id	sid	tid	token	lemma	pos
ajfa-7952	1	1	microsoft	microsoft	PROPN
ajfa-7952	1	2	word	word	NOUN
ajfa-7952	1	3	7952	7952	NUM
ajfa-7952	1	4	-	-	SYM
ajfa-7952	1	5	28624	28624	NUM
ajfa-7952	1	6	-	-	PUNCT
ajfa-7952	1	7	1	1	NUM
ajfa-7952	1	8	-	-	PUNCT
ajfa-7952	1	9	sm	sm	NOUN
ajfa-7952	1	10	-	-	PUNCT
ajfa-7952	1	11	writer2	writer2	VERB
ajfa-7952	1	12	-	-	ADJ
ajfa-7952	1	13	new	new	ADJ
ajfa-7952	1	14	asian	asian	ADJ
ajfa-7952	1	15	journal	journal	NOUN
ajfa-7952	1	16	of	of	ADP
ajfa-7952	1	17	finance	finance	PROPN
ajfa-7952	1	18	&	&	CCONJ
ajfa-7952	1	19	accounting	accounting	PROPN
ajfa-7952	1	20	issn	issn	PROPN
ajfa-7952	1	21	1946	1946	NUM
ajfa-7952	1	22	-	-	PUNCT
ajfa-7952	1	23	052x	052x	NOUN
ajfa-7952	1	24	2015	2015	NUM
ajfa-7952	1	25	,	,	PUNCT
ajfa-7952	1	26	vol	vol	NOUN
ajfa-7952	1	27	.	.	PROPN
ajfa-7952	1	28	7	7	NUM
ajfa-7952	1	29	,	,	PUNCT
ajfa-7952	1	30	no	no	INTJ
ajfa-7952	1	31	.	.	NOUN
ajfa-7952	1	32	2	2	NUM
ajfa-7952	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7952	1	34	58	58	NUM
ajfa-7952	1	35	the	the	DET
ajfa-7952	1	36	effect	effect	NOUN
ajfa-7952	1	37	of	of	ADP
ajfa-7952	1	38	sfas	sfas	NOUN
ajfa-7952	1	39	no	no	INTJ
ajfa-7952	1	40	.	.	PROPN
ajfa-7952	1	41	131	131	NUM
ajfa-7952	1	42	on	on	ADP
ajfa-7952	1	43	the	the	DET
ajfa-7952	1	44	diversification	diversification	NOUN
ajfa-7952	1	45	discount	discount	NOUN
ajfa-7952	1	46	seoungpil	seoungpil	PROPN
ajfa-7952	1	47	ahn	ahn	PROPN
ajfa-7952	1	48	sogang	sogang	PROPN
ajfa-7952	1	49	business	business	PROPN
ajfa-7952	1	50	school	school	PROPN
ajfa-7952	1	51	,	,	PUNCT
ajfa-7952	1	52	sogang	sogang	PROPN
ajfa-7952	1	53	university	university	PROPN
ajfa-7952	1	54	pa706	pa706	PROPN
ajfa-7952	1	55	,	,	PUNCT
ajfa-7952	1	56	35	35	NUM
ajfa-7952	1	57	baekbeom	baekbeom	NOUN
ajfa-7952	1	58	-	-	PUNCT
ajfa-7952	1	59	ro	ro	NOUN
ajfa-7952	1	60	,	,	PUNCT
ajfa-7952	1	61	mapo	mapo	NOUN
ajfa-7952	1	62	-	-	PUNCT
ajfa-7952	1	63	gu	gu	NOUN
ajfa-7952	1	64	,	,	PUNCT
ajfa-7952	1	65	seoul	seoul	PROPN
ajfa-7952	1	66	121	121	NUM
ajfa-7952	1	67	-	-	SYM
ajfa-7952	1	68	742	742	NUM
ajfa-7952	1	69	,	,	PUNCT
ajfa-7952	1	70	korea	korea	PROPN
ajfa-7952	1	71	e	e	PROPN
ajfa-7952	1	72	-	-	NOUN
ajfa-7952	1	73	mail	mail	NOUN
ajfa-7952	1	74	:	:	PUNCT
ajfa-7952	1	75	spahn@sogang.ac.kr	spahn@sogang.ac.kr	NOUN
ajfa-7952	1	76	received	receive	VERB
ajfa-7952	1	77	:	:	PUNCT
ajfa-7952	1	78	july	july	PROPN
ajfa-7952	1	79	2	2	NUM
ajfa-7952	1	80	,	,	PUNCT
ajfa-7952	1	81	2015	2015	NUM
ajfa-7952	1	82	accepted	accept	VERB
ajfa-7952	1	83	:	:	PUNCT
ajfa-7952	1	84	august	august	PROPN
ajfa-7952	1	85	1	1	NUM
ajfa-7952	1	86	,	,	PUNCT
ajfa-7952	1	87	2015	2015	NUM
ajfa-7952	1	88	published	publish	VERB
ajfa-7952	1	89	:	:	PUNCT
ajfa-7952	1	90	december	december	PROPN
ajfa-7952	1	91	1	1	NUM
ajfa-7952	1	92	,	,	PUNCT
ajfa-7952	2	1	2015	2015	NUM
ajfa-7952	2	2	doi:10.5296	doi:10.5296	NOUN
ajfa-7952	2	3	/	/	SYM
ajfa-7952	2	4	ajfa.v7i2.7952	ajfa.v7i2.7952	NOUN
ajfa-7952	2	5	url	url	NOUN
ajfa-7952	2	6	:	:	PUNCT
ajfa-7952	2	7	http://dx.doi.org/10.5296/ajfa.v7i2.7952	http://dx.doi.org/10.5296/ajfa.v7i2.7952	NOUN
ajfa-7952	2	8	abstract	abstract	NOUN
ajfa-7952	2	9	for	for	ADP
ajfa-7952	2	10	a	a	DET
ajfa-7952	2	11	sample	sample	NOUN
ajfa-7952	2	12	of	of	ADP
ajfa-7952	2	13	diversified	diversified	ADJ
ajfa-7952	2	14	firms	firm	NOUN
ajfa-7952	2	15	,	,	PUNCT
ajfa-7952	2	16	i	i	PRON
ajfa-7952	2	17	investigate	investigate	VERB
ajfa-7952	2	18	the	the	DET
ajfa-7952	2	19	impact	impact	NOUN
ajfa-7952	2	20	of	of	ADP
ajfa-7952	2	21	the	the	DET
ajfa-7952	2	22	segment	segment	NOUN
ajfa-7952	2	23	reporting	report	VERB
ajfa-7952	2	24	rule	rule	NOUN
ajfa-7952	2	25	change	change	NOUN
ajfa-7952	2	26	from	from	ADP
ajfa-7952	2	27	sfas	sfas	NOUN
ajfa-7952	2	28	no	no	INTJ
ajfa-7952	2	29	.	.	PROPN
ajfa-7952	2	30	14	14	NUM
ajfa-7952	2	31	to	to	PART
ajfa-7952	2	32	sfas	sfas	VERB
ajfa-7952	2	33	no	no	INTJ
ajfa-7952	2	34	.	.	PROPN
ajfa-7952	2	35	131	131	NUM
ajfa-7952	2	36	in	in	ADP
ajfa-7952	2	37	1997	1997	NUM
ajfa-7952	2	38	.	.	PUNCT
ajfa-7952	3	1	this	this	DET
ajfa-7952	3	2	change	change	NOUN
ajfa-7952	3	3	in	in	ADP
ajfa-7952	3	4	segment	segment	NOUN
ajfa-7952	3	5	-	-	PUNCT
ajfa-7952	3	6	reporting	report	VERB
ajfa-7952	3	7	rules	rule	NOUN
ajfa-7952	3	8	to	to	PART
ajfa-7952	3	9	sfas	sfas	VERB
ajfa-7952	3	10	no	no	INTJ
ajfa-7952	3	11	.	.	PUNCT
ajfa-7952	3	12	131	131	NUM
ajfa-7952	3	13	potentially	potentially	ADV
ajfa-7952	3	14	allows	allow	VERB
ajfa-7952	3	15	more	more	ADV
ajfa-7952	3	16	precise	precise	ADJ
ajfa-7952	3	17	estimation	estimation	NOUN
ajfa-7952	3	18	of	of	ADP
ajfa-7952	3	19	diversification	diversification	NOUN
ajfa-7952	3	20	discount	discount	NOUN
ajfa-7952	3	21	.	.	PUNCT
ajfa-7952	4	1	i	i	PRON
ajfa-7952	4	2	probe	probe	VERB
ajfa-7952	4	3	the	the	DET
ajfa-7952	4	4	changes	change	NOUN
ajfa-7952	4	5	in	in	ADP
ajfa-7952	4	6	the	the	DET
ajfa-7952	4	7	diversification	diversification	NOUN
ajfa-7952	4	8	discount	discount	NOUN
ajfa-7952	4	9	before	before	ADV
ajfa-7952	4	10	and	and	CCONJ
ajfa-7952	4	11	after	after	ADP
ajfa-7952	4	12	the	the	DET
ajfa-7952	4	13	reporting	reporting	NOUN
ajfa-7952	4	14	rule	rule	NOUN
ajfa-7952	4	15	change	change	NOUN
ajfa-7952	4	16	in	in	ADP
ajfa-7952	4	17	1997	1997	NUM
ajfa-7952	4	18	.	.	PUNCT
ajfa-7952	5	1	i	i	PRON
ajfa-7952	5	2	find	find	VERB
ajfa-7952	5	3	that	that	SCONJ
ajfa-7952	5	4	there	there	PRON
ajfa-7952	5	5	is	be	VERB
ajfa-7952	5	6	a	a	DET
ajfa-7952	5	7	substantial	substantial	ADJ
ajfa-7952	5	8	increase	increase	NOUN
ajfa-7952	5	9	in	in	ADP
ajfa-7952	5	10	the	the	DET
ajfa-7952	5	11	diversification	diversification	NOUN
ajfa-7952	5	12	discount	discount	NOUN
ajfa-7952	5	13	under	under	ADP
ajfa-7952	5	14	sfas	sfas	NOUN
ajfa-7952	5	15	no	no	INTJ
ajfa-7952	5	16	.	.	PROPN
ajfa-7952	6	1	131	131	NUM
ajfa-7952	6	2	.	.	PUNCT
ajfa-7952	7	1	further	further	ADJ
ajfa-7952	7	2	analysis	analysis	NOUN
ajfa-7952	7	3	indicates	indicate	VERB
ajfa-7952	7	4	that	that	SCONJ
ajfa-7952	7	5	the	the	DET
ajfa-7952	7	6	changes	change	NOUN
ajfa-7952	7	7	in	in	ADP
ajfa-7952	7	8	the	the	DET
ajfa-7952	7	9	diversification	diversification	NOUN
ajfa-7952	7	10	discount	discount	NOUN
ajfa-7952	7	11	are	be	AUX
ajfa-7952	7	12	unrelated	unrelated	ADJ
ajfa-7952	7	13	to	to	ADP
ajfa-7952	7	14	the	the	DET
ajfa-7952	7	15	changes	change	NOUN
ajfa-7952	7	16	in	in	ADP
ajfa-7952	7	17	firm	firm	ADJ
ajfa-7952	7	18	value	value	NOUN
ajfa-7952	7	19	or	or	CCONJ
ajfa-7952	7	20	investment	investment	NOUN
ajfa-7952	7	21	efficiency	efficiency	NOUN
ajfa-7952	7	22	.	.	PUNCT
ajfa-7952	8	1	instead	instead	ADV
ajfa-7952	8	2	,	,	PUNCT
ajfa-7952	8	3	the	the	DET
ajfa-7952	8	4	measures	measure	NOUN
ajfa-7952	8	5	of	of	ADP
ajfa-7952	8	6	diversity	diversity	NOUN
ajfa-7952	8	7	appear	appear	VERB
ajfa-7952	8	8	to	to	PART
ajfa-7952	8	9	be	be	AUX
ajfa-7952	8	10	more	more	ADV
ajfa-7952	8	11	associated	associate	VERB
ajfa-7952	8	12	with	with	ADP
ajfa-7952	8	13	the	the	DET
ajfa-7952	8	14	changes	change	NOUN
ajfa-7952	8	15	in	in	ADP
ajfa-7952	8	16	excess	excess	ADJ
ajfa-7952	8	17	value	value	NOUN
ajfa-7952	8	18	.	.	PUNCT
ajfa-7952	9	1	this	this	PRON
ajfa-7952	9	2	indicates	indicate	VERB
ajfa-7952	9	3	that	that	SCONJ
ajfa-7952	9	4	excess	excess	ADJ
ajfa-7952	9	5	value	value	NOUN
ajfa-7952	9	6	is	be	AUX
ajfa-7952	9	7	not	not	PART
ajfa-7952	9	8	a	a	DET
ajfa-7952	9	9	clean	clean	ADJ
ajfa-7952	9	10	measure	measure	NOUN
ajfa-7952	9	11	of	of	ADP
ajfa-7952	9	12	diversification	diversification	NOUN
ajfa-7952	9	13	discount	discount	NOUN
ajfa-7952	9	14	.	.	PUNCT
ajfa-7952	10	1	keywords	keyword	NOUN
ajfa-7952	10	2	:	:	PUNCT
ajfa-7952	10	3	diversification	diversification	NOUN
ajfa-7952	10	4	;	;	PUNCT
ajfa-7952	10	5	segment	segment	NOUN
ajfa-7952	10	6	reporting	reporting	NOUN
ajfa-7952	10	7	;	;	PUNCT
ajfa-7952	10	8	valuation	valuation	NOUN
ajfa-7952	10	9	;	;	PUNCT
ajfa-7952	10	10	diversification	diversification	NOUN
ajfa-7952	10	11	discount	discount	NOUN
ajfa-7952	10	12	;	;	PUNCT
ajfa-7952	10	13	disclosure	disclosure	NOUN
ajfa-7952	10	14	asian	asian	ADJ
ajfa-7952	10	15	journal	journal	NOUN
ajfa-7952	10	16	of	of	ADP
ajfa-7952	10	17	finance	finance	PROPN
ajfa-7952	10	18	&	&	CCONJ
ajfa-7952	10	19	accounting	accounting	PROPN
ajfa-7952	10	20	issn	issn	PROPN
ajfa-7952	10	21	1946	1946	NUM
ajfa-7952	10	22	-	-	PUNCT
ajfa-7952	10	23	052x	052x	NOUN
ajfa-7952	10	24	2015	2015	NUM
ajfa-7952	10	25	,	,	PUNCT
ajfa-7952	10	26	vol	vol	NOUN
ajfa-7952	10	27	.	.	PROPN
ajfa-7952	10	28	7	7	NUM
ajfa-7952	10	29	,	,	PUNCT
ajfa-7952	10	30	no	no	INTJ
ajfa-7952	10	31	.	.	NOUN
ajfa-7952	10	32	2	2	NUM
ajfa-7952	10	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7952	10	34	59	59	NUM
ajfa-7952	10	35	1	1	NUM
ajfa-7952	10	36	.	.	PUNCT
ajfa-7952	11	1	introduction	introduction	NOUN
ajfa-7952	11	2	the	the	DET
ajfa-7952	11	3	issue	issue	NOUN
ajfa-7952	11	4	of	of	ADP
ajfa-7952	11	5	corporate	corporate	ADJ
ajfa-7952	11	6	diversification	diversification	NOUN
ajfa-7952	11	7	on	on	ADP
ajfa-7952	11	8	value	value	NOUN
ajfa-7952	11	9	remains	remain	VERB
ajfa-7952	11	10	controversial	controversial	ADJ
ajfa-7952	11	11	and	and	CCONJ
ajfa-7952	11	12	is	be	AUX
ajfa-7952	11	13	yet	yet	ADV
ajfa-7952	11	14	not	not	PART
ajfa-7952	11	15	well	well	ADV
ajfa-7952	11	16	understood	understand	VERB
ajfa-7952	11	17	despite	despite	SCONJ
ajfa-7952	11	18	numerous	numerous	ADJ
ajfa-7952	11	19	written	write	VERB
ajfa-7952	11	20	reports	report	NOUN
ajfa-7952	11	21	.	.	PUNCT
ajfa-7952	12	1	a	a	DET
ajfa-7952	12	2	part	part	NOUN
ajfa-7952	12	3	of	of	ADP
ajfa-7952	12	4	the	the	DET
ajfa-7952	12	5	reason	reason	NOUN
ajfa-7952	12	6	for	for	ADP
ajfa-7952	12	7	the	the	DET
ajfa-7952	12	8	observed	observed	ADJ
ajfa-7952	12	9	discount	discount	NOUN
ajfa-7952	12	10	in	in	ADP
ajfa-7952	12	11	diversified	diversified	ADJ
ajfa-7952	12	12	firms	firm	NOUN
ajfa-7952	12	13	attributed	attribute	VERB
ajfa-7952	12	14	to	to	ADP
ajfa-7952	12	15	the	the	DET
ajfa-7952	12	16	errors	error	NOUN
ajfa-7952	12	17	in	in	ADP
ajfa-7952	12	18	segment	segment	NOUN
ajfa-7952	12	19	report	report	NOUN
ajfa-7952	12	20	.	.	PUNCT
ajfa-7952	13	1	graham	graham	PROPN
ajfa-7952	13	2	,	,	PUNCT
ajfa-7952	13	3	lemmon	lemmon	PROPN
ajfa-7952	13	4	,	,	PUNCT
ajfa-7952	13	5	and	and	CCONJ
ajfa-7952	13	6	wolf	wolf	PROPN
ajfa-7952	13	7	(	(	PUNCT
ajfa-7952	13	8	2002	2002	NUM
ajfa-7952	13	9	)	)	PUNCT
ajfa-7952	13	10	,	,	PUNCT
ajfa-7952	13	11	villalonga	villalonga	PROPN
ajfa-7952	13	12	(	(	PUNCT
ajfa-7952	13	13	2004	2004	NUM
ajfa-7952	13	14	)	)	PUNCT
ajfa-7952	13	15	,	,	PUNCT
ajfa-7952	13	16	and	and	CCONJ
ajfa-7952	13	17	whited	white	VERB
ajfa-7952	13	18	(	(	PUNCT
ajfa-7952	13	19	2001	2001	NUM
ajfa-7952	13	20	)	)	PUNCT
ajfa-7952	13	21	addresses	address	VERB
ajfa-7952	13	22	several	several	ADJ
ajfa-7952	13	23	concerns	concern	NOUN
ajfa-7952	13	24	in	in	ADP
ajfa-7952	13	25	measuring	measure	VERB
ajfa-7952	13	26	diversification	diversification	NOUN
ajfa-7952	13	27	discount	discount	NOUN
ajfa-7952	13	28	with	with	ADP
ajfa-7952	13	29	compustat	compustat	NOUN
ajfa-7952	13	30	segment	segment	NOUN
ajfa-7952	13	31	reportings	reporting	NOUN
ajfa-7952	13	32	based	base	VERB
ajfa-7952	13	33	on	on	ADP
ajfa-7952	13	34	industrial	industrial	ADJ
ajfa-7952	13	35	segments	segment	NOUN
ajfa-7952	13	36	under	under	ADP
ajfa-7952	13	37	sfas	sfas	NOUN
ajfa-7952	13	38	no	no	INTJ
ajfa-7952	13	39	.	.	NOUN
ajfa-7952	14	1	14	14	NUM
ajfa-7952	14	2	.	.	PUNCT
ajfa-7952	15	1	in	in	ADP
ajfa-7952	15	2	june	june	PROPN
ajfa-7952	15	3	1997	1997	NUM
ajfa-7952	15	4	,	,	PUNCT
ajfa-7952	15	5	the	the	DET
ajfa-7952	15	6	financial	financial	ADJ
ajfa-7952	15	7	accounting	accounting	NOUN
ajfa-7952	15	8	standards	standards	PROPN
ajfa-7952	15	9	board	board	NOUN
ajfa-7952	15	10	(	(	PUNCT
ajfa-7952	15	11	fasb	fasb	PROPN
ajfa-7952	15	12	)	)	PUNCT
ajfa-7952	15	13	issued	issue	VERB
ajfa-7952	15	14	statement	statement	NOUN
ajfa-7952	15	15	of	of	ADP
ajfa-7952	15	16	financial	financial	ADJ
ajfa-7952	15	17	accounting	accounting	NOUN
ajfa-7952	15	18	standards	standard	NOUN
ajfa-7952	15	19	(	(	PUNCT
ajfa-7952	15	20	sfas	sfas	NOUN
ajfa-7952	15	21	)	)	PUNCT
ajfa-7952	15	22	no	no	INTJ
ajfa-7952	15	23	.	.	NOUN
ajfa-7952	15	24	131	131	NUM
ajfa-7952	15	25	,	,	PUNCT
ajfa-7952	15	26	disclosure	disclosure	NOUN
ajfa-7952	15	27	about	about	ADP
ajfa-7952	15	28	segments	segment	NOUN
ajfa-7952	15	29	of	of	ADP
ajfa-7952	15	30	an	an	DET
ajfa-7952	15	31	enterprise	enterprise	NOUN
ajfa-7952	15	32	and	and	CCONJ
ajfa-7952	15	33	related	related	ADJ
ajfa-7952	15	34	information	information	NOUN
ajfa-7952	15	35	,	,	PUNCT
ajfa-7952	15	36	which	which	PRON
ajfa-7952	15	37	became	become	VERB
ajfa-7952	15	38	effective	effective	ADJ
ajfa-7952	15	39	for	for	ADP
ajfa-7952	15	40	fiscal	fiscal	ADJ
ajfa-7952	15	41	years	year	NOUN
ajfa-7952	15	42	starting	start	VERB
ajfa-7952	15	43	after	after	ADP
ajfa-7952	15	44	december	december	PROPN
ajfa-7952	15	45	31	31	NUM
ajfa-7952	15	46	,	,	PUNCT
ajfa-7952	15	47	1997	1997	NUM
ajfa-7952	15	48	.	.	PUNCT
ajfa-7952	16	1	sfas	sfas	PROPN
ajfa-7952	16	2	no	no	INTJ
ajfa-7952	16	3	.	.	PUNCT
ajfa-7952	17	1	131	131	NUM
ajfa-7952	17	2	requires	require	VERB
ajfa-7952	17	3	enterprises	enterprise	NOUN
ajfa-7952	17	4	to	to	PART
ajfa-7952	17	5	cover	cover	VERB
ajfa-7952	17	6	data	datum	NOUN
ajfa-7952	17	7	about	about	ADP
ajfa-7952	17	8	operating	operating	NOUN
ajfa-7952	17	9	segments	segment	NOUN
ajfa-7952	17	10	,	,	PUNCT
ajfa-7952	17	11	products	product	NOUN
ajfa-7952	17	12	and	and	CCONJ
ajfa-7952	17	13	services	service	NOUN
ajfa-7952	17	14	,	,	PUNCT
ajfa-7952	17	15	the	the	DET
ajfa-7952	17	16	geographic	geographic	ADJ
ajfa-7952	17	17	regions	region	NOUN
ajfa-7952	17	18	in	in	ADP
ajfa-7952	17	19	which	which	PRON
ajfa-7952	17	20	they	they	PRON
ajfa-7952	17	21	work	work	VERB
ajfa-7952	17	22	,	,	PUNCT
ajfa-7952	17	23	and	and	CCONJ
ajfa-7952	17	24	their	their	PRON
ajfa-7952	17	25	major	major	ADJ
ajfa-7952	17	26	customers	customer	NOUN
ajfa-7952	17	27	.	.	PUNCT
ajfa-7952	18	1	this	this	DET
ajfa-7952	18	2	new	new	ADJ
ajfa-7952	18	3	rule	rule	NOUN
ajfa-7952	18	4	replaces	replace	VERB
ajfa-7952	18	5	sfas	sfas	NOUN
ajfa-7952	18	6	no	no	INTJ
ajfa-7952	18	7	.	.	PROPN
ajfa-7952	18	8	14	14	NUM
ajfa-7952	18	9	that	that	PRON
ajfa-7952	18	10	requires	require	VERB
ajfa-7952	18	11	firms	firm	NOUN
ajfa-7952	18	12	to	to	PART
ajfa-7952	18	13	disclose	disclose	VERB
ajfa-7952	18	14	a	a	DET
ajfa-7952	18	15	geographical	geographical	ADJ
ajfa-7952	18	16	analysis	analysis	NOUN
ajfa-7952	18	17	of	of	ADP
ajfa-7952	18	18	foreign	foreign	ADJ
ajfa-7952	18	19	operations	operation	NOUN
ajfa-7952	18	20	to	to	ADP
ajfa-7952	18	21	the	the	DET
ajfa-7952	18	22	extent	extent	NOUN
ajfa-7952	18	23	that	that	SCONJ
ajfa-7952	18	24	foreign	foreign	ADJ
ajfa-7952	18	25	operations	operation	NOUN
ajfa-7952	18	26	account	account	VERB
ajfa-7952	18	27	for	for	ADP
ajfa-7952	18	28	more	more	ADJ
ajfa-7952	18	29	than	than	ADP
ajfa-7952	18	30	10	10	NUM
ajfa-7952	18	31	%	%	NOUN
ajfa-7952	18	32	of	of	ADP
ajfa-7952	18	33	total	total	ADJ
ajfa-7952	18	34	operations	operation	NOUN
ajfa-7952	18	35	.	.	PUNCT
ajfa-7952	19	1	it	it	PRON
ajfa-7952	19	2	is	be	AUX
ajfa-7952	19	3	significant	significant	ADJ
ajfa-7952	19	4	to	to	PART
ajfa-7952	19	5	mention	mention	VERB
ajfa-7952	19	6	that	that	SCONJ
ajfa-7952	19	7	the	the	DET
ajfa-7952	19	8	fasb	fasb	NOUN
ajfa-7952	19	9	has	have	AUX
ajfa-7952	19	10	given	give	VERB
ajfa-7952	19	11	management	management	NOUN
ajfa-7952	19	12	wide	wide	ADJ
ajfa-7952	19	13	latitude	latitude	NOUN
ajfa-7952	19	14	for	for	ADP
ajfa-7952	19	15	interpretation	interpretation	NOUN
ajfa-7952	19	16	of	of	ADP
ajfa-7952	19	17	the	the	DET
ajfa-7952	19	18	distinction	distinction	NOUN
ajfa-7952	19	19	between	between	ADP
ajfa-7952	19	20	domestic	domestic	ADJ
ajfa-7952	19	21	and	and	CCONJ
ajfa-7952	19	22	foreign	foreign	ADJ
ajfa-7952	19	23	operations	operation	NOUN
ajfa-7952	19	24	.	.	PUNCT
ajfa-7952	20	1	likewise	likewise	ADV
ajfa-7952	20	2	,	,	PUNCT
ajfa-7952	20	3	there	there	PRON
ajfa-7952	20	4	is	be	VERB
ajfa-7952	20	5	no	no	DET
ajfa-7952	20	6	consistent	consistent	ADJ
ajfa-7952	20	7	manner	manner	NOUN
ajfa-7952	20	8	of	of	ADP
ajfa-7952	20	9	reporting	report	VERB
ajfa-7952	20	10	the	the	DET
ajfa-7952	20	11	countries	country	NOUN
ajfa-7952	20	12	of	of	ADP
ajfa-7952	20	13	foreign	foreign	ADJ
ajfa-7952	20	14	sales	sale	NOUN
ajfa-7952	20	15	.	.	PUNCT
ajfa-7952	21	1	some	some	DET
ajfa-7952	21	2	firms	firm	NOUN
ajfa-7952	21	3	report	report	VERB
ajfa-7952	21	4	their	their	PRON
ajfa-7952	21	5	foreign	foreign	ADJ
ajfa-7952	21	6	sales	sale	NOUN
ajfa-7952	21	7	for	for	ADP
ajfa-7952	21	8	regional	regional	ADJ
ajfa-7952	21	9	groups	group	NOUN
ajfa-7952	21	10	such	such	ADJ
ajfa-7952	21	11	as	as	ADP
ajfa-7952	21	12	europe	europe	PROPN
ajfa-7952	21	13	,	,	PUNCT
ajfa-7952	21	14	asia	asia	PROPN
ajfa-7952	21	15	,	,	PUNCT
ajfa-7952	21	16	or	or	CCONJ
ajfa-7952	21	17	south	south	PROPN
