id	sid	tid	token	lemma	pos
ajfa-4328	1	1	microsoft	microsoft	PROPN
ajfa-4328	1	2	word	word	PROPN
ajfa-4328	1	3	4328-16005-1-sm-writer2-new.docx	4328-16005-1-sm-writer2-new.docx	PRON
ajfa-4328	1	4	asian	asian	ADJ
ajfa-4328	1	5	journal	journal	PROPN
ajfa-4328	1	6	of	of	ADP
ajfa-4328	1	7	finance	finance	PROPN
ajfa-4328	1	8	&	&	CCONJ
ajfa-4328	1	9	accounting	accounting	PROPN
ajfa-4328	1	10	issn	issn	PROPN
ajfa-4328	1	11	1946	1946	NUM
ajfa-4328	1	12	-	-	PUNCT
ajfa-4328	1	13	052x	052x	NOUN
ajfa-4328	1	14	2013	2013	NUM
ajfa-4328	1	15	,	,	PUNCT
ajfa-4328	1	16	vol	vol	NOUN
ajfa-4328	1	17	.	.	PROPN
ajfa-4328	1	18	5	5	NUM
ajfa-4328	1	19	,	,	PUNCT
ajfa-4328	1	20	no	no	INTJ
ajfa-4328	1	21	.	.	NOUN
ajfa-4328	1	22	2	2	NUM
ajfa-4328	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4328	1	24	256	256	NUM
ajfa-4328	1	25	market	market	NOUN
ajfa-4328	1	26	reaction	reaction	NOUN
ajfa-4328	1	27	to	to	ADP
ajfa-4328	1	28	bonus	bonus	NOUN
ajfa-4328	1	29	announcement	announcement	NOUN
ajfa-4328	1	30	in	in	ADP
ajfa-4328	1	31	post	post	ADJ
ajfa-4328	1	32	global	global	ADJ
ajfa-4328	1	33	financial	financial	ADJ
ajfa-4328	1	34	crisis	crisis	NOUN
ajfa-4328	1	35	era	era	NOUN
ajfa-4328	1	36	:	:	PUNCT
ajfa-4328	1	37	evidence	evidence	NOUN
ajfa-4328	1	38	from	from	ADP
ajfa-4328	1	39	india	india	PROPN
ajfa-4328	1	40	mayank	mayank	PROPN
ajfa-4328	1	41	joshipura	joshipura	PROPN
ajfa-4328	1	42	mayank	mayank	PROPN
ajfa-4328	1	43	joshipura	joshipura	PROPN
ajfa-4328	1	44	is	be	AUX
ajfa-4328	1	45	professor	professor	NOUN
ajfa-4328	1	46	(	(	PUNCT
ajfa-4328	1	47	finance	finance	NOUN
ajfa-4328	1	48	)	)	PUNCT
ajfa-4328	1	49	at	at	ADP
ajfa-4328	1	50	school	school	NOUN
ajfa-4328	1	51	of	of	ADP
ajfa-4328	1	52	business	business	NOUN
ajfa-4328	1	53	management	management	NOUN
ajfa-4328	1	54	nmims	nmims	PROPN
ajfa-4328	1	55	university	university	NOUN
ajfa-4328	1	56	,	,	PUNCT
ajfa-4328	1	57	mumbai	mumbai	PROPN
ajfa-4328	1	58	,	,	PUNCT
ajfa-4328	1	59	india	india	PROPN
ajfa-4328	1	60	nusrathunnisa	nusrathunnisa	PROPN
ajfa-4328	1	61	school	school	NOUN
ajfa-4328	1	62	of	of	ADP
ajfa-4328	1	63	business	business	NOUN
ajfa-4328	1	64	,	,	PUNCT
ajfa-4328	1	65	alliance	alliance	NOUN
ajfa-4328	1	66	university	university	PROPN
ajfa-4328	1	67	,	,	PUNCT
ajfa-4328	1	68	bangalore	bangalore	PROPN
ajfa-4328	1	69	,	,	PUNCT
ajfa-4328	1	70	india	india	PROPN
ajfa-4328	1	71	received	receive	VERB
ajfa-4328	1	72	:	:	PUNCT
ajfa-4328	2	1	sep	sep	PROPN
ajfa-4328	2	2	.	.	PROPN
ajfa-4328	2	3	26	26	NUM
ajfa-4328	2	4	,	,	PUNCT
ajfa-4328	2	5	2013	2013	NUM
ajfa-4328	2	6	accepted	accept	VERB
ajfa-4328	2	7	:	:	PUNCT
ajfa-4328	2	8	november	november	PROPN
ajfa-4328	2	9	18	18	NUM
ajfa-4328	2	10	,	,	PUNCT
ajfa-4328	2	11	2013	2013	NUM
ajfa-4328	2	12	published	publish	VERB
ajfa-4328	2	13	:	:	PUNCT
ajfa-4328	2	14	december	december	PROPN
ajfa-4328	2	15	1	1	NUM
ajfa-4328	2	16	,	,	PUNCT
ajfa-4328	2	17	2013	2013	NUM
ajfa-4328	2	18	doi:10.5296	doi:10.5296	NOUN
ajfa-4328	2	19	/	/	SYM
ajfa-4328	2	20	ajfa.v5i2.4328	ajfa.v5i2.4328	NUM
ajfa-4328	2	21	url	url	PROPN
ajfa-4328	2	22	:	:	PUNCT
ajfa-4328	2	23	http://dx.doi.org/10.5296/ajfa.v5i2.4328	http://dx.doi.org/10.5296/ajfa.v5i2.4328	X
ajfa-4328	2	24	abstract	abstract	NOUN
ajfa-4328	2	25	this	this	DET
ajfa-4328	2	26	study	study	NOUN
ajfa-4328	2	27	examines	examine	VERB
ajfa-4328	2	28	the	the	DET
ajfa-4328	2	29	stock	stock	NOUN
ajfa-4328	2	30	price	price	NOUN
ajfa-4328	2	31	reaction	reaction	NOUN
ajfa-4328	2	32	contiguous	contiguous	ADJ
ajfa-4328	2	33	with	with	ADP
ajfa-4328	2	34	bonus	bonus	NOUN
ajfa-4328	2	35	announcement	announcement	NOUN
ajfa-4328	2	36	surrounding	surround	VERB
ajfa-4328	2	37	its	its	PRON
ajfa-4328	2	38	announcement	announcement	NOUN
ajfa-4328	2	39	and	and	CCONJ
ajfa-4328	2	40	effective	effective	ADJ
ajfa-4328	2	41	day	day	NOUN
ajfa-4328	2	42	in	in	ADP
ajfa-4328	2	43	post	post	ADJ
ajfa-4328	2	44	global	global	ADJ
ajfa-4328	2	45	financial	financial	ADJ
ajfa-4328	2	46	crisis	crisis	NOUN
ajfa-4328	2	47	period	period	NOUN
ajfa-4328	2	48	.	.	PUNCT
ajfa-4328	3	1	sample	sample	NOUN
ajfa-4328	3	2	of	of	ADP
ajfa-4328	3	3	74	74	NUM
ajfa-4328	3	4	bonus	bonus	NOUN
ajfa-4328	3	5	announcements	announcement	NOUN
ajfa-4328	3	6	from	from	ADP
ajfa-4328	3	7	the	the	DET
ajfa-4328	3	8	constituents	constituent	NOUN
ajfa-4328	3	9	of	of	ADP
ajfa-4328	3	10	indian	indian	PROPN
ajfa-4328	3	11	cnx	cnx	PROPN
ajfa-4328	3	12	500	500	NUM
ajfa-4328	3	13	companies	company	NOUN
ajfa-4328	3	14	that	that	PRON
ajfa-4328	3	15	announced	announce	VERB
ajfa-4328	3	16	bonus	bonus	NOUN
ajfa-4328	3	17	have	have	AUX
ajfa-4328	3	18	been	be	AUX
ajfa-4328	3	19	used	use	VERB
ajfa-4328	3	20	for	for	ADP
ajfa-4328	3	21	the	the	DET
ajfa-4328	3	22	period	period	NOUN
ajfa-4328	3	23	between	between	ADP
ajfa-4328	3	24	2008	2008	NUM
ajfa-4328	3	25	through	through	ADP
ajfa-4328	3	26	2012	2012	NUM
ajfa-4328	3	27	.	.	PUNCT
ajfa-4328	4	1	the	the	DET
ajfa-4328	4	2	standard	standard	ADJ
ajfa-4328	4	3	event	event	NOUN
ajfa-4328	4	4	study	study	NOUN
ajfa-4328	4	5	methodology	methodology	NOUN
ajfa-4328	4	6	has	have	AUX
ajfa-4328	4	7	been	be	AUX
ajfa-4328	4	8	used	use	VERB
ajfa-4328	4	9	.	.	PUNCT
ajfa-4328	5	1	according	accord	VERB
ajfa-4328	5	2	to	to	ADP
ajfa-4328	5	3	semi	semi	ADJ
ajfa-4328	5	4	-	-	ADJ
ajfa-4328	5	5	strong	strong	ADJ
ajfa-4328	5	6	form	form	NOUN
ajfa-4328	5	7	of	of	ADP
ajfa-4328	5	8	efficient	efficient	ADJ
ajfa-4328	5	9	market	market	NOUN
ajfa-4328	5	10	hypothesis	hypothesis	NOUN
ajfa-4328	5	11	any	any	DET
ajfa-4328	5	12	information	information	NOUN
ajfa-4328	5	13	content	content	NOUN
ajfa-4328	5	14	associated	associate	VERB
ajfa-4328	5	15	with	with	ADP
ajfa-4328	5	16	bonus	bonus	NOUN
ajfa-4328	5	17	announcement	announcement	NOUN
ajfa-4328	5	18	must	must	AUX
ajfa-4328	5	19	be	be	AUX
ajfa-4328	5	20	reflected	reflect	VERB
ajfa-4328	5	21	in	in	ADP
ajfa-4328	5	22	form	form	NOUN
ajfa-4328	5	23	of	of	ADP
ajfa-4328	5	24	abnormal	abnormal	ADJ
ajfa-4328	5	25	return	return	NOUN
ajfa-4328	5	26	on	on	ADP
ajfa-4328	5	27	announcement	announcement	NOUN
ajfa-4328	5	28	day	day	NOUN
ajfa-4328	5	29	itself	itself	PRON
ajfa-4328	5	30	.	.	PUNCT
ajfa-4328	6	1	however	however	ADV
ajfa-4328	6	2	,	,	PUNCT
ajfa-4328	6	3	several	several	ADJ
ajfa-4328	6	4	studies	study	NOUN
ajfa-4328	6	5	,	,	PUNCT
ajfa-4328	6	6	report	report	VERB
ajfa-4328	6	7	positive	positive	ADJ
ajfa-4328	6	8	abnormal	abnormal	ADJ
ajfa-4328	6	9	returns	return	NOUN
ajfa-4328	6	10	associated	associate	VERB
ajfa-4328	6	11	with	with	ADP
ajfa-4328	6	12	bonus	bonus	NOUN
ajfa-4328	6	13	surrounding	surround	VERB
ajfa-4328	6	14	announcement	announcement	NOUN
ajfa-4328	6	15	as	as	ADV
ajfa-4328	6	16	well	well	ADV
ajfa-4328	6	17	as	as	ADP
ajfa-4328	6	18	effective	effective	ADJ
ajfa-4328	6	19	days	day	NOUN
ajfa-4328	6	20	.	.	PUNCT
ajfa-4328	7	1	this	this	DET
ajfa-4328	7	2	study	study	NOUN
ajfa-4328	7	3	reports	report	VERB
ajfa-4328	7	4	statistically	statistically	ADV
ajfa-4328	7	5	significant	significant	ADJ
ajfa-4328	7	6	positive	positive	ADJ
ajfa-4328	7	7	abnormal	abnormal	ADJ
ajfa-4328	7	8	return	return	NOUN
ajfa-4328	7	9	surrounding	surround	VERB
ajfa-4328	7	10	announcement	announcement	NOUN
ajfa-4328	7	11	as	as	ADV
ajfa-4328	7	12	well	well	ADV
ajfa-4328	7	13	as	as	ADP
ajfa-4328	7	14	effective	effective	ADJ
ajfa-4328	7	15	day	day	NOUN
ajfa-4328	7	16	and	and	CCONJ
ajfa-4328	7	17	it	it	PRON
ajfa-4328	7	18	is	be	AUX
ajfa-4328	7	19	consistent	consistent	ADJ
ajfa-4328	7	20	with	with	ADP
ajfa-4328	7	21	earlier	early	ADJ
ajfa-4328	7	22	studies	study	NOUN
ajfa-4328	7	23	.	.	PUNCT
ajfa-4328	8	1	keywords	keyword	NOUN
ajfa-4328	8	2	:	:	PUNCT
ajfa-4328	8	3	bonus	bonus	NOUN
ajfa-4328	8	4	announcement	announcement	NOUN
ajfa-4328	8	5	,	,	PUNCT
ajfa-4328	8	6	market	market	NOUN
ajfa-4328	8	7	efficiency	efficiency	NOUN
ajfa-4328	8	8	,	,	PUNCT
ajfa-4328	8	9	event	event	NOUN
ajfa-4328	8	10	study	study	NOUN
ajfa-4328	8	11	,	,	PUNCT
ajfa-4328	8	12	stock	stock	NOUN
ajfa-4328	8	13	dividend	dividend	NOUN
ajfa-4328	8	14	,	,	PUNCT
ajfa-4328	8	15	market	market	NOUN
ajfa-4328	8	16	reaction	reaction	NOUN
ajfa-4328	8	17	jel	jel	PROPN
ajfa-4328	8	18	classification	classification	NOUN
ajfa-4328	8	19	:	:	PUNCT
ajfa-4328	8	20	g14	g14	ADJ
ajfa-4328	8	21	asian	asian	ADJ
ajfa-4328	8	22	journal	journal	NOUN
ajfa-4328	8	23	of	of	ADP
ajfa-4328	8	24	finance	finance	PROPN
ajfa-4328	8	25	&	&	CCONJ
ajfa-4328	8	26	accounting	accounting	PROPN
ajfa-4328	8	27	issn	issn	PROPN
ajfa-4328	8	28	1946	1946	NUM
ajfa-4328	8	29	-	-	PUNCT
ajfa-4328	8	30	052x	052x	NOUN
ajfa-4328	8	31	2013	2013	NUM
ajfa-4328	8	32	,	,	PUNCT
ajfa-4328	8	33	vol	vol	NOUN
ajfa-4328	8	34	.	.	PROPN
ajfa-4328	8	35	5	5	NUM
ajfa-4328	8	36	,	,	PUNCT
ajfa-4328	8	37	no	no	INTJ
ajfa-4328	8	38	.	.	NOUN
ajfa-4328	8	39	2	2	NUM
ajfa-4328	8	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4328	8	41	257	257	NUM
ajfa-4328	8	42	1	1	NUM
ajfa-4328	8	43	.	.	PUNCT
ajfa-4328	9	1	introduction	introduction	NOUN
ajfa-4328	9	2	the	the	DET
ajfa-4328	9	3	relationship	relationship	NOUN
ajfa-4328	9	4	between	between	ADP
ajfa-4328	9	5	bonus	bonus	NOUN
ajfa-4328	9	6	issues	issue	NOUN
ajfa-4328	9	7	and	and	CCONJ
ajfa-4328	9	8	stock	stock	NOUN
ajfa-4328	9	9	prices	price	NOUN
ajfa-4328	9	10	has	have	AUX
ajfa-4328	9	11	been	be	AUX
ajfa-4328	9	12	the	the	DET
ajfa-4328	9	13	subject	subject	NOUN
ajfa-4328	9	14	of	of	ADP
ajfa-4328	9	15	empirical	empirical	ADJ
ajfa-4328	9	16	discussion	discussion	NOUN
ajfa-4328	9	17	in	in	ADP
ajfa-4328	9	18	finance	finance	NOUN
ajfa-4328	9	19	literature	literature	NOUN
ajfa-4328	9	20	.	.	PUNCT
ajfa-4328	10	1	under	under	ADP
ajfa-4328	10	2	the	the	DET
ajfa-4328	10	3	bonus	bonus	NOUN
ajfa-4328	10	4	issue	issue	NOUN
ajfa-4328	10	5	,	,	PUNCT
ajfa-4328	10	6	new	new	ADJ
ajfa-4328	10	7	shares	share	NOUN
ajfa-4328	10	8	are	be	AUX
ajfa-4328	10	9	issued	issue	VERB
ajfa-4328	10	10	free	free	ADJ
ajfa-4328	10	11	of	of	ADP
ajfa-4328	10	12	cost	cost	NOUN
ajfa-4328	10	13	to	to	ADP
ajfa-4328	10	14	the	the	DET
ajfa-4328	10	15	existing	exist	VERB
ajfa-4328	10	16	investors	investor	NOUN
ajfa-4328	10	17	by	by	ADP
ajfa-4328	10	18	capitalising	capitalise	VERB
ajfa-4328	10	19	the	the	DET
ajfa-4328	10	20	reserves	reserve	NOUN
ajfa-4328	10	21	,	,	PUNCT
ajfa-4328	10	22	accumulated	accumulate	VERB
ajfa-4328	10	23	profits	profit	NOUN
ajfa-4328	10	24	or	or	CCONJ
ajfa-4328	10	25	retained	retain	VERB
ajfa-4328	10	26	earnings	earning	NOUN
ajfa-4328	10	27	.	.	PUNCT
ajfa-4328	11	1	bonus	bonus	NOUN
ajfa-4328	11	2	issue	issue	NOUN
ajfa-4328	11	3	of	of	ADP
ajfa-4328	11	4	1:1	1:1	NUM
ajfa-4328	11	5	by	by	ADP
ajfa-4328	11	6	a	a	DET
ajfa-4328	11	7	company	company	NOUN
ajfa-4328	11	8	leads	lead	VERB
ajfa-4328	11	9	to	to	ADP
ajfa-4328	11	10	doubling	double	VERB
ajfa-4328	11	11	of	of	ADP
ajfa-4328	11	12	number	number	NOUN
ajfa-4328	11	13	of	of	ADP
ajfa-4328	11	14	shares	share	NOUN
ajfa-4328	11	15	and	and	CCONJ
ajfa-4328	11	16	share	share	NOUN
ajfa-4328	11	17	capital	capital	NOUN
ajfa-4328	11	18	without	without	ADP
ajfa-4328	11	19	changing	change	VERB
ajfa-4328	11	20	face	face	NOUN
ajfa-4328	11	21	value	value	NOUN
ajfa-4328	11	22	of	of	ADP
ajfa-4328	11	23	a	a	DET
ajfa-4328	11	24	share	share	NOUN
ajfa-4328	11	25	.	.	PUNCT
ajfa-4328	12	1	according	accord	VERB
ajfa-4328	12	2	to	to	ADP
ajfa-4328	12	3	semi	semi	ADJ
ajfa-4328	12	4	-	-	ADJ
ajfa-4328	12	5	strong	strong	ADJ
ajfa-4328	12	6	form	form	NOUN
ajfa-4328	12	7	of	of	ADP
ajfa-4328	12	8	efficient	efficient	ADJ
ajfa-4328	12	9	market	market	NOUN
ajfa-4328	12	10	hypothesis	hypothesis	NOUN
ajfa-4328	12	11	,	,	PUNCT
ajfa-4328	12	12	if	if	SCONJ
ajfa-4328	12	13	there	there	PRON
ajfa-4328	12	14	is	be	VERB
ajfa-4328	12	15	any	any	DET
ajfa-4328	12	16	information	information	NOUN
ajfa-4328	12	17	content	content	NOUN
ajfa-4328	12	18	associated	associate	VERB
ajfa-4328	12	19	with	with	ADP
ajfa-4328	12	20	bonus	bonus	NOUN
ajfa-4328	12	21	announcement	announcement	NOUN
ajfa-4328	12	22	it	it	PRON
ajfa-4328	12	23	should	should	AUX
ajfa-4328	12	24	get	get	AUX
ajfa-4328	12	25	reflected	reflect	VERB
ajfa-4328	12	26	on	on	ADP
ajfa-4328	12	27	announcement	announcement	NOUN
ajfa-4328	12	28	day	day	NOUN
ajfa-4328	12	29	itself	itself	PRON
ajfa-4328	12	30	in	in	ADP
ajfa-4328	12	31	form	form	NOUN
ajfa-4328	12	32	of	of	ADP
ajfa-4328	12	33	abnormal	abnormal	ADJ
ajfa-4328	12	34	returns	return	NOUN
ajfa-4328	12	35	.	.	PUNCT
ajfa-4328	13	1	no	no	DET
ajfa-4328	13	2	abnormal	abnormal	ADJ
ajfa-4328	13	3	returns	return	NOUN
ajfa-4328	13	4	should	should	AUX
ajfa-4328	13	5	be	be	AUX
ajfa-4328	13	6	present	present	ADJ
ajfa-4328	13	7	on	on	ADP
ajfa-4328	13	8	or	or	CCONJ
ajfa-4328	13	9	around	around	ADP
ajfa-4328	13	10	ex	ex	NOUN
ajfa-4328	13	11	-	-	NOUN
ajfa-4328	13	12	date	date	NOUN
ajfa-4328	13	13	because	because	SCONJ
ajfa-4328	13	14	,	,	PUNCT
ajfa-4328	13	15	the	the	DET
ajfa-4328	13	16	ex	ex	NOUN
ajfa-4328	13	17	-	-	NOUN
ajfa-4328	13	18	date	date	NOUN
ajfa-4328	13	19	of	of	ADP
ajfa-4328	13	20	bonus	bonus	NOUN
ajfa-4328	13	21	issue	issue	NOUN
ajfa-4328	13	22	is	be	AUX
ajfa-4328	13	23	known	know	VERB
ajfa-4328	13	24	in	in	ADP
ajfa-4328	13	25	advance	advance	NOUN
ajfa-4328	13	26	and	and	CCONJ
ajfa-4328	13	27	therefore	therefore	ADV
ajfa-4328	13	28	should	should	AUX
ajfa-4328	13	29	not	not	PART
ajfa-4328	13	30	contain	contain	VERB
ajfa-4328	13	31	any	any	DET
ajfa-4328	13	32	new	new	ADJ
ajfa-4328	13	33	information	information	NOUN
ajfa-4328	13	34	.	.	PUNCT
ajfa-4328	14	1	however	however	ADV
ajfa-4328	14	2	,	,	PUNCT
ajfa-4328	14	3	several	several	ADJ
ajfa-4328	14	4	studies	study	NOUN
ajfa-4328	14	5	,	,	PUNCT
ajfa-4328	14	6	both	both	PRON
ajfa-4328	14	7	in	in	ADP
ajfa-4328	14	8	developed	developed	ADJ
ajfa-4328	14	9	and	and	CCONJ
ajfa-4328	14	10	developing	develop	VERB
ajfa-4328	14	11	markets	market	NOUN
ajfa-4328	14	12	,	,	PUNCT
ajfa-4328	14	13	report	report	VERB
ajfa-4328	14	14	significant	significant	ADJ
ajfa-4328	14	15	positive	positive	ADJ
ajfa-4328	14	16	abnormal	abnormal	ADJ
ajfa-4328	14	17	returns	return	NOUN
ajfa-4328	14	18	on	on	ADP
ajfa-4328	14	19	and	and	CCONJ
ajfa-4328	14	20	surrounding	surround	VERB
ajfa-4328	14	21	announcement	announcement	NOUN
ajfa-4328	14	22	and	and	CCONJ
ajfa-4328	14	23	effective	effective	ADJ
ajfa-4328	14	24	days	day	NOUN
ajfa-4328	14	25	.	.	PUNCT
ajfa-4328	15	1	there	there	PRON
ajfa-4328	15	2	are	be	VERB
ajfa-4328	15	3	several	several	ADJ
ajfa-4328	15	4	hypotheses	hypothesis	NOUN
ajfa-4328	15	5	put	put	VERB
ajfa-4328	15	6	forward	forward	ADP
ajfa-4328	15	7	to	to	PART
ajfa-4328	15	8	explain	explain	VERB
ajfa-4328	15	9	such	such	ADJ
ajfa-4328	15	10	effect	effect	NOUN
ajfa-4328	15	11	.	.	PUNCT
ajfa-4328	16	1	however	however	ADV
ajfa-4328	16	2	,	,	PUNCT
ajfa-4328	16	3	global	global	ADJ
ajfa-4328	16	4	financial	financial	ADJ
ajfa-4328	16	5	crisis	crisis	NOUN
ajfa-4328	16	6	hit	hit	VERB
ajfa-4328	16	7	the	the	DET
ajfa-4328	16	8	world	world	NOUN
ajfa-4328	16	9	economy	economy	NOUN
ajfa-4328	16	10	badly	badly	ADV
ajfa-4328	16	11	and	and	CCONJ
ajfa-4328	16	12	the	the	DET
ajfa-4328	16	13	entire	entire	ADJ
ajfa-4328	16	14	world	world	NOUN
ajfa-4328	16	15	is	be	AUX
ajfa-4328	16	16	still	still	ADV
ajfa-4328	16	17	to	to	PART
ajfa-4328	16	18	find	find	VERB
ajfa-4328	16	19	“	"	PUNCT
ajfa-4328	16	20	new	new	ADJ
ajfa-4328	16	21	normal	normal	ADJ
ajfa-4328	16	22	”	"	PUNCT
ajfa-4328	16	23	.	.	PUNCT
ajfa-4328	17	1	in	in	ADP
ajfa-4328	17	2	that	that	DET
ajfa-4328	17	3	context	context	NOUN
ajfa-4328	17	4	is	be	AUX
ajfa-4328	17	5	it	it	PRON
ajfa-4328	17	6	important	important	ADJ
ajfa-4328	17	7	to	to	PART
ajfa-4328	17	8	study	study	VERB
ajfa-4328	17	9	that	that	SCONJ
ajfa-4328	17	10	whether	whether	SCONJ
ajfa-4328	17	11	global	global	ADJ
ajfa-4328	17	12	financial	financial	ADJ
ajfa-4328	17	13	crisis	crisis	NOUN
ajfa-4328	17	14	really	really	ADV
ajfa-4328	17	15	altered	alter	VERB
ajfa-4328	17	16	market	market	NOUN
ajfa-4328	17	17	reaction	reaction	NOUN
ajfa-4328	17	18	to	to	ADP
ajfa-4328	17	19	bonus	bonus	NOUN
ajfa-4328	17	20	announcement	announcement	NOUN
ajfa-4328	17	21	in	in	ADP
ajfa-4328	17	22	any	any	DET
ajfa-4328	17	23	manner	manner	NOUN
ajfa-4328	17	24	.	.	PUNCT
ajfa-4328	18	1	the	the	DET
ajfa-4328	18	2	firms	firm	NOUN
ajfa-4328	18	3	announcing	announce	VERB
ajfa-4328	18	4	stock	stock	NOUN
ajfa-4328	18	5	dividend	dividend	NOUN
ajfa-4328	18	6	in	in	ADP
ajfa-4328	18	7	tight	tight	ADJ
ajfa-4328	18	8	liquidity	liquidity	NOUN
ajfa-4328	18	9	markets	market	NOUN
ajfa-4328	18	10	like	like	ADP
ajfa-4328	18	11	the	the	DET
ajfa-4328	18	12	ones	one	NOUN
ajfa-4328	18	13	seen	see	VERB
ajfa-4328	18	14	post	post	ADJ
ajfa-4328	18	15	global	global	ADJ
ajfa-4328	18	16	financial	financial	ADJ
ajfa-4328	18	17	crisis	crisis	NOUN
ajfa-4328	18	18	may	may	AUX
ajfa-4328	18	19	be	be	AUX
ajfa-4328	18	20	perceived	perceive	VERB
ajfa-4328	18	21	as	as	ADP
ajfa-4328	18	22	looking	look	VERB
ajfa-4328	18	23	at	at	ADP
ajfa-4328	18	24	growth	growth	NOUN
ajfa-4328	18	25	opportunities	opportunity	NOUN
ajfa-4328	18	26	for	for	ADP
ajfa-4328	18	27	themselves	themselves	PRON
ajfa-4328	18	28	at	at	ADP
ajfa-4328	18	29	times	time	NOUN
ajfa-4328	18	30	where	where	SCONJ
ajfa-4328	18	31	others	other	NOUN
ajfa-4328	18	32	were	be	AUX
ajfa-4328	18	33	struggling	struggle	VERB
ajfa-4328	18	34	to	to	PART
ajfa-4328	18	35	keep	keep	VERB
ajfa-4328	18	36	their	their	PRON
ajfa-4328	18	37	head	head	NOUN
ajfa-4328	18	38	out	out	ADP
ajfa-4328	18	39	of	of	ADP
ajfa-4328	18	40	water	water	NOUN
ajfa-4328	18	41	and	and	CCONJ
ajfa-4328	18	42	finding	find	VERB
ajfa-4328	18	43	it	it	PRON
ajfa-4328	18	44	hard	hard	ADJ
ajfa-4328	18	45	even	even	ADV
ajfa-4328	18	46	to	to	PART
ajfa-4328	18	47	utilize	utilize	VERB
ajfa-4328	18	48	existing	exist	VERB
ajfa-4328	18	49	capacity	capacity	NOUN
ajfa-4328	18	50	.	.	PUNCT
ajfa-4328	19	1	bonus	bonus	NOUN
ajfa-4328	19	2	announcement	announcement	NOUN
ajfa-4328	19	3	may	may	AUX
ajfa-4328	19	4	well	well	ADV
ajfa-4328	19	5	be	be	AUX
ajfa-4328	19	6	seen	see	VERB
ajfa-4328	19	7	as	as	ADP
ajfa-4328	19	8	a	a	DET
ajfa-4328	19	9	signal	signal	NOUN
ajfa-4328	19	10	of	of	ADP
ajfa-4328	19	11	the	the	DET
ajfa-4328	19	12	firm	firm	NOUN
ajfa-4328	19	13	’s	’s	PART
ajfa-4328	19	14	confidence	confidence	NOUN
ajfa-4328	19	15	in	in	ADP
ajfa-4328	19	16	ability	ability	NOUN
ajfa-4328	19	17	to	to	PART
ajfa-4328	19	18	exploit	exploit	VERB
ajfa-4328	19	19	growth	growth	NOUN
ajfa-4328	19	20	opportunities	opportunity	NOUN
ajfa-4328	19	21	in	in	ADP
ajfa-4328	19	22	difficult	difficult	ADJ
ajfa-4328	19	23	times	time	NOUN
ajfa-4328	19	24	considering	consider	VERB
ajfa-4328	19	25	the	the	DET
ajfa-4328	19	26	fact	fact	NOUN
ajfa-4328	19	27	that	that	SCONJ
ajfa-4328	19	28	many	many	ADJ
ajfa-4328	19	29	firms	firm	NOUN
ajfa-4328	19	30	used	use	VERB
ajfa-4328	19	31	their	their	PRON
ajfa-4328	19	32	reserves	reserve	NOUN
ajfa-4328	19	33	to	to	PART
ajfa-4328	19	34	keep	keep	VERB
ajfa-4328	19	35	paying	pay	VERB
ajfa-4328	19	36	cash	cash	NOUN
ajfa-4328	19	37	dividends	dividend	NOUN
ajfa-4328	19	38	in	in	ADP
ajfa-4328	19	39	times	time	NOUN
ajfa-4328	19	40	when	when	SCONJ
ajfa-4328	19	41	profits	profit	NOUN
ajfa-4328	19	42	were	be	AUX
ajfa-4328	19	43	not	not	PART
ajfa-4328	19	44	enough	enough	ADJ
ajfa-4328	19	45	and	and	CCONJ
ajfa-4328	19	46	in	in	ADP
ajfa-4328	19	47	many	many	ADJ
ajfa-4328	19	48	cases	case	NOUN
ajfa-4328	19	49	were	be	AUX
ajfa-4328	19	50	not	not	PART
ajfa-4328	19	51	existent	existent	ADJ
ajfa-4328	19	52	.	.	PUNCT
ajfa-4328	20	1	announcing	announce	VERB
ajfa-4328	20	2	stock	stock	NOUN
ajfa-4328	20	3	dividend	dividend	NOUN
ajfa-4328	20	4	definitely	definitely	ADV
ajfa-4328	20	5	reduces	reduce	VERB
ajfa-4328	20	6	firm	firm	NOUN
ajfa-4328	20	7	’s	’s	PART
ajfa-4328	20	8	ability	ability	NOUN
ajfa-4328	20	9	to	to	PART
ajfa-4328	20	10	deep	deep	VERB
ajfa-4328	20	11	into	into	ADP
ajfa-4328	20	12	its	its	PRON
ajfa-4328	20	13	reserve	reserve	NOUN
ajfa-4328	20	14	to	to	PART
ajfa-4328	20	15	pay	pay	VERB
ajfa-4328	20	16	cash	cash	NOUN
ajfa-4328	20	17	dividend	dividend	NOUN
ajfa-4328	20	18	in	in	ADP
ajfa-4328	20	19	difficult	difficult	ADJ
ajfa-4328	20	20	times	time	NOUN
ajfa-4328	20	21	and	and	CCONJ
ajfa-4328	20	22	therefore	therefore	ADV
ajfa-4328	20	23	such	such	ADJ
ajfa-4328	20	24	announcement	announcement	NOUN
ajfa-4328	20	25	in	in	ADP
ajfa-4328	20	26	difficult	difficult	ADJ
ajfa-4328	20	27	times	time	NOUN
ajfa-4328	20	28	may	may	AUX
ajfa-4328	20	29	certainly	certainly	ADV
ajfa-4328	20	30	speak	speak	VERB
ajfa-4328	20	31	for	for	ADP
ajfa-4328	20	32	itself	itself	PRON
ajfa-4328	20	33	and	and	CCONJ
ajfa-4328	20	34	firm	firm	NOUN
ajfa-4328	20	35	’s	’s	PART
ajfa-4328	20	36	confidence	confidence	NOUN
ajfa-4328	20	37	about	about	ADP
ajfa-4328	20	38	its	its	PRON
ajfa-4328	20	39	future	future	NOUN
ajfa-4328	20	40	.	.	PUNCT
ajfa-4328	21	1	however	however	ADV
ajfa-4328	21	2	,	,	PUNCT
ajfa-4328	21	3	it	it	PRON
ajfa-4328	21	4	may	may	AUX
ajfa-4328	21	5	turn	turn	VERB
ajfa-4328	21	6	out	out	ADP
ajfa-4328	21	7	to	to	PART
ajfa-4328	21	8	be	be	AUX
ajfa-4328	21	9	a	a	DET
ajfa-4328	21	10	double	double	ADV
ajfa-4328	21	11	edged	edge	VERB
ajfa-4328	21	12	sword	sword	NOUN
ajfa-4328	22	1	if	if	SCONJ
ajfa-4328	22	2	things	thing	NOUN
ajfa-4328	22	3	do	do	AUX
ajfa-4328	22	4	n’t	not	PART
ajfa-4328	22	5	go	go	VERB
ajfa-4328	22	6	as	as	ADP
ajfa-4328	22	7	per	per	ADP
ajfa-4328	22	8	plan	plan	NOUN
ajfa-4328	22	9	.	.	PUNCT
ajfa-4328	23	1	the	the	DET
ajfa-4328	23	2	current	current	ADJ
ajfa-4328	23	3	study	study	NOUN
ajfa-4328	23	4	examines	examine	VERB
ajfa-4328	23	5	the	the	DET
ajfa-4328	23	6	stock	stock	NOUN
ajfa-4328	23	7	price	price	NOUN
ajfa-4328	23	8	reaction	reaction	NOUN
ajfa-4328	23	9	contiguous	contiguous	ADJ
ajfa-4328	23	10	with	with	ADP
ajfa-4328	23	11	bonus	bonus	NOUN
ajfa-4328	23	12	announcement	announcement	NOUN
ajfa-4328	23	13	surrounding	surround	VERB
ajfa-4328	23	14	its	its	PRON
ajfa-4328	23	15	announcement	announcement	NOUN
ajfa-4328	23	16	and	and	CCONJ
ajfa-4328	23	17	effective	effective	ADJ
ajfa-4328	23	18	day	day	NOUN
ajfa-4328	23	19	in	in	ADP
ajfa-4328	23	20	post	post	ADJ
ajfa-4328	23	21	global	global	ADJ
ajfa-4328	23	22	financial	financial	ADJ
ajfa-4328	23	23	crisis	crisis	NOUN
ajfa-4328	23	24	period	period	NOUN
ajfa-4328	23	25	to	to	PART
ajfa-4328	23	26	see	see	VERB
ajfa-4328	23	27	how	how	SCONJ
ajfa-4328	23	28	market	market	NOUN
ajfa-4328	23	29	looks	look	VERB
ajfa-4328	23	30	at	at	ADP
ajfa-4328	23	31	such	such	ADJ
ajfa-4328	23	32	action	action	NOUN
ajfa-4328	23	33	by	by	ADP
ajfa-4328	23	34	a	a	DET
ajfa-4328	23	35	firm	firm	NOUN
ajfa-4328	23	36	and	and	CCONJ
ajfa-4328	23	37	adds	add	VERB
ajfa-4328	23	38	new	new	ADJ
ajfa-4328	23	39	findings	finding	NOUN
ajfa-4328	23	40	to	to	ADP
ajfa-4328	23	41	the	the	DET
ajfa-4328	23	42	existing	exist	VERB
ajfa-4328	23	43	literature	literature	NOUN
