id	sid	tid	token	lemma	pos
ajfa-5486	1	1	microsoft	microsoft	PROPN
ajfa-5486	1	2	word	word	NOUN
ajfa-5486	1	3	5486-19763-1-sm-writer2-new.docx	5486-19763-1-sm-writer2-new.docx	NUM
ajfa-5486	1	4	asian	asian	ADJ
ajfa-5486	1	5	journal	journal	NOUN
ajfa-5486	1	6	of	of	ADP
ajfa-5486	1	7	finance	finance	PROPN
ajfa-5486	1	8	&	&	CCONJ
ajfa-5486	1	9	accounting	accounting	PROPN
ajfa-5486	1	10	issn	issn	PROPN
ajfa-5486	1	11	1946	1946	NUM
ajfa-5486	1	12	-	-	PUNCT
ajfa-5486	1	13	052x	052x	PROPN
ajfa-5486	1	14	2014	2014	NUM
ajfa-5486	1	15	,	,	PUNCT
ajfa-5486	1	16	vol	vol	NOUN
ajfa-5486	1	17	.	.	PROPN
ajfa-5486	1	18	6	6	NUM
ajfa-5486	1	19	,	,	PUNCT
ajfa-5486	1	20	no	no	INTJ
ajfa-5486	1	21	.	.	NOUN
ajfa-5486	1	22	1	1	NUM
ajfa-5486	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5486	1	24	271	271	NUM
ajfa-5486	1	25	stock	stock	NOUN
ajfa-5486	1	26	returns	return	NOUN
ajfa-5486	1	27	and	and	CCONJ
ajfa-5486	1	28	fundamentals	fundamental	NOUN
ajfa-5486	1	29	in	in	ADP
ajfa-5486	1	30	the	the	DET
ajfa-5486	1	31	australian	australian	ADJ
ajfa-5486	1	32	market	market	NOUN
ajfa-5486	1	33	noor	noor	PROPN
ajfa-5486	1	34	muhammad	muhammad	PROPN
ajfa-5486	1	35	(	(	PUNCT
ajfa-5486	1	36	corresponding	correspond	VERB
ajfa-5486	1	37	author	author	NOUN
ajfa-5486	1	38	)	)	PUNCT
ajfa-5486	1	39	the	the	DET
ajfa-5486	1	40	university	university	NOUN
ajfa-5486	1	41	of	of	ADP
ajfa-5486	1	42	waikato	waikato	PROPN
ajfa-5486	1	43	,	,	PUNCT
ajfa-5486	1	44	hamilton	hamilton	PROPN
ajfa-5486	1	45	,	,	PUNCT
ajfa-5486	1	46	new	new	PROPN
ajfa-5486	1	47	zealand	zealand	PROPN
ajfa-5486	1	48	e	e	PROPN
ajfa-5486	1	49	-	-	NOUN
ajfa-5486	1	50	mail	mail	NOUN
ajfa-5486	1	51	:	:	PUNCT
ajfa-5486	1	52	uighor@yahoo.com	uighor@yahoo.com	PROPN
ajfa-5486	2	1	frank	frank	PROPN
ajfa-5486	2	2	scrimgeour	scrimgeour	PROPN
ajfa-5486	2	3	the	the	DET
ajfa-5486	2	4	university	university	NOUN
ajfa-5486	2	5	of	of	ADP
ajfa-5486	2	6	waikato	waikato	PROPN
ajfa-5486	2	7	,	,	PUNCT
ajfa-5486	2	8	hamilton	hamilton	PROPN
ajfa-5486	2	9	new	new	PROPN
ajfa-5486	2	10	zealand	zealand	PROPN
ajfa-5486	2	11	received	receive	VERB
ajfa-5486	2	12	:	:	PUNCT
ajfa-5486	2	13	april	april	PROPN
ajfa-5486	2	14	16	16	NUM
ajfa-5486	2	15	,	,	PUNCT
ajfa-5486	2	16	2014	2014	NUM
ajfa-5486	2	17	accepted	accept	VERB
ajfa-5486	2	18	:	:	PUNCT
ajfa-5486	2	19	may	may	AUX
ajfa-5486	2	20	15	15	NUM
ajfa-5486	2	21	,	,	PUNCT
ajfa-5486	2	22	2014	2014	NUM
ajfa-5486	2	23	published	publish	VERB
ajfa-5486	2	24	:	:	PUNCT
ajfa-5486	2	25	june	june	PROPN
ajfa-5486	2	26	1	1	NUM
ajfa-5486	2	27	,	,	PUNCT
ajfa-5486	2	28	2014	2014	NUM
ajfa-5486	2	29	doi:10.5296	doi:10.5296	NOUN
ajfa-5486	2	30	/	/	SYM
ajfa-5486	2	31	ajfa.v6i1.5486	ajfa.v6i1.5486	NUM
ajfa-5486	2	32	url	url	NOUN
ajfa-5486	2	33	:	:	PUNCT
ajfa-5486	2	34	http://dx.doi.org/10.5296/ajfa.v6i1.5486	http://dx.doi.org/10.5296/ajfa.v6i1.5486	X
ajfa-5486	2	35	abstract	abstract	ADV
ajfa-5486	2	36	this	this	DET
ajfa-5486	2	37	study	study	NOUN
ajfa-5486	2	38	compares	compare	VERB
ajfa-5486	2	39	10	10	NUM
ajfa-5486	2	40	widely	widely	ADV
ajfa-5486	2	41	used	use	VERB
ajfa-5486	2	42	financial	financial	ADJ
ajfa-5486	2	43	performance	performance	NOUN
ajfa-5486	2	44	measures	measure	NOUN
ajfa-5486	2	45	of	of	ADP
ajfa-5486	2	46	stock	stock	NOUN
ajfa-5486	2	47	return	return	NOUN
ajfa-5486	2	48	in	in	ADP
ajfa-5486	2	49	the	the	DET
ajfa-5486	2	50	australian	australian	ADJ
ajfa-5486	2	51	stock	stock	NOUN
ajfa-5486	2	52	market	market	NOUN
ajfa-5486	2	53	.	.	PUNCT
ajfa-5486	3	1	the	the	DET
ajfa-5486	3	2	five	five	NUM
ajfa-5486	3	3	financial	financial	ADJ
ajfa-5486	3	4	measures	measure	NOUN
ajfa-5486	3	5	are	be	AUX
ajfa-5486	3	6	calculated	calculate	VERB
ajfa-5486	3	7	on	on	ADP
ajfa-5486	3	8	information	information	NOUN
ajfa-5486	3	9	provided	provide	VERB
ajfa-5486	3	10	in	in	ADP
ajfa-5486	3	11	publicly	publicly	ADV
ajfa-5486	3	12	available	available	ADJ
ajfa-5486	3	13	financial	financial	ADJ
ajfa-5486	3	14	reports	report	NOUN
ajfa-5486	3	15	(	(	PUNCT
ajfa-5486	3	16	accounting	accounting	NOUN
ajfa-5486	3	17	based	base	VERB
ajfa-5486	3	18	financial	financial	ADJ
ajfa-5486	3	19	measures	measure	NOUN
ajfa-5486	3	20	)	)	PUNCT
ajfa-5486	3	21	and	and	CCONJ
ajfa-5486	3	22	the	the	DET
ajfa-5486	3	23	other	other	ADJ
ajfa-5486	3	24	five	five	NUM
ajfa-5486	3	25	are	be	AUX
ajfa-5486	3	26	calculated	calculate	VERB
ajfa-5486	3	27	using	use	VERB
ajfa-5486	3	28	market	market	NOUN
ajfa-5486	3	29	information	information	NOUN
ajfa-5486	3	30	as	as	ADP
ajfa-5486	3	31	one	one	NUM
ajfa-5486	3	32	of	of	ADP
ajfa-5486	3	33	the	the	DET
ajfa-5486	3	34	key	key	ADJ
ajfa-5486	3	35	variable	variable	NOUN
ajfa-5486	3	36	(	(	PUNCT
ajfa-5486	3	37	market	market	NOUN
ajfa-5486	3	38	based	base	VERB
ajfa-5486	3	39	financial	financial	ADJ
ajfa-5486	3	40	performance	performance	NOUN
ajfa-5486	3	41	)	)	PUNCT
ajfa-5486	3	42	.	.	PUNCT
ajfa-5486	4	1	the	the	DET
ajfa-5486	4	2	sample	sample	NOUN
ajfa-5486	4	3	includes	include	VERB
ajfa-5486	4	4	companies	company	NOUN
ajfa-5486	4	5	from	from	ADP
ajfa-5486	4	6	all	all	DET
ajfa-5486	4	7	major	major	ADJ
ajfa-5486	4	8	industries	industry	NOUN
ajfa-5486	4	9	from	from	ADP
ajfa-5486	4	10	2001	2001	NUM
ajfa-5486	4	11	to	to	ADP
ajfa-5486	4	12	2010	2010	NUM
ajfa-5486	4	13	.	.	PUNCT
ajfa-5486	5	1	the	the	DET
ajfa-5486	5	2	panel	panel	NOUN
ajfa-5486	5	3	data	data	VERB
ajfa-5486	5	4	analysis	analysis	NOUN
ajfa-5486	5	5	shows	show	VERB
ajfa-5486	5	6	that	that	SCONJ
ajfa-5486	5	7	market	market	NOUN
ajfa-5486	5	8	based	base	VERB
ajfa-5486	5	9	financial	financial	ADJ
ajfa-5486	5	10	performance	performance	NOUN
ajfa-5486	5	11	measures	measure	NOUN
ajfa-5486	5	12	can	can	AUX
ajfa-5486	5	13	better	well	ADV
ajfa-5486	5	14	explain	explain	VERB
ajfa-5486	5	15	stock	stock	NOUN
ajfa-5486	5	16	price	price	NOUN
ajfa-5486	5	17	variance	variance	NOUN
ajfa-5486	5	18	compare	compare	VERB
ajfa-5486	5	19	to	to	ADP
ajfa-5486	5	20	accounting	accounting	NOUN
ajfa-5486	5	21	based	base	VERB
ajfa-5486	5	22	measures	measure	NOUN
ajfa-5486	5	23	of	of	ADP
ajfa-5486	5	24	financial	financial	ADJ
ajfa-5486	5	25	performance	performance	NOUN
ajfa-5486	5	26	.	.	PUNCT
ajfa-5486	6	1	it	it	PRON
ajfa-5486	6	2	has	have	VERB
ajfa-5486	6	3	significance	significance	NOUN
ajfa-5486	6	4	for	for	ADP
ajfa-5486	6	5	researchers	researcher	NOUN
ajfa-5486	6	6	and	and	CCONJ
ajfa-5486	6	7	practitioners	practitioner	NOUN
ajfa-5486	6	8	seeking	seek	VERB
ajfa-5486	6	9	to	to	PART
ajfa-5486	6	10	select	select	VERB
ajfa-5486	6	11	measures	measure	NOUN
ajfa-5486	6	12	that	that	PRON
ajfa-5486	6	13	can	can	AUX
ajfa-5486	6	14	empirically	empirically	ADV
ajfa-5486	6	15	explain	explain	VERB
ajfa-5486	6	16	the	the	DET
ajfa-5486	6	17	performance	performance	NOUN
ajfa-5486	6	18	of	of	ADP
ajfa-5486	6	19	company	company	NOUN
ajfa-5486	6	20	.	.	PUNCT
ajfa-5486	7	1	it	it	PRON
ajfa-5486	7	2	has	have	VERB
ajfa-5486	7	3	also	also	ADV
ajfa-5486	7	4	importance	importance	NOUN
ajfa-5486	7	5	for	for	ADP
ajfa-5486	7	6	shareholders	shareholder	NOUN
ajfa-5486	7	7	tracking	track	VERB
ajfa-5486	7	8	performance	performance	NOUN
ajfa-5486	7	9	of	of	ADP
ajfa-5486	7	10	companies	company	NOUN
ajfa-5486	7	11	in	in	ADP
ajfa-5486	7	12	order	order	NOUN
ajfa-5486	7	13	to	to	PART
ajfa-5486	7	14	make	make	VERB
ajfa-5486	7	15	profitable	profitable	ADJ
ajfa-5486	7	16	investments	investment	NOUN
ajfa-5486	7	17	.	.	PUNCT
ajfa-5486	8	1	keywords	keyword	NOUN
ajfa-5486	8	2	:	:	PUNCT
ajfa-5486	8	3	accounting	account	VERB
ajfa-5486	8	4	based	base	VERB
ajfa-5486	8	5	performance	performance	NOUN
ajfa-5486	8	6	,	,	PUNCT
ajfa-5486	8	7	market	market	NOUN
ajfa-5486	8	8	based	base	VERB
ajfa-5486	8	9	performance	performance	NOUN
ajfa-5486	8	10	,	,	PUNCT
ajfa-5486	8	11	stock	stock	NOUN
ajfa-5486	8	12	price	price	NOUN
ajfa-5486	8	13	,	,	PUNCT
ajfa-5486	8	14	investment	investment	NOUN
ajfa-5486	8	15	asian	asian	ADJ
ajfa-5486	8	16	journal	journal	NOUN
ajfa-5486	8	17	of	of	ADP
ajfa-5486	8	18	finance	finance	PROPN
ajfa-5486	8	19	&	&	CCONJ
ajfa-5486	8	20	accounting	accounting	PROPN
ajfa-5486	8	21	issn	issn	PROPN
ajfa-5486	8	22	1946	1946	NUM
ajfa-5486	8	23	-	-	PUNCT
ajfa-5486	8	24	052x	052x	PROPN
ajfa-5486	8	25	2014	2014	NUM
ajfa-5486	8	26	,	,	PUNCT
ajfa-5486	8	27	vol	vol	NOUN
ajfa-5486	8	28	.	.	PROPN
ajfa-5486	8	29	6	6	NUM
ajfa-5486	8	30	,	,	PUNCT
ajfa-5486	8	31	no	no	INTJ
ajfa-5486	8	32	.	.	NOUN
ajfa-5486	8	33	1	1	NUM
ajfa-5486	8	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5486	8	35	272	272	NUM
ajfa-5486	8	36	1	1	NUM
ajfa-5486	8	37	.	.	PUNCT
ajfa-5486	9	1	introduction	introduction	NOUN
ajfa-5486	9	2	each	each	DET
ajfa-5486	9	3	measure	measure	NOUN
ajfa-5486	9	4	of	of	ADP
ajfa-5486	9	5	corporate	corporate	ADJ
ajfa-5486	9	6	performance	performance	NOUN
ajfa-5486	9	7	is	be	AUX
ajfa-5486	9	8	very	very	ADV
ajfa-5486	9	9	important	important	ADJ
ajfa-5486	9	10	for	for	ADP
ajfa-5486	9	11	a	a	DET
ajfa-5486	9	12	range	range	NOUN
ajfa-5486	9	13	of	of	ADP
ajfa-5486	9	14	stakeholders	stakeholder	NOUN
ajfa-5486	9	15	.	.	PUNCT
ajfa-5486	10	1	it	it	PRON
ajfa-5486	10	2	is	be	AUX
ajfa-5486	10	3	not	not	PART
ajfa-5486	10	4	only	only	ADV
ajfa-5486	10	5	used	use	VERB
ajfa-5486	10	6	by	by	ADP
ajfa-5486	10	7	internal	internal	ADJ
ajfa-5486	10	8	stakeholders	stakeholder	NOUN
ajfa-5486	10	9	for	for	ADP
ajfa-5486	10	10	decision	decision	NOUN
ajfa-5486	10	11	making	making	NOUN
ajfa-5486	10	12	but	but	CCONJ
ajfa-5486	10	13	also	also	ADV
ajfa-5486	10	14	by	by	ADP
ajfa-5486	10	15	external	external	ADJ
ajfa-5486	10	16	stakeholders	stakeholder	NOUN
ajfa-5486	10	17	including	include	VERB
ajfa-5486	10	18	creditors	creditor	NOUN
ajfa-5486	10	19	and	and	CCONJ
ajfa-5486	10	20	competitors	competitor	NOUN
ajfa-5486	10	21	.	.	PUNCT
ajfa-5486	11	1	performance	performance	NOUN
ajfa-5486	11	2	evaluation	evaluation	NOUN
ajfa-5486	11	3	is	be	AUX
ajfa-5486	11	4	normally	normally	ADV
ajfa-5486	11	5	looked	look	VERB
ajfa-5486	11	6	at	at	ADP
ajfa-5486	11	7	in	in	ADP
ajfa-5486	11	8	the	the	DET
ajfa-5486	11	9	context	context	NOUN
ajfa-5486	11	10	of	of	ADP
ajfa-5486	11	11	published	publish	VERB
ajfa-5486	11	12	financial	financial	ADJ
ajfa-5486	11	13	statements	statement	NOUN
ajfa-5486	11	14	but	but	CCONJ
ajfa-5486	11	15	in	in	ADP
ajfa-5486	11	16	reality	reality	NOUN
ajfa-5486	11	17	performance	performance	NOUN
ajfa-5486	11	18	measures	measure	NOUN
ajfa-5486	11	19	have	have	VERB
ajfa-5486	11	20	broader	broad	ADJ
ajfa-5486	11	21	scope	scope	NOUN
ajfa-5486	11	22	and	and	CCONJ
ajfa-5486	11	23	implications	implication	NOUN
ajfa-5486	11	24	.	.	PUNCT
ajfa-5486	12	1	corporate	corporate	ADJ
ajfa-5486	12	2	performance	performance	NOUN
ajfa-5486	12	3	is	be	AUX
ajfa-5486	12	4	perceived	perceive	VERB
ajfa-5486	12	5	in	in	ADP
ajfa-5486	12	6	different	different	ADJ
ajfa-5486	12	7	ways	way	NOUN
ajfa-5486	12	8	such	such	ADJ
ajfa-5486	12	9	as	as	ADP
ajfa-5486	12	10	return	return	NOUN
ajfa-5486	12	11	,	,	PUNCT
ajfa-5486	12	12	production	production	NOUN
ajfa-5486	12	13	efficiency	efficiency	NOUN
ajfa-5486	12	14	and	and	CCONJ
ajfa-5486	12	15	financial	financial	ADJ
ajfa-5486	12	16	growth	growth	NOUN
ajfa-5486	12	17	.	.	PUNCT
ajfa-5486	13	1	a	a	DET
ajfa-5486	13	2	number	number	NOUN
ajfa-5486	13	3	of	of	ADP
ajfa-5486	13	4	studies	study	NOUN
ajfa-5486	13	5	over	over	ADP
ajfa-5486	13	6	a	a	DET
ajfa-5486	13	7	long	long	ADJ
ajfa-5486	13	8	period	period	NOUN
ajfa-5486	13	9	have	have	AUX
ajfa-5486	13	10	emphasized	emphasize	VERB
ajfa-5486	13	11	the	the	DET
ajfa-5486	13	12	usefulness	usefulness	NOUN
ajfa-5486	13	13	of	of	ADP
ajfa-5486	13	14	financial	financial	ADJ
ajfa-5486	13	15	fundamentals	fundamental	NOUN
ajfa-5486	13	16	(	(	PUNCT
ajfa-5486	13	17	chen	chen	PROPN
ajfa-5486	13	18	&	&	CCONJ
ajfa-5486	13	19	shimerda	shimerda	PROPN
ajfa-5486	13	20	,	,	PUNCT
ajfa-5486	13	21	1981	1981	NUM
ajfa-5486	13	22	)	)	PUNCT
ajfa-5486	13	23	.	.	PUNCT
ajfa-5486	14	1	financial	financial	ADJ
ajfa-5486	14	2	ratios	ratio	NOUN
ajfa-5486	14	3	allow	allow	VERB
ajfa-5486	14	4	shareholders	shareholder	NOUN
ajfa-5486	14	5	to	to	PART
ajfa-5486	14	6	compare	compare	VERB
ajfa-5486	14	7	different	different	ADJ
ajfa-5486	14	8	information	information	NOUN
ajfa-5486	14	9	in	in	ADP
ajfa-5486	14	10	a	a	DET
ajfa-5486	14	11	meaningful	meaningful	ADJ
ajfa-5486	14	12	way	way	NOUN
ajfa-5486	14	13	in	in	ADP
ajfa-5486	14	14	order	order	NOUN
ajfa-5486	14	15	to	to	PART
ajfa-5486	14	16	make	make	VERB
ajfa-5486	14	17	investment	investment	NOUN
ajfa-5486	14	18	decisions	decision	NOUN
ajfa-5486	14	19	(	(	PUNCT
ajfa-5486	14	20	singh	singh	PROPN
ajfa-5486	14	21	&	&	CCONJ
ajfa-5486	14	22	schmidgall	schmidgall	PROPN
ajfa-5486	14	23	,	,	PUNCT
ajfa-5486	14	24	2002	2002	NUM
ajfa-5486	14	25	)	)	PUNCT
ajfa-5486	14	26	.	.	PUNCT
ajfa-5486	15	1	ratio	ratio	NOUN
ajfa-5486	15	2	analysis	analysis	NOUN
ajfa-5486	15	3	provides	provide	VERB
ajfa-5486	15	4	information	information	NOUN
ajfa-5486	15	5	that	that	PRON
ajfa-5486	15	6	summarizes	summarize	VERB
ajfa-5486	15	7	the	the	DET
ajfa-5486	15	8	strengths	strength	NOUN
ajfa-5486	15	9	and	and	CCONJ
ajfa-5486	15	10	weaknesses	weakness	NOUN
ajfa-5486	15	11	of	of	ADP
ajfa-5486	15	12	different	different	ADJ
ajfa-5486	15	13	corporations	corporation	NOUN
ajfa-5486	15	14	from	from	ADP
ajfa-5486	15	15	return	return	NOUN
ajfa-5486	15	16	,	,	PUNCT
ajfa-5486	15	17	liquidity	liquidity	NOUN
ajfa-5486	15	18	and	and	CCONJ
ajfa-5486	15	19	growth	growth	NOUN
ajfa-5486	15	20	perspectives	perspective	NOUN
ajfa-5486	15	21	.	.	PUNCT
ajfa-5486	16	1	when	when	SCONJ
ajfa-5486	16	2	evaluating	evaluate	VERB
ajfa-5486	16	3	firm	firm	ADJ
ajfa-5486	16	4	performance	performance	NOUN
ajfa-5486	16	5	,	,	PUNCT
ajfa-5486	16	6	the	the	DET
ajfa-5486	16	7	most	most	ADV
ajfa-5486	16	8	common	common	ADJ
ajfa-5486	16	9	fundamentals	fundamental	NOUN
ajfa-5486	16	10	/	/	SYM
ajfa-5486	16	11	ratios	ratio	NOUN
ajfa-5486	16	12	are	be	AUX
ajfa-5486	16	13	related	relate	VERB
ajfa-5486	16	14	to	to	ADP
ajfa-5486	16	15	profitability	profitability	NOUN
ajfa-5486	16	16	and	and	CCONJ
ajfa-5486	16	17	returns	return	NOUN
ajfa-5486	16	18	.	.	PUNCT
ajfa-5486	17	1	these	these	DET
ajfa-5486	17	2	financial	financial	ADJ
ajfa-5486	17	3	ratios	ratio	NOUN
ajfa-5486	17	4	are	be	AUX
ajfa-5486	17	5	based	base	VERB
ajfa-5486	17	6	on	on	ADP
ajfa-5486	17	7	publicly	publicly	ADV
ajfa-5486	17	8	published	publish	VERB
ajfa-5486	17	9	financial	financial	ADJ
ajfa-5486	17	10	statements	statement	NOUN
ajfa-5486	17	11	and	and	CCONJ
ajfa-5486	17	12	known	know	VERB
ajfa-5486	17	13	as	as	ADP
ajfa-5486	17	14	accounting	accounting	NOUN
ajfa-5486	17	15	-	-	PUNCT
ajfa-5486	17	16	based	base	VERB
ajfa-5486	17	17	financial	financial	ADJ
ajfa-5486	17	18	performance	performance	NOUN
ajfa-5486	17	19	(	(	PUNCT
ajfa-5486	17	20	afp	afp	NOUN
ajfa-5486	17	21	)	)	PUNCT
ajfa-5486	17	22	.	.	PUNCT
ajfa-5486	18	1	these	these	DET
ajfa-5486	18	2	performance	performance	NOUN
ajfa-5486	18	3	measures	measure	NOUN
ajfa-5486	18	4	offer	offer	VERB
ajfa-5486	18	5	significant	significant	ADJ
ajfa-5486	18	6	financial	financial	ADJ
ajfa-5486	18	7	information	information	NOUN
ajfa-5486	18	8	to	to	ADP
ajfa-5486	18	9	both	both	DET
ajfa-5486	18	10	shareholders	shareholder	NOUN
ajfa-5486	18	11	and	and	CCONJ
ajfa-5486	18	12	researchers	researcher	NOUN
ajfa-5486	18	13	to	to	PART
ajfa-5486	18	14	assess	assess	VERB
ajfa-5486	18	15	different	different	ADJ
ajfa-5486	18	16	corporations	corporation	NOUN
ajfa-5486	18	17	and	and	CCONJ
ajfa-5486	18	18	compare	compare	VERB
ajfa-5486	18	19	their	their	PRON
ajfa-5486	18	20	standing	standing	NOUN
ajfa-5486	18	21	within	within	ADP
ajfa-5486	18	22	an	an	DET
ajfa-5486	18	23	industry	industry	NOUN
ajfa-5486	18	24	over	over	ADP
ajfa-5486	18	25	the	the	DET
ajfa-5486	18	26	years	year	NOUN
ajfa-5486	18	27	(	(	PUNCT
ajfa-5486	18	28	gallizo	gallizo	PROPN
ajfa-5486	18	29	&	&	CCONJ
ajfa-5486	18	30	salvador	salvador	PROPN
ajfa-5486	18	31	,	,	PUNCT
ajfa-5486	18	32	2003	2003	NUM
ajfa-5486	18	33	)	)	PUNCT
ajfa-5486	18	34	.	.	PUNCT
ajfa-5486	19	1	many	many	ADJ
ajfa-5486	19	2	traditional	traditional	ADJ
ajfa-5486	19	3	financial	financial	ADJ
ajfa-5486	19	4	performance	performance	NOUN
ajfa-5486	19	5	measures	measure	NOUN
ajfa-5486	19	6	are	be	AUX
ajfa-5486	19	7	reported	report	VERB
ajfa-5486	19	8	in	in	ADP
ajfa-5486	19	9	the	the	DET
ajfa-5486	19	10	literature	literature	NOUN
ajfa-5486	19	11	.	.	PUNCT
ajfa-5486	20	1	however	however	ADV
ajfa-5486	20	2	,	,	PUNCT
ajfa-5486	20	3	these	these	DET
ajfa-5486	20	4	measures	measure	NOUN
ajfa-5486	20	5	are	be	AUX
ajfa-5486	20	6	grouped	group	VERB
ajfa-5486	20	7	on	on	ADP
ajfa-5486	20	8	the	the	DET
ajfa-5486	20	9	basis	basis	NOUN
ajfa-5486	20	10	of	of	ADP
ajfa-5486	20	11	the	the	DET
ajfa-5486	20	12	nature	nature	NOUN
ajfa-5486	20	13	of	of	ADP
ajfa-5486	20	14	their	their	PRON
ajfa-5486	20	15	information	information	NOUN
ajfa-5486	20	16	.	.	PUNCT
ajfa-5486	21	1	financial	financial	ADJ
ajfa-5486	21	2	markets	market	NOUN
ajfa-5486	21	3	have	have	AUX
ajfa-5486	21	4	become	become	VERB
ajfa-5486	21	5	more	more	ADV
ajfa-5486	21	6	competitive	competitive	ADJ
ajfa-5486	21	7	in	in	ADP
ajfa-5486	21	8	recent	recent	ADJ
ajfa-5486	21	9	years	year	NOUN
ajfa-5486	21	10	which	which	PRON
ajfa-5486	21	11	make	make	VERB
ajfa-5486	21	12	efficient	efficient	ADJ
ajfa-5486	21	13	uses	use	NOUN
ajfa-5486	21	14	of	of	ADP
ajfa-5486	21	15	resources	resource	NOUN
ajfa-5486	21	16	a	a	DET
ajfa-5486	21	17	vital	vital	ADJ
ajfa-5486	21	18	and	and	CCONJ
ajfa-5486	21	19	challenging	challenging	ADJ
ajfa-5486	21	20	issue	issue	NOUN
ajfa-5486	21	21	.	.	PUNCT
ajfa-5486	22	1	diversification	diversification	NOUN
ajfa-5486	22	2	in	in	ADP
ajfa-5486	22	3	form	form	NOUN
ajfa-5486	22	4	of	of	ADP
ajfa-5486	22	5	products	product	NOUN
ajfa-5486	22	6	and	and	CCONJ
ajfa-5486	22	7	markets	market	NOUN
ajfa-5486	22	8	often	often	ADV
ajfa-5486	22	9	increases	increase	VERB
ajfa-5486	22	10	corporation	corporation	NOUN
ajfa-5486	22	11	income	income	NOUN
ajfa-5486	22	12	and	and	CCONJ
ajfa-5486	22	13	enhance	enhance	VERB
ajfa-5486	22	14	their	their	PRON
ajfa-5486	22	15	value	value	NOUN
ajfa-5486	22	16	(	(	PUNCT
ajfa-5486	22	17	he	he	PRON
ajfa-5486	22	18	,	,	PUNCT
ajfa-5486	22	19	2012	2012	NUM
ajfa-5486	22	20	;	;	PUNCT
ajfa-5486	22	21	olibe	olibe	NOUN
ajfa-5486	22	22	,	,	PUNCT
ajfa-5486	22	23	ehie	ehie	NOUN
ajfa-5486	22	24	,	,	PUNCT
ajfa-5486	22	25	&	&	CCONJ
ajfa-5486	22	26	strawser	strawser	NOUN
ajfa-5486	22	27	,	,	PUNCT
ajfa-5486	22	28	2012	2012	NUM
ajfa-5486	22	29	;	;	PUNCT
ajfa-5486	22	30	pandya	pandya	PROPN
ajfa-5486	22	31	&	&	CCONJ
ajfa-5486	22	32	rao	rao	PROPN
ajfa-5486	22	33	,	,	PUNCT
ajfa-5486	22	34	1998	1998	NUM
ajfa-5486	22	35	)	)	PUNCT
ajfa-5486	22	36	.	.	PUNCT
ajfa-5486	23	1	a	a	DET
ajfa-5486	23	2	successful	successful	ADJ
ajfa-5486	23	3	corporation	corporation	NOUN
ajfa-5486	23	4	requires	require	VERB
ajfa-5486	23	5	excellent	excellent	ADJ
ajfa-5486	23	6	performance	performance	NOUN
ajfa-5486	23	7	measurement	measurement	NOUN
ajfa-5486	23	8	tools	tool	NOUN
ajfa-5486	23	9	that	that	PRON
ajfa-5486	23	10	are	be	AUX
ajfa-5486	23	11	suitable	suitable	ADJ
ajfa-5486	23	12	and	and	CCONJ
ajfa-5486	23	13	aligned	align	VERB
ajfa-5486	23	14	with	with	ADP
ajfa-5486	23	15	a	a	DET
ajfa-5486	23	16	value	value	NOUN
ajfa-5486	23	17	maximization	maximization	NOUN
ajfa-5486	23	18	objective	objective	NOUN
ajfa-5486	23	19	.	.	PUNCT
ajfa-5486	24	1	conventional	conventional	ADJ
ajfa-5486	24	2	accounting	accounting	NOUN
ajfa-5486	24	3	based	base	VERB
ajfa-5486	24	4	financial	financial	ADJ
ajfa-5486	24	5	performance	performance	NOUN
ajfa-5486	24	6	measures	measure	NOUN
ajfa-5486	24	7	have	have	AUX
ajfa-5486	24	8	been	be	AUX
ajfa-5486	24	9	criticized	criticize	VERB
ajfa-5486	24	10	for	for	ADP
ajfa-5486	24	11	providing	provide	VERB
ajfa-5486	24	12	ineffective	ineffective	ADJ
ajfa-5486	24	13	guidance	guidance	NOUN
ajfa-5486	24	14	when	when	SCONJ
ajfa-5486	24	15	making	make	VERB
ajfa-5486	24	16	strategic	strategic	ADJ
ajfa-5486	24	17	decisions	decision	NOUN
ajfa-5486	24	18	.	.	PUNCT
ajfa-5486	25	1	these	these	DET
ajfa-5486	25	2	shortcomings	shortcoming	NOUN
ajfa-5486	25	3	are	be	AUX
ajfa-5486	25	4	addressed	address	VERB
ajfa-5486	25	5	by	by	ADP
ajfa-5486	25	6	market	market	NOUN
ajfa-5486	25	7	based	base	VERB
ajfa-5486	25	8	financial	financial	ADJ
ajfa-5486	25	9	measures	measure	NOUN
ajfa-5486	25	10	.	.	PUNCT
ajfa-5486	26	1	market	market	NOUN
ajfa-5486	26	2	price	price	NOUN
ajfa-5486	26	3	based	base	VERB
ajfa-5486	26	4	financial	financial	ADJ
ajfa-5486	26	5	measures	measure	NOUN
ajfa-5486	26	6	have	have	AUX
ajfa-5486	26	7	attracted	attract	VERB
ajfa-5486	26	8	increasing	increase	VERB
ajfa-5486	26	9	attention	attention	NOUN
ajfa-5486	26	10	as	as	ADP
ajfa-5486	26	11	alternatives	alternative	NOUN
ajfa-5486	26	12	to	to	ADP
ajfa-5486	26	13	measure	measure	NOUN
ajfa-5486	26	14	value	value	NOUN
ajfa-5486	26	15	for	for	ADP
ajfa-5486	26	16	firms	firm	NOUN
ajfa-5486	26	17	(	(	PUNCT
ajfa-5486	26	18	sandoval	sandoval	PROPN
ajfa-5486	26	19	,	,	PUNCT
ajfa-5486	26	20	2001	2001	NUM
ajfa-5486	26	21	)	)	PUNCT
ajfa-5486	26	22	.	.	PUNCT
ajfa-5486	27	1	international	international	ADJ
ajfa-5486	27	2	strategy	strategy	NOUN
ajfa-5486	27	3	research	research	NOUN
ajfa-5486	27	4	and	and	CCONJ
ajfa-5486	27	5	behavioural	behavioural	ADJ
ajfa-5486	27	6	finance	finance	NOUN
ajfa-5486	27	7	theories	theory	NOUN
ajfa-5486	27	8	show	show	VERB
ajfa-5486	27	9	that	that	SCONJ
ajfa-5486	27	10	firm	firm	ADJ
ajfa-5486	27	11	financial	financial	ADJ
ajfa-5486	27	12	performance	performance	NOUN
ajfa-5486	27	13	is	be	AUX
ajfa-5486	27	14	substantially	substantially	ADV
ajfa-5486	27	15	influenced	influence	VERB
ajfa-5486	27	16	by	by	ADP
ajfa-5486	27	17	contextual	contextual	ADJ
ajfa-5486	27	18	phenomenon	phenomenon	NOUN
ajfa-5486	27	19	(	(	PUNCT
ajfa-5486	27	20	tong	tong	PROPN
ajfa-5486	27	21	,	,	PUNCT
ajfa-5486	27	22	alessandri	alessandri	ADJ
ajfa-5486	27	23	,	,	PUNCT
ajfa-5486	27	24	reuer	reuer	NOUN
ajfa-5486	27	25	,	,	PUNCT
ajfa-5486	27	26	&	&	CCONJ
ajfa-5486	27	27	chintakananda	chintakananda	NOUN
ajfa-5486	27	28	,	,	PUNCT
ajfa-5486	27	29	2008	2008	NUM
ajfa-5486	27	30	)	)	PUNCT
ajfa-5486	27	31	and	and	CCONJ
ajfa-5486	27	32	it	it	PRON
ajfa-5486	27	33	varies	vary	VERB
ajfa-5486	27	34	in	in	ADP
ajfa-5486	27	35	different	different	ADJ
ajfa-5486	27	36	market	market	NOUN
ajfa-5486	27	37	and	and	CCONJ
ajfa-5486	27	38	sectors	sector	NOUN
ajfa-5486	27	39	.	.	PUNCT
ajfa-5486	28	1	for	for	ADP
ajfa-5486	28	2	example	example	NOUN
ajfa-5486	28	3	,	,	PUNCT
ajfa-5486	28	4	stating	state	VERB
ajfa-5486	28	5	the	the	DET
ajfa-5486	28	6	purpose	purpose	NOUN
ajfa-5486	28	7	of	of	ADP
ajfa-5486	28	8	earning	earn	VERB
ajfa-5486	28	9	per	per	ADP
ajfa-5486	28	10	share	share	NOUN
ajfa-5486	28	11	,	,	PUNCT
ajfa-5486	28	12	accounting	account	VERB
ajfa-5486	28	13	standards1	standards1	NOUN
ajfa-5486	28	14	argue	argue	VERB
ajfa-5486	28	15	that	that	SCONJ
ajfa-5486	28	16	it	it	PRON
ajfa-5486	28	17	provides	provide	VERB
ajfa-5486	28	18	information	information	NOUN
ajfa-5486	28	19	on	on	ADP
ajfa-5486	28	20	comparisons	comparison	NOUN
ajfa-5486	28	21	between	between	ADP
ajfa-5486	28	22	different	different	ADJ
ajfa-5486	28	23	entities	entity	NOUN
ajfa-5486	28	24	in	in	ADP
ajfa-5486	28	25	the	the	DET
ajfa-5486	28	26	same	same	ADJ
ajfa-5486	28	27	reporting	reporting	NOUN
ajfa-5486	28	28	period	period	NOUN
ajfa-5486	28	29	and	and	CCONJ
ajfa-5486	28	30	between	between	ADP
ajfa-5486	28	31	different	different	ADJ
ajfa-5486	28	32	reporting	reporting	NOUN
ajfa-5486	28	33	periods	period	NOUN
ajfa-5486	28	34	for	for	ADP
ajfa-5486	28	35	the	the	DET
ajfa-5486	28	36	same	same	ADJ
ajfa-5486	28	37	entity	entity	NOUN
ajfa-5486	28	38	but	but	CCONJ
ajfa-5486	28	39	following	follow	VERB
ajfa-5486	28	40	this	this	DET
ajfa-5486	28	41	fundamental	fundamental	ADJ
ajfa-5486	28	42	principle	principle	ADJ
ajfa-5486	28	43	empirical	empirical	ADJ
ajfa-5486	28	44	studies	study	NOUN
ajfa-5486	28	45	found	find	VERB
ajfa-5486	28	46	confounding	confound	VERB
ajfa-5486	28	47	results	result	NOUN
ajfa-5486	28	48	.	.	PUNCT
ajfa-5486	29	1	nikolai	nikolai	PROPN
ajfa-5486	29	2	and	and	CCONJ
ajfa-5486	29	3	bazley	bazley	NOUN
ajfa-5486	29	4	(	(	PUNCT
ajfa-5486	29	5	2010	2010	NUM
ajfa-5486	29	6	)	)	PUNCT
ajfa-5486	29	7	consider	consider	VERB
ajfa-5486	29	8	earning	earn	VERB
ajfa-5486	29	9	per	per	ADP
ajfa-5486	29	10	share	share	NOUN
ajfa-5486	29	11	(	(	PUNCT
ajfa-5486	29	12	eps	eps	PROPN
ajfa-5486	29	13	)	)	PUNCT
ajfa-5486	29	14	as	as	ADP
ajfa-5486	29	15	a	a	DET
ajfa-5486	29	16	helpful	helpful	ADJ
ajfa-5486	29	17	measure	measure	NOUN
ajfa-5486	29	18	to	to	PART
ajfa-5486	29	19	evaluate	evaluate	VERB
ajfa-5486	29	20	return	return	NOUN
ajfa-5486	29	21	over	over	ADP
ajfa-5486	29	22	investment	investment	NOUN
ajfa-5486	29	23	and	and	CCONJ
ajfa-5486	29	24	risk	risk	NOUN
ajfa-5486	29	25	taken	take	VERB
ajfa-5486	29	26	by	by	ADP
ajfa-5486	29	27	a	a	DET
ajfa-5486	29	28	firm	firm	NOUN
ajfa-5486	29	29	.	.	PUNCT
ajfa-5486	30	1	whereas	whereas	SCONJ
ajfa-5486	30	2	,	,	PUNCT
ajfa-5486	30	3	cudia	cudia	NOUN
ajfa-5486	30	4	and	and	CCONJ
ajfa-5486	30	5	manaligod	manaligod	PROPN
ajfa-5486	30	6	(	(	PUNCT
ajfa-5486	30	7	2011	2011	NUM
ajfa-5486	30	8	)	)	PUNCT
ajfa-5486	30	9	refute	refute	VERB
ajfa-5486	30	10	this	this	DET
ajfa-5486	30	11	claim	claim	NOUN
ajfa-5486	30	12	and	and	CCONJ
ajfa-5486	30	13	consider	consider	VERB
ajfa-5486	30	14	that	that	PRON
ajfa-5486	30	15	eps	ep	NOUN
ajfa-5486	30	16	fails	fail	VERB
ajfa-5486	30	17	to	to	PART
ajfa-5486	30	18	effectively	effectively	ADV
ajfa-5486	30	19	compare	compare	VERB
ajfa-5486	30	20	financial	financial	ADJ
ajfa-5486	30	21	performance	performance	NOUN
ajfa-5486	30	22	between	between	ADP
ajfa-5486	30	23	1	1	NUM
ajfa-5486	30	24	international	international	ADJ
ajfa-5486	30	25	financial	financial	ADJ
ajfa-5486	30	26	reporting	reporting	NOUN
ajfa-5486	30	27	standards	standard	NOUN
ajfa-5486	30	28	(	(	PUNCT
ajfa-5486	30	29	ifrs	ifrs	PROPN
ajfa-5486	30	30	)	)	PUNCT
ajfa-5486	30	31	33	33	NUM
ajfa-5486	30	32	asian	asian	ADJ
ajfa-5486	30	33	journal	journal	NOUN
ajfa-5486	30	34	of	of	ADP
ajfa-5486	30	35	finance	finance	PROPN
ajfa-5486	30	36	&	&	CCONJ
ajfa-5486	30	37	accounting	accounting	PROPN
ajfa-5486	30	38	issn	issn	PROPN
ajfa-5486	30	39	1946	1946	NUM
ajfa-5486	30	40	-	-	PUNCT
ajfa-5486	30	41	052x	052x	PROPN
ajfa-5486	30	42	2014	2014	NUM
ajfa-5486	30	43	,	,	PUNCT
ajfa-5486	30	44	vol	vol	NOUN
ajfa-5486	30	45	.	.	PROPN
ajfa-5486	31	1	6	6	NUM
ajfa-5486	31	2	,	,	PUNCT
ajfa-5486	31	3	no	no	INTJ
ajfa-5486	31	4	.	.	NOUN
ajfa-5486	31	5	1	1	NUM
ajfa-5486	31	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	31	7	273	273	NUM
ajfa-5486	31	8	companies	company	NOUN
ajfa-5486	31	9	.	.	PUNCT
ajfa-5486	32	1	jordan	jordan	PROPN
ajfa-5486	32	2	,	,	PUNCT
ajfa-5486	32	3	clark	clark	PROPN
ajfa-5486	32	4	,	,	PUNCT
ajfa-5486	32	5	and	and	CCONJ
ajfa-5486	32	6	smith	smith	PROPN
ajfa-5486	32	7	(	(	PUNCT
ajfa-5486	32	8	2007	2007	NUM
ajfa-5486	32	9	)	)	PUNCT
ajfa-5486	32	10	also	also	ADV
ajfa-5486	32	11	pointed	point	VERB
ajfa-5486	32	12	out	out	ADP
ajfa-5486	32	13	some	some	DET
ajfa-5486	32	14	pitfalls	pitfall	NOUN
ajfa-5486	32	15	of	of	ADP
ajfa-5486	32	16	this	this	DET
ajfa-5486	32	17	measure	measure	NOUN
ajfa-5486	32	18	of	of	ADP
ajfa-5486	32	19	performance	performance	NOUN
ajfa-5486	32	20	.	.	PUNCT
ajfa-5486	33	1	they	they	PRON
ajfa-5486	33	2	suggest	suggest	VERB
ajfa-5486	33	3	that	that	SCONJ
ajfa-5486	33	4	eps	eps	PROPN
ajfa-5486	33	5	may	may	AUX
ajfa-5486	33	6	be	be	AUX
ajfa-5486	33	7	used	use	VERB
ajfa-5486	33	8	for	for	ADP
ajfa-5486	33	9	large	large	ADJ
ajfa-5486	33	10	companies	company	NOUN
ajfa-5486	33	11	but	but	CCONJ
ajfa-5486	33	12	it	it	PRON
ajfa-5486	33	13	should	should	AUX
ajfa-5486	33	14	be	be	AUX
ajfa-5486	33	15	avoided	avoid	VERB
ajfa-5486	33	16	for	for	ADP
ajfa-5486	33	17	small	small	ADJ
ajfa-5486	33	18	listed	list	VERB
ajfa-5486	33	19	companies	company	NOUN
ajfa-5486	33	20	’	’	PART
ajfa-5486	33	21	analysis	analysis	NOUN
ajfa-5486	33	22	as	as	SCONJ
ajfa-5486	33	23	it	it	PRON
ajfa-5486	33	24	is	be	AUX
ajfa-5486	33	25	poor	poor	ADJ
ajfa-5486	33	26	measure	measure	NOUN
ajfa-5486	33	27	for	for	ADP
ajfa-5486	33	28	firms	firm	NOUN
ajfa-5486	33	29	of	of	ADP
ajfa-5486	33	30	different	different	ADJ
ajfa-5486	33	31	size	size	NOUN
ajfa-5486	33	32	and	and	CCONJ
ajfa-5486	33	33	thus	thus	ADV
ajfa-5486	33	34	is	be	AUX
ajfa-5486	33	35	not	not	PART
ajfa-5486	33	36	useful	useful	ADJ
ajfa-5486	33	37	for	for	ADP
ajfa-5486	33	38	intercompany	intercompany	NOUN
ajfa-5486	33	39	comparison	comparison	NOUN
ajfa-5486	33	40	.	.	PUNCT
ajfa-5486	34	1	the	the	DET
ajfa-5486	34	2	motivation	motivation	NOUN
ajfa-5486	34	3	of	of	ADP
ajfa-5486	34	4	this	this	DET
ajfa-5486	34	5	study	study	NOUN
ajfa-5486	34	6	is	be	AUX
ajfa-5486	34	7	to	to	PART
ajfa-5486	34	8	empirically	empirically	ADV
ajfa-5486	34	9	identify	identify	VERB
ajfa-5486	34	10	appropriate	appropriate	ADJ
ajfa-5486	34	11	financial	financial	ADJ
ajfa-5486	34	12	performance	performance	NOUN
ajfa-5486	34	13	evaluation	evaluation	NOUN
ajfa-5486	34	14	tools	tool	NOUN
ajfa-5486	34	15	from	from	ADP
ajfa-5486	34	16	a	a	DET
ajfa-5486	34	17	range	range	NOUN
ajfa-5486	34	18	of	of	ADP
ajfa-5486	34	19	available	available	ADJ
ajfa-5486	34	20	tools	tool	NOUN
ajfa-5486	34	21	for	for	ADP
ajfa-5486	34	22	asx	asx	NOUN
ajfa-5486	34	23	200	200	NUM
ajfa-5486	34	24	companies	company	NOUN
ajfa-5486	34	25	.	.	PUNCT
ajfa-5486	35	1	it	it	PRON
ajfa-5486	35	2	also	also	ADV
ajfa-5486	35	3	compares	compare	VERB
ajfa-5486	35	4	whether	whether	SCONJ
ajfa-5486	35	5	accounting	account	VERB
ajfa-5486	35	6	based	base	VERB
ajfa-5486	35	7	financial	financial	ADJ
ajfa-5486	35	8	measure	measure	NOUN
ajfa-5486	35	9	or	or	CCONJ
ajfa-5486	35	10	market	market	NOUN
ajfa-5486	35	11	based	base	VERB
ajfa-5486	35	12	financial	financial	ADJ
ajfa-5486	35	13	measures	measure	NOUN
ajfa-5486	35	14	better	well	ADV
ajfa-5486	35	15	explain	explain	VERB
ajfa-5486	35	16	variance	variance	NOUN
ajfa-5486	35	17	in	in	ADP
ajfa-5486	35	18	stock	stock	NOUN
ajfa-5486	35	19	prices	price	NOUN
ajfa-5486	35	20	.	.	PUNCT
ajfa-5486	36	1	this	this	PRON
ajfa-5486	36	2	is	be	AUX
ajfa-5486	36	3	an	an	DET
ajfa-5486	36	4	important	important	ADJ
ajfa-5486	36	5	area	area	NOUN
ajfa-5486	36	6	to	to	PART
ajfa-5486	36	7	be	be	AUX
ajfa-5486	36	8	researched	research	VERB
ajfa-5486	36	9	as	as	SCONJ
ajfa-5486	36	10	ratios	ratio	NOUN
ajfa-5486	36	11	are	be	AUX
ajfa-5486	36	12	often	often	ADV
ajfa-5486	36	13	used	use	VERB
ajfa-5486	36	14	for	for	ADP
ajfa-5486	36	15	financial	financial	ADJ
ajfa-5486	36	16	performance	performance	NOUN
ajfa-5486	36	17	evaluation	evaluation	NOUN
ajfa-5486	36	18	intuitively	intuitively	ADV
ajfa-5486	36	19	without	without	ADP
ajfa-5486	36	20	considering	consider	VERB
ajfa-5486	36	21	their	their	PRON
ajfa-5486	36	22	theoretical	theoretical	ADJ
ajfa-5486	36	23	and	and	CCONJ
ajfa-5486	36	24	statistical	statistical	ADJ
ajfa-5486	36	25	properties	property	NOUN
ajfa-5486	36	26	.	.	PUNCT
ajfa-5486	37	1	in	in	ADP
ajfa-5486	37	2	the	the	DET
ajfa-5486	37	3	next	next	ADJ
ajfa-5486	37	4	section	section	NOUN
ajfa-5486	37	5	,	,	PUNCT
ajfa-5486	37	6	we	we	PRON
ajfa-5486	37	7	cover	cover	VERB
ajfa-5486	37	8	historical	historical	ADJ
ajfa-5486	37	9	background	background	NOUN
ajfa-5486	37	10	and	and	CCONJ
ajfa-5486	37	11	development	development	NOUN
ajfa-5486	37	12	of	of	ADP
ajfa-5486	37	13	ratio	ratio	NOUN
ajfa-5486	37	14	analysis	analysis	NOUN
ajfa-5486	37	15	.	.	PUNCT
ajfa-5486	38	1	section	section	NOUN
ajfa-5486	38	2	3	3	NUM
ajfa-5486	38	3	and	and	CCONJ
ajfa-5486	38	4	section	section	NOUN
ajfa-5486	38	5	4	4	NUM
ajfa-5486	38	6	discusses	discuss	VERB
ajfa-5486	38	7	accounting	accounting	NOUN
ajfa-5486	38	8	based	base	VERB
ajfa-5486	38	9	ratios	ratio	NOUN
ajfa-5486	38	10	and	and	CCONJ
ajfa-5486	38	11	market	market	NOUN
ajfa-5486	38	12	based	base	VERB
ajfa-5486	38	13	ratios	ratio	NOUN
ajfa-5486	38	14	respectively	respectively	ADV
ajfa-5486	38	15	.	.	PUNCT
ajfa-5486	39	1	section	section	NOUN
ajfa-5486	39	2	5	5	NUM
ajfa-5486	39	3	covers	cover	VERB
ajfa-5486	39	4	methodology	methodology	NOUN
ajfa-5486	39	5	used	use	VERB
ajfa-5486	39	6	for	for	ADP
ajfa-5486	39	7	this	this	DET
ajfa-5486	39	8	research	research	NOUN
ajfa-5486	39	9	followed	follow	VERB
ajfa-5486	39	10	by	by	ADP
ajfa-5486	39	11	results	result	NOUN
ajfa-5486	39	12	and	and	CCONJ
ajfa-5486	39	13	discussion	discussion	NOUN
ajfa-5486	39	14	in	in	ADP
ajfa-5486	39	15	section	section	NOUN
ajfa-5486	39	16	6	6	NUM
ajfa-5486	39	17	.	.	PUNCT
ajfa-5486	40	1	the	the	DET
ajfa-5486	40	2	last	last	ADJ
ajfa-5486	40	3	section	section	NOUN
ajfa-5486	40	4	concludes	conclude	VERB
ajfa-5486	40	5	the	the	DET
ajfa-5486	40	6	study	study	NOUN
ajfa-5486	40	7	.	.	PUNCT
ajfa-5486	41	1	2	2	X
ajfa-5486	41	2	.	.	X
ajfa-5486	41	3	background	background	NOUN
ajfa-5486	41	4	the	the	DET
ajfa-5486	41	5	word	word	NOUN
ajfa-5486	41	6	ratio	ratio	NOUN
ajfa-5486	41	7	is	be	AUX
ajfa-5486	41	8	originally	originally	ADV
ajfa-5486	41	9	taken	take	VERB
ajfa-5486	41	10	from	from	ADP
ajfa-5486	41	11	the	the	DET
ajfa-5486	41	12	latin	latin	ADJ
ajfa-5486	41	13	verb	verb	NOUN
ajfa-5486	41	14	reri	reri	NOUN
ajfa-5486	41	15	,	,	PUNCT
ajfa-5486	41	16	to	to	PART
ajfa-5486	41	17	think	think	VERB
ajfa-5486	41	18	;	;	PUNCT
ajfa-5486	42	1	past	past	ADP
ajfa-5486	42	2	participle	participle	NOUN
ajfa-5486	42	3	,	,	PUNCT
ajfa-5486	42	4	ratus	ratus	PROPN
ajfa-5486	42	5	(	(	PUNCT
ajfa-5486	42	6	smith	smith	PROPN
ajfa-5486	42	7	,	,	PUNCT
ajfa-5486	42	8	1925	1925	NUM
ajfa-5486	42	9	,	,	PUNCT
ajfa-5486	42	10	p.	p.	NOUN
ajfa-5486	42	11	478	478	NUM
ajfa-5486	42	12	)	)	PUNCT
ajfa-5486	42	13	.	.	PUNCT
ajfa-5486	43	1	thus	thus	ADV
ajfa-5486	43	2	,	,	PUNCT
ajfa-5486	43	3	ratio	ratio	NOUN
ajfa-5486	43	4	in	in	ADP
ajfa-5486	43	5	latin	latin	PROPN
ajfa-5486	43	6	means	mean	VERB
ajfa-5486	43	7	calculation	calculation	NOUN
ajfa-5486	43	8	,	,	PUNCT
ajfa-5486	43	9	relation	relation	NOUN
ajfa-5486	43	10	or	or	CCONJ
ajfa-5486	43	11	reason	reason	NOUN
ajfa-5486	43	12	.	.	PUNCT
ajfa-5486	44	1	in	in	ADP
ajfa-5486	44	2	other	other	ADJ
ajfa-5486	44	3	words	word	NOUN
ajfa-5486	44	4	ratio	ratio	NOUN
ajfa-5486	44	5	is	be	AUX
ajfa-5486	44	6	the	the	DET
ajfa-5486	44	7	relationship	relationship	NOUN
ajfa-5486	44	8	of	of	ADP
ajfa-5486	44	9	one	one	NUM
ajfa-5486	44	10	amount	amount	NOUN
ajfa-5486	44	11	to	to	ADP
ajfa-5486	44	12	another	another	PRON
ajfa-5486	44	13	.	.	PUNCT
ajfa-5486	45	1	theoretically	theoretically	ADV
ajfa-5486	45	2	,	,	PUNCT
ajfa-5486	45	3	when	when	SCONJ
ajfa-5486	45	4	one	one	NUM
ajfa-5486	45	5	term	term	NOUN
ajfa-5486	45	6	(	(	PUNCT
ajfa-5486	45	7	numerator	numerator	NOUN
ajfa-5486	45	8	)	)	PUNCT
ajfa-5486	45	9	is	be	AUX
ajfa-5486	45	10	divided	divide	VERB
ajfa-5486	45	11	by	by	ADP
ajfa-5486	45	12	another	another	DET
ajfa-5486	45	13	term	term	NOUN
ajfa-5486	45	14	(	(	PUNCT
ajfa-5486	45	15	denominator	denominator	NOUN
ajfa-5486	45	16	)	)	PUNCT
ajfa-5486	45	17	,	,	PUNCT
ajfa-5486	45	18	the	the	DET
ajfa-5486	45	19	resultant	resultant	NOUN
ajfa-5486	45	20	number	number	NOUN
ajfa-5486	45	21	is	be	AUX
ajfa-5486	45	22	called	call	VERB
ajfa-5486	45	23	the	the	DET
ajfa-5486	45	24	ratio	ratio	NOUN
ajfa-5486	45	25	of	of	ADP
ajfa-5486	45	26	the	the	DET
ajfa-5486	45	27	first	first	ADJ
ajfa-5486	45	28	term	term	NOUN
ajfa-5486	45	29	to	to	ADP
ajfa-5486	45	30	the	the	DET
ajfa-5486	45	31	second	second	ADJ
ajfa-5486	45	32	term	term	NOUN
ajfa-5486	45	33	.	.	PUNCT
ajfa-5486	46	1	it	it	PRON
ajfa-5486	46	2	is	be	AUX
ajfa-5486	46	3	difficult	difficult	ADJ
ajfa-5486	46	4	to	to	PART
ajfa-5486	46	5	establish	establish	VERB
ajfa-5486	46	6	the	the	DET
ajfa-5486	46	7	first	first	ADJ
ajfa-5486	46	8	use	use	NOUN
ajfa-5486	46	9	of	of	ADP
ajfa-5486	46	10	ratio	ratio	NOUN
ajfa-5486	46	11	but	but	CCONJ
ajfa-5486	46	12	some	some	DET
ajfa-5486	46	13	greek	greek	NOUN
ajfa-5486	46	14	writers	writer	NOUN
ajfa-5486	46	15	like	like	ADP
ajfa-5486	46	16	nichomachus	nichomachu	NOUN
ajfa-5486	46	17	used	use	VERB
ajfa-5486	46	18	it	it	PRON
ajfa-5486	46	19	in	in	ADP
ajfa-5486	46	20	arithmetic	arithmetic	ADJ
ajfa-5486	46	21	,	,	PUNCT
ajfa-5486	46	22	eudoxus	eudoxus	NOUN
ajfa-5486	46	23	used	use	VERB
ajfa-5486	46	24	it	it	PRON
ajfa-5486	46	25	in	in	ADP
ajfa-5486	46	26	geometry	geometry	NOUN
ajfa-5486	46	27	and	and	CCONJ
ajfa-5486	46	28	theon	theon	NOUN
ajfa-5486	46	29	used	use	VERB
ajfa-5486	46	30	it	it	PRON
ajfa-5486	46	31	in	in	ADP
ajfa-5486	46	32	music	music	NOUN
ajfa-5486	46	33	(	(	PUNCT
ajfa-5486	46	34	smith	smith	PROPN
ajfa-5486	46	35	,	,	PUNCT
ajfa-5486	46	36	1925	1925	NUM
ajfa-5486	46	37	,	,	PUNCT
ajfa-5486	46	38	pp	pp	ADJ
ajfa-5486	46	39	.	.	PUNCT
ajfa-5486	47	1	477	477	NUM
ajfa-5486	47	2	-	-	SYM
ajfa-5486	47	3	478	478	NUM
ajfa-5486	47	4	)	)	PUNCT
ajfa-5486	47	5	.	.	PUNCT
ajfa-5486	48	1	it	it	PRON
ajfa-5486	48	2	is	be	AUX
ajfa-5486	48	3	believed	believe	VERB
ajfa-5486	48	4	that	that	SCONJ
ajfa-5486	48	5	the	the	DET
ajfa-5486	48	6	babylonians	babylonians	PROPN
ajfa-5486	48	7	had	have	VERB
ajfa-5486	48	8	some	some	DET
ajfa-5486	48	9	concept	concept	NOUN
ajfa-5486	48	10	of	of	ADP
ajfa-5486	48	11	ratio	ratio	NOUN
ajfa-5486	48	12	in	in	ADP
ajfa-5486	48	13	2200	2200	NUM
ajfa-5486	48	14	b.c	b.c	PROPN
ajfa-5486	48	15	.	.	PUNCT
ajfa-5486	49	1	(	(	PUNCT
ajfa-5486	49	2	bell	bell	NOUN
ajfa-5486	49	3	,	,	PUNCT
ajfa-5486	49	4	1945	1945	NUM
ajfa-5486	49	5	,	,	PUNCT
ajfa-5486	49	6	p.	p.	NOUN
ajfa-5486	49	7	41	41	NUM
ajfa-5486	49	8	)	)	PUNCT
ajfa-5486	49	9	.	.	PUNCT
ajfa-5486	50	1	the	the	DET
ajfa-5486	50	2	science	science	NOUN
ajfa-5486	50	3	of	of	ADP
ajfa-5486	50	4	ratio	ratio	NOUN
ajfa-5486	50	5	analysis	analysis	NOUN
ajfa-5486	50	6	can	can	AUX
ajfa-5486	50	7	also	also	ADV
ajfa-5486	50	8	be	be	AUX
ajfa-5486	50	9	found	find	VERB
ajfa-5486	50	10	in	in	ADP
ajfa-5486	50	11	the	the	DET
ajfa-5486	50	12	elements	element	NOUN
ajfa-5486	50	13	of	of	ADP
ajfa-5486	50	14	euclid	euclid	PROPN
ajfa-5486	50	15	’s	’s	PART
ajfa-5486	50	16	approximately	approximately	ADV
ajfa-5486	50	17	300	300	NUM
ajfa-5486	50	18	b.c.(anjum	b.c.(anjum	PROPN
ajfa-5486	50	19	,	,	PUNCT
ajfa-5486	50	20	2010	2010	NUM
ajfa-5486	50	21	;	;	PUNCT
ajfa-5486	50	22	horrigan	horrigan	NOUN
ajfa-5486	50	23	,	,	PUNCT
ajfa-5486	50	24	1968	1968	NUM
ajfa-5486	50	25	)	)	PUNCT
ajfa-5486	50	26	.	.	PUNCT
ajfa-5486	51	1	however	however	ADV
ajfa-5486	51	2	,	,	PUNCT
ajfa-5486	51	3	modern	modern	ADJ
ajfa-5486	51	4	ratios	ratio	NOUN
ajfa-5486	51	5	and	and	CCONJ
ajfa-5486	51	6	their	their	PRON
ajfa-5486	51	7	use	use	NOUN
ajfa-5486	51	8	started	start	VERB
ajfa-5486	51	9	in	in	ADP
ajfa-5486	51	10	the	the	DET
ajfa-5486	51	11	late	late	ADJ
ajfa-5486	51	12	nineteenth	nineteenth	ADJ
ajfa-5486	51	13	century	century	NOUN
ajfa-5486	51	14	in	in	ADP
ajfa-5486	51	15	the	the	DET
ajfa-5486	51	16	united	united	PROPN
ajfa-5486	51	17	states	states	PROPN
ajfa-5486	51	18	when	when	SCONJ
ajfa-5486	51	19	corporations	corporation	NOUN
ajfa-5486	51	20	were	be	AUX
ajfa-5486	51	21	growing	grow	VERB
ajfa-5486	51	22	and	and	CCONJ
ajfa-5486	51	23	had	have	VERB
ajfa-5486	51	24	great	great	ADJ
ajfa-5486	51	25	impact	impact	NOUN
ajfa-5486	51	26	on	on	ADP
ajfa-5486	51	27	different	different	ADJ
ajfa-5486	51	28	stakeholders	stakeholder	NOUN
ajfa-5486	51	29	.	.	PUNCT
ajfa-5486	52	1	creditors	creditor	NOUN
ajfa-5486	52	2	were	be	AUX
ajfa-5486	52	3	concerned	concern	VERB
ajfa-5486	52	4	for	for	ADP
ajfa-5486	52	5	the	the	DET
ajfa-5486	52	6	stability	stability	NOUN
ajfa-5486	52	7	of	of	ADP
ajfa-5486	52	8	firms	firm	NOUN
ajfa-5486	52	9	whereas	whereas	SCONJ
ajfa-5486	52	10	shareholders	shareholder	NOUN
ajfa-5486	52	11	were	be	AUX
ajfa-5486	52	12	interested	interested	ADJ
ajfa-5486	52	13	in	in	ADP
ajfa-5486	52	14	profitability	profitability	NOUN
ajfa-5486	52	15	.	.	PUNCT
ajfa-5486	53	1	during	during	ADP
ajfa-5486	53	2	the	the	DET
ajfa-5486	53	3	late	late	ADJ
ajfa-5486	53	4	nineteenth	nineteenth	ADJ
ajfa-5486	53	5	century	century	NOUN
ajfa-5486	53	6	,	,	PUNCT
ajfa-5486	53	7	the	the	DET
ajfa-5486	53	8	flow	flow	NOUN
ajfa-5486	53	9	and	and	CCONJ
ajfa-5486	53	10	volume	volume	NOUN
ajfa-5486	53	11	of	of	ADP
ajfa-5486	53	12	financial	financial	ADJ
ajfa-5486	53	13	information	information	NOUN
ajfa-5486	53	14	increased	increase	VERB
ajfa-5486	53	15	significantly	significantly	ADV
ajfa-5486	53	16	.	.	PUNCT
ajfa-5486	54	1	in	in	ADP
ajfa-5486	54	2	this	this	DET
ajfa-5486	54	3	period	period	NOUN
ajfa-5486	54	4	credit	credit	NOUN
ajfa-5486	54	5	analysis	analysis	NOUN
ajfa-5486	54	6	dominated	dominate	VERB
ajfa-5486	54	7	as	as	SCONJ
ajfa-5486	54	8	creditors	creditor	NOUN
ajfa-5486	54	9	were	be	AUX
ajfa-5486	54	10	very	very	ADV
ajfa-5486	54	11	keen	keen	ADJ
ajfa-5486	54	12	to	to	PART
ajfa-5486	54	13	access	access	VERB
ajfa-5486	54	14	financial	financial	ADJ
ajfa-5486	54	15	statements	statement	NOUN
ajfa-5486	54	16	to	to	PART
ajfa-5486	54	17	conduct	conduct	VERB
ajfa-5486	54	18	credit	credit	NOUN
ajfa-5486	54	19	analysis	analysis	NOUN
ajfa-5486	54	20	(	(	PUNCT
ajfa-5486	54	21	horrigan	horrigan	NOUN
ajfa-5486	54	22	,	,	PUNCT
ajfa-5486	54	23	1968	1968	NUM
ajfa-5486	54	24	)	)	PUNCT
ajfa-5486	54	25	.	.	PUNCT
ajfa-5486	55	1	the	the	DET
ajfa-5486	55	2	most	most	ADV
ajfa-5486	55	3	common	common	ADJ
ajfa-5486	55	4	practice	practice	NOUN
ajfa-5486	55	5	of	of	ADP
ajfa-5486	55	6	this	this	DET
ajfa-5486	55	7	time	time	NOUN
ajfa-5486	55	8	was	be	AUX
ajfa-5486	55	9	the	the	DET
ajfa-5486	55	10	comparison	comparison	NOUN
ajfa-5486	55	11	of	of	ADP
ajfa-5486	55	12	current	current	ADJ
ajfa-5486	55	13	assets	asset	NOUN
ajfa-5486	55	14	with	with	ADP
ajfa-5486	55	15	current	current	ADJ
ajfa-5486	55	16	liabilities	liability	NOUN
ajfa-5486	55	17	(	(	PUNCT
ajfa-5486	55	18	current	current	ADJ
ajfa-5486	55	19	ratio	ratio	NOUN
ajfa-5486	55	20	)	)	PUNCT
ajfa-5486	55	21	(	(	PUNCT
ajfa-5486	55	22	anjum	anjum	PROPN
ajfa-5486	55	23	,	,	PUNCT
ajfa-5486	55	24	2010	2010	NUM
ajfa-5486	55	25	;	;	PUNCT
ajfa-5486	55	26	horrigan	horrigan	NOUN
ajfa-5486	55	27	,	,	PUNCT
ajfa-5486	55	28	1968	1968	NUM
ajfa-5486	55	29	)	)	PUNCT
ajfa-5486	55	30	.	.	PUNCT
ajfa-5486	56	1	in	in	ADP
ajfa-5486	56	2	the	the	DET
ajfa-5486	56	3	first	first	ADJ
ajfa-5486	56	4	two	two	NUM
ajfa-5486	56	5	decades	decade	NOUN
ajfa-5486	56	6	of	of	ADP
ajfa-5486	56	7	the	the	DET
ajfa-5486	56	8	twentieth	twentieth	ADJ
ajfa-5486	56	9	century	century	NOUN
ajfa-5486	56	10	several	several	ADJ
ajfa-5486	56	11	financial	financial	ADJ
ajfa-5486	56	12	ratios	ratio	NOUN
ajfa-5486	56	13	emerged	emerge	VERB
ajfa-5486	56	14	.	.	PUNCT
