id	sid	tid	token	lemma	pos
ajfa-724	1	1	microsoft	microsoft	PROPN
ajfa-724	1	2	word	word	PROPN
ajfa-724	1	3	ajfa_nangia	ajfa_nangia	PROPN
ajfa-724	1	4	-	-	PUNCT
ajfa-724	1	5	writer2	writer2	VERB
ajfa-724	1	6	-	-	ADJ
ajfa-724	1	7	new2	new2	ADJ
ajfa-724	1	8	asian	asian	ADJ
ajfa-724	1	9	journal	journal	NOUN
ajfa-724	1	10	of	of	ADP
ajfa-724	1	11	finance	finance	PROPN
ajfa-724	1	12	&	&	CCONJ
ajfa-724	1	13	accounting	accounting	PROPN
ajfa-724	1	14	issn	issn	PROPN
ajfa-724	1	15	1946	1946	NUM
ajfa-724	1	16	-	-	PUNCT
ajfa-724	1	17	052x	052x	NOUN
ajfa-724	1	18	2011	2011	NUM
ajfa-724	1	19	,	,	PUNCT
ajfa-724	1	20	vol	vol	NOUN
ajfa-724	1	21	.	.	PROPN
ajfa-724	1	22	3	3	NUM
ajfa-724	1	23	,	,	PUNCT
ajfa-724	1	24	no	no	INTJ
ajfa-724	1	25	.	.	NOUN
ajfa-724	1	26	1	1	NUM
ajfa-724	1	27	:	:	PUNCT
ajfa-724	1	28	e6	e6	VERB
ajfa-724	1	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	1	30	86	86	NUM
ajfa-724	1	31	business	business	NOUN
ajfa-724	1	32	valuation	valuation	NOUN
ajfa-724	1	33	:	:	PUNCT
ajfa-724	1	34	modelling	model	VERB
ajfa-724	1	35	forecasting	forecasting	NOUN
ajfa-724	1	36	hurdle	hurdle	NOUN
ajfa-724	1	37	rate	rate	PROPN
ajfa-724	1	38	dr	dr	PROPN
ajfa-724	1	39	.	.	PROPN
ajfa-724	1	40	v.k	v.k	PROPN
ajfa-724	1	41	.	.	PROPN
ajfa-724	1	42	nangia	nangia	PROPN
ajfa-724	1	43	professor	professor	PROPN
ajfa-724	1	44	&	&	CCONJ
ajfa-724	1	45	head	head	PROPN
ajfa-724	1	46	,	,	PUNCT
ajfa-724	1	47	department	department	NOUN
ajfa-724	1	48	of	of	ADP
ajfa-724	1	49	management	management	PROPN
ajfa-724	1	50	studies	studies	PROPN
ajfa-724	1	51	indian	indian	PROPN
ajfa-724	1	52	institute	institute	PROPN
ajfa-724	1	53	of	of	ADP
ajfa-724	1	54	technology	technology	PROPN
ajfa-724	1	55	roorkee	roorkee	PROPN
ajfa-724	1	56	,	,	PUNCT
ajfa-724	1	57	roorkee	roorkee	PROPN
ajfa-724	1	58	247667	247667	NUM
ajfa-724	1	59	,	,	PUNCT
ajfa-724	1	60	uttarakhand	uttarakhand	PROPN
ajfa-724	1	61	,	,	PUNCT
ajfa-724	1	62	india	india	PROPN
ajfa-724	1	63	e	e	PROPN
ajfa-724	1	64	-	-	NOUN
ajfa-724	1	65	mail	mail	NOUN
ajfa-724	1	66	:	:	PUNCT
ajfa-724	1	67	nangvfdm@iitr.ernet.in	nangvfdm@iitr.ernet.in	PROPN
ajfa-724	1	68	dr	dr	PROPN
ajfa-724	1	69	.	.	PROPN
ajfa-724	1	70	rajat	rajat	PROPN
ajfa-724	1	71	agrawal	agrawal	PROPN
ajfa-724	1	72	assistant	assistant	PROPN
ajfa-724	1	73	professor	professor	NOUN
ajfa-724	1	74	,	,	PUNCT
ajfa-724	1	75	department	department	NOUN
ajfa-724	1	76	of	of	ADP
ajfa-724	1	77	management	management	PROPN
ajfa-724	1	78	studies	studies	PROPN
ajfa-724	1	79	indian	indian	PROPN
ajfa-724	1	80	institute	institute	PROPN
ajfa-724	1	81	of	of	ADP
ajfa-724	1	82	technology	technology	PROPN
ajfa-724	1	83	roorkee	roorkee	PROPN
ajfa-724	1	84	,	,	PUNCT
ajfa-724	1	85	roorkee	roorkee	PROPN
ajfa-724	1	86	247667	247667	NUM
ajfa-724	1	87	,	,	PUNCT
ajfa-724	1	88	uttarakhand	uttarakhand	PROPN
ajfa-724	1	89	,	,	PUNCT
ajfa-724	1	90	india	india	PROPN
ajfa-724	1	91	e	e	PROPN
ajfa-724	1	92	-	-	NOUN
ajfa-724	1	93	mail	mail	NOUN
ajfa-724	1	94	:	:	PUNCT
ajfa-724	1	95	rajatfdm@iitr.ernet.in	rajatfdm@iitr.ernet.in	PROPN
ajfa-724	1	96	k.	k.	PROPN
ajfa-724	1	97	srinivasa	srinivasa	PROPN
ajfa-724	1	98	reddy	reddy	PROPN
ajfa-724	1	99	(	(	PUNCT
ajfa-724	1	100	corresponding	corresponding	ADJ
ajfa-724	1	101	author	author	NOUN
ajfa-724	1	102	)	)	PUNCT
ajfa-724	1	103	doctoral	doctoral	ADJ
ajfa-724	1	104	student	student	NOUN
ajfa-724	1	105	(	(	PUNCT
ajfa-724	1	106	ph.d	ph.d	PROPN
ajfa-724	1	107	)	)	PUNCT
ajfa-724	1	108	,	,	PUNCT
ajfa-724	1	109	department	department	NOUN
ajfa-724	1	110	of	of	ADP
ajfa-724	1	111	management	management	PROPN
ajfa-724	1	112	studies	studies	PROPN
ajfa-724	1	113	indian	indian	PROPN
ajfa-724	1	114	institute	institute	PROPN
ajfa-724	1	115	of	of	ADP
ajfa-724	1	116	technology	technology	PROPN
ajfa-724	1	117	roorkee	roorkee	PROPN
ajfa-724	1	118	,	,	PUNCT
ajfa-724	1	119	roorkee	roorkee	PROPN
ajfa-724	1	120	247667	247667	NUM
ajfa-724	1	121	,	,	PUNCT
ajfa-724	1	122	uttarakhand	uttarakhand	PROPN
ajfa-724	1	123	,	,	PUNCT
ajfa-724	1	124	india	india	PROPN
ajfa-724	1	125	e	e	PROPN
ajfa-724	1	126	-	-	NOUN
ajfa-724	1	127	mail	mail	NOUN
ajfa-724	1	128	:	:	PUNCT
ajfa-724	1	129	srinuddm@iitr.ernet.in	srinuddm@iitr.ernet.in	PROPN
ajfa-724	1	130	received	receive	VERB
ajfa-724	1	131	:	:	PUNCT
ajfa-724	1	132	june	june	PROPN
ajfa-724	1	133	25	25	NUM
ajfa-724	1	134	,	,	PUNCT
ajfa-724	1	135	2011	2011	NUM
ajfa-724	1	136	accepted	accept	VERB
ajfa-724	1	137	:	:	PUNCT
ajfa-724	1	138	november	november	PROPN
ajfa-724	1	139	18	18	NUM
ajfa-724	1	140	,	,	PUNCT
ajfa-724	1	141	2011	2011	NUM
ajfa-724	1	142	published	publish	VERB
ajfa-724	1	143	:	:	PUNCT
ajfa-724	1	144	december	december	PROPN
ajfa-724	1	145	1	1	NUM
ajfa-724	1	146	,	,	PUNCT
ajfa-724	1	147	2011	2011	NUM
ajfa-724	1	148	doi:10.5296	doi:10.5296	NOUN
ajfa-724	1	149	/	/	SYM
ajfa-724	1	150	ajfa.v3i1.724	ajfa.v3i1.724	PROPN
ajfa-724	1	151	url	url	NOUN
ajfa-724	1	152	:	:	PUNCT
ajfa-724	1	153	http://dx.doi.org/10.5296/ajfa.v3i1.724	http://dx.doi.org/10.5296/ajfa.v3i1.724	PROPN
ajfa-724	1	154	abstract	abstract	ADJ
ajfa-724	1	155	consolidation	consolidation	NOUN
ajfa-724	1	156	,	,	PUNCT
ajfa-724	1	157	combination	combination	NOUN
ajfa-724	1	158	and	and	CCONJ
ajfa-724	1	159	diversification	diversification	NOUN
ajfa-724	1	160	(	(	PUNCT
ajfa-724	1	161	ccd	ccd	NOUN
ajfa-724	1	162	’s	’s	ADV
ajfa-724	1	163	)	)	PUNCT
ajfa-724	1	164	in	in	ADP
ajfa-724	1	165	the	the	DET
ajfa-724	1	166	emerging	emerge	VERB
ajfa-724	1	167	globalized	globalize	VERB
ajfa-724	1	168	market	market	NOUN
ajfa-724	1	169	leads	lead	VERB
ajfa-724	1	170	to	to	ADP
ajfa-724	1	171	competition	competition	NOUN
ajfa-724	1	172	and	and	CCONJ
ajfa-724	1	173	escalating	escalate	VERB
ajfa-724	1	174	the	the	DET
ajfa-724	1	175	monopoly	monopoly	NOUN
ajfa-724	1	176	power	power	NOUN
ajfa-724	1	177	.	.	PUNCT
ajfa-724	2	1	given	give	VERB
ajfa-724	2	2	the	the	DET
ajfa-724	2	3	increasing	increase	VERB
ajfa-724	2	4	liberalization	liberalization	NOUN
ajfa-724	2	5	of	of	ADP
ajfa-724	2	6	rules	rule	NOUN
ajfa-724	2	7	,	,	PUNCT
ajfa-724	2	8	regulations	regulation	NOUN
ajfa-724	2	9	and	and	CCONJ
ajfa-724	2	10	law	law	NOUN
ajfa-724	2	11	,	,	PUNCT
ajfa-724	2	12	a	a	DET
ajfa-724	2	13	number	number	NOUN
ajfa-724	2	14	of	of	ADP
ajfa-724	2	15	firms	firm	NOUN
ajfa-724	2	16	are	be	AUX
ajfa-724	2	17	going	go	VERB
ajfa-724	2	18	beyond	beyond	ADP
ajfa-724	2	19	national	national	ADJ
ajfa-724	2	20	borders	border	NOUN
ajfa-724	2	21	and	and	CCONJ
ajfa-724	2	22	making	make	VERB
ajfa-724	2	23	deals	deal	NOUN
ajfa-724	2	24	triumphant	triumphant	ADJ
ajfa-724	2	25	.	.	PUNCT
ajfa-724	3	1	we	we	PRON
ajfa-724	3	2	suggest	suggest	VERB
ajfa-724	3	3	an	an	DET
ajfa-724	3	4	innovative	innovative	ADJ
ajfa-724	3	5	firm	firm	ADJ
ajfa-724	3	6	valuation	valuation	NOUN
ajfa-724	3	7	model	model	NOUN
ajfa-724	3	8	for	for	ADP
ajfa-724	3	9	m&a	m&a	PROPN
ajfa-724	3	10	in	in	ADP
ajfa-724	3	11	the	the	DET
ajfa-724	3	12	area	area	NOUN
ajfa-724	3	13	of	of	ADP
ajfa-724	3	14	corporate	corporate	ADJ
ajfa-724	3	15	finance	finance	NOUN
ajfa-724	3	16	that	that	PRON
ajfa-724	3	17	is	be	AUX
ajfa-724	3	18	nrr	nrr	PROPN
ajfa-724	3	19	approach	approach	NOUN
ajfa-724	3	20	1.0	1.0	NUM
ajfa-724	3	21	.	.	PUNCT
ajfa-724	4	1	the	the	DET
ajfa-724	4	2	methodology	methodology	NOUN
ajfa-724	4	3	is	be	AUX
ajfa-724	4	4	divided	divide	VERB
ajfa-724	4	5	into	into	ADP
ajfa-724	4	6	five	five	NUM
ajfa-724	4	7	phases	phase	NOUN
ajfa-724	4	8	,	,	PUNCT
ajfa-724	4	9	modeling	model	VERB
ajfa-724	4	10	forecasting	forecasting	NOUN
ajfa-724	4	11	hurdle	hurdle	NOUN
ajfa-724	4	12	rate	rate	NOUN
ajfa-724	4	13	,	,	PUNCT
ajfa-724	4	14	finding	find	VERB
ajfa-724	4	15	sales	sale	NOUN
ajfa-724	4	16	growth	growth	NOUN
ajfa-724	4	17	rate	rate	NOUN
ajfa-724	4	18	,	,	PUNCT
ajfa-724	4	19	computation	computation	NOUN
ajfa-724	4	20	of	of	ADP
ajfa-724	4	21	free	free	ADJ
ajfa-724	4	22	cash	cash	NOUN
ajfa-724	4	23	flows	flow	NOUN
ajfa-724	4	24	&	&	CCONJ
ajfa-724	4	25	estimation	estimation	NOUN
ajfa-724	4	26	of	of	ADP
ajfa-724	4	27	future	future	ADJ
ajfa-724	4	28	free	free	ADJ
ajfa-724	4	29	cash	cash	NOUN
ajfa-724	4	30	flows	flow	NOUN
ajfa-724	4	31	and	and	CCONJ
ajfa-724	4	32	finally	finally	ADV
ajfa-724	4	33	determination	determination	NOUN
ajfa-724	4	34	of	of	ADP
ajfa-724	4	35	firm	firm	ADJ
ajfa-724	4	36	value	value	NOUN
ajfa-724	4	37	under	under	ADP
ajfa-724	4	38	nrr	nrr	PROPN
ajfa-724	4	39	approach	approach	NOUN
ajfa-724	4	40	.	.	PUNCT
ajfa-724	5	1	the	the	DET
ajfa-724	5	2	findings	finding	NOUN
ajfa-724	5	3	suggest	suggest	VERB
ajfa-724	5	4	that	that	SCONJ
ajfa-724	5	5	nrr	nrr	PROPN
ajfa-724	5	6	approach	approach	NOUN
ajfa-724	5	7	considers	consider	VERB
ajfa-724	5	8	various	various	ADJ
ajfa-724	5	9	imperative	imperative	ADJ
ajfa-724	5	10	factors	factor	NOUN
ajfa-724	5	11	while	while	SCONJ
ajfa-724	5	12	valuing	value	VERB
ajfa-724	5	13	target	target	NOUN
ajfa-724	5	14	firms	firm	NOUN
ajfa-724	5	15	for	for	ADP
ajfa-724	5	16	the	the	DET
ajfa-724	5	17	benefit	benefit	NOUN
ajfa-724	5	18	of	of	ADP
ajfa-724	5	19	shareholders	shareholder	NOUN
ajfa-724	5	20	.	.	PUNCT
ajfa-724	6	1	the	the	DET
ajfa-724	6	2	value	value	NOUN
ajfa-724	6	3	of	of	ADP
ajfa-724	6	4	study	study	NOUN
ajfa-724	6	5	could	could	AUX
ajfa-724	6	6	be	be	AUX
ajfa-724	6	7	credited	credit	VERB
ajfa-724	6	8	by	by	ADP
ajfa-724	6	9	nrr	nrr	PROPN
ajfa-724	6	10	approach	approach	PROPN
ajfa-724	6	11	1.0	1.0	NUM
ajfa-724	6	12	.	.	PUNCT
ajfa-724	7	1	and	and	CCONJ
ajfa-724	7	2	this	this	PRON
ajfa-724	7	3	is	be	AUX
ajfa-724	7	4	the	the	DET
ajfa-724	7	5	first	first	ADJ
ajfa-724	7	6	of	of	ADP
ajfa-724	7	7	its	its	PRON
ajfa-724	7	8	kind	kind	ADJ
ajfa-724	7	9	model	model	NOUN
ajfa-724	7	10	considers	consider	VERB
ajfa-724	7	11	political	political	ADJ
ajfa-724	7	12	,	,	PUNCT
ajfa-724	7	13	transfer	transfer	NOUN
ajfa-724	7	14	and	and	CCONJ
ajfa-724	7	15	commercial	commercial	ADJ
ajfa-724	7	16	risk	risk	NOUN
ajfa-724	7	17	factors	factor	NOUN
ajfa-724	7	18	while	while	SCONJ
ajfa-724	7	19	estimating	estimate	VERB
ajfa-724	7	20	hurdle	hurdle	NOUN
ajfa-724	7	21	rate	rate	NOUN
ajfa-724	7	22	.	.	PUNCT
ajfa-724	8	1	hence	hence	ADV
ajfa-724	8	2	,	,	PUNCT
ajfa-724	8	3	approach	approach	NOUN
ajfa-724	8	4	is	be	AUX
ajfa-724	8	5	the	the	DET
ajfa-724	8	6	first	first	ADJ
ajfa-724	8	7	version	version	NOUN
ajfa-724	8	8	of	of	ADP
ajfa-724	8	9	development	development	NOUN
ajfa-724	8	10	thought	think	VERB
ajfa-724	8	11	and	and	CCONJ
ajfa-724	8	12	has	have	VERB
ajfa-724	8	13	limited	limit	VERB
ajfa-724	8	14	scope	scope	NOUN
ajfa-724	8	15	to	to	PART
ajfa-724	8	16	validate	validate	VERB
ajfa-724	8	17	in	in	ADP
ajfa-724	8	18	other	other	ADJ
ajfa-724	8	19	industries	industry	NOUN
ajfa-724	8	20	.	.	PUNCT
ajfa-724	9	1	we	we	PRON
ajfa-724	9	2	asian	asian	PROPN
ajfa-724	9	3	journal	journal	PROPN
ajfa-724	9	4	of	of	ADP
ajfa-724	9	5	finance	finance	PROPN
ajfa-724	9	6	&	&	CCONJ
ajfa-724	9	7	accounting	accounting	PROPN
ajfa-724	9	8	issn	issn	PROPN
ajfa-724	9	9	1946	1946	NUM
ajfa-724	9	10	-	-	PUNCT
ajfa-724	9	11	052x	052x	NOUN
ajfa-724	9	12	2011	2011	NUM
ajfa-724	9	13	,	,	PUNCT
ajfa-724	9	14	vol	vol	NOUN
ajfa-724	9	15	.	.	PROPN
ajfa-724	9	16	3	3	NUM
ajfa-724	9	17	,	,	PUNCT
ajfa-724	9	18	no	no	INTJ
ajfa-724	9	19	.	.	NOUN
ajfa-724	9	20	1	1	NUM
ajfa-724	9	21	:	:	PUNCT
ajfa-724	9	22	e6	e6	VERB
ajfa-724	9	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	9	24	87	87	NUM
ajfa-724	9	25	believe	believe	VERB
ajfa-724	9	26	that	that	SCONJ
ajfa-724	9	27	nrr	nrr	PROPN
ajfa-724	9	28	model	model	NOUN
ajfa-724	9	29	shall	shall	AUX
ajfa-724	9	30	be	be	AUX
ajfa-724	9	31	of	of	ADP
ajfa-724	9	32	great	great	ADJ
ajfa-724	9	33	help	help	NOUN
ajfa-724	9	34	to	to	PART
ajfa-724	9	35	m&a	m&a	VERB
ajfa-724	9	36	advisory	advisory	ADJ
ajfa-724	9	37	firms	firm	NOUN
ajfa-724	9	38	and	and	CCONJ
ajfa-724	9	39	investment	investment	NOUN
ajfa-724	9	40	bankers	banker	NOUN
ajfa-724	9	41	while	while	SCONJ
ajfa-724	9	42	negotiating	negotiate	VERB
ajfa-724	9	43	deal	deal	NOUN
ajfa-724	9	44	value	value	NOUN
ajfa-724	9	45	in	in	ADP
ajfa-724	9	46	acquisition	acquisition	NOUN
ajfa-724	9	47	process	process	NOUN
ajfa-724	9	48	.	.	PUNCT
ajfa-724	10	1	this	this	PRON
ajfa-724	10	2	would	would	AUX
ajfa-724	10	3	be	be	AUX
ajfa-724	10	4	help	help	NOUN
ajfa-724	10	5	in	in	ADP
ajfa-724	10	6	exploring	explore	VERB
ajfa-724	10	7	new	new	ADJ
ajfa-724	10	8	dimensions	dimension	NOUN
ajfa-724	10	9	of	of	ADP
ajfa-724	10	10	judgment	judgment	NOUN
ajfa-724	10	11	and	and	CCONJ
ajfa-724	10	12	approach	approach	NOUN
ajfa-724	10	13	for	for	ADP
ajfa-724	10	14	academia	academia	NOUN
ajfa-724	10	15	as	as	ADV
ajfa-724	10	16	well	well	ADV
ajfa-724	10	17	as	as	ADP
ajfa-724	10	18	for	for	ADP
ajfa-724	10	19	the	the	DET
ajfa-724	10	20	benefit	benefit	NOUN
ajfa-724	10	21	of	of	ADP
ajfa-724	10	22	target	target	NOUN
ajfa-724	10	23	firm	firm	ADJ
ajfa-724	10	24	shareholders	shareholder	NOUN
ajfa-724	10	25	in	in	ADP
ajfa-724	10	26	corporate	corporate	ADJ
ajfa-724	10	27	arena	arena	NOUN
ajfa-724	10	28	.	.	PUNCT
ajfa-724	11	1	keywords	keyword	NOUN
ajfa-724	11	2	:	:	PUNCT
ajfa-724	11	3	business	business	NOUN
ajfa-724	11	4	valuation	valuation	NOUN
ajfa-724	11	5	,	,	PUNCT
ajfa-724	11	6	mergers	merger	NOUN
ajfa-724	11	7	,	,	PUNCT
ajfa-724	11	8	acquisitions	acquisition	NOUN
ajfa-724	11	9	,	,	PUNCT
ajfa-724	11	10	hotel	hotel	NOUN
ajfa-724	11	11	&	&	CCONJ
ajfa-724	11	12	tourism	tourism	NOUN
ajfa-724	11	13	,	,	PUNCT
ajfa-724	11	14	forecasting	forecast	VERB
ajfa-724	11	15	jel	jel	PROPN
ajfa-724	11	16	classification	classification	NOUN
ajfa-724	11	17	:	:	PUNCT
ajfa-724	11	18	g30	g30	PROPN
ajfa-724	11	19	;	;	PUNCT
ajfa-724	11	20	g31	g31	PROPN
ajfa-724	11	21	;	;	PUNCT
ajfa-724	11	22	g34	g34	PROPN
ajfa-724	11	23	asian	asian	PROPN
ajfa-724	11	24	journal	journal	PROPN
ajfa-724	11	25	of	of	ADP
ajfa-724	11	26	finance	finance	PROPN
ajfa-724	11	27	&	&	CCONJ
ajfa-724	11	28	accounting	accounting	PROPN
ajfa-724	11	29	issn	issn	PROPN
ajfa-724	11	30	1946	1946	NUM
ajfa-724	11	31	-	-	PUNCT
ajfa-724	11	32	052x	052x	NOUN
ajfa-724	11	33	2011	2011	NUM
ajfa-724	11	34	,	,	PUNCT
ajfa-724	11	35	vol	vol	NOUN
ajfa-724	11	36	.	.	PROPN
ajfa-724	12	1	3	3	NUM
ajfa-724	12	2	,	,	PUNCT
ajfa-724	12	3	no	no	INTJ
ajfa-724	12	4	.	.	NOUN
ajfa-724	12	5	1	1	NUM
ajfa-724	12	6	:	:	PUNCT
ajfa-724	12	7	e6	e6	VERB
ajfa-724	12	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-724	12	9	88	88	NUM
ajfa-724	12	10	1	1	NUM
ajfa-724	12	11	.	.	PUNCT
ajfa-724	13	1	introduction	introduction	NOUN
ajfa-724	13	2	there	there	PRON
ajfa-724	13	3	is	be	VERB
ajfa-724	13	4	no	no	DET
ajfa-724	13	5	more	more	ADV
ajfa-724	13	6	dramatic	dramatic	ADJ
ajfa-724	13	7	activity	activity	NOUN
ajfa-724	13	8	in	in	ADP
ajfa-724	13	9	corporate	corporate	ADJ
ajfa-724	13	10	finance	finance	NOUN
ajfa-724	13	11	than	than	ADP
ajfa-724	13	12	the	the	DET
ajfa-724	13	13	acquisition	acquisition	NOUN
ajfa-724	13	14	of	of	ADP
ajfa-724	13	15	one	one	NUM
ajfa-724	13	16	firm	firm	NOUN
ajfa-724	13	17	by	by	ADP
ajfa-724	13	18	another	another	PRON
ajfa-724	13	19	or	or	CCONJ
ajfa-724	13	20	merger	merger	NOUN
ajfa-724	13	21	of	of	ADP
ajfa-724	13	22	two	two	NUM
ajfa-724	13	23	firms	firm	NOUN
ajfa-724	13	24	.	.	PUNCT
ajfa-724	14	1	in	in	ADP
ajfa-724	14	2	investment	investment	NOUN
ajfa-724	14	3	perspective	perspective	NOUN
ajfa-724	14	4	,	,	PUNCT
ajfa-724	14	5	a	a	DET
ajfa-724	14	6	firm	firm	NOUN
ajfa-724	14	7	should	should	AUX
ajfa-724	14	8	estimate	estimate	VERB
ajfa-724	14	9	future	future	ADJ
ajfa-724	14	10	cash	cash	NOUN
ajfa-724	14	11	flow	flow	NOUN
ajfa-724	14	12	generating	generating	NOUN
ajfa-724	14	13	capacity	capacity	NOUN
ajfa-724	14	14	of	of	ADP
ajfa-724	14	15	target	target	NOUN
ajfa-724	14	16	firm	firm	NOUN
ajfa-724	14	17	and	and	CCONJ
ajfa-724	14	18	determination	determination	NOUN
ajfa-724	14	19	of	of	ADP
ajfa-724	14	20	enterprise	enterprise	NOUN
ajfa-724	14	21	value	value	NOUN
ajfa-724	14	22	to	to	PART
ajfa-724	14	23	be	be	AUX
ajfa-724	14	24	acquired	acquire	VERB
ajfa-724	14	25	for	for	ADP
ajfa-724	14	26	the	the	DET
ajfa-724	14	27	benefit	benefit	NOUN
ajfa-724	14	28	of	of	ADP
ajfa-724	14	29	shareholders	shareholder	NOUN
ajfa-724	14	30	(	(	PUNCT
ajfa-724	14	31	pandey	pandey	PROPN
ajfa-724	14	32	,	,	PUNCT
ajfa-724	14	33	2009	2009	NUM
ajfa-724	14	34	)	)	PUNCT
ajfa-724	14	35	.	.	PUNCT
ajfa-724	15	1	mergers	merger	NOUN
ajfa-724	15	2	and	and	CCONJ
ajfa-724	15	3	acquisitions	acquisition	NOUN
ajfa-724	15	4	(	(	PUNCT
ajfa-724	15	5	m&a	m&a	PROPN
ajfa-724	15	6	)	)	PUNCT
ajfa-724	15	7	is	be	AUX
ajfa-724	15	8	a	a	DET
ajfa-724	15	9	response	response	NOUN
ajfa-724	15	10	to	to	ADP
ajfa-724	15	11	new	new	ADJ
ajfa-724	15	12	technologies	technology	NOUN
ajfa-724	15	13	or	or	CCONJ
ajfa-724	15	14	market	market	NOUN
ajfa-724	15	15	conditions	condition	NOUN
ajfa-724	15	16	which	which	PRON
ajfa-724	15	17	require	require	VERB
ajfa-724	15	18	a	a	DET
ajfa-724	15	19	strategic	strategic	ADJ
ajfa-724	15	20	change	change	NOUN
ajfa-724	15	21	in	in	ADP
ajfa-724	15	22	company	company	NOUN
ajfa-724	15	23	’s	’s	PART
ajfa-724	15	24	direction	direction	NOUN
ajfa-724	15	25	or	or	CCONJ
ajfa-724	15	26	use	use	NOUN
ajfa-724	15	27	of	of	ADP
ajfa-724	15	28	resources	resource	NOUN
ajfa-724	15	29	(	(	PUNCT
ajfa-724	15	30	ray	ray	NOUN
ajfa-724	15	31	,	,	PUNCT
ajfa-724	15	32	2010	2010	NUM
ajfa-724	15	33	)	)	PUNCT
ajfa-724	15	34	.	.	PUNCT
ajfa-724	16	1	m&a	m&a	PROPN
ajfa-724	16	2	and	and	CCONJ
ajfa-724	16	3	restructuring	restructuring	NOUN
ajfa-724	16	4	are	be	AUX
ajfa-724	16	5	a	a	DET
ajfa-724	16	6	big	big	ADJ
ajfa-724	16	7	part	part	NOUN
ajfa-724	16	8	of	of	ADP
ajfa-724	16	9	the	the	DET
ajfa-724	16	10	corporate	corporate	ADJ
ajfa-724	16	11	finance	finance	NOUN
ajfa-724	16	12	world	world	NOUN
ajfa-724	16	13	.	.	PUNCT
ajfa-724	17	1	the	the	DET
ajfa-724	17	2	key	key	ADJ
ajfa-724	17	3	principle	principle	NOUN
ajfa-724	17	4	behind	behind	ADP
ajfa-724	17	5	buying	buy	VERB
ajfa-724	17	6	a	a	DET
ajfa-724	17	7	company	company	NOUN
ajfa-724	17	8	is	be	AUX
ajfa-724	17	9	to	to	PART
ajfa-724	17	10	create	create	VERB
ajfa-724	17	11	shareholder	shareholder	NOUN
ajfa-724	17	12	value	value	NOUN
ajfa-724	17	13	over	over	ADV
ajfa-724	17	14	and	and	CCONJ
ajfa-724	17	15	above	above	ADP
ajfa-724	17	16	that	that	PRON
ajfa-724	17	17	of	of	ADP
ajfa-724	17	18	the	the	DET
ajfa-724	17	19	sum	sum	NOUN
ajfa-724	17	20	of	of	ADP
ajfa-724	17	21	two	two	NUM
ajfa-724	17	22	companies	company	NOUN
ajfa-724	17	23	(	(	PUNCT
ajfa-724	17	24	pandey	pandey	PROPN
ajfa-724	17	25	,	,	PUNCT
ajfa-724	17	26	2009	2009	NUM
ajfa-724	17	27	)	)	PUNCT
ajfa-724	17	28	.	.	PUNCT
ajfa-724	18	1	the	the	DET
ajfa-724	18	2	recent	recent	ADJ
ajfa-724	18	3	m&a	m&a	PROPN
ajfa-724	18	4	boom	boom	NOUN
ajfa-724	18	5	in	in	ADP
ajfa-724	18	6	india	india	PROPN
ajfa-724	18	7	has	have	AUX
ajfa-724	18	8	been	be	AUX
ajfa-724	18	9	comprised	comprise	VERB
ajfa-724	18	10	exclusively	exclusively	ADV
ajfa-724	18	11	of	of	ADP
ajfa-724	18	12	friendly	friendly	ADJ
ajfa-724	18	13	deals	deal	NOUN
ajfa-724	18	14	.	.	PUNCT
ajfa-724	19	1	since	since	SCONJ
ajfa-724	19	2	economic	economic	ADJ
ajfa-724	19	3	liberalization	liberalization	NOUN
ajfa-724	19	4	in	in	ADP
ajfa-724	19	5	1991	1991	NUM
ajfa-724	19	6	,	,	PUNCT
ajfa-724	19	7	india	india	PROPN
ajfa-724	19	8	has	have	AUX
ajfa-724	19	9	experienced	experience	VERB
ajfa-724	19	10	only	only	ADV
ajfa-724	19	11	a	a	DET
ajfa-724	19	12	handful	handful	NOUN
ajfa-724	19	13	of	of	ADP
ajfa-724	19	14	hostile	hostile	ADJ
ajfa-724	19	15	takeover	takeover	NOUN
ajfa-724	19	16	attempts	attempt	NOUN
ajfa-724	19	17	.	.	PUNCT
ajfa-724	20	1	over	over	ADP
ajfa-724	20	2	the	the	DET
ajfa-724	20	3	past	past	ADJ
ajfa-724	20	4	few	few	ADJ
ajfa-724	20	5	years	year	NOUN
ajfa-724	20	6	,	,	PUNCT
ajfa-724	20	7	m&a	m&a	PROPN
ajfa-724	20	8	transactions	transaction	NOUN
ajfa-724	20	9	has	have	AUX
ajfa-724	20	10	grown	grow	VERB
ajfa-724	20	11	-	-	PUNCT
ajfa-724	20	12	up	up	NOUN
ajfa-724	20	13	greatly	greatly	ADV
ajfa-724	20	14	,	,	PUNCT
ajfa-724	20	15	in	in	ADP
ajfa-724	20	16	particular	particular	ADJ
ajfa-724	20	17	indian	indian	ADJ
ajfa-724	20	18	deals	deal	NOUN
ajfa-724	20	19	have	have	AUX
ajfa-724	20	20	risen	rise	VERB
ajfa-724	20	21	from	from	ADP
ajfa-724	20	22	$	$	SYM
ajfa-724	20	23	4.9	4.9	NUM
ajfa-724	20	24	billion	billion	NUM
ajfa-724	20	25	in	in	ADP
ajfa-724	20	26	2006	2006	NUM
ajfa-724	20	27	to	to	ADP
ajfa-724	20	28	$	$	SYM
ajfa-724	20	29	6.7	6.7	NUM
ajfa-724	20	30	billion	billion	NUM
ajfa-724	20	31	in	in	ADP
ajfa-724	20	32	2009	2009	NUM
ajfa-724	20	33	(	(	PUNCT
ajfa-724	20	34	grant	grant	PROPN
ajfa-724	20	35	thornton	thornton	PROPN
ajfa-724	20	36	–	–	PUNCT
ajfa-724	20	37	dealtracker	dealtracker	NOUN
ajfa-724	20	38	,	,	PUNCT
ajfa-724	20	39	2008	2008	NUM
ajfa-724	20	40	)	)	PUNCT
ajfa-724	20	41	.	.	PUNCT
ajfa-724	21	1	economic	economic	ADJ
ajfa-724	21	2	analysis	analysis	NOUN
ajfa-724	21	3	,	,	PUNCT
ajfa-724	21	4	business	business	NOUN
ajfa-724	21	5	professionals	professional	NOUN
ajfa-724	21	6	and	and	CCONJ
ajfa-724	21	7	research	research	NOUN
ajfa-724	21	8	evidence	evidence	NOUN
ajfa-724	21	9	indicate	indicate	VERB
ajfa-724	21	10	that	that	SCONJ
ajfa-724	21	11	corporate	corporate	ADJ
ajfa-724	21	12	restructuring	restructuring	NOUN
ajfa-724	21	13	,	,	PUNCT
ajfa-724	21	14	mergers	merger	NOUN
ajfa-724	21	15	,	,	PUNCT
ajfa-724	21	16	acquisitions	acquisition	NOUN
ajfa-724	21	17	,	,	PUNCT
ajfa-724	21	18	takeovers	takeover	NOUN
ajfa-724	21	19	,	,	PUNCT
ajfa-724	21	20	and	and	CCONJ
ajfa-724	21	21	leveraged	leveraged	ADJ
ajfa-724	21	22	buyouts	buyout	NOUN
ajfa-724	21	23	are	be	AUX
ajfa-724	21	24	playing	play	VERB
ajfa-724	21	25	an	an	DET
ajfa-724	21	26	important	important	ADJ
ajfa-724	21	27	role	role	NOUN
ajfa-724	21	28	in	in	ADP
ajfa-724	21	29	helping	help	VERB
ajfa-724	21	30	the	the	DET
ajfa-724	21	31	economy	economy	NOUN
ajfa-724	21	32	adjust	adjust	VERB
ajfa-724	21	33	to	to	ADP
ajfa-724	21	34	major	major	ADJ
ajfa-724	21	35	competitive	competitive	ADJ
ajfa-724	21	36	changes	change	NOUN
ajfa-724	21	37	.	.	PUNCT
ajfa-724	22	1	jensen	jensen	PROPN
ajfa-724	22	2	,	,	PUNCT
ajfa-724	22	3	m.c	m.c	PROPN
ajfa-724	22	4	.	.	PROPN
ajfa-724	22	5	(	(	PUNCT
ajfa-724	22	6	ross	ross	PROPN
ajfa-724	22	7	et	et	PROPN
ajfa-724	22	8	al	al	PROPN
ajfa-724	22	9	.	.	PROPN
ajfa-724	22	10	,	,	PUNCT
ajfa-724	22	11	2005	2005	NUM
ajfa-724	22	12	,	,	PUNCT
ajfa-724	22	13	p.	p.	NOUN
ajfa-724	22	14	808	808	NUM
ajfa-724	22	15	)	)	PUNCT
ajfa-724	22	16	hence	hence	ADV
ajfa-724	22	17	,	,	PUNCT
ajfa-724	22	18	we	we	PRON
ajfa-724	22	19	focus	focus	VERB
ajfa-724	22	20	on	on	ADP
ajfa-724	22	21	valuation	valuation	NOUN
ajfa-724	22	22	part	part	NOUN
ajfa-724	22	23	while	while	SCONJ
ajfa-724	22	24	acquiring	acquire	VERB
ajfa-724	22	25	or	or	CCONJ
ajfa-724	22	26	buying	buy	VERB
ajfa-724	22	27	a	a	DET
ajfa-724	22	28	target	target	NOUN
ajfa-724	22	29	firm	firm	NOUN
ajfa-724	22	30	as	as	ADP
ajfa-724	22	31	a	a	DET
ajfa-724	22	32	whole	whole	NOUN
ajfa-724	22	33	.	.	PUNCT
ajfa-724	23	1	business	business	NOUN
ajfa-724	23	2	valuations	valuation	NOUN
ajfa-724	23	3	are	be	AUX
ajfa-724	23	4	performed	perform	VERB
ajfa-724	23	5	and	and	CCONJ
ajfa-724	23	6	conventionally	conventionally	ADV
ajfa-724	23	7	categorised	categorise	VERB
ajfa-724	23	8	into	into	ADP
ajfa-724	23	9	three	three	NUM
ajfa-724	23	10	groups	group	NOUN
ajfa-724	23	11	(	(	PUNCT
ajfa-724	23	12	west	west	PROPN
ajfa-724	23	13	&	&	CCONJ
ajfa-724	23	14	jeffrey	jeffrey	PROPN
ajfa-724	23	15	,	,	PUNCT
ajfa-724	23	16	1999	1999	NUM
ajfa-724	23	17	)	)	PUNCT
ajfa-724	23	18	.	.	PUNCT
ajfa-724	24	1	these	these	PRON
ajfa-724	24	2	are	be	AUX
ajfa-724	24	3	transaction	transaction	NOUN
ajfa-724	24	4	based	base	VERB
ajfa-724	24	5	approach	approach	NOUN
ajfa-724	24	6	,	,	PUNCT
ajfa-724	24	7	tax	tax	NOUN
ajfa-724	24	8	-	-	PUNCT
ajfa-724	24	9	based	base	VERB
ajfa-724	24	10	approach	approach	NOUN
ajfa-724	24	11	and	and	CCONJ
ajfa-724	24	12	litigation	litigation	NOUN
ajfa-724	24	13	based	base	VERB
ajfa-724	24	14	approach	approach	NOUN
ajfa-724	24	15	.	.	PUNCT
ajfa-724	25	1	first	first	ADV
ajfa-724	25	2	,	,	PUNCT
ajfa-724	25	3	the	the	DET
ajfa-724	25	4	transaction	transaction	NOUN
ajfa-724	25	5	based	base	VERB
ajfa-724	25	6	approach	approach	NOUN
ajfa-724	25	7	is	be	AUX
ajfa-724	25	8	found	find	VERB
ajfa-724	25	9	in	in	ADP
ajfa-724	25	10	mergers	merger	NOUN
ajfa-724	25	11	,	,	PUNCT
ajfa-724	25	12	acquisitions	acquisition	NOUN
ajfa-724	25	13	,	,	PUNCT
ajfa-724	25	14	divestitures	divestiture	NOUN
ajfa-724	25	15	,	,	PUNCT
ajfa-724	25	16	employee	employee	NOUN
ajfa-724	25	17	stock	stock	NOUN
ajfa-724	25	18	option	option	NOUN
ajfa-724	25	19	plan	plan	NOUN
ajfa-724	25	20	(	(	PUNCT
ajfa-724	25	21	esops	esop	NOUN
ajfa-724	25	22	)	)	PUNCT
ajfa-724	25	23	,	,	PUNCT
ajfa-724	25	24	buy	buy	NOUN
ajfa-724	25	25	-	-	PUNCT
ajfa-724	25	26	sell	sell	NOUN
ajfa-724	25	27	agreements	agreement	NOUN
ajfa-724	25	28	,	,	PUNCT
ajfa-724	25	29	leveraged	leveraged	ADJ
ajfa-724	25	30	buyouts	buyout	NOUN
ajfa-724	25	31	,	,	PUNCT
ajfa-724	25	32	fairness	fairness	NOUN
ajfa-724	25	33	&	&	CCONJ
ajfa-724	25	34	solvency	solvency	NOUN
ajfa-724	25	35	options	option	NOUN
ajfa-724	25	36	and	and	CCONJ
ajfa-724	25	37	debt	debt	NOUN
ajfa-724	25	38	/	/	SYM
ajfa-724	25	39	equity	equity	NOUN
ajfa-724	25	40	financing	financing	NOUN
ajfa-724	25	41	(	(	PUNCT
ajfa-724	25	42	fernandez	fernandez	PROPN
ajfa-724	25	43	,	,	PUNCT
ajfa-724	25	44	2002	2002	NUM
ajfa-724	25	45	;	;	PUNCT
ajfa-724	25	46	2007a	2007a	PROPN
ajfa-724	25	47	&	&	CCONJ
ajfa-724	25	48	2007b	2007b	NUM
ajfa-724	25	49	)	)	PUNCT
ajfa-724	25	50	.	.	PUNCT
ajfa-724	26	1	second	second	ADJ
ajfa-724	26	2	,	,	PUNCT
ajfa-724	26	3	tax	tax	NOUN
ajfa-724	26	4	-	-	PUNCT
ajfa-724	26	5	based	base	VERB
ajfa-724	26	6	valuations	valuation	NOUN
ajfa-724	26	7	occasionally	occasionally	ADV
ajfa-724	26	8	occurred	occur	VERB
ajfa-724	26	9	in	in	ADP
ajfa-724	26	10	the	the	DET
ajfa-724	26	11	case	case	NOUN
ajfa-724	26	12	of	of	ADP
ajfa-724	26	13	gift	gift	NOUN
ajfa-724	26	14	&	&	CCONJ
ajfa-724	26	15	estate	estate	NOUN
ajfa-724	26	16	taxes	taxis	NOUN
ajfa-724	26	17	,	,	PUNCT
ajfa-724	26	18	estate	estate	NOUN
ajfa-724	26	19	planning	planning	NOUN
ajfa-724	26	20	,	,	PUNCT
ajfa-724	26	21	charitable	charitable	ADJ
ajfa-724	26	22	contributions	contribution	NOUN
ajfa-724	26	23	,	,	PUNCT
ajfa-724	26	24	creation	creation	NOUN
ajfa-724	26	25	of	of	ADP
ajfa-724	26	26	family	family	NOUN
ajfa-724	26	27	limited	limit	VERB
ajfa-724	26	28	partnerships	partnership	NOUN
ajfa-724	26	29	(	(	PUNCT
ajfa-724	26	30	flps	flps	PROPN
ajfa-724	26	31	)	)	PUNCT
ajfa-724	26	32	and	and	CCONJ
ajfa-724	26	33	granting	grant	VERB
ajfa-724	26	34	of	of	ADP
ajfa-724	26	35	stock	stock	NOUN
ajfa-724	26	36	options	option	NOUN
ajfa-724	26	37	.	.	PUNCT
ajfa-724	27	1	finally	finally	ADV
ajfa-724	27	2	,	,	PUNCT
ajfa-724	27	3	litigation	litigation	NOUN
ajfa-724	27	4	-	-	PUNCT
ajfa-724	27	5	driven	drive	VERB
ajfa-724	27	6	valuations	valuation	NOUN
ajfa-724	27	7	are	be	AUX
ajfa-724	27	8	most	most	ADV
ajfa-724	27	9	common	common	ADJ
ajfa-724	27	10	in	in	ADP
ajfa-724	27	11	divorce	divorce	NOUN
ajfa-724	27	12	of	of	ADP
ajfa-724	27	13	partnership	partnership	NOUN
ajfa-724	27	14	,	,	PUNCT
ajfa-724	27	15	bankruptcy	bankruptcy	NOUN
ajfa-724	27	16	,	,	PUNCT
ajfa-724	27	17	shareholder	shareholder	NOUN
ajfa-724	27	18	actions	action	NOUN
ajfa-724	27	19	,	,	PUNCT
ajfa-724	27	20	breach	breach	NOUN
ajfa-724	27	21	of	of	ADP
ajfa-724	27	22	contract	contract	NOUN
ajfa-724	27	23	and	and	CCONJ
ajfa-724	27	24	a	a	DET
ajfa-724	27	25	variety	variety	NOUN
ajfa-724	27	26	of	of	ADP
ajfa-724	27	27	break	break	NOUN
ajfa-724	27	28	-	-	PUNCT
ajfa-724	27	29	up	up	ADP
ajfa-724	27	30	transactions	transaction	NOUN
ajfa-724	27	31	the	the	DET
ajfa-724	27	32	present	present	ADJ
ajfa-724	27	33	study	study	NOUN
ajfa-724	27	34	of	of	ADP
ajfa-724	27	35	‘	'	PUNCT
ajfa-724	27	36	firm	firm	ADJ
ajfa-724	27	37	valuation	valuation	NOUN
ajfa-724	27	38	and	and	CCONJ
ajfa-724	27	39	cash	cash	NOUN
ajfa-724	27	40	flows	flow	NOUN
ajfa-724	27	41	’	'	PUNCT
ajfa-724	27	42	is	be	AUX
ajfa-724	27	43	fall	fall	VERB
ajfa-724	27	44	under	under	ADP
ajfa-724	27	45	the	the	DET
ajfa-724	27	46	method	method	NOUN
ajfa-724	27	47	of	of	ADP
ajfa-724	27	48	‘	'	PUNCT
ajfa-724	27	49	transaction	transaction	NOUN
ajfa-724	27	50	based	base	VERB
ajfa-724	27	51	approach	approach	NOUN
ajfa-724	27	52	’	'	PUNCT
ajfa-724	27	53	.	.	PUNCT
ajfa-724	28	1	the	the	DET
ajfa-724	28	2	present	present	ADJ
ajfa-724	28	3	conceptual	conceptual	ADJ
ajfa-724	28	4	study	study	NOUN
ajfa-724	28	5	suggests	suggest	VERB
ajfa-724	28	6	a	a	DET
ajfa-724	28	7	new	new	ADJ
ajfa-724	28	8	valuation	valuation	NOUN
ajfa-724	28	9	model	model	NOUN
ajfa-724	28	10	by	by	ADP
ajfa-724	28	11	undertaking	undertake	VERB
ajfa-724	28	12	two	two	NUM
ajfa-724	28	13	case	case	NOUN
ajfa-724	28	14	examples	example	NOUN
ajfa-724	28	15	in	in	ADP
ajfa-724	28	16	the	the	DET
ajfa-724	28	17	indian	indian	ADJ
ajfa-724	28	18	tourism	tourism	PROPN
ajfa-724	28	19	&	&	CCONJ
ajfa-724	28	20	hospitality	hospitality	PROPN
ajfa-724	28	21	industry	industry	NOUN
ajfa-724	28	22	.	.	PUNCT
ajfa-724	29	1	the	the	DET
ajfa-724	29	2	remaining	remain	VERB
ajfa-724	29	3	study	study	NOUN
ajfa-724	29	4	is	be	AUX
ajfa-724	29	5	organized	organize	VERB
ajfa-724	29	6	as	as	SCONJ
ajfa-724	29	7	follows	follow	VERB
ajfa-724	29	8	:	:	PUNCT
ajfa-724	29	9	section	section	NOUN
ajfa-724	29	10	2	2	NUM
ajfa-724	29	11	describes	describe	VERB
ajfa-724	29	12	indian	indian	PROPN
ajfa-724	29	13	tourism	tourism	PROPN
ajfa-724	29	14	&	&	CCONJ
ajfa-724	29	15	hospitality	hospitality	PROPN
ajfa-724	29	16	industry	industry	NOUN
ajfa-724	29	17	,	,	PUNCT
ajfa-724	29	18	section	section	NOUN
ajfa-724	29	19	3	3	NUM
ajfa-724	29	20	presents	present	NOUN
ajfa-724	29	21	company	company	NOUN
ajfa-724	29	22	profiles	profile	NOUN
ajfa-724	29	23	;	;	PUNCT
ajfa-724	29	24	section	section	NOUN
ajfa-724	29	25	4	4	NUM
ajfa-724	29	26	construe	construe	VERB
ajfa-724	29	27	the	the	DET
ajfa-724	29	28	literature	literature	PROPN
ajfa-724	29	29	review	review	PROPN
ajfa-724	29	30	,	,	PUNCT
ajfa-724	29	31	section	section	NOUN
ajfa-724	29	32	5	5	NUM
ajfa-724	29	33	state	state	NOUN
ajfa-724	29	34	the	the	DET
ajfa-724	29	35	valuation	valuation	NOUN
ajfa-724	29	36	method	method	NOUN
ajfa-724	29	37	and	and	CCONJ
ajfa-724	29	38	results	result	NOUN
ajfa-724	29	39	discussed	discuss	VERB
ajfa-724	29	40	in	in	ADP
ajfa-724	29	41	section	section	NOUN
ajfa-724	29	42	6	6	NUM
ajfa-724	29	43	.	.	PUNCT