ajfa-4328	23	44	by	by	ADP
ajfa-4328	23	45	examining	examine	VERB
ajfa-4328	23	46	whether	whether	SCONJ
ajfa-4328	23	47	indian	indian	ADJ
ajfa-4328	23	48	stock	stock	NOUN
ajfa-4328	23	49	market	market	NOUN
ajfa-4328	23	50	is	be	AUX
ajfa-4328	23	51	semistrong	semistrong	ADV
ajfa-4328	23	52	efficient	efficient	ADJ
ajfa-4328	23	53	or	or	CCONJ
ajfa-4328	23	54	not	not	PART
ajfa-4328	23	55	.	.	PUNCT
ajfa-4328	24	1	the	the	DET
ajfa-4328	24	2	study	study	NOUN
ajfa-4328	24	3	attempts	attempt	VERB
ajfa-4328	24	4	to	to	PART
ajfa-4328	24	5	answer	answer	VERB
ajfa-4328	24	6	this	this	DET
ajfa-4328	24	7	empirical	empirical	ADJ
ajfa-4328	24	8	question	question	NOUN
ajfa-4328	24	9	of	of	ADP
ajfa-4328	24	10	informational	informational	ADJ
ajfa-4328	24	11	content	content	NOUN
ajfa-4328	24	12	of	of	ADP
ajfa-4328	24	13	stock	stock	NOUN
ajfa-4328	24	14	dividend	dividend	NOUN
ajfa-4328	24	15	announcements	announcement	NOUN
ajfa-4328	24	16	using	use	VERB
ajfa-4328	24	17	standard	standard	ADJ
ajfa-4328	24	18	event	event	NOUN
ajfa-4328	24	19	analysis	analysis	NOUN
ajfa-4328	24	20	methodology	methodology	NOUN
ajfa-4328	24	21	.	.	PUNCT
ajfa-4328	25	1	the	the	DET
ajfa-4328	25	2	paper	paper	NOUN
ajfa-4328	25	3	from	from	ADP
ajfa-4328	25	4	hereon	hereon	NOUN
ajfa-4328	25	5	is	be	AUX
ajfa-4328	25	6	divided	divide	VERB
ajfa-4328	25	7	into	into	ADP
ajfa-4328	25	8	following	follow	VERB
ajfa-4328	25	9	sections	section	NOUN
ajfa-4328	25	10	.	.	PUNCT
ajfa-4328	26	1	section	section	NOUN
ajfa-4328	26	2	ii	ii	PROPN
ajfa-4328	26	3	discusses	discuss	VERB
ajfa-4328	26	4	review	review	NOUN
ajfa-4328	26	5	of	of	ADP
ajfa-4328	26	6	literature	literature	NOUN
ajfa-4328	26	7	,	,	PUNCT
ajfa-4328	26	8	section	section	PROPN
ajfa-4328	26	9	iii	iii	PROPN
ajfa-4328	26	10	elaborates	elaborate	NOUN
ajfa-4328	26	11	on	on	ADP
ajfa-4328	26	12	methodology	methodology	NOUN
ajfa-4328	26	13	,	,	PUNCT
ajfa-4328	26	14	section	section	NOUN
ajfa-4328	26	15	iv	iv	NUM
ajfa-4328	26	16	focuses	focus	VERB
ajfa-4328	26	17	and	and	CCONJ
ajfa-4328	26	18	discussion	discussion	NOUN
ajfa-4328	26	19	of	of	ADP
ajfa-4328	26	20	results	result	NOUN
ajfa-4328	26	21	and	and	CCONJ
ajfa-4328	26	22	section	section	NOUN
ajfa-4328	26	23	v	v	NOUN
ajfa-4328	26	24	is	be	AUX
ajfa-4328	26	25	conclusion	conclusion	NOUN
ajfa-4328	26	26	.	.	PUNCT
ajfa-4328	27	1	2	2	X
ajfa-4328	27	2	.	.	X
ajfa-4328	27	3	review	review	NOUN
ajfa-4328	27	4	of	of	ADP
ajfa-4328	27	5	literature	literature	NOUN
ajfa-4328	27	6	numerous	numerous	ADJ
ajfa-4328	27	7	empirical	empirical	ADJ
ajfa-4328	27	8	studies	study	NOUN
ajfa-4328	27	9	have	have	AUX
ajfa-4328	27	10	found	find	VERB
ajfa-4328	27	11	that	that	DET
ajfa-4328	27	12	announcement	announcement	NOUN
ajfa-4328	27	13	of	of	ADP
ajfa-4328	27	14	bonus	bonus	NOUN
ajfa-4328	27	15	issues	issue	NOUN
ajfa-4328	27	16	/	/	PUNCT
ajfa-4328	27	17	stock	stock	NOUN
ajfa-4328	27	18	splits	split	NOUN
ajfa-4328	27	19	are	be	AUX
ajfa-4328	27	20	associated	associate	VERB
ajfa-4328	27	21	with	with	ADP
ajfa-4328	27	22	significant	significant	ADJ
ajfa-4328	27	23	stock	stock	NOUN
ajfa-4328	27	24	price	price	NOUN
ajfa-4328	27	25	reactions	reaction	NOUN
ajfa-4328	27	26	upon	upon	SCONJ
ajfa-4328	27	27	announcement	announcement	NOUN
ajfa-4328	27	28	.	.	PUNCT
ajfa-4328	28	1	many	many	ADJ
ajfa-4328	28	2	exigent	exigent	ADJ
ajfa-4328	28	3	hypotheses	hypothesis	NOUN
ajfa-4328	28	4	have	have	AUX
ajfa-4328	28	5	been	be	AUX
ajfa-4328	28	6	proposed	propose	VERB
ajfa-4328	28	7	in	in	ADP
ajfa-4328	28	8	the	the	DET
ajfa-4328	28	9	literature	literature	NOUN
ajfa-4328	28	10	to	to	PART
ajfa-4328	28	11	explain	explain	VERB
ajfa-4328	28	12	this	this	DET
ajfa-4328	28	13	market	market	NOUN
ajfa-4328	28	14	behaviour	behaviour	NOUN
ajfa-4328	28	15	.	.	PUNCT
ajfa-4328	29	1	signaling	signal	VERB
ajfa-4328	29	2	hypothesis	hypothesis	NOUN
ajfa-4328	29	3	and	and	CCONJ
ajfa-4328	29	4	liquidity	liquidity	NOUN
ajfa-4328	29	5	hypothesis	hypothesis	NOUN
ajfa-4328	29	6	have	have	AUX
ajfa-4328	29	7	emerged	emerge	VERB
ajfa-4328	29	8	as	as	ADP
ajfa-4328	29	9	the	the	DET
ajfa-4328	29	10	two	two	NUM
ajfa-4328	29	11	leading	lead	VERB
ajfa-4328	29	12	explanations	explanation	NOUN
ajfa-4328	29	13	for	for	ADP
ajfa-4328	29	14	this	this	DET
ajfa-4328	29	15	market	market	NOUN
ajfa-4328	29	16	behaviour	behaviour	NOUN
ajfa-4328	29	17	.	.	PUNCT
ajfa-4328	30	1	ball	ball	PROPN
ajfa-4328	30	2	,	,	PUNCT
ajfa-4328	30	3	brown	brown	ADJ
ajfa-4328	30	4	and	and	CCONJ
ajfa-4328	30	5	finn	finn	PROPN
ajfa-4328	30	6	(	(	PUNCT
ajfa-4328	30	7	1977	1977	NUM
ajfa-4328	30	8	)	)	PUNCT
ajfa-4328	30	9	investigated	investigate	VERB
ajfa-4328	30	10	stock	stock	NOUN
ajfa-4328	30	11	price	price	NOUN
ajfa-4328	30	12	reaction	reaction	NOUN
ajfa-4328	30	13	around	around	ADP
ajfa-4328	30	14	the	the	DET
ajfa-4328	30	15	announcement	announcement	NOUN
ajfa-4328	30	16	of	of	ADP
ajfa-4328	30	17	asian	asian	ADJ
ajfa-4328	30	18	journal	journal	NOUN
ajfa-4328	30	19	of	of	ADP
ajfa-4328	30	20	finance	finance	PROPN
ajfa-4328	30	21	&	&	CCONJ
ajfa-4328	30	22	accounting	accounting	PROPN
ajfa-4328	30	23	issn	issn	PROPN
ajfa-4328	30	24	1946	1946	NUM
ajfa-4328	30	25	-	-	PUNCT
ajfa-4328	30	26	052x	052x	NOUN
ajfa-4328	30	27	2013	2013	NUM
ajfa-4328	30	28	,	,	PUNCT
ajfa-4328	30	29	vol	vol	NOUN
ajfa-4328	30	30	.	.	PROPN
ajfa-4328	30	31	5	5	NUM
ajfa-4328	30	32	,	,	PUNCT
ajfa-4328	30	33	no	no	INTJ
ajfa-4328	30	34	.	.	NOUN
ajfa-4328	30	35	2	2	NUM
ajfa-4328	30	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4328	30	37	258	258	NUM
ajfa-4328	30	38	‘	'	PUNCT
ajfa-4328	30	39	stock	stock	NOUN
ajfa-4328	30	40	capitalisation	capitalisation	NOUN
ajfa-4328	30	41	changes	change	NOUN
ajfa-4328	30	42	’	'	PUNCT
ajfa-4328	30	43	(	(	PUNCT
ajfa-4328	30	44	bonus	bonus	NOUN
ajfa-4328	30	45	stock	stock	NOUN
ajfa-4328	30	46	issues	issue	NOUN
ajfa-4328	30	47	,	,	PUNCT
ajfa-4328	30	48	stock	stock	NOUN
ajfa-4328	30	49	splits	split	NOUN
ajfa-4328	30	50	and	and	CCONJ
ajfa-4328	30	51	rights	right	NOUN
ajfa-4328	30	52	issues	issue	NOUN
ajfa-4328	30	53	)	)	PUNCT
ajfa-4328	30	54	in	in	ADP
ajfa-4328	30	55	australia	australia	PROPN
ajfa-4328	30	56	for	for	ADP
ajfa-4328	30	57	the	the	DET
ajfa-4328	30	58	period	period	NOUN
ajfa-4328	30	59	between	between	ADP
ajfa-4328	30	60	1960	1960	NUM
ajfa-4328	30	61	and	and	CCONJ
ajfa-4328	30	62	1969	1969	NUM
ajfa-4328	30	63	inclusive	inclusive	ADJ
ajfa-4328	30	64	using	use	VERB
ajfa-4328	30	65	monthly	monthly	ADJ
ajfa-4328	30	66	data	datum	NOUN
ajfa-4328	30	67	and	and	CCONJ
ajfa-4328	30	68	found	find	VERB
ajfa-4328	30	69	20.2	20.2	NUM
ajfa-4328	30	70	%	%	NOUN
ajfa-4328	30	71	abnormal	abnormal	ADJ
ajfa-4328	30	72	return	return	NOUN
ajfa-4328	30	73	for	for	ADP
ajfa-4328	30	74	13	13	NUM
ajfa-4328	30	75	months	month	NOUN
ajfa-4328	30	76	up	up	ADP
ajfa-4328	30	77	to	to	ADP
ajfa-4328	30	78	including	include	VERB
ajfa-4328	30	79	the	the	DET
ajfa-4328	30	80	month	month	NOUN
ajfa-4328	30	81	of	of	ADP
ajfa-4328	30	82	bonus	bonus	NOUN
ajfa-4328	30	83	issue	issue	NOUN
ajfa-4328	30	84	announcements	announcement	NOUN
ajfa-4328	30	85	.	.	PUNCT
ajfa-4328	31	1	foster	foster	ADJ
ajfa-4328	31	2	and	and	CCONJ
ajfa-4328	31	3	vickrey	vickrey	X
ajfa-4328	31	4	(	(	PUNCT
ajfa-4328	31	5	1978	1978	NUM
ajfa-4328	31	6	)	)	PUNCT
ajfa-4328	31	7	examined	examine	VERB
ajfa-4328	31	8	daily	daily	ADJ
ajfa-4328	31	9	returns	return	NOUN
ajfa-4328	31	10	around	around	ADP
ajfa-4328	31	11	announcement	announcement	NOUN
ajfa-4328	31	12	and	and	CCONJ
ajfa-4328	31	13	determined	determine	VERB
ajfa-4328	31	14	whether	whether	SCONJ
ajfa-4328	31	15	stock	stock	NOUN
ajfa-4328	31	16	dividend	dividend	NOUN
ajfa-4328	31	17	announcements	announcement	NOUN
ajfa-4328	31	18	cause	cause	VERB
ajfa-4328	31	19	investors	investor	NOUN
ajfa-4328	31	20	to	to	PART
ajfa-4328	31	21	change	change	VERB
ajfa-4328	31	22	their	their	PRON
ajfa-4328	31	23	expectations	expectation	NOUN
ajfa-4328	31	24	concerning	concern	VERB
ajfa-4328	31	25	future	future	ADJ
ajfa-4328	31	26	firm	firm	ADJ
ajfa-4328	31	27	prospects	prospect	NOUN
ajfa-4328	31	28	.	.	PUNCT
ajfa-4328	32	1	in	in	ADP
ajfa-4328	32	2	their	their	PRON
ajfa-4328	32	3	examination	examination	NOUN
ajfa-4328	32	4	of	of	ADP
ajfa-4328	32	5	the	the	DET
ajfa-4328	32	6	information	information	NOUN
ajfa-4328	32	7	content	content	NOUN
ajfa-4328	32	8	for	for	ADP
ajfa-4328	32	9	82	82	NUM
ajfa-4328	32	10	stock	stock	NOUN
ajfa-4328	32	11	dividend	dividend	NOUN
ajfa-4328	32	12	announcements	announcement	NOUN
ajfa-4328	32	13	,	,	PUNCT
ajfa-4328	32	14	they	they	PRON
ajfa-4328	32	15	found	find	VERB
ajfa-4328	32	16	significant	significant	ADJ
ajfa-4328	32	17	positive	positive	ADJ
ajfa-4328	32	18	abnormal	abnormal	ADJ
ajfa-4328	32	19	returns	return	NOUN
ajfa-4328	32	20	around	around	ADP
ajfa-4328	32	21	announcement	announcement	NOUN
ajfa-4328	32	22	dates	date	NOUN
ajfa-4328	32	23	.	.	PUNCT
ajfa-4328	33	1	woolridge	woolridge	NOUN
ajfa-4328	33	2	(	(	PUNCT
ajfa-4328	33	3	1983	1983	NUM
ajfa-4328	33	4	)	)	PUNCT
ajfa-4328	33	5	examines	examine	VERB
ajfa-4328	33	6	the	the	DET
ajfa-4328	33	7	daily	daily	ADJ
ajfa-4328	33	8	returns	return	NOUN
ajfa-4328	33	9	around	around	ADP
ajfa-4328	33	10	317	317	NUM
ajfa-4328	33	11	stock	stock	NOUN
ajfa-4328	33	12	dividend	dividend	NOUN
ajfa-4328	33	13	announcements	announcement	NOUN
ajfa-4328	33	14	controlled	control	VERB
ajfa-4328	33	15	for	for	ADP
ajfa-4328	33	16	earnings	earning	NOUN
ajfa-4328	33	17	announcements	announcement	NOUN
ajfa-4328	33	18	and	and	CCONJ
ajfa-4328	33	19	cash	cash	NOUN
ajfa-4328	33	20	dividend	dividend	NOUN
ajfa-4328	33	21	payments	payment	NOUN
ajfa-4328	33	22	and	and	CCONJ
ajfa-4328	33	23	found	find	VERB
ajfa-4328	33	24	that	that	SCONJ
ajfa-4328	33	25	stock	stock	NOUN
ajfa-4328	33	26	dividend	dividend	NOUN
ajfa-4328	33	27	announcements	announcement	NOUN
ajfa-4328	33	28	are	be	AUX
ajfa-4328	33	29	interpreted	interpret	VERB
ajfa-4328	33	30	by	by	ADP
ajfa-4328	33	31	investors	investor	NOUN
ajfa-4328	33	32	as	as	ADP
ajfa-4328	33	33	positive	positive	ADJ
ajfa-4328	33	34	signals	signal	NOUN
ajfa-4328	33	35	from	from	ADP
ajfa-4328	33	36	managers	manager	NOUN
ajfa-4328	33	37	about	about	ADP
ajfa-4328	33	38	the	the	DET
ajfa-4328	33	39	future	future	ADJ
ajfa-4328	33	40	business	business	NOUN
ajfa-4328	33	41	operations	operation	NOUN
ajfa-4328	33	42	.	.	PUNCT
ajfa-4328	34	1	grinblatt	grinblatt	PROPN
ajfa-4328	34	2	,	,	PUNCT
ajfa-4328	34	3	masulis	masulis	PROPN
ajfa-4328	34	4	and	and	CCONJ
ajfa-4328	34	5	titman	titman	NOUN
ajfa-4328	34	6	(	(	PUNCT
ajfa-4328	34	7	1984	1984	NUM
ajfa-4328	34	8	)	)	PUNCT
ajfa-4328	34	9	examined	examine	VERB
ajfa-4328	34	10	stock	stock	NOUN
ajfa-4328	34	11	splits	split	NOUN
ajfa-4328	34	12	and	and	CCONJ
ajfa-4328	34	13	stock	stock	NOUN
ajfa-4328	34	14	dividends	dividend	NOUN
ajfa-4328	34	15	under	under	ADP
ajfa-4328	34	16	the	the	DET
ajfa-4328	34	17	traditional	traditional	ADJ
ajfa-4328	34	18	signaling	signal	VERB
ajfa-4328	34	19	model	model	NOUN
ajfa-4328	34	20	and	and	CCONJ
ajfa-4328	34	21	suggested	suggest	VERB
ajfa-4328	34	22	that	that	SCONJ
ajfa-4328	34	23	it	it	PRON
ajfa-4328	34	24	can	can	AUX
ajfa-4328	34	25	be	be	AUX
ajfa-4328	34	26	considered	consider	VERB
ajfa-4328	34	27	as	as	ADP
ajfa-4328	34	28	a	a	DET
ajfa-4328	34	29	costly	costly	ADJ
ajfa-4328	34	30	signal	signal	NOUN
ajfa-4328	34	31	.	.	PUNCT
ajfa-4328	35	1	in	in	ADP
ajfa-4328	35	2	case	case	NOUN
ajfa-4328	35	3	of	of	ADP
ajfa-4328	35	4	stock	stock	NOUN
ajfa-4328	35	5	dividends	dividend	NOUN
ajfa-4328	35	6	,	,	PUNCT
ajfa-4328	35	7	the	the	DET
ajfa-4328	35	8	reduction	reduction	NOUN
ajfa-4328	35	9	in	in	ADP
ajfa-4328	35	10	retained	retain	VERB
ajfa-4328	35	11	earnings	earning	NOUN
ajfa-4328	35	12	will	will	AUX
ajfa-4328	35	13	restrict	restrict	VERB
ajfa-4328	35	14	the	the	DET
ajfa-4328	35	15	firm	firm	NOUN
ajfa-4328	35	16	’s	’s	PART
ajfa-4328	35	17	stability	stability	NOUN
ajfa-4328	35	18	to	to	PART
ajfa-4328	35	19	pay	pay	VERB
ajfa-4328	35	20	cash	cash	NOUN
ajfa-4328	35	21	dividends	dividend	NOUN
ajfa-4328	35	22	if	if	SCONJ
ajfa-4328	35	23	the	the	DET
ajfa-4328	35	24	firm	firm	NOUN
ajfa-4328	35	25	does	do	AUX
ajfa-4328	35	26	not	not	PART
ajfa-4328	35	27	anticipate	anticipate	VERB
ajfa-4328	35	28	increased	increased	ADJ
ajfa-4328	35	29	earnings	earning	NOUN
ajfa-4328	35	30	.	.	PUNCT
ajfa-4328	36	1	doran	doran	PROPN
ajfa-4328	36	2	and	and	CCONJ
ajfa-4328	36	3	nachtmann	nachtmann	PROPN
ajfa-4328	36	4	(	(	PUNCT
ajfa-4328	36	5	1988	1988	NUM
ajfa-4328	36	6	)	)	PUNCT
ajfa-4328	37	1	using	use	VERB
ajfa-4328	37	2	a	a	DET
ajfa-4328	37	3	sample	sample	NOUN
ajfa-4328	37	4	of	of	ADP
ajfa-4328	37	5	879	879	NUM
ajfa-4328	37	6	firms	firm	NOUN
ajfa-4328	37	7	which	which	PRON
ajfa-4328	37	8	issued	issue	VERB
ajfa-4328	37	9	stock	stock	NOUN
ajfa-4328	37	10	dividends	dividend	NOUN
ajfa-4328	37	11	between	between	ADP
ajfa-4328	37	12	1971	1971	NUM
ajfa-4328	37	13	and	and	CCONJ
ajfa-4328	37	14	1982	1982	NUM
ajfa-4328	37	15	reports	report	NOUN
ajfa-4328	37	16	that	that	SCONJ
ajfa-4328	37	17	bonus	bonus	NOUN
ajfa-4328	37	18	announcements	announcement	NOUN
ajfa-4328	37	19	led	lead	VERB
ajfa-4328	37	20	to	to	ADP
ajfa-4328	37	21	upward	upward	ADJ
ajfa-4328	37	22	revision	revision	NOUN
ajfa-4328	37	23	of	of	ADP
ajfa-4328	37	24	earnings	earning	NOUN
ajfa-4328	37	25	expectations	expectation	NOUN
ajfa-4328	37	26	that	that	PRON
ajfa-4328	37	27	is	be	AUX
ajfa-4328	37	28	similar	similar	ADJ
ajfa-4328	37	29	to	to	ADP
ajfa-4328	37	30	attention	attention	NOUN
ajfa-4328	37	31	getting	get	VERB
ajfa-4328	37	32	hypothesis	hypothesis	NOUN
ajfa-4328	37	33	.	.	PUNCT
ajfa-4328	38	1	ghosh	ghosh	PROPN
ajfa-4328	38	2	and	and	CCONJ
ajfa-4328	38	3	woolridge	woolridge	VERB
ajfa-4328	38	4	(	(	PUNCT
ajfa-4328	38	5	1988	1988	NUM
ajfa-4328	38	6	)	)	PUNCT
ajfa-4328	38	7	;	;	PUNCT
ajfa-4328	38	8	banker	banker	NOUN
ajfa-4328	38	9	,	,	PUNCT
ajfa-4328	38	10	das	das	PROPN
ajfa-4328	38	11	,	,	PUNCT
ajfa-4328	38	12	and	and	CCONJ
ajfa-4328	38	13	datar	datar	ADJ
ajfa-4328	38	14	(	(	PUNCT
ajfa-4328	38	15	1993	1993	NUM
ajfa-4328	38	16	)	)	PUNCT
ajfa-4328	38	17	investigate	investigate	VERB
ajfa-4328	38	18	the	the	DET
ajfa-4328	38	19	cash	cash	NOUN
ajfa-4328	38	20	substitution	substitution	NOUN
ajfa-4328	38	21	hypothesis	hypothesis	NOUN
ajfa-4328	38	22	and	and	CCONJ
ajfa-4328	38	23	find	find	VERB
ajfa-4328	38	24	negative	negative	ADJ
ajfa-4328	38	25	stock	stock	NOUN
ajfa-4328	38	26	price	price	NOUN
ajfa-4328	38	27	reaction	reaction	NOUN
ajfa-4328	38	28	to	to	ADP
ajfa-4328	38	29	dividends	dividend	NOUN
ajfa-4328	38	30	cuts	cut	NOUN
ajfa-4328	38	31	and	and	CCONJ
ajfa-4328	38	32	omissions	omission	NOUN
ajfa-4328	38	33	could	could	AUX
ajfa-4328	38	34	be	be	AUX
ajfa-4328	38	35	offset	offset	VERB
ajfa-4328	38	36	by	by	ADP
ajfa-4328	38	37	an	an	DET
ajfa-4328	38	38	announcement	announcement	NOUN
ajfa-4328	38	39	of	of	ADP
ajfa-4328	38	40	stock	stock	NOUN
ajfa-4328	38	41	dividend	dividend	NOUN
ajfa-4328	38	42	as	as	ADP
ajfa-4328	38	43	a	a	DET
ajfa-4328	38	44	substitute	substitute	NOUN
ajfa-4328	38	45	.	.	PUNCT
ajfa-4328	39	1	lijleblom	lijleblom	NOUN
ajfa-4328	39	2	(	(	PUNCT
ajfa-4328	39	3	1989	1989	NUM
ajfa-4328	39	4	)	)	PUNCT
ajfa-4328	39	5	examines	examine	VERB
ajfa-4328	39	6	the	the	DET
ajfa-4328	39	7	signaling	signal	VERB
ajfa-4328	39	8	hypothesis	hypothesis	NOUN
ajfa-4328	39	9	of	of	ADP
ajfa-4328	39	10	stock	stock	NOUN
ajfa-4328	39	11	dividend	dividend	NOUN
ajfa-4328	39	12	and	and	CCONJ
ajfa-4328	39	13	stock	stock	NOUN
ajfa-4328	39	14	splits	split	VERB
ajfa-4328	39	15	for	for	ADP
ajfa-4328	39	16	stocks	stock	NOUN
ajfa-4328	39	17	listed	list	VERB
ajfa-4328	39	18	on	on	ADP
ajfa-4328	39	19	the	the	DET
ajfa-4328	39	20	stockholm	stockholm	PROPN
ajfa-4328	39	21	stock	stock	PROPN
ajfa-4328	39	22	exchange	exchange	PROPN
ajfa-4328	39	23	(	(	PUNCT
ajfa-4328	39	24	sse).the	sse).the	DET
ajfa-4328	39	25	problem	problem	NOUN
ajfa-4328	39	26	of	of	ADP
ajfa-4328	39	27	simultaneous	simultaneous	ADJ
ajfa-4328	39	28	announcements	announcement	NOUN
ajfa-4328	39	29	of	of	ADP
ajfa-4328	39	30	other	other	ADJ
ajfa-4328	39	31	information	information	NOUN
ajfa-4328	39	32	is	be	AUX
ajfa-4328	39	33	present	present	ADJ
ajfa-4328	39	34	in	in	ADP
ajfa-4328	39	35	90	90	NUM
ajfa-4328	39	36	%	%	NOUN
ajfa-4328	39	37	of	of	ADP
ajfa-4328	39	38	the	the	DET
ajfa-4328	39	39	cases	case	NOUN
ajfa-4328	39	40	at	at	ADP
ajfa-4328	39	41	(	(	PUNCT
ajfa-4328	39	42	sse).the	sse).the	DET
ajfa-4328	39	43	contaminating	contaminating	NOUN
ajfa-4328	39	44	effects	effect	NOUN
ajfa-4328	39	45	of	of	ADP
ajfa-4328	39	46	earnings	earning	NOUN
ajfa-4328	39	47	and	and	CCONJ
ajfa-4328	39	48	dividend	dividend	NOUN
ajfa-4328	39	49	announcements	announcement	NOUN
ajfa-4328	39	50	are	be	AUX
ajfa-4328	39	51	controlled	control	VERB
ajfa-4328	39	52	by	by	ADP
ajfa-4328	39	53	using	use	VERB
ajfa-4328	39	54	a	a	DET
ajfa-4328	39	55	control	control	NOUN
ajfa-4328	39	56	group	group	NOUN
ajfa-4328	39	57	of	of	ADP
ajfa-4328	39	58	otherwise	otherwise	ADV
ajfa-4328	39	59	similar	similar	ADJ
ajfa-4328	39	60	stocks	stock	NOUN
ajfa-4328	39	61	but	but	CCONJ
ajfa-4328	39	62	which	which	PRON
ajfa-4328	39	63	do	do	AUX
ajfa-4328	39	64	not	not	PART
ajfa-4328	39	65	split	split	VERB
ajfa-4328	39	66	or	or	CCONJ
ajfa-4328	39	67	distribute	distribute	VERB
ajfa-4328	39	68	a	a	DET
ajfa-4328	39	69	stock	stock	NOUN
ajfa-4328	39	70	dividend	dividend	NOUN
ajfa-4328	39	71	.	.	PUNCT
ajfa-4328	40	1	they	they	PRON
ajfa-4328	40	2	find	find	VERB
ajfa-4328	40	3	significantly	significantly	ADV
ajfa-4328	40	4	high	high	ADJ
ajfa-4328	40	5	price	price	NOUN
ajfa-4328	40	6	reactions	reaction	NOUN
ajfa-4328	40	7	for	for	ADP
ajfa-4328	40	8	the	the	DET
ajfa-4328	40	9	stock	stock	NOUN
ajfa-4328	40	10	dividend	dividend	NOUN
ajfa-4328	40	11	/	/	SYM
ajfa-4328	40	12	split	split	NOUN
ajfa-4328	40	13	group	group	NOUN
ajfa-4328	40	14	than	than	ADP
ajfa-4328	40	15	the	the	DET
ajfa-4328	40	16	control	control	NOUN
ajfa-4328	40	17	group	group	NOUN
ajfa-4328	40	18	which	which	PRON
ajfa-4328	40	19	is	be	AUX
ajfa-4328	40	20	interpreted	interpret	VERB
ajfa-4328	40	21	as	as	ADP
ajfa-4328	40	22	support	support	NOUN
ajfa-4328	40	23	for	for	ADP
ajfa-4328	40	24	the	the	DET
ajfa-4328	40	25	signaling	signal	VERB
ajfa-4328	40	26	hypothesis	hypothesis	NOUN
ajfa-4328	40	27	in	in	ADP
ajfa-4328	40	28	the	the	DET
ajfa-4328	40	29	presence	presence	NOUN
ajfa-4328	40	30	of	of	ADP
ajfa-4328	40	31	contaminating	contaminate	VERB
ajfa-4328	40	32	announcements	announcement	NOUN
ajfa-4328	40	33	.	.	PUNCT
ajfa-4328	41	1	mcnichols	mcnichol	NOUN
ajfa-4328	41	2	and	and	CCONJ
ajfa-4328	41	3	dravid	dravid	PROPN
ajfa-4328	41	4	(	(	PUNCT
ajfa-4328	41	5	1990	1990	NUM
ajfa-4328	41	6	)	)	PUNCT
ajfa-4328	41	7	provide	provide	VERB
ajfa-4328	41	8	further	further	ADJ
ajfa-4328	41	9	evidence	evidence	NOUN
ajfa-4328	41	10	to	to	PART
ajfa-4328	41	11	support	support	VERB
ajfa-4328	41	12	the	the	DET
ajfa-4328	41	13	signaling	signal	VERB
ajfa-4328	41	14	hypothesis	hypothesis	NOUN
ajfa-4328	41	15	and	and	CCONJ
ajfa-4328	41	16	reported	report	VERB
ajfa-4328	41	17	positively	positively	ADV
ajfa-4328	41	18	significant	significant	ADJ
ajfa-4328	41	19	abnormal	abnormal	ADJ
ajfa-4328	41	20	returns	return	NOUN
ajfa-4328	41	21	on	on	ADP
ajfa-4328	41	22	the	the	DET
ajfa-4328	41	23	day	day	NOUN
ajfa-4328	41	24	of	of	ADP
ajfa-4328	41	25	stock	stock	NOUN
ajfa-4328	41	26	dividend	dividend	NOUN
ajfa-4328	41	27	announcement	announcement	NOUN
ajfa-4328	41	28	.	.	PUNCT
ajfa-4328	42	1	further	far	ADV
ajfa-4328	42	2	they	they	PRON
ajfa-4328	42	3	find	find	VERB
ajfa-4328	42	4	that	that	SCONJ
ajfa-4328	42	5	both	both	DET
ajfa-4328	42	6	small	small	ADJ
ajfa-4328	42	7	stock	stock	NOUN
ajfa-4328	42	8	dividend	dividend	NOUN
ajfa-4328	42	9	factor	factor	NOUN
ajfa-4328	42	10	sample	sample	NOUN
ajfa-4328	42	11	(	(	PUNCT
ajfa-4328	42	12	less	less	ADJ
ajfa-4328	42	13	than	than	ADP
ajfa-4328	42	14	10	10	NUM
ajfa-4328	42	15	%	%	NOUN
ajfa-4328	42	16	)	)	PUNCT
ajfa-4328	42	17	and	and	CCONJ
ajfa-4328	42	18	large	large	ADJ
ajfa-4328	42	19	stock	stock	NOUN
ajfa-4328	42	20	dividend	dividend	NOUN
ajfa-4328	42	21	factor	factor	NOUN
ajfa-4328	42	22	sample	sample	NOUN
ajfa-4328	42	23	show	show	VERB
ajfa-4328	42	24	statistically	statistically	ADV
ajfa-4328	42	25	significant	significant	ADJ
ajfa-4328	42	26	abnormal	abnormal	ADJ
ajfa-4328	42	27	returns	return	NOUN
ajfa-4328	42	28	on	on	ADP
ajfa-4328	42	29	the	the	DET
ajfa-4328	42	30	announcement	announcement	NOUN
ajfa-4328	42	31	day	day	NOUN
ajfa-4328	42	32	.	.	PUNCT
ajfa-4328	43	1	masse	masse	PROPN
ajfa-4328	43	2	et	et	PROPN
ajfa-4328	43	3	al	al	PROPN
ajfa-4328	43	4	.	.	PROPN
ajfa-4328	44	1	(	(	PUNCT
ajfa-4328	44	2	1997	1997	NUM
ajfa-4328	44	3	)	)	PUNCT
ajfa-4328	44	4	examined	examine	VERB
ajfa-4328	44	5	the	the	DET
ajfa-4328	44	6	announcement	announcement	NOUN
ajfa-4328	44	7	day	day	NOUN
ajfa-4328	44	8	impact	impact	NOUN
ajfa-4328	44	9	of	of	ADP
ajfa-4328	44	10	stock	stock	NOUN
ajfa-4328	44	11	splits	split	NOUN
ajfa-4328	44	12	,	,	PUNCT
ajfa-4328	44	13	reverse	reverse	NOUN
ajfa-4328	44	14	splits	split	NOUN
ajfa-4328	44	15	and	and	CCONJ
ajfa-4328	44	16	stock	stock	NOUN
ajfa-4328	44	17	dividends	dividend	NOUN
ajfa-4328	44	18	of	of	ADP
ajfa-4328	44	19	toronto	toronto	PROPN
ajfa-4328	44	20	stock	stock	PROPN
ajfa-4328	44	21	exchange	exchange	NOUN
ajfa-4328	44	22	from	from	ADP
ajfa-4328	44	23	1975–94	1975–94	NUM
ajfa-4328	44	24	.	.	PUNCT
ajfa-4328	45	1	abnormal	abnormal	ADJ
ajfa-4328	45	2	returns	return	NOUN
ajfa-4328	45	3	are	be	AUX
ajfa-4328	45	4	derived	derive	VERB
ajfa-4328	45	5	using	use	VERB
ajfa-4328	45	6	the	the	DET
ajfa-4328	45	7	mean	mean	ADJ
ajfa-4328	45	8	adjusted	adjust	VERB
ajfa-4328	45	9	returns	return	NOUN
ajfa-4328	45	10	model	model	NOUN
ajfa-4328	45	11	,	,	PUNCT
ajfa-4328	45	12	the	the	DET
ajfa-4328	45	13	market	market	NOUN
ajfa-4328	45	14	adjusted	adjust	VERB
ajfa-4328	45	15	returns	return	NOUN
ajfa-4328	45	16	model	model	NOUN
ajfa-4328	45	17	and	and	CCONJ
ajfa-4328	45	18	the	the	DET
ajfa-4328	45	19	simple	simple	ADJ
ajfa-4328	45	20	ordinary	ordinary	ADJ
ajfa-4328	45	21	least	least	ADJ
ajfa-4328	45	22	square	square	ADJ
ajfa-4328	45	23	market	market	NOUN
ajfa-4328	45	24	model	model	NOUN
ajfa-4328	45	25	.	.	PUNCT
ajfa-4328	46	1	for	for	ADP
ajfa-4328	46	2	the	the	DET
ajfa-4328	46	3	stock	stock	NOUN
ajfa-4328	46	4	dividends	dividend	NOUN
ajfa-4328	46	5	,	,	PUNCT
ajfa-4328	46	6	abnormal	abnormal	ADJ
ajfa-4328	46	7	returns	return	NOUN
ajfa-4328	46	8	are	be	AUX
ajfa-4328	46	9	positive	positive	ADJ
ajfa-4328	46	10	from	from	ADP
ajfa-4328	46	11	day	day	NOUN
ajfa-4328	46	12	0	0	NUM
ajfa-4328	46	13	to	to	ADP
ajfa-4328	46	14	day	day	NOUN
ajfa-4328	46	15	2	2	NUM
ajfa-4328	46	16	and	and	CCONJ
ajfa-4328	46	17	on	on	ADP
ajfa-4328	46	18	day	day	NOUN