ajfa-7952	21	18	america	america	PROPN
ajfa-7952	21	19	,	,	PUNCT
ajfa-7952	21	20	while	while	SCONJ
ajfa-7952	21	21	others	other	NOUN
ajfa-7952	21	22	report	report	VERB
ajfa-7952	21	23	for	for	ADP
ajfa-7952	21	24	specific	specific	ADJ
ajfa-7952	21	25	countries	country	NOUN
ajfa-7952	21	26	such	such	ADJ
ajfa-7952	21	27	as	as	ADP
ajfa-7952	21	28	japan	japan	PROPN
ajfa-7952	21	29	,	,	PUNCT
ajfa-7952	21	30	germany	germany	PROPN
ajfa-7952	21	31	,	,	PUNCT
ajfa-7952	21	32	or	or	CCONJ
ajfa-7952	21	33	the	the	DET
ajfa-7952	21	34	u.k	u.k	PROPN
ajfa-7952	21	35	.	.	PROPN
ajfa-7952	22	1	under	under	ADP
ajfa-7952	22	2	sfas	sfas	NOUN
ajfa-7952	22	3	no	no	INTJ
ajfa-7952	22	4	.	.	PROPN
ajfa-7952	22	5	131	131	NUM
ajfa-7952	22	6	,	,	PUNCT
ajfa-7952	22	7	segment	segment	NOUN
ajfa-7952	22	8	reporting	reporting	NOUN
ajfa-7952	22	9	is	be	AUX
ajfa-7952	22	10	more	more	ADV
ajfa-7952	22	11	consistent	consistent	ADJ
ajfa-7952	22	12	with	with	ADP
ajfa-7952	22	13	the	the	DET
ajfa-7952	22	14	organizational	organizational	ADJ
ajfa-7952	22	15	structure	structure	NOUN
ajfa-7952	22	16	of	of	ADP
ajfa-7952	22	17	the	the	DET
ajfa-7952	22	18	firm	firm	NOUN
ajfa-7952	22	19	and	and	CCONJ
ajfa-7952	22	20	provides	provide	VERB
ajfa-7952	22	21	more	more	ADV
ajfa-7952	22	22	detailed	detailed	ADJ
ajfa-7952	22	23	information	information	NOUN
ajfa-7952	22	24	about	about	ADP
ajfa-7952	22	25	geographic	geographic	ADJ
ajfa-7952	22	26	segments	segment	NOUN
ajfa-7952	22	27	.	.	PUNCT
ajfa-7952	23	1	this	this	DET
ajfa-7952	23	2	change	change	NOUN
ajfa-7952	23	3	in	in	ADP
ajfa-7952	23	4	segment	segment	NOUN
ajfa-7952	23	5	-	-	PUNCT
ajfa-7952	23	6	reporting	report	VERB
ajfa-7952	23	7	rules	rule	NOUN
ajfa-7952	23	8	to	to	PART
ajfa-7952	23	9	sfas	sfas	VERB
ajfa-7952	23	10	no	no	INTJ
ajfa-7952	23	11	.	.	PUNCT
ajfa-7952	24	1	131	131	NUM
ajfa-7952	24	2	may	may	AUX
ajfa-7952	24	3	alleviates	alleviate	VERB
ajfa-7952	24	4	these	these	DET
ajfa-7952	24	5	concerns	concern	NOUN
ajfa-7952	24	6	inherent	inherent	ADJ
ajfa-7952	24	7	in	in	ADP
ajfa-7952	24	8	sfas	sfas	NOUN
ajfa-7952	24	9	no	no	INTJ
ajfa-7952	24	10	.	.	PROPN
ajfa-7952	24	11	14	14	NUM
ajfa-7952	24	12	and	and	CCONJ
ajfa-7952	24	13	potentially	potentially	ADV
ajfa-7952	24	14	allows	allow	VERB
ajfa-7952	24	15	more	more	ADV
ajfa-7952	24	16	accurate	accurate	ADJ
ajfa-7952	24	17	estimation	estimation	NOUN
ajfa-7952	24	18	of	of	ADP
ajfa-7952	24	19	diversification	diversification	NOUN
ajfa-7952	24	20	discount	discount	NOUN
ajfa-7952	24	21	.	.	PUNCT
ajfa-7952	25	1	i	i	PRON
ajfa-7952	25	2	examine	examine	VERB
ajfa-7952	25	3	the	the	DET
ajfa-7952	25	4	changes	change	NOUN
ajfa-7952	25	5	in	in	ADP
ajfa-7952	25	6	the	the	DET
ajfa-7952	25	7	diversification	diversification	NOUN
ajfa-7952	25	8	discount	discount	NOUN
ajfa-7952	25	9	before	before	ADV
ajfa-7952	25	10	and	and	CCONJ
ajfa-7952	25	11	after	after	ADP
ajfa-7952	25	12	the	the	DET
ajfa-7952	25	13	reporting	reporting	NOUN
ajfa-7952	25	14	rule	rule	NOUN
ajfa-7952	25	15	change	change	NOUN
ajfa-7952	25	16	in	in	ADP
ajfa-7952	25	17	1997	1997	NUM
ajfa-7952	25	18	.	.	PUNCT
ajfa-7952	26	1	the	the	DET
ajfa-7952	26	2	result	result	NOUN
ajfa-7952	26	3	shows	show	VERB
ajfa-7952	26	4	that	that	SCONJ
ajfa-7952	26	5	there	there	PRON
ajfa-7952	26	6	is	be	VERB
ajfa-7952	26	7	a	a	DET
ajfa-7952	26	8	significant	significant	ADJ
ajfa-7952	26	9	increase	increase	NOUN
ajfa-7952	26	10	in	in	ADP
ajfa-7952	26	11	the	the	DET
ajfa-7952	26	12	diversification	diversification	NOUN
ajfa-7952	26	13	discount	discount	NOUN
ajfa-7952	26	14	under	under	ADP
ajfa-7952	26	15	sfas	sfas	NOUN
ajfa-7952	26	16	no	no	INTJ
ajfa-7952	26	17	.	.	PROPN
ajfa-7952	27	1	131	131	NUM
ajfa-7952	27	2	.	.	PUNCT
ajfa-7952	28	1	further	further	ADJ
ajfa-7952	28	2	analysis	analysis	NOUN
ajfa-7952	28	3	indicates	indicate	VERB
ajfa-7952	28	4	that	that	SCONJ
ajfa-7952	28	5	the	the	DET
ajfa-7952	28	6	increase	increase	NOUN
ajfa-7952	28	7	in	in	ADP
ajfa-7952	28	8	the	the	DET
ajfa-7952	28	9	diversification	diversification	NOUN
ajfa-7952	28	10	discount	discount	NOUN
ajfa-7952	28	11	is	be	AUX
ajfa-7952	28	12	not	not	PART
ajfa-7952	28	13	driven	drive	VERB
ajfa-7952	28	14	by	by	ADP
ajfa-7952	28	15	the	the	DET
ajfa-7952	28	16	poor	poor	ADJ
ajfa-7952	28	17	firm	firm	ADJ
ajfa-7952	28	18	valuation	valuation	NOUN
ajfa-7952	28	19	in	in	ADP
ajfa-7952	28	20	the	the	DET
ajfa-7952	28	21	later	later	ADJ
ajfa-7952	28	22	period	period	NOUN
ajfa-7952	28	23	,	,	PUNCT
ajfa-7952	28	24	nor	nor	CCONJ
ajfa-7952	28	25	it	it	PRON
ajfa-7952	28	26	is	be	AUX
ajfa-7952	28	27	due	due	ADJ
ajfa-7952	28	28	to	to	ADP
ajfa-7952	28	29	the	the	DET
ajfa-7952	28	30	decrease	decrease	NOUN
ajfa-7952	28	31	in	in	ADP
ajfa-7952	28	32	the	the	DET
ajfa-7952	28	33	investment	investment	NOUN
ajfa-7952	28	34	efficiency	efficiency	NOUN
ajfa-7952	28	35	.	.	PUNCT
ajfa-7952	29	1	rather	rather	ADV
ajfa-7952	29	2	,	,	PUNCT
ajfa-7952	29	3	the	the	DET
ajfa-7952	29	4	increment	increment	NOUN
ajfa-7952	29	5	in	in	ADP
ajfa-7952	29	6	the	the	DET
ajfa-7952	29	7	diversity	diversity	NOUN
ajfa-7952	29	8	is	be	AUX
ajfa-7952	29	9	associated	associate	VERB
ajfa-7952	29	10	with	with	ADP
ajfa-7952	29	11	the	the	DET
ajfa-7952	29	12	observed	observe	VERB
ajfa-7952	29	13	alteration	alteration	NOUN
ajfa-7952	29	14	in	in	ADP
ajfa-7952	29	15	the	the	DET
ajfa-7952	29	16	diversification	diversification	NOUN
ajfa-7952	29	17	discount	discount	NOUN
ajfa-7952	29	18	.	.	PUNCT
ajfa-7952	30	1	given	give	VERB
ajfa-7952	30	2	that	that	SCONJ
ajfa-7952	30	3	there	there	PRON
ajfa-7952	30	4	is	be	VERB
ajfa-7952	30	5	no	no	DET
ajfa-7952	30	6	fundamental	fundamental	ADJ
ajfa-7952	30	7	changes	change	NOUN
ajfa-7952	30	8	in	in	ADP
ajfa-7952	30	9	firm	firm	ADJ
ajfa-7952	30	10	value	value	NOUN
ajfa-7952	30	11	and	and	CCONJ
ajfa-7952	30	12	investment	investment	NOUN
ajfa-7952	30	13	efficiency	efficiency	NOUN
ajfa-7952	30	14	,	,	PUNCT
ajfa-7952	30	15	the	the	DET
ajfa-7952	30	16	result	result	NOUN
ajfa-7952	30	17	suggests	suggest	VERB
ajfa-7952	30	18	that	that	SCONJ
ajfa-7952	30	19	excess	excess	ADJ
ajfa-7952	30	20	value	value	NOUN
ajfa-7952	30	21	does	do	AUX
ajfa-7952	30	22	not	not	PART
ajfa-7952	30	23	necessarily	necessarily	ADV
ajfa-7952	30	24	indicate	indicate	VERB
ajfa-7952	30	25	a	a	DET
ajfa-7952	30	26	value	value	NOUN
ajfa-7952	30	27	loss	loss	NOUN
ajfa-7952	30	28	due	due	ADP
ajfa-7952	30	29	to	to	ADP
ajfa-7952	30	30	the	the	DET
ajfa-7952	30	31	diversification	diversification	NOUN
ajfa-7952	30	32	per	per	ADP
ajfa-7952	30	33	se	se	X
ajfa-7952	30	34	.	.	PROPN
ajfa-7952	31	1	2	2	X
ajfa-7952	31	2	.	.	X
ajfa-7952	31	3	sample	sample	NOUN
ajfa-7952	31	4	selection	selection	NOUN
ajfa-7952	31	5	and	and	CCONJ
ajfa-7952	31	6	estimation	estimation	NOUN
ajfa-7952	31	7	of	of	ADP
ajfa-7952	31	8	diversification	diversification	NOUN
ajfa-7952	31	9	discount	discount	NOUN
ajfa-7952	31	10	2.1	2.1	NUM
ajfa-7952	31	11	sample	sample	NOUN
ajfa-7952	31	12	selection	selection	NOUN
ajfa-7952	31	13	my	my	PRON
ajfa-7952	31	14	initial	initial	ADJ
ajfa-7952	31	15	sample	sample	NOUN
ajfa-7952	31	16	consists	consist	VERB
ajfa-7952	31	17	of	of	ADP
ajfa-7952	31	18	the	the	DET
ajfa-7952	31	19	universe	universe	NOUN
ajfa-7952	31	20	of	of	ADP
ajfa-7952	31	21	companies	company	NOUN
ajfa-7952	31	22	covered	cover	VERB
ajfa-7952	31	23	by	by	ADP
ajfa-7952	31	24	compustat	compustat	NOUN
ajfa-7952	31	25	(	(	PUNCT
ajfa-7952	31	26	including	include	VERB
ajfa-7952	31	27	the	the	DET
ajfa-7952	31	28	research	research	NOUN
ajfa-7952	31	29	file	file	NOUN
ajfa-7952	31	30	)	)	PUNCT
ajfa-7952	31	31	in	in	ADP
ajfa-7952	31	32	both	both	CCONJ
ajfa-7952	31	33	firm	firm	ADJ
ajfa-7952	31	34	level	level	NOUN
ajfa-7952	31	35	and	and	CCONJ
ajfa-7952	31	36	segment	segment	NOUN
ajfa-7952	31	37	level	level	NOUN
ajfa-7952	31	38	at	at	ADP
ajfa-7952	31	39	any	any	DET
ajfa-7952	31	40	time	time	NOUN
ajfa-7952	31	41	over	over	ADP
ajfa-7952	31	42	the	the	DET
ajfa-7952	31	43	period	period	NOUN
ajfa-7952	31	44	1992	1992	NUM
ajfa-7952	31	45	to	to	ADP
ajfa-7952	31	46	2003	2003	NUM
ajfa-7952	31	47	.	.	PUNCT
ajfa-7952	32	1	the	the	DET
ajfa-7952	32	2	data	data	NOUN
ajfa-7952	32	3	ends	end	VERB
ajfa-7952	32	4	in	in	ADP
ajfa-7952	32	5	year	year	NOUN
ajfa-7952	32	6	2003	2003	NUM
ajfa-7952	32	7	to	to	PART
ajfa-7952	32	8	match	match	VERB
ajfa-7952	32	9	the	the	DET
ajfa-7952	32	10	sample	sample	NOUN
ajfa-7952	32	11	period	period	NOUN
ajfa-7952	32	12	before	before	ADV
ajfa-7952	32	13	and	and	CCONJ
ajfa-7952	32	14	after	after	ADP
ajfa-7952	32	15	the	the	DET
ajfa-7952	32	16	rule	rule	NOUN
ajfa-7952	32	17	chage	chage	NOUN
ajfa-7952	32	18	and	and	CCONJ
ajfa-7952	32	19	also	also	ADV
ajfa-7952	32	20	due	due	ADP
ajfa-7952	32	21	to	to	ADP
ajfa-7952	32	22	the	the	DET
ajfa-7952	32	23	data	data	NOUN
ajfa-7952	32	24	availability	availability	NOUN
ajfa-7952	32	25	at	at	ADP
ajfa-7952	32	26	my	my	PRON
ajfa-7952	32	27	institution	institution	NOUN
ajfa-7952	32	28	.	.	PUNCT
ajfa-7952	33	1	i	i	PRON
ajfa-7952	33	2	matched	match	VERB
ajfa-7952	33	3	the	the	DET
ajfa-7952	33	4	firm	firm	ADJ
ajfa-7952	33	5	data	datum	NOUN
ajfa-7952	33	6	with	with	ADP
ajfa-7952	33	7	the	the	DET
ajfa-7952	33	8	segment	segment	NOUN
ajfa-7952	33	9	data	datum	NOUN
ajfa-7952	33	10	.	.	PUNCT
ajfa-7952	34	1	i	i	PRON
ajfa-7952	34	2	obtain	obtain	VERB
ajfa-7952	34	3	segment	segment	NOUN
ajfa-7952	34	4	data	datum	NOUN
ajfa-7952	34	5	from	from	ADP
ajfa-7952	34	6	the	the	DET
ajfa-7952	34	7	compustat	compustat	NOUN
ajfa-7952	34	8	industry	industry	NOUN
ajfa-7952	34	9	segment	segment	NOUN
ajfa-7952	34	10	(	(	PUNCT
ajfa-7952	34	11	cis	cis	NOUN
ajfa-7952	34	12	)	)	PUNCT
ajfa-7952	34	13	files	file	NOUN
ajfa-7952	34	14	over	over	ADP
ajfa-7952	34	15	the	the	DET
ajfa-7952	34	16	period	period	NOUN
ajfa-7952	34	17	of	of	ADP
ajfa-7952	34	18	1992	1992	NUM
ajfa-7952	34	19	to	to	ADP
ajfa-7952	34	20	1997	1997	NUM
ajfa-7952	34	21	.	.	PUNCT
ajfa-7952	35	1	according	accord	VERB
ajfa-7952	35	2	to	to	ADP
ajfa-7952	35	3	the	the	DET
ajfa-7952	35	4	change	change	NOUN
ajfa-7952	35	5	in	in	ADP
ajfa-7952	35	6	the	the	DET
ajfa-7952	35	7	segment	segment	NOUN
ajfa-7952	35	8	reporting	report	VERB
ajfa-7952	35	9	standard	standard	NOUN
ajfa-7952	35	10	from	from	ADP
ajfa-7952	35	11	sfas	sfas	NOUN
ajfa-7952	35	12	no	no	INTJ
ajfa-7952	35	13	.	.	PROPN
ajfa-7952	35	14	14	14	NUM
ajfa-7952	35	15	to	to	PART
ajfa-7952	35	16	sfas	sfas	VERB
ajfa-7952	35	17	no	no	INTJ
ajfa-7952	35	18	.	.	PROPN
ajfa-7952	35	19	131	131	NUM
ajfa-7952	35	20	in	in	ADP
ajfa-7952	35	21	the	the	DET
ajfa-7952	35	22	end	end	NOUN
ajfa-7952	35	23	of	of	ADP
ajfa-7952	35	24	year	year	NOUN
ajfa-7952	35	25	1997	1997	NUM
ajfa-7952	35	26	,	,	PUNCT
ajfa-7952	35	27	i	i	PRON
ajfa-7952	35	28	use	use	VERB
ajfa-7952	35	29	segment	segment	NOUN
ajfa-7952	35	30	data	datum	NOUN
ajfa-7952	35	31	from	from	ADP
ajfa-7952	35	32	the	the	DET
ajfa-7952	35	33	compustat	compustat	NOUN
ajfa-7952	35	34	operating	operating	NOUN
ajfa-7952	35	35	segment	segment	NOUN
ajfa-7952	35	36	(	(	PUNCT
ajfa-7952	35	37	cos	cos	PROPN
ajfa-7952	35	38	)	)	PUNCT
ajfa-7952	35	39	files	file	NOUN
ajfa-7952	35	40	over	over	ADP
ajfa-7952	35	41	the	the	DET
ajfa-7952	35	42	period	period	NOUN
ajfa-7952	35	43	of	of	ADP
ajfa-7952	35	44	1998	1998	NUM
ajfa-7952	35	45	to	to	ADP
ajfa-7952	35	46	2004	2004	NUM
ajfa-7952	35	47	.	.	PUNCT
ajfa-7952	36	1	the	the	DET
ajfa-7952	36	2	initial	initial	ADJ
ajfa-7952	36	3	sample	sample	NOUN
ajfa-7952	36	4	of	of	ADP
ajfa-7952	36	5	the	the	DET
ajfa-7952	36	6	paper	paper	NOUN
ajfa-7952	36	7	is	be	AUX
ajfa-7952	36	8	obtained	obtain	VERB
ajfa-7952	36	9	from	from	ADP
ajfa-7952	36	10	the	the	DET
ajfa-7952	36	11	compustat	compustat	NOUN
ajfa-7952	36	12	geographic	geographic	ADJ
ajfa-7952	36	13	segment	segment	NOUN
ajfa-7952	36	14	(	(	PUNCT
ajfa-7952	36	15	cgs	cgs	NOUN
ajfa-7952	36	16	)	)	PUNCT
ajfa-7952	36	17	files	file	NOUN
ajfa-7952	36	18	for	for	ADP
ajfa-7952	36	19	1998	1998	NUM
ajfa-7952	36	20	.	.	PUNCT
ajfa-7952	37	1	since	since	SCONJ
ajfa-7952	37	2	asian	asian	ADJ
ajfa-7952	37	3	journal	journal	PROPN
ajfa-7952	37	4	of	of	ADP
ajfa-7952	37	5	finance	finance	PROPN
ajfa-7952	37	6	&	&	CCONJ
ajfa-7952	37	7	accounting	accounting	PROPN
ajfa-7952	37	8	issn	issn	PROPN
ajfa-7952	37	9	1946	1946	NUM
ajfa-7952	37	10	-	-	PUNCT
ajfa-7952	37	11	052x	052x	NOUN
ajfa-7952	37	12	2015	2015	NUM
ajfa-7952	37	13	,	,	PUNCT
ajfa-7952	37	14	vol	vol	NOUN
ajfa-7952	37	15	.	.	PROPN
ajfa-7952	37	16	7	7	NUM
ajfa-7952	37	17	,	,	PUNCT
ajfa-7952	37	18	no	no	INTJ
ajfa-7952	37	19	.	.	NOUN
ajfa-7952	37	20	2	2	NUM
ajfa-7952	37	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7952	37	22	60	60	NUM
ajfa-7952	37	23	firms	firm	NOUN
ajfa-7952	37	24	effectively	effectively	ADV
ajfa-7952	37	25	adopted	adopt	VERB
ajfa-7952	37	26	the	the	DET
ajfa-7952	37	27	new	new	ADJ
ajfa-7952	37	28	segment	segment	NOUN
ajfa-7952	37	29	rule	rule	NOUN
ajfa-7952	37	30	sfas	sfas	NOUN
ajfa-7952	37	31	131	131	NUM
ajfa-7952	37	32	in	in	ADP
ajfa-7952	37	33	1998	1998	NUM
ajfa-7952	37	34	,	,	PUNCT
ajfa-7952	37	35	i	i	PRON
ajfa-7952	37	36	use	use	VERB
ajfa-7952	37	37	fiscal	fiscal	ADJ
ajfa-7952	37	38	year	year	NOUN
ajfa-7952	37	39	end	end	NOUN
ajfa-7952	37	40	1998	1998	NUM
ajfa-7952	37	41	for	for	ADP
ajfa-7952	37	42	the	the	DET
ajfa-7952	37	43	sample	sample	NOUN
ajfa-7952	37	44	.	.	PUNCT
ajfa-7952	38	1	to	to	PART
ajfa-7952	38	2	avoid	avoid	VERB
ajfa-7952	38	3	any	any	DET
ajfa-7952	38	4	distortion	distortion	NOUN
ajfa-7952	38	5	effect	effect	NOUN
ajfa-7952	38	6	of	of	ADP
ajfa-7952	38	7	really	really	ADV
ajfa-7952	38	8	small	small	ADJ
ajfa-7952	38	9	companies	company	NOUN
ajfa-7952	38	10	in	in	ADP
ajfa-7952	38	11	calculating	calculate	VERB
ajfa-7952	38	12	the	the	DET
ajfa-7952	38	13	excess	excess	ADJ
ajfa-7952	38	14	value	value	NOUN
ajfa-7952	38	15	,	,	PUNCT
ajfa-7952	38	16	i	i	PRON
ajfa-7952	38	17	exclude	exclude	VERB
ajfa-7952	38	18	firms	firm	NOUN
ajfa-7952	38	19	with	with	ADP
ajfa-7952	38	20	sales	sale	NOUN
ajfa-7952	38	21	revenue	revenue	NOUN
ajfa-7952	38	22	less	less	ADJ
ajfa-7952	38	23	than	than	ADP
ajfa-7952	38	24	$	$	SYM
ajfa-7952	38	25	20	20	NUM
ajfa-7952	38	26	million	million	NUM
ajfa-7952	38	27	.	.	PUNCT
ajfa-7952	39	1	i	i	PRON
ajfa-7952	39	2	also	also	ADV
ajfa-7952	39	3	exclude	exclude	VERB
ajfa-7952	39	4	firms	firm	NOUN
ajfa-7952	39	5	with	with	ADP
ajfa-7952	39	6	any	any	DET
ajfa-7952	39	7	segment	segment	NOUN
ajfa-7952	39	8	operating	operate	VERB
ajfa-7952	39	9	in	in	ADP
ajfa-7952	39	10	the	the	DET
ajfa-7952	39	11	financial	financial	ADJ
ajfa-7952	39	12	industry	industry	NOUN
ajfa-7952	39	13	(	(	PUNCT
ajfa-7952	39	14	sic	sic	ADJ
ajfa-7952	39	15	code	code	NOUN
ajfa-7952	39	16	6000	6000	NUM
ajfa-7952	39	17	-	-	SYM
ajfa-7952	39	18	6999	6999	NUM
ajfa-7952	39	19	)	)	PUNCT
ajfa-7952	39	20	,	,	PUNCT
ajfa-7952	39	21	those	those	PRON
ajfa-7952	39	22	in	in	ADP
ajfa-7952	39	23	other	other	ADJ
ajfa-7952	39	24	regulated	regulated	ADJ
ajfa-7952	39	25	utilities	utility	NOUN
ajfa-7952	39	26	(	(	PUNCT
ajfa-7952	39	27	sic	sic	ADJ
ajfa-7952	39	28	code	code	NOUN
ajfa-7952	39	29	4900	4900	NUM
ajfa-7952	39	30	-	-	SYM
ajfa-7952	39	31	4999	4999	NUM
ajfa-7952	39	32	)	)	PUNCT
ajfa-7952	39	33	and	and	CCONJ
ajfa-7952	39	34	those	those	PRON
ajfa-7952	39	35	that	that	PRON
ajfa-7952	39	36	are	be	AUX
ajfa-7952	39	37	listed	list	VERB
ajfa-7952	39	38	as	as	ADP
ajfa-7952	39	39	american	american	ADJ
ajfa-7952	39	40	depository	depository	NOUN
ajfa-7952	39	41	receipts	receipt	NOUN
ajfa-7952	39	42	(	(	PUNCT
ajfa-7952	39	43	adrs	adr	NOUN
ajfa-7952	39	44	)	)	PUNCT
ajfa-7952	39	45	.	.	PUNCT
ajfa-7952	40	1	i	i	PRON
ajfa-7952	40	2	also	also	ADV
ajfa-7952	40	3	removed	remove	VERB
ajfa-7952	40	4	firms	firm	NOUN
ajfa-7952	40	5	lacking	lack	VERB
ajfa-7952	40	6	the	the	DET
ajfa-7952	40	7	needed	need	VERB
ajfa-7952	40	8	information	information	NOUN
ajfa-7952	40	9	in	in	ADP
ajfa-7952	40	10	calculating	calculate	VERB
ajfa-7952	40	11	market	market	NOUN
ajfa-7952	40	12	-	-	PUNCT
ajfa-7952	40	13	to	to	ADP
ajfa-7952	40	14	-	-	PUNCT
ajfa-7952	40	15	sales	sale	NOUN
ajfa-7952	40	16	ratio	ratio	NOUN
ajfa-7952	40	17	.	.	PUNCT
ajfa-7952	41	1	i	i	PRON
ajfa-7952	41	2	define	define	VERB
ajfa-7952	41	3	diversified	diversified	ADJ
ajfa-7952	41	4	firms	firm	NOUN
ajfa-7952	41	5	as	as	ADP
ajfa-7952	41	6	those	those	DET
ajfa-7952	41	7	firms	firm	NOUN
ajfa-7952	41	8	reporting	report	VERB
ajfa-7952	41	9	at	at	ADP
ajfa-7952	41	10	least	least	ADV
ajfa-7952	41	11	two	two	NUM
ajfa-7952	41	12	segments	segment	NOUN
ajfa-7952	41	13	running	run	VERB
ajfa-7952	41	14	in	in	ADP
ajfa-7952	41	15	different	different	ADJ
ajfa-7952	41	16	three	three	NUM
ajfa-7952	41	17	-	-	PUNCT
ajfa-7952	41	18	figure	figure	NOUN
ajfa-7952	41	19	,	,	PUNCT
ajfa-7952	41	20	standard	standard	ADJ
ajfa-7952	41	21	industrial	industrial	ADJ
ajfa-7952	41	22	classification	classification	NOUN
ajfa-7952	41	23	(	(	PUNCT