ajfa-5486	57	1	some	some	PRON
ajfa-5486	57	2	were	be	AUX
ajfa-5486	57	3	used	use	VERB
ajfa-5486	57	4	with	with	ADP
ajfa-5486	57	5	an	an	DET
ajfa-5486	57	6	absolute	absolute	ADJ
ajfa-5486	57	7	criterion2	criterion2	NOUN
ajfa-5486	57	8	while	while	SCONJ
ajfa-5486	57	9	others	other	NOUN
ajfa-5486	57	10	were	be	AUX
ajfa-5486	57	11	to	to	PART
ajfa-5486	57	12	address	address	VERB
ajfa-5486	57	13	the	the	DET
ajfa-5486	57	14	need	need	NOUN
ajfa-5486	57	15	for	for	ADP
ajfa-5486	57	16	inter	inter	ADJ
ajfa-5486	57	17	-	-	ADJ
ajfa-5486	57	18	company	company	ADJ
ajfa-5486	57	19	comparisons	comparison	NOUN
ajfa-5486	57	20	(	(	PUNCT
ajfa-5486	57	21	horrigan	horrigan	NOUN
ajfa-5486	57	22	,	,	PUNCT
ajfa-5486	57	23	1968	1968	NUM
ajfa-5486	57	24	)	)	PUNCT
ajfa-5486	57	25	.	.	PUNCT
ajfa-5486	58	1	wall	wall	NOUN
ajfa-5486	58	2	(	(	PUNCT
ajfa-5486	58	3	1919	1919	NUM
ajfa-5486	58	4	)	)	PUNCT
ajfa-5486	58	5	probably	probably	ADV
ajfa-5486	58	6	conducted	conduct	VERB
ajfa-5486	58	7	the	the	DET
ajfa-5486	58	8	first	first	ADJ
ajfa-5486	58	9	formal	formal	ADJ
ajfa-5486	58	10	study	study	NOUN
ajfa-5486	58	11	by	by	ADP
ajfa-5486	58	12	analysing	analyse	VERB
ajfa-5486	58	13	981	981	NUM
ajfa-5486	58	14	firms	firm	NOUN
ajfa-5486	58	15	using	use	VERB
ajfa-5486	58	16	7	7	NUM
ajfa-5486	58	17	different	different	ADJ
ajfa-5486	58	18	financial	financial	ADJ
ajfa-5486	58	19	ratios	ratio	NOUN
ajfa-5486	58	20	.	.	PUNCT
ajfa-5486	59	1	he	he	PRON
ajfa-5486	59	2	categorized	categorize	VERB
ajfa-5486	59	3	these	these	DET
ajfa-5486	59	4	firms	firm	NOUN
ajfa-5486	59	5	in	in	ADP
ajfa-5486	59	6	different	different	ADJ
ajfa-5486	59	7	geographic	geographic	ADJ
ajfa-5486	59	8	locations	location	NOUN
ajfa-5486	59	9	and	and	CCONJ
ajfa-5486	59	10	different	different	ADJ
ajfa-5486	59	11	sectors	sector	NOUN
ajfa-5486	59	12	.	.	PUNCT
ajfa-5486	60	1	he	he	PRON
ajfa-5486	60	2	found	find	VERB
ajfa-5486	60	3	great	great	ADJ
ajfa-5486	60	4	variation	variation	NOUN
ajfa-5486	60	5	in	in	ADP
ajfa-5486	60	6	performances	performance	NOUN
ajfa-5486	60	7	between	between	ADP
ajfa-5486	60	8	different	different	ADJ
ajfa-5486	60	9	sectors	sector	NOUN
ajfa-5486	60	10	and	and	CCONJ
ajfa-5486	60	11	geographic	geographic	ADJ
ajfa-5486	60	12	locations	location	NOUN
ajfa-5486	60	13	.	.	PUNCT
ajfa-5486	61	1	despite	despite	SCONJ
ajfa-5486	61	2	wall	wall	PROPN
ajfa-5486	61	3	’s	’s	PART
ajfa-5486	61	4	fuzzy	fuzzy	ADJ
ajfa-5486	61	5	method	method	NOUN
ajfa-5486	61	6	,	,	PUNCT
ajfa-5486	61	7	variability	variability	NOUN
ajfa-5486	61	8	of	of	ADP
ajfa-5486	61	9	2	2	NUM
ajfa-5486	61	10	for	for	ADP
ajfa-5486	61	11	lending	lending	NOUN
ajfa-5486	61	12	purposes	purpose	NOUN
ajfa-5486	61	13	a	a	DET
ajfa-5486	61	14	current	current	ADJ
ajfa-5486	61	15	ratio	ratio	NOUN
ajfa-5486	61	16	of	of	ADP
ajfa-5486	61	17	2:1	2:1	NUM
ajfa-5486	61	18	was	be	AUX
ajfa-5486	61	19	used	use	VERB
ajfa-5486	61	20	as	as	ADP
ajfa-5486	61	21	a	a	DET
ajfa-5486	61	22	judgement	judgement	NOUN
ajfa-5486	61	23	criterion	criterion	NOUN
ajfa-5486	61	24	(	(	PUNCT
ajfa-5486	61	25	horrigan	horrigan	NOUN
ajfa-5486	61	26	,	,	PUNCT
ajfa-5486	61	27	1968	1968	NUM
ajfa-5486	61	28	,	,	PUNCT
ajfa-5486	61	29	p.	p.	NOUN
ajfa-5486	61	30	285	285	NUM
ajfa-5486	61	31	)	)	PUNCT
ajfa-5486	61	32	asian	asian	ADJ
ajfa-5486	61	33	journal	journal	NOUN
ajfa-5486	61	34	of	of	ADP
ajfa-5486	61	35	finance	finance	PROPN
ajfa-5486	61	36	&	&	CCONJ
ajfa-5486	61	37	accounting	accounting	PROPN
ajfa-5486	61	38	issn	issn	PROPN
ajfa-5486	61	39	1946	1946	NUM
ajfa-5486	61	40	-	-	PUNCT
ajfa-5486	61	41	052x	052x	PROPN
ajfa-5486	61	42	2014	2014	NUM
ajfa-5486	61	43	,	,	PUNCT
ajfa-5486	61	44	vol	vol	NOUN
ajfa-5486	61	45	.	.	PROPN
ajfa-5486	61	46	6	6	NUM
ajfa-5486	61	47	,	,	PUNCT
ajfa-5486	61	48	no	no	INTJ
ajfa-5486	61	49	.	.	NOUN
ajfa-5486	61	50	1	1	NUM
ajfa-5486	61	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	61	52	274	274	NUM
ajfa-5486	61	53	involved	involve	VERB
ajfa-5486	61	54	factors	factor	NOUN
ajfa-5486	61	55	and	and	CCONJ
ajfa-5486	61	56	trouble	trouble	NOUN
ajfa-5486	61	57	in	in	ADP
ajfa-5486	61	58	collecting	collect	VERB
ajfa-5486	61	59	comparable	comparable	ADJ
ajfa-5486	61	60	financial	financial	ADJ
ajfa-5486	61	61	data	datum	NOUN
ajfa-5486	61	62	,	,	PUNCT
ajfa-5486	61	63	it	it	PRON
ajfa-5486	61	64	still	still	ADV
ajfa-5486	61	65	has	have	VERB
ajfa-5486	61	66	historical	historical	ADJ
ajfa-5486	61	67	importance	importance	NOUN
ajfa-5486	61	68	as	as	ADP
ajfa-5486	61	69	a	a	DET
ajfa-5486	61	70	pioneer	pioneer	NOUN
ajfa-5486	61	71	in	in	ADP
ajfa-5486	61	72	the	the	DET
ajfa-5486	61	73	use	use	NOUN
ajfa-5486	61	74	of	of	ADP
ajfa-5486	61	75	ratios	ratio	NOUN
ajfa-5486	61	76	(	(	PUNCT
ajfa-5486	61	77	anjum	anjum	NOUN
ajfa-5486	61	78	,	,	PUNCT
ajfa-5486	61	79	2010	2010	NUM
ajfa-5486	61	80	;	;	PUNCT
ajfa-5486	61	81	horrigan	horrigan	NOUN
ajfa-5486	61	82	,	,	PUNCT
ajfa-5486	61	83	1968	1968	NUM
ajfa-5486	61	84	)	)	PUNCT
ajfa-5486	61	85	.	.	PUNCT
ajfa-5486	62	1	about	about	ADP
ajfa-5486	62	2	the	the	DET
ajfa-5486	62	3	same	same	ADJ
ajfa-5486	62	4	time	time	NOUN
ajfa-5486	62	5	,	,	PUNCT
ajfa-5486	62	6	the	the	DET
ajfa-5486	62	7	du	du	PROPN
ajfa-5486	62	8	pont	pont	PROPN
ajfa-5486	62	9	company	company	NOUN
ajfa-5486	62	10	came	come	VERB
ajfa-5486	62	11	up	up	ADP
ajfa-5486	62	12	with	with	ADP
ajfa-5486	62	13	the	the	DET
ajfa-5486	62	14	du	du	PROPN
ajfa-5486	62	15	pont	pont	PROPN
ajfa-5486	62	16	pyramid	pyramid	PROPN
ajfa-5486	62	17	.	.	PUNCT
ajfa-5486	63	1	the	the	DET
ajfa-5486	63	2	top	top	NOUN
ajfa-5486	63	3	of	of	ADP
ajfa-5486	63	4	this	this	DET
ajfa-5486	63	5	matrix	matrix	NOUN
ajfa-5486	63	6	is	be	AUX
ajfa-5486	63	7	return	return	NOUN
ajfa-5486	63	8	on	on	ADP
ajfa-5486	63	9	investment	investment	NOUN
ajfa-5486	63	10	and	and	CCONJ
ajfa-5486	63	11	the	the	DET
ajfa-5486	63	12	base	base	NOUN
ajfa-5486	63	13	consists	consist	VERB
ajfa-5486	63	14	of	of	ADP
ajfa-5486	63	15	profit	profit	NOUN
ajfa-5486	63	16	margin	margin	NOUN
ajfa-5486	63	17	and	and	CCONJ
ajfa-5486	63	18	capital	capital	NOUN
ajfa-5486	63	19	turnover	turnover	NOUN
ajfa-5486	63	20	ratios	ratio	NOUN
ajfa-5486	63	21	.	.	PUNCT
ajfa-5486	64	1	this	this	DET
ajfa-5486	64	2	system	system	NOUN
ajfa-5486	64	3	encouraged	encourage	VERB
ajfa-5486	64	4	the	the	DET
ajfa-5486	64	5	development	development	NOUN
ajfa-5486	64	6	of	of	ADP
ajfa-5486	64	7	a	a	DET
ajfa-5486	64	8	logical	logical	ADJ
ajfa-5486	64	9	order	order	NOUN
ajfa-5486	64	10	of	of	ADP
ajfa-5486	64	11	ratio	ratio	NOUN
ajfa-5486	64	12	and	and	CCONJ
ajfa-5486	64	13	financial	financial	ADJ
ajfa-5486	64	14	performance	performance	NOUN
ajfa-5486	64	15	(	(	PUNCT
ajfa-5486	64	16	horrigan	horrigan	NOUN
ajfa-5486	64	17	,	,	PUNCT
ajfa-5486	64	18	1968	1968	NUM
ajfa-5486	64	19	)	)	PUNCT
ajfa-5486	64	20	.	.	PUNCT
ajfa-5486	65	1	after	after	ADP
ajfa-5486	65	2	the	the	DET
ajfa-5486	65	3	wall	wall	NOUN
ajfa-5486	65	4	(	(	PUNCT
ajfa-5486	65	5	1919	1919	NUM
ajfa-5486	65	6	)	)	PUNCT
ajfa-5486	65	7	study	study	NOUN
ajfa-5486	65	8	,	,	PUNCT
ajfa-5486	65	9	two	two	NUM
ajfa-5486	65	10	schools	school	NOUN
ajfa-5486	65	11	of	of	ADP
ajfa-5486	65	12	thoughts	thought	NOUN
ajfa-5486	65	13	emerged	emerge	VERB
ajfa-5486	65	14	in	in	ADP
ajfa-5486	65	15	next	next	ADJ
ajfa-5486	65	16	decade	decade	NOUN
ajfa-5486	65	17	.	.	PUNCT
ajfa-5486	66	1	one	one	NUM
ajfa-5486	66	2	viewed	view	VERB
ajfa-5486	66	3	ratios	ratio	NOUN
ajfa-5486	66	4	as	as	ADP
ajfa-5486	66	5	fundamental	fundamental	ADJ
ajfa-5486	66	6	measures	measure	NOUN
ajfa-5486	66	7	of	of	ADP
ajfa-5486	66	8	the	the	DET
ajfa-5486	66	9	business	business	NOUN
ajfa-5486	66	10	enterprise	enterprise	NOUN
ajfa-5486	66	11	(	(	PUNCT
ajfa-5486	66	12	bliss	bliss	ADJ
ajfa-5486	66	13	,	,	PUNCT
ajfa-5486	66	14	1923	1923	NUM
ajfa-5486	66	15	)	)	PUNCT
ajfa-5486	66	16	and	and	CCONJ
ajfa-5486	66	17	on	on	ADP
ajfa-5486	66	18	the	the	DET
ajfa-5486	66	19	contrary	contrary	NOUN
ajfa-5486	66	20	the	the	DET
ajfa-5486	66	21	other	other	ADJ
ajfa-5486	66	22	school	school	NOUN
ajfa-5486	66	23	of	of	ADP
ajfa-5486	66	24	thought	thought	NOUN
ajfa-5486	66	25	viewed	view	VERB
ajfa-5486	66	26	it	it	PRON
ajfa-5486	66	27	as	as	ADP
ajfa-5486	66	28	artificial	artificial	ADJ
ajfa-5486	66	29	measure	measure	NOUN
ajfa-5486	66	30	of	of	ADP
ajfa-5486	66	31	business	business	NOUN
ajfa-5486	66	32	enterprise	enterprise	NOUN
ajfa-5486	66	33	(	(	PUNCT
ajfa-5486	66	34	gilman	gilman	NOUN
ajfa-5486	66	35	,	,	PUNCT
ajfa-5486	66	36	1925	1925	NUM
ajfa-5486	66	37	)	)	PUNCT
ajfa-5486	66	38	.	.	PUNCT
ajfa-5486	67	1	bliss	bliss	PROPN
ajfa-5486	67	2	(	(	PUNCT
ajfa-5486	67	3	1923	1923	NUM
ajfa-5486	67	4	)	)	PUNCT
ajfa-5486	67	5	presented	present	VERB
ajfa-5486	67	6	ratios	ratio	NOUN
ajfa-5486	67	7	in	in	ADP
ajfa-5486	67	8	a	a	DET
ajfa-5486	67	9	coherent	coherent	ADJ
ajfa-5486	67	10	fashion	fashion	NOUN
ajfa-5486	67	11	and	and	CCONJ
ajfa-5486	67	12	considered	consider	VERB
ajfa-5486	67	13	them	they	PRON
ajfa-5486	67	14	as	as	ADP
ajfa-5486	67	15	“	"	PUNCT
ajfa-5486	67	16	indicators	indicator	NOUN
ajfa-5486	67	17	of	of	ADP
ajfa-5486	67	18	the	the	DET
ajfa-5486	67	19	status	status	NOUN
ajfa-5486	67	20	of	of	ADP
ajfa-5486	67	21	fundamental	fundamental	ADJ
ajfa-5486	67	22	relationship	relationship	NOUN
ajfa-5486	67	23	within	within	ADP
ajfa-5486	67	24	a	a	DET
ajfa-5486	67	25	business	business	NOUN
ajfa-5486	67	26	”	"	PUNCT
ajfa-5486	67	27	(	(	PUNCT
ajfa-5486	67	28	p.34	p.34	NOUN
ajfa-5486	67	29	)	)	PUNCT
ajfa-5486	67	30	.	.	PUNCT
ajfa-5486	68	1	on	on	ADP
ajfa-5486	68	2	the	the	DET
ajfa-5486	68	3	other	other	ADJ
ajfa-5486	68	4	hand	hand	NOUN
ajfa-5486	68	5	,	,	PUNCT
ajfa-5486	68	6	gilman	gilman	NOUN
ajfa-5486	68	7	(	(	PUNCT
ajfa-5486	68	8	1925	1925	NUM
ajfa-5486	68	9	)	)	PUNCT
ajfa-5486	68	10	criticised	criticise	VERB
ajfa-5486	68	11	ratios	ratio	NOUN
ajfa-5486	68	12	for	for	ADP
ajfa-5486	68	13	using	use	VERB
ajfa-5486	68	14	inconsistent	inconsistent	ADJ
ajfa-5486	68	15	and	and	CCONJ
ajfa-5486	68	16	incomparable	incomparable	ADJ
ajfa-5486	68	17	accounting	accounting	NOUN
ajfa-5486	68	18	data	datum	NOUN
ajfa-5486	68	19	in	in	ADP
ajfa-5486	68	20	computation	computation	NOUN
ajfa-5486	68	21	.	.	PUNCT
ajfa-5486	69	1	in	in	ADP
ajfa-5486	69	2	ratio	ratio	NOUN
ajfa-5486	69	3	calculations	calculation	NOUN
ajfa-5486	69	4	both	both	CCONJ
ajfa-5486	69	5	numerators	numerator	NOUN
ajfa-5486	69	6	and	and	CCONJ
ajfa-5486	69	7	denominators	denominator	NOUN
ajfa-5486	69	8	vary	vary	VERB
ajfa-5486	69	9	over	over	ADP
ajfa-5486	69	10	time	time	NOUN
ajfa-5486	69	11	,	,	PUNCT
ajfa-5486	69	12	therefore	therefore	ADV
ajfa-5486	69	13	,	,	PUNCT
ajfa-5486	69	14	ratios	ratio	NOUN
ajfa-5486	69	15	are	be	AUX
ajfa-5486	69	16	artificial	artificial	ADJ
ajfa-5486	69	17	measures	measure	NOUN
ajfa-5486	69	18	of	of	ADP
ajfa-5486	69	19	financial	financial	ADJ
ajfa-5486	69	20	performance	performance	NOUN
ajfa-5486	69	21	that	that	PRON
ajfa-5486	69	22	distract	distract	VERB
ajfa-5486	69	23	analyst	analyst	NOUN
ajfa-5486	69	24	attention	attention	NOUN
ajfa-5486	69	25	from	from	ADP
ajfa-5486	69	26	a	a	DET
ajfa-5486	69	27	broader	broad	ADJ
ajfa-5486	69	28	view	view	NOUN
ajfa-5486	69	29	of	of	ADP
ajfa-5486	69	30	the	the	DET
ajfa-5486	69	31	company	company	NOUN
ajfa-5486	69	32	.	.	PUNCT
ajfa-5486	70	1	after	after	ADP
ajfa-5486	70	2	passing	pass	VERB
ajfa-5486	70	3	of	of	ADP
ajfa-5486	70	4	legislation	legislation	NOUN
ajfa-5486	70	5	3	3	NUM
ajfa-5486	70	6	in	in	ADP
ajfa-5486	70	7	the	the	DET
ajfa-5486	70	8	united	united	PROPN
ajfa-5486	70	9	states	states	PROPN
ajfa-5486	70	10	regarding	regard	VERB
ajfa-5486	70	11	the	the	DET
ajfa-5486	70	12	content	content	NOUN
ajfa-5486	70	13	,	,	PUNCT
ajfa-5486	70	14	quality	quality	NOUN
ajfa-5486	70	15	and	and	CCONJ
ajfa-5486	70	16	consistency	consistency	NOUN
ajfa-5486	70	17	of	of	ADP
ajfa-5486	70	18	financial	financial	ADJ
ajfa-5486	70	19	information	information	NOUN
ajfa-5486	70	20	,	,	PUNCT
ajfa-5486	70	21	the	the	DET
ajfa-5486	70	22	science	science	NOUN
ajfa-5486	70	23	of	of	ADP
ajfa-5486	70	24	analysing	analyse	VERB
ajfa-5486	70	25	financial	financial	ADJ
ajfa-5486	70	26	performance	performance	NOUN
ajfa-5486	70	27	became	become	VERB
ajfa-5486	70	28	more	more	ADV
ajfa-5486	70	29	sophisticated	sophisticated	ADJ
ajfa-5486	70	30	and	and	CCONJ
ajfa-5486	70	31	effective	effective	ADJ
ajfa-5486	70	32	(	(	PUNCT
ajfa-5486	70	33	horrigan	horrigan	NOUN
ajfa-5486	70	34	,	,	PUNCT
ajfa-5486	70	35	1968	1968	NUM
ajfa-5486	70	36	)	)	PUNCT
ajfa-5486	70	37	.	.	PUNCT
ajfa-5486	71	1	small	small	ADJ
ajfa-5486	71	2	and	and	CCONJ
ajfa-5486	71	3	medium	medium	ADJ
ajfa-5486	71	4	business	business	NOUN
ajfa-5486	71	5	enterprises	enterprise	NOUN
ajfa-5486	71	6	also	also	ADV
ajfa-5486	71	7	started	start	VERB
ajfa-5486	71	8	to	to	PART
ajfa-5486	71	9	publish	publish	VERB
ajfa-5486	71	10	work	work	NOUN
ajfa-5486	71	11	on	on	ADP
ajfa-5486	71	12	ratio	ratio	NOUN
ajfa-5486	71	13	analysis	analysis	NOUN
ajfa-5486	71	14	.	.	PUNCT
ajfa-5486	72	1	analysts	analyst	NOUN
ajfa-5486	72	2	were	be	AUX
ajfa-5486	72	3	keen	keen	ADJ
ajfa-5486	72	4	to	to	PART
ajfa-5486	72	5	look	look	VERB
ajfa-5486	72	6	at	at	ADP
ajfa-5486	72	7	the	the	DET
ajfa-5486	72	8	predictive	predictive	ADJ
ajfa-5486	72	9	power	power	NOUN
ajfa-5486	72	10	of	of	ADP
ajfa-5486	72	11	ratio	ratio	NOUN
ajfa-5486	72	12	analysis	analysis	NOUN
ajfa-5486	72	13	with	with	ADP
ajfa-5486	72	14	new	new	ADJ
ajfa-5486	72	15	dimensions	dimension	NOUN
ajfa-5486	72	16	.	.	PUNCT
ajfa-5486	73	1	for	for	ADP
ajfa-5486	73	2	example	example	NOUN
ajfa-5486	73	3	,	,	PUNCT
ajfa-5486	73	4	sorter	sorter	NOUN
ajfa-5486	73	5	,	,	PUNCT
ajfa-5486	73	6	becker	becker	PROPN
ajfa-5486	73	7	,	,	PUNCT
ajfa-5486	73	8	archibald	archibald	PROPN
ajfa-5486	73	9	,	,	PUNCT
ajfa-5486	73	10	and	and	CCONJ
ajfa-5486	73	11	beaver	beaver	NOUN
ajfa-5486	73	12	(	(	PUNCT
ajfa-5486	73	13	1964	1964	NUM
ajfa-5486	73	14	)	)	PUNCT
ajfa-5486	73	15	investigated	investigate	VERB
ajfa-5486	73	16	the	the	DET
ajfa-5486	73	17	relationship	relationship	NOUN
ajfa-5486	73	18	of	of	ADP
ajfa-5486	73	19	a	a	DET
ajfa-5486	73	20	financial	financial	ADJ
ajfa-5486	73	21	ratio	ratio	NOUN
ajfa-5486	73	22	to	to	ADP
ajfa-5486	73	23	a	a	DET
ajfa-5486	73	24	psychological	psychological	ADJ
ajfa-5486	73	25	model	model	NOUN
ajfa-5486	73	26	of	of	ADP
ajfa-5486	73	27	the	the	DET
ajfa-5486	73	28	corporate	corporate	ADJ
ajfa-5486	73	29	personality	personality	NOUN
ajfa-5486	73	30	and	and	CCONJ
ajfa-5486	73	31	found	find	VERB
ajfa-5486	73	32	that	that	SCONJ
ajfa-5486	73	33	conservative	conservative	ADJ
ajfa-5486	73	34	firms	firm	NOUN
ajfa-5486	73	35	maintain	maintain	VERB
ajfa-5486	73	36	higher	high	ADJ
ajfa-5486	73	37	cash	cash	NOUN
ajfa-5486	73	38	and	and	CCONJ
ajfa-5486	73	39	solvency	solvency	NOUN
ajfa-5486	73	40	.	.	PUNCT
ajfa-5486	74	1	after	after	ADP
ajfa-5486	74	2	the	the	DET
ajfa-5486	74	3	invention	invention	NOUN
ajfa-5486	74	4	of	of	ADP
ajfa-5486	74	5	modern	modern	ADJ
ajfa-5486	74	6	statistical	statistical	ADJ
ajfa-5486	74	7	analysis	analysis	NOUN
ajfa-5486	74	8	and	and	CCONJ
ajfa-5486	74	9	electronic	electronic	ADJ
ajfa-5486	74	10	data	datum	NOUN
ajfa-5486	74	11	processing	processing	NOUN
ajfa-5486	74	12	tools	tool	NOUN
ajfa-5486	74	13	,	,	PUNCT
ajfa-5486	74	14	studies	study	NOUN
ajfa-5486	74	15	regarding	regard	VERB
ajfa-5486	74	16	empirical	empirical	ADJ
ajfa-5486	74	17	effectiveness	effectiveness	NOUN
ajfa-5486	74	18	of	of	ADP
ajfa-5486	74	19	ratio	ratio	NOUN
ajfa-5486	74	20	analysis	analysis	NOUN
ajfa-5486	74	21	also	also	ADV
ajfa-5486	74	22	increased	increase	VERB
ajfa-5486	74	23	(	(	PUNCT
ajfa-5486	74	24	salmi	salmi	PROPN
ajfa-5486	74	25	&	&	CCONJ
ajfa-5486	74	26	martikainen	martikainen	PROPN
ajfa-5486	74	27	,	,	PUNCT
ajfa-5486	74	28	1994	1994	NUM
ajfa-5486	74	29	)	)	PUNCT
ajfa-5486	74	30	.	.	PUNCT
ajfa-5486	75	1	one	one	NUM
ajfa-5486	75	2	of	of	ADP
ajfa-5486	75	3	the	the	DET
ajfa-5486	75	4	important	important	ADJ
ajfa-5486	75	5	topics	topic	NOUN
ajfa-5486	75	6	that	that	PRON
ajfa-5486	75	7	is	be	AUX
ajfa-5486	75	8	discussed	discuss	VERB
ajfa-5486	75	9	in	in	ADP
ajfa-5486	75	10	financial	financial	ADJ
ajfa-5486	75	11	performance	performance	NOUN
ajfa-5486	75	12	evaluation	evaluation	NOUN
ajfa-5486	75	13	research	research	NOUN
ajfa-5486	75	14	is	be	AUX
ajfa-5486	75	15	the	the	DET
ajfa-5486	75	16	distributional	distributional	ADJ
ajfa-5486	75	17	properties	property	NOUN
ajfa-5486	75	18	of	of	ADP
ajfa-5486	75	19	ratios	ratio	NOUN
ajfa-5486	75	20	.	.	PUNCT
ajfa-5486	76	1	a	a	DET
ajfa-5486	76	2	number	number	NOUN
ajfa-5486	76	3	of	of	ADP
ajfa-5486	76	4	studies	study	NOUN
ajfa-5486	76	5	support	support	VERB
ajfa-5486	76	6	the	the	DET
ajfa-5486	76	7	view	view	NOUN
ajfa-5486	76	8	that	that	SCONJ
ajfa-5486	76	9	the	the	DET
ajfa-5486	76	10	majority	majority	NOUN
ajfa-5486	76	11	of	of	ADP
ajfa-5486	76	12	financial	financial	ADJ
ajfa-5486	76	13	ratios	ratio	NOUN
ajfa-5486	76	14	are	be	AUX
ajfa-5486	76	15	not	not	PART
ajfa-5486	76	16	normally	normally	ADV
ajfa-5486	76	17	distributed	distribute	VERB
ajfa-5486	76	18	(	(	PUNCT
ajfa-5486	76	19	deakin	deakin	PROPN
ajfa-5486	76	20	,	,	PUNCT
ajfa-5486	76	21	1976	1976	NUM
ajfa-5486	76	22	;	;	PUNCT
ajfa-5486	76	23	ezzamel	ezzamel	PROPN
ajfa-5486	76	24	&	&	CCONJ
ajfa-5486	76	25	mar	mar	PROPN
ajfa-5486	76	26	-	-	PUNCT
ajfa-5486	76	27	molinero	molinero	NOUN
ajfa-5486	76	28	,	,	PUNCT
ajfa-5486	76	29	1990	1990	NUM
ajfa-5486	76	30	;	;	PUNCT
ajfa-5486	76	31	ezzamel	ezzamel	NOUN
ajfa-5486	76	32	,	,	PUNCT
ajfa-5486	76	33	mar	mar	PROPN
ajfa-5486	76	34	-	-	PUNCT
ajfa-5486	76	35	molinero	molinero	NOUN
ajfa-5486	76	36	,	,	PUNCT
ajfa-5486	76	37	&	&	CCONJ
ajfa-5486	76	38	beech	beech	NOUN
ajfa-5486	76	39	,	,	PUNCT
ajfa-5486	76	40	1987	1987	NUM
ajfa-5486	76	41	)	)	PUNCT
ajfa-5486	76	42	.	.	PUNCT
ajfa-5486	77	1	deakin	deakin	PROPN
ajfa-5486	77	2	(	(	PUNCT
ajfa-5486	77	3	1976	1976	NUM
ajfa-5486	77	4	)	)	PUNCT
ajfa-5486	77	5	,	,	PUNCT
ajfa-5486	77	6	in	in	ADP
ajfa-5486	77	7	his	his	PRON
ajfa-5486	77	8	study	study	NOUN
ajfa-5486	77	9	rejected	reject	VERB
ajfa-5486	77	10	normal	normal	ADJ
ajfa-5486	77	11	distribution	distribution	NOUN
ajfa-5486	77	12	assumption	assumption	NOUN
ajfa-5486	77	13	for	for	ADP
ajfa-5486	77	14	the	the	DET
ajfa-5486	77	15	majority	majority	NOUN
ajfa-5486	77	16	of	of	ADP
ajfa-5486	77	17	studied	study	VERB
ajfa-5486	77	18	ratios	ratio	NOUN
ajfa-5486	77	19	.	.	PUNCT
ajfa-5486	78	1	he	he	PRON
ajfa-5486	78	2	further	far	ADV
ajfa-5486	78	3	claimed	claim	VERB
ajfa-5486	78	4	that	that	SCONJ
ajfa-5486	78	5	normality	normality	NOUN
ajfa-5486	78	6	can	can	AUX
ajfa-5486	78	7	only	only	ADV
ajfa-5486	78	8	be	be	AUX
ajfa-5486	78	9	achieved	achieve	VERB
ajfa-5486	78	10	by	by	ADP
ajfa-5486	78	11	transformation	transformation	NOUN
ajfa-5486	78	12	of	of	ADP
ajfa-5486	78	13	data	datum	NOUN
ajfa-5486	78	14	.	.	PUNCT
ajfa-5486	79	1	however	however	ADV
ajfa-5486	79	2	,	,	PUNCT
ajfa-5486	79	3	he	he	PRON
ajfa-5486	79	4	was	be	AUX
ajfa-5486	79	5	not	not	PART
ajfa-5486	79	6	sure	sure	ADJ
ajfa-5486	79	7	that	that	SCONJ
ajfa-5486	79	8	what	what	PRON
ajfa-5486	79	9	kind	kind	NOUN
ajfa-5486	79	10	of	of	ADP
ajfa-5486	79	11	data	datum	NOUN
ajfa-5486	79	12	transformation	transformation	NOUN
ajfa-5486	79	13	can	can	AUX
ajfa-5486	79	14	produce	produce	VERB
ajfa-5486	79	15	the	the	DET
ajfa-5486	79	16	best	good	ADJ
ajfa-5486	79	17	results	result	NOUN
ajfa-5486	79	18	.	.	PUNCT
ajfa-5486	80	1	ezzamel	ezzamel	NOUN
ajfa-5486	80	2	and	and	CCONJ
ajfa-5486	80	3	mar	mar	PROPN
ajfa-5486	80	4	-	-	PUNCT
ajfa-5486	80	5	molinero	molinero	PROPN
ajfa-5486	80	6	(	(	PUNCT
ajfa-5486	80	7	1990	1990	NUM
ajfa-5486	80	8	)	)	PUNCT
ajfa-5486	80	9	conducted	conduct	VERB
ajfa-5486	80	10	a	a	DET
ajfa-5486	80	11	study	study	NOUN
ajfa-5486	80	12	to	to	PART
ajfa-5486	80	13	examine	examine	VERB
ajfa-5486	80	14	the	the	DET
ajfa-5486	80	15	cross	cross	ADJ
ajfa-5486	80	16	-	-	ADJ
ajfa-5486	80	17	sectional	sectional	ADJ
ajfa-5486	80	18	and	and	CCONJ
ajfa-5486	80	19	inter	inter	ADJ
ajfa-5486	80	20	-	-	ADJ
ajfa-5486	80	21	temporal	temporal	ADJ
ajfa-5486	80	22	distribution	distribution	NOUN
ajfa-5486	80	23	properties	property	NOUN
ajfa-5486	80	24	of	of	ADP
ajfa-5486	80	25	financial	financial	ADJ
ajfa-5486	80	26	ratios	ratio	NOUN
ajfa-5486	80	27	in	in	ADP
ajfa-5486	80	28	united	united	PROPN
ajfa-5486	80	29	kingdom	kingdom	PROPN
ajfa-5486	80	30	listed	list	VERB
ajfa-5486	80	31	companies	company	NOUN
ajfa-5486	80	32	.	.	PUNCT
ajfa-5486	81	1	they	they	PRON
ajfa-5486	81	2	conducted	conduct	VERB
ajfa-5486	81	3	several	several	ADJ
ajfa-5486	81	4	tests	test	NOUN
ajfa-5486	81	5	and	and	CCONJ
ajfa-5486	81	6	concluded	conclude	VERB
ajfa-5486	81	7	that	that	SCONJ
ajfa-5486	81	8	the	the	DET
ajfa-5486	81	9	assumption	assumption	NOUN
ajfa-5486	81	10	of	of	ADP
ajfa-5486	81	11	normality	normality	NOUN
ajfa-5486	81	12	is	be	AUX
ajfa-5486	81	13	rejected	reject	VERB
ajfa-5486	81	14	.	.	PUNCT
ajfa-5486	82	1	transformation	transformation	NOUN
ajfa-5486	82	2	of	of	ADP
ajfa-5486	82	3	raw	raw	ADJ
ajfa-5486	82	4	data	datum	NOUN
ajfa-5486	82	5	did	do	AUX
ajfa-5486	82	6	not	not	PART
ajfa-5486	82	7	improve	improve	VERB
ajfa-5486	82	8	the	the	DET
ajfa-5486	82	9	normality	normality	NOUN
ajfa-5486	82	10	assumption	assumption	NOUN
ajfa-5486	82	11	for	for	ADP
ajfa-5486	82	12	their	their	PRON
ajfa-5486	82	13	sample	sample	NOUN
ajfa-5486	82	14	.	.	PUNCT
ajfa-5486	83	1	however	however	ADV
ajfa-5486	83	2	,	,	PUNCT
ajfa-5486	83	3	if	if	SCONJ
ajfa-5486	83	4	transformation	transformation	NOUN
ajfa-5486	83	5	is	be	AUX
ajfa-5486	83	6	necessary	necessary	ADJ
ajfa-5486	83	7	then	then	ADV
ajfa-5486	83	8	the	the	DET
ajfa-5486	83	9	cubic	cubic	ADJ
ajfa-5486	83	10	root	root	NOUN
ajfa-5486	83	11	seems	seem	VERB
ajfa-5486	83	12	to	to	PART
ajfa-5486	83	13	be	be	AUX
ajfa-5486	83	14	a	a	DET
ajfa-5486	83	15	better	well	ADJ
ajfa-5486	83	16	alternative	alternative	NOUN
ajfa-5486	83	17	to	to	ADP
ajfa-5486	83	18	the	the	DET
ajfa-5486	83	19	natural	natural	ADJ
ajfa-5486	83	20	logarithm	logarithm	NOUN
ajfa-5486	83	21	and	and	CCONJ
ajfa-5486	83	22	square	square	ADJ
ajfa-5486	83	23	root	root	NOUN
ajfa-5486	83	24	.	.	PUNCT
ajfa-5486	84	1	3	3	NUM
ajfa-5486	84	2	the	the	DET
ajfa-5486	84	3	security	security	NOUN
ajfa-5486	84	4	act	act	NOUN
ajfa-5486	84	5	of	of	ADP
ajfa-5486	84	6	1933	1933	NUM
ajfa-5486	84	7	and	and	CCONJ
ajfa-5486	84	8	securities	security	NOUN
ajfa-5486	84	9	and	and	CCONJ
ajfa-5486	84	10	exchange	exchange	PROPN
ajfa-5486	84	11	act	act	NOUN
ajfa-5486	84	12	of	of	ADP
ajfa-5486	84	13	1934	1934	NUM
ajfa-5486	84	14	asian	asian	ADJ
ajfa-5486	84	15	journal	journal	NOUN
ajfa-5486	84	16	of	of	ADP
ajfa-5486	84	17	finance	finance	PROPN
ajfa-5486	84	18	&	&	CCONJ
ajfa-5486	84	19	accounting	accounting	PROPN
ajfa-5486	84	20	issn	issn	PROPN
ajfa-5486	84	21	1946	1946	NUM
ajfa-5486	84	22	-	-	PUNCT
ajfa-5486	84	23	052x	052x	PROPN
ajfa-5486	84	24	2014	2014	NUM
ajfa-5486	84	25	,	,	PUNCT
ajfa-5486	84	26	vol	vol	NOUN
ajfa-5486	84	27	.	.	PROPN
ajfa-5486	84	28	6	6	NUM
ajfa-5486	84	29	,	,	PUNCT
ajfa-5486	84	30	no	no	INTJ
ajfa-5486	84	31	.	.	NOUN
ajfa-5486	84	32	1	1	NUM
ajfa-5486	84	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	84	34	275	275	NUM
ajfa-5486	84	35	lev	lev	NOUN
ajfa-5486	84	36	and	and	CCONJ
ajfa-5486	84	37	sunder	sunder	NOUN
ajfa-5486	84	38	(	(	PUNCT
ajfa-5486	84	39	1979	1979	NUM
ajfa-5486	84	40	)	)	PUNCT
ajfa-5486	84	41	studied	study	VERB
ajfa-5486	84	42	methodological	methodological	ADJ
ajfa-5486	84	43	issues	issue	NOUN
ajfa-5486	84	44	pertaining	pertain	VERB
ajfa-5486	84	45	to	to	ADP
ajfa-5486	84	46	ratio	ratio	NOUN
ajfa-5486	84	47	analysis	analysis	NOUN
ajfa-5486	84	48	.	.	PUNCT
ajfa-5486	85	1	particular	particular	ADJ
ajfa-5486	85	2	attention	attention	NOUN
ajfa-5486	85	3	was	be	AUX
ajfa-5486	85	4	given	give	VERB
ajfa-5486	85	5	to	to	ADP
ajfa-5486	85	6	the	the	DET
ajfa-5486	85	7	conditions	condition	NOUN
ajfa-5486	85	8	under	under	ADP
ajfa-5486	85	9	which	which	PRON
ajfa-5486	85	10	a	a	DET
ajfa-5486	85	11	ratio	ratio	NOUN
ajfa-5486	85	12	can	can	AUX
ajfa-5486	85	13	achieve	achieve	VERB
ajfa-5486	85	14	its	its	PRON
ajfa-5486	85	15	intended	intended	ADJ
ajfa-5486	85	16	objective	objective	NOUN
ajfa-5486	85	17	.	.	PUNCT
ajfa-5486	86	1	they	they	PRON
ajfa-5486	86	2	concluded	conclude	VERB
ajfa-5486	86	3	that	that	SCONJ
ajfa-5486	86	4	both	both	DET
ajfa-5486	86	5	practitioners	practitioner	NOUN
ajfa-5486	86	6	and	and	CCONJ
ajfa-5486	86	7	researchers	researcher	NOUN
ajfa-5486	86	8	use	use	VERB
ajfa-5486	86	9	ratios	ratio	NOUN
ajfa-5486	86	10	because	because	SCONJ
ajfa-5486	86	11	of	of	ADP
ajfa-5486	86	12	convenience	convenience	NOUN
ajfa-5486	86	13	and	and	CCONJ
ajfa-5486	86	14	tradition	tradition	NOUN
ajfa-5486	86	15	rather	rather	ADV
ajfa-5486	86	16	than	than	ADP
ajfa-5486	86	17	careful	careful	ADJ
ajfa-5486	86	18	methodological	methodological	ADJ
ajfa-5486	86	19	investigation	investigation	NOUN
ajfa-5486	86	20	.	.	PUNCT
ajfa-5486	87	1	the	the	DET
ajfa-5486	87	2	objective	objective	NOUN
ajfa-5486	87	3	of	of	ADP
ajfa-5486	87	4	their	their	PRON
ajfa-5486	87	5	study	study	NOUN
ajfa-5486	87	6	was	be	AUX
ajfa-5486	87	7	“	"	PUNCT
ajfa-5486	87	8	to	to	PART
ajfa-5486	87	9	encourage	encourage	VERB
ajfa-5486	87	10	the	the	DET
ajfa-5486	87	11	user	user	NOUN
ajfa-5486	87	12	of	of	ADP
ajfa-5486	87	13	financial	financial	ADJ
ajfa-5486	87	14	ratios	ratio	NOUN
ajfa-5486	87	15	to	to	PART
ajfa-5486	87	16	examine	examine	VERB
ajfa-5486	87	17	carefully	carefully	ADV
ajfa-5486	87	18	the	the	DET
ajfa-5486	87	19	adequacy	adequacy	NOUN
ajfa-5486	87	20	of	of	ADP
ajfa-5486	87	21	using	use	VERB
ajfa-5486	87	22	ratios	ratio	NOUN
ajfa-5486	87	23	in	in	ADP
ajfa-5486	87	24	their	their	PRON
ajfa-5486	87	25	analysis	analysis	NOUN
ajfa-5486	87	26	.	.	PUNCT
ajfa-5486	87	27	”	"	PUNCT
ajfa-5486	88	1	(	(	PUNCT
ajfa-5486	88	2	p.209	p.209	NOUN
ajfa-5486	88	3	)	)	PUNCT
ajfa-5486	88	4	.	.	PUNCT
ajfa-5486	89	1	salmi	salmi	NOUN
ajfa-5486	89	2	and	and	CCONJ
ajfa-5486	89	3	martikainen	martikainen	NOUN
ajfa-5486	89	4	(	(	PUNCT
ajfa-5486	89	5	1994	1994	NUM
ajfa-5486	89	6	)	)	PUNCT
ajfa-5486	89	7	reviewed	review	VERB
ajfa-5486	89	8	financial	financial	ADJ
ajfa-5486	89	9	ratio	ratio	NOUN
ajfa-5486	89	10	analysis	analysis	NOUN
ajfa-5486	89	11	research	research	NOUN
ajfa-5486	89	12	.	.	PUNCT
ajfa-5486	90	1	on	on	ADP
ajfa-5486	90	2	account	account	NOUN
ajfa-5486	90	3	of	of	ADP
ajfa-5486	90	4	their	their	PRON
ajfa-5486	90	5	classification	classification	NOUN
ajfa-5486	90	6	of	of	ADP
ajfa-5486	90	7	financial	financial	ADJ
ajfa-5486	90	8	ratios	ratio	NOUN
ajfa-5486	90	9	,	,	PUNCT
ajfa-5486	90	10	they	they	PRON
ajfa-5486	90	11	categorised	categorise	VERB
ajfa-5486	90	12	them	they	PRON
ajfa-5486	90	13	in	in	ADP
ajfa-5486	90	14	four	four	NUM
ajfa-5486	90	15	sets	set	NOUN
ajfa-5486	90	16	:	:	PUNCT
ajfa-5486	90	17	pragmatic	pragmatic	ADJ
ajfa-5486	90	18	empiricism4	empiricism4	PROPN
ajfa-5486	90	19	,	,	PUNCT
ajfa-5486	90	20	a	a	DET
ajfa-5486	90	21	deductive	deductive	ADJ
ajfa-5486	90	22	approach5	approach5	NOUN
ajfa-5486	90	23	,	,	PUNCT
ajfa-5486	90	24	an	an	DET
ajfa-5486	90	25	inductive	inductive	ADJ
ajfa-5486	90	26	approach6	approach6	PROPN
ajfa-5486	90	27	and	and	CCONJ
ajfa-5486	90	28	a	a	DET
ajfa-5486	90	29	combination	combination	NOUN
ajfa-5486	90	30	of	of	ADP
ajfa-5486	90	31	deductive	deductive	ADJ
ajfa-5486	90	32	and	and	CCONJ
ajfa-5486	90	33	inductive	inductive	ADJ
ajfa-5486	90	34	approaches	approach	NOUN
ajfa-5486	90	35	and	and	CCONJ
ajfa-5486	90	36	called	call	VERB
ajfa-5486	90	37	the	the	DET
ajfa-5486	90	38	confirmatory	confirmatory	NOUN
ajfa-5486	90	39	approach7	approach7	PROPN
ajfa-5486	90	40	.	.	PUNCT
ajfa-5486	91	1	their	their	PRON
ajfa-5486	91	2	review	review	NOUN
ajfa-5486	91	3	of	of	ADP
ajfa-5486	91	4	the	the	DET
ajfa-5486	91	5	literature	literature	NOUN
ajfa-5486	91	6	revealed	reveal	VERB
ajfa-5486	91	7	that	that	SCONJ
ajfa-5486	91	8	financial	financial	ADJ
ajfa-5486	91	9	ratios	ratio	NOUN
ajfa-5486	91	10	can	can	AUX
ajfa-5486	91	11	be	be	AUX
ajfa-5486	91	12	reduced	reduce	VERB
ajfa-5486	91	13	to	to	ADP
ajfa-5486	91	14	only	only	ADV
ajfa-5486	91	15	4	4	NUM
ajfa-5486	91	16	-	-	SYM
ajfa-5486	91	17	7	7	NUM
ajfa-5486	91	18	indispensable	indispensable	ADJ
ajfa-5486	91	19	ratios	ratio	NOUN
ajfa-5486	91	20	but	but	CCONJ
ajfa-5486	91	21	empirical	empirical	ADJ
ajfa-5486	91	22	evidence	evidence	NOUN
ajfa-5486	91	23	is	be	AUX
ajfa-5486	91	24	divided	divide	VERB
ajfa-5486	91	25	on	on	ADP
ajfa-5486	91	26	this	this	DET
ajfa-5486	91	27	issue	issue	NOUN
ajfa-5486	91	28	.	.	PUNCT
ajfa-5486	92	1	this	this	DET
ajfa-5486	92	2	study	study	NOUN
ajfa-5486	92	3	relies	rely	VERB
ajfa-5486	92	4	on	on	ADP
ajfa-5486	92	5	the	the	DET
ajfa-5486	92	6	confirmatory	confirmatory	NOUN
ajfa-5486	92	7	approach	approach	NOUN
ajfa-5486	92	8	.	.	PUNCT
ajfa-5486	93	1	3	3	X
ajfa-5486	93	2	.	.	X
ajfa-5486	93	3	accounting	accounting	NOUN
ajfa-5486	93	4	-	-	PUNCT
ajfa-5486	93	5	based	base	VERB
ajfa-5486	93	6	financial	financial	ADJ
ajfa-5486	93	7	performance	performance	NOUN
ajfa-5486	93	8	measures	measure	NOUN
ajfa-5486	93	9	in	in	ADP
ajfa-5486	93	10	this	this	DET
ajfa-5486	93	11	study	study	NOUN
ajfa-5486	93	12	,	,	PUNCT
ajfa-5486	93	13	five	five	NUM
ajfa-5486	93	14	accounting	accounting	NOUN
ajfa-5486	93	15	measures	measure	NOUN
ajfa-5486	93	16	are	be	AUX
ajfa-5486	93	17	determined	determine	VERB
ajfa-5486	93	18	as	as	ADP
ajfa-5486	93	19	the	the	DET
ajfa-5486	93	20	sub	sub	NOUN
ajfa-5486	93	21	-	-	NOUN
ajfa-5486	93	22	criteria	criterion	NOUN
ajfa-5486	93	23	of	of	ADP
ajfa-5486	93	24	the	the	DET
ajfa-5486	93	25	afp	afp	NOUN
ajfa-5486	93	26	main	main	ADJ
ajfa-5486	93	27	-	-	PUNCT
ajfa-5486	93	28	criterion	criterion	NOUN
ajfa-5486	93	29	to	to	PART
ajfa-5486	93	30	evaluate	evaluate	VERB
ajfa-5486	93	31	companies	company	NOUN
ajfa-5486	93	32	in	in	ADP
ajfa-5486	93	33	asx	asx	NOUN
ajfa-5486	93	34	200	200	NUM
ajfa-5486	93	35	.	.	PUNCT
ajfa-5486	94	1	these	these	DET
ajfa-5486	94	2	measures	measure	NOUN
ajfa-5486	94	3	are	be	AUX
ajfa-5486	94	4	return	return	NOUN
ajfa-5486	94	5	on	on	ADP
ajfa-5486	94	6	assets	asset	NOUN
ajfa-5486	94	7	(	(	PUNCT
ajfa-5486	94	8	roa	roa	NOUN
ajfa-5486	94	9	)	)	PUNCT
ajfa-5486	94	10	,	,	PUNCT
ajfa-5486	94	11	return	return	VERB
ajfa-5486	94	12	on	on	ADP
ajfa-5486	94	13	equity	equity	NOUN
ajfa-5486	94	14	(	(	PUNCT
ajfa-5486	94	15	roe	roe	PROPN
ajfa-5486	94	16	)	)	PUNCT
ajfa-5486	94	17	,	,	PUNCT
ajfa-5486	94	18	earning	earn	VERB
ajfa-5486	94	19	per	per	ADP
ajfa-5486	94	20	share	share	NOUN
ajfa-5486	94	21	(	(	PUNCT
ajfa-5486	94	22	eps	eps	PROPN
ajfa-5486	94	23	)	)	PUNCT
ajfa-5486	94	24	,	,	PUNCT
ajfa-5486	94	25	free	free	ADJ
ajfa-5486	94	26	cash	cash	NOUN
ajfa-5486	94	27	flows	flow	NOUN
ajfa-5486	94	28	(	(	PUNCT
ajfa-5486	94	29	fcf	fcf	NOUN
ajfa-5486	94	30	)	)	PUNCT
ajfa-5486	94	31	and	and	CCONJ
ajfa-5486	94	32	pay	pay	VERB
ajfa-5486	94	33	-	-	PUNCT
ajfa-5486	94	34	out	out	ADP
ajfa-5486	94	35	ratio	ratio	NOUN
ajfa-5486	94	36	(	(	PUNCT
ajfa-5486	94	37	por	por	NOUN
ajfa-5486	94	38	)	)	PUNCT
ajfa-5486	94	39	.	.	PUNCT
ajfa-5486	95	1	these	these	DET
ajfa-5486	95	2	sub	sub	NOUN
ajfa-5486	95	3	-	-	NOUN
ajfa-5486	95	4	criteria	criterion	NOUN
ajfa-5486	95	5	are	be	AUX
ajfa-5486	95	6	briefly	briefly	ADV
ajfa-5486	95	7	explained	explain	VERB
ajfa-5486	95	8	in	in	ADP
ajfa-5486	95	9	the	the	DET
ajfa-5486	95	10	following	following	NOUN
ajfa-5486	95	11	.	.	PUNCT
ajfa-5486	96	1	3.1	3.1	NUM
ajfa-5486	96	2	return	return	NOUN
ajfa-5486	96	3	on	on	ADP
ajfa-5486	96	4	assets	asset	NOUN
ajfa-5486	96	5	(	(	PUNCT
ajfa-5486	96	6	roa	roa	NOUN
ajfa-5486	96	7	)	)	PUNCT
ajfa-5486	96	8	this	this	DET
ajfa-5486	96	9	financial	financial	ADJ
ajfa-5486	96	10	statement	statement	NOUN
ajfa-5486	96	11	measure	measure	NOUN
ajfa-5486	96	12	is	be	AUX
ajfa-5486	96	13	comparing	compare	VERB
ajfa-5486	96	14	corporation	corporation	NOUN
ajfa-5486	96	15	profitability	profitability	NOUN
ajfa-5486	96	16	in	in	ADP
ajfa-5486	96	17	a	a	DET
ajfa-5486	96	18	given	give	VERB
ajfa-5486	96	19	year	year	NOUN
ajfa-5486	96	20	to	to	ADP
ajfa-5486	96	21	the	the	DET
ajfa-5486	96	22	corporation	corporation	NOUN
ajfa-5486	96	23	’s	’s	PART
ajfa-5486	96	24	average	average	ADJ
ajfa-5486	96	25	total	total	ADJ
ajfa-5486	96	26	assets	asset	NOUN
ajfa-5486	96	27	.	.	PUNCT
ajfa-5486	97	1	the	the	DET
ajfa-5486	97	2	return	return	NOUN
ajfa-5486	97	3	on	on	ADP
ajfa-5486	97	4	assets	asset	NOUN
ajfa-5486	97	5	ratio	ratio	NOUN
ajfa-5486	97	6	is	be	AUX
ajfa-5486	97	7	expressed	express	VERB
ajfa-5486	97	8	in	in	ADP
ajfa-5486	97	9	the	the	DET
ajfa-5486	97	10	form	form	NOUN
ajfa-5486	97	11	of	of	ADP
ajfa-5486	97	12	a	a	DET
ajfa-5486	97	13	percentage	percentage	NOUN
ajfa-5486	97	14	.	.	PUNCT
ajfa-5486	98	1	this	this	DET
ajfa-5486	98	2	accounting	accounting	NOUN
ajfa-5486	98	3	measure	measure	NOUN
ajfa-5486	98	4	of	of	ADP
ajfa-5486	98	5	profitability	profitability	NOUN
ajfa-5486	98	6	has	have	VERB
ajfa-5486	98	7	significant	significant	ADJ
ajfa-5486	98	8	importance	importance	NOUN
ajfa-5486	98	9	because	because	SCONJ
ajfa-5486	98	10	it	it	PRON
ajfa-5486	98	11	shows	show	VERB
ajfa-5486	98	12	the	the	DET
ajfa-5486	98	13	effective	effective	ADJ
ajfa-5486	98	14	and	and	CCONJ
ajfa-5486	98	15	efficient	efficient	ADJ
ajfa-5486	98	16	use	use	NOUN
ajfa-5486	98	17	of	of	ADP
ajfa-5486	98	18	firm	firm	ADJ
ajfa-5486	98	19	total	total	ADJ
ajfa-5486	98	20	assets	asset	NOUN
ajfa-5486	98	21	to	to	PART
ajfa-5486	98	22	generate	generate	VERB
ajfa-5486	98	23	earnings	earning	NOUN
ajfa-5486	98	24	.	.	PUNCT
ajfa-5486	99	1	alternatively	alternatively	ADV
ajfa-5486	99	2	,	,	PUNCT
ajfa-5486	99	3	return	return	VERB
ajfa-5486	99	4	on	on	ADP
ajfa-5486	99	5	assets	asset	NOUN
ajfa-5486	99	6	shows	show	VERB
ajfa-5486	99	7	the	the	DET
ajfa-5486	99	8	amount	amount	NOUN
ajfa-5486	99	9	of	of	ADP
ajfa-5486	99	10	profit	profit	NOUN
ajfa-5486	99	11	a	a	DET
ajfa-5486	99	12	firm	firm	NOUN
ajfa-5486	99	13	generates	generate	VERB
ajfa-5486	99	14	for	for	ADP
ajfa-5486	99	15	each	each	DET
ajfa-5486	99	16	unit	unit	NOUN
ajfa-5486	99	17	of	of	ADP
ajfa-5486	99	18	investment	investment	NOUN
ajfa-5486	99	19	in	in	ADP
ajfa-5486	99	20	assets	asset	NOUN
ajfa-5486	99	21	(	(	PUNCT
ajfa-5486	99	22	palepu	palepu	X
ajfa-5486	99	23	et	et	NOUN
ajfa-5486	99	24	al	al	PROPN
ajfa-5486	99	25	.	.	PROPN
ajfa-5486	99	26	,	,	PUNCT
ajfa-5486	99	27	2010	2010	NUM
ajfa-5486	99	28	)	)	PUNCT
ajfa-5486	99	29	.	.	PUNCT
ajfa-5486	100	1	there	there	PRON
ajfa-5486	100	2	is	be	VERB
ajfa-5486	100	3	slightly	slightly	ADV
ajfa-5486	100	4	variation	variation	NOUN
ajfa-5486	100	5	in	in	ADP
ajfa-5486	100	6	formulation	formulation	NOUN
ajfa-5486	100	7	of	of	ADP
ajfa-5486	100	8	this	this	DET
ajfa-5486	100	9	measure	measure	NOUN
ajfa-5486	100	10	in	in	ADP
ajfa-5486	100	11	the	the	DET
ajfa-5486	100	12	literature	literature	NOUN
ajfa-5486	100	13	.	.	PUNCT
ajfa-5486	101	1	we	we	PRON
ajfa-5486	101	2	adopt	adopt	VERB
ajfa-5486	101	3	the	the	DET
ajfa-5486	101	4	palepu	palepu	NOUN
ajfa-5486	101	5	et	et	NOUN
ajfa-5486	101	6	al	al	PROPN
ajfa-5486	101	7	.	.	PROPN
ajfa-5486	102	1	(	(	PUNCT
ajfa-5486	102	2	2010	2010	NUM
ajfa-5486	102	3	)	)	PUNCT
ajfa-5486	102	4	measure	measure	NOUN
ajfa-5486	102	5	of	of	ADP
ajfa-5486	102	6	roa	roa	NOUN
ajfa-5486	102	7	:	:	PUNCT
ajfa-5486	102	8	=	=	SYM
ajfa-5486	102	9	(	(	PUNCT
ajfa-5486	102	10	)	)	PUNCT
ajfa-5486	102	11	palepu	palepu	NOUN
ajfa-5486	102	12	and	and	CCONJ
ajfa-5486	102	13	colleague	colleague	NOUN
ajfa-5486	102	14	used	use	VERB
ajfa-5486	102	15	earning	earn	VERB
ajfa-5486	102	16	before	before	ADP
ajfa-5486	102	17	the	the	DET
ajfa-5486	102	18	interest	interest	NOUN
ajfa-5486	102	19	and	and	CCONJ
ajfa-5486	102	20	taxes	taxis	NOUN
ajfa-5486	102	21	as	as	ADP
ajfa-5486	102	22	the	the	DET
ajfa-5486	102	23	numerator	numerator	NOUN
ajfa-5486	102	24	as	as	SCONJ
ajfa-5486	102	25	opposed	oppose	VERB
ajfa-5486	102	26	to	to	ADP
ajfa-5486	102	27	moyer	moyer	PROPN
ajfa-5486	102	28	,	,	PUNCT
ajfa-5486	102	29	mcguigan	mcguigan	PROPN
ajfa-5486	102	30	,	,	PUNCT
ajfa-5486	102	31	and	and	CCONJ
ajfa-5486	102	32	kretlow	kretlow	NOUN
ajfa-5486	102	33	(	(	PUNCT
ajfa-5486	102	34	1992	1992	NUM
ajfa-5486	102	35	)	)	PUNCT
ajfa-5486	102	36	who	who	PRON
ajfa-5486	102	37	used	use	VERB
ajfa-5486	102	38	net	net	ADJ
ajfa-5486	102	39	income	income	NOUN
ajfa-5486	102	40	.	.	PUNCT
ajfa-5486	103	1	as	as	SCONJ
ajfa-5486	103	2	the	the	DET
ajfa-5486	103	3	purpose	purpose	NOUN
ajfa-5486	103	4	of	of	ADP
ajfa-5486	103	5	return	return	NOUN
ajfa-5486	103	6	on	on	ADP
ajfa-5486	103	7	an	an	DET
ajfa-5486	103	8	asset	asset	NOUN
ajfa-5486	103	9	does	do	AUX
ajfa-5486	103	10	not	not	PART
ajfa-5486	103	11	account	account	VERB
ajfa-5486	103	12	for	for	ADP
ajfa-5486	103	13	whether	whether	SCONJ
ajfa-5486	103	14	assets	asset	NOUN
ajfa-5486	103	15	are	be	AUX
ajfa-5486	103	16	financed	finance	VERB
ajfa-5486	103	17	through	through	ADP
ajfa-5486	103	18	equity	equity	NOUN
ajfa-5486	103	19	or	or	CCONJ
ajfa-5486	103	20	debt	debt	NOUN
ajfa-5486	103	21	.	.	PUNCT
ajfa-5486	104	1	the	the	DET
ajfa-5486	104	2	net	net	ADJ
ajfa-5486	104	3	income	income	NOUN
ajfa-5486	104	4	measure	measure	NOUN
ajfa-5486	104	5	is	be	AUX
ajfa-5486	104	6	adjusted	adjust	VERB
ajfa-5486	104	7	for	for	ADP
ajfa-5486	104	8	the	the	DET
ajfa-5486	104	9	interest	interest	NOUN
ajfa-5486	104	10	expense	expense	NOUN
ajfa-5486	104	11	as	as	ADV
ajfa-5486	104	12	well	well	ADV
ajfa-5486	104	13	as	as	ADP
ajfa-5486	104	14	other	other	ADJ
ajfa-5486	104	15	items	item	NOUN
ajfa-5486	104	16	such	such	ADJ
ajfa-5486	104	17	as	as	ADP
ajfa-5486	104	18	taxation	taxation	NOUN
ajfa-5486	104	19	.	.	PUNCT
ajfa-5486	105	1	to	to	PART
ajfa-5486	105	2	remove	remove	VERB
ajfa-5486	105	3	the	the	DET
ajfa-5486	105	4	effect	effect	NOUN
ajfa-5486	105	5	of	of	ADP
ajfa-5486	105	6	financing	financing	NOUN
ajfa-5486	105	7	choice	choice	NOUN
ajfa-5486	105	8	,	,	PUNCT
ajfa-5486	105	9	ebit	ebit	PROPN
ajfa-5486	105	10	is	be	AUX
ajfa-5486	105	11	a	a	DET
ajfa-5486	105	12	better	well	ADJ
ajfa-5486	105	13	choice	choice	NOUN
ajfa-5486	105	14	(	(	PUNCT
ajfa-5486	105	15	palepu	palepu	NOUN
ajfa-5486	105	16	et	et	NOUN
ajfa-5486	105	17	al	al	PROPN
ajfa-5486	105	18	.	.	PROPN
ajfa-5486	105	19	,	,	PUNCT
ajfa-5486	105	20	2010	2010	NUM
ajfa-5486	105	21	)	)	PUNCT
ajfa-5486	105	22	.	.	PUNCT
ajfa-5486	106	1	return	return	NOUN
ajfa-5486	106	2	on	on	ADP
ajfa-5486	106	3	asset	asset	NOUN
ajfa-5486	106	4	formulation	formulation	NOUN
ajfa-5486	106	5	shows	show	VERB
ajfa-5486	106	6	that	that	SCONJ
ajfa-5486	106	7	investors	investor	NOUN
ajfa-5486	106	8	favour	favour	VERB
ajfa-5486	106	9	a	a	DET
ajfa-5486	106	10	higher	high	ADJ
ajfa-5486	106	11	ratio	ratio	NOUN
ajfa-5486	106	12	because	because	SCONJ
ajfa-5486	106	13	it	it	PRON
ajfa-5486	106	14	is	be	AUX
ajfa-5486	106	15	a	a	DET
ajfa-5486	106	16	proxy	proxy	NOUN
ajfa-5486	106	17	for	for	ADP
ajfa-5486	106	18	the	the	DET
ajfa-5486	106	19	performance	performance	NOUN
ajfa-5486	106	20	of	of	ADP
ajfa-5486	106	21	a	a	DET
ajfa-5486	106	22	company	company	NOUN
ajfa-5486	106	23	.	.	PUNCT
ajfa-5486	107	1	roa	roa	PROPN
ajfa-5486	107	2	also	also	ADV
ajfa-5486	107	3	shows	show	VERB
ajfa-5486	107	4	the	the	DET
ajfa-5486	107	5	efficiency	efficiency	NOUN
ajfa-5486	107	6	of	of	ADP
ajfa-5486	107	7	management	management	NOUN
ajfa-5486	107	8	in	in	ADP
ajfa-5486	107	9	using	use	VERB
ajfa-5486	107	10	firm	firm	NOUN
ajfa-5486	107	11	4	4	NUM
ajfa-5486	107	12	“	"	PUNCT
ajfa-5486	107	13	a	a	DET
ajfa-5486	107	14	subjective	subjective	ADJ
ajfa-5486	107	15	classification	classification	NOUN
ajfa-5486	107	16	of	of	ADP
ajfa-5486	107	17	financial	financial	ADJ
ajfa-5486	107	18	ratios	ratio	NOUN
ajfa-5486	107	19	based	base	VERB
ajfa-5486	107	20	on	on	ADP
ajfa-5486	107	21	the	the	DET
ajfa-5486	107	22	practical	practical	ADJ
ajfa-5486	107	23	experience	experience	NOUN
ajfa-5486	107	24	or	or	CCONJ
ajfa-5486	107	25	views	view	NOUN
ajfa-5486	107	26	of	of	ADP
ajfa-5486	107	27	the	the	DET
ajfa-5486	107	28	authors	author	NOUN
ajfa-5486	107	29	”	"	PUNCT
ajfa-5486	107	30	(	(	PUNCT
ajfa-5486	107	31	salmi	salmi	PROPN
ajfa-5486	107	32	&	&	CCONJ
ajfa-5486	107	33	martikainen	martikainen	PROPN
ajfa-5486	107	34	,	,	PUNCT
ajfa-5486	107	35	1994	1994	NUM
ajfa-5486	107	36	)	)	PUNCT
ajfa-5486	107	37	5	5	NUM
ajfa-5486	107	38	using	use	VERB
ajfa-5486	107	39	earlier	early	ADJ
ajfa-5486	107	40	work	work	NOUN
ajfa-5486	107	41	,	,	PUNCT
ajfa-5486	107	42	deliberation	deliberation	NOUN
ajfa-5486	107	43	,	,	PUNCT
ajfa-5486	107	44	logic	logic	NOUN
ajfa-5486	107	45	,	,	PUNCT
ajfa-5486	107	46	reasons	reason	NOUN
ajfa-5486	107	47	or	or	CCONJ
ajfa-5486	107	48	even	even	ADV
ajfa-5486	107	49	visual	visual	ADJ
ajfa-5486	107	50	approximation	approximation	NOUN
ajfa-5486	107	51	to	to	PART
ajfa-5486	107	52	form	form	VERB
ajfa-5486	107	53	a	a	DET
ajfa-5486	107	54	relationship	relationship	NOUN
ajfa-5486	107	55	(	(	PUNCT
ajfa-5486	107	56	salmi	salmi	PROPN
ajfa-5486	107	57	&	&	CCONJ
ajfa-5486	107	58	martikainen	martikainen	PROPN
ajfa-5486	107	59	,	,	PUNCT
ajfa-5486	107	60	1994	1994	NUM
ajfa-5486	107	61	)	)	PUNCT
ajfa-5486	107	62	6	6	NUM
ajfa-5486	107	63	a	a	DET
ajfa-5486	107	64	method	method	NOUN
ajfa-5486	107	65	that	that	PRON
ajfa-5486	107	66	has	have	VERB
ajfa-5486	107	67	emphasis	emphasis	NOUN
ajfa-5486	107	68	on	on	ADP
ajfa-5486	107	69	empirical	empirical	ADJ
ajfa-5486	107	70	evidences	evidence	NOUN
ajfa-5486	107	71	rather	rather	ADV
ajfa-5486	107	72	than	than	ADP
ajfa-5486	107	73	theoretical	theoretical	ADJ
ajfa-5486	107	74	foundation	foundation	NOUN
ajfa-5486	107	75	(	(	PUNCT
ajfa-5486	107	76	salmi	salmi	PROPN
ajfa-5486	107	77	&	&	CCONJ
ajfa-5486	107	78	martikainen	martikainen	PROPN
ajfa-5486	107	79	,	,	PUNCT
ajfa-5486	107	80	1994	1994	NUM
ajfa-5486	107	81	)	)	PUNCT
ajfa-5486	107	82	.	.	PUNCT
ajfa-5486	108	1	7	7	NUM
ajfa-5486	108	2	an	an	DET
ajfa-5486	108	3	approach	approach	NOUN
ajfa-5486	108	4	that	that	PRON
ajfa-5486	108	5	hypothesize	hypothesize	VERB
ajfa-5486	108	6	priori	priori	ADJ
ajfa-5486	108	7	relationship	relationship	NOUN
ajfa-5486	108	8	and	and	CCONJ
ajfa-5486	108	9	investigate	investigate	VERB
ajfa-5486	108	10	it	it	PRON
ajfa-5486	108	11	empirically	empirically	ADV
ajfa-5486	108	12	(	(	PUNCT
ajfa-5486	108	13	salmi	salmi	PROPN
ajfa-5486	108	14	&	&	CCONJ
ajfa-5486	108	15	martikainen	martikainen	PROPN
ajfa-5486	108	16	,	,	PUNCT
ajfa-5486	108	17	1994	1994	NUM
ajfa-5486	108	18	)	)	PUNCT
ajfa-5486	108	19	.	.	PUNCT
ajfa-5486	109	1	asian	asian	ADJ
ajfa-5486	109	2	journal	journal	PROPN
ajfa-5486	109	3	of	of	ADP
ajfa-5486	109	4	finance	finance	PROPN
ajfa-5486	109	5	&	&	CCONJ
ajfa-5486	109	6	accounting	accounting	PROPN
