id	sid	tid	token	lemma	pos
ajfa-9288	1	1	microsoft	microsoft	PROPN
ajfa-9288	1	2	word	word	NOUN
ajfa-9288	1	3	9248	9248	NUM
ajfa-9288	1	4	-	-	SYM
ajfa-9288	1	5	33908	33908	NUM
ajfa-9288	1	6	-	-	PUNCT
ajfa-9288	1	7	1	1	NUM
ajfa-9288	1	8	-	-	PUNCT
ajfa-9288	1	9	sm	sm	NOUN
ajfa-9288	1	10	-	-	ADJ
ajfa-9288	1	11	new	new	ADJ
ajfa-9288	1	12	asian	asian	ADJ
ajfa-9288	1	13	journal	journal	NOUN
ajfa-9288	1	14	of	of	ADP
ajfa-9288	1	15	finance	finance	PROPN
ajfa-9288	1	16	&	&	CCONJ
ajfa-9288	1	17	accounting	accounting	PROPN
ajfa-9288	1	18	issn	issn	PROPN
ajfa-9288	1	19	1946	1946	NUM
ajfa-9288	1	20	-	-	PUNCT
ajfa-9288	1	21	052x	052x	PROPN
ajfa-9288	1	22	2016	2016	NUM
ajfa-9288	1	23	,	,	PUNCT
ajfa-9288	1	24	vol	vol	NOUN
ajfa-9288	1	25	.	.	PROPN
ajfa-9288	1	26	8	8	NUM
ajfa-9288	1	27	,	,	PUNCT
ajfa-9288	1	28	no	no	INTJ
ajfa-9288	1	29	.	.	NOUN
ajfa-9288	1	30	1	1	NUM
ajfa-9288	1	31	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9288	1	32	127	127	NUM
ajfa-9288	1	33	the	the	DET
ajfa-9288	1	34	effects	effect	NOUN
ajfa-9288	1	35	of	of	ADP
ajfa-9288	1	36	agency	agency	NOUN
ajfa-9288	1	37	costs	cost	NOUN
ajfa-9288	1	38	and	and	CCONJ
ajfa-9288	1	39	insiders	insider	NOUN
ajfa-9288	1	40	’	’	PART
ajfa-9288	1	41	shareholdings	shareholding	NOUN
ajfa-9288	1	42	on	on	ADP
ajfa-9288	1	43	financing	financing	NOUN
ajfa-9288	1	44	choices	choice	NOUN
ajfa-9288	1	45	chia	chia	NOUN
ajfa-9288	1	46	-	-	PUNCT
ajfa-9288	1	47	ying	ying	PROPN
ajfa-9288	1	48	liu	liu	PROPN
ajfa-9288	1	49	department	department	PROPN
ajfa-9288	1	50	of	of	ADP
ajfa-9288	1	51	business	business	PROPN
ajfa-9288	1	52	administration	administration	PROPN
ajfa-9288	1	53	,	,	PUNCT
ajfa-9288	1	54	asia	asia	PROPN
ajfa-9288	1	55	university	university	PROPN
ajfa-9288	1	56	,	,	PUNCT
ajfa-9288	1	57	taiwan	taiwan	PROPN
ajfa-9288	1	58	shiu	shiu	PROPN
ajfa-9288	1	59	-	-	PUNCT
ajfa-9288	1	60	chen	chen	PROPN
ajfa-9288	1	61	huang	huang	PROPN
ajfa-9288	1	62	king	king	PROPN
ajfa-9288	1	63	steel	steel	PROPN
ajfa-9288	1	64	machinery	machinery	PROPN
ajfa-9288	1	65	co.	co.	PROPN
ajfa-9288	1	66	,	,	PUNCT
ajfa-9288	1	67	ltd	ltd	PROPN
ajfa-9288	1	68	.	.	PROPN
ajfa-9288	1	69	,	,	PUNCT
ajfa-9288	1	70	taiwan	taiwan	PROPN
ajfa-9288	1	71	shieh	shieh	PROPN
ajfa-9288	1	72	-	-	PUNCT
ajfa-9288	1	73	liang	liang	PROPN
ajfa-9288	1	74	chen	chen	PROPN
ajfa-9288	1	75	department	department	PROPN
ajfa-9288	1	76	of	of	ADP
ajfa-9288	1	77	business	business	PROPN
ajfa-9288	1	78	administration	administration	PROPN
ajfa-9288	1	79	,	,	PUNCT
ajfa-9288	1	80	asia	asia	PROPN
ajfa-9288	1	81	university	university	PROPN
ajfa-9288	1	82	,	,	PUNCT
ajfa-9288	1	83	taiwan	taiwan	PROPN
ajfa-9288	1	84	e	e	PROPN
ajfa-9288	1	85	-	-	NOUN
ajfa-9288	1	86	mail	mail	NOUN
ajfa-9288	1	87	:	:	PUNCT
ajfa-9288	1	88	peterchen@asia.edu.tw	peterchen@asia.edu.tw	PROPN
ajfa-9288	1	89	received	receive	VERB
ajfa-9288	1	90	:	:	PUNCT
ajfa-9288	1	91	feb	feb	PROPN
ajfa-9288	1	92	.	.	PROPN
ajfa-9288	1	93	20	20	NUM
ajfa-9288	1	94	,	,	PUNCT
ajfa-9288	1	95	2016	2016	NUM
ajfa-9288	1	96	accepted	accept	VERB
ajfa-9288	1	97	:	:	PUNCT
ajfa-9288	1	98	march	march	PROPN
ajfa-9288	1	99	22	22	NUM
ajfa-9288	1	100	,	,	PUNCT
ajfa-9288	1	101	2016	2016	NUM
ajfa-9288	1	102	published	publish	VERB
ajfa-9288	1	103	:	:	PUNCT
ajfa-9288	1	104	june	june	PROPN
ajfa-9288	1	105	1	1	NUM
ajfa-9288	1	106	,	,	PUNCT
ajfa-9288	1	107	2016	2016	NUM
ajfa-9288	1	108	doi:10.5296	doi:10.5296	NOUN
ajfa-9288	1	109	/	/	SYM
ajfa-9288	1	110	ajfa.v8i1.9248	ajfa.v8i1.9248	NUM
ajfa-9288	1	111	url	url	NOUN
ajfa-9288	1	112	:	:	PUNCT
ajfa-9288	1	113	http://dx.doi.org/10.5296/ajfa.v8i1.9248	http://dx.doi.org/10.5296/ajfa.v8i1.9248	VERB
ajfa-9288	1	114	abstract	abstract	NOUN
ajfa-9288	1	115	this	this	DET
ajfa-9288	1	116	paper	paper	NOUN
ajfa-9288	1	117	investigates	investigate	VERB
ajfa-9288	1	118	the	the	DET
ajfa-9288	1	119	effects	effect	NOUN
ajfa-9288	1	120	of	of	ADP
ajfa-9288	1	121	debt	debt	NOUN
ajfa-9288	1	122	agency	agency	NOUN
ajfa-9288	1	123	cost	cost	NOUN
ajfa-9288	1	124	and	and	CCONJ
ajfa-9288	1	125	equity	equity	NOUN
ajfa-9288	1	126	agency	agency	NOUN
ajfa-9288	1	127	cost	cost	NOUN
ajfa-9288	1	128	of	of	ADP