ajfa-7952	41	24	sic	sic	ADJ
ajfa-7952	41	25	)	)	PUNCT
ajfa-7952	41	26	codes	code	NOUN
ajfa-7952	41	27	.	.	PUNCT
ajfa-7952	42	1	i	i	PRON
ajfa-7952	42	2	define	define	VERB
ajfa-7952	42	3	focused	focused	ADJ
ajfa-7952	42	4	firms	firm	NOUN
ajfa-7952	42	5	as	as	SCONJ
ajfa-7952	42	6	those	those	DET
ajfa-7952	42	7	firms	firm	NOUN
ajfa-7952	42	8	reporting	report	VERB
ajfa-7952	42	9	only	only	ADV
ajfa-7952	42	10	one	one	NUM
ajfa-7952	42	11	section	section	NOUN
ajfa-7952	42	12	.	.	PUNCT
ajfa-7952	43	1	i	i	PRON
ajfa-7952	43	2	leave	leave	VERB
ajfa-7952	43	3	out	out	ADP
ajfa-7952	43	4	any	any	DET
ajfa-7952	43	5	multiple	multiple	ADJ
ajfa-7952	43	6	segment	segment	NOUN
ajfa-7952	43	7	firms	firm	NOUN
ajfa-7952	43	8	reported	report	VERB
ajfa-7952	43	9	segments	segment	NOUN
ajfa-7952	43	10	operating	operate	VERB
ajfa-7952	43	11	in	in	ADP
ajfa-7952	43	12	the	the	DET
ajfa-7952	43	13	same	same	ADJ
ajfa-7952	43	14	three	three	NUM
ajfa-7952	43	15	-	-	PUNCT
ajfa-7952	43	16	digit	digit	NOUN
ajfa-7952	43	17	sic	sic	ADJ
ajfa-7952	43	18	codes.i	codes.i	NOUN
ajfa-7952	43	19	therefore	therefore	ADV
ajfa-7952	43	20	,	,	PUNCT
ajfa-7952	43	21	by	by	ADP
ajfa-7952	43	22	definition	definition	NOUN
ajfa-7952	43	23	,	,	PUNCT
ajfa-7952	43	24	diversified	diversified	ADJ
ajfa-7952	43	25	firms	firm	NOUN
ajfa-7952	43	26	in	in	ADP
ajfa-7952	43	27	our	our	PRON
ajfa-7952	43	28	sample	sample	NOUN
ajfa-7952	43	29	consist	consist	NOUN
ajfa-7952	43	30	of	of	ADP
ajfa-7952	43	31	pure	pure	ADJ
ajfa-7952	43	32	conglomerates	conglomerate	NOUN
ajfa-7952	43	33	operating	operate	VERB
ajfa-7952	43	34	in	in	ADP
ajfa-7952	43	35	unrelated	unrelated	ADJ
ajfa-7952	43	36	industries	industry	NOUN
ajfa-7952	43	37	.	.	PUNCT
ajfa-7952	44	1	for	for	ADP
ajfa-7952	44	2	these	these	DET
ajfa-7952	44	3	diversified	diversified	ADJ
ajfa-7952	44	4	firms	firm	NOUN
ajfa-7952	44	5	,	,	PUNCT
ajfa-7952	44	6	i	i	PRON
ajfa-7952	44	7	eliminate	eliminate	VERB
ajfa-7952	44	8	segments	segment	NOUN
ajfa-7952	44	9	entitled	entitle	VERB
ajfa-7952	44	10	“	"	PUNCT
ajfa-7952	44	11	corporate	corporate	ADJ
ajfa-7952	44	12	”	"	PUNCT
ajfa-7952	44	13	,	,	PUNCT
ajfa-7952	44	14	“	"	PUNCT
ajfa-7952	44	15	allocation	allocation	NOUN
ajfa-7952	44	16	”	"	PUNCT
ajfa-7952	44	17	,	,	PUNCT
ajfa-7952	44	18	“	"	PUNCT
ajfa-7952	44	19	inter	inter	ADJ
ajfa-7952	44	20	-	-	ADJ
ajfa-7952	44	21	segment	segment	ADJ
ajfa-7952	44	22	allocation	allocation	NOUN
ajfa-7952	44	23	”	"	PUNCT
ajfa-7952	44	24	,	,	PUNCT
ajfa-7952	44	25	and	and	CCONJ
ajfa-7952	44	26	“	"	PUNCT
ajfa-7952	44	27	others	other	NOUN
ajfa-7952	44	28	”	"	PUNCT
ajfa-7952	44	29	.	.	PUNCT
ajfa-7952	45	1	these	these	DET
ajfa-7952	45	2	segments	segment	NOUN
ajfa-7952	45	3	are	be	AUX
ajfa-7952	45	4	non	non	ADJ
ajfa-7952	45	5	-	-	ADJ
ajfa-7952	45	6	economic	economic	ADJ
ajfa-7952	45	7	activities	activity	NOUN
ajfa-7952	45	8	representing	represent	VERB
ajfa-7952	45	9	unallocated	unallocated	ADJ
ajfa-7952	45	10	amount	amount	NOUN
ajfa-7952	45	11	in	in	ADP
ajfa-7952	45	12	segment	segment	NOUN
ajfa-7952	45	13	sales	sale	NOUN
ajfa-7952	45	14	,	,	PUNCT
ajfa-7952	45	15	segment	segment	NOUN
ajfa-7952	45	16	assets	asset	NOUN
ajfa-7952	45	17	and	and	CCONJ
ajfa-7952	45	18	segment	segment	NOUN
ajfa-7952	45	19	operating	operating	NOUN
ajfa-7952	45	20	profits	profit	NOUN
ajfa-7952	45	21	.	.	PUNCT
ajfa-7952	46	1	after	after	ADP
ajfa-7952	46	2	elimination	elimination	NOUN
ajfa-7952	46	3	of	of	ADP
ajfa-7952	46	4	the	the	DET
ajfa-7952	46	5	non	non	ADJ
ajfa-7952	46	6	-	-	ADJ
ajfa-7952	46	7	economic	economic	ADJ
ajfa-7952	46	8	segments	segment	NOUN
ajfa-7952	46	9	,	,	PUNCT
ajfa-7952	46	10	i	i	PRON
ajfa-7952	46	11	exclude	exclude	VERB
ajfa-7952	46	12	diversified	diversified	ADJ
ajfa-7952	46	13	firms	firm	NOUN
ajfa-7952	46	14	in	in	ADP
ajfa-7952	46	15	which	which	PRON
ajfa-7952	46	16	the	the	DET
ajfa-7952	46	17	sum	sum	NOUN
ajfa-7952	46	18	of	of	ADP
ajfa-7952	46	19	segment	segment	NOUN
ajfa-7952	46	20	sales	sale	NOUN
ajfa-7952	46	21	deviates	deviate	VERB
ajfa-7952	46	22	by	by	ADP
ajfa-7952	46	23	more	more	ADJ
ajfa-7952	46	24	than	than	ADP
ajfa-7952	46	25	1	1	NUM
ajfa-7952	46	26	%	%	NOUN
ajfa-7952	46	27	from	from	ADP
ajfa-7952	46	28	the	the	DET
ajfa-7952	46	29	total	total	ADJ
ajfa-7952	46	30	sales	sale	NOUN
ajfa-7952	46	31	of	of	ADP
ajfa-7952	46	32	the	the	DET
ajfa-7952	46	33	firm	firm	NOUN
ajfa-7952	46	34	.	.	PUNCT
ajfa-7952	47	1	under	under	ADP
ajfa-7952	47	2	sfas	sfas	PROPN
ajfa-7952	47	3	no	no	INTJ
ajfa-7952	47	4	.	.	PROPN
ajfa-7952	47	5	141	141	NUM
ajfa-7952	47	6	,	,	PUNCT
ajfa-7952	47	7	a	a	DET
ajfa-7952	47	8	firm	firm	NOUN
ajfa-7952	47	9	is	be	AUX
ajfa-7952	47	10	required	require	VERB
ajfa-7952	47	11	to	to	PART
ajfa-7952	47	12	provide	provide	VERB
ajfa-7952	47	13	two	two	NUM
ajfa-7952	47	14	additional	additional	ADJ
ajfa-7952	47	15	years	year	NOUN
ajfa-7952	47	16	of	of	ADP
ajfa-7952	47	17	back	back	NOUN
ajfa-7952	47	18	-	-	PUNCT
ajfa-7952	47	19	date	date	NOUN
ajfa-7952	47	20	on	on	ADP
ajfa-7952	47	21	segment	segment	NOUN
ajfa-7952	47	22	information	information	NOUN
ajfa-7952	47	23	.	.	PUNCT
ajfa-7952	48	1	if	if	SCONJ
ajfa-7952	48	2	the	the	DET
ajfa-7952	48	3	reported	report	VERB
ajfa-7952	48	4	segments	segment	NOUN
ajfa-7952	48	5	are	be	AUX
ajfa-7952	48	6	converted	convert	VERB
ajfa-7952	48	7	from	from	ADP
ajfa-7952	48	8	the	the	DET
ajfa-7952	48	9	original	original	ADJ
ajfa-7952	48	10	data	datum	NOUN
ajfa-7952	48	11	year	year	NOUN
ajfa-7952	48	12	,	,	PUNCT
ajfa-7952	48	13	the	the	DET
ajfa-7952	48	14	back	back	NOUN
ajfa-7952	48	15	-	-	PUNCT
ajfa-7952	48	16	data	datum	NOUN
ajfa-7952	48	17	could	could	AUX
ajfa-7952	48	18	be	be	AUX
ajfa-7952	48	19	substantially	substantially	ADV
ajfa-7952	48	20	different	different	ADJ
ajfa-7952	48	21	from	from	ADP
ajfa-7952	48	22	the	the	DET
ajfa-7952	48	23	original	original	ADJ
ajfa-7952	48	24	segment	segment	NOUN
ajfa-7952	48	25	data	datum	NOUN
ajfa-7952	48	26	.	.	PUNCT
ajfa-7952	49	1	therefore	therefore	ADV
ajfa-7952	49	2	,	,	PUNCT
ajfa-7952	49	3	i	i	PRON
ajfa-7952	49	4	used	use	VERB
ajfa-7952	49	5	segment	segment	NOUN
ajfa-7952	49	6	data	datum	NOUN
ajfa-7952	49	7	which	which	PRON
ajfa-7952	49	8	have	have	VERB
ajfa-7952	49	9	source	source	NOUN
ajfa-7952	49	10	year	year	NOUN
ajfa-7952	49	11	matched	match	VERB
ajfa-7952	49	12	with	with	ADP
ajfa-7952	49	13	data	datum	NOUN
ajfa-7952	49	14	year	year	NOUN
ajfa-7952	49	15	.	.	PUNCT
ajfa-7952	50	1	2.2	2.2	NUM
ajfa-7952	50	2	estimation	estimation	NOUN
ajfa-7952	50	3	of	of	ADP
ajfa-7952	50	4	diversification	diversification	NOUN
ajfa-7952	50	5	discount	discount	VERB
ajfa-7952	50	6	the	the	DET
ajfa-7952	50	7	excess	excess	ADJ
ajfa-7952	50	8	value	value	NOUN
ajfa-7952	50	9	of	of	ADP
ajfa-7952	50	10	a	a	DET
ajfa-7952	50	11	diversified	diversify	VERB
ajfa-7952	50	12	firm	firm	NOUN
ajfa-7952	50	13	is	be	AUX
ajfa-7952	50	14	defined	define	VERB
ajfa-7952	50	15	similar	similar	ADJ
ajfa-7952	50	16	to	to	ADP
ajfa-7952	50	17	lang	lang	PROPN
ajfa-7952	50	18	and	and	CCONJ
ajfa-7952	50	19	stulz	stulz	ADJ
ajfa-7952	50	20	(	(	PUNCT
ajfa-7952	50	21	1994	1994	NUM
ajfa-7952	50	22	)	)	PUNCT
ajfa-7952	50	23	,	,	PUNCT
ajfa-7952	50	24	rajan	rajan	PROPN
ajfa-7952	50	25	,	,	PUNCT
ajfa-7952	50	26	servaes	servaes	NOUN
ajfa-7952	50	27	,	,	PUNCT
ajfa-7952	50	28	and	and	CCONJ
ajfa-7952	50	29	zingales	zingale	NOUN
ajfa-7952	50	30	(	(	PUNCT
ajfa-7952	50	31	2000	2000	NUM
ajfa-7952	50	32	)	)	PUNCT
ajfa-7952	50	33	,	,	PUNCT
ajfa-7952	50	34	and	and	CCONJ
ajfa-7952	50	35	villalonga	villalonga	ADJ
ajfa-7952	50	36	(	(	PUNCT
ajfa-7952	50	37	2004	2004	NUM
ajfa-7952	50	38	)	)	PUNCT
ajfa-7952	50	39	.	.	PUNCT
ajfa-7952	51	1	following	follow	VERB
ajfa-7952	51	2	rajan	rajan	PROPN
ajfa-7952	51	3	,	,	PUNCT
ajfa-7952	51	4	servaes	servaes	NOUN
ajfa-7952	51	5	,	,	PUNCT
ajfa-7952	51	6	and	and	CCONJ
ajfa-7952	51	7	zingales	zingale	NOUN
ajfa-7952	51	8	(	(	PUNCT
ajfa-7952	51	9	2001	2001	NUM
ajfa-7952	51	10	)	)	PUNCT
ajfa-7952	51	11	,	,	PUNCT
ajfa-7952	51	12	i	i	PRON
ajfa-7952	51	13	compute	compute	VERB
ajfa-7952	51	14	the	the	DET
ajfa-7952	51	15	excess	excess	ADJ
ajfa-7952	51	16	value	value	NOUN
ajfa-7952	51	17	as	as	SCONJ
ajfa-7952	51	18	the	the	DET
ajfa-7952	51	19	natural	natural	ADJ
ajfa-7952	51	20	log	log	NOUN
ajfa-7952	51	21	of	of	ADP
ajfa-7952	51	22	the	the	DET
ajfa-7952	51	23	tobin	tobin	NOUN
ajfa-7952	51	24	’s	’s	PART
ajfa-7952	51	25	q	q	PROPN
ajfa-7952	51	26	of	of	ADP
ajfa-7952	51	27	the	the	DET
ajfa-7952	51	28	firm	firm	NOUN
ajfa-7952	51	29	divided	divide	VERB
ajfa-7952	51	30	by	by	ADP
ajfa-7952	51	31	its	its	PRON
ajfa-7952	51	32	imputed	impute	VERB
ajfa-7952	51	33	q.	q.	PROPN
ajfa-7952	51	34	tobin	tobin	PROPN
ajfa-7952	51	35	’s	’s	PART
ajfa-7952	51	36	is	be	AUX
ajfa-7952	51	37	proxied	proxie	VERB
ajfa-7952	51	38	by	by	ADP
ajfa-7952	51	39	market	market	NOUN
ajfa-7952	51	40	value	value	NOUN
ajfa-7952	51	41	to	to	ADP
ajfa-7952	51	42	sales	sale	NOUN
ajfa-7952	51	43	ratio	ratio	NOUN
ajfa-7952	51	44	.	.	PUNCT
ajfa-7952	52	1	imputed	impute	VERB
ajfa-7952	52	2	q	q	NOUN
ajfa-7952	52	3	is	be	AUX
ajfa-7952	52	4	calculated	calculate	VERB
ajfa-7952	52	5	as	as	SCONJ
ajfa-7952	52	6	the	the	DET
ajfa-7952	52	7	sales	sale	NOUN
ajfa-7952	52	8	weighted	weight	VERB
ajfa-7952	52	9	sum	sum	NOUN
ajfa-7952	52	10	of	of	ADP
ajfa-7952	52	11	the	the	DET
ajfa-7952	52	12	ratio	ratio	NOUN
ajfa-7952	52	13	of	of	ADP
ajfa-7952	52	14	the	the	DET
ajfa-7952	52	15	market	market	NOUN
ajfa-7952	52	16	value	value	NOUN
ajfa-7952	52	17	of	of	ADP
ajfa-7952	52	18	sales	sale	NOUN
ajfa-7952	52	19	for	for	ADP
ajfa-7952	52	20	single	single	ADJ
ajfa-7952	52	21	-	-	PUNCT
ajfa-7952	52	22	segment	segment	NOUN
ajfa-7952	52	23	firms	firm	NOUN
ajfa-7952	52	24	in	in	ADP
ajfa-7952	52	25	the	the	DET
ajfa-7952	52	26	same	same	ADJ
ajfa-7952	52	27	industry	industry	NOUN
ajfa-7952	52	28	.	.	PUNCT
ajfa-7952	53	1	specifically	specifically	ADV
ajfa-7952	53	2	,	,	PUNCT
ajfa-7952	53	3	the	the	DET
ajfa-7952	53	4	excess	excess	ADJ
ajfa-7952	53	5	value	value	NOUN
ajfa-7952	53	6	of	of	ADP
ajfa-7952	53	7	the	the	DET
ajfa-7952	53	8	firm	firm	NOUN
ajfa-7952	53	9	is	be	AUX
ajfa-7952	53	10	defined	define	VERB
ajfa-7952	53	11	as	as	SCONJ
ajfa-7952	53	12	follows	follow	VERB
ajfa-7952	53	13	:	:	PUNCT
ajfa-7952	53	14	rsz	rsz	VERB
ajfa-7952	53	15	1	1	NUM
ajfa-7952	53	16	sales	sale	NOUN
ajfa-7952	53	17	based	base	VERB
ajfa-7952	53	18	excess	excess	ADJ
ajfa-7952	53	19	value	value	NOUN
ajfa-7952	53	20	(	(	PUNCT
ajfa-7952	53	21	ev	ev	INTJ
ajfa-7952	53	22	)	)	PUNCT
ajfa-7952	54	1	d	d	PROPN
ajfa-7952	54	2	ssn	ssn	PROPN
ajfa-7952	54	3	j	j	PROPN
ajfa-7952	54	4	j	j	PROPN
ajfa-7952	54	5	j	j	PROPN
ajfa-7952	54	6	m	m	VERB
ajfa-7952	54	7	v	v	NOUN
ajfa-7952	54	8	s	s	X
ajfa-7952	55	1	sm	sm	NOUN
ajfa-7952	55	2	v	v	NOUN
ajfa-7952	55	3	s	s	NOUN
ajfa-7952	55	4	s=	s=	NOUN
ajfa-7952	55	5			NOUN
ajfa-7952	55	6			PROPN
ajfa-7952	56	1			PROPN
ajfa-7952	56	2			PROPN
ajfa-7952	56	3			PROPN
ajfa-7952	56	4	=	=	PROPN
ajfa-7952	56	5			NOUN
ajfa-7952	56	6			PROPN
ajfa-7952	56	7	×	×	PROPN
ajfa-7952	56	8			PROPN
ajfa-7952	56	9			PROPN
ajfa-7952	56	10			NOUN
ajfa-7952	56	11			X
ajfa-7952	56	12	(	(	PUNCT
ajfa-7952	56	13	mv	mv	NOUN
ajfa-7952	56	14	/	/	SYM
ajfa-7952	56	15	s)d	s)d	NOUN
ajfa-7952	56	16	is	be	AUX
ajfa-7952	56	17	the	the	DET
ajfa-7952	56	18	market	market	NOUN
ajfa-7952	56	19	value	value	NOUN
ajfa-7952	56	20	of	of	ADP
ajfa-7952	56	21	a	a	DET
ajfa-7952	56	22	firm	firm	NOUN
ajfa-7952	56	23	divided	divide	VERB
ajfa-7952	56	24	by	by	ADP
ajfa-7952	56	25	sales	sale	NOUN
ajfa-7952	56	26	.	.	PUNCT
ajfa-7952	57	1	sj	sj	PROPN
ajfa-7952	57	2	is	be	AUX
ajfa-7952	57	3	the	the	DET
ajfa-7952	57	4	end	end	VERB
ajfa-7952	57	5	-	-	PUNCT
ajfa-7952	57	6	of	of	ADP
ajfa-7952	57	7	-	-	PUNCT
ajfa-7952	57	8	the	the	DET
ajfa-7952	57	9	-	-	PUNCT
ajfa-7952	57	10	year	year	NOUN
ajfa-7952	57	11	sales	sale	NOUN
ajfa-7952	57	12	of	of	ADP
ajfa-7952	57	13	segment	segment	NOUN
ajfa-7952	57	14	j	j	PROPN
ajfa-7952	57	15	and	and	CCONJ
ajfa-7952	57	16	n	n	PROPN
ajfa-7952	57	17	is	be	AUX
ajfa-7952	57	18	the	the	DET
ajfa-7952	57	19	number	number	NOUN
ajfa-7952	57	20	of	of	ADP
ajfa-7952	57	21	segments	segment	NOUN
ajfa-7952	57	22	.	.	PUNCT
ajfa-7952	58	1	the	the	DET
ajfa-7952	58	2	market	market	NOUN
ajfa-7952	58	3	value	value	NOUN
ajfa-7952	58	4	of	of	ADP
ajfa-7952	58	5	a	a	DET
ajfa-7952	58	6	firm	firm	NOUN
ajfa-7952	58	7	is	be	AUX
ajfa-7952	58	8	the	the	DET
ajfa-7952	58	9	book	book	NOUN
ajfa-7952	58	10	value	value	NOUN
ajfa-7952	58	11	of	of	ADP
ajfa-7952	58	12	assets	asset	NOUN
ajfa-7952	58	13	plus	plus	CCONJ
ajfa-7952	58	14	the	the	DET
ajfa-7952	58	15	market	market	NOUN
ajfa-7952	58	16	value	value	NOUN
ajfa-7952	58	17	of	of	ADP
ajfa-7952	58	18	common	common	ADJ
ajfa-7952	58	19	equity	equity	NOUN
ajfa-7952	58	20	minus	minus	ADP
ajfa-7952	58	21	the	the	DET
ajfa-7952	58	22	sum	sum	NOUN
ajfa-7952	58	23	of	of	ADP
ajfa-7952	58	24	the	the	DET
ajfa-7952	58	25	book	book	NOUN
ajfa-7952	58	26	value	value	NOUN
ajfa-7952	58	27	of	of	ADP
ajfa-7952	58	28	common	common	ADJ
ajfa-7952	58	29	equity	equity	NOUN
ajfa-7952	58	30	and	and	CCONJ
ajfa-7952	58	31	balance	balance	NOUN
ajfa-7952	58	32	sheet	sheet	NOUN
ajfa-7952	58	33	deferred	defer	VERB
ajfa-7952	58	34	tax	tax	NOUN
ajfa-7952	58	35	.	.	PUNCT
ajfa-7952	59	1	imputed	impute	VERB
ajfa-7952	59	2	values	value	NOUN
ajfa-7952	59	3	are	be	AUX
ajfa-7952	59	4	calculated	calculate	VERB
ajfa-7952	59	5	as	as	SCONJ
ajfa-7952	59	6	the	the	DET
ajfa-7952	59	7	sales	sale	NOUN
ajfa-7952	59	8	weighted	weight	VERB
ajfa-7952	59	9	asian	asian	ADJ
ajfa-7952	59	10	journal	journal	NOUN
ajfa-7952	59	11	of	of	ADP
ajfa-7952	59	12	finance	finance	PROPN
ajfa-7952	59	13	&	&	CCONJ
ajfa-7952	59	14	accounting	accounting	PROPN
ajfa-7952	59	15	issn	issn	PROPN
ajfa-7952	59	16	1946	1946	NUM
ajfa-7952	59	17	-	-	PUNCT
ajfa-7952	59	18	052x	052x	NOUN
ajfa-7952	59	19	2015	2015	NUM
ajfa-7952	59	20	,	,	PUNCT
ajfa-7952	59	21	vol	vol	NOUN
ajfa-7952	59	22	.	.	PROPN
ajfa-7952	60	1	7	7	NUM
ajfa-7952	60	2	,	,	PUNCT
ajfa-7952	60	3	no	no	INTJ
ajfa-7952	60	4	.	.	NOUN
ajfa-7952	60	5	2	2	NUM
ajfa-7952	60	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7952	60	7	61	61	NUM
ajfa-7952	60	8	sum	sum	NOUN
ajfa-7952	60	9	of	of	ADP
ajfa-7952	60	10	the	the	DET
ajfa-7952	60	11	ratio	ratio	NOUN
ajfa-7952	60	12	of	of	ADP
ajfa-7952	60	13	the	the	DET
ajfa-7952	60	14	market	market	NOUN
ajfa-7952	60	15	value	value	NOUN
ajfa-7952	60	16	to	to	ADP
ajfa-7952	60	17	sales	sale	NOUN
ajfa-7952	60	18	for	for	ADP
ajfa-7952	60	19	single	single	ADJ
ajfa-7952	60	20	-	-	PUNCT
ajfa-7952	60	21	segment	segment	NOUN
ajfa-7952	60	22	firms	firm	NOUN
ajfa-7952	60	23	in	in	ADP
ajfa-7952	60	24	the	the	DET
ajfa-7952	60	25	same	same	ADJ
ajfa-7952	60	26	industry	industry	NOUN
ajfa-7952	60	27	.	.	PUNCT
ajfa-7952	61	1	thus	thus	ADV
ajfa-7952	61	2	,	,	PUNCT
ajfa-7952	61	3	(	(	PUNCT
ajfa-7952	61	4	mv	mv	NOUN
ajfa-7952	61	5	/	/	SYM
ajfa-7952	61	6	s)ssj	s)ssj	NOUN
ajfa-7952	61	7	is	be	AUX
ajfa-7952	61	8	the	the	DET
ajfa-7952	61	9	median	median	ADJ
ajfa-7952	61	10	market	market	NOUN
ajfa-7952	61	11	-	-	PUNCT
ajfa-7952	61	12	to	to	ADP
ajfa-7952	61	13	-	-	PUNCT
ajfa-7952	61	14	sales	sale	NOUN
ajfa-7952	61	15	ratio	ratio	NOUN
ajfa-7952	61	16	of	of	ADP
ajfa-7952	61	17	single	single	ADJ
ajfa-7952	61	18	segment	segment	NOUN
ajfa-7952	61	19	firms	firm	NOUN
ajfa-7952	61	20	in	in	ADP
ajfa-7952	61	21	the	the	DET
ajfa-7952	61	22	same	same	ADJ
ajfa-7952	61	23	industry	industry	NOUN
ajfa-7952	61	24	of	of	ADP
ajfa-7952	61	25	j	j	PROPN
ajfa-7952	61	26	segment	segment	NOUN
ajfa-7952	61	27	.	.	PUNCT
ajfa-7952	62	1	i	i	PRON
ajfa-7952	62	2	match	match	VERB
ajfa-7952	62	3	each	each	DET
ajfa-7952	62	4	segment	segment	NOUN
ajfa-7952	62	5	of	of	ADP
ajfa-7952	62	6	a	a	DET
ajfa-7952	62	7	diversified	diversified	ADJ
ajfa-7952	62	8	firm	firm	NOUN
ajfa-7952	62	9	with	with	ADP
ajfa-7952	62	10	the	the	DET
ajfa-7952	62	11	industry	industry	NOUN
ajfa-7952	62	12	median	median	NOUN
ajfa-7952	62	13	value	value	NOUN
ajfa-7952	62	14	of	of	ADP
ajfa-7952	62	15	single	single	ADJ
ajfa-7952	62	16	segment	segment	NOUN
ajfa-7952	62	17	firms	firm	NOUN
ajfa-7952	62	18	.	.	PUNCT
ajfa-7952	63	1	industry	industry	NOUN
ajfa-7952	63	2	is	be	AUX
ajfa-7952	63	3	defined	define	VERB
ajfa-7952	63	4	at	at	ADP
ajfa-7952	63	5	the	the	DET
ajfa-7952	63	6	4	4	NUM
ajfa-7952	63	7	-	-	PUNCT
ajfa-7952	63	8	digit	digit	NOUN
ajfa-7952	63	9	sic	sic	ADJ
ajfa-7952	63	10	level	level	NOUN
ajfa-7952	63	11	provided	provide	VERB
ajfa-7952	63	12	that	that	SCONJ
ajfa-7952	63	13	there	there	PRON
ajfa-7952	63	14	are	be	VERB
ajfa-7952	63	15	at	at	ADV
ajfa-7952	63	16	least	least	ADJ
ajfa-7952	63	17	five	five	NUM
ajfa-7952	63	18	single	single	ADJ
ajfa-7952	63	19	-	-	PUNCT
ajfa-7952	63	20	segment	segment	NOUN
ajfa-7952	63	21	firms	firm	NOUN
ajfa-7952	63	22	in	in	ADP
ajfa-7952	63	23	the	the	DET
ajfa-7952	63	24	industry	industry	NOUN
ajfa-7952	63	25	.	.	PUNCT