ajfa-5486	109	7	issn	issn	PROPN
ajfa-5486	109	8	1946	1946	NUM
ajfa-5486	109	9	-	-	PUNCT
ajfa-5486	109	10	052x	052x	PROPN
ajfa-5486	109	11	2014	2014	NUM
ajfa-5486	109	12	,	,	PUNCT
ajfa-5486	109	13	vol	vol	NOUN
ajfa-5486	109	14	.	.	PROPN
ajfa-5486	109	15	6	6	NUM
ajfa-5486	109	16	,	,	PUNCT
ajfa-5486	109	17	no	no	INTJ
ajfa-5486	109	18	.	.	NOUN
ajfa-5486	109	19	1	1	NUM
ajfa-5486	109	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5486	109	21	276	276	NUM
ajfa-5486	109	22	assets	asset	NOUN
ajfa-5486	109	23	to	to	PART
ajfa-5486	109	24	generate	generate	VERB
ajfa-5486	109	25	earnings	earning	NOUN
ajfa-5486	109	26	.	.	PUNCT
ajfa-5486	110	1	similarly	similarly	ADV
ajfa-5486	110	2	,	,	PUNCT
ajfa-5486	110	3	roa	roa	PROPN
ajfa-5486	110	4	is	be	AUX
ajfa-5486	110	5	a	a	DET
ajfa-5486	110	6	helpful	helpful	ADJ
ajfa-5486	110	7	measure	measure	NOUN
ajfa-5486	110	8	in	in	ADP
ajfa-5486	110	9	comparing	compare	VERB
ajfa-5486	110	10	a	a	DET
ajfa-5486	110	11	company	company	NOUN
ajfa-5486	110	12	’s	’s	PART
ajfa-5486	110	13	performance	performance	NOUN
ajfa-5486	110	14	with	with	ADP
ajfa-5486	110	15	its	its	PRON
ajfa-5486	110	16	competitors	competitor	NOUN
ajfa-5486	110	17	.	.	PUNCT
ajfa-5486	111	1	3.2	3.2	NUM
ajfa-5486	111	2	return	return	NOUN
ajfa-5486	111	3	on	on	ADP
ajfa-5486	111	4	equity	equity	NOUN
ajfa-5486	111	5	(	(	PUNCT
ajfa-5486	111	6	roe	roe	PROPN
ajfa-5486	111	7	)	)	PUNCT
ajfa-5486	111	8	return	return	NOUN
ajfa-5486	111	9	on	on	ADP
ajfa-5486	111	10	equity	equity	NOUN
ajfa-5486	111	11	is	be	AUX
ajfa-5486	111	12	also	also	ADV
ajfa-5486	111	13	referred	refer	VERB
ajfa-5486	111	14	to	to	ADP
ajfa-5486	111	15	as	as	ADP
ajfa-5486	111	16	return	return	NOUN
ajfa-5486	111	17	on	on	ADP
ajfa-5486	111	18	common	common	ADJ
ajfa-5486	111	19	shareholder	shareholder	NOUN
ajfa-5486	111	20	equity	equity	NOUN
ajfa-5486	111	21	(	(	PUNCT
ajfa-5486	111	22	roce	roce	PROPN
ajfa-5486	111	23	)	)	PUNCT
ajfa-5486	111	24	.	.	PUNCT
ajfa-5486	112	1	the	the	DET
ajfa-5486	112	2	primary	primary	ADJ
ajfa-5486	112	3	factor	factor	NOUN
ajfa-5486	112	4	that	that	PRON
ajfa-5486	112	5	distinguishes	distinguish	VERB
ajfa-5486	112	6	roe	roe	PROPN
ajfa-5486	112	7	and	and	CCONJ
ajfa-5486	112	8	roa	roa	PROPN
ajfa-5486	112	9	is	be	AUX
ajfa-5486	112	10	the	the	DET
ajfa-5486	112	11	company	company	NOUN
ajfa-5486	112	12	debt	debt	NOUN
ajfa-5486	112	13	financing	financing	NOUN
ajfa-5486	112	14	.	.	PUNCT
ajfa-5486	113	1	in	in	ADP
ajfa-5486	113	2	other	other	ADJ
ajfa-5486	113	3	words	word	NOUN
ajfa-5486	113	4	financial	financial	ADJ
ajfa-5486	113	5	leverage	leverage	NOUN
ajfa-5486	113	6	changes	change	VERB
ajfa-5486	113	7	roa	roa	NOUN
ajfa-5486	113	8	and	and	CCONJ
ajfa-5486	113	9	roe	roe	PROPN
ajfa-5486	113	10	.	.	PUNCT
ajfa-5486	114	1	in	in	ADP
ajfa-5486	114	2	the	the	DET
ajfa-5486	114	3	absence	absence	NOUN
ajfa-5486	114	4	of	of	ADP
ajfa-5486	114	5	company	company	NOUN
ajfa-5486	114	6	liabilities	liability	NOUN
ajfa-5486	114	7	,	,	PUNCT
ajfa-5486	114	8	total	total	ADJ
ajfa-5486	114	9	assets	asset	NOUN
ajfa-5486	114	10	and	and	CCONJ
ajfa-5486	114	11	shareholders	shareholder	NOUN
ajfa-5486	114	12	’	'	PUNCT
ajfa-5486	114	13	equity	equity	NOUN
ajfa-5486	114	14	will	will	AUX
ajfa-5486	114	15	be	be	AUX
ajfa-5486	114	16	the	the	DET
ajfa-5486	114	17	same	same	ADJ
ajfa-5486	114	18	and	and	CCONJ
ajfa-5486	114	19	hence	hence	ADV
ajfa-5486	114	20	roe	roe	PROPN
ajfa-5486	114	21	and	and	CCONJ
ajfa-5486	114	22	roa	roa	PROPN
ajfa-5486	114	23	would	would	AUX
ajfa-5486	114	24	also	also	ADV
ajfa-5486	114	25	be	be	AUX
ajfa-5486	114	26	the	the	DET
ajfa-5486	114	27	same	same	ADJ
ajfa-5486	114	28	.	.	PUNCT
ajfa-5486	115	1	financial	financial	ADJ
ajfa-5486	115	2	leverage	leverage	NOUN
ajfa-5486	115	3	gives	give	VERB
ajfa-5486	115	4	rise	rise	NOUN
ajfa-5486	115	5	to	to	ADP
ajfa-5486	115	6	a	a	DET
ajfa-5486	115	7	roe	roe	NOUN
ajfa-5486	115	8	greater	great	ADJ
ajfa-5486	115	9	than	than	ADP
ajfa-5486	115	10	roa	roa	PROPN
ajfa-5486	115	11	due	due	ADP
ajfa-5486	115	12	to	to	ADP
ajfa-5486	115	13	the	the	DET
ajfa-5486	115	14	comparatively	comparatively	ADV
ajfa-5486	115	15	cheaper	cheap	ADJ
ajfa-5486	115	16	cost	cost	NOUN
ajfa-5486	115	17	of	of	ADP
ajfa-5486	115	18	debt	debt	NOUN
ajfa-5486	115	19	financing	financing	NOUN
ajfa-5486	115	20	.	.	PUNCT
ajfa-5486	116	1	return	return	NOUN
ajfa-5486	116	2	on	on	ADP
ajfa-5486	116	3	equity	equity	NOUN
ajfa-5486	116	4	is	be	AUX
ajfa-5486	116	5	a	a	DET
ajfa-5486	116	6	comprehensive	comprehensive	ADJ
ajfa-5486	116	7	indicator	indicator	NOUN
ajfa-5486	116	8	of	of	ADP
ajfa-5486	116	9	a	a	DET
ajfa-5486	116	10	firm	firm	ADJ
ajfa-5486	116	11	performance	performance	NOUN
ajfa-5486	116	12	because	because	SCONJ
ajfa-5486	116	13	it	it	PRON
ajfa-5486	116	14	measures	measure	VERB
ajfa-5486	116	15	the	the	DET
ajfa-5486	116	16	percentage	percentage	NOUN
ajfa-5486	116	17	of	of	ADP
ajfa-5486	116	18	profit	profit	NOUN
ajfa-5486	116	19	earned	earn	VERB
ajfa-5486	116	20	on	on	ADP
ajfa-5486	116	21	common	common	ADJ
ajfa-5486	116	22	stockholders	stockholder	NOUN
ajfa-5486	116	23	’	'	PUNCT
ajfa-5486	116	24	investment	investment	NOUN
ajfa-5486	116	25	in	in	ADP
ajfa-5486	116	26	the	the	DET
ajfa-5486	116	27	firm	firm	NOUN
ajfa-5486	116	28	.	.	PUNCT
ajfa-5486	117	1	roe	roe	NOUN
ajfa-5486	117	2	is	be	AUX
ajfa-5486	117	3	also	also	ADV
ajfa-5486	117	4	useful	useful	ADJ
ajfa-5486	117	5	for	for	ADP
ajfa-5486	117	6	comparing	compare	VERB
ajfa-5486	117	7	the	the	DET
ajfa-5486	117	8	profitability	profitability	NOUN
ajfa-5486	117	9	of	of	ADP
ajfa-5486	117	10	a	a	DET
ajfa-5486	117	11	firm	firm	NOUN
ajfa-5486	117	12	with	with	ADP
ajfa-5486	117	13	rivals	rival	NOUN
ajfa-5486	117	14	in	in	ADP
ajfa-5486	117	15	their	their	PRON
ajfa-5486	117	16	industry	industry	NOUN
ajfa-5486	117	17	.	.	PUNCT
ajfa-5486	118	1	it	it	PRON
ajfa-5486	118	2	is	be	AUX
ajfa-5486	118	3	the	the	DET
ajfa-5486	118	4	most	most	ADV
ajfa-5486	118	5	significant	significant	ADJ
ajfa-5486	118	6	and	and	CCONJ
ajfa-5486	118	7	widely	widely	ADV
ajfa-5486	118	8	used	use	VERB
ajfa-5486	118	9	financial	financial	ADJ
ajfa-5486	118	10	ratio	ratio	NOUN
ajfa-5486	118	11	in	in	ADP
ajfa-5486	118	12	manufacturing	manufacturing	NOUN
ajfa-5486	118	13	companies	company	NOUN
ajfa-5486	118	14	.	.	PUNCT
ajfa-5486	119	1	theoretically	theoretically	ADV
ajfa-5486	119	2	,	,	PUNCT
ajfa-5486	119	3	if	if	SCONJ
ajfa-5486	119	4	a	a	DET
ajfa-5486	119	5	company	company	NOUN
ajfa-5486	119	6	is	be	AUX
ajfa-5486	119	7	motivated	motivate	VERB
ajfa-5486	119	8	to	to	PART
ajfa-5486	119	9	maximize	maximize	VERB
ajfa-5486	119	10	the	the	DET
ajfa-5486	119	11	wealth	wealth	NOUN
ajfa-5486	119	12	of	of	ADP
ajfa-5486	119	13	its	its	PRON
ajfa-5486	119	14	stockholders	stockholder	NOUN
ajfa-5486	119	15	,	,	PUNCT
ajfa-5486	119	16	it	it	PRON
ajfa-5486	119	17	should	should	AUX
ajfa-5486	119	18	be	be	AUX
ajfa-5486	119	19	trying	try	VERB
ajfa-5486	119	20	to	to	PART
ajfa-5486	119	21	maximize	maximize	VERB
ajfa-5486	119	22	roe	roe	NOUN
ajfa-5486	119	23	.	.	PUNCT
ajfa-5486	120	1	the	the	DET
ajfa-5486	120	2	most	most	ADV
ajfa-5486	120	3	common	common	ADJ
ajfa-5486	120	4	method	method	NOUN
ajfa-5486	120	5	of	of	ADP
ajfa-5486	120	6	roe	roe	NOUN
ajfa-5486	120	7	calculation	calculation	NOUN
ajfa-5486	120	8	is	be	AUX
ajfa-5486	120	9	as	as	SCONJ
ajfa-5486	120	10	follows	follow	VERB
ajfa-5486	120	11	(	(	PUNCT
ajfa-5486	120	12	livingstone	livingstone	PROPN
ajfa-5486	120	13	&	&	CCONJ
ajfa-5486	120	14	grossman	grossman	PROPN
ajfa-5486	120	15	,	,	PUNCT
ajfa-5486	120	16	2002	2002	NUM
ajfa-5486	120	17	;	;	PUNCT
ajfa-5486	120	18	palepu	palepu	NOUN
ajfa-5486	120	19	et	et	NOUN
ajfa-5486	120	20	al	al	PROPN
ajfa-5486	120	21	.	.	PROPN
ajfa-5486	120	22	,	,	PUNCT
ajfa-5486	120	23	2010	2010	NUM
ajfa-5486	120	24	):	):	PUNCT
ajfa-5486	120	25	=	=	PUNCT
ajfa-5486	120	26	ℎ	ℎ	PART
ajfa-5486	120	27	ℎ	ℎ	NOUN
ajfa-5486	120	28	ℎ	ℎ	ADP
ajfa-5486	120	29	ℎ	ℎ	PROPN
ajfa-5486	120	30	only	only	ADV
ajfa-5486	120	31	the	the	DET
ajfa-5486	120	32	stockholder	stockholder	NOUN
ajfa-5486	120	33	’s	’s	PART
ajfa-5486	120	34	equity	equity	NOUN
ajfa-5486	120	35	appears	appear	VERB
ajfa-5486	120	36	in	in	ADP
ajfa-5486	120	37	the	the	DET
ajfa-5486	120	38	denominator	denominator	NOUN
ajfa-5486	120	39	,	,	PUNCT
ajfa-5486	120	40	for	for	ADP
ajfa-5486	120	41	this	this	DET
ajfa-5486	120	42	reason	reason	NOUN
ajfa-5486	120	43	the	the	DET
ajfa-5486	120	44	numerator	numerator	NOUN
ajfa-5486	120	45	needs	need	VERB
ajfa-5486	120	46	to	to	PART
ajfa-5486	120	47	be	be	AUX
ajfa-5486	120	48	adjusted	adjust	VERB
ajfa-5486	120	49	for	for	ADP
ajfa-5486	120	50	the	the	DET
ajfa-5486	120	51	payment	payment	NOUN
ajfa-5486	120	52	attributed	attribute	VERB
ajfa-5486	120	53	to	to	ADP
ajfa-5486	120	54	preferred	preferred	ADJ
ajfa-5486	120	55	shareholders	shareholder	NOUN
ajfa-5486	120	56	.	.	PUNCT
ajfa-5486	121	1	if	if	SCONJ
ajfa-5486	121	2	the	the	DET
ajfa-5486	121	3	firm	firm	NOUN
ajfa-5486	121	4	has	have	AUX
ajfa-5486	121	5	not	not	PART
ajfa-5486	121	6	issued	issue	VERB
ajfa-5486	121	7	preferred	preferred	ADJ
ajfa-5486	121	8	share	share	NOUN
ajfa-5486	121	9	equity	equity	NOUN
ajfa-5486	121	10	of	of	ADP
ajfa-5486	121	11	any	any	DET
ajfa-5486	121	12	other	other	ADJ
ajfa-5486	121	13	priority	priority	NOUN
ajfa-5486	121	14	capital	capital	NOUN
ajfa-5486	121	15	then	then	ADV
ajfa-5486	121	16	no	no	DET
ajfa-5486	121	17	adjustment	adjustment	NOUN
ajfa-5486	121	18	is	be	AUX
ajfa-5486	121	19	required	require	VERB
ajfa-5486	121	20	.	.	PUNCT
ajfa-5486	122	1	in	in	ADP
ajfa-5486	122	2	measuring	measure	VERB
ajfa-5486	122	3	the	the	DET
ajfa-5486	122	4	denominator	denominator	NOUN
ajfa-5486	122	5	palepu	palepu	NOUN
ajfa-5486	122	6	et	et	NOUN
ajfa-5486	122	7	al	al	PROPN
ajfa-5486	122	8	.	.	PROPN
ajfa-5486	123	1	(	(	PUNCT
ajfa-5486	123	2	2010	2010	NUM
ajfa-5486	123	3	)	)	PUNCT
ajfa-5486	123	4	suggest	suggest	VERB
ajfa-5486	123	5	that	that	SCONJ
ajfa-5486	123	6	average	average	ADJ
ajfa-5486	123	7	common	common	ADJ
ajfa-5486	123	8	shareholder	shareholder	NOUN
ajfa-5486	123	9	equity	equity	NOUN
ajfa-5486	123	10	should	should	AUX
ajfa-5486	123	11	be	be	AUX
ajfa-5486	123	12	used	use	VERB
ajfa-5486	123	13	to	to	PART
ajfa-5486	123	14	ensure	ensure	VERB
ajfa-5486	123	15	measurement	measurement	NOUN
ajfa-5486	123	16	unit	unit	NOUN
ajfa-5486	123	17	consistency	consistency	NOUN
ajfa-5486	123	18	,	,	PUNCT
ajfa-5486	123	19	and	and	CCONJ
ajfa-5486	123	20	to	to	PART
ajfa-5486	123	21	compensate	compensate	VERB
ajfa-5486	123	22	for	for	ADP
ajfa-5486	123	23	any	any	DET
ajfa-5486	123	24	rapid	rapid	ADJ
ajfa-5486	123	25	growth	growth	NOUN
ajfa-5486	123	26	or	or	CCONJ
ajfa-5486	123	27	major	major	ADJ
ajfa-5486	123	28	changes	change	NOUN
ajfa-5486	123	29	in	in	ADP
ajfa-5486	123	30	shareholders	shareholder	NOUN
ajfa-5486	123	31	’	'	PUNCT
ajfa-5486	123	32	equity	equity	NOUN
ajfa-5486	123	33	.	.	PUNCT
ajfa-5486	124	1	higher	high	ADJ
ajfa-5486	124	2	roe	roe	PROPN
ajfa-5486	124	3	show	show	VERB
ajfa-5486	124	4	efficient	efficient	ADJ
ajfa-5486	124	5	management	management	NOUN
ajfa-5486	124	6	of	of	ADP
ajfa-5486	124	7	the	the	DET
ajfa-5486	124	8	equity	equity	NOUN
ajfa-5486	124	9	base	base	NOUN
ajfa-5486	124	10	and	and	CCONJ
ajfa-5486	124	11	also	also	ADV
ajfa-5486	124	12	the	the	DET
ajfa-5486	124	13	better	well	ADJ
ajfa-5486	124	14	return	return	NOUN
ajfa-5486	124	15	to	to	ADP
ajfa-5486	124	16	its	its	PRON
ajfa-5486	124	17	investors	investor	NOUN
ajfa-5486	124	18	.	.	PUNCT
ajfa-5486	125	1	in	in	ADP
ajfa-5486	125	2	the	the	DET
ajfa-5486	125	3	long	long	ADJ
ajfa-5486	125	4	run	run	NOUN
ajfa-5486	125	5	,	,	PUNCT
ajfa-5486	125	6	the	the	DET
ajfa-5486	125	7	value	value	NOUN
ajfa-5486	125	8	of	of	ADP
ajfa-5486	125	9	the	the	DET
ajfa-5486	125	10	firm	firm	NOUN
ajfa-5486	125	11	’s	’s	PART
ajfa-5486	125	12	equity	equity	NOUN
ajfa-5486	125	13	is	be	AUX
ajfa-5486	125	14	determined	determine	VERB
ajfa-5486	125	15	by	by	ADP
ajfa-5486	125	16	the	the	DET
ajfa-5486	125	17	relationship	relationship	NOUN
ajfa-5486	125	18	between	between	ADP
ajfa-5486	125	19	its	its	PRON
ajfa-5486	125	20	roe	roe	NOUN
ajfa-5486	125	21	and	and	CCONJ
ajfa-5486	125	22	its	its	PRON
ajfa-5486	125	23	cost	cost	NOUN
ajfa-5486	125	24	of	of	ADP
ajfa-5486	125	25	equity	equity	NOUN
ajfa-5486	125	26	capital	capital	NOUN
ajfa-5486	125	27	.	.	PUNCT
ajfa-5486	126	1	in	in	ADP
ajfa-5486	126	2	other	other	ADJ
ajfa-5486	126	3	words	word	NOUN
ajfa-5486	126	4	,	,	PUNCT
ajfa-5486	126	5	firms	firm	NOUN
ajfa-5486	126	6	that	that	PRON
ajfa-5486	126	7	are	be	AUX
ajfa-5486	126	8	expected	expect	VERB
ajfa-5486	126	9	to	to	PART
ajfa-5486	126	10	generate	generate	VERB
ajfa-5486	126	11	roe	roe	NOUN
ajfa-5486	126	12	in	in	ADP
ajfa-5486	126	13	excess	excess	NOUN
ajfa-5486	126	14	of	of	ADP
ajfa-5486	126	15	the	the	DET
ajfa-5486	126	16	cost	cost	NOUN
ajfa-5486	126	17	of	of	ADP
ajfa-5486	126	18	equity	equity	NOUN
ajfa-5486	126	19	capital	capital	NOUN
ajfa-5486	126	20	should	should	AUX
ajfa-5486	126	21	have	have	VERB
ajfa-5486	126	22	a	a	DET
ajfa-5486	126	23	higher	high	ADJ
ajfa-5486	126	24	market	market	NOUN
ajfa-5486	126	25	value	value	NOUN
ajfa-5486	126	26	compared	compare	VERB
ajfa-5486	126	27	to	to	ADP
ajfa-5486	126	28	book	book	NOUN
ajfa-5486	126	29	value	value	NOUN
ajfa-5486	126	30	,	,	PUNCT
ajfa-5486	126	31	and	and	CCONJ
ajfa-5486	126	32	vice	vice	ADV
ajfa-5486	126	33	versa	versa	ADV
ajfa-5486	126	34	(	(	PUNCT
ajfa-5486	126	35	palepu	palepu	X
ajfa-5486	126	36	et	et	NOUN
ajfa-5486	126	37	al	al	PROPN
ajfa-5486	126	38	.	.	PROPN
ajfa-5486	126	39	,	,	PUNCT
ajfa-5486	126	40	2010	2010	NUM
ajfa-5486	126	41	)	)	PUNCT
ajfa-5486	126	42	.	.	PUNCT
ajfa-5486	127	1	a	a	DET
ajfa-5486	127	2	comparison	comparison	NOUN
ajfa-5486	127	3	of	of	ADP
ajfa-5486	127	4	roe	roe	NOUN
ajfa-5486	127	5	with	with	ADP
ajfa-5486	127	6	the	the	DET
ajfa-5486	127	7	cost	cost	NOUN
ajfa-5486	127	8	of	of	ADP
ajfa-5486	127	9	capital	capital	NOUN
ajfa-5486	127	10	is	be	AUX
ajfa-5486	127	11	useful	useful	ADJ
ajfa-5486	127	12	not	not	PART
ajfa-5486	127	13	only	only	ADV
ajfa-5486	127	14	for	for	ADP
ajfa-5486	127	15	contemplating	contemplate	VERB
ajfa-5486	127	16	the	the	DET
ajfa-5486	127	17	value	value	NOUN
ajfa-5486	127	18	of	of	ADP
ajfa-5486	127	19	the	the	DET
ajfa-5486	127	20	firm	firm	NOUN
ajfa-5486	127	21	but	but	CCONJ
ajfa-5486	127	22	also	also	ADV
ajfa-5486	127	23	in	in	ADP
ajfa-5486	127	24	considering	consider	VERB
ajfa-5486	127	25	the	the	DET
ajfa-5486	127	26	path	path	NOUN
ajfa-5486	127	27	of	of	ADP
ajfa-5486	127	28	future	future	ADJ
ajfa-5486	127	29	profitability	profitability	NOUN
ajfa-5486	127	30	.	.	PUNCT
ajfa-5486	128	1	the	the	DET
ajfa-5486	128	2	generation	generation	NOUN
ajfa-5486	128	3	of	of	ADP
ajfa-5486	128	4	a	a	DET
ajfa-5486	128	5	consistently	consistently	ADV
ajfa-5486	128	6	higher	high	ADJ
ajfa-5486	128	7	profit	profit	NOUN
ajfa-5486	128	8	will	will	AUX
ajfa-5486	128	9	attract	attract	VERB
ajfa-5486	128	10	more	more	ADJ
ajfa-5486	128	11	competition	competition	NOUN
ajfa-5486	128	12	in	in	ADP
ajfa-5486	128	13	the	the	DET
ajfa-5486	128	14	absence	absence	NOUN
ajfa-5486	128	15	of	of	ADP
ajfa-5486	128	16	significant	significant	ADJ
ajfa-5486	128	17	entry	entry	NOUN
ajfa-5486	128	18	barriers	barrier	NOUN
ajfa-5486	128	19	.	.	PUNCT
ajfa-5486	129	1	that	that	PRON
ajfa-5486	129	2	is	be	AUX
ajfa-5486	129	3	why	why	SCONJ
ajfa-5486	129	4	roe	roe	NOUN
ajfa-5486	129	5	tends	tend	VERB
ajfa-5486	129	6	to	to	PART
ajfa-5486	129	7	decline	decline	VERB
ajfa-5486	129	8	towards	towards	ADP
ajfa-5486	129	9	the	the	DET
ajfa-5486	129	10	cost	cost	NOUN
ajfa-5486	129	11	of	of	ADP
ajfa-5486	129	12	equity	equity	NOUN
ajfa-5486	129	13	over	over	ADP
ajfa-5486	129	14	time	time	NOUN
ajfa-5486	129	15	because	because	SCONJ
ajfa-5486	129	16	of	of	ADP
ajfa-5486	129	17	competitive	competitive	ADJ
ajfa-5486	129	18	forces	force	NOUN
ajfa-5486	129	19	.	.	PUNCT
ajfa-5486	130	1	thus	thus	ADV
ajfa-5486	130	2	,	,	PUNCT
ajfa-5486	130	3	the	the	DET
ajfa-5486	130	4	cost	cost	NOUN
ajfa-5486	130	5	of	of	ADP
ajfa-5486	130	6	equity	equity	NOUN
ajfa-5486	130	7	capital	capital	NOUN
ajfa-5486	130	8	can	can	AUX
ajfa-5486	130	9	be	be	AUX
ajfa-5486	130	10	used	use	VERB
ajfa-5486	130	11	as	as	ADP
ajfa-5486	130	12	a	a	DET
ajfa-5486	130	13	benchmark	benchmark	NOUN
ajfa-5486	130	14	for	for	ADP
ajfa-5486	130	15	the	the	DET
ajfa-5486	130	16	roe	roe	NOUN
ajfa-5486	130	17	that	that	PRON
ajfa-5486	130	18	would	would	AUX
ajfa-5486	130	19	be	be	AUX
ajfa-5486	130	20	observed	observe	VERB
ajfa-5486	130	21	in	in	ADP
ajfa-5486	130	22	a	a	DET
ajfa-5486	130	23	long	long	ADJ
ajfa-5486	130	24	run	run	NOUN
ajfa-5486	130	25	competitive	competitive	ADJ
ajfa-5486	130	26	equilibrium	equilibrium	NOUN
ajfa-5486	130	27	.	.	PUNCT
ajfa-5486	131	1	3.3	3.3	NUM
ajfa-5486	131	2	earnings	earning	NOUN
ajfa-5486	131	3	per	per	ADP
ajfa-5486	131	4	share	share	NOUN
ajfa-5486	131	5	(	(	PUNCT
ajfa-5486	131	6	eps	eps	PROPN
ajfa-5486	131	7	)	)	PUNCT
ajfa-5486	131	8	an	an	DET
ajfa-5486	131	9	absolute	absolute	ADJ
ajfa-5486	131	10	measure	measure	NOUN
ajfa-5486	131	11	of	of	ADP
ajfa-5486	131	12	income	income	NOUN
ajfa-5486	131	13	does	do	AUX
ajfa-5486	131	14	not	not	PART
ajfa-5486	131	15	show	show	VERB
ajfa-5486	131	16	the	the	DET
ajfa-5486	131	17	real	real	ADJ
ajfa-5486	131	18	performance	performance	NOUN
ajfa-5486	131	19	of	of	ADP
ajfa-5486	131	20	companies	company	NOUN
ajfa-5486	131	21	.	.	PUNCT
ajfa-5486	132	1	therefore	therefore	ADV
ajfa-5486	132	2	,	,	PUNCT
ajfa-5486	132	3	shareholders	shareholder	NOUN
ajfa-5486	132	4	are	be	AUX
ajfa-5486	132	5	interested	interested	ADJ
ajfa-5486	132	6	in	in	ADP
ajfa-5486	132	7	how	how	SCONJ
ajfa-5486	132	8	income	income	NOUN
ajfa-5486	132	9	is	be	AUX
ajfa-5486	132	10	changing	change	VERB
ajfa-5486	132	11	relative	relative	ADJ
ajfa-5486	132	12	to	to	ADP
ajfa-5486	132	13	other	other	ADJ
ajfa-5486	132	14	factors	factor	NOUN
ajfa-5486	132	15	such	such	ADJ
ajfa-5486	132	16	as	as	ADP
ajfa-5486	132	17	company	company	NOUN
ajfa-5486	132	18	size	size	NOUN
ajfa-5486	132	19	(	(	PUNCT
ajfa-5486	132	20	cudia	cudia	NOUN
ajfa-5486	132	21	&	&	CCONJ
ajfa-5486	132	22	manaligod	manaligod	PROPN
ajfa-5486	132	23	,	,	PUNCT
ajfa-5486	132	24	2011	2011	NUM
ajfa-5486	132	25	)	)	PUNCT
ajfa-5486	132	26	.	.	PUNCT
ajfa-5486	133	1	earnings	earning	NOUN
ajfa-5486	133	2	per	per	ADP
ajfa-5486	133	3	share	share	NOUN
ajfa-5486	133	4	is	be	AUX
ajfa-5486	133	5	an	an	DET
ajfa-5486	133	6	important	important	ADJ
ajfa-5486	133	7	measure	measure	NOUN
ajfa-5486	133	8	of	of	ADP
ajfa-5486	133	9	a	a	DET
ajfa-5486	133	10	company	company	NOUN
ajfa-5486	133	11	’s	’s	PART
ajfa-5486	133	12	financial	financial	ADJ
ajfa-5486	133	13	performance	performance	NOUN
ajfa-5486	133	14	.	.	PUNCT
ajfa-5486	134	1	it	it	PRON
ajfa-5486	134	2	evaluates	evaluate	VERB
ajfa-5486	134	3	economic	economic	ADJ
ajfa-5486	134	4	strength	strength	NOUN
ajfa-5486	134	5	relative	relative	ADJ
ajfa-5486	134	6	to	to	ADP
ajfa-5486	134	7	firm	firm	ADJ
ajfa-5486	134	8	size	size	NOUN
ajfa-5486	134	9	.	.	PUNCT
ajfa-5486	135	1	asian	asian	ADJ
ajfa-5486	135	2	journal	journal	PROPN
ajfa-5486	135	3	of	of	ADP
ajfa-5486	135	4	finance	finance	PROPN
ajfa-5486	135	5	&	&	CCONJ
ajfa-5486	135	6	accounting	accounting	PROPN
ajfa-5486	135	7	issn	issn	PROPN
ajfa-5486	135	8	1946	1946	NUM
ajfa-5486	135	9	-	-	PUNCT
ajfa-5486	135	10	052x	052x	PROPN
ajfa-5486	135	11	2014	2014	NUM
ajfa-5486	135	12	,	,	PUNCT
ajfa-5486	135	13	vol	vol	NOUN
ajfa-5486	135	14	.	.	PROPN
ajfa-5486	136	1	6	6	NUM
ajfa-5486	136	2	,	,	PUNCT
ajfa-5486	136	3	no	no	INTJ
ajfa-5486	136	4	.	.	NOUN
ajfa-5486	136	5	1	1	NUM
ajfa-5486	136	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5486	136	7	277	277	NUM
ajfa-5486	136	8	according	accord	VERB
ajfa-5486	136	9	to	to	ADP
ajfa-5486	136	10	williams	williams	PROPN
ajfa-5486	136	11	(	(	PUNCT
ajfa-5486	136	12	2000	2000	NUM
ajfa-5486	136	13	)	)	PUNCT
ajfa-5486	136	14	,	,	PUNCT
ajfa-5486	136	15	earning	earn	VERB
ajfa-5486	136	16	per	per	ADP
ajfa-5486	136	17	share	share	NOUN
ajfa-5486	136	18	is	be	AUX
ajfa-5486	136	19	an	an	DET
ajfa-5486	136	20	important	important	ADJ
ajfa-5486	136	21	ratio	ratio	NOUN
ajfa-5486	136	22	to	to	PART
ajfa-5486	136	23	analyse	analyse	VERB
ajfa-5486	136	24	the	the	DET
ajfa-5486	136	25	historical	historical	ADJ
ajfa-5486	136	26	operating	operating	NOUN
ajfa-5486	136	27	performance	performance	NOUN
ajfa-5486	136	28	of	of	ADP
ajfa-5486	136	29	a	a	DET
ajfa-5486	136	30	firm	firm	NOUN
ajfa-5486	136	31	and	and	CCONJ
ajfa-5486	136	32	help	help	NOUN
ajfa-5486	136	33	to	to	PART
ajfa-5486	136	34	form	form	VERB
ajfa-5486	136	35	an	an	DET
ajfa-5486	136	36	opinion	opinion	NOUN
ajfa-5486	136	37	about	about	ADP
ajfa-5486	136	38	its	its	PRON
ajfa-5486	136	39	potential	potential	NOUN
ajfa-5486	136	40	.	.	PUNCT
ajfa-5486	137	1	eps	eps	PROPN
ajfa-5486	137	2	is	be	AUX
ajfa-5486	137	3	used	use	VERB
ajfa-5486	137	4	as	as	ADP
ajfa-5486	137	5	an	an	DET
ajfa-5486	137	6	important	important	ADJ
ajfa-5486	137	7	variable	variable	NOUN
ajfa-5486	137	8	in	in	ADP
ajfa-5486	137	9	determining	determine	VERB
ajfa-5486	137	10	a	a	DET
ajfa-5486	137	11	share	share	NOUN
ajfa-5486	137	12	market	market	NOUN
ajfa-5486	137	13	price	price	NOUN
ajfa-5486	137	14	.	.	PUNCT
ajfa-5486	138	1	a	a	DET
ajfa-5486	138	2	market	market	NOUN
ajfa-5486	138	3	reacts	react	VERB
ajfa-5486	138	4	and	and	CCONJ
ajfa-5486	138	5	makes	make	VERB
ajfa-5486	138	6	adjustments	adjustment	NOUN
ajfa-5486	138	7	to	to	PART
ajfa-5486	138	8	firm	firm	VERB
ajfa-5486	138	9	earning	earning	NOUN
ajfa-5486	138	10	expectations	expectation	NOUN
ajfa-5486	138	11	(	(	PUNCT
ajfa-5486	138	12	jordan	jordan	PROPN
ajfa-5486	138	13	et	et	PROPN
ajfa-5486	138	14	al	al	PROPN
ajfa-5486	138	15	.	.	PROPN
ajfa-5486	138	16	,	,	PUNCT
ajfa-5486	138	17	2007	2007	NUM
ajfa-5486	138	18	)	)	PUNCT
ajfa-5486	138	19	.	.	PUNCT
ajfa-5486	139	1	this	this	DET
ajfa-5486	139	2	ratio	ratio	NOUN
ajfa-5486	139	3	determines	determine	VERB
ajfa-5486	139	4	the	the	DET
ajfa-5486	139	5	relationship	relationship	NOUN
ajfa-5486	139	6	between	between	ADP
ajfa-5486	139	7	firm	firm	ADJ
ajfa-5486	139	8	profitability	profitability	NOUN
ajfa-5486	139	9	and	and	CCONJ
ajfa-5486	139	10	size	size	NOUN
ajfa-5486	139	11	.	.	PUNCT
ajfa-5486	140	1	therefore	therefore	ADV
ajfa-5486	140	2	,	,	PUNCT
ajfa-5486	140	3	the	the	DET
ajfa-5486	140	4	majority	majority	NOUN
ajfa-5486	140	5	of	of	ADP
ajfa-5486	140	6	studies	study	NOUN
ajfa-5486	140	7	used	use	VERB
ajfa-5486	140	8	the	the	DET
ajfa-5486	140	9	number	number	NOUN
ajfa-5486	140	10	of	of	ADP
ajfa-5486	140	11	ordinary	ordinary	ADJ
ajfa-5486	140	12	shares	share	NOUN
ajfa-5486	140	13	outstanding	outstanding	ADJ
ajfa-5486	140	14	as	as	ADP
ajfa-5486	140	15	a	a	DET
ajfa-5486	140	16	proxy	proxy	NOUN
ajfa-5486	140	17	to	to	PART
ajfa-5486	140	18	measure	measure	VERB
ajfa-5486	140	19	firm	firm	ADJ
ajfa-5486	140	20	size	size	NOUN
ajfa-5486	140	21	.	.	PUNCT
ajfa-5486	141	1	if	if	SCONJ
ajfa-5486	141	2	the	the	DET
ajfa-5486	141	3	number	number	NOUN
ajfa-5486	141	4	of	of	ADP
ajfa-5486	141	5	ordinary	ordinary	ADJ
ajfa-5486	141	6	shares	share	NOUN
ajfa-5486	141	7	in	in	ADP
ajfa-5486	141	8	the	the	DET
ajfa-5486	141	9	market	market	NOUN
ajfa-5486	141	10	has	have	VERB
ajfa-5486	141	11	changes	change	NOUN
ajfa-5486	141	12	in	in	ADP
ajfa-5486	141	13	a	a	DET
ajfa-5486	141	14	given	give	VERB
ajfa-5486	141	15	period	period	NOUN
ajfa-5486	141	16	because	because	SCONJ
ajfa-5486	141	17	of	of	ADP
ajfa-5486	141	18	share	share	NOUN
ajfa-5486	141	19	buyback	buyback	NOUN
ajfa-5486	141	20	then	then	ADV
ajfa-5486	141	21	a	a	DET
ajfa-5486	141	22	weighted	weighted	ADJ
ajfa-5486	141	23	average	average	NOUN
ajfa-5486	141	24	of	of	ADP
ajfa-5486	141	25	the	the	DET
ajfa-5486	141	26	quantity	quantity	NOUN
ajfa-5486	141	27	of	of	ADP
ajfa-5486	141	28	shares	share	NOUN
ajfa-5486	141	29	is	be	AUX
ajfa-5486	141	30	used	use	VERB
ajfa-5486	141	31	(	(	PUNCT
ajfa-5486	141	32	yalcin	yalcin	PROPN
ajfa-5486	141	33	,	,	PUNCT
ajfa-5486	141	34	bayrakdaroglu	bayrakdaroglu	PROPN
ajfa-5486	141	35	,	,	PUNCT
ajfa-5486	141	36	&	&	CCONJ
ajfa-5486	141	37	kahraman	kahraman	NOUN
ajfa-5486	141	38	,	,	PUNCT
ajfa-5486	141	39	2012	2012	NUM
ajfa-5486	141	40	)	)	PUNCT
ajfa-5486	141	41	.	.	PUNCT
ajfa-5486	142	1	=	=	PUNCT
ajfa-5486	142	2	ℎ	ℎ	X
ajfa-5486	142	3	ℎ	ℎ	ADP
ajfa-5486	142	4	ℎ	ℎ	PROPN
ajfa-5486	142	5	eps	eps	PROPN
ajfa-5486	142	6	is	be	AUX
ajfa-5486	142	7	very	very	ADV
ajfa-5486	142	8	important	important	ADJ
ajfa-5486	142	9	to	to	ADP
ajfa-5486	142	10	most	most	ADJ
ajfa-5486	142	11	stakeholders	stakeholder	NOUN
ajfa-5486	142	12	.	.	PUNCT
ajfa-5486	143	1	shareholders	shareholder	NOUN
ajfa-5486	143	2	are	be	AUX
ajfa-5486	143	3	using	use	VERB
ajfa-5486	143	4	this	this	DET
ajfa-5486	143	5	information	information	NOUN
ajfa-5486	143	6	to	to	PART
ajfa-5486	143	7	evaluate	evaluate	VERB
ajfa-5486	143	8	the	the	DET
ajfa-5486	143	9	return	return	NOUN
ajfa-5486	143	10	on	on	ADP
ajfa-5486	143	11	their	their	PRON
ajfa-5486	143	12	capital	capital	NOUN
ajfa-5486	143	13	.	.	PUNCT
ajfa-5486	144	1	this	this	DET
ajfa-5486	144	2	ratio	ratio	NOUN
ajfa-5486	144	3	ignores	ignore	VERB
ajfa-5486	144	4	the	the	DET
ajfa-5486	144	5	capital	capital	NOUN
ajfa-5486	144	6	make	make	VERB
ajfa-5486	144	7	up	up	ADP
ajfa-5486	144	8	.	.	PUNCT
ajfa-5486	145	1	for	for	ADP
ajfa-5486	145	2	example	example	NOUN
ajfa-5486	145	3	,	,	PUNCT
ajfa-5486	145	4	a	a	DET
ajfa-5486	145	5	company	company	NOUN
ajfa-5486	145	6	with	with	ADP
ajfa-5486	145	7	less	less	ADJ
ajfa-5486	145	8	equity	equity	NOUN
ajfa-5486	145	9	may	may	AUX
ajfa-5486	145	10	have	have	VERB
ajfa-5486	145	11	the	the	DET
ajfa-5486	145	12	same	same	ADJ
ajfa-5486	145	13	eps	eps	PROPN
ajfa-5486	145	14	as	as	ADP
ajfa-5486	145	15	a	a	DET
ajfa-5486	145	16	company	company	NOUN
ajfa-5486	145	17	that	that	PRON
ajfa-5486	145	18	has	have	VERB
ajfa-5486	145	19	more	more	ADJ
ajfa-5486	145	20	equity	equity	NOUN
ajfa-5486	145	21	in	in	ADP
ajfa-5486	145	22	their	their	PRON
ajfa-5486	145	23	capital	capital	NOUN
ajfa-5486	145	24	.	.	PUNCT
ajfa-5486	146	1	despite	despite	SCONJ
ajfa-5486	146	2	its	its	PRON
ajfa-5486	146	3	weakness	weakness	NOUN
ajfa-5486	146	4	,	,	PUNCT
ajfa-5486	146	5	eps	eps	PROPN
ajfa-5486	146	6	is	be	AUX
ajfa-5486	146	7	often	often	ADV
ajfa-5486	146	8	considered	consider	VERB
ajfa-5486	146	9	as	as	ADP
ajfa-5486	146	10	the	the	DET
ajfa-5486	146	11	single	single	ADJ
ajfa-5486	146	12	most	most	ADV
ajfa-5486	146	13	important	important	ADJ
ajfa-5486	146	14	measure	measure	NOUN
ajfa-5486	146	15	of	of	ADP
ajfa-5486	146	16	a	a	DET
ajfa-5486	146	17	company	company	NOUN
ajfa-5486	146	18	’s	’s	PART
ajfa-5486	146	19	profitability	profitability	NOUN
ajfa-5486	146	20	(	(	PUNCT
ajfa-5486	146	21	yalcin	yalcin	PROPN
ajfa-5486	146	22	et	et	PROPN
ajfa-5486	146	23	al	al	PROPN
ajfa-5486	146	24	.	.	PROPN
ajfa-5486	146	25	,	,	PUNCT
ajfa-5486	146	26	2012	2012	NUM
ajfa-5486	146	27	)	)	PUNCT
ajfa-5486	146	28	.	.	PUNCT
ajfa-5486	147	1	3.4	3.4	NUM
ajfa-5486	147	2	free	free	ADJ
ajfa-5486	147	3	cash	cash	NOUN
ajfa-5486	147	4	flows	flow	NOUN
ajfa-5486	147	5	and	and	CCONJ
ajfa-5486	147	6	dividend	dividend	VERB
ajfa-5486	147	7	pay	pay	VERB
ajfa-5486	147	8	-	-	PUNCT
ajfa-5486	147	9	out	out	NOUN
ajfa-5486	147	10	ratio	ratio	NOUN
ajfa-5486	147	11	one	one	NUM
ajfa-5486	147	12	way	way	NOUN
ajfa-5486	147	13	to	to	PART
ajfa-5486	147	14	increase	increase	VERB
ajfa-5486	147	15	the	the	DET
ajfa-5486	147	16	value	value	NOUN
ajfa-5486	147	17	of	of	ADP
ajfa-5486	147	18	a	a	DET
ajfa-5486	147	19	firm	firm	NOUN
ajfa-5486	147	20	is	be	AUX
ajfa-5486	147	21	by	by	ADP
ajfa-5486	147	22	limiting	limit	VERB
ajfa-5486	147	23	the	the	DET
ajfa-5486	147	24	cash	cash	NOUN
ajfa-5486	147	25	out	out	ADP
ajfa-5486	147	26	the	the	DET
ajfa-5486	147	27	flows	flow	NOUN
ajfa-5486	147	28	in	in	ADP
ajfa-5486	147	29	form	form	NOUN
ajfa-5486	147	30	of	of	ADP
ajfa-5486	147	31	dividend	dividend	NOUN
ajfa-5486	147	32	payments	payment	NOUN
ajfa-5486	147	33	.	.	PUNCT
ajfa-5486	148	1	this	this	PRON
ajfa-5486	148	2	is	be	AUX
ajfa-5486	148	3	because	because	SCONJ
ajfa-5486	148	4	investors	investor	NOUN
ajfa-5486	148	5	may	may	AUX
ajfa-5486	148	6	prefer	prefer	VERB
ajfa-5486	148	7	dividend	dividend	NOUN
ajfa-5486	148	8	payments	payment	NOUN
ajfa-5486	148	9	only	only	ADV
ajfa-5486	148	10	if	if	SCONJ
ajfa-5486	148	11	acceptable	acceptable	ADJ
ajfa-5486	148	12	capital	capital	NOUN
ajfa-5486	148	13	investment	investment	NOUN
ajfa-5486	148	14	opportunities	opportunity	NOUN
ajfa-5486	148	15	do	do	AUX
ajfa-5486	148	16	not	not	PART
ajfa-5486	148	17	exist	exist	VERB
ajfa-5486	148	18	.	.	PUNCT
ajfa-5486	149	1	it	it	PRON
ajfa-5486	149	2	is	be	AUX
ajfa-5486	149	3	widely	widely	ADV
ajfa-5486	149	4	accepted	accept	VERB
ajfa-5486	149	5	that	that	SCONJ
ajfa-5486	149	6	profitable	profitable	ADJ
ajfa-5486	149	7	capital	capital	NOUN
ajfa-5486	149	8	opportunities	opportunity	NOUN
ajfa-5486	149	9	increase	increase	VERB
ajfa-5486	149	10	firm	firm	ADJ
ajfa-5486	149	11	value	value	NOUN
ajfa-5486	149	12	and	and	CCONJ
ajfa-5486	149	13	internal	internal	ADJ
ajfa-5486	149	14	financing	financing	NOUN
ajfa-5486	149	15	(	(	PUNCT
ajfa-5486	149	16	retained	retain	VERB
ajfa-5486	149	17	earnings	earning	NOUN
ajfa-5486	149	18	)	)	PUNCT
ajfa-5486	149	19	is	be	AUX
ajfa-5486	149	20	the	the	DET
ajfa-5486	149	21	cheapest	cheap	ADJ
ajfa-5486	149	22	mode	mode	NOUN
ajfa-5486	149	23	to	to	PART
ajfa-5486	149	24	finance	finance	VERB
ajfa-5486	149	25	such	such	ADJ
ajfa-5486	149	26	profitable	profitable	ADJ
ajfa-5486	149	27	projects	project	NOUN
ajfa-5486	149	28	.	.	PUNCT
ajfa-5486	150	1	issuing	issue	VERB
ajfa-5486	150	2	new	new	ADJ
ajfa-5486	150	3	shares	share	NOUN
ajfa-5486	150	4	results	result	NOUN
ajfa-5486	150	5	in	in	ADP
ajfa-5486	150	6	floatation	floatation	NOUN
ajfa-5486	150	7	cost	cost	NOUN
ajfa-5486	150	8	and	and	CCONJ
ajfa-5486	150	9	therefore	therefore	ADV
ajfa-5486	150	10	is	be	AUX
ajfa-5486	150	11	less	less	ADV
ajfa-5486	150	12	attractive	attractive	ADJ
ajfa-5486	150	13	compared	compare	VERB
ajfa-5486	150	14	to	to	ADP
ajfa-5486	150	15	internal	internal	ADJ
ajfa-5486	150	16	financing	financing	NOUN
ajfa-5486	150	17	.	.	PUNCT
ajfa-5486	151	1	thus	thus	ADV
ajfa-5486	151	2	,	,	PUNCT
ajfa-5486	151	3	the	the	DET
ajfa-5486	151	4	dividend	dividend	NOUN
ajfa-5486	151	5	should	should	AUX
ajfa-5486	151	6	only	only	ADV
ajfa-5486	151	7	be	be	AUX
ajfa-5486	151	8	paid	pay	VERB
ajfa-5486	151	9	when	when	SCONJ
ajfa-5486	151	10	free	free	ADJ
ajfa-5486	151	11	cash	cash	NOUN
ajfa-5486	151	12	flows	flow	NOUN
ajfa-5486	151	13	are	be	AUX
ajfa-5486	151	14	more	more	ADJ
ajfa-5486	151	15	than	than	ADP
ajfa-5486	151	16	the	the	DET
ajfa-5486	151	17	new	new	ADJ
ajfa-5486	151	18	capital	capital	NOUN
ajfa-5486	151	19	budget	budget	NOUN
ajfa-5486	151	20	requirements	requirement	NOUN
ajfa-5486	151	21	.	.	PUNCT
ajfa-5486	152	1	the	the	DET
ajfa-5486	152	2	free	free	ADJ
ajfa-5486	152	3	cash	cash	NOUN
ajfa-5486	152	4	flow	flow	NOUN
ajfa-5486	152	5	hypothesis	hypothesis	NOUN
ajfa-5486	152	6	favours	favour	VERB
ajfa-5486	152	7	dividend	dividend	NOUN
ajfa-5486	152	8	payments	payment	NOUN
ajfa-5486	152	9	in	in	ADP
ajfa-5486	152	10	the	the	DET
ajfa-5486	152	11	absence	absence	NOUN
ajfa-5486	152	12	of	of	ADP
ajfa-5486	152	13	new	new	ADJ
ajfa-5486	152	14	investment	investment	NOUN
ajfa-5486	152	15	opportunities	opportunity	NOUN
ajfa-5486	152	16	.	.	PUNCT
ajfa-5486	153	1	in	in	ADP
ajfa-5486	153	2	other	other	ADJ
ajfa-5486	153	3	words	word	NOUN
ajfa-5486	153	4	if	if	SCONJ
ajfa-5486	153	5	a	a	DET
ajfa-5486	153	6	firm	firm	NOUN
ajfa-5486	153	7	can	can	AUX
ajfa-5486	153	8	not	not	PART
ajfa-5486	153	9	generate	generate	VERB
ajfa-5486	153	10	a	a	DET
ajfa-5486	153	11	return	return	NOUN
ajfa-5486	153	12	equal	equal	ADJ
ajfa-5486	153	13	to	to	ADP
ajfa-5486	153	14	the	the	DET
ajfa-5486	153	15	internal	internal	ADJ
ajfa-5486	153	16	rate	rate	NOUN
ajfa-5486	153	17	of	of	ADP
ajfa-5486	153	18	return	return	NOUN
ajfa-5486	153	19	then	then	ADV
ajfa-5486	153	20	it	it	PRON
ajfa-5486	153	21	is	be	AUX
ajfa-5486	153	22	better	well	ADJ
ajfa-5486	153	23	to	to	PART
ajfa-5486	153	24	pay	pay	VERB
ajfa-5486	153	25	retained	retain	VERB
ajfa-5486	153	26	earnings	earning	NOUN
ajfa-5486	153	27	in	in	ADP
ajfa-5486	153	28	the	the	DET
ajfa-5486	153	29	form	form	NOUN
ajfa-5486	153	30	of	of	ADP
ajfa-5486	153	31	dividends	dividend	NOUN
ajfa-5486	153	32	.	.	PUNCT
ajfa-5486	154	1	investors	investor	NOUN
ajfa-5486	154	2	react	react	VERB
ajfa-5486	154	3	differently	differently	ADV
ajfa-5486	154	4	to	to	ADP
ajfa-5486	154	5	identical	identical	ADJ
ajfa-5486	154	6	changes	change	NOUN
ajfa-5486	154	7	in	in	ADP
ajfa-5486	154	8	dividend	dividend	NOUN
ajfa-5486	154	9	by	by	ADP
ajfa-5486	154	10	similar	similar	ADJ
ajfa-5486	154	11	firms	firm	NOUN
ajfa-5486	154	12	.	.	PUNCT
ajfa-5486	155	1	some	some	DET
ajfa-5486	155	2	investors	investor	NOUN
ajfa-5486	155	3	may	may	AUX
ajfa-5486	155	4	consider	consider	VERB
ajfa-5486	155	5	reduction	reduction	NOUN
ajfa-5486	155	6	in	in	ADP
ajfa-5486	155	7	dividend	dividend	NOUN
ajfa-5486	155	8	as	as	ADP
ajfa-5486	155	9	a	a	DET
ajfa-5486	155	10	signal	signal	NOUN
ajfa-5486	155	11	for	for	ADP
ajfa-5486	155	12	new	new	ADJ
ajfa-5486	155	13	profitable	profitable	ADJ
ajfa-5486	155	14	opportunities	opportunity	NOUN
ajfa-5486	155	15	.	.	PUNCT
ajfa-5486	156	1	these	these	DET
ajfa-5486	156	2	investors	investor	NOUN
ajfa-5486	156	3	consider	consider	VERB
ajfa-5486	156	4	that	that	SCONJ
ajfa-5486	156	5	a	a	DET
ajfa-5486	156	6	firm	firm	NOUN
ajfa-5486	156	7	may	may	AUX
ajfa-5486	156	8	be	be	AUX
ajfa-5486	156	9	interested	interested	ADJ
ajfa-5486	156	10	to	to	PART
ajfa-5486	156	11	accumulate	accumulate	VERB
ajfa-5486	156	12	cashflows	cashflow	NOUN
ajfa-5486	156	13	by	by	ADP
ajfa-5486	156	14	reducing	reduce	VERB
ajfa-5486	156	15	dividend	dividend	NOUN
ajfa-5486	156	16	payments	payment	NOUN
ajfa-5486	156	17	and	and	CCONJ
ajfa-5486	156	18	thus	thus	ADV
ajfa-5486	156	19	increases	increase	VERB
ajfa-5486	156	20	its	its	PRON
ajfa-5486	156	21	value	value	NOUN
ajfa-5486	156	22	.	.	PUNCT
ajfa-5486	157	1	on	on	ADP
ajfa-5486	157	2	the	the	DET
ajfa-5486	157	3	other	other	ADJ
ajfa-5486	157	4	hand	hand	NOUN
ajfa-5486	157	5	,	,	PUNCT
ajfa-5486	157	6	some	some	DET
ajfa-5486	157	7	investors	investor	NOUN
ajfa-5486	157	8	consider	consider	VERB
ajfa-5486	157	9	reduction	reduction	NOUN
ajfa-5486	157	10	in	in	ADP
ajfa-5486	157	11	dividend	dividend	NOUN
ajfa-5486	157	12	as	as	ADP
ajfa-5486	157	13	a	a	DET
ajfa-5486	157	14	negative	negative	ADJ
ajfa-5486	157	15	signal	signal	NOUN
ajfa-5486	157	16	.	.	PUNCT
ajfa-5486	158	1	because	because	SCONJ
ajfa-5486	158	2	they	they	PRON
ajfa-5486	158	3	think	think	VERB
ajfa-5486	158	4	that	that	SCONJ
ajfa-5486	158	5	reduced	reduced	ADJ
ajfa-5486	158	6	dividend	dividend	NOUN
ajfa-5486	158	7	is	be	AUX
ajfa-5486	158	8	not	not	PART
ajfa-5486	158	9	in	in	ADP
ajfa-5486	158	10	their	their	PRON
ajfa-5486	158	11	best	good	ADJ
ajfa-5486	158	12	interest	interest	NOUN
ajfa-5486	158	13	as	as	SCONJ
ajfa-5486	158	14	it	it	PRON
ajfa-5486	158	15	may	may	AUX
ajfa-5486	158	16	increase	increase	VERB
ajfa-5486	158	17	agency	agency	NOUN
ajfa-5486	158	18	problems	problem	NOUN
ajfa-5486	158	19	.	.	PUNCT
ajfa-5486	159	1	thus	thus	ADV
ajfa-5486	159	2	the	the	DET
ajfa-5486	159	3	free	free	ADJ
ajfa-5486	159	4	cash	cash	NOUN
ajfa-5486	159	5	flows	flow	NOUN
ajfa-5486	159	6	and	and	CCONJ
ajfa-5486	159	7	dividend	dividend	VERB
ajfa-5486	159	8	pay	pay	VERB
ajfa-5486	159	9	-	-	PUNCT
ajfa-5486	159	10	out	out	ADP
ajfa-5486	159	11	ratio	ratio	NOUN
ajfa-5486	159	12	may	may	AUX
ajfa-5486	159	13	be	be	AUX
ajfa-5486	159	14	used	use	VERB
ajfa-5486	159	15	as	as	ADP
ajfa-5486	159	16	an	an	DET
ajfa-5486	159	17	indication	indication	NOUN
ajfa-5486	159	18	of	of	ADP
ajfa-5486	159	19	firm	firm	ADJ
ajfa-5486	159	20	investment	investment	NOUN
ajfa-5486	159	21	opportunities	opportunity	NOUN
ajfa-5486	159	22	.	.	PUNCT
ajfa-5486	160	1	=	=	PUNCT
ajfa-5486	161	1	−	−	PROPN
ajfa-5486	161	2	where	where	SCONJ
ajfa-5486	161	3	ncf	ncf	PROPN
ajfa-5486	161	4	is	be	AUX
ajfa-5486	161	5	net	net	ADJ
ajfa-5486	161	6	cash	cash	NOUN
ajfa-5486	161	7	flow	flow	NOUN
ajfa-5486	161	8	and	and	CCONJ
ajfa-5486	161	9	ocf	ocf	NOUN
ajfa-5486	161	10	is	be	AUX
ajfa-5486	161	11	operating	operate	VERB
ajfa-5486	161	12	cash	cash	NOUN
ajfa-5486	161	13	flow	flow	NOUN
ajfa-5486	161	14	.	.	PUNCT
ajfa-5486	162	1	operating	operating	NOUN
ajfa-5486	162	2	activities	activity	NOUN
ajfa-5486	162	3	represent	represent	VERB
ajfa-5486	162	4	the	the	DET
ajfa-5486	162	5	net	net	ADJ
ajfa-5486	162	6	cash	cash	NOUN
ajfa-5486	162	7	receipts	receipt	NOUN
ajfa-5486	162	8	and	and	CCONJ
ajfa-5486	162	9	disbursements	disbursement	NOUN
ajfa-5486	162	10	resulting	result	VERB
ajfa-5486	162	11	from	from	ADP
ajfa-5486	162	12	the	the	DET
ajfa-5486	162	13	operations	operation	NOUN
ajfa-5486	162	14	of	of	ADP
ajfa-5486	162	15	the	the	DET
ajfa-5486	162	16	company	company	NOUN
ajfa-5486	162	17	.	.	PUNCT
ajfa-5486	163	1	it	it	PRON
ajfa-5486	163	2	is	be	AUX
ajfa-5486	163	3	the	the	DET
ajfa-5486	163	4	sum	sum	NOUN
ajfa-5486	163	5	of	of	ADP
ajfa-5486	163	6	funds	fund	NOUN
ajfa-5486	163	7	from	from	ADP
ajfa-5486	163	8	operations	operation	NOUN
ajfa-5486	163	9	,	,	PUNCT
ajfa-5486	163	10	funds	fund	NOUN
ajfa-5486	163	11	from	from	ADP
ajfa-5486	163	12	/	/	SYM
ajfa-5486	163	13	used	use	VERB
ajfa-5486	163	14	for	for	ADP
ajfa-5486	163	15	other	other	ADJ
ajfa-5486	163	16	operating	operating	NOUN
ajfa-5486	163	17	activities	activity	NOUN
ajfa-5486	163	18	and	and	CCONJ
ajfa-5486	163	19	extraordinary	extraordinary	ADJ
ajfa-5486	163	20	items	item	NOUN
ajfa-5486	163	21	.	.	PUNCT
ajfa-5486	164	1	asian	asian	ADJ
ajfa-5486	164	2	journal	journal	PROPN
ajfa-5486	164	3	of	of	ADP
ajfa-5486	164	4	finance	finance	PROPN
ajfa-5486	164	5	&	&	CCONJ
ajfa-5486	164	6	accounting	accounting	PROPN
ajfa-5486	164	7	issn	issn	PROPN
ajfa-5486	164	8	1946	1946	NUM
ajfa-5486	164	9	-	-	PUNCT
ajfa-5486	164	10	052x	052x	PROPN
ajfa-5486	164	11	2014	2014	NUM
ajfa-5486	164	12	,	,	PUNCT
ajfa-5486	164	13	vol	vol	NOUN
ajfa-5486	164	14	.	.	PROPN
ajfa-5486	164	15	6	6	NUM
ajfa-5486	164	16	,	,	PUNCT
ajfa-5486	164	17	no	no	INTJ
ajfa-5486	164	18	.	.	NOUN
ajfa-5486	164	19	1	1	NUM
ajfa-5486	164	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	164	21	278	278	NUM
ajfa-5486	164	22	the	the	DET
ajfa-5486	164	23	dividend	dividend	NOUN
ajfa-5486	164	24	pay	pay	VERB
ajfa-5486	164	25	-	-	PUNCT
ajfa-5486	164	26	out	out	ADP
ajfa-5486	164	27	ratio	ratio	NOUN
ajfa-5486	164	28	is	be	AUX
ajfa-5486	164	29	formulated	formulate	VERB
ajfa-5486	164	30	as	as	SCONJ
ajfa-5486	164	31	follows	follow	VERB
ajfa-5486	164	32	=	=	PUNCT
ajfa-5486	164	33	where	where	SCONJ
ajfa-5486	164	34	por	por	NOUN
ajfa-5486	164	35	is	be	AUX
ajfa-5486	164	36	dividend	dividend	NOUN
ajfa-5486	164	37	pay	pay	VERB
ajfa-5486	164	38	-	-	PUNCT
ajfa-5486	164	39	out	out	ADP
ajfa-5486	164	40	ratio	ratio	NOUN
ajfa-5486	164	41	,	,	PUNCT
ajfa-5486	164	42	d	d	PROPN
ajfa-5486	164	43	is	be	AUX
ajfa-5486	164	44	dividend	dividend	NOUN
ajfa-5486	164	45	per	per	ADP
ajfa-5486	164	46	share	share	NOUN
ajfa-5486	164	47	,	,	PUNCT
ajfa-5486	164	48	and	and	CCONJ
ajfa-5486	164	49	eps	eps	PROPN
ajfa-5486	164	50	is	be	AUX
ajfa-5486	164	51	earning	earn	VERB
ajfa-5486	164	52	per	per	ADP
ajfa-5486	164	53	share	share	NOUN
ajfa-5486	164	54	.	.	PUNCT
ajfa-5486	165	1	4	4	X
ajfa-5486	165	2	.	.	X
ajfa-5486	165	3	market	market	NOUN
ajfa-5486	165	4	-	-	PUNCT
ajfa-5486	165	5	based	base	VERB
ajfa-5486	165	6	financial	financial	ADJ
ajfa-5486	165	7	performance	performance	NOUN
ajfa-5486	165	8	measures	measure	NOUN
ajfa-5486	165	9	in	in	ADP
ajfa-5486	165	10	this	this	DET
ajfa-5486	165	11	study	study	NOUN
ajfa-5486	165	12	,	,	PUNCT
ajfa-5486	165	13	five	five	NUM
ajfa-5486	165	14	market	market	NOUN
ajfa-5486	165	15	measures	measure	NOUN
ajfa-5486	165	16	are	be	AUX
ajfa-5486	165	17	selected	select	VERB
ajfa-5486	165	18	as	as	ADP
ajfa-5486	165	19	the	the	DET
ajfa-5486	165	20	sub	sub	NOUN
ajfa-5486	165	21	-	-	NOUN
ajfa-5486	165	22	criteria	criterion	NOUN
ajfa-5486	165	23	of	of	ADP
ajfa-5486	165	24	the	the	DET
ajfa-5486	165	25	mfp	mfp	PROPN
ajfa-5486	165	26	main	main	ADJ
ajfa-5486	165	27	-	-	PUNCT
ajfa-5486	165	28	criterion	criterion	NOUN
ajfa-5486	165	29	to	to	PART
ajfa-5486	165	30	evaluate	evaluate	VERB
ajfa-5486	165	31	asx	asx	NOUN
ajfa-5486	165	32	200	200	NUM
ajfa-5486	165	33	listed	list	VERB
ajfa-5486	165	34	companies	company	NOUN
ajfa-5486	165	35	.	.	PUNCT
ajfa-5486	166	1	these	these	DET
ajfa-5486	166	2	measures	measure	NOUN
ajfa-5486	166	3	are	be	AUX
ajfa-5486	166	4	determined	determine	VERB
ajfa-5486	166	5	as	as	ADP
ajfa-5486	166	6	price	price	NOUN
ajfa-5486	166	7	earnings	earning	NOUN
ajfa-5486	166	8	ratio	ratio	NOUN
ajfa-5486	166	9	(	(	PUNCT
ajfa-5486	166	10	pe	pe	NOUN
ajfa-5486	166	11	)	)	PUNCT
ajfa-5486	166	12	,	,	PUNCT
ajfa-5486	166	13	tobin	tobin	PROPN
ajfa-5486	166	14	’s	’s	PART
ajfa-5486	166	15	q	q	X
ajfa-5486	166	16	(	(	PUNCT
ajfa-5486	166	17	tbq	tbq	NOUN
ajfa-5486	166	18	)	)	PUNCT
ajfa-5486	166	19	,	,	PUNCT
ajfa-5486	166	20	market	market	NOUN
ajfa-5486	166	21	to	to	ADP
ajfa-5486	166	22	book	book	NOUN
ajfa-5486	166	23	value	value	NOUN
ajfa-5486	166	24	ratio	ratio	NOUN
ajfa-5486	166	25	(	(	PUNCT
ajfa-5486	166	26	m2b	m2b	PROPN
ajfa-5486	166	27	)	)	PUNCT
ajfa-5486	166	28	,	,	PUNCT
ajfa-5486	166	29	market	market	NOUN
ajfa-5486	166	30	value	value	NOUN
ajfa-5486	166	31	added	add	VERB
ajfa-5486	166	32	(	(	PUNCT
ajfa-5486	166	33	mva	mva	NOUN
ajfa-5486	166	34	)	)	PUNCT
ajfa-5486	166	35	and	and	CCONJ
ajfa-5486	166	36	cash	cash	NOUN
ajfa-5486	166	37	flow	flow	NOUN
ajfa-5486	166	38	return	return	NOUN
ajfa-5486	166	39	on	on	ADP
ajfa-5486	166	40	investment	investment	NOUN
ajfa-5486	166	41	(	(	PUNCT
ajfa-5486	166	42	cfroi	cfroi	NOUN
ajfa-5486	166	43	)	)	PUNCT
ajfa-5486	166	44	.	.	PUNCT
ajfa-5486	167	1	these	these	DET
ajfa-5486	167	2	sub	sub	ADJ
ajfa-5486	167	3	-	-	ADJ
ajfa-5486	167	4	criteria	criterion	NOUN
ajfa-5486	167	5	measures	measure	NOUN
ajfa-5486	167	6	are	be	AUX
ajfa-5486	167	7	briefly	briefly	ADV
ajfa-5486	167	8	explained	explain	VERB
ajfa-5486	167	9	in	in	ADP
ajfa-5486	167	10	the	the	DET
ajfa-5486	167	11	following	following	NOUN
ajfa-5486	167	12	.	.	PUNCT
ajfa-5486	168	1	4.1	4.1	NUM
ajfa-5486	168	2	price	price	NOUN
ajfa-5486	168	3	earnings	earning	NOUN
ajfa-5486	168	4	ratio	ratio	NOUN
ajfa-5486	168	5	(	(	PUNCT
ajfa-5486	168	6	p	p	X
ajfa-5486	168	7	/	/	SYM
ajfa-5486	168	8	e	e	NOUN
ajfa-5486	168	9	)	)	PUNCT
ajfa-5486	168	10	the	the	DET