ajfa-9288	1	129	current	current	ADJ
ajfa-9288	1	130	and	and	CCONJ
ajfa-9288	1	131	prior	prior	ADJ
ajfa-9288	1	132	periods	period	NOUN
ajfa-9288	1	133	on	on	ADP
ajfa-9288	1	134	the	the	DET
ajfa-9288	1	135	financing	financing	NOUN
ajfa-9288	1	136	choices	choice	NOUN
ajfa-9288	1	137	of	of	ADP
ajfa-9288	1	138	long	long	ADJ
ajfa-9288	1	139	-	-	PUNCT
ajfa-9288	1	140	term	term	NOUN
ajfa-9288	1	141	debts	debt	NOUN
ajfa-9288	1	142	,	,	PUNCT
ajfa-9288	1	143	seasoned	season	VERB
ajfa-9288	1	144	equity	equity	NOUN
ajfa-9288	1	145	offering	offering	NOUN
ajfa-9288	1	146	,	,	PUNCT
ajfa-9288	1	147	and	and	CCONJ
ajfa-9288	1	148	private	private	ADJ
ajfa-9288	1	149	equity	equity	NOUN
ajfa-9288	1	150	financings	financing	NOUN
ajfa-9288	1	151	.	.	PUNCT
ajfa-9288	2	1	it	it	PRON
ajfa-9288	2	2	also	also	ADV
ajfa-9288	2	3	examines	examine	VERB
ajfa-9288	2	4	the	the	DET
ajfa-9288	2	5	effects	effect	NOUN
ajfa-9288	2	6	of	of	ADP
ajfa-9288	2	7	the	the	DET
ajfa-9288	2	8	shareholdings	shareholding	NOUN
ajfa-9288	2	9	of	of	ADP
ajfa-9288	2	10	insiders	insider	NOUN
ajfa-9288	2	11	on	on	ADP
ajfa-9288	2	12	the	the	DET
ajfa-9288	2	13	association	association	NOUN
ajfa-9288	2	14	between	between	ADP
ajfa-9288	2	15	both	both	DET
ajfa-9288	2	16	debt	debt	NOUN
ajfa-9288	2	17	and	and	CCONJ
ajfa-9288	2	18	equity	equity	NOUN
ajfa-9288	2	19	agency	agency	NOUN
ajfa-9288	2	20	costs	cost	NOUN
ajfa-9288	2	21	and	and	CCONJ
ajfa-9288	2	22	the	the	DET
ajfa-9288	2	23	choice	choice	NOUN
ajfa-9288	2	24	of	of	ADP
ajfa-9288	2	25	financing	financing	NOUN
ajfa-9288	2	26	methods	method	NOUN
ajfa-9288	2	27	.	.	PUNCT
ajfa-9288	3	1	the	the	DET
ajfa-9288	3	2	findings	finding	NOUN
ajfa-9288	3	3	show	show	VERB
ajfa-9288	3	4	that	that	SCONJ
ajfa-9288	3	5	both	both	CCONJ
ajfa-9288	3	6	prior	prior	ADJ
ajfa-9288	3	7	and	and	CCONJ
ajfa-9288	3	8	current	current	ADJ
ajfa-9288	3	9	debt	debt	NOUN
ajfa-9288	3	10	agency	agency	NOUN
ajfa-9288	3	11	costs	cost	NOUN
ajfa-9288	3	12	are	be	AUX
ajfa-9288	3	13	positively	positively	ADV
ajfa-9288	3	14	related	relate	VERB
ajfa-9288	3	15	to	to	ADP
ajfa-9288	3	16	seasoned	seasoned	ADJ
ajfa-9288	3	17	equity	equity	NOUN
ajfa-9288	3	18	offerings	offering	NOUN
ajfa-9288	3	19	of	of	ADP
ajfa-9288	3	20	current	current	ADJ
ajfa-9288	3	21	period	period	NOUN
ajfa-9288	3	22	,	,	PUNCT
ajfa-9288	3	23	and	and	CCONJ
ajfa-9288	3	24	both	both	PRON
ajfa-9288	3	25	prior	prior	ADJ
ajfa-9288	3	26	and	and	CCONJ
ajfa-9288	3	27	current	current	ADJ
ajfa-9288	3	28	debt	debt	NOUN
ajfa-9288	3	29	agency	agency	NOUN
ajfa-9288	3	30	costs	cost	NOUN
ajfa-9288	3	31	are	be	AUX
ajfa-9288	3	32	positively	positively	ADV
ajfa-9288	3	33	related	relate	VERB
ajfa-9288	3	34	to	to	ADP
ajfa-9288	3	35	private	private	ADJ
ajfa-9288	3	36	equity	equity	NOUN
ajfa-9288	3	37	financing	financing	NOUN
ajfa-9288	3	38	of	of	ADP
ajfa-9288	3	39	current	current	ADJ
ajfa-9288	3	40	period	period	NOUN
ajfa-9288	3	41	regardless	regardless	ADV
ajfa-9288	3	42	of	of	ADP
ajfa-9288	3	43	whether	whether	SCONJ
ajfa-9288	3	44	the	the	DET
ajfa-9288	3	45	models	model	NOUN
ajfa-9288	3	46	consider	consider	VERB
ajfa-9288	3	47	the	the	DET
ajfa-9288	3	48	factor	factor	NOUN
ajfa-9288	3	49	of	of	ADP
ajfa-9288	3	50	insiders	insider	NOUN
ajfa-9288	3	51	’	’	PART
ajfa-9288	3	52	shareholdings	shareholding	NOUN
ajfa-9288	3	53	.	.	PUNCT
ajfa-9288	4	1	as	as	ADP
ajfa-9288	4	2	for	for	ADP
ajfa-9288	4	3	equity	equity	NOUN
ajfa-9288	4	4	agency	agency	NOUN
ajfa-9288	4	5	cost	cost	NOUN
ajfa-9288	4	6	,	,	PUNCT
ajfa-9288	4	7	the	the	DET
ajfa-9288	4	8	document	document	NOUN
ajfa-9288	4	9	indicate	indicate	VERB
ajfa-9288	4	10	that	that	SCONJ
ajfa-9288	4	11	both	both	CCONJ
ajfa-9288	4	12	current	current	ADJ
ajfa-9288	4	13	and	and	CCONJ
ajfa-9288	4	14	prior	prior	ADJ
ajfa-9288	4	15	equity	equity	NOUN
ajfa-9288	4	16	agency	agency	NOUN
ajfa-9288	4	17	costs	cost	NOUN
ajfa-9288	4	18	are	be	AUX
ajfa-9288	4	19	negatively	negatively	ADV
ajfa-9288	4	20	related	relate	VERB
ajfa-9288	4	21	to	to	ADP
ajfa-9288	4	22	current	current	ADJ
ajfa-9288	4	23	seasoned	season	VERB
ajfa-9288	4	24	equity	equity	NOUN
ajfa-9288	4	25	offerings	offering	NOUN
