id	sid	tid	token	lemma	pos
ajfa-5505	1	1	microsoft	microsoft	PROPN
ajfa-5505	1	2	word	word	NOUN
ajfa-5505	1	3	5505-19833-1sm-writer2-new.docx	5505-19833-1sm-writer2-new.docx	NUM
ajfa-5505	1	4	asian	asian	ADJ
ajfa-5505	1	5	journal	journal	NOUN
ajfa-5505	1	6	of	of	ADP
ajfa-5505	1	7	finance	finance	PROPN
ajfa-5505	1	8	&	&	CCONJ
ajfa-5505	1	9	accounting	accounting	PROPN
ajfa-5505	1	10	issn	issn	PROPN
ajfa-5505	1	11	1946	1946	NUM
ajfa-5505	1	12	-	-	PUNCT
ajfa-5505	1	13	052x	052x	PROPN
ajfa-5505	1	14	2014	2014	NUM
ajfa-5505	1	15	,	,	PUNCT
ajfa-5505	1	16	vol	vol	NOUN
ajfa-5505	1	17	.	.	PROPN
ajfa-5505	1	18	6	6	NUM
ajfa-5505	1	19	,	,	PUNCT
ajfa-5505	1	20	no	no	INTJ
ajfa-5505	1	21	.	.	NOUN
ajfa-5505	1	22	2	2	NUM
ajfa-5505	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	1	24	19	19	NUM
ajfa-5505	1	25	the	the	DET
ajfa-5505	1	26	impact	impact	NOUN
ajfa-5505	1	27	of	of	ADP
ajfa-5505	1	28	credit	credit	NOUN
ajfa-5505	1	29	rating	rating	NOUN
ajfa-5505	1	30	,	,	PUNCT
ajfa-5505	1	31	ownership	ownership	NOUN
ajfa-5505	1	32	and	and	CCONJ
ajfa-5505	1	33	relationships	relationship	NOUN
ajfa-5505	1	34	on	on	ADP
ajfa-5505	1	35	loan	loan	NOUN
ajfa-5505	1	36	spreads	spread	NOUN
ajfa-5505	1	37	-	-	PUNCT
ajfa-5505	1	38	taiwan	taiwan	NOUN
ajfa-5505	1	39	’s	’s	PART
ajfa-5505	1	40	evidence	evidence	NOUN
ajfa-5505	1	41	cheng	cheng	PROPN
ajfa-5505	1	42	-	-	PUNCT
ajfa-5505	1	43	li	li	PROPN
ajfa-5505	1	44	huang	huang	PROPN
ajfa-5505	1	45	department	department	PROPN
ajfa-5505	1	46	of	of	ADP
ajfa-5505	1	47	accounting	accounting	PROPN
ajfa-5505	1	48	tamkang	tamkang	PROPN
ajfa-5505	1	49	university	university	PROPN
ajfa-5505	1	50	,	,	PUNCT
ajfa-5505	1	51	taiwan	taiwan	PROPN
ajfa-5505	1	52	tel	tel	PROPN
ajfa-5505	1	53	:	:	PUNCT
ajfa-5505	1	54	(	(	PUNCT
ajfa-5505	1	55	886	886	NUM
ajfa-5505	1	56	-	-	PUNCT
ajfa-5505	1	57	2)-26	2)-26	NUM
ajfa-5505	1	58	-	-	PUNCT
ajfa-5505	1	59	215	215	NUM
ajfa-5505	1	60	-	-	SYM
ajfa-5505	1	61	656	656	NUM
ajfa-5505	1	62	ext	ext	NOUN
ajfa-5505	1	63	:	:	PUNCT
ajfa-5505	1	64	3368	3368	NUM
ajfa-5505	1	65	e	e	X
ajfa-5505	1	66	-	-	NOUN
ajfa-5505	1	67	mail	mail	NOUN
ajfa-5505	1	68	:	:	PUNCT
ajfa-5505	1	69	chengli@mail.tku.edu.tw	chengli@mail.tku.edu.tw	PROPN
ajfa-5505	1	70	bih	bih	PROPN
ajfa-5505	1	71	-	-	PUNCT
ajfa-5505	1	72	yun	yun	PROPN
ajfa-5505	1	73	kuo	kuo	PROPN
ajfa-5505	1	74	department	department	PROPN
ajfa-5505	1	75	of	of	ADP
ajfa-5505	1	76	accounting	accounting	PROPN
ajfa-5505	1	77	shih	shih	PROPN
ajfa-5505	1	78	chien	chien	PROPN
ajfa-5505	1	79	university	university	PROPN
ajfa-5505	1	80	,	,	PUNCT
ajfa-5505	1	81	tamkang	tamkang	PROPN
ajfa-5505	1	82	university	university	PROPN
ajfa-5505	1	83	,	,	PUNCT
ajfa-5505	1	84	taiwan	taiwan	PROPN
ajfa-5505	1	85	tel	tel	PROPN
ajfa-5505	1	86	:	:	PUNCT
ajfa-5505	1	87	(	(	PUNCT
ajfa-5505	1	88	886	886	NUM
ajfa-5505	1	89	-	-	SYM
ajfa-5505	1	90	2)-25	2)-25	NUM
ajfa-5505	1	91	-	-	PUNCT
ajfa-5505	1	92	381	381	NUM
ajfa-5505	1	93	-	-	PUNCT
ajfa-5505	1	94	111	111	NUM
ajfa-5505	1	95	ext	ext	NOUN
ajfa-5505	1	96	:	:	PUNCT
ajfa-5505	1	97	8215	8215	NUM
ajfa-5505	1	98	e	e	NOUN
ajfa-5505	1	99	-	-	NOUN
ajfa-5505	1	100	mail	mail	NOUN
ajfa-5505	1	101	:	:	PUNCT
ajfa-5505	1	102	tatskuo@mail.usc.edu.tw	tatskuo@mail.usc.edu.tw	NUM
ajfa-5505	1	103	received	receive	VERB
ajfa-5505	1	104	:	:	PUNCT
ajfa-5505	1	105	april	april	PROPN
ajfa-5505	1	106	20	20	NUM
ajfa-5505	1	107	,	,	PUNCT
ajfa-5505	1	108	2014	2014	NUM
ajfa-5505	1	109	accepted	accept	VERB
ajfa-5505	1	110	:	:	PUNCT
ajfa-5505	1	111	july	july	PROPN
ajfa-5505	1	112	30	30	NUM
ajfa-5505	1	113	,	,	PUNCT
ajfa-5505	1	114	2014	2014	NUM
ajfa-5505	1	115	published	publish	VERB
ajfa-5505	1	116	:	:	PUNCT
ajfa-5505	1	117	december	december	PROPN
ajfa-5505	1	118	1	1	NUM
ajfa-5505	1	119	,	,	PUNCT
ajfa-5505	1	120	2014	2014	NUM
ajfa-5505	1	121	doi:10.5296	doi:10.5296	NOUN
ajfa-5505	1	122	/	/	SYM
ajfa-5505	1	123	ajfa.v6i2.5505	ajfa.v6i2.5505	NUM
ajfa-5505	1	124	url	url	NOUN
ajfa-5505	1	125	:	:	PUNCT
ajfa-5505	1	126	http://dx.doi.org/10.5296/ajfa.v6i2.5505	http://dx.doi.org/10.5296/ajfa.v6i2.5505	ADJ
ajfa-5505	1	127	abstract	abstract	ADJ
ajfa-5505	1	128	using	use	VERB
ajfa-5505	1	129	panel	panel	NOUN
ajfa-5505	1	130	data	datum	NOUN
ajfa-5505	1	131	from	from	ADP
ajfa-5505	1	132	taiwan	taiwan	PROPN
ajfa-5505	1	133	,	,	PUNCT
ajfa-5505	1	134	this	this	DET
ajfa-5505	1	135	paper	paper	NOUN
ajfa-5505	1	136	performed	perform	VERB
ajfa-5505	1	137	empirical	empirical	ADJ
ajfa-5505	1	138	test	test	NOUN
ajfa-5505	1	139	to	to	PART
ajfa-5505	1	140	explore	explore	VERB
ajfa-5505	1	141	how	how	SCONJ
ajfa-5505	1	142	the	the	DET
ajfa-5505	1	143	credit	credit	NOUN
ajfa-5505	1	144	status	status	NOUN
ajfa-5505	1	145	and	and	CCONJ
ajfa-5505	1	146	relationship	relationship	NOUN
ajfa-5505	1	147	have	have	AUX
ajfa-5505	1	148	impacted	impact	VERB
ajfa-5505	1	149	loan	loan	NOUN
ajfa-5505	1	150	spreads	spread	NOUN
ajfa-5505	1	151	.	.	PUNCT
ajfa-5505	2	1	our	our	PRON
ajfa-5505	2	2	findings	finding	NOUN
ajfa-5505	2	3	are	be	AUX
ajfa-5505	2	4	as	as	SCONJ
ajfa-5505	2	5	follows	follow	VERB
ajfa-5505	2	6	:	:	PUNCT
ajfa-5505	2	7	(	(	PUNCT
ajfa-5505	2	8	1	1	X
ajfa-5505	2	9	)	)	PUNCT
ajfa-5505	2	10	private	private	ADJ
ajfa-5505	2	11	financial	financial	ADJ
ajfa-5505	2	12	holding	hold	VERB
ajfa-5505	2	13	companies	company	NOUN
ajfa-5505	2	14	and	and	CCONJ
ajfa-5505	2	15	private	private	ADJ
ajfa-5505	2	16	non	non	ADJ
ajfa-5505	2	17	-	-	ADJ
ajfa-5505	2	18	financial	financial	ADJ
ajfa-5505	2	19	holding	hold	VERB
ajfa-5505	2	20	companies	company	NOUN
ajfa-5505	2	21	grant	grant	VERB
ajfa-5505	2	22	loan	loan	NOUN
ajfa-5505	2	23	spreads	spread	NOUN
ajfa-5505	2	24	that	that	PRON
ajfa-5505	2	25	are	be	AUX
ajfa-5505	2	26	significantly	significantly	ADV
ajfa-5505	2	27	lower	low	ADJ
ajfa-5505	2	28	than	than	ADP
ajfa-5505	2	29	those	those	PRON
ajfa-5505	2	30	of	of	ADP
ajfa-5505	2	31	state	state	NOUN
ajfa-5505	2	32	-	-	PUNCT
ajfa-5505	2	33	owned	own	VERB
ajfa-5505	2	34	banks	bank	NOUN
ajfa-5505	2	35	.	.	PUNCT
ajfa-5505	3	1	foreign	foreign	ADJ
ajfa-5505	3	2	banks	bank	NOUN
ajfa-5505	3	3	grant	grant	VERB
ajfa-5505	3	4	loan	loan	NOUN
ajfa-5505	3	5	spreads	spread	NOUN
ajfa-5505	3	6	that	that	PRON
ajfa-5505	3	7	are	be	AUX
ajfa-5505	3	8	significantly	significantly	ADV
ajfa-5505	3	9	higher	high	ADJ
ajfa-5505	3	10	than	than	ADP
ajfa-5505	3	11	those	those	PRON
ajfa-5505	3	12	of	of	ADP
ajfa-5505	3	13	state	state	NOUN
ajfa-5505	3	14	-	-	PUNCT
ajfa-5505	3	15	owned	own	VERB
ajfa-5505	3	16	banks	bank	NOUN
ajfa-5505	3	17	,	,	PUNCT
ajfa-5505	3	18	and	and	CCONJ
ajfa-5505	3	19	only	only	ADV
ajfa-5505	3	20	foreign	foreign	ADJ
ajfa-5505	3	21	bank	bank	NOUN
ajfa-5505	3	22	loan	loan	NOUN
ajfa-5505	3	23	spreads	spread	NOUN
ajfa-5505	3	24	are	be	AUX
ajfa-5505	3	25	significantly	significantly	ADV
ajfa-5505	3	26	higher	high	ADJ
ajfa-5505	3	27	than	than	ADP
ajfa-5505	3	28	those	those	PRON
ajfa-5505	3	29	of	of	ADP
ajfa-5505	3	30	state	state	NOUN
ajfa-5505	3	31	-	-	PUNCT
ajfa-5505	3	32	owned	own	VERB
ajfa-5505	3	33	banks	bank	NOUN
ajfa-5505	3	34	when	when	SCONJ
ajfa-5505	3	35	borrowers	borrower	NOUN
ajfa-5505	3	36	are	be	AUX
ajfa-5505	3	37	considered	consider	VERB
ajfa-5505	3	38	to	to	PART
ajfa-5505	3	39	be	be	AUX
ajfa-5505	3	40	high	high	ADJ
ajfa-5505	3	41	risk	risk	NOUN
ajfa-5505	3	42	.	.	PUNCT
ajfa-5505	4	1	(	(	PUNCT
ajfa-5505	4	2	2	2	X
ajfa-5505	4	3	)	)	PUNCT
ajfa-5505	4	4	banks	bank	NOUN
ajfa-5505	4	5	reduce	reduce	VERB
ajfa-5505	4	6	their	their	PRON
ajfa-5505	4	7	loan	loan	NOUN
ajfa-5505	4	8	spreads	spread	NOUN
ajfa-5505	4	9	only	only	ADV
ajfa-5505	4	10	for	for	ADP
ajfa-5505	4	11	high	high	ADJ
ajfa-5505	4	12	credit	credit	NOUN
ajfa-5505	4	13	risk	risk	NOUN
ajfa-5505	4	14	borrowers	borrower	NOUN
ajfa-5505	4	15	with	with	ADP
ajfa-5505	4	16	obvious	obvious	ADJ
ajfa-5505	4	17	improvements	improvement	NOUN
ajfa-5505	4	18	in	in	ADP
ajfa-5505	4	19	credit	credit	NOUN
ajfa-5505	4	20	ratings	rating	NOUN
ajfa-5505	4	21	,	,	PUNCT
ajfa-5505	4	22	but	but	CCONJ
ajfa-5505	4	23	this	this	PRON
ajfa-5505	4	24	does	do	AUX
ajfa-5505	4	25	not	not	PART
ajfa-5505	4	26	apply	apply	VERB
ajfa-5505	4	27	to	to	ADP
ajfa-5505	4	28	general	general	ADJ
ajfa-5505	4	29	borrowers	borrower	NOUN
ajfa-5505	4	30	even	even	ADV
ajfa-5505	4	31	when	when	SCONJ
ajfa-5505	4	32	the	the	DET
ajfa-5505	4	33	credit	credit	NOUN
ajfa-5505	4	34	rating	rating	NOUN
ajfa-5505	4	35	condition	condition	NOUN
ajfa-5505	4	36	is	be	AUX
ajfa-5505	4	37	improved	improve	VERB
ajfa-5505	4	38	.	.	PUNCT
ajfa-5505	5	1	furthermore	furthermore	ADV
ajfa-5505	5	2	,	,	PUNCT
ajfa-5505	5	3	creditor	creditor	NOUN
ajfa-5505	5	4	banks	bank	NOUN
ajfa-5505	5	5	unreasonably	unreasonably	ADV
ajfa-5505	5	6	increase	increase	VERB
ajfa-5505	5	7	their	their	PRON
ajfa-5505	5	8	loan	loan	NOUN
ajfa-5505	5	9	spreads	spread	NOUN
ajfa-5505	5	10	,	,	PUNCT
ajfa-5505	5	11	when	when	SCONJ
ajfa-5505	5	12	the	the	DET
ajfa-5505	5	13	borrowing	borrowing	NOUN
ajfa-5505	5	14	companies	company	NOUN
ajfa-5505	5	15	have	have	VERB
ajfa-5505	5	16	their	their	PRON
ajfa-5505	5	17	credit	credit	NOUN
ajfa-5505	5	18	ratings	rating	NOUN
ajfa-5505	5	19	upgraded	upgrade	VERB
ajfa-5505	5	20	.	.	PUNCT
ajfa-5505	6	1	(	(	PUNCT
ajfa-5505	6	2	3	3	X
ajfa-5505	6	3	)	)	PUNCT
ajfa-5505	6	4	empirical	empirical	ADJ
ajfa-5505	6	5	findings	finding	NOUN
ajfa-5505	6	6	show	show	VERB
ajfa-5505	6	7	that	that	SCONJ
ajfa-5505	6	8	the	the	DET
ajfa-5505	6	9	biggest	big	ADJ
ajfa-5505	6	10	and	and	CCONJ
ajfa-5505	6	11	main	main	ADJ
ajfa-5505	6	12	creditor	creditor	NOUN
ajfa-5505	6	13	banks	bank	NOUN
ajfa-5505	6	14	exhibit	exhibit	VERB
ajfa-5505	6	15	significantly	significantly	ADV
ajfa-5505	6	16	lower	low	ADJ
ajfa-5505	6	17	loan	loan	NOUN
ajfa-5505	6	18	spreads	spread	NOUN
ajfa-5505	6	19	,	,	PUNCT
ajfa-5505	6	20	and	and	CCONJ
ajfa-5505	6	21	were	be	AUX
ajfa-5505	6	22	also	also	ADV
ajfa-5505	6	23	willing	willing	ADJ
ajfa-5505	6	24	to	to	PART
ajfa-5505	6	25	give	give	VERB
ajfa-5505	6	26	high	high	ADJ
ajfa-5505	6	27	credit	credit	NOUN
ajfa-5505	6	28	risk	risk	NOUN
ajfa-5505	6	29	customers	customer	NOUN
ajfa-5505	6	30	lower	low	ADJ
ajfa-5505	6	31	lending	lending	NOUN
ajfa-5505	6	32	spreads	spread	NOUN
ajfa-5505	6	33	,	,	PUNCT
ajfa-5505	6	34	which	which	PRON
ajfa-5505	6	35	imply	imply	VERB
ajfa-5505	6	36	that	that	SCONJ
ajfa-5505	6	37	taiwan	taiwan	PROPN
ajfa-5505	6	38	’s	’s	PART
ajfa-5505	6	39	banks	bank	NOUN
ajfa-5505	6	40	emphasis	emphasis	VERB
ajfa-5505	6	41	“	"	PUNCT
ajfa-5505	6	42	banking	banking	NOUN
ajfa-5505	6	43	relationship	relationship	NOUN
ajfa-5505	6	44	”	"	PUNCT
ajfa-5505	6	45	while	while	SCONJ
ajfa-5505	6	46	lending	lending	NOUN
ajfa-5505	6	47	.	.	PUNCT
ajfa-5505	7	1	(	(	PUNCT
ajfa-5505	7	2	4	4	X
ajfa-5505	7	3	)	)	PUNCT
ajfa-5505	7	4	however	however	ADV
ajfa-5505	7	5	,	,	PUNCT
ajfa-5505	7	6	robust	robust	ADJ
ajfa-5505	7	7	test	test	NOUN
ajfa-5505	7	8	over	over	ADP
ajfa-5505	7	9	the	the	DET
ajfa-5505	7	10	past	past	ADJ
ajfa-5505	7	11	decade	decade	NOUN
ajfa-5505	7	12	shows	show	VERB
ajfa-5505	7	13	that	that	SCONJ
ajfa-5505	7	14	the	the	DET
ajfa-5505	7	15	banks	bank	NOUN
ajfa-5505	7	16	will	will	AUX
ajfa-5505	7	17	raise	raise	VERB
ajfa-5505	7	18	the	the	DET
ajfa-5505	7	19	lending	lending	NOUN
ajfa-5505	7	20	spreads	spread	NOUN
ajfa-5505	7	21	while	while	SCONJ
ajfa-5505	7	22	the	the	DET
ajfa-5505	7	23	borrower	borrower	NOUN
ajfa-5505	7	24	’s	’s	PART
ajfa-5505	7	25	risk	risk	NOUN
ajfa-5505	7	26	increasing	increase	VERB
ajfa-5505	7	27	and	and	CCONJ
ajfa-5505	7	28	reduce	reduce	VERB
ajfa-5505	7	29	the	the	DET
ajfa-5505	7	30	lending	lending	NOUN
ajfa-5505	7	31	spreads	spread	NOUN
ajfa-5505	7	32	while	while	SCONJ
ajfa-5505	7	33	the	the	DET
ajfa-5505	7	34	borrower	borrower	NOUN
ajfa-5505	7	35	’s	’s	PART
ajfa-5505	7	36	credit	credit	NOUN
ajfa-5505	7	37	rating	rating	NOUN
ajfa-5505	7	38	upgraded	upgrade	VERB
ajfa-5505	7	39	.	.	PUNCT
ajfa-5505	8	1	keywords	keyword	NOUN
ajfa-5505	8	2	:	:	PUNCT
ajfa-5505	8	3	credit	credit	NOUN
ajfa-5505	8	4	rating	rating	NOUN
ajfa-5505	8	5	,	,	PUNCT
ajfa-5505	8	6	banking	banking	NOUN
ajfa-5505	8	7	relationships	relationship	NOUN
ajfa-5505	8	8	,	,	PUNCT
ajfa-5505	8	9	ownerships	ownership	NOUN
ajfa-5505	8	10	,	,	PUNCT
ajfa-5505	8	11	lending	lending	NOUN
ajfa-5505	8	12	performance	performance	NOUN
ajfa-5505	8	13	,	,	PUNCT
ajfa-5505	8	14	loan	loan	NOUN
ajfa-5505	8	15	spreads	spread	VERB
ajfa-5505	8	16	asian	asian	ADJ
ajfa-5505	8	17	journal	journal	NOUN
ajfa-5505	8	18	of	of	ADP
ajfa-5505	8	19	finance	finance	PROPN
ajfa-5505	8	20	&	&	CCONJ
ajfa-5505	8	21	accounting	accounting	PROPN
ajfa-5505	8	22	issn	issn	PROPN
ajfa-5505	8	23	1946	1946	NUM
ajfa-5505	8	24	-	-	PUNCT
ajfa-5505	8	25	052x	052x	PROPN
ajfa-5505	8	26	2014	2014	NUM
ajfa-5505	8	27	,	,	PUNCT
ajfa-5505	8	28	vol	vol	NOUN
ajfa-5505	8	29	.	.	PROPN
ajfa-5505	8	30	6	6	NUM
ajfa-5505	8	31	,	,	PUNCT
ajfa-5505	8	32	no	no	INTJ
ajfa-5505	8	33	.	.	NOUN
ajfa-5505	8	34	2	2	NUM
ajfa-5505	8	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	8	36	20	20	NUM
ajfa-5505	8	37	1	1	NUM
ajfa-5505	8	38	.	.	PUNCT
ajfa-5505	9	1	introduction	introduction	NOUN
ajfa-5505	9	2	at	at	ADP
ajfa-5505	9	3	the	the	DET
ajfa-5505	9	4	end	end	NOUN
ajfa-5505	9	5	of	of	ADP
ajfa-5505	9	6	2006	2006	NUM
ajfa-5505	9	7	,	,	PUNCT
ajfa-5505	9	8	the	the	DET
ajfa-5505	9	9	basel	basel	PROPN
ajfa-5505	9	10	committee	committee	PROPN
ajfa-5505	9	11	on	on	ADP
ajfa-5505	9	12	banking	banking	NOUN
ajfa-5505	9	13	supervision	supervision	NOUN
ajfa-5505	9	14	of	of	ADP
ajfa-5505	9	15	the	the	DET
ajfa-5505	9	16	bank	bank	NOUN
ajfa-5505	9	17	of	of	ADP
ajfa-5505	9	18	international	international	ADJ
ajfa-5505	9	19	settlements	settlement	NOUN
ajfa-5505	9	20	started	start	VERB
ajfa-5505	9	21	to	to	PART
ajfa-5505	9	22	require	require	VERB
ajfa-5505	9	23	all	all	DET
ajfa-5505	9	24	international	international	ADJ
ajfa-5505	9	25	banks	bank	NOUN
ajfa-5505	9	26	,	,	PUNCT
ajfa-5505	9	27	to	to	PART
ajfa-5505	9	28	calculate	calculate	VERB
ajfa-5505	9	29	the	the	DET
ajfa-5505	9	30	capital	capital	NOUN
ajfa-5505	9	31	to	to	PART
ajfa-5505	9	32	risk	risk	VERB
ajfa-5505	9	33	(	(	PUNCT
ajfa-5505	9	34	weighted	weight	VERB
ajfa-5505	9	35	)	)	PUNCT
ajfa-5505	9	36	assets	asset	NOUN
ajfa-5505	9	37	ratio	ratio	NOUN
ajfa-5505	9	38	or	or	CCONJ
ajfa-5505	9	39	the	the	DET
ajfa-5505	9	40	capital	capital	NOUN
ajfa-5505	9	41	adequacy	adequacy	NOUN
ajfa-5505	9	42	ratio	ratio	NOUN
ajfa-5505	9	43	through	through	ADP
ajfa-5505	9	44	the	the	DET
ajfa-5505	9	45	use	use	NOUN
ajfa-5505	9	46	of	of	ADP
ajfa-5505	9	47	a	a	DET
ajfa-5505	9	48	standardized	standardized	ADJ
ajfa-5505	9	49	approach	approach	NOUN
ajfa-5505	9	50	as	as	ADV
ajfa-5505	9	51	well	well	ADV
ajfa-5505	9	52	as	as	ADP
ajfa-5505	9	53	an	an	DET
ajfa-5505	9	54	internal	internal	ADJ
ajfa-5505	9	55	ratings	rating	NOUN
ajfa-5505	9	56	-	-	PUNCT
ajfa-5505	9	57	based	base	VERB
ajfa-5505	9	58	approach	approach	NOUN
ajfa-5505	9	59	,	,	PUNCT
ajfa-5505	9	60	so	so	SCONJ
ajfa-5505	9	61	that	that	SCONJ
ajfa-5505	9	62	the	the	DET
ajfa-5505	9	63	borrower	borrower	NOUN
ajfa-5505	9	64	’s	’s	PART
ajfa-5505	9	65	credit	credit	NOUN
ajfa-5505	9	66	rating	rating	NOUN
ajfa-5505	9	67	is	be	AUX
ajfa-5505	9	68	incorporated	incorporate	VERB
ajfa-5505	9	69	into	into	ADP
ajfa-5505	9	70	the	the	DET
ajfa-5505	9	71	determination	determination	NOUN
ajfa-5505	9	72	of	of	ADP
ajfa-5505	9	73	the	the	DET
ajfa-5505	9	74	risk	risk	NOUN
ajfa-5505	9	75	weights	weight	NOUN
ajfa-5505	9	76	of	of	ADP
ajfa-5505	9	77	loan	loan	NOUN
ajfa-5505	9	78	assets	asset	NOUN
ajfa-5505	9	79	.	.	PUNCT
ajfa-5505	10	1	since	since	SCONJ
ajfa-5505	10	2	businesses	business	NOUN
ajfa-5505	10	3	with	with	ADP
ajfa-5505	10	4	lower	low	ADJ
ajfa-5505	10	5	credit	credit	NOUN
ajfa-5505	10	6	ratings	rating	NOUN
ajfa-5505	10	7	have	have	VERB
ajfa-5505	10	8	higher	high	ADJ
ajfa-5505	10	9	risk	risk	NOUN
ajfa-5505	10	10	weights	weight	NOUN
ajfa-5505	10	11	,	,	PUNCT
ajfa-5505	10	12	a	a	DET
ajfa-5505	10	13	larger	large	ADJ
ajfa-5505	10	14	provision	provision	NOUN
ajfa-5505	10	15	for	for	ADP
ajfa-5505	10	16	self	self	NOUN
ajfa-5505	10	17	-	-	PUNCT
ajfa-5505	10	18	capital	capital	NOUN
ajfa-5505	10	19	is	be	AUX
ajfa-5505	10	20	required	require	VERB
ajfa-5505	10	21	,	,	PUNCT
ajfa-5505	10	22	which	which	PRON
ajfa-5505	10	23	results	result	VERB
ajfa-5505	10	24	in	in	ADP
ajfa-5505	10	25	not	not	PART
ajfa-5505	10	26	only	only	ADV
ajfa-5505	10	27	the	the	DET
ajfa-5505	10	28	higher	high	ADJ
ajfa-5505	10	29	credit	credit	NOUN
ajfa-5505	10	30	risk	risk	NOUN
ajfa-5505	10	31	,	,	PUNCT
ajfa-5505	10	32	but	but	CCONJ
ajfa-5505	10	33	also	also	ADV
ajfa-5505	10	34	a	a	DET
ajfa-5505	10	35	higher	high	ADJ
ajfa-5505	10	36	cost	cost	NOUN
ajfa-5505	10	37	of	of	ADP
ajfa-5505	10	38	capital	capital	NOUN
ajfa-5505	10	39	.	.	PUNCT
ajfa-5505	11	1	therefore	therefore	ADV
ajfa-5505	11	2	,	,	PUNCT
ajfa-5505	11	3	banks	bank	NOUN
ajfa-5505	11	4	place	place	VERB
ajfa-5505	11	5	emphasis	emphasis	NOUN
ajfa-5505	11	6	on	on	ADP
ajfa-5505	11	7	the	the	DET
ajfa-5505	11	8	clients	client	NOUN
ajfa-5505	11	9	’	’	PART
ajfa-5505	11	10	credit	credit	NOUN
ajfa-5505	11	11	status	status	NOUN
ajfa-5505	11	12	in	in	ADP
ajfa-5505	11	13	terms	term	NOUN
ajfa-5505	11	14	of	of	ADP
ajfa-5505	11	15	high	high	ADJ
ajfa-5505	11	16	or	or	CCONJ
ajfa-5505	11	17	low	low	ADJ
ajfa-5505	11	18	,	,	PUNCT
ajfa-5505	11	19	as	as	ADV
ajfa-5505	11	20	well	well	ADV
ajfa-5505	11	21	as	as	ADP
ajfa-5505	11	22	an	an	DET
ajfa-5505	11	23	upgrade	upgrade	NOUN
ajfa-5505	11	24	or	or	CCONJ
ajfa-5505	11	25	downgrade	downgrade	NOUN
ajfa-5505	11	26	of	of	ADP
ajfa-5505	11	27	the	the	DET
ajfa-5505	11	28	credit	credit	NOUN
ajfa-5505	11	29	rating	rating	NOUN
ajfa-5505	11	30	.	.	PUNCT
ajfa-5505	12	1	if	if	SCONJ
ajfa-5505	12	2	a	a	DET
ajfa-5505	12	3	bank	bank	NOUN
ajfa-5505	12	4	faces	face	VERB
ajfa-5505	12	5	a	a	DET
ajfa-5505	12	6	loan	loan	NOUN
ajfa-5505	12	7	applicant	applicant	NOUN
ajfa-5505	12	8	with	with	ADP
ajfa-5505	12	9	a	a	DET
ajfa-5505	12	10	poor	poor	ADJ
ajfa-5505	12	11	,	,	PUNCT
ajfa-5505	12	12	downgraded	downgrade	VERB
ajfa-5505	12	13	credit	credit	NOUN
ajfa-5505	12	14	rating	rating	NOUN
ajfa-5505	12	15	or	or	CCONJ
ajfa-5505	12	16	a	a	DET
ajfa-5505	12	17	renewal	renewal	NOUN
ajfa-5505	12	18	contract	contract	NOUN
ajfa-5505	12	19	with	with	ADP
ajfa-5505	12	20	a	a	DET
ajfa-5505	12	21	worse	bad	ADJ
ajfa-5505	12	22	credit	credit	NOUN
ajfa-5505	12	23	condition	condition	NOUN
ajfa-5505	12	24	beyond	beyond	ADP
ajfa-5505	12	25	the	the	DET
ajfa-5505	12	26	credit	credit	NOUN
ajfa-5505	12	27	threshold	threshold	NOUN
ajfa-5505	12	28	,	,	PUNCT
ajfa-5505	12	29	it	it	PRON
ajfa-5505	12	30	can	can	AUX
ajfa-5505	12	31	consider	consider	VERB
ajfa-5505	12	32	whether	whether	SCONJ
ajfa-5505	12	33	to	to	PART
ajfa-5505	12	34	increase	increase	VERB
ajfa-5505	12	35	the	the	DET
ajfa-5505	12	36	loan	loan	NOUN
ajfa-5505	12	37	spread1	spread1	NOUN
ajfa-5505	12	38	before	before	ADP
ajfa-5505	12	39	rejecting	reject	VERB
ajfa-5505	12	40	or	or	CCONJ
ajfa-5505	12	41	accepting	accept	VERB
ajfa-5505	12	42	the	the	DET
ajfa-5505	12	43	application	application	NOUN
ajfa-5505	12	44	.	.	PUNCT
ajfa-5505	13	1	over	over	ADP
ajfa-5505	13	2	the	the	DET
ajfa-5505	13	3	past	past	NOUN
ajfa-5505	13	4	decade	decade	NOUN
ajfa-5505	13	5	,	,	PUNCT
ajfa-5505	13	6	taiwan	taiwan	PROPN
ajfa-5505	13	7	’s	’s	PART
ajfa-5505	13	8	financial	financial	ADJ
ajfa-5505	13	9	system	system	NOUN
ajfa-5505	13	10	has	have	AUX
ajfa-5505	13	11	encountered	encounter	VERB
ajfa-5505	13	12	the	the	DET
ajfa-5505	13	13	following	follow	VERB
ajfa-5505	13	14	significant	significant	ADJ
ajfa-5505	13	15	changes	change	NOUN
ajfa-5505	13	16	:	:	PUNCT
ajfa-5505	13	17	the	the	DET
ajfa-5505	13	18	approval	approval	NOUN
ajfa-5505	13	19	of	of	ADP
ajfa-5505	13	20	15	15	NUM
ajfa-5505	13	21	new	new	ADJ
ajfa-5505	13	22	banks	bank	NOUN
ajfa-5505	13	23	,	,	PUNCT
ajfa-5505	13	24	through	through	ADP
ajfa-5505	13	25	the	the	DET
ajfa-5505	13	26	pronouncement	pronouncement	NOUN
ajfa-5505	13	27	or	or	CCONJ
ajfa-5505	13	28	amendment	amendment	NOUN
ajfa-5505	13	29	of	of	ADP
ajfa-5505	13	30	the	the	DET
ajfa-5505	13	31	six	six	NUM
ajfa-5505	13	32	financial	financial	ADJ
ajfa-5505	13	33	laws2	laws2	NOUN
ajfa-5505	13	34	and	and	CCONJ
ajfa-5505	13	35	private	private	ADJ
ajfa-5505	13	36	placement	placement	NOUN
ajfa-5505	13	37	system	system	NOUN
ajfa-5505	13	38	to	to	PART
ajfa-5505	13	39	facilitate	facilitate	VERB
ajfa-5505	13	40	the	the	DET
ajfa-5505	13	41	first	first	ADJ
ajfa-5505	13	42	and	and	CCONJ
ajfa-5505	13	43	second	second	ADJ
ajfa-5505	13	44	financial	financial	ADJ
ajfa-5505	13	45	reforms	reform	NOUN
ajfa-5505	13	46	.	.	PUNCT
ajfa-5505	14	1	the	the	DET
ajfa-5505	14	2	first	first	ADJ
ajfa-5505	14	3	financial	financial	ADJ
ajfa-5505	14	4	reform	reform	NOUN
ajfa-5505	14	5	promoted	promote	VERB
ajfa-5505	14	6	the	the	DET
ajfa-5505	14	7	“	"	PUNCT
ajfa-5505	14	8	258	258	NUM
ajfa-5505	14	9	”	"	PUNCT
ajfa-5505	14	10	policy3	policy3	NOUN
ajfa-5505	14	11	,	,	PUNCT
ajfa-5505	14	12	which	which	PRON
ajfa-5505	14	13	caused	cause	VERB
ajfa-5505	14	14	many	many	ADJ
ajfa-5505	14	15	banks	bank	NOUN
ajfa-5505	14	16	to	to	PART
ajfa-5505	14	17	recognize	recognize	VERB
ajfa-5505	14	18	more	more	ADJ
ajfa-5505	14	19	than	than	ADP
ajfa-5505	14	20	50	50	NUM
ajfa-5505	14	21	billion	billion	NUM
ajfa-5505	14	22	in	in	ADP
ajfa-5505	14	23	bad	bad	ADJ
ajfa-5505	14	24	debt	debt	NOUN
ajfa-5505	14	25	losses4	losses4	ADJ
ajfa-5505	15	1	due	due	ADP
ajfa-5505	15	2	to	to	ADP
ajfa-5505	15	3	the	the	DET
ajfa-5505	15	4	failure	failure	NOUN
ajfa-5505	15	5	of	of	ADP
ajfa-5505	15	6	corporate	corporate	ADJ
ajfa-5505	15	7	finance	finance	NOUN
ajfa-5505	15	8	.	.	PUNCT
ajfa-5505	16	1	during	during	ADP
ajfa-5505	16	2	the	the	DET
ajfa-5505	16	3	second	second	ADJ
ajfa-5505	16	4	financial	financial	ADJ
ajfa-5505	16	5	reform	reform	NOUN
ajfa-5505	16	6	,	,	PUNCT
ajfa-5505	16	7	there	there	PRON
ajfa-5505	16	8	was	be	VERB
ajfa-5505	16	9	a	a	DET
ajfa-5505	16	10	major	major	ADJ
ajfa-5505	16	11	credit	credit	NOUN
ajfa-5505	16	12	card	card	NOUN
ajfa-5505	16	13	crisis	crisis	NOUN
ajfa-5505	16	14	,	,	PUNCT
ajfa-5505	16	15	and	and	CCONJ
ajfa-5505	16	16	many	many	ADJ
ajfa-5505	16	17	banks	bank	NOUN
ajfa-5505	16	18	experienced	experience	VERB
ajfa-5505	16	19	the	the	DET
ajfa-5505	16	20	failure	failure	NOUN
ajfa-5505	16	21	of	of	ADP
ajfa-5505	16	22	retail	retail	ADJ
ajfa-5505	16	23	finance	finance	NOUN
ajfa-5505	16	24	to	to	PART
ajfa-5505	16	25	recognize	recognize	VERB
ajfa-5505	16	26	the	the	DET
ajfa-5505	16	27	huge	huge	ADJ
ajfa-5505	16	28	credit	credit	NOUN
ajfa-5505	16	29	card	card	NOUN
ajfa-5505	16	30	losses5	losses5	PROPN
ajfa-5505	16	31	.	.	PUNCT
ajfa-5505	17	1	the	the	DET
ajfa-5505	17	2	continuous	continuous	ADJ
ajfa-5505	17	3	negative	negative	ADJ
ajfa-5505	17	4	impacts	impact	NOUN
ajfa-5505	17	5	on	on	ADP
ajfa-5505	17	6	the	the	DET
ajfa-5505	17	7	market	market	NOUN
ajfa-5505	17	8	not	not	PART
ajfa-5505	17	9	only	only	ADV
ajfa-5505	17	10	affected	affect	VERB
ajfa-5505	17	11	bank	bank	NOUN
ajfa-5505	17	12	profitability	profitability	NOUN
ajfa-5505	17	13	,	,	PUNCT
ajfa-5505	17	14	but	but	CCONJ
ajfa-5505	17	15	also	also	ADV
ajfa-5505	17	16	increased	increase	VERB
ajfa-5505	17	17	the	the	DET
ajfa-5505	17	18	liquidity	liquidity	NOUN
ajfa-5505	17	19	risk	risk	NOUN
ajfa-5505	17	20	,	,	PUNCT
ajfa-5505	17	21	thereby	thereby	ADV
ajfa-5505	17	22	further	far	ADV
ajfa-5505	17	23	affecting	affect	VERB
ajfa-5505	17	24	the	the	DET
ajfa-5505	17	25	credit	credit	NOUN
ajfa-5505	17	26	capacity	capacity	NOUN
ajfa-5505	17	27	.	.	PUNCT
ajfa-5505	18	1	in	in	ADP
ajfa-5505	18	2	addition	addition	NOUN
ajfa-5505	18	3	,	,	PUNCT
ajfa-5505	18	4	over	over	ADP
ajfa-5505	18	5	-	-	PUNCT
ajfa-5505	18	6	banking	banking	NOUN
ajfa-5505	18	7	and	and	CCONJ
ajfa-5505	18	8	idle	idle	ADJ
ajfa-5505	18	9	cash	cash	NOUN
ajfa-5505	18	10	have	have	AUX
ajfa-5505	18	11	existed	exist	VERB
ajfa-5505	18	12	in	in	ADP
ajfa-5505	18	13	taiwan	taiwan	PROPN
ajfa-5505	18	14	’s	’s	PART
ajfa-5505	18	15	banking	banking	NOUN
ajfa-5505	18	16	market	market	NOUN
ajfa-5505	18	17	for	for	ADP
ajfa-5505	18	18	a	a	DET
ajfa-5505	18	19	long	long	ADJ
ajfa-5505	18	20	time	time	NOUN
ajfa-5505	18	21	.	.	PUNCT
ajfa-5505	19	1	as	as	ADP
ajfa-5505	19	2	to	to	ADP
ajfa-5505	19	3	whether	whether	SCONJ
ajfa-5505	19	4	lending	lend	VERB
ajfa-5505	19	5	attitudes	attitude	NOUN
ajfa-5505	19	6	or	or	CCONJ
ajfa-5505	19	7	the	the	DET
ajfa-5505	19	8	methods	method	NOUN
ajfa-5505	19	9	resulting	result	VERB
ajfa-5505	19	10	in	in	ADP
ajfa-5505	19	11	the	the	DET
ajfa-5505	19	12	losses	loss	NOUN
ajfa-5505	19	13	mentioned	mention	VERB
ajfa-5505	19	14	earlier	early	ADV
ajfa-5505	19	15	can	can	AUX
ajfa-5505	19	16	effectively	effectively	ADV
ajfa-5505	19	17	reduce	reduce	VERB
ajfa-5505	19	18	the	the	DET
ajfa-5505	19	19	bank	bank	NOUN
ajfa-5505	19	20	’s	’s	PART
ajfa-5505	19	21	credit	credit	NOUN
ajfa-5505	19	22	risk	risk	NOUN
ajfa-5505	19	23	and	and	CCONJ
ajfa-5505	19	24	increase	increase	VERB
ajfa-5505	19	25	the	the	DET
ajfa-5505	19	26	interest	interest	NOUN
ajfa-5505	19	27	revenue	revenue	NOUN
ajfa-5505	19	28	,	,	PUNCT
ajfa-5505	19	29	or	or	CCONJ
ajfa-5505	19	30	whether	whether	SCONJ
ajfa-5505	19	31	,	,	PUNCT
ajfa-5505	19	32	due	due	ADP
ajfa-5505	19	33	to	to	ADP
ajfa-5505	19	34	the	the	DET
ajfa-5505	19	35	dramatic	dramatic	ADJ
ajfa-5505	19	36	competitive	competitive	ADJ
ajfa-5505	19	37	environment	environment	NOUN
ajfa-5505	19	38	,	,	PUNCT
ajfa-5505	19	39	moral	moral	ADJ
ajfa-5505	19	40	hazard	hazard	NOUN
ajfa-5505	19	41	and	and	CCONJ
ajfa-5505	19	42	adverse	adverse	ADJ
ajfa-5505	19	43	selections	selection	NOUN
ajfa-5505	19	44	will	will	AUX
ajfa-5505	19	45	emerge	emerge	VERB
ajfa-5505	19	46	,	,	PUNCT
ajfa-5505	19	47	are	be	AUX
ajfa-5505	19	48	all	all	PRON
ajfa-5505	19	49	concerns	concern	NOUN
ajfa-5505	19	50	of	of	ADP
ajfa-5505	19	51	the	the	DET
ajfa-5505	19	52	financial	financial	ADJ
ajfa-5505	19	53	authorities	authority	NOUN
ajfa-5505	19	54	and	and	CCONJ
ajfa-5505	19	55	the	the	DET
ajfa-5505	19	56	public	public	NOUN
ajfa-5505	19	57	at	at	ADP
ajfa-5505	19	58	large	large	ADJ
ajfa-5505	19	59	.	.	PUNCT
ajfa-5505	20	1	as	as	SCONJ
ajfa-5505	20	2	mentioned	mention	VERB
ajfa-5505	20	3	above	above	ADV
ajfa-5505	20	4	,	,	PUNCT
ajfa-5505	20	5	taiwan	taiwan	PROPN
ajfa-5505	20	6	’s	’s	PART
ajfa-5505	20	7	lending	lending	NOUN
ajfa-5505	20	8	market	market	NOUN
ajfa-5505	20	9	is	be	AUX
ajfa-5505	20	10	highly	highly	ADV
ajfa-5505	20	11	competitive	competitive	ADJ
ajfa-5505	20	12	,	,	PUNCT
ajfa-5505	20	13	and	and	CCONJ
ajfa-5505	20	14	to	to	PART
ajfa-5505	20	15	prudently	prudently	ADV
ajfa-5505	20	16	select	select	VERB
ajfa-5505	20	17	clients	client	NOUN
ajfa-5505	20	18	and	and	CCONJ
ajfa-5505	20	19	achieve	achieve	VERB
ajfa-5505	20	20	the	the	DET
ajfa-5505	20	21	goal	goal	NOUN
ajfa-5505	20	22	of	of	ADP
ajfa-5505	20	23	a	a	DET
ajfa-5505	20	24	successful	successful	ADJ
ajfa-5505	20	25	lending	lending	NOUN
ajfa-5505	20	26	business	business	NOUN
ajfa-5505	20	27	in	in	ADP
ajfa-5505	20	28	such	such	DET
ajfa-5505	20	29	a	a	DET
ajfa-5505	20	30	financial	financial	ADJ
ajfa-5505	20	31	environment	environment	NOUN
ajfa-5505	20	32	is	be	AUX
ajfa-5505	20	33	the	the	DET
ajfa-5505	20	34	greatest	great	ADJ
ajfa-5505	20	35	concern	concern	NOUN
ajfa-5505	20	36	of	of	ADP
ajfa-5505	20	37	all	all	DET
ajfa-5505	20	38	banks	bank	NOUN
ajfa-5505	20	39	.	.	PUNCT
ajfa-5505	21	1	in	in	ADP
ajfa-5505	21	2	order	order	NOUN
ajfa-5505	21	3	to	to	PART
ajfa-5505	21	4	clarify	clarify	VERB
ajfa-5505	21	5	whether	whether	SCONJ
ajfa-5505	21	6	the	the	DET
ajfa-5505	21	7	banks	bank	NOUN
ajfa-5505	21	8	in	in	ADP
ajfa-5505	21	9	taiwan	taiwan	PROPN
ajfa-5505	21	10	possess	possess	VERB
ajfa-5505	21	11	great	great	ADJ
ajfa-5505	21	12	lending	lending	NOUN
ajfa-5505	21	13	ability	ability	NOUN
ajfa-5505	21	14	,	,	PUNCT
ajfa-5505	21	15	we	we	PRON
ajfa-5505	21	16	have	have	AUX
ajfa-5505	21	17	designed	design	VERB
ajfa-5505	21	18	our	our	PRON
ajfa-5505	21	19	research	research	NOUN
ajfa-5505	21	20	as	as	SCONJ
ajfa-5505	21	21	follows	follow	VERB
ajfa-5505	21	22	.	.	PUNCT
ajfa-5505	22	1	according	accord	VERB
ajfa-5505	22	2	to	to	ADP
ajfa-5505	22	3	whether	whether	SCONJ
ajfa-5505	22	4	banks	bank	NOUN
ajfa-5505	22	5	have	have	AUX
ajfa-5505	22	6	written	write	VERB
ajfa-5505	22	7	off	off	ADP
ajfa-5505	22	8	huge	huge	ADJ
ajfa-5505	22	9	amounts	amount	NOUN
ajfa-5505	22	10	of	of	ADP
ajfa-5505	22	11	bad	bad	ADJ
ajfa-5505	22	12	debts	debt	NOUN
ajfa-5505	22	13	(	(	PUNCT
ajfa-5505	22	14	wobd	wobd	NOUN
ajfa-5505	22	15	hereafter	hereafter	ADV
ajfa-5505	22	16	)	)	PUNCT
ajfa-5505	22	17	or	or	CCONJ
ajfa-5505	22	18	experienced	experience	VERB
ajfa-5505	22	19	heavily	heavily	ADJ
ajfa-5505	22	20	credit	credit	NOUN
ajfa-5505	22	21	card	card	NOUN
ajfa-5505	22	22	debt	debt	NOUN
ajfa-5505	22	23	losses	loss	NOUN
ajfa-5505	22	24	(	(	PUNCT
ajfa-5505	22	25	hccl	hccl	PROPN
ajfa-5505	22	26	hereafter	hereafter	ADV
ajfa-5505	22	27	)	)	PUNCT
ajfa-5505	22	28	,	,	PUNCT
ajfa-5505	22	29	we	we	PRON
ajfa-5505	22	30	choose	choose	VERB
ajfa-5505	22	31	their	their	PRON
ajfa-5505	22	32	clients	client	NOUN
ajfa-5505	22	33	as	as	ADP
ajfa-5505	22	34	experimental	experimental	ADJ
ajfa-5505	22	35	(	(	PUNCT
ajfa-5505	22	36	wobd	wobd	NOUN
ajfa-5505	22	37	and	and	CCONJ
ajfa-5505	22	38	hccl	hccl	NOUN
ajfa-5505	22	39	have	have	AUX
ajfa-5505	22	40	occurred	occur	VERB
ajfa-5505	22	41	)	)	PUNCT
ajfa-5505	22	42	and	and	CCONJ
ajfa-5505	22	43	the	the	DET
ajfa-5505	22	44	control	control	NOUN
ajfa-5505	22	45	sample	sample	NOUN
ajfa-5505	22	46	(	(	PUNCT
ajfa-5505	22	47	wobd	wobd	NOUN
ajfa-5505	22	48	and	and	CCONJ
ajfa-5505	22	49	hccl	hccl	NOUN
ajfa-5505	22	50	have	have	AUX
ajfa-5505	22	51	not	not	PART
ajfa-5505	22	52	occurred	occur	VERB
ajfa-5505	22	53	)	)	PUNCT
ajfa-5505	22	54	,	,	PUNCT
ajfa-5505	22	55	respectively6	respectively6	NOUN
ajfa-5505	22	56	this	this	PRON
ajfa-5505	22	57	is	be	AUX
ajfa-5505	22	58	in	in	ADP
ajfa-5505	22	59	order	order	NOUN
ajfa-5505	22	60	to	to	PART
ajfa-5505	22	61	understand	understand	VERB
ajfa-5505	22	62	how	how	SCONJ
ajfa-5505	22	63	banks	bank	NOUN
ajfa-5505	22	64	with	with	ADP
ajfa-5505	22	65	different	different	ADJ
ajfa-5505	22	66	performances	performance	NOUN
ajfa-5505	22	67	deal	deal	VERB
ajfa-5505	22	68	with	with	ADP
ajfa-5505	22	69	clients	client	NOUN
ajfa-5505	22	70	with	with	ADP
ajfa-5505	22	71	high	high	ADJ
ajfa-5505	22	72	or	or	CCONJ
ajfa-5505	22	73	low	low	ADJ
ajfa-5505	22	74	credit	credit	NOUN
ajfa-5505	22	75	ratings	rating	NOUN
ajfa-5505	22	76	as	as	ADV
ajfa-5505	22	77	well	well	ADV
ajfa-5505	22	78	as	as	ADP
ajfa-5505	22	79	upgraded	upgrade	VERB
ajfa-5505	22	80	or	or	CCONJ
ajfa-5505	22	81	downgraded	downgrade	VERB
ajfa-5505	22	82	credit	credit	NOUN
ajfa-5505	22	83	ratings	rating	NOUN
ajfa-5505	22	84	.	.	PUNCT
ajfa-5505	23	1	we	we	PRON
ajfa-5505	23	2	define	define	VERB
ajfa-5505	23	3	banks	bank	NOUN
ajfa-5505	23	4	with	with	ADP
ajfa-5505	23	5	wobd	wobd	NOUN
ajfa-5505	23	6	or	or	CCONJ
ajfa-5505	23	7	hccl	hccl	NOUN
ajfa-5505	23	8	as	as	ADP
ajfa-5505	23	9	having	have	VERB
ajfa-5505	23	10	low	low	ADJ
ajfa-5505	23	11	performance	performance	NOUN
ajfa-5505	23	12	and	and	CCONJ
ajfa-5505	23	13	those	those	PRON
ajfa-5505	23	14	with	with	ADP
ajfa-5505	23	15	the	the	DET
ajfa-5505	23	16	opposite	opposite	NOUN
ajfa-5505	23	17	as	as	ADP
ajfa-5505	23	18	having	have	VERB
ajfa-5505	23	19	high	high	ADJ
ajfa-5505	23	20	performance	performance	NOUN
ajfa-5505	23	21	.	.	PUNCT
ajfa-5505	24	1	in	in	ADP
ajfa-5505	24	2	general	general	ADJ
ajfa-5505	24	3	,	,	PUNCT
ajfa-5505	24	4	creditor	creditor	NOUN
ajfa-5505	24	5	banks	bank	NOUN
ajfa-5505	24	6	have	have	VERB
ajfa-5505	24	7	more	more	ADJ
ajfa-5505	24	8	clients	client	NOUN
ajfa-5505	24	9	with	with	ADP
ajfa-5505	24	10	better	well	ADJ
ajfa-5505	24	11	credit	credit	NOUN
ajfa-5505	24	12	ratings	rating	NOUN
ajfa-5505	24	13	,	,	PUNCT
ajfa-5505	24	14	result	result	VERB
ajfa-5505	24	15	in	in	ADP
ajfa-5505	24	16	lower	low	ADJ
ajfa-5505	24	17	loan	loan	NOUN
ajfa-5505	24	18	spreads	spread	NOUN
ajfa-5505	24	19	on	on	ADP
ajfa-5505	24	20	average	average	ADJ
ajfa-5505	24	21	.	.	PUNCT
ajfa-5505	25	1	on	on	ADP
ajfa-5505	25	2	the	the	DET
ajfa-5505	25	3	other	other	ADJ
ajfa-5505	25	4	hand	hand	NOUN
ajfa-5505	25	5	,	,	PUNCT
ajfa-5505	25	6	creditor	creditor	NOUN
ajfa-5505	25	7	banks	bank	NOUN
ajfa-5505	25	8	have	have	VERB
ajfa-5505	25	9	more	more	ADJ
ajfa-5505	25	10	clients	client	NOUN
ajfa-5505	25	11	with	with	ADP
ajfa-5505	25	12	worse	bad	ADJ
ajfa-5505	25	13	credit	credit	NOUN
ajfa-5505	25	14	ratings	rating	NOUN
ajfa-5505	25	15	,	,	PUNCT
ajfa-5505	25	16	result	result	VERB
ajfa-5505	25	17	in	in	ADP
ajfa-5505	25	18	higher	high	ADJ
ajfa-5505	25	19	loan	loan	NOUN
ajfa-5505	25	20	spreads	spread	NOUN
ajfa-5505	25	21	on	on	ADP
ajfa-5505	25	22	average	average	ADJ
ajfa-5505	25	23	.	.	PUNCT
ajfa-5505	26	1	we	we	PRON
ajfa-5505	26	2	can	can	AUX
ajfa-5505	26	3	only	only	ADV
ajfa-5505	26	4	speculate	speculate	VERB
ajfa-5505	26	5	that	that	SCONJ
ajfa-5505	26	6	individual	individual	ADJ
ajfa-5505	26	7	banks	bank	NOUN
ajfa-5505	26	8	respond	respond	VERB
ajfa-5505	26	9	to	to	ADP
ajfa-5505	26	10	different	different	ADJ
ajfa-5505	26	11	loan	loan	NOUN
ajfa-5505	26	12	application	application	NOUN
ajfa-5505	26	13	cases	case	NOUN
ajfa-5505	26	14	differently	differently	ADV
ajfa-5505	26	15	,	,	PUNCT
ajfa-5505	26	16	but	but	CCONJ
ajfa-5505	26	17	we	we	PRON
ajfa-5505	26	18	can	can	AUX
ajfa-5505	26	19	not	not	PART
ajfa-5505	26	20	directly	directly	ADV
ajfa-5505	26	21	conclude	conclude	VERB
ajfa-5505	26	22	that	that	SCONJ
ajfa-5505	26	23	the	the	DET
ajfa-5505	26	24	lending	lending	NOUN
ajfa-5505	26	25	behavior	behavior	NOUN
ajfa-5505	26	26	gives	give	VERB
ajfa-5505	26	27	rise	rise	NOUN
ajfa-5505	26	28	to	to	ADP
ajfa-5505	26	29	serious	serious	ADJ
ajfa-5505	26	30	problems	problem	NOUN
ajfa-5505	26	31	of	of	ADP
ajfa-5505	26	32	“	"	PUNCT
ajfa-5505	26	33	moral	moral	ADJ
ajfa-5505	26	34	asian	asian	ADJ
ajfa-5505	26	35	journal	journal	NOUN
ajfa-5505	26	36	of	of	ADP
ajfa-5505	26	37	finance	finance	PROPN
ajfa-5505	26	38	&	&	CCONJ
ajfa-5505	26	39	accounting	accounting	PROPN
ajfa-5505	26	40	issn	issn	PROPN
ajfa-5505	26	41	1946	1946	NUM
ajfa-5505	26	42	-	-	PUNCT
ajfa-5505	26	43	052x	052x	PROPN
ajfa-5505	26	44	2014	2014	NUM
ajfa-5505	26	45	,	,	PUNCT
ajfa-5505	26	46	vol	vol	NOUN
ajfa-5505	26	47	.	.	PROPN
ajfa-5505	26	48	6	6	NUM
ajfa-5505	26	49	,	,	PUNCT
ajfa-5505	26	50	no	no	INTJ
ajfa-5505	26	51	.	.	NOUN
ajfa-5505	26	52	2	2	NUM
ajfa-5505	26	53	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	26	54	21	21	NUM
ajfa-5505	26	55	hazard	hazard	NOUN
ajfa-5505	26	56	and	and	CCONJ
ajfa-5505	26	57	adverse	adverse	ADJ
ajfa-5505	26	58	selection	selection	NOUN
ajfa-5505	26	59	.	.	PUNCT
ajfa-5505	26	60	”	"	PUNCT
ajfa-5505	27	1	so	so	ADV
ajfa-5505	27	2	as	as	SCONJ
ajfa-5505	27	3	not	not	PART
ajfa-5505	27	4	to	to	PART
ajfa-5505	27	5	distort	distort	VERB
ajfa-5505	27	6	the	the	DET
ajfa-5505	27	7	inferences	inference	NOUN
ajfa-5505	27	8	of	of	ADP
ajfa-5505	27	9	the	the	DET
ajfa-5505	27	10	empirical	empirical	ADJ
ajfa-5505	27	11	results	result	NOUN
ajfa-5505	27	12	,	,	PUNCT
ajfa-5505	27	13	we	we	PRON
ajfa-5505	27	14	add	add	VERB
ajfa-5505	27	15	the	the	DET
ajfa-5505	27	16	dimension	dimension	NOUN
ajfa-5505	27	17	of	of	ADP
ajfa-5505	27	18	the	the	DET
ajfa-5505	27	19	banking	banking	NOUN
ajfa-5505	27	20	relationship	relationship	NOUN
ajfa-5505	27	21	to	to	PART
ajfa-5505	27	22	further	far	ADV
ajfa-5505	27	23	observe	observe	VERB
ajfa-5505	27	24	whether	whether	SCONJ
ajfa-5505	27	25	the	the	DET
ajfa-5505	27	26	loan	loan	NOUN
ajfa-5505	27	27	spreads	spread	NOUN
ajfa-5505	27	28	applied	apply	VERB
ajfa-5505	27	29	to	to	ADP
ajfa-5505	27	30	sample	sample	NOUN
ajfa-5505	27	31	banks	bank	NOUN
ajfa-5505	27	32	are	be	AUX
ajfa-5505	27	33	reasonable	reasonable	ADJ
ajfa-5505	27	34	and	and	CCONJ
ajfa-5505	27	35	valid7	valid7	NOUN
ajfa-5505	27	36	.	.	PUNCT
ajfa-5505	28	1	a	a	DET
ajfa-5505	28	2	financial	financial	ADJ
ajfa-5505	28	3	environment	environment	NOUN
ajfa-5505	28	4	characterized	characterize	VERB
ajfa-5505	28	5	by	by	ADP
ajfa-5505	28	6	over	over	ADP
ajfa-5505	28	7	-	-	PUNCT
ajfa-5505	28	8	banking	banking	NOUN
ajfa-5505	28	9	and	and	CCONJ
ajfa-5505	28	10	too	too	ADV
ajfa-5505	28	11	much	much	ADJ
ajfa-5505	28	12	idle	idle	ADJ
ajfa-5505	28	13	cash	cash	NOUN
ajfa-5505	28	14	in	in	ADP
ajfa-5505	28	15	taiwan	taiwan	PROPN
ajfa-5505	28	16	’s	’s	PART
ajfa-5505	28	17	banking	banking	NOUN
ajfa-5505	28	18	market	market	NOUN
ajfa-5505	28	19	results	result	NOUN
ajfa-5505	28	20	in	in	ADP
ajfa-5505	28	21	companies	company	NOUN
ajfa-5505	28	22	often	often	ADV
ajfa-5505	28	23	maintaining	maintain	VERB
ajfa-5505	28	24	multiple	multiple	ADJ
ajfa-5505	28	25	relationships	relationship	NOUN
ajfa-5505	28	26	and	and	CCONJ
ajfa-5505	28	27	more	more	ADJ
ajfa-5505	28	28	so	so	ADV
ajfa-5505	28	29	than	than	ADP
ajfa-5505	28	30	in	in	ADP
ajfa-5505	28	31	other	other	ADJ
ajfa-5505	28	32	countries	country	NOUN
ajfa-5505	28	33	(	(	PUNCT
ajfa-5505	28	34	berger	berger	PROPN
ajfa-5505	28	35	et	et	PROPN
ajfa-5505	28	36	al	al	PROPN
ajfa-5505	28	37	.	.	PROPN
ajfa-5505	28	38	,	,	PUNCT
ajfa-5505	28	39	2008	2008	NUM
ajfa-5505	28	40	)	)	PUNCT
ajfa-5505	28	41	.	.	PUNCT
ajfa-5505	29	1	the	the	DET
ajfa-5505	29	2	empirical	empirical	ADJ
ajfa-5505	29	3	findings	finding	NOUN
ajfa-5505	29	4	of	of	ADP
ajfa-5505	29	5	kuo	kuo	PROPN
ajfa-5505	29	6	and	and	CCONJ
ajfa-5505	29	7	chen	chen	PROPN
ajfa-5505	29	8	(	(	PUNCT
ajfa-5505	29	9	2012	2012	NUM
ajfa-5505	29	10	)	)	PUNCT
ajfa-5505	29	11	indicate	indicate	VERB
ajfa-5505	29	12	that	that	SCONJ
ajfa-5505	29	13	publicly	publicly	ADV
ajfa-5505	29	14	-	-	PUNCT
ajfa-5505	29	15	held	hold	VERB
ajfa-5505	29	16	companies	company	NOUN
ajfa-5505	29	17	in	in	ADP
ajfa-5505	29	18	taiwan	taiwan	PROPN
ajfa-5505	29	19	deal	deal	VERB
ajfa-5505	29	20	with	with	ADP
ajfa-5505	29	21	2.86	2.86	NUM
ajfa-5505	29	22	banks	bank	NOUN
ajfa-5505	29	23	on	on	ADP
ajfa-5505	29	24	average	average	ADJ
ajfa-5505	29	25	,	,	PUNCT
ajfa-5505	29	26	with	with	ADP
ajfa-5505	29	27	the	the	DET
ajfa-5505	29	28	utilization	utilization	NOUN
ajfa-5505	29	29	rate	rate	NOUN
ajfa-5505	29	30	of	of	ADP
ajfa-5505	29	31	the	the	DET
ajfa-5505	29	32	credit	credit	NOUN
ajfa-5505	29	33	availability	availability	NOUN
ajfa-5505	29	34	and	and	CCONJ
ajfa-5505	29	35	collateral	collateral	ADJ
ajfa-5505	29	36	loans	loan	NOUN
ajfa-5505	29	37	ratio	ratio	NOUN
ajfa-5505	29	38	being	be	AUX
ajfa-5505	29	39	69	69	NUM
ajfa-5505	29	40	%	%	NOUN
ajfa-5505	29	41	(	(	PUNCT
ajfa-5505	29	42	median	median	NOUN
ajfa-5505	29	43	)	)	PUNCT
ajfa-5505	29	44	and	and	CCONJ
ajfa-5505	29	45	36	36	NUM
ajfa-5505	29	46	%	%	NOUN
ajfa-5505	29	47	(	(	PUNCT
ajfa-5505	29	48	mean	mean	NOUN
ajfa-5505	29	49	)	)	PUNCT
ajfa-5505	29	50	,	,	PUNCT
ajfa-5505	29	51	respectively	respectively	ADV
ajfa-5505	29	52	.	.	PUNCT
ajfa-5505	30	1	although	although	SCONJ
ajfa-5505	30	2	the	the	DET
ajfa-5505	30	3	utilization	utilization	NOUN
ajfa-5505	30	4	rate	rate	NOUN
ajfa-5505	30	5	of	of	ADP
ajfa-5505	30	6	the	the	DET
ajfa-5505	30	7	credit	credit	NOUN
ajfa-5505	30	8	availability	availability	NOUN
ajfa-5505	30	9	is	be	AUX
ajfa-5505	30	10	less	less	ADJ
ajfa-5505	30	11	than	than	ADP
ajfa-5505	30	12	70	70	NUM
ajfa-5505	30	13	%	%	NOUN
ajfa-5505	30	14	and	and	CCONJ
ajfa-5505	30	15	more	more	ADJ
ajfa-5505	30	16	than	than	ADP
ajfa-5505	30	17	half	half	NOUN
ajfa-5505	30	18	of	of	ADP
ajfa-5505	30	19	the	the	DET
ajfa-5505	30	20	loans	loan	NOUN
ajfa-5505	30	21	are	be	AUX
ajfa-5505	30	22	unsecured	unsecured	ADJ
ajfa-5505	30	23	by	by	ADP
ajfa-5505	30	24	nature	nature	NOUN
ajfa-5505	30	25	,	,	PUNCT
ajfa-5505	30	26	the	the	DET
ajfa-5505	30	27	credit	credit	NOUN
ajfa-5505	30	28	indicators	indicator	NOUN
ajfa-5505	30	29	still	still	ADV
ajfa-5505	30	30	exhibit	exhibit	VERB
ajfa-5505	30	31	high	high	ADJ
ajfa-5505	30	32	credit	credit	NOUN
ajfa-5505	30	33	risk	risk	NOUN
ajfa-5505	30	34	.	.	PUNCT
ajfa-5505	31	1	however	however	ADV
ajfa-5505	31	2	the	the	DET
ajfa-5505	31	3	financial	financial	ADJ
ajfa-5505	31	4	environment	environment	NOUN
ajfa-5505	31	5	is	be	AUX
ajfa-5505	31	6	favorable	favorable	ADJ
ajfa-5505	31	7	to	to	ADP
ajfa-5505	31	8	borrowers	borrower	NOUN
ajfa-5505	31	9	,	,	PUNCT
ajfa-5505	31	10	and	and	CCONJ
ajfa-5505	31	11	so	so	ADV
ajfa-5505	31	12	these	these	DET
ajfa-5505	31	13	firms	firm	NOUN
ajfa-5505	31	14	,	,	PUNCT
ajfa-5505	31	15	regardless	regardless	ADV
ajfa-5505	31	16	of	of	ADP
ajfa-5505	31	17	their	their	PRON
ajfa-5505	31	18	credit	credit	NOUN
ajfa-5505	31	19	status	status	NOUN
ajfa-5505	31	20	and	and	CCONJ
ajfa-5505	31	21	banking	banking	NOUN
ajfa-5505	31	22	relationships	relationship	NOUN
ajfa-5505	31	23	,	,	PUNCT
ajfa-5505	31	24	still	still	ADV
ajfa-5505	31	25	have	have	VERB
ajfa-5505	31	26	opportunities	opportunity	NOUN
ajfa-5505	31	27	to	to	PART
ajfa-5505	31	28	obtain	obtain	VERB
ajfa-5505	31	29	loans	loan	NOUN
ajfa-5505	31	30	at	at	ADP
ajfa-5505	31	31	bargain	bargain	NOUN
ajfa-5505	31	32	prices	price	NOUN
ajfa-5505	31	33	from	from	ADP
ajfa-5505	31	34	banks	bank	NOUN
ajfa-5505	31	35	.	.	PUNCT
ajfa-5505	32	1	would	would	AUX
ajfa-5505	32	2	such	such	ADJ
ajfa-5505	32	3	circumstances	circumstance	NOUN
ajfa-5505	32	4	,	,	PUNCT
ajfa-5505	32	5	however	however	ADV
ajfa-5505	32	6	,	,	PUNCT
ajfa-5505	32	7	change	change	NOUN
ajfa-5505	32	8	in	in	ADP
ajfa-5505	32	9	cases	case	NOUN
ajfa-5505	32	10	where	where	SCONJ
ajfa-5505	32	11	there	there	PRON
ajfa-5505	32	12	is	be	VERB
ajfa-5505	32	13	different	different	ADJ
ajfa-5505	32	14	ownership	ownership	NOUN
ajfa-5505	32	15	and	and	CCONJ
ajfa-5505	32	16	lending	lending	NOUN
ajfa-5505	32	17	performance	performance	NOUN
ajfa-5505	32	18	?	?	PUNCT
ajfa-5505	33	1	it	it	PRON
ajfa-5505	33	2	is	be	AUX
ajfa-5505	33	3	worth	worth	ADJ
ajfa-5505	33	4	examining	examine	VERB
ajfa-5505	33	5	this	this	DET
ajfa-5505	33	6	issue	issue	NOUN
ajfa-5505	33	7	more	more	ADJ
ajfa-5505	33	8	deeply8	deeply8	PROPN
ajfa-5505	33	9	.	.	PUNCT
ajfa-5505	34	1	micro	micro	PROPN
ajfa-5505	34	2	and	and	CCONJ
ajfa-5505	34	3	small	small	ADJ
ajfa-5505	34	4	enterprises	enterprise	NOUN
ajfa-5505	34	5	in	in	ADP
ajfa-5505	34	6	taiwan	taiwan	PROPN
ajfa-5505	34	7	seldom	seldom	ADV
ajfa-5505	34	8	publicly	publicly	ADV
ajfa-5505	34	9	announce	announce	VERB
ajfa-5505	34	10	information	information	NOUN
ajfa-5505	34	11	about	about	ADP
ajfa-5505	34	12	credit	credit	NOUN
ajfa-5505	34	13	ratings	rating	NOUN
ajfa-5505	34	14	or	or	CCONJ
ajfa-5505	34	15	upgrades	upgrade	NOUN
ajfa-5505	34	16	or	or	CCONJ
ajfa-5505	34	17	downgrades	downgrade	NOUN
ajfa-5505	34	18	.	.	PUNCT
ajfa-5505	35	1	enterprises	enterprise	NOUN
ajfa-5505	35	2	belonging	belong	VERB
ajfa-5505	35	3	to	to	ADP
ajfa-5505	35	4	this	this	DET
ajfa-5505	35	5	category	category	NOUN
ajfa-5505	35	6	frequently	frequently	ADV
ajfa-5505	35	7	deal	deal	VERB
ajfa-5505	35	8	with	with	ADP
ajfa-5505	35	9	the	the	DET
ajfa-5505	35	10	biggest	big	ADJ
ajfa-5505	35	11	creditor	creditor	NOUN
ajfa-5505	35	12	bank	bank	NOUN
ajfa-5505	35	13	and	and	CCONJ
ajfa-5505	35	14	rarely	rarely	ADV
ajfa-5505	35	15	deal	deal	VERB
ajfa-5505	35	16	with	with	ADP
ajfa-5505	35	17	the	the	DET
ajfa-5505	35	18	main	main	ADJ
ajfa-5505	35	19	banks	bank	NOUN
ajfa-5505	35	20	or	or	CCONJ
ajfa-5505	35	21	non	non	ADJ
ajfa-5505	35	22	-	-	ADJ
ajfa-5505	35	23	main	main	ADJ
ajfa-5505	35	24	banks9	banks9	NOUN
ajfa-5505	35	25	.	.	PUNCT
ajfa-5505	36	1	due	due	ADP
ajfa-5505	36	2	to	to	ADP
ajfa-5505	36	3	considerations	consideration	NOUN
ajfa-5505	36	4	of	of	ADP
ajfa-5505	36	5	representativeness	representativeness	NOUN
ajfa-5505	36	6	,	,	PUNCT
ajfa-5505	36	7	we	we	PRON
ajfa-5505	36	8	exclude	exclude	VERB
ajfa-5505	36	9	samples	sample	NOUN
ajfa-5505	36	10	of	of	ADP
ajfa-5505	36	11	micro	micro	ADJ
ajfa-5505	36	12	and	and	CCONJ
ajfa-5505	36	13	small	small	ADJ
ajfa-5505	36	14	enterprises	enterprise	NOUN
ajfa-5505	36	15	,	,	PUNCT
ajfa-5505	36	16	and	and	CCONJ
ajfa-5505	36	17	only	only	ADV
ajfa-5505	36	18	listed	list	VERB
ajfa-5505	36	19	,	,	PUNCT
ajfa-5505	36	20	otc	otc	PROPN
ajfa-5505	36	21	and	and	CCONJ
ajfa-5505	36	22	emerging	emerge	VERB
ajfa-5505	36	23	companies	company	NOUN
ajfa-5505	36	24	are	be	AUX
ajfa-5505	36	25	included	include	VERB
ajfa-5505	36	26	.	.	PUNCT
ajfa-5505	37	1	another	another	DET
ajfa-5505	37	2	consideration	consideration	NOUN
ajfa-5505	37	3	concerns	concern	VERB
ajfa-5505	37	4	the	the	DET
ajfa-5505	37	5	failure	failure	NOUN
ajfa-5505	37	6	of	of	ADP
ajfa-5505	37	7	corporate	corporate	ADJ
ajfa-5505	37	8	and	and	CCONJ
ajfa-5505	37	9	retail	retail	ADJ
ajfa-5505	37	10	finance	finance	NOUN
ajfa-5505	37	11	during	during	ADP
ajfa-5505	37	12	the	the	DET
ajfa-5505	37	13	period	period	NOUN
ajfa-5505	37	14	under	under	ADP
ajfa-5505	37	15	study	study	NOUN
ajfa-5505	37	16	.	.	PUNCT
ajfa-5505	38	1	as	as	ADP
ajfa-5505	38	2	to	to	ADP
ajfa-5505	38	3	corporate	corporate	ADJ
ajfa-5505	38	4	finance	finance	NOUN
ajfa-5505	38	5	,	,	PUNCT
ajfa-5505	38	6	we	we	PRON
ajfa-5505	38	7	divide	divide	VERB
ajfa-5505	38	8	the	the	DET
ajfa-5505	38	9	samples	sample	NOUN
ajfa-5505	38	10	into	into	ADP
ajfa-5505	38	11	firms	firm	NOUN
ajfa-5505	38	12	borrowing	borrow	VERB
ajfa-5505	38	13	from	from	ADP
ajfa-5505	38	14	banks	bank	NOUN
ajfa-5505	38	15	with	with	ADP
ajfa-5505	38	16	or	or	CCONJ
ajfa-5505	38	17	without	without	ADP
ajfa-5505	38	18	wobd	wobd	NOUN
ajfa-5505	38	19	.	.	PUNCT
ajfa-5505	39	1	as	as	ADP
ajfa-5505	39	2	for	for	ADP
ajfa-5505	39	3	retail	retail	ADJ
ajfa-5505	39	4	finance	finance	NOUN
ajfa-5505	39	5	,	,	PUNCT
ajfa-5505	39	6	we	we	PRON
ajfa-5505	39	7	divide	divide	VERB
ajfa-5505	39	8	the	the	DET
ajfa-5505	39	9	samples	sample	NOUN
ajfa-5505	39	10	into	into	ADP
ajfa-5505	39	11	firms	firm	NOUN
ajfa-5505	39	12	borrowing	borrow	VERB
ajfa-5505	39	13	from	from	ADP
ajfa-5505	39	14	banks	bank	NOUN
ajfa-5505	39	15	with	with	ADP
ajfa-5505	39	16	or	or	CCONJ
ajfa-5505	39	17	without	without	ADP
ajfa-5505	39	18	hccl10	hccl10	NOUN
ajfa-5505	39	19	.	.	PUNCT
ajfa-5505	40	1	if	if	SCONJ
ajfa-5505	40	2	a	a	DET
ajfa-5505	40	3	bank	bank	NOUN
ajfa-5505	40	4	belongs	belong	VERB
ajfa-5505	40	5	to	to	ADP
ajfa-5505	40	6	wobd	wobd	NOUN
ajfa-5505	40	7	or	or	CCONJ
ajfa-5505	40	8	hccl	hccl	NOUN
ajfa-5505	40	9	,	,	PUNCT
ajfa-5505	40	10	we	we	PRON
ajfa-5505	40	11	regard	regard	VERB
ajfa-5505	40	12	it	it	PRON
ajfa-5505	40	13	as	as	ADP
ajfa-5505	40	14	bank	bank	NOUN
ajfa-5505	40	15	with	with	ADP
ajfa-5505	40	16	poor	poor	ADJ
ajfa-5505	40	17	lending	lending	NOUN
ajfa-5505	40	18	performance	performance	NOUN
ajfa-5505	40	19	and	and	CCONJ
ajfa-5505	40	20	high	high	ADJ
ajfa-5505	40	21	credit	credit	NOUN
ajfa-5505	40	22	risk	risk	NOUN
ajfa-5505	40	23	.	.	PUNCT
ajfa-5505	41	1	if	if	SCONJ
ajfa-5505	41	2	banks	bank	NOUN
ajfa-5505	41	3	suffer	suffer	VERB
ajfa-5505	41	4	the	the	DET
ajfa-5505	41	5	failure	failure	NOUN
ajfa-5505	41	6	of	of	ADP
ajfa-5505	41	7	both	both	CCONJ
ajfa-5505	41	8	corporate	corporate	ADJ
ajfa-5505	41	9	and	and	CCONJ
ajfa-5505	41	10	retail	retail	ADJ
ajfa-5505	41	11	finance	finance	NOUN
ajfa-5505	41	12	,	,	PUNCT
ajfa-5505	41	13	it	it	PRON
ajfa-5505	41	14	might	might	AUX
ajfa-5505	41	15	be	be	AUX
ajfa-5505	41	16	reasonable	reasonable	ADJ
ajfa-5505	41	17	to	to	PART
ajfa-5505	41	18	suggest	suggest	VERB
ajfa-5505	41	19	that	that	SCONJ
ajfa-5505	41	20	abnormal11	abnormal11	NOUN
ajfa-5505	41	21	lending	lending	NOUN
ajfa-5505	41	22	behavior	behavior	NOUN
ajfa-5505	41	23	may	may	AUX
ajfa-5505	41	24	exist	exist	VERB
ajfa-5505	41	25	.	.	PUNCT
ajfa-5505	42	1	in	in	ADP
ajfa-5505	42	2	order	order	NOUN
ajfa-5505	42	3	to	to	PART
ajfa-5505	42	4	avoid	avoid	VERB
ajfa-5505	42	5	confusion	confusion	NOUN
ajfa-5505	42	6	in	in	ADP
ajfa-5505	42	7	empirical	empirical	ADJ
ajfa-5505	42	8	analysis	analysis	NOUN
ajfa-5505	42	9	(	(	PUNCT
ajfa-5505	42	10	the	the	DET
ajfa-5505	42	11	samples	sample	NOUN
ajfa-5505	42	12	are	be	AUX
ajfa-5505	42	13	only	only	ADV
ajfa-5505	42	14	affected	affect	VERB
ajfa-5505	42	15	by	by	ADP
ajfa-5505	42	16	wobd	wobd	NOUN
ajfa-5505	42	17	or	or	CCONJ
ajfa-5505	42	18	hccl	hccl	NOUN
ajfa-5505	42	19	individually	individually	ADV
ajfa-5505	42	20	or	or	CCONJ
ajfa-5505	42	21	are	be	AUX
ajfa-5505	42	22	affected	affect	VERB
ajfa-5505	42	23	by	by	ADP
ajfa-5505	42	24	both	both	DET
ajfa-5505	42	25	wobd	wobd	NOUN
ajfa-5505	42	26	and	and	CCONJ
ajfa-5505	42	27	hccl	hccl	NOUN
ajfa-5505	42	28	simultaneously	simultaneously	ADV
ajfa-5505	42	29	)	)	PUNCT
ajfa-5505	42	30	,	,	PUNCT
ajfa-5505	42	31	we	we	PRON
ajfa-5505	42	32	deliberately	deliberately	ADV
ajfa-5505	42	33	conduct	conduct	VERB
ajfa-5505	42	34	empirical	empirical	ADJ
ajfa-5505	42	35	tests	test	NOUN
ajfa-5505	42	36	according	accord	VERB
ajfa-5505	42	37	to	to	ADP
ajfa-5505	42	38	each	each	DET
ajfa-5505	42	39	event	event	NOUN
ajfa-5505	42	40	,	,	PUNCT
ajfa-5505	42	41	respectively12	respectively12	NOUN
ajfa-5505	42	42	.	.	PUNCT
ajfa-5505	43	1	furthermore	furthermore	ADV
ajfa-5505	43	2	,	,	PUNCT
ajfa-5505	43	3	we	we	PRON
ajfa-5505	43	4	also	also	ADV
ajfa-5505	43	5	simply	simply	ADV
ajfa-5505	43	6	divide	divide	VERB
ajfa-5505	43	7	the	the	DET
ajfa-5505	43	8	banks	bank	NOUN
ajfa-5505	43	9	into	into	ADP
ajfa-5505	43	10	those	those	PRON
ajfa-5505	43	11	with	with	ADP
ajfa-5505	43	12	or	or	CCONJ
ajfa-5505	43	13	without	without	ADP
ajfa-5505	43	14	wobd	wobd	NOUN
ajfa-5505	43	15	and	and	CCONJ
ajfa-5505	43	16	hccl	hccl	NOUN
ajfa-5505	43	17	to	to	PART
ajfa-5505	43	18	distinguish	distinguish	VERB
ajfa-5505	43	19	between	between	ADP
ajfa-5505	43	20	the	the	DET
ajfa-5505	43	21	banks	bank	NOUN
ajfa-5505	43	22	with	with	ADP
ajfa-5505	43	23	low	low	ADJ
ajfa-5505	43	24	risk	risk	NOUN
ajfa-5505	43	25	and	and	CCONJ
ajfa-5505	43	26	better	well	ADJ
ajfa-5505	43	27	lending	lending	NOUN
ajfa-5505	43	28	performance	performance	NOUN
ajfa-5505	43	29	and	and	CCONJ
ajfa-5505	43	30	the	the	DET
ajfa-5505	43	31	banks	bank	NOUN
ajfa-5505	43	32	with	with	ADP
ajfa-5505	43	33	high	high	ADJ
ajfa-5505	43	34	risk	risk	NOUN
ajfa-5505	43	35	and	and	CCONJ
ajfa-5505	43	36	poor	poor	ADJ
ajfa-5505	43	37	lending	lending	NOUN
ajfa-5505	43	38	performance	performance	NOUN
ajfa-5505	43	39	.	.	PUNCT
ajfa-5505	44	1	our	our	PRON
ajfa-5505	44	2	empirical	empirical	ADJ
ajfa-5505	44	3	results	result	NOUN
ajfa-5505	44	4	indicate	indicate	VERB
ajfa-5505	44	5	that	that	SCONJ
ajfa-5505	44	6	private	private	ADJ
ajfa-5505	44	7	financial	financial	ADJ
ajfa-5505	44	8	holding	hold	VERB
ajfa-5505	44	9	companies	company	NOUN
ajfa-5505	44	10	and	and	CCONJ
ajfa-5505	44	11	private	private	ADJ
ajfa-5505	44	12	non	non	ADJ
ajfa-5505	44	13	-	-	ADJ
ajfa-5505	44	14	financial	financial	ADJ
ajfa-5505	44	15	holding	hold	VERB
ajfa-5505	44	16	companies	company	NOUN
ajfa-5505	44	17	grant	grant	VERB
ajfa-5505	44	18	loan	loan	NOUN
ajfa-5505	44	19	spreads	spread	NOUN
ajfa-5505	44	20	that	that	PRON
ajfa-5505	44	21	are	be	AUX
ajfa-5505	44	22	significantly	significantly	ADV
ajfa-5505	44	23	lower	low	ADJ
ajfa-5505	44	24	than	than	ADP
ajfa-5505	44	25	those	those	PRON
ajfa-5505	44	26	of	of	ADP
ajfa-5505	44	27	state	state	NOUN
ajfa-5505	44	28	-	-	PUNCT
ajfa-5505	44	29	owned	own	VERB
ajfa-5505	44	30	banks	bank	NOUN
ajfa-5505	44	31	.	.	PUNCT
ajfa-5505	45	1	foreign	foreign	ADJ
ajfa-5505	45	2	banks	bank	NOUN
ajfa-5505	45	3	grant	grant	VERB
ajfa-5505	45	4	loan	loan	NOUN
ajfa-5505	45	5	spreads	spread	NOUN
ajfa-5505	45	6	that	that	PRON
ajfa-5505	45	7	are	be	AUX
ajfa-5505	45	8	significantly	significantly	ADV
ajfa-5505	45	9	higher	high	ADJ
ajfa-5505	45	10	than	than	ADP
ajfa-5505	45	11	those	those	PRON
ajfa-5505	45	12	of	of	ADP
ajfa-5505	45	13	state	state	NOUN
ajfa-5505	45	14	-	-	PUNCT
ajfa-5505	45	15	owned	own	VERB
ajfa-5505	45	16	banks	bank	NOUN
ajfa-5505	45	17	,	,	PUNCT
ajfa-5505	45	18	and	and	CCONJ
ajfa-5505	45	19	only	only	ADV
ajfa-5505	45	20	foreign	foreign	ADJ
ajfa-5505	45	21	bank	bank	NOUN
ajfa-5505	45	22	loan	loan	NOUN
ajfa-5505	45	23	spreads	spread	NOUN
ajfa-5505	45	24	are	be	AUX
ajfa-5505	45	25	significantly	significantly	ADV
ajfa-5505	45	26	higher	high	ADJ
ajfa-5505	45	27	than	than	ADP
ajfa-5505	45	28	those	those	PRON
ajfa-5505	45	29	of	of	ADP
ajfa-5505	45	30	state	state	NOUN
ajfa-5505	45	31	-	-	PUNCT
ajfa-5505	45	32	owned	own	VERB
ajfa-5505	45	33	banks	bank	NOUN
ajfa-5505	45	34	when	when	SCONJ
ajfa-5505	45	35	borrowers	borrower	NOUN
ajfa-5505	45	36	are	be	AUX
ajfa-5505	45	37	considered	consider	VERB
ajfa-5505	45	38	to	to	PART
ajfa-5505	45	39	be	be	AUX
ajfa-5505	45	40	high	high	ADJ
ajfa-5505	45	41	risk	risk	NOUN
ajfa-5505	45	42	.	.	PUNCT
ajfa-5505	46	1	banks	bank	NOUN
ajfa-5505	46	2	reduce	reduce	VERB
ajfa-5505	46	3	their	their	PRON
ajfa-5505	46	4	loan	loan	NOUN
ajfa-5505	46	5	spreads	spread	NOUN
ajfa-5505	46	6	only	only	ADV
ajfa-5505	46	7	for	for	ADP
ajfa-5505	46	8	high	high	ADJ
ajfa-5505	46	9	credit	credit	NOUN
ajfa-5505	46	10	risk	risk	NOUN
ajfa-5505	46	11	borrowers	borrower	NOUN
ajfa-5505	46	12	with	with	ADP
ajfa-5505	46	13	obvious	obvious	ADJ
ajfa-5505	46	14	improvements	improvement	NOUN
ajfa-5505	46	15	in	in	ADP
ajfa-5505	46	16	credit	credit	NOUN
ajfa-5505	46	17	ratings	rating	NOUN
ajfa-5505	46	18	,	,	PUNCT
ajfa-5505	46	19	but	but	CCONJ
ajfa-5505	46	20	this	this	PRON
ajfa-5505	46	21	does	do	AUX
ajfa-5505	46	22	not	not	PART
ajfa-5505	46	23	apply	apply	VERB
ajfa-5505	46	24	to	to	ADP
ajfa-5505	46	25	general	general	ADJ
ajfa-5505	46	26	borrowers	borrower	NOUN
ajfa-5505	46	27	even	even	ADV
ajfa-5505	46	28	when	when	SCONJ
ajfa-5505	46	29	the	the	DET
ajfa-5505	46	30	credit	credit	NOUN
ajfa-5505	46	31	rating	rating	NOUN
ajfa-5505	46	32	condition	condition	NOUN
ajfa-5505	46	33	is	be	AUX
ajfa-5505	46	34	improved	improve	VERB
ajfa-5505	46	35	.	.	PUNCT
ajfa-5505	47	1	we	we	PRON
ajfa-5505	47	2	also	also	ADV
ajfa-5505	47	3	find	find	VERB
ajfa-5505	47	4	that	that	SCONJ
ajfa-5505	47	5	the	the	DET
ajfa-5505	47	6	biggest	big	ADJ
ajfa-5505	47	7	and	and	CCONJ
ajfa-5505	47	8	main	main	ADJ
ajfa-5505	47	9	creditor	creditor	NOUN
ajfa-5505	47	10	banks	bank	NOUN
ajfa-5505	47	11	exhibit	exhibit	VERB
ajfa-5505	47	12	significantly	significantly	ADV
ajfa-5505	47	13	lower	low	ADJ
ajfa-5505	47	14	loan	loan	NOUN
ajfa-5505	47	15	spreads	spread	NOUN
ajfa-5505	47	16	,	,	PUNCT
ajfa-5505	47	17	and	and	CCONJ
ajfa-5505	47	18	willing	willing	ADJ
ajfa-5505	47	19	to	to	PART
ajfa-5505	47	20	give	give	VERB
ajfa-5505	47	21	high	high	ADJ
ajfa-5505	47	22	credit	credit	NOUN
ajfa-5505	47	23	risk	risk	NOUN
ajfa-5505	47	24	customers	customer	NOUN
ajfa-5505	47	25	lower	low	ADJ
ajfa-5505	47	26	lending	lending	NOUN
ajfa-5505	47	27	spreads	spread	NOUN
ajfa-5505	47	28	,	,	PUNCT
ajfa-5505	47	29	which	which	PRON
ajfa-5505	47	30	imply	imply	VERB
ajfa-5505	47	31	that	that	SCONJ
ajfa-5505	47	32	taiwan	taiwan	PROPN
ajfa-5505	47	33	’s	’s	PART
ajfa-5505	47	34	banks	bank	NOUN
ajfa-5505	47	35	emphasis	emphasis	VERB
ajfa-5505	47	36	“	"	PUNCT
ajfa-5505	47	37	banking	banking	NOUN
ajfa-5505	47	38	relationship	relationship	NOUN
ajfa-5505	47	39	”	"	PUNCT
ajfa-5505	47	40	while	while	SCONJ
ajfa-5505	47	41	lending	lending	NOUN
ajfa-5505	47	42	.	.	PUNCT
ajfa-5505	48	1	the	the	DET
ajfa-5505	48	2	rest	rest	NOUN
ajfa-5505	48	3	of	of	ADP
ajfa-5505	48	4	our	our	PRON
ajfa-5505	48	5	paper	paper	NOUN
ajfa-5505	48	6	is	be	AUX
ajfa-5505	48	7	organized	organize	VERB
ajfa-5505	48	8	as	as	SCONJ
ajfa-5505	48	9	follows	follow	VERB
ajfa-5505	48	10	:	:	PUNCT
ajfa-5505	48	11	in	in	ADP
ajfa-5505	48	12	section	section	NOUN
ajfa-5505	48	13	2	2	NUM
ajfa-5505	48	14	,	,	PUNCT
ajfa-5505	48	15	we	we	PRON
ajfa-5505	48	16	introduce	introduce	VERB
ajfa-5505	48	17	literatures	literature	NOUN
ajfa-5505	48	18	and	and	CCONJ
ajfa-5505	48	19	asian	asian	ADJ
ajfa-5505	48	20	journal	journal	NOUN
ajfa-5505	48	21	of	of	ADP
ajfa-5505	48	22	finance	finance	PROPN
ajfa-5505	48	23	&	&	CCONJ
ajfa-5505	48	24	accounting	accounting	PROPN
ajfa-5505	48	25	issn	issn	PROPN
ajfa-5505	48	26	1946	1946	NUM
ajfa-5505	48	27	-	-	PUNCT
ajfa-5505	48	28	052x	052x	PROPN
ajfa-5505	48	29	2014	2014	NUM
ajfa-5505	48	30	,	,	PUNCT
ajfa-5505	48	31	vol	vol	NOUN
ajfa-5505	48	32	.	.	PROPN
ajfa-5505	49	1	6	6	NUM
ajfa-5505	49	2	,	,	PUNCT
ajfa-5505	49	3	no	no	INTJ
ajfa-5505	49	4	.	.	NOUN
ajfa-5505	49	5	2	2	NUM
ajfa-5505	49	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	49	7	22	22	NUM
ajfa-5505	49	8	hypotheses	hypothesis	NOUN
ajfa-5505	49	9	.	.	PUNCT
ajfa-5505	50	1	the	the	DET
ajfa-5505	50	2	data	datum	NOUN
ajfa-5505	50	3	sources	source	NOUN
ajfa-5505	50	4	and	and	CCONJ
ajfa-5505	50	5	model	model	NOUN
ajfa-5505	50	6	development	development	NOUN
ajfa-5505	50	7	are	be	AUX
ajfa-5505	50	8	explained	explain	VERB
ajfa-5505	50	9	in	in	ADP
ajfa-5505	50	10	section	section	NOUN
ajfa-5505	50	11	3	3	NUM
ajfa-5505	50	12	.	.	PUNCT
ajfa-5505	51	1	in	in	ADP
ajfa-5505	51	2	section	section	NOUN
ajfa-5505	51	3	4	4	NUM
ajfa-5505	51	4	,	,	PUNCT
ajfa-5505	51	5	we	we	PRON
ajfa-5505	51	6	show	show	VERB
ajfa-5505	51	7	and	and	CCONJ
ajfa-5505	51	8	analyze	analyze	VERB
ajfa-5505	51	9	the	the	DET
ajfa-5505	51	10	empirical	empirical	ADJ
ajfa-5505	51	11	results	result	NOUN
ajfa-5505	51	12	.	.	PUNCT
ajfa-5505	52	1	finally	finally	ADV
ajfa-5505	52	2	,	,	PUNCT
ajfa-5505	52	3	the	the	DET
ajfa-5505	52	4	conclusions	conclusion	NOUN
ajfa-5505	52	5	are	be	AUX
ajfa-5505	52	6	drawn	draw	VERB
ajfa-5505	52	7	.	.	PUNCT
ajfa-5505	53	1	2	2	X
ajfa-5505	53	2	.	.	X
ajfa-5505	53	3	literature	literature	NOUN
ajfa-5505	53	4	and	and	CCONJ
ajfa-5505	53	5	hypotheses	hypothesis	NOUN
ajfa-5505	53	6	after	after	ADP
ajfa-5505	53	7	allowing	allow	VERB
ajfa-5505	53	8	for	for	ADP
ajfa-5505	53	9	the	the	DET
ajfa-5505	53	10	establishment	establishment	NOUN
ajfa-5505	53	11	of	of	ADP
ajfa-5505	53	12	new	new	ADJ
ajfa-5505	53	13	banks	bank	NOUN
ajfa-5505	53	14	,	,	PUNCT
ajfa-5505	53	15	the	the	DET
ajfa-5505	53	16	taiwanese	taiwanese	ADJ
ajfa-5505	53	17	banking	banking	NOUN
ajfa-5505	53	18	market	market	NOUN
ajfa-5505	53	19	has	have	AUX
ajfa-5505	53	20	often	often	ADV
ajfa-5505	53	21	been	be	AUX
ajfa-5505	53	22	criticized	criticize	VERB
ajfa-5505	53	23	for	for	ADP
ajfa-5505	53	24	its	its	PRON
ajfa-5505	53	25	small	small	ADJ
ajfa-5505	53	26	scale	scale	NOUN
ajfa-5505	53	27	and	and	CCONJ
ajfa-5505	53	28	over	over	ADP
ajfa-5505	53	29	-	-	PUNCT
ajfa-5505	53	30	banking	banking	NOUN
ajfa-5505	53	31	.	.	PUNCT
ajfa-5505	54	1	these	these	DET
ajfa-5505	54	2	shortcomings	shortcoming	NOUN
ajfa-5505	54	3	make	make	VERB
ajfa-5505	54	4	banks	bank	NOUN
ajfa-5505	54	5	suffer	suffer	VERB
ajfa-5505	54	6	dramatically	dramatically	ADV
ajfa-5505	54	7	from	from	ADP
ajfa-5505	54	8	price	price	NOUN
ajfa-5505	54	9	competition	competition	NOUN
ajfa-5505	54	10	in	in	ADP
ajfa-5505	54	11	lending	lending	NOUN
ajfa-5505	54	12	business	business	NOUN
ajfa-5505	54	13	.	.	PUNCT
ajfa-5505	55	1	therefore	therefore	ADV
ajfa-5505	55	2	,	,	PUNCT
ajfa-5505	55	3	if	if	SCONJ
ajfa-5505	55	4	one	one	PRON
ajfa-5505	55	5	wants	want	VERB
ajfa-5505	55	6	to	to	PART
ajfa-5505	55	7	check	check	VERB
ajfa-5505	55	8	whether	whether	SCONJ
ajfa-5505	55	9	the	the	DET
ajfa-5505	55	10	loan	loan	NOUN
ajfa-5505	55	11	spreads	spread	NOUN
ajfa-5505	55	12	are	be	AUX
ajfa-5505	55	13	reasonable	reasonable	ADJ
ajfa-5505	55	14	,	,	PUNCT
ajfa-5505	55	15	one	one	PRON
ajfa-5505	55	16	should	should	AUX
ajfa-5505	55	17	be	be	AUX
ajfa-5505	55	18	concerned	concern	VERB
ajfa-5505	55	19	with	with	ADP
ajfa-5505	55	20	both	both	CCONJ
ajfa-5505	55	21	the	the	DET
ajfa-5505	55	22	credit	credit	NOUN
ajfa-5505	55	23	system	system	NOUN
ajfa-5505	55	24	and	and	CCONJ
ajfa-5505	55	25	competitive	competitive	ADJ
ajfa-5505	55	26	environment	environment	NOUN
ajfa-5505	55	27	.	.	PUNCT
ajfa-5505	56	1	the	the	DET
ajfa-5505	56	2	credit	credit	NOUN
ajfa-5505	56	3	system	system	NOUN
ajfa-5505	56	4	is	be	AUX
ajfa-5505	56	5	often	often	ADV
ajfa-5505	56	6	set	set	VERB
ajfa-5505	56	7	in	in	ADP
ajfa-5505	56	8	accordance	accordance	NOUN
ajfa-5505	56	9	with	with	ADP
ajfa-5505	56	10	the	the	DET
ajfa-5505	56	11	principle	principle	NOUN
ajfa-5505	56	12	of	of	ADP
ajfa-5505	56	13	the	the	DET
ajfa-5505	56	14	five	five	NUM
ajfa-5505	56	15	-	-	PUNCT
ajfa-5505	56	16	p	p	NOUN
ajfa-5505	56	17	’s	’s	NOUN
ajfa-5505	56	18	:	:	PUNCT
ajfa-5505	56	19	people	people	NOUN
ajfa-5505	56	20	(	(	PUNCT
ajfa-5505	56	21	who	who	PRON
ajfa-5505	56	22	borrow	borrow	VERB
ajfa-5505	56	23	)	)	PUNCT
ajfa-5505	56	24	,	,	PUNCT
ajfa-5505	56	25	purpose	purpose	NOUN
ajfa-5505	56	26	(	(	PUNCT
ajfa-5505	56	27	for	for	ADP
ajfa-5505	56	28	what	what	PRON
ajfa-5505	56	29	)	)	PUNCT
ajfa-5505	56	30	,	,	PUNCT
ajfa-5505	56	31	payment	payment	NOUN
ajfa-5505	56	32	(	(	PUNCT
ajfa-5505	56	33	resource	resource	NOUN
ajfa-5505	56	34	to	to	PART
ajfa-5505	56	35	payoff	payoff	VERB
ajfa-5505	56	36	)	)	PUNCT
ajfa-5505	56	37	,	,	PUNCT
ajfa-5505	56	38	protection	protection	NOUN
ajfa-5505	56	39	(	(	PUNCT
ajfa-5505	56	40	the	the	DET
ajfa-5505	56	41	safety	safety	NOUN
ajfa-5505	56	42	of	of	ADP
ajfa-5505	56	43	the	the	DET
ajfa-5505	56	44	lending	lending	NOUN
ajfa-5505	56	45	asset	asset	NOUN
ajfa-5505	56	46	)	)	PUNCT
ajfa-5505	56	47	and	and	CCONJ
ajfa-5505	56	48	prospect	prospect	NOUN
ajfa-5505	56	49	(	(	PUNCT
ajfa-5505	56	50	the	the	DET
ajfa-5505	56	51	profitability	profitability	NOUN
ajfa-5505	56	52	of	of	ADP
ajfa-5505	56	53	the	the	DET
ajfa-5505	56	54	fund	fund	NOUN
ajfa-5505	56	55	)	)	PUNCT
ajfa-5505	56	56	.	.	PUNCT
ajfa-5505	57	1	according	accord	VERB
ajfa-5505	57	2	to	to	ADP
ajfa-5505	57	3	these	these	DET
ajfa-5505	57	4	indexes	index	NOUN
ajfa-5505	57	5	,	,	PUNCT
ajfa-5505	57	6	banks	bank	NOUN
ajfa-5505	57	7	set	set	VERB
ajfa-5505	57	8	their	their	PRON
ajfa-5505	57	9	own	own	ADJ
ajfa-5505	57	10	credit	credit	NOUN
ajfa-5505	57	11	system	system	NOUN
ajfa-5505	57	12	and	and	CCONJ
ajfa-5505	57	13	credit	credit	NOUN
ajfa-5505	57	14	regulation	regulation	NOUN
ajfa-5505	57	15	for	for	SCONJ
ajfa-5505	57	16	their	their	PRON
ajfa-5505	57	17	credit	credit	NOUN
ajfa-5505	57	18	officers	officer	NOUN
ajfa-5505	57	19	to	to	PART
ajfa-5505	57	20	follow	follow	VERB
ajfa-5505	57	21	their	their	PRON
ajfa-5505	57	22	policy	policy	NOUN
ajfa-5505	57	23	and	and	CCONJ
ajfa-5505	57	24	write	write	VERB
ajfa-5505	57	25	credit	credit	NOUN
ajfa-5505	57	26	reports	report	NOUN
ajfa-5505	57	27	to	to	PART
ajfa-5505	57	28	describe	describe	VERB
ajfa-5505	57	29	each	each	DET
ajfa-5505	57	30	client	client	NOUN
ajfa-5505	57	31	’s	’s	PART
ajfa-5505	57	32	credit	credit	NOUN
ajfa-5505	57	33	state	state	NOUN
ajfa-5505	57	34	and	and	CCONJ
ajfa-5505	57	35	relationships	relationship	NOUN
ajfa-5505	57	36	for	for	ADP
ajfa-5505	57	37	determining	determine	VERB
ajfa-5505	57	38	the	the	DET
ajfa-5505	57	39	approval	approval	NOUN
ajfa-5505	57	40	or	or	CCONJ
ajfa-5505	57	41	rejection	rejection	NOUN
ajfa-5505	57	42	of	of	ADP
ajfa-5505	57	43	the	the	DET
ajfa-5505	57	44	loan	loan	NOUN
ajfa-5505	57	45	application	application	NOUN
ajfa-5505	57	46	.	.	PUNCT
ajfa-5505	58	1	since	since	SCONJ
ajfa-5505	58	2	the	the	DET
ajfa-5505	58	3	financial	financial	ADJ
ajfa-5505	58	4	environment	environment	NOUN
ajfa-5505	58	5	is	be	AUX
ajfa-5505	58	6	changeable	changeable	ADJ
ajfa-5505	58	7	,	,	PUNCT
ajfa-5505	58	8	banks	bank	NOUN
ajfa-5505	58	9	should	should	AUX
ajfa-5505	58	10	consider	consider	VERB
ajfa-5505	58	11	their	their	PRON
ajfa-5505	58	12	own	own	ADJ
ajfa-5505	58	13	situation	situation	NOUN
ajfa-5505	58	14	in	in	ADP
ajfa-5505	58	15	light	light	NOUN
ajfa-5505	58	16	of	of	ADP
ajfa-5505	58	17	market	market	NOUN
ajfa-5505	58	18	realities	reality	NOUN
ajfa-5505	58	19	in	in	ADP
ajfa-5505	58	20	order	order	NOUN
ajfa-5505	58	21	to	to	PART
ajfa-5505	58	22	set	set	VERB
ajfa-5505	58	23	a	a	DET
ajfa-5505	58	24	reasonable	reasonable	ADJ
ajfa-5505	58	25	loan	loan	NOUN
ajfa-5505	58	26	spread	spread	NOUN
ajfa-5505	58	27	.	.	PUNCT
ajfa-5505	59	1	we	we	PRON
ajfa-5505	59	2	refer	refer	VERB
ajfa-5505	59	3	to	to	ADP
ajfa-5505	59	4	the	the	DET
ajfa-5505	59	5	prior	prior	ADJ
ajfa-5505	59	6	literature	literature	NOUN
ajfa-5505	59	7	related	relate	VERB
ajfa-5505	59	8	to	to	ADP
ajfa-5505	59	9	our	our	PRON
ajfa-5505	59	10	study	study	NOUN
ajfa-5505	59	11	in	in	ADP
ajfa-5505	59	12	three	three	NUM
ajfa-5505	59	13	parts	part	NOUN
ajfa-5505	59	14	.	.	PUNCT
ajfa-5505	60	1	first	first	ADV
ajfa-5505	60	2	,	,	PUNCT
ajfa-5505	60	3	we	we	PRON
ajfa-5505	60	4	introduce	introduce	VERB
ajfa-5505	60	5	banking	banking	NOUN
ajfa-5505	60	6	relationships	relationship	NOUN
ajfa-5505	60	7	between	between	ADP
ajfa-5505	60	8	banks	bank	NOUN
ajfa-5505	60	9	and	and	CCONJ
ajfa-5505	60	10	clients	client	NOUN
ajfa-5505	60	11	,	,	PUNCT
ajfa-5505	60	12	and	and	CCONJ
ajfa-5505	60	13	then	then	ADV
ajfa-5505	60	14	discuss	discuss	VERB
ajfa-5505	60	15	how	how	SCONJ
ajfa-5505	60	16	the	the	DET
ajfa-5505	60	17	credit	credit	NOUN
ajfa-5505	60	18	risk	risk	NOUN
ajfa-5505	60	19	of	of	ADP
ajfa-5505	60	20	banks	bank	NOUN
ajfa-5505	60	21	and	and	CCONJ
ajfa-5505	60	22	clients	client	NOUN
ajfa-5505	60	23	impacts	impact	VERB
ajfa-5505	60	24	the	the	DET
ajfa-5505	60	25	loan	loan	NOUN
ajfa-5505	60	26	decision	decision	NOUN
ajfa-5505	60	27	.	.	PUNCT
ajfa-5505	61	1	finally	finally	ADV
ajfa-5505	61	2	,	,	PUNCT
ajfa-5505	61	3	we	we	PRON
ajfa-5505	61	4	discuss	discuss	VERB
ajfa-5505	61	5	the	the	DET
ajfa-5505	61	6	impact	impact	NOUN
ajfa-5505	61	7	of	of	ADP
ajfa-5505	61	8	the	the	DET
ajfa-5505	61	9	ownership	ownership	NOUN
ajfa-5505	61	10	type	type	NOUN
ajfa-5505	61	11	on	on	ADP
ajfa-5505	61	12	lending	lending	NOUN
ajfa-5505	61	13	business	business	NOUN
ajfa-5505	61	14	.	.	PUNCT
ajfa-5505	62	1	2.1	2.1	NUM
ajfa-5505	62	2	banking	banking	NOUN
ajfa-5505	62	3	relationships	relationship	NOUN
ajfa-5505	62	4	three	three	NUM
ajfa-5505	62	5	methods	method	NOUN
ajfa-5505	62	6	are	be	AUX
ajfa-5505	62	7	used	use	VERB
ajfa-5505	62	8	to	to	PART
ajfa-5505	62	9	measure	measure	VERB
ajfa-5505	62	10	the	the	DET
ajfa-5505	62	11	borrower	borrower	NOUN
ajfa-5505	62	12	-	-	PUNCT
ajfa-5505	62	13	lender	lender	NOUN
ajfa-5505	62	14	relationships	relationship	NOUN
ajfa-5505	62	15	.	.	PUNCT
ajfa-5505	63	1	first	first	ADV
ajfa-5505	63	2	,	,	PUNCT
ajfa-5505	63	3	we	we	PRON
ajfa-5505	63	4	focus	focus	VERB
ajfa-5505	63	5	on	on	ADP
ajfa-5505	63	6	single	single	ADJ
ajfa-5505	63	7	or	or	CCONJ
ajfa-5505	63	8	multiple	multiple	ADJ
ajfa-5505	63	9	relationships	relationship	NOUN
ajfa-5505	63	10	,	,	PUNCT
ajfa-5505	63	11	where	where	SCONJ
ajfa-5505	63	12	the	the	DET
ajfa-5505	63	13	borrower	borrower	NOUN
ajfa-5505	63	14	chooses	choose	VERB
ajfa-5505	63	15	to	to	PART
ajfa-5505	63	16	deal	deal	VERB
ajfa-5505	63	17	with	with	ADP
ajfa-5505	63	18	at	at	ADV
ajfa-5505	63	19	least	least	ADV
ajfa-5505	63	20	one	one	NUM
ajfa-5505	63	21	bank	bank	NOUN
ajfa-5505	63	22	(	(	PUNCT
ajfa-5505	63	23	domestic	domestic	ADJ
ajfa-5505	63	24	or	or	CCONJ
ajfa-5505	63	25	foreign	foreign	ADJ
ajfa-5505	63	26	bank	bank	NOUN
ajfa-5505	63	27	)	)	PUNCT
ajfa-5505	63	28	.	.	PUNCT
ajfa-5505	64	1	the	the	DET
ajfa-5505	64	2	research	research	NOUN
ajfa-5505	64	3	point	point	NOUN
ajfa-5505	64	4	concerns	concern	VERB
ajfa-5505	64	5	the	the	DET
ajfa-5505	64	6	factors	factor	NOUN
ajfa-5505	64	7	impacting	impact	VERB
ajfa-5505	64	8	the	the	DET
ajfa-5505	64	9	behavior	behavior	NOUN
ajfa-5505	64	10	of	of	ADP
ajfa-5505	64	11	choosing	choose	VERB
ajfa-5505	64	12	a	a	DET
ajfa-5505	64	13	single	single	ADJ
ajfa-5505	64	14	or	or	CCONJ
ajfa-5505	64	15	multiple	multiple	ADJ
ajfa-5505	64	16	relationships	relationship	NOUN
ajfa-5505	64	17	.	.	PUNCT
ajfa-5505	65	1	second	second	ADJ
ajfa-5505	65	2	,	,	PUNCT
ajfa-5505	65	3	we	we	PRON
ajfa-5505	65	4	focus	focus	VERB
ajfa-5505	65	5	on	on	ADP
ajfa-5505	65	6	the	the	DET
ajfa-5505	65	7	number	number	NOUN
ajfa-5505	65	8	and	and	CCONJ
ajfa-5505	65	9	duration	duration	NOUN
ajfa-5505	65	10	of	of	ADP
ajfa-5505	65	11	the	the	DET
ajfa-5505	65	12	relationship	relationship	NOUN
ajfa-5505	65	13	banks	bank	NOUN
ajfa-5505	65	14	.	.	PUNCT
ajfa-5505	66	1	if	if	SCONJ
ajfa-5505	66	2	the	the	DET
ajfa-5505	66	3	borrower	borrower	NOUN
ajfa-5505	66	4	deals	deal	VERB
ajfa-5505	66	5	with	with	ADP
ajfa-5505	66	6	many	many	ADJ
ajfa-5505	66	7	banks	bank	NOUN
ajfa-5505	66	8	which	which	PRON
ajfa-5505	66	9	display	display	VERB
ajfa-5505	66	10	a	a	DET
ajfa-5505	66	11	preference	preference	NOUN
ajfa-5505	66	12	for	for	ADP
ajfa-5505	66	13	multiple	multiple	ADJ
ajfa-5505	66	14	relationships	relationship	NOUN
ajfa-5505	66	15	,	,	PUNCT
ajfa-5505	66	16	the	the	DET
ajfa-5505	66	17	longer	long	ADJ
ajfa-5505	66	18	duration	duration	NOUN
ajfa-5505	66	19	signals	signal	VERB
ajfa-5505	66	20	the	the	PRON
ajfa-5505	66	21	better	well	ADJ
ajfa-5505	66	22	the	the	DET
ajfa-5505	66	23	borrower	borrower	NOUN
ajfa-5505	66	24	-	-	PUNCT
ajfa-5505	66	25	lender	lender	NOUN
ajfa-5505	66	26	relationships	relationship	NOUN
ajfa-5505	66	27	.	.	PUNCT
ajfa-5505	67	1	third	third	ADJ
ajfa-5505	67	2	,	,	PUNCT
ajfa-5505	67	3	we	we	PRON
ajfa-5505	67	4	measure	measure	VERB
ajfa-5505	67	5	the	the	DET
ajfa-5505	67	6	relationships	relationship	NOUN
ajfa-5505	67	7	with	with	ADP
ajfa-5505	67	8	loan	loan	NOUN
ajfa-5505	67	9	spreads	spread	NOUN
ajfa-5505	67	10	and	and	CCONJ
ajfa-5505	67	11	credit	credit	NOUN
ajfa-5505	67	12	availability	availability	NOUN
ajfa-5505	67	13	.	.	PUNCT
ajfa-5505	68	1	the	the	PRON
ajfa-5505	68	2	lower	low	ADJ
ajfa-5505	68	3	the	the	DET
ajfa-5505	68	4	loan	loan	NOUN
ajfa-5505	68	5	spread	spread	NOUN
ajfa-5505	68	6	and	and	CCONJ
ajfa-5505	68	7	the	the	DET
ajfa-5505	68	8	more	more	ADJ
ajfa-5505	68	9	credit	credit	NOUN
ajfa-5505	68	10	availability	availability	NOUN
ajfa-5505	68	11	is	be	AUX
ajfa-5505	68	12	a	a	DET
ajfa-5505	68	13	sign	sign	NOUN
ajfa-5505	68	14	of	of	ADP
ajfa-5505	68	15	better	well	ADJ
ajfa-5505	68	16	borrower	borrower	NOUN
ajfa-5505	68	17	-	-	PUNCT
ajfa-5505	68	18	lender	lender	NOUN
ajfa-5505	68	19	relationships	relationship	NOUN
ajfa-5505	68	20	.	.	PUNCT
ajfa-5505	69	1	our	our	PRON
ajfa-5505	69	2	research	research	NOUN
ajfa-5505	69	3	focuses	focus	VERB
ajfa-5505	69	4	on	on	ADP
ajfa-5505	69	5	how	how	SCONJ
ajfa-5505	69	6	the	the	DET
ajfa-5505	69	7	borrower	borrower	NOUN
ajfa-5505	69	8	deals	deal	VERB
ajfa-5505	69	9	with	with	ADP
ajfa-5505	69	10	banks	bank	NOUN
ajfa-5505	69	11	with	with	ADP
ajfa-5505	69	12	different	different	ADJ
ajfa-5505	69	13	ownership	ownership	NOUN
ajfa-5505	69	14	and	and	CCONJ
ajfa-5505	69	15	lending	lending	NOUN
ajfa-5505	69	16	performance	performance	NOUN
ajfa-5505	69	17	,	,	PUNCT
ajfa-5505	69	18	and	and	CCONJ
ajfa-5505	69	19	is	be	AUX
ajfa-5505	69	20	related	relate	VERB
ajfa-5505	69	21	to	to	ADP
ajfa-5505	69	22	the	the	DET
ajfa-5505	69	23	first	first	ADJ
ajfa-5505	69	24	and	and	CCONJ
ajfa-5505	69	25	the	the	DET
ajfa-5505	69	26	third13	third13	NOUN
ajfa-5505	69	27	methods	method	NOUN
ajfa-5505	69	28	.	.	PUNCT
ajfa-5505	70	1	banking	banking	NOUN
ajfa-5505	70	2	relationships	relationship	NOUN
ajfa-5505	70	3	are	be	AUX
ajfa-5505	70	4	influenced	influence	VERB
ajfa-5505	70	5	by	by	ADP
ajfa-5505	70	6	bank	bank	NOUN
ajfa-5505	70	7	size	size	NOUN
ajfa-5505	70	8	.	.	PUNCT
ajfa-5505	71	1	large	large	ADJ
ajfa-5505	71	2	banks	bank	NOUN
ajfa-5505	71	3	with	with	ADP
ajfa-5505	71	4	excellent	excellent	ADJ
ajfa-5505	71	5	technological	technological	ADJ
ajfa-5505	71	6	ability	ability	NOUN
ajfa-5505	71	7	and	and	CCONJ
ajfa-5505	71	8	better	well	ADJ
ajfa-5505	71	9	management	management	NOUN
ajfa-5505	71	10	systems	system	NOUN
ajfa-5505	71	11	specialize	specialize	VERB
ajfa-5505	71	12	in	in	ADP
ajfa-5505	71	13	using	use	VERB
ajfa-5505	71	14	“	"	PUNCT
ajfa-5505	71	15	hard	hard	ADJ
ajfa-5505	71	16	information	information	NOUN
ajfa-5505	71	17	”	"	PUNCT
ajfa-5505	71	18	to	to	PART
ajfa-5505	71	19	make	make	VERB
ajfa-5505	71	20	standardized	standardized	ADJ
ajfa-5505	71	21	loans	loan	NOUN
ajfa-5505	71	22	,	,	PUNCT
ajfa-5505	71	23	while	while	SCONJ
ajfa-5505	71	24	small	small	ADJ
ajfa-5505	71	25	banks	bank	NOUN
ajfa-5505	71	26	specialize	specialize	VERB
ajfa-5505	71	27	in	in	ADP
ajfa-5505	71	28	using	use	VERB
ajfa-5505	71	29	“	"	PUNCT
ajfa-5505	71	30	soft	soft	ADJ
ajfa-5505	71	31	information	information	NOUN
ajfa-5505	71	32	”	"	PUNCT
ajfa-5505	71	33	and	and	CCONJ
ajfa-5505	71	34	developing	develop	VERB
ajfa-5505	71	35	relationships	relationship	NOUN
ajfa-5505	71	36	to	to	PART
ajfa-5505	71	37	make	make	VERB
ajfa-5505	71	38	non	non	ADJ
ajfa-5505	71	39	-	-	ADJ
ajfa-5505	71	40	standardized	standardized	ADJ
ajfa-5505	71	41	loans14	loans14	NOUN
ajfa-5505	71	42	(	(	PUNCT
ajfa-5505	71	43	stein	stein	PROPN
ajfa-5505	71	44	,	,	PUNCT
ajfa-5505	71	45	2002	2002	NUM
ajfa-5505	71	46	;	;	PUNCT
ajfa-5505	71	47	carter	carter	PROPN
ajfa-5505	71	48	david	david	PROPN
ajfa-5505	71	49	a.	a.	PROPN
ajfa-5505	71	50	et	et	PROPN
ajfa-5505	71	51	al	al	PROPN
ajfa-5505	71	52	.	.	PROPN
ajfa-5505	71	53	2005	2005	NUM
ajfa-5505	71	54	)	)	PUNCT
ajfa-5505	71	55	.	.	PUNCT
ajfa-5505	72	1	the	the	DET
ajfa-5505	72	2	credit	credit	NOUN
ajfa-5505	72	3	officers	officer	NOUN
ajfa-5505	72	4	of	of	ADP
ajfa-5505	72	5	small	small	ADJ
ajfa-5505	72	6	banks	bank	NOUN
ajfa-5505	72	7	prefer	prefer	VERB
ajfa-5505	72	8	making	make	VERB
ajfa-5505	72	9	the	the	DET
ajfa-5505	72	10	most	most	ADJ
ajfa-5505	72	11	of	of	ADP
ajfa-5505	72	12	vital	vital	ADJ
ajfa-5505	72	13	information	information	NOUN
ajfa-5505	72	14	which	which	PRON
ajfa-5505	72	15	they	they	PRON
ajfa-5505	72	16	obtain	obtain	VERB
ajfa-5505	72	17	from	from	ADP
ajfa-5505	72	18	the	the	DET
ajfa-5505	72	19	closer	close	ADJ
ajfa-5505	72	20	relationships	relationship	NOUN
ajfa-5505	72	21	,	,	PUNCT
ajfa-5505	72	22	and	and	CCONJ
ajfa-5505	72	23	the	the	DET
ajfa-5505	72	24	soft	soft	ADJ
ajfa-5505	72	25	information	information	NOUN
ajfa-5505	72	26	is	be	AUX
ajfa-5505	72	27	often	often	ADV
ajfa-5505	72	28	regarded	regard	VERB
ajfa-5505	72	29	as	as	ADP
ajfa-5505	72	30	a	a	DET
ajfa-5505	72	31	critical	critical	ADJ
ajfa-5505	72	32	instrument	instrument	NOUN
ajfa-5505	72	33	in	in	ADP
ajfa-5505	72	34	comprehending	comprehend	VERB
ajfa-5505	72	35	the	the	DET
ajfa-5505	72	36	detailed	detailed	ADJ
ajfa-5505	72	37	information	information	NOUN
ajfa-5505	72	38	of	of	ADP
ajfa-5505	72	39	the	the	DET
ajfa-5505	72	40	borrowers	borrower	NOUN
ajfa-5505	72	41	.	.	PUNCT
ajfa-5505	73	1	with	with	ADP
ajfa-5505	73	2	respect	respect	NOUN
ajfa-5505	73	3	to	to	ADP
ajfa-5505	73	4	a	a	DET
ajfa-5505	73	5	single	single	ADJ
ajfa-5505	73	6	relationship	relationship	NOUN
ajfa-5505	73	7	,	,	PUNCT
ajfa-5505	73	8	when	when	SCONJ
ajfa-5505	73	9	the	the	DET
ajfa-5505	73	10	borrower	borrower	NOUN
ajfa-5505	73	11	experiences	experience	VERB
ajfa-5505	73	12	an	an	DET
ajfa-5505	73	13	unfavorable	unfavorable	ADJ
ajfa-5505	73	14	outcome	outcome	NOUN
ajfa-5505	73	15	,	,	PUNCT
ajfa-5505	73	16	the	the	DET
ajfa-5505	73	17	bank	bank	NOUN
ajfa-5505	73	18	will	will	AUX
ajfa-5505	73	19	immediately	immediately	ADV
ajfa-5505	73	20	tighten	tighten	VERB
ajfa-5505	73	21	the	the	DET
ajfa-5505	73	22	credit	credit	NOUN
ajfa-5505	73	23	availability	availability	NOUN
ajfa-5505	73	24	to	to	PART
ajfa-5505	73	25	reduce	reduce	VERB
ajfa-5505	73	26	the	the	DET
ajfa-5505	73	27	lending	lending	NOUN
ajfa-5505	73	28	scale	scale	NOUN
ajfa-5505	73	29	or	or	CCONJ