ajfa-5486	168	11	price	price	NOUN
ajfa-5486	168	12	earning	earn	VERB
ajfa-5486	168	13	measure	measure	NOUN
ajfa-5486	168	14	shows	show	VERB
ajfa-5486	168	15	the	the	DET
ajfa-5486	168	16	amount	amount	NOUN
ajfa-5486	168	17	an	an	DET
ajfa-5486	168	18	investor	investor	NOUN
ajfa-5486	168	19	is	be	AUX
ajfa-5486	168	20	willing	willing	ADJ
ajfa-5486	168	21	to	to	PART
ajfa-5486	168	22	pay	pay	VERB
ajfa-5486	168	23	per	per	ADP
ajfa-5486	168	24	unit	unit	NOUN
ajfa-5486	168	25	of	of	ADP
ajfa-5486	168	26	earnings	earning	NOUN
ajfa-5486	168	27	announced	announce	VERB
ajfa-5486	168	28	in	in	ADP
ajfa-5486	168	29	the	the	DET
ajfa-5486	168	30	income	income	NOUN
ajfa-5486	168	31	statement	statement	NOUN
ajfa-5486	168	32	.	.	PUNCT
ajfa-5486	169	1	shareholders	shareholder	NOUN
ajfa-5486	169	2	look	look	VERB
ajfa-5486	169	3	at	at	ADP
ajfa-5486	169	4	several	several	ADJ
ajfa-5486	169	5	factors	factor	NOUN
ajfa-5486	169	6	before	before	ADP
ajfa-5486	169	7	making	make	VERB
ajfa-5486	169	8	investment	investment	NOUN
ajfa-5486	169	9	decisions	decision	NOUN
ajfa-5486	169	10	in	in	ADP
ajfa-5486	169	11	favour	favour	NOUN
ajfa-5486	169	12	of	of	ADP
ajfa-5486	169	13	a	a	DET
ajfa-5486	169	14	particular	particular	ADJ
ajfa-5486	169	15	company	company	NOUN
ajfa-5486	169	16	.	.	PUNCT
ajfa-5486	170	1	despite	despite	SCONJ
ajfa-5486	170	2	the	the	DET
ajfa-5486	170	3	range	range	NOUN
ajfa-5486	170	4	of	of	ADP
ajfa-5486	170	5	available	available	ADJ
ajfa-5486	170	6	tools	tool	NOUN
ajfa-5486	170	7	,	,	PUNCT
ajfa-5486	170	8	the	the	DET
ajfa-5486	170	9	price	price	NOUN
ajfa-5486	170	10	earnings	earning	NOUN
ajfa-5486	170	11	ratio	ratio	NOUN
ajfa-5486	170	12	is	be	AUX
ajfa-5486	170	13	the	the	DET
ajfa-5486	170	14	most	most	ADV
ajfa-5486	170	15	powerful	powerful	ADJ
ajfa-5486	170	16	measure	measure	NOUN
ajfa-5486	170	17	of	of	ADP
ajfa-5486	170	18	financial	financial	ADJ
ajfa-5486	170	19	performance	performance	NOUN
ajfa-5486	170	20	(	(	PUNCT
ajfa-5486	170	21	kumar	kumar	PROPN
ajfa-5486	170	22	&	&	CCONJ
ajfa-5486	170	23	warne	warne	PROPN
ajfa-5486	170	24	,	,	PUNCT
ajfa-5486	170	25	2009	2009	NUM
ajfa-5486	170	26	)	)	PUNCT
ajfa-5486	170	27	.	.	PUNCT
ajfa-5486	171	1	it	it	PRON
ajfa-5486	171	2	is	be	AUX
ajfa-5486	171	3	calculated	calculate	VERB
ajfa-5486	171	4	by	by	ADP
ajfa-5486	171	5	dividing	divide	VERB
ajfa-5486	171	6	the	the	DET
ajfa-5486	171	7	current	current	ADJ
ajfa-5486	171	8	market	market	NOUN
ajfa-5486	171	9	price	price	NOUN
ajfa-5486	171	10	per	per	ADP
ajfa-5486	171	11	share	share	NOUN
ajfa-5486	171	12	of	of	ADP
ajfa-5486	171	13	stock	stock	NOUN
ajfa-5486	171	14	by	by	ADP
ajfa-5486	171	15	earning	earn	VERB
ajfa-5486	171	16	per	per	ADP
ajfa-5486	171	17	share	share	NOUN
ajfa-5486	171	18	(	(	PUNCT
ajfa-5486	171	19	truong	truong	PROPN
ajfa-5486	171	20	,	,	PUNCT
ajfa-5486	171	21	2009	2009	NUM
ajfa-5486	171	22	):	):	PUNCT
ajfa-5486	171	23	=	=	PUNCT
ajfa-5486	171	24	ℎ	ℎ	NOUN
ajfa-5486	171	25	ℎ	ℎ	ADP
ajfa-5486	171	26	annual	annual	ADJ
ajfa-5486	171	27	earnings	earning	NOUN
ajfa-5486	171	28	available	available	ADJ
ajfa-5486	171	29	to	to	ADP
ajfa-5486	171	30	common	common	ADJ
ajfa-5486	171	31	shareholder	shareholder	NOUN
ajfa-5486	171	32	are	be	AUX
ajfa-5486	171	33	reported	report	VERB
ajfa-5486	171	34	in	in	ADP
ajfa-5486	171	35	the	the	DET
ajfa-5486	171	36	income	income	NOUN
ajfa-5486	171	37	statement	statement	NOUN
ajfa-5486	171	38	,	,	PUNCT
ajfa-5486	171	39	the	the	DET
ajfa-5486	171	40	number	number	NOUN
ajfa-5486	171	41	of	of	ADP
ajfa-5486	171	42	shares	share	NOUN
ajfa-5486	171	43	outstanding	outstanding	ADJ
ajfa-5486	171	44	in	in	ADP
ajfa-5486	171	45	reported	report	VERB
ajfa-5486	171	46	in	in	ADP
ajfa-5486	171	47	the	the	DET
ajfa-5486	171	48	statement	statement	NOUN
ajfa-5486	171	49	of	of	ADP
ajfa-5486	171	50	financial	financial	ADJ
ajfa-5486	171	51	position	position	NOUN
ajfa-5486	171	52	and	and	CCONJ
ajfa-5486	171	53	the	the	DET
ajfa-5486	171	54	market	market	NOUN
ajfa-5486	171	55	price	price	NOUN
ajfa-5486	171	56	per	per	ADP
ajfa-5486	171	57	share	share	NOUN
ajfa-5486	171	58	of	of	ADP
ajfa-5486	171	59	stock	stock	NOUN
ajfa-5486	171	60	is	be	AUX
ajfa-5486	171	61	can	can	AUX
ajfa-5486	171	62	be	be	AUX
ajfa-5486	171	63	obtained	obtain	VERB
ajfa-5486	171	64	from	from	ADP
ajfa-5486	171	65	secondary	secondary	ADJ
ajfa-5486	171	66	market	market	NOUN
ajfa-5486	171	67	such	such	ADJ
ajfa-5486	171	68	as	as	ADP
ajfa-5486	171	69	stock	stock	NOUN
ajfa-5486	171	70	exchange	exchange	NOUN
ajfa-5486	171	71	.	.	PUNCT
ajfa-5486	172	1	4.2	4.2	NUM
ajfa-5486	172	2	tobin	tobin	NOUN
ajfa-5486	172	3	’s	’s	PART
ajfa-5486	172	4	q	q	X
ajfa-5486	172	5	(	(	PUNCT
ajfa-5486	172	6	tbq	tbq	NOUN
ajfa-5486	172	7	)	)	PUNCT
ajfa-5486	172	8	this	this	DET
ajfa-5486	172	9	market	market	NOUN
ajfa-5486	172	10	based	base	VERB
ajfa-5486	172	11	performance	performance	NOUN
ajfa-5486	172	12	ratio	ratio	NOUN
ajfa-5486	172	13	was	be	AUX
ajfa-5486	172	14	first	first	ADV
ajfa-5486	172	15	developed	develop	VERB
ajfa-5486	172	16	by	by	ADP
ajfa-5486	172	17	tobin8	tobin8	NOUN
ajfa-5486	172	18	in	in	ADP
ajfa-5486	172	19	1969	1969	NUM
ajfa-5486	172	20	.	.	PUNCT
ajfa-5486	173	1	it	it	PRON
ajfa-5486	173	2	measures	measure	VERB
ajfa-5486	173	3	the	the	DET
ajfa-5486	173	4	market	market	NOUN
ajfa-5486	173	5	value	value	NOUN
ajfa-5486	173	6	of	of	ADP
ajfa-5486	173	7	a	a	DET
ajfa-5486	173	8	firm	firm	ADJ
ajfa-5486	173	9	relative	relative	NOUN
ajfa-5486	173	10	to	to	ADP
ajfa-5486	173	11	the	the	DET
ajfa-5486	173	12	replacement	replacement	NOUN
ajfa-5486	173	13	cost	cost	NOUN
ajfa-5486	173	14	of	of	ADP
ajfa-5486	173	15	its	its	PRON
ajfa-5486	173	16	assets	asset	NOUN
ajfa-5486	173	17	.	.	PUNCT
ajfa-5486	174	1	in	in	ADP
ajfa-5486	174	2	other	other	ADJ
ajfa-5486	174	3	words	word	NOUN
ajfa-5486	174	4	,	,	PUNCT
ajfa-5486	174	5	it	it	PRON
ajfa-5486	174	6	is	be	AUX
ajfa-5486	174	7	the	the	DET
ajfa-5486	174	8	intangible	intangible	ADJ
ajfa-5486	174	9	assets	asset	NOUN
ajfa-5486	174	10	market	market	NOUN
ajfa-5486	174	11	worth	worth	ADJ
ajfa-5486	174	12	in	in	ADP
ajfa-5486	174	13	the	the	DET
ajfa-5486	174	14	form	form	NOUN
ajfa-5486	174	15	of	of	ADP
ajfa-5486	174	16	tangible	tangible	ADJ
ajfa-5486	174	17	assets	asset	NOUN
ajfa-5486	174	18	(	(	PUNCT
ajfa-5486	174	19	chung	chung	PROPN
ajfa-5486	174	20	&	&	CCONJ
ajfa-5486	174	21	pruitt	pruitt	PROPN
ajfa-5486	174	22	,	,	PUNCT
ajfa-5486	174	23	1994	1994	NUM
ajfa-5486	174	24	)	)	PUNCT
ajfa-5486	174	25	.	.	PUNCT
ajfa-5486	175	1	a	a	DET
ajfa-5486	175	2	tbq	tbq	NOUN
ajfa-5486	175	3	value	value	NOUN
ajfa-5486	175	4	above	above	ADP
ajfa-5486	175	5	one	one	NUM
ajfa-5486	175	6	shows	show	VERB
ajfa-5486	175	7	that	that	SCONJ
ajfa-5486	175	8	a	a	DET
ajfa-5486	175	9	firm	firm	NOUN
ajfa-5486	175	10	’s	’s	PART
ajfa-5486	175	11	assets	asset	NOUN
ajfa-5486	175	12	could	could	AUX
ajfa-5486	175	13	be	be	AUX
ajfa-5486	175	14	purchased	purchase	VERB
ajfa-5486	175	15	more	more	ADV
ajfa-5486	175	16	cheaply	cheaply	ADV
ajfa-5486	175	17	than	than	SCONJ
ajfa-5486	175	18	the	the	DET
ajfa-5486	175	19	firm	firm	NOUN
ajfa-5486	175	20	itself	itself	PRON
ajfa-5486	175	21	and	and	CCONJ
ajfa-5486	175	22	the	the	DET
ajfa-5486	175	23	market	market	NOUN
ajfa-5486	175	24	is	be	AUX
ajfa-5486	175	25	overvaluing	overvalue	VERB
ajfa-5486	175	26	the	the	DET
ajfa-5486	175	27	company	company	NOUN
ajfa-5486	175	28	,	,	PUNCT
ajfa-5486	175	29	while	while	SCONJ
ajfa-5486	175	30	tbq	tbq	NOUN
ajfa-5486	175	31	ratios	ratio	NOUN
ajfa-5486	175	32	less	less	ADJ
ajfa-5486	175	33	than	than	ADP
ajfa-5486	175	34	one	one	NUM
ajfa-5486	175	35	indicate	indicate	VERB
ajfa-5486	175	36	that	that	SCONJ
ajfa-5486	175	37	market	market	NOUN
ajfa-5486	175	38	is	be	AUX
ajfa-5486	175	39	undervalued	undervalue	VERB
ajfa-5486	175	40	in	in	ADP
ajfa-5486	175	41	the	the	DET
ajfa-5486	175	42	company	company	NOUN
ajfa-5486	175	43	.	.	PUNCT
ajfa-5486	176	1	tobin	tobin	PROPN
ajfa-5486	176	2	’s	’s	PART
ajfa-5486	176	3	q	q	PROPN
ajfa-5486	176	4	plays	play	VERB
ajfa-5486	176	5	an	an	DET
ajfa-5486	176	6	important	important	ADJ
ajfa-5486	176	7	role	role	NOUN
ajfa-5486	176	8	in	in	ADP
ajfa-5486	176	9	explaining	explain	VERB
ajfa-5486	176	10	diverse	diverse	ADJ
ajfa-5486	176	11	corporate	corporate	ADJ
ajfa-5486	176	12	financial	financial	ADJ
ajfa-5486	176	13	phenomenon	phenomenon	NOUN
ajfa-5486	176	14	such	such	ADJ
ajfa-5486	176	15	as	as	ADP
ajfa-5486	176	16	investment	investment	NOUN
ajfa-5486	176	17	strategies9	strategies9	NOUN
ajfa-5486	176	18	contribution	contribution	NOUN
ajfa-5486	176	19	to	to	ADP
ajfa-5486	176	20	firm	firm	ADJ
ajfa-5486	176	21	value	value	NOUN
ajfa-5486	176	22	(	(	PUNCT
ajfa-5486	176	23	jose	jose	NOUN
ajfa-5486	176	24	et	et	PROPN
ajfa-5486	176	25	al	al	PROPN
ajfa-5486	176	26	.	.	PROPN
ajfa-5486	176	27	,	,	PUNCT
ajfa-5486	176	28	1986	1986	NUM
ajfa-5486	176	29	)	)	PUNCT
ajfa-5486	176	30	,	,	PUNCT
ajfa-5486	176	31	common	common	ADJ
ajfa-5486	176	32	equity	equity	NOUN
ajfa-5486	176	33	structure	structure	NOUN
ajfa-5486	176	34	and	and	CCONJ
ajfa-5486	176	35	its	its	PRON
ajfa-5486	176	36	relationship	relationship	NOUN
ajfa-5486	176	37	with	with	ADP
ajfa-5486	176	38	corporate	corporate	ADJ
ajfa-5486	176	39	value	value	NOUN
ajfa-5486	176	40	(	(	PUNCT
ajfa-5486	176	41	mcconnell	mcconnell	PROPN
ajfa-5486	176	42	&	&	CCONJ
ajfa-5486	176	43	servaes	servaes	PROPN
ajfa-5486	176	44	,	,	PUNCT
ajfa-5486	176	45	1990	1990	NUM
ajfa-5486	176	46	)	)	PUNCT
ajfa-5486	176	47	,	,	PUNCT
ajfa-5486	176	48	acquiring	acquire	VERB
ajfa-5486	176	49	firm	firm	ADJ
ajfa-5486	176	50	investment	investment	NOUN
ajfa-5486	176	51	opportunities	opportunity	NOUN
ajfa-5486	176	52	that	that	PRON
ajfa-5486	176	53	lead	lead	VERB
ajfa-5486	176	54	to	to	ADP
ajfa-5486	176	55	the	the	DET
ajfa-5486	176	56	different	different	ADJ
ajfa-5486	176	57	method	method	NOUN
ajfa-5486	176	58	of	of	ADP
ajfa-5486	176	59	payments	payment	NOUN
ajfa-5486	176	60	in	in	ADP
ajfa-5486	176	61	corporate	corporate	ADJ
ajfa-5486	176	62	acquisitions	acquisition	NOUN
ajfa-5486	176	63	(	(	PUNCT
ajfa-5486	176	64	martin	martin	PROPN
ajfa-5486	176	65	,	,	PUNCT
ajfa-5486	176	66	1996	1996	NUM
ajfa-5486	176	67	)	)	PUNCT
ajfa-5486	176	68	and	and	CCONJ
ajfa-5486	176	69	time	time	NOUN
ajfa-5486	176	70	series	series	PROPN
ajfa-5486	176	71	patterns	pattern	NOUN
ajfa-5486	176	72	of	of	ADP
ajfa-5486	176	73	excellence	excellence	PROPN
ajfa-5486	176	74	(	(	PUNCT
ajfa-5486	176	75	jose	jose	PROPN
ajfa-5486	176	76	,	,	PUNCT
ajfa-5486	176	77	lancaster	lancaster	PROPN
ajfa-5486	176	78	,	,	PUNCT
ajfa-5486	176	79	&	&	CCONJ
ajfa-5486	176	80	stevens	stevens	PROPN
ajfa-5486	176	81	,	,	PUNCT
ajfa-5486	176	82	2011	2011	NUM
ajfa-5486	176	83	)	)	PUNCT
ajfa-5486	176	84	.	.	PUNCT
ajfa-5486	177	1	8	8	NUM
ajfa-5486	177	2	the	the	DET
ajfa-5486	177	3	tobin	tobin	PROPN
ajfa-5486	177	4	q	q	PROPN
ajfa-5486	177	5	metric	metric	ADJ
ajfa-5486	177	6	is	be	AUX
ajfa-5486	177	7	named	name	VERB
ajfa-5486	177	8	after	after	ADP
ajfa-5486	177	9	the	the	DET
ajfa-5486	177	10	economist	economist	NOUN
ajfa-5486	177	11	and	and	CCONJ
ajfa-5486	177	12	nobel	nobel	PROPN
ajfa-5486	177	13	winner	winner	PROPN
ajfa-5486	177	14	james	james	PROPN
ajfa-5486	177	15	tobin	tobin	PROPN
ajfa-5486	177	16	.	.	PUNCT
ajfa-5486	178	1	9	9	NUM
ajfa-5486	178	2	investment	investment	NOUN
ajfa-5486	178	3	strategies	strategy	NOUN
ajfa-5486	178	4	are	be	AUX
ajfa-5486	178	5	referred	refer	VERB
ajfa-5486	178	6	to	to	ADP
ajfa-5486	178	7	research	research	NOUN
ajfa-5486	178	8	&	&	CCONJ
ajfa-5486	178	9	development	development	NOUN
ajfa-5486	178	10	,	,	PUNCT
ajfa-5486	178	11	promotion	promotion	NOUN
ajfa-5486	178	12	and	and	CCONJ
ajfa-5486	178	13	diversification	diversification	NOUN
ajfa-5486	178	14	in	in	ADP
ajfa-5486	178	15	multiproduct	multiproduct	ADJ
ajfa-5486	178	16	companies	company	NOUN
ajfa-5486	178	17	(	(	PUNCT
ajfa-5486	178	18	jose	jose	PROPN
ajfa-5486	178	19	,	,	PUNCT
ajfa-5486	178	20	nichols	nichols	PROPN
ajfa-5486	178	21	,	,	PUNCT
ajfa-5486	178	22	&	&	CCONJ
ajfa-5486	178	23	stevens	stevens	PROPN
ajfa-5486	178	24	,	,	PUNCT
ajfa-5486	178	25	1986	1986	NUM
ajfa-5486	178	26	)	)	PUNCT
ajfa-5486	178	27	asian	asian	ADJ
ajfa-5486	178	28	journal	journal	NOUN
ajfa-5486	178	29	of	of	ADP
ajfa-5486	178	30	finance	finance	PROPN
ajfa-5486	178	31	&	&	CCONJ
ajfa-5486	178	32	accounting	accounting	PROPN
ajfa-5486	178	33	issn	issn	PROPN
ajfa-5486	178	34	1946	1946	NUM
ajfa-5486	178	35	-	-	PUNCT
ajfa-5486	178	36	052x	052x	PROPN
ajfa-5486	178	37	2014	2014	NUM
ajfa-5486	178	38	,	,	PUNCT
ajfa-5486	178	39	vol	vol	NOUN
ajfa-5486	178	40	.	.	PROPN
ajfa-5486	179	1	6	6	NUM
ajfa-5486	179	2	,	,	PUNCT
ajfa-5486	179	3	no	no	INTJ
ajfa-5486	179	4	.	.	NOUN
ajfa-5486	179	5	1	1	NUM
ajfa-5486	179	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5486	179	7	279	279	NUM
ajfa-5486	179	8	despite	despite	SCONJ
ajfa-5486	179	9	tobin	tobin	PROPN
ajfa-5486	179	10	’s	’s	PART
ajfa-5486	179	11	q	q	NOUN
ajfa-5486	179	12	leading	lead	VERB
ajfa-5486	179	13	role	role	NOUN
ajfa-5486	179	14	in	in	ADP
ajfa-5486	179	15	several	several	ADJ
ajfa-5486	179	16	corporate	corporate	ADJ
ajfa-5486	179	17	financial	financial	ADJ
ajfa-5486	179	18	areas	area	NOUN
ajfa-5486	179	19	,	,	PUNCT
ajfa-5486	179	20	managers	manager	NOUN
ajfa-5486	179	21	do	do	AUX
ajfa-5486	179	22	not	not	PART
ajfa-5486	179	23	commonly	commonly	ADV
ajfa-5486	179	24	use	use	VERB
ajfa-5486	179	25	this	this	DET
ajfa-5486	179	26	powerful	powerful	ADJ
ajfa-5486	179	27	tool	tool	NOUN
ajfa-5486	179	28	in	in	ADP
ajfa-5486	179	29	practical	practical	ADJ
ajfa-5486	179	30	financial	financial	ADJ
ajfa-5486	179	31	decision	decision	NOUN
ajfa-5486	179	32	analysis	analysis	NOUN
ajfa-5486	179	33	.	.	PUNCT
ajfa-5486	180	1	part	part	NOUN
ajfa-5486	180	2	of	of	ADP
ajfa-5486	180	3	this	this	DET
ajfa-5486	180	4	reluctance	reluctance	NOUN
ajfa-5486	180	5	is	be	AUX
ajfa-5486	180	6	probably	probably	ADV
ajfa-5486	180	7	because	because	SCONJ
ajfa-5486	180	8	of	of	ADP
ajfa-5486	180	9	the	the	DET
ajfa-5486	180	10	abstract	abstract	ADJ
ajfa-5486	180	11	and	and	CCONJ
ajfa-5486	180	12	multi	multi	ADJ
ajfa-5486	180	13	-	-	ADJ
ajfa-5486	180	14	dimensional	dimensional	ADJ
ajfa-5486	180	15	nature	nature	NOUN
ajfa-5486	180	16	of	of	ADP
ajfa-5486	180	17	q	q	NOUN
ajfa-5486	180	18	and	and	CCONJ
ajfa-5486	180	19	top	top	ADJ
ajfa-5486	180	20	management	management	NOUN
ajfa-5486	180	21	unfamiliarity	unfamiliarity	NOUN
ajfa-5486	180	22	with	with	ADP
ajfa-5486	180	23	q	q	PROPN
ajfa-5486	180	24	(	(	PUNCT
ajfa-5486	180	25	chung	chung	PROPN
ajfa-5486	180	26	&	&	CCONJ
ajfa-5486	180	27	pruitt	pruitt	PROPN
ajfa-5486	180	28	,	,	PUNCT
ajfa-5486	180	29	1994	1994	NUM
ajfa-5486	180	30	)	)	PUNCT
ajfa-5486	180	31	.	.	PUNCT
ajfa-5486	181	1	unlike	unlike	ADP
ajfa-5486	181	2	other	other	ADJ
ajfa-5486	181	3	financial	financial	ADJ
ajfa-5486	181	4	performance	performance	NOUN
ajfa-5486	181	5	variables	variable	NOUN
ajfa-5486	181	6	q	q	PROPN
ajfa-5486	181	7	data	data	NOUN
ajfa-5486	181	8	is	be	AUX
ajfa-5486	181	9	not	not	PART
ajfa-5486	181	10	directly	directly	ADV
ajfa-5486	181	11	available	available	ADJ
ajfa-5486	181	12	on	on	ADP
ajfa-5486	181	13	popular	popular	ADJ
ajfa-5486	181	14	databases	database	NOUN
ajfa-5486	181	15	.	.	PUNCT
ajfa-5486	182	1	therefore	therefore	ADV
ajfa-5486	182	2	,	,	PUNCT
ajfa-5486	182	3	it	it	PRON
ajfa-5486	182	4	can	can	AUX
ajfa-5486	182	5	be	be	AUX
ajfa-5486	182	6	calculated	calculate	VERB
ajfa-5486	182	7	by	by	ADP
ajfa-5486	182	8	applying	apply	VERB
ajfa-5486	182	9	lindenberg	lindenberg	PROPN
ajfa-5486	182	10	and	and	CCONJ
ajfa-5486	182	11	ross	ross	PROPN
ajfa-5486	182	12	(	(	PUNCT
ajfa-5486	182	13	1981	1981	NUM
ajfa-5486	182	14	)	)	PUNCT
ajfa-5486	182	15	algorithm	algorithm	NOUN
ajfa-5486	182	16	.	.	PUNCT
ajfa-5486	183	1	this	this	DET
ajfa-5486	183	2	procedure	procedure	NOUN
ajfa-5486	183	3	is	be	AUX
ajfa-5486	183	4	so	so	ADV
ajfa-5486	183	5	difficult	difficult	ADJ
ajfa-5486	183	6	and	and	CCONJ
ajfa-5486	183	7	lengthy	lengthy	ADJ
ajfa-5486	183	8	that	that	SCONJ
ajfa-5486	183	9	even	even	ADV
ajfa-5486	183	10	a	a	DET
ajfa-5486	183	11	dedicated	dedicated	ADJ
ajfa-5486	183	12	analyst	analyst	NOUN
ajfa-5486	183	13	would	would	AUX
ajfa-5486	183	14	rarely	rarely	ADV
ajfa-5486	183	15	try	try	VERB
ajfa-5486	183	16	to	to	PART
ajfa-5486	183	17	attempt	attempt	VERB
ajfa-5486	183	18	it	it	PRON
ajfa-5486	183	19	(	(	PUNCT
ajfa-5486	183	20	chung	chung	PROPN
ajfa-5486	183	21	&	&	CCONJ
ajfa-5486	183	22	pruitt	pruitt	PROPN
ajfa-5486	183	23	,	,	PUNCT
ajfa-5486	183	24	1994	1994	NUM
ajfa-5486	183	25	)	)	PUNCT
ajfa-5486	183	26	.	.	PUNCT
ajfa-5486	184	1	hence	hence	ADV
ajfa-5486	184	2	a	a	DET
ajfa-5486	184	3	simple	simple	ADJ
ajfa-5486	184	4	approximation	approximation	NOUN
ajfa-5486	184	5	of	of	ADP
ajfa-5486	184	6	q	q	NOUN
ajfa-5486	184	7	developed	develop	VERB
ajfa-5486	184	8	by	by	ADP
ajfa-5486	184	9	perfect	perfect	ADJ
ajfa-5486	184	10	and	and	CCONJ
ajfa-5486	184	11	wiles	wile	NOUN
ajfa-5486	184	12	(	(	PUNCT
ajfa-5486	184	13	1994	1994	NUM
ajfa-5486	184	14	)	)	PUNCT
ajfa-5486	184	15	can	can	AUX
ajfa-5486	184	16	be	be	AUX
ajfa-5486	184	17	used	use	VERB
ajfa-5486	184	18	.	.	PUNCT
ajfa-5486	185	1	=	=	PUNCT
ajfa-5486	186	1	+	+	PUNCT
ajfa-5486	186	2	+	+	CCONJ
ajfa-5486	186	3	where	where	SCONJ
ajfa-5486	186	4	mva	mva	NOUN
ajfa-5486	186	5	is	be	AUX
ajfa-5486	186	6	the	the	DET
ajfa-5486	186	7	product	product	NOUN
ajfa-5486	186	8	of	of	ADP
ajfa-5486	186	9	a	a	DET
ajfa-5486	186	10	firm	firm	NOUN
ajfa-5486	186	11	’s	’s	PART
ajfa-5486	186	12	share	share	NOUN
ajfa-5486	186	13	price	price	NOUN
ajfa-5486	186	14	and	and	CCONJ
ajfa-5486	186	15	the	the	DET
ajfa-5486	186	16	number	number	NOUN
ajfa-5486	186	17	of	of	ADP
ajfa-5486	186	18	common	common	ADJ
ajfa-5486	186	19	stock	stock	NOUN
ajfa-5486	186	20	outstanding	outstanding	ADJ
ajfa-5486	186	21	,	,	PUNCT
ajfa-5486	186	22	ps	ps	PROPN
ajfa-5486	186	23	is	be	AUX
ajfa-5486	186	24	product	product	NOUN
ajfa-5486	186	25	of	of	ADP
ajfa-5486	186	26	firm	firm	NOUN
ajfa-5486	186	27	’s	’s	PART
ajfa-5486	186	28	preferred	prefer	VERB
ajfa-5486	186	29	stock	stock	NOUN
ajfa-5486	186	30	price	price	NOUN
ajfa-5486	186	31	and	and	CCONJ
ajfa-5486	186	32	number	number	NOUN
ajfa-5486	186	33	of	of	ADP
ajfa-5486	186	34	preferred	preferred	ADJ
ajfa-5486	186	35	stock	stock	NOUN
ajfa-5486	186	36	outstanding	outstanding	ADJ
ajfa-5486	186	37	.	.	PUNCT
ajfa-5486	187	1	the	the	DET
ajfa-5486	187	2	simplified	simplified	ADJ
ajfa-5486	187	3	procedure	procedure	NOUN
ajfa-5486	187	4	involved	involve	VERB
ajfa-5486	187	5	in	in	ADP
ajfa-5486	187	6	the	the	DET
ajfa-5486	187	7	calculation	calculation	NOUN
ajfa-5486	187	8	of	of	ADP
ajfa-5486	187	9	q	q	PROPN
ajfa-5486	187	10	shows	show	VERB
ajfa-5486	187	11	a	a	DET
ajfa-5486	187	12	compromise	compromise	NOUN
ajfa-5486	187	13	between	between	ADP
ajfa-5486	187	14	analytical	analytical	ADJ
ajfa-5486	187	15	precision	precision	NOUN
ajfa-5486	187	16	and	and	CCONJ
ajfa-5486	187	17	calculation	calculation	NOUN
ajfa-5486	187	18	efforts	effort	NOUN
ajfa-5486	187	19	.	.	PUNCT
ajfa-5486	188	1	the	the	DET
ajfa-5486	188	2	true	true	ADJ
ajfa-5486	188	3	measure	measure	NOUN
ajfa-5486	188	4	of	of	ADP
ajfa-5486	188	5	any	any	DET
ajfa-5486	188	6	such	such	ADJ
ajfa-5486	188	7	simplification	simplification	NOUN
ajfa-5486	188	8	technique	technique	NOUN
ajfa-5486	188	9	is	be	AUX
ajfa-5486	188	10	its	its	PRON
ajfa-5486	188	11	degree	degree	NOUN
ajfa-5486	188	12	of	of	ADP
ajfa-5486	188	13	accuracy	accuracy	NOUN
ajfa-5486	188	14	when	when	SCONJ
ajfa-5486	188	15	compared	compare	VERB
ajfa-5486	188	16	with	with	ADP
ajfa-5486	188	17	values	value	NOUN
ajfa-5486	188	18	obtained	obtain	VERB
ajfa-5486	188	19	from	from	ADP
ajfa-5486	188	20	following	follow	VERB
ajfa-5486	188	21	the	the	DET
ajfa-5486	188	22	theoretically	theoretically	ADV
ajfa-5486	188	23	more	more	ADV
ajfa-5486	188	24	correct	correct	ADJ
ajfa-5486	188	25	model	model	NOUN
ajfa-5486	188	26	(	(	PUNCT
ajfa-5486	188	27	chung	chung	PROPN
ajfa-5486	188	28	&	&	CCONJ
ajfa-5486	188	29	pruitt	pruitt	PROPN
ajfa-5486	188	30	,	,	PUNCT
ajfa-5486	188	31	1994	1994	NUM
ajfa-5486	188	32	)	)	PUNCT
ajfa-5486	188	33	.	.	PUNCT
ajfa-5486	189	1	however	however	ADV
ajfa-5486	189	2	,	,	PUNCT
ajfa-5486	189	3	perfect	perfect	ADJ
ajfa-5486	189	4	and	and	CCONJ
ajfa-5486	189	5	wiles	wile	NOUN
ajfa-5486	189	6	(	(	PUNCT
ajfa-5486	189	7	1994	1994	NUM
ajfa-5486	189	8	)	)	PUNCT
ajfa-5486	189	9	found	find	VERB
ajfa-5486	189	10	0.9856	0.9856	NUM
ajfa-5486	189	11	observed	observed	ADJ
ajfa-5486	189	12	correlation	correlation	NOUN
ajfa-5486	189	13	between	between	ADP
ajfa-5486	189	14	simplified	simplified	ADJ
ajfa-5486	189	15	q	q	NOUN
ajfa-5486	189	16	with	with	ADP
ajfa-5486	189	17	lindenberg	lindenberg	PROPN
ajfa-5486	189	18	and	and	CCONJ
ajfa-5486	189	19	ross	ross	PROPN
ajfa-5486	189	20	(	(	PUNCT
ajfa-5486	189	21	1981	1981	NUM
ajfa-5486	189	22	)	)	PUNCT
ajfa-5486	189	23	q	q	NOUN
ajfa-5486	189	24	through	through	ADP
ajfa-5486	189	25	empirical	empirical	ADJ
ajfa-5486	189	26	investigation	investigation	NOUN
ajfa-5486	189	27	of	of	ADP
ajfa-5486	189	28	62	62	NUM
ajfa-5486	189	29	firms	firm	NOUN
ajfa-5486	189	30	.	.	PUNCT
ajfa-5486	190	1	thus	thus	ADV
ajfa-5486	190	2	simple	simple	ADJ
ajfa-5486	190	3	estimation	estimation	NOUN
ajfa-5486	190	4	of	of	ADP
ajfa-5486	190	5	q	q	PROPN
ajfa-5486	190	6	continues	continue	VERB
ajfa-5486	190	7	to	to	PART
ajfa-5486	190	8	be	be	AUX
ajfa-5486	190	9	a	a	DET
ajfa-5486	190	10	useful	useful	ADJ
ajfa-5486	190	11	measure	measure	NOUN
ajfa-5486	190	12	of	of	ADP
ajfa-5486	190	13	financial	financial	ADJ
ajfa-5486	190	14	performance	performance	NOUN
ajfa-5486	190	15	(	(	PUNCT
ajfa-5486	190	16	chung	chung	PROPN
ajfa-5486	190	17	&	&	CCONJ
ajfa-5486	190	18	pruitt	pruitt	PROPN
ajfa-5486	190	19	,	,	PUNCT
ajfa-5486	190	20	1994	1994	NUM
ajfa-5486	190	21	)	)	PUNCT
ajfa-5486	190	22	.	.	PUNCT
ajfa-5486	191	1	4.3	4.3	NUM
ajfa-5486	191	2	market	market	NOUN
ajfa-5486	191	3	to	to	ADP
ajfa-5486	191	4	book	book	NOUN
ajfa-5486	191	5	ratio	ratio	NOUN
ajfa-5486	191	6	(	(	PUNCT
ajfa-5486	191	7	m2b	m2b	NOUN
ajfa-5486	191	8	)	)	PUNCT
ajfa-5486	191	9	finance	finance	NOUN
ajfa-5486	191	10	and	and	CCONJ
ajfa-5486	191	11	economic	economic	ADJ
ajfa-5486	191	12	practitioners	practitioner	NOUN
ajfa-5486	191	13	are	be	AUX
ajfa-5486	191	14	continuously	continuously	ADV
ajfa-5486	191	15	searching	search	VERB
ajfa-5486	191	16	for	for	ADP
ajfa-5486	191	17	variables	variable	NOUN
ajfa-5486	191	18	that	that	PRON
ajfa-5486	191	19	can	can	AUX
ajfa-5486	191	20	explain	explain	VERB
ajfa-5486	191	21	the	the	DET
ajfa-5486	191	22	variance	variance	NOUN
ajfa-5486	191	23	and	and	CCONJ
ajfa-5486	191	24	predict	predict	VERB
ajfa-5486	191	25	stock	stock	NOUN
ajfa-5486	191	26	returns	return	NOUN
ajfa-5486	191	27	.	.	PUNCT
ajfa-5486	192	1	the	the	DET
ajfa-5486	192	2	market	market	NOUN
ajfa-5486	192	3	to	to	ADP
ajfa-5486	192	4	book	book	NOUN
ajfa-5486	192	5	ratio	ratio	NOUN
ajfa-5486	192	6	became	become	VERB
ajfa-5486	192	7	a	a	DET
ajfa-5486	192	8	strong	strong	ADJ
ajfa-5486	192	9	candidate	candidate	NOUN
ajfa-5486	192	10	after	after	ADP
ajfa-5486	192	11	fama	fama	NOUN
ajfa-5486	192	12	and	and	CCONJ
ajfa-5486	192	13	french	french	ADJ
ajfa-5486	192	14	(	(	PUNCT
ajfa-5486	192	15	1992	1992	NUM
ajfa-5486	192	16	)	)	PUNCT
ajfa-5486	192	17	results	result	NOUN
ajfa-5486	192	18	showed	show	VERB
ajfa-5486	192	19	that	that	SCONJ
ajfa-5486	192	20	the	the	DET
ajfa-5486	192	21	market	market	NOUN
ajfa-5486	192	22	to	to	ADP
ajfa-5486	192	23	book	book	NOUN
ajfa-5486	192	24	ratio	ratio	NOUN
ajfa-5486	192	25	of	of	ADP
ajfa-5486	192	26	individual	individual	ADJ
ajfa-5486	192	27	stocks	stock	NOUN
ajfa-5486	192	28	has	have	VERB
ajfa-5486	192	29	the	the	DET
ajfa-5486	192	30	ability	ability	NOUN
ajfa-5486	192	31	to	to	PART
ajfa-5486	192	32	explain	explain	VERB
ajfa-5486	192	33	cross	cross	VERB
ajfa-5486	192	34	sectional	sectional	ADJ
ajfa-5486	192	35	variation	variation	NOUN
ajfa-5486	192	36	in	in	ADP
ajfa-5486	192	37	stock	stock	NOUN
ajfa-5486	192	38	returns	return	NOUN
ajfa-5486	192	39	.	.	PUNCT
ajfa-5486	193	1	the	the	DET
ajfa-5486	193	2	formulation	formulation	NOUN
ajfa-5486	193	3	of	of	ADP
ajfa-5486	193	4	this	this	DET
ajfa-5486	193	5	formula	formula	NOUN
ajfa-5486	193	6	is	be	AUX
ajfa-5486	193	7	as	as	SCONJ
ajfa-5486	193	8	follows	follow	VERB
ajfa-5486	193	9	:	:	PUNCT
ajfa-5486	193	10	=	=	SYM
ajfa-5486	193	11	this	this	DET
ajfa-5486	193	12	ratio	ratio	NOUN
ajfa-5486	193	13	is	be	AUX
ajfa-5486	193	14	used	use	VERB
ajfa-5486	193	15	by	by	ADP
ajfa-5486	193	16	practitioners	practitioner	NOUN
ajfa-5486	193	17	and	and	CCONJ
ajfa-5486	193	18	academia	academia	NOUN
ajfa-5486	193	19	to	to	PART
ajfa-5486	193	20	analyse	analyse	VERB
ajfa-5486	193	21	whether	whether	SCONJ
ajfa-5486	193	22	a	a	DET
ajfa-5486	193	23	stock	stock	NOUN
ajfa-5486	193	24	price	price	NOUN
ajfa-5486	193	25	is	be	AUX
ajfa-5486	193	26	undervalued	undervalue	VERB
ajfa-5486	193	27	or	or	CCONJ
ajfa-5486	193	28	overvalued	overvalue	VERB
ajfa-5486	193	29	.	.	PUNCT
ajfa-5486	194	1	if	if	SCONJ
ajfa-5486	194	2	a	a	DET
ajfa-5486	194	3	stock	stock	NOUN
ajfa-5486	194	4	is	be	AUX
ajfa-5486	194	5	undervalued	undervalue	VERB
ajfa-5486	194	6	,	,	PUNCT
ajfa-5486	194	7	the	the	DET
ajfa-5486	194	8	price	price	NOUN
ajfa-5486	194	9	is	be	AUX
ajfa-5486	194	10	expected	expect	VERB
ajfa-5486	194	11	to	to	PART
ajfa-5486	194	12	rise	rise	VERB
ajfa-5486	194	13	.	.	PUNCT
ajfa-5486	195	1	if	if	SCONJ
ajfa-5486	195	2	it	it	PRON
ajfa-5486	195	3	is	be	AUX
ajfa-5486	195	4	overvalued	overvalue	VERB
ajfa-5486	195	5	,	,	PUNCT
ajfa-5486	195	6	the	the	DET
ajfa-5486	195	7	price	price	NOUN
ajfa-5486	195	8	is	be	AUX
ajfa-5486	195	9	expected	expect	VERB
ajfa-5486	195	10	to	to	PART
ajfa-5486	195	11	fall	fall	VERB
ajfa-5486	195	12	.	.	PUNCT
ajfa-5486	196	1	in	in	ADP
ajfa-5486	196	2	other	other	ADJ
ajfa-5486	196	3	words	word	NOUN
ajfa-5486	196	4	,	,	PUNCT
ajfa-5486	196	5	this	this	DET
ajfa-5486	196	6	ratio	ratio	NOUN
ajfa-5486	196	7	looks	look	VERB
ajfa-5486	196	8	at	at	ADP
ajfa-5486	196	9	the	the	DET
ajfa-5486	196	10	worth	worth	NOUN
ajfa-5486	196	11	that	that	SCONJ
ajfa-5486	196	12	market	market	NOUN
ajfa-5486	196	13	places	place	NOUN
ajfa-5486	196	14	on	on	ADP
ajfa-5486	196	15	the	the	DET
ajfa-5486	196	16	book	book	NOUN
ajfa-5486	196	17	value	value	NOUN
ajfa-5486	196	18	of	of	ADP
ajfa-5486	196	19	a	a	DET
ajfa-5486	196	20	firm	firm	NOUN
ajfa-5486	196	21	.	.	PUNCT
ajfa-5486	197	1	4.4	4.4	NUM
ajfa-5486	197	2	market	market	NOUN
ajfa-5486	197	3	value	value	NOUN
ajfa-5486	197	4	added	add	VERB
ajfa-5486	197	5	(	(	PUNCT
ajfa-5486	197	6	mva	mva	NOUN
ajfa-5486	197	7	)	)	PUNCT
ajfa-5486	197	8	the	the	DET
ajfa-5486	197	9	way	way	NOUN
ajfa-5486	197	10	in	in	ADP
ajfa-5486	197	11	which	which	PRON
ajfa-5486	197	12	shareholder	shareholder	NOUN
ajfa-5486	197	13	wealth	wealth	NOUN
ajfa-5486	197	14	is	be	AUX
ajfa-5486	197	15	increased	increase	VERB
ajfa-5486	197	16	is	be	AUX
ajfa-5486	197	17	by	by	ADP
ajfa-5486	197	18	maximizing	maximize	VERB
ajfa-5486	197	19	the	the	DET
ajfa-5486	197	20	difference	difference	NOUN
ajfa-5486	197	21	between	between	ADP
ajfa-5486	197	22	firm	firm	ADJ
ajfa-5486	197	23	total	total	ADJ
ajfa-5486	197	24	market	market	NOUN
ajfa-5486	197	25	value	value	NOUN
ajfa-5486	197	26	and	and	CCONJ
ajfa-5486	197	27	the	the	DET
ajfa-5486	197	28	amount	amount	NOUN
ajfa-5486	197	29	of	of	ADP
ajfa-5486	197	30	capital	capital	NOUN
ajfa-5486	197	31	that	that	PRON
ajfa-5486	197	32	investors	investor	NOUN
ajfa-5486	197	33	have	have	AUX
ajfa-5486	197	34	supplied	supply	VERB
ajfa-5486	197	35	to	to	ADP
ajfa-5486	197	36	it	it	PRON
ajfa-5486	197	37	.	.	PUNCT
ajfa-5486	198	1	this	this	DET
ajfa-5486	198	2	difference	difference	NOUN
ajfa-5486	198	3	is	be	AUX
ajfa-5486	198	4	called	call	VERB
ajfa-5486	198	5	mva	mva	NOUN
ajfa-5486	198	6	(	(	PUNCT
ajfa-5486	198	7	gapenski	gapenski	ADJ
ajfa-5486	198	8	,	,	PUNCT
ajfa-5486	198	9	1996	1996	NUM
ajfa-5486	198	10	)	)	PUNCT
ajfa-5486	198	11	.	.	PUNCT
ajfa-5486	199	1	market	market	NOUN
ajfa-5486	199	2	value	value	NOUN
ajfa-5486	199	3	added	add	VERB
ajfa-5486	199	4	is	be	AUX
ajfa-5486	199	5	the	the	DET
ajfa-5486	199	6	aggregate	aggregate	ADJ
ajfa-5486	199	7	measure	measure	NOUN
ajfa-5486	199	8	of	of	ADP
ajfa-5486	199	9	wealth	wealth	NOUN
ajfa-5486	199	10	created	create	VERB
ajfa-5486	199	11	by	by	ADP
ajfa-5486	199	12	the	the	DET
ajfa-5486	199	13	management	management	NOUN
ajfa-5486	199	14	in	in	ADP
ajfa-5486	199	15	addition	addition	NOUN
ajfa-5486	199	16	to	to	ADP
ajfa-5486	199	17	the	the	DET
ajfa-5486	199	18	shareholder	shareholder	NOUN
ajfa-5486	199	19	investment	investment	NOUN
ajfa-5486	199	20	(	(	PUNCT
ajfa-5486	199	21	kramer	kramer	PROPN
ajfa-5486	199	22	&	&	CCONJ
ajfa-5486	199	23	asian	asian	PROPN
ajfa-5486	199	24	journal	journal	PROPN
ajfa-5486	199	25	of	of	ADP
ajfa-5486	199	26	finance	finance	PROPN
ajfa-5486	199	27	&	&	CCONJ
ajfa-5486	199	28	accounting	accounting	PROPN
ajfa-5486	199	29	issn	issn	PROPN
ajfa-5486	199	30	1946	1946	NUM
ajfa-5486	199	31	-	-	PUNCT
ajfa-5486	199	32	052x	052x	PROPN
ajfa-5486	199	33	2014	2014	NUM
ajfa-5486	199	34	,	,	PUNCT
ajfa-5486	199	35	vol	vol	NOUN
ajfa-5486	199	36	.	.	PROPN
ajfa-5486	199	37	6	6	NUM
ajfa-5486	199	38	,	,	PUNCT
ajfa-5486	199	39	no	no	INTJ
ajfa-5486	199	40	.	.	NOUN
ajfa-5486	199	41	1	1	NUM
ajfa-5486	199	42	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	199	43	280	280	NUM
ajfa-5486	199	44	peters	peter	NOUN
ajfa-5486	199	45	,	,	PUNCT
ajfa-5486	199	46	2001	2001	NUM
ajfa-5486	199	47	)	)	PUNCT
ajfa-5486	199	48	.	.	PUNCT
ajfa-5486	200	1	although	although	SCONJ
ajfa-5486	200	2	shareholder	shareholder	NOUN
ajfa-5486	200	3	investment	investment	NOUN
ajfa-5486	200	4	is	be	AUX
ajfa-5486	200	5	recorded	record	VERB
ajfa-5486	200	6	historically	historically	ADV
ajfa-5486	200	7	and	and	CCONJ
ajfa-5486	200	8	is	be	AUX
ajfa-5486	200	9	subject	subject	ADJ
ajfa-5486	200	10	to	to	ADP
ajfa-5486	200	11	inflation	inflation	NOUN
ajfa-5486	200	12	,	,	PUNCT
ajfa-5486	200	13	still	still	ADV
ajfa-5486	200	14	mva	mva	NOUN
ajfa-5486	200	15	is	be	AUX
ajfa-5486	200	16	the	the	DET
ajfa-5486	200	17	measure	measure	NOUN
ajfa-5486	200	18	that	that	PRON
ajfa-5486	200	19	captures	capture	VERB
ajfa-5486	200	20	all	all	DET
ajfa-5486	200	21	dynamics	dynamic	NOUN
ajfa-5486	200	22	of	of	ADP
ajfa-5486	200	23	the	the	DET
ajfa-5486	200	24	firm	firm	ADJ
ajfa-5486	200	25	performance	performance	NOUN
ajfa-5486	200	26	(	(	PUNCT
ajfa-5486	200	27	ehrbar	ehrbar	PROPN
ajfa-5486	200	28	&	&	CCONJ
ajfa-5486	200	29	hamel	hamel	PROPN
ajfa-5486	200	30	,	,	PUNCT
ajfa-5486	200	31	1997	1997	NUM
ajfa-5486	200	32	)	)	PUNCT
ajfa-5486	200	33	.	.	PUNCT
ajfa-5486	201	1	mva	mva	NOUN
ajfa-5486	201	2	efficiently	efficiently	ADV
ajfa-5486	201	3	quantifies	quantify	VERB
ajfa-5486	201	4	the	the	DET
ajfa-5486	201	5	share	share	NOUN
ajfa-5486	201	6	market	market	NOUN
ajfa-5486	201	7	’s	’s	PART
ajfa-5486	201	8	assessment	assessment	NOUN
ajfa-5486	201	9	of	of	ADP
ajfa-5486	201	10	the	the	DET
ajfa-5486	201	11	net	net	ADJ
ajfa-5486	201	12	present	present	ADJ
ajfa-5486	201	13	value	value	NOUN
ajfa-5486	201	14	of	of	ADP
ajfa-5486	201	15	a	a	DET
ajfa-5486	201	16	firm	firm	NOUN
ajfa-5486	201	17	’s	’s	PART
ajfa-5486	201	18	past	past	NOUN
ajfa-5486	201	19	and	and	CCONJ
ajfa-5486	201	20	expected	expect	VERB
ajfa-5486	201	21	capital	capital	NOUN
ajfa-5486	201	22	investment	investment	NOUN
ajfa-5486	201	23	projects	project	NOUN
ajfa-5486	201	24	(	(	PUNCT
ajfa-5486	201	25	lehn	lehn	NOUN
ajfa-5486	201	26	&	&	CCONJ
ajfa-5486	201	27	makhija	makhija	PROPN
ajfa-5486	201	28	,	,	PUNCT
ajfa-5486	201	29	1996	1996	NUM
ajfa-5486	201	30	)	)	PUNCT
ajfa-5486	201	31	.	.	PUNCT
ajfa-5486	202	1	theoretically	theoretically	ADV
ajfa-5486	202	2	mva	mva	NOUN
ajfa-5486	202	3	at	at	ADP
ajfa-5486	202	4	any	any	DET
ajfa-5486	202	5	point	point	NOUN
ajfa-5486	202	6	in	in	ADP
ajfa-5486	202	7	time	time	NOUN
ajfa-5486	202	8	is	be	AUX
ajfa-5486	202	9	the	the	DET
ajfa-5486	202	10	present	present	ADJ
ajfa-5486	202	11	value	value	NOUN
ajfa-5486	202	12	of	of	ADP
ajfa-5486	202	13	respective	respective	ADJ
ajfa-5486	202	14	yearly	yearly	ADJ
ajfa-5486	202	15	economic	economic	ADJ
ajfa-5486	202	16	value	value	NOUN
ajfa-5486	202	17	added	add	VERB
ajfa-5486	202	18	(	(	PUNCT
ajfa-5486	202	19	eva	eva	PROPN
ajfa-5486	202	20	)	)	PUNCT
ajfa-5486	202	21	.	.	PUNCT
ajfa-5486	203	1	grant	grant	PROPN
ajfa-5486	203	2	(	(	PUNCT
ajfa-5486	203	3	1996	1996	NUM
ajfa-5486	203	4	)	)	PUNCT
ajfa-5486	203	5	shows	show	VERB
ajfa-5486	203	6	that	that	SCONJ
ajfa-5486	203	7	if	if	SCONJ
ajfa-5486	203	8	the	the	DET
ajfa-5486	203	9	firm	firm	NOUN
ajfa-5486	203	10	's	's	PART
ajfa-5486	203	11	expected	expect	VERB
ajfa-5486	203	12	eva	eva	NOUN
ajfa-5486	203	13	is	be	AUX
ajfa-5486	203	14	growing	grow	VERB
ajfa-5486	203	15	at	at	ADP
ajfa-5486	203	16	some	some	DET
ajfa-5486	203	17	constant	constant	ADJ
ajfa-5486	203	18	growth	growth	NOUN
ajfa-5486	203	19	rate	rate	NOUN
ajfa-5486	203	20	,	,	PUNCT
ajfa-5486	203	21	g	g	PROPN
ajfa-5486	203	22	,	,	PUNCT
ajfa-5486	203	23	each	each	DET
ajfa-5486	203	24	year	year	NOUN
ajfa-5486	203	25	forever	forever	ADV
ajfa-5486	203	26	,	,	PUNCT
ajfa-5486	203	27	then	then	ADV
ajfa-5486	203	28	the	the	DET
ajfa-5486	203	29	firm	firm	NOUN
ajfa-5486	203	30	's	's	PART
ajfa-5486	203	31	market	market	NOUN
ajfa-5486	203	32	value	value	NOUN
ajfa-5486	203	33	-	-	PUNCT
ajfa-5486	203	34	added	add	VERB
ajfa-5486	203	35	can	can	AUX
ajfa-5486	203	36	be	be	AUX
ajfa-5486	203	37	expressed	express	VERB
ajfa-5486	203	38	in	in	ADP
ajfa-5486	203	39	a	a	DET
ajfa-5486	203	40	constant	constant	ADJ
ajfa-5486	203	41	growth	growth	NOUN
ajfa-5486	203	42	model	model	NOUN
ajfa-5486	203	43	.	.	PUNCT
ajfa-5486	204	1	=	=	PUNCT
ajfa-5486	205	1	−	−	PROPN
ajfa-5486	205	2	where	where	SCONJ
ajfa-5486	205	3	mva	mva	NOUN
ajfa-5486	205	4	is	be	AUX
ajfa-5486	205	5	current	current	ADJ
ajfa-5486	205	6	market	market	NOUN
ajfa-5486	205	7	value	value	NOUN
ajfa-5486	205	8	added	add	VERB
ajfa-5486	205	9	,	,	PUNCT
ajfa-5486	205	10	eva1	eva1	PROPN
ajfa-5486	205	11	is	be	AUX
ajfa-5486	205	12	company	company	NOUN
ajfa-5486	205	13	current	current	PROPN
ajfa-5486	205	14	eva	eva	PROPN
ajfa-5486	205	15	outlook	outlook	NOUN
ajfa-5486	205	16	,	,	PUNCT
ajfa-5486	205	17	r	r	NOUN
ajfa-5486	205	18	is	be	AUX
ajfa-5486	205	19	cost	cost	NOUN
ajfa-5486	205	20	of	of	ADP
ajfa-5486	205	21	capital	capital	NOUN
ajfa-5486	205	22	and	and	CCONJ
ajfa-5486	205	23	g	g	PROPN
ajfa-5486	205	24	is	be	AUX
ajfa-5486	205	25	growth	growth	NOUN
ajfa-5486	205	26	rate	rate	NOUN
ajfa-5486	205	27	in	in	ADP
ajfa-5486	205	28	eva	eva	PROPN
ajfa-5486	205	29	.	.	PUNCT
ajfa-5486	206	1	as	as	SCONJ
ajfa-5486	206	2	mva	mva	NOUN
ajfa-5486	206	3	is	be	AUX
ajfa-5486	206	4	known	know	VERB
ajfa-5486	206	5	for	for	ADP
ajfa-5486	206	6	the	the	DET
ajfa-5486	206	7	firm	firm	ADJ
ajfa-5486	206	8	performance	performance	NOUN
ajfa-5486	206	9	in	in	ADP
ajfa-5486	206	10	the	the	DET
ajfa-5486	206	11	long	long	ADJ
ajfa-5486	206	12	term	term	NOUN
ajfa-5486	206	13	and	and	CCONJ
ajfa-5486	206	14	it	it	PRON
ajfa-5486	206	15	is	be	AUX
ajfa-5486	206	16	derived	derive	VERB
ajfa-5486	206	17	from	from	ADP
ajfa-5486	206	18	market	market	NOUN
ajfa-5486	206	19	-	-	PUNCT
ajfa-5486	206	20	generated	generate	VERB
ajfa-5486	206	21	number	number	NOUN
ajfa-5486	206	22	therefore	therefore	ADV
ajfa-5486	206	23	,	,	PUNCT
ajfa-5486	206	24	kramer	kramer	PROPN
ajfa-5486	206	25	and	and	CCONJ
ajfa-5486	206	26	peters	peters	PROPN
ajfa-5486	206	27	(	(	PUNCT
ajfa-5486	206	28	2001	2001	NUM
ajfa-5486	206	29	)	)	PUNCT
ajfa-5486	206	30	calculated	calculate	VERB
ajfa-5486	206	31	mva	mva	NOUN
ajfa-5486	206	32	by	by	ADP
ajfa-5486	206	33	subtracting	subtract	VERB
ajfa-5486	206	34	the	the	DET
ajfa-5486	206	35	total	total	ADJ
ajfa-5486	206	36	capital	capital	NOUN
ajfa-5486	206	37	employed	employ	VERB
ajfa-5486	206	38	in	in	ADP
ajfa-5486	206	39	a	a	DET
ajfa-5486	206	40	company	company	NOUN
ajfa-5486	206	41	from	from	ADP
ajfa-5486	206	42	the	the	DET
ajfa-5486	206	43	sum	sum	NOUN
ajfa-5486	206	44	of	of	ADP
ajfa-5486	206	45	the	the	DET
ajfa-5486	206	46	total	total	ADJ
ajfa-5486	206	47	market	market	NOUN
ajfa-5486	206	48	value	value	NOUN
ajfa-5486	206	49	of	of	ADP
ajfa-5486	206	50	the	the	DET
ajfa-5486	206	51	company	company	NOUN
ajfa-5486	206	52	.	.	PUNCT
ajfa-5486	207	1	=	=	PUNCT
ajfa-5486	208	1	−	−	PROPN
ajfa-5486	208	2	the	the	DET
ajfa-5486	208	3	total	total	ADJ
ajfa-5486	208	4	market	market	NOUN
ajfa-5486	208	5	value	value	NOUN
ajfa-5486	208	6	of	of	ADP
ajfa-5486	208	7	firm	firm	NOUN
ajfa-5486	208	8	is	be	AUX
ajfa-5486	208	9	equal	equal	ADJ
ajfa-5486	208	10	to	to	ADP
ajfa-5486	208	11	the	the	DET
ajfa-5486	208	12	sum	sum	NOUN
ajfa-5486	208	13	of	of	ADP
ajfa-5486	208	14	market	market	NOUN
ajfa-5486	208	15	value	value	NOUN
ajfa-5486	208	16	of	of	ADP
ajfa-5486	208	17	equity	equity	NOUN
ajfa-5486	208	18	and	and	CCONJ
ajfa-5486	208	19	market	market	NOUN
ajfa-5486	208	20	value	value	NOUN
ajfa-5486	208	21	of	of	ADP
ajfa-5486	208	22	debt	debt	NOUN
ajfa-5486	208	23	.	.	PUNCT
ajfa-5486	209	1	mva	mva	NOUN
ajfa-5486	209	2	is	be	AUX
ajfa-5486	209	3	the	the	DET
ajfa-5486	209	4	total	total	ADJ
ajfa-5486	209	5	excess	excess	ADJ
ajfa-5486	209	6	value	value	NOUN
ajfa-5486	209	7	produced	produce	VERB
ajfa-5486	209	8	by	by	ADP
ajfa-5486	209	9	the	the	DET
ajfa-5486	209	10	firm	firm	NOUN
ajfa-5486	209	11	after	after	ADP
ajfa-5486	209	12	paying	pay	VERB
ajfa-5486	209	13	dividends	dividend	NOUN
ajfa-5486	209	14	to	to	ADP
ajfa-5486	209	15	its	its	PRON
ajfa-5486	209	16	shareholder	shareholder	NOUN
ajfa-5486	209	17	.	.	PUNCT
ajfa-5486	210	1	in	in	ADP
ajfa-5486	210	2	other	other	ADJ
ajfa-5486	210	3	words	word	NOUN
ajfa-5486	210	4	,	,	PUNCT
ajfa-5486	210	5	mva	mva	NOUN
ajfa-5486	210	6	reflects	reflect	VERB
ajfa-5486	210	7	the	the	DET
ajfa-5486	210	8	cumulative	cumulative	ADJ
ajfa-5486	210	9	wealth	wealth	NOUN
ajfa-5486	210	10	created	create	VERB
ajfa-5486	210	11	for	for	ADP
ajfa-5486	210	12	shareholders	shareholder	NOUN
ajfa-5486	210	13	over	over	ADP
ajfa-5486	210	14	the	the	DET
ajfa-5486	210	15	existence	existence	NOUN
ajfa-5486	210	16	of	of	ADP
ajfa-5486	210	17	the	the	DET
ajfa-5486	210	18	company	company	NOUN
ajfa-5486	210	19	beyond	beyond	ADP
ajfa-5486	210	20	the	the	DET
ajfa-5486	210	21	capital	capital	NOUN
ajfa-5486	210	22	employed	employ	VERB
ajfa-5486	210	23	(	(	PUNCT
ajfa-5486	210	24	yook	yook	NOUN
ajfa-5486	210	25	&	&	CCONJ
ajfa-5486	210	26	mccabe	mccabe	PROPN
ajfa-5486	210	27	,	,	PUNCT
ajfa-5486	210	28	2001	2001	NUM
ajfa-5486	210	29	)	)	PUNCT
ajfa-5486	210	30	.	.	PUNCT
ajfa-5486	211	1	from	from	ADP
ajfa-5486	211	2	a	a	DET
ajfa-5486	211	3	practitioner	practitioner	NOUN
ajfa-5486	211	4	’s	’s	PART
ajfa-5486	211	5	perspective	perspective	NOUN
ajfa-5486	211	6	,	,	PUNCT
ajfa-5486	211	7	mva	mva	NOUN
ajfa-5486	211	8	captures	capture	VERB
ajfa-5486	211	9	the	the	DET
ajfa-5486	211	10	market	market	NOUN
ajfa-5486	211	11	’s	’s	PART
ajfa-5486	211	12	assessment	assessment	NOUN
ajfa-5486	211	13	of	of	ADP
ajfa-5486	211	14	how	how	SCONJ
ajfa-5486	211	15	effectively	effectively	ADV
ajfa-5486	211	16	a	a	DET
ajfa-5486	211	17	company	company	NOUN
ajfa-5486	211	18	managers	manager	NOUN
ajfa-5486	211	19	have	have	AUX
ajfa-5486	211	20	used	use	VERB
ajfa-5486	211	21	the	the	DET
ajfa-5486	211	22	scare	scare	NOUN
ajfa-5486	211	23	resources	resource	NOUN
ajfa-5486	211	24	under	under	ADP
ajfa-5486	211	25	its	its	PRON
ajfa-5486	211	26	control	control	NOUN
ajfa-5486	211	27	in	in	ADP
ajfa-5486	211	28	addition	addition	NOUN
ajfa-5486	211	29	to	to	ADP
ajfa-5486	211	30	how	how	SCONJ
ajfa-5486	211	31	well	well	ADJ
ajfa-5486	211	32	management	management	NOUN
ajfa-5486	211	33	has	have	AUX
ajfa-5486	211	34	positioned	position	VERB
ajfa-5486	211	35	the	the	DET
ajfa-5486	211	36	company	company	NOUN
ajfa-5486	211	37	(	(	PUNCT
ajfa-5486	211	38	cheng	cheng	PROPN
ajfa-5486	211	39	,	,	PUNCT
ajfa-5486	211	40	tsao	tsao	PROPN
ajfa-5486	211	41	,	,	PUNCT
ajfa-5486	211	42	tsai	tsai	PROPN
ajfa-5486	211	43	,	,	PUNCT
ajfa-5486	211	44	&	&	CCONJ
ajfa-5486	211	45	tu	tu	PROPN
ajfa-5486	211	46	,	,	PUNCT
ajfa-5486	211	47	2007	2007	NUM
ajfa-5486	211	48	)	)	PUNCT
ajfa-5486	211	49	.	.	PUNCT
ajfa-5486	212	1	if	if	SCONJ
ajfa-5486	212	2	mva	mva	NOUN
ajfa-5486	212	3	is	be	AUX
ajfa-5486	212	4	negative	negative	ADJ
ajfa-5486	212	5	,	,	PUNCT
ajfa-5486	212	6	then	then	ADV
ajfa-5486	212	7	the	the	DET
ajfa-5486	212	8	market	market	NOUN
ajfa-5486	212	9	does	do	AUX
ajfa-5486	212	10	not	not	PART
ajfa-5486	212	11	believe	believe	VERB
ajfa-5486	212	12	in	in	ADP
ajfa-5486	212	13	the	the	DET
ajfa-5486	212	14	company	company	NOUN
ajfa-5486	212	15	’s	’s	PART
ajfa-5486	212	16	capacity	capacity	NOUN
ajfa-5486	212	17	to	to	PART
ajfa-5486	212	18	create	create	VERB
ajfa-5486	212	19	value	value	NOUN
ajfa-5486	212	20	and	and	CCONJ
ajfa-5486	212	21	the	the	DET
ajfa-5486	212	22	employed	employ	VERB
ajfa-5486	212	23	capital	capital	NOUN
ajfa-5486	212	24	is	be	AUX
ajfa-5486	212	25	eroded	erode	VERB
ajfa-5486	212	26	.	.	PUNCT
ajfa-5486	213	1	on	on	ADP
ajfa-5486	213	2	the	the	DET
ajfa-5486	213	3	contrary	contrary	NOUN
ajfa-5486	213	4	,	,	PUNCT
ajfa-5486	213	5	a	a	DET
ajfa-5486	213	6	positive	positive	ADJ
ajfa-5486	213	7	value	value	NOUN
ajfa-5486	213	8	proves	prove	VERB
ajfa-5486	213	9	that	that	SCONJ
ajfa-5486	213	10	the	the	DET
ajfa-5486	213	11	company	company	NOUN
ajfa-5486	213	12	is	be	AUX
ajfa-5486	213	13	very	very	ADV
ajfa-5486	213	14	attractive	attractive	ADJ
ajfa-5486	213	15	on	on	ADP
ajfa-5486	213	16	the	the	DET
ajfa-5486	213	17	market	market	NOUN
ajfa-5486	213	18	,	,	PUNCT
ajfa-5486	213	19	because	because	SCONJ
ajfa-5486	213	20	it	it	PRON
ajfa-5486	213	21	can	can	AUX
ajfa-5486	213	22	reward	reward	VERB
ajfa-5486	213	23	its	its	PRON
ajfa-5486	213	24	shareholders	shareholder	NOUN
ajfa-5486	213	25	(	(	PUNCT
ajfa-5486	213	26	yalcin	yalcin	PROPN
ajfa-5486	213	27	et	et	PROPN
ajfa-5486	213	28	al	al	PROPN
ajfa-5486	213	29	.	.	PROPN
ajfa-5486	213	30	,	,	PUNCT
ajfa-5486	213	31	2012	2012	NUM
ajfa-5486	213	32	)	)	PUNCT
ajfa-5486	213	33	.	.	PUNCT
ajfa-5486	214	1	overall	overall	ADV
ajfa-5486	214	2	,	,	PUNCT
ajfa-5486	214	3	mva	mva	NOUN
ajfa-5486	214	4	is	be	AUX
ajfa-5486	214	5	an	an	DET
ajfa-5486	214	6	effective	effective	ADJ
ajfa-5486	214	7	performance	performance	NOUN
ajfa-5486	214	8	tool	tool	NOUN
ajfa-5486	214	9	that	that	PRON
ajfa-5486	214	10	evaluates	evaluate	VERB
ajfa-5486	214	11	the	the	DET
ajfa-5486	214	12	quality	quality	NOUN
ajfa-5486	214	13	of	of	ADP
ajfa-5486	214	14	strategic	strategic	ADJ