ajfa-9288	4	26	,	,	PUNCT
ajfa-9288	4	27	however	however	ADV
ajfa-9288	4	28	,	,	PUNCT
ajfa-9288	4	29	only	only	ADV
ajfa-9288	4	30	prior	prior	ADJ
ajfa-9288	4	31	equity	equity	NOUN
ajfa-9288	4	32	agency	agency	NOUN
ajfa-9288	4	33	costs	cost	NOUN
ajfa-9288	4	34	are	be	AUX
ajfa-9288	4	35	negatively	negatively	ADV
ajfa-9288	4	36	related	relate	VERB
ajfa-9288	4	37	to	to	ADP
ajfa-9288	4	38	current	current	ADJ
ajfa-9288	4	39	seasoned	season	VERB
ajfa-9288	4	40	equity	equity	NOUN
ajfa-9288	4	41	offerings	offering	NOUN
ajfa-9288	4	42	under	under	ADP
ajfa-9288	4	43	considering	consider	VERB
ajfa-9288	4	44	shareholdings	shareholding	NOUN
ajfa-9288	4	45	of	of	ADP
ajfa-9288	4	46	insiders	insider	NOUN
ajfa-9288	4	47	.	.	PUNCT
ajfa-9288	5	1	moreover	moreover	ADV
ajfa-9288	5	2	,	,	PUNCT
ajfa-9288	5	3	the	the	DET
ajfa-9288	5	4	shareholdings	shareholding	NOUN
ajfa-9288	5	5	of	of	ADP
ajfa-9288	5	6	insiders	insider	NOUN
ajfa-9288	5	7	would	would	AUX
ajfa-9288	5	8	affect	affect	VERB
ajfa-9288	5	9	the	the	DET
ajfa-9288	5	10	positive	positive	ADJ
ajfa-9288	5	11	association	association	NOUN
ajfa-9288	5	12	between	between	ADP
ajfa-9288	5	13	the	the	DET
ajfa-9288	5	14	corporate	corporate	ADJ
ajfa-9288	5	15	debt	debt	NOUN
ajfa-9288	5	16	agency	agency	NOUN
ajfa-9288	5	17	cost	cost	NOUN
ajfa-9288	5	18	and	and	CCONJ
ajfa-9288	5	19	seasoned	seasoned	ADJ
ajfa-9288	5	20	equity	equity	NOUN
ajfa-9288	5	21	offerings	offering	NOUN
ajfa-9288	5	22	and	and	CCONJ
ajfa-9288	5	23	the	the	DET
ajfa-9288	5	24	positive	positive	ADJ
ajfa-9288	5	25	association	association	NOUN
ajfa-9288	5	26	between	between	ADP
ajfa-9288	5	27	the	the	DET
ajfa-9288	5	28	corporate	corporate	ADJ
ajfa-9288	5	29	equity	equity	NOUN
ajfa-9288	5	30	agency	agency	NOUN
ajfa-9288	5	31	cost	cost	NOUN
ajfa-9288	5	32	and	and	CCONJ
ajfa-9288	5	33	debt	debt	NOUN
ajfa-9288	5	34	financing	financing	NOUN
ajfa-9288	5	35	.	.	PUNCT
ajfa-9288	6	1	keywords	keyword	NOUN
ajfa-9288	6	2	:	:	PUNCT
ajfa-9288	6	3	debt	debt	NOUN
ajfa-9288	6	4	agency	agency	NOUN
ajfa-9288	6	5	cost	cost	NOUN
ajfa-9288	6	6	,	,	PUNCT
ajfa-9288	6	7	equity	equity	NOUN
ajfa-9288	6	8	agency	agency	NOUN
ajfa-9288	6	9	cost	cost	NOUN
ajfa-9288	6	10	,	,	PUNCT
ajfa-9288	6	11	seasoned	season	VERB
ajfa-9288	6	12	equity	equity	NOUN
ajfa-9288	6	13	offering	offering	NOUN
ajfa-9288	6	14	,	,	PUNCT
ajfa-9288	6	15	long	long	ADJ
ajfa-9288	6	16	-	-	PUNCT
ajfa-9288	6	17	term	term	NOUN
ajfa-9288	6	18	debts	debt	NOUN
ajfa-9288	6	19	,	,	PUNCT
ajfa-9288	6	20	private	private	ADJ
ajfa-9288	6	21	equity	equity	NOUN
ajfa-9288	6	22	,	,	PUNCT
ajfa-9288	6	23	insider	insider	NOUN
ajfa-9288	6	24	’s	’s	PART
ajfa-9288	6	25	shareholdings	shareholding	NOUN
ajfa-9288	6	26	asian	asian	ADJ
ajfa-9288	6	27	journal	journal	NOUN
ajfa-9288	6	28	of	of	ADP
ajfa-9288	6	29	finance	finance	PROPN
ajfa-9288	6	30	&	&	CCONJ
ajfa-9288	6	31	accounting	accounting	PROPN
ajfa-9288	6	32	issn	issn	PROPN
ajfa-9288	6	33	1946	1946	NUM
ajfa-9288	6	34	-	-	PUNCT
ajfa-9288	6	35	052x	052x	PROPN
ajfa-9288	6	36	2016	2016	NUM
ajfa-9288	6	37	,	,	PUNCT
ajfa-9288	6	38	vol	vol	NOUN
ajfa-9288	6	39	.	.	PROPN
ajfa-9288	6	40	8	8	NUM
ajfa-9288	6	41	,	,	PUNCT
ajfa-9288	6	42	no	no	INTJ
ajfa-9288	6	43	.	.	NOUN
ajfa-9288	6	44	1	1	NUM
ajfa-9288	6	45	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	6	46	128	128	NUM
ajfa-9288	6	47	1	1	NUM
ajfa-9288	6	48	.	.	PUNCT
ajfa-9288	7	1	introduction	introduction	NOUN
ajfa-9288	7	2	a	a	DET
ajfa-9288	7	3	firm	firm	NOUN
ajfa-9288	7	4	should	should	AUX
ajfa-9288	7	5	concern	concern	VERB
ajfa-9288	7	6	factors	factor	NOUN
ajfa-9288	7	7	when	when	SCONJ
ajfa-9288	7	8	making	make	VERB
ajfa-9288	7	9	financing	financing	NOUN
ajfa-9288	7	10	decisions	decision	NOUN
ajfa-9288	7	11	,	,	PUNCT
ajfa-9288	7	12	but	but	CCONJ
ajfa-9288	7	13	the	the	DET
ajfa-9288	7	14	choice	choice	NOUN
ajfa-9288	7	15	of	of	ADP
ajfa-9288	7	16	financing	financing	NOUN
ajfa-9288	7	17	methods	method	NOUN
ajfa-9288	7	18	depends	depend	VERB
ajfa-9288	7	19	on	on	ADP
ajfa-9288	7	20	whether	whether	SCONJ
ajfa-9288	7	21	it	it	PRON
ajfa-9288	7	22	can	can	AUX
ajfa-9288	7	23	maximize	maximize	VERB
ajfa-9288	7	24	the	the	DET