ajfa-5505	73	30	increase	increase	VERB
ajfa-5505	73	31	the	the	DET
ajfa-5505	73	32	interest	interest	NOUN
ajfa-5505	73	33	rate	rate	NOUN
ajfa-5505	73	34	and	and	CCONJ
ajfa-5505	73	35	will	will	AUX
ajfa-5505	73	36	dominate	dominate	VERB
ajfa-5505	73	37	all	all	DET
ajfa-5505	73	38	situations	situation	NOUN
ajfa-5505	73	39	in	in	ADP
ajfa-5505	73	40	response	response	NOUN
ajfa-5505	73	41	to	to	ADP
ajfa-5505	73	42	the	the	DET
ajfa-5505	73	43	advantage	advantage	NOUN
ajfa-5505	73	44	of	of	ADP
ajfa-5505	73	45	its	its	PRON
ajfa-5505	73	46	monopolistic	monopolistic	ADJ
ajfa-5505	73	47	position	position	NOUN
ajfa-5505	73	48	.	.	PUNCT
ajfa-5505	74	1	even	even	ADV
ajfa-5505	74	2	if	if	SCONJ
ajfa-5505	74	3	the	the	DET
ajfa-5505	74	4	borrower	borrower	NOUN
ajfa-5505	74	5	is	be	AUX
ajfa-5505	74	6	in	in	ADP
ajfa-5505	74	7	a	a	DET
ajfa-5505	74	8	normal	normal	ADJ
ajfa-5505	74	9	situation	situation	NOUN
ajfa-5505	74	10	,	,	PUNCT
ajfa-5505	74	11	the	the	DET
ajfa-5505	74	12	relationship	relationship	NOUN
ajfa-5505	74	13	bank	bank	NOUN
ajfa-5505	74	14	will	will	AUX
ajfa-5505	74	15	still	still	ADV
ajfa-5505	74	16	charge	charge	VERB
ajfa-5505	74	17	a	a	DET
ajfa-5505	74	18	higher	high	ADJ
ajfa-5505	74	19	interest	interest	NOUN
ajfa-5505	74	20	rate	rate	NOUN
ajfa-5505	74	21	(	(	PUNCT
ajfa-5505	74	22	berger	berger	NOUN
ajfa-5505	74	23	-	-	PUNCT
ajfa-5505	74	24	udell	udell	PROPN
ajfa-5505	74	25	,	,	PUNCT
ajfa-5505	74	26	2002	2002	NUM
ajfa-5505	74	27	)	)	PUNCT
ajfa-5505	74	28	.	.	PUNCT
ajfa-5505	75	1	cole	cole	PROPN
ajfa-5505	75	2	et	et	PROPN
ajfa-5505	75	3	al	al	PROPN
ajfa-5505	75	4	.	.	PROPN
ajfa-5505	75	5	(	(	PUNCT
ajfa-5505	75	6	2004	2004	NUM
ajfa-5505	75	7	)	)	PUNCT
ajfa-5505	75	8	indicated	indicate	VERB
ajfa-5505	75	9	that	that	SCONJ
ajfa-5505	75	10	large	large	ADJ
ajfa-5505	75	11	banks	bank	NOUN
ajfa-5505	75	12	will	will	AUX
ajfa-5505	75	13	lay	lay	VERB
ajfa-5505	75	14	asian	asian	ADJ
ajfa-5505	75	15	journal	journal	NOUN
ajfa-5505	75	16	of	of	ADP
ajfa-5505	75	17	finance	finance	PROPN
ajfa-5505	75	18	&	&	CCONJ
ajfa-5505	75	19	accounting	accounting	PROPN
ajfa-5505	75	20	issn	issn	PROPN
ajfa-5505	75	21	1946	1946	NUM
ajfa-5505	75	22	-	-	PUNCT
ajfa-5505	75	23	052x	052x	PROPN
ajfa-5505	75	24	2014	2014	NUM
ajfa-5505	75	25	,	,	PUNCT
ajfa-5505	75	26	vol	vol	NOUN
ajfa-5505	75	27	.	.	PROPN
ajfa-5505	75	28	6	6	NUM
ajfa-5505	75	29	,	,	PUNCT
ajfa-5505	75	30	no	no	INTJ
ajfa-5505	75	31	.	.	NOUN
ajfa-5505	75	32	2	2	NUM
ajfa-5505	75	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	75	34	23	23	NUM
ajfa-5505	75	35	emphasis	emphasis	NOUN
ajfa-5505	75	36	on	on	ADP
ajfa-5505	75	37	the	the	DET
ajfa-5505	75	38	financial	financial	ADJ
ajfa-5505	75	39	ratios	ratio	NOUN
ajfa-5505	75	40	of	of	ADP
ajfa-5505	75	41	the	the	DET
ajfa-5505	75	42	borrower	borrower	NOUN
ajfa-5505	75	43	and	and	CCONJ
ajfa-5505	75	44	will	will	AUX
ajfa-5505	75	45	ignore	ignore	VERB
ajfa-5505	75	46	the	the	DET
ajfa-5505	75	47	opaque	opaque	ADJ
ajfa-5505	75	48	firms	firm	NOUN
ajfa-5505	75	49	that	that	PRON
ajfa-5505	75	50	are	be	AUX
ajfa-5505	75	51	small	small	ADJ
ajfa-5505	75	52	size	size	NOUN
ajfa-5505	75	53	in	in	ADP
ajfa-5505	75	54	terms	term	NOUN
ajfa-5505	75	55	of	of	ADP
ajfa-5505	75	56	assets	asset	NOUN
ajfa-5505	75	57	while	while	SCONJ
ajfa-5505	75	58	lending	lending	NOUN
ajfa-5505	75	59	.	.	PUNCT
ajfa-5505	76	1	sharpe	sharpe	PROPN
ajfa-5505	76	2	(	(	PUNCT
ajfa-5505	76	3	1990	1990	NUM
ajfa-5505	76	4	)	)	PUNCT
ajfa-5505	76	5	indicated	indicate	VERB
ajfa-5505	76	6	that	that	SCONJ
ajfa-5505	76	7	a	a	DET
ajfa-5505	76	8	borrower	borrower	NOUN
ajfa-5505	76	9	with	with	ADP
ajfa-5505	76	10	good	good	ADJ
ajfa-5505	76	11	credit	credit	NOUN
ajfa-5505	76	12	quality	quality	NOUN
ajfa-5505	76	13	can	can	AUX
ajfa-5505	76	14	use	use	VERB
ajfa-5505	76	15	its	its	PRON
ajfa-5505	76	16	operating	operating	NOUN
ajfa-5505	76	17	advantage	advantage	NOUN
ajfa-5505	76	18	to	to	PART
ajfa-5505	76	19	improve	improve	VERB
ajfa-5505	76	20	the	the	DET
ajfa-5505	76	21	debt	debt	NOUN
ajfa-5505	76	22	capacity	capacity	NOUN
ajfa-5505	76	23	and	and	CCONJ
ajfa-5505	76	24	obtain	obtain	VERB
ajfa-5505	76	25	a	a	DET
ajfa-5505	76	26	lower	low	ADJ
ajfa-5505	76	27	loan	loan	NOUN
ajfa-5505	76	28	spread	spread	NOUN
ajfa-5505	76	29	.	.	PUNCT
ajfa-5505	77	1	this	this	PRON
ajfa-5505	77	2	is	be	AUX
ajfa-5505	77	3	so	so	ADV
ajfa-5505	77	4	,	,	PUNCT
ajfa-5505	77	5	provided	provide	VERB
ajfa-5505	77	6	that	that	SCONJ
ajfa-5505	77	7	,	,	PUNCT
ajfa-5505	77	8	in	in	ADP
ajfa-5505	77	9	the	the	DET
ajfa-5505	77	10	case	case	NOUN
ajfa-5505	77	11	of	of	ADP
ajfa-5505	77	12	long	long	ADJ
ajfa-5505	77	13	-	-	PUNCT
ajfa-5505	77	14	term	term	NOUN
ajfa-5505	77	15	debt	debt	NOUN
ajfa-5505	77	16	,	,	PUNCT
ajfa-5505	77	17	the	the	DET
ajfa-5505	77	18	borrower	borrower	NOUN
ajfa-5505	77	19	is	be	AUX
ajfa-5505	77	20	unwilling	unwilling	ADJ
ajfa-5505	77	21	to	to	PART
ajfa-5505	77	22	pay	pay	VERB
ajfa-5505	77	23	an	an	DET
ajfa-5505	77	24	interest	interest	NOUN
ajfa-5505	77	25	rate	rate	NOUN
ajfa-5505	77	26	that	that	PRON
ajfa-5505	77	27	is	be	AUX
ajfa-5505	77	28	higher	high	ADJ
ajfa-5505	77	29	than	than	ADP
ajfa-5505	77	30	that	that	PRON
ajfa-5505	77	31	in	in	ADP
ajfa-5505	77	32	the	the	DET
ajfa-5505	77	33	same	same	ADJ
ajfa-5505	77	34	industry	industry	NOUN
ajfa-5505	77	35	.	.	PUNCT
ajfa-5505	78	1	peterson	peterson	PROPN
ajfa-5505	78	2	-	-	PUNCT
ajfa-5505	78	3	rajan	rajan	PROPN
ajfa-5505	78	4	(	(	PUNCT
ajfa-5505	78	5	1995	1995	NUM
ajfa-5505	78	6	)	)	PUNCT
ajfa-5505	78	7	suggested	suggest	VERB
ajfa-5505	78	8	that	that	SCONJ
ajfa-5505	78	9	as	as	SCONJ
ajfa-5505	78	10	the	the	DET
ajfa-5505	78	11	relationship	relationship	NOUN
ajfa-5505	78	12	bank	bank	NOUN
ajfa-5505	78	13	has	have	VERB
ajfa-5505	78	14	the	the	DET
ajfa-5505	78	15	market	market	NOUN
ajfa-5505	78	16	power	power	NOUN
ajfa-5505	78	17	(	(	PUNCT
ajfa-5505	78	18	private	private	ADJ
ajfa-5505	78	19	financial	financial	ADJ
ajfa-5505	78	20	holding	hold	VERB
ajfa-5505	78	21	bank	bank	NOUN
ajfa-5505	78	22	in	in	ADP
ajfa-5505	78	23	this	this	DET
ajfa-5505	78	24	study	study	NOUN
ajfa-5505	78	25	)	)	PUNCT
ajfa-5505	78	26	,	,	PUNCT
ajfa-5505	78	27	when	when	SCONJ
ajfa-5505	78	28	the	the	DET
ajfa-5505	78	29	borrower	borrower	NOUN
ajfa-5505	78	30	faces	face	VERB
ajfa-5505	78	31	a	a	DET
ajfa-5505	78	32	difficult	difficult	ADJ
ajfa-5505	78	33	time	time	NOUN
ajfa-5505	78	34	accompanied	accompany	VERB
ajfa-5505	78	35	by	by	ADP
ajfa-5505	78	36	low	low	ADJ
ajfa-5505	78	37	credit	credit	NOUN
ajfa-5505	78	38	quality	quality	NOUN
ajfa-5505	78	39	,	,	PUNCT
ajfa-5505	78	40	the	the	DET
ajfa-5505	78	41	relationship	relationship	NOUN
ajfa-5505	78	42	bank	bank	PROPN
ajfa-5505	78	43	still	still	ADV
ajfa-5505	78	44	can	can	AUX
ajfa-5505	78	45	provide	provide	VERB
ajfa-5505	78	46	what	what	PRON
ajfa-5505	78	47	the	the	DET
ajfa-5505	78	48	borrower	borrower	NOUN
ajfa-5505	78	49	needs	need	VERB
ajfa-5505	78	50	to	to	PART
ajfa-5505	78	51	reflect	reflect	VERB
ajfa-5505	78	52	its	its	PRON
ajfa-5505	78	53	excellent	excellent	ADJ
ajfa-5505	78	54	ability	ability	NOUN
ajfa-5505	78	55	for	for	ADP
ajfa-5505	78	56	assuming	assume	VERB
ajfa-5505	78	57	credit	credit	NOUN
ajfa-5505	78	58	risk	risk	NOUN
ajfa-5505	78	59	.	.	PUNCT
ajfa-5505	79	1	however	however	ADV
ajfa-5505	79	2	,	,	PUNCT
ajfa-5505	79	3	the	the	DET
ajfa-5505	79	4	conclusions	conclusion	NOUN
ajfa-5505	79	5	regarding	regard	VERB
ajfa-5505	79	6	the	the	DET
ajfa-5505	79	7	impact	impact	NOUN
ajfa-5505	79	8	of	of	ADP
ajfa-5505	79	9	the	the	DET
ajfa-5505	79	10	extension	extension	NOUN
ajfa-5505	79	11	of	of	ADP
ajfa-5505	79	12	credit	credit	NOUN
ajfa-5505	79	13	availability	availability	NOUN
ajfa-5505	79	14	and	and	CCONJ
ajfa-5505	79	15	market	market	NOUN
ajfa-5505	79	16	power	power	NOUN
ajfa-5505	79	17	on	on	ADP
ajfa-5505	79	18	banking	banking	NOUN
ajfa-5505	79	19	relationships	relationship	NOUN
ajfa-5505	79	20	are	be	AUX
ajfa-5505	79	21	still	still	ADV
ajfa-5505	79	22	inconsistent	inconsistent	ADJ
ajfa-5505	79	23	(	(	PUNCT
ajfa-5505	79	24	i.e.	i.e.	X
ajfa-5505	79	25	,	,	PUNCT
ajfa-5505	79	26	the	the	DET
ajfa-5505	79	27	concentration	concentration	NOUN
ajfa-5505	79	28	risk	risk	NOUN
ajfa-5505	79	29	of	of	ADP
ajfa-5505	79	30	the	the	DET
ajfa-5505	79	31	financial	financial	ADJ
ajfa-5505	79	32	industry	industry	NOUN
ajfa-5505	79	33	and	and	CCONJ
ajfa-5505	79	34	the	the	DET
ajfa-5505	79	35	establishment	establishment	NOUN
ajfa-5505	79	36	and	and	CCONJ
ajfa-5505	79	37	banishment	banishment	NOUN
ajfa-5505	79	38	of	of	ADP
ajfa-5505	79	39	the	the	DET
ajfa-5505	79	40	entrance	entrance	NOUN
ajfa-5505	79	41	barrier	barrier	NOUN
ajfa-5505	79	42	)	)	PUNCT
ajfa-5505	79	43	.	.	PUNCT
ajfa-5505	80	1	peterson	peterson	PROPN
ajfa-5505	80	2	-	-	PUNCT
ajfa-5505	80	3	rajan	rajan	PROPN
ajfa-5505	80	4	(	(	PUNCT
ajfa-5505	80	5	1995	1995	NUM
ajfa-5505	80	6	)	)	PUNCT
ajfa-5505	80	7	and	and	CCONJ
ajfa-5505	80	8	cetorelli	cetorelli	PROPN
ajfa-5505	80	9	-	-	PUNCT
ajfa-5505	80	10	gambera	gambera	NOUN
ajfa-5505	80	11	(	(	PUNCT
ajfa-5505	80	12	2001	2001	NUM
ajfa-5505	80	13	)	)	PUNCT
ajfa-5505	80	14	found	find	VERB
ajfa-5505	80	15	that	that	SCONJ
ajfa-5505	80	16	when	when	SCONJ
ajfa-5505	80	17	banks	bank	NOUN
ajfa-5505	80	18	increase	increase	VERB
ajfa-5505	80	19	their	their	PRON
ajfa-5505	80	20	market	market	NOUN
ajfa-5505	80	21	power	power	NOUN
ajfa-5505	80	22	,	,	PUNCT
ajfa-5505	80	23	they	they	PRON
ajfa-5505	80	24	will	will	AUX
ajfa-5505	80	25	increase	increase	VERB
ajfa-5505	80	26	the	the	DET
ajfa-5505	80	27	credit	credit	NOUN
ajfa-5505	80	28	availability	availability	NOUN
ajfa-5505	80	29	for	for	ADP
ajfa-5505	80	30	the	the	DET
ajfa-5505	80	31	relationship	relationship	NOUN
ajfa-5505	80	32	borrower	borrower	NOUN
ajfa-5505	80	33	.	.	PUNCT
ajfa-5505	81	1	however	however	ADV
ajfa-5505	81	2	,	,	PUNCT
ajfa-5505	81	3	the	the	DET
ajfa-5505	81	4	findings	finding	NOUN
ajfa-5505	81	5	of	of	ADP
ajfa-5505	81	6	black	black	NOUN
ajfa-5505	81	7	-	-	PUNCT
ajfa-5505	81	8	strahan	strahan	NOUN
ajfa-5505	81	9	(	(	PUNCT
ajfa-5505	81	10	2002	2002	NUM
ajfa-5505	81	11	)	)	PUNCT
ajfa-5505	81	12	and	and	CCONJ
ajfa-5505	81	13	berger	berger	PROPN
ajfa-5505	81	14	et	et	PROPN
ajfa-5505	81	15	al	al	PROPN
ajfa-5505	81	16	.	.	PROPN
ajfa-5505	81	17	(	(	PUNCT
ajfa-5505	81	18	2004	2004	NUM
ajfa-5505	81	19	)	)	PUNCT
ajfa-5505	81	20	present	present	ADJ
ajfa-5505	81	21	opposite	opposite	ADJ
ajfa-5505	81	22	conclusions	conclusion	NOUN
ajfa-5505	81	23	.	.	PUNCT
ajfa-5505	82	1	boot	boot	NOUN
ajfa-5505	82	2	-	-	PUNCT
ajfa-5505	82	3	thakor	thakor	PROPN
ajfa-5505	82	4	(	(	PUNCT
ajfa-5505	82	5	1994	1994	NUM
ajfa-5505	82	6	)	)	PUNCT
ajfa-5505	82	7	and	and	CCONJ
ajfa-5505	82	8	petersen	petersen	PROPN
ajfa-5505	82	9	-	-	PUNCT
ajfa-5505	82	10	rajan	rajan	PROPN
ajfa-5505	82	11	(	(	PUNCT
ajfa-5505	82	12	1995	1995	NUM
ajfa-5505	82	13	)	)	PUNCT
ajfa-5505	82	14	concluded	conclude	VERB
ajfa-5505	82	15	that	that	SCONJ
ajfa-5505	82	16	the	the	DET
ajfa-5505	82	17	duration	duration	NOUN
ajfa-5505	82	18	and	and	CCONJ
ajfa-5505	82	19	numbers	number	NOUN
ajfa-5505	82	20	of	of	ADP
ajfa-5505	82	21	borrower	borrower	NOUN
ajfa-5505	82	22	-	-	PUNCT
ajfa-5505	82	23	lender	lender	NOUN
ajfa-5505	82	24	relationships	relationship	NOUN
ajfa-5505	82	25	or	or	CCONJ
ajfa-5505	82	26	business	business	NOUN
ajfa-5505	82	27	types	type	NOUN
ajfa-5505	82	28	and	and	CCONJ
ajfa-5505	82	29	whether	whether	SCONJ
ajfa-5505	82	30	the	the	DET
ajfa-5505	82	31	creditor	creditor	NOUN
ajfa-5505	82	32	bank	bank	PROPN
ajfa-5505	82	33	is	be	AUX
ajfa-5505	82	34	the	the	DET
ajfa-5505	82	35	biggest	big	ADJ
ajfa-5505	82	36	or	or	CCONJ
ajfa-5505	82	37	main	main	ADJ
ajfa-5505	82	38	bank	bank	NOUN
ajfa-5505	82	39	are	be	AUX
ajfa-5505	82	40	the	the	DET
ajfa-5505	82	41	ideal	ideal	ADJ
ajfa-5505	82	42	index	index	NOUN
ajfa-5505	82	43	of	of	ADP
ajfa-5505	82	44	banking	banking	NOUN
ajfa-5505	82	45	relationships	relationship	NOUN
ajfa-5505	82	46	.	.	PUNCT
ajfa-5505	83	1	the	the	DET
ajfa-5505	83	2	closer	close	ADJ
ajfa-5505	83	3	relationships	relationship	NOUN
ajfa-5505	83	4	result	result	VERB
ajfa-5505	83	5	in	in	ADP
ajfa-5505	83	6	lower	low	ADJ
ajfa-5505	83	7	loan	loan	NOUN
ajfa-5505	83	8	spreads	spread	NOUN
ajfa-5505	83	9	and	and	CCONJ
ajfa-5505	83	10	less	less	ADJ
ajfa-5505	83	11	requirements	requirement	NOUN
ajfa-5505	83	12	regarding	regard	VERB
ajfa-5505	83	13	collateral	collateral	NOUN
ajfa-5505	83	14	.	.	PUNCT
ajfa-5505	84	1	greenbaum	greenbaum	PROPN
ajfa-5505	84	2	et	et	PROPN
ajfa-5505	84	3	al	al	PROPN
ajfa-5505	84	4	.	.	PROPN
ajfa-5505	84	5	(	(	PUNCT
ajfa-5505	84	6	1989	1989	NUM
ajfa-5505	84	7	)	)	PUNCT
ajfa-5505	84	8	,	,	PUNCT
ajfa-5505	84	9	sharpe	sharpe	NOUN
ajfa-5505	84	10	(	(	PUNCT
ajfa-5505	84	11	1990	1990	NUM
ajfa-5505	84	12	)	)	PUNCT
ajfa-5505	84	13	and	and	CCONJ
ajfa-5505	84	14	rajan	rajan	PROPN
ajfa-5505	84	15	(	(	PUNCT
ajfa-5505	84	16	1992	1992	NUM
ajfa-5505	84	17	)	)	PUNCT
ajfa-5505	84	18	found	find	VERB
ajfa-5505	84	19	that	that	SCONJ
ajfa-5505	84	20	banks	bank	NOUN
ajfa-5505	84	21	with	with	ADP
ajfa-5505	84	22	better	well	ADJ
ajfa-5505	84	23	borrower	borrower	NOUN
ajfa-5505	84	24	-	-	PUNCT
ajfa-5505	84	25	lender	lender	NOUN
ajfa-5505	84	26	relationships	relationship	NOUN
ajfa-5505	84	27	by	by	ADP
ajfa-5505	84	28	contrast	contrast	NOUN
ajfa-5505	84	29	more	more	ADV
ajfa-5505	84	30	strictly	strictly	ADV
ajfa-5505	84	31	claimed	claim	VERB
ajfa-5505	84	32	the	the	DET
ajfa-5505	84	33	contract	contract	NOUN
ajfa-5505	84	34	content	content	NOUN
ajfa-5505	84	35	.	.	PUNCT
ajfa-5505	85	1	however	however	ADV
ajfa-5505	85	2	,	,	PUNCT
ajfa-5505	85	3	elsas	elsas	PROPN
ajfa-5505	85	4	-	-	PUNCT
ajfa-5505	85	5	krahnen	krahnen	PROPN
ajfa-5505	85	6	(	(	PUNCT
ajfa-5505	85	7	1998	1998	NUM
ajfa-5505	85	8	)	)	PUNCT
ajfa-5505	85	9	,	,	PUNCT
ajfa-5505	85	10	harhoff	harhoff	NOUN
ajfa-5505	85	11	-	-	PUNCT
ajfa-5505	85	12	korting	korte	VERB
ajfa-5505	85	13	(	(	PUNCT
ajfa-5505	85	14	1998	1998	NUM
ajfa-5505	85	15	)	)	PUNCT
ajfa-5505	85	16	and	and	CCONJ
ajfa-5505	85	17	machauer	machauer	PROPN
ajfa-5505	85	18	-	-	PUNCT
ajfa-5505	85	19	weber	weber	PROPN
ajfa-5505	85	20	(	(	PUNCT
ajfa-5505	85	21	2000	2000	NUM
ajfa-5505	85	22	)	)	PUNCT
ajfa-5505	85	23	pointed	point	VERB
ajfa-5505	85	24	out	out	ADP
ajfa-5505	85	25	that	that	SCONJ
ajfa-5505	85	26	banking	banking	NOUN
ajfa-5505	85	27	relationships	relationship	NOUN
ajfa-5505	85	28	had	have	VERB
ajfa-5505	85	29	nothing	nothing	PRON
ajfa-5505	85	30	to	to	PART
ajfa-5505	85	31	do	do	VERB
ajfa-5505	85	32	with	with	ADP
ajfa-5505	85	33	the	the	DET
ajfa-5505	85	34	contract	contract	NOUN
ajfa-5505	85	35	content	content	NOUN
ajfa-5505	85	36	.	.	PUNCT
ajfa-5505	86	1	djankov	djankov	PROPN
ajfa-5505	86	2	et	et	PROPN
ajfa-5505	86	3	al	al	PROPN
ajfa-5505	86	4	.	.	PROPN
ajfa-5505	87	1	(	(	PUNCT
ajfa-5505	87	2	2005	2005	NUM
ajfa-5505	87	3	)	)	PUNCT
ajfa-5505	87	4	found	find	VERB
ajfa-5505	87	5	that	that	SCONJ
ajfa-5505	87	6	the	the	DET
ajfa-5505	87	7	new	new	ADJ
ajfa-5505	87	8	arrangement	arrangement	NOUN
ajfa-5505	87	9	of	of	ADP
ajfa-5505	87	10	financing	financing	NOUN
ajfa-5505	87	11	contracts	contract	NOUN
ajfa-5505	87	12	between	between	ADP
ajfa-5505	87	13	the	the	DET
ajfa-5505	87	14	main	main	ADJ
ajfa-5505	87	15	creditor	creditor	NOUN
ajfa-5505	87	16	banks	bank	NOUN
ajfa-5505	87	17	and	and	CCONJ
ajfa-5505	87	18	borrowers	borrower	NOUN
ajfa-5505	87	19	increased	increase	VERB
ajfa-5505	87	20	the	the	DET
ajfa-5505	87	21	borrower	borrower	NOUN
ajfa-5505	87	22	’s	’s	PART
ajfa-5505	87	23	stock	stock	NOUN
ajfa-5505	87	24	price	price	NOUN
ajfa-5505	87	25	and	and	CCONJ
ajfa-5505	87	26	generated	generate	VERB
ajfa-5505	87	27	cumulated	cumulated	ADJ
ajfa-5505	87	28	abnormal	abnormal	ADJ
ajfa-5505	87	29	returns	return	NOUN
ajfa-5505	87	30	(	(	PUNCT
ajfa-5505	87	31	car	car	NOUN
ajfa-5505	87	32	)	)	PUNCT
ajfa-5505	87	33	that	that	PRON
ajfa-5505	87	34	were	be	AUX
ajfa-5505	87	35	significantly	significantly	ADV
ajfa-5505	87	36	larger	large	ADJ
ajfa-5505	87	37	than	than	ADP
ajfa-5505	87	38	0	0	NUM
ajfa-5505	87	39	.	.	PUNCT
ajfa-5505	88	1	2.2	2.2	NUM
ajfa-5505	88	2	how	how	SCONJ
ajfa-5505	88	3	does	do	AUX
ajfa-5505	88	4	the	the	DET
ajfa-5505	88	5	credit	credit	NOUN
ajfa-5505	88	6	risk	risk	NOUN
ajfa-5505	88	7	of	of	ADP
ajfa-5505	88	8	borrower	borrower	NOUN
ajfa-5505	88	9	and	and	CCONJ
ajfa-5505	88	10	lender	lender	NOUN
ajfa-5505	88	11	affect	affect	VERB
ajfa-5505	88	12	lending	lending	NOUN
ajfa-5505	88	13	decisions	decision	NOUN
ajfa-5505	88	14	?	?	PUNCT
ajfa-5505	89	1	prior	prior	ADJ
ajfa-5505	89	2	research	research	NOUN
ajfa-5505	89	3	claimed	claim	VERB
ajfa-5505	89	4	that	that	SCONJ
ajfa-5505	89	5	the	the	DET
ajfa-5505	89	6	loan	loan	NOUN
ajfa-5505	89	7	spreads	spread	NOUN
ajfa-5505	89	8	mainly	mainly	ADV
ajfa-5505	89	9	reflect	reflect	VERB
ajfa-5505	89	10	the	the	DET
ajfa-5505	89	11	bank	bank	NOUN
ajfa-5505	89	12	’s	’s	PART
ajfa-5505	89	13	cost	cost	NOUN
ajfa-5505	89	14	of	of	ADP
ajfa-5505	89	15	capital	capital	NOUN
ajfa-5505	89	16	and	and	CCONJ
ajfa-5505	89	17	the	the	DET
ajfa-5505	89	18	credit	credit	NOUN
ajfa-5505	89	19	risk	risk	NOUN
ajfa-5505	89	20	of	of	ADP
ajfa-5505	89	21	the	the	DET
ajfa-5505	89	22	borrowers	borrower	NOUN
ajfa-5505	89	23	.	.	PUNCT
ajfa-5505	90	1	santos	santos	PROPN
ajfa-5505	90	2	-	-	PUNCT
ajfa-5505	90	3	winton	winton	PROPN
ajfa-5505	90	4	(	(	PUNCT
ajfa-5505	90	5	2008	2008	NUM
ajfa-5505	90	6	)	)	PUNCT
ajfa-5505	90	7	found	find	VERB
ajfa-5505	90	8	that	that	SCONJ
ajfa-5505	90	9	companies	company	NOUN
ajfa-5505	90	10	only	only	ADV
ajfa-5505	90	11	borrow	borrow	VERB
ajfa-5505	90	12	from	from	ADP
ajfa-5505	90	13	banks	bank	NOUN
ajfa-5505	90	14	if	if	SCONJ
ajfa-5505	90	15	they	they	PRON
ajfa-5505	90	16	can	can	AUX
ajfa-5505	90	17	afford	afford	VERB
ajfa-5505	90	18	higher	high	ADJ
ajfa-5505	90	19	borrowing	borrowing	NOUN
ajfa-5505	90	20	rates	rate	NOUN
ajfa-5505	90	21	than	than	ADP
ajfa-5505	90	22	companies	company	NOUN
ajfa-5505	90	23	borrowing	borrow	VERB
ajfa-5505	90	24	from	from	ADP
ajfa-5505	90	25	banks	bank	NOUN
ajfa-5505	90	26	and	and	CCONJ
ajfa-5505	90	27	issuing	issue	VERB
ajfa-5505	90	28	bonds	bond	NOUN
ajfa-5505	90	29	simultaneously	simultaneously	ADV
ajfa-5505	90	30	.	.	PUNCT
ajfa-5505	91	1	if	if	SCONJ
ajfa-5505	91	2	the	the	DET
ajfa-5505	91	3	above	above	ADJ
ajfa-5505	91	4	two	two	NUM
ajfa-5505	91	5	types	type	NOUN
ajfa-5505	91	6	of	of	ADP
ajfa-5505	91	7	financing	financing	NOUN
ajfa-5505	91	8	occurred	occur	VERB
ajfa-5505	91	9	during	during	ADP
ajfa-5505	91	10	the	the	DET
ajfa-5505	91	11	recession	recession	NOUN
ajfa-5505	91	12	period	period	NOUN
ajfa-5505	91	13	,	,	PUNCT
ajfa-5505	91	14	the	the	DET
ajfa-5505	91	15	loan	loan	NOUN
ajfa-5505	91	16	spreads	spread	NOUN
ajfa-5505	91	17	will	will	AUX
ajfa-5505	91	18	become	become	VERB
ajfa-5505	91	19	more	more	ADV
ajfa-5505	91	20	apparent	apparent	ADJ
ajfa-5505	91	21	,	,	PUNCT
ajfa-5505	91	22	and	and	CCONJ
ajfa-5505	91	23	the	the	DET
ajfa-5505	91	24	former	former	ADJ
ajfa-5505	91	25	will	will	AUX
ajfa-5505	91	26	even	even	ADV
ajfa-5505	91	27	encounter	encounter	VERB
ajfa-5505	91	28	the	the	DET
ajfa-5505	91	29	embarrassment	embarrassment	NOUN
ajfa-5505	91	30	of	of	ADP
ajfa-5505	91	31	a	a	DET
ajfa-5505	91	32	hold	hold	VERB
ajfa-5505	91	33	-	-	PUNCT
ajfa-5505	91	34	up	up	NOUN
ajfa-5505	91	35	.	.	PUNCT
ajfa-5505	92	1	gorton	gorton	PROPN
ajfa-5505	92	2	-	-	PUNCT
ajfa-5505	92	3	kahn	kahn	PROPN
ajfa-5505	92	4	(	(	PUNCT
ajfa-5505	92	5	1996	1996	NUM
ajfa-5505	92	6	)	)	PUNCT
ajfa-5505	92	7	found	find	VERB
ajfa-5505	92	8	that	that	SCONJ
ajfa-5505	92	9	banks	bank	NOUN
ajfa-5505	92	10	sometimes	sometimes	ADV
ajfa-5505	92	11	give	give	VERB
ajfa-5505	92	12	borrowers	borrower	NOUN
ajfa-5505	92	13	with	with	ADP
ajfa-5505	92	14	poor	poor	ADJ
ajfa-5505	92	15	operating	operating	NOUN
ajfa-5505	92	16	conditions	condition	NOUN
ajfa-5505	92	17	relatively	relatively	ADV
ajfa-5505	92	18	low	low	ADJ
ajfa-5505	92	19	borrowing	borrowing	NOUN
ajfa-5505	92	20	rates	rate	NOUN
ajfa-5505	92	21	,	,	PUNCT
ajfa-5505	92	22	the	the	DET
ajfa-5505	92	23	intention	intention	NOUN
ajfa-5505	92	24	being	be	AUX
ajfa-5505	92	25	to	to	PART
ajfa-5505	92	26	prevent	prevent	VERB
ajfa-5505	92	27	borrowers	borrower	NOUN
ajfa-5505	92	28	with	with	ADP
ajfa-5505	92	29	bad	bad	ADJ
ajfa-5505	92	30	credit	credit	NOUN
ajfa-5505	92	31	from	from	ADP
ajfa-5505	92	32	bearing	bear	VERB
ajfa-5505	92	33	high	high	ADJ
ajfa-5505	92	34	financing	financing	NOUN
ajfa-5505	92	35	costs	cost	NOUN
ajfa-5505	92	36	and	and	CCONJ
ajfa-5505	92	37	accelerating	accelerate	VERB
ajfa-5505	92	38	their	their	PRON
ajfa-5505	92	39	bankruptcy	bankruptcy	NOUN
ajfa-5505	92	40	.	.	PUNCT
ajfa-5505	93	1	in	in	ADP
ajfa-5505	93	2	addition	addition	NOUN
ajfa-5505	93	3	to	to	ADP
ajfa-5505	93	4	cost	cost	NOUN
ajfa-5505	93	5	of	of	ADP
ajfa-5505	93	6	capital	capital	NOUN
ajfa-5505	93	7	and	and	CCONJ
ajfa-5505	93	8	the	the	DET
ajfa-5505	93	9	credit	credit	NOUN
ajfa-5505	93	10	risk	risk	NOUN
ajfa-5505	93	11	of	of	ADP
ajfa-5505	93	12	the	the	DET
ajfa-5505	93	13	borrowers	borrower	NOUN
ajfa-5505	93	14	,	,	PUNCT
ajfa-5505	93	15	some	some	DET
ajfa-5505	93	16	scholars	scholar	NOUN
ajfa-5505	93	17	indicated	indicate	VERB
ajfa-5505	93	18	that	that	SCONJ
ajfa-5505	93	19	factors	factor	NOUN
ajfa-5505	93	20	impacting	impact	VERB
ajfa-5505	93	21	the	the	DET
ajfa-5505	93	22	loan	loan	NOUN
ajfa-5505	93	23	spread	spread	NOUN
ajfa-5505	93	24	include	include	VERB
ajfa-5505	93	25	banking	banking	NOUN
ajfa-5505	93	26	relationship	relationship	NOUN
ajfa-5505	93	27	but	but	CCONJ
ajfa-5505	93	28	the	the	DET
ajfa-5505	93	29	empirical	empirical	ADJ
ajfa-5505	93	30	results	result	NOUN
ajfa-5505	93	31	are	be	AUX
ajfa-5505	93	32	inconsistent	inconsistent	ADJ
ajfa-5505	93	33	.	.	PUNCT
ajfa-5505	94	1	berger	berger	PROPN
ajfa-5505	94	2	-	-	PUNCT
ajfa-5505	94	3	udell	udell	PROPN
ajfa-5505	94	4	(	(	PUNCT
ajfa-5505	94	5	1995	1995	NUM
ajfa-5505	94	6	)	)	PUNCT
ajfa-5505	94	7	indicated	indicate	VERB
ajfa-5505	94	8	that	that	SCONJ
ajfa-5505	94	9	the	the	PRON
ajfa-5505	94	10	better	well	ADJ
ajfa-5505	94	11	the	the	DET
ajfa-5505	94	12	banking	banking	NOUN
ajfa-5505	94	13	relationships	relationship	NOUN
ajfa-5505	94	14	,	,	PUNCT
ajfa-5505	94	15	the	the	PRON
ajfa-5505	94	16	lower	low	ADJ
ajfa-5505	94	17	the	the	DET
ajfa-5505	94	18	loan	loan	NOUN
ajfa-5505	94	19	spread	spread	NOUN
ajfa-5505	94	20	.	.	PUNCT
ajfa-5505	95	1	elsas	elsas	PROPN
ajfa-5505	95	2	-	-	PUNCT
ajfa-5505	95	3	krahnen	krahnen	PROPN
ajfa-5505	95	4	(	(	PUNCT
ajfa-5505	95	5	1998	1998	NUM
ajfa-5505	95	6	)	)	PUNCT
ajfa-5505	95	7	and	and	CCONJ
ajfa-5505	95	8	machauer	machauer	PROPN
ajfa-5505	95	9	-	-	PUNCT
ajfa-5505	95	10	weber	weber	PROPN
ajfa-5505	95	11	(	(	PUNCT
ajfa-5505	95	12	2000	2000	NUM
ajfa-5505	95	13	)	)	PUNCT
ajfa-5505	95	14	found	find	VERB
ajfa-5505	95	15	banking	banking	NOUN
ajfa-5505	95	16	relationships	relationship	NOUN
ajfa-5505	95	17	had	have	VERB
ajfa-5505	95	18	nothing	nothing	PRON
ajfa-5505	95	19	to	to	PART
ajfa-5505	95	20	do	do	VERB
ajfa-5505	95	21	with	with	ADP
ajfa-5505	95	22	loan	loan	NOUN
ajfa-5505	95	23	spreads	spread	NOUN
ajfa-5505	95	24	.	.	PUNCT
ajfa-5505	96	1	degryse	degryse	NOUN
ajfa-5505	96	2	-	-	PUNCT
ajfa-5505	96	3	cayseele	cayseele	NOUN
ajfa-5505	96	4	(	(	PUNCT
ajfa-5505	96	5	2000	2000	NUM
ajfa-5505	96	6	)	)	PUNCT
ajfa-5505	96	7	reached	reach	VERB
ajfa-5505	96	8	the	the	DET
ajfa-5505	96	9	opposite	opposite	ADJ
ajfa-5505	96	10	conclusion	conclusion	NOUN
ajfa-5505	96	11	whereby	whereby	SCONJ
ajfa-5505	96	12	the	the	DET
ajfa-5505	96	13	better	well	ADJ
ajfa-5505	96	14	the	the	DET
ajfa-5505	96	15	banking	banking	NOUN
ajfa-5505	96	16	relationships	relationship	NOUN
ajfa-5505	96	17	are	be	AUX
ajfa-5505	96	18	,	,	PUNCT
ajfa-5505	96	19	the	the	PRON
ajfa-5505	96	20	higher	high	ADJ
ajfa-5505	96	21	the	the	DET
ajfa-5505	96	22	loan	loan	NOUN
ajfa-5505	96	23	rate	rate	NOUN
ajfa-5505	96	24	.	.	PUNCT
ajfa-5505	97	1	asian	asian	ADJ
ajfa-5505	97	2	journal	journal	PROPN
ajfa-5505	97	3	of	of	ADP
ajfa-5505	97	4	finance	finance	PROPN
ajfa-5505	97	5	&	&	CCONJ
ajfa-5505	97	6	accounting	accounting	PROPN
ajfa-5505	97	7	issn	issn	PROPN
ajfa-5505	97	8	1946	1946	NUM
ajfa-5505	97	9	-	-	PUNCT
ajfa-5505	97	10	052x	052x	PROPN
ajfa-5505	97	11	2014	2014	NUM
ajfa-5505	97	12	,	,	PUNCT
ajfa-5505	97	13	vol	vol	NOUN
ajfa-5505	97	14	.	.	PROPN
ajfa-5505	98	1	6	6	NUM
ajfa-5505	98	2	,	,	PUNCT
ajfa-5505	98	3	no	no	INTJ
ajfa-5505	98	4	.	.	NOUN
ajfa-5505	98	5	2	2	NUM
ajfa-5505	98	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	98	7	24	24	NUM
ajfa-5505	98	8	since	since	SCONJ
ajfa-5505	98	9	the	the	DET
ajfa-5505	98	10	basel	basel	PROPN
ajfa-5505	98	11	committee	committee	PROPN
ajfa-5505	98	12	promoted	promote	VERB
ajfa-5505	98	13	the	the	DET
ajfa-5505	98	14	risk	risk	NOUN
ajfa-5505	98	15	management	management	NOUN
ajfa-5505	98	16	system	system	NOUN
ajfa-5505	98	17	recently	recently	ADV
ajfa-5505	98	18	,	,	PUNCT
ajfa-5505	98	19	attention	attention	NOUN
ajfa-5505	98	20	has	have	AUX
ajfa-5505	98	21	been	be	AUX
ajfa-5505	98	22	drawn	draw	VERB
ajfa-5505	98	23	to	to	ADP
ajfa-5505	98	24	the	the	DET
ajfa-5505	98	25	factors	factor	NOUN
ajfa-5505	98	26	impacting	impact	VERB
ajfa-5505	98	27	the	the	DET
ajfa-5505	98	28	loan	loan	NOUN
ajfa-5505	98	29	spread	spread	NOUN
ajfa-5505	98	30	,	,	PUNCT
ajfa-5505	98	31	including	include	VERB
ajfa-5505	98	32	the	the	DET
ajfa-5505	98	33	borrower	borrower	NOUN
ajfa-5505	98	34	’s	’s	PART
ajfa-5505	98	35	credit	credit	NOUN
ajfa-5505	98	36	quality	quality	NOUN
ajfa-5505	98	37	,	,	PUNCT
ajfa-5505	98	38	risk	risk	NOUN
ajfa-5505	98	39	level	level	NOUN
ajfa-5505	98	40	,	,	PUNCT
ajfa-5505	98	41	as	as	ADV
ajfa-5505	98	42	well	well	ADV
ajfa-5505	98	43	as	as	ADP
ajfa-5505	98	44	the	the	DET
ajfa-5505	98	45	financial	financial	ADJ
ajfa-5505	98	46	position	position	NOUN
ajfa-5505	98	47	of	of	ADP
ajfa-5505	98	48	the	the	DET
ajfa-5505	98	49	creditor	creditor	NOUN
ajfa-5505	98	50	banks	bank	NOUN
ajfa-5505	98	51	.	.	PUNCT
ajfa-5505	99	1	hubbard	hubbard	PROPN
ajfa-5505	99	2	et	et	PROPN
ajfa-5505	99	3	al	al	PROPN
ajfa-5505	99	4	(	(	PUNCT
ajfa-5505	99	5	2002	2002	NUM
ajfa-5505	99	6	)	)	PUNCT
ajfa-5505	99	7	found	find	VERB
ajfa-5505	99	8	that	that	SCONJ
ajfa-5505	99	9	banks	bank	NOUN
ajfa-5505	99	10	with	with	ADP
ajfa-5505	99	11	worse	bad	ADJ
ajfa-5505	99	12	financial	financial	ADJ
ajfa-5505	99	13	substance15	substance15	NOUN
ajfa-5505	99	14	often	often	ADV
ajfa-5505	99	15	charge	charge	VERB
ajfa-5505	99	16	borrowers	borrower	NOUN
ajfa-5505	99	17	a	a	DET
ajfa-5505	99	18	higher	high	ADJ
ajfa-5505	99	19	loan	loan	NOUN
ajfa-5505	99	20	rate	rate	NOUN
ajfa-5505	99	21	.	.	PUNCT
ajfa-5505	100	1	by	by	ADP
ajfa-5505	100	2	being	be	AUX
ajfa-5505	100	3	sensitive	sensitive	ADJ
ajfa-5505	100	4	to	to	ADP
ajfa-5505	100	5	the	the	DET
ajfa-5505	100	6	worse	bad	ADJ
ajfa-5505	100	7	financial	financial	ADJ
ajfa-5505	100	8	position	position	NOUN
ajfa-5505	100	9	of	of	ADP
ajfa-5505	100	10	the	the	DET
ajfa-5505	100	11	relationship	relationship	NOUN
ajfa-5505	100	12	banks	bank	NOUN
ajfa-5505	100	13	,	,	PUNCT
ajfa-5505	100	14	the	the	DET
ajfa-5505	100	15	borrowers	borrower	NOUN
ajfa-5505	100	16	always	always	ADV
ajfa-5505	100	17	keep	keep	VERB
ajfa-5505	100	18	sufficient	sufficient	ADJ
ajfa-5505	100	19	working	work	VERB
ajfa-5505	100	20	capital	capital	NOUN
ajfa-5505	100	21	to	to	PART
ajfa-5505	100	22	avoid	avoid	VERB
ajfa-5505	100	23	the	the	DET
ajfa-5505	100	24	lack	lack	NOUN
ajfa-5505	100	25	of	of	ADP
ajfa-5505	100	26	investment	investment	NOUN
ajfa-5505	100	27	funds	fund	NOUN
ajfa-5505	100	28	.	.	PUNCT
ajfa-5505	101	1	coleman	coleman	PROPN
ajfa-5505	101	2	et	et	PROPN
ajfa-5505	101	3	al	al	PROPN
ajfa-5505	101	4	.	.	PROPN
ajfa-5505	102	1	(	(	PUNCT
ajfa-5505	102	2	2002	2002	NUM
ajfa-5505	102	3	)	)	PUNCT
ajfa-5505	102	4	’s	’	VERB
ajfa-5505	102	5	empirical	empirical	ADJ
ajfa-5505	102	6	findings	finding	NOUN
ajfa-5505	102	7	indicated	indicate	VERB
ajfa-5505	102	8	that	that	SCONJ
ajfa-5505	102	9	banks	bank	NOUN
ajfa-5505	102	10	with	with	ADP
ajfa-5505	102	11	higher	high	ADJ
ajfa-5505	102	12	operating	operating	NOUN
ajfa-5505	102	13	risk16	risk16	NOUN
ajfa-5505	102	14	charged	charge	VERB
ajfa-5505	102	15	higher	high	ADJ
ajfa-5505	102	16	loan	loan	NOUN
ajfa-5505	102	17	rates	rate	NOUN
ajfa-5505	102	18	and	and	CCONJ
ajfa-5505	102	19	offered	offer	VERB
ajfa-5505	102	20	relatively	relatively	ADV
ajfa-5505	102	21	short	short	ADJ
ajfa-5505	102	22	-	-	PUNCT
ajfa-5505	102	23	term	term	NOUN
ajfa-5505	102	24	debt	debt	NOUN
ajfa-5505	102	25	to	to	ADP
ajfa-5505	102	26	their	their	PRON
ajfa-5505	102	27	borrowers	borrower	NOUN
ajfa-5505	102	28	.	.	PUNCT
ajfa-5505	103	1	on	on	ADP
ajfa-5505	103	2	the	the	DET
ajfa-5505	103	3	other	other	ADJ
ajfa-5505	103	4	hand	hand	NOUN
ajfa-5505	103	5	,	,	PUNCT
ajfa-5505	103	6	banks	bank	NOUN
ajfa-5505	103	7	with	with	ADP
ajfa-5505	103	8	excellent	excellent	ADJ
ajfa-5505	103	9	capital	capital	NOUN
ajfa-5505	103	10	management	management	NOUN
ajfa-5505	103	11	ability	ability	NOUN
ajfa-5505	103	12	would	would	AUX
ajfa-5505	103	13	like	like	VERB
ajfa-5505	103	14	to	to	PART
ajfa-5505	103	15	provide	provide	VERB
ajfa-5505	103	16	long	long	ADJ
ajfa-5505	103	17	-	-	PUNCT
ajfa-5505	103	18	term	term	NOUN
ajfa-5505	103	19	debt	debt	NOUN
ajfa-5505	103	20	with	with	ADP
ajfa-5505	103	21	a	a	DET
ajfa-5505	103	22	higher	high	ADJ
ajfa-5505	103	23	loan	loan	NOUN
ajfa-5505	103	24	rate	rate	NOUN
ajfa-5505	103	25	.	.	PUNCT
ajfa-5505	104	1	with	with	ADP
ajfa-5505	104	2	regard	regard	NOUN
ajfa-5505	104	3	to	to	ADP
ajfa-5505	104	4	competition	competition	NOUN
ajfa-5505	104	5	and	and	CCONJ
ajfa-5505	104	6	market	market	NOUN
ajfa-5505	104	7	power	power	NOUN
ajfa-5505	104	8	,	,	PUNCT
ajfa-5505	104	9	boot	boot	NOUN
ajfa-5505	104	10	-	-	PUNCT
ajfa-5505	104	11	thakor	thakor	NOUN
ajfa-5505	104	12	(	(	PUNCT
ajfa-5505	104	13	2000	2000	NUM
ajfa-5505	104	14	)	)	PUNCT
ajfa-5505	104	15	found	find	VERB
ajfa-5505	104	16	that	that	SCONJ
ajfa-5505	104	17	banks	bank	NOUN
ajfa-5505	104	18	would	would	AUX
ajfa-5505	104	19	maintain	maintain	VERB
ajfa-5505	104	20	a	a	DET
ajfa-5505	104	21	free	free	ADJ
ajfa-5505	104	22	-	-	PUNCT
ajfa-5505	104	23	rider	rider	NOUN
ajfa-5505	104	24	mentality	mentality	NOUN
ajfa-5505	104	25	in	in	ADP
ajfa-5505	104	26	order	order	NOUN
ajfa-5505	104	27	to	to	PART
ajfa-5505	104	28	reduce	reduce	VERB
ajfa-5505	104	29	their	their	PRON
ajfa-5505	104	30	huge	huge	ADJ
ajfa-5505	104	31	investment	investment	NOUN
ajfa-5505	104	32	in	in	ADP
ajfa-5505	104	33	the	the	DET
ajfa-5505	104	34	monitoring	monitoring	NOUN
ajfa-5505	104	35	technology	technology	NOUN
ajfa-5505	104	36	and	and	CCONJ
ajfa-5505	104	37	lessen	lessen	VERB
ajfa-5505	104	38	their	their	PRON
ajfa-5505	104	39	expenses	expense	NOUN
ajfa-5505	104	40	for	for	ADP
ajfa-5505	104	41	supervision	supervision	NOUN
ajfa-5505	104	42	which	which	PRON
ajfa-5505	104	43	are	be	AUX
ajfa-5505	104	44	consistent	consistent	ADJ
ajfa-5505	104	45	with	with	ADP
ajfa-5505	104	46	the	the	DET
ajfa-5505	104	47	findings	finding	NOUN
ajfa-5505	104	48	of	of	ADP
ajfa-5505	104	49	broecker	broecker	NOUN
ajfa-5505	104	50	(	(	PUNCT
ajfa-5505	104	51	1990	1990	NUM
ajfa-5505	104	52	)	)	PUNCT
ajfa-5505	104	53	and	and	CCONJ
ajfa-5505	104	54	sharp	sharp	ADJ
ajfa-5505	104	55	(	(	PUNCT
ajfa-5505	104	56	1990	1990	NUM
ajfa-5505	104	57	):	):	PUNCT
ajfa-5505	104	58	the	the	DET
ajfa-5505	104	59	more	more	ADV
ajfa-5505	104	60	competitive	competitive	ADJ
ajfa-5505	104	61	the	the	DET
ajfa-5505	104	62	banking	banking	NOUN
ajfa-5505	104	63	industry	industry	NOUN
ajfa-5505	104	64	,	,	PUNCT
ajfa-5505	104	65	the	the	PRON
ajfa-5505	104	66	worse	bad	ADJ
ajfa-5505	104	67	the	the	DET
ajfa-5505	104	68	quality	quality	NOUN
ajfa-5505	104	69	of	of	ADP
ajfa-5505	104	70	the	the	DET
ajfa-5505	104	71	loan	loan	NOUN
ajfa-5505	104	72	portfolio	portfolio	NOUN
ajfa-5505	104	73	.	.	PUNCT
ajfa-5505	105	1	2.3	2.3	NUM
ajfa-5505	105	2	the	the	DET
ajfa-5505	105	3	impact	impact	NOUN
ajfa-5505	105	4	of	of	ADP
ajfa-5505	105	5	bank	bank	NOUN
ajfa-5505	105	6	ownership	ownership	NOUN
ajfa-5505	105	7	types	type	NOUN
ajfa-5505	105	8	on	on	ADP
ajfa-5505	105	9	lending	lend	VERB
ajfa-5505	105	10	business	business	NOUN
ajfa-5505	105	11	berger	berger	PROPN
ajfa-5505	105	12	et	et	PROPN
ajfa-5505	105	13	al	al	PROPN
ajfa-5505	105	14	.	.	PROPN
ajfa-5505	106	1	(	(	PUNCT
ajfa-5505	106	2	2008	2008	NUM
ajfa-5505	106	3	)	)	PUNCT
ajfa-5505	106	4	used	use	VERB
ajfa-5505	106	5	data	datum	NOUN
ajfa-5505	106	6	from	from	ADP
ajfa-5505	106	7	india	india	PROPN
ajfa-5505	106	8	to	to	PART
ajfa-5505	106	9	verify	verify	VERB
ajfa-5505	106	10	the	the	DET
ajfa-5505	106	11	impact	impact	NOUN
ajfa-5505	106	12	of	of	ADP
ajfa-5505	106	13	bank	bank	NOUN
ajfa-5505	106	14	ownership	ownership	NOUN
ajfa-5505	106	15	types	type	NOUN
ajfa-5505	106	16	on	on	ADP
ajfa-5505	106	17	lending	lending	NOUN
ajfa-5505	106	18	businesses	business	NOUN
ajfa-5505	106	19	,	,	PUNCT
ajfa-5505	106	20	while	while	SCONJ
ajfa-5505	106	21	other	other	ADJ
ajfa-5505	106	22	studies	study	NOUN
ajfa-5505	106	23	seemed	seem	VERB
ajfa-5505	106	24	to	to	PART
ajfa-5505	106	25	focus	focus	VERB
ajfa-5505	106	26	on	on	ADP
ajfa-5505	106	27	the	the	DET
ajfa-5505	106	28	comparison	comparison	NOUN
ajfa-5505	106	29	of	of	ADP
ajfa-5505	106	30	lending	lending	NOUN
ajfa-5505	106	31	performance	performance	NOUN
ajfa-5505	106	32	.	.	PUNCT
ajfa-5505	107	1	deyoung	deyoung	PROPN
ajfa-5505	107	2	-	-	PUNCT
ajfa-5505	107	3	nolle	nolle	PROPN
ajfa-5505	107	4	(	(	PUNCT
ajfa-5505	107	5	1996	1996	NUM
ajfa-5505	107	6	)	)	PUNCT
ajfa-5505	107	7	and	and	CCONJ
ajfa-5505	107	8	berger	berger	PROPN
ajfa-5505	107	9	et	et	PROPN
ajfa-5505	107	10	al	al	PROPN
ajfa-5505	107	11	.	.	PROPN
ajfa-5505	108	1	(	(	PUNCT
ajfa-5505	108	2	2000	2000	NUM
ajfa-5505	108	3	)	)	PUNCT
ajfa-5505	108	4	found	find	VERB
ajfa-5505	108	5	that	that	SCONJ
ajfa-5505	108	6	the	the	DET
ajfa-5505	108	7	performance	performance	NOUN
ajfa-5505	108	8	of	of	ADP
ajfa-5505	108	9	foreign	foreign	ADJ
ajfa-5505	108	10	banks	bank	NOUN
ajfa-5505	108	11	was	be	AUX
ajfa-5505	108	12	worse	bad	ADJ
ajfa-5505	108	13	than	than	ADP
ajfa-5505	108	14	that	that	PRON
ajfa-5505	108	15	of	of	ADP
ajfa-5505	108	16	local	local	ADJ
ajfa-5505	108	17	private	private	ADJ
ajfa-5505	108	18	banks	bank	NOUN
ajfa-5505	108	19	in	in	ADP
ajfa-5505	108	20	developed	develop	VERB
ajfa-5505	108	21	countries	country	NOUN
ajfa-5505	108	22	.	.	PUNCT
ajfa-5505	109	1	if	if	SCONJ
ajfa-5505	109	2	data	datum	NOUN
ajfa-5505	109	3	for	for	ADP
ajfa-5505	109	4	developing	develop	VERB
ajfa-5505	109	5	countries	country	NOUN
ajfa-5505	109	6	are	be	AUX
ajfa-5505	109	7	used	use	VERB
ajfa-5505	109	8	instead	instead	ADV
ajfa-5505	109	9	,	,	PUNCT
ajfa-5505	109	10	the	the	DET
ajfa-5505	109	11	efficiency	efficiency	NOUN
ajfa-5505	109	12	value	value	NOUN
ajfa-5505	109	13	(	(	PUNCT
ajfa-5505	109	14	bonin	bonin	NOUN
ajfa-5505	109	15	et	et	NOUN
ajfa-5505	109	16	al	al	PROPN
ajfa-5505	109	17	.	.	PROPN
ajfa-5505	109	18	,	,	PUNCT
ajfa-5505	109	19	2005	2005	NUM
ajfa-5505	109	20	)	)	PUNCT
ajfa-5505	109	21	and	and	CCONJ
ajfa-5505	109	22	competitiveness	competitiveness	NOUN
ajfa-5505	109	23	(	(	PUNCT
ajfa-5505	109	24	claessens	claessen	NOUN
ajfa-5505	109	25	-	-	PUNCT
ajfa-5505	109	26	laeven	laeven	ADJ
ajfa-5505	109	27	,	,	PUNCT
ajfa-5505	109	28	2004	2004	NUM
ajfa-5505	109	29	)	)	PUNCT
ajfa-5505	109	30	of	of	ADP
ajfa-5505	109	31	foreign	foreign	ADJ
ajfa-5505	109	32	banks	bank	NOUN
ajfa-5505	109	33	were	be	AUX
ajfa-5505	109	34	higher	high	ADJ
ajfa-5505	109	35	than	than	ADP
ajfa-5505	109	36	local	local	ADJ
ajfa-5505	109	37	banks	bank	NOUN
ajfa-5505	109	38	.	.	PUNCT
ajfa-5505	110	1	claessens	claessen	NOUN
ajfa-5505	110	2	et	et	PROPN
ajfa-5505	110	3	al	al	PROPN
ajfa-5505	110	4	.	.	PROPN
ajfa-5505	111	1	(	(	PUNCT
ajfa-5505	111	2	2001	2001	NUM
ajfa-5505	111	3	)	)	PUNCT
ajfa-5505	111	4	indicated	indicate	VERB
ajfa-5505	111	5	that	that	SCONJ
ajfa-5505	111	6	the	the	DET
ajfa-5505	111	7	more	more	ADV
ajfa-5505	111	8	foreign	foreign	ADJ
ajfa-5505	111	9	banks	bank	NOUN
ajfa-5505	111	10	there	there	PRON
ajfa-5505	111	11	are	be	VERB
ajfa-5505	111	12	in	in	ADP
ajfa-5505	111	13	korea	korea	PROPN
ajfa-5505	111	14	,	,	PUNCT
ajfa-5505	111	15	the	the	PRON
ajfa-5505	111	16	worse	bad	ADJ
ajfa-5505	111	17	the	the	DET
ajfa-5505	111	18	profitability	profitability	NOUN
ajfa-5505	111	19	and	and	CCONJ
ajfa-5505	111	20	net	net	ADJ
ajfa-5505	111	21	interest	interest	NOUN
ajfa-5505	111	22	margin	margin	NOUN
ajfa-5505	111	23	vis	vis	X
ajfa-5505	111	24	-	-	ADJ
ajfa-5505	111	25	à	à	X
ajfa-5505	111	26	-	-	PUNCT
ajfa-5505	111	27	vis	vis	X
ajfa-5505	111	28	local	local	ADJ
ajfa-5505	111	29	banks	bank	NOUN
ajfa-5505	111	30	.	.	PUNCT
ajfa-5505	112	1	when	when	SCONJ
ajfa-5505	112	2	the	the	DET
ajfa-5505	112	3	analysis	analysis	NOUN
ajfa-5505	112	4	is	be	AUX
ajfa-5505	112	5	extended	extend	VERB
ajfa-5505	112	6	to	to	PART
ajfa-5505	112	7	compare	compare	VERB
ajfa-5505	112	8	whether	whether	SCONJ
ajfa-5505	112	9	banks	bank	NOUN
ajfa-5505	112	10	could	could	AUX
ajfa-5505	112	11	sufficiently	sufficiently	ADV
ajfa-5505	112	12	provide	provide	VERB
ajfa-5505	112	13	or	or	CCONJ
ajfa-5505	112	14	make	make	VERB
ajfa-5505	112	15	available	available	ADJ
ajfa-5505	112	16	the	the	DET
ajfa-5505	112	17	amount	amount	NOUN
ajfa-5505	112	18	that	that	PRON
ajfa-5505	112	19	the	the	DET
ajfa-5505	112	20	borrowers	borrower	NOUN
ajfa-5505	112	21	need	need	VERB
ajfa-5505	112	22	,	,	PUNCT
ajfa-5505	112	23	the	the	DET
ajfa-5505	112	24	empirical	empirical	ADJ
ajfa-5505	112	25	results	result	NOUN
ajfa-5505	112	26	are	be	AUX
ajfa-5505	112	27	inconsistent	inconsistent	ADJ
ajfa-5505	112	28	.	.	PUNCT
ajfa-5505	113	1	detragianche	detragianche	PROPN
ajfa-5505	113	2	et	et	PROPN
ajfa-5505	113	3	al	al	PROPN
ajfa-5505	113	4	.	.	PROPN
ajfa-5505	114	1	(	(	PUNCT
ajfa-5505	114	2	2006	2006	NUM
ajfa-5505	114	3	)	)	PUNCT
ajfa-5505	114	4	indicated	indicate	VERB
ajfa-5505	114	5	that	that	SCONJ
ajfa-5505	114	6	foreign	foreign	ADJ
ajfa-5505	114	7	banks	bank	NOUN
ajfa-5505	114	8	adopted	adopt	VERB
ajfa-5505	114	9	a	a	DET
ajfa-5505	114	10	conservative	conservative	ADJ
ajfa-5505	114	11	attitude	attitude	NOUN
ajfa-5505	114	12	with	with	ADP
ajfa-5505	114	13	respect	respect	NOUN
ajfa-5505	114	14	to	to	ADP
ajfa-5505	114	15	the	the	DET
ajfa-5505	114	16	financing	financing	NOUN
ajfa-5505	114	17	demands	demand	NOUN
ajfa-5505	114	18	of	of	ADP
ajfa-5505	114	19	the	the	DET
ajfa-5505	114	20	borrowers	borrower	NOUN
ajfa-5505	114	21	,	,	PUNCT
ajfa-5505	114	22	especially	especially	ADV
ajfa-5505	114	23	for	for	ADP
ajfa-5505	114	24	those	those	DET
ajfa-5505	114	25	enterprises	enterprise	NOUN
ajfa-5505	114	26	with	with	ADP
ajfa-5505	114	27	worse	bad	ADJ
ajfa-5505	114	28	disclosure	disclosure	NOUN
ajfa-5505	114	29	regarding	regard	VERB
ajfa-5505	114	30	their	their	PRON
ajfa-5505	114	31	financial	financial	ADJ
ajfa-5505	114	32	information	information	NOUN
ajfa-5505	114	33	.	.	PUNCT
ajfa-5505	115	1	esty	esty	PROPN
ajfa-5505	115	2	(	(	PUNCT
ajfa-5505	115	3	2004	2004	NUM
ajfa-5505	115	4	)	)	PUNCT
ajfa-5505	115	5	used	use	VERB
ajfa-5505	115	6	countries	country	NOUN
ajfa-5505	115	7	with	with	ADP
ajfa-5505	115	8	sound	sound	ADJ
ajfa-5505	115	9	regulations	regulation	NOUN
ajfa-5505	115	10	and	and	CCONJ
ajfa-5505	115	11	laws	law	NOUN
ajfa-5505	115	12	and	and	CCONJ
ajfa-5505	115	13	creditor	creditor	NOUN
ajfa-5505	115	14	interests	interest	NOUN
ajfa-5505	115	15	with	with	ADP
ajfa-5505	115	16	more	more	ADJ
ajfa-5505	115	17	concentrations	concentration	NOUN
ajfa-5505	115	18	and	and	CCONJ
ajfa-5505	115	19	smaller	small	ADJ
ajfa-5505	115	20	shareholding	shareholding	NOUN
ajfa-5505	115	21	percentages	percentage	NOUN
ajfa-5505	115	22	from	from	ADP
ajfa-5505	115	23	the	the	DET
ajfa-5505	115	24	government	government	NOUN
ajfa-5505	115	25	to	to	PART
ajfa-5505	115	26	conduct	conduct	VERB
ajfa-5505	115	27	research	research	NOUN
ajfa-5505	115	28	,	,	PUNCT
ajfa-5505	115	29	and	and	CCONJ
ajfa-5505	115	30	the	the	DET
ajfa-5505	115	31	results	result	NOUN
ajfa-5505	115	32	showed	show	VERB
ajfa-5505	115	33	that	that	SCONJ
ajfa-5505	115	34	foreign	foreign	ADJ
ajfa-5505	115	35	banks	bank	NOUN
ajfa-5505	115	36	provided	provide	VERB
ajfa-5505	115	37	higher	high	ADJ
ajfa-5505	115	38	financing	financing	NOUN
ajfa-5505	115	39	amounts	amount	NOUN
ajfa-5505	115	40	and	and	CCONJ
ajfa-5505	115	41	availability	availability	NOUN
ajfa-5505	115	42	in	in	ADP
ajfa-5505	115	43	such	such	ADJ
ajfa-5505	115	44	countries	country	NOUN
ajfa-5505	115	45	.	.	PUNCT
ajfa-5505	116	1	mian	mian	PROPN
ajfa-5505	116	2	(	(	PUNCT
ajfa-5505	116	3	2006	2006	NUM
ajfa-5505	116	4	)	)	PUNCT
ajfa-5505	116	5	pointed	point	VERB
ajfa-5505	116	6	out	out	ADP
ajfa-5505	116	7	that	that	SCONJ
ajfa-5505	116	8	foreign	foreign	ADJ
ajfa-5505	116	9	banks	bank	NOUN
ajfa-5505	116	10	which	which	PRON
ajfa-5505	116	11	set	set	VERB
ajfa-5505	116	12	up	up	ADP
ajfa-5505	116	13	branches	branch	NOUN
ajfa-5505	116	14	in	in	ADP
ajfa-5505	116	15	countries	country	NOUN
ajfa-5505	116	16	with	with	ADP
ajfa-5505	116	17	similar	similar	ADJ
ajfa-5505	116	18	cultures	culture	NOUN
ajfa-5505	116	19	and	and	CCONJ
ajfa-5505	116	20	shorter	short	ADJ
ajfa-5505	116	21	geographical	geographical	ADJ
ajfa-5505	116	22	distances	distance	NOUN
ajfa-5505	116	23	with	with	ADP
ajfa-5505	116	24	the	the	DET
ajfa-5505	116	25	parent	parent	NOUN
ajfa-5505	116	26	company	company	NOUN
ajfa-5505	116	27	would	would	AUX
ajfa-5505	116	28	be	be	AUX
ajfa-5505	116	29	most	most	ADV
ajfa-5505	116	30	able	able	ADJ
ajfa-5505	116	31	to	to	PART
ajfa-5505	116	32	provide	provide	VERB
ajfa-5505	116	33	capital	capital	NOUN
ajfa-5505	116	34	to	to	ADP
ajfa-5505	116	35	local	local	ADJ
ajfa-5505	116	36	companies	company	NOUN
ajfa-5505	116	37	.	.	PUNCT
ajfa-5505	117	1	peria	peria	PROPN
ajfa-5505	117	2	-	-	PUNCT
ajfa-5505	117	3	mody	mody	NOUN
ajfa-5505	117	4	(	(	PUNCT
ajfa-5505	117	5	2004	2004	NUM
ajfa-5505	117	6	)	)	PUNCT
ajfa-5505	117	7	used	use	VERB
ajfa-5505	117	8	the	the	DET
ajfa-5505	117	9	latin	latin	ADJ
ajfa-5505	117	10	american	american	ADJ
ajfa-5505	117	11	financial	financial	ADJ
ajfa-5505	117	12	market	market	NOUN
ajfa-5505	117	13	to	to	PART
ajfa-5505	117	14	explore	explore	VERB
ajfa-5505	117	15	the	the	DET
ajfa-5505	117	16	differences	difference	NOUN
ajfa-5505	117	17	in	in	ADP
ajfa-5505	117	18	entering	enter	VERB
ajfa-5505	117	19	a	a	DET
ajfa-5505	117	20	new	new	ADJ
ajfa-5505	117	21	market	market	NOUN
ajfa-5505	117	22	between	between	ADP
ajfa-5505	117	23	setting	set	VERB
ajfa-5505	117	24	up	up	ADP
ajfa-5505	117	25	branches	branch	NOUN
ajfa-5505	117	26	and	and	CCONJ
ajfa-5505	117	27	merging	merge	VERB
ajfa-5505	117	28	with	with	ADP
ajfa-5505	117	29	local	local	ADJ
ajfa-5505	117	30	banks	bank	NOUN
ajfa-5505	117	31	,	,	PUNCT
ajfa-5505	117	32	and	and	CCONJ
ajfa-5505	117	33	the	the	DET
ajfa-5505	117	34	empirical	empirical	ADJ
ajfa-5505	117	35	results	result	NOUN
ajfa-5505	117	36	indicated	indicate	VERB
ajfa-5505	117	37	that	that	SCONJ
ajfa-5505	117	38	the	the	DET
ajfa-5505	117	39	loan	loan	NOUN
ajfa-5505	117	40	spreads	spread	VERB
ajfa-5505	117	41	in	in	ADP
ajfa-5505	117	42	the	the	DET
ajfa-5505	117	43	former	former	ADJ
ajfa-5505	117	44	were	be	AUX
ajfa-5505	117	45	lower	low	ADJ
ajfa-5505	117	46	than	than	ADP
ajfa-5505	117	47	those	those	PRON
ajfa-5505	117	48	in	in	ADP
ajfa-5505	117	49	the	the	DET
ajfa-5505	117	50	latter	latter	NOUN
ajfa-5505	117	51	.	.	PUNCT
ajfa-5505	118	1	the	the	DET
ajfa-5505	118	2	findings	finding	NOUN
ajfa-5505	118	3	for	for	ADP
ajfa-5505	118	4	giannetti	giannetti	NOUN
ajfa-5505	118	5	-	-	PUNCT
ajfa-5505	118	6	onegena	onegena	NOUN
ajfa-5505	118	7	(	(	PUNCT
ajfa-5505	118	8	2009	2009	NUM
ajfa-5505	118	9	)	)	PUNCT
ajfa-5505	118	10	indicated	indicate	VERB
ajfa-5505	118	11	that	that	SCONJ
ajfa-5505	118	12	big	big	ADJ
ajfa-5505	118	13	firms	firm	NOUN
ajfa-5505	118	14	and	and	CCONJ
ajfa-5505	118	15	foreign	foreign	ADJ
ajfa-5505	118	16	businesses	business	NOUN
ajfa-5505	118	17	intended	intend	VERB
ajfa-5505	118	18	to	to	PART
ajfa-5505	118	19	deal	deal	VERB
ajfa-5505	118	20	with	with	ADP
ajfa-5505	118	21	foreign	foreign	ADJ
ajfa-5505	118	22	banks	bank	NOUN
ajfa-5505	118	23	.	.	PUNCT
ajfa-5505	119	1	small	small	ADJ
ajfa-5505	119	2	firms	firm	NOUN
ajfa-5505	119	3	preferred	prefer	VERB
ajfa-5505	119	4	having	have	VERB
ajfa-5505	119	5	relationships	relationship	NOUN
ajfa-5505	119	6	with	with	ADP
ajfa-5505	119	7	local	local	ADJ
ajfa-5505	119	8	private	private	ADJ
ajfa-5505	119	9	banks	bank	NOUN
ajfa-5505	119	10	.	.	PUNCT
ajfa-5505	120	1	the	the	DET
ajfa-5505	120	2	new	new	ADJ
ajfa-5505	120	3	customers	customer	NOUN
ajfa-5505	120	4	were	be	AUX
ajfa-5505	120	5	not	not	PART
ajfa-5505	120	6	all	all	DET
ajfa-5505	120	7	big	big	ADJ
ajfa-5505	120	8	enterprises	enterprise	NOUN
ajfa-5505	120	9	and	and	CCONJ
ajfa-5505	120	10	foreign	foreign	ADJ
ajfa-5505	120	11	businesses	business	NOUN
ajfa-5505	120	12	.	.	PUNCT
ajfa-5505	121	1	de	de	PROPN
ajfa-5505	121	2	la	la	PROPN
ajfa-5505	121	3	torre	torre	PROPN
ajfa-5505	121	4	et	et	PROPN
ajfa-5505	121	5	al	al	PROPN
ajfa-5505	121	6	.	.	PROPN
ajfa-5505	121	7	(	(	PUNCT
ajfa-5505	121	8	2008	2008	NUM
ajfa-5505	121	9	)	)	PUNCT
ajfa-5505	121	10	found	find	VERB
ajfa-5505	121	11	that	that	SCONJ
ajfa-5505	121	12	more	more	ADV
ajfa-5505	121	13	large	large	ADJ
ajfa-5505	121	14	banks	bank	NOUN
ajfa-5505	121	15	and	and	CCONJ
ajfa-5505	121	16	foreign	foreign	ADJ
ajfa-5505	121	17	banks	bank	NOUN
ajfa-5505	121	18	use	use	VERB
ajfa-5505	121	19	“	"	PUNCT
ajfa-5505	121	20	credit	credit	NOUN
ajfa-5505	121	21	scoring	scoring	NOUN
ajfa-5505	121	22	criteria	criterion	NOUN
ajfa-5505	121	23	”	"	PUNCT
ajfa-5505	121	24	to	to	PART
ajfa-5505	121	25	evaluate	evaluate	VERB
ajfa-5505	121	26	the	the	DET
ajfa-5505	121	27	opaque	opaque	ADJ
ajfa-5505	121	28	smes	sme	NOUN
ajfa-5505	121	29	.	.	PUNCT
ajfa-5505	122	1	although	although	SCONJ
ajfa-5505	122	2	the	the	DET
ajfa-5505	122	3	scales	scale	NOUN
ajfa-5505	122	4	of	of	ADP
ajfa-5505	122	5	foreign	foreign	ADJ
ajfa-5505	122	6	banks	bank	NOUN
ajfa-5505	122	7	are	be	AUX
ajfa-5505	122	8	very	very	ADV
ajfa-5505	122	9	small	small	ADJ
ajfa-5505	122	10	in	in	ADP
ajfa-5505	122	11	the	the	DET
ajfa-5505	122	12	host	host	NOUN
ajfa-5505	122	13	country	country	NOUN
ajfa-5505	122	14	,	,	PUNCT
ajfa-5505	122	15	with	with	ADP
ajfa-5505	122	16	the	the	DET
ajfa-5505	122	17	support	support	NOUN
ajfa-5505	122	18	of	of	ADP
ajfa-5505	122	19	the	the	DET
ajfa-5505	122	20	multinational	multinational	ADJ
ajfa-5505	122	21	parent	parent	NOUN
ajfa-5505	122	22	company	company	NOUN
ajfa-5505	122	23	they	they	PRON
ajfa-5505	122	24	asian	asian	PROPN
ajfa-5505	122	25	journal	journal	PROPN
ajfa-5505	122	26	of	of	ADP
ajfa-5505	122	27	finance	finance	PROPN
ajfa-5505	122	28	&	&	CCONJ
ajfa-5505	122	29	accounting	accounting	PROPN
ajfa-5505	122	30	issn	issn	PROPN
ajfa-5505	122	31	1946	1946	NUM
ajfa-5505	122	32	-	-	PUNCT
ajfa-5505	122	33	052x	052x	PROPN
ajfa-5505	122	34	2014	2014	NUM
ajfa-5505	122	35	,	,	PUNCT
ajfa-5505	122	36	vol	vol	NOUN
ajfa-5505	122	37	.	.	PROPN
ajfa-5505	122	38	6	6	NUM
ajfa-5505	122	39	,	,	PUNCT
ajfa-5505	122	40	no	no	INTJ
ajfa-5505	122	41	.	.	NOUN
ajfa-5505	122	42	2	2	NUM
ajfa-5505	122	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	122	44	25	25	NUM
ajfa-5505	122	45	still	still	ADV
ajfa-5505	122	46	conduct	conduct	VERB
ajfa-5505	122	47	the	the	DET
ajfa-5505	122	48	lending	lending	NOUN
ajfa-5505	122	49	business	business	NOUN
ajfa-5505	122	50	of	of	ADP
ajfa-5505	122	51	large	large	ADJ
ajfa-5505	122	52	institutions	institution	NOUN
ajfa-5505	122	53	.	.	PUNCT
ajfa-5505	123	1	in	in	ADP
ajfa-5505	123	2	the	the	DET
ajfa-5505	123	3	prior	prior	ADJ
ajfa-5505	123	4	literature	literature	NOUN
ajfa-5505	123	5	,	,	PUNCT
ajfa-5505	123	6	we	we	PRON
ajfa-5505	123	7	found	find	VERB
ajfa-5505	123	8	that	that	SCONJ
ajfa-5505	123	9	the	the	DET
ajfa-5505	123	10	performance	performance	NOUN
ajfa-5505	123	11	of	of	ADP
ajfa-5505	123	12	the	the	DET
ajfa-5505	123	13	state	state	NOUN
ajfa-5505	123	14	-	-	PUNCT
ajfa-5505	123	15	owned	own	VERB
ajfa-5505	123	16	banks	bank	NOUN
ajfa-5505	123	17	in	in	ADP
ajfa-5505	123	18	developing	develop	VERB
ajfa-5505	123	19	countries	country	NOUN
ajfa-5505	123	20	was	be	AUX
ajfa-5505	123	21	worse	bad	ADJ
ajfa-5505	123	22	with	with	ADP
ajfa-5505	123	23	low	low	ADJ
ajfa-5505	123	24	efficiency	efficiency	NOUN
ajfa-5505	123	25	values	value	NOUN
ajfa-5505	123	26	and	and	CCONJ
ajfa-5505	123	27	high	high	ADJ
ajfa-5505	123	28	non	non	ADJ
ajfa-5505	123	29	-	-	ADJ
ajfa-5505	123	30	performing	perform	VERB
ajfa-5505	123	31	loan	loan	NOUN
ajfa-5505	123	32	ratios	ratio	NOUN
ajfa-5505	123	33	.	.	PUNCT
ajfa-5505	124	1	state	state	NOUN
ajfa-5505	124	2	-	-	PUNCT
ajfa-5505	124	3	owned	own	VERB
ajfa-5505	124	4	banks	bank	NOUN
ajfa-5505	124	5	with	with	ADP
ajfa-5505	124	6	high	high	ADJ
ajfa-5505	124	7	market	market	NOUN
ajfa-5505	124	8	shares	share	NOUN
ajfa-5505	124	9	had	have	VERB
ajfa-5505	124	10	three	three	NUM
ajfa-5505	124	11	negative	negative	ADJ
ajfa-5505	124	12	characteristics	characteristic	NOUN
ajfa-5505	124	13	:	:	PUNCT
ajfa-5505	124	14	the	the	DET
ajfa-5505	124	15	credit	credit	NOUN
ajfa-5505	124	16	availability	availability	NOUN
ajfa-5505	124	17	provided	provide	VERB
ajfa-5505	124	18	to	to	ADP
ajfa-5505	124	19	borrowers	borrower	NOUN
ajfa-5505	124	20	is	be	AUX
ajfa-5505	124	21	not	not	PART
ajfa-5505	124	22	sufficient	sufficient	ADJ
ajfa-5505	124	23	,	,	PUNCT
ajfa-5505	124	24	the	the	DET
ajfa-5505	124	25	lending	lending	NOUN
ajfa-5505	124	26	role	role	NOUN
ajfa-5505	124	27	is	be	AUX
ajfa-5505	124	28	weakened	weaken	VERB
ajfa-5505	124	29	gradually	gradually	ADV
ajfa-5505	124	30	in	in	ADP
ajfa-5505	124	31	the	the	DET
ajfa-5505	124	32	process	process	NOUN
ajfa-5505	124	33	of	of	ADP
ajfa-5505	124	34	financial	financial	ADJ
ajfa-5505	124	35	development	development	NOUN
ajfa-5505	124	36	,	,	PUNCT
ajfa-5505	124	37	and	and	CCONJ
ajfa-5505	124	38	lending	lending	NOUN
ajfa-5505	124	39	plays	play	VERB
ajfa-5505	124	40	an	an	DET
ajfa-5505	124	41	supplementary	supplementary	ADJ
ajfa-5505	124	42	role	role	NOUN
ajfa-5505	124	43	in	in	ADP
ajfa-5505	124	44	retarding	retard	VERB
ajfa-5505	124	45	economic	economic	ADJ
ajfa-5505	124	46	growth	growth	NOUN
ajfa-5505	124	47	(	(	PUNCT
ajfa-5505	124	48	la	la	ADV
ajfa-5505	124	49	porta	porta	NOUN
ajfa-5505	124	50	et	et	PROPN
ajfa-5505	124	51	al	al	PROPN
ajfa-5505	124	52	.	.	PROPN
ajfa-5505	125	1	(	(	PUNCT
ajfa-5505	125	2	2002	2002	NUM
ajfa-5505	125	3	)	)	PUNCT
ajfa-5505	125	4	,	,	PUNCT
ajfa-5505	125	5	barth	barth	NOUN
ajfa-5505	125	6	et	et	PROPN
ajfa-5505	125	7	al	al	PROPN
ajfa-5505	125	8	.	.	PROPN
ajfa-5505	126	1	(	(	PUNCT
ajfa-5505	126	2	2004	2004	NUM
ajfa-5505	126	3	)	)	PUNCT
ajfa-5505	126	4	,	,	PUNCT
ajfa-5505	126	5	beck	beck	PROPN
ajfa-5505	126	6	et	et	PROPN
ajfa-5505	126	7	al	al	PROPN
ajfa-5505	126	8	.	.	PROPN
ajfa-5505	127	1	(	(	PUNCT
ajfa-5505	127	2	2004	2004	NUM
ajfa-5505	127	3	)	)	PUNCT
ajfa-5505	127	4	)	)	PUNCT
ajfa-5505	127	5	.	.	PUNCT
ajfa-5505	128	1	sometimes	sometimes	ADV
ajfa-5505	128	2	,	,	PUNCT
ajfa-5505	128	3	state	state	NOUN
ajfa-5505	128	4	-	-	PUNCT
ajfa-5505	128	5	owned	own	VERB
ajfa-5505	128	6	banks	bank	NOUN
ajfa-5505	128	7	that	that	PRON
ajfa-5505	128	8	are	be	AUX
ajfa-5505	128	9	required	require	VERB
ajfa-5505	128	10	to	to	PART
ajfa-5505	128	11	grant	grant	VERB
ajfa-5505	128	12	credit	credit	NOUN
ajfa-5505	128	13	or	or	CCONJ
ajfa-5505	128	14	offer	offer	VERB
ajfa-5505	128	15	subsidies	subsidy	NOUN
ajfa-5505	128	16	to	to	ADP
ajfa-5505	128	17	borrowers	borrower	NOUN
ajfa-5505	128	18	with	with	ADP
ajfa-5505	128	19	poor	poor	ADJ
ajfa-5505	128	20	physical	physical	ADJ
ajfa-5505	128	21	substance	substance	NOUN
ajfa-5505	128	22	for	for	ADP
ajfa-5505	128	23	political	political	ADJ
ajfa-5505	128	24	reasons	reason	NOUN
ajfa-5505	128	25	,	,	PUNCT
ajfa-5505	128	26	completely	completely	ADV
ajfa-5505	128	27	ignore	ignore	VERB
ajfa-5505	128	28	the	the	DET
ajfa-5505	128	29	borrowers	borrower	NOUN
ajfa-5505	128	30	’	’	PART
ajfa-5505	128	31	credit	credit	NOUN
ajfa-5505	128	32	quality	quality	NOUN
ajfa-5505	128	33	(	(	PUNCT
ajfa-5505	128	34	cole	cole	PROPN
ajfa-5505	128	35	2004	2004	NUM
ajfa-5505	128	36	)	)	PUNCT
ajfa-5505	128	37	or	or	CCONJ
ajfa-5505	128	38	lend	lend	VERB
ajfa-5505	128	39	most	most	ADJ
ajfa-5505	128	40	of	of	ADP
ajfa-5505	128	41	the	the	DET
ajfa-5505	128	42	funds	fund	NOUN
ajfa-5505	128	43	to	to	ADP
ajfa-5505	128	44	large	large	ADJ
ajfa-5505	128	45	enterprises	enterprise	NOUN
ajfa-5505	128	46	only	only	ADV
ajfa-5505	128	47	,	,	PUNCT
ajfa-5505	128	48	and	and	CCONJ
ajfa-5505	128	49	completely	completely	ADV
ajfa-5505	128	50	neglect	neglect	VERB
ajfa-5505	128	51	the	the	DET
ajfa-5505	128	52	financial	financial	ADJ
ajfa-5505	128	53	needs	need	NOUN
ajfa-5505	128	54	of	of	ADP
ajfa-5505	128	55	the	the	DET
ajfa-5505	128	56	smes	smes	PROPN
ajfa-5505	128	57	(	(	PUNCT
ajfa-5505	128	58	francisco	francisco	PROPN
ajfa-5505	128	59	-	-	PUNCT
ajfa-5505	128	60	kumar	kumar	PROPN
ajfa-5505	128	61	,	,	PUNCT
ajfa-5505	128	62	2004	2004	NUM
ajfa-5505	128	63	)	)	PUNCT
ajfa-5505	128	64	.	.	PUNCT
ajfa-5505	129	1	the	the	DET
ajfa-5505	129	2	founding	found	VERB
ajfa-5505	129	3	objective	objective	NOUN
ajfa-5505	129	4	of	of	ADP
ajfa-5505	129	5	the	the	DET
ajfa-5505	129	6	state	state	NOUN
ajfa-5505	129	7	-	-	PUNCT
ajfa-5505	129	8	owned	own	VERB
ajfa-5505	129	9	banks	bank	NOUN
ajfa-5505	129	10	may	may	AUX
ajfa-5505	129	11	result	result	VERB
ajfa-5505	129	12	in	in	ADP
ajfa-5505	129	13	lower	low	ADJ
ajfa-5505	129	14	efficiency	efficiency	NOUN
ajfa-5505	129	15	and	and	CCONJ
ajfa-5505	129	16	higher	high	ADJ
ajfa-5505	129	17	non	non	ADJ
ajfa-5505	129	18	-	-	ADJ
ajfa-5505	129	19	performing	performing	ADJ
ajfa-5505	129	20	loan	loan	NOUN
ajfa-5505	129	21	ratios	ratio	NOUN
ajfa-5505	129	22	,	,	PUNCT
ajfa-5505	129	23	especially	especially	ADV
ajfa-5505	129	24	in	in	ADP
ajfa-5505	129	25	terms	term	NOUN
ajfa-5505	129	26	of	of	ADP
ajfa-5505	129	27	offering	offer	VERB
ajfa-5505	129	28	subsidies	subsidy	NOUN
ajfa-5505	129	29	to	to	ADP
ajfa-5505	129	30	the	the	DET
ajfa-5505	129	31	loan	loan	NOUN
ajfa-5505	129	32	applicant	applicant	NOUN
ajfa-5505	129	33	with	with	ADP
ajfa-5505	129	34	negative	negative	ADJ
ajfa-5505	129	35	net	net	ADJ
ajfa-5505	129	36	present	present	ADJ
ajfa-5505	129	37	value	value	NOUN
ajfa-5505	129	38	or	or	CCONJ
ajfa-5505	129	39	providing	provide	VERB
ajfa-5505	129	40	lower	low	ADJ
ajfa-5505	129	41	interest	interest	NOUN
ajfa-5505	129	42	rates	rate	NOUN
ajfa-5505	129	43	to	to	ADP
ajfa-5505	129	44	the	the	DET
ajfa-5505	129	45	enterprises	enterprise	NOUN
ajfa-5505	129	46	experiencing	experience	VERB
ajfa-5505	129	47	financial	financial	ADJ
ajfa-5505	129	48	difficulty	difficulty	NOUN
ajfa-5505	129	49	.	.	PUNCT
ajfa-5505	130	1	sometimes	sometimes	ADV
ajfa-5505	130	2	,	,	PUNCT
ajfa-5505	130	3	state	state	NOUN
ajfa-5505	130	4	-	-	PUNCT
ajfa-5505	130	5	owned	own	VERB
ajfa-5505	130	6	banks	bank	NOUN
ajfa-5505	130	7	are	be	AUX
ajfa-5505	130	8	criticized	criticize	VERB
ajfa-5505	130	9	for	for	ADP
ajfa-5505	130	10	their	their	PRON
ajfa-5505	130	11	poor	poor	ADJ
ajfa-5505	130	12	governance	governance	NOUN
ajfa-5505	130	13	mechanism	mechanism	NOUN
ajfa-5505	130	14	and	and	CCONJ
ajfa-5505	130	15	improper	improper	ADJ
ajfa-5505	130	16	management	management	NOUN
ajfa-5505	130	17	,	,	PUNCT
ajfa-5505	130	18	and	and	CCONJ
ajfa-5505	130	19	not	not	PART
ajfa-5505	130	20	for	for	ADP
ajfa-5505	130	21	lack	lack	NOUN
ajfa-5505	130	22	of	of	ADP
ajfa-5505	130	23	policy	policy	NOUN
ajfa-5505	130	24	fairness	fairness	NOUN
ajfa-5505	130	25	and	and	CCONJ
ajfa-5505	130	26	justice	justice	NOUN
ajfa-5505	130	27	.	.	PUNCT
ajfa-5505	131	1	2.4	2.4	NUM
ajfa-5505	131	2	hypotheses	hypothese	VERB
ajfa-5505	131	3	development	development	NOUN
ajfa-5505	131	4	prior	prior	ADJ
ajfa-5505	131	5	studies	study	NOUN
ajfa-5505	131	6	focus	focus	VERB
ajfa-5505	131	7	on	on	ADP
ajfa-5505	131	8	how	how	SCONJ
ajfa-5505	131	9	the	the	DET
ajfa-5505	131	10	ownership	ownership	NOUN
ajfa-5505	131	11	,	,	PUNCT
ajfa-5505	131	12	scale	scale	NOUN
ajfa-5505	131	13	and	and	CCONJ
ajfa-5505	131	14	relationships	relationship	NOUN
ajfa-5505	131	15	impact	impact	VERB
ajfa-5505	131	16	the	the	DET
ajfa-5505	131	17	banking	banking	NOUN
ajfa-5505	131	18	relationship	relationship	NOUN
ajfa-5505	131	19	.	.	PUNCT
ajfa-5505	132	1	to	to	ADP
ajfa-5505	132	2	our	our	PRON
ajfa-5505	132	3	knowledge	knowledge	NOUN
ajfa-5505	132	4	,	,	PUNCT
ajfa-5505	132	5	there	there	PRON
ajfa-5505	132	6	are	be	VERB
ajfa-5505	132	7	few	few	ADJ
ajfa-5505	132	8	studies	study	NOUN
ajfa-5505	132	9	investigating	investigate	VERB
ajfa-5505	132	10	the	the	DET
ajfa-5505	132	11	impact	impact	NOUN
ajfa-5505	132	12	of	of	ADP
ajfa-5505	132	13	loan	loan	NOUN
ajfa-5505	132	14	spreads	spread	VERB
ajfa-5505	132	15	through	through	ADP
ajfa-5505	132	16	the	the	DET
ajfa-5505	132	17	lending	lending	NOUN
ajfa-5505	132	18	performance	performance	NOUN
ajfa-5505	132	19	and	and	CCONJ
ajfa-5505	132	20	credit	credit	NOUN
ajfa-5505	132	21	risk	risk	NOUN
ajfa-5505	132	22	of	of	ADP
ajfa-5505	132	23	the	the	DET
ajfa-5505	132	24	banks	bank	NOUN
ajfa-5505	132	25	.	.	PUNCT
ajfa-5505	133	1	according	accord	VERB
ajfa-5505	133	2	to	to	ADP
ajfa-5505	133	3	the	the	DET
ajfa-5505	133	4	reports	report	NOUN
ajfa-5505	133	5	of	of	ADP
ajfa-5505	133	6	newspapers	newspaper	NOUN
ajfa-5505	133	7	and	and	CCONJ
ajfa-5505	133	8	magazines	magazine	NOUN
ajfa-5505	133	9	,	,	PUNCT
ajfa-5505	133	10	most	most	ADJ
ajfa-5505	133	11	of	of	ADP
ajfa-5505	133	12	the	the	DET
ajfa-5505	133	13	banks	bank	NOUN
ajfa-5505	133	14	with	with	ADP
ajfa-5505	133	15	wobd	wobd	NOUN
ajfa-5505	133	16	are	be	AUX
ajfa-5505	133	17	domestic	domestic	ADJ
ajfa-5505	133	18	and	and	CCONJ
ajfa-5505	133	19	featured	feature	VERB
ajfa-5505	133	20	by	by	ADP
ajfa-5505	133	21	their	their	PRON
ajfa-5505	133	22	large	large	ADJ
ajfa-5505	133	23	size	size	NOUN
ajfa-5505	133	24	.	.	PUNCT
ajfa-5505	134	1	banks	bank	NOUN
ajfa-5505	134	2	with	with	ADP
ajfa-5505	134	3	hccl	hccl	PROPN
ajfa-5505	134	4	include	include	VERB
ajfa-5505	134	5	both	both	CCONJ
ajfa-5505	134	6	large	large	ADJ
ajfa-5505	134	7	and	and	CCONJ
ajfa-5505	134	8	small	small	ADJ
ajfa-5505	134	9	banks	bank	NOUN
ajfa-5505	134	10	and	and	CCONJ
ajfa-5505	134	11	many	many	ADJ
ajfa-5505	134	12	are	be	AUX
ajfa-5505	134	13	newly	newly	ADV
ajfa-5505	134	14	-	-	PUNCT
ajfa-5505	134	15	established	establish	VERB
ajfa-5505	134	16	banks	bank	NOUN
ajfa-5505	134	17	.	.	PUNCT
ajfa-5505	135	1	concerning	concern	VERB
ajfa-5505	135	2	the	the	DET
ajfa-5505	135	3	hypotheses	hypothesis	NOUN
ajfa-5505	135	4	of	of	ADP
ajfa-5505	135	5	loan	loan	NOUN
ajfa-5505	135	6	spreads	spread	NOUN
ajfa-5505	135	7	we	we	PRON
ajfa-5505	135	8	take	take	VERB
ajfa-5505	135	9	“	"	PUNCT
ajfa-5505	135	10	careless	careless	ADJ
ajfa-5505	135	11	lenders	lender	NOUN
ajfa-5505	135	12	and	and	CCONJ
ajfa-5505	135	13	bad	bad	ADJ
ajfa-5505	135	14	borrowers	borrower	NOUN
ajfa-5505	135	15	”	"	PUNCT
ajfa-5505	135	16	(	(	PUNCT
ajfa-5505	135	17	shen	shen	NOUN
ajfa-5505	135	18	and	and	CCONJ
ajfa-5505	135	19	wang	wang	PROPN
ajfa-5505	135	20	,	,	PUNCT
ajfa-5505	135	21	2002	2002	NUM
ajfa-5505	135	22	)	)	PUNCT
ajfa-5505	135	23	and	and	CCONJ
ajfa-5505	135	24	“	"	PUNCT
ajfa-5505	135	25	the	the	DET
ajfa-5505	135	26	top	top	ADJ
ajfa-5505	135	27	one	one	NUM
ajfa-5505	135	28	and	and	CCONJ
ajfa-5505	135	29	non	non	ADJ
ajfa-5505	135	30	-	-	ADJ
ajfa-5505	135	31	top	top	ADJ
ajfa-5505	135	32	one	one	NUM
ajfa-5505	135	33	financing	financing	NOUN
ajfa-5505	135	34	bank	bank	NOUN
ajfa-5505	135	35	–	–	PUNCT
ajfa-5505	135	36	viewpoints	viewpoint	NOUN
ajfa-5505	135	37	of	of	ADP
ajfa-5505	135	38	lending	lending	NOUN
ajfa-5505	135	39	behavior	behavior	NOUN
ajfa-5505	135	40	,	,	PUNCT
ajfa-5505	135	41	”	"	PUNCT
ajfa-5505	135	42	(	(	PUNCT
ajfa-5505	135	43	chen	chen	PROPN
ajfa-5505	135	44	and	and	CCONJ
ajfa-5505	135	45	lai	lai	PROPN
ajfa-5505	135	46	,	,	PUNCT
ajfa-5505	135	47	2003	2003	NUM
ajfa-5505	135	48	)	)	PUNCT
ajfa-5505	135	49	for	for	ADP
ajfa-5505	135	50	reference	reference	NOUN
ajfa-5505	135	51	.	.	PUNCT
ajfa-5505	136	1	we	we	PRON
ajfa-5505	136	2	also	also	ADV
ajfa-5505	136	3	refer	refer	VERB
ajfa-5505	136	4	to	to	ADP
ajfa-5505	136	5	the	the	DET
ajfa-5505	136	6	five	five	NUM
ajfa-5505	136	7	relationships	relationship	NOUN
ajfa-5505	136	8	motivation	motivation	NOUN
ajfa-5505	136	9	theory17	theory17	NOUN
ajfa-5505	136	10	and	and	CCONJ
ajfa-5505	136	11	the	the	DET
ajfa-5505	136	12	governance	governance	NOUN
ajfa-5505	136	13	mechanism	mechanism	NOUN
ajfa-5505	136	14	presented	present	VERB
ajfa-5505	136	15	by	by	ADP
ajfa-5505	136	16	berger	berger	PROPN
ajfa-5505	136	17	et	et	PROPN
ajfa-5505	136	18	al	al	PROPN
ajfa-5505	136	19	.	.	PROPN
ajfa-5505	137	1	(	(	PUNCT
ajfa-5505	137	2	2008	2008	NUM
ajfa-5505	137	3	)	)	PUNCT
ajfa-5505	137	4	as	as	ADP
ajfa-5505	137	5	a	a	DET
ajfa-5505	137	6	basis	basis	NOUN
ajfa-5505	137	7	to	to	PART
ajfa-5505	137	8	conclude	conclude	VERB
ajfa-5505	137	9	how	how	SCONJ
ajfa-5505	137	10	the	the	DET
ajfa-5505	137	11	related	related	ADJ
ajfa-5505	137	12	factors	factor	NOUN
ajfa-5505	137	13	impact	impact	NOUN
ajfa-5505	137	14	loan	loan	NOUN
ajfa-5505	137	15	spreads	spread	NOUN
ajfa-5505	137	16	.	.	PUNCT
ajfa-5505	138	1	here	here	ADV
ajfa-5505	138	2	we	we	PRON
ajfa-5505	138	3	describe	describe	VERB
ajfa-5505	138	4	the	the	DET
ajfa-5505	138	5	four	four	NUM
ajfa-5505	138	6	research	research	NOUN
ajfa-5505	138	7	hypotheses	hypothesis	NOUN
ajfa-5505	138	8	as	as	SCONJ
ajfa-5505	138	9	follows	follow	VERB
ajfa-5505	138	10	:	:	PUNCT
ajfa-5505	138	11	hypothesis	hypothesis	NOUN
ajfa-5505	138	12	1	1	NUM
ajfa-5505	138	13	:	:	PUNCT
ajfa-5505	138	14	from	from	ADP
ajfa-5505	138	15	the	the	DET
ajfa-5505	138	16	perspective	perspective	NOUN
ajfa-5505	138	17	of	of	ADP
ajfa-5505	138	18	lending	lending	NOUN
ajfa-5505	138	19	performance	performance	NOUN
ajfa-5505	138	20	,	,	PUNCT
ajfa-5505	138	21	banks	bank	NOUN
ajfa-5505	138	22	with	with	ADP
ajfa-5505	138	23	“	"	PUNCT
ajfa-5505	138	24	wobd	wobd	NOUN
ajfa-5505	138	25	”	"	PUNCT
ajfa-5505	138	26	or	or	CCONJ
ajfa-5505	138	27	“	"	PUNCT
ajfa-5505	138	28	hccl	hccl	NOUN
ajfa-5505	138	29	”	"	PUNCT
ajfa-5505	138	30	will	will	AUX
ajfa-5505	138	31	require	require	VERB
ajfa-5505	138	32	higher	high	ADJ
ajfa-5505	138	33	loan	loan	NOUN
ajfa-5505	138	34	spreads	spread	NOUN
ajfa-5505	138	35	;	;	PUNCT
ajfa-5505	138	36	when	when	SCONJ
ajfa-5505	138	37	facing	face	VERB
ajfa-5505	138	38	borrowing	borrowing	NOUN
ajfa-5505	138	39	enterprises	enterprise	NOUN
ajfa-5505	138	40	with	with	ADP
ajfa-5505	138	41	poor	poor	ADJ
ajfa-5505	138	42	credit	credit	NOUN
ajfa-5505	138	43	rating	rating	NOUN
ajfa-5505	138	44	and	and	CCONJ
ajfa-5505	138	45	high	high	ADJ
ajfa-5505	138	46	credit	credit	NOUN
ajfa-5505	138	47	risk	risk	NOUN
ajfa-5505	138	48	,	,	PUNCT
ajfa-5505	138	49	the	the	DET
ajfa-5505	138	50	intention	intention	NOUN
ajfa-5505	138	51	will	will	AUX
ajfa-5505	138	52	be	be	AUX
ajfa-5505	138	53	stronger	strong	ADJ
ajfa-5505	138	54	.	.	PUNCT
ajfa-5505	139	1	according	accord	VERB
ajfa-5505	139	2	to	to	ADP
ajfa-5505	139	3	the	the	DET
ajfa-5505	139	4	empirical	empirical	ADJ
ajfa-5505	139	5	findings	finding	NOUN
ajfa-5505	139	6	of	of	ADP
ajfa-5505	139	7	hubbard	hubbard	PROPN
ajfa-5505	139	8	et	et	PROPN
ajfa-5505	139	9	al	al	PROPN
ajfa-5505	139	10	.	.	PROPN
ajfa-5505	140	1	(	(	PUNCT
ajfa-5505	140	2	2002	2002	NUM
ajfa-5505	140	3	)	)	PUNCT
ajfa-5505	140	4	and	and	CCONJ
ajfa-5505	140	5	coleman	coleman	PROPN
ajfa-5505	140	6	et	et	PROPN
ajfa-5505	140	7	al	al	PROPN
ajfa-5505	140	8	.	.	PROPN
ajfa-5505	141	1	(	(	PUNCT
ajfa-5505	141	2	2002	2002	NUM
ajfa-5505	141	3	)	)	PUNCT
ajfa-5505	141	4	,	,	PUNCT
ajfa-5505	141	5	the	the	PRON
ajfa-5505	141	6	worse	bad	ADJ
ajfa-5505	141	7	the	the	DET
ajfa-5505	141	8	financial	financial	ADJ
ajfa-5505	141	9	substance	substance	NOUN
ajfa-5505	141	10	of	of	ADP
ajfa-5505	141	11	the	the	DET
ajfa-5505	141	12	banks	bank	NOUN
ajfa-5505	141	13	,	,	PUNCT
ajfa-5505	141	14	the	the	PRON
ajfa-5505	141	15	higher	high	ADJ
ajfa-5505	141	16	the	the	DET
ajfa-5505	141	17	interest	interest	NOUN
ajfa-5505	141	18	rate	rate	NOUN
ajfa-5505	141	19	they	they	PRON
ajfa-5505	141	20	will	will	AUX
ajfa-5505	141	21	charge	charge	VERB
ajfa-5505	141	22	the	the	DET
ajfa-5505	141	23	borrowers	borrower	NOUN
ajfa-5505	141	24	.	.	PUNCT
ajfa-5505	142	1	therefore	therefore	ADV
ajfa-5505	142	2	,	,	PUNCT
ajfa-5505	142	3	in	in	ADP
ajfa-5505	142	4	measuring	measure	VERB
ajfa-5505	142	5	the	the	DET
ajfa-5505	142	6	lending	lending	NOUN
ajfa-5505	142	7	performance	performance	NOUN
ajfa-5505	142	8	by	by	ADP
ajfa-5505	142	9	the	the	DET
ajfa-5505	142	10	features	feature	NOUN
ajfa-5505	142	11	of	of	ADP
ajfa-5505	142	12	“	"	PUNCT
ajfa-5505	142	13	wobd	wobd	NOUN
ajfa-5505	142	14	”	"	PUNCT
ajfa-5505	142	15	or	or	CCONJ
ajfa-5505	142	16	“	"	PUNCT
ajfa-5505	142	17	hccl	hccl	PROPN
ajfa-5505	142	18	”	"	PUNCT
ajfa-5505	142	19	,	,	PUNCT
ajfa-5505	142	20	we	we	PRON
ajfa-5505	142	21	predict	predict	VERB
ajfa-5505	142	22	that	that	SCONJ
ajfa-5505	142	23	banks	bank	NOUN
ajfa-5505	142	24	with	with	ADP
ajfa-5505	142	25	higher	high	ADJ
ajfa-5505	142	26	credit	credit	NOUN
ajfa-5505	142	27	risk	risk	NOUN
ajfa-5505	142	28	and	and	CCONJ
ajfa-5505	142	29	poor	poor	ADJ
ajfa-5505	142	30	performance	performance	NOUN
ajfa-5505	142	31	will	will	AUX
ajfa-5505	142	32	charge	charge	VERB
ajfa-5505	142	33	higher	high	ADJ
ajfa-5505	142	34	loan	loan	NOUN
ajfa-5505	142	35	spreads	spread	NOUN
ajfa-5505	142	36	to	to	PART
ajfa-5505	142	37	reflect	reflect	VERB
ajfa-5505	142	38	the	the	DET
ajfa-5505	142	39	higher	high	ADJ
ajfa-5505	142	40	cost	cost	NOUN
ajfa-5505	142	41	of	of	ADP
ajfa-5505	142	42	capital	capital	NOUN
ajfa-5505	142	43	.	.	PUNCT
ajfa-5505	143	1	as	as	ADP
ajfa-5505	143	2	for	for	ADP
ajfa-5505	143	3	borrowers	borrower	NOUN
ajfa-5505	143	4	with	with	ADP
ajfa-5505	143	5	bad	bad	ADJ
ajfa-5505	143	6	credit	credit	NOUN
ajfa-5505	143	7	quality	quality	NOUN
ajfa-5505	143	8	,	,	PUNCT
ajfa-5505	143	9	banks	bank	NOUN
ajfa-5505	143	10	will	will	AUX
ajfa-5505	143	11	charge	charge	VERB
ajfa-5505	143	12	higher	high	ADJ
ajfa-5505	143	13	loan	loan	NOUN
ajfa-5505	143	14	spreads	spread	NOUN
ajfa-5505	143	15	to	to	PART
ajfa-5505	143	16	reflect	reflect	VERB
ajfa-5505	143	17	the	the	DET
ajfa-5505	143	18	higher	high	ADJ
ajfa-5505	143	19	risk	risk	NOUN
ajfa-5505	143	20	they	they	PRON
ajfa-5505	143	21	are	be	AUX
ajfa-5505	143	22	assuming	assume	VERB
ajfa-5505	143	23	.	.	PUNCT
ajfa-5505	144	1	asian	asian	ADJ
ajfa-5505	144	2	journal	journal	PROPN
ajfa-5505	144	3	of	of	ADP
ajfa-5505	144	4	finance	finance	PROPN
ajfa-5505	144	5	&	&	CCONJ
ajfa-5505	144	6	accounting	accounting	PROPN
ajfa-5505	144	7	issn	issn	PROPN
ajfa-5505	144	8	1946	1946	NUM
ajfa-5505	144	9	-	-	PUNCT
ajfa-5505	144	10	052x	052x	PROPN
ajfa-5505	144	11	2014	2014	NUM
ajfa-5505	144	12	,	,	PUNCT
ajfa-5505	144	13	vol	vol	NOUN
ajfa-5505	144	14	.	.	PROPN
ajfa-5505	145	1	6	6	NUM
ajfa-5505	145	2	,	,	PUNCT
ajfa-5505	145	3	no	no	INTJ
ajfa-5505	145	4	.	.	NOUN
ajfa-5505	145	5	2	2	NUM
ajfa-5505	145	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	145	7	26	26	NUM
ajfa-5505	145	8	hypothesis	hypothesis	NOUN
ajfa-5505	145	9	2	2	NUM
ajfa-5505	145	10	:	:	PUNCT
ajfa-5505	145	11	different	different	ADJ
ajfa-5505	145	12	ownership	ownership	NOUN
ajfa-5505	145	13	type	type	NOUN
ajfa-5505	145	14	banks	bank	NOUN
ajfa-5505	145	15	will	will	AUX
ajfa-5505	145	16	require	require	VERB
ajfa-5505	145	17	different	different	ADJ
ajfa-5505	145	18	loan	loan	NOUN
ajfa-5505	145	19	spreads	spread	NOUN
ajfa-5505	145	20	.	.	PUNCT
ajfa-5505	146	1	however	however	ADV
ajfa-5505	146	2	,	,	PUNCT
ajfa-5505	146	3	when	when	SCONJ
ajfa-5505	146	4	facing	face	VERB
ajfa-5505	146	5	borrowing	borrowing	NOUN
ajfa-5505	146	6	firms	firm	NOUN
ajfa-5505	146	7	with	with	ADP
ajfa-5505	146	8	high	high	ADJ
ajfa-5505	146	9	credit	credit	NOUN
ajfa-5505	146	10	risk	risk	NOUN
ajfa-5505	146	11	,	,	PUNCT
ajfa-5505	146	12	all	all	DET
ajfa-5505	146	13	banks	bank	NOUN
ajfa-5505	146	14	will	will	AUX
ajfa-5505	146	15	require	require	VERB
ajfa-5505	146	16	higher	high	ADJ
ajfa-5505	146	17	loan	loan	NOUN
ajfa-5505	146	18	spreads	spread	NOUN
ajfa-5505	146	19	regardless	regardless	ADV
ajfa-5505	146	20	of	of	ADP
ajfa-5505	146	21	the	the	DET
ajfa-5505	146	22	ownership	ownership	NOUN
ajfa-5505	146	23	type	type	NOUN
ajfa-5505	146	24	.	.	PUNCT
ajfa-5505	147	1	prior	prior	ADJ
ajfa-5505	147	2	research	research	NOUN
ajfa-5505	147	3	lays	lay	VERB
ajfa-5505	147	4	emphasis	emphasis	NOUN
ajfa-5505	147	5	on	on	ADP
ajfa-5505	147	6	a	a	DET
ajfa-5505	147	7	comparison	comparison	NOUN
ajfa-5505	147	8	of	of	ADP
ajfa-5505	147	9	the	the	DET
ajfa-5505	147	10	overall	overall	ADJ
ajfa-5505	147	11	operating	operating	NOUN
ajfa-5505	147	12	performance	performance	NOUN
ajfa-5505	147	13	of	of	ADP
ajfa-5505	147	14	different	different	ADJ
ajfa-5505	147	15	ownership	ownership	NOUN
ajfa-5505	147	16	types	type	NOUN
ajfa-5505	147	17	of	of	ADP
ajfa-5505	147	18	banks	bank	NOUN
ajfa-5505	147	19	,	,	PUNCT
ajfa-5505	147	20	ignoring	ignore	VERB
ajfa-5505	147	21	the	the	DET
ajfa-5505	147	22	item	item	NOUN
ajfa-5505	147	23	of	of	ADP
ajfa-5505	147	24	loan	loan	NOUN
ajfa-5505	147	25	spreads	spread	NOUN
ajfa-5505	147	26	.	.	PUNCT
ajfa-5505	148	1	for	for	ADP
ajfa-5505	148	2	example	example	NOUN
ajfa-5505	148	3	,	,	PUNCT
ajfa-5505	148	4	the	the	DET
ajfa-5505	148	5	performance	performance	NOUN
ajfa-5505	148	6	of	of	ADP
ajfa-5505	148	7	foreign	foreign	ADJ
ajfa-5505	148	8	banks	bank	NOUN
ajfa-5505	148	9	in	in	ADP
ajfa-5505	148	10	developed	develop	VERB
ajfa-5505	148	11	countries	country	NOUN
ajfa-5505	148	12	is	be	AUX
ajfa-5505	148	13	not	not	PART
ajfa-5505	148	14	as	as	ADV
ajfa-5505	148	15	good	good	ADJ
ajfa-5505	148	16	as	as	ADP
ajfa-5505	148	17	that	that	PRON
ajfa-5505	148	18	of	of	ADP
ajfa-5505	148	19	local	local	ADJ
ajfa-5505	148	20	private	private	ADJ
ajfa-5505	148	21	banks	bank	NOUN
ajfa-5505	148	22	,	,	PUNCT
ajfa-5505	148	23	for	for	SCONJ
ajfa-5505	148	24	foreign	foreign	ADJ
ajfa-5505	148	25	banks	bank	NOUN
ajfa-5505	148	26	in	in	ADP
ajfa-5505	148	27	developing	develop	VERB
ajfa-5505	148	28	countries	country	NOUN
ajfa-5505	148	29	have	have	VERB
ajfa-5505	148	30	higher	high	ADJ
ajfa-5505	148	31	efficiency	efficiency	NOUN
ajfa-5505	148	32	values	value	NOUN
ajfa-5505	148	33	and	and	CCONJ
ajfa-5505	148	34	competitiveness	competitiveness	NOUN
ajfa-5505	148	35	than	than	ADP
ajfa-5505	148	36	banks	bank	NOUN
ajfa-5505	148	37	in	in	ADP
ajfa-5505	148	38	the	the	DET
ajfa-5505	148	39	host	host	NOUN
ajfa-5505	148	40	countries	country	NOUN
ajfa-5505	148	41	.	.	PUNCT
ajfa-5505	149	1	some	some	DET
ajfa-5505	149	2	scholars	scholar	NOUN
ajfa-5505	149	3	claim	claim	VERB
ajfa-5505	149	4	that	that	SCONJ
ajfa-5505	149	5	a	a	DET
ajfa-5505	149	6	study	study	NOUN
ajfa-5505	149	7	of	of	ADP
ajfa-5505	149	8	the	the	DET
ajfa-5505	149	9	loan	loan	NOUN
ajfa-5505	149	10	spreads	spread	NOUN
ajfa-5505	149	11	should	should	AUX
ajfa-5505	149	12	take	take	VERB
ajfa-5505	149	13	the	the	DET
ajfa-5505	149	14	factors	factor	NOUN
ajfa-5505	149	15	of	of	ADP
ajfa-5505	149	16	information	information	NOUN
ajfa-5505	149	17	asymmetry	asymmetry	NOUN
ajfa-5505	149	18	,	,	PUNCT
ajfa-5505	149	19	credit	credit	NOUN
ajfa-5505	149	20	records	record	NOUN
ajfa-5505	149	21	,	,	PUNCT
ajfa-5505	149	22	collateral	collateral	NOUN
ajfa-5505	149	23	,	,	PUNCT
ajfa-5505	149	24	and	and	CCONJ
ajfa-5505	149	25	credit	credit	NOUN
ajfa-5505	149	26	availability	availability	NOUN
ajfa-5505	149	27	into	into	ADP
ajfa-5505	149	28	consideration	consideration	NOUN
ajfa-5505	149	29	(	(	PUNCT
ajfa-5505	149	30	chaplinsky	chaplinsky	NOUN
ajfa-5505	149	31	-	-	PUNCT
ajfa-5505	149	32	haushalter	haushalter	NOUN
ajfa-5505	149	33	(	(	PUNCT
ajfa-5505	149	34	2010	2010	NUM
ajfa-5505	149	35	)	)	PUNCT
ajfa-5505	149	36	)	)	PUNCT
ajfa-5505	149	37	.	.	PUNCT
ajfa-5505	150	1	therefore	therefore	ADV
ajfa-5505	150	2	,	,	PUNCT
ajfa-5505	150	3	in	in	ADP
ajfa-5505	150	4	addition	addition	NOUN
ajfa-5505	150	5	to	to	ADP
ajfa-5505	150	6	observing	observe	VERB
ajfa-5505	150	7	ownership	ownership	NOUN
ajfa-5505	150	8	types	type	NOUN
ajfa-5505	150	9	,	,	PUNCT
ajfa-5505	150	10	we	we	PRON
ajfa-5505	150	11	also	also	ADV
ajfa-5505	150	12	consider	consider	VERB
ajfa-5505	150	13	the	the	DET
ajfa-5505	150	14	interaction	interaction	NOUN
ajfa-5505	150	15	of	of	ADP
ajfa-5505	150	16	ownership	ownership	NOUN
ajfa-5505	150	17	and	and	CCONJ
ajfa-5505	150	18	credit	credit	NOUN
ajfa-5505	150	19	risk	risk	NOUN
ajfa-5505	150	20	to	to	PART
ajfa-5505	150	21	further	far	ADV
ajfa-5505	150	22	observe	observe	VERB
ajfa-5505	150	23	how	how	SCONJ
ajfa-5505	150	24	different	different	ADJ
ajfa-5505	150	25	ownership	ownership	NOUN
ajfa-5505	150	26	banks	bank	NOUN
ajfa-5505	150	27	respond	respond	VERB
ajfa-5505	150	28	to	to	ADP
ajfa-5505	150	29	loan	loan	NOUN
ajfa-5505	150	30	spreads	spread	NOUN
ajfa-5505	150	31	about	about	ADP
ajfa-5505	150	32	different	different	ADJ
ajfa-5505	150	33	credit	credit	NOUN
ajfa-5505	150	34	risk	risk	NOUN
ajfa-5505	150	35	firms	firm	NOUN
ajfa-5505	150	36	.	.	PUNCT
ajfa-5505	151	1	hypothesis	hypothesis	NOUN
ajfa-5505	151	2	3	3	NUM
ajfa-5505	151	3	:	:	PUNCT
ajfa-5505	151	4	as	as	SCONJ
ajfa-5505	151	5	closer	close	ADJ
ajfa-5505	151	6	relationships	relationship	NOUN
ajfa-5505	151	7	exist	exist	VERB
ajfa-5505	151	8	between	between	ADP
ajfa-5505	151	9	banks	bank	NOUN
ajfa-5505	151	10	and	and	CCONJ
ajfa-5505	151	11	firms	firm	NOUN
ajfa-5505	151	12	,	,	PUNCT
ajfa-5505	151	13	banks	bank	NOUN
ajfa-5505	151	14	are	be	AUX
ajfa-5505	151	15	willing	willing	ADJ
ajfa-5505	151	16	to	to	PART
ajfa-5505	151	17	give	give	VERB
ajfa-5505	151	18	borrowers	borrower	NOUN
ajfa-5505	151	19	lower	low	ADJ
ajfa-5505	151	20	loan	loan	NOUN
ajfa-5505	151	21	spreads	spread	NOUN
ajfa-5505	151	22	,	,	PUNCT
ajfa-5505	151	23	and	and	CCONJ
ajfa-5505	151	24	even	even	ADV
ajfa-5505	151	25	the	the	DET
ajfa-5505	151	26	borrowers	borrower	NOUN
ajfa-5505	151	27	that	that	PRON
ajfa-5505	151	28	have	have	VERB
ajfa-5505	151	29	high	high	ADJ
ajfa-5505	151	30	credit	credit	NOUN
ajfa-5505	151	31	risk	risk	NOUN
ajfa-5505	151	32	banks	bank	NOUN
ajfa-5505	151	33	are	be	AUX
ajfa-5505	151	34	still	still	ADV
ajfa-5505	151	35	able	able	ADJ
ajfa-5505	151	36	to	to	PART
ajfa-5505	151	37	obtain	obtain	VERB
ajfa-5505	151	38	them	they	PRON
ajfa-5505	151	39	.	.	PUNCT
ajfa-5505	152	1	in	in	ADP
ajfa-5505	152	2	accordance	accordance	NOUN
ajfa-5505	152	3	with	with	ADP
ajfa-5505	152	4	securities	security	NOUN
ajfa-5505	152	5	and	and	CCONJ
ajfa-5505	152	6	financial	financial	ADJ
ajfa-5505	152	7	regulations	regulation	NOUN
ajfa-5505	152	8	and	and	CCONJ
ajfa-5505	152	9	the	the	DET
ajfa-5505	152	10	review	review	NOUN
ajfa-5505	152	11	system	system	NOUN
ajfa-5505	152	12	,	,	PUNCT
ajfa-5505	152	13	the	the	DET
ajfa-5505	152	14	highest	high	ADJ
ajfa-5505	152	15	credit	credit	NOUN
ajfa-5505	152	16	review	review	NOUN
ajfa-5505	152	17	and	and	CCONJ