ajfa-5486	214	15	decisions	decision	NOUN
ajfa-5486	214	16	and	and	CCONJ
ajfa-5486	214	17	signals	signal	NOUN
ajfa-5486	214	18	about	about	ADP
ajfa-5486	214	19	the	the	DET
ajfa-5486	214	20	strategic	strategic	ADJ
ajfa-5486	214	21	change	change	NOUN
ajfa-5486	214	22	(	(	PUNCT
ajfa-5486	214	23	lehn	lehn	NOUN
ajfa-5486	214	24	&	&	CCONJ
ajfa-5486	214	25	makhija	makhija	PROPN
ajfa-5486	214	26	,	,	PUNCT
ajfa-5486	214	27	1996	1996	NUM
ajfa-5486	214	28	)	)	PUNCT
ajfa-5486	214	29	.	.	PUNCT
ajfa-5486	215	1	therefore	therefore	ADV
ajfa-5486	215	2	,	,	PUNCT
ajfa-5486	215	3	it	it	PRON
ajfa-5486	215	4	is	be	AUX
ajfa-5486	215	5	reasonable	reasonable	ADJ
ajfa-5486	215	6	to	to	PART
ajfa-5486	215	7	use	use	VERB
ajfa-5486	215	8	mva	mva	NOUN
ajfa-5486	215	9	as	as	ADP
ajfa-5486	215	10	a	a	DET
ajfa-5486	215	11	proxy	proxy	NOUN
ajfa-5486	215	12	for	for	ADP
ajfa-5486	215	13	the	the	DET
ajfa-5486	215	14	measurement	measurement	NOUN
ajfa-5486	215	15	of	of	ADP
ajfa-5486	215	16	owner	owner	PROPN
ajfa-5486	215	17	wealth	wealth	NOUN
ajfa-5486	215	18	maximization	maximization	PROPN
ajfa-5486	215	19	.	.	PUNCT
ajfa-5486	216	1	4.5	4.5	NUM
ajfa-5486	216	2	cash	cash	NOUN
ajfa-5486	216	3	flow	flow	NOUN
ajfa-5486	216	4	return	return	NOUN
ajfa-5486	216	5	on	on	ADP
ajfa-5486	216	6	investment	investment	NOUN
ajfa-5486	216	7	(	(	PUNCT
ajfa-5486	216	8	cfroi	cfroi	NOUN
ajfa-5486	216	9	)	)	PUNCT
ajfa-5486	216	10	this	this	DET
ajfa-5486	216	11	performance	performance	NOUN
ajfa-5486	216	12	measure	measure	NOUN
ajfa-5486	216	13	is	be	AUX
ajfa-5486	216	14	the	the	DET
ajfa-5486	216	15	close	close	ADJ
ajfa-5486	216	16	rival	rival	NOUN
ajfa-5486	216	17	of	of	ADP
ajfa-5486	216	18	economic	economic	ADJ
ajfa-5486	216	19	value	value	NOUN
ajfa-5486	216	20	added	add	VERB
ajfa-5486	216	21	in	in	ADP
ajfa-5486	216	22	corporate	corporate	ADJ
ajfa-5486	216	23	performance	performance	NOUN
ajfa-5486	216	24	evaluation	evaluation	NOUN
ajfa-5486	216	25	comparison	comparison	NOUN
ajfa-5486	216	26	.	.	PUNCT
ajfa-5486	217	1	it	it	PRON
ajfa-5486	217	2	was	be	AUX
ajfa-5486	217	3	first	first	ADV
ajfa-5486	217	4	used	use	VERB
ajfa-5486	217	5	in	in	ADP
ajfa-5486	217	6	the	the	DET
ajfa-5486	217	7	1970s	1970	NOUN
ajfa-5486	217	8	by	by	ADP
ajfa-5486	217	9	callard	callard	NOUN
ajfa-5486	217	10	,	,	PUNCT
ajfa-5486	217	11	madden	madden	PROPN
ajfa-5486	217	12	&	&	CCONJ
ajfa-5486	217	13	associates	associates	PROPN
ajfa-5486	217	14	and	and	CCONJ
ajfa-5486	217	15	later	later	ADV
ajfa-5486	217	16	advanced	advance	VERB
ajfa-5486	217	17	by	by	ADP
ajfa-5486	217	18	holt	holt	PROPN
ajfa-5486	217	19	value	value	PROPN
ajfa-5486	217	20	associates	associate	NOUN
ajfa-5486	217	21	,	,	PUNCT
ajfa-5486	217	22	which	which	PRON
ajfa-5486	217	23	was	be	AUX
ajfa-5486	217	24	acquired	acquire	VERB
ajfa-5486	217	25	by	by	ADP
ajfa-5486	217	26	credit	credit	NOUN
ajfa-5486	217	27	suisse	suisse	NOUN
ajfa-5486	217	28	in	in	ADP
ajfa-5486	217	29	2002	2002	NUM
ajfa-5486	217	30	(	(	PUNCT
ajfa-5486	217	31	thomas	thomas	PROPN
ajfa-5486	217	32	&	&	CCONJ
ajfa-5486	217	33	gup	gup	PROPN
ajfa-5486	217	34	,	,	PUNCT
ajfa-5486	217	35	2009	2009	NUM
ajfa-5486	217	36	)	)	PUNCT
ajfa-5486	217	37	.	.	PUNCT
ajfa-5486	218	1	cash	cash	NOUN
ajfa-5486	218	2	flow	flow	NOUN
ajfa-5486	218	3	return	return	NOUN
ajfa-5486	218	4	on	on	ADP
ajfa-5486	218	5	investment	investment	NOUN
ajfa-5486	218	6	(	(	PUNCT
ajfa-5486	218	7	cfroi	cfroi	NOUN
ajfa-5486	218	8	)	)	PUNCT
ajfa-5486	218	9	is	be	AUX
ajfa-5486	218	10	defined	define	VERB
ajfa-5486	218	11	as	as	ADP
ajfa-5486	218	12	the	the	DET
ajfa-5486	218	13	sustainable	sustainable	ADJ
ajfa-5486	218	14	cash	cash	NOUN
ajfa-5486	218	15	flows	flow	VERB
ajfa-5486	218	16	that	that	SCONJ
ajfa-5486	218	17	a	a	DET
ajfa-5486	218	18	company	company	NOUN
ajfa-5486	218	19	generates	generate	VERB
ajfa-5486	218	20	in	in	ADP
ajfa-5486	218	21	a	a	DET
ajfa-5486	218	22	given	give	VERB
ajfa-5486	218	23	year	year	NOUN
ajfa-5486	218	24	as	as	ADP
ajfa-5486	218	25	percentage	percentage	NOUN
ajfa-5486	218	26	of	of	ADP
ajfa-5486	218	27	the	the	DET
ajfa-5486	218	28	cash	cash	NOUN
ajfa-5486	218	29	invested	invest	VERB
ajfa-5486	218	30	in	in	ADP
ajfa-5486	218	31	the	the	DET
ajfa-5486	218	32	company	company	NOUN
ajfa-5486	218	33	asset	asset	NOUN
ajfa-5486	218	34	(	(	PUNCT
ajfa-5486	218	35	erasmus	erasmus	PROPN
ajfa-5486	218	36	&	&	CCONJ
ajfa-5486	218	37	lambrechts	lambrechts	PROPN
ajfa-5486	218	38	,	,	PUNCT
ajfa-5486	218	39	2006	2006	NUM
ajfa-5486	218	40	)	)	PUNCT
ajfa-5486	218	41	.	.	PUNCT
ajfa-5486	219	1	cfroi	cfroi	NOUN
ajfa-5486	219	2	is	be	AUX
ajfa-5486	219	3	similar	similar	ADJ
ajfa-5486	219	4	to	to	ADP
ajfa-5486	219	5	accounting	accounting	NOUN
ajfa-5486	219	6	roi	roi	NOUN
ajfa-5486	219	7	,	,	PUNCT
ajfa-5486	219	8	but	but	CCONJ
ajfa-5486	219	9	it	it	PRON
ajfa-5486	219	10	is	be	AUX
ajfa-5486	219	11	calculated	calculate	VERB
ajfa-5486	219	12	by	by	ADP
ajfa-5486	219	13	dividing	divide	VERB
ajfa-5486	219	14	discounted	discount	VERB
ajfa-5486	219	15	future	future	ADJ
ajfa-5486	219	16	cash	cash	NOUN
ajfa-5486	219	17	flows	flow	NOUN
ajfa-5486	219	18	by	by	ADP
ajfa-5486	219	19	total	total	ADJ
ajfa-5486	219	20	capital	capital	NOUN
ajfa-5486	219	21	assets	asset	NOUN
ajfa-5486	219	22	.	.	PUNCT
ajfa-5486	220	1	asian	asian	ADJ
ajfa-5486	220	2	journal	journal	PROPN
ajfa-5486	220	3	of	of	ADP
ajfa-5486	220	4	finance	finance	PROPN
ajfa-5486	220	5	&	&	CCONJ
ajfa-5486	220	6	accounting	accounting	PROPN
ajfa-5486	220	7	issn	issn	PROPN
ajfa-5486	220	8	1946	1946	NUM
ajfa-5486	220	9	-	-	PUNCT
ajfa-5486	220	10	052x	052x	PROPN
ajfa-5486	220	11	2014	2014	NUM
ajfa-5486	220	12	,	,	PUNCT
ajfa-5486	220	13	vol	vol	NOUN
ajfa-5486	220	14	.	.	PROPN
ajfa-5486	221	1	6	6	NUM
ajfa-5486	221	2	,	,	PUNCT
ajfa-5486	221	3	no	no	INTJ
ajfa-5486	221	4	.	.	NOUN
ajfa-5486	221	5	1	1	NUM
ajfa-5486	221	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5486	221	7	281	281	NUM
ajfa-5486	221	8	cfroi	cfroi	NOUN
ajfa-5486	221	9	is	be	AUX
ajfa-5486	221	10	conceptually	conceptually	ADV
ajfa-5486	221	11	a	a	DET
ajfa-5486	221	12	simple	simple	ADJ
ajfa-5486	221	13	model	model	NOUN
ajfa-5486	221	14	and	and	CCONJ
ajfa-5486	221	15	is	be	AUX
ajfa-5486	221	16	not	not	PART
ajfa-5486	221	17	restricted	restrict	VERB
ajfa-5486	221	18	to	to	ADP
ajfa-5486	221	19	accounting	accounting	NOUN
ajfa-5486	221	20	standards	standard	NOUN
ajfa-5486	221	21	.	.	PUNCT
ajfa-5486	222	1	the	the	DET
ajfa-5486	222	2	discounted	discount	VERB
ajfa-5486	222	3	cashflows	cashflow	NOUN
ajfa-5486	222	4	represents	represent	VERB
ajfa-5486	222	5	future	future	ADJ
ajfa-5486	222	6	risk	risk	NOUN
ajfa-5486	222	7	as	as	SCONJ
ajfa-5486	222	8	it	it	PRON
ajfa-5486	222	9	uses	use	VERB
ajfa-5486	222	10	adjusted	adjust	VERB
ajfa-5486	222	11	discount	discount	NOUN
ajfa-5486	222	12	rate	rate	NOUN
ajfa-5486	222	13	and	and	CCONJ
ajfa-5486	222	14	are	be	AUX
ajfa-5486	222	15	easily	easily	ADV
ajfa-5486	222	16	comparable	comparable	ADJ
ajfa-5486	222	17	with	with	ADP
ajfa-5486	222	18	other	other	ADJ
ajfa-5486	222	19	firms	firm	NOUN
ajfa-5486	222	20	,	,	PUNCT
ajfa-5486	222	21	strategic	strategic	ADJ
ajfa-5486	222	22	business	business	NOUN
ajfa-5486	222	23	units	unit	NOUN
ajfa-5486	222	24	and	and	CCONJ
ajfa-5486	222	25	even	even	ADV
ajfa-5486	222	26	product	product	NOUN
ajfa-5486	222	27	lines	line	NOUN
ajfa-5486	222	28	(	(	PUNCT
ajfa-5486	222	29	dzama	dzama	NOUN
ajfa-5486	222	30	,	,	PUNCT
ajfa-5486	222	31	2003	2003	NUM
ajfa-5486	222	32	;	;	PUNCT
ajfa-5486	222	33	erasmus	erasmus	PROPN
ajfa-5486	222	34	&	&	CCONJ
ajfa-5486	222	35	lambrechts	lambrechts	PROPN
ajfa-5486	222	36	,	,	PUNCT
ajfa-5486	222	37	2006	2006	NUM
ajfa-5486	222	38	)	)	PUNCT
ajfa-5486	222	39	.	.	PUNCT
ajfa-5486	223	1	the	the	DET
ajfa-5486	223	2	cfroi	cfroi	NOUN
ajfa-5486	223	3	model	model	NOUN
ajfa-5486	223	4	gets	get	VERB
ajfa-5486	223	5	around	around	ADP
ajfa-5486	223	6	accounting	accounting	NOUN
ajfa-5486	223	7	distortions	distortion	NOUN
ajfa-5486	223	8	and	and	CCONJ
ajfa-5486	223	9	enables	enable	VERB
ajfa-5486	223	10	comparison	comparison	NOUN
ajfa-5486	223	11	among	among	ADP
ajfa-5486	223	12	different	different	ADJ
ajfa-5486	223	13	firms	firm	NOUN
ajfa-5486	223	14	and	and	CCONJ
ajfa-5486	223	15	industries	industry	NOUN
ajfa-5486	223	16	(	(	PUNCT
ajfa-5486	223	17	dzama	dzama	NOUN
ajfa-5486	223	18	,	,	PUNCT
ajfa-5486	223	19	2003	2003	NUM
ajfa-5486	223	20	;	;	PUNCT
ajfa-5486	223	21	young	young	PROPN
ajfa-5486	223	22	&	&	CCONJ
ajfa-5486	223	23	o'byrne	o'byrne	PROPN
ajfa-5486	223	24	,	,	PUNCT
ajfa-5486	223	25	2001	2001	NUM
ajfa-5486	223	26	)	)	PUNCT
ajfa-5486	223	27	.	.	PUNCT
ajfa-5486	224	1	=	=	PUNCT
ajfa-5486	224	2	ℎ	ℎ	X
ajfa-5486	225	1	−	−	NOUN
ajfa-5486	225	2	where	where	SCONJ
ajfa-5486	225	3	cash	cash	NOUN
ajfa-5486	225	4	flow	flow	NOUN
ajfa-5486	225	5	is	be	AUX
ajfa-5486	225	6	gross	gross	ADJ
ajfa-5486	225	7	operation	operation	NOUN
ajfa-5486	225	8	cash	cash	NOUN
ajfa-5486	225	9	flow	flow	NOUN
ajfa-5486	225	10	,	,	PUNCT
ajfa-5486	225	11	economic	economic	ADJ
ajfa-5486	225	12	depreciation	depreciation	NOUN
ajfa-5486	225	13	is	be	AUX
ajfa-5486	225	14	the	the	DET
ajfa-5486	225	15	cost	cost	NOUN
ajfa-5486	225	16	of	of	ADP
ajfa-5486	225	17	depreciable	depreciable	ADJ
ajfa-5486	225	18	assets	asset	NOUN
ajfa-5486	225	19	consumed	consume	VERB
ajfa-5486	225	20	during	during	ADP
ajfa-5486	225	21	a	a	DET
ajfa-5486	225	22	year	year	NOUN
ajfa-5486	225	23	,	,	PUNCT
ajfa-5486	225	24	expressed	express	VERB
ajfa-5486	225	25	in	in	ADP
ajfa-5486	225	26	terms	term	NOUN
ajfa-5486	225	27	of	of	ADP
ajfa-5486	225	28	opportunity	opportunity	NOUN
ajfa-5486	225	29	cost	cost	NOUN
ajfa-5486	225	30	of	of	ADP
ajfa-5486	225	31	the	the	DET
ajfa-5486	225	32	original	original	ADJ
ajfa-5486	225	33	investment	investment	NOUN
ajfa-5486	225	34	.	.	PUNCT
ajfa-5486	226	1	according	accord	VERB
ajfa-5486	226	2	to	to	ADP
ajfa-5486	226	3	martin	martin	PROPN
ajfa-5486	226	4	and	and	CCONJ
ajfa-5486	226	5	petty	petty	ADJ
ajfa-5486	226	6	(	(	PUNCT
ajfa-5486	226	7	2000	2000	NUM
ajfa-5486	226	8	)	)	PUNCT
ajfa-5486	226	9	economic	economic	ADJ
ajfa-5486	226	10	depreciation	depreciation	NOUN
ajfa-5486	226	11	=	=	PUNCT
ajfa-5486	226	12	(	(	PUNCT
ajfa-5486	226	13	1	1	NUM
ajfa-5486	226	14	+	+	CCONJ
ajfa-5486	226	15	)	)	PUNCT
ajfa-5486	226	16	−	−	PROPN
ajfa-5486	226	17	1	1	NUM
ajfa-5486	226	18	where	where	SCONJ
ajfa-5486	226	19	wacc	wacc	PROPN
ajfa-5486	226	20	is	be	AUX
ajfa-5486	226	21	weighted	weight	VERB
ajfa-5486	226	22	average	average	ADJ
ajfa-5486	226	23	cost	cost	NOUN
ajfa-5486	226	24	of	of	ADP
ajfa-5486	226	25	capital	capital	NOUN
ajfa-5486	226	26	and	and	CCONJ
ajfa-5486	226	27	t	t	PROPN
ajfa-5486	226	28	is	be	AUX
ajfa-5486	226	29	asset	asset	NOUN
ajfa-5486	226	30	life	life	NOUN
ajfa-5486	226	31	.	.	PUNCT
ajfa-5486	227	1	cfroi	cfroi	NOUN
ajfa-5486	227	2	indicates	indicate	VERB
ajfa-5486	227	3	whether	whether	SCONJ
ajfa-5486	227	4	the	the	DET
ajfa-5486	227	5	company	company	NOUN
ajfa-5486	227	6	has	have	AUX
ajfa-5486	227	7	earned	earn	VERB
ajfa-5486	227	8	returns	return	NOUN
ajfa-5486	227	9	superior	superior	ADJ
ajfa-5486	227	10	to	to	ADP
ajfa-5486	227	11	its	its	PRON
ajfa-5486	227	12	cost	cost	NOUN
ajfa-5486	227	13	of	of	ADP
ajfa-5486	227	14	capital	capital	NOUN
ajfa-5486	227	15	and	and	CCONJ
ajfa-5486	227	16	thus	thus	ADV
ajfa-5486	227	17	created	create	VERB
ajfa-5486	227	18	value	value	NOUN
ajfa-5486	227	19	for	for	ADP
ajfa-5486	227	20	its	its	PRON
ajfa-5486	227	21	shareholders	shareholder	NOUN
ajfa-5486	227	22	.	.	PUNCT
ajfa-5486	228	1	in	in	ADP
ajfa-5486	228	2	this	this	DET
ajfa-5486	228	3	sense	sense	NOUN
ajfa-5486	228	4	,	,	PUNCT
ajfa-5486	228	5	it	it	PRON
ajfa-5486	228	6	shows	show	VERB
ajfa-5486	228	7	an	an	DET
ajfa-5486	228	8	important	important	ADJ
ajfa-5486	228	9	similarity	similarity	NOUN
ajfa-5486	228	10	to	to	ADP
ajfa-5486	228	11	eva	eva	PROPN
ajfa-5486	228	12	.	.	PUNCT
ajfa-5486	229	1	both	both	DET
ajfa-5486	229	2	measures	measure	NOUN
ajfa-5486	229	3	assume	assume	VERB
ajfa-5486	229	4	that	that	SCONJ
ajfa-5486	229	5	management	management	NOUN
ajfa-5486	229	6	creates	create	VERB
ajfa-5486	229	7	value	value	NOUN
ajfa-5486	229	8	by	by	ADP
ajfa-5486	229	9	earning	earn	VERB
ajfa-5486	229	10	returns	return	NOUN
ajfa-5486	229	11	on	on	ADP
ajfa-5486	229	12	invested	invest	VERB
ajfa-5486	229	13	capital	capital	NOUN
ajfa-5486	229	14	greater	great	ADJ
ajfa-5486	229	15	than	than	ADP
ajfa-5486	229	16	the	the	DET
ajfa-5486	229	17	cost	cost	NOUN
ajfa-5486	229	18	of	of	ADP
ajfa-5486	229	19	capital	capital	NOUN
ajfa-5486	229	20	.	.	PUNCT
ajfa-5486	230	1	for	for	ADP
ajfa-5486	230	2	the	the	DET
ajfa-5486	230	3	owners	owner	NOUN
ajfa-5486	230	4	of	of	ADP
ajfa-5486	230	5	the	the	DET
ajfa-5486	230	6	company	company	NOUN
ajfa-5486	230	7	or	or	CCONJ
ajfa-5486	230	8	shareholders	shareholder	NOUN
ajfa-5486	230	9	,	,	PUNCT
ajfa-5486	230	10	high	high	ADJ
ajfa-5486	230	11	cfroi	cfroi	NOUN
ajfa-5486	230	12	is	be	AUX
ajfa-5486	230	13	an	an	DET
ajfa-5486	230	14	advantage	advantage	NOUN
ajfa-5486	230	15	because	because	SCONJ
ajfa-5486	230	16	less	less	ADJ
ajfa-5486	230	17	money	money	NOUN
ajfa-5486	230	18	has	have	VERB
ajfa-5486	230	19	to	to	PART
ajfa-5486	230	20	be	be	AUX
ajfa-5486	230	21	invested	invest	VERB
ajfa-5486	230	22	to	to	PART
ajfa-5486	230	23	generate	generate	VERB
ajfa-5486	230	24	future	future	ADJ
ajfa-5486	230	25	growth	growth	NOUN
ajfa-5486	230	26	.	.	PUNCT
ajfa-5486	231	1	5	5	X
ajfa-5486	231	2	.	.	X
ajfa-5486	231	3	methodology	methodology	NOUN
ajfa-5486	231	4	to	to	PART
ajfa-5486	231	5	decide	decide	VERB
ajfa-5486	231	6	whether	whether	SCONJ
ajfa-5486	231	7	afp	afp	PROPN
ajfa-5486	231	8	or	or	CCONJ
ajfa-5486	231	9	mfp	mfp	PROPN
ajfa-5486	231	10	can	can	AUX
ajfa-5486	231	11	explain	explain	VERB
ajfa-5486	231	12	variance	variance	NOUN
ajfa-5486	231	13	in	in	ADP
ajfa-5486	231	14	share	share	NOUN
ajfa-5486	231	15	prices	price	NOUN
ajfa-5486	231	16	,	,	PUNCT
ajfa-5486	231	17	this	this	DET
ajfa-5486	231	18	study	study	NOUN
ajfa-5486	231	19	selected	select	VERB
ajfa-5486	231	20	asx	asx	NOUN
ajfa-5486	231	21	200	200	NUM
ajfa-5486	231	22	listed	list	VERB
ajfa-5486	231	23	companies	company	NOUN
ajfa-5486	231	24	from	from	ADP
ajfa-5486	231	25	2001	2001	NUM
ajfa-5486	231	26	to	to	ADP
ajfa-5486	231	27	2010	2010	NUM
ajfa-5486	231	28	.	.	PUNCT
ajfa-5486	232	1	the	the	DET
ajfa-5486	232	2	majority	majority	NOUN
ajfa-5486	232	3	of	of	ADP
ajfa-5486	232	4	australian	australian	ADJ
ajfa-5486	232	5	companies	company	NOUN
ajfa-5486	232	6	use	use	VERB
ajfa-5486	232	7	december	december	PROPN
ajfa-5486	232	8	as	as	ADP
ajfa-5486	232	9	year	year	NOUN
ajfa-5486	232	10	-	-	PUNCT
ajfa-5486	232	11	end	end	NOUN
ajfa-5486	232	12	for	for	ADP
ajfa-5486	232	13	their	their	PRON
ajfa-5486	232	14	reporting	reporting	NOUN
ajfa-5486	232	15	year	year	NOUN
ajfa-5486	232	16	.	.	PUNCT
ajfa-5486	233	1	some	some	PRON
ajfa-5486	233	2	of	of	ADP
ajfa-5486	233	3	the	the	DET
ajfa-5486	233	4	listed	list	VERB
ajfa-5486	233	5	companies	company	NOUN
ajfa-5486	233	6	also	also	ADV
ajfa-5486	233	7	report	report	VERB
ajfa-5486	233	8	voluntary	voluntary	ADJ
ajfa-5486	233	9	semi	semi	ADJ
ajfa-5486	233	10	-	-	ADJ
ajfa-5486	233	11	annual	annual	ADJ
ajfa-5486	233	12	financial	financial	ADJ
ajfa-5486	233	13	statements	statement	NOUN
ajfa-5486	233	14	to	to	ADP
ajfa-5486	233	15	their	their	PRON
ajfa-5486	233	16	stakeholders	stakeholder	NOUN
ajfa-5486	233	17	.	.	PUNCT
ajfa-5486	234	1	we	we	PRON
ajfa-5486	234	2	do	do	AUX
ajfa-5486	234	3	not	not	PART
ajfa-5486	234	4	use	use	VERB
ajfa-5486	234	5	these	these	DET
ajfa-5486	234	6	financial	financial	ADJ
ajfa-5486	234	7	reports	report	NOUN
ajfa-5486	234	8	because	because	SCONJ
ajfa-5486	234	9	of	of	ADP
ajfa-5486	234	10	their	their	PRON
ajfa-5486	234	11	tentative	tentative	ADJ
ajfa-5486	234	12	type	type	NOUN
ajfa-5486	234	13	of	of	ADP
ajfa-5486	234	14	information	information	NOUN
ajfa-5486	234	15	.	.	PUNCT
ajfa-5486	235	1	we	we	PRON
ajfa-5486	235	2	used	use	VERB
ajfa-5486	235	3	consolidated	consolidated	ADJ
ajfa-5486	235	4	financial	financial	ADJ
ajfa-5486	235	5	reports	report	NOUN
ajfa-5486	235	6	of	of	ADP
ajfa-5486	235	7	parents	parent	NOUN
ajfa-5486	235	8	companies	company	NOUN
ajfa-5486	235	9	as	as	ADP
ajfa-5486	235	10	in	in	ADP
ajfa-5486	235	11	forecasting	forecast	VERB
ajfa-5486	235	12	context	context	NOUN
ajfa-5486	235	13	parent	parent	NOUN
ajfa-5486	235	14	company	company	NOUN
ajfa-5486	235	15	accounting	accounting	NOUN
ajfa-5486	235	16	information	information	NOUN
ajfa-5486	235	17	is	be	AUX
ajfa-5486	235	18	most	most	ADV
ajfa-5486	235	19	relevant	relevant	ADJ
ajfa-5486	235	20	and	and	CCONJ
ajfa-5486	235	21	have	have	VERB
ajfa-5486	235	22	more	more	ADJ
ajfa-5486	235	23	influence	influence	NOUN
ajfa-5486	235	24	on	on	ADP
ajfa-5486	235	25	stock	stock	NOUN
ajfa-5486	235	26	prices	price	NOUN
ajfa-5486	235	27	(	(	PUNCT
ajfa-5486	235	28	darrough	darrough	PROPN
ajfa-5486	235	29	&	&	CCONJ
ajfa-5486	235	30	harris	harris	PROPN
ajfa-5486	235	31	,	,	PUNCT
ajfa-5486	235	32	1991	1991	NUM
ajfa-5486	235	33	)	)	PUNCT
ajfa-5486	235	34	.	.	PUNCT
ajfa-5486	236	1	we	we	PRON
ajfa-5486	236	2	dropped	drop	VERB
ajfa-5486	236	3	companies	company	NOUN
ajfa-5486	236	4	with	with	ADP
ajfa-5486	236	5	insufficient	insufficient	ADJ
ajfa-5486	236	6	financial	financial	ADJ
ajfa-5486	236	7	data	datum	NOUN
ajfa-5486	236	8	and	and	CCONJ
ajfa-5486	236	9	retained	retain	VERB
ajfa-5486	236	10	only	only	ADV
ajfa-5486	236	11	those	those	DET
ajfa-5486	236	12	companies	company	NOUN
ajfa-5486	236	13	that	that	PRON
ajfa-5486	236	14	have	have	VERB
ajfa-5486	236	15	at	at	ADV
ajfa-5486	236	16	least	least	ADV
ajfa-5486	236	17	four	four	NUM
ajfa-5486	236	18	consecutive	consecutive	ADJ
ajfa-5486	236	19	years	year	NOUN
ajfa-5486	236	20	data	datum	NOUN
ajfa-5486	236	21	.	.	PUNCT
ajfa-5486	237	1	in	in	ADP
ajfa-5486	237	2	our	our	PRON
ajfa-5486	237	3	final	final	ADJ
ajfa-5486	237	4	sample	sample	NOUN
ajfa-5486	237	5	we	we	PRON
ajfa-5486	237	6	ended	end	VERB
ajfa-5486	237	7	up	up	ADP
ajfa-5486	237	8	with	with	ADP
ajfa-5486	237	9	164	164	NUM
ajfa-5486	237	10	companies	company	NOUN
ajfa-5486	237	11	from	from	ADP
ajfa-5486	237	12	ten	ten	NUM
ajfa-5486	237	13	different	different	ADJ
ajfa-5486	237	14	sectors	sector	NOUN
ajfa-5486	237	15	as	as	SCONJ
ajfa-5486	237	16	shown	show	VERB
ajfa-5486	237	17	in	in	ADP
ajfa-5486	237	18	table	table	NOUN
ajfa-5486	237	19	1	1	NUM
ajfa-5486	237	20	.	.	PUNCT
ajfa-5486	237	21	asian	asian	ADJ
ajfa-5486	237	22	journal	journal	PROPN
ajfa-5486	237	23	of	of	ADP
ajfa-5486	237	24	finance	finance	PROPN
ajfa-5486	237	25	&	&	CCONJ
ajfa-5486	237	26	accounting	accounting	PROPN
ajfa-5486	237	27	issn	issn	PROPN
ajfa-5486	237	28	1946	1946	NUM
ajfa-5486	237	29	-	-	PUNCT
ajfa-5486	237	30	052x	052x	PROPN
ajfa-5486	237	31	2014	2014	NUM
ajfa-5486	237	32	,	,	PUNCT
ajfa-5486	237	33	vol	vol	NOUN
ajfa-5486	237	34	.	.	PROPN
ajfa-5486	238	1	6	6	NUM
ajfa-5486	238	2	,	,	PUNCT
ajfa-5486	238	3	no	no	INTJ
ajfa-5486	238	4	.	.	NOUN
ajfa-5486	238	5	1	1	NUM
ajfa-5486	238	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	238	7	282	282	NUM
ajfa-5486	238	8	table	table	NOUN
ajfa-5486	238	9	1	1	NUM
ajfa-5486	238	10	.	.	PUNCT
ajfa-5486	238	11	sample	sample	NOUN
ajfa-5486	238	12	composition	composition	NOUN
ajfa-5486	238	13	industry	industry	NOUN
ajfa-5486	238	14	name	name	NOUN
ajfa-5486	238	15	code	code	NOUN
ajfa-5486	238	16	number	number	NOUN
ajfa-5486	238	17	of	of	ADP
ajfa-5486	238	18	companies	company	NOUN
ajfa-5486	238	19	basic	basic	ADJ
ajfa-5486	238	20	materials	material	NOUN
ajfa-5486	238	21	1	1	NUM
ajfa-5486	238	22	43	43	NUM
ajfa-5486	238	23	consumer	consumer	NOUN
ajfa-5486	238	24	goods	good	NOUN
ajfa-5486	238	25	2	2	NUM
ajfa-5486	238	26	07	07	NUM
ajfa-5486	238	27	consumer	consumer	NOUN
ajfa-5486	238	28	services	service	NOUN
ajfa-5486	238	29	3	3	NUM
ajfa-5486	238	30	22	22	NUM
ajfa-5486	238	31	financials	financial	NOUN
ajfa-5486	238	32	4	4	NUM
ajfa-5486	238	33	32	32	NUM
ajfa-5486	238	34	health	health	NOUN
ajfa-5486	238	35	care	care	NOUN
ajfa-5486	238	36	5	5	NUM
ajfa-5486	238	37	08	08	NUM
ajfa-5486	238	38	industrials	industrial	NOUN
ajfa-5486	238	39	6	6	NUM
ajfa-5486	238	40	26	26	NUM
ajfa-5486	238	41	oil	oil	NOUN
ajfa-5486	238	42	&	&	CCONJ
ajfa-5486	238	43	gas	gas	NOUN
ajfa-5486	238	44	7	7	NUM
ajfa-5486	238	45	14	14	NUM
ajfa-5486	238	46	technology	technology	NOUN
ajfa-5486	238	47	8	8	NUM
ajfa-5486	238	48	02	02	NUM
ajfa-5486	238	49	telecommunications	telecommunication	NOUN
ajfa-5486	238	50	9	9	NUM
ajfa-5486	238	51	03	03	NUM
ajfa-5486	238	52	utilities	utility	NOUN
ajfa-5486	238	53	10	10	NUM
ajfa-5486	238	54	07	07	NUM
ajfa-5486	238	55	total	total	NOUN
ajfa-5486	238	56	164	164	NUM
ajfa-5486	238	57	the	the	DET
ajfa-5486	238	58	information	information	NOUN
ajfa-5486	238	59	required	require	VERB
ajfa-5486	238	60	to	to	PART
ajfa-5486	238	61	calculate	calculate	VERB
ajfa-5486	238	62	accounting	accounting	NOUN
ajfa-5486	238	63	and	and	CCONJ
ajfa-5486	238	64	market	market	NOUN
ajfa-5486	238	65	based	base	VERB
ajfa-5486	238	66	financial	financial	ADJ
ajfa-5486	238	67	measures	measure	NOUN
ajfa-5486	238	68	are	be	AUX
ajfa-5486	238	69	downloaded	download	VERB
ajfa-5486	238	70	from	from	ADP
ajfa-5486	238	71	datastream	datastream	ADJ
ajfa-5486	238	72	database	database	NOUN
ajfa-5486	238	73	.	.	PUNCT
ajfa-5486	239	1	the	the	DET
ajfa-5486	239	2	dependent	dependent	ADJ
ajfa-5486	239	3	variable	variable	NOUN
ajfa-5486	239	4	,	,	PUNCT
ajfa-5486	239	5	stock	stock	NOUN
ajfa-5486	239	6	return	return	NOUN
ajfa-5486	239	7	is	be	AUX
ajfa-5486	239	8	calculated	calculate	VERB
ajfa-5486	239	9	as	as	ADP
ajfa-5486	239	10	change	change	NOUN
ajfa-5486	239	11	in	in	ADP
ajfa-5486	239	12	year	year	NOUN
ajfa-5486	239	13	-	-	PUNCT
ajfa-5486	239	14	end	end	NOUN
ajfa-5486	239	15	price	price	NOUN
ajfa-5486	239	16	divided	divide	VERB
ajfa-5486	239	17	by	by	ADP
ajfa-5486	239	18	last	last	ADJ
ajfa-5486	239	19	year	year	NOUN
ajfa-5486	239	20	price	price	NOUN
ajfa-5486	239	21	.	.	PUNCT
ajfa-5486	240	1	all	all	DET
ajfa-5486	240	2	prices	price	NOUN
ajfa-5486	240	3	are	be	AUX
ajfa-5486	240	4	adjusted	adjust	VERB
ajfa-5486	240	5	for	for	ADP
ajfa-5486	240	6	dividend	dividend	NOUN
ajfa-5486	240	7	and	and	CCONJ
ajfa-5486	240	8	taken	take	VERB
ajfa-5486	240	9	from	from	ADP
ajfa-5486	240	10	datastream	datastream	ADJ
ajfa-5486	240	11	database	database	NOUN
ajfa-5486	240	12	.	.	PUNCT
ajfa-5486	241	1	correlation	correlation	NOUN
ajfa-5486	241	2	coefficients	coefficient	NOUN
ajfa-5486	241	3	among	among	ADP
ajfa-5486	241	4	dependant	dependant	ADJ
ajfa-5486	241	5	and	and	CCONJ
ajfa-5486	241	6	independent	independent	ADJ
ajfa-5486	241	7	variables	variable	NOUN
ajfa-5486	241	8	are	be	AUX
ajfa-5486	241	9	shown	show	VERB
ajfa-5486	241	10	in	in	ADP
ajfa-5486	241	11	table	table	NOUN
ajfa-5486	241	12	2	2	NUM
ajfa-5486	241	13	.	.	PUNCT
ajfa-5486	242	1	we	we	PRON
ajfa-5486	242	2	estimated	estimate	VERB
ajfa-5486	242	3	five	five	NUM
ajfa-5486	242	4	different	different	ADJ
ajfa-5486	242	5	models	model	NOUN
ajfa-5486	242	6	for	for	ADP
ajfa-5486	242	7	each	each	PRON
ajfa-5486	242	8	of	of	ADP
ajfa-5486	242	9	the	the	DET
ajfa-5486	242	10	accounting	accounting	NOUN
ajfa-5486	242	11	as	as	ADV
ajfa-5486	242	12	well	well	ADV
ajfa-5486	242	13	as	as	ADP
ajfa-5486	242	14	market	market	NOUN
ajfa-5486	242	15	based	base	VERB
ajfa-5486	242	16	measures	measure	NOUN
ajfa-5486	242	17	of	of	ADP
ajfa-5486	242	18	financial	financial	ADJ
ajfa-5486	242	19	performance	performance	NOUN
ajfa-5486	242	20	:	:	PUNCT
ajfa-5486	242	21	(	(	PUNCT
ajfa-5486	242	22	1	1	X
ajfa-5486	242	23	)	)	PUNCT
ajfa-5486	242	24	a	a	DET
ajfa-5486	242	25	simple	simple	ADJ
ajfa-5486	242	26	ols	ol	NOUN
ajfa-5486	242	27	model	model	NOUN
ajfa-5486	242	28	(	(	PUNCT
ajfa-5486	242	29	model_1	model_1	NOUN
ajfa-5486	242	30	)	)	PUNCT
ajfa-5486	242	31	,	,	PUNCT
ajfa-5486	242	32	(	(	PUNCT
ajfa-5486	242	33	2	2	X
ajfa-5486	242	34	)	)	PUNCT
ajfa-5486	242	35	cross	cross	ADJ
ajfa-5486	242	36	-	-	ADJ
ajfa-5486	242	37	sectional	sectional	ADJ
ajfa-5486	242	38	fixed	fix	VERB
ajfa-5486	242	39	model	model	NOUN
ajfa-5486	242	40	(	(	PUNCT
ajfa-5486	242	41	model_2	model_2	PROPN
ajfa-5486	242	42	)	)	PUNCT
ajfa-5486	242	43	,	,	PUNCT
ajfa-5486	242	44	(	(	PUNCT
ajfa-5486	242	45	3	3	X
ajfa-5486	242	46	)	)	PUNCT
ajfa-5486	242	47	cross	cross	ADJ
ajfa-5486	242	48	-	-	ADJ
ajfa-5486	242	49	sectional	sectional	ADJ
ajfa-5486	242	50	random	random	ADJ
ajfa-5486	242	51	model	model	NOUN
ajfa-5486	242	52	(	(	PUNCT
ajfa-5486	242	53	model_3	model_3	NOUN
ajfa-5486	242	54	)	)	PUNCT
ajfa-5486	242	55	,	,	PUNCT
ajfa-5486	242	56	(	(	PUNCT
ajfa-5486	242	57	4	4	X
ajfa-5486	242	58	)	)	PUNCT
ajfa-5486	242	59	cross	cross	ADJ
ajfa-5486	242	60	-	-	ADJ
ajfa-5486	242	61	sectional	sectional	ADJ
ajfa-5486	242	62	and	and	CCONJ
ajfa-5486	242	63	years	year	NOUN
ajfa-5486	242	64	fixed	fix	VERB
ajfa-5486	242	65	model	model	NOUN
ajfa-5486	242	66	(	(	PUNCT
ajfa-5486	242	67	model_4	model_4	PROPN
ajfa-5486	242	68	)	)	PUNCT
ajfa-5486	242	69	,	,	PUNCT
ajfa-5486	242	70	and	and	CCONJ
ajfa-5486	242	71	(	(	PUNCT
ajfa-5486	242	72	5	5	X
ajfa-5486	242	73	)	)	PUNCT
ajfa-5486	242	74	cross	cross	ADJ
ajfa-5486	242	75	-	-	ADJ
ajfa-5486	242	76	sectional	sectional	ADJ
ajfa-5486	242	77	and	and	CCONJ
ajfa-5486	242	78	years	year	NOUN
ajfa-5486	242	79	random	random	ADJ
ajfa-5486	242	80	model	model	NOUN
ajfa-5486	242	81	(	(	PUNCT
ajfa-5486	242	82	model_5	model_5	ADJ
ajfa-5486	242	83	)	)	PUNCT
ajfa-5486	242	84	.	.	PUNCT
ajfa-5486	243	1	a	a	DET
ajfa-5486	243	2	simple	simple	ADJ
ajfa-5486	243	3	model	model	NOUN
ajfa-5486	243	4	for	for	ADP
ajfa-5486	243	5	accounting	accounting	NOUN
ajfa-5486	243	6	based	base	VERB
ajfa-5486	243	7	information	information	NOUN
ajfa-5486	243	8	is	be	AUX
ajfa-5486	243	9	as	as	SCONJ
ajfa-5486	243	10	follows	follow	VERB
ajfa-5486	243	11	.	.	PUNCT
ajfa-5486	244	1	=	=	PUNCT
ajfa-5486	245	1	+	+	PUNCT
ajfa-5486	246	1	+	+	PUNCT
ajfa-5486	246	2	+	+	PUNCT
ajfa-5486	246	3	+	+	PUNCT
ajfa-5486	246	4	+	+	PUNCT
ajfa-5486	246	5	+	+	X
ajfa-5486	246	6	+	+	CCONJ
ajfa-5486	246	7	where	where	SCONJ
ajfa-5486	246	8	adjretit	adjretit	NOUN
ajfa-5486	246	9	is	be	AUX
ajfa-5486	246	10	the	the	DET
ajfa-5486	246	11	dividend	dividend	NOUN
ajfa-5486	246	12	adjusted	adjust	VERB
ajfa-5486	246	13	stock	stock	NOUN
ajfa-5486	246	14	return	return	NOUN
ajfa-5486	246	15	,	,	PUNCT
ajfa-5486	246	16	roa	roa	PROPN
ajfa-5486	246	17	is	be	AUX
ajfa-5486	246	18	return	return	NOUN
ajfa-5486	246	19	on	on	ADP
ajfa-5486	246	20	assets	asset	NOUN
ajfa-5486	246	21	,	,	PUNCT
ajfa-5486	246	22	roe	roe	PROPN
ajfa-5486	246	23	is	be	AUX
ajfa-5486	246	24	return	return	NOUN
ajfa-5486	246	25	on	on	ADP
ajfa-5486	246	26	equity	equity	NOUN
ajfa-5486	246	27	,	,	PUNCT
ajfa-5486	246	28	eps	eps	PROPN
ajfa-5486	246	29	is	be	AUX
ajfa-5486	246	30	earning	earn	VERB
ajfa-5486	246	31	per	per	ADP
ajfa-5486	246	32	share	share	NOUN
ajfa-5486	246	33	,	,	PUNCT
ajfa-5486	246	34	fcf	fcf	PROPN
ajfa-5486	246	35	is	be	AUX
ajfa-5486	246	36	free	free	ADJ
ajfa-5486	246	37	cashflows	cashflow	NOUN
ajfa-5486	246	38	,	,	PUNCT
ajfa-5486	246	39	por	por	NOUN
ajfa-5486	246	40	is	be	AUX
ajfa-5486	246	41	dividend	dividend	NOUN
ajfa-5486	246	42	pay	pay	VERB
ajfa-5486	246	43	-	-	PUNCT
ajfa-5486	246	44	out	out	ADP
ajfa-5486	246	45	ratio	ratio	NOUN
ajfa-5486	246	46	,	,	PUNCT
ajfa-5486	246	47	size	size	NOUN
ajfa-5486	246	48	is	be	AUX
ajfa-5486	246	49	the	the	DET
ajfa-5486	246	50	log	log	NOUN
ajfa-5486	246	51	of	of	ADP
ajfa-5486	246	52	total	total	ADJ
ajfa-5486	246	53	assets	asset	NOUN
ajfa-5486	246	54	,	,	PUNCT
ajfa-5486	246	55	i=1,2,	i=1,2,	NOUN
ajfa-5486	246	56	…	…	SYM
ajfa-5486	246	57	,m	,m	PUNCT
ajfa-5486	246	58	cross	cross	VERB
ajfa-5486	246	59	sectional	sectional	ADJ
ajfa-5486	246	60	unit	unit	NOUN
ajfa-5486	246	61	(	(	PUNCT
ajfa-5486	246	62	companies	company	NOUN
ajfa-5486	246	63	)	)	PUNCT
ajfa-5486	246	64	for	for	ADP
ajfa-5486	246	65	periods	period	NOUN
ajfa-5486	246	66	t=1,2,	t=1,2,	ADP
ajfa-5486	246	67	…	…	PUNCT
ajfa-5486	246	68	..	..	PUNCT
ajfa-5486	246	69	,t	,t	X
ajfa-5486	246	70	.	.	PUNCT
ajfa-5486	247	1	ɛ	ɛ	PROPN
ajfa-5486	247	2	is	be	AUX
ajfa-5486	247	3	error	error	NOUN
ajfa-5486	247	4	term	term	NOUN
ajfa-5486	247	5	with	with	ADP
ajfa-5486	247	6	assumption	assumption	NOUN
ajfa-5486	247	7	of	of	ADP
ajfa-5486	247	8	ɛit	ɛit	NOUN
ajfa-5486	247	9	~n(0,σ2	~n(0,σ2	NUM
ajfa-5486	247	10	ɛ	ɛ	PROPN
ajfa-5486	247	11	)	)	PUNCT
ajfa-5486	247	12	.	.	PUNCT
ajfa-5486	248	1	a	a	DET
ajfa-5486	248	2	similar	similar	ADJ
ajfa-5486	248	3	linear	linear	NOUN
ajfa-5486	248	4	model	model	NOUN
ajfa-5486	248	5	is	be	AUX
ajfa-5486	248	6	also	also	ADV
ajfa-5486	248	7	estimated	estimate	VERB
ajfa-5486	248	8	for	for	ADP
ajfa-5486	248	9	market	market	NOUN
ajfa-5486	248	10	based	base	VERB
ajfa-5486	248	11	related	relate	VERB
ajfa-5486	248	12	performance	performance	NOUN
ajfa-5486	248	13	measures	measure	NOUN
ajfa-5486	248	14	.	.	PUNCT
ajfa-5486	249	1	=	=	PUNCT
ajfa-5486	250	1	+	+	CCONJ
ajfa-5486	250	2	2	2	NUM
ajfa-5486	251	1	+	+	CCONJ
ajfa-5486	251	2	+	+	NUM
ajfa-5486	251	3	2	2	NUM
ajfa-5486	251	4	+	+	CCONJ
ajfa-5486	251	5	+	+	PUNCT
ajfa-5486	252	1	+	+	X
ajfa-5486	252	2	+	+	CCONJ
ajfa-5486	252	3	where	where	SCONJ
ajfa-5486	252	4	adjretit	adjretit	NOUN
ajfa-5486	252	5	is	be	AUX
ajfa-5486	252	6	the	the	DET
ajfa-5486	252	7	dividend	dividend	NOUN
ajfa-5486	252	8	adjusted	adjust	VERB
ajfa-5486	252	9	stock	stock	NOUN
ajfa-5486	252	10	return	return	NOUN
ajfa-5486	252	11	,	,	PUNCT
ajfa-5486	252	12	p2e	p2e	PROPN
ajfa-5486	252	13	is	be	AUX
ajfa-5486	252	14	price	price	NOUN
ajfa-5486	252	15	to	to	ADP
ajfa-5486	252	16	earnings	earning	NOUN
ajfa-5486	252	17	ratio	ratio	NOUN
ajfa-5486	252	18	,	,	PUNCT
ajfa-5486	252	19	tbq	tbq	NOUN
ajfa-5486	252	20	is	be	AUX
ajfa-5486	252	21	tobin	tobin	NOUN
ajfa-5486	252	22	’s	’s	PART
ajfa-5486	252	23	q	q	NOUN
ajfa-5486	252	24	,	,	PUNCT
ajfa-5486	252	25	m2b	m2b	NOUN
ajfa-5486	252	26	is	be	AUX
ajfa-5486	252	27	market	market	NOUN
ajfa-5486	252	28	to	to	ADP
ajfa-5486	252	29	book	book	NOUN
ajfa-5486	252	30	ratio	ratio	NOUN
ajfa-5486	252	31	,	,	PUNCT
ajfa-5486	252	32	mva	mva	NOUN
ajfa-5486	252	33	is	be	AUX
ajfa-5486	252	34	market	market	NOUN
ajfa-5486	252	35	value	value	NOUN
ajfa-5486	252	36	added	add	VERB
ajfa-5486	252	37	,	,	PUNCT
ajfa-5486	252	38	cfroi	cfroi	NOUN
ajfa-5486	252	39	is	be	AUX
ajfa-5486	252	40	cash	cash	NOUN
ajfa-5486	252	41	flow	flow	NOUN
ajfa-5486	252	42	return	return	NOUN
ajfa-5486	252	43	on	on	ADP
ajfa-5486	252	44	investment	investment	NOUN
ajfa-5486	252	45	,	,	PUNCT
ajfa-5486	252	46	size	size	NOUN
ajfa-5486	252	47	is	be	AUX
ajfa-5486	252	48	the	the	DET
ajfa-5486	252	49	log	log	NOUN
ajfa-5486	252	50	of	of	ADP
ajfa-5486	252	51	total	total	ADJ
ajfa-5486	252	52	assets	asset	NOUN
ajfa-5486	252	53	,	,	PUNCT
ajfa-5486	252	54	i=1,2,	i=1,2,	NOUN
ajfa-5486	252	55	…	…	SYM
ajfa-5486	252	56	,m	,m	PUNCT
ajfa-5486	252	57	cross	cross	VERB
ajfa-5486	252	58	sectional	sectional	ADJ
ajfa-5486	252	59	unit	unit	NOUN
ajfa-5486	252	60	(	(	PUNCT
ajfa-5486	252	61	companies	company	NOUN
ajfa-5486	252	62	)	)	PUNCT
ajfa-5486	252	63	for	for	ADP
ajfa-5486	252	64	periods	period	NOUN
ajfa-5486	252	65	t=1,2,	t=1,2,	ADP
ajfa-5486	252	66	…	…	PUNCT
ajfa-5486	252	67	..	..	PUNCT
ajfa-5486	252	68	,t	,t	X
ajfa-5486	252	69	.	.	PUNCT
ajfa-5486	253	1	ɛ	ɛ	PROPN
ajfa-5486	253	2	is	be	AUX
ajfa-5486	253	3	error	error	NOUN
ajfa-5486	253	4	term	term	NOUN
ajfa-5486	253	5	with	with	ADP
ajfa-5486	253	6	assumption	assumption	NOUN
ajfa-5486	253	7	of	of	ADP
ajfa-5486	253	8	ɛit	ɛit	NOUN
ajfa-5486	253	9	~n(0,σ2	~n(0,σ2	NUM
ajfa-5486	253	10	ɛ	ɛ	PROPN
ajfa-5486	253	11	)	)	PUNCT
ajfa-5486	253	12	.	.	PUNCT
ajfa-5486	254	1	asian	asian	ADJ
ajfa-5486	254	2	journal	journal	PROPN
ajfa-5486	254	3	of	of	ADP
ajfa-5486	254	4	finance	finance	PROPN
ajfa-5486	254	5	&	&	CCONJ
ajfa-5486	254	6	accounting	accounting	PROPN
ajfa-5486	254	7	issn	issn	PROPN
ajfa-5486	254	8	1946	1946	NUM
ajfa-5486	254	9	-	-	PUNCT
ajfa-5486	254	10	052x	052x	PROPN
ajfa-5486	254	11	2014	2014	NUM
ajfa-5486	254	12	,	,	PUNCT
ajfa-5486	254	13	vol	vol	NOUN
ajfa-5486	254	14	.	.	PROPN
ajfa-5486	254	15	6	6	NUM
ajfa-5486	254	16	,	,	PUNCT
ajfa-5486	254	17	no	no	INTJ
ajfa-5486	254	18	.	.	NOUN
ajfa-5486	254	19	1	1	NUM
ajfa-5486	254	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	254	21	283	283	NUM
ajfa-5486	254	22	table	table	NOUN
ajfa-5486	254	23	2	2	NUM
ajfa-5486	254	24	.	.	PUNCT
ajfa-5486	254	25	correlation	correlation	NOUN
ajfa-5486	254	26	matrix	matrix	NOUN
ajfa-5486	254	27	ad	ad	NOUN
ajfa-5486	254	28	.	.	PUNCT
ajfa-5486	255	1	return	return	PROPN
ajfa-5486	255	2	roa	roa	PROPN
ajfa-5486	255	3	roe	roe	PROPN
ajfa-5486	255	4	eps	eps	PROPN
ajfa-5486	255	5	fcf	fcf	PROPN
ajfa-5486	255	6	por	por	PROPN
ajfa-5486	255	7	p2e	p2e	PROPN
ajfa-5486	255	8	tq	tq	ADP
ajfa-5486	255	9	m2b	m2b	PROPN
ajfa-5486	255	10	mva	mva	NOUN
ajfa-5486	255	11	cfroi	cfroi	PROPN
ajfa-5486	255	12	ad.return	ad.return	NOUN
ajfa-5486	255	13	1	1	NUM
ajfa-5486	255	14	roa	roa	NOUN
ajfa-5486	255	15	0.001	0.001	NUM
ajfa-5486	255	16	1	1	NUM
ajfa-5486	255	17	roe	roe	NOUN
ajfa-5486	255	18	-0.008	-0.008	NOUN
ajfa-5486	255	19	-0.043	-0.043	NOUN
ajfa-5486	255	20	*	*	PROPN
ajfa-5486	255	21	1	1	NUM
ajfa-5486	255	22	eps	eps	PROPN
ajfa-5486	255	23	-0.006	-0.006	PROPN
ajfa-5486	255	24	0.048	0.048	NUM
ajfa-5486	255	25	0.118	0.118	NUM
ajfa-5486	255	26	*	*	SYM
ajfa-5486	255	27	1	1	NUM
ajfa-5486	255	28	fcf	fcf	NOUN
ajfa-5486	255	29	-0.046	-0.046	PROPN
ajfa-5486	255	30	*	*	PROPN
ajfa-5486	256	1	0.008	0.008	NUM
ajfa-5486	256	2	0.025	0.025	NUM
ajfa-5486	256	3	0.300	0.300	NUM
ajfa-5486	256	4	*	*	PUNCT
ajfa-5486	256	5	*	*	SYM
ajfa-5486	256	6	1	1	NUM
ajfa-5486	256	7	por	por	NOUN
ajfa-5486	256	8	-0.157	-0.157	NOUN
ajfa-5486	256	9	*	*	PUNCT
ajfa-5486	256	10	*	*	PUNCT
ajfa-5486	256	11	*	*	PUNCT
ajfa-5486	256	12	0.043	0.043	NUM
ajfa-5486	256	13	0.088	0.088	NUM
ajfa-5486	256	14	*	*	PUNCT
ajfa-5486	256	15	*	*	PUNCT
ajfa-5486	256	16	*	*	X
ajfa-5486	256	17	0.205	0.205	NUM
ajfa-5486	256	18	*	*	PUNCT
ajfa-5486	256	19	*	*	PUNCT
ajfa-5486	256	20	*	*	PUNCT
ajfa-5486	256	21	0.095	0.095	NUM
ajfa-5486	256	22	*	*	PUNCT
ajfa-5486	256	23	*	*	PUNCT
ajfa-5486	256	24	*	*	SYM
ajfa-5486	256	25	1	1	NUM
ajfa-5486	256	26	p2e	p2e	NOUN
ajfa-5486	256	27	-0.002	-0.002	PUNCT
ajfa-5486	256	28	0.004	0.004	NUM
ajfa-5486	256	29	0.015	0.015	NUM
ajfa-5486	256	30	0.037	0.037	NUM
ajfa-5486	256	31	0.014	0.014	NUM
ajfa-5486	256	32	0.143	0.143	NUM
ajfa-5486	256	33	*	*	PUNCT
ajfa-5486	257	1	*	*	PUNCT
ajfa-5486	257	2	*	*	PUNCT
ajfa-5486	257	3	1	1	NUM
ajfa-5486	257	4	tq	tq	ADP
ajfa-5486	257	5	-0.001	-0.001	X
ajfa-5486	257	6	-0.75	-0.75	NOUN
ajfa-5486	257	7	*	*	PUNCT
ajfa-5486	257	8	*	*	PUNCT
ajfa-5486	257	9	*	*	PUNCT
ajfa-5486	257	10	0.0585	0.0585	NUM
ajfa-5486	257	11	*	*	PUNCT
ajfa-5486	257	12	*	*	PUNCT
ajfa-5486	257	13	-0.047	-0.047	PUNCT
ajfa-5486	257	14	*	*	PUNCT
ajfa-5486	257	15	-0.014	-0.014	NOUN
ajfa-5486	257	16	-0687	-0687	NOUN
ajfa-5486	257	17	*	*	PUNCT
ajfa-5486	257	18	*	*	PUNCT
ajfa-5486	257	19	*	*	PUNCT
ajfa-5486	257	20	-0.105	-0.105	NOUN
ajfa-5486	257	21	*	*	PUNCT
ajfa-5486	257	22	*	*	PUNCT
ajfa-5486	257	23	*	*	SYM
ajfa-5486	257	24	1	1	NUM
ajfa-5486	257	25	m2b	m2b	NOUN
ajfa-5486	257	26	0.013	0.013	NUM
ajfa-5486	257	27	0.007	0.007	NUM
ajfa-5486	257	28	-0.026	-0.026	NUM
ajfa-5486	257	29	0.002	0.002	NUM
ajfa-5486	257	30	-0.002	-0.002	PUNCT
ajfa-5486	257	31	-0.011	-0.011	PRON
ajfa-5486	257	32	0.263	0.263	PRON
ajfa-5486	257	33	*	*	PUNCT
ajfa-5486	257	34	*	*	PUNCT
ajfa-5486	257	35	*	*	PUNCT
ajfa-5486	257	36	0.437	0.437	NUM
ajfa-5486	257	37	*	*	PUNCT
ajfa-5486	257	38	*	*	PUNCT
ajfa-5486	257	39	*	*	SYM
ajfa-5486	257	40	1	1	NUM
ajfa-5486	257	41	mva	mva	NOUN
ajfa-5486	257	42	0.035	0.035	NUM
ajfa-5486	257	43	-0.001	-0.001	NOUN
ajfa-5486	258	1	0.012	0.012	NUM
ajfa-5486	258	2	0.143	0.143	NUM
ajfa-5486	258	3	*	*	PUNCT
ajfa-5486	258	4	*	*	PUNCT
ajfa-5486	258	5	*	*	PUNCT
ajfa-5486	258	6	0.152	0.152	NUM
ajfa-5486	258	7	*	*	PUNCT
ajfa-5486	258	8	*	*	PUNCT
ajfa-5486	258	9	*	*	PUNCT
ajfa-5486	258	10	-0.0828	-0.0828	NOUN
ajfa-5486	258	11	*	*	PUNCT
ajfa-5486	258	12	*	*	PUNCT
ajfa-5486	258	13	*	*	PUNCT
ajfa-5486	258	14	0.0088	0.0088	NUM
ajfa-5486	258	15	0.0138	0.0138	NUM
ajfa-5486	258	16	0.011	0.011	NUM
ajfa-5486	258	17	1	1	NUM
ajfa-5486	258	18	cfroi	cfroi	NOUN
ajfa-5486	258	19	-0.011	-0.011	NOUN
ajfa-5486	258	20	0.010	0.010	NUM
ajfa-5486	258	21	0.0786	0.0786	NUM
ajfa-5486	258	22	*	*	PUNCT
ajfa-5486	258	23	*	*	PUNCT
ajfa-5486	258	24	*	*	PUNCT
ajfa-5486	258	25	0.158	0.158	NUM
ajfa-5486	258	26	*	*	PUNCT
ajfa-5486	258	27	*	*	PUNCT
ajfa-5486	258	28	*	*	PUNCT
ajfa-5486	258	29	0.445	0.445	NUM
ajfa-5486	258	30	*	*	PUNCT
ajfa-5486	258	31	*	*	PUNCT
ajfa-5486	258	32	*	*	PUNCT
ajfa-5486	258	33	0.244	0.244	NUM
ajfa-5486	258	34	*	*	PUNCT
ajfa-5486	258	35	*	*	PUNCT
ajfa-5486	258	36	*	*	PUNCT
ajfa-5486	258	37	0.0244	0.0244	NUM
ajfa-5486	258	38	-0.014	-0.014	NOUN
ajfa-5486	258	39	-0.002	-0.002	PUNCT
ajfa-5486	258	40	-0.0701	-0.0701	ADJ
ajfa-5486	258	41	*	*	PUNCT
ajfa-5486	258	42	*	*	PUNCT
ajfa-5486	258	43	*	*	SYM
ajfa-5486	258	44	1	1	NUM
ajfa-5486	258	45	notes	note	NOUN
ajfa-5486	258	46	:	:	PUNCT
ajfa-5486	258	47	(	(	PUNCT
ajfa-5486	258	48	1	1	X
ajfa-5486	258	49	)	)	PUNCT
ajfa-5486	258	50	*	*	PUNCT
ajfa-5486	258	51	denotes	denote	NOUN
ajfa-5486	258	52	significance	significance	NOUN
ajfa-5486	258	53	at	at	ADP
ajfa-5486	258	54	10	10	NUM
ajfa-5486	258	55	%	%	NOUN
ajfa-5486	258	56	(	(	PUNCT
ajfa-5486	258	57	p<0.10	p<0.10	PROPN
ajfa-5486	258	58	)	)	PUNCT
ajfa-5486	258	59	,	,	PUNCT
ajfa-5486	258	60	*	*	PUNCT
ajfa-5486	258	61	*	*	NOUN
ajfa-5486	258	62	denotes	denote	NOUN
ajfa-5486	258	63	significance	significance	NOUN
ajfa-5486	258	64	at	at	ADP
ajfa-5486	258	65	5	5	NUM
ajfa-5486	258	66	%	%	NOUN
ajfa-5486	258	67	(	(	PUNCT
ajfa-5486	258	68	p<0.05	p<0.05	NOUN
ajfa-5486	258	69	)	)	PUNCT
ajfa-5486	258	70	,	,	PUNCT
ajfa-5486	258	71	*	*	PUNCT
ajfa-5486	258	72	*	*	PUNCT
ajfa-5486	258	73	*	*	PUNCT
ajfa-5486	258	74	denotes	denote	NOUN
ajfa-5486	258	75	significance	significance	NOUN
ajfa-5486	258	76	at	at	ADP
ajfa-5486	258	77	1	1	NUM
ajfa-5486	258	78	%	%	NOUN
ajfa-5486	258	79	the	the	DET
ajfa-5486	258	80	assumption	assumption	NOUN
ajfa-5486	258	81	that	that	SCONJ
ajfa-5486	258	82	observations	observation	NOUN
ajfa-5486	258	83	are	be	AUX
ajfa-5486	258	84	independent	independent	ADJ
ajfa-5486	258	85	of	of	ADP
ajfa-5486	258	86	from	from	ADP
ajfa-5486	258	87	one	one	NOUN
ajfa-5486	258	88	another	another	PRON
ajfa-5486	258	89	is	be	AUX
ajfa-5486	258	90	very	very	ADV
ajfa-5486	258	91	important	important	ADJ
ajfa-5486	258	92	in	in	ADP
ajfa-5486	258	93	regression	regression	NOUN
ajfa-5486	258	94	analysis	analysis	NOUN
ajfa-5486	258	95	.	.	PUNCT
ajfa-5486	259	1	if	if	SCONJ
ajfa-5486	259	2	it	it	PRON
ajfa-5486	259	3	does	do	AUX
ajfa-5486	259	4	not	not	PART
ajfa-5486	259	5	prevail	prevail	VERB
ajfa-5486	259	6	,	,	PUNCT
ajfa-5486	259	7	then	then	ADV
ajfa-5486	259	8	the	the	DET
ajfa-5486	259	9	standard	standard	ADJ
ajfa-5486	259	10	error	error	NOUN
ajfa-5486	259	11	of	of	ADP
ajfa-5486	259	12	the	the	DET
ajfa-5486	259	13	estimate	estimate	NOUN
ajfa-5486	259	14	could	could	AUX
ajfa-5486	259	15	be	be	AUX
ajfa-5486	259	16	affected	affect	VERB
ajfa-5486	259	17	and	and	CCONJ
ajfa-5486	259	18	the	the	DET
ajfa-5486	259	19	inferences	inference	NOUN
ajfa-5486	259	20	that	that	PRON
ajfa-5486	259	21	we	we	PRON
ajfa-5486	259	22	make	make	VERB
ajfa-5486	259	23	will	will	AUX
ajfa-5486	259	24	be	be	AUX
ajfa-5486	259	25	invalid	invalid	ADJ
ajfa-5486	259	26	.	.	PUNCT
ajfa-5486	260	1	if	if	SCONJ
ajfa-5486	260	2	this	this	PRON
ajfa-5486	260	3	is	be	AUX
ajfa-5486	260	4	the	the	DET
ajfa-5486	260	5	case	case	NOUN
ajfa-5486	260	6	,	,	PUNCT
ajfa-5486	260	7	then	then	ADV
ajfa-5486	260	8	our	our	PRON
ajfa-5486	260	9	model	model	NOUN
ajfa-5486	260	10	2	2	NUM
ajfa-5486	260	11	or	or	CCONJ
ajfa-5486	260	12	model	model	NOUN
ajfa-5486	260	13	3	3	NUM
ajfa-5486	260	14	transformations	transformation	NOUN
ajfa-5486	260	15	may	may	AUX
ajfa-5486	260	16	work	work	VERB
ajfa-5486	260	17	better	well	ADV
ajfa-5486	260	18	as	as	SCONJ
ajfa-5486	260	19	it	it	PRON
ajfa-5486	260	20	allows	allow	VERB
ajfa-5486	260	21	the	the	DET
ajfa-5486	260	22	impact	impact	NOUN
ajfa-5486	260	23	of	of	ADP
ajfa-5486	260	24	unobserved	unobserved	ADJ
ajfa-5486	260	25	and	and	CCONJ
ajfa-5486	260	26	time	time	NOUN
ajfa-5486	260	27	invariant	invariant	ADJ
ajfa-5486	260	28	factors	factor	NOUN
ajfa-5486	260	29	that	that	PRON
ajfa-5486	260	30	are	be	AUX
ajfa-5486	260	31	specific	specific	ADJ
ajfa-5486	260	32	to	to	ADP
ajfa-5486	260	33	each	each	DET
ajfa-5486	260	34	firm	firm	NOUN
ajfa-5486	260	35	.	.	PUNCT
ajfa-5486	261	1	model	model	NOUN
ajfa-5486	261	2	1	1	NUM
ajfa-5486	261	3	in	in	ADP
ajfa-5486	261	4	our	our	PRON
ajfa-5486	261	5	study	study	NOUN
ajfa-5486	261	6	does	do	AUX
ajfa-5486	261	7	not	not	PART
ajfa-5486	261	8	take	take	VERB
ajfa-5486	261	9	into	into	ADP
ajfa-5486	261	10	account	account	NOUN
ajfa-5486	261	11	differences	difference	NOUN
ajfa-5486	261	12	across	across	ADP
ajfa-5486	261	13	time	time	NOUN
ajfa-5486	261	14	and	and	CCONJ
ajfa-5486	261	15	firms	firm	NOUN
ajfa-5486	261	16	.	.	PUNCT
ajfa-5486	262	1	it	it	PRON
ajfa-5486	262	2	also	also	ADV
ajfa-5486	262	3	assumes	assume	VERB
ajfa-5486	262	4	that	that	SCONJ
ajfa-5486	262	5	coefficients	coefficient	NOUN
ajfa-5486	262	6	are	be	AUX
ajfa-5486	262	7	constant	constant	ADJ
ajfa-5486	262	8	and	and	CCONJ
ajfa-5486	262	9	has	have	VERB
ajfa-5486	262	10	no	no	DET
ajfa-5486	262	11	effects	effect	NOUN
ajfa-5486	262	12	and	and	CCONJ
ajfa-5486	262	13	ignore	ignore	VERB
ajfa-5486	262	14	the	the	DET
ajfa-5486	262	15	effects	effect	NOUN
ajfa-5486	262	16	of	of	ADP
ajfa-5486	262	17	such	such	ADJ
ajfa-5486	262	18	differences	difference	NOUN
ajfa-5486	262	19	across	across	ADP
ajfa-5486	262	20	firms	firm	NOUN
ajfa-5486	262	21	and	and	CCONJ
ajfa-5486	262	22	time	time	NOUN
ajfa-5486	262	23	using	use	VERB
ajfa-5486	262	24	ols	ol	NOUN
ajfa-5486	262	25	.	.	PUNCT
ajfa-5486	263	1	as	as	SCONJ
ajfa-5486	263	2	this	this	PRON
ajfa-5486	263	3	is	be	AUX
ajfa-5486	263	4	very	very	ADV
ajfa-5486	263	5	restrictive	restrictive	ADJ
ajfa-5486	263	6	assumption	assumption	NOUN
ajfa-5486	263	7	hence	hence	ADV
ajfa-5486	263	8	,	,	PUNCT
ajfa-5486	263	9	we	we	PRON
ajfa-5486	263	10	allow	allow	VERB
ajfa-5486	263	11	the	the	DET
ajfa-5486	263	12	impact	impact	NOUN
ajfa-5486	263	13	of	of	ADP
ajfa-5486	263	14	time	time	NOUN
ajfa-5486	263	15	invariant	invariant	ADJ
ajfa-5486	263	16	factors	factor	NOUN
ajfa-5486	263	17	that	that	PRON
ajfa-5486	263	18	specific	specific	ADJ