ajfa-9288	7	25	corporate	corporate	ADJ
ajfa-9288	7	26	benefits	benefit	NOUN
ajfa-9288	7	27	.	.	PUNCT
ajfa-9288	8	1	the	the	DET
ajfa-9288	8	2	act	act	NOUN
ajfa-9288	8	3	of	of	ADP
ajfa-9288	8	4	financing	financing	NOUN
ajfa-9288	8	5	not	not	PART
ajfa-9288	8	6	only	only	ADV
ajfa-9288	8	7	enables	enable	VERB
ajfa-9288	8	8	a	a	DET
ajfa-9288	8	9	firm	firm	NOUN
ajfa-9288	8	10	to	to	PART
ajfa-9288	8	11	obtain	obtain	VERB
ajfa-9288	8	12	sufficient	sufficient	ADJ
ajfa-9288	8	13	capital	capital	NOUN
ajfa-9288	8	14	,	,	PUNCT
ajfa-9288	8	15	but	but	CCONJ
ajfa-9288	8	16	also	also	ADV
ajfa-9288	8	17	maximizes	maximize	VERB
ajfa-9288	8	18	corporate	corporate	ADJ
ajfa-9288	8	19	benefits	benefit	NOUN
ajfa-9288	8	20	,	,	PUNCT
ajfa-9288	8	21	and	and	CCONJ
ajfa-9288	8	22	facilitates	facilitate	VERB
ajfa-9288	8	23	the	the	DET
ajfa-9288	8	24	implementation	implementation	NOUN
ajfa-9288	8	25	of	of	ADP
ajfa-9288	8	26	follow	follow	VERB
ajfa-9288	8	27	-	-	PUNCT
ajfa-9288	8	28	up	up	ADP
ajfa-9288	8	29	policies	policy	NOUN
ajfa-9288	8	30	.	.	PUNCT
ajfa-9288	9	1	myers	myer	NOUN
ajfa-9288	9	2	and	and	CCONJ
ajfa-9288	9	3	majluf	majluf	PROPN
ajfa-9288	9	4	(	(	PUNCT
ajfa-9288	9	5	1984	1984	NUM
ajfa-9288	9	6	)	)	PUNCT
ajfa-9288	9	7	suggested	suggest	VERB
ajfa-9288	9	8	that	that	SCONJ
ajfa-9288	9	9	most	most	ADJ
ajfa-9288	9	10	firms	firm	NOUN
ajfa-9288	9	11	issue	issue	VERB
ajfa-9288	9	12	bonds	bond	NOUN
ajfa-9288	9	13	to	to	PART
ajfa-9288	9	14	gain	gain	VERB
ajfa-9288	9	15	capital	capital	NOUN
ajfa-9288	9	16	,	,	PUNCT
ajfa-9288	9	17	so	so	SCONJ
ajfa-9288	9	18	as	as	SCONJ
ajfa-9288	9	19	to	to	PART
ajfa-9288	9	20	receive	receive	VERB
ajfa-9288	9	21	more	more	ADJ
ajfa-9288	9	22	investment	investment	NOUN
ajfa-9288	9	23	opportunities	opportunity	NOUN
ajfa-9288	9	24	with	with	ADP
ajfa-9288	9	25	greater	great	ADJ
ajfa-9288	9	26	value	value	NOUN
ajfa-9288	9	27	.	.	PUNCT
ajfa-9288	10	1	however	however	ADV
ajfa-9288	10	2	,	,	PUNCT
ajfa-9288	10	3	compared	compare	VERB
ajfa-9288	10	4	with	with	ADP
ajfa-9288	10	5	the	the	DET
ajfa-9288	10	6	investors	investor	NOUN
ajfa-9288	10	7	,	,	PUNCT
ajfa-9288	10	8	the	the	DET
ajfa-9288	10	9	managers	manager	NOUN
ajfa-9288	10	10	of	of	ADP
ajfa-9288	10	11	firms	firm	NOUN
ajfa-9288	10	12	have	have	VERB
ajfa-9288	10	13	clearer	clear	ADJ
ajfa-9288	10	14	knowledge	knowledge	NOUN
ajfa-9288	10	15	over	over	ADP
ajfa-9288	10	16	the	the	DET
ajfa-9288	10	17	internal	internal	ADJ
ajfa-9288	10	18	operation	operation	NOUN
ajfa-9288	10	19	of	of	ADP
ajfa-9288	10	20	firms	firm	NOUN
ajfa-9288	10	21	.	.	PUNCT
ajfa-9288	11	1	in	in	ADP
ajfa-9288	11	2	case	case	NOUN
ajfa-9288	11	3	of	of	ADP
ajfa-9288	11	4	information	information	NOUN
ajfa-9288	11	5	asymmetry	asymmetry	NOUN
ajfa-9288	11	6	,	,	PUNCT
ajfa-9288	11	7	a	a	DET
ajfa-9288	11	8	firm	firm	NOUN
ajfa-9288	11	9	could	could	AUX
ajfa-9288	11	10	gain	gain	VERB
ajfa-9288	11	11	more	more	ADJ
ajfa-9288	11	12	capital	capital	NOUN
ajfa-9288	11	13	through	through	ADP
ajfa-9288	11	14	different	different	ADJ
ajfa-9288	11	15	financing	financing	NOUN
ajfa-9288	11	16	channels.1	channels.1	NOUN
ajfa-9288	11	17	according	accord	VERB
ajfa-9288	11	18	to	to	ADP
ajfa-9288	11	19	jensen	jensen	PROPN
ajfa-9288	11	20	and	and	CCONJ
ajfa-9288	11	21	meekling	meekling	NOUN
ajfa-9288	11	22	(	(	PUNCT
ajfa-9288	11	23	1976	1976	NUM
ajfa-9288	11	24	)	)	PUNCT
ajfa-9288	11	25	,	,	PUNCT
ajfa-9288	11	26	the	the	DET
ajfa-9288	11	27	agency	agency	NOUN
ajfa-9288	11	28	cost	cost	NOUN
ajfa-9288	11	29	is	be	AUX
ajfa-9288	11	30	attributable	attributable	ADJ
ajfa-9288	11	31	to	to	ADP
ajfa-9288	11	32	the	the	DET
ajfa-9288	11	33	acts	act	NOUN
ajfa-9288	11	34	of	of	ADP
ajfa-9288	11	35	managers	manager	NOUN
ajfa-9288	11	36	motivated	motivate	VERB
ajfa-9288	11	37	by	by	ADP
ajfa-9288	11	38	self	self	NOUN
ajfa-9288	11	39	-	-	PUNCT
ajfa-9288	11	40	interest	interest	NOUN
ajfa-9288	11	41	in	in	ADP
ajfa-9288	11	42	order	order	NOUN
ajfa-9288	11	43	to	to	PART
ajfa-9288	11	44	pursue	pursue	VERB
ajfa-9288	11	45	personal	personal	ADJ
ajfa-9288	11	46	gains	gain	NOUN
ajfa-9288	11	47	in	in	ADP
ajfa-9288	11	48	case	case	NOUN
ajfa-9288	11	49	of	of	ADP