ajfa-7952	64	1	if	if	SCONJ
ajfa-7952	64	2	there	there	PRON
ajfa-7952	64	3	are	be	VERB
ajfa-7952	64	4	fewer	few	ADJ
ajfa-7952	64	5	than	than	ADP
ajfa-7952	64	6	five	five	NUM
ajfa-7952	64	7	single	single	ADJ
ajfa-7952	64	8	-	-	PUNCT
ajfa-7952	64	9	segment	segment	NOUN
ajfa-7952	64	10	firms	firm	NOUN
ajfa-7952	64	11	in	in	ADP
ajfa-7952	64	12	a	a	DET
ajfa-7952	64	13	4	4	NUM
ajfa-7952	64	14	-	-	PUNCT
ajfa-7952	64	15	digit	digit	NOUN
ajfa-7952	64	16	sic	sic	ADJ
ajfa-7952	64	17	industry	industry	NOUN
ajfa-7952	64	18	,	,	PUNCT
ajfa-7952	64	19	i	i	PRON
ajfa-7952	64	20	define	define	VERB
ajfa-7952	64	21	industry	industry	NOUN
ajfa-7952	64	22	at	at	ADP
ajfa-7952	64	23	the	the	DET
ajfa-7952	64	24	3	3	NUM
ajfa-7952	64	25	-	-	PUNCT
ajfa-7952	64	26	digit	digit	NOUN
ajfa-7952	64	27	sic	sic	ADJ
ajfa-7952	64	28	level	level	NOUN
ajfa-7952	64	29	and	and	CCONJ
ajfa-7952	64	30	then	then	ADV
ajfa-7952	64	31	2	2	NUM
ajfa-7952	64	32	-	-	PUNCT
ajfa-7952	64	33	digit	digit	NOUN
ajfa-7952	64	34	sic	sic	ADJ
ajfa-7952	64	35	level	level	NOUN
ajfa-7952	64	36	.	.	PUNCT
ajfa-7952	65	1	i	i	PRON
ajfa-7952	65	2	winsorize	winsorize	VERB
ajfa-7952	65	3	excess	excess	ADJ
ajfa-7952	65	4	values	value	NOUN
ajfa-7952	65	5	as	as	ADV
ajfa-7952	65	6	well	well	ADV
ajfa-7952	65	7	as	as	ADP
ajfa-7952	65	8	all	all	DET
ajfa-7952	65	9	other	other	ADJ
ajfa-7952	65	10	final	final	ADJ
ajfa-7952	65	11	variables	variable	NOUN
ajfa-7952	65	12	at	at	ADP
ajfa-7952	65	13	the	the	DET
ajfa-7952	65	14	1st	1st	ADJ
ajfa-7952	65	15	and	and	CCONJ
ajfa-7952	65	16	99th	99th	ADJ
ajfa-7952	65	17	percentiles	percentile	NOUN
ajfa-7952	65	18	.	.	PUNCT
ajfa-7952	66	1	i	i	PRON
ajfa-7952	66	2	also	also	ADV
ajfa-7952	66	3	use	use	VERB
ajfa-7952	66	4	the	the	DET
ajfa-7952	66	5	excess	excess	ADJ
ajfa-7952	66	6	value	value	NOUN
ajfa-7952	66	7	calculated	calculate	VERB
ajfa-7952	66	8	according	accord	VERB
ajfa-7952	66	9	to	to	ADP
ajfa-7952	66	10	berger	berger	PROPN
ajfa-7952	66	11	and	and	CCONJ
ajfa-7952	66	12	ofek	ofek	PROPN
ajfa-7952	66	13	's	's	PART
ajfa-7952	66	14	(	(	PUNCT
ajfa-7952	66	15	1995	1995	NUM
ajfa-7952	66	16	)	)	PUNCT
ajfa-7952	66	17	sales	sale	NOUN
ajfa-7952	66	18	multiple	multiple	ADJ
ajfa-7952	66	19	approach	approach	NOUN
ajfa-7952	66	20	and	and	CCONJ
ajfa-7952	66	21	yield	yield	VERB
ajfa-7952	66	22	similar	similar	ADJ
ajfa-7952	66	23	results	result	NOUN
ajfa-7952	66	24	.	.	PUNCT
ajfa-7952	67	1	this	this	DET
ajfa-7952	67	2	selection	selection	NOUN
ajfa-7952	67	3	process	process	NOUN
ajfa-7952	67	4	resulted	result	VERB
ajfa-7952	67	5	in	in	ADP
ajfa-7952	67	6	a	a	DET
ajfa-7952	67	7	final	final	ADJ
ajfa-7952	67	8	sample	sample	NOUN
ajfa-7952	67	9	of	of	ADP
ajfa-7952	67	10	8,147	8,147	NUM
ajfa-7952	67	11	firm	firm	ADJ
ajfa-7952	67	12	-	-	PUNCT
ajfa-7952	67	13	year	year	NOUN
ajfa-7952	67	14	observations	observation	NOUN
ajfa-7952	67	15	and	and	CCONJ
ajfa-7952	67	16	a	a	DET
ajfa-7952	67	17	total	total	NOUN
ajfa-7952	67	18	of	of	ADP
ajfa-7952	67	19	22,632	22,632	NUM
ajfa-7952	67	20	segment	segment	NOUN
ajfa-7952	67	21	-	-	PUNCT
ajfa-7952	67	22	year	year	NOUN
ajfa-7952	67	23	observations	observation	NOUN
ajfa-7952	67	24	.	.	PUNCT
ajfa-7952	68	1	on	on	ADP
ajfa-7952	68	2	average	average	ADJ
ajfa-7952	68	3	,	,	PUNCT
ajfa-7952	68	4	the	the	DET
ajfa-7952	68	5	diversified	diversified	ADJ
ajfa-7952	68	6	firms	firm	NOUN
ajfa-7952	68	7	report	report	VERB
ajfa-7952	68	8	2.8	2.8	NUM
ajfa-7952	68	9	segments	segment	NOUN
ajfa-7952	68	10	with	with	ADP
ajfa-7952	68	11	a	a	DET
ajfa-7952	68	12	median	median	NOUN
ajfa-7952	68	13	of	of	ADP
ajfa-7952	68	14	3.0	3.0	NUM
ajfa-7952	68	15	segments	segment	NOUN
ajfa-7952	68	16	.	.	PUNCT
ajfa-7952	69	1	over	over	ADP
ajfa-7952	69	2	the	the	DET
ajfa-7952	69	3	entire	entire	ADJ
ajfa-7952	69	4	sample	sample	NOUN
ajfa-7952	69	5	period	period	NOUN
ajfa-7952	69	6	,	,	PUNCT
ajfa-7952	69	7	diversified	diversified	ADJ
ajfa-7952	69	8	firms	firm	NOUN
ajfa-7952	69	9	are	be	AUX
ajfa-7952	69	10	trading	trade	VERB
ajfa-7952	69	11	at	at	ADP
ajfa-7952	69	12	a	a	DET
ajfa-7952	69	13	discount	discount	NOUN
ajfa-7952	69	14	:	:	PUNCT
ajfa-7952	69	15	average	average	ADJ
ajfa-7952	69	16	(	(	PUNCT
ajfa-7952	69	17	median	median	ADJ
ajfa-7952	69	18	)	)	PUNCT
ajfa-7952	69	19	excess	excess	ADJ
ajfa-7952	69	20	value	value	NOUN
ajfa-7952	69	21	is	be	AUX
ajfa-7952	69	22	-0.0988	-0.0988	VERB
ajfa-7952	69	23	(	(	PUNCT
ajfa-7952	69	24	-0.0942	-0.0942	VERB
ajfa-7952	69	25	)	)	PUNCT
ajfa-7952	69	26	.	.	PUNCT
ajfa-7952	70	1	the	the	DET
ajfa-7952	70	2	purpose	purpose	NOUN
ajfa-7952	70	3	of	of	ADP
ajfa-7952	70	4	calculating	calculate	VERB
ajfa-7952	70	5	excess	excess	ADJ
ajfa-7952	70	6	value	value	NOUN
ajfa-7952	70	7	is	be	AUX
ajfa-7952	70	8	to	to	PART
ajfa-7952	70	9	provide	provide	VERB
ajfa-7952	70	10	an	an	DET
ajfa-7952	70	11	unbiased	unbiased	ADJ
ajfa-7952	70	12	estimate	estimate	NOUN
ajfa-7952	70	13	of	of	ADP
ajfa-7952	70	14	the	the	DET
ajfa-7952	70	15	value	value	NOUN
ajfa-7952	70	16	of	of	ADP
ajfa-7952	70	17	the	the	DET
ajfa-7952	70	18	conglomerate	conglomerate	NOUN
ajfa-7952	70	19	when	when	SCONJ
ajfa-7952	70	20	the	the	DET
ajfa-7952	70	21	segments	segment	NOUN
ajfa-7952	70	22	operated	operate	VERB
ajfa-7952	70	23	as	as	SCONJ
ajfa-7952	70	24	if	if	SCONJ
ajfa-7952	70	25	they	they	PRON
ajfa-7952	70	26	are	be	AUX
ajfa-7952	70	27	independent	independent	ADJ
ajfa-7952	70	28	firms	firm	NOUN
ajfa-7952	70	29	.	.	PUNCT
ajfa-7952	71	1	i	i	PRON
ajfa-7952	71	2	make	make	VERB
ajfa-7952	71	3	several	several	ADJ
ajfa-7952	71	4	choices	choice	NOUN
ajfa-7952	71	5	based	base	VERB
ajfa-7952	71	6	on	on	ADP
ajfa-7952	71	7	previous	previous	ADJ
ajfa-7952	71	8	findings	finding	NOUN
ajfa-7952	71	9	to	to	PART
ajfa-7952	71	10	minimize	minimize	VERB
ajfa-7952	71	11	the	the	DET
ajfa-7952	71	12	possibility	possibility	NOUN
ajfa-7952	71	13	of	of	ADP
ajfa-7952	71	14	biased	biased	ADJ
ajfa-7952	71	15	statistics	statistic	NOUN
ajfa-7952	71	16	.	.	PUNCT
ajfa-7952	72	1	first	first	ADV
ajfa-7952	72	2	,	,	PUNCT
ajfa-7952	72	3	i	i	PRON
ajfa-7952	72	4	match	match	VERB
ajfa-7952	72	5	segments	segment	NOUN
ajfa-7952	72	6	with	with	ADP
ajfa-7952	72	7	industry	industry	NOUN
ajfa-7952	72	8	median	median	NOUN
ajfa-7952	72	9	instead	instead	ADV
ajfa-7952	72	10	of	of	ADP
ajfa-7952	72	11	sales	sale	NOUN
ajfa-7952	72	12	or	or	CCONJ
ajfa-7952	72	13	asset	asset	NOUN
ajfa-7952	72	14	weighted	weight	VERB
ajfa-7952	72	15	mean	mean	ADJ
ajfa-7952	72	16	.	.	PUNCT
ajfa-7952	73	1	i	i	PRON
ajfa-7952	73	2	prefer	prefer	VERB
ajfa-7952	73	3	to	to	PART
ajfa-7952	73	4	use	use	VERB
ajfa-7952	73	5	industry	industry	NOUN
ajfa-7952	73	6	median	median	NOUN
ajfa-7952	73	7	over	over	ADP
ajfa-7952	73	8	weighted	weighted	ADJ
ajfa-7952	73	9	mean	mean	VERB
ajfa-7952	73	10	because	because	SCONJ
ajfa-7952	73	11	the	the	DET
ajfa-7952	73	12	median	median	NOUN
ajfa-7952	73	13	is	be	AUX
ajfa-7952	73	14	less	less	ADV
ajfa-7952	73	15	subject	subject	ADJ
ajfa-7952	73	16	to	to	ADP
ajfa-7952	73	17	the	the	DET
ajfa-7952	73	18	size	size	NOUN
ajfa-7952	73	19	effect	effect	NOUN
ajfa-7952	73	20	.	.	PUNCT
ajfa-7952	74	1	it	it	PRON
ajfa-7952	74	2	is	be	AUX
ajfa-7952	74	3	possible	possible	ADJ
ajfa-7952	74	4	that	that	SCONJ
ajfa-7952	74	5	the	the	DET
ajfa-7952	74	6	mean	mean	ADJ
ajfa-7952	74	7	value	value	NOUN
ajfa-7952	74	8	is	be	AUX
ajfa-7952	74	9	driven	drive	VERB
ajfa-7952	74	10	by	by	ADP
ajfa-7952	74	11	large	large	ADJ
ajfa-7952	74	12	and	and	CCONJ
ajfa-7952	74	13	,	,	PUNCT
ajfa-7952	74	14	presumably	presumably	ADV
ajfa-7952	74	15	,	,	PUNCT
ajfa-7952	74	16	more	more	ADV
ajfa-7952	74	17	successful	successful	ADJ
ajfa-7952	74	18	single	single	ADJ
ajfa-7952	74	19	segment	segment	NOUN
ajfa-7952	74	20	firms	firm	NOUN
ajfa-7952	74	21	resulting	result	VERB
ajfa-7952	74	22	in	in	ADP
ajfa-7952	74	23	a	a	DET
ajfa-7952	74	24	downward	downward	ADJ
ajfa-7952	74	25	bias	bias	NOUN
ajfa-7952	74	26	in	in	ADP
ajfa-7952	74	27	the	the	DET
ajfa-7952	74	28	calculated	calculated	ADJ
ajfa-7952	74	29	excess	excess	ADJ
ajfa-7952	74	30	value	value	NOUN
ajfa-7952	74	31	.	.	PUNCT
ajfa-7952	75	1	in	in	ADP
ajfa-7952	75	2	fact	fact	NOUN
ajfa-7952	75	3	,	,	PUNCT
ajfa-7952	75	4	when	when	SCONJ
ajfa-7952	75	5	i	i	PRON
ajfa-7952	75	6	use	use	VERB
ajfa-7952	75	7	weighted	weight	VERB
ajfa-7952	75	8	averages	average	NOUN
ajfa-7952	75	9	instead	instead	ADV
ajfa-7952	75	10	of	of	ADP
ajfa-7952	75	11	median	median	ADJ
ajfa-7952	75	12	value	value	NOUN
ajfa-7952	75	13	of	of	ADP
ajfa-7952	75	14	focused	focused	ADJ
ajfa-7952	75	15	firms	firm	NOUN
ajfa-7952	75	16	,	,	PUNCT
ajfa-7952	75	17	the	the	DET
ajfa-7952	75	18	resulting	result	VERB
ajfa-7952	75	19	excess	excess	ADJ
ajfa-7952	75	20	value	value	NOUN
ajfa-7952	75	21	is	be	AUX
ajfa-7952	75	22	more	more	ADV
ajfa-7952	75	23	negative	negative	ADJ
ajfa-7952	75	24	.	.	PUNCT
ajfa-7952	76	1	second	second	ADJ
ajfa-7952	76	2	,	,	PUNCT
ajfa-7952	76	3	the	the	DET
ajfa-7952	76	4	sample	sample	NOUN
ajfa-7952	76	5	of	of	ADP
ajfa-7952	76	6	diversified	diversified	ADJ
ajfa-7952	76	7	firms	firm	NOUN
ajfa-7952	76	8	confined	confine	VERB
ajfa-7952	76	9	to	to	ADP
ajfa-7952	76	10	conglomerate	conglomerate	NOUN
ajfa-7952	76	11	having	have	VERB
ajfa-7952	76	12	segments	segment	NOUN
ajfa-7952	76	13	operating	operate	VERB
ajfa-7952	76	14	at	at	ADV
ajfa-7952	76	15	least	least	ADV
ajfa-7952	76	16	two	two	NUM
ajfa-7952	76	17	different	different	ADJ
ajfa-7952	76	18	industries	industry	NOUN
ajfa-7952	76	19	and	and	CCONJ
ajfa-7952	76	20	exclude	exclude	VERB
ajfa-7952	76	21	firms	firm	NOUN
ajfa-7952	76	22	with	with	ADP
ajfa-7952	76	23	multiple	multiple	ADJ
ajfa-7952	76	24	segments	segment	NOUN
ajfa-7952	76	25	in	in	ADP
ajfa-7952	76	26	the	the	DET
ajfa-7952	76	27	same	same	ADJ
ajfa-7952	76	28	industry	industry	NOUN
ajfa-7952	76	29	at	at	ADP
ajfa-7952	76	30	the	the	DET
ajfa-7952	76	31	three	three	NUM
ajfa-7952	76	32	-	-	PUNCT
ajfa-7952	76	33	digit	digit	NOUN
ajfa-7952	76	34	sic	sic	ADJ
ajfa-7952	76	35	level	level	NOUN
ajfa-7952	76	36	.	.	PUNCT
ajfa-7952	77	1	third	third	ADJ
ajfa-7952	77	2	,	,	PUNCT
ajfa-7952	77	3	i	i	PRON
ajfa-7952	77	4	prefer	prefer	VERB
ajfa-7952	77	5	to	to	PART
ajfa-7952	77	6	use	use	VERB
ajfa-7952	77	7	segment	segment	NOUN
ajfa-7952	77	8	sales	sale	NOUN
ajfa-7952	77	9	instead	instead	ADV
ajfa-7952	77	10	of	of	ADP
ajfa-7952	77	11	segment	segment	NOUN
ajfa-7952	77	12	assets	asset	NOUN
ajfa-7952	77	13	or	or	CCONJ
ajfa-7952	77	14	net	net	ADJ
ajfa-7952	77	15	income	income	NOUN
ajfa-7952	77	16	.	.	PUNCT
ajfa-7952	78	1	segment	segment	NOUN
ajfa-7952	78	2	assets	asset	NOUN
ajfa-7952	78	3	tend	tend	VERB
ajfa-7952	78	4	to	to	PART
ajfa-7952	78	5	be	be	AUX
ajfa-7952	78	6	under	under	ADV
ajfa-7952	78	7	-	-	PUNCT
ajfa-7952	78	8	allocated	allocate	VERB
ajfa-7952	78	9	across	across	ADP
ajfa-7952	78	10	segments	segment	NOUN
ajfa-7952	78	11	and	and	CCONJ
ajfa-7952	78	12	segment	segment	NOUN
ajfa-7952	78	13	net	net	ADJ
ajfa-7952	78	14	income	income	NOUN
ajfa-7952	78	15	is	be	AUX
ajfa-7952	78	16	subject	subject	ADJ
ajfa-7952	78	17	to	to	ADP
ajfa-7952	78	18	earnings	earning	NOUN
ajfa-7952	78	19	manipulation	manipulation	NOUN
ajfa-7952	78	20	.	.	PUNCT
ajfa-7952	79	1	3	3	X
ajfa-7952	79	2	.	.	X
ajfa-7952	79	3	sfas	sfas	PROPN
ajfa-7952	79	4	no	no	INTJ
ajfa-7952	79	5	.	.	PROPN
ajfa-7952	80	1	131	131	NUM
ajfa-7952	80	2	and	and	CCONJ
ajfa-7952	80	3	the	the	DET
ajfa-7952	80	4	diversification	diversification	NOUN
ajfa-7952	80	5	discount	discount	NOUN
ajfa-7952	80	6	table	table	NOUN
ajfa-7952	80	7	1	1	NUM
ajfa-7952	80	8	reports	report	VERB
ajfa-7952	80	9	our	our	PRON
ajfa-7952	80	10	measure	measure	NOUN
ajfa-7952	80	11	of	of	ADP
ajfa-7952	80	12	excess	excess	ADJ
ajfa-7952	80	13	value	value	NOUN
ajfa-7952	80	14	in	in	ADP
ajfa-7952	80	15	each	each	DET
ajfa-7952	80	16	year	year	NOUN
ajfa-7952	80	17	from	from	ADP
ajfa-7952	80	18	1992–2003	1992–2003	NUM
ajfa-7952	80	19	.	.	PUNCT
ajfa-7952	81	1	i	i	PRON
ajfa-7952	81	2	confirm	confirm	VERB
ajfa-7952	81	3	a	a	DET
ajfa-7952	81	4	significant	significant	ADJ
ajfa-7952	81	5	diversification	diversification	NOUN
ajfa-7952	81	6	discount	discount	NOUN
ajfa-7952	81	7	in	in	ADP
ajfa-7952	81	8	the	the	DET
ajfa-7952	81	9	overall	overall	ADJ
ajfa-7952	81	10	period	period	NOUN
ajfa-7952	81	11	.	.	PUNCT
ajfa-7952	82	1	the	the	DET
ajfa-7952	82	2	excess	excess	ADJ
ajfa-7952	82	3	value	value	NOUN
ajfa-7952	82	4	of	of	ADP
ajfa-7952	82	5	diversified	diversified	ADJ
ajfa-7952	82	6	firms	firm	NOUN
ajfa-7952	82	7	continues	continue	VERB
ajfa-7952	82	8	to	to	PART
ajfa-7952	82	9	be	be	AUX
ajfa-7952	82	10	discounted	discount	VERB
ajfa-7952	82	11	under	under	ADP
ajfa-7952	82	12	the	the	DET
ajfa-7952	82	13	new	new	ADJ
ajfa-7952	82	14	segment	segment	NOUN
ajfa-7952	82	15	reporting	reporting	NOUN
ajfa-7952	82	16	standards	standard	NOUN
ajfa-7952	82	17	.	.	PUNCT
ajfa-7952	83	1	the	the	DET
ajfa-7952	83	2	result	result	NOUN
ajfa-7952	83	3	suggests	suggest	VERB
ajfa-7952	83	4	that	that	SCONJ
ajfa-7952	83	5	excess	excess	ADJ
ajfa-7952	83	6	value	value	NOUN
ajfa-7952	83	7	calculated	calculate	VERB
ajfa-7952	83	8	under	under	ADP
ajfa-7952	83	9	sfas	sfas	NOUN
ajfa-7952	84	1	no	no	INTJ
ajfa-7952	84	2	.	.	PROPN
ajfa-7952	85	1	14	14	NUM
ajfa-7952	85	2	does	do	AUX
ajfa-7952	85	3	correctly	correctly	ADV
ajfa-7952	85	4	capture	capture	VERB
ajfa-7952	85	5	the	the	DET
ajfa-7952	85	6	discount	discount	NOUN
ajfa-7952	85	7	in	in	ADP
ajfa-7952	85	8	diversified	diversified	ADJ
ajfa-7952	85	9	firms	firm	NOUN
ajfa-7952	85	10	.	.	PUNCT
ajfa-7952	86	1	the	the	DET
ajfa-7952	86	2	magnitude	magnitude	NOUN
ajfa-7952	86	3	of	of	ADP
ajfa-7952	86	4	the	the	DET
ajfa-7952	86	5	diversification	diversification	NOUN
ajfa-7952	86	6	discount	discount	NOUN
ajfa-7952	86	7	is	be	AUX
ajfa-7952	86	8	significantly	significantly	ADV
ajfa-7952	86	9	greater	great	ADJ
ajfa-7952	86	10	after	after	ADP
ajfa-7952	86	11	the	the	DET
ajfa-7952	86	12	change	change	NOUN
ajfa-7952	86	13	in	in	ADP
ajfa-7952	86	14	segment	segment	NOUN
ajfa-7952	86	15	reporting	reporting	NOUN
ajfa-7952	86	16	standards	standard	NOUN
ajfa-7952	86	17	to	to	PART
ajfa-7952	86	18	sfas	sfas	VERB
ajfa-7952	86	19	no	no	DET
ajfa-7952	86	20	131	131	NUM
ajfa-7952	86	21	.	.	PUNCT
ajfa-7952	87	1	the	the	DET
ajfa-7952	87	2	excess	excess	ADJ
ajfa-7952	87	3	value	value	NOUN
ajfa-7952	87	4	is	be	AUX
ajfa-7952	87	5	on	on	ADP
ajfa-7952	87	6	average	average	ADJ
ajfa-7952	87	7	-0.05	-0.05	NOUN
ajfa-7952	87	8	under	under	ADP
ajfa-7952	87	9	sfas	sfas	NOUN
ajfa-7952	87	10	no	no	INTJ
ajfa-7952	87	11	.	.	PROPN
ajfa-7952	87	12	14	14	NUM
ajfa-7952	88	1	and	and	CCONJ
ajfa-7952	88	2	it	it	PRON
ajfa-7952	88	3	is	be	AUX
ajfa-7952	88	4	-0.14	-0.14	NUM
ajfa-7952	88	5	under	under	ADP
ajfa-7952	88	6	sfas	sfas	NOUN
ajfa-7952	88	7	no	no	INTJ
ajfa-7952	88	8	.	.	PROPN
ajfa-7952	89	1	131	131	NUM
ajfa-7952	89	2	.	.	PUNCT
ajfa-7952	90	1	the	the	DET
ajfa-7952	90	2	differences	difference	NOUN
ajfa-7952	90	3	in	in	ADP
ajfa-7952	90	4	the	the	DET
ajfa-7952	90	5	mean	mean	ADJ
ajfa-7952	90	6	and	and	CCONJ
ajfa-7952	90	7	median	median	ADJ
ajfa-7952	90	8	excess	excess	ADJ
ajfa-7952	90	9	value	value	NOUN
ajfa-7952	90	10	in	in	ADP
ajfa-7952	90	11	the	the	DET
ajfa-7952	90	12	two	two	NUM
ajfa-7952	90	13	periods	period	NOUN
ajfa-7952	90	14	are	be	AUX
ajfa-7952	90	15	statistically	statistically	ADV
ajfa-7952	90	16	significant	significant	ADJ
ajfa-7952	90	17	at	at	ADP
ajfa-7952	90	18	the	the	DET
ajfa-7952	90	19	1	1	NUM
ajfa-7952	90	20	%	%	NOUN
ajfa-7952	90	21	significance	significance	NOUN
ajfa-7952	90	22	level	level	NOUN
ajfa-7952	90	23	.	.	PUNCT
ajfa-7952	91	1	the	the	DET
ajfa-7952	91	2	significant	significant	ADJ
ajfa-7952	91	3	increase	increase	NOUN
ajfa-7952	91	4	in	in	ADP
ajfa-7952	91	5	the	the	DET
ajfa-7952	91	6	diversification	diversification	NOUN
ajfa-7952	91	7	discount	discount	NOUN
ajfa-7952	91	8	after	after	ADP
ajfa-7952	91	9	year	year	NOUN
ajfa-7952	91	10	1998	1998	NUM
ajfa-7952	91	11	could	could	AUX
ajfa-7952	91	12	represent	represent	VERB
ajfa-7952	91	13	the	the	DET
ajfa-7952	91	14	impact	impact	NOUN
ajfa-7952	91	15	of	of	ADP
ajfa-7952	91	16	the	the	DET
ajfa-7952	91	17	segment	segment	NOUN
ajfa-7952	91	18	reporting	reporting	NOUN
ajfa-7952	91	19	change	change	NOUN
ajfa-7952	91	20	,	,	PUNCT
ajfa-7952	91	21	the	the	DET
ajfa-7952	91	22	change	change	NOUN
ajfa-7952	91	23	in	in	ADP
ajfa-7952	91	24	characteristics	characteristic	NOUN
ajfa-7952	91	25	of	of	ADP
ajfa-7952	91	26	diversification	diversification	NOUN
ajfa-7952	91	27	,	,	PUNCT
ajfa-7952	91	28	or	or	CCONJ
ajfa-7952	91	29	both	both	PRON
ajfa-7952	91	30	.	.	PUNCT
ajfa-7952	92	1	asian	asian	ADJ
ajfa-7952	92	2	journal	journal	PROPN
ajfa-7952	92	3	of	of	ADP
ajfa-7952	92	4	finance	finance	PROPN
ajfa-7952	92	5	&	&	CCONJ
ajfa-7952	92	6	accounting	accounting	PROPN
ajfa-7952	92	7	issn	issn	PROPN
ajfa-7952	92	8	1946	1946	NUM
ajfa-7952	92	9	-	-	PUNCT