ajfa-4328	46	19	0	0	NUM
ajfa-4328	46	20	and	and	CCONJ
ajfa-4328	46	21	day	day	NOUN
ajfa-4328	46	22	1	1	NUM
ajfa-4328	46	23	average	average	ADJ
ajfa-4328	46	24	abnormal	abnormal	ADJ
ajfa-4328	46	25	return	return	NOUN
ajfa-4328	46	26	are	be	AUX
ajfa-4328	46	27	statistically	statistically	ADV
ajfa-4328	46	28	significant	significant	ADJ
ajfa-4328	46	29	at	at	ADP
ajfa-4328	46	30	1	1	NUM
ajfa-4328	46	31	%	%	NOUN
ajfa-4328	46	32	level	level	NOUN
ajfa-4328	46	33	.	.	PUNCT
ajfa-4328	47	1	in	in	ADP
ajfa-4328	47	2	a	a	DET
ajfa-4328	47	3	nutshell	nutshell	NOUN
ajfa-4328	47	4	,	,	PUNCT
ajfa-4328	47	5	there	there	PRON
ajfa-4328	47	6	are	be	VERB
ajfa-4328	47	7	several	several	ADJ
ajfa-4328	47	8	hypotheses	hypothesis	NOUN
ajfa-4328	47	9	put	put	VERB
ajfa-4328	47	10	forward	forward	ADP
ajfa-4328	47	11	to	to	PART
ajfa-4328	47	12	explain	explain	VERB
ajfa-4328	47	13	the	the	DET
ajfa-4328	47	14	positive	positive	ADJ
ajfa-4328	47	15	abnormal	abnormal	ADJ
ajfa-4328	47	16	returns	return	NOUN
ajfa-4328	47	17	associated	associate	VERB
ajfa-4328	47	18	with	with	ADP
ajfa-4328	47	19	bonus	bonus	NOUN
ajfa-4328	47	20	announcements	announcement	NOUN
ajfa-4328	47	21	.	.	PUNCT
ajfa-4328	48	1	mohanty	mohanty	PROPN
ajfa-4328	48	2	(	(	PUNCT
ajfa-4328	48	3	1999	1999	NUM
ajfa-4328	48	4	)	)	PUNCT
ajfa-4328	48	5	found	find	VERB
ajfa-4328	48	6	that	that	SCONJ
ajfa-4328	48	7	firms	firm	NOUN
ajfa-4328	48	8	which	which	PRON
ajfa-4328	48	9	issued	issue	VERB
ajfa-4328	48	10	bonus	bonus	NOUN
ajfa-4328	48	11	shares	share	NOUN
ajfa-4328	48	12	,	,	PUNCT
ajfa-4328	48	13	have	have	AUX
ajfa-4328	48	14	either	either	CCONJ
ajfa-4328	48	15	maintained	maintain	VERB
ajfa-4328	48	16	the	the	DET
ajfa-4328	48	17	payout	payout	NOUN
ajfa-4328	48	18	at	at	ADP
ajfa-4328	48	19	the	the	DET
ajfa-4328	48	20	pre	pre	ADJ
ajfa-4328	48	21	-	-	ADJ
ajfa-4328	48	22	bonus	bonus	ADJ
ajfa-4328	48	23	level	level	NOUN
ajfa-4328	48	24	or	or	CCONJ
ajfa-4328	48	25	only	only	ADV
ajfa-4328	48	26	decreased	decrease	VERB
ajfa-4328	48	27	it	it	PRON
ajfa-4328	48	28	marginally	marginally	ADV
ajfa-4328	48	29	thereby	thereby	ADV
ajfa-4328	48	30	increasing	increase	VERB
ajfa-4328	48	31	the	the	DET
ajfa-4328	48	32	payout	payout	NOUN
ajfa-4328	48	33	to	to	ADP
ajfa-4328	48	34	shareholders	shareholder	NOUN
ajfa-4328	48	35	.	.	PUNCT
ajfa-4328	49	1	papaioannou	papaioannou	PROPN
ajfa-4328	49	2	et	et	PROPN
ajfa-4328	49	3	al	al	PROPN
ajfa-4328	49	4	.	.	PROPN
ajfa-4328	50	1	(	(	PUNCT
ajfa-4328	50	2	2000	2000	NUM
ajfa-4328	50	3	)	)	PUNCT
ajfa-4328	50	4	found	find	VERB
ajfa-4328	50	5	no	no	DET
ajfa-4328	50	6	significant	significant	ADJ
ajfa-4328	50	7	abnormal	abnormal	ADJ
ajfa-4328	50	8	returns	return	NOUN
ajfa-4328	50	9	on	on	ADP
ajfa-4328	50	10	and	and	CCONJ
ajfa-4328	50	11	around	around	ADP
ajfa-4328	50	12	announcement	announcement	NOUN
ajfa-4328	50	13	period	period	NOUN
ajfa-4328	50	14	as	as	ADP
ajfa-4328	50	15	in	in	ADP
ajfa-4328	50	16	greece	greece	PROPN
ajfa-4328	50	17	it	it	PRON
ajfa-4328	50	18	is	be	AUX
ajfa-4328	50	19	compulsory	compulsory	ADJ
ajfa-4328	50	20	requirements	requirement	NOUN
ajfa-4328	50	21	imposed	impose	VERB
ajfa-4328	50	22	upon	upon	SCONJ
ajfa-4328	50	23	firms	firm	NOUN
ajfa-4328	50	24	to	to	PART
ajfa-4328	50	25	satisfy	satisfy	VERB
ajfa-4328	50	26	the	the	DET
ajfa-4328	50	27	legal	legal	ADJ
ajfa-4328	50	28	requirements	requirement	NOUN
ajfa-4328	50	29	a	a	DET
ajfa-4328	50	30	however	however	ADV
ajfa-4328	50	31	their	their	PRON
ajfa-4328	50	32	research	research	NOUN
ajfa-4328	50	33	environment	environment	NOUN
ajfa-4328	50	34	is	be	AUX
ajfa-4328	50	35	quite	quite	ADV
ajfa-4328	50	36	different	different	ADJ
ajfa-4328	50	37	from	from	ADP
ajfa-4328	50	38	other	other	ADJ
ajfa-4328	50	39	markets	market	NOUN
ajfa-4328	50	40	,	,	PUNCT
ajfa-4328	50	41	stock	stock	NOUN
ajfa-4328	50	42	dividends	dividend	NOUN
ajfa-4328	50	43	in	in	ADP
ajfa-4328	50	44	greece	greece	PROPN
ajfa-4328	50	45	are	be	AUX
ajfa-4328	50	46	not	not	PART
ajfa-4328	50	47	initiated	initiate	VERB
ajfa-4328	50	48	by	by	ADP
ajfa-4328	50	49	firms	firm	NOUN
ajfa-4328	50	50	but	but	CCONJ
ajfa-4328	50	51	they	they	PRON
ajfa-4328	50	52	are	be	AUX
ajfa-4328	50	53	compulsory	compulsory	ADJ
ajfa-4328	50	54	requirements	requirement	NOUN
ajfa-4328	50	55	imposed	impose	VERB
ajfa-4328	50	56	upon	upon	SCONJ
ajfa-4328	50	57	firms	firm	NOUN
ajfa-4328	50	58	to	to	PART
ajfa-4328	50	59	satisfy	satisfy	VERB
ajfa-4328	50	60	legal	legal	ADJ
ajfa-4328	50	61	requirements	requirement	NOUN
ajfa-4328	50	62	and	and	CCONJ
ajfa-4328	50	63	any	any	DET
ajfa-4328	50	64	stock	stock	NOUN
ajfa-4328	50	65	dividend	dividend	NOUN
ajfa-4328	50	66	announcement	announcement	NOUN
ajfa-4328	50	67	should	should	AUX
ajfa-4328	50	68	get	get	VERB
ajfa-4328	50	69	the	the	DET
ajfa-4328	50	70	approval	approval	NOUN
ajfa-4328	50	71	asian	asian	ADJ
ajfa-4328	50	72	journal	journal	NOUN
ajfa-4328	50	73	of	of	ADP
ajfa-4328	50	74	finance	finance	PROPN
ajfa-4328	50	75	&	&	CCONJ
ajfa-4328	50	76	accounting	accounting	PROPN
ajfa-4328	50	77	issn	issn	PROPN
ajfa-4328	50	78	1946	1946	NUM
ajfa-4328	50	79	-	-	PUNCT
ajfa-4328	50	80	052x	052x	NOUN
ajfa-4328	50	81	2013	2013	NUM
ajfa-4328	50	82	,	,	PUNCT
ajfa-4328	50	83	vol	vol	NOUN
ajfa-4328	50	84	.	.	PROPN
ajfa-4328	50	85	5	5	NUM
ajfa-4328	50	86	,	,	PUNCT
ajfa-4328	50	87	no	no	INTJ
ajfa-4328	50	88	.	.	NOUN
ajfa-4328	50	89	2	2	NUM
ajfa-4328	50	90	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4328	50	91	259	259	NUM
ajfa-4328	50	92	from	from	ADP
ajfa-4328	50	93	the	the	DET
ajfa-4328	50	94	shareholders	shareholder	NOUN
ajfa-4328	50	95	along	along	ADP
ajfa-4328	50	96	with	with	ADP
ajfa-4328	50	97	the	the	DET
ajfa-4328	50	98	terms	term	NOUN
ajfa-4328	50	99	of	of	ADP
ajfa-4328	50	100	the	the	DET
ajfa-4328	50	101	distribution	distribution	NOUN
ajfa-4328	50	102	.	.	PUNCT
ajfa-4328	51	1	balachandran	balachandran	PROPN
ajfa-4328	51	2	et	et	PROPN
ajfa-4328	51	3	al	al	PROPN
ajfa-4328	51	4	.	.	PROPN
ajfa-4328	51	5	(	(	PUNCT
ajfa-4328	51	6	2004	2004	NUM
ajfa-4328	51	7	)	)	PUNCT
ajfa-4328	51	8	observed	observe	VERB
ajfa-4328	51	9	positive	positive	ADJ
ajfa-4328	51	10	and	and	CCONJ
ajfa-4328	51	11	statistically	statistically	ADV
ajfa-4328	51	12	significant	significant	ADJ
ajfa-4328	51	13	abnormal	abnormal	ADJ
ajfa-4328	51	14	returns	return	NOUN
ajfa-4328	51	15	for	for	ADP
ajfa-4328	51	16	the	the	DET
ajfa-4328	51	17	announcement	announcement	NOUN
ajfa-4328	51	18	day	day	NOUN
ajfa-4328	51	19	to	to	ADP
ajfa-4328	51	20	the	the	DET
ajfa-4328	51	21	following	following	ADJ
ajfa-4328	51	22	day	day	NOUN
ajfa-4328	51	23	and	and	CCONJ
ajfa-4328	51	24	found	find	VERB
ajfa-4328	51	25	that	that	SCONJ
ajfa-4328	51	26	abnormal	abnormal	ADJ
ajfa-4328	51	27	returns	return	NOUN
ajfa-4328	51	28	or	or	CCONJ
ajfa-4328	51	29	contaminated	contaminate	VERB
ajfa-4328	51	30	events	event	NOUN
ajfa-4328	51	31	outperform	outperform	VERB
ajfa-4328	51	32	the	the	DET
ajfa-4328	51	33	uncontaminated	uncontaminated	ADJ
ajfa-4328	51	34	events	event	NOUN
ajfa-4328	51	35	on	on	ADP
ajfa-4328	51	36	day	day	NOUN
ajfa-4328	51	37	0	0	NUM
ajfa-4328	51	38	.	.	PUNCT
ajfa-4328	52	1	however	however	ADJ
ajfa-4328	52	2	difference	difference	NOUN
ajfa-4328	52	3	of	of	ADP
ajfa-4328	52	4	abnormal	abnormal	ADJ
ajfa-4328	52	5	returns	return	NOUN
ajfa-4328	52	6	is	be	AUX
ajfa-4328	52	7	not	not	PART
ajfa-4328	52	8	statistically	statistically	ADV
ajfa-4328	52	9	significant	significant	ADJ
ajfa-4328	52	10	.	.	PUNCT
ajfa-4328	53	1	given	give	VERB
ajfa-4328	53	2	below	below	ADP
ajfa-4328	53	3	is	be	AUX
ajfa-4328	53	4	a	a	DET
ajfa-4328	53	5	summary	summary	NOUN
ajfa-4328	53	6	of	of	ADP
ajfa-4328	53	7	main	main	ADJ
ajfa-4328	53	8	hypothesis	hypothesis	NOUN
ajfa-4328	53	9	floated	float	VERB
ajfa-4328	53	10	around	around	ADP
ajfa-4328	53	11	to	to	PART
ajfa-4328	53	12	explain	explain	VERB
ajfa-4328	53	13	market	market	NOUN
ajfa-4328	53	14	reaction	reaction	NOUN
ajfa-4328	53	15	to	to	ADP
ajfa-4328	53	16	bonus	bonus	NOUN
ajfa-4328	53	17	announcement	announcement	NOUN
ajfa-4328	53	18	.	.	PUNCT
ajfa-4328	54	1	signaling	signal	VERB
ajfa-4328	54	2	hypothesis	hypothesis	NOUN
ajfa-4328	54	3	(	(	PUNCT
ajfa-4328	54	4	grinblatt	grinblatt	NOUN
ajfa-4328	54	5	et	et	PROPN
ajfa-4328	54	6	al	al	PROPN
ajfa-4328	54	7	.	.	PROPN
ajfa-4328	55	1	(	(	PUNCT
ajfa-4328	55	2	1984	1984	NUM
ajfa-4328	55	3	)	)	PUNCT
ajfa-4328	55	4	;	;	PUNCT
ajfa-4328	55	5	mcnichols	mcnichols	PROPN
ajfa-4328	55	6	&	&	CCONJ
ajfa-4328	55	7	dravid	dravid	PROPN
ajfa-4328	55	8	(	(	PUNCT
ajfa-4328	55	9	1990	1990	NUM
ajfa-4328	55	10	)	)	PUNCT
ajfa-4328	55	11	;	;	PUNCT
ajfa-4328	55	12	masse	masse	VERB
ajfa-4328	55	13	et	et	PROPN
ajfa-4328	55	14	al	al	PROPN
ajfa-4328	55	15	.	.	PROPN
ajfa-4328	56	1	(	(	PUNCT
ajfa-4328	56	2	1997	1997	NUM
ajfa-4328	56	3	)	)	PUNCT
ajfa-4328	56	4	)	)	PUNCT
ajfa-4328	57	1	that	that	PRON
ajfa-4328	57	2	suggests	suggest	VERB
ajfa-4328	57	3	that	that	SCONJ
ajfa-4328	57	4	‘	'	PUNCT
ajfa-4328	57	5	the	the	DET
ajfa-4328	57	6	bonus	bonus	NOUN
ajfa-4328	57	7	announcement	announcement	NOUN
ajfa-4328	57	8	conveys	convey	VERB
ajfa-4328	57	9	new	new	ADJ
ajfa-4328	57	10	information	information	NOUN
ajfa-4328	57	11	to	to	ADP
ajfa-4328	57	12	the	the	DET
ajfa-4328	57	13	market	market	NOUN
ajfa-4328	57	14	in	in	ADP
ajfa-4328	57	15	instances	instance	NOUN
ajfa-4328	57	16	where	where	SCONJ
ajfa-4328	57	17	managers	manager	NOUN
ajfa-4328	57	18	have	have	VERB
ajfa-4328	57	19	asymmetric	asymmetric	ADJ
ajfa-4328	57	20	information	information	NOUN
ajfa-4328	57	21	’	'	PUNCT
ajfa-4328	57	22	.	.	PUNCT
ajfa-4328	58	1	cash	cash	NOUN
ajfa-4328	58	2	substitution	substitution	NOUN
ajfa-4328	58	3	hypothesis	hypothesis	NOUN
ajfa-4328	58	4	:	:	PUNCT
ajfa-4328	58	5	while	while	SCONJ
ajfa-4328	58	6	signaling	signal	VERB
ajfa-4328	58	7	hypothesis	hypothesis	NOUN
ajfa-4328	58	8	received	receive	VERB
ajfa-4328	58	9	massive	massive	ADJ
ajfa-4328	58	10	support	support	NOUN
ajfa-4328	58	11	,	,	PUNCT
ajfa-4328	58	12	(	(	PUNCT
ajfa-4328	58	13	ghosh	ghosh	PROPN
ajfa-4328	58	14	&	&	CCONJ
ajfa-4328	58	15	woolridge	woolridge	PROPN
ajfa-4328	58	16	(	(	PUNCT
ajfa-4328	58	17	1988	1988	NUM
ajfa-4328	58	18	)	)	PUNCT
ajfa-4328	58	19	;	;	PUNCT
ajfa-4328	58	20	banker	banker	NOUN
ajfa-4328	58	21	,	,	PUNCT
ajfa-4328	58	22	das	das	PROPN
ajfa-4328	58	23	,	,	PUNCT
ajfa-4328	58	24	and	and	CCONJ
ajfa-4328	58	25	datar	datar	ADJ
ajfa-4328	58	26	(	(	PUNCT
ajfa-4328	58	27	1993	1993	NUM
ajfa-4328	58	28	)	)	PUNCT
ajfa-4328	58	29	float	float	ADJ
ajfa-4328	58	30	cash	cash	NOUN
ajfa-4328	58	31	substitution	substitution	NOUN
ajfa-4328	58	32	hypothesis	hypothesis	NOUN
ajfa-4328	58	33	which	which	PRON
ajfa-4328	58	34	suggests	suggest	VERB
ajfa-4328	58	35	that	that	SCONJ
ajfa-4328	58	36	the	the	DET
ajfa-4328	58	37	firm	firm	NOUN
ajfa-4328	58	38	can	can	AUX
ajfa-4328	58	39	conserve	conserve	VERB
ajfa-4328	58	40	cash	cash	NOUN
ajfa-4328	58	41	by	by	ADP
ajfa-4328	58	42	issuing	issue	VERB
ajfa-4328	58	43	bonus	bonus	NOUN
ajfa-4328	58	44	as	as	ADP
ajfa-4328	58	45	a	a	DET
ajfa-4328	58	46	substitute	substitute	NOUN
ajfa-4328	58	47	of	of	ADP
ajfa-4328	58	48	cash	cash	NOUN
ajfa-4328	58	49	dividend	dividend	NOUN
ajfa-4328	58	50	without	without	ADP
ajfa-4328	58	51	facing	face	VERB
ajfa-4328	58	52	adverse	adverse	ADJ
ajfa-4328	58	53	reaction	reaction	NOUN
ajfa-4328	58	54	from	from	ADP
ajfa-4328	58	55	market	market	NOUN
ajfa-4328	58	56	due	due	ADP
ajfa-4328	58	57	to	to	ADP
ajfa-4328	58	58	lowering	lower	VERB
ajfa-4328	58	59	or	or	CCONJ
ajfa-4328	58	60	omitting	omit	VERB
ajfa-4328	58	61	cash	cash	NOUN
ajfa-4328	58	62	dividend	dividend	NOUN
ajfa-4328	58	63	.	.	PUNCT
ajfa-4328	59	1	attention	attention	NOUN
ajfa-4328	59	2	getting	get	VERB
ajfa-4328	59	3	hypothesis	hypothesis	NOUN
ajfa-4328	59	4	:	:	PUNCT
ajfa-4328	59	5	grinblatt	grinblatt	PROPN
ajfa-4328	59	6	et	et	PROPN
ajfa-4328	59	7	al	al	PROPN
ajfa-4328	59	8	.	.	PROPN
ajfa-4328	59	9	(	(	PUNCT
ajfa-4328	59	10	1984	1984	NUM
ajfa-4328	59	11	)	)	PUNCT
ajfa-4328	59	12	;	;	PUNCT
ajfa-4328	59	13	doran	doran	PROPN
ajfa-4328	59	14	and	and	CCONJ
ajfa-4328	59	15	nachtmann	nachtmann	PROPN
ajfa-4328	59	16	(	(	PUNCT
ajfa-4328	59	17	1988	1988	NUM
ajfa-4328	59	18	)	)	PUNCT
ajfa-4328	59	19	attribute	attribute	NOUN
ajfa-4328	59	20	positive	positive	ADJ
ajfa-4328	59	21	abnormal	abnormal	ADJ
ajfa-4328	59	22	returns	return	NOUN
ajfa-4328	59	23	associated	associate	VERB
ajfa-4328	59	24	with	with	ADP
ajfa-4328	59	25	announcement	announcement	NOUN
ajfa-4328	59	26	of	of	ADP
ajfa-4328	59	27	bonus	bonus	NOUN
ajfa-4328	59	28	to	to	ADP
ajfa-4328	59	29	attention	attention	NOUN
ajfa-4328	59	30	getting	get	VERB
ajfa-4328	59	31	hypothesis	hypothesis	NOUN
ajfa-4328	59	32	suggesting	suggest	VERB
ajfa-4328	59	33	that	that	SCONJ
ajfa-4328	59	34	bonus	bonus	NOUN
ajfa-4328	59	35	announcement	announcement	NOUN
ajfa-4328	59	36	draws	draw	VERB
ajfa-4328	59	37	market	market	NOUN
ajfa-4328	59	38	attention	attention	NOUN
ajfa-4328	59	39	and	and	CCONJ
ajfa-4328	59	40	further	far	ADV
ajfa-4328	59	41	leads	lead	VERB
ajfa-4328	59	42	to	to	ADP
ajfa-4328	59	43	demand	demand	VERB
ajfa-4328	59	44	for	for	ADP
ajfa-4328	59	45	the	the	DET
ajfa-4328	59	46	stock	stock	NOUN
ajfa-4328	59	47	of	of	ADP
ajfa-4328	59	48	the	the	DET
ajfa-4328	59	49	firm	firm	NOUN
ajfa-4328	59	50	announcing	announce	VERB
ajfa-4328	59	51	stock	stock	NOUN
ajfa-4328	59	52	dividend	dividend	NOUN
ajfa-4328	59	53	.	.	PUNCT
ajfa-4328	60	1	liquidity	liquidity	NOUN
ajfa-4328	60	2	hypothesis	hypothesis	NOUN
ajfa-4328	60	3	:	:	PUNCT
ajfa-4328	60	4	lakonishok	lakonishok	NOUN
ajfa-4328	60	5	and	and	CCONJ
ajfa-4328	60	6	lev	lev	NOUN
ajfa-4328	60	7	(	(	PUNCT
ajfa-4328	60	8	1987	1987	NUM
ajfa-4328	60	9	)	)	PUNCT
ajfa-4328	60	10	investigate	investigate	VERB
ajfa-4328	60	11	that	that	SCONJ
ajfa-4328	60	12	stock	stock	NOUN
ajfa-4328	60	13	dividend	dividend	NOUN
ajfa-4328	60	14	announcements	announcement	NOUN
ajfa-4328	60	15	intends	intend	VERB
ajfa-4328	60	16	to	to	PART
ajfa-4328	60	17	improve	improve	VERB
ajfa-4328	60	18	liquidity	liquidity	NOUN
ajfa-4328	60	19	by	by	ADP
ajfa-4328	60	20	creating	create	VERB
ajfa-4328	60	21	additional	additional	ADJ
ajfa-4328	60	22	stocks	stock	NOUN
ajfa-4328	60	23	and	and	CCONJ
ajfa-4328	60	24	that	that	PRON
ajfa-4328	60	25	should	should	AUX
ajfa-4328	60	26	lead	lead	VERB
ajfa-4328	60	27	to	to	ADP
ajfa-4328	60	28	more	more	ADJ
ajfa-4328	60	29	trading	trading	NOUN
ajfa-4328	60	30	and	and	CCONJ
ajfa-4328	60	31	greater	great	ADJ
ajfa-4328	60	32	ownership	ownership	NOUN
ajfa-4328	60	33	dispersion	dispersion	NOUN
ajfa-4328	60	34	in	in	ADP
ajfa-4328	60	35	a	a	DET
ajfa-4328	60	36	firm	firm	NOUN
ajfa-4328	60	37	.	.	PUNCT
ajfa-4328	61	1	studies	study	NOUN
ajfa-4328	61	2	on	on	ADP
ajfa-4328	61	3	bonus	bonus	NOUN
ajfa-4328	61	4	announcements	announcement	NOUN
ajfa-4328	61	5	in	in	ADP
ajfa-4328	61	6	indian	indian	ADJ
ajfa-4328	61	7	markets	market	NOUN
ajfa-4328	61	8	offer	offer	VERB
ajfa-4328	61	9	interesting	interesting	ADJ
ajfa-4328	61	10	findings	finding	NOUN
ajfa-4328	61	11	.	.	PUNCT
ajfa-4328	62	1	obaidullah	obaidullah	PROPN
ajfa-4328	62	2	(	(	PUNCT
ajfa-4328	62	3	1992	1992	NUM
ajfa-4328	62	4	)	)	PUNCT
ajfa-4328	62	5	reports	report	VERB
ajfa-4328	62	6	positive	positive	ADJ
ajfa-4328	62	7	wealth	wealth	NOUN
ajfa-4328	62	8	effect	effect	NOUN
ajfa-4328	62	9	associated	associate	VERB
ajfa-4328	62	10	with	with	ADP
ajfa-4328	62	11	bonus	bonus	NOUN
ajfa-4328	62	12	issue	issue	NOUN
ajfa-4328	62	13	.	.	PUNCT
ajfa-4328	63	1	he	he	PRON
ajfa-4328	63	2	also	also	ADV
ajfa-4328	63	3	finds	find	VERB
ajfa-4328	63	4	evidence	evidence	NOUN
ajfa-4328	63	5	for	for	ADP
ajfa-4328	63	6	semi	semi	ADJ
ajfa-4328	63	7	-	-	ADJ
ajfa-4328	63	8	strong	strong	ADJ
ajfa-4328	63	9	form	form	NOUN
ajfa-4328	63	10	of	of	ADP
ajfa-4328	63	11	emh	emh	PROPN
ajfa-4328	63	12	for	for	ADP
ajfa-4328	63	13	indian	indian	ADJ
ajfa-4328	63	14	markets	market	NOUN
ajfa-4328	63	15	.	.	PUNCT
ajfa-4328	64	1	rao	rao	NOUN
ajfa-4328	64	2	(	(	PUNCT
ajfa-4328	64	3	1994	1994	NUM
ajfa-4328	64	4	)	)	PUNCT
ajfa-4328	64	5	reports	report	VERB
ajfa-4328	64	6	significant	significant	ADJ
ajfa-4328	64	7	positive	positive	ADJ
ajfa-4328	64	8	price	price	NOUN
ajfa-4328	64	9	effect	effect	NOUN
ajfa-4328	64	10	just	just	ADV
ajfa-4328	64	11	after	after	ADP
ajfa-4328	64	12	announcement	announcement	NOUN
ajfa-4328	64	13	and	and	CCONJ
ajfa-4328	64	14	finds	find	VERB
ajfa-4328	64	15	evidence	evidence	NOUN
ajfa-4328	64	16	of	of	ADP
ajfa-4328	64	17	semi	semi	ADV
ajfa-4328	64	18	strong	strong	ADJ
ajfa-4328	64	19	form	form	NOUN
ajfa-4328	64	20	of	of	ADP
ajfa-4328	64	21	market	market	NOUN
ajfa-4328	64	22	efficiency	efficiency	NOUN
ajfa-4328	64	23	in	in	ADP
ajfa-4328	64	24	indian	indian	ADJ
ajfa-4328	64	25	markets	market	NOUN
ajfa-4328	64	26	.	.	PUNCT
ajfa-4328	65	1	mishra	mishra	PROPN
ajfa-4328	65	2	(	(	PUNCT
ajfa-4328	65	3	2005	2005	NUM
ajfa-4328	65	4	)	)	PUNCT
ajfa-4328	65	5	reports	report	VERB
ajfa-4328	65	6	positive	positive	ADJ
ajfa-4328	65	7	abnormal	abnormal	ADJ
ajfa-4328	65	8	return	return	NOUN
ajfa-4328	65	9	on	on	ADP
ajfa-4328	65	10	and	and	CCONJ
ajfa-4328	65	11	around	around	ADP
ajfa-4328	65	12	announcement	announcement	NOUN
ajfa-4328	65	13	day	day	NOUN
ajfa-4328	65	14	associated	associate	VERB
ajfa-4328	65	15	with	with	ADP
ajfa-4328	65	16	bonus	bonus	NOUN
ajfa-4328	65	17	announcement	announcement	NOUN
ajfa-4328	65	18	but	but	CCONJ
ajfa-4328	65	19	does	do	AUX
ajfa-4328	65	20	not	not	PART
ajfa-4328	65	21	find	find	VERB
ajfa-4328	65	22	any	any	DET
ajfa-4328	65	23	significant	significant	ADJ
ajfa-4328	65	24	abnormal	abnormal	ADJ
ajfa-4328	65	25	return	return	NOUN
ajfa-4328	65	26	on	on	ADP
ajfa-4328	65	27	effective	effective	ADJ
ajfa-4328	65	28	day	day	NOUN
ajfa-4328	65	29	.	.	PUNCT
ajfa-4328	66	1	he	he	PRON
ajfa-4328	66	2	reports	report	VERB
ajfa-4328	66	3	-0.10	-0.10	NUM
ajfa-4328	66	4	%	%	NOUN
ajfa-4328	66	5	return	return	NOUN
ajfa-4328	66	6	on	on	ADP
ajfa-4328	66	7	effective	effective	ADJ
ajfa-4328	66	8	day	day	NOUN
ajfa-4328	66	9	which	which	PRON
ajfa-4328	66	10	also	also	ADV
ajfa-4328	66	11	provides	provide	VERB
ajfa-4328	66	12	significant	significant	ADJ
ajfa-4328	66	13	support	support	NOUN
ajfa-4328	66	14	to	to	ADP
ajfa-4328	66	15	singling	single	VERB
ajfa-4328	66	16	hypothesis	hypothesis	NOUN
ajfa-4328	66	17	and	and	CCONJ
ajfa-4328	66	18	evidence	evidence	NOUN
ajfa-4328	66	19	of	of	ADP
ajfa-4328	66	20	semi	semi	ADV
ajfa-4328	66	21	strong	strong	ADJ
ajfa-4328	66	22	form	form	NOUN
ajfa-4328	66	23	of	of	ADP
ajfa-4328	66	24	market	market	NOUN
ajfa-4328	66	25	efficiency	efficiency	NOUN
ajfa-4328	66	26	from	from	ADP
ajfa-4328	66	27	indian	indian	ADJ
ajfa-4328	66	28	markets	market	NOUN
ajfa-4328	66	29	.	.	PUNCT
ajfa-4328	67	1	joshipura	joshipura	X
ajfa-4328	67	2	(	(	PUNCT
ajfa-4328	67	3	2009	2009	NUM
ajfa-4328	67	4	)	)	PUNCT
ajfa-4328	67	5	also	also	ADV
ajfa-4328	67	6	reports	report	VERB
ajfa-4328	67	7	positive	positive	ADJ
ajfa-4328	67	8	abnormal	abnormal	ADJ
ajfa-4328	67	9	returns	return	NOUN
ajfa-4328	67	10	on	on	ADP
ajfa-4328	67	11	and	and	CCONJ
ajfa-4328	67	12	around	around	ADP
ajfa-4328	67	13	announcement	announcement	NOUN
ajfa-4328	67	14	of	of	ADP
ajfa-4328	67	15	bonus	bonus	NOUN
ajfa-4328	67	16	and	and	CCONJ
ajfa-4328	67	17	nothing	nothing	PRON
ajfa-4328	67	18	around	around	ADP
ajfa-4328	67	19	ex	ex	NOUN
ajfa-4328	67	20	-	-	NOUN
ajfa-4328	67	21	date	date	NOUN
ajfa-4328	67	22	.	.	PUNCT
ajfa-4328	68	1	he	he	PRON
ajfa-4328	68	2	further	far	ADV
ajfa-4328	68	3	reports	report	VERB
ajfa-4328	68	4	negative	negative	ADJ
ajfa-4328	68	5	abnormal	abnormal	ADJ
ajfa-4328	68	6	returns	return	NOUN
ajfa-4328	68	7	in	in	ADP
ajfa-4328	68	8	relatively	relatively	ADV
ajfa-4328	68	9	longer	long	ADV
ajfa-4328	68	10	post	post	VERB
ajfa-4328	68	11	effective	effective	ADJ
ajfa-4328	68	12	day	day	NOUN
ajfa-4328	68	13	window	window	NOUN
ajfa-4328	68	14	.	.	PUNCT
ajfa-4328	69	1	ray	ray	NOUN
ajfa-4328	69	2	(	(	PUNCT
ajfa-4328	69	3	2011	2011	NUM
ajfa-4328	69	4	)	)	PUNCT
ajfa-4328	69	5	reports	report	VERB
ajfa-4328	69	6	no	no	DET
ajfa-4328	69	7	price	price	NOUN
ajfa-4328	69	8	effect	effect	NOUN
ajfa-4328	69	9	associated	associate	VERB
ajfa-4328	69	10	with	with	ADP
ajfa-4328	69	11	bonus	bonus	NOUN
ajfa-4328	69	12	announcements	announcement	NOUN
ajfa-4328	69	13	on	on	ADP
ajfa-4328	69	14	or	or	CCONJ
ajfa-4328	69	15	around	around	ADP
ajfa-4328	69	16	announcement	announcement	NOUN
ajfa-4328	69	17	or	or	CCONJ
ajfa-4328	69	18	ex	ex	NOUN
ajfa-4328	69	19	-	-	NOUN
ajfa-4328	69	20	date	date	NOUN
ajfa-4328	69	21	.	.	PUNCT
ajfa-4328	70	1	3	3	X
ajfa-4328	70	2	.	.	X
ajfa-4328	70	3	methodology	methodology	NOUN
ajfa-4328	70	4	a.	a.	NOUN
ajfa-4328	70	5	sample	sample	PROPN
ajfa-4328	70	6	&	&	CCONJ
ajfa-4328	70	7	data	data	PROPN
ajfa-4328	70	8	source	source	NOUN
ajfa-4328	70	9	the	the	DET
ajfa-4328	70	10	study	study	NOUN
ajfa-4328	70	11	constituted	constitute	VERB
ajfa-4328	70	12	74	74	NUM
ajfa-4328	70	13	bonus	bonus	NOUN
ajfa-4328	70	14	issues	issue	NOUN
ajfa-4328	70	15	by	by	ADP
ajfa-4328	70	16	constituent	constituent	NOUN
ajfa-4328	70	17	companies	company	NOUN
ajfa-4328	70	18	listed	list	VERB
ajfa-4328	70	19	on	on	ADP
ajfa-4328	70	20	cnx	cnx	PROPN
ajfa-4328	70	21	nifty	nifty	ADJ
ajfa-4328	71	1	500	500	NUM
ajfa-4328	71	2	from	from	ADP
ajfa-4328	71	3	the	the	DET
ajfa-4328	71	4	period	period	NOUN
ajfa-4328	71	5	2008	2008	NUM
ajfa-4328	71	6	to	to	ADP
ajfa-4328	71	7	2012	2012	NUM
ajfa-4328	71	8	.	.	PUNCT
ajfa-4328	72	1	bonus	bonus	NOUN
ajfa-4328	72	2	announcement	announcement	NOUN
ajfa-4328	72	3	information	information	NOUN
ajfa-4328	72	4	is	be	AUX
ajfa-4328	72	5	collected	collect	VERB
ajfa-4328	72	6	from	from	ADP
ajfa-4328	72	7	the	the	DET
ajfa-4328	72	8	capitaline	capitaline	NOUN
ajfa-4328	72	9	database	database	NOUN
ajfa-4328	72	10	.	.	PUNCT
ajfa-4328	73	1	adjusted	adjust	VERB
ajfa-4328	73	2	daily	daily	ADJ
ajfa-4328	73	3	closing	closing	NOUN
ajfa-4328	73	4	price	price	NOUN
ajfa-4328	73	5	data	datum	NOUN
ajfa-4328	73	6	for	for	ADP
ajfa-4328	73	7	each	each	DET
ajfa-4328	73	8	company	company	NOUN
ajfa-4328	73	9	over	over	ADP
ajfa-4328	73	10	the	the	DET
ajfa-4328	73	11	period	period	NOUN
ajfa-4328	73	12	of	of	ADP
ajfa-4328	73	13	asian	asian	ADJ
ajfa-4328	73	14	journal	journal	NOUN
ajfa-4328	73	15	of	of	ADP
ajfa-4328	73	16	finance	finance	PROPN
ajfa-4328	73	17	&	&	CCONJ
ajfa-4328	73	18	accounting	accounting	PROPN
ajfa-4328	73	19	issn	issn	PROPN
ajfa-4328	73	20	1946	1946	NUM
ajfa-4328	73	21	-	-	PUNCT
ajfa-4328	73	22	052x	052x	NOUN
ajfa-4328	73	23	2013	2013	NUM
ajfa-4328	73	24	,	,	PUNCT
ajfa-4328	73	25	vol	vol	NOUN
ajfa-4328	73	26	.	.	PROPN
ajfa-4328	73	27	5	5	NUM
ajfa-4328	73	28	,	,	PUNCT
ajfa-4328	73	29	no	no	INTJ
ajfa-4328	73	30	.	.	NOUN
ajfa-4328	73	31	2	2	NUM