ajfa-9288	11	50	the	the	DET
ajfa-9288	11	51	separation	separation	NOUN
ajfa-9288	11	52	of	of	ADP
ajfa-9288	11	53	ownership	ownership	NOUN
ajfa-9288	11	54	and	and	CCONJ
ajfa-9288	11	55	operation	operation	NOUN
ajfa-9288	11	56	rights	right	NOUN
ajfa-9288	11	57	.	.	PUNCT
ajfa-9288	12	1	this	this	PRON
ajfa-9288	12	2	is	be	AUX
ajfa-9288	12	3	detrimental	detrimental	ADJ
ajfa-9288	12	4	to	to	ADP
ajfa-9288	12	5	the	the	DET
ajfa-9288	12	6	overall	overall	ADJ
ajfa-9288	12	7	corporate	corporate	ADJ
ajfa-9288	12	8	benefits	benefit	NOUN
ajfa-9288	12	9	,	,	PUNCT
ajfa-9288	12	10	increases	increase	VERB
ajfa-9288	12	11	the	the	DET
ajfa-9288	12	12	corporate	corporate	ADJ
ajfa-9288	12	13	debt	debt	NOUN
ajfa-9288	12	14	and	and	CCONJ
ajfa-9288	12	15	equity	equity	NOUN
ajfa-9288	12	16	agency	agency	NOUN
ajfa-9288	12	17	costs	cost	NOUN
ajfa-9288	12	18	,	,	PUNCT
ajfa-9288	12	19	causes	cause	VERB
ajfa-9288	12	20	poor	poor	ADJ
ajfa-9288	12	21	corporate	corporate	ADJ
ajfa-9288	12	22	operation	operation	NOUN
ajfa-9288	12	23	performance	performance	NOUN
ajfa-9288	12	24	,	,	PUNCT
ajfa-9288	12	25	and	and	CCONJ
ajfa-9288	12	26	results	result	NOUN
ajfa-9288	12	27	in	in	ADP
ajfa-9288	12	28	loss	loss	NOUN
ajfa-9288	12	29	of	of	ADP
ajfa-9288	12	30	shareholder	shareholder	NOUN
ajfa-9288	12	31	value	value	NOUN
ajfa-9288	12	32	under	under	ADP
ajfa-9288	12	33	the	the	DET
ajfa-9288	12	34	separation	separation	NOUN
ajfa-9288	12	35	of	of	ADP
ajfa-9288	12	36	ownership	ownership	NOUN
ajfa-9288	12	37	and	and	CCONJ
ajfa-9288	12	38	operation	operation	NOUN
ajfa-9288	12	39	rights	right	NOUN
ajfa-9288	12	40	(	(	PUNCT
ajfa-9288	12	41	fama	fama	NOUN
ajfa-9288	12	42	and	and	CCONJ
ajfa-9288	12	43	jensen	jensen	PROPN
ajfa-9288	12	44	,	,	PUNCT
ajfa-9288	12	45	1983b	1983b	NUM
ajfa-9288	12	46	)	)	PUNCT
ajfa-9288	12	47	.	.	PUNCT
ajfa-9288	13	1	both	both	CCONJ
ajfa-9288	13	2	the	the	DET
ajfa-9288	13	3	academia	academia	NOUN
ajfa-9288	13	4	and	and	CCONJ
ajfa-9288	13	5	practitioner	practitioner	NOUN
ajfa-9288	13	6	concern	concern	NOUN
ajfa-9288	13	7	about	about	ADP
ajfa-9288	13	8	how	how	SCONJ
ajfa-9288	13	9	to	to	PART
ajfa-9288	13	10	improve	improve	VERB
ajfa-9288	13	11	corporate	corporate	ADJ
ajfa-9288	13	12	governance	governance	NOUN
ajfa-9288	13	13	.	.	PUNCT
ajfa-9288	14	1	divergence	divergence	NOUN
ajfa-9288	14	2	exists	exist	VERB
ajfa-9288	14	3	in	in	ADP
ajfa-9288	14	4	taiwan	taiwan	PROPN
ajfa-9288	14	5	regarding	regard	VERB
ajfa-9288	14	6	the	the	DET
ajfa-9288	14	7	study	study	NOUN
ajfa-9288	14	8	of	of	ADP
ajfa-9288	14	9	governance	governance	NOUN
ajfa-9288	14	10	structure	structure	NOUN
ajfa-9288	14	11	.	.	PUNCT
ajfa-9288	15	1	by	by	ADP
ajfa-9288	15	2	reference	reference	NOUN
ajfa-9288	15	3	to	to	ADP
ajfa-9288	15	4	the	the	DET
ajfa-9288	15	5	corporate	corporate	ADJ
ajfa-9288	15	6	governance	governance	NOUN
ajfa-9288	15	7	mechanism	mechanism	NOUN
ajfa-9288	15	8	,	,	PUNCT
ajfa-9288	15	9	this	this	DET
ajfa-9288	15	10	paper	paper	NOUN
ajfa-9288	15	11	discusses	discuss	VERB
ajfa-9288	15	12	the	the	DET
ajfa-9288	15	13	correlation	correlation	NOUN
ajfa-9288	15	14	between	between	ADP
ajfa-9288	15	15	the	the	DET
ajfa-9288	15	16	agency	agency	NOUN
ajfa-9288	15	17	cost	cost	NOUN
ajfa-9288	15	18	and	and	CCONJ
ajfa-9288	15	19	financing	financing	NOUN
ajfa-9288	15	20	decisions	decision	NOUN
ajfa-9288	15	21	as	as	ADV
ajfa-9288	15	22	well	well	ADV
ajfa-9288	15	23	as	as	ADP
ajfa-9288	15	24	the	the	DET
ajfa-9288	15	25	impact	impact	NOUN
ajfa-9288	15	26	of	of	ADP
ajfa-9288	15	27	number	number	NOUN
ajfa-9288	15	28	of	of	ADP
ajfa-9288	15	29	shares	share	NOUN
ajfa-9288	15	30	held	hold	VERB
ajfa-9288	15	31	by	by	ADP
ajfa-9288	15	32	insiders	insider	NOUN
ajfa-9288	15	33	on	on	ADP
ajfa-9288	15	34	the	the	DET
ajfa-9288	15	35	correlation	correlation	NOUN
ajfa-9288	15	36	between	between	ADP
ajfa-9288	15	37	agency	agency	NOUN
ajfa-9288	15	38	cost	cost	NOUN
ajfa-9288	15	39	and	and	CCONJ
ajfa-9288	15	40	financing	financing	NOUN
ajfa-9288	15	41	decisions	decision	NOUN
ajfa-9288	15	42	.	.	PUNCT
ajfa-9288	16	1	when	when	SCONJ
ajfa-9288	16	2	a	a	DET
ajfa-9288	16	3	firm	firm	NOUN