ajfa-7952	92	10	052x	052x	NOUN
ajfa-7952	92	11	2015	2015	NUM
ajfa-7952	92	12	,	,	PUNCT
ajfa-7952	92	13	vol	vol	NOUN
ajfa-7952	92	14	.	.	PROPN
ajfa-7952	92	15	7	7	NUM
ajfa-7952	92	16	,	,	PUNCT
ajfa-7952	92	17	no	no	INTJ
ajfa-7952	92	18	.	.	NOUN
ajfa-7952	92	19	2	2	NUM
ajfa-7952	92	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-7952	92	21	62	62	NUM
ajfa-7952	92	22	table	table	NOUN
ajfa-7952	92	23	1	1	NUM
ajfa-7952	92	24	.	.	PUNCT
ajfa-7952	92	25	excess	excess	ADJ
ajfa-7952	92	26	value	value	NOUN
ajfa-7952	92	27	of	of	ADP
ajfa-7952	92	28	diversified	diversified	ADJ
ajfa-7952	92	29	firms	firm	NOUN
ajfa-7952	92	30	over	over	ADP
ajfa-7952	92	31	time	time	NOUN
ajfa-7952	92	32	under	under	ADP
ajfa-7952	92	33	sfas	sfas	NOUN
ajfa-7952	92	34	#	#	SYM
ajfa-7952	92	35	14	14	NUM
ajfa-7952	92	36	(	(	PUNCT
ajfa-7952	92	37	1992	1992	NUM
ajfa-7952	92	38	-	-	SYM
ajfa-7952	92	39	1997	1997	NUM
ajfa-7952	92	40	)	)	PUNCT
ajfa-7952	92	41	under	under	ADP
ajfa-7952	92	42	sfas	sfas	NOUN
ajfa-7952	92	43	#	#	SYM
ajfa-7952	92	44	131	131	NUM
ajfa-7952	92	45	(	(	PUNCT
ajfa-7952	92	46	1998	1998	NUM
ajfa-7952	92	47	-	-	SYM
ajfa-7952	92	48	2003	2003	NUM
ajfa-7952	92	49	)	)	PUNCT
ajfa-7952	92	50	year	year	NOUN
ajfa-7952	92	51	n	n	CCONJ
ajfa-7952	92	52	evrsz	evrsz	ADJ
ajfa-7952	92	53	year	year	NOUN
ajfa-7952	92	54	n	n	ADP
ajfa-7952	92	55	evrsz	evrsz	ADJ
ajfa-7952	92	56	1992	1992	NUM
ajfa-7952	92	57	618	618	NUM
ajfa-7952	92	58	-0.0191	-0.0191	NOUN
ajfa-7952	92	59	[	[	X
ajfa-7952	92	60	-0.0390	-0.0390	X
ajfa-7952	92	61	]	]	X
ajfa-7952	92	62	1998	1998	NUM
ajfa-7952	92	63	865	865	NUM
ajfa-7952	92	64	-0.0050	-0.0050	PUNCT
ajfa-7952	93	1	[	[	X
ajfa-7952	93	2	-0.0474	-0.0474	X
ajfa-7952	93	3	]	]	PUNCT
ajfa-7952	93	4	1993	1993	NUM
ajfa-7952	93	5	599	599	NUM
ajfa-7952	93	6	-0.0449b	-0.0449b	PROPN
ajfa-7952	94	1	[	[	X
ajfa-7952	94	2	-0.0522]a	-0.0522]a	X
ajfa-7952	94	3	1999	1999	NUM
ajfa-7952	94	4	858	858	NUM
ajfa-7952	94	5	-0.1127a	-0.1127a	NOUN
ajfa-7952	95	1	[	[	X
ajfa-7952	95	2	-0.1295]a	-0.1295]a	X
ajfa-7952	95	3	1994	1994	NUM
ajfa-7952	95	4	610	610	NUM
ajfa-7952	95	5	-0.0612a	-0.0612a	PROPN
ajfa-7952	95	6	[	[	X
ajfa-7952	95	7	-0.0713]a	-0.0713]a	SYM
ajfa-7952	95	8	2000	2000	NUM
ajfa-7952	95	9	820	820	NUM
ajfa-7952	95	10	-0.1894a	-0.1894a	PUNCT
ajfa-7952	96	1	[	[	X
ajfa-7952	96	2	-0.2051]a	-0.2051]a	NUM
ajfa-7952	96	3	1995	1995	NUM
ajfa-7952	96	4	635	635	NUM
ajfa-7952	96	5	-0.0507b	-0.0507b	NOUN
ajfa-7952	97	1	[	[	X
ajfa-7952	97	2	-0.0453]a	-0.0453]a	X
ajfa-7952	97	3	2001	2001	NUM
ajfa-7952	97	4	715	715	NUM
ajfa-7952	97	5	-0.2182a	-0.2182a	PROPN
ajfa-7952	97	6	[	[	X
ajfa-7952	97	7	-0.2165]a	-0.2165]a	X
ajfa-7952	97	8	1996	1996	NUM
ajfa-7952	97	9	611	611	NUM
ajfa-7952	97	10	-0.0754a	-0.0754a	NOUN
ajfa-7952	97	11	[	[	X
ajfa-7952	97	12	-0.0668]a	-0.0668]a	X
ajfa-7952	97	13	2002	2002	NUM
ajfa-7952	97	14	641	641	NUM
ajfa-7952	97	15	-0.1174a	-0.1174a	ADJ
ajfa-7952	98	1	[	[	X
ajfa-7952	98	2	-0.1123]a	-0.1123]a	PROPN
ajfa-7952	98	3	1997	1997	NUM
ajfa-7952	98	4	577	577	NUM
ajfa-7952	98	5	-0.0489b	-0.0489b	PUNCT
ajfa-7952	99	1	[	[	X
ajfa-7952	99	2	-0.0465]b	-0.0465]b	PROPN
ajfa-7952	99	3	2003	2003	NUM
ajfa-7952	99	4	598	598	NUM
ajfa-7952	99	5	-0.2269a	-0.2269a	NOUN
ajfa-7952	99	6	[	[	X
ajfa-7952	99	7	-0.1947]a	-0.1947]a	X
ajfa-7952	99	8	mean	mean	VERB
ajfa-7952	100	1	[	[	X
ajfa-7952	100	2	median	median	NOUN
ajfa-7952	100	3	]	]	X
ajfa-7952	100	4	3,650	3,650	NUM
ajfa-7952	100	5	-0.0498a	-0.0498a	NOUN
ajfa-7952	101	1	[	[	X
ajfa-7952	101	2	-0.0538]a	-0.0538]a	NOUN
ajfa-7952	101	3	mean	mean	VERB
ajfa-7952	102	1	[	[	X
ajfa-7952	102	2	median	median	NOUN
ajfa-7952	102	3	]	]	X
ajfa-7952	102	4	4,497	4,497	NUM
ajfa-7952	102	5	-0.1386a	-0.1386a	NOUN
ajfa-7952	103	1	[	[	X
ajfa-7952	103	2	-0.1341]a	-0.1341]a	X
ajfa-7952	103	3	the	the	DET
ajfa-7952	103	4	number	number	NOUN
ajfa-7952	103	5	of	of	ADP
ajfa-7952	103	6	diversified	diversified	ADJ
ajfa-7952	103	7	firms	firm	NOUN
ajfa-7952	103	8	,	,	PUNCT
ajfa-7952	103	9	excess	excess	ADJ
ajfa-7952	103	10	value	value	NOUN
ajfa-7952	103	11	of	of	ADP
ajfa-7952	103	12	diversified	diversified	ADJ
ajfa-7952	103	13	firms	firm	NOUN
ajfa-7952	103	14	each	each	DET
ajfa-7952	103	15	year	year	NOUN
ajfa-7952	103	16	,	,	PUNCT
ajfa-7952	103	17	and	and	CCONJ
ajfa-7952	103	18	the	the	DET
ajfa-7952	103	19	percentage	percentage	NOUN
ajfa-7952	103	20	of	of	ADP
ajfa-7952	103	21	discount	discount	NOUN
ajfa-7952	103	22	firms	firm	NOUN
ajfa-7952	103	23	.	.	PUNCT
ajfa-7952	104	1	evrsz	evrsz	NOUN
ajfa-7952	104	2	is	be	AUX
ajfa-7952	104	3	the	the	DET
ajfa-7952	104	4	natural	natural	ADJ
ajfa-7952	104	5	log	log	NOUN
ajfa-7952	104	6	of	of	ADP
ajfa-7952	104	7	the	the	DET
ajfa-7952	104	8	ratio	ratio	NOUN
ajfa-7952	104	9	of	of	ADP
ajfa-7952	104	10	the	the	DET
ajfa-7952	104	11	market	market	NOUN
ajfa-7952	104	12	value	value	NOUN
ajfa-7952	104	13	of	of	ADP
ajfa-7952	104	14	total	total	ADJ
ajfa-7952	104	15	capital	capital	NOUN
ajfa-7952	104	16	to	to	ADP
ajfa-7952	104	17	sales	sale	NOUN
ajfa-7952	104	18	for	for	ADP
ajfa-7952	104	19	the	the	DET
ajfa-7952	104	20	firm	firm	NOUN
ajfa-7952	104	21	divided	divide	VERB
ajfa-7952	104	22	by	by	ADP
ajfa-7952	104	23	that	that	PRON
ajfa-7952	104	24	of	of	ADP
ajfa-7952	104	25	a	a	DET
ajfa-7952	104	26	sales	sale	NOUN
ajfa-7952	104	27	-	-	PUNCT
ajfa-7952	104	28	weighted	weight	VERB
ajfa-7952	104	29	portfolio	portfolio	NOUN
ajfa-7952	104	30	of	of	ADP
ajfa-7952	104	31	focused	focused	ADJ
ajfa-7952	104	32	firms	firm	NOUN
ajfa-7952	104	33	operating	operate	VERB
ajfa-7952	104	34	in	in	ADP
ajfa-7952	104	35	the	the	DET
ajfa-7952	104	36	narrowest	narrow	ADJ
ajfa-7952	104	37	sic	sic	ADJ
ajfa-7952	104	38	industry	industry	NOUN
ajfa-7952	104	39	.	.	PUNCT
ajfa-7952	105	1	a	a	DET
ajfa-7952	105	2	,	,	PUNCT
ajfa-7952	105	3	b	b	NOUN
ajfa-7952	105	4	,	,	PUNCT
ajfa-7952	105	5	c	c	PROPN
ajfa-7952	105	6	denote	denote	NOUN
ajfa-7952	105	7	significance	significance	NOUN
ajfa-7952	105	8	at	at	ADP
ajfa-7952	105	9	the	the	DET
ajfa-7952	105	10	1	1	NUM
ajfa-7952	105	11	%	%	NOUN
ajfa-7952	105	12	,	,	PUNCT
ajfa-7952	105	13	5	5	NUM
ajfa-7952	105	14	%	%	NOUN
ajfa-7952	105	15	,	,	PUNCT
ajfa-7952	105	16	and	and	CCONJ
ajfa-7952	105	17	10	10	NUM
ajfa-7952	105	18	%	%	NOUN
ajfa-7952	105	19	levels	level	NOUN
ajfa-7952	105	20	,	,	PUNCT
ajfa-7952	105	21	respectively	respectively	ADV
ajfa-7952	105	22	.	.	PUNCT
ajfa-7952	106	1	the	the	DET
ajfa-7952	106	2	sample	sample	NOUN
ajfa-7952	106	3	includes	include	VERB
ajfa-7952	106	4	8,147	8,147	NUM
ajfa-7952	106	5	firm	firm	ADJ
ajfa-7952	106	6	-	-	PUNCT
ajfa-7952	106	7	year	year	NOUN
ajfa-7952	106	8	observations	observation	NOUN
ajfa-7952	106	9	of	of	ADP
ajfa-7952	106	10	diversified	diversified	ADJ
ajfa-7952	106	11	firms	firm	NOUN
ajfa-7952	106	12	between	between	ADP
ajfa-7952	106	13	1992	1992	NUM
ajfa-7952	106	14	and	and	CCONJ
ajfa-7952	106	15	2003	2003	NUM
ajfa-7952	106	16	.	.	PUNCT
ajfa-7952	107	1	diversified	diversified	ADJ
ajfa-7952	107	2	firms	firm	NOUN
ajfa-7952	107	3	are	be	AUX
ajfa-7952	107	4	defined	define	VERB
ajfa-7952	107	5	as	as	ADP
ajfa-7952	107	6	firms	firm	NOUN
ajfa-7952	107	7	with	with	ADP
ajfa-7952	107	8	at	at	ADV
ajfa-7952	107	9	least	least	ADV
ajfa-7952	107	10	two	two	NUM
ajfa-7952	107	11	segments	segment	NOUN
ajfa-7952	107	12	operating	operate	VERB
ajfa-7952	107	13	in	in	ADP
ajfa-7952	107	14	different	different	ADJ
ajfa-7952	107	15	3	3	NUM
ajfa-7952	107	16	-	-	PUNCT
ajfa-7952	107	17	digit	digit	NOUN
ajfa-7952	107	18	sic	sic	ADJ
ajfa-7952	107	19	codes	code	NOUN
ajfa-7952	107	20	.	.	PUNCT
ajfa-7952	108	1	one	one	NUM
ajfa-7952	108	2	possible	possible	ADJ
ajfa-7952	108	3	explanation	explanation	NOUN
ajfa-7952	108	4	for	for	ADP
ajfa-7952	108	5	the	the	DET
ajfa-7952	108	6	increase	increase	NOUN
ajfa-7952	108	7	in	in	ADP
ajfa-7952	108	8	the	the	DET
ajfa-7952	108	9	diversification	diversification	NOUN
ajfa-7952	108	10	discount	discount	NOUN
ajfa-7952	108	11	under	under	ADP
ajfa-7952	108	12	sfas	sfas	NOUN
ajfa-7952	108	13	no	no	INTJ
ajfa-7952	108	14	.	.	PUNCT
ajfa-7952	109	1	131	131	NUM
ajfa-7952	109	2	is	be	AUX
ajfa-7952	109	3	that	that	SCONJ
ajfa-7952	109	4	the	the	DET
ajfa-7952	109	5	changes	change	NOUN
ajfa-7952	109	6	in	in	ADP
ajfa-7952	109	7	firms	firm	NOUN
ajfa-7952	109	8	'	'	PART
ajfa-7952	109	9	environment	environment	NOUN
ajfa-7952	109	10	trigger	trigger	NOUN
ajfa-7952	109	11	the	the	DET
ajfa-7952	109	12	increase	increase	NOUN
ajfa-7952	109	13	of	of	ADP
ajfa-7952	109	14	diversity	diversity	NOUN
ajfa-7952	109	15	leading	lead	VERB
ajfa-7952	109	16	to	to	ADP
ajfa-7952	109	17	deeper	deep	ADJ
ajfa-7952	109	18	discount.ii	discount.ii	ADP
ajfa-7952	109	19	alternatively	alternatively	ADV
ajfa-7952	109	20	,	,	PUNCT
ajfa-7952	109	21	sfas	sfas	NOUN
ajfa-7952	109	22	no	no	INTJ
ajfa-7952	109	23	.	.	NOUN
ajfa-7952	110	1	14	14	NUM
ajfa-7952	110	2	under	under	ADP
ajfa-7952	110	3	-	-	PUNCT
ajfa-7952	110	4	identifies	identifie	NOUN
ajfa-7952	110	5	segments	segment	NOUN
ajfa-7952	110	6	and	and	CCONJ
ajfa-7952	110	7	the	the	DET
ajfa-7952	110	8	adopting	adopt	VERB
ajfa-7952	110	9	sfas	sfas	NOUN
ajfa-7952	110	10	no	no	INTJ
ajfa-7952	110	11	.	.	PUNCT
ajfa-7952	111	1	131	131	NUM
ajfa-7952	111	2	corrects	correct	VERB
ajfa-7952	111	3	the	the	DET
ajfa-7952	111	4	under	under	NOUN
ajfa-7952	111	5	-	-	PUNCT
ajfa-7952	111	6	identification	identification	NOUN
ajfa-7952	111	7	problem	problem	NOUN
ajfa-7952	111	8	.	.	PUNCT
ajfa-7952	112	1	to	to	PART
ajfa-7952	112	2	find	find	VERB
ajfa-7952	112	3	out	out	ADP
ajfa-7952	112	4	these	these	DET
ajfa-7952	112	5	possibilities	possibility	NOUN
ajfa-7952	112	6	,	,	PUNCT
ajfa-7952	112	7	i	i	PRON
ajfa-7952	112	8	compare	compare	VERB
ajfa-7952	112	9	changes	change	NOUN
ajfa-7952	112	10	in	in	ADP
ajfa-7952	112	11	firm	firm	ADJ
ajfa-7952	112	12	value	value	NOUN
ajfa-7952	112	13	in	in	ADP
ajfa-7952	112	14	the	the	DET
ajfa-7952	112	15	two	two	NUM
ajfa-7952	112	16	stops	stop	NOUN
ajfa-7952	112	17	.	.	PUNCT
ajfa-7952	113	1	i	i	PRON
ajfa-7952	113	2	use	use	VERB
ajfa-7952	113	3	market	market	NOUN
ajfa-7952	113	4	-	-	PUNCT
ajfa-7952	113	5	to	to	ADP
ajfa-7952	113	6	-	-	PUNCT
ajfa-7952	113	7	sales	sale	NOUN
ajfa-7952	113	8	ratio	ratio	NOUN
ajfa-7952	113	9	to	to	PART
ajfa-7952	113	10	measure	measure	VERB
ajfa-7952	113	11	firm	firm	ADJ
ajfa-7952	113	12	valuation	valuation	NOUN
ajfa-7952	113	13	.	.	PUNCT
ajfa-7952	114	1	table	table	NOUN
ajfa-7952	114	2	2	2	NUM
ajfa-7952	114	3	.	.	PUNCT
ajfa-7952	114	4	diversification	diversification	NOUN
ajfa-7952	114	5	discount	discount	NOUN
ajfa-7952	114	6	and	and	CCONJ
ajfa-7952	114	7	firm	firm	ADJ
ajfa-7952	114	8	value	value	NOUN
ajfa-7952	114	9	around	around	ADP
ajfa-7952	114	10	segment	segment	NOUN
ajfa-7952	114	11	reporting	reporting	NOUN
ajfa-7952	114	12	change	change	NOUN
ajfa-7952	114	13	under	under	ADP
ajfa-7952	114	14	sfas	sfas	NOUN
ajfa-7952	114	15	#	#	SYM
ajfa-7952	114	16	14	14	NUM
ajfa-7952	114	17	(	(	PUNCT
ajfa-7952	114	18	1992	1992	NUM
ajfa-7952	114	19	-	-	SYM
ajfa-7952	114	20	1997	1997	NUM
ajfa-7952	114	21	)	)	PUNCT
ajfa-7952	114	22	under	under	ADP
ajfa-7952	114	23	sfas	sfas	NOUN
ajfa-7952	114	24	#	#	SYM
ajfa-7952	114	25	131	131	NUM
ajfa-7952	114	26	(	(	PUNCT
ajfa-7952	114	27	1998	1998	NUM
ajfa-7952	114	28	-	-	SYM
ajfa-7952	114	29	2003	2003	NUM
ajfa-7952	114	30	)	)	PUNCT
ajfa-7952	114	31	f	f	PROPN
ajfa-7952	115	1	[	[	X
ajfa-7952	115	2	χ2	χ2	PROPN
ajfa-7952	115	3	]	]	PUNCT
ajfa-7952	115	4	mtos	mto	NOUN
ajfa-7952	115	5	1.5957a	1.5957a	X
ajfa-7952	116	1	[	[	X
ajfa-7952	116	2	1.1661]a	1.1661]a	NUM
ajfa-7952	116	3	1.8311a	1.8311a	NUM
ajfa-7952	117	1	[	[	X
ajfa-7952	117	2	1.2027]a	1.2027]a	NUM
ajfa-7952	117	3	36.62	36.62	NUM
ajfa-7952	117	4	*	*	NOUN
ajfa-7952	117	5	*	*	PUNCT
ajfa-7952	117	6	*	*	PUNCT
ajfa-7952	118	1	[	[	X
ajfa-7952	118	2	78.98	78.98	NUM
ajfa-7952	118	3	]	]	X
ajfa-7952	118	4	*	*	PUNCT
ajfa-7952	118	5	*	*	PUNCT
ajfa-7952	118	6	*	*	AUX
ajfa-7952	118	7	evrsz	evrsz	NOUN
ajfa-7952	118	8	is	be	AUX
ajfa-7952	118	9	the	the	DET
ajfa-7952	118	10	natural	natural	ADJ
ajfa-7952	118	11	log	log	NOUN
ajfa-7952	118	12	of	of	ADP
ajfa-7952	118	13	the	the	DET
ajfa-7952	118	14	ratio	ratio	NOUN
ajfa-7952	118	15	of	of	ADP
ajfa-7952	118	16	the	the	DET
ajfa-7952	118	17	market	market	NOUN
ajfa-7952	118	18	value	value	NOUN
ajfa-7952	118	19	of	of	ADP
ajfa-7952	118	20	total	total	ADJ
ajfa-7952	118	21	capital	capital	NOUN
ajfa-7952	118	22	to	to	ADP
ajfa-7952	118	23	sales	sale	NOUN
ajfa-7952	118	24	for	for	ADP
ajfa-7952	118	25	the	the	DET
ajfa-7952	118	26	firm	firm	NOUN
ajfa-7952	118	27	divided	divide	VERB
ajfa-7952	118	28	by	by	ADP
ajfa-7952	118	29	that	that	PRON
ajfa-7952	118	30	of	of	ADP
ajfa-7952	118	31	a	a	DET
ajfa-7952	118	32	sales	sale	NOUN
ajfa-7952	118	33	-	-	PUNCT
ajfa-7952	118	34	weighted	weight	VERB
ajfa-7952	118	35	portfolio	portfolio	NOUN
ajfa-7952	118	36	of	of	ADP
ajfa-7952	118	37	focused	focused	ADJ
ajfa-7952	118	38	firms	firm	NOUN
ajfa-7952	118	39	operating	operate	VERB
ajfa-7952	118	40	in	in	ADP
ajfa-7952	118	41	the	the	DET
ajfa-7952	118	42	narrowest	narrow	ADJ
ajfa-7952	118	43	sic	sic	ADJ
ajfa-7952	118	44	industry	industry	NOUN
ajfa-7952	118	45	.	.	PUNCT
ajfa-7952	119	1	*	*	PUNCT
ajfa-7952	119	2	,	,	PUNCT
ajfa-7952	119	3	*	*	PUNCT
ajfa-7952	119	4	*	*	PUNCT
ajfa-7952	119	5	,	,	PUNCT
ajfa-7952	119	6	*	*	PUNCT
ajfa-7952	119	7	*	*	PUNCT
ajfa-7952	119	8	*	*	PUNCT
ajfa-7952	119	9	denote	denote	NOUN
ajfa-7952	119	10	significance	significance	NOUN
ajfa-7952	119	11	at	at	ADP
ajfa-7952	119	12	the	the	DET
ajfa-7952	119	13	1	1	NUM
ajfa-7952	119	14	%	%	NOUN
ajfa-7952	119	15	,	,	PUNCT
ajfa-7952	119	16	5	5	NUM
ajfa-7952	119	17	%	%	NOUN
ajfa-7952	119	18	,	,	PUNCT
ajfa-7952	119	19	and	and	CCONJ
ajfa-7952	119	20	10	10	NUM
ajfa-7952	119	21	%	%	NOUN
ajfa-7952	119	22	levels	level	NOUN
ajfa-7952	119	23	,	,	PUNCT
ajfa-7952	119	24	respectively	respectively	ADV
ajfa-7952	119	25	.	.	PUNCT
ajfa-7952	120	1	the	the	DET
ajfa-7952	120	2	sample	sample	NOUN
ajfa-7952	120	3	includes	include	VERB
ajfa-7952	120	4	8,147	8,147	NUM
ajfa-7952	120	5	firm	firm	ADJ
ajfa-7952	120	6	-	-	PUNCT
ajfa-7952	120	7	year	year	NOUN
ajfa-7952	120	8	observations	observation	NOUN
ajfa-7952	120	9	of	of	ADP
ajfa-7952	120	10	diversified	diversified	ADJ
ajfa-7952	120	11	firms	firm	NOUN
ajfa-7952	120	12	between	between	ADP
ajfa-7952	120	13	1992	1992	NUM
ajfa-7952	120	14	and	and	CCONJ
ajfa-7952	120	15	2003	2003	NUM
ajfa-7952	120	16	.	.	PUNCT
ajfa-7952	121	1	diversified	diversified	ADJ
ajfa-7952	121	2	firms	firm	NOUN
ajfa-7952	121	3	are	be	AUX
ajfa-7952	121	4	defined	define	VERB
ajfa-7952	121	5	as	as	ADP
ajfa-7952	121	6	firms	firm	NOUN
ajfa-7952	121	7	with	with	ADP
ajfa-7952	121	8	at	at	ADV
ajfa-7952	121	9	least	least	ADV
ajfa-7952	121	10	two	two	NUM
ajfa-7952	121	11	segments	segment	NOUN
ajfa-7952	121	12	operating	operate	VERB
ajfa-7952	121	13	in	in	ADP
ajfa-7952	121	14	different	different	ADJ
ajfa-7952	121	15	3	3	NUM
ajfa-7952	121	16	-	-	PUNCT
ajfa-7952	121	17	digit	digit	NOUN
ajfa-7952	121	18	sic	sic	ADJ
ajfa-7952	121	19	codes	code	NOUN
ajfa-7952	121	20	.	.	PUNCT
ajfa-7952	122	1	asian	asian	ADJ
ajfa-7952	122	2	journal	journal	PROPN
ajfa-7952	122	3	of	of	ADP
ajfa-7952	122	4	finance	finance	PROPN
ajfa-7952	122	5	&	&	CCONJ
ajfa-7952	122	6	accounting	accounting	PROPN
ajfa-7952	122	7	issn	issn	PROPN
ajfa-7952	122	8	1946	1946	NUM
ajfa-7952	122	9	-	-	PUNCT
ajfa-7952	122	10	052x	052x	NOUN
ajfa-7952	122	11	2015	2015	NUM
ajfa-7952	122	12	,	,	PUNCT
ajfa-7952	122	13	vol	vol	NOUN
ajfa-7952	122	14	.	.	PROPN
ajfa-7952	122	15	7	7	NUM
ajfa-7952	122	16	,	,	PUNCT
ajfa-7952	122	17	no	no	INTJ
ajfa-7952	122	18	.	.	NOUN
ajfa-7952	122	19	2	2	NUM
ajfa-7952	122	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7952	122	21	63	63	NUM
ajfa-7952	122	22	table	table	NOUN
ajfa-7952	122	23	2	2	NUM
ajfa-7952	122	24	indicates	indicate	VERB
ajfa-7952	122	25	that	that	SCONJ
ajfa-7952	122	26	the	the	DET
ajfa-7952	122	27	corresponding	correspond	VERB
ajfa-7952	122	28	change	change	NOUN
ajfa-7952	122	29	in	in	ADP
ajfa-7952	122	30	market	market	NOUN
ajfa-7952	122	31	-	-	PUNCT
ajfa-7952	122	32	to	to	ADP
ajfa-7952	122	33	-	-	PUNCT
ajfa-7952	122	34	sales	sale	NOUN
ajfa-7952	122	35	ratio	ratio	NOUN
ajfa-7952	122	36	is	be	AUX
ajfa-7952	122	37	an	an	DET
ajfa-7952	122	38	increase	increase	NOUN
ajfa-7952	122	39	from	from	ADP
ajfa-7952	122	40	1.6	1.6	NUM
ajfa-7952	122	41	to	to	ADP
ajfa-7952	122	42	1.8	1.8	NUM
ajfa-7952	122	43	.	.	PUNCT
ajfa-7952	123	1	this	this	PRON
ajfa-7952	123	2	suggests	suggest	VERB
ajfa-7952	123	3	that	that	SCONJ
ajfa-7952	123	4	the	the	DET
ajfa-7952	123	5	growth	growth	NOUN
ajfa-7952	123	6	in	in	ADP
ajfa-7952	123	7	the	the	DET
ajfa-7952	123	8	diversification	diversification	NOUN
ajfa-7952	123	9	discount	discount	NOUN
ajfa-7952	123	10	is	be	AUX
ajfa-7952	123	11	not	not	PART
ajfa-7952	123	12	forced	force	VERB
ajfa-7952	123	13	by	by	ADP
ajfa-7952	123	14	lower	low	ADJ