ajfa-724	30	1	finally	finally	ADV
ajfa-724	30	2	,	,	PUNCT
ajfa-724	30	3	conclusions	conclusion	NOUN
ajfa-724	30	4	presented	present	VERB
ajfa-724	30	5	in	in	ADP
ajfa-724	30	6	section	section	NOUN
ajfa-724	30	7	7	7	NUM
ajfa-724	30	8	.	.	SYM
ajfa-724	30	9	2	2	NUM
ajfa-724	30	10	.	.	X
ajfa-724	30	11	indian	indian	PROPN
ajfa-724	30	12	tourism	tourism	PROPN
ajfa-724	30	13	&	&	CCONJ
ajfa-724	30	14	hospitality	hospitality	PROPN
ajfa-724	30	15	industry	industry	PROPN
ajfa-724	30	16	indian	indian	ADJ
ajfa-724	30	17	culture	culture	NOUN
ajfa-724	30	18	replicates	replicate	NOUN
ajfa-724	30	19	by	by	ADP
ajfa-724	30	20	the	the	DET
ajfa-724	30	21	philosophy	philosophy	NOUN
ajfa-724	30	22	of	of	ADP
ajfa-724	30	23	"	"	PUNCT
ajfa-724	30	24	atithi	atithi	PROPN
ajfa-724	30	25	devo	devo	PROPN
ajfa-724	30	26	bhava	bhava	PROPN
ajfa-724	30	27	"	"	PUNCT
ajfa-724	30	28	,	,	PUNCT
ajfa-724	30	29	mean	mean	VERB
ajfa-724	30	30	that	that	SCONJ
ajfa-724	30	31	"	"	PUNCT
ajfa-724	30	32	the	the	DET
ajfa-724	30	33	guest	guest	NOUN
ajfa-724	30	34	is	be	AUX
ajfa-724	30	35	god	god	PROPN
ajfa-724	30	36	"	"	PUNCT
ajfa-724	30	37	in	in	ADP
ajfa-724	30	38	sanskrit	sanskrit	PROPN
ajfa-724	30	39	language	language	PROPN
ajfa-724	30	40	.	.	PUNCT
ajfa-724	31	1	tourism	tourism	NOUN
ajfa-724	31	2	has	have	AUX
ajfa-724	31	3	been	be	AUX
ajfa-724	31	4	a	a	DET
ajfa-724	31	5	major	major	ADJ
ajfa-724	31	6	social	social	ADJ
ajfa-724	31	7	phenomenon	phenomenon	NOUN
ajfa-724	31	8	of	of	ADP
ajfa-724	31	9	societies	society	NOUN
ajfa-724	31	10	all	all	ADV
ajfa-724	31	11	over	over	ADP
ajfa-724	31	12	the	the	DET
ajfa-724	31	13	world	world	NOUN
ajfa-724	31	14	.	.	PUNCT
ajfa-724	32	1	it	it	PRON
ajfa-724	32	2	is	be	AUX
ajfa-724	32	3	driven	drive	VERB
ajfa-724	32	4	by	by	ADP
ajfa-724	32	5	the	the	DET
ajfa-724	32	6	natural	natural	ADJ
ajfa-724	32	7	urge	urge	NOUN
ajfa-724	32	8	of	of	ADP
ajfa-724	32	9	every	every	DET
ajfa-724	32	10	human	human	ADJ
ajfa-724	32	11	being	being	NOUN
ajfa-724	32	12	for	for	ADP
ajfa-724	32	13	new	new	ADJ
ajfa-724	32	14	experiences	experience	NOUN
ajfa-724	32	15	,	,	PUNCT
ajfa-724	32	16	the	the	DET
ajfa-724	32	17	asian	asian	ADJ
ajfa-724	32	18	journal	journal	NOUN
ajfa-724	32	19	of	of	ADP
ajfa-724	32	20	finance	finance	PROPN
ajfa-724	32	21	&	&	CCONJ
ajfa-724	32	22	accounting	accounting	PROPN
ajfa-724	32	23	issn	issn	PROPN
ajfa-724	32	24	1946	1946	NUM
ajfa-724	32	25	-	-	PUNCT
ajfa-724	32	26	052x	052x	NOUN
ajfa-724	32	27	2011	2011	NUM
ajfa-724	32	28	,	,	PUNCT
ajfa-724	32	29	vol	vol	NOUN
ajfa-724	32	30	.	.	PROPN
ajfa-724	33	1	3	3	NUM
ajfa-724	33	2	,	,	PUNCT
ajfa-724	33	3	no	no	INTJ
ajfa-724	33	4	.	.	NOUN
ajfa-724	33	5	1	1	NUM
ajfa-724	33	6	:	:	PUNCT
ajfa-724	33	7	e6	e6	VERB
ajfa-724	33	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	X
ajfa-724	33	9	89	89	NUM
ajfa-724	33	10	desire	desire	NOUN
ajfa-724	33	11	to	to	PART
ajfa-724	33	12	be	be	AUX
ajfa-724	33	13	educated	educate	VERB
ajfa-724	33	14	and	and	CCONJ
ajfa-724	33	15	entertained	entertain	VERB
ajfa-724	33	16	.	.	PUNCT
ajfa-724	34	1	the	the	DET
ajfa-724	34	2	basic	basic	ADJ
ajfa-724	34	3	human	human	ADJ
ajfa-724	34	4	craving	craving	NOUN
ajfa-724	34	5	for	for	ADP
ajfa-724	34	6	new	new	ADJ
ajfa-724	34	7	experience	experience	NOUN
ajfa-724	34	8	and	and	CCONJ
ajfa-724	34	9	knowledge	knowledge	NOUN
ajfa-724	34	10	has	have	AUX
ajfa-724	34	11	become	become	VERB
ajfa-724	34	12	stronger	strong	ADJ
ajfa-724	34	13	,	,	PUNCT
ajfa-724	34	14	as	as	SCONJ
ajfa-724	34	15	communication	communication	NOUN
ajfa-724	34	16	barriers	barrier	NOUN
ajfa-724	34	17	are	be	AUX
ajfa-724	34	18	getting	getting	AUX
ajfa-724	34	19	overcome	overcome	VERB
ajfa-724	34	20	by	by	ADP
ajfa-724	34	21	technological	technological	ADJ
ajfa-724	34	22	advances	advance	NOUN
ajfa-724	34	23	.	.	PUNCT
ajfa-724	35	1	we	we	PRON
ajfa-724	35	2	describe	describe	VERB
ajfa-724	35	3	that	that	SCONJ
ajfa-724	35	4	the	the	DET
ajfa-724	35	5	progress	progress	NOUN
ajfa-724	35	6	in	in	ADP
ajfa-724	35	7	air	air	NOUN
ajfa-724	35	8	transport	transport	NOUN
ajfa-724	35	9	and	and	CCONJ
ajfa-724	35	10	development	development	NOUN
ajfa-724	35	11	of	of	ADP
ajfa-724	35	12	tourist	tourist	NOUN
ajfa-724	35	13	facilities	facility	NOUN
ajfa-724	35	14	has	have	AUX
ajfa-724	35	15	encouraged	encourage	VERB
ajfa-724	35	16	entrepreneurs	entrepreneur	NOUN
ajfa-724	35	17	to	to	PART
ajfa-724	35	18	venture	venture	VERB
ajfa-724	35	19	beyond	beyond	ADP
ajfa-724	35	20	cross	cross	NOUN
ajfa-724	35	21	-	-	NOUN
ajfa-724	35	22	borders	border	NOUN
ajfa-724	35	23	.	.	PUNCT
ajfa-724	36	1	hence	hence	ADV
ajfa-724	36	2	,	,	PUNCT
ajfa-724	36	3	tourism	tourism	NOUN
ajfa-724	36	4	is	be	AUX
ajfa-724	36	5	considered	consider	VERB
ajfa-724	36	6	to	to	PART
ajfa-724	36	7	be	be	AUX
ajfa-724	36	8	a	a	DET
ajfa-724	36	9	tool	tool	NOUN
ajfa-724	36	10	of	of	ADP
ajfa-724	36	11	economic	economic	ADJ
ajfa-724	36	12	development	development	NOUN
ajfa-724	36	13	and	and	CCONJ
ajfa-724	36	14	employment	employment	NOUN
ajfa-724	36	15	generation	generation	NOUN
ajfa-724	36	16	for	for	ADP
ajfa-724	36	17	developing	develop	VERB
ajfa-724	36	18	nations	nation	NOUN
ajfa-724	36	19	.	.	PUNCT
ajfa-724	37	1	it	it	PRON
ajfa-724	37	2	is	be	AUX
ajfa-724	37	3	one	one	NUM
ajfa-724	37	4	of	of	ADP
ajfa-724	37	5	the	the	DET
ajfa-724	37	6	largest	large	ADJ
ajfa-724	37	7	focused	focused	ADJ
ajfa-724	37	8	industries	industry	NOUN
ajfa-724	37	9	in	in	ADP
ajfa-724	37	10	service	service	NOUN
ajfa-724	37	11	sector	sector	NOUN
ajfa-724	37	12	globally	globally	ADV
ajfa-724	37	13	,	,	PUNCT
ajfa-724	37	14	in	in	ADP
ajfa-724	37	15	terms	term	NOUN
ajfa-724	37	16	of	of	ADP
ajfa-724	37	17	revenue	revenue	NOUN
ajfa-724	37	18	and	and	CCONJ
ajfa-724	37	19	foreign	foreign	ADJ
ajfa-724	37	20	exchange	exchange	NOUN
ajfa-724	37	21	earnings	earning	NOUN
ajfa-724	37	22	.	.	PUNCT
ajfa-724	38	1	tourism	tourism	NOUN
ajfa-724	38	2	plays	play	VERB
ajfa-724	38	3	an	an	DET
ajfa-724	38	4	important	important	ADJ
ajfa-724	38	5	and	and	CCONJ
ajfa-724	38	6	effective	effective	ADJ
ajfa-724	38	7	role	role	NOUN
ajfa-724	38	8	in	in	ADP
ajfa-724	38	9	achieving	achieve	VERB
ajfa-724	38	10	the	the	DET
ajfa-724	38	11	growth	growth	NOUN
ajfa-724	38	12	and	and	CCONJ
ajfa-724	38	13	sustainable	sustainable	ADJ
ajfa-724	38	14	development	development	NOUN
ajfa-724	38	15	of	of	ADP
ajfa-724	38	16	a	a	DET
ajfa-724	38	17	nation	nation	NOUN
ajfa-724	38	18	.	.	PUNCT
ajfa-724	39	1	after	after	ADP
ajfa-724	39	2	1990	1990	NUM
ajfa-724	39	3	’s	’s	PART
ajfa-724	39	4	liberalization	liberalization	NOUN
ajfa-724	39	5	policy	policy	NOUN
ajfa-724	39	6	,	,	PUNCT
ajfa-724	39	7	india	india	PROPN
ajfa-724	39	8	’s	’s	PART
ajfa-724	39	9	performance	performance	NOUN
ajfa-724	39	10	in	in	ADP
ajfa-724	39	11	tourism	tourism	NOUN
ajfa-724	39	12	sector	sector	NOUN
ajfa-724	39	13	has	have	AUX
ajfa-724	39	14	been	be	AUX
ajfa-724	39	15	quite	quite	ADV
ajfa-724	39	16	impressive	impressive	ADJ
ajfa-724	39	17	.	.	PUNCT
ajfa-724	40	1	during	during	ADP
ajfa-724	40	2	2002	2002	NUM
ajfa-724	40	3	-	-	SYM
ajfa-724	40	4	09	09	NUM
ajfa-724	40	5	,	,	PUNCT
ajfa-724	40	6	country	country	NOUN
ajfa-724	40	7	witnessed	witness	VERB
ajfa-724	40	8	an	an	DET
ajfa-724	40	9	impressive	impressive	ADJ
ajfa-724	40	10	growth	growth	NOUN
ajfa-724	40	11	in	in	ADP
ajfa-724	40	12	foreign	foreign	ADJ
ajfa-724	40	13	tourist	tourist	NOUN
ajfa-724	40	14	arrivals	arrival	NOUN
ajfa-724	40	15	(	(	PUNCT
ajfa-724	40	16	ftas	fta	NOUN
ajfa-724	40	17	)	)	PUNCT
ajfa-724	40	18	from	from	ADP
ajfa-724	40	19	2.38	2.38	NUM
ajfa-724	40	20	million	million	NUM
ajfa-724	40	21	to	to	ADP
ajfa-724	40	22	5.11	5.11	NUM
ajfa-724	40	23	million	million	NUM
ajfa-724	40	24	.	.	PUNCT
ajfa-724	41	1	due	due	ADP
ajfa-724	41	2	to	to	ADP
ajfa-724	41	3	the	the	DET
ajfa-724	41	4	global	global	ADJ
ajfa-724	41	5	slowdown	slowdown	NOUN
ajfa-724	41	6	&	&	CCONJ
ajfa-724	41	7	financial	financial	ADJ
ajfa-724	41	8	crisis	crisis	NOUN
ajfa-724	41	9	,	,	PUNCT
ajfa-724	41	10	terrorist	terrorist	ADJ
ajfa-724	41	11	activities	activity	NOUN
ajfa-724	41	12	,	,	PUNCT
ajfa-724	41	13	h1n1	h1n1	NOUN
ajfa-724	41	14	influenza	influenza	NOUN
ajfa-724	41	15	pandemic	pandemic	ADJ
ajfa-724	41	16	,	,	PUNCT
ajfa-724	41	17	etc	etc	X
ajfa-724	41	18	.	.	X
ajfa-724	41	19	,	,	PUNCT
ajfa-724	41	20	the	the	DET
ajfa-724	41	21	growth	growth	NOUN
ajfa-724	41	22	rate	rate	NOUN
ajfa-724	41	23	in	in	ADP
ajfa-724	41	24	ftas	fta	NOUN
ajfa-724	41	25	in	in	ADP
ajfa-724	41	26	2009	2009	NUM
ajfa-724	41	27	fell	fall	VERB
ajfa-724	41	28	by	by	ADP
ajfa-724	41	29	3.3	3.3	NUM
ajfa-724	41	30	per	per	ADP
ajfa-724	41	31	cent	cent	NOUN
ajfa-724	41	32	.	.	PUNCT
ajfa-724	42	1	foreign	foreign	ADJ
ajfa-724	42	2	exchange	exchange	NOUN
ajfa-724	42	3	earnings	earning	NOUN
ajfa-724	42	4	(	(	PUNCT
ajfa-724	42	5	fees	fee	NOUN
ajfa-724	42	6	)	)	PUNCT
ajfa-724	42	7	from	from	ADP
ajfa-724	42	8	tourism	tourism	NOUN
ajfa-724	42	9	increased	increase	VERB
ajfa-724	42	10	from	from	ADP
ajfa-724	42	11	$	$	SYM
ajfa-724	42	12	3.2	3.2	NUM
ajfa-724	42	13	billion	billion	NUM
ajfa-724	42	14	in	in	ADP
ajfa-724	42	15	2002	2002	NUM
ajfa-724	42	16	to	to	ADP
ajfa-724	42	17	$	$	SYM
ajfa-724	42	18	11.75	11.75	NUM
ajfa-724	42	19	billion	billion	NUM
ajfa-724	42	20	in	in	ADP
ajfa-724	42	21	2009	2009	NUM
ajfa-724	42	22	(	(	PUNCT
ajfa-724	42	23	ministry	ministry	NOUN
ajfa-724	42	24	of	of	ADP
ajfa-724	42	25	tourism	tourism	NOUN
ajfa-724	42	26	,	,	PUNCT
ajfa-724	42	27	government	government	NOUN
ajfa-724	42	28	of	of	ADP
ajfa-724	42	29	india	india	PROPN
ajfa-724	42	30	)	)	PUNCT
ajfa-724	42	31	.	.	PUNCT
ajfa-724	43	1	the	the	DET
ajfa-724	43	2	recently	recently	ADV
ajfa-724	43	3	held	hold	VERB
ajfa-724	43	4	common	common	ADJ
ajfa-724	43	5	wealth	wealth	NOUN
ajfa-724	43	6	games	game	NOUN
ajfa-724	43	7	(	(	PUNCT
ajfa-724	43	8	cwg	cwg	PROPN
ajfa-724	43	9	)	)	PUNCT
ajfa-724	43	10	–	–	PUNCT
ajfa-724	43	11	2010	2010	NUM
ajfa-724	43	12	at	at	ADP
ajfa-724	43	13	new	new	PROPN
ajfa-724	43	14	delhi	delhi	PROPN
ajfa-724	43	15	,	,	PUNCT
ajfa-724	43	16	pushed	push	VERB
ajfa-724	43	17	indian	indian	ADJ
ajfa-724	43	18	tourism	tourism	NOUN
ajfa-724	43	19	and	and	CCONJ
ajfa-724	43	20	hospitality	hospitality	NOUN
ajfa-724	43	21	sector	sector	NOUN
ajfa-724	43	22	to	to	PART
ajfa-724	43	23	grasp	grasp	VERB
ajfa-724	43	24	budding	bud	VERB
ajfa-724	43	25	opportunities	opportunity	NOUN
ajfa-724	43	26	in	in	ADP
ajfa-724	43	27	the	the	DET
ajfa-724	43	28	welcoming	welcome	VERB
ajfa-724	43	29	world	world	NOUN
ajfa-724	43	30	.	.	PUNCT
ajfa-724	44	1	it	it	PRON
ajfa-724	44	2	is	be	AUX
ajfa-724	44	3	expected	expect	VERB
ajfa-724	44	4	that	that	SCONJ
ajfa-724	44	5	the	the	DET
ajfa-724	44	6	industry	industry	NOUN
ajfa-724	44	7	will	will	AUX
ajfa-724	44	8	record	record	VERB
ajfa-724	44	9	strong	strong	ADJ
ajfa-724	44	10	growth	growth	NOUN
ajfa-724	44	11	over	over	ADP
ajfa-724	44	12	the	the	DET
ajfa-724	44	13	next	next	ADJ
ajfa-724	44	14	years	year	NOUN
ajfa-724	44	15	,	,	PUNCT
ajfa-724	44	16	resulting	result	VERB
ajfa-724	44	17	from	from	ADP
ajfa-724	44	18	the	the	DET
ajfa-724	44	19	growing	grow	VERB
ajfa-724	44	20	international	international	ADJ
ajfa-724	44	21	tourist	tourist	NOUN
ajfa-724	44	22	arrivals	arrival	NOUN
ajfa-724	44	23	,	,	PUNCT
ajfa-724	44	24	and	and	CCONJ
ajfa-724	44	25	other	other	ADJ
ajfa-724	44	26	developments	development	NOUN
ajfa-724	44	27	in	in	ADP
ajfa-724	44	28	heritage	heritage	NOUN
ajfa-724	44	29	and	and	CCONJ
ajfa-724	44	30	culture	culture	NOUN
ajfa-724	44	31	occasions	occasion	NOUN
ajfa-724	44	32	.	.	PUNCT
ajfa-724	45	1	government	government	NOUN
ajfa-724	45	2	also	also	ADV
ajfa-724	45	3	seems	seem	VERB
ajfa-724	45	4	to	to	PART
ajfa-724	45	5	keen	keen	VERB
ajfa-724	45	6	on	on	ADP
ajfa-724	45	7	growth	growth	NOUN
ajfa-724	45	8	of	of	ADP
ajfa-724	45	9	tourism	tourism	NOUN
ajfa-724	45	10	sector	sector	NOUN
ajfa-724	45	11	,	,	PUNCT
ajfa-724	45	12	which	which	PRON
ajfa-724	45	13	was	be	AUX
ajfa-724	45	14	apparent	apparent	ADJ
ajfa-724	45	15	from	from	ADP
ajfa-724	45	16	its	its	PRON
ajfa-724	45	17	policy	policy	NOUN
ajfa-724	45	18	decision	decision	NOUN
ajfa-724	45	19	such	such	ADJ
ajfa-724	45	20	as	as	ADP
ajfa-724	45	21	recent	recent	ADJ
ajfa-724	45	22	delinking	delinking	NOUN
ajfa-724	45	23	of	of	ADP
ajfa-724	45	24	hotels	hotel	NOUN
ajfa-724	45	25	from	from	ADP
ajfa-724	45	26	the	the	DET
ajfa-724	45	27	high	high	ADJ
ajfa-724	45	28	risk	risk	NOUN
ajfa-724	45	29	category	category	NOUN
ajfa-724	45	30	of	of	ADP
ajfa-724	45	31	real	real	ADJ
ajfa-724	45	32	estate	estate	NOUN
ajfa-724	45	33	business	business	NOUN
ajfa-724	45	34	,	,	PUNCT
ajfa-724	45	35	so	so	SCONJ
ajfa-724	45	36	that	that	SCONJ
ajfa-724	45	37	the	the	DET
ajfa-724	45	38	sector	sector	NOUN
ajfa-724	45	39	can	can	AUX
ajfa-724	45	40	get	get	VERB
ajfa-724	45	41	passable	passable	ADJ
ajfa-724	45	42	loans	loan	NOUN
ajfa-724	45	43	at	at	ADP
ajfa-724	45	44	lower	low	ADJ
ajfa-724	45	45	interest	interest	NOUN
ajfa-724	45	46	(	(	PUNCT
ajfa-724	45	47	[	[	X
ajfa-724	45	48	india	india	PROPN
ajfa-724	45	49	infoline	infoline	PROPN
ajfa-724	45	50	data	data	PROPN
ajfa-724	45	51	warehouse	warehouse	NOUN
ajfa-724	45	52	]	]	PUNCT
ajfa-724	45	53	)	)	PUNCT
ajfa-724	45	54	;	;	PUNCT
ajfa-724	45	55	and	and	CCONJ
ajfa-724	45	56	permitting	permit	VERB
ajfa-724	45	57	the	the	DET
ajfa-724	45	58	industry	industry	NOUN
ajfa-724	45	59	to	to	PART
ajfa-724	45	60	raise	raise	VERB
ajfa-724	45	61	external	external	ADJ
ajfa-724	45	62	commercial	commercial	ADJ
ajfa-724	45	63	borrowings	borrowing	NOUN
ajfa-724	45	64	(	(	PUNCT
ajfa-724	45	65	ecbs	ecbs	NOUN
ajfa-724	45	66	)	)	PUNCT
ajfa-724	45	67	.	.	PUNCT
ajfa-724	46	1	the	the	DET
ajfa-724	46	2	demand	demand	NOUN
ajfa-724	46	3	for	for	ADP
ajfa-724	46	4	travel	travel	NOUN
ajfa-724	46	5	and	and	CCONJ
ajfa-724	46	6	tourism	tourism	NOUN
ajfa-724	46	7	in	in	ADP
ajfa-724	46	8	india	india	PROPN
ajfa-724	46	9	is	be	AUX
ajfa-724	46	10	expected	expect	VERB
ajfa-724	46	11	to	to	PART
ajfa-724	46	12	grow	grow	VERB
ajfa-724	46	13	by	by	ADP
ajfa-724	46	14	8.2	8.2	NUM
ajfa-724	46	15	per	per	NOUN
ajfa-724	46	16	cent	cent	NOUN
ajfa-724	46	17	between	between	ADP
ajfa-724	46	18	2010	2010	NUM
ajfa-724	46	19	and	and	CCONJ
ajfa-724	46	20	2019	2019	NUM
ajfa-724	46	21	and	and	CCONJ
ajfa-724	46	22	would	would	AUX
ajfa-724	46	23	be	be	AUX
ajfa-724	46	24	placing	place	VERB
ajfa-724	46	25	india	india	PROPN
ajfa-724	46	26	at	at	ADP
ajfa-724	46	27	the	the	DET
ajfa-724	46	28	third	third	ADJ
ajfa-724	46	29	position	position	NOUN
ajfa-724	46	30	in	in	ADP
ajfa-724	46	31	the	the	DET
ajfa-724	46	32	world	world	NOUN
ajfa-724	46	33	.	.	PUNCT
ajfa-724	47	1	according	accord	VERB
ajfa-724	47	2	to	to	ADP
ajfa-724	47	3	a	a	DET
ajfa-724	47	4	report	report	NOUN
ajfa-724	47	5	by	by	ADP
ajfa-724	47	6	rncos	rnco	NOUN
ajfa-724	47	7	,	,	PUNCT
ajfa-724	47	8	medical	medical	ADJ
ajfa-724	47	9	tourism	tourism	NOUN
ajfa-724	47	10	will	will	AUX
ajfa-724	47	11	grow	grow	VERB
ajfa-724	47	12	at	at	ADP
ajfa-724	47	13	a	a	DET
ajfa-724	47	14	compound	compound	ADJ
ajfa-724	47	15	annual	annual	ADJ
ajfa-724	47	16	growth	growth	NOUN
ajfa-724	47	17	rate	rate	NOUN
ajfa-724	47	18	of	of	ADP
ajfa-724	47	19	over	over	ADP
ajfa-724	47	20	27	27	NUM
ajfa-724	47	21	per	per	ADP
ajfa-724	47	22	cent	cent	NOUN
ajfa-724	47	23	during	during	ADP
ajfa-724	47	24	2009–12	2009–12	NUM
ajfa-724	47	25	to	to	PART
ajfa-724	47	26	generate	generate	VERB
ajfa-724	47	27	revenues	revenue	NOUN
ajfa-724	47	28	$	$	SYM
ajfa-724	47	29	2.4billion	2.4billion	NUM
ajfa-724	47	30	by	by	ADP
ajfa-724	47	31	2012	2012	NUM
ajfa-724	47	32	.	.	PUNCT
ajfa-724	48	1	the	the	DET
ajfa-724	48	2	number	number	NOUN
ajfa-724	48	3	of	of	ADP
ajfa-724	48	4	medical	medical	ADJ
ajfa-724	48	5	tourists	tourist	NOUN
ajfa-724	48	6	is	be	AUX
ajfa-724	48	7	anticipated	anticipate	VERB
ajfa-724	48	8	to	to	PART
ajfa-724	48	9	grow	grow	VERB
ajfa-724	48	10	at	at	ADP
ajfa-724	48	11	a	a	DET
ajfa-724	48	12	cagr	cagr	NOUN
ajfa-724	48	13	of	of	ADP
ajfa-724	48	14	over	over	ADP
ajfa-724	48	15	19	19	NUM
ajfa-724	48	16	per	per	NOUN
ajfa-724	48	17	cent	cent	NOUN
ajfa-724	48	18	to	to	PART
ajfa-724	48	19	reach	reach	VERB
ajfa-724	48	20	1.1	1.1	NUM
ajfa-724	48	21	million	million	NUM
ajfa-724	48	22	by	by	ADP
ajfa-724	48	23	2012	2012	NUM
ajfa-724	48	24	.	.	PUNCT
ajfa-724	49	1	further	far	ADV
ajfa-724	49	2	,	,	PUNCT
ajfa-724	49	3	the	the	DET
ajfa-724	49	4	report	report	NOUN
ajfa-724	49	5	adds	add	VERB
ajfa-724	49	6	that	that	SCONJ
ajfa-724	49	7	india	india	PROPN
ajfa-724	49	8	’s	’s	PART
ajfa-724	49	9	share	share	NOUN
ajfa-724	49	10	in	in	ADP
ajfa-724	49	11	the	the	DET
ajfa-724	49	12	global	global	ADJ
ajfa-724	49	13	medical	medical	ADJ
ajfa-724	49	14	tourism	tourism	NOUN
ajfa-724	49	15	industry	industry	NOUN
ajfa-724	49	16	will	will	AUX
ajfa-724	49	17	climb	climb	VERB
ajfa-724	49	18	2.4	2.4	NUM
ajfa-724	49	19	per	per	ADP
ajfa-724	49	20	cent	cent	NOUN
ajfa-724	49	21	by	by	ADP
ajfa-724	49	22	the	the	DET
ajfa-724	49	23	end	end	NOUN
ajfa-724	49	24	of	of	ADP
ajfa-724	49	25	2012	2012	NUM
ajfa-724	49	26	.	.	PUNCT
ajfa-724	50	1	according	accord	VERB
ajfa-724	50	2	to	to	ADP
ajfa-724	50	3	federation	federation	PROPN
ajfa-724	50	4	of	of	ADP
ajfa-724	50	5	hotel	hotel	PROPN
ajfa-724	50	6	&	&	CCONJ
ajfa-724	50	7	restaurant	restaurant	PROPN
ajfa-724	50	8	associations	association	NOUN
ajfa-724	50	9	of	of	ADP
ajfa-724	50	10	india	india	PROPN
ajfa-724	50	11	(	(	PUNCT
ajfa-724	50	12	fhrai	fhrai	PROPN
ajfa-724	50	13	)	)	PUNCT
ajfa-724	50	14	,	,	PUNCT
ajfa-724	50	15	india	india	PROPN
ajfa-724	50	16	currently	currently	ADV
ajfa-724	50	17	has	have	VERB
ajfa-724	50	18	over	over	ADP
ajfa-724	50	19	two	two	NUM
ajfa-724	50	20	lakh	lakh	NOUN
ajfa-724	50	21	hotel	hotel	NOUN
ajfa-724	50	22	rooms	room	NOUN
ajfa-724	50	23	spread	spread	VERB
ajfa-724	50	24	across	across	ADP
ajfa-724	50	25	hotel	hotel	NOUN
ajfa-724	50	26	categories	category	NOUN
ajfa-724	50	27	&	&	CCONJ
ajfa-724	50	28	guest	guest	NOUN
ajfa-724	50	29	-	-	PUNCT
ajfa-724	50	30	houses	house	NOUN
ajfa-724	50	31	and	and	CCONJ
ajfa-724	50	32	is	be	AUX
ajfa-724	50	33	facing	face	VERB
ajfa-724	50	34	a	a	DET
ajfa-724	50	35	shortfall	shortfall	NOUN
ajfa-724	50	36	of	of	ADP
ajfa-724	50	37	over	over	ADP
ajfa-724	50	38	one	one	NUM
ajfa-724	50	39	lakh	lakh	NOUN
ajfa-724	50	40	rooms	room	NOUN
ajfa-724	50	41	.	.	PUNCT
ajfa-724	51	1	the	the	DET
ajfa-724	51	2	members	member	NOUN
ajfa-724	51	3	include	include	VERB
ajfa-724	51	4	hotels	hotel	NOUN
ajfa-724	51	5	and	and	CCONJ
ajfa-724	51	6	restaurants	restaurant	NOUN
ajfa-724	51	7	are	be	AUX
ajfa-724	51	8	depicted	depict	VERB
ajfa-724	51	9	in	in	ADP
ajfa-724	51	10	table	table	NOUN
ajfa-724	51	11	1	1	NUM
ajfa-724	51	12	below	below	ADV
ajfa-724	51	13	.	.	PUNCT
ajfa-724	52	1	asian	asian	ADJ
ajfa-724	52	2	journal	journal	PROPN
ajfa-724	52	3	of	of	ADP
ajfa-724	52	4	finance	finance	PROPN
ajfa-724	52	5	&	&	CCONJ
ajfa-724	52	6	accounting	accounting	PROPN
ajfa-724	52	7	issn	issn	PROPN
ajfa-724	52	8	1946	1946	NUM
ajfa-724	52	9	-	-	PUNCT
ajfa-724	52	10	052x	052x	NOUN
ajfa-724	52	11	2011	2011	NUM
ajfa-724	52	12	,	,	PUNCT
ajfa-724	52	13	vol	vol	NOUN
ajfa-724	52	14	.	.	PROPN
ajfa-724	53	1	3	3	NUM
ajfa-724	53	2	,	,	PUNCT
ajfa-724	53	3	no	no	INTJ
ajfa-724	53	4	.	.	NOUN
ajfa-724	53	5	1	1	NUM
ajfa-724	53	6	:	:	PUNCT
ajfa-724	53	7	e6	e6	VERB
ajfa-724	53	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	53	9	90	90	NUM
ajfa-724	53	10	table	table	NOUN
ajfa-724	53	11	1	1	NUM
ajfa-724	53	12	.	.	PUNCT
ajfa-724	53	13	break	break	NOUN
ajfa-724	53	14	-	-	PUNCT
ajfa-724	53	15	up	up	NOUN
ajfa-724	53	16	of	of	ADP
ajfa-724	53	17	fhrai	fhrai	ADJ
ajfa-724	53	18	members	member	NOUN
ajfa-724	53	19	as	as	ADP
ajfa-724	53	20	on	on	ADP
ajfa-724	53	21	aug	aug	PROPN
ajfa-724	53	22	23	23	NUM
ajfa-724	53	23	,	,	PUNCT
ajfa-724	53	24	2010	2010	NUM
ajfa-724	53	25	category	category	NOUN
ajfa-724	53	26	east	east	PROPN
ajfa-724	53	27	north	north	PROPN
ajfa-724	53	28	south	south	PROPN
ajfa-724	53	29	west	west	PROPN
ajfa-724	53	30	total	total	ADJ
ajfa-724	53	31	hotels	hotel	NOUN
ajfa-724	53	32	rooms	room	NOUN
ajfa-724	53	33	hotels	hotel	NOUN
ajfa-724	53	34	rooms	room	NOUN
ajfa-724	53	35	hotels	hotel	NOUN
ajfa-724	53	36	rooms	room	NOUN
ajfa-724	53	37	hotels	hotel	NOUN
ajfa-724	53	38	rooms	room	NOUN
ajfa-724	53	39	hotels	hotel	NOUN
ajfa-724	53	40	rooms	room	VERB
ajfa-724	53	41	5	5	NUM
ajfa-724	53	42	stat	stat	NOUN
ajfa-724	53	43	deluxe	deluxe	NOUN
ajfa-724	53	44	9	9	NUM
ajfa-724	53	45	1365	1365	NUM
ajfa-724	53	46	36	36	NUM
ajfa-724	53	47	8492	8492	NUM
ajfa-724	53	48	23	23	NUM
ajfa-724	53	49	4088	4088	NUM
ajfa-724	53	50	37	37	NUM
ajfa-724	53	51	9230	9230	NUM
ajfa-724	53	52	105	105	NUM
ajfa-724	53	53	23175	23175	NUM
ajfa-724	53	54	5	5	NUM
ajfa-724	53	55	star	star	NOUN
ajfa-724	53	56	3	3	NUM
ajfa-724	53	57	322	322	NUM
ajfa-724	53	58	34	34	NUM
ajfa-724	53	59	3971	3971	NUM
ajfa-724	53	60	30	30	NUM
ajfa-724	53	61	3871	3871	NUM
ajfa-724	53	62	38	38	NUM
ajfa-724	53	63	4213	4213	NUM
ajfa-724	53	64	105	105	NUM
ajfa-724	53	65	12377	12377	NUM
ajfa-724	53	66	4	4	NUM
ajfa-724	53	67	star	star	NOUN
ajfa-724	53	68	11	11	NUM
ajfa-724	53	69	784	784	NUM
ajfa-724	53	70	44	44	NUM
ajfa-724	53	71	3665	3665	NUM
ajfa-724	53	72	45	45	NUM
ajfa-724	53	73	4099	4099	NUM
ajfa-724	53	74	35	35	NUM
ajfa-724	53	75	3075	3075	NUM
ajfa-724	53	76	135	135	NUM
ajfa-724	53	77	11623	11623	NUM
ajfa-724	53	78	3	3	NUM
ajfa-724	53	79	star	star	NOUN
ajfa-724	53	80	32	32	NUM
ajfa-724	53	81	1566	1566	NUM
ajfa-724	53	82	88	88	NUM
ajfa-724	53	83	3910	3910	NUM
ajfa-724	53	84	186	186	NUM
ajfa-724	53	85	10921	10921	NUM
ajfa-724	53	86	121	121	NUM
ajfa-724	53	87	7091	7091	NUM
ajfa-724	53	88	427	427	NUM
ajfa-724	53	89	23488	23488	NUM
ajfa-724	53	90	2	2	NUM
ajfa-724	53	91	star	star	NOUN
ajfa-724	53	92	11	11	NUM
ajfa-724	53	93	340	340	NUM
ajfa-724	53	94	20	20	NUM
ajfa-724	53	95	743	743	NUM
ajfa-724	53	96	32	32	NUM
ajfa-724	53	97	1363	1363	NUM
ajfa-724	53	98	37	37	NUM
ajfa-724	53	99	1495	1495	NUM
ajfa-724	53	100	100	100	NUM
ajfa-724	53	101	3941	3941	NUM
ajfa-724	53	102	1	1	NUM
ajfa-724	53	103	star	star	NOUN
ajfa-724	53	104	1	1	NUM
ajfa-724	53	105	42	42	NUM
ajfa-724	53	106	5	5	NUM
ajfa-724	53	107	78	78	NUM
ajfa-724	53	108	6	6	NUM
ajfa-724	53	109	225	225	NUM
ajfa-724	53	110	6	6	NUM
ajfa-724	53	111	233	233	NUM
ajfa-724	53	112	18	18	NUM
ajfa-724	53	113	578	578	NUM
ajfa-724	53	114	heritage	heritage	NOUN
ajfa-724	53	115	29	29	NUM
ajfa-724	53	116	1085	1085	NUM
ajfa-724	53	117	8	8	NUM
ajfa-724	53	118	340	340	NUM
ajfa-724	53	119	8	8	NUM
ajfa-724	53	120	318	318	NUM
ajfa-724	53	121	45	45	NUM
ajfa-724	53	122	1743	1743	NUM
ajfa-724	53	123	un	un	PROPN
ajfa-724	53	124	-	-	ADJ
ajfa-724	53	125	classified	classify	VERB
ajfa-724	53	126	198	198	NUM
ajfa-724	53	127	7471	7471	NUM
ajfa-724	53	128	442	442	NUM
ajfa-724	53	129	16514	16514	NUM
ajfa-724	53	130	332	332	NUM
ajfa-724	53	131	16898	16898	NUM
ajfa-724	53	132	393	393	NUM
ajfa-724	53	133	14978	14978	NUM
ajfa-724	53	134	1365	1365	NUM
ajfa-724	53	135	55861	55861	NUM
ajfa-724	53	136	restaurants	restaurant	VERB
ajfa-724	53	137	135	135	NUM
ajfa-724	53	138	12483	12483	NUM
ajfa-724	53	139	517	517	NUM
ajfa-724	53	140	44134	44134	NUM
ajfa-724	53	141	252	252	NUM
ajfa-724	53	142	23422	23422	NUM
ajfa-724	53	143	229	229	NUM
ajfa-724	53	144	150620	150620	NUM
ajfa-724	53	145	1133	1133	NUM
ajfa-724	53	146	230659	230659	NUM
ajfa-724	54	1	associates	associate	NOUN
ajfa-724	54	2	17	17	NUM
ajfa-724	54	3	60	60	NUM
ajfa-724	54	4	41	41	NUM
ajfa-724	54	5	30	30	NUM
ajfa-724	54	6	148	148	NUM
ajfa-724	54	7	organizations	organization	NOUN
ajfa-724	54	8	1	1	NUM
ajfa-724	54	9	1	1	NUM
ajfa-724	54	10	1	1	NUM
ajfa-724	54	11	1	1	NUM
ajfa-724	54	12	4	4	NUM
ajfa-724	54	13	total	total	NOUN
ajfa-724	54	14	418	418	NUM
ajfa-724	54	15	1276	1276	NUM
ajfa-724	54	16	956	956	NUM
ajfa-724	54	17	935	935	NUM
ajfa-724	54	18	3585	3585	NUM
ajfa-724	54	19	source	source	NOUN
ajfa-724	54	20	:	:	PUNCT
ajfa-724	54	21	federation	federation	PROPN
ajfa-724	54	22	of	of	ADP
ajfa-724	54	23	hotel	hotel	PROPN
ajfa-724	54	24	&	&	CCONJ
ajfa-724	54	25	restaurant	restaurant	PROPN
ajfa-724	54	26	associations	association	NOUN
ajfa-724	54	27	of	of	ADP
ajfa-724	54	28	india	india	PROPN
ajfa-724	54	29	(	(	PUNCT
ajfa-724	54	30	fhrai	fhrai	PROPN
ajfa-724	54	31	)	)	PUNCT
ajfa-724	54	32	3	3	NUM
ajfa-724	54	33	.	.	NOUN
ajfa-724	54	34	case	case	NOUN
ajfa-724	54	35	illustration	illustration	NOUN
ajfa-724	54	36	approach	approach	NOUN
ajfa-724	54	37	to	to	PART
ajfa-724	54	38	achieve	achieve	VERB
ajfa-724	54	39	the	the	DET
ajfa-724	54	40	objective	objective	NOUN
ajfa-724	54	41	of	of	ADP
ajfa-724	54	42	study	study	NOUN
ajfa-724	54	43	,	,	PUNCT
ajfa-724	54	44	we	we	PRON
ajfa-724	54	45	undertake	undertake	VERB
ajfa-724	54	46	two	two	NUM
ajfa-724	54	47	case	case	NOUN
ajfa-724	54	48	examples	example	NOUN
ajfa-724	54	49	while	while	SCONJ
ajfa-724	54	50	validating	validate	VERB
ajfa-724	54	51	new	new	ADJ
ajfa-724	54	52	valuation	valuation	NOUN
ajfa-724	54	53	model	model	NOUN
ajfa-724	54	54	,	,	PUNCT
ajfa-724	54	55	namely	namely	ADV
ajfa-724	54	56	the	the	DET
ajfa-724	54	57	oberoi	oberoi	NOUN
ajfa-724	54	58	hotels	hotel	NOUN
ajfa-724	54	59	(	(	PUNCT
ajfa-724	54	60	formerly	formerly	ADV
ajfa-724	54	61	eih	eih	PROPN
ajfa-724	54	62	ltd	ltd	PROPN
ajfa-724	54	63	)	)	PUNCT
ajfa-724	54	64	and	and	CCONJ
ajfa-724	54	65	the	the	DET
ajfa-724	54	66	leela	leela	PROPN
ajfa-724	54	67	hotels	hotel	NOUN
ajfa-724	54	68	(	(	PUNCT
ajfa-724	54	69	formerly	formerly	ADV
ajfa-724	54	70	hotel	hotel	PROPN
ajfa-724	54	71	leelaventure	leelaventure	PROPN
ajfa-724	54	72	ltd	ltd	PROPN
ajfa-724	54	73	)	)	PUNCT
ajfa-724	54	74	.	.	PUNCT
ajfa-724	55	1	3.1	3.1	NUM
ajfa-724	56	1	the	the	DET
ajfa-724	56	2	oberoi	oberoi	NOUN
ajfa-724	56	3	hotels	hotel	NOUN
ajfa-724	56	4	(	(	PUNCT
ajfa-724	56	5	eih	eih	PROPN
ajfa-724	56	6	ltd	ltd	PROPN
ajfa-724	56	7	)	)	PUNCT
ajfa-724	56	8	eih	eih	PROPN
ajfa-724	56	9	ltd	ltd	PROPN
ajfa-724	56	10	is	be	AUX
ajfa-724	56	11	the	the	DET
ajfa-724	56	12	flagship	flagship	NOUN
ajfa-724	56	13	company	company	NOUN
ajfa-724	56	14	of	of	ADP
ajfa-724	56	15	oberoi	oberoi	PROPN
ajfa-724	56	16	group	group	NOUN
ajfa-724	56	17	and	and	CCONJ
ajfa-724	56	18	the	the	DET
ajfa-724	56	19	largest	large	ADJ
ajfa-724	56	20	chain	chain	NOUN
ajfa-724	56	21	of	of	ADP
ajfa-724	56	22	hotels	hotel	NOUN
ajfa-724	56	23	in	in	ADP
ajfa-724	56	24	india	india	PROPN
ajfa-724	56	25	.	.	PUNCT
ajfa-724	57	1	it	it	PRON
ajfa-724	57	2	is	be	AUX
ajfa-724	57	3	in	in	ADP
ajfa-724	57	4	the	the	DET
ajfa-724	57	5	business	business	NOUN
ajfa-724	57	6	of	of	ADP
ajfa-724	57	7	luxury	luxury	NOUN
ajfa-724	57	8	hotels	hotel	NOUN
ajfa-724	57	9	,	,	PUNCT
ajfa-724	57	10	restaurant	restaurant	NOUN
ajfa-724	57	11	,	,	PUNCT
ajfa-724	57	12	management	management	NOUN
ajfa-724	57	13	contracts	contract	NOUN
ajfa-724	57	14	and	and	CCONJ
ajfa-724	57	15	travel	travel	NOUN
ajfa-724	57	16	and	and	CCONJ
ajfa-724	57	17	tours	tour	NOUN
ajfa-724	57	18	.	.	PUNCT
ajfa-724	58	1	the	the	DET
ajfa-724	58	2	oberoi	oberoi	PROPN
ajfa-724	58	3	group	group	NOUN
ajfa-724	58	4	,	,	PUNCT
ajfa-724	58	5	founded	found	VERB
ajfa-724	58	6	in	in	ADP
ajfa-724	58	7	1934	1934	NUM
ajfa-724	58	8	,	,	PUNCT
ajfa-724	58	9	employs	employ	VERB
ajfa-724	58	10	more	more	ADJ
ajfa-724	58	11	than	than	ADP
ajfa-724	58	12	12000	12000	NUM
ajfa-724	58	13	people	people	NOUN
ajfa-724	58	14	worldwide	worldwide	ADV
ajfa-724	58	15	and	and	CCONJ
ajfa-724	58	16	operates	operate	VERB
ajfa-724	58	17	28	28	NUM
ajfa-724	58	18	hotels	hotel	NOUN
ajfa-724	58	19	&	&	CCONJ
ajfa-724	58	20	three	three	NUM
ajfa-724	58	21	cruisers	cruiser	NOUN
ajfa-724	58	22	in	in	ADP
ajfa-724	58	23	five	five	NUM
ajfa-724	58	24	countries	country	NOUN
ajfa-724	58	25	under	under	ADP
ajfa-724	58	26	the	the	DET
ajfa-724	58	27	luxury	luxury	NOUN
ajfa-724	58	28	‘	'	PUNCT
ajfa-724	58	29	oberoi	oberoi	NOUN
ajfa-724	58	30	’	'	PUNCT
ajfa-724	58	31	and	and	CCONJ
ajfa-724	58	32	five	five	NUM
ajfa-724	58	33	-	-	PUNCT
ajfa-724	58	34	star	star	NOUN
ajfa-724	58	35	‘	'	PUNCT
ajfa-724	58	36	trident	trident	NOUN
ajfa-724	58	37	’	'	PUNCT
ajfa-724	58	38	brands	brand	NOUN
ajfa-724	58	39	.	.	PUNCT
ajfa-724	59	1	apart	apart	ADV
ajfa-724	59	2	from	from	ADP
ajfa-724	59	3	the	the	DET
ajfa-724	59	4	core	core	NOUN
ajfa-724	59	5	business	business	NOUN
ajfa-724	59	6	,	,	PUNCT
ajfa-724	59	7	it	it	PRON
ajfa-724	59	8	is	be	AUX
ajfa-724	59	9	engaged	engage	VERB
ajfa-724	59	10	in	in	ADP
ajfa-724	59	11	flight	flight	NOUN
ajfa-724	59	12	catering	catering	NOUN
ajfa-724	59	13	,	,	PUNCT
ajfa-724	59	14	airport	airport	NOUN
ajfa-724	59	15	restaurants	restaurant	NOUN
ajfa-724	59	16	,	,	PUNCT
ajfa-724	59	17	travel	travel	NOUN
ajfa-724	59	18	and	and	CCONJ
ajfa-724	59	19	tour	tour	NOUN
ajfa-724	59	20	services	service	NOUN
ajfa-724	59	21	,	,	PUNCT
ajfa-724	59	22	car	car	NOUN
ajfa-724	59	23	rentals	rental	NOUN
ajfa-724	59	24	,	,	PUNCT
ajfa-724	59	25	project	project	NOUN
ajfa-724	59	26	management	management	NOUN
ajfa-724	59	27	and	and	CCONJ
ajfa-724	59	28	corporate	corporate	ADJ
ajfa-724	59	29	air	air	NOUN
ajfa-724	59	30	charters	charter	NOUN
ajfa-724	59	31	.	.	PUNCT
ajfa-724	60	1	trident	trident	ADJ
ajfa-724	60	2	hotels	hotel	NOUN
ajfa-724	60	3	are	be	AUX
ajfa-724	60	4	five	five	NUM
ajfa-724	60	5	-	-	PUNCT
ajfa-724	60	6	star	star	NOUN
ajfa-724	60	7	hotels	hotel	NOUN
ajfa-724	60	8	that	that	PRON
ajfa-724	60	9	have	have	AUX
ajfa-724	60	10	established	establish	VERB
ajfa-724	60	11	as	as	ADP
ajfa-724	60	12	a	a	DET
ajfa-724	60	13	reputation	reputation	NOUN
ajfa-724	60	14	for	for	ADP
ajfa-724	60	15	excellence	excellence	NOUN
ajfa-724	60	16	and	and	CCONJ
ajfa-724	60	17	are	be	AUX
ajfa-724	60	18	acknowledged	acknowledge	VERB
ajfa-724	60	19	for	for	ADP
ajfa-724	60	20	offering	offer	VERB
ajfa-724	60	21	quality	quality	NOUN
ajfa-724	60	22	and	and	CCONJ
ajfa-724	60	23	value	value	NOUN
ajfa-724	60	24	.	.	PUNCT
ajfa-724	61	1	these	these	DET
ajfa-724	61	2	hotels	hotel	NOUN
ajfa-724	61	3	combine	combine	VERB
ajfa-724	61	4	state	state	NOUN
ajfa-724	61	5	of	of	ADP
ajfa-724	61	6	the	the	DET
ajfa-724	61	7	art	art	NOUN
ajfa-724	61	8	facilities	facility	NOUN
ajfa-724	61	9	with	with	ADP
ajfa-724	61	10	dependable	dependable	ADJ
ajfa-724	61	11	service	service	NOUN
ajfa-724	61	12	in	in	ADP
ajfa-724	61	13	a	a	DET
ajfa-724	61	14	caring	caring	ADJ
ajfa-724	61	15	environment	environment	NOUN
ajfa-724	61	16	,	,	PUNCT
ajfa-724	61	17	presenting	present	VERB
ajfa-724	61	18	the	the	DET
ajfa-724	61	19	ideal	ideal	ADJ
ajfa-724	61	20	choice	choice	NOUN