ajfa-5486	263	19	to	to	PART
ajfa-5486	263	20	firm	firm	ADJ
ajfa-5486	263	21	(	(	PUNCT
ajfa-5486	263	22	model	model	NOUN
ajfa-5486	263	23	2	2	NUM
ajfa-5486	263	24	&	&	CCONJ
ajfa-5486	263	25	model	model	NOUN
ajfa-5486	263	26	3	3	NUM
ajfa-5486	263	27	)	)	PUNCT
ajfa-5486	263	28	and	and	CCONJ
ajfa-5486	263	29	across	across	ADP
ajfa-5486	263	30	firms	firm	NOUN
ajfa-5486	263	31	and	and	CCONJ
ajfa-5486	263	32	time	time	NOUN
ajfa-5486	263	33	(	(	PUNCT
ajfa-5486	263	34	model	model	NOUN
ajfa-5486	263	35	4	4	NUM
ajfa-5486	263	36	and	and	CCONJ
ajfa-5486	263	37	model	model	NOUN
ajfa-5486	263	38	5	5	NUM
ajfa-5486	263	39	)	)	PUNCT
ajfa-5486	263	40	.	.	PUNCT
ajfa-5486	264	1	another	another	DET
ajfa-5486	264	2	important	important	ADJ
ajfa-5486	264	3	assumption	assumption	NOUN
ajfa-5486	264	4	in	in	ADP
ajfa-5486	264	5	regression	regression	NOUN
ajfa-5486	264	6	analysis	analysis	NOUN
ajfa-5486	264	7	is	be	AUX
ajfa-5486	264	8	regarding	regard	VERB
ajfa-5486	264	9	the	the	DET
ajfa-5486	264	10	normality	normality	NOUN
ajfa-5486	264	11	of	of	ADP
ajfa-5486	264	12	residuals	residual	NOUN
ajfa-5486	264	13	to	to	PART
ajfa-5486	264	14	ensure	ensure	VERB
ajfa-5486	264	15	that	that	SCONJ
ajfa-5486	264	16	the	the	DET
ajfa-5486	264	17	results	result	NOUN
ajfa-5486	264	18	of	of	ADP
ajfa-5486	264	19	t	t	NOUN
ajfa-5486	264	20	-	-	PUNCT
ajfa-5486	264	21	tests	test	NOUN
ajfa-5486	264	22	and	and	CCONJ
ajfa-5486	264	23	f	f	X
ajfa-5486	264	24	-	-	PUNCT
ajfa-5486	264	25	test	test	NOUN
ajfa-5486	264	26	are	be	AUX
ajfa-5486	264	27	valid	valid	ADJ
ajfa-5486	264	28	and	and	CCONJ
ajfa-5486	264	29	reliable	reliable	ADJ
ajfa-5486	264	30	.	.	PUNCT
ajfa-5486	265	1	in	in	ADP
ajfa-5486	265	2	this	this	DET
ajfa-5486	265	3	study	study	NOUN
ajfa-5486	265	4	we	we	PRON
ajfa-5486	265	5	conducted	conduct	VERB
ajfa-5486	265	6	shapiro	shapiro	PROPN
ajfa-5486	265	7	-	-	PUNCT
ajfa-5486	265	8	wilk	wilk	NOUN
ajfa-5486	265	9	w	w	PROPN
ajfa-5486	265	10	test	test	NOUN
ajfa-5486	265	11	for	for	ADP
ajfa-5486	265	12	normality	normality	NOUN
ajfa-5486	265	13	.	.	PUNCT
ajfa-5486	266	1	the	the	DET
ajfa-5486	266	2	null	null	ADJ
ajfa-5486	266	3	hypothesis	hypothesis	NOUN
ajfa-5486	266	4	is	be	AUX
ajfa-5486	266	5	that	that	SCONJ
ajfa-5486	266	6	the	the	DET
ajfa-5486	266	7	distribution	distribution	NOUN
ajfa-5486	266	8	is	be	AUX
ajfa-5486	266	9	normal	normal	ADJ
ajfa-5486	266	10	.	.	PUNCT
ajfa-5486	267	1	we	we	PRON
ajfa-5486	267	2	reject	reject	VERB
ajfa-5486	267	3	the	the	DET
ajfa-5486	267	4	null	null	ADJ
ajfa-5486	267	5	hypothesis	hypothesis	NOUN
ajfa-5486	267	6	as	as	SCONJ
ajfa-5486	267	7	the	the	DET
ajfa-5486	267	8	p	p	NOUN
ajfa-5486	267	9	-	-	PUNCT
ajfa-5486	267	10	value	value	NOUN
ajfa-5486	267	11	is	be	AUX
ajfa-5486	267	12	less	less	ADJ
ajfa-5486	267	13	than	than	ADP
ajfa-5486	267	14	the	the	DET
ajfa-5486	267	15	cut	cut	VERB
ajfa-5486	267	16	-	-	PUNCT
ajfa-5486	267	17	off	off	ADP
ajfa-5486	267	18	point	point	NOUN
ajfa-5486	267	19	of	of	ADP
ajfa-5486	267	20	5	5	NUM
ajfa-5486	267	21	%	%	NOUN
ajfa-5486	267	22	.	.	PUNCT
ajfa-5486	268	1	this	this	DET
ajfa-5486	268	2	result	result	NOUN
ajfa-5486	268	3	is	be	AUX
ajfa-5486	268	4	aligned	align	VERB
ajfa-5486	268	5	with	with	ADP
ajfa-5486	268	6	existing	exist	VERB
ajfa-5486	268	7	literature	literature	NOUN
ajfa-5486	268	8	(	(	PUNCT
ajfa-5486	268	9	deakin	deakin	PROPN
ajfa-5486	268	10	,	,	PUNCT
ajfa-5486	268	11	1976	1976	NUM
ajfa-5486	268	12	;	;	PUNCT
ajfa-5486	268	13	ezzamel	ezzamel	PROPN
ajfa-5486	268	14	&	&	CCONJ
ajfa-5486	268	15	mar	mar	PROPN
ajfa-5486	268	16	-	-	PUNCT
ajfa-5486	268	17	molinero	molinero	NOUN
ajfa-5486	268	18	,	,	PUNCT
ajfa-5486	268	19	1990	1990	NUM
ajfa-5486	268	20	;	;	PUNCT
ajfa-5486	268	21	ezzamel	ezzamel	NOUN
ajfa-5486	268	22	et	et	PROPN
ajfa-5486	268	23	al	al	PROPN
ajfa-5486	268	24	.	.	PROPN
ajfa-5486	268	25	,	,	PUNCT
ajfa-5486	268	26	1987	1987	NUM
ajfa-5486	268	27	)	)	PUNCT
ajfa-5486	268	28	.	.	PUNCT
ajfa-5486	269	1	however	however	ADV
ajfa-5486	269	2	,	,	PUNCT
ajfa-5486	269	3	to	to	PART
ajfa-5486	269	4	overcome	overcome	VERB
ajfa-5486	269	5	this	this	DET
ajfa-5486	269	6	problem	problem	NOUN
ajfa-5486	269	7	we	we	PRON
ajfa-5486	269	8	ran	run	VERB
ajfa-5486	269	9	bootstrap	bootstrap	NOUN
ajfa-5486	269	10	2000	2000	NUM
ajfa-5486	269	11	times	time	NOUN
ajfa-5486	269	12	to	to	PART
ajfa-5486	269	13	see	see	VERB
ajfa-5486	269	14	whether	whether	SCONJ
ajfa-5486	269	15	the	the	DET
ajfa-5486	269	16	results	result	NOUN
ajfa-5486	269	17	of	of	ADP
ajfa-5486	269	18	our	our	PRON
ajfa-5486	269	19	models	model	NOUN
ajfa-5486	269	20	estimates	estimate	NOUN
ajfa-5486	269	21	are	be	AUX
ajfa-5486	269	22	consistent	consistent	ADJ
ajfa-5486	269	23	.	.	PUNCT
ajfa-5486	270	1	we	we	PRON
ajfa-5486	270	2	found	find	VERB
ajfa-5486	270	3	that	that	SCONJ
ajfa-5486	270	4	the	the	DET
ajfa-5486	270	5	t	t	PROPN
ajfa-5486	270	6	-	-	PUNCT
ajfa-5486	270	7	test	test	NOUN
ajfa-5486	270	8	value	value	NOUN
ajfa-5486	270	9	is	be	AUX
ajfa-5486	270	10	stable	stable	ADJ
ajfa-5486	270	11	and	and	CCONJ
ajfa-5486	270	12	not	not	PART
ajfa-5486	270	13	changed	change	VERB
ajfa-5486	270	14	significantly	significantly	ADV
ajfa-5486	270	15	.	.	PUNCT
ajfa-5486	271	1	since	since	SCONJ
ajfa-5486	271	2	panel	panel	NOUN
ajfa-5486	271	3	data	datum	NOUN
ajfa-5486	271	4	analysis	analysis	NOUN
ajfa-5486	271	5	is	be	AUX
ajfa-5486	271	6	used	use	VERB
ajfa-5486	271	7	it	it	PRON
ajfa-5486	271	8	is	be	AUX
ajfa-5486	271	9	possible	possible	ADJ
ajfa-5486	271	10	that	that	SCONJ
ajfa-5486	271	11	observations	observation	NOUN
ajfa-5486	271	12	contain	contain	VERB
ajfa-5486	271	13	intra	intra	ADJ
ajfa-5486	271	14	-	-	ADJ
ajfa-5486	271	15	firm	firm	ADJ
ajfa-5486	271	16	correlations	correlation	NOUN
ajfa-5486	271	17	.	.	PUNCT
ajfa-5486	272	1	to	to	PART
ajfa-5486	272	2	avoid	avoid	VERB
ajfa-5486	272	3	the	the	DET
ajfa-5486	272	4	effect	effect	NOUN
ajfa-5486	272	5	of	of	ADP
ajfa-5486	272	6	these	these	DET
ajfa-5486	272	7	correlations	correlation	NOUN
ajfa-5486	272	8	,	,	PUNCT
ajfa-5486	272	9	the	the	DET
ajfa-5486	272	10	models	model	NOUN
ajfa-5486	272	11	used	use	VERB
ajfa-5486	272	12	in	in	ADP
ajfa-5486	272	13	this	this	DET
ajfa-5486	272	14	study	study	NOUN
ajfa-5486	272	15	provide	provide	VERB
ajfa-5486	272	16	results	result	NOUN
ajfa-5486	272	17	using	use	VERB
ajfa-5486	272	18	robust	robust	ADJ
ajfa-5486	272	19	standard	standard	ADJ
ajfa-5486	272	20	errors	error	NOUN
ajfa-5486	272	21	cluster	cluster	NOUN
ajfa-5486	272	22	by	by	ADP
ajfa-5486	272	23	company	company	NOUN
ajfa-5486	272	24	.	.	PUNCT
ajfa-5486	273	1	if	if	SCONJ
ajfa-5486	273	2	two	two	NUM
ajfa-5486	273	3	or	or	CCONJ
ajfa-5486	273	4	more	more	ADJ
ajfa-5486	273	5	variables	variable	NOUN
ajfa-5486	273	6	are	be	AUX
ajfa-5486	273	7	in	in	ADP
ajfa-5486	273	8	linear	linear	ADJ
ajfa-5486	273	9	combination	combination	NOUN
ajfa-5486	273	10	with	with	ADP
ajfa-5486	273	11	one	one	NUM
ajfa-5486	273	12	another	another	DET
ajfa-5486	273	13	it	it	PRON
ajfa-5486	273	14	causes	cause	VERB
ajfa-5486	273	15	biased	biased	ADJ
ajfa-5486	273	16	coefficient	coefficient	NOUN
ajfa-5486	273	17	instability	instability	NOUN
ajfa-5486	273	18	.	.	PUNCT
ajfa-5486	274	1	the	the	DET
ajfa-5486	274	2	standard	standard	ADJ
ajfa-5486	274	3	error	error	NOUN
ajfa-5486	274	4	of	of	ADP
ajfa-5486	274	5	coefficients	coefficient	NOUN
ajfa-5486	274	6	is	be	AUX
ajfa-5486	274	7	also	also	ADV
ajfa-5486	274	8	inflate	inflate	ADJ
ajfa-5486	274	9	.	.	PUNCT
ajfa-5486	275	1	to	to	PART
ajfa-5486	275	2	check	check	VERB
ajfa-5486	275	3	whether	whether	SCONJ
ajfa-5486	275	4	there	there	PRON
ajfa-5486	275	5	is	be	VERB
ajfa-5486	275	6	any	any	DET
ajfa-5486	275	7	relationship	relationship	NOUN
ajfa-5486	275	8	among	among	ADP
ajfa-5486	275	9	independent	independent	ADJ
ajfa-5486	275	10	variables	variable	NOUN
ajfa-5486	275	11	we	we	PRON
ajfa-5486	275	12	performed	perform	VERB
ajfa-5486	275	13	variance	variance	NOUN
ajfa-5486	275	14	inflation	inflation	NOUN
ajfa-5486	275	15	asian	asian	PROPN
ajfa-5486	275	16	journal	journal	PROPN
ajfa-5486	275	17	of	of	ADP
ajfa-5486	275	18	finance	finance	PROPN
ajfa-5486	275	19	&	&	CCONJ
ajfa-5486	275	20	accounting	accounting	PROPN
ajfa-5486	275	21	issn	issn	PROPN
ajfa-5486	275	22	1946	1946	NUM
ajfa-5486	275	23	-	-	PUNCT
ajfa-5486	275	24	052x	052x	PROPN
ajfa-5486	275	25	2014	2014	NUM
ajfa-5486	275	26	,	,	PUNCT
ajfa-5486	275	27	vol	vol	NOUN
ajfa-5486	275	28	.	.	PROPN
ajfa-5486	275	29	6	6	NUM
ajfa-5486	275	30	,	,	PUNCT
ajfa-5486	275	31	no	no	INTJ
ajfa-5486	275	32	.	.	NOUN
ajfa-5486	275	33	1	1	NUM
ajfa-5486	275	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	275	35	284	284	NUM
ajfa-5486	275	36	factor	factor	NOUN
ajfa-5486	275	37	(	(	PUNCT
ajfa-5486	275	38	vif	vif	NOUN
ajfa-5486	275	39	)	)	PUNCT
ajfa-5486	275	40	tests	test	NOUN
ajfa-5486	275	41	.	.	PUNCT
ajfa-5486	276	1	all	all	DET
ajfa-5486	276	2	variables	variable	NOUN
ajfa-5486	276	3	had	have	VERB
ajfa-5486	276	4	vif	vif	NOUN
ajfa-5486	276	5	values	value	NOUN
ajfa-5486	276	6	less	less	ADJ
ajfa-5486	276	7	than	than	ADP
ajfa-5486	276	8	10	10	NUM
ajfa-5486	276	9	which	which	PRON
ajfa-5486	276	10	is	be	AUX
ajfa-5486	276	11	considered	consider	VERB
ajfa-5486	276	12	to	to	PART
ajfa-5486	276	13	be	be	AUX
ajfa-5486	276	14	satisfactory	satisfactory	ADJ
ajfa-5486	276	15	using	use	VERB
ajfa-5486	276	16	the	the	DET
ajfa-5486	276	17	conventional	conventional	ADJ
ajfa-5486	276	18	rule	rule	NOUN
ajfa-5486	276	19	of	of	ADP
ajfa-5486	276	20	thumb	thumb	NOUN
ajfa-5486	276	21	(	(	PUNCT
ajfa-5486	276	22	o’brien	o’brien	PROPN
ajfa-5486	276	23	,	,	PUNCT
ajfa-5486	276	24	2007	2007	NUM
ajfa-5486	276	25	)	)	PUNCT
ajfa-5486	276	26	.	.	PUNCT
ajfa-5486	277	1	6	6	X
ajfa-5486	277	2	.	.	X
ajfa-5486	277	3	results	result	NOUN
ajfa-5486	277	4	and	and	CCONJ
ajfa-5486	277	5	discussion	discussion	NOUN
ajfa-5486	277	6	table	table	NOUN
ajfa-5486	277	7	3	3	NUM
ajfa-5486	277	8	and	and	CCONJ
ajfa-5486	277	9	table	table	NOUN
ajfa-5486	277	10	4	4	NUM
ajfa-5486	277	11	shows	show	VERB
ajfa-5486	277	12	results	result	NOUN
ajfa-5486	277	13	of	of	ADP
ajfa-5486	277	14	accounting	accounting	NOUN
ajfa-5486	277	15	based	base	VERB
ajfa-5486	277	16	financial	financial	ADJ
ajfa-5486	277	17	measures	measure	NOUN
ajfa-5486	277	18	and	and	CCONJ
ajfa-5486	277	19	market	market	NOUN
ajfa-5486	277	20	based	base	VERB
ajfa-5486	277	21	financial	financial	ADJ
ajfa-5486	277	22	measures	measure	NOUN
ajfa-5486	277	23	respectively	respectively	ADV
ajfa-5486	277	24	.	.	PUNCT
ajfa-5486	278	1	evidence	evidence	NOUN
ajfa-5486	278	2	shown	show	VERB
ajfa-5486	278	3	in	in	ADP
ajfa-5486	278	4	model	model	NOUN
ajfa-5486	278	5	4	4	NUM
ajfa-5486	278	6	in	in	ADP
ajfa-5486	278	7	both	both	CCONJ
ajfa-5486	278	8	accounting	accounting	NOUN
ajfa-5486	278	9	and	and	CCONJ
ajfa-5486	278	10	market	market	NOUN
ajfa-5486	278	11	based	base	VERB
ajfa-5486	278	12	financial	financial	ADJ
ajfa-5486	278	13	measures	measure	NOUN
ajfa-5486	278	14	meets	meet	VERB
ajfa-5486	278	15	expectations	expectation	NOUN
ajfa-5486	278	16	.	.	PUNCT
ajfa-5486	279	1	starting	start	VERB
ajfa-5486	279	2	from	from	ADP
ajfa-5486	279	3	table	table	NOUN
ajfa-5486	279	4	3	3	NUM
ajfa-5486	279	5	,	,	PUNCT
ajfa-5486	279	6	return	return	VERB
ajfa-5486	279	7	on	on	ADP
ajfa-5486	279	8	assets	asset	NOUN
ajfa-5486	279	9	(	(	PUNCT
ajfa-5486	279	10	roa	roa	NOUN
ajfa-5486	279	11	)	)	PUNCT
ajfa-5486	279	12	is	be	AUX
ajfa-5486	279	13	positively	positively	ADV
ajfa-5486	279	14	statistically	statistically	ADV
ajfa-5486	279	15	significant	significant	ADJ
ajfa-5486	279	16	at	at	ADP
ajfa-5486	279	17	1	1	NUM
ajfa-5486	279	18	%	%	NOUN
ajfa-5486	279	19	level	level	NOUN
ajfa-5486	279	20	in	in	ADP
ajfa-5486	279	21	the	the	DET
ajfa-5486	279	22	last	last	ADJ
ajfa-5486	279	23	four	four	NUM
ajfa-5486	279	24	models	model	NOUN
ajfa-5486	279	25	and	and	CCONJ
ajfa-5486	279	26	at	at	ADP
ajfa-5486	279	27	5	5	NUM
ajfa-5486	279	28	%	%	NOUN
ajfa-5486	279	29	in	in	ADP
ajfa-5486	279	30	model	model	NOUN
ajfa-5486	279	31	1	1	NUM
ajfa-5486	279	32	,	,	PUNCT
ajfa-5486	279	33	providing	provide	VERB
ajfa-5486	279	34	evidence	evidence	NOUN
ajfa-5486	279	35	that	that	SCONJ
ajfa-5486	279	36	higher	high	ADJ
ajfa-5486	279	37	return	return	NOUN
ajfa-5486	279	38	on	on	ADP
ajfa-5486	279	39	assets	asset	NOUN
ajfa-5486	279	40	will	will	AUX
ajfa-5486	279	41	result	result	VERB
ajfa-5486	279	42	in	in	ADP
ajfa-5486	279	43	higher	high	ADJ
ajfa-5486	279	44	stock	stock	NOUN
ajfa-5486	279	45	rate	rate	NOUN
ajfa-5486	279	46	of	of	ADP
ajfa-5486	279	47	return	return	NOUN
ajfa-5486	279	48	.	.	PUNCT
ajfa-5486	280	1	we	we	PRON
ajfa-5486	280	2	also	also	ADV
ajfa-5486	280	3	note	note	VERB
ajfa-5486	280	4	that	that	SCONJ
ajfa-5486	280	5	roa	roa	PROPN
ajfa-5486	280	6	is	be	AUX
ajfa-5486	280	7	the	the	DET
ajfa-5486	280	8	only	only	ADJ
ajfa-5486	280	9	accounting	accounting	NOUN
ajfa-5486	280	10	based	base	VERB
ajfa-5486	280	11	measure	measure	NOUN
ajfa-5486	280	12	that	that	PRON
ajfa-5486	280	13	is	be	AUX
ajfa-5486	280	14	positively	positively	ADV
ajfa-5486	280	15	statistically	statistically	ADV
ajfa-5486	280	16	significant	significant	ADJ
ajfa-5486	280	17	in	in	ADP
ajfa-5486	280	18	model	model	NOUN
ajfa-5486	280	19	4	4	NUM
ajfa-5486	280	20	and	and	CCONJ
ajfa-5486	280	21	5	5	NUM
ajfa-5486	280	22	from	from	ADP
ajfa-5486	280	23	a	a	DET
ajfa-5486	280	24	range	range	NOUN
ajfa-5486	280	25	of	of	ADP
ajfa-5486	280	26	measures	measure	NOUN
ajfa-5486	280	27	including	include	VERB
ajfa-5486	280	28	its	its	PRON
ajfa-5486	280	29	close	close	ADJ
ajfa-5486	280	30	counterpart	counterpart	NOUN
ajfa-5486	280	31	measure	measure	NOUN
ajfa-5486	280	32	roe	roe	NOUN
ajfa-5486	280	33	.	.	PUNCT
ajfa-5486	281	1	it	it	PRON
ajfa-5486	281	2	is	be	AUX
ajfa-5486	281	3	pointing	point	VERB
ajfa-5486	281	4	to	to	ADP
ajfa-5486	281	5	the	the	DET
ajfa-5486	281	6	notion	notion	NOUN
ajfa-5486	281	7	that	that	SCONJ
ajfa-5486	281	8	stockholders	stockholder	NOUN
ajfa-5486	281	9	are	be	AUX
ajfa-5486	281	10	more	more	ADV
ajfa-5486	281	11	concerned	concerned	ADJ
ajfa-5486	281	12	with	with	ADP
ajfa-5486	281	13	the	the	DET
ajfa-5486	281	14	overall	overall	ADJ
ajfa-5486	281	15	profitability	profitability	NOUN
ajfa-5486	281	16	of	of	ADP
ajfa-5486	281	17	the	the	DET
ajfa-5486	281	18	firm	firm	NOUN
ajfa-5486	281	19	compared	compare	VERB
ajfa-5486	281	20	to	to	ADP
ajfa-5486	281	21	the	the	DET
ajfa-5486	281	22	return	return	NOUN
ajfa-5486	281	23	on	on	ADP
ajfa-5486	281	24	their	their	PRON
ajfa-5486	281	25	equity	equity	NOUN
ajfa-5486	281	26	portion	portion	NOUN
ajfa-5486	281	27	.	.	PUNCT
ajfa-5486	282	1	table	table	NOUN
ajfa-5486	282	2	3	3	NUM
ajfa-5486	282	3	.	.	PUNCT
ajfa-5486	282	4	accounting	accounting	NOUN
ajfa-5486	282	5	based	base	VERB
ajfa-5486	282	6	financial	financial	ADJ
ajfa-5486	282	7	measures	measure	NOUN
ajfa-5486	282	8	model_1	model_1	NOUN
ajfa-5486	282	9	model_2	model_2	PRON
ajfa-5486	282	10	model_3	model_3	VERB
ajfa-5486	282	11	model_4	model_4	PROPN
ajfa-5486	282	12	model_5	model_5	ADJ
ajfa-5486	282	13	roa	roa	PROPN
ajfa-5486	282	14	0.7100	0.7100	PROPN
ajfa-5486	282	15	*	*	PUNCT
ajfa-5486	282	16	*	*	PUNCT
ajfa-5486	283	1	1.0519	1.0519	NUM
ajfa-5486	283	2	*	*	PUNCT
ajfa-5486	283	3	*	*	PUNCT
ajfa-5486	283	4	*	*	NOUN
ajfa-5486	283	5	0.8444	0.8444	NUM
ajfa-5486	283	6	*	*	PUNCT
ajfa-5486	283	7	*	*	PUNCT
ajfa-5486	283	8	*	*	PUNCT
ajfa-5486	284	1	0.9272	0.9272	NUM
ajfa-5486	284	2	*	*	PUNCT
ajfa-5486	284	3	*	*	PUNCT
ajfa-5486	284	4	*	*	PUNCT
ajfa-5486	284	5	0.7771	0.7771	PUNCT
ajfa-5486	284	6	*	*	PUNCT
ajfa-5486	284	7	*	*	PUNCT
ajfa-5486	284	8	*	*	PUNCT
ajfa-5486	284	9	(	(	PUNCT
ajfa-5486	284	10	2.47	2.47	NUM
ajfa-5486	284	11	)	)	PUNCT
ajfa-5486	284	12	(	(	PUNCT
ajfa-5486	284	13	3.34	3.34	NUM
ajfa-5486	284	14	)	)	PUNCT
ajfa-5486	284	15	(	(	PUNCT
ajfa-5486	284	16	2.99	2.99	NUM
ajfa-5486	284	17	)	)	PUNCT
ajfa-5486	284	18	(	(	PUNCT
ajfa-5486	284	19	3.95	3.95	NUM
ajfa-5486	284	20	)	)	PUNCT
ajfa-5486	284	21	(	(	PUNCT
ajfa-5486	284	22	3.04	3.04	NUM
ajfa-5486	284	23	)	)	PUNCT
ajfa-5486	284	24	roe	roe	NOUN
ajfa-5486	284	25	0.1282	0.1282	NUM
ajfa-5486	285	1	0.0278	0.0278	NUM
ajfa-5486	285	2	0.0857	0.0857	NUM
ajfa-5486	285	3	0.0452	0.0452	NUM
ajfa-5486	285	4	0.0159	0.0159	NUM
ajfa-5486	285	5	(	(	PUNCT
ajfa-5486	285	6	0.81	0.81	NUM
ajfa-5486	285	7	)	)	PUNCT
ajfa-5486	285	8	(	(	PUNCT
ajfa-5486	285	9	0.27	0.27	NUM
ajfa-5486	285	10	)	)	PUNCT
ajfa-5486	285	11	(	(	PUNCT
ajfa-5486	285	12	0.65	0.65	NUM
ajfa-5486	285	13	)	)	PUNCT
ajfa-5486	285	14	(	(	PUNCT
ajfa-5486	285	15	0.73	0.73	NUM
ajfa-5486	285	16	)	)	PUNCT
ajfa-5486	285	17	(	(	PUNCT
ajfa-5486	285	18	0.15	0.15	NUM
ajfa-5486	285	19	)	)	PUNCT
ajfa-5486	285	20	eps	eps	VERB
ajfa-5486	285	21	0.0504	0.0504	NUM
ajfa-5486	285	22	*	*	NOUN
ajfa-5486	285	23	*	*	PUNCT
ajfa-5486	285	24	0.0532	0.0532	NUM
ajfa-5486	285	25	*	*	PUNCT
ajfa-5486	285	26	*	*	PUNCT
ajfa-5486	285	27	0.0501	0.0501	NUM
ajfa-5486	285	28	*	*	PUNCT
ajfa-5486	285	29	*	*	PUNCT
ajfa-5486	285	30	0.0252	0.0252	NUM
ajfa-5486	285	31	0.025	0.025	NUM
ajfa-5486	285	32	(	(	PUNCT
ajfa-5486	285	33	2.06	2.06	NUM
ajfa-5486	285	34	)	)	PUNCT
ajfa-5486	285	35	(	(	PUNCT
ajfa-5486	285	36	2.02	2.02	NUM
ajfa-5486	285	37	)	)	PUNCT
ajfa-5486	285	38	(	(	PUNCT
ajfa-5486	285	39	2.1	2.1	NUM
ajfa-5486	285	40	)	)	PUNCT
ajfa-5486	285	41	(	(	PUNCT
ajfa-5486	285	42	0.99	0.99	NUM
ajfa-5486	285	43	)	)	PUNCT
ajfa-5486	285	44	(	(	PUNCT
ajfa-5486	285	45	1.12	1.12	NUM
ajfa-5486	285	46	)	)	PUNCT
ajfa-5486	285	47	lnfcf	lnfcf	NOUN
ajfa-5486	285	48	-0.0193	-0.0193	NOUN
ajfa-5486	285	49	-0.0155	-0.0155	PROPN
ajfa-5486	285	50	-0.012	-0.012	PROPN
ajfa-5486	285	51	0.0256	0.0256	NUM
ajfa-5486	285	52	0.0075	0.0075	NUM
ajfa-5486	285	53	(	(	PUNCT
ajfa-5486	285	54	-0.86	-0.86	INTJ
ajfa-5486	285	55	)	)	PUNCT
ajfa-5486	285	56	(	(	PUNCT
ajfa-5486	285	57	-0.43	-0.43	NUM
ajfa-5486	285	58	)	)	PUNCT
ajfa-5486	285	59	(	(	PUNCT
ajfa-5486	285	60	-0.46	-0.46	NUM
ajfa-5486	285	61	)	)	PUNCT
ajfa-5486	285	62	(	(	PUNCT
ajfa-5486	285	63	0.71	0.71	NUM
ajfa-5486	285	64	)	)	PUNCT
ajfa-5486	285	65	(	(	PUNCT
ajfa-5486	285	66	0.32	0.32	NUM
ajfa-5486	285	67	)	)	PUNCT
ajfa-5486	285	68	por	por	NOUN
ajfa-5486	285	69	-0.0031	-0.0031	NOUN
ajfa-5486	285	70	*	*	PUNCT
ajfa-5486	285	71	*	*	PUNCT
ajfa-5486	285	72	*	*	PUNCT
ajfa-5486	285	73	-0.0007	-0.0007	NOUN
ajfa-5486	285	74	-0.0027	-0.0027	ADJ
ajfa-5486	286	1	*	*	PUNCT
ajfa-5486	287	1	*	*	PUNCT
ajfa-5486	287	2	*	*	PUNCT
ajfa-5486	287	3	-0.0016	-0.0016	PROPN
ajfa-5486	287	4	*	*	PUNCT
ajfa-5486	287	5	*	*	PUNCT
ajfa-5486	287	6	-0.0031	-0.0031	NOUN
ajfa-5486	288	1	*	*	PUNCT
ajfa-5486	289	1	*	*	PUNCT
ajfa-5486	289	2	*	*	PUNCT
ajfa-5486	289	3	(	(	PUNCT
ajfa-5486	289	4	-3.79	-3.79	NUM
ajfa-5486	289	5	)	)	PUNCT
ajfa-5486	289	6	(	(	PUNCT
ajfa-5486	289	7	-0.8	-0.8	NUM
ajfa-5486	289	8	)	)	PUNCT
ajfa-5486	289	9	(	(	PUNCT
ajfa-5486	289	10	-3.37	-3.37	NOUN
ajfa-5486	289	11	)	)	PUNCT
ajfa-5486	289	12	(	(	PUNCT
ajfa-5486	289	13	-2.07	-2.07	NUM
ajfa-5486	289	14	)	)	PUNCT
ajfa-5486	289	15	(	(	PUNCT
ajfa-5486	289	16	-4.11	-4.11	NOUN
ajfa-5486	289	17	)	)	PUNCT
ajfa-5486	289	18	size	size	NOUN
ajfa-5486	289	19	-0.0309	-0.0309	NOUN
ajfa-5486	289	20	0.0241	0.0241	NUM
ajfa-5486	289	21	-0.0335	-0.0335	NOUN
ajfa-5486	289	22	0.0366	0.0366	NUM
ajfa-5486	289	23	-0.0465	-0.0465	NOUN
ajfa-5486	290	1	*	*	PUNCT
ajfa-5486	290	2	*	*	PUNCT
ajfa-5486	290	3	(	(	PUNCT
ajfa-5486	290	4	-1.52	-1.52	NUM
ajfa-5486	290	5	)	)	PUNCT
ajfa-5486	290	6	(	(	PUNCT
ajfa-5486	290	7	0.66	0.66	NUM
ajfa-5486	290	8	)	)	PUNCT
ajfa-5486	290	9	(	(	PUNCT
ajfa-5486	290	10	-1.56	-1.56	NUM
ajfa-5486	290	11	)	)	PUNCT
ajfa-5486	290	12	(	(	PUNCT
ajfa-5486	290	13	0.89	0.89	NUM
ajfa-5486	290	14	)	)	PUNCT
ajfa-5486	290	15	(	(	PUNCT
ajfa-5486	290	16	-2.23	-2.23	NOUN
ajfa-5486	290	17	)	)	PUNCT
ajfa-5486	290	18	constant	constant	ADJ
ajfa-5486	290	19	0.9657	0.9657	PRON
ajfa-5486	290	20	*	*	PUNCT
ajfa-5486	290	21	*	*	PUNCT
ajfa-5486	290	22	*	*	NOUN
ajfa-5486	290	23	-0.0292	-0.0292	NOUN
ajfa-5486	290	24	0.8995	0.8995	NUM
ajfa-5486	290	25	*	*	NOUN
ajfa-5486	290	26	*	*	PUNCT
ajfa-5486	290	27	*	*	PUNCT
ajfa-5486	290	28	-0.5915	-0.5915	NOUN
ajfa-5486	290	29	0.8430	0.8430	NUM
ajfa-5486	290	30	*	*	PUNCT
ajfa-5486	290	31	*	*	PUNCT
ajfa-5486	290	32	*	*	PUNCT
ajfa-5486	290	33	(	(	PUNCT
ajfa-5486	290	34	6.46	6.46	NUM
ajfa-5486	290	35	)	)	PUNCT
ajfa-5486	290	36	(	(	PUNCT
ajfa-5486	290	37	-0.05	-0.05	NOUN
ajfa-5486	290	38	)	)	PUNCT
ajfa-5486	290	39	(	(	PUNCT
ajfa-5486	290	40	4.8	4.8	NUM
ajfa-5486	290	41	)	)	PUNCT
ajfa-5486	290	42	(	(	PUNCT
ajfa-5486	290	43	-0.91	-0.91	NOUN
ajfa-5486	290	44	)	)	PUNCT
ajfa-5486	290	45	(	(	PUNCT
ajfa-5486	290	46	4.86	4.86	NUM
ajfa-5486	290	47	)	)	PUNCT
ajfa-5486	290	48	n	n	CCONJ
ajfa-5486	290	49	1115	1115	NUM
ajfa-5486	290	50	1115	1115	NUM
ajfa-5486	290	51	1115	1115	NUM
ajfa-5486	290	52	1115	1115	NUM
ajfa-5486	290	53	1115	1115	NUM
ajfa-5486	290	54	r2	r2	PROPN
ajfa-5486	290	55	0.1804	0.1804	NUM
ajfa-5486	290	56	0.1519	0.1519	NUM
ajfa-5486	290	57	0.2608	0.2608	NUM
ajfa-5486	290	58	vce	vce	PRON
ajfa-5486	290	59	robust	robust	ADJ
ajfa-5486	290	60	cluster	cluster	NOUN
ajfa-5486	290	61	robust	robust	ADJ
ajfa-5486	290	62	cluster	cluster	NOUN
ajfa-5486	290	63	robust	robust	ADJ
ajfa-5486	290	64	firm	firm	ADJ
ajfa-5486	290	65	effect	effect	NOUN
ajfa-5486	291	1	no	no	INTJ
ajfa-5486	292	1	yes	yes	INTJ
ajfa-5486	293	1	yes	yes	INTJ
ajfa-5486	294	1	yes	yes	INTJ
ajfa-5486	295	1	yes	yes	INTJ
ajfa-5486	295	2	year	year	NOUN
ajfa-5486	295	3	effect	effect	NOUN
ajfa-5486	295	4	no	no	INTJ
ajfa-5486	295	5	no	no	INTJ
ajfa-5486	296	1	no	no	INTJ
ajfa-5486	297	1	yes	yes	INTJ
ajfa-5486	297	2	yes	yes	INTJ
ajfa-5486	297	3	notes	note	VERB
ajfa-5486	297	4	:	:	PUNCT
ajfa-5486	297	5	(	(	PUNCT
ajfa-5486	297	6	1	1	X
ajfa-5486	297	7	)	)	PUNCT
ajfa-5486	297	8	*	*	PUNCT
ajfa-5486	298	1	denotes	denote	NOUN
ajfa-5486	298	2	significance	significance	NOUN
ajfa-5486	298	3	at	at	ADP
ajfa-5486	298	4	10	10	NUM
ajfa-5486	298	5	%	%	NOUN
ajfa-5486	298	6	(	(	PUNCT
ajfa-5486	298	7	p<0.10	p<0.10	PROPN
ajfa-5486	298	8	)	)	PUNCT
ajfa-5486	298	9	,	,	PUNCT
ajfa-5486	298	10	*	*	PUNCT
ajfa-5486	298	11	*	*	NOUN
ajfa-5486	298	12	denotes	denote	NOUN
ajfa-5486	298	13	significance	significance	NOUN
ajfa-5486	298	14	at	at	ADP
ajfa-5486	298	15	5	5	NUM
ajfa-5486	298	16	%	%	NOUN
ajfa-5486	298	17	(	(	PUNCT
ajfa-5486	298	18	p<0.05	p<0.05	NOUN
ajfa-5486	298	19	)	)	PUNCT
ajfa-5486	298	20	,	,	PUNCT
ajfa-5486	298	21	*	*	PUNCT
ajfa-5486	298	22	*	*	PUNCT
ajfa-5486	298	23	*	*	PUNCT
ajfa-5486	298	24	denotes	denote	NOUN
ajfa-5486	298	25	significance	significance	NOUN
ajfa-5486	298	26	at	at	ADP
ajfa-5486	298	27	1	1	NUM
ajfa-5486	298	28	%	%	NOUN
ajfa-5486	298	29	(	(	PUNCT
ajfa-5486	298	30	p<0.01	p<0.01	PROPN
ajfa-5486	298	31	)	)	PUNCT
ajfa-5486	298	32	;	;	PUNCT
ajfa-5486	298	33	(	(	PUNCT
ajfa-5486	298	34	2	2	X
ajfa-5486	298	35	)	)	PUNCT
ajfa-5486	298	36	number	number	NOUN
ajfa-5486	298	37	in	in	ADP
ajfa-5486	298	38	parenthesis	parenthesis	NOUN
ajfa-5486	298	39	below	below	ADP
ajfa-5486	298	40	each	each	DET
ajfa-5486	298	41	coefficient	coefficient	NOUN
ajfa-5486	298	42	show	show	VERB
ajfa-5486	298	43	t	t	PROPN
ajfa-5486	298	44	-	-	PUNCT
ajfa-5486	298	45	statistics	statistic	NOUN
ajfa-5486	298	46	similarly	similarly	ADV
ajfa-5486	298	47	,	,	PUNCT
ajfa-5486	298	48	pay	pay	VERB
ajfa-5486	298	49	-	-	PUNCT
ajfa-5486	298	50	out	out	ADP
ajfa-5486	298	51	ratio	ratio	NOUN
ajfa-5486	298	52	(	(	PUNCT
ajfa-5486	298	53	por	por	NOUN
ajfa-5486	298	54	)	)	PUNCT
ajfa-5486	298	55	is	be	AUX
ajfa-5486	298	56	negatively	negatively	ADV
ajfa-5486	298	57	statistically	statistically	ADV
ajfa-5486	298	58	significant	significant	ADJ
ajfa-5486	298	59	at	at	ADP
ajfa-5486	298	60	1	1	NUM
ajfa-5486	298	61	%	%	NOUN
ajfa-5486	298	62	in	in	ADP
ajfa-5486	298	63	model	model	NOUN
ajfa-5486	298	64	1	1	NUM
ajfa-5486	298	65	,	,	PUNCT
ajfa-5486	298	66	model	model	NOUN
ajfa-5486	298	67	3	3	NUM
ajfa-5486	298	68	,	,	PUNCT
ajfa-5486	298	69	model	model	NOUN
ajfa-5486	298	70	5	5	NUM
ajfa-5486	298	71	and	and	CCONJ
ajfa-5486	298	72	5	5	NUM
ajfa-5486	298	73	%	%	NOUN
ajfa-5486	298	74	in	in	ADP
ajfa-5486	298	75	model	model	NOUN
ajfa-5486	298	76	4	4	NUM
ajfa-5486	298	77	.	.	PUNCT
ajfa-5486	298	78	pay	pay	VERB
ajfa-5486	298	79	-	-	PUNCT
ajfa-5486	298	80	out	out	ADP
ajfa-5486	298	81	ratio	ratio	NOUN
ajfa-5486	298	82	(	(	PUNCT
ajfa-5486	298	83	por	por	NOUN
ajfa-5486	298	84	)	)	PUNCT
ajfa-5486	298	85	is	be	AUX
ajfa-5486	298	86	insignificant	insignificant	ADJ
ajfa-5486	298	87	only	only	ADV
ajfa-5486	298	88	in	in	ADP
ajfa-5486	298	89	model	model	NOUN
ajfa-5486	298	90	2	2	NUM
ajfa-5486	298	91	.	.	PUNCT
ajfa-5486	299	1	it	it	PRON
ajfa-5486	299	2	means	mean	VERB
ajfa-5486	299	3	that	that	SCONJ
ajfa-5486	299	4	the	the	DET
ajfa-5486	299	5	stock	stock	NOUN
ajfa-5486	299	6	rate	rate	NOUN
ajfa-5486	299	7	of	of	ADP
ajfa-5486	299	8	return	return	NOUN
ajfa-5486	299	9	decreases	decrease	NOUN
ajfa-5486	299	10	as	as	SCONJ
ajfa-5486	299	11	the	the	DET
ajfa-5486	299	12	firm	firm	NOUN
ajfa-5486	299	13	start	start	VERB
ajfa-5486	299	14	paying	pay	VERB
ajfa-5486	299	15	its	its	PRON
ajfa-5486	299	16	earning	earning	NOUN
ajfa-5486	299	17	in	in	ADP
ajfa-5486	299	18	the	the	DET
ajfa-5486	299	19	form	form	NOUN
ajfa-5486	299	20	of	of	ADP
ajfa-5486	299	21	asian	asian	ADJ
ajfa-5486	299	22	journal	journal	NOUN
ajfa-5486	299	23	of	of	ADP
ajfa-5486	299	24	finance	finance	PROPN
ajfa-5486	299	25	&	&	CCONJ
ajfa-5486	299	26	accounting	accounting	PROPN
ajfa-5486	299	27	issn	issn	PROPN
ajfa-5486	299	28	1946	1946	NUM
ajfa-5486	299	29	-	-	PUNCT
ajfa-5486	299	30	052x	052x	PROPN
ajfa-5486	299	31	2014	2014	NUM
ajfa-5486	299	32	,	,	PUNCT
ajfa-5486	299	33	vol	vol	NOUN
ajfa-5486	299	34	.	.	PROPN
ajfa-5486	299	35	6	6	NUM
ajfa-5486	299	36	,	,	PUNCT
ajfa-5486	299	37	no	no	INTJ
ajfa-5486	299	38	.	.	NOUN
ajfa-5486	299	39	1	1	NUM
ajfa-5486	299	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	299	41	285	285	NUM
ajfa-5486	299	42	dividends	dividend	NOUN
ajfa-5486	299	43	.	.	PUNCT
ajfa-5486	300	1	stockholders	stockholder	NOUN
ajfa-5486	300	2	are	be	AUX
ajfa-5486	300	3	interested	interested	ADJ
ajfa-5486	300	4	to	to	PART
ajfa-5486	300	5	reinvest	reinvest	VERB
ajfa-5486	300	6	earnings	earning	NOUN
ajfa-5486	300	7	in	in	ADP
ajfa-5486	300	8	the	the	DET
ajfa-5486	300	9	company	company	NOUN
ajfa-5486	300	10	rather	rather	ADV
ajfa-5486	300	11	to	to	PART
ajfa-5486	300	12	receive	receive	VERB
ajfa-5486	300	13	earning	earn	VERB
ajfa-5486	300	14	in	in	ADP
ajfa-5486	300	15	the	the	DET
ajfa-5486	300	16	form	form	NOUN
ajfa-5486	300	17	of	of	ADP
ajfa-5486	300	18	dividends	dividend	NOUN
ajfa-5486	300	19	.	.	PUNCT
ajfa-5486	301	1	earning	earn	VERB
ajfa-5486	301	2	per	per	ADP
ajfa-5486	301	3	share	share	NOUN
ajfa-5486	301	4	(	(	PUNCT
ajfa-5486	301	5	eps	eps	PROPN
ajfa-5486	301	6	)	)	PUNCT
ajfa-5486	301	7	is	be	AUX
ajfa-5486	301	8	statistically	statistically	ADV
ajfa-5486	301	9	significant	significant	ADJ
ajfa-5486	301	10	in	in	ADP
ajfa-5486	301	11	the	the	DET
ajfa-5486	301	12	first	first	ADJ
ajfa-5486	301	13	three	three	NUM
ajfa-5486	301	14	models	model	NOUN
ajfa-5486	301	15	but	but	CCONJ
ajfa-5486	301	16	after	after	ADP
ajfa-5486	301	17	controlling	control	VERB
ajfa-5486	301	18	for	for	ADP
ajfa-5486	301	19	time	time	NOUN
ajfa-5486	301	20	variant	variant	ADJ
ajfa-5486	301	21	effects	effect	NOUN
ajfa-5486	301	22	,	,	PUNCT
ajfa-5486	301	23	earning	earn	VERB
ajfa-5486	301	24	per	per	ADP
ajfa-5486	301	25	share	share	NOUN
ajfa-5486	301	26	(	(	PUNCT
ajfa-5486	301	27	eps	eps	NOUN
ajfa-5486	301	28	)	)	PUNCT
ajfa-5486	301	29	turn	turn	VERB
ajfa-5486	301	30	statistically	statistically	ADV
ajfa-5486	301	31	insignificant	insignificant	ADJ
ajfa-5486	301	32	in	in	ADP
ajfa-5486	301	33	model	model	NOUN
ajfa-5486	301	34	4	4	NUM
ajfa-5486	301	35	and	and	CCONJ
ajfa-5486	301	36	model	model	NOUN
ajfa-5486	301	37	5	5	NUM
ajfa-5486	301	38	.	.	PUNCT
ajfa-5486	302	1	it	it	PRON
ajfa-5486	302	2	shows	show	VERB
ajfa-5486	302	3	that	that	SCONJ
ajfa-5486	302	4	eps	eps	PROPN
ajfa-5486	302	5	is	be	AUX
ajfa-5486	302	6	a	a	DET
ajfa-5486	302	7	time	time	NOUN
ajfa-5486	302	8	variant	variant	NOUN
ajfa-5486	302	9	ratio	ratio	NOUN
ajfa-5486	302	10	.	.	PUNCT
ajfa-5486	303	1	stockholders	stockholder	NOUN
ajfa-5486	303	2	may	may	AUX
ajfa-5486	303	3	appreciate	appreciate	VERB
ajfa-5486	303	4	higher	high	ADJ
ajfa-5486	303	5	eps	ep	NOUN
ajfa-5486	303	6	in	in	ADP
ajfa-5486	303	7	some	some	DET
ajfa-5486	303	8	years	year	NOUN
ajfa-5486	303	9	but	but	CCONJ
ajfa-5486	303	10	in	in	ADP
ajfa-5486	303	11	other	other	ADJ
ajfa-5486	303	12	years	year	NOUN
ajfa-5486	303	13	it	it	PRON
ajfa-5486	303	14	may	may	AUX
ajfa-5486	303	15	not	not	PART
ajfa-5486	303	16	be	be	AUX
ajfa-5486	303	17	fully	fully	ADV
ajfa-5486	303	18	reflected	reflect	VERB
ajfa-5486	303	19	in	in	ADP
ajfa-5486	303	20	stock	stock	NOUN
ajfa-5486	303	21	rate	rate	NOUN
ajfa-5486	303	22	of	of	ADP
ajfa-5486	303	23	return	return	NOUN
ajfa-5486	303	24	.	.	PUNCT
ajfa-5486	304	1	reported	report	VERB
ajfa-5486	304	2	earnings	earning	NOUN
ajfa-5486	304	3	that	that	PRON
ajfa-5486	304	4	are	be	AUX
ajfa-5486	304	5	used	use	VERB
ajfa-5486	304	6	in	in	ADP
ajfa-5486	304	7	formulation	formulation	NOUN
ajfa-5486	304	8	of	of	ADP
ajfa-5486	304	9	eps	eps	PROPN
ajfa-5486	304	10	are	be	AUX
ajfa-5486	304	11	quite	quite	ADV
ajfa-5486	304	12	sensitive	sensitive	ADJ
ajfa-5486	304	13	to	to	ADP
ajfa-5486	304	14	standards	standard	NOUN
ajfa-5486	304	15	imposed	impose	VERB
ajfa-5486	304	16	by	by	ADP
ajfa-5486	304	17	accounting	accounting	NOUN
ajfa-5486	304	18	bodies	body	NOUN
ajfa-5486	304	19	.	.	PUNCT
ajfa-5486	305	1	we	we	PRON
ajfa-5486	305	2	know	know	VERB
ajfa-5486	305	3	that	that	SCONJ
ajfa-5486	305	4	australia	australia	PROPN
ajfa-5486	305	5	adopted	adopt	VERB
ajfa-5486	305	6	international	international	ADJ
ajfa-5486	305	7	accounting	accounting	NOUN
ajfa-5486	305	8	standards	standard	NOUN
ajfa-5486	305	9	during	during	ADP
ajfa-5486	305	10	our	our	PRON
ajfa-5486	305	11	study	study	NOUN
ajfa-5486	305	12	period	period	NOUN
ajfa-5486	305	13	thus	thus	ADV
ajfa-5486	305	14	australian	australian	ADJ
ajfa-5486	305	15	investors	investor	NOUN
ajfa-5486	305	16	may	may	AUX
ajfa-5486	305	17	not	not	PART
ajfa-5486	305	18	have	have	AUX
ajfa-5486	305	19	paid	pay	VERB
ajfa-5486	305	20	much	much	ADJ
ajfa-5486	305	21	attention	attention	NOUN
ajfa-5486	305	22	to	to	ADP
ajfa-5486	305	23	the	the	DET
ajfa-5486	305	24	change	change	NOUN
ajfa-5486	305	25	in	in	ADP
ajfa-5486	305	26	this	this	DET
ajfa-5486	305	27	ratio	ratio	NOUN
ajfa-5486	305	28	over	over	ADP
ajfa-5486	305	29	the	the	DET
ajfa-5486	305	30	years	year	NOUN
ajfa-5486	305	31	.	.	PUNCT
ajfa-5486	306	1	overall	overall	ADV
ajfa-5486	306	2	,	,	PUNCT
ajfa-5486	306	3	model	model	NOUN
ajfa-5486	306	4	4	4	NUM
ajfa-5486	306	5	and	and	CCONJ
ajfa-5486	306	6	model	model	NOUN
ajfa-5486	306	7	5	5	NUM
ajfa-5486	306	8	(	(	PUNCT
ajfa-5486	306	9	fixed	fix	VERB
ajfa-5486	306	10	effects	effect	NOUN
ajfa-5486	306	11	and	and	CCONJ
ajfa-5486	306	12	random	random	ADJ
ajfa-5486	306	13	effects	effect	NOUN
ajfa-5486	306	14	controlling	control	VERB
ajfa-5486	306	15	for	for	ADP
ajfa-5486	306	16	both	both	PRON
ajfa-5486	306	17	firm	firm	ADJ
ajfa-5486	306	18	effects	effect	NOUN
ajfa-5486	306	19	and	and	CCONJ
ajfa-5486	306	20	years	year	NOUN
ajfa-5486	306	21	)	)	PUNCT
ajfa-5486	306	22	are	be	AUX
ajfa-5486	306	23	showing	show	VERB
ajfa-5486	306	24	consistent	consistent	ADJ
ajfa-5486	306	25	and	and	CCONJ
ajfa-5486	306	26	similar	similar	ADJ
ajfa-5486	306	27	results	result	NOUN
ajfa-5486	306	28	in	in	ADP
ajfa-5486	306	29	favour	favour	NOUN
ajfa-5486	306	30	of	of	ADP
ajfa-5486	306	31	return	return	NOUN
ajfa-5486	306	32	on	on	ADP
ajfa-5486	306	33	asset	asset	NOUN
ajfa-5486	306	34	(	(	PUNCT
ajfa-5486	306	35	roa	roa	PROPN
ajfa-5486	306	36	)	)	PUNCT
ajfa-5486	306	37	and	and	CCONJ
ajfa-5486	306	38	pay	pay	VERB
ajfa-5486	306	39	-	-	PUNCT
ajfa-5486	306	40	out	out	ADP
ajfa-5486	306	41	ratio	ratio	NOUN
ajfa-5486	306	42	(	(	PUNCT
ajfa-5486	306	43	por	por	NOUN
ajfa-5486	306	44	)	)	PUNCT
ajfa-5486	306	45	.	.	PUNCT
ajfa-5486	307	1	to	to	PART
ajfa-5486	307	2	decide	decide	VERB
ajfa-5486	307	3	which	which	DET
ajfa-5486	307	4	model	model	NOUN
ajfa-5486	307	5	give	give	VERB
ajfa-5486	307	6	best	good	ADJ
ajfa-5486	307	7	results	result	NOUN
ajfa-5486	307	8	,	,	PUNCT
ajfa-5486	307	9	we	we	PRON
ajfa-5486	307	10	run	run	VERB
ajfa-5486	307	11	the	the	DET
ajfa-5486	307	12	hausman	hausman	ADJ
ajfa-5486	307	13	test	test	NOUN
ajfa-5486	307	14	to	to	PART
ajfa-5486	307	15	decide	decide	VERB
ajfa-5486	307	16	between	between	ADP
ajfa-5486	307	17	fixed	fixed	ADJ
ajfa-5486	307	18	or	or	CCONJ
ajfa-5486	307	19	random	random	ADJ
ajfa-5486	307	20	effects	effect	NOUN
ajfa-5486	307	21	.	.	PUNCT
ajfa-5486	308	1	the	the	DET
ajfa-5486	308	2	null	null	ADJ
ajfa-5486	308	3	hypothesis	hypothesis	NOUN
ajfa-5486	308	4	is	be	AUX
ajfa-5486	308	5	that	that	SCONJ
ajfa-5486	308	6	the	the	DET
ajfa-5486	308	7	preferred	preferred	ADJ
ajfa-5486	308	8	model	model	NOUN
ajfa-5486	308	9	is	be	AUX
ajfa-5486	308	10	random	random	ADJ
ajfa-5486	308	11	effect	effect	NOUN
ajfa-5486	308	12	over	over	ADP
ajfa-5486	308	13	the	the	DET
ajfa-5486	308	14	fixed	fix	VERB
ajfa-5486	308	15	effect	effect	NOUN
ajfa-5486	308	16	.	.	PUNCT
ajfa-5486	309	1	for	for	ADP
ajfa-5486	309	2	the	the	DET
ajfa-5486	309	3	accounting	accounting	NOUN
ajfa-5486	309	4	based	base	VERB
ajfa-5486	309	5	performance	performance	NOUN
ajfa-5486	309	6	measure	measure	NOUN
ajfa-5486	309	7	models	model	NOUN
ajfa-5486	309	8	we	we	PRON
ajfa-5486	309	9	fail	fail	VERB
ajfa-5486	309	10	to	to	PART
ajfa-5486	309	11	reject	reject	VERB
ajfa-5486	309	12	the	the	DET
ajfa-5486	309	13	null	null	ADJ
ajfa-5486	309	14	hypothesis	hypothesis	NOUN
ajfa-5486	309	15	at	at	ADP
ajfa-5486	309	16	5	5	NUM
ajfa-5486	309	17	%	%	NOUN
ajfa-5486	309	18	significance	significance	NOUN
ajfa-5486	309	19	level	level	NOUN
ajfa-5486	309	20	.	.	PUNCT
ajfa-5486	310	1	therefore	therefore	ADV
ajfa-5486	310	2	,	,	PUNCT
ajfa-5486	310	3	the	the	DET
ajfa-5486	310	4	preferred	preferred	ADJ
ajfa-5486	310	5	model	model	NOUN
ajfa-5486	310	6	is	be	AUX
ajfa-5486	310	7	random	random	ADJ
ajfa-5486	310	8	effects	effect	NOUN
ajfa-5486	310	9	.	.	PUNCT
ajfa-5486	311	1	whereas	whereas	SCONJ
ajfa-5486	311	2	,	,	PUNCT
ajfa-5486	311	3	for	for	ADP
ajfa-5486	311	4	the	the	DET
ajfa-5486	311	5	market	market	NOUN
ajfa-5486	311	6	based	base	VERB
ajfa-5486	311	7	performance	performance	NOUN
ajfa-5486	311	8	measures	measure	NOUN
ajfa-5486	311	9	we	we	PRON
ajfa-5486	311	10	rejected	reject	VERB
ajfa-5486	311	11	the	the	DET
ajfa-5486	311	12	null	null	ADJ
ajfa-5486	311	13	hypothesis	hypothesis	NOUN
ajfa-5486	311	14	meaning	mean	VERB
ajfa-5486	311	15	that	that	SCONJ
ajfa-5486	311	16	the	the	DET
ajfa-5486	311	17	preferred	preferred	ADJ
ajfa-5486	311	18	model	model	NOUN
ajfa-5486	311	19	is	be	AUX
ajfa-5486	311	20	fixed	fix	VERB
ajfa-5486	311	21	effects	effect	NOUN
ajfa-5486	311	22	.	.	PUNCT
ajfa-5486	312	1	analysing	analyse	VERB
ajfa-5486	312	2	market	market	NOUN
ajfa-5486	312	3	based	base	VERB
ajfa-5486	312	4	financial	financial	ADJ
ajfa-5486	312	5	measures	measure	NOUN
ajfa-5486	312	6	in	in	ADP
ajfa-5486	312	7	table	table	NOUN
ajfa-5486	312	8	4	4	NUM
ajfa-5486	312	9	;	;	PUNCT
ajfa-5486	312	10	we	we	PRON
ajfa-5486	312	11	note	note	VERB
ajfa-5486	312	12	that	that	SCONJ
ajfa-5486	312	13	only	only	ADJ
ajfa-5486	312	14	market	market	NOUN
ajfa-5486	312	15	to	to	ADP
ajfa-5486	312	16	book	book	NOUN
ajfa-5486	312	17	ratio	ratio	NOUN
ajfa-5486	312	18	(	(	PUNCT
ajfa-5486	312	19	m2b	m2b	NOUN
ajfa-5486	312	20	)	)	PUNCT
ajfa-5486	312	21	is	be	AUX
ajfa-5486	312	22	consistently	consistently	ADV
ajfa-5486	312	23	significant	significant	ADJ
ajfa-5486	312	24	throughout	throughout	ADP
ajfa-5486	312	25	five	five	NUM
ajfa-5486	312	26	models	model	NOUN
ajfa-5486	312	27	.	.	PUNCT
ajfa-5486	313	1	apart	apart	ADV
ajfa-5486	313	2	from	from	ADP
ajfa-5486	313	3	model	model	NOUN
ajfa-5486	313	4	1	1	NUM
ajfa-5486	313	5	which	which	PRON
ajfa-5486	313	6	is	be	AUX
ajfa-5486	313	7	significant	significant	ADJ
ajfa-5486	313	8	at	at	ADP
ajfa-5486	313	9	the	the	DET
ajfa-5486	313	10	10	10	NUM
ajfa-5486	313	11	%	%	NOUN
ajfa-5486	313	12	level	level	NOUN
ajfa-5486	313	13	,	,	PUNCT
ajfa-5486	313	14	in	in	ADP
ajfa-5486	313	15	the	the	DET
ajfa-5486	313	16	remaining	remain	VERB
ajfa-5486	313	17	four	four	NUM
ajfa-5486	313	18	models	model	NOUN
ajfa-5486	313	19	m2b	m2b	PRON
ajfa-5486	313	20	is	be	AUX
ajfa-5486	313	21	strongly	strongly	ADV
ajfa-5486	313	22	significant	significant	ADJ
ajfa-5486	313	23	at	at	ADP
ajfa-5486	313	24	the	the	DET
ajfa-5486	313	25	1	1	NUM
ajfa-5486	313	26	%	%	NOUN
ajfa-5486	313	27	level	level	NOUN
ajfa-5486	313	28	.	.	PUNCT
ajfa-5486	314	1	these	these	DET
ajfa-5486	314	2	results	result	NOUN
ajfa-5486	314	3	are	be	AUX
ajfa-5486	314	4	similar	similar	ADJ
ajfa-5486	314	5	to	to	ADP
ajfa-5486	314	6	fama	fama	PROPN
ajfa-5486	314	7	and	and	CCONJ
ajfa-5486	314	8	french	french	ADJ
ajfa-5486	314	9	(	(	PUNCT
ajfa-5486	314	10	1992	1992	NUM
ajfa-5486	314	11	)	)	PUNCT
ajfa-5486	314	12	results	result	VERB
ajfa-5486	314	13	that	that	SCONJ
ajfa-5486	314	14	market	market	NOUN
ajfa-5486	314	15	to	to	ADP
ajfa-5486	314	16	book	book	NOUN
ajfa-5486	314	17	ratio	ratio	NOUN
ajfa-5486	314	18	of	of	ADP
ajfa-5486	314	19	individual	individual	ADJ
ajfa-5486	314	20	stocks	stock	NOUN
ajfa-5486	314	21	has	have	VERB
ajfa-5486	314	22	the	the	DET
ajfa-5486	314	23	ability	ability	NOUN
ajfa-5486	314	24	to	to	PART
ajfa-5486	314	25	explain	explain	VERB
ajfa-5486	314	26	cross	cross	VERB
ajfa-5486	314	27	sectional	sectional	ADJ
ajfa-5486	314	28	variation	variation	NOUN
ajfa-5486	314	29	in	in	ADP
ajfa-5486	314	30	stock	stock	NOUN
ajfa-5486	314	31	returns	return	NOUN
ajfa-5486	314	32	.	.	PUNCT
ajfa-5486	315	1	we	we	PRON
ajfa-5486	315	2	find	find	VERB
ajfa-5486	315	3	these	these	DET
ajfa-5486	315	4	results	result	NOUN
ajfa-5486	315	5	in	in	ADP
ajfa-5486	315	6	the	the	DET
ajfa-5486	315	7	australian	australian	ADJ
ajfa-5486	315	8	market	market	NOUN
ajfa-5486	315	9	and	and	CCONJ
ajfa-5486	315	10	thus	thus	ADV
ajfa-5486	315	11	market	market	NOUN
ajfa-5486	315	12	to	to	ADP
ajfa-5486	315	13	book	book	NOUN
ajfa-5486	315	14	ratio	ratio	NOUN
ajfa-5486	315	15	(	(	PUNCT
ajfa-5486	315	16	m2b	m2b	NOUN
ajfa-5486	315	17	)	)	PUNCT
ajfa-5486	315	18	becomes	become	VERB
ajfa-5486	315	19	one	one	NUM
ajfa-5486	315	20	of	of	ADP
ajfa-5486	315	21	the	the	DET
ajfa-5486	315	22	strong	strong	ADJ
ajfa-5486	315	23	market	market	NOUN
ajfa-5486	315	24	based	base	VERB
ajfa-5486	315	25	financial	financial	ADJ
ajfa-5486	315	26	performance	performance	NOUN
ajfa-5486	315	27	candidates	candidate	NOUN
ajfa-5486	315	28	to	to	PART
ajfa-5486	315	29	explain	explain	VERB
ajfa-5486	315	30	variance	variance	NOUN
ajfa-5486	315	31	in	in	ADP
ajfa-5486	315	32	stock	stock	NOUN
ajfa-5486	315	33	prices	price	NOUN
ajfa-5486	315	34	.	.	PUNCT
ajfa-5486	316	1	overall	overall	ADJ
ajfa-5486	316	2	model	model	NOUN
ajfa-5486	316	3	2	2	NUM
ajfa-5486	316	4	(	(	PUNCT
ajfa-5486	316	5	fixed	fix	VERB
ajfa-5486	316	6	effect	effect	NOUN
ajfa-5486	316	7	model	model	NOUN
ajfa-5486	316	8	controlling	control	VERB
ajfa-5486	316	9	for	for	ADP
ajfa-5486	316	10	firm	firm	ADJ
ajfa-5486	316	11	effect	effect	NOUN
ajfa-5486	316	12	)	)	PUNCT
ajfa-5486	316	13	and	and	CCONJ
ajfa-5486	316	14	model	model	NOUN
ajfa-5486	316	15	4	4	NUM
ajfa-5486	316	16	(	(	PUNCT
ajfa-5486	316	17	fixed	fixed	ADJ
ajfa-5486	316	18	effect	effect	NOUN
ajfa-5486	316	19	model	model	NOUN
ajfa-5486	316	20	controlling	control	VERB
ajfa-5486	316	21	for	for	ADP
ajfa-5486	316	22	firm	firm	ADJ
ajfa-5486	316	23	effect	effect	NOUN
ajfa-5486	316	24	and	and	CCONJ
ajfa-5486	316	25	years	year	NOUN
ajfa-5486	316	26	)	)	PUNCT
ajfa-5486	316	27	meet	meet	VERB
ajfa-5486	316	28	expectations	expectation	NOUN
ajfa-5486	316	29	.	.	PUNCT
ajfa-5486	317	1	the	the	DET
ajfa-5486	317	2	hausman	hausman	PROPN
ajfa-5486	317	3	test	test	NOUN
ajfa-5486	317	4	is	be	AUX
ajfa-5486	317	5	also	also	ADV
ajfa-5486	317	6	in	in	ADP
ajfa-5486	317	7	favour	favour	NOUN
ajfa-5486	317	8	of	of	ADP
ajfa-5486	317	9	fixed	fix	VERB
ajfa-5486	317	10	effect	effect	NOUN
ajfa-5486	317	11	models	model	NOUN
ajfa-5486	317	12	.	.	PUNCT
ajfa-5486	318	1	four	four	NUM
ajfa-5486	318	2	out	out	ADP
ajfa-5486	318	3	of	of	ADP
ajfa-5486	318	4	five	five	NUM
ajfa-5486	318	5	market	market	NOUN
ajfa-5486	318	6	based	base	VERB
ajfa-5486	318	7	measures	measure	NOUN
ajfa-5486	318	8	;	;	PUNCT
ajfa-5486	318	9	price	price	NOUN
ajfa-5486	318	10	to	to	ADP
ajfa-5486	318	11	earning	earn	VERB
ajfa-5486	318	12	(	(	PUNCT
ajfa-5486	318	13	p2e	p2e	NOUN
ajfa-5486	318	14	)	)	PUNCT
ajfa-5486	318	15	,	,	PUNCT
ajfa-5486	318	16	tobin	tobin	PROPN
ajfa-5486	318	17	’s	’s	PART
ajfa-5486	318	18	q	q	X
ajfa-5486	318	19	(	(	PUNCT
ajfa-5486	318	20	tq	tq	NOUN
ajfa-5486	318	21	)	)	PUNCT
ajfa-5486	318	22	,	,	PUNCT
ajfa-5486	318	23	market	market	NOUN
ajfa-5486	318	24	to	to	ADP
ajfa-5486	318	25	book	book	NOUN
ajfa-5486	318	26	(	(	PUNCT
ajfa-5486	318	27	m2b	m2b	NOUN
ajfa-5486	318	28	)	)	PUNCT
ajfa-5486	318	29	and	and	CCONJ
ajfa-5486	318	30	cashflow	cashflow	ADJ
ajfa-5486	318	31	return	return	NOUN
ajfa-5486	318	32	on	on	ADP
ajfa-5486	318	33	investment	investment	NOUN
ajfa-5486	318	34	(	(	PUNCT
ajfa-5486	318	35	cfroi	cfroi	NOUN
ajfa-5486	318	36	)	)	PUNCT
ajfa-5486	318	37	are	be	AUX
ajfa-5486	318	38	statistically	statistically	ADV
ajfa-5486	318	39	significant	significant	ADJ
ajfa-5486	318	40	in	in	ADP
ajfa-5486	318	41	both	both	DET
ajfa-5486	318	42	model	model	NOUN
ajfa-5486	318	43	2	2	NUM
ajfa-5486	318	44	and	and	CCONJ
ajfa-5486	318	45	model	model	NOUN
ajfa-5486	318	46	4	4	NUM
ajfa-5486	318	47	.	.	PUNCT
ajfa-5486	318	48	on	on	ADP
ajfa-5486	318	49	other	other	ADJ
ajfa-5486	318	50	hand	hand	NOUN
ajfa-5486	318	51	,	,	PUNCT
ajfa-5486	318	52	the	the	DET
ajfa-5486	318	53	random	random	ADJ
ajfa-5486	318	54	effects	effect	NOUN
ajfa-5486	318	55	model	model	NOUN
ajfa-5486	318	56	3	3	NUM
ajfa-5486	318	57	and	and	CCONJ
ajfa-5486	318	58	model	model	NOUN
ajfa-5486	318	59	5	5	NUM
ajfa-5486	318	60	are	be	AUX
ajfa-5486	318	61	showing	show	VERB
ajfa-5486	318	62	only	only	ADV
ajfa-5486	318	63	market	market	NOUN
ajfa-5486	318	64	to	to	ADP
ajfa-5486	318	65	book	book	NOUN
ajfa-5486	318	66	(	(	PUNCT
ajfa-5486	318	67	m2b	m2b	PROPN
ajfa-5486	318	68	)	)	PUNCT
ajfa-5486	318	69	to	to	PART
ajfa-5486	318	70	be	be	AUX
ajfa-5486	318	71	strongly	strongly	ADV
ajfa-5486	318	72	statistically	statistically	ADV
ajfa-5486	318	73	significant	significant	ADJ
ajfa-5486	318	74	at	at	ADP
ajfa-5486	318	75	the	the	DET