ajfa-4328	73	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4328	73	33	260	260	NUM
ajfa-4328	73	34	130	130	NUM
ajfa-4328	73	35	trading	trading	NOUN
ajfa-4328	73	36	days	day	NOUN
ajfa-4328	73	37	before	before	ADV
ajfa-4328	73	38	to	to	ADP
ajfa-4328	73	39	and	and	CCONJ
ajfa-4328	73	40	10	10	NUM
ajfa-4328	73	41	trading	trading	NOUN
ajfa-4328	73	42	days	day	NOUN
ajfa-4328	73	43	after	after	SCONJ
ajfa-4328	73	44	the	the	DET
ajfa-4328	73	45	ex	ex	NOUN
ajfa-4328	73	46	-	-	NOUN
ajfa-4328	73	47	date	date	NOUN
ajfa-4328	73	48	are	be	AUX
ajfa-4328	73	49	used	use	VERB
ajfa-4328	73	50	for	for	ADP
ajfa-4328	73	51	the	the	DET
ajfa-4328	73	52	study	study	NOUN
ajfa-4328	73	53	.	.	PUNCT
ajfa-4328	74	1	b.	b.	PROPN
ajfa-4328	74	2	measuring	measure	VERB
ajfa-4328	74	3	price	price	NOUN
ajfa-4328	74	4	effect	effect	NOUN
ajfa-4328	74	5	the	the	DET
ajfa-4328	74	6	approach	approach	NOUN
ajfa-4328	74	7	used	use	VERB
ajfa-4328	74	8	to	to	PART
ajfa-4328	74	9	achieve	achieve	VERB
ajfa-4328	74	10	above	above	ADV
ajfa-4328	74	11	-	-	PUNCT
ajfa-4328	74	12	mentioned	mention	VERB
ajfa-4328	74	13	objective	objective	NOUN
ajfa-4328	74	14	is	be	AUX
ajfa-4328	74	15	known	know	VERB
ajfa-4328	74	16	as	as	ADP
ajfa-4328	74	17	“	"	PUNCT
ajfa-4328	74	18	event	event	NOUN
ajfa-4328	74	19	study	study	NOUN
ajfa-4328	74	20	”	"	PUNCT
ajfa-4328	74	21	which	which	PRON
ajfa-4328	74	22	is	be	AUX
ajfa-4328	74	23	a	a	DET
ajfa-4328	74	24	standard	standard	ADJ
ajfa-4328	74	25	approach	approach	NOUN
ajfa-4328	74	26	in	in	ADP
ajfa-4328	74	27	the	the	DET
ajfa-4328	74	28	area	area	NOUN
ajfa-4328	74	29	of	of	ADP
ajfa-4328	74	30	financial	financial	ADJ
ajfa-4328	74	31	economics	economic	NOUN
ajfa-4328	74	32	ever	ever	ADV
ajfa-4328	74	33	since	since	SCONJ
ajfa-4328	74	34	it	it	PRON
ajfa-4328	74	35	has	have	AUX
ajfa-4328	74	36	been	be	AUX
ajfa-4328	74	37	published	publish	VERB
ajfa-4328	74	38	by	by	ADP
ajfa-4328	74	39	fama	fama	PROPN
ajfa-4328	74	40	et	et	PROPN
ajfa-4328	74	41	al	al	PROPN
ajfa-4328	74	42	(	(	PUNCT
ajfa-4328	74	43	1969	1969	NUM
ajfa-4328	74	44	)	)	PUNCT
ajfa-4328	74	45	.	.	PUNCT
ajfa-4328	75	1	an	an	DET
ajfa-4328	75	2	event	event	NOUN
ajfa-4328	75	3	study	study	NOUN
ajfa-4328	75	4	is	be	AUX
ajfa-4328	75	5	designed	design	VERB
ajfa-4328	75	6	to	to	PART
ajfa-4328	75	7	examine	examine	VERB
ajfa-4328	75	8	market	market	NOUN
ajfa-4328	75	9	reaction	reaction	NOUN
ajfa-4328	75	10	of	of	ADP
ajfa-4328	75	11	any	any	DET
ajfa-4328	75	12	event	event	NOUN
ajfa-4328	75	13	under	under	ADP
ajfa-4328	75	14	observation	observation	NOUN
ajfa-4328	75	15	using	use	VERB
ajfa-4328	75	16	abnormal	abnormal	ADJ
ajfa-4328	75	17	return	return	NOUN
ajfa-4328	75	18	criteria	criterion	NOUN
ajfa-4328	75	19	.	.	PUNCT
ajfa-4328	76	1	for	for	ADP
ajfa-4328	76	2	this	this	DET
ajfa-4328	76	3	study	study	NOUN
ajfa-4328	76	4	,	,	PUNCT
ajfa-4328	76	5	we	we	PRON
ajfa-4328	76	6	have	have	AUX
ajfa-4328	76	7	divided	divide	VERB
ajfa-4328	76	8	data	datum	NOUN
ajfa-4328	76	9	into	into	ADP
ajfa-4328	76	10	various	various	ADJ
ajfa-4328	76	11	windows	window	NOUN
ajfa-4328	76	12	.	.	PUNCT
ajfa-4328	77	1	choice	choice	NOUN
ajfa-4328	77	2	of	of	ADP
ajfa-4328	77	3	length	length	NOUN
ajfa-4328	77	4	for	for	ADP
ajfa-4328	77	5	event	event	NOUN
ajfa-4328	77	6	and	and	CCONJ
ajfa-4328	77	7	estimation	estimation	NOUN
ajfa-4328	77	8	windows	window	NOUN
ajfa-4328	77	9	has	have	AUX
ajfa-4328	77	10	remained	remain	VERB
ajfa-4328	77	11	as	as	ADP
ajfa-4328	77	12	contentious	contentious	ADJ
ajfa-4328	77	13	issue	issue	NOUN
ajfa-4328	77	14	among	among	ADP
ajfa-4328	77	15	scholars	scholar	NOUN
ajfa-4328	77	16	over	over	ADP
ajfa-4328	77	17	the	the	DET
ajfa-4328	77	18	years	year	NOUN
ajfa-4328	77	19	.	.	PUNCT
ajfa-4328	78	1	windows	window	NOUN
ajfa-4328	78	2	for	for	ADP
ajfa-4328	78	3	the	the	DET
ajfa-4328	78	4	present	present	ADJ
ajfa-4328	78	5	study	study	NOUN
ajfa-4328	78	6	are	be	AUX
ajfa-4328	78	7	defined	define	VERB
ajfa-4328	78	8	as	as	ADP
ajfa-4328	78	9	given	give	VERB
ajfa-4328	78	10	below	below	ADV
ajfa-4328	78	11	.	.	PUNCT
ajfa-4328	79	1	event	event	NOUN
ajfa-4328	79	2	windows	window	NOUN
ajfa-4328	79	3	:	:	PUNCT
ajfa-4328	79	4	ad-10	ad-10	PRON
ajfa-4328	79	5	to	to	PART
ajfa-4328	79	6	ad+10	ad+10	VERB
ajfa-4328	79	7	and	and	CCONJ
ajfa-4328	79	8	ed-10	ed-10	ADV
ajfa-4328	79	9	to	to	PART
ajfa-4328	79	10	ed+10	ed+10	PROPN
ajfa-4328	79	11	:	:	PUNCT
ajfa-4328	79	12	event	event	NOUN
ajfa-4328	79	13	window	window	NOUN
ajfa-4328	79	14	ad-10	ad-10	DET
ajfa-4328	79	15	to	to	PART
ajfa-4328	79	16	ad+10	ad+10	VERB
ajfa-4328	79	17	is	be	AUX
ajfa-4328	79	18	used	use	VERB
ajfa-4328	79	19	to	to	PART
ajfa-4328	79	20	check	check	VERB
ajfa-4328	79	21	any	any	DET
ajfa-4328	79	22	leakage	leakage	NOUN
ajfa-4328	79	23	prior	prior	ADV
ajfa-4328	79	24	to	to	ADP
ajfa-4328	79	25	formal	formal	ADJ
ajfa-4328	79	26	announcement	announcement	NOUN
ajfa-4328	79	27	of	of	ADP
ajfa-4328	79	28	index	index	NOUN
ajfa-4328	79	29	changes	change	NOUN
ajfa-4328	79	30	.	.	PUNCT
ajfa-4328	80	1	absence	absence	NOUN
ajfa-4328	80	2	of	of	ADP
ajfa-4328	80	3	abnormal	abnormal	ADJ
ajfa-4328	80	4	return	return	NOUN
ajfa-4328	80	5	on	on	ADP
ajfa-4328	80	6	the	the	DET
ajfa-4328	80	7	announcement	announcement	NOUN
ajfa-4328	80	8	and	and	CCONJ
ajfa-4328	80	9	not	not	PART
ajfa-4328	80	10	before	before	ADP
ajfa-4328	80	11	or	or	CCONJ
ajfa-4328	80	12	after	after	ADP
ajfa-4328	80	13	that	that	PRON
ajfa-4328	80	14	can	can	AUX
ajfa-4328	80	15	be	be	AUX
ajfa-4328	80	16	interpreted	interpret	VERB
ajfa-4328	80	17	as	as	ADP
ajfa-4328	80	18	evidence	evidence	NOUN
ajfa-4328	80	19	for	for	ADP
ajfa-4328	80	20	semi	semi	ADJ
ajfa-4328	80	21	-	-	ADJ
ajfa-4328	80	22	strong	strong	ADJ
ajfa-4328	80	23	form	form	NOUN
ajfa-4328	80	24	of	of	ADP
ajfa-4328	80	25	emh	emh	PROPN
ajfa-4328	80	26	if	if	SCONJ
ajfa-4328	80	27	there	there	PRON
ajfa-4328	80	28	is	be	VERB
ajfa-4328	80	29	any	any	DET
ajfa-4328	80	30	information	information	NOUN
ajfa-4328	80	31	content	content	NOUN
ajfa-4328	80	32	associated	associate	VERB
ajfa-4328	80	33	with	with	ADP
ajfa-4328	80	34	such	such	ADJ
ajfa-4328	80	35	announcement	announcement	NOUN
ajfa-4328	80	36	.	.	PUNCT
ajfa-4328	81	1	ed-10	ed-10	ADP
ajfa-4328	81	2	to	to	PART
ajfa-4328	81	3	ed+10	ed+10	NOUN
ajfa-4328	81	4	days	day	NOUN
ajfa-4328	81	5	is	be	AUX
ajfa-4328	81	6	used	use	VERB
ajfa-4328	81	7	as	as	ADP
ajfa-4328	81	8	effective	effective	ADJ
ajfa-4328	81	9	window	window	NOUN
ajfa-4328	81	10	.	.	PUNCT
ajfa-4328	82	1	ideally	ideally	ADV
ajfa-4328	82	2	,	,	PUNCT
ajfa-4328	82	3	no	no	DET
ajfa-4328	82	4	abnormal	abnormal	ADJ
ajfa-4328	82	5	return	return	NOUN
ajfa-4328	82	6	should	should	AUX
ajfa-4328	82	7	be	be	AUX
ajfa-4328	82	8	present	present	ADJ
ajfa-4328	82	9	on	on	ADP
ajfa-4328	82	10	or	or	CCONJ
ajfa-4328	82	11	around	around	ADP
ajfa-4328	82	12	ex	ex	NOUN
ajfa-4328	82	13	-	-	NOUN
ajfa-4328	82	14	date	date	NOUN
ajfa-4328	82	15	but	but	CCONJ
ajfa-4328	82	16	presence	presence	NOUN
ajfa-4328	82	17	of	of	ADP
ajfa-4328	82	18	any	any	DET
ajfa-4328	82	19	such	such	ADJ
ajfa-4328	82	20	return	return	NOUN
ajfa-4328	82	21	may	may	AUX
ajfa-4328	82	22	be	be	AUX
ajfa-4328	82	23	evidence	evidence	NOUN
ajfa-4328	82	24	against	against	ADP
ajfa-4328	82	25	semi	semi	ADJ
ajfa-4328	82	26	-	-	ADJ
ajfa-4328	82	27	strong	strong	ADJ
ajfa-4328	82	28	form	form	NOUN
ajfa-4328	82	29	of	of	ADP
ajfa-4328	82	30	emh	emh	PROPN
ajfa-4328	82	31	or	or	CCONJ
ajfa-4328	82	32	requires	require	VERB
ajfa-4328	82	33	logical	logical	ADJ
ajfa-4328	82	34	explanation	explanation	NOUN
ajfa-4328	82	35	it	it	PRON
ajfa-4328	82	36	is	be	AUX
ajfa-4328	82	37	not	not	PART
ajfa-4328	82	38	the	the	DET
ajfa-4328	82	39	case	case	NOUN
ajfa-4328	82	40	.	.	PUNCT
ajfa-4328	83	1	the	the	DET
ajfa-4328	83	2	first	first	ADJ
ajfa-4328	83	3	step	step	NOUN
ajfa-4328	83	4	in	in	ADP
ajfa-4328	83	5	this	this	DET
ajfa-4328	83	6	process	process	NOUN
ajfa-4328	83	7	of	of	ADP
ajfa-4328	83	8	determining	determine	VERB
ajfa-4328	83	9	price	price	NOUN
ajfa-4328	83	10	or	or	CCONJ
ajfa-4328	83	11	wealth	wealth	NOUN
ajfa-4328	83	12	effect	effect	NOUN
ajfa-4328	83	13	is	be	AUX
ajfa-4328	83	14	to	to	PART
ajfa-4328	83	15	calculate	calculate	VERB
ajfa-4328	83	16	abnormal	abnormal	ADJ
ajfa-4328	83	17	return	return	NOUN
ajfa-4328	83	18	.	.	PUNCT
ajfa-4328	84	1	to	to	PART
ajfa-4328	84	2	perform	perform	VERB
ajfa-4328	84	3	the	the	DET
ajfa-4328	84	4	analysis	analysis	NOUN
ajfa-4328	84	5	,	,	PUNCT
ajfa-4328	84	6	first	first	ADV
ajfa-4328	84	7	the	the	DET
ajfa-4328	84	8	equilibrium	equilibrium	NOUN
ajfa-4328	84	9	model	model	NOUN
ajfa-4328	84	10	for	for	ADP
ajfa-4328	84	11	the	the	DET
ajfa-4328	84	12	normal	normal	ADJ
ajfa-4328	84	13	stock	stock	NOUN
ajfa-4328	84	14	return	return	NOUN
ajfa-4328	84	15	,	,	PUNCT
ajfa-4328	84	16	that	that	PRON
ajfa-4328	84	17	is	be	AUX
ajfa-4328	84	18	the	the	DET
ajfa-4328	84	19	expected	expect	VERB
ajfa-4328	84	20	return	return	NOUN
ajfa-4328	84	21	if	if	SCONJ
ajfa-4328	84	22	the	the	DET
ajfa-4328	84	23	event	event	NOUN
ajfa-4328	84	24	did	do	AUX
ajfa-4328	84	25	not	not	PART
ajfa-4328	84	26	happen	happen	VERB
ajfa-4328	84	27	,	,	PUNCT
ajfa-4328	84	28	must	must	AUX
ajfa-4328	84	29	be	be	AUX
ajfa-4328	84	30	specified	specify	VERB
ajfa-4328	84	31	.	.	PUNCT
ajfa-4328	85	1	second	second	ADJ
ajfa-4328	85	2	,	,	PUNCT
ajfa-4328	85	3	we	we	PRON
ajfa-4328	85	4	need	need	VERB
ajfa-4328	85	5	to	to	PART
ajfa-4328	85	6	identify	identify	VERB
ajfa-4328	85	7	the	the	DET
ajfa-4328	85	8	event	event	NOUN
ajfa-4328	85	9	date	date	NOUN
ajfa-4328	85	10	and	and	CCONJ
ajfa-4328	85	11	the	the	DET
ajfa-4328	85	12	event	event	NOUN
ajfa-4328	85	13	window	window	NOUN
ajfa-4328	85	14	that	that	PRON
ajfa-4328	85	15	is	be	AUX
ajfa-4328	85	16	the	the	DET
ajfa-4328	85	17	period	period	NOUN
ajfa-4328	85	18	over	over	ADP
ajfa-4328	85	19	which	which	PRON
ajfa-4328	85	20	the	the	DET
ajfa-4328	85	21	security	security	NOUN
ajfa-4328	85	22	returns	return	NOUN
ajfa-4328	85	23	will	will	AUX
ajfa-4328	85	24	be	be	AUX
ajfa-4328	85	25	examined	examine	VERB
ajfa-4328	85	26	.	.	PUNCT
ajfa-4328	86	1	the	the	DET
ajfa-4328	86	2	model	model	NOUN
ajfa-4328	86	3	is	be	AUX
ajfa-4328	86	4	estimated	estimate	VERB
ajfa-4328	86	5	outside	outside	ADP
ajfa-4328	86	6	this	this	DET
ajfa-4328	86	7	window	window	NOUN
ajfa-4328	86	8	,	,	PUNCT
ajfa-4328	86	9	by	by	ADP
ajfa-4328	86	10	choosing	choose	VERB
ajfa-4328	86	11	period	period	NOUN
ajfa-4328	86	12	of	of	ADP
ajfa-4328	86	13	ad-30	ad-30	PRON
ajfa-4328	86	14	to	to	ADP
ajfa-4328	86	15	ad-130	ad-130	PROPN
ajfa-4328	86	16	days	day	NOUN
ajfa-4328	86	17	which	which	PRON
ajfa-4328	86	18	is	be	AUX
ajfa-4328	86	19	the	the	DET
ajfa-4328	86	20	standard	standard	ADJ
ajfa-4328	86	21	practice	practice	NOUN
ajfa-4328	86	22	in	in	ADP
ajfa-4328	86	23	most	most	ADJ
ajfa-4328	86	24	such	such	ADJ
ajfa-4328	86	25	studies	study	NOUN
ajfa-4328	86	26	.	.	PUNCT
ajfa-4328	87	1	the	the	DET
ajfa-4328	87	2	forecast	forecast	NOUN
ajfa-4328	87	3	errors	error	NOUN
ajfa-4328	87	4	over	over	ADP
ajfa-4328	87	5	the	the	DET
ajfa-4328	87	6	event	event	NOUN
ajfa-4328	87	7	window	window	NOUN
ajfa-4328	87	8	measure	measure	NOUN
ajfa-4328	87	9	the	the	DET
ajfa-4328	87	10	abnormal	abnormal	ADJ
ajfa-4328	87	11	performance	performance	NOUN
ajfa-4328	87	12	of	of	ADP
ajfa-4328	87	13	returns	return	NOUN
ajfa-4328	87	14	associated	associate	VERB
ajfa-4328	87	15	with	with	ADP
ajfa-4328	87	16	the	the	DET
ajfa-4328	87	17	event	event	NOUN
ajfa-4328	87	18	.	.	PUNCT
ajfa-4328	88	1	the	the	DET
ajfa-4328	88	2	normal	normal	ADJ
ajfa-4328	88	3	model	model	NOUN
ajfa-4328	88	4	most	most	ADV
ajfa-4328	88	5	widely	widely	ADV
ajfa-4328	88	6	used	use	VERB
ajfa-4328	88	7	in	in	ADP
ajfa-4328	88	8	the	the	DET
ajfa-4328	88	9	event	event	NOUN
ajfa-4328	88	10	-	-	PUNCT
ajfa-4328	88	11	studies	study	NOUN
ajfa-4328	88	12	is	be	AUX
ajfa-4328	88	13	the	the	DET
ajfa-4328	88	14	market	market	NOUN
ajfa-4328	88	15	model	model	NOUN
ajfa-4328	88	16	which	which	PRON
ajfa-4328	88	17	can	can	AUX
ajfa-4328	88	18	be	be	AUX
ajfa-4328	88	19	expressed	express	VERB
ajfa-4328	88	20	as	as	ADP
ajfa-4328	88	21	(	(	PUNCT
ajfa-4328	88	22	1	1	NUM
ajfa-4328	88	23	)	)	PUNCT
ajfa-4328	88	24	where	where	SCONJ
ajfa-4328	88	25	,	,	PUNCT
ajfa-4328	88	26	ri	ri	PROPN
ajfa-4328	88	27	,	,	PUNCT
ajfa-4328	88	28	t	t	PROPN
ajfa-4328	88	29	is	be	AUX
ajfa-4328	88	30	the	the	DET
ajfa-4328	88	31	return	return	NOUN
ajfa-4328	88	32	on	on	ADP
ajfa-4328	88	33	security	security	NOUN
ajfa-4328	88	34	i	i	PRON
ajfa-4328	88	35	on	on	ADP
ajfa-4328	88	36	day	day	NOUN
ajfa-4328	88	37	t	t	PROPN
ajfa-4328	88	38	rm	rm	PROPN
ajfa-4328	88	39	,	,	PUNCT
ajfa-4328	88	40	t	t	PROPN
ajfa-4328	88	41	is	be	AUX
ajfa-4328	88	42	the	the	DET
ajfa-4328	88	43	return	return	NOUN
ajfa-4328	88	44	on	on	ADP
ajfa-4328	88	45	a	a	DET
ajfa-4328	88	46	market	market	NOUN
ajfa-4328	88	47	index	index	NOUN
ajfa-4328	88	48	on	on	ADP
ajfa-4328	88	49	day	day	NOUN
ajfa-4328	89	1	t	t	PROPN
ajfa-4328	89	2	α	α	INTJ
ajfa-4328	89	3	i	i	PRON
ajfa-4328	89	4	is	be	AUX
ajfa-4328	89	5	market	market	NOUN
ajfa-4328	89	6	model	model	NOUN
ajfa-4328	89	7	constant	constant	ADJ
ajfa-4328	89	8	βi	βi	PRON
ajfa-4328	89	9	is	be	AUX
ajfa-4328	89	10	a	a	DET
ajfa-4328	89	11	parameter	parameter	NOUN
ajfa-4328	89	12	that	that	PRON
ajfa-4328	89	13	measures	measure	VERB
ajfa-4328	89	14	the	the	DET
ajfa-4328	89	15	sensitivity	sensitivity	NOUN
ajfa-4328	89	16	of	of	ADP
ajfa-4328	89	17	ri	ri	NOUN
ajfa-4328	89	18	to	to	ADP
ajfa-4328	89	19	the	the	DET
ajfa-4328	89	20	benchmark	benchmark	ADJ
ajfa-4328	89	21	market	market	NOUN
ajfa-4328	89	22	index	index	NOUN
ajfa-4328	89	23	ξi	ξi	NOUN
ajfa-4328	89	24	,	,	PUNCT
ajfa-4328	89	25	t	t	PROPN
ajfa-4328	89	26	is	be	AUX
ajfa-4328	89	27	a	a	DET
ajfa-4328	89	28	random	random	ADJ
ajfa-4328	89	29	error	error	NOUN
ajfa-4328	89	30	term	term	NOUN
ajfa-4328	89	31	of	of	ADP
ajfa-4328	89	32	market	market	NOUN
ajfa-4328	89	33	model	model	NOUN
ajfa-4328	89	34	ols	ol	NOUN
ajfa-4328	89	35	regression	regression	NOUN
ajfa-4328	89	36	with	with	ADP
ajfa-4328	89	37	expected	expect	VERB
ajfa-4328	89	38	value	value	NOUN
ajfa-4328	89	39	of	of	ADP
ajfa-4328	89	40	zero	zero	NUM
ajfa-4328	89	41	.	.	PUNCT
ajfa-4328	90	1	the	the	DET
ajfa-4328	90	2	event	event	NOUN
ajfa-4328	90	3	dates	date	VERB
ajfa-4328	90	4	are	be	AUX
ajfa-4328	90	5	the	the	DET
ajfa-4328	90	6	announcement	announcement	NOUN
ajfa-4328	90	7	date	date	NOUN
ajfa-4328	90	8	(	(	PUNCT
ajfa-4328	90	9	ad	ad	NOUN
ajfa-4328	90	10	)	)	PUNCT
ajfa-4328	90	11	,	,	PUNCT
ajfa-4328	90	12	the	the	DET
ajfa-4328	90	13	day	day	NOUN
ajfa-4328	90	14	when	when	SCONJ
ajfa-4328	90	15	bonus	bonus	NOUN
ajfa-4328	90	16	is	be	AUX
ajfa-4328	90	17	announced	announce	VERB
ajfa-4328	90	18	and	and	CCONJ
ajfa-4328	90	19	effective	effective	ADJ
ajfa-4328	90	20	day	day	NOUN
ajfa-4328	90	21	(	(	PUNCT
ajfa-4328	90	22	ed	ed	NOUN
ajfa-4328	90	23	)	)	PUNCT
ajfa-4328	90	24	,	,	PUNCT
ajfa-4328	90	25	the	the	DET
ajfa-4328	90	26	day	day	NOUN
ajfa-4328	90	27	on	on	ADP
ajfa-4328	90	28	which	which	PRON
ajfa-4328	90	29	stock	stock	NOUN
ajfa-4328	90	30	goes	go	VERB
ajfa-4328	90	31	ex	ex	NOUN
ajfa-4328	90	32	-	-	NOUN
ajfa-4328	90	33	bonus	bonus	NOUN
ajfa-4328	90	34	.	.	PUNCT
ajfa-4328	91	1	market	market	NOUN
ajfa-4328	91	2	model	model	NOUN
ajfa-4328	91	3	is	be	AUX
ajfa-4328	91	4	estimated	estimate	VERB
ajfa-4328	91	5	using	use	VERB
ajfa-4328	91	6	r	r	PROPN
ajfa-4328	91	7	ri	ri	PROPN
ajfa-4328	91	8	t	t	NOUN
ajfa-4328	92	1	i	i	PRON
ajfa-4328	93	1	i	i	PRON
ajfa-4328	93	2	m	m	VERB
ajfa-4328	93	3	t	t	NOUN
ajfa-4328	93	4	i	i	PRON
ajfa-4328	93	5	t	t	PROPN
ajfa-4328	93	6	,	,	PUNCT
ajfa-4328	93	7	,	,	PUNCT
ajfa-4328	93	8	,	,	PUNCT
ajfa-4328	93	9	=	=	PUNCT
ajfa-4328	94	1	+	+	PUNCT
ajfa-4328	94	2	+	+	ADJ
ajfa-4328	94	3	α	α	PRON
ajfa-4328	94	4	β	β	X
ajfa-4328	94	5	ξ	ξ	SYM
ajfa-4328	94	6	2	2	NUM
ajfa-4328	94	7	asian	asian	ADJ
ajfa-4328	94	8	journal	journal	NOUN
ajfa-4328	94	9	of	of	ADP
ajfa-4328	94	10	finance	finance	PROPN
ajfa-4328	94	11	&	&	CCONJ
ajfa-4328	94	12	accounting	accounting	PROPN
ajfa-4328	94	13	issn	issn	PROPN
ajfa-4328	94	14	1946	1946	NUM
ajfa-4328	94	15	-	-	PUNCT
ajfa-4328	94	16	052x	052x	NOUN
ajfa-4328	94	17	2013	2013	NUM
ajfa-4328	94	18	,	,	PUNCT
ajfa-4328	94	19	vol	vol	NOUN
ajfa-4328	94	20	.	.	PROPN
ajfa-4328	94	21	5	5	NUM
ajfa-4328	94	22	,	,	PUNCT
ajfa-4328	94	23	no	no	INTJ
ajfa-4328	94	24	.	.	NOUN
ajfa-4328	94	25	2	2	NUM
ajfa-4328	94	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4328	94	27	261	261	NUM
ajfa-4328	94	28	estimation	estimation	NOUN
ajfa-4328	94	29	window	window	NOUN
ajfa-4328	94	30	and	and	CCONJ
ajfa-4328	94	31	abnormal	abnormal	ADJ
ajfa-4328	94	32	returns	return	NOUN
ajfa-4328	94	33	for	for	ADP
ajfa-4328	94	34	every	every	DET
ajfa-4328	94	35	day	day	NOUN
ajfa-4328	94	36	during	during	ADP
ajfa-4328	94	37	event	event	NOUN
ajfa-4328	94	38	windows	window	NOUN
ajfa-4328	94	39	are	be	AUX
ajfa-4328	94	40	calculated	calculate	VERB
ajfa-4328	94	41	as	as	ADP
ajfa-4328	94	42	below	below	ADV
ajfa-4328	94	43	.	.	PUNCT
ajfa-4328	95	1	(	(	PUNCT
ajfa-4328	95	2	2	2	X
ajfa-4328	95	3	)	)	PUNCT
ajfa-4328	95	4	in	in	ADP
ajfa-4328	95	5	order	order	NOUN
ajfa-4328	95	6	to	to	PART
ajfa-4328	95	7	draw	draw	VERB
ajfa-4328	95	8	overall	overall	ADJ
ajfa-4328	95	9	inferences	inference	NOUN
ajfa-4328	95	10	for	for	ADP
ajfa-4328	95	11	the	the	DET
ajfa-4328	95	12	event	event	NOUN
ajfa-4328	95	13	of	of	ADP
ajfa-4328	95	14	interest	interest	NOUN
ajfa-4328	95	15	,	,	PUNCT
ajfa-4328	95	16	the	the	DET
ajfa-4328	95	17	abnormal	abnormal	ADJ
ajfa-4328	95	18	return	return	NOUN
ajfa-4328	95	19	observations	observation	NOUN
ajfa-4328	95	20	measured	measure	VERB
ajfa-4328	95	21	across	across	ADP
ajfa-4328	95	22	securities	security	NOUN
ajfa-4328	95	23	.	.	PUNCT
ajfa-4328	96	1	the	the	DET
ajfa-4328	96	2	following	follow	VERB
ajfa-4328	96	3	measures	measure	NOUN
ajfa-4328	96	4	of	of	ADP
ajfa-4328	96	5	abnormal	abnormal	ADJ
ajfa-4328	96	6	performance	performance	NOUN
ajfa-4328	96	7	are	be	AUX
ajfa-4328	96	8	used	use	VERB
ajfa-4328	96	9	:	:	PUNCT
ajfa-4328	96	10	•	•	NUM
ajfa-4328	96	11	cumulative	cumulative	ADJ
ajfa-4328	96	12	abnormal	abnormal	ADJ
ajfa-4328	96	13	return	return	NOUN
ajfa-4328	96	14	(	(	PUNCT
ajfa-4328	96	15	car	car	NOUN
ajfa-4328	96	16	):	):	PUNCT
ajfa-4328	96	17	cumulative	cumulative	ADJ
ajfa-4328	96	18	sum	sum	NOUN
ajfa-4328	96	19	of	of	ADP
ajfa-4328	96	20	stock	stock	NOUN
ajfa-4328	96	21	it	it	PRON
ajfa-4328	96	22	’s	’	VERB
ajfa-4328	96	23	prediction	prediction	NOUN
ajfa-4328	96	24	error	error	NOUN
ajfa-4328	96	25	(	(	PUNCT
ajfa-4328	96	26	abnormal	abnormal	ADJ
ajfa-4328	96	27	returns	return	NOUN
ajfa-4328	96	28	)	)	PUNCT
ajfa-4328	96	29	over	over	ADP
ajfa-4328	96	30	the	the	DET
ajfa-4328	96	31	window	window	NOUN
ajfa-4328	96	32	(	(	PUNCT
ajfa-4328	96	33	t1	t1	NOUN
ajfa-4328	96	34	,	,	PUNCT
ajfa-4328	96	35	t2	t2	NOUN
ajfa-4328	96	36	)	)	PUNCT
ajfa-4328	96	37	=	=	PROPN
ajfa-4328	96	38	2	2	NUM
ajfa-4328	96	39	1	1	NUM
ajfa-4328	96	40	,	,	PUNCT
ajfa-4328	96	41	,	,	PUNCT
ajfa-4328	96	42	t	t	PROPN
ajfa-4328	96	43	t	t	PROPN
ajfa-4328	96	44	titi	titi	PROPN
ajfa-4328	96	45	arcar	arcar	PROPN
ajfa-4328	96	46	(	(	PUNCT
ajfa-4328	96	47	3	3	NUM
ajfa-4328	96	48	)	)	PUNCT
ajfa-4328	96	49	•	•	NUM
ajfa-4328	96	50	mean	mean	VERB
ajfa-4328	96	51	abnormal	abnormal	ADJ
ajfa-4328	96	52	return	return	NOUN
ajfa-4328	96	53	(	(	PUNCT
ajfa-4328	96	54	mar	mar	PROPN
ajfa-4328	96	55	):	):	PUNCT
ajfa-4328	96	56	an	an	DET
ajfa-4328	96	57	average	average	NOUN
ajfa-4328	96	58	of	of	ADP
ajfa-4328	96	59	abnormal	abnormal	ADJ
ajfa-4328	96	60	returns	return	NOUN
ajfa-4328	96	61	across	across	ADP
ajfa-4328	96	62	the	the	DET
ajfa-4328	96	63	n	n	NOUN
ajfa-4328	96	64	firms	firm	NOUN
ajfa-4328	96	65	on	on	ADP
ajfa-4328	96	66	a	a	DET
ajfa-4328	96	67	day	day	NOUN
ajfa-4328	96	68	t.	t.	NOUN
ajfa-4328	96	69			X
ajfa-4328	97	1	=	=	PUNCT
ajfa-4328	97	2	=	=	SYM
ajfa-4328	97	3	n	n	PROPN
ajfa-4328	97	4	i	i	PRON
ajfa-4328	97	5	tit	tit	PROPN
ajfa-4328	97	6	ar	ar	PROPN
ajfa-4328	97	7	n	n	PROPN
ajfa-4328	97	8	mar	mar	PROPN
ajfa-4328	97	9	1	1	NUM
ajfa-4328	97	10	,	,	PUNCT
ajfa-4328	97	11	1	1	NUM
ajfa-4328	97	12	(	(	PUNCT
ajfa-4328	97	13	4	4	NUM
ajfa-4328	97	14	)	)	PUNCT
ajfa-4328	97	15	•	•	NUM
ajfa-4328	97	16	mean	mean	VERB
ajfa-4328	97	17	cumulative	cumulative	ADJ
ajfa-4328	97	18	abnormal	abnormal	ADJ
ajfa-4328	97	19	return	return	NOUN
ajfa-4328	97	20	(	(	PUNCT
ajfa-4328	97	21	mcar	mcar	INTJ
ajfa-4328	97	22	):	):	PUNCT
ajfa-4328	97	23	average	average	NOUN
ajfa-4328	97	24	of	of	ADP
ajfa-4328	97	25	the	the	DET
ajfa-4328	97	26	cumulative	cumulative	ADJ
ajfa-4328	97	27	abnormal	abnormal	ADJ
ajfa-4328	97	28	returns	return	NOUN
ajfa-4328	97	29	across	across	ADP
ajfa-4328	97	30	observations	observation	NOUN
ajfa-4328	97	31	(	(	PUNCT
ajfa-4328	97	32	firms	firm	NOUN
ajfa-4328	97	33	)	)	PUNCT
ajfa-4328	97	34	;	;	PUNCT
ajfa-4328	97	35	it	it	PRON
ajfa-4328	97	36	is	be	AUX
ajfa-4328	97	37	a	a	DET
ajfa-4328	97	38	measure	measure	NOUN
ajfa-4328	97	39	of	of	ADP
ajfa-4328	97	40	the	the	DET
ajfa-4328	97	41	abnormal	abnormal	ADJ
ajfa-4328	97	42	performance	performance	NOUN
ajfa-4328	97	43	over	over	ADP
ajfa-4328	97	44	the	the	DET
ajfa-4328	97	45	event	event	NOUN
ajfa-4328	97	46	period	period	NOUN
ajfa-4328	97	47	,	,	PUNCT
ajfa-4328	97	48	(	(	PUNCT
ajfa-4328	97	49	5	5	X
ajfa-4328	97	50	)	)	PUNCT
ajfa-4328	97	51	c.	c.	NOUN
ajfa-4328	97	52	testing	testing	NOUN
ajfa-4328	97	53	for	for	ADP
ajfa-4328	97	54	statistical	statistical	ADJ
ajfa-4328	97	55	significance	significance	NOUN
ajfa-4328	97	56	the	the	DET
ajfa-4328	97	57	cross	cross	ADJ
ajfa-4328	97	58	-	-	ADJ
ajfa-4328	97	59	sectional	sectional	ADJ
ajfa-4328	97	60	t	t	NOUN
ajfa-4328	97	61	-	-	PUNCT
ajfa-4328	97	62	test	test	NOUN
ajfa-4328	97	63	using	use	VERB
ajfa-4328	97	64	cross	cross	ADJ
ajfa-4328	97	65	-	-	ADJ
ajfa-4328	97	66	sectional	sectional	ADJ
ajfa-4328	97	67	variance	variance	NOUN
ajfa-4328	97	68	is	be	AUX
ajfa-4328	97	69	performed	perform	VERB
ajfa-4328	97	70	for	for	ADP
ajfa-4328	97	71	both	both	DET
ajfa-4328	97	72	mar	mar	PROPN
ajfa-4328	97	73	and	and	CCONJ
ajfa-4328	97	74	car	car	NOUN
ajfa-4328	97	75	.	.	PUNCT
ajfa-4328	98	1	the	the	DET
ajfa-4328	98	2	sample	sample	NOUN
ajfa-4328	98	3	equation	equation	NOUN
ajfa-4328	98	4	for	for	ADP
ajfa-4328	98	5	calculation	calculation	NOUN
ajfa-4328	98	6	of	of	ADP
ajfa-4328	98	7	cross	cross	ADJ
ajfa-4328	98	8	sectional	sectional	ADJ
ajfa-4328	98	9	variance	variance	NOUN
ajfa-4328	98	10	for	for	ADP
ajfa-4328	98	11	mar	mar	PROPN
ajfa-4328	98	12	is	be	AUX
ajfa-4328	98	13	given	give	VERB
ajfa-4328	98	14	below	below	ADV
ajfa-4328	98	15	.	.	PUNCT
ajfa-4328	99	1	(	(	PUNCT
ajfa-4328	99	2	6	6	X
ajfa-4328	99	3	)	)	PUNCT
ajfa-4328	99	4	a	a	DET
ajfa-4328	99	5	nonparametric	nonparametric	NOUN
ajfa-4328	99	6	generalized	generalize	VERB
ajfa-4328	99	7	sign	sign	NOUN