ajfa-724	61	21	for	for	ADP
ajfa-724	61	22	business	business	NOUN
ajfa-724	61	23	and	and	CCONJ
ajfa-724	61	24	leisure	leisure	NOUN
ajfa-724	61	25	travelers	traveler	NOUN
ajfa-724	61	26	,	,	PUNCT
ajfa-724	61	27	presently	presently	ADV
ajfa-724	61	28	there	there	PRON
ajfa-724	61	29	are	be	VERB
ajfa-724	61	30	nine	nine	NUM
ajfa-724	61	31	trident	trident	ADJ
ajfa-724	61	32	hotels	hotel	NOUN
ajfa-724	61	33	in	in	ADP
ajfa-724	61	34	india	india	PROPN
ajfa-724	61	35	.	.	PUNCT
ajfa-724	62	1	mr	mr	PROPN
ajfa-724	62	2	.	.	PROPN
ajfa-724	62	3	p.r.s	p.r.s	PROPN
ajfa-724	62	4	.	.	PUNCT
ajfa-724	63	1	oberoi	oberoi	PROPN
ajfa-724	63	2	is	be	AUX
ajfa-724	63	3	the	the	DET
ajfa-724	63	4	chairman	chairman	NOUN
ajfa-724	63	5	and	and	CCONJ
ajfa-724	63	6	chief	chief	ADJ
ajfa-724	63	7	executive	executive	ADJ
ajfa-724	63	8	officer	officer	NOUN
ajfa-724	63	9	of	of	ADP
ajfa-724	63	10	eih	eih	PROPN
ajfa-724	63	11	limited	limited	PROPN
ajfa-724	63	12	(	(	PUNCT
ajfa-724	63	13	the	the	DET
ajfa-724	63	14	oberoi	oberoi	NOUN
ajfa-724	63	15	group	group	NOUN
ajfa-724	63	16	)	)	PUNCT
ajfa-724	63	17	.	.	PUNCT
ajfa-724	64	1	he	he	PRON
ajfa-724	64	2	is	be	AUX
ajfa-724	64	3	also	also	ADV
ajfa-724	64	4	the	the	DET
ajfa-724	64	5	chairman	chairman	NOUN
ajfa-724	64	6	of	of	ADP
ajfa-724	64	7	oberoi	oberoi	NOUN
ajfa-724	64	8	hotels	hotel	NOUN
ajfa-724	64	9	private	private	ADJ
ajfa-724	64	10	limited	limited	ADJ
ajfa-724	64	11	,	,	PUNCT
ajfa-724	64	12	the	the	DET
ajfa-724	64	13	major	major	ADJ
ajfa-724	64	14	shareholder	shareholder	NOUN
ajfa-724	64	15	of	of	ADP
ajfa-724	64	16	eih	eih	PROPN
ajfa-724	64	17	limited	limited	PROPN
ajfa-724	64	18	,	,	PUNCT
ajfa-724	64	19	known	know	VERB
ajfa-724	64	20	as	as	ADP
ajfa-724	64	21	‘	'	PUNCT
ajfa-724	64	22	biki	biki	PROPN
ajfa-724	64	23	’	'	PUNCT
ajfa-724	64	24	.	.	PUNCT
ajfa-724	65	1	mr	mr	PROPN
ajfa-724	65	2	.	.	PROPN
ajfa-724	65	3	oberoi	oberoi	PROPN
ajfa-724	65	4	is	be	AUX
ajfa-724	65	5	the	the	DET
ajfa-724	65	6	son	son	NOUN
ajfa-724	65	7	of	of	ADP
ajfa-724	65	8	late	late	PROPN
ajfa-724	65	9	rai	rai	PROPN
ajfa-724	65	10	bahadur	bahadur	PROPN
ajfa-724	65	11	m.s	m.s	PROPN
ajfa-724	65	12	.	.	PROPN
ajfa-724	65	13	oberoi	oberoi	PROPN
ajfa-724	65	14	,	,	PUNCT
ajfa-724	65	15	the	the	DET
ajfa-724	65	16	founder	founder	NOUN
ajfa-724	65	17	of	of	ADP
ajfa-724	65	18	the	the	DET
ajfa-724	65	19	oberoi	oberoi	NOUN
ajfa-724	65	20	group	group	NOUN
ajfa-724	65	21	.	.	PUNCT
ajfa-724	66	1	in	in	ADP
ajfa-724	66	2	january	january	PROPN
ajfa-724	66	3	2008	2008	NUM
ajfa-724	66	4	,	,	PUNCT
ajfa-724	66	5	oberoi	oberoi	NOUN
ajfa-724	66	6	awarded	award	VERB
ajfa-724	66	7	as	as	ADP
ajfa-724	66	8	‘	'	PUNCT
ajfa-724	66	9	padma	padma	NOUN
ajfa-724	66	10	vibhushan	vibhushan	PROPN
ajfa-724	66	11	’	'	PUNCT
ajfa-724	66	12	,	,	PUNCT
ajfa-724	66	13	india	india	PROPN
ajfa-724	66	14	’s	’s	PART
ajfa-724	66	15	second	second	ADV
ajfa-724	66	16	highest	high	ADJ
ajfa-724	66	17	civilian	civilian	ADJ
ajfa-724	66	18	honor	honor	NOUN
ajfa-724	66	19	,	,	PUNCT
ajfa-724	66	20	in	in	ADP
ajfa-724	66	21	recognition	recognition	NOUN
ajfa-724	66	22	of	of	ADP
ajfa-724	66	23	his	his	PRON
ajfa-724	66	24	exceptional	exceptional	ADJ
ajfa-724	66	25	service	service	NOUN
ajfa-724	66	26	(	(	PUNCT
ajfa-724	66	27	hospitality	hospitality	NOUN
ajfa-724	66	28	and	and	CCONJ
ajfa-724	66	29	tourism	tourism	NOUN
ajfa-724	66	30	)	)	PUNCT
ajfa-724	66	31	to	to	ADP
ajfa-724	66	32	the	the	DET
ajfa-724	66	33	country	country	NOUN
ajfa-724	66	34	.	.	PUNCT
ajfa-724	67	1	in	in	ADP
ajfa-724	67	2	august	august	PROPN
ajfa-724	67	3	2010	2010	NUM
ajfa-724	67	4	,	,	PUNCT
ajfa-724	67	5	oberoi	oberoi	NOUN
ajfa-724	67	6	hotels	hotel	NOUN
ajfa-724	67	7	pvt	pvt	PROPN
ajfa-724	67	8	ltd	ltd	PROPN
ajfa-724	67	9	,	,	PUNCT
ajfa-724	67	10	aravali	aravali	ADJ
ajfa-724	67	11	polymers	polymers	PROPN
ajfa-724	67	12	llp	llp	PROPN
ajfa-724	67	13	and	and	CCONJ
ajfa-724	67	14	prithvi	prithvi	PROPN
ajfa-724	67	15	raj	raj	PROPN
ajfa-724	67	16	singh	singh	PROPN
ajfa-724	67	17	oberoi	oberoi	PROPN
ajfa-724	67	18	sold	sell	VERB
ajfa-724	67	19	55.47	55.47	NUM
ajfa-724	67	20	million	million	NUM
ajfa-724	67	21	shares	share	NOUN
ajfa-724	67	22	,	,	PUNCT
ajfa-724	67	23	representing	represent	VERB
ajfa-724	67	24	approximately	approximately	ADV
ajfa-724	67	25	14.12	14.12	NUM
ajfa-724	67	26	per	per	ADP
ajfa-724	67	27	cent	cent	NOUN
ajfa-724	67	28	of	of	ADP
ajfa-724	67	29	the	the	DET
ajfa-724	67	30	share	share	NOUN
ajfa-724	67	31	capital	capital	NOUN
ajfa-724	67	32	of	of	ADP
ajfa-724	67	33	the	the	DET
ajfa-724	67	34	company	company	NOUN
ajfa-724	67	35	to	to	ADP
ajfa-724	67	36	reliance	reliance	NOUN
ajfa-724	67	37	industries	industry	NOUN
ajfa-724	67	38	investment	investment	NOUN
ajfa-724	67	39	and	and	CCONJ
ajfa-724	67	40	holding	hold	VERB
ajfa-724	67	41	pvt	pvt	PROPN
ajfa-724	67	42	ltd	ltd	PROPN
ajfa-724	67	43	.	.	PROPN
ajfa-724	67	44	asian	asian	PROPN
ajfa-724	67	45	journal	journal	PROPN
ajfa-724	67	46	of	of	ADP
ajfa-724	67	47	finance	finance	PROPN
ajfa-724	67	48	&	&	CCONJ
ajfa-724	67	49	accounting	accounting	PROPN
ajfa-724	67	50	issn	issn	PROPN
ajfa-724	67	51	1946	1946	NUM
ajfa-724	67	52	-	-	PUNCT
ajfa-724	67	53	052x	052x	NOUN
ajfa-724	67	54	2011	2011	NUM
ajfa-724	67	55	,	,	PUNCT
ajfa-724	67	56	vol	vol	NOUN
ajfa-724	67	57	.	.	PROPN
ajfa-724	68	1	3	3	NUM
ajfa-724	68	2	,	,	PUNCT
ajfa-724	68	3	no	no	INTJ
ajfa-724	68	4	.	.	NOUN
ajfa-724	68	5	1	1	NUM
ajfa-724	68	6	:	:	PUNCT
ajfa-724	68	7	e6	e6	VERB
ajfa-724	68	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-724	68	9	91	91	NUM
ajfa-724	68	10	3.2	3.2	NUM
ajfa-724	68	11	hotel	hotel	PROPN
ajfa-724	68	12	leelaventure	leelaventure	PROPN
ajfa-724	68	13	ltd	ltd	PROPN
ajfa-724	68	14	hotel	hotel	PROPN
ajfa-724	68	15	leela	leela	PROPN
ajfa-724	68	16	venture	venture	PROPN
ajfa-724	68	17	ltd	ltd	PROPN
ajfa-724	68	18	was	be	AUX
ajfa-724	68	19	incorporated	incorporate	VERB
ajfa-724	68	20	in	in	ADP
ajfa-724	68	21	1981	1981	NUM
ajfa-724	68	22	.	.	PUNCT
ajfa-724	69	1	leela	leela	PROPN
ajfa-724	69	2	entered	enter	VERB
ajfa-724	69	3	into	into	ADP
ajfa-724	69	4	collaboration	collaboration	NOUN
ajfa-724	69	5	with	with	ADP
ajfa-724	69	6	penta	penta	ADJ
ajfa-724	69	7	hotels	hotel	NOUN
ajfa-724	69	8	,	,	PUNCT
ajfa-724	69	9	uk	uk	PROPN
ajfa-724	69	10	to	to	PART
ajfa-724	69	11	set	set	VERB
ajfa-724	69	12	up	up	ADP
ajfa-724	69	13	and	and	CCONJ
ajfa-724	69	14	operate	operate	VERB
ajfa-724	69	15	5	5	NUM
ajfa-724	69	16	-	-	PUNCT
ajfa-724	69	17	star	star	NOUN
ajfa-724	69	18	hotels	hotel	NOUN
ajfa-724	69	19	,	,	PUNCT
ajfa-724	69	20	which	which	PRON
ajfa-724	69	21	was	be	AUX
ajfa-724	69	22	subsequently	subsequently	ADV
ajfa-724	69	23	transferred	transfer	VERB
ajfa-724	69	24	to	to	ADP
ajfa-724	69	25	kempinski	kempinski	PROPN
ajfa-724	69	26	hotels	hotels	PROPN
ajfa-724	69	27	,	,	PUNCT
ajfa-724	69	28	a	a	DET
ajfa-724	69	29	european	european	ADJ
ajfa-724	69	30	chain	chain	NOUN
ajfa-724	69	31	of	of	ADP
ajfa-724	69	32	5	5	NUM
ajfa-724	69	33	-	-	PUNCT
ajfa-724	69	34	star	star	NOUN
ajfa-724	69	35	deluxe	deluxe	NOUN
ajfa-724	69	36	hotels	hotel	NOUN
ajfa-724	69	37	,	,	PUNCT
ajfa-724	69	38	owned	own	VERB
ajfa-724	69	39	by	by	ADP
ajfa-724	69	40	lufthansa	lufthansa	NOUN
ajfa-724	69	41	,	,	PUNCT
ajfa-724	69	42	the	the	DET
ajfa-724	69	43	german	german	ADJ
ajfa-724	69	44	airline	airline	NOUN
ajfa-724	69	45	.	.	PUNCT
ajfa-724	70	1	in	in	ADP
ajfa-724	70	2	1986	1986	NUM
ajfa-724	70	3	,	,	PUNCT
ajfa-724	70	4	the	the	DET
ajfa-724	70	5	company	company	NOUN
ajfa-724	70	6	set	set	VERB
ajfa-724	70	7	up	up	ADP
ajfa-724	70	8	their	their	PRON
ajfa-724	70	9	first	first	ADJ
ajfa-724	70	10	5	5	NUM
ajfa-724	70	11	-	-	PUNCT
ajfa-724	70	12	star	star	NOUN
ajfa-724	70	13	deluxe	deluxe	NOUN
ajfa-724	70	14	hotel	hotel	NOUN
ajfa-724	70	15	namely	namely	ADV
ajfa-724	70	16	leela	leela	PROPN
ajfa-724	70	17	penta	penta	PROPN
ajfa-724	70	18	,	,	PUNCT
ajfa-724	70	19	in	in	ADP
ajfa-724	70	20	mumbai	mumbai	PROPN
ajfa-724	70	21	.	.	PUNCT
ajfa-724	71	1	the	the	DET
ajfa-724	71	2	hotel	hotel	NOUN
ajfa-724	71	3	was	be	AUX
ajfa-724	71	4	renamed	rename	VERB
ajfa-724	71	5	as	as	ADP
ajfa-724	71	6	leela	leela	PROPN
ajfa-724	71	7	kempinski	kempinski	PROPN
ajfa-724	71	8	in	in	ADP
ajfa-724	71	9	1988	1988	NUM
ajfa-724	71	10	,	,	PUNCT
ajfa-724	71	11	subsequent	subsequent	ADJ
ajfa-724	71	12	the	the	DET
ajfa-724	71	13	change	change	NOUN
ajfa-724	71	14	in	in	ADP
ajfa-724	71	15	their	their	PRON
ajfa-724	71	16	marketing	marketing	NOUN
ajfa-724	71	17	and	and	CCONJ
ajfa-724	71	18	sales	sale	NOUN
ajfa-724	71	19	tie	tie	NOUN
ajfa-724	71	20	-	-	PUNCT
ajfa-724	71	21	up	up	NOUN
ajfa-724	71	22	.	.	PUNCT
ajfa-724	72	1	leela	leela	PROPN
ajfa-724	72	2	operates	operate	VERB
ajfa-724	72	3	in	in	ADP
ajfa-724	72	4	both	both	PRON
ajfa-724	72	5	,	,	PUNCT
ajfa-724	72	6	the	the	DET
ajfa-724	72	7	leisure	leisure	NOUN
ajfa-724	72	8	and	and	CCONJ
ajfa-724	72	9	business	business	NOUN
ajfa-724	72	10	sectors	sector	NOUN
ajfa-724	72	11	.	.	PUNCT
ajfa-724	73	1	the	the	DET
ajfa-724	73	2	leela	leela	PROPN
ajfa-724	73	3	palaces	palace	NOUN
ajfa-724	73	4	and	and	CCONJ
ajfa-724	73	5	resorts	resort	NOUN
ajfa-724	73	6	include	include	VERB
ajfa-724	73	7	a	a	DET
ajfa-724	73	8	chain	chain	NOUN
ajfa-724	73	9	of	of	ADP
ajfa-724	73	10	five	five	NUM
ajfa-724	73	11	star	star	NOUN
ajfa-724	73	12	luxury	luxury	NOUN
ajfa-724	73	13	hotels	hotel	NOUN
ajfa-724	73	14	and	and	CCONJ
ajfa-724	73	15	resorts	resort	NOUN
ajfa-724	73	16	.	.	PUNCT
ajfa-724	74	1	the	the	DET
ajfa-724	74	2	company	company	NOUN
ajfa-724	74	3	properties	property	NOUN
ajfa-724	74	4	include	include	VERB
ajfa-724	74	5	the	the	DET
ajfa-724	74	6	leela	leela	PROPN
ajfa-724	74	7	kempinski	kempinski	PROPN
ajfa-724	74	8	in	in	ADP
ajfa-724	74	9	mumbai	mumbai	PROPN
ajfa-724	74	10	,	,	PUNCT
ajfa-724	74	11	the	the	DET
ajfa-724	74	12	leela	leela	PROPN
ajfa-724	74	13	palace	palace	PROPN
ajfa-724	74	14	in	in	ADP
ajfa-724	74	15	goa	goa	PROPN
ajfa-724	74	16	,	,	PUNCT
ajfa-724	74	17	the	the	DET
ajfa-724	74	18	leela	leela	PROPN
ajfa-724	74	19	palace	palace	PROPN
ajfa-724	74	20	kempinski	kempinski	PROPN
ajfa-724	74	21	in	in	ADP
ajfa-724	74	22	bangalore	bangalore	PROPN
ajfa-724	74	23	and	and	CCONJ
ajfa-724	74	24	the	the	DET
ajfa-724	74	25	leela	leela	PROPN
ajfa-724	74	26	kovalam	kovalam	PROPN
ajfa-724	74	27	in	in	ADP
ajfa-724	74	28	kerala	kerala	PROPN
ajfa-724	74	29	.	.	PUNCT
ajfa-724	75	1	the	the	DET
ajfa-724	75	2	company	company	NOUN
ajfa-724	75	3	became	become	VERB
ajfa-724	75	4	a	a	DET
ajfa-724	75	5	popular	popular	ADJ
ajfa-724	75	6	name	name	NOUN
ajfa-724	75	7	in	in	ADP
ajfa-724	75	8	the	the	DET
ajfa-724	75	9	hospitality	hospitality	NOUN
ajfa-724	75	10	industry	industry	NOUN
ajfa-724	75	11	in	in	ADP
ajfa-724	75	12	india	india	PROPN
ajfa-724	75	13	because	because	SCONJ
ajfa-724	75	14	of	of	ADP
ajfa-724	75	15	their	their	PRON
ajfa-724	75	16	high	high	ADJ
ajfa-724	75	17	quality	quality	NOUN
ajfa-724	75	18	of	of	ADP
ajfa-724	75	19	service	service	NOUN
ajfa-724	75	20	and	and	CCONJ
ajfa-724	75	21	customer	customer	NOUN
ajfa-724	75	22	relations	relation	NOUN
ajfa-724	75	23	.	.	PUNCT
ajfa-724	76	1	in	in	ADP
ajfa-724	76	2	a	a	DET
ajfa-724	76	3	nut	nut	NOUN
ajfa-724	76	4	shell	shell	NOUN
ajfa-724	76	5	,	,	PUNCT
ajfa-724	76	6	leela	leela	PROPN
ajfa-724	76	7	operates	operate	VERB
ajfa-724	76	8	six	six	NUM
ajfa-724	76	9	hotels	hotel	NOUN
ajfa-724	76	10	in	in	ADP
ajfa-724	76	11	various	various	ADJ
ajfa-724	76	12	locations	location	NOUN
ajfa-724	76	13	mumbai	mumbai	PROPN
ajfa-724	76	14	,	,	PUNCT
ajfa-724	76	15	bangalore	bangalore	PROPN
ajfa-724	76	16	,	,	PUNCT
ajfa-724	76	17	goa	goa	PROPN
ajfa-724	76	18	,	,	PUNCT
ajfa-724	76	19	kovalam	kovalam	PROPN
ajfa-724	76	20	,	,	PUNCT
ajfa-724	76	21	udaipur	udaipur	NOUN
ajfa-724	76	22	and	and	CCONJ
ajfa-724	76	23	gurgaon	gurgaon	PROPN
ajfa-724	76	24	comprising	comprise	VERB
ajfa-724	76	25	1523	1523	NUM
ajfa-724	76	26	guest	guest	NOUN
ajfa-724	76	27	rooms	room	NOUN
ajfa-724	76	28	and	and	CCONJ
ajfa-724	76	29	90	90	NUM
ajfa-724	76	30	serviced	serviced	ADJ
ajfa-724	76	31	apartments	apartment	NOUN
ajfa-724	76	32	.	.	PUNCT
ajfa-724	77	1	leela	leela	PROPN
ajfa-724	77	2	group	group	PROPN
ajfa-724	77	3	is	be	AUX
ajfa-724	77	4	engaged	engage	VERB
ajfa-724	77	5	in	in	ADP
ajfa-724	77	6	the	the	DET
ajfa-724	77	7	business	business	NOUN
ajfa-724	77	8	of	of	ADP
ajfa-724	77	9	ready	ready	ADJ
ajfa-724	77	10	-	-	PUNCT
ajfa-724	77	11	made	make	VERB
ajfa-724	77	12	garments	garment	NOUN
ajfa-724	77	13	and	and	CCONJ
ajfa-724	77	14	luxury	luxury	NOUN
ajfa-724	77	15	hotels	hotel	NOUN
ajfa-724	77	16	and	and	CCONJ
ajfa-724	77	17	resorts	resort	NOUN
ajfa-724	77	18	,	,	PUNCT
ajfa-724	77	19	founded	found	VERB
ajfa-724	77	20	in	in	ADP
ajfa-724	77	21	1957	1957	NUM
ajfa-724	77	22	by	by	ADP
ajfa-724	77	23	capt	capt	PROPN
ajfa-724	77	24	.	.	PROPN
ajfa-724	77	25	c.p	c.p	PROPN
ajfa-724	77	26	.	.	PROPN
ajfa-724	77	27	krishnan	krishnan	PROPN
ajfa-724	77	28	nair	nair	PROPN
ajfa-724	77	29	.	.	PUNCT
ajfa-724	78	1	it	it	PRON
ajfa-724	78	2	was	be	AUX
ajfa-724	78	3	in	in	ADP
ajfa-724	78	4	1957	1957	NUM
ajfa-724	78	5	when	when	SCONJ
ajfa-724	78	6	capt	capt	PROPN
ajfa-724	78	7	.	.	PROPN
ajfa-724	78	8	nair	nair	PROPN
ajfa-724	78	9	,	,	PUNCT
ajfa-724	78	10	after	after	ADP
ajfa-724	78	11	completing	complete	VERB
ajfa-724	78	12	his	his	PRON
ajfa-724	78	13	stretch	stretch	NOUN
ajfa-724	78	14	in	in	ADP
ajfa-724	78	15	the	the	DET
ajfa-724	78	16	army	army	NOUN
ajfa-724	78	17	,	,	PUNCT
ajfa-724	78	18	set	set	VERB
ajfa-724	78	19	up	up	ADP
ajfa-724	78	20	a	a	DET
ajfa-724	78	21	small	small	ADJ
ajfa-724	78	22	industrial	industrial	ADJ
ajfa-724	78	23	unit	unit	NOUN
ajfa-724	78	24	in	in	ADP
ajfa-724	78	25	suburban	suburban	ADJ
ajfa-724	78	26	mumbai	mumbai	PROPN
ajfa-724	78	27	.	.	PUNCT
ajfa-724	79	1	inspired	inspire	VERB
ajfa-724	79	2	by	by	ADP
ajfa-724	79	3	the	the	DET
ajfa-724	79	4	handloom	handloom	NOUN
ajfa-724	79	5	weaving	weave	VERB
ajfa-724	79	6	industry	industry	NOUN
ajfa-724	79	7	in	in	ADP
ajfa-724	79	8	cannanore	cannanore	NOUN
ajfa-724	79	9	,	,	PUNCT
ajfa-724	79	10	kerala	kerala	PROPN
ajfa-724	79	11	was	be	AUX
ajfa-724	79	12	india	india	PROPN
ajfa-724	79	13	’s	’s	PART
ajfa-724	79	14	first	first	ADJ
ajfa-724	79	15	and	and	CCONJ
ajfa-724	79	16	only	only	ADV
ajfa-724	79	17	lace	lace	NOUN
ajfa-724	79	18	manufacturing	manufacture	VERB
ajfa-724	79	19	plant	plant	NOUN
ajfa-724	79	20	‘	'	PUNCT
ajfa-724	79	21	leela	leela	PROPN
ajfa-724	79	22	scottish	scottish	PROPN
ajfa-724	79	23	lace	lace	PROPN
ajfa-724	79	24	ltd	ltd	PROPN
ajfa-724	79	25	’	'	PUNCT
ajfa-724	79	26	.	.	PUNCT
ajfa-724	80	1	4	4	X
ajfa-724	80	2	.	.	X
ajfa-724	80	3	review	review	NOUN
ajfa-724	80	4	of	of	ADP
ajfa-724	80	5	literature	literature	NOUN
ajfa-724	80	6	the	the	DET
ajfa-724	80	7	review	review	NOUN
ajfa-724	80	8	of	of	ADP
ajfa-724	80	9	literature	literature	NOUN
ajfa-724	80	10	includes	include	VERB
ajfa-724	80	11	associated	associated	ADJ
ajfa-724	80	12	studies	study	NOUN
ajfa-724	80	13	on	on	ADP
ajfa-724	80	14	business	business	NOUN
ajfa-724	80	15	valuation	valuation	NOUN
ajfa-724	80	16	,	,	PUNCT
ajfa-724	80	17	merger	merger	NOUN
ajfa-724	80	18	valuation	valuation	NOUN
ajfa-724	80	19	,	,	PUNCT
ajfa-724	80	20	factors	factor	NOUN
ajfa-724	80	21	effecting	effect	VERB
ajfa-724	80	22	on	on	ADP
ajfa-724	80	23	valuation	valuation	NOUN
ajfa-724	80	24	and	and	CCONJ
ajfa-724	80	25	estimation	estimation	NOUN
ajfa-724	80	26	of	of	ADP
ajfa-724	80	27	free	free	ADJ
ajfa-724	80	28	cash	cash	NOUN
ajfa-724	80	29	flows	flow	NOUN
ajfa-724	80	30	;	;	PUNCT
ajfa-724	80	31	however	however	ADV
ajfa-724	80	32	these	these	PRON
ajfa-724	80	33	are	be	AUX
ajfa-724	80	34	organized	organize	VERB
ajfa-724	80	35	in	in	ADP
ajfa-724	80	36	sequence	sequence	NOUN
ajfa-724	80	37	to	to	PART
ajfa-724	80	38	support	support	VERB
ajfa-724	80	39	the	the	DET
ajfa-724	80	40	study	study	NOUN
ajfa-724	80	41	.	.	PUNCT
ajfa-724	81	1	most	most	ADJ
ajfa-724	81	2	of	of	ADP
ajfa-724	81	3	the	the	DET
ajfa-724	81	4	academicians	academician	NOUN
ajfa-724	81	5	and	and	CCONJ
ajfa-724	81	6	researchers	researcher	NOUN
ajfa-724	81	7	have	have	AUX
ajfa-724	81	8	studied	study	VERB
ajfa-724	81	9	comparison	comparison	NOUN
ajfa-724	81	10	of	of	ADP
ajfa-724	81	11	dcf	dcf	PROPN
ajfa-724	81	12	,	,	PUNCT
ajfa-724	81	13	ddm	ddm	PROPN
ajfa-724	81	14	and	and	CCONJ
ajfa-724	81	15	ri	ri	PROPN
ajfa-724	81	16	methods	method	NOUN
ajfa-724	81	17	(	(	PUNCT
ajfa-724	81	18	plenborg	plenborg	PROPN
ajfa-724	81	19	,	,	PUNCT
ajfa-724	81	20	2002	2002	NUM
ajfa-724	81	21	;	;	PUNCT
ajfa-724	81	22	bailey	bailey	PROPN
ajfa-724	81	23	et	et	PROPN
ajfa-724	81	24	al	al	PROPN
ajfa-724	81	25	.	.	PROPN
ajfa-724	81	26	,	,	PUNCT
ajfa-724	81	27	2008	2008	NUM
ajfa-724	81	28	;	;	PUNCT
ajfa-724	81	29	velez	velez	PROPN
ajfa-724	81	30	-	-	PUNCT
ajfa-724	81	31	pareja	pareja	PROPN
ajfa-724	81	32	&	&	CCONJ
ajfa-724	81	33	tham	tham	PROPN
ajfa-724	81	34	,	,	PUNCT
ajfa-724	81	35	2010	2010	NUM
ajfa-724	81	36	)	)	PUNCT
ajfa-724	81	37	,	,	PUNCT
ajfa-724	81	38	effect	effect	NOUN
ajfa-724	81	39	of	of	ADP
ajfa-724	81	40	earnings	earning	NOUN
ajfa-724	81	41	management	management	NOUN
ajfa-724	81	42	on	on	ADP
ajfa-724	81	43	firm	firm	ADJ
ajfa-724	81	44	value	value	NOUN
ajfa-724	81	45	(	(	PUNCT
ajfa-724	81	46	chaney	chaney	PROPN
ajfa-724	81	47	&	&	CCONJ
ajfa-724	81	48	lewis	lewis	PROPN
ajfa-724	81	49	,	,	PUNCT
ajfa-724	81	50	1995	1995	NUM
ajfa-724	81	51	)	)	PUNCT
ajfa-724	81	52	,	,	PUNCT
ajfa-724	81	53	cultural	cultural	ADJ
ajfa-724	81	54	distance	distance	NOUN
ajfa-724	81	55	and	and	CCONJ
ajfa-724	81	56	firm	firm	ADJ
ajfa-724	81	57	valuation	valuation	NOUN
ajfa-724	81	58	(	(	PUNCT
ajfa-724	81	59	antia	antia	PROPN
ajfa-724	81	60	et	et	PROPN
ajfa-724	81	61	al	al	PROPN
ajfa-724	81	62	.	.	PROPN
ajfa-724	81	63	,	,	PUNCT
ajfa-724	81	64	2007	2007	NUM
ajfa-724	81	65	)	)	PUNCT
ajfa-724	81	66	,	,	PUNCT
ajfa-724	81	67	tobin	tobin	PROPN
ajfa-724	81	68	’s	’s	PART
ajfa-724	81	69	q	q	NOUN
ajfa-724	81	70	as	as	ADP
ajfa-724	81	71	an	an	DET
ajfa-724	81	72	estimate	estimate	NOUN
ajfa-724	81	73	of	of	ADP
ajfa-724	81	74	market	market	NOUN
ajfa-724	81	75	valuation	valuation	NOUN
ajfa-724	81	76	(	(	PUNCT
ajfa-724	81	77	yermack	yermack	NOUN
ajfa-724	81	78	,	,	PUNCT
ajfa-724	81	79	1996	1996	NUM
ajfa-724	81	80	)	)	PUNCT
ajfa-724	81	81	,	,	PUNCT
ajfa-724	81	82	predicting	predict	VERB
ajfa-724	81	83	future	future	ADJ
ajfa-724	81	84	cash	cash	NOUN
ajfa-724	81	85	flows	flow	NOUN
ajfa-724	81	86	(	(	PUNCT
ajfa-724	81	87	misund	misund	NOUN
ajfa-724	81	88	et	et	PROPN
ajfa-724	81	89	al	al	PROPN
ajfa-724	81	90	.	.	PROPN
ajfa-724	81	91	2008	2008	NUM
ajfa-724	81	92	)	)	PUNCT
ajfa-724	81	93	and	and	CCONJ
ajfa-724	81	94	impact	impact	NOUN
ajfa-724	81	95	of	of	ADP
ajfa-724	81	96	mergers	merger	NOUN
ajfa-724	81	97	on	on	ADP
ajfa-724	81	98	firm	firm	ADJ
ajfa-724	81	99	value	value	NOUN
ajfa-724	81	100	(	(	PUNCT
ajfa-724	81	101	ma	ma	PROPN
ajfa-724	81	102	et	et	PROPN
ajfa-724	81	103	al	al	PROPN
ajfa-724	81	104	.	.	PROPN
ajfa-724	81	105	,	,	PUNCT
ajfa-724	81	106	2010	2010	NUM
ajfa-724	81	107	)	)	PUNCT
ajfa-724	81	108	.	.	PUNCT
ajfa-724	82	1	antia	antia	PROPN
ajfa-724	82	2	et	et	PROPN
ajfa-724	82	3	al	al	PROPN
ajfa-724	82	4	(	(	PUNCT
ajfa-724	82	5	2007	2007	NUM
ajfa-724	82	6	)	)	PUNCT
ajfa-724	82	7	examines	examine	VERB
ajfa-724	82	8	the	the	DET
ajfa-724	82	9	value	value	NOUN
ajfa-724	82	10	impact	impact	NOUN
ajfa-724	82	11	of	of	ADP
ajfa-724	82	12	cultural	cultural	ADJ
ajfa-724	82	13	differences	difference	NOUN
ajfa-724	82	14	that	that	PRON
ajfa-724	82	15	exist	exist	VERB
ajfa-724	82	16	between	between	ADP
ajfa-724	82	17	foreign	foreign	ADJ
ajfa-724	82	18	subsidiaries	subsidiary	NOUN
ajfa-724	82	19	and	and	CCONJ
ajfa-724	82	20	headquarters	headquarter	NOUN
ajfa-724	82	21	of	of	ADP
ajfa-724	82	22	u.s	u.s	PROPN
ajfa-724	82	23	.	.	PROPN
ajfa-724	82	24	multinational	multinational	ADJ
ajfa-724	82	25	corporations	corporation	NOUN
ajfa-724	82	26	(	(	PUNCT
ajfa-724	82	27	mncs	mncs	PROPN
ajfa-724	82	28	)	)	PUNCT
ajfa-724	82	29	.	.	PUNCT
ajfa-724	83	1	they	they	PRON
ajfa-724	83	2	found	find	VERB
ajfa-724	83	3	negative	negative	ADJ
ajfa-724	83	4	relationship	relationship	NOUN
ajfa-724	83	5	between	between	ADP
ajfa-724	83	6	cultural	cultural	ADJ
ajfa-724	83	7	distance	distance	NOUN
ajfa-724	83	8	and	and	CCONJ
ajfa-724	83	9	firm	firm	ADJ
ajfa-724	83	10	valuation	valuation	NOUN
ajfa-724	83	11	.	.	PUNCT
ajfa-724	84	1	most	most	ADJ
ajfa-724	84	2	of	of	ADP
ajfa-724	84	3	the	the	DET
ajfa-724	84	4	individual	individual	ADJ
ajfa-724	84	5	cultural	cultural	ADJ
ajfa-724	84	6	attributes	attribute	NOUN
ajfa-724	84	7	that	that	PRON
ajfa-724	84	8	make	make	VERB
ajfa-724	84	9	up	up	ADP
ajfa-724	84	10	the	the	DET
ajfa-724	84	11	index	index	NOUN
ajfa-724	84	12	have	have	VERB
ajfa-724	84	13	a	a	DET
ajfa-724	84	14	negative	negative	ADJ
ajfa-724	84	15	effect	effect	NOUN
ajfa-724	84	16	on	on	ADP
ajfa-724	84	17	firm	firm	ADJ
ajfa-724	84	18	valuation	valuation	NOUN
ajfa-724	84	19	.	.	PUNCT
ajfa-724	85	1	the	the	DET
ajfa-724	85	2	findings	finding	NOUN
ajfa-724	85	3	are	be	AUX
ajfa-724	85	4	consistent	consistent	ADJ
ajfa-724	85	5	with	with	ADP
ajfa-724	85	6	the	the	DET
ajfa-724	85	7	notion	notion	NOUN
ajfa-724	85	8	that	that	SCONJ
ajfa-724	85	9	cultural	cultural	ADJ
ajfa-724	85	10	differences	difference	NOUN
ajfa-724	85	11	decrease	decrease	VERB
ajfa-724	85	12	firm	firm	ADJ
ajfa-724	85	13	value	value	NOUN
ajfa-724	85	14	by	by	ADP
ajfa-724	85	15	imposing	impose	VERB
ajfa-724	85	16	a	a	DET
ajfa-724	85	17	barrier	barrier	NOUN
ajfa-724	85	18	to	to	ADP
ajfa-724	85	19	the	the	DET
ajfa-724	85	20	exploitation	exploitation	NOUN
ajfa-724	85	21	of	of	ADP
ajfa-724	85	22	internalization	internalization	NOUN
ajfa-724	85	23	advantages	advantage	NOUN
ajfa-724	85	24	.	.	PUNCT
ajfa-724	86	1	bai	bai	PROPN
ajfa-724	86	2	et	et	PROPN
ajfa-724	86	3	al	al	PROPN
ajfa-724	86	4	(	(	PUNCT
ajfa-724	86	5	2004	2004	NUM
ajfa-724	86	6	)	)	PUNCT
ajfa-724	86	7	investigate	investigate	VERB
ajfa-724	86	8	empirically	empirically	ADV
ajfa-724	86	9	the	the	DET
ajfa-724	86	10	relationship	relationship	NOUN
ajfa-724	86	11	between	between	ADP
ajfa-724	86	12	governance	governance	NOUN
ajfa-724	86	13	mechanisms	mechanism	NOUN
ajfa-724	86	14	and	and	CCONJ
ajfa-724	86	15	the	the	DET
ajfa-724	86	16	market	market	NOUN
ajfa-724	86	17	valuation	valuation	NOUN
ajfa-724	86	18	of	of	ADP
ajfa-724	86	19	publicly	publicly	ADV
ajfa-724	86	20	listed	list	VERB
ajfa-724	86	21	firms	firm	NOUN
ajfa-724	86	22	in	in	ADP
ajfa-724	86	23	china	china	PROPN
ajfa-724	86	24	.	.	PUNCT
ajfa-724	87	1	they	they	PRON
ajfa-724	87	2	construct	construct	VERB
ajfa-724	87	3	measures	measure	NOUN
ajfa-724	87	4	of	of	ADP
ajfa-724	87	5	corporate	corporate	ADJ
ajfa-724	87	6	governance	governance	NOUN
ajfa-724	87	7	and	and	CCONJ
ajfa-724	87	8	market	market	NOUN
ajfa-724	87	9	valuation	valuation	NOUN
ajfa-724	87	10	for	for	ADP
ajfa-724	87	11	all	all	DET
ajfa-724	87	12	publicly	publicly	ADV
ajfa-724	87	13	listed	list	VERB
ajfa-724	87	14	firms	firm	NOUN
ajfa-724	87	15	on	on	ADP
ajfa-724	87	16	two	two	NUM
ajfa-724	87	17	stock	stock	NOUN
ajfa-724	87	18	markets	market	NOUN
ajfa-724	87	19	in	in	ADP
ajfa-724	87	20	china	china	PROPN
ajfa-724	87	21	from	from	ADP
ajfa-724	87	22	the	the	DET
ajfa-724	87	23	firm	firm	NOUN
ajfa-724	87	24	’s	’s	PART
ajfa-724	87	25	annual	annual	ADJ
ajfa-724	87	26	reports	report	NOUN
ajfa-724	87	27	during	during	ADP
ajfa-724	87	28	1999	1999	NUM
ajfa-724	87	29	-	-	SYM
ajfa-724	87	30	2001	2001	NUM
ajfa-724	87	31	.	.	PUNCT
ajfa-724	88	1	their	their	PRON
ajfa-724	88	2	results	result	NOUN
ajfa-724	88	3	support	support	VERB
ajfa-724	88	4	several	several	ADJ
ajfa-724	88	5	theoretical	theoretical	ADJ
ajfa-724	88	6	predictions	prediction	NOUN
ajfa-724	88	7	that	that	SCONJ
ajfa-724	88	8	both	both	CCONJ
ajfa-724	88	9	high	high	ADJ
ajfa-724	88	10	concentration	concentration	NOUN
ajfa-724	88	11	of	of	ADP
ajfa-724	88	12	non	non	ADJ
ajfa-724	88	13	-	-	ADJ
ajfa-724	88	14	controlling	controlling	ADJ
ajfa-724	88	15	shareholding	shareholding	NOUN
ajfa-724	88	16	and	and	CCONJ
ajfa-724	88	17	issuing	issue	VERB
ajfa-724	88	18	shares	share	NOUN
ajfa-724	88	19	to	to	ADP
ajfa-724	88	20	foreign	foreign	ADJ
ajfa-724	88	21	investors	investor	NOUN
ajfa-724	88	22	have	have	VERB
ajfa-724	88	23	positive	positive	ADJ
ajfa-724	88	24	effects	effect	NOUN
ajfa-724	88	25	on	on	ADP
ajfa-724	88	26	market	market	NOUN
ajfa-724	88	27	valuation	valuation	NOUN
ajfa-724	88	28	.	.	PUNCT
ajfa-724	89	1	fernandez	fernandez	PROPN
ajfa-724	89	2	(	(	PUNCT
ajfa-724	89	3	2007b	2007b	NUM
ajfa-724	89	4	)	)	PUNCT
ajfa-724	89	5	summarizes	summarize	NOUN
ajfa-724	89	6	compendium	compendium	NOUN
ajfa-724	89	7	of	of	ADP
ajfa-724	89	8	ten	ten	NUM
ajfa-724	89	9	methods	method	NOUN
ajfa-724	89	10	including	include	VERB
ajfa-724	89	11	:	:	PUNCT
ajfa-724	89	12	free	free	ADJ
ajfa-724	89	13	cash	cash	NOUN
ajfa-724	89	14	flow	flow	NOUN
ajfa-724	89	15	;	;	PUNCT
ajfa-724	89	16	equity	equity	NOUN
ajfa-724	89	17	cash	cash	NOUN
ajfa-724	89	18	flow	flow	NOUN
ajfa-724	89	19	;	;	PUNCT
ajfa-724	89	20	capital	capital	NOUN
ajfa-724	89	21	cash	cash	NOUN
ajfa-724	89	22	flow	flow	NOUN
ajfa-724	89	23	;	;	PUNCT
ajfa-724	89	24	adjusted	adjust	VERB
ajfa-724	89	25	present	present	ADJ
ajfa-724	89	26	value	value	NOUN
ajfa-724	89	27	;	;	PUNCT
ajfa-724	89	28	business	business	NOUN
ajfa-724	89	29	’s	’s	PART
ajfa-724	89	30	risk	risk	NOUN
ajfa-724	89	31	adjusted	adjust	VERB
ajfa-724	89	32	free	free	ADJ
ajfa-724	89	33	cash	cash	NOUN
ajfa-724	89	34	flow	flow	NOUN
ajfa-724	89	35	and	and	CCONJ
ajfa-724	89	36	equity	equity	NOUN
ajfa-724	89	37	cash	cash	NOUN
ajfa-724	89	38	flow	flow	NOUN
ajfa-724	89	39	;	;	PUNCT
ajfa-724	89	40	risk	risk	NOUN
ajfa-724	89	41	-	-	PUNCT
ajfa-724	89	42	free	free	ADJ
ajfa-724	89	43	asian	asian	ADJ
ajfa-724	89	44	journal	journal	NOUN
ajfa-724	89	45	of	of	ADP
ajfa-724	89	46	finance	finance	PROPN
ajfa-724	89	47	&	&	CCONJ
ajfa-724	89	48	accounting	accounting	PROPN
ajfa-724	89	49	issn	issn	PROPN
ajfa-724	89	50	1946	1946	NUM
ajfa-724	89	51	-	-	PUNCT
ajfa-724	89	52	052x	052x	NOUN
ajfa-724	89	53	2011	2011	NUM
ajfa-724	89	54	,	,	PUNCT
ajfa-724	89	55	vol	vol	NOUN
ajfa-724	89	56	.	.	PROPN
ajfa-724	90	1	3	3	NUM
ajfa-724	90	2	,	,	PUNCT
ajfa-724	90	3	no	no	INTJ
ajfa-724	90	4	.	.	NOUN
ajfa-724	90	5	1	1	NUM
ajfa-724	90	6	:	:	PUNCT
ajfa-724	90	7	e6	e6	VERB
ajfa-724	90	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	90	9	92	92	NUM
ajfa-724	90	10	rate	rate	NOUN
ajfa-724	90	11	-	-	PUNCT
ajfa-724	90	12	adjusted	adjust	VERB
ajfa-724	90	13	free	free	ADJ
ajfa-724	90	14	cash	cash	NOUN
ajfa-724	90	15	flow	flow	NOUN
ajfa-724	90	16	and	and	CCONJ
ajfa-724	90	17	equity	equity	NOUN
ajfa-724	90	18	cash	cash	NOUN
ajfa-724	90	19	flow	flow	NOUN
ajfa-724	90	20	;	;	PUNCT
ajfa-724	90	21	economic	economic	ADJ
ajfa-724	90	22	profit	profit	NOUN
ajfa-724	90	23	;	;	PUNCT
ajfa-724	90	24	and	and	CCONJ
ajfa-724	90	25	economic	economic	ADJ
ajfa-724	90	26	value	value	NOUN
ajfa-724	90	27	added	add	VERB
ajfa-724	90	28	.	.	PUNCT
ajfa-724	91	1	these	these	DET
ajfa-724	91	2	ten	ten	NUM
ajfa-724	91	3	methods	method	NOUN
ajfa-724	91	4	always	always	ADV
ajfa-724	91	5	give	give	VERB
ajfa-724	91	6	the	the	DET
ajfa-724	91	7	same	same	ADJ
ajfa-724	91	8	value	value	NOUN
ajfa-724	91	9	.	.	PUNCT
ajfa-724	92	1	finally	finally	ADV
ajfa-724	92	2	,	,	PUNCT
ajfa-724	92	3	he	he	PRON
ajfa-724	92	4	concludes	conclude	VERB
ajfa-724	92	5	by	by	ADP
ajfa-724	92	6	analyzing	analyze	VERB
ajfa-724	92	7	ten	ten	NUM
ajfa-724	92	8	methods	method	NOUN
ajfa-724	92	9	of	of	ADP
ajfa-724	92	10	company	company	NOUN
ajfa-724	92	11	valuation	valuation	NOUN
ajfa-724	92	12	using	use	VERB
ajfa-724	92	13	discounted	discount	VERB
ajfa-724	92	14	cash	cash	NOUN
ajfa-724	92	15	flows	flow	NOUN
ajfa-724	92	16	and	and	CCONJ
ajfa-724	92	17	nine	nine	NUM
ajfa-724	92	18	different	different	ADJ
ajfa-724	92	19	theories	theory	NOUN
ajfa-724	92	20	about	about	ADP
ajfa-724	92	21	the	the	DET
ajfa-724	92	22	vts	vts	NOUN
ajfa-724	92	23	.	.	PUNCT
ajfa-724	93	1	lin	lin	PROPN
ajfa-724	93	2	&	&	CCONJ
ajfa-724	93	3	su	su	PROPN
ajfa-724	93	4	(	(	PUNCT
ajfa-724	93	5	2008	2008	NUM
ajfa-724	93	6	)	)	PUNCT
ajfa-724	93	7	investigate	investigate	VERB
ajfa-724	93	8	the	the	DET
ajfa-724	93	9	relationship	relationship	NOUN
ajfa-724	93	10	between	between	ADP
ajfa-724	93	11	industrial	industrial	ADJ
ajfa-724	93	12	diversification	diversification	NOUN
ajfa-724	93	13	and	and	CCONJ
ajfa-724	93	14	firm	firm	ADJ
ajfa-724	93	15	valuation	valuation	NOUN
ajfa-724	93	16	for	for	ADP
ajfa-724	93	17	a	a	DET
ajfa-724	93	18	sample	sample	NOUN
ajfa-724	93	19	of	of	ADP
ajfa-724	93	20	816	816	NUM
ajfa-724	93	21	publicly	publicly	ADV
ajfa-724	93	22	listed	list	VERB
ajfa-724	93	23	firms	firm	NOUN
ajfa-724	93	24	in	in	ADP
ajfa-724	93	25	china	china	PROPN
ajfa-724	93	26	.	.	PUNCT
ajfa-724	94	1	they	they	PRON
ajfa-724	94	2	found	find	VERB
ajfa-724	94	3	that	that	SCONJ
ajfa-724	94	4	when	when	SCONJ
ajfa-724	94	5	the	the	DET
ajfa-724	94	6	decision	decision	NOUN
ajfa-724	94	7	to	to	PART
ajfa-724	94	8	diversify	diversify	VERB
ajfa-724	94	9	is	be	AUX
ajfa-724	94	10	modelled	model	VERB
ajfa-724	94	11	as	as	ADP
ajfa-724	94	12	an	an	DET
ajfa-724	94	13	endogenous	endogenous	ADJ
ajfa-724	94	14	choice	choice	NOUN
ajfa-724	94	15	based	base	VERB
ajfa-724	94	16	on	on	ADP
ajfa-724	94	17	firm	firm	ADJ
ajfa-724	94	18	characteristics	characteristic	NOUN
ajfa-724	94	19	,	,	PUNCT
ajfa-724	94	20	multi	multi	ADJ
ajfa-724	94	21	-	-	ADJ
ajfa-724	94	22	segment	segment	ADJ
ajfa-724	94	23	firms	firm	NOUN
ajfa-724	94	24	have	have	VERB
ajfa-724	94	25	significantly	significantly	ADV
ajfa-724	94	26	higher	high	ADJ
ajfa-724	94	27	tobin	tobin	NOUN
ajfa-724	94	28	's	's	PART
ajfa-724	94	29	q	q	NOUN
ajfa-724	94	30	than	than	ADP
ajfa-724	94	31	single	single	ADJ
ajfa-724	94	32	-	-	PUNCT
ajfa-724	94	33	segment	segment	NOUN
ajfa-724	94	34	firms	firm	NOUN
ajfa-724	94	35	,	,	PUNCT
ajfa-724	94	36	even	even	ADV
ajfa-724	94	37	after	after	ADP
ajfa-724	94	38	controlling	control	VERB
ajfa-724	94	39	for	for	ADP
ajfa-724	94	40	factors	factor	NOUN
ajfa-724	94	41	such	such	ADJ
ajfa-724	94	42	as	as	ADP
ajfa-724	94	43	ownership	ownership	NOUN
ajfa-724	94	44	structure	structure	NOUN
ajfa-724	94	45	,	,	PUNCT
ajfa-724	94	46	ownership	ownership	NOUN
ajfa-724	94	47	concentration	concentration	NOUN
ajfa-724	94	48	,	,	PUNCT
ajfa-724	94	49	and	and	CCONJ
ajfa-724	94	50	growth	growth	NOUN