ajfa-5486	318	76	1	1	NUM
ajfa-5486	318	77	%	%	NOUN
ajfa-5486	318	78	level	level	NOUN
ajfa-5486	318	79	.	.	PUNCT
ajfa-5486	319	1	asian	asian	ADJ
ajfa-5486	319	2	journal	journal	PROPN
ajfa-5486	319	3	of	of	ADP
ajfa-5486	319	4	finance	finance	PROPN
ajfa-5486	319	5	&	&	CCONJ
ajfa-5486	319	6	accounting	accounting	PROPN
ajfa-5486	319	7	issn	issn	PROPN
ajfa-5486	319	8	1946	1946	NUM
ajfa-5486	319	9	-	-	PUNCT
ajfa-5486	319	10	052x	052x	PROPN
ajfa-5486	319	11	2014	2014	NUM
ajfa-5486	319	12	,	,	PUNCT
ajfa-5486	319	13	vol	vol	NOUN
ajfa-5486	319	14	.	.	PROPN
ajfa-5486	320	1	6	6	NUM
ajfa-5486	320	2	,	,	PUNCT
ajfa-5486	320	3	no	no	INTJ
ajfa-5486	320	4	.	.	NOUN
ajfa-5486	320	5	1	1	NUM
ajfa-5486	320	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	320	7	286	286	NUM
ajfa-5486	320	8	table	table	NOUN
ajfa-5486	320	9	4	4	NUM
ajfa-5486	320	10	.	.	PUNCT
ajfa-5486	321	1	market	market	NOUN
ajfa-5486	321	2	based	base	VERB
ajfa-5486	321	3	financial	financial	ADJ
ajfa-5486	321	4	measures	measure	NOUN
ajfa-5486	321	5	model_1	model_1	NOUN
ajfa-5486	321	6	model_2	model_2	PRON
ajfa-5486	321	7	model_3	model_3	VERB
ajfa-5486	321	8	model_4	model_4	PROPN
ajfa-5486	321	9	model_5	model_5	ADJ
ajfa-5486	321	10	p2e	p2e	PROPN
ajfa-5486	321	11	-0.0007	-0.0007	NOUN
ajfa-5486	321	12	0.0020	0.0020	NUM
ajfa-5486	321	13	*	*	PUNCT
ajfa-5486	321	14	*	*	PUNCT
ajfa-5486	321	15	0.0008	0.0008	NUM
ajfa-5486	321	16	0.0019	0.0019	NUM
ajfa-5486	321	17	*	*	PUNCT
ajfa-5486	321	18	*	*	PUNCT
ajfa-5486	322	1	0.0007	0.0007	NUM
ajfa-5486	322	2	(	(	PUNCT
ajfa-5486	322	3	-0.76	-0.76	PROPN
ajfa-5486	322	4	)	)	PUNCT
ajfa-5486	322	5	(	(	PUNCT
ajfa-5486	322	6	1.98	1.98	NUM
ajfa-5486	322	7	)	)	PUNCT
ajfa-5486	322	8	(	(	PUNCT
ajfa-5486	322	9	0.88	0.88	NUM
ajfa-5486	322	10	)	)	PUNCT
ajfa-5486	322	11	(	(	PUNCT
ajfa-5486	322	12	2.13	2.13	NUM
ajfa-5486	322	13	)	)	PUNCT
ajfa-5486	322	14	(	(	PUNCT
ajfa-5486	322	15	0.9	0.9	NUM
ajfa-5486	322	16	)	)	PUNCT
ajfa-5486	322	17	lntq	lntq	NOUN
ajfa-5486	322	18	0.2293	0.2293	NUM
ajfa-5486	322	19	0.9171	0.9171	NUM
ajfa-5486	322	20	*	*	PUNCT
ajfa-5486	322	21	0.5277	0.5277	NUM
ajfa-5486	322	22	0.9573	0.9573	NUM
ajfa-5486	322	23	*	*	PUNCT
ajfa-5486	322	24	*	*	X
ajfa-5486	322	25	0.5124	0.5124	PUNCT
ajfa-5486	322	26	(	(	PUNCT
ajfa-5486	322	27	1.1	1.1	NUM
ajfa-5486	322	28	)	)	PUNCT
ajfa-5486	322	29	(	(	PUNCT
ajfa-5486	322	30	1.96	1.96	NUM
ajfa-5486	322	31	)	)	PUNCT
ajfa-5486	322	32	(	(	PUNCT
ajfa-5486	322	33	1.48	1.48	NUM
ajfa-5486	322	34	)	)	PUNCT
ajfa-5486	322	35	(	(	PUNCT
ajfa-5486	322	36	2.07	2.07	NUM
ajfa-5486	322	37	)	)	PUNCT
ajfa-5486	322	38	(	(	PUNCT
ajfa-5486	322	39	1.52	1.52	NUM
ajfa-5486	322	40	)	)	PUNCT
ajfa-5486	322	41	m2b	m2b	NOUN
ajfa-5486	322	42	0.0090	0.0090	NUM
ajfa-5486	322	43	*	*	PUNCT
ajfa-5486	322	44	0.0115	0.0115	NUM
ajfa-5486	322	45	*	*	PUNCT
ajfa-5486	322	46	*	*	PUNCT
ajfa-5486	322	47	*	*	PUNCT
ajfa-5486	323	1	0.0100	0.0100	NUM
ajfa-5486	323	2	*	*	PUNCT
ajfa-5486	323	3	*	*	PUNCT
ajfa-5486	323	4	*	*	PUNCT
ajfa-5486	323	5	0.0121	0.0121	NUM
ajfa-5486	323	6	*	*	PUNCT
ajfa-5486	323	7	*	*	PUNCT
ajfa-5486	323	8	*	*	PUNCT
ajfa-5486	323	9	0.0090	0.0090	NUM
ajfa-5486	323	10	*	*	PUNCT
ajfa-5486	323	11	*	*	PUNCT
ajfa-5486	323	12	*	*	PUNCT
ajfa-5486	323	13	(	(	PUNCT
ajfa-5486	323	14	1.91	1.91	NUM
ajfa-5486	323	15	)	)	PUNCT
ajfa-5486	323	16	(	(	PUNCT
ajfa-5486	323	17	2.9	2.9	NUM
ajfa-5486	323	18	)	)	PUNCT
ajfa-5486	323	19	(	(	PUNCT
ajfa-5486	323	20	3.03	3.03	NUM
ajfa-5486	323	21	)	)	PUNCT
ajfa-5486	323	22	(	(	PUNCT
ajfa-5486	323	23	2.8	2.8	NUM
ajfa-5486	323	24	)	)	PUNCT
ajfa-5486	323	25	(	(	PUNCT
ajfa-5486	323	26	2.61	2.61	NUM
ajfa-5486	323	27	)	)	PUNCT
ajfa-5486	323	28	lnmva	lnmva	VERB
ajfa-5486	323	29	0.0733	0.0733	NUM
ajfa-5486	323	30	0.0539	0.0539	NUM
ajfa-5486	323	31	0.0837	0.0837	NUM
ajfa-5486	323	32	0.0508	0.0508	NUM
ajfa-5486	323	33	0.0388	0.0388	NUM
ajfa-5486	323	34	(	(	PUNCT
ajfa-5486	323	35	1.57	1.57	NUM
ajfa-5486	323	36	)	)	PUNCT
ajfa-5486	323	37	(	(	PUNCT
ajfa-5486	323	38	0.63	0.63	NUM
ajfa-5486	323	39	)	)	PUNCT
ajfa-5486	323	40	(	(	PUNCT
ajfa-5486	323	41	1.27	1.27	NUM
ajfa-5486	323	42	)	)	PUNCT
ajfa-5486	323	43	(	(	PUNCT
ajfa-5486	323	44	0.65	0.65	NUM
ajfa-5486	323	45	)	)	PUNCT
ajfa-5486	323	46	(	(	PUNCT
ajfa-5486	323	47	0.63	0.63	NUM
ajfa-5486	323	48	)	)	PUNCT
ajfa-5486	323	49	cfroi	cfroi	NOUN
ajfa-5486	323	50	0.306	0.306	NUM
ajfa-5486	323	51	0.8978	0.8978	NUM
ajfa-5486	323	52	*	*	PUNCT
ajfa-5486	323	53	*	*	NOUN
ajfa-5486	324	1	0.6227	0.6227	NUM
ajfa-5486	324	2	0.8725	0.8725	NUM
ajfa-5486	324	3	*	*	PUNCT
ajfa-5486	324	4	*	*	PUNCT
ajfa-5486	324	5	0.6187	0.6187	NUM
ajfa-5486	324	6	(	(	PUNCT
ajfa-5486	324	7	0.74	0.74	NUM
ajfa-5486	324	8	)	)	PUNCT
ajfa-5486	324	9	(	(	PUNCT
ajfa-5486	324	10	2.08	2.08	NUM
ajfa-5486	324	11	)	)	PUNCT
ajfa-5486	324	12	(	(	PUNCT
ajfa-5486	324	13	1.43	1.43	NUM
ajfa-5486	324	14	)	)	PUNCT
ajfa-5486	324	15	(	(	PUNCT
ajfa-5486	324	16	2.02	2.02	NUM
ajfa-5486	324	17	)	)	PUNCT
ajfa-5486	324	18	(	(	PUNCT
ajfa-5486	324	19	1.53	1.53	NUM
ajfa-5486	324	20	)	)	PUNCT
ajfa-5486	324	21	size	size	NOUN
ajfa-5486	324	22	-0.0947	-0.0947	NOUN
ajfa-5486	324	23	*	*	PROPN
ajfa-5486	325	1	0.2493	0.2493	NUM
ajfa-5486	325	2	-0.02	-0.02	NUM
ajfa-5486	325	3	0.3504	0.3504	NUM
ajfa-5486	325	4	*	*	PUNCT
ajfa-5486	325	5	*	*	NOUN
ajfa-5486	325	6	-0.0177	-0.0177	X
ajfa-5486	325	7	(	(	PUNCT
ajfa-5486	325	8	-1.96	-1.96	NUM
ajfa-5486	325	9	)	)	PUNCT
ajfa-5486	325	10	(	(	PUNCT
ajfa-5486	325	11	1.56	1.56	NUM
ajfa-5486	325	12	)	)	PUNCT
ajfa-5486	325	13	(	(	PUNCT
ajfa-5486	325	14	-0.26	-0.26	X
ajfa-5486	325	15	)	)	PUNCT
ajfa-5486	325	16	(	(	PUNCT
ajfa-5486	325	17	2	2	NUM
ajfa-5486	325	18	)	)	PUNCT
ajfa-5486	325	19	(	(	PUNCT
ajfa-5486	325	20	-0.25	-0.25	NUM
ajfa-5486	325	21	)	)	PUNCT
ajfa-5486	325	22	constant	constant	ADJ
ajfa-5486	325	23	0.6571	0.6571	PRON
ajfa-5486	325	24	*	*	PUNCT
ajfa-5486	325	25	*	*	NOUN
ajfa-5486	325	26	-4.1076	-4.1076	PUNCT
ajfa-5486	326	1	*	*	PUNCT
ajfa-5486	326	2	*	*	PUNCT
ajfa-5486	326	3	*	*	PUNCT
ajfa-5486	326	4	-0.5907	-0.5907	NOUN
ajfa-5486	326	5	-5.3027	-5.3027	NOUN
ajfa-5486	327	1	*	*	PUNCT
ajfa-5486	328	1	*	*	PUNCT
ajfa-5486	328	2	*	*	PUNCT
ajfa-5486	328	3	-0.3126	-0.3126	NOUN
ajfa-5486	328	4	(	(	PUNCT
ajfa-5486	328	5	2.45	2.45	NUM
ajfa-5486	328	6	)	)	PUNCT
ajfa-5486	328	7	(	(	PUNCT
ajfa-5486	328	8	-2.63	-2.63	NOUN
ajfa-5486	328	9	)	)	PUNCT
ajfa-5486	328	10	(	(	PUNCT
ajfa-5486	328	11	-1.07	-1.07	NUM
ajfa-5486	328	12	)	)	PUNCT
ajfa-5486	328	13	(	(	PUNCT
ajfa-5486	328	14	-2.91	-2.91	NOUN
ajfa-5486	328	15	)	)	PUNCT
ajfa-5486	328	16	(	(	PUNCT
ajfa-5486	328	17	-0.63	-0.63	NOUN
ajfa-5486	328	18	)	)	PUNCT
ajfa-5486	328	19	n	n	NOUN
ajfa-5486	328	20	873	873	NUM
ajfa-5486	328	21	873	873	NUM
ajfa-5486	328	22	873	873	NUM
ajfa-5486	328	23	873	873	NUM
ajfa-5486	328	24	873	873	NUM
ajfa-5486	328	25	r2	r2	NOUN
ajfa-5486	328	26	0.1373	0.1373	NUM
ajfa-5486	328	27	0.2283	0.2283	NUM
ajfa-5486	328	28	0.1779	0.1779	NUM
ajfa-5486	328	29	vce	vce	PRON
ajfa-5486	328	30	robust	robust	ADJ
ajfa-5486	328	31	cluster	cluster	NOUN
ajfa-5486	328	32	robust	robust	ADJ
ajfa-5486	328	33	cluster	cluster	NOUN
ajfa-5486	328	34	robust	robust	ADJ
ajfa-5486	328	35	firm	firm	ADJ
ajfa-5486	328	36	effect	effect	NOUN
ajfa-5486	329	1	no	no	INTJ
ajfa-5486	330	1	yes	yes	INTJ
ajfa-5486	331	1	yes	yes	INTJ
ajfa-5486	332	1	yes	yes	INTJ
ajfa-5486	333	1	yes	yes	INTJ
ajfa-5486	333	2	year	year	NOUN
ajfa-5486	333	3	effect	effect	NOUN
ajfa-5486	333	4	no	no	INTJ
ajfa-5486	333	5	no	no	INTJ
ajfa-5486	334	1	no	no	INTJ
ajfa-5486	335	1	yes	yes	INTJ
ajfa-5486	335	2	yes	yes	INTJ
ajfa-5486	335	3	notes	note	VERB
ajfa-5486	335	4	:	:	PUNCT
ajfa-5486	335	5	(	(	PUNCT
ajfa-5486	335	6	1	1	X
ajfa-5486	335	7	)	)	PUNCT
ajfa-5486	335	8	*	*	PUNCT
ajfa-5486	336	1	denotes	denote	NOUN
ajfa-5486	336	2	significance	significance	NOUN
ajfa-5486	336	3	at	at	ADP
ajfa-5486	336	4	10	10	NUM
ajfa-5486	336	5	%	%	NOUN
ajfa-5486	336	6	(	(	PUNCT
ajfa-5486	336	7	p<0.10	p<0.10	PROPN
ajfa-5486	336	8	)	)	PUNCT
ajfa-5486	336	9	,	,	PUNCT
ajfa-5486	336	10	*	*	PUNCT
ajfa-5486	336	11	*	*	NOUN
ajfa-5486	336	12	denotes	denote	NOUN
ajfa-5486	336	13	significance	significance	NOUN
ajfa-5486	336	14	at	at	ADP
ajfa-5486	336	15	5	5	NUM
ajfa-5486	336	16	%	%	NOUN
ajfa-5486	336	17	(	(	PUNCT
ajfa-5486	336	18	p<0.05	p<0.05	NOUN
ajfa-5486	336	19	)	)	PUNCT
ajfa-5486	336	20	,	,	PUNCT
ajfa-5486	336	21	*	*	PUNCT
ajfa-5486	336	22	*	*	PUNCT
ajfa-5486	336	23	*	*	PUNCT
ajfa-5486	336	24	denotes	denote	NOUN
ajfa-5486	336	25	significance	significance	NOUN
ajfa-5486	336	26	at	at	ADP
ajfa-5486	336	27	1	1	NUM
ajfa-5486	336	28	%	%	NOUN
ajfa-5486	336	29	(	(	PUNCT
ajfa-5486	336	30	p<0.01	p<0.01	PROPN
ajfa-5486	336	31	)	)	PUNCT
ajfa-5486	336	32	;	;	PUNCT
ajfa-5486	336	33	(	(	PUNCT
ajfa-5486	336	34	2	2	X
ajfa-5486	336	35	)	)	PUNCT
ajfa-5486	336	36	number	number	NOUN
ajfa-5486	336	37	in	in	ADP
ajfa-5486	336	38	parenthesis	parenthesis	NOUN
ajfa-5486	336	39	below	below	ADP
ajfa-5486	336	40	each	each	DET
ajfa-5486	336	41	coefficient	coefficient	NOUN
ajfa-5486	336	42	show	show	VERB
ajfa-5486	336	43	t	t	PROPN
ajfa-5486	336	44	-	-	PUNCT
ajfa-5486	336	45	statistics	statistic	NOUN
ajfa-5486	336	46	after	after	ADP
ajfa-5486	336	47	analysing	analyse	VERB
ajfa-5486	336	48	accounting	accounting	NOUN
ajfa-5486	336	49	and	and	CCONJ
ajfa-5486	336	50	market	market	NOUN
ajfa-5486	336	51	based	base	VERB
ajfa-5486	336	52	financial	financial	ADJ
ajfa-5486	336	53	performance	performance	NOUN
ajfa-5486	336	54	measures	measure	NOUN
ajfa-5486	336	55	,	,	PUNCT
ajfa-5486	336	56	we	we	PRON
ajfa-5486	336	57	found	find	VERB
ajfa-5486	336	58	that	that	SCONJ
ajfa-5486	336	59	market	market	NOUN
ajfa-5486	336	60	based	base	VERB
ajfa-5486	336	61	financial	financial	ADJ
ajfa-5486	336	62	measures	measure	NOUN
ajfa-5486	336	63	are	be	AUX
ajfa-5486	336	64	performing	perform	VERB
ajfa-5486	336	65	better	well	ADV
ajfa-5486	336	66	than	than	ADP
ajfa-5486	336	67	accounting	account	VERB
ajfa-5486	336	68	based	base	VERB
ajfa-5486	336	69	financial	financial	ADJ
ajfa-5486	336	70	measures	measure	NOUN
ajfa-5486	336	71	in	in	ADP
ajfa-5486	336	72	explaining	explain	VERB
ajfa-5486	336	73	stock	stock	NOUN
ajfa-5486	336	74	returns	return	NOUN
ajfa-5486	336	75	.	.	PUNCT
ajfa-5486	337	1	two	two	NUM
ajfa-5486	337	2	accounting	accounting	NOUN
ajfa-5486	337	3	ratios	ratio	NOUN
ajfa-5486	337	4	(	(	PUNCT
ajfa-5486	337	5	return	return	VERB
ajfa-5486	337	6	on	on	ADP
ajfa-5486	337	7	asset	asset	NOUN
ajfa-5486	337	8	(	(	PUNCT
ajfa-5486	337	9	roa	roa	PROPN
ajfa-5486	337	10	)	)	PUNCT
ajfa-5486	337	11	and	and	CCONJ
ajfa-5486	337	12	pay	pay	VERB
ajfa-5486	337	13	-	-	PUNCT
ajfa-5486	337	14	out	out	ADP
ajfa-5486	337	15	ratio	ratio	NOUN
ajfa-5486	337	16	(	(	PUNCT
ajfa-5486	337	17	por	por	NOUN
ajfa-5486	337	18	)	)	PUNCT
ajfa-5486	337	19	)	)	PUNCT
ajfa-5486	337	20	and	and	CCONJ
ajfa-5486	337	21	four	four	NUM
ajfa-5486	337	22	market	market	NOUN
ajfa-5486	337	23	based	base	VERB
ajfa-5486	337	24	ratios	ratio	NOUN
ajfa-5486	337	25	(	(	PUNCT
ajfa-5486	337	26	price	price	NOUN
ajfa-5486	337	27	to	to	ADP
ajfa-5486	337	28	earnings	earning	NOUN
ajfa-5486	337	29	(	(	PUNCT
ajfa-5486	337	30	p2e	p2e	NOUN
ajfa-5486	337	31	)	)	PUNCT
ajfa-5486	337	32	,	,	PUNCT
ajfa-5486	337	33	tobin	tobin	PROPN
ajfa-5486	337	34	q	q	PROPN
ajfa-5486	337	35	(	(	PUNCT
ajfa-5486	337	36	tq	tq	NOUN
ajfa-5486	337	37	)	)	PUNCT
ajfa-5486	337	38	,	,	PUNCT
ajfa-5486	337	39	market	market	NOUN
ajfa-5486	337	40	to	to	ADP
ajfa-5486	337	41	book	book	NOUN
ajfa-5486	337	42	(	(	PUNCT
ajfa-5486	337	43	m2b	m2b	NOUN
ajfa-5486	337	44	)	)	PUNCT
ajfa-5486	337	45	and	and	CCONJ
ajfa-5486	337	46	cashflow	cashflow	ADJ
ajfa-5486	337	47	return	return	NOUN
ajfa-5486	337	48	on	on	ADP
ajfa-5486	337	49	investment	investment	NOUN
ajfa-5486	337	50	(	(	PUNCT
ajfa-5486	337	51	cfroi	cfroi	NOUN
ajfa-5486	337	52	)	)	PUNCT
ajfa-5486	337	53	)	)	PUNCT
ajfa-5486	337	54	appear	appear	VERB
ajfa-5486	337	55	to	to	PART
ajfa-5486	337	56	be	be	AUX
ajfa-5486	337	57	suitable	suitable	ADJ
ajfa-5486	337	58	candidates	candidate	NOUN
ajfa-5486	337	59	to	to	PART
ajfa-5486	337	60	explain	explain	VERB
ajfa-5486	337	61	stock	stock	NOUN
ajfa-5486	337	62	return	return	NOUN
ajfa-5486	337	63	.	.	PUNCT
ajfa-5486	338	1	7	7	X
ajfa-5486	338	2	.	.	X
ajfa-5486	338	3	conclusions	conclusion	NOUN
ajfa-5486	338	4	this	this	DET
ajfa-5486	338	5	study	study	NOUN
ajfa-5486	338	6	identifies	identify	VERB
ajfa-5486	338	7	suitable	suitable	ADJ
ajfa-5486	338	8	financial	financial	ADJ
ajfa-5486	338	9	performance	performance	NOUN
ajfa-5486	338	10	evaluation	evaluation	NOUN
ajfa-5486	338	11	ratios	ratio	NOUN
ajfa-5486	338	12	from	from	ADP
ajfa-5486	338	13	a	a	DET
ajfa-5486	338	14	range	range	NOUN
ajfa-5486	338	15	of	of	ADP
ajfa-5486	338	16	available	available	ADJ
ajfa-5486	338	17	ratios	ratio	NOUN
ajfa-5486	338	18	for	for	ADP
ajfa-5486	338	19	asx	asx	NOUN
ajfa-5486	338	20	200	200	NUM
ajfa-5486	338	21	listed	list	VERB
ajfa-5486	338	22	companies	company	NOUN
ajfa-5486	338	23	.	.	PUNCT
ajfa-5486	339	1	a	a	DET
ajfa-5486	339	2	sequence	sequence	NOUN
ajfa-5486	339	3	of	of	ADP
ajfa-5486	339	4	specification	specification	NOUN
ajfa-5486	339	5	tests	test	NOUN
ajfa-5486	339	6	,	,	PUNCT
ajfa-5486	339	7	panel	panel	NOUN
ajfa-5486	339	8	regressions	regression	NOUN
ajfa-5486	339	9	including	include	VERB
ajfa-5486	339	10	both	both	DET
ajfa-5486	339	11	company	company	NOUN
ajfa-5486	339	12	and	and	CCONJ
ajfa-5486	339	13	year	year	NOUN
ajfa-5486	339	14	fixed	fix	VERB
ajfa-5486	339	15	effects	effect	NOUN
ajfa-5486	339	16	was	be	AUX
ajfa-5486	339	17	selected	select	VERB
ajfa-5486	339	18	as	as	ADP
ajfa-5486	339	19	a	a	DET
ajfa-5486	339	20	reference	reference	NOUN
ajfa-5486	339	21	model	model	NOUN
ajfa-5486	339	22	.	.	PUNCT
ajfa-5486	340	1	after	after	ADP
ajfa-5486	340	2	analysing	analyse	VERB
ajfa-5486	340	3	and	and	CCONJ
ajfa-5486	340	4	comparing	compare	VERB
ajfa-5486	340	5	5	5	NUM
ajfa-5486	340	6	ratios	ratio	NOUN
ajfa-5486	340	7	from	from	ADP
ajfa-5486	340	8	each	each	PRON
ajfa-5486	340	9	of	of	ADP
ajfa-5486	340	10	the	the	DET
ajfa-5486	340	11	sub	sub	NOUN
ajfa-5486	340	12	-	-	NOUN
ajfa-5486	340	13	groups	group	NOUN
ajfa-5486	340	14	namely	namely	ADV
ajfa-5486	340	15	accounting	account	VERB
ajfa-5486	340	16	based	base	VERB
ajfa-5486	340	17	financial	financial	ADJ
ajfa-5486	340	18	measure	measure	NOUN
ajfa-5486	340	19	and	and	CCONJ
ajfa-5486	340	20	market	market	NOUN
ajfa-5486	340	21	based	base	VERB
ajfa-5486	340	22	financial	financial	ADJ
ajfa-5486	340	23	measure	measure	NOUN
ajfa-5486	340	24	,	,	PUNCT
ajfa-5486	340	25	we	we	PRON
ajfa-5486	340	26	find	find	VERB
ajfa-5486	340	27	that	that	SCONJ
ajfa-5486	340	28	price	price	NOUN
ajfa-5486	340	29	to	to	ADP
ajfa-5486	340	30	earnings	earning	NOUN
ajfa-5486	340	31	(	(	PUNCT
ajfa-5486	340	32	p2e	p2e	NOUN
ajfa-5486	340	33	)	)	PUNCT
ajfa-5486	340	34	,	,	PUNCT
ajfa-5486	340	35	tobin	tobin	PROPN
ajfa-5486	340	36	q	q	PROPN
ajfa-5486	340	37	(	(	PUNCT
ajfa-5486	340	38	tq	tq	NOUN
ajfa-5486	340	39	)	)	PUNCT
ajfa-5486	340	40	,	,	PUNCT
ajfa-5486	340	41	market	market	NOUN
ajfa-5486	340	42	to	to	ADP
ajfa-5486	340	43	book	book	NOUN
ajfa-5486	340	44	(	(	PUNCT
ajfa-5486	340	45	m2b	m2b	NOUN
ajfa-5486	340	46	)	)	PUNCT
ajfa-5486	340	47	and	and	CCONJ
ajfa-5486	340	48	cashflow	cashflow	ADJ
ajfa-5486	340	49	return	return	NOUN
ajfa-5486	340	50	on	on	ADP
ajfa-5486	340	51	investment	investment	NOUN
ajfa-5486	340	52	(	(	PUNCT
ajfa-5486	340	53	cfroi	cfroi	NOUN
ajfa-5486	340	54	)	)	PUNCT
ajfa-5486	340	55	from	from	ADP
ajfa-5486	340	56	market	market	NOUN
ajfa-5486	340	57	based	base	VERB
ajfa-5486	340	58	financial	financial	ADJ
ajfa-5486	340	59	measures	measure	NOUN
ajfa-5486	340	60	can	can	AUX
ajfa-5486	340	61	better	well	ADV
ajfa-5486	340	62	explain	explain	VERB
ajfa-5486	340	63	variance	variance	NOUN
ajfa-5486	340	64	in	in	ADP
ajfa-5486	340	65	stock	stock	NOUN
ajfa-5486	340	66	prices	price	NOUN
ajfa-5486	340	67	.	.	PUNCT
ajfa-5486	341	1	this	this	PRON
ajfa-5486	341	2	makes	make	VERB
ajfa-5486	341	3	a	a	DET
ajfa-5486	341	4	better	well	ADJ
ajfa-5486	341	5	group	group	NOUN
ajfa-5486	341	6	of	of	ADP
ajfa-5486	341	7	performance	performance	NOUN
ajfa-5486	341	8	evaluation	evaluation	NOUN
ajfa-5486	341	9	measures	measure	NOUN
ajfa-5486	341	10	over	over	ADP
ajfa-5486	341	11	the	the	DET
ajfa-5486	341	12	rival	rival	ADJ
ajfa-5486	341	13	approach	approach	NOUN
ajfa-5486	341	14	where	where	SCONJ
ajfa-5486	341	15	only	only	ADV
ajfa-5486	341	16	return	return	NOUN
ajfa-5486	341	17	on	on	ADP
ajfa-5486	341	18	asset	asset	NOUN
ajfa-5486	341	19	(	(	PUNCT
ajfa-5486	341	20	roa	roa	PROPN
ajfa-5486	341	21	)	)	PUNCT
ajfa-5486	341	22	and	and	CCONJ
ajfa-5486	341	23	pay	pay	VERB
ajfa-5486	341	24	-	-	PUNCT
ajfa-5486	341	25	out	out	ADP
ajfa-5486	341	26	ratio	ratio	NOUN
ajfa-5486	341	27	(	(	PUNCT
ajfa-5486	341	28	por	por	NOUN
ajfa-5486	341	29	)	)	PUNCT
ajfa-5486	341	30	can	can	AUX
ajfa-5486	341	31	explain	explain	VERB
ajfa-5486	341	32	stock	stock	NOUN
ajfa-5486	341	33	return	return	NOUN
ajfa-5486	341	34	.	.	PUNCT
ajfa-5486	342	1	this	this	PRON
ajfa-5486	342	2	adds	add	VERB
ajfa-5486	342	3	empirical	empirical	ADJ
ajfa-5486	342	4	evidence	evidence	NOUN
ajfa-5486	342	5	to	to	ADP
ajfa-5486	342	6	the	the	DET
ajfa-5486	342	7	extant	extant	ADJ
ajfa-5486	342	8	literature	literature	NOUN
ajfa-5486	342	9	from	from	ADP
ajfa-5486	342	10	an	an	DET
ajfa-5486	342	11	australian	australian	ADJ
ajfa-5486	342	12	market	market	NOUN
ajfa-5486	342	13	perspective	perspective	NOUN
ajfa-5486	342	14	.	.	PUNCT
ajfa-5486	343	1	it	it	PRON
ajfa-5486	343	2	reveals	reveal	VERB
ajfa-5486	343	3	the	the	DET
ajfa-5486	343	4	inside	inside	ADJ
ajfa-5486	343	5	story	story	NOUN
ajfa-5486	343	6	of	of	ADP
ajfa-5486	343	7	the	the	DET
ajfa-5486	343	8	market	market	NOUN
ajfa-5486	343	9	participants	participant	NOUN
ajfa-5486	343	10	that	that	PRON
ajfa-5486	343	11	they	they	PRON
ajfa-5486	343	12	pay	pay	VERB
ajfa-5486	343	13	more	more	ADJ
ajfa-5486	343	14	attention	attention	NOUN
ajfa-5486	343	15	to	to	ADP
ajfa-5486	343	16	market	market	NOUN
ajfa-5486	343	17	based	base	VERB
ajfa-5486	343	18	measures	measure	NOUN
ajfa-5486	343	19	over	over	ADP
ajfa-5486	343	20	asian	asian	ADJ
ajfa-5486	343	21	journal	journal	NOUN
ajfa-5486	343	22	of	of	ADP
ajfa-5486	343	23	finance	finance	PROPN
ajfa-5486	343	24	&	&	CCONJ
ajfa-5486	343	25	accounting	accounting	PROPN
ajfa-5486	343	26	issn	issn	PROPN
ajfa-5486	343	27	1946	1946	NUM
ajfa-5486	343	28	-	-	PUNCT
ajfa-5486	343	29	052x	052x	PROPN
ajfa-5486	343	30	2014	2014	NUM
ajfa-5486	343	31	,	,	PUNCT
ajfa-5486	343	32	vol	vol	NOUN
ajfa-5486	343	33	.	.	PROPN
ajfa-5486	343	34	6	6	NUM
ajfa-5486	343	35	,	,	PUNCT
ajfa-5486	343	36	no	no	INTJ
ajfa-5486	343	37	.	.	NOUN
ajfa-5486	343	38	1	1	NUM
ajfa-5486	343	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	343	40	287	287	NUM
ajfa-5486	343	41	accounting	accounting	NOUN
ajfa-5486	343	42	based	base	VERB
ajfa-5486	343	43	measures	measure	NOUN
ajfa-5486	343	44	.	.	PUNCT
ajfa-5486	344	1	these	these	DET
ajfa-5486	344	2	results	result	NOUN
ajfa-5486	344	3	are	be	AUX
ajfa-5486	344	4	not	not	PART
ajfa-5486	344	5	only	only	ADV
ajfa-5486	344	6	important	important	ADJ
ajfa-5486	344	7	from	from	ADP
ajfa-5486	344	8	an	an	DET
ajfa-5486	344	9	academic	academic	ADJ
ajfa-5486	344	10	research	research	NOUN
ajfa-5486	344	11	point	point	NOUN
ajfa-5486	344	12	of	of	ADP
ajfa-5486	344	13	view	view	NOUN
ajfa-5486	344	14	but	but	CCONJ
ajfa-5486	344	15	also	also	ADV
ajfa-5486	344	16	to	to	ADP
ajfa-5486	344	17	practitioners	practitioner	NOUN
ajfa-5486	344	18	who	who	PRON
ajfa-5486	344	19	rely	rely	VERB
ajfa-5486	344	20	on	on	ADP
ajfa-5486	344	21	market	market	NOUN
ajfa-5486	344	22	based	base	VERB
ajfa-5486	344	23	measures	measure	NOUN
ajfa-5486	344	24	.	.	PUNCT
ajfa-5486	345	1	given	give	VERB
ajfa-5486	345	2	the	the	DET
ajfa-5486	345	3	strong	strong	ADJ
ajfa-5486	345	4	relations	relation	NOUN
ajfa-5486	345	5	of	of	ADP
ajfa-5486	345	6	market	market	NOUN
ajfa-5486	345	7	financial	financial	ADJ
ajfa-5486	345	8	performance	performance	NOUN
ajfa-5486	345	9	measures	measure	NOUN
ajfa-5486	345	10	and	and	CCONJ
ajfa-5486	345	11	stock	stock	NOUN
ajfa-5486	345	12	returns	return	NOUN
ajfa-5486	345	13	,	,	PUNCT
ajfa-5486	345	14	future	future	ADJ
ajfa-5486	345	15	studies	study	NOUN
ajfa-5486	345	16	should	should	AUX
ajfa-5486	345	17	focus	focus	VERB
ajfa-5486	345	18	on	on	ADP
ajfa-5486	345	19	ratio	ratio	NOUN
ajfa-5486	345	20	and	and	CCONJ
ajfa-5486	345	21	performance	performance	NOUN
ajfa-5486	345	22	measures	measure	NOUN
ajfa-5486	345	23	that	that	PRON
ajfa-5486	345	24	are	be	AUX
ajfa-5486	345	25	related	relate	VERB
ajfa-5486	345	26	to	to	ADP
ajfa-5486	345	27	financial	financial	ADJ
ajfa-5486	345	28	risk	risk	NOUN
ajfa-5486	345	29	and	and	CCONJ
ajfa-5486	345	30	their	their	PRON
ajfa-5486	345	31	impact	impact	NOUN
ajfa-5486	345	32	on	on	ADP
ajfa-5486	345	33	market	market	NOUN
ajfa-5486	345	34	rate	rate	NOUN
ajfa-5486	345	35	of	of	ADP
ajfa-5486	345	36	return	return	NOUN
ajfa-5486	345	37	.	.	PUNCT
ajfa-5486	346	1	more	more	ADJ
ajfa-5486	346	2	attention	attention	NOUN
ajfa-5486	346	3	is	be	AUX
ajfa-5486	346	4	required	require	VERB
ajfa-5486	346	5	to	to	PART
ajfa-5486	346	6	investigate	investigate	VERB
ajfa-5486	346	7	the	the	DET
ajfa-5486	346	8	motivation	motivation	NOUN
ajfa-5486	346	9	for	for	ADP
ajfa-5486	346	10	behaviour	behaviour	NOUN
ajfa-5486	346	11	that	that	PRON
ajfa-5486	346	12	is	be	AUX
ajfa-5486	346	13	inclined	incline	VERB
ajfa-5486	346	14	towards	towards	ADP
ajfa-5486	346	15	the	the	DET
ajfa-5486	346	16	market	market	NOUN
ajfa-5486	346	17	based	base	VERB
ajfa-5486	346	18	measure	measure	NOUN
ajfa-5486	346	19	.	.	PUNCT
ajfa-5486	347	1	market	market	NOUN
ajfa-5486	347	2	participants	participant	NOUN
ajfa-5486	347	3	trust	trust	NOUN
ajfa-5486	347	4	of	of	ADP
ajfa-5486	347	5	accounting	accounting	NOUN
ajfa-5486	347	6	numbers	number	NOUN
ajfa-5486	347	7	and	and	CCONJ
ajfa-5486	347	8	the	the	DET
ajfa-5486	347	9	effectiveness	effectiveness	NOUN
ajfa-5486	347	10	of	of	ADP
ajfa-5486	347	11	financial	financial	ADJ
ajfa-5486	347	12	reporting	reporting	NOUN
ajfa-5486	347	13	standards	standard	NOUN
ajfa-5486	347	14	also	also	ADV
ajfa-5486	347	15	requires	require	VERB
ajfa-5486	347	16	attention	attention	NOUN
ajfa-5486	347	17	from	from	ADP
ajfa-5486	347	18	future	future	ADJ
ajfa-5486	347	19	researchers	researcher	NOUN
ajfa-5486	347	20	.	.	PUNCT
ajfa-5486	348	1	references	reference	NOUN
ajfa-5486	348	2	anjum	anjum	PROPN
ajfa-5486	348	3	,	,	PUNCT
ajfa-5486	348	4	s.	s.	PROPN
ajfa-5486	348	5	(	(	PUNCT
ajfa-5486	348	6	2010	2010	NUM
ajfa-5486	348	7	)	)	PUNCT
ajfa-5486	348	8	.	.	PUNCT
ajfa-5486	349	1	an	an	DET
ajfa-5486	349	2	overview	overview	NOUN
ajfa-5486	349	3	of	of	ADP
ajfa-5486	349	4	financial	financial	ADJ
ajfa-5486	349	5	ratios	ratio	NOUN
ajfa-5486	349	6	from	from	ADP
ajfa-5486	349	7	1900	1900	NUM
ajfa-5486	349	8	's	's	PART
ajfa-5486	349	9	till	till	SCONJ
ajfa-5486	349	10	present	present	ADJ
ajfa-5486	349	11	days	day	NOUN
ajfa-5486	349	12	.	.	PUNCT
ajfa-5486	350	1	international	international	ADJ
ajfa-5486	350	2	journal	journal	PROPN
ajfa-5486	350	3	of	of	ADP
ajfa-5486	350	4	research	research	NOUN
ajfa-5486	350	5	in	in	ADP
ajfa-5486	350	6	commerce	commerce	PROPN
ajfa-5486	350	7	&	&	CCONJ
ajfa-5486	350	8	management	management	PROPN
ajfa-5486	350	9	,	,	PUNCT
ajfa-5486	350	10	1(8	1(8	NUM
ajfa-5486	350	11	)	)	PUNCT
ajfa-5486	350	12	,	,	PUNCT
ajfa-5486	350	13	126	126	NUM
ajfa-5486	350	14	-	-	SYM
ajfa-5486	350	15	130	130	NUM
ajfa-5486	350	16	.	.	PUNCT
ajfa-5486	351	1	bell	bell	PROPN
ajfa-5486	351	2	,	,	PUNCT
ajfa-5486	351	3	e.	e.	PROPN
ajfa-5486	351	4	t.	t.	PROPN
ajfa-5486	351	5	(	(	PUNCT
ajfa-5486	351	6	1945	1945	NUM
ajfa-5486	351	7	)	)	PUNCT
ajfa-5486	351	8	.	.	PUNCT
ajfa-5486	352	1	the	the	DET
ajfa-5486	352	2	development	development	NOUN
ajfa-5486	352	3	of	of	ADP
ajfa-5486	352	4	mathematics	mathematic	NOUN
ajfa-5486	352	5	.	.	PUNCT
ajfa-5486	353	1	new	new	PROPN
ajfa-5486	353	2	york	york	PROPN
ajfa-5486	353	3	:	:	PUNCT
ajfa-5486	353	4	mcgraw	mcgraw	PROPN
ajfa-5486	353	5	-	-	PUNCT
ajfa-5486	353	6	hill	hill	PROPN
ajfa-5486	353	7	.	.	PUNCT
ajfa-5486	354	1	bliss	bliss	PROPN
ajfa-5486	354	2	,	,	PUNCT
ajfa-5486	354	3	j.	j.	PROPN
ajfa-5486	354	4	h.	h.	PROPN
ajfa-5486	354	5	(	(	PUNCT
ajfa-5486	354	6	1923	1923	NUM
ajfa-5486	354	7	)	)	PUNCT
ajfa-5486	354	8	.	.	PUNCT
ajfa-5486	355	1	financial	financial	ADJ
ajfa-5486	355	2	and	and	CCONJ
ajfa-5486	355	3	operating	operate	VERB
ajfa-5486	355	4	ratios	ratio	NOUN
ajfa-5486	355	5	in	in	ADP
ajfa-5486	355	6	management	management	NOUN
ajfa-5486	355	7	.	.	PUNCT
ajfa-5486	356	1	new	new	PROPN
ajfa-5486	356	2	york	york	PROPN
ajfa-5486	356	3	:	:	PUNCT
ajfa-5486	356	4	the	the	DET
ajfa-5486	356	5	ronald	ronald	PROPN
ajfa-5486	356	6	press	press	PROPN
ajfa-5486	356	7	company	company	NOUN
ajfa-5486	356	8	.	.	PUNCT
ajfa-5486	357	1	chen	chen	PROPN
ajfa-5486	357	2	,	,	PUNCT
ajfa-5486	357	3	k.	k.	PROPN
ajfa-5486	357	4	h.	h.	PROPN
ajfa-5486	357	5	,	,	PUNCT
ajfa-5486	357	6	&	&	CCONJ
ajfa-5486	357	7	shimerda	shimerda	PROPN
ajfa-5486	357	8	,	,	PUNCT
ajfa-5486	357	9	t.	t.	NOUN
ajfa-5486	357	10	a.	a.	NOUN
ajfa-5486	357	11	(	(	PUNCT
ajfa-5486	357	12	1981	1981	NUM
ajfa-5486	357	13	)	)	PUNCT
ajfa-5486	357	14	.	.	PUNCT
ajfa-5486	358	1	an	an	DET
ajfa-5486	358	2	empirical	empirical	ADJ
ajfa-5486	358	3	analysis	analysis	NOUN
ajfa-5486	358	4	of	of	ADP
ajfa-5486	358	5	useful	useful	ADJ
ajfa-5486	358	6	financial	financial	ADJ
ajfa-5486	358	7	ratios	ratio	NOUN
ajfa-5486	358	8	.	.	PUNCT
ajfa-5486	359	1	financial	financial	ADJ
ajfa-5486	359	2	management	management	NOUN
ajfa-5486	359	3	,	,	PUNCT
ajfa-5486	359	4	10(1	10(1	NUM
ajfa-5486	359	5	)	)	PUNCT
ajfa-5486	359	6	,	,	PUNCT
ajfa-5486	359	7	51	51	NUM
ajfa-5486	359	8	-	-	SYM
ajfa-5486	359	9	60	60	NUM
ajfa-5486	359	10	.	.	PUNCT
ajfa-5486	360	1	http://dx.doi.org/10.2307/3665113	http://dx.doi.org/10.2307/3665113	PROPN
ajfa-5486	360	2	cheng	cheng	PROPN
ajfa-5486	360	3	,	,	PUNCT
ajfa-5486	360	4	j.	j.	PROPN
ajfa-5486	360	5	m.	m.	PROPN
ajfa-5486	360	6	s.	s.	PROPN
ajfa-5486	360	7	,	,	PUNCT
ajfa-5486	360	8	tsao	tsao	PROPN
ajfa-5486	360	9	,	,	PUNCT
ajfa-5486	360	10	s.	s.	PROPN
ajfa-5486	360	11	m.	m.	PROPN
ajfa-5486	360	12	,	,	PUNCT
ajfa-5486	360	13	tsai	tsai	PROPN
ajfa-5486	360	14	,	,	PUNCT
ajfa-5486	360	15	w.	w.	PROPN
ajfa-5486	360	16	h.	h.	PROPN
ajfa-5486	360	17	,	,	PUNCT
ajfa-5486	360	18	&	&	CCONJ
ajfa-5486	360	19	tu	tu	PROPN
ajfa-5486	360	20	,	,	PUNCT
ajfa-5486	360	21	h.	h.	PROPN
ajfa-5486	360	22	h.	h.	PROPN
ajfa-5486	360	23	j.	j.	PROPN
ajfa-5486	360	24	(	(	PUNCT
ajfa-5486	360	25	2007	2007	NUM
ajfa-5486	360	26	)	)	PUNCT
ajfa-5486	360	27	.	.	PUNCT
ajfa-5486	361	1	will	will	AUX
ajfa-5486	361	2	echannel	echannel	VERB
ajfa-5486	361	3	additions	addition	NOUN
ajfa-5486	361	4	increase	increase	VERB
ajfa-5486	361	5	the	the	DET
ajfa-5486	361	6	financial	financial	ADJ
ajfa-5486	361	7	performance	performance	NOUN
ajfa-5486	361	8	of	of	ADP
ajfa-5486	361	9	the	the	DET
ajfa-5486	361	10	firm	firm	NOUN
ajfa-5486	361	11	?	?	PUNCT
ajfa-5486	362	1	the	the	DET
ajfa-5486	362	2	evidence	evidence	NOUN
ajfa-5486	362	3	from	from	ADP
ajfa-5486	362	4	taiwan	taiwan	PROPN
ajfa-5486	362	5	.	.	PUNCT
ajfa-5486	363	1	industrial	industrial	ADJ
ajfa-5486	363	2	marketing	marketing	NOUN
ajfa-5486	363	3	management	management	NOUN
ajfa-5486	363	4	,	,	PUNCT
ajfa-5486	363	5	36(1	36(1	NUM
ajfa-5486	363	6	)	)	PUNCT
ajfa-5486	363	7	,	,	PUNCT
ajfa-5486	363	8	50	50	NUM
ajfa-5486	363	9	-	-	SYM
ajfa-5486	363	10	57	57	NUM
ajfa-5486	363	11	.	.	PUNCT
ajfa-5486	364	1	http://dx.doi.org/10.1016/j.indmarman.2006.06.011	http://dx.doi.org/10.1016/j.indmarman.2006.06.011	PROPN
ajfa-5486	364	2	chung	chung	PROPN
ajfa-5486	364	3	,	,	PUNCT
ajfa-5486	364	4	k.	k.	PROPN
ajfa-5486	364	5	,	,	PUNCT
ajfa-5486	364	6	&	&	CCONJ
ajfa-5486	364	7	pruitt	pruitt	PROPN
ajfa-5486	364	8	,	,	PUNCT
ajfa-5486	364	9	s.	s.	PROPN
ajfa-5486	364	10	(	(	PUNCT
ajfa-5486	364	11	1994	1994	NUM
ajfa-5486	364	12	)	)	PUNCT
ajfa-5486	364	13	.	.	PUNCT
ajfa-5486	365	1	a	a	DET
ajfa-5486	365	2	simple	simple	ADJ
ajfa-5486	365	3	approximation	approximation	NOUN
ajfa-5486	365	4	of	of	ADP
ajfa-5486	365	5	tobin	tobin	PROPN
ajfa-5486	365	6	's	's	PART
ajfa-5486	365	7	q.	q.	PROPN
ajfa-5486	365	8	financial	financial	PROPN
ajfa-5486	365	9	management	management	NOUN
ajfa-5486	365	10	,	,	PUNCT
ajfa-5486	365	11	23(3	23(3	NUM
ajfa-5486	365	12	)	)	PUNCT
ajfa-5486	365	13	,	,	PUNCT
ajfa-5486	365	14	70	70	NUM
ajfa-5486	365	15	-	-	SYM
ajfa-5486	365	16	74	74	NUM
ajfa-5486	365	17	.	.	PUNCT
ajfa-5486	366	1	http://dx.doi.org/10.2307/3665623	http://dx.doi.org/10.2307/3665623	PROPN
ajfa-5486	366	2	cudia	cudia	PROPN
ajfa-5486	366	3	,	,	PUNCT
ajfa-5486	366	4	c.	c.	PROPN
ajfa-5486	366	5	p.	p.	PROPN
ajfa-5486	366	6	,	,	PUNCT
ajfa-5486	366	7	&	&	CCONJ
ajfa-5486	366	8	manaligod	manaligod	PROPN
ajfa-5486	366	9	,	,	PUNCT
ajfa-5486	366	10	g.	g.	PROPN
ajfa-5486	366	11	t.	t.	PROPN
ajfa-5486	366	12	(	(	PUNCT
ajfa-5486	366	13	2011	2011	NUM
ajfa-5486	366	14	)	)	PUNCT
ajfa-5486	366	15	.	.	PUNCT
ajfa-5486	367	1	eps	eps	PROPN
ajfa-5486	367	2	as	as	ADP
ajfa-5486	367	3	a	a	DET
ajfa-5486	367	4	measure	measure	NOUN
ajfa-5486	367	5	of	of	ADP
ajfa-5486	367	6	intercompany	intercompany	NOUN
ajfa-5486	367	7	performance	performance	NOUN
ajfa-5486	367	8	:	:	PUNCT
ajfa-5486	367	9	philippine	philippine	ADJ
ajfa-5486	367	10	evidnece	evidnece	PROPN
ajfa-5486	367	11	journal	journal	PROPN
ajfa-5486	367	12	of	of	ADP
ajfa-5486	367	13	international	international	ADJ
ajfa-5486	367	14	business	business	NOUN
ajfa-5486	367	15	research	research	NOUN
ajfa-5486	367	16	,	,	PUNCT
ajfa-5486	367	17	10(1	10(1	NUM
ajfa-5486	367	18	)	)	PUNCT
ajfa-5486	367	19	,	,	PUNCT
ajfa-5486	367	20	79	79	NUM
ajfa-5486	367	21	-	-	SYM
ajfa-5486	367	22	90	90	NUM
ajfa-5486	367	23	.	.	PUNCT
ajfa-5486	368	1	darrough	darrough	PROPN
ajfa-5486	368	2	,	,	PUNCT
ajfa-5486	368	3	m.	m.	NOUN
ajfa-5486	368	4	n.	n.	PROPN
ajfa-5486	368	5	,	,	PUNCT
ajfa-5486	368	6	&	&	CCONJ
ajfa-5486	368	7	harris	harris	PROPN
ajfa-5486	368	8	,	,	PUNCT
ajfa-5486	368	9	t.	t.	PROPN
ajfa-5486	368	10	s.	s.	PROPN
ajfa-5486	368	11	(	(	PUNCT
ajfa-5486	368	12	1991	1991	NUM
ajfa-5486	368	13	)	)	PUNCT
ajfa-5486	368	14	.	.	PUNCT
ajfa-5486	369	1	do	do	AUX
ajfa-5486	369	2	management	management	NOUN
ajfa-5486	369	3	forecasts	forecast	NOUN
ajfa-5486	369	4	of	of	ADP
ajfa-5486	369	5	earnings	earning	NOUN
ajfa-5486	369	6	affect	affect	VERB
ajfa-5486	369	7	stock	stock	NOUN
ajfa-5486	369	8	prices	price	NOUN
ajfa-5486	369	9	in	in	ADP
ajfa-5486	369	10	japan	japan	PROPN
ajfa-5486	369	11	?	?	PUNCT
ajfa-5486	370	1	journal	journal	PROPN
ajfa-5486	370	2	of	of	ADP
ajfa-5486	370	3	accounting	accounting	NOUN
ajfa-5486	370	4	,	,	PUNCT
ajfa-5486	370	5	auditing	auditing	NOUN
ajfa-5486	370	6	,	,	PUNCT
ajfa-5486	370	7	and	and	CCONJ
ajfa-5486	370	8	finance	finance	NOUN
ajfa-5486	370	9	supplement	supplement	NOUN
ajfa-5486	370	10	,	,	PUNCT
ajfa-5486	370	11	119	119	NUM
ajfa-5486	370	12	-	-	SYM
ajfa-5486	370	13	154	154	NUM
ajfa-5486	370	14	.	.	PUNCT
ajfa-5486	371	1	deakin	deakin	PROPN
ajfa-5486	371	2	,	,	PUNCT
ajfa-5486	371	3	e.	e.	PROPN
ajfa-5486	371	4	b.	b.	PROPN
ajfa-5486	371	5	(	(	PUNCT
ajfa-5486	371	6	1976	1976	NUM
ajfa-5486	371	7	)	)	PUNCT
ajfa-5486	371	8	.	.	PUNCT
ajfa-5486	372	1	distributions	distribution	NOUN
ajfa-5486	372	2	of	of	ADP
ajfa-5486	372	3	financial	financial	ADJ
ajfa-5486	372	4	accounting	accounting	NOUN
ajfa-5486	372	5	ratios	ratio	NOUN
ajfa-5486	372	6	:	:	PUNCT
ajfa-5486	372	7	some	some	DET
ajfa-5486	372	8	empirical	empirical	ADJ
ajfa-5486	372	9	evidence	evidence	NOUN
ajfa-5486	372	10	.	.	PUNCT
ajfa-5486	373	1	the	the	DET
ajfa-5486	373	2	accounting	accounting	NOUN
ajfa-5486	373	3	review	review	NOUN
ajfa-5486	373	4	,	,	PUNCT
ajfa-5486	373	5	51(1	51(1	NUM
ajfa-5486	373	6	)	)	PUNCT
ajfa-5486	373	7	,	,	PUNCT
ajfa-5486	373	8	90	90	NUM
ajfa-5486	373	9	-	-	SYM
ajfa-5486	373	10	96	96	NUM
ajfa-5486	373	11	.	.	PUNCT
ajfa-5486	374	1	dzama	dzama	PROPN
ajfa-5486	374	2	,	,	PUNCT
ajfa-5486	374	3	a.	a.	NOUN
ajfa-5486	374	4	(	(	PUNCT
ajfa-5486	374	5	2003	2003	NUM
ajfa-5486	374	6	)	)	PUNCT
ajfa-5486	374	7	.	.	PUNCT
ajfa-5486	375	1	best	good	ADJ
ajfa-5486	375	2	practice	practice	NOUN
ajfa-5486	375	3	technique	technique	NOUN
ajfa-5486	375	4	:	:	PUNCT
ajfa-5486	375	5	focus	focus	VERB
ajfa-5486	375	6	on	on	ADP
ajfa-5486	375	7	cfroi	cfroi	NOUN
ajfa-5486	375	8	analysis	analysis	NOUN
ajfa-5486	375	9	to	to	PART
ajfa-5486	375	10	boost	boost	VERB
ajfa-5486	375	11	your	your	PRON
ajfa-5486	375	12	firm	firm	NOUN
ajfa-5486	375	13	's	's	PART
ajfa-5486	375	14	growth	growth	NOUN
ajfa-5486	375	15	in	in	ADP
ajfa-5486	375	16	2004	2004	NUM
ajfa-5486	375	17	.	.	PUNCT
ajfa-5486	376	1	ioma	ioma	PROPN
ajfa-5486	376	2	's	's	PART
ajfa-5486	376	3	report	report	NOUN
ajfa-5486	376	4	on	on	ADP
ajfa-5486	376	5	financial	financial	ADJ
ajfa-5486	376	6	analysis	analysis	NOUN
ajfa-5486	376	7	,	,	PUNCT
ajfa-5486	376	8	planning	planning	NOUN
ajfa-5486	376	9	&	&	CCONJ
ajfa-5486	376	10	reporting	reporting	NOUN
ajfa-5486	376	11	,	,	PUNCT
ajfa-5486	376	12	3(11	3(11	NUM
ajfa-5486	376	13	)	)	PUNCT
ajfa-5486	376	14	,	,	PUNCT
ajfa-5486	376	15	10	10	NUM
ajfa-5486	376	16	-	-	SYM
ajfa-5486	376	17	12	12	NUM
ajfa-5486	376	18	.	.	PUNCT
ajfa-5486	377	1	ehrbar	ehrbar	PROPN
ajfa-5486	377	2	,	,	PUNCT
ajfa-5486	377	3	a.	a.	PROPN
ajfa-5486	377	4	,	,	PUNCT
ajfa-5486	377	5	&	&	CCONJ
ajfa-5486	377	6	hamel	hamel	PROPN
ajfa-5486	377	7	,	,	PUNCT
ajfa-5486	377	8	g.	g.	PROPN
ajfa-5486	377	9	(	(	PUNCT
ajfa-5486	377	10	1997	1997	NUM
ajfa-5486	377	11	)	)	PUNCT
ajfa-5486	377	12	.	.	PUNCT
ajfa-5486	378	1	debate	debate	NOUN
ajfa-5486	378	2	:	:	PUNCT
ajfa-5486	378	3	duking	duke	VERB
ajfa-5486	378	4	it	it	PRON
ajfa-5486	378	5	out	out	ADP
ajfa-5486	378	6	over	over	ADP
ajfa-5486	378	7	eva	eva	PROPN
ajfa-5486	378	8	.	.	PUNCT
ajfa-5486	379	1	fortune	fortune	PROPN
ajfa-5486	379	2	,	,	PUNCT
ajfa-5486	379	3	136(3	136(3	NUM
ajfa-5486	379	4	)	)	PUNCT
ajfa-5486	379	5	,	,	PUNCT
ajfa-5486	379	6	232	232	X
ajfa-5486	379	7	.	.	PUNCT
ajfa-5486	380	1	erasmus	erasmus	PROPN
ajfa-5486	380	2	,	,	PUNCT
ajfa-5486	380	3	p.	p.	PROPN
ajfa-5486	380	4	,	,	PUNCT
ajfa-5486	380	5	&	&	CCONJ
ajfa-5486	380	6	lambrechts	lambrechts	PROPN
ajfa-5486	380	7	,	,	PUNCT
ajfa-5486	380	8	i.	i.	NOUN
ajfa-5486	380	9	(	(	PUNCT
ajfa-5486	380	10	2006	2006	NUM
ajfa-5486	380	11	)	)	PUNCT
ajfa-5486	380	12	.	.	PUNCT
ajfa-5486	381	1	eva	eva	PROPN
ajfa-5486	381	2	and	and	CCONJ
ajfa-5486	381	3	cfroi	cfroi	PROPN
ajfa-5486	381	4	:	:	PUNCT
ajfa-5486	381	5	a	a	DET
ajfa-5486	381	6	comparative	comparative	ADJ
ajfa-5486	381	7	analysis	analysis	NOUN
ajfa-5486	381	8	.	.	PUNCT
ajfa-5486	382	1	management	management	NOUN
ajfa-5486	382	2	dynamics	dynamic	NOUN
ajfa-5486	382	3	,	,	PUNCT
ajfa-5486	382	4	15(1	15(1	NUM
ajfa-5486	382	5	)	)	PUNCT
ajfa-5486	382	6	,	,	PUNCT
ajfa-5486	382	7	14	14	NUM
ajfa-5486	382	8	-	-	SYM
ajfa-5486	382	9	26	26	NUM
ajfa-5486	382	10	.	.	PUNCT
ajfa-5486	383	1	ezzamel	ezzamel	NOUN
ajfa-5486	383	2	,	,	PUNCT
ajfa-5486	383	3	m.	m.	NOUN
ajfa-5486	383	4	,	,	PUNCT
ajfa-5486	383	5	&	&	CCONJ
ajfa-5486	383	6	mar	mar	PROPN
ajfa-5486	383	7	-	-	PUNCT
ajfa-5486	383	8	molinero	molinero	PROPN
ajfa-5486	383	9	,	,	PUNCT
ajfa-5486	383	10	c.	c.	NOUN
ajfa-5486	383	11	(	(	PUNCT
ajfa-5486	383	12	1990	1990	NUM
ajfa-5486	383	13	)	)	PUNCT
ajfa-5486	383	14	.	.	PUNCT
ajfa-5486	384	1	the	the	DET
ajfa-5486	384	2	distributional	distributional	ADJ
ajfa-5486	384	3	properties	property	NOUN
ajfa-5486	384	4	of	of	ADP
ajfa-5486	384	5	financial	financial	ADJ
ajfa-5486	384	6	ratios	ratio	NOUN
ajfa-5486	384	7	in	in	ADP
ajfa-5486	384	8	uk	uk	PROPN
ajfa-5486	384	9	manufacturing	manufacturing	NOUN
ajfa-5486	384	10	companies	company	NOUN
ajfa-5486	384	11	.	.	PUNCT
ajfa-5486	385	1	journal	journal	PROPN
ajfa-5486	385	2	of	of	ADP
ajfa-5486	385	3	business	business	NOUN
ajfa-5486	385	4	finance	finance	PROPN
ajfa-5486	385	5	&	&	CCONJ
ajfa-5486	385	6	accounting	accounting	PROPN
ajfa-5486	385	7	,	,	PUNCT
ajfa-5486	385	8	17(1	17(1	NUM
ajfa-5486	385	9	)	)	PUNCT
ajfa-5486	385	10	,	,	PUNCT
ajfa-5486	385	11	1	1	NUM
ajfa-5486	385	12	-	-	SYM
ajfa-5486	385	13	29	29	NUM
ajfa-5486	385	14	.	.	PUNCT
ajfa-5486	386	1	http://dx.doi.org/10.1111/j.1468-5957.1990.tb00547.x	http://dx.doi.org/10.1111/j.1468-5957.1990.tb00547.x	PRON
ajfa-5486	386	2	asian	asian	ADJ
ajfa-5486	386	3	journal	journal	NOUN
ajfa-5486	386	4	of	of	ADP
ajfa-5486	386	5	finance	finance	PROPN
ajfa-5486	386	6	&	&	CCONJ
ajfa-5486	386	7	accounting	accounting	PROPN
ajfa-5486	386	8	issn	issn	PROPN
ajfa-5486	386	9	1946	1946	NUM
ajfa-5486	386	10	-	-	PUNCT
ajfa-5486	386	11	052x	052x	PROPN
ajfa-5486	386	12	2014	2014	NUM
ajfa-5486	386	13	,	,	PUNCT
ajfa-5486	386	14	vol	vol	NOUN
ajfa-5486	386	15	.	.	PROPN
ajfa-5486	386	16	6	6	NUM
ajfa-5486	386	17	,	,	PUNCT
ajfa-5486	386	18	no	no	INTJ
ajfa-5486	386	19	.	.	NOUN
ajfa-5486	386	20	1	1	NUM
ajfa-5486	386	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	386	22	288	288	NUM
ajfa-5486	386	23	ezzamel	ezzamel	NOUN
ajfa-5486	386	24	,	,	PUNCT
ajfa-5486	386	25	m.	m.	NOUN
ajfa-5486	386	26	,	,	PUNCT
ajfa-5486	386	27	mar	mar	PROPN
ajfa-5486	386	28	-	-	PUNCT
ajfa-5486	386	29	molinero	molinero	PROPN
ajfa-5486	386	30	,	,	PUNCT
ajfa-5486	386	31	c.	c.	PROPN
ajfa-5486	386	32	,	,	PUNCT
ajfa-5486	386	33	&	&	CCONJ
ajfa-5486	386	34	beech	beech	NOUN
ajfa-5486	386	35	,	,	PUNCT
ajfa-5486	386	36	a.	a.	NOUN
ajfa-5486	386	37	(	(	PUNCT
ajfa-5486	386	38	1987	1987	NUM
ajfa-5486	386	39	)	)	PUNCT
ajfa-5486	386	40	.	.	PUNCT
ajfa-5486	387	1	on	on	ADP
ajfa-5486	387	2	the	the	DET
ajfa-5486	387	3	distributional	distributional	ADJ
ajfa-5486	387	4	properties	property	NOUN
ajfa-5486	387	5	of	of	ADP
ajfa-5486	387	6	financial	financial	ADJ
ajfa-5486	387	7	ratios	ratio	NOUN
ajfa-5486	387	8	.	.	PUNCT
ajfa-5486	388	1	journal	journal	PROPN
ajfa-5486	388	2	of	of	ADP
ajfa-5486	388	3	business	business	NOUN
ajfa-5486	388	4	finance	finance	PROPN
ajfa-5486	388	5	&	&	CCONJ
ajfa-5486	388	6	accounting	accounting	PROPN
ajfa-5486	388	7	,	,	PUNCT
ajfa-5486	388	8	14(4	14(4	NUM
ajfa-5486	388	9	)	)	PUNCT
ajfa-5486	388	10	,	,	PUNCT
ajfa-5486	388	11	463	463	NUM
ajfa-5486	388	12	-	-	SYM
ajfa-5486	388	13	481	481	NUM
ajfa-5486	388	14	.	.	PUNCT
ajfa-5486	389	1	http://dx.doi.org/10.1111/j.1468-5957.1987.tb00107.x	http://dx.doi.org/10.1111/j.1468-5957.1987.tb00107.x	NOUN
ajfa-5486	389	2	fama	fama	PROPN
ajfa-5486	389	3	,	,	PUNCT
ajfa-5486	389	4	e.	e.	PROPN
ajfa-5486	389	5	f.	f.	PROPN
ajfa-5486	389	6	,	,	PUNCT
ajfa-5486	389	7	&	&	CCONJ
ajfa-5486	389	8	french	french	PROPN
ajfa-5486	389	9	,	,	PUNCT
ajfa-5486	389	10	k.	k.	PROPN
ajfa-5486	389	11	r.	r.	PROPN
ajfa-5486	389	12	(	(	PUNCT
ajfa-5486	389	13	1992	1992	NUM
ajfa-5486	389	14	)	)	PUNCT
ajfa-5486	389	15	.	.	PUNCT
ajfa-5486	390	1	the	the	DET
ajfa-5486	390	2	cross	cross	NOUN
ajfa-5486	390	3	-	-	NOUN
ajfa-5486	390	4	section	section	NOUN
ajfa-5486	390	5	of	of	ADP
ajfa-5486	390	6	expected	expect	VERB
ajfa-5486	390	7	stock	stock	NOUN
ajfa-5486	390	8	returns	return	NOUN
ajfa-5486	390	9	.	.	PUNCT
ajfa-5486	391	1	the	the	DET
ajfa-5486	391	2	journal	journal	PROPN
ajfa-5486	391	3	of	of	ADP
ajfa-5486	391	4	finance	finance	PROPN
ajfa-5486	391	5	,	,	PUNCT
ajfa-5486	391	6	47(2	47(2	PROPN
ajfa-5486	391	7	)	)	PUNCT
ajfa-5486	391	8	,	,	PUNCT
ajfa-5486	391	9	427	427	NUM
ajfa-5486	391	10	-	-	SYM
ajfa-5486	391	11	465	465	NUM
ajfa-5486	391	12	.	.	PUNCT
ajfa-5486	392	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	PROPN
ajfa-5486	392	2	gallizo	gallizo	PROPN
ajfa-5486	392	3	,	,	PUNCT
ajfa-5486	392	4	j.	j.	PROPN
ajfa-5486	392	5	l.	l.	PROPN
ajfa-5486	392	6	,	,	PUNCT
ajfa-5486	392	7	&	&	CCONJ
ajfa-5486	392	8	salvador	salvador	PROPN
ajfa-5486	392	9	,	,	PUNCT
ajfa-5486	392	10	m.	m.	NOUN
ajfa-5486	392	11	(	(	PUNCT
ajfa-5486	392	12	2003	2003	NUM
ajfa-5486	392	13	)	)	PUNCT
ajfa-5486	392	14	.	.	PUNCT
ajfa-5486	393	1	understanding	understand	VERB
ajfa-5486	393	2	the	the	DET
ajfa-5486	393	3	behavior	behavior	NOUN
ajfa-5486	393	4	of	of	ADP
ajfa-5486	393	5	financial	financial	ADJ
ajfa-5486	393	6	ratios	ratio	NOUN
ajfa-5486	393	7	:	:	PUNCT
ajfa-5486	393	8	the	the	DET
ajfa-5486	393	9	adjustment	adjustment	NOUN
ajfa-5486	393	10	process	process	NOUN
ajfa-5486	393	11	.	.	PUNCT
ajfa-5486	394	1	journal	journal	PROPN
ajfa-5486	394	2	of	of	ADP
ajfa-5486	394	3	economics	economic	NOUN
ajfa-5486	394	4	and	and	CCONJ
ajfa-5486	394	5	business	business	NOUN
ajfa-5486	394	6	,	,	PUNCT
ajfa-5486	394	7	55(3	55(3	NUM
ajfa-5486	394	8	)	)	PUNCT
ajfa-5486	394	9	,	,	PUNCT
ajfa-5486	394	10	267	267	NUM
ajfa-5486	394	11	-	-	SYM
ajfa-5486	394	12	283	283	NUM
ajfa-5486	394	13	.	.	PUNCT
ajfa-5486	395	1	http://dx.doi.org/10.1016/s0148-6195(03)00022-5	http://dx.doi.org/10.1016/s0148-6195(03)00022-5	NOUN
ajfa-5486	395	2	gapenski	gapenski	ADJ
ajfa-5486	395	3	,	,	PUNCT
ajfa-5486	395	4	l.	l.	PROPN
ajfa-5486	395	5	c.	c.	PROPN
ajfa-5486	395	6	(	(	PUNCT
ajfa-5486	395	7	1996	1996	NUM
ajfa-5486	395	8	)	)	PUNCT
ajfa-5486	395	9	.	.	PUNCT
ajfa-5486	396	1	using	use	VERB
ajfa-5486	396	2	mva	mva	PROPN
ajfa-5486	396	3	and	and	CCONJ
ajfa-5486	396	4	eva	eva	PROPN
ajfa-5486	396	5	to	to	PART
ajfa-5486	396	6	measure	measure	VERB
ajfa-5486	396	7	financial	financial	ADJ
ajfa-5486	396	8	performance	performance	NOUN
ajfa-5486	396	9	.	.	PUNCT
ajfa-5486	397	1	healthcare	healthcare	PROPN
ajfa-5486	397	2	financial	financial	PROPN
ajfa-5486	397	3	management	management	PROPN
ajfa-5486	397	4	,	,	PUNCT
ajfa-5486	397	5	50(3	50(3	NUM
ajfa-5486	397	6	)	)	PUNCT
ajfa-5486	397	7	,	,	PUNCT
ajfa-5486	397	8	56	56	NUM
ajfa-5486	397	9	-	-	SYM
ajfa-5486	397	10	59	59	NUM
ajfa-5486	397	11	.	.	PUNCT
ajfa-5486	398	1	gilman	gilman	PROPN
ajfa-5486	398	2	,	,	PUNCT
ajfa-5486	398	3	s.	s.	PROPN
ajfa-5486	398	4	(	(	PUNCT
ajfa-5486	398	5	1925	1925	NUM
ajfa-5486	398	6	)	)	PUNCT
ajfa-5486	398	7	.	.	PUNCT
ajfa-5486	399	1	analysing	analyse	VERB
ajfa-5486	399	2	financial	financial	ADJ
ajfa-5486	399	3	statements	statement	NOUN
ajfa-5486	399	4	.	.	PUNCT
ajfa-5486	400	1	new	new	PROPN
ajfa-5486	400	2	york	york	PROPN
ajfa-5486	400	3	:	:	PUNCT
ajfa-5486	400	4	the	the	DET
ajfa-5486	400	5	ronald	ronald	PROPN
ajfa-5486	400	6	press	press	PROPN
ajfa-5486	400	7	company	company	NOUN
ajfa-5486	400	8	.	.	PUNCT
ajfa-5486	401	1	grant	grant	PROPN
ajfa-5486	401	2	,	,	PUNCT
ajfa-5486	401	3	j.	j.	PROPN
ajfa-5486	401	4	l.	l.	PROPN
ajfa-5486	401	5	(	(	PUNCT
ajfa-5486	401	6	1996	1996	NUM
ajfa-5486	401	7	)	)	PUNCT
ajfa-5486	401	8	.	.	PUNCT
ajfa-5486	402	1	foundations	foundation	NOUN
ajfa-5486	402	2	of	of	ADP