ajfa-9288	16	4	is	be	AUX
ajfa-9288	16	5	in	in	ADP
ajfa-9288	16	6	need	need	NOUN
ajfa-9288	16	7	of	of	ADP
ajfa-9288	16	8	capital	capital	NOUN
ajfa-9288	16	9	,	,	PUNCT
ajfa-9288	16	10	capital	capital	NOUN
ajfa-9288	16	11	can	can	AUX
ajfa-9288	16	12	be	be	AUX
ajfa-9288	16	13	obtained	obtain	VERB
ajfa-9288	16	14	through	through	ADP
ajfa-9288	16	15	issuance	issuance	NOUN
ajfa-9288	16	16	of	of	ADP
ajfa-9288	16	17	new	new	ADJ
ajfa-9288	16	18	shares	share	NOUN
ajfa-9288	16	19	or	or	CCONJ
ajfa-9288	16	20	debt	debt	NOUN
ajfa-9288	16	21	.	.	PUNCT
ajfa-9288	17	1	in	in	ADP
ajfa-9288	17	2	case	case	NOUN
ajfa-9288	17	3	of	of	ADP
ajfa-9288	17	4	issuance	issuance	NOUN
ajfa-9288	17	5	of	of	ADP
ajfa-9288	17	6	new	new	ADJ
ajfa-9288	17	7	shares	share	NOUN
ajfa-9288	17	8	,	,	PUNCT
ajfa-9288	17	9	due	due	ADP
ajfa-9288	17	10	to	to	PART
ajfa-9288	17	11	increase	increase	NOUN
ajfa-9288	17	12	of	of	ADP
ajfa-9288	17	13	external	external	ADJ
ajfa-9288	17	14	shareholders	shareholder	NOUN
ajfa-9288	17	15	,	,	PUNCT
ajfa-9288	17	16	surplus	surplus	NOUN
ajfa-9288	17	17	is	be	AUX
ajfa-9288	17	18	incurred	incur	VERB
ajfa-9288	17	19	,	,	PUNCT
ajfa-9288	17	20	the	the	DET
ajfa-9288	17	21	book	book	NOUN
ajfa-9288	17	22	value	value	NOUN
ajfa-9288	17	23	is	be	AUX
ajfa-9288	17	24	diluted	dilute	VERB
ajfa-9288	17	25	,	,	PUNCT
ajfa-9288	17	26	and	and	CCONJ
ajfa-9288	17	27	the	the	DET
ajfa-9288	17	28	agency	agency	NOUN
ajfa-9288	17	29	issues	issue	NOUN
ajfa-9288	17	30	are	be	AUX
ajfa-9288	17	31	incurred	incur	VERB
ajfa-9288	17	32	.	.	PUNCT
ajfa-9288	18	1	nevertheless	nevertheless	ADV
ajfa-9288	18	2	,	,	PUNCT
ajfa-9288	18	3	receiving	receive	VERB
ajfa-9288	18	4	capital	capital	NOUN
ajfa-9288	18	5	through	through	ADP
ajfa-9288	18	6	debt	debt	NOUN
ajfa-9288	18	7	elevates	elevate	VERB
ajfa-9288	18	8	the	the	DET
ajfa-9288	18	9	credit	credit	NOUN
ajfa-9288	18	10	risks	risk	NOUN
ajfa-9288	18	11	of	of	ADP
ajfa-9288	18	12	firms	firm	NOUN
ajfa-9288	18	13	,	,	PUNCT
ajfa-9288	18	14	and	and	CCONJ
ajfa-9288	18	15	results	result	NOUN
ajfa-9288	18	16	in	in	ADP
ajfa-9288	18	17	increased	increase	VERB
ajfa-9288	18	18	agency	agency	NOUN
ajfa-9288	18	19	cost	cost	NOUN
ajfa-9288	18	20	to	to	ADP
ajfa-9288	18	21	shareholders	shareholder	NOUN
ajfa-9288	18	22	and	and	CCONJ
ajfa-9288	18	23	creditors	creditor	NOUN
ajfa-9288	18	24	.	.	PUNCT
ajfa-9288	19	1	the	the	DET
ajfa-9288	19	2	employment	employment	NOUN
ajfa-9288	19	3	of	of	ADP
ajfa-9288	19	4	financial	financial	ADJ
ajfa-9288	19	5	leverage	leverage	NOUN
ajfa-9288	19	6	could	could	AUX
ajfa-9288	19	7	decide	decide	VERB
ajfa-9288	19	8	what	what	PRON
ajfa-9288	19	9	financing	financing	NOUN
ajfa-9288	19	10	method	method	NOUN
ajfa-9288	19	11	is	be	AUX
ajfa-9288	19	12	to	to	PART
ajfa-9288	19	13	use	use	VERB
ajfa-9288	19	14	,	,	PUNCT
ajfa-9288	19	15	which	which	PRON
ajfa-9288	19	16	further	far	ADV
ajfa-9288	19	17	affects	affect	VERB
ajfa-9288	19	18	the	the	DET
ajfa-9288	19	19	corporate	corporate	ADJ
ajfa-9288	19	20	value	value	NOUN
ajfa-9288	19	21	.	.	PUNCT
ajfa-9288	20	1	the	the	DET
ajfa-9288	20	2	corporate	corporate	ADJ
ajfa-9288	20	3	debt	debt	NOUN
ajfa-9288	20	4	methods	method	NOUN
ajfa-9288	20	5	are	be	AUX
ajfa-9288	20	6	merely	merely	ADV
ajfa-9288	20	7	debt	debt	NOUN
ajfa-9288	20	8	from	from	ADP
ajfa-9288	20	9	financial	financial	ADJ
ajfa-9288	20	10	institutions	institution	NOUN
ajfa-9288	20	11	or	or	CCONJ
ajfa-9288	20	12	issuance	issuance	NOUN
ajfa-9288	20	13	of	of	ADP
ajfa-9288	20	14	corporate	corporate	ADJ
ajfa-9288	20	15	bonds	bond	NOUN
ajfa-9288	20	16	.	.	PUNCT
ajfa-9288	21	1	the	the	DET
ajfa-9288	21	2	reasons	reason	NOUN
ajfa-9288	21	3	for	for	ADP
ajfa-9288	21	4	debt	debt	NOUN
ajfa-9288	21	5	from	from	ADP
ajfa-9288	21	6	banks	bank	NOUN
ajfa-9288	21	7	and	and	CCONJ
ajfa-9288	21	8	issuance	issuance	NOUN
ajfa-9288	21	9	of	of	ADP
ajfa-9288	21	10	corporate	corporate	ADJ
ajfa-9288	21	11	bonds	bond	NOUN
ajfa-9288	21	12	lie	lie	VERB
ajfa-9288	21	13	in	in	ADP
ajfa-9288	21	14	the	the	DET
ajfa-9288	21	15	characters	character	NOUN
ajfa-9288	21	16	of	of	ADP
ajfa-9288	21	17	industries	industry	NOUN
ajfa-9288	21	18	and	and	CCONJ