ajfa-724	94	51	opportunities	opportunity	NOUN
ajfa-724	94	52	.	.	PUNCT
ajfa-724	95	1	misund	misund	NOUN
ajfa-724	95	2	et	et	PROPN
ajfa-724	95	3	al	al	PROPN
ajfa-724	95	4	(	(	PUNCT
ajfa-724	95	5	2008	2008	NUM
ajfa-724	95	6	)	)	PUNCT
ajfa-724	95	7	suggest	suggest	VERB
ajfa-724	95	8	that	that	SCONJ
ajfa-724	95	9	contemporaneous	contemporaneous	ADJ
ajfa-724	95	10	earnings	earning	NOUN
ajfa-724	95	11	are	be	AUX
ajfa-724	95	12	more	more	ADV
ajfa-724	95	13	useful	useful	ADJ
ajfa-724	95	14	than	than	ADP
ajfa-724	95	15	current	current	ADJ
ajfa-724	95	16	operating	operate	VERB
ajfa-724	95	17	cash	cash	NOUN
ajfa-724	95	18	flow	flow	NOUN
ajfa-724	95	19	in	in	ADP
ajfa-724	95	20	predicting	predict	VERB
ajfa-724	95	21	future	future	ADJ
ajfa-724	95	22	cash	cash	NOUN
ajfa-724	95	23	flows	flow	NOUN
ajfa-724	95	24	and	and	CCONJ
ajfa-724	95	25	more	more	ADV
ajfa-724	95	26	relevant	relevant	ADJ
ajfa-724	95	27	for	for	ADP
ajfa-724	95	28	company	company	NOUN
ajfa-724	95	29	valuation	valuation	NOUN
ajfa-724	95	30	.	.	PUNCT
ajfa-724	96	1	they	they	PRON
ajfa-724	96	2	found	find	VERB
ajfa-724	96	3	that	that	SCONJ
ajfa-724	96	4	the	the	DET
ajfa-724	96	5	value	value	NOUN
ajfa-724	96	6	relevance	relevance	NOUN
ajfa-724	96	7	of	of	ADP
ajfa-724	96	8	cash	cash	NOUN
ajfa-724	96	9	flows	flow	NOUN
ajfa-724	96	10	actually	actually	ADV
ajfa-724	96	11	decreased	decrease	VERB
ajfa-724	96	12	in	in	ADP
ajfa-724	96	13	the	the	DET
ajfa-724	96	14	recent	recent	ADJ
ajfa-724	96	15	oil	oil	NOUN
ajfa-724	96	16	industry	industry	NOUN
ajfa-724	96	17	upheaval	upheaval	NOUN
ajfa-724	96	18	.	.	PUNCT
ajfa-724	97	1	bailey	bailey	PROPN
ajfa-724	97	2	et	et	PROPN
ajfa-724	97	3	al	al	PROPN
ajfa-724	97	4	(	(	PUNCT
ajfa-724	97	5	2008	2008	NUM
ajfa-724	97	6	)	)	PUNCT
ajfa-724	97	7	states	state	VERB
ajfa-724	97	8	that	that	SCONJ
ajfa-724	97	9	residual	residual	ADJ
ajfa-724	97	10	income	income	NOUN
ajfa-724	97	11	model	model	NOUN
ajfa-724	97	12	(	(	PUNCT
ajfa-724	97	13	rim	rim	PROPN
ajfa-724	97	14	)	)	PUNCT
ajfa-724	97	15	provides	provide	VERB
ajfa-724	97	16	better	well	ADJ
ajfa-724	97	17	estimates	estimate	NOUN
ajfa-724	97	18	of	of	ADP
ajfa-724	97	19	firm	firm	ADJ
ajfa-724	97	20	value	value	NOUN
ajfa-724	97	21	than	than	ADP
ajfa-724	97	22	two	two	NUM
ajfa-724	97	23	other	other	ADJ
ajfa-724	97	24	commonly	commonly	ADV
ajfa-724	97	25	used	use	VERB
ajfa-724	97	26	dcf	dcf	PROPN
ajfa-724	97	27	and	and	CCONJ
ajfa-724	97	28	ddm	ddm	PROPN
ajfa-724	97	29	models	model	NOUN
ajfa-724	97	30	.	.	PUNCT
ajfa-724	98	1	further	far	ADV
ajfa-724	98	2	,	,	PUNCT
ajfa-724	98	3	there	there	PRON
ajfa-724	98	4	is	be	VERB
ajfa-724	98	5	less	less	ADJ
ajfa-724	98	6	need	need	NOUN
ajfa-724	98	7	to	to	PART
ajfa-724	98	8	forecast	forecast	VERB
ajfa-724	98	9	returns	return	NOUN
ajfa-724	98	10	as	as	ADV
ajfa-724	98	11	far	far	ADV
ajfa-724	98	12	into	into	ADP
ajfa-724	98	13	the	the	DET
ajfa-724	98	14	future	future	NOUN
ajfa-724	98	15	and	and	CCONJ
ajfa-724	98	16	with	with	ADP
ajfa-724	98	17	this	this	DET
ajfa-724	98	18	model	model	NOUN
ajfa-724	98	19	,	,	PUNCT
ajfa-724	98	20	a	a	DET
ajfa-724	98	21	terminal	terminal	ADJ
ajfa-724	98	22	value	value	NOUN
ajfa-724	98	23	based	base	VERB
ajfa-724	98	24	upon	upon	SCONJ
ajfa-724	98	25	a	a	DET
ajfa-724	98	26	constant	constant	ADJ
ajfa-724	98	27	future	future	ADJ
ajfa-724	98	28	return	return	NOUN
ajfa-724	98	29	(	(	PUNCT
ajfa-724	98	30	or	or	CCONJ
ajfa-724	98	31	relatively	relatively	ADV
ajfa-724	98	32	low	low	ADJ
ajfa-724	98	33	growth	growth	NOUN
ajfa-724	98	34	rates	rate	NOUN
ajfa-724	98	35	)	)	PUNCT
ajfa-724	98	36	can	can	AUX
ajfa-724	98	37	be	be	AUX
ajfa-724	98	38	used	use	VERB
ajfa-724	98	39	.	.	PUNCT
ajfa-724	99	1	on	on	ADP
ajfa-724	99	2	the	the	DET
ajfa-724	99	3	other	other	ADJ
ajfa-724	99	4	hand	hand	NOUN
ajfa-724	99	5	,	,	PUNCT
ajfa-724	99	6	plenborg	plenborg	PROPN
ajfa-724	99	7	(	(	PUNCT
ajfa-724	99	8	2002	2002	NUM
ajfa-724	99	9	)	)	PUNCT
ajfa-724	99	10	compares	compare	VERB
ajfa-724	99	11	dcf	dcf	PROPN
ajfa-724	99	12	and	and	CCONJ
ajfa-724	99	13	rim	rim	PROPN
ajfa-724	99	14	.	.	PUNCT
ajfa-724	100	1	the	the	DET
ajfa-724	100	2	two	two	NUM
ajfa-724	100	3	valuation	valuation	NOUN
ajfa-724	100	4	approaches	approach	NOUN
ajfa-724	100	5	are	be	AUX
ajfa-724	100	6	compared	compare	VERB
ajfa-724	100	7	on	on	ADP
ajfa-724	100	8	the	the	DET
ajfa-724	100	9	basis	basis	NOUN
ajfa-724	100	10	of	of	ADP
ajfa-724	100	11	analytical	analytical	ADJ
ajfa-724	100	12	attractiveness	attractiveness	NOUN
ajfa-724	100	13	.	.	PUNCT
ajfa-724	101	1	rim	rim	PROPN
ajfa-724	101	2	yields	yield	VERB
ajfa-724	101	3	more	more	ADV
ajfa-724	101	4	accurate	accurate	ADJ
ajfa-724	101	5	firm	firm	ADJ
ajfa-724	101	6	value	value	NOUN
ajfa-724	101	7	estimates	estimate	NOUN
ajfa-724	101	8	,	,	PUNCT
ajfa-724	101	9	while	while	SCONJ
ajfa-724	101	10	in	in	ADP
ajfa-724	101	11	others	other	NOUN
ajfa-724	101	12	the	the	DET
ajfa-724	101	13	dcf	dcf	PROPN
ajfa-724	101	14	approach	approach	NOUN
ajfa-724	101	15	yields	yield	VERB
ajfa-724	101	16	more	more	ADV
ajfa-724	101	17	accurate	accurate	ADJ
ajfa-724	101	18	estimates	estimate	NOUN
ajfa-724	101	19	.	.	PUNCT
ajfa-724	102	1	finally	finally	ADV
ajfa-724	102	2	,	,	PUNCT
ajfa-724	102	3	the	the	DET
ajfa-724	102	4	framework	framework	NOUN
ajfa-724	102	5	for	for	ADP
ajfa-724	102	6	forecasting	forecasting	NOUN
ajfa-724	102	7	is	be	AUX
ajfa-724	102	8	often	often	ADV
ajfa-724	102	9	based	base	VERB
ajfa-724	102	10	on	on	ADP
ajfa-724	102	11	accrual	accrual	ADJ
ajfa-724	102	12	accounting	accounting	NOUN
ajfa-724	102	13	and	and	CCONJ
ajfa-724	102	14	the	the	DET
ajfa-724	102	15	budget	budget	NOUN
ajfa-724	102	16	control	control	NOUN
ajfa-724	102	17	is	be	AUX
ajfa-724	102	18	generally	generally	ADV
ajfa-724	102	19	based	base	VERB
ajfa-724	102	20	on	on	ADP
ajfa-724	102	21	accounting	accounting	NOUN
ajfa-724	102	22	numbers	number	NOUN
ajfa-724	102	23	rather	rather	ADV
ajfa-724	102	24	than	than	ADP
ajfa-724	102	25	cash	cash	NOUN
ajfa-724	102	26	flow	flow	NOUN
ajfa-724	102	27	numbers	number	NOUN
ajfa-724	102	28	.	.	PUNCT
ajfa-724	103	1	interestingly	interestingly	ADV
ajfa-724	103	2	,	,	PUNCT
ajfa-724	103	3	velez	velez	PROPN
ajfa-724	103	4	-	-	PUNCT
ajfa-724	103	5	pareja	pareja	PROPN
ajfa-724	103	6	&	&	CCONJ
ajfa-724	103	7	tham	tham	PROPN
ajfa-724	103	8	(	(	PUNCT
ajfa-724	103	9	2010	2010	NUM
ajfa-724	103	10	)	)	PUNCT
ajfa-724	103	11	compute	compute	NOUN
ajfa-724	103	12	cash	cash	NOUN
ajfa-724	103	13	flows	flow	NOUN
ajfa-724	103	14	namely	namely	ADV
ajfa-724	103	15	,	,	PUNCT
ajfa-724	103	16	cash	cash	NOUN
ajfa-724	103	17	flow	flow	NOUN
ajfa-724	103	18	to	to	ADP
ajfa-724	103	19	debt	debt	NOUN
ajfa-724	103	20	(	(	PUNCT
ajfa-724	103	21	cfd	cfd	NOUN
ajfa-724	103	22	)	)	PUNCT
ajfa-724	103	23	,	,	PUNCT
ajfa-724	103	24	cash	cash	NOUN
ajfa-724	103	25	flow	flow	NOUN
ajfa-724	103	26	to	to	ADP
ajfa-724	103	27	equity	equity	NOUN
ajfa-724	103	28	(	(	PUNCT
ajfa-724	103	29	cfe	cfe	PROPN
ajfa-724	103	30	)	)	PUNCT
ajfa-724	103	31	,	,	PUNCT
ajfa-724	103	32	capital	capital	NOUN
ajfa-724	103	33	cash	cash	NOUN
ajfa-724	103	34	flow	flow	NOUN
ajfa-724	103	35	(	(	PUNCT
ajfa-724	103	36	ccf	ccf	PROPN
ajfa-724	103	37	)	)	PUNCT
ajfa-724	103	38	,	,	PUNCT
ajfa-724	103	39	free	free	ADJ
ajfa-724	103	40	cash	cash	NOUN
ajfa-724	103	41	flow	flow	NOUN
ajfa-724	103	42	(	(	PUNCT
ajfa-724	103	43	fcf	fcf	NOUN
ajfa-724	103	44	)	)	PUNCT
ajfa-724	103	45	and	and	CCONJ
ajfa-724	103	46	tax	tax	NOUN
ajfa-724	103	47	savings	saving	NOUN
ajfa-724	103	48	(	(	PUNCT
ajfa-724	103	49	ts	ts	NOUN
ajfa-724	103	50	)	)	PUNCT
ajfa-724	103	51	.	.	PUNCT
ajfa-724	104	1	they	they	PRON
ajfa-724	104	2	use	use	VERB
ajfa-724	104	3	direct	direct	ADJ
ajfa-724	104	4	and	and	CCONJ
ajfa-724	104	5	indirect	indirect	ADJ
ajfa-724	104	6	methods	method	NOUN
ajfa-724	104	7	to	to	PART
ajfa-724	104	8	derive	derive	VERB
ajfa-724	104	9	the	the	DET
ajfa-724	104	10	relevant	relevant	ADJ
ajfa-724	104	11	cash	cash	NOUN
ajfa-724	104	12	flow	flow	NOUN
ajfa-724	104	13	profiles	profile	NOUN
ajfa-724	104	14	for	for	ADP
ajfa-724	104	15	the	the	DET
ajfa-724	104	16	different	different	ADJ
ajfa-724	104	17	stakeholders	stakeholder	NOUN
ajfa-724	104	18	.	.	PUNCT
ajfa-724	105	1	these	these	DET
ajfa-724	105	2	cash	cash	NOUN
ajfa-724	105	3	flows	flow	NOUN
ajfa-724	105	4	are	be	AUX
ajfa-724	105	5	the	the	DET
ajfa-724	105	6	basis	basis	NOUN
ajfa-724	105	7	for	for	ADP
ajfa-724	105	8	the	the	DET
ajfa-724	105	9	valuation	valuation	NOUN
ajfa-724	105	10	of	of	ADP
ajfa-724	105	11	a	a	DET
ajfa-724	105	12	firm	firm	NOUN
ajfa-724	105	13	or	or	CCONJ
ajfa-724	105	14	project	project	NOUN
ajfa-724	105	15	.	.	PUNCT
ajfa-724	106	1	other	other	ADJ
ajfa-724	106	2	studies	study	NOUN
ajfa-724	106	3	include	include	VERB
ajfa-724	106	4	,	,	PUNCT
ajfa-724	106	5	wilcox	wilcox	PROPN
ajfa-724	106	6	et	et	PROPN
ajfa-724	106	7	al	al	PROPN
ajfa-724	106	8	(	(	PUNCT
ajfa-724	106	9	2001	2001	NUM
ajfa-724	106	10	)	)	PUNCT
ajfa-724	106	11	uses	use	VERB
ajfa-724	106	12	event	event	NOUN
ajfa-724	106	13	analysis	analysis	NOUN
ajfa-724	106	14	to	to	PART
ajfa-724	106	15	examine	examine	VERB
ajfa-724	106	16	44	44	NUM
ajfa-724	106	17	m&a	m&a	PROPN
ajfa-724	106	18	events	event	NOUN
ajfa-724	106	19	involving	involve	VERB
ajfa-724	106	20	89	89	NUM
ajfa-724	106	21	partners	partner	NOUN
ajfa-724	106	22	in	in	ADP
ajfa-724	106	23	the	the	DET
ajfa-724	106	24	telecommunications	telecommunications	NOUN
ajfa-724	106	25	industry	industry	NOUN
ajfa-724	106	26	.	.	PUNCT
ajfa-724	107	1	their	their	PRON
ajfa-724	107	2	study	study	NOUN
ajfa-724	107	3	formulates	formulate	VERB
ajfa-724	107	4	and	and	CCONJ
ajfa-724	107	5	tests	test	VERB
ajfa-724	107	6	hypotheses	hypothesis	NOUN
ajfa-724	107	7	relating	relate	VERB
ajfa-724	107	8	the	the	DET
ajfa-724	107	9	impact	impact	NOUN
ajfa-724	107	10	of	of	ADP
ajfa-724	107	11	near	near	ADV
ajfa-724	107	12	and	and	CCONJ
ajfa-724	107	13	far	far	ADJ
ajfa-724	107	14	diversification	diversification	NOUN
ajfa-724	107	15	,	,	PUNCT
ajfa-724	107	16	and	and	CCONJ
ajfa-724	107	17	the	the	DET
ajfa-724	107	18	size	size	NOUN
ajfa-724	107	19	of	of	ADP
ajfa-724	107	20	the	the	DET
ajfa-724	107	21	firm	firm	NOUN
ajfa-724	107	22	,	,	PUNCT
ajfa-724	107	23	on	on	ADP
ajfa-724	107	24	market	market	NOUN
ajfa-724	107	25	valuation	valuation	NOUN
ajfa-724	107	26	.	.	PUNCT
ajfa-724	108	1	their	their	PRON
ajfa-724	108	2	results	result	NOUN
ajfa-724	108	3	suggest	suggest	VERB
ajfa-724	108	4	that	that	SCONJ
ajfa-724	108	5	while	while	SCONJ
ajfa-724	108	6	overall	overall	ADJ
ajfa-724	108	7	these	these	DET
ajfa-724	108	8	events	event	NOUN
ajfa-724	108	9	weight	weight	NOUN
ajfa-724	108	10	positively	positively	ADV
ajfa-724	108	11	on	on	ADP
ajfa-724	108	12	market	market	NOUN
ajfa-724	108	13	value	value	NOUN
ajfa-724	108	14	,	,	PUNCT
ajfa-724	108	15	m&a	m&a	PROPN
ajfa-724	108	16	involving	involve	VERB
ajfa-724	108	17	near	near	ADJ
ajfa-724	108	18	-	-	PUNCT
ajfa-724	108	19	diversification	diversification	NOUN
ajfa-724	108	20	and	and	CCONJ
ajfa-724	108	21	larger	large	ADJ
ajfa-724	108	22	firms	firm	NOUN
ajfa-724	108	23	tend	tend	VERB
ajfa-724	108	24	to	to	PART
ajfa-724	108	25	experience	experience	VERB
ajfa-724	108	26	greater	great	ADJ
ajfa-724	108	27	valuation	valuation	NOUN
ajfa-724	108	28	effects	effect	NOUN
ajfa-724	108	29	.	.	PUNCT
ajfa-724	109	1	yermack	yermack	NOUN
ajfa-724	109	2	(	(	PUNCT
ajfa-724	109	3	1996	1996	NUM
ajfa-724	109	4	)	)	PUNCT
ajfa-724	109	5	evidences	evidence	VERB
ajfa-724	109	6	the	the	DET
ajfa-724	109	7	consistent	consistent	NOUN
ajfa-724	109	8	with	with	ADP
ajfa-724	109	9	theories	theory	NOUN
ajfa-724	109	10	that	that	SCONJ
ajfa-724	109	11	small	small	ADJ
ajfa-724	109	12	boards	board	NOUN
ajfa-724	109	13	of	of	ADP
ajfa-724	109	14	directors	director	NOUN
ajfa-724	109	15	are	be	AUX
ajfa-724	109	16	more	more	ADV
ajfa-724	109	17	effective	effective	ADJ
ajfa-724	109	18	,	,	PUNCT
ajfa-724	109	19	using	use	VERB
ajfa-724	109	20	tobin	tobin	PROPN
ajfa-724	109	21	’s	’s	PART
ajfa-724	109	22	q	q	NOUN
ajfa-724	109	23	as	as	ADP
ajfa-724	109	24	an	an	DET
ajfa-724	109	25	approximation	approximation	NOUN
ajfa-724	109	26	of	of	ADP
ajfa-724	109	27	market	market	NOUN
ajfa-724	109	28	valuation	valuation	NOUN
ajfa-724	109	29	.	.	PUNCT
ajfa-724	110	1	the	the	DET
ajfa-724	110	2	study	study	NOUN
ajfa-724	110	3	found	find	VERB
ajfa-724	110	4	an	an	DET
ajfa-724	110	5	inverse	inverse	NOUN
ajfa-724	110	6	association	association	NOUN
ajfa-724	110	7	between	between	ADP
ajfa-724	110	8	board	board	NOUN
ajfa-724	110	9	size	size	NOUN
ajfa-724	110	10	and	and	CCONJ
ajfa-724	110	11	firm	firm	ADJ
ajfa-724	110	12	value	value	NOUN
ajfa-724	110	13	in	in	ADP
ajfa-724	110	14	a	a	DET
ajfa-724	110	15	sample	sample	NOUN
ajfa-724	110	16	of	of	ADP
ajfa-724	110	17	452	452	NUM
ajfa-724	110	18	large	large	ADJ
ajfa-724	110	19	u.s	u.s	PROPN
ajfa-724	110	20	.	.	PROPN
ajfa-724	110	21	industrial	industrial	ADJ
ajfa-724	110	22	corporations	corporation	NOUN
ajfa-724	110	23	during	during	ADP
ajfa-724	110	24	1984	1984	NUM
ajfa-724	110	25	-	-	SYM
ajfa-724	110	26	91	91	NUM
ajfa-724	110	27	.	.	PUNCT
ajfa-724	111	1	the	the	DET
ajfa-724	111	2	results	result	NOUN
ajfa-724	111	3	are	be	AUX
ajfa-724	111	4	robust	robust	ADJ
ajfa-724	111	5	to	to	ADP
ajfa-724	111	6	numerous	numerous	ADJ
ajfa-724	111	7	controls	control	NOUN
ajfa-724	111	8	for	for	ADP
ajfa-724	111	9	company	company	NOUN
ajfa-724	111	10	size	size	NOUN
ajfa-724	111	11	,	,	PUNCT
ajfa-724	111	12	industry	industry	NOUN
ajfa-724	111	13	membership	membership	NOUN
ajfa-724	111	14	,	,	PUNCT
ajfa-724	111	15	inside	inside	ADP
ajfa-724	111	16	stock	stock	NOUN
ajfa-724	111	17	ownership	ownership	NOUN
ajfa-724	111	18	,	,	PUNCT
ajfa-724	111	19	growth	growth	NOUN
ajfa-724	111	20	opportunities	opportunity	NOUN
ajfa-724	111	21	,	,	PUNCT
ajfa-724	111	22	and	and	CCONJ
ajfa-724	111	23	alternative	alternative	ADJ
ajfa-724	111	24	corporate	corporate	ADJ
ajfa-724	111	25	governance	governance	NOUN
ajfa-724	111	26	structures	structure	NOUN
ajfa-724	111	27	.	.	PUNCT
ajfa-724	112	1	in	in	ADP
ajfa-724	112	2	summary	summary	NOUN
ajfa-724	112	3	of	of	ADP
ajfa-724	112	4	the	the	DET
ajfa-724	112	5	above	above	ADJ
ajfa-724	112	6	literature	literature	NOUN
ajfa-724	112	7	,	,	PUNCT
ajfa-724	112	8	there	there	PRON
ajfa-724	112	9	is	be	VERB
ajfa-724	112	10	no	no	DET
ajfa-724	112	11	method	method	NOUN
ajfa-724	112	12	or	or	CCONJ
ajfa-724	112	13	model	model	NOUN
ajfa-724	112	14	or	or	CCONJ
ajfa-724	112	15	theory	theory	NOUN
ajfa-724	112	16	that	that	PRON
ajfa-724	112	17	undertakes	undertake	VERB
ajfa-724	112	18	macro	macro	ADJ
ajfa-724	112	19	and	and	CCONJ
ajfa-724	112	20	political	political	ADJ
ajfa-724	112	21	factors	factor	NOUN
ajfa-724	112	22	while	while	SCONJ
ajfa-724	112	23	determining	determine	VERB
ajfa-724	112	24	firm	firm	ADJ
ajfa-724	112	25	value	value	NOUN
ajfa-724	112	26	,	,	PUNCT
ajfa-724	112	27	particularly	particularly	ADV
ajfa-724	112	28	in	in	ADP
ajfa-724	112	29	m&a	m&a	PROPN
ajfa-724	112	30	practice	practice	NOUN
ajfa-724	112	31	.	.	PUNCT
ajfa-724	113	1	on	on	ADP
ajfa-724	113	2	the	the	DET
ajfa-724	113	3	other	other	ADJ
ajfa-724	113	4	hand	hand	NOUN
ajfa-724	113	5	,	,	PUNCT
ajfa-724	113	6	time	time	NOUN
ajfa-724	113	7	has	have	AUX
ajfa-724	113	8	been	be	AUX
ajfa-724	113	9	changed	change	VERB
ajfa-724	113	10	from	from	ADP
ajfa-724	113	11	home	home	NOUN
ajfa-724	113	12	-	-	PUNCT
ajfa-724	113	13	made	make	VERB
ajfa-724	113	14	to	to	ADP
ajfa-724	113	15	local	local	ADJ
ajfa-724	113	16	market	market	NOUN
ajfa-724	113	17	,	,	PUNCT
ajfa-724	113	18	public	public	ADJ
ajfa-724	113	19	to	to	ADP
ajfa-724	113	20	private	private	ADJ
ajfa-724	113	21	,	,	PUNCT
ajfa-724	113	22	domestic	domestic	ADJ
ajfa-724	113	23	to	to	ADP
ajfa-724	113	24	international	international	ADJ
ajfa-724	113	25	and	and	CCONJ
ajfa-724	113	26	multinational	multinational	ADJ
ajfa-724	113	27	to	to	ADP
ajfa-724	113	28	globalization	globalization	NOUN
ajfa-724	113	29	,	,	PUNCT
ajfa-724	113	30	since	since	SCONJ
ajfa-724	113	31	the	the	DET
ajfa-724	113	32	modern	modern	ADJ
ajfa-724	113	33	business	business	NOUN
ajfa-724	113	34	needs	need	VERB
ajfa-724	113	35	asian	asian	ADJ
ajfa-724	113	36	journal	journal	NOUN
ajfa-724	113	37	of	of	ADP
ajfa-724	113	38	finance	finance	PROPN
ajfa-724	113	39	&	&	CCONJ
ajfa-724	113	40	accounting	accounting	PROPN
ajfa-724	113	41	issn	issn	PROPN
ajfa-724	113	42	1946	1946	NUM
ajfa-724	113	43	-	-	PUNCT
ajfa-724	113	44	052x	052x	NOUN
ajfa-724	113	45	2011	2011	NUM
ajfa-724	113	46	,	,	PUNCT
ajfa-724	113	47	vol	vol	NOUN
ajfa-724	113	48	.	.	PROPN
ajfa-724	114	1	3	3	NUM
ajfa-724	114	2	,	,	PUNCT
ajfa-724	114	3	no	no	INTJ
ajfa-724	114	4	.	.	NOUN
ajfa-724	114	5	1	1	NUM
ajfa-724	114	6	:	:	PUNCT
ajfa-724	114	7	e6	e6	VERB
ajfa-724	114	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	114	9	93	93	NUM
ajfa-724	114	10	new	new	ADJ
ajfa-724	114	11	financial	financial	ADJ
ajfa-724	114	12	models	model	NOUN
ajfa-724	114	13	,	,	PUNCT
ajfa-724	114	14	theories	theory	NOUN
ajfa-724	114	15	,	,	PUNCT
ajfa-724	114	16	methods	method	NOUN
ajfa-724	114	17	,	,	PUNCT
ajfa-724	114	18	approaches	approach	NOUN
ajfa-724	114	19	and	and	CCONJ
ajfa-724	114	20	innovations	innovation	NOUN
ajfa-724	114	21	for	for	ADP
ajfa-724	114	22	the	the	DET
ajfa-724	114	23	next	next	ADJ
ajfa-724	114	24	generation	generation	NOUN
ajfa-724	114	25	corporate	corporate	ADJ
ajfa-724	114	26	finance	finance	NOUN
ajfa-724	114	27	to	to	PART
ajfa-724	114	28	protect	protect	VERB
ajfa-724	114	29	the	the	DET
ajfa-724	114	30	stakeholders	stakeholder	NOUN
ajfa-724	114	31	believe	believe	VERB
ajfa-724	114	32	and	and	CCONJ
ajfa-724	114	33	trust	trust	NOUN
ajfa-724	114	34	.	.	PUNCT
ajfa-724	115	1	consequently	consequently	ADV
ajfa-724	115	2	,	,	PUNCT
ajfa-724	115	3	it	it	PRON
ajfa-724	115	4	gives	give	VERB
ajfa-724	115	5	us	we	PRON
ajfa-724	115	6	an	an	DET
ajfa-724	115	7	opportunity	opportunity	NOUN
ajfa-724	115	8	to	to	PART
ajfa-724	115	9	introduce	introduce	VERB
ajfa-724	115	10	new	new	ADJ
ajfa-724	115	11	model	model	NOUN
ajfa-724	115	12	in	in	ADP
ajfa-724	115	13	valuation	valuation	NOUN
ajfa-724	115	14	,	,	PUNCT
ajfa-724	115	15	particularly	particularly	ADV
ajfa-724	115	16	our	our	PRON
ajfa-724	115	17	study	study	NOUN
ajfa-724	115	18	is	be	AUX
ajfa-724	115	19	aimed	aim	VERB
ajfa-724	115	20	to	to	PART
ajfa-724	115	21	suggest	suggest	VERB
ajfa-724	115	22	a	a	DET
ajfa-724	115	23	method	method	NOUN
ajfa-724	115	24	for	for	ADP
ajfa-724	115	25	hotels	hotel	NOUN
ajfa-724	115	26	and	and	CCONJ
ajfa-724	115	27	resorts	resort	NOUN
ajfa-724	115	28	with	with	ADP
ajfa-724	115	29	the	the	DET
ajfa-724	115	30	help	help	NOUN
ajfa-724	115	31	of	of	ADP
ajfa-724	115	32	two	two	NUM
ajfa-724	115	33	case	case	NOUN
ajfa-724	115	34	examples	example	NOUN
ajfa-724	115	35	.	.	PUNCT
ajfa-724	116	1	5	5	X
ajfa-724	116	2	.	.	X
ajfa-724	116	3	research	research	NOUN
ajfa-724	116	4	method	method	NOUN
ajfa-724	116	5	5.1	5.1	NUM
ajfa-724	116	6	objective	objective	NOUN
ajfa-724	116	7	of	of	ADP
ajfa-724	116	8	the	the	DET
ajfa-724	116	9	study	study	NOUN
ajfa-724	116	10	m&a	m&a	PROPN
ajfa-724	116	11	have	have	AUX
ajfa-724	116	12	become	become	VERB
ajfa-724	116	13	a	a	DET
ajfa-724	116	14	popular	popular	ADJ
ajfa-724	116	15	vehicle	vehicle	NOUN
ajfa-724	116	16	for	for	SCONJ
ajfa-724	116	17	cash	cash	NOUN
ajfa-724	116	18	-	-	PUNCT
ajfa-724	116	19	full	full	ADJ
ajfa-724	116	20	and	and	CCONJ
ajfa-724	116	21	rising	rise	VERB
ajfa-724	116	22	companies	company	NOUN
ajfa-724	116	23	to	to	PART
ajfa-724	116	24	rapidly	rapidly	ADV
ajfa-724	116	25	access	access	VERB
ajfa-724	116	26	new	new	ADJ
ajfa-724	116	27	markets	market	NOUN
ajfa-724	116	28	,	,	PUNCT
ajfa-724	116	29	assets	asset	NOUN
ajfa-724	116	30	and	and	CCONJ
ajfa-724	116	31	capabilities	capability	NOUN
ajfa-724	116	32	.	.	PUNCT
ajfa-724	117	1	the	the	DET
ajfa-724	117	2	motive	motive	NOUN
ajfa-724	117	3	behind	behind	ADP
ajfa-724	117	4	our	our	PRON
ajfa-724	117	5	study	study	NOUN
ajfa-724	117	6	is	be	AUX
ajfa-724	117	7	to	to	PART
ajfa-724	117	8	develop	develop	VERB
ajfa-724	117	9	new	new	ADJ
ajfa-724	117	10	financing	financing	NOUN
ajfa-724	117	11	models	model	NOUN
ajfa-724	117	12	in	in	ADP
ajfa-724	117	13	the	the	DET
ajfa-724	117	14	upcoming	upcoming	ADJ
ajfa-724	117	15	area	area	NOUN
ajfa-724	117	16	of	of	ADP
ajfa-724	117	17	m&a	m&a	PROPN
ajfa-724	117	18	advisory	advisory	NOUN
ajfa-724	117	19	.	.	PUNCT
ajfa-724	118	1	exclusively	exclusively	ADV
ajfa-724	118	2	,	,	PUNCT
ajfa-724	118	3	it	it	PRON
ajfa-724	118	4	suggests	suggest	VERB
ajfa-724	118	5	a	a	DET
ajfa-724	118	6	new	new	ADJ
ajfa-724	118	7	valuation	valuation	NOUN
ajfa-724	118	8	cum	cum	NOUN
ajfa-724	118	9	forecasting	forecasting	NOUN
ajfa-724	118	10	model	model	NOUN
ajfa-724	118	11	to	to	PART
ajfa-724	118	12	build	build	VERB
ajfa-724	118	13	theories	theory	NOUN
ajfa-724	118	14	,	,	PUNCT
ajfa-724	118	15	concepts	concept	NOUN
ajfa-724	118	16	and	and	CCONJ
ajfa-724	118	17	strategies	strategy	NOUN
ajfa-724	118	18	in	in	ADP
ajfa-724	118	19	the	the	DET
ajfa-724	118	20	emerging	emerge	VERB
ajfa-724	118	21	field	field	NOUN
ajfa-724	118	22	of	of	ADP
ajfa-724	118	23	corporate	corporate	ADJ
ajfa-724	118	24	finance	finance	NOUN
ajfa-724	118	25	.	.	PUNCT
ajfa-724	119	1	5.2	5.2	NUM
ajfa-724	119	2	data	data	NOUN
ajfa-724	119	3	collection	collection	NOUN
ajfa-724	119	4	and	and	CCONJ
ajfa-724	119	5	analysis	analysis	NOUN
ajfa-724	119	6	we	we	PRON
ajfa-724	119	7	have	have	AUX
ajfa-724	119	8	collected	collect	VERB
ajfa-724	119	9	data	datum	NOUN
ajfa-724	119	10	from	from	ADP
ajfa-724	119	11	recognized	recognize	VERB
ajfa-724	119	12	sources	source	NOUN
ajfa-724	119	13	and	and	CCONJ
ajfa-724	119	14	used	use	VERB
ajfa-724	119	15	as	as	ADP
ajfa-724	119	16	the	the	DET
ajfa-724	119	17	background	background	NOUN
ajfa-724	119	18	of	of	ADP
ajfa-724	119	19	study	study	NOUN
ajfa-724	119	20	,	,	PUNCT
ajfa-724	119	21	literature	literature	PROPN
ajfa-724	119	22	review	review	PROPN
ajfa-724	119	23	,	,	PUNCT
ajfa-724	119	24	two	two	NUM
ajfa-724	119	25	case	case	NOUN
ajfa-724	119	26	examples	example	NOUN
ajfa-724	119	27	(	(	PUNCT
ajfa-724	119	28	eih	eih	PROPN
ajfa-724	119	29	and	and	CCONJ
ajfa-724	119	30	leela	leela	PROPN
ajfa-724	119	31	)	)	PUNCT
ajfa-724	119	32	and	and	CCONJ
ajfa-724	119	33	other	other	ADJ
ajfa-724	119	34	imperative	imperative	ADJ
ajfa-724	119	35	factors	factor	NOUN
ajfa-724	119	36	,	,	PUNCT
ajfa-724	119	37	which	which	PRON
ajfa-724	119	38	is	be	AUX
ajfa-724	119	39	required	require	VERB
ajfa-724	119	40	for	for	ADP
ajfa-724	119	41	modelling	model	VERB
ajfa-724	119	42	a	a	DET
ajfa-724	119	43	new	new	ADJ
ajfa-724	119	44	valuation	valuation	NOUN
ajfa-724	119	45	model	model	NOUN
ajfa-724	119	46	.	.	PUNCT
ajfa-724	120	1	the	the	DET
ajfa-724	120	2	main	main	ADJ
ajfa-724	120	3	profile	profile	NOUN
ajfa-724	120	4	of	of	ADP
ajfa-724	120	5	case	case	NOUN
ajfa-724	120	6	examples	example	NOUN
ajfa-724	120	7	extracted	extract	VERB
ajfa-724	120	8	from	from	ADP
ajfa-724	120	9	leading	lead	VERB
ajfa-724	120	10	business	business	NOUN
ajfa-724	120	11	news	news	NOUN
ajfa-724	120	12	papers	paper	NOUN
ajfa-724	120	13	,	,	PUNCT
ajfa-724	120	14	referred	refer	VERB
ajfa-724	120	15	publications	publication	NOUN
ajfa-724	120	16	and	and	CCONJ
ajfa-724	120	17	company	company	NOUN
ajfa-724	120	18	’s	’s	PART
ajfa-724	120	19	official	official	ADJ
ajfa-724	120	20	sites	site	NOUN
ajfa-724	120	21	,	,	PUNCT
ajfa-724	120	22	for	for	ADP
ajfa-724	120	23	example	example	NOUN
ajfa-724	120	24	india	india	PROPN
ajfa-724	120	25	infoline	infoline	PROPN
ajfa-724	120	26	data	data	PROPN
ajfa-724	120	27	warehouse	warehouse	NOUN
ajfa-724	120	28	.	.	PUNCT
ajfa-724	121	1	the	the	DET
ajfa-724	121	2	data	datum	NOUN
ajfa-724	121	3	including	include	VERB
ajfa-724	121	4	market	market	NOUN
ajfa-724	121	5	capitalization	capitalization	NOUN
ajfa-724	121	6	,	,	PUNCT
ajfa-724	121	7	market	market	NOUN
ajfa-724	121	8	share	share	NOUN
ajfa-724	121	9	and	and	CCONJ
ajfa-724	121	10	financial	financial	ADJ
ajfa-724	121	11	statements	statement	NOUN
ajfa-724	121	12	of	of	ADP
ajfa-724	121	13	both	both	DET
ajfa-724	121	14	companies	company	NOUN
ajfa-724	121	15	and	and	CCONJ
ajfa-724	121	16	industry	industry	NOUN
ajfa-724	121	17	information	information	NOUN
ajfa-724	121	18	were	be	AUX
ajfa-724	121	19	absorbed	absorb	VERB
ajfa-724	121	20	from	from	ADP
ajfa-724	121	21	cmie	cmie	PROPN
ajfa-724	121	22	prowess	prowess	NOUN
ajfa-724	121	23	database	database	NOUN
ajfa-724	121	24	,	,	PUNCT
ajfa-724	121	25	fhrai	fhrai	PROPN
ajfa-724	121	26	and	and	CCONJ
ajfa-724	121	27	ministry	ministry	PROPN
ajfa-724	121	28	of	of	ADP
ajfa-724	121	29	tourism	tourism	NOUN
ajfa-724	121	30	.	.	PUNCT
ajfa-724	122	1	the	the	DET
ajfa-724	122	2	financial	financial	ADJ
ajfa-724	122	3	data	datum	NOUN
ajfa-724	122	4	of	of	ADP
ajfa-724	122	5	two	two	NUM
ajfa-724	122	6	case	case	NOUN
ajfa-724	122	7	examples	example	NOUN
ajfa-724	122	8	has	have	AUX
ajfa-724	122	9	been	be	AUX
ajfa-724	122	10	analyzed	analyze	VERB
ajfa-724	122	11	under	under	ADP
ajfa-724	122	12	nrr	nrr	PROPN
ajfa-724	122	13	approach	approach	NOUN
ajfa-724	122	14	,	,	PUNCT
ajfa-724	122	15	expressed	express	VERB
ajfa-724	122	16	in	in	ADP
ajfa-724	122	17	methodology	methodology	NOUN
ajfa-724	122	18	section	section	NOUN
ajfa-724	122	19	below	below	ADV
ajfa-724	122	20	.	.	PUNCT
ajfa-724	123	1	5.3	5.3	NUM
ajfa-724	123	2	valuation	valuation	NOUN
ajfa-724	123	3	methodology	methodology	NOUN
ajfa-724	123	4	growing	grow	VERB
ajfa-724	123	5	importance	importance	NOUN
ajfa-724	123	6	of	of	ADP
ajfa-724	123	7	‘	'	PUNCT
ajfa-724	123	8	business	business	NOUN
ajfa-724	123	9	valuation	valuation	NOUN
ajfa-724	123	10	’	'	PUNCT
ajfa-724	123	11	as	as	ADP
ajfa-724	123	12	a	a	DET
ajfa-724	123	13	specialized	specialized	ADJ
ajfa-724	123	14	area	area	NOUN
ajfa-724	123	15	in	in	ADP
ajfa-724	123	16	corporate	corporate	ADJ
ajfa-724	123	17	finance	finance	NOUN
ajfa-724	123	18	,	,	PUNCT
ajfa-724	123	19	we	we	PRON
ajfa-724	123	20	suggest	suggest	VERB
ajfa-724	123	21	a	a	DET
ajfa-724	123	22	new	new	ADJ
ajfa-724	123	23	method	method	NOUN
ajfa-724	123	24	,	,	PUNCT
ajfa-724	123	25	namely	namely	ADV
ajfa-724	123	26	the	the	DET
ajfa-724	123	27	process	process	NOUN
ajfa-724	123	28	which	which	PRON
ajfa-724	123	29	is	be	AUX
ajfa-724	123	30	modeling	model	VERB
ajfa-724	123	31	forecasting	forecasting	NOUN
ajfa-724	123	32	hurdle	hurdle	NOUN
ajfa-724	123	33	rate	rate	NOUN
ajfa-724	123	34	(	(	PUNCT
ajfa-724	123	35	fhr	fhr	NOUN
ajfa-724	123	36	)	)	PUNCT
ajfa-724	123	37	,	,	PUNCT
ajfa-724	123	38	modified	modify	VERB
ajfa-724	123	39	net	net	ADJ
ajfa-724	123	40	asset	asset	NOUN
ajfa-724	123	41	valuation	valuation	NOUN
ajfa-724	123	42	model	model	NOUN
ajfa-724	123	43	,	,	PUNCT
ajfa-724	123	44	computation	computation	NOUN
ajfa-724	123	45	of	of	ADP
ajfa-724	123	46	goodwill	goodwill	NOUN
ajfa-724	123	47	and	and	CCONJ
ajfa-724	123	48	firm	firm	ADJ
ajfa-724	123	49	valuation	valuation	NOUN
ajfa-724	123	50	.	.	PUNCT
ajfa-724	124	1	first	first	ADV
ajfa-724	124	2	,	,	PUNCT
ajfa-724	124	3	we	we	PRON
ajfa-724	124	4	compute	compute	VERB
ajfa-724	124	5	fhr	fhr	NOUN
ajfa-724	124	6	,	,	PUNCT
ajfa-724	124	7	then	then	ADV
ajfa-724	124	8	statement	statement	NOUN
ajfa-724	124	9	of	of	ADP
ajfa-724	124	10	free	free	ADJ
ajfa-724	124	11	cash	cash	NOUN
ajfa-724	124	12	flows	flow	NOUN
ajfa-724	124	13	(	(	PUNCT
ajfa-724	124	14	fernandez	fernandez	PROPN
ajfa-724	124	15	,	,	PUNCT
ajfa-724	124	16	2003	2003	NUM
ajfa-724	124	17	;	;	PUNCT
ajfa-724	124	18	2007b	2007b	NUM
ajfa-724	124	19	)	)	PUNCT
ajfa-724	124	20	,	,	PUNCT
ajfa-724	124	21	estimating	estimate	VERB
ajfa-724	124	22	future	future	ADJ
ajfa-724	124	23	sales	sale	NOUN
ajfa-724	124	24	growth	growth	NOUN
ajfa-724	124	25	rate	rate	NOUN
ajfa-724	124	26	,	,	PUNCT
ajfa-724	124	27	there	there	ADV
ajfa-724	124	28	after	after	ADP
ajfa-724	124	29	future	future	ADJ
ajfa-724	124	30	free	free	ADJ
ajfa-724	124	31	cash	cash	NOUN
ajfa-724	124	32	flows	flow	NOUN
ajfa-724	124	33	and	and	CCONJ
ajfa-724	124	34	finally	finally	ADV
ajfa-724	124	35	determination	determination	NOUN
ajfa-724	124	36	of	of	ADP
ajfa-724	124	37	enterprise	enterprise	NOUN
ajfa-724	124	38	value	value	NOUN
ajfa-724	124	39	(	(	PUNCT
ajfa-724	124	40	vc	vc	NOUN
ajfa-724	124	41	)	)	PUNCT
ajfa-724	124	42	.	.	PUNCT
ajfa-724	125	1	the	the	DET
ajfa-724	125	2	nrr	nrr	PROPN
ajfa-724	125	3	methodology	methodology	PROPN
ajfa-724	125	4	flow	flow	NOUN
ajfa-724	125	5	chart	chart	NOUN
ajfa-724	125	6	is	be	AUX
ajfa-724	125	7	presented	present	VERB
ajfa-724	125	8	in	in	ADP
ajfa-724	125	9	figure	figure	NOUN
ajfa-724	125	10	1	1	NUM
ajfa-724	125	11	below	below	ADV
ajfa-724	125	12	.	.	PUNCT
ajfa-724	126	1	however	however	ADV
ajfa-724	126	2	,	,	PUNCT
ajfa-724	126	3	this	this	DET
ajfa-724	126	4	model	model	NOUN
ajfa-724	126	5	is	be	AUX
ajfa-724	126	6	first	first	ADJ
ajfa-724	126	7	version	version	NOUN
ajfa-724	126	8	and	and	CCONJ
ajfa-724	126	9	final	final	ADJ
ajfa-724	126	10	edition	edition	NOUN
ajfa-724	126	11	of	of	ADP
ajfa-724	126	12	nrr	nrr	PROPN
ajfa-724	126	13	approach	approach	NOUN
ajfa-724	126	14	will	will	AUX
ajfa-724	126	15	be	be	AUX
ajfa-724	126	16	developed	develop	VERB
ajfa-724	126	17	accordingly	accordingly	ADV
ajfa-724	126	18	.	.	PUNCT
ajfa-724	127	1	asian	asian	ADJ
ajfa-724	127	2	journal	journal	PROPN
ajfa-724	127	3	of	of	ADP
ajfa-724	127	4	finance	finance	PROPN
ajfa-724	127	5	&	&	CCONJ
ajfa-724	127	6	accounting	accounting	PROPN
ajfa-724	127	7	issn	issn	PROPN
ajfa-724	127	8	1946	1946	NUM
ajfa-724	127	9	-	-	PUNCT
ajfa-724	127	10	052x	052x	NOUN
ajfa-724	127	11	2011	2011	NUM
ajfa-724	127	12	,	,	PUNCT
ajfa-724	127	13	vol	vol	NOUN
ajfa-724	127	14	.	.	PROPN
ajfa-724	128	1	3	3	NUM
ajfa-724	128	2	,	,	PUNCT
ajfa-724	128	3	no	no	INTJ
ajfa-724	128	4	.	.	NOUN
ajfa-724	128	5	1	1	NUM
ajfa-724	128	6	:	:	PUNCT
ajfa-724	128	7	e6	e6	VERB
ajfa-724	128	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	128	9	94	94	NUM
ajfa-724	128	10	figure	figure	NOUN
ajfa-724	128	11	1	1	NUM
ajfa-724	128	12	.	.	PUNCT
ajfa-724	128	13	firm	firm	ADJ
ajfa-724	128	14	valuation	valuation	NOUN
ajfa-724	128	15	and	and	CCONJ
ajfa-724	128	16	cash	cash	NOUN
ajfa-724	128	17	flows	flow	VERB
ajfa-724	128	18	nrr	nrr	PROPN
ajfa-724	128	19	approach	approach	PROPN
ajfa-724	128	20	asian	asian	PROPN
ajfa-724	128	21	journal	journal	PROPN
ajfa-724	128	22	of	of	ADP
ajfa-724	128	23	finance	finance	PROPN
ajfa-724	128	24	&	&	CCONJ
ajfa-724	128	25	accounting	accounting	PROPN
ajfa-724	128	26	issn	issn	PROPN