ajfa-5505	152	18	decision	decision	NOUN
ajfa-5505	152	19	unit	unit	NOUN
ajfa-5505	152	20	is	be	AUX
ajfa-5505	152	21	the	the	DET
ajfa-5505	152	22	bank	bank	NOUN
ajfa-5505	152	23	’s	’s	PART
ajfa-5505	152	24	board	board	NOUN
ajfa-5505	152	25	of	of	ADP
ajfa-5505	152	26	directors	director	NOUN
ajfa-5505	152	27	,	,	PUNCT
ajfa-5505	152	28	it	it	PRON
ajfa-5505	152	29	has	have	VERB
ajfa-5505	152	30	the	the	DET
ajfa-5505	152	31	greatest	great	ADJ
ajfa-5505	152	32	authority	authority	NOUN
ajfa-5505	152	33	to	to	PART
ajfa-5505	152	34	determine	determine	VERB
ajfa-5505	152	35	the	the	DET
ajfa-5505	152	36	loan	loan	NOUN
ajfa-5505	152	37	rate	rate	NOUN
ajfa-5505	152	38	,	,	PUNCT
ajfa-5505	152	39	credit	credit	NOUN
ajfa-5505	152	40	availability	availability	NOUN
ajfa-5505	152	41	and	and	CCONJ
ajfa-5505	152	42	risk	risk	NOUN
ajfa-5505	152	43	limit	limit	NOUN
ajfa-5505	152	44	.	.	PUNCT
ajfa-5505	153	1	to	to	PART
ajfa-5505	153	2	fairly	fairly	ADV
ajfa-5505	153	3	express	express	VERB
ajfa-5505	153	4	the	the	DET
ajfa-5505	153	5	top	top	ADJ
ajfa-5505	153	6	decision	decision	NOUN
ajfa-5505	153	7	-	-	PUNCT
ajfa-5505	153	8	makers	maker	NOUN
ajfa-5505	153	9	’	'	PUNCT
ajfa-5505	153	10	determination	determination	NOUN
ajfa-5505	153	11	,	,	PUNCT
ajfa-5505	153	12	we	we	PRON
ajfa-5505	153	13	divide	divide	VERB
ajfa-5505	153	14	the	the	DET
ajfa-5505	153	15	creditor	creditor	NOUN
ajfa-5505	153	16	bank	bank	NOUN
ajfa-5505	153	17	into	into	ADP
ajfa-5505	153	18	three	three	NUM
ajfa-5505	153	19	kinds	kind	NOUN
ajfa-5505	153	20	by	by	ADP
ajfa-5505	153	21	the	the	DET
ajfa-5505	153	22	total	total	ADJ
ajfa-5505	153	23	borrowing	borrowing	NOUN
ajfa-5505	153	24	amount	amount	NOUN
ajfa-5505	153	25	or	or	CCONJ
ajfa-5505	153	26	debt	debt	NOUN
ajfa-5505	153	27	capacity	capacity	NOUN
ajfa-5505	153	28	of	of	ADP
ajfa-5505	153	29	the	the	DET
ajfa-5505	153	30	enterprise	enterprise	NOUN
ajfa-5505	153	31	,	,	PUNCT
ajfa-5505	153	32	in	in	ADP
ajfa-5505	153	33	terms	term	NOUN
ajfa-5505	153	34	of	of	ADP
ajfa-5505	153	35	the	the	DET
ajfa-5505	153	36	largest	large	ADJ
ajfa-5505	153	37	,	,	PUNCT
ajfa-5505	153	38	main	main	ADJ
ajfa-5505	153	39	or	or	CCONJ
ajfa-5505	153	40	non	non	ADJ
ajfa-5505	153	41	-	-	ADJ
ajfa-5505	153	42	main	main	ADJ
ajfa-5505	153	43	creditor	creditor	NOUN
ajfa-5505	153	44	bank	bank	NOUN
ajfa-5505	153	45	to	to	PART
ajfa-5505	153	46	describe	describe	VERB
ajfa-5505	153	47	their	their	PRON
ajfa-5505	153	48	relationship	relationship	NOUN
ajfa-5505	153	49	level	level	NOUN
ajfa-5505	153	50	.	.	PUNCT
ajfa-5505	154	1	however	however	ADV
ajfa-5505	154	2	,	,	PUNCT
ajfa-5505	154	3	the	the	DET
ajfa-5505	154	4	prior	prior	ADJ
ajfa-5505	154	5	literature	literature	NOUN
ajfa-5505	154	6	concerning	concern	VERB
ajfa-5505	154	7	the	the	DET
ajfa-5505	154	8	banking	banking	NOUN
ajfa-5505	154	9	relationships	relationship	NOUN
ajfa-5505	154	10	and	and	CCONJ
ajfa-5505	154	11	loan	loan	NOUN
ajfa-5505	154	12	spreads	spread	NOUN
ajfa-5505	154	13	gives	give	VERB
ajfa-5505	154	14	rise	rise	NOUN
ajfa-5505	154	15	to	to	ADP
ajfa-5505	154	16	inconsistent	inconsistent	ADJ
ajfa-5505	154	17	conclusions	conclusion	NOUN
ajfa-5505	154	18	.	.	PUNCT
ajfa-5505	155	1	berger	berger	PROPN
ajfa-5505	155	2	-	-	PUNCT
ajfa-5505	155	3	udell	udell	PROPN
ajfa-5505	155	4	(	(	PUNCT
ajfa-5505	155	5	1995	1995	NUM
ajfa-5505	155	6	)	)	PUNCT
ajfa-5505	155	7	stated	state	VERB
ajfa-5505	155	8	that	that	SCONJ
ajfa-5505	155	9	the	the	PRON
ajfa-5505	155	10	closer	close	ADJ
ajfa-5505	155	11	the	the	DET
ajfa-5505	155	12	relationships	relationship	NOUN
ajfa-5505	155	13	,	,	PUNCT
ajfa-5505	155	14	the	the	PRON
ajfa-5505	155	15	lower	low	ADJ
ajfa-5505	155	16	the	the	DET
ajfa-5505	155	17	loan	loan	NOUN
ajfa-5505	155	18	spreads	spread	NOUN
ajfa-5505	155	19	;	;	PUNCT
ajfa-5505	155	20	some	some	DET
ajfa-5505	155	21	scholars	scholar	NOUN
ajfa-5505	155	22	have	have	AUX
ajfa-5505	155	23	argued	argue	VERB
ajfa-5505	155	24	that	that	SCONJ
ajfa-5505	155	25	banking	banking	NOUN
ajfa-5505	155	26	relationships	relationship	NOUN
ajfa-5505	155	27	do	do	VERB
ajfa-5505	155	28	nothing	nothing	PRON
ajfa-5505	155	29	about	about	ADP
ajfa-5505	155	30	loan	loan	NOUN
ajfa-5505	155	31	spreads	spread	NOUN
ajfa-5505	155	32	.	.	PUNCT
ajfa-5505	156	1	(	(	PUNCT
ajfa-5505	156	2	elsas	elsas	PROPN
ajfa-5505	156	3	-	-	PUNCT
ajfa-5505	156	4	krahnen	krahnen	PROPN
ajfa-5505	156	5	,	,	PUNCT
ajfa-5505	156	6	1998	1998	NUM
ajfa-5505	156	7	;	;	PUNCT
ajfa-5505	156	8	machauer	machauer	PROPN
ajfa-5505	156	9	-	-	PUNCT
ajfa-5505	156	10	weber	weber	PROPN
ajfa-5505	156	11	,	,	PUNCT
ajfa-5505	156	12	2000	2000	NUM
ajfa-5505	156	13	)	)	PUNCT
ajfa-5505	156	14	;	;	PUNCT
ajfa-5505	156	15	degryse	degryse	NOUN
ajfa-5505	156	16	-	-	PUNCT
ajfa-5505	156	17	cayseele	cayseele	NOUN
ajfa-5505	156	18	(	(	PUNCT
ajfa-5505	156	19	2000	2000	NUM
ajfa-5505	156	20	)	)	PUNCT
ajfa-5505	156	21	indicated	indicate	VERB
ajfa-5505	156	22	that	that	SCONJ
ajfa-5505	156	23	the	the	PRON
ajfa-5505	156	24	closer	close	ADJ
ajfa-5505	156	25	the	the	DET
ajfa-5505	156	26	relationships	relationship	NOUN
ajfa-5505	156	27	,	,	PUNCT
ajfa-5505	156	28	the	the	PRON
ajfa-5505	156	29	higher	high	ADJ
ajfa-5505	156	30	the	the	DET
ajfa-5505	156	31	loan	loan	NOUN
ajfa-5505	156	32	spreads	spread	NOUN
ajfa-5505	156	33	.	.	PUNCT
ajfa-5505	157	1	overbanking	overbanking	NOUN
ajfa-5505	157	2	causes	cause	VERB
ajfa-5505	157	3	the	the	DET
ajfa-5505	157	4	taiwan	taiwan	PROPN
ajfa-5505	157	5	banking	banking	NOUN
ajfa-5505	157	6	market	market	NOUN
ajfa-5505	157	7	to	to	PART
ajfa-5505	157	8	be	be	AUX
ajfa-5505	157	9	competitive	competitive	ADJ
ajfa-5505	157	10	,	,	PUNCT
ajfa-5505	157	11	and	and	CCONJ
ajfa-5505	157	12	whether	whether	SCONJ
ajfa-5505	157	13	or	or	CCONJ
ajfa-5505	157	14	not	not	PART
ajfa-5505	157	15	relationship	relationship	NOUN
ajfa-5505	157	16	lending	lending	NOUN
ajfa-5505	157	17	is	be	AUX
ajfa-5505	157	18	advantageous	advantageous	ADJ
ajfa-5505	157	19	or	or	CCONJ
ajfa-5505	157	20	disadvantageous	disadvantageous	ADJ
ajfa-5505	157	21	for	for	ADP
ajfa-5505	157	22	the	the	DET
ajfa-5505	157	23	borrower	borrower	NOUN
ajfa-5505	157	24	in	in	ADP
ajfa-5505	157	25	such	such	DET
ajfa-5505	157	26	an	an	DET
ajfa-5505	157	27	environment	environment	NOUN
ajfa-5505	157	28	is	be	AUX
ajfa-5505	157	29	worth	worth	ADJ
ajfa-5505	157	30	examining	examine	VERB
ajfa-5505	157	31	carefully	carefully	ADV
ajfa-5505	157	32	.	.	PUNCT
ajfa-5505	158	1	furthermore	furthermore	ADV
ajfa-5505	158	2	,	,	PUNCT
ajfa-5505	158	3	we	we	PRON
ajfa-5505	158	4	are	be	AUX
ajfa-5505	158	5	also	also	ADV
ajfa-5505	158	6	concerned	concerned	ADJ
ajfa-5505	158	7	with	with	ADP
ajfa-5505	158	8	whether	whether	SCONJ
ajfa-5505	158	9	the	the	DET
ajfa-5505	158	10	loan	loan	NOUN
ajfa-5505	158	11	spreads	spread	VERB
ajfa-5505	158	12	exhibit	exhibit	VERB
ajfa-5505	158	13	significant	significant	ADJ
ajfa-5505	158	14	differences	difference	NOUN
ajfa-5505	158	15	in	in	ADP
ajfa-5505	158	16	terms	term	NOUN
ajfa-5505	158	17	of	of	ADP
ajfa-5505	158	18	borrowers	borrower	NOUN
ajfa-5505	158	19	with	with	ADP
ajfa-5505	158	20	different	different	ADJ
ajfa-5505	158	21	credit	credit	NOUN
ajfa-5505	158	22	risks	risk	NOUN
ajfa-5505	158	23	.	.	PUNCT
ajfa-5505	159	1	asian	asian	ADJ
ajfa-5505	159	2	journal	journal	PROPN
ajfa-5505	159	3	of	of	ADP
ajfa-5505	159	4	finance	finance	PROPN
ajfa-5505	159	5	&	&	CCONJ
ajfa-5505	159	6	accounting	accounting	PROPN
ajfa-5505	159	7	issn	issn	PROPN
ajfa-5505	159	8	1946	1946	NUM
ajfa-5505	159	9	-	-	PUNCT
ajfa-5505	159	10	052x	052x	PROPN
ajfa-5505	159	11	2014	2014	NUM
ajfa-5505	159	12	,	,	PUNCT
ajfa-5505	159	13	vol	vol	NOUN
ajfa-5505	159	14	.	.	PROPN
ajfa-5505	160	1	6	6	NUM
ajfa-5505	160	2	,	,	PUNCT
ajfa-5505	160	3	no	no	INTJ
ajfa-5505	160	4	.	.	NOUN
ajfa-5505	160	5	2	2	NUM
ajfa-5505	160	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	160	7	27	27	NUM
ajfa-5505	160	8	hypothesis	hypothesis	NOUN
ajfa-5505	160	9	4	4	NUM
ajfa-5505	160	10	:	:	PUNCT
ajfa-5505	160	11	banks	bank	NOUN
ajfa-5505	160	12	are	be	AUX
ajfa-5505	160	13	willing	willing	ADJ
ajfa-5505	160	14	to	to	PART
ajfa-5505	160	15	grant	grant	VERB
ajfa-5505	160	16	lower	low	ADJ
ajfa-5505	160	17	loan	loan	NOUN
ajfa-5505	160	18	spreads	spread	NOUN
ajfa-5505	160	19	to	to	ADP
ajfa-5505	160	20	firms	firm	NOUN
ajfa-5505	160	21	with	with	ADP
ajfa-5505	160	22	rising	rise	VERB
ajfa-5505	160	23	credit	credit	NOUN
ajfa-5505	160	24	ratings	rating	NOUN
ajfa-5505	160	25	and	and	CCONJ
ajfa-5505	160	26	require	require	VERB
ajfa-5505	160	27	higher	high	ADJ
ajfa-5505	160	28	loan	loan	NOUN
ajfa-5505	160	29	spreads	spread	NOUN
ajfa-5505	160	30	for	for	ADP
ajfa-5505	160	31	borrowers	borrower	NOUN
ajfa-5505	160	32	with	with	ADP
ajfa-5505	160	33	descending	descend	VERB
ajfa-5505	160	34	credit	credit	NOUN
ajfa-5505	160	35	ratings	rating	NOUN
ajfa-5505	160	36	.	.	PUNCT
ajfa-5505	161	1	if	if	SCONJ
ajfa-5505	161	2	the	the	DET
ajfa-5505	161	3	borrowing	borrowing	NOUN
ajfa-5505	161	4	company	company	NOUN
ajfa-5505	161	5	belongs	belong	VERB
ajfa-5505	161	6	to	to	ADP
ajfa-5505	161	7	the	the	DET
ajfa-5505	161	8	high	high	ADJ
ajfa-5505	161	9	risk	risk	NOUN
ajfa-5505	161	10	group	group	NOUN
ajfa-5505	161	11	but	but	CCONJ
ajfa-5505	161	12	has	have	AUX
ajfa-5505	161	13	improved	improve	VERB
ajfa-5505	161	14	its	its	PRON
ajfa-5505	161	15	credit	credit	NOUN
ajfa-5505	161	16	rating	rating	NOUN
ajfa-5505	161	17	in	in	ADP
ajfa-5505	161	18	recent	recent	ADJ
ajfa-5505	161	19	years	year	NOUN
ajfa-5505	161	20	,	,	PUNCT
ajfa-5505	161	21	banks	bank	NOUN
ajfa-5505	161	22	will	will	AUX
ajfa-5505	161	23	normally	normally	ADV
ajfa-5505	161	24	charge	charge	VERB
ajfa-5505	161	25	lower	low	ADJ
ajfa-5505	161	26	loan	loan	NOUN
ajfa-5505	161	27	spreads	spread	NOUN
ajfa-5505	161	28	to	to	PART
ajfa-5505	161	29	reflect	reflect	VERB
ajfa-5505	161	30	the	the	DET
ajfa-5505	161	31	improvement	improvement	NOUN
ajfa-5505	161	32	in	in	ADP
ajfa-5505	161	33	the	the	DET
ajfa-5505	161	34	credit	credit	NOUN
ajfa-5505	161	35	quality	quality	NOUN
ajfa-5505	161	36	while	while	SCONJ
ajfa-5505	161	37	renewing	renew	VERB
ajfa-5505	161	38	the	the	DET
ajfa-5505	161	39	loan	loan	NOUN
ajfa-5505	161	40	agreement	agreement	NOUN
ajfa-5505	161	41	.	.	PUNCT
ajfa-5505	162	1	according	accord	VERB
ajfa-5505	162	2	to	to	ADP
ajfa-5505	162	3	the	the	DET
ajfa-5505	162	4	findings	finding	NOUN
ajfa-5505	162	5	of	of	ADP
ajfa-5505	162	6	tang	tang	PROPN
ajfa-5505	162	7	(	(	PUNCT
ajfa-5505	162	8	2009	2009	NUM
ajfa-5505	162	9	)	)	PUNCT
ajfa-5505	162	10	,	,	PUNCT
ajfa-5505	162	11	a	a	DET
ajfa-5505	162	12	company	company	NOUN
ajfa-5505	162	13	with	with	ADP
ajfa-5505	162	14	a	a	DET
ajfa-5505	162	15	rising	rise	VERB
ajfa-5505	162	16	credit	credit	NOUN
ajfa-5505	162	17	rating	rating	NOUN
ajfa-5505	162	18	generally	generally	ADV
ajfa-5505	162	19	receives	receive	VERB
ajfa-5505	162	20	lower	low	ADJ
ajfa-5505	162	21	loan	loan	NOUN
ajfa-5505	162	22	spreads	spread	NOUN
ajfa-5505	162	23	.	.	PUNCT
ajfa-5505	163	1	based	base	VERB
ajfa-5505	163	2	on	on	ADP
ajfa-5505	163	3	the	the	DET
ajfa-5505	163	4	“	"	PUNCT
ajfa-5505	163	5	risk	risk	NOUN
ajfa-5505	163	6	add	add	VERB
ajfa-5505	163	7	and	and	CCONJ
ajfa-5505	163	8	subtract	subtract	NOUN
ajfa-5505	163	9	yard	yard	NOUN
ajfa-5505	163	10	system	system	NOUN
ajfa-5505	163	11	”	"	PUNCT
ajfa-5505	163	12	applied	apply	VERB
ajfa-5505	163	13	in	in	ADP
ajfa-5505	163	14	practice	practice	NOUN
ajfa-5505	163	15	,	,	PUNCT
ajfa-5505	163	16	firms	firm	NOUN
ajfa-5505	163	17	with	with	ADP
ajfa-5505	163	18	worse	bad	ADJ
ajfa-5505	163	19	credit	credit	NOUN
ajfa-5505	163	20	ratings	rating	NOUN
ajfa-5505	163	21	add	add	VERB
ajfa-5505	163	22	more	more	ADJ
ajfa-5505	163	23	yards	yard	NOUN
ajfa-5505	163	24	and	and	CCONJ
ajfa-5505	163	25	receive	receive	VERB
ajfa-5505	163	26	higher	high	ADJ
ajfa-5505	163	27	borrowing	borrowing	NOUN
ajfa-5505	163	28	spreads	spread	NOUN
ajfa-5505	163	29	.	.	PUNCT
ajfa-5505	164	1	if	if	SCONJ
ajfa-5505	164	2	the	the	DET
ajfa-5505	164	3	credit	credit	NOUN
ajfa-5505	164	4	rating	rating	NOUN
ajfa-5505	164	5	of	of	ADP
ajfa-5505	164	6	the	the	DET
ajfa-5505	164	7	borrowers	borrower	NOUN
ajfa-5505	164	8	is	be	AUX
ajfa-5505	164	9	obviously	obviously	ADV
ajfa-5505	164	10	ascending	ascend	VERB
ajfa-5505	164	11	or	or	CCONJ
ajfa-5505	164	12	descending	descend	VERB
ajfa-5505	164	13	during	during	ADP
ajfa-5505	164	14	the	the	DET
ajfa-5505	164	15	past	past	ADJ
ajfa-5505	164	16	three	three	NUM
ajfa-5505	164	17	years	year	NOUN
ajfa-5505	164	18	,	,	PUNCT
ajfa-5505	164	19	in	in	ADP
ajfa-5505	164	20	response	response	NOUN
ajfa-5505	164	21	to	to	ADP
ajfa-5505	164	22	the	the	DET
ajfa-5505	164	23	regulation	regulation	NOUN
ajfa-5505	164	24	of	of	ADP
ajfa-5505	164	25	review	review	NOUN
ajfa-5505	164	26	mechanism	mechanism	NOUN
ajfa-5505	164	27	,	,	PUNCT
ajfa-5505	164	28	the	the	DET
ajfa-5505	164	29	lending	lending	NOUN
ajfa-5505	164	30	bank	bank	NOUN
ajfa-5505	164	31	will	will	AUX
ajfa-5505	164	32	undertake	undertake	VERB
ajfa-5505	164	33	evaluating	evaluating	NOUN
ajfa-5505	164	34	procedures	procedure	NOUN
ajfa-5505	164	35	every	every	DET
ajfa-5505	164	36	three	three	NUM
ajfa-5505	164	37	or	or	CCONJ
ajfa-5505	164	38	six	six	NUM
ajfa-5505	164	39	months	month	NOUN
ajfa-5505	164	40	to	to	PART
ajfa-5505	164	41	adjust	adjust	VERB
ajfa-5505	164	42	the	the	DET
ajfa-5505	164	43	rate	rate	NOUN
ajfa-5505	164	44	for	for	ADP
ajfa-5505	164	45	reflecting	reflect	VERB
ajfa-5505	164	46	changes	change	NOUN
ajfa-5505	164	47	in	in	ADP
ajfa-5505	164	48	credit	credit	NOUN
ajfa-5505	164	49	quality	quality	NOUN
ajfa-5505	164	50	.	.	PUNCT
ajfa-5505	165	1	therefore	therefore	ADV
ajfa-5505	165	2	,	,	PUNCT
ajfa-5505	165	3	if	if	SCONJ
ajfa-5505	165	4	companies	company	NOUN
ajfa-5505	165	5	with	with	ADP
ajfa-5505	165	6	high	high	ADJ
ajfa-5505	165	7	credit	credit	NOUN
ajfa-5505	165	8	risk	risk	NOUN
ajfa-5505	165	9	upgrade	upgrade	VERB
ajfa-5505	165	10	their	their	PRON
ajfa-5505	165	11	credit	credit	NOUN
ajfa-5505	165	12	rating	rating	NOUN
ajfa-5505	165	13	,	,	PUNCT
ajfa-5505	165	14	the	the	DET
ajfa-5505	165	15	lending	lending	NOUN
ajfa-5505	165	16	bank	bank	NOUN
ajfa-5505	165	17	will	will	AUX
ajfa-5505	165	18	lower	lower	VERB
ajfa-5505	165	19	loan	loan	NOUN
ajfa-5505	165	20	spreads	spread	NOUN
ajfa-5505	165	21	to	to	PART
ajfa-5505	165	22	reflect	reflect	VERB
ajfa-5505	165	23	that	that	SCONJ
ajfa-5505	165	24	the	the	DET
ajfa-5505	165	25	borrower	borrower	NOUN
ajfa-5505	165	26	’s	’s	PART
ajfa-5505	165	27	credit	credit	NOUN
ajfa-5505	165	28	quality	quality	NOUN
ajfa-5505	165	29	had	have	AUX
ajfa-5505	165	30	been	be	AUX
ajfa-5505	165	31	improved	improve	VERB
ajfa-5505	165	32	.	.	PUNCT
ajfa-5505	166	1	3	3	X
ajfa-5505	166	2	.	.	X
ajfa-5505	166	3	data	datum	NOUN
ajfa-5505	166	4	and	and	CCONJ
ajfa-5505	166	5	methodology	methodology	NOUN
ajfa-5505	166	6	3.1	3.1	NUM
ajfa-5505	166	7	data	datum	NOUN
ajfa-5505	166	8	sources	source	NOUN
ajfa-5505	166	9	the	the	DET
ajfa-5505	166	10	main	main	ADJ
ajfa-5505	166	11	data	datum	NOUN
ajfa-5505	166	12	sources	source	NOUN
ajfa-5505	166	13	are	be	AUX
ajfa-5505	166	14	the	the	DET
ajfa-5505	166	15	long	long	ADJ
ajfa-5505	166	16	-	-	PUNCT
ajfa-5505	166	17	term	term	NOUN
ajfa-5505	166	18	and	and	CCONJ
ajfa-5505	166	19	short	short	ADJ
ajfa-5505	166	20	-	-	PUNCT
ajfa-5505	166	21	term	term	NOUN
ajfa-5505	166	22	borrowings	borrowing	NOUN
ajfa-5505	166	23	data18	data18	NOUN
ajfa-5505	166	24	of	of	ADP
ajfa-5505	166	25	the	the	DET
ajfa-5505	166	26	publicly	publicly	ADV
ajfa-5505	166	27	-	-	PUNCT
ajfa-5505	166	28	held	hold	VERB
ajfa-5505	166	29	companies	company	NOUN
ajfa-5505	166	30	contained	contain	VERB
ajfa-5505	166	31	in	in	ADP
ajfa-5505	166	32	the	the	DET
ajfa-5505	166	33	database	database	NOUN
ajfa-5505	166	34	of	of	ADP
ajfa-5505	166	35	the	the	DET
ajfa-5505	166	36	taiwan	taiwan	PROPN
ajfa-5505	166	37	economic	economic	PROPN
ajfa-5505	166	38	journal	journal	PROPN
ajfa-5505	166	39	together	together	ADV
ajfa-5505	166	40	with	with	ADP
ajfa-5505	166	41	the	the	DET
ajfa-5505	166	42	financial	financial	ADJ
ajfa-5505	166	43	statements	statement	NOUN
ajfa-5505	166	44	of	of	ADP
ajfa-5505	166	45	these	these	DET
ajfa-5505	166	46	companies	company	NOUN
ajfa-5505	166	47	and	and	CCONJ
ajfa-5505	166	48	financial	financial	ADJ
ajfa-5505	166	49	data	datum	NOUN
ajfa-5505	166	50	kept	keep	VERB
ajfa-5505	166	51	by	by	ADP
ajfa-5505	166	52	relationship	relationship	NOUN
ajfa-5505	166	53	creditor	creditor	NOUN
ajfa-5505	166	54	banks	bank	NOUN
ajfa-5505	166	55	.	.	PUNCT
ajfa-5505	167	1	if	if	SCONJ
ajfa-5505	167	2	part	part	NOUN
ajfa-5505	167	3	of	of	ADP
ajfa-5505	167	4	the	the	DET
ajfa-5505	167	5	sample	sample	NOUN
ajfa-5505	167	6	is	be	AUX
ajfa-5505	167	7	missing	miss	VERB
ajfa-5505	167	8	any	any	DET
ajfa-5505	167	9	data	datum	NOUN
ajfa-5505	167	10	,	,	PUNCT
ajfa-5505	167	11	we	we	PRON
ajfa-5505	167	12	will	will	AUX
ajfa-5505	167	13	search	search	VERB
ajfa-5505	167	14	for	for	ADP
ajfa-5505	167	15	it	it	PRON
ajfa-5505	167	16	from	from	ADP
ajfa-5505	167	17	the	the	DET
ajfa-5505	167	18	market	market	NOUN
ajfa-5505	167	19	observation	observation	NOUN
ajfa-5505	167	20	post	post	NOUN
ajfa-5505	167	21	system	system	NOUN
ajfa-5505	167	22	(	(	PUNCT
ajfa-5505	167	23	mops	mop	NOUN
ajfa-5505	167	24	)	)	PUNCT
ajfa-5505	167	25	or	or	CCONJ
ajfa-5505	167	26	banking	banking	NOUN
ajfa-5505	167	27	website	website	NOUN
ajfa-5505	167	28	.	.	PUNCT
ajfa-5505	168	1	for	for	ADP
ajfa-5505	168	2	materiality	materiality	NOUN
ajfa-5505	168	3	considerations	consideration	NOUN
ajfa-5505	168	4	,	,	PUNCT
ajfa-5505	168	5	observations	observation	NOUN
ajfa-5505	168	6	in	in	ADP
ajfa-5505	168	7	this	this	DET
ajfa-5505	168	8	study	study	NOUN
ajfa-5505	168	9	possess	possess	VERB
ajfa-5505	168	10	two	two	NUM
ajfa-5505	168	11	characteristics	characteristic	NOUN
ajfa-5505	168	12	:	:	PUNCT
ajfa-5505	168	13	(	(	PUNCT
ajfa-5505	168	14	1	1	X
ajfa-5505	168	15	)	)	PUNCT
ajfa-5505	168	16	the	the	DET
ajfa-5505	168	17	largest	large	ADJ
ajfa-5505	168	18	borrowing	borrowing	NOUN
ajfa-5505	168	19	amount	amount	NOUN
ajfa-5505	168	20	of	of	ADP
ajfa-5505	168	21	the	the	DET
ajfa-5505	168	22	sample	sample	NOUN
ajfa-5505	168	23	company	company	NOUN
ajfa-5505	168	24	in	in	ADP
ajfa-5505	168	25	the	the	DET
ajfa-5505	168	26	current	current	ADJ
ajfa-5505	168	27	year	year	NOUN
ajfa-5505	168	28	;	;	PUNCT
ajfa-5505	168	29	(	(	PUNCT
ajfa-5505	168	30	2	2	X
ajfa-5505	168	31	)	)	PUNCT
ajfa-5505	168	32	the	the	DET
ajfa-5505	168	33	relationship	relationship	NOUN
ajfa-5505	168	34	creditor	creditor	PROPN
ajfa-5505	168	35	bank	bank	PROPN
ajfa-5505	168	36	must	must	AUX
ajfa-5505	168	37	be	be	AUX
ajfa-5505	168	38	on	on	ADP
ajfa-5505	168	39	the	the	DET
ajfa-5505	168	40	list	list	NOUN
ajfa-5505	168	41	of	of	ADP
ajfa-5505	168	42	the	the	DET
ajfa-5505	168	43	top	top	ADJ
ajfa-5505	168	44	20	20	NUM
ajfa-5505	168	45	creditor	creditor	NOUN
ajfa-5505	168	46	banks	bank	NOUN
ajfa-5505	168	47	.	.	PUNCT
ajfa-5505	169	1	according	accord	VERB
ajfa-5505	169	2	to	to	ADP
ajfa-5505	169	3	the	the	DET
ajfa-5505	169	4	statistics	statistic	NOUN
ajfa-5505	169	5	,	,	PUNCT
ajfa-5505	169	6	the	the	DET
ajfa-5505	169	7	average	average	ADJ
ajfa-5505	169	8	firms	firm	NOUN
ajfa-5505	169	9	’	’	PART
ajfa-5505	169	10	borrowing	borrowing	NOUN
ajfa-5505	169	11	amount	amount	NOUN
ajfa-5505	169	12	from	from	ADP
ajfa-5505	169	13	the	the	DET
ajfa-5505	169	14	largest	large	ADJ
ajfa-5505	169	15	creditor	creditor	NOUN
ajfa-5505	169	16	banks	bank	NOUN
ajfa-5505	169	17	is	be	AUX
ajfa-5505	169	18	nt$765	nt$765	NOUN
ajfa-5505	169	19	million	million	NUM
ajfa-5505	169	20	;	;	PUNCT
ajfa-5505	169	21	from	from	ADP
ajfa-5505	169	22	the	the	DET
ajfa-5505	169	23	second	second	ADV
ajfa-5505	169	24	largest	large	ADJ
ajfa-5505	169	25	creditor	creditor	NOUN
ajfa-5505	169	26	banks	bank	NOUN
ajfa-5505	169	27	it	it	PRON
ajfa-5505	169	28	is	be	AUX
ajfa-5505	169	29	nt$389	nt$389	NOUN
ajfa-5505	169	30	million	million	NUM
ajfa-5505	169	31	on	on	ADP
ajfa-5505	169	32	average	average	ADJ
ajfa-5505	169	33	;	;	PUNCT
ajfa-5505	169	34	the	the	DET
ajfa-5505	169	35	median	median	NOUN
ajfa-5505	169	36	from	from	ADP
ajfa-5505	169	37	the	the	DET
ajfa-5505	169	38	20th	20th	NOUN
ajfa-5505	169	39	is	be	AUX
ajfa-5505	169	40	nt$100	nt$100	NOUN
ajfa-5505	169	41	million	million	NUM
ajfa-5505	169	42	.	.	PUNCT
ajfa-5505	170	1	as	as	SCONJ
ajfa-5505	170	2	mentioned	mention	VERB
ajfa-5505	170	3	before	before	ADV
ajfa-5505	170	4	,	,	PUNCT
ajfa-5505	170	5	we	we	PRON
ajfa-5505	170	6	aim	aim	VERB
ajfa-5505	170	7	to	to	PART
ajfa-5505	170	8	understand	understand	VERB
ajfa-5505	170	9	after	after	ADP
ajfa-5505	170	10	the	the	DET
ajfa-5505	170	11	first	first	ADJ
ajfa-5505	170	12	and	and	CCONJ
ajfa-5505	170	13	second	second	ADJ
ajfa-5505	170	14	financial	financial	ADJ
ajfa-5505	170	15	reforms	reform	NOUN
ajfa-5505	170	16	the	the	DET
ajfa-5505	170	17	impact	impact	NOUN
ajfa-5505	170	18	of	of	ADP
ajfa-5505	170	19	the	the	DET
ajfa-5505	170	20	wobd	wobd	NOUN
ajfa-5505	170	21	and	and	CCONJ
ajfa-5505	170	22	hccl	hccl	NOUN
ajfa-5505	170	23	events	event	NOUN
ajfa-5505	170	24	,	,	PUNCT
ajfa-5505	170	25	and	and	CCONJ
ajfa-5505	170	26	how	how	SCONJ
ajfa-5505	170	27	the	the	DET
ajfa-5505	170	28	banks	bank	NOUN
ajfa-5505	170	29	have	have	AUX
ajfa-5505	170	30	set	set	VERB
ajfa-5505	170	31	their	their	PRON
ajfa-5505	170	32	loan	loan	NOUN
ajfa-5505	170	33	spreads	spread	NOUN
ajfa-5505	170	34	in	in	ADP
ajfa-5505	170	35	response	response	NOUN
ajfa-5505	170	36	to	to	ADP
ajfa-5505	170	37	the	the	DET
ajfa-5505	170	38	borrowers	borrower	NOUN
ajfa-5505	170	39	’	’	PART
ajfa-5505	170	40	credit	credit	NOUN
ajfa-5505	170	41	state	state	NOUN
ajfa-5505	170	42	and	and	CCONJ
ajfa-5505	170	43	banking	banking	NOUN
ajfa-5505	170	44	relationship	relationship	NOUN
ajfa-5505	170	45	.	.	PUNCT
ajfa-5505	171	1	therefore	therefore	ADV
ajfa-5505	171	2	,	,	PUNCT
ajfa-5505	171	3	our	our	PRON
ajfa-5505	171	4	empirical	empirical	ADJ
ajfa-5505	171	5	periods	period	NOUN
ajfa-5505	171	6	purposely	purposely	ADV
ajfa-5505	171	7	select	select	VERB
ajfa-5505	171	8	the	the	DET
ajfa-5505	171	9	period	period	NOUN
ajfa-5505	171	10	2006	2006	NUM
ajfa-5505	171	11	-	-	SYM
ajfa-5505	171	12	200819	200819	NUM
ajfa-5505	171	13	,	,	PUNCT
ajfa-5505	171	14	and	and	CCONJ
ajfa-5505	171	15	include	include	VERB
ajfa-5505	171	16	513	513	NUM
ajfa-5505	171	17	listed	list	VERB
ajfa-5505	171	18	companies	company	NOUN
ajfa-5505	171	19	,	,	PUNCT
ajfa-5505	171	20	404	404	NUM
ajfa-5505	171	21	otc	otc	PROPN
ajfa-5505	171	22	companies	company	NOUN
ajfa-5505	171	23	,	,	PUNCT
ajfa-5505	171	24	133	133	NUM
ajfa-5505	171	25	emerging	emerge	VERB
ajfa-5505	171	26	market	market	NOUN
ajfa-5505	171	27	companies	company	NOUN
ajfa-5505	171	28	and	and	CCONJ
ajfa-5505	171	29	160	160	NUM
ajfa-5505	171	30	companies	company	NOUN
ajfa-5505	171	31	that	that	PRON
ajfa-5505	171	32	are	be	AUX
ajfa-5505	171	33	publicly	publicly	ADV
ajfa-5505	171	34	-	-	PUNCT
ajfa-5505	171	35	held	hold	VERB
ajfa-5505	171	36	but	but	CCONJ
ajfa-5505	171	37	not	not	PART
ajfa-5505	171	38	belonging	belong	VERB
ajfa-5505	171	39	to	to	ADP
ajfa-5505	171	40	the	the	DET
ajfa-5505	171	41	former	former	ADJ
ajfa-5505	171	42	three	three	NUM
ajfa-5505	171	43	.	.	PUNCT
ajfa-5505	172	1	due	due	ADP
ajfa-5505	172	2	to	to	ADP
ajfa-5505	172	3	bank	bank	NOUN
ajfa-5505	172	4	credit	credit	NOUN
ajfa-5505	172	5	officers	officer	NOUN
ajfa-5505	172	6	requiring	require	VERB
ajfa-5505	172	7	the	the	DET
ajfa-5505	172	8	borrower	borrower	NOUN
ajfa-5505	172	9	to	to	PART
ajfa-5505	172	10	provide	provide	VERB
ajfa-5505	172	11	financial	financial	ADJ
ajfa-5505	172	12	statements	statement	NOUN
ajfa-5505	172	13	for	for	ADP
ajfa-5505	172	14	the	the	DET
ajfa-5505	172	15	past	past	ADJ
ajfa-5505	172	16	three	three	NUM
ajfa-5505	172	17	years	year	NOUN
ajfa-5505	172	18	as	as	ADP
ajfa-5505	172	19	an	an	DET
ajfa-5505	172	20	important	important	ADJ
ajfa-5505	172	21	basis	basis	NOUN
ajfa-5505	172	22	for	for	ADP
ajfa-5505	172	23	credit	credit	NOUN
ajfa-5505	172	24	ratings	rating	NOUN
ajfa-5505	172	25	,	,	PUNCT
ajfa-5505	172	26	therefore	therefore	ADV
ajfa-5505	172	27	the	the	DET
ajfa-5505	172	28	corresponding	corresponding	ADJ
ajfa-5505	172	29	empirical	empirical	ADJ
ajfa-5505	172	30	periods	period	NOUN
ajfa-5505	172	31	are	be	AUX
ajfa-5505	172	32	2003	2003	NUM
ajfa-5505	172	33	-	-	SYM
ajfa-5505	172	34	2008	2008	NUM
ajfa-5505	172	35	for	for	ADP
ajfa-5505	172	36	borrowers	borrower	NOUN
ajfa-5505	172	37	.	.	PUNCT
ajfa-5505	173	1	3.2	3.2	NUM
ajfa-5505	173	2	variable	variable	ADJ
ajfa-5505	173	3	definitions	definition	NOUN
ajfa-5505	173	4	and	and	CCONJ
ajfa-5505	173	5	model	model	NOUN
ajfa-5505	173	6	development	development	NOUN
ajfa-5505	173	7	with	with	ADP
ajfa-5505	173	8	regard	regard	NOUN
ajfa-5505	173	9	to	to	ADP
ajfa-5505	173	10	the	the	DET
ajfa-5505	173	11	factors	factor	NOUN
ajfa-5505	173	12	impacting	impact	VERB
ajfa-5505	173	13	the	the	DET
ajfa-5505	173	14	loan	loan	NOUN
ajfa-5505	173	15	spreads	spread	NOUN
ajfa-5505	173	16	,	,	PUNCT
ajfa-5505	173	17	in	in	ADP
ajfa-5505	173	18	addition	addition	NOUN
ajfa-5505	173	19	to	to	ADP
ajfa-5505	173	20	lending	lending	NOUN
ajfa-5505	173	21	performance	performance	NOUN
ajfa-5505	173	22	and	and	CCONJ
ajfa-5505	173	23	credit	credit	NOUN
ajfa-5505	173	24	risk	risk	NOUN
ajfa-5505	173	25	(	(	PUNCT
ajfa-5505	173	26	measured	measure	VERB
ajfa-5505	173	27	by	by	ADP
ajfa-5505	173	28	with	with	ADP
ajfa-5505	173	29	or	or	CCONJ
ajfa-5505	173	30	without	without	ADP
ajfa-5505	173	31	wobd	wobd	NOUN
ajfa-5505	173	32	and	and	CCONJ
ajfa-5505	173	33	hccl	hccl	PROPN
ajfa-5505	173	34	)	)	PUNCT
ajfa-5505	173	35	,	,	PUNCT
ajfa-5505	173	36	we	we	PRON
ajfa-5505	173	37	include	include	VERB
ajfa-5505	173	38	ownership	ownership	NOUN
ajfa-5505	173	39	types	type	NOUN
ajfa-5505	173	40	and	and	CCONJ
ajfa-5505	173	41	relationship	relationship	NOUN
ajfa-5505	173	42	levels	level	NOUN
ajfa-5505	173	43	.	.	PUNCT
ajfa-5505	174	1	among	among	ADP
ajfa-5505	174	2	the	the	DET
ajfa-5505	174	3	influential	influential	ADJ
ajfa-5505	174	4	factors	factor	NOUN
ajfa-5505	174	5	which	which	PRON
ajfa-5505	174	6	are	be	AUX
ajfa-5505	174	7	relevant	relevant	ADJ
ajfa-5505	174	8	to	to	ADP
ajfa-5505	174	9	the	the	DET
ajfa-5505	174	10	borrower	borrower	NOUN
ajfa-5505	174	11	’s	’s	PART
ajfa-5505	174	12	asian	asian	ADJ
ajfa-5505	174	13	journal	journal	NOUN
ajfa-5505	174	14	of	of	ADP
ajfa-5505	174	15	finance	finance	PROPN
ajfa-5505	174	16	&	&	CCONJ
ajfa-5505	174	17	accounting	accounting	PROPN
ajfa-5505	174	18	issn	issn	PROPN
ajfa-5505	174	19	1946	1946	NUM
ajfa-5505	174	20	-	-	PUNCT
ajfa-5505	174	21	052x	052x	PROPN
ajfa-5505	174	22	2014	2014	NUM
ajfa-5505	174	23	,	,	PUNCT
ajfa-5505	174	24	vol	vol	NOUN
ajfa-5505	174	25	.	.	PROPN
ajfa-5505	174	26	6	6	NUM
ajfa-5505	174	27	,	,	PUNCT
ajfa-5505	174	28	no	no	INTJ
ajfa-5505	174	29	.	.	NOUN
ajfa-5505	174	30	2	2	NUM
ajfa-5505	174	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	174	32	28	28	NUM
ajfa-5505	174	33	credit	credit	NOUN
ajfa-5505	174	34	quality	quality	NOUN
ajfa-5505	174	35	are	be	AUX
ajfa-5505	174	36	the	the	DET
ajfa-5505	174	37	borrower	borrower	NOUN
ajfa-5505	174	38	’s	’s	PART
ajfa-5505	174	39	credit	credit	NOUN
ajfa-5505	174	40	rating	rating	NOUN
ajfa-5505	174	41	(	(	PUNCT
ajfa-5505	174	42	measured	measure	VERB
ajfa-5505	174	43	by	by	ADP
ajfa-5505	174	44	the	the	DET
ajfa-5505	174	45	tcri	tcri	ADJ
ajfa-5505	174	46	figure	figure	NOUN
ajfa-5505	174	47	)	)	PUNCT
ajfa-5505	174	48	and	and	CCONJ
ajfa-5505	174	49	the	the	DET
ajfa-5505	174	50	credit	credit	NOUN
ajfa-5505	174	51	state	state	NOUN
ajfa-5505	174	52	(	(	PUNCT
ajfa-5505	174	53	which	which	PRON
ajfa-5505	174	54	focuses	focus	VERB
ajfa-5505	174	55	on	on	ADP
ajfa-5505	174	56	the	the	DET
ajfa-5505	174	57	changes	change	NOUN
ajfa-5505	174	58	in	in	ADP
ajfa-5505	174	59	the	the	DET
ajfa-5505	174	60	credit	credit	NOUN
ajfa-5505	174	61	rating	rating	NOUN
ajfa-5505	174	62	in	in	ADP
ajfa-5505	174	63	terms	term	NOUN
ajfa-5505	174	64	of	of	ADP
ajfa-5505	174	65	an	an	DET
ajfa-5505	174	66	upgrade	upgrade	NOUN
ajfa-5505	174	67	or	or	CCONJ
ajfa-5505	174	68	downgrade	downgrade	VERB
ajfa-5505	174	69	3	3	NUM
ajfa-5505	174	70	years	year	NOUN
ajfa-5505	174	71	before	before	ADP
ajfa-5505	174	72	the	the	DET
ajfa-5505	174	73	loan	loan	NOUN
ajfa-5505	174	74	)	)	PUNCT
ajfa-5505	174	75	.	.	PUNCT
ajfa-5505	175	1	we	we	PRON
ajfa-5505	175	2	classify	classify	VERB
ajfa-5505	175	3	the	the	DET
ajfa-5505	175	4	control	control	NOUN
ajfa-5505	175	5	variables	variable	NOUN
ajfa-5505	175	6	of	of	ADP
ajfa-5505	175	7	the	the	DET
ajfa-5505	175	8	empirical	empirical	ADJ
ajfa-5505	175	9	model	model	NOUN
ajfa-5505	175	10	into	into	ADP
ajfa-5505	175	11	two	two	NUM
ajfa-5505	175	12	kinds	kind	NOUN
ajfa-5505	175	13	:	:	PUNCT
ajfa-5505	175	14	(	(	PUNCT
ajfa-5505	175	15	1	1	X
ajfa-5505	175	16	)	)	PUNCT
ajfa-5505	175	17	those	those	PRON
ajfa-5505	175	18	related	relate	VERB
ajfa-5505	175	19	to	to	ADP
ajfa-5505	175	20	the	the	DET
ajfa-5505	175	21	scale	scale	NOUN
ajfa-5505	175	22	(	(	PUNCT
ajfa-5505	175	23	natural	natural	ADJ
ajfa-5505	175	24	logarithm	logarithm	NOUN
ajfa-5505	175	25	of	of	ADP
ajfa-5505	175	26	total	total	ADJ
ajfa-5505	175	27	assets	asset	NOUN
ajfa-5505	175	28	)	)	PUNCT
ajfa-5505	175	29	of	of	ADP
ajfa-5505	175	30	the	the	DET
ajfa-5505	175	31	creditor	creditor	NOUN
ajfa-5505	175	32	bank	bank	PROPN
ajfa-5505	175	33	(	(	PUNCT
ajfa-5505	175	34	the	the	DET
ajfa-5505	175	35	dimension	dimension	NOUN
ajfa-5505	175	36	symbol	symbol	NOUN
ajfa-5505	175	37	is	be	AUX
ajfa-5505	175	38	the	the	DET
ajfa-5505	175	39	bank	bank	NOUN
ajfa-5505	175	40	)	)	PUNCT
ajfa-5505	175	41	and	and	CCONJ
ajfa-5505	175	42	cost	cost	NOUN
ajfa-5505	175	43	-	-	PUNCT
ajfa-5505	175	44	to	to	ADP
ajfa-5505	175	45	-	-	PUNCT
ajfa-5505	175	46	revenue	revenue	NOUN
ajfa-5505	175	47	ratio	ratio	NOUN
ajfa-5505	175	48	(	(	PUNCT
ajfa-5505	175	49	measured	measure	VERB
ajfa-5505	175	50	by	by	ADP
ajfa-5505	175	51	operating	operate	VERB
ajfa-5505	175	52	expenses	expense	NOUN
ajfa-5505	175	53	to	to	ADP
ajfa-5505	175	54	the	the	DET
ajfa-5505	175	55	operating	operating	NOUN
ajfa-5505	175	56	revenue	revenue	NOUN
ajfa-5505	175	57	ratio	ratio	NOUN
ajfa-5505	175	58	)	)	PUNCT
ajfa-5505	175	59	.	.	PUNCT
ajfa-5505	176	1	(	(	PUNCT
ajfa-5505	176	2	2	2	X
ajfa-5505	176	3	)	)	PUNCT
ajfa-5505	176	4	those	those	PRON
ajfa-5505	176	5	related	relate	VERB
ajfa-5505	176	6	to	to	ADP
ajfa-5505	176	7	the	the	DET
ajfa-5505	176	8	scale	scale	NOUN
ajfa-5505	176	9	,	,	PUNCT
ajfa-5505	176	10	debt	debt	NOUN
ajfa-5505	176	11	ratio	ratio	NOUN
ajfa-5505	176	12	and	and	CCONJ
ajfa-5505	176	13	profitability	profitability	NOUN
ajfa-5505	176	14	(	(	PUNCT
ajfa-5505	176	15	measured	measure	VERB
ajfa-5505	176	16	by	by	ADP
ajfa-5505	176	17	the	the	DET
ajfa-5505	176	18	pretax	pretax	ADJ
ajfa-5505	176	19	income	income	NOUN
ajfa-5505	176	20	to	to	ADP
ajfa-5505	176	21	operating	operate	VERB
ajfa-5505	176	22	revenue	revenue	NOUN
ajfa-5505	176	23	ratio	ratio	NOUN
ajfa-5505	176	24	)	)	PUNCT
ajfa-5505	176	25	of	of	ADP
ajfa-5505	176	26	the	the	DET
ajfa-5505	176	27	borrower	borrower	NOUN
ajfa-5505	176	28	firms	firm	NOUN
ajfa-5505	176	29	(	(	PUNCT
ajfa-5505	176	30	the	the	DET
ajfa-5505	176	31	dimension	dimension	NOUN
ajfa-5505	176	32	symbol	symbol	NOUN
ajfa-5505	176	33	is	be	AUX
ajfa-5505	176	34	the	the	DET
ajfa-5505	176	35	firm	firm	NOUN
ajfa-5505	176	36	)	)	PUNCT
ajfa-5505	176	37	.	.	PUNCT
ajfa-5505	177	1	to	to	PART
ajfa-5505	177	2	be	be	AUX
ajfa-5505	177	3	consistent	consistent	ADJ
ajfa-5505	177	4	with	with	ADP
ajfa-5505	177	5	practical	practical	ADJ
ajfa-5505	177	6	convention	convention	NOUN
ajfa-5505	177	7	,	,	PUNCT
ajfa-5505	177	8	these	these	DET
ajfa-5505	177	9	variables	variable	NOUN
ajfa-5505	177	10	are	be	AUX
ajfa-5505	177	11	calculated	calculate	VERB
ajfa-5505	177	12	by	by	ADP
ajfa-5505	177	13	the	the	DET
ajfa-5505	177	14	arithmetic	arithmetic	ADJ
ajfa-5505	177	15	average	average	NOUN
ajfa-5505	177	16	of	of	ADP
ajfa-5505	177	17	the	the	DET
ajfa-5505	177	18	past	past	ADJ
ajfa-5505	177	19	three	three	NUM
ajfa-5505	177	20	years	year	NOUN
ajfa-5505	177	21	.	.	PUNCT
ajfa-5505	178	1	after	after	ADP
ajfa-5505	178	2	2000	2000	NUM
ajfa-5505	178	3	,	,	PUNCT
ajfa-5505	178	4	the	the	DET
ajfa-5505	178	5	passage	passage	NOUN
ajfa-5505	178	6	of	of	ADP
ajfa-5505	178	7	the	the	DET
ajfa-5505	178	8	six	six	NUM
ajfa-5505	178	9	financial	financial	ADJ
ajfa-5505	178	10	laws	law	NOUN
ajfa-5505	178	11	and	and	CCONJ
ajfa-5505	178	12	private	private	ADJ
ajfa-5505	178	13	placement	placement	NOUN
ajfa-5505	178	14	system	system	NOUN
ajfa-5505	178	15	led	lead	VERB
ajfa-5505	178	16	to	to	ADP
ajfa-5505	178	17	the	the	DET
ajfa-5505	178	18	derivation	derivation	NOUN
ajfa-5505	178	19	of	of	ADP
ajfa-5505	178	20	related	related	ADJ
ajfa-5505	178	21	innovations	innovation	NOUN
ajfa-5505	178	22	accompanied	accompany	VERB
ajfa-5505	178	23	by	by	ADP
ajfa-5505	178	24	mergers	merger	NOUN
ajfa-5505	178	25	and	and	CCONJ
ajfa-5505	178	26	reorganization	reorganization	NOUN
ajfa-5505	178	27	,	,	PUNCT
ajfa-5505	178	28	which	which	PRON
ajfa-5505	178	29	resulted	result	VERB
ajfa-5505	178	30	in	in	ADP
ajfa-5505	178	31	significant	significant	ADJ
ajfa-5505	178	32	changes	change	NOUN
ajfa-5505	178	33	in	in	ADP
ajfa-5505	178	34	the	the	DET
ajfa-5505	178	35	substantial	substantial	ADJ
ajfa-5505	178	36	or	or	CCONJ
ajfa-5505	178	37	controlling	control	VERB
ajfa-5505	178	38	shareholders	shareholder	NOUN
ajfa-5505	178	39	.	.	PUNCT
ajfa-5505	179	1	in	in	ADP
ajfa-5505	179	2	order	order	NOUN
ajfa-5505	179	3	to	to	PART
ajfa-5505	179	4	understand	understand	VERB
ajfa-5505	179	5	whether	whether	SCONJ
ajfa-5505	179	6	the	the	DET
ajfa-5505	179	7	loan	loan	NOUN
ajfa-5505	179	8	spreads	spread	NOUN
ajfa-5505	179	9	are	be	AUX
ajfa-5505	179	10	affected	affect	VERB
ajfa-5505	179	11	,	,	PUNCT
ajfa-5505	179	12	we	we	PRON
ajfa-5505	179	13	adopt	adopt	VERB
ajfa-5505	179	14	the	the	DET
ajfa-5505	179	15	method	method	NOUN
ajfa-5505	179	16	of	of	ADP
ajfa-5505	179	17	xie	xie	PROPN
ajfa-5505	179	18	(	(	PUNCT
ajfa-5505	179	19	2008	2008	NUM
ajfa-5505	179	20	)	)	PUNCT
ajfa-5505	179	21	divide	divide	VERB
ajfa-5505	179	22	the	the	DET
ajfa-5505	179	23	ownership	ownership	NOUN
ajfa-5505	179	24	(	(	PUNCT
ajfa-5505	179	25	dimensions	dimension	NOUN
ajfa-5505	179	26	symbol	symbol	NOUN
ajfa-5505	179	27	ownership	ownership	NOUN
ajfa-5505	179	28	)	)	PUNCT
ajfa-5505	179	29	into	into	ADP
ajfa-5505	179	30	four	four	NUM
ajfa-5505	179	31	types	type	NOUN
ajfa-5505	179	32	:	:	PUNCT
ajfa-5505	179	33	state	state	NOUN
ajfa-5505	179	34	-	-	PUNCT
ajfa-5505	179	35	owned	own	VERB
ajfa-5505	179	36	,	,	PUNCT
ajfa-5505	179	37	private	private	ADJ
ajfa-5505	179	38	financial	financial	ADJ
ajfa-5505	179	39	holding	holding	NOUN
ajfa-5505	179	40	,	,	PUNCT
ajfa-5505	179	41	private	private	ADJ
ajfa-5505	179	42	non	non	ADJ
ajfa-5505	179	43	-	-	ADJ
ajfa-5505	179	44	financial	financial	ADJ
ajfa-5505	179	45	holding	holding	NOUN
ajfa-5505	179	46	and	and	CCONJ
ajfa-5505	179	47	foreign	foreign	ADJ
ajfa-5505	179	48	banks	bank	NOUN
ajfa-5505	179	49	,	,	PUNCT
ajfa-5505	179	50	and	and	CCONJ
ajfa-5505	179	51	denote	denote	VERB
ajfa-5505	179	52	it	it	PRON
ajfa-5505	179	53	by	by	ADP
ajfa-5505	179	54	the	the	DET
ajfa-5505	179	55	dummy	dummy	ADJ
ajfa-5505	179	56	variables	variable	NOUN
ajfa-5505	179	57	of	of	ADP
ajfa-5505	179	58	hold	hold	NOUN
ajfa-5505	179	59	,	,	PUNCT
ajfa-5505	179	60	non	non	ADJ
ajfa-5505	179	61	-	-	ADJ
ajfa-5505	179	62	hold	hold	NOUN
ajfa-5505	179	63	and	and	CCONJ
ajfa-5505	179	64	fore	fore	NOUN
ajfa-5505	179	65	.	.	PUNCT
ajfa-5505	180	1	in	in	ADP
ajfa-5505	180	2	addition	addition	NOUN
ajfa-5505	180	3	,	,	PUNCT
ajfa-5505	180	4	we	we	PRON
ajfa-5505	180	5	take	take	VERB
ajfa-5505	180	6	the	the	DET
ajfa-5505	180	7	concept	concept	NOUN
ajfa-5505	180	8	from	from	ADP
ajfa-5505	180	9	chen	chen	PROPN
ajfa-5505	180	10	&	&	CCONJ
ajfa-5505	180	11	lai	lai	PROPN
ajfa-5505	180	12	(	(	PUNCT
ajfa-5505	180	13	2003	2003	NUM
ajfa-5505	180	14	)	)	PUNCT
ajfa-5505	180	15	and	and	CCONJ
ajfa-5505	180	16	divide	divide	VERB
ajfa-5505	180	17	the	the	DET
ajfa-5505	180	18	banking	banking	NOUN
ajfa-5505	180	19	relationships	relationship	NOUN
ajfa-5505	180	20	(	(	PUNCT
ajfa-5505	180	21	dimensions	dimension	NOUN
ajfa-5505	180	22	symbol	symbol	NOUN
ajfa-5505	180	23	relation_type	relation_type	PROPN
ajfa-5505	180	24	)	)	PUNCT
ajfa-5505	180	25	into	into	ADP
ajfa-5505	180	26	three	three	NUM
ajfa-5505	180	27	levels	level	NOUN
ajfa-5505	180	28	:	:	PUNCT
ajfa-5505	180	29	the	the	DET
ajfa-5505	180	30	largest	large	ADJ
ajfa-5505	180	31	creditor	creditor	NOUN
ajfa-5505	180	32	banks	bank	NOUN
ajfa-5505	180	33	,	,	PUNCT
ajfa-5505	180	34	the	the	DET
ajfa-5505	180	35	main	main	ADJ
ajfa-5505	180	36	banks	bank	NOUN
ajfa-5505	180	37	(	(	PUNCT
ajfa-5505	180	38	loan	loan	NOUN
ajfa-5505	180	39	amounts	amount	NOUN
ajfa-5505	180	40	ranked	rank	VERB
ajfa-5505	180	41	no	no	INTJ
ajfa-5505	180	42	.	.	NOUN
ajfa-5505	180	43	2	2	NUM
ajfa-5505	180	44	to	to	ADP
ajfa-5505	180	45	no	no	NOUN
ajfa-5505	180	46	.	.	NOUN
ajfa-5505	180	47	4	4	NUM
ajfa-5505	180	48	)	)	PUNCT
ajfa-5505	180	49	and	and	CCONJ
ajfa-5505	180	50	non	non	ADJ
ajfa-5505	180	51	-	-	ADJ
ajfa-5505	180	52	main	main	ADJ
ajfa-5505	180	53	banks	bank	NOUN
ajfa-5505	180	54	(	(	PUNCT
ajfa-5505	180	55	loan	loan	NOUN
ajfa-5505	180	56	amounts	amount	NOUN
ajfa-5505	180	57	ranked	rank	VERB
ajfa-5505	180	58	no	no	INTJ
ajfa-5505	180	59	.	.	NOUN
ajfa-5505	180	60	5	5	NUM
ajfa-5505	180	61	to	to	ADP
ajfa-5505	180	62	no	no	NOUN
ajfa-5505	180	63	.	.	NOUN
ajfa-5505	180	64	20	20	NUM
ajfa-5505	180	65	)	)	PUNCT
ajfa-5505	180	66	,	,	PUNCT
ajfa-5505	180	67	and	and	CCONJ
ajfa-5505	180	68	denote	denote	VERB
ajfa-5505	180	69	it	it	PRON
ajfa-5505	180	70	by	by	ADP
ajfa-5505	180	71	the	the	DET
ajfa-5505	180	72	dummy	dummy	ADJ
ajfa-5505	180	73	variables	variable	NOUN
ajfa-5505	180	74	of	of	ADP
ajfa-5505	180	75	largest	large	ADJ
ajfa-5505	180	76	and	and	CCONJ
ajfa-5505	180	77	main	main	ADJ
ajfa-5505	180	78	.	.	PUNCT
ajfa-5505	181	1	we	we	PRON
ajfa-5505	181	2	use	use	VERB
ajfa-5505	181	3	the	the	DET
ajfa-5505	181	4	tcri	tcri	ADJ
ajfa-5505	181	5	system20	system20	NOUN
ajfa-5505	181	6	to	to	PART
ajfa-5505	181	7	evaluate	evaluate	VERB
ajfa-5505	181	8	the	the	DET
ajfa-5505	181	9	borrower	borrower	NOUN
ajfa-5505	181	10	's	's	PART
ajfa-5505	181	11	credit	credit	NOUN
ajfa-5505	181	12	rating	rating	NOUN
ajfa-5505	181	13	,	,	PUNCT
ajfa-5505	181	14	which	which	PRON
ajfa-5505	181	15	is	be	AUX
ajfa-5505	181	16	developed	develop	VERB
ajfa-5505	181	17	by	by	ADP
ajfa-5505	181	18	the	the	DET
ajfa-5505	181	19	taiwan	taiwan	PROPN
ajfa-5505	181	20	economic	economic	PROPN
ajfa-5505	181	21	journal	journal	PROPN
ajfa-5505	181	22	(	(	PUNCT
ajfa-5505	181	23	tej	tej	PROPN
ajfa-5505	181	24	)	)	PUNCT
ajfa-5505	181	25	,	,	PUNCT
ajfa-5505	181	26	regarding	regard	VERB
ajfa-5505	181	27	tcri	tcri	NOUN
ajfa-5505	181	28	<	<	X
ajfa-5505	181	29	4	4	NUM
ajfa-5505	181	30	as	as	ADP
ajfa-5505	181	31	the	the	DET
ajfa-5505	181	32	low	low	ADJ
ajfa-5505	181	33	credit	credit	NOUN
ajfa-5505	181	34	risk	risk	NOUN
ajfa-5505	181	35	firms	firm	NOUN
ajfa-5505	181	36	and	and	CCONJ
ajfa-5505	181	37	tcri	tcri	ADJ
ajfa-5505	181	38	>	>	X
ajfa-5505	181	39	7	7	NUM
ajfa-5505	181	40	as	as	ADP
ajfa-5505	181	41	the	the	DET
ajfa-5505	181	42	high	high	ADJ
ajfa-5505	181	43	credit	credit	NOUN
ajfa-5505	181	44	risk	risk	NOUN
ajfa-5505	181	45	firms	firm	NOUN
ajfa-5505	181	46	.	.	PUNCT
ajfa-5505	182	1	to	to	PART
ajfa-5505	182	2	effectively	effectively	ADV
ajfa-5505	182	3	distinguish	distinguish	VERB
ajfa-5505	182	4	the	the	DET
ajfa-5505	182	5	level	level	NOUN
ajfa-5505	182	6	of	of	ADP
ajfa-5505	182	7	credit	credit	NOUN
ajfa-5505	182	8	risk	risk	NOUN
ajfa-5505	182	9	,	,	PUNCT
ajfa-5505	182	10	we	we	PRON
ajfa-5505	182	11	delete	delete	VERB
ajfa-5505	182	12	tcri	tcri	NOUN
ajfa-5505	182	13	=	=	NOUN
ajfa-5505	182	14	5	5	NUM
ajfa-5505	182	15	and	and	CCONJ
ajfa-5505	182	16	tcri	tcri	NOUN
ajfa-5505	182	17	=	=	NOUN
ajfa-5505	182	18	6	6	NUM
ajfa-5505	182	19	.	.	PUNCT
ajfa-5505	183	1	then	then	ADV
ajfa-5505	183	2	we	we	PRON
ajfa-5505	183	3	define	define	VERB
ajfa-5505	183	4	the	the	DET
ajfa-5505	183	5	borrower	borrower	NOUN
ajfa-5505	183	6	’s	’s	PART
ajfa-5505	183	7	credit	credit	NOUN
ajfa-5505	183	8	state	state	NOUN
ajfa-5505	183	9	(	(	PUNCT
ajfa-5505	183	10	dimensions	dimension	NOUN
ajfa-5505	183	11	symbol	symbol	NOUN
ajfa-5505	183	12	tcri_state	tcri_state	NOUN
ajfa-5505	183	13	)	)	PUNCT
ajfa-5505	183	14	as	as	ADP
ajfa-5505	183	15	being	be	AUX
ajfa-5505	183	16	one	one	NUM
ajfa-5505	183	17	of	of	ADP
ajfa-5505	183	18	three	three	NUM
ajfa-5505	183	19	kinds	kind	NOUN
ajfa-5505	183	20	.	.	PUNCT
ajfa-5505	184	1	if	if	SCONJ
ajfa-5505	184	2	the	the	DET
ajfa-5505	184	3	sample	sample	NOUN
ajfa-5505	184	4	company	company	NOUN
ajfa-5505	184	5	’s	’s	PART
ajfa-5505	184	6	credit	credit	NOUN
ajfa-5505	184	7	rating	rating	NOUN
ajfa-5505	184	8	3	3	NUM
ajfa-5505	184	9	years	year	NOUN
ajfa-5505	184	10	before	before	SCONJ
ajfa-5505	184	11	the	the	DET
ajfa-5505	184	12	loan	loan	NOUN
ajfa-5505	184	13	application	application	NOUN
ajfa-5505	184	14	appears	appear	VERB
ajfa-5505	184	15	to	to	PART
ajfa-5505	184	16	be	be	AUX
ajfa-5505	184	17	rising	rise	VERB
ajfa-5505	184	18	in	in	ADP
ajfa-5505	184	19	2	2	NUM
ajfa-5505	184	20	and	and	CCONJ
ajfa-5505	184	21	above	above	ADP
ajfa-5505	184	22	2	2	NUM
ajfa-5505	184	23	years	year	NOUN
ajfa-5505	184	24	,	,	PUNCT
ajfa-5505	184	25	we	we	PRON
ajfa-5505	184	26	will	will	AUX
ajfa-5505	184	27	regard	regard	VERB
ajfa-5505	184	28	it	it	PRON
ajfa-5505	184	29	as	as	ADP
ajfa-5505	184	30	the	the	DET
ajfa-5505	184	31	upgrade	upgrade	NOUN
ajfa-5505	184	32	state	state	NOUN
ajfa-5505	184	33	.	.	PUNCT
ajfa-5505	185	1	if	if	SCONJ
ajfa-5505	185	2	the	the	DET
ajfa-5505	185	3	sample	sample	NOUN
ajfa-5505	185	4	company	company	NOUN
ajfa-5505	185	5	’s	’s	PART
ajfa-5505	185	6	credit	credit	NOUN
ajfa-5505	185	7	rating	rating	NOUN
ajfa-5505	185	8	3	3	NUM
ajfa-5505	185	9	years	year	NOUN
ajfa-5505	185	10	before	before	SCONJ
ajfa-5505	185	11	the	the	DET
ajfa-5505	185	12	loan	loan	NOUN
ajfa-5505	185	13	application	application	NOUN
ajfa-5505	185	14	appears	appear	VERB
ajfa-5505	185	15	to	to	PART
ajfa-5505	185	16	be	be	AUX
ajfa-5505	185	17	descending	descend	VERB
ajfa-5505	185	18	in	in	ADP
ajfa-5505	185	19	2	2	NUM
ajfa-5505	185	20	and	and	CCONJ
ajfa-5505	185	21	above	above	ADP
ajfa-5505	185	22	2	2	NUM
ajfa-5505	185	23	years	year	NOUN
ajfa-5505	185	24	,	,	PUNCT
ajfa-5505	185	25	we	we	PRON
ajfa-5505	185	26	will	will	AUX
ajfa-5505	185	27	regard	regard	VERB
ajfa-5505	185	28	it	it	PRON
ajfa-5505	185	29	as	as	ADP
ajfa-5505	185	30	the	the	DET
ajfa-5505	185	31	downgrade	downgrade	PROPN
ajfa-5505	185	32	state	state	NOUN
ajfa-5505	185	33	.	.	PUNCT
ajfa-5505	186	1	other	other	ADJ
ajfa-5505	186	2	sample	sample	NOUN
ajfa-5505	186	3	companies	company	NOUN
ajfa-5505	186	4	are	be	AUX
ajfa-5505	186	5	treated	treat	VERB
ajfa-5505	186	6	as	as	ADP
ajfa-5505	186	7	being	be	AUX
ajfa-5505	186	8	in	in	ADP
ajfa-5505	186	9	the	the	DET
ajfa-5505	186	10	normal	normal	ADJ
ajfa-5505	186	11	state	state	NOUN
ajfa-5505	186	12	.	.	PUNCT
ajfa-5505	187	1	we	we	PRON
ajfa-5505	187	2	use	use	VERB
ajfa-5505	187	3	upgrade	upgrade	NOUN
ajfa-5505	187	4	and	and	CCONJ
ajfa-5505	187	5	downgrade	downgrade	VERB
ajfa-5505	187	6	to	to	PART
ajfa-5505	187	7	denote	denote	VERB
ajfa-5505	187	8	the	the	DET
ajfa-5505	187	9	credit	credit	NOUN
ajfa-5505	187	10	state	state	NOUN
ajfa-5505	187	11	.	.	PUNCT
ajfa-5505	188	1	since	since	SCONJ
ajfa-5505	188	2	the	the	DET
ajfa-5505	188	3	relevant	relevant	ADJ
ajfa-5505	188	4	dimensions	dimension	NOUN
ajfa-5505	188	5	may	may	AUX
ajfa-5505	188	6	affect	affect	VERB
ajfa-5505	188	7	loan	loan	NOUN
ajfa-5505	188	8	spreads	spread	NOUN
ajfa-5505	188	9	under	under	ADP
ajfa-5505	188	10	different	different	ADJ
ajfa-5505	188	11	firms	firm	NOUN
ajfa-5505	188	12	’	'	PUNCT
ajfa-5505	188	13	credit	credit	NOUN
ajfa-5505	188	14	ratings	rating	NOUN
ajfa-5505	188	15	,	,	PUNCT
ajfa-5505	188	16	we	we	PRON
ajfa-5505	188	17	therefore	therefore	ADV
ajfa-5505	188	18	include	include	VERB
ajfa-5505	188	19	the	the	DET
ajfa-5505	188	20	interaction	interaction	NOUN
ajfa-5505	188	21	of	of	ADP
ajfa-5505	188	22	the	the	DET
ajfa-5505	188	23	main	main	ADJ
ajfa-5505	188	24	dimensions	dimension	NOUN
ajfa-5505	188	25	with	with	ADP
ajfa-5505	188	26	the	the	DET
ajfa-5505	188	27	credit	credit	NOUN
ajfa-5505	188	28	state	state	NOUN
ajfa-5505	188	29	in	in	ADP
ajfa-5505	188	30	our	our	PRON
ajfa-5505	188	31	examination	examination	NOUN
ajfa-5505	188	32	.	.	PUNCT
ajfa-5505	189	1	we	we	PRON
ajfa-5505	189	2	summarize	summarize	VERB
ajfa-5505	189	3	the	the	DET
ajfa-5505	189	4	definitions	definition	NOUN
ajfa-5505	189	5	and	and	CCONJ
ajfa-5505	189	6	measurement	measurement	NOUN
ajfa-5505	189	7	methods	method	NOUN
ajfa-5505	189	8	of	of	ADP
ajfa-5505	189	9	all	all	DET
ajfa-5505	189	10	variables	variable	NOUN
ajfa-5505	189	11	in	in	ADP
ajfa-5505	189	12	table	table	NOUN
ajfa-5505	189	13	1	1	NUM
ajfa-5505	189	14	.	.	PUNCT
ajfa-5505	190	1	for	for	ADP
ajfa-5505	190	2	clarity	clarity	NOUN
ajfa-5505	190	3	we	we	PRON
ajfa-5505	190	4	only	only	ADV
ajfa-5505	190	5	display	display	VERB
ajfa-5505	190	6	the	the	DET
ajfa-5505	190	7	basic	basic	ADJ
ajfa-5505	190	8	model	model	NOUN
ajfa-5505	190	9	for	for	ADP
ajfa-5505	190	10	loan	loan	NOUN
ajfa-5505	190	11	spreads	spread	NOUN
ajfa-5505	190	12	,	,	PUNCT
ajfa-5505	190	13	and	and	CCONJ
ajfa-5505	190	14	the	the	DET
ajfa-5505	190	15	related	relate	VERB
ajfa-5505	190	16	derived	derived	NOUN
ajfa-5505	190	17	models	model	NOUN
ajfa-5505	190	18	are	be	AUX
ajfa-5505	190	19	listed	list	VERB
ajfa-5505	190	20	in	in	ADP
ajfa-5505	190	21	the	the	DET
ajfa-5505	190	22	relevant	relevant	ADJ
ajfa-5505	190	23	columns	column	NOUN
ajfa-5505	190	24	of	of	ADP
ajfa-5505	190	25	table	table	NOUN
ajfa-5505	190	26	5	5	NUM
ajfa-5505	190	27	-	-	SYM
ajfa-5505	190	28	7	7	NUM
ajfa-5505	190	29	.	.	PUNCT
ajfa-5505	191	1	in	in	ADP
ajfa-5505	191	2	equation	equation	NOUN
ajfa-5505	191	3	(	(	PUNCT
ajfa-5505	191	4	1	1	NUM
ajfa-5505	191	5	)	)	PUNCT
ajfa-5505	191	6	,	,	PUNCT
ajfa-5505	191	7	the	the	DET
ajfa-5505	191	8	i	i	PROPN
ajfa-5505	191	9	,	,	PUNCT
ajfa-5505	191	10	j	j	PROPN
ajfa-5505	191	11	and	and	CCONJ
ajfa-5505	191	12	t	t	PROPN
ajfa-5505	191	13	denote	denote	VERB
ajfa-5505	191	14	bank	bank	PROPN
ajfa-5505	191	15	i	i	PROPN
ajfa-5505	191	16	,	,	PUNCT
ajfa-5505	191	17	firm	firm	ADJ
ajfa-5505	191	18	j	j	PROPN
ajfa-5505	191	19	and	and	CCONJ
ajfa-5505	191	20	year	year	PROPN
ajfa-5505	191	21	t	t	PROPN
ajfa-5505	191	22	respectively	respectively	ADV
ajfa-5505	191	23	,	,	PUNCT
ajfa-5505	191	24	and	and	CCONJ
ajfa-5505	191	25	the	the	DET
ajfa-5505	191	26	other	other	ADJ
ajfa-5505	191	27	variables	variable	NOUN
ajfa-5505	191	28	are	be	AUX
ajfa-5505	191	29	defined	define	VERB
ajfa-5505	191	30	in	in	ADP
ajfa-5505	191	31	table	table	NOUN
ajfa-5505	191	32	1	1	NUM
ajfa-5505	191	33	.	.	PUNCT
ajfa-5505	191	34	asian	asian	ADJ
ajfa-5505	191	35	journal	journal	PROPN
ajfa-5505	191	36	of	of	ADP
ajfa-5505	191	37	finance	finance	PROPN
ajfa-5505	191	38	&	&	CCONJ
ajfa-5505	191	39	accounting	accounting	PROPN
ajfa-5505	191	40	issn	issn	PROPN
ajfa-5505	191	41	1946	1946	NUM
ajfa-5505	191	42	-	-	PUNCT
ajfa-5505	191	43	052x	052x	PROPN
ajfa-5505	191	44	2014	2014	NUM
ajfa-5505	191	45	,	,	PUNCT
ajfa-5505	191	46	vol	vol	NOUN
ajfa-5505	191	47	.	.	PROPN
ajfa-5505	192	1	6	6	NUM
ajfa-5505	192	2	,	,	PUNCT
ajfa-5505	192	3	no	no	INTJ
ajfa-5505	192	4	.	.	NOUN
ajfa-5505	192	5	2	2	NUM
ajfa-5505	192	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	192	7	29	29	NUM
ajfa-5505	192	8	table	table	NOUN
ajfa-5505	192	9	1	1	NUM
ajfa-5505	192	10	.	.	PUNCT
ajfa-5505	192	11	summary	summary	NOUN
ajfa-5505	192	12	of	of	ADP
ajfa-5505	192	13	variables	variable	NOUN
ajfa-5505	192	14	dependent	dependent	ADJ
ajfa-5505	192	15	variables	variable	NOUN
ajfa-5505	192	16	dimensions	dimension	NOUN
ajfa-5505	192	17	variable	variable	ADJ
ajfa-5505	192	18	name	name	NOUN
ajfa-5505	192	19	variable	variable	ADJ
ajfa-5505	192	20	symbol	symbol	NOUN
ajfa-5505	192	21	variable	variable	ADJ
ajfa-5505	192	22	definition	definition	NOUN
ajfa-5505	192	23	loan	loan	NOUN
ajfa-5505	192	24	spreads	spread	NOUN
ajfa-5505	192	25	to	to	ADP
ajfa-5505	192	26	firms	firm	NOUN
ajfa-5505	192	27	loan	loan	VERB
ajfa-5505	192	28	spreads	spread	NOUN
ajfa-5505	192	29	r	r	NOUN
ajfa-5505	192	30	loan	loan	NOUN
ajfa-5505	192	31	spreads	spread	NOUN
ajfa-5505	192	32	of	of	ADP
ajfa-5505	192	33	banks	bank	NOUN
ajfa-5505	192	34	less	less	ADJ
ajfa-5505	192	35	the	the	DET
ajfa-5505	192	36	prime	prime	ADJ
ajfa-5505	192	37	interest	interest	NOUN
ajfa-5505	192	38	rate	rate	NOUN
ajfa-5505	192	39	independent	independent	ADJ
ajfa-5505	192	40	variables	variable	NOUN
ajfa-5505	192	41	dimensions	dimension	NOUN
ajfa-5505	192	42	variable	variable	ADJ
ajfa-5505	192	43	name	name	NOUN
ajfa-5505	192	44	variable	variable	ADJ
ajfa-5505	192	45	symbol	symbol	NOUN
ajfa-5505	192	46	variable	variable	ADJ
ajfa-5505	192	47	definition	definition	NOUN
ajfa-5505	192	48	expected	expect	VERB
ajfa-5505	192	49	direction	direction	NOUN
ajfa-5505	192	50	firms	firm	NOUN
ajfa-5505	192	51	’	'	PUNCT
ajfa-5505	192	52	credit	credit	NOUN
ajfa-5505	192	53	rating	rating	NOUN
ajfa-5505	192	54	(	(	PUNCT
ajfa-5505	192	55	symbol	symbol	NOUN
ajfa-5505	192	56	tcri	tcri	NOUN
ajfa-5505	192	57	)	)	PUNCT
ajfa-5505	192	58	firm	firm	NOUN
ajfa-5505	192	59	with	with	ADP
ajfa-5505	192	60	low	low	ADJ
ajfa-5505	192	61	or	or	CCONJ
ajfa-5505	192	62	high	high	ADJ
ajfa-5505	192	63	credit	credit	NOUN
ajfa-5505	192	64	risk	risk	NOUN
ajfa-5505	192	65	tcri	tcri	NOUN
ajfa-5505	192	66	dummy	dummy	ADJ
ajfa-5505	192	67	variable	variable	NOUN
ajfa-5505	192	68	,	,	PUNCT
ajfa-5505	192	69	among	among	ADP
ajfa-5505	192	70	the	the	DET
ajfa-5505	192	71	previous	previous	ADJ
ajfa-5505	192	72	three	three	NUM
ajfa-5505	192	73	years	year	NOUN
ajfa-5505	192	74	,	,	PUNCT
ajfa-5505	192	75	2	2	NUM
ajfa-5505	192	76	and	and	CCONJ
ajfa-5505	192	77	above	above	ADP
ajfa-5505	192	78	2	2	NUM
ajfa-5505	192	79	years	year	NOUN
ajfa-5505	192	80	credit	credit	NOUN
ajfa-5505	192	81	rating	rating	NOUN
ajfa-5505	192	82	tcri≧7	tcri≧7	NOUN
ajfa-5505	192	83	,	,	PUNCT
ajfa-5505	192	84	denote	denote	VERB
ajfa-5505	192	85	as	as	ADP
ajfa-5505	192	86	tcri=1	tcri=1	NUM
ajfa-5505	192	87	;	;	PUNCT
ajfa-5505	192	88	among	among	ADP
ajfa-5505	192	89	the	the	DET
ajfa-5505	192	90	previous	previous	ADJ
ajfa-5505	192	91	three	three	NUM
ajfa-5505	192	92	years	year	NOUN
ajfa-5505	192	93	,	,	PUNCT
ajfa-5505	192	94	2	2	NUM
ajfa-5505	192	95	and	and	CCONJ
ajfa-5505	192	96	above	above	ADP
ajfa-5505	192	97	2	2	NUM
ajfa-5505	192	98	years	year	NOUN
ajfa-5505	192	99	credit	credit	NOUN
ajfa-5505	192	100	rating	rating	NOUN
ajfa-5505	192	101	tcri≦4	tcri≦4	NUM
ajfa-5505	192	102	denote	denote	NOUN
ajfa-5505	192	103	as	as	ADP
ajfa-5505	192	104	tcri=0	tcri=0	PROPN
ajfa-5505	192	105	＋	＋	PUNCT
ajfa-5505	192	106	lending	lending	NOUN
ajfa-5505	192	107	performance	performance	NOUN
ajfa-5505	192	108	of	of	ADP
ajfa-5505	192	109	bank	bank	NOUN
ajfa-5505	192	110	(	(	PUNCT
ajfa-5505	192	111	symbol	symbol	NOUN
ajfa-5505	192	112	status	status	NOUN
ajfa-5505	192	113	)	)	PUNCT
ajfa-5505	192	114	writing	write	VERB
ajfa-5505	192	115	off	off	ADP
ajfa-5505	192	116	bad	bad	ADJ
ajfa-5505	192	117	debt	debt	NOUN
ajfa-5505	192	118	or	or	CCONJ
ajfa-5505	192	119	not	not	PART
ajfa-5505	192	120	bad_debt	bad_debt	X
ajfa-5505	192	121	dummy	dummy	ADJ
ajfa-5505	192	122	variable	variable	NOUN
ajfa-5505	192	123	,	,	PUNCT
ajfa-5505	192	124	with	with	ADP
ajfa-5505	192	125	or	or	CCONJ
ajfa-5505	192	126	without	without	ADP
ajfa-5505	192	127	writing	write	VERB
ajfa-5505	192	128	off	off	ADP
ajfa-5505	192	129	bad	bad	ADJ
ajfa-5505	192	130	debt	debt	NOUN
ajfa-5505	192	131	over	over	ADP
ajfa-5505	192	132	50	50	NUM
ajfa-5505	192	133	billion	billion	NUM
ajfa-5505	192	134	in	in	ADP
ajfa-5505	192	135	recent	recent	ADJ
ajfa-5505	192	136	5	5	NUM
ajfa-5505	192	137	years	year	NOUN
ajfa-5505	192	138	with=1	with=1	PROPN
ajfa-5505	192	139	without=0	without=0	PROPN
ajfa-5505	192	140	＋	＋	X
ajfa-5505	192	141	bad_debt	bad_debt	PROPN
ajfa-5505	192	142	*	*	ADJ
ajfa-5505	192	143	tcri	tcri	ADJ
ajfa-5505	192	144	interaction	interaction	NOUN
ajfa-5505	192	145	of	of	ADP
ajfa-5505	192	146	bad_debtit	bad_debtit	NOUN
ajfa-5505	192	147	and	and	CCONJ
ajfa-5505	192	148	tcrijt	tcrijt	NOUN
ajfa-5505	192	149	＋	＋	PUNCT
ajfa-5505	192	150	heavy	heavy	ADJ
ajfa-5505	192	151	credit	credit	NOUN
ajfa-5505	192	152	card	card	NOUN
ajfa-5505	192	153	loss	loss	NOUN
ajfa-5505	192	154	or	or	CCONJ
ajfa-5505	192	155	not	not	PART
ajfa-5505	192	156	card_debt	card_debt	NOUN
ajfa-5505	192	157	dummy	dummy	ADJ
ajfa-5505	192	158	variable	variable	NOUN
ajfa-5505	192	159	,	,	PUNCT
ajfa-5505	192	160	with	with	ADP
ajfa-5505	192	161	or	or	CCONJ
ajfa-5505	192	162	without	without	ADP
ajfa-5505	192	163	heavy	heavy	ADJ
ajfa-5505	192	164	credit	credit	NOUN
ajfa-5505	192	165	card	card	NOUN
ajfa-5505	192	166	loss	loss	NOUN
ajfa-5505	192	167	with=1	with=1	PROPN
ajfa-5505	192	168	without=0	without=0	PROPN
ajfa-5505	192	169	＋	＋	PUNCT
ajfa-5505	192	170	card_debt	card_debt	PROPN
ajfa-5505	192	171	*	*	PUNCT
ajfa-5505	192	172	tcri	tcri	ADJ
ajfa-5505	192	173	interaction	interaction	NOUN
ajfa-5505	192	174	of	of	ADP
ajfa-5505	192	175	card_debtit	card_debtit	NOUN
ajfa-5505	192	176	and	and	CCONJ
ajfa-5505	192	177	tcrijt	tcrijt	NOUN
ajfa-5505	192	178	＋	＋	PUNCT
ajfa-5505	192	179	ownership	ownership	NOUN
ajfa-5505	192	180	type	type	NOUN
ajfa-5505	192	181	(	(	PUNCT
ajfa-5505	192	182	symbol	symbol	NOUN
ajfa-5505	192	183	ownership	ownership	NOUN
ajfa-5505	192	184	)	)	PUNCT
ajfa-5505	192	185	private	private	ADJ
ajfa-5505	192	186	financial	financial	ADJ
ajfa-5505	192	187	holding	hold	VERB
ajfa-5505	192	188	bank	bank	NOUN
ajfa-5505	192	189	hold	hold	VERB
ajfa-5505	192	190	dummy	dummy	ADJ
ajfa-5505	192	191	variable	variable	NOUN
ajfa-5505	192	192	,	,	PUNCT
ajfa-5505	192	193	private	private	ADJ
ajfa-5505	192	194	financial	financial	ADJ
ajfa-5505	192	195	holding	holding	NOUN
ajfa-5505	192	196	bank=1	bank=1	PROPN
ajfa-5505	192	197	,	,	PUNCT
ajfa-5505	192	198	otherwise=0	otherwise=0	ADP
ajfa-5505	193	1	＋/－	＋/－	ADV
ajfa-5505	194	1	hold*tcri	hold*tcri	NOUN
ajfa-5505	194	2	interaction	interaction	NOUN
ajfa-5505	194	3	of	of	ADP
ajfa-5505	194	4	hold	hold	NOUN
ajfa-5505	194	5	and	and	CCONJ
ajfa-5505	194	6	tcri	tcri	ADJ
ajfa-5505	194	7	＋/－	＋/－	ADJ
ajfa-5505	194	8	private	private	ADJ
ajfa-5505	194	9	non	non	ADJ
ajfa-5505	194	10	-	-	ADJ
ajfa-5505	194	11	financial	financial	ADJ
ajfa-5505	194	12	holding	hold	VERB
ajfa-5505	194	13	bank	bank	NOUN
ajfa-5505	194	14	non	non	ADJ
ajfa-5505	194	15	-	-	ADJ
ajfa-5505	194	16	hold	hold	ADJ
ajfa-5505	194	17	dummy	dummy	ADJ
ajfa-5505	194	18	variable	variable	NOUN
ajfa-5505	194	19	,	,	PUNCT
ajfa-5505	194	20	private	private	ADJ
ajfa-5505	194	21	but	but	CCONJ
ajfa-5505	194	22	not	not	PART
ajfa-5505	194	23	financial	financial	ADJ
ajfa-5505	194	24	holding	hold	VERB
ajfa-5505	194	25	bank=1	bank=1	PROPN
ajfa-5505	194	26	,	,	PUNCT
ajfa-5505	194	27	otherwise=0	otherwise=0	PROPN
ajfa-5505	194	28	＋/－	＋/－	ADJ
ajfa-5505	194	29	non	non	ADJ
ajfa-5505	194	30	-	-	ADJ
ajfa-5505	194	31	hold	hold	ADJ
ajfa-5505	194	32	*	*	PUNCT
ajfa-5505	194	33	tcri	tcri	ADJ
ajfa-5505	194	34	interaction	interaction	NOUN
ajfa-5505	194	35	item	item	NOUN
ajfa-5505	194	36	of	of	ADP
ajfa-5505	194	37	non	non	ADJ
ajfa-5505	194	38	-	-	ADJ
ajfa-5505	194	39	hold	hold	ADJ
ajfa-5505	194	40	and	and	CCONJ
ajfa-5505	194	41	tcri	tcri	ADJ
ajfa-5505	194	42	＋/－	＋/－	ADJ
ajfa-5505	194	43	foreign	foreign	ADJ
ajfa-5505	194	44	bank	bank	NOUN
ajfa-5505	194	45	fore	fore	NOUN
ajfa-5505	194	46	dummy	dummy	ADJ
ajfa-5505	194	47	variable	variable	NOUN
ajfa-5505	194	48	,	,	PUNCT
ajfa-5505	194	49	foreign	foreign	PROPN
ajfa-5505	194	50	bank=1	bank=1	PROPN
ajfa-5505	194	51	,	,	PUNCT
ajfa-5505	194	52	otherwise=0	otherwise=0	ADP
ajfa-5505	194	53	＋/－	＋/－	ADJ
ajfa-5505	194	54	fore	fore	NOUN
ajfa-5505	194	55	*	*	PUNCT
ajfa-5505	194	56	tcri	tcri	ADJ
ajfa-5505	194	57	interaction	interaction	NOUN
ajfa-5505	194	58	of	of	ADP
ajfa-5505	194	59	fore	fore	NOUN
ajfa-5505	194	60	and	and	CCONJ
ajfa-5505	194	61	tcri	tcri	ADJ
ajfa-5505	194	62	＋/－	＋/－	ADJ
ajfa-5505	194	63	relationships	relationship	NOUN
ajfa-5505	194	64	(	(	PUNCT
ajfa-5505	194	65	symbol	symbol	NOUN
ajfa-5505	194	66	relation_type	relation_type	PROPN
ajfa-5505	194	67	)	)	PUNCT
ajfa-5505	194	68	the	the	DET
ajfa-5505	194	69	largest	large	ADJ
ajfa-5505	194	70	creditor	creditor	NOUN
ajfa-5505	194	71	bank	bank	NOUN
ajfa-5505	194	72	largest	large	ADJ
ajfa-5505	194	73	dummy	dummy	ADJ
ajfa-5505	194	74	variable	variable	NOUN
ajfa-5505	194	75	,	,	PUNCT
ajfa-5505	194	76	denoting	denote	VERB
ajfa-5505	194	77	bank	bank	NOUN
ajfa-5505	194	78	providing	provide	VERB
ajfa-5505	194	79	the	the	DET
ajfa-5505	194	80	largest	large	ADJ
ajfa-5505	194	81	amount	amount	NOUN
ajfa-5505	194	82	loaned	loan	VERB
ajfa-5505	194	83	as	as	ADP
ajfa-5505	194	84	largest=1	largest=1	NUM
ajfa-5505	194	85	otherwise=0	otherwise=0	PROPN
ajfa-5505	195	1	－	－	ADJ
ajfa-5505	195	2	largest	large	ADJ
ajfa-5505	195	3	*	*	PUNCT
ajfa-5505	195	4	tcri	tcri	ADJ
ajfa-5505	195	5	interaction	interaction	NOUN
ajfa-5505	195	6	of	of	ADP
ajfa-5505	195	7	largest	large	ADJ
ajfa-5505	195	8	and	and	CCONJ
ajfa-5505	195	9	tcri	tcri	ADJ
ajfa-5505	195	10	－	－	ADJ
ajfa-5505	195	11	asian	asian	ADJ
ajfa-5505	195	12	journal	journal	NOUN
ajfa-5505	195	13	of	of	ADP
ajfa-5505	195	14	finance	finance	PROPN
ajfa-5505	195	15	&	&	CCONJ
ajfa-5505	195	16	accounting	accounting	PROPN
ajfa-5505	195	17	issn	issn	PROPN
ajfa-5505	195	18	1946	1946	NUM
ajfa-5505	195	19	-	-	PUNCT
ajfa-5505	195	20	052x	052x	PROPN
ajfa-5505	195	21	2014	2014	NUM
ajfa-5505	195	22	,	,	PUNCT
ajfa-5505	195	23	vol	vol	NOUN
ajfa-5505	195	24	.	.	PROPN
ajfa-5505	195	25	6	6	NUM
ajfa-5505	195	26	,	,	PUNCT
ajfa-5505	195	27	no	no	INTJ
ajfa-5505	195	28	.	.	NOUN
ajfa-5505	195	29	2	2	NUM
ajfa-5505	195	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	195	31	30	30	NUM
ajfa-5505	195	32	main	main	ADJ
ajfa-5505	195	33	bank	bank	NOUN
ajfa-5505	195	34	main	main	ADJ
ajfa-5505	195	35	dummy	dummy	ADJ
ajfa-5505	195	36	variable	variable	NOUN
ajfa-5505	195	37	,	,	PUNCT
ajfa-5505	195	38	denoting	denote	VERB
ajfa-5505	195	39	bank	bank	NOUN
ajfa-5505	195	40	providing	provide	VERB
ajfa-5505	195	41	the	the	DET
ajfa-5505	195	42	amount	amount	NOUN
ajfa-5505	195	43	loaned	loan	VERB
ajfa-5505	195	44	ranking	rank	VERB
ajfa-5505	195	45	from	from	ADP
ajfa-5505	195	46	2	2	NUM
ajfa-5505	195	47	to	to	ADP
ajfa-5505	195	48	4	4	NUM
ajfa-5505	195	49	as	as	ADP
ajfa-5505	195	50	main=1	main=1	PROPN
ajfa-5505	195	51	otherwise=0	otherwise=0	PROPN
ajfa-5505	195	52	－	－	ADJ
ajfa-5505	195	53	main	main	ADJ
ajfa-5505	195	54	*	*	PUNCT
ajfa-5505	195	55	tcri	tcri	NOUN
ajfa-5505	195	56	interaction	interaction	NOUN
ajfa-5505	195	57	of	of	ADP
ajfa-5505	195	58	main	main	ADJ
ajfa-5505	195	59	and	and	CCONJ
ajfa-5505	195	60	tcri	tcri	ADJ
ajfa-5505	195	61	－	－	ADJ
ajfa-5505	195	62	credit	credit	NOUN
ajfa-5505	195	63	state	state	NOUN
ajfa-5505	195	64	of	of	ADP
ajfa-5505	195	65	borrower	borrower	NOUN
ajfa-5505	195	66	(	(	PUNCT
ajfa-5505	195	67	symbol	symbol	NOUN
ajfa-5505	195	68	tcri_state	tcri_state	NOUN
ajfa-5505	195	69	)	)	PUNCT
ajfa-5505	195	70	ascending	ascend	VERB
ajfa-5505	195	71	credit	credit	NOUN
ajfa-5505	195	72	state	state	NOUN
ajfa-5505	195	73	upgrade	upgrade	VERB
ajfa-5505	195	74	dummy	dummy	ADJ
ajfa-5505	195	75	variable	variable	NOUN
ajfa-5505	195	76	,	,	PUNCT
ajfa-5505	195	77	we	we	PRON
ajfa-5505	195	78	regard	regard	VERB
ajfa-5505	195	79	upgrade	upgrade	NOUN
ajfa-5505	195	80	if	if	SCONJ
ajfa-5505	195	81	among	among	ADP
ajfa-5505	195	82	the	the	DET
ajfa-5505	195	83	previous	previous	ADJ
ajfa-5505	195	84	three	three	NUM
ajfa-5505	195	85	years	year	NOUN
ajfa-5505	195	86	,	,	PUNCT
ajfa-5505	195	87	in	in	ADP
ajfa-5505	195	88	2	2	NUM
ajfa-5505	195	89	or	or	CCONJ
ajfa-5505	195	90	more	more	ADJ
ajfa-5505	195	91	than	than	ADP
ajfa-5505	195	92	2	2	NUM
ajfa-5505	195	93	years	year	NOUN
ajfa-5505	195	94	the	the	DET
ajfa-5505	195	95	current	current	ADJ
ajfa-5505	195	96	year	year	NOUN
ajfa-5505	195	97	’s	’s	PART
ajfa-5505	195	98	credit	credit	NOUN
ajfa-5505	195	99	rating	rating	NOUN
ajfa-5505	195	100	is	be	AUX
ajfa-5505	195	101	lower	low	ADJ
ajfa-5505	195	102	than	than	ADP
ajfa-5505	195	103	that	that	PRON
ajfa-5505	195	104	in	in	ADP
ajfa-5505	195	105	the	the	DET
ajfa-5505	195	106	preceding	precede	VERB
ajfa-5505	195	107	year	year	NOUN
ajfa-5505	195	108	.	.	PUNCT
ajfa-5505	196	1	upgrade=1	upgrade=1	PROPN
ajfa-5505	196	2	,	,	PUNCT
ajfa-5505	196	3	otherwise=0	otherwise=0	PROPN
ajfa-5505	196	4	.	.	PUNCT
ajfa-5505	197	1	－	－	PROPN
ajfa-5505	197	2	upgrade	upgrade	NOUN
ajfa-5505	197	3	*	*	PUNCT
ajfa-5505	197	4	tcri	tcri	ADJ
ajfa-5505	197	5	interaction	interaction	NOUN
ajfa-5505	197	6	of	of	ADP
ajfa-5505	197	7	upgrade	upgrade	NOUN
ajfa-5505	197	8	and	and	CCONJ
ajfa-5505	197	9	tcri	tcri	ADJ
ajfa-5505	197	10	－	－	ADJ
ajfa-5505	197	11	descending	descend	VERB
ajfa-5505	197	12	credit	credit	NOUN
ajfa-5505	197	13	state	state	NOUN
ajfa-5505	197	14	downgrade	downgrade	VERB
ajfa-5505	197	15	dummy	dummy	ADJ
ajfa-5505	197	16	variable	variable	NOUN
ajfa-5505	197	17	,	,	PUNCT
ajfa-5505	197	18	we	we	PRON
ajfa-5505	197	19	regard	regard	VERB
ajfa-5505	197	20	downgrade	downgrade	NOUN
ajfa-5505	197	21	if	if	SCONJ
ajfa-5505	197	22	among	among	ADP
ajfa-5505	197	23	the	the	DET
ajfa-5505	197	24	previous	previous	ADJ
ajfa-5505	197	25	three	three	NUM
ajfa-5505	197	26	years	year	NOUN
ajfa-5505	197	27	,	,	PUNCT
ajfa-5505	197	28	in	in	ADP
ajfa-5505	197	29	2	2	NUM
ajfa-5505	197	30	or	or	CCONJ
ajfa-5505	197	31	more	more	ADJ
ajfa-5505	197	32	than	than	ADP
ajfa-5505	197	33	2	2	NUM
ajfa-5505	197	34	years	year	NOUN
ajfa-5505	197	35	the	the	DET
ajfa-5505	197	36	current	current	ADJ
ajfa-5505	197	37	year	year	NOUN
ajfa-5505	197	38	’s	’s	PART
ajfa-5505	197	39	credit	credit	NOUN
ajfa-5505	197	40	rating	rating	NOUN
ajfa-5505	197	41	is	be	AUX
ajfa-5505	197	42	higher	high	ADJ
ajfa-5505	197	43	than	than	ADP
ajfa-5505	197	44	that	that	PRON
ajfa-5505	197	45	in	in	ADP
ajfa-5505	197	46	the	the	DET
ajfa-5505	197	47	preceding	precede	VERB
ajfa-5505	197	48	year	year	NOUN
ajfa-5505	197	49	.	.	PUNCT
ajfa-5505	198	1	downgrade	downgrade	NOUN
ajfa-5505	198	2	=	=	SYM
ajfa-5505	198	3	1	1	NUM
ajfa-5505	198	4	,	,	PUNCT
ajfa-5505	198	5	otherwise	otherwise	ADV
ajfa-5505	198	6	=	=	SYM
ajfa-5505	198	7	0	0	X
ajfa-5505	198	8	.	.	PUNCT
ajfa-5505	198	9	＋	＋	PUNCT
ajfa-5505	199	1	downgrade	downgrade	PROPN
ajfa-5505	199	2	*	*	PROPN
ajfa-5505	199	3	tcri	tcri	ADJ
ajfa-5505	199	4	interaction	interaction	NOUN
ajfa-5505	199	5	of	of	ADP
ajfa-5505	199	6	downgrade	downgrade	NOUN
ajfa-5505	199	7	and	and	CCONJ
ajfa-5505	199	8	tcri	tcri	ADJ
ajfa-5505	199	9	＋	＋	PUNCT
ajfa-5505	199	10	borrower	borrower	NOUN
ajfa-5505	199	11	's	's	PART
ajfa-5505	199	12	characteristics	characteristic	NOUN
ajfa-5505	199	13	(	(	PUNCT
ajfa-5505	199	14	symbol	symbol	NOUN
ajfa-5505	199	15	firm	firm	NOUN
ajfa-5505	199	16	)	)	PUNCT
ajfa-5505	199	17	firm	firm	NOUN
ajfa-5505	199	18	’s	’s	PART
ajfa-5505	199	19	scale	scale	NOUN
ajfa-5505	199	20	size1	size1	PROPN
ajfa-5505	199	21	natural	natural	ADJ
ajfa-5505	199	22	logarithm	logarithm	NOUN
ajfa-5505	199	23	of	of	ADP
ajfa-5505	199	24	total	total	ADJ
ajfa-5505	199	25	assets	asset	NOUN
ajfa-5505	199	26	－	－	ADJ
ajfa-5505	199	27	debt	debt	NOUN
ajfa-5505	199	28	ratio	ratio	NOUN
ajfa-5505	199	29	leverage	leverage	NOUN
ajfa-5505	199	30	total	total	ADJ
ajfa-5505	199	31	liabilities	liability	NOUN
ajfa-5505	199	32	/	/	SYM
ajfa-5505	199	33	total	total	ADJ
ajfa-5505	199	34	assets	asset	NOUN
ajfa-5505	199	35	(	(	PUNCT
ajfa-5505	199	36	%	%	INTJ
ajfa-5505	199	37	)	)	PUNCT
ajfa-5505	199	38	＋	＋	PUNCT
ajfa-5505	199	39	profitability	profitability	NOUN
ajfa-5505	199	40	ratio	ratio	NOUN
ajfa-5505	199	41	ros	ros	PROPN
ajfa-5505	199	42	pretax	pretax	NOUN
ajfa-5505	199	43	income	income	NOUN
ajfa-5505	199	44	/	/	SYM
ajfa-5505	199	45	net	net	ADJ
ajfa-5505	199	46	operating	operating	NOUN
ajfa-5505	199	47	revenue	revenue	NOUN
ajfa-5505	199	48	－	－	PROPN
ajfa-5505	199	49	characteristics	characteristic	NOUN
ajfa-5505	199	50	of	of	ADP
ajfa-5505	199	51	creditor	creditor	PROPN
ajfa-5505	199	52	bank	bank	PROPN
ajfa-5505	199	53	(	(	PUNCT
ajfa-5505	199	54	symbol	symbol	PROPN
ajfa-5505	199	55	bank	bank	PROPN
ajfa-5505	199	56	)	)	PUNCT
ajfa-5505	199	57	scale	scale	NOUN
ajfa-5505	199	58	of	of	ADP
ajfa-5505	199	59	bank	bank	NOUN
ajfa-5505	199	60	size2	size2	NOUN
ajfa-5505	199	61	natural	natural	ADJ
ajfa-5505	199	62	logarithm	logarithm	NOUN
ajfa-5505	199	63	of	of	ADP
ajfa-5505	199	64	total	total	ADJ
ajfa-5505	199	65	assets	asset	NOUN
ajfa-5505	199	66	－	－	ADJ
ajfa-5505	199	67	cost	cost	NOUN
ajfa-5505	199	68	to	to	ADP
ajfa-5505	199	69	revenue	revenue	NOUN
ajfa-5505	199	70	ratio	ratio	NOUN
ajfa-5505	199	71	cost_income	cost_income	PROPN
ajfa-5505	199	72	operating	operate	VERB
ajfa-5505	199	73	expense	expense	NOUN
ajfa-5505	199	74	/	/	SYM
ajfa-5505	199	75	net	net	NOUN
ajfa-5505	199	76	operating	operating	NOUN
ajfa-5505	199	77	revenue	revenue	NOUN
ajfa-5505	199	78	(	(	PUNCT
ajfa-5505	199	79	%	%	INTJ
ajfa-5505	199	80	)	)	PUNCT
ajfa-5505	199	81	＋	＋	PUNCT
ajfa-5505	199	82	note	note	NOUN
ajfa-5505	199	83	:	:	PUNCT
ajfa-5505	199	84	“	"	PUNCT
ajfa-5505	199	85	+	+	ADJ
ajfa-5505	199	86	”	"	PUNCT
ajfa-5505	199	87	and	and	CCONJ
ajfa-5505	199	88	“	"	PUNCT
ajfa-5505	199	89	-	-	INTJ
ajfa-5505	199	90	”	"	PUNCT
ajfa-5505	199	91	indicate	indicate	VERB
ajfa-5505	199	92	that	that	SCONJ
ajfa-5505	199	93	the	the	DET
ajfa-5505	199	94	variable	variable	ADJ
ajfa-5505	199	95	coefficients	coefficient	NOUN
ajfa-5505	199	96	are	be	AUX
ajfa-5505	199	97	expected	expect	VERB
ajfa-5505	199	98	to	to	PART
ajfa-5505	199	99	be	be	AUX
ajfa-5505	199	100	positive	positive	ADJ
ajfa-5505	199	101	and	and	CCONJ
ajfa-5505	199	102	negative	negative	ADJ
ajfa-5505	199	103	;	;	PUNCT
ajfa-5505	199	104	“	"	PUNCT
ajfa-5505	199	105	+	+	PROPN
ajfa-5505	199	106	/-	/-	PUNCT
ajfa-5505	199	107	”	"	PUNCT
ajfa-5505	199	108	indicates	indicate	VERB
ajfa-5505	199	109	that	that	SCONJ
ajfa-5505	199	110	the	the	DET
ajfa-5505	199	111	direction	direction	NOUN
ajfa-5505	199	112	of	of	ADP
ajfa-5505	199	113	the	the	DET
ajfa-5505	199	114	variable	variable	ADJ
ajfa-5505	199	115	coefficient	coefficient	NOUN
ajfa-5505	199	116	is	be	AUX
ajfa-5505	199	117	uncertain	uncertain	ADJ
ajfa-5505	199	118	.	.	PUNCT
ajfa-5505	200	1	4	4	X
ajfa-5505	200	2	.	.	NOUN
ajfa-5505	200	3	empirical	empirical	ADJ
ajfa-5505	200	4	analysis	analysis	NOUN
ajfa-5505	200	5	and	and	CCONJ
ajfa-5505	200	6	results	result	VERB
ajfa-5505	200	7	the	the	DET
ajfa-5505	200	8	empirical	empirical	ADJ
ajfa-5505	200	9	analysis	analysis	NOUN
ajfa-5505	200	10	procedures	procedure	NOUN
ajfa-5505	200	11	of	of	ADP
ajfa-5505	200	12	this	this	DET
ajfa-5505	200	13	study	study	NOUN
ajfa-5505	200	14	are	be	AUX
ajfa-5505	200	15	summarized	summarize	VERB
ajfa-5505	200	16	in	in	ADP
ajfa-5505	200	17	the	the	DET
ajfa-5505	200	18	following	follow	VERB
ajfa-5505	200	19	four	four	NUM
ajfa-5505	200	20	parts	part	NOUN
ajfa-5505	200	21	.	.	PUNCT
ajfa-5505	201	1	first	first	ADV
ajfa-5505	201	2	,	,	PUNCT
ajfa-5505	201	3	we	we	PRON
ajfa-5505	201	4	use	use	VERB
ajfa-5505	201	5	the	the	DET
ajfa-5505	201	6	t	t	NOUN
ajfa-5505	201	7	test	test	NOUN
ajfa-5505	201	8	and	and	CCONJ
ajfa-5505	201	9	the	the	DET
ajfa-5505	201	10	nonparametric	nonparametric	NOUN
ajfa-5505	201	11	wilcoxon	wilcoxon	VERB
ajfa-5505	201	12	rank	rank	PROPN
ajfa-5505	201	13	sum	sum	NOUN
ajfa-5505	201	14	methods	method	NOUN
ajfa-5505	201	15	to	to	PART
ajfa-5505	201	16	verify	verify	VERB
ajfa-5505	201	17	whether	whether	SCONJ
ajfa-5505	201	18	the	the	DET
ajfa-5505	201	19	mean	mean	NOUN
ajfa-5505	201	20	or	or	CCONJ
ajfa-5505	201	21	median	median	NOUN
ajfa-5505	201	22	of	of	ADP
ajfa-5505	201	23	the	the	DET
ajfa-5505	201	24	banks	bank	NOUN
ajfa-5505	201	25	with	with	ADP
ajfa-5505	201	26	or	or	CCONJ
ajfa-5505	201	27	without	without	ADP
ajfa-5505	201	28	“	"	PUNCT
ajfa-5505	201	29	wobd	wobd	NOUN
ajfa-5505	201	30	”	"	PUNCT
ajfa-5505	201	31	and	and	CCONJ
ajfa-5505	201	32	“	"	PUNCT
ajfa-5505	201	33	hccl	hccl	PROPN
ajfa-5505	201	34	”	"	PUNCT
ajfa-5505	201	35	,	,	PUNCT
ajfa-5505	201	36	banks	bank	NOUN
ajfa-5505	201	37	with	with	ADP
ajfa-5505	201	38	four	four	NUM
ajfa-5505	201	39	different	different	ADJ
ajfa-5505	201	40	types	type	NOUN
ajfa-5505	201	41	of	of	ADP
ajfa-5505	201	42	ownership	ownership	NOUN
ajfa-5505	201	43	,	,	PUNCT
ajfa-5505	201	44	and	and	CCONJ
ajfa-5505	201	45	companies	company	NOUN
ajfa-5505	201	46	with	with	ADP
ajfa-5505	201	47	high	high	ADJ
ajfa-5505	201	48	or	or	CCONJ
ajfa-5505	201	49	low	low	ADJ
ajfa-5505	201	50	credit	credit	NOUN
ajfa-5505	201	51	risk	risk	NOUN
ajfa-5505	201	52	exhibit	exhibit	VERB
ajfa-5505	201	53	significant	significant	ADJ
ajfa-5505	201	54	statistical	statistical	ADJ
ajfa-5505	201	55	differences	difference	NOUN
ajfa-5505	201	56	in	in	ADP
ajfa-5505	201	57	their	their	PRON
ajfa-5505	201	58	characteristics	characteristic	NOUN
ajfa-5505	201	59	.	.	PUNCT
ajfa-5505	202	1	then	then	ADV
ajfa-5505	202	2	,	,	PUNCT
ajfa-5505	202	3	we	we	PRON
ajfa-5505	202	4	select	select	VERB
ajfa-5505	202	5	publicly	publicly	ADV
ajfa-5505	202	6	-	-	PUNCT
ajfa-5505	202	7	held	hold	VERB
ajfa-5505	202	8	borrowing	borrowing	NOUN
ajfa-5505	202	9	companies	company	NOUN
ajfa-5505	202	10	as	as	ADP
ajfa-5505	202	11	empirical	empirical	ADJ
ajfa-5505	202	12	and	and	CCONJ
ajfa-5505	202	13	control	control	NOUN
ajfa-5505	202	14	samples	sample	NOUN
ajfa-5505	202	15	from	from	ADP
ajfa-5505	202	16	banks	bank	NOUN
ajfa-5505	202	17	with	with	ADP
ajfa-5505	202	18	or	or	CCONJ
ajfa-5505	202	19	without	without	ADP
ajfa-5505	202	20	“	"	PUNCT
ajfa-5505	202	21	wobd	wobd	NOUN
ajfa-5505	202	22	”	"	PUNCT
ajfa-5505	202	23	to	to	PART
ajfa-5505	202	24	test	test	VERB
ajfa-5505	202	25	the	the	DET
ajfa-5505	202	26	impact	impact	NOUN
ajfa-5505	202	27	of	of	ADP
ajfa-5505	202	28	clients	client	NOUN
ajfa-5505	202	29	’	’	PART
ajfa-5505	202	30	credit	credit	NOUN
ajfa-5505	202	31	status	status	NOUN
ajfa-5505	202	32	and	and	CCONJ
ajfa-5505	202	33	relationships	relationship	NOUN
ajfa-5505	202	34	on	on	ADP
ajfa-5505	202	35	loan	loan	NOUN
ajfa-5505	202	36	spreads	spread	NOUN
ajfa-5505	202	37	under	under	ADP
ajfa-5505	202	38	the	the	DET
ajfa-5505	202	39	regression	regression	NOUN
ajfa-5505	202	40	model	model	NOUN
ajfa-5505	202	41	.	.	PUNCT
ajfa-5505	203	1	we	we	PRON
ajfa-5505	203	2	divide	divide	VERB
ajfa-5505	203	3	our	our	PRON
ajfa-5505	203	4	clients	client	NOUN
ajfa-5505	203	5	with	with	ADP
ajfa-5505	203	6	banks	bank	NOUN
ajfa-5505	203	7	with	with	ADP
ajfa-5505	203	8	or	or	CCONJ
ajfa-5505	203	9	without	without	ADP
ajfa-5505	203	10	wobd	wobd	NOUN
ajfa-5505	203	11	as	as	ADP
ajfa-5505	203	12	experimental	experimental	ADJ
ajfa-5505	203	13	samples	sample	NOUN
ajfa-5505	203	14	and	and	CCONJ
ajfa-5505	203	15	controlling	control	VERB
ajfa-5505	203	16	samples	sample	NOUN
ajfa-5505	203	17	and	and	CCONJ
ajfa-5505	203	18	use	use	VERB
ajfa-5505	203	19	the	the	DET
ajfa-5505	203	20	ordinary	ordinary	ADJ
ajfa-5505	203	21	least	least	ADJ
ajfa-5505	203	22	squares	square	NOUN
ajfa-5505	203	23	empirical	empirical	ADJ
ajfa-5505	203	24	model	model	NOUN
ajfa-5505	203	25	to	to	PART
ajfa-5505	203	26	examine	examine	VERB
ajfa-5505	203	27	the	the	DET
ajfa-5505	203	28	factors	factor	NOUN
ajfa-5505	203	29	impacting	impact	VERB
ajfa-5505	203	30	the	the	DET
ajfa-5505	203	31	loan	loan	NOUN
ajfa-5505	203	32	spreads	spread	NOUN
ajfa-5505	203	33	.	.	PUNCT
ajfa-5505	204	1	the	the	DET
ajfa-5505	204	2	impacting	impact	VERB
ajfa-5505	204	3	factors	factor	NOUN
ajfa-5505	204	4	include	include	VERB
ajfa-5505	204	5	the	the	DET
ajfa-5505	204	6	financial	financial	ADJ
ajfa-5505	204	7	attributes	attribute	NOUN
ajfa-5505	204	8	of	of	ADP
ajfa-5505	204	9	banks	bank	NOUN
ajfa-5505	204	10	and	and	CCONJ
ajfa-5505	204	11	borrowing	borrow	VERB
ajfa-5505	204	12	companies	company	NOUN
ajfa-5505	204	13	.	.	PUNCT
ajfa-5505	205	1	in	in	ADP
ajfa-5505	205	2	addition	addition	NOUN
ajfa-5505	205	3	,	,	PUNCT
ajfa-5505	205	4	we	we	PRON
ajfa-5505	205	5	take	take	VERB
ajfa-5505	205	6	the	the	DET
ajfa-5505	205	7	lending	lending	NOUN
ajfa-5505	205	8	performance	performance	NOUN
ajfa-5505	205	9	,	,	PUNCT
ajfa-5505	205	10	ownership	ownership	NOUN
ajfa-5505	205	11	,	,	PUNCT
ajfa-5505	205	12	banking	banking	NOUN
ajfa-5505	205	13	relationship	relationship	NOUN
ajfa-5505	205	14	and	and	CCONJ
ajfa-5505	205	15	the	the	DET
ajfa-5505	205	16	credit	credit	NOUN
ajfa-5505	205	17	state	state	NOUN
ajfa-5505	205	18	(	(	PUNCT
ajfa-5505	205	19	upgrade	upgrade	VERB
ajfa-5505	205	20	or	or	CCONJ
ajfa-5505	205	21	downgrade	downgrade	VERB
ajfa-5505	205	22	)	)	PUNCT
ajfa-5505	205	23	into	into	ADP
ajfa-5505	205	24	consideration	consideration	NOUN
ajfa-5505	205	25	.	.	PUNCT
ajfa-5505	206	1	as	as	ADP
ajfa-5505	206	2	for	for	ADP
ajfa-5505	206	3	asian	asian	ADJ
ajfa-5505	206	4	journal	journal	NOUN
ajfa-5505	206	5	of	of	ADP
ajfa-5505	206	6	finance	finance	PROPN
ajfa-5505	206	7	&	&	CCONJ
ajfa-5505	206	8	accounting	accounting	PROPN
ajfa-5505	206	9	issn	issn	PROPN
ajfa-5505	206	10	1946	1946	NUM
ajfa-5505	206	11	-	-	PUNCT
ajfa-5505	206	12	052x	052x	PROPN
ajfa-5505	206	13	2014	2014	NUM
ajfa-5505	206	14	,	,	PUNCT
ajfa-5505	206	15	vol	vol	NOUN
ajfa-5505	206	16	.	.	PROPN
ajfa-5505	206	17	6	6	NUM
ajfa-5505	206	18	,	,	PUNCT
ajfa-5505	206	19	no	no	INTJ
ajfa-5505	206	20	.	.	NOUN
ajfa-5505	206	21	2	2	NUM
ajfa-5505	206	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	206	23	31	31	NUM
ajfa-5505	206	24	understanding	understand	VERB
ajfa-5505	206	25	whether	whether	SCONJ
ajfa-5505	206	26	the	the	DET
ajfa-5505	206	27	loan	loan	NOUN
ajfa-5505	206	28	policy	policy	NOUN
ajfa-5505	206	29	-	-	PUNCT
ajfa-5505	206	30	making	make	VERB
ajfa-5505	206	31	process	process	NOUN
ajfa-5505	206	32	is	be	AUX
ajfa-5505	206	33	just	just	ADV
ajfa-5505	206	34	,	,	PUNCT
ajfa-5505	206	35	we	we	PRON
ajfa-5505	206	36	use	use	VERB
ajfa-5505	206	37	the	the	DET
ajfa-5505	206	38	tcri	tcri	ADJ
ajfa-5505	206	39	index	index	NOUN
ajfa-5505	206	40	to	to	PART
ajfa-5505	206	41	show	show	VERB
ajfa-5505	206	42	the	the	DET
ajfa-5505	206	43	credit	credit	NOUN
ajfa-5505	206	44	risk	risk	NOUN
ajfa-5505	206	45	level21	level21	NOUN
ajfa-5505	206	46	of	of	ADP
ajfa-5505	206	47	borrowing	borrowing	NOUN
ajfa-5505	206	48	companies	company	NOUN
ajfa-5505	206	49	.	.	PUNCT
ajfa-5505	207	1	moreover	moreover	ADV
ajfa-5505	207	2	,	,	PUNCT
ajfa-5505	207	3	in	in	ADP
ajfa-5505	207	4	this	this	DET
ajfa-5505	207	5	study	study	NOUN
ajfa-5505	207	6	we	we	PRON
ajfa-5505	207	7	also	also	ADV
ajfa-5505	207	8	include	include	VERB
ajfa-5505	207	9	the	the	DET
ajfa-5505	207	10	interaction	interaction	NOUN
ajfa-5505	207	11	items	item	NOUN
ajfa-5505	207	12	of	of	ADP
ajfa-5505	207	13	different	different	ADJ
ajfa-5505	207	14	credit	credit	NOUN