ajfa-7952	123	15	valuation	valuation	NOUN
ajfa-7952	123	16	of	of	ADP
ajfa-7952	123	17	diversified	diversified	ADJ
ajfa-7952	123	18	firms	firm	NOUN
ajfa-7952	123	19	in	in	ADP
ajfa-7952	123	20	the	the	DET
ajfa-7952	123	21	later	later	ADJ
ajfa-7952	123	22	period	period	NOUN
ajfa-7952	123	23	.	.	PUNCT
ajfa-7952	124	1	to	to	PART
ajfa-7952	124	2	further	far	ADV
ajfa-7952	124	3	analyze	analyze	VERB
ajfa-7952	124	4	whether	whether	SCONJ
ajfa-7952	124	5	the	the	DET
ajfa-7952	124	6	change	change	NOUN
ajfa-7952	124	7	in	in	ADP
ajfa-7952	124	8	excess	excess	ADJ
ajfa-7952	124	9	value	value	NOUN
ajfa-7952	124	10	under	under	ADP
ajfa-7952	124	11	sfas	sfas	NOUN
ajfa-7952	124	12	no	no	INTJ
ajfa-7952	124	13	.	.	PUNCT
ajfa-7952	124	14	131	131	NUM
ajfa-7952	124	15	is	be	AUX
ajfa-7952	124	16	driven	drive	VERB
ajfa-7952	124	17	by	by	ADP
ajfa-7952	124	18	the	the	DET
ajfa-7952	124	19	changes	change	NOUN
ajfa-7952	124	20	in	in	ADP
ajfa-7952	124	21	investment	investment	NOUN
ajfa-7952	124	22	efficiency	efficiency	NOUN
ajfa-7952	124	23	,	,	PUNCT
ajfa-7952	124	24	i	i	PRON
ajfa-7952	124	25	compare	compare	VERB
ajfa-7952	124	26	investment	investment	NOUN
ajfa-7952	124	27	efficiency	efficiency	NOUN
ajfa-7952	124	28	in	in	ADP
ajfa-7952	124	29	the	the	DET
ajfa-7952	124	30	two	two	NUM
ajfa-7952	124	31	periods	period	NOUN
ajfa-7952	124	32	.	.	PUNCT
ajfa-7952	125	1	i	i	PRON
ajfa-7952	125	2	measure	measure	VERB
ajfa-7952	125	3	investment	investment	NOUN
ajfa-7952	125	4	efficiency	efficiency	NOUN
ajfa-7952	125	5	with	with	ADP
ajfa-7952	125	6	relative	relative	ADJ
ajfa-7952	125	7	value	value	NOUN
ajfa-7952	125	8	added	add	VERB
ajfa-7952	125	9	(	(	PUNCT
ajfa-7952	125	10	rva	rva	PROPN
ajfa-7952	125	11	)	)	PUNCT
ajfa-7952	125	12	.	.	PUNCT
ajfa-7952	126	1	shin	shin	PROPN
ajfa-7952	126	2	and	and	CCONJ
ajfa-7952	126	3	stulz	stulz	ADJ
ajfa-7952	126	4	(	(	PUNCT
ajfa-7952	126	5	1998	1998	NUM
ajfa-7952	126	6	)	)	PUNCT
ajfa-7952	126	7	argue	argue	VERB
ajfa-7952	126	8	that	that	SCONJ
ajfa-7952	126	9	investment	investment	NOUN
ajfa-7952	126	10	efficiency	efficiency	NOUN
ajfa-7952	126	11	is	be	AUX
ajfa-7952	126	12	related	relate	VERB
ajfa-7952	126	13	to	to	ADP
ajfa-7952	126	14	the	the	DET
ajfa-7952	126	15	diversification	diversification	NOUN
ajfa-7952	126	16	discount	discount	NOUN
ajfa-7952	126	17	.	.	PUNCT
ajfa-7952	127	1	to	to	PART
ajfa-7952	127	2	compute	compute	VERB
ajfa-7952	127	3	rva	rva	PROPN
ajfa-7952	127	4	,	,	PUNCT
ajfa-7952	127	5	i	i	PRON
ajfa-7952	127	6	weight	weight	VERB
ajfa-7952	127	7	firm	firm	NOUN
ajfa-7952	127	8	-	-	PUNCT
ajfa-7952	127	9	and	and	CCONJ
ajfa-7952	127	10	-	-	PUNCT
ajfa-7952	127	11	industry	industry	NOUN
ajfa-7952	127	12	-	-	PUNCT
ajfa-7952	127	13	adjusted	adjust	VERB
ajfa-7952	127	14	segment	segment	NOUN
ajfa-7952	127	15	investment	investment	NOUN
ajfa-7952	127	16	by	by	ADP
ajfa-7952	127	17	the	the	DET
ajfa-7952	127	18	difference	difference	NOUN
ajfa-7952	127	19	between	between	ADP
ajfa-7952	127	20	the	the	DET
ajfa-7952	127	21	industry	industry	NOUN
ajfa-7952	127	22	median	median	PROPN
ajfa-7952	127	23	tobin	tobin	PROPN
ajfa-7952	127	24	’s	’s	PART
ajfa-7952	127	25	q	q	NOUN
ajfa-7952	127	26	for	for	ADP
ajfa-7952	127	27	that	that	DET
ajfa-7952	127	28	segment	segment	NOUN
ajfa-7952	127	29	and	and	CCONJ
ajfa-7952	127	30	the	the	DET
ajfa-7952	127	31	sales	sale	NOUN
ajfa-7952	127	32	-	-	PUNCT
ajfa-7952	127	33	weighted	weight	VERB
ajfa-7952	127	34	average	average	ADJ
ajfa-7952	127	35	q	q	NOUN
ajfa-7952	127	36	for	for	ADP
ajfa-7952	127	37	the	the	DET
ajfa-7952	127	38	firm	firm	NOUN
ajfa-7952	127	39	.	.	PUNCT
ajfa-7952	128	1	more	more	ADV
ajfa-7952	128	2	precisely	precisely	ADV
ajfa-7952	128	3	,	,	PUNCT
ajfa-7952	128	4	rva	rva	PROPN
ajfa-7952	128	5	is	be	AUX
ajfa-7952	128	6	defined	define	VERB
ajfa-7952	128	7	as	as	SCONJ
ajfa-7952	128	8	follows	follow	VERB
ajfa-7952	128	9	.	.	PUNCT
ajfa-7952	129	1	1	1	NUM
ajfa-7952	129	2	1	1	NUM
ajfa-7952	129	3	relative	relative	ADJ
ajfa-7952	129	4	value	value	NOUN
ajfa-7952	129	5	added	add	VERB
ajfa-7952	129	6	by	by	ADP
ajfa-7952	129	7	allocation(rva	allocation(rva	PROPN
ajfa-7952	129	8	)	)	PUNCT
ajfa-7952	129	9	)	)	PUNCT
ajfa-7952	130	1	ss	ss	PROPN
ajfa-7952	130	2	ssn	ssn	PROPN
ajfa-7952	130	3	n	n	PROPN
ajfa-7952	130	4	j	j	PROPN
ajfa-7952	131	1	j	j	PROPN
ajfa-7952	131	2	j	j	PROPN
ajfa-7952	132	1	j	j	PROPN
ajfa-7952	133	1	j	j	PROPN
ajfa-7952	133	2	j	j	PROPN
ajfa-7952	133	3	jj	jj	PROPN
ajfa-7952	133	4	jj	jj	PROPN
ajfa-7952	133	5	j	j	PROPN
ajfa-7952	134	1	i	i	PRON
ajfa-7952	134	2	ii	ii	PROPN
ajfa-7952	134	3	is	be	AUX
ajfa-7952	134	4	(	(	PUNCT
ajfa-7952	134	5	q	q	X
ajfa-7952	134	6	q	q	X
ajfa-7952	134	7	w	w	NOUN
ajfa-7952	134	8	s	s	NOUN
ajfa-7952	134	9	s	s	X
ajfa-7952	134	10	s	s	NOUN
ajfa-7952	134	11	s	s	NOUN
ajfa-7952	134	12	total	total	ADJ
ajfa-7952	134	13	sales	sale	NOUN
ajfa-7952	134	14	=	=	PUNCT
ajfa-7952	135	1	=	=	SYM
ajfa-7952	135	2			NOUN
ajfa-7952	135	3			PROPN
ajfa-7952	135	4			PROPN
ajfa-7952	136	1			PROPN
ajfa-7952	136	2			NOUN
ajfa-7952	136	3	−	−	PROPN
ajfa-7952	136	4	−	−	PROPN
ajfa-7952	136	5	−	−	PROPN
ajfa-7952	137	1	−	−	PROPN
ajfa-7952	137	2			NOUN
ajfa-7952	137	3			X
ajfa-7952	138	1			INTJ
ajfa-7952	138	2			PROPN
ajfa-7952	139	1			NOUN
ajfa-7952	139	2			X
ajfa-7952	140	1			PROPN
ajfa-7952	140	2			NOUN
ajfa-7952	140	3			PROPN
ajfa-7952	140	4			NOUN
ajfa-7952	140	5			NOUN
ajfa-7952	140	6	=	=	PROPN
ajfa-7952	140	7			X
ajfa-7952	140	8			X
ajfa-7952	140	9	where	where	SCONJ
ajfa-7952	140	10	qj	qj	PROPN
ajfa-7952	140	11	is	be	AUX
ajfa-7952	140	12	the	the	DET
ajfa-7952	140	13	median	median	PROPN
ajfa-7952	140	14	tobin	tobin	PROPN
ajfa-7952	140	15	’s	’s	PART
ajfa-7952	140	16	q	q	NOUN
ajfa-7952	140	17	for	for	ADP
ajfa-7952	140	18	single	single	ADJ
ajfa-7952	140	19	-	-	PUNCT
ajfa-7952	140	20	segment	segment	NOUN
ajfa-7952	140	21	firms	firm	NOUN
ajfa-7952	140	22	operating	operate	VERB
ajfa-7952	140	23	in	in	ADP
ajfa-7952	140	24	the	the	DET
ajfa-7952	140	25	same	same	ADJ
ajfa-7952	140	26	industry	industry	NOUN
ajfa-7952	140	27	.	.	PUNCT
ajfa-7952	141	1	is	be	AUX
ajfa-7952	141	2	sales	sale	NOUN
ajfa-7952	141	3	-	-	PUNCT
ajfa-7952	141	4	weighted	weight	VERB
ajfa-7952	141	5	average	average	ADJ
ajfa-7952	141	6	q	q	NOUN
ajfa-7952	141	7	of	of	ADP
ajfa-7952	141	8	the	the	DET
ajfa-7952	141	9	firm	firm	NOUN
ajfa-7952	141	10	.	.	PUNCT
ajfa-7952	142	1	rva	rva	PROPN
ajfa-7952	142	2	thus	thus	ADV
ajfa-7952	142	3	measures	measure	VERB
ajfa-7952	142	4	the	the	DET
ajfa-7952	142	5	allocation	allocation	NOUN
ajfa-7952	142	6	efficiency	efficiency	NOUN
ajfa-7952	142	7	of	of	ADP
ajfa-7952	142	8	corporate	corporate	ADJ
ajfa-7952	142	9	resources	resource	NOUN
ajfa-7952	142	10	.	.	PUNCT
ajfa-7952	143	1	in	in	ADP
ajfa-7952	143	2	table	table	NOUN
ajfa-7952	143	3	3	3	NUM
ajfa-7952	143	4	,	,	PUNCT
ajfa-7952	143	5	rva	rva	PROPN
ajfa-7952	143	6	is	be	AUX
ajfa-7952	143	7	-0.003	-0.003	NOUN
ajfa-7952	143	8	on	on	ADP
ajfa-7952	143	9	average	average	ADJ
ajfa-7952	143	10	in	in	ADP
ajfa-7952	143	11	the	the	DET
ajfa-7952	143	12	period	period	NOUN
ajfa-7952	143	13	of	of	ADP
ajfa-7952	143	14	1992	1992	NUM
ajfa-7952	143	15	-	-	SYM
ajfa-7952	143	16	1997	1997	NUM
ajfa-7952	143	17	under	under	ADP
ajfa-7952	143	18	sfas	sfas	NOUN
ajfa-7952	143	19	no	no	INTJ
ajfa-7952	143	20	.	.	PROPN
ajfa-7952	143	21	14	14	NUM
ajfa-7952	144	1	and	and	CCONJ
ajfa-7952	144	2	it	it	PRON
ajfa-7952	144	3	is	be	AUX
ajfa-7952	144	4	-0.0055	-0.0055	NOUN
ajfa-7952	144	5	in	in	ADP
ajfa-7952	144	6	the	the	DET
ajfa-7952	144	7	period	period	NOUN
ajfa-7952	144	8	of	of	ADP
ajfa-7952	144	9	1998	1998	NUM
ajfa-7952	144	10	-	-	SYM
ajfa-7952	144	11	2003	2003	NUM
ajfa-7952	144	12	under	under	ADP
ajfa-7952	144	13	sfas	sfas	NOUN
ajfa-7952	144	14	no	no	INTJ
ajfa-7952	144	15	.	.	PUNCT
ajfa-7952	145	1	the	the	DET
ajfa-7952	145	2	difference	difference	NOUN
ajfa-7952	145	3	is	be	AUX
ajfa-7952	145	4	statistically	statistically	ADV
ajfa-7952	145	5	not	not	PART
ajfa-7952	145	6	significant	significant	ADJ
ajfa-7952	145	7	.	.	PUNCT
ajfa-7952	146	1	the	the	DET
ajfa-7952	146	2	outcome	outcome	NOUN
ajfa-7952	146	3	indicates	indicate	VERB
ajfa-7952	146	4	that	that	SCONJ
ajfa-7952	146	5	there	there	PRON
ajfa-7952	146	6	are	be	VERB
ajfa-7952	146	7	no	no	DET
ajfa-7952	146	8	substantial	substantial	ADJ
ajfa-7952	146	9	changes	change	NOUN
ajfa-7952	146	10	in	in	ADP
ajfa-7952	146	11	investment	investment	NOUN
ajfa-7952	146	12	efficiency	efficiency	NOUN
ajfa-7952	146	13	in	in	ADP
ajfa-7952	146	14	diversified	diversified	ADJ
ajfa-7952	146	15	firms	firm	NOUN
ajfa-7952	146	16	in	in	ADP
ajfa-7952	146	17	the	the	DET
ajfa-7952	146	18	two	two	NUM
ajfa-7952	146	19	stops	stop	NOUN
ajfa-7952	146	20	.	.	PUNCT
ajfa-7952	147	1	thus	thus	ADV
ajfa-7952	147	2	,	,	PUNCT
ajfa-7952	147	3	the	the	DET
ajfa-7952	147	4	observed	observed	ADJ
ajfa-7952	147	5	increase	increase	NOUN
ajfa-7952	147	6	in	in	ADP
ajfa-7952	147	7	the	the	DET
ajfa-7952	147	8	diversification	diversification	NOUN
ajfa-7952	147	9	discount	discount	NOUN
ajfa-7952	147	10	in	in	ADP
ajfa-7952	147	11	the	the	DET
ajfa-7952	147	12	two	two	NUM
ajfa-7952	147	13	periods	period	NOUN
ajfa-7952	147	14	is	be	AUX
ajfa-7952	147	15	not	not	PART
ajfa-7952	147	16	driven	drive	VERB
ajfa-7952	147	17	by	by	ADP
ajfa-7952	147	18	poor	poor	ADJ
ajfa-7952	147	19	investment	investment	NOUN
ajfa-7952	147	20	efficiency	efficiency	NOUN
ajfa-7952	147	21	in	in	ADP
ajfa-7952	147	22	the	the	DET
ajfa-7952	147	23	later	later	ADJ
ajfa-7952	147	24	period	period	NOUN
ajfa-7952	147	25	.	.	PUNCT
ajfa-7952	148	1	this	this	PRON
ajfa-7952	148	2	suggests	suggest	VERB
ajfa-7952	148	3	that	that	SCONJ
ajfa-7952	148	4	the	the	DET
ajfa-7952	148	5	observed	observed	ADJ
ajfa-7952	148	6	change	change	NOUN
ajfa-7952	148	7	in	in	ADP
ajfa-7952	148	8	the	the	DET
ajfa-7952	148	9	diversification	diversification	NOUN
ajfa-7952	148	10	discount	discount	NOUN
ajfa-7952	148	11	under	under	ADP
ajfa-7952	148	12	sfas	sfas	NOUN
ajfa-7952	148	13	no	no	INTJ
ajfa-7952	148	14	.	.	PUNCT
ajfa-7952	148	15	131	131	NUM
ajfa-7952	148	16	is	be	AUX
ajfa-7952	148	17	not	not	PART
ajfa-7952	148	18	driven	drive	VERB
ajfa-7952	148	19	by	by	ADP
ajfa-7952	148	20	the	the	DET
ajfa-7952	148	21	periodic	periodic	ADJ
ajfa-7952	148	22	change	change	NOUN
ajfa-7952	148	23	in	in	ADP
ajfa-7952	148	24	a	a	DET
ajfa-7952	148	25	firm	firm	NOUN
ajfa-7952	148	26	’s	’s	PART
ajfa-7952	148	27	fundamental	fundamental	ADJ
ajfa-7952	148	28	value	value	NOUN
ajfa-7952	148	29	.	.	PUNCT
ajfa-7952	149	1	table	table	NOUN
ajfa-7952	149	2	3	3	NUM
ajfa-7952	149	3	.	.	PUNCT
ajfa-7952	149	4	investment	investment	NOUN
ajfa-7952	149	5	efficiency	efficiency	NOUN
ajfa-7952	149	6	under	under	ADP
ajfa-7952	149	7	sfas	sfas	NOUN
ajfa-7952	149	8	#	#	SYM
ajfa-7952	149	9	14	14	NUM
ajfa-7952	149	10	(	(	PUNCT
ajfa-7952	149	11	1992	1992	NUM
ajfa-7952	149	12	-	-	SYM
ajfa-7952	149	13	1997	1997	NUM
ajfa-7952	149	14	)	)	PUNCT
ajfa-7952	149	15	under	under	ADP
ajfa-7952	149	16	sfas	sfas	NOUN
ajfa-7952	149	17	#	#	SYM
ajfa-7952	149	18	131	131	NUM
ajfa-7952	149	19	(	(	PUNCT
ajfa-7952	149	20	1998	1998	NUM
ajfa-7952	149	21	-	-	SYM
ajfa-7952	149	22	2003	2003	NUM
ajfa-7952	149	23	)	)	PUNCT
ajfa-7952	149	24	f	f	PROPN
ajfa-7952	150	1	[	[	X
ajfa-7952	150	2	χ2	χ2	PROPN
ajfa-7952	150	3	]	]	PUNCT
ajfa-7952	150	4	rva	rva	PROPN
ajfa-7952	150	5	-0.0030a	-0.0030a	PUNCT
ajfa-7952	151	1	[	[	X
ajfa-7952	151	2	-0.0003]a	-0.0003]a	X
ajfa-7952	151	3	-0.0055a	-0.0055a	PUNCT
ajfa-7952	152	1	[	[	X
ajfa-7952	152	2	-0.0002]a	-0.0002]a	NOUN
ajfa-7952	152	3	2.46	2.46	NUM
ajfa-7952	152	4	[	[	X
ajfa-7952	152	5	0.49	0.49	NUM
ajfa-7952	152	6	]	]	X
ajfa-7952	152	7	rva	rva	PROPN
ajfa-7952	152	8	is	be	AUX
ajfa-7952	152	9	a	a	DET
ajfa-7952	152	10	measure	measure	NOUN
ajfa-7952	152	11	of	of	ADP
ajfa-7952	152	12	investment	investment	NOUN
ajfa-7952	152	13	efficiency	efficiency	NOUN
ajfa-7952	152	14	.	.	PUNCT
ajfa-7952	153	1	*	*	PUNCT
ajfa-7952	153	2	,	,	PUNCT
ajfa-7952	153	3	*	*	PUNCT
ajfa-7952	153	4	*	*	PUNCT
ajfa-7952	153	5	,	,	PUNCT
ajfa-7952	153	6	*	*	PUNCT
ajfa-7952	153	7	*	*	PUNCT
ajfa-7952	153	8	*	*	PUNCT
ajfa-7952	153	9	denote	denote	NOUN
ajfa-7952	153	10	significance	significance	NOUN
ajfa-7952	153	11	at	at	ADP
ajfa-7952	153	12	the	the	DET
ajfa-7952	153	13	1	1	NUM
ajfa-7952	153	14	%	%	NOUN
ajfa-7952	153	15	,	,	PUNCT
ajfa-7952	153	16	5	5	NUM
ajfa-7952	153	17	%	%	NOUN
ajfa-7952	153	18	,	,	PUNCT
ajfa-7952	153	19	and	and	CCONJ
ajfa-7952	153	20	10	10	NUM
ajfa-7952	153	21	%	%	NOUN
ajfa-7952	153	22	levels	level	NOUN
ajfa-7952	153	23	,	,	PUNCT
ajfa-7952	153	24	respectively	respectively	ADV
ajfa-7952	153	25	.	.	PUNCT
ajfa-7952	154	1	the	the	DET
ajfa-7952	154	2	sample	sample	NOUN
ajfa-7952	154	3	includes	include	VERB
ajfa-7952	154	4	8,147	8,147	NUM
ajfa-7952	154	5	firm	firm	ADJ
ajfa-7952	154	6	-	-	PUNCT
ajfa-7952	154	7	year	year	NOUN
ajfa-7952	154	8	observations	observation	NOUN
ajfa-7952	154	9	of	of	ADP
ajfa-7952	154	10	diversified	diversified	ADJ
ajfa-7952	154	11	firms	firm	NOUN
ajfa-7952	154	12	between	between	ADP
ajfa-7952	154	13	1992	1992	NUM
ajfa-7952	154	14	and	and	CCONJ
ajfa-7952	154	15	2003	2003	NUM
ajfa-7952	154	16	.	.	PUNCT
ajfa-7952	155	1	diversified	diversified	ADJ
ajfa-7952	155	2	firms	firm	NOUN
ajfa-7952	155	3	are	be	AUX
ajfa-7952	155	4	defined	define	VERB
ajfa-7952	155	5	as	as	ADP
ajfa-7952	155	6	firms	firm	NOUN
ajfa-7952	155	7	with	with	ADP
ajfa-7952	155	8	at	at	ADV
ajfa-7952	155	9	least	least	ADV
ajfa-7952	155	10	two	two	NUM
ajfa-7952	155	11	segments	segment	NOUN
ajfa-7952	155	12	operating	operate	VERB
ajfa-7952	155	13	in	in	ADP
ajfa-7952	155	14	different	different	ADJ
ajfa-7952	155	15	3	3	NUM
ajfa-7952	155	16	-	-	PUNCT
ajfa-7952	155	17	digit	digit	NOUN
ajfa-7952	155	18	sic	sic	ADJ
ajfa-7952	155	19	codes	code	NOUN
ajfa-7952	155	20	.	.	PUNCT
ajfa-7952	156	1	i	i	PRON
ajfa-7952	156	2	next	next	ADV
ajfa-7952	156	3	examine	examine	VERB
ajfa-7952	156	4	the	the	DET
ajfa-7952	156	5	diversity	diversity	NOUN
ajfa-7952	156	6	in	in	ADP
ajfa-7952	156	7	the	the	DET
ajfa-7952	156	8	two	two	NUM
ajfa-7952	156	9	periods	period	NOUN
ajfa-7952	156	10	.	.	PUNCT
ajfa-7952	157	1	diversity	diversity	NOUN
ajfa-7952	157	2	is	be	AUX
ajfa-7952	157	3	measured	measure	VERB
ajfa-7952	157	4	by	by	ADP
ajfa-7952	157	5	the	the	DET
ajfa-7952	157	6	number	number	NOUN
ajfa-7952	157	7	of	of	ADP
ajfa-7952	157	8	segments	segment	NOUN
ajfa-7952	157	9	(	(	PUNCT
ajfa-7952	157	10	segn	segn	ADV
ajfa-7952	157	11	)	)	PUNCT
ajfa-7952	157	12	,	,	PUNCT
ajfa-7952	157	13	sales	sale	NOUN
ajfa-7952	157	14	-	-	PUNCT
ajfa-7952	157	15	based	base	VERB
ajfa-7952	157	16	herfindahl	herfindahl	NOUN
ajfa-7952	157	17	index	index	NOUN
ajfa-7952	157	18	(	(	PUNCT
ajfa-7952	157	19	herfindahl	herfindahl	NOUN
ajfa-7952	157	20	)	)	PUNCT
ajfa-7952	157	21	,	,	PUNCT
ajfa-7952	157	22	standard	standard	ADJ
ajfa-7952	157	23	deviation	deviation	NOUN
ajfa-7952	157	24	of	of	ADP
ajfa-7952	157	25	segment	segment	NOUN
ajfa-7952	157	26	q	q	PROPN
ajfa-7952	157	27	(	(	PUNCT
ajfa-7952	157	28	std	std	NOUN
ajfa-7952	157	29	of	of	ADP
ajfa-7952	157	30	segment	segment	NOUN
ajfa-7952	157	31	q	q	NOUN
ajfa-7952	157	32	)	)	PUNCT
ajfa-7952	157	33	,	,	PUNCT
ajfa-7952	157	34	and	and	CCONJ
ajfa-7952	157	35	rajan	rajan	PROPN
ajfa-7952	157	36	et	et	PROPN
ajfa-7952	157	37	al	al	PROPN
ajfa-7952	157	38	.	.	PROPN
ajfa-7952	157	39	’s	’s	PART
ajfa-7952	157	40	measure	measure	NOUN
ajfa-7952	157	41	of	of	ADP
ajfa-7952	157	42	diversity	diversity	NOUN
ajfa-7952	157	43	rsz	rsz	NOUN
ajfa-7952	157	44	diversity	diversity	NOUN
ajfa-7952	157	45	)	)	PUNCT
ajfa-7952	157	46	.	.	PUNCT
ajfa-7952	158	1	rsz	rsz	NOUN
ajfa-7952	158	2	diversity	diversity	NOUN
ajfa-7952	158	3	is	be	AUX
ajfa-7952	158	4	a	a	DET
ajfa-7952	158	5	resource	resource	NOUN
ajfa-7952	158	6	-	-	PUNCT
ajfa-7952	158	7	weighted	weight	VERB
ajfa-7952	158	8	growth	growth	NOUN
ajfa-7952	158	9	opportunities	opportunity	NOUN
ajfa-7952	158	10	among	among	ADP
ajfa-7952	158	11	segments	segment	NOUN
ajfa-7952	158	12	and	and	CCONJ
ajfa-7952	158	13	it	it	PRON
ajfa-7952	158	14	is	be	AUX
ajfa-7952	158	15	measured	measure	VERB
ajfa-7952	158	16	by	by	ADP
ajfa-7952	158	17	the	the	DET
ajfa-7952	158	18	asian	asian	ADJ
ajfa-7952	158	19	journal	journal	NOUN
ajfa-7952	158	20	of	of	ADP
ajfa-7952	158	21	finance	finance	PROPN
ajfa-7952	158	22	&	&	CCONJ
ajfa-7952	158	23	accounting	accounting	PROPN
ajfa-7952	158	24	issn	issn	PROPN
ajfa-7952	158	25	1946	1946	NUM
ajfa-7952	158	26	-	-	PUNCT
ajfa-7952	158	27	052x	052x	NOUN
ajfa-7952	158	28	2015	2015	NUM
ajfa-7952	158	29	,	,	PUNCT
ajfa-7952	158	30	vol	vol	NOUN
ajfa-7952	158	31	.	.	PROPN
ajfa-7952	159	1	7	7	NUM
ajfa-7952	159	2	,	,	PUNCT
ajfa-7952	159	3	no	no	INTJ
ajfa-7952	159	4	.	.	NOUN
ajfa-7952	159	5	2	2	NUM
ajfa-7952	159	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7952	159	7	64	64	NUM
ajfa-7952	159	8	standard	standard	ADJ