ajfa-724	128	27	1946	1946	NUM
ajfa-724	128	28	-	-	PUNCT
ajfa-724	128	29	052x	052x	NOUN
ajfa-724	128	30	2011	2011	NUM
ajfa-724	128	31	,	,	PUNCT
ajfa-724	128	32	vol	vol	NOUN
ajfa-724	128	33	.	.	PROPN
ajfa-724	129	1	3	3	NUM
ajfa-724	129	2	,	,	PUNCT
ajfa-724	129	3	no	no	INTJ
ajfa-724	129	4	.	.	NOUN
ajfa-724	129	5	1	1	NUM
ajfa-724	129	6	:	:	PUNCT
ajfa-724	129	7	e6	e6	VERB
ajfa-724	129	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-724	129	9	95	95	NUM
ajfa-724	129	10	5.3.1	5.3.1	NUM
ajfa-724	129	11	forecasting	forecasting	NOUN
ajfa-724	129	12	hurdle	hurdle	NOUN
ajfa-724	129	13	rate	rate	NOUN
ajfa-724	129	14	(	(	PUNCT
ajfa-724	129	15	fhr	fhr	NOUN
ajfa-724	129	16	)	)	PUNCT
ajfa-724	129	17	forecasting	forecasting	NOUN
ajfa-724	129	18	is	be	AUX
ajfa-724	129	19	the	the	DET
ajfa-724	129	20	process	process	NOUN
ajfa-724	129	21	of	of	ADP
ajfa-724	129	22	estimation	estimation	NOUN
ajfa-724	129	23	in	in	ADP
ajfa-724	129	24	unknown	unknown	ADJ
ajfa-724	129	25	situations	situation	NOUN
ajfa-724	129	26	from	from	ADP
ajfa-724	129	27	the	the	DET
ajfa-724	129	28	historical	historical	ADJ
ajfa-724	129	29	data	datum	NOUN
ajfa-724	129	30	for	for	ADP
ajfa-724	129	31	the	the	DET
ajfa-724	129	32	purpose	purpose	NOUN
ajfa-724	129	33	of	of	ADP
ajfa-724	129	34	future	future	ADJ
ajfa-724	129	35	decision	decision	NOUN
ajfa-724	129	36	making	making	NOUN
ajfa-724	129	37	.	.	PUNCT
ajfa-724	130	1	there	there	PRON
ajfa-724	130	2	are	be	VERB
ajfa-724	130	3	various	various	ADJ
ajfa-724	130	4	models	model	NOUN
ajfa-724	130	5	suggested	suggest	VERB
ajfa-724	130	6	by	by	ADP
ajfa-724	130	7	economics	economic	NOUN
ajfa-724	130	8	and	and	CCONJ
ajfa-724	130	9	finance	finance	NOUN
ajfa-724	130	10	scholars	scholar	NOUN
ajfa-724	130	11	.	.	PUNCT
ajfa-724	131	1	here	here	ADV
ajfa-724	131	2	,	,	PUNCT
ajfa-724	131	3	we	we	PRON
ajfa-724	131	4	develop	develop	VERB
ajfa-724	131	5	a	a	DET
ajfa-724	131	6	model	model	NOUN
ajfa-724	131	7	that	that	PRON
ajfa-724	131	8	named	name	VERB
ajfa-724	131	9	as	as	ADP
ajfa-724	131	10	“	"	PUNCT
ajfa-724	131	11	forecasting	forecasting	NOUN
ajfa-724	131	12	hurdle	hurdle	NOUN
ajfa-724	131	13	rate	rate	NOUN
ajfa-724	131	14	”	"	PUNCT
ajfa-724	131	15	by	by	ADP
ajfa-724	131	16	using	use	VERB
ajfa-724	131	17	various	various	ADJ
ajfa-724	131	18	economic	economic	ADJ
ajfa-724	131	19	,	,	PUNCT
ajfa-724	131	20	political	political	ADJ
ajfa-724	131	21	,	,	PUNCT
ajfa-724	131	22	industry	industry	NOUN
ajfa-724	131	23	,	,	PUNCT
ajfa-724	131	24	financial	financial	ADJ
ajfa-724	131	25	and	and	CCONJ
ajfa-724	131	26	production	production	NOUN
ajfa-724	131	27	factors	factor	NOUN
ajfa-724	131	28	.	.	PUNCT
ajfa-724	132	1	the	the	DET
ajfa-724	132	2	main	main	ADJ
ajfa-724	132	3	objective	objective	NOUN
ajfa-724	132	4	of	of	ADP
ajfa-724	132	5	model	model	NOUN
ajfa-724	132	6	is	be	AUX
ajfa-724	132	7	to	to	PART
ajfa-724	132	8	find	find	VERB
ajfa-724	132	9	out	out	ADP
ajfa-724	132	10	the	the	DET
ajfa-724	132	11	relative	relative	ADJ
ajfa-724	132	12	rate	rate	NOUN
ajfa-724	132	13	for	for	ADP
ajfa-724	132	14	estimating	estimate	VERB
ajfa-724	132	15	sales	sale	NOUN
ajfa-724	132	16	or	or	CCONJ
ajfa-724	132	17	revenues	revenue	NOUN
ajfa-724	132	18	.	.	PUNCT
ajfa-724	133	1	the	the	DET
ajfa-724	133	2	acquirer	acquirer	NOUN
ajfa-724	133	3	may	may	AUX
ajfa-724	133	4	consider	consider	VERB
ajfa-724	133	5	various	various	ADJ
ajfa-724	133	6	above	above	ADV
ajfa-724	133	7	said	say	VERB
ajfa-724	133	8	factors	factor	NOUN
ajfa-724	133	9	while	while	SCONJ
ajfa-724	133	10	valuing	value	VERB
ajfa-724	133	11	the	the	DET
ajfa-724	133	12	business	business	NOUN
ajfa-724	133	13	or	or	CCONJ
ajfa-724	133	14	company	company	NOUN
ajfa-724	133	15	.	.	PUNCT
ajfa-724	134	1	forecasting	forecasting	NOUN
ajfa-724	134	2	hurdle	hurdle	NOUN
ajfa-724	134	3	rate	rate	NOUN
ajfa-724	134	4	(	(	PUNCT
ajfa-724	134	5	fhr	fhr	NOUN
ajfa-724	134	6	)	)	PUNCT
ajfa-724	134	7	=	=	SYM
ajfa-724	134	8	1	1	NUM
ajfa-724	134	9	dnsgr	dnsgr	NOUN
ajfa-724	134	10	2	2	NUM
ajfa-724	134	11	ghgr	ghgr	VERB
ajfa-724	134	12	ms	ms	PROPN
ajfa-724	134	13	grat	grat	PROPN
ajfa-724	134	14	ms	ms	PROPN
ajfa-724	134	15	ddt	ddt	PROPN
ajfa-724	134	16	pcms	pcms	PROPN
ajfa-724	134	17	grat	grat	PROPN
ajfa-724	134	18	pcms	pcms	PROPN
ajfa-724	134	19	ddt	ddt	PROPN
ajfa-724	134	20	wpi	wpi	PROPN
ajfa-724	134	21	.	.	PUNCT
ajfa-724	135	1	gr	gr	PRON
ajfa-724	135	2	cm	cm	NOUN
ajfa-724	135	3	.	.	PUNCT
ajfa-724	136	1	r	r	NOUN
ajfa-724	136	2	ex	ex	X
ajfa-724	136	3	.	.	PUNCT
ajfa-724	137	1	r	r	PROPN
ajfa-724	137	2	prst	prst	PROPN
ajfa-724	137	3	tr	tr	VERB
ajfa-724	137	4	100	100	NUM
ajfa-724	137	5	(	(	PUNCT
ajfa-724	137	6	1	1	NUM
ajfa-724	137	7	)	)	PUNCT
ajfa-724	137	8	where	where	SCONJ
ajfa-724	137	9	,	,	PUNCT
ajfa-724	137	10	dnsgr	dnsgr	PROPN
ajfa-724	137	11	is	be	AUX
ajfa-724	137	12	domestic	domestic	ADJ
ajfa-724	137	13	net	net	ADJ
ajfa-724	137	14	sales	sale	NOUN
ajfa-724	137	15	growth	growth	NOUN
ajfa-724	137	16	rate	rate	NOUN
ajfa-724	137	17	,	,	PUNCT
ajfa-724	137	18	ghgr	ghgr	PROPN
ajfa-724	137	19	is	be	AUX
ajfa-724	137	20	global	global	ADJ
ajfa-724	137	21	hospitality	hospitality	NOUN
ajfa-724	137	22	growth	growth	NOUN
ajfa-724	137	23	rate	rate	NOUN
ajfa-724	137	24	,	,	PUNCT
ajfa-724	137	25	ms	ms	PROPN
ajfa-724	137	26	is	be	AUX
ajfa-724	137	27	market	market	NOUN
ajfa-724	137	28	share	share	NOUN
ajfa-724	137	29	of	of	ADP
ajfa-724	137	30	select	select	ADJ
ajfa-724	137	31	case	case	NOUN
ajfa-724	137	32	,	,	PUNCT
ajfa-724	137	33	grat	grat	X
ajfa-724	137	34	is	be	AUX
ajfa-724	137	35	growth	growth	NOUN
ajfa-724	137	36	rate	rate	NOUN
ajfa-724	137	37	in	in	ADP
ajfa-724	137	38	arrival	arrival	NOUN
ajfa-724	137	39	of	of	ADP
ajfa-724	137	40	tourists	tourist	NOUN
ajfa-724	137	41	,	,	PUNCT
ajfa-724	137	42	ddt	ddt	PROPN
ajfa-724	137	43	is	be	AUX
ajfa-724	137	44	domestic	domestic	ADJ
ajfa-724	137	45	demand	demand	NOUN
ajfa-724	137	46	in	in	ADP
ajfa-724	137	47	tourism	tourism	NOUN
ajfa-724	137	48	,	,	PUNCT
ajfa-724	137	49	pcms	pcms	PROPN
ajfa-724	137	50	is	be	AUX
ajfa-724	137	51	prime	prime	ADJ
ajfa-724	137	52	competitor	competitor	NOUN
ajfa-724	137	53	market	market	NOUN
ajfa-724	137	54	share	share	NOUN
ajfa-724	137	55	,	,	PUNCT
ajfa-724	138	1	wpi.gr	wpi.gr	PROPN
ajfa-724	138	2	is	be	AUX
ajfa-724	138	3	whole	whole	ADJ
ajfa-724	138	4	sale	sale	NOUN
ajfa-724	138	5	price	price	NOUN
ajfa-724	138	6	index	index	NOUN
ajfa-724	138	7	of	of	ADP
ajfa-724	138	8	food	food	NOUN
ajfa-724	138	9	articles	article	NOUN
ajfa-724	138	10	(	(	PUNCT
ajfa-724	138	11	growth	growth	NOUN
ajfa-724	138	12	rate	rate	NOUN
ajfa-724	138	13	against	against	ADP
ajfa-724	138	14	five	five	NUM
ajfa-724	138	15	preceding	precede	VERB
ajfa-724	138	16	years	year	NOUN
ajfa-724	138	17	)	)	PUNCT
ajfa-724	138	18	,	,	PUNCT
ajfa-724	138	19	cm.r	cm.r	VERB
ajfa-724	138	20	is	be	AUX
ajfa-724	138	21	commercial	commercial	ADJ
ajfa-724	138	22	risk	risk	NOUN
ajfa-724	138	23	,	,	PUNCT
ajfa-724	138	24	ex.r	ex.r	PROPN
ajfa-724	138	25	is	be	AUX
ajfa-724	138	26	exchange	exchange	NOUN
ajfa-724	138	27	risk	risk	NOUN
ajfa-724	138	28	(	(	PUNCT
ajfa-724	138	29	rupee	rupee	NOUN
ajfa-724	138	30	vs.	vs.	X
ajfa-724	138	31	us$	us$	NOUN
ajfa-724	138	32	)	)	PUNCT
ajfa-724	138	33	,	,	PUNCT
ajfa-724	138	34	prst	prst	PROPN
ajfa-724	138	35	is	be	AUX
ajfa-724	138	36	political	political	ADJ
ajfa-724	138	37	risk	risk	NOUN
ajfa-724	138	38	for	for	ADP
ajfa-724	138	39	special	special	ADJ
ajfa-724	138	40	transactions	transaction	NOUN
ajfa-724	138	41	,	,	PUNCT
ajfa-724	138	42	tr	tr	VERB
ajfa-724	138	43	is	be	AUX
ajfa-724	138	44	transfer	transfer	NOUN
ajfa-724	138	45	risk	risk	NOUN
ajfa-724	138	46	and	and	CCONJ
ajfa-724	138	47	log	log	NOUN
ajfa-724	138	48	is	be	AUX
ajfa-724	138	49	logarithm	logarithm	NOUN
ajfa-724	138	50	.	.	PUNCT
ajfa-724	139	1	5.3.2	5.3.2	NUM
ajfa-724	139	2	estimating	estimate	VERB
ajfa-724	139	3	future	future	ADJ
ajfa-724	139	4	free	free	ADJ
ajfa-724	139	5	cash	cash	NOUN
ajfa-724	139	6	flows	flow	NOUN
ajfa-724	139	7	(	(	PUNCT
ajfa-724	139	8	ffcf	ffcf	NOUN
ajfa-724	139	9	)	)	PUNCT
ajfa-724	139	10	before	before	ADP
ajfa-724	139	11	estimating	estimate	VERB
ajfa-724	139	12	ffcf	ffcf	NOUN
ajfa-724	139	13	,	,	PUNCT
ajfa-724	139	14	first	first	ADV
ajfa-724	139	15	we	we	PRON
ajfa-724	139	16	compute	compute	VERB
ajfa-724	139	17	the	the	DET
ajfa-724	139	18	statement	statement	NOUN
ajfa-724	139	19	of	of	ADP
ajfa-724	139	20	free	free	ADJ
ajfa-724	139	21	cash	cash	NOUN
ajfa-724	139	22	flows	flow	NOUN
ajfa-724	139	23	on	on	ADP
ajfa-724	139	24	the	the	DET
ajfa-724	139	25	basis	basis	NOUN
ajfa-724	139	26	of	of	ADP
ajfa-724	139	27	last	last	ADJ
ajfa-724	139	28	year	year	NOUN
ajfa-724	139	29	(	(	PUNCT
ajfa-724	139	30	2009	2009	NUM
ajfa-724	139	31	-	-	SYM
ajfa-724	139	32	10	10	NUM
ajfa-724	139	33	)	)	PUNCT
ajfa-724	139	34	financial	financial	ADJ
ajfa-724	139	35	information	information	NOUN
ajfa-724	139	36	.	.	PUNCT
ajfa-724	140	1	the	the	DET
ajfa-724	140	2	fcfs	fcfs	PROPN
ajfa-724	140	3	are	be	AUX
ajfa-724	140	4	the	the	DET
ajfa-724	140	5	fundamental	fundamental	ADJ
ajfa-724	140	6	base	base	NOUN
ajfa-724	140	7	to	to	PART
ajfa-724	140	8	project	project	VERB
ajfa-724	140	9	the	the	DET
ajfa-724	140	10	ffcf	ffcf	NOUN
ajfa-724	140	11	(	(	PUNCT
ajfa-724	140	12	damodaran	damodaran	VERB
ajfa-724	140	13	,	,	PUNCT
ajfa-724	140	14	1996	1996	NUM
ajfa-724	140	15	)	)	PUNCT
ajfa-724	140	16	with	with	ADP
ajfa-724	140	17	respect	respect	NOUN
ajfa-724	140	18	to	to	ADP
ajfa-724	140	19	cash	cash	NOUN
ajfa-724	140	20	flow	flow	NOUN
ajfa-724	140	21	productive	productive	ADJ
ajfa-724	140	22	rate	rate	NOUN
ajfa-724	140	23	.	.	PUNCT
ajfa-724	141	1	fcf	fcf	PROPN
ajfa-724	141	2	is	be	AUX
ajfa-724	141	3	computed	compute	VERB
ajfa-724	141	4	under	under	ADP
ajfa-724	141	5	the	the	DET
ajfa-724	141	6	regulations	regulation	NOUN
ajfa-724	141	7	of	of	ADP
ajfa-724	141	8	indian	indian	ADJ
ajfa-724	141	9	accounting	accounting	NOUN
ajfa-724	141	10	practices	practice	NOUN
ajfa-724	141	11	.	.	PUNCT
ajfa-724	142	1	after	after	ADV
ajfa-724	142	2	,	,	PUNCT
ajfa-724	142	3	computing	compute	VERB
ajfa-724	142	4	various	various	ADJ
ajfa-724	142	5	ratios	ratio	NOUN
ajfa-724	142	6	with	with	ADP
ajfa-724	142	7	respect	respect	NOUN
ajfa-724	142	8	to	to	ADP
ajfa-724	142	9	sales	sale	NOUN
ajfa-724	142	10	and	and	CCONJ
ajfa-724	142	11	assets	asset	NOUN
ajfa-724	142	12	,	,	PUNCT
ajfa-724	142	13	the	the	DET
ajfa-724	142	14	same	same	ADJ
ajfa-724	142	15	percentage	percentage	NOUN
ajfa-724	142	16	has	have	AUX
ajfa-724	142	17	undertaken	undertake	VERB
ajfa-724	142	18	to	to	PART
ajfa-724	142	19	estimate	estimate	VERB
ajfa-724	142	20	future	future	ADJ
ajfa-724	142	21	free	free	ADJ
ajfa-724	142	22	cash	cash	NOUN
ajfa-724	142	23	flows	flow	NOUN
ajfa-724	142	24	.	.	PUNCT
ajfa-724	143	1	this	this	PRON
ajfa-724	143	2	is	be	AUX
ajfa-724	143	3	an	an	DET
ajfa-724	143	4	abridged	abridge	VERB
ajfa-724	143	5	formulae	formulae	NOUN
ajfa-724	143	6	and	and	CCONJ
ajfa-724	143	7	stating	state	VERB
ajfa-724	143	8	that	that	PRON
ajfa-724	143	9	consider	consider	VERB
ajfa-724	143	10	while	while	SCONJ
ajfa-724	143	11	estimating	estimate	VERB
ajfa-724	143	12	firm	firm	ADJ
ajfa-724	143	13	value	value	NOUN
ajfa-724	143	14	under	under	ADP
ajfa-724	143	15	dcf	dcf	PROPN
ajfa-724	143	16	method	method	NOUN
ajfa-724	143	17	.	.	PUNCT
ajfa-724	144	1	since	since	SCONJ
ajfa-724	144	2	,	,	PUNCT
ajfa-724	144	3	it	it	PRON
ajfa-724	144	4	has	have	AUX
ajfa-724	144	5	been	be	AUX
ajfa-724	144	6	suggested	suggest	VERB
ajfa-724	144	7	for	for	ADP
ajfa-724	144	8	further	further	ADJ
ajfa-724	144	9	research	research	NOUN
ajfa-724	144	10	to	to	ADP
ajfa-724	144	11	the	the	DET
ajfa-724	144	12	next	next	ADJ
ajfa-724	144	13	version	version	NOUN
ajfa-724	144	14	of	of	ADP
ajfa-724	144	15	nrr	nrr	PROPN
ajfa-724	144	16	.	.	PUNCT
ajfa-724	145	1	estimated	estimate	VERB
ajfa-724	145	2	sales	sale	NOUN
ajfa-724	145	3	=	=	PUNCT
ajfa-724	145	4	c	c	NOUN
ajfa-724	145	5	e	e	ADP
ajfa-724	145	6	current	current	ADJ
ajfa-724	145	7	sales	sale	NOUN
ajfa-724	145	8	(	(	PUNCT
ajfa-724	145	9	2	2	NUM
ajfa-724	145	10	)	)	PUNCT
ajfa-724	145	11	(	(	PUNCT
ajfa-724	145	12	estimated	estimate	VERB
ajfa-724	145	13	sales	sale	NOUN
ajfa-724	145	14	growth	growth	NOUN
ajfa-724	145	15	rate	rate	NOUN
ajfa-724	145	16	=	=	NOUN
ajfa-724	145	17	five	five	NUM
ajfa-724	145	18	years	year	NOUN
ajfa-724	145	19	average	average	ADJ
ajfa-724	145	20	sales	sale	NOUN
ajfa-724	145	21	growth	growth	NOUN
ajfa-724	145	22	rate1	rate1	NOUN
ajfa-724	145	23	+	+	CCONJ
ajfa-724	145	24	fhr	fhr	NOUN
ajfa-724	145	25	)	)	PUNCT
ajfa-724	145	26	5.3.3	5.3.3	NUM
ajfa-724	145	27	modified	modify	VERB
ajfa-724	145	28	net	net	ADJ
ajfa-724	145	29	asset	asset	NOUN
ajfa-724	145	30	valuation	valuation	NOUN
ajfa-724	145	31	model	model	NOUN
ajfa-724	145	32	(	(	PUNCT
ajfa-724	145	33	mnavm	mnavm	PROPN
ajfa-724	145	34	-	-	PUNCT
ajfa-724	145	35	nrr	nrr	PROPN
ajfa-724	145	36	approach	approach	NOUN
ajfa-724	145	37	1.0	1.0	NUM
ajfa-724	145	38	.	.	PUNCT
ajfa-724	145	39	)	)	PUNCT
ajfa-724	146	1	wholly	wholly	ADV
ajfa-724	146	2	,	,	PUNCT
ajfa-724	146	3	we	we	PRON
ajfa-724	146	4	compute	compute	VERB
ajfa-724	146	5	total	total	ADJ
ajfa-724	146	6	value	value	NOUN
ajfa-724	146	7	of	of	ADP
ajfa-724	146	8	company	company	NOUN
ajfa-724	146	9	or	or	CCONJ
ajfa-724	146	10	business	business	NOUN
ajfa-724	146	11	by	by	ADP
ajfa-724	146	12	using	use	VERB
ajfa-724	146	13	‘	'	PUNCT
ajfa-724	146	14	net	net	ADJ
ajfa-724	146	15	asset	asset	NOUN
ajfa-724	146	16	valuation	valuation	NOUN
ajfa-724	146	17	model	model	NOUN
ajfa-724	146	18	(	(	PUNCT
ajfa-724	146	19	navm	navm	ADJ
ajfa-724	146	20	)	)	PUNCT
ajfa-724	146	21	’	'	PUNCT
ajfa-724	146	22	.	.	PUNCT
ajfa-724	147	1	this	this	DET
ajfa-724	147	2	model	model	NOUN
ajfa-724	147	3	primarily	primarily	ADV
ajfa-724	147	4	used	use	VERB
ajfa-724	147	5	to	to	PART
ajfa-724	147	6	compute	compute	VERB
ajfa-724	147	7	the	the	DET
ajfa-724	147	8	total	total	ADJ
ajfa-724	147	9	value	value	NOUN
ajfa-724	147	10	of	of	ADP
ajfa-724	147	11	company	company	NOUN
ajfa-724	147	12	in	in	ADP
ajfa-724	147	13	terms	term	NOUN
ajfa-724	147	14	of	of	ADP
ajfa-724	147	15	equity	equity	NOUN
ajfa-724	147	16	and	and	CCONJ
ajfa-724	147	17	debt	debt	NOUN
ajfa-724	147	18	.	.	PUNCT
ajfa-724	148	1	it	it	PRON
ajfa-724	148	2	would	would	AUX
ajfa-724	148	3	be	be	AUX
ajfa-724	148	4	a	a	DET
ajfa-724	148	5	considerable	considerable	ADJ
ajfa-724	148	6	method	method	NOUN
ajfa-724	148	7	for	for	ADP
ajfa-724	148	8	evaluating	evaluate	VERB
ajfa-724	148	9	business	business	NOUN
ajfa-724	148	10	value	value	NOUN
ajfa-724	148	11	as	as	ADP
ajfa-724	148	12	a	a	DET
ajfa-724	148	13	part	part	NOUN
ajfa-724	148	14	of	of	ADP
ajfa-724	148	15	m&a	m&a	PROPN
ajfa-724	148	16	negotiations	negotiation	NOUN
ajfa-724	148	17	.	.	PUNCT
ajfa-724	149	1	vc	vc	NOUN
ajfa-724	149	2	=	=	PRON
ajfa-724	149	3	mve	mve	NOUN
ajfa-724	149	4	+	+	NUM
ajfa-724	149	5	vd	vd	NOUN
ajfa-724	149	6	+	+	CCONJ
ajfa-724	149	7	vg	vg	NOUN
ajfa-724	149	8	(	(	PUNCT
ajfa-724	149	9	3	3	NUM
ajfa-724	149	10	)	)	SYM
ajfa-724	149	11	1	1	NUM
ajfa-724	149	12	average	average	ADJ
ajfa-724	149	13	growth	growth	NOUN
ajfa-724	149	14	rate	rate	NOUN
ajfa-724	149	15	for	for	ADP
ajfa-724	149	16	sales	sale	NOUN
ajfa-724	149	17	computed	compute	VERB
ajfa-724	149	18	on	on	ADP
ajfa-724	149	19	year	year	NOUN
ajfa-724	149	20	-	-	PUNCT
ajfa-724	149	21	on	on	ADP
ajfa-724	149	22	-	-	PUNCT
ajfa-724	149	23	year	year	NOUN
ajfa-724	149	24	(	(	PUNCT
ajfa-724	149	25	yoy	yoy	NOUN
ajfa-724	149	26	)	)	PUNCT
ajfa-724	149	27	basis	basis	NOUN
ajfa-724	149	28	and	and	CCONJ
ajfa-724	149	29	we	we	PRON
ajfa-724	149	30	ignore	ignore	VERB
ajfa-724	149	31	the	the	DET
ajfa-724	149	32	current	current	ADJ
ajfa-724	149	33	year	year	NOUN
ajfa-724	149	34	sales	sale	NOUN
ajfa-724	149	35	growth	growth	NOUN
ajfa-724	149	36	rate	rate	NOUN
ajfa-724	149	37	,	,	PUNCT
ajfa-724	149	38	i.e.	i.e.	X
ajfa-724	149	39	2009	2009	NUM
ajfa-724	149	40	-	-	SYM
ajfa-724	149	41	10	10	NUM
ajfa-724	149	42	asian	asian	ADJ
ajfa-724	149	43	journal	journal	NOUN
ajfa-724	149	44	of	of	ADP
ajfa-724	149	45	finance	finance	PROPN
ajfa-724	149	46	&	&	CCONJ
ajfa-724	149	47	accounting	accounting	PROPN
ajfa-724	149	48	issn	issn	PROPN
ajfa-724	149	49	1946	1946	NUM
ajfa-724	149	50	-	-	PUNCT
ajfa-724	149	51	052x	052x	NOUN
ajfa-724	149	52	2011	2011	NUM
ajfa-724	149	53	,	,	PUNCT
ajfa-724	149	54	vol	vol	NOUN
ajfa-724	149	55	.	.	PROPN
ajfa-724	150	1	3	3	NUM
ajfa-724	150	2	,	,	PUNCT
ajfa-724	150	3	no	no	INTJ
ajfa-724	150	4	.	.	NOUN
ajfa-724	150	5	1	1	NUM
ajfa-724	150	6	:	:	PUNCT
ajfa-724	150	7	e6	e6	VERB
ajfa-724	150	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	X
ajfa-724	150	9	96	96	NUM
ajfa-724	150	10	where	where	SCONJ
ajfa-724	150	11	,	,	PUNCT
ajfa-724	150	12	vc	vc	PROPN
ajfa-724	150	13	=	=	SYM
ajfa-724	150	14	total	total	ADJ
ajfa-724	150	15	value	value	NOUN
ajfa-724	150	16	of	of	ADP
ajfa-724	150	17	the	the	DET
ajfa-724	150	18	company	company	NOUN
ajfa-724	150	19	;	;	PUNCT
ajfa-724	150	20	mve	mve	NOUN
ajfa-724	150	21	=	=	SYM
ajfa-724	150	22	modified	modify	VERB
ajfa-724	150	23	value	value	NOUN
ajfa-724	150	24	of	of	ADP
ajfa-724	150	25	equity2	equity2	NOUN
ajfa-724	150	26	;	;	PUNCT
ajfa-724	150	27	vd	vd	NOUN
ajfa-724	150	28	=	=	SYM
ajfa-724	150	29	value	value	NOUN
ajfa-724	150	30	of	of	ADP
ajfa-724	150	31	debt	debt	NOUN
ajfa-724	150	32	;	;	PUNCT
ajfa-724	150	33	vg	vg	NOUN
ajfa-724	150	34	=	=	SYM
ajfa-724	150	35	value	value	NOUN
ajfa-724	150	36	of	of	ADP
ajfa-724	150	37	goodwill3	goodwill3	NOUN
ajfa-724	150	38	5.3.4	5.3.4	NOUN
ajfa-724	150	39	computation	computation	NOUN
ajfa-724	150	40	of	of	ADP
ajfa-724	150	41	goodwill	goodwill	NOUN
ajfa-724	150	42	goodwill	goodwill	NOUN
ajfa-724	150	43	factor	factor	NOUN
ajfa-724	150	44	has	have	AUX
ajfa-724	150	45	not	not	PART
ajfa-724	150	46	been	be	AUX
ajfa-724	150	47	considered	consider	VERB
ajfa-724	150	48	as	as	ADP
ajfa-724	150	49	a	a	DET
ajfa-724	150	50	separate	separate	ADJ
ajfa-724	150	51	element	element	NOUN
ajfa-724	150	52	in	in	ADP
ajfa-724	150	53	most	most	ADJ
ajfa-724	150	54	of	of	ADP
ajfa-724	150	55	the	the	DET
ajfa-724	150	56	methods	method	NOUN
ajfa-724	150	57	(	(	PUNCT
ajfa-724	150	58	plenborg	plenborg	PROPN
ajfa-724	150	59	,	,	PUNCT
ajfa-724	150	60	2002	2002	NUM
ajfa-724	150	61	;	;	PUNCT
ajfa-724	150	62	bailey	bailey	PROPN
ajfa-724	150	63	et	et	PROPN
ajfa-724	150	64	al	al	PROPN
ajfa-724	150	65	.	.	PROPN
ajfa-724	150	66	,	,	PUNCT
ajfa-724	150	67	2008	2008	NUM
ajfa-724	150	68	;	;	PUNCT
ajfa-724	150	69	velez	velez	PROPN
ajfa-724	150	70	-	-	PUNCT
ajfa-724	150	71	pareja	pareja	PROPN
ajfa-724	150	72	&	&	CCONJ
ajfa-724	150	73	tham	tham	PROPN
ajfa-724	150	74	,	,	PUNCT
ajfa-724	150	75	2010	2010	NUM
ajfa-724	150	76	)	)	PUNCT
ajfa-724	150	77	,	,	PUNCT
ajfa-724	150	78	though	though	SCONJ
ajfa-724	150	79	nrr	nrr	PROPN
ajfa-724	150	80	considers	consider	VERB
ajfa-724	150	81	goodwill	goodwill	NOUN
ajfa-724	150	82	as	as	ADP
ajfa-724	150	83	an	an	DET
ajfa-724	150	84	elective	elective	NOUN
ajfa-724	150	85	in	in	ADP
ajfa-724	150	86	service	service	NOUN
ajfa-724	150	87	industries	industry	NOUN
ajfa-724	150	88	.	.	PUNCT
ajfa-724	151	1	for	for	ADP
ajfa-724	151	2	example	example	NOUN
ajfa-724	151	3	,	,	PUNCT
ajfa-724	151	4	hospitality	hospitality	NOUN
ajfa-724	151	5	is	be	AUX
ajfa-724	151	6	the	the	DET
ajfa-724	151	7	leading	lead	VERB
ajfa-724	151	8	service	service	NOUN
ajfa-724	151	9	industry	industry	NOUN
ajfa-724	151	10	which	which	PRON
ajfa-724	151	11	creates	create	VERB
ajfa-724	151	12	name	name	NOUN
ajfa-724	151	13	and	and	CCONJ
ajfa-724	151	14	fame	fame	NOUN
ajfa-724	151	15	of	of	ADP
ajfa-724	151	16	an	an	DET
ajfa-724	151	17	organization	organization	NOUN
ajfa-724	151	18	in	in	ADP
ajfa-724	151	19	the	the	DET
ajfa-724	151	20	mindset	mindset	NOUN
ajfa-724	151	21	of	of	ADP
ajfa-724	151	22	visitors	visitor	NOUN
ajfa-724	151	23	and	and	CCONJ
ajfa-724	151	24	society	society	NOUN
ajfa-724	151	25	.	.	PUNCT
ajfa-724	152	1	moreover	moreover	ADV
ajfa-724	152	2	in	in	ADP
ajfa-724	152	3	five	five	NUM
ajfa-724	152	4	star	star	NOUN
ajfa-724	152	5	categories	category	NOUN
ajfa-724	152	6	,	,	PUNCT
ajfa-724	152	7	room	room	NOUN
ajfa-724	152	8	occupancy	occupancy	NOUN
ajfa-724	152	9	ratio	ratio	NOUN
ajfa-724	152	10	is	be	AUX
ajfa-724	152	11	mainly	mainly	ADV
ajfa-724	152	12	depends	depend	VERB
ajfa-724	152	13	upon	upon	SCONJ
ajfa-724	152	14	the	the	DET
ajfa-724	152	15	name	name	NOUN
ajfa-724	152	16	of	of	ADP
ajfa-724	152	17	‘	'	PUNCT
ajfa-724	152	18	brand	brand	NOUN
ajfa-724	152	19	&	&	CCONJ
ajfa-724	152	20	identity	identity	NOUN
ajfa-724	152	21	’	'	PUNCT
ajfa-724	152	22	.	.	PUNCT
ajfa-724	153	1	for	for	ADP
ajfa-724	153	2	justification	justification	NOUN
ajfa-724	153	3	and	and	CCONJ
ajfa-724	153	4	address	address	NOUN
ajfa-724	153	5	this	this	DET
ajfa-724	153	6	hospitality	hospitality	NOUN
ajfa-724	153	7	experience	experience	NOUN
ajfa-724	153	8	,	,	PUNCT
ajfa-724	153	9	we	we	PRON
ajfa-724	153	10	modified	modify	VERB
ajfa-724	153	11	‘	'	PUNCT
ajfa-724	153	12	average	average	ADJ
ajfa-724	153	13	profits	profit	NOUN
ajfa-724	153	14	method	method	NOUN
ajfa-724	153	15	’	'	PUNCT
ajfa-724	153	16	,	,	PUNCT
ajfa-724	153	17	while	while	SCONJ
ajfa-724	153	18	computing	compute	VERB
ajfa-724	153	19	goodwill	goodwill	NOUN
ajfa-724	153	20	of	of	ADP
ajfa-724	153	21	an	an	DET
ajfa-724	153	22	organization	organization	NOUN
ajfa-724	153	23	to	to	PART
ajfa-724	153	24	consider	consider	VERB
ajfa-724	153	25	different	different	ADJ
ajfa-724	153	26	risks	risk	NOUN
ajfa-724	153	27	connected	connect	VERB
ajfa-724	153	28	with	with	ADP
ajfa-724	153	29	business	business	NOUN
ajfa-724	153	30	cycles	cycle	NOUN
ajfa-724	153	31	,	,	PUNCT
ajfa-724	153	32	economic	economic	ADJ
ajfa-724	153	33	&	&	CCONJ
ajfa-724	153	34	financial	financial	ADJ
ajfa-724	153	35	melt	melt	NOUN
ajfa-724	153	36	-	-	PUNCT
ajfa-724	153	37	down	down	NOUN
ajfa-724	153	38	and	and	CCONJ
ajfa-724	153	39	sub	sub	ADJ
ajfa-724	153	40	-	-	ADJ
ajfa-724	153	41	prime	prime	ADJ
ajfa-724	153	42	mortgage	mortgage	NOUN
ajfa-724	153	43	crisis	crisis	NOUN
ajfa-724	153	44	.	.	PUNCT
ajfa-724	154	1	the	the	DET
ajfa-724	154	2	consideration	consideration	NOUN
ajfa-724	154	3	of	of	ADP
ajfa-724	154	4	goodwill	goodwill	NOUN
ajfa-724	154	5	is	be	AUX
ajfa-724	154	6	equal	equal	ADJ
ajfa-724	154	7	to	to	ADP
ajfa-724	154	8	‘	'	PUNCT
ajfa-724	154	9	average	average	ADJ
ajfa-724	154	10	value	value	NOUN
ajfa-724	154	11	of	of	ADP
ajfa-724	154	12	last	last	ADJ
ajfa-724	154	13	five	five	NUM
ajfa-724	154	14	years	year	NOUN
ajfa-724	154	15	profits	profit	NOUN
ajfa-724	154	16	or	or	CCONJ
ajfa-724	154	17	current	current	ADJ
ajfa-724	154	18	year	year	NOUN
ajfa-724	154	19	profit	profit	NOUN
ajfa-724	154	20	,	,	PUNCT
ajfa-724	154	21	whichever	whichever	PRON
ajfa-724	154	22	is	be	AUX
ajfa-724	154	23	higher	high	ADJ
ajfa-724	154	24	.	.	PUNCT
ajfa-724	155	1	6	6	X
ajfa-724	155	2	.	.	X
ajfa-724	155	3	results	result	NOUN
ajfa-724	155	4	and	and	CCONJ
ajfa-724	155	5	discussions	discussion	NOUN
ajfa-724	155	6	to	to	PART
ajfa-724	155	7	achieve	achieve	VERB
ajfa-724	155	8	the	the	DET
ajfa-724	155	9	objective	objective	NOUN
ajfa-724	155	10	of	of	ADP
ajfa-724	155	11	study	study	NOUN
ajfa-724	155	12	,	,	PUNCT
ajfa-724	155	13	we	we	PRON
ajfa-724	155	14	took	take	VERB
ajfa-724	155	15	net	net	ADJ
ajfa-724	155	16	asset	asset	NOUN
ajfa-724	155	17	valuation	valuation	NOUN
ajfa-724	155	18	model	model	NOUN
ajfa-724	155	19	(	(	PUNCT
ajfa-724	155	20	navm	navm	ADJ
ajfa-724	155	21	)	)	PUNCT
ajfa-724	155	22	as	as	ADP
ajfa-724	155	23	the	the	DET
ajfa-724	155	24	better	well	ADJ
ajfa-724	155	25	comparison	comparison	NOUN
ajfa-724	155	26	method	method	NOUN
ajfa-724	155	27	.	.	PUNCT
ajfa-724	156	1	first	first	ADV
ajfa-724	156	2	,	,	PUNCT
ajfa-724	156	3	we	we	PRON
ajfa-724	156	4	present	present	VERB
ajfa-724	156	5	value	value	NOUN
ajfa-724	156	6	of	of	ADP
ajfa-724	156	7	two	two	NUM
ajfa-724	156	8	selected	select	VERB
ajfa-724	156	9	companies	company	NOUN
ajfa-724	156	10	under	under	ADP
ajfa-724	156	11	both	both	DET
ajfa-724	156	12	methods	method	NOUN
ajfa-724	156	13	in	in	ADP
ajfa-724	156	14	table	table	NOUN
ajfa-724	156	15	2	2	NUM
ajfa-724	156	16	below	below	ADV
ajfa-724	156	17	.	.	PUNCT
ajfa-724	157	1	navm	navm	PROPN
ajfa-724	157	2	comprises	comprise	VERB
ajfa-724	157	3	value	value	NOUN
ajfa-724	157	4	of	of	ADP
ajfa-724	157	5	equity	equity	NOUN
ajfa-724	157	6	(	(	PUNCT
ajfa-724	157	7	ve	ve	NOUN
ajfa-724	157	8	)	)	PUNCT
ajfa-724	157	9	and	and	CCONJ
ajfa-724	157	10	value	value	NOUN
ajfa-724	157	11	of	of	ADP
ajfa-724	157	12	debt	debt	NOUN
ajfa-724	157	13	(	(	PUNCT
ajfa-724	157	14	vd	vd	NOUN
ajfa-724	157	15	)	)	PUNCT
ajfa-724	157	16	,	,	PUNCT
ajfa-724	157	17	where	where	SCONJ
ajfa-724	157	18	this	this	DET
ajfa-724	157	19	study	study	NOUN
ajfa-724	157	20	uses	use	VERB
ajfa-724	157	21	modified	modified	ADJ
ajfa-724	157	22	value	value	NOUN
ajfa-724	157	23	of	of	ADP
ajfa-724	157	24	equity	equity	NOUN
ajfa-724	157	25	(	(	PUNCT
ajfa-724	157	26	mve	mve	NOUN
ajfa-724	157	27	)	)	PUNCT
ajfa-724	157	28	,	,	PUNCT
ajfa-724	157	29	value	value	NOUN
ajfa-724	157	30	of	of	ADP
ajfa-724	157	31	debt	debt	NOUN
ajfa-724	157	32	(	(	PUNCT
ajfa-724	157	33	vd	vd	NOUN
ajfa-724	157	34	)	)	PUNCT
ajfa-724	157	35	and	and	CCONJ
ajfa-724	157	36	value	value	NOUN
ajfa-724	157	37	of	of	ADP
ajfa-724	157	38	goodwill	goodwill	NOUN
ajfa-724	157	39	(	(	PUNCT
ajfa-724	157	40	vg	vg	NOUN
ajfa-724	157	41	)	)	PUNCT
ajfa-724	157	42	in	in	ADP
ajfa-724	157	43	nrr	nrr	PROPN
ajfa-724	157	44	model	model	PROPN
ajfa-724	157	45	.	.	PUNCT
ajfa-724	158	1	therefore	therefore	ADV
ajfa-724	158	2	,	,	PUNCT
ajfa-724	158	3	we	we	PRON
ajfa-724	158	4	use	use	VERB
ajfa-724	158	5	fhr	fhr	NOUN
ajfa-724	158	6	as	as	ADP
ajfa-724	158	7	the	the	DET
ajfa-724	158	8	relative	relative	ADJ
ajfa-724	158	9	rate	rate	NOUN
ajfa-724	158	10	to	to	PART
ajfa-724	158	11	maximise	maximise	VERB
ajfa-724	158	12	the	the	DET
ajfa-724	158	13	value	value	NOUN
ajfa-724	158	14	of	of	ADP
ajfa-724	158	15	equity	equity	NOUN
ajfa-724	158	16	in	in	ADP
ajfa-724	158	17	each	each	DET
ajfa-724	158	18	case	case	NOUN
ajfa-724	158	19	and	and	CCONJ
ajfa-724	158	20	computed	compute	VERB
ajfa-724	158	21	value	value	NOUN
ajfa-724	158	22	of	of	ADP
ajfa-724	158	23	goodwill	goodwill	NOUN
ajfa-724	158	24	by	by	ADP
ajfa-724	158	25	modifying	modify	VERB
ajfa-724	158	26	‘	'	PUNCT
ajfa-724	158	27	average	average	ADJ
ajfa-724	158	28	profits	profit	NOUN
ajfa-724	158	29	method	method	NOUN
ajfa-724	158	30	’	'	PUNCT
ajfa-724	158	31	.	.	PUNCT
ajfa-724	159	1	because	because	SCONJ
ajfa-724	159	2	the	the	DET
ajfa-724	159	3	selected	select	VERB
ajfa-724	159	4	hospitality	hospitality	NOUN
ajfa-724	159	5	industry	industry	NOUN
ajfa-724	159	6	and	and	CCONJ
ajfa-724	159	7	its	its	PRON
ajfa-724	159	8	business	business	NOUN
ajfa-724	159	9	mainly	mainly	ADV
ajfa-724	159	10	depend	depend	VERB
ajfa-724	159	11	upon	upon	SCONJ
ajfa-724	159	12	name	name	NOUN
ajfa-724	159	13	&	&	CCONJ
ajfa-724	159	14	fame	fame	NOUN
ajfa-724	159	15	,	,	PUNCT
ajfa-724	159	16	quality	quality	NOUN
ajfa-724	159	17	of	of	ADP
ajfa-724	159	18	service	service	NOUN
ajfa-724	159	19	and	and	CCONJ
ajfa-724	159	20	development	development	NOUN
ajfa-724	159	21	of	of	ADP
ajfa-724	159	22	tourism	tourism	NOUN
ajfa-724	159	23	,	,	PUNCT
ajfa-724	159	24	etc	etc	X
ajfa-724	159	25	.	.	X
ajfa-724	160	1	the	the	DET
ajfa-724	160	2	study	study	NOUN
ajfa-724	160	3	suggests	suggest	VERB
ajfa-724	160	4	valuation	valuation	NOUN
ajfa-724	160	5	of	of	ADP
ajfa-724	160	6	hotels	hotel	NOUN
ajfa-724	160	7	under	under	ADP
ajfa-724	160	8	nrr	nrr	PROPN
ajfa-724	160	9	approach	approach	NOUN
ajfa-724	160	10	would	would	AUX
ajfa-724	160	11	be	be	AUX
ajfa-724	160	12	first	first	ADJ
ajfa-724	160	13	bargaining	bargaining	NOUN
ajfa-724	160	14	price	price	NOUN
ajfa-724	160	15	in	in	ADP
ajfa-724	160	16	m&a	m&a	PROPN
ajfa-724	160	17	process	process	NOUN
ajfa-724	160	18	.	.	PUNCT
ajfa-724	161	1	2	2	NUM
ajfa-724	161	2	see	see	VERB
ajfa-724	161	3	figure	figure	NOUN
ajfa-724	161	4	1	1	NUM
ajfa-724	161	5	and	and	CCONJ
ajfa-724	161	6	case	case	NOUN
ajfa-724	161	7	examples	example	NOUN
ajfa-724	161	8	in	in	ADP
ajfa-724	161	9	table	table	NOUN
ajfa-724	161	10	2	2	NUM
ajfa-724	161	11	3	3	NUM
ajfa-724	161	12	see	see	NOUN
ajfa-724	161	13	figure	figure	NOUN
ajfa-724	161	14	1	1	NUM
ajfa-724	161	15	and	and	CCONJ
ajfa-724	161	16	case	case	NOUN
ajfa-724	161	17	examples	example	NOUN
ajfa-724	161	18	in	in	ADP
ajfa-724	161	19	table	table	NOUN
ajfa-724	161	20	2	2	NUM
ajfa-724	161	21	asian	asian	ADJ
ajfa-724	161	22	journal	journal	NOUN
ajfa-724	161	23	of	of	ADP
ajfa-724	161	24	finance	finance	PROPN
ajfa-724	161	25	&	&	CCONJ
ajfa-724	161	26	accounting	accounting	PROPN
ajfa-724	161	27	issn	issn	PROPN
ajfa-724	161	28	1946	1946	NUM
ajfa-724	161	29	-	-	PUNCT
ajfa-724	161	30	052x	052x	NOUN
ajfa-724	161	31	2011	2011	NUM
ajfa-724	161	32	,	,	PUNCT
ajfa-724	161	33	vol	vol	NOUN
ajfa-724	161	34	.	.	PROPN
ajfa-724	162	1	3	3	NUM
ajfa-724	162	2	,	,	PUNCT
ajfa-724	162	3	no	no	INTJ
ajfa-724	162	4	.	.	NOUN
ajfa-724	162	5	1	1	NUM
ajfa-724	162	6	:	:	PUNCT
ajfa-724	162	7	e6	e6	VERB
ajfa-724	162	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-724	162	9	97	97	NUM
ajfa-724	162	10	table	table	NOUN
ajfa-724	162	11	2	2	NUM
ajfa-724	162	12	.	.	PUNCT
ajfa-724	162	13	valuation	valuation	NOUN
ajfa-724	162	14	of	of	ADP
ajfa-724	162	15	eih	eih	PROPN
ajfa-724	162	16	limited	limited	PROPN
ajfa-724	162	17	and	and	CCONJ
ajfa-724	162	18	hotel	hotel	NOUN
ajfa-724	162	19	leela	leela	PROPN
ajfa-724	162	20	under	under	ADP
ajfa-724	162	21	nrr	nrr	PROPN
ajfa-724	162	22	approach	approach	NOUN
ajfa-724	162	23	(	(	PUNCT
ajfa-724	162	24	in	in	ADP
ajfa-724	162	25	rs	r	NOUN
ajfa-724	162	26	.	.	PUNCT
ajfa-724	163	1	crore	crore	NUM
ajfa-724	163	2	)	)	PUNCT
ajfa-724	163	3	particulars	particular	VERB
ajfa-724	163	4	eih	eih	PROPN
ajfa-724	163	5	limited	limited	PROPN
ajfa-724	163	6	hotel	hotel	PROPN
ajfa-724	163	7	leela	leela	PROPN
ajfa-724	163	8	nrr	nrr	PROPN
ajfa-724	163	9	approach	approach	PROPN
ajfa-724	163	10	navm	navm	PROPN
ajfa-724	163	11	nrr	nrr	PROPN
ajfa-724	163	12	approach	approach	PROPN
ajfa-724	163	13	navm	navm	VERB
ajfa-724	163	14	a	a	DET
ajfa-724	163	15	modified	modify	VERB
ajfa-724	163	16	value	value	NOUN
ajfa-724	163	17	of	of	ADP
ajfa-724	163	18	equity	equity	NOUN
ajfa-724	163	19	amount	amount	NOUN
ajfa-724	163	20	amount	amount	NOUN
ajfa-724	163	21	amount	amount	NOUN
ajfa-724	163	22	amount	amount	NOUN