ajfa-5505	207	15	systems	system	NOUN
ajfa-5505	207	16	and	and	CCONJ
ajfa-5505	207	17	lending	lending	NOUN
ajfa-5505	207	18	behavior	behavior	NOUN
ajfa-5505	207	19	to	to	PART
ajfa-5505	207	20	further	far	ADV
ajfa-5505	207	21	explore	explore	VERB
ajfa-5505	207	22	the	the	DET
ajfa-5505	207	23	factors	factor	NOUN
ajfa-5505	207	24	impacting	impact	VERB
ajfa-5505	207	25	the	the	DET
ajfa-5505	207	26	loan	loan	NOUN
ajfa-5505	207	27	spread	spread	NOUN
ajfa-5505	207	28	.	.	PUNCT
ajfa-5505	208	1	in	in	ADP
ajfa-5505	208	2	the	the	DET
ajfa-5505	208	3	third	third	ADJ
ajfa-5505	208	4	section	section	NOUN
ajfa-5505	208	5	,	,	PUNCT
ajfa-5505	208	6	we	we	PRON
ajfa-5505	208	7	apply	apply	VERB
ajfa-5505	208	8	the	the	DET
ajfa-5505	208	9	same	same	ADJ
ajfa-5505	208	10	method	method	NOUN
ajfa-5505	208	11	as	as	ADP
ajfa-5505	208	12	in	in	ADP
ajfa-5505	208	13	the	the	DET
ajfa-5505	208	14	second	second	ADJ
ajfa-5505	208	15	section	section	NOUN
ajfa-5505	208	16	except	except	SCONJ
ajfa-5505	208	17	that	that	SCONJ
ajfa-5505	208	18	the	the	DET
ajfa-5505	208	19	sample	sample	NOUN
ajfa-5505	208	20	bank	bank	NOUN
ajfa-5505	208	21	groups	group	NOUN
ajfa-5505	208	22	are	be	AUX
ajfa-5505	208	23	changed	change	VERB
ajfa-5505	208	24	to	to	ADP
ajfa-5505	208	25	banks	bank	NOUN
ajfa-5505	208	26	with	with	ADP
ajfa-5505	208	27	or	or	CCONJ
ajfa-5505	208	28	without	without	ADP
ajfa-5505	208	29	“	"	PUNCT
ajfa-5505	208	30	hccl	hccl	PROPN
ajfa-5505	208	31	”	"	PUNCT
ajfa-5505	208	32	.	.	PUNCT
ajfa-5505	209	1	in	in	ADP
ajfa-5505	209	2	the	the	DET
ajfa-5505	209	3	fourth	fourth	ADJ
ajfa-5505	209	4	section	section	NOUN
ajfa-5505	209	5	,	,	PUNCT
ajfa-5505	209	6	we	we	PRON
ajfa-5505	209	7	perform	perform	VERB
ajfa-5505	209	8	the	the	DET
ajfa-5505	209	9	robustness	robustness	NOUN
ajfa-5505	209	10	test	test	NOUN
ajfa-5505	209	11	by	by	ADP
ajfa-5505	209	12	extending	extend	VERB
ajfa-5505	209	13	the	the	DET
ajfa-5505	209	14	empirical	empirical	ADJ
ajfa-5505	209	15	period	period	NOUN
ajfa-5505	209	16	to	to	ADP
ajfa-5505	209	17	2010	2010	NUM
ajfa-5505	209	18	and	and	CCONJ
ajfa-5505	209	19	discuss	discuss	VERB
ajfa-5505	209	20	certain	certain	ADJ
ajfa-5505	209	21	important	important	ADJ
ajfa-5505	209	22	variables	variable	NOUN
ajfa-5505	209	23	in	in	ADP
ajfa-5505	209	24	detail	detail	NOUN
ajfa-5505	209	25	.	.	PUNCT
ajfa-5505	210	1	4.1	4.1	NUM
ajfa-5505	210	2	descriptive	descriptive	ADJ
ajfa-5505	210	3	statistics	statistic	NOUN
ajfa-5505	210	4	as	as	SCONJ
ajfa-5505	210	5	mentioned	mention	VERB
ajfa-5505	210	6	earlier	early	ADV
ajfa-5505	210	7	,	,	PUNCT
ajfa-5505	210	8	we	we	PRON
ajfa-5505	210	9	shall	shall	AUX
ajfa-5505	210	10	determine	determine	VERB
ajfa-5505	210	11	the	the	DET
ajfa-5505	210	12	creditor	creditor	NOUN
ajfa-5505	210	13	banks	bank	NOUN
ajfa-5505	210	14	first	first	ADV
ajfa-5505	210	15	,	,	PUNCT
ajfa-5505	210	16	then	then	ADV
ajfa-5505	210	17	select	select	VERB
ajfa-5505	210	18	the	the	DET
ajfa-5505	210	19	borrowing	borrowing	NOUN
ajfa-5505	210	20	companies	company	NOUN
ajfa-5505	210	21	which	which	PRON
ajfa-5505	210	22	are	be	AUX
ajfa-5505	210	23	publicly	publicly	ADV
ajfa-5505	210	24	-	-	PUNCT
ajfa-5505	210	25	held	hold	VERB
ajfa-5505	210	26	from	from	ADP
ajfa-5505	210	27	related	related	ADJ
ajfa-5505	210	28	banks	bank	NOUN
ajfa-5505	210	29	as	as	ADP
ajfa-5505	210	30	empirical	empirical	ADJ
ajfa-5505	210	31	and	and	CCONJ
ajfa-5505	210	32	control	control	NOUN
ajfa-5505	210	33	samples	sample	NOUN
ajfa-5505	210	34	.	.	PUNCT
ajfa-5505	211	1	since	since	SCONJ
ajfa-5505	211	2	our	our	PRON
ajfa-5505	211	3	samples	sample	NOUN
ajfa-5505	211	4	are	be	AUX
ajfa-5505	211	5	from	from	ADP
ajfa-5505	211	6	creditor	creditor	NOUN
ajfa-5505	211	7	banks	bank	NOUN
ajfa-5505	211	8	and	and	CCONJ
ajfa-5505	211	9	borrowing	borrow	VERB
ajfa-5505	211	10	companies	company	NOUN
ajfa-5505	211	11	,	,	PUNCT
ajfa-5505	211	12	therefore	therefore	ADV
ajfa-5505	211	13	we	we	PRON
ajfa-5505	211	14	introduce	introduce	VERB
ajfa-5505	211	15	the	the	DET
ajfa-5505	211	16	summary	summary	NOUN
ajfa-5505	211	17	statistics	statistic	NOUN
ajfa-5505	211	18	of	of	ADP
ajfa-5505	211	19	each	each	DET
ajfa-5505	211	20	index	index	NOUN
ajfa-5505	211	21	individually	individually	ADV
ajfa-5505	211	22	.	.	PUNCT
ajfa-5505	212	1	with	with	ADP
ajfa-5505	212	2	regard	regard	NOUN
ajfa-5505	212	3	to	to	ADP
ajfa-5505	212	4	the	the	DET
ajfa-5505	212	5	samples	sample	NOUN
ajfa-5505	212	6	of	of	ADP
ajfa-5505	212	7	creditor	creditor	NOUN
ajfa-5505	212	8	banks	bank	NOUN
ajfa-5505	212	9	,	,	PUNCT
ajfa-5505	212	10	we	we	PRON
ajfa-5505	212	11	discuss	discuss	VERB
ajfa-5505	212	12	this	this	PRON
ajfa-5505	212	13	by	by	ADP
ajfa-5505	212	14	dividing	divide	VERB
ajfa-5505	212	15	the	the	DET
ajfa-5505	212	16	banks	bank	NOUN
ajfa-5505	212	17	into	into	ADP
ajfa-5505	212	18	those	those	PRON
ajfa-5505	212	19	with	with	ADP
ajfa-5505	212	20	and	and	CCONJ
ajfa-5505	212	21	without	without	ADP
ajfa-5505	212	22	“	"	PUNCT
ajfa-5505	212	23	wobd	wobd	NOUN
ajfa-5505	212	24	”	"	PUNCT
ajfa-5505	212	25	,	,	PUNCT
ajfa-5505	212	26	with	with	ADP
ajfa-5505	212	27	and	and	CCONJ
ajfa-5505	212	28	without	without	ADP
ajfa-5505	212	29	“	"	PUNCT
ajfa-5505	212	30	hccl	hccl	PROPN
ajfa-5505	212	31	”	"	PUNCT
ajfa-5505	212	32	,	,	PUNCT
ajfa-5505	212	33	as	as	ADV
ajfa-5505	212	34	well	well	ADV
ajfa-5505	212	35	as	as	ADP
ajfa-5505	212	36	four	four	NUM
ajfa-5505	212	37	different	different	ADJ
ajfa-5505	212	38	types	type	NOUN
ajfa-5505	212	39	of	of	ADP
ajfa-5505	212	40	ownership	ownership	NOUN
ajfa-5505	212	41	.	.	PUNCT
ajfa-5505	213	1	as	as	ADP
ajfa-5505	213	2	to	to	ADP
ajfa-5505	213	3	the	the	DET
ajfa-5505	213	4	characteristics	characteristic	NOUN
ajfa-5505	213	5	of	of	ADP
ajfa-5505	213	6	the	the	DET
ajfa-5505	213	7	banks	bank	NOUN
ajfa-5505	213	8	,	,	PUNCT
ajfa-5505	213	9	we	we	PRON
ajfa-5505	213	10	use	use	VERB
ajfa-5505	213	11	six	six	NUM
ajfa-5505	213	12	indexes	index	NOUN
ajfa-5505	213	13	,	,	PUNCT
ajfa-5505	213	14	namely	namely	ADV
ajfa-5505	213	15	,	,	PUNCT
ajfa-5505	213	16	those	those	PRON
ajfa-5505	213	17	of	of	ADP
ajfa-5505	213	18	total	total	ADJ
ajfa-5505	213	19	assets	asset	NOUN
ajfa-5505	213	20	,	,	PUNCT
ajfa-5505	213	21	the	the	DET
ajfa-5505	213	22	cost	cost	NOUN
ajfa-5505	213	23	-	-	PUNCT
ajfa-5505	213	24	to	to	ADP
ajfa-5505	213	25	-	-	PUNCT
ajfa-5505	213	26	revenue	revenue	NOUN
ajfa-5505	213	27	ratio	ratio	NOUN
ajfa-5505	213	28	,	,	PUNCT
ajfa-5505	213	29	the	the	DET
ajfa-5505	213	30	return	return	NOUN
ajfa-5505	213	31	on	on	ADP
ajfa-5505	213	32	assets	asset	NOUN
ajfa-5505	213	33	,	,	PUNCT
ajfa-5505	213	34	the	the	DET
ajfa-5505	213	35	return	return	NOUN
ajfa-5505	213	36	on	on	ADP
ajfa-5505	213	37	equity	equity	NOUN
ajfa-5505	213	38	,	,	PUNCT
ajfa-5505	213	39	the	the	DET
ajfa-5505	213	40	pretax	pretax	ADJ
ajfa-5505	213	41	income	income	NOUN
ajfa-5505	213	42	ratio	ratio	NOUN
ajfa-5505	213	43	and	and	CCONJ
ajfa-5505	213	44	the	the	DET
ajfa-5505	213	45	gross	gross	ADJ
ajfa-5505	213	46	profit	profit	NOUN
ajfa-5505	213	47	ratio	ratio	NOUN
ajfa-5505	213	48	.	.	PUNCT
ajfa-5505	214	1	moreover	moreover	ADV
ajfa-5505	214	2	,	,	PUNCT
ajfa-5505	214	3	we	we	PRON
ajfa-5505	214	4	divide	divide	VERB
ajfa-5505	214	5	the	the	DET
ajfa-5505	214	6	borrowing	borrowing	NOUN
ajfa-5505	214	7	companies	company	NOUN
ajfa-5505	214	8	into	into	ADP
ajfa-5505	214	9	high	high	ADJ
ajfa-5505	214	10	and	and	CCONJ
ajfa-5505	214	11	low	low	ADJ
ajfa-5505	214	12	credit	credit	NOUN
ajfa-5505	214	13	risk	risk	NOUN
ajfa-5505	214	14	companies	company	NOUN
ajfa-5505	214	15	by	by	ADP
ajfa-5505	214	16	the	the	DET
ajfa-5505	214	17	credit	credit	NOUN
ajfa-5505	214	18	ratings	rating	NOUN
ajfa-5505	214	19	of	of	ADP
ajfa-5505	214	20	tcri	tcri	NOUN
ajfa-5505	214	21	and	and	CCONJ
ajfa-5505	214	22	discussing	discuss	VERB
ajfa-5505	214	23	the	the	DET
ajfa-5505	214	24	characteristics	characteristic	NOUN
ajfa-5505	214	25	in	in	ADP
ajfa-5505	214	26	terms	term	NOUN
ajfa-5505	214	27	of	of	ADP
ajfa-5505	214	28	total	total	ADJ
ajfa-5505	214	29	assets	asset	NOUN
ajfa-5505	214	30	,	,	PUNCT
ajfa-5505	214	31	the	the	DET
ajfa-5505	214	32	pretax	pretax	ADJ
ajfa-5505	214	33	income	income	NOUN
ajfa-5505	214	34	ratio	ratio	NOUN
ajfa-5505	214	35	,	,	PUNCT
ajfa-5505	214	36	debt	debt	NOUN
ajfa-5505	214	37	ratio	ratio	NOUN
ajfa-5505	214	38	,	,	PUNCT
ajfa-5505	214	39	tcri	tcri	NOUN
ajfa-5505	214	40	rating	rating	NOUN
ajfa-5505	214	41	,	,	PUNCT
ajfa-5505	214	42	loan	loan	NOUN
ajfa-5505	214	43	rate	rate	NOUN
ajfa-5505	214	44	and	and	CCONJ
ajfa-5505	214	45	loan	loan	NOUN
ajfa-5505	214	46	spreads	spread	NOUN
ajfa-5505	214	47	.	.	PUNCT
ajfa-5505	215	1	we	we	PRON
ajfa-5505	215	2	use	use	VERB
ajfa-5505	215	3	the	the	DET
ajfa-5505	215	4	t	t	NOUN
ajfa-5505	215	5	test	test	NOUN
ajfa-5505	215	6	and	and	CCONJ
ajfa-5505	215	7	nonparametric	nonparametric	NOUN
ajfa-5505	215	8	methods	method	NOUN
ajfa-5505	215	9	to	to	PART
ajfa-5505	215	10	verify	verify	VERB
ajfa-5505	215	11	whether	whether	SCONJ
ajfa-5505	215	12	there	there	PRON
ajfa-5505	215	13	exist	exist	VERB
ajfa-5505	215	14	significant	significant	ADJ
ajfa-5505	215	15	differences	difference	NOUN
ajfa-5505	215	16	among	among	ADP
ajfa-5505	215	17	banks	bank	NOUN
ajfa-5505	215	18	with	with	ADP
ajfa-5505	215	19	or	or	CCONJ
ajfa-5505	215	20	without	without	ADP
ajfa-5505	215	21	“	"	PUNCT
ajfa-5505	215	22	wobd	wobd	NOUN
ajfa-5505	215	23	”	"	PUNCT
ajfa-5505	215	24	and	and	CCONJ
ajfa-5505	215	25	“	"	PUNCT
ajfa-5505	215	26	hccl	hccl	PROPN
ajfa-5505	215	27	”	"	PUNCT
ajfa-5505	215	28	as	as	ADV
ajfa-5505	215	29	well	well	ADV
ajfa-5505	215	30	as	as	ADP
ajfa-5505	215	31	among	among	ADP
ajfa-5505	215	32	borrowing	borrowing	NOUN
ajfa-5505	215	33	companies	company	NOUN
ajfa-5505	215	34	with	with	ADP
ajfa-5505	215	35	high	high	ADJ
ajfa-5505	215	36	and	and	CCONJ
ajfa-5505	215	37	low	low	ADJ
ajfa-5505	215	38	credit	credit	NOUN
ajfa-5505	215	39	risk	risk	NOUN
ajfa-5505	215	40	based	base	VERB
ajfa-5505	215	41	on	on	ADP
ajfa-5505	215	42	the	the	DET
ajfa-5505	215	43	mean	mean	NOUN
ajfa-5505	215	44	and	and	CCONJ
ajfa-5505	215	45	median	median	NOUN
ajfa-5505	215	46	for	for	ADP
ajfa-5505	215	47	each	each	DET
ajfa-5505	215	48	index	index	NOUN
ajfa-5505	215	49	for	for	ADP
ajfa-5505	215	50	the	the	DET
ajfa-5505	215	51	four	four	NUM
ajfa-5505	215	52	different	different	ADJ
ajfa-5505	215	53	types	type	NOUN
ajfa-5505	215	54	of	of	ADP
ajfa-5505	215	55	ownership22	ownership22	NOUN
ajfa-5505	215	56	.	.	PUNCT
ajfa-5505	216	1	table	table	NOUN
ajfa-5505	216	2	2	2	NUM
ajfa-5505	216	3	shows	show	VERB
ajfa-5505	216	4	the	the	DET
ajfa-5505	216	5	results	result	NOUN
ajfa-5505	216	6	of	of	ADP
ajfa-5505	216	7	the	the	DET
ajfa-5505	216	8	126	126	NUM
ajfa-5505	216	9	observations	observation	NOUN
ajfa-5505	216	10	for	for	ADP
ajfa-5505	216	11	creditor	creditor	NOUN
ajfa-5505	216	12	banks	bank	NOUN
ajfa-5505	216	13	.	.	PUNCT
ajfa-5505	217	1	during	during	ADP
ajfa-5505	217	2	the	the	DET
ajfa-5505	217	3	empirical	empirical	ADJ
ajfa-5505	217	4	period	period	NOUN
ajfa-5505	217	5	there	there	PRON
ajfa-5505	217	6	are	be	VERB
ajfa-5505	217	7	21	21	NUM
ajfa-5505	217	8	observations	observation	NOUN
ajfa-5505	217	9	for	for	ADP
ajfa-5505	217	10	7	7	NUM
ajfa-5505	217	11	banks	bank	NOUN
ajfa-5505	217	12	with	with	ADP
ajfa-5505	217	13	“	"	PUNCT
ajfa-5505	217	14	wobd”23	wobd”23	PROPN
ajfa-5505	217	15	and	and	CCONJ
ajfa-5505	217	16	105	105	NUM
ajfa-5505	217	17	observations	observation	NOUN
ajfa-5505	217	18	for	for	ADP
ajfa-5505	217	19	35	35	NUM
ajfa-5505	217	20	banks	bank	NOUN
ajfa-5505	217	21	without	without	ADP
ajfa-5505	217	22	“	"	PUNCT
ajfa-5505	217	23	wobd	wobd	NOUN
ajfa-5505	217	24	”	"	PUNCT
ajfa-5505	217	25	.	.	PUNCT
ajfa-5505	218	1	furthermore	furthermore	ADV
ajfa-5505	218	2	,	,	PUNCT
ajfa-5505	218	3	there	there	PRON
ajfa-5505	218	4	are	be	VERB
ajfa-5505	218	5	21	21	NUM
ajfa-5505	218	6	observations	observation	NOUN
ajfa-5505	218	7	from	from	ADP
ajfa-5505	218	8	7	7	NUM
ajfa-5505	218	9	banks	bank	NOUN
ajfa-5505	218	10	with	with	ADP
ajfa-5505	218	11	“	"	PUNCT
ajfa-5505	218	12	hccl”24	hccl”24	PROPN
ajfa-5505	218	13	and	and	CCONJ
ajfa-5505	218	14	105	105	NUM
ajfa-5505	218	15	observations	observation	NOUN
ajfa-5505	218	16	from	from	ADP
ajfa-5505	218	17	35	35	NUM
ajfa-5505	218	18	banks	bank	NOUN
ajfa-5505	218	19	without	without	ADP
ajfa-5505	218	20	“	"	PUNCT
ajfa-5505	218	21	hccl	hccl	PROPN
ajfa-5505	218	22	”	"	PUNCT
ajfa-5505	218	23	,	,	PUNCT
ajfa-5505	218	24	but	but	CCONJ
ajfa-5505	218	25	for	for	ADP
ajfa-5505	218	26	m&a	m&a	PROPN
ajfa-5505	218	27	reasons	reason	NOUN
ajfa-5505	218	28	,	,	PUNCT
ajfa-5505	218	29	therefore	therefore	ADV
ajfa-5505	218	30	the	the	DET
ajfa-5505	218	31	final	final	ADJ
ajfa-5505	218	32	number	number	NOUN
ajfa-5505	218	33	of	of	ADP
ajfa-5505	218	34	observations	observation	NOUN
ajfa-5505	218	35	is	be	AUX
ajfa-5505	218	36	104	104	NUM
ajfa-5505	218	37	.	.	PUNCT
ajfa-5505	219	1	based	base	VERB
ajfa-5505	219	2	on	on	ADP
ajfa-5505	219	3	a	a	DET
ajfa-5505	219	4	comparison	comparison	NOUN
ajfa-5505	219	5	of	of	ADP
ajfa-5505	219	6	banks	bank	NOUN
ajfa-5505	219	7	with	with	ADP
ajfa-5505	219	8	or	or	CCONJ
ajfa-5505	219	9	without	without	ADP
ajfa-5505	219	10	“	"	PUNCT
ajfa-5505	219	11	wobd	wobd	NOUN
ajfa-5505	219	12	”	"	PUNCT
ajfa-5505	219	13	,	,	PUNCT
ajfa-5505	219	14	the	the	DET
ajfa-5505	219	15	mean	mean	NOUN
ajfa-5505	219	16	and	and	CCONJ
ajfa-5505	219	17	median	median	NOUN
ajfa-5505	219	18	of	of	ADP
ajfa-5505	219	19	total	total	ADJ
ajfa-5505	219	20	assets	asset	NOUN
ajfa-5505	219	21	in	in	ADP
ajfa-5505	219	22	banks	bank	NOUN
ajfa-5505	219	23	with	with	ADP
ajfa-5505	219	24	“	"	PUNCT
ajfa-5505	219	25	wobd	wobd	NOUN
ajfa-5505	219	26	”	"	PUNCT
ajfa-5505	219	27	are	be	AUX
ajfa-5505	219	28	nt$1,646	nt$1,646	NUM
ajfa-5505	219	29	billion	billion	NUM
ajfa-5505	219	30	and	and	CCONJ
ajfa-5505	219	31	nt$1,574	nt$1,574	NUM
ajfa-5505	219	32	billion	billion	NUM
ajfa-5505	219	33	,	,	PUNCT
ajfa-5505	219	34	respectively	respectively	ADV
ajfa-5505	219	35	,	,	PUNCT
ajfa-5505	219	36	which	which	PRON
ajfa-5505	219	37	is	be	AUX
ajfa-5505	219	38	significantly	significantly	ADV
ajfa-5505	219	39	higher	high	ADJ
ajfa-5505	219	40	than	than	ADP
ajfa-5505	219	41	nt$1223.1	nt$1223.1	ADJ
ajfa-5505	219	42	billion	billion	NUM
ajfa-5505	219	43	and	and	CCONJ
ajfa-5505	219	44	nt$1102.5	nt$1102.5	PUNCT
ajfa-5505	219	45	billion	billion	NUM
ajfa-5505	219	46	for	for	ADP
ajfa-5505	219	47	banks	bank	NOUN
ajfa-5505	219	48	without	without	ADP
ajfa-5505	219	49	“	"	PUNCT
ajfa-5505	219	50	wobd	wobd	NOUN
ajfa-5505	219	51	”	"	PUNCT
ajfa-5505	219	52	at	at	ADP
ajfa-5505	219	53	the	the	DET
ajfa-5505	219	54	1	1	NUM
ajfa-5505	219	55	%	%	NOUN
ajfa-5505	219	56	level	level	NOUN
ajfa-5505	219	57	.	.	PUNCT
ajfa-5505	220	1	it	it	PRON
ajfa-5505	220	2	is	be	AUX
ajfa-5505	220	3	worth	worth	ADJ
ajfa-5505	220	4	mentioning	mention	VERB
ajfa-5505	220	5	that	that	SCONJ
ajfa-5505	220	6	although	although	SCONJ
ajfa-5505	220	7	banks	bank	NOUN
ajfa-5505	220	8	with	with	ADP
ajfa-5505	220	9	“	"	PUNCT
ajfa-5505	220	10	wobd	wobd	NOUN
ajfa-5505	220	11	”	"	PUNCT
ajfa-5505	220	12	signal	signal	ADJ
ajfa-5505	220	13	poor	poor	ADJ
ajfa-5505	220	14	performance	performance	NOUN
ajfa-5505	220	15	in	in	ADP
ajfa-5505	220	16	the	the	DET
ajfa-5505	220	17	past	past	ADJ
ajfa-5505	220	18	five	five	NUM
ajfa-5505	220	19	years	year	NOUN
ajfa-5505	220	20	,	,	PUNCT
ajfa-5505	220	21	due	due	ADP
ajfa-5505	220	22	to	to	ADP
ajfa-5505	220	23	the	the	DET
ajfa-5505	220	24	advantages	advantage	NOUN
ajfa-5505	220	25	of	of	ADP
ajfa-5505	220	26	their	their	PRON
ajfa-5505	220	27	large	large	ADJ
ajfa-5505	220	28	scale	scale	NOUN
ajfa-5505	220	29	,	,	PUNCT
ajfa-5505	220	30	excellent	excellent	ADJ
ajfa-5505	220	31	human	human	ADJ
ajfa-5505	220	32	resources	resource	NOUN
ajfa-5505	220	33	and	and	CCONJ
ajfa-5505	220	34	adaptability	adaptability	NOUN
ajfa-5505	220	35	,	,	PUNCT
ajfa-5505	220	36	the	the	DET
ajfa-5505	220	37	operating	operating	NOUN
ajfa-5505	220	38	performance	performance	NOUN
ajfa-5505	220	39	of	of	ADP
ajfa-5505	220	40	the	the	DET
ajfa-5505	220	41	subsequent	subsequent	ADJ
ajfa-5505	220	42	three	three	NUM
ajfa-5505	220	43	years	year	NOUN
ajfa-5505	220	44	are	be	AUX
ajfa-5505	220	45	significant	significant	ADJ
ajfa-5505	220	46	higher	high	ADJ
ajfa-5505	220	47	than	than	ADP
ajfa-5505	220	48	banks	bank	NOUN
ajfa-5505	220	49	without	without	ADP
ajfa-5505	220	50	“	"	PUNCT
ajfa-5505	220	51	wobd	wobd	NOUN
ajfa-5505	220	52	”	"	PUNCT
ajfa-5505	220	53	.	.	PUNCT
ajfa-5505	221	1	we	we	PRON
ajfa-5505	221	2	show	show	VERB
ajfa-5505	221	3	the	the	DET
ajfa-5505	221	4	detailed	detailed	ADJ
ajfa-5505	221	5	figures	figure	NOUN
ajfa-5505	221	6	for	for	ADP
ajfa-5505	221	7	the	the	DET
ajfa-5505	221	8	five	five	NUM
ajfa-5505	221	9	indexes	index	NOUN
ajfa-5505	221	10	as	as	SCONJ
ajfa-5505	221	11	follows	follow	VERB
ajfa-5505	221	12	:	:	PUNCT
ajfa-5505	221	13	banks	bank	NOUN
ajfa-5505	221	14	with	with	ADP
ajfa-5505	221	15	“	"	PUNCT
ajfa-5505	221	16	wobd	wobd	NOUN
ajfa-5505	221	17	”	"	PUNCT
ajfa-5505	221	18	are	be	AUX
ajfa-5505	221	19	obviously	obviously	ADV
ajfa-5505	221	20	better	well	ADJ
ajfa-5505	221	21	than	than	ADP
ajfa-5505	221	22	banks	bank	NOUN
ajfa-5505	221	23	without	without	ADP
ajfa-5505	221	24	“	"	PUNCT
ajfa-5505	221	25	wobd	wobd	NOUN
ajfa-5505	221	26	”	"	PUNCT
ajfa-5505	221	27	,	,	PUNCT
ajfa-5505	221	28	the	the	DET
ajfa-5505	221	29	cost	cost	NOUN
ajfa-5505	221	30	revenue	revenue	NOUN
ajfa-5505	221	31	ratio	ratio	NOUN
ajfa-5505	221	32	ranges	range	VERB
ajfa-5505	221	33	from	from	ADP
ajfa-5505	221	34	27.21	27.21	NUM
ajfa-5505	221	35	%	%	NOUN
ajfa-5505	221	36	to	to	ADP
ajfa-5505	221	37	34.52	34.52	NUM
ajfa-5505	221	38	%	%	NOUN
ajfa-5505	221	39	,	,	PUNCT
ajfa-5505	221	40	roa	roa	NOUN
ajfa-5505	221	41	from	from	ADP
ajfa-5505	221	42	0.26	0.26	NUM
ajfa-5505	221	43	%	%	NOUN
ajfa-5505	221	44	to	to	PART
ajfa-5505	221	45	0.05	0.05	NUM
ajfa-5505	221	46	%	%	NOUN
ajfa-5505	221	47	,	,	PUNCT
ajfa-5505	221	48	roe	roe	NOUN
ajfa-5505	221	49	from	from	ADP
ajfa-5505	221	50	4.82	4.82	NUM
ajfa-5505	221	51	%	%	NOUN
ajfa-5505	221	52	to	to	ADP
ajfa-5505	221	53	-1.74	-1.74	NUM
ajfa-5505	221	54	%	%	NOUN
ajfa-5505	221	55	,	,	PUNCT
ajfa-5505	221	56	the	the	DET
ajfa-5505	221	57	pretax	pretax	ADJ
ajfa-5505	221	58	income	income	NOUN
ajfa-5505	221	59	ratio	ratio	NOUN
ajfa-5505	221	60	ranges	range	VERB
ajfa-5505	221	61	from	from	ADP
ajfa-5505	221	62	11.00	11.00	NUM
ajfa-5505	221	63	%	%	NOUN
ajfa-5505	221	64	to	to	PART
ajfa-5505	221	65	0.38	0.38	NUM
ajfa-5505	221	66	%	%	NOUN
ajfa-5505	221	67	,	,	PUNCT
ajfa-5505	221	68	and	and	CCONJ
ajfa-5505	221	69	the	the	DET
ajfa-5505	221	70	gross	gross	ADJ
ajfa-5505	221	71	profit	profit	NOUN
ajfa-5505	221	72	ratio	ratio	NOUN
ajfa-5505	221	73	from	from	ADP
ajfa-5505	221	74	34.07	34.07	NUM
ajfa-5505	221	75	%	%	NOUN
ajfa-5505	221	76	to	to	ADP
ajfa-5505	221	77	28.09	28.09	NUM
ajfa-5505	221	78	%	%	NOUN
ajfa-5505	221	79	.	.	PUNCT
ajfa-5505	222	1	we	we	PRON
ajfa-5505	222	2	stated	state	VERB
ajfa-5505	222	3	that	that	SCONJ
ajfa-5505	222	4	banks	bank	NOUN
ajfa-5505	222	5	with	with	ADP
ajfa-5505	222	6	“	"	PUNCT
ajfa-5505	222	7	hccl	hccl	PROPN
ajfa-5505	222	8	”	"	PUNCT
ajfa-5505	222	9	signal	signal	NOUN
ajfa-5505	222	10	poor	poor	ADJ
ajfa-5505	222	11	performance	performance	NOUN
ajfa-5505	222	12	in	in	ADP
ajfa-5505	222	13	retail	retail	ADJ
ajfa-5505	222	14	finance	finance	NOUN
ajfa-5505	222	15	.	.	PUNCT
ajfa-5505	223	1	panel	panel	NOUN
ajfa-5505	223	2	b	b	PROPN
ajfa-5505	223	3	in	in	ADP
ajfa-5505	223	4	table	table	NOUN
ajfa-5505	223	5	2	2	NUM
ajfa-5505	223	6	shows	show	VERB
ajfa-5505	223	7	that	that	SCONJ
ajfa-5505	223	8	banks	bank	NOUN
ajfa-5505	223	9	with	with	ADP
ajfa-5505	223	10	“	"	PUNCT
ajfa-5505	223	11	hccl	hccl	PROPN
ajfa-5505	223	12	”	"	PUNCT
ajfa-5505	223	13	are	be	AUX
ajfa-5505	223	14	characterized	characterize	VERB
ajfa-5505	223	15	by	by	ADP
ajfa-5505	223	16	their	their	PRON
ajfa-5505	223	17	smallness	smallness	NOUN
ajfa-5505	223	18	of	of	ADP
ajfa-5505	223	19	the	the	DET
ajfa-5505	223	20	scale	scale	NOUN
ajfa-5505	223	21	of	of	ADP
ajfa-5505	223	22	their	their	PRON
ajfa-5505	223	23	assets	asset	NOUN
ajfa-5505	223	24	,	,	PUNCT
ajfa-5505	223	25	poor	poor	ADJ
ajfa-5505	223	26	performance	performance	NOUN
ajfa-5505	223	27	(	(	PUNCT
ajfa-5505	223	28	measured	measure	VERB
ajfa-5505	223	29	by	by	ADP
ajfa-5505	223	30	their	their	PRON
ajfa-5505	223	31	cost	cost	NOUN
ajfa-5505	223	32	-	-	PUNCT
ajfa-5505	223	33	to	to	ADP
ajfa-5505	223	34	-	-	PUNCT
ajfa-5505	223	35	revenue	revenue	NOUN
ajfa-5505	223	36	ratio	ratio	NOUN
ajfa-5505	223	37	)	)	PUNCT
ajfa-5505	223	38	and	and	CCONJ
ajfa-5505	223	39	profitability	profitability	NOUN
ajfa-5505	223	40	.	.	PUNCT
ajfa-5505	224	1	the	the	DET
ajfa-5505	224	2	mean	mean	NOUN
ajfa-5505	224	3	and	and	CCONJ
ajfa-5505	224	4	median	median	NOUN
ajfa-5505	224	5	of	of	ADP
ajfa-5505	224	6	the	the	DET
ajfa-5505	224	7	total	total	ADJ
ajfa-5505	224	8	assets	asset	NOUN
ajfa-5505	224	9	of	of	ADP
ajfa-5505	224	10	the	the	DET
ajfa-5505	224	11	banks	bank	NOUN
ajfa-5505	224	12	with	with	ADP
ajfa-5505	224	13	“	"	PUNCT
ajfa-5505	224	14	hccl	hccl	PROPN
ajfa-5505	224	15	”	"	PUNCT
ajfa-5505	224	16	(	(	PUNCT
ajfa-5505	224	17	nt$957.6	nt$957.6	NOUN
ajfa-5505	224	18	billion	billion	NUM
ajfa-5505	224	19	and	and	CCONJ
ajfa-5505	224	20	nt$857.3	nt$857.3	SYM
ajfa-5505	224	21	billion	billion	NUM
ajfa-5505	224	22	)	)	PUNCT
ajfa-5505	224	23	are	be	AUX
ajfa-5505	224	24	significantly	significantly	ADV
ajfa-5505	224	25	lower	low	ADJ
ajfa-5505	224	26	than	than	ADP
ajfa-5505	224	27	for	for	ADP
ajfa-5505	224	28	asian	asian	ADJ
ajfa-5505	224	29	journal	journal	NOUN
ajfa-5505	224	30	of	of	ADP
ajfa-5505	224	31	finance	finance	PROPN
ajfa-5505	224	32	&	&	CCONJ
ajfa-5505	224	33	accounting	accounting	PROPN
ajfa-5505	224	34	issn	issn	PROPN
ajfa-5505	224	35	1946	1946	NUM
ajfa-5505	224	36	-	-	PUNCT
ajfa-5505	224	37	052x	052x	PROPN
ajfa-5505	224	38	2014	2014	NUM
ajfa-5505	224	39	,	,	PUNCT
ajfa-5505	224	40	vol	vol	NOUN
ajfa-5505	224	41	.	.	PROPN
ajfa-5505	224	42	6	6	NUM
ajfa-5505	224	43	,	,	PUNCT
ajfa-5505	224	44	no	no	INTJ
ajfa-5505	224	45	.	.	NOUN
ajfa-5505	224	46	2	2	NUM
ajfa-5505	224	47	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	224	48	32	32	NUM
ajfa-5505	224	49	banks	bank	NOUN
ajfa-5505	224	50	without	without	ADP
ajfa-5505	224	51	“	"	PUNCT
ajfa-5505	224	52	hccl	hccl	PROPN
ajfa-5505	224	53	”	"	PUNCT
ajfa-5505	224	54	(	(	PUNCT
ajfa-5505	224	55	nt$1452.5	nt$1452.5	NOUN
ajfa-5505	224	56	billion	billion	NUM
ajfa-5505	224	57	and	and	CCONJ
ajfa-5505	224	58	nt$1589.7	nt$1589.7	ADP
ajfa-5505	224	59	billion	billion	NUM
ajfa-5505	224	60	)	)	PUNCT
ajfa-5505	224	61	.	.	PUNCT
ajfa-5505	225	1	overall	overall	ADV
ajfa-5505	225	2	,	,	PUNCT
ajfa-5505	225	3	the	the	DET
ajfa-5505	225	4	operating	operating	NOUN
ajfa-5505	225	5	efficiency	efficiency	NOUN
ajfa-5505	225	6	and	and	CCONJ
ajfa-5505	225	7	profitability	profitability	NOUN
ajfa-5505	225	8	of	of	ADP
ajfa-5505	225	9	banks	bank	NOUN
ajfa-5505	225	10	with	with	ADP
ajfa-5505	225	11	“	"	PUNCT
ajfa-5505	225	12	hccl	hccl	NOUN
ajfa-5505	225	13	”	"	PUNCT
ajfa-5505	225	14	are	be	AUX
ajfa-5505	225	15	lower	low	ADJ
ajfa-5505	225	16	than	than	ADP
ajfa-5505	225	17	for	for	ADP
ajfa-5505	225	18	banks	bank	NOUN
ajfa-5505	225	19	without	without	ADP
ajfa-5505	225	20	“	"	PUNCT
ajfa-5505	225	21	hccl	hccl	PROPN
ajfa-5505	225	22	”	"	PUNCT
ajfa-5505	225	23	.	.	PUNCT
ajfa-5505	226	1	this	this	PRON
ajfa-5505	226	2	is	be	AUX
ajfa-5505	226	3	displayed	display	VERB
ajfa-5505	226	4	by	by	ADP
ajfa-5505	226	5	the	the	DET
ajfa-5505	226	6	medians	median	NOUN
ajfa-5505	226	7	of	of	ADP
ajfa-5505	226	8	the	the	DET
ajfa-5505	226	9	following	follow	VERB
ajfa-5505	226	10	five	five	NUM
ajfa-5505	226	11	indexes	index	NOUN
ajfa-5505	226	12	:	:	PUNCT
ajfa-5505	226	13	the	the	DET
ajfa-5505	226	14	cost	cost	NOUN
ajfa-5505	226	15	-	-	PUNCT
ajfa-5505	226	16	to	to	ADP
ajfa-5505	226	17	-	-	PUNCT
ajfa-5505	226	18	revenue	revenue	NOUN
ajfa-5505	226	19	ratio	ratio	NOUN
ajfa-5505	226	20	ranges	range	VERB
ajfa-5505	226	21	from	from	ADP
ajfa-5505	226	22	31.29	31.29	NUM
ajfa-5505	226	23	%	%	NOUN
ajfa-5505	226	24	to	to	ADP
ajfa-5505	226	25	25.74	25.74	NUM
ajfa-5505	226	26	%	%	NOUN
ajfa-5505	226	27	,	,	PUNCT
ajfa-5505	226	28	roa	roa	NOUN
ajfa-5505	226	29	from	from	ADP
ajfa-5505	226	30	0.1	0.1	NUM
ajfa-5505	226	31	%	%	NOUN
ajfa-5505	226	32	to	to	ADP
ajfa-5505	226	33	0.42	0.42	NUM
ajfa-5505	226	34	%	%	NOUN
ajfa-5505	226	35	,	,	PUNCT
ajfa-5505	226	36	roe	roe	NOUN
ajfa-5505	226	37	from	from	ADP
ajfa-5505	226	38	1.68	1.68	NUM
ajfa-5505	226	39	%	%	NOUN
ajfa-5505	226	40	to	to	PART
ajfa-5505	226	41	7.79	7.79	NUM
ajfa-5505	226	42	%	%	NOUN
ajfa-5505	226	43	,	,	PUNCT
ajfa-5505	226	44	the	the	DET
ajfa-5505	226	45	pretax	pretax	ADJ
ajfa-5505	226	46	income	income	NOUN
ajfa-5505	226	47	ratio	ratio	NOUN
ajfa-5505	226	48	from	from	ADP
ajfa-5505	226	49	4.28	4.28	NUM
ajfa-5505	226	50	%	%	NOUN
ajfa-5505	226	51	to	to	ADP
ajfa-5505	226	52	16.53	16.53	NUM
ajfa-5505	226	53	%	%	NOUN
ajfa-5505	226	54	and	and	CCONJ
ajfa-5505	226	55	the	the	DET
ajfa-5505	226	56	gross	gross	ADJ
ajfa-5505	226	57	profit	profit	NOUN
ajfa-5505	226	58	ratio	ratio	NOUN
ajfa-5505	226	59	from	from	ADP
ajfa-5505	226	60	34.48	34.48	NUM
ajfa-5505	226	61	%	%	NOUN
ajfa-5505	226	62	to	to	ADP
ajfa-5505	226	63	35.63	35.63	NUM
ajfa-5505	226	64	%	%	NOUN
ajfa-5505	226	65	.	.	PUNCT
ajfa-5505	227	1	table	table	NOUN
ajfa-5505	227	2	3	3	NUM
ajfa-5505	227	3	presents	present	VERB
ajfa-5505	227	4	a	a	DET
ajfa-5505	227	5	comparison	comparison	NOUN
ajfa-5505	227	6	of	of	ADP
ajfa-5505	227	7	the	the	DET
ajfa-5505	227	8	four	four	NUM
ajfa-5505	227	9	different	different	ADJ
ajfa-5505	227	10	types	type	NOUN
ajfa-5505	227	11	of	of	ADP
ajfa-5505	227	12	ownership	ownership	NOUN
ajfa-5505	227	13	for	for	ADP
ajfa-5505	227	14	banks	bank	NOUN
ajfa-5505	227	15	from	from	ADP
ajfa-5505	227	16	the	the	DET
ajfa-5505	227	17	perspective	perspective	NOUN
ajfa-5505	227	18	of	of	ADP
ajfa-5505	227	19	total	total	ADJ
ajfa-5505	227	20	assets	asset	NOUN
ajfa-5505	227	21	,	,	PUNCT
ajfa-5505	227	22	operating	operate	VERB
ajfa-5505	227	23	efficiency	efficiency	NOUN
ajfa-5505	227	24	and	and	CCONJ
ajfa-5505	227	25	profitability	profitability	NOUN
ajfa-5505	227	26	.	.	PUNCT
ajfa-5505	228	1	the	the	DET
ajfa-5505	228	2	empirical	empirical	ADJ
ajfa-5505	228	3	results	result	NOUN
ajfa-5505	228	4	indicate	indicate	VERB
ajfa-5505	228	5	that	that	SCONJ
ajfa-5505	228	6	the	the	DET
ajfa-5505	228	7	total	total	ADJ
ajfa-5505	228	8	assets	asset	NOUN
ajfa-5505	228	9	scale	scale	NOUN
ajfa-5505	228	10	ratings	rating	NOUN
ajfa-5505	228	11	are	be	AUX
ajfa-5505	228	12	as	as	SCONJ
ajfa-5505	228	13	follows	follow	VERB
ajfa-5505	228	14	:	:	PUNCT
ajfa-5505	228	15	the	the	DET
ajfa-5505	228	16	state	state	NOUN
ajfa-5505	228	17	-	-	PUNCT
ajfa-5505	228	18	owned	own	VERB
ajfa-5505	228	19	banks	bank	NOUN
ajfa-5505	228	20	(	(	PUNCT
ajfa-5505	228	21	mean	mean	VERB
ajfa-5505	228	22	nt$2582.3	nt$2582.3	ADJ
ajfa-5505	228	23	billion	billion	NUM
ajfa-5505	228	24	)	)	PUNCT
ajfa-5505	228	25	,	,	PUNCT
ajfa-5505	228	26	private	private	ADJ
ajfa-5505	228	27	financial	financial	ADJ
ajfa-5505	228	28	holding	hold	VERB
ajfa-5505	228	29	companies	company	NOUN
ajfa-5505	228	30	(	(	PUNCT
ajfa-5505	228	31	mean	mean	VERB
ajfa-5505	228	32	nt$1355.0	nt$1355.0	NOUN
ajfa-5505	228	33	billion	billion	NUM
ajfa-5505	228	34	)	)	PUNCT
ajfa-5505	228	35	,	,	PUNCT
ajfa-5505	228	36	private	private	ADJ
ajfa-5505	228	37	non	non	ADJ
ajfa-5505	228	38	-	-	ADJ
ajfa-5505	228	39	financial	financial	ADJ
ajfa-5505	228	40	holding	hold	VERB
ajfa-5505	228	41	companies	company	NOUN
ajfa-5505	228	42	(	(	PUNCT
ajfa-5505	228	43	mean	mean	INTJ
ajfa-5505	228	44	nt$439.0	nt$439.0	PUNCT
ajfa-5505	228	45	billion	billion	NUM
ajfa-5505	228	46	)	)	PUNCT
ajfa-5505	228	47	and	and	CCONJ
ajfa-5505	228	48	foreign	foreign	ADJ
ajfa-5505	228	49	banks	bank	NOUN
ajfa-5505	228	50	(	(	PUNCT
ajfa-5505	228	51	mean	mean	VERB
ajfa-5505	228	52	nt$2872	nt$2872	NOUN
ajfa-5505	228	53	billion	billion	NUM
ajfa-5505	228	54	)	)	PUNCT
ajfa-5505	228	55	.	.	PUNCT
ajfa-5505	229	1	in	in	ADP
ajfa-5505	229	2	terms	term	NOUN
ajfa-5505	229	3	of	of	ADP
ajfa-5505	229	4	the	the	DET
ajfa-5505	229	5	cost	cost	NOUN
ajfa-5505	229	6	revenue	revenue	NOUN
ajfa-5505	229	7	ratio	ratio	NOUN
ajfa-5505	229	8	displaying	display	VERB
ajfa-5505	229	9	the	the	DET
ajfa-5505	229	10	operating	operating	NOUN
ajfa-5505	229	11	efficiency	efficiency	NOUN
ajfa-5505	229	12	,	,	PUNCT
ajfa-5505	229	13	the	the	DET
ajfa-5505	229	14	worst	bad	ADJ
ajfa-5505	229	15	is	be	AUX
ajfa-5505	229	16	state	state	NOUN
ajfa-5505	229	17	-	-	PUNCT
ajfa-5505	229	18	owned	own	VERB
ajfa-5505	229	19	banks	bank	NOUN
ajfa-5505	229	20	(	(	PUNCT
ajfa-5505	229	21	median	median	NOUN
ajfa-5505	229	22	52.57	52.57	NUM
ajfa-5505	229	23	%	%	NOUN
ajfa-5505	229	24	)	)	PUNCT
ajfa-5505	229	25	followed	follow	VERB
ajfa-5505	229	26	by	by	ADP
ajfa-5505	229	27	foreign	foreign	ADJ
ajfa-5505	229	28	banks	bank	NOUN
ajfa-5505	229	29	(	(	PUNCT
ajfa-5505	229	30	median	median	NOUN
ajfa-5505	229	31	38.22	38.22	NUM
ajfa-5505	229	32	%	%	NOUN
ajfa-5505	229	33	)	)	PUNCT
ajfa-5505	229	34	,	,	PUNCT
ajfa-5505	229	35	private	private	ADJ
ajfa-5505	229	36	non	non	ADJ
ajfa-5505	229	37	-	-	ADJ
ajfa-5505	229	38	financial	financial	ADJ
ajfa-5505	229	39	holding	hold	VERB
ajfa-5505	229	40	companies	company	NOUN
ajfa-5505	229	41	(	(	PUNCT
ajfa-5505	229	42	median	median	NOUN
ajfa-5505	229	43	30.35	30.35	NUM
ajfa-5505	229	44	%	%	NOUN
ajfa-5505	229	45	)	)	PUNCT
ajfa-5505	229	46	and	and	CCONJ
ajfa-5505	229	47	private	private	ADJ
ajfa-5505	229	48	financial	financial	ADJ
ajfa-5505	229	49	holding	hold	VERB
ajfa-5505	229	50	companies	company	NOUN
ajfa-5505	229	51	,	,	PUNCT
ajfa-5505	229	52	which	which	PRON
ajfa-5505	229	53	have	have	VERB
ajfa-5505	229	54	the	the	DET
ajfa-5505	229	55	best	good	ADJ
ajfa-5505	229	56	operating	operating	NOUN
ajfa-5505	229	57	efficiency	efficiency	NOUN
ajfa-5505	229	58	(	(	PUNCT
ajfa-5505	229	59	median	median	NOUN
ajfa-5505	229	60	25.74	25.74	NUM
ajfa-5505	229	61	%	%	NOUN
ajfa-5505	229	62	)	)	PUNCT
ajfa-5505	229	63	.	.	PUNCT
ajfa-5505	230	1	from	from	ADP
ajfa-5505	230	2	the	the	DET
ajfa-5505	230	3	perspective	perspective	NOUN
ajfa-5505	230	4	of	of	ADP
ajfa-5505	230	5	profitability	profitability	NOUN
ajfa-5505	230	6	,	,	PUNCT
ajfa-5505	230	7	we	we	PRON
ajfa-5505	230	8	find	find	VERB
ajfa-5505	230	9	that	that	SCONJ
ajfa-5505	230	10	state	state	NOUN
ajfa-5505	230	11	-	-	PUNCT
ajfa-5505	230	12	owned	own	VERB
ajfa-5505	230	13	and	and	CCONJ
ajfa-5505	230	14	private	private	ADJ
ajfa-5505	230	15	holding	hold	VERB
ajfa-5505	230	16	banks	bank	NOUN
ajfa-5505	230	17	are	be	AUX
ajfa-5505	230	18	little	little	ADV
ajfa-5505	230	19	different	different	ADJ
ajfa-5505	230	20	,	,	PUNCT
ajfa-5505	230	21	the	the	DET
ajfa-5505	230	22	means	mean	NOUN
ajfa-5505	230	23	of	of	ADP
ajfa-5505	230	24	roa	roa	PROPN
ajfa-5505	230	25	and	and	CCONJ
ajfa-5505	230	26	roe	roe	PROPN
ajfa-5505	230	27	range	range	NOUN
ajfa-5505	230	28	from	from	ADP
ajfa-5505	230	29	0.37	0.37	NUM
ajfa-5505	230	30	%	%	NOUN
ajfa-5505	230	31	to	to	PART
ajfa-5505	230	32	0.30	0.30	NUM
ajfa-5505	230	33	%	%	NOUN
ajfa-5505	230	34	and	and	CCONJ
ajfa-5505	230	35	9.33	9.33	NUM
ajfa-5505	230	36	%	%	NOUN
ajfa-5505	230	37	to	to	ADP
ajfa-5505	230	38	3.00	3.00	NUM
ajfa-5505	230	39	%	%	NOUN
ajfa-5505	230	40	,	,	PUNCT
ajfa-5505	230	41	respectively	respectively	ADV
ajfa-5505	230	42	,	,	PUNCT
ajfa-5505	230	43	and	and	CCONJ
ajfa-5505	230	44	are	be	AUX
ajfa-5505	230	45	significantly	significantly	ADV
ajfa-5505	230	46	higher	high	ADJ
ajfa-5505	230	47	than	than	ADP
ajfa-5505	230	48	for	for	ADP
ajfa-5505	230	49	private	private	ADJ
ajfa-5505	230	50	non	non	ADJ
ajfa-5505	230	51	-	-	ADJ
ajfa-5505	230	52	financial	financial	ADJ
ajfa-5505	230	53	holding	hold	VERB
ajfa-5505	230	54	banks	bank	NOUN
ajfa-5505	230	55	and	and	CCONJ
ajfa-5505	230	56	foreign	foreign	ADJ
ajfa-5505	230	57	banks	bank	NOUN
ajfa-5505	230	58	for	for	ADP
ajfa-5505	230	59	which	which	PRON
ajfa-5505	230	60	the	the	DET
ajfa-5505	230	61	means	mean	NOUN
ajfa-5505	230	62	range	range	VERB
ajfa-5505	230	63	from	from	ADP
ajfa-5505	230	64	-0.54	-0.54	NUM
ajfa-5505	230	65	%	%	NOUN
ajfa-5505	230	66	to	to	PART
ajfa-5505	230	67	-0.65	-0.65	NUM
ajfa-5505	230	68	%	%	NOUN
ajfa-5505	230	69	and	and	CCONJ
ajfa-5505	230	70	-10.11	-10.11	NUM
ajfa-5505	230	71	%	%	NOUN
ajfa-5505	230	72	to	to	PART
ajfa-5505	230	73	-14.77	-14.77	NOUN
ajfa-5505	230	74	%	%	NOUN
ajfa-5505	230	75	.	.	PUNCT
ajfa-5505	231	1	table	table	NOUN
ajfa-5505	231	2	4	4	NUM
ajfa-5505	231	3	summarizes	summarize	NOUN
ajfa-5505	231	4	the	the	DET
ajfa-5505	231	5	descriptive	descriptive	ADJ
ajfa-5505	231	6	statistics	statistic	NOUN
ajfa-5505	231	7	of	of	ADP
ajfa-5505	231	8	the	the	DET
ajfa-5505	231	9	borrowing	borrowing	NOUN
ajfa-5505	231	10	companies	company	NOUN
ajfa-5505	231	11	’	'	PUNCT
ajfa-5505	231	12	characteristics	characteristic	NOUN
ajfa-5505	231	13	,	,	PUNCT
ajfa-5505	231	14	which	which	PRON
ajfa-5505	231	15	include	include	VERB
ajfa-5505	231	16	36,024	36,024	NUM
ajfa-5505	231	17	observations	observation	NOUN
ajfa-5505	231	18	from	from	ADP
ajfa-5505	231	19	2003	2003	NUM
ajfa-5505	231	20	to	to	ADP
ajfa-5505	231	21	2008	2008	NUM
ajfa-5505	231	22	.	.	PUNCT
ajfa-5505	232	1	distinguished	distinguish	VERB
ajfa-5505	232	2	by	by	ADP
ajfa-5505	232	3	their	their	PRON
ajfa-5505	232	4	credit	credit	NOUN
ajfa-5505	232	5	risk	risk	NOUN
ajfa-5505	232	6	,	,	PUNCT
ajfa-5505	232	7	companies	company	NOUN
ajfa-5505	232	8	with	with	ADP
ajfa-5505	232	9	tcri	tcri	NOUN
ajfa-5505	232	10	≧	≧	X
ajfa-5505	232	11	7	7	NUM
ajfa-5505	232	12	are	be	AUX
ajfa-5505	232	13	regarded	regard	VERB
ajfa-5505	232	14	as	as	ADP
ajfa-5505	232	15	high	high	ADJ
ajfa-5505	232	16	credit	credit	NOUN
ajfa-5505	232	17	risk	risk	NOUN
ajfa-5505	232	18	companies	company	NOUN
ajfa-5505	232	19	,	,	PUNCT
ajfa-5505	232	20	with	with	ADP
ajfa-5505	232	21	a	a	DET
ajfa-5505	232	22	total	total	NOUN
ajfa-5505	232	23	of	of	ADP
ajfa-5505	232	24	16,187	16,187	NUM
ajfa-5505	232	25	observations	observation	NOUN
ajfa-5505	232	26	,	,	PUNCT
ajfa-5505	232	27	while	while	SCONJ
ajfa-5505	232	28	tcri	tcri	ADJ
ajfa-5505	232	29	≦	≦	VERB
ajfa-5505	232	30	4	4	NUM
ajfa-5505	232	31	are	be	AUX
ajfa-5505	232	32	regarded	regard	VERB
ajfa-5505	232	33	as	as	ADP
ajfa-5505	232	34	low	low	ADJ
ajfa-5505	232	35	credit	credit	NOUN
ajfa-5505	232	36	risk	risk	NOUN
ajfa-5505	232	37	companies	company	NOUN
ajfa-5505	232	38	,	,	PUNCT
ajfa-5505	232	39	with	with	ADP
ajfa-5505	232	40	a	a	DET
ajfa-5505	232	41	total	total	ADJ
ajfa-5505	232	42	4,643	4,643	NUM
ajfa-5505	232	43	observations	observation	NOUN
ajfa-5505	232	44	.	.	PUNCT
ajfa-5505	233	1	from	from	ADP
ajfa-5505	233	2	the	the	DET
ajfa-5505	233	3	observations	observation	NOUN
ajfa-5505	233	4	we	we	PRON
ajfa-5505	233	5	find	find	VERB
ajfa-5505	233	6	that	that	SCONJ
ajfa-5505	233	7	most	most	ADJ
ajfa-5505	233	8	publicly	publicly	ADV
ajfa-5505	233	9	-	-	PUNCT
ajfa-5505	233	10	held	hold	VERB
ajfa-5505	233	11	companies	company	NOUN
ajfa-5505	233	12	are	be	AUX
ajfa-5505	233	13	with	with	ADP
ajfa-5505	233	14	high	high	ADJ
ajfa-5505	233	15	credit	credit	NOUN
ajfa-5505	233	16	risk	risk	NOUN
ajfa-5505	233	17	,	,	PUNCT
ajfa-5505	233	18	which	which	PRON
ajfa-5505	233	19	is	be	AUX
ajfa-5505	233	20	featured	feature	VERB
ajfa-5505	233	21	by	by	ADP
ajfa-5505	233	22	the	the	DET
ajfa-5505	233	23	disadvantages	disadvantage	NOUN
ajfa-5505	233	24	in	in	ADP
ajfa-5505	233	25	terms	term	NOUN
ajfa-5505	233	26	of	of	ADP
ajfa-5505	233	27	the	the	DET
ajfa-5505	233	28	small	small	ADJ
ajfa-5505	233	29	scale	scale	NOUN
ajfa-5505	233	30	of	of	ADP
ajfa-5505	233	31	assets	asset	NOUN
ajfa-5505	233	32	,	,	PUNCT
ajfa-5505	233	33	poor	poor	ADJ
ajfa-5505	233	34	profitability	profitability	NOUN
ajfa-5505	233	35	,	,	PUNCT
ajfa-5505	233	36	a	a	DET
ajfa-5505	233	37	high	high	ADJ
ajfa-5505	233	38	debt	debt	NOUN
ajfa-5505	233	39	ratio	ratio	NOUN
ajfa-5505	233	40	and	and	CCONJ
ajfa-5505	233	41	loan	loan	NOUN
ajfa-5505	233	42	spreads	spread	NOUN
ajfa-5505	233	43	.	.	PUNCT
ajfa-5505	234	1	compared	compare	VERB
ajfa-5505	234	2	to	to	ADP
ajfa-5505	234	3	companies	company	NOUN
ajfa-5505	234	4	with	with	ADP
ajfa-5505	234	5	high	high	ADJ
ajfa-5505	234	6	credit	credit	NOUN
ajfa-5505	234	7	risk	risk	NOUN
ajfa-5505	234	8	,	,	PUNCT
ajfa-5505	234	9	companies	company	NOUN
ajfa-5505	234	10	with	with	ADP
ajfa-5505	234	11	low	low	ADJ
ajfa-5505	234	12	credit	credit	NOUN
ajfa-5505	234	13	risk	risk	NOUN
ajfa-5505	234	14	display	display	VERB
ajfa-5505	234	15	the	the	DET
ajfa-5505	234	16	advantages	advantage	NOUN
ajfa-5505	234	17	in	in	ADP
ajfa-5505	234	18	the	the	DET
ajfa-5505	234	19	following	following	ADJ
ajfa-5505	234	20	indexes	index	NOUN
ajfa-5505	234	21	:	:	PUNCT
ajfa-5505	234	22	total	total	ADJ
ajfa-5505	234	23	assets	asset	NOUN
ajfa-5505	234	24	ranging	range	VERB
ajfa-5505	234	25	from	from	ADP
ajfa-5505	234	26	113.906	113.906	NUM
ajfa-5505	234	27	billion	billion	NUM
ajfa-5505	234	28	to	to	ADP
ajfa-5505	234	29	4.879	4.879	NUM
ajfa-5505	234	30	billion	billion	NUM
ajfa-5505	234	31	;	;	PUNCT
ajfa-5505	234	32	a	a	DET
ajfa-5505	234	33	pretax	pretax	ADJ
ajfa-5505	234	34	income	income	NOUN
ajfa-5505	234	35	ratio	ratio	NOUN
ajfa-5505	234	36	from	from	ADP
ajfa-5505	234	37	10.91	10.91	NUM
ajfa-5505	234	38	%	%	NOUN
ajfa-5505	234	39	to	to	PART
ajfa-5505	234	40	-1.95	-1.95	NOUN
ajfa-5505	234	41	%	%	NOUN
ajfa-5505	234	42	;	;	PUNCT
ajfa-5505	234	43	a	a	DET
ajfa-5505	234	44	debt	debt	NOUN
ajfa-5505	234	45	ratio	ratio	NOUN
ajfa-5505	234	46	from	from	ADP
ajfa-5505	234	47	41.40	41.40	NUM
ajfa-5505	234	48	%	%	NOUN
ajfa-5505	234	49	to	to	ADP
ajfa-5505	234	50	53.41	53.41	NUM
ajfa-5505	234	51	%	%	NOUN
ajfa-5505	234	52	;	;	PUNCT
ajfa-5505	234	53	a	a	DET
ajfa-5505	234	54	borrowing	borrowing	NOUN
ajfa-5505	234	55	interest	interest	NOUN
ajfa-5505	234	56	rate	rate	NOUN
ajfa-5505	234	57	from	from	ADP
ajfa-5505	234	58	2.909	2.909	NUM
ajfa-5505	234	59	%	%	NOUN
ajfa-5505	234	60	to	to	ADP
ajfa-5505	234	61	3.534	3.534	NUM
ajfa-5505	234	62	%	%	NOUN
ajfa-5505	234	63	,	,	PUNCT
ajfa-5505	234	64	and	and	CCONJ
ajfa-5505	234	65	a	a	DET
ajfa-5505	234	66	borrowing	borrowing	NOUN
ajfa-5505	234	67	spread	spread	VERB
ajfa-5505	234	68	from	from	ADP
ajfa-5505	234	69	-1.429	-1.429	ADJ
ajfa-5505	234	70	%	%	NOUN
ajfa-5505	234	71	to	to	ADP
ajfa-5505	234	72	-0.734	-0.734	NUM
ajfa-5505	234	73	%	%	NOUN
ajfa-5505	234	74	.	.	PUNCT
ajfa-5505	235	1	asian	asian	ADJ
ajfa-5505	235	2	journal	journal	PROPN
ajfa-5505	235	3	of	of	ADP
ajfa-5505	235	4	finance	finance	PROPN
ajfa-5505	235	5	&	&	CCONJ
ajfa-5505	235	6	accounting	accounting	PROPN
ajfa-5505	235	7	issn	issn	PROPN
ajfa-5505	235	8	1946	1946	NUM
ajfa-5505	235	9	-	-	PUNCT
ajfa-5505	235	10	052x	052x	PROPN
ajfa-5505	235	11	2014	2014	NUM
ajfa-5505	235	12	,	,	PUNCT
ajfa-5505	235	13	vol	vol	NOUN
ajfa-5505	235	14	.	.	PROPN
ajfa-5505	236	1	6	6	NUM
ajfa-5505	236	2	,	,	PUNCT
ajfa-5505	236	3	no	no	INTJ
ajfa-5505	236	4	.	.	NOUN
ajfa-5505	236	5	2	2	NUM
ajfa-5505	236	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	236	7	33	33	NUM
ajfa-5505	236	8	table	table	NOUN
ajfa-5505	236	9	2	2	NUM
ajfa-5505	236	10	.	.	PUNCT
ajfa-5505	236	11	description	description	NOUN
ajfa-5505	236	12	statistics	statistic	NOUN
ajfa-5505	236	13	by	by	ADP
ajfa-5505	236	14	lending	lend	VERB
ajfa-5505	236	15	performance	performance	NOUN
ajfa-5505	236	16	sample	sample	NOUN
ajfa-5505	236	17	mean	mean	VERB
ajfa-5505	236	18	median	median	PROPN
ajfa-5505	236	19	std	std	PROPN
ajfa-5505	236	20	.	.	PUNCT
ajfa-5505	236	21	min	min	PROPN
ajfa-5505	236	22	.	.	PROPN
ajfa-5505	236	23	max	max	PROPN
ajfa-5505	236	24	.	.	PROPN
ajfa-5505	237	1	panel	panel	PROPN
ajfa-5505	237	2	a	a	DET
ajfa-5505	237	3	with(wi	with(wi	NOUN
ajfa-5505	237	4	)	)	PUNCT
ajfa-5505	237	5	or	or	CCONJ
ajfa-5505	237	6	without(wo	without(wo	PROPN
ajfa-5505	237	7	)	)	PUNCT
ajfa-5505	237	8	“	"	PUNCT
ajfa-5505	237	9	wobd	wobd	NOUN
ajfa-5505	237	10	”	"	PUNCT
ajfa-5505	237	11	wi	wi	PROPN
ajfa-5505	237	12	total	total	ADJ
ajfa-5505	237	13	assets	asset	NOUN
ajfa-5505	237	14	(	(	PUNCT
ajfa-5505	237	15	10	10	NUM
ajfa-5505	237	16	billion	billion	NUM
ajfa-5505	237	17	)	)	PUNCT
ajfa-5505	237	18	21	21	NUM
ajfa-5505	237	19	164.6	164.6	NUM
ajfa-5505	237	20	*	*	PUNCT
ajfa-5505	237	21	*	*	PUNCT
ajfa-5505	237	22	*	*	PUNCT
ajfa-5505	237	23	157.40	157.40	NUM
ajfa-5505	237	24	*	*	PUNCT
ajfa-5505	237	25	*	*	PUNCT
ajfa-5505	237	26	*	*	PUNCT
ajfa-5505	237	27	50.99	50.99	NUM
ajfa-5505	237	28	82.29	82.29	NUM
ajfa-5505	237	29	248.7	248.7	NUM
ajfa-5505	237	30	cost	cost	NOUN
ajfa-5505	237	31	-	-	PUNCT
ajfa-5505	237	32	to	to	ADP
ajfa-5505	237	33	-	-	PUNCT
ajfa-5505	237	34	revenue	revenue	NOUN
ajfa-5505	237	35	ratio	ratio	NOUN
ajfa-5505	237	36	(	(	PUNCT
ajfa-5505	237	37	%	%	INTJ
ajfa-5505	237	38	)	)	PUNCT
ajfa-5505	237	39	21	21	NUM
ajfa-5505	237	40	27.21	27.21	NUM
ajfa-5505	237	41	*	*	PUNCT
ajfa-5505	237	42	*	*	PUNCT
ajfa-5505	237	43	*	*	PUNCT
ajfa-5505	237	44	25.74	25.74	NUM
ajfa-5505	237	45	*	*	PUNCT
ajfa-5505	237	46	*	*	PUNCT
ajfa-5505	237	47	*	*	PUNCT
ajfa-5505	237	48	3.63	3.63	NUM
ajfa-5505	237	49	22.80	22.80	NUM
ajfa-5505	237	50	34.47	34.47	NUM
ajfa-5505	237	51	roa	roa	NOUN
ajfa-5505	237	52	(	(	PUNCT
ajfa-5505	237	53	%	%	NOUN
ajfa-5505	237	54	)	)	PUNCT
ajfa-5505	237	55	21	21	NUM
ajfa-5505	237	56	0.26	0.26	NUM
ajfa-5505	237	57	*	*	PUNCT
ajfa-5505	237	58	*	*	PUNCT
ajfa-5505	237	59	*	*	PUNCT
ajfa-5505	237	60	0.42	0.42	NUM
ajfa-5505	237	61	*	*	PUNCT
ajfa-5505	237	62	*	*	PUNCT
ajfa-5505	237	63	*	*	PUNCT
ajfa-5505	237	64	0.72	0.72	NUM
ajfa-5505	237	65	-2.36	-2.36	NUM
ajfa-5505	237	66	0.82	0.82	NUM
ajfa-5505	237	67	roe	roe	NOUN
ajfa-5505	237	68	(	(	PUNCT
ajfa-5505	237	69	%	%	NOUN
ajfa-5505	237	70	)	)	PUNCT
ajfa-5505	237	71	21	21	NUM
ajfa-5505	237	72	4.82	4.82	NUM
ajfa-5505	237	73	*	*	PUNCT
ajfa-5505	237	74	*	*	PUNCT
ajfa-5505	237	75	*	*	PUNCT
ajfa-5505	237	76	10.01	10.01	NUM
ajfa-5505	237	77	*	*	PUNCT
ajfa-5505	237	78	*	*	PUNCT
ajfa-5505	237	79	*	*	X
ajfa-5505	237	80	13.74	13.74	NUM
ajfa-5505	237	81	-46.08	-46.08	NUM
ajfa-5505	237	82	13.98	13.98	NUM
ajfa-5505	237	83	pretax	pretax	ADJ
ajfa-5505	237	84	income	income	NOUN
ajfa-5505	237	85	ratio	ratio	NOUN
ajfa-5505	237	86	(	(	PUNCT
ajfa-5505	237	87	%	%	NOUN
ajfa-5505	237	88	)	)	PUNCT
ajfa-5505	237	89	21	21	NUM
ajfa-5505	237	90	11.00	11.00	NUM
ajfa-5505	237	91	*	*	PUNCT
ajfa-5505	237	92	*	*	PUNCT
ajfa-5505	237	93	*	*	PUNCT
ajfa-5505	237	94	16.53	16.53	NUM
ajfa-5505	237	95	*	*	PUNCT
ajfa-5505	237	96	*	*	PUNCT
ajfa-5505	237	97	*	*	PUNCT
ajfa-5505	237	98	20.26	20.26	NUM
ajfa-5505	237	99	-55.59	-55.59	SYM
ajfa-5505	237	100	33.38	33.38	NUM
ajfa-5505	237	101	gross	gross	ADJ
ajfa-5505	237	102	profit	profit	NOUN
ajfa-5505	237	103	ratio	ratio	NOUN
ajfa-5505	237	104	(	(	PUNCT
ajfa-5505	237	105	%	%	NOUN
ajfa-5505	237	106	)	)	PUNCT
ajfa-5505	237	107	21	21	NUM
ajfa-5505	237	108	34.07	34.07	NUM
ajfa-5505	237	109	*	*	PUNCT
ajfa-5505	237	110	*	*	PUNCT
ajfa-5505	237	111	*	*	PUNCT
ajfa-5505	237	112	35.63	35.63	NUM
ajfa-5505	237	113	*	*	PUNCT
ajfa-5505	237	114	*	*	PUNCT
ajfa-5505	237	115	*	*	X
ajfa-5505	237	116	16.77	16.77	NUM
ajfa-5505	237	117	-23.17	-23.17	SYM
ajfa-5505	237	118	53.79	53.79	NUM
ajfa-5505	237	119	w	w	PROPN
ajfa-5505	237	120	o	o	NOUN
ajfa-5505	237	121	total	total	ADJ
ajfa-5505	237	122	assets	asset	NOUN
ajfa-5505	237	123	(	(	PUNCT
ajfa-5505	237	124	10	10	NUM
ajfa-5505	237	125	billion	billion	NUM
ajfa-5505	237	126	)	)	PUNCT
ajfa-5505	237	127	105	105	NUM
ajfa-5505	237	128	122.31	122.31	NUM
ajfa-5505	237	129	110.25	110.25	NUM
ajfa-5505	237	130	89.74	89.74	NUM
ajfa-5505	237	131	0.16	0.16	NUM
ajfa-5505	237	132	359.41	359.41	NUM
ajfa-5505	237	133	cost	cost	NOUN
ajfa-5505	237	134	-	-	PUNCT
ajfa-5505	237	135	to	to	ADP
ajfa-5505	237	136	-	-	PUNCT
ajfa-5505	237	137	revenue	revenue	NOUN
ajfa-5505	237	138	ratio	ratio	NOUN
ajfa-5505	237	139	(	(	PUNCT
ajfa-5505	237	140	%	%	NOUN
ajfa-5505	237	141	)	)	PUNCT
ajfa-5505	237	142	105	105	NUM
ajfa-5505	237	143	34.52	34.52	NUM
ajfa-5505	237	144	26.89	26.89	NUM
ajfa-5505	237	145	23.05	23.05	NUM
ajfa-5505	237	146	10.32	10.32	NUM
ajfa-5505	237	147	267.43	267.43	NUM
ajfa-5505	237	148	roa	roa	NOUN
ajfa-5505	237	149	(	(	PUNCT
ajfa-5505	237	150	%	%	NOUN
ajfa-5505	237	151	)	)	PUNCT
ajfa-5505	237	152	105	105	NUM
ajfa-5505	237	153	0.05	0.05	NUM
ajfa-5505	237	154	0.17	0.17	NUM
ajfa-5505	237	155	1.34	1.34	NUM
ajfa-5505	237	156	-6.67	-6.67	NUM
ajfa-5505	237	157	5.86	5.86	NUM
ajfa-5505	237	158	roe	roe	NOUN
ajfa-5505	237	159	(	(	PUNCT
ajfa-5505	237	160	%	%	NOUN
ajfa-5505	237	161	)	)	PUNCT
ajfa-5505	237	162	105	105	NUM
ajfa-5505	237	163	-1.74	-1.74	NUM
ajfa-5505	237	164	2.33	2.33	NUM
ajfa-5505	237	165	19.01	19.01	NUM
ajfa-5505	237	166	-113.05	-113.05	PROPN
ajfa-5505	237	167	14.7	14.7	NUM
ajfa-5505	237	168	pretax	pretax	ADJ
ajfa-5505	237	169	income	income	NOUN
ajfa-5505	237	170	ratio	ratio	NOUN
ajfa-5505	237	171	(	(	PUNCT
ajfa-5505	237	172	%	%	NOUN
ajfa-5505	237	173	)	)	PUNCT
ajfa-5505	237	174	105	105	NUM
ajfa-5505	237	175	0.38	0.38	NUM
ajfa-5505	237	176	5.75	5.75	NUM
ajfa-5505	237	177	30.74	30.74	NUM
ajfa-5505	237	178	-188.84	-188.84	PROPN
ajfa-5505	237	179	72.3	72.3	NUM
ajfa-5505	237	180	gross	gross	ADJ
ajfa-5505	237	181	profit	profit	NOUN
ajfa-5505	237	182	ratio	ratio	NOUN
ajfa-5505	237	183	(	(	PUNCT
ajfa-5505	237	184	%	%	NOUN
ajfa-5505	237	185	)	)	PUNCT
ajfa-5505	237	186	105	105	NUM
ajfa-5505	237	187	28.09	28.09	NUM
ajfa-5505	237	188	35.3	35.3	NUM
ajfa-5505	237	189	27.41	27.41	NUM
ajfa-5505	237	190	-160.86	-160.86	PROPN
ajfa-5505	237	191	91.21	91.21	NUM
ajfa-5505	237	192	panel	panel	NOUN
ajfa-5505	237	193	b	b	X
ajfa-5505	237	194	with(wi	with(wi	NOUN
ajfa-5505	237	195	)	)	PUNCT
ajfa-5505	237	196	or	or	CCONJ
ajfa-5505	237	197	without(wo	without(wo	PROPN
ajfa-5505	237	198	)	)	PUNCT
ajfa-5505	237	199	“	"	PUNCT
ajfa-5505	237	200	hccl	hccl	PROPN
ajfa-5505	237	201	”	"	PUNCT
ajfa-5505	237	202	w	w	NOUN
ajfa-5505	237	203	i	i	PRON
ajfa-5505	237	204	total	total	ADJ
ajfa-5505	237	205	assets	asset	NOUN
ajfa-5505	237	206	(	(	PUNCT
ajfa-5505	237	207	10	10	NUM
ajfa-5505	237	208	billion	billion	NUM
ajfa-5505	237	209	)	)	PUNCT
ajfa-5505	237	210	21	21	NUM
ajfa-5505	237	211	95.76	95.76	NUM
ajfa-5505	237	212	*	*	PUNCT
ajfa-5505	237	213	*	*	PUNCT
ajfa-5505	237	214	*	*	PUNCT
ajfa-5505	237	215	85.73	85.73	NUM
ajfa-5505	237	216	*	*	PUNCT
ajfa-5505	237	217	*	*	PUNCT
ajfa-5505	237	218	*	*	PUNCT
ajfa-5505	237	219	39.63	39.63	NUM
ajfa-5505	237	220	16.45	16.45	NUM
ajfa-5505	237	221	158.61	158.61	NUM
ajfa-5505	237	222	cost	cost	NOUN
ajfa-5505	237	223	-	-	PUNCT
ajfa-5505	237	224	to	to	ADP
ajfa-5505	237	225	-	-	PUNCT
ajfa-5505	237	226	revenue	revenue	NOUN
ajfa-5505	237	227	ratio	ratio	NOUN
ajfa-5505	237	228	(	(	PUNCT
ajfa-5505	237	229	%	%	INTJ
ajfa-5505	237	230	)	)	PUNCT
ajfa-5505	237	231	21	21	NUM
ajfa-5505	237	232	31.36	31.36	NUM
ajfa-5505	237	233	*	*	PUNCT
ajfa-5505	237	234	*	*	PUNCT
ajfa-5505	237	235	*	*	PUNCT
ajfa-5505	237	236	31.29	31.29	NUM
ajfa-5505	237	237	*	*	PUNCT
ajfa-5505	237	238	*	*	PUNCT
ajfa-5505	237	239	*	*	PUNCT
ajfa-5505	237	240	3.91	3.91	NUM
ajfa-5505	237	241	24.57	24.57	NUM
ajfa-5505	237	242	62.41	62.41	NUM
ajfa-5505	237	243	roa	roa	NOUN
ajfa-5505	237	244	(	(	PUNCT
ajfa-5505	237	245	%	%	NOUN
ajfa-5505	237	246	)	)	PUNCT
ajfa-5505	237	247	21	21	NUM
ajfa-5505	237	248	-0.30	-0.30	PROPN
ajfa-5505	237	249	*	*	PUNCT
ajfa-5505	237	250	*	*	PUNCT
ajfa-5505	237	251	*	*	NOUN
ajfa-5505	237	252	0.1	0.1	NUM
ajfa-5505	237	253	*	*	PUNCT
ajfa-5505	237	254	*	*	PUNCT
ajfa-5505	237	255	*	*	PUNCT
ajfa-5505	237	256	1.15	1.15	NUM
ajfa-5505	237	257	-6.67	-6.67	NUM
ajfa-5505	237	258	0.82	0.82	NUM
ajfa-5505	237	259	roe	roe	NOUN
ajfa-5505	237	260	(	(	PUNCT
ajfa-5505	237	261	%	%	NOUN
ajfa-5505	237	262	)	)	PUNCT
ajfa-5505	237	263	21	21	NUM
ajfa-5505	237	264	-5.74	-5.74	NOUN
ajfa-5505	237	265	*	*	NOUN
ajfa-5505	237	266	*	*	PUNCT
ajfa-5505	237	267	*	*	PUNCT
ajfa-5505	237	268	1.68	1.68	NUM
ajfa-5505	237	269	*	*	PUNCT
ajfa-5505	237	270	*	*	PUNCT
ajfa-5505	237	271	*	*	PUNCT
ajfa-5505	237	272	18.87	18.87	NUM
ajfa-5505	237	273	-70.06	-70.06	SYM
ajfa-5505	237	274	12.8	12.8	NUM
ajfa-5505	237	275	pretax	pretax	ADJ
ajfa-5505	237	276	income	income	NOUN
ajfa-5505	237	277	ratio	ratio	NOUN
ajfa-5505	237	278	(	(	PUNCT
ajfa-5505	237	279	%	%	NOUN
ajfa-5505	237	280	)	)	PUNCT
ajfa-5505	237	281	21	21	NUM
ajfa-5505	237	282	-6.94	-6.94	NOUN
ajfa-5505	237	283	*	*	PUNCT
ajfa-5505	237	284	*	*	PUNCT
ajfa-5505	237	285	*	*	PUNCT
ajfa-5505	237	286	4.28	4.28	NUM
ajfa-5505	237	287	*	*	PUNCT
ajfa-5505	237	288	*	*	PUNCT
ajfa-5505	237	289	*	*	X
ajfa-5505	237	290	26.51	26.51	NUM
ajfa-5505	237	291	-132.63	-132.63	PROPN
ajfa-5505	237	292	18.79	18.79	NUM
ajfa-5505	237	293	gross	gross	ADJ
ajfa-5505	237	294	profit	profit	NOUN
ajfa-5505	237	295	ratio	ratio	NOUN
ajfa-5505	237	296	(	(	PUNCT
ajfa-5505	237	297	%	%	NOUN
ajfa-5505	237	298	)	)	PUNCT
ajfa-5505	237	299	21	21	NUM
ajfa-5505	237	300	25.34	25.34	NUM
ajfa-5505	237	301	*	*	PUNCT
ajfa-5505	237	302	*	*	PUNCT
ajfa-5505	237	303	*	*	PUNCT
ajfa-5505	237	304	34.48	34.48	NUM
ajfa-5505	237	305	*	*	PUNCT
ajfa-5505	237	306	*	*	PUNCT
ajfa-5505	237	307	*	*	X
ajfa-5505	237	308	25.53	25.53	NUM
ajfa-5505	237	309	-62.74	-62.74	PROPN
ajfa-5505	237	310	53.79	53.79	NUM
ajfa-5505	237	311	w	w	NOUN
ajfa-5505	237	312	o	o	NOUN
ajfa-5505	237	313	total	total	ADJ
ajfa-5505	237	314	assets	asset	NOUN
ajfa-5505	237	315	(	(	PUNCT
ajfa-5505	237	316	10	10	NUM
ajfa-5505	237	317	billion	billion	NUM
ajfa-5505	237	318	)	)	PUNCT
ajfa-5505	237	319	104	104	NUM
ajfa-5505	237	320	145.25	145.25	NUM
ajfa-5505	237	321	158.97	158.97	NUM
ajfa-5505	237	322	85.28	85.28	NUM
ajfa-5505	237	323	0.16	0.16	NUM
ajfa-5505	237	324	359.41	359.41	NUM
ajfa-5505	237	325	cost	cost	NOUN
ajfa-5505	237	326	-	-	PUNCT
ajfa-5505	237	327	to	to	ADP
ajfa-5505	237	328	-	-	PUNCT
ajfa-5505	237	329	revenue	revenue	NOUN
ajfa-5505	237	330	ratio	ratio	NOUN
ajfa-5505	237	331	(	(	PUNCT
ajfa-5505	237	332	%	%	INTJ
ajfa-5505	237	333	)	)	PUNCT
ajfa-5505	237	334	104	104	NUM
ajfa-5505	237	335	32.22	32.22	NUM
ajfa-5505	237	336	25.74	25.74	NUM
ajfa-5505	237	337	21.09	21.09	NUM
ajfa-5505	237	338	10.32	10.32	NUM
ajfa-5505	237	339	267.43	267.43	NUM
ajfa-5505	237	340	roa	roa	NOUN
ajfa-5505	237	341	(	(	PUNCT
ajfa-5505	237	342	%	%	NOUN
ajfa-5505	237	343	)	)	PUNCT
ajfa-5505	237	344	104	104	NUM
ajfa-5505	237	345	0.27	0.27	NUM
ajfa-5505	237	346	0.42	0.42	NUM
ajfa-5505	237	347	1.11	1.11	NUM
ajfa-5505	237	348	-5.55	-5.55	NUM
ajfa-5505	237	349	5.86	5.86	NUM
ajfa-5505	237	350	roe	roe	NOUN
ajfa-5505	237	351	(	(	PUNCT
ajfa-5505	237	352	%	%	NOUN
ajfa-5505	237	353	)	)	PUNCT
ajfa-5505	237	354	104	104	NUM
ajfa-5505	237	355	2.80	2.80	NUM
ajfa-5505	237	356	7.79	7.79	NUM
ajfa-5505	237	357	16.52	16.52	NUM
ajfa-5505	237	358	-113.05	-113.05	PROPN
ajfa-5505	237	359	14.7	14.7	NUM
ajfa-5505	237	360	pretax	pretax	ADJ
ajfa-5505	237	361	income	income	NOUN
ajfa-5505	237	362	ratio	ratio	NOUN
ajfa-5505	237	363	(	(	PUNCT
ajfa-5505	237	364	%	%	NOUN
ajfa-5505	237	365	)	)	PUNCT
ajfa-5505	237	366	104	104	NUM
ajfa-5505	237	367	8.01	8.01	NUM
ajfa-5505	237	368	16.53	16.53	NUM
ajfa-5505	237	369	27.15	27.15	NUM
ajfa-5505	237	370	-188.84	-188.84	PROPN
ajfa-5505	237	371	72.3	72.3	NUM
ajfa-5505	237	372	gross	gross	ADJ
ajfa-5505	237	373	profit	profit	NOUN
ajfa-5505	237	374	ratio	ratio	NOUN
ajfa-5505	237	375	(	(	PUNCT
ajfa-5505	237	376	%	%	INTJ
ajfa-5505	237	377	)	)	PUNCT
ajfa-5505	237	378	104	104	NUM
ajfa-5505	237	379	31.95	31.95	NUM
ajfa-5505	237	380	35.63	35.63	NUM
ajfa-5505	237	381	23.44	23.44	NUM
ajfa-5505	237	382	-160.86	-160.86	PROPN
ajfa-5505	237	383	91.21	91.21	NUM
ajfa-5505	237	384	asian	asian	ADJ
ajfa-5505	237	385	journal	journal	NOUN
ajfa-5505	237	386	of	of	ADP
ajfa-5505	237	387	finance	finance	PROPN
ajfa-5505	237	388	&	&	CCONJ
ajfa-5505	237	389	accounting	accounting	PROPN
ajfa-5505	237	390	issn	issn	PROPN
ajfa-5505	237	391	1946	1946	NUM
ajfa-5505	237	392	-	-	PUNCT
ajfa-5505	237	393	052x	052x	PROPN
ajfa-5505	237	394	2014	2014	NUM
ajfa-5505	237	395	,	,	PUNCT
ajfa-5505	237	396	vol	vol	NOUN
ajfa-5505	237	397	.	.	PROPN
ajfa-5505	237	398	6	6	NUM
ajfa-5505	237	399	,	,	PUNCT
ajfa-5505	237	400	no	no	INTJ
ajfa-5505	237	401	.	.	NOUN
ajfa-5505	237	402	2	2	NUM
ajfa-5505	237	403	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	237	404	34	34	NUM
ajfa-5505	237	405	table	table	NOUN
ajfa-5505	237	406	3	3	NUM
ajfa-5505	237	407	.	.	PUNCT
ajfa-5505	237	408	descriptive	descriptive	ADJ
ajfa-5505	237	409	statistics	statistic	NOUN
ajfa-5505	237	410	by	by	ADP
ajfa-5505	237	411	ownership	ownership	NOUN
ajfa-5505	237	412	of	of	ADP
ajfa-5505	237	413	banks	bank	NOUN
ajfa-5505	237	414	欄	欄	ADP
ajfa-5505	237	415	1	1	NUM
ajfa-5505	237	416	sample	sample	NOUN
ajfa-5505	237	417	mean	mean	NOUN
ajfa-5505	237	418	median	median	PROPN
ajfa-5505	237	419	std	std	PROPN
ajfa-5505	237	420	.	.	PUNCT
ajfa-5505	237	421	min	min	PROPN
ajfa-5505	237	422	.	.	PROPN
ajfa-5505	237	423	max	max	PROPN
ajfa-5505	237	424	.	.	PUNCT
ajfa-5505	238	1	state	state	NOUN
ajfa-5505	238	2	-	-	PUNCT
ajfa-5505	238	3	owned	own	VERB
ajfa-5505	238	4	banks	bank	NOUN
ajfa-5505	238	5	total	total	ADJ
ajfa-5505	238	6	assets	asset	NOUN
ajfa-5505	238	7	(	(	PUNCT
ajfa-5505	238	8	10	10	NUM
ajfa-5505	238	9	billion	billion	NUM
ajfa-5505	238	10	)	)	PUNCT
ajfa-5505	238	11	8	8	NUM
ajfa-5505	238	12	258.23	258.23	NUM
ajfa-5505	238	13	242.15	242.15	NUM
ajfa-5505	238	14	57.56	57.56	NUM
ajfa-5505	238	15	184.84	184.84	NUM
ajfa-5505	238	16	359.41	359.41	NUM
ajfa-5505	238	17	cost	cost	NOUN
ajfa-5505	238	18	-	-	PUNCT
ajfa-5505	238	19	to	to	ADP
ajfa-5505	238	20	-	-	PUNCT
ajfa-5505	238	21	revenue	revenue	NOUN
ajfa-5505	238	22	ratio	ratio	NOUN
ajfa-5505	238	23	(	(	PUNCT
ajfa-5505	238	24	%	%	NOUN
ajfa-5505	238	25	)	)	PUNCT
ajfa-5505	238	26	8	8	NUM
ajfa-5505	238	27	41.13	41.13	NUM
ajfa-5505	238	28	52.57	52.57	NUM
ajfa-5505	238	29	17.01	17.01	NUM
ajfa-5505	238	30	22.80	22.80	NUM
ajfa-5505	238	31	64.09	64.09	NUM
ajfa-5505	238	32	roa	roa	NOUN
ajfa-5505	238	33	(	(	PUNCT
ajfa-5505	238	34	%	%	NOUN
ajfa-5505	238	35	)	)	PUNCT
ajfa-5505	238	36	8	8	NUM
ajfa-5505	238	37	0.37	0.37	NUM
ajfa-5505	238	38	0.41	0.41	NUM
ajfa-5505	238	39	0.05	0.05	NUM
ajfa-5505	238	40	0.31	0.31	NUM
ajfa-5505	238	41	0.42	0.42	NUM
ajfa-5505	238	42	roe	roe	NOUN
ajfa-5505	238	43	(	(	PUNCT
ajfa-5505	238	44	%	%	NOUN
ajfa-5505	238	45	)	)	PUNCT
ajfa-5505	238	46	8	8	NUM
ajfa-5505	238	47	9.33	9.33	NUM
ajfa-5505	238	48	9.73	9.73	NUM
ajfa-5505	238	49	1.70	1.70	NUM
ajfa-5505	238	50	7.18	7.18	NUM
ajfa-5505	238	51	11.30	11.30	NUM
ajfa-5505	238	52	pretax	pretax	ADJ
ajfa-5505	238	53	income	income	NOUN
ajfa-5505	238	54	ratio	ratio	NOUN
ajfa-5505	238	55	(	(	PUNCT
ajfa-5505	238	56	%	%	NOUN
ajfa-5505	238	57	)	)	PUNCT
ajfa-5505	238	58	8	8	NUM
ajfa-5505	238	59	14.84	14.84	NUM
ajfa-5505	238	60	16.52	16.52	NUM
ajfa-5505	238	61	2.29	2.29	NUM
ajfa-5505	238	62	11.71	11.71	NUM
ajfa-5505	238	63	16.53	16.53	NUM
ajfa-5505	238	64	gross	gross	ADJ
ajfa-5505	238	65	profit	profit	NOUN
ajfa-5505	238	66	ratio	ratio	NOUN
ajfa-5505	238	67	(	(	PUNCT
ajfa-5505	238	68	%	%	NOUN
ajfa-5505	238	69	)	)	PUNCT
ajfa-5505	238	70	8	8	NUM
ajfa-5505	238	71	32.32	32.32	NUM
ajfa-5505	238	72	31.54	31.54	NUM
ajfa-5505	238	73	2.08	2.08	NUM
ajfa-5505	238	74	30.19	30.19	NUM
ajfa-5505	238	75	35.15	35.15	NUM
ajfa-5505	238	76	private	private	ADJ
ajfa-5505	238	77	financial	financial	ADJ
ajfa-5505	238	78	holding	hold	VERB
ajfa-5505	238	79	companies	company	NOUN
ajfa-5505	238	80	total	total	ADJ
ajfa-5505	238	81	assets	asset	NOUN
ajfa-5505	238	82	(	(	PUNCT
ajfa-5505	238	83	10	10	NUM
ajfa-5505	238	84	billion	billion	NUM
ajfa-5505	238	85	)	)	PUNCT
ajfa-5505	238	86	42	42	NUM
ajfa-5505	238	87	135.50	135.50	NUM
ajfa-5505	238	88	148.74	148.74	NUM
ajfa-5505	238	89	48.20	48.20	NUM
ajfa-5505	238	90	22.67	22.67	NUM
ajfa-5505	238	91	205.05	205.05	NUM
ajfa-5505	238	92	cost	cost	NOUN
ajfa-5505	238	93	-	-	PUNCT
ajfa-5505	238	94	to	to	ADP
ajfa-5505	238	95	-	-	PUNCT
ajfa-5505	238	96	revenue	revenue	NOUN
ajfa-5505	238	97	ratio	ratio	NOUN
ajfa-5505	238	98	(	(	PUNCT
ajfa-5505	238	99	%	%	INTJ
ajfa-5505	238	100	)	)	PUNCT
ajfa-5505	238	101	42	42	NUM
ajfa-5505	238	102	27.66	27.66	NUM
ajfa-5505	238	103	25.74	25.74	NUM
ajfa-5505	238	104	17.87	17.87	NUM
ajfa-5505	238	105	10.32	10.32	NUM
ajfa-5505	238	106	267.43	267.43	NUM
ajfa-5505	238	107	roa	roa	NOUN
ajfa-5505	238	108	(	(	PUNCT
ajfa-5505	238	109	%	%	NOUN
ajfa-5505	238	110	)	)	PUNCT
ajfa-5505	238	111	42	42	NUM
ajfa-5505	238	112	0.30	0.30	NUM
ajfa-5505	238	113	0.49	0.49	NUM
ajfa-5505	238	114	1.09	1.09	NUM
ajfa-5505	239	1	-5.17	-5.17	NUM
ajfa-5505	239	2	5.86	5.86	NUM
ajfa-5505	239	3	roe	roe	NOUN
ajfa-5505	239	4	(	(	PUNCT
ajfa-5505	239	5	%	%	NOUN
ajfa-5505	239	6	)	)	PUNCT
ajfa-5505	239	7	42	42	NUM
ajfa-5505	239	8	3.00	3.00	NUM
ajfa-5505	239	9	8.13	8.13	NUM
ajfa-5505	239	10	15.96	15.96	NUM
ajfa-5505	239	11	-108.02	-108.02	PROPN
ajfa-5505	239	12	13.98	13.98	NUM
ajfa-5505	239	13	pretax	pretax	ADJ
ajfa-5505	239	14	income	income	NOUN
ajfa-5505	239	15	ratio	ratio	NOUN
ajfa-5505	239	16	(	(	PUNCT
ajfa-5505	239	17	%	%	INTJ
ajfa-5505	239	18	)	)	PUNCT
ajfa-5505	239	19	42	42	NUM
ajfa-5505	239	20	8.77	8.77	NUM
ajfa-5505	239	21	16.55	16.55	NUM
ajfa-5505	239	22	24.25	24.25	NUM
ajfa-5505	239	23	-121.92	-121.92	PROPN
ajfa-5505	239	24	72.30	72.30	NUM
ajfa-5505	239	25	gross	gross	ADJ
ajfa-5505	239	26	profit	profit	NOUN
ajfa-5505	239	27	ratio	ratio	NOUN
ajfa-5505	239	28	(	(	PUNCT
ajfa-5505	239	29	%	%	INTJ
ajfa-5505	239	30	)	)	PUNCT
ajfa-5505	239	31	42	42	NUM
ajfa-5505	239	32	34.14	34.14	NUM
ajfa-5505	239	33	37.60	37.60	NUM
ajfa-5505	239	34	20.36	20.36	NUM
ajfa-5505	239	35	-87.34	-87.34	PROPN
ajfa-5505	239	36	91.21	91.21	NUM
ajfa-5505	239	37	private	private	ADJ
ajfa-5505	239	38	non	non	ADJ
ajfa-5505	239	39	-	-	ADJ
ajfa-5505	239	40	financial	financial	ADJ
ajfa-5505	239	41	holding	hold	VERB
ajfa-5505	239	42	companies	company	NOUN
ajfa-5505	239	43	total	total	ADJ
ajfa-5505	239	44	assets	asset	NOUN
ajfa-5505	239	45	(	(	PUNCT
ajfa-5505	239	46	10	10	NUM
ajfa-5505	239	47	billion	billion	NUM
ajfa-5505	239	48	)	)	PUNCT
ajfa-5505	239	49	34	34	NUM
ajfa-5505	239	50	43.90	43.90	NUM
ajfa-5505	239	51	30.97	30.97	NUM
ajfa-5505	239	52	39.61	39.61	NUM
ajfa-5505	239	53	0.16	0.16	NUM
ajfa-5505	239	54	116.21	116.21	NUM
ajfa-5505	239	55	cost	cost	NOUN
ajfa-5505	239	56	-	-	PUNCT
ajfa-5505	239	57	to	to	ADP
ajfa-5505	239	58	-	-	PUNCT
ajfa-5505	239	59	revenue	revenue	NOUN
ajfa-5505	239	60	ratio	ratio	NOUN
ajfa-5505	239	61	(	(	PUNCT
ajfa-5505	239	62	%	%	INTJ
ajfa-5505	239	63	)	)	PUNCT
ajfa-5505	239	64	34	34	NUM
ajfa-5505	239	65	36.15	36.15	NUM
ajfa-5505	239	66	30.35	30.35	NUM
ajfa-5505	239	67	21.26	21.26	NUM
ajfa-5505	239	68	15.36	15.36	NUM
ajfa-5505	239	69	122.44	122.44	NUM
ajfa-5505	239	70	roa	roa	NOUN
ajfa-5505	239	71	(	(	PUNCT
ajfa-5505	239	72	%	%	NOUN
ajfa-5505	239	73	)	)	PUNCT
ajfa-5505	239	74	34	34	NUM
ajfa-5505	239	75	-0.54	-0.54	NOUN
ajfa-5505	239	76	0.01	0.01	NUM
ajfa-5505	239	77	1.38	1.38	NUM
ajfa-5505	239	78	-6.67	-6.67	NUM
ajfa-5505	239	79	1.77	1.77	NUM
ajfa-5505	239	80	roe	roe	NOUN
ajfa-5505	239	81	(	(	PUNCT
ajfa-5505	239	82	%	%	NOUN
ajfa-5505	239	83	)	)	PUNCT
ajfa-5505	239	84	34	34	NUM
ajfa-5505	239	85	-10.11	-10.11	PROPN
ajfa-5505	239	86	0.24	0.24	NUM
ajfa-5505	239	87	21.56	21.56	NUM
ajfa-5505	239	88	-113.05	-113.05	PROPN
ajfa-5505	239	89	14.70	14.70	NUM
ajfa-5505	239	90	pretax	pretax	ADJ
ajfa-5505	239	91	income	income	NOUN
ajfa-5505	239	92	ratio	ratio	NOUN
ajfa-5505	239	93	(	(	PUNCT
ajfa-5505	239	94	%	%	INTJ
ajfa-5505	239	95	)	)	PUNCT
ajfa-5505	239	96	34	34	NUM
ajfa-5505	239	97	-14.70	-14.70	SYM
ajfa-5505	239	98	0.72	0.72	NUM
ajfa-5505	239	99	37.03	37.03	NUM
ajfa-5505	239	100	-188.84	-188.84	PROPN
ajfa-5505	239	101	35.90	35.90	NUM
ajfa-5505	239	102	gross	gross	ADJ
ajfa-5505	239	103	profit	profit	NOUN
ajfa-5505	239	104	ratio	ratio	NOUN
ajfa-5505	239	105	(	(	PUNCT
ajfa-5505	239	106	%	%	INTJ
ajfa-5505	239	107	)	)	PUNCT
ajfa-5505	239	108	34	34	NUM
ajfa-5505	239	109	15.85	15.85	NUM
ajfa-5505	239	110	24.76	24.76	NUM
ajfa-5505	239	111	35.84	35.84	NUM
ajfa-5505	239	112	-160.86	-160.86	PROPN
ajfa-5505	239	113	56.49	56.49	NUM
ajfa-5505	239	114	foreign	foreign	NOUN
ajfa-5505	239	115	-	-	PUNCT
ajfa-5505	239	116	owned	own	VERB
ajfa-5505	239	117	banks	bank	NOUN
ajfa-5505	239	118	total	total	ADJ
ajfa-5505	239	119	assets	asset	NOUN
ajfa-5505	239	120	(	(	PUNCT
ajfa-5505	239	121	10	10	NUM
ajfa-5505	239	122	billion	billion	NUM
ajfa-5505	239	123	)	)	PUNCT
ajfa-5505	239	124	17	17	NUM
ajfa-5505	239	125	28.72	28.72	NUM
ajfa-5505	239	126	28.44	28.44	NUM
ajfa-5505	239	127	20.26	20.26	NUM
ajfa-5505	239	128	0.76	0.76	NUM
ajfa-5505	239	129	63.64	63.64	NUM
ajfa-5505	239	130	cost	cost	NOUN
ajfa-5505	239	131	-	-	PUNCT
ajfa-5505	239	132	to	to	ADP
ajfa-5505	239	133	-	-	PUNCT
ajfa-5505	239	134	revenue	revenue	NOUN
ajfa-5505	239	135	ratio	ratio	NOUN
ajfa-5505	239	136	(	(	PUNCT
ajfa-5505	239	137	%	%	INTJ
ajfa-5505	239	138	)	)	PUNCT
ajfa-5505	239	139	17	17	NUM
ajfa-5505	239	140	46.07	46.07	NUM
ajfa-5505	239	141	38.22	38.22	NUM
ajfa-5505	239	142	15.54	15.54	NUM
ajfa-5505	239	143	29.95	29.95	NUM
ajfa-5505	239	144	94.82	94.82	NUM
ajfa-5505	239	145	roa	roa	NOUN
ajfa-5505	239	146	(	(	PUNCT
ajfa-5505	239	147	%	%	NOUN
ajfa-5505	239	148	)	)	PUNCT
ajfa-5505	239	149	17	17	NUM
ajfa-5505	239	150	-0.65	-0.65	NUM
ajfa-5505	239	151	-0.69	-0.69	PROPN
ajfa-5505	239	152	0.61	0.61	NUM
ajfa-5505	239	153	-1.26	-1.26	NUM
ajfa-5505	239	154	0.00	0.00	NUM
ajfa-5505	239	155	roe	roe	NOUN
ajfa-5505	239	156	(	(	PUNCT
ajfa-5505	239	157	%	%	NOUN
ajfa-5505	239	158	)	)	PUNCT
ajfa-5505	239	159	17	17	NUM
ajfa-5505	239	160	-14.77	-14.77	PUNCT
ajfa-5505	239	161	-15.55	-15.55	ADP
ajfa-5505	239	162	13.80	13.80	NUM
ajfa-5505	239	163	-28.53	-28.53	NOUN
ajfa-5505	239	164	0.06	0.06	NUM
ajfa-5505	239	165	pretax	pretax	ADJ
ajfa-5505	239	166	income	income	NOUN
ajfa-5505	239	167	ratio	ratio	NOUN
ajfa-5505	239	168	(	(	PUNCT
ajfa-5505	239	169	%	%	INTJ
ajfa-5505	239	170	)	)	PUNCT
ajfa-5505	239	171	17	17	NUM
ajfa-5505	239	172	-18.81	-18.81	PROPN
ajfa-5505	239	173	-19.07	-19.07	PROPN
ajfa-5505	239	174	14.53	14.53	NUM
ajfa-5505	239	175	-33.32	-33.32	SYM
ajfa-5505	239	176	-3.95	-3.95	NUM
ajfa-5505	239	177	gross	gross	ADJ
ajfa-5505	239	178	profit	profit	NOUN
ajfa-5505	239	179	ratio	ratio	NOUN
ajfa-5505	239	180	(	(	PUNCT
ajfa-5505	239	181	%	%	INTJ
ajfa-5505	239	182	)	)	PUNCT
ajfa-5505	239	183	17	17	NUM
ajfa-5505	239	184	18.50	18.50	NUM
ajfa-5505	239	185	17.72	17.72	NUM
ajfa-5505	239	186	17.21	17.21	NUM
ajfa-5505	239	187	1.34	1.34	NUM
ajfa-5505	239	188	36.76	36.76	NUM
ajfa-5505	239	189	asian	asian	ADJ
ajfa-5505	239	190	journal	journal	NOUN
ajfa-5505	239	191	of	of	ADP
ajfa-5505	239	192	finance	finance	PROPN
ajfa-5505	239	193	&	&	CCONJ
ajfa-5505	239	194	accounting	accounting	PROPN
ajfa-5505	239	195	issn	issn	PROPN
ajfa-5505	239	196	1946	1946	NUM
ajfa-5505	239	197	-	-	PUNCT
ajfa-5505	239	198	052x	052x	PROPN
ajfa-5505	239	199	2014	2014	NUM
ajfa-5505	239	200	,	,	PUNCT
ajfa-5505	239	201	vol	vol	NOUN
ajfa-5505	239	202	.	.	PROPN
ajfa-5505	239	203	6	6	NUM
ajfa-5505	239	204	,	,	PUNCT
ajfa-5505	239	205	no	no	INTJ
ajfa-5505	239	206	.	.	NOUN
ajfa-5505	239	207	2	2	NUM
ajfa-5505	239	208	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	239	209	35	35	NUM
ajfa-5505	239	210	table	table	NOUN
ajfa-5505	239	211	4	4	NUM
ajfa-5505	239	212	.	.	PUNCT
ajfa-5505	239	213	descriptive	descriptive	ADJ
ajfa-5505	239	214	statistics	statistic	NOUN
ajfa-5505	239	215	by	by	ADP
ajfa-5505	239	216	credit	credit	NOUN
ajfa-5505	239	217	risk	risk	NOUN
ajfa-5505	239	218	of	of	ADP
ajfa-5505	239	219	borrowing	borrowing	NOUN
ajfa-5505	239	220	companies	company	NOUN
ajfa-5505	239	221	sample	sample	VERB
ajfa-5505	239	222	mean	mean	ADJ
ajfa-5505	239	223	median	median	PROPN
ajfa-5505	239	224	std	std	PROPN
ajfa-5505	239	225	.	.	PUNCT
ajfa-5505	239	226	min	min	PROPN
ajfa-5505	239	227	.	.	PROPN
ajfa-5505	239	228	max	max	PROPN
ajfa-5505	239	229	.	.	PUNCT
ajfa-5505	240	1	total	total	ADJ
ajfa-5505	240	2	sample	sample	NOUN
ajfa-5505	240	3	total	total	ADJ
ajfa-5505	240	4	assets	asset	NOUN
ajfa-5505	240	5	(	(	PUNCT
ajfa-5505	240	6	10	10	NUM
ajfa-5505	240	7	billion	billion	NUM
ajfa-5505	240	8	)	)	PUNCT
ajfa-5505	240	9	36,024	36,024	NUM
ajfa-5505	240	10	214.26	214.26	NUM
ajfa-5505	240	11	36.92	36.92	NUM
ajfa-5505	240	12	1,107.47	1,107.47	NUM
ajfa-5505	240	13	1.47	1.47	NUM
ajfa-5505	240	14	15,545.37	15,545.37	PROPN
ajfa-5505	240	15	pretax	pretax	ADJ
ajfa-5505	240	16	income	income	NOUN
ajfa-5505	240	17	ratio	ratio	NOUN
ajfa-5505	240	18	(	(	PUNCT
ajfa-5505	240	19	%	%	INTJ
ajfa-5505	240	20	)	)	PUNCT
ajfa-5505	240	21	36,024	36,024	NUM
ajfa-5505	240	22	3.74	3.74	NUM
ajfa-5505	240	23	3.73	3.73	NUM
ajfa-5505	240	24	13.81	13.81	NUM
ajfa-5505	240	25	-99.53	-99.53	PROPN
ajfa-5505	240	26	98.79	98.79	NUM
ajfa-5505	240	27	debt	debt	NOUN
ajfa-5505	240	28	ratio	ratio	NOUN
ajfa-5505	240	29	36,024	36,024	NUM
ajfa-5505	240	30	48.60	48.60	NUM
ajfa-5505	240	31	48.41	48.41	NUM
ajfa-5505	240	32	13.82	13.82	NUM
ajfa-5505	240	33	3.91	3.91	NUM
ajfa-5505	240	34	97.4	97.4	NUM
ajfa-5505	240	35	tcri	tcri	NOUN
ajfa-5505	240	36	credit	credit	NOUN
ajfa-5505	240	37	rating	rating	NOUN
ajfa-5505	240	38	36,024	36,024	NUM
ajfa-5505	240	39	6.27	6.27	NUM
ajfa-5505	240	40	6	6	NUM
ajfa-5505	240	41	1.53	1.53	NUM
ajfa-5505	240	42	1	1	NUM
ajfa-5505	240	43	9	9	NUM
ajfa-5505	240	44	borrowing	borrowing	NOUN
ajfa-5505	240	45	interest	interest	NOUN
ajfa-5505	240	46	rate	rate	NOUN
ajfa-5505	240	47	(	(	PUNCT
ajfa-5505	240	48	%	%	INTJ
ajfa-5505	240	49	)	)	PUNCT
ajfa-5505	240	50	21,613	21,613	NUM
ajfa-5505	240	51	3.235	3.235	NUM
ajfa-5505	240	52	2.890	2.890	NUM
ajfa-5505	240	53	1.292	1.292	NUM
ajfa-5505	240	54	0.020	0.020	NUM
ajfa-5505	240	55	10.050	10.050	NUM
ajfa-5505	240	56	borrowing	borrowing	NOUN
ajfa-5505	240	57	spread	spread	NOUN
ajfa-5505	240	58	(	(	PUNCT
ajfa-5505	240	59	%	%	INTJ
ajfa-5505	240	60	)	)	PUNCT
ajfa-5505	240	61	21,613	21,613	NUM
ajfa-5505	240	62	-1.050	-1.050	NOUN
ajfa-5505	240	63	-1.401	-1.401	NOUN
ajfa-5505	241	1	1.382	1.382	NUM
ajfa-5505	241	2	-5.563	-5.563	NUM
ajfa-5505	241	3	6.127	6.127	NUM
ajfa-5505	241	4	sample	sample	NOUN
ajfa-5505	241	5	with	with	ADP
ajfa-5505	241	6	tcri≧7	tcri≧7	NOUN
ajfa-5505	241	7	total	total	ADJ
ajfa-5505	241	8	assets	asset	NOUN
ajfa-5505	241	9	(	(	PUNCT
ajfa-5505	241	10	10	10	NUM
ajfa-5505	241	11	billion	billion	NUM
ajfa-5505	241	12	)	)	PUNCT
ajfa-5505	241	13	16,187	16,187	NUM
ajfa-5505	241	14	48.79	48.79	NUM
ajfa-5505	241	15	*	*	PUNCT
ajfa-5505	241	16	*	*	PUNCT
ajfa-5505	241	17	*	*	PUNCT
ajfa-5505	241	18	22.49	22.49	NUM
ajfa-5505	241	19	*	*	PUNCT
ajfa-5505	241	20	*	*	PUNCT
ajfa-5505	241	21	*	*	PUNCT
ajfa-5505	241	22	111.28	111.28	NUM
ajfa-5505	241	23	1.47	1.47	NUM
ajfa-5505	241	24	2180.60	2180.60	NUM
ajfa-5505	241	25	pretax	pretax	ADJ
ajfa-5505	241	26	income	income	NOUN
ajfa-5505	241	27	ratio	ratio	NOUN
ajfa-5505	241	28	(	(	PUNCT
ajfa-5505	241	29	%	%	INTJ
ajfa-5505	241	30	)	)	PUNCT
ajfa-5505	241	31	16,187	16,187	NUM
ajfa-5505	241	32	-1.95	-1.95	NOUN
ajfa-5505	241	33	*	*	PUNCT
ajfa-5505	241	34	*	*	PUNCT
ajfa-5505	241	35	*	*	PUNCT
ajfa-5505	241	36	0.85	0.85	NUM
ajfa-5505	241	37	*	*	PUNCT
ajfa-5505	241	38	*	*	PUNCT
ajfa-5505	241	39	*	*	X
ajfa-5505	241	40	14.18	14.18	NUM
ajfa-5505	241	41	-99.53	-99.53	PROPN
ajfa-5505	241	42	98.79	98.79	NUM
ajfa-5505	241	43	debt	debt	NOUN
ajfa-5505	241	44	ratio	ratio	NOUN
ajfa-5505	241	45	16,187	16,187	NUM
ajfa-5505	241	46	53.41	53.41	NUM
ajfa-5505	241	47	*	*	PUNCT
ajfa-5505	241	48	*	*	PUNCT
ajfa-5505	241	49	*	*	PUNCT
ajfa-5505	241	50	53.80	53.80	NUM
ajfa-5505	241	51	*	*	PUNCT
ajfa-5505	241	52	*	*	PUNCT
ajfa-5505	241	53	*	*	PUNCT
ajfa-5505	241	54	13.91	13.91	NUM
ajfa-5505	241	55	3.91	3.91	NUM
ajfa-5505	241	56	97.40	97.40	NUM
ajfa-5505	241	57	borrowing	borrowing	NOUN
ajfa-5505	241	58	interest	interest	NOUN
ajfa-5505	241	59	rate	rate	NOUN
ajfa-5505	241	60	(	(	PUNCT
ajfa-5505	241	61	%	%	INTJ
ajfa-5505	241	62	)	)	PUNCT
ajfa-5505	241	63	9,082	9,082	NUM
ajfa-5505	241	64	3.534	3.534	NUM
ajfa-5505	241	65	*	*	PUNCT
ajfa-5505	241	66	*	*	PUNCT
ajfa-5505	241	67	*	*	PUNCT
ajfa-5505	241	68	3.257	3.257	NUM
ajfa-5505	241	69	*	*	PUNCT
ajfa-5505	241	70	*	*	PUNCT
ajfa-5505	241	71	*	*	PUNCT
ajfa-5505	241	72	1.267	1.267	NUM
ajfa-5505	241	73	0.020	0.020	NUM
ajfa-5505	241	74	10.050	10.050	NUM
ajfa-5505	241	75	borrowing	borrowing	NOUN
ajfa-5505	241	76	spread	spread	NOUN
ajfa-5505	241	77	(	(	PUNCT
ajfa-5505	241	78	%	%	INTJ
ajfa-5505	241	79	)	)	PUNCT
ajfa-5505	241	80	9,082	9,082	NUM
ajfa-5505	241	81	-0.734	-0.734	NOUN
ajfa-5505	241	82	*	*	PUNCT
ajfa-5505	241	83	*	*	PUNCT
ajfa-5505	241	84	*	*	PUNCT
ajfa-5505	241	85	-1.010	-1.010	NOUN
ajfa-5505	241	86	*	*	PUNCT
ajfa-5505	241	87	*	*	PUNCT
ajfa-5505	241	88	*	*	PUNCT
ajfa-5505	241	89	1.345	1.345	NUM
ajfa-5505	241	90	-5.028	-5.028	SYM
ajfa-5505	241	91	6.127	6.127	NUM
ajfa-5505	241	92	sample	sample	NOUN
ajfa-5505	241	93	with	with	ADP
ajfa-5505	241	94	tcri≦4	tcri≦4	X
ajfa-5505	241	95	total	total	ADJ
ajfa-5505	241	96	assets	asset	NOUN
ajfa-5505	241	97	(	(	PUNCT
ajfa-5505	241	98	10	10	NUM
ajfa-5505	241	99	billion	billion	NUM
ajfa-5505	241	100	)	)	PUNCT
ajfa-5505	241	101	4,643	4,643	NUM
ajfa-5505	241	102	1,139.06	1,139.06	NUM
ajfa-5505	241	103	266.93	266.93	NUM
ajfa-5505	241	104	2,842.43	2,842.43	NUM
ajfa-5505	241	105	10.28	10.28	NUM
ajfa-5505	241	106	15,545.37	15,545.37	NUM
ajfa-5505	241	107	pretax	pretax	ADJ
ajfa-5505	241	108	income	income	NOUN
ajfa-5505	241	109	ratio	ratio	NOUN
ajfa-5505	241	110	(	(	PUNCT
ajfa-5505	241	111	%	%	INTJ
ajfa-5505	241	112	)	)	PUNCT
ajfa-5505	241	113	4,643	4,643	NUM
ajfa-5505	241	114	10.91	10.91	NUM
ajfa-5505	241	115	8.06	8.06	NUM
ajfa-5505	241	116	13.32	13.32	NUM
ajfa-5505	241	117	-28.06	-28.06	SYM
ajfa-5505	241	118	98.20	98.20	NUM
ajfa-5505	241	119	debt	debt	NOUN
ajfa-5505	241	120	ratio	ratio	NOUN
ajfa-5505	241	121	4,643	4,643	NUM
ajfa-5505	241	122	41.40	41.40	NUM
ajfa-5505	241	123	40.06	40.06	NUM
ajfa-5505	241	124	11.05	11.05	NUM
ajfa-5505	241	125	8.44	8.44	NUM
ajfa-5505	241	126	70.67	70.67	NUM
ajfa-5505	241	127	borrowing	borrowing	NOUN
ajfa-5505	241	128	interest	interest	NOUN
ajfa-5505	241	129	rate	rate	NOUN
ajfa-5505	241	130	(	(	PUNCT
ajfa-5505	241	131	%	%	INTJ
ajfa-5505	241	132	)	)	PUNCT
ajfa-5505	241	133	2,950	2,950	NUM
ajfa-5505	241	134	2.909	2.909	NUM
ajfa-5505	241	135	2.540	2.540	NUM
ajfa-5505	241	136	1.335	1.335	NUM
ajfa-5505	241	137	0.020	0.020	NUM
ajfa-5505	241	138	9.100	9.100	NUM
ajfa-5505	241	139	borrowing	borrowing	NOUN
ajfa-5505	241	140	spread	spread	NOUN
ajfa-5505	241	141	(	(	PUNCT
ajfa-5505	241	142	%	%	INTJ
ajfa-5505	241	143	)	)	PUNCT
ajfa-5505	241	144	2,950	2,950	NUM
ajfa-5505	241	145	-1.429	-1.429	NOUN
ajfa-5505	241	146	-1.770	-1.770	NOUN
ajfa-5505	241	147	1.422	1.422	NUM
ajfa-5505	241	148	-5.563	-5.563	NUM
ajfa-5505	241	149	5.466	5.466	NUM
ajfa-5505	241	150	4.2	4.2	NUM
ajfa-5505	241	151	factors	factor	NOUN
ajfa-5505	241	152	impacting	impact	VERB
ajfa-5505	241	153	the	the	DET
ajfa-5505	241	154	loan	loan	NOUN
ajfa-5505	241	155	spreads	spread	VERB
ajfa-5505	241	156	banks	bank	NOUN
ajfa-5505	241	157	with	with	ADP
ajfa-5505	241	158	or	or	CCONJ
ajfa-5505	241	159	without	without	ADP
ajfa-5505	241	160	“	"	PUNCT
ajfa-5505	241	161	wobd	wobd	NOUN
ajfa-5505	241	162	”	"	PUNCT
ajfa-5505	241	163	this	this	DET
ajfa-5505	241	164	section	section	NOUN
ajfa-5505	241	165	aims	aim	VERB
ajfa-5505	241	166	to	to	PART
ajfa-5505	241	167	focus	focus	VERB
ajfa-5505	241	168	on	on	ADP
ajfa-5505	241	169	banks	bank	NOUN
ajfa-5505	241	170	with	with	ADP
ajfa-5505	241	171	or	or	CCONJ
ajfa-5505	241	172	without	without	ADP
ajfa-5505	241	173	“	"	PUNCT
ajfa-5505	241	174	wobd	wobd	NOUN
ajfa-5505	241	175	”	"	PUNCT
ajfa-5505	241	176	,	,	PUNCT
ajfa-5505	241	177	and	and	CCONJ
ajfa-5505	241	178	from	from	ADP
ajfa-5505	241	179	those	those	DET
ajfa-5505	241	180	banks	bank	NOUN
ajfa-5505	241	181	we	we	PRON
ajfa-5505	241	182	select	select	VERB
ajfa-5505	241	183	the	the	DET
ajfa-5505	241	184	relationship	relationship	NOUN
ajfa-5505	241	185	borrowers	borrower	NOUN
ajfa-5505	241	186	as	as	ADP
ajfa-5505	241	187	samples	sample	NOUN
ajfa-5505	241	188	to	to	PART
ajfa-5505	241	189	explore	explore	VERB
ajfa-5505	241	190	the	the	DET
ajfa-5505	241	191	factors	factor	NOUN
ajfa-5505	241	192	impacting	impact	VERB
ajfa-5505	241	193	the	the	DET
ajfa-5505	241	194	loan	loan	NOUN
ajfa-5505	241	195	spreads	spread	NOUN
ajfa-5505	241	196	.	.	PUNCT
ajfa-5505	242	1	by	by	ADP
ajfa-5505	242	2	distinguishing	distinguish	VERB
ajfa-5505	242	3	these	these	DET
ajfa-5505	242	4	factors	factor	NOUN
ajfa-5505	242	5	from	from	ADP
ajfa-5505	242	6	the	the	DET
ajfa-5505	242	7	aspects	aspect	NOUN
ajfa-5505	242	8	of	of	ADP
ajfa-5505	242	9	creditor	creditor	NOUN
ajfa-5505	242	10	banks	bank	NOUN
ajfa-5505	242	11	and	and	CCONJ
ajfa-5505	242	12	borrowing	borrow	VERB
ajfa-5505	242	13	companies	company	NOUN
ajfa-5505	242	14	,	,	PUNCT
ajfa-5505	242	15	for	for	ADP
ajfa-5505	242	16	the	the	DET
ajfa-5505	242	17	former	former	ADJ
ajfa-5505	242	18	we	we	PRON
ajfa-5505	242	19	emphasize	emphasize	VERB
ajfa-5505	242	20	lending	lending	NOUN
ajfa-5505	242	21	performance25	performance25	NOUN
ajfa-5505	242	22	,	,	PUNCT
ajfa-5505	242	23	ownership	ownership	NOUN
ajfa-5505	242	24	type	type	NOUN
ajfa-5505	242	25	and	and	CCONJ
ajfa-5505	242	26	relationships	relationship	NOUN
ajfa-5505	242	27	,	,	PUNCT
ajfa-5505	242	28	and	and	CCONJ
ajfa-5505	242	29	for	for	ADP
ajfa-5505	242	30	the	the	DET
ajfa-5505	242	31	latter	latter	ADJ
ajfa-5505	242	32	we	we	PRON
ajfa-5505	242	33	focus	focus	VERB
ajfa-5505	242	34	on	on	ADP
ajfa-5505	242	35	credit	credit	NOUN
ajfa-5505	242	36	risk	risk	NOUN
ajfa-5505	242	37	ratings	rating	NOUN
ajfa-5505	242	38	and	and	CCONJ
ajfa-5505	242	39	ratings	rating	NOUN
ajfa-5505	242	40	upgrade	upgrade	VERB
ajfa-5505	242	41	or	or	CCONJ
ajfa-5505	242	42	downgrade	downgrade	VERB
ajfa-5505	242	43	statuses	status	NOUN
ajfa-5505	242	44	.	.	PUNCT
ajfa-5505	243	1	the	the	DET
ajfa-5505	243	2	empirical	empirical	ADJ
ajfa-5505	243	3	results	result	NOUN
ajfa-5505	243	4	are	be	AUX
ajfa-5505	243	5	shown	show	VERB
ajfa-5505	243	6	in	in	ADP
ajfa-5505	243	7	table	table	NOUN
ajfa-5505	243	8	5	5	NUM
ajfa-5505	243	9	.	.	PUNCT
ajfa-5505	243	10	model	model	NOUN
ajfa-5505	243	11	(	(	PUNCT
ajfa-5505	243	12	1	1	NUM
ajfa-5505	243	13	)	)	PUNCT
ajfa-5505	243	14	in	in	ADP
ajfa-5505	243	15	table	table	NOUN
ajfa-5505	243	16	5	5	NUM
ajfa-5505	243	17	simply	simply	ADV
ajfa-5505	243	18	verifies	verify	VERB
ajfa-5505	243	19	the	the	DET
ajfa-5505	243	20	impact	impact	NOUN
ajfa-5505	243	21	of	of	ADP
ajfa-5505	243	22	related	related	ADJ
ajfa-5505	243	23	dimensions	dimension	NOUN
ajfa-5505	243	24	on	on	ADP
ajfa-5505	243	25	loan	loan	NOUN
ajfa-5505	243	26	spreads	spread	NOUN
ajfa-5505	243	27	.	.	PUNCT
ajfa-5505	244	1	model	model	NOUN
ajfa-5505	244	2	(	(	PUNCT
ajfa-5505	244	3	2	2	NUM
ajfa-5505	244	4	)	)	PUNCT
ajfa-5505	244	5	includes	include	VERB
ajfa-5505	244	6	the	the	DET
ajfa-5505	244	7	interaction	interaction	NOUN
ajfa-5505	244	8	items	item	NOUN