ajfa-4328	99	8	test	test	NOUN
ajfa-4328	99	9	based	base	VERB
ajfa-4328	99	10	on	on	ADP
ajfa-4328	99	11	sign	sign	NOUN
ajfa-4328	99	12	of	of	ADP
ajfa-4328	99	13	abnormal	abnormal	ADJ
ajfa-4328	99	14	return	return	NOUN
ajfa-4328	99	15	is	be	AUX
ajfa-4328	99	16	also	also	ADV
ajfa-4328	99	17	employed	employ	VERB
ajfa-4328	99	18	.	.	PUNCT
ajfa-4328	100	1	the	the	DET
ajfa-4328	100	2	hypothesis	hypothesis	NOUN
ajfa-4328	100	3	is	be	AUX
ajfa-4328	100	4	abnormal	abnormal	ADJ
ajfa-4328	100	5	returns	return	NOUN
ajfa-4328	100	6	are	be	AUX
ajfa-4328	100	7	independent	independent	ADJ
ajfa-4328	100	8	across	across	ADP
ajfa-4328	100	9	securities	security	NOUN
ajfa-4328	100	10	and	and	CCONJ
ajfa-4328	100	11	that	that	SCONJ
ajfa-4328	100	12	the	the	DET
ajfa-4328	100	13	expected	expect	VERB
ajfa-4328	100	14	proportion	proportion	NOUN
ajfa-4328	100	15	of	of	ADP
ajfa-4328	100	16	positive	positive	ADJ
ajfa-4328	100	17	abnormal	abnormal	ADJ
ajfa-4328	100	18	returns	return	NOUN
ajfa-4328	100	19	under	under	ADP
ajfa-4328	100	20	the	the	DET
ajfa-4328	100	21	null	null	ADJ
ajfa-4328	100	22	hypothesis	hypothesis	NOUN
ajfa-4328	100	23	is	be	AUX
ajfa-4328	100	24	0.5	0.5	NUM
ajfa-4328	100	25	.	.	PUNCT
ajfa-4328	101	1	the	the	DET
ajfa-4328	101	2	test	test	NOUN
ajfa-4328	101	3	statistic	statistic	NOUN
ajfa-4328	101	4	is	be	AUX
ajfa-4328	101	5	computed	compute	VERB
ajfa-4328	101	6	as	as	ADP
ajfa-4328	101	7	where	where	SCONJ
ajfa-4328	101	8	n	n	PRON
ajfa-4328	101	9	is	be	AUX
ajfa-4328	101	10	the	the	DET
ajfa-4328	101	11	sample	sample	NOUN
ajfa-4328	101	12	size	size	NOUN
ajfa-4328	101	13	and	and	CCONJ
ajfa-4328	101	14	n+	n+	X
ajfa-4328	101	15	is	be	AUX
ajfa-4328	101	16	the	the	DET
ajfa-4328	101	17	number	number	NOUN
ajfa-4328	101	18	of	of	ADP
ajfa-4328	101	19	cases	case	NOUN
ajfa-4328	101	20	where	where	SCONJ
ajfa-4328	101	21	the	the	DET
ajfa-4328	101	22	abnormal	abnormal	ADJ
ajfa-4328	101	23	return	return	NOUN
ajfa-4328	101	24	is	be	AUX
ajfa-4328	101	25	positive	positive	ADJ
ajfa-4328	101	26	.	.	PUNCT
ajfa-4328	102	1	this	this	DET
ajfa-4328	102	2	test	test	NOUN
ajfa-4328	102	3	is	be	AUX
ajfa-4328	102	4	conducted	conduct	VERB
ajfa-4328	102	5	to	to	PART
ajfa-4328	102	6	add	add	VERB
ajfa-4328	102	7	robustness	robustness	NOUN
ajfa-4328	102	8	of	of	ADP
ajfa-4328	102	9	the	the	DET
ajfa-4328	102	10	study	study	NOUN
ajfa-4328	102	11	.	.	PUNCT
ajfa-4328	103	1	ar	ar	PROPN
ajfa-4328	103	2	r	r	NOUN
ajfa-4328	103	3	ri	ri	PROPN
ajfa-4328	103	4	t	t	NOUN
ajfa-4328	104	1	i	i	PRON
ajfa-4328	104	2	t	t	VERB
ajfa-4328	104	3	i	i	PRON
ajfa-4328	105	1	i	i	PRON
ajfa-4328	105	2	m	m	VERB
ajfa-4328	105	3	t	t	PROPN
ajfa-4328	105	4	,	,	PUNCT
ajfa-4328	105	5	,	,	PUNCT
ajfa-4328	105	6	,	,	PUNCT
ajfa-4328	105	7	=	=	SYM
ajfa-4328	106	1	−	−	PROPN
ajfa-4328	106	2	−α	−α	NOUN
ajfa-4328	106	3	β	β	NOUN
ajfa-4328	106	4	mcar	mcar	NOUN
ajfa-4328	106	5	n	n	CCONJ
ajfa-4328	106	6	cart	cart	NOUN
ajfa-4328	107	1	i	i	PRON
ajfa-4328	107	2	t	t	VERB
ajfa-4328	107	3	i	i	PRON
ajfa-4328	107	4	n	n	NOUN
ajfa-4328	107	5	=	=	PUNCT
ajfa-4328	108	1	=	=	NOUN
ajfa-4328	108	2			X
ajfa-4328	108	3	1	1	NUM
ajfa-4328	108	4	1	1	NUM
ajfa-4328	108	5	,	,	PUNCT
ajfa-4328	108	6	s	s	NOUN
ajfa-4328	108	7	n	n	PRON
ajfa-4328	108	8	ar	ar	PROPN
ajfa-4328	108	9	mar	mar	PROPN
ajfa-4328	108	10	n	n	PROPN
ajfa-4328	108	11	it	it	PRON
ajfa-4328	109	1	t	t	X
ajfa-4328	110	1	i	i	PRON
ajfa-4328	111	1	n	n	ADV
ajfa-4328	111	2	2	2	NUM
ajfa-4328	111	3	2	2	NUM
ajfa-4328	111	4	1	1	NUM
ajfa-4328	111	5	1	1	NUM
ajfa-4328	111	6	1	1	NUM
ajfa-4328	111	7	=	=	SYM
ajfa-4328	111	8	−	−	PROPN
ajfa-4328	111	9	−=	−=	VERB
ajfa-4328	111	10			X
ajfa-4328	111	11	(	(	PUNCT
ajfa-4328	111	12	)	)	PUNCT
ajfa-4328	111	13	θ	θ	PROPN
ajfa-4328	111	14	=	=	PUNCT
ajfa-4328	112	1	−	−	PROPN
ajfa-4328	112	2	+	+	CCONJ
ajfa-4328	112	3	[	[	X
ajfa-4328	112	4	.	.	PUNCT
ajfa-4328	112	5	]	]	PUNCT
ajfa-4328	112	6	.	.	PUNCT
ajfa-4328	113	1	~	~	PUNCT
ajfa-4328	113	2	(	(	PUNCT
ajfa-4328	113	3	,	,	PUNCT
ajfa-4328	113	4	)	)	PUNCT
ajfa-4328	113	5	n	n	CCONJ
ajfa-4328	113	6	n	n	CCONJ
ajfa-4328	113	7	n	n	SYM
ajfa-4328	113	8	n0	n0	X
ajfa-4328	113	9	5	5	NUM
ajfa-4328	113	10	0	0	NUM
ajfa-4328	113	11	5	5	NUM
ajfa-4328	113	12	0	0	NUM
ajfa-4328	113	13	1	1	NUM
ajfa-4328	113	14	asian	asian	ADJ
ajfa-4328	113	15	journal	journal	NOUN
ajfa-4328	113	16	of	of	ADP
ajfa-4328	113	17	finance	finance	PROPN
ajfa-4328	113	18	&	&	CCONJ
ajfa-4328	113	19	accounting	accounting	PROPN
ajfa-4328	113	20	issn	issn	PROPN
ajfa-4328	113	21	1946	1946	NUM
ajfa-4328	113	22	-	-	PUNCT
ajfa-4328	113	23	052x	052x	NOUN
ajfa-4328	113	24	2013	2013	NUM
ajfa-4328	113	25	,	,	PUNCT
ajfa-4328	113	26	vol	vol	NOUN
ajfa-4328	113	27	.	.	PROPN
ajfa-4328	113	28	5	5	NUM
ajfa-4328	113	29	,	,	PUNCT
ajfa-4328	113	30	no	no	INTJ
ajfa-4328	113	31	.	.	NOUN
ajfa-4328	113	32	2	2	NUM
ajfa-4328	113	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4328	113	34	262	262	NUM
ajfa-4328	113	35	4	4	NUM
ajfa-4328	113	36	.	.	PUNCT
ajfa-4328	114	1	results	result	NOUN
ajfa-4328	114	2	and	and	CCONJ
ajfa-4328	114	3	discussion	discussion	NOUN
ajfa-4328	114	4	table	table	NOUN
ajfa-4328	114	5	1	1	NUM
ajfa-4328	114	6	.	.	PUNCT
ajfa-4328	115	1	mean	mean	VERB
ajfa-4328	115	2	abnormal	abnormal	ADJ
ajfa-4328	115	3	returns	return	NOUN
ajfa-4328	115	4	within	within	ADP
ajfa-4328	115	5	announcement	announcement	NOUN
ajfa-4328	115	6	window	window	NOUN
ajfa-4328	115	7	days	day	NOUN
ajfa-4328	115	8	t	t	PROPN
ajfa-4328	115	9	-	-	PUNCT
ajfa-4328	115	10	stat	stat	PROPN
ajfa-4328	115	11	mar	mar	PROPN
ajfa-4328	115	12	positive	positive	ADJ
ajfa-4328	115	13	(	(	PUNCT
ajfa-4328	115	14	out	out	ADP
ajfa-4328	115	15	of	of	ADP
ajfa-4328	115	16	74	74	NUM
ajfa-4328	115	17	)	)	PUNCT
ajfa-4328	115	18	z	z	NOUN
ajfa-4328	115	19	-	-	PUNCT
ajfa-4328	115	20	score	score	NOUN
ajfa-4328	115	21	ad	ad	NOUN
ajfa-4328	115	22	-10	-10	PUNCT
ajfa-4328	115	23	0.31	0.31	NUM
ajfa-4328	115	24	0.04	0.04	NUM
ajfa-4328	115	25	%	%	NOUN
ajfa-4328	115	26	35	35	NUM
ajfa-4328	115	27	-0.46	-0.46	NUM
ajfa-4328	115	28	ad	ad	NOUN
ajfa-4328	115	29	-9	-9	NOUN
ajfa-4328	115	30	2.73	2.73	NUM
ajfa-4328	115	31	0.32	0.32	NUM
ajfa-4328	115	32	%	%	NOUN
ajfa-4328	115	33	39	39	NUM
ajfa-4328	115	34	0.46	0.46	NUM
ajfa-4328	115	35	ad	ad	NOUN
ajfa-4328	115	36	-8	-8	NUM
ajfa-4328	115	37	1.67	1.67	NUM
ajfa-4328	115	38	0.19	0.19	NUM
ajfa-4328	115	39	%	%	NOUN
ajfa-4328	115	40	40	40	NUM
ajfa-4328	115	41	0.7	0.7	NUM
ajfa-4328	115	42	ad	ad	NOUN
ajfa-4328	115	43	-7	-7	NOUN
ajfa-4328	115	44	0.76	0.76	NUM
ajfa-4328	115	45	0.09	0.09	NUM
ajfa-4328	115	46	%	%	NOUN
ajfa-4328	115	47	33	33	NUM
ajfa-4328	115	48	-0.93	-0.93	NOUN
ajfa-4328	115	49	ad	ad	NOUN
ajfa-4328	115	50	-6	-6	NOUN
ajfa-4328	115	51	1	1	NUM
ajfa-4328	115	52	0.12	0.12	NUM
ajfa-4328	115	53	%	%	NOUN
ajfa-4328	115	54	37	37	NUM
ajfa-4328	115	55	0	0	NUM
ajfa-4328	115	56	ad	ad	NOUN
ajfa-4328	115	57	-5	-5	INTJ
ajfa-4328	115	58	-0.36	-0.36	NUM
ajfa-4328	115	59	-0.04	-0.04	NUM
ajfa-4328	115	60	%	%	NOUN
ajfa-4328	115	61	34	34	NUM
ajfa-4328	115	62	-0.7	-0.7	NOUN
ajfa-4328	115	63	ad	ad	NOUN
ajfa-4328	115	64	-4	-4	PUNCT
ajfa-4328	115	65	0.43	0.43	NUM
ajfa-4328	115	66	0.05	0.05	NUM
ajfa-4328	115	67	%	%	NOUN
ajfa-4328	115	68	42	42	NUM
ajfa-4328	115	69	1.16	1.16	NUM
ajfa-4328	115	70	ad	ad	NOUN
ajfa-4328	115	71	-3	-3	PUNCT
ajfa-4328	115	72	2.77	2.77	NUM
ajfa-4328	115	73	0.32	0.32	NUM
ajfa-4328	115	74	%	%	NOUN
ajfa-4328	115	75	41	41	NUM
ajfa-4328	115	76	0.93	0.93	NUM
ajfa-4328	115	77	ad	ad	NOUN
ajfa-4328	116	1	-2	-2	NOUN
ajfa-4328	116	2	2.12	2.12	NUM
ajfa-4328	116	3	0.25	0.25	NUM
ajfa-4328	116	4	%	%	NOUN
ajfa-4328	116	5	44	44	NUM
ajfa-4328	116	6	1.63	1.63	NUM
ajfa-4328	116	7	ad	ad	NOUN
ajfa-4328	116	8	-1	-1	NOUN
ajfa-4328	116	9	2.16	2.16	NUM
ajfa-4328	116	10	0.25	0.25	NUM
ajfa-4328	116	11	%	%	NOUN
ajfa-4328	116	12	46	46	NUM
ajfa-4328	116	13	2.09	2.09	NUM
ajfa-4328	116	14	ad	ad	NOUN
ajfa-4328	116	15	4.34	4.34	NUM
ajfa-4328	116	16	0.50	0.50	NUM
ajfa-4328	116	17	%	%	NOUN
ajfa-4328	116	18	50	50	NUM
ajfa-4328	116	19	3.02	3.02	NUM
ajfa-4328	116	20	ad	ad	NOUN
ajfa-4328	116	21	+1	+1	NOUN
ajfa-4328	116	22	0.81	0.81	NUM
ajfa-4328	116	23	0.09	0.09	NUM
ajfa-4328	116	24	%	%	NOUN
ajfa-4328	116	25	35	35	NUM
ajfa-4328	116	26	-0.46	-0.46	NUM
ajfa-4328	116	27	ad	ad	NOUN
ajfa-4328	117	1	+2	+2	PROPN
ajfa-4328	117	2	-2.98	-2.98	VERB
ajfa-4328	117	3	-0.35	-0.35	NUM
ajfa-4328	117	4	%	%	NOUN
ajfa-4328	117	5	27	27	NUM
ajfa-4328	117	6	-2.32	-2.32	NOUN
ajfa-4328	117	7	ad	ad	NOUN
ajfa-4328	117	8	+3	+3	PROPN
ajfa-4328	117	9	0.53	0.53	NUM
ajfa-4328	117	10	0.06	0.06	NUM
ajfa-4328	117	11	%	%	NOUN
ajfa-4328	117	12	36	36	NUM
ajfa-4328	117	13	-0.23	-0.23	NOUN
ajfa-4328	117	14	ad	ad	NOUN
ajfa-4328	117	15	+4	+4	PROPN
ajfa-4328	117	16	-0.26	-0.26	NOUN
ajfa-4328	117	17	-0.03	-0.03	NUM
ajfa-4328	117	18	%	%	NOUN
ajfa-4328	117	19	35	35	NUM
ajfa-4328	117	20	-0.46	-0.46	NUM
ajfa-4328	117	21	ad	ad	NOUN
ajfa-4328	117	22	+5	+5	PROPN
ajfa-4328	117	23	-0.96	-0.96	NUM
ajfa-4328	117	24	-0.11	-0.11	NUM
ajfa-4328	117	25	%	%	NOUN
ajfa-4328	117	26	28	28	NUM
ajfa-4328	117	27	-2.09	-2.09	NUM
ajfa-4328	117	28	ad	ad	NOUN
ajfa-4328	117	29	+6	+6	PROPN
ajfa-4328	117	30	-0.07	-0.07	NUM
ajfa-4328	117	31	-0.01	-0.01	NUM
ajfa-4328	117	32	%	%	NOUN
ajfa-4328	117	33	39	39	NUM
ajfa-4328	117	34	0.46	0.46	NUM
ajfa-4328	117	35	ad	ad	NOUN
ajfa-4328	117	36	+7	+7	INTJ
ajfa-4328	117	37	-1.57	-1.57	PROPN
ajfa-4328	117	38	-0.18	-0.18	NUM
ajfa-4328	117	39	%	%	NOUN
ajfa-4328	117	40	33	33	NUM
ajfa-4328	117	41	-0.93	-0.93	NOUN
ajfa-4328	117	42	ad	ad	NOUN
ajfa-4328	117	43	+8	+8	PROPN
ajfa-4328	117	44	-0.6	-0.6	X
ajfa-4328	117	45	-0.07	-0.07	X
ajfa-4328	117	46	%	%	NOUN
ajfa-4328	117	47	37	37	NUM
ajfa-4328	117	48	0	0	NUM
ajfa-4328	117	49	ad	ad	NOUN
ajfa-4328	117	50	+9	+9	X
ajfa-4328	117	51	-0.62	-0.62	NOUN
ajfa-4328	117	52	-0.07	-0.07	NUM
ajfa-4328	117	53	%	%	NOUN
ajfa-4328	117	54	35	35	NUM
ajfa-4328	117	55	-0.46	-0.46	NUM
ajfa-4328	117	56	ad	ad	NOUN
ajfa-4328	117	57	+10	+10	NOUN
ajfa-4328	117	58	-0.11	-0.11	NUM
ajfa-4328	117	59	-0.01	-0.01	NUM
ajfa-4328	117	60	%	%	NOUN
ajfa-4328	117	61	35	35	NUM
ajfa-4328	117	62	-0.46	-0.46	NUM
ajfa-4328	117	63	table	table	NOUN
ajfa-4328	117	64	1	1	NUM
ajfa-4328	117	65	reports	report	NOUN
ajfa-4328	117	66	the	the	DET
ajfa-4328	117	67	mean	mean	ADJ
ajfa-4328	117	68	abnormal	abnormal	ADJ
ajfa-4328	117	69	returns	return	NOUN
ajfa-4328	117	70	(	(	PUNCT
ajfa-4328	117	71	mar	mar	PROPN
ajfa-4328	117	72	)	)	PUNCT
ajfa-4328	117	73	during	during	ADP
ajfa-4328	117	74	the	the	DET
ajfa-4328	117	75	announcement	announcement	NOUN
ajfa-4328	117	76	window	window	NOUN
ajfa-4328	117	77	.	.	PUNCT
ajfa-4328	118	1	it	it	PRON
ajfa-4328	118	2	is	be	AUX
ajfa-4328	118	3	interesting	interesting	ADJ
ajfa-4328	118	4	to	to	PART
ajfa-4328	118	5	notice	notice	VERB
ajfa-4328	118	6	that	that	SCONJ
ajfa-4328	118	7	the	the	DET
ajfa-4328	118	8	mar	mar	PROPN
ajfa-4328	118	9	is	be	AUX
ajfa-4328	118	10	positive	positive	ADJ
ajfa-4328	118	11	and	and	CCONJ
ajfa-4328	118	12	statistically	statistically	ADV
ajfa-4328	118	13	significant	significant	ADJ
ajfa-4328	118	14	with	with	ADP
ajfa-4328	118	15	value	value	NOUN
ajfa-4328	118	16	of	of	ADP
ajfa-4328	118	17	0.32	0.32	NUM
ajfa-4328	118	18	%	%	NOUN
ajfa-4328	118	19	on	on	ADP
ajfa-4328	118	20	ad-3	ad-3	NOUN
ajfa-4328	118	21	.	.	PUNCT
ajfa-4328	119	1	however	however	ADV
ajfa-4328	119	2	,	,	PUNCT
ajfa-4328	119	3	only	only	ADV
ajfa-4328	119	4	41	41	NUM
ajfa-4328	119	5	out	out	ADP
ajfa-4328	119	6	of	of	ADP
ajfa-4328	119	7	71	71	NUM
ajfa-4328	119	8	firms	firm	NOUN
ajfa-4328	119	9	have	have	VERB
ajfa-4328	119	10	positive	positive	ADJ
ajfa-4328	119	11	abnormal	abnormal	ADJ
ajfa-4328	119	12	returns	return	NOUN
ajfa-4328	119	13	for	for	ADP
ajfa-4328	119	14	ad-3	ad-3	PUNCT
ajfa-4328	120	1	and	and	CCONJ
ajfa-4328	120	2	it	it	PRON
ajfa-4328	120	3	is	be	AUX
ajfa-4328	120	4	not	not	PART
ajfa-4328	120	5	significant	significant	ADJ
ajfa-4328	120	6	on	on	ADP
ajfa-4328	120	7	non	non	ADJ
ajfa-4328	120	8	-	-	ADJ
ajfa-4328	120	9	parametric	parametric	ADJ
ajfa-4328	120	10	sign	sign	NOUN
ajfa-4328	120	11	test	test	NOUN
ajfa-4328	120	12	.	.	PUNCT
ajfa-4328	121	1	.	.	PUNCT
ajfa-4328	121	2	ad-2	ad-2	PUNCT
ajfa-4328	122	1	is	be	AUX
ajfa-4328	122	2	the	the	DET
ajfa-4328	122	3	day	day	NOUN
ajfa-4328	122	4	when	when	SCONJ
ajfa-4328	122	5	market	market	NOUN
ajfa-4328	122	6	gets	get	VERB
ajfa-4328	122	7	the	the	DET
ajfa-4328	122	8	sniff	sniff	NOUN
ajfa-4328	122	9	of	of	ADP
ajfa-4328	122	10	bonus	bonus	NOUN
ajfa-4328	122	11	announcements	announcement	NOUN
ajfa-4328	122	12	and	and	CCONJ
ajfa-4328	122	13	statistically	statistically	ADV
ajfa-4328	122	14	significant	significant	ADJ
ajfa-4328	122	15	positive	positive	ADJ
ajfa-4328	122	16	abnormal	abnormal	ADJ
ajfa-4328	122	17	return	return	NOUN
ajfa-4328	122	18	of	of	ADP
ajfa-4328	122	19	0.25	0.25	NUM
ajfa-4328	122	20	%	%	NOUN
ajfa-4328	122	21	with	with	ADP
ajfa-4328	122	22	.	.	PUNCT
ajfa-4328	123	1	positive	positive	ADJ
ajfa-4328	123	2	abnormal	abnormal	ADJ
ajfa-4328	123	3	returns	return	NOUN
ajfa-4328	123	4	for	for	ADP
ajfa-4328	123	5	44	44	NUM
ajfa-4328	123	6	out	out	ADP
ajfa-4328	123	7	of	of	ADP
ajfa-4328	123	8	74	74	NUM
ajfa-4328	123	9	firms	firm	NOUN
ajfa-4328	123	10	that	that	PRON
ajfa-4328	123	11	is	be	AUX
ajfa-4328	123	12	statistically	statistically	ADV
ajfa-4328	123	13	significant	significant	ADJ
ajfa-4328	123	14	on	on	ADP
ajfa-4328	123	15	sign	sign	NOUN
ajfa-4328	123	16	test	test	NOUN
ajfa-4328	123	17	as	as	ADV
ajfa-4328	123	18	well	well	ADV
ajfa-4328	123	19	.	.	PUNCT
ajfa-4328	124	1	abnormal	abnormal	ADJ
ajfa-4328	124	2	returns	return	NOUN
ajfa-4328	124	3	becoming	become	VERB
ajfa-4328	124	4	more	more	ADV
ajfa-4328	124	5	and	and	CCONJ
ajfa-4328	124	6	more	more	ADV
ajfa-4328	124	7	significant	significant	ADJ
ajfa-4328	124	8	with	with	ADP
ajfa-4328	124	9	higher	high	ADJ
ajfa-4328	124	10	values	value	NOUN
ajfa-4328	124	11	and	and	CCONJ
ajfa-4328	124	12	more	more	ADJ
ajfa-4328	124	13	number	number	NOUN
ajfa-4328	124	14	of	of	ADP
ajfa-4328	124	15	firms	firm	NOUN
ajfa-4328	124	16	are	be	AUX
ajfa-4328	124	17	observed	observe	VERB
ajfa-4328	124	18	with	with	ADP
ajfa-4328	124	19	positive	positive	ADJ
ajfa-4328	124	20	abnormal	abnormal	ADJ
ajfa-4328	124	21	returns	return	NOUN
ajfa-4328	124	22	.	.	PUNCT
ajfa-4328	125	1	0.25	0.25	NUM
ajfa-4328	125	2	%	%	NOUN
ajfa-4328	125	3	of	of	ADP
ajfa-4328	125	4	mar	mar	PROPN
ajfa-4328	125	5	is	be	AUX
ajfa-4328	125	6	observed	observe	VERB
ajfa-4328	125	7	on	on	ADP
ajfa-4328	125	8	ad-1	ad-1	PRON
ajfa-4328	125	9	with	with	ADP
ajfa-4328	125	10	46	46	NUM
ajfa-4328	125	11	out	out	ADP
ajfa-4328	125	12	of	of	ADP
ajfa-4328	125	13	74	74	NUM
ajfa-4328	125	14	firms	firm	NOUN
ajfa-4328	125	15	with	with	ADP
ajfa-4328	125	16	positive	positive	ADJ
ajfa-4328	125	17	abnormal	abnormal	ADJ
ajfa-4328	125	18	returns	return	NOUN
ajfa-4328	125	19	.	.	PUNCT
ajfa-4328	126	1	presence	presence	NOUN
ajfa-4328	126	2	of	of	ADP
ajfa-4328	126	3	positive	positive	ADJ
ajfa-4328	126	4	abnormal	abnormal	ADJ
ajfa-4328	126	5	returns	return	NOUN
ajfa-4328	126	6	just	just	ADV
ajfa-4328	126	7	prior	prior	ADV
ajfa-4328	126	8	to	to	ADP
ajfa-4328	126	9	announcement	announcement	NOUN
ajfa-4328	126	10	day	day	NOUN
ajfa-4328	126	11	is	be	AUX
ajfa-4328	126	12	probably	probably	ADV
ajfa-4328	126	13	indicating	indicate	VERB
ajfa-4328	126	14	some	some	DET
ajfa-4328	126	15	leakage	leakage	NOUN
ajfa-4328	126	16	of	of	ADP
ajfa-4328	126	17	information	information	NOUN
ajfa-4328	126	18	or	or	CCONJ
ajfa-4328	126	19	some	some	DET
ajfa-4328	126	20	early	early	ADJ
ajfa-4328	126	21	signals	signal	NOUN
ajfa-4328	126	22	for	for	ADP
ajfa-4328	126	23	market	market	NOUN
ajfa-4328	126	24	participants	participant	NOUN
ajfa-4328	126	25	on	on	ADP
ajfa-4328	126	26	potential	potential	ADJ
ajfa-4328	126	27	bonus	bonus	NOUN
ajfa-4328	126	28	announcement	announcement	NOUN
ajfa-4328	126	29	.	.	PUNCT
ajfa-4328	127	1	however	however	ADV
ajfa-4328	127	2	,	,	PUNCT
ajfa-4328	127	3	the	the	DET
ajfa-4328	127	4	largest	large	ADJ
ajfa-4328	127	5	mar	mar	PROPN
ajfa-4328	127	6	of	of	ADP
ajfa-4328	127	7	0.5	0.5	NUM
ajfa-4328	127	8	%	%	NOUN
ajfa-4328	127	9	is	be	AUX
ajfa-4328	127	10	observed	observe	VERB
ajfa-4328	127	11	on	on	ADP
ajfa-4328	127	12	the	the	DET
ajfa-4328	127	13	announcement	announcement	NOUN
ajfa-4328	127	14	day	day	NOUN
ajfa-4328	127	15	with	with	ADP
ajfa-4328	127	16	50	50	NUM
ajfa-4328	127	17	out	out	ADP
ajfa-4328	127	18	of	of	ADP
ajfa-4328	127	19	74	74	NUM
ajfa-4328	127	20	firms	firm	NOUN
ajfa-4328	127	21	having	have	VERB
ajfa-4328	127	22	positive	positive	ADJ
ajfa-4328	127	23	abnormal	abnormal	ADJ
ajfa-4328	127	24	return	return	NOUN
ajfa-4328	127	25	and	and	CCONJ
ajfa-4328	127	26	that	that	PRON
ajfa-4328	127	27	is	be	AUX
ajfa-4328	127	28	highly	highly	ADV
ajfa-4328	127	29	significant	significant	ADJ
ajfa-4328	127	30	t	t	NOUN
ajfa-4328	127	31	and	and	CCONJ
ajfa-4328	127	32	z	z	NOUN
ajfa-4328	127	33	value	value	NOUN
ajfa-4328	127	34	however	however	ADV
ajfa-4328	127	35	,	,	PUNCT
ajfa-4328	127	36	significant	significant	ADJ
ajfa-4328	127	37	positive	positive	ADJ
ajfa-4328	127	38	mar	mar	PROPN
ajfa-4328	127	39	is	be	AUX
ajfa-4328	127	40	not	not	PART
ajfa-4328	127	41	seen	see	VERB
ajfa-4328	127	42	anywhere	anywhere	ADV
ajfa-4328	127	43	in	in	ADP
ajfa-4328	127	44	the	the	DET
ajfa-4328	127	45	remaining	remain	VERB
ajfa-4328	127	46	length	length	NOUN
ajfa-4328	127	47	of	of	ADP
ajfa-4328	127	48	announcement	announcement	NOUN
ajfa-4328	127	49	window	window	NOUN
ajfa-4328	127	50	(	(	PUNCT
ajfa-4328	127	51	ad+1	ad+1	NOUN
ajfa-4328	127	52	to	to	PART
ajfa-4328	127	53	ad+10	ad+10	VERB
ajfa-4328	127	54	)	)	PUNCT
ajfa-4328	127	55	.	.	PUNCT
ajfa-4328	128	1	in	in	ADP
ajfa-4328	128	2	fact	fact	NOUN
ajfa-4328	128	3	,	,	PUNCT
ajfa-4328	128	4	statically	statically	ADV
ajfa-4328	128	5	significant	significant	ADJ
ajfa-4328	128	6	negative	negative	ADJ
ajfa-4328	128	7	mar	mar	PROPN
ajfa-4328	128	8	of	of	ADP
ajfa-4328	128	9	0.35	0.35	NUM
ajfa-4328	128	10	%	%	NOUN
ajfa-4328	128	11	is	be	AUX
ajfa-4328	128	12	observed	observe	VERB
ajfa-4328	128	13	and	and	CCONJ
ajfa-4328	128	14	that	that	PRON
ajfa-4328	128	15	is	be	AUX
ajfa-4328	128	16	significant	significant	ADJ
ajfa-4328	128	17	with	with	ADP
ajfa-4328	128	18	47	47	NUM
ajfa-4328	128	19	out	out	ADP
ajfa-4328	128	20	of	of	ADP
ajfa-4328	128	21	74	74	NUM
ajfa-4328	128	22	firms	firm	NOUN
ajfa-4328	128	23	with	with	ADP
ajfa-4328	128	24	negative	negative	ADJ
ajfa-4328	128	25	abnormal	abnormal	ADJ
ajfa-4328	128	26	returns	return	NOUN
ajfa-4328	128	27	.	.	PUNCT
ajfa-4328	129	1	asian	asian	ADJ
ajfa-4328	129	2	journal	journal	PROPN
ajfa-4328	129	3	of	of	ADP
ajfa-4328	129	4	finance	finance	PROPN
ajfa-4328	129	5	&	&	CCONJ
ajfa-4328	129	6	accounting	accounting	PROPN
ajfa-4328	129	7	issn	issn	PROPN
ajfa-4328	129	8	1946	1946	NUM
ajfa-4328	129	9	-	-	PUNCT
ajfa-4328	129	10	052x	052x	NOUN
ajfa-4328	129	11	2013	2013	NUM
ajfa-4328	129	12	,	,	PUNCT
ajfa-4328	129	13	vol	vol	NOUN
ajfa-4328	129	14	.	.	PROPN
ajfa-4328	129	15	5	5	NUM
ajfa-4328	129	16	,	,	PUNCT
ajfa-4328	129	17	no	no	INTJ
ajfa-4328	129	18	.	.	NOUN
ajfa-4328	129	19	2	2	NUM
ajfa-4328	129	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4328	129	21	263	263	NUM
ajfa-4328	129	22	table	table	NOUN
ajfa-4328	129	23	2	2	NUM
ajfa-4328	129	24	.	.	PUNCT
ajfa-4328	130	1	mean	mean	VERB
ajfa-4328	130	2	cumulative	cumulative	ADJ
ajfa-4328	130	3	abnormal	abnormal	ADJ
ajfa-4328	130	4	returns	return	NOUN
ajfa-4328	130	5	within	within	ADP
ajfa-4328	130	6	announcement	announcement	NOUN
ajfa-4328	130	7	window	window	NOUN
ajfa-4328	130	8	days	day	NOUN
ajfa-4328	130	9	t	t	PROPN
ajfa-4328	130	10	-	-	PUNCT
ajfa-4328	130	11	stat	stat	NOUN
ajfa-4328	130	12	mcar	mcar	ADJ
ajfa-4328	130	13	positive	positive	ADJ
ajfa-4328	130	14	(	(	PUNCT
ajfa-4328	130	15	out	out	ADP
ajfa-4328	130	16	of	of	ADP
ajfa-4328	130	17	74	74	NUM
ajfa-4328	130	18	)	)	PUNCT
ajfa-4328	130	19	z	z	NOUN
ajfa-4328	130	20	-	-	PUNCT
ajfa-4328	130	21	score	score	NOUN
ajfa-4328	130	22	ad	ad	NOUN
ajfa-4328	130	23	-10	-10	PUNCT
ajfa-4328	130	24	0.38	0.38	NUM
ajfa-4328	130	25	0.04	0.04	NUM
ajfa-4328	130	26	%	%	NOUN
ajfa-4328	130	27	35	35	NUM
ajfa-4328	130	28	-0.46	-0.46	NUM
ajfa-4328	130	29	ad	ad	NOUN
ajfa-4328	130	30	-9	-9	NUM
ajfa-4328	130	31	2.05	2.05	NUM
ajfa-4328	130	32	0.35	0.35	NUM
ajfa-4328	130	33	%	%	NOUN
ajfa-4328	130	34	40	40	NUM
ajfa-4328	130	35	0.7	0.7	NUM
ajfa-4328	130	36	ad	ad	NOUN
ajfa-4328	130	37	-8	-8	NUM
ajfa-4328	130	38	2.39	2.39	NUM
ajfa-4328	130	39	0.55	0.55	NUM
ajfa-4328	130	40	%	%	NOUN
ajfa-4328	130	41	41	41	NUM
ajfa-4328	130	42	0.93	0.93	NUM
ajfa-4328	130	43	ad	ad	NOUN
ajfa-4328	130	44	-7	-7	NOUN
ajfa-4328	130	45	2.41	2.41	NUM
ajfa-4328	130	46	0.64	0.64	NUM
ajfa-4328	130	47	%	%	NOUN
ajfa-4328	130	48	41	41	NUM
ajfa-4328	130	49	0.93	0.93	NUM
ajfa-4328	130	50	ad	ad	NOUN
ajfa-4328	130	51	-6	-6	ADP
ajfa-4328	130	52	2.65	2.65	NUM
ajfa-4328	130	53	0.75	0.75	NUM
ajfa-4328	130	54	%	%	NOUN
ajfa-4328	130	55	42	42	NUM
ajfa-4328	130	56	1.16	1.16	NUM
ajfa-4328	130	57	ad	ad	NOUN
ajfa-4328	130	58	-5	-5	NUM
ajfa-4328	130	59	2.42	2.42	NUM
ajfa-4328	130	60	0.71	0.71	NUM
ajfa-4328	130	61	%	%	NOUN
ajfa-4328	130	62	37	37	NUM
ajfa-4328	130	63	0	0	NUM
ajfa-4328	130	64	ad	ad	NOUN
ajfa-4328	130	65	-4	-4	PUNCT
ajfa-4328	130	66	2.44	2.44	NUM
ajfa-4328	130	67	0.76	0.76	NUM
ajfa-4328	130	68	%	%	NOUN
ajfa-4328	130	69	39	39	NUM
ajfa-4328	130	70	0.46	0.46	NUM
ajfa-4328	130	71	ad	ad	NOUN
ajfa-4328	130	72	-3	-3	PUNCT
ajfa-4328	130	73	3.02	3.02	NUM
ajfa-4328	130	74	1.08	1.08	NUM
ajfa-4328	130	75	%	%	NOUN
ajfa-4328	130	76	45	45	NUM
ajfa-4328	130	77	1.86	1.86	NUM
ajfa-4328	130	78	ad	ad	NOUN
ajfa-4328	130	79	-2	-2	NOUN
ajfa-4328	130	80	3.5	3.5	NUM
ajfa-4328	130	81	1.33	1.33	NUM
ajfa-4328	130	82	%	%	NOUN
ajfa-4328	130	83	47	47	NUM
ajfa-4328	130	84	2.32	2.32	NUM
ajfa-4328	130	85	ad	ad	NOUN
ajfa-4328	130	86	-1	-1	ADP
ajfa-4328	130	87	4.03	4.03	NUM
ajfa-4328	130	88	1.58	1.58	NUM
ajfa-4328	130	89	%	%	NOUN
ajfa-4328	130	90	50	50	NUM
ajfa-4328	130	91	3.02	3.02	NUM
ajfa-4328	130	92	ad	ad	NOUN
ajfa-4328	130	93	5.08	5.08	NUM
ajfa-4328	130	94	2.08	2.08	NUM
ajfa-4328	130	95	%	%	NOUN
ajfa-4328	130	96	54	54	NUM
ajfa-4328	130	97	3.95	3.95	NUM
ajfa-4328	130	98	ad	ad	NOUN
ajfa-4328	130	99	+1	+1	PROPN
ajfa-4328	130	100	4.79	4.79	NUM
ajfa-4328	130	101	2.18	2.18	NUM
ajfa-4328	130	102	%	%	NOUN
ajfa-4328	130	103	55	55	NUM
ajfa-4328	130	104	4.18	4.18	NUM
ajfa-4328	130	105	ad	ad	NOUN
ajfa-4328	130	106	+2	+2	ADP
ajfa-4328	130	107	3.87	3.87	NUM
ajfa-4328	130	108	1.83	1.83	NUM
ajfa-4328	130	109	%	%	NOUN
ajfa-4328	130	110	50	50	NUM
ajfa-4328	130	111	3.02	3.02	NUM
ajfa-4328	130	112	ad	ad	NOUN
ajfa-4328	130	113	+3	+3	PROPN
ajfa-4328	130	114	4.06	4.06	NUM
ajfa-4328	130	115	1.89	1.89	NUM
ajfa-4328	130	116	%	%	NOUN
ajfa-4328	130	117	47	47	NUM
