,	PUNCT
ajfa-431	394	7	40(1	40(1	NOUN
ajfa-431	394	8	)	)	PUNCT
ajfa-431	394	9	,	,	PUNCT
ajfa-431	394	10	87–108	87–108	PROPN
ajfa-431	394	11	wong	wong	PROPN
ajfa-431	394	12	,	,	PUNCT
ajfa-431	394	13	j.	j.	PROPN
ajfa-431	394	14	,	,	PUNCT
ajfa-431	394	15	&	&	CCONJ
ajfa-431	394	16	wong	wong	PROPN
ajfa-431	394	17	,	,	PUNCT
ajfa-431	394	18	n.	n.	PROPN
ajfa-431	394	19	(	(	PUNCT
ajfa-431	394	20	2001	2001	NUM
ajfa-431	394	21	)	)	PUNCT
ajfa-431	394	22	.	.	PUNCT
ajfa-431	395	1	the	the	DET
ajfa-431	395	2	investment	investment	NOUN
ajfa-431	395	3	opportunity	opportunity	NOUN
ajfa-431	395	4	set	set	VERB
ajfa-431	395	5	and	and	CCONJ
ajfa-431	395	6	acquired	acquire	VERB
ajfa-431	395	7	goodwill	goodwill	NOUN
ajfa-431	395	8	.	.	PUNCT
ajfa-431	396	1	contemporary	contemporary	ADJ
ajfa-431	396	2	accounting	accounting	NOUN
ajfa-431	396	3	research	research	NOUN
ajfa-431	396	4	,	,	PUNCT
ajfa-431	396	5	18(1	18(1	NUM
ajfa-431	396	6	)	)	PUNCT
ajfa-431	396	7	,	,	PUNCT
ajfa-431	396	8	173	173	NUM
ajfa-431	396	9	-	-	SYM
ajfa-431	396	10	196	196	NUM
ajfa-431	396	11	xiang	xiang	PROPN
ajfa-431	396	12	,	,	PUNCT
ajfa-431	396	13	b.	b.	PROPN
ajfa-431	396	14	,	,	PUNCT
ajfa-431	396	15	&	&	CCONJ
ajfa-431	396	16	zhang	zhang	PROPN
ajfa-431	396	17	,	,	PUNCT
ajfa-431	396	18	g.	g.	PROPN
ajfa-431	396	19	(	(	PUNCT
ajfa-431	396	20	1996	1996	NUM
ajfa-431	396	21	)	)	PUNCT
ajfa-431	396	22	.	.	PUNCT
ajfa-431	397	1	large	large	ADJ
ajfa-431	397	2	shareholder	shareholder	NOUN
ajfa-431	397	3	expropriation	expropriation	NOUN
ajfa-431	397	4	and	and	CCONJ
ajfa-431	397	5	corporate	corporate	ADJ
ajfa-431	397	6	ownership	ownership	NOUN
ajfa-431	397	7	structure	structure	NOUN
ajfa-431	397	8	.	.	PUNCT
ajfa-431	398	1	ea	ea	X
ajfa-431	398	2	/	/	SYM
ajfa-431	398	3	pacap	pacap	NOUN
ajfa-431	398	4	financial	financial	ADJ
ajfa-431	398	5	conference	conference	NOUN
ajfa-431	398	6	and	and	CCONJ
ajfa-431	398	7	cpa	cpa	VERB
ajfa-431	398	8	annual	annual	ADJ
ajfa-431	398	9	meetings	meeting	NOUN
ajfa-431	398	10	.	.	PUNCT
ajfa-431	399	1	zinoviev	zinoviev	PROPN
ajfa-431	399	2	,	,	PUNCT
ajfa-431	399	3	a.	a.	NOUN
ajfa-431	399	4	(	(	PUNCT
ajfa-431	399	5	1985	1985	NUM
ajfa-431	399	6	)	)	PUNCT
ajfa-431	399	7	.	.	PUNCT
ajfa-431	400	1	the	the	DET
ajfa-431	400	2	reality	reality	NOUN
ajfa-431	400	3	of	of	ADP
ajfa-431	400	4	communism	communism	NOUN
ajfa-431	400	5	.	.	PUNCT
ajfa-431	401	1	london	london	PROPN
ajfa-431	401	2	:	:	PUNCT
ajfa-431	401	3	paladin	paladin	NOUN
ajfa-431	401	4	books	book	NOUN
ajfa-431	401	5	žižek	žižek	VERB
ajfa-431	401	6	,	,	PUNCT
ajfa-431	401	7	s.	s.	PROPN
ajfa-431	401	8	(	(	PUNCT
ajfa-431	401	9	2010	2010	NUM
ajfa-431	401	10	)	)	PUNCT
ajfa-431	401	11	.	.	PUNCT
ajfa-431	402	1	living	live	VERB
ajfa-431	402	2	in	in	ADP
ajfa-431	402	3	the	the	DET
ajfa-431	402	4	end	end	NOUN
ajfa-431	402	5	times	time	NOUN
ajfa-431	402	6	.	.	PUNCT
ajfa-431	403	1	london	london	PROPN
ajfa-431	403	2	and	and	CCONJ
ajfa-431	403	3	new	new	PROPN
ajfa-431	403	4	york	york	PROPN
ajfa-431	403	5	city	city	PROPN
ajfa-431	403	6	,	,	PUNCT
ajfa-431	403	7	ny	ny	PROPN
ajfa-431	403	8	:	:	PUNCT
ajfa-431	403	9	verso	verso	ADJ
ajfa-431	403	10	copyright	copyright	NOUN
ajfa-431	403	11	disclaimer	disclaimer	NOUN
ajfa-431	403	12	copyright	copyright	NOUN
ajfa-431	403	13	reserved	reserve	VERB
ajfa-431	403	14	by	by	ADP
ajfa-431	403	15	the	the	DET
ajfa-431	403	16	author(s	author(s	NOUN
ajfa-431	403	17	)	)	PUNCT
ajfa-431	403	18	.	.	PUNCT
ajfa-431	404	1	this	this	DET
ajfa-431	404	2	article	article	NOUN
ajfa-431	404	3	is	be	AUX
ajfa-431	404	4	an	an	DET
ajfa-431	404	5	open	open	ADJ
ajfa-431	404	6	-	-	PUNCT
ajfa-431	404	7	access	access	NOUN
ajfa-431	404	8	article	article	NOUN
ajfa-431	404	9	distributed	distribute	VERB
ajfa-431	404	10	under	under	ADP
ajfa-431	404	11	the	the	DET
ajfa-431	404	12	terms	term	NOUN
ajfa-431	404	13	and	and	CCONJ
ajfa-431	404	14	conditions	condition	NOUN
ajfa-431	404	15	of	of	ADP
ajfa-431	404	16	the	the	DET
ajfa-431	404	17	creative	creative	ADJ
ajfa-431	404	18	commons	common	NOUN
ajfa-431	404	19	attribution	attribution	NOUN
ajfa-431	404	20	license	license	NOUN
ajfa-431	404	21	(	(	PUNCT
ajfa-431	404	22	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-431	404	23	)	)	PUNCT
ajfa-431	404	24	.	.	PUNCT