ajfa-7952	159	9	deviation	deviation	NOUN
ajfa-7952	159	10	of	of	ADP
ajfa-7952	159	11	sales	sale	NOUN
ajfa-7952	159	12	-	-	PUNCT
ajfa-7952	159	13	weighted	weight	VERB
ajfa-7952	159	14	industry	industry	NOUN
ajfa-7952	159	15	median	median	NOUN
ajfa-7952	159	16	q	q	PROPN
ajfa-7952	159	17	normalized	normalize	VERB
ajfa-7952	159	18	by	by	ADP
ajfa-7952	159	19	arithmetic	arithmetic	ADJ
ajfa-7952	159	20	average	average	NOUN
ajfa-7952	159	21	of	of	ADP
ajfa-7952	159	22	q.	q.	PROPN
ajfa-7952	159	23	rajan	rajan	PROPN
ajfa-7952	159	24	et	et	PROPN
ajfa-7952	159	25	al	al	PROPN
ajfa-7952	159	26	.	.	PROPN
ajfa-7952	160	1	(	(	PUNCT
ajfa-7952	160	2	2000	2000	NUM
ajfa-7952	160	3	)	)	PUNCT
ajfa-7952	160	4	argue	argue	VERB
ajfa-7952	160	5	that	that	SCONJ
ajfa-7952	160	6	if	if	SCONJ
ajfa-7952	160	7	segments	segment	NOUN
ajfa-7952	160	8	themselves	themselves	PRON
ajfa-7952	160	9	cause	cause	VERB
ajfa-7952	160	10	the	the	DET
ajfa-7952	160	11	distortion	distortion	NOUN
ajfa-7952	160	12	of	of	ADP
ajfa-7952	160	13	capital	capital	NOUN
ajfa-7952	160	14	allocation	allocation	NOUN
ajfa-7952	160	15	,	,	PUNCT
ajfa-7952	160	16	the	the	DET
ajfa-7952	160	17	measures	measure	NOUN
ajfa-7952	160	18	of	of	ADP
ajfa-7952	160	19	diversity	diversity	NOUN
ajfa-7952	160	20	shall	shall	AUX
ajfa-7952	160	21	be	be	AUX
ajfa-7952	160	22	negatively	negatively	ADV
ajfa-7952	160	23	associated	associate	VERB
ajfa-7952	160	24	with	with	ADP
ajfa-7952	160	25	rva	rva	PROPN
ajfa-7952	160	26	.	.	PUNCT
ajfa-7952	161	1	i	i	PRON
ajfa-7952	161	2	test	test	VERB
ajfa-7952	161	3	the	the	DET
ajfa-7952	161	4	change	change	NOUN
ajfa-7952	161	5	in	in	ADP
ajfa-7952	161	6	diversity	diversity	NOUN
ajfa-7952	161	7	measures	measure	NOUN
ajfa-7952	161	8	in	in	ADP
ajfa-7952	161	9	the	the	DET
ajfa-7952	161	10	two	two	NUM
ajfa-7952	161	11	periods	period	NOUN
ajfa-7952	161	12	.	.	PUNCT
ajfa-7952	162	1	previous	previous	ADJ
ajfa-7952	162	2	literature	literature	NOUN
ajfa-7952	162	3	indicates	indicate	VERB
ajfa-7952	162	4	that	that	SCONJ
ajfa-7952	162	5	the	the	DET
ajfa-7952	162	6	diversification	diversification	NOUN
ajfa-7952	162	7	discount	discount	NOUN
ajfa-7952	162	8	is	be	AUX
ajfa-7952	162	9	related	relate	VERB
ajfa-7952	162	10	to	to	ADP
ajfa-7952	162	11	the	the	DET
ajfa-7952	162	12	measure	measure	NOUN
ajfa-7952	162	13	of	of	ADP
ajfa-7952	162	14	diversity	diversity	NOUN
ajfa-7952	162	15	in	in	ADP
ajfa-7952	162	16	a	a	DET
ajfa-7952	162	17	way	way	NOUN
ajfa-7952	162	18	that	that	PRON
ajfa-7952	162	19	higher	high	ADJ
ajfa-7952	162	20	diversity	diversity	NOUN
ajfa-7952	162	21	of	of	ADP
ajfa-7952	162	22	a	a	DET
ajfa-7952	162	23	diversified	diversify	VERB
ajfa-7952	162	24	firm	firm	NOUN
ajfa-7952	162	25	is	be	AUX
ajfa-7952	162	26	associated	associate	VERB
ajfa-7952	162	27	with	with	ADP
ajfa-7952	162	28	lower	low	ADJ
ajfa-7952	162	29	firm	firm	ADJ
ajfa-7952	162	30	value.iii	value.iii	X
ajfa-7952	162	31	in	in	ADP
ajfa-7952	162	32	table	table	NOUN
ajfa-7952	162	33	4	4	NUM
ajfa-7952	162	34	,	,	PUNCT
ajfa-7952	162	35	the	the	DET
ajfa-7952	162	36	mean	mean	NOUN
ajfa-7952	162	37	[	[	X
ajfa-7952	162	38	median	median	ADJ
ajfa-7952	162	39	]	]	X
ajfa-7952	162	40	number	number	NOUN
ajfa-7952	162	41	of	of	ADP
ajfa-7952	162	42	segments	segment	NOUN
ajfa-7952	162	43	increases	increase	VERB
ajfa-7952	162	44	from	from	ADP
ajfa-7952	162	45	2.7	2.7	NUM
ajfa-7952	162	46	[	[	PUNCT
ajfa-7952	162	47	2.0	2.0	NUM
ajfa-7952	162	48	]	]	PUNCT
ajfa-7952	162	49	to	to	ADP
ajfa-7952	162	50	2.9	2.9	NUM
ajfa-7952	163	1	[	[	SYM
ajfa-7952	163	2	3.0	3.0	NUM
ajfa-7952	163	3	]	]	PUNCT
ajfa-7952	163	4	in	in	ADP
ajfa-7952	163	5	the	the	DET
ajfa-7952	163	6	later	later	ADJ
ajfa-7952	163	7	period	period	NOUN
ajfa-7952	163	8	.	.	PUNCT
ajfa-7952	164	1	the	the	DET
ajfa-7952	164	2	change	change	NOUN
ajfa-7952	164	3	is	be	AUX
ajfa-7952	164	4	statistically	statistically	ADV
ajfa-7952	164	5	significant	significant	ADJ
ajfa-7952	164	6	at	at	ADP
ajfa-7952	164	7	the	the	DET
ajfa-7952	164	8	1	1	NUM
ajfa-7952	164	9	%	%	NOUN
ajfa-7952	164	10	significance	significance	NOUN
ajfa-7952	164	11	level	level	NOUN
ajfa-7952	164	12	.	.	PUNCT
ajfa-7952	165	1	similarly	similarly	ADV
ajfa-7952	165	2	,	,	PUNCT
ajfa-7952	165	3	standard	standard	ADJ
ajfa-7952	165	4	deviation	deviation	NOUN
ajfa-7952	165	5	of	of	ADP
ajfa-7952	165	6	segment	segment	NOUN
ajfa-7952	165	7	q	q	PROPN
ajfa-7952	165	8	and	and	CCONJ
ajfa-7952	165	9	the	the	DET
ajfa-7952	165	10	diversity	diversity	NOUN
ajfa-7952	165	11	measure	measure	NOUN
ajfa-7952	165	12	of	of	ADP
ajfa-7952	165	13	rajan	rajan	PROPN
ajfa-7952	165	14	et	et	PROPN
ajfa-7952	165	15	al	al	PROPN
ajfa-7952	165	16	.	.	PROPN
ajfa-7952	166	1	(	(	PUNCT
ajfa-7952	166	2	2000	2000	NUM
ajfa-7952	166	3	)	)	PUNCT
ajfa-7952	166	4	show	show	VERB
ajfa-7952	166	5	a	a	DET
ajfa-7952	166	6	significant	significant	ADJ
ajfa-7952	166	7	increase	increase	NOUN
ajfa-7952	166	8	in	in	ADP
ajfa-7952	166	9	diversity	diversity	NOUN
ajfa-7952	166	10	in	in	ADP
ajfa-7952	166	11	the	the	DET
ajfa-7952	166	12	later	later	ADJ
ajfa-7952	166	13	period	period	NOUN
ajfa-7952	166	14	.	.	PUNCT
ajfa-7952	167	1	although	although	SCONJ
ajfa-7952	167	2	i	i	PRON
ajfa-7952	167	3	could	could	AUX
ajfa-7952	167	4	not	not	PART
ajfa-7952	167	5	observe	observe	VERB
ajfa-7952	167	6	any	any	DET
ajfa-7952	167	7	significant	significant	ADJ
ajfa-7952	167	8	change	change	NOUN
ajfa-7952	167	9	in	in	ADP
ajfa-7952	167	10	herfindahl	herfindahl	NOUN
ajfa-7952	167	11	index	index	PROPN
ajfa-7952	167	12	,	,	PUNCT
ajfa-7952	167	13	the	the	DET
ajfa-7952	167	14	overall	overall	ADJ
ajfa-7952	167	15	result	result	NOUN
ajfa-7952	167	16	from	from	ADP
ajfa-7952	167	17	table	table	NOUN
ajfa-7952	167	18	4	4	NUM
ajfa-7952	167	19	suggests	suggest	VERB
ajfa-7952	167	20	that	that	SCONJ
ajfa-7952	167	21	diversity	diversity	NOUN
ajfa-7952	167	22	has	have	AUX
ajfa-7952	167	23	increased	increase	VERB
ajfa-7952	167	24	in	in	ADP
ajfa-7952	167	25	the	the	DET
ajfa-7952	167	26	later	later	ADJ
ajfa-7952	167	27	period	period	NOUN
ajfa-7952	167	28	.	.	PUNCT
ajfa-7952	168	1	this	this	PRON
ajfa-7952	168	2	indicates	indicate	VERB
ajfa-7952	168	3	that	that	SCONJ
ajfa-7952	168	4	the	the	DET
ajfa-7952	168	5	observed	observed	ADJ
ajfa-7952	168	6	increase	increase	NOUN
ajfa-7952	168	7	in	in	ADP
ajfa-7952	168	8	the	the	DET
ajfa-7952	168	9	diversification	diversification	NOUN
ajfa-7952	168	10	discount	discount	NOUN
ajfa-7952	168	11	is	be	AUX
ajfa-7952	168	12	associated	associate	VERB
ajfa-7952	168	13	with	with	ADP
ajfa-7952	168	14	the	the	DET
ajfa-7952	168	15	increase	increase	NOUN
ajfa-7952	168	16	in	in	ADP
ajfa-7952	168	17	the	the	DET
ajfa-7952	168	18	diversity	diversity	NOUN
ajfa-7952	168	19	in	in	ADP
ajfa-7952	168	20	the	the	DET
ajfa-7952	168	21	later	later	ADJ
ajfa-7952	168	22	period	period	NOUN
ajfa-7952	168	23	.	.	PUNCT
ajfa-7952	169	1	thus	thus	ADV
ajfa-7952	169	2	,	,	PUNCT
ajfa-7952	169	3	the	the	DET
ajfa-7952	169	4	diversification	diversification	NOUN
ajfa-7952	169	5	discount	discount	NOUN
ajfa-7952	169	6	is	be	AUX
ajfa-7952	169	7	increased	increase	VERB
ajfa-7952	169	8	under	under	ADP
ajfa-7952	169	9	sfas	sfas	NOUN
ajfa-7952	169	10	no	no	INTJ
ajfa-7952	169	11	.	.	PUNCT
ajfa-7952	170	1	131	131	NUM
ajfa-7952	170	2	due	due	ADP
ajfa-7952	170	3	to	to	ADP
ajfa-7952	170	4	the	the	DET
ajfa-7952	170	5	increase	increase	NOUN
ajfa-7952	170	6	in	in	ADP
ajfa-7952	170	7	the	the	DET
ajfa-7952	170	8	diversity	diversity	NOUN
ajfa-7952	170	9	measures	measure	NOUN
ajfa-7952	170	10	.	.	PUNCT
ajfa-7952	171	1	however	however	ADV
ajfa-7952	171	2	,	,	PUNCT
ajfa-7952	171	3	the	the	DET
ajfa-7952	171	4	increase	increase	NOUN
ajfa-7952	171	5	in	in	ADP
ajfa-7952	171	6	the	the	DET
ajfa-7952	171	7	diversification	diversification	NOUN
ajfa-7952	171	8	discount	discount	NOUN
ajfa-7952	171	9	does	do	AUX
ajfa-7952	171	10	not	not	PART
ajfa-7952	171	11	reflect	reflect	VERB
ajfa-7952	171	12	the	the	DET
ajfa-7952	171	13	changes	change	NOUN
ajfa-7952	171	14	in	in	ADP
ajfa-7952	171	15	fundamentals	fundamental	NOUN
ajfa-7952	171	16	in	in	ADP
ajfa-7952	171	17	firm	firm	ADJ
ajfa-7952	171	18	value	value	NOUN
ajfa-7952	171	19	or	or	CCONJ
ajfa-7952	171	20	investment	investment	NOUN
ajfa-7952	171	21	efficiency	efficiency	NOUN
ajfa-7952	171	22	.	.	PUNCT
ajfa-7952	172	1	table	table	NOUN
ajfa-7952	172	2	4	4	NUM
ajfa-7952	172	3	.	.	PUNCT
ajfa-7952	173	1	changes	change	NOUN
ajfa-7952	173	2	in	in	ADP
ajfa-7952	173	3	diversity	diversity	NOUN
ajfa-7952	173	4	under	under	ADP
ajfa-7952	173	5	sfas	sfas	NOUN
ajfa-7952	173	6	#	#	SYM
ajfa-7952	173	7	14	14	NUM
ajfa-7952	173	8	(	(	PUNCT
ajfa-7952	173	9	1992	1992	NUM
ajfa-7952	173	10	-	-	SYM
ajfa-7952	173	11	1997	1997	NUM
ajfa-7952	173	12	)	)	PUNCT
ajfa-7952	173	13	under	under	ADP
ajfa-7952	173	14	sfas	sfas	NOUN
ajfa-7952	173	15	#	#	SYM
ajfa-7952	173	16	131	131	NUM
ajfa-7952	173	17	(	(	PUNCT
ajfa-7952	173	18	1998	1998	NUM
ajfa-7952	173	19	-	-	SYM
ajfa-7952	173	20	2003	2003	NUM
ajfa-7952	173	21	)	)	PUNCT
ajfa-7952	173	22	f	f	PROPN
ajfa-7952	174	1	[	[	X
ajfa-7952	174	2	χ2	χ2	PROPN
ajfa-7952	174	3	]	]	PUNCT
ajfa-7952	174	4	segn	segn	VERB
ajfa-7952	174	5	2.67a	2.67a	NUM
ajfa-7952	175	1	[	[	X
ajfa-7952	175	2	2.00]a	2.00]a	NUM
ajfa-7952	175	3	2.86a	2.86a	NUM
ajfa-7952	175	4	[	[	X
ajfa-7952	175	5	3.00]a	3.00]a	NUM
ajfa-7952	175	6	77.71	77.71	NUM
ajfa-7952	175	7	*	*	PUNCT
ajfa-7952	175	8	*	*	PUNCT
ajfa-7952	175	9	*	*	PUNCT
ajfa-7952	176	1	[	[	X
ajfa-7952	176	2	78.97	78.97	NUM
ajfa-7952	176	3	]	]	X
ajfa-7952	176	4	*	*	PUNCT
ajfa-7952	176	5	*	*	PUNCT
ajfa-7952	176	6	*	*	PUNCT
ajfa-7952	176	7	herfindahl	herfindahl	PART
ajfa-7952	176	8	0.5686a	0.5686a	X
ajfa-7952	177	1	[	[	X
ajfa-7952	177	2	0.5432]a	0.5432]a	NOUN
ajfa-7952	177	3	0.5659a	0.5659a	ADJ
ajfa-7952	178	1	[	[	X
ajfa-7952	178	2	0.5334]a	0.5334]a	X
ajfa-7952	178	3	0.50	0.50	NUM
ajfa-7952	179	1	[	[	X
ajfa-7952	179	2	1.98	1.98	NUM
ajfa-7952	179	3	]	]	PUNCT
ajfa-7952	179	4	std	std	NOUN
ajfa-7952	179	5	of	of	ADP
ajfa-7952	179	6	segment	segment	NOUN
ajfa-7952	179	7	q	q	PROPN
ajfa-7952	179	8	0.6033a	0.6033a	PRON
ajfa-7952	180	1	[	[	X
ajfa-7952	180	2	0.3341]a	0.3341]a	NOUN
ajfa-7952	180	3	1.0736a	1.0736a	NUM
ajfa-7952	181	1	[	[	X
ajfa-7952	181	2	0.5156]a	0.5156]a	NUM
ajfa-7952	181	3	247.28	247.28	NUM
ajfa-7952	181	4	*	*	PUNCT
ajfa-7952	181	5	*	*	PUNCT
ajfa-7952	181	6	*	*	PUNCT
ajfa-7952	182	1	[	[	X
ajfa-7952	182	2	167.57	167.57	NUM
ajfa-7952	182	3	]	]	X
ajfa-7952	182	4	*	*	PUNCT
ajfa-7952	182	5	*	*	PUNCT
ajfa-7952	182	6	*	*	PUNCT
ajfa-7952	182	7	rsz	rsz	NOUN
ajfa-7952	182	8	diversity	diversity	NOUN
ajfa-7952	182	9	0.3058a	0.3058a	NOUN
ajfa-7952	183	1	[	[	X
ajfa-7952	183	2	0.2605]a	0.2605]a	X
ajfa-7952	183	3	0.3218a	0.3218a	NOUN
ajfa-7952	184	1	[	[	X
ajfa-7952	184	2	0.2713]a	0.2713]a	PROPN
ajfa-7952	184	3	9.81	9.81	NUM
ajfa-7952	184	4	*	*	PUNCT
ajfa-7952	184	5	*	*	PUNCT
ajfa-7952	184	6	*	*	PUNCT
ajfa-7952	184	7	[	[	X
ajfa-7952	184	8	7.35	7.35	NUM
ajfa-7952	184	9	]	]	X
ajfa-7952	184	10	*	*	PUNCT
ajfa-7952	184	11	*	*	PUNCT
ajfa-7952	184	12	*	*	PUNCT
ajfa-7952	184	13	segn	segn	PROPN
ajfa-7952	184	14	is	be	AUX
ajfa-7952	184	15	the	the	DET
ajfa-7952	184	16	number	number	NOUN
ajfa-7952	184	17	of	of	ADP
ajfa-7952	184	18	segments	segment	NOUN
ajfa-7952	184	19	in	in	ADP
ajfa-7952	184	20	a	a	DET
ajfa-7952	184	21	diversified	diversified	ADJ
ajfa-7952	184	22	firm	firm	NOUN
ajfa-7952	184	23	.	.	PUNCT
ajfa-7952	185	1	herfindahl	herfindahl	PROPN
ajfa-7952	185	2	is	be	AUX
ajfa-7952	185	3	a	a	DET
ajfa-7952	185	4	sales	sale	NOUN
ajfa-7952	185	5	-	-	PUNCT
ajfa-7952	185	6	based	base	VERB
ajfa-7952	185	7	herfindahl	herfindahl	NOUN
ajfa-7952	185	8	index	index	NOUN
ajfa-7952	185	9	.	.	PUNCT
ajfa-7952	186	1	std	std	NOUN
ajfa-7952	186	2	of	of	ADP
ajfa-7952	186	3	segment	segment	NOUN
ajfa-7952	186	4	q	q	PROPN
ajfa-7952	186	5	is	be	AUX
ajfa-7952	186	6	the	the	DET
ajfa-7952	186	7	standard	standard	ADJ
ajfa-7952	186	8	deviation	deviation	NOUN
ajfa-7952	186	9	of	of	ADP
ajfa-7952	186	10	segment	segment	PROPN
ajfa-7952	186	11	tobin	tobin	PROPN
ajfa-7952	186	12	’s	’s	PART
ajfa-7952	186	13	q.	q.	PROPN
ajfa-7952	186	14	rsz	rsz	NOUN
ajfa-7952	186	15	diversity	diversity	NOUN
ajfa-7952	186	16	is	be	AUX
ajfa-7952	186	17	rajan	rajan	PROPN
ajfa-7952	186	18	et	et	PROPN
ajfa-7952	186	19	al	al	PROPN
ajfa-7952	186	20	.	.	PROPN
ajfa-7952	186	21	’s	’s	PART
ajfa-7952	186	22	measure	measure	NOUN
ajfa-7952	186	23	of	of	ADP
ajfa-7952	186	24	the	the	DET
ajfa-7952	186	25	diversity	diversity	NOUN
ajfa-7952	186	26	of	of	ADP
ajfa-7952	186	27	a	a	DET
ajfa-7952	186	28	diversified	diversified	ADJ
ajfa-7952	186	29	firm	firm	NOUN
ajfa-7952	186	30	.	.	PUNCT
ajfa-7952	187	1	*	*	PUNCT
ajfa-7952	187	2	,	,	PUNCT
ajfa-7952	187	3	*	*	PUNCT
ajfa-7952	187	4	*	*	PUNCT
ajfa-7952	187	5	,	,	PUNCT
ajfa-7952	187	6	*	*	PUNCT
ajfa-7952	187	7	*	*	PUNCT
ajfa-7952	187	8	*	*	PUNCT
ajfa-7952	187	9	denote	denote	NOUN
ajfa-7952	187	10	significance	significance	NOUN
ajfa-7952	187	11	at	at	ADP
ajfa-7952	187	12	the	the	DET
ajfa-7952	187	13	1	1	NUM
ajfa-7952	187	14	%	%	NOUN
ajfa-7952	187	15	,	,	PUNCT
ajfa-7952	187	16	5	5	NUM
ajfa-7952	187	17	%	%	NOUN
ajfa-7952	187	18	,	,	PUNCT
ajfa-7952	187	19	and	and	CCONJ
ajfa-7952	187	20	10	10	NUM
ajfa-7952	187	21	%	%	NOUN
ajfa-7952	187	22	levels	level	NOUN
ajfa-7952	187	23	,	,	PUNCT
ajfa-7952	187	24	respectively	respectively	ADV
ajfa-7952	187	25	.	.	PUNCT
ajfa-7952	188	1	the	the	DET
ajfa-7952	188	2	sample	sample	NOUN
ajfa-7952	188	3	includes	include	VERB
ajfa-7952	188	4	8,147	8,147	NUM
ajfa-7952	188	5	firm	firm	ADJ
ajfa-7952	188	6	-	-	PUNCT
ajfa-7952	188	7	year	year	NOUN
ajfa-7952	188	8	observations	observation	NOUN
ajfa-7952	188	9	of	of	ADP
ajfa-7952	188	10	diversified	diversified	ADJ
ajfa-7952	188	11	firms	firm	NOUN
ajfa-7952	188	12	between	between	ADP
ajfa-7952	188	13	1992	1992	NUM
ajfa-7952	188	14	and	and	CCONJ
ajfa-7952	188	15	2003	2003	NUM
ajfa-7952	188	16	.	.	PUNCT
ajfa-7952	189	1	diversified	diversified	ADJ
ajfa-7952	189	2	firms	firm	NOUN
ajfa-7952	189	3	are	be	AUX
ajfa-7952	189	4	defined	define	VERB
ajfa-7952	189	5	as	as	ADP
ajfa-7952	189	6	firms	firm	NOUN
ajfa-7952	189	7	with	with	ADP
ajfa-7952	189	8	at	at	ADV
ajfa-7952	189	9	least	least	ADV
ajfa-7952	189	10	two	two	NUM
ajfa-7952	189	11	segments	segment	NOUN
ajfa-7952	189	12	operating	operate	VERB
ajfa-7952	189	13	in	in	ADP
ajfa-7952	189	14	different	different	ADJ
ajfa-7952	189	15	3	3	NUM
ajfa-7952	189	16	-	-	PUNCT
ajfa-7952	189	17	digit	digit	NOUN
ajfa-7952	189	18	sic	sic	ADJ
ajfa-7952	189	19	codes	code	NOUN
ajfa-7952	189	20	.	.	PUNCT
ajfa-7952	190	1	4	4	X
ajfa-7952	190	2	.	.	X
ajfa-7952	190	3	conclusion	conclusion	NOUN
ajfa-7952	190	4	i	i	PRON
ajfa-7952	190	5	examine	examine	VERB
ajfa-7952	190	6	the	the	DET
ajfa-7952	190	7	impact	impact	NOUN
ajfa-7952	190	8	of	of	ADP
ajfa-7952	190	9	the	the	DET
ajfa-7952	190	10	segment	segment	NOUN
ajfa-7952	190	11	reporting	report	VERB
ajfa-7952	190	12	rule	rule	NOUN
ajfa-7952	190	13	change	change	NOUN
ajfa-7952	190	14	on	on	ADP
ajfa-7952	190	15	the	the	DET
ajfa-7952	190	16	measure	measure	NOUN
ajfa-7952	190	17	of	of	ADP
ajfa-7952	190	18	diversification	diversification	NOUN
ajfa-7952	190	19	discount	discount	NOUN
ajfa-7952	190	20	,	,	PUNCT
ajfa-7952	190	21	excess	excess	ADJ
ajfa-7952	190	22	value	value	NOUN
ajfa-7952	190	23	.	.	PUNCT
ajfa-7952	191	1	in	in	ADP
ajfa-7952	191	2	1997	1997	NUM
ajfa-7952	191	3	,	,	PUNCT
ajfa-7952	191	4	sfas	sfas	NOUN
ajfa-7952	191	5	no	no	INTJ
ajfa-7952	191	6	.	.	PUNCT
ajfa-7952	192	1	131	131	NUM
ajfa-7952	192	2	rules	rule	NOUN
ajfa-7952	192	3	replace	replace	VERB
ajfa-7952	192	4	sfas	sfas	NOUN
ajfa-7952	192	5	no	no	INTJ
ajfa-7952	192	6	.	.	NOUN
ajfa-7952	193	1	14	14	NUM
ajfa-7952	193	2	.	.	PUNCT
ajfa-7952	194	1	under	under	ADP
ajfa-7952	194	2	sfas	sfas	NOUN
ajfa-7952	194	3	no	no	INTJ
ajfa-7952	194	4	.	.	PROPN
ajfa-7952	194	5	131	131	NUM
ajfa-7952	194	6	,	,	PUNCT
ajfa-7952	194	7	a	a	DET
ajfa-7952	194	8	firm	firm	NOUN
ajfa-7952	194	9	shall	shall	AUX
ajfa-7952	194	10	report	report	VERB
ajfa-7952	194	11	information	information	NOUN
ajfa-7952	194	12	about	about	ADP
ajfa-7952	194	13	operating	operate	VERB
ajfa-7952	194	14	segments	segment	NOUN
ajfa-7952	194	15	,	,	PUNCT
ajfa-7952	194	16	products	product	NOUN
ajfa-7952	194	17	and	and	CCONJ
ajfa-7952	194	18	services	service	NOUN
ajfa-7952	194	19	,	,	PUNCT
ajfa-7952	194	20	the	the	DET
ajfa-7952	194	21	geographic	geographic	ADJ
ajfa-7952	194	22	areas	area	NOUN
ajfa-7952	194	23	in	in	ADP
ajfa-7952	194	24	which	which	PRON
ajfa-7952	194	25	they	they	PRON
ajfa-7952	194	26	operate	operate	VERB
ajfa-7952	194	27	,	,	PUNCT
ajfa-7952	194	28	and	and	CCONJ
ajfa-7952	194	29	their	their	PRON
ajfa-7952	194	30	major	major	ADJ
ajfa-7952	194	31	customers	customer	NOUN
ajfa-7952	194	32	.	.	PUNCT
ajfa-7952	195	1	with	with	ADP
ajfa-7952	195	2	detailed	detailed	ADJ
ajfa-7952	195	3	information	information	NOUN