ajfa-4328	130	118	2.32	2.32	NUM
ajfa-4328	130	119	ad	ad	NOUN
ajfa-4328	130	120	+4	+4	NUM
ajfa-4328	130	121	3.82	3.82	NUM
ajfa-4328	130	122	1.86	1.86	NUM
ajfa-4328	130	123	%	%	NOUN
ajfa-4328	130	124	46	46	NUM
ajfa-4328	130	125	2.09	2.09	NUM
ajfa-4328	130	126	ad	ad	NOUN
ajfa-4328	130	127	+5	+5	PROPN
ajfa-4328	130	128	3.65	3.65	NUM
ajfa-4328	130	129	1.75	1.75	NUM
ajfa-4328	130	130	%	%	NOUN
ajfa-4328	130	131	46	46	NUM
ajfa-4328	130	132	2.09	2.09	NUM
ajfa-4328	130	133	ad	ad	NOUN
ajfa-4328	130	134	+6	+6	PROPN
ajfa-4328	130	135	3.65	3.65	NUM
ajfa-4328	130	136	1.74	1.74	NUM
ajfa-4328	130	137	%	%	NOUN
ajfa-4328	130	138	48	48	NUM
ajfa-4328	130	139	2.56	2.56	NUM
ajfa-4328	130	140	ad	ad	NOUN
ajfa-4328	130	141	+7	+7	NOUN
ajfa-4328	130	142	3.29	3.29	NUM
ajfa-4328	130	143	1.56	1.56	NUM
ajfa-4328	130	144	%	%	NOUN
ajfa-4328	130	145	48	48	NUM
ajfa-4328	130	146	2.56	2.56	NUM
ajfa-4328	130	147	ad	ad	NOUN
ajfa-4328	130	148	+8	+8	NOUN
ajfa-4328	130	149	3.13	3.13	NUM
ajfa-4328	130	150	1.49	1.49	NUM
ajfa-4328	130	151	%	%	NOUN
ajfa-4328	130	152	46	46	NUM
ajfa-4328	130	153	2.09	2.09	NUM
ajfa-4328	130	154	ad	ad	NOUN
ajfa-4328	130	155	+9	+9	NUM
ajfa-4328	130	156	2.98	2.98	NUM
ajfa-4328	130	157	1.42	1.42	NUM
ajfa-4328	130	158	%	%	NOUN
ajfa-4328	130	159	46	46	NUM
ajfa-4328	130	160	2.09	2.09	NUM
ajfa-4328	130	161	ad	ad	NOUN
ajfa-4328	130	162	+10	+10	NOUN
ajfa-4328	130	163	2.99	2.99	NUM
ajfa-4328	130	164	1.41	1.41	NUM
ajfa-4328	130	165	%	%	NOUN
ajfa-4328	130	166	44	44	NUM
ajfa-4328	130	167	1.63	1.63	NUM
ajfa-4328	130	168	table	table	NOUN
ajfa-4328	130	169	2	2	NUM
ajfa-4328	130	170	reports	report	NOUN
ajfa-4328	130	171	mean	mean	VERB
ajfa-4328	130	172	cumulative	cumulative	ADJ
ajfa-4328	130	173	abnormal	abnormal	ADJ
ajfa-4328	130	174	return	return	NOUN
ajfa-4328	130	175	(	(	PUNCT
ajfa-4328	130	176	mcar	mcar	NOUN
ajfa-4328	130	177	)	)	PUNCT
ajfa-4328	130	178	within	within	ADP
ajfa-4328	130	179	the	the	DET
ajfa-4328	130	180	announcement	announcement	NOUN
ajfa-4328	130	181	window	window	NOUN
ajfa-4328	130	182	.	.	PUNCT
ajfa-4328	131	1	mcar	mcar	NOUN
ajfa-4328	131	2	also	also	ADV
ajfa-4328	131	3	shows	show	VERB
ajfa-4328	131	4	similar	similar	ADJ
ajfa-4328	131	5	trend	trend	NOUN
ajfa-4328	131	6	to	to	ADP
ajfa-4328	131	7	mar	mar	PROPN
ajfa-4328	131	8	values	value	NOUN
ajfa-4328	131	9	and	and	CCONJ
ajfa-4328	131	10	is	be	AUX
ajfa-4328	131	11	significant	significant	ADJ
ajfa-4328	131	12	both	both	CCONJ
ajfa-4328	131	13	with	with	ADP
ajfa-4328	131	14	t	t	PROPN
ajfa-4328	131	15	and	and	CCONJ
ajfa-4328	131	16	z	z	PROPN
ajfa-4328	131	17	statistics	statistic	NOUN
ajfa-4328	131	18	from	from	ADP
ajfa-4328	131	19	ad-2	ad-2	PUNCT
ajfa-4328	131	20	and	and	CCONJ
ajfa-4328	131	21	reaches	reach	VERB
ajfa-4328	131	22	its	its	PRON
ajfa-4328	131	23	pick	pick	NOUN
ajfa-4328	131	24	on	on	ADP
ajfa-4328	131	25	ad+1	ad+1	PROPN
ajfa-4328	131	26	with	with	ADP
ajfa-4328	131	27	mcar	mcar	NOUN
ajfa-4328	131	28	of	of	ADP
ajfa-4328	131	29	2.18	2.18	NUM
ajfa-4328	131	30	%	%	NOUN
ajfa-4328	131	31	with	with	ADP
ajfa-4328	131	32	55	55	NUM
ajfa-4328	131	33	out	out	ADP
ajfa-4328	131	34	of	of	ADP
ajfa-4328	131	35	74	74	NUM
ajfa-4328	131	36	firms	firm	NOUN
ajfa-4328	131	37	reporting	report	VERB
ajfa-4328	131	38	positive	positive	ADJ
ajfa-4328	131	39	mcar	mcar	NOUN
ajfa-4328	131	40	and	and	CCONJ
ajfa-4328	131	41	that	that	PRON
ajfa-4328	131	42	is	be	AUX
ajfa-4328	131	43	highly	highly	ADV
ajfa-4328	131	44	significant	significant	ADJ
ajfa-4328	131	45	both	both	PRON
ajfa-4328	131	46	using	use	VERB
ajfa-4328	131	47	parametric	parametric	ADJ
ajfa-4328	131	48	t	t	PROPN
ajfa-4328	131	49	-	-	PUNCT
ajfa-4328	131	50	test	test	NOUN
ajfa-4328	131	51	and	and	CCONJ
ajfa-4328	131	52	non	non	ADJ
ajfa-4328	131	53	-	-	ADJ
ajfa-4328	131	54	parametric	parametric	ADJ
ajfa-4328	131	55	sign	sign	NOUN
ajfa-4328	131	56	test	test	NOUN
ajfa-4328	131	57	.	.	PUNCT
ajfa-4328	132	1	while	while	SCONJ
ajfa-4328	132	2	mcar	mcar	ADJ
ajfa-4328	132	3	remains	remain	VERB
ajfa-4328	132	4	statistically	statistically	ADV
ajfa-4328	132	5	significant	significant	ADJ
ajfa-4328	132	6	for	for	ADP
ajfa-4328	132	7	the	the	DET
ajfa-4328	132	8	remaining	remain	VERB
ajfa-4328	132	9	length	length	NOUN
ajfa-4328	132	10	of	of	ADP
ajfa-4328	132	11	announcement	announcement	NOUN
ajfa-4328	132	12	window	window	NOUN
ajfa-4328	132	13	post	post	NOUN
ajfa-4328	132	14	announcement	announcement	NOUN
ajfa-4328	132	15	day	day	NOUN
ajfa-4328	132	16	(	(	PUNCT
ajfa-4328	132	17	ad+1	ad+1	NOUN
ajfa-4328	132	18	to	to	PART
ajfa-4328	132	19	ad+10	ad+10	VERB
ajfa-4328	132	20	)	)	PUNCT
ajfa-4328	132	21	,	,	PUNCT
ajfa-4328	132	22	it	it	PRON
ajfa-4328	132	23	fizzles	fizzle	VERB
ajfa-4328	132	24	out	out	ADP
ajfa-4328	132	25	at	at	ADP
ajfa-4328	132	26	a	a	DET
ajfa-4328	132	27	steady	steady	ADJ
ajfa-4328	132	28	pace	pace	NOUN
ajfa-4328	132	29	with	with	ADP
ajfa-4328	132	30	mcar	mcar	NOUN
ajfa-4328	132	31	of	of	ADP
ajfa-4328	132	32	1.41	1.41	NUM
ajfa-4328	132	33	%	%	NOUN
ajfa-4328	132	34	on	on	ADP
ajfa-4328	132	35	ad+10	ad+10	NOUN
ajfa-4328	132	36	and	and	CCONJ
ajfa-4328	132	37	only	only	ADV
ajfa-4328	132	38	44	44	NUM
ajfa-4328	132	39	out	out	ADP
ajfa-4328	132	40	of	of	ADP
ajfa-4328	132	41	74	74	NUM
ajfa-4328	132	42	firms	firm	NOUN
ajfa-4328	132	43	with	with	ADP
ajfa-4328	132	44	positive	positive	ADJ
ajfa-4328	132	45	mcar	mcar	NOUN
ajfa-4328	132	46	value	value	NOUN
ajfa-4328	132	47	compared	compare	VERB
ajfa-4328	132	48	to	to	ADP
ajfa-4328	132	49	2.18	2.18	NUM
ajfa-4328	132	50	%	%	NOUN
ajfa-4328	132	51	mcar	mcar	NOUN
ajfa-4328	132	52	with	with	ADP
ajfa-4328	132	53	55	55	NUM
ajfa-4328	132	54	firms	firm	NOUN
ajfa-4328	132	55	with	with	ADP
ajfa-4328	132	56	positive	positive	ADJ
ajfa-4328	132	57	mcar	mcar	ADJ
ajfa-4328	132	58	value	value	NOUN
ajfa-4328	132	59	on	on	ADP
ajfa-4328	132	60	ad+1	ad+1	PROPN
ajfa-4328	132	61	.	.	PUNCT
ajfa-4328	133	1	this	this	PRON
ajfa-4328	133	2	indicates	indicate	VERB
ajfa-4328	133	3	that	that	SCONJ
ajfa-4328	133	4	bonus	bonus	NOUN
ajfa-4328	133	5	announcement	announcement	NOUN
ajfa-4328	133	6	shows	show	VERB
ajfa-4328	133	7	positive	positive	ADJ
ajfa-4328	133	8	market	market	NOUN
ajfa-4328	133	9	reaction	reaction	NOUN
ajfa-4328	133	10	in	in	ADP
ajfa-4328	133	11	anticipation	anticipation	NOUN
ajfa-4328	133	12	of	of	ADP
ajfa-4328	133	13	such	such	ADJ
ajfa-4328	133	14	announcement	announcement	NOUN
ajfa-4328	133	15	before	before	ADP
ajfa-4328	133	16	one	one	NUM
ajfa-4328	133	17	or	or	CCONJ
ajfa-4328	133	18	two	two	NUM
ajfa-4328	133	19	days	day	NOUN
ajfa-4328	133	20	of	of	ADP
ajfa-4328	133	21	such	such	ADJ
ajfa-4328	133	22	announcement	announcement	NOUN
ajfa-4328	133	23	with	with	ADP
ajfa-4328	133	24	significant	significant	ADJ
ajfa-4328	133	25	positive	positive	ADJ
ajfa-4328	133	26	response	response	NOUN
ajfa-4328	133	27	on	on	ADP
ajfa-4328	133	28	the	the	DET
ajfa-4328	133	29	bonus	bonus	NOUN
ajfa-4328	133	30	announcement	announcement	NOUN
ajfa-4328	133	31	day	day	NOUN
ajfa-4328	133	32	itself	itself	PRON
ajfa-4328	133	33	-	-	PUNCT
ajfa-4328	133	34	the	the	DET
ajfa-4328	133	35	way	way	NOUN
ajfa-4328	133	36	it	it	PRON
ajfa-4328	133	37	should	should	AUX
ajfa-4328	133	38	be	be	AUX
ajfa-4328	133	39	if	if	SCONJ
ajfa-4328	133	40	markets	market	NOUN
ajfa-4328	133	41	are	be	AUX
ajfa-4328	133	42	efficient	efficient	ADJ
ajfa-4328	133	43	in	in	ADP
ajfa-4328	133	44	its	its	PRON
ajfa-4328	133	45	semi	semi	ADJ
ajfa-4328	133	46	strong	strong	ADJ
ajfa-4328	133	47	form	form	NOUN
ajfa-4328	133	48	and	and	CCONJ
ajfa-4328	133	49	bonus	bonus	NOUN
ajfa-4328	133	50	announcement	announcement	NOUN
ajfa-4328	133	51	is	be	AUX
ajfa-4328	133	52	perceived	perceive	VERB
ajfa-4328	133	53	as	as	ADP
ajfa-4328	133	54	a	a	DET
ajfa-4328	133	55	positive	positive	ADJ
ajfa-4328	133	56	information	information	NOUN
ajfa-4328	133	57	about	about	ADP
ajfa-4328	133	58	the	the	DET
ajfa-4328	133	59	stock	stock	NOUN
ajfa-4328	133	60	.	.	PUNCT
ajfa-4328	134	1	asian	asian	ADJ
ajfa-4328	134	2	journal	journal	PROPN
ajfa-4328	134	3	of	of	ADP
ajfa-4328	134	4	finance	finance	PROPN
ajfa-4328	134	5	&	&	CCONJ
ajfa-4328	134	6	accounting	accounting	PROPN
ajfa-4328	134	7	issn	issn	PROPN
ajfa-4328	134	8	1946	1946	NUM
ajfa-4328	134	9	-	-	PUNCT
ajfa-4328	134	10	052x	052x	NOUN
ajfa-4328	134	11	2013	2013	NUM
ajfa-4328	134	12	,	,	PUNCT
ajfa-4328	134	13	vol	vol	NOUN
ajfa-4328	134	14	.	.	PROPN
ajfa-4328	134	15	5	5	NUM
ajfa-4328	134	16	,	,	PUNCT
ajfa-4328	134	17	no	no	INTJ
ajfa-4328	134	18	.	.	NOUN
ajfa-4328	134	19	2	2	NUM
ajfa-4328	134	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4328	134	21	264	264	NUM
ajfa-4328	134	22	table	table	NOUN
ajfa-4328	134	23	3	3	NUM
ajfa-4328	134	24	.	.	PUNCT
ajfa-4328	135	1	mean	mean	VERB
ajfa-4328	135	2	abnormal	abnormal	ADJ
ajfa-4328	135	3	returns	return	NOUN
ajfa-4328	135	4	within	within	ADP
ajfa-4328	135	5	effective	effective	ADJ
ajfa-4328	135	6	window	window	NOUN
ajfa-4328	135	7	days	day	NOUN
ajfa-4328	135	8	t	t	PROPN
ajfa-4328	135	9	-	-	PUNCT
ajfa-4328	135	10	stat	stat	PROPN
ajfa-4328	135	11	mar	mar	PROPN
ajfa-4328	135	12	positive	positive	ADJ
ajfa-4328	135	13	(	(	PUNCT
ajfa-4328	135	14	out	out	ADP
ajfa-4328	135	15	of	of	ADP
ajfa-4328	135	16	74	74	NUM
ajfa-4328	135	17	)	)	PUNCT
ajfa-4328	135	18	z	z	NOUN
ajfa-4328	135	19	-	-	PUNCT
ajfa-4328	135	20	score	score	NOUN
ajfa-4328	136	1	ed	ed	NOUN
ajfa-4328	136	2	-10	-10	PUNCT
ajfa-4328	136	3	-0.68	-0.68	PROPN
ajfa-4328	136	4	-0.08	-0.08	NUM
ajfa-4328	136	5	%	%	NOUN
ajfa-4328	137	1	34	34	NUM
ajfa-4328	137	2	-0.59	-0.59	NUM
ajfa-4328	137	3	ed	ed	NOUN
ajfa-4328	137	4	-9	-9	PROPN
ajfa-4328	137	5	-1.92	-1.92	NOUN
ajfa-4328	137	6	-0.22	-0.22	NUM
ajfa-4328	137	7	%	%	NOUN
ajfa-4328	137	8	27	27	NUM
ajfa-4328	137	9	-2.22	-2.22	NUM
ajfa-4328	137	10	ed	ed	NOUN
ajfa-4328	137	11	-8	-8	NUM
ajfa-4328	137	12	1.59	1.59	NUM
ajfa-4328	137	13	0.19	0.19	NUM
ajfa-4328	137	14	%	%	NOUN
ajfa-4328	137	15	40	40	NUM
ajfa-4328	137	16	0.82	0.82	NUM
ajfa-4328	137	17	ed	ed	NOUN
ajfa-4328	137	18	-7	-7	NOUN
ajfa-4328	137	19	0.99	0.99	NUM
ajfa-4328	137	20	0.12	0.12	NUM
ajfa-4328	137	21	%	%	NOUN
ajfa-4328	137	22	39	39	NUM
ajfa-4328	137	23	0.59	0.59	NUM
ajfa-4328	137	24	ed	ed	NOUN
ajfa-4328	138	1	-6	-6	PROPN
ajfa-4328	138	2	2.74	2.74	NUM
ajfa-4328	138	3	0.32	0.32	NUM
ajfa-4328	138	4	%	%	NOUN
ajfa-4328	138	5	45	45	NUM
ajfa-4328	138	6	1.99	1.99	NUM
ajfa-4328	138	7	ed	ed	NOUN
ajfa-4328	138	8	-5	-5	NOUN
ajfa-4328	138	9	2.54	2.54	NUM
ajfa-4328	138	10	0.30	0.30	NUM
ajfa-4328	138	11	%	%	NOUN
ajfa-4328	138	12	46	46	NUM
ajfa-4328	138	13	2.22	2.22	NUM
ajfa-4328	138	14	ed	ed	NOUN
ajfa-4328	138	15	-4	-4	NUM
ajfa-4328	138	16	2.01	2.01	NUM
ajfa-4328	138	17	0.24	0.24	NUM
ajfa-4328	138	18	%	%	NOUN
ajfa-4328	138	19	43	43	NUM
ajfa-4328	138	20	1.52	1.52	NUM
ajfa-4328	138	21	ed	ed	NOUN
ajfa-4328	138	22	-3	-3	INTJ
ajfa-4328	138	23	0.59	0.59	NUM
ajfa-4328	138	24	0.07	0.07	NUM
ajfa-4328	138	25	%	%	NOUN
ajfa-4328	138	26	41	41	NUM
ajfa-4328	138	27	1.05	1.05	NUM
ajfa-4328	138	28	ed	ed	NOUN
ajfa-4328	138	29	-2	-2	INTJ
ajfa-4328	138	30	-0.22	-0.22	NUM
ajfa-4328	138	31	-0.03	-0.03	NUM
ajfa-4328	138	32	%	%	NOUN
ajfa-4328	138	33	35	35	NUM
ajfa-4328	138	34	-0.35	-0.35	NUM
ajfa-4328	138	35	ed	ed	NOUN
ajfa-4328	138	36	-1	-1	NOUN
ajfa-4328	138	37	0.35	0.35	NUM
ajfa-4328	138	38	0.04	0.04	NUM
ajfa-4328	138	39	%	%	NOUN
ajfa-4328	138	40	34	34	NUM
ajfa-4328	138	41	-0.59	-0.59	NUM
ajfa-4328	138	42	ed	ed	NOUN
ajfa-4328	138	43	4.95	4.95	NUM
ajfa-4328	138	44	0.58	0.58	NUM
ajfa-4328	138	45	%	%	NOUN
ajfa-4328	138	46	46	46	NUM
ajfa-4328	138	47	2.22	2.22	NUM
ajfa-4328	138	48	ed	ed	NOUN
ajfa-4328	138	49	+1	+1	ADJ
ajfa-4328	138	50	0.1	0.1	NUM
ajfa-4328	138	51	0.01	0.01	NUM
ajfa-4328	138	52	%	%	NOUN
ajfa-4328	138	53	30	30	NUM
ajfa-4328	138	54	-1.52	-1.52	NUM
ajfa-4328	138	55	ed	ed	NOUN
ajfa-4328	138	56	+2	+2	PROPN
ajfa-4328	138	57	-2.79	-2.79	VERB
ajfa-4328	138	58	-0.33	-0.33	ADJ
ajfa-4328	138	59	%	%	NOUN
ajfa-4328	138	60	22	22	NUM
ajfa-4328	138	61	-3.39	-3.39	NUM
ajfa-4328	138	62	ed	ed	NOUN
ajfa-4328	138	63	+3	+3	PROPN
ajfa-4328	138	64	-1.29	-1.29	NUM
ajfa-4328	138	65	-0.15	-0.15	NUM
ajfa-4328	138	66	%	%	NOUN
ajfa-4328	138	67	27	27	NUM
ajfa-4328	138	68	-2.22	-2.22	PRON
ajfa-4328	138	69	ed	ed	PROPN
ajfa-4328	138	70	+4	+4	PROPN
ajfa-4328	138	71	-1.89	-1.89	NUM
ajfa-4328	138	72	-0.22	-0.22	NUM
ajfa-4328	138	73	%	%	NOUN
ajfa-4328	138	74	24	24	NUM
ajfa-4328	138	75	-2.93	-2.93	NUM
ajfa-4328	138	76	ed	ed	NOUN
ajfa-4328	138	77	+5	+5	PROPN
ajfa-4328	138	78	-0.14	-0.14	NUM
ajfa-4328	138	79	-0.02	-0.02	NUM
ajfa-4328	138	80	%	%	NOUN
ajfa-4328	138	81	31	31	NUM
ajfa-4328	138	82	-1.29	-1.29	NUM
ajfa-4328	138	83	ed	ed	PROPN
ajfa-4328	138	84	+6	+6	PROPN
ajfa-4328	138	85	-3.74	-3.74	VERB
ajfa-4328	138	86	-0.44	-0.44	NUM
ajfa-4328	138	87	%	%	NOUN
ajfa-4328	138	88	24	24	NUM
ajfa-4328	138	89	-2.93	-2.93	NUM
ajfa-4328	138	90	ed	ed	NOUN
ajfa-4328	139	1	+7	+7	INTJ
ajfa-4328	139	2	-1.95	-1.95	NOUN
ajfa-4328	139	3	-0.23	-0.23	NUM
ajfa-4328	139	4	%	%	NOUN
ajfa-4328	139	5	29	29	NUM
ajfa-4328	139	6	-1.76	-1.76	NUM
ajfa-4328	139	7	ed	ed	NOUN
ajfa-4328	139	8	+8	+8	NOUN
ajfa-4328	139	9	-2.95	-2.95	NOUN
ajfa-4328	139	10	-0.35	-0.35	NOUN
ajfa-4328	139	11	%	%	NOUN
ajfa-4328	139	12	23	23	NUM
ajfa-4328	139	13	-3.16	-3.16	NOUN
ajfa-4328	139	14	ed	ed	NOUN
ajfa-4328	139	15	+9	+9	NOUN
ajfa-4328	139	16	-3.5	-3.5	PROPN
ajfa-4328	139	17	-0.41	-0.41	NUM
ajfa-4328	139	18	%	%	NOUN
ajfa-4328	140	1	22	22	NUM
ajfa-4328	140	2	-3.39	-3.39	NUM
ajfa-4328	140	3	ed	ed	NOUN
ajfa-4328	140	4	+10	+10	NOUN
ajfa-4328	140	5	-1.67	-1.67	PRON
ajfa-4328	140	6	-0.20	-0.20	NUM
ajfa-4328	140	7	%	%	NOUN
ajfa-4328	140	8	32	32	NUM
ajfa-4328	140	9	-1.05	-1.05	NOUN
ajfa-4328	140	10	table	table	NOUN
ajfa-4328	140	11	3	3	NUM
ajfa-4328	140	12	reports	report	NOUN
ajfa-4328	140	13	mean	mean	VERB
ajfa-4328	140	14	abnormal	abnormal	ADJ
ajfa-4328	140	15	returns	return	NOUN
ajfa-4328	140	16	(	(	PUNCT
ajfa-4328	140	17	mar	mar	PROPN
ajfa-4328	140	18	)	)	PUNCT
ajfa-4328	140	19	surrounding	surround	VERB
ajfa-4328	140	20	ex	ex	NOUN
ajfa-4328	140	21	-	-	NOUN
ajfa-4328	140	22	bonus	bonus	NOUN
ajfa-4328	140	23	date	date	NOUN
ajfa-4328	140	24	.	.	PUNCT
ajfa-4328	141	1	while	while	SCONJ
ajfa-4328	141	2	there	there	PRON
ajfa-4328	141	3	is	be	VERB
ajfa-4328	141	4	no	no	DET
ajfa-4328	141	5	significant	significant	ADJ
ajfa-4328	141	6	positive	positive	ADJ
ajfa-4328	141	7	abnormal	abnormal	ADJ
ajfa-4328	141	8	return	return	NOUN
ajfa-4328	141	9	observed	observe	VERB
ajfa-4328	141	10	within	within	ADP
ajfa-4328	141	11	effective	effective	ADJ
ajfa-4328	141	12	window	window	NOUN
ajfa-4328	141	13	prior	prior	ADV
ajfa-4328	141	14	to	to	ADP
ajfa-4328	141	15	ex	ex	NOUN
ajfa-4328	141	16	-	-	NOUN
ajfa-4328	141	17	bonus	bonus	NOUN
ajfa-4328	141	18	date	date	NOUN
ajfa-4328	141	19	,	,	PUNCT
ajfa-4328	141	20	highly	highly	ADV
ajfa-4328	141	21	significant	significant	ADJ
ajfa-4328	141	22	positive	positive	ADJ
ajfa-4328	141	23	abnormal	abnormal	ADJ
ajfa-4328	141	24	return	return	NOUN
ajfa-4328	141	25	of	of	ADP
ajfa-4328	141	26	with	with	ADP
ajfa-4328	141	27	mar	mar	PROPN
ajfa-4328	141	28	of	of	ADP
ajfa-4328	141	29	0.58	0.58	NUM
ajfa-4328	141	30	%	%	NOUN
ajfa-4328	141	31	is	be	AUX
ajfa-4328	141	32	observed	observe	VERB
ajfa-4328	141	33	in	in	ADP
ajfa-4328	141	34	46	46	NUM
ajfa-4328	141	35	out	out	ADP
ajfa-4328	141	36	of	of	ADP
ajfa-4328	141	37	74	74	NUM
ajfa-4328	141	38	firms	firm	NOUN
ajfa-4328	141	39	and	and	CCONJ
ajfa-4328	141	40	that	that	PRON
ajfa-4328	141	41	can	can	AUX
ajfa-4328	141	42	be	be	AUX
ajfa-4328	141	43	attributed	attribute	VERB
ajfa-4328	141	44	to	to	ADP
ajfa-4328	141	45	the	the	DET
ajfa-4328	141	46	split	split	NOUN
ajfa-4328	141	47	like	like	ADP
ajfa-4328	141	48	effect	effect	NOUN
ajfa-4328	141	49	where	where	SCONJ
ajfa-4328	141	50	investors	investor	NOUN
ajfa-4328	141	51	may	may	AUX
ajfa-4328	141	52	perceive	perceive	VERB
ajfa-4328	141	53	that	that	SCONJ
ajfa-4328	141	54	stock	stock	NOUN
ajfa-4328	141	55	as	as	ADP
ajfa-4328	141	56	more	more	ADV
ajfa-4328	141	57	affordable	affordable	ADJ
ajfa-4328	141	58	and	and	CCONJ
ajfa-4328	141	59	cheap	cheap	ADJ
ajfa-4328	141	60	and	and	CCONJ
ajfa-4328	141	61	that	that	PRON
ajfa-4328	141	62	might	might	AUX
ajfa-4328	141	63	have	have	AUX
ajfa-4328	141	64	created	create	VERB
ajfa-4328	141	65	some	some	DET
ajfa-4328	141	66	demand	demand	NOUN
ajfa-4328	141	67	.	.	PUNCT
ajfa-4328	142	1	it	it	PRON
ajfa-4328	142	2	is	be	AUX
ajfa-4328	142	3	more	more	ADV
ajfa-4328	142	4	evident	evident	ADJ
ajfa-4328	142	5	due	due	ADP
ajfa-4328	142	6	to	to	ADP
ajfa-4328	142	7	the	the	DET
ajfa-4328	142	8	fact	fact	NOUN
ajfa-4328	142	9	that	that	SCONJ
ajfa-4328	142	10	between	between	ADP
ajfa-4328	142	11	ed+	ed+	NOUN
ajfa-4328	142	12	1	1	NUM
ajfa-4328	142	13	to	to	PART
ajfa-4328	142	14	ed+10	ed+10	VERB
ajfa-4328	142	15	there	there	PRON
ajfa-4328	142	16	are	be	VERB
ajfa-4328	142	17	several	several	ADJ
ajfa-4328	142	18	days	day	NOUN
ajfa-4328	142	19	on	on	ADP
ajfa-4328	142	20	which	which	PRON
ajfa-4328	142	21	significant	significant	ADJ
ajfa-4328	142	22	mar	mar	PROPN
ajfa-4328	142	23	is	be	AUX
ajfa-4328	142	24	seen	see	VERB
ajfa-4328	142	25	and	and	CCONJ
ajfa-4328	142	26	that	that	PRON
ajfa-4328	142	27	means	mean	VERB
ajfa-4328	142	28	the	the	DET
ajfa-4328	142	29	positive	positive	ADJ
ajfa-4328	142	30	market	market	NOUN
ajfa-4328	142	31	reaction	reaction	NOUN
ajfa-4328	142	32	seen	see	VERB
ajfa-4328	142	33	on	on	ADP
ajfa-4328	142	34	the	the	DET
ajfa-4328	142	35	ex	ex	NOUN
ajfa-4328	142	36	-	-	NOUN
ajfa-4328	142	37	day	day	NOUN
ajfa-4328	142	38	was	be	AUX
ajfa-4328	142	39	just	just	ADV
ajfa-4328	142	40	temporary	temporary	ADJ
ajfa-4328	142	41	and	and	CCONJ
ajfa-4328	142	42	reversed	reverse	VERB
ajfa-4328	142	43	in	in	ADP
ajfa-4328	142	44	a	a	DET
ajfa-4328	142	45	very	very	ADV
ajfa-4328	142	46	short	short	ADJ
ajfa-4328	142	47	period	period	NOUN
ajfa-4328	142	48	of	of	ADP
ajfa-4328	142	49	time	time	NOUN
ajfa-4328	142	50	.	.	PUNCT
ajfa-4328	143	1	if	if	SCONJ
ajfa-4328	143	2	such	such	ADJ
ajfa-4328	143	3	positive	positive	ADJ
ajfa-4328	143	4	reaction	reaction	NOUN
ajfa-4328	143	5	is	be	AUX
ajfa-4328	143	6	due	due	ADJ
ajfa-4328	143	7	to	to	ADP
ajfa-4328	143	8	improvement	improvement	NOUN
ajfa-4328	143	9	in	in	ADP
ajfa-4328	143	10	liquidity	liquidity	NOUN
ajfa-4328	143	11	or	or	CCONJ
ajfa-4328	143	12	more	more	ADV
ajfa-4328	143	13	permanent	permanent	ADJ
ajfa-4328	143	14	positive	positive	ADJ
ajfa-4328	143	15	shift	shift	NOUN
ajfa-4328	143	16	in	in	ADP
ajfa-4328	143	17	demand	demand	NOUN
ajfa-4328	143	18	such	such	ADJ
ajfa-4328	143	19	positive	positive	ADJ
ajfa-4328	143	20	abnormal	abnormal	ADJ
ajfa-4328	143	21	returns	return	NOUN
ajfa-4328	143	22	would	would	AUX
ajfa-4328	143	23	have	have	AUX
ajfa-4328	143	24	sustained	sustain	VERB
ajfa-4328	143	25	.	.	PUNCT
ajfa-4328	144	1	asian	asian	ADJ
ajfa-4328	144	2	journal	journal	PROPN
ajfa-4328	144	3	of	of	ADP
ajfa-4328	144	4	finance	finance	PROPN
ajfa-4328	144	5	&	&	CCONJ
ajfa-4328	144	6	accounting	accounting	PROPN
ajfa-4328	144	7	issn	issn	PROPN
ajfa-4328	144	8	1946	1946	NUM
ajfa-4328	144	9	-	-	PUNCT
ajfa-4328	144	10	052x	052x	NOUN
ajfa-4328	144	11	2013	2013	NUM
ajfa-4328	144	12	,	,	PUNCT
ajfa-4328	144	13	vol	vol	NOUN
ajfa-4328	144	14	.	.	PROPN
ajfa-4328	144	15	5	5	NUM
ajfa-4328	144	16	,	,	PUNCT
ajfa-4328	144	17	no	no	INTJ
ajfa-4328	144	18	.	.	NOUN
ajfa-4328	144	19	2	2	NUM
ajfa-4328	144	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4328	144	21	265	265	NUM
ajfa-4328	144	22	table	table	NOUN
ajfa-4328	144	23	4	4	NUM
ajfa-4328	144	24	.	.	PUNCT
ajfa-4328	145	1	mean	mean	VERB
ajfa-4328	145	2	cumulative	cumulative	ADJ
ajfa-4328	145	3	abnormal	abnormal	ADJ
ajfa-4328	145	4	returns	return	NOUN
ajfa-4328	145	5	within	within	ADP
ajfa-4328	145	6	effective	effective	ADJ
ajfa-4328	145	7	window	window	NOUN
ajfa-4328	145	8	days	day	NOUN
ajfa-4328	145	9	t	t	PROPN
ajfa-4328	145	10	-	-	PUNCT
ajfa-4328	145	11	stat	stat	NOUN
ajfa-4328	145	12	mcar	mcar	ADJ
ajfa-4328	145	13	positive	positive	ADJ
ajfa-4328	145	14	(	(	PUNCT
ajfa-4328	145	15	out	out	ADP
ajfa-4328	145	16	of	of	ADP
ajfa-4328	145	17	74	74	NUM
ajfa-4328	145	18	)	)	PUNCT
ajfa-4328	145	19	z	z	NOUN
ajfa-4328	145	20	-	-	PUNCT
ajfa-4328	145	21	score	score	NOUN
ajfa-4328	145	22	ed-10	ed-10	X
ajfa-4328	146	1	-0.72	-0.72	NOUN
ajfa-4328	146	2	-0.08	-0.08	NUM
ajfa-4328	146	3	%	%	NOUN
ajfa-4328	147	1	34	34	NUM
ajfa-4328	147	2	-0.59	-0.59	NUM
ajfa-4328	147	3	ed	ed	NOUN
ajfa-4328	147	4	-9	-9	PROPN
ajfa-4328	147	5	-1.97	-1.97	PUNCT
ajfa-4328	147	6	-0.30	-0.30	PROPN
ajfa-4328	147	7	%	%	NOUN
ajfa-4328	147	8	31	31	NUM
ajfa-4328	147	9	-1.29	-1.29	NUM
ajfa-4328	147	10	ed	ed	PROPN
ajfa-4328	147	11	-8	-8	PROPN
ajfa-4328	148	1	-0.65	-0.65	PROPN
ajfa-4328	148	2	-0.12	-0.12	NUM
ajfa-4328	148	3	%	%	NOUN
ajfa-4328	148	4	35	35	NUM
ajfa-4328	148	5	-0.35	-0.35	NUM
ajfa-4328	148	6	ed	ed	NOUN
ajfa-4328	148	7	-7	-7	NOUN
ajfa-4328	148	8	-0.01	-0.01	NUM
ajfa-4328	148	9	0.00	0.00	NUM
ajfa-4328	148	10	%	%	NOUN
ajfa-4328	148	11	35	35	NUM
ajfa-4328	148	12	-0.35	-0.35	NUM
ajfa-4328	148	13	ed	ed	NOUN
ajfa-4328	148	14	-6	-6	PROPN
ajfa-4328	148	15	1.21	1.21	NUM
ajfa-4328	148	16	0.32	0.32	NUM
ajfa-4328	148	17	%	%	NOUN
ajfa-4328	148	18	43	43	NUM
ajfa-4328	148	19	1.52	1.52	NUM
ajfa-4328	148	20	ed	ed	NOUN
ajfa-4328	148	21	-5	-5	NUM
ajfa-4328	148	22	2.11	2.11	NUM
ajfa-4328	148	23	0.62	0.62	NUM
ajfa-4328	148	24	%	%	NOUN
ajfa-4328	148	25	49	49	NUM
ajfa-4328	148	26	2.93	2.93	NUM
ajfa-4328	148	27	ed	ed	NOUN
ajfa-4328	148	28	-4	-4	NUM
ajfa-4328	148	29	2.77	2.77	NUM
ajfa-4328	148	30	0.85	0.85	NUM
ajfa-4328	148	31	%	%	NOUN
ajfa-4328	148	32	51	51	NUM
ajfa-4328	148	33	3.39	3.39	NUM
ajfa-4328	148	34	ed	ed	NOUN
ajfa-4328	148	35	-3	-3	PUNCT
ajfa-4328	148	36	2.76	2.76	NUM
ajfa-4328	148	37	0.92	0.92	NUM
ajfa-4328	148	38	%	%	NOUN
ajfa-4328	148	39	48	48	NUM
ajfa-4328	148	40	2.69	2.69	NUM
ajfa-4328	148	41	ed	ed	NOUN
ajfa-4328	148	42	-2	-2	NOUN
ajfa-4328	148	43	2.13	2.13	NUM
ajfa-4328	148	44	0.89	0.89	NUM
ajfa-4328	148	45	%	%	NOUN
ajfa-4328	148	46	48	48	NUM
ajfa-4328	148	47	2.69	2.69	NUM
ajfa-4328	148	48	ed	ed	NOUN
ajfa-4328	148	49	-1	-1	NOUN
ajfa-4328	148	50	2.23	2.23	NUM
ajfa-4328	148	51	0.93	0.93	NUM
ajfa-4328	148	52	%	%	NOUN
ajfa-4328	148	53	46	46	NUM
ajfa-4328	148	54	2.22	2.22	NUM
ajfa-4328	148	55	ed	ed	NOUN
ajfa-4328	148	56	3.77	3.77	NUM
ajfa-4328	148	57	1.51	1.51	NUM
ajfa-4328	148	58	%	%	NOUN
ajfa-4328	148	59	50	50	NUM
ajfa-4328	148	60	3.16	3.16	NUM
ajfa-4328	148	61	ed	ed	NOUN
ajfa-4328	148	62	+1	+1	PROPN
ajfa-4328	148	63	3.73	3.73	NUM
ajfa-4328	148	64	1.53	1.53	NUM
ajfa-4328	148	65	%	%	NOUN
ajfa-4328	148	66	48	48	NUM
ajfa-4328	148	67	2.69	2.69	NUM
ajfa-4328	148	68	ed	ed	NOUN
ajfa-4328	148	69	+2	+2	ADV
ajfa-4328	148	70	2.76	2.76	NUM
ajfa-4328	148	71	1.20	1.20	NUM
ajfa-4328	148	72	%	%	NOUN