ajfa-5505	244	9	of	of	ADP
ajfa-5505	244	10	credit	credit	NOUN
ajfa-5505	244	11	risk	risk	NOUN
ajfa-5505	244	12	of	of	ADP
ajfa-5505	244	13	the	the	DET
ajfa-5505	244	14	borrowing	borrowing	NOUN
ajfa-5505	244	15	companies	company	NOUN
ajfa-5505	244	16	(	(	PUNCT
ajfa-5505	244	17	measured	measure	VERB
ajfa-5505	244	18	by	by	ADP
ajfa-5505	244	19	a	a	DET
ajfa-5505	244	20	dummy	dummy	ADJ
ajfa-5505	244	21	variable	variable	NOUN
ajfa-5505	244	22	)	)	PUNCT
ajfa-5505	244	23	with	with	ADP
ajfa-5505	244	24	each	each	DET
ajfa-5505	244	25	dimension	dimension	NOUN
ajfa-5505	244	26	verifying	verify	VERB
ajfa-5505	244	27	whether	whether	SCONJ
ajfa-5505	244	28	the	the	DET
ajfa-5505	244	29	level	level	NOUN
ajfa-5505	244	30	of	of	ADP
ajfa-5505	244	31	credit	credit	NOUN
ajfa-5505	244	32	risk	risk	NOUN
ajfa-5505	244	33	impacts	impact	VERB
ajfa-5505	244	34	the	the	DET
ajfa-5505	244	35	loan	loan	NOUN
ajfa-5505	244	36	spreads	spread	NOUN
ajfa-5505	244	37	.	.	PUNCT
ajfa-5505	245	1	furthermore	furthermore	ADV
ajfa-5505	245	2	,	,	PUNCT
ajfa-5505	245	3	model	model	NOUN
ajfa-5505	245	4	(	(	PUNCT
ajfa-5505	245	5	3	3	NUM
ajfa-5505	245	6	)	)	PUNCT
ajfa-5505	245	7	includes	include	VERB
ajfa-5505	245	8	the	the	DET
ajfa-5505	245	9	upgrade	upgrade	NOUN
ajfa-5505	245	10	and	and	CCONJ
ajfa-5505	245	11	downgrade	downgrade	VERB
ajfa-5505	245	12	credit	credit	NOUN
ajfa-5505	245	13	status	status	NOUN
ajfa-5505	245	14	of	of	ADP
ajfa-5505	245	15	borrowing	borrow	VERB
ajfa-5505	245	16	companies	company	NOUN
ajfa-5505	245	17	to	to	PART
ajfa-5505	245	18	verify	verify	VERB
ajfa-5505	245	19	how	how	SCONJ
ajfa-5505	245	20	they	they	PRON
ajfa-5505	245	21	affect	affect	VERB
ajfa-5505	245	22	the	the	DET
ajfa-5505	245	23	loan	loan	NOUN
ajfa-5505	245	24	spreads	spread	NOUN
ajfa-5505	245	25	.	.	PUNCT
ajfa-5505	246	1	the	the	DET
ajfa-5505	246	2	results	result	NOUN
ajfa-5505	246	3	of	of	ADP
ajfa-5505	246	4	model	model	NOUN
ajfa-5505	246	5	(	(	PUNCT
ajfa-5505	246	6	1	1	NUM
ajfa-5505	246	7	)	)	PUNCT
ajfa-5505	246	8	in	in	ADP
ajfa-5505	246	9	table	table	NOUN
ajfa-5505	246	10	5	5	NUM
ajfa-5505	246	11	indicate	indicate	VERB
ajfa-5505	246	12	that	that	SCONJ
ajfa-5505	246	13	for	for	ADP
ajfa-5505	246	14	borrowing	borrow	VERB
ajfa-5505	246	15	companies	company	NOUN
ajfa-5505	246	16	with	with	ADP
ajfa-5505	246	17	a	a	DET
ajfa-5505	246	18	high	high	ADJ
ajfa-5505	246	19	credit	credit	NOUN
ajfa-5505	246	20	risk	risk	NOUN
ajfa-5505	246	21	level	level	NOUN
ajfa-5505	246	22	,	,	PUNCT
ajfa-5505	246	23	the	the	DET
ajfa-5505	246	24	creditor	creditor	NOUN
ajfa-5505	246	25	banks	bank	NOUN
ajfa-5505	246	26	will	will	AUX
ajfa-5505	246	27	charge	charge	VERB
ajfa-5505	246	28	higher	high	ADJ
ajfa-5505	246	29	loan	loan	NOUN
ajfa-5505	246	30	spreads	spread	NOUN
ajfa-5505	246	31	.	.	PUNCT
ajfa-5505	247	1	the	the	DET
ajfa-5505	247	2	loan	loan	NOUN
ajfa-5505	247	3	spreads	spread	VERB
ajfa-5505	247	4	for	for	ADP
ajfa-5505	247	5	banks	bank	NOUN
ajfa-5505	247	6	with	with	ADP
ajfa-5505	247	7	wobd	wobd	NOUN
ajfa-5505	247	8	are	be	AUX
ajfa-5505	247	9	obviously	obviously	ADV
ajfa-5505	247	10	higher	high	ADJ
ajfa-5505	247	11	than	than	ADP
ajfa-5505	247	12	for	for	ADP
ajfa-5505	247	13	banks	bank	NOUN
ajfa-5505	247	14	without	without	ADP
ajfa-5505	247	15	wobd	wobd	NOUN
ajfa-5505	247	16	,	,	PUNCT
ajfa-5505	247	17	a	a	DET
ajfa-5505	247	18	finding	finding	NOUN
ajfa-5505	247	19	that	that	PRON
ajfa-5505	247	20	is	be	AUX
ajfa-5505	247	21	consistent	consistent	ADJ
ajfa-5505	247	22	with	with	ADP
ajfa-5505	247	23	the	the	DET
ajfa-5505	247	24	empirical	empirical	ADJ
ajfa-5505	247	25	results	result	NOUN
ajfa-5505	247	26	of	of	ADP
ajfa-5505	247	27	coleman	coleman	PROPN
ajfa-5505	247	28	et	et	PROPN
ajfa-5505	247	29	al	al	PROPN
ajfa-5505	247	30	.	.	PROPN
ajfa-5505	248	1	(	(	PUNCT
ajfa-5505	248	2	2002	2002	NUM
ajfa-5505	248	3	)	)	PUNCT
ajfa-5505	248	4	.	.	PUNCT
ajfa-5505	249	1	the	the	DET
ajfa-5505	249	2	loan	loan	NOUN
ajfa-5505	249	3	spreads	spread	NOUN
ajfa-5505	249	4	of	of	ADP
ajfa-5505	249	5	private	private	ADJ
ajfa-5505	249	6	financial	financial	ADJ
ajfa-5505	249	7	holding	hold	VERB
ajfa-5505	249	8	institutions	institution	NOUN
ajfa-5505	249	9	and	and	CCONJ
ajfa-5505	249	10	private	private	ADJ
ajfa-5505	249	11	non	non	ADJ
ajfa-5505	249	12	-	-	ADJ
ajfa-5505	249	13	financial	financial	ADJ
ajfa-5505	249	14	holding	hold	VERB
ajfa-5505	249	15	banks	bank	NOUN
ajfa-5505	249	16	are	be	AUX
ajfa-5505	249	17	significantly	significantly	ADV
ajfa-5505	249	18	lower	low	ADJ
ajfa-5505	249	19	than	than	ADP
ajfa-5505	249	20	those	those	PRON
ajfa-5505	249	21	for	for	ADP
ajfa-5505	249	22	state	state	NOUN
ajfa-5505	249	23	-	-	PUNCT
ajfa-5505	249	24	owned	own	VERB
ajfa-5505	249	25	banks	bank	NOUN
ajfa-5505	249	26	,	,	PUNCT
ajfa-5505	249	27	which	which	PRON
ajfa-5505	249	28	means	mean	VERB
ajfa-5505	249	29	that	that	SCONJ
ajfa-5505	249	30	after	after	ADP
ajfa-5505	249	31	the	the	DET
ajfa-5505	249	32	m&a	m&a	PROPN
ajfa-5505	249	33	involving	involve	VERB
ajfa-5505	249	34	the	the	DET
ajfa-5505	249	35	financial	financial	ADJ
ajfa-5505	249	36	institution	institution	NOUN
ajfa-5505	249	37	,	,	PUNCT
ajfa-5505	249	38	the	the	DET
ajfa-5505	249	39	private	private	ADJ
ajfa-5505	249	40	financial	financial	ADJ
ajfa-5505	249	41	holding	hold	VERB
ajfa-5505	249	42	institutions	institution	NOUN
ajfa-5505	249	43	make	make	VERB
ajfa-5505	249	44	the	the	DET
ajfa-5505	249	45	most	most	ADJ
ajfa-5505	249	46	of	of	ADP
ajfa-5505	249	47	lowering	lower	VERB
ajfa-5505	249	48	their	their	PRON
ajfa-5505	249	49	interest	interest	NOUN
ajfa-5505	249	50	rates	rate	NOUN
ajfa-5505	249	51	to	to	PART
ajfa-5505	249	52	attract	attract	VERB
ajfa-5505	249	53	borrowers	borrower	NOUN
ajfa-5505	249	54	.	.	PUNCT
ajfa-5505	250	1	the	the	DET
ajfa-5505	250	2	loan	loan	NOUN
ajfa-5505	250	3	spreads	spread	NOUN
ajfa-5505	250	4	of	of	ADP
ajfa-5505	250	5	private	private	ADJ
ajfa-5505	250	6	financial	financial	ADJ
ajfa-5505	250	7	holding	hold	VERB
ajfa-5505	250	8	institutions	institution	NOUN
ajfa-5505	250	9	are	be	AUX
ajfa-5505	250	10	significantly	significantly	ADV
ajfa-5505	250	11	lower	low	ADJ
ajfa-5505	250	12	asian	asian	ADJ
ajfa-5505	250	13	journal	journal	NOUN
ajfa-5505	250	14	of	of	ADP
ajfa-5505	250	15	finance	finance	PROPN
ajfa-5505	250	16	&	&	CCONJ
ajfa-5505	250	17	accounting	accounting	PROPN
ajfa-5505	250	18	issn	issn	PROPN
ajfa-5505	250	19	1946	1946	NUM
ajfa-5505	250	20	-	-	PUNCT
ajfa-5505	250	21	052x	052x	PROPN
ajfa-5505	250	22	2014	2014	NUM
ajfa-5505	250	23	,	,	PUNCT
ajfa-5505	250	24	vol	vol	NOUN
ajfa-5505	250	25	.	.	PROPN
ajfa-5505	250	26	6	6	NUM
ajfa-5505	250	27	,	,	PUNCT
ajfa-5505	250	28	no	no	INTJ
ajfa-5505	250	29	.	.	NOUN
ajfa-5505	250	30	2	2	NUM
ajfa-5505	250	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	250	32	36	36	NUM
ajfa-5505	250	33	than	than	ADP
ajfa-5505	250	34	those	those	PRON
ajfa-5505	250	35	of	of	ADP
ajfa-5505	250	36	the	the	DET
ajfa-5505	250	37	non	non	ADJ
ajfa-5505	250	38	-	-	ADJ
ajfa-5505	250	39	financial	financial	ADJ
ajfa-5505	250	40	holding	hold	VERB
ajfa-5505	250	41	banks	bank	NOUN
ajfa-5505	250	42	which	which	PRON
ajfa-5505	250	43	imply	imply	VERB
ajfa-5505	250	44	that	that	SCONJ
ajfa-5505	250	45	the	the	DET
ajfa-5505	250	46	private	private	ADJ
ajfa-5505	250	47	financial	financial	ADJ
ajfa-5505	250	48	holding	hold	VERB
ajfa-5505	250	49	institutions	institution	NOUN
ajfa-5505	250	50	create	create	VERB
ajfa-5505	250	51	scale	scale	NOUN
ajfa-5505	250	52	and	and	CCONJ
ajfa-5505	250	53	scope	scope	NOUN
ajfa-5505	250	54	economies	economy	NOUN
ajfa-5505	250	55	by	by	ADP
ajfa-5505	250	56	means	mean	NOUN
ajfa-5505	250	57	of	of	ADP
ajfa-5505	250	58	expanding	expand	VERB
ajfa-5505	250	59	the	the	DET
ajfa-5505	250	60	territory	territory	NOUN
ajfa-5505	250	61	and	and	CCONJ
ajfa-5505	250	62	receive	receive	VERB
ajfa-5505	250	63	more	more	ADJ
ajfa-5505	250	64	competition	competition	NOUN
ajfa-5505	250	65	advantages	advantage	NOUN
ajfa-5505	250	66	in	in	ADP
ajfa-5505	250	67	their	their	PRON
ajfa-5505	250	68	lending	lending	NOUN
ajfa-5505	250	69	business	business	NOUN
ajfa-5505	250	70	.	.	PUNCT
ajfa-5505	251	1	the	the	DET
ajfa-5505	251	2	foreign	foreign	ADJ
ajfa-5505	251	3	banks	bank	NOUN
ajfa-5505	251	4	seem	seem	VERB
ajfa-5505	251	5	to	to	PART
ajfa-5505	251	6	be	be	AUX
ajfa-5505	251	7	conservative	conservative	ADJ
ajfa-5505	251	8	in	in	ADP
ajfa-5505	251	9	the	the	DET
ajfa-5505	251	10	taiwan	taiwan	PROPN
ajfa-5505	251	11	banking	banking	NOUN
ajfa-5505	251	12	industry	industry	NOUN
ajfa-5505	251	13	for	for	ADP
ajfa-5505	251	14	,	,	PUNCT
ajfa-5505	251	15	perhaps	perhaps	ADV
ajfa-5505	251	16	out	out	ADP
ajfa-5505	251	17	of	of	ADP
ajfa-5505	251	18	consideration	consideration	NOUN
ajfa-5505	251	19	for	for	ADP
ajfa-5505	251	20	the	the	DET
ajfa-5505	251	21	cost	cost	NOUN
ajfa-5505	251	22	of	of	ADP
ajfa-5505	251	23	capital	capital	NOUN
ajfa-5505	251	24	,	,	PUNCT
ajfa-5505	251	25	they	they	PRON
ajfa-5505	251	26	always	always	ADV
ajfa-5505	251	27	required	require	VERB
ajfa-5505	251	28	higher	high	ADJ
ajfa-5505	251	29	loan	loan	NOUN
ajfa-5505	251	30	spreads	spread	NOUN
ajfa-5505	251	31	.	.	PUNCT
ajfa-5505	252	1	the	the	DET
ajfa-5505	252	2	relationship	relationship	NOUN
ajfa-5505	252	3	level	level	NOUN
ajfa-5505	252	4	presents	present	VERB
ajfa-5505	252	5	no	no	DET
ajfa-5505	252	6	significant	significant	ADJ
ajfa-5505	252	7	influence	influence	NOUN
ajfa-5505	252	8	on	on	ADP
ajfa-5505	252	9	loan	loan	NOUN
ajfa-5505	252	10	spreads	spread	NOUN
ajfa-5505	252	11	which	which	PRON
ajfa-5505	252	12	is	be	AUX
ajfa-5505	252	13	inconsistent	inconsistent	ADJ
ajfa-5505	252	14	with	with	ADP
ajfa-5505	252	15	the	the	DET
ajfa-5505	252	16	finding	finding	NOUN
ajfa-5505	252	17	of	of	ADP
ajfa-5505	252	18	chen	chen	PROPN
ajfa-5505	252	19	and	and	CCONJ
ajfa-5505	252	20	lai	lai	PROPN
ajfa-5505	252	21	(	(	PUNCT
ajfa-5505	252	22	2003	2003	NUM
ajfa-5505	252	23	):	):	PUNCT
ajfa-5505	252	24	“	"	PUNCT
ajfa-5505	252	25	the	the	DET
ajfa-5505	252	26	relationship	relationship	NOUN
ajfa-5505	252	27	level	level	NOUN
ajfa-5505	252	28	will	will	AUX
ajfa-5505	252	29	affect	affect	VERB
ajfa-5505	252	30	the	the	DET
ajfa-5505	252	31	loan	loan	NOUN
ajfa-5505	252	32	spreads”26	spreads”26	PROPN
ajfa-5505	252	33	.	.	PUNCT
ajfa-5505	253	1	the	the	DET
ajfa-5505	253	2	results	result	NOUN
ajfa-5505	253	3	of	of	ADP
ajfa-5505	253	4	empirical	empirical	ADJ
ajfa-5505	253	5	model	model	NOUN
ajfa-5505	253	6	(	(	PUNCT
ajfa-5505	253	7	2	2	NUM
ajfa-5505	253	8	)	)	PUNCT
ajfa-5505	253	9	in	in	ADP
ajfa-5505	253	10	table	table	NOUN
ajfa-5505	253	11	5	5	NUM
ajfa-5505	253	12	indicate	indicate	VERB
ajfa-5505	253	13	that	that	SCONJ
ajfa-5505	253	14	companies	company	NOUN
ajfa-5505	253	15	borrowing	borrow	VERB
ajfa-5505	253	16	from	from	ADP
ajfa-5505	253	17	banks	bank	NOUN
ajfa-5505	253	18	with	with	ADP
ajfa-5505	253	19	wobd	wobd	NOUN
ajfa-5505	253	20	receive	receive	VERB
ajfa-5505	253	21	higher	high	ADJ
ajfa-5505	253	22	loan	loan	NOUN
ajfa-5505	253	23	spreads	spread	NOUN
ajfa-5505	253	24	than	than	ADP
ajfa-5505	253	25	companies	company	NOUN
ajfa-5505	253	26	borrowing	borrow	VERB
ajfa-5505	253	27	from	from	ADP
ajfa-5505	253	28	banks	bank	NOUN
ajfa-5505	253	29	without	without	ADP
ajfa-5505	253	30	wobd	wobd	NOUN
ajfa-5505	253	31	.	.	PUNCT
ajfa-5505	254	1	however	however	ADV
ajfa-5505	254	2	,	,	PUNCT
ajfa-5505	254	3	there	there	PRON
ajfa-5505	254	4	is	be	VERB
ajfa-5505	254	5	no	no	DET
ajfa-5505	254	6	significant	significant	ADJ
ajfa-5505	254	7	difference	difference	NOUN
ajfa-5505	254	8	in	in	ADP
ajfa-5505	254	9	loan	loan	NOUN
ajfa-5505	254	10	spreads	spread	NOUN
ajfa-5505	254	11	between	between	ADP
ajfa-5505	254	12	borrowing	borrow	VERB
ajfa-5505	254	13	companies	company	NOUN
ajfa-5505	254	14	dealing	deal	VERB
ajfa-5505	254	15	with	with	ADP
ajfa-5505	254	16	banks	bank	NOUN
ajfa-5505	254	17	with	with	ADP
ajfa-5505	254	18	or	or	CCONJ
ajfa-5505	254	19	without	without	ADP
ajfa-5505	254	20	wobd	wobd	NOUN
ajfa-5505	254	21	,	,	PUNCT
ajfa-5505	254	22	which	which	PRON
ajfa-5505	254	23	suggests	suggest	VERB
ajfa-5505	254	24	that	that	SCONJ
ajfa-5505	254	25	banks	bank	NOUN
ajfa-5505	254	26	with	with	ADP
ajfa-5505	254	27	wobd	wobd	NOUN
ajfa-5505	254	28	did	do	AUX
ajfa-5505	254	29	not	not	PART
ajfa-5505	254	30	require	require	VERB
ajfa-5505	254	31	higher	high	ADJ
ajfa-5505	254	32	loan	loan	NOUN
ajfa-5505	254	33	spreads	spread	NOUN
ajfa-5505	254	34	from	from	ADP
ajfa-5505	254	35	borrowing	borrow	VERB
ajfa-5505	254	36	companies	company	NOUN
ajfa-5505	254	37	with	with	ADP
ajfa-5505	254	38	high	high	ADJ
ajfa-5505	254	39	credit	credit	NOUN
ajfa-5505	254	40	risk	risk	NOUN
ajfa-5505	254	41	which	which	PRON
ajfa-5505	254	42	somehow	somehow	ADV
ajfa-5505	254	43	reveals	reveal	VERB
ajfa-5505	254	44	that	that	SCONJ
ajfa-5505	254	45	banks	bank	NOUN
ajfa-5505	254	46	are	be	AUX
ajfa-5505	254	47	unable	unable	ADJ
ajfa-5505	254	48	to	to	PART
ajfa-5505	254	49	take	take	VERB
ajfa-5505	254	50	advantage	advantage	NOUN
ajfa-5505	254	51	of	of	ADP
ajfa-5505	254	52	the	the	DET
ajfa-5505	254	53	borrowers	borrower	NOUN
ajfa-5505	254	54	.	.	PUNCT
ajfa-5505	255	1	although	although	SCONJ
ajfa-5505	255	2	companies	company	NOUN
ajfa-5505	255	3	borrowing	borrow	VERB
ajfa-5505	255	4	from	from	ADP
ajfa-5505	255	5	private	private	ADJ
ajfa-5505	255	6	financial	financial	ADJ
ajfa-5505	255	7	holding	hold	VERB
ajfa-5505	255	8	institutions	institution	NOUN
ajfa-5505	255	9	and	and	CCONJ
ajfa-5505	255	10	private	private	ADJ
ajfa-5505	255	11	non	non	ADJ
ajfa-5505	255	12	-	-	ADJ
ajfa-5505	255	13	financial	financial	ADJ
ajfa-5505	255	14	holding	hold	VERB
ajfa-5505	255	15	banks	bank	NOUN
ajfa-5505	255	16	receive	receive	VERB
ajfa-5505	255	17	lower	low	ADJ
ajfa-5505	255	18	loan	loan	NOUN
ajfa-5505	255	19	spreads	spread	NOUN
ajfa-5505	255	20	than	than	ADP
ajfa-5505	255	21	state	state	NOUN
ajfa-5505	255	22	-	-	PUNCT
ajfa-5505	255	23	owned	own	VERB
ajfa-5505	255	24	banks	bank	NOUN
ajfa-5505	255	25	,	,	PUNCT
ajfa-5505	255	26	there	there	PRON
ajfa-5505	255	27	is	be	VERB
ajfa-5505	255	28	no	no	DET
ajfa-5505	255	29	difference	difference	NOUN
ajfa-5505	255	30	in	in	ADP
ajfa-5505	255	31	the	the	DET
ajfa-5505	255	32	case	case	NOUN
ajfa-5505	255	33	of	of	ADP
ajfa-5505	255	34	borrowing	borrowing	NOUN
ajfa-5505	255	35	companies	company	NOUN
ajfa-5505	255	36	with	with	ADP
ajfa-5505	255	37	high	high	ADJ
ajfa-5505	255	38	credit	credit	NOUN
ajfa-5505	255	39	risk	risk	NOUN
ajfa-5505	255	40	,	,	PUNCT
ajfa-5505	255	41	which	which	PRON
ajfa-5505	255	42	is	be	AUX
ajfa-5505	255	43	consistent	consistent	ADJ
ajfa-5505	255	44	with	with	ADP
ajfa-5505	255	45	the	the	DET
ajfa-5505	255	46	findings	finding	NOUN
ajfa-5505	255	47	of	of	ADP
ajfa-5505	255	48	panetta	panetta	PROPN
ajfa-5505	255	49	et	et	PROPN
ajfa-5505	255	50	al	al	PROPN
ajfa-5505	255	51	.	.	PROPN
ajfa-5505	256	1	(	(	PUNCT
ajfa-5505	256	2	2009	2009	NUM
ajfa-5505	256	3	):	):	PUNCT
ajfa-5505	256	4	“	"	PUNCT
ajfa-5505	256	5	after	after	ADP
ajfa-5505	256	6	the	the	DET
ajfa-5505	256	7	m&a	m&a	PROPN
ajfa-5505	256	8	of	of	ADP
ajfa-5505	256	9	taiwan	taiwan	PROPN
ajfa-5505	256	10	financial	financial	ADJ
ajfa-5505	256	11	institutions	institution	NOUN
ajfa-5505	256	12	,	,	PUNCT
ajfa-5505	256	13	the	the	DET
ajfa-5505	256	14	information	information	NOUN
ajfa-5505	256	15	advantage	advantage	NOUN
ajfa-5505	256	16	of	of	ADP
ajfa-5505	256	17	the	the	DET
ajfa-5505	256	18	taiwan	taiwan	PROPN
ajfa-5505	256	19	financial	financial	ADJ
ajfa-5505	256	20	market	market	NOUN
ajfa-5505	256	21	disappears	disappear	VERB
ajfa-5505	256	22	and	and	CCONJ
ajfa-5505	256	23	banks	bank	VERB
ajfa-5505	256	24	post	post	ADJ
ajfa-5505	256	25	-	-	ADJ
ajfa-5505	256	26	m&a	m&a	PROPN
ajfa-5505	256	27	did	do	AUX
ajfa-5505	256	28	not	not	PART
ajfa-5505	256	29	possess	possess	VERB
ajfa-5505	256	30	the	the	DET
ajfa-5505	256	31	ability	ability	NOUN
ajfa-5505	256	32	to	to	PART
ajfa-5505	256	33	take	take	VERB
ajfa-5505	256	34	advantage	advantage	NOUN
ajfa-5505	256	35	of	of	ADP
ajfa-5505	256	36	borrowers	borrower	NOUN
ajfa-5505	256	37	.	.	PUNCT
ajfa-5505	256	38	”	"	PUNCT
ajfa-5505	257	1	as	as	ADP
ajfa-5505	257	2	for	for	ADP
ajfa-5505	257	3	the	the	DET
ajfa-5505	257	4	borrowers	borrower	NOUN
ajfa-5505	257	5	with	with	ADP
ajfa-5505	257	6	a	a	DET
ajfa-5505	257	7	high	high	ADJ
ajfa-5505	257	8	level	level	NOUN
ajfa-5505	257	9	of	of	ADP
ajfa-5505	257	10	credit	credit	NOUN
ajfa-5505	257	11	risk	risk	NOUN
ajfa-5505	257	12	,	,	PUNCT
ajfa-5505	257	13	the	the	DET
ajfa-5505	257	14	banks	bank	NOUN
ajfa-5505	257	15	did	do	AUX
ajfa-5505	257	16	not	not	PART
ajfa-5505	257	17	ask	ask	VERB
ajfa-5505	257	18	for	for	ADP
ajfa-5505	257	19	an	an	DET
ajfa-5505	257	20	extra	extra	ADJ
ajfa-5505	257	21	risk	risk	NOUN
ajfa-5505	257	22	premium	premium	NOUN
ajfa-5505	257	23	,	,	PUNCT
ajfa-5505	257	24	which	which	PRON
ajfa-5505	257	25	may	may	AUX
ajfa-5505	257	26	explain	explain	VERB
ajfa-5505	257	27	why	why	SCONJ
ajfa-5505	257	28	for	for	ADP
ajfa-5505	257	29	post	post	ADJ
ajfa-5505	257	30	-	-	ADJ
ajfa-5505	257	31	m&a	m&a	ADJ
ajfa-5505	257	32	taiwan	taiwan	PROPN
ajfa-5505	257	33	financial	financial	ADJ
ajfa-5505	257	34	institutions	institution	NOUN
ajfa-5505	257	35	,	,	PUNCT
ajfa-5505	257	36	banks	bank	NOUN
ajfa-5505	257	37	have	have	AUX
ajfa-5505	257	38	increased	increase	VERB
ajfa-5505	257	39	their	their	PRON
ajfa-5505	257	40	risk	risk	NOUN
ajfa-5505	257	41	tolerance	tolerance	NOUN
ajfa-5505	257	42	,	,	PUNCT
ajfa-5505	257	43	and	and	CCONJ
ajfa-5505	257	44	therefore	therefore	ADV
ajfa-5505	257	45	did	do	AUX
ajfa-5505	257	46	not	not	PART
ajfa-5505	257	47	respond	respond	VERB
ajfa-5505	257	48	to	to	ADP
ajfa-5505	257	49	the	the	DET
ajfa-5505	257	50	interest	interest	NOUN
ajfa-5505	257	51	rate	rate	NOUN
ajfa-5505	257	52	.	.	PUNCT
ajfa-5505	258	1	empirical	empirical	ADJ
ajfa-5505	258	2	model	model	NOUN
ajfa-5505	258	3	(	(	PUNCT
ajfa-5505	258	4	2	2	NUM
ajfa-5505	258	5	)	)	PUNCT
ajfa-5505	258	6	presents	present	VERB
ajfa-5505	258	7	the	the	DET
ajfa-5505	258	8	results	result	NOUN
ajfa-5505	258	9	indicating	indicate	VERB
ajfa-5505	258	10	that	that	SCONJ
ajfa-5505	258	11	the	the	DET
ajfa-5505	258	12	loan	loan	NOUN
ajfa-5505	258	13	spreads	spread	NOUN
ajfa-5505	258	14	of	of	ADP
ajfa-5505	258	15	foreign	foreign	ADJ
ajfa-5505	258	16	banks	bank	NOUN
ajfa-5505	258	17	are	be	AUX
ajfa-5505	258	18	significantly	significantly	ADV
ajfa-5505	258	19	higher	high	ADJ
ajfa-5505	258	20	than	than	ADP
ajfa-5505	258	21	those	those	PRON
ajfa-5505	258	22	of	of	ADP
ajfa-5505	258	23	state	state	NOUN
ajfa-5505	258	24	-	-	PUNCT
ajfa-5505	258	25	owned	own	VERB
ajfa-5505	258	26	banks	bank	NOUN
ajfa-5505	258	27	when	when	SCONJ
ajfa-5505	258	28	facing	face	VERB
ajfa-5505	258	29	borrowing	borrowing	NOUN
ajfa-5505	258	30	companies	company	NOUN
ajfa-5505	258	31	with	with	ADP
ajfa-5505	258	32	high	high	ADJ
ajfa-5505	258	33	credit	credit	NOUN
ajfa-5505	258	34	risk	risk	NOUN
ajfa-5505	258	35	,	,	PUNCT
ajfa-5505	258	36	which	which	PRON
ajfa-5505	258	37	implies	imply	VERB
ajfa-5505	258	38	that	that	SCONJ
ajfa-5505	258	39	the	the	DET
ajfa-5505	258	40	pricing	pricing	NOUN
ajfa-5505	258	41	strategies	strategy	NOUN
ajfa-5505	258	42	of	of	ADP
ajfa-5505	258	43	foreign	foreign	ADJ
ajfa-5505	258	44	banks	bank	NOUN
ajfa-5505	258	45	can	can	AUX
ajfa-5505	258	46	reasonably	reasonably	ADV
ajfa-5505	258	47	respond	respond	VERB
ajfa-5505	258	48	to	to	ADP
ajfa-5505	258	49	the	the	DET
ajfa-5505	258	50	credit	credit	NOUN
ajfa-5505	258	51	quality	quality	NOUN
ajfa-5505	258	52	of	of	ADP
ajfa-5505	258	53	the	the	DET
ajfa-5505	258	54	borrowing	borrowing	NOUN
ajfa-5505	258	55	companies	company	NOUN
ajfa-5505	258	56	and	and	CCONJ
ajfa-5505	258	57	pay	pay	VERB
ajfa-5505	258	58	more	more	ADJ
ajfa-5505	258	59	attention	attention	NOUN
ajfa-5505	258	60	to	to	ADP
ajfa-5505	258	61	the	the	DET
ajfa-5505	258	62	information	information	NOUN
ajfa-5505	258	63	presented	present	VERB
ajfa-5505	258	64	in	in	ADP
ajfa-5505	258	65	the	the	DET
ajfa-5505	258	66	financial	financial	ADJ
ajfa-5505	258	67	statements	statement	NOUN
ajfa-5505	258	68	,	,	PUNCT
ajfa-5505	258	69	which	which	PRON
ajfa-5505	258	70	is	be	AUX
ajfa-5505	258	71	consistent	consistent	ADJ
ajfa-5505	258	72	with	with	ADP
ajfa-5505	258	73	the	the	DET
ajfa-5505	258	74	findings	finding	NOUN
ajfa-5505	258	75	of	of	ADP
ajfa-5505	258	76	berger	berger	PROPN
ajfa-5505	258	77	-	-	PUNCT
ajfa-5505	258	78	udell	udell	PROPN
ajfa-5505	258	79	(	(	PUNCT
ajfa-5505	258	80	2001	2001	NUM
ajfa-5505	258	81	):	):	PUNCT
ajfa-5505	258	82	banks	bank	NOUN
ajfa-5505	258	83	that	that	PRON
ajfa-5505	258	84	are	be	AUX
ajfa-5505	258	85	large	large	ADJ
ajfa-5505	258	86	in	in	ADP
ajfa-5505	258	87	size	size	NOUN
ajfa-5505	258	88	,	,	PUNCT
ajfa-5505	258	89	foreign	foreign	ADJ
ajfa-5505	258	90	banks	bank	NOUN
ajfa-5505	258	91	and	and	CCONJ
ajfa-5505	258	92	banks	bank	NOUN
ajfa-5505	258	93	facing	face	VERB
ajfa-5505	258	94	a	a	DET
ajfa-5505	258	95	financial	financial	ADJ
ajfa-5505	258	96	crisis	crisis	NOUN
ajfa-5505	258	97	tend	tend	VERB
ajfa-5505	258	98	to	to	PART
ajfa-5505	258	99	engage	engage	VERB
ajfa-5505	258	100	in	in	ADP
ajfa-5505	258	101	transactional	transactional	ADJ
ajfa-5505	258	102	lending27	lending27	NOUN
ajfa-5505	258	103	.	.	PUNCT
ajfa-5505	259	1	the	the	DET
ajfa-5505	259	2	results	result	NOUN
ajfa-5505	259	3	of	of	ADP
ajfa-5505	259	4	empirical	empirical	ADJ
ajfa-5505	259	5	model	model	NOUN
ajfa-5505	259	6	(	(	PUNCT
ajfa-5505	259	7	3	3	NUM
ajfa-5505	259	8	)	)	PUNCT
ajfa-5505	259	9	in	in	ADP
ajfa-5505	259	10	table	table	NOUN
ajfa-5505	259	11	5	5	NUM
ajfa-5505	259	12	indicate	indicate	VERB
ajfa-5505	259	13	that	that	SCONJ
ajfa-5505	259	14	in	in	ADP
ajfa-5505	259	15	the	the	DET
ajfa-5505	259	16	case	case	NOUN
ajfa-5505	259	17	of	of	ADP
ajfa-5505	259	18	borrowing	borrowing	NOUN
ajfa-5505	259	19	companies	company	NOUN
ajfa-5505	259	20	with	with	ADP
ajfa-5505	259	21	upgraded	upgrade	VERB
ajfa-5505	259	22	credit	credit	NOUN
ajfa-5505	259	23	ratings	rating	NOUN
ajfa-5505	259	24	,	,	PUNCT
ajfa-5505	259	25	banks	bank	NOUN
ajfa-5505	259	26	adversely	adversely	ADV
ajfa-5505	259	27	increase	increase	VERB
ajfa-5505	259	28	the	the	DET
ajfa-5505	259	29	loan	loan	NOUN
ajfa-5505	259	30	spreads	spread	NOUN
ajfa-5505	259	31	.	.	PUNCT
ajfa-5505	260	1	with	with	ADP
ajfa-5505	260	2	regard	regard	NOUN
ajfa-5505	260	3	to	to	ADP
ajfa-5505	260	4	the	the	DET
ajfa-5505	260	5	high	high	ADJ
ajfa-5505	260	6	-	-	PUNCT
ajfa-5505	260	7	risk	risk	NOUN
ajfa-5505	260	8	borrowing	borrowing	NOUN
ajfa-5505	260	9	companies	company	NOUN
ajfa-5505	260	10	,	,	PUNCT
ajfa-5505	260	11	if	if	SCONJ
ajfa-5505	260	12	they	they	PRON
ajfa-5505	260	13	can	can	AUX
ajfa-5505	260	14	upgrade	upgrade	VERB
ajfa-5505	260	15	their	their	PRON
ajfa-5505	260	16	credit	credit	NOUN
ajfa-5505	260	17	rating	rating	NOUN
ajfa-5505	260	18	3	3	NUM
ajfa-5505	260	19	years	year	NOUN
ajfa-5505	260	20	before	before	ADP
ajfa-5505	260	21	financing	financing	NOUN
ajfa-5505	260	22	,	,	PUNCT
ajfa-5505	260	23	the	the	DET
ajfa-5505	260	24	bank	bank	NOUN
ajfa-5505	260	25	will	will	AUX
ajfa-5505	260	26	lower	lower	VERB
ajfa-5505	260	27	the	the	DET
ajfa-5505	260	28	loan	loan	NOUN
ajfa-5505	260	29	spreads	spread	NOUN
ajfa-5505	260	30	,	,	PUNCT
ajfa-5505	260	31	revealing	reveal	VERB
ajfa-5505	260	32	that	that	SCONJ
ajfa-5505	260	33	the	the	DET
ajfa-5505	260	34	lending	lending	NOUN
ajfa-5505	260	35	price	price	NOUN
ajfa-5505	260	36	only	only	ADV
ajfa-5505	260	37	responds	respond	VERB
ajfa-5505	260	38	to	to	ADP
ajfa-5505	260	39	high	high	ADJ
ajfa-5505	260	40	-	-	PUNCT
ajfa-5505	260	41	risk	risk	NOUN
ajfa-5505	260	42	borrowing	borrowing	NOUN
ajfa-5505	260	43	companies	company	NOUN
ajfa-5505	260	44	when	when	SCONJ
ajfa-5505	260	45	their	their	PRON
ajfa-5505	260	46	credit	credit	NOUN
ajfa-5505	260	47	quality	quality	NOUN
ajfa-5505	260	48	improves	improve	VERB
ajfa-5505	260	49	.	.	PUNCT
ajfa-5505	261	1	for	for	ADP
ajfa-5505	261	2	common	common	ADJ
ajfa-5505	261	3	borrowers	borrower	NOUN
ajfa-5505	261	4	,	,	PUNCT
ajfa-5505	261	5	banks	bank	NOUN
ajfa-5505	261	6	do	do	AUX
ajfa-5505	261	7	not	not	PART
ajfa-5505	261	8	adjust	adjust	VERB
ajfa-5505	261	9	the	the	DET
ajfa-5505	261	10	interest	interest	NOUN
ajfa-5505	261	11	rate	rate	NOUN
ajfa-5505	261	12	for	for	ADP
ajfa-5505	261	13	them	they	PRON
ajfa-5505	261	14	even	even	ADV
ajfa-5505	261	15	if	if	SCONJ
ajfa-5505	261	16	their	their	PRON
ajfa-5505	261	17	credit	credit	NOUN
ajfa-5505	261	18	qualities	quality	NOUN
ajfa-5505	261	19	have	have	AUX
ajfa-5505	261	20	improved	improve	VERB
ajfa-5505	261	21	.	.	PUNCT
ajfa-5505	262	1	with	with	ADP
ajfa-5505	262	2	respect	respect	NOUN
ajfa-5505	262	3	to	to	ADP
ajfa-5505	262	4	the	the	DET
ajfa-5505	262	5	characteristics	characteristic	NOUN
ajfa-5505	262	6	of	of	ADP
ajfa-5505	262	7	the	the	DET
ajfa-5505	262	8	borrowing	borrowing	NOUN
ajfa-5505	262	9	companies	company	NOUN
ajfa-5505	262	10	,	,	PUNCT
ajfa-5505	262	11	we	we	PRON
ajfa-5505	262	12	find	find	VERB
ajfa-5505	262	13	that	that	SCONJ
ajfa-5505	262	14	for	for	ADP
ajfa-5505	262	15	borrowing	borrow	VERB
ajfa-5505	262	16	companies	company	NOUN
ajfa-5505	262	17	that	that	PRON
ajfa-5505	262	18	are	be	AUX
ajfa-5505	262	19	small	small	ADJ
ajfa-5505	262	20	in	in	ADP
ajfa-5505	262	21	size	size	NOUN
ajfa-5505	262	22	and	and	CCONJ
ajfa-5505	262	23	have	have	VERB
ajfa-5505	262	24	high	high	ADJ
ajfa-5505	262	25	debt	debt	NOUN
ajfa-5505	262	26	ratios	ratio	NOUN
ajfa-5505	262	27	,	,	PUNCT
ajfa-5505	262	28	banks	bank	NOUN
ajfa-5505	262	29	will	will	AUX
ajfa-5505	262	30	often	often	ADV
ajfa-5505	262	31	grant	grant	VERB
ajfa-5505	262	32	them	they	PRON
ajfa-5505	262	33	higher	high	ADJ
ajfa-5505	262	34	loan	loan	NOUN
ajfa-5505	262	35	spreads	spread	NOUN
ajfa-5505	262	36	.	.	PUNCT
ajfa-5505	263	1	from	from	ADP
ajfa-5505	263	2	the	the	DET
ajfa-5505	263	3	characteristics	characteristic	NOUN
ajfa-5505	263	4	of	of	ADP
ajfa-5505	263	5	the	the	DET
ajfa-5505	263	6	banks	bank	NOUN
ajfa-5505	263	7	,	,	PUNCT
ajfa-5505	263	8	we	we	PRON
ajfa-5505	263	9	find	find	VERB
ajfa-5505	263	10	that	that	SCONJ
ajfa-5505	263	11	the	the	DET
ajfa-5505	263	12	banks	bank	NOUN
ajfa-5505	263	13	that	that	PRON
ajfa-5505	263	14	are	be	AUX
ajfa-5505	263	15	large	large	ADJ
ajfa-5505	263	16	in	in	ADP
ajfa-5505	263	17	size	size	NOUN
ajfa-5505	263	18	and	and	CCONJ
ajfa-5505	263	19	characterized	characterize	VERB
ajfa-5505	263	20	by	by	ADP
ajfa-5505	263	21	low	low	ADJ
ajfa-5505	263	22	efficiency	efficiency	NOUN
ajfa-5505	263	23	will	will	AUX
ajfa-5505	263	24	often	often	ADV
ajfa-5505	263	25	give	give	VERB
ajfa-5505	263	26	borrowers	borrower	NOUN
ajfa-5505	263	27	higher	high	ADJ
ajfa-5505	263	28	loan	loan	NOUN
ajfa-5505	263	29	spreads	spread	NOUN
ajfa-5505	263	30	.	.	PUNCT
ajfa-5505	264	1	asian	asian	ADJ
ajfa-5505	264	2	journal	journal	PROPN
ajfa-5505	264	3	of	of	ADP
ajfa-5505	264	4	finance	finance	PROPN
ajfa-5505	264	5	&	&	CCONJ
ajfa-5505	264	6	accounting	accounting	PROPN
ajfa-5505	264	7	issn	issn	PROPN
ajfa-5505	264	8	1946	1946	NUM
ajfa-5505	264	9	-	-	PUNCT
ajfa-5505	264	10	052x	052x	PROPN
ajfa-5505	264	11	2014	2014	NUM
ajfa-5505	264	12	,	,	PUNCT
ajfa-5505	264	13	vol	vol	NOUN
ajfa-5505	264	14	.	.	PROPN
ajfa-5505	265	1	6	6	NUM
ajfa-5505	265	2	,	,	PUNCT
ajfa-5505	265	3	no	no	INTJ
ajfa-5505	265	4	.	.	NOUN
ajfa-5505	265	5	2	2	NUM
ajfa-5505	265	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	265	7	37	37	NUM
ajfa-5505	265	8	table	table	NOUN
ajfa-5505	265	9	5	5	NUM
ajfa-5505	265	10	.	.	PUNCT
ajfa-5505	266	1	the	the	DET
ajfa-5505	266	2	impact	impact	NOUN
ajfa-5505	266	3	of	of	ADP
ajfa-5505	266	4	the	the	DET
ajfa-5505	266	5	customer	customer	NOUN
ajfa-5505	266	6	’s	’s	PART
ajfa-5505	266	7	credit	credit	NOUN
ajfa-5505	266	8	state	state	NOUN
ajfa-5505	266	9	and	and	CCONJ
ajfa-5505	266	10	relationships	relationship	NOUN
ajfa-5505	266	11	on	on	ADP
ajfa-5505	266	12	loan	loan	NOUN
ajfa-5505	266	13	spreadssampling	spreadssampling	NOUN
ajfa-5505	266	14	with	with	ADP
ajfa-5505	266	15	or	or	CCONJ
ajfa-5505	266	16	without	without	ADP
ajfa-5505	266	17	“	"	PUNCT
ajfa-5505	266	18	wobd	wobd	NOUN
ajfa-5505	266	19	”	"	PUNCT
ajfa-5505	266	20	dimensions	dimension	NOUN
ajfa-5505	266	21	independent	independent	ADJ
ajfa-5505	266	22	variables	variable	NOUN
ajfa-5505	266	23	loan	loan	NOUN
ajfa-5505	266	24	spreads	spread	NOUN
ajfa-5505	266	25	(	(	PUNCT
ajfa-5505	266	26	1	1	NUM
ajfa-5505	266	27	)	)	PUNCT
ajfa-5505	266	28	loan	loan	NOUN
ajfa-5505	266	29	spreads	spread	NOUN
ajfa-5505	266	30	(	(	PUNCT
ajfa-5505	266	31	2	2	NUM
ajfa-5505	266	32	)	)	PUNCT
ajfa-5505	266	33	loan	loan	NOUN
ajfa-5505	266	34	spreads	spread	NOUN
ajfa-5505	266	35	(	(	PUNCT
ajfa-5505	266	36	3	3	X
ajfa-5505	266	37	)	)	PUNCT
ajfa-5505	266	38	intercept	intercept	NOUN
ajfa-5505	266	39	-0.9139	-0.9139	NOUN
ajfa-5505	266	40	-0.7889	-0.7889	NOUN
ajfa-5505	266	41	-0.8547	-0.8547	NOUN
ajfa-5505	266	42	(	(	PUNCT
ajfa-5505	266	43	0.0278	0.0278	NUM
ajfa-5505	266	44	)	)	PUNCT
ajfa-5505	266	45	*	*	PUNCT
ajfa-5505	266	46	*	*	PUNCT
ajfa-5505	266	47	(	(	PUNCT
ajfa-5505	266	48	0.0610	0.0610	NUM
ajfa-5505	266	49	)	)	PUNCT
ajfa-5505	266	50	*	*	PUNCT
ajfa-5505	266	51	(	(	PUNCT
ajfa-5505	266	52	0.0420	0.0420	NUM
ajfa-5505	266	53	)	)	PUNCT
ajfa-5505	266	54	*	*	PUNCT
ajfa-5505	266	55	*	*	PUNCT
ajfa-5505	266	56	tcri	tcri	ADJ
ajfa-5505	266	57	tcri	tcri	NOUN
ajfa-5505	266	58	0.4123	0.4123	NUM
ajfa-5505	266	59	0.3814	0.3814	NUM
ajfa-5505	266	60	0.4131	0.4131	NUM
ajfa-5505	266	61	(	(	PUNCT
ajfa-5505	266	62	<	<	NOUN
ajfa-5505	266	63	.0001	.0001	X
ajfa-5505	266	64	)	)	PUNCT
ajfa-5505	266	65	*	*	PUNCT
ajfa-5505	267	1	*	*	PUNCT
ajfa-5505	267	2	*	*	PUNCT
ajfa-5505	267	3	(	(	PUNCT
ajfa-5505	267	4	<	<	X
ajfa-5505	267	5	.0001	.0001	X
ajfa-5505	267	6	)	)	PUNCT
ajfa-5505	267	7	*	*	PUNCT
ajfa-5505	268	1	*	*	PUNCT
ajfa-5505	268	2	*	*	PUNCT
ajfa-5505	268	3	(	(	PUNCT
ajfa-5505	268	4	<	<	X
ajfa-5505	268	5	.0001	.0001	X
ajfa-5505	268	6	)	)	PUNCT
ajfa-5505	268	7	*	*	PUNCT
ajfa-5505	268	8	*	*	PUNCT
ajfa-5505	268	9	*	*	VERB
ajfa-5505	268	10	status	status	NOUN
ajfa-5505	268	11	bad_debtit	bad_debtit	PROPN
ajfa-5505	268	12	0.1480	0.1480	NUM
ajfa-5505	268	13	0.1871	0.1871	NUM
ajfa-5505	268	14	0.1856	0.1856	NUM
ajfa-5505	268	15	(	(	PUNCT
ajfa-5505	268	16	<	<	NOUN
ajfa-5505	268	17	.0001	.0001	X
ajfa-5505	268	18	)	)	PUNCT
ajfa-5505	268	19	*	*	PUNCT
ajfa-5505	269	1	*	*	PUNCT
ajfa-5505	269	2	*	*	PUNCT
ajfa-5505	269	3	(	(	PUNCT
ajfa-5505	269	4	<	<	X
ajfa-5505	269	5	.0001	.0001	X
ajfa-5505	269	6	)	)	PUNCT
ajfa-5505	269	7	*	*	PUNCT
ajfa-5505	270	1	*	*	PUNCT
ajfa-5505	270	2	*	*	PUNCT
ajfa-5505	270	3	(	(	PUNCT
ajfa-5505	270	4	<	<	X
ajfa-5505	270	5	.0001	.0001	X
ajfa-5505	270	6	)	)	PUNCT
ajfa-5505	270	7	*	*	PUNCT
ajfa-5505	270	8	*	*	PUNCT
ajfa-5505	270	9	*	*	PUNCT
ajfa-5505	270	10	bad_debtit*tcrijt	bad_debtit*tcrijt	PROPN
ajfa-5505	270	11	-0.0504	-0.0504	NOUN
ajfa-5505	270	12	-0.0442	-0.0442	PROPN
ajfa-5505	270	13	(	(	PUNCT
ajfa-5505	270	14	0.4170	0.4170	NUM
ajfa-5505	270	15	)	)	PUNCT
ajfa-5505	270	16	(	(	PUNCT
ajfa-5505	270	17	0.4784	0.4784	NUM
ajfa-5505	270	18	)	)	PUNCT
ajfa-5505	270	19	ownership	ownership	NOUN
ajfa-5505	270	20	holdit	holdit	NOUN
ajfa-5505	270	21	-0.3380	-0.3380	PROPN
ajfa-5505	270	22	-0.4167	-0.4167	PROPN
ajfa-5505	270	23	-0.4086	-0.4086	PROPN
ajfa-5505	271	1	(	(	PUNCT
ajfa-5505	271	2	<	<	X
ajfa-5505	271	3	.0001	.0001	X
ajfa-5505	271	4	)	)	PUNCT
ajfa-5505	271	5	*	*	PUNCT
ajfa-5505	272	1	*	*	PUNCT
ajfa-5505	272	2	*	*	PUNCT
ajfa-5505	272	3	(	(	PUNCT
ajfa-5505	272	4	<	<	X
ajfa-5505	272	5	.0001	.0001	X
ajfa-5505	272	6	)	)	PUNCT
ajfa-5505	272	7	*	*	PUNCT
ajfa-5505	273	1	*	*	PUNCT
ajfa-5505	273	2	*	*	PUNCT
ajfa-5505	273	3	(	(	PUNCT
ajfa-5505	273	4	<	<	X
ajfa-5505	273	5	.0001	.0001	X
ajfa-5505	273	6	)	)	PUNCT
ajfa-5505	273	7	*	*	PUNCT
ajfa-5505	273	8	*	*	PUNCT
ajfa-5505	273	9	*	*	PUNCT
ajfa-5505	273	10	holdit*tcrijt	holdit*tcrijt	VERB
ajfa-5505	273	11	0.1005	0.1005	NUM
ajfa-5505	273	12	0.0928	0.0928	NUM
ajfa-5505	273	13	(	(	PUNCT
ajfa-5505	273	14	0.1103	0.1103	NUM
ajfa-5505	273	15	)	)	PUNCT
ajfa-5505	273	16	(	(	PUNCT
ajfa-5505	273	17	0.1419	0.1419	NUM
ajfa-5505	273	18	)	)	PUNCT
ajfa-5505	273	19	nonholdit	nonholdit	NOUN
ajfa-5505	273	20	-0.1870	-0.1870	NOUN
ajfa-5505	273	21	-0.2709	-0.2709	PROPN
ajfa-5505	274	1	-0.2623	-0.2623	PROPN
ajfa-5505	274	2	(	(	PUNCT
ajfa-5505	274	3	0.0049	0.0049	NUM
ajfa-5505	274	4	)	)	PUNCT
ajfa-5505	274	5	*	*	PUNCT
ajfa-5505	275	1	*	*	PUNCT
ajfa-5505	275	2	*	*	PUNCT
ajfa-5505	275	3	(	(	PUNCT
ajfa-5505	275	4	0.0047	0.0047	NUM
ajfa-5505	275	5	)	)	PUNCT
ajfa-5505	275	6	*	*	PUNCT
ajfa-5505	276	1	*	*	PUNCT
ajfa-5505	276	2	*	*	PUNCT
ajfa-5505	276	3	(	(	PUNCT
ajfa-5505	276	4	0.0062	0.0062	NUM
ajfa-5505	276	5	)	)	PUNCT
ajfa-5505	276	6	*	*	PUNCT
ajfa-5505	276	7	*	*	PUNCT
ajfa-5505	276	8	*	*	X
ajfa-5505	276	9	nonholdit*tcrijt	nonholdit*tcrijt	NOUN
ajfa-5505	276	10	0.1037	0.1037	NUM
ajfa-5505	276	11	0.0843	0.0843	NUM
ajfa-5505	276	12	(	(	PUNCT
ajfa-5505	276	13	0.3036	0.3036	NUM
ajfa-5505	276	14	)	)	PUNCT
ajfa-5505	276	15	(	(	PUNCT
ajfa-5505	276	16	0.4047	0.4047	NUM
ajfa-5505	276	17	)	)	PUNCT
ajfa-5505	276	18	foreit	foreit	NOUN
ajfa-5505	276	19	0.2597	0.2597	NUM
ajfa-5505	276	20	0.0638	0.0638	NUM
ajfa-5505	276	21	0.0717	0.0717	NUM
ajfa-5505	276	22	(	(	PUNCT
ajfa-5505	276	23	0.0013	0.0013	NUM
ajfa-5505	276	24	)	)	PUNCT
ajfa-5505	276	25	*	*	PUNCT
ajfa-5505	277	1	*	*	PUNCT
ajfa-5505	277	2	*	*	PUNCT
ajfa-5505	277	3	(	(	PUNCT
ajfa-5505	277	4	0.4941	0.4941	NUM
ajfa-5505	277	5	)	)	PUNCT
ajfa-5505	277	6	(	(	PUNCT
ajfa-5505	277	7	0.4422	0.4422	NUM
ajfa-5505	277	8	)	)	PUNCT
ajfa-5505	277	9	foreit	foreit	NOUN
ajfa-5505	277	10	*	*	PUNCT
ajfa-5505	277	11	tcrijt	tcrijt	NOUN
ajfa-5505	277	12	0.4968	0.4968	NUM
ajfa-5505	277	13	0.4970	0.4970	NUM
ajfa-5505	277	14	(	(	PUNCT
ajfa-5505	277	15	0.0010	0.0010	NUM
ajfa-5505	277	16	)	)	PUNCT
ajfa-5505	277	17	*	*	PUNCT
ajfa-5505	278	1	*	*	PUNCT
ajfa-5505	278	2	*	*	PUNCT
ajfa-5505	278	3	(	(	PUNCT
ajfa-5505	278	4	0.0009	0.0009	NUM
ajfa-5505	278	5	)	)	PUNCT
ajfa-5505	278	6	*	*	PUNCT
ajfa-5505	279	1	*	*	PUNCT
ajfa-5505	279	2	*	*	PUNCT
ajfa-5505	280	1	relation_type	relation_type	ADJ
ajfa-5505	280	2	largestit	largestit	NOUN
ajfa-5505	280	3	0.0199	0.0199	NUM
ajfa-5505	280	4	0.1047	0.1047	NUM
ajfa-5505	280	5	0.1153	0.1153	NUM
ajfa-5505	280	6	(	(	PUNCT
ajfa-5505	280	7	0.6426	0.6426	NUM
ajfa-5505	280	8	)	)	PUNCT
ajfa-5505	280	9	(	(	PUNCT
ajfa-5505	280	10	0.0945	0.0945	NUM
ajfa-5505	280	11	)	)	PUNCT
ajfa-5505	280	12	*	*	PUNCT
ajfa-5505	280	13	(	(	PUNCT
ajfa-5505	280	14	0.0661	0.0661	NUM
ajfa-5505	280	15	)	)	PUNCT
ajfa-5505	280	16	*	*	PUNCT
ajfa-5505	280	17	largestit*tcrijt	largestit*tcrijt	ADJ
ajfa-5505	280	18	-0.1278	-0.1278	ADJ
ajfa-5505	280	19	-0.1226	-0.1226	NOUN
ajfa-5505	280	20	(	(	PUNCT
ajfa-5505	280	21	0.1209	0.1209	NUM
ajfa-5505	280	22	)	)	PUNCT
ajfa-5505	280	23	(	(	PUNCT
ajfa-5505	280	24	0.1403	0.1403	NUM
ajfa-5505	280	25	)	)	PUNCT
ajfa-5505	280	26	mainit	mainit	VERB
ajfa-5505	280	27	0.0260	0.0260	NUM
ajfa-5505	280	28	0.0648	0.0648	NUM
ajfa-5505	280	29	0.0680	0.0680	NUM
ajfa-5505	280	30	(	(	PUNCT
ajfa-5505	280	31	0.4651	0.4651	NUM
ajfa-5505	280	32	)	)	PUNCT
ajfa-5505	280	33	(	(	PUNCT
ajfa-5505	280	34	0.1957	0.1957	NUM
ajfa-5505	280	35	)	)	PUNCT
ajfa-5505	280	36	(	(	PUNCT
ajfa-5505	280	37	0.1760	0.1760	NUM
ajfa-5505	280	38	)	)	PUNCT
ajfa-5505	280	39	mainit	mainit	NOUN
ajfa-5505	280	40	*	*	PUNCT
ajfa-5505	280	41	tcrijt	tcrijt	PROPN
ajfa-5505	280	42	-0.0746	-0.0746	ADJ
ajfa-5505	280	43	-0.0663	-0.0663	NOUN
ajfa-5505	280	44	(	(	PUNCT
ajfa-5505	280	45	0.2796	0.2796	NUM
ajfa-5505	280	46	)	)	PUNCT
ajfa-5505	280	47	(	(	PUNCT
ajfa-5505	280	48	0.3385	0.3385	NUM
ajfa-5505	280	49	)	)	PUNCT
ajfa-5505	280	50	trci_state	trci_state	NOUN
ajfa-5505	280	51	upgradejt	upgradejt	NOUN
ajfa-5505	280	52	0.6157	0.6157	NUM
ajfa-5505	280	53	(	(	PUNCT
ajfa-5505	280	54	0.0012	0.0012	NUM
ajfa-5505	280	55	)	)	PUNCT
ajfa-5505	280	56	*	*	PUNCT
ajfa-5505	281	1	*	*	PUNCT
ajfa-5505	281	2	*	*	PUNCT
ajfa-5505	281	3	upgradejt	upgradejt	PROPN
ajfa-5505	281	4	*	*	X
ajfa-5505	281	5	tcrijt	tcrijt	NOUN
ajfa-5505	281	6	-0.9321	-0.9321	PROPN
ajfa-5505	281	7	(	(	PUNCT
ajfa-5505	281	8	<	<	X
ajfa-5505	281	9	.0001	.0001	X
ajfa-5505	281	10	)	)	PUNCT
ajfa-5505	281	11	*	*	PUNCT
ajfa-5505	282	1	*	*	PUNCT
ajfa-5505	282	2	*	*	PUNCT
ajfa-5505	282	3	downgradejt	downgradejt	NOUN
ajfa-5505	282	4	-0.0047	-0.0047	ADJ
ajfa-5505	282	5	(	(	PUNCT
ajfa-5505	282	6	0.9653	0.9653	NUM
ajfa-5505	282	7	)	)	PUNCT
ajfa-5505	282	8	downgradejt	downgradejt	NOUN
ajfa-5505	282	9	*	*	PUNCT
ajfa-5505	282	10	tcrijt	tcrijt	NOUN
ajfa-5505	282	11	-0.0635	-0.0635	ADJ
ajfa-5505	282	12	asian	asian	ADJ
ajfa-5505	282	13	journal	journal	PROPN
ajfa-5505	282	14	of	of	ADP
ajfa-5505	282	15	finance	finance	PROPN
ajfa-5505	282	16	&	&	CCONJ
ajfa-5505	282	17	accounting	accounting	PROPN
ajfa-5505	282	18	issn	issn	PROPN
ajfa-5505	282	19	1946	1946	NUM
ajfa-5505	282	20	-	-	PUNCT
ajfa-5505	282	21	052x	052x	PROPN
ajfa-5505	282	22	2014	2014	NUM
ajfa-5505	282	23	,	,	PUNCT
ajfa-5505	282	24	vol	vol	NOUN
ajfa-5505	282	25	.	.	PROPN
ajfa-5505	282	26	6	6	NUM
ajfa-5505	282	27	,	,	PUNCT
ajfa-5505	282	28	no	no	INTJ
ajfa-5505	282	29	.	.	NOUN
ajfa-5505	282	30	2	2	NUM
ajfa-5505	282	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	282	32	38	38	NUM
ajfa-5505	282	33	dimensions	dimension	NOUN
ajfa-5505	282	34	independent	independent	ADJ
ajfa-5505	282	35	variables	variable	NOUN
ajfa-5505	282	36	loan	loan	NOUN
ajfa-5505	282	37	spreads	spread	NOUN
ajfa-5505	282	38	(	(	PUNCT
ajfa-5505	282	39	1	1	NUM
ajfa-5505	282	40	)	)	PUNCT
ajfa-5505	282	41	loan	loan	NOUN
ajfa-5505	282	42	spreads	spread	NOUN
ajfa-5505	282	43	(	(	PUNCT
ajfa-5505	282	44	2	2	NUM
ajfa-5505	282	45	)	)	PUNCT
ajfa-5505	282	46	loan	loan	NOUN
ajfa-5505	282	47	spreads	spread	NOUN
ajfa-5505	282	48	(	(	PUNCT
ajfa-5505	282	49	3	3	NUM
ajfa-5505	282	50	)	)	PUNCT
ajfa-5505	282	51	(	(	PUNCT
ajfa-5505	282	52	0.6093	0.6093	NUM
ajfa-5505	282	53	)	)	PUNCT
ajfa-5505	282	54	firm	firm	NOUN
ajfa-5505	282	55	size1	size1	PROPN
ajfa-5505	282	56	-0.0961	-0.0961	PROPN
ajfa-5505	282	57	-0.0984	-0.0984	PROPN
ajfa-5505	282	58	-0.0962	-0.0962	PROPN
ajfa-5505	282	59	(	(	PUNCT
ajfa-5505	282	60	<	<	X
ajfa-5505	282	61	.0001	.0001	X
ajfa-5505	282	62	)	)	PUNCT
ajfa-5505	282	63	*	*	PUNCT
ajfa-5505	283	1	*	*	PUNCT
ajfa-5505	283	2	*	*	PUNCT
ajfa-5505	283	3	(	(	PUNCT
ajfa-5505	283	4	<	<	X
ajfa-5505	283	5	.0001	.0001	X
ajfa-5505	283	6	)	)	PUNCT
ajfa-5505	283	7	*	*	PUNCT
ajfa-5505	283	8	*	*	PUNCT
ajfa-5505	283	9	*	*	PUNCT
ajfa-5505	283	10	(	(	PUNCT
ajfa-5505	283	11	<	<	X
ajfa-5505	283	12	.0001	.0001	X
ajfa-5505	283	13	)	)	PUNCT
ajfa-5505	283	14	*	*	PUNCT
ajfa-5505	283	15	*	*	PUNCT
ajfa-5505	283	16	*	*	PUNCT
ajfa-5505	283	17	leverage	leverage	NOUN
ajfa-5505	283	18	0.0069	0.0069	NUM
ajfa-5505	283	19	0.0067	0.0067	NUM
ajfa-5505	283	20	0.0072	0.0072	NUM
ajfa-5505	283	21	(	(	PUNCT
ajfa-5505	283	22	<	<	NOUN
ajfa-5505	283	23	.0001	.0001	X
ajfa-5505	283	24	)	)	PUNCT
ajfa-5505	283	25	*	*	PUNCT
ajfa-5505	284	1	*	*	PUNCT
ajfa-5505	284	2	*	*	PUNCT
ajfa-5505	284	3	(	(	PUNCT
ajfa-5505	284	4	<	<	X
ajfa-5505	284	5	.0001	.0001	X
ajfa-5505	284	6	)	)	PUNCT
ajfa-5505	284	7	*	*	PUNCT
ajfa-5505	285	1	*	*	PUNCT
ajfa-5505	285	2	*	*	PUNCT
ajfa-5505	285	3	(	(	PUNCT
ajfa-5505	285	4	<	<	X
ajfa-5505	285	5	.0001	.0001	X
ajfa-5505	285	6	)	)	PUNCT
ajfa-5505	285	7	*	*	PUNCT
ajfa-5505	285	8	*	*	PUNCT
ajfa-5505	285	9	*	*	PUNCT
ajfa-5505	285	10	ros	ros	PROPN
ajfa-5505	285	11	-0.0085	-0.0085	PROPN
ajfa-5505	285	12	-0.0087	-0.0087	PROPN
ajfa-5505	285	13	-0.0086	-0.0086	PROPN
ajfa-5505	285	14	(	(	PUNCT
ajfa-5505	285	15	<	<	X
ajfa-5505	285	16	.0001	.0001	X
ajfa-5505	285	17	)	)	PUNCT
ajfa-5505	285	18	*	*	PUNCT
ajfa-5505	286	1	*	*	PUNCT
ajfa-5505	286	2	*	*	PUNCT
ajfa-5505	286	3	(	(	PUNCT
ajfa-5505	286	4	<	<	X
ajfa-5505	286	5	.0001	.0001	X
ajfa-5505	286	6	)	)	PUNCT
ajfa-5505	286	7	*	*	PUNCT
ajfa-5505	286	8	*	*	PUNCT
ajfa-5505	286	9	*	*	PUNCT
ajfa-5505	286	10	(	(	PUNCT
ajfa-5505	286	11	<	<	X
ajfa-5505	286	12	.0001	.0001	X
ajfa-5505	286	13	)	)	PUNCT
ajfa-5505	286	14	*	*	PUNCT
ajfa-5505	286	15	*	*	PUNCT
ajfa-5505	286	16	*	*	PUNCT
ajfa-5505	286	17	bank	bank	NOUN
ajfa-5505	286	18	size2	size2	NOUN
ajfa-5505	286	19	0.0241	0.0241	NUM
ajfa-5505	286	20	0.0223	0.0223	NUM
ajfa-5505	286	21	0.0217	0.0217	NUM
ajfa-5505	286	22	(	(	PUNCT
ajfa-5505	286	23	0.1429	0.1429	NUM
ajfa-5505	286	24	)	)	PUNCT
ajfa-5505	286	25	(	(	PUNCT
ajfa-5505	286	26	0.1763	0.1763	NUM
ajfa-5505	286	27	)	)	PUNCT
ajfa-5505	286	28	(	(	PUNCT
ajfa-5505	286	29	0.1876	0.1876	NUM
ajfa-5505	286	30	)	)	PUNCT
ajfa-5505	286	31	cost_income	cost_income	NOUN
ajfa-5505	286	32	0.1903	0.1903	NUM
ajfa-5505	286	33	0.1757	0.1757	NUM
ajfa-5505	286	34	0.1909	0.1909	NUM
ajfa-5505	286	35	(	(	PUNCT
ajfa-5505	286	36	0.0169	0.0169	NUM
ajfa-5505	286	37	)	)	PUNCT
ajfa-5505	286	38	*	*	PUNCT
ajfa-5505	286	39	*	*	PUNCT
ajfa-5505	286	40	(	(	PUNCT
ajfa-5505	286	41	0.0298	0.0298	NUM
ajfa-5505	286	42	)	)	PUNCT
ajfa-5505	287	1	*	*	PUNCT
ajfa-5505	288	1	*	*	PUNCT
ajfa-5505	288	2	(	(	PUNCT
ajfa-5505	288	3	0.0183	0.0183	NUM
ajfa-5505	288	4	)	)	PUNCT
ajfa-5505	288	5	*	*	PUNCT
ajfa-5505	288	6	*	*	PUNCT
ajfa-5505	288	7	adj.r2	adj.r2	VERB
ajfa-5505	288	8	0.1977	0.1977	NUM
ajfa-5505	288	9	0.1999	0.1999	NUM
ajfa-5505	288	10	0.2041	0.2041	NUM
ajfa-5505	288	11	fvalue	fvalue	NOUN
ajfa-5505	288	12	109.8	109.8	NUM
ajfa-5505	288	13	74.264	74.264	NUM
ajfa-5505	288	14	62.314	62.314	NUM
ajfa-5505	288	15	samples	sample	NOUN
ajfa-5505	288	16	4447	4447	NUM
ajfa-5505	288	17	4447	4447	NUM
ajfa-5505	288	18	4447	4447	NUM
ajfa-5505	288	19	notes	note	VERB
ajfa-5505	288	20	1	1	NUM
ajfa-5505	288	21	：	：	NOUN
ajfa-5505	288	22	*	*	PUNCT
ajfa-5505	288	23	*	*	PUNCT
ajfa-5505	288	24	*	*	PUNCT
ajfa-5505	288	25	significant	significant	ADJ
ajfa-5505	288	26	at	at	ADP
ajfa-5505	288	27	the	the	DET
ajfa-5505	288	28	1	1	NUM
ajfa-5505	288	29	%	%	NOUN
ajfa-5505	288	30	level	level	NOUN
ajfa-5505	288	31	,	,	PUNCT
ajfa-5505	288	32	*	*	PUNCT
ajfa-5505	288	33	*	*	PUNCT
ajfa-5505	288	34	significant	significant	ADJ
ajfa-5505	288	35	at	at	ADP
ajfa-5505	288	36	the	the	DET
ajfa-5505	288	37	5	5	NUM
ajfa-5505	288	38	%	%	NOUN
ajfa-5505	288	39	level	level	NOUN
ajfa-5505	288	40	,	,	PUNCT
ajfa-5505	288	41	*	*	PUNCT
ajfa-5505	288	42	significant	significant	ADJ
ajfa-5505	288	43	at	at	ADP
ajfa-5505	288	44	the	the	DET
ajfa-5505	288	45	10	10	NUM
ajfa-5505	288	46	%	%	NOUN
ajfa-5505	288	47	level	level	NOUN
ajfa-5505	288	48	,	,	PUNCT
ajfa-5505	288	49	and	and	CCONJ
ajfa-5505	288	50	the	the	DET
ajfa-5505	288	51	empirical	empirical	ADJ
ajfa-5505	288	52	period	period	NOUN
ajfa-5505	288	53	is	be	AUX
ajfa-5505	288	54	2008	2008	NUM
ajfa-5505	288	55	.	.	PUNCT
ajfa-5505	289	1	notes	note	VERB
ajfa-5505	289	2	2	2	NUM
ajfa-5505	289	3	:	:	PUNCT
ajfa-5505	289	4	residual	residual	ADJ
ajfa-5505	289	5	heterogeneity	heterogeneity	NOUN
ajfa-5505	289	6	has	have	AUX
ajfa-5505	289	7	been	be	AUX
ajfa-5505	289	8	adjusted	adjust	VERB
ajfa-5505	289	9	by	by	ADP
ajfa-5505	289	10	using	use	VERB
ajfa-5505	289	11	the	the	DET
ajfa-5505	289	12	white	white	ADJ
ajfa-5505	289	13	heteroskedasticity	heteroskedasticity	NOUN
ajfa-5505	289	14	robustness	robustness	NOUN
ajfa-5505	289	15	test	test	NOUN
ajfa-5505	289	16	.	.	PUNCT
ajfa-5505	290	1	4.3	4.3	NUM
ajfa-5505	290	2	factors	factor	NOUN
ajfa-5505	290	3	impacting	impact	VERB
ajfa-5505	290	4	the	the	DET
ajfa-5505	290	5	loan	loan	NOUN
ajfa-5505	290	6	spreads	spread	VERB
ajfa-5505	290	7	banks	bank	NOUN
ajfa-5505	290	8	with	with	ADP
ajfa-5505	290	9	or	or	CCONJ
ajfa-5505	290	10	without	without	ADP
ajfa-5505	290	11	“	"	PUNCT
ajfa-5505	290	12	hccl	hccl	PROPN
ajfa-5505	290	13	”	"	PUNCT
ajfa-5505	290	14	the	the	DET
ajfa-5505	290	15	results	result	NOUN
ajfa-5505	290	16	of	of	ADP
ajfa-5505	290	17	model	model	NOUN
ajfa-5505	290	18	(	(	PUNCT
ajfa-5505	290	19	1	1	NUM
ajfa-5505	290	20	)	)	PUNCT
ajfa-5505	290	21	in	in	ADP
ajfa-5505	290	22	table	table	NOUN
ajfa-5505	290	23	6	6	NUM
ajfa-5505	290	24	show	show	NOUN
ajfa-5505	290	25	that	that	SCONJ
ajfa-5505	290	26	borrowing	borrow	VERB
ajfa-5505	290	27	companies	company	NOUN
ajfa-5505	290	28	with	with	ADP
ajfa-5505	290	29	high	high	ADJ
ajfa-5505	290	30	credit	credit	NOUN
ajfa-5505	290	31	risk	risk	NOUN
ajfa-5505	290	32	often	often	ADV
ajfa-5505	290	33	receive	receive	VERB
ajfa-5505	290	34	higher	high	ADJ
ajfa-5505	290	35	loan	loan	NOUN
ajfa-5505	290	36	spreads	spread	NOUN
ajfa-5505	290	37	.	.	PUNCT
ajfa-5505	291	1	banks	bank	NOUN
ajfa-5505	291	2	with	with	ADP
ajfa-5505	291	3	hccl	hccl	PROPN
ajfa-5505	291	4	will	will	AUX
ajfa-5505	291	5	require	require	VERB
ajfa-5505	291	6	higher	high	ADJ
ajfa-5505	291	7	loan	loan	NOUN
ajfa-5505	291	8	spreads	spread	NOUN
ajfa-5505	291	9	which	which	PRON
ajfa-5505	291	10	are	be	AUX
ajfa-5505	291	11	consistent	consistent	ADJ
ajfa-5505	291	12	with	with	ADP
ajfa-5505	291	13	the	the	DET
ajfa-5505	291	14	conclusions	conclusion	NOUN
ajfa-5505	291	15	of	of	ADP
ajfa-5505	291	16	“	"	PUNCT
ajfa-5505	291	17	the	the	DET
ajfa-5505	291	18	companies	company	NOUN
ajfa-5505	291	19	that	that	PRON
ajfa-5505	291	20	borrow	borrow	VERB
ajfa-5505	291	21	from	from	ADP
ajfa-5505	291	22	the	the	DET
ajfa-5505	291	23	banks	bank	NOUN
ajfa-5505	291	24	with	with	ADP
ajfa-5505	291	25	wobd	wobd	NOUN
ajfa-5505	291	26	will	will	AUX
ajfa-5505	291	27	receive	receive	VERB
ajfa-5505	291	28	higher	high	ADJ
ajfa-5505	291	29	loan	loan	NOUN
ajfa-5505	291	30	spreads	spread	NOUN
ajfa-5505	291	31	,	,	PUNCT
ajfa-5505	291	32	”	"	PUNCT
ajfa-5505	291	33	which	which	PRON
ajfa-5505	291	34	also	also	ADV
ajfa-5505	291	35	reveal	reveal	VERB
ajfa-5505	291	36	that	that	SCONJ
ajfa-5505	291	37	banks	bank	NOUN
ajfa-5505	291	38	that	that	PRON
ajfa-5505	291	39	are	be	AUX
ajfa-5505	291	40	heavily	heavily	ADV
ajfa-5505	291	41	impacted	impact	VERB
ajfa-5505	291	42	by	by	ADP
ajfa-5505	291	43	retail	retail	ADJ
ajfa-5505	291	44	and	and	CCONJ
ajfa-5505	291	45	corporate	corporate	ADJ
ajfa-5505	291	46	finance	finance	NOUN
ajfa-5505	291	47	will	will	AUX
ajfa-5505	291	48	ask	ask	VERB
ajfa-5505	291	49	the	the	DET
ajfa-5505	291	50	borrower	borrower	NOUN
ajfa-5505	291	51	to	to	PART
ajfa-5505	291	52	pay	pay	VERB
ajfa-5505	291	53	a	a	DET
ajfa-5505	291	54	higher	high	ADJ
ajfa-5505	291	55	interest	interest	NOUN
ajfa-5505	291	56	rate	rate	NOUN
ajfa-5505	291	57	.	.	PUNCT
ajfa-5505	292	1	model	model	NOUN
ajfa-5505	292	2	(	(	PUNCT
ajfa-5505	292	3	1	1	X
ajfa-5505	292	4	)	)	PUNCT
ajfa-5505	292	5	also	also	ADV
ajfa-5505	292	6	indicates	indicate	VERB
ajfa-5505	292	7	that	that	SCONJ
ajfa-5505	292	8	the	the	DET
ajfa-5505	292	9	private	private	ADJ
ajfa-5505	292	10	financial	financial	ADJ
ajfa-5505	292	11	holding	hold	VERB
ajfa-5505	292	12	institutions	institution	NOUN
ajfa-5505	292	13	and	and	CCONJ
ajfa-5505	292	14	private	private	ADJ
ajfa-5505	292	15	non	non	ADJ
ajfa-5505	292	16	-	-	ADJ
ajfa-5505	292	17	financial	financial	ADJ
ajfa-5505	292	18	holding	hold	VERB
ajfa-5505	292	19	institutions	institution	NOUN
ajfa-5505	292	20	will	will	AUX
ajfa-5505	292	21	grant	grant	VERB
ajfa-5505	292	22	lower	low	ADJ
ajfa-5505	292	23	loan	loan	NOUN
ajfa-5505	292	24	spreads	spread	NOUN
ajfa-5505	292	25	than	than	ADP
ajfa-5505	292	26	state	state	NOUN
ajfa-5505	292	27	-	-	PUNCT
ajfa-5505	292	28	owned	own	VERB
ajfa-5505	292	29	banks	bank	NOUN
ajfa-5505	292	30	.	.	PUNCT
ajfa-5505	293	1	the	the	DET
ajfa-5505	293	2	largest	large	ADJ
ajfa-5505	293	3	and	and	CCONJ
ajfa-5505	293	4	main	main	ADJ
ajfa-5505	293	5	banks	bank	NOUN
ajfa-5505	293	6	with	with	ADP
ajfa-5505	293	7	closer	close	ADJ
ajfa-5505	293	8	relationships	relationship	NOUN
ajfa-5505	293	9	will	will	AUX
ajfa-5505	293	10	grant	grant	VERB
ajfa-5505	293	11	borrowing	borrowing	NOUN
ajfa-5505	293	12	companies	company	NOUN
ajfa-5505	293	13	lower	low	ADJ
ajfa-5505	293	14	loan	loan	NOUN
ajfa-5505	293	15	spreads	spread	NOUN
ajfa-5505	293	16	,	,	PUNCT
ajfa-5505	293	17	and	and	CCONJ
ajfa-5505	293	18	the	the	DET
ajfa-5505	293	19	largest	large	ADJ
ajfa-5505	293	20	banks	bank	NOUN
ajfa-5505	293	21	will	will	AUX
ajfa-5505	293	22	grant	grant	VERB
ajfa-5505	293	23	lower	low	ADJ
ajfa-5505	293	24	loan	loan	NOUN
ajfa-5505	293	25	spreads28	spreads28	NOUN
ajfa-5505	293	26	than	than	ADP
ajfa-5505	293	27	the	the	DET
ajfa-5505	293	28	main	main	ADJ
ajfa-5505	293	29	banks	bank	NOUN
ajfa-5505	293	30	which	which	PRON
ajfa-5505	293	31	is	be	AUX
ajfa-5505	293	32	consistent	consistent	ADJ
ajfa-5505	293	33	with	with	ADP
ajfa-5505	293	34	the	the	DET
ajfa-5505	293	35	findings	finding	NOUN
ajfa-5505	293	36	of	of	ADP
ajfa-5505	293	37	berger	berger	PROPN
ajfa-5505	293	38	-	-	PUNCT
ajfa-5505	293	39	udell	udell	PROPN
ajfa-5505	293	40	(	(	PUNCT
ajfa-5505	293	41	1995	1995	NUM
ajfa-5505	293	42	)	)	PUNCT
ajfa-5505	293	43	that	that	SCONJ
ajfa-5505	293	44	the	the	DET
ajfa-5505	293	45	borrowing	borrowing	NOUN
ajfa-5505	293	46	companies	company	NOUN
ajfa-5505	293	47	which	which	PRON
ajfa-5505	293	48	have	have	VERB
ajfa-5505	293	49	closer	close	ADJ
ajfa-5505	293	50	relationships	relationship	NOUN
ajfa-5505	293	51	with	with	ADP
ajfa-5505	293	52	the	the	DET
ajfa-5505	293	53	creditor	creditor	NOUN
ajfa-5505	293	54	banks	bank	NOUN
ajfa-5505	293	55	can	can	AUX
ajfa-5505	293	56	receive	receive	VERB
ajfa-5505	293	57	lower	low	ADJ
ajfa-5505	293	58	loan	loan	NOUN
ajfa-5505	293	59	spreads	spread	NOUN
ajfa-5505	293	60	.	.	PUNCT
ajfa-5505	294	1	model	model	NOUN
ajfa-5505	294	2	(	(	PUNCT
ajfa-5505	294	3	2	2	NUM
ajfa-5505	294	4	)	)	PUNCT
ajfa-5505	294	5	includes	include	VERB
ajfa-5505	294	6	all	all	DET
ajfa-5505	294	7	interaction	interaction	NOUN
ajfa-5505	294	8	items	item	NOUN
ajfa-5505	294	9	related	relate	VERB
ajfa-5505	294	10	to	to	ADP
ajfa-5505	294	11	the	the	DET
ajfa-5505	294	12	borrowing	borrowing	NOUN
ajfa-5505	294	13	companies	company	NOUN
ajfa-5505	294	14	’	’	PART
ajfa-5505	294	15	credit	credit	NOUN
ajfa-5505	294	16	risk	risk	NOUN
ajfa-5505	294	17	with	with	ADP
ajfa-5505	294	18	each	each	DET
ajfa-5505	294	19	dimension	dimension	NOUN
ajfa-5505	294	20	,	,	PUNCT
ajfa-5505	294	21	and	and	CCONJ
ajfa-5505	294	22	the	the	DET
ajfa-5505	294	23	results	result	NOUN
ajfa-5505	294	24	show	show	VERB
ajfa-5505	294	25	that	that	SCONJ
ajfa-5505	294	26	companies	company	NOUN
ajfa-5505	294	27	borrowing	borrow	VERB
ajfa-5505	294	28	from	from	ADP
ajfa-5505	294	29	banks	bank	NOUN
ajfa-5505	294	30	with	with	ADP
ajfa-5505	294	31	hccl	hccl	PROPN
ajfa-5505	294	32	receive	receive	VERB
ajfa-5505	294	33	higher	high	ADJ
ajfa-5505	294	34	loan	loan	NOUN
ajfa-5505	294	35	spreads	spread	NOUN
ajfa-5505	294	36	than	than	ADP
ajfa-5505	294	37	companies	company	NOUN
ajfa-5505	294	38	borrowing	borrow	VERB
ajfa-5505	294	39	from	from	ADP
ajfa-5505	294	40	banks	bank	NOUN
ajfa-5505	294	41	without	without	ADP
ajfa-5505	294	42	hccl	hccl	PROPN
ajfa-5505	294	43	.	.	PUNCT
ajfa-5505	295	1	however	however	ADV
ajfa-5505	295	2	,	,	PUNCT
ajfa-5505	295	3	if	if	SCONJ
ajfa-5505	295	4	we	we	PRON
ajfa-5505	295	5	only	only	ADV
ajfa-5505	295	6	verify	verify	VERB
ajfa-5505	295	7	borrowing	borrowing	NOUN
ajfa-5505	295	8	companies	company	NOUN
ajfa-5505	295	9	with	with	ADP
ajfa-5505	295	10	high	high	ADJ
ajfa-5505	295	11	credit	credit	NOUN
ajfa-5505	295	12	risk	risk	NOUN
ajfa-5505	295	13	,	,	PUNCT
ajfa-5505	295	14	the	the	DET
ajfa-5505	295	15	adverse	adverse	ADJ
ajfa-5505	295	16	results	result	NOUN
ajfa-5505	295	17	indicate	indicate	VERB
ajfa-5505	295	18	that	that	SCONJ
ajfa-5505	295	19	banks	bank	NOUN
ajfa-5505	295	20	with	with	ADP
ajfa-5505	295	21	hccl	hccl	NOUN
ajfa-5505	295	22	will	will	AUX
ajfa-5505	295	23	grant	grant	VERB
ajfa-5505	295	24	lower	low	ADJ
ajfa-5505	295	25	loan	loan	NOUN
ajfa-5505	295	26	spreads	spread	NOUN
ajfa-5505	295	27	than	than	ADP
ajfa-5505	295	28	banks	bank	NOUN
ajfa-5505	295	29	without	without	ADP
ajfa-5505	295	30	hccl	hccl	PROPN
ajfa-5505	295	31	.	.	PUNCT
ajfa-5505	296	1	therefore	therefore	ADV
ajfa-5505	296	2	we	we	PRON
ajfa-5505	296	3	refer	refer	VERB
ajfa-5505	296	4	the	the	DET
ajfa-5505	296	5	heavy	heavy	ADJ
ajfa-5505	296	6	losses	loss	NOUN
ajfa-5505	296	7	to	to	ADP
ajfa-5505	296	8	banks	bank	NOUN
ajfa-5505	296	9	with	with	ADP
ajfa-5505	296	10	hccl	hccl	PROPN
ajfa-5505	296	11	to	to	ADP
ajfa-5505	296	12	their	their	PRON
ajfa-5505	296	13	ignoring	ignore	VERB
ajfa-5505	296	14	the	the	DET
ajfa-5505	296	15	strict	strict	ADJ
ajfa-5505	296	16	review	review	NOUN
ajfa-5505	296	17	of	of	ADP
ajfa-5505	296	18	the	the	DET
ajfa-5505	296	19	identification	identification	NOUN
ajfa-5505	296	20	,	,	PUNCT
ajfa-5505	296	21	financial	financial	ADJ
ajfa-5505	296	22	position	position	NOUN
ajfa-5505	296	23	and	and	CCONJ
ajfa-5505	296	24	solvency	solvency	NOUN
ajfa-5505	296	25	of	of	ADP
ajfa-5505	296	26	the	the	DET
ajfa-5505	296	27	borrowers	borrower	NOUN
ajfa-5505	296	28	while	while	SCONJ
ajfa-5505	296	29	issuing	issue	VERB
ajfa-5505	296	30	the	the	DET
ajfa-5505	296	31	card	card	NOUN
ajfa-5505	296	32	debt	debt	NOUN
ajfa-5505	296	33	and	and	CCONJ
ajfa-5505	296	34	simultaneously	simultaneously	ADV
ajfa-5505	296	35	as	as	SCONJ
ajfa-5505	296	36	banks	bank	NOUN
ajfa-5505	296	37	are	be	AUX
ajfa-5505	296	38	regarded	regard	VERB
ajfa-5505	296	39	as	as	ADP
ajfa-5505	296	40	having	have	VERB
ajfa-5505	296	41	high	high	ADJ
ajfa-5505	296	42	credit	credit	NOUN
ajfa-5505	296	43	risk	risk	NOUN
ajfa-5505	296	44	.	.	PUNCT
ajfa-5505	297	1	the	the	DET
ajfa-5505	297	2	findings	finding	NOUN
ajfa-5505	297	3	indicate	indicate	VERB
ajfa-5505	297	4	that	that	SCONJ
ajfa-5505	297	5	banks	bank	NOUN
ajfa-5505	297	6	with	with	ADP
ajfa-5505	297	7	hccl	hccl	PROPN
ajfa-5505	297	8	failed	fail	VERB
ajfa-5505	297	9	to	to	PART
ajfa-5505	297	10	learn	learn	VERB
ajfa-5505	297	11	their	their	PRON
ajfa-5505	297	12	lessons	lesson	NOUN
ajfa-5505	297	13	from	from	ADP
ajfa-5505	297	14	past	past	ADJ
ajfa-5505	297	15	experiences	experience	NOUN
ajfa-5505	297	16	and	and	CCONJ
ajfa-5505	297	17	still	still	ADV
ajfa-5505	297	18	granted	grant	VERB
ajfa-5505	297	19	lower	low	ADJ
ajfa-5505	297	20	loan	loan	NOUN
ajfa-5505	297	21	spreads	spread	NOUN
ajfa-5505	297	22	to	to	ADP
ajfa-5505	297	23	high	high	ADJ
ajfa-5505	297	24	credit	credit	NOUN
ajfa-5505	297	25	risk	risk	NOUN
ajfa-5505	297	26	borrowing	borrowing	NOUN
ajfa-5505	297	27	companies	company	NOUN
ajfa-5505	297	28	in	in	ADP
ajfa-5505	297	29	their	their	PRON
ajfa-5505	297	30	corporate	corporate	ADJ
ajfa-5505	297	31	finance	finance	NOUN
ajfa-5505	297	32	business	business	NOUN
ajfa-5505	297	33	.	.	PUNCT
ajfa-5505	298	1	private	private	ADJ
ajfa-5505	298	2	financial	financial	ADJ
ajfa-5505	298	3	holding	hold	VERB
ajfa-5505	298	4	institutions	institution	NOUN
ajfa-5505	298	5	and	and	CCONJ
ajfa-5505	298	6	private	private	ADJ
ajfa-5505	298	7	non	non	ADJ
ajfa-5505	298	8	-	-	ADJ
ajfa-5505	298	9	financial	financial	ADJ
ajfa-5505	298	10	holding	hold	VERB
ajfa-5505	298	11	institutions	institution	NOUN
ajfa-5505	298	12	asian	asian	ADJ
ajfa-5505	298	13	journal	journal	PROPN
ajfa-5505	298	14	of	of	ADP
ajfa-5505	298	15	finance	finance	PROPN
ajfa-5505	298	16	&	&	CCONJ
ajfa-5505	298	17	accounting	accounting	PROPN
ajfa-5505	298	18	issn	issn	PROPN
ajfa-5505	298	19	1946	1946	NUM
ajfa-5505	298	20	-	-	PUNCT
ajfa-5505	298	21	052x	052x	PROPN
ajfa-5505	298	22	2014	2014	NUM
ajfa-5505	298	23	,	,	PUNCT
ajfa-5505	298	24	vol	vol	NOUN
ajfa-5505	298	25	.	.	PROPN
ajfa-5505	298	26	6	6	NUM
ajfa-5505	298	27	,	,	PUNCT
ajfa-5505	298	28	no	no	INTJ
ajfa-5505	298	29	.	.	NOUN
ajfa-5505	298	30	2	2	NUM
ajfa-5505	298	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	298	32	39	39	NUM
ajfa-5505	298	33	grant	grant	VERB
ajfa-5505	298	34	lower	low	ADJ
ajfa-5505	298	35	loan	loan	NOUN
ajfa-5505	298	36	spreads	spread	NOUN
ajfa-5505	298	37	than	than	ADP
ajfa-5505	298	38	state	state	NOUN
ajfa-5505	298	39	-	-	PUNCT
ajfa-5505	298	40	owned	own	VERB
ajfa-5505	298	41	banks	bank	NOUN
ajfa-5505	298	42	.	.	PUNCT
ajfa-5505	299	1	however	however	ADV
ajfa-5505	299	2	,	,	PUNCT
ajfa-5505	299	3	if	if	SCONJ
ajfa-5505	299	4	we	we	PRON
ajfa-5505	299	5	focus	focus	VERB
ajfa-5505	299	6	on	on	ADP
ajfa-5505	299	7	a	a	DET
ajfa-5505	299	8	comparison	comparison	NOUN
ajfa-5505	299	9	of	of	ADP
ajfa-5505	299	10	the	the	DET
ajfa-5505	299	11	borrowing	borrowing	NOUN
ajfa-5505	299	12	companies	company	NOUN
ajfa-5505	299	13	with	with	ADP
ajfa-5505	299	14	high	high	ADJ
ajfa-5505	299	15	credit	credit	NOUN
ajfa-5505	299	16	risk	risk	NOUN
ajfa-5505	299	17	,	,	PUNCT
ajfa-5505	299	18	there	there	PRON
ajfa-5505	299	19	is	be	VERB
ajfa-5505	299	20	no	no	DET
ajfa-5505	299	21	statistically	statistically	ADV
ajfa-5505	299	22	significant	significant	ADJ
ajfa-5505	299	23	difference	difference	NOUN
ajfa-5505	299	24	,	,	PUNCT
ajfa-5505	299	25	which	which	PRON
ajfa-5505	299	26	implies	imply	VERB
ajfa-5505	299	27	that	that	SCONJ
ajfa-5505	299	28	the	the	DET
ajfa-5505	299	29	m&a	m&a	PROPN
ajfa-5505	299	30	of	of	ADP
ajfa-5505	299	31	financial	financial	ADJ
ajfa-5505	299	32	institutions	institution	NOUN
ajfa-5505	299	33	does	do	AUX
ajfa-5505	299	34	not	not	PART
ajfa-5505	299	35	work	work	VERB
ajfa-5505	299	36	in	in	ADP
ajfa-5505	299	37	terms	term	NOUN
ajfa-5505	299	38	of	of	ADP
ajfa-5505	299	39	increasing	increase	VERB
ajfa-5505	299	40	the	the	DET
ajfa-5505	299	41	ability	ability	NOUN
ajfa-5505	299	42	to	to	PART
ajfa-5505	299	43	sift	sift	VERB
ajfa-5505	299	44	borrowers	borrower	NOUN
ajfa-5505	299	45	.	.	PUNCT
ajfa-5505	300	1	through	through	ADP
ajfa-5505	300	2	model	model	NOUN
ajfa-5505	300	3	(	(	PUNCT
ajfa-5505	300	4	2	2	X
ajfa-5505	300	5	)	)	PUNCT
ajfa-5505	300	6	we	we	PRON
ajfa-5505	300	7	find	find	VERB
ajfa-5505	300	8	that	that	SCONJ
ajfa-5505	300	9	the	the	DET
ajfa-5505	300	10	largest	large	ADJ
ajfa-5505	300	11	banks	bank	NOUN
ajfa-5505	300	12	grant	grant	VERB
ajfa-5505	300	13	lower	low	ADJ
ajfa-5505	300	14	loan	loan	NOUN
ajfa-5505	300	15	spreads	spread	NOUN
ajfa-5505	300	16	to	to	ADP
ajfa-5505	300	17	borrowing	borrow	VERB
ajfa-5505	300	18	companies	company	NOUN
ajfa-5505	300	19	,	,	PUNCT
ajfa-5505	300	20	especially	especially	ADV
ajfa-5505	300	21	the	the	DET
ajfa-5505	300	22	borrowing	borrowing	NOUN
ajfa-5505	300	23	companies	company	NOUN
ajfa-5505	300	24	with	with	ADP
ajfa-5505	300	25	high	high	ADJ
ajfa-5505	300	26	credit	credit	NOUN
ajfa-5505	300	27	risk	risk	NOUN
ajfa-5505	300	28	,	,	PUNCT
ajfa-5505	300	29	which	which	PRON
ajfa-5505	300	30	we	we	PRON
ajfa-5505	300	31	still	still	ADV
ajfa-5505	300	32	found	find	VERB
ajfa-5505	300	33	granted	grant	VERB
ajfa-5505	300	34	excellent	excellent	ADJ
ajfa-5505	300	35	loan	loan	NOUN
ajfa-5505	300	36	spreads	spread	NOUN
ajfa-5505	300	37	to	to	ADP
ajfa-5505	300	38	borrowers	borrower	NOUN
ajfa-5505	300	39	with	with	ADP
ajfa-5505	300	40	closer	close	ADJ
ajfa-5505	300	41	relationships	relationship	NOUN
ajfa-5505	300	42	.	.	PUNCT
ajfa-5505	301	1	the	the	DET
ajfa-5505	301	2	findings	finding	NOUN
ajfa-5505	301	3	indicate	indicate	VERB
ajfa-5505	301	4	that	that	SCONJ
ajfa-5505	301	5	the	the	DET
ajfa-5505	301	6	fact	fact	NOUN
ajfa-5505	301	7	that	that	SCONJ
ajfa-5505	301	8	the	the	DET
ajfa-5505	301	9	largest	large	ADJ
ajfa-5505	301	10	and	and	CCONJ
ajfa-5505	301	11	main	main	ADJ
ajfa-5505	301	12	banks	bank	NOUN
ajfa-5505	301	13	grant	grant	VERB
ajfa-5505	301	14	lower	low	ADJ
ajfa-5505	301	15	loan	loan	NOUN
ajfa-5505	301	16	spreads	spread	NOUN
ajfa-5505	301	17	to	to	ADP
ajfa-5505	301	18	borrowers	borrower	NOUN
ajfa-5505	301	19	with	with	ADP
ajfa-5505	301	20	high	high	ADJ
ajfa-5505	301	21	credit	credit	NOUN
ajfa-5505	301	22	risk	risk	NOUN
ajfa-5505	301	23	are	be	AUX
ajfa-5505	301	24	consistent	consistent	ADJ
ajfa-5505	301	25	with	with	ADP
ajfa-5505	301	26	the	the	DET
ajfa-5505	301	27	prediction	prediction	NOUN
ajfa-5505	301	28	of	of	ADP
ajfa-5505	301	29	chen	chen	PROPN
ajfa-5505	301	30	and	and	CCONJ
ajfa-5505	301	31	lai	lai	PROPN
ajfa-5505	301	32	(	(	PUNCT
ajfa-5505	301	33	2003	2003	NUM
ajfa-5505	301	34	):	):	PUNCT
ajfa-5505	301	35	when	when	SCONJ
ajfa-5505	301	36	banks	bank	NOUN
ajfa-5505	301	37	build	build	VERB
ajfa-5505	301	38	intimate	intimate	ADJ
ajfa-5505	301	39	relationships	relationship	NOUN
ajfa-5505	301	40	with	with	ADP
ajfa-5505	301	41	borrowers	borrower	NOUN
ajfa-5505	301	42	,	,	PUNCT
ajfa-5505	301	43	they	they	PRON
ajfa-5505	301	44	deeply	deeply	ADV
ajfa-5505	301	45	understand	understand	VERB
ajfa-5505	301	46	the	the	DET
ajfa-5505	301	47	profitability	profitability	NOUN
ajfa-5505	301	48	of	of	ADP
ajfa-5505	301	49	the	the	DET
ajfa-5505	301	50	borrowing	borrowing	NOUN
ajfa-5505	301	51	companies	company	NOUN
ajfa-5505	301	52	,	,	PUNCT
ajfa-5505	301	53	if	if	SCONJ
ajfa-5505	301	54	they	they	PRON
ajfa-5505	301	55	envision	envision	VERB
ajfa-5505	301	56	the	the	DET
ajfa-5505	301	57	true	true	ADJ
ajfa-5505	301	58	performance	performance	NOUN
ajfa-5505	301	59	potential	potential	NOUN
ajfa-5505	301	60	of	of	ADP
ajfa-5505	301	61	the	the	DET
ajfa-5505	301	62	enterprises	enterprise	NOUN
ajfa-5505	301	63	,	,	PUNCT
ajfa-5505	301	64	they	they	PRON
ajfa-5505	301	65	will	will	AUX
ajfa-5505	301	66	be	be	AUX
ajfa-5505	301	67	delighted	delighted	ADJ
ajfa-5505	301	68	to	to	PART
ajfa-5505	301	69	grant	grant	VERB
ajfa-5505	301	70	lower	low	ADJ
ajfa-5505	301	71	loan	loan	NOUN
ajfa-5505	301	72	spreads	spread	NOUN
ajfa-5505	301	73	.	.	PUNCT
ajfa-5505	302	1	another	another	DET
ajfa-5505	302	2	possible	possible	ADJ
ajfa-5505	302	3	reason	reason	NOUN
ajfa-5505	302	4	is	be	AUX
ajfa-5505	302	5	that	that	SCONJ
ajfa-5505	302	6	the	the	DET
ajfa-5505	302	7	loan	loan	NOUN
ajfa-5505	302	8	spreads	spread	NOUN
ajfa-5505	302	9	based	base	VERB
ajfa-5505	302	10	on	on	ADP
ajfa-5505	302	11	relationship	relationship	NOUN
ajfa-5505	302	12	lending	lending	NOUN
ajfa-5505	302	13	do	do	AUX
ajfa-5505	302	14	not	not	PART
ajfa-5505	302	15	truly	truly	ADV
ajfa-5505	302	16	reflect	reflect	VERB
ajfa-5505	302	17	the	the	DET
ajfa-5505	302	18	credit	credit	NOUN
ajfa-5505	302	19	risk	risk	NOUN
ajfa-5505	302	20	of	of	ADP
ajfa-5505	302	21	the	the	DET
ajfa-5505	302	22	borrowers	borrower	NOUN
ajfa-5505	302	23	.	.	PUNCT
ajfa-5505	303	1	finally	finally	ADV
ajfa-5505	303	2	,	,	PUNCT
ajfa-5505	303	3	the	the	DET
ajfa-5505	303	4	evidence	evidence	NOUN
ajfa-5505	303	5	shows	show	VERB
ajfa-5505	303	6	that	that	SCONJ
ajfa-5505	303	7	the	the	DET
ajfa-5505	303	8	borrowing	borrowing	NOUN
ajfa-5505	303	9	companies	company	NOUN
ajfa-5505	303	10	had	have	AUX
ajfa-5505	303	11	raised	raise	VERB
ajfa-5505	303	12	the	the	DET
ajfa-5505	303	13	credit	credit	NOUN
ajfa-5505	303	14	rating	rating	NOUN
ajfa-5505	303	15	in	in	ADP
ajfa-5505	303	16	at	at	ADV
ajfa-5505	303	17	least	least	ADV
ajfa-5505	303	18	two	two	NUM
ajfa-5505	303	19	years	year	NOUN
ajfa-5505	303	20	during	during	ADP
ajfa-5505	303	21	the	the	DET
ajfa-5505	303	22	past	past	ADJ
ajfa-5505	303	23	three	three	NUM
ajfa-5505	303	24	years	year	NOUN
ajfa-5505	303	25	,	,	PUNCT
ajfa-5505	303	26	and	and	CCONJ
ajfa-5505	303	27	that	that	SCONJ
ajfa-5505	303	28	the	the	DET
ajfa-5505	303	29	creditor	creditor	NOUN
ajfa-5505	303	30	banks	bank	NOUN
ajfa-5505	303	31	had	have	AUX
ajfa-5505	303	32	adversely	adversely	ADV
ajfa-5505	303	33	increased	increase	VERB
ajfa-5505	303	34	the	the	DET
ajfa-5505	303	35	loan	loan	NOUN
ajfa-5505	303	36	spreads	spread	NOUN
ajfa-5505	303	37	,	,	PUNCT
ajfa-5505	303	38	which	which	PRON
ajfa-5505	303	39	obviously	obviously	ADV
ajfa-5505	303	40	indicates	indicate	VERB
ajfa-5505	303	41	that	that	SCONJ
ajfa-5505	303	42	banks	bank	NOUN
ajfa-5505	303	43	in	in	ADP
ajfa-5505	303	44	taiwan	taiwan	PROPN
ajfa-5505	303	45	are	be	AUX
ajfa-5505	303	46	reluctant	reluctant	ADJ
ajfa-5505	303	47	to	to	PART
ajfa-5505	303	48	implement	implement	VERB
ajfa-5505	303	49	the	the	DET
ajfa-5505	303	50	review	review	NOUN
ajfa-5505	303	51	system	system	NOUN
ajfa-5505	303	52	even	even	ADV
ajfa-5505	303	53	in	in	ADP
ajfa-5505	303	54	such	such	DET
ajfa-5505	303	55	a	a	DET
ajfa-5505	303	56	dramatically	dramatically	ADV
ajfa-5505	303	57	competitive	competitive	ADJ
ajfa-5505	303	58	lending	lending	NOUN
ajfa-5505	303	59	market	market	NOUN
ajfa-5505	303	60	characterized	characterize	VERB
ajfa-5505	303	61	by	by	ADP
ajfa-5505	303	62	significant	significant	ADJ
ajfa-5505	303	63	information	information	NOUN
ajfa-5505	303	64	asymmetry	asymmetry	NOUN
ajfa-5505	303	65	.	.	PUNCT
ajfa-5505	304	1	if	if	SCONJ
ajfa-5505	304	2	we	we	PRON
ajfa-5505	304	3	include	include	VERB
ajfa-5505	304	4	the	the	DET
ajfa-5505	304	5	interaction	interaction	NOUN
ajfa-5505	304	6	of	of	ADP
ajfa-5505	304	7	both	both	DET
ajfa-5505	304	8	high	high	ADJ
ajfa-5505	304	9	credit	credit	NOUN
ajfa-5505	304	10	risk	risk	NOUN
ajfa-5505	304	11	and	and	CCONJ
ajfa-5505	304	12	the	the	DET
ajfa-5505	304	13	upgrading	upgrading	NOUN
ajfa-5505	304	14	state	state	NOUN
ajfa-5505	304	15	in	in	ADP
ajfa-5505	304	16	the	the	DET
ajfa-5505	304	17	model	model	NOUN
ajfa-5505	304	18	,	,	PUNCT
ajfa-5505	304	19	we	we	PRON
ajfa-5505	304	20	will	will	AUX
ajfa-5505	304	21	find	find	VERB
ajfa-5505	304	22	that	that	SCONJ
ajfa-5505	304	23	high	high	ADJ
ajfa-5505	304	24	-	-	PUNCT
ajfa-5505	304	25	credit	credit	NOUN
ajfa-5505	304	26	risk	risk	NOUN
ajfa-5505	304	27	borrowing	borrowing	NOUN
ajfa-5505	304	28	companies	company	NOUN
ajfa-5505	304	29	with	with	ADP
ajfa-5505	304	30	an	an	DET
ajfa-5505	304	31	upgraded	upgrade	VERB
ajfa-5505	304	32	state	state	NOUN
ajfa-5505	304	33	can	can	AUX
ajfa-5505	304	34	receive	receive	VERB
ajfa-5505	304	35	lower	low	ADJ
ajfa-5505	304	36	loan	loan	NOUN
ajfa-5505	304	37	spreads	spread	NOUN
ajfa-5505	304	38	,	,	PUNCT
ajfa-5505	304	39	which	which	PRON
ajfa-5505	304	40	is	be	AUX
ajfa-5505	304	41	consistent	consistent	ADJ
ajfa-5505	304	42	with	with	ADP
ajfa-5505	304	43	the	the	DET
ajfa-5505	304	44	results	result	NOUN
ajfa-5505	304	45	of	of	ADP
ajfa-5505	304	46	model	model	NOUN
ajfa-5505	304	47	(	(	PUNCT
ajfa-5505	304	48	3	3	NUM
ajfa-5505	304	49	)	)	PUNCT
ajfa-5505	304	50	in	in	ADP
ajfa-5505	304	51	table	table	NOUN
ajfa-5505	304	52	5	5	NUM
ajfa-5505	304	53	,	,	PUNCT
ajfa-5505	304	54	and	and	CCONJ
ajfa-5505	304	55	indicates	indicate	VERB
ajfa-5505	304	56	that	that	SCONJ
ajfa-5505	304	57	creditor	creditor	NOUN
ajfa-5505	304	58	banks	bank	NOUN
ajfa-5505	304	59	will	will	AUX
ajfa-5505	304	60	positively	positively	ADV
ajfa-5505	304	61	reflect	reflect	VERB
ajfa-5505	304	62	the	the	DET
ajfa-5505	304	63	price	price	NOUN
ajfa-5505	304	64	of	of	ADP
ajfa-5505	304	65	risk	risk	NOUN
ajfa-5505	304	66	while	while	SCONJ
ajfa-5505	304	67	the	the	DET
ajfa-5505	304	68	high	high	ADJ
ajfa-5505	304	69	credit	credit	NOUN
ajfa-5505	304	70	risk	risk	NOUN
ajfa-5505	304	71	borrowing	borrowing	NOUN
ajfa-5505	304	72	companies	company	NOUN
ajfa-5505	304	73	will	will	AUX
ajfa-5505	304	74	significantly	significantly	ADV
ajfa-5505	304	75	increase	increase	VERB
ajfa-5505	304	76	their	their	PRON
ajfa-5505	304	77	credit	credit	NOUN
ajfa-5505	304	78	ratings	rating	NOUN
ajfa-5505	304	79	.	.	PUNCT
ajfa-5505	305	1	table	table	NOUN
ajfa-5505	305	2	6	6	NUM
ajfa-5505	305	3	.	.	PUNCT
ajfa-5505	306	1	the	the	DET
ajfa-5505	306	2	impact	impact	NOUN
ajfa-5505	306	3	of	of	ADP
ajfa-5505	306	4	the	the	DET
ajfa-5505	306	5	customer	customer	NOUN
ajfa-5505	306	6	’s	’s	PART
ajfa-5505	306	7	credit	credit	NOUN
ajfa-5505	306	8	state	state	NOUN
ajfa-5505	306	9	and	and	CCONJ
ajfa-5505	306	10	relationships	relationship	NOUN
ajfa-5505	306	11	on	on	ADP
ajfa-5505	306	12	loan	loan	NOUN
ajfa-5505	306	13	spreads	spread	NOUN
ajfa-5505	306	14	sampling	sample	VERB
ajfa-5505	306	15	with	with	ADP
ajfa-5505	306	16	and	and	CCONJ
ajfa-5505	306	17	without	without	ADP
ajfa-5505	306	18	hccl	hccl	PROPN
ajfa-5505	306	19	dimensions	dimension	NOUN
ajfa-5505	306	20	independent	independent	PROPN
ajfa-5505	306	21	variables	variable	NOUN
ajfa-5505	306	22	loan	loan	NOUN
ajfa-5505	306	23	spreads	spread	NOUN
ajfa-5505	306	24	(	(	PUNCT
ajfa-5505	306	25	1	1	NUM
ajfa-5505	306	26	)	)	PUNCT
ajfa-5505	306	27	loan	loan	NOUN
ajfa-5505	306	28	spreads	spread	NOUN
ajfa-5505	306	29	(	(	PUNCT
ajfa-5505	306	30	2	2	NUM
ajfa-5505	306	31	)	)	PUNCT
ajfa-5505	306	32	loan	loan	NOUN
ajfa-5505	306	33	spreads	spread	NOUN
ajfa-5505	306	34	(	(	PUNCT
ajfa-5505	306	35	3	3	X
ajfa-5505	306	36	)	)	PUNCT
ajfa-5505	306	37	intercept	intercept	VERB
ajfa-5505	306	38	0.8570	0.8570	NUM
ajfa-5505	306	39	0.6754	0.6754	NUM
ajfa-5505	306	40	0.6368	0.6368	NUM
ajfa-5505	306	41	(	(	PUNCT
ajfa-5505	306	42	0.0239	0.0239	NUM
ajfa-5505	306	43	)	)	PUNCT
ajfa-5505	306	44	*	*	PUNCT
ajfa-5505	306	45	*	*	PUNCT
ajfa-5505	306	46	(	(	PUNCT
ajfa-5505	306	47	0.0798	0.0798	NUM
ajfa-5505	306	48	)	)	PUNCT
ajfa-5505	306	49	*	*	PUNCT
ajfa-5505	307	1	(	(	PUNCT
ajfa-5505	307	2	0.0993	0.0993	NUM
ajfa-5505	307	3	)	)	PUNCT
ajfa-5505	307	4	*	*	PUNCT
ajfa-5505	307	5	tcri	tcri	NOUN
ajfa-5505	307	6	tcri	tcri	VERB
ajfa-5505	307	7	0.1179	0.1179	NUM
ajfa-5505	307	8	0.3204	0.3204	NUM
ajfa-5505	307	9	0.3636	0.3636	NUM
ajfa-5505	307	10	(	(	PUNCT
ajfa-5505	307	11	0.0094	0.0094	NUM
ajfa-5505	307	12	)	)	PUNCT
ajfa-5505	307	13	*	*	PUNCT
ajfa-5505	308	1	*	*	PUNCT
ajfa-5505	308	2	*	*	PUNCT
ajfa-5505	308	3	(	(	PUNCT
ajfa-5505	308	4	0.0002	0.0002	NUM
ajfa-5505	308	5	)	)	PUNCT
ajfa-5505	308	6	*	*	PUNCT
ajfa-5505	309	1	*	*	PUNCT
ajfa-5505	309	2	*	*	PUNCT
ajfa-5505	309	3	(	(	PUNCT
ajfa-5505	309	4	<	<	X
ajfa-5505	309	5	.0001	.0001	X
ajfa-5505	309	6	)	)	PUNCT
ajfa-5505	309	7	*	*	PUNCT
ajfa-5505	309	8	*	*	PUNCT
ajfa-5505	309	9	*	*	PUNCT
ajfa-5505	309	10	status	status	NOUN
ajfa-5505	309	11	card_debtit	card_debtit	NOUN
ajfa-5505	309	12	0.2433	0.2433	NUM
ajfa-5505	309	13	0.4577	0.4577	NUM
ajfa-5505	309	14	0.4645	0.4645	NUM
ajfa-5505	309	15	(	(	PUNCT
ajfa-5505	309	16	<	<	X
ajfa-5505	309	17	.0001	.0001	X
ajfa-5505	309	18	)	)	PUNCT
ajfa-5505	309	19	*	*	PUNCT
ajfa-5505	310	1	*	*	PUNCT
ajfa-5505	310	2	*	*	PUNCT
ajfa-5505	310	3	(	(	PUNCT
ajfa-5505	310	4	<	<	X
ajfa-5505	310	5	.0001	.0001	X
ajfa-5505	310	6	)	)	PUNCT
ajfa-5505	310	7	*	*	PUNCT
ajfa-5505	311	1	*	*	PUNCT
ajfa-5505	311	2	*	*	PUNCT
ajfa-5505	311	3	(	(	PUNCT
ajfa-5505	311	4	<	<	X
ajfa-5505	311	5	.0001	.0001	X
ajfa-5505	311	6	)	)	PUNCT
ajfa-5505	311	7	*	*	PUNCT
ajfa-5505	311	8	*	*	PUNCT
ajfa-5505	311	9	*	*	PUNCT
ajfa-5505	311	10	card_debtit*tcrijt	card_debtit*tcrijt	PROPN
ajfa-5505	311	11	-0.2840	-0.2840	PROPN
ajfa-5505	311	12	-0.2905	-0.2905	PROPN
ajfa-5505	311	13	(	(	PUNCT
ajfa-5505	311	14	0.0251	0.0251	NUM
ajfa-5505	311	15	)	)	PUNCT
ajfa-5505	312	1	*	*	PUNCT
ajfa-5505	312	2	*	*	PUNCT
ajfa-5505	312	3	(	(	PUNCT
ajfa-5505	312	4	0.0214	0.0214	NUM
ajfa-5505	312	5	)	)	PUNCT
ajfa-5505	312	6	*	*	PUNCT
ajfa-5505	312	7	*	*	PUNCT
ajfa-5505	312	8	ownership	ownership	NOUN
ajfa-5505	312	9	holdit	holdit	NOUN
ajfa-5505	312	10	-0.4595	-0.4595	PROPN
ajfa-5505	312	11	-0.3888	-0.3888	PROPN
ajfa-5505	312	12	-0.3798	-0.3798	PROPN
ajfa-5505	312	13	(	(	PUNCT
ajfa-5505	312	14	<	<	X
ajfa-5505	312	15	.0001	.0001	X
ajfa-5505	312	16	)	)	PUNCT
ajfa-5505	312	17	*	*	PUNCT
ajfa-5505	313	1	*	*	PUNCT
ajfa-5505	313	2	*	*	PUNCT
ajfa-5505	313	3	(	(	PUNCT
ajfa-5505	313	4	<	<	X
ajfa-5505	313	5	.0001	.0001	X
ajfa-5505	313	6	)	)	PUNCT
ajfa-5505	313	7	*	*	PUNCT
ajfa-5505	314	1	*	*	PUNCT
ajfa-5505	314	2	*	*	PUNCT
ajfa-5505	314	3	(	(	PUNCT
ajfa-5505	314	4	<	<	X
ajfa-5505	314	5	.0001	.0001	X
ajfa-5505	314	6	)	)	PUNCT
ajfa-5505	314	7	*	*	PUNCT
ajfa-5505	314	8	*	*	PUNCT
ajfa-5505	314	9	*	*	AUX
ajfa-5505	314	10	holdit*tcrijt	holdit*tcrijt	NOUN
ajfa-5505	314	11	-0.0932	-0.0932	NOUN
ajfa-5505	314	12	-0.1040	-0.1040	PROPN
ajfa-5505	314	13	(	(	PUNCT
ajfa-5505	314	14	0.1841	0.1841	NUM
ajfa-5505	314	15	)	)	PUNCT
ajfa-5505	314	16	(	(	PUNCT
ajfa-5505	314	17	0.1375	0.1375	NUM
ajfa-5505	314	18	)	)	PUNCT
ajfa-5505	314	19	nonholdit	nonholdit	NOUN
ajfa-5505	314	20	-0.4352	-0.4352	PROPN
ajfa-5505	314	21	-0.3290	-0.3290	PROPN
ajfa-5505	314	22	-0.3322	-0.3322	PROPN
ajfa-5505	314	23	(	(	PUNCT
ajfa-5505	314	24	<	<	X
ajfa-5505	314	25	.0001	.0001	X
ajfa-5505	314	26	)	)	PUNCT
ajfa-5505	314	27	*	*	PUNCT
ajfa-5505	315	1	*	*	PUNCT
ajfa-5505	315	2	*	*	PUNCT
ajfa-5505	315	3	(	(	PUNCT
ajfa-5505	315	4	0.0008	0.0008	NUM
ajfa-5505	315	5	)	)	PUNCT
ajfa-5505	315	6	*	*	PUNCT
ajfa-5505	316	1	*	*	PUNCT
ajfa-5505	316	2	*	*	PUNCT
ajfa-5505	316	3	(	(	PUNCT
ajfa-5505	316	4	0.0006	0.0006	NUM
ajfa-5505	316	5	)	)	PUNCT
ajfa-5505	316	6	*	*	PUNCT
ajfa-5505	316	7	*	*	PUNCT
ajfa-5505	316	8	*	*	PUNCT
ajfa-5505	316	9	asian	asian	ADJ
ajfa-5505	316	10	journal	journal	NOUN
ajfa-5505	316	11	of	of	ADP
ajfa-5505	316	12	finance	finance	PROPN
ajfa-5505	316	13	&	&	CCONJ
ajfa-5505	316	14	accounting	accounting	PROPN
ajfa-5505	316	15	issn	issn	PROPN
ajfa-5505	316	16	1946	1946	NUM
ajfa-5505	316	17	-	-	PUNCT
ajfa-5505	316	18	052x	052x	PROPN
ajfa-5505	316	19	2014	2014	NUM
ajfa-5505	316	20	,	,	PUNCT
ajfa-5505	316	21	vol	vol	NOUN
ajfa-5505	316	22	.	.	PROPN
ajfa-5505	316	23	6	6	NUM
ajfa-5505	316	24	,	,	PUNCT
ajfa-5505	316	25	no	no	INTJ
ajfa-5505	316	26	.	.	NOUN
ajfa-5505	316	27	2	2	NUM
ajfa-5505	316	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	316	29	40	40	NUM
ajfa-5505	316	30	dimensions	dimension	NOUN
ajfa-5505	316	31	independent	independent	ADJ
ajfa-5505	316	32	variables	variable	NOUN
ajfa-5505	316	33	loan	loan	NOUN
ajfa-5505	316	34	spreads	spread	NOUN
ajfa-5505	316	35	(	(	PUNCT
ajfa-5505	316	36	1	1	NUM
ajfa-5505	316	37	)	)	PUNCT
ajfa-5505	316	38	loan	loan	NOUN
ajfa-5505	316	39	spreads	spread	NOUN
ajfa-5505	316	40	(	(	PUNCT
ajfa-5505	316	41	2	2	NUM
ajfa-5505	316	42	)	)	PUNCT
ajfa-5505	316	43	loan	loan	NOUN
ajfa-5505	316	44	spreads	spread	NOUN
ajfa-5505	316	45	(	(	PUNCT
ajfa-5505	316	46	3	3	X
ajfa-5505	316	47	)	)	PUNCT
ajfa-5505	316	48	nonholdit*tcrijt	nonholdit*tcrijt	NOUN
ajfa-5505	316	49	-0.1299	-0.1299	NOUN
ajfa-5505	316	50	-0.1305	-0.1305	NOUN
ajfa-5505	316	51	(	(	PUNCT
ajfa-5505	316	52	0.1940	0.1940	NUM
ajfa-5505	316	53	)	)	PUNCT
ajfa-5505	316	54	(	(	PUNCT
ajfa-5505	316	55	0.1884	0.1884	NUM
ajfa-5505	316	56	)	)	PUNCT
ajfa-5505	316	57	foreit	foreit	NOUN
ajfa-5505	316	58	0.0713	0.0713	NUM
ajfa-5505	316	59	0.1400	0.1400	NUM
ajfa-5505	316	60	0.1583	0.1583	NUM
ajfa-5505	316	61	(	(	PUNCT
ajfa-5505	316	62	0.3369	0.3369	NUM
ajfa-5505	316	63	)	)	PUNCT
ajfa-5505	316	64	(	(	PUNCT
ajfa-5505	316	65	0.1963	0.1963	NUM
ajfa-5505	316	66	)	)	PUNCT
ajfa-5505	316	67	(	(	PUNCT
ajfa-5505	316	68	0.1439	0.1439	NUM
ajfa-5505	316	69	)	)	PUNCT
ajfa-5505	316	70	foreit	foreit	NOUN
ajfa-5505	316	71	*	*	PUNCT
ajfa-5505	316	72	tcrijt	tcrijt	NOUN
ajfa-5505	316	73	-0.0721	-0.0721	ADJ
ajfa-5505	316	74	-0.0939	-0.0939	NOUN
ajfa-5505	316	75	(	(	PUNCT
ajfa-5505	316	76	0.6091	0.6091	NUM
ajfa-5505	316	77	)	)	PUNCT
ajfa-5505	316	78	(	(	PUNCT
ajfa-5505	316	79	0.5052	0.5052	NUM
ajfa-5505	316	80	)	)	PUNCT
ajfa-5505	316	81	relation_type	relation_type	PROPN
ajfa-5505	316	82	largestit	largestit	PROPN
ajfa-5505	316	83	-0.2669	-0.2669	NOUN
ajfa-5505	316	84	-0.1479	-0.1479	VERB
ajfa-5505	316	85	-0.1276	-0.1276	NOUN
ajfa-5505	317	1	(	(	PUNCT
ajfa-5505	317	2	<	<	X
ajfa-5505	317	3	.0001	.0001	X
ajfa-5505	317	4	)	)	PUNCT
ajfa-5505	317	5	*	*	PUNCT
ajfa-5505	318	1	*	*	PUNCT
ajfa-5505	318	2	*	*	PUNCT
ajfa-5505	318	3	(	(	PUNCT
ajfa-5505	318	4	0.0360	0.0360	NUM
ajfa-5505	318	5	)	)	PUNCT
ajfa-5505	318	6	*	*	PUNCT
ajfa-5505	318	7	*	*	PUNCT