ajfa-724	163	23	first	first	ADJ
ajfa-724	163	24	max	max	X
ajfa-724	163	25	5925.75	5925.75	NUM
ajfa-724	163	26	2210.60	2210.60	NUM
ajfa-724	163	27	second	second	ADJ
ajfa-724	163	28	max	max	NOUN
ajfa-724	163	29	5878.59	5878.59	NUM
ajfa-724	163	30	2193.15	2193.15	NUM
ajfa-724	163	31	average	average	ADJ
ajfa-724	163	32	market	market	NOUN
ajfa-724	163	33	cap	cap	NOUN
ajfa-724	163	34	5902.17	5902.17	NUM
ajfa-724	163	35	2201.88	2201.88	NUM
ajfa-724	163	36	forecasting	forecasting	NOUN
ajfa-724	163	37	hurdle	hurdle	NOUN
ajfa-724	163	38	rate	rate	NOUN
ajfa-724	163	39	(	(	PUNCT
ajfa-724	163	40	fhr	fhr	NOUN
ajfa-724	163	41	)	)	PUNCT
ajfa-724	163	42	5.30	5.30	NUM
ajfa-724	163	43	4.92	4.92	NUM
ajfa-724	163	44	modified	modify	VERB
ajfa-724	163	45	value	value	NOUN
ajfa-724	163	46	6214.99	6214.99	NUM
ajfa-724	163	47	2310.10	2310.10	NUM
ajfa-724	163	48	value	value	NOUN
ajfa-724	163	49	of	of	ADP
ajfa-724	163	50	equity	equity	NOUN
ajfa-724	163	51	on	on	ADP
ajfa-724	163	52	sept	sept	PROPN
ajfa-724	163	53	30	30	NUM
ajfa-724	163	54	,	,	PUNCT
ajfa-724	163	55	2010	2010	NUM
ajfa-724	163	56	5350.7	5350.7	NUM
ajfa-724	163	57	2047.72	2047.72	NUM
ajfa-724	163	58	b	b	NOUN
ajfa-724	163	59	value	value	NOUN
ajfa-724	163	60	of	of	ADP
ajfa-724	163	61	debt	debt	NOUN
ajfa-724	163	62	total	total	ADJ
ajfa-724	163	63	borrowings	borrowing	NOUN
ajfa-724	163	64	1254.39	1254.39	NUM
ajfa-724	163	65	1254.39	1254.39	NUM
ajfa-724	163	66	2878.66	2878.66	NUM
ajfa-724	163	67	2878.66	2878.66	NUM
ajfa-724	163	68	c	c	NOUN
ajfa-724	163	69	value	value	NOUN
ajfa-724	163	70	of	of	ADP
ajfa-724	163	71	goodwill	goodwill	NOUN
ajfa-724	163	72	five	five	NUM
ajfa-724	163	73	years	year	NOUN
ajfa-724	163	74	average	average	ADJ
ajfa-724	163	75	profit	profit	NOUN
ajfa-724	163	76	161.98	161.98	NUM
ajfa-724	163	77	107.78	107.78	NUM
ajfa-724	163	78	current	current	ADJ
ajfa-724	163	79	year	year	NOUN
ajfa-724	163	80	profit	profit	NOUN
ajfa-724	163	81	57.23	57.23	NUM
ajfa-724	163	82	41.02	41.02	NUM
ajfa-724	163	83	maximum	maximum	ADJ
ajfa-724	163	84	value	value	NOUN
ajfa-724	163	85	161.98	161.98	NUM
ajfa-724	163	86	107.78	107.78	NUM
ajfa-724	163	87	enterprise	enterprise	NOUN
ajfa-724	163	88	value	value	NOUN
ajfa-724	163	89	(	(	PUNCT
ajfa-724	163	90	a+b+c	a+b+c	ADV
ajfa-724	163	91	)	)	PUNCT
ajfa-724	163	92	7631.36	7631.36	NUM
ajfa-724	163	93	6605.09	6605.09	NUM
ajfa-724	163	94	5296.54	5296.54	NUM
ajfa-724	163	95	4926.38	4926.38	NUM
ajfa-724	163	96	prior	prior	ADV
ajfa-724	163	97	to	to	ADP
ajfa-724	163	98	detail	detail	NOUN
ajfa-724	163	99	discussion	discussion	NOUN
ajfa-724	163	100	on	on	ADP
ajfa-724	163	101	value	value	NOUN
ajfa-724	163	102	comparison	comparison	NOUN
ajfa-724	163	103	between	between	ADP
ajfa-724	163	104	nrr	nrr	PROPN
ajfa-724	163	105	and	and	CCONJ
ajfa-724	163	106	navm	navm	PROPN
ajfa-724	163	107	,	,	PUNCT
ajfa-724	163	108	describes	describe	VERB
ajfa-724	163	109	that	that	SCONJ
ajfa-724	163	110	‘	'	PUNCT
ajfa-724	163	111	average	average	ADJ
ajfa-724	163	112	market	market	NOUN
ajfa-724	163	113	cap	cap	NOUN
ajfa-724	163	114	’	'	PUNCT
ajfa-724	163	115	is	be	AUX
ajfa-724	163	116	the	the	DET
ajfa-724	163	117	average	average	NOUN
ajfa-724	163	118	of	of	ADP
ajfa-724	163	119	first	first	ADJ
ajfa-724	163	120	max	max	PROPN
ajfa-724	163	121	and	and	CCONJ
ajfa-724	163	122	second	second	ADJ
ajfa-724	163	123	max	max	PROPN
ajfa-724	163	124	(	(	PUNCT
ajfa-724	163	125	see	see	VERB
ajfa-724	163	126	figure	figure	NOUN
ajfa-724	163	127	1	1	NUM
ajfa-724	163	128	)	)	PUNCT
ajfa-724	163	129	.	.	PUNCT
ajfa-724	164	1	further	far	ADV
ajfa-724	164	2	,	,	PUNCT
ajfa-724	164	3	modified	modify	VERB
ajfa-724	164	4	value	value	NOUN
ajfa-724	164	5	can	can	AUX
ajfa-724	164	6	be	be	AUX
ajfa-724	164	7	defined	define	VERB
ajfa-724	164	8	as	as	ADP
ajfa-724	164	9	multiple	multiple	ADJ
ajfa-724	164	10	of	of	ADP
ajfa-724	164	11	average	average	ADJ
ajfa-724	164	12	market	market	NOUN
ajfa-724	164	13	cap	cap	NOUN
ajfa-724	164	14	and	and	CCONJ
ajfa-724	164	15	fhr	fhr	NOUN
ajfa-724	164	16	.	.	PUNCT
ajfa-724	165	1	conversely	conversely	ADV
ajfa-724	165	2	,	,	PUNCT
ajfa-724	165	3	value	value	NOUN
ajfa-724	165	4	of	of	ADP
ajfa-724	165	5	goodwill	goodwill	NOUN
ajfa-724	165	6	equals	equal	VERB
ajfa-724	165	7	to	to	ADP
ajfa-724	165	8	maximum	maximum	ADJ
ajfa-724	165	9	value	value	NOUN
ajfa-724	165	10	of	of	ADP
ajfa-724	165	11	five	five	NUM
ajfa-724	165	12	years	year	NOUN
ajfa-724	165	13	average	average	ADJ
ajfa-724	165	14	profit	profit	NOUN
ajfa-724	165	15	and	and	CCONJ
ajfa-724	165	16	current	current	ADJ
ajfa-724	165	17	year	year	NOUN
ajfa-724	165	18	profit	profit	NOUN
ajfa-724	165	19	.	.	PUNCT
ajfa-724	166	1	for	for	ADP
ajfa-724	166	2	nrr	nrr	PROPN
ajfa-724	166	3	approach	approach	NOUN
ajfa-724	166	4	,	,	PUNCT
ajfa-724	166	5	enterprise	enterprise	NOUN
ajfa-724	166	6	value	value	NOUN
ajfa-724	166	7	of	of	ADP
ajfa-724	166	8	(	(	PUNCT
ajfa-724	166	9	vc	vc	NOUN
ajfa-724	166	10	)	)	PUNCT
ajfa-724	166	11	of	of	ADP
ajfa-724	166	12	eih	eih	PROPN
ajfa-724	166	13	and	and	CCONJ
ajfa-724	166	14	hotel	hotel	PROPN
ajfa-724	166	15	leela	leela	PROPN
ajfa-724	166	16	is	be	AUX
ajfa-724	166	17	rs.7631.35	rs.7631.35	ADJ
ajfa-724	166	18	crore	crore	NOUN
ajfa-724	166	19	and	and	CCONJ
ajfa-724	166	20	rs.5296.54	rs.5296.54	NOUN
ajfa-724	166	21	crore	crore	NOUN
ajfa-724	166	22	.	.	PUNCT
ajfa-724	167	1	moreover	moreover	ADV
ajfa-724	167	2	from	from	ADP
ajfa-724	167	3	the	the	DET
ajfa-724	167	4	acquirer	acquirer	NOUN
ajfa-724	167	5	’s	’s	PART
ajfa-724	167	6	point	point	NOUN
ajfa-724	167	7	of	of	ADP
ajfa-724	167	8	view	view	NOUN
ajfa-724	167	9	,	,	PUNCT
ajfa-724	167	10	the	the	DET
ajfa-724	167	11	value	value	NOUN
ajfa-724	167	12	is	be	AUX
ajfa-724	167	13	opening	open	VERB
ajfa-724	167	14	bidding	bidding	NOUN
ajfa-724	167	15	price	price	NOUN
ajfa-724	167	16	,	,	PUNCT
ajfa-724	167	17	conversely	conversely	ADV
ajfa-724	167	18	from	from	ADP
ajfa-724	167	19	the	the	DET
ajfa-724	167	20	target	target	NOUN
ajfa-724	167	21	firm	firm	ADJ
ajfa-724	167	22	point	point	NOUN
ajfa-724	167	23	of	of	ADP
ajfa-724	167	24	view	view	NOUN
ajfa-724	167	25	,	,	PUNCT
ajfa-724	167	26	this	this	PRON
ajfa-724	167	27	is	be	AUX
ajfa-724	167	28	reasonable	reasonable	ADJ
ajfa-724	167	29	but	but	CCONJ
ajfa-724	167	30	not	not	PART
ajfa-724	167	31	finally	finally	ADV
ajfa-724	167	32	decided	decide	VERB
ajfa-724	167	33	price	price	NOUN
ajfa-724	167	34	.	.	PUNCT
ajfa-724	168	1	debt	debt	NOUN
ajfa-724	168	2	/	/	SYM
ajfa-724	168	3	equity	equity	NOUN
ajfa-724	168	4	(	(	PUNCT
ajfa-724	168	5	d	d	NOUN
ajfa-724	168	6	/	/	SYM
ajfa-724	168	7	e	e	NOUN
ajfa-724	168	8	)	)	PUNCT
ajfa-724	168	9	ratio	ratio	NOUN
ajfa-724	168	10	in	in	ADP
ajfa-724	168	11	both	both	DET
ajfa-724	168	12	cases	case	NOUN
ajfa-724	168	13	0.89	0.89	NUM
ajfa-724	168	14	and	and	CCONJ
ajfa-724	168	15	1.41	1.41	NUM
ajfa-724	168	16	respectively	respectively	ADV
ajfa-724	168	17	.	.	PUNCT
ajfa-724	169	1	the	the	DET
ajfa-724	169	2	enterprise	enterprise	NOUN
ajfa-724	169	3	value	value	NOUN
ajfa-724	169	4	of	of	ADP
ajfa-724	169	5	eih	eih	PROPN
ajfa-724	169	6	and	and	CCONJ
ajfa-724	169	7	leela	leela	PROPN
ajfa-724	169	8	under	under	ADP
ajfa-724	169	9	nrr	nrr	PROPN
ajfa-724	169	10	approach	approach	NOUN
ajfa-724	169	11	is	be	AUX
ajfa-724	169	12	higher	high	ADJ
ajfa-724	169	13	than	than	ADP
ajfa-724	169	14	navm	navm	ADJ
ajfa-724	169	15	,	,	PUNCT
ajfa-724	169	16	i.e.	i.e.	X
ajfa-724	169	17	rs.1026.27	rs.1026.27	PROPN
ajfa-724	169	18	crore	crore	PROPN
ajfa-724	169	19	and	and	CCONJ
ajfa-724	169	20	rs.370.16	rs.370.16	PROPN
ajfa-724	169	21	crore	crore	NUM
ajfa-724	169	22	respectively	respectively	ADV
ajfa-724	169	23	.	.	PUNCT
ajfa-724	170	1	therefore	therefore	ADV
ajfa-724	170	2	,	,	PUNCT
ajfa-724	170	3	shareholders	shareholder	NOUN
ajfa-724	170	4	of	of	ADP
ajfa-724	170	5	target	target	NOUN
ajfa-724	170	6	firm	firm	NOUN
ajfa-724	170	7	would	would	AUX
ajfa-724	170	8	be	be	AUX
ajfa-724	170	9	getting	get	VERB
ajfa-724	170	10	a	a	DET
ajfa-724	170	11	reward	reward	NOUN
ajfa-724	170	12	price	price	NOUN
ajfa-724	170	13	of	of	ADP
ajfa-724	170	14	his	his	PRON
ajfa-724	170	15	own	own	ADJ
ajfa-724	170	16	shares	share	NOUN
ajfa-724	170	17	under	under	ADP
ajfa-724	170	18	this	this	DET
ajfa-724	170	19	model	model	NOUN
ajfa-724	170	20	.	.	PUNCT
ajfa-724	171	1	at	at	ADP
ajfa-724	171	2	the	the	DET
ajfa-724	171	3	end	end	NOUN
ajfa-724	171	4	of	of	ADP
ajfa-724	171	5	day	day	NOUN
ajfa-724	171	6	,	,	PUNCT
ajfa-724	171	7	the	the	DET
ajfa-724	171	8	existing	exist	VERB
ajfa-724	171	9	shareholder	shareholder	NOUN
ajfa-724	171	10	should	should	AUX
ajfa-724	171	11	not	not	PART
ajfa-724	171	12	feel	feel	VERB
ajfa-724	171	13	sting	sting	ADJ
ajfa-724	171	14	.	.	PUNCT
ajfa-724	172	1	second	second	ADJ
ajfa-724	172	2	face	face	NOUN
ajfa-724	172	3	of	of	ADP
ajfa-724	172	4	the	the	DET
ajfa-724	172	5	objective	objective	NOUN
ajfa-724	172	6	of	of	ADP
ajfa-724	172	7	study	study	NOUN
ajfa-724	172	8	presents	present	VERB
ajfa-724	172	9	future	future	ADJ
ajfa-724	172	10	free	free	ADJ
ajfa-724	172	11	cash	cash	NOUN
ajfa-724	172	12	flows	flow	NOUN
ajfa-724	172	13	(	(	PUNCT
ajfa-724	172	14	ffcf	ffcf	NOUN
ajfa-724	172	15	)	)	PUNCT
ajfa-724	172	16	by	by	ADP
ajfa-724	172	17	estimating	estimate	VERB
ajfa-724	172	18	the	the	DET
ajfa-724	172	19	sales	sale	NOUN
ajfa-724	172	20	growth	growth	NOUN
ajfa-724	172	21	rate	rate	NOUN
ajfa-724	172	22	and	and	CCONJ
ajfa-724	172	23	referred	refer	VERB
ajfa-724	172	24	ratios	ratio	NOUN
ajfa-724	172	25	with	with	ADP
ajfa-724	172	26	respect	respect	NOUN
ajfa-724	172	27	to	to	ADP
ajfa-724	172	28	sales	sale	NOUN
ajfa-724	172	29	.	.	PUNCT
ajfa-724	173	1	figure	figure	NOUN
ajfa-724	173	2	2	2	NUM
ajfa-724	173	3	shows	show	VERB
ajfa-724	173	4	the	the	DET
ajfa-724	173	5	ffcf	ffcf	NOUN
ajfa-724	173	6	of	of	ADP
ajfa-724	173	7	eih	eih	PROPN
ajfa-724	173	8	and	and	CCONJ
ajfa-724	173	9	hotel	hotel	NOUN
ajfa-724	173	10	leela	leela	PROPN
ajfa-724	173	11	for	for	ADP
ajfa-724	173	12	the	the	DET
ajfa-724	173	13	period	period	NOUN
ajfa-724	173	14	2011	2011	NUM
ajfa-724	173	15	to	to	ADP
ajfa-724	173	16	2020	2020	NUM
ajfa-724	173	17	,	,	PUNCT
ajfa-724	173	18	which	which	PRON
ajfa-724	173	19	is	be	AUX
ajfa-724	173	20	estimated	estimate	VERB
ajfa-724	173	21	on	on	ADP
ajfa-724	173	22	the	the	DET
ajfa-724	173	23	basis	basis	NOUN
ajfa-724	173	24	of	of	ADP
ajfa-724	173	25	‘	'	PUNCT
ajfa-724	173	26	2010	2010	NUM
ajfa-724	173	27	’	'	PUNCT
ajfa-724	173	28	financial	financial	ADJ
ajfa-724	173	29	data	datum	NOUN
ajfa-724	173	30	.	.	PUNCT
ajfa-724	174	1	the	the	DET
ajfa-724	174	2	sales	sale	NOUN
ajfa-724	174	3	will	will	AUX
ajfa-724	174	4	grow	grow	VERB
ajfa-724	174	5	by	by	ADP
ajfa-724	174	6	14.07	14.07	NUM
ajfa-724	174	7	per	per	ADP
ajfa-724	174	8	cent	cent	NOUN
ajfa-724	174	9	and	and	CCONJ
ajfa-724	174	10	17.54	17.54	NUM
ajfa-724	174	11	per	per	ADP
ajfa-724	174	12	cent	cent	NOUN
ajfa-724	174	13	in	in	ADP
ajfa-724	174	14	each	each	DET
ajfa-724	174	15	case	case	NOUN
ajfa-724	174	16	of	of	ADP
ajfa-724	174	17	eih	eih	PROPN
ajfa-724	174	18	and	and	CCONJ
ajfa-724	174	19	hotel	hotel	PROPN
ajfa-724	174	20	leela	leela	PROPN
ajfa-724	174	21	.	.	PUNCT
ajfa-724	175	1	according	accord	VERB
ajfa-724	175	2	to	to	ADP
ajfa-724	175	3	future	future	ADJ
ajfa-724	175	4	plans	plan	NOUN
ajfa-724	175	5	of	of	ADP
ajfa-724	175	6	two	two	NUM
ajfa-724	175	7	companies	company	NOUN
ajfa-724	175	8	,	,	PUNCT
ajfa-724	175	9	the	the	DET
ajfa-724	175	10	sales	sale	NOUN
ajfa-724	175	11	will	will	AUX
ajfa-724	175	12	grow	grow	VERB
ajfa-724	175	13	additionally	additionally	ADV
ajfa-724	175	14	by	by	ADP
ajfa-724	175	15	10	10	NUM
ajfa-724	175	16	per	per	ADP
ajfa-724	175	17	cent	cent	NOUN
ajfa-724	175	18	from	from	ADP
ajfa-724	175	19	2013	2013	NUM
ajfa-724	175	20	onwards	onward	NOUN
ajfa-724	175	21	.	.	PUNCT
ajfa-724	176	1	the	the	DET
ajfa-724	176	2	compensation	compensation	NOUN
ajfa-724	176	3	paid	pay	VERB
ajfa-724	176	4	to	to	ADP
ajfa-724	176	5	employees	employee	NOUN
ajfa-724	176	6	is	be	AUX
ajfa-724	176	7	occupied	occupy	VERB
ajfa-724	176	8	as	as	ADP
ajfa-724	176	9	the	the	DET
ajfa-724	176	10	most	most	ADV
ajfa-724	176	11	operating	operating	NOUN
ajfa-724	176	12	expenses	expense	NOUN
ajfa-724	176	13	in	in	ADP
ajfa-724	176	14	both	both	DET
ajfa-724	176	15	cases	case	NOUN
ajfa-724	176	16	and	and	CCONJ
ajfa-724	176	17	will	will	AUX
ajfa-724	176	18	increase	increase	VERB
ajfa-724	176	19	additionally	additionally	ADV
ajfa-724	176	20	by	by	ADP
ajfa-724	176	21	6	6	NUM
ajfa-724	176	22	per	per	ADP
ajfa-724	176	23	cent	cent	NOUN
ajfa-724	176	24	annually	annually	ADV
ajfa-724	176	25	as	as	ADP
ajfa-724	176	26	incremental	incremental	ADJ
ajfa-724	176	27	cost	cost	NOUN
ajfa-724	176	28	.	.	PUNCT
ajfa-724	177	1	the	the	DET
ajfa-724	177	2	remaining	remain	VERB
ajfa-724	177	3	operating	operating	NOUN
ajfa-724	177	4	expenses	expense	NOUN
ajfa-724	177	5	as	as	ADP
ajfa-724	177	6	the	the	DET
ajfa-724	177	7	same	same	ADJ
ajfa-724	177	8	referred	refer	VERB
ajfa-724	177	9	ratios	ratio	NOUN
ajfa-724	177	10	in	in	ADP
ajfa-724	177	11	base	base	NOUN
ajfa-724	177	12	year	year	NOUN
ajfa-724	177	13	.	.	PUNCT
ajfa-724	178	1	further	far	ADV
ajfa-724	178	2	will	will	AUX
ajfa-724	178	3	am	am	VERB
ajfa-724	178	4	cent	cent	NOUN
ajfa-724	178	5	in	in	ADP
ajfa-724	178	6	non	non	ADJ
ajfa-724	178	7	-	-	ADJ
ajfa-724	178	8	ope	ope	ADJ
ajfa-724	178	9	‘	'	PUNCT
ajfa-724	178	10	increas	increa	NOUN
ajfa-724	178	11	assume	assume	VERB
ajfa-724	178	12	nopla	nopla	ADJ
ajfa-724	178	13	inferenc	inferenc	NOUN
ajfa-724	178	14	while	while	SCONJ
ajfa-724	178	15	e	e	PROPN
ajfa-724	178	16	7	7	X
ajfa-724	178	17	.	.	PUNCT
ajfa-724	178	18	conc	conc	VERB
ajfa-724	178	19	entrepr	entrepr	ADJ
ajfa-724	178	20	making	make	VERB
ajfa-724	178	21	phases/	phases/	NUM
ajfa-724	178	22	embark	embark	NOUN
ajfa-724	178	23	firm	firm	PROPN
ajfa-724	178	24	va	va	PROPN
ajfa-724	178	25	value	value	NOUN
ajfa-724	178	26	b	b	PROPN
ajfa-724	178	27	the	the	DET
ajfa-724	178	28	outc	outc	NOUN
ajfa-724	178	29	attract	attract	VERB
ajfa-724	178	30	investm	investm	NOUN
ajfa-724	178	31	since	since	SCONJ
ajfa-724	178	32	th	th	NUM
ajfa-724	178	33	income	income	NOUN
ajfa-724	178	34	exclusi	exclusi	NOUN
ajfa-724	178	35	on	on	ADP
ajfa-724	178	36	busin	busin	NOUN
ajfa-724	178	37	-40	-40	PROPN
ajfa-724	178	38	-20	-20	NUM
ajfa-724	178	39	20	20	NUM
ajfa-724	178	40	40	40	NUM
ajfa-724	178	41	60	60	NUM
ajfa-724	178	42	80	80	NUM
ajfa-724	178	43	f	f	NOUN
ajfa-724	178	44	c	c	PROPN
ajfa-724	178	45	f	f	PROPN
ajfa-724	178	46	(	(	PUNCT
ajfa-724	178	47	`	`	PUNCT
ajfa-724	178	48	c	c	X
ajfa-724	178	49	ro	ro	X
ajfa-724	178	50	re	re	X
ajfa-724	178	51	s	s	PROPN
ajfa-724	178	52	)	)	PUNCT
ajfa-724	178	53	,	,	PUNCT
ajfa-724	178	54	we	we	PRON
ajfa-724	178	55	estima	estima	PROPN
ajfa-724	178	56	mplify	mplify	VERB
ajfa-724	178	57	at	at	ADP
ajfa-724	178	58	5	5	NUM
ajfa-724	178	59	p	p	PROPN
ajfa-724	178	60	eih	eih	PROPN
ajfa-724	178	61	ltd	ltd	PROPN
ajfa-724	178	62	an	an	DET
ajfa-724	178	63	erating	erate	VERB
ajfa-724	178	64	inco	inco	NOUN
ajfa-724	178	65	se	se	NOUN
ajfa-724	178	66	/	/	SYM
ajfa-724	178	67	decrease	decrease	NOUN
ajfa-724	178	68	that	that	PRON
ajfa-724	178	69	no	no	DET
ajfa-724	178	70	cha	cha	NOUN
ajfa-724	178	71	at	at	ADP
ajfa-724	178	72	,	,	PUNCT
ajfa-724	178	73	operatin	operatin	PROPN
ajfa-724	178	74	ce	ce	PROPN
ajfa-724	178	75	and	and	CCONJ
ajfa-724	178	76	disc	disc	VERB
ajfa-724	178	77	stimating	stimating	NOUN
ajfa-724	178	78	fi	fi	NOUN
ajfa-724	178	79	clusions	clusion	NOUN
ajfa-724	178	80	reneurs	reneur	NOUN
ajfa-724	178	81	hav	hav	VERB
ajfa-724	178	82	g	g	PROPN
ajfa-724	178	83	purpose	purpose	NOUN
ajfa-724	178	84	.	.	PUNCT
ajfa-724	179	1	stages	stage	NOUN
ajfa-724	179	2	by	by	ADP
ajfa-724	179	3	c	c	PROPN
ajfa-724	179	4	ks	ks	PROPN
ajfa-724	179	5	on	on	ADP
ajfa-724	179	6	hospit	hospit	PROPN
ajfa-724	179	7	aluation	aluation	PROPN
ajfa-724	179	8	und	und	VERB
ajfa-724	179	9	y	y	PROPN
ajfa-724	179	10	adding	add	VERB
ajfa-724	179	11	up	up	ADP
ajfa-724	179	12	come	come	ADJ
ajfa-724	179	13	value	value	NOUN
ajfa-724	179	14	the	the	DET
ajfa-724	179	15	shareho	shareho	PROPN
ajfa-724	179	16	ment	ment	PROPN
ajfa-724	179	17	banker	banker	PROPN
ajfa-724	180	1	he	he	PROPN
ajfa-724	180	2	nrr	nrr	PROPN
ajfa-724	180	3	ap	ap	PROPN
ajfa-724	180	4	based	base	VERB
ajfa-724	180	5	mo	mo	PROPN
ajfa-724	180	6	ively	ively	ADV
ajfa-724	180	7	,	,	PUNCT
ajfa-724	180	8	we	we	PRON
ajfa-724	180	9	ac	ac	VERB
ajfa-724	180	10	ness	ness	ADJ
ajfa-724	180	11	valuati	valuati	NOUN
ajfa-724	180	12	00.00	00.00	NUM
ajfa-724	180	13	00.00	00.00	NUM
ajfa-724	180	14	0.00	0.00	NUM
ajfa-724	180	15	00.00	00.00	NUM
ajfa-724	180	16	00.00	00.00	NUM
ajfa-724	180	17	00.00	00.00	NUM
ajfa-724	180	18	00.00	00.00	NUM
ajfa-724	180	19	20	20	NUM
ajfa-724	180	20	10	10	NUM
ajfa-724	180	21	figure	figure	NOUN
ajfa-724	180	22	2	2	NUM
ajfa-724	180	23	.	.	PUNCT
ajfa-724	180	24	ate	eat	VERB
ajfa-724	180	25	the	the	DET
ajfa-724	180	26	gros	gro	NOUN
ajfa-724	180	27	per	per	ADP
ajfa-724	180	28	cent	cent	NOUN
ajfa-724	180	29	ann	ann	PROPN
ajfa-724	180	30	nd	nd	PRON
ajfa-724	180	31	40	40	NUM
ajfa-724	180	32	per	per	ADP
ajfa-724	180	33	c	c	PROPN
ajfa-724	180	34	ome	ome	PROPN
ajfa-724	180	35	will	will	AUX
ajfa-724	180	36	ris	ris	VERB
ajfa-724	180	37	in	in	ADP
ajfa-724	180	38	working	work	VERB
ajfa-724	180	39	ange	ange	NOUN
ajfa-724	180	40	till	till	SCONJ
ajfa-724	180	41	202	202	NUM
ajfa-724	180	42	ng	ng	PROPN
ajfa-724	180	43	expense	expense	NOUN
ajfa-724	180	44	cussion	cussion	NOUN
ajfa-724	180	45	.	.	PUNCT
ajfa-724	181	1	ff	ff	PROPN
ajfa-724	181	2	irm	irm	PROPN
ajfa-724	181	3	value	value	PROPN
ajfa-724	181	4	un	un	PROPN
ajfa-724	181	5	e	e	PROPN
ajfa-724	181	6	a	a	DET
ajfa-724	181	7	curiosit	curiosit	NOUN
ajfa-724	181	8	the	the	DET
ajfa-724	181	9	prese	prese	PROPN
ajfa-724	181	10	considering	consider	VERB
ajfa-724	181	11	tality	tality	NOUN
ajfa-724	181	12	case	case	NOUN
ajfa-724	181	13	e	e	PROPN
ajfa-724	181	14	der	der	NOUN
ajfa-724	181	15	indian	indian	VERB
ajfa-724	181	16	a	a	DET
ajfa-724	181	17	p	p	NOUN
ajfa-724	181	18	value	value	NOUN
ajfa-724	181	19	of	of	ADP
ajfa-724	181	20	g	g	NOUN
ajfa-724	181	21	from	from	ADP
ajfa-724	181	22	the	the	DET
ajfa-724	181	23	n	n	NOUN
ajfa-724	181	24	olders	older	NOUN
ajfa-724	181	25	of	of	ADP
ajfa-724	181	26	ta	ta	PART
ajfa-724	181	27	rs	rs	NOUN
ajfa-724	181	28	and	and	CCONJ
ajfa-724	181	29	m&a	m&a	AUX
ajfa-724	181	30	pproach	pproach	NOUN
ajfa-724	181	31	see	see	VERB
ajfa-724	181	32	odels	odel	NOUN
ajfa-724	181	33	like	like	ADP
ajfa-724	181	34	r	r	NOUN
ajfa-724	181	35	cknowledge	cknowledge	NOUN
ajfa-724	181	36	ion	ion	NOUN
ajfa-724	181	37	inspire	inspire	NOUN
ajfa-724	181	38	u	u	NOUN
ajfa-724	181	39	20	20	NUM
ajfa-724	181	40	11	11	NUM
ajfa-724	181	41	20	20	NUM
ajfa-724	181	42	12	12	NUM
ajfa-724	181	43	eih	eih	PROPN
ajfa-724	181	44	limited	limited	PROPN
ajfa-724	181	45	hotel	hotel	PROPN
ajfa-724	181	46	leela	leela	PROPN
ajfa-724	181	47	线性	线性	X
ajfa-724	181	48	(	(	PUNCT
ajfa-724	181	49	eih	eih	PROPN
ajfa-724	181	50	li	li	PROPN
ajfa-724	181	51	线性	线性	X
ajfa-724	181	52	(	(	PUNCT
ajfa-724	181	53	hotel	hotel	PROPN
ajfa-724	181	54	l	l	NOUN
ajfa-724	181	55	.	.	PUNCT
ajfa-724	182	1	ffcf	ffcf	NOUN
ajfa-724	182	2	of	of	ADP
ajfa-724	182	3	e	e	PROPN
ajfa-724	182	4	ss	ss	NOUN
ajfa-724	182	5	taxable	taxable	ADJ
ajfa-724	182	6	a	a	DET
ajfa-724	182	7	nually	nually	ADV
ajfa-724	182	8	in	in	ADP
ajfa-724	182	9	bo	bo	PROPN
ajfa-724	182	10	ent	ent	PROPN
ajfa-724	182	11	of	of	ADP
ajfa-724	182	12	2010	2010	NUM
ajfa-724	182	13	se	se	X
ajfa-724	182	14	annually	annually	ADV
ajfa-724	182	15	g	g	PROPN
ajfa-724	182	16	capital	capital	NOUN
ajfa-724	182	17	’	'	PUNCT
ajfa-724	182	18	is	be	AUX
ajfa-724	182	19	20	20	NUM
ajfa-724	182	20	.	.	PUNCT
ajfa-724	183	1	further	far	ADV
ajfa-724	183	2	,	,	PUNCT
ajfa-724	183	3	s	s	PART
ajfa-724	183	4	and	and	CCONJ
ajfa-724	183	5	comp	comp	NOUN
ajfa-724	183	6	cf	cf	NOUN
ajfa-724	183	7	can	can	AUX
ajfa-724	183	8	be	be	AUX
ajfa-724	183	9	nder	nd	ADJ
ajfa-724	183	10	discou	discou	VERB
ajfa-724	183	11	ty	ty	PRON
ajfa-724	183	12	knowing	know	VERB
ajfa-724	183	13	nt	not	PART
ajfa-724	183	14	study	study	NOUN
ajfa-724	183	15	s	s	VERB
ajfa-724	183	16	diverse	diverse	ADJ
ajfa-724	183	17	imp	imp	ADJ
ajfa-724	183	18	examples	example	NOUN
ajfa-724	183	19	(	(	PUNCT
ajfa-724	183	20	o	o	NOUN
ajfa-724	183	21	accounting	accounting	NOUN
ajfa-724	183	22	p	p	PROPN
ajfa-724	183	23	goodwill	goodwill	NOUN
ajfa-724	183	24	an	an	DET
ajfa-724	183	25	nrr	nrr	PROPN
ajfa-724	183	26	approa	approa	PROPN
ajfa-724	183	27	arget	arget	NOUN
ajfa-724	183	28	firm	firm	NOUN
ajfa-724	183	29	.	.	PUNCT
ajfa-724	184	1	a	a	DET
ajfa-724	184	2	advisory	advisory	ADJ
ajfa-724	184	3	ems	em	NOUN
ajfa-724	184	4	to	to	PART
ajfa-724	184	5	be	be	AUX
ajfa-724	184	6	a	a	DET
ajfa-724	184	7	ri	ri	NOUN
ajfa-724	184	8	to	to	PART
ajfa-724	184	9	dcf	dcf	PROPN
ajfa-724	184	10	e	e	PROPN
ajfa-724	184	11	fernandez	fernandez	PROPN
ajfa-724	184	12	us	we	PRON
ajfa-724	184	13	to	to	PART
ajfa-724	184	14	develo	develo	VERB
ajfa-724	184	15	20	20	NUM
ajfa-724	184	16	13	13	NUM
ajfa-724	184	17	20	20	NUM
ajfa-724	184	18	14	14	NUM
ajfa-724	184	19	mited	mited	ADJ
ajfa-724	184	20	)	)	PUNCT
ajfa-724	184	21	leela	leela	PROPN
ajfa-724	184	22	)	)	PUNCT
ajfa-724	184	23	98	98	NUM
ajfa-724	184	24	eih	eih	PROPN
ajfa-724	184	25	and	and	CCONJ
ajfa-724	184	26	hot	hot	ADJ
ajfa-724	184	27	amount	amount	NOUN
ajfa-724	184	28	agai	agai	PROPN
ajfa-724	184	29	oth	oth	PROPN
ajfa-724	184	30	cases	case	NOUN
ajfa-724	184	31	.	.	PUNCT
ajfa-724	185	1	c	c	NOUN
ajfa-724	185	2	0	0	NUM
ajfa-724	185	3	capital	capital	NOUN
ajfa-724	185	4	exp	exp	NOUN
ajfa-724	185	5	by	by	ADP
ajfa-724	185	6	10	10	NUM
ajfa-724	185	7	per	per	ADP
ajfa-724	185	8	c	c	NOUN
ajfa-724	185	9	s	s	PART
ajfa-724	185	10	computed	compute	VERB
ajfa-724	185	11	study	study	NOUN
ajfa-724	185	12	also	also	ADV
ajfa-724	185	13	c	c	VERB
ajfa-724	185	14	pensation	pensation	NOUN
ajfa-724	185	15	e	e	PROPN
ajfa-724	185	16	discounted	discount	VERB
ajfa-724	185	17	unted	unted	ADJ
ajfa-724	185	18	cash	cash	NOUN
ajfa-724	185	19	fl	fl	NOUN
ajfa-724	185	20	about	about	ADP
ajfa-724	185	21	the	the	DET
ajfa-724	185	22	v	v	NOUN
ajfa-724	185	23	suggests	suggest	VERB
ajfa-724	185	24	a	a	DET
ajfa-724	185	25	perative	perative	ADJ
ajfa-724	185	26	fac	fac	PROPN
ajfa-724	185	27	oberoi	oberoi	NOUN
ajfa-724	185	28	and	and	CCONJ
ajfa-724	185	29	practices	practice	NOUN
ajfa-724	185	30	.	.	PUNCT
ajfa-724	186	1	n	n	PRON
ajfa-724	187	1	d	d	NOUN
ajfa-724	187	2	it	it	PRON
ajfa-724	187	3	is	be	AUX
ajfa-724	187	4	more	more	ADJ
ajfa-724	187	5	ach	ach	NOUN
ajfa-724	187	6	is	be	AUX
ajfa-724	187	7	reaso	reaso	NOUN
ajfa-724	187	8	we	we	PRON
ajfa-724	187	9	hope	hope	VERB
ajfa-724	187	10	firms	firm	NOUN
ajfa-724	187	11	in	in	ADP
ajfa-724	187	12	m	m	PROPN
ajfa-724	187	13	an	an	DET
ajfa-724	187	14	attractiv	attractiv	ADJ
ajfa-724	187	15	f	f	NOUN
ajfa-724	187	16	(	(	PUNCT
ajfa-724	187	17	plenborg	plenborg	PROPN
ajfa-724	187	18	z	z	PROPN
ajfa-724	187	19	(	(	PUNCT
ajfa-724	187	20	2002	2002	NUM
ajfa-724	187	21	,	,	PUNCT
ajfa-724	187	22	20	20	NUM
ajfa-724	187	23	op	op	NOUN
ajfa-724	187	24	this	this	DET
ajfa-724	187	25	first	first	ADJ
ajfa-724	187	26	20	20	NUM
ajfa-724	187	27	15	15	NUM
ajfa-724	187	28	20	20	NUM
ajfa-724	187	29	16	16	NUM
ajfa-724	187	30	yea	yea	NOUN
ajfa-724	187	31	asian	asian	NOUN
ajfa-724	187	32	tel	tel	PROPN
ajfa-724	187	33	leela	leela	PROPN
ajfa-724	187	34	,	,	PUNCT
ajfa-724	187	35	20	20	NUM
ajfa-724	187	36	inst	inst	NOUN
ajfa-724	187	37	sales	sale	NOUN
ajfa-724	187	38	,	,	PUNCT
ajfa-724	187	39	o	o	PROPN
ajfa-724	187	40	capital	capital	NOUN
ajfa-724	187	41	expe	expe	ADJ
ajfa-724	187	42	penditure	penditure	NOUN
ajfa-724	187	43	in	in	ADP
ajfa-724	187	44	cent	cent	NOUN
ajfa-724	187	45	in	in	ADP
ajfa-724	187	46	both	both	CCONJ
ajfa-724	187	47	d	d	NOUN
ajfa-724	187	48	with	with	ADP
ajfa-724	187	49	respe	respe	NOUN
ajfa-724	187	50	computed	compute	VERB
ajfa-724	187	51	s	s	PROPN
ajfa-724	187	52	expenses	expense	NOUN
ajfa-724	187	53	w	w	ADP
ajfa-724	187	54	d	d	PROPN
ajfa-724	187	55	for	for	ADP
ajfa-724	187	56	presen	presen	PROPN
ajfa-724	187	57	low	low	PROPN
ajfa-724	187	58	(	(	PUNCT
ajfa-724	187	59	dcf	dcf	PROPN
ajfa-724	187	60	)	)	PUNCT
ajfa-724	187	61	value	value	NOUN
ajfa-724	187	62	of	of	ADP
ajfa-724	187	63	his	his	PRON
ajfa-724	187	64	new	new	ADJ
ajfa-724	187	65	firm	firm	NOUN
ajfa-724	187	66	ctors	ctor	NOUN
ajfa-724	187	67	in	in	ADP
ajfa-724	187	68	bus	bus	NOUN
ajfa-724	187	69	leela	leela	PROPN
ajfa-724	187	70	)	)	PUNCT
ajfa-724	187	71	to	to	ADP
ajfa-724	187	72	v	v	PROPN
ajfa-724	187	73	nrr	nrr	PROPN
ajfa-724	187	74	approa	approa	PROPN
ajfa-724	187	75	e	e	PROPN
ajfa-724	187	76	than	than	ADP
ajfa-724	187	77	the	the	DET
ajfa-724	187	78	n	n	ADV
ajfa-724	187	79	onable	onable	ADJ
ajfa-724	187	80	,	,	PUNCT
ajfa-724	187	81	fair	fair	ADJ
ajfa-724	187	82	this	this	DET
ajfa-724	187	83	model	model	NOUN
ajfa-724	187	84	modelling	model	VERB
ajfa-724	187	85	v	v	ADP
ajfa-724	187	86	ve	ve	NOUN
ajfa-724	187	87	under	under	ADP
ajfa-724	187	88	as	as	ADP
ajfa-724	187	89	g	g	NOUN
ajfa-724	187	90	,	,	PUNCT
ajfa-724	187	91	2002	2002	NUM
ajfa-724	187	92	;	;	PUNCT
ajfa-724	187	93	v	v	NUM
ajfa-724	187	94	03	03	NUM
ajfa-724	187	95	,	,	PUNCT
ajfa-724	187	96	2007a	2007a	NUM
ajfa-724	187	97	version	version	NOUN
ajfa-724	187	98	of	of	ADP
ajfa-724	187	99	n	n	ADV
ajfa-724	187	100	20	20	NUM
ajfa-724	187	101	16	16	NUM
ajfa-724	187	102	20	20	NUM
ajfa-724	187	103	17	17	NUM
ajfa-724	187	104	20	20	NUM
ajfa-724	187	105	18	18	NUM
ajfa-724	187	106	ar	ar	PROPN
ajfa-724	187	107	n	n	PROPN
ajfa-724	187	108	journal	journal	NOUN
ajfa-724	187	109	of	of	ADP
ajfa-724	187	110	f	f	PROPN
ajfa-724	187	111	201	201	NUM
ajfa-724	187	112	010	010	NUM
ajfa-724	187	113	-	-	SYM
ajfa-724	187	114	2020	2020	NUM
ajfa-724	187	115	on	on	ADP
ajfa-724	187	116	the	the	DET
ajfa-724	187	117	other	other	ADJ
ajfa-724	187	118	enditure	enditure	NOUN
ajfa-724	187	119	wi	wi	PROPN
ajfa-724	187	120	n	n	PRON
ajfa-724	187	121	case	case	NOUN
ajfa-724	187	122	of	of	ADP
ajfa-724	187	123	h	h	NOUN
ajfa-724	187	124	cases	case	NOUN
ajfa-724	187	125	.	.	PUNCT
ajfa-724	188	1	the	the	DET
ajfa-724	188	2	ect	ect	NOUN
ajfa-724	188	3	to	to	ADP
ajfa-724	188	4	sales	sale	NOUN
ajfa-724	188	5	selective	selective	ADJ
ajfa-724	188	6	rat	rat	NOUN
ajfa-724	188	7	ith	ith	PROPN
ajfa-724	188	8	respect	respect	NOUN
ajfa-724	188	9	nt	not	PART
ajfa-724	188	10	value	value	NOUN
ajfa-724	188	11	aga	aga	NOUN
ajfa-724	188	12	method	method	NOUN
ajfa-724	188	13	.	.	PUNCT
ajfa-724	189	1	s	s	PART
ajfa-724	189	2	company	company	NOUN
ajfa-724	189	3	valuation	valuation	NOUN
ajfa-724	189	4	siness	siness	PROPN
ajfa-724	189	5	envir	envir	VERB
ajfa-724	189	6	validate	validate	VERB
ajfa-724	189	7	the	the	DET
ajfa-724	189	8	ch	ch	NOUN
ajfa-724	189	9	results	result	NOUN
ajfa-724	189	10	s	s	VERB
ajfa-724	189	11	navm	navm	ADJ
ajfa-724	189	12	.	.	PUNCT
ajfa-724	190	1	the	the	PRON
ajfa-724	190	2	and	and	CCONJ
ajfa-724	190	3	relative	relative	ADJ
ajfa-724	190	4	may	may	AUX
ajfa-724	190	5	give	give	VERB
ajfa-724	190	6	valuation	valuation	NOUN
ajfa-724	190	7	fo	fo	ADP
ajfa-724	190	8	sset	sset	NOUN
ajfa-724	190	9	based	base	VERB
ajfa-724	190	10	m	m	PROPN
ajfa-724	190	11	velez	velez	PROPN
ajfa-724	190	12	-	-	PUNCT
ajfa-724	190	13	pareja	pareja	PROPN
ajfa-724	190	14	&	&	CCONJ
ajfa-724	190	15	2007b	2007b	NUM
ajfa-724	190	16	)	)	PUNCT
ajfa-724	190	17	f	f	PROPN
ajfa-724	190	18	nrr	nrr	PROPN
ajfa-724	190	19	appro	appro	PROPN
ajfa-724	190	20	20	20	NUM
ajfa-724	190	21	18	18	NUM
ajfa-724	190	22	20	20	NUM
ajfa-724	190	23	19	19	NUM
ajfa-724	190	24	20	20	NUM
ajfa-724	190	25	20	20	NUM
ajfa-724	190	26	finance	finance	NOUN
ajfa-724	190	27	&	&	CCONJ
ajfa-724	190	28	ac	ac	PROPN
ajfa-724	190	29	issn	issn	PROPN
ajfa-724	190	30	19	19	NUM
ajfa-724	190	31	11	11	NUM
ajfa-724	190	32	,	,	PUNCT
ajfa-724	190	33	vol	vol	NOUN
ajfa-724	190	34	.	.	PROPN
ajfa-724	191	1	3	3	NUM
ajfa-724	191	2	,	,	PUNCT
ajfa-724	191	3	n	n	NOUN
ajfa-724	191	4	www.macrothi	www.macrothi	ADP
ajfa-724	191	5	r	r	NOUN
ajfa-724	191	6	hand	hand	NOUN
ajfa-724	191	7	depr	depr	NOUN
ajfa-724	191	8	ill	ill	ADJ
ajfa-724	191	9	increase	increase	NOUN
ajfa-724	191	10	hotel	hotel	NOUN
ajfa-724	191	11	leela	leela	PROPN
ajfa-724	191	12	.	.	PUNCT
ajfa-724	192	1	balance	balance	NOUN
ajfa-724	192	2	sh	sh	PROPN
ajfa-724	192	3	s	s	PROPN
ajfa-724	192	4	in	in	ADP
ajfa-724	192	5	both	both	PRON
ajfa-724	192	6	ca	can	AUX
ajfa-724	192	7	tios	tio	NOUN
ajfa-724	192	8	like	like	ADP
ajfa-724	192	9	ebi	ebi	NOUN
ajfa-724	192	10	to	to	ADP
ajfa-724	192	11	sales	sale	NOUN
ajfa-724	192	12	fo	fo	ADP
ajfa-724	192	13	ainst	ainst	ADJ
ajfa-724	192	14	discou	discou	NOUN
ajfa-724	192	15	for	for	ADP
ajfa-724	192	16	future	future	ADJ
ajfa-724	192	17	d	d	PROPN
ajfa-724	192	18	model	model	NOUN
ajfa-724	192	19	in	in	ADP
ajfa-724	192	20	ronment	ronment	NOUN
ajfa-724	192	21	.	.	PUNCT
ajfa-724	193	1	th	th	X
ajfa-724	193	2	e	e	PROPN
ajfa-724	193	3	nrr	nrr	PROPN
ajfa-724	193	4	appr	appr	PROPN
ajfa-724	193	5	show	show	VERB
ajfa-724	193	6	fresh	fresh	PROPN
ajfa-724	193	7	b	b	PROPN
ajfa-724	193	8	study	study	NOUN
ajfa-724	193	9	belie	belie	NOUN
ajfa-724	193	10	e	e	NOUN
ajfa-724	193	11	value	value	NOUN
ajfa-724	193	12	,	,	PUNCT
ajfa-724	193	13	wh	wh	AUX
ajfa-724	193	14	much	much	ADV
ajfa-724	193	15	atten	atten	VERB
ajfa-724	193	16	or	or	CCONJ
ajfa-724	193	17	hotels	hotel	NOUN
ajfa-724	193	18	&	&	CCONJ
ajfa-724	193	19	models	model	NOUN
ajfa-724	193	20	com	com	VERB
ajfa-724	193	21	a	a	PRON
ajfa-724	193	22	&	&	CCONJ
ajfa-724	193	23	tham	tham	PROPN
ajfa-724	193	24	,	,	PUNCT
ajfa-724	193	25	for	for	ADP
ajfa-724	193	26	his	his	PRON
ajfa-724	193	27	cont	cont	NOUN
ajfa-724	193	28	ach	ach	PROPN
ajfa-724	193	29	1.0	1.0	NUM
ajfa-724	193	30	.	.	PUNCT
ajfa-724	194	1	20	20	NUM
ajfa-724	194	2	20	20	NUM
ajfa-724	194	3	ccounting	ccounte	VERB
ajfa-724	194	4	946	946	NUM
ajfa-724	194	5	-	-	PUNCT
ajfa-724	194	6	052x	052x	NOUN
ajfa-724	194	7	no	no	NOUN
ajfa-724	194	8	.	.	NOUN
ajfa-724	194	9	1	1	NUM
ajfa-724	194	10	:	:	PUNCT
ajfa-724	194	11	e6	e6	VERB
ajfa-724	194	12	ink.org/ajfa	ink.org/ajfa	PRON
ajfa-724	194	13	reciation	reciation	NOUN
ajfa-724	194	14	at	at	ADP
ajfa-724	194	15	5	5	NUM
ajfa-724	194	16	per	per	ADP
ajfa-724	194	17	finally	finally	ADV
ajfa-724	194	18	,	,	PUNCT
ajfa-724	194	19	heet	heet	PROPN
ajfa-724	194	20	item	item	PROPN
ajfa-724	194	21	ases	as	NOUN
ajfa-724	194	22	and	and	CCONJ
ajfa-724	194	23	it	it	PRON