ajfa-4328	148	73	41	41	NUM
ajfa-4328	148	74	1.05	1.05	NUM
ajfa-4328	148	75	ed	ed	NOUN
ajfa-4328	148	76	+3	+3	PROPN
ajfa-4328	148	77	2.32	2.32	NUM
ajfa-4328	148	78	1.05	1.05	NUM
ajfa-4328	148	79	%	%	NOUN
ajfa-4328	148	80	40	40	NUM
ajfa-4328	148	81	0.82	0.82	NUM
ajfa-4328	148	82	ed	ed	NOUN
ajfa-4328	148	83	+4	+4	PROPN
ajfa-4328	148	84	1.92	1.92	NUM
ajfa-4328	148	85	0.83	0.83	NUM
ajfa-4328	148	86	%	%	NOUN
ajfa-4328	148	87	41	41	NUM
ajfa-4328	148	88	1.05	1.05	NUM
ajfa-4328	148	89	ed	ed	NOUN
ajfa-4328	148	90	+5	+5	PROPN
ajfa-4328	148	91	1.75	1.75	NUM
ajfa-4328	148	92	0.81	0.81	NUM
ajfa-4328	148	93	%	%	NOUN
ajfa-4328	148	94	38	38	NUM
ajfa-4328	148	95	0.35	0.35	NUM
ajfa-4328	148	96	ed	ed	NOUN
ajfa-4328	148	97	+6	+6	PROPN
ajfa-4328	148	98	0.87	0.87	NUM
ajfa-4328	148	99	0.37	0.37	NUM
ajfa-4328	148	100	%	%	NOUN
ajfa-4328	148	101	36	36	NUM
ajfa-4328	148	102	-0.12	-0.12	NUM
ajfa-4328	148	103	ed	ed	NOUN
ajfa-4328	148	104	+7	+7	NOUN
ajfa-4328	148	105	0.33	0.33	NUM
ajfa-4328	148	106	0.15	0.15	NUM
ajfa-4328	148	107	%	%	NOUN
ajfa-4328	148	108	35	35	NUM
ajfa-4328	148	109	-0.35	-0.35	NUM
ajfa-4328	148	110	ed	ed	NOUN
ajfa-4328	148	111	+8	+8	PROPN
ajfa-4328	148	112	-0.44	-0.44	VERB
ajfa-4328	148	113	-0.20	-0.20	NUM
ajfa-4328	148	114	%	%	NOUN
ajfa-4328	148	115	32	32	NUM
ajfa-4328	148	116	-1.05	-1.05	NOUN
ajfa-4328	148	117	ed	ed	NOUN
ajfa-4328	148	118	+9	+9	PROPN
ajfa-4328	148	119	-1.31	-1.31	NUM
ajfa-4328	148	120	-0.61	-0.61	NUM
ajfa-4328	148	121	%	%	NOUN
ajfa-4328	148	122	29	29	NUM
ajfa-4328	148	123	-1.76	-1.76	NUM
ajfa-4328	148	124	ed	ed	NOUN
ajfa-4328	148	125	+10	+10	NOUN
ajfa-4328	149	1	-1.65	-1.65	ADP
ajfa-4328	149	2	-0.81	-0.81	NUM
ajfa-4328	149	3	%	%	NOUN
ajfa-4328	149	4	27	27	NUM
ajfa-4328	149	5	-2.22	-2.22	DET
ajfa-4328	149	6	table	table	NOUN
ajfa-4328	149	7	4	4	NUM
ajfa-4328	149	8	reports	report	NOUN
ajfa-4328	149	9	mean	mean	VERB
ajfa-4328	149	10	cumulative	cumulative	ADJ
ajfa-4328	149	11	abnormal	abnormal	ADJ
ajfa-4328	149	12	returns	return	NOUN
ajfa-4328	149	13	surrounding	surround	VERB
ajfa-4328	149	14	ex	ex	NOUN
ajfa-4328	149	15	-	-	NOUN
ajfa-4328	149	16	bonus	bonus	NOUN
ajfa-4328	149	17	date	date	NOUN
ajfa-4328	149	18	.	.	PUNCT
ajfa-4328	150	1	mcar	mcar	NOUN
ajfa-4328	150	2	turns	turn	VERB
ajfa-4328	150	3	significant	significant	ADJ
ajfa-4328	150	4	positive	positive	ADJ
ajfa-4328	150	5	from	from	ADP
ajfa-4328	150	6	ed-5	ed-5	PUNCT
ajfa-4328	150	7	and	and	CCONJ
ajfa-4328	150	8	remains	remain	VERB
ajfa-4328	150	9	till	till	SCONJ
ajfa-4328	150	10	ed+5	ed+5	PROPN
ajfa-4328	150	11	with	with	ADP
ajfa-4328	150	12	ed+1	ed+1	PROPN
ajfa-4328	150	13	report	report	NOUN
ajfa-4328	150	14	highest	high	ADJ
ajfa-4328	150	15	mcar	mcar	NOUN
ajfa-4328	150	16	of	of	ADP
ajfa-4328	150	17	1.53	1.53	NUM
ajfa-4328	150	18	%	%	NOUN
ajfa-4328	150	19	.	.	PUNCT
ajfa-4328	151	1	mcar	mcar	NOUN
ajfa-4328	151	2	remains	remain	VERB
ajfa-4328	151	3	statically	statically	ADV
ajfa-4328	151	4	significant	significant	ADJ
ajfa-4328	151	5	and	and	CCONJ
ajfa-4328	151	6	positive	positive	ADJ
ajfa-4328	151	7	till	till	SCONJ
ajfa-4328	151	8	ed+5	ed+5	PROPN
ajfa-4328	152	1	but	but	CCONJ
ajfa-4328	152	2	it	it	PRON
ajfa-4328	152	3	declines	decline	VERB
ajfa-4328	152	4	continuously	continuously	ADV
ajfa-4328	152	5	from	from	ADP
ajfa-4328	152	6	ed+1	ed+1	PROPN
ajfa-4328	152	7	high	high	ADJ
ajfa-4328	152	8	levels	level	NOUN
ajfa-4328	152	9	.	.	PUNCT
ajfa-4328	153	1	mcar	mcar	NOUN
ajfa-4328	153	2	is	be	AUX
ajfa-4328	153	3	0.81	0.81	NUM
ajfa-4328	153	4	%	%	NOUN
ajfa-4328	153	5	on	on	ADP
ajfa-4328	153	6	ed+5	ed+5	PROPN
ajfa-4328	153	7	that	that	PRON
ajfa-4328	153	8	is	be	AUX
ajfa-4328	153	9	statistically	statistically	ADV
ajfa-4328	153	10	significant	significant	ADJ
ajfa-4328	153	11	but	but	CCONJ
ajfa-4328	153	12	at	at	ADP
ajfa-4328	153	13	a	a	DET
ajfa-4328	153	14	level	level	NOUN
ajfa-4328	153	15	that	that	PRON
ajfa-4328	153	16	is	be	AUX
ajfa-4328	153	17	much	much	ADV
ajfa-4328	153	18	below	below	ADP
ajfa-4328	153	19	1.53	1.53	NUM
ajfa-4328	153	20	%	%	NOUN
ajfa-4328	153	21	observed	observe	VERB
ajfa-4328	153	22	on	on	ADP
ajfa-4328	153	23	ed+1	ed+1	NUM
ajfa-4328	153	24	.	.	PUNCT
ajfa-4328	154	1	mcar	mcar	NOUN
ajfa-4328	154	2	keeps	keep	VERB
ajfa-4328	154	3	on	on	ADP
ajfa-4328	154	4	declining	decline	VERB
ajfa-4328	154	5	from	from	ADP
ajfa-4328	154	6	thereon	thereon	NOUN
ajfa-4328	154	7	and	and	CCONJ
ajfa-4328	154	8	finally	finally	ADV
ajfa-4328	154	9	ends	end	VERB
ajfa-4328	154	10	with	with	ADP
ajfa-4328	154	11	negative	negative	ADJ
ajfa-4328	154	12	0.81	0.81	NUM
ajfa-4328	154	13	%	%	NOUN
ajfa-4328	154	14	mcar	mcar	NOUN
ajfa-4328	154	15	on	on	ADP
ajfa-4328	154	16	last	last	ADJ
ajfa-4328	154	17	day	day	NOUN
ajfa-4328	154	18	of	of	ADP
ajfa-4328	154	19	effective	effective	ADJ
ajfa-4328	154	20	window	window	NOUN
ajfa-4328	154	21	that	that	PRON
ajfa-4328	154	22	is	be	AUX
ajfa-4328	154	23	ed+10	ed+10	PROPN
ajfa-4328	154	24	,	,	PUNCT
ajfa-4328	154	25	a	a	DET
ajfa-4328	154	26	complete	complete	ADJ
ajfa-4328	154	27	reversal	reversal	NOUN
ajfa-4328	154	28	of	of	ADP
ajfa-4328	154	29	trend	trend	NOUN
ajfa-4328	154	30	.	.	PUNCT
ajfa-4328	155	1	5	5	X
ajfa-4328	155	2	.	.	X
ajfa-4328	155	3	conclusion	conclusion	NOUN
ajfa-4328	155	4	in	in	ADP
ajfa-4328	155	5	this	this	DET
ajfa-4328	155	6	paper	paper	NOUN
ajfa-4328	155	7	,	,	PUNCT
ajfa-4328	155	8	we	we	PRON
ajfa-4328	155	9	analyse	analyse	VERB
ajfa-4328	155	10	market	market	NOUN
ajfa-4328	155	11	reaction	reaction	NOUN
ajfa-4328	155	12	surrounding	surround	VERB
ajfa-4328	155	13	announcement	announcement	NOUN
ajfa-4328	155	14	and	and	CCONJ
ajfa-4328	155	15	ex	ex	NOUN
ajfa-4328	155	16	-	-	NOUN
ajfa-4328	155	17	bonus	bonus	NOUN
ajfa-4328	155	18	days	day	NOUN
ajfa-4328	155	19	in	in	ADP
ajfa-4328	155	20	post	post	NOUN
ajfa-4328	155	21	global	global	ADJ
ajfa-4328	155	22	financial	financial	ADJ
ajfa-4328	155	23	crisis	crisis	NOUN
ajfa-4328	155	24	era	era	NOUN
ajfa-4328	155	25	in	in	ADP
ajfa-4328	155	26	indian	indian	ADJ
ajfa-4328	155	27	markets	market	NOUN
ajfa-4328	155	28	.	.	PUNCT
ajfa-4328	156	1	our	our	PRON
ajfa-4328	156	2	results	result	NOUN
ajfa-4328	156	3	show	show	VERB
ajfa-4328	156	4	that	that	SCONJ
ajfa-4328	156	5	bonus	bonus	NOUN
ajfa-4328	156	6	announcement	announcement	NOUN
ajfa-4328	156	7	leads	lead	VERB
ajfa-4328	156	8	to	to	ADP
ajfa-4328	156	9	some	some	DET
ajfa-4328	156	10	buzz	buzz	NOUN
ajfa-4328	156	11	in	in	ADP
ajfa-4328	156	12	the	the	DET
ajfa-4328	156	13	market	market	NOUN
ajfa-4328	156	14	and	and	CCONJ
ajfa-4328	156	15	it	it	PRON
ajfa-4328	156	16	reacts	react	VERB
ajfa-4328	156	17	positively	positively	ADV
ajfa-4328	156	18	to	to	ADP
ajfa-4328	156	19	such	such	ADJ
ajfa-4328	156	20	announcements	announcement	NOUN
ajfa-4328	156	21	.	.	PUNCT
ajfa-4328	157	1	if	if	SCONJ
ajfa-4328	157	2	,	,	PUNCT
ajfa-4328	157	3	market	market	NOUN
ajfa-4328	157	4	is	be	AUX
ajfa-4328	157	5	efficient	efficient	ADJ
ajfa-4328	157	6	in	in	ADP
ajfa-4328	157	7	its	its	PRON
ajfa-4328	157	8	semi	semi	ADJ
ajfa-4328	157	9	-	-	ADJ
ajfa-4328	157	10	strong	strong	ADJ
ajfa-4328	157	11	form	form	NOUN
ajfa-4328	157	12	,	,	PUNCT
ajfa-4328	157	13	such	such	ADJ
ajfa-4328	157	14	positive	positive	ADJ
ajfa-4328	157	15	reaction	reaction	NOUN
ajfa-4328	157	16	associated	associate	VERB
ajfa-4328	157	17	with	with	ADP
ajfa-4328	157	18	bonus	bonus	NOUN
ajfa-4328	157	19	announcement	announcement	NOUN
ajfa-4328	157	20	should	should	AUX
ajfa-4328	157	21	be	be	AUX
ajfa-4328	157	22	restricted	restrict	VERB
ajfa-4328	157	23	on	on	ADP
ajfa-4328	157	24	announcement	announcement	NOUN
ajfa-4328	157	25	day	day	NOUN
ajfa-4328	157	26	only	only	ADV
ajfa-4328	157	27	,	,	PUNCT
ajfa-4328	157	28	however	however	ADV
ajfa-4328	157	29	,	,	PUNCT
ajfa-4328	157	30	we	we	PRON
ajfa-4328	157	31	can	can	AUX
ajfa-4328	157	32	see	see	VERB
ajfa-4328	157	33	that	that	DET
ajfa-4328	157	34	market	market	NOUN
ajfa-4328	157	35	gets	get	VERB
ajfa-4328	157	36	some	some	DET
ajfa-4328	157	37	hint	hint	NOUN
ajfa-4328	157	38	of	of	ADP
ajfa-4328	157	39	such	such	ADJ
ajfa-4328	157	40	potential	potential	ADJ
ajfa-4328	157	41	announcement	announcement	NOUN
ajfa-4328	157	42	at	at	ADP
ajfa-4328	157	43	least	least	ADV
ajfa-4328	157	44	two	two	NUM
ajfa-4328	157	45	days	day	NOUN
ajfa-4328	157	46	before	before	ADV
ajfa-4328	157	47	but	but	CCONJ
ajfa-4328	157	48	the	the	DET
ajfa-4328	157	49	biggest	big	ADJ
ajfa-4328	157	50	positive	positive	ADJ
ajfa-4328	157	51	market	market	NOUN
ajfa-4328	157	52	reaction	reaction	NOUN
ajfa-4328	157	53	is	be	AUX
ajfa-4328	157	54	observed	observe	VERB
ajfa-4328	157	55	on	on	ADP
ajfa-4328	157	56	announcement	announcement	NOUN
ajfa-4328	157	57	day	day	NOUN
ajfa-4328	157	58	itself	itself	PRON
ajfa-4328	157	59	and	and	CCONJ
ajfa-4328	157	60	not	not	PART
ajfa-4328	157	61	on	on	ADP
ajfa-4328	157	62	any	any	PRON
ajfa-4328	157	63	of	of	ADP
ajfa-4328	157	64	the	the	DET
ajfa-4328	157	65	following	following	ADJ
ajfa-4328	157	66	day	day	NOUN
ajfa-4328	157	67	in	in	ADP
ajfa-4328	157	68	the	the	DET
ajfa-4328	157	69	asian	asian	ADJ
ajfa-4328	157	70	journal	journal	NOUN
ajfa-4328	157	71	of	of	ADP
ajfa-4328	157	72	finance	finance	PROPN
ajfa-4328	157	73	&	&	CCONJ
ajfa-4328	157	74	accounting	accounting	PROPN
ajfa-4328	157	75	issn	issn	PROPN
ajfa-4328	157	76	1946	1946	NUM
ajfa-4328	157	77	-	-	PUNCT
ajfa-4328	157	78	052x	052x	NOUN
ajfa-4328	157	79	2013	2013	NUM
ajfa-4328	157	80	,	,	PUNCT
ajfa-4328	157	81	vol	vol	NOUN
ajfa-4328	157	82	.	.	PROPN
ajfa-4328	157	83	5	5	NUM
ajfa-4328	157	84	,	,	PUNCT
ajfa-4328	157	85	no	no	INTJ
ajfa-4328	157	86	.	.	NOUN
ajfa-4328	157	87	2	2	NUM
ajfa-4328	157	88	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4328	157	89	266	266	NUM
ajfa-4328	157	90	announcement	announcement	NOUN
ajfa-4328	157	91	window	window	NOUN
ajfa-4328	157	92	.	.	PUNCT
ajfa-4328	158	1	that	that	PRON
ajfa-4328	158	2	indicates	indicate	VERB
ajfa-4328	158	3	that	that	SCONJ
ajfa-4328	158	4	bonus	bonus	NOUN
ajfa-4328	158	5	announcement	announcement	NOUN
ajfa-4328	158	6	do	do	AUX
ajfa-4328	158	7	carry	carry	VERB
ajfa-4328	158	8	positive	positive	ADJ
ajfa-4328	158	9	information	information	NOUN
ajfa-4328	158	10	content	content	NOUN
ajfa-4328	158	11	and	and	CCONJ
ajfa-4328	158	12	that	that	PRON
ajfa-4328	158	13	is	be	AUX
ajfa-4328	158	14	getting	getting	AUX
ajfa-4328	158	15	reflected	reflect	VERB
ajfa-4328	158	16	just	just	ADV
ajfa-4328	158	17	before	before	ADV
ajfa-4328	158	18	and	and	CCONJ
ajfa-4328	158	19	immediately	immediately	ADV
ajfa-4328	158	20	on	on	ADP
ajfa-4328	158	21	its	its	PRON
ajfa-4328	158	22	announcement	announcement	NOUN
ajfa-4328	158	23	and	and	CCONJ
ajfa-4328	158	24	that	that	PRON
ajfa-4328	158	25	provides	provide	VERB
ajfa-4328	158	26	support	support	NOUN
ajfa-4328	158	27	for	for	ADP
ajfa-4328	158	28	information	information	NOUN
ajfa-4328	158	29	content	content	NOUN
ajfa-4328	158	30	and	and	CCONJ
ajfa-4328	158	31	some	some	DET
ajfa-4328	158	32	evidence	evidence	NOUN
ajfa-4328	158	33	of	of	ADP
ajfa-4328	158	34	indian	indian	ADJ
ajfa-4328	158	35	stock	stock	NOUN
ajfa-4328	158	36	market	market	NOUN
ajfa-4328	158	37	is	be	AUX
ajfa-4328	158	38	efficient	efficient	ADJ
ajfa-4328	158	39	in	in	ADP
ajfa-4328	158	40	its	its	PRON
ajfa-4328	158	41	semi	semi	ADJ
ajfa-4328	158	42	-	-	ADJ
ajfa-4328	158	43	strong	strong	ADJ
ajfa-4328	158	44	form	form	NOUN
ajfa-4328	158	45	.	.	PUNCT
ajfa-4328	159	1	while	while	SCONJ
ajfa-4328	159	2	,	,	PUNCT
ajfa-4328	159	3	bonus	bonus	NOUN
ajfa-4328	159	4	announcement	announcement	NOUN
ajfa-4328	159	5	does	do	AUX
ajfa-4328	159	6	not	not	PART
ajfa-4328	159	7	change	change	VERB
ajfa-4328	159	8	anything	anything	PRON
ajfa-4328	159	9	substantially	substantially	ADV
ajfa-4328	159	10	,	,	PUNCT
ajfa-4328	159	11	capitalization	capitalization	NOUN
ajfa-4328	159	12	of	of	ADP
ajfa-4328	159	13	reserve	reserve	NOUN
ajfa-4328	159	14	is	be	AUX
ajfa-4328	159	15	probably	probably	ADV
ajfa-4328	159	16	considered	consider	VERB
ajfa-4328	159	17	as	as	ADP
ajfa-4328	159	18	a	a	DET
ajfa-4328	159	19	positive	positive	ADJ
ajfa-4328	159	20	sign	sign	NOUN
ajfa-4328	159	21	by	by	ADP
ajfa-4328	159	22	the	the	DET
ajfa-4328	159	23	market	market	NOUN
ajfa-4328	159	24	as	as	SCONJ
ajfa-4328	159	25	that	that	PRON
ajfa-4328	159	26	indicates	indicate	VERB
ajfa-4328	159	27	that	that	SCONJ
ajfa-4328	159	28	the	the	DET
ajfa-4328	159	29	firm	firm	NOUN
ajfa-4328	159	30	announcing	announce	VERB
ajfa-4328	159	31	bonus	bonus	NOUN
ajfa-4328	159	32	is	be	AUX
ajfa-4328	159	33	confident	confident	ADJ
ajfa-4328	159	34	of	of	ADP
ajfa-4328	159	35	serving	serve	VERB
ajfa-4328	159	36	higher	high	ADJ
ajfa-4328	159	37	capital	capital	NOUN
ajfa-4328	159	38	base	base	NOUN
ajfa-4328	159	39	for	for	ADP
ajfa-4328	159	40	distributing	distribute	VERB
ajfa-4328	159	41	future	future	ADJ
ajfa-4328	159	42	dividends	dividend	NOUN
ajfa-4328	159	43	and	and	CCONJ
ajfa-4328	159	44	also	also	ADV
ajfa-4328	159	45	the	the	DET
ajfa-4328	159	46	fact	fact	NOUN
ajfa-4328	159	47	that	that	SCONJ
ajfa-4328	159	48	it	it	PRON
ajfa-4328	159	49	may	may	AUX
ajfa-4328	159	50	not	not	PART
ajfa-4328	159	51	need	need	VERB
ajfa-4328	159	52	reserves	reserve	NOUN
ajfa-4328	159	53	to	to	PART
ajfa-4328	159	54	deep	deep	VERB
ajfa-4328	159	55	into	into	ADP
ajfa-4328	159	56	for	for	ADP
ajfa-4328	159	57	distributing	distribute	VERB
ajfa-4328	159	58	cash	cash	NOUN
ajfa-4328	159	59	dividends	dividend	NOUN
ajfa-4328	159	60	especially	especially	ADV
ajfa-4328	159	61	in	in	ADP
ajfa-4328	159	62	bad	bad	ADJ
ajfa-4328	159	63	times	time	NOUN
ajfa-4328	159	64	.	.	PUNCT
ajfa-4328	160	1	positive	positive	ADJ
ajfa-4328	160	2	market	market	NOUN
ajfa-4328	160	3	reaction	reaction	NOUN
ajfa-4328	160	4	is	be	AUX
ajfa-4328	160	5	observed	observe	VERB
ajfa-4328	160	6	on	on	ADP
ajfa-4328	160	7	the	the	DET
ajfa-4328	160	8	ex	ex	NOUN
ajfa-4328	160	9	-	-	NOUN
ajfa-4328	160	10	bonus	bonus	NOUN
ajfa-4328	160	11	date	date	NOUN
ajfa-4328	160	12	but	but	CCONJ
ajfa-4328	160	13	fizzles	fizzle	VERB
ajfa-4328	160	14	out	out	ADP
ajfa-4328	160	15	immediately	immediately	ADV
ajfa-4328	160	16	after	after	ADP
ajfa-4328	160	17	that	that	PRON
ajfa-4328	160	18	and	and	CCONJ
ajfa-4328	160	19	results	result	NOUN
ajfa-4328	160	20	in	in	ADP
ajfa-4328	160	21	reversals	reversal	NOUN
ajfa-4328	160	22	by	by	ADP
ajfa-4328	160	23	the	the	DET
ajfa-4328	160	24	end	end	NOUN
ajfa-4328	160	25	of	of	ADP
ajfa-4328	160	26	effective	effective	ADJ
ajfa-4328	160	27	window	window	NOUN
ajfa-4328	160	28	that	that	PRON
ajfa-4328	160	29	indicates	indicate	VERB
ajfa-4328	160	30	that	that	SCONJ
ajfa-4328	160	31	such	such	ADJ
ajfa-4328	160	32	reaction	reaction	NOUN
ajfa-4328	160	33	is	be	AUX
ajfa-4328	160	34	only	only	ADV
ajfa-4328	160	35	on	on	ADP
ajfa-4328	160	36	account	account	NOUN
ajfa-4328	160	37	of	of	ADP
ajfa-4328	160	38	some	some	DET
ajfa-4328	160	39	overreaction	overreaction	NOUN
ajfa-4328	160	40	on	on	ADP
ajfa-4328	160	41	the	the	DET
ajfa-4328	160	42	ex	ex	NOUN
ajfa-4328	160	43	-	-	NOUN
ajfa-4328	160	44	day	day	NOUN
ajfa-4328	160	45	and	and	CCONJ
ajfa-4328	160	46	that	that	PRON
ajfa-4328	160	47	reverses	reverse	VERB
ajfa-4328	160	48	itself	itself	PRON
ajfa-4328	160	49	soon	soon	ADV
ajfa-4328	160	50	after	after	ADV
ajfa-4328	160	51	.	.	PUNCT
ajfa-4328	161	1	overall	overall	ADV
ajfa-4328	161	2	,	,	PUNCT
ajfa-4328	161	3	our	our	PRON
ajfa-4328	161	4	study	study	NOUN
ajfa-4328	161	5	concludes	conclude	VERB
ajfa-4328	161	6	that	that	SCONJ
ajfa-4328	161	7	bonus	bonus	NOUN
ajfa-4328	161	8	announcement	announcement	NOUN
ajfa-4328	161	9	does	do	AUX
ajfa-4328	161	10	carry	carry	VERB
ajfa-4328	161	11	positive	positive	ADJ
ajfa-4328	161	12	information	information	NOUN
ajfa-4328	161	13	content	content	NOUN
ajfa-4328	161	14	and	and	CCONJ
ajfa-4328	161	15	that	that	PRON
ajfa-4328	161	16	leads	lead	VERB
ajfa-4328	161	17	to	to	ADP
ajfa-4328	161	18	positive	positive	ADJ
ajfa-4328	161	19	market	market	NOUN
ajfa-4328	161	20	reaction	reaction	NOUN
ajfa-4328	161	21	on	on	ADP
ajfa-4328	161	22	its	its	PRON
ajfa-4328	161	23	announcement	announcement	NOUN
ajfa-4328	161	24	and	and	CCONJ
ajfa-4328	161	25	such	such	ADJ
ajfa-4328	161	26	reaction	reaction	NOUN
ajfa-4328	161	27	is	be	AUX
ajfa-4328	161	28	not	not	PART
ajfa-4328	161	29	following	follow	VERB
ajfa-4328	161	30	through	through	ADP
ajfa-4328	161	31	beyond	beyond	ADP
ajfa-4328	161	32	announcement	announcement	NOUN
ajfa-4328	161	33	day	day	NOUN
ajfa-4328	161	34	and	and	CCONJ
ajfa-4328	161	35	that	that	PRON
ajfa-4328	161	36	endorse	endorse	VERB
ajfa-4328	161	37	that	that	SCONJ
ajfa-4328	161	38	indian	indian	ADJ
ajfa-4328	161	39	stock	stock	NOUN
ajfa-4328	161	40	market	market	NOUN
ajfa-4328	161	41	is	be	AUX
ajfa-4328	161	42	efficient	efficient	ADJ
ajfa-4328	161	43	in	in	ADP
ajfa-4328	161	44	its	its	PRON
ajfa-4328	161	45	semi	semi	ADJ
ajfa-4328	161	46	-	-	ADJ
ajfa-4328	161	47	strong	strong	ADJ
ajfa-4328	161	48	form	form	NOUN
ajfa-4328	161	49	.	.	PUNCT
ajfa-4328	162	1	besides	besides	SCONJ
ajfa-4328	162	2	,	,	PUNCT
ajfa-4328	162	3	positive	positive	ADJ
ajfa-4328	162	4	market	market	NOUN
ajfa-4328	162	5	reaction	reaction	NOUN
ajfa-4328	162	6	on	on	ADP
ajfa-4328	162	7	ex	ex	NOUN
ajfa-4328	162	8	-	-	NOUN
ajfa-4328	162	9	bonus	bonus	NOUN
ajfa-4328	162	10	day	day	NOUN
ajfa-4328	162	11	is	be	AUX
ajfa-4328	162	12	just	just	ADV
ajfa-4328	162	13	overreaction	overreaction	NOUN
ajfa-4328	162	14	by	by	ADP
ajfa-4328	162	15	market	market	NOUN
ajfa-4328	162	16	participants	participant	NOUN
ajfa-4328	162	17	and	and	CCONJ
ajfa-4328	162	18	it	it	PRON
ajfa-4328	162	19	reverses	reverse	VERB
ajfa-4328	162	20	itself	itself	PRON
ajfa-4328	162	21	immediately	immediately	ADV
ajfa-4328	162	22	thereafter	thereafter	ADV
ajfa-4328	162	23	.	.	PUNCT
ajfa-4328	163	1	the	the	DET
ajfa-4328	163	2	results	result	NOUN
ajfa-4328	163	3	are	be	AUX
ajfa-4328	163	4	consistent	consistent	ADJ
ajfa-4328	163	5	with	with	ADP
ajfa-4328	163	6	other	other	ADJ
ajfa-4328	163	7	studies	study	NOUN
ajfa-4328	163	8	in	in	ADP
ajfa-4328	163	9	indian	indian	ADJ
ajfa-4328	163	10	markets	market	NOUN
ajfa-4328	163	11	by	by	ADP
ajfa-4328	163	12	mishra	mishra	PROPN
ajfa-4328	163	13	(	(	PUNCT
ajfa-4328	163	14	2005	2005	NUM
ajfa-4328	163	15	)	)	PUNCT
ajfa-4328	163	16	and	and	CCONJ
ajfa-4328	163	17	joshipura	joshipura	X
ajfa-4328	163	18	(	(	PUNCT
ajfa-4328	163	19	2009	2009	NUM
ajfa-4328	163	20	)	)	PUNCT
ajfa-4328	163	21	,	,	PUNCT
ajfa-4328	163	22	where	where	SCONJ
ajfa-4328	163	23	they	they	PRON
ajfa-4328	163	24	reported	report	VERB
ajfa-4328	163	25	significant	significant	ADJ
ajfa-4328	163	26	positive	positive	ADJ
ajfa-4328	163	27	price	price	NOUN
ajfa-4328	163	28	effect	effect	NOUN
ajfa-4328	163	29	on	on	ADP
ajfa-4328	163	30	announcement	announcement	NOUN
ajfa-4328	163	31	day	day	NOUN
ajfa-4328	163	32	itself	itself	PRON
ajfa-4328	163	33	.	.	PUNCT
ajfa-4328	164	1	however	however	ADV
ajfa-4328	164	2	,	,	PUNCT
ajfa-4328	164	3	the	the	DET
ajfa-4328	164	4	results	result	NOUN
ajfa-4328	164	5	of	of	ADP
ajfa-4328	164	6	this	this	DET
ajfa-4328	164	7	study	study	NOUN
ajfa-4328	164	8	are	be	AUX
ajfa-4328	164	9	different	different	ADJ
ajfa-4328	164	10	from	from	ADP
ajfa-4328	164	11	those	those	DET
ajfa-4328	164	12	studies	study	NOUN
ajfa-4328	164	13	on	on	ADP
ajfa-4328	164	14	ex	ex	NOUN
ajfa-4328	164	15	-	-	ADJ
ajfa-4328	164	16	day	day	NOUN
ajfa-4328	164	17	returns	return	NOUN
ajfa-4328	164	18	-	-	PUNCT
ajfa-4328	164	19	those	those	DET
ajfa-4328	164	20	studies	study	NOUN
ajfa-4328	164	21	did	do	AUX
ajfa-4328	164	22	not	not	PART
ajfa-4328	164	23	report	report	VERB
ajfa-4328	164	24	any	any	DET
ajfa-4328	164	25	positive	positive	ADJ
ajfa-4328	164	26	price	price	NOUN
ajfa-4328	164	27	effect	effect	NOUN
ajfa-4328	164	28	on	on	ADP
ajfa-4328	164	29	ex	ex	NOUN
ajfa-4328	164	30	-	-	NOUN
ajfa-4328	164	31	day	day	NOUN
ajfa-4328	164	32	,	,	PUNCT
ajfa-4328	164	33	in	in	ADP
ajfa-4328	164	34	fact	fact	NOUN
ajfa-4328	164	35	mishra	mishra	PROPN
ajfa-4328	164	36	(	(	PUNCT
ajfa-4328	164	37	2005	2005	NUM
ajfa-4328	164	38	)	)	PUNCT
ajfa-4328	164	39	reports	report	VERB
ajfa-4328	164	40	negative	negative	ADJ
ajfa-4328	164	41	return	return	NOUN
ajfa-4328	164	42	on	on	ADP
ajfa-4328	164	43	ex	ex	NOUN
ajfa-4328	164	44	-	-	NOUN
ajfa-4328	164	45	day	day	NOUN
ajfa-4328	164	46	whereas	whereas	SCONJ
ajfa-4328	164	47	,	,	PUNCT
ajfa-4328	164	48	present	present	ADJ
ajfa-4328	164	49	study	study	NOUN
ajfa-4328	164	50	reports	report	VERB
ajfa-4328	164	51	positive	positive	ADJ
ajfa-4328	164	52	return	return	NOUN
ajfa-4328	164	53	on	on	ADP
ajfa-4328	164	54	the	the	DET
ajfa-4328	164	55	ex	ex	NOUN
ajfa-4328	164	56	-	-	NOUN
ajfa-4328	164	57	bonus	bonus	NOUN
ajfa-4328	164	58	day	day	NOUN
ajfa-4328	164	59	.	.	PUNCT
ajfa-4328	165	1	however	however	ADV
ajfa-4328	165	2	,	,	PUNCT
ajfa-4328	165	3	such	such	ADJ
ajfa-4328	165	4	positive	positive	ADJ
ajfa-4328	165	5	returns	return	NOUN
ajfa-4328	165	6	reverse	reverse	VERB
ajfa-4328	165	7	immediately	immediately	ADV
ajfa-4328	165	8	and	and	CCONJ
ajfa-4328	165	9	hence	hence	ADV
ajfa-4328	165	10	not	not	PART
ajfa-4328	165	11	significant	significant	ADJ
ajfa-4328	165	12	by	by	ADP
ajfa-4328	165	13	any	any	DET
ajfa-4328	165	14	means	mean	NOUN
ajfa-4328	165	15	.	.	PUNCT
ajfa-4328	166	1	results	result	NOUN
ajfa-4328	166	2	of	of	ADP
ajfa-4328	166	3	present	present	ADJ
ajfa-4328	166	4	study	study	NOUN
ajfa-4328	166	5	are	be	AUX
ajfa-4328	166	6	not	not	PART
ajfa-4328	166	7	consistent	consistent	ADJ
ajfa-4328	166	8	with	with	ADP
ajfa-4328	166	9	ray	ray	NOUN
ajfa-4328	166	10	(	(	PUNCT
ajfa-4328	166	11	2011	2011	NUM
ajfa-4328	166	12	)	)	PUNCT
ajfa-4328	166	13	as	as	SCONJ
ajfa-4328	166	14	he	he	PRON
ajfa-4328	166	15	reports	report	VERB
ajfa-4328	166	16	no	no	DET
ajfa-4328	166	17	price	price	NOUN
ajfa-4328	166	18	reaction	reaction	NOUN
ajfa-4328	166	19	surrounding	surround	VERB
ajfa-4328	166	20	announcement	announcement	NOUN
ajfa-4328	166	21	as	as	ADV
ajfa-4328	166	22	well	well	ADV
ajfa-4328	166	23	as	as	ADP
ajfa-4328	166	24	effective	effective	ADJ
ajfa-4328	166	25	date	date	NOUN
ajfa-4328	166	26	.	.	PUNCT
ajfa-4328	167	1	to	to	PART
ajfa-4328	167	2	summarize	summarize	VERB
ajfa-4328	167	3	,	,	PUNCT
ajfa-4328	167	4	results	result	NOUN
ajfa-4328	167	5	of	of	ADP
ajfa-4328	167	6	the	the	DET
ajfa-4328	167	7	present	present	ADJ
ajfa-4328	167	8	study	study	NOUN
ajfa-4328	167	9	support	support	NOUN
ajfa-4328	167	10	signaling	signal	VERB
ajfa-4328	167	11	hypothesis	hypothesis	NOUN
ajfa-4328	167	12	and	and	CCONJ
ajfa-4328	167	13	provides	provide	VERB
ajfa-4328	167	14	evidence	evidence	NOUN
ajfa-4328	167	15	that	that	SCONJ
ajfa-4328	167	16	indian	indian	ADJ
ajfa-4328	167	17	markets	market	NOUN
ajfa-4328	167	18	are	be	AUX
ajfa-4328	167	19	efficient	efficient	ADJ
ajfa-4328	167	20	its	its	PRON
ajfa-4328	167	21	semi	semi	ADV
ajfa-4328	167	22	strong	strong	ADJ