ajfa-5505	318	8	(	(	PUNCT
ajfa-5505	318	9	0.0734	0.0734	NUM
ajfa-5505	318	10	)	)	PUNCT
ajfa-5505	318	11	*	*	PUNCT
ajfa-5505	318	12	largestit*tcrijt	largestit*tcrijt	ADJ
ajfa-5505	318	13	-0.1678	-0.1678	NOUN
ajfa-5505	318	14	-0.1861	-0.1861	NOUN
ajfa-5505	318	15	(	(	PUNCT
ajfa-5505	318	16	0.0406	0.0406	NUM
ajfa-5505	318	17	)	)	PUNCT
ajfa-5505	318	18	*	*	PUNCT
ajfa-5505	318	19	*	*	PUNCT
ajfa-5505	318	20	(	(	PUNCT
ajfa-5505	318	21	0.0246	0.0246	NUM
ajfa-5505	318	22	)	)	PUNCT
ajfa-5505	318	23	*	*	PUNCT
ajfa-5505	318	24	*	*	PUNCT
ajfa-5505	318	25	mainit	mainit	PROPN
ajfa-5505	318	26	-0.1716	-0.1716	NOUN
ajfa-5505	318	27	-0.0685	-0.0685	VERB
ajfa-5505	318	28	-0.0559	-0.0559	PROPN
ajfa-5505	319	1	(	(	PUNCT
ajfa-5505	319	2	<	<	X
ajfa-5505	319	3	.0001	.0001	X
ajfa-5505	319	4	)	)	PUNCT
ajfa-5505	319	5	*	*	PUNCT
ajfa-5505	320	1	*	*	PUNCT
ajfa-5505	320	2	*	*	PUNCT
ajfa-5505	320	3	(	(	PUNCT
ajfa-5505	320	4	0.2552	0.2552	NUM
ajfa-5505	320	5	)	)	PUNCT
ajfa-5505	320	6	(	(	PUNCT
ajfa-5505	320	7	0.3524	0.3524	NUM
ajfa-5505	320	8	)	)	PUNCT
ajfa-5505	320	9	mainit	mainit	PROPN
ajfa-5505	320	10	*	*	PUNCT
ajfa-5505	320	11	tcrijt	tcrijt	PROPN
ajfa-5505	320	12	-0.1471	-0.1471	NOUN
ajfa-5505	320	13	-0.1585	-0.1585	PROPN
ajfa-5505	320	14	(	(	PUNCT
ajfa-5505	320	15	0.0376	0.0376	NUM
ajfa-5505	320	16	)	)	PUNCT
ajfa-5505	321	1	*	*	PUNCT
ajfa-5505	321	2	*	*	PUNCT
ajfa-5505	321	3	(	(	PUNCT
ajfa-5505	321	4	0.0252	0.0252	NUM
ajfa-5505	321	5	)	)	PUNCT
ajfa-5505	321	6	*	*	PUNCT
ajfa-5505	321	7	*	*	PUNCT
ajfa-5505	321	8	trci	trci	ADJ
ajfa-5505	321	9	-	-	PUNCT
ajfa-5505	321	10	state	state	NOUN
ajfa-5505	321	11	upgradejt	upgradejt	NOUN
ajfa-5505	321	12	1.5386	1.5386	NUM
ajfa-5505	321	13	(	(	PUNCT
ajfa-5505	321	14	<	<	NOUN
ajfa-5505	321	15	.0001	.0001	X
ajfa-5505	321	16	)	)	PUNCT
ajfa-5505	322	1	*	*	PUNCT
ajfa-5505	322	2	*	*	PUNCT
ajfa-5505	322	3	*	*	PUNCT
ajfa-5505	322	4	upgradejt	upgradejt	PROPN
ajfa-5505	322	5	*	*	ADJ
ajfa-5505	322	6	tcrijt	tcrijt	PROPN
ajfa-5505	322	7	-1.6456	-1.6456	PROPN
ajfa-5505	322	8	(	(	PUNCT
ajfa-5505	322	9	<	<	X
ajfa-5505	322	10	.0001	.0001	X
ajfa-5505	322	11	)	)	PUNCT
ajfa-5505	322	12	*	*	PUNCT
ajfa-5505	322	13	*	*	PUNCT
ajfa-5505	322	14	*	*	PUNCT
ajfa-5505	322	15	downgradejt	downgradejt	NOUN
ajfa-5505	322	16	-0.0670	-0.0670	NOUN
ajfa-5505	322	17	(	(	PUNCT
ajfa-5505	322	18	0.6823	0.6823	NUM
ajfa-5505	322	19	)	)	PUNCT
ajfa-5505	322	20	downgradejt	downgradejt	NOUN
ajfa-5505	322	21	*	*	PUNCT
ajfa-5505	322	22	tcrijt	tcrijt	NOUN
ajfa-5505	322	23	0.0497	0.0497	NUM
ajfa-5505	322	24	(	(	PUNCT
ajfa-5505	322	25	0.7714	0.7714	NUM
ajfa-5505	322	26	)	)	PUNCT
ajfa-5505	322	27	firm	firm	NOUN
ajfa-5505	322	28	size1	size1	PROPN
ajfa-5505	322	29	-0.1487	-0.1487	PROPN
ajfa-5505	322	30	-0.1475	-0.1475	PROPN
ajfa-5505	323	1	-0.1455	-0.1455	CCONJ
ajfa-5505	323	2	(	(	PUNCT
ajfa-5505	323	3	<	<	X
ajfa-5505	323	4	.0001	.0001	X
ajfa-5505	323	5	)	)	PUNCT
ajfa-5505	323	6	*	*	PUNCT
ajfa-5505	324	1	*	*	PUNCT
ajfa-5505	324	2	*	*	PUNCT
ajfa-5505	324	3	(	(	PUNCT
ajfa-5505	324	4	<	<	X
ajfa-5505	324	5	.0001	.0001	X
ajfa-5505	324	6	)	)	PUNCT
ajfa-5505	324	7	*	*	PUNCT
ajfa-5505	325	1	*	*	PUNCT
ajfa-5505	325	2	*	*	PUNCT
ajfa-5505	325	3	(	(	PUNCT
ajfa-5505	325	4	<	<	X
ajfa-5505	325	5	.0001	.0001	X
ajfa-5505	325	6	)	)	PUNCT
ajfa-5505	325	7	*	*	PUNCT
ajfa-5505	325	8	*	*	PUNCT
ajfa-5505	325	9	*	*	PUNCT
ajfa-5505	325	10	leverage	leverage	NOUN
ajfa-5505	325	11	0.0057	0.0057	NUM
ajfa-5505	325	12	0.0057	0.0057	NUM
ajfa-5505	325	13	0.0057	0.0057	NUM
ajfa-5505	325	14	(	(	PUNCT
ajfa-5505	325	15	<	<	X
ajfa-5505	325	16	.0001	.0001	X
ajfa-5505	325	17	)	)	PUNCT
ajfa-5505	325	18	*	*	PUNCT
ajfa-5505	326	1	*	*	PUNCT
ajfa-5505	326	2	*	*	PUNCT
ajfa-5505	326	3	(	(	PUNCT
ajfa-5505	326	4	<	<	X
ajfa-5505	326	5	.0001	.0001	X
ajfa-5505	326	6	)	)	PUNCT
ajfa-5505	326	7	*	*	PUNCT
ajfa-5505	327	1	*	*	PUNCT
ajfa-5505	327	2	*	*	PUNCT
ajfa-5505	327	3	(	(	PUNCT
ajfa-5505	327	4	<	<	X
ajfa-5505	327	5	.0001	.0001	X
ajfa-5505	327	6	)	)	PUNCT
ajfa-5505	327	7	*	*	PUNCT
ajfa-5505	327	8	*	*	PUNCT
ajfa-5505	327	9	*	*	PUNCT
ajfa-5505	327	10	ros	ros	PROPN
ajfa-5505	327	11	-0.0147	-0.0147	PROPN
ajfa-5505	327	12	-0.0150	-0.0150	PROPN
ajfa-5505	327	13	-0.0149	-0.0149	PROPN
ajfa-5505	327	14	(	(	PUNCT
ajfa-5505	327	15	<	<	X
ajfa-5505	327	16	.0001	.0001	X
ajfa-5505	327	17	)	)	PUNCT
ajfa-5505	327	18	*	*	PUNCT
ajfa-5505	328	1	*	*	PUNCT
ajfa-5505	328	2	*	*	PUNCT
ajfa-5505	328	3	(	(	PUNCT
ajfa-5505	328	4	<	<	X
ajfa-5505	328	5	.0001	.0001	X
ajfa-5505	328	6	)	)	PUNCT
ajfa-5505	328	7	*	*	PUNCT
ajfa-5505	329	1	*	*	PUNCT
ajfa-5505	329	2	*	*	PUNCT
ajfa-5505	329	3	(	(	PUNCT
ajfa-5505	329	4	<	<	X
ajfa-5505	329	5	.0001	.0001	X
ajfa-5505	329	6	)	)	PUNCT
ajfa-5505	329	7	*	*	PUNCT
ajfa-5505	329	8	*	*	PUNCT
ajfa-5505	329	9	*	*	PUNCT
ajfa-5505	329	10	bank	bank	NOUN
ajfa-5505	329	11	size2	size2	NOUN
ajfa-5505	329	12	0.0310	0.0310	NUM
ajfa-5505	329	13	0.0321	0.0321	NUM
ajfa-5505	329	14	0.0308	0.0308	NUM
ajfa-5505	329	15	(	(	PUNCT
ajfa-5505	329	16	0.0345	0.0345	NUM
ajfa-5505	329	17	)	)	PUNCT
ajfa-5505	329	18	*	*	PUNCT
ajfa-5505	329	19	*	*	PUNCT
ajfa-5505	329	20	(	(	PUNCT
ajfa-5505	329	21	0.0290	0.0290	NUM
ajfa-5505	329	22	)	)	PUNCT
ajfa-5505	329	23	*	*	PUNCT
ajfa-5505	329	24	*	*	PUNCT
ajfa-5505	329	25	(	(	PUNCT
ajfa-5505	329	26	0.0357	0.0357	NUM
ajfa-5505	329	27	)	)	PUNCT
ajfa-5505	329	28	*	*	PUNCT
ajfa-5505	329	29	*	*	PUNCT
ajfa-5505	330	1	cost_income	cost_income	PROPN
ajfa-5505	330	2	0.0404	0.0404	NUM
ajfa-5505	330	3	0.0386	0.0386	NUM
ajfa-5505	330	4	0.0364	0.0364	NUM
ajfa-5505	330	5	(	(	PUNCT
ajfa-5505	330	6	0.5022	0.5022	NUM
ajfa-5505	330	7	)	)	PUNCT
ajfa-5505	330	8	(	(	PUNCT
ajfa-5505	330	9	0.5241	0.5241	NUM
ajfa-5505	330	10	)	)	PUNCT
ajfa-5505	330	11	(	(	PUNCT
ajfa-5505	330	12	0.5471	0.5471	NUM
ajfa-5505	330	13	)	)	PUNCT
ajfa-5505	330	14	adj.r2	adj.r2	VERB
ajfa-5505	330	15	0.0955	0.0955	NUM
ajfa-5505	330	16	0.0979	0.0979	NUM
ajfa-5505	330	17	fvalue	fvalue	NOUN
ajfa-5505	330	18	81.470	81.470	NUM
ajfa-5505	330	19	68.23	68.23	NUM
ajfa-5505	330	20	samples	sample	NOUN
ajfa-5505	330	21	12032	12032	NUM
ajfa-5505	330	22	12032	12032	NUM
ajfa-5505	330	23	note	note	VERB
ajfa-5505	330	24	1	1	NUM
ajfa-5505	330	25	:	:	PUNCT
ajfa-5505	330	26	the	the	DET
ajfa-5505	330	27	empirical	empirical	ADJ
ajfa-5505	330	28	period	period	NOUN
ajfa-5505	330	29	is	be	AUX
ajfa-5505	330	30	2006	2006	NUM
ajfa-5505	330	31	-	-	SYM
ajfa-5505	330	32	2008	2008	NUM
ajfa-5505	330	33	,	,	PUNCT
ajfa-5505	330	34	and	and	CCONJ
ajfa-5505	330	35	the	the	DET
ajfa-5505	330	36	remaining	remain	VERB
ajfa-5505	330	37	signs	sign	NOUN
ajfa-5505	330	38	or	or	CCONJ
ajfa-5505	330	39	empirical	empirical	ADJ
ajfa-5505	330	40	methods	method	NOUN
ajfa-5505	330	41	are	be	AUX
ajfa-5505	330	42	the	the	DET
ajfa-5505	330	43	same	same	ADJ
ajfa-5505	330	44	as	as	ADP
ajfa-5505	330	45	in	in	ADP
ajfa-5505	330	46	table	table	NOUN
ajfa-5505	330	47	5	5	NUM
ajfa-5505	330	48	.	.	PUNCT
ajfa-5505	330	49	asian	asian	ADJ
ajfa-5505	330	50	journal	journal	PROPN
ajfa-5505	330	51	of	of	ADP
ajfa-5505	330	52	finance	finance	PROPN
ajfa-5505	330	53	&	&	CCONJ
ajfa-5505	330	54	accounting	accounting	PROPN
ajfa-5505	330	55	issn	issn	PROPN
ajfa-5505	330	56	1946	1946	NUM
ajfa-5505	330	57	-	-	PUNCT
ajfa-5505	330	58	052x	052x	PROPN
ajfa-5505	330	59	2014	2014	NUM
ajfa-5505	330	60	,	,	PUNCT
ajfa-5505	330	61	vol	vol	NOUN
ajfa-5505	330	62	.	.	PROPN
ajfa-5505	330	63	6	6	NUM
ajfa-5505	330	64	,	,	PUNCT
ajfa-5505	330	65	no	no	INTJ
ajfa-5505	330	66	.	.	NOUN
ajfa-5505	330	67	2	2	NUM
ajfa-5505	330	68	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	330	69	41	41	NUM
ajfa-5505	330	70	4.4	4.4	NUM
ajfa-5505	330	71	robustness	robustness	NOUN
ajfa-5505	330	72	test	test	NOUN
ajfa-5505	330	73	measuring	measure	VERB
ajfa-5505	330	74	the	the	DET
ajfa-5505	330	75	relationships	relationship	NOUN
ajfa-5505	330	76	based	base	VERB
ajfa-5505	330	77	on	on	ADP
ajfa-5505	330	78	financing	finance	VERB
ajfa-5505	330	79	ratios	ratio	NOUN
ajfa-5505	330	80	for	for	ADP
ajfa-5505	330	81	different	different	ADJ
ajfa-5505	330	82	types	type	NOUN
ajfa-5505	330	83	of	of	ADP
ajfa-5505	330	84	bank	bank	NOUN
ajfa-5505	330	85	ownership	ownership	NOUN
ajfa-5505	330	86	since	since	SCONJ
ajfa-5505	330	87	dividing	divide	VERB
ajfa-5505	330	88	the	the	DET
ajfa-5505	330	89	creditor	creditor	NOUN
ajfa-5505	330	90	banks	bank	NOUN
ajfa-5505	330	91	into	into	ADP
ajfa-5505	330	92	those	those	PRON
ajfa-5505	330	93	characterized	characterize	VERB
ajfa-5505	330	94	by	by	ADP
ajfa-5505	330	95	high	high	ADJ
ajfa-5505	330	96	and	and	CCONJ
ajfa-5505	330	97	low	low	ADJ
ajfa-5505	330	98	credit	credit	NOUN
ajfa-5505	330	99	risk	risk	NOUN
ajfa-5505	330	100	to	to	PART
ajfa-5505	330	101	observe	observe	VERB
ajfa-5505	330	102	the	the	DET
ajfa-5505	330	103	lending	lending	NOUN
ajfa-5505	330	104	behavior	behavior	NOUN
ajfa-5505	330	105	and	and	CCONJ
ajfa-5505	330	106	examine	examine	VERB
ajfa-5505	330	107	the	the	DET
ajfa-5505	330	108	factors	factor	NOUN
ajfa-5505	330	109	impacting	impact	VERB
ajfa-5505	330	110	loan	loan	NOUN
ajfa-5505	330	111	spreads	spread	NOUN
ajfa-5505	330	112	may	may	AUX
ajfa-5505	330	113	lack	lack	VERB
ajfa-5505	330	114	generality	generality	NOUN
ajfa-5505	330	115	and	and	CCONJ
ajfa-5505	330	116	validity	validity	NOUN
ajfa-5505	330	117	,	,	PUNCT
ajfa-5505	330	118	we	we	PRON
ajfa-5505	330	119	perform	perform	VERB
ajfa-5505	330	120	a	a	DET
ajfa-5505	330	121	robustness	robustness	NOUN
ajfa-5505	330	122	test	test	NOUN
ajfa-5505	330	123	.	.	PUNCT
ajfa-5505	331	1	first	first	ADV
ajfa-5505	331	2	,	,	PUNCT
ajfa-5505	331	3	we	we	PRON
ajfa-5505	331	4	do	do	AUX
ajfa-5505	331	5	not	not	PART
ajfa-5505	331	6	deliberately	deliberately	ADV
ajfa-5505	331	7	select	select	VERB
ajfa-5505	331	8	the	the	DET
ajfa-5505	331	9	samples	sample	NOUN
ajfa-5505	331	10	off	off	ADP
ajfa-5505	331	11	borrowing	borrow	VERB
ajfa-5505	331	12	companies	company	NOUN
ajfa-5505	331	13	from	from	ADP
ajfa-5505	331	14	the	the	DET
ajfa-5505	331	15	high	high	ADJ
ajfa-5505	331	16	or	or	CCONJ
ajfa-5505	331	17	low	low	ADJ
ajfa-5505	331	18	credit	credit	NOUN
ajfa-5505	331	19	risk	risk	NOUN
ajfa-5505	331	20	creditor	creditor	NOUN
ajfa-5505	331	21	banks	bank	NOUN
ajfa-5505	331	22	,	,	PUNCT
ajfa-5505	331	23	but	but	CCONJ
ajfa-5505	331	24	on	on	ADP
ajfa-5505	331	25	the	the	DET
ajfa-5505	331	26	contrary	contrary	NOUN
ajfa-5505	331	27	we	we	PRON
ajfa-5505	331	28	randomly	randomly	ADV
ajfa-5505	331	29	select	select	VERB
ajfa-5505	331	30	the	the	DET
ajfa-5505	331	31	samples	sample	NOUN
ajfa-5505	331	32	of	of	ADP
ajfa-5505	331	33	borrower	borrower	NOUN
ajfa-5505	331	34	from	from	ADP
ajfa-5505	331	35	listed	list	VERB
ajfa-5505	331	36	,	,	PUNCT
ajfa-5505	331	37	otc	otc	PROPN
ajfa-5505	331	38	and	and	CCONJ
ajfa-5505	331	39	emerging	emerge	VERB
ajfa-5505	331	40	companies	company	NOUN
ajfa-5505	331	41	for	for	ADP
ajfa-5505	331	42	the	the	DET
ajfa-5505	331	43	period	period	NOUN
ajfa-5505	331	44	2000	2000	NUM
ajfa-5505	331	45	-	-	SYM
ajfa-5505	331	46	2010	2010	NUM
ajfa-5505	331	47	,	,	PUNCT
ajfa-5505	331	48	and	and	CCONJ
ajfa-5505	331	49	have	have	VERB
ajfa-5505	331	50	a	a	DET
ajfa-5505	331	51	total	total	NOUN
ajfa-5505	331	52	of	of	ADP
ajfa-5505	331	53	4,381	4,381	NUM
ajfa-5505	331	54	observations	observation	NOUN
ajfa-5505	331	55	.	.	PUNCT
ajfa-5505	332	1	the	the	DET
ajfa-5505	332	2	total	total	ADJ
ajfa-5505	332	3	assets	asset	NOUN
ajfa-5505	332	4	of	of	ADP
ajfa-5505	332	5	these	these	DET
ajfa-5505	332	6	companies	company	NOUN
ajfa-5505	332	7	amount	amount	VERB
ajfa-5505	332	8	to	to	ADP
ajfa-5505	332	9	16.094	16.094	NUM
ajfa-5505	332	10	billion	billion	NUM
ajfa-5505	332	11	on	on	ADP
ajfa-5505	332	12	average	average	ADJ
ajfa-5505	332	13	and	and	CCONJ
ajfa-5505	332	14	the	the	DET
ajfa-5505	332	15	average	average	ADJ
ajfa-5505	332	16	credit	credit	NOUN
ajfa-5505	332	17	rating	rating	NOUN
ajfa-5505	332	18	is	be	AUX
ajfa-5505	332	19	higher	high	ADJ
ajfa-5505	332	20	than	than	ADP
ajfa-5505	332	21	level	level	NOUN
ajfa-5505	332	22	6	6	NUM
ajfa-5505	332	23	based	base	VERB
ajfa-5505	332	24	on	on	ADP
ajfa-5505	332	25	tcri29	tcri29	NOUN
ajfa-5505	332	26	.	.	PUNCT
ajfa-5505	333	1	then	then	ADV
ajfa-5505	333	2	,	,	PUNCT
ajfa-5505	333	3	according	accord	VERB
ajfa-5505	333	4	to	to	ADP
ajfa-5505	333	5	the	the	DET
ajfa-5505	333	6	concept	concept	NOUN
ajfa-5505	333	7	presented	present	VERB
ajfa-5505	333	8	by	by	ADP
ajfa-5505	333	9	kuo	kuo	PROPN
ajfa-5505	333	10	and	and	CCONJ
ajfa-5505	333	11	chen	chen	PROPN
ajfa-5505	333	12	(	(	PUNCT
ajfa-5505	333	13	2012	2012	NUM
ajfa-5505	333	14	)	)	PUNCT
ajfa-5505	333	15	,	,	PUNCT
ajfa-5505	333	16	we	we	PRON
ajfa-5505	333	17	measure	measure	VERB
ajfa-5505	333	18	the	the	DET
ajfa-5505	333	19	relationships	relationship	NOUN
ajfa-5505	333	20	based	base	VERB
ajfa-5505	333	21	on	on	ADP
ajfa-5505	333	22	the	the	DET
ajfa-5505	333	23	ratio	ratio	NOUN
ajfa-5505	333	24	of	of	ADP
ajfa-5505	333	25	the	the	DET
ajfa-5505	333	26	financing	financing	NOUN
ajfa-5505	333	27	amount	amount	NOUN
ajfa-5505	333	28	to	to	ADP
ajfa-5505	333	29	the	the	DET
ajfa-5505	333	30	total	total	ADJ
ajfa-5505	333	31	assets	asset	NOUN
ajfa-5505	333	32	of	of	ADP
ajfa-5505	333	33	each	each	DET
ajfa-5505	333	34	sample	sample	NOUN
ajfa-5505	333	35	borrower	borrower	NOUN
ajfa-5505	333	36	instead	instead	ADV
ajfa-5505	333	37	of	of	ADP
ajfa-5505	333	38	using	use	VERB
ajfa-5505	333	39	the	the	DET
ajfa-5505	333	40	biggest	big	ADJ
ajfa-5505	333	41	creditor	creditor	NOUN
ajfa-5505	333	42	,	,	PUNCT
ajfa-5505	333	43	the	the	DET
ajfa-5505	333	44	main	main	ADJ
ajfa-5505	333	45	creditor	creditor	NOUN
ajfa-5505	333	46	and	and	CCONJ
ajfa-5505	333	47	non	non	ADJ
ajfa-5505	333	48	-	-	ADJ
ajfa-5505	333	49	main	main	ADJ
ajfa-5505	333	50	creditor	creditor	NOUN
ajfa-5505	333	51	to	to	PART
ajfa-5505	333	52	distinguish	distinguish	VERB
ajfa-5505	333	53	the	the	DET
ajfa-5505	333	54	relationships30	relationships30	NOUN
ajfa-5505	333	55	.	.	PUNCT
ajfa-5505	334	1	by	by	ADP
ajfa-5505	334	2	dividing	divide	VERB
ajfa-5505	334	3	the	the	DET
ajfa-5505	334	4	creditor	creditor	NOUN
ajfa-5505	334	5	banks	bank	NOUN
ajfa-5505	334	6	based	base	VERB
ajfa-5505	334	7	on	on	ADP
ajfa-5505	334	8	the	the	DET
ajfa-5505	334	9	ownership	ownership	NOUN
ajfa-5505	334	10	,	,	PUNCT
ajfa-5505	334	11	we	we	PRON
ajfa-5505	334	12	find	find	VERB
ajfa-5505	334	13	that	that	SCONJ
ajfa-5505	334	14	most	most	ADJ
ajfa-5505	334	15	(	(	PUNCT
ajfa-5505	334	16	i.e.	i.e.	X
ajfa-5505	334	17	,	,	PUNCT
ajfa-5505	334	18	2,253	2,253	NUM
ajfa-5505	334	19	)	)	PUNCT
ajfa-5505	334	20	of	of	ADP
ajfa-5505	334	21	the	the	DET
ajfa-5505	334	22	sample	sample	NOUN
ajfa-5505	334	23	companies	company	NOUN
ajfa-5505	334	24	borrow	borrow	VERB
ajfa-5505	334	25	from	from	ADP
ajfa-5505	334	26	state	state	NOUN
ajfa-5505	334	27	-	-	PUNCT
ajfa-5505	334	28	owned	own	VERB
ajfa-5505	334	29	banks	bank	NOUN
ajfa-5505	334	30	,	,	PUNCT
ajfa-5505	334	31	followed	follow	VERB
ajfa-5505	334	32	by	by	ADP
ajfa-5505	334	33	private	private	ADJ
ajfa-5505	334	34	financial	financial	ADJ
ajfa-5505	334	35	holding	hold	VERB
ajfa-5505	334	36	banks	bank	NOUN
ajfa-5505	334	37	(	(	PUNCT
ajfa-5505	334	38	1,160	1,160	NUM
ajfa-5505	334	39	)	)	PUNCT
ajfa-5505	334	40	,	,	PUNCT
ajfa-5505	334	41	private	private	ADJ
ajfa-5505	334	42	non	non	ADJ
ajfa-5505	334	43	-	-	ADJ
ajfa-5505	334	44	financial	financial	ADJ
ajfa-5505	334	45	holding	hold	VERB
ajfa-5505	334	46	banks	bank	NOUN
ajfa-5505	334	47	(	(	PUNCT
ajfa-5505	334	48	i.e.	i.e.	X
ajfa-5505	334	49	,	,	PUNCT
ajfa-5505	334	50	784	784	NUM
ajfa-5505	334	51	)	)	PUNCT
ajfa-5505	334	52	,	,	PUNCT
ajfa-5505	334	53	and	and	CCONJ
ajfa-5505	334	54	finally	finally	ADV
ajfa-5505	334	55	foreign	foreign	ADJ
ajfa-5505	334	56	banks	bank	NOUN
ajfa-5505	334	57	(	(	PUNCT
ajfa-5505	334	58	with	with	ADP
ajfa-5505	334	59	only	only	ADV
ajfa-5505	334	60	221	221	NUM
ajfa-5505	334	61	observations	observation	NOUN
ajfa-5505	334	62	)	)	PUNCT
ajfa-5505	334	63	.	.	PUNCT
ajfa-5505	335	1	moreover	moreover	ADV
ajfa-5505	335	2	,	,	PUNCT
ajfa-5505	335	3	we	we	PRON
ajfa-5505	335	4	find	find	VERB
ajfa-5505	335	5	that	that	SCONJ
ajfa-5505	335	6	the	the	DET
ajfa-5505	335	7	sample	sample	NOUN
ajfa-5505	335	8	of	of	ADP
ajfa-5505	335	9	borrowers	borrower	NOUN
ajfa-5505	335	10	that	that	PRON
ajfa-5505	335	11	obtained	obtain	VERB
ajfa-5505	335	12	loans	loan	NOUN
ajfa-5505	335	13	from	from	ADP
ajfa-5505	335	14	foreign	foreign	ADJ
ajfa-5505	335	15	banks	bank	NOUN
ajfa-5505	335	16	were	be	AUX
ajfa-5505	335	17	characterized	characterize	VERB
ajfa-5505	335	18	by	by	ADP
ajfa-5505	335	19	the	the	DET
ajfa-5505	335	20	best	good	ADJ
ajfa-5505	335	21	credit	credit	NOUN
ajfa-5505	335	22	ratings	rating	NOUN
ajfa-5505	335	23	and	and	CCONJ
ajfa-5505	335	24	the	the	DET
ajfa-5505	335	25	largest	large	ADJ
ajfa-5505	335	26	scale	scale	NOUN
ajfa-5505	335	27	of	of	ADP
ajfa-5505	335	28	assets	asset	NOUN
ajfa-5505	335	29	,	,	PUNCT
ajfa-5505	335	30	and	and	CCONJ
ajfa-5505	335	31	therefore	therefore	ADV
ajfa-5505	335	32	the	the	DET
ajfa-5505	335	33	banks	bank	NOUN
ajfa-5505	335	34	granted	grant	VERB
ajfa-5505	335	35	lower	low	ADJ
ajfa-5505	335	36	loan	loan	NOUN
ajfa-5505	335	37	spreads	spread	NOUN
ajfa-5505	335	38	.	.	PUNCT
ajfa-5505	336	1	in	in	ADP
ajfa-5505	336	2	addition	addition	NOUN
ajfa-5505	336	3	,	,	PUNCT
ajfa-5505	336	4	the	the	DET
ajfa-5505	336	5	sample	sample	NOUN
ajfa-5505	336	6	of	of	ADP
ajfa-5505	336	7	borrowers	borrower	NOUN
ajfa-5505	336	8	that	that	PRON
ajfa-5505	336	9	obtained	obtain	VERB
ajfa-5505	336	10	loans	loan	NOUN
ajfa-5505	336	11	from	from	ADP
ajfa-5505	336	12	the	the	DET
ajfa-5505	336	13	private	private	ADJ
ajfa-5505	336	14	non	non	ADJ
ajfa-5505	336	15	-	-	ADJ
ajfa-5505	336	16	financial	financial	ADJ
ajfa-5505	336	17	holding	hold	VERB
ajfa-5505	336	18	banks	bank	NOUN
ajfa-5505	336	19	was	be	AUX
ajfa-5505	336	20	characterized	characterize	VERB
ajfa-5505	336	21	by	by	ADP
ajfa-5505	336	22	the	the	DET
ajfa-5505	336	23	worst	bad	ADJ
ajfa-5505	336	24	credit	credit	NOUN
ajfa-5505	336	25	ratings	rating	NOUN
ajfa-5505	336	26	and	and	CCONJ
ajfa-5505	336	27	profitability	profitability	NOUN
ajfa-5505	336	28	ratios	ratio	NOUN
ajfa-5505	336	29	.	.	PUNCT
ajfa-5505	337	1	in	in	ADP
ajfa-5505	337	2	addition	addition	NOUN
ajfa-5505	337	3	,	,	PUNCT
ajfa-5505	337	4	in	in	ADP
ajfa-5505	337	5	taking	take	VERB
ajfa-5505	337	6	into	into	ADP
ajfa-5505	337	7	consideration	consideration	NOUN
ajfa-5505	337	8	the	the	DET
ajfa-5505	337	9	existence	existence	NOUN
ajfa-5505	337	10	of	of	ADP
ajfa-5505	337	11	big	big	ADJ
ajfa-5505	337	12	differences	difference	NOUN
ajfa-5505	337	13	among	among	ADP
ajfa-5505	337	14	listed	list	VERB
ajfa-5505	337	15	,	,	PUNCT
ajfa-5505	337	16	otc	otc	PROPN
ajfa-5505	337	17	and	and	CCONJ
ajfa-5505	337	18	emerging	emerge	VERB
ajfa-5505	337	19	companies	company	NOUN
ajfa-5505	337	20	in	in	ADP
ajfa-5505	337	21	terms	term	NOUN
ajfa-5505	337	22	of	of	ADP
ajfa-5505	337	23	issuing	issue	VERB
ajfa-5505	337	24	conditions	condition	NOUN
ajfa-5505	337	25	,	,	PUNCT
ajfa-5505	337	26	we	we	PRON
ajfa-5505	337	27	add	add	VERB
ajfa-5505	337	28	two	two	NUM
ajfa-5505	337	29	dummy	dummy	ADJ
ajfa-5505	337	30	variables	variable	NOUN
ajfa-5505	337	31	to	to	PART
ajfa-5505	337	32	denote	denote	VERB
ajfa-5505	337	33	the	the	DET
ajfa-5505	337	34	organizational	organizational	ADJ
ajfa-5505	337	35	types	type	NOUN
ajfa-5505	337	36	in	in	ADP
ajfa-5505	337	37	this	this	DET
ajfa-5505	337	38	section	section	NOUN
ajfa-5505	337	39	.	.	PUNCT
ajfa-5505	338	1	while	while	SCONJ
ajfa-5505	338	2	focusing	focus	VERB
ajfa-5505	338	3	on	on	ADP
ajfa-5505	338	4	the	the	DET
ajfa-5505	338	5	lending	lending	NOUN
ajfa-5505	338	6	practices	practice	NOUN
ajfa-5505	338	7	and	and	CCONJ
ajfa-5505	338	8	environment	environment	NOUN
ajfa-5505	338	9	in	in	ADP
ajfa-5505	338	10	taiwan	taiwan	PROPN
ajfa-5505	338	11	,	,	PUNCT
ajfa-5505	338	12	we	we	PRON
ajfa-5505	338	13	find	find	VERB
ajfa-5505	338	14	that	that	SCONJ
ajfa-5505	338	15	it	it	PRON
ajfa-5505	338	16	is	be	AUX
ajfa-5505	338	17	easier	easy	ADJ
ajfa-5505	338	18	for	for	SCONJ
ajfa-5505	338	19	borrower	borrower	NOUN
ajfa-5505	338	20	with	with	ADP
ajfa-5505	338	21	their	their	PRON
ajfa-5505	338	22	larger	large	ADJ
ajfa-5505	338	23	scale	scale	NOUN
ajfa-5505	338	24	of	of	ADP
ajfa-5505	338	25	operations	operation	NOUN
ajfa-5505	338	26	to	to	PART
ajfa-5505	338	27	obtain	obtain	VERB
ajfa-5505	338	28	unsecured	unsecured	ADJ
ajfa-5505	338	29	borrowing	borrowing	NOUN
ajfa-5505	338	30	and	and	CCONJ
ajfa-5505	338	31	,	,	PUNCT
ajfa-5505	338	32	therefore	therefore	ADV
ajfa-5505	338	33	,	,	PUNCT
ajfa-5505	338	34	in	in	ADP
ajfa-5505	338	35	the	the	DET
ajfa-5505	338	36	empirical	empirical	ADJ
ajfa-5505	338	37	model	model	NOUN
ajfa-5505	338	38	in	in	ADP
ajfa-5505	338	39	table	table	NOUN
ajfa-5505	338	40	7	7	NUM
ajfa-5505	338	41	we	we	PRON
ajfa-5505	338	42	include	include	VERB
ajfa-5505	338	43	a	a	DET
ajfa-5505	338	44	dummy	dummy	ADJ
ajfa-5505	338	45	variable	variable	NOUN
ajfa-5505	338	46	to	to	PART
ajfa-5505	338	47	denote	denote	VERB
ajfa-5505	338	48	whether	whether	SCONJ
ajfa-5505	338	49	the	the	DET
ajfa-5505	338	50	sampled	sample	VERB
ajfa-5505	338	51	borrowers	borrower	NOUN
ajfa-5505	338	52	provided	provide	VERB
ajfa-5505	338	53	collateral	collateral	NOUN
ajfa-5505	338	54	.	.	PUNCT
ajfa-5505	339	1	to	to	PART
ajfa-5505	339	2	sum	sum	VERB
ajfa-5505	339	3	up	up	ADP
ajfa-5505	339	4	,	,	PUNCT
ajfa-5505	339	5	the	the	DET
ajfa-5505	339	6	differences	difference	NOUN
ajfa-5505	339	7	between	between	ADP
ajfa-5505	339	8	table	table	NOUN
ajfa-5505	339	9	7	7	NUM
ajfa-5505	339	10	and	and	CCONJ
ajfa-5505	339	11	tables	table	NOUN
ajfa-5505	339	12	5	5	NUM
ajfa-5505	339	13	and	and	CCONJ
ajfa-5505	339	14	6	6	NUM
ajfa-5505	339	15	are	be	AUX
ajfa-5505	339	16	that	that	SCONJ
ajfa-5505	339	17	in	in	ADP
ajfa-5505	339	18	table	table	NOUN
ajfa-5505	339	19	7	7	NUM
ajfa-5505	339	20	we	we	PRON
ajfa-5505	339	21	did	do	AUX
ajfa-5505	339	22	not	not	PART
ajfa-5505	339	23	use	use	VERB
ajfa-5505	339	24	lending	lending	NOUN
ajfa-5505	339	25	performance	performance	NOUN
ajfa-5505	339	26	(	(	PUNCT
ajfa-5505	339	27	with	with	ADP
ajfa-5505	339	28	or	or	CCONJ
ajfa-5505	339	29	without	without	ADP
ajfa-5505	339	30	wobd	wobd	NOUN
ajfa-5505	339	31	or	or	CCONJ
ajfa-5505	339	32	hccl	hccl	NOUN
ajfa-5505	339	33	)	)	PUNCT
ajfa-5505	339	34	to	to	PART
ajfa-5505	339	35	denote	denote	VERB
ajfa-5505	339	36	whether	whether	SCONJ
ajfa-5505	339	37	the	the	DET
ajfa-5505	339	38	credit	credit	NOUN
ajfa-5505	339	39	risk	risk	NOUN
ajfa-5505	339	40	of	of	ADP
ajfa-5505	339	41	creditor	creditor	NOUN
ajfa-5505	339	42	banks	bank	NOUN
ajfa-5505	339	43	was	be	AUX
ajfa-5505	339	44	high	high	ADJ
ajfa-5505	339	45	or	or	CCONJ
ajfa-5505	339	46	low	low	ADJ
ajfa-5505	339	47	.	.	PUNCT
ajfa-5505	340	1	furthermore	furthermore	ADV
ajfa-5505	340	2	,	,	PUNCT
ajfa-5505	340	3	we	we	PRON
ajfa-5505	340	4	added	add	VERB
ajfa-5505	340	5	two	two	NUM
ajfa-5505	340	6	dummy	dummy	ADJ
ajfa-5505	340	7	variables	variable	NOUN
ajfa-5505	340	8	to	to	PART
ajfa-5505	340	9	describe	describe	VERB
ajfa-5505	340	10	the	the	DET
ajfa-5505	340	11	organizational	organizational	ADJ
ajfa-5505	340	12	types	type	NOUN
ajfa-5505	340	13	and	and	CCONJ
ajfa-5505	340	14	a	a	DET
ajfa-5505	340	15	dummy	dummy	ADJ
ajfa-5505	340	16	variable	variable	NOUN
ajfa-5505	340	17	to	to	PART
ajfa-5505	340	18	denote	denote	VERB
ajfa-5505	340	19	whether	whether	SCONJ
ajfa-5505	340	20	the	the	DET
ajfa-5505	340	21	sampled	sample	VERB
ajfa-5505	340	22	borrowers	borrower	NOUN
ajfa-5505	340	23	provided	provide	VERB
ajfa-5505	340	24	collateral	collateral	NOUN
ajfa-5505	340	25	.	.	PUNCT
ajfa-5505	341	1	moreover	moreover	ADV
ajfa-5505	341	2	,	,	PUNCT
ajfa-5505	341	3	we	we	PRON
ajfa-5505	341	4	used	use	VERB
ajfa-5505	341	5	the	the	DET
ajfa-5505	341	6	financing	financing	NOUN
ajfa-5505	341	7	ratio	ratio	NOUN
ajfa-5505	341	8	among	among	ADP
ajfa-5505	341	9	the	the	DET
ajfa-5505	341	10	creditor	creditor	NOUN
ajfa-5505	341	11	banks	bank	NOUN
ajfa-5505	341	12	to	to	PART
ajfa-5505	341	13	measure	measure	VERB
ajfa-5505	341	14	the	the	DET
ajfa-5505	341	15	relationships	relationship	NOUN
ajfa-5505	341	16	instead	instead	ADV
ajfa-5505	341	17	of	of	ADP
ajfa-5505	341	18	using	use	VERB
ajfa-5505	341	19	the	the	DET
ajfa-5505	341	20	greatest	great	ADJ
ajfa-5505	341	21	creditor	creditor	NOUN
ajfa-5505	341	22	bank	bank	NOUN
ajfa-5505	341	23	,	,	PUNCT
ajfa-5505	341	24	main	main	ADJ
ajfa-5505	341	25	creditor	creditor	NOUN
ajfa-5505	341	26	bank	bank	PROPN
ajfa-5505	341	27	and	and	CCONJ
ajfa-5505	341	28	non	non	ADJ
ajfa-5505	341	29	-	-	ADJ
ajfa-5505	341	30	main	main	ADJ
ajfa-5505	341	31	creditor	creditor	NOUN
ajfa-5505	341	32	bank	bank	NOUN
ajfa-5505	341	33	.	.	PUNCT
ajfa-5505	342	1	for	for	ADP
ajfa-5505	342	2	comparison	comparison	NOUN
ajfa-5505	342	3	purposes	purpose	NOUN
ajfa-5505	342	4	,	,	PUNCT
ajfa-5505	342	5	the	the	DET
ajfa-5505	342	6	three	three	NUM
ajfa-5505	342	7	empirical	empirical	ADJ
ajfa-5505	342	8	models	model	NOUN
ajfa-5505	342	9	in	in	ADP
ajfa-5505	342	10	tables	table	NOUN
ajfa-5505	342	11	5	5	NUM
ajfa-5505	342	12	,	,	PUNCT
ajfa-5505	342	13	6	6	NUM
ajfa-5505	342	14	and	and	CCONJ
ajfa-5505	342	15	7	7	NUM
ajfa-5505	342	16	are	be	AUX
ajfa-5505	342	17	similar	similar	ADJ
ajfa-5505	342	18	.	.	PUNCT
ajfa-5505	343	1	empirical	empirical	ADJ
ajfa-5505	343	2	model	model	NOUN
ajfa-5505	343	3	(	(	PUNCT
ajfa-5505	343	4	1	1	X
ajfa-5505	343	5	)	)	PUNCT
ajfa-5505	343	6	is	be	AUX
ajfa-5505	343	7	regarded	regard	VERB
ajfa-5505	343	8	as	as	ADP
ajfa-5505	343	9	the	the	DET
ajfa-5505	343	10	basic	basic	ADJ
ajfa-5505	343	11	model	model	NOUN
ajfa-5505	343	12	of	of	ADP
ajfa-5505	343	13	loan	loan	NOUN
ajfa-5505	343	14	spreads	spread	NOUN
ajfa-5505	343	15	which	which	PRON
ajfa-5505	343	16	include	include	VERB
ajfa-5505	343	17	the	the	DET
ajfa-5505	343	18	characteristics	characteristic	NOUN
ajfa-5505	343	19	of	of	ADP
ajfa-5505	343	20	factors	factor	NOUN
ajfa-5505	343	21	impacting	impact	VERB
ajfa-5505	343	22	borrowing	borrowing	NOUN
ajfa-5505	343	23	companies	company	NOUN
ajfa-5505	343	24	and	and	CCONJ
ajfa-5505	343	25	creditor	creditor	NOUN
ajfa-5505	343	26	banks	bank	NOUN
ajfa-5505	343	27	,	,	PUNCT
ajfa-5505	343	28	ownership	ownership	NOUN
ajfa-5505	343	29	types	type	NOUN
ajfa-5505	343	30	,	,	PUNCT
ajfa-5505	343	31	relationships	relationship	NOUN
ajfa-5505	343	32	,	,	PUNCT
ajfa-5505	343	33	the	the	DET
ajfa-5505	343	34	upgrading	upgrading	NOUN
ajfa-5505	343	35	and	and	CCONJ
ajfa-5505	343	36	downgrading	downgrading	NOUN
ajfa-5505	343	37	of	of	ADP
ajfa-5505	343	38	credit	credit	NOUN
ajfa-5505	343	39	ratings	rating	NOUN
ajfa-5505	343	40	,	,	PUNCT
ajfa-5505	343	41	organizational	organizational	ADJ
ajfa-5505	343	42	types	type	NOUN
ajfa-5505	343	43	and	and	CCONJ
ajfa-5505	343	44	whether	whether	SCONJ
ajfa-5505	343	45	the	the	DET
ajfa-5505	343	46	borrower	borrower	NOUN
ajfa-5505	343	47	provides	provide	VERB
ajfa-5505	343	48	collateral	collateral	NOUN
ajfa-5505	343	49	.	.	PUNCT
ajfa-5505	344	1	in	in	ADP
ajfa-5505	344	2	addition	addition	NOUN
ajfa-5505	344	3	to	to	ADP
ajfa-5505	344	4	the	the	DET
ajfa-5505	344	5	factors	factor	NOUN
ajfa-5505	344	6	impacting	impact	VERB
ajfa-5505	344	7	borrowing	borrowing	NOUN
ajfa-5505	344	8	companies	company	NOUN
ajfa-5505	344	9	and	and	CCONJ
ajfa-5505	344	10	creditor	creditor	NOUN
ajfa-5505	344	11	banks	bank	NOUN
ajfa-5505	344	12	in	in	ADP
ajfa-5505	344	13	model	model	NOUN
ajfa-5505	344	14	(	(	PUNCT
ajfa-5505	344	15	1	1	NUM
ajfa-5505	344	16	)	)	PUNCT
ajfa-5505	344	17	,	,	PUNCT
ajfa-5505	344	18	models	model	NOUN
ajfa-5505	344	19	(	(	PUNCT
ajfa-5505	344	20	2	2	NUM
ajfa-5505	344	21	)	)	PUNCT
ajfa-5505	344	22	and	and	CCONJ
ajfa-5505	344	23	(	(	PUNCT
ajfa-5505	344	24	3	3	X
ajfa-5505	344	25	)	)	PUNCT
ajfa-5505	344	26	use	use	VERB
ajfa-5505	344	27	the	the	DET
ajfa-5505	344	28	tcri	tcri	ADJ
ajfa-5505	344	29	index	index	NOUN
ajfa-5505	344	30	to	to	PART
ajfa-5505	344	31	distinguish	distinguish	VERB
ajfa-5505	344	32	high	high	ADV
ajfa-5505	344	33	from	from	ADP
ajfa-5505	344	34	low	low	ADJ
ajfa-5505	344	35	credit	credit	NOUN
ajfa-5505	344	36	risk	risk	NOUN
ajfa-5505	344	37	,	,	PUNCT
ajfa-5505	344	38	and	and	CCONJ
ajfa-5505	344	39	also	also	ADV
ajfa-5505	344	40	include	include	VERB
ajfa-5505	344	41	the	the	DET
ajfa-5505	344	42	interaction	interaction	NOUN
ajfa-5505	344	43	items	item	NOUN
ajfa-5505	344	44	of	of	ADP
ajfa-5505	344	45	each	each	DET
ajfa-5505	344	46	dimension	dimension	NOUN
ajfa-5505	344	47	to	to	PART
ajfa-5505	344	48	further	far	ADV
ajfa-5505	344	49	examine	examine	VERB
ajfa-5505	344	50	the	the	DET
ajfa-5505	344	51	factors	factor	NOUN
ajfa-5505	344	52	impacting	impact	VERB
ajfa-5505	344	53	the	the	DET
ajfa-5505	344	54	loan	loan	NOUN
ajfa-5505	344	55	spreads	spread	NOUN
ajfa-5505	344	56	.	.	PUNCT
ajfa-5505	345	1	according	accord	VERB
ajfa-5505	345	2	to	to	ADP
ajfa-5505	345	3	the	the	DET
ajfa-5505	345	4	results	result	NOUN
ajfa-5505	345	5	of	of	ADP
ajfa-5505	345	6	empirical	empirical	ADJ
ajfa-5505	345	7	models	model	NOUN
ajfa-5505	345	8	(	(	PUNCT
ajfa-5505	345	9	1	1	NUM
ajfa-5505	345	10	)	)	PUNCT
ajfa-5505	345	11	,	,	PUNCT
ajfa-5505	345	12	(	(	PUNCT
ajfa-5505	345	13	2	2	X
ajfa-5505	345	14	)	)	PUNCT
ajfa-5505	345	15	and	and	CCONJ
ajfa-5505	345	16	(	(	PUNCT
ajfa-5505	345	17	3	3	X
ajfa-5505	345	18	)	)	PUNCT
ajfa-5505	345	19	in	in	ADP
ajfa-5505	345	20	table	table	NOUN
ajfa-5505	345	21	7	7	NUM
ajfa-5505	345	22	,	,	PUNCT
ajfa-5505	345	23	the	the	DET
ajfa-5505	345	24	loan	loan	NOUN
ajfa-5505	345	25	spreads	spread	NOUN
ajfa-5505	345	26	of	of	ADP
ajfa-5505	345	27	asian	asian	ADJ
ajfa-5505	345	28	journal	journal	NOUN
ajfa-5505	345	29	of	of	ADP
ajfa-5505	345	30	finance	finance	PROPN
ajfa-5505	345	31	&	&	CCONJ
ajfa-5505	345	32	accounting	accounting	PROPN
ajfa-5505	345	33	issn	issn	PROPN
ajfa-5505	345	34	1946	1946	NUM
ajfa-5505	345	35	-	-	PUNCT
ajfa-5505	345	36	052x	052x	PROPN
ajfa-5505	345	37	2014	2014	NUM
ajfa-5505	345	38	,	,	PUNCT
ajfa-5505	345	39	vol	vol	NOUN
ajfa-5505	345	40	.	.	PROPN
ajfa-5505	346	1	6	6	NUM
ajfa-5505	346	2	,	,	PUNCT
ajfa-5505	346	3	no	no	INTJ
ajfa-5505	346	4	.	.	NOUN
ajfa-5505	346	5	2	2	NUM
ajfa-5505	346	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	346	7	42	42	NUM
ajfa-5505	346	8	private	private	ADJ
ajfa-5505	346	9	financial	financial	ADJ
ajfa-5505	346	10	holding	hold	VERB
ajfa-5505	346	11	banks	bank	NOUN
ajfa-5505	346	12	and	and	CCONJ
ajfa-5505	346	13	private	private	ADJ
ajfa-5505	346	14	non	non	ADJ
ajfa-5505	346	15	-	-	ADJ
ajfa-5505	346	16	financial	financial	ADJ
ajfa-5505	346	17	holding	hold	VERB
ajfa-5505	346	18	banks	bank	NOUN
ajfa-5505	346	19	are	be	AUX
ajfa-5505	346	20	significantly	significantly	ADV
ajfa-5505	346	21	lower	low	ADJ
ajfa-5505	346	22	than	than	ADP
ajfa-5505	346	23	those	those	PRON
ajfa-5505	346	24	of	of	ADP
ajfa-5505	346	25	state	state	NOUN
ajfa-5505	346	26	-	-	PUNCT
ajfa-5505	346	27	owned	own	VERB
ajfa-5505	346	28	banks	bank	NOUN
ajfa-5505	346	29	(	(	PUNCT
ajfa-5505	346	30	in	in	ADP
ajfa-5505	346	31	model	model	NOUN
ajfa-5505	346	32	(	(	PUNCT
ajfa-5505	346	33	1	1	X
ajfa-5505	346	34	)	)	PUNCT
ajfa-5505	346	35	the	the	DET
ajfa-5505	346	36	coefficient	coefficient	NOUN
ajfa-5505	346	37	values	value	NOUN
ajfa-5505	346	38	are	be	AUX
ajfa-5505	346	39	-0.0078	-0.0078	ADJ
ajfa-5505	346	40	and	and	CCONJ
ajfa-5505	346	41	-0.0095	-0.0095	NOUN
ajfa-5505	346	42	)	)	PUNCT
ajfa-5505	346	43	,	,	PUNCT
ajfa-5505	346	44	and	and	CCONJ
ajfa-5505	346	45	only	only	ADV
ajfa-5505	346	46	the	the	DET
ajfa-5505	346	47	foreign	foreign	ADJ
ajfa-5505	346	48	banks	bank	NOUN
ajfa-5505	346	49	are	be	AUX
ajfa-5505	346	50	an	an	DET
ajfa-5505	346	51	exception	exception	NOUN
ajfa-5505	346	52	.	.	PUNCT
ajfa-5505	347	1	if	if	SCONJ
ajfa-5505	347	2	we	we	PRON
ajfa-5505	347	3	compare	compare	VERB
ajfa-5505	347	4	the	the	DET
ajfa-5505	347	5	same	same	ADJ
ajfa-5505	347	6	dimensions	dimension	NOUN
ajfa-5505	347	7	in	in	ADP
ajfa-5505	347	8	tables	table	NOUN
ajfa-5505	347	9	5	5	NUM
ajfa-5505	347	10	and	and	CCONJ
ajfa-5505	347	11	7	7	NUM
ajfa-5505	347	12	,	,	PUNCT
ajfa-5505	347	13	we	we	PRON
ajfa-5505	347	14	find	find	VERB
ajfa-5505	347	15	that	that	SCONJ
ajfa-5505	347	16	the	the	DET
ajfa-5505	347	17	results	result	NOUN
ajfa-5505	347	18	of	of	ADP
ajfa-5505	347	19	table	table	NOUN
ajfa-5505	347	20	7	7	NUM
ajfa-5505	347	21	are	be	AUX
ajfa-5505	347	22	substantially	substantially	ADV
ajfa-5505	347	23	consistent	consistent	ADJ
ajfa-5505	347	24	with	with	ADP
ajfa-5505	347	25	tables	table	NOUN
ajfa-5505	347	26	5	5	NUM
ajfa-5505	347	27	and	and	CCONJ
ajfa-5505	347	28	6	6	NUM
ajfa-5505	347	29	,	,	PUNCT
ajfa-5505	347	30	which	which	PRON
ajfa-5505	347	31	indicates	indicate	VERB
ajfa-5505	347	32	that	that	SCONJ
ajfa-5505	347	33	in	in	ADP
ajfa-5505	347	34	the	the	DET
ajfa-5505	347	35	dramatically	dramatically	ADV
ajfa-5505	347	36	competitive	competitive	ADJ
ajfa-5505	347	37	financial	financial	ADJ
ajfa-5505	347	38	environment	environment	NOUN
ajfa-5505	347	39	characterized	characterize	VERB
ajfa-5505	347	40	by	by	ADP
ajfa-5505	347	41	overbanking	overbanking	NOUN
ajfa-5505	347	42	,	,	PUNCT
ajfa-5505	347	43	banks	bank	NOUN
ajfa-5505	347	44	have	have	AUX
ajfa-5505	347	45	developed	develop	VERB
ajfa-5505	347	46	a	a	DET
ajfa-5505	347	47	low	low	ADJ
ajfa-5505	347	48	-	-	PUNCT
ajfa-5505	347	49	loan	loan	NOUN
ajfa-5505	347	50	-	-	PUNCT
ajfa-5505	347	51	spreads	spread	NOUN
ajfa-5505	347	52	strategy	strategy	NOUN
ajfa-5505	347	53	,	,	PUNCT
ajfa-5505	347	54	which	which	PRON
ajfa-5505	347	55	has	have	AUX
ajfa-5505	347	56	led	lead	VERB
ajfa-5505	347	57	to	to	ADP
ajfa-5505	347	58	the	the	DET
ajfa-5505	347	59	results	result	NOUN
ajfa-5505	347	60	of	of	ADP
ajfa-5505	347	61	wobd	wobd	NOUN
ajfa-5505	347	62	and	and	CCONJ
ajfa-5505	347	63	hccl	hccl	NOUN
ajfa-5505	347	64	and	and	CCONJ
ajfa-5505	347	65	has	have	AUX
ajfa-5505	347	66	even	even	ADV
ajfa-5505	347	67	caused	cause	VERB
ajfa-5505	347	68	the	the	DET
ajfa-5505	347	69	occurrence	occurrence	NOUN
ajfa-5505	347	70	of	of	ADP
ajfa-5505	347	71	problematic	problematic	ADJ
ajfa-5505	347	72	banks	bank	NOUN
ajfa-5505	347	73	that	that	PRON
ajfa-5505	347	74	adversely	adversely	ADV
ajfa-5505	347	75	affect	affect	VERB
ajfa-5505	347	76	the	the	DET
ajfa-5505	347	77	financial	financial	ADJ
ajfa-5505	347	78	development	development	NOUN
ajfa-5505	347	79	of	of	ADP
ajfa-5505	347	80	the	the	DET
ajfa-5505	347	81	country	country	NOUN
ajfa-5505	347	82	.	.	PUNCT
ajfa-5505	348	1	in	in	ADP
ajfa-5505	348	2	recent	recent	ADJ
ajfa-5505	348	3	years	year	NOUN
ajfa-5505	348	4	,	,	PUNCT
ajfa-5505	348	5	about	about	ADP
ajfa-5505	348	6	half	half	NOUN
ajfa-5505	348	7	of	of	ADP
ajfa-5505	348	8	the	the	DET
ajfa-5505	348	9	private	private	ADJ
ajfa-5505	348	10	banks	bank	NOUN
ajfa-5505	348	11	have	have	AUX
ajfa-5505	348	12	operated	operate	VERB
ajfa-5505	348	13	successfully	successfully	ADV
ajfa-5505	348	14	and	and	CCONJ
ajfa-5505	348	15	sustained	sustain	VERB
ajfa-5505	348	16	their	their	PRON
ajfa-5505	348	17	normal	normal	ADJ
ajfa-5505	348	18	lending	lending	NOUN
ajfa-5505	348	19	performance	performance	NOUN
ajfa-5505	348	20	.	.	PUNCT
ajfa-5505	349	1	therefore	therefore	ADV
ajfa-5505	349	2	the	the	DET
ajfa-5505	349	3	results	result	NOUN
ajfa-5505	349	4	of	of	ADP
ajfa-5505	349	5	tables	table	NOUN
ajfa-5505	349	6	5	5	NUM
ajfa-5505	349	7	and	and	CCONJ
ajfa-5505	349	8	6	6	NUM
ajfa-5505	349	9	suggest	suggest	VERB
ajfa-5505	349	10	that	that	SCONJ
ajfa-5505	349	11	only	only	ADV
ajfa-5505	349	12	foreign	foreign	ADJ
ajfa-5505	349	13	banks	bank	NOUN
ajfa-5505	349	14	increase	increase	VERB
ajfa-5505	349	15	their	their	PRON
ajfa-5505	349	16	loan	loan	NOUN
ajfa-5505	349	17	spreads	spread	NOUN
ajfa-5505	349	18	while	while	SCONJ
ajfa-5505	349	19	facing	face	VERB
ajfa-5505	349	20	borrowers	borrower	NOUN
ajfa-5505	349	21	with	with	ADP
ajfa-5505	349	22	high	high	ADJ
ajfa-5505	349	23	credit	credit	NOUN
ajfa-5505	349	24	risk	risk	NOUN
ajfa-5505	349	25	(	(	PUNCT
ajfa-5505	349	26	the	the	DET
ajfa-5505	349	27	coefficient	coefficient	NOUN
ajfa-5505	349	28	values	value	NOUN
ajfa-5505	349	29	in	in	ADP
ajfa-5505	349	30	tables	table	NOUN
ajfa-5505	349	31	5	5	NUM
ajfa-5505	349	32	are	be	AUX
ajfa-5505	349	33	0.4968	0.4968	NUM
ajfa-5505	349	34	and	and	CCONJ
ajfa-5505	349	35	0.4970	0.4970	NUM
ajfa-5505	349	36	)	)	PUNCT
ajfa-5505	349	37	,	,	PUNCT
ajfa-5505	349	38	regardless	regardless	ADV
ajfa-5505	349	39	of	of	ADP
ajfa-5505	349	40	whether	whether	SCONJ
ajfa-5505	349	41	private	private	ADJ
ajfa-5505	349	42	banks	bank	NOUN
ajfa-5505	349	43	belong	belong	VERB
ajfa-5505	349	44	to	to	ADP
ajfa-5505	349	45	financial	financial	ADJ
ajfa-5505	349	46	holding	hold	VERB
ajfa-5505	349	47	companies	company	NOUN
ajfa-5505	349	48	;	;	PUNCT
ajfa-5505	349	49	when	when	SCONJ
ajfa-5505	349	50	facing	face	VERB
ajfa-5505	349	51	borrowers	borrower	NOUN
ajfa-5505	349	52	with	with	ADP
ajfa-5505	349	53	high	high	ADJ
ajfa-5505	349	54	credit	credit	NOUN
ajfa-5505	349	55	risk	risk	NOUN
ajfa-5505	349	56	their	their	PRON
ajfa-5505	349	57	loan	loan	NOUN
ajfa-5505	349	58	spreads	spread	NOUN
ajfa-5505	349	59	continue	continue	VERB
ajfa-5505	349	60	to	to	PART
ajfa-5505	349	61	remain	remain	VERB
ajfa-5505	349	62	unchanged	unchanged	ADJ
ajfa-5505	349	63	.	.	PUNCT
ajfa-5505	350	1	however	however	ADV
ajfa-5505	350	2	,	,	PUNCT
ajfa-5505	350	3	in	in	ADP
ajfa-5505	350	4	table	table	NOUN
ajfa-5505	350	5	7	7	NUM
ajfa-5505	350	6	,	,	PUNCT
ajfa-5505	350	7	we	we	PRON
ajfa-5505	350	8	find	find	VERB
ajfa-5505	350	9	that	that	SCONJ
ajfa-5505	350	10	private	private	ADJ
ajfa-5505	350	11	financial	financial	ADJ
ajfa-5505	350	12	holding	hold	VERB
ajfa-5505	350	13	banks	bank	NOUN
ajfa-5505	350	14	will	will	AUX
ajfa-5505	350	15	increase	increase	VERB
ajfa-5505	350	16	their	their	PRON
ajfa-5505	350	17	loan	loan	NOUN
ajfa-5505	350	18	spreads	spread	NOUN
ajfa-5505	350	19	while	while	SCONJ
ajfa-5505	350	20	facing	face	VERB
ajfa-5505	350	21	borrowers	borrower	NOUN
ajfa-5505	350	22	with	with	ADP
ajfa-5505	350	23	high	high	ADJ
ajfa-5505	350	24	credit	credit	NOUN
ajfa-5505	350	25	risk	risk	NOUN
ajfa-5505	350	26	(	(	PUNCT
ajfa-5505	350	27	model	model	NOUN
ajfa-5505	350	28	(	(	PUNCT
ajfa-5505	350	29	2	2	NUM
ajfa-5505	350	30	)	)	PUNCT
ajfa-5505	350	31	in	in	ADP
ajfa-5505	350	32	table	table	NOUN
ajfa-5505	350	33	7	7	NUM
ajfa-5505	350	34	shows	show	VERB
ajfa-5505	350	35	a	a	DET
ajfa-5505	350	36	coefficient	coefficient	NOUN
ajfa-5505	350	37	of	of	ADP
ajfa-5505	350	38	0.0189	0.0189	NUM
ajfa-5505	350	39	)	)	PUNCT
ajfa-5505	350	40	.	.	PUNCT
ajfa-5505	351	1	private	private	ADJ
ajfa-5505	351	2	non	non	ADJ
ajfa-5505	351	3	-	-	ADJ
ajfa-5505	351	4	financial	financial	ADJ
ajfa-5505	351	5	holding	hold	VERB
ajfa-5505	351	6	banks	bank	NOUN
ajfa-5505	351	7	will	will	AUX
ajfa-5505	351	8	significantly	significantly	ADV
ajfa-5505	351	9	increase	increase	VERB
ajfa-5505	351	10	their	their	PRON
ajfa-5505	351	11	loan	loan	NOUN
ajfa-5505	351	12	spreads	spread	NOUN
ajfa-5505	351	13	when	when	SCONJ
ajfa-5505	351	14	facing	face	VERB
ajfa-5505	351	15	borrowers	borrower	NOUN
ajfa-5505	351	16	with	with	ADP
ajfa-5505	351	17	high	high	ADJ
ajfa-5505	351	18	credit	credit	NOUN
ajfa-5505	351	19	risk	risk	NOUN
ajfa-5505	351	20	(	(	PUNCT
ajfa-5505	351	21	models	model	NOUN
ajfa-5505	351	22	(	(	PUNCT
ajfa-5505	351	23	2	2	NUM
ajfa-5505	351	24	)	)	PUNCT
ajfa-5505	351	25	and	and	CCONJ
ajfa-5505	351	26	(	(	PUNCT
ajfa-5505	351	27	3	3	X
ajfa-5505	351	28	)	)	PUNCT
ajfa-5505	351	29	in	in	ADP
ajfa-5505	351	30	table	table	NOUN
ajfa-5505	351	31	7	7	NUM
ajfa-5505	351	32	reveals	reveal	VERB
ajfa-5505	351	33	coefficients	coefficient	NOUN
ajfa-5505	351	34	of	of	ADP
ajfa-5505	351	35	0.0216	0.0216	NUM
ajfa-5505	351	36	and	and	CCONJ
ajfa-5505	351	37	0.01	0.01	NUM
ajfa-5505	351	38	with	with	ADP
ajfa-5505	351	39	statistical	statistical	ADJ
ajfa-5505	351	40	significance	significance	NOUN
ajfa-5505	351	41	at	at	ADP
ajfa-5505	351	42	the	the	DET
ajfa-5505	351	43	5	5	NUM
ajfa-5505	351	44	%	%	NOUN
ajfa-5505	351	45	and	and	CCONJ
ajfa-5505	351	46	10	10	NUM
ajfa-5505	351	47	%	%	NOUN
ajfa-5505	351	48	levels	level	NOUN
ajfa-5505	351	49	)	)	PUNCT
ajfa-5505	351	50	.	.	PUNCT
ajfa-5505	352	1	the	the	DET
ajfa-5505	352	2	foreign	foreign	ADJ
ajfa-5505	352	3	banks	bank	NOUN
ajfa-5505	352	4	adversely	adversely	ADV
ajfa-5505	352	5	reduce	reduce	VERB
ajfa-5505	352	6	their	their	PRON
ajfa-5505	352	7	loan	loan	NOUN
ajfa-5505	352	8	spreads	spread	NOUN
ajfa-5505	352	9	when	when	SCONJ
ajfa-5505	352	10	facing	face	VERB
ajfa-5505	352	11	borrowers	borrower	NOUN
ajfa-5505	352	12	with	with	ADP
ajfa-5505	352	13	high	high	ADJ
ajfa-5505	352	14	risk	risk	NOUN
ajfa-5505	352	15	over	over	ADP
ajfa-5505	352	16	the	the	DET
ajfa-5505	352	17	past	past	ADJ
ajfa-5505	352	18	decade	decade	NOUN
ajfa-5505	352	19	(	(	PUNCT
ajfa-5505	352	20	the	the	DET
ajfa-5505	352	21	coefficient	coefficient	NOUN
ajfa-5505	352	22	is	be	AUX
ajfa-5505	352	23	-0.0122	-0.0122	NOUN
ajfa-5505	352	24	)	)	PUNCT
ajfa-5505	352	25	.	.	PUNCT
ajfa-5505	353	1	as	as	SCONJ
ajfa-5505	353	2	mentioned	mention	VERB
ajfa-5505	353	3	earlier	early	ADV
ajfa-5505	353	4	,	,	PUNCT
ajfa-5505	353	5	only	only	ADV
ajfa-5505	353	6	the	the	DET
ajfa-5505	353	7	results	result	NOUN
ajfa-5505	353	8	of	of	ADP
ajfa-5505	353	9	table	table	NOUN
ajfa-5505	353	10	6	6	NUM
ajfa-5505	353	11	indicate	indicate	VERB
ajfa-5505	353	12	that	that	SCONJ
ajfa-5505	353	13	closer	close	ADJ
ajfa-5505	353	14	relationships	relationship	NOUN
ajfa-5505	353	15	can	can	AUX
ajfa-5505	353	16	reduce	reduce	VERB
ajfa-5505	353	17	the	the	DET
ajfa-5505	353	18	interest	interest	NOUN
ajfa-5505	353	19	burden	burden	NOUN
ajfa-5505	353	20	of	of	ADP
ajfa-5505	353	21	the	the	DET
ajfa-5505	353	22	borrowers	borrower	NOUN
ajfa-5505	353	23	;	;	PUNCT
ajfa-5505	353	24	the	the	DET
ajfa-5505	353	25	largest	large	ADJ
ajfa-5505	353	26	and	and	CCONJ
ajfa-5505	353	27	main	main	ADJ
ajfa-5505	353	28	banks	bank	NOUN
ajfa-5505	353	29	still	still	ADV
ajfa-5505	353	30	significantly	significantly	ADV
ajfa-5505	353	31	reduce	reduce	VERB
ajfa-5505	353	32	their	their	PRON
ajfa-5505	353	33	loan	loan	NOUN
ajfa-5505	353	34	spreads	spread	NOUN
ajfa-5505	353	35	when	when	SCONJ
ajfa-5505	353	36	facing	face	VERB
ajfa-5505	353	37	borrowers	borrower	NOUN
ajfa-5505	353	38	with	with	ADP
ajfa-5505	353	39	high	high	ADJ
ajfa-5505	353	40	credit	credit	NOUN
ajfa-5505	353	41	risk	risk	NOUN
ajfa-5505	353	42	.	.	PUNCT
ajfa-5505	354	1	however	however	ADV
ajfa-5505	354	2	,	,	PUNCT
ajfa-5505	354	3	after	after	ADP
ajfa-5505	354	4	verifying	verify	VERB
ajfa-5505	354	5	the	the	DET
ajfa-5505	354	6	past	past	ADJ
ajfa-5505	354	7	ten	ten	NUM
ajfa-5505	354	8	years	year	NOUN
ajfa-5505	354	9	of	of	ADP
ajfa-5505	354	10	data	datum	NOUN
ajfa-5505	354	11	for	for	ADP
ajfa-5505	354	12	the	the	DET
ajfa-5505	354	13	borrowers	borrower	NOUN
ajfa-5505	354	14	,	,	PUNCT
ajfa-5505	354	15	model	model	NOUN
ajfa-5505	354	16	(	(	PUNCT
ajfa-5505	354	17	1	1	NUM
ajfa-5505	354	18	)	)	PUNCT
ajfa-5505	354	19	in	in	ADP
ajfa-5505	354	20	table	table	NOUN
ajfa-5505	354	21	7	7	NUM
ajfa-5505	354	22	reveals	reveal	VERB
ajfa-5505	354	23	that	that	SCONJ
ajfa-5505	354	24	only	only	ADV
ajfa-5505	354	25	state	state	NOUN
ajfa-5505	354	26	-	-	PUNCT
ajfa-5505	354	27	owned	own	VERB
ajfa-5505	354	28	banks	bank	NOUN
ajfa-5505	354	29	with	with	ADP
ajfa-5505	354	30	closer	close	ADJ
ajfa-5505	354	31	relationships	relationship	NOUN
ajfa-5505	354	32	will	will	AUX
ajfa-5505	354	33	tend	tend	VERB
ajfa-5505	354	34	to	to	PART
ajfa-5505	354	35	lower	lower	VERB
ajfa-5505	354	36	their	their	PRON
ajfa-5505	354	37	loan	loan	NOUN
ajfa-5505	354	38	spreads	spread	NOUN
ajfa-5505	354	39	(	(	PUNCT
ajfa-5505	354	40	the	the	DET
ajfa-5505	354	41	coefficient	coefficient	NOUN
ajfa-5505	354	42	is	be	AUX
ajfa-5505	354	43	-0.0028	-0.0028	NOUN
ajfa-5505	354	44	)	)	PUNCT
ajfa-5505	354	45	;	;	PUNCT
ajfa-5505	354	46	the	the	DET
ajfa-5505	354	47	remaining	remain	VERB
ajfa-5505	354	48	three	three	NUM
ajfa-5505	354	49	types	type	NOUN
ajfa-5505	354	50	of	of	ADP
ajfa-5505	354	51	banks	bank	NOUN
ajfa-5505	354	52	increase	increase	VERB
ajfa-5505	354	53	their	their	PRON
ajfa-5505	354	54	loan	loan	NOUN
ajfa-5505	354	55	spreads	spread	NOUN
ajfa-5505	354	56	adversely	adversely	ADV
ajfa-5505	354	57	(	(	PUNCT
ajfa-5505	354	58	the	the	DET
ajfa-5505	354	59	coefficient	coefficient	NOUN
ajfa-5505	354	60	values	value	NOUN
ajfa-5505	354	61	are	be	AUX
ajfa-5505	354	62	0.0014	0.0014	NUM
ajfa-5505	354	63	,	,	PUNCT
ajfa-5505	354	64	0.0017	0.0017	NUM
ajfa-5505	354	65	and	and	CCONJ
ajfa-5505	354	66	0.0099	0.0099	NUM
ajfa-5505	354	67	,	,	PUNCT
ajfa-5505	354	68	respectively	respectively	ADV
ajfa-5505	354	69	)	)	PUNCT
ajfa-5505	354	70	.	.	PUNCT
ajfa-5505	355	1	we	we	PRON
ajfa-5505	355	2	also	also	ADV
ajfa-5505	355	3	find	find	VERB
ajfa-5505	355	4	that	that	SCONJ
ajfa-5505	355	5	only	only	ADV
ajfa-5505	355	6	non	non	ADJ
ajfa-5505	355	7	-	-	ADJ
ajfa-5505	355	8	financial	financial	ADJ
ajfa-5505	355	9	holding	hold	VERB
ajfa-5505	355	10	companies	company	NOUN
ajfa-5505	355	11	that	that	PRON
ajfa-5505	355	12	maintain	maintain	VERB
ajfa-5505	355	13	closer	close	ADJ
ajfa-5505	355	14	relationships	relationship	NOUN
ajfa-5505	355	15	with	with	ADP
ajfa-5505	355	16	borrowers	borrower	NOUN
ajfa-5505	355	17	are	be	AUX
ajfa-5505	355	18	willing	willing	ADJ
ajfa-5505	355	19	to	to	PART
ajfa-5505	355	20	reduce	reduce	VERB
ajfa-5505	355	21	their	their	PRON
ajfa-5505	355	22	loan	loan	NOUN
ajfa-5505	355	23	spreads	spread	NOUN
ajfa-5505	355	24	when	when	SCONJ
ajfa-5505	355	25	facing	face	VERB
ajfa-5505	355	26	borrowers	borrower	NOUN
ajfa-5505	355	27	with	with	ADP
ajfa-5505	355	28	high	high	ADJ
ajfa-5505	355	29	credit	credit	NOUN
ajfa-5505	355	30	risk	risk	NOUN
ajfa-5505	355	31	.	.	PUNCT
ajfa-5505	356	1	we	we	PRON
ajfa-5505	356	2	recall	recall	VERB
ajfa-5505	356	3	the	the	DET
ajfa-5505	356	4	results	result	NOUN
ajfa-5505	356	5	of	of	ADP
ajfa-5505	356	6	tables	table	NOUN
ajfa-5505	356	7	5	5	NUM
ajfa-5505	356	8	and	and	CCONJ
ajfa-5505	356	9	6	6	NUM
ajfa-5505	356	10	,	,	PUNCT
ajfa-5505	356	11	which	which	PRON
ajfa-5505	356	12	indicate	indicate	VERB
ajfa-5505	356	13	that	that	SCONJ
ajfa-5505	356	14	banks	bank	NOUN
ajfa-5505	356	15	will	will	AUX
ajfa-5505	356	16	reasonably	reasonably	ADV
ajfa-5505	356	17	increase	increase	VERB
ajfa-5505	356	18	their	their	PRON
ajfa-5505	356	19	loan	loan	NOUN
ajfa-5505	356	20	spreads	spread	NOUN
ajfa-5505	356	21	while	while	SCONJ
ajfa-5505	356	22	the	the	DET
ajfa-5505	356	23	borrowers	borrower	NOUN
ajfa-5505	356	24	’	’	PART
ajfa-5505	356	25	credit	credit	NOUN
ajfa-5505	356	26	risk	risk	NOUN
ajfa-5505	356	27	rises	rise	VERB
ajfa-5505	356	28	even	even	ADV
ajfa-5505	356	29	higher	high	ADJ
ajfa-5505	356	30	.	.	PUNCT
ajfa-5505	357	1	however	however	ADV
ajfa-5505	357	2	,	,	PUNCT
ajfa-5505	357	3	table	table	NOUN
ajfa-5505	357	4	5	5	NUM
ajfa-5505	357	5	indicates	indicate	VERB
ajfa-5505	357	6	that	that	SCONJ
ajfa-5505	357	7	when	when	SCONJ
ajfa-5505	357	8	the	the	DET
ajfa-5505	357	9	high	high	ADJ
ajfa-5505	357	10	credit	credit	NOUN
ajfa-5505	357	11	risk	risk	NOUN
ajfa-5505	357	12	borrowers	borrower	NOUN
ajfa-5505	357	13	see	see	VERB
ajfa-5505	357	14	their	their	PRON
ajfa-5505	357	15	credit	credit	NOUN
ajfa-5505	357	16	ratings	rating	NOUN
ajfa-5505	357	17	upgraded	upgrade	VERB
ajfa-5505	357	18	,	,	PUNCT
ajfa-5505	357	19	the	the	DET
ajfa-5505	357	20	banks	bank	NOUN
ajfa-5505	357	21	would	would	AUX
ajfa-5505	357	22	like	like	VERB
ajfa-5505	357	23	to	to	PART
ajfa-5505	357	24	lower	lower	VERB
ajfa-5505	357	25	the	the	DET
ajfa-5505	357	26	loan	loan	NOUN
ajfa-5505	357	27	spreads	spread	NOUN
ajfa-5505	357	28	(	(	PUNCT
ajfa-5505	357	29	the	the	DET
ajfa-5505	357	30	coefficient	coefficient	NOUN
ajfa-5505	357	31	is	be	AUX
ajfa-5505	357	32	-0.9321	-0.9321	PROPN
ajfa-5505	357	33	)	)	PUNCT
ajfa-5505	357	34	.	.	PUNCT
ajfa-5505	358	1	according	accord	VERB
ajfa-5505	358	2	to	to	ADP
ajfa-5505	358	3	the	the	DET
ajfa-5505	358	4	results	result	NOUN
ajfa-5505	358	5	of	of	ADP
ajfa-5505	358	6	table	table	NOUN
ajfa-5505	358	7	7	7	NUM
ajfa-5505	358	8	,	,	PUNCT
ajfa-5505	358	9	only	only	ADJ
ajfa-5505	358	10	model	model	NOUN
ajfa-5505	358	11	(	(	PUNCT
ajfa-5505	358	12	2	2	NUM
ajfa-5505	358	13	)	)	PUNCT
ajfa-5505	358	14	indicates	indicate	VERB
ajfa-5505	358	15	that	that	SCONJ
ajfa-5505	358	16	the	the	DET
ajfa-5505	358	17	creditor	creditor	NOUN
ajfa-5505	358	18	banks	bank	NOUN
ajfa-5505	358	19	will	will	AUX
ajfa-5505	358	20	increase	increase	VERB
ajfa-5505	358	21	their	their	PRON
ajfa-5505	358	22	loan	loan	NOUN
ajfa-5505	358	23	spreads	spread	NOUN
ajfa-5505	358	24	(	(	PUNCT
ajfa-5505	358	25	the	the	DET
ajfa-5505	358	26	coefficient	coefficient	NOUN
ajfa-5505	358	27	is	be	AUX
ajfa-5505	358	28	0.0237	0.0237	NUM
ajfa-5505	358	29	)	)	PUNCT
ajfa-5505	358	30	,	,	PUNCT
ajfa-5505	358	31	when	when	SCONJ
ajfa-5505	358	32	the	the	DET
ajfa-5505	358	33	credit	credit	NOUN
ajfa-5505	358	34	risk	risk	NOUN
ajfa-5505	358	35	of	of	ADP
ajfa-5505	358	36	the	the	DET
ajfa-5505	358	37	borrowers	borrower	NOUN
ajfa-5505	358	38	has	have	AUX
ajfa-5505	358	39	been	be	AUX
ajfa-5505	358	40	rising	rise	VERB
ajfa-5505	358	41	during	during	ADP
ajfa-5505	358	42	the	the	DET
ajfa-5505	358	43	past	past	ADJ
ajfa-5505	358	44	ten	ten	NUM
ajfa-5505	358	45	years	year	NOUN
ajfa-5505	358	46	.	.	PUNCT
ajfa-5505	359	1	if	if	SCONJ
ajfa-5505	359	2	the	the	DET
ajfa-5505	359	3	borrowing	borrowing	NOUN
ajfa-5505	359	4	companies	company	NOUN
ajfa-5505	359	5	increase	increase	VERB
ajfa-5505	359	6	their	their	PRON
ajfa-5505	359	7	credit	credit	NOUN
ajfa-5505	359	8	ratings	rating	NOUN
ajfa-5505	359	9	,	,	PUNCT
ajfa-5505	359	10	the	the	DET
ajfa-5505	359	11	creditor	creditor	NOUN
ajfa-5505	359	12	banks	bank	NOUN
ajfa-5505	359	13	will	will	AUX
ajfa-5505	359	14	obviously	obviously	ADV
ajfa-5505	359	15	reduce	reduce	VERB
ajfa-5505	359	16	their	their	PRON
ajfa-5505	359	17	loan	loan	NOUN
ajfa-5505	359	18	spreads	spread	NOUN
ajfa-5505	359	19	(	(	PUNCT
ajfa-5505	359	20	the	the	DET
ajfa-5505	359	21	coefficient	coefficient	NOUN
ajfa-5505	359	22	is	be	AUX
ajfa-5505	359	23	-0.0165	-0.0165	ADJ
ajfa-5505	359	24	)	)	PUNCT
ajfa-5505	359	25	,	,	PUNCT
ajfa-5505	359	26	but	but	CCONJ
ajfa-5505	359	27	when	when	SCONJ
ajfa-5505	359	28	facing	face	VERB
ajfa-5505	359	29	high	high	ADJ
ajfa-5505	359	30	credit	credit	NOUN
ajfa-5505	359	31	risk	risk	NOUN
ajfa-5505	359	32	borrowers	borrower	NOUN
ajfa-5505	359	33	with	with	ADP
ajfa-5505	359	34	upgraded	upgrade	VERB
ajfa-5505	359	35	credit	credit	NOUN
ajfa-5505	359	36	ratings	rating	NOUN
ajfa-5505	359	37	,	,	PUNCT
ajfa-5505	359	38	the	the	DET
ajfa-5505	359	39	loan	loan	NOUN
ajfa-5505	359	40	spreads	spread	NOUN
ajfa-5505	359	41	will	will	AUX
ajfa-5505	359	42	adversely	adversely	ADV
ajfa-5505	359	43	abnormally	abnormally	ADV
ajfa-5505	359	44	increase	increase	VERB
ajfa-5505	359	45	(	(	PUNCT
ajfa-5505	359	46	the	the	DET
ajfa-5505	359	47	coefficient	coefficient	NOUN
ajfa-5505	359	48	is	be	AUX
ajfa-5505	359	49	0.0237	0.0237	NUM
ajfa-5505	359	50	)	)	PUNCT
ajfa-5505	359	51	.	.	PUNCT
ajfa-5505	360	1	moreover	moreover	ADV
ajfa-5505	360	2	the	the	DET
ajfa-5505	360	3	results	result	NOUN
ajfa-5505	360	4	in	in	ADP
ajfa-5505	360	5	table	table	NOUN
ajfa-5505	360	6	7	7	NUM
ajfa-5505	360	7	indicate	indicate	VERB
ajfa-5505	360	8	that	that	SCONJ
ajfa-5505	360	9	the	the	DET
ajfa-5505	360	10	loan	loan	NOUN
ajfa-5505	360	11	spreads	spread	NOUN
ajfa-5505	360	12	extended	extend	VERB
ajfa-5505	360	13	to	to	ADP
ajfa-5505	360	14	listed	list	VERB
ajfa-5505	360	15	firms	firm	NOUN
ajfa-5505	360	16	and	and	CCONJ
ajfa-5505	360	17	otc	otc	PROPN
ajfa-5505	360	18	-	-	PUNCT
ajfa-5505	360	19	listed	list	VERB
ajfa-5505	360	20	companies	company	NOUN
ajfa-5505	360	21	are	be	AUX
ajfa-5505	360	22	lower	low	ADJ
ajfa-5505	360	23	than	than	ADP
ajfa-5505	360	24	those	those	PRON
ajfa-5505	360	25	extended	extend	VERB
ajfa-5505	360	26	to	to	ADP
ajfa-5505	360	27	emerging	emerge	VERB
ajfa-5505	360	28	companies	company	NOUN
ajfa-5505	360	29	.	.	PUNCT
ajfa-5505	361	1	in	in	ADP
ajfa-5505	361	2	general	general	ADJ
ajfa-5505	361	3	,	,	PUNCT
ajfa-5505	361	4	the	the	PRON
ajfa-5505	361	5	larger	large	ADJ
ajfa-5505	361	6	the	the	DET
ajfa-5505	361	7	scale	scale	NOUN
ajfa-5505	361	8	of	of	ADP
ajfa-5505	361	9	banks	bank	NOUN
ajfa-5505	361	10	and	and	CCONJ
ajfa-5505	361	11	firms	firm	NOUN
ajfa-5505	361	12	,	,	PUNCT
ajfa-5505	361	13	the	the	PRON
ajfa-5505	361	14	lower	low	ADJ
ajfa-5505	361	15	the	the	DET
ajfa-5505	361	16	loan	loan	NOUN
ajfa-5505	361	17	spreads	spread	NOUN
ajfa-5505	361	18	that	that	PRON
ajfa-5505	361	19	are	be	AUX
ajfa-5505	361	20	given	give	VERB
ajfa-5505	361	21	and	and	CCONJ
ajfa-5505	361	22	taken31	taken31	NOUN
ajfa-5505	361	23	.	.	PUNCT
ajfa-5505	362	1	with	with	ADP
ajfa-5505	362	2	regard	regard	NOUN
ajfa-5505	362	3	to	to	ADP
ajfa-5505	362	4	the	the	DET
ajfa-5505	362	5	debt	debt	NOUN
ajfa-5505	362	6	and	and	CCONJ
ajfa-5505	362	7	profitability	profitability	NOUN
ajfa-5505	362	8	ratios	ratio	NOUN
ajfa-5505	362	9	,	,	PUNCT
ajfa-5505	362	10	the	the	DET
ajfa-5505	362	11	expected	expect	VERB
ajfa-5505	362	12	positive	positive	ADJ
ajfa-5505	362	13	or	or	CCONJ
ajfa-5505	362	14	negative	negative	ADJ
ajfa-5505	362	15	directions	direction	NOUN
ajfa-5505	362	16	are	be	AUX
ajfa-5505	362	17	asian	asian	ADJ
ajfa-5505	362	18	journal	journal	NOUN
ajfa-5505	362	19	of	of	ADP
ajfa-5505	362	20	finance	finance	PROPN
ajfa-5505	362	21	&	&	CCONJ
ajfa-5505	362	22	accounting	accounting	PROPN
ajfa-5505	362	23	issn	issn	PROPN
ajfa-5505	362	24	1946	1946	NUM
ajfa-5505	362	25	-	-	PUNCT
ajfa-5505	362	26	052x	052x	PROPN
ajfa-5505	362	27	2014	2014	NUM
ajfa-5505	362	28	,	,	PUNCT
ajfa-5505	362	29	vol	vol	NOUN
ajfa-5505	362	30	.	.	PROPN
ajfa-5505	363	1	6	6	NUM
ajfa-5505	363	2	,	,	PUNCT
ajfa-5505	363	3	no	no	INTJ
ajfa-5505	363	4	.	.	NOUN
ajfa-5505	363	5	2	2	NUM
ajfa-5505	363	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	363	7	43	43	NUM
ajfa-5505	363	8	confirmed	confirm	VERB
ajfa-5505	363	9	in	in	ADP
ajfa-5505	363	10	tables	table	NOUN
ajfa-5505	363	11	5	5	NUM
ajfa-5505	363	12	to	to	PART
ajfa-5505	363	13	7	7	NUM
ajfa-5505	363	14	.	.	PUNCT
ajfa-5505	364	1	the	the	DET
ajfa-5505	364	2	following	follow	VERB
ajfa-5505	364	3	conditions	condition	NOUN
ajfa-5505	364	4	are	be	AUX
ajfa-5505	364	5	unexpected	unexpected	ADJ
ajfa-5505	364	6	:	:	PUNCT
ajfa-5505	364	7	the	the	DET
ajfa-5505	364	8	cost	cost	NOUN
ajfa-5505	364	9	-	-	PUNCT
ajfa-5505	364	10	to	to	ADP
ajfa-5505	364	11	-	-	PUNCT
ajfa-5505	364	12	revenue	revenue	NOUN
ajfa-5505	364	13	ratio	ratio	NOUN
ajfa-5505	364	14	and	and	CCONJ
ajfa-5505	364	15	loan	loan	NOUN
ajfa-5505	364	16	spreads	spread	NOUN
ajfa-5505	364	17	displayed	display	VERB
ajfa-5505	364	18	are	be	AUX
ajfa-5505	364	19	significantly	significantly	ADV
ajfa-5505	364	20	negatively	negatively	ADV
ajfa-5505	364	21	associated	associate	VERB
ajfa-5505	364	22	(	(	PUNCT
ajfa-5505	364	23	the	the	DET
ajfa-5505	364	24	coefficient	coefficient	NOUN
ajfa-5505	364	25	is	be	AUX
ajfa-5505	364	26	-0.0328	-0.0328	ADJ
ajfa-5505	364	27	)	)	PUNCT
ajfa-5505	364	28	;	;	PUNCT
ajfa-5505	364	29	the	the	DET
ajfa-5505	364	30	borrowers	borrower	NOUN
ajfa-5505	364	31	with	with	ADP
ajfa-5505	364	32	collateral	collateral	NOUN
ajfa-5505	364	33	adversely	adversely	ADV
ajfa-5505	364	34	receive	receive	VERB
ajfa-5505	364	35	higher	high	ADJ
ajfa-5505	364	36	loan	loan	NOUN
ajfa-5505	364	37	spreads	spread	NOUN
ajfa-5505	364	38	(	(	PUNCT
ajfa-5505	364	39	the	the	DET
ajfa-5505	364	40	coefficient	coefficient	NOUN
ajfa-5505	364	41	values	value	NOUN
ajfa-5505	364	42	are	be	AUX
ajfa-5505	364	43	0.0103	0.0103	NUM
ajfa-5505	364	44	and	and	CCONJ
ajfa-5505	364	45	0.0064	0.0064	NUM
ajfa-5505	364	46	,	,	PUNCT
ajfa-5505	364	47	respectively	respectively	ADV
ajfa-5505	364	48	)	)	PUNCT
ajfa-5505	364	49	.	.	PUNCT
ajfa-5505	365	1	table	table	NOUN
ajfa-5505	365	2	7	7	NUM
ajfa-5505	365	3	.	.	PUNCT
ajfa-5505	366	1	the	the	DET
ajfa-5505	366	2	impact	impact	NOUN
ajfa-5505	366	3	of	of	ADP
ajfa-5505	366	4	the	the	DET
ajfa-5505	366	5	customer	customer	NOUN
ajfa-5505	366	6	’s	’s	PART
ajfa-5505	366	7	credit	credit	NOUN
ajfa-5505	366	8	status	status	NOUN
ajfa-5505	366	9	and	and	CCONJ
ajfa-5505	366	10	relationships	relationship	NOUN
ajfa-5505	366	11	on	on	ADP
ajfa-5505	366	12	loan	loan	NOUN
ajfa-5505	366	13	spreads	spread	NOUN
ajfa-5505	366	14	--	--	PUNCT
ajfa-5505	366	15	measuring	measure	VERB
ajfa-5505	366	16	relationships	relationship	NOUN
ajfa-5505	366	17	by	by	ADP
ajfa-5505	366	18	the	the	DET
ajfa-5505	366	19	financing	financing	NOUN
ajfa-5505	366	20	ratio	ratio	NOUN
ajfa-5505	366	21	of	of	ADP
ajfa-5505	366	22	different	different	ADJ
ajfa-5505	366	23	ownership	ownership	NOUN
ajfa-5505	366	24	types	type	NOUN
ajfa-5505	366	25	dimensions	dimension	NOUN
ajfa-5505	366	26	independent	independent	ADJ
ajfa-5505	366	27	variables	variable	NOUN
ajfa-5505	366	28	loan	loan	NOUN
ajfa-5505	366	29	spreads	spread	NOUN
ajfa-5505	366	30	(	(	PUNCT
ajfa-5505	366	31	1	1	NUM
ajfa-5505	366	32	)	)	PUNCT
ajfa-5505	366	33	loan	loan	NOUN
ajfa-5505	366	34	spreads	spread	NOUN
ajfa-5505	366	35	(	(	PUNCT
ajfa-5505	366	36	2	2	NUM
ajfa-5505	366	37	)	)	PUNCT
ajfa-5505	366	38	loan	loan	NOUN
ajfa-5505	366	39	spreads	spread	NOUN
ajfa-5505	366	40	(	(	PUNCT
ajfa-5505	366	41	3	3	X
ajfa-5505	366	42	)	)	PUNCT
ajfa-5505	366	43	intercept	intercept	NOUN
ajfa-5505	366	44	-0.0032	-0.0032	X
ajfa-5505	366	45	0.0849	0.0849	NUM
ajfa-5505	366	46	*	*	PUNCT
ajfa-5505	366	47	*	*	PUNCT
ajfa-5505	366	48	*	*	PUNCT
ajfa-5505	366	49	0.1272	0.1272	NUM
ajfa-5505	366	50	*	*	PUNCT
ajfa-5505	366	51	*	*	PUNCT
ajfa-5505	366	52	*	*	PUNCT
ajfa-5505	366	53	ownership	ownership	NOUN
ajfa-5505	366	54	holdit	holdit	NOUN
ajfa-5505	366	55	-0.0078	-0.0078	X
ajfa-5505	366	56	*	*	PUNCT
ajfa-5505	366	57	*	*	PUNCT
ajfa-5505	366	58	*	*	NOUN
ajfa-5505	366	59	-0.0222	-0.0222	NOUN
ajfa-5505	366	60	*	*	PUNCT
ajfa-5505	366	61	*	*	PUNCT
ajfa-5505	366	62	-0.0075	-0.0075	PROPN
ajfa-5505	366	63	holdit*tcrijt	holdit*tcrijt	VERB
ajfa-5505	366	64	0.0189	0.0189	NUM
ajfa-5505	366	65	*	*	PUNCT
ajfa-5505	366	66	*	*	X
ajfa-5505	366	67	0.0094	0.0094	NUM
ajfa-5505	366	68	nonholdit	nonholdit	NOUN
ajfa-5505	366	69	-0.0095	-0.0095	NOUN
ajfa-5505	366	70	*	*	PROPN
ajfa-5505	366	71	*	*	PUNCT
ajfa-5505	366	72	*	*	NOUN
ajfa-5505	366	73	-0.0218	-0.0218	NOUN
ajfa-5505	366	74	*	*	PUNCT
ajfa-5505	366	75	*	*	PUNCT
ajfa-5505	366	76	-0.0145	-0.0145	NOUN
ajfa-5505	366	77	*	*	PUNCT
ajfa-5505	366	78	*	*	PROPN
ajfa-5505	366	79	nonholdit*tcrijt	nonholdit*tcrijt	NOUN
ajfa-5505	366	80	0.0216	0.0216	NUM
ajfa-5505	366	81	*	*	NOUN
ajfa-5505	366	82	*	*	X
ajfa-5505	366	83	0.0100	0.0100	NUM
ajfa-5505	366	84	*	*	PUNCT
ajfa-5505	366	85	foreit	foreit	NOUN
ajfa-5505	366	86	-0.0122	-0.0122	X
ajfa-5505	366	87	*	*	PUNCT
ajfa-5505	366	88	*	*	PUNCT
ajfa-5505	366	89	*	*	PUNCT
ajfa-5505	366	90	0.0023	0.0023	NUM
ajfa-5505	366	91	0.0164	0.0164	NUM
ajfa-5505	366	92	foreit	foreit	NOUN
ajfa-5505	366	93	*	*	PUNCT
ajfa-5505	366	94	tcrijt	tcrijt	NOUN
ajfa-5505	366	95	-0.0093	-0.0093	NOUN
ajfa-5505	366	96	-0.0038	-0.0038	NOUN
ajfa-5505	367	1	relation_type	relation_type	PROPN
ajfa-5505	367	2	(	(	PUNCT
ajfa-5505	367	3	measured	measure	VERB
ajfa-5505	367	4	by	by	ADP
ajfa-5505	367	5	financing	finance	VERB
ajfa-5505	367	6	ratio	ratio	NOUN
ajfa-5505	367	7	of	of	ADP
ajfa-5505	367	8	different	different	ADJ
ajfa-5505	367	9	ownership	ownership	NOUN
ajfa-5505	367	10	types	type	NOUN
ajfa-5505	367	11	)	)	PUNCT
ajfa-5505	367	12	from	from	ADP
ajfa-5505	367	13	private	private	ADJ
ajfa-5505	367	14	financial	financial	ADJ
ajfa-5505	367	15	holding	hold	VERB
ajfa-5505	367	16	banks	bank	NOUN
ajfa-5505	367	17	(	(	PUNCT
ajfa-5505	367	18	symbol	symbol	NOUN
ajfa-5505	367	19	hold	hold	NOUN
ajfa-5505	367	20	-	-	PUNCT
ajfa-5505	367	21	rit	rit	NOUN
ajfa-5505	367	22	)	)	PUNCT
ajfa-5505	367	23	0.0014	0.0014	NUM
ajfa-5505	367	24	*	*	PUNCT
ajfa-5505	367	25	*	*	PUNCT
ajfa-5505	367	26	*	*	X
ajfa-5505	367	27	0.0017	0.0017	NUM
ajfa-5505	367	28	0.0034	0.0034	NUM
ajfa-5505	367	29	hold	hold	NOUN
ajfa-5505	367	30	-	-	PUNCT
ajfa-5505	367	31	rit*tcrijt	rit*tcrijt	NOUN
ajfa-5505	367	32	-0.0002	-0.0002	NOUN
ajfa-5505	367	33	-0.0038	-0.0038	NOUN
ajfa-5505	367	34	from	from	ADP
ajfa-5505	367	35	private	private	ADJ
ajfa-5505	367	36	non	non	ADJ
ajfa-5505	367	37	-	-	ADJ
ajfa-5505	367	38	financial	financial	ADJ
ajfa-5505	367	39	holding	hold	VERB
ajfa-5505	367	40	banks	bank	NOUN
ajfa-5505	367	41	(	(	PUNCT
ajfa-5505	367	42	symbol	symbol	NOUN
ajfa-5505	367	43	nonhold	nonhold	PROPN
ajfa-5505	367	44	-	-	PUNCT
ajfa-5505	367	45	rit	rit	NOUN
ajfa-5505	367	46	)	)	PUNCT
ajfa-5505	367	47	0.0017	0.0017	NUM
ajfa-5505	367	48	*	*	PUNCT
ajfa-5505	367	49	*	*	PUNCT
ajfa-5505	367	50	*	*	PUNCT
ajfa-5505	367	51	0.0172	0.0172	NUM
ajfa-5505	367	52	*	*	PUNCT
ajfa-5505	367	53	*	*	PUNCT
ajfa-5505	367	54	*	*	PUNCT
ajfa-5505	367	55	0.0179	0.0179	PUNCT
ajfa-5505	367	56	*	*	PUNCT
ajfa-5505	367	57	*	*	PUNCT
ajfa-5505	367	58	*	*	PUNCT
ajfa-5505	367	59	nonhold	nonhold	ADJ
ajfa-5505	367	60	-	-	PUNCT
ajfa-5505	367	61	rit*tcrijt	rit*tcrijt	ADJ
ajfa-5505	367	62	-0.0229	-0.0229	NOUN
ajfa-5505	367	63	*	*	PUNCT
ajfa-5505	367	64	*	*	PUNCT
ajfa-5505	367	65	*	*	PUNCT
ajfa-5505	367	66	-0.0154	-0.0154	NOUN
ajfa-5505	367	67	*	*	PUNCT
ajfa-5505	367	68	*	*	PUNCT
ajfa-5505	367	69	*	*	PUNCT
ajfa-5505	367	70	from	from	ADP
ajfa-5505	367	71	foreign	foreign	ADJ
ajfa-5505	367	72	banks	bank	NOUN
ajfa-5505	367	73	(	(	PUNCT
ajfa-5505	367	74	symbol	symbol	NOUN
ajfa-5505	367	75	fore	fore	NOUN
ajfa-5505	367	76	-	-	PUNCT
ajfa-5505	367	77	rit	rit	NOUN
ajfa-5505	367	78	)	)	PUNCT
ajfa-5505	367	79	0.0099	0.0099	NUM
ajfa-5505	367	80	*	*	PUNCT
ajfa-5505	367	81	*	*	PUNCT
ajfa-5505	367	82	*	*	X
ajfa-5505	367	83	0.0243	0.0243	NUM
ajfa-5505	367	84	-0.0191	-0.0191	VERB
ajfa-5505	367	85	fore	fore	NOUN
ajfa-5505	367	86	-	-	PUNCT
ajfa-5505	367	87	rit*tcrijt	rit*tcrijt	NOUN
ajfa-5505	367	88	-0.0357	-0.0357	NOUN
ajfa-5505	367	89	0.0088	0.0088	NUM
ajfa-5505	367	90	from	from	ADP
ajfa-5505	367	91	state	state	NOUN
ajfa-5505	367	92	-	-	PUNCT
ajfa-5505	367	93	owned	own	VERB
ajfa-5505	367	94	banks	bank	NOUN
ajfa-5505	367	95	(	(	PUNCT
ajfa-5505	367	96	symbol	symbol	NOUN
ajfa-5505	367	97	state	state	NOUN
ajfa-5505	367	98	-	-	PUNCT
ajfa-5505	367	99	ownedit	ownedit	NOUN
ajfa-5505	367	100	)	)	PUNCT
ajfa-5505	367	101	-0.0028	-0.0028	NOUN
ajfa-5505	368	1	*	*	PUNCT
ajfa-5505	369	1	*	*	AUX
ajfa-5505	369	2	*	*	X
ajfa-5505	369	3	0.0067	0.0067	NUM
ajfa-5505	369	4	0.0068	0.0068	NUM
ajfa-5505	369	5	*	*	PUNCT
ajfa-5505	369	6	*	*	PUNCT
ajfa-5505	369	7	state	state	NOUN
ajfa-5505	369	8	-	-	PUNCT
ajfa-5505	369	9	ownedit	ownedit	NOUN
ajfa-5505	369	10	*	*	PUNCT
ajfa-5505	369	11	tcrijt	tcrijt	NOUN
ajfa-5505	369	12	-0.0073	-0.0073	NOUN
ajfa-5505	369	13	-0.0050	-0.0050	VERB
ajfa-5505	369	14	tcri_state	tcri_state	ADJ
ajfa-5505	369	15	tcrijt	tcrijt	ADJ
ajfa-5505	370	1	0.0040	0.0040	NUM
ajfa-5505	370	2	0.0237	0.0237	NUM
ajfa-5505	370	3	*	*	PUNCT
ajfa-5505	370	4	*	*	PUNCT
ajfa-5505	370	5	*	*	PUNCT
ajfa-5505	370	6	0.0035	0.0035	NUM
ajfa-5505	370	7	upgradejt	upgradejt	NOUN
ajfa-5505	370	8	-0.0165	-0.0165	NOUN
ajfa-5505	370	9	*	*	PUNCT
ajfa-5505	370	10	*	*	PUNCT
ajfa-5505	370	11	*	*	PUNCT
ajfa-5505	370	12	upgradejt	upgradejt	PROPN
ajfa-5505	370	13	*	*	VERB
ajfa-5505	370	14	tcrijt	tcrijt	NOUN
ajfa-5505	370	15	0.0142	0.0142	NUM
ajfa-5505	370	16	*	*	NOUN
ajfa-5505	370	17	*	*	PUNCT
ajfa-5505	370	18	downgradejt	downgradejt	NOUN
ajfa-5505	370	19	0.0106	0.0106	NUM
ajfa-5505	370	20	downgradejt	downgradejt	NOUN
ajfa-5505	370	21	*	*	PUNCT
ajfa-5505	370	22	tcrijt	tcrijt	NOUN
ajfa-5505	370	23	-0.0094	-0.0094	ADJ
ajfa-5505	370	24	organization	organization	NOUN
ajfa-5505	370	25	types	type	NOUN
ajfa-5505	370	26	listed	list	VERB
ajfa-5505	370	27	-0.0021	-0.0021	NOUN
ajfa-5505	370	28	*	*	PUNCT
ajfa-5505	370	29	*	*	PUNCT
ajfa-5505	370	30	*	*	PUNCT
ajfa-5505	370	31	-0.0055	-0.0055	VERB
ajfa-5505	370	32	*	*	PUNCT
ajfa-5505	370	33	*	*	PUNCT
ajfa-5505	370	34	*	*	PUNCT
ajfa-5505	370	35	-0.0065	-0.0065	PUNCT
ajfa-5505	371	1	*	*	PUNCT
ajfa-5505	371	2	*	*	PUNCT
ajfa-5505	371	3	*	*	PUNCT
ajfa-5505	371	4	otc	otc	ADJ
ajfa-5505	371	5	-0.0034	-0.0034	NOUN
ajfa-5505	371	6	*	*	PUNCT
ajfa-5505	372	1	*	*	PUNCT
ajfa-5505	372	2	*	*	PUNCT
ajfa-5505	372	3	-0.0053	-0.0053	ADJ
ajfa-5505	373	1	*	*	PUNCT
ajfa-5505	373	2	*	*	PUNCT
ajfa-5505	373	3	*	*	X
ajfa-5505	373	4	-0.0027	-0.0027	ADJ
ajfa-5505	373	5	*	*	PUNCT
ajfa-5505	373	6	*	*	PUNCT
ajfa-5505	373	7	*	*	PUNCT
ajfa-5505	373	8	asian	asian	ADJ
ajfa-5505	373	9	journal	journal	NOUN
ajfa-5505	373	10	of	of	ADP
ajfa-5505	373	11	finance	finance	PROPN
ajfa-5505	373	12	&	&	CCONJ
ajfa-5505	373	13	accounting	accounting	PROPN
ajfa-5505	373	14	issn	issn	PROPN
ajfa-5505	373	15	1946	1946	NUM
ajfa-5505	373	16	-	-	PUNCT
ajfa-5505	373	17	052x	052x	PROPN
ajfa-5505	373	18	2014	2014	NUM
ajfa-5505	373	19	,	,	PUNCT
ajfa-5505	373	20	vol	vol	NOUN
ajfa-5505	373	21	.	.	PROPN
ajfa-5505	373	22	6	6	NUM
ajfa-5505	373	23	,	,	PUNCT
ajfa-5505	373	24	no	no	INTJ
ajfa-5505	373	25	.	.	NOUN
ajfa-5505	373	26	2	2	NUM
ajfa-5505	373	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	373	28	44	44	NUM
ajfa-5505	373	29	firm	firm	ADJ
ajfa-5505	373	30	size1	size1	PROPN
ajfa-5505	373	31	-0.0035	-0.0035	PROPN
ajfa-5505	373	32	*	*	PUNCT
ajfa-5505	373	33	*	*	PUNCT
ajfa-5505	373	34	*	*	PUNCT
ajfa-5505	373	35	-0.0013	-0.0013	PUNCT
ajfa-5505	373	36	*	*	PUNCT
ajfa-5505	373	37	*	*	NOUN
ajfa-5505	373	38	-0.0006	-0.0006	NOUN
ajfa-5505	373	39	*	*	PUNCT
ajfa-5505	373	40	*	*	PUNCT
ajfa-5505	373	41	leverage	leverage	NOUN
ajfa-5505	373	42	0.0301	0.0301	NUM
ajfa-5505	373	43	*	*	PUNCT
ajfa-5505	373	44	*	*	PUNCT
ajfa-5505	373	45	*	*	PUNCT
ajfa-5505	373	46	0.0237	0.0237	NUM
ajfa-5505	373	47	*	*	PUNCT
ajfa-5505	373	48	*	*	PUNCT
ajfa-5505	373	49	*	*	PUNCT
ajfa-5505	374	1	0.0166	0.0166	NUM
ajfa-5505	374	2	*	*	PUNCT
ajfa-5505	374	3	*	*	PUNCT
ajfa-5505	374	4	*	*	PUNCT
ajfa-5505	374	5	ros	ros	PROPN
ajfa-5505	374	6	-0.0110	-0.0110	PROPN
ajfa-5505	374	7	*	*	PUNCT
ajfa-5505	375	1	*	*	PUNCT
ajfa-5505	375	2	*	*	NOUN
ajfa-5505	375	3	-0.0031	-0.0031	NOUN
ajfa-5505	376	1	*	*	PUNCT
ajfa-5505	376	2	*	*	PUNCT
ajfa-5505	376	3	*	*	NOUN
ajfa-5505	376	4	-0.0047	-0.0047	ADJ
ajfa-5505	377	1	*	*	PUNCT
ajfa-5505	377	2	*	*	PUNCT
ajfa-5505	377	3	*	*	PUNCT
ajfa-5505	377	4	with	with	ADP
ajfa-5505	377	5	or	or	CCONJ
ajfa-5505	377	6	without	without	ADP
ajfa-5505	377	7	collateral	collateral	ADJ
ajfa-5505	377	8	collateral	collateral	NOUN
ajfa-5505	377	9	0.0015	0.0015	NUM
ajfa-5505	377	10	0.0103	0.0103	NUM
ajfa-5505	377	11	*	*	PUNCT
ajfa-5505	377	12	*	*	PUNCT
ajfa-5505	377	13	*	*	PUNCT
ajfa-5505	378	1	0.0064	0.0064	NUM
ajfa-5505	378	2	*	*	PROPN
ajfa-5505	378	3	*	*	PUNCT
ajfa-5505	378	4	*	*	PUNCT
ajfa-5505	378	5	bank	bank	NOUN
ajfa-5505	378	6	size2	size2	NOUN
ajfa-5505	379	1	0.0008	0.0008	NUM
ajfa-5505	379	2	*	*	NOUN
ajfa-5505	379	3	*	*	NOUN
ajfa-5505	379	4	-0.0049	-0.0049	PUNCT
ajfa-5505	379	5	*	*	PUNCT
ajfa-5505	379	6	*	*	PUNCT
ajfa-5505	379	7	*	*	PUNCT
ajfa-5505	379	8	-0.0067	-0.0067	NOUN
ajfa-5505	379	9	*	*	PUNCT
ajfa-5505	379	10	*	*	PUNCT
ajfa-5505	379	11	*	*	PUNCT
ajfa-5505	379	12	cost_income	cost_income	PRON
ajfa-5505	379	13	-0.008	-0.008	NOUN
ajfa-5505	379	14	*	*	PUNCT
ajfa-5505	379	15	*	*	PUNCT
ajfa-5505	379	16	*	*	NOUN
ajfa-5505	379	17	-0.0031	-0.0031	NOUN
ajfa-5505	379	18	-0.0328	-0.0328	ADJ
ajfa-5505	379	19	*	*	PUNCT
ajfa-5505	379	20	*	*	PUNCT
ajfa-5505	379	21	*	*	PUNCT
ajfa-5505	379	22	adj.r2	adj.r2	VERB
ajfa-5505	379	23	33.01	33.01	NUM
ajfa-5505	379	24	%	%	NOUN
ajfa-5505	379	25	33.95	33.95	NUM
ajfa-5505	379	26	%	%	NOUN
ajfa-5505	379	27	34.31	34.31	NUM
ajfa-5505	379	28	%	%	NOUN
ajfa-5505	379	29	fvalue	fvalue	NOUN
ajfa-5505	379	30	41.70	41.70	NUM
ajfa-5505	379	31	34.45	34.45	NUM
ajfa-5505	379	32	31.32	31.32	NUM
ajfa-5505	379	33	samples	sample	NOUN
ajfa-5505	379	34	2,148	2,148	NUM
ajfa-5505	379	35	2,148	2,148	NUM
ajfa-5505	379	36	2,148	2,148	NUM
ajfa-5505	379	37	note	note	NOUN
ajfa-5505	379	38	1	1	NUM
ajfa-5505	379	39	:	:	PUNCT
ajfa-5505	379	40	for	for	ADP
ajfa-5505	379	41	simplicity	simplicity	NOUN
ajfa-5505	379	42	,	,	PUNCT
ajfa-5505	379	43	we	we	PRON
ajfa-5505	379	44	omitted	omit	VERB
ajfa-5505	379	45	the	the	DET
ajfa-5505	379	46	p	p	NOUN
ajfa-5505	379	47	value	value	NOUN
ajfa-5505	379	48	of	of	ADP
ajfa-5505	379	49	each	each	DET
ajfa-5505	379	50	independent	independent	ADJ
ajfa-5505	379	51	variable	variable	NOUN
ajfa-5505	379	52	,	,	PUNCT
ajfa-5505	379	53	*	*	PUNCT
ajfa-5505	379	54	*	*	PUNCT
ajfa-5505	379	55	*	*	PUNCT
ajfa-5505	379	56	,	,	PUNCT
ajfa-5505	379	57	*	*	PUNCT
ajfa-5505	379	58	*	*	PUNCT
ajfa-5505	379	59	and	and	CCONJ
ajfa-5505	379	60	*	*	AUX
ajfa-5505	379	61	represent	represent	VERB
ajfa-5505	379	62	the	the	DET
ajfa-5505	379	63	1	1	NUM
ajfa-5505	379	64	%	%	NOUN
ajfa-5505	379	65	,	,	PUNCT
ajfa-5505	379	66	5	5	NUM
ajfa-5505	379	67	%	%	NOUN
ajfa-5505	379	68	and	and	CCONJ
ajfa-5505	379	69	10	10	NUM
ajfa-5505	379	70	%	%	NOUN
ajfa-5505	379	71	significance	significance	NOUN
ajfa-5505	379	72	levels	level	NOUN
ajfa-5505	379	73	,	,	PUNCT
ajfa-5505	379	74	respectively	respectively	ADV
ajfa-5505	379	75	.	.	PUNCT
ajfa-5505	380	1	the	the	DET
ajfa-5505	380	2	empirical	empirical	ADJ
ajfa-5505	380	3	data	datum	NOUN
ajfa-5505	380	4	cover	cover	VERB
ajfa-5505	380	5	the	the	DET
ajfa-5505	380	6	period	period	NOUN
ajfa-5505	380	7	2000	2000	NUM
ajfa-5505	380	8	-	-	SYM
ajfa-5505	380	9	2010	2010	NUM
ajfa-5505	380	10	.	.	PUNCT
ajfa-5505	381	1	note	note	VERB
ajfa-5505	381	2	2	2	NUM
ajfa-5505	381	3	:	:	PUNCT
ajfa-5505	381	4	when	when	SCONJ
ajfa-5505	381	5	there	there	PRON
ajfa-5505	381	6	is	be	VERB
ajfa-5505	381	7	heteroskedasticity	heteroskedasticity	NOUN
ajfa-5505	381	8	in	in	ADP
ajfa-5505	381	9	the	the	DET
ajfa-5505	381	10	residuals	residual	NOUN
ajfa-5505	381	11	of	of	ADP
ajfa-5505	381	12	the	the	DET
ajfa-5505	381	13	empirical	empirical	ADJ
ajfa-5505	381	14	model	model	NOUN
ajfa-5505	381	15	,	,	PUNCT
ajfa-5505	381	16	the	the	DET
ajfa-5505	381	17	white	white	ADJ
ajfa-5505	381	18	heteroskedasticity	heteroskedasticity	NOUN
ajfa-5505	381	19	robustness	robustness	NOUN
ajfa-5505	381	20	method	method	NOUN
ajfa-5505	381	21	is	be	AUX
ajfa-5505	381	22	used	use	VERB
ajfa-5505	381	23	to	to	PART
ajfa-5505	381	24	make	make	VERB
ajfa-5505	381	25	the	the	DET
ajfa-5505	381	26	adjustment	adjustment	NOUN
ajfa-5505	381	27	.	.	PUNCT
ajfa-5505	382	1	5	5	X
ajfa-5505	382	2	.	.	X
ajfa-5505	382	3	conclusions	conclusion	NOUN
ajfa-5505	382	4	over	over	ADP
ajfa-5505	382	5	the	the	DET
ajfa-5505	382	6	past	past	ADJ
ajfa-5505	382	7	decade	decade	NOUN
ajfa-5505	382	8	,	,	PUNCT
ajfa-5505	382	9	the	the	DET
ajfa-5505	382	10	asian	asian	ADJ
ajfa-5505	382	11	financial	financial	ADJ
ajfa-5505	382	12	crisis	crisis	NOUN
ajfa-5505	382	13	(	(	PUNCT
ajfa-5505	382	14	1997	1997	NUM
ajfa-5505	382	15	)	)	PUNCT
ajfa-5505	382	16	,	,	PUNCT
ajfa-5505	382	17	the	the	DET
ajfa-5505	382	18	occurrence	occurrence	NOUN
ajfa-5505	382	19	of	of	ADP
ajfa-5505	382	20	huge	huge	ADJ
ajfa-5505	382	21	bad	bad	ADJ
ajfa-5505	382	22	debts	debt	NOUN
ajfa-5505	382	23	in	in	ADP
ajfa-5505	382	24	the	the	DET
ajfa-5505	382	25	banking	banking	NOUN
ajfa-5505	382	26	industry	industry	NOUN
ajfa-5505	382	27	(	(	PUNCT
ajfa-5505	382	28	2002	2002	NUM
ajfa-5505	382	29	-	-	SYM
ajfa-5505	382	30	2004	2004	NUM
ajfa-5505	382	31	)	)	PUNCT
ajfa-5505	382	32	,	,	PUNCT
ajfa-5505	382	33	credit	credit	NOUN
ajfa-5505	382	34	card	card	NOUN
ajfa-5505	382	35	debt	debt	NOUN
ajfa-5505	382	36	events	event	NOUN
ajfa-5505	382	37	(	(	PUNCT
ajfa-5505	382	38	october	october	NOUN
ajfa-5505	382	39	2005	2005	NUM
ajfa-5505	382	40	)	)	PUNCT
ajfa-5505	382	41	,	,	PUNCT
ajfa-5505	382	42	the	the	DET
ajfa-5505	382	43	subprime	subprime	ADJ
ajfa-5505	382	44	mortgage	mortgage	NOUN
ajfa-5505	382	45	(	(	PUNCT
ajfa-5505	382	46	august	august	PROPN
ajfa-5505	382	47	2007	2007	NUM
ajfa-5505	382	48	)	)	PUNCT
ajfa-5505	382	49	and	and	CCONJ
ajfa-5505	382	50	the	the	DET
ajfa-5505	382	51	fannie	fannie	PROPN
ajfa-5505	382	52	mae	mae	PROPN
ajfa-5505	382	53	and	and	CCONJ
ajfa-5505	382	54	freddie	freddie	PROPN
ajfa-5505	382	55	mac	mac	PROPN
ajfa-5505	382	56	event	event	NOUN
ajfa-5505	382	57	(	(	PUNCT
ajfa-5505	382	58	july	july	PROPN
ajfa-5505	382	59	2008	2008	NUM
ajfa-5505	382	60	)	)	PUNCT
ajfa-5505	382	61	successively	successively	ADV
ajfa-5505	382	62	impacted	impact	VERB
ajfa-5505	382	63	taiwan	taiwan	PROPN
ajfa-5505	382	64	’s	’s	PART
ajfa-5505	382	65	financial	financial	ADJ
ajfa-5505	382	66	markets	market	NOUN
ajfa-5505	382	67	.	.	PUNCT
ajfa-5505	383	1	the	the	DET
ajfa-5505	383	2	taiwan	taiwan	PROPN
ajfa-5505	383	3	government	government	NOUN
ajfa-5505	383	4	responded	respond	VERB
ajfa-5505	383	5	by	by	ADP
ajfa-5505	383	6	implementing	implement	VERB
ajfa-5505	383	7	the	the	DET
ajfa-5505	383	8	first	first	ADJ
ajfa-5505	383	9	and	and	CCONJ
ajfa-5505	383	10	second	second	ADJ
ajfa-5505	383	11	“	"	PUNCT
ajfa-5505	383	12	financial	financial	ADJ
ajfa-5505	383	13	reforms	reform	NOUN
ajfa-5505	383	14	,	,	PUNCT
ajfa-5505	383	15	”	"	PUNCT
ajfa-5505	383	16	and	and	CCONJ
ajfa-5505	383	17	the	the	DET
ajfa-5505	383	18	related	related	ADJ
ajfa-5505	383	19	procedures	procedure	NOUN
ajfa-5505	383	20	resulted	result	VERB
ajfa-5505	383	21	in	in	ADP
ajfa-5505	383	22	major	major	ADJ
ajfa-5505	383	23	and	and	CCONJ
ajfa-5505	383	24	dramatic	dramatic	ADJ
ajfa-5505	383	25	changes	change	NOUN
ajfa-5505	383	26	to	to	ADP
ajfa-5505	383	27	the	the	DET
ajfa-5505	383	28	operating	operate	VERB
ajfa-5505	383	29	status	status	NOUN
ajfa-5505	383	30	of	of	ADP
ajfa-5505	383	31	the	the	DET
ajfa-5505	383	32	banking	banking	NOUN
ajfa-5505	383	33	system	system	NOUN
ajfa-5505	383	34	as	as	ADP
ajfa-5505	383	35	a	a	DET
ajfa-5505	383	36	whole	whole	NOUN
ajfa-5505	383	37	.	.	PUNCT
ajfa-5505	384	1	this	this	DET
ajfa-5505	384	2	study	study	NOUN
ajfa-5505	384	3	has	have	AUX
ajfa-5505	384	4	systematically	systematically	ADV
ajfa-5505	384	5	performed	perform	VERB
ajfa-5505	384	6	empirical	empirical	ADJ
ajfa-5505	384	7	tests	test	NOUN
ajfa-5505	384	8	in	in	ADP
ajfa-5505	384	9	order	order	NOUN
ajfa-5505	384	10	to	to	PART
ajfa-5505	384	11	understand	understand	VERB
ajfa-5505	384	12	how	how	SCONJ
ajfa-5505	384	13	the	the	DET
ajfa-5505	384	14	credit	credit	NOUN
ajfa-5505	384	15	status	status	NOUN
ajfa-5505	384	16	and	and	CCONJ
ajfa-5505	384	17	relationships	relationship	NOUN
ajfa-5505	384	18	have	have	AUX
ajfa-5505	384	19	impacted	impact	VERB
ajfa-5505	384	20	the	the	DET
ajfa-5505	384	21	loan	loan	NOUN
ajfa-5505	384	22	spreads	spread	NOUN
ajfa-5505	384	23	.	.	PUNCT
ajfa-5505	385	1	the	the	DET
ajfa-5505	385	2	findings	finding	NOUN
ajfa-5505	385	3	of	of	ADP
ajfa-5505	385	4	this	this	DET
ajfa-5505	385	5	paper	paper	NOUN
ajfa-5505	385	6	are	be	AUX
ajfa-5505	385	7	as	as	SCONJ
ajfa-5505	385	8	follows	follow	VERB
ajfa-5505	385	9	:	:	PUNCT
ajfa-5505	385	10	(	(	PUNCT
ajfa-5505	385	11	1	1	X
ajfa-5505	385	12	)	)	PUNCT
ajfa-5505	385	13	private	private	ADJ
ajfa-5505	385	14	financial	financial	ADJ
ajfa-5505	385	15	holding	hold	VERB
ajfa-5505	385	16	companies	company	NOUN