ajfa-5486	402	3	eva	eva	PROPN
ajfa-5486	402	4	™	™	PROPN
ajfa-5486	402	5	for	for	ADP
ajfa-5486	402	6	investment	investment	NOUN
ajfa-5486	402	7	managers	manager	NOUN
ajfa-5486	402	8	.	.	PUNCT
ajfa-5486	403	1	the	the	DET
ajfa-5486	403	2	journal	journal	PROPN
ajfa-5486	403	3	of	of	ADP
ajfa-5486	403	4	portfolio	portfolio	NOUN
ajfa-5486	403	5	management	management	NOUN
ajfa-5486	403	6	,	,	PUNCT
ajfa-5486	403	7	23(1	23(1	NUM
ajfa-5486	403	8	)	)	PUNCT
ajfa-5486	403	9	,	,	PUNCT
ajfa-5486	403	10	41	41	NUM
ajfa-5486	403	11	-	-	SYM
ajfa-5486	403	12	48	48	NUM
ajfa-5486	403	13	.	.	PUNCT
ajfa-5486	404	1	http://dx.doi.org/10.3905/jpm.1996.409573	http://dx.doi.org/10.3905/jpm.1996.409573	NOUN
ajfa-5486	405	1	he	he	PRON
ajfa-5486	405	2	,	,	PUNCT
ajfa-5486	405	3	x.	x.	NOUN
ajfa-5486	405	4	(	(	PUNCT
ajfa-5486	405	5	2012	2012	NUM
ajfa-5486	405	6	)	)	PUNCT
ajfa-5486	405	7	.	.	PUNCT
ajfa-5486	406	1	two	two	NUM
ajfa-5486	406	2	sides	side	NOUN
ajfa-5486	406	3	of	of	ADP
ajfa-5486	406	4	a	a	DET
ajfa-5486	406	5	coin	coin	NOUN
ajfa-5486	406	6	:	:	PUNCT
ajfa-5486	406	7	endogenous	endogenous	ADJ
ajfa-5486	406	8	and	and	CCONJ
ajfa-5486	406	9	exogenous	exogenous	ADJ
ajfa-5486	406	10	effects	effect	NOUN
ajfa-5486	406	11	of	of	ADP
ajfa-5486	406	12	corporate	corporate	ADJ
ajfa-5486	406	13	diversification	diversification	NOUN
ajfa-5486	406	14	on	on	ADP
ajfa-5486	406	15	firm	firm	ADJ
ajfa-5486	406	16	value	value	NOUN
ajfa-5486	406	17	.	.	PUNCT
ajfa-5486	407	1	international	international	ADJ
ajfa-5486	407	2	review	review	NOUN
ajfa-5486	407	3	of	of	ADP
ajfa-5486	407	4	finance	finance	NOUN
ajfa-5486	407	5	,	,	PUNCT
ajfa-5486	407	6	12(4	12(4	NUM
ajfa-5486	407	7	)	)	PUNCT
ajfa-5486	407	8	,	,	PUNCT
ajfa-5486	407	9	375	375	NUM
ajfa-5486	407	10	-	-	SYM
ajfa-5486	407	11	397	397	NUM
ajfa-5486	407	12	.	.	PUNCT
ajfa-5486	408	1	http://dx.doi.org/10.1111/j.1468-2443.2012.01158.x	http://dx.doi.org/10.1111/j.1468-2443.2012.01158.x	ADJ
ajfa-5486	408	2	horrigan	horrigan	NOUN
ajfa-5486	408	3	,	,	PUNCT
ajfa-5486	408	4	j.	j.	PROPN
ajfa-5486	408	5	o.	o.	PROPN
ajfa-5486	408	6	(	(	PUNCT
ajfa-5486	408	7	1968	1968	NUM
ajfa-5486	408	8	)	)	PUNCT
ajfa-5486	408	9	.	.	PUNCT
ajfa-5486	409	1	a	a	DET
ajfa-5486	409	2	short	short	ADJ
ajfa-5486	409	3	history	history	NOUN
ajfa-5486	409	4	of	of	ADP
ajfa-5486	409	5	financial	financial	ADJ
ajfa-5486	409	6	ratio	ratio	NOUN
ajfa-5486	409	7	analysis	analysis	NOUN
ajfa-5486	409	8	.	.	PUNCT
ajfa-5486	410	1	the	the	DET
ajfa-5486	410	2	accounting	accounting	NOUN
ajfa-5486	410	3	review	review	NOUN
ajfa-5486	410	4	,	,	PUNCT
ajfa-5486	410	5	43(2	43(2	PROPN
ajfa-5486	410	6	)	)	PUNCT
ajfa-5486	410	7	,	,	PUNCT
ajfa-5486	410	8	284	284	NUM
ajfa-5486	410	9	-	-	SYM
ajfa-5486	410	10	294	294	NUM
ajfa-5486	410	11	.	.	PUNCT
ajfa-5486	411	1	jordan	jordan	PROPN
ajfa-5486	411	2	,	,	PUNCT
ajfa-5486	411	3	c.	c.	PROPN
ajfa-5486	411	4	e.	e.	PROPN
ajfa-5486	411	5	,	,	PUNCT
ajfa-5486	411	6	clark	clark	PROPN
ajfa-5486	411	7	,	,	PUNCT
ajfa-5486	411	8	s.	s.	PROPN
ajfa-5486	411	9	j.	j.	PROPN
ajfa-5486	411	10	,	,	PUNCT
ajfa-5486	411	11	&	&	CCONJ
ajfa-5486	411	12	smith	smith	PROPN
ajfa-5486	411	13	,	,	PUNCT
ajfa-5486	411	14	w.	w.	PROPN
ajfa-5486	411	15	r.	r.	PROPN
ajfa-5486	411	16	(	(	PUNCT
ajfa-5486	411	17	2007	2007	NUM
ajfa-5486	411	18	)	)	PUNCT
ajfa-5486	411	19	.	.	PUNCT
ajfa-5486	412	1	should	should	AUX
ajfa-5486	412	2	earnings	earning	NOUN
ajfa-5486	412	3	per	per	ADP
ajfa-5486	412	4	share	share	NOUN
ajfa-5486	412	5	(	(	PUNCT
ajfa-5486	412	6	eps	eps	NOUN
ajfa-5486	412	7	)	)	PUNCT
ajfa-5486	412	8	be	be	AUX
ajfa-5486	412	9	taught	teach	VERB
ajfa-5486	412	10	as	as	ADP
ajfa-5486	412	11	a	a	DET
ajfa-5486	412	12	means	means	NOUN
ajfa-5486	412	13	of	of	ADP
ajfa-5486	412	14	comparing	compare	VERB
ajfa-5486	412	15	intercompany	intercompany	NOUN
ajfa-5486	412	16	performance	performance	NOUN
ajfa-5486	412	17	?	?	PUNCT
ajfa-5486	413	1	the	the	DET
ajfa-5486	413	2	journal	journal	NOUN
ajfa-5486	413	3	of	of	ADP
ajfa-5486	413	4	education	education	NOUN
ajfa-5486	413	5	for	for	ADP
ajfa-5486	413	6	business	business	NOUN
ajfa-5486	413	7	,	,	PUNCT
ajfa-5486	413	8	82(6	82(6	NUM
ajfa-5486	413	9	)	)	PUNCT
ajfa-5486	413	10	,	,	PUNCT
ajfa-5486	413	11	343	343	NUM
ajfa-5486	413	12	-	-	SYM
ajfa-5486	413	13	348	348	NUM
ajfa-5486	413	14	.	.	PUNCT
ajfa-5486	414	1	http://dx.doi.org/10.3200/joeb.82.6.343-348	http://dx.doi.org/10.3200/joeb.82.6.343-348	PROPN
ajfa-5486	414	2	jose	jose	PROPN
ajfa-5486	414	3	,	,	PUNCT
ajfa-5486	414	4	m.	m.	NOUN
ajfa-5486	414	5	l.	l.	PROPN
ajfa-5486	414	6	,	,	PUNCT
ajfa-5486	414	7	lancaster	lancaster	PROPN
ajfa-5486	414	8	,	,	PUNCT
ajfa-5486	414	9	c.	c.	PROPN
ajfa-5486	414	10	,	,	PUNCT
ajfa-5486	414	11	&	&	CCONJ
ajfa-5486	414	12	stevens	stevens	PROPN
ajfa-5486	414	13	,	,	PUNCT
ajfa-5486	414	14	j.	j.	PROPN
ajfa-5486	414	15	l.	l.	PROPN
ajfa-5486	414	16	(	(	PUNCT
ajfa-5486	414	17	2011	2011	NUM
ajfa-5486	414	18	)	)	PUNCT
ajfa-5486	414	19	.	.	PUNCT
ajfa-5486	415	1	stability	stability	NOUN
ajfa-5486	415	2	of	of	ADP
ajfa-5486	415	3	excellence	excellence	PROPN
ajfa-5486	415	4	:	:	PUNCT
ajfa-5486	415	5	revealed	reveal	VERB
ajfa-5486	415	6	patterns	pattern	NOUN
ajfa-5486	415	7	in	in	ADP
ajfa-5486	415	8	tobin	tobin	PROPN
ajfa-5486	415	9	’s	’s	PART
ajfa-5486	415	10	q	q	NOUN
ajfa-5486	415	11	-	-	PUNCT
ajfa-5486	415	12	ratios	ratio	NOUN
ajfa-5486	415	13	.	.	PUNCT
ajfa-5486	416	1	journal	journal	NOUN
ajfa-5486	416	2	of	of	ADP
ajfa-5486	416	3	applied	apply	VERB
ajfa-5486	416	4	business	business	NOUN
ajfa-5486	416	5	research	research	NOUN
ajfa-5486	416	6	,	,	PUNCT
ajfa-5486	416	7	12(2	12(2	NUM
ajfa-5486	416	8	)	)	PUNCT
ajfa-5486	416	9	,	,	PUNCT
ajfa-5486	416	10	83	83	NUM
ajfa-5486	416	11	-	-	SYM
ajfa-5486	416	12	91	91	NUM
ajfa-5486	416	13	.	.	PUNCT
ajfa-5486	417	1	jose	jose	PROPN
ajfa-5486	417	2	,	,	PUNCT
ajfa-5486	417	3	m.	m.	PROPN
ajfa-5486	417	4	l.	l.	PROPN
ajfa-5486	417	5	,	,	PUNCT
ajfa-5486	417	6	nichols	nichols	PROPN
ajfa-5486	417	7	,	,	PUNCT
ajfa-5486	417	8	l.	l.	PROPN
ajfa-5486	417	9	m.	m.	PROPN
ajfa-5486	417	10	,	,	PUNCT
ajfa-5486	417	11	&	&	CCONJ
ajfa-5486	417	12	stevens	stevens	PROPN
ajfa-5486	417	13	,	,	PUNCT
ajfa-5486	417	14	j.	j.	PROPN
ajfa-5486	417	15	l.	l.	PROPN
ajfa-5486	417	16	(	(	PUNCT
ajfa-5486	417	17	1986	1986	NUM
ajfa-5486	417	18	)	)	PUNCT
ajfa-5486	417	19	.	.	PUNCT
ajfa-5486	418	1	contributions	contribution	NOUN
ajfa-5486	418	2	of	of	ADP
ajfa-5486	418	3	diversification	diversification	NOUN
ajfa-5486	418	4	,	,	PUNCT
ajfa-5486	418	5	promotion	promotion	NOUN
ajfa-5486	418	6	,	,	PUNCT
ajfa-5486	418	7	and	and	CCONJ
ajfa-5486	418	8	r&d	r&d	NOUN
ajfa-5486	418	9	to	to	ADP
ajfa-5486	418	10	the	the	DET
ajfa-5486	418	11	value	value	NOUN
ajfa-5486	418	12	of	of	ADP
ajfa-5486	418	13	multiproduct	multiproduct	ADJ
ajfa-5486	418	14	firms	firm	NOUN
ajfa-5486	418	15	:	:	PUNCT
ajfa-5486	418	16	a	a	DET
ajfa-5486	418	17	tobin	tobin	NOUN
ajfa-5486	418	18	's	's	PART
ajfa-5486	418	19	q	q	NOUN
ajfa-5486	418	20	approach	approach	NOUN
ajfa-5486	418	21	.	.	PUNCT
ajfa-5486	419	1	financial	financial	ADJ
ajfa-5486	419	2	management	management	NOUN
ajfa-5486	419	3	,	,	PUNCT
ajfa-5486	419	4	15(4	15(4	NUM
ajfa-5486	419	5	)	)	PUNCT
ajfa-5486	419	6	,	,	PUNCT
ajfa-5486	419	7	33	33	NUM
ajfa-5486	419	8	-	-	SYM
ajfa-5486	419	9	42	42	NUM
ajfa-5486	419	10	.	.	PUNCT
ajfa-5486	420	1	http://dx.doi.org/10.2307/3665778	http://dx.doi.org/10.2307/3665778	PROPN
ajfa-5486	420	2	kramer	kramer	PROPN
ajfa-5486	420	3	,	,	PUNCT
ajfa-5486	420	4	j.	j.	PROPN
ajfa-5486	420	5	k.	k.	PROPN
ajfa-5486	420	6	,	,	PUNCT
ajfa-5486	420	7	&	&	CCONJ
ajfa-5486	420	8	peters	peters	PROPN
ajfa-5486	420	9	,	,	PUNCT
ajfa-5486	420	10	j.	j.	PROPN
ajfa-5486	420	11	r.	r.	PROPN
ajfa-5486	420	12	(	(	PUNCT
ajfa-5486	420	13	2001	2001	NUM
ajfa-5486	420	14	)	)	PUNCT
ajfa-5486	420	15	.	.	PUNCT
ajfa-5486	421	1	an	an	DET
ajfa-5486	421	2	interindustry	interindustry	NOUN
ajfa-5486	421	3	analysis	analysis	NOUN
ajfa-5486	421	4	of	of	ADP
ajfa-5486	421	5	economic	economic	ADJ
ajfa-5486	421	6	value	value	NOUN
ajfa-5486	421	7	added	add	VERB
ajfa-5486	421	8	as	as	ADP
ajfa-5486	421	9	a	a	DET
ajfa-5486	421	10	proxy	proxy	NOUN
ajfa-5486	421	11	for	for	ADP
ajfa-5486	421	12	market	market	NOUN
ajfa-5486	421	13	value	value	NOUN
ajfa-5486	421	14	added	add	VERB
ajfa-5486	421	15	.	.	PUNCT
ajfa-5486	422	1	journal	journal	PROPN
ajfa-5486	422	2	of	of	ADP
ajfa-5486	422	3	applied	apply	VERB
ajfa-5486	422	4	finance	finance	NOUN
ajfa-5486	422	5	,	,	PUNCT
ajfa-5486	422	6	11(1	11(1	NUM
ajfa-5486	422	7	)	)	PUNCT
ajfa-5486	422	8	,	,	PUNCT
ajfa-5486	422	9	41	41	NUM
ajfa-5486	422	10	-	-	SYM
ajfa-5486	422	11	49	49	NUM
ajfa-5486	422	12	.	.	PUNCT
ajfa-5486	423	1	kumar	kumar	PROPN
ajfa-5486	423	2	,	,	PUNCT
ajfa-5486	423	3	s.	s.	PROPN
ajfa-5486	423	4	,	,	PUNCT
ajfa-5486	423	5	&	&	CCONJ
ajfa-5486	423	6	warne	warne	PROPN
ajfa-5486	423	7	,	,	PUNCT
ajfa-5486	423	8	d.	d.	PROPN
ajfa-5486	423	9	(	(	PUNCT
ajfa-5486	423	10	2009	2009	NUM
ajfa-5486	423	11	)	)	PUNCT
ajfa-5486	423	12	.	.	PUNCT
ajfa-5486	424	1	parametric	parametric	ADJ
ajfa-5486	424	2	determinants	determinant	NOUN
ajfa-5486	424	3	of	of	ADP
ajfa-5486	424	4	price	price	NOUN
ajfa-5486	424	5	-	-	PUNCT
ajfa-5486	424	6	earnings	earning	NOUN
ajfa-5486	424	7	ratio	ratio	NOUN
ajfa-5486	424	8	in	in	ADP
ajfa-5486	424	9	indian	indian	ADJ
ajfa-5486	424	10	capital	capital	NOUN
ajfa-5486	424	11	markets	market	NOUN
ajfa-5486	424	12	.	.	PUNCT
ajfa-5486	425	1	the	the	DET
ajfa-5486	425	2	iup	iup	PROPN
ajfa-5486	425	3	journal	journal	NOUN
ajfa-5486	425	4	of	of	ADP
ajfa-5486	425	5	applied	apply	VERB
ajfa-5486	425	6	finance	finance	NOUN
ajfa-5486	425	7	,	,	PUNCT
ajfa-5486	425	8	15(9	15(9	NUM
ajfa-5486	425	9	)	)	PUNCT
ajfa-5486	425	10	,	,	PUNCT
ajfa-5486	425	11	63	63	NUM
ajfa-5486	425	12	-	-	SYM
ajfa-5486	425	13	82	82	NUM
ajfa-5486	425	14	.	.	PUNCT
ajfa-5486	425	15	lehn	lehn	PROPN
ajfa-5486	425	16	,	,	PUNCT
ajfa-5486	425	17	k.	k.	PROPN
ajfa-5486	425	18	,	,	PUNCT
ajfa-5486	425	19	&	&	CCONJ
ajfa-5486	425	20	makhija	makhija	PROPN
ajfa-5486	425	21	,	,	PUNCT
ajfa-5486	425	22	a.	a.	PROPN
ajfa-5486	425	23	k.	k.	PROPN
ajfa-5486	425	24	(	(	PUNCT
ajfa-5486	425	25	1996	1996	NUM
ajfa-5486	425	26	)	)	PUNCT
ajfa-5486	425	27	.	.	PUNCT
ajfa-5486	426	1	eva	eva	PROPN
ajfa-5486	426	2	&	&	CCONJ
ajfa-5486	426	3	mva	mva	PROPN
ajfa-5486	426	4	as	as	ADP
ajfa-5486	426	5	performance	performance	NOUN
ajfa-5486	426	6	measures	measure	NOUN
ajfa-5486	426	7	and	and	CCONJ
ajfa-5486	426	8	signals	signal	NOUN
ajfa-5486	426	9	for	for	ADP
ajfa-5486	426	10	strategic	strategic	ADJ
ajfa-5486	426	11	change	change	NOUN
ajfa-5486	426	12	.	.	PUNCT
ajfa-5486	427	1	strategy	strategy	NOUN
ajfa-5486	427	2	&	&	CCONJ
ajfa-5486	427	3	leadership	leadership	PROPN
ajfa-5486	427	4	,	,	PUNCT
ajfa-5486	427	5	24(3	24(3	NUM
ajfa-5486	427	6	)	)	PUNCT
ajfa-5486	427	7	,	,	PUNCT
ajfa-5486	427	8	34	34	NUM
ajfa-5486	427	9	-	-	SYM
ajfa-5486	427	10	38	38	NUM
ajfa-5486	427	11	.	.	PUNCT
ajfa-5486	428	1	http://dx.doi.org/10.1108/eb054556	http://dx.doi.org/10.1108/eb054556	PROPN
ajfa-5486	428	2	lev	lev	PROPN
ajfa-5486	428	3	,	,	PUNCT
ajfa-5486	428	4	b.	b.	PROPN
ajfa-5486	428	5	,	,	PUNCT
ajfa-5486	428	6	&	&	CCONJ
ajfa-5486	428	7	sunder	sunder	PROPN
ajfa-5486	428	8	,	,	PUNCT
ajfa-5486	428	9	s.	s.	PROPN
ajfa-5486	428	10	(	(	PUNCT
ajfa-5486	428	11	1979	1979	NUM
ajfa-5486	428	12	)	)	PUNCT
ajfa-5486	428	13	.	.	PUNCT
ajfa-5486	429	1	methodological	methodological	ADJ
ajfa-5486	429	2	issues	issue	NOUN
ajfa-5486	429	3	in	in	ADP
ajfa-5486	429	4	the	the	DET
ajfa-5486	429	5	use	use	NOUN
ajfa-5486	429	6	of	of	ADP
ajfa-5486	429	7	financial	financial	ADJ
ajfa-5486	429	8	ratios	ratio	NOUN
ajfa-5486	429	9	.	.	PUNCT
ajfa-5486	430	1	journal	journal	NOUN
ajfa-5486	430	2	of	of	ADP
ajfa-5486	430	3	accounting	accounting	PROPN
ajfa-5486	430	4	&	&	CCONJ
ajfa-5486	430	5	economics	economic	NOUN
ajfa-5486	430	6	,	,	PUNCT
ajfa-5486	430	7	1(3	1(3	NUM
ajfa-5486	430	8	)	)	PUNCT
ajfa-5486	430	9	,	,	PUNCT
ajfa-5486	430	10	187	187	NUM
ajfa-5486	430	11	-	-	SYM
ajfa-5486	430	12	210	210	NUM
ajfa-5486	430	13	.	.	PUNCT
ajfa-5486	431	1	http://dx.doi.org/10.1016/0165-4101(79)90007-7	http://dx.doi.org/10.1016/0165-4101(79)90007-7	PROPN
ajfa-5486	431	2	lindenberg	lindenberg	PROPN
ajfa-5486	431	3	,	,	PUNCT
ajfa-5486	431	4	e.	e.	PROPN
ajfa-5486	431	5	b.	b.	PROPN
ajfa-5486	431	6	,	,	PUNCT
ajfa-5486	431	7	&	&	CCONJ
ajfa-5486	431	8	ross	ross	PROPN
ajfa-5486	431	9	,	,	PUNCT
ajfa-5486	431	10	s.	s.	PROPN
ajfa-5486	431	11	a.	a.	PROPN
ajfa-5486	431	12	(	(	PUNCT
ajfa-5486	431	13	1981	1981	NUM
ajfa-5486	431	14	)	)	PUNCT
ajfa-5486	431	15	.	.	PUNCT
ajfa-5486	432	1	tobin	tobin	PROPN
ajfa-5486	432	2	's	's	PART
ajfa-5486	432	3	q	q	NOUN
ajfa-5486	432	4	ratio	ratio	NOUN
ajfa-5486	432	5	and	and	CCONJ
ajfa-5486	432	6	industrial	industrial	ADJ
ajfa-5486	432	7	organization	organization	NOUN
ajfa-5486	432	8	.	.	PUNCT
ajfa-5486	433	1	journal	journal	PROPN
ajfa-5486	433	2	of	of	ADP
ajfa-5486	433	3	business	business	NOUN
ajfa-5486	433	4	,	,	PUNCT
ajfa-5486	433	5	54(1	54(1	NUM
ajfa-5486	433	6	)	)	PUNCT
ajfa-5486	433	7	,	,	PUNCT
ajfa-5486	433	8	1	1	NUM
ajfa-5486	433	9	-	-	SYM
ajfa-5486	433	10	32	32	NUM
ajfa-5486	433	11	.	.	PUNCT
ajfa-5486	434	1	http://dx.doi.org/10.1086/296120	http://dx.doi.org/10.1086/296120	PROPN
ajfa-5486	434	2	asian	asian	PROPN
ajfa-5486	434	3	journal	journal	PROPN
ajfa-5486	434	4	of	of	ADP
ajfa-5486	434	5	finance	finance	PROPN
ajfa-5486	434	6	&	&	CCONJ
ajfa-5486	434	7	accounting	accounting	PROPN
ajfa-5486	434	8	issn	issn	PROPN
ajfa-5486	434	9	1946	1946	NUM
ajfa-5486	434	10	-	-	PUNCT
ajfa-5486	434	11	052x	052x	PROPN
ajfa-5486	434	12	2014	2014	NUM
ajfa-5486	434	13	,	,	PUNCT
ajfa-5486	434	14	vol	vol	NOUN
ajfa-5486	434	15	.	.	PROPN
ajfa-5486	434	16	6	6	NUM
ajfa-5486	434	17	,	,	PUNCT
ajfa-5486	434	18	no	no	INTJ
ajfa-5486	434	19	.	.	NOUN
ajfa-5486	434	20	1	1	NUM
ajfa-5486	434	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	434	22	289	289	NUM
ajfa-5486	434	23	livingstone	livingstone	NUM
ajfa-5486	434	24	,	,	PUNCT
ajfa-5486	434	25	j.	j.	PROPN
ajfa-5486	434	26	l.	l.	PROPN
ajfa-5486	434	27	,	,	PUNCT
ajfa-5486	434	28	&	&	CCONJ
ajfa-5486	434	29	grossman	grossman	PROPN
ajfa-5486	434	30	,	,	PUNCT
ajfa-5486	434	31	t.	t.	PROPN
ajfa-5486	434	32	(	(	PUNCT
ajfa-5486	434	33	2002	2002	NUM
ajfa-5486	434	34	)	)	PUNCT
ajfa-5486	434	35	.	.	PUNCT
ajfa-5486	435	1	the	the	DET
ajfa-5486	435	2	portable	portable	ADJ
ajfa-5486	435	3	mba	mba	NOUN
ajfa-5486	435	4	in	in	ADP
ajfa-5486	435	5	finance	finance	NOUN
ajfa-5486	435	6	and	and	CCONJ
ajfa-5486	435	7	accounting	accounting	NOUN
ajfa-5486	435	8	.	.	PUNCT
ajfa-5486	436	1	hoboken	hoboken	PROPN
ajfa-5486	436	2	,	,	PUNCT
ajfa-5486	436	3	new	new	PROPN
ajfa-5486	436	4	jersey	jersey	PROPN
ajfa-5486	436	5	:	:	PUNCT
ajfa-5486	436	6	john	john	PROPN
ajfa-5486	436	7	wiley	wiley	PROPN
ajfa-5486	436	8	&	&	CCONJ
ajfa-5486	436	9	sons	sons	PROPN
ajfa-5486	436	10	inc	inc	PROPN
ajfa-5486	436	11	.	.	PROPN
ajfa-5486	436	12	martin	martin	PROPN
ajfa-5486	436	13	,	,	PUNCT
ajfa-5486	436	14	k.	k.	PROPN
ajfa-5486	436	15	j.	j.	PROPN
ajfa-5486	436	16	(	(	PUNCT
ajfa-5486	436	17	1996	1996	NUM
ajfa-5486	436	18	)	)	PUNCT
ajfa-5486	436	19	.	.	PUNCT
ajfa-5486	437	1	the	the	DET
ajfa-5486	437	2	method	method	NOUN
ajfa-5486	437	3	of	of	ADP
ajfa-5486	437	4	payment	payment	NOUN
ajfa-5486	437	5	in	in	ADP
ajfa-5486	437	6	corporate	corporate	ADJ
ajfa-5486	437	7	acquisitions	acquisition	NOUN
ajfa-5486	437	8	,	,	PUNCT
ajfa-5486	437	9	investment	investment	NOUN
ajfa-5486	437	10	opportunities	opportunity	NOUN
ajfa-5486	437	11	,	,	PUNCT
ajfa-5486	437	12	and	and	CCONJ
ajfa-5486	437	13	management	management	NOUN
ajfa-5486	437	14	ownership	ownership	NOUN
ajfa-5486	437	15	.	.	PUNCT
ajfa-5486	438	1	the	the	DET
ajfa-5486	438	2	journal	journal	PROPN
ajfa-5486	438	3	of	of	ADP
ajfa-5486	438	4	finance	finance	NOUN
ajfa-5486	438	5	,	,	PUNCT
ajfa-5486	438	6	51(4	51(4	NUM
ajfa-5486	438	7	)	)	PUNCT
ajfa-5486	438	8	,	,	PUNCT
ajfa-5486	438	9	1227	1227	NUM
ajfa-5486	438	10	-	-	SYM
ajfa-5486	438	11	1246	1246	NUM
ajfa-5486	438	12	.	.	PUNCT
ajfa-5486	439	1	http://dx.doi.org/10.1111/j.1540-6261.1996.tb04068.x	http://dx.doi.org/10.1111/j.1540-6261.1996.tb04068.x	PROPN
ajfa-5486	439	2	martin	martin	PROPN
ajfa-5486	439	3	,	,	PUNCT
ajfa-5486	439	4	p.	p.	PROPN
ajfa-5486	439	5	d.	d.	PROPN
ajfa-5486	439	6	,	,	PUNCT
ajfa-5486	439	7	&	&	CCONJ
ajfa-5486	439	8	petty	petty	PROPN
ajfa-5486	439	9	,	,	PUNCT
ajfa-5486	439	10	j.	j.	PROPN
ajfa-5486	439	11	w.	w.	PROPN
ajfa-5486	439	12	(	(	PUNCT
ajfa-5486	439	13	2000	2000	NUM
ajfa-5486	439	14	)	)	PUNCT
ajfa-5486	439	15	.	.	PUNCT
ajfa-5486	440	1	value	value	NOUN
ajfa-5486	440	2	based	base	VERB
ajfa-5486	440	3	management	management	NOUN
ajfa-5486	440	4	:	:	PUNCT
ajfa-5486	440	5	the	the	DET
ajfa-5486	440	6	corporate	corporate	ADJ
ajfa-5486	440	7	response	response	NOUN
ajfa-5486	440	8	to	to	ADP
ajfa-5486	440	9	the	the	DET
ajfa-5486	440	10	shareholder	shareholder	NOUN
ajfa-5486	440	11	revolution	revolution	NOUN
ajfa-5486	440	12	.	.	PUNCT
ajfa-5486	441	1	boston	boston	PROPN
ajfa-5486	441	2	:	:	PUNCT
ajfa-5486	441	3	havard	havard	PROPN
ajfa-5486	441	4	business	business	PROPN
ajfa-5486	441	5	school	school	PROPN
ajfa-5486	441	6	press	press	NOUN
ajfa-5486	441	7	.	.	PUNCT
ajfa-5486	442	1	mcconnell	mcconnell	PROPN
ajfa-5486	442	2	,	,	PUNCT
ajfa-5486	442	3	j.	j.	PROPN
ajfa-5486	442	4	j.	j.	PROPN
ajfa-5486	442	5	,	,	PUNCT
ajfa-5486	442	6	&	&	CCONJ
ajfa-5486	442	7	servaes	servaes	PROPN
ajfa-5486	442	8	,	,	PUNCT
ajfa-5486	442	9	h.	h.	PROPN
ajfa-5486	442	10	(	(	PUNCT
ajfa-5486	442	11	1990	1990	NUM
ajfa-5486	442	12	)	)	PUNCT
ajfa-5486	442	13	.	.	PUNCT
ajfa-5486	443	1	additional	additional	ADJ
ajfa-5486	443	2	evidence	evidence	NOUN
ajfa-5486	443	3	on	on	ADP
ajfa-5486	443	4	equity	equity	NOUN
ajfa-5486	443	5	ownership	ownership	NOUN
ajfa-5486	443	6	and	and	CCONJ
ajfa-5486	443	7	corporate	corporate	ADJ
ajfa-5486	443	8	value	value	NOUN
ajfa-5486	443	9	.	.	PUNCT
ajfa-5486	444	1	journal	journal	NOUN
ajfa-5486	444	2	of	of	ADP
ajfa-5486	444	3	financial	financial	ADJ
ajfa-5486	444	4	economics	economic	NOUN
ajfa-5486	444	5	,	,	PUNCT
ajfa-5486	444	6	27(2	27(2	NUM
ajfa-5486	444	7	)	)	PUNCT
ajfa-5486	444	8	,	,	PUNCT
ajfa-5486	444	9	595	595	NUM
ajfa-5486	444	10	-	-	PUNCT
ajfa-5486	444	11	612	612	NUM
ajfa-5486	444	12	.	.	PUNCT
ajfa-5486	444	13	http://dx.doi.org/10.1016/0304-405x(90)90069-c	http://dx.doi.org/10.1016/0304-405x(90)90069-c	PROPN
ajfa-5486	444	14	moyer	moyer	PROPN
ajfa-5486	444	15	,	,	PUNCT
ajfa-5486	444	16	r.	r.	PROPN
ajfa-5486	444	17	c.	c.	PROPN
ajfa-5486	444	18	,	,	PUNCT
ajfa-5486	444	19	mcguigan	mcguigan	PROPN
ajfa-5486	444	20	,	,	PUNCT
ajfa-5486	444	21	j.	j.	PROPN
ajfa-5486	444	22	r.	r.	PROPN
ajfa-5486	444	23	,	,	PUNCT
ajfa-5486	444	24	&	&	CCONJ
ajfa-5486	444	25	kretlow	kretlow	PROPN
ajfa-5486	444	26	,	,	PUNCT
ajfa-5486	444	27	w.	w.	PROPN
ajfa-5486	444	28	j.	j.	PROPN
ajfa-5486	444	29	(	(	PUNCT
ajfa-5486	444	30	1992	1992	NUM
ajfa-5486	444	31	)	)	PUNCT
ajfa-5486	444	32	.	.	PUNCT
ajfa-5486	445	1	contemporary	contemporary	ADJ
ajfa-5486	445	2	financial	financial	ADJ
ajfa-5486	445	3	management	management	NOUN
ajfa-5486	445	4	.	.	PUNCT
ajfa-5486	446	1	mason	mason	PROPN
ajfa-5486	446	2	:	:	PUNCT
ajfa-5486	446	3	south	south	ADJ
ajfa-5486	446	4	-	-	PUNCT
ajfa-5486	446	5	western	western	PROPN
ajfa-5486	446	6	cengage	cengage	PROPN
ajfa-5486	446	7	learning	learning	PROPN
ajfa-5486	446	8	.	.	PUNCT
ajfa-5486	447	1	nikolai	nikolai	PROPN
ajfa-5486	447	2	,	,	PUNCT
ajfa-5486	447	3	l.	l.	PROPN
ajfa-5486	447	4	,	,	PUNCT
ajfa-5486	447	5	&	&	CCONJ
ajfa-5486	447	6	bazley	bazley	PROPN
ajfa-5486	447	7	,	,	PUNCT
ajfa-5486	447	8	j.	j.	PROPN
ajfa-5486	447	9	(	(	PUNCT
ajfa-5486	447	10	2010	2010	NUM
ajfa-5486	447	11	)	)	PUNCT
ajfa-5486	447	12	.	.	PUNCT
ajfa-5486	448	1	intermediate	intermediate	ADJ
ajfa-5486	448	2	accounting	accounting	NOUN
ajfa-5486	448	3	.	.	PUNCT
ajfa-5486	449	1	mason	mason	PROPN
ajfa-5486	449	2	:	:	PUNCT
ajfa-5486	449	3	south	south	ADJ
ajfa-5486	449	4	-	-	PUNCT
ajfa-5486	449	5	western	western	PROPN
ajfa-5486	449	6	cengage	cengage	PROPN
ajfa-5486	449	7	learning	learning	NOUN
ajfa-5486	449	8	.	.	PUNCT
ajfa-5486	450	1	o’brien	o’brien	PROPN
ajfa-5486	450	2	,	,	PUNCT
ajfa-5486	450	3	r.	r.	PROPN
ajfa-5486	450	4	m.	m.	PROPN
ajfa-5486	450	5	(	(	PUNCT
ajfa-5486	450	6	2007	2007	NUM
ajfa-5486	450	7	)	)	PUNCT
ajfa-5486	450	8	.	.	PUNCT
ajfa-5486	451	1	a	a	DET
ajfa-5486	451	2	caution	caution	NOUN
ajfa-5486	451	3	regarding	regard	VERB
ajfa-5486	451	4	rules	rule	NOUN
ajfa-5486	451	5	of	of	ADP
ajfa-5486	451	6	thumb	thumb	NOUN
ajfa-5486	451	7	for	for	ADP
ajfa-5486	451	8	variance	variance	NOUN
ajfa-5486	451	9	inflation	inflation	NOUN
ajfa-5486	451	10	factors	factor	NOUN
ajfa-5486	451	11	.	.	PUNCT
ajfa-5486	452	1	quality	quality	NOUN
ajfa-5486	452	2	&	&	CCONJ
ajfa-5486	452	3	quantity	quantity	NOUN
ajfa-5486	452	4	,	,	PUNCT
ajfa-5486	452	5	41(5	41(5	NUM
ajfa-5486	452	6	)	)	PUNCT
ajfa-5486	452	7	,	,	PUNCT
ajfa-5486	452	8	673	673	NUM
ajfa-5486	452	9	-	-	SYM
ajfa-5486	452	10	690	690	NUM
ajfa-5486	452	11	.	.	PUNCT
ajfa-5486	452	12	http://dx.doi.org/10.1007/s11135-006-9018-6	http://dx.doi.org/10.1007/s11135-006-9018-6	PUNCT
ajfa-5486	453	1	olibe	olibe	ADJ
ajfa-5486	453	2	,	,	PUNCT
ajfa-5486	453	3	k.	k.	PROPN
ajfa-5486	453	4	o.	o.	PROPN
ajfa-5486	453	5	,	,	PUNCT
ajfa-5486	453	6	ehie	ehie	NOUN
ajfa-5486	453	7	,	,	PUNCT
ajfa-5486	453	8	i.	i.	PROPN
ajfa-5486	453	9	c.	c.	PROPN
ajfa-5486	453	10	,	,	PUNCT
ajfa-5486	453	11	&	&	CCONJ
ajfa-5486	453	12	strawser	strawser	PROPN
ajfa-5486	453	13	,	,	PUNCT
ajfa-5486	453	14	w.	w.	PROPN
ajfa-5486	453	15	r.	r.	PROPN
ajfa-5486	453	16	(	(	PUNCT
ajfa-5486	453	17	2012	2012	NUM
ajfa-5486	453	18	)	)	PUNCT
ajfa-5486	453	19	.	.	PUNCT
ajfa-5486	454	1	corporate	corporate	ADJ
ajfa-5486	454	2	diversification	diversification	NOUN
ajfa-5486	454	3	,	,	PUNCT
ajfa-5486	454	4	firm	firm	ADJ
ajfa-5486	454	5	value	value	NOUN
ajfa-5486	454	6	and	and	CCONJ
ajfa-5486	454	7	operating	operating	NOUN
ajfa-5486	454	8	performance	performance	NOUN
ajfa-5486	454	9	:	:	PUNCT
ajfa-5486	454	10	testing	test	VERB
ajfa-5486	454	11	the	the	DET
ajfa-5486	454	12	relevance	relevance	NOUN
ajfa-5486	454	13	of	of	ADP
ajfa-5486	454	14	segment	segment	NOUN
ajfa-5486	454	15	accounting	accounting	NOUN
ajfa-5486	454	16	data	datum	NOUN
ajfa-5486	454	17	.	.	PUNCT
ajfa-5486	455	1	international	international	ADJ
ajfa-5486	455	2	journal	journal	PROPN
ajfa-5486	455	3	of	of	ADP
ajfa-5486	455	4	accounting	accounting	NOUN
ajfa-5486	455	5	,	,	PUNCT
ajfa-5486	455	6	auditing	auditing	NOUN
ajfa-5486	455	7	and	and	CCONJ
ajfa-5486	455	8	performance	performance	NOUN
ajfa-5486	455	9	evaluation	evaluation	NOUN
ajfa-5486	455	10	,	,	PUNCT
ajfa-5486	455	11	8(2	8(2	NUM
ajfa-5486	455	12	)	)	PUNCT
ajfa-5486	455	13	,	,	PUNCT
ajfa-5486	455	14	184	184	NUM
ajfa-5486	455	15	-	-	SYM
ajfa-5486	455	16	202	202	NUM
ajfa-5486	455	17	.	.	PUNCT
ajfa-5486	456	1	http://dx.doi.org/10.1504/ijaape.2012.046707	http://dx.doi.org/10.1504/ijaape.2012.046707	NOUN
ajfa-5486	456	2	palepu	palepu	NOUN
ajfa-5486	456	3	,	,	PUNCT
ajfa-5486	456	4	k.	k.	PROPN
ajfa-5486	456	5	g.	g.	PROPN
ajfa-5486	456	6	,	,	PUNCT
ajfa-5486	456	7	healy	healy	PROPN
ajfa-5486	456	8	,	,	PUNCT
ajfa-5486	456	9	p.	p.	NOUN
ajfa-5486	456	10	m.	m.	NOUN
ajfa-5486	456	11	,	,	PUNCT
ajfa-5486	456	12	bernard	bernard	PROPN
ajfa-5486	456	13	,	,	PUNCT
ajfa-5486	456	14	v.	v.	PROPN
ajfa-5486	456	15	l.	l.	PROPN
ajfa-5486	456	16	,	,	PUNCT
ajfa-5486	456	17	wright	wright	PROPN
ajfa-5486	456	18	,	,	PUNCT
ajfa-5486	456	19	s.	s.	PROPN
ajfa-5486	456	20	,	,	PUNCT
ajfa-5486	456	21	bradbury	bradbury	PROPN
ajfa-5486	456	22	,	,	PUNCT
ajfa-5486	456	23	m.	m.	NOUN
ajfa-5486	456	24	,	,	PUNCT
ajfa-5486	456	25	&	&	CCONJ
ajfa-5486	456	26	lee	lee	PROPN
ajfa-5486	456	27	,	,	PUNCT
ajfa-5486	456	28	p.	p.	PROPN
ajfa-5486	456	29	(	(	PUNCT
ajfa-5486	456	30	2010	2010	NUM
ajfa-5486	456	31	)	)	PUNCT
ajfa-5486	456	32	.	.	PUNCT
ajfa-5486	457	1	business	business	NOUN
ajfa-5486	457	2	analysis	analysis	NOUN
ajfa-5486	457	3	&	&	CCONJ
ajfa-5486	457	4	valuation	valuation	PROPN
ajfa-5486	457	5	:	:	PUNCT
ajfa-5486	457	6	using	use	VERB
ajfa-5486	457	7	financial	financial	ADJ
ajfa-5486	457	8	statements	statement	NOUN
ajfa-5486	457	9	(	(	PUNCT
ajfa-5486	457	10	4ed	4ed	ADJ
ajfa-5486	457	11	.	.	PUNCT
ajfa-5486	457	12	)	)	PUNCT
ajfa-5486	457	13	.	.	PUNCT
ajfa-5486	458	1	mason	mason	PROPN
ajfa-5486	458	2	:	:	PUNCT
ajfa-5486	458	3	south	south	ADJ
ajfa-5486	458	4	-	-	PUNCT
ajfa-5486	458	5	western	western	PROPN
ajfa-5486	458	6	cengage	cengage	PROPN
ajfa-5486	458	7	learning	learning	NOUN
ajfa-5486	458	8	.	.	PUNCT
ajfa-5486	459	1	pandya	pandya	PROPN
ajfa-5486	459	2	,	,	PUNCT
ajfa-5486	459	3	a.	a.	NOUN
ajfa-5486	459	4	m.	m.	NOUN
ajfa-5486	459	5	,	,	PUNCT
ajfa-5486	459	6	&	&	CCONJ
ajfa-5486	459	7	rao	rao	PROPN
ajfa-5486	459	8	,	,	PUNCT
ajfa-5486	459	9	n.	n.	PROPN
ajfa-5486	459	10	v.	v.	PROPN
ajfa-5486	459	11	(	(	PUNCT
ajfa-5486	459	12	1998	1998	NUM
ajfa-5486	459	13	)	)	PUNCT
ajfa-5486	459	14	.	.	PUNCT
ajfa-5486	460	1	diversification	diversification	NOUN
ajfa-5486	460	2	and	and	CCONJ
ajfa-5486	460	3	firm	firm	ADJ
ajfa-5486	460	4	performance	performance	NOUN
ajfa-5486	460	5	:	:	PUNCT
ajfa-5486	460	6	an	an	DET
ajfa-5486	460	7	empirical	empirical	ADJ
ajfa-5486	460	8	evaluation	evaluation	NOUN
ajfa-5486	460	9	.	.	PUNCT
ajfa-5486	461	1	journal	journal	NOUN
ajfa-5486	461	2	of	of	ADP
ajfa-5486	461	3	financial	financial	ADJ
ajfa-5486	461	4	and	and	CCONJ
ajfa-5486	461	5	strategic	strategic	ADJ
ajfa-5486	461	6	decisions	decision	NOUN
ajfa-5486	461	7	,	,	PUNCT
ajfa-5486	461	8	11(2	11(2	NUM
ajfa-5486	461	9	)	)	PUNCT
ajfa-5486	461	10	,	,	PUNCT
ajfa-5486	461	11	67	67	NUM
ajfa-5486	461	12	-	-	SYM
ajfa-5486	461	13	81	81	NUM
ajfa-5486	461	14	.	.	PUNCT
ajfa-5486	462	1	perfect	perfect	ADJ
ajfa-5486	462	2	,	,	PUNCT
ajfa-5486	462	3	s.	s.	PROPN
ajfa-5486	462	4	b.	b.	PROPN
ajfa-5486	462	5	,	,	PUNCT
ajfa-5486	462	6	&	&	CCONJ
ajfa-5486	462	7	wiles	wile	NOUN
ajfa-5486	462	8	,	,	PUNCT
ajfa-5486	462	9	k.	k.	PROPN
ajfa-5486	462	10	w.	w.	PROPN
ajfa-5486	462	11	(	(	PUNCT
ajfa-5486	462	12	1994	1994	NUM
ajfa-5486	462	13	)	)	PUNCT
ajfa-5486	462	14	.	.	PUNCT
ajfa-5486	463	1	alternative	alternative	ADJ
ajfa-5486	463	2	constructions	construction	NOUN
ajfa-5486	463	3	of	of	ADP
ajfa-5486	463	4	tobin	tobin	PROPN
ajfa-5486	463	5	's	's	PART
ajfa-5486	463	6	q	q	NOUN
ajfa-5486	463	7	:	:	PUNCT
ajfa-5486	463	8	an	an	DET
ajfa-5486	463	9	empirical	empirical	ADJ
ajfa-5486	463	10	comparison	comparison	NOUN
ajfa-5486	463	11	.	.	PUNCT
ajfa-5486	464	1	journal	journal	NOUN
ajfa-5486	464	2	of	of	ADP
ajfa-5486	464	3	empirical	empirical	ADJ
ajfa-5486	464	4	finance	finance	NOUN
ajfa-5486	464	5	,	,	PUNCT
ajfa-5486	464	6	1(3	1(3	NUM
ajfa-5486	464	7	)	)	PUNCT
ajfa-5486	464	8	,	,	PUNCT
ajfa-5486	464	9	313	313	NUM
ajfa-5486	464	10	-	-	SYM
ajfa-5486	464	11	341	341	NUM
ajfa-5486	464	12	.	.	PUNCT
ajfa-5486	465	1	http://dx.doi.org/10.1016/0927-5398(94)90007-8	http://dx.doi.org/10.1016/0927-5398(94)90007-8	NOUN
ajfa-5486	465	2	salmi	salmi	NOUN
ajfa-5486	465	3	,	,	PUNCT
ajfa-5486	465	4	t.	t.	PROPN
ajfa-5486	465	5	,	,	PUNCT
ajfa-5486	465	6	&	&	CCONJ
ajfa-5486	465	7	martikainen	martikainen	NOUN
ajfa-5486	465	8	,	,	PUNCT
ajfa-5486	465	9	t.	t.	PROPN
ajfa-5486	465	10	(	(	PUNCT
ajfa-5486	465	11	1994	1994	NUM
ajfa-5486	465	12	)	)	PUNCT
ajfa-5486	465	13	.	.	PUNCT
ajfa-5486	466	1	a	a	DET
ajfa-5486	466	2	review	review	NOUN
ajfa-5486	466	3	of	of	ADP
ajfa-5486	466	4	the	the	DET
ajfa-5486	466	5	theoretical	theoretical	ADJ
ajfa-5486	466	6	and	and	CCONJ
ajfa-5486	466	7	empirical	empirical	ADJ
ajfa-5486	466	8	basis	basis	NOUN
ajfa-5486	466	9	of	of	ADP
ajfa-5486	466	10	financial	financial	ADJ
ajfa-5486	466	11	ratio	ratio	NOUN
ajfa-5486	466	12	analysis	analysis	NOUN
ajfa-5486	466	13	.	.	PUNCT
ajfa-5486	467	1	the	the	DET
ajfa-5486	467	2	finnish	finnish	ADJ
ajfa-5486	467	3	journal	journal	NOUN
ajfa-5486	467	4	of	of	ADP
ajfa-5486	467	5	business	business	NOUN
ajfa-5486	467	6	economics	economic	NOUN
ajfa-5486	467	7	,	,	PUNCT
ajfa-5486	467	8	43(4	43(4	NOUN
ajfa-5486	467	9	)	)	PUNCT
ajfa-5486	467	10	,	,	PUNCT
ajfa-5486	467	11	426	426	NUM
ajfa-5486	467	12	-	-	SYM
ajfa-5486	467	13	448	448	NUM
ajfa-5486	467	14	.	.	PUNCT
ajfa-5486	467	15	sandoval	sandoval	PROPN
ajfa-5486	467	16	,	,	PUNCT
ajfa-5486	467	17	e.	e.	PROPN
ajfa-5486	467	18	(	(	PUNCT
ajfa-5486	467	19	2001	2001	NUM
ajfa-5486	467	20	)	)	PUNCT
ajfa-5486	467	21	.	.	PUNCT
ajfa-5486	468	1	financial	financial	ADJ
ajfa-5486	468	2	performance	performance	NOUN
ajfa-5486	468	3	measures	measure	NOUN
ajfa-5486	468	4	and	and	CCONJ
ajfa-5486	468	5	shareholder	shareholder	NOUN
ajfa-5486	468	6	value	value	NOUN
ajfa-5486	468	7	creation	creation	NOUN
ajfa-5486	468	8	:	:	PUNCT
ajfa-5486	468	9	an	an	DET
ajfa-5486	468	10	empirical	empirical	ADJ
ajfa-5486	468	11	study	study	NOUN
ajfa-5486	468	12	for	for	ADP
ajfa-5486	468	13	chilean	chilean	ADJ
ajfa-5486	468	14	companies	company	NOUN
ajfa-5486	468	15	.	.	PUNCT
ajfa-5486	469	1	journal	journal	PROPN
ajfa-5486	469	2	of	of	ADP
ajfa-5486	469	3	applied	apply	VERB
ajfa-5486	469	4	business	business	NOUN
ajfa-5486	469	5	research	research	NOUN
ajfa-5486	469	6	,	,	PUNCT
ajfa-5486	469	7	17(3	17(3	NUM
ajfa-5486	469	8	)	)	PUNCT
ajfa-5486	469	9	,	,	PUNCT
ajfa-5486	469	10	109	109	NUM
ajfa-5486	469	11	-	-	SYM
ajfa-5486	469	12	123	123	NUM
ajfa-5486	469	13	.	.	PUNCT
ajfa-5486	470	1	singh	singh	PROPN
ajfa-5486	470	2	,	,	PUNCT
ajfa-5486	470	3	a.	a.	PROPN
ajfa-5486	470	4	,	,	PUNCT
ajfa-5486	470	5	&	&	CCONJ
ajfa-5486	470	6	schmidgall	schmidgall	PROPN
ajfa-5486	470	7	,	,	PUNCT
ajfa-5486	470	8	r.	r.	PROPN
ajfa-5486	470	9	s.	s.	PROPN
ajfa-5486	470	10	(	(	PUNCT
ajfa-5486	470	11	2002	2002	NUM
ajfa-5486	470	12	)	)	PUNCT
ajfa-5486	470	13	.	.	PUNCT
ajfa-5486	471	1	analysis	analysis	NOUN
ajfa-5486	471	2	of	of	ADP
ajfa-5486	471	3	financial	financial	ADJ
ajfa-5486	471	4	ratios	ratio	NOUN
ajfa-5486	471	5	commonly	commonly	ADV
ajfa-5486	471	6	used	use	VERB
ajfa-5486	471	7	by	by	ADP
ajfa-5486	471	8	us	we	PRON
ajfa-5486	471	9	lodging	lodge	VERB
ajfa-5486	471	10	financial	financial	ADJ
ajfa-5486	471	11	executives	executive	NOUN
ajfa-5486	471	12	.	.	PUNCT
ajfa-5486	472	1	journal	journal	PROPN
ajfa-5486	472	2	of	of	ADP
ajfa-5486	472	3	retail	retail	PROPN
ajfa-5486	472	4	&	&	CCONJ
ajfa-5486	472	5	leisure	leisure	PROPN
ajfa-5486	472	6	property	property	NOUN
ajfa-5486	472	7	,	,	PUNCT
ajfa-5486	472	8	2(3	2(3	NUM
ajfa-5486	472	9	)	)	PUNCT
ajfa-5486	472	10	,	,	PUNCT
ajfa-5486	472	11	201	201	NUM
ajfa-5486	472	12	-	-	SYM
ajfa-5486	472	13	213	213	NUM
ajfa-5486	472	14	.	.	PUNCT
ajfa-5486	473	1	http://dx.doi.org/10.1057/palgrave.rlp.5090210	http://dx.doi.org/10.1057/palgrave.rlp.5090210	PROPN
ajfa-5486	473	2	asian	asian	PROPN
ajfa-5486	473	3	journal	journal	PROPN
ajfa-5486	473	4	of	of	ADP
ajfa-5486	473	5	finance	finance	PROPN
ajfa-5486	473	6	&	&	CCONJ
ajfa-5486	473	7	accounting	accounting	PROPN
ajfa-5486	473	8	issn	issn	PROPN
ajfa-5486	473	9	1946	1946	NUM
ajfa-5486	473	10	-	-	PUNCT
ajfa-5486	473	11	052x	052x	PROPN
ajfa-5486	473	12	2014	2014	NUM
ajfa-5486	473	13	,	,	PUNCT
ajfa-5486	473	14	vol	vol	NOUN
ajfa-5486	473	15	.	.	PROPN
ajfa-5486	473	16	6	6	NUM
ajfa-5486	473	17	,	,	PUNCT
ajfa-5486	473	18	no	no	INTJ
ajfa-5486	473	19	.	.	NOUN
ajfa-5486	473	20	1	1	NUM
ajfa-5486	473	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5486	473	22	290	290	NUM
ajfa-5486	473	23	smith	smith	PROPN
ajfa-5486	473	24	,	,	PUNCT
ajfa-5486	473	25	d.	d.	PROPN
ajfa-5486	473	26	e.	e.	PROPN
ajfa-5486	473	27	(	(	PUNCT
ajfa-5486	473	28	1925	1925	NUM
ajfa-5486	473	29	)	)	PUNCT
ajfa-5486	473	30	.	.	PUNCT
ajfa-5486	474	1	history	history	NOUN
ajfa-5486	474	2	of	of	ADP
ajfa-5486	474	3	mathematics	mathematics	PROPN
ajfa-5486	474	4	(	(	PUNCT
ajfa-5486	474	5	vol	vol	NOUN
ajfa-5486	474	6	.	.	PUNCT
ajfa-5486	474	7	ii	ii	PROPN
ajfa-5486	474	8	)	)	PUNCT
ajfa-5486	474	9	.	.	PUNCT
ajfa-5486	475	1	bostan	bostan	PROPN
ajfa-5486	475	2	:	:	PUNCT
ajfa-5486	476	1	ginn	ginn	PROPN
ajfa-5486	476	2	&	&	CCONJ
ajfa-5486	476	3	company	company	PROPN
ajfa-5486	476	4	.	.	PUNCT
ajfa-5486	477	1	sorter	sorter	PROPN
ajfa-5486	477	2	,	,	PUNCT
ajfa-5486	477	3	g.	g.	PROPN
ajfa-5486	477	4	h.	h.	PROPN
ajfa-5486	477	5	,	,	PUNCT
ajfa-5486	477	6	becker	becker	PROPN
ajfa-5486	477	7	,	,	PUNCT
ajfa-5486	477	8	s.	s.	PROPN
ajfa-5486	477	9	w.	w.	PROPN
ajfa-5486	477	10	,	,	PUNCT
ajfa-5486	477	11	archibald	archibald	PROPN
ajfa-5486	477	12	,	,	PUNCT
ajfa-5486	477	13	t.	t.	PROPN
ajfa-5486	477	14	r.	r.	PROPN
ajfa-5486	477	15	,	,	PUNCT
ajfa-5486	477	16	&	&	CCONJ
ajfa-5486	477	17	beaver	beaver	PROPN
ajfa-5486	477	18	,	,	PUNCT
ajfa-5486	477	19	w.	w.	PROPN
ajfa-5486	477	20	(	(	PUNCT
ajfa-5486	477	21	1964	1964	NUM
ajfa-5486	477	22	)	)	PUNCT
ajfa-5486	477	23	.	.	PUNCT
ajfa-5486	478	1	corporate	corporate	ADJ
ajfa-5486	478	2	personality	personality	NOUN
ajfa-5486	478	3	as	as	SCONJ
ajfa-5486	478	4	reflected	reflect	VERB
ajfa-5486	478	5	in	in	ADP
ajfa-5486	478	6	accounting	accounting	NOUN
ajfa-5486	478	7	decisions	decision	NOUN
ajfa-5486	478	8	:	:	PUNCT
ajfa-5486	478	9	some	some	DET
ajfa-5486	478	10	preliminary	preliminary	ADJ
ajfa-5486	478	11	findings	finding	NOUN
ajfa-5486	478	12	.	.	PUNCT
ajfa-5486	479	1	journal	journal	NOUN
ajfa-5486	479	2	of	of	ADP
ajfa-5486	479	3	accounting	accounting	NOUN
ajfa-5486	479	4	research	research	NOUN
ajfa-5486	479	5	,	,	PUNCT
ajfa-5486	479	6	2(2	2(2	NUM
ajfa-5486	479	7	)	)	PUNCT
ajfa-5486	479	8	,	,	PUNCT
ajfa-5486	479	9	183	183	NUM
ajfa-5486	479	10	-	-	SYM
ajfa-5486	479	11	196	196	NUM
ajfa-5486	479	12	.	.	PUNCT
ajfa-5486	480	1	http://dx.doi.org/10.2307/2490000	http://dx.doi.org/10.2307/2490000	PROPN
ajfa-5486	480	2	thomas	thomas	PROPN
ajfa-5486	480	3	,	,	PUNCT
ajfa-5486	480	4	r.	r.	PROPN
ajfa-5486	480	5	,	,	PUNCT
ajfa-5486	480	6	&	&	CCONJ
ajfa-5486	480	7	gup	gup	PROPN
ajfa-5486	480	8	,	,	PUNCT
ajfa-5486	480	9	b.	b.	PROPN
ajfa-5486	480	10	e.	e.	PROPN
ajfa-5486	480	11	(	(	PUNCT
ajfa-5486	480	12	2009	2009	NUM
ajfa-5486	480	13	)	)	PUNCT
ajfa-5486	480	14	.	.	PUNCT
ajfa-5486	481	1	the	the	DET
ajfa-5486	481	2	valuation	valuation	NOUN
ajfa-5486	481	3	handbook	handbook	NOUN
ajfa-5486	481	4	:	:	PUNCT
ajfa-5486	481	5	valuation	valuation	NOUN
ajfa-5486	481	6	techniques	technique	NOUN
ajfa-5486	481	7	from	from	ADP
ajfa-5486	481	8	today	today	NOUN
ajfa-5486	481	9	's	's	PART
ajfa-5486	481	10	top	top	ADJ
ajfa-5486	481	11	practitioners	practitioner	NOUN
ajfa-5486	481	12	(	(	PUNCT
ajfa-5486	481	13	vol	vol	NOUN
ajfa-5486	481	14	.	.	PROPN
ajfa-5486	481	15	480	480	NUM
ajfa-5486	481	16	):	):	PUNCT
ajfa-5486	481	17	john	john	PROPN
ajfa-5486	481	18	wiley	wiley	PROPN
ajfa-5486	481	19	&	&	CCONJ
ajfa-5486	481	20	sons	sons	PROPN
ajfa-5486	481	21	inc	inc	PROPN
ajfa-5486	481	22	.	.	PROPN
ajfa-5486	481	23	http://dx.doi.org/10.1002/9781118268179	http://dx.doi.org/10.1002/9781118268179	PROPN
ajfa-5486	481	24	tong	tong	PROPN
ajfa-5486	481	25	,	,	PUNCT
ajfa-5486	481	26	t.	t.	PROPN
ajfa-5486	481	27	w.	w.	PROPN
ajfa-5486	481	28	,	,	PUNCT
ajfa-5486	481	29	alessandri	alessandri	ADJ
ajfa-5486	481	30	,	,	PUNCT
ajfa-5486	481	31	t.	t.	NOUN
ajfa-5486	481	32	m.	m.	NOUN
ajfa-5486	481	33	,	,	PUNCT
ajfa-5486	481	34	reuer	reuer	PROPN
ajfa-5486	481	35	,	,	PUNCT
ajfa-5486	481	36	j.	j.	PROPN
ajfa-5486	481	37	j.	j.	PROPN
ajfa-5486	481	38	,	,	PUNCT
ajfa-5486	481	39	&	&	CCONJ
ajfa-5486	481	40	chintakananda	chintakananda	PROPN
ajfa-5486	481	41	,	,	PUNCT
ajfa-5486	481	42	a.	a.	NOUN
ajfa-5486	481	43	(	(	PUNCT
ajfa-5486	481	44	2008	2008	NUM
ajfa-5486	481	45	)	)	PUNCT
ajfa-5486	481	46	.	.	PUNCT
ajfa-5486	482	1	how	how	SCONJ
ajfa-5486	482	2	much	much	ADJ
ajfa-5486	482	3	does	do	AUX
ajfa-5486	482	4	country	country	NOUN
ajfa-5486	482	5	matter	matter	VERB
ajfa-5486	482	6	?	?	PUNCT
ajfa-5486	483	1	an	an	DET
ajfa-5486	483	2	analysis	analysis	NOUN
ajfa-5486	483	3	of	of	ADP
ajfa-5486	483	4	firms	firm	NOUN
ajfa-5486	483	5	’	’	PART
ajfa-5486	483	6	growth	growth	NOUN
ajfa-5486	483	7	options	option	NOUN
ajfa-5486	483	8	.	.	PUNCT
ajfa-5486	484	1	journal	journal	PROPN
ajfa-5486	484	2	of	of	ADP
ajfa-5486	484	3	international	international	ADJ
ajfa-5486	484	4	business	business	NOUN
ajfa-5486	484	5	studies	study	NOUN
ajfa-5486	484	6	,	,	PUNCT
ajfa-5486	484	7	39(3	39(3	NUM
ajfa-5486	484	8	)	)	PUNCT
ajfa-5486	484	9	,	,	PUNCT
ajfa-5486	484	10	387	387	NUM
ajfa-5486	484	11	-	-	SYM
ajfa-5486	484	12	405	405	NUM
ajfa-5486	484	13	.	.	PUNCT
ajfa-5486	485	1	http://dx.doi.org/10.1057/palgrave.jibs.8400355	http://dx.doi.org/10.1057/palgrave.jibs.8400355	PROPN
ajfa-5486	485	2	truong	truong	PROPN
ajfa-5486	485	3	,	,	PUNCT
ajfa-5486	485	4	c.	c.	PROPN
ajfa-5486	485	5	(	(	PUNCT
ajfa-5486	485	6	2009	2009	NUM
ajfa-5486	485	7	)	)	PUNCT
ajfa-5486	485	8	.	.	PUNCT
ajfa-5486	486	1	value	value	NOUN
ajfa-5486	486	2	investing	invest	VERB
ajfa-5486	486	3	using	use	VERB
ajfa-5486	486	4	price	price	NOUN
ajfa-5486	486	5	earnings	earning	NOUN
ajfa-5486	486	6	ratio	ratio	NOUN
ajfa-5486	486	7	in	in	ADP
ajfa-5486	486	8	new	new	PROPN
ajfa-5486	486	9	zealand	zealand	PROPN
ajfa-5486	486	10	.	.	PUNCT
ajfa-5486	487	1	university	university	PROPN
ajfa-5486	487	2	of	of	ADP
ajfa-5486	487	3	auckland	auckland	PROPN
ajfa-5486	487	4	business	business	PROPN
ajfa-5486	487	5	review	review	PROPN
ajfa-5486	487	6	,	,	PUNCT
ajfa-5486	487	7	12(1	12(1	NUM
ajfa-5486	487	8	)	)	PUNCT
ajfa-5486	487	9	,	,	PUNCT
ajfa-5486	487	10	1	1	NUM
ajfa-5486	487	11	-	-	SYM
ajfa-5486	487	12	7	7	NUM
ajfa-5486	487	13	.	.	PUNCT
ajfa-5486	487	14	wall	wall	NOUN
ajfa-5486	487	15	,	,	PUNCT
ajfa-5486	487	16	a.	a.	NOUN
ajfa-5486	487	17	(	(	PUNCT
ajfa-5486	487	18	1919	1919	NUM
ajfa-5486	487	19	)	)	PUNCT
ajfa-5486	487	20	.	.	PUNCT
ajfa-5486	488	1	the	the	DET
ajfa-5486	488	2	study	study	NOUN
ajfa-5486	488	3	of	of	ADP
ajfa-5486	488	4	barometrics	barometric	NOUN
ajfa-5486	488	5	.	.	PUNCT
ajfa-5486	489	1	federal	federal	PROPN
ajfa-5486	489	2	reserve	reserve	PROPN
ajfa-5486	489	3	bulletine	bulletine	PROPN
ajfa-5486	489	4	williams	williams	PROPN
ajfa-5486	489	5	,	,	PUNCT
ajfa-5486	489	6	j.	j.	PROPN
ajfa-5486	489	7	r.	r.	PROPN
ajfa-5486	489	8	(	(	PUNCT
ajfa-5486	489	9	2000	2000	NUM
ajfa-5486	489	10	)	)	PUNCT
ajfa-5486	489	11	.	.	PUNCT
ajfa-5486	490	1	gaap	gaap	PROPN
ajfa-5486	490	2	guide	guide	NOUN
ajfa-5486	490	3	,	,	PUNCT
ajfa-5486	490	4	college	college	NOUN
ajfa-5486	490	5	edition	edition	NOUN
ajfa-5486	490	6	.	.	PUNCT
ajfa-5486	491	1	san	san	PROPN
ajfa-5486	491	2	diego	diego	PROPN
ajfa-5486	491	3	,	,	PUNCT
ajfa-5486	491	4	ca	ca	PROPN
ajfa-5486	491	5	:	:	PUNCT
ajfa-5486	491	6	harcourt	harcourt	PROPN
ajfa-5486	491	7	professional	professional	PROPN
ajfa-5486	491	8	.	.	PUNCT
ajfa-5486	492	1	yalcin	yalcin	PROPN
ajfa-5486	492	2	,	,	PUNCT
ajfa-5486	492	3	n.	n.	PROPN
ajfa-5486	492	4	,	,	PUNCT
ajfa-5486	492	5	bayrakdaroglu	bayrakdaroglu	PROPN
ajfa-5486	492	6	,	,	PUNCT
ajfa-5486	492	7	a.	a.	PROPN
ajfa-5486	492	8	,	,	PUNCT
ajfa-5486	492	9	&	&	CCONJ
ajfa-5486	492	10	kahraman	kahraman	PROPN
ajfa-5486	492	11	,	,	PUNCT
ajfa-5486	492	12	c.	c.	PROPN
ajfa-5486	492	13	(	(	PUNCT
ajfa-5486	492	14	2012	2012	NUM
ajfa-5486	492	15	)	)	PUNCT
ajfa-5486	492	16	.	.	PUNCT
ajfa-5486	493	1	application	application	NOUN
ajfa-5486	493	2	of	of	ADP
ajfa-5486	493	3	fuzzy	fuzzy	ADJ
ajfa-5486	493	4	multi	multi	ADJ
ajfa-5486	493	5	-	-	ADJ
ajfa-5486	493	6	criteria	criterion	NOUN
ajfa-5486	493	7	decision	decision	NOUN
ajfa-5486	493	8	making	make	VERB
ajfa-5486	493	9	methods	method	NOUN
ajfa-5486	493	10	for	for	ADP
ajfa-5486	493	11	financial	financial	ADJ
ajfa-5486	493	12	performance	performance	NOUN
ajfa-5486	493	13	evaluation	evaluation	NOUN
ajfa-5486	493	14	of	of	ADP
ajfa-5486	493	15	turkish	turkish	ADJ
ajfa-5486	493	16	manufacturing	manufacturing	NOUN
ajfa-5486	493	17	industries	industry	NOUN
ajfa-5486	493	18	.	.	PUNCT
ajfa-5486	494	1	expert	expert	NOUN
ajfa-5486	494	2	systems	system	NOUN
ajfa-5486	494	3	with	with	ADP
ajfa-5486	494	4	applications	application	NOUN
ajfa-5486	494	5	,	,	PUNCT
ajfa-5486	494	6	39(1	39(1	NUM
ajfa-5486	494	7	)	)	PUNCT
ajfa-5486	494	8	,	,	PUNCT
ajfa-5486	494	9	350	350	NUM
ajfa-5486	494	10	-	-	SYM
ajfa-5486	494	11	364	364	NUM
ajfa-5486	494	12	.	.	PUNCT
ajfa-5486	495	1	http://dx.doi.org/10.1016/j.eswa.2011.07.024	http://dx.doi.org/10.1016/j.eswa.2011.07.024	NUM
ajfa-5486	495	2	yook	yook	NOUN
ajfa-5486	495	3	,	,	PUNCT
ajfa-5486	495	4	k.	k.	PROPN
ajfa-5486	495	5	c.	c.	PROPN
ajfa-5486	495	6	,	,	PUNCT
ajfa-5486	495	7	&	&	CCONJ
ajfa-5486	495	8	mccabe	mccabe	PROPN
ajfa-5486	495	9	,	,	PUNCT
ajfa-5486	495	10	g.	g.	PROPN
ajfa-5486	495	11	m.	m.	PROPN
ajfa-5486	495	12	(	(	PUNCT
ajfa-5486	495	13	2001	2001	NUM
ajfa-5486	495	14	)	)	PUNCT
ajfa-5486	495	15	.	.	PUNCT
ajfa-5486	496	1	mva	mva	NOUN
ajfa-5486	496	2	and	and	CCONJ
ajfa-5486	496	3	the	the	DET
ajfa-5486	496	4	cross	cross	NOUN
ajfa-5486	496	5	-	-	NOUN
ajfa-5486	496	6	section	section	NOUN
ajfa-5486	496	7	of	of	ADP
ajfa-5486	496	8	expected	expect	VERB
ajfa-5486	496	9	stock	stock	NOUN
ajfa-5486	496	10	returns	return	NOUN
ajfa-5486	496	11	.	.	PUNCT
ajfa-5486	497	1	the	the	DET
ajfa-5486	497	2	journal	journal	PROPN
ajfa-5486	497	3	of	of	ADP
ajfa-5486	497	4	portfolio	portfolio	NOUN
ajfa-5486	497	5	management	management	NOUN
ajfa-5486	497	6	,	,	PUNCT
ajfa-5486	497	7	27(3	27(3	NUM
ajfa-5486	497	8	)	)	PUNCT
ajfa-5486	497	9	,	,	PUNCT
ajfa-5486	497	10	75	75	NUM
ajfa-5486	497	11	-	-	SYM
ajfa-5486	497	12	87	87	NUM
ajfa-5486	497	13	.	.	PUNCT
ajfa-5486	498	1	http://dx.doi.org/10.3905/jpm.2001.319803	http://dx.doi.org/10.3905/jpm.2001.319803	NOUN
ajfa-5486	498	2	young	young	PROPN
ajfa-5486	498	3	,	,	PUNCT
ajfa-5486	498	4	s.	s.	PROPN
ajfa-5486	498	5	d.	d.	PROPN
ajfa-5486	498	6	,	,	PUNCT
ajfa-5486	498	7	&	&	CCONJ
ajfa-5486	498	8	o'byrne	o'byrne	PROPN
ajfa-5486	498	9	,	,	PUNCT
ajfa-5486	498	10	s.	s.	PROPN
ajfa-5486	498	11	f.	f.	PROPN
ajfa-5486	498	12	(	(	PUNCT
ajfa-5486	498	13	2001	2001	NUM
ajfa-5486	498	14	)	)	PUNCT
ajfa-5486	498	15	.	.	PUNCT
ajfa-5486	499	1	eva	eva	PROPN
ajfa-5486	499	2	and	and	CCONJ
ajfa-5486	499	3	value	value	NOUN
ajfa-5486	499	4	-	-	PUNCT
ajfa-5486	499	5	based	base	VERB
ajfa-5486	499	6	management	management	NOUN
ajfa-5486	499	7	:	:	PUNCT
ajfa-5486	499	8	a	a	DET
ajfa-5486	499	9	practical	practical	ADJ
ajfa-5486	499	10	guide	guide	NOUN
ajfa-5486	499	11	to	to	ADP
ajfa-5486	499	12	implementation	implementation	NOUN
ajfa-5486	499	13	.	.	PUNCT
ajfa-5486	500	1	martinsburg	martinsburg	PROPN
ajfa-5486	500	2	:	:	PUNCT
ajfa-5486	500	3	mcgraw	mcgraw	PROPN
ajfa-5486	500	4	-	-	PUNCT
ajfa-5486	500	5	hill	hill	NOUN
ajfa-5486	500	6	.	.	PUNCT