ajfa-4328	167	23	form	form	NOUN
ajfa-4328	167	24	with	with	ADP
ajfa-4328	167	25	small	small	ADJ
ajfa-4328	167	26	leakage	leakage	NOUN
ajfa-4328	167	27	of	of	ADP
ajfa-4328	167	28	information	information	NOUN
ajfa-4328	167	29	pertaining	pertain	VERB
ajfa-4328	167	30	to	to	ADP
ajfa-4328	167	31	the	the	DET
ajfa-4328	167	32	bonus	bonus	NOUN
ajfa-4328	167	33	announcement	announcement	NOUN
ajfa-4328	167	34	just	just	ADV
ajfa-4328	167	35	prior	prior	ADV
ajfa-4328	167	36	to	to	ADP
ajfa-4328	167	37	formal	formal	ADJ
ajfa-4328	167	38	announcement	announcement	NOUN
ajfa-4328	167	39	.	.	PUNCT
ajfa-4328	168	1	references	reference	NOUN
ajfa-4328	168	2	balachandran.b	balachandran.b	PROPN
ajfa-4328	168	3	,	,	PUNCT
ajfa-4328	168	4	f.	f.	PROPN
ajfa-4328	168	5	a.	a.	PROPN
ajfa-4328	168	6	(	(	PUNCT
ajfa-4328	168	7	2004	2004	NUM
ajfa-4328	168	8	)	)	PUNCT
ajfa-4328	168	9	.	.	PUNCT
ajfa-4328	169	1	further	further	ADJ
ajfa-4328	169	2	evidence	evidence	NOUN
ajfa-4328	169	3	on	on	ADP
ajfa-4328	169	4	the	the	DET
ajfa-4328	169	5	announcement	announcement	NOUN
ajfa-4328	169	6	effect	effect	NOUN
ajfa-4328	169	7	of	of	ADP
ajfa-4328	169	8	bonus	bonus	NOUN
ajfa-4328	169	9	shares	share	NOUN
ajfa-4328	169	10	in	in	ADP
ajfa-4328	169	11	an	an	DET
ajfa-4328	169	12	imputation	imputation	NOUN
ajfa-4328	169	13	tax	tax	NOUN
ajfa-4328	169	14	setting	setting	NOUN
ajfa-4328	169	15	.	.	PUNCT
ajfa-4328	170	1	golbal	golbal	ADJ
ajfa-4328	170	2	fiancial	fiancial	ADJ
ajfa-4328	170	3	journal	journal	NOUN
ajfa-4328	170	4	,	,	PUNCT
ajfa-4328	170	5	15(2	15(2	NUM
ajfa-4328	170	6	)	)	PUNCT
ajfa-4328	170	7	,	,	PUNCT
ajfa-4328	170	8	147	147	NUM
ajfa-4328	170	9	-	-	SYM
ajfa-4328	170	10	170	170	NUM
ajfa-4328	170	11	,	,	PUNCT
ajfa-4328	170	12	http://dx.doi.org/10.1016/j.gfj.2004.02.001	http://dx.doi.org/10.1016/j.gfj.2004.02.001	PROPN
ajfa-4328	170	13	.	.	PUNCT
ajfa-4328	171	1	ball	ball	PROPN
ajfa-4328	171	2	,	,	PUNCT
ajfa-4328	171	3	ray	ray	PROPN
ajfa-4328	171	4	;	;	PUNCT
ajfa-4328	171	5	brown	brown	PROPN
ajfa-4328	171	6	,	,	PUNCT
ajfa-4328	171	7	philip	philip	PROPN
ajfa-4328	171	8	;	;	PUNCT
ajfa-4328	171	9	finn	finn	PROPN
ajfa-4328	171	10	,	,	PUNCT
ajfa-4328	171	11	frank	frank	PROPN
ajfa-4328	171	12	j.	j.	PROPN
ajfa-4328	171	13	(	(	PUNCT
ajfa-4328	171	14	1977	1977	NUM
ajfa-4328	171	15	,	,	PUNCT
ajfa-4328	171	16	october	october	PROPN
ajfa-4328	171	17	)	)	PUNCT
ajfa-4328	171	18	.	.	PUNCT
ajfa-4328	172	1	share	share	NOUN
ajfa-4328	172	2	capitalization	capitalization	NOUN
ajfa-4328	172	3	changes	change	NOUN
ajfa-4328	172	4	,	,	PUNCT
ajfa-4328	172	5	information	information	NOUN
ajfa-4328	172	6	and	and	CCONJ
ajfa-4328	172	7	the	the	DET
ajfa-4328	172	8	australian	australian	ADJ
ajfa-4328	172	9	equity	equity	NOUN
ajfa-4328	172	10	market	market	NOUN
ajfa-4328	172	11	.	.	PUNCT
ajfa-4328	173	1	australian	australian	ADJ
ajfa-4328	173	2	journal	journal	NOUN
ajfa-4328	173	3	of	of	ADP
ajfa-4328	173	4	management	management	NOUN
ajfa-4328	173	5	,	,	PUNCT
ajfa-4328	173	6	2(2	2(2	NUM
ajfa-4328	173	7	)	)	PUNCT
ajfa-4328	173	8	,	,	PUNCT
ajfa-4328	173	9	105	105	NUM
ajfa-4328	173	10	-	-	SYM
ajfa-4328	173	11	126	126	NUM
ajfa-4328	173	12	,	,	PUNCT
ajfa-4328	173	13	http://dx.doi.org/10.1177/031289627700200202	http://dx.doi.org/10.1177/031289627700200202	PROPN
ajfa-4328	173	14	.	.	PUNCT
ajfa-4328	173	15	banker	banker	PROPN
ajfa-4328	173	16	.	.	PUNCT
ajfa-4328	174	1	r.	r.	PROPN
ajfa-4328	174	2	,	,	PUNCT
ajfa-4328	174	3	s.	s.	PROPN
ajfa-4328	174	4	das	das	PROPN
ajfa-4328	174	5	,	,	PUNCT
ajfa-4328	174	6	and	and	CCONJ
ajfa-4328	174	7	s.	s.	PROPN
ajfa-4328	174	8	datar	datar	PROPN
ajfa-4328	174	9	.	.	PUNCT
ajfa-4328	175	1	(	(	PUNCT
ajfa-4328	175	2	1993	1993	NUM
ajfa-4328	175	3	)	)	PUNCT
ajfa-4328	175	4	.	.	PUNCT
ajfa-4328	176	1	complementarity	complementarity	NOUN
ajfa-4328	176	2	of	of	ADP
ajfa-4328	176	3	prior	prior	ADJ
ajfa-4328	176	4	accounting	accounting	NOUN
ajfa-4328	176	5	information	information	NOUN
ajfa-4328	176	6	:	:	PUNCT
ajfa-4328	176	7	the	the	DET
ajfa-4328	176	8	case	case	NOUN
ajfa-4328	176	9	of	of	ADP
ajfa-4328	176	10	stock	stock	NOUN
ajfa-4328	176	11	dividend	dividend	NOUN
ajfa-4328	176	12	announcements	announcement	NOUN
ajfa-4328	176	13	.	.	PUNCT
ajfa-4328	177	1	accounting	accounting	NOUN
ajfa-4328	177	2	review	review	PROPN
ajfa-4328	177	3	,	,	PUNCT
ajfa-4328	177	4	68(1	68(1	NOUN
ajfa-4328	177	5	)	)	PUNCT
ajfa-4328	177	6	,	,	PUNCT
ajfa-4328	177	7	28	28	NUM
ajfa-4328	177	8	-	-	SYM
ajfa-4328	177	9	47	47	NUM
ajfa-4328	177	10	.	.	PUNCT
ajfa-4328	178	1	doran	doran	PROPN
ajfa-4328	178	2	,	,	PUNCT
ajfa-4328	178	3	d.t	d.t	PROPN
ajfa-4328	178	4	.	.	PROPN
ajfa-4328	178	5	and	and	CCONJ
ajfa-4328	178	6	nachtmann	nachtmann	PROPN
ajfa-4328	178	7	r.	r.	PROPN
ajfa-4328	178	8	(	(	PUNCT
ajfa-4328	178	9	1988	1988	NUM
ajfa-4328	178	10	)	)	PUNCT
ajfa-4328	178	11	.	.	PUNCT
ajfa-4328	179	1	the	the	DET
ajfa-4328	179	2	association	association	NOUN
ajfa-4328	179	3	of	of	ADP
ajfa-4328	179	4	stock	stock	NOUN
ajfa-4328	179	5	distribution	distribution	NOUN
ajfa-4328	179	6	announcements	announcement	NOUN
ajfa-4328	179	7	and	and	CCONJ
ajfa-4328	179	8	earnings	earning	NOUN
ajfa-4328	179	9	performance	performance	NOUN
ajfa-4328	179	10	.	.	PUNCT
ajfa-4328	180	1	journal	journal	NOUN
ajfa-4328	180	2	of	of	ADP
ajfa-4328	180	3	accounting	accounting	NOUN
ajfa-4328	180	4	,	,	PUNCT
ajfa-4328	180	5	auditing	auditing	NOUN
ajfa-4328	180	6	and	and	CCONJ
ajfa-4328	180	7	finance	finance	NOUN
ajfa-4328	180	8	,	,	PUNCT
ajfa-4328	180	9	3(2	3(2	NUM
ajfa-4328	180	10	)	)	PUNCT
ajfa-4328	180	11	,	,	PUNCT
ajfa-4328	180	12	113	113	NUM
ajfa-4328	180	13	-	-	SYM
ajfa-4328	180	14	132	132	NUM
ajfa-4328	180	15	.	.	PUNCT
ajfa-4328	181	1	asian	asian	ADJ
ajfa-4328	181	2	journal	journal	PROPN
ajfa-4328	181	3	of	of	ADP
ajfa-4328	181	4	finance	finance	PROPN
ajfa-4328	181	5	&	&	CCONJ
ajfa-4328	181	6	accounting	accounting	PROPN
ajfa-4328	181	7	issn	issn	PROPN
ajfa-4328	181	8	1946	1946	NUM
ajfa-4328	181	9	-	-	PUNCT
ajfa-4328	181	10	052x	052x	NOUN
ajfa-4328	181	11	2013	2013	NUM
ajfa-4328	181	12	,	,	PUNCT
ajfa-4328	181	13	vol	vol	NOUN
ajfa-4328	181	14	.	.	PROPN
ajfa-4328	181	15	5	5	NUM
ajfa-4328	181	16	,	,	PUNCT
ajfa-4328	181	17	no	no	INTJ
ajfa-4328	181	18	.	.	NOUN
ajfa-4328	181	19	2	2	NUM
ajfa-4328	181	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4328	181	21	267	267	NUM
ajfa-4328	181	22	foster	foster	ADJ
ajfa-4328	181	23	iii	iii	NOUN
ajfa-4328	181	24	,	,	PUNCT
ajfa-4328	181	25	t.	t.	PROPN
ajfa-4328	181	26	w.	w.	PROPN
ajfa-4328	181	27	,	,	PUNCT
ajfa-4328	181	28	and	and	CCONJ
ajfa-4328	181	29	vikery	vikery	NOUN
ajfa-4328	181	30	,	,	PUNCT
ajfa-4328	181	31	d.	d.	PROPN
ajfa-4328	181	32	(	(	PUNCT
ajfa-4328	181	33	1978	1978	NUM
ajfa-4328	181	34	)	)	PUNCT
ajfa-4328	181	35	.	.	PUNCT
ajfa-4328	182	1	the	the	DET
ajfa-4328	182	2	information	information	NOUN
ajfa-4328	182	3	content	content	NOUN
ajfa-4328	182	4	of	of	ADP
ajfa-4328	182	5	stock	stock	NOUN
ajfa-4328	182	6	dividend	dividend	NOUN
ajfa-4328	182	7	announcements	announcement	NOUN
ajfa-4328	182	8	.	.	PUNCT
ajfa-4328	183	1	accounting	accounting	NOUN
ajfa-4328	183	2	review	review	PROPN
ajfa-4328	183	3	,	,	PUNCT
ajfa-4328	183	4	53(2	53(2	NUM
ajfa-4328	183	5	)	)	PUNCT
ajfa-4328	183	6	,	,	PUNCT
ajfa-4328	183	7	360	360	NUM
ajfa-4328	183	8	-	-	SYM
ajfa-4328	183	9	370	370	NUM
ajfa-4328	183	10	.	.	PUNCT
ajfa-4328	184	1	ghosh	ghosh	PROPN
ajfa-4328	184	2	,	,	PUNCT
ajfa-4328	184	3	c.	c.	PROPN
ajfa-4328	184	4	,	,	PUNCT
ajfa-4328	184	5	and	and	CCONJ
ajfa-4328	184	6	wollridge	wollridge	PROPN
ajfa-4328	184	7	,	,	PUNCT
ajfa-4328	184	8	j.	j.	PROPN
ajfa-4328	184	9	(	(	PUNCT
ajfa-4328	184	10	1988	1988	NUM
ajfa-4328	184	11	)	)	PUNCT
ajfa-4328	184	12	.	.	PUNCT
ajfa-4328	185	1	an	an	DET
ajfa-4328	185	2	analysis	analysis	NOUN
ajfa-4328	185	3	of	of	ADP
ajfa-4328	185	4	shareholder	shareholder	NOUN
ajfa-4328	185	5	reaction	reaction	NOUN
ajfa-4328	185	6	to	to	PART
ajfa-4328	185	7	dividend	dividend	NOUN
ajfa-4328	185	8	cuts	cut	NOUN
ajfa-4328	185	9	and	and	CCONJ
ajfa-4328	185	10	ommisions	ommision	NOUN
ajfa-4328	185	11	.	.	PUNCT
ajfa-4328	186	1	journal	journal	NOUN
ajfa-4328	186	2	of	of	ADP
ajfa-4328	186	3	financial	financial	ADJ
ajfa-4328	186	4	research	research	NOUN
ajfa-4328	186	5	,	,	PUNCT
ajfa-4328	186	6	11(4	11(4	NUM
ajfa-4328	186	7	)	)	PUNCT
ajfa-4328	186	8	,	,	PUNCT
ajfa-4328	186	9	281	281	NUM
ajfa-4328	186	10	-	-	SYM
ajfa-4328	186	11	294	294	NUM
ajfa-4328	186	12	.	.	PUNCT
ajfa-4328	187	1	grinblatt	grinblatt	PROPN
ajfa-4328	187	2	,	,	PUNCT
ajfa-4328	187	3	m.	m.	NOUN
ajfa-4328	187	4	s.	s.	PROPN
ajfa-4328	187	5	,	,	PUNCT
ajfa-4328	187	6	masulis	masulis	PROPN
ajfa-4328	187	7	,	,	PUNCT
ajfa-4328	187	8	r.	r.	PROPN
ajfa-4328	187	9	w.	w.	PROPN
ajfa-4328	187	10	,	,	PUNCT
ajfa-4328	187	11	and	and	CCONJ
ajfa-4328	187	12	titman	titman	NOUN
ajfa-4328	187	13	,	,	PUNCT
ajfa-4328	187	14	s.	s.	PROPN
ajfa-4328	187	15	(	(	PUNCT
ajfa-4328	187	16	1984	1984	NUM
ajfa-4328	187	17	)	)	PUNCT
ajfa-4328	187	18	.	.	PUNCT
ajfa-4328	188	1	the	the	DET
ajfa-4328	188	2	valuation	valuation	NOUN
ajfa-4328	188	3	effects	effect	NOUN
ajfa-4328	188	4	of	of	ADP
ajfa-4328	188	5	stock	stock	NOUN
ajfa-4328	188	6	splits	split	NOUN
ajfa-4328	188	7	and	and	CCONJ
ajfa-4328	188	8	stock	stock	NOUN
ajfa-4328	188	9	dividends	dividend	NOUN
ajfa-4328	188	10	.	.	PUNCT
ajfa-4328	189	1	journal	journal	NOUN
ajfa-4328	189	2	of	of	ADP
ajfa-4328	189	3	financial	financial	ADJ
ajfa-4328	189	4	research	research	NOUN
ajfa-4328	189	5	,	,	PUNCT
ajfa-4328	189	6	13(4	13(4	NUM
ajfa-4328	189	7	)	)	PUNCT
ajfa-4328	189	8	,	,	PUNCT
ajfa-4328	189	9	461	461	NUM
ajfa-4328	189	10	-	-	SYM
ajfa-4328	189	11	490	490	NUM
ajfa-4328	189	12	.	.	PUNCT
ajfa-4328	189	13	joshipura	joshipura	PROPN
ajfa-4328	189	14	m.	m.	NOUN
ajfa-4328	189	15	(	(	PUNCT
ajfa-4328	189	16	2009	2009	NUM
ajfa-4328	189	17	)	)	PUNCT
ajfa-4328	189	18	.	.	PUNCT
ajfa-4328	190	1	price	price	NOUN
ajfa-4328	190	2	and	and	CCONJ
ajfa-4328	190	3	liquidity	liquidity	NOUN
ajfa-4328	190	4	effects	effect	NOUN
ajfa-4328	190	5	of	of	ADP
ajfa-4328	190	6	bonus	bonus	NOUN
ajfa-4328	190	7	announcements	announcement	NOUN
ajfa-4328	190	8	:	:	PUNCT
ajfa-4328	190	9	empirical	empirical	ADJ
ajfa-4328	190	10	evidence	evidence	NOUN
ajfa-4328	190	11	from	from	ADP
ajfa-4328	190	12	indian	indian	ADJ
ajfa-4328	190	13	stock	stock	NOUN
ajfa-4328	190	14	market	market	NOUN
ajfa-4328	190	15	.	.	PUNCT
ajfa-4328	191	1	iup	iup	PROPN
ajfa-4328	191	2	journal	journal	PROPN
ajfa-4328	191	3	of	of	ADP
ajfa-4328	191	4	applied	apply	VERB
ajfa-4328	191	5	finance	finance	NOUN
ajfa-4328	191	6	,	,	PUNCT
ajfa-4328	191	7	15(11	15(11	NUM
ajfa-4328	191	8	)	)	PUNCT
ajfa-4328	191	9	,	,	PUNCT
ajfa-4328	191	10	5	5	NUM
ajfa-4328	191	11	-	-	SYM
ajfa-4328	191	12	23	23	NUM
ajfa-4328	191	13	.	.	PUNCT
ajfa-4328	192	1	lakonishok	lakonishok	PROPN
ajfa-4328	192	2	,	,	PUNCT
ajfa-4328	192	3	j.	j.	PROPN
ajfa-4328	192	4	,	,	PUNCT
ajfa-4328	192	5	and	and	CCONJ
ajfa-4328	192	6	lev	lev	NOUN
ajfa-4328	192	7	,	,	PUNCT
ajfa-4328	192	8	b.	b.	PROPN
ajfa-4328	192	9	(	(	PUNCT
ajfa-4328	192	10	1987	1987	NUM
ajfa-4328	192	11	)	)	PUNCT
ajfa-4328	192	12	.	.	PUNCT
ajfa-4328	193	1	stock	stock	NOUN
ajfa-4328	193	2	splits	split	VERB
ajfa-4328	193	3	and	and	CCONJ
ajfa-4328	193	4	stock	stock	NOUN
ajfa-4328	193	5	dividends	dividend	NOUN
ajfa-4328	193	6	:	:	PUNCT
ajfa-4328	194	1	why	why	SCONJ
ajfa-4328	194	2	,	,	PUNCT
ajfa-4328	194	3	who	who	PRON
ajfa-4328	194	4	and	and	CCONJ
ajfa-4328	194	5	when	when	SCONJ
ajfa-4328	194	6	.	.	PUNCT
ajfa-4328	195	1	journal	journal	PROPN
ajfa-4328	195	2	of	of	ADP
ajfa-4328	195	3	finance	finance	NOUN
ajfa-4328	195	4	,	,	PUNCT
ajfa-4328	195	5	42(4	42(4	PROPN
ajfa-4328	195	6	)	)	PUNCT
ajfa-4328	195	7	,	,	PUNCT
ajfa-4328	195	8	913	913	NUM
ajfa-4328	195	9	-	-	SYM
ajfa-4328	195	10	932	932	NUM
ajfa-4328	195	11	,	,	PUNCT
ajfa-4328	195	12	http://dx.doi.org/10.1111/j.1540-6261.1987.tb03939.x	http://dx.doi.org/10.1111/j.1540-6261.1987.tb03939.x	PROPN
ajfa-4328	195	13	.	.	PUNCT
ajfa-4328	196	1	lijleblom	lijleblom	PROPN
ajfa-4328	196	2	,	,	PUNCT
ajfa-4328	196	3	e.	e.	PROPN
ajfa-4328	196	4	(	(	PUNCT
ajfa-4328	196	5	1989	1989	NUM
ajfa-4328	196	6	)	)	PUNCT
ajfa-4328	196	7	.	.	PUNCT
ajfa-4328	197	1	the	the	DET
ajfa-4328	197	2	informational	informational	ADJ
ajfa-4328	197	3	impact	impact	NOUN
ajfa-4328	197	4	of	of	ADP
ajfa-4328	197	5	announcements	announcement	NOUN
ajfa-4328	197	6	of	of	ADP
ajfa-4328	197	7	stock	stock	NOUN
ajfa-4328	197	8	dividends	dividend	NOUN
ajfa-4328	197	9	and	and	CCONJ
ajfa-4328	197	10	stock	stock	NOUN
ajfa-4328	197	11	splits	split	NOUN
ajfa-4328	197	12	.	.	PUNCT
ajfa-4328	198	1	journal	journal	NOUN
ajfa-4328	198	2	of	of	ADP
ajfa-4328	198	3	business	business	NOUN
ajfa-4328	198	4	finance	finance	NOUN
ajfa-4328	198	5	and	and	CCONJ
ajfa-4328	198	6	accounting	accounting	NOUN
ajfa-4328	198	7	,	,	PUNCT
ajfa-4328	198	8	16(5	16(5	NUM
ajfa-4328	198	9	)	)	PUNCT
ajfa-4328	198	10	,	,	PUNCT
ajfa-4328	198	11	681	681	NUM
ajfa-4328	198	12	-	-	SYM
ajfa-4328	198	13	698	698	NUM
ajfa-4328	198	14	,	,	PUNCT
ajfa-4328	198	15	http:/dx.doi.org/10.1111	http:/dx.doi.org/10.1111	PROPN
ajfa-4328	198	16	/	/	SYM
ajfa-4328	198	17	j.1468	j.1468	NOUN
ajfa-4328	198	18	-	-	PUNCT
ajfa-4328	198	19	5957.1989.tb00047.x	5957.1989.tb00047.x	NUM
ajfa-4328	198	20	.	.	PUNCT
ajfa-4328	199	1	masse	masse	PROPN
ajfa-4328	199	2	,	,	PUNCT
ajfa-4328	199	3	i.	i.	PROPN
ajfa-4328	199	4	,	,	PUNCT
ajfa-4328	199	5	hanrahan	hanrahan	PROPN
ajfa-4328	199	6	,	,	PUNCT
ajfa-4328	199	7	j.r	j.r	PROPN
ajfa-4328	199	8	.	.	PROPN
ajfa-4328	199	9	and	and	CCONJ
ajfa-4328	199	10	kushner	kushner	PROPN
ajfa-4328	199	11	,	,	PUNCT
ajfa-4328	199	12	j.	j.	PROPN
ajfa-4328	199	13	(	(	PUNCT
ajfa-4328	199	14	1997	1997	NUM
ajfa-4328	199	15	)	)	PUNCT
ajfa-4328	199	16	.	.	PUNCT
ajfa-4328	200	1	the	the	DET
ajfa-4328	200	2	effect	effect	NOUN
ajfa-4328	200	3	of	of	ADP
ajfa-4328	200	4	canadian	canadian	ADJ
ajfa-4328	200	5	stock	stock	NOUN
ajfa-4328	200	6	splits	split	VERB
ajfa-4328	200	7	,	,	PUNCT
ajfa-4328	200	8	stock	stock	NOUN
ajfa-4328	200	9	dividends	dividend	NOUN
ajfa-4328	200	10	and	and	CCONJ
ajfa-4328	200	11	reverse	reverse	NOUN
ajfa-4328	200	12	splits	split	VERB
ajfa-4328	200	13	on	on	ADP
ajfa-4328	200	14	the	the	DET
ajfa-4328	200	15	value	value	NOUN
ajfa-4328	200	16	of	of	ADP
ajfa-4328	200	17	the	the	DET
ajfa-4328	200	18	firm	firm	NOUN
ajfa-4328	200	19	.	.	PUNCT
ajfa-4328	201	1	quarterly	quarterly	ADJ
ajfa-4328	201	2	journal	journal	NOUN
ajfa-4328	201	3	of	of	ADP
ajfa-4328	201	4	business	business	NOUN
ajfa-4328	201	5	and	and	CCONJ
ajfa-4328	201	6	economics	economic	NOUN
ajfa-4328	201	7	,	,	PUNCT
ajfa-4328	201	8	36(4	36(4	NUM
ajfa-4328	201	9	)	)	PUNCT
ajfa-4328	201	10	,	,	PUNCT
ajfa-4328	201	11	51	51	NUM
ajfa-4328	201	12	-	-	SYM
ajfa-4328	201	13	62	62	NUM
ajfa-4328	201	14	.	.	PUNCT
ajfa-4328	202	1	mcnichols	mcnichols	PROPN
ajfa-4328	202	2	,	,	PUNCT
ajfa-4328	202	3	m.	m.	NOUN
ajfa-4328	202	4	and	and	CCONJ
ajfa-4328	202	5	dravid	dravid	PROPN
ajfa-4328	202	6	,	,	PUNCT
ajfa-4328	202	7	a.	a.	NOUN
ajfa-4328	202	8	(	(	PUNCT
ajfa-4328	202	9	1990	1990	NUM
ajfa-4328	202	10	)	)	PUNCT
ajfa-4328	202	11	.	.	PUNCT
ajfa-4328	203	1	stock	stock	NOUN
ajfa-4328	203	2	dividends	dividend	NOUN
ajfa-4328	203	3	,	,	PUNCT
ajfa-4328	203	4	stock	stock	NOUN
ajfa-4328	203	5	splits	split	VERB
ajfa-4328	203	6	,	,	PUNCT
ajfa-4328	203	7	and	and	CCONJ
ajfa-4328	203	8	signaling	signal	VERB
ajfa-4328	203	9	.	.	PUNCT
ajfa-4328	204	1	journal	journal	PROPN
ajfa-4328	204	2	of	of	ADP
ajfa-4328	204	3	finance	finance	NOUN
ajfa-4328	204	4	,	,	PUNCT
ajfa-4328	204	5	45(3	45(3	NUM
ajfa-4328	204	6	)	)	PUNCT
ajfa-4328	204	7	,	,	PUNCT
ajfa-4328	204	8	857	857	NUM
ajfa-4328	204	9	-	-	SYM
ajfa-4328	204	10	879	879	NUM
ajfa-4328	204	11	,	,	PUNCT
ajfa-4328	204	12	http://dx.doi.org/10.1111/j.1540-6261.1990.tb05109.x	http://dx.doi.org/10.1111/j.1540-6261.1990.tb05109.x	PROPN
ajfa-4328	204	13	.	.	PUNCT
ajfa-4328	205	1	mishra	mishra	PROPN
ajfa-4328	205	2	,	,	PUNCT
ajfa-4328	205	3	a.	a.	PROPN
ajfa-4328	205	4	(	(	PUNCT
ajfa-4328	205	5	2005	2005	NUM
ajfa-4328	205	6	)	)	PUNCT
ajfa-4328	205	7	.	.	PUNCT
ajfa-4328	206	1	an	an	DET
ajfa-4328	206	2	empirican	empirican	ADJ
ajfa-4328	206	3	analysis	analysis	NOUN
ajfa-4328	206	4	of	of	ADP
ajfa-4328	206	5	market	market	NOUN
ajfa-4328	206	6	reaction	reaction	NOUN
ajfa-4328	206	7	around	around	ADP
ajfa-4328	206	8	the	the	DET
ajfa-4328	206	9	bonus	bonus	NOUN
ajfa-4328	206	10	issue	issue	NOUN
ajfa-4328	206	11	in	in	ADP
ajfa-4328	206	12	india	india	PROPN
ajfa-4328	206	13	.	.	PUNCT
ajfa-4328	207	1	working	work	VERB
ajfa-4328	207	2	paper(2005	paper(2005	PROPN
ajfa-4328	207	3	-	-	PUNCT
ajfa-4328	207	4	10	10	NUM
ajfa-4328	207	5	)	)	PUNCT
ajfa-4328	207	6	.	.	PUNCT
ajfa-4328	208	1	mohanty	mohanty	PROPN
ajfa-4328	208	2	,	,	PUNCT
ajfa-4328	208	3	p.	p.	NOUN
ajfa-4328	208	4	(	(	PUNCT
ajfa-4328	208	5	1999	1999	NUM
ajfa-4328	208	6	)	)	PUNCT
ajfa-4328	208	7	.	.	PUNCT
ajfa-4328	209	1	dividend	dividend	NOUN
ajfa-4328	209	2	and	and	CCONJ
ajfa-4328	209	3	bonus	bonus	NOUN
ajfa-4328	209	4	policies	policy	NOUN
ajfa-4328	209	5	of	of	ADP
ajfa-4328	209	6	indian	indian	ADJ
ajfa-4328	209	7	companies	company	NOUN
ajfa-4328	209	8	:	:	PUNCT
ajfa-4328	209	9	an	an	DET
ajfa-4328	209	10	analysis	analysis	NOUN
ajfa-4328	209	11	.	.	PUNCT
ajfa-4328	210	1	vilalpa	vilalpa	PROPN
ajfa-4328	210	2	:	:	PUNCT
ajfa-4328	210	3	the	the	DET
ajfa-4328	210	4	journal	journal	NOUN
ajfa-4328	210	5	of	of	ADP
ajfa-4328	210	6	decision	decision	NOUN
ajfa-4328	210	7	makers	maker	NOUN
ajfa-4328	210	8	,	,	PUNCT
ajfa-4328	210	9	24(4	24(4	NUM
ajfa-4328	210	10	)	)	PUNCT
ajfa-4328	210	11	,	,	PUNCT
ajfa-4328	210	12	35	35	NUM
ajfa-4328	210	13	-	-	SYM
ajfa-4328	210	14	42	42	NUM
ajfa-4328	210	15	.	.	PUNCT
ajfa-4328	211	1	obaidullah	obaidullah	PROPN
ajfa-4328	211	2	,	,	PUNCT
ajfa-4328	211	3	m.	m.	NOUN
ajfa-4328	211	4	(	(	PUNCT
ajfa-4328	211	5	1992	1992	NUM
ajfa-4328	211	6	)	)	PUNCT
ajfa-4328	211	7	.	.	PUNCT
ajfa-4328	212	1	how	how	SCONJ
ajfa-4328	212	2	do	do	AUX
ajfa-4328	212	3	stock	stock	NOUN
ajfa-4328	212	4	prices	price	NOUN
ajfa-4328	212	5	react	react	VERB
ajfa-4328	212	6	to	to	ADP
ajfa-4328	212	7	bonus	bonus	NOUN
ajfa-4328	212	8	issues	issue	NOUN
ajfa-4328	212	9	?	?	PUNCT
ajfa-4328	213	1	vikalpa	vikalpa	NOUN
ajfa-4328	213	2	:	:	PUNCT
ajfa-4328	213	3	the	the	DET
ajfa-4328	213	4	journal	journal	NOUN
ajfa-4328	213	5	of	of	ADP
ajfa-4328	213	6	decision	decision	NOUN
ajfa-4328	213	7	makers	maker	NOUN
ajfa-4328	213	8	,	,	PUNCT
ajfa-4328	213	9	17(1	17(1	NUM
ajfa-4328	213	10	)	)	PUNCT
ajfa-4328	213	11	,	,	PUNCT
ajfa-4328	213	12	17	17	NUM
ajfa-4328	213	13	-	-	SYM
ajfa-4328	213	14	22	22	NUM
ajfa-4328	213	15	.	.	PUNCT
ajfa-4328	214	1	papaioannou	papaioannou	PROPN
ajfa-4328	214	2	,	,	PUNCT
ajfa-4328	214	3	g.	g.	PROPN
ajfa-4328	214	4	j.	j.	PROPN
ajfa-4328	214	5	,	,	PUNCT
ajfa-4328	214	6	travlos	travlos	PROPN
ajfa-4328	214	7	,	,	PUNCT
ajfa-4328	214	8	n.	n.	PROPN
ajfa-4328	214	9	g.	g.	PROPN
ajfa-4328	214	10	and	and	CCONJ
ajfa-4328	214	11	tsanarakis	tsanarakis	PROPN
ajfa-4328	214	12	,	,	PUNCT
ajfa-4328	214	13	n.	n.	PROPN
ajfa-4328	214	14	v.	v.	PROPN
ajfa-4328	214	15	(	(	PUNCT
ajfa-4328	214	16	2000	2000	NUM
ajfa-4328	214	17	)	)	PUNCT
ajfa-4328	214	18	.	.	PUNCT
ajfa-4328	215	1	valuation	valuation	NOUN
ajfa-4328	215	2	effects	effect	NOUN
ajfa-4328	215	3	of	of	ADP
ajfa-4328	215	4	greek	greek	ADJ
ajfa-4328	215	5	stock	stock	NOUN
ajfa-4328	215	6	dividend	dividend	NOUN
ajfa-4328	215	7	distributions	distribution	NOUN
ajfa-4328	215	8	.	.	PUNCT
ajfa-4328	216	1	european	european	ADJ
ajfa-4328	216	2	financial	financial	ADJ
ajfa-4328	216	3	management	management	NOUN
ajfa-4328	216	4	,	,	PUNCT
ajfa-4328	216	5	6(4	6(4	NUM
ajfa-4328	216	6	)	)	PUNCT
ajfa-4328	216	7	,	,	PUNCT
ajfa-4328	216	8	515	515	NUM
ajfa-4328	216	9	-	-	SYM
ajfa-4328	216	10	531	531	NUM
ajfa-4328	216	11	,	,	PUNCT
ajfa-4328	216	12	http://dx.doi.org/10.1111/1468-036x.00137	http://dx.doi.org/10.1111/1468-036x.00137	PROPN
ajfa-4328	216	13	.	.	PROPN
ajfa-4328	216	14	rao	rao	PROPN
ajfa-4328	216	15	,	,	PUNCT
ajfa-4328	216	16	s.	s.	PROPN
ajfa-4328	216	17	n.	n.	PROPN
ajfa-4328	216	18	(	(	PUNCT
ajfa-4328	216	19	1994	1994	NUM
ajfa-4328	216	20	)	)	PUNCT
ajfa-4328	216	21	.	.	PUNCT
ajfa-4328	217	1	the	the	DET
ajfa-4328	217	2	adjustment	adjustment	NOUN
ajfa-4328	217	3	of	of	ADP
ajfa-4328	217	4	stock	stock	NOUN
ajfa-4328	217	5	prices	price	NOUN
ajfa-4328	217	6	to	to	ADP
ajfa-4328	217	7	corporate	corporate	ADJ
ajfa-4328	217	8	financial	financial	ADJ
ajfa-4328	217	9	policy	policy	NOUN
ajfa-4328	217	10	announcements	announcement	NOUN
ajfa-4328	217	11	.	.	PUNCT
ajfa-4328	218	1	finance	finance	PROPN
ajfa-4328	218	2	india	india	PROPN
ajfa-4328	218	3	,	,	PUNCT
ajfa-4328	218	4	8(4	8(4	NUM
ajfa-4328	218	5	)	)	PUNCT
ajfa-4328	218	6	,	,	PUNCT
ajfa-4328	218	7	941	941	NUM
ajfa-4328	218	8	-	-	SYM
ajfa-4328	218	9	953	953	NUM
ajfa-4328	218	10	.	.	PUNCT
ajfa-4328	218	11	ray	ray	PROPN
ajfa-4328	218	12	,	,	PUNCT
ajfa-4328	218	13	koustubh	koustubh	PROPN
ajfa-4328	218	14	kanti	kanti	PROPN
ajfa-4328	218	15	.	.	PUNCT
ajfa-4328	219	1	(	(	PUNCT
ajfa-4328	219	2	2011	2011	NUM
ajfa-4328	219	3	)	)	PUNCT
ajfa-4328	219	4	.	.	PUNCT
ajfa-4328	220	1	market	market	NOUN
ajfa-4328	220	2	reaction	reaction	NOUN
ajfa-4328	220	3	to	to	ADP
ajfa-4328	220	4	bonus	bonus	NOUN
ajfa-4328	220	5	issues	issue	NOUN
ajfa-4328	220	6	and	and	CCONJ
ajfa-4328	220	7	stock	stock	NOUN
ajfa-4328	220	8	splits	split	VERB
ajfa-4328	220	9	in	in	ADP
ajfa-4328	220	10	india	india	PROPN
ajfa-4328	220	11	:	:	PUNCT
ajfa-4328	220	12	an	an	DET
ajfa-4328	220	13	empirical	empirical	ADJ
ajfa-4328	220	14	study	study	NOUN
ajfa-4328	220	15	.	.	PUNCT
ajfa-4328	221	1	iup	iup	PROPN
ajfa-4328	221	2	journal	journal	PROPN
ajfa-4328	221	3	of	of	ADP
ajfa-4328	221	4	applied	apply	VERB
ajfa-4328	221	5	finance	finance	NOUN
ajfa-4328	221	6	,	,	PUNCT
ajfa-4328	221	7	17(1	17(1	NUM
ajfa-4328	221	8	)	)	PUNCT
ajfa-4328	221	9	,	,	PUNCT
ajfa-4328	221	10	54	54	NUM
ajfa-4328	221	11	-	-	SYM
ajfa-4328	221	12	69	69	NUM
ajfa-4328	221	13	.	.	PUNCT
ajfa-4328	221	14	woolridge	woolridge	PROPN
ajfa-4328	221	15	,	,	PUNCT
ajfa-4328	221	16	r.	r.	PROPN
ajfa-4328	221	17	(	(	PUNCT
ajfa-4328	221	18	1983	1983	NUM
ajfa-4328	221	19	)	)	PUNCT
ajfa-4328	221	20	.	.	PUNCT
ajfa-4328	222	1	stock	stock	NOUN
ajfa-4328	222	2	dividends	dividend	NOUN
ajfa-4328	222	3	as	as	ADP
ajfa-4328	222	4	signals	signal	NOUN
ajfa-4328	222	5	.	.	PUNCT
ajfa-4328	223	1	journal	journal	NOUN
ajfa-4328	223	2	of	of	ADP
ajfa-4328	223	3	financial	financial	ADJ
ajfa-4328	223	4	research	research	NOUN
ajfa-4328	223	5	,	,	PUNCT
ajfa-4328	223	6	6(1	6(1	NUM
ajfa-4328	223	7	)	)	PUNCT
ajfa-4328	223	8	,	,	PUNCT
ajfa-4328	223	9	1	1	NUM
ajfa-4328	223	10	-	-	SYM
ajfa-4328	223	11	12	12	NUM
ajfa-4328	223	12	.	.	PUNCT