ajfa-5505	385	17	and	and	CCONJ
ajfa-5505	385	18	private	private	ADJ
ajfa-5505	385	19	non	non	ADJ
ajfa-5505	385	20	-	-	ADJ
ajfa-5505	385	21	financial	financial	ADJ
ajfa-5505	385	22	holding	hold	VERB
ajfa-5505	385	23	companies	company	NOUN
ajfa-5505	385	24	grant	grant	VERB
ajfa-5505	385	25	loan	loan	NOUN
ajfa-5505	385	26	spreads	spread	NOUN
ajfa-5505	385	27	that	that	PRON
ajfa-5505	385	28	are	be	AUX
ajfa-5505	385	29	significantly	significantly	ADV
ajfa-5505	385	30	lower	low	ADJ
ajfa-5505	385	31	than	than	ADP
ajfa-5505	385	32	those	those	PRON
ajfa-5505	385	33	of	of	ADP
ajfa-5505	385	34	state	state	NOUN
ajfa-5505	385	35	-	-	PUNCT
ajfa-5505	385	36	owned	own	VERB
ajfa-5505	385	37	banks	bank	NOUN
ajfa-5505	385	38	.	.	PUNCT
ajfa-5505	386	1	foreign	foreign	ADJ
ajfa-5505	386	2	banks	bank	NOUN
ajfa-5505	386	3	grant	grant	VERB
ajfa-5505	386	4	loan	loan	NOUN
ajfa-5505	386	5	spreads	spread	NOUN
ajfa-5505	386	6	that	that	PRON
ajfa-5505	386	7	are	be	AUX
ajfa-5505	386	8	significantly	significantly	ADV
ajfa-5505	386	9	higher	high	ADJ
ajfa-5505	386	10	than	than	ADP
ajfa-5505	386	11	those	those	PRON
ajfa-5505	386	12	of	of	ADP
ajfa-5505	386	13	state	state	NOUN
ajfa-5505	386	14	-	-	PUNCT
ajfa-5505	386	15	owned	own	VERB
ajfa-5505	386	16	banks	bank	NOUN
ajfa-5505	386	17	,	,	PUNCT
ajfa-5505	386	18	and	and	CCONJ
ajfa-5505	386	19	only	only	ADV
ajfa-5505	386	20	foreign	foreign	ADJ
ajfa-5505	386	21	bank	bank	NOUN
ajfa-5505	386	22	loan	loan	NOUN
ajfa-5505	386	23	spreads	spread	NOUN
ajfa-5505	386	24	are	be	AUX
ajfa-5505	386	25	significantly	significantly	ADV
ajfa-5505	386	26	higher	high	ADJ
ajfa-5505	386	27	than	than	ADP
ajfa-5505	386	28	those	those	PRON
ajfa-5505	386	29	of	of	ADP
ajfa-5505	386	30	state	state	NOUN
ajfa-5505	386	31	-	-	PUNCT
ajfa-5505	386	32	owned	own	VERB
ajfa-5505	386	33	banks	bank	NOUN
ajfa-5505	386	34	when	when	SCONJ
ajfa-5505	386	35	borrowers	borrower	NOUN
ajfa-5505	386	36	are	be	AUX
ajfa-5505	386	37	considered	consider	VERB
ajfa-5505	386	38	to	to	PART
ajfa-5505	386	39	be	be	AUX
ajfa-5505	386	40	high	high	ADJ
ajfa-5505	386	41	risk	risk	NOUN
ajfa-5505	386	42	.	.	PUNCT
ajfa-5505	387	1	(	(	PUNCT
ajfa-5505	387	2	2	2	X
ajfa-5505	387	3	)	)	PUNCT
ajfa-5505	387	4	tables	table	NOUN
ajfa-5505	387	5	5	5	NUM
ajfa-5505	387	6	and	and	CCONJ
ajfa-5505	387	7	6	6	NUM
ajfa-5505	387	8	reveal	reveal	VERB
ajfa-5505	387	9	that	that	SCONJ
ajfa-5505	387	10	banks	bank	NOUN
ajfa-5505	387	11	reduce	reduce	VERB
ajfa-5505	387	12	their	their	PRON
ajfa-5505	387	13	loan	loan	NOUN
ajfa-5505	387	14	spreads	spread	NOUN
ajfa-5505	387	15	only	only	ADV
ajfa-5505	387	16	for	for	ADP
ajfa-5505	387	17	high	high	ADJ
ajfa-5505	387	18	credit	credit	NOUN
ajfa-5505	387	19	risk	risk	NOUN
ajfa-5505	387	20	borrowers	borrower	NOUN
ajfa-5505	387	21	with	with	ADP
ajfa-5505	387	22	obvious	obvious	ADJ
ajfa-5505	387	23	improvements	improvement	NOUN
ajfa-5505	387	24	in	in	ADP
ajfa-5505	387	25	credit	credit	NOUN
ajfa-5505	387	26	ratings	rating	NOUN
ajfa-5505	387	27	,	,	PUNCT
ajfa-5505	387	28	but	but	CCONJ
ajfa-5505	387	29	this	this	PRON
ajfa-5505	387	30	does	do	AUX
ajfa-5505	387	31	not	not	PART
ajfa-5505	387	32	apply	apply	VERB
ajfa-5505	387	33	to	to	ADP
ajfa-5505	387	34	general	general	ADJ
ajfa-5505	387	35	borrowers	borrower	NOUN
ajfa-5505	387	36	even	even	ADV
ajfa-5505	387	37	when	when	SCONJ
ajfa-5505	387	38	the	the	DET
ajfa-5505	387	39	credit	credit	NOUN
ajfa-5505	387	40	rating	rating	NOUN
ajfa-5505	387	41	condition	condition	NOUN
ajfa-5505	387	42	is	be	AUX
ajfa-5505	387	43	improved	improve	VERB
ajfa-5505	387	44	.	.	PUNCT
ajfa-5505	388	1	however	however	ADV
ajfa-5505	388	2	,	,	PUNCT
ajfa-5505	388	3	during	during	ADP
ajfa-5505	388	4	the	the	DET
ajfa-5505	388	5	past	past	ADJ
ajfa-5505	388	6	decade	decade	NOUN
ajfa-5505	388	7	the	the	DET
ajfa-5505	388	8	adverse	adverse	ADJ
ajfa-5505	388	9	results	result	NOUN
ajfa-5505	388	10	shown	show	VERB
ajfa-5505	388	11	in	in	ADP
ajfa-5505	388	12	table	table	NOUN
ajfa-5505	388	13	7	7	NUM
ajfa-5505	388	14	indicate	indicate	VERB
ajfa-5505	388	15	that	that	SCONJ
ajfa-5505	388	16	the	the	DET
ajfa-5505	388	17	creditor	creditor	NOUN
ajfa-5505	388	18	banks	bank	NOUN
ajfa-5505	388	19	reduce	reduce	VERB
ajfa-5505	388	20	their	their	PRON
ajfa-5505	388	21	loan	loan	NOUN
ajfa-5505	388	22	spreads	spread	NOUN
ajfa-5505	388	23	,	,	PUNCT
ajfa-5505	388	24	when	when	SCONJ
ajfa-5505	388	25	the	the	DET
ajfa-5505	388	26	borrowing	borrowing	NOUN
ajfa-5505	388	27	companies	company	NOUN
ajfa-5505	388	28	have	have	VERB
ajfa-5505	388	29	their	their	PRON
ajfa-5505	388	30	credit	credit	NOUN
ajfa-5505	388	31	ratings	rating	NOUN
ajfa-5505	388	32	upgraded	upgrade	VERB
ajfa-5505	388	33	,	,	PUNCT
ajfa-5505	388	34	but	but	CCONJ
ajfa-5505	388	35	even	even	ADV
ajfa-5505	388	36	if	if	SCONJ
ajfa-5505	388	37	the	the	DET
ajfa-5505	388	38	high	high	ADJ
ajfa-5505	388	39	credit	credit	NOUN
ajfa-5505	388	40	risk	risk	NOUN
ajfa-5505	388	41	borrowing	borrowing	NOUN
ajfa-5505	388	42	companies	company	NOUN
ajfa-5505	388	43	have	have	VERB
ajfa-5505	388	44	their	their	PRON
ajfa-5505	388	45	credit	credit	NOUN
ajfa-5505	388	46	ratings	rating	NOUN
ajfa-5505	388	47	upgraded	upgrade	VERB
ajfa-5505	388	48	,	,	PUNCT
ajfa-5505	388	49	the	the	DET
ajfa-5505	388	50	creditor	creditor	NOUN
ajfa-5505	388	51	banks	bank	NOUN
ajfa-5505	388	52	will	will	AUX
ajfa-5505	388	53	adversely	adversely	ADV
ajfa-5505	388	54	increase	increase	VERB
ajfa-5505	388	55	the	the	DET
ajfa-5505	388	56	loan	loan	NOUN
ajfa-5505	388	57	spreads	spread	NOUN
ajfa-5505	388	58	.	.	PUNCT
ajfa-5505	389	1	(	(	PUNCT
ajfa-5505	389	2	3	3	X
ajfa-5505	389	3	)	)	PUNCT
ajfa-5505	389	4	empirical	empirical	ADJ
ajfa-5505	389	5	findings	finding	NOUN
ajfa-5505	389	6	show	show	VERB
ajfa-5505	389	7	that	that	SCONJ
ajfa-5505	389	8	the	the	DET
ajfa-5505	389	9	biggest	big	ADJ
ajfa-5505	389	10	and	and	CCONJ
ajfa-5505	389	11	main	main	ADJ
ajfa-5505	389	12	creditor	creditor	NOUN
ajfa-5505	389	13	banks	bank	NOUN
ajfa-5505	389	14	exhibit	exhibit	VERB
ajfa-5505	389	15	significantly	significantly	ADV
ajfa-5505	389	16	lower	low	ADJ
ajfa-5505	389	17	loan	loan	NOUN
ajfa-5505	389	18	spreads	spread	NOUN
ajfa-5505	389	19	,	,	PUNCT
ajfa-5505	389	20	and	and	CCONJ
ajfa-5505	389	21	were	be	AUX
ajfa-5505	389	22	also	also	ADV
ajfa-5505	389	23	willing	willing	ADJ
ajfa-5505	389	24	to	to	PART
ajfa-5505	389	25	give	give	VERB
ajfa-5505	389	26	high	high	ADJ
ajfa-5505	389	27	credit	credit	NOUN
ajfa-5505	389	28	risk	risk	NOUN
ajfa-5505	389	29	customers	customer	NOUN
ajfa-5505	389	30	lower	low	ADJ
ajfa-5505	389	31	lending	lending	NOUN
ajfa-5505	389	32	spreads	spread	NOUN
ajfa-5505	389	33	,	,	PUNCT
ajfa-5505	389	34	which	which	PRON
ajfa-5505	389	35	imply	imply	VERB
ajfa-5505	389	36	that	that	SCONJ
ajfa-5505	389	37	taiwan	taiwan	PROPN
ajfa-5505	389	38	’s	’s	PART
ajfa-5505	389	39	banks	bank	NOUN
ajfa-5505	389	40	emphasis	emphasis	VERB
ajfa-5505	389	41	“	"	PUNCT
ajfa-5505	389	42	banking	banking	NOUN
ajfa-5505	389	43	relationship	relationship	NOUN
ajfa-5505	389	44	”	"	PUNCT
ajfa-5505	389	45	while	while	SCONJ
ajfa-5505	389	46	lending	lending	NOUN
ajfa-5505	389	47	.	.	PUNCT
ajfa-5505	390	1	and	and	CCONJ
ajfa-5505	390	2	only	only	ADV
ajfa-5505	390	3	state	state	NOUN
ajfa-5505	390	4	-	-	PUNCT
ajfa-5505	390	5	owned	own	VERB
ajfa-5505	390	6	banks	bank	NOUN
ajfa-5505	390	7	grant	grant	VERB
ajfa-5505	390	8	lower	low	ADJ
ajfa-5505	390	9	loan	loan	NOUN
ajfa-5505	390	10	spreads	spread	NOUN
ajfa-5505	390	11	to	to	ADP
ajfa-5505	390	12	borrowers	borrower	NOUN
ajfa-5505	390	13	with	with	ADP
ajfa-5505	390	14	which	which	PRON
ajfa-5505	390	15	they	they	PRON
ajfa-5505	390	16	have	have	VERB
ajfa-5505	390	17	closer	close	ADJ
ajfa-5505	390	18	relationships	relationship	NOUN
ajfa-5505	390	19	,	,	PUNCT
ajfa-5505	390	20	while	while	SCONJ
ajfa-5505	390	21	the	the	DET
ajfa-5505	390	22	remaining	remain	VERB
ajfa-5505	390	23	three	three	NUM
ajfa-5505	390	24	types	type	NOUN
ajfa-5505	390	25	of	of	ADP
ajfa-5505	390	26	banks	bank	NOUN
ajfa-5505	390	27	in	in	ADP
ajfa-5505	390	28	terms	term	NOUN
ajfa-5505	390	29	of	of	ADP
ajfa-5505	390	30	ownership	ownership	NOUN
ajfa-5505	390	31	adversely	adversely	ADV
ajfa-5505	390	32	increase	increase	VERB
ajfa-5505	390	33	their	their	PRON
ajfa-5505	390	34	loan	loan	NOUN
ajfa-5505	390	35	spreads	spread	NOUN
ajfa-5505	390	36	.	.	PUNCT
ajfa-5505	391	1	only	only	ADV
ajfa-5505	391	2	private	private	ADJ
ajfa-5505	391	3	non	non	ADJ
ajfa-5505	391	4	-	-	ADJ
ajfa-5505	391	5	financial	financial	ADJ
ajfa-5505	391	6	holding	hold	VERB
ajfa-5505	391	7	companies	company	NOUN
ajfa-5505	391	8	have	have	VERB
ajfa-5505	391	9	their	their	PRON
ajfa-5505	391	10	loan	loan	NOUN
ajfa-5505	391	11	spreads	spread	NOUN
ajfa-5505	391	12	reduced	reduce	VERB
ajfa-5505	391	13	while	while	SCONJ
ajfa-5505	391	14	facing	face	VERB
ajfa-5505	391	15	high	high	ADJ
ajfa-5505	391	16	credit	credit	NOUN
ajfa-5505	391	17	risk	risk	NOUN
ajfa-5505	391	18	borrowers	borrower	NOUN
ajfa-5505	391	19	with	with	ADP
ajfa-5505	391	20	closer	close	ADJ
ajfa-5505	391	21	relationships	relationship	NOUN
ajfa-5505	391	22	.	.	PUNCT
ajfa-5505	392	1	these	these	DET
ajfa-5505	392	2	findings	finding	NOUN
ajfa-5505	392	3	contribute	contribute	VERB
ajfa-5505	392	4	some	some	DET
ajfa-5505	392	5	points	point	NOUN
ajfa-5505	392	6	in	in	ADP
ajfa-5505	392	7	relationship	relationship	NOUN
ajfa-5505	392	8	lending	lending	NOUN
ajfa-5505	392	9	and	and	CCONJ
ajfa-5505	392	10	impacting	impact	VERB
ajfa-5505	392	11	factors	factor	NOUN
ajfa-5505	392	12	on	on	ADP
ajfa-5505	392	13	loan	loan	NOUN
ajfa-5505	392	14	spreads	spread	NOUN
ajfa-5505	392	15	.	.	PUNCT
ajfa-5505	393	1	(	(	PUNCT
ajfa-5505	393	2	4	4	X
ajfa-5505	393	3	)	)	PUNCT
ajfa-5505	393	4	using	use	VERB
ajfa-5505	393	5	data	datum	NOUN
ajfa-5505	393	6	for	for	ADP
ajfa-5505	393	7	the	the	DET
ajfa-5505	393	8	past	past	ADJ
ajfa-5505	393	9	decade	decade	NOUN
ajfa-5505	393	10	,	,	PUNCT
ajfa-5505	393	11	asian	asian	ADJ
ajfa-5505	393	12	journal	journal	NOUN
ajfa-5505	393	13	of	of	ADP
ajfa-5505	393	14	finance	finance	PROPN
ajfa-5505	393	15	&	&	CCONJ
ajfa-5505	393	16	accounting	accounting	PROPN
ajfa-5505	393	17	issn	issn	PROPN
ajfa-5505	393	18	1946	1946	NUM
ajfa-5505	393	19	-	-	PUNCT
ajfa-5505	393	20	052x	052x	PROPN
ajfa-5505	393	21	2014	2014	NUM
ajfa-5505	393	22	,	,	PUNCT
ajfa-5505	393	23	vol	vol	NOUN
ajfa-5505	393	24	.	.	PROPN
ajfa-5505	393	25	6	6	NUM
ajfa-5505	393	26	,	,	PUNCT
ajfa-5505	393	27	no	no	INTJ
ajfa-5505	393	28	.	.	NOUN
ajfa-5505	393	29	2	2	NUM
ajfa-5505	393	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	393	31	45	45	NUM
ajfa-5505	393	32	table	table	NOUN
ajfa-5505	393	33	7	7	NUM
ajfa-5505	393	34	shows	show	VERB
ajfa-5505	393	35	that	that	SCONJ
ajfa-5505	393	36	only	only	ADV
ajfa-5505	393	37	state	state	NOUN
ajfa-5505	393	38	-	-	PUNCT
ajfa-5505	393	39	owned	own	VERB
ajfa-5505	393	40	banks	bank	NOUN
ajfa-5505	393	41	grant	grant	VERB
ajfa-5505	393	42	lower	low	ADJ
ajfa-5505	393	43	loan	loan	NOUN
ajfa-5505	393	44	spreads	spread	NOUN
ajfa-5505	393	45	to	to	ADP
ajfa-5505	393	46	borrowers	borrower	NOUN
ajfa-5505	393	47	with	with	ADP
ajfa-5505	393	48	which	which	PRON
ajfa-5505	393	49	they	they	PRON
ajfa-5505	393	50	have	have	VERB
ajfa-5505	393	51	closer	close	ADJ
ajfa-5505	393	52	relationships	relationship	NOUN
ajfa-5505	393	53	,	,	PUNCT
ajfa-5505	393	54	while	while	SCONJ
ajfa-5505	393	55	the	the	DET
ajfa-5505	393	56	remaining	remain	VERB
ajfa-5505	393	57	three	three	NUM
ajfa-5505	393	58	types	type	NOUN
ajfa-5505	393	59	of	of	ADP
ajfa-5505	393	60	banks	bank	NOUN
ajfa-5505	393	61	in	in	ADP
ajfa-5505	393	62	terms	term	NOUN
ajfa-5505	393	63	of	of	ADP
ajfa-5505	393	64	ownership	ownership	NOUN
ajfa-5505	393	65	adversely	adversely	ADV
ajfa-5505	393	66	increase	increase	VERB
ajfa-5505	393	67	their	their	PRON
ajfa-5505	393	68	loan	loan	NOUN
ajfa-5505	393	69	spreads	spread	NOUN
ajfa-5505	393	70	.	.	PUNCT
ajfa-5505	394	1	only	only	ADV
ajfa-5505	394	2	private	private	ADJ
ajfa-5505	394	3	non	non	ADJ
ajfa-5505	394	4	-	-	ADJ
ajfa-5505	394	5	financial	financial	ADJ
ajfa-5505	394	6	holding	hold	VERB
ajfa-5505	394	7	companies	company	NOUN
ajfa-5505	394	8	have	have	VERB
ajfa-5505	394	9	their	their	PRON
ajfa-5505	394	10	loan	loan	NOUN
ajfa-5505	394	11	spreads	spread	NOUN
ajfa-5505	394	12	reduced	reduce	VERB
ajfa-5505	394	13	while	while	SCONJ
ajfa-5505	394	14	facing	face	VERB
ajfa-5505	394	15	high	high	ADJ
ajfa-5505	394	16	credit	credit	NOUN
ajfa-5505	394	17	risk	risk	NOUN
ajfa-5505	394	18	borrowers	borrower	NOUN
ajfa-5505	394	19	with	with	ADP
ajfa-5505	394	20	closer	close	ADJ
ajfa-5505	394	21	relationships	relationship	NOUN
ajfa-5505	394	22	.	.	PUNCT
ajfa-5505	395	1	furthermore	furthermore	ADV
ajfa-5505	395	2	,	,	PUNCT
ajfa-5505	395	3	taiwan	taiwan	PROPN
ajfa-5505	395	4	’s	’s	PART
ajfa-5505	395	5	bank	bank	NOUN
ajfa-5505	395	6	ask	ask	VERB
ajfa-5505	395	7	higher	high	ADJ
ajfa-5505	395	8	loan	loan	NOUN
ajfa-5505	395	9	spreads	spread	NOUN
ajfa-5505	395	10	for	for	ADP
ajfa-5505	395	11	otc	otc	PROPN
ajfa-5505	395	12	and	and	CCONJ
ajfa-5505	395	13	listed	list	VERB
ajfa-5505	395	14	company	company	NOUN
ajfa-5505	395	15	’s	’s	PART
ajfa-5505	395	16	clients	client	NOUN
ajfa-5505	395	17	with	with	ADP
ajfa-5505	395	18	collateral	collateral	NOUN
ajfa-5505	395	19	,	,	PUNCT
ajfa-5505	395	20	it	it	PRON
ajfa-5505	395	21	may	may	AUX
ajfa-5505	395	22	relate	relate	VERB
ajfa-5505	395	23	to	to	ADP
ajfa-5505	395	24	the	the	DET
ajfa-5505	395	25	common	common	ADJ
ajfa-5505	395	26	practice	practice	NOUN
ajfa-5505	395	27	of	of	ADP
ajfa-5505	395	28	unsecured	unsecured	ADJ
ajfa-5505	395	29	loan	loan	NOUN
ajfa-5505	395	30	to	to	ADP
ajfa-5505	395	31	such	such	ADJ
ajfa-5505	395	32	enterprises	enterprise	NOUN
ajfa-5505	395	33	with	with	ADP
ajfa-5505	395	34	bargain	bargain	NOUN
ajfa-5505	395	35	interest	interest	NOUN
ajfa-5505	395	36	rate	rate	NOUN
ajfa-5505	395	37	.	.	PUNCT
ajfa-5505	396	1	notes	note	NOUN
ajfa-5505	396	2	1	1	NUM
ajfa-5505	396	3	.	.	PUNCT
ajfa-5505	397	1	many	many	ADJ
ajfa-5505	397	2	studies	study	NOUN
ajfa-5505	397	3	indicate	indicate	VERB
ajfa-5505	397	4	that	that	SCONJ
ajfa-5505	397	5	reducing	reduce	VERB
ajfa-5505	397	6	the	the	DET
ajfa-5505	397	7	credit	credit	NOUN
ajfa-5505	397	8	availability	availability	NOUN
ajfa-5505	397	9	is	be	AUX
ajfa-5505	397	10	an	an	DET
ajfa-5505	397	11	instrument	instrument	NOUN
ajfa-5505	397	12	that	that	PRON
ajfa-5505	397	13	can	can	AUX
ajfa-5505	397	14	be	be	AUX
ajfa-5505	397	15	used	use	VERB
ajfa-5505	397	16	in	in	ADP
ajfa-5505	397	17	response	response	NOUN
ajfa-5505	397	18	,	,	PUNCT
ajfa-5505	397	19	but	but	CCONJ
ajfa-5505	397	20	considering	consider	VERB
ajfa-5505	397	21	the	the	DET
ajfa-5505	397	22	multiple	multiple	ADJ
ajfa-5505	397	23	relationships	relationship	NOUN
ajfa-5505	397	24	existing	exist	VERB
ajfa-5505	397	25	in	in	ADP
ajfa-5505	397	26	taiwan	taiwan	PROPN
ajfa-5505	397	27	and	and	CCONJ
ajfa-5505	397	28	the	the	DET
ajfa-5505	397	29	utilization	utilization	NOUN
ajfa-5505	397	30	rate	rate	NOUN
ajfa-5505	397	31	of	of	ADP
ajfa-5505	397	32	the	the	DET
ajfa-5505	397	33	credit	credit	NOUN
ajfa-5505	397	34	availability	availability	NOUN
ajfa-5505	397	35	being	be	AUX
ajfa-5505	397	36	on	on	ADP
ajfa-5505	397	37	average	average	ADJ
ajfa-5505	397	38	lower	low	ADJ
ajfa-5505	397	39	than	than	ADP
ajfa-5505	397	40	70	70	NUM
ajfa-5505	397	41	%	%	NOUN
ajfa-5505	397	42	,	,	PUNCT
ajfa-5505	397	43	the	the	DET
ajfa-5505	397	44	index	index	NOUN
ajfa-5505	397	45	can	can	AUX
ajfa-5505	397	46	not	not	PART
ajfa-5505	397	47	be	be	AUX
ajfa-5505	397	48	properly	properly	ADV
ajfa-5505	397	49	reflected	reflect	VERB
ajfa-5505	397	50	in	in	ADP
ajfa-5505	397	51	the	the	DET
ajfa-5505	397	52	credit	credit	NOUN
ajfa-5505	397	53	behavior	behavior	NOUN
ajfa-5505	397	54	.	.	PUNCT
ajfa-5505	398	1	we	we	PRON
ajfa-5505	398	2	have	have	AUX
ajfa-5505	398	3	therefore	therefore	ADV
ajfa-5505	398	4	omitted	omit	VERB
ajfa-5505	398	5	the	the	DET
ajfa-5505	398	6	index	index	NOUN
ajfa-5505	398	7	in	in	ADP
ajfa-5505	398	8	this	this	DET
ajfa-5505	398	9	study	study	NOUN
ajfa-5505	398	10	.	.	PUNCT
ajfa-5505	399	1	2	2	X
ajfa-5505	399	2	.	.	X
ajfa-5505	399	3	the	the	DET
ajfa-5505	399	4	amendment	amendment	NOUN
ajfa-5505	399	5	and	and	CCONJ
ajfa-5505	399	6	promulgation	promulgation	NOUN
ajfa-5505	399	7	of	of	ADP
ajfa-5505	399	8	the	the	DET
ajfa-5505	399	9	six	six	NUM
ajfa-5505	399	10	financial	financial	ADJ
ajfa-5505	399	11	laws	law	NOUN
ajfa-5505	399	12	relate	relate	VERB
ajfa-5505	399	13	to	to	ADP
ajfa-5505	399	14	the	the	DET
ajfa-5505	399	15	following	follow	VERB
ajfa-5505	399	16	events	event	NOUN
ajfa-5505	399	17	:	:	PUNCT
ajfa-5505	399	18	the	the	DET
ajfa-5505	399	19	“	"	PUNCT
ajfa-5505	399	20	banking	banking	NOUN
ajfa-5505	399	21	law	law	NOUN
ajfa-5505	399	22	”	"	PUNCT
ajfa-5505	399	23	amendment	amendment	NOUN
ajfa-5505	399	24	(	(	PUNCT
ajfa-5505	399	25	november	november	PROPN
ajfa-5505	399	26	1	1	NUM
ajfa-5505	399	27	,	,	PUNCT
ajfa-5505	399	28	2000	2000	NUM
ajfa-5505	399	29	announcement	announcement	NOUN
ajfa-5505	399	30	)	)	PUNCT
ajfa-5505	399	31	,	,	PUNCT
ajfa-5505	399	32	the	the	DET
ajfa-5505	399	33	“	"	PUNCT
ajfa-5505	399	34	financial	financial	ADJ
ajfa-5505	399	35	institutions	institution	NOUN
ajfa-5505	399	36	merger	merger	PROPN
ajfa-5505	399	37	act	act	PROPN
ajfa-5505	399	38	”	"	PUNCT
ajfa-5505	399	39	(	(	PUNCT
ajfa-5505	399	40	december	december	PROPN
ajfa-5505	399	41	13	13	NUM
ajfa-5505	399	42	,	,	PUNCT
ajfa-5505	399	43	2000	2000	NUM
ajfa-5505	399	44	announcement	announcement	NOUN
ajfa-5505	399	45	)	)	PUNCT
ajfa-5505	399	46	,	,	PUNCT
ajfa-5505	399	47	the	the	DET
ajfa-5505	399	48	“	"	PUNCT
ajfa-5505	399	49	financial	financial	ADJ
ajfa-5505	399	50	holding	hold	VERB
ajfa-5505	399	51	company	company	NOUN
ajfa-5505	399	52	law	law	NOUN
ajfa-5505	399	53	”	"	PUNCT
ajfa-5505	399	54	(	(	PUNCT
ajfa-5505	399	55	july	july	PROPN
ajfa-5505	399	56	9	9	NUM
ajfa-5505	399	57	,	,	PUNCT
ajfa-5505	399	58	2001	2001	NUM
ajfa-5505	399	59	announcement	announcement	NOUN
ajfa-5505	399	60	and	and	CCONJ
ajfa-5505	399	61	enactment	enactment	NOUN
ajfa-5505	399	62	on	on	ADP
ajfa-5505	399	63	november	november	PROPN
ajfa-5505	399	64	1	1	NUM
ajfa-5505	399	65	of	of	ADP
ajfa-5505	399	66	the	the	DET
ajfa-5505	399	67	same	same	ADJ
ajfa-5505	399	68	year	year	NOUN
ajfa-5505	399	69	.	.	PUNCT
ajfa-5505	399	70	)	)	PUNCT
ajfa-5505	400	1	,	,	PUNCT
ajfa-5505	400	2	the	the	DET
ajfa-5505	400	3	“	"	PUNCT
ajfa-5505	400	4	financial	financial	ADJ
ajfa-5505	400	5	asset	asset	NOUN
ajfa-5505	400	6	securitization	securitization	NOUN
ajfa-5505	400	7	act	act	NOUN
ajfa-5505	400	8	”	"	PUNCT
ajfa-5505	400	9	(	(	PUNCT
ajfa-5505	400	10	june	june	PROPN
ajfa-5505	400	11	20	20	NUM
ajfa-5505	400	12	,	,	PUNCT
ajfa-5505	400	13	2002	2002	NUM
ajfa-5505	400	14	approved	approve	VERB
ajfa-5505	400	15	)	)	PUNCT
ajfa-5505	400	16	,	,	PUNCT
ajfa-5505	400	17	the	the	DET
ajfa-5505	400	18	“	"	PUNCT
ajfa-5505	400	19	financial	financial	ADJ
ajfa-5505	400	20	supervisory	supervisory	ADJ
ajfa-5505	400	21	commission	commission	NOUN
ajfa-5505	400	22	organization	organization	PROPN
ajfa-5505	400	23	act	act	PROPN
ajfa-5505	400	24	”	"	PUNCT
ajfa-5505	400	25	(	(	PUNCT
ajfa-5505	400	26	established	establish	VERB
ajfa-5505	400	27	july	july	PROPN
ajfa-5505	400	28	1	1	NUM
ajfa-5505	400	29	,	,	PUNCT
ajfa-5505	400	30	2004	2004	NUM
ajfa-5505	400	31	)	)	PUNCT
ajfa-5505	400	32	,	,	PUNCT
ajfa-5505	400	33	and	and	CCONJ
ajfa-5505	400	34	the	the	DET
ajfa-5505	400	35	“	"	PUNCT
ajfa-5505	400	36	financial	financial	ADJ
ajfa-5505	400	37	restructuring	restructuring	NOUN
ajfa-5505	400	38	fund	fund	NOUN
ajfa-5505	400	39	ordinance	ordinance	NOUN
ajfa-5505	400	40	”	"	PUNCT
ajfa-5505	400	41	(	(	PUNCT
ajfa-5505	400	42	approved	approve	VERB
ajfa-5505	400	43	june	june	PROPN
ajfa-5505	400	44	22	22	NUM
ajfa-5505	400	45	,	,	PUNCT
ajfa-5505	400	46	2005	2005	NUM
ajfa-5505	400	47	)	)	PUNCT
ajfa-5505	400	48	.	.	PUNCT
ajfa-5505	401	1	3.the	3.the	DET
ajfa-5505	401	2	“	"	PUNCT
ajfa-5505	401	3	258	258	NUM
ajfa-5505	401	4	”	"	PUNCT
ajfa-5505	401	5	policy	policy	NOUN
ajfa-5505	401	6	requires	require	VERB
ajfa-5505	401	7	all	all	DET
ajfa-5505	401	8	banks	bank	NOUN
ajfa-5505	401	9	to	to	PART
ajfa-5505	401	10	reduce	reduce	VERB
ajfa-5505	401	11	the	the	DET
ajfa-5505	401	12	npl	npl	NOUN
ajfa-5505	401	13	ratio	ratio	NOUN
ajfa-5505	401	14	to	to	ADP
ajfa-5505	401	15	below	below	ADP
ajfa-5505	401	16	5	5	NUM
ajfa-5505	401	17	%	%	NOUN
ajfa-5505	401	18	and	and	CCONJ
ajfa-5505	401	19	to	to	PART
ajfa-5505	401	20	increase	increase	VERB
ajfa-5505	401	21	the	the	DET
ajfa-5505	401	22	capital	capital	NOUN
ajfa-5505	401	23	adequacy	adequacy	NOUN
ajfa-5505	401	24	ratio	ratio	NOUN
ajfa-5505	401	25	to	to	ADP
ajfa-5505	401	26	above	above	ADP
ajfa-5505	401	27	8	8	NUM
ajfa-5505	401	28	%	%	NOUN
ajfa-5505	401	29	within	within	ADP
ajfa-5505	401	30	two	two	NUM
ajfa-5505	401	31	years	year	NOUN
ajfa-5505	401	32	.	.	PUNCT
ajfa-5505	402	1	4	4	X
ajfa-5505	402	2	.	.	X
ajfa-5505	402	3	according	accord	VERB
ajfa-5505	402	4	to	to	ADP
ajfa-5505	402	5	“	"	PUNCT
ajfa-5505	402	6	financial	financial	ADJ
ajfa-5505	402	7	statistics	statistic	NOUN
ajfa-5505	402	8	monthly	monthly	ADV
ajfa-5505	402	9	”	"	PUNCT
ajfa-5505	402	10	issued	issue	VERB
ajfa-5505	402	11	by	by	ADP
ajfa-5505	402	12	the	the	DET
ajfa-5505	402	13	central	central	ADJ
ajfa-5505	402	14	bank	bank	NOUN
ajfa-5505	402	15	at	at	ADP
ajfa-5505	402	16	the	the	DET
ajfa-5505	402	17	end	end	NOUN
ajfa-5505	402	18	of	of	ADP
ajfa-5505	402	19	2008	2008	NUM
ajfa-5505	402	20	,	,	PUNCT
ajfa-5505	402	21	we	we	PRON
ajfa-5505	402	22	can	can	AUX
ajfa-5505	402	23	simply	simply	ADV
ajfa-5505	402	24	classify	classify	VERB
ajfa-5505	402	25	the	the	DET
ajfa-5505	402	26	accumulated	accumulate	VERB
ajfa-5505	402	27	bad	bad	ADJ
ajfa-5505	402	28	debts	debt	NOUN
ajfa-5505	402	29	written	write	VERB
ajfa-5505	402	30	off	off	ADP
ajfa-5505	402	31	during	during	ADP
ajfa-5505	402	32	the	the	DET
ajfa-5505	402	33	last	last	ADJ
ajfa-5505	402	34	five	five	NUM
ajfa-5505	402	35	years	year	NOUN
ajfa-5505	402	36	as	as	SCONJ
ajfa-5505	402	37	follows	follow	VERB
ajfa-5505	402	38	:	:	PUNCT
ajfa-5505	402	39	banks	bank	NOUN
ajfa-5505	402	40	or	or	CCONJ
ajfa-5505	402	41	financial	financial	ADJ
ajfa-5505	402	42	holding	hold	VERB
ajfa-5505	402	43	companies	company	NOUN
ajfa-5505	402	44	with	with	ADP
ajfa-5505	402	45	accumulated	accumulate	VERB
ajfa-5505	402	46	bad	bad	ADJ
ajfa-5505	402	47	debts	debt	NOUN
ajfa-5505	402	48	written	write	VERB
ajfa-5505	402	49	off	off	ADP
ajfa-5505	402	50	of	of	ADP
ajfa-5505	402	51	more	more	ADJ
ajfa-5505	402	52	than	than	ADP
ajfa-5505	402	53	nt$50	nt$50	NOUN
ajfa-5505	402	54	billion	billion	NUM
ajfa-5505	402	55	(	(	PUNCT
ajfa-5505	402	56	7	7	NUM
ajfa-5505	402	57	)	)	PUNCT
ajfa-5505	402	58	.	.	PUNCT
ajfa-5505	403	1	however	however	ADV
ajfa-5505	403	2	,	,	PUNCT
ajfa-5505	403	3	to	to	PART
ajfa-5505	403	4	avoid	avoid	VERB
ajfa-5505	403	5	trouble	trouble	NOUN
ajfa-5505	403	6	from	from	ADP
ajfa-5505	403	7	related	related	ADJ
ajfa-5505	403	8	parties	party	NOUN
ajfa-5505	403	9	,	,	PUNCT
ajfa-5505	403	10	we	we	PRON
ajfa-5505	403	11	do	do	AUX
ajfa-5505	403	12	not	not	PART
ajfa-5505	403	13	mention	mention	VERB
ajfa-5505	403	14	the	the	DET
ajfa-5505	403	15	detailed	detailed	ADJ
ajfa-5505	403	16	information	information	NOUN
ajfa-5505	403	17	of	of	ADP
ajfa-5505	403	18	the	the	DET
ajfa-5505	403	19	banks	bank	NOUN
ajfa-5505	403	20	or	or	CCONJ
ajfa-5505	403	21	financial	financial	ADJ
ajfa-5505	403	22	holding	hold	VERB
ajfa-5505	403	23	companies	company	NOUN
ajfa-5505	403	24	.	.	PUNCT
ajfa-5505	404	1	further	further	ADJ
ajfa-5505	404	2	information	information	NOUN
ajfa-5505	404	3	is	be	AUX
ajfa-5505	404	4	available	available	ADJ
ajfa-5505	404	5	from	from	ADP
ajfa-5505	404	6	the	the	DET
ajfa-5505	404	7	authors	author	NOUN
ajfa-5505	404	8	upon	upon	SCONJ
ajfa-5505	404	9	request	request	NOUN
ajfa-5505	404	10	.	.	PUNCT
ajfa-5505	405	1	while	while	SCONJ
ajfa-5505	405	2	we	we	PRON
ajfa-5505	405	3	do	do	AUX
ajfa-5505	405	4	not	not	PART
ajfa-5505	405	5	believe	believe	VERB
ajfa-5505	405	6	this	this	PRON
ajfa-5505	405	7	affects	affect	VERB
ajfa-5505	405	8	our	our	PRON
ajfa-5505	405	9	research	research	NOUN
ajfa-5505	405	10	,	,	PUNCT
ajfa-5505	405	11	we	we	PRON
ajfa-5505	405	12	sincerely	sincerely	ADV
ajfa-5505	405	13	welcome	welcome	VERB
ajfa-5505	405	14	any	any	DET
ajfa-5505	405	15	comments	comment	NOUN
ajfa-5505	405	16	.	.	PUNCT
ajfa-5505	406	1	5	5	X
ajfa-5505	406	2	.	.	PUNCT
ajfa-5505	406	3	“	"	PUNCT
ajfa-5505	406	4	the	the	DET
ajfa-5505	406	5	bankers	banker	NOUN
ajfa-5505	406	6	’	’	PART
ajfa-5505	406	7	association	association	NOUN
ajfa-5505	406	8	of	of	ADP
ajfa-5505	406	9	the	the	DET
ajfa-5505	406	10	republic	republic	PROPN
ajfa-5505	406	11	of	of	ADP
ajfa-5505	406	12	china	china	PROPN
ajfa-5505	406	13	”	"	PUNCT
ajfa-5505	406	14	announced	announce	VERB
ajfa-5505	406	15	that	that	SCONJ
ajfa-5505	406	16	8	8	NUM
ajfa-5505	406	17	banks	bank	NOUN
ajfa-5505	406	18	experienced	experience	VERB
ajfa-5505	406	19	heavily	heavily	ADJ
ajfa-5505	406	20	losses	loss	NOUN
ajfa-5505	406	21	during	during	ADP
ajfa-5505	406	22	the	the	DET
ajfa-5505	406	23	credit	credit	NOUN
ajfa-5505	406	24	card	card	NOUN
ajfa-5505	406	25	debt	debt	NOUN
ajfa-5505	406	26	crisis	crisis	NOUN
ajfa-5505	406	27	,	,	PUNCT
ajfa-5505	406	28	while	while	SCONJ
ajfa-5505	406	29	the	the	DET
ajfa-5505	406	30	others	other	NOUN
ajfa-5505	406	31	did	do	AUX
ajfa-5505	406	32	not	not	PART
ajfa-5505	406	33	encounter	encounter	VERB
ajfa-5505	406	34	big	big	ADJ
ajfa-5505	406	35	losses	loss	NOUN
ajfa-5505	406	36	during	during	ADP
ajfa-5505	406	37	the	the	DET
ajfa-5505	406	38	credit	credit	NOUN
ajfa-5505	406	39	card	card	NOUN
ajfa-5505	406	40	debt	debt	NOUN
ajfa-5505	406	41	crisis	crisis	NOUN
ajfa-5505	406	42	.	.	PUNCT
ajfa-5505	407	1	however	however	ADV
ajfa-5505	407	2	,	,	PUNCT
ajfa-5505	407	3	to	to	PART
ajfa-5505	407	4	avoid	avoid	VERB
ajfa-5505	407	5	trouble	trouble	NOUN
ajfa-5505	407	6	from	from	ADP
ajfa-5505	407	7	related	related	ADJ
ajfa-5505	407	8	parties	party	NOUN
ajfa-5505	407	9	,	,	PUNCT
ajfa-5505	407	10	we	we	PRON
ajfa-5505	407	11	do	do	AUX
ajfa-5505	407	12	not	not	PART
ajfa-5505	407	13	mention	mention	VERB
ajfa-5505	407	14	the	the	DET
ajfa-5505	407	15	detailed	detailed	ADJ
ajfa-5505	407	16	information	information	NOUN
ajfa-5505	407	17	about	about	ADP
ajfa-5505	407	18	the	the	DET
ajfa-5505	407	19	banks	bank	NOUN
ajfa-5505	407	20	or	or	CCONJ
ajfa-5505	407	21	financial	financial	ADJ
ajfa-5505	407	22	holding	hold	VERB
ajfa-5505	407	23	companies	company	NOUN
ajfa-5505	407	24	.	.	PUNCT
ajfa-5505	408	1	further	further	ADJ
ajfa-5505	408	2	information	information	NOUN
ajfa-5505	408	3	is	be	AUX
ajfa-5505	408	4	available	available	ADJ
ajfa-5505	408	5	from	from	ADP
ajfa-5505	408	6	the	the	DET
ajfa-5505	408	7	authors	author	NOUN
ajfa-5505	408	8	upon	upon	SCONJ
ajfa-5505	408	9	request	request	NOUN
ajfa-5505	408	10	.	.	PUNCT
ajfa-5505	409	1	while	while	SCONJ
ajfa-5505	409	2	we	we	PRON
ajfa-5505	409	3	do	do	AUX
ajfa-5505	409	4	not	not	PART
ajfa-5505	409	5	believe	believe	VERB
ajfa-5505	409	6	this	this	PRON
ajfa-5505	409	7	affects	affect	VERB
ajfa-5505	409	8	our	our	PRON
ajfa-5505	409	9	research	research	NOUN
ajfa-5505	409	10	,	,	PUNCT
ajfa-5505	409	11	we	we	PRON
ajfa-5505	409	12	sincerely	sincerely	ADV
ajfa-5505	409	13	welcome	welcome	VERB
ajfa-5505	409	14	any	any	DET
ajfa-5505	409	15	comments	comment	NOUN
ajfa-5505	409	16	.	.	PUNCT
ajfa-5505	410	1	6	6	X
ajfa-5505	410	2	.	.	X
ajfa-5505	410	3	specifically	specifically	ADV
ajfa-5505	410	4	,	,	PUNCT
ajfa-5505	410	5	the	the	DET
ajfa-5505	410	6	samples	sample	NOUN
ajfa-5505	410	7	verified	verify	VERB
ajfa-5505	410	8	in	in	ADP
ajfa-5505	410	9	this	this	DET
ajfa-5505	410	10	study	study	NOUN
ajfa-5505	410	11	consist	consist	NOUN
ajfa-5505	410	12	of	of	ADP
ajfa-5505	410	13	borrowers	borrower	NOUN
ajfa-5505	410	14	selected	select	VERB
ajfa-5505	410	15	from	from	ADP
ajfa-5505	410	16	banks	bank	NOUN
ajfa-5505	410	17	with	with	ADP
ajfa-5505	410	18	wobd	wobd	NOUN
ajfa-5505	410	19	and	and	CCONJ
ajfa-5505	410	20	hccl	hccl	NOUN
ajfa-5505	410	21	.	.	PUNCT
ajfa-5505	411	1	the	the	DET
ajfa-5505	411	2	control	control	NOUN
ajfa-5505	411	3	samples	sample	NOUN
ajfa-5505	411	4	are	be	AUX
ajfa-5505	411	5	made	make	VERB
ajfa-5505	411	6	up	up	ADP
ajfa-5505	411	7	of	of	ADP
ajfa-5505	411	8	borrowers	borrower	NOUN
ajfa-5505	411	9	selected	select	VERB
ajfa-5505	411	10	from	from	ADP
ajfa-5505	411	11	banks	bank	NOUN
ajfa-5505	411	12	without	without	ADP
ajfa-5505	411	13	wobd	wobd	NOUN
ajfa-5505	411	14	and	and	CCONJ
ajfa-5505	411	15	hccl	hccl	NOUN
ajfa-5505	411	16	.	.	PUNCT
ajfa-5505	412	1	7	7	X
ajfa-5505	412	2	.	.	X
ajfa-5505	412	3	lending	lending	NOUN
ajfa-5505	412	4	cases	case	NOUN
ajfa-5505	412	5	with	with	ADP
ajfa-5505	412	6	rational	rational	ADJ
ajfa-5505	412	7	efficiency	efficiency	NOUN
ajfa-5505	412	8	simply	simply	ADV
ajfa-5505	412	9	mean	mean	VERB
ajfa-5505	412	10	that	that	SCONJ
ajfa-5505	412	11	the	the	PRON
ajfa-5505	412	12	worse	bad	ADJ
ajfa-5505	412	13	the	the	DET
ajfa-5505	412	14	borrower	borrower	NOUN
ajfa-5505	412	15	’s	’s	PART
ajfa-5505	412	16	credit	credit	NOUN
ajfa-5505	412	17	rating	rating	NOUN
ajfa-5505	412	18	,	,	PUNCT
ajfa-5505	412	19	the	the	PRON
ajfa-5505	412	20	higher	high	ADJ
ajfa-5505	412	21	the	the	DET
ajfa-5505	412	22	lending	lending	NOUN
ajfa-5505	412	23	rate	rate	NOUN
ajfa-5505	412	24	should	should	AUX
ajfa-5505	412	25	be	be	AUX
ajfa-5505	412	26	.	.	PUNCT
ajfa-5505	413	1	if	if	SCONJ
ajfa-5505	413	2	the	the	DET
ajfa-5505	413	3	borrowers	borrower	NOUN
ajfa-5505	413	4	upgrade	upgrade	VERB
ajfa-5505	413	5	(	(	PUNCT
ajfa-5505	413	6	downgrade	downgrade	PROPN
ajfa-5505	413	7	)	)	PUNCT
ajfa-5505	413	8	their	their	PRON
ajfa-5505	413	9	credit	credit	NOUN
ajfa-5505	413	10	rating	rating	NOUN
ajfa-5505	413	11	the	the	DET
ajfa-5505	413	12	stipulations	stipulation	NOUN
ajfa-5505	413	13	of	of	ADP
ajfa-5505	413	14	the	the	DET
ajfa-5505	413	15	review	review	NOUN
ajfa-5505	413	16	system	system	NOUN
ajfa-5505	413	17	should	should	AUX
ajfa-5505	413	18	decrease	decrease	VERB
ajfa-5505	413	19	(	(	PUNCT
ajfa-5505	413	20	increase	increase	VERB
ajfa-5505	413	21	)	)	PUNCT
ajfa-5505	413	22	on	on	ADP
ajfa-5505	413	23	the	the	DET
ajfa-5505	413	24	loan	loan	NOUN
ajfa-5505	413	25	spreads	spread	NOUN
ajfa-5505	413	26	.	.	PUNCT
ajfa-5505	414	1	however	however	ADV
ajfa-5505	414	2	,	,	PUNCT
ajfa-5505	414	3	if	if	SCONJ
ajfa-5505	414	4	the	the	DET
ajfa-5505	414	5	level	level	NOUN
ajfa-5505	414	6	of	of	ADP
ajfa-5505	414	7	intimacy	intimacy	NOUN
ajfa-5505	414	8	in	in	ADP
ajfa-5505	414	9	the	the	DET
ajfa-5505	414	10	banking	banking	NOUN
ajfa-5505	414	11	relationship	relationship	NOUN
ajfa-5505	414	12	is	be	AUX
ajfa-5505	414	13	taken	take	VERB
ajfa-5505	414	14	into	into	ADP
ajfa-5505	414	15	asian	asian	ADJ
ajfa-5505	414	16	journal	journal	NOUN
ajfa-5505	414	17	of	of	ADP
ajfa-5505	414	18	finance	finance	PROPN
ajfa-5505	414	19	&	&	CCONJ
ajfa-5505	414	20	accounting	accounting	PROPN
ajfa-5505	414	21	issn	issn	PROPN
ajfa-5505	414	22	1946	1946	NUM
ajfa-5505	414	23	-	-	PUNCT
ajfa-5505	414	24	052x	052x	PROPN
ajfa-5505	414	25	2014	2014	NUM
ajfa-5505	414	26	,	,	PUNCT
ajfa-5505	414	27	vol	vol	NOUN
ajfa-5505	414	28	.	.	PROPN
ajfa-5505	414	29	6	6	NUM
ajfa-5505	414	30	,	,	PUNCT
ajfa-5505	414	31	no	no	INTJ
ajfa-5505	414	32	.	.	NOUN
ajfa-5505	414	33	2	2	NUM
ajfa-5505	414	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	414	35	46	46	NUM
ajfa-5505	414	36	consideration	consideration	NOUN
ajfa-5505	414	37	,	,	PUNCT
ajfa-5505	414	38	since	since	SCONJ
ajfa-5505	414	39	it	it	PRON
ajfa-5505	414	40	is	be	AUX
ajfa-5505	414	41	unclear	unclear	ADJ
ajfa-5505	414	42	whether	whether	SCONJ
ajfa-5505	414	43	the	the	DET
ajfa-5505	414	44	loan	loan	NOUN
ajfa-5505	414	45	spreads	spread	NOUN
ajfa-5505	414	46	will	will	AUX
ajfa-5505	414	47	maintain	maintain	VERB
ajfa-5505	414	48	their	their	PRON
ajfa-5505	414	49	reasonable	reasonable	ADJ
ajfa-5505	414	50	positive	positive	ADJ
ajfa-5505	414	51	and	and	CCONJ
ajfa-5505	414	52	negative	negative	ADJ
ajfa-5505	414	53	association	association	NOUN
ajfa-5505	414	54	,	,	PUNCT
ajfa-5505	414	55	the	the	DET
ajfa-5505	414	56	creditor	creditor	NOUN
ajfa-5505	414	57	banks	bank	NOUN
ajfa-5505	414	58	are	be	AUX
ajfa-5505	414	59	faced	face	VERB
ajfa-5505	414	60	with	with	ADP
ajfa-5505	414	61	a	a	DET
ajfa-5505	414	62	problem	problem	NOUN
ajfa-5505	414	63	of	of	ADP
ajfa-5505	414	64	moral	moral	ADJ
ajfa-5505	414	65	crisis	crisis	NOUN
ajfa-5505	414	66	and	and	CCONJ
ajfa-5505	414	67	adverse	adverse	ADJ
ajfa-5505	414	68	selection	selection	NOUN
ajfa-5505	414	69	.	.	PUNCT
ajfa-5505	415	1	8	8	X
ajfa-5505	415	2	.	.	PUNCT
ajfa-5505	416	1	the	the	DET
ajfa-5505	416	2	empirical	empirical	ADJ
ajfa-5505	416	3	results	result	NOUN
ajfa-5505	416	4	of	of	ADP
ajfa-5505	416	5	kuo	kuo	PROPN
ajfa-5505	416	6	and	and	CCONJ
ajfa-5505	416	7	chen	chen	PROPN
ajfa-5505	416	8	(	(	PUNCT
ajfa-5505	416	9	2012	2012	NUM
ajfa-5505	416	10	)	)	PUNCT
ajfa-5505	416	11	indicate	indicate	VERB
ajfa-5505	416	12	that	that	SCONJ
ajfa-5505	416	13	on	on	ADP
ajfa-5505	416	14	average	average	ADJ
ajfa-5505	416	15	there	there	PRON
ajfa-5505	416	16	are	be	VERB
ajfa-5505	416	17	1.51	1.51	NUM
ajfa-5505	416	18	relationship	relationship	NOUN
ajfa-5505	416	19	banks	bank	NOUN
ajfa-5505	416	20	for	for	ADP
ajfa-5505	416	21	a	a	DET
ajfa-5505	416	22	micro	micro	ADJ
ajfa-5505	416	23	-	-	ADJ
ajfa-5505	416	24	small	small	ADJ
ajfa-5505	416	25	enterprise	enterprise	NOUN
ajfa-5505	416	26	,	,	PUNCT
ajfa-5505	416	27	and	and	CCONJ
ajfa-5505	416	28	the	the	DET
ajfa-5505	416	29	credit	credit	NOUN
ajfa-5505	416	30	availability	availability	NOUN
ajfa-5505	416	31	usage	usage	NOUN
ajfa-5505	416	32	ratio	ratio	NOUN
ajfa-5505	416	33	and	and	CCONJ
ajfa-5505	416	34	collateral	collateral	ADJ
ajfa-5505	416	35	ratio	ratio	NOUN
ajfa-5505	416	36	are	be	AUX
ajfa-5505	416	37	62	62	NUM
ajfa-5505	416	38	%	%	NOUN
ajfa-5505	416	39	and	and	CCONJ
ajfa-5505	416	40	46	46	NUM
ajfa-5505	416	41	%	%	NOUN
ajfa-5505	416	42	,	,	PUNCT
ajfa-5505	416	43	respectively	respectively	ADV
ajfa-5505	416	44	.	.	PUNCT
ajfa-5505	417	1	9	9	X
ajfa-5505	417	2	.	.	X
ajfa-5505	418	1	when	when	SCONJ
ajfa-5505	418	2	the	the	DET
ajfa-5505	418	3	total	total	ADJ
ajfa-5505	418	4	annual	annual	ADJ
ajfa-5505	418	5	loan	loan	NOUN
ajfa-5505	418	6	amount	amount	NOUN
ajfa-5505	418	7	is	be	AUX
ajfa-5505	418	8	ranked	rank	VERB
ajfa-5505	418	9	in	in	ADP
ajfa-5505	418	10	the	the	DET
ajfa-5505	418	11	second	second	ADJ
ajfa-5505	418	12	to	to	PART
ajfa-5505	418	13	fourth	fourth	ADV
ajfa-5505	418	14	largest	large	ADJ
ajfa-5505	418	15	to	to	ADP
ajfa-5505	418	16	the	the	DET
ajfa-5505	418	17	borrowing	borrowing	NOUN
ajfa-5505	418	18	company	company	NOUN
ajfa-5505	418	19	,	,	PUNCT
ajfa-5505	418	20	we	we	PRON
ajfa-5505	418	21	denote	denote	VERB
ajfa-5505	418	22	such	such	ADJ
ajfa-5505	418	23	creditor	creditor	NOUN
ajfa-5505	418	24	banks	bank	NOUN
ajfa-5505	418	25	as	as	ADP
ajfa-5505	418	26	the	the	DET
ajfa-5505	418	27	main	main	ADJ
ajfa-5505	418	28	banks	bank	NOUN
ajfa-5505	418	29	,	,	PUNCT
ajfa-5505	418	30	and	and	CCONJ
ajfa-5505	418	31	the	the	DET
ajfa-5505	418	32	other	other	ADJ
ajfa-5505	418	33	creditor	creditor	NOUN
ajfa-5505	418	34	banks	bank	NOUN
ajfa-5505	418	35	of	of	ADP
ajfa-5505	418	36	the	the	DET
ajfa-5505	418	37	borrowing	borrowing	NOUN
ajfa-5505	418	38	company	company	NOUN
ajfa-5505	418	39	as	as	ADP
ajfa-5505	418	40	the	the	DET
ajfa-5505	418	41	non	non	ADJ
ajfa-5505	418	42	-	-	ADJ
ajfa-5505	418	43	main	main	ADJ
ajfa-5505	418	44	banks	bank	NOUN
ajfa-5505	418	45	.	.	PUNCT
ajfa-5505	419	1	10	10	NUM
ajfa-5505	419	2	.	.	PUNCT
ajfa-5505	420	1	whether	whether	SCONJ
ajfa-5505	420	2	the	the	DET
ajfa-5505	420	3	bank	bank	NOUN
ajfa-5505	420	4	is	be	AUX
ajfa-5505	420	5	characterized	characterize	VERB
ajfa-5505	420	6	by	by	ADP
ajfa-5505	420	7	wobd	wobd	NOUN
ajfa-5505	420	8	or	or	CCONJ
ajfa-5505	420	9	not	not	PART
ajfa-5505	420	10	is	be	AUX
ajfa-5505	420	11	directly	directly	ADV
ajfa-5505	420	12	related	relate	VERB
ajfa-5505	420	13	to	to	ADP
ajfa-5505	420	14	the	the	DET
ajfa-5505	420	15	lending	lending	NOUN
ajfa-5505	420	16	ability	ability	NOUN
ajfa-5505	420	17	and	and	CCONJ
ajfa-5505	420	18	risk	risk	NOUN
ajfa-5505	420	19	consciousness	consciousness	NOUN
ajfa-5505	420	20	of	of	ADP
ajfa-5505	420	21	the	the	DET
ajfa-5505	420	22	bank	bank	NOUN
ajfa-5505	420	23	and	and	CCONJ
ajfa-5505	420	24	is	be	AUX
ajfa-5505	420	25	displayed	display	VERB
ajfa-5505	420	26	in	in	ADP
ajfa-5505	420	27	the	the	DET
ajfa-5505	420	28	corporate	corporate	ADJ
ajfa-5505	420	29	performance	performance	NOUN
ajfa-5505	420	30	of	of	ADP
ajfa-5505	420	31	the	the	DET
ajfa-5505	420	32	creditor	creditor	NOUN
ajfa-5505	420	33	banks	bank	NOUN
ajfa-5505	420	34	.	.	PUNCT
ajfa-5505	421	1	as	as	ADP
ajfa-5505	421	2	to	to	ADP
ajfa-5505	421	3	whether	whether	SCONJ
ajfa-5505	421	4	the	the	DET
ajfa-5505	421	5	bank	bank	NOUN
ajfa-5505	421	6	experienced	experience	VERB
ajfa-5505	421	7	hccl	hccl	NOUN
ajfa-5505	421	8	or	or	CCONJ
ajfa-5505	421	9	not	not	PART
ajfa-5505	421	10	has	have	VERB
ajfa-5505	421	11	an	an	DET
ajfa-5505	421	12	indirect	indirect	ADJ
ajfa-5505	421	13	impact	impact	NOUN
ajfa-5505	421	14	on	on	ADP
ajfa-5505	421	15	the	the	DET
ajfa-5505	421	16	loanable	loanable	ADJ
ajfa-5505	421	17	funds	fund	NOUN
ajfa-5505	421	18	and	and	CCONJ
ajfa-5505	421	19	reputation	reputation	NOUN
ajfa-5505	421	20	of	of	ADP
ajfa-5505	421	21	the	the	DET
ajfa-5505	421	22	creditor	creditor	NOUN
ajfa-5505	421	23	bank	bank	PROPN
ajfa-5505	421	24	and	and	CCONJ
ajfa-5505	421	25	is	be	AUX
ajfa-5505	421	26	related	relate	VERB
ajfa-5505	421	27	to	to	ADP
ajfa-5505	421	28	the	the	DET
ajfa-5505	421	29	retail	retail	ADJ
ajfa-5505	421	30	performance	performance	NOUN
ajfa-5505	421	31	.	.	PUNCT
ajfa-5505	422	1	11	11	NUM
ajfa-5505	422	2	.	.	PUNCT
ajfa-5505	423	1	to	to	PART
ajfa-5505	423	2	put	put	VERB
ajfa-5505	423	3	it	it	PRON
ajfa-5505	423	4	simply	simply	ADV
ajfa-5505	423	5	,	,	PUNCT
ajfa-5505	423	6	abnormal	abnormal	ADJ
ajfa-5505	423	7	refers	refer	VERB
ajfa-5505	423	8	to	to	ADP
ajfa-5505	423	9	lending	lend	VERB
ajfa-5505	423	10	irrationally	irrationally	ADV
ajfa-5505	423	11	.	.	PUNCT
ajfa-5505	424	1	for	for	ADP
ajfa-5505	424	2	example	example	NOUN
ajfa-5505	424	3	,	,	PUNCT
ajfa-5505	424	4	granting	grant	VERB
ajfa-5505	424	5	a	a	DET
ajfa-5505	424	6	high	high	ADJ
ajfa-5505	424	7	credit	credit	NOUN
ajfa-5505	424	8	risk	risk	NOUN
ajfa-5505	424	9	borrower	borrower	NOUN
ajfa-5505	424	10	with	with	ADP
ajfa-5505	424	11	lower	low	ADJ
ajfa-5505	424	12	loan	loan	NOUN
ajfa-5505	424	13	spreads	spread	NOUN
ajfa-5505	424	14	.	.	PUNCT
ajfa-5505	425	1	12	12	NUM
ajfa-5505	425	2	.	.	PUNCT
ajfa-5505	426	1	the	the	DET
ajfa-5505	426	2	challenge	challenge	NOUN
ajfa-5505	426	3	of	of	ADP
ajfa-5505	426	4	credit	credit	NOUN
ajfa-5505	426	5	risk	risk	NOUN
ajfa-5505	426	6	will	will	AUX
ajfa-5505	426	7	be	be	AUX
ajfa-5505	426	8	more	more	ADV
ajfa-5505	426	9	serious	serious	ADJ
ajfa-5505	426	10	for	for	ADP
ajfa-5505	426	11	the	the	DET
ajfa-5505	426	12	creditor	creditor	NOUN
ajfa-5505	426	13	bank	bank	PROPN
ajfa-5505	426	14	when	when	SCONJ
ajfa-5505	426	15	facing	face	VERB
ajfa-5505	426	16	a	a	DET
ajfa-5505	426	17	depressed	depressed	ADJ
ajfa-5505	426	18	financial	financial	ADJ
ajfa-5505	426	19	environment	environment	NOUN
ajfa-5505	426	20	if	if	SCONJ
ajfa-5505	426	21	the	the	DET
ajfa-5505	426	22	top	top	ADJ
ajfa-5505	426	23	executives	executive	NOUN
ajfa-5505	426	24	can	can	AUX
ajfa-5505	426	25	not	not	PART
ajfa-5505	426	26	envision	envision	VERB
ajfa-5505	426	27	the	the	DET
ajfa-5505	426	28	overall	overall	ADJ
ajfa-5505	426	29	operating	operating	NOUN
ajfa-5505	426	30	strategy	strategy	NOUN
ajfa-5505	426	31	and	and	CCONJ
ajfa-5505	426	32	quickly	quickly	ADV
ajfa-5505	426	33	transfer	transfer	VERB
ajfa-5505	426	34	to	to	ADP
ajfa-5505	426	35	the	the	DET
ajfa-5505	426	36	retail	retail	ADJ
ajfa-5505	426	37	financing	financing	NOUN
ajfa-5505	426	38	of	of	ADP
ajfa-5505	426	39	cash	cash	NOUN
ajfa-5505	426	40	and	and	CCONJ
ajfa-5505	426	41	credit	credit	NOUN
ajfa-5505	426	42	card	card	NOUN
ajfa-5505	426	43	lending	lending	NOUN
ajfa-5505	426	44	.	.	PUNCT
ajfa-5505	427	1	a	a	DET
ajfa-5505	427	2	lack	lack	NOUN
ajfa-5505	427	3	of	of	ADP
ajfa-5505	427	4	risk	risk	NOUN
ajfa-5505	427	5	consciousness	consciousness	NOUN
ajfa-5505	427	6	and	and	CCONJ
ajfa-5505	427	7	the	the	DET
ajfa-5505	427	8	management	management	NOUN
ajfa-5505	427	9	mechanism	mechanism	NOUN
ajfa-5505	427	10	of	of	ADP
ajfa-5505	427	11	the	the	DET
ajfa-5505	427	12	card	card	NOUN
ajfa-5505	427	13	holder	holder	NOUN
ajfa-5505	427	14	and	and	CCONJ
ajfa-5505	427	15	issuer	issuer	NOUN
ajfa-5505	427	16	led	lead	VERB
ajfa-5505	427	17	to	to	ADP
ajfa-5505	427	18	a	a	DET
ajfa-5505	427	19	second	second	ADJ
ajfa-5505	427	20	huge	huge	ADJ
ajfa-5505	427	21	loss	loss	NOUN
ajfa-5505	427	22	and	and	CCONJ
ajfa-5505	427	23	impacted	impact	VERB
ajfa-5505	427	24	the	the	DET
ajfa-5505	427	25	bank	bank	NOUN
ajfa-5505	427	26	both	both	CCONJ
ajfa-5505	427	27	directly	directly	ADV
ajfa-5505	427	28	and	and	CCONJ
ajfa-5505	427	29	indirectly	indirectly	ADV
ajfa-5505	427	30	simultaneously	simultaneously	ADV
ajfa-5505	427	31	.	.	PUNCT
ajfa-5505	428	1	13	13	NUM
ajfa-5505	428	2	.	.	PUNCT
ajfa-5505	429	1	in	in	ADP
ajfa-5505	429	2	this	this	DET
ajfa-5505	429	3	study	study	NOUN
ajfa-5505	429	4	we	we	PRON
ajfa-5505	429	5	use	use	VERB
ajfa-5505	429	6	the	the	DET
ajfa-5505	429	7	classification	classification	NOUN
ajfa-5505	429	8	methods	method	NOUN
ajfa-5505	429	9	of	of	ADP
ajfa-5505	429	10	the	the	DET
ajfa-5505	429	11	tej	tej	NOUN
ajfa-5505	429	12	,	,	PUNCT
ajfa-5505	429	13	dividing	divide	VERB
ajfa-5505	429	14	the	the	DET
ajfa-5505	429	15	credit	credit	NOUN
ajfa-5505	429	16	risk	risk	NOUN
ajfa-5505	429	17	of	of	ADP
ajfa-5505	429	18	borrowing	borrow	VERB
ajfa-5505	429	19	companies	company	NOUN
ajfa-5505	429	20	into	into	ADP
ajfa-5505	429	21	three	three	NUM
ajfa-5505	429	22	levels	level	NOUN
ajfa-5505	429	23	:	:	PUNCT
ajfa-5505	429	24	tcri	tcri	ADJ
ajfa-5505	429	25	≤	≤	NUM
ajfa-5505	429	26	4	4	NUM
ajfa-5505	429	27	for	for	ADP
ajfa-5505	429	28	those	those	PRON
ajfa-5505	429	29	categorized	categorize	VERB
ajfa-5505	429	30	by	by	ADP
ajfa-5505	429	31	low	low	ADJ
ajfa-5505	429	32	credit	credit	NOUN
ajfa-5505	429	33	risk	risk	NOUN
ajfa-5505	429	34	,	,	PUNCT
ajfa-5505	429	35	and	and	CCONJ
ajfa-5505	429	36	tcri	tcri	NOUN
ajfa-5505	429	37	≥	≥	NUM
ajfa-5505	429	38	7	7	NUM
ajfa-5505	429	39	,	,	PUNCT
ajfa-5505	429	40	which	which	PRON
ajfa-5505	429	41	is	be	AUX
ajfa-5505	429	42	considered	consider	VERB
ajfa-5505	429	43	high	high	ADJ
ajfa-5505	429	44	credit	credit	NOUN
ajfa-5505	429	45	risks	risk	NOUN
ajfa-5505	429	46	.	.	PUNCT
ajfa-5505	430	1	in	in	ADP
ajfa-5505	430	2	between	between	ADP
ajfa-5505	430	3	the	the	DET
ajfa-5505	430	4	companies	company	NOUN
ajfa-5505	430	5	are	be	AUX
ajfa-5505	430	6	regarded	regard	VERB
ajfa-5505	430	7	as	as	ADP
ajfa-5505	430	8	moderate	moderate	ADJ
ajfa-5505	430	9	,	,	PUNCT
ajfa-5505	430	10	and	and	CCONJ
ajfa-5505	430	11	not	not	PART
ajfa-5505	430	12	discussed	discuss	VERB
ajfa-5505	430	13	.	.	PUNCT
ajfa-5505	431	1	14	14	NUM
ajfa-5505	431	2	.	.	PUNCT
ajfa-5505	432	1	we	we	PRON
ajfa-5505	432	2	exclude	exclude	VERB
ajfa-5505	432	3	the	the	DET
ajfa-5505	432	4	factor	factor	NOUN
ajfa-5505	432	5	of	of	ADP
ajfa-5505	432	6	credit	credit	NOUN
ajfa-5505	432	7	availability	availability	NOUN
ajfa-5505	432	8	in	in	ADP
ajfa-5505	432	9	the	the	DET
ajfa-5505	432	10	empirical	empirical	ADJ
ajfa-5505	432	11	model	model	NOUN
ajfa-5505	432	12	.	.	PUNCT
ajfa-5505	433	1	the	the	DET
ajfa-5505	433	2	reason	reason	NOUN
ajfa-5505	433	3	can	can	AUX
ajfa-5505	433	4	be	be	AUX
ajfa-5505	433	5	found	find	VERB
ajfa-5505	433	6	by	by	ADP
ajfa-5505	433	7	referring	refer	VERB
ajfa-5505	433	8	to	to	ADP
ajfa-5505	433	9	note	note	NOUN
ajfa-5505	433	10	1	1	NUM
ajfa-5505	433	11	.	.	NOUN
ajfa-5505	433	12	15	15	NUM
ajfa-5505	433	13	.	.	PUNCT
ajfa-5505	434	1	as	as	ADP
ajfa-5505	434	2	for	for	ADP
ajfa-5505	434	3	the	the	DET
ajfa-5505	434	4	transactional	transactional	ADJ
ajfa-5505	434	5	lending	lending	NOUN
ajfa-5505	434	6	,	,	PUNCT
ajfa-5505	434	7	customers	customer	NOUN
ajfa-5505	434	8	simply	simply	ADV
ajfa-5505	434	9	fill	fill	VERB
ajfa-5505	434	10	out	out	ADP
ajfa-5505	434	11	their	their	PRON
ajfa-5505	434	12	data	datum	NOUN
ajfa-5505	434	13	regarding	regard	VERB
ajfa-5505	434	14	salary	salary	NOUN
ajfa-5505	434	15	income	income	NOUN
ajfa-5505	434	16	,	,	PUNCT
ajfa-5505	434	17	operating	operate	VERB
ajfa-5505	434	18	income	income	NOUN
ajfa-5505	434	19	and	and	CCONJ
ajfa-5505	434	20	other	other	ADJ
ajfa-5505	434	21	fixed	fix	VERB
ajfa-5505	434	22	items	item	NOUN
ajfa-5505	434	23	.	.	PUNCT
ajfa-5505	435	1	through	through	ADP
ajfa-5505	435	2	the	the	DET
ajfa-5505	435	3	help	help	NOUN
ajfa-5505	435	4	of	of	ADP
ajfa-5505	435	5	a	a	DET
ajfa-5505	435	6	computer	computer	NOUN
ajfa-5505	435	7	,	,	PUNCT
ajfa-5505	435	8	the	the	DET
ajfa-5505	435	9	whole	whole	ADJ
ajfa-5505	435	10	transaction	transaction	NOUN
ajfa-5505	435	11	or	or	CCONJ
ajfa-5505	435	12	application	application	NOUN
ajfa-5505	435	13	process	process	NOUN
ajfa-5505	435	14	can	can	AUX
ajfa-5505	435	15	be	be	AUX
ajfa-5505	435	16	completed	complete	VERB
ajfa-5505	435	17	,	,	PUNCT
ajfa-5505	435	18	which	which	PRON
ajfa-5505	435	19	is	be	AUX
ajfa-5505	435	20	known	know	VERB
ajfa-5505	435	21	as	as	ADP
ajfa-5505	435	22	lending	lending	NOUN
ajfa-5505	435	23	based	base	VERB
ajfa-5505	435	24	on	on	ADP
ajfa-5505	435	25	hard	hard	ADJ
ajfa-5505	435	26	information	information	NOUN
ajfa-5505	435	27	.	.	PUNCT
ajfa-5505	436	1	common	common	ADJ
ajfa-5505	436	2	examples	example	NOUN
ajfa-5505	436	3	are	be	AUX
ajfa-5505	436	4	credit	credit	NOUN
ajfa-5505	436	5	card	card	NOUN
ajfa-5505	436	6	lending	lending	NOUN
ajfa-5505	436	7	,	,	PUNCT
ajfa-5505	436	8	short	short	ADJ
ajfa-5505	436	9	-	-	PUNCT
ajfa-5505	436	10	term	term	NOUN
ajfa-5505	436	11	financing	financing	NOUN
ajfa-5505	436	12	collateral	collateral	NOUN
ajfa-5505	436	13	with	with	ADP
ajfa-5505	436	14	accounts	account	NOUN
ajfa-5505	436	15	receivable	receivable	ADJ
ajfa-5505	436	16	,	,	PUNCT
ajfa-5505	436	17	notes	note	VERB
ajfa-5505	436	18	receivable	receivable	ADJ
ajfa-5505	436	19	and	and	CCONJ
ajfa-5505	436	20	inventory	inventory	NOUN
ajfa-5505	436	21	.	.	PUNCT
ajfa-5505	437	1	relationship	relationship	NOUN
ajfa-5505	437	2	lending	lending	NOUN
ajfa-5505	437	3	always	always	ADV
ajfa-5505	437	4	uses	use	VERB
ajfa-5505	437	5	soft	soft	ADJ
ajfa-5505	437	6	information	information	NOUN
ajfa-5505	437	7	as	as	ADP
ajfa-5505	437	8	the	the	DET
ajfa-5505	437	9	basis	basis	NOUN
ajfa-5505	437	10	for	for	ADP
ajfa-5505	437	11	approval	approval	NOUN
ajfa-5505	437	12	or	or	CCONJ
ajfa-5505	437	13	not	not	PART
ajfa-5505	437	14	.	.	PUNCT
ajfa-5505	438	1	for	for	ADP
ajfa-5505	438	2	example	example	NOUN
ajfa-5505	438	3	,	,	PUNCT
ajfa-5505	438	4	they	they	PRON
ajfa-5505	438	5	emphasize	emphasize	VERB
ajfa-5505	438	6	the	the	DET
ajfa-5505	438	7	value	value	NOUN
ajfa-5505	438	8	of	of	ADP
ajfa-5505	438	9	borrowers	borrower	NOUN
ajfa-5505	438	10	’	’	PART
ajfa-5505	438	11	vision	vision	NOUN
ajfa-5505	438	12	,	,	PUNCT
ajfa-5505	438	13	business	business	NOUN
ajfa-5505	438	14	philosophy	philosophy	NOUN
ajfa-5505	438	15	,	,	PUNCT
ajfa-5505	438	16	and	and	CCONJ
ajfa-5505	438	17	positive	positive	ADJ
ajfa-5505	438	18	or	or	CCONJ
ajfa-5505	438	19	negative	negative	ADJ
ajfa-5505	438	20	gossip	gossip	NOUN
ajfa-5505	438	21	or	or	CCONJ
ajfa-5505	438	22	evaluation	evaluation	NOUN
ajfa-5505	438	23	.	.	PUNCT
ajfa-5505	439	1	they	they	PRON
ajfa-5505	439	2	can	can	AUX
ajfa-5505	439	3	also	also	ADV
ajfa-5505	439	4	accept	accept	VERB
ajfa-5505	439	5	collateral	collateral	NOUN
ajfa-5505	439	6	from	from	ADP
ajfa-5505	439	7	top	top	ADJ
ajfa-5505	439	8	managers	manager	NOUN
ajfa-5505	439	9	or	or	CCONJ
ajfa-5505	439	10	act	act	VERB
ajfa-5505	439	11	as	as	ADP
ajfa-5505	439	12	a	a	DET
ajfa-5505	439	13	guarantor	guarantor	NOUN
ajfa-5505	439	14	personally	personally	ADV
ajfa-5505	439	15	,	,	PUNCT
ajfa-5505	439	16	which	which	PRON
ajfa-5505	439	17	is	be	AUX
ajfa-5505	439	18	known	know	VERB
ajfa-5505	439	19	as	as	ADP
ajfa-5505	439	20	outside	outside	ADJ
ajfa-5505	439	21	collateral	collateral	NOUN
ajfa-5505	439	22	,	,	PUNCT
ajfa-5505	439	23	and	and	CCONJ
ajfa-5505	439	24	is	be	AUX
ajfa-5505	439	25	different	different	ADJ
ajfa-5505	439	26	from	from	ADP
ajfa-5505	439	27	the	the	DET
ajfa-5505	439	28	inside	inside	ADJ
ajfa-5505	439	29	collateral	collateral	NOUN
ajfa-5505	439	30	which	which	PRON
ajfa-5505	439	31	provides	provide	VERB
ajfa-5505	439	32	company	company	NOUN
ajfa-5505	439	33	assets	asset	NOUN
ajfa-5505	439	34	as	as	ADP
ajfa-5505	439	35	collateral	collateral	NOUN
ajfa-5505	439	36	.	.	PUNCT
ajfa-5505	440	1	16	16	NUM
ajfa-5505	440	2	.	.	PUNCT
ajfa-5505	441	1	hubbard	hubbard	PROPN
ajfa-5505	441	2	et	et	PROPN
ajfa-5505	441	3	al	al	PROPN
ajfa-5505	441	4	.	.	PROPN
ajfa-5505	441	5	(	(	PUNCT
ajfa-5505	441	6	2002	2002	NUM
ajfa-5505	441	7	)	)	PUNCT
ajfa-5505	441	8	measured	measure	VERB
ajfa-5505	441	9	the	the	DET
ajfa-5505	441	10	bank	bank	NOUN
ajfa-5505	441	11	's	's	PART
ajfa-5505	441	12	risk	risk	NOUN
ajfa-5505	441	13	based	base	VERB
ajfa-5505	441	14	on	on	ADP
ajfa-5505	441	15	the	the	DET
ajfa-5505	441	16	ratio	ratio	NOUN
ajfa-5505	441	17	of	of	ADP
ajfa-5505	441	18	self	self	NOUN
ajfa-5505	441	19	-	-	PUNCT
ajfa-5505	441	20	capital	capital	NOUN
ajfa-5505	441	21	to	to	ADP
ajfa-5505	441	22	total	total	ADJ
ajfa-5505	441	23	assets	asset	NOUN
ajfa-5505	441	24	:	:	PUNCT
ajfa-5505	441	25	the	the	PRON
ajfa-5505	441	26	lower	low	ADJ
ajfa-5505	441	27	the	the	DET
ajfa-5505	441	28	ratio	ratio	NOUN
ajfa-5505	441	29	,	,	PUNCT
ajfa-5505	441	30	the	the	PRON
ajfa-5505	441	31	higher	high	ADJ
ajfa-5505	441	32	the	the	DET
ajfa-5505	441	33	risk	risk	NOUN
ajfa-5505	441	34	of	of	ADP
ajfa-5505	441	35	capital	capital	NOUN
ajfa-5505	441	36	.	.	PUNCT
ajfa-5505	442	1	17.coleman	17.coleman	NUM
ajfa-5505	442	2	et	et	NOUN
ajfa-5505	442	3	al	al	PROPN
ajfa-5505	442	4	.	.	PROPN
ajfa-5505	443	1	(	(	PUNCT
ajfa-5505	443	2	2002	2002	NUM
ajfa-5505	443	3	)	)	PUNCT
ajfa-5505	443	4	used	use	VERB
ajfa-5505	443	5	the	the	DET
ajfa-5505	443	6	capital	capital	NOUN
ajfa-5505	443	7	adequacy	adequacy	NOUN
ajfa-5505	443	8	ratio	ratio	NOUN
ajfa-5505	443	9	,	,	PUNCT
ajfa-5505	443	10	the	the	DET
ajfa-5505	443	11	ratio	ratio	NOUN
ajfa-5505	443	12	of	of	ADP
ajfa-5505	443	13	cash	cash	NOUN
ajfa-5505	443	14	to	to	ADP
ajfa-5505	443	15	total	total	ADJ
ajfa-5505	443	16	assets	asset	NOUN
ajfa-5505	443	17	,	,	PUNCT
ajfa-5505	443	18	and	and	CCONJ
ajfa-5505	443	19	the	the	DET
ajfa-5505	443	20	loans	loan	NOUN
ajfa-5505	443	21	to	to	ADP
ajfa-5505	443	22	deposits	deposit	NOUN
ajfa-5505	443	23	ratio	ratio	NOUN
ajfa-5505	443	24	as	as	ADP
ajfa-5505	443	25	a	a	DET
ajfa-5505	443	26	proxy	proxy	NOUN
ajfa-5505	443	27	for	for	ADP
ajfa-5505	443	28	bank	bank	NOUN
ajfa-5505	443	29	risk	risk	NOUN
ajfa-5505	443	30	.	.	PUNCT
ajfa-5505	444	1	asian	asian	ADJ
ajfa-5505	444	2	journal	journal	PROPN
ajfa-5505	444	3	of	of	ADP
ajfa-5505	444	4	finance	finance	PROPN
ajfa-5505	444	5	&	&	CCONJ
ajfa-5505	444	6	accounting	accounting	PROPN
ajfa-5505	444	7	issn	issn	PROPN
ajfa-5505	444	8	1946	1946	NUM
ajfa-5505	444	9	-	-	PUNCT
ajfa-5505	444	10	052x	052x	PROPN
ajfa-5505	444	11	2014	2014	NUM
ajfa-5505	444	12	,	,	PUNCT
ajfa-5505	444	13	vol	vol	NOUN
ajfa-5505	444	14	.	.	PROPN
ajfa-5505	445	1	6	6	NUM
ajfa-5505	445	2	,	,	PUNCT
ajfa-5505	445	3	no	no	INTJ
ajfa-5505	445	4	.	.	NOUN
ajfa-5505	445	5	2	2	NUM
ajfa-5505	445	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	445	7	47	47	NUM
ajfa-5505	445	8	18	18	NUM
ajfa-5505	445	9	.	.	PUNCT
ajfa-5505	446	1	although	although	SCONJ
ajfa-5505	446	2	companies	company	NOUN
ajfa-5505	446	3	borrow	borrow	VERB
ajfa-5505	446	4	from	from	ADP
ajfa-5505	446	5	financial	financial	ADJ
ajfa-5505	446	6	institutions	institution	NOUN
ajfa-5505	446	7	,	,	PUNCT
ajfa-5505	446	8	including	include	VERB
ajfa-5505	446	9	life	life	NOUN
ajfa-5505	446	10	insurance	insurance	NOUN
ajfa-5505	446	11	companies	company	NOUN
ajfa-5505	446	12	and	and	CCONJ
ajfa-5505	446	13	the	the	DET
ajfa-5505	446	14	securities	security	NOUN
ajfa-5505	446	15	,	,	PUNCT
ajfa-5505	446	16	bills	bill	NOUN
ajfa-5505	446	17	and	and	CCONJ
ajfa-5505	446	18	leasing	leasing	NOUN
ajfa-5505	446	19	industry	industry	NOUN
ajfa-5505	446	20	,	,	PUNCT
ajfa-5505	446	21	since	since	SCONJ
ajfa-5505	446	22	the	the	DET
ajfa-5505	446	23	bank	bank	NOUN
ajfa-5505	446	24	loans	loan	NOUN
ajfa-5505	446	25	are	be	AUX
ajfa-5505	446	26	still	still	ADV
ajfa-5505	446	27	the	the	DET
ajfa-5505	446	28	most	most	ADV
ajfa-5505	446	29	common	common	ADJ
ajfa-5505	446	30	kind	kind	NOUN
ajfa-5505	446	31	of	of	ADP
ajfa-5505	446	32	loans	loan	NOUN
ajfa-5505	446	33	,	,	PUNCT
ajfa-5505	446	34	our	our	PRON
ajfa-5505	446	35	sample	sample	NOUN
ajfa-5505	446	36	therefore	therefore	ADV
ajfa-5505	446	37	only	only	ADV
ajfa-5505	446	38	includes	include	VERB
ajfa-5505	446	39	borrowers	borrower	NOUN
ajfa-5505	446	40	from	from	ADP
ajfa-5505	446	41	the	the	DET
ajfa-5505	446	42	banking	banking	NOUN
ajfa-5505	446	43	industry	industry	NOUN
ajfa-5505	446	44	and	and	CCONJ
ajfa-5505	446	45	does	do	AUX
ajfa-5505	446	46	not	not	PART
ajfa-5505	446	47	contain	contain	VERB
ajfa-5505	446	48	data	datum	NOUN
ajfa-5505	446	49	on	on	ADP
ajfa-5505	446	50	loans	loan	NOUN
ajfa-5505	446	51	from	from	ADP
ajfa-5505	446	52	any	any	DET
ajfa-5505	446	53	other	other	ADJ
ajfa-5505	446	54	industries	industry	NOUN
ajfa-5505	446	55	.	.	PUNCT
ajfa-5505	447	1	19	19	NUM
ajfa-5505	447	2	.	.	PUNCT
ajfa-5505	448	1	in	in	ADP
ajfa-5505	448	2	considering	consider	VERB
ajfa-5505	448	3	the	the	DET
ajfa-5505	448	4	reliability	reliability	NOUN
ajfa-5505	448	5	and	and	CCONJ
ajfa-5505	448	6	validity	validity	NOUN
ajfa-5505	448	7	,	,	PUNCT
ajfa-5505	448	8	we	we	PRON
ajfa-5505	448	9	extend	extend	VERB
ajfa-5505	448	10	the	the	DET
ajfa-5505	448	11	empirical	empirical	ADJ
ajfa-5505	448	12	periods	period	NOUN
ajfa-5505	448	13	from	from	ADP
ajfa-5505	448	14	2008	2008	NUM
ajfa-5505	448	15	to	to	ADP
ajfa-5505	448	16	2010	2010	NUM
ajfa-5505	448	17	,	,	PUNCT
ajfa-5505	448	18	while	while	SCONJ
ajfa-5505	448	19	conducting	conduct	VERB
ajfa-5505	448	20	the	the	DET
ajfa-5505	448	21	robustness	robustness	NOUN
ajfa-5505	448	22	tests	test	NOUN
ajfa-5505	448	23	to	to	PART
ajfa-5505	448	24	observe	observe	VERB
ajfa-5505	448	25	possible	possible	ADJ
ajfa-5505	448	26	changes	change	NOUN
ajfa-5505	448	27	in	in	ADP
ajfa-5505	448	28	related	related	ADJ
ajfa-5505	448	29	factors	factor	NOUN
ajfa-5505	448	30	.	.	PUNCT
ajfa-5505	449	1	20	20	NUM
ajfa-5505	449	2	.	.	PUNCT
ajfa-5505	450	1	according	accord	VERB
ajfa-5505	450	2	to	to	ADP
ajfa-5505	450	3	the	the	DET
ajfa-5505	450	4	topics	topic	NOUN
ajfa-5505	450	5	of	of	ADP
ajfa-5505	450	6	credit	credit	NOUN
ajfa-5505	450	7	ratings	rating	NOUN
ajfa-5505	450	8	(	(	PUNCT
ajfa-5505	450	9	76	76	NUM
ajfa-5505	450	10	)	)	PUNCT
ajfa-5505	450	11	issued	issue	VERB
ajfa-5505	450	12	by	by	ADP
ajfa-5505	450	13	the	the	DET
ajfa-5505	450	14	tej	tej	NOUN
ajfa-5505	450	15	,	,	PUNCT
ajfa-5505	450	16	when	when	SCONJ
ajfa-5505	450	17	tcri	tcri	NOUN
ajfa-5505	450	18	is	be	AUX
ajfa-5505	450	19	above	above	ADP
ajfa-5505	450	20	level	level	NOUN
ajfa-5505	450	21	6	6	NUM
ajfa-5505	450	22	the	the	DET
ajfa-5505	450	23	default	default	NOUN
ajfa-5505	450	24	probability	probability	NOUN
ajfa-5505	450	25	will	will	AUX
ajfa-5505	450	26	obviously	obviously	ADV
ajfa-5505	450	27	increase	increase	VERB
ajfa-5505	450	28	.	.	PUNCT
ajfa-5505	451	1	therefore	therefore	ADV
ajfa-5505	451	2	,	,	PUNCT
ajfa-5505	451	3	it	it	PRON
ajfa-5505	451	4	is	be	AUX
ajfa-5505	451	5	reasonable	reasonable	ADJ
ajfa-5505	451	6	to	to	PART
ajfa-5505	451	7	define	define	VERB
ajfa-5505	451	8	a	a	DET
ajfa-5505	451	9	borrower	borrower	NOUN
ajfa-5505	451	10	with	with	ADP
ajfa-5505	451	11	a	a	DET
ajfa-5505	451	12	tcri	tcri	ADJ
ajfa-5505	451	13	level	level	NOUN
ajfa-5505	451	14	of	of	ADP
ajfa-5505	451	15	7	7	NUM
ajfa-5505	451	16	to	to	PART
ajfa-5505	451	17	9	9	NUM
ajfa-5505	451	18	as	as	ADP
ajfa-5505	451	19	the	the	DET
ajfa-5505	451	20	high	high	ADJ
ajfa-5505	451	21	credit	credit	NOUN
ajfa-5505	451	22	risk	risk	NOUN
ajfa-5505	451	23	in	in	ADP
ajfa-5505	451	24	this	this	DET
ajfa-5505	451	25	study	study	NOUN
ajfa-5505	451	26	.	.	PUNCT
ajfa-5505	452	1	21	21	NUM
ajfa-5505	452	2	.	.	PUNCT
ajfa-5505	453	1	according	accord	VERB
ajfa-5505	453	2	to	to	ADP
ajfa-5505	453	3	the	the	DET
ajfa-5505	453	4	viewpoints	viewpoint	NOUN
ajfa-5505	453	5	of	of	ADP
ajfa-5505	453	6	berger	berger	PROPN
ajfa-5505	453	7	et	et	PROPN
ajfa-5505	453	8	al	al	PROPN
ajfa-5505	453	9	.	.	PROPN
ajfa-5505	454	1	(	(	PUNCT
ajfa-5505	454	2	2008	2008	NUM
ajfa-5505	454	3	)	)	PUNCT
ajfa-5505	454	4	there	there	PRON
ajfa-5505	454	5	are	be	VERB
ajfa-5505	454	6	five	five	NUM
ajfa-5505	454	7	motives	motive	NOUN
ajfa-5505	454	8	of	of	ADP
ajfa-5505	454	9	multiple	multiple	ADJ
ajfa-5505	454	10	banking	banking	NOUN
ajfa-5505	454	11	relationships	relationship	NOUN
ajfa-5505	454	12	:	:	PUNCT
ajfa-5505	454	13	(	(	PUNCT
ajfa-5505	454	14	1	1	X
ajfa-5505	454	15	)	)	PUNCT
ajfa-5505	454	16	only	only	ADV
ajfa-5505	454	17	one	one	NUM
ajfa-5505	454	18	relationship	relationship	NOUN
ajfa-5505	454	19	bank	bank	NOUN
ajfa-5505	454	20	is	be	AUX
ajfa-5505	454	21	unable	unable	ADJ
ajfa-5505	454	22	to	to	PART
ajfa-5505	454	23	meet	meet	VERB
ajfa-5505	454	24	all	all	DET
ajfa-5505	454	25	the	the	DET
ajfa-5505	454	26	funding	funding	NOUN
ajfa-5505	454	27	requirements	requirement	NOUN
ajfa-5505	454	28	,	,	PUNCT
ajfa-5505	454	29	so	so	ADV
ajfa-5505	454	30	through	through	ADP
ajfa-5505	454	31	multiple	multiple	ADJ
ajfa-5505	454	32	banking	banking	NOUN
ajfa-5505	454	33	relationships	relationship	NOUN
ajfa-5505	454	34	is	be	AUX
ajfa-5505	454	35	satisfied	satisfy	VERB
ajfa-5505	454	36	the	the	DET
ajfa-5505	454	37	shortage	shortage	NOUN
ajfa-5505	454	38	of	of	ADP
ajfa-5505	454	39	funds	fund	NOUN
ajfa-5505	454	40	.	.	PUNCT
ajfa-5505	455	1	(	(	PUNCT
ajfa-5505	455	2	2	2	X
ajfa-5505	455	3	)	)	PUNCT
ajfa-5505	455	4	multiple	multiple	ADJ
ajfa-5505	455	5	banking	banking	NOUN
ajfa-5505	455	6	relationships	relationship	NOUN
ajfa-5505	455	7	can	can	AUX
ajfa-5505	455	8	mitigate	mitigate	VERB
ajfa-5505	455	9	the	the	DET
ajfa-5505	455	10	hold	hold	VERB
ajfa-5505	455	11	-	-	PUNCT
ajfa-5505	455	12	up	up	ADP
ajfa-5505	455	13	problem	problem	NOUN
ajfa-5505	455	14	of	of	ADP
ajfa-5505	455	15	a	a	DET
ajfa-5505	455	16	single	single	ADJ
ajfa-5505	455	17	banking	banking	NOUN
ajfa-5505	455	18	relationship	relationship	NOUN
ajfa-5505	455	19	.	.	PUNCT
ajfa-5505	456	1	(	(	PUNCT
ajfa-5505	456	2	3	3	X
ajfa-5505	456	3	)	)	PUNCT
ajfa-5505	456	4	multiple	multiple	ADJ
ajfa-5505	456	5	banking	banking	NOUN
ajfa-5505	456	6	relationships	relationship	NOUN
ajfa-5505	456	7	can	can	AUX
ajfa-5505	456	8	avoid	avoid	VERB
ajfa-5505	456	9	the	the	DET
ajfa-5505	456	10	worry	worry	NOUN
ajfa-5505	456	11	of	of	ADP
ajfa-5505	456	12	repayment	repayment	NOUN
ajfa-5505	456	13	or	or	CCONJ
ajfa-5505	456	14	early	early	ADJ
ajfa-5505	456	15	termination	termination	NOUN
ajfa-5505	456	16	.	.	PUNCT
ajfa-5505	457	1	(	(	PUNCT
ajfa-5505	457	2	4	4	X
ajfa-5505	457	3	)	)	PUNCT
ajfa-5505	457	4	to	to	PART
ajfa-5505	457	5	avoid	avoid	VERB
ajfa-5505	457	6	the	the	DET
ajfa-5505	457	7	relationship	relationship	NOUN
ajfa-5505	457	8	bank	bank	NOUN
ajfa-5505	457	9	getting	getting	AUX
ajfa-5505	457	10	lost	lose	VERB
ajfa-5505	457	11	in	in	ADP
ajfa-5505	457	12	the	the	DET
ajfa-5505	457	13	loose	loose	ADJ
ajfa-5505	457	14	credit	credit	NOUN
ajfa-5505	457	15	policies	policy	NOUN
ajfa-5505	457	16	.	.	PUNCT
ajfa-5505	458	1	(	(	PUNCT
ajfa-5505	458	2	5	5	X
ajfa-5505	458	3	)	)	PUNCT
ajfa-5505	458	4	focusing	focus	VERB
ajfa-5505	458	5	on	on	ADP
ajfa-5505	458	6	the	the	DET
ajfa-5505	458	7	monitoring	monitoring	NOUN
ajfa-5505	458	8	costs	cost	NOUN
ajfa-5505	458	9	and	and	CCONJ
ajfa-5505	458	10	benefits	benefit	NOUN
ajfa-5505	458	11	of	of	ADP
ajfa-5505	458	12	the	the	DET
ajfa-5505	458	13	bank	bank	NOUN
ajfa-5505	458	14	.	.	PUNCT
ajfa-5505	459	1	22	22	NUM
ajfa-5505	459	2	.	.	X
ajfa-5505	460	1	four	four	NUM
ajfa-5505	460	2	different	different	ADJ
ajfa-5505	460	3	ownership	ownership	NOUN
ajfa-5505	460	4	types	type	NOUN
ajfa-5505	460	5	of	of	ADP
ajfa-5505	460	6	bank	bank	NOUN
ajfa-5505	460	7	are	be	AUX
ajfa-5505	460	8	verified	verify	VERB
ajfa-5505	460	9	by	by	ADP
ajfa-5505	460	10	the	the	DET
ajfa-5505	460	11	f	f	PROPN
ajfa-5505	460	12	test	test	NOUN
ajfa-5505	460	13	and	and	CCONJ
ajfa-5505	460	14	wilcoxon	wilcoxon	VERB
ajfa-5505	460	15	rank	rank	PROPN
ajfa-5505	460	16	sum	sum	NOUN
ajfa-5505	460	17	method	method	NOUN
ajfa-5505	460	18	respectively	respectively	ADV
ajfa-5505	460	19	in	in	ADP
ajfa-5505	460	20	order	order	NOUN
ajfa-5505	460	21	to	to	PART
ajfa-5505	460	22	know	know	VERB
ajfa-5505	460	23	whether	whether	SCONJ
ajfa-5505	460	24	the	the	DET
ajfa-5505	460	25	mean	mean	NOUN
ajfa-5505	460	26	or	or	CCONJ
ajfa-5505	460	27	median	median	NOUN
ajfa-5505	460	28	of	of	ADP
ajfa-5505	460	29	each	each	DET
ajfa-5505	460	30	factor	factor	NOUN
ajfa-5505	460	31	exhibits	exhibit	VERB
ajfa-5505	460	32	a	a	DET
ajfa-5505	460	33	significant	significant	ADJ
ajfa-5505	460	34	difference	difference	NOUN
ajfa-5505	460	35	.	.	PUNCT
ajfa-5505	461	1	due	due	ADP
ajfa-5505	461	2	to	to	ADP
ajfa-5505	461	3	the	the	DET
ajfa-5505	461	4	significant	significant	ADJ
ajfa-5505	461	5	differences	difference	NOUN
ajfa-5505	461	6	in	in	ADP
ajfa-5505	461	7	the	the	DET
ajfa-5505	461	8	just	just	ADJ
ajfa-5505	461	9	number	number	NOUN
ajfa-5505	461	10	of	of	ADP
ajfa-5505	461	11	samples	sample	NOUN
ajfa-5505	461	12	for	for	ADP
ajfa-5505	461	13	the	the	DET
ajfa-5505	461	14	four	four	NUM
ajfa-5505	461	15	ownership	ownership	NOUN
ajfa-5505	461	16	types	type	NOUN
ajfa-5505	461	17	of	of	ADP
ajfa-5505	461	18	banks	bank	NOUN
ajfa-5505	461	19	and	and	CCONJ
ajfa-5505	461	20	the	the	DET
ajfa-5505	461	21	subsequent	subsequent	ADJ
ajfa-5505	461	22	test	test	NOUN
ajfa-5505	461	23	that	that	PRON
ajfa-5505	461	24	focuses	focus	VERB
ajfa-5505	461	25	on	on	ADP
ajfa-5505	461	26	comparing	compare	VERB
ajfa-5505	461	27	those	those	DET
ajfa-5505	461	28	three	three	NUM
ajfa-5505	461	29	types	type	NOUN
ajfa-5505	461	30	with	with	ADP
ajfa-5505	461	31	state	state	NOUN
ajfa-5505	461	32	-	-	PUNCT
ajfa-5505	461	33	owned	own	VERB
ajfa-5505	461	34	types	type	NOUN
ajfa-5505	461	35	individually	individually	ADV
ajfa-5505	461	36	,	,	PUNCT
ajfa-5505	461	37	we	we	PRON
ajfa-5505	461	38	therefore	therefore	ADV
ajfa-5505	461	39	omit	omit	VERB
ajfa-5505	461	40	the	the	DET
ajfa-5505	461	41	difference	difference	NOUN
ajfa-5505	461	42	test	test	NOUN
ajfa-5505	461	43	in	in	ADP
ajfa-5505	461	44	table	table	NOUN
ajfa-5505	461	45	3	3	NUM
ajfa-5505	461	46	.	.	NOUN
ajfa-5505	461	47	23	23	NUM
ajfa-5505	461	48	.	.	PUNCT
ajfa-5505	462	1	according	accord	VERB
ajfa-5505	462	2	to	to	ADP
ajfa-5505	462	3	“	"	PUNCT
ajfa-5505	462	4	financial	financial	ADJ
ajfa-5505	462	5	statistics	statistic	NOUN
ajfa-5505	462	6	monthly	monthly	ADV
ajfa-5505	462	7	”	"	PUNCT
ajfa-5505	462	8	issued	issue	VERB
ajfa-5505	462	9	by	by	ADP
ajfa-5505	462	10	the	the	DET
ajfa-5505	462	11	central	central	ADJ
ajfa-5505	462	12	bank	bank	NOUN
ajfa-5505	462	13	at	at	ADP
ajfa-5505	462	14	the	the	DET
ajfa-5505	462	15	end	end	NOUN
ajfa-5505	462	16	of	of	ADP
ajfa-5505	462	17	2008	2008	NUM
ajfa-5505	462	18	,	,	PUNCT
ajfa-5505	462	19	we	we	PRON
ajfa-5505	462	20	can	can	AUX
ajfa-5505	462	21	simply	simply	ADV
ajfa-5505	462	22	classify	classify	VERB
ajfa-5505	462	23	the	the	DET
ajfa-5505	462	24	accumulated	accumulate	VERB
ajfa-5505	462	25	bad	bad	ADJ
ajfa-5505	462	26	debts	debt	NOUN
ajfa-5505	462	27	written	write	VERB
ajfa-5505	462	28	off	off	ADP
ajfa-5505	462	29	during	during	ADP
ajfa-5505	462	30	the	the	DET
ajfa-5505	462	31	last	last	ADJ
ajfa-5505	462	32	five	five	NUM
ajfa-5505	462	33	years	year	NOUN
ajfa-5505	462	34	as	as	SCONJ
ajfa-5505	462	35	follows	follow	VERB
ajfa-5505	462	36	:	:	PUNCT
ajfa-5505	462	37	bank	bank	NOUN
ajfa-5505	462	38	or	or	CCONJ
ajfa-5505	462	39	financial	financial	ADJ
ajfa-5505	462	40	holding	hold	VERB
ajfa-5505	462	41	company	company	NOUN
ajfa-5505	462	42	with	with	ADP
ajfa-5505	462	43	accumulated	accumulate	VERB
ajfa-5505	462	44	bad	bad	ADJ
ajfa-5505	462	45	debts	debt	NOUN
ajfa-5505	462	46	written	write	VERB
ajfa-5505	462	47	off	off	ADP
ajfa-5505	462	48	of	of	ADP
ajfa-5505	462	49	more	more	ADJ
ajfa-5505	462	50	than	than	ADP
ajfa-5505	462	51	nt$50	nt$50	NOUN
ajfa-5505	462	52	billion	billion	NUM
ajfa-5505	462	53	or	or	CCONJ
ajfa-5505	462	54	not	not	PART
ajfa-5505	462	55	.	.	PUNCT
ajfa-5505	463	1	however	however	ADV
ajfa-5505	463	2	,	,	PUNCT
ajfa-5505	463	3	to	to	PART
ajfa-5505	463	4	avoid	avoid	VERB
ajfa-5505	463	5	trouble	trouble	NOUN
ajfa-5505	463	6	from	from	ADP
ajfa-5505	463	7	related	related	ADJ
ajfa-5505	463	8	parties	party	NOUN
ajfa-5505	463	9	,	,	PUNCT
ajfa-5505	463	10	we	we	PRON
ajfa-5505	463	11	do	do	AUX
ajfa-5505	463	12	not	not	PART
ajfa-5505	463	13	mention	mention	VERB
ajfa-5505	463	14	the	the	DET
ajfa-5505	463	15	detailed	detailed	ADJ
ajfa-5505	463	16	information	information	NOUN
ajfa-5505	463	17	of	of	ADP
ajfa-5505	463	18	the	the	DET
ajfa-5505	463	19	bank	bank	NOUN
ajfa-5505	463	20	or	or	CCONJ
ajfa-5505	463	21	financial	financial	ADJ
ajfa-5505	463	22	holding	hold	VERB
ajfa-5505	463	23	company	company	NOUN
ajfa-5505	463	24	.	.	PUNCT
ajfa-5505	464	1	for	for	ADP
ajfa-5505	464	2	more	more	ADJ
ajfa-5505	464	3	information	information	NOUN
ajfa-5505	464	4	,	,	PUNCT
ajfa-5505	464	5	please	please	INTJ
ajfa-5505	464	6	contact	contact	VERB
ajfa-5505	464	7	the	the	DET
ajfa-5505	464	8	authors	author	NOUN
ajfa-5505	464	9	.	.	PUNCT
ajfa-5505	465	1	the	the	DET
ajfa-5505	465	2	omission	omission	NOUN
ajfa-5505	465	3	of	of	ADP
ajfa-5505	465	4	such	such	ADJ
ajfa-5505	465	5	information	information	NOUN
ajfa-5505	465	6	does	do	AUX
ajfa-5505	465	7	not	not	PART
ajfa-5505	465	8	affect	affect	VERB
ajfa-5505	465	9	this	this	DET
ajfa-5505	465	10	research	research	NOUN
ajfa-5505	465	11	,	,	PUNCT
ajfa-5505	465	12	and	and	CCONJ
ajfa-5505	465	13	we	we	PRON
ajfa-5505	465	14	sincerely	sincerely	ADV
ajfa-5505	465	15	welcome	welcome	VERB
ajfa-5505	465	16	any	any	DET
ajfa-5505	465	17	comments	comment	NOUN
ajfa-5505	465	18	.	.	PUNCT
ajfa-5505	466	1	24	24	NUM
ajfa-5505	466	2	.	.	PUNCT
ajfa-5505	467	1	“	"	PUNCT
ajfa-5505	467	2	the	the	DET
ajfa-5505	467	3	bankers	banker	NOUN
ajfa-5505	467	4	’	’	PART
ajfa-5505	467	5	association	association	NOUN
ajfa-5505	467	6	of	of	ADP
ajfa-5505	467	7	the	the	DET
ajfa-5505	467	8	republic	republic	PROPN
ajfa-5505	467	9	of	of	ADP
ajfa-5505	467	10	china	china	PROPN
ajfa-5505	467	11	”	"	PUNCT
ajfa-5505	467	12	declared	declare	VERB
ajfa-5505	467	13	that	that	SCONJ
ajfa-5505	467	14	there	there	PRON
ajfa-5505	467	15	were	be	VERB
ajfa-5505	467	16	8	8	NUM
ajfa-5505	467	17	banks	bank	NOUN
ajfa-5505	467	18	that	that	PRON
ajfa-5505	467	19	experienced	experience	VERB
ajfa-5505	467	20	heavy	heavy	ADJ
ajfa-5505	467	21	losses	loss	NOUN
ajfa-5505	467	22	as	as	ADP
ajfa-5505	467	23	a	a	DET
ajfa-5505	467	24	result	result	NOUN
ajfa-5505	467	25	of	of	ADP
ajfa-5505	467	26	the	the	DET
ajfa-5505	467	27	credit	credit	NOUN
ajfa-5505	467	28	card	card	NOUN
ajfa-5505	467	29	debt	debt	NOUN
ajfa-5505	467	30	crisis	crisis	NOUN
ajfa-5505	467	31	,	,	PUNCT
ajfa-5505	467	32	and	and	CCONJ
ajfa-5505	467	33	the	the	DET
ajfa-5505	467	34	others	other	NOUN
ajfa-5505	467	35	did	do	AUX
ajfa-5505	467	36	not	not	PART
ajfa-5505	467	37	encounter	encounter	VERB
ajfa-5505	467	38	a	a	DET
ajfa-5505	467	39	big	big	ADJ
ajfa-5505	467	40	loss	loss	NOUN
ajfa-5505	467	41	during	during	ADP
ajfa-5505	467	42	the	the	DET
ajfa-5505	467	43	period	period	NOUN
ajfa-5505	467	44	of	of	ADP
ajfa-5505	467	45	the	the	DET
ajfa-5505	467	46	credit	credit	NOUN
ajfa-5505	467	47	card	card	NOUN
ajfa-5505	467	48	debt	debt	NOUN
ajfa-5505	467	49	crisis	crisis	NOUN
ajfa-5505	467	50	.	.	PUNCT
ajfa-5505	468	1	however	however	ADV
ajfa-5505	468	2	,	,	PUNCT
ajfa-5505	468	3	to	to	PART
ajfa-5505	468	4	avoid	avoid	VERB
ajfa-5505	468	5	offending	offend	VERB
ajfa-5505	468	6	the	the	DET
ajfa-5505	468	7	related	related	ADJ
ajfa-5505	468	8	parties	party	NOUN
ajfa-5505	468	9	,	,	PUNCT
ajfa-5505	468	10	we	we	PRON
ajfa-5505	468	11	do	do	AUX
ajfa-5505	468	12	not	not	PART
ajfa-5505	468	13	mention	mention	VERB
ajfa-5505	468	14	the	the	DET
ajfa-5505	468	15	detailed	detailed	ADJ
ajfa-5505	468	16	information	information	NOUN
ajfa-5505	468	17	of	of	ADP
ajfa-5505	468	18	the	the	DET
ajfa-5505	468	19	bank	bank	NOUN
ajfa-5505	468	20	or	or	CCONJ
ajfa-5505	468	21	financial	financial	ADJ
ajfa-5505	468	22	holding	hold	VERB
ajfa-5505	468	23	company	company	NOUN
ajfa-5505	468	24	.	.	PUNCT
ajfa-5505	469	1	if	if	SCONJ
ajfa-5505	469	2	you	you	PRON
ajfa-5505	469	3	need	need	VERB
ajfa-5505	469	4	more	more	ADJ
ajfa-5505	469	5	information	information	NOUN
ajfa-5505	469	6	,	,	PUNCT
ajfa-5505	469	7	welcome	welcome	VERB
ajfa-5505	469	8	to	to	PART
ajfa-5505	469	9	write	write	VERB
ajfa-5505	469	10	to	to	ADP
ajfa-5505	469	11	us	we	PRON
ajfa-5505	469	12	.	.	PUNCT
ajfa-5505	470	1	the	the	DET
ajfa-5505	470	2	omission	omission	NOUN
ajfa-5505	470	3	of	of	ADP
ajfa-5505	470	4	such	such	ADJ
ajfa-5505	470	5	information	information	NOUN
ajfa-5505	470	6	does	do	AUX
ajfa-5505	470	7	not	not	PART
ajfa-5505	470	8	affect	affect	VERB
ajfa-5505	470	9	this	this	DET
ajfa-5505	470	10	research	research	NOUN
ajfa-5505	470	11	,	,	PUNCT
ajfa-5505	470	12	and	and	CCONJ
ajfa-5505	470	13	we	we	PRON
ajfa-5505	470	14	sincerely	sincerely	ADV
ajfa-5505	470	15	welcome	welcome	VERB
ajfa-5505	470	16	any	any	DET
ajfa-5505	470	17	comments	comment	NOUN
ajfa-5505	470	18	.	.	PUNCT
ajfa-5505	471	1	25	25	NUM
ajfa-5505	471	2	.	.	PUNCT
ajfa-5505	472	1	there	there	PRON
ajfa-5505	472	2	are	be	VERB
ajfa-5505	472	3	three	three	NUM
ajfa-5505	472	4	banks	bank	NOUN
ajfa-5505	472	5	that	that	PRON
ajfa-5505	472	6	meet	meet	VERB
ajfa-5505	472	7	the	the	DET
ajfa-5505	472	8	criteria	criterion	NOUN
ajfa-5505	472	9	of	of	ADP
ajfa-5505	472	10	wobd	wobd	NOUN
ajfa-5505	472	11	and	and	CCONJ
ajfa-5505	472	12	hccl	hccl	NOUN
ajfa-5505	472	13	at	at	ADP
ajfa-5505	472	14	the	the	DET
ajfa-5505	472	15	same	same	ADJ
ajfa-5505	472	16	time	time	NOUN
ajfa-5505	472	17	while	while	SCONJ
ajfa-5505	472	18	we	we	PRON
ajfa-5505	472	19	distinguish	distinguish	VERB
ajfa-5505	472	20	the	the	DET
ajfa-5505	472	21	risk	risk	NOUN
ajfa-5505	472	22	type	type	NOUN
ajfa-5505	472	23	of	of	ADP
ajfa-5505	472	24	the	the	DET
ajfa-5505	472	25	creditor	creditor	NOUN
ajfa-5505	472	26	bank	bank	NOUN
ajfa-5505	472	27	based	base	VERB
ajfa-5505	472	28	on	on	ADP
ajfa-5505	472	29	the	the	DET
ajfa-5505	472	30	lending	lending	NOUN
ajfa-5505	472	31	performance	performance	NOUN
ajfa-5505	472	32	mentioned	mention	VERB
ajfa-5505	472	33	before	before	ADV
ajfa-5505	472	34	.	.	PUNCT
ajfa-5505	473	1	to	to	PART
ajfa-5505	473	2	avoid	avoid	VERB
ajfa-5505	473	3	the	the	DET
ajfa-5505	473	4	confusion	confusion	NOUN
ajfa-5505	473	5	,	,	PUNCT
ajfa-5505	473	6	we	we	PRON
ajfa-5505	473	7	purposely	purposely	ADV
ajfa-5505	473	8	delete	delete	VERB
ajfa-5505	473	9	the	the	DET
ajfa-5505	473	10	borrowing	borrowing	NOUN
ajfa-5505	473	11	companies	company	NOUN
ajfa-5505	473	12	(	(	PUNCT
ajfa-5505	473	13	publicly	publicly	ADV
ajfa-5505	473	14	-	-	PUNCT
ajfa-5505	473	15	held	hold	VERB
ajfa-5505	473	16	)	)	PUNCT
ajfa-5505	473	17	from	from	ADP
ajfa-5505	473	18	these	these	DET
ajfa-5505	473	19	three	three	NUM
ajfa-5505	473	20	sample	sample	NOUN
ajfa-5505	473	21	banks	bank	NOUN
ajfa-5505	473	22	while	while	SCONJ
ajfa-5505	473	23	empirical	empirical	ADJ
ajfa-5505	473	24	testing	testing	NOUN
ajfa-5505	473	25	the	the	DET
ajfa-5505	473	26	impact	impact	NOUN
ajfa-5505	473	27	of	of	ADP
ajfa-5505	473	28	the	the	DET
ajfa-5505	473	29	characteristic	characteristic	NOUN
ajfa-5505	473	30	of	of	ADP
ajfa-5505	473	31	with	with	ADP
ajfa-5505	473	32	or	or	CCONJ
ajfa-5505	473	33	without	without	ADP
ajfa-5505	473	34	wobd	wobd	NOUN
ajfa-5505	473	35	and	and	CCONJ
ajfa-5505	473	36	hccl	hccl	NOUN
ajfa-5505	473	37	on	on	ADP
ajfa-5505	473	38	loan	loan	NOUN
ajfa-5505	473	39	spreads	spread	NOUN
ajfa-5505	473	40	.	.	PUNCT
ajfa-5505	474	1	26	26	NUM
ajfa-5505	474	2	.	.	PUNCT
ajfa-5505	475	1	we	we	PRON
ajfa-5505	475	2	use	use	VERB
ajfa-5505	475	3	an	an	DET
ajfa-5505	475	4	alternative	alternative	ADJ
ajfa-5505	475	5	proxy	proxy	NOUN
ajfa-5505	475	6	to	to	PART
ajfa-5505	475	7	measure	measure	VERB
ajfa-5505	475	8	the	the	DET
ajfa-5505	475	9	level	level	NOUN
ajfa-5505	475	10	of	of	ADP
ajfa-5505	475	11	intimacy	intimacy	NOUN
ajfa-5505	475	12	of	of	ADP
ajfa-5505	475	13	the	the	DET
ajfa-5505	475	14	banking	banking	NOUN
ajfa-5505	475	15	relationship	relationship	NOUN
ajfa-5505	475	16	which	which	PRON
ajfa-5505	475	17	is	be	AUX
ajfa-5505	475	18	the	the	DET
ajfa-5505	475	19	ratio	ratio	NOUN
ajfa-5505	475	20	of	of	ADP
ajfa-5505	475	21	the	the	DET
ajfa-5505	475	22	company	company	NOUN
ajfa-5505	475	23	's	's	PART
ajfa-5505	475	24	total	total	ADJ
ajfa-5505	475	25	borrowings	borrowing	NOUN
ajfa-5505	475	26	to	to	ADP
ajfa-5505	475	27	total	total	ADJ
ajfa-5505	475	28	assets	asset	NOUN
ajfa-5505	475	29	.	.	PUNCT
ajfa-5505	476	1	the	the	DET
ajfa-5505	476	2	empirical	empirical	ADJ
ajfa-5505	476	3	model	model	NOUN
ajfa-5505	476	4	(	(	PUNCT
ajfa-5505	476	5	1	1	NUM
ajfa-5505	476	6	)	)	PUNCT
ajfa-5505	476	7	in	in	ADP
ajfa-5505	476	8	table	table	NOUN
ajfa-5505	476	9	5	5	NUM
ajfa-5505	476	10	is	be	AUX
ajfa-5505	476	11	not	not	PART
ajfa-5505	476	12	significant	significant	ADJ
ajfa-5505	476	13	,	,	PUNCT
ajfa-5505	476	14	but	but	CCONJ
ajfa-5505	476	15	in	in	ADP
ajfa-5505	476	16	model	model	NOUN
ajfa-5505	476	17	(	(	PUNCT
ajfa-5505	476	18	2	2	NUM
ajfa-5505	476	19	)	)	PUNCT
ajfa-5505	476	20	,	,	PUNCT
ajfa-5505	476	21	the	the	DET
ajfa-5505	476	22	ratio	ratio	NOUN
ajfa-5505	476	23	of	of	ADP
ajfa-5505	476	24	the	the	DET
ajfa-5505	476	25	company	company	NOUN
ajfa-5505	476	26	's	's	PART
ajfa-5505	476	27	total	total	ADJ
ajfa-5505	476	28	borrowings	borrowing	NOUN
ajfa-5505	476	29	to	to	ADP
ajfa-5505	476	30	asian	asian	ADJ
ajfa-5505	476	31	journal	journal	NOUN
ajfa-5505	476	32	of	of	ADP
ajfa-5505	476	33	finance	finance	PROPN
ajfa-5505	476	34	&	&	CCONJ
ajfa-5505	476	35	accounting	accounting	PROPN
ajfa-5505	476	36	issn	issn	PROPN
ajfa-5505	476	37	1946	1946	NUM
ajfa-5505	476	38	-	-	PUNCT
ajfa-5505	476	39	052x	052x	PROPN
ajfa-5505	476	40	2014	2014	NUM
ajfa-5505	476	41	,	,	PUNCT
ajfa-5505	476	42	vol	vol	NOUN
ajfa-5505	476	43	.	.	PROPN
ajfa-5505	476	44	6	6	NUM
ajfa-5505	476	45	,	,	PUNCT
ajfa-5505	476	46	no	no	INTJ
ajfa-5505	476	47	.	.	NOUN
ajfa-5505	476	48	2	2	NUM
ajfa-5505	476	49	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5505	476	50	48	48	NUM
ajfa-5505	476	51	total	total	ADJ
ajfa-5505	476	52	assets	asset	NOUN