ajfa-9288	21	19	tendency	tendency	NOUN
ajfa-9288	21	20	to	to	PART
ajfa-9288	21	21	gain	gain	VERB
ajfa-9288	21	22	trust	trust	NOUN
ajfa-9288	21	23	of	of	ADP
ajfa-9288	21	24	banks	bank	NOUN
ajfa-9288	21	25	or	or	CCONJ
ajfa-9288	21	26	bondholders	bondholder	NOUN
ajfa-9288	21	27	,	,	PUNCT
ajfa-9288	21	28	so	so	ADV
ajfa-9288	21	29	financing	financing	NOUN
ajfa-9288	21	30	from	from	ADP
ajfa-9288	21	31	banks	bank	NOUN
ajfa-9288	21	32	or	or	CCONJ
ajfa-9288	21	33	bondholders	bondholder	NOUN
ajfa-9288	21	34	could	could	AUX
ajfa-9288	21	35	be	be	AUX
ajfa-9288	21	36	gained	gain	VERB
ajfa-9288	21	37	smoothly	smoothly	ADV
ajfa-9288	21	38	.	.	PUNCT
ajfa-9288	22	1	on	on	ADP
ajfa-9288	22	2	the	the	DET
ajfa-9288	22	3	other	other	ADJ
ajfa-9288	22	4	hand	hand	NOUN
ajfa-9288	22	5	,	,	PUNCT
ajfa-9288	22	6	either	either	CCONJ
ajfa-9288	22	7	the	the	DET
ajfa-9288	22	8	financing	financing	NOUN
ajfa-9288	22	9	method	method	NOUN
ajfa-9288	22	10	of	of	ADP
ajfa-9288	22	11	debt	debt	NOUN
ajfa-9288	22	12	or	or	CCONJ
ajfa-9288	22	13	issuance	issuance	NOUN
ajfa-9288	22	14	of	of	ADP
ajfa-9288	22	15	new	new	ADJ
ajfa-9288	22	16	shares	share	NOUN
ajfa-9288	22	17	incurs	incur	VERB
ajfa-9288	22	18	cost	cost	NOUN
ajfa-9288	22	19	for	for	ADP
ajfa-9288	22	20	financing	financing	NOUN
ajfa-9288	22	21	.	.	PUNCT
ajfa-9288	23	1	since	since	SCONJ
ajfa-9288	23	2	the	the	DET
ajfa-9288	23	3	rate	rate	NOUN
ajfa-9288	23	4	of	of	ADP
ajfa-9288	23	5	returns	return	NOUN
ajfa-9288	23	6	required	require	VERB
ajfa-9288	23	7	by	by	ADP
ajfa-9288	23	8	debt	debt	NOUN
ajfa-9288	23	9	is	be	AUX
ajfa-9288	23	10	lower	low	ADJ
ajfa-9288	23	11	than	than	ADP
ajfa-9288	23	12	that	that	PRON
ajfa-9288	23	13	of	of	ADP
ajfa-9288	23	14	issuing	issue	VERB
ajfa-9288	23	15	new	new	ADJ
ajfa-9288	23	16	shares	share	NOUN
ajfa-9288	23	17	,	,	PUNCT
ajfa-9288	23	18	the	the	DET
ajfa-9288	23	19	majority	majority	NOUN
ajfa-9288	23	20	of	of	ADP
ajfa-9288	23	21	firms	firm	NOUN
ajfa-9288	23	22	believe	believe	VERB
ajfa-9288	23	23	that	that	SCONJ
ajfa-9288	23	24	debt	debt	NOUN
ajfa-9288	23	25	financing	financing	NOUN
ajfa-9288	23	26	could	could	AUX
ajfa-9288	23	27	reduce	reduce	VERB
ajfa-9288	23	28	the	the	DET
ajfa-9288	23	29	total	total	ADJ
ajfa-9288	23	30	capital	capital	NOUN
ajfa-9288	23	31	cost	cost	NOUN
ajfa-9288	23	32	,	,	PUNCT
ajfa-9288	23	33	which	which	PRON
ajfa-9288	23	34	further	far	ADV
ajfa-9288	23	35	elevates	elevate	VERB
ajfa-9288	23	36	the	the	DET
ajfa-9288	23	37	corporate	corporate	ADJ
ajfa-9288	23	38	value	value	NOUN
ajfa-9288	23	39	of	of	ADP
ajfa-9288	23	40	firms	firm	NOUN
ajfa-9288	23	41	.	.	PUNCT
ajfa-9288	24	1	comparatively	comparatively	ADV
ajfa-9288	24	2	speaking	speak	VERB
ajfa-9288	24	3	,	,	PUNCT
ajfa-9288	24	4	the	the	DET
ajfa-9288	24	5	debt	debt	NOUN
ajfa-9288	24	6	agency	agency	NOUN
ajfa-9288	24	7	cost	cost	NOUN
ajfa-9288	24	8	is	be	AUX
ajfa-9288	24	9	lower	low	ADJ
ajfa-9288	24	10	.	.	PUNCT
ajfa-9288	25	1	another	another	DET
ajfa-9288	25	2	source	source	NOUN
ajfa-9288	25	3	of	of	ADP
ajfa-9288	25	4	capital	capital	NOUN
ajfa-9288	25	5	is	be	AUX
ajfa-9288	25	6	private	private	ADJ
ajfa-9288	25	7	equity	equity	NOUN
ajfa-9288	25	8	financing	financing	NOUN
ajfa-9288	25	9	.	.	PUNCT
ajfa-9288	26	1	lee	lee	PROPN
ajfa-9288	26	2	and	and	CCONJ
ajfa-9288	26	3	kocher	kocher	PROPN
ajfa-9288	26	4	(	(	PUNCT
ajfa-9288	26	5	2001	2001	NUM
ajfa-9288	26	6	)	)	PUNCT
ajfa-9288	26	7	pointed	point	VERB
ajfa-9288	26	8	out	out	ADP
ajfa-9288	26	9	that	that	SCONJ
ajfa-9288	26	10	firms	firm	NOUN
ajfa-9288	26	11	that	that	PRON
ajfa-9288	26	12	engage	engage	VERB
ajfa-9288	26	13	in	in	ADP
ajfa-9288	26	14	private	private	ADJ
ajfa-9288	26	15	equity	equity	NOUN
ajfa-9288	26	16	financing	financing	NOUN
ajfa-9288	26	17	are	be	AUX
ajfa-9288	26	18	those	those	PRON
ajfa-9288	26	19	of	of	ADP
ajfa-9288	26	20	small	small	ADJ
ajfa-9288	26	21	scale	scale	NOUN
ajfa-9288	26	22	,	,	PUNCT
ajfa-9288	26	23	high	high	ADJ
ajfa-9288	26	24	growth	growth	NOUN
ajfa-9288	26	25	,	,	PUNCT
ajfa-9288	26	26	financial	financial	ADJ
ajfa-9288	26	27	difficulty	difficulty	NOUN
ajfa-9288	26	28	and	and	CCONJ
ajfa-9288	26	29	lacking	lack	VERB