ajfa-7952	195	4	on	on	ADP
ajfa-7952	195	5	segments	segment	NOUN
ajfa-7952	195	6	,	,	PUNCT
ajfa-7952	195	7	this	this	DET
ajfa-7952	195	8	change	change	NOUN
ajfa-7952	195	9	in	in	ADP
ajfa-7952	195	10	segment	segment	NOUN
ajfa-7952	195	11	-	-	PUNCT
ajfa-7952	195	12	reporting	report	VERB
ajfa-7952	195	13	rules	rule	NOUN
ajfa-7952	195	14	may	may	AUX
ajfa-7952	195	15	allow	allow	VERB
ajfa-7952	195	16	more	more	ADV
ajfa-7952	195	17	accurate	accurate	ADJ
ajfa-7952	195	18	estimation	estimation	NOUN
ajfa-7952	195	19	of	of	ADP
ajfa-7952	195	20	diversification	diversification	NOUN
ajfa-7952	195	21	discount	discount	NOUN
ajfa-7952	195	22	.	.	PUNCT
ajfa-7952	196	1	asian	asian	ADJ
ajfa-7952	196	2	journal	journal	PROPN
ajfa-7952	196	3	of	of	ADP
ajfa-7952	196	4	finance	finance	PROPN
ajfa-7952	196	5	&	&	CCONJ
ajfa-7952	196	6	accounting	accounting	PROPN
ajfa-7952	196	7	issn	issn	PROPN
ajfa-7952	196	8	1946	1946	NUM
ajfa-7952	196	9	-	-	PUNCT
ajfa-7952	196	10	052x	052x	NOUN
ajfa-7952	196	11	2015	2015	NUM
ajfa-7952	196	12	,	,	PUNCT
ajfa-7952	196	13	vol	vol	NOUN
ajfa-7952	196	14	.	.	PROPN
ajfa-7952	196	15	7	7	NUM
ajfa-7952	196	16	,	,	PUNCT
ajfa-7952	196	17	no	no	INTJ
ajfa-7952	196	18	.	.	NOUN
ajfa-7952	196	19	2	2	NUM
ajfa-7952	196	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-7952	196	21	65	65	NUM
ajfa-7952	196	22	the	the	DET
ajfa-7952	196	23	results	result	NOUN
ajfa-7952	196	24	however	however	ADV
ajfa-7952	196	25	show	show	VERB
ajfa-7952	196	26	that	that	SCONJ
ajfa-7952	196	27	the	the	DET
ajfa-7952	196	28	time	time	NOUN
ajfa-7952	196	29	-	-	PUNCT
ajfa-7952	196	30	series	series	NOUN
ajfa-7952	196	31	variation	variation	NOUN
ajfa-7952	196	32	of	of	ADP
ajfa-7952	196	33	mean	mean	ADJ
ajfa-7952	196	34	excess	excess	ADJ
ajfa-7952	196	35	value	value	NOUN
ajfa-7952	196	36	is	be	AUX
ajfa-7952	196	37	not	not	PART
ajfa-7952	196	38	reflecting	reflect	VERB
ajfa-7952	196	39	the	the	DET
ajfa-7952	196	40	changes	change	NOUN
ajfa-7952	196	41	in	in	ADP
ajfa-7952	196	42	a	a	DET
ajfa-7952	196	43	firm	firm	NOUN
ajfa-7952	196	44	’s	’s	PART
ajfa-7952	196	45	fundamentals	fundamental	NOUN
ajfa-7952	196	46	.	.	PUNCT
ajfa-7952	197	1	specifically	specifically	ADV
ajfa-7952	197	2	,	,	PUNCT
ajfa-7952	197	3	the	the	DET
ajfa-7952	197	4	diversification	diversification	NOUN
ajfa-7952	197	5	discount	discount	NOUN
ajfa-7952	197	6	is	be	AUX
ajfa-7952	197	7	not	not	PART
ajfa-7952	197	8	driven	drive	VERB
ajfa-7952	197	9	by	by	ADP
ajfa-7952	197	10	the	the	DET
ajfa-7952	197	11	changes	change	NOUN
ajfa-7952	197	12	in	in	ADP
ajfa-7952	197	13	firm	firm	ADJ
ajfa-7952	197	14	value	value	NOUN
ajfa-7952	197	15	nor	nor	CCONJ
ajfa-7952	197	16	the	the	DET
ajfa-7952	197	17	decrease	decrease	NOUN
ajfa-7952	197	18	in	in	ADP
ajfa-7952	197	19	the	the	DET
ajfa-7952	197	20	investment	investment	NOUN
ajfa-7952	197	21	efficiency	efficiency	NOUN
ajfa-7952	197	22	.	.	PUNCT
ajfa-7952	198	1	the	the	DET
ajfa-7952	198	2	measures	measure	NOUN
ajfa-7952	198	3	of	of	ADP
ajfa-7952	198	4	diversity	diversity	NOUN
ajfa-7952	198	5	appear	appear	VERB
ajfa-7952	198	6	to	to	PART
ajfa-7952	198	7	be	be	AUX
ajfa-7952	198	8	more	more	ADV
ajfa-7952	198	9	associated	associate	VERB
ajfa-7952	198	10	with	with	ADP
ajfa-7952	198	11	the	the	DET
ajfa-7952	198	12	changes	change	NOUN
ajfa-7952	198	13	in	in	ADP
ajfa-7952	198	14	excess	excess	ADJ
ajfa-7952	198	15	value	value	NOUN
ajfa-7952	198	16	.	.	PUNCT
ajfa-7952	199	1	because	because	SCONJ
ajfa-7952	199	2	i	i	PRON
ajfa-7952	199	3	count	count	AUX
ajfa-7952	199	4	not	not	PART
ajfa-7952	199	5	find	find	VERB
ajfa-7952	199	6	any	any	DET
ajfa-7952	199	7	evidence	evidence	NOUN
ajfa-7952	199	8	that	that	SCONJ
ajfa-7952	199	9	firm	firm	ADJ
ajfa-7952	199	10	value	value	NOUN
ajfa-7952	199	11	and	and	CCONJ
ajfa-7952	199	12	investment	investment	NOUN
ajfa-7952	199	13	efficiency	efficiency	NOUN
ajfa-7952	199	14	has	have	AUX
ajfa-7952	199	15	changed	change	VERB
ajfa-7952	199	16	in	in	ADP
ajfa-7952	199	17	the	the	DET
ajfa-7952	199	18	two	two	NUM
ajfa-7952	199	19	periods	period	NOUN
ajfa-7952	199	20	,	,	PUNCT
ajfa-7952	199	21	the	the	DET
ajfa-7952	199	22	observed	observe	VERB
ajfa-7952	199	23	changes	change	NOUN
ajfa-7952	199	24	in	in	ADP
ajfa-7952	199	25	excess	excess	ADJ
ajfa-7952	199	26	value	value	NOUN
ajfa-7952	199	27	are	be	AUX
ajfa-7952	199	28	more	more	ADV
ajfa-7952	199	29	likely	likely	ADJ
ajfa-7952	199	30	to	to	PART
ajfa-7952	199	31	be	be	AUX
ajfa-7952	199	32	driven	drive	VERB
ajfa-7952	199	33	by	by	ADP
ajfa-7952	199	34	the	the	DET
ajfa-7952	199	35	number	number	NOUN
ajfa-7952	199	36	of	of	ADP
ajfa-7952	199	37	reported	report	VERB
ajfa-7952	199	38	segments	segment	NOUN
ajfa-7952	199	39	,	,	PUNCT
ajfa-7952	199	40	standard	standard	ADJ
ajfa-7952	199	41	deviation	deviation	NOUN
ajfa-7952	199	42	of	of	ADP
ajfa-7952	199	43	segment	segment	NOUN
ajfa-7952	199	44	q	q	PROPN
ajfa-7952	199	45	and	and	CCONJ
ajfa-7952	199	46	rajan	rajan	PROPN
ajfa-7952	199	47	et	et	PROPN
ajfa-7952	199	48	al	al	PROPN
ajfa-7952	199	49	(	(	PUNCT
ajfa-7952	199	50	2000	2000	NUM
ajfa-7952	199	51	)	)	PUNCT
ajfa-7952	199	52	’s	’	VERB
ajfa-7952	199	53	measure	measure	NOUN
ajfa-7952	199	54	of	of	ADP
ajfa-7952	199	55	diversity	diversity	NOUN
ajfa-7952	199	56	.	.	PUNCT
ajfa-7952	200	1	this	this	PRON
ajfa-7952	200	2	indicates	indicate	VERB
ajfa-7952	200	3	that	that	SCONJ
ajfa-7952	200	4	excess	excess	ADJ
ajfa-7952	200	5	value	value	NOUN
ajfa-7952	200	6	is	be	AUX
ajfa-7952	200	7	not	not	PART
ajfa-7952	200	8	a	a	DET
ajfa-7952	200	9	clean	clean	ADJ
ajfa-7952	200	10	measure	measure	NOUN
ajfa-7952	200	11	of	of	ADP
ajfa-7952	200	12	diversification	diversification	NOUN
ajfa-7952	200	13	discount	discount	NOUN
ajfa-7952	200	14	.	.	PUNCT
ajfa-7952	201	1	references	reference	NOUN
ajfa-7952	201	2	berger	berger	PROPN
ajfa-7952	201	3	,	,	PUNCT
ajfa-7952	201	4	p.	p.	PROPN
ajfa-7952	201	5	,	,	PUNCT
ajfa-7952	201	6	&	&	CCONJ
ajfa-7952	201	7	ofek	ofek	PROPN
ajfa-7952	201	8	e.	e.	PROPN
ajfa-7952	201	9	(	(	PUNCT
ajfa-7952	201	10	1995	1995	NUM
ajfa-7952	201	11	)	)	PUNCT
ajfa-7952	201	12	.	.	PUNCT
ajfa-7952	202	1	diversification	diversification	NOUN
ajfa-7952	202	2	’s	’s	PART
ajfa-7952	202	3	effect	effect	NOUN
ajfa-7952	202	4	on	on	ADP
ajfa-7952	202	5	firm	firm	ADJ
ajfa-7952	202	6	value	value	NOUN
ajfa-7952	202	7	,	,	PUNCT
ajfa-7952	202	8	journal	journal	NOUN
ajfa-7952	202	9	of	of	ADP
ajfa-7952	202	10	financial	financial	ADJ
ajfa-7952	202	11	economics	economic	NOUN
ajfa-7952	202	12	,	,	PUNCT
ajfa-7952	202	13	37	37	NUM
ajfa-7952	202	14	,	,	PUNCT
ajfa-7952	202	15	39	39	NUM
ajfa-7952	202	16	-	-	SYM
ajfa-7952	202	17	65	65	NUM
ajfa-7952	202	18	.	.	PUNCT
ajfa-7952	203	1	http://dx.doi.org/10.1016/0304-405x(94)00798-6	http://dx.doi.org/10.1016/0304-405x(94)00798-6	INTJ
ajfa-7952	203	2	graham	graham	PROPN
ajfa-7952	203	3	,	,	PUNCT
ajfa-7952	203	4	j.r	j.r	PROPN
ajfa-7952	203	5	.	.	PROPN
ajfa-7952	203	6	,	,	PUNCT
ajfa-7952	203	7	lemmon	lemmon	PROPN
ajfa-7952	203	8	,	,	PUNCT
ajfa-7952	203	9	m.l	m.l	PROPN
ajfa-7952	203	10	.	.	PROPN
ajfa-7952	203	11	,	,	PUNCT
ajfa-7952	203	12	&	&	CCONJ
ajfa-7952	203	13	wolf	wolf	PROPN
ajfa-7952	203	14	,	,	PUNCT
ajfa-7952	203	15	j.	j.	PROPN
ajfa-7952	203	16	(	(	PUNCT
ajfa-7952	203	17	2002	2002	NUM
ajfa-7952	203	18	)	)	PUNCT
ajfa-7952	203	19	.	.	PUNCT
ajfa-7952	204	1	does	do	AUX
ajfa-7952	204	2	corporate	corporate	ADJ
ajfa-7952	204	3	diversification	diversification	NOUN
ajfa-7952	204	4	destroy	destroy	VERB
ajfa-7952	204	5	value	value	NOUN
ajfa-7952	204	6	?	?	PUNCT
ajfa-7952	204	7	,	,	PUNCT
ajfa-7952	204	8	journal	journal	NOUN
ajfa-7952	204	9	of	of	ADP
ajfa-7952	204	10	finance	finance	NOUN
ajfa-7952	204	11	,	,	PUNCT
ajfa-7952	204	12	57	57	NUM
ajfa-7952	204	13	,	,	PUNCT
ajfa-7952	204	14	695	695	NUM
ajfa-7952	204	15	-	-	SYM
ajfa-7952	204	16	720	720	NUM
ajfa-7952	204	17	.	.	PUNCT
ajfa-7952	205	1	http://dx.doi.org/10.1111/1540-6261.00439	http://dx.doi.org/10.1111/1540-6261.00439	PROPN
ajfa-7952	205	2	lang	lang	PROPN
ajfa-7952	205	3	,	,	PUNCT
ajfa-7952	205	4	l.	l.	PROPN
ajfa-7952	205	5	,	,	PUNCT
ajfa-7952	205	6	&	&	CCONJ
ajfa-7952	205	7	stulz	stulz	ADJ
ajfa-7952	205	8	,	,	PUNCT
ajfa-7952	205	9	r.m	r.m	PROPN
ajfa-7952	205	10	.	.	PROPN
ajfa-7952	205	11	(	(	PUNCT
ajfa-7952	205	12	1994	1994	NUM
ajfa-7952	205	13	)	)	PUNCT
ajfa-7952	205	14	.	.	PUNCT
ajfa-7952	206	1	tobin	tobin	PROPN
ajfa-7952	206	2	’s	’s	PART
ajfa-7952	206	3	q	q	NOUN
ajfa-7952	206	4	,	,	PUNCT
ajfa-7952	206	5	corporate	corporate	ADJ
ajfa-7952	206	6	diversification	diversification	NOUN
ajfa-7952	206	7	,	,	PUNCT
ajfa-7952	206	8	and	and	CCONJ
ajfa-7952	206	9	firm	firm	ADJ
ajfa-7952	206	10	value	value	NOUN
ajfa-7952	206	11	,	,	PUNCT
ajfa-7952	206	12	journal	journal	NOUN
ajfa-7952	206	13	of	of	ADP
ajfa-7952	206	14	political	political	ADJ
ajfa-7952	206	15	economy	economy	NOUN
ajfa-7952	206	16	,	,	PUNCT
ajfa-7952	206	17	102	102	NUM
ajfa-7952	206	18	,	,	PUNCT
ajfa-7952	206	19	1248	1248	NUM
ajfa-7952	206	20	-	-	SYM
ajfa-7952	206	21	80	80	NUM
ajfa-7952	206	22	.	.	PUNCT
ajfa-7952	207	1	http://dx.doi.org/10.1086/261970	http://dx.doi.org/10.1086/261970	PROPN
ajfa-7952	207	2	rajan	rajan	PROPN
ajfa-7952	207	3	,	,	PUNCT
ajfa-7952	207	4	r.	r.	PROPN
ajfa-7952	207	5	,	,	PUNCT
ajfa-7952	207	6	servaes	servaes	PROPN
ajfa-7952	207	7	h.	h.	PROPN
ajfa-7952	207	8	,	,	PUNCT
ajfa-7952	207	9	&	&	CCONJ
ajfa-7952	207	10	zingales	zingales	PROPN
ajfa-7952	207	11	l.	l.	PROPN
ajfa-7952	207	12	(	(	PUNCT
ajfa-7952	207	13	2000	2000	NUM
ajfa-7952	207	14	)	)	PUNCT
ajfa-7952	207	15	.	.	PUNCT
ajfa-7952	208	1	the	the	DET
ajfa-7952	208	2	cost	cost	NOUN
ajfa-7952	208	3	of	of	ADP
ajfa-7952	208	4	diversity	diversity	NOUN
ajfa-7952	208	5	:	:	PUNCT
ajfa-7952	208	6	the	the	DET
ajfa-7952	208	7	diversification	diversification	NOUN
ajfa-7952	208	8	discount	discount	NOUN
ajfa-7952	208	9	and	and	CCONJ
ajfa-7952	208	10	inefficient	inefficient	ADJ
ajfa-7952	208	11	investment	investment	NOUN
ajfa-7952	208	12	,	,	PUNCT
ajfa-7952	208	13	journal	journal	NOUN
ajfa-7952	208	14	of	of	ADP
ajfa-7952	208	15	finance	finance	NOUN
ajfa-7952	208	16	,	,	PUNCT
ajfa-7952	208	17	55	55	NUM
ajfa-7952	208	18	,	,	PUNCT
ajfa-7952	208	19	35	35	NUM
ajfa-7952	208	20	-	-	SYM
ajfa-7952	208	21	80	80	NUM
ajfa-7952	208	22	.	.	PUNCT
ajfa-7952	209	1	http://dx.doi.org/10.1111/0022-1082.00200	http://dx.doi.org/10.1111/0022-1082.00200	NOUN
ajfa-7952	209	2	shin	shin	PROPN
ajfa-7952	209	3	,	,	PUNCT
ajfa-7952	209	4	h.	h.	PROPN
ajfa-7952	209	5	,	,	PUNCT
ajfa-7952	209	6	&	&	CCONJ
ajfa-7952	209	7	stulz	stulz	ADJ
ajfa-7952	209	8	,	,	PUNCT
ajfa-7952	209	9	r.	r.	PROPN
ajfa-7952	209	10	m.	m.	PROPN
ajfa-7952	209	11	(	(	PUNCT
ajfa-7952	209	12	1998	1998	NUM
ajfa-7952	209	13	)	)	PUNCT
ajfa-7952	209	14	.	.	PUNCT
ajfa-7952	209	15	are	be	AUX
ajfa-7952	209	16	internal	internal	ADJ
ajfa-7952	209	17	capital	capital	NOUN
ajfa-7952	209	18	markets	market	NOUN
ajfa-7952	209	19	efficient	efficient	ADJ
ajfa-7952	209	20	?	?	PUNCT
ajfa-7952	210	1	quarterly	quarterly	ADJ
ajfa-7952	210	2	journal	journal	NOUN
ajfa-7952	210	3	of	of	ADP
ajfa-7952	210	4	economics	economic	NOUN
ajfa-7952	210	5	,	,	PUNCT
ajfa-7952	210	6	113	113	NUM
ajfa-7952	210	7	,	,	PUNCT
ajfa-7952	210	8	531	531	NUM
ajfa-7952	210	9	-	-	SYM
ajfa-7952	210	10	552	552	NUM
ajfa-7952	210	11	.	.	PUNCT
ajfa-7952	211	1	http://dx.doi.org/10.1162/003355398555676	http://dx.doi.org/10.1162/003355398555676	PROPN
ajfa-7952	211	2	whited	white	VERB
ajfa-7952	211	3	,	,	PUNCT
ajfa-7952	211	4	t.m	t.m	PROPN
ajfa-7952	211	5	.	.	PROPN
ajfa-7952	211	6	(	(	PUNCT
ajfa-7952	211	7	2001	2001	NUM
ajfa-7952	211	8	)	)	PUNCT
ajfa-7952	211	9	.	.	PUNCT
ajfa-7952	212	1	is	be	AUX
ajfa-7952	212	2	it	it	PRON
ajfa-7952	212	3	inefficient	inefficient	ADJ
ajfa-7952	212	4	investment	investment	NOUN
ajfa-7952	212	5	that	that	PRON
ajfa-7952	212	6	causes	cause	VERB
ajfa-7952	212	7	the	the	DET
ajfa-7952	212	8	diversification	diversification	NOUN
ajfa-7952	212	9	discount	discount	NOUN
ajfa-7952	212	10	?	?	PUNCT
ajfa-7952	213	1	journal	journal	NOUN
ajfa-7952	213	2	of	of	ADP
ajfa-7952	213	3	finance	finance	NOUN
ajfa-7952	213	4	,	,	PUNCT
ajfa-7952	213	5	56	56	NUM
ajfa-7952	213	6	,	,	PUNCT
ajfa-7952	213	7	1667	1667	NUM
ajfa-7952	213	8	-	-	SYM
ajfa-7952	213	9	1692	1692	NUM
ajfa-7952	213	10	.	.	PUNCT
ajfa-7952	214	1	http://dx.doi.org/10.1111/0022-1082.00385	http://dx.doi.org/10.1111/0022-1082.00385	PROPN
ajfa-7952	214	2	copyright	copyright	NOUN
ajfa-7952	214	3	disclaimer	disclaimer	ADJ
ajfa-7952	214	4	copyright	copyright	NOUN
ajfa-7952	214	5	for	for	ADP
ajfa-7952	214	6	this	this	DET
ajfa-7952	214	7	article	article	NOUN
ajfa-7952	214	8	is	be	AUX
ajfa-7952	214	9	retained	retain	VERB
ajfa-7952	214	10	by	by	ADP
ajfa-7952	214	11	the	the	DET
ajfa-7952	214	12	author(s	author(s	PROPN
ajfa-7952	214	13	)	)	PUNCT
ajfa-7952	214	14	,	,	PUNCT
ajfa-7952	214	15	with	with	ADP
ajfa-7952	214	16	first	first	ADJ
ajfa-7952	214	17	publication	publication	NOUN
ajfa-7952	214	18	rights	right	NOUN
ajfa-7952	214	19	granted	grant	VERB
ajfa-7952	214	20	to	to	ADP
ajfa-7952	214	21	the	the	DET
ajfa-7952	214	22	journal	journal	NOUN
ajfa-7952	214	23	.	.	PUNCT
ajfa-7952	215	1	this	this	PRON
ajfa-7952	215	2	is	be	AUX
ajfa-7952	215	3	an	an	DET
ajfa-7952	215	4	open	open	ADJ
ajfa-7952	215	5	-	-	PUNCT
ajfa-7952	215	6	access	access	NOUN
ajfa-7952	215	7	article	article	NOUN
ajfa-7952	215	8	distributed	distribute	VERB
ajfa-7952	215	9	under	under	ADP
ajfa-7952	215	10	the	the	DET
ajfa-7952	215	11	terms	term	NOUN
ajfa-7952	215	12	and	and	CCONJ
ajfa-7952	215	13	conditions	condition	NOUN
ajfa-7952	215	14	of	of	ADP
ajfa-7952	215	15	the	the	DET
ajfa-7952	215	16	creative	creative	ADJ
ajfa-7952	215	17	commons	common	NOUN
ajfa-7952	215	18	attribution	attribution	NOUN
ajfa-7952	215	19	license	license	NOUN
ajfa-7952	215	20	(	(	PUNCT
ajfa-7952	215	21	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-7952	215	22	)	)	PUNCT
ajfa-7952	215	23	.	.	PUNCT
ajfa-7952	216	1	i	i	PRON
ajfa-7952	216	2	main	main	ADJ
ajfa-7952	216	3	findings	finding	NOUN
ajfa-7952	216	4	of	of	ADP
ajfa-7952	216	5	the	the	DET
ajfa-7952	216	6	paper	paper	NOUN
ajfa-7952	216	7	are	be	AUX
ajfa-7952	216	8	not	not	PART
ajfa-7952	216	9	sensitive	sensitive	ADJ
ajfa-7952	216	10	to	to	ADP
ajfa-7952	216	11	this	this	DET
ajfa-7952	216	12	definition	definition	NOUN
ajfa-7952	216	13	.	.	PUNCT
ajfa-7952	217	1	i	i	PRON
ajfa-7952	217	2	find	find	VERB
ajfa-7952	217	3	qualitatively	qualitatively	ADV
ajfa-7952	217	4	similar	similar	ADJ
ajfa-7952	217	5	results	result	NOUN
ajfa-7952	217	6	if	if	SCONJ
ajfa-7952	217	7	industry	industry	NOUN
ajfa-7952	217	8	is	be	AUX
ajfa-7952	217	9	defined	define	VERB
ajfa-7952	217	10	at	at	ADP
ajfa-7952	217	11	either	either	CCONJ
ajfa-7952	217	12	the	the	DET
ajfa-7952	217	13	two	two	NUM
ajfa-7952	217	14	-	-	PUNCT
ajfa-7952	217	15	digit	digit	NOUN
ajfa-7952	217	16	or	or	CCONJ
ajfa-7952	217	17	four	four	NUM
ajfa-7952	217	18	-	-	PUNCT
ajfa-7952	217	19	digit	digit	NOUN
ajfa-7952	217	20	sic	sic	ADJ
ajfa-7952	217	21	level	level	NOUN
ajfa-7952	217	22	.	.	PUNCT
ajfa-7952	218	1	ii	ii	NOUN
ajfa-7952	219	1	it	it	PRON
ajfa-7952	219	2	is	be	AUX
ajfa-7952	219	3	unclear	unclear	ADJ
ajfa-7952	219	4	though	though	SCONJ
ajfa-7952	219	5	whether	whether	SCONJ
ajfa-7952	219	6	the	the	DET
ajfa-7952	219	7	deeper	deep	ADJ
ajfa-7952	219	8	discount	discount	NOUN
ajfa-7952	219	9	represents	represent	VERB
ajfa-7952	219	10	mistakes	mistake	NOUN
ajfa-7952	219	11	made	make	VERB
ajfa-7952	219	12	by	by	ADP
ajfa-7952	219	13	diversified	diversified	ADJ
ajfa-7952	219	14	firms	firm	NOUN
ajfa-7952	219	15	,	,	PUNCT
ajfa-7952	219	16	simply	simply	ADV
ajfa-7952	219	17	the	the	DET
ajfa-7952	219	18	result	result	NOUN
ajfa-7952	219	19	of	of	ADP
ajfa-7952	219	20	acquisition	acquisition	NOUN
ajfa-7952	219	21	of	of	ADP
ajfa-7952	219	22	already	already	ADV
ajfa-7952	219	23	discounted	discount	VERB
ajfa-7952	219	24	units	unit	NOUN
ajfa-7952	219	25	,	,	PUNCT
ajfa-7952	219	26	or	or	CCONJ
ajfa-7952	219	27	self	self	NOUN
ajfa-7952	219	28	-	-	PUNCT
ajfa-7952	219	29	selection	selection	NOUN
ajfa-7952	219	30	.	.	PUNCT
ajfa-7952	220	1	iii	iii	NUM
ajfa-7952	220	2	berger	berger	PROPN
ajfa-7952	220	3	and	and	CCONJ
ajfa-7952	220	4	ofek	ofek	PROPN
ajfa-7952	220	5	's	's	PART
ajfa-7952	220	6	(	(	PUNCT
ajfa-7952	220	7	1995	1995	NUM
ajfa-7952	220	8	)	)	PUNCT
ajfa-7952	220	9	,	,	PUNCT
ajfa-7952	220	10	lang	lang	PROPN
ajfa-7952	220	11	and	and	CCONJ
ajfa-7952	220	12	stulz	stulz	ADJ
ajfa-7952	220	13	(	(	PUNCT
ajfa-7952	220	14	1994	1994	NUM
ajfa-7952	220	15	)	)	PUNCT
ajfa-7952	220	16	,	,	PUNCT
ajfa-7952	220	17	and	and	CCONJ
ajfa-7952	220	18	rajan	rajan	PROPN
ajfa-7952	220	19	,	,	PUNCT
ajfa-7952	220	20	servaes	servaes	NOUN
ajfa-7952	220	21	,	,	PUNCT
ajfa-7952	220	22	and	and	CCONJ
ajfa-7952	220	23	zingales	zingale	NOUN
ajfa-7952	220	24	(	(	PUNCT
ajfa-7952	220	25	2000	2000	NUM
ajfa-7952	220	26	)	)	PUNCT