ajfa-5505	476	53	is	be	AUX
ajfa-5505	476	54	negatively	negatively	ADV
ajfa-5505	476	55	associated	associate	VERB
ajfa-5505	476	56	with	with	ADP
ajfa-5505	476	57	the	the	DET
ajfa-5505	476	58	loan	loan	NOUN
ajfa-5505	476	59	spreads	spread	NOUN
ajfa-5505	476	60	,	,	PUNCT
ajfa-5505	476	61	the	the	DET
ajfa-5505	476	62	coefficient	coefficient	NOUN
ajfa-5505	476	63	value	value	NOUN
ajfa-5505	476	64	is	be	AUX
ajfa-5505	476	65	-0.5637	-0.5637	ADJ
ajfa-5505	476	66	(	(	PUNCT
ajfa-5505	476	67	the	the	DET
ajfa-5505	476	68	p	p	NOUN
ajfa-5505	476	69	value	value	NOUN
ajfa-5505	476	70	is	be	AUX
ajfa-5505	476	71	0.0311	0.0311	NUM
ajfa-5505	476	72	)	)	PUNCT
ajfa-5505	476	73	.	.	PUNCT
ajfa-5505	477	1	the	the	DET
ajfa-5505	477	2	coefficient	coefficient	NOUN
ajfa-5505	477	3	value	value	NOUN
ajfa-5505	477	4	is	be	AUX
ajfa-5505	477	5	-0.5207	-0.5207	NOUN
ajfa-5505	477	6	(	(	PUNCT
ajfa-5505	477	7	the	the	DET
ajfa-5505	477	8	p	p	NOUN
ajfa-5505	477	9	value	value	NOUN
ajfa-5505	477	10	is	be	AUX
ajfa-5505	477	11	0.0474	0.0474	NUM
ajfa-5505	477	12	)	)	PUNCT
ajfa-5505	477	13	for	for	ADP
ajfa-5505	477	14	that	that	DET
ajfa-5505	477	15	variable	variable	NOUN
ajfa-5505	477	16	in	in	ADP
ajfa-5505	477	17	model	model	NOUN
ajfa-5505	477	18	(	(	PUNCT
ajfa-5505	477	19	3	3	NUM
ajfa-5505	477	20	)	)	PUNCT
ajfa-5505	477	21	and	and	CCONJ
ajfa-5505	477	22	the	the	DET
ajfa-5505	477	23	coefficient	coefficient	NOUN
ajfa-5505	477	24	values	value	NOUN
ajfa-5505	477	25	for	for	ADP
ajfa-5505	477	26	the	the	DET
ajfa-5505	477	27	interaction	interaction	NOUN
ajfa-5505	477	28	with	with	ADP
ajfa-5505	477	29	the	the	DET
ajfa-5505	477	30	credit	credit	NOUN
ajfa-5505	477	31	risk	risk	NOUN
ajfa-5505	477	32	are	be	AUX
ajfa-5505	477	33	-0.5637	-0.5637	ADJ
ajfa-5505	477	34	(	(	PUNCT
ajfa-5505	477	35	the	the	DET
ajfa-5505	477	36	p	p	NOUN
ajfa-5505	477	37	value	value	NOUN
ajfa-5505	477	38	is	be	AUX
ajfa-5505	477	39	0.0311	0.0311	NUM
ajfa-5505	477	40	)	)	PUNCT
ajfa-5505	477	41	,	,	PUNCT
ajfa-5505	477	42	0.5546	0.5546	NUM
ajfa-5505	477	43	(	(	PUNCT
ajfa-5505	477	44	the	the	DET
ajfa-5505	477	45	p	p	NOUN
ajfa-5505	477	46	value	value	NOUN
ajfa-5505	477	47	is	be	AUX
ajfa-5505	477	48	0.0508	0.0508	NUM
ajfa-5505	477	49	)	)	PUNCT
ajfa-5505	477	50	in	in	ADP
ajfa-5505	477	51	model	model	NOUN
ajfa-5505	477	52	(	(	PUNCT
ajfa-5505	477	53	2	2	NUM
ajfa-5505	477	54	)	)	PUNCT
ajfa-5505	477	55	and	and	CCONJ
ajfa-5505	477	56	in	in	ADP
ajfa-5505	477	57	model	model	NOUN
ajfa-5505	477	58	(	(	PUNCT
ajfa-5505	477	59	3	3	NUM
ajfa-5505	477	60	)	)	PUNCT
ajfa-5505	477	61	,	,	PUNCT
ajfa-5505	477	62	which	which	PRON
ajfa-5505	477	63	suggests	suggest	VERB
ajfa-5505	477	64	that	that	SCONJ
ajfa-5505	477	65	the	the	DET
ajfa-5505	477	66	higher	high	ADJ
ajfa-5505	477	67	level	level	NOUN
ajfa-5505	477	68	of	of	ADP
ajfa-5505	477	69	intimacy	intimacy	NOUN
ajfa-5505	477	70	of	of	ADP
ajfa-5505	477	71	the	the	DET
ajfa-5505	477	72	banking	banking	NOUN
ajfa-5505	477	73	relationship	relationship	NOUN
ajfa-5505	477	74	deserves	deserve	VERB
ajfa-5505	477	75	lower	low	ADJ
ajfa-5505	477	76	borrowing	borrowing	NOUN
ajfa-5505	477	77	costs	cost	NOUN
ajfa-5505	477	78	,	,	PUNCT
ajfa-5505	477	79	but	but	CCONJ
ajfa-5505	477	80	for	for	ADP
ajfa-5505	477	81	the	the	DET
ajfa-5505	477	82	borrower	borrower	NOUN
ajfa-5505	477	83	with	with	ADP
ajfa-5505	477	84	high	high	ADJ
ajfa-5505	477	85	credit	credit	NOUN
ajfa-5505	477	86	risk	risk	NOUN
ajfa-5505	477	87	the	the	DET
ajfa-5505	477	88	borrowing	borrowing	NOUN
ajfa-5505	477	89	costs	cost	NOUN
ajfa-5505	477	90	will	will	AUX
ajfa-5505	477	91	increase	increase	VERB
ajfa-5505	477	92	.	.	PUNCT
ajfa-5505	478	1	27	27	NUM
ajfa-5505	478	2	.	.	PUNCT
ajfa-5505	479	1	transactional	transactional	ADJ
ajfa-5505	479	2	lending	lending	NOUN
ajfa-5505	479	3	focuses	focus	VERB
ajfa-5505	479	4	more	more	ADJ
ajfa-5505	479	5	on	on	ADP
ajfa-5505	479	6	public	public	ADJ
ajfa-5505	479	7	and	and	CCONJ
ajfa-5505	479	8	objective	objective	ADJ
ajfa-5505	479	9	information	information	NOUN
ajfa-5505	479	10	such	such	ADJ
ajfa-5505	479	11	as	as	ADP
ajfa-5505	479	12	financial	financial	ADJ
ajfa-5505	479	13	statements	statement	NOUN
ajfa-5505	479	14	,	,	PUNCT
ajfa-5505	479	15	assets	asset	NOUN
ajfa-5505	479	16	,	,	PUNCT
ajfa-5505	479	17	operating	operate	VERB
ajfa-5505	479	18	ability	ability	NOUN
ajfa-5505	479	19	and	and	CCONJ
ajfa-5505	479	20	credit	credit	NOUN
ajfa-5505	479	21	ratings	rating	NOUN
ajfa-5505	479	22	and	and	CCONJ
ajfa-5505	479	23	pays	pay	VERB
ajfa-5505	479	24	less	less	ADJ
ajfa-5505	479	25	attention	attention	NOUN
ajfa-5505	479	26	to	to	ADP
ajfa-5505	479	27	banking	banking	NOUN
ajfa-5505	479	28	relationships	relationship	NOUN
ajfa-5505	479	29	.	.	PUNCT
ajfa-5505	480	1	28	28	NUM
ajfa-5505	480	2	.	.	PUNCT
ajfa-5505	480	3	model	model	NOUN
ajfa-5505	480	4	(	(	PUNCT
ajfa-5505	480	5	1	1	NUM
ajfa-5505	480	6	)	)	PUNCT
ajfa-5505	480	7	in	in	ADP
ajfa-5505	480	8	tables	table	NOUN
ajfa-5505	480	9	5	5	NUM
ajfa-5505	480	10	and	and	CCONJ
ajfa-5505	480	11	6	6	NUM
ajfa-5505	480	12	display	display	VERB
ajfa-5505	480	13	a	a	DET
ajfa-5505	480	14	finding	finding	NOUN
ajfa-5505	480	15	concerning	concern	VERB
ajfa-5505	480	16	the	the	DET
ajfa-5505	480	17	impact	impact	NOUN
ajfa-5505	480	18	of	of	ADP
ajfa-5505	480	19	the	the	DET
ajfa-5505	480	20	level	level	NOUN
ajfa-5505	480	21	of	of	ADP
ajfa-5505	480	22	intimacy	intimacy	NOUN
ajfa-5505	480	23	of	of	ADP
ajfa-5505	480	24	banking	banking	NOUN
ajfa-5505	480	25	relationships	relationship	NOUN
ajfa-5505	480	26	on	on	ADP
ajfa-5505	480	27	loan	loan	NOUN
ajfa-5505	480	28	spreads	spread	NOUN
ajfa-5505	480	29	,	,	PUNCT
ajfa-5505	480	30	the	the	DET
ajfa-5505	480	31	former	former	ADJ
ajfa-5505	480	32	one	one	NUM
ajfa-5505	480	33	being	be	AUX
ajfa-5505	480	34	insignificant	insignificant	ADJ
ajfa-5505	480	35	but	but	CCONJ
ajfa-5505	480	36	the	the	DET
ajfa-5505	480	37	latter	latter	ADJ
ajfa-5505	480	38	one	one	NOUN
ajfa-5505	480	39	being	be	AUX
ajfa-5505	480	40	significant	significant	ADJ
ajfa-5505	480	41	.	.	PUNCT
ajfa-5505	481	1	the	the	DET
ajfa-5505	481	2	possible	possible	ADJ
ajfa-5505	481	3	reason	reason	NOUN
ajfa-5505	481	4	may	may	AUX
ajfa-5505	481	5	be	be	AUX
ajfa-5505	481	6	attributed	attribute	VERB
ajfa-5505	481	7	to	to	ADP
ajfa-5505	481	8	the	the	DET
ajfa-5505	481	9	empirical	empirical	ADJ
ajfa-5505	481	10	period	period	NOUN
ajfa-5505	481	11	of	of	ADP
ajfa-5505	481	12	model	model	NOUN
ajfa-5505	481	13	(	(	PUNCT
ajfa-5505	481	14	1	1	NUM
ajfa-5505	481	15	)	)	PUNCT
ajfa-5505	481	16	in	in	ADP
ajfa-5505	481	17	table	table	NOUN
ajfa-5505	481	18	5	5	NUM
ajfa-5505	481	19	only	only	ADV
ajfa-5505	481	20	containing	contain	VERB
ajfa-5505	481	21	2008	2008	NUM
ajfa-5505	481	22	,	,	PUNCT
ajfa-5505	481	23	while	while	SCONJ
ajfa-5505	481	24	the	the	DET
ajfa-5505	481	25	empirical	empirical	ADJ
ajfa-5505	481	26	period	period	NOUN
ajfa-5505	481	27	of	of	ADP
ajfa-5505	481	28	model	model	NOUN
ajfa-5505	481	29	(	(	PUNCT
ajfa-5505	481	30	1	1	NUM
ajfa-5505	481	31	)	)	PUNCT
ajfa-5505	481	32	in	in	ADP
ajfa-5505	481	33	table	table	NOUN
ajfa-5505	481	34	6	6	NUM
ajfa-5505	481	35	covers	cover	VERB
ajfa-5505	481	36	2006	2006	NUM
ajfa-5505	481	37	to	to	ADP
ajfa-5505	481	38	2008	2008	NUM
ajfa-5505	481	39	.	.	PUNCT
ajfa-5505	482	1	the	the	DET
ajfa-5505	482	2	banking	banking	NOUN
ajfa-5505	482	3	industry	industry	NOUN
ajfa-5505	482	4	was	be	AUX
ajfa-5505	482	5	pervasively	pervasively	ADV
ajfa-5505	482	6	affected	affect	VERB
ajfa-5505	482	7	by	by	ADP
ajfa-5505	482	8	the	the	DET
ajfa-5505	482	9	financial	financial	ADJ
ajfa-5505	482	10	crisis	crisis	NOUN
ajfa-5505	482	11	in	in	ADP
ajfa-5505	482	12	2008	2008	NUM
ajfa-5505	482	13	,	,	PUNCT
ajfa-5505	482	14	and	and	CCONJ
ajfa-5505	482	15	the	the	DET
ajfa-5505	482	16	more	more	ADV
ajfa-5505	482	17	conservative	conservative	ADJ
ajfa-5505	482	18	lending	lending	NOUN
ajfa-5505	482	19	policy	policy	NOUN
ajfa-5505	482	20	was	be	AUX
ajfa-5505	482	21	more	more	ADV
ajfa-5505	482	22	focused	focused	ADJ
ajfa-5505	482	23	on	on	ADP
ajfa-5505	482	24	the	the	DET
ajfa-5505	482	25	credit	credit	NOUN
ajfa-5505	482	26	ratings	rating	NOUN
ajfa-5505	482	27	and	and	CCONJ
ajfa-5505	482	28	financial	financial	ADJ
ajfa-5505	482	29	statements	statement	NOUN
ajfa-5505	482	30	while	while	SCONJ
ajfa-5505	482	31	tending	tend	VERB
ajfa-5505	482	32	to	to	PART
ajfa-5505	482	33	ignore	ignore	VERB
ajfa-5505	482	34	the	the	DET
ajfa-5505	482	35	banking	banking	NOUN
ajfa-5505	482	36	relationships	relationship	NOUN
ajfa-5505	482	37	.	.	PUNCT
ajfa-5505	483	1	29	29	NUM
ajfa-5505	483	2	.	.	PUNCT
ajfa-5505	483	3	by	by	ADP
ajfa-5505	483	4	comparing	compare	VERB
ajfa-5505	483	5	the	the	DET
ajfa-5505	483	6	total	total	ADJ
ajfa-5505	483	7	assets	asset	NOUN
ajfa-5505	483	8	of	of	ADP
ajfa-5505	483	9	the	the	DET
ajfa-5505	483	10	sample	sample	NOUN
ajfa-5505	483	11	borrowers	borrower	NOUN
ajfa-5505	483	12	we	we	PRON
ajfa-5505	483	13	found	find	VERB
ajfa-5505	483	14	that	that	SCONJ
ajfa-5505	483	15	the	the	DET
ajfa-5505	483	16	maximum	maximum	NOUN
ajfa-5505	483	17	of	of	ADP
ajfa-5505	483	18	the	the	DET
ajfa-5505	483	19	total	total	ADJ
ajfa-5505	483	20	assets	asset	NOUN
ajfa-5505	483	21	was	be	AUX
ajfa-5505	483	22	212.091	212.091	NUM
ajfa-5505	483	23	billion	billion	NUM
ajfa-5505	483	24	and	and	CCONJ
ajfa-5505	483	25	the	the	DET
ajfa-5505	483	26	minimum	minimum	NOUN
ajfa-5505	483	27	was	be	AUX
ajfa-5505	483	28	0.050	0.050	NUM
ajfa-5505	483	29	billion	billion	NUM
ajfa-5505	483	30	,	,	PUNCT
ajfa-5505	483	31	with	with	ADP
ajfa-5505	483	32	the	the	DET
ajfa-5505	483	33	standard	standard	ADJ
ajfa-5505	483	34	deviation	deviation	NOUN
ajfa-5505	483	35	reaching	reach	VERB
ajfa-5505	483	36	up	up	ADP
ajfa-5505	483	37	to	to	ADP
ajfa-5505	483	38	60.377	60.377	NUM
ajfa-5505	483	39	billion	billion	NUM
ajfa-5505	483	40	.	.	PUNCT
ajfa-5505	484	1	as	as	ADP
ajfa-5505	484	2	to	to	ADP
ajfa-5505	484	3	the	the	DET
ajfa-5505	484	4	credit	credit	NOUN
ajfa-5505	484	5	rating	rating	NOUN
ajfa-5505	484	6	for	for	ADP
ajfa-5505	484	7	tcri	tcri	NOUN
ajfa-5505	484	8	,	,	PUNCT
ajfa-5505	484	9	this	this	PRON
ajfa-5505	484	10	was	be	AUX
ajfa-5505	484	11	found	find	VERB
ajfa-5505	484	12	to	to	PART
ajfa-5505	484	13	display	display	VERB
ajfa-5505	484	14	a	a	DET
ajfa-5505	484	15	standard	standard	ADJ
ajfa-5505	484	16	deviation	deviation	NOUN
ajfa-5505	484	17	of	of	ADP
ajfa-5505	484	18	1.75	1.75	NUM
ajfa-5505	484	19	.	.	PUNCT
ajfa-5505	485	1	30.we	30.we	NUM
ajfa-5505	485	2	used	use	VERB
ajfa-5505	485	3	the	the	DET
ajfa-5505	485	4	original	original	ADJ
ajfa-5505	485	5	method	method	NOUN
ajfa-5505	485	6	to	to	PART
ajfa-5505	485	7	perform	perform	VERB
ajfa-5505	485	8	the	the	DET
ajfa-5505	485	9	robustness	robustness	NOUN
ajfa-5505	485	10	test	test	NOUN
ajfa-5505	485	11	,	,	PUNCT
ajfa-5505	485	12	which	which	PRON
ajfa-5505	485	13	measures	measure	VERB
ajfa-5505	485	14	the	the	DET
ajfa-5505	485	15	level	level	NOUN
ajfa-5505	485	16	of	of	ADP
ajfa-5505	485	17	intimacy	intimacy	NOUN
ajfa-5505	485	18	of	of	ADP
ajfa-5505	485	19	the	the	DET
ajfa-5505	485	20	banking	banking	NOUN
ajfa-5505	485	21	relationships	relationship	NOUN
ajfa-5505	485	22	by	by	ADP
ajfa-5505	485	23	dividing	divide	VERB
ajfa-5505	485	24	the	the	DET
ajfa-5505	485	25	creditor	creditor	NOUN
ajfa-5505	485	26	banks	bank	NOUN
ajfa-5505	485	27	into	into	ADP
ajfa-5505	485	28	the	the	DET
ajfa-5505	485	29	biggest	big	ADJ
ajfa-5505	485	30	,	,	PUNCT
ajfa-5505	485	31	main	main	ADJ
ajfa-5505	485	32	and	and	CCONJ
ajfa-5505	485	33	non	non	ADJ
ajfa-5505	485	34	-	-	ADJ
ajfa-5505	485	35	main	main	ADJ
ajfa-5505	485	36	.	.	PUNCT
ajfa-5505	486	1	for	for	ADP
ajfa-5505	486	2	space	space	NOUN
ajfa-5505	486	3	considerations	consideration	NOUN
ajfa-5505	486	4	and	and	CCONJ
ajfa-5505	486	5	because	because	SCONJ
ajfa-5505	486	6	there	there	PRON
ajfa-5505	486	7	was	be	VERB
ajfa-5505	486	8	nothing	nothing	PRON
ajfa-5505	486	9	special	special	ADJ
ajfa-5505	486	10	in	in	ADP
ajfa-5505	486	11	the	the	DET
ajfa-5505	486	12	empirical	empirical	ADJ
ajfa-5505	486	13	test	test	NOUN
ajfa-5505	486	14	,	,	PUNCT
ajfa-5505	486	15	we	we	PRON
ajfa-5505	486	16	have	have	AUX
ajfa-5505	486	17	omitted	omit	VERB
ajfa-5505	486	18	this	this	DET
ajfa-5505	486	19	discussion	discussion	NOUN
ajfa-5505	486	20	from	from	ADP
ajfa-5505	486	21	the	the	DET
ajfa-5505	486	22	article	article	NOUN
ajfa-5505	486	23	.	.	PUNCT
ajfa-5505	487	1	31	31	NUM
ajfa-5505	487	2	.	.	PUNCT
ajfa-5505	488	1	the	the	DET
ajfa-5505	488	2	empirical	empirical	ADJ
ajfa-5505	488	3	results	result	NOUN
ajfa-5505	488	4	differ	differ	VERB
ajfa-5505	488	5	from	from	ADP
ajfa-5505	488	6	“	"	PUNCT
ajfa-5505	488	7	the	the	DET
ajfa-5505	488	8	advantage	advantage	NOUN
ajfa-5505	488	9	of	of	ADP
ajfa-5505	488	10	small	small	ADJ
ajfa-5505	488	11	banks	bank	NOUN
ajfa-5505	488	12	”	"	PUNCT
ajfa-5505	488	13	presented	present	VERB
ajfa-5505	488	14	by	by	ADP
ajfa-5505	488	15	berger	berger	PROPN
ajfa-5505	488	16	-	-	PUNCT
ajfa-5505	488	17	udell	udell	PROPN
ajfa-5505	488	18	(	(	PUNCT
ajfa-5505	488	19	2002	2002	NUM
ajfa-5505	488	20	)	)	PUNCT
ajfa-5505	488	21	,	,	PUNCT
ajfa-5505	488	22	which	which	PRON
ajfa-5505	488	23	indicated	indicate	VERB
ajfa-5505	488	24	that	that	SCONJ
ajfa-5505	488	25	the	the	DET
ajfa-5505	488	26	agent	agent	NOUN
ajfa-5505	488	27	problem	problem	NOUN
ajfa-5505	488	28	is	be	AUX
ajfa-5505	488	29	not	not	PART
ajfa-5505	488	30	serious	serious	ADJ
ajfa-5505	488	31	since	since	SCONJ
ajfa-5505	488	32	the	the	DET
ajfa-5505	488	33	small	small	ADJ
ajfa-5505	488	34	banks	bank	NOUN
ajfa-5505	488	35	have	have	VERB
ajfa-5505	488	36	simple	simple	ADJ
ajfa-5505	488	37	organizational	organizational	ADJ
ajfa-5505	488	38	structures	structure	NOUN
ajfa-5505	488	39	.	.	PUNCT
ajfa-5505	489	1	references	reference	NOUN
ajfa-5505	489	2	barth	barth	PROPN
ajfa-5505	489	3	,	,	PUNCT
ajfa-5505	489	4	j.	j.	PROPN
ajfa-5505	489	5	r.	r.	PROPN
ajfa-5505	489	6	,	,	PUNCT
ajfa-5505	489	7	caprio	caprio	PROPN
ajfa-5505	489	8	,	,	PUNCT
ajfa-5505	489	9	g.	g.	PROPN
ajfa-5505	489	10	,	,	PUNCT
ajfa-5505	489	11	&	&	CCONJ
ajfa-5505	489	12	levine	levine	PROPN
ajfa-5505	489	13	,	,	PUNCT
ajfa-5505	489	14	r.	r.	PROPN
ajfa-5505	489	15	(	(	PUNCT
ajfa-5505	489	16	2004	2004	NUM
ajfa-5505	489	17	)	)	PUNCT
ajfa-5505	489	18	.	.	PUNCT
ajfa-5505	490	1	bank	bank	NOUN
ajfa-5505	490	2	regulation	regulation	NOUN
ajfa-5505	490	3	and	and	CCONJ
ajfa-5505	490	4	supervision	supervision	NOUN
ajfa-5505	490	5	:	:	PUNCT
ajfa-5505	490	6	what	what	PRON
ajfa-5505	490	7	works	work	VERB
ajfa-5505	490	8	best	well	ADV
ajfa-5505	490	9	?	?	PUNCT
ajfa-5505	491	1	journal	journal	NOUN
ajfa-5505	491	2	of	of	ADP
ajfa-5505	491	3	financial	financial	ADJ
ajfa-5505	491	4	intermediation	intermediation	NOUN
ajfa-5505	491	5	,	,	PUNCT
ajfa-5505	491	6	13	13	NUM
ajfa-5505	491	7	,	,	PUNCT
ajfa-5505	491	8	205	205	NUM
ajfa-5505	491	9	-	-	SYM
ajfa-5505	491	10	248	248	NUM
ajfa-5505	491	11	.	.	PUNCT
ajfa-5505	492	1	http://dx.doi.org/10.1016/j.jfi.2003.06.002	http://dx.doi.org/10.1016/j.jfi.2003.06.002	PROPN
ajfa-5505	492	2	beck	beck	PROPN
ajfa-5505	492	3	,	,	PUNCT
ajfa-5505	492	4	t.	t.	PROPN
ajfa-5505	492	5	,	,	PUNCT
ajfa-5505	492	6	demirguc	demirguc	PROPN
ajfa-5505	492	7	-	-	PUNCT
ajfa-5505	492	8	kunt	kunt	PROPN
ajfa-5505	492	9	,	,	PUNCT
ajfa-5505	492	10	a.	a.	NOUN
ajfa-5505	492	11	,	,	PUNCT
ajfa-5505	492	12	&	&	CCONJ
ajfa-5505	492	13	maksimovic	maksimovic	PROPN
ajfa-5505	492	14	,	,	PUNCT
ajfa-5505	492	15	v.	v.	PROPN
ajfa-5505	492	16	(	(	PUNCT
ajfa-5505	492	17	2004	2004	NUM
ajfa-5505	492	18	)	)	PUNCT
ajfa-5505	492	19	.	.	PUNCT
ajfa-5505	493	1	bank	bank	NOUN
ajfa-5505	493	2	competition	competition	NOUN
ajfa-5505	493	3	and	and	CCONJ
ajfa-5505	493	4	access	access	NOUN
ajfa-5505	493	5	to	to	ADP
ajfa-5505	493	6	finance	finance	NOUN
ajfa-5505	493	7	:	:	PUNCT
ajfa-5505	493	8	international	international	ADJ
ajfa-5505	493	9	evidence	evidence	NOUN
ajfa-5505	493	10	.	.	PUNCT
ajfa-5505	494	1	journal	journal	NOUN
ajfa-5505	494	2	of	of	ADP
ajfa-5505	494	3	money	money	NOUN
ajfa-5505	494	4	,	,	PUNCT
ajfa-5505	494	5	credit	credit	NOUN
ajfa-5505	494	6	,	,	PUNCT
ajfa-5505	494	7	and	and	CCONJ
ajfa-5505	494	8	banking	banking	NOUN
ajfa-5505	494	9	,	,	PUNCT
ajfa-5505	494	10	36	36	NUM
ajfa-5505	494	11	,	,	PUNCT
ajfa-5505	494	12	627	627	NUM
ajfa-5505	494	13	-	-	SYM
ajfa-5505	494	14	648	648	NUM
ajfa-5505	494	15	.	.	PUNCT
ajfa-5505	495	1	http://dx.doi.org/10.1353/mcb.2004.0039	http://dx.doi.org/10.1353/mcb.2004.0039	NOUN
ajfa-5505	495	2	berger	berger	PROPN
ajfa-5505	495	3	,	,	PUNCT
ajfa-5505	495	4	a.	a.	PROPN
ajfa-5505	495	5	n.	n.	PROPN
ajfa-5505	495	6	,	,	PUNCT
ajfa-5505	495	7	&	&	CCONJ
ajfa-5505	495	8	g.	g.	PROPN
ajfa-5505	495	9	f.	f.	PROPN
ajfa-5505	495	10	udell	udell	PROPN
ajfa-5505	495	11	(	(	PUNCT
ajfa-5505	495	12	2002	2002	NUM
ajfa-5505	495	13	)	)	PUNCT
ajfa-5505	495	14	.	.	PUNCT
ajfa-5505	496	1	small	small	ADJ
ajfa-5505	496	2	business	business	NOUN
ajfa-5505	496	3	credit	credit	NOUN
ajfa-5505	496	4	availability	availability	NOUN
ajfa-5505	496	5	and	and	CCONJ
ajfa-5505	496	6	relationship	relationship	NOUN
ajfa-5505	496	7	lending	lending	NOUN
ajfa-5505	496	8	:	:	PUNCT
ajfa-5505	496	9	the	the	DET
ajfa-5505	496	10	importance	importance	NOUN
ajfa-5505	496	11	of	of	ADP
ajfa-5505	496	12	bank	bank	NOUN
ajfa-5505	496	13	organizational	organizational	ADJ
ajfa-5505	496	14	structure	structure	NOUN
ajfa-5505	496	15	.	.	PUNCT
ajfa-5505	497	1	economic	economic	ADJ
ajfa-5505	497	2	journal	journal	NOUN
ajfa-5505	497	3	,	,	PUNCT
ajfa-5505	497	4	112	112	NUM
ajfa-5505	497	5	,	,	PUNCT
ajfa-5505	497	6	32	32	NUM
ajfa-5505	497	7	-	-	SYM
ajfa-5505	497	8	53	53	NUM
ajfa-5505	497	9	.	.	PUNCT
ajfa-5505	498	1	http://dx.doi.org/10.1111/1468-0297.00682	http://dx.doi.org/10.1111/1468-0297.00682	PROPN
ajfa-5505	498	2	berger	berger	PROPN
ajfa-5505	498	3	,	,	PUNCT
ajfa-5505	498	4	a.	a.	PROPN
ajfa-5505	498	5	n.	n.	PROPN
ajfa-5505	498	6	,	,	PUNCT
ajfa-5505	498	7	&	&	CCONJ
ajfa-5505	498	8	udell	udell	PROPN
ajfa-5505	498	9	,	,	PUNCT
ajfa-5505	498	10	g.f	g.f	PROPN
ajfa-5505	498	11	.	.	PROPN
ajfa-5505	498	12	(	(	PUNCT
ajfa-5505	498	13	1995	1995	NUM
ajfa-5505	498	14	)	)	PUNCT
ajfa-5505	498	15	.	.	PUNCT
ajfa-5505	499	1	relationship	relationship	NOUN
ajfa-5505	499	2	lending	lending	NOUN
ajfa-5505	499	3	and	and	CCONJ
ajfa-5505	499	4	lines	line	NOUN
ajfa-5505	499	5	of	of	ADP
ajfa-5505	499	6	credit	credit	NOUN
ajfa-5505	499	7	in	in	ADP
ajfa-5505	499	8	small	small	ADJ
ajfa-5505	499	9	firm	firm	ADJ
ajfa-5505	499	10	finance	finance	NOUN
ajfa-5505	499	11	.	.	PUNCT
ajfa-5505	500	1	journal	journal	PROPN
ajfa-5505	500	2	of	of	ADP
ajfa-5505	500	3	business	business	NOUN
ajfa-5505	500	4	,	,	PUNCT
ajfa-5505	500	5	68	68	NUM
ajfa-5505	500	6	,	,	PUNCT
ajfa-5505	500	7	351–381	351–381	NUM
ajfa-5505	500	8	.	.	PUNCT
ajfa-5505	501	1	http://dx.doi.org/10.1086/296668	http://dx.doi.org/10.1086/296668	PROPN
ajfa-5505	501	2	berger	berger	PROPN
ajfa-5505	501	3	,	,	PUNCT
ajfa-5505	501	4	a.	a.	PROPN
ajfa-5505	501	5	n.	n.	PROPN
ajfa-5505	501	6	,	,	PUNCT
ajfa-5505	501	7	deyoung	deyoung	PROPN
ajfa-5505	501	8	,	,	PUNCT
ajfa-5505	501	9	r.	r.	PROPN
ajfa-5505	501	10	,	,	PUNCT
ajfa-5505	501	11	genay	genay	PROPN
ajfa-5505	501	12	,	,	PUNCT
ajfa-5505	501	13	h.	h.	PROPN
ajfa-5505	501	14	,	,	PUNCT
ajfa-5505	501	15	&	&	CCONJ
ajfa-5505	501	16	udell	udell	PROPN
ajfa-5505	501	17	g.	g.	PROPN
ajfa-5505	501	18	f.	f.	PROPN
ajfa-5505	501	19	(	(	PUNCT
ajfa-5505	501	20	2000	2000	NUM
ajfa-5505	501	21	)	)	PUNCT
ajfa-5505	501	22	.	.	PUNCT
ajfa-5505	502	1	the	the	DET
ajfa-5505	502	2	globalization	globalization	NOUN
ajfa-5505	502	3	of	of	ADP
ajfa-5505	502	4	financial	financial	ADJ
ajfa-5505	502	5	institutions	institution	NOUN
ajfa-5505	502	6	:	:	PUNCT
ajfa-5505	502	7	evidence	evidence	NOUN
ajfa-5505	502	8	from	from	ADP
ajfa-5505	502	9	cross	cross	ADJ
ajfa-5505	502	10	-	-	ADJ
ajfa-5505	502	11	border	border	ADJ
ajfa-5505	502	12	banking	banking	NOUN
ajfa-5505	502	13	performance	performance	NOUN
ajfa-5505	502	14	,	,	PUNCT
ajfa-5505	502	15	brookings	brookings	PROPN
ajfa-5505	502	16	-	-	PUNCT
ajfa-5505	502	17	wharton	wharton	PROPN
ajfa-5505	502	18	pap	pap	PROPN
ajfa-5505	502	19	.	.	PUNCT
ajfa-5505	503	1	asian	asian	ADJ
ajfa-5505	503	2	journal	journal	PROPN
ajfa-5505	503	3	of	of	ADP
ajfa-5505	503	4	finance	finance	PROPN
ajfa-5505	503	5	&	&	CCONJ
ajfa-5505	503	6	accounting	accounting	PROPN
ajfa-5505	503	7	issn	issn	PROPN
ajfa-5505	503	8	1946	1946	NUM
ajfa-5505	503	9	-	-	PUNCT
ajfa-5505	503	10	052x	052x	PROPN
ajfa-5505	503	11	2014	2014	NUM
ajfa-5505	503	12	,	,	PUNCT
ajfa-5505	503	13	vol	vol	NOUN
ajfa-5505	503	14	.	.	PROPN
ajfa-5505	504	1	6	6	NUM
ajfa-5505	504	2	,	,	PUNCT
ajfa-5505	504	3	no	no	INTJ
ajfa-5505	504	4	.	.	NOUN
ajfa-5505	504	5	2	2	NUM
ajfa-5505	504	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	504	7	49	49	NUM
ajfa-5505	504	8	financial	financial	ADJ
ajfa-5505	504	9	services	service	NOUN
ajfa-5505	504	10	,	,	PUNCT
ajfa-5505	504	11	3	3	NUM
ajfa-5505	504	12	,	,	PUNCT
ajfa-5505	504	13	23	23	NUM
ajfa-5505	504	14	-	-	SYM
ajfa-5505	504	15	158	158	NUM
ajfa-5505	504	16	.	.	PUNCT
ajfa-5505	505	1	berger	berger	PROPN
ajfa-5505	505	2	,	,	PUNCT
ajfa-5505	505	3	a.	a.	PROPN
ajfa-5505	505	4	n.	n.	PROPN
ajfa-5505	505	5	,	,	PUNCT
ajfa-5505	505	6	hasan	hasan	PROPN
ajfa-5505	505	7	i.	i.	PROPN
ajfa-5505	505	8	,	,	PUNCT
ajfa-5505	505	9	&	&	CCONJ
ajfa-5505	505	10	klapper	klapper	PROPN
ajfa-5505	505	11	l.	l.	PROPN
ajfa-5505	505	12	f.	f.	PROPN
ajfa-5505	505	13	(	(	PUNCT
ajfa-5505	505	14	2004	2004	NUM
ajfa-5505	505	15	)	)	PUNCT
ajfa-5505	505	16	.	.	PUNCT
ajfa-5505	506	1	further	further	ADJ
ajfa-5505	506	2	evidence	evidence	NOUN
ajfa-5505	506	3	on	on	ADP
ajfa-5505	506	4	the	the	DET
ajfa-5505	506	5	link	link	NOUN
ajfa-5505	506	6	between	between	ADP
ajfa-5505	506	7	finance	finance	NOUN
ajfa-5505	506	8	and	and	CCONJ
ajfa-5505	506	9	growth	growth	NOUN
ajfa-5505	506	10	:	:	PUNCT
ajfa-5505	506	11	an	an	DET
ajfa-5505	506	12	international	international	ADJ
ajfa-5505	506	13	analysis	analysis	NOUN
ajfa-5505	506	14	of	of	ADP
ajfa-5505	506	15	community	community	NOUN
ajfa-5505	506	16	banking	banking	NOUN
ajfa-5505	506	17	and	and	CCONJ
ajfa-5505	506	18	economic	economic	ADJ
ajfa-5505	506	19	performance	performance	NOUN
ajfa-5505	506	20	.	.	PUNCT
ajfa-5505	507	1	journal	journal	NOUN
ajfa-5505	507	2	of	of	ADP
ajfa-5505	507	3	financial	financial	ADJ
ajfa-5505	507	4	services	service	NOUN
ajfa-5505	507	5	research	research	NOUN
ajfa-5505	507	6	,	,	PUNCT
ajfa-5505	507	7	25	25	NUM
ajfa-5505	507	8	,	,	PUNCT
ajfa-5505	507	9	169	169	NUM
ajfa-5505	507	10	-	-	SYM
ajfa-5505	507	11	202	202	NUM
ajfa-5505	507	12	.	.	PUNCT
ajfa-5505	508	1	http://dx.doi.org/10.1023/b:fina.0000020659.33510.b7	http://dx.doi.org/10.1023/b:fina.0000020659.33510.b7	PROPN
ajfa-5505	508	2	berger	berger	PROPN
ajfa-5505	508	3	,	,	PUNCT
ajfa-5505	508	4	a.	a.	PROPN
ajfa-5505	508	5	n.	n.	PROPN
ajfa-5505	508	6	,	,	PUNCT
ajfa-5505	508	7	klapper	klapper	PROPN
ajfa-5505	508	8	,	,	PUNCT
ajfa-5505	508	9	l.	l.	PROPN
ajfa-5505	508	10	f.	f.	PROPN
ajfa-5505	508	11	,	,	PUNCT
ajfa-5505	508	12	peria	peria	PROPN
ajfa-5505	508	13	,	,	PUNCT
ajfa-5505	508	14	m.	m.	NOUN
ajfa-5505	508	15	s.	s.	PROPN
ajfa-5505	508	16	m.	m.	PROPN
ajfa-5505	508	17	,	,	PUNCT
ajfa-5505	508	18	&	&	CCONJ
ajfa-5505	508	19	zaidi	zaidi	PROPN
ajfa-5505	508	20	,	,	PUNCT
ajfa-5505	508	21	r.	r.	PROPN
ajfa-5505	508	22	(	(	PUNCT
ajfa-5505	508	23	2008	2008	NUM
ajfa-5505	508	24	)	)	PUNCT
ajfa-5505	508	25	.	.	PUNCT
ajfa-5505	509	1	bank	bank	NOUN
ajfa-5505	509	2	ownership	ownership	NOUN
ajfa-5505	509	3	type	type	NOUN
ajfa-5505	509	4	and	and	CCONJ
ajfa-5505	509	5	banking	banking	NOUN
ajfa-5505	509	6	.	.	PUNCT
ajfa-5505	510	1	journal	journal	PROPN
ajfa-5505	510	2	of	of	ADP
ajfa-5505	510	3	financial	financial	ADJ
ajfa-5505	510	4	intermediation	intermediation	NOUN
ajfa-5505	510	5	,	,	PUNCT
ajfa-5505	510	6	17(1	17(1	NUM
ajfa-5505	510	7	)	)	PUNCT
ajfa-5505	510	8	,	,	PUNCT
ajfa-5505	510	9	37	37	NUM
ajfa-5505	510	10	-	-	SYM
ajfa-5505	510	11	62	62	NUM
ajfa-5505	510	12	.	.	PUNCT
ajfa-5505	511	1	http://dx.doi.org/10.1016/j.jfi.2006.11.001	http://dx.doi.org/10.1016/j.jfi.2006.11.001	PROPN
ajfa-5505	511	2	berger	berger	PROPN
ajfa-5505	511	3	,	,	PUNCT
ajfa-5505	511	4	a.	a.	PROPN
ajfa-5505	511	5	n.	n.	PROPN
ajfa-5505	511	6	,	,	PUNCT
ajfa-5505	511	7	leora	leora	PROPN
ajfa-5505	511	8	klapper	klapper	PROPN
ajfa-5505	511	9	,	,	PUNCT
ajfa-5505	511	10	&	&	CCONJ
ajfa-5505	511	11	udell	udell	PROPN
ajfa-5505	511	12	,	,	PUNCT
ajfa-5505	511	13	g.	g.	PROPN
ajfa-5505	511	14	f.	f.	PROPN
ajfa-5505	511	15	(	(	PUNCT
ajfa-5505	511	16	2001	2001	NUM
ajfa-5505	511	17	)	)	PUNCT
ajfa-5505	511	18	.	.	PUNCT
ajfa-5505	512	1	the	the	DET
ajfa-5505	512	2	ability	ability	NOUN
ajfa-5505	512	3	of	of	ADP
ajfa-5505	512	4	banks	bank	NOUN
ajfa-5505	512	5	to	to	PART
ajfa-5505	512	6	lend	lend	VERB
ajfa-5505	512	7	to	to	PART
ajfa-5505	512	8	informationally	informationally	ADV
ajfa-5505	512	9	opaque	opaque	VERB
ajfa-5505	512	10	small	small	ADJ
ajfa-5505	512	11	business	business	NOUN
ajfa-5505	512	12	.	.	PUNCT
ajfa-5505	513	1	journal	journal	NOUN
ajfa-5505	513	2	of	of	ADP
ajfa-5505	513	3	banking	banking	NOUN
ajfa-5505	513	4	and	and	CCONJ
ajfa-5505	513	5	finance	finance	NOUN
ajfa-5505	513	6	,	,	PUNCT
ajfa-5505	513	7	25	25	NUM
ajfa-5505	513	8	,	,	PUNCT
ajfa-5505	513	9	2127–2167	2127–2167	NUM
ajfa-5505	513	10	.	.	PUNCT
ajfa-5505	514	1	http://dx.doi.org/10.1016/s0378-4266(01)00189-3	http://dx.doi.org/10.1016/s0378-4266(01)00189-3	PRON
ajfa-5505	514	2	black	black	NOUN
ajfa-5505	514	3	,	,	PUNCT
ajfa-5505	514	4	s.	s.	PROPN
ajfa-5505	514	5	e.	e.	PROPN
ajfa-5505	514	6	,	,	PUNCT
ajfa-5505	514	7	&	&	CCONJ
ajfa-5505	514	8	strahan	strahan	PROPN
ajfa-5505	514	9	,	,	PUNCT
ajfa-5505	514	10	p.	p.	PROPN
ajfa-5505	514	11	e.	e.	PROPN
ajfa-5505	515	1	(	(	PUNCT
ajfa-5505	515	2	2002	2002	NUM
ajfa-5505	515	3	)	)	PUNCT
ajfa-5505	515	4	.	.	PUNCT
ajfa-5505	516	1	entrepreneurship	entrepreneurship	NOUN
ajfa-5505	516	2	and	and	CCONJ
ajfa-5505	516	3	bank	bank	NOUN
ajfa-5505	516	4	credit	credit	NOUN
ajfa-5505	516	5	availability	availability	NOUN
ajfa-5505	516	6	.	.	PUNCT
ajfa-5505	517	1	journal	journal	PROPN
ajfa-5505	517	2	of	of	ADP
ajfa-5505	517	3	finance	finance	NOUN
ajfa-5505	517	4	,	,	PUNCT
ajfa-5505	517	5	57	57	NUM
ajfa-5505	517	6	,	,	PUNCT
ajfa-5505	517	7	2807	2807	NUM
ajfa-5505	517	8	-	-	SYM
ajfa-5505	517	9	2833	2833	NUM
ajfa-5505	517	10	.	.	PUNCT
ajfa-5505	518	1	http://dx.doi.org/10.1111/1540-6261.00513	http://dx.doi.org/10.1111/1540-6261.00513	PROPN
ajfa-5505	518	2	bonin	bonin	PROPN
ajfa-5505	518	3	,	,	PUNCT
ajfa-5505	518	4	j.	j.	PROPN
ajfa-5505	518	5	p.	p.	PROPN
ajfa-5505	518	6	,	,	PUNCT
ajfa-5505	518	7	hasan	hasan	PROPN
ajfa-5505	518	8	i.	i.	PROPN
ajfa-5505	518	9	,	,	PUNCT
ajfa-5505	518	10	&	&	CCONJ
ajfa-5505	518	11	wachtel	wachtel	PROPN
ajfa-5505	518	12	,	,	PUNCT
ajfa-5505	518	13	p.	p.	NOUN
ajfa-5505	518	14	(	(	PUNCT
ajfa-5505	518	15	2005	2005	NUM
ajfa-5505	518	16	)	)	PUNCT
ajfa-5505	518	17	.	.	PUNCT
ajfa-5505	519	1	bank	bank	NOUN
ajfa-5505	519	2	performance	performance	NOUN
ajfa-5505	519	3	,	,	PUNCT
ajfa-5505	519	4	efficiency	efficiency	NOUN
ajfa-5505	519	5	and	and	CCONJ
ajfa-5505	519	6	ownership	ownership	NOUN
ajfa-5505	519	7	in	in	ADP
ajfa-5505	519	8	transition	transition	NOUN
ajfa-5505	519	9	countries	country	NOUN
ajfa-5505	519	10	.	.	PUNCT
ajfa-5505	520	1	journal	journal	NOUN
ajfa-5505	520	2	of	of	ADP
ajfa-5505	520	3	banking	banking	NOUN
ajfa-5505	520	4	and	and	CCONJ
ajfa-5505	520	5	finance	finance	NOUN
ajfa-5505	520	6	,	,	PUNCT
ajfa-5505	520	7	29	29	NUM
ajfa-5505	520	8	,	,	PUNCT
ajfa-5505	520	9	31	31	NUM
ajfa-5505	520	10	-	-	SYM
ajfa-5505	520	11	53	53	NUM
ajfa-5505	520	12	.	.	PUNCT
ajfa-5505	521	1	http://dx.doi.org/10.1016/j.jbankfin.2004.06.015	http://dx.doi.org/10.1016/j.jbankfin.2004.06.015	PROPN
ajfa-5505	521	2	boot	boot	PROPN
ajfa-5505	521	3	,	,	PUNCT
ajfa-5505	521	4	a.	a.	PROPN
ajfa-5505	521	5	w.	w.	PROPN
ajfa-5505	521	6	&	&	CCONJ
ajfa-5505	521	7	thakor	thakor	PROPN
ajfa-5505	521	8	,	,	PUNCT
ajfa-5505	521	9	a.	a.	PROPN
ajfa-5505	521	10	v.	v.	PROPN
ajfa-5505	521	11	(	(	PUNCT
ajfa-5505	521	12	1994	1994	NUM
ajfa-5505	521	13	)	)	PUNCT
ajfa-5505	521	14	.	.	PUNCT
ajfa-5505	522	1	moral	moral	ADJ
ajfa-5505	522	2	hazard	hazard	NOUN
ajfa-5505	522	3	and	and	CCONJ
ajfa-5505	522	4	secured	secured	ADJ
ajfa-5505	522	5	lending	lending	NOUN
ajfa-5505	522	6	in	in	ADP
ajfa-5505	522	7	an	an	DET
ajfa-5505	522	8	infinitely	infinitely	ADV
ajfa-5505	522	9	repeated	repeat	VERB
ajfa-5505	522	10	credit	credit	NOUN
ajfa-5505	522	11	market	market	NOUN
ajfa-5505	522	12	game	game	NOUN
ajfa-5505	522	13	.	.	PUNCT
ajfa-5505	523	1	international	international	ADJ
ajfa-5505	523	2	economic	economic	PROPN
ajfa-5505	523	3	review	review	NOUN
ajfa-5505	523	4	,	,	PUNCT
ajfa-5505	523	5	35	35	NUM
ajfa-5505	523	6	,	,	PUNCT
ajfa-5505	523	7	899	899	NUM
ajfa-5505	523	8	-	-	SYM
ajfa-5505	523	9	920	920	NUM
ajfa-5505	523	10	.	.	PUNCT
ajfa-5505	524	1	http://dx.doi.org/10.2307/2527003	http://dx.doi.org/10.2307/2527003	NOUN
ajfa-5505	524	2	boot	boot	PROPN
ajfa-5505	524	3	,	,	PUNCT
ajfa-5505	524	4	a.	a.	PROPN
ajfa-5505	524	5	w.	w.	PROPN
ajfa-5505	524	6	,	,	PUNCT
ajfa-5505	524	7	&	&	CCONJ
ajfa-5505	524	8	thakor	thakor	PROPN
ajfa-5505	524	9	,	,	PUNCT
ajfa-5505	524	10	a.v	a.v	PROPN
ajfa-5505	524	11	.	.	PROPN
ajfa-5505	524	12	(	(	PUNCT
ajfa-5505	524	13	2000	2000	NUM
ajfa-5505	524	14	)	)	PUNCT
ajfa-5505	524	15	.	.	PUNCT
ajfa-5505	525	1	can	can	AUX
ajfa-5505	525	2	relationship	relationship	VERB
ajfa-5505	525	3	banking	banking	NOUN
ajfa-5505	525	4	survive	survive	NOUN
ajfa-5505	525	5	competition	competition	NOUN
ajfa-5505	525	6	?	?	PUNCT
ajfa-5505	526	1	journal	journal	NOUN
ajfa-5505	526	2	of	of	ADP
ajfa-5505	526	3	finance	finance	NOUN
ajfa-5505	526	4	,	,	PUNCT
ajfa-5505	526	5	55	55	NUM
ajfa-5505	526	6	,	,	PUNCT
ajfa-5505	526	7	679	679	NUM
ajfa-5505	526	8	-	-	SYM
ajfa-5505	526	9	713	713	NUM
ajfa-5505	526	10	.	.	PUNCT
ajfa-5505	527	1	http://dx.doi.org/10.1111/0022-1082.00223	http://dx.doi.org/10.1111/0022-1082.00223	VERB
ajfa-5505	527	2	broecker	broecker	NOUN
ajfa-5505	527	3	,	,	PUNCT
ajfa-5505	527	4	t.	t.	PROPN
ajfa-5505	527	5	(	(	PUNCT
ajfa-5505	527	6	1990	1990	NUM
ajfa-5505	527	7	)	)	PUNCT
ajfa-5505	527	8	.	.	PUNCT
ajfa-5505	528	1	credit	credit	NOUN
ajfa-5505	528	2	-	-	PUNCT
ajfa-5505	528	3	worthiness	worthiness	NOUN
ajfa-5505	528	4	tests	test	NOUN
ajfa-5505	528	5	and	and	CCONJ
ajfa-5505	528	6	interbank	interbank	NOUN
ajfa-5505	528	7	competition	competition	NOUN
ajfa-5505	528	8	.	.	PUNCT
ajfa-5505	529	1	econometrica	econometrica	PROPN
ajfa-5505	529	2	,	,	PUNCT
ajfa-5505	529	3	58	58	NUM
ajfa-5505	529	4	,	,	PUNCT
ajfa-5505	529	5	429–452	429–452	NUM
ajfa-5505	529	6	.	.	PUNCT
ajfa-5505	530	1	http://dx.doi.org/10.2307/2938210	http://dx.doi.org/10.2307/2938210	PROPN
ajfa-5505	530	2	carter	carter	PROPN
ajfa-5505	530	3	,	,	PUNCT
ajfa-5505	530	4	d.	d.	PROPN
ajfa-5505	530	5	a.	a.	PROPN
ajfa-5505	530	6	,	,	PUNCT
ajfa-5505	530	7	&	&	CCONJ
ajfa-5505	530	8	mcnulty	mcnulty	PROPN
ajfa-5505	530	9	j.	j.	PROPN
ajfa-5505	530	10	e.	e.	PROPN
ajfa-5505	530	11	(	(	PUNCT
ajfa-5505	530	12	2005	2005	NUM
ajfa-5505	530	13	)	)	PUNCT
ajfa-5505	530	14	.	.	PUNCT
ajfa-5505	531	1	deregulation	deregulation	NOUN
ajfa-5505	531	2	,	,	PUNCT
ajfa-5505	531	3	technological	technological	ADJ
ajfa-5505	531	4	change	change	NOUN
ajfa-5505	531	5	,	,	PUNCT
ajfa-5505	531	6	and	and	CCONJ
ajfa-5505	531	7	the	the	DET
ajfa-5505	531	8	business	business	NOUN
ajfa-5505	531	9	-	-	PUNCT
ajfa-5505	531	10	lending	lending	NOUN
ajfa-5505	531	11	performance	performance	NOUN
ajfa-5505	531	12	of	of	ADP
ajfa-5505	531	13	large	large	ADJ
ajfa-5505	531	14	and	and	CCONJ
ajfa-5505	531	15	small	small	ADJ
ajfa-5505	531	16	banks	bank	NOUN
ajfa-5505	531	17	.	.	PUNCT
ajfa-5505	532	1	journal	journal	NOUN
ajfa-5505	532	2	of	of	ADP
ajfa-5505	532	3	banking	banking	NOUN
ajfa-5505	532	4	and	and	CCONJ
ajfa-5505	532	5	finance	finance	NOUN
ajfa-5505	532	6	,	,	PUNCT
ajfa-5505	532	7	29	29	NUM
ajfa-5505	532	8	,	,	PUNCT
ajfa-5505	532	9	1113	1113	NUM
ajfa-5505	532	10	-	-	SYM
ajfa-5505	532	11	1130	1130	NUM
ajfa-5505	532	12	.	.	PUNCT
ajfa-5505	533	1	http://dx.doi.org/10.1016/j.jbankfin.2004.05.033	http://dx.doi.org/10.1016/j.jbankfin.2004.05.033	PRON
ajfa-5505	533	2	cetorelli	cetorelli	PROPN
ajfa-5505	533	3	,	,	PUNCT
ajfa-5505	533	4	n.	n.	NOUN
ajfa-5505	533	5	,	,	PUNCT
ajfa-5505	533	6	&	&	CCONJ
ajfa-5505	533	7	gambera	gambera	NOUN
ajfa-5505	533	8	,	,	PUNCT
ajfa-5505	533	9	m.	m.	NOUN
ajfa-5505	533	10	(	(	PUNCT
ajfa-5505	533	11	2001	2001	NUM
ajfa-5505	533	12	)	)	PUNCT
ajfa-5505	533	13	.	.	PUNCT
ajfa-5505	534	1	banking	banking	NOUN
ajfa-5505	534	2	market	market	NOUN
ajfa-5505	534	3	structure	structure	NOUN
ajfa-5505	534	4	,	,	PUNCT
ajfa-5505	534	5	financial	financial	ADJ
ajfa-5505	534	6	dependence	dependence	NOUN
ajfa-5505	534	7	and	and	CCONJ
ajfa-5505	534	8	growth	growth	NOUN
ajfa-5505	534	9	:	:	PUNCT
ajfa-5505	534	10	international	international	ADJ
ajfa-5505	534	11	evidence	evidence	NOUN
ajfa-5505	534	12	from	from	ADP
ajfa-5505	534	13	industry	industry	NOUN
ajfa-5505	534	14	data	datum	NOUN
ajfa-5505	534	15	.	.	PUNCT
ajfa-5505	535	1	journal	journal	PROPN
ajfa-5505	535	2	of	of	ADP
ajfa-5505	535	3	finance	finance	NOUN
ajfa-5505	535	4	,	,	PUNCT
ajfa-5505	535	5	56	56	NUM
ajfa-5505	535	6	,	,	PUNCT
ajfa-5505	535	7	617	617	NUM
ajfa-5505	535	8	-	-	SYM
ajfa-5505	535	9	648	648	NUM
ajfa-5505	535	10	.	.	PUNCT
ajfa-5505	536	1	http://dx.doi.org/10.1111/0022-1082.00339	http://dx.doi.org/10.1111/0022-1082.00339	PROPN
ajfa-5505	536	2	chaplinsky	chaplinsky	NOUN
ajfa-5505	536	3	,	,	PUNCT
ajfa-5505	536	4	s.	s.	PROPN
ajfa-5505	536	5	,	,	PUNCT
ajfa-5505	536	6	&	&	CCONJ
ajfa-5505	536	7	haushalter	haushalter	PROPN
ajfa-5505	536	8	,	,	PUNCT
ajfa-5505	536	9	d.	d.	PROPN
ajfa-5505	536	10	(	(	PUNCT
ajfa-5505	536	11	2010	2010	NUM
ajfa-5505	536	12	)	)	PUNCT
ajfa-5505	536	13	.	.	PUNCT
ajfa-5505	537	1	vipe	vipe	NOUN
ajfa-5505	537	2	financing	financing	NOUN
ajfa-5505	537	3	:	:	PUNCT
ajfa-5505	537	4	venture	venture	NOUN
ajfa-5505	537	5	(	(	PUNCT
ajfa-5505	537	6	capital	capital	NOUN
ajfa-5505	537	7	)	)	PUNCT
ajfa-5505	537	8	investments	investment	NOUN
ajfa-5505	537	9	in	in	ADP
ajfa-5505	537	10	public	public	ADJ
ajfa-5505	537	11	equity	equity	NOUN
ajfa-5505	537	12	,	,	PUNCT
ajfa-5505	537	13	forthcoming	forthcoming	ADJ
ajfa-5505	537	14	in	in	ADP
ajfa-5505	537	15	the	the	DET
ajfa-5505	537	16	handbook	handbook	NOUN
ajfa-5505	537	17	of	of	ADP
ajfa-5505	537	18	venture	venture	NOUN
ajfa-5505	537	19	capital	capital	NOUN
ajfa-5505	537	20	,	,	PUNCT
ajfa-5505	537	21	oxford	oxford	PROPN
ajfa-5505	537	22	university	university	PROPN
ajfa-5505	537	23	press	press	NOUN
ajfa-5505	537	24	.	.	PUNCT
ajfa-5505	538	1	chen	chen	PROPN
ajfa-5505	538	2	,	,	PUNCT
ajfa-5505	538	3	j.	j.	PROPN
ajfa-5505	538	4	b.	b.	PROPN
ajfa-5505	538	5	,	,	PUNCT
ajfa-5505	538	6	&	&	CCONJ
ajfa-5505	538	7	lai	lai	PROPN
ajfa-5505	538	8	,	,	PUNCT
ajfa-5505	538	9	y.	y.	PROPN
ajfa-5505	538	10	x.	x.	PROPN
ajfa-5505	538	11	(	(	PUNCT
ajfa-5505	538	12	2003	2003	NUM
ajfa-5505	538	13	)	)	PUNCT
ajfa-5505	538	14	.	.	PUNCT
ajfa-5505	539	1	the	the	DET
ajfa-5505	539	2	relationship	relationship	NOUN
ajfa-5505	539	3	between	between	ADP
ajfa-5505	539	4	banks	bank	NOUN
ajfa-5505	539	5	and	and	CCONJ
ajfa-5505	539	6	credit	credit	NOUN
ajfa-5505	539	7	behavior	behavior	NOUN
ajfa-5505	539	8	research	research	NOUN
ajfa-5505	539	9	.	.	PUNCT
ajfa-5505	540	1	academia	academia	PROPN
ajfa-5505	540	2	economic	economic	ADJ
ajfa-5505	540	3	papers	paper	NOUN
ajfa-5505	540	4	,	,	PUNCT
ajfa-5505	540	5	31(3	31(3	NUM
ajfa-5505	540	6	)	)	PUNCT
ajfa-5505	540	7	,	,	PUNCT
ajfa-5505	540	8	497	497	NUM
ajfa-5505	540	9	-	-	SYM
ajfa-5505	540	10	520	520	NUM
ajfa-5505	540	11	.	.	PUNCT
ajfa-5505	541	1	chen	chen	PROPN
ajfa-5505	541	2	,	,	PUNCT
ajfa-5505	541	3	j.	j.	PROPN
ajfa-5505	541	4	b.	b.	PROPN
ajfa-5505	541	5	,	,	PUNCT
ajfa-5505	541	6	&	&	CCONJ
ajfa-5505	541	7	lai	lai	PROPN
ajfa-5505	541	8	,	,	PUNCT
ajfa-5505	541	9	y.	y.	PROPN
ajfa-5505	541	10	x.	x.	PROPN
ajfa-5505	541	11	(	(	PUNCT
ajfa-5505	541	12	2003	2003	NUM
ajfa-5505	541	13	)	)	PUNCT
ajfa-5505	541	14	.	.	PUNCT
ajfa-5505	542	1	the	the	DET
ajfa-5505	542	2	relationship	relationship	NOUN
ajfa-5505	542	3	between	between	ADP
ajfa-5505	542	4	banks	bank	NOUN
ajfa-5505	542	5	and	and	CCONJ
ajfa-5505	542	6	credit	credit	NOUN
ajfa-5505	542	7	behavior	behavior	NOUN
ajfa-5505	542	8	research	research	NOUN
ajfa-5505	542	9	.	.	PUNCT
ajfa-5505	543	1	academia	academia	PROPN
ajfa-5505	543	2	economic	economic	ADJ
ajfa-5505	543	3	papers	paper	NOUN
ajfa-5505	543	4	,	,	PUNCT
ajfa-5505	543	5	31(3	31(3	NUM
ajfa-5505	543	6	)	)	PUNCT
ajfa-5505	543	7	,	,	PUNCT
ajfa-5505	543	8	497	497	NUM
ajfa-5505	543	9	-	-	SYM
ajfa-5505	543	10	520	520	NUM
ajfa-5505	543	11	.	.	PUNCT
ajfa-5505	544	1	claessens	claessen	NOUN
ajfa-5505	544	2	,	,	PUNCT
ajfa-5505	544	3	a.	a.	NOUN
ajfa-5505	544	4	,	,	PUNCT
ajfa-5505	544	5	demirguc	demirguc	PROPN
ajfa-5505	544	6	-	-	PUNCT
ajfa-5505	544	7	kunt	kunt	PROPN
ajfa-5505	544	8	,	,	PUNCT
ajfa-5505	544	9	&	&	CCONJ
ajfa-5505	544	10	huizinga	huizinga	NOUN
ajfa-5505	544	11	,	,	PUNCT
ajfa-5505	544	12	h.	h.	PROPN
ajfa-5505	544	13	(	(	PUNCT
ajfa-5505	544	14	2001	2001	NUM
ajfa-5505	544	15	)	)	PUNCT
ajfa-5505	544	16	.	.	PUNCT
ajfa-5505	545	1	how	how	SCONJ
ajfa-5505	545	2	does	do	AUX
ajfa-5505	545	3	foreign	foreign	ADJ
ajfa-5505	545	4	entry	entry	NOUN
ajfa-5505	545	5	affect	affect	VERB
ajfa-5505	545	6	asian	asian	ADJ
ajfa-5505	545	7	journal	journal	NOUN
ajfa-5505	545	8	of	of	ADP
ajfa-5505	545	9	finance	finance	PROPN
ajfa-5505	545	10	&	&	CCONJ
ajfa-5505	545	11	accounting	accounting	PROPN
ajfa-5505	545	12	issn	issn	PROPN
ajfa-5505	545	13	1946	1946	NUM
ajfa-5505	545	14	-	-	PUNCT
ajfa-5505	545	15	052x	052x	PROPN
ajfa-5505	545	16	2014	2014	NUM
ajfa-5505	545	17	,	,	PUNCT
ajfa-5505	545	18	vol	vol	NOUN
ajfa-5505	545	19	.	.	PROPN
ajfa-5505	545	20	6	6	NUM
ajfa-5505	545	21	,	,	PUNCT
ajfa-5505	545	22	no	no	INTJ
ajfa-5505	545	23	.	.	NOUN
ajfa-5505	545	24	2	2	NUM
ajfa-5505	545	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	545	26	50	50	NUM
ajfa-5505	545	27	domestic	domestic	ADJ
ajfa-5505	545	28	banking	banking	NOUN
ajfa-5505	545	29	markets	market	NOUN
ajfa-5505	545	30	?	?	PUNCT
ajfa-5505	546	1	journal	journal	NOUN
ajfa-5505	546	2	of	of	ADP
ajfa-5505	546	3	banking	banking	NOUN
ajfa-5505	546	4	and	and	CCONJ
ajfa-5505	546	5	finance	finance	NOUN
ajfa-5505	546	6	,	,	PUNCT
ajfa-5505	546	7	25	25	NUM
ajfa-5505	546	8	,	,	PUNCT
ajfa-5505	546	9	891	891	NUM
ajfa-5505	546	10	-	-	SYM
ajfa-5505	546	11	911	911	NUM
ajfa-5505	546	12	.	.	PUNCT
ajfa-5505	547	1	http://dx.doi.org/10.1016/s0378-4266(00)00102-3	http://dx.doi.org/10.1016/s0378-4266(00)00102-3	NOUN
ajfa-5505	547	2	claessens	claessen	NOUN
ajfa-5505	547	3	,	,	PUNCT
ajfa-5505	547	4	s.	s.	PROPN
ajfa-5505	547	5	,	,	PUNCT
ajfa-5505	547	6	&	&	CCONJ
ajfa-5505	547	7	laeven	laeven	ADJ
ajfa-5505	547	8	,	,	PUNCT
ajfa-5505	547	9	l.	l.	PROPN
ajfa-5505	547	10	(	(	PUNCT
ajfa-5505	547	11	2004	2004	NUM
ajfa-5505	547	12	)	)	PUNCT
ajfa-5505	547	13	.	.	PUNCT
ajfa-5505	548	1	what	what	PRON
ajfa-5505	548	2	drives	drive	VERB
ajfa-5505	548	3	bank	bank	NOUN
ajfa-5505	548	4	competition	competition	NOUN
ajfa-5505	548	5	?	?	PUNCT
ajfa-5505	549	1	some	some	DET
ajfa-5505	549	2	international	international	ADJ
ajfa-5505	549	3	evidence	evidence	NOUN
ajfa-5505	549	4	.	.	PUNCT
ajfa-5505	550	1	journal	journal	NOUN
ajfa-5505	550	2	of	of	ADP
ajfa-5505	550	3	money	money	NOUN
ajfa-5505	550	4	,	,	PUNCT
ajfa-5505	550	5	credit	credit	NOUN
ajfa-5505	550	6	and	and	CCONJ
ajfa-5505	550	7	banking	banking	NOUN
ajfa-5505	550	8	,	,	PUNCT
ajfa-5505	550	9	36	36	NUM
ajfa-5505	550	10	,	,	PUNCT
ajfa-5505	550	11	563	563	NUM
ajfa-5505	550	12	-	-	SYM
ajfa-5505	550	13	583	583	NUM
ajfa-5505	550	14	.	.	PUNCT
ajfa-5505	551	1	http://dx.doi.org/10.1353/mcb.2004.0044	http://dx.doi.org/10.1353/mcb.2004.0044	PROPN
ajfa-5505	551	2	cole	cole	PROPN
ajfa-5505	551	3	,	,	PUNCT
ajfa-5505	551	4	r.	r.	PROPN
ajfa-5505	551	5	a.	a.	PROPN
ajfa-5505	551	6	(	(	PUNCT
ajfa-5505	551	7	2004	2004	NUM
ajfa-5505	551	8	)	)	PUNCT
ajfa-5505	551	9	.	.	PUNCT
ajfa-5505	552	1	the	the	DET
ajfa-5505	552	2	effect	effect	NOUN
ajfa-5505	552	3	of	of	ADP
ajfa-5505	552	4	ownership	ownership	NOUN
ajfa-5505	552	5	on	on	ADP
ajfa-5505	552	6	banking	banking	NOUN
ajfa-5505	552	7	.	.	PUNCT
ajfa-5505	553	1	mimeo	mimeo	NOUN
ajfa-5505	553	2	,	,	PUNCT
ajfa-5505	553	3	mit	mit	PROPN
ajfa-5505	553	4	.	.	PUNCT
ajfa-5505	553	5	cole	cole	PROPN
ajfa-5505	553	6	,	,	PUNCT
ajfa-5505	553	7	r.	r.	PROPN
ajfa-5505	553	8	a.	a.	PROPN
ajfa-5505	553	9	,	,	PUNCT
ajfa-5505	553	10	goldberg	goldberg	PROPN
ajfa-5505	553	11	,	,	PUNCT
ajfa-5505	553	12	l.	l.	PROPN
ajfa-5505	553	13	g.	g.	PROPN
ajfa-5505	553	14	,	,	PUNCT
ajfa-5505	553	15	&	&	CCONJ
ajfa-5505	553	16	white	white	PROPN
ajfa-5505	553	17	,	,	PUNCT
ajfa-5505	553	18	l.	l.	PROPN
ajfa-5505	553	19	j.	j.	PROPN
ajfa-5505	553	20	(	(	PUNCT
ajfa-5505	553	21	2004	2004	NUM
ajfa-5505	553	22	)	)	PUNCT
ajfa-5505	553	23	.	.	PUNCT
ajfa-5505	554	1	cookie	cookie	NOUN
ajfa-5505	554	2	-	-	PUNCT
ajfa-5505	554	3	cutter	cutter	NOUN
ajfa-5505	554	4	versus	versus	ADP
ajfa-5505	554	5	character	character	NOUN
ajfa-5505	554	6	:	:	PUNCT
ajfa-5505	554	7	the	the	DET
ajfa-5505	554	8	micro	micro	ADJ
ajfa-5505	554	9	structure	structure	NOUN
ajfa-5505	554	10	of	of	ADP
ajfa-5505	554	11	small	small	ADJ
ajfa-5505	554	12	business	business	NOUN
ajfa-5505	554	13	lending	lending	NOUN
ajfa-5505	554	14	by	by	ADP
ajfa-5505	554	15	large	large	ADJ
ajfa-5505	554	16	and	and	CCONJ
ajfa-5505	554	17	small	small	ADJ
ajfa-5505	554	18	banks	bank	NOUN
ajfa-5505	554	19	.	.	PUNCT
ajfa-5505	555	1	journal	journal	PROPN
ajfa-5505	555	2	of	of	ADP
ajfa-5505	555	3	financial	financial	ADJ
ajfa-5505	555	4	and	and	CCONJ
ajfa-5505	555	5	quantitative	quantitative	ADJ
ajfa-5505	555	6	analysis	analysis	NOUN
ajfa-5505	555	7	,	,	PUNCT
ajfa-5505	555	8	39(2	39(2	NUM
ajfa-5505	555	9	)	)	PUNCT
ajfa-5505	555	10	,	,	PUNCT
ajfa-5505	555	11	227	227	NUM
ajfa-5505	555	12	-	-	SYM
ajfa-5505	555	13	251	251	NUM
ajfa-5505	555	14	.	.	PUNCT
ajfa-5505	556	1	http://dx.doi.org/10.1017/s0022109000003057	http://dx.doi.org/10.1017/s0022109000003057	PROPN
ajfa-5505	556	2	coleman	coleman	PROPN
ajfa-5505	556	3	,	,	PUNCT
ajfa-5505	556	4	a.	a.	PROPN
ajfa-5505	556	5	d.	d.	PROPN
ajfa-5505	556	6	f.	f.	PROPN
ajfa-5505	556	7	,	,	PUNCT
ajfa-5505	556	8	esho	esho	PROPN
ajfa-5505	556	9	n.	n.	PROPN
ajfa-5505	556	10	,	,	PUNCT
ajfa-5505	556	11	&	&	CCONJ
ajfa-5505	556	12	sharpe	sharpe	PROPN
ajfa-5505	556	13	i.g	i.g	PROPN
ajfa-5505	556	14	.	.	PROPN
ajfa-5505	557	1	(	(	PUNCT
ajfa-5505	557	2	2002	2002	NUM
ajfa-5505	557	3	)	)	PUNCT
ajfa-5505	557	4	.	.	PUNCT
ajfa-5505	558	1	do	do	VERB
ajfa-5505	558	2	bank	bank	NOUN
ajfa-5505	558	3	characteristics	characteristics	PROPN
ajfa-5505	558	4	influence	influence	NOUN
ajfa-5505	558	5	loan	loan	NOUN
ajfa-5505	558	6	contract	contract	NOUN
ajfa-5505	558	7	terms	term	NOUN
ajfa-5505	558	8	?	?	PUNCT
ajfa-5505	559	1	working	work	VERB
ajfa-5505	559	2	paper	paper	NOUN
ajfa-5505	559	3	.	.	PUNCT
ajfa-5505	560	1	de	de	X
ajfa-5505	560	2	la	la	PROPN
ajfa-5505	560	3	torre	torre	PROPN
ajfa-5505	560	4	,	,	PUNCT
ajfa-5505	560	5	a.	a.	PROPN
ajfa-5505	560	6	,	,	PUNCT
ajfa-5505	560	7	martínez	martínez	PROPN
ajfa-5505	560	8	pería	pería	NOUN
ajfa-5505	560	9	,	,	PUNCT
ajfa-5505	560	10	m.	m.	NOUN
ajfa-5505	560	11	,	,	PUNCT
ajfa-5505	560	12	&	&	CCONJ
ajfa-5505	560	13	schmukler	schmukler	PROPN
ajfa-5505	560	14	,	,	PUNCT
ajfa-5505	560	15	s.	s.	PROPN
ajfa-5505	560	16	(	(	PUNCT
ajfa-5505	560	17	2008	2008	NUM
ajfa-5505	560	18	)	)	PUNCT
ajfa-5505	560	19	.	.	PUNCT
ajfa-5505	561	1	bank	bank	NOUN
ajfa-5505	561	2	involvement	involvement	NOUN
ajfa-5505	561	3	with	with	ADP
ajfa-5505	561	4	smes	sme	NOUN
ajfa-5505	561	5	:	:	PUNCT
ajfa-5505	561	6	beyond	beyond	ADP
ajfa-5505	561	7	relationship	relationship	NOUN
ajfa-5505	561	8	lending	lending	NOUN
ajfa-5505	561	9	,	,	PUNCT
ajfa-5505	561	10	world	world	NOUN
ajfa-5505	561	11	bank	bank	NOUN
ajfa-5505	561	12	policy	policy	NOUN
ajfa-5505	561	13	research	research	NOUN
ajfa-5505	561	14	working	working	NOUN
ajfa-5505	561	15	paper	paper	NOUN
ajfa-5505	561	16	4649	4649	NUM
ajfa-5505	561	17	.	.	PUNCT
ajfa-5505	562	1	degryse	degryse	PROPN
ajfa-5505	562	2	,	,	PUNCT
ajfa-5505	562	3	h.	h.	PROPN
ajfa-5505	562	4	,	,	PUNCT
ajfa-5505	562	5	&	&	CCONJ
ajfa-5505	562	6	cayseele	cayseele	PROPN
ajfa-5505	562	7	,	,	PUNCT
ajfa-5505	562	8	p.	p.	NOUN
ajfa-5505	562	9	v.	v.	PROPN
ajfa-5505	562	10	(	(	PUNCT
ajfa-5505	562	11	2000	2000	NUM
ajfa-5505	562	12	)	)	PUNCT
ajfa-5505	562	13	.	.	PUNCT
ajfa-5505	563	1	relationship	relationship	NOUN
ajfa-5505	563	2	lending	lending	NOUN
ajfa-5505	563	3	within	within	ADP
ajfa-5505	563	4	a	a	DET
ajfa-5505	563	5	bank	bank	NOUN
ajfa-5505	563	6	-	-	PUNCT
ajfa-5505	563	7	based	base	VERB
ajfa-5505	563	8	system	system	NOUN
ajfa-5505	563	9	:	:	PUNCT
ajfa-5505	563	10	evidence	evidence	NOUN
ajfa-5505	563	11	from	from	ADP
ajfa-5505	563	12	european	european	ADJ
ajfa-5505	563	13	small	small	ADJ
ajfa-5505	563	14	business	business	NOUN
ajfa-5505	563	15	data	datum	NOUN
ajfa-5505	563	16	.	.	PUNCT
ajfa-5505	564	1	journal	journal	PROPN
ajfa-5505	564	2	of	of	ADP
ajfa-5505	564	3	financial	financial	ADJ
ajfa-5505	564	4	intermediation	intermediation	NOUN
ajfa-5505	564	5	,	,	PUNCT
ajfa-5505	564	6	9	9	NUM
ajfa-5505	564	7	,	,	PUNCT
ajfa-5505	564	8	90–109	90–109	NUM
ajfa-5505	564	9	.	.	PUNCT
ajfa-5505	565	1	http://dx.doi.org/10.1006/jfin.1999.0278	http://dx.doi.org/10.1006/jfin.1999.0278	PROPN
ajfa-5505	565	2	detragiache	detragiache	PROPN
ajfa-5505	565	3	,	,	PUNCT
ajfa-5505	565	4	e.	e.	PROPN
ajfa-5505	565	5	,	,	PUNCT
ajfa-5505	565	6	tressel	tressel	PROPN
ajfa-5505	565	7	,	,	PUNCT
ajfa-5505	565	8	t.	t.	PROPN
ajfa-5505	565	9	,	,	PUNCT
ajfa-5505	565	10	&	&	CCONJ
ajfa-5505	565	11	p.	p.	PROPN
ajfa-5505	565	12	gupta	gupta	PROPN
ajfa-5505	565	13	.	.	PUNCT
ajfa-5505	566	1	(	(	PUNCT
ajfa-5505	566	2	2006	2006	NUM
ajfa-5505	566	3	)	)	PUNCT
ajfa-5505	566	4	.	.	PUNCT
ajfa-5505	567	1	foreign	foreign	ADJ
ajfa-5505	567	2	banks	bank	NOUN
ajfa-5505	567	3	in	in	ADP
ajfa-5505	567	4	poor	poor	ADJ
ajfa-5505	567	5	countries	country	NOUN
ajfa-5505	567	6	:	:	PUNCT
ajfa-5505	567	7	theory	theory	NOUN
ajfa-5505	567	8	and	and	CCONJ
ajfa-5505	567	9	evidence	evidence	NOUN
ajfa-5505	567	10	,	,	PUNCT
ajfa-5505	567	11	working	work	VERB
ajfa-5505	567	12	paper	paper	NOUN
ajfa-5505	567	13	06/18	06/18	NOUN
ajfa-5505	567	14	,	,	PUNCT
ajfa-5505	567	15	international	international	ADJ
ajfa-5505	567	16	monetary	monetary	ADJ
ajfa-5505	567	17	fund	fund	PROPN
ajfa-5505	567	18	,	,	PUNCT
ajfa-5505	567	19	washington	washington	PROPN
ajfa-5505	567	20	,	,	PUNCT
ajfa-5505	567	21	dc	dc	PROPN
ajfa-5505	567	22	.	.	PUNCT
ajfa-5505	567	23	deyoung	deyoung	PROPN
ajfa-5505	567	24	,	,	PUNCT
ajfa-5505	567	25	r.	r.	PROPN
ajfa-5505	567	26	,	,	PUNCT
ajfa-5505	567	27	&	&	CCONJ
ajfa-5505	567	28	nolle	nolle	PROPN
ajfa-5505	567	29	,	,	PUNCT
ajfa-5505	567	30	d.	d.	PROPN
ajfa-5505	567	31	e.	e.	PROPN
ajfa-5505	567	32	(	(	PUNCT
ajfa-5505	567	33	1996	1996	NUM
ajfa-5505	567	34	)	)	PUNCT
ajfa-5505	567	35	.	.	PUNCT
ajfa-5505	568	1	foreign	foreign	ADJ
ajfa-5505	568	2	-	-	PUNCT
ajfa-5505	568	3	owned	own	VERB
ajfa-5505	568	4	banks	bank	NOUN
ajfa-5505	568	5	in	in	ADP
ajfa-5505	568	6	the	the	DET
ajfa-5505	568	7	us	us	PROPN
ajfa-5505	568	8	:	:	PUNCT
ajfa-5505	568	9	earning	earn	VERB
ajfa-5505	568	10	market	market	NOUN
ajfa-5505	568	11	share	share	NOUN
ajfa-5505	568	12	or	or	CCONJ
ajfa-5505	568	13	buying	buy	VERB
ajfa-5505	568	14	it	it	PRON
ajfa-5505	568	15	?	?	PUNCT
ajfa-5505	569	1	journal	journal	NOUN
ajfa-5505	569	2	of	of	ADP
ajfa-5505	569	3	money	money	NOUN
ajfa-5505	569	4	,	,	PUNCT
ajfa-5505	569	5	credit	credit	NOUN
ajfa-5505	569	6	and	and	CCONJ
ajfa-5505	569	7	banking	banking	NOUN
ajfa-5505	569	8	,	,	PUNCT
ajfa-5505	569	9	28	28	NUM
ajfa-5505	569	10	,	,	PUNCT
ajfa-5505	569	11	622	622	NUM
ajfa-5505	569	12	-	-	SYM
ajfa-5505	569	13	636	636	NUM
ajfa-5505	569	14	.	.	PUNCT
ajfa-5505	570	1	http://dx.doi.org/10.2307/2078074	http://dx.doi.org/10.2307/2078074	PROPN
ajfa-5505	570	2	djankov	djankov	PROPN
ajfa-5505	570	3	,	,	PUNCT
ajfa-5505	570	4	s.	s.	PROPN
ajfa-5505	570	5	,	,	PUNCT
ajfa-5505	570	6	jindra	jindra	PROPN
ajfa-5505	570	7	,	,	PUNCT
ajfa-5505	570	8	j.	j.	PROPN
ajfa-5505	570	9	,	,	PUNCT
ajfa-5505	570	10	&	&	CCONJ
ajfa-5505	570	11	klapper	klapper	PROPN
ajfa-5505	570	12	,	,	PUNCT
ajfa-5505	570	13	l.	l.	PROPN
ajfa-5505	570	14	(	(	PUNCT
ajfa-5505	570	15	2005	2005	NUM
ajfa-5505	570	16	)	)	PUNCT
ajfa-5505	570	17	.	.	PUNCT
ajfa-5505	571	1	corporate	corporate	ADJ
ajfa-5505	571	2	valuation	valuation	NOUN
ajfa-5505	571	3	and	and	CCONJ
ajfa-5505	571	4	the	the	DET
ajfa-5505	571	5	resolution	resolution	NOUN
ajfa-5505	571	6	of	of	ADP
ajfa-5505	571	7	bank	bank	NOUN
ajfa-5505	571	8	insolvency	insolvency	NOUN
ajfa-5505	571	9	in	in	ADP
ajfa-5505	571	10	east	east	PROPN
ajfa-5505	571	11	asia	asia	PROPN
ajfa-5505	571	12	.	.	PUNCT
ajfa-5505	572	1	journal	journal	PROPN
ajfa-5505	572	2	of	of	ADP
ajfa-5505	572	3	banking	banking	NOUN
ajfa-5505	572	4	and	and	CCONJ
ajfa-5505	572	5	finance	finance	NOUN
ajfa-5505	572	6	,	,	PUNCT
ajfa-5505	572	7	29	29	NUM
ajfa-5505	572	8	,	,	PUNCT
ajfa-5505	572	9	2095	2095	NUM
ajfa-5505	572	10	-	-	SYM
ajfa-5505	572	11	2118	2118	NUM
ajfa-5505	572	12	.	.	PUNCT
ajfa-5505	573	1	http://dx.doi.org/10.1016/j.jbankfin.2005.03.010	http://dx.doi.org/10.1016/j.jbankfin.2005.03.010	PROPN
ajfa-5505	573	2	elsas	elsas	PROPN
ajfa-5505	573	3	,	,	PUNCT
ajfa-5505	573	4	r.	r.	PROPN
ajfa-5505	573	5	,	,	PUNCT
ajfa-5505	573	6	&	&	CCONJ
ajfa-5505	573	7	krahnen	krahnen	PROPN
ajfa-5505	573	8	,	,	PUNCT
ajfa-5505	573	9	j.	j.	PROPN
ajfa-5505	573	10	p.	p.	PROPN
ajfa-5505	573	11	(	(	PUNCT
ajfa-5505	573	12	1998	1998	NUM
ajfa-5505	573	13	)	)	PUNCT
ajfa-5505	573	14	.	.	PUNCT
ajfa-5505	573	15	is	be	AUX
ajfa-5505	573	16	relationship	relationship	NOUN
ajfa-5505	573	17	lending	lending	NOUN
ajfa-5505	573	18	special	special	ADJ
ajfa-5505	573	19	?	?	PUNCT
ajfa-5505	574	1	evidence	evidence	NOUN
ajfa-5505	574	2	from	from	ADP
ajfa-5505	574	3	credit	credit	NOUN
ajfa-5505	574	4	-	-	PUNCT
ajfa-5505	574	5	file	file	NOUN
ajfa-5505	574	6	data	datum	NOUN
ajfa-5505	574	7	in	in	ADP
ajfa-5505	574	8	germany	germany	PROPN
ajfa-5505	574	9	.	.	PUNCT
ajfa-5505	575	1	journal	journal	PROPN
ajfa-5505	575	2	of	of	ADP
ajfa-5505	575	3	banking	banking	NOUN
ajfa-5505	575	4	and	and	CCONJ
ajfa-5505	575	5	finance	finance	NOUN
ajfa-5505	575	6	,	,	PUNCT
ajfa-5505	575	7	22	22	NUM
ajfa-5505	575	8	,	,	PUNCT
ajfa-5505	575	9	1283–1316	1283–1316	NUM
ajfa-5505	575	10	http://dx.doi.org/10.1016/s0378-4266(98)00063-6	http://dx.doi.org/10.1016/s0378-4266(98)00063-6	VERB
ajfa-5505	575	11	esty	esty	PROPN
ajfa-5505	575	12	,	,	PUNCT
ajfa-5505	575	13	b.	b.	PROPN
ajfa-5505	575	14	c.	c.	PROPN
ajfa-5505	575	15	(	(	PUNCT
ajfa-5505	575	16	2004	2004	NUM
ajfa-5505	575	17	)	)	PUNCT
ajfa-5505	575	18	.	.	PUNCT
ajfa-5505	576	1	when	when	SCONJ
ajfa-5505	576	2	do	do	AUX
ajfa-5505	576	3	foreign	foreign	ADJ
ajfa-5505	576	4	banks	bank	NOUN
ajfa-5505	576	5	finance	finance	VERB
ajfa-5505	576	6	domestic	domestic	ADJ
ajfa-5505	576	7	projects	project	NOUN
ajfa-5505	576	8	?	?	PUNCT
ajfa-5505	577	1	new	new	ADJ
ajfa-5505	577	2	evidence	evidence	NOUN
ajfa-5505	577	3	on	on	ADP
ajfa-5505	577	4	the	the	DET
ajfa-5505	577	5	importance	importance	NOUN
ajfa-5505	577	6	of	of	ADP
ajfa-5505	577	7	legal	legal	ADJ
ajfa-5505	577	8	and	and	CCONJ
ajfa-5505	577	9	financial	financial	ADJ
ajfa-5505	577	10	systems	system	NOUN
ajfa-5505	577	11	,	,	PUNCT
ajfa-5505	577	12	mimeo	mimeo	NOUN
ajfa-5505	577	13	.	.	PUNCT
ajfa-5505	578	1	harvard	harvard	PROPN
ajfa-5505	578	2	business	business	PROPN
ajfa-5505	578	3	school	school	PROPN
ajfa-5505	578	4	,	,	PUNCT
ajfa-5505	578	5	september	september	PROPN
ajfa-5505	578	6	.	.	PUNCT
ajfa-5505	579	1	francisco	francisco	PROPN
ajfa-5505	579	2	,	,	PUNCT
ajfa-5505	579	3	m.	m.	NOUN
ajfa-5505	579	4	,	,	PUNCT
ajfa-5505	579	5	&	&	CCONJ
ajfa-5505	579	6	kumar	kumar	PROPN
ajfa-5505	579	7	,	,	PUNCT
ajfa-5505	579	8	a.	a.	PROPN
ajfa-5505	579	9	(	(	PUNCT
ajfa-5505	579	10	2004	2004	NUM
ajfa-5505	579	11	)	)	PUNCT
ajfa-5505	579	12	.	.	PUNCT
ajfa-5505	580	1	enterprise	enterprise	NOUN
ajfa-5505	580	2	size	size	NOUN
ajfa-5505	580	3	,	,	PUNCT
ajfa-5505	580	4	financing	financing	NOUN
ajfa-5505	580	5	patterns	pattern	NOUN
ajfa-5505	580	6	and	and	CCONJ
ajfa-5505	580	7	credit	credit	NOUN
ajfa-5505	580	8	constraints	constraint	NOUN
ajfa-5505	580	9	in	in	ADP
ajfa-5505	580	10	brazil	brazil	PROPN
ajfa-5505	580	11	:	:	PUNCT
ajfa-5505	580	12	analysis	analysis	NOUN
ajfa-5505	580	13	of	of	ADP
ajfa-5505	580	14	data	datum	NOUN
ajfa-5505	580	15	from	from	ADP
ajfa-5505	580	16	the	the	DET
ajfa-5505	580	17	investment	investment	NOUN
ajfa-5505	580	18	climate	climate	NOUN
ajfa-5505	580	19	assessment	assessment	NOUN
ajfa-5505	580	20	survey	survey	NOUN
ajfa-5505	580	21	,	,	PUNCT
ajfa-5505	580	22	mimeo	mimeo	NOUN
ajfa-5505	580	23	.	.	PUNCT
ajfa-5505	580	24	,	,	PUNCT
ajfa-5505	580	25	the	the	DET
ajfa-5505	580	26	world	world	PROPN
ajfa-5505	580	27	bank	bank	PROPN
ajfa-5505	580	28	.	.	PUNCT
ajfa-5505	581	1	giannetti	giannetti	PROPN
ajfa-5505	581	2	,	,	PUNCT
ajfa-5505	581	3	m.	m.	NOUN
ajfa-5505	581	4	s.	s.	PROPN
ajfa-5505	581	5	&	&	CCONJ
ajfa-5505	581	6	ongena	ongena	PROPN
ajfa-5505	581	7	s.	s.	PROPN
ajfa-5505	581	8	(	(	PUNCT
ajfa-5505	581	9	2009	2009	NUM
ajfa-5505	581	10	)	)	PUNCT
ajfa-5505	581	11	.	.	PUNCT
ajfa-5505	582	1	financial	financial	ADJ
ajfa-5505	582	2	integration	integration	NOUN
ajfa-5505	582	3	and	and	CCONJ
ajfa-5505	582	4	firm	firm	ADJ
ajfa-5505	582	5	performance	performance	NOUN
ajfa-5505	582	6	:	:	PUNCT
ajfa-5505	582	7	evidence	evidence	NOUN
ajfa-5505	582	8	from	from	ADP
ajfa-5505	582	9	foreign	foreign	ADJ
ajfa-5505	582	10	bank	bank	NOUN
ajfa-5505	582	11	entry	entry	NOUN
ajfa-5505	582	12	in	in	ADP
ajfa-5505	582	13	emerging	emerge	VERB
ajfa-5505	582	14	markets	market	NOUN
ajfa-5505	582	15	.	.	PUNCT
ajfa-5505	583	1	review	review	NOUN
ajfa-5505	583	2	of	of	ADP
ajfa-5505	583	3	finance	finance	NOUN
ajfa-5505	583	4	,	,	PUNCT
ajfa-5505	583	5	13	13	NUM
ajfa-5505	583	6	,	,	PUNCT
ajfa-5505	583	7	181–223	181–223	NUM
ajfa-5505	583	8	.	.	PUNCT
ajfa-5505	584	1	http://dx.doi.org/10.1093/rof/rfm019	http://dx.doi.org/10.1093/rof/rfm019	PROPN
ajfa-5505	584	2	asian	asian	ADJ
ajfa-5505	584	3	journal	journal	NOUN
ajfa-5505	584	4	of	of	ADP
ajfa-5505	584	5	finance	finance	PROPN
ajfa-5505	584	6	&	&	CCONJ
ajfa-5505	584	7	accounting	accounting	PROPN
ajfa-5505	584	8	issn	issn	PROPN
ajfa-5505	584	9	1946	1946	NUM
ajfa-5505	584	10	-	-	PUNCT
ajfa-5505	584	11	052x	052x	PROPN
ajfa-5505	584	12	2014	2014	NUM
ajfa-5505	584	13	,	,	PUNCT
ajfa-5505	584	14	vol	vol	NOUN
ajfa-5505	584	15	.	.	PROPN
ajfa-5505	584	16	6	6	NUM
ajfa-5505	584	17	,	,	PUNCT
ajfa-5505	584	18	no	no	INTJ
ajfa-5505	584	19	.	.	NOUN
ajfa-5505	584	20	2	2	NUM
ajfa-5505	584	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	584	22	51	51	NUM
ajfa-5505	584	23	gorton	gorton	PROPN
ajfa-5505	584	24	,	,	PUNCT
ajfa-5505	584	25	g.	g.	PROPN
ajfa-5505	584	26	,	,	PUNCT
ajfa-5505	584	27	&	&	CCONJ
ajfa-5505	584	28	kahn	kahn	PROPN
ajfa-5505	584	29	,	,	PUNCT
ajfa-5505	584	30	j.	j.	PROPN
ajfa-5505	584	31	(	(	PUNCT
ajfa-5505	584	32	1996	1996	NUM
ajfa-5505	584	33	)	)	PUNCT
ajfa-5505	584	34	.	.	PUNCT
ajfa-5505	585	1	the	the	DET
ajfa-5505	585	2	design	design	NOUN
ajfa-5505	585	3	of	of	ADP
ajfa-5505	585	4	bank	bank	NOUN
ajfa-5505	585	5	loan	loan	NOUN
ajfa-5505	585	6	contracts	contract	NOUN
ajfa-5505	585	7	,	,	PUNCT
ajfa-5505	585	8	collateral	collateral	NOUN
ajfa-5505	585	9	,	,	PUNCT
ajfa-5505	585	10	and	and	CCONJ
ajfa-5505	585	11	renegotiation	renegotiation	NOUN
ajfa-5505	585	12	,	,	PUNCT
ajfa-5505	585	13	working	working	NOUN
ajfa-5505	585	14	paper	paper	NOUN
ajfa-5505	585	15	.	.	PUNCT
ajfa-5505	586	1	greenbaum	greenbaum	PROPN
ajfa-5505	586	2	,	,	PUNCT
ajfa-5505	586	3	s.	s.	PROPN
ajfa-5505	586	4	,	,	PUNCT
ajfa-5505	586	5	kanatas	kanata	NOUN
ajfa-5505	586	6	,	,	PUNCT
ajfa-5505	586	7	g.	g.	PROPN
ajfa-5505	586	8	,	,	PUNCT
ajfa-5505	586	9	&	&	CCONJ
ajfa-5505	586	10	venezia	venezia	PROPN
ajfa-5505	586	11	,	,	PUNCT
ajfa-5505	586	12	i.	i.	PROPN
ajfa-5505	586	13	(	(	PUNCT
ajfa-5505	586	14	1989	1989	NUM
ajfa-5505	586	15	)	)	PUNCT
ajfa-5505	586	16	.	.	PUNCT
ajfa-5505	587	1	equilibrium	equilibrium	NOUN
ajfa-5505	587	2	loan	loan	NOUN
ajfa-5505	587	3	pricing	pricing	NOUN
ajfa-5505	587	4	under	under	ADP
ajfa-5505	587	5	the	the	DET
ajfa-5505	587	6	bank	bank	NOUN
ajfa-5505	587	7	-	-	PUNCT
ajfa-5505	587	8	client	client	NOUN
ajfa-5505	587	9	relationship	relationship	NOUN
ajfa-5505	587	10	.	.	PUNCT
ajfa-5505	588	1	journal	journal	NOUN
ajfa-5505	588	2	of	of	ADP
ajfa-5505	588	3	banking	banking	NOUN
ajfa-5505	588	4	and	and	CCONJ
ajfa-5505	588	5	finance	finance	NOUN
ajfa-5505	588	6	,	,	PUNCT
ajfa-5505	588	7	13	13	NUM
ajfa-5505	588	8	,	,	PUNCT
ajfa-5505	588	9	221	221	NUM
ajfa-5505	588	10	-	-	SYM
ajfa-5505	588	11	235	235	NUM
ajfa-5505	588	12	.	.	PUNCT
ajfa-5505	589	1	http://dx.doi.org/10.1016/0378-4266(89)90061-7	http://dx.doi.org/10.1016/0378-4266(89)90061-7	PROPN
ajfa-5505	589	2	harhoff	harhoff	PROPN
ajfa-5505	589	3	,	,	PUNCT
ajfa-5505	589	4	d.	d.	PROPN
ajfa-5505	589	5	,	,	PUNCT
ajfa-5505	589	6	&	&	CCONJ
ajfa-5505	589	7	korting	korte	VERB
ajfa-5505	589	8	,	,	PUNCT
ajfa-5505	589	9	t.	t.	PROPN
ajfa-5505	589	10	(	(	PUNCT
ajfa-5505	589	11	1998	1998	NUM
ajfa-5505	589	12	)	)	PUNCT
ajfa-5505	589	13	.	.	PUNCT
ajfa-5505	590	1	lending	lend	VERB
ajfa-5505	590	2	relationships	relationship	NOUN
ajfa-5505	590	3	in	in	ADP
ajfa-5505	590	4	germany	germany	PROPN
ajfa-5505	590	5	–	–	PUNCT
ajfa-5505	590	6	empirical	empirical	ADJ
ajfa-5505	590	7	evidence	evidence	NOUN
ajfa-5505	590	8	from	from	ADP
ajfa-5505	590	9	survey	survey	NOUN
ajfa-5505	590	10	data	datum	NOUN
ajfa-5505	590	11	.	.	PUNCT
ajfa-5505	591	1	journal	journal	PROPN
ajfa-5505	591	2	of	of	ADP
ajfa-5505	591	3	banking	banking	NOUN
ajfa-5505	591	4	and	and	CCONJ
ajfa-5505	591	5	finance	finance	NOUN
ajfa-5505	591	6	,	,	PUNCT
ajfa-5505	591	7	22	22	NUM
ajfa-5505	591	8	,	,	PUNCT
ajfa-5505	591	9	1317	1317	NUM
ajfa-5505	591	10	-	-	SYM
ajfa-5505	591	11	1353	1353	NUM
ajfa-5505	591	12	.	.	PUNCT
ajfa-5505	592	1	http://dx.doi.org/10.1016/s0378-4266(98)00061-2	http://dx.doi.org/10.1016/s0378-4266(98)00061-2	PROPN
ajfa-5505	592	2	hubbard	hubbard	PROPN
ajfa-5505	592	3	,	,	PUNCT
ajfa-5505	592	4	r.g	r.g	PROPN
ajfa-5505	592	5	.	.	PROPN
ajfa-5505	592	6	,	,	PUNCT
ajfa-5505	592	7	kuttner	kuttner	NOUN
ajfa-5505	592	8	,	,	PUNCT
ajfa-5505	592	9	k.	k.	PROPN
ajfa-5505	592	10	,	,	PUNCT
ajfa-5505	592	11	&	&	CCONJ
ajfa-5505	592	12	palia	palia	PROPN
ajfa-5505	592	13	,	,	PUNCT
ajfa-5505	592	14	d.	d.	PROPN
ajfa-5505	592	15	(	(	PUNCT
ajfa-5505	592	16	2002	2002	NUM
ajfa-5505	592	17	)	)	PUNCT
ajfa-5505	592	18	.	.	PUNCT
ajfa-5505	592	19	are	be	AUX
ajfa-5505	592	20	there	there	PRON
ajfa-5505	592	21	bank	bank	NOUN
ajfa-5505	592	22	effects	effect	NOUN
ajfa-5505	592	23	in	in	ADP
ajfa-5505	592	24	borrowers	borrower	NOUN
ajfa-5505	592	25	’	'	PUNCT
ajfa-5505	592	26	costs	cost	NOUN
ajfa-5505	592	27	of	of	ADP
ajfa-5505	592	28	funds	fund	NOUN
ajfa-5505	592	29	?	?	PUNCT
ajfa-5505	592	30	:	:	PUNCT
ajfa-5505	592	31	evidence	evidence	NOUN
ajfa-5505	592	32	from	from	ADP
ajfa-5505	592	33	a	a	DET
ajfa-5505	592	34	matched	match	VERB
ajfa-5505	592	35	sample	sample	NOUN
ajfa-5505	592	36	of	of	ADP
ajfa-5505	592	37	borrowers	borrower	NOUN
ajfa-5505	592	38	and	and	CCONJ
ajfa-5505	592	39	banks	bank	NOUN
ajfa-5505	592	40	.	.	PUNCT
ajfa-5505	593	1	journal	journal	PROPN
ajfa-5505	593	2	of	of	ADP
ajfa-5505	593	3	business	business	NOUN
ajfa-5505	593	4	,	,	PUNCT
ajfa-5505	593	5	75	75	NUM
ajfa-5505	593	6	,	,	PUNCT
ajfa-5505	593	7	559	559	NUM
ajfa-5505	593	8	-	-	SYM
ajfa-5505	593	9	581	581	NUM
ajfa-5505	593	10	.	.	PUNCT
ajfa-5505	594	1	http://dx.doi.org/10.1086/341635	http://dx.doi.org/10.1086/341635	PROPN
ajfa-5505	594	2	kuo	kuo	PROPN
ajfa-5505	594	3	,	,	PUNCT
ajfa-5505	594	4	b.	b.	PROPN
ajfa-5505	594	5	y.	y.	PROPN
ajfa-5505	594	6	,	,	PUNCT
ajfa-5505	594	7	&	&	CCONJ
ajfa-5505	594	8	chen	chen	PROPN
ajfa-5505	594	9	j.	j.	PROPN
ajfa-5505	594	10	t.	t.	PROPN
ajfa-5505	594	11	(	(	PUNCT
ajfa-5505	594	12	2012	2012	NUM
ajfa-5505	594	13	)	)	PUNCT
ajfa-5505	594	14	.	.	PUNCT
ajfa-5505	595	1	bank	bank	NOUN
ajfa-5505	595	2	ownership	ownership	NOUN
ajfa-5505	595	3	types	type	NOUN
ajfa-5505	595	4	and	and	CCONJ
ajfa-5505	595	5	multiple	multiple	ADJ
ajfa-5505	595	6	relationships	relationship	NOUN
ajfa-5505	595	7	with	with	ADP
ajfa-5505	595	8	corporate	corporate	ADJ
ajfa-5505	595	9	clients	client	NOUN
ajfa-5505	595	10	.	.	PUNCT
ajfa-5505	596	1	academia	academia	PROPN
ajfa-5505	596	2	economic	economic	ADJ
ajfa-5505	596	3	papers	paper	NOUN
ajfa-5505	596	4	,	,	PUNCT
ajfa-5505	596	5	40(1	40(1	NOUN
ajfa-5505	596	6	)	)	PUNCT
ajfa-5505	596	7	,	,	PUNCT
ajfa-5505	596	8	111	111	NUM
ajfa-5505	596	9	-	-	SYM
ajfa-5505	596	10	161	161	NUM
ajfa-5505	596	11	.	.	PUNCT
ajfa-5505	597	1	la	la	PROPN
ajfa-5505	597	2	porta	porta	PROPN
ajfa-5505	597	3	.	.	PROPN
ajfa-5505	597	4	,	,	PUNCT
ajfa-5505	597	5	&	&	CCONJ
ajfa-5505	597	6	vishny	vishny	PROPN
ajfa-5505	597	7	,	,	PUNCT
ajfa-5505	597	8	r.	r.	PROPN
ajfa-5505	597	9	w.	w.	PROPN
ajfa-5505	597	10	(	(	PUNCT
ajfa-5505	597	11	2002	2002	NUM
ajfa-5505	597	12	)	)	PUNCT
ajfa-5505	597	13	.	.	PUNCT
ajfa-5505	598	1	investor	investor	NOUN
ajfa-5505	598	2	protection	protection	NOUN
ajfa-5505	598	3	and	and	CCONJ
ajfa-5505	598	4	corporate	corporate	ADJ
ajfa-5505	598	5	valuation	valuation	NOUN
ajfa-5505	598	6	.	.	PUNCT
ajfa-5505	599	1	journal	journal	PROPN
ajfa-5505	599	2	of	of	ADP
ajfa-5505	599	3	finance	finance	NOUN
ajfa-5505	599	4	,	,	PUNCT
ajfa-5505	599	5	57(3	57(3	NUM
ajfa-5505	599	6	)	)	PUNCT
ajfa-5505	599	7	,	,	PUNCT
ajfa-5505	599	8	1147	1147	NUM
ajfa-5505	599	9	-	-	SYM
ajfa-5505	599	10	1170	1170	NUM
ajfa-5505	599	11	.	.	PUNCT
ajfa-5505	600	1	machauer	machauer	PROPN
ajfa-5505	600	2	,	,	PUNCT
ajfa-5505	600	3	a.	a.	PROPN
ajfa-5505	600	4	,	,	PUNCT
ajfa-5505	600	5	&	&	CCONJ
ajfa-5505	600	6	weber	weber	PROPN
ajfa-5505	600	7	,	,	PUNCT
ajfa-5505	600	8	m.	m.	NOUN
ajfa-5505	600	9	(	(	PUNCT
ajfa-5505	600	10	2000	2000	NUM
ajfa-5505	600	11	)	)	PUNCT
ajfa-5505	600	12	.	.	PUNCT
ajfa-5505	601	1	number	number	NOUN
ajfa-5505	601	2	of	of	ADP
ajfa-5505	601	3	bank	bank	NOUN
ajfa-5505	601	4	relationships	relationship	NOUN
ajfa-5505	601	5	:	:	PUNCT
ajfa-5505	601	6	an	an	DET
ajfa-5505	601	7	indicator	indicator	NOUN
ajfa-5505	601	8	of	of	ADP
ajfa-5505	601	9	competition	competition	NOUN
ajfa-5505	601	10	,	,	PUNCT
ajfa-5505	601	11	borrower	borrower	NOUN
ajfa-5505	601	12	quality	quality	NOUN
ajfa-5505	601	13	or	or	CCONJ
ajfa-5505	601	14	just	just	ADV
ajfa-5505	601	15	size	size	NOUN
ajfa-5505	601	16	?	?	PUNCT
ajfa-5505	602	1	working	work	VERB
ajfa-5505	602	2	paper	paper	NOUN
ajfa-5505	602	3	.	.	PUNCT
ajfa-5505	603	1	mian	mian	PROPN
ajfa-5505	603	2	,	,	PUNCT
ajfa-5505	603	3	a.	a.	NOUN
ajfa-5505	603	4	(	(	PUNCT
ajfa-5505	603	5	2006	2006	NUM
ajfa-5505	603	6	)	)	PUNCT
ajfa-5505	603	7	.	.	PUNCT
ajfa-5505	604	1	distance	distance	NOUN
ajfa-5505	604	2	constraints	constraint	NOUN
ajfa-5505	604	3	:	:	PUNCT
ajfa-5505	604	4	the	the	DET
ajfa-5505	604	5	limits	limit	NOUN
ajfa-5505	604	6	of	of	ADP
ajfa-5505	604	7	foreign	foreign	ADJ
ajfa-5505	604	8	lending	lending	NOUN
ajfa-5505	604	9	in	in	ADP
ajfa-5505	604	10	poor	poor	ADJ
ajfa-5505	604	11	economies	economy	NOUN
ajfa-5505	604	12	.	.	PUNCT
ajfa-5505	605	1	journal	journal	PROPN
ajfa-5505	605	2	of	of	ADP
ajfa-5505	605	3	finance	finance	NOUN
ajfa-5505	605	4	,	,	PUNCT
ajfa-5505	605	5	61(3	61(3	NUM
ajfa-5505	605	6	)	)	PUNCT
ajfa-5505	605	7	1465	1465	NUM
ajfa-5505	605	8	-	-	SYM
ajfa-5505	605	9	1505	1505	NUM
ajfa-5505	605	10	.	.	PUNCT
ajfa-5505	606	1	http://dx.doi.org/10.1111/j.1540-6261.2006.00878.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00878.x	ADJ
ajfa-5505	606	2	panetta	panetta	PROPN
ajfa-5505	606	3	,	,	PUNCT
ajfa-5505	606	4	f.	f.	PROPN
ajfa-5505	606	5	,	,	PUNCT
ajfa-5505	606	6	schivardi	schivardi	PROPN
ajfa-5505	606	7	,	,	PUNCT
ajfa-5505	606	8	f.	f.	PROPN
ajfa-5505	606	9	,	,	PUNCT
ajfa-5505	606	10	&	&	CCONJ
ajfa-5505	606	11	shum	shum	NOUN
ajfa-5505	606	12	,	,	PUNCT
ajfa-5505	606	13	m.	m.	NOUN
ajfa-5505	606	14	(	(	PUNCT
ajfa-5505	606	15	2009	2009	NUM
ajfa-5505	606	16	)	)	PUNCT
ajfa-5505	606	17	.	.	PUNCT
ajfa-5505	607	1	do	do	AUX
ajfa-5505	607	2	mergers	merger	NOUN
ajfa-5505	607	3	improve	improve	VERB
ajfa-5505	607	4	information	information	NOUN
ajfa-5505	607	5	?	?	PUNCT
ajfa-5505	608	1	-evidence	-evidence	NOUN
ajfa-5505	608	2	from	from	ADP
ajfa-5505	608	3	the	the	DET
ajfa-5505	608	4	loan	loan	NOUN
ajfa-5505	608	5	marke	marke	NOUN
ajfa-5505	608	6	?	?	PUNCT
ajfa-5505	609	1	journal	journal	NOUN
ajfa-5505	609	2	of	of	ADP
ajfa-5505	609	3	money	money	NOUN
ajfa-5505	609	4	,	,	PUNCT
ajfa-5505	609	5	credit	credit	NOUN
ajfa-5505	609	6	and	and	CCONJ
ajfa-5505	609	7	banking	banking	NOUN
ajfa-5505	609	8	,	,	PUNCT
ajfa-5505	609	9	41(4	41(4	NUM
ajfa-5505	609	10	)	)	PUNCT
ajfa-5505	609	11	,	,	PUNCT
ajfa-5505	609	12	673	673	NUM
ajfa-5505	609	13	-	-	SYM
ajfa-5505	609	14	709	709	NUM
ajfa-5505	609	15	.	.	PUNCT
ajfa-5505	610	1	http://dx.doi.org/10.1111/j.1538-4616.2009.00227.x	http://dx.doi.org/10.1111/j.1538-4616.2009.00227.x	PROPN
ajfa-5505	610	2	peria	peria	PROPN
ajfa-5505	610	3	-	-	PUNCT
ajfa-5505	610	4	mody	mody	NOUN
ajfa-5505	610	5	(	(	PUNCT
ajfa-5505	610	6	2004	2004	NUM
ajfa-5505	610	7	)	)	PUNCT
ajfa-5505	610	8	.	.	PUNCT
ajfa-5505	611	1	how	how	SCONJ
ajfa-5505	611	2	foreign	foreign	ADJ
ajfa-5505	611	3	participation	participation	NOUN
ajfa-5505	611	4	and	and	CCONJ
ajfa-5505	611	5	market	market	NOUN
ajfa-5505	611	6	concentration	concentration	NOUN
ajfa-5505	611	7	impact	impact	NOUN
ajfa-5505	611	8	bank	bank	NOUN
ajfa-5505	611	9	spreads	spread	VERB
ajfa-5505	611	10	:	:	PUNCT
ajfa-5505	611	11	evidence	evidence	NOUN
ajfa-5505	611	12	from	from	ADP
ajfa-5505	611	13	latin	latin	PROPN
ajfa-5505	611	14	america	america	PROPN
ajfa-5505	611	15	.	.	PUNCT
ajfa-5505	612	1	journal	journal	PROPN
ajfa-5505	612	2	of	of	ADP
ajfa-5505	612	3	money	money	NOUN
ajfa-5505	612	4	,	,	PUNCT
ajfa-5505	612	5	credit	credit	NOUN
ajfa-5505	612	6	and	and	CCONJ
ajfa-5505	612	7	banking	banking	NOUN
ajfa-5505	612	8	,	,	PUNCT
ajfa-5505	612	9	36	36	NUM
ajfa-5505	612	10	,	,	PUNCT
ajfa-5505	612	11	511–537	511–537	NUM
ajfa-5505	612	12	.	.	PUNCT
ajfa-5505	613	1	http://dx.doi.org/10.1353/mcb.2004.0048	http://dx.doi.org/10.1353/mcb.2004.0048	PROPN
ajfa-5505	613	2	petersen	petersen	PROPN
ajfa-5505	613	3	,	,	PUNCT
ajfa-5505	613	4	m.	m.	NOUN
ajfa-5505	613	5	,	,	PUNCT
ajfa-5505	613	6	&	&	CCONJ
ajfa-5505	613	7	r.	r.	PROPN
ajfa-5505	613	8	rajan	rajan	PROPN
ajfa-5505	613	9	.	.	PUNCT
ajfa-5505	614	1	(	(	PUNCT
ajfa-5505	614	2	1995	1995	NUM
ajfa-5505	614	3	)	)	PUNCT
ajfa-5505	614	4	.	.	PUNCT
ajfa-5505	615	1	the	the	DET
ajfa-5505	615	2	effect	effect	NOUN
ajfa-5505	615	3	of	of	ADP
ajfa-5505	615	4	credit	credit	NOUN
ajfa-5505	615	5	market	market	NOUN
ajfa-5505	615	6	competition	competition	NOUN
ajfa-5505	615	7	on	on	ADP
ajfa-5505	615	8	lending	lending	NOUN
ajfa-5505	615	9	relationships	relationship	NOUN
ajfa-5505	615	10	.	.	PUNCT
ajfa-5505	616	1	quarterly	quarterly	ADJ
ajfa-5505	616	2	journal	journal	NOUN
ajfa-5505	616	3	of	of	ADP
ajfa-5505	616	4	economics	economic	NOUN
ajfa-5505	616	5	,	,	PUNCT
ajfa-5505	616	6	110(2	110(2	NUM
ajfa-5505	616	7	)	)	PUNCT
ajfa-5505	616	8	,	,	PUNCT
ajfa-5505	616	9	407	407	NUM
ajfa-5505	616	10	-	-	SYM
ajfa-5505	616	11	442	442	NUM
ajfa-5505	616	12	.	.	PUNCT
ajfa-5505	617	1	http://dx.doi.org/10.2307/2118445	http://dx.doi.org/10.2307/2118445	PROPN
ajfa-5505	617	2	rajan	rajan	PROPN
ajfa-5505	617	3	,	,	PUNCT
ajfa-5505	617	4	r.	r.	PROPN
ajfa-5505	617	5	(	(	PUNCT
ajfa-5505	617	6	1992	1992	NUM
ajfa-5505	617	7	)	)	PUNCT
ajfa-5505	617	8	.	.	PUNCT
ajfa-5505	618	1	insiders	insider	NOUN
ajfa-5505	618	2	and	and	CCONJ
ajfa-5505	618	3	outsiders	outsider	NOUN
ajfa-5505	618	4	:	:	PUNCT
ajfa-5505	618	5	the	the	DET
ajfa-5505	618	6	choice	choice	NOUN
ajfa-5505	618	7	between	between	ADP
ajfa-5505	618	8	informed	informed	ADJ
ajfa-5505	618	9	and	and	CCONJ
ajfa-5505	618	10	arms	arm	NOUN
ajfa-5505	618	11	length	length	NOUN
ajfa-5505	618	12	debt	debt	NOUN
ajfa-5505	618	13	.	.	PUNCT
ajfa-5505	619	1	journal	journal	PROPN
ajfa-5505	619	2	of	of	ADP
ajfa-5505	619	3	finance	finance	NOUN
ajfa-5505	619	4	,	,	PUNCT
ajfa-5505	619	5	47	47	NUM
ajfa-5505	619	6	,	,	PUNCT
ajfa-5505	619	7	1367	1367	NUM
ajfa-5505	619	8	-	-	SYM
ajfa-5505	619	9	1400	1400	NUM
ajfa-5505	619	10	.	.	PUNCT
ajfa-5505	620	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04662.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04662.x	PROPN
ajfa-5505	620	2	santos	santos	PROPN
ajfa-5505	620	3	,	,	PUNCT
ajfa-5505	620	4	j.	j.	PROPN
ajfa-5505	620	5	,	,	PUNCT
ajfa-5505	620	6	&	&	CCONJ
ajfa-5505	620	7	winton	winton	PROPN
ajfa-5505	620	8	,	,	PUNCT
ajfa-5505	620	9	a.	a.	NOUN
ajfa-5505	620	10	(	(	PUNCT
ajfa-5505	620	11	2008	2008	NUM
ajfa-5505	620	12	)	)	PUNCT
ajfa-5505	620	13	.	.	PUNCT
ajfa-5505	621	1	bank	bank	NOUN
ajfa-5505	621	2	loans	loan	NOUN
ajfa-5505	621	3	,	,	PUNCT
ajfa-5505	621	4	bonds	bond	NOUN
ajfa-5505	621	5	,	,	PUNCT
ajfa-5505	621	6	and	and	CCONJ
ajfa-5505	621	7	information	information	NOUN
ajfa-5505	621	8	monopolies	monopoly	NOUN
ajfa-5505	621	9	across	across	ADP
ajfa-5505	621	10	the	the	DET
ajfa-5505	621	11	business	business	NOUN
ajfa-5505	621	12	cycle	cycle	NOUN
ajfa-5505	621	13	.	.	PUNCT
ajfa-5505	622	1	journal	journal	PROPN
ajfa-5505	622	2	of	of	ADP
ajfa-5505	622	3	finance	finance	NOUN
ajfa-5505	622	4	,	,	PUNCT
ajfa-5505	622	5	63	63	NUM
ajfa-5505	622	6	,	,	PUNCT
ajfa-5505	622	7	1315–1359	1315–1359	NUM
ajfa-5505	622	8	.	.	PUNCT
ajfa-5505	623	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01359.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01359.x	PROPN
ajfa-5505	623	2	sharpe	sharpe	PROPN
ajfa-5505	623	3	,	,	PUNCT
ajfa-5505	623	4	s.	s.	PROPN
ajfa-5505	623	5	a.	a.	PROPN
ajfa-5505	623	6	(	(	PUNCT
ajfa-5505	623	7	1990	1990	NUM
ajfa-5505	623	8	)	)	PUNCT
ajfa-5505	623	9	.	.	PUNCT
ajfa-5505	624	1	asymmetric	asymmetric	ADJ
ajfa-5505	624	2	information	information	NOUN
ajfa-5505	624	3	,	,	PUNCT
ajfa-5505	624	4	bank	bank	NOUN
ajfa-5505	624	5	lending	lending	NOUN
ajfa-5505	624	6	,	,	PUNCT
ajfa-5505	624	7	and	and	CCONJ
ajfa-5505	624	8	implicit	implicit	ADJ
ajfa-5505	624	9	contracts	contract	NOUN
ajfa-5505	624	10	:	:	PUNCT
ajfa-5505	624	11	a	a	DET
ajfa-5505	624	12	stylized	stylize	VERB
ajfa-5505	624	13	model	model	NOUN
ajfa-5505	624	14	of	of	ADP
ajfa-5505	624	15	customer	customer	NOUN
ajfa-5505	624	16	relationships	relationship	NOUN
ajfa-5505	624	17	.	.	PUNCT
ajfa-5505	625	1	journal	journal	PROPN
ajfa-5505	625	2	of	of	ADP
ajfa-5505	625	3	finance	finance	NOUN
ajfa-5505	625	4	,	,	PUNCT
ajfa-5505	625	5	4	4	NUM
ajfa-5505	625	6	,	,	PUNCT
ajfa-5505	625	7	1069–1087	1069–1087	NUM
ajfa-5505	625	8	.	.	PUNCT
ajfa-5505	626	1	asian	asian	ADJ
ajfa-5505	626	2	journal	journal	PROPN
ajfa-5505	626	3	of	of	ADP
ajfa-5505	626	4	finance	finance	PROPN
ajfa-5505	626	5	&	&	CCONJ
ajfa-5505	626	6	accounting	accounting	PROPN
ajfa-5505	626	7	issn	issn	PROPN
ajfa-5505	626	8	1946	1946	NUM
ajfa-5505	626	9	-	-	PUNCT
ajfa-5505	626	10	052x	052x	PROPN
ajfa-5505	626	11	2014	2014	NUM
ajfa-5505	626	12	,	,	PUNCT
ajfa-5505	626	13	vol	vol	NOUN
ajfa-5505	626	14	.	.	PROPN
ajfa-5505	626	15	6	6	NUM
ajfa-5505	626	16	,	,	PUNCT
ajfa-5505	626	17	no	no	INTJ
ajfa-5505	626	18	.	.	NOUN
ajfa-5505	626	19	2	2	NUM
ajfa-5505	626	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5505	626	21	52	52	NUM
ajfa-5505	626	22	stein	stein	PROPN
ajfa-5505	626	23	,	,	PUNCT
ajfa-5505	626	24	j.	j.	PROPN
ajfa-5505	626	25	c.	c.	PROPN
ajfa-5505	626	26	(	(	PUNCT
ajfa-5505	626	27	2002	2002	NUM
ajfa-5505	626	28	)	)	PUNCT
ajfa-5505	626	29	.	.	PUNCT
ajfa-5505	627	1	information	information	NOUN
ajfa-5505	627	2	production	production	NOUN
ajfa-5505	627	3	and	and	CCONJ
ajfa-5505	627	4	capital	capital	NOUN
ajfa-5505	627	5	allocation	allocation	NOUN
ajfa-5505	627	6	:	:	PUNCT
ajfa-5505	627	7	decentralized	decentralize	VERB
ajfa-5505	627	8	vs.	vs.	ADP
ajfa-5505	627	9	hierarchical	hierarchical	ADJ
ajfa-5505	627	10	firms	firm	NOUN
ajfa-5505	627	11	.	.	PUNCT
ajfa-5505	628	1	journal	journal	PROPN
ajfa-5505	628	2	of	of	ADP
ajfa-5505	628	3	finance	finance	NOUN
ajfa-5505	628	4	,	,	PUNCT
ajfa-5505	628	5	57	57	NUM
ajfa-5505	628	6	,	,	PUNCT
ajfa-5505	628	7	1891	1891	NUM
ajfa-5505	628	8	-	-	SYM
ajfa-5505	628	9	1921	1921	NUM
ajfa-5505	628	10	.	.	PUNCT
ajfa-5505	629	1	http://dx.doi.org/10.1111/0022-1082.00483	http://dx.doi.org/10.1111/0022-1082.00483	PROPN
ajfa-5505	629	2	tang	tang	PROPN
ajfa-5505	629	3	,	,	PUNCT
ajfa-5505	629	4	t.	t.	PROPN
ajfa-5505	629	5	t.	t.	PROPN
ajfa-5505	629	6	(	(	PUNCT
ajfa-5505	629	7	2009	2009	NUM
ajfa-5505	629	8	)	)	PUNCT
ajfa-5505	629	9	.	.	PUNCT
ajfa-5505	630	1	information	information	NOUN
ajfa-5505	630	2	asymmetry	asymmetry	NOUN
ajfa-5505	630	3	and	and	CCONJ
ajfa-5505	630	4	firms	firm	NOUN
ajfa-5505	630	5	’	’	PART
ajfa-5505	630	6	credit	credit	NOUN
ajfa-5505	630	7	market	market	NOUN
ajfa-5505	630	8	access	access	NOUN
ajfa-5505	630	9	:	:	PUNCT
ajfa-5505	630	10	evidence	evidence	NOUN
ajfa-5505	630	11	from	from	ADP
ajfa-5505	630	12	moody	moody	PROPN
ajfa-5505	630	13	’s	’s	PART
ajfa-5505	630	14	credit	credit	NOUN
ajfa-5505	630	15	rating	rating	NOUN
ajfa-5505	630	16	format	format	NOUN
ajfa-5505	630	17	refinement	refinement	NOUN
ajfa-5505	630	18	.	.	PUNCT
ajfa-5505	630	19	,	,	PUNCT
ajfa-5505	630	20	journal	journal	NOUN
ajfa-5505	630	21	of	of	ADP
ajfa-5505	630	22	financial	financial	ADJ
ajfa-5505	630	23	economics	economic	NOUN
ajfa-5505	630	24	,	,	PUNCT
ajfa-5505	630	25	93	93	NUM
ajfa-5505	630	26	,	,	PUNCT
ajfa-5505	630	27	325	325	NUM
ajfa-5505	630	28	-	-	SYM
ajfa-5505	630	29	351	351	NUM
ajfa-5505	630	30	.	.	PUNCT
ajfa-5505	631	1	http://dx.doi.org/10.1016/j.jfineco.2008.07.007	http://dx.doi.org/10.1016/j.jfineco.2008.07.007	PROPN
ajfa-5505	631	2	xie	xie	PROPN
ajfa-5505	631	3	,	,	PUNCT
ajfa-5505	631	4	y.h	y.h	PROPN
ajfa-5505	631	5	.	.	PROPN
ajfa-5505	631	6	(	(	PUNCT
ajfa-5505	631	7	2008	2008	NUM
ajfa-5505	631	8	)	)	PUNCT
ajfa-5505	631	9	.	.	PUNCT
ajfa-5505	632	1	legal	legal	ADJ
ajfa-5505	632	2	considerations	consideration	NOUN
ajfa-5505	632	3	on	on	ADP
ajfa-5505	632	4	merger	merger	NOUN
ajfa-5505	632	5	control	control	NOUN
ajfa-5505	632	6	over	over	ADP
ajfa-5505	632	7	financial	financial	ADJ
ajfa-5505	632	8	holding	hold	VERB
ajfa-5505	632	9	companies	company	NOUN
ajfa-5505	632	10	in	in	ADP
ajfa-5505	632	11	taiwan	taiwan	PROPN
ajfa-5505	632	12	.	.	PUNCT
ajfa-5505	633	1	fair	fair	PROPN
ajfa-5505	633	2	trade	trade	PROPN
ajfa-5505	633	3	quarterly	quarterly	ADV
ajfa-5505	633	4	,	,	PUNCT
ajfa-5505	633	5	16(3	16(3	PROPN
ajfa-5505	633	6	)	)	PUNCT
ajfa-5505	633	7	,	,	PUNCT
ajfa-5505	633	8	1	1	NUM
ajfa-5505	633	9	-	-	SYM
ajfa-5505	633	10	20	20	NUM
ajfa-5505	633	11	.	.	PUNCT