ajfa-724	194	24	,	,	PUNCT
ajfa-724	194	25	fcf	fcf	PROPN
ajfa-724	194	26	,	,	PUNCT
ajfa-724	194	27	or	or	CCONJ
ajfa-724	194	28	better	well	ADJ
ajfa-724	194	29	unt	unt	NOUN
ajfa-724	194	30	rate	rate	NOUN
ajfa-724	194	31	,	,	PUNCT
ajfa-724	194	32	decision	decision	NOUN
ajfa-724	194	33	various	various	ADJ
ajfa-724	194	34	he	he	PRON
ajfa-724	194	35	study	study	VERB
ajfa-724	194	36	roach	roach	NOUN
ajfa-724	194	37	in	in	ADP
ajfa-724	194	38	business	business	NOUN
ajfa-724	194	39	eves	eve	NOUN
ajfa-724	194	40	that	that	PRON
ajfa-724	194	41	hich	hich	PROPN
ajfa-724	194	42	may	may	AUX
ajfa-724	194	43	ntion	ntion	NOUN
ajfa-724	194	44	to	to	ADP
ajfa-724	194	45	resorts	resort	NOUN
ajfa-724	194	46	.	.	PUNCT
ajfa-724	195	1	mpare	mpare	NOUN
ajfa-724	195	2	to	to	ADP
ajfa-724	195	3	,	,	PUNCT
ajfa-724	195	4	2010	2010	NUM
ajfa-724	195	5	)	)	PUNCT
ajfa-724	195	6	.	.	PUNCT
ajfa-724	196	1	tribution	tribution	PROPN
ajfa-724	196	2	asian	asian	PROPN
ajfa-724	196	3	journal	journal	PROPN
ajfa-724	196	4	of	of	ADP
ajfa-724	196	5	finance	finance	PROPN
ajfa-724	196	6	&	&	CCONJ
ajfa-724	196	7	accounting	accounting	PROPN
ajfa-724	196	8	issn	issn	PROPN
ajfa-724	196	9	1946	1946	NUM
ajfa-724	196	10	-	-	PUNCT
ajfa-724	196	11	052x	052x	NOUN
ajfa-724	196	12	2011	2011	NUM
ajfa-724	196	13	,	,	PUNCT
ajfa-724	196	14	vol	vol	NOUN
ajfa-724	196	15	.	.	PROPN
ajfa-724	197	1	3	3	NUM
ajfa-724	197	2	,	,	PUNCT
ajfa-724	197	3	no	no	INTJ
ajfa-724	197	4	.	.	NOUN
ajfa-724	197	5	1	1	NUM
ajfa-724	197	6	:	:	PUNCT
ajfa-724	197	7	e6	e6	VERB
ajfa-724	197	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	X
ajfa-724	197	9	99	99	NUM
ajfa-724	197	10	however	however	ADV
ajfa-724	197	11	,	,	PUNCT
ajfa-724	197	12	study	study	NOUN
ajfa-724	197	13	has	have	VERB
ajfa-724	197	14	certain	certain	ADJ
ajfa-724	197	15	limitations	limitation	NOUN
ajfa-724	197	16	.	.	PUNCT
ajfa-724	198	1	we	we	PRON
ajfa-724	198	2	have	have	AUX
ajfa-724	198	3	not	not	PART
ajfa-724	198	4	considered	consider	VERB
ajfa-724	198	5	inflation	inflation	NOUN
ajfa-724	198	6	rate	rate	NOUN
ajfa-724	198	7	while	while	SCONJ
ajfa-724	198	8	estimating	estimate	VERB
ajfa-724	198	9	operating	operating	NOUN
ajfa-724	198	10	expenses	expense	NOUN
ajfa-724	198	11	in	in	ADP
ajfa-724	198	12	free	free	ADJ
ajfa-724	198	13	cash	cash	NOUN
ajfa-724	198	14	flow	flow	NOUN
ajfa-724	198	15	process	process	NOUN
ajfa-724	198	16	.	.	PUNCT
ajfa-724	199	1	the	the	DET
ajfa-724	199	2	model	model	NOUN
ajfa-724	199	3	has	have	VERB
ajfa-724	199	4	two	two	NUM
ajfa-724	199	5	facets	facet	NOUN
ajfa-724	199	6	,	,	PUNCT
ajfa-724	199	7	uses	use	VERB
ajfa-724	199	8	both	both	CCONJ
ajfa-724	199	9	environmental	environmental	ADJ
ajfa-724	199	10	and	and	CCONJ
ajfa-724	199	11	accrual	accrual	ADJ
ajfa-724	199	12	accounting	accounting	NOUN
ajfa-724	199	13	information	information	NOUN
ajfa-724	199	14	.	.	PUNCT
ajfa-724	200	1	hence	hence	ADV
ajfa-724	200	2	,	,	PUNCT
ajfa-724	200	3	it	it	PRON
ajfa-724	200	4	has	have	AUX
ajfa-724	200	5	not	not	PART
ajfa-724	200	6	aimed	aim	VERB
ajfa-724	200	7	to	to	PART
ajfa-724	200	8	compare	compare	VERB
ajfa-724	200	9	with	with	ADP
ajfa-724	200	10	any	any	DET
ajfa-724	200	11	rim	rim	NOUN
ajfa-724	200	12	,	,	PUNCT
ajfa-724	200	13	ddm	ddm	PROPN
ajfa-724	200	14	or	or	CCONJ
ajfa-724	200	15	dcf	dcf	PROPN
ajfa-724	200	16	methods	method	NOUN
ajfa-724	200	17	.	.	PUNCT
ajfa-724	201	1	the	the	DET
ajfa-724	201	2	nrr	nrr	PROPN
ajfa-724	201	3	approach	approach	NOUN
ajfa-724	201	4	mainly	mainly	ADV
ajfa-724	201	5	fits	fit	VERB
ajfa-724	201	6	for	for	ADP
ajfa-724	201	7	service	service	NOUN
ajfa-724	201	8	entities	entity	NOUN
ajfa-724	201	9	like	like	ADP
ajfa-724	201	10	hospitals	hospital	NOUN
ajfa-724	201	11	,	,	PUNCT
ajfa-724	201	12	hotels	hotel	NOUN
ajfa-724	201	13	&	&	CCONJ
ajfa-724	201	14	restaurants	restaurant	NOUN
ajfa-724	201	15	,	,	PUNCT
ajfa-724	201	16	spa	spa	NOUN
ajfa-724	201	17	,	,	PUNCT
ajfa-724	201	18	tours	tour	NOUN
ajfa-724	201	19	&	&	CCONJ
ajfa-724	201	20	travels	travel	NOUN
ajfa-724	201	21	and	and	CCONJ
ajfa-724	201	22	educational	educational	ADJ
ajfa-724	201	23	institutions	institution	NOUN
ajfa-724	201	24	.	.	PUNCT
ajfa-724	202	1	finally	finally	ADV
ajfa-724	202	2	,	,	PUNCT
ajfa-724	202	3	this	this	DET
ajfa-724	202	4	model	model	NOUN
ajfa-724	202	5	could	could	AUX
ajfa-724	202	6	not	not	PART
ajfa-724	202	7	match	match	VERB
ajfa-724	202	8	the	the	DET
ajfa-724	202	9	requirements	requirement	NOUN
ajfa-724	202	10	of	of	ADP
ajfa-724	202	11	businesses	business	NOUN
ajfa-724	202	12	other	other	ADJ
ajfa-724	202	13	than	than	ADP
ajfa-724	202	14	services	service	NOUN
ajfa-724	202	15	.	.	PUNCT
ajfa-724	203	1	future	future	ADJ
ajfa-724	203	2	researchers	researcher	NOUN
ajfa-724	203	3	with	with	ADP
ajfa-724	203	4	in	in	ADP
ajfa-724	203	5	this	this	DET
ajfa-724	203	6	area	area	NOUN
ajfa-724	203	7	may	may	AUX
ajfa-724	203	8	apply	apply	VERB
ajfa-724	203	9	nrr	nrr	PROPN
ajfa-724	203	10	1.0	1.0	NUM
ajfa-724	203	11	.	.	PUNCT
ajfa-724	204	1	valuation	valuation	NOUN
ajfa-724	204	2	model	model	NOUN
ajfa-724	204	3	to	to	PART
ajfa-724	204	4	validate	validate	VERB
ajfa-724	204	5	in	in	ADP
ajfa-724	204	6	manufacturing	manufacturing	NOUN
ajfa-724	204	7	business	business	NOUN
ajfa-724	204	8	,	,	PUNCT
ajfa-724	204	9	conversely	conversely	ADV
ajfa-724	204	10	comparison	comparison	NOUN
ajfa-724	204	11	of	of	ADP
ajfa-724	204	12	different	different	ADJ
ajfa-724	204	13	valuation	valuation	NOUN
ajfa-724	204	14	models	model	NOUN
ajfa-724	204	15	and	and	CCONJ
ajfa-724	204	16	primary	primary	ADJ
ajfa-724	204	17	research	research	NOUN
ajfa-724	204	18	on	on	ADP
ajfa-724	204	19	valuation	valuation	NOUN
ajfa-724	204	20	practitioners	practitioner	NOUN
ajfa-724	204	21	.	.	PUNCT
ajfa-724	205	1	further	far	ADV
ajfa-724	205	2	,	,	PUNCT
ajfa-724	205	3	model	model	NOUN
ajfa-724	205	4	could	could	AUX
ajfa-724	205	5	be	be	AUX
ajfa-724	205	6	improved	improve	VERB
ajfa-724	205	7	by	by	ADP
ajfa-724	205	8	altering	alter	VERB
ajfa-724	205	9	any	any	PRON
ajfa-724	205	10	of	of	ADP
ajfa-724	205	11	the	the	DET
ajfa-724	205	12	variables	variable	NOUN
ajfa-724	205	13	to	to	PART
ajfa-724	205	14	be	be	AUX
ajfa-724	205	15	fit	fit	ADJ
ajfa-724	205	16	for	for	ADP
ajfa-724	205	17	valuation	valuation	NOUN
ajfa-724	205	18	consultants	consultant	NOUN
ajfa-724	205	19	.	.	PUNCT
ajfa-724	206	1	endnotes	endnote	NOUN
ajfa-724	206	2	forecasting	forecast	VERB
ajfa-724	206	3	hurdle	hurdle	NOUN
ajfa-724	206	4	rate	rate	NOUN
ajfa-724	206	5	has	have	AUX
ajfa-724	206	6	computed	compute	VERB
ajfa-724	206	7	by	by	ADP
ajfa-724	206	8	using	use	VERB
ajfa-724	206	9	various	various	ADJ
ajfa-724	206	10	parameters	parameter	NOUN
ajfa-724	206	11	,	,	PUNCT
ajfa-724	206	12	which	which	PRON
ajfa-724	206	13	compiled	compile	VERB
ajfa-724	206	14	from	from	ADP
ajfa-724	206	15	believable	believable	ADJ
ajfa-724	206	16	sources	source	NOUN
ajfa-724	206	17	.	.	PUNCT
ajfa-724	207	1	dnsgr	dnsgr	VERB
ajfa-724	207	2	domestic	domestic	ADJ
ajfa-724	207	3	net	net	ADJ
ajfa-724	207	4	sales	sale	NOUN
ajfa-724	207	5	growth	growth	NOUN
ajfa-724	207	6	rate	rate	NOUN
ajfa-724	207	7	in	in	ADP
ajfa-724	207	8	hospitality	hospitality	NOUN
ajfa-724	207	9	0.13	0.13	NUM
ajfa-724	207	10	ghgr	ghgr	ADJ
ajfa-724	207	11	global	global	ADJ
ajfa-724	207	12	hospitality	hospitality	NOUN
ajfa-724	207	13	growth	growth	NOUN
ajfa-724	207	14	rate	rate	NOUN
ajfa-724	207	15	0.06	0.06	NUM
ajfa-724	207	16	ms	ms	NOUN
ajfa-724	207	17	market	market	NOUN
ajfa-724	207	18	share	share	NOUN
ajfa-724	207	19	of	of	ADP
ajfa-724	207	20	select	select	ADJ
ajfa-724	207	21	case	case	NOUN
ajfa-724	207	22	eih	eih	PROPN
ajfa-724	207	23	and	and	CCONJ
ajfa-724	207	24	leela	leela	PROPN
ajfa-724	207	25	0.16	0.16	NUM
ajfa-724	207	26	,	,	PUNCT
ajfa-724	207	27	0.09	0.09	NUM
ajfa-724	207	28	grat	grat	ADJ
ajfa-724	207	29	growth	growth	NOUN
ajfa-724	207	30	rate	rate	NOUN
ajfa-724	207	31	in	in	ADP
ajfa-724	207	32	arrival	arrival	NOUN
ajfa-724	207	33	of	of	ADP
ajfa-724	207	34	tourists	tourist	NOUN
ajfa-724	207	35	0.093	0.093	NUM
ajfa-724	207	36	ddt	ddt	PROPN
ajfa-724	207	37	domestic	domestic	ADJ
ajfa-724	207	38	demand	demand	NOUN
ajfa-724	207	39	in	in	ADP
ajfa-724	207	40	tourism	tourism	NOUN
ajfa-724	207	41	0.082	0.082	NUM
ajfa-724	207	42	pcms	pcms	ADJ
ajfa-724	207	43	prime	prime	ADJ
ajfa-724	207	44	competitor	competitor	NOUN
ajfa-724	207	45	market	market	NOUN
ajfa-724	207	46	share	share	NOUN
ajfa-724	207	47	(	(	PUNCT
ajfa-724	207	48	taj	taj	PROPN
ajfa-724	207	49	group	group	NOUN
ajfa-724	207	50	of	of	ADP
ajfa-724	207	51	hotels	hotel	NOUN
ajfa-724	207	52	)	)	PUNCT
ajfa-724	207	53	0.28	0.28	NUM
ajfa-724	207	54	log	log	NOUN
ajfa-724	207	55	wpi.gr	wpi.gr	NUM
ajfa-724	207	56	log	log	VERB
ajfa-724	207	57	whole	whole	ADJ
ajfa-724	207	58	sale	sale	NOUN
ajfa-724	207	59	price	price	NOUN
ajfa-724	207	60	index	index	NOUN
ajfa-724	207	61	(	(	PUNCT
ajfa-724	207	62	food	food	NOUN
ajfa-724	207	63	articles	article	NOUN
ajfa-724	207	64	)	)	PUNCT
ajfa-724	207	65	change	change	NOUN
ajfa-724	207	66	{	{	PUNCT
ajfa-724	207	67	(	(	PUNCT
ajfa-724	207	68	2010	2010	NUM
ajfa-724	207	69	index	index	NOUN
ajfa-724	207	70	–	–	PUNCT
ajfa-724	207	71	average	average	NOUN
ajfa-724	207	72	of	of	ADP
ajfa-724	207	73	2005	2005	NUM
ajfa-724	207	74	-	-	SYM
ajfa-724	207	75	2009	2009	NUM
ajfa-724	207	76	index)/	index)/	NOUN
ajfa-724	207	77	average	average	NOUN
ajfa-724	207	78	of	of	ADP
ajfa-724	207	79	2005	2005	NUM
ajfa-724	207	80	-	-	SYM
ajfa-724	207	81	2009	2009	NUM
ajfa-724	207	82	index}×	index}×	NOUN
ajfa-724	207	83	100	100	NUM
ajfa-724	207	84	1.4845	1.4845	NUM
ajfa-724	207	85	log	log	NOUN
ajfa-724	207	86	cm.r	cm.r	VERB
ajfa-724	207	87	log	log	NOUN
ajfa-724	207	88	commercial	commercial	ADJ
ajfa-724	207	89	risk	risk	NOUN
ajfa-724	207	90	log	log	NOUN
ajfa-724	207	91	3	3	NUM
ajfa-724	207	92	log	log	VERB
ajfa-724	207	93	ex.r	ex.r	NUM
ajfa-724	207	94	log	log	NOUN
ajfa-724	207	95	exchange	exchange	NOUN
ajfa-724	207	96	risk	risk	NOUN
ajfa-724	207	97	(	(	PUNCT
ajfa-724	207	98	rupee	rupee	NOUN
ajfa-724	207	99	vs.	vs.	X
ajfa-724	207	100	us	us	PROPN
ajfa-724	207	101	dollar	dollar	NOUN
ajfa-724	207	102	)	)	PUNCT
ajfa-724	207	103	{	{	PUNCT
ajfa-724	207	104	(	(	PUNCT
ajfa-724	207	105	present	present	ADJ
ajfa-724	207	106	rate	rate	NOUN
ajfa-724	207	107	–	–	PUNCT
ajfa-724	207	108	184	184	NUM
ajfa-724	207	109	day	day	NOUN
ajfa-724	207	110	average)/184	average)/184	NUM
ajfa-724	207	111	day	day	NOUN
ajfa-724	207	112	average	average	ADJ
ajfa-724	207	113	}	}	PUNCT
ajfa-724	207	114	×	×	NOUN
ajfa-724	207	115	100	100	NUM
ajfa-724	207	116	present	present	ADJ
ajfa-724	207	117	rate	rate	NOUN
ajfa-724	207	118	on	on	ADP
ajfa-724	207	119	sept	sept	PROPN
ajfa-724	207	120	30	30	NUM
ajfa-724	207	121	,	,	PUNCT
ajfa-724	207	122	2010	2010	NUM
ajfa-724	207	123	.	.	PUNCT
ajfa-724	208	1	0.45	0.45	NUM
ajfa-724	208	2	log	log	NOUN
ajfa-724	208	3	prst	prst	NOUN
ajfa-724	208	4	log	log	NOUN
ajfa-724	208	5	political	political	ADJ
ajfa-724	208	6	risk	risk	NOUN
ajfa-724	208	7	for	for	ADP
ajfa-724	208	8	special	special	ADJ
ajfa-724	208	9	transactions	transaction	NOUN
ajfa-724	208	10	log	log	VERB
ajfa-724	208	11	2	2	NUM
ajfa-724	208	12	log	log	NOUN
ajfa-724	208	13	tr	tr	NOUN
ajfa-724	208	14	log	log	NOUN
ajfa-724	208	15	transfer	transfer	NOUN
ajfa-724	208	16	risk	risk	NOUN
ajfa-724	208	17	log	log	NOUN
ajfa-724	208	18	3	3	NUM
ajfa-724	208	19	fhr	fhr	NOUN
ajfa-724	208	20	forecasting	forecasting	NOUN
ajfa-724	208	21	hurdle	hurdle	NOUN
ajfa-724	208	22	rate	rate	NOUN
ajfa-724	208	23	(	(	PUNCT
ajfa-724	208	24	%	%	INTJ
ajfa-724	208	25	)	)	PUNCT
ajfa-724	208	26	(	(	PUNCT
ajfa-724	208	27	eih	eih	PROPN
ajfa-724	208	28	and	and	CCONJ
ajfa-724	208	29	leela	leela	PROPN
ajfa-724	208	30	)	)	PUNCT
ajfa-724	208	31	5.30	5.30	NUM
ajfa-724	208	32	,	,	PUNCT
ajfa-724	208	33	4.92	4.92	NUM
ajfa-724	208	34	note	note	NOUN
ajfa-724	208	35	:	:	PUNCT
ajfa-724	208	36	market	market	NOUN
ajfa-724	208	37	share	share	NOUN
ajfa-724	208	38	computed	compute	VERB
ajfa-724	208	39	by	by	ADP
ajfa-724	208	40	compiling	compile	VERB
ajfa-724	208	41	sales	sale	NOUN
ajfa-724	208	42	for	for	ADP
ajfa-724	208	43	the	the	DET
ajfa-724	208	44	year	year	NOUN
ajfa-724	208	45	2009	2009	NUM
ajfa-724	208	46	-	-	SYM
ajfa-724	208	47	10	10	NUM
ajfa-724	208	48	;	;	PUNCT
ajfa-724	209	1	total	total	ADJ
ajfa-724	209	2	industry	industry	NOUN
ajfa-724	209	3	sales	sale	NOUN
ajfa-724	209	4	:	:	PUNCT
ajfa-724	209	5	rs	rs	ADJ
ajfa-724	209	6	.	.	PUNCT
ajfa-724	210	1	5268.94	5268.94	NUM
ajfa-724	210	2	crore	crore	NUM
ajfa-724	210	3	acknowledgements	acknowledgement	NOUN
ajfa-724	210	4	:	:	PUNCT
ajfa-724	210	5	the	the	DET
ajfa-724	210	6	abridged	abridge	VERB
ajfa-724	210	7	version	version	NOUN
ajfa-724	210	8	of	of	ADP
ajfa-724	210	9	this	this	DET
ajfa-724	210	10	paper	paper	NOUN
ajfa-724	210	11	has	have	AUX
ajfa-724	210	12	been	be	AUX
ajfa-724	210	13	presented	present	VERB
ajfa-724	210	14	at	at	ADP
ajfa-724	210	15	international	international	ADJ
ajfa-724	210	16	finance	finance	NOUN
ajfa-724	210	17	conference	conference	NOUN
ajfa-724	210	18	(	(	PUNCT
ajfa-724	210	19	fincon-2011	fincon-2011	ADJ
ajfa-724	210	20	)	)	PUNCT
ajfa-724	210	21	organized	organize	VERB
ajfa-724	210	22	by	by	ADP
ajfa-724	210	23	management	management	NOUN
ajfa-724	210	24	development	development	PROPN
ajfa-724	210	25	institute	institute	PROPN
ajfa-724	210	26	,	,	PUNCT
ajfa-724	210	27	gurgaon	gurgaon	PROPN
ajfa-724	210	28	and	and	CCONJ
ajfa-724	210	29	university	university	PROPN
ajfa-724	210	30	of	of	ADP
ajfa-724	210	31	connecticut	connecticut	PROPN
ajfa-724	210	32	business	business	PROPN
ajfa-724	210	33	school	school	PROPN
ajfa-724	210	34	,	,	PUNCT
ajfa-724	210	35	usa	usa	PROPN
ajfa-724	210	36	during	during	ADP
ajfa-724	210	37	jan	jan	PROPN
ajfa-724	210	38	07	07	NUM
ajfa-724	210	39	-	-	SYM
ajfa-724	210	40	08	08	NUM
ajfa-724	210	41	and	and	CCONJ
ajfa-724	210	42	thanks	thank	NOUN
ajfa-724	210	43	to	to	ADP
ajfa-724	210	44	the	the	DET
ajfa-724	210	45	participants	participant	NOUN
ajfa-724	210	46	for	for	ADP
ajfa-724	210	47	their	their	PRON
ajfa-724	210	48	valuable	valuable	ADJ
ajfa-724	210	49	comments	comment	NOUN
ajfa-724	210	50	and	and	CCONJ
ajfa-724	210	51	feedback	feedback	NOUN
ajfa-724	210	52	.	.	PUNCT
ajfa-724	211	1	we	we	PRON
ajfa-724	211	2	also	also	ADV
ajfa-724	211	3	thank	thank	VERB
ajfa-724	211	4	mr	mr	PROPN
ajfa-724	211	5	.	.	PROPN
ajfa-724	211	6	deepak	deepak	PROPN
ajfa-724	211	7	bhat	bhat	PROPN
ajfa-724	211	8	,	,	PUNCT
ajfa-724	211	9	information	information	NOUN
ajfa-724	211	10	officer	officer	NOUN
ajfa-724	211	11	,	,	PUNCT
ajfa-724	211	12	centre	centre	NOUN
ajfa-724	211	13	for	for	ADP
ajfa-724	211	14	monitoring	monitor	VERB
ajfa-724	211	15	indian	indian	ADJ
ajfa-724	211	16	economy	economy	NOUN
ajfa-724	211	17	(	(	PUNCT
ajfa-724	211	18	cmie	cmie	PROPN
ajfa-724	211	19	)	)	PUNCT
ajfa-724	211	20	private	private	ADJ
ajfa-724	211	21	limited	limited	ADJ
ajfa-724	211	22	,	,	PUNCT
ajfa-724	211	23	mumbai	mumbai	PROPN
ajfa-724	211	24	and	and	CCONJ
ajfa-724	211	25	his	his	PRON
ajfa-724	211	26	intuitive	intuitive	ADJ
ajfa-724	211	27	suggestions	suggestion	NOUN
ajfa-724	211	28	on	on	ADP
ajfa-724	211	29	the	the	DET
ajfa-724	211	30	manuscript	manuscript	NOUN
ajfa-724	211	31	is	be	AUX
ajfa-724	211	32	profoundly	profoundly	ADV
ajfa-724	211	33	acknowledged	acknowledge	VERB
ajfa-724	211	34	.	.	PUNCT
ajfa-724	212	1	asian	asian	ADJ
ajfa-724	212	2	journal	journal	PROPN
ajfa-724	212	3	of	of	ADP
ajfa-724	212	4	finance	finance	PROPN
ajfa-724	212	5	&	&	CCONJ
ajfa-724	212	6	accounting	accounting	PROPN
ajfa-724	212	7	issn	issn	PROPN
ajfa-724	212	8	1946	1946	NUM
ajfa-724	212	9	-	-	PUNCT
ajfa-724	212	10	052x	052x	NOUN
ajfa-724	212	11	2011	2011	NUM
ajfa-724	212	12	,	,	PUNCT
ajfa-724	212	13	vol	vol	NOUN
ajfa-724	212	14	.	.	PROPN
ajfa-724	213	1	3	3	NUM
ajfa-724	213	2	,	,	PUNCT
ajfa-724	213	3	no	no	INTJ
ajfa-724	213	4	.	.	NOUN
ajfa-724	213	5	1	1	NUM
ajfa-724	213	6	:	:	PUNCT
ajfa-724	213	7	e6	e6	VERB
ajfa-724	213	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	213	9	100	100	NUM
ajfa-724	213	10	references	reference	NOUN
ajfa-724	213	11	antia	antia	PROPN
ajfa-724	213	12	,	,	PUNCT
ajfa-724	213	13	m.	m.	NOUN
ajfa-724	213	14	,	,	PUNCT
ajfa-724	213	15	lin	lin	PROPN
ajfa-724	213	16	,	,	PUNCT
ajfa-724	213	17	j.b	j.b	PROPN
ajfa-724	213	18	.	.	PROPN
ajfa-724	213	19	&	&	CCONJ
ajfa-724	213	20	pantzalis	pantzalis	PROPN
ajfa-724	213	21	,	,	PUNCT
ajfa-724	213	22	c.	c.	PROPN
ajfa-724	213	23	(	(	PUNCT
ajfa-724	213	24	2007	2007	NUM
ajfa-724	213	25	)	)	PUNCT
ajfa-724	213	26	.	.	PUNCT
ajfa-724	214	1	cultural	cultural	ADJ
ajfa-724	214	2	distance	distance	NOUN
ajfa-724	214	3	and	and	CCONJ
ajfa-724	214	4	valuation	valuation	NOUN
ajfa-724	214	5	of	of	ADP
ajfa-724	214	6	multinational	multinational	ADJ
ajfa-724	214	7	corporations	corporation	NOUN
ajfa-724	214	8	.	.	PUNCT
ajfa-724	215	1	journal	journal	PROPN
ajfa-724	215	2	of	of	ADP
ajfa-724	215	3	multinational	multinational	ADJ
ajfa-724	215	4	financial	financial	ADJ
ajfa-724	215	5	management	management	NOUN
ajfa-724	215	6	,	,	PUNCT
ajfa-724	215	7	17(5	17(5	NUM
ajfa-724	215	8	)	)	PUNCT
ajfa-724	215	9	,	,	PUNCT
ajfa-724	215	10	365–383	365–383	NUM
ajfa-724	215	11	.	.	PUNCT
ajfa-724	216	1	http://dx.doi.org/10.1016/j.mulfin.2006.10.002	http://dx.doi.org/10.1016/j.mulfin.2006.10.002	NOUN
ajfa-724	216	2	bai	bai	PROPN
ajfa-724	216	3	,	,	PUNCT
ajfa-724	216	4	c.	c.	PROPN
ajfa-724	216	5	,	,	PUNCT
ajfa-724	216	6	liu	liu	PROPN
ajfa-724	216	7	,	,	PUNCT
ajfa-724	216	8	q.	q.	PROPN
ajfa-724	216	9	,	,	PUNCT
ajfa-724	216	10	lu	lu	PROPN
ajfa-724	216	11	,	,	PUNCT
ajfa-724	216	12	j.	j.	PROPN
ajfa-724	216	13	,	,	PUNCT
ajfa-724	216	14	song	song	NOUN
ajfa-724	216	15	,	,	PUNCT
ajfa-724	216	16	f.m	f.m	PROPN
ajfa-724	216	17	.	.	PROPN
ajfa-724	216	18	&	&	CCONJ
ajfa-724	216	19	zhang	zhang	PROPN
ajfa-724	216	20	,	,	PUNCT
ajfa-724	216	21	j.	j.	PROPN
ajfa-724	216	22	(	(	PUNCT
ajfa-724	216	23	2004	2004	NUM
ajfa-724	216	24	)	)	PUNCT
ajfa-724	216	25	.	.	PUNCT
ajfa-724	217	1	corporate	corporate	ADJ
ajfa-724	217	2	governance	governance	NOUN
ajfa-724	217	3	and	and	CCONJ
ajfa-724	217	4	market	market	NOUN
ajfa-724	217	5	valuation	valuation	NOUN
ajfa-724	217	6	in	in	ADP
ajfa-724	217	7	china	china	PROPN
ajfa-724	217	8	.	.	PUNCT
ajfa-724	218	1	journal	journal	PROPN
ajfa-724	218	2	of	of	ADP
ajfa-724	218	3	comparative	comparative	ADJ
ajfa-724	218	4	economics	economic	NOUN
ajfa-724	218	5	,	,	PUNCT
ajfa-724	218	6	32(4	32(4	NUM
ajfa-724	218	7	)	)	PUNCT
ajfa-724	218	8	,	,	PUNCT
ajfa-724	218	9	599–616	599–616	NUM
ajfa-724	218	10	.	.	PUNCT
ajfa-724	219	1	http://dx.doi.org/10.1016/j.jce.2004.07.002	http://dx.doi.org/10.1016/j.jce.2004.07.002	NOUN
ajfa-724	219	2	bailey	bailey	NOUN
ajfa-724	219	3	,	,	PUNCT
ajfa-724	219	4	p.	p.	PROPN
ajfa-724	219	5	,	,	PUNCT
ajfa-724	219	6	brown	brown	PROPN
ajfa-724	219	7	,	,	PUNCT
ajfa-724	219	8	p.	p.	NOUN
ajfa-724	219	9	,	,	PUNCT
ajfa-724	219	10	potter	potter	NOUN
ajfa-724	219	11	,	,	PUNCT
ajfa-724	219	12	m.	m.	NOUN
ajfa-724	219	13	&	&	CCONJ
ajfa-724	219	14	wells	wells	PROPN
ajfa-724	219	15	,	,	PUNCT
ajfa-724	219	16	p.	p.	NOUN
ajfa-724	219	17	(	(	PUNCT
ajfa-724	219	18	2008	2008	NUM
ajfa-724	219	19	)	)	PUNCT
ajfa-724	219	20	.	.	PUNCT
ajfa-724	220	1	a	a	DET
ajfa-724	220	2	practical	practical	ADJ
ajfa-724	220	3	comparison	comparison	NOUN
ajfa-724	220	4	of	of	ADP
ajfa-724	220	5	firm	firm	ADJ
ajfa-724	220	6	valuation	valuation	NOUN
ajfa-724	220	7	models	model	NOUN
ajfa-724	220	8	:	:	PUNCT
ajfa-724	220	9	cash	cash	NOUN
ajfa-724	220	10	flow	flow	NOUN
ajfa-724	220	11	,	,	PUNCT
ajfa-724	220	12	dividend	dividend	NOUN
ajfa-724	220	13	and	and	CCONJ
ajfa-724	220	14	income	income	NOUN
ajfa-724	220	15	.	.	PUNCT
ajfa-724	221	1	the	the	DET
ajfa-724	221	2	finsia	finsia	PROPN
ajfa-724	221	3	journal	journal	NOUN
ajfa-724	221	4	of	of	ADP
ajfa-724	221	5	applied	apply	VERB
ajfa-724	221	6	finance	finance	NOUN
ajfa-724	221	7	,	,	PUNCT
ajfa-724	221	8	2	2	NUM
ajfa-724	221	9	,	,	PUNCT
ajfa-724	221	10	22	22	NUM
ajfa-724	221	11	-	-	SYM
ajfa-724	221	12	28	28	NUM
ajfa-724	221	13	.	.	PUNCT
ajfa-724	221	14	available	available	ADJ
ajfa-724	221	15	at	at	ADP
ajfa-724	221	16	:	:	PUNCT
ajfa-724	221	17	http://www.finsia.com/eventpdf/jassa_issue2	http://www.finsia.com/eventpdf/jassa_issue2	NOUN
ajfa-724	221	18	_	_	NOUN
ajfa-724	221	19	2008	2008	NUM
ajfa-724	221	20	_	_	PUNCT
ajfa-724	222	1	pages_22-28.pdf	pages_22-28.pdf	NOUN
ajfa-724	222	2	,	,	PUNCT
ajfa-724	222	3	last	last	ADV
ajfa-724	222	4	accessed	access	VERB
ajfa-724	222	5	on	on	ADP
ajfa-724	222	6	oct	oct	PROPN
ajfa-724	222	7	28	28	NUM
ajfa-724	222	8	,	,	PUNCT
ajfa-724	222	9	2010	2010	NUM
ajfa-724	222	10	.	.	PUNCT
ajfa-724	223	1	becher	becher	PROPN
ajfa-724	223	2	,	,	PUNCT
ajfa-724	223	3	d.a	d.a	PROPN
ajfa-724	223	4	.	.	PROPN
ajfa-724	223	5	(	(	PUNCT
ajfa-724	223	6	2000	2000	NUM
ajfa-724	223	7	)	)	PUNCT
ajfa-724	223	8	.	.	PUNCT
ajfa-724	224	1	the	the	DET
ajfa-724	224	2	valuation	valuation	NOUN
ajfa-724	224	3	effects	effect	NOUN
ajfa-724	224	4	of	of	ADP
ajfa-724	224	5	bank	bank	NOUN
ajfa-724	224	6	mergers	merger	NOUN
ajfa-724	224	7	.	.	PUNCT
ajfa-724	225	1	journal	journal	NOUN
ajfa-724	225	2	of	of	ADP
ajfa-724	225	3	corporate	corporate	ADJ
ajfa-724	225	4	finance	finance	NOUN
ajfa-724	225	5	,	,	PUNCT
ajfa-724	225	6	6(2	6(2	NUM
ajfa-724	225	7	)	)	PUNCT
ajfa-724	225	8	,	,	PUNCT
ajfa-724	225	9	189–214	189–214	NUM
ajfa-724	225	10	.	.	PUNCT
ajfa-724	226	1	http://dx.doi.org/10.1016/s0929-1199(00)00013-4	http://dx.doi.org/10.1016/s0929-1199(00)00013-4	PROPN
ajfa-724	226	2	bharadwaj	bharadwaj	PROPN
ajfa-724	226	3	,	,	PUNCT
ajfa-724	226	4	a.	a.	PROPN
ajfa-724	226	5	&	&	CCONJ
ajfa-724	226	6	shivdasani	shivdasani	PROPN
ajfa-724	226	7	,	,	PUNCT
ajfa-724	226	8	a.	a.	NOUN
ajfa-724	226	9	(	(	PUNCT
ajfa-724	226	10	2003	2003	NUM
ajfa-724	226	11	)	)	PUNCT
ajfa-724	226	12	.	.	PUNCT
ajfa-724	227	1	valuation	valuation	NOUN
ajfa-724	227	2	effects	effect	NOUN
ajfa-724	227	3	of	of	ADP
ajfa-724	227	4	bank	bank	NOUN
ajfa-724	227	5	financing	financing	NOUN
ajfa-724	227	6	in	in	ADP
ajfa-724	227	7	acquisitions	acquisition	NOUN
ajfa-724	227	8	.	.	PUNCT
ajfa-724	228	1	journal	journal	NOUN
ajfa-724	228	2	of	of	ADP
ajfa-724	228	3	financial	financial	ADJ
ajfa-724	228	4	economics	economic	NOUN
ajfa-724	228	5	,	,	PUNCT
ajfa-724	228	6	67(1	67(1	NOUN
ajfa-724	228	7	)	)	PUNCT
ajfa-724	228	8	,	,	PUNCT
ajfa-724	228	9	113–148	113–148	NUM
ajfa-724	228	10	.	.	PUNCT
ajfa-724	229	1	http://dx.doi.org/10.1016/s0304-405x(02)00233-7	http://dx.doi.org/10.1016/s0304-405x(02)00233-7	PROPN
ajfa-724	229	2	bryan	bryan	PROPN
ajfa-724	229	3	,	,	PUNCT
ajfa-724	229	4	k.	k.	PROPN
ajfa-724	229	5	(	(	PUNCT
ajfa-724	229	6	2003	2003	NUM
ajfa-724	229	7	)	)	PUNCT
ajfa-724	229	8	.	.	PUNCT
ajfa-724	230	1	handbook	handbook	NOUN
ajfa-724	230	2	of	of	ADP
ajfa-724	230	3	financial	financial	ADJ
ajfa-724	230	4	modeling	modeling	NOUN
ajfa-724	230	5	for	for	ADP
ajfa-724	230	6	business	business	NOUN
ajfa-724	230	7	decisions	decision	NOUN
ajfa-724	230	8	.	.	PUNCT
ajfa-724	231	1	new	new	ADJ
ajfa-724	231	2	delhi	delhi	PROPN
ajfa-724	231	3	:	:	PUNCT
ajfa-724	231	4	crest	crest	NOUN
ajfa-724	231	5	publishing	publishing	NOUN
ajfa-724	231	6	.	.	PUNCT
ajfa-724	232	1	chaney	chaney	PROPN
ajfa-724	232	2	,	,	PUNCT
ajfa-724	232	3	p.k	p.k	PROPN
ajfa-724	232	4	.	.	PROPN
ajfa-724	232	5	&	&	CCONJ
ajfa-724	232	6	lewis	lewis	PROPN
ajfa-724	232	7	,	,	PUNCT
ajfa-724	232	8	c.m	c.m	PROPN
ajfa-724	232	9	.	.	PROPN
ajfa-724	232	10	(	(	PUNCT
ajfa-724	232	11	1995	1995	NUM
ajfa-724	232	12	)	)	PUNCT
ajfa-724	232	13	.	.	PUNCT
ajfa-724	233	1	earnings	earning	NOUN
ajfa-724	233	2	management	management	NOUN
ajfa-724	233	3	and	and	CCONJ
ajfa-724	233	4	firm	firm	ADJ
ajfa-724	233	5	valuation	valuation	NOUN
ajfa-724	233	6	under	under	ADP
ajfa-724	233	7	asymmetric	asymmetric	ADJ
ajfa-724	233	8	information	information	NOUN
ajfa-724	233	9	.	.	PUNCT
ajfa-724	234	1	journal	journal	NOUN
ajfa-724	234	2	of	of	ADP
ajfa-724	234	3	corporate	corporate	ADJ
ajfa-724	234	4	finance	finance	NOUN
ajfa-724	234	5	,	,	PUNCT
ajfa-724	234	6	1(3	1(3	NUM
ajfa-724	234	7	-	-	SYM
ajfa-724	234	8	4	4	NUM
ajfa-724	234	9	)	)	PUNCT
ajfa-724	234	10	,	,	PUNCT
ajfa-724	234	11	319	319	NUM
ajfa-724	234	12	-	-	SYM
ajfa-724	234	13	345	345	NUM
ajfa-724	234	14	.	.	PUNCT
ajfa-724	235	1	http://dx.doi.org/10.1016/0929-1199(94)00008-i	http://dx.doi.org/10.1016/0929-1199(94)00008-i	PROPN
ajfa-724	235	2	damodaran	damodaran	NOUN
ajfa-724	235	3	,	,	PUNCT
ajfa-724	235	4	a.	a.	NOUN
ajfa-724	235	5	(	(	PUNCT
ajfa-724	235	6	1996	1996	NUM
ajfa-724	235	7	)	)	PUNCT
ajfa-724	235	8	.	.	PUNCT
ajfa-724	236	1	investment	investment	NOUN
ajfa-724	236	2	valuation	valuation	NOUN
ajfa-724	236	3	–	–	PUNCT
ajfa-724	236	4	tools	tool	NOUN
ajfa-724	236	5	and	and	CCONJ
ajfa-724	236	6	techniques	technique	NOUN
ajfa-724	236	7	for	for	ADP
ajfa-724	236	8	determining	determine	VERB
ajfa-724	236	9	the	the	DET
ajfa-724	236	10	value	value	NOUN
ajfa-724	236	11	of	of	ADP
ajfa-724	236	12	any	any	DET
ajfa-724	236	13	asset	asset	NOUN
ajfa-724	236	14	.	.	PUNCT
ajfa-724	237	1	john	john	PROPN
ajfa-724	237	2	wiley	wiley	PROPN
ajfa-724	237	3	&	&	CCONJ
ajfa-724	237	4	sons	sons	PROPN
ajfa-724	237	5	inc	inc	PROPN
ajfa-724	237	6	.	.	PROPN
ajfa-724	237	7	eih	eih	PROPN
ajfa-724	237	8	limited	limited	PROPN
ajfa-724	237	9	company	company	PROPN
ajfa-724	237	10	profile	profile	NOUN
ajfa-724	237	11	.	.	PUNCT
ajfa-724	238	1	available	available	ADJ
ajfa-724	238	2	at	at	ADP
ajfa-724	238	3	:	:	PUNCT
ajfa-724	238	4	www.oberoihotels.com	www.oberoihotels.com	NOUN
ajfa-724	238	5	,	,	PUNCT
ajfa-724	238	6	last	last	ADV
ajfa-724	238	7	accessed	access	VERB
ajfa-724	238	8	on	on	ADP
ajfa-724	238	9	oct	oct	PROPN
ajfa-724	238	10	15	15	NUM
ajfa-724	238	11	,	,	PUNCT
ajfa-724	238	12	2010	2010	NUM
ajfa-724	238	13	.	.	PUNCT
ajfa-724	239	1	federation	federation	NOUN
ajfa-724	239	2	of	of	ADP
ajfa-724	239	3	hotel	hotel	NOUN
ajfa-724	239	4	and	and	CCONJ
ajfa-724	239	5	restaurant	restaurant	NOUN
ajfa-724	239	6	associations	association	NOUN
ajfa-724	239	7	of	of	ADP
ajfa-724	239	8	india	india	PROPN
ajfa-724	239	9	(	(	PUNCT
ajfa-724	239	10	fhrai	fhrai	PROPN
ajfa-724	239	11	)	)	PUNCT
ajfa-724	239	12	,	,	PUNCT
ajfa-724	239	13	available	available	ADJ
ajfa-724	239	14	at	at	ADP
ajfa-724	239	15	:	:	PUNCT
ajfa-724	239	16	www.fhrai.com	www.fhrai.com	NUM
ajfa-724	239	17	,	,	PUNCT
ajfa-724	239	18	last	last	ADV
ajfa-724	239	19	accessed	access	VERB
ajfa-724	239	20	on	on	ADP
ajfa-724	239	21	oct	oct	PROPN
ajfa-724	239	22	10	10	NUM
ajfa-724	239	23	,	,	PUNCT
ajfa-724	239	24	2010	2010	NUM
ajfa-724	239	25	.	.	PUNCT
ajfa-724	240	1	fernandez	fernandez	PROPN
ajfa-724	240	2	,	,	PUNCT
ajfa-724	240	3	p.	p.	NOUN
ajfa-724	240	4	(	(	PUNCT
ajfa-724	240	5	2002	2002	NUM
ajfa-724	240	6	)	)	PUNCT
ajfa-724	240	7	.	.	PUNCT
ajfa-724	241	1	three	three	NUM
ajfa-724	241	2	residual	residual	ADJ
ajfa-724	241	3	income	income	NOUN
ajfa-724	241	4	valuation	valuation	NOUN
ajfa-724	241	5	methods	method	NOUN
ajfa-724	241	6	and	and	CCONJ
ajfa-724	241	7	discounted	discount	VERB
ajfa-724	241	8	cash	cash	NOUN
ajfa-724	241	9	flow	flow	NOUN
ajfa-724	241	10	valuation	valuation	NOUN
ajfa-724	241	11	.	.	PUNCT
ajfa-724	242	1	www.ssrn.com/abstract=296945	www.ssrn.com/abstract=296945	PROPN
ajfa-724	242	2	,	,	PUNCT
ajfa-724	242	3	last	last	ADV
ajfa-724	242	4	accessed	access	VERB
ajfa-724	242	5	on	on	ADP
ajfa-724	242	6	may	may	PROPN
ajfa-724	242	7	05	05	NUM
ajfa-724	242	8	,	,	PUNCT
ajfa-724	242	9	2011	2011	NUM
ajfa-724	242	10	.	.	PUNCT
ajfa-724	243	1	fernandez	fernandez	PROPN
ajfa-724	243	2	,	,	PUNCT
ajfa-724	243	3	p.	p.	NOUN
ajfa-724	243	4	(	(	PUNCT
ajfa-724	243	5	2003	2003	NUM
ajfa-724	243	6	)	)	PUNCT
ajfa-724	243	7	.	.	PUNCT
ajfa-724	244	1	how	how	SCONJ
ajfa-724	244	2	to	to	PART
ajfa-724	244	3	value	value	VERB
ajfa-724	244	4	a	a	DET
ajfa-724	244	5	seasonal	seasonal	ADJ
ajfa-724	244	6	company	company	NOUN
ajfa-724	244	7	discounting	discount	VERB
ajfa-724	244	8	cash	cash	NOUN
ajfa-724	244	9	flows	flow	NOUN
ajfa-724	244	10	.	.	PUNCT
ajfa-724	245	1	available	available	ADJ
ajfa-724	245	2	at	at	ADP
ajfa-724	245	3	:	:	PUNCT
ajfa-724	245	4	www.ssrn.com/abstract=406220	www.ssrn.com/abstract=406220	ADJ
ajfa-724	245	5	,	,	PUNCT
ajfa-724	245	6	last	last	ADV
ajfa-724	245	7	accessed	access	VERB
ajfa-724	245	8	on	on	ADP
ajfa-724	245	9	may	may	PROPN
ajfa-724	245	10	05	05	NUM
ajfa-724	245	11	,	,	PUNCT
ajfa-724	245	12	2011	2011	NUM
ajfa-724	245	13	.	.	PUNCT
ajfa-724	246	1	fernandez	fernandez	PROPN
ajfa-724	246	2	,	,	PUNCT
ajfa-724	246	3	p.	p.	NOUN
ajfa-724	246	4	(	(	PUNCT
ajfa-724	246	5	2007a	2007a	NUM
ajfa-724	246	6	)	)	PUNCT
ajfa-724	246	7	.	.	PUNCT
ajfa-724	247	1	company	company	NOUN
ajfa-724	247	2	valuation	valuation	NOUN
ajfa-724	247	3	methods	method	NOUN
ajfa-724	247	4	:	:	PUNCT
ajfa-724	247	5	the	the	DET
ajfa-724	247	6	most	most	ADV
ajfa-724	247	7	common	common	ADJ
ajfa-724	247	8	errors	error	NOUN
ajfa-724	247	9	in	in	ADP
ajfa-724	247	10	valuations	valuation	NOUN
ajfa-724	247	11	.	.	PUNCT
ajfa-724	248	1	available	available	ADJ
ajfa-724	248	2	at	at	ADP
ajfa-724	248	3	:	:	PUNCT
ajfa-724	248	4	www.ssrn.com/abstract=274973	www.ssrn.com/abstract=274973	INTJ
ajfa-724	248	5	,	,	PUNCT
ajfa-724	248	6	last	last	ADV
ajfa-724	248	7	accessed	access	VERB
ajfa-724	248	8	on	on	ADP
ajfa-724	248	9	may	may	PROPN
ajfa-724	248	10	05	05	NUM
ajfa-724	248	11	,	,	PUNCT
ajfa-724	248	12	2011	2011	NUM
ajfa-724	248	13	.	.	PUNCT
ajfa-724	249	1	fernandez	fernandez	PROPN
ajfa-724	249	2	,	,	PUNCT
ajfa-724	249	3	p.	p.	NOUN
ajfa-724	249	4	(	(	PUNCT
ajfa-724	249	5	2007b	2007b	NUM
ajfa-724	249	6	)	)	PUNCT
ajfa-724	249	7	.	.	PUNCT
ajfa-724	250	1	valuing	value	VERB
ajfa-724	250	2	companies	company	NOUN
ajfa-724	250	3	by	by	ADP
ajfa-724	250	4	cash	cash	NOUN
ajfa-724	250	5	flow	flow	NOUN
ajfa-724	250	6	discounting	discount	VERB
ajfa-724	250	7	:	:	PUNCT
ajfa-724	250	8	ten	ten	NUM
ajfa-724	250	9	methods	method	NOUN
ajfa-724	250	10	and	and	CCONJ
ajfa-724	250	11	nine	nine	NUM
ajfa-724	250	12	theories	theory	NOUN
ajfa-724	250	13	.	.	PUNCT
ajfa-724	251	1	managerial	managerial	ADJ
ajfa-724	251	2	finance	finance	NOUN
ajfa-724	251	3	,	,	PUNCT
ajfa-724	251	4	33(11	33(11	NUM
ajfa-724	251	5	)	)	PUNCT
ajfa-724	251	6	,	,	PUNCT
ajfa-724	251	7	853	853	NUM
ajfa-724	251	8	-	-	SYM
ajfa-724	251	9	876	876	NUM
ajfa-724	251	10	.	.	PUNCT
ajfa-724	252	1	http://dx.doi.org/10.1108/03074350710823827	http://dx.doi.org/10.1108/03074350710823827	PROPN
ajfa-724	252	2	asian	asian	PROPN
ajfa-724	252	3	journal	journal	PROPN
ajfa-724	252	4	of	of	ADP
ajfa-724	252	5	finance	finance	PROPN
ajfa-724	252	6	&	&	CCONJ
ajfa-724	252	7	accounting	accounting	PROPN
ajfa-724	252	8	issn	issn	PROPN
ajfa-724	252	9	1946	1946	NUM
ajfa-724	252	10	-	-	PUNCT
ajfa-724	252	11	052x	052x	NOUN
ajfa-724	252	12	2011	2011	NUM
ajfa-724	252	13	,	,	PUNCT
ajfa-724	252	14	vol	vol	NOUN
ajfa-724	252	15	.	.	PROPN
ajfa-724	253	1	3	3	NUM
ajfa-724	253	2	,	,	PUNCT
ajfa-724	253	3	no	no	INTJ
ajfa-724	253	4	.	.	NOUN
ajfa-724	253	5	1	1	NUM
ajfa-724	253	6	:	:	PUNCT
ajfa-724	253	7	e6	e6	VERB
ajfa-724	253	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	253	9	101	101	NUM
ajfa-724	253	10	grant	grant	PROPN
ajfa-724	253	11	thornton	thornton	PROPN
ajfa-724	253	12	–	–	PUNCT
ajfa-724	253	13	dealtracker	dealtracker	NOUN
ajfa-724	253	14	(	(	PUNCT
ajfa-724	253	15	2008	2008	NUM
ajfa-724	253	16	)	)	PUNCT
ajfa-724	253	17	.	.	PUNCT
ajfa-724	254	1	providing	provide	VERB
ajfa-724	254	2	business	business	NOUN
ajfa-724	254	3	owners	owner	NOUN
ajfa-724	254	4	with	with	ADP
ajfa-724	254	5	m&a	m&a	PROPN
ajfa-724	254	6	market	market	NOUN
ajfa-724	254	7	insight	insight	NOUN
ajfa-724	254	8	.	.	PUNCT
ajfa-724	255	1	new	new	ADJ
ajfa-724	255	2	delhi	delhi	PROPN
ajfa-724	255	3	:	:	PUNCT
ajfa-724	255	4	grant	grant	PROPN
ajfa-724	255	5	thornton	thornton	PROPN
ajfa-724	255	6	.	.	PUNCT
ajfa-724	256	1	hotel	hotel	PROPN
ajfa-724	256	2	leelaventure	leelaventure	PROPN
ajfa-724	256	3	limited	limit	VERB
ajfa-724	256	4	company	company	NOUN
ajfa-724	256	5	profile	profile	NOUN
ajfa-724	256	6	.	.	PUNCT
ajfa-724	257	1	available	available	ADJ
ajfa-724	257	2	at	at	ADP
ajfa-724	257	3	:	:	PUNCT
ajfa-724	257	4	www.theleela.com	www.theleela.com	NUM
ajfa-724	257	5	,	,	PUNCT
ajfa-724	257	6	last	last	ADV
ajfa-724	257	7	accessed	access	VERB
ajfa-724	257	8	on	on	ADP
ajfa-724	257	9	oct	oct	PROPN
ajfa-724	257	10	15	15	NUM
ajfa-724	257	11	,	,	PUNCT
ajfa-724	257	12	2010	2010	NUM
ajfa-724	257	13	.	.	PUNCT
ajfa-724	258	1	krishnamurthy	krishnamurthy	PROPN
ajfa-724	258	2	,	,	PUNCT
ajfa-724	258	3	c.	c.	PROPN
ajfa-724	258	4	&	&	CCONJ
ajfa-724	258	5	viswanath	viswanath	PROPN
ajfa-724	258	6	,	,	PUNCT
ajfa-724	258	7	s.r	s.r	PROPN
ajfa-724	258	8	.	.	PROPN
ajfa-724	258	9	(	(	PUNCT
ajfa-724	258	10	2009	2009	NUM
ajfa-724	258	11	)	)	PUNCT
ajfa-724	258	12	.	.	PUNCT
ajfa-724	259	1	advanced	advanced	ADJ
ajfa-724	259	2	corporate	corporate	ADJ
ajfa-724	259	3	finance	finance	NOUN
ajfa-724	259	4	.	.	PUNCT
ajfa-724	260	1	new	new	ADJ
ajfa-724	260	2	delhi	delhi	PROPN
ajfa-724	260	3	:	:	PUNCT
ajfa-724	261	1	phi	phi	NOUN
ajfa-724	261	2	learning	learn	VERB
ajfa-724	261	3	private	private	PROPN
ajfa-724	261	4	ltd	ltd	PROPN
ajfa-724	261	5	.	.	PROPN
ajfa-724	261	6	kroszner	kroszner	PROPN
ajfa-724	261	7	,	,	PUNCT
ajfa-724	261	8	r.s	r.s	PROPN
ajfa-724	261	9	.	.	PROPN
ajfa-724	261	10	&	&	CCONJ
ajfa-724	261	11	strahan	strahan	PROPN
ajfa-724	261	12	,	,	PUNCT
ajfa-724	261	13	p.e	p.e	PROPN
ajfa-724	261	14	.	.	PROPN
ajfa-724	261	15	(	(	PUNCT
ajfa-724	261	16	2000	2000	NUM
ajfa-724	261	17	)	)	PUNCT
ajfa-724	261	18	.	.	PUNCT
ajfa-724	262	1	bankers	banker	NOUN
ajfa-724	262	2	on	on	ADP
ajfa-724	262	3	boards	board	NOUN
ajfa-724	262	4	:	:	PUNCT
ajfa-724	262	5	monitoring	monitoring	NOUN
ajfa-724	262	6	,	,	PUNCT
ajfa-724	262	7	conflicts	conflict	NOUN
ajfa-724	262	8	of	of	ADP
ajfa-724	262	9	interest	interest	NOUN
ajfa-724	262	10	,	,	PUNCT
ajfa-724	262	11	and	and	CCONJ
ajfa-724	262	12	lender	lender	NOUN
ajfa-724	262	13	liability	liability	NOUN
ajfa-724	262	14	.	.	PUNCT
ajfa-724	263	1	journal	journal	PROPN
ajfa-724	263	2	of	of	ADP
ajfa-724	263	3	financial	financial	ADJ
ajfa-724	263	4	economics	economic	NOUN
ajfa-724	263	5	,	,	PUNCT
ajfa-724	263	6	62(3	62(3	NOUN
ajfa-724	263	7	)	)	PUNCT
ajfa-724	263	8	,	,	PUNCT
ajfa-724	263	9	415–452	415–452	NUM
ajfa-724	263	10	.	.	PUNCT
ajfa-724	264	1	http://dx.doi.org/10.1016/s0304-405x(01)00082-4	http://dx.doi.org/10.1016/s0304-405x(01)00082-4	PROPN
ajfa-724	264	2	lin	lin	PROPN
ajfa-724	264	3	,	,	PUNCT
ajfa-724	264	4	c.	c.	PROPN
ajfa-724	264	5	&	&	CCONJ
ajfa-724	264	6	su	su	PROPN
ajfa-724	264	7	,	,	PUNCT
ajfa-724	264	8	d.	d.	PROPN
ajfa-724	264	9	(	(	PUNCT
ajfa-724	264	10	2008	2008	NUM
ajfa-724	264	11	)	)	PUNCT
ajfa-724	264	12	.	.	PUNCT
ajfa-724	265	1	industrial	industrial	ADJ
ajfa-724	265	2	diversification	diversification	NOUN
ajfa-724	265	3	,	,	PUNCT
ajfa-724	265	4	partial	partial	ADJ
ajfa-724	265	5	privatization	privatization	NOUN
ajfa-724	265	6	and	and	CCONJ
ajfa-724	265	7	firm	firm	ADJ
ajfa-724	265	8	valuation	valuation	NOUN
ajfa-724	265	9	:	:	PUNCT
ajfa-724	265	10	evidence	evidence	NOUN
ajfa-724	265	11	from	from	ADP
ajfa-724	265	12	publicly	publicly	ADV
ajfa-724	265	13	listed	list	VERB
ajfa-724	265	14	firms	firm	NOUN
ajfa-724	265	15	in	in	ADP
ajfa-724	265	16	china	china	PROPN
ajfa-724	265	17	.	.	PUNCT
ajfa-724	266	1	journal	journal	PROPN
ajfa-724	266	2	of	of	ADP
ajfa-724	266	3	corporate	corporate	ADJ
ajfa-724	266	4	finance	finance	NOUN
ajfa-724	266	5	,	,	PUNCT
ajfa-724	266	6	14(4	14(4	NUM
ajfa-724	266	7	)	)	PUNCT
ajfa-724	266	8	,	,	PUNCT
ajfa-724	266	9	405–417	405–417	NUM
ajfa-724	266	10	.	.	PUNCT
ajfa-724	267	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.05.001	http://dx.doi.org/10.1016/j.jcorpfin.2008.05.001	NUM
ajfa-724	267	2	ma	ma	PROPN
ajfa-724	267	3	,	,	PUNCT
ajfa-724	267	4	q.	q.	PROPN
ajfa-724	267	5	,	,	PUNCT
ajfa-724	267	6	whidbee	whidbee	NOUN
ajfa-724	267	7	,	,	PUNCT
ajfa-724	267	8	d.a	d.a	PROPN
ajfa-724	267	9	.	.	PROPN
ajfa-724	267	10	&	&	CCONJ
ajfa-724	267	11	zhang	zhang	PROPN
ajfa-724	267	12	,	,	PUNCT
ajfa-724	267	13	a.w	a.w	PROPN
ajfa-724	267	14	.	.	PROPN
ajfa-724	267	15	(	(	PUNCT
ajfa-724	267	16	2011	2011	NUM
ajfa-724	267	17	)	)	PUNCT
ajfa-724	267	18	.	.	PUNCT
ajfa-724	268	1	value	value	NOUN
ajfa-724	268	2	,	,	PUNCT
ajfa-724	268	3	valuation	valuation	NOUN
ajfa-724	268	4	,	,	PUNCT
ajfa-724	268	5	and	and	CCONJ
ajfa-724	268	6	the	the	DET
ajfa-724	268	7	long	long	ADV
ajfa-724	268	8	-	-	PUNCT
ajfa-724	268	9	run	run	NOUN
ajfa-724	268	10	performance	performance	NOUN
ajfa-724	268	11	of	of	ADP
ajfa-724	268	12	merged	merged	ADJ
ajfa-724	268	13	firms	firm	NOUN
ajfa-724	268	14	.	.	PUNCT
ajfa-724	269	1	journal	journal	NOUN
ajfa-724	269	2	of	of	ADP
ajfa-724	269	3	corporate	corporate	ADJ
ajfa-724	269	4	finance	finance	NOUN
ajfa-724	269	5	,	,	PUNCT
ajfa-724	269	6	17(1	17(1	NUM
ajfa-724	269	7	)	)	PUNCT
ajfa-724	269	8	,	,	PUNCT
ajfa-724	269	9	1	1	NUM
ajfa-724	269	10	-	-	SYM
ajfa-724	269	11	17	17	NUM
ajfa-724	269	12	.	.	PUNCT
ajfa-724	270	1	michael	michael	PROPN
ajfa-724	270	2	,	,	PUNCT
ajfa-724	270	3	b.	b.	PROPN
ajfa-724	270	4	(	(	PUNCT
ajfa-724	270	5	2003	2003	NUM
ajfa-724	270	6	)	)	PUNCT
ajfa-724	270	7	.	.	PUNCT
ajfa-724	271	1	how	how	SCONJ
ajfa-724	271	2	to	to	PART
ajfa-724	271	3	figure	figure	VERB
ajfa-724	271	4	out	out	ADP
ajfa-724	271	5	company	company	NOUN
ajfa-724	271	6	accounts	account	NOUN
ajfa-724	271	7	.	.	PUNCT
ajfa-724	272	1	london	london	PROPN
ajfa-724	272	2	:	:	PUNCT
ajfa-724	272	3	texere	texere	PROPN
ajfa-724	272	4	publishing	publishing	PROPN
ajfa-724	272	5	ltd	ltd	PROPN
ajfa-724	272	6	.	.	PROPN
ajfa-724	273	1	ministry	ministry	PROPN
ajfa-724	273	2	of	of	ADP
ajfa-724	273	3	tourism	tourism	PROPN
ajfa-724	273	4	,	,	PUNCT
ajfa-724	273	5	government	government	NOUN
ajfa-724	273	6	of	of	ADP
ajfa-724	273	7	india	india	PROPN
ajfa-724	273	8	.	.	PUNCT
ajfa-724	273	9	available	available	ADJ
ajfa-724	273	10	at	at	ADP
ajfa-724	273	11	:	:	PUNCT
ajfa-724	273	12	www.tourism.gov.in	www.tourism.gov.in	NOUN
ajfa-724	273	13	,	,	PUNCT
ajfa-724	273	14	last	last	ADV
ajfa-724	273	15	accessed	access	VERB
ajfa-724	273	16	on	on	ADP
ajfa-724	273	17	sept	sept	PROPN
ajfa-724	273	18	30	30	NUM
ajfa-724	273	19	,	,	PUNCT
ajfa-724	273	20	2010	2010	NUM
ajfa-724	273	21	.	.	PUNCT
ajfa-724	274	1	misund	misund	PROPN
ajfa-724	274	2	,	,	PUNCT
ajfa-724	274	3	b.	b.	PROPN
ajfa-724	274	4	,	,	PUNCT
ajfa-724	274	5	asche	asche	PROPN
ajfa-724	274	6	,	,	PUNCT
ajfa-724	274	7	f.	f.	PROPN
ajfa-724	274	8	&	&	CCONJ
ajfa-724	274	9	osmundsen	osmundsen	PROPN
ajfa-724	274	10	,	,	PUNCT
ajfa-724	274	11	p.	p.	NOUN
ajfa-724	274	12	(	(	PUNCT
ajfa-724	274	13	2008	2008	NUM
ajfa-724	274	14	)	)	PUNCT
ajfa-724	274	15	.	.	PUNCT
ajfa-724	275	1	industry	industry	NOUN
ajfa-724	275	2	upheaval	upheaval	NOUN
ajfa-724	275	3	and	and	CCONJ
ajfa-724	275	4	valuation	valuation	NOUN
ajfa-724	275	5	:	:	PUNCT
ajfa-724	275	6	empirical	empirical	ADJ
ajfa-724	275	7	evidence	evidence	NOUN
ajfa-724	275	8	from	from	ADP
ajfa-724	275	9	the	the	DET
ajfa-724	275	10	international	international	ADJ
ajfa-724	275	11	oil	oil	NOUN
ajfa-724	275	12	and	and	CCONJ
ajfa-724	275	13	gas	gas	NOUN
ajfa-724	275	14	industry	industry	NOUN
ajfa-724	275	15	.	.	PUNCT
ajfa-724	276	1	the	the	DET
ajfa-724	276	2	international	international	ADJ
ajfa-724	276	3	journal	journal	NOUN
ajfa-724	276	4	of	of	ADP
ajfa-724	276	5	accounting	accounting	NOUN
ajfa-724	276	6	,	,	PUNCT
ajfa-724	276	7	43(4	43(4	NOUN
ajfa-724	276	8	)	)	PUNCT
ajfa-724	276	9	,	,	PUNCT
ajfa-724	276	10	398–424	398–424	NUM
ajfa-724	276	11	.	.	PUNCT
ajfa-724	277	1	http://dx.doi.org/10.1016/j.intacc.2008.09.007	http://dx.doi.org/10.1016/j.intacc.2008.09.007	PROPN
ajfa-724	277	2	pandey	pandey	PROPN
ajfa-724	277	3	,	,	PUNCT
ajfa-724	277	4	i.m	i.m	PROPN
ajfa-724	277	5	.	.	PUNCT
ajfa-724	277	6	(	(	PUNCT
ajfa-724	277	7	2009	2009	NUM
ajfa-724	277	8	)	)	PUNCT
ajfa-724	277	9	.	.	PUNCT
ajfa-724	278	1	financial	financial	ADJ
ajfa-724	278	2	management	management	NOUN
ajfa-724	278	3	,	,	PUNCT
ajfa-724	278	4	ninth	ninth	ADJ
ajfa-724	278	5	edition	edition	NOUN
ajfa-724	278	6	.	.	PUNCT
ajfa-724	279	1	new	new	ADJ
ajfa-724	279	2	delhi	delhi	PROPN
ajfa-724	279	3	:	:	PUNCT
ajfa-724	279	4	vikas	vikas	PROPN
ajfa-724	279	5	publishing	publishing	PROPN
ajfa-724	279	6	house	house	PROPN
ajfa-724	279	7	pvt	pvt	PROPN
ajfa-724	279	8	ltd	ltd	PROPN
ajfa-724	279	9	.	.	PROPN
ajfa-724	279	10	plenborg	plenborg	PROPN
ajfa-724	279	11	,	,	PUNCT
ajfa-724	279	12	t.	t.	PROPN
ajfa-724	279	13	(	(	PUNCT
ajfa-724	279	14	2002	2002	NUM
ajfa-724	279	15	)	)	PUNCT
ajfa-724	279	16	.	.	PUNCT
ajfa-724	280	1	firm	firm	ADJ
ajfa-724	280	2	valuation	valuation	PROPN
ajfa-724	280	3	:	:	PUNCT
ajfa-724	280	4	comparing	compare	VERB
ajfa-724	280	5	the	the	DET
ajfa-724	280	6	residual	residual	ADJ
ajfa-724	280	7	income	income	NOUN
ajfa-724	280	8	and	and	CCONJ
ajfa-724	280	9	discounted	discount	VERB
ajfa-724	280	10	cash	cash	NOUN
ajfa-724	280	11	flow	flow	NOUN
ajfa-724	280	12	approaches	approach	NOUN
ajfa-724	280	13	.	.	PUNCT
ajfa-724	281	1	scandinavian	scandinavian	ADJ
ajfa-724	281	2	journal	journal	PROPN
ajfa-724	281	3	of	of	ADP
ajfa-724	281	4	management	management	NOUN
ajfa-724	281	5	,	,	PUNCT
ajfa-724	281	6	18(3	18(3	NUM
ajfa-724	281	7	)	)	PUNCT
ajfa-724	281	8	,	,	PUNCT
ajfa-724	281	9	303–318	303–318	NUM
ajfa-724	281	10	.	.	PUNCT
ajfa-724	282	1	http://dx.doi.org/10.1016/s0956-5221(01)00017-3	http://dx.doi.org/10.1016/s0956-5221(01)00017-3	PROPN
ajfa-724	282	2	ray	ray	PROPN
ajfa-724	282	3	,	,	PUNCT
ajfa-724	282	4	k.g	k.g	PROPN
ajfa-724	282	5	.	.	PROPN
ajfa-724	282	6	(	(	PUNCT
ajfa-724	282	7	2010	2010	NUM
ajfa-724	282	8	)	)	PUNCT
ajfa-724	282	9	.	.	PUNCT
ajfa-724	283	1	mergers	merger	NOUN
ajfa-724	283	2	and	and	CCONJ
ajfa-724	283	3	acquisitions	acquisition	NOUN
ajfa-724	283	4	–	–	PUNCT
ajfa-724	283	5	strategy	strategy	NOUN
ajfa-724	283	6	,	,	PUNCT
ajfa-724	283	7	valuation	valuation	NOUN
ajfa-724	283	8	and	and	CCONJ
ajfa-724	283	9	integration	integration	NOUN
ajfa-724	283	10	.	.	PUNCT
ajfa-724	284	1	new	new	ADJ
ajfa-724	284	2	delhi	delhi	PROPN
ajfa-724	284	3	:	:	PUNCT
ajfa-724	284	4	phi	phi	NOUN
ajfa-724	284	5	learning	learn	VERB
ajfa-724	284	6	private	private	PROPN
ajfa-724	284	7	ltd	ltd	PROPN
ajfa-724	284	8	.	.	PROPN
ajfa-724	284	9	ross	ross	PROPN
ajfa-724	284	10	,	,	PUNCT
ajfa-724	284	11	s.a	s.a	PROPN
ajfa-724	284	12	.	.	PROPN
ajfa-724	284	13	,	,	PUNCT
ajfa-724	284	14	westerfield	westerfield	PROPN
ajfa-724	284	15	,	,	PUNCT
ajfa-724	284	16	r.w	r.w	PROPN
ajfa-724	284	17	.	.	PROPN
ajfa-724	284	18	&	&	CCONJ
ajfa-724	284	19	jaffee	jaffee	PROPN
ajfa-724	284	20	,	,	PUNCT
ajfa-724	284	21	j.	j.	PROPN
ajfa-724	284	22	(	(	PUNCT
ajfa-724	284	23	2005	2005	NUM
ajfa-724	284	24	)	)	PUNCT
ajfa-724	284	25	.	.	PUNCT
ajfa-724	285	1	corporate	corporate	ADJ
ajfa-724	285	2	finance	finance	NOUN
ajfa-724	285	3	,	,	PUNCT
ajfa-724	285	4	seventh	seventh	ADJ
ajfa-724	285	5	edition	edition	NOUN
ajfa-724	285	6	.	.	PUNCT
ajfa-724	286	1	new	new	ADJ
ajfa-724	286	2	delhi	delhi	PROPN
ajfa-724	286	3	:	:	PUNCT
ajfa-724	286	4	tata	tata	PROPN
ajfa-724	286	5	mcgraw	mcgraw	PROPN
ajfa-724	286	6	–	–	PUNCT
ajfa-724	286	7	hill	hill	NOUN
ajfa-724	286	8	publishing	publishing	NOUN
ajfa-724	286	9	.	.	PUNCT
ajfa-724	287	1	velez	velez	PROPN
ajfa-724	287	2	-	-	PUNCT
ajfa-724	287	3	pareja	pareja	PROPN
ajfa-724	287	4	,	,	PUNCT
ajfa-724	287	5	i.	i.	PROPN
ajfa-724	287	6	&	&	CCONJ
ajfa-724	287	7	tham	tham	PROPN
ajfa-724	287	8	,	,	PUNCT
ajfa-724	287	9	j.	j.	PROPN
ajfa-724	287	10	(	(	PUNCT
ajfa-724	287	11	2010	2010	NUM
ajfa-724	287	12	)	)	PUNCT
ajfa-724	287	13	.	.	PUNCT
ajfa-724	288	1	estimating	estimate	VERB
ajfa-724	288	2	cash	cash	NOUN
ajfa-724	288	3	flows	flow	NOUN
ajfa-724	288	4	for	for	ADP
ajfa-724	288	5	project	project	NOUN
ajfa-724	288	6	appraisal	appraisal	NOUN
ajfa-724	288	7	and	and	CCONJ
ajfa-724	288	8	firm	firm	ADJ
ajfa-724	288	9	valuation	valuation	NOUN
ajfa-724	288	10	.	.	PUNCT
ajfa-724	289	1	available	available	ADJ
ajfa-724	289	2	at	at	ADP
ajfa-724	289	3	:	:	PUNCT
ajfa-724	289	4	http://ssrn.com/abstract=1557845	http://ssrn.com/abstract=1557845	ADJ
ajfa-724	289	5	,	,	PUNCT
ajfa-724	289	6	last	last	ADV
ajfa-724	289	7	accessed	access	VERB
ajfa-724	289	8	on	on	ADP
ajfa-724	289	9	oct	oct	PROPN
ajfa-724	289	10	30	30	NUM
ajfa-724	289	11	,	,	PUNCT
ajfa-724	289	12	2010	2010	NUM
ajfa-724	289	13	.	.	PUNCT
ajfa-724	290	1	wilcox	wilcox	PROPN
ajfa-724	290	2	,	,	PUNCT
ajfa-724	290	3	h.d	h.d	PROPN
ajfa-724	290	4	.	.	PROPN
ajfa-724	290	5	,	,	PUNCT
ajfa-724	290	6	chang	chang	PROPN
ajfa-724	290	7	,	,	PUNCT
ajfa-724	290	8	k	k	PROPN
ajfa-724	290	9	-	-	PROPN
ajfa-724	290	10	c.	c.	PROPN
ajfa-724	290	11	&	&	CCONJ
ajfa-724	290	12	grover	grover	PROPN
ajfa-724	290	13	,	,	PUNCT
ajfa-724	290	14	v.	v.	PROPN
ajfa-724	290	15	(	(	PUNCT
ajfa-724	290	16	2001	2001	NUM
ajfa-724	290	17	)	)	PUNCT
ajfa-724	290	18	.	.	PUNCT
ajfa-724	291	1	valuation	valuation	NOUN
ajfa-724	291	2	of	of	ADP
ajfa-724	291	3	mergers	merger	NOUN
ajfa-724	291	4	and	and	CCONJ
ajfa-724	291	5	acquisitions	acquisition	NOUN
ajfa-724	291	6	in	in	ADP
ajfa-724	291	7	the	the	DET
ajfa-724	291	8	telecommunications	telecommunications	NOUN
ajfa-724	291	9	industry	industry	NOUN
ajfa-724	291	10	:	:	PUNCT
ajfa-724	291	11	a	a	DET
ajfa-724	291	12	study	study	NOUN
ajfa-724	291	13	on	on	ADP
ajfa-724	291	14	diversification	diversification	NOUN
ajfa-724	291	15	and	and	CCONJ
ajfa-724	291	16	firm	firm	ADJ
ajfa-724	291	17	size	size	NOUN
ajfa-724	291	18	.	.	PUNCT
ajfa-724	292	1	information	information	NOUN
ajfa-724	292	2	&	&	CCONJ
ajfa-724	292	3	management	management	PROPN
ajfa-724	292	4	,	,	PUNCT
ajfa-724	292	5	38(7	38(7	NUM
ajfa-724	292	6	)	)	PUNCT
ajfa-724	292	7	,	,	PUNCT
ajfa-724	292	8	459–471	459–471	NUM
ajfa-724	292	9	.	.	PUNCT
ajfa-724	293	1	http://dx.doi.org/10.1016/s0378-7206(00)00082-3	http://dx.doi.org/10.1016/s0378-7206(00)00082-3	PROPN
ajfa-724	293	2	yermack	yermack	PROPN
ajfa-724	293	3	,	,	PUNCT
ajfa-724	293	4	d.	d.	PROPN
ajfa-724	293	5	(	(	PUNCT
ajfa-724	293	6	1996	1996	NUM
ajfa-724	293	7	)	)	PUNCT
ajfa-724	293	8	.	.	PUNCT
ajfa-724	294	1	higher	high	ADJ
ajfa-724	294	2	market	market	NOUN
ajfa-724	294	3	valuation	valuation	NOUN
ajfa-724	294	4	of	of	ADP
ajfa-724	294	5	companies	company	NOUN
ajfa-724	294	6	with	with	ADP
ajfa-724	294	7	a	a	DET
ajfa-724	294	8	small	small	ADJ
ajfa-724	294	9	board	board	NOUN
ajfa-724	294	10	of	of	ADP
ajfa-724	294	11	directors	director	NOUN
ajfa-724	294	12	.	.	PUNCT
ajfa-724	295	1	journal	journal	NOUN
ajfa-724	295	2	of	of	ADP
ajfa-724	295	3	financial	financial	ADJ
ajfa-724	295	4	economics	economic	NOUN
ajfa-724	295	5	,	,	PUNCT
ajfa-724	295	6	40(2	40(2	NUM
ajfa-724	295	7	)	)	PUNCT
ajfa-724	295	8	,	,	PUNCT
ajfa-724	295	9	185	185	NUM
ajfa-724	295	10	-	-	SYM
ajfa-724	295	11	211	211	NUM
ajfa-724	295	12	.	.	PUNCT
ajfa-724	296	1	asian	asian	ADJ
ajfa-724	296	2	journal	journal	PROPN
ajfa-724	296	3	of	of	ADP
ajfa-724	296	4	finance	finance	PROPN
ajfa-724	296	5	&	&	CCONJ
ajfa-724	296	6	accounting	accounting	PROPN
ajfa-724	296	7	issn	issn	PROPN
ajfa-724	296	8	1946	1946	NUM
ajfa-724	296	9	-	-	PUNCT
ajfa-724	296	10	052x	052x	NOUN
ajfa-724	296	11	2011	2011	NUM
ajfa-724	296	12	,	,	PUNCT
ajfa-724	296	13	vol	vol	NOUN
ajfa-724	296	14	.	.	PROPN
ajfa-724	297	1	3	3	NUM
ajfa-724	297	2	,	,	PUNCT
ajfa-724	297	3	no	no	INTJ
ajfa-724	297	4	.	.	NOUN
ajfa-724	297	5	1	1	NUM
ajfa-724	297	6	:	:	PUNCT
ajfa-724	297	7	e6	e6	VERB
ajfa-724	297	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-724	297	9	102	102	NUM
ajfa-724	297	10	http://dx.doi.org/10.1016/0304-405x(95)00844-5	http://dx.doi.org/10.1016/0304-405x(95)00844-5	PROPN
ajfa-724	297	11	further	further	ADJ
ajfa-724	297	12	readings	reading	NOUN
ajfa-724	297	13	bindal	bindal	NOUN
ajfa-724	297	14	,	,	PUNCT
ajfa-724	297	15	h.	h.	PROPN
ajfa-724	297	16	(	(	PUNCT
ajfa-724	297	17	2010	2010	NUM
ajfa-724	297	18	)	)	PUNCT
ajfa-724	297	19	.	.	PUNCT
ajfa-724	298	1	make	make	VERB
ajfa-724	298	2	the	the	DET
ajfa-724	298	3	most	most	ADJ
ajfa-724	298	4	out	out	ADP
ajfa-724	298	5	of	of	ADP
ajfa-724	298	6	india	india	PROPN
ajfa-724	298	7	growth	growth	PROPN
ajfa-724	298	8	story	story	NOUN
ajfa-724	298	9	.	.	PUNCT
ajfa-724	299	1	et	et	PROPN
ajfa-724	299	2	investor	investor	NOUN
ajfa-724	299	3	’s	’s	PART
ajfa-724	299	4	guide	guide	VERB
ajfa-724	299	5	-the	-the	DET
ajfa-724	299	6	economic	economic	PROPN
ajfa-724	299	7	times	time	NOUN
ajfa-724	299	8	,	,	PUNCT
ajfa-724	299	9	2	2	NUM
ajfa-724	299	10	(	(	PUNCT
ajfa-724	299	11	oct	oct	PROPN
ajfa-724	299	12	18	18	NUM
ajfa-724	299	13	)	)	PUNCT
ajfa-724	299	14	.	.	PUNCT
ajfa-724	300	1	india	india	PROPN
ajfa-724	300	2	infoline	infoline	PROPN
ajfa-724	300	3	data	data	PROPN
ajfa-724	300	4	warehouse	warehouse	NOUN
ajfa-724	300	5	,	,	PUNCT
ajfa-724	300	6	available	available	ADJ
ajfa-724	300	7	at	at	ADP
ajfa-724	300	8	:	:	PUNCT
ajfa-724	300	9	www.indiainfoline.com	www.indiainfoline.com	NUM
ajfa-724	300	10	,	,	PUNCT
ajfa-724	300	11	last	last	ADV
ajfa-724	300	12	accessed	access	VERB
ajfa-724	300	13	on	on	ADP
ajfa-724	300	14	sept	sept	PROPN
ajfa-724	300	15	21	21	NUM
ajfa-724	300	16	,	,	PUNCT
ajfa-724	300	17	2010	2010	NUM
ajfa-724	300	18	.	.	PUNCT
ajfa-724	301	1	roy	roy	PROPN
ajfa-724	301	2	,	,	PUNCT
ajfa-724	301	3	d.	d.	PROPN
ajfa-724	301	4	(	(	PUNCT
ajfa-724	301	5	2010	2010	NUM
ajfa-724	301	6	)	)	PUNCT
ajfa-724	301	7	.	.	PUNCT
ajfa-724	302	1	attrition	attrition	NOUN
ajfa-724	302	2	hits	hit	VERB
ajfa-724	302	3	indian	indian	ADJ
ajfa-724	302	4	hospitality	hospitality	PROPN
ajfa-724	302	5	.	.	PUNCT
ajfa-724	303	1	available	available	ADJ
ajfa-724	303	2	at	at	ADP
ajfa-724	303	3	:	:	PUNCT
ajfa-724	303	4	http://economictimes	http://economictime	NOUN
ajfa-724	303	5	.	.	NOUN
ajfa-724	303	6	indiatimes.com/features/financial-times/attrition-hits-indian-hospitality-industry	indiatimes.com/features/financial-times/attrition-hits-indian-hospitality-industry	NOUN
ajfa-724	303	7	/articleshow/6675470.cms	/articleshow/6675470.cms	PROPN
ajfa-724	303	8	,	,	PUNCT
ajfa-724	303	9	last	last	ADV
ajfa-724	303	10	accessed	access	VERB
ajfa-724	303	11	on	on	ADP
ajfa-724	303	12	oct	oct	PROPN
ajfa-724	303	13	10	10	NUM
ajfa-724	303	14	,	,	PUNCT
ajfa-724	303	15	2010	2010	NUM
ajfa-724	303	16	.	.	PUNCT
ajfa-724	304	1	peck	peck	PROPN
ajfa-724	304	2	,	,	PUNCT
ajfa-724	304	3	s.	s.	PROPN
ajfa-724	304	4	&	&	CCONJ
ajfa-724	304	5	temple	temple	PROPN
ajfa-724	304	6	,	,	PUNCT
ajfa-724	304	7	p.	p.	NOUN
ajfa-724	304	8	(	(	PUNCT
ajfa-724	304	9	2002	2002	NUM
ajfa-724	304	10	)	)	PUNCT
ajfa-724	304	11	.	.	PUNCT
ajfa-724	305	1	mergers	merger	NOUN
ajfa-724	305	2	and	and	CCONJ
ajfa-724	305	3	acquisitions	acquisition	NOUN
ajfa-724	305	4	–	–	PUNCT
ajfa-724	305	5	critical	critical	ADJ
ajfa-724	305	6	perspectives	perspective	NOUN
ajfa-724	305	7	on	on	ADP
ajfa-724	305	8	business	business	NOUN
ajfa-724	305	9	and	and	CCONJ
ajfa-724	305	10	management	management	NOUN
ajfa-724	305	11	(	(	PUNCT
ajfa-724	305	12	eds	ed	NOUN
ajfa-724	305	13	)	)	PUNCT
ajfa-724	305	14	.	.	PUNCT
ajfa-724	306	1	routledge	routledge	PROPN
ajfa-724	306	2	–	–	PUNCT
ajfa-724	306	3	taylor	taylor	PROPN
ajfa-724	306	4	&	&	CCONJ
ajfa-724	306	5	francis	francis	PROPN
ajfa-724	306	6	group	group	PROPN
ajfa-724	306	7	.	.	PUNCT
ajfa-724	307	1	ragozzino	ragozzino	PROPN
ajfa-724	307	2	,	,	PUNCT
ajfa-724	307	3	r.	r.	PROPN
ajfa-724	307	4	(	(	PUNCT
ajfa-724	307	5	2006	2006	NUM
ajfa-724	307	6	)	)	PUNCT
ajfa-724	307	7	.	.	PUNCT
ajfa-724	308	1	firm	firm	ADJ
ajfa-724	308	2	valuation	valuation	NOUN
ajfa-724	308	3	effects	effect	NOUN
ajfa-724	308	4	of	of	ADP
ajfa-724	308	5	high	high	ADJ
ajfa-724	308	6	-	-	PUNCT
ajfa-724	308	7	tech	tech	NOUN
ajfa-724	308	8	m&a	m&a	PROPN
ajfa-724	308	9	:	:	PUNCT
ajfa-724	308	10	a	a	DET
ajfa-724	308	11	comparison	comparison	NOUN
ajfa-724	308	12	of	of	ADP
ajfa-724	308	13	new	new	ADJ
ajfa-724	308	14	ventures	venture	NOUN
ajfa-724	308	15	and	and	CCONJ
ajfa-724	308	16	established	establish	VERB
ajfa-724	308	17	firms	firm	NOUN
ajfa-724	308	18	.	.	PUNCT
ajfa-724	309	1	journal	journal	NOUN
ajfa-724	309	2	of	of	ADP
ajfa-724	309	3	high	high	ADJ
ajfa-724	309	4	technology	technology	NOUN
ajfa-724	309	5	management	management	NOUN
ajfa-724	309	6	research	research	NOUN
ajfa-724	309	7	,	,	PUNCT
ajfa-724	309	8	17(1	17(1	NUM
ajfa-724	309	9	)	)	PUNCT
ajfa-724	309	10	,	,	PUNCT
ajfa-724	309	11	85–96	85–96	NUM
ajfa-724	309	12	.	.	PUNCT
ajfa-724	310	1	http://dx.doi.org/10.1016/j.hitech.2006.05.006	http://dx.doi.org/10.1016/j.hitech.2006.05.006	PROPN
ajfa-724	310	2	tourism	tourism	NOUN
ajfa-724	310	3	&	&	CCONJ
ajfa-724	310	4	hospitality	hospitality	PROPN
ajfa-724	310	5	,	,	PUNCT
ajfa-724	310	6	india	india	PROPN
ajfa-724	310	7	brand	brand	PROPN
ajfa-724	310	8	equity	equity	PROPN
ajfa-724	310	9	foundation	foundation	PROPN
ajfa-724	310	10	,	,	PUNCT
ajfa-724	310	11	(	(	PUNCT
ajfa-724	310	12	2010	2010	NUM
ajfa-724	310	13	)	)	PUNCT
ajfa-724	310	14	,	,	PUNCT
ajfa-724	310	15	available	available	ADJ
ajfa-724	310	16	at	at	ADP
ajfa-724	310	17	:	:	PUNCT
ajfa-724	310	18	http://www.ibef.org/artdispview.aspx?in=74&art_id=26026&catid=120&page=1may	http://www.ibef.org/artdispview.aspx?in=74&art_id=26026&catid=120&page=1may	PROPN
ajfa-724	310	19	,	,	PUNCT
ajfa-724	310	20	last	last	ADV
ajfa-724	310	21	accessed	access	VERB
ajfa-724	310	22	on	on	ADP
ajfa-724	310	23	sept	sept	PROPN
ajfa-724	310	24	30	30	NUM
ajfa-724	310	25	,	,	PUNCT
ajfa-724	310	26	2010	2010	NUM
ajfa-724	310	27	.	.	PUNCT
ajfa-724	311	1	west	west	PROPN
ajfa-724	311	2	,	,	PUNCT
ajfa-724	311	3	t.l	t.l	PROPN
ajfa-724	311	4	.	.	PROPN
ajfa-724	311	5	&	&	CCONJ
ajfa-724	311	6	jeffrey	jeffrey	PROPN
ajfa-724	311	7	,	,	PUNCT
ajfa-724	311	8	j.d	j.d	PROPN
ajfa-724	311	9	.	.	PROPN
ajfa-724	311	10	(	(	PUNCT
ajfa-724	311	11	1999	1999	NUM
ajfa-724	311	12	)	)	PUNCT
ajfa-724	311	13	.	.	PUNCT
ajfa-724	312	1	handbook	handbook	NOUN
ajfa-724	312	2	of	of	ADP
ajfa-724	312	3	business	business	NOUN
ajfa-724	312	4	valuation	valuation	NOUN
ajfa-724	312	5	,	,	PUNCT
ajfa-724	312	6	second	second	ADJ
ajfa-724	312	7	edition	edition	NOUN
ajfa-724	312	8	.	.	PUNCT
ajfa-724	313	1	john	john	PROPN
ajfa-724	313	2	wiley	wiley	PROPN
ajfa-724	313	3	&	&	CCONJ
ajfa-724	313	4	sons	sons	PROPN
ajfa-724	313	5	inc	inc	PROPN
ajfa-724	313	6	.	.	PROPN
ajfa-724	313	7	appendix	appendix	VERB
ajfa-724	313	8	i	i	PRON
ajfa-724	313	9	:	:	PUNCT
ajfa-724	313	10	financial	financial	ADJ
ajfa-724	313	11	analysis	analysis	NOUN
ajfa-724	313	12	of	of	ADP
ajfa-724	313	13	eih	eih	PROPN
ajfa-724	313	14	limited	limited	ADJ
ajfa-724	313	15	and	and	CCONJ
ajfa-724	313	16	hotel	hotel	NOUN
ajfa-724	313	17	leelaventure	leelaventure	NOUN
ajfa-724	313	18	limited	limit	VERB
ajfa-724	313	19	,	,	PUNCT
ajfa-724	313	20	2006	2006	NUM
ajfa-724	313	21	-	-	SYM
ajfa-724	313	22	2010	2010	NUM
ajfa-724	313	23	hotel	hotel	NOUN
ajfa-724	313	24	oberoi	oberoi	NOUN
ajfa-724	313	25	(	(	PUNCT
ajfa-724	313	26	eih	eih	PROPN
ajfa-724	313	27	limited	limited	PROPN
ajfa-724	313	28	)	)	PUNCT
ajfa-724	313	29	hotel	hotel	NOUN
ajfa-724	313	30	leelaventure	leelaventure	NOUN
ajfa-724	313	31	limited	limit	VERB
ajfa-724	313	32	2006	2006	NUM
ajfa-724	313	33	2007	2007	NUM
ajfa-724	313	34	2008	2008	NUM
ajfa-724	313	35	2009	2009	NUM
ajfa-724	313	36	2010	2010	NUM
ajfa-724	313	37	2006	2006	NUM
ajfa-724	313	38	2007	2007	NUM
ajfa-724	313	39	2008	2008	NUM
ajfa-724	313	40	2009	2009	NUM
ajfa-724	313	41	2010	2010	NUM
ajfa-724	313	42	total	total	ADJ
ajfa-724	313	43	borrowings	borrowing	NOUN
ajfa-724	313	44	/	/	SYM
ajfa-724	313	45	net	net	ADJ
ajfa-724	313	46	worth	worth	ADJ
ajfa-724	313	47	ratio	ratio	NOUN
ajfa-724	313	48	0.68	0.68	NUM
ajfa-724	313	49	0.67	0.67	NUM
ajfa-724	313	50	0.62	0.62	NUM
ajfa-724	313	51	0.72	0.72	NUM
ajfa-724	313	52	0.89	0.89	NUM
ajfa-724	313	53	1.28	1.28	NUM
ajfa-724	313	54	1.06	1.06	NUM
ajfa-724	313	55	2.19	2.19	NUM
ajfa-724	313	56	1.20	1.20	NUM
ajfa-724	313	57	1.40	1.40	NUM
ajfa-724	313	58	net	net	ADJ
ajfa-724	313	59	profit	profit	NOUN
ajfa-724	313	60	ratio	ratio	NOUN
ajfa-724	313	61	(	(	PUNCT
ajfa-724	313	62	np	np	INTJ
ajfa-724	313	63	)	)	PUNCT
ajfa-724	313	64	24.96	24.96	NUM
ajfa-724	313	65	21.34	21.34	NUM
ajfa-724	313	66	19.33	19.33	NUM
ajfa-724	313	67	18.07	18.07	NUM
ajfa-724	313	68	6.95	6.95	NUM
ajfa-724	313	69	22.36	22.36	NUM
ajfa-724	313	70	32.07	32.07	NUM
ajfa-724	313	71	27.69	27.69	NUM
ajfa-724	313	72	30.72	30.72	NUM
ajfa-724	313	73	9.12	9.12	NUM
ajfa-724	313	74	return	return	NOUN
ajfa-724	313	75	on	on	ADP
ajfa-724	313	76	net	net	ADJ
ajfa-724	313	77	worth	worth	NOUN
ajfa-724	313	78	(	(	PUNCT
ajfa-724	313	79	ronw	ronw	NOUN
ajfa-724	313	80	)	)	PUNCT
ajfa-724	313	81	18.06	18.06	NUM
ajfa-724	313	82	17.07	17.07	NUM
ajfa-724	313	83	16.64	16.64	NUM
ajfa-724	313	84	12.02	12.02	NUM
ajfa-724	313	85	4.04	4.04	NUM
ajfa-724	313	86	8.87	8.87	NUM
ajfa-724	313	87	14.01	14.01	NUM
ajfa-724	313	88	15.97	15.97	NUM
ajfa-724	313	89	7.13	7.13	NUM
ajfa-724	313	90	2.00	2.00	NUM
ajfa-724	313	91	return	return	NOUN
ajfa-724	313	92	on	on	ADP
ajfa-724	313	93	capital	capital	NOUN
ajfa-724	313	94	employed(roce	employed(roce	PROPN
ajfa-724	313	95	)	)	PUNCT
ajfa-724	313	96	13.86	13.86	NUM
ajfa-724	313	97	14.20	14.20	NUM
ajfa-724	313	98	15.57	15.57	NUM
ajfa-724	313	99	10.61	10.61	NUM
ajfa-724	313	100	3.15	3.15	NUM
ajfa-724	313	101	5.67	5.67	NUM
ajfa-724	313	102	9.59	9.59	NUM
ajfa-724	313	103	7.24	7.24	NUM
ajfa-724	313	104	4.14	4.14	NUM
ajfa-724	313	105	1.24	1.24	NUM
ajfa-724	313	106	return	return	NOUN
ajfa-724	313	107	on	on	ADP
ajfa-724	313	108	assets(roa	assets(roa	NOUN
ajfa-724	313	109	)	)	PUNCT
ajfa-724	313	110	8.73	8.73	NUM
ajfa-724	313	111	8.66	8.66	NUM
ajfa-724	313	112	8.60	8.60	NUM
ajfa-724	313	113	5.94	5.94	NUM
ajfa-724	313	114	1.86	1.86	NUM
ajfa-724	313	115	3.54	3.54	NUM
ajfa-724	313	116	6.04	6.04	NUM
ajfa-724	313	117	4.54	4.54	NUM
ajfa-724	313	118	2.94	2.94	NUM
ajfa-724	313	119	0.77	0.77	NUM
ajfa-724	313	120	return	return	NOUN
ajfa-724	313	121	on	on	ADP
ajfa-724	313	122	fixed	fix	VERB
ajfa-724	313	123	assets(rofa	assets(rofa	PROPN
ajfa-724	313	124	)	)	PUNCT
ajfa-724	314	1	13.83	13.83	NUM
ajfa-724	314	2	13.25	13.25	NUM
ajfa-724	314	3	12.33	12.33	NUM
ajfa-724	314	4	8.60	8.60	NUM
ajfa-724	314	5	2.63	2.63	NUM
ajfa-724	314	6	4.73	4.73	NUM
ajfa-724	314	7	7.38	7.38	NUM
ajfa-724	314	8	5.66	5.66	NUM
ajfa-724	314	9	3.32	3.32	NUM
ajfa-724	314	10	0.84	0.84	NUM
ajfa-724	314	11	current	current	ADJ
ajfa-724	314	12	ratio(cr	ratio(cr	NOUN
ajfa-724	314	13	)	)	PUNCT
ajfa-724	314	14	1.40	1.40	NUM
ajfa-724	314	15	1.15	1.15	NUM
ajfa-724	314	16	1.06	1.06	NUM
ajfa-724	314	17	1.20	1.20	NUM
ajfa-724	314	18	1.32	1.32	NUM
ajfa-724	314	19	3.81	3.81	NUM
ajfa-724	314	20	1.93	1.93	NUM
ajfa-724	314	21	3.11	3.11	NUM
ajfa-724	314	22	1.53	1.53	NUM
ajfa-724	314	23	1.44	1.44	NUM
ajfa-724	314	24	quick	quick	ADJ
ajfa-724	314	25	ratio(qr	ratio(qr	NOUN
ajfa-724	314	26	)	)	PUNCT
ajfa-724	314	27	1.25	1.25	NUM
ajfa-724	314	28	1.02	1.02	NUM
ajfa-724	314	29	0.94	0.94	NUM
ajfa-724	314	30	1.10	1.10	NUM
ajfa-724	314	31	1.20	1.20	NUM
ajfa-724	314	32	3.55	3.55	NUM
ajfa-724	314	33	1.66	1.66	NUM
ajfa-724	314	34	2.92	2.92	NUM
ajfa-724	314	35	1.40	1.40	NUM
ajfa-724	314	36	1.28	1.28	NUM
ajfa-724	314	37	debtors	debtor	NOUN
ajfa-724	314	38	turnover	turnover	NOUN
ajfa-724	314	39	ratio(dtr	ratio(dtr	NOUN
ajfa-724	314	40	)	)	PUNCT
ajfa-724	314	41	5.17	5.17	NUM
ajfa-724	314	42	6.11	6.11	NUM
ajfa-724	314	43	5.76	5.76	NUM
ajfa-724	314	44	3.87	3.87	NUM
ajfa-724	314	45	3.25	3.25	NUM
ajfa-724	314	46	1.64	1.64	NUM
ajfa-724	314	47	2.18	2.18	NUM
ajfa-724	314	48	1.78	1.78	NUM
ajfa-724	314	49	1.15	1.15	NUM
ajfa-724	314	50	1.45	1.45	NUM
ajfa-724	314	51	asset	asset	NOUN
ajfa-724	314	52	turnover	turnover	NOUN
ajfa-724	314	53	ratio(atr	ratio(atr	NOUN
ajfa-724	314	54	)	)	PUNCT
ajfa-724	314	55	0.35	0.35	NUM
ajfa-724	314	56	0.41	0.41	NUM
ajfa-724	314	57	0.44	0.44	NUM
ajfa-724	314	58	0.33	0.33	NUM
ajfa-724	314	59	0.27	0.27	NUM
ajfa-724	314	60	0.16	0.16	NUM
ajfa-724	314	61	0.19	0.19	NUM
ajfa-724	314	62	0.16	0.16	NUM
ajfa-724	314	63	0.10	0.10	NUM
ajfa-724	314	64	0.08	0.08	NUM
ajfa-724	314	65	fixed	fix	VERB
ajfa-724	314	66	assets	asset	NOUN
ajfa-724	314	67	turnover	turnover	NOUN
ajfa-724	314	68	ratio(fatr	ratio(fatr	PROPN
ajfa-724	314	69	)	)	PUNCT
ajfa-724	314	70	0.55	0.55	NUM
ajfa-724	314	71	0.62	0.62	NUM
ajfa-724	314	72	0.64	0.64	NUM
ajfa-724	314	73	0.48	0.48	NUM
ajfa-724	314	74	0.38	0.38	NUM
ajfa-724	314	75	0.21	0.21	NUM
ajfa-724	314	76	0.23	0.23	NUM
ajfa-724	314	77	0.20	0.20	NUM
ajfa-724	314	78	0.11	0.11	NUM
ajfa-724	314	79	0.09	0.09	NUM
ajfa-724	314	80	note	note	NOUN
ajfa-724	314	81	:	:	PUNCT
ajfa-724	314	82	authors	author	NOUN
ajfa-724	314	83	computed	compute	VERB
ajfa-724	314	84	manually	manually	ADV
ajfa-724	314	85	and	and	CCONJ
ajfa-724	314	86	the	the	DET
ajfa-724	314	87	formulae	formulae	NOUN
ajfa-724	314	88	may	may	AUX
ajfa-724	314	89	varies	vary	VERB
ajfa-724	314	90	with	with	ADP
ajfa-724	314	91	other	other	ADJ
ajfa-724	314	92	studies	study	NOUN