ajfa-9288	26	30	external	external	ADJ
ajfa-9288	26	31	capital	capital	NOUN
ajfa-9288	26	32	.	.	PUNCT
ajfa-9288	27	1	moreover	moreover	ADV
ajfa-9288	27	2	,	,	PUNCT
ajfa-9288	27	3	the	the	DET
ajfa-9288	27	4	private	private	ADJ
ajfa-9288	27	5	equity	equity	NOUN
ajfa-9288	27	6	acts	act	NOUN
ajfa-9288	27	7	are	be	AUX
ajfa-9288	27	8	not	not	PART
ajfa-9288	27	9	easily	easily	ADV
ajfa-9288	27	10	affected	affect	VERB
ajfa-9288	27	11	by	by	ADP
ajfa-9288	27	12	market	market	NOUN
ajfa-9288	27	13	mispricing	mispricing	NOUN
ajfa-9288	27	14	.	.	PUNCT
ajfa-9288	28	1	due	due	ADP
ajfa-9288	28	2	to	to	ADP
ajfa-9288	28	3	high	high	ADJ
ajfa-9288	28	4	interest	interest	NOUN
ajfa-9288	28	5	rates	rate	NOUN
ajfa-9288	28	6	of	of	ADP
ajfa-9288	28	7	debt	debt	NOUN
ajfa-9288	28	8	or	or	CCONJ
ajfa-9288	28	9	other	other	ADJ
ajfa-9288	28	10	factors	factor	NOUN
ajfa-9288	28	11	that	that	PRON
ajfa-9288	28	12	incapacitate	incapacitate	VERB
ajfa-9288	28	13	firms	firm	NOUN
ajfa-9288	28	14	to	to	PART
ajfa-9288	28	15	borrow	borrow	VERB
ajfa-9288	28	16	money	money	NOUN
ajfa-9288	28	17	from	from	ADP
ajfa-9288	28	18	financial	financial	ADJ
ajfa-9288	28	19	institutions	institution	NOUN
ajfa-9288	28	20	,	,	PUNCT
ajfa-9288	28	21	firms	firm	NOUN
ajfa-9288	28	22	would	would	AUX
ajfa-9288	28	23	turn	turn	VERB
ajfa-9288	28	24	to	to	ADP
ajfa-9288	28	25	the	the	DET
ajfa-9288	28	26	private	private	ADJ
ajfa-9288	28	27	equity	equity	NOUN
ajfa-9288	28	28	financing	financing	NOUN
ajfa-9288	28	29	.	.	PUNCT
ajfa-9288	29	1	cronqvist	cronqvist	PROPN
ajfa-9288	29	2	and	and	CCONJ
ajfa-9288	29	3	nilsson	nilsson	PROPN
ajfa-9288	29	4	(	(	PUNCT
ajfa-9288	29	5	2005	2005	NUM
ajfa-9288	29	6	)	)	PUNCT
ajfa-9288	29	7	argued	argue	VERB
ajfa-9288	29	8	that	that	SCONJ
ajfa-9288	29	9	firms	firm	NOUN
ajfa-9288	29	10	whose	whose	DET
ajfa-9288	29	11	information	information	NOUN
ajfa-9288	29	12	is	be	AUX
ajfa-9288	29	13	not	not	PART
ajfa-9288	29	14	transparent	transparent	ADJ
ajfa-9288	29	15	might	might	AUX
ajfa-9288	29	16	select	select	VERB
ajfa-9288	29	17	private	private	ADJ
ajfa-9288	29	18	equity	equity	NOUN
ajfa-9288	29	19	due	due	ADP
ajfa-9288	29	20	to	to	ADP
ajfa-9288	29	21	cost	cost	NOUN
ajfa-9288	29	22	factors	factor	NOUN
ajfa-9288	29	23	.	.	PUNCT
ajfa-9288	30	1	1	1	NUM
ajfa-9288	30	2	myers	myer	NOUN
ajfa-9288	30	3	and	and	CCONJ
ajfa-9288	30	4	majluf	majluf	PROPN
ajfa-9288	30	5	(	(	PUNCT
ajfa-9288	30	6	1984	1984	NUM
ajfa-9288	30	7	)	)	PUNCT
ajfa-9288	30	8	proposed	propose	VERB
ajfa-9288	30	9	that	that	SCONJ
ajfa-9288	30	10	as	as	SCONJ
ajfa-9288	30	11	the	the	DET
ajfa-9288	30	12	debt	debt	NOUN
ajfa-9288	30	13	risks	risk	NOUN
ajfa-9288	30	14	are	be	AUX
ajfa-9288	30	15	lower	low	ADJ
ajfa-9288	30	16	than	than	ADP
ajfa-9288	30	17	increment	increment	NOUN
ajfa-9288	30	18	of	of	ADP
ajfa-9288	30	19	cash	cash	NOUN
ajfa-9288	30	20	,	,	PUNCT
ajfa-9288	30	21	under	under	ADP
ajfa-9288	30	22	the	the	DET
ajfa-9288	30	23	substantial	substantial	ADJ
ajfa-9288	30	24	investment	investment	NOUN
ajfa-9288	30	25	theories	theory	NOUN
ajfa-9288	30	26	,	,	PUNCT
ajfa-9288	30	27	the	the	DET
ajfa-9288	30	28	firms	firm	NOUN
ajfa-9288	30	29	intend	intend	VERB
ajfa-9288	30	30	to	to	PART
ajfa-9288	30	31	obtain	obtain	VERB
ajfa-9288	30	32	investment	investment	NOUN
ajfa-9288	30	33	opportunities	opportunity	NOUN
ajfa-9288	30	34	with	with	ADP
ajfa-9288	30	35	growth	growth	NOUN
ajfa-9288	30	36	capacity	capacity	NOUN
ajfa-9288	30	37	and	and	CCONJ
ajfa-9288	30	38	engage	engage	VERB
ajfa-9288	30	39	in	in	ADP
ajfa-9288	30	40	financing	financing	NOUN
ajfa-9288	30	41	.	.	PUNCT
ajfa-9288	31	1	therefore	therefore	ADV
ajfa-9288	31	2	,	,	PUNCT
ajfa-9288	31	3	the	the	DET
ajfa-9288	31	4	external	external	ADJ
ajfa-9288	31	5	financing	financing	NOUN
ajfa-9288	31	6	of	of	ADP
ajfa-9288	31	7	firms	firm	NOUN
ajfa-9288	31	8	tend	tend	VERB
ajfa-9288	31	9	to	to	PART
ajfa-9288	31	10	be	be	AUX
ajfa-9288	31	11	financing	finance	VERB
ajfa-9288	31	12	by	by	ADP
ajfa-9288	31	13	debt	debt	NOUN
ajfa-9288	31	14	,	,	PUNCT
ajfa-9288	31	15	while	while	SCONJ
ajfa-9288	31	16	firms	firm	NOUN
ajfa-9288	31	17	need	need	VERB
ajfa-9288	31	18	capital	capital	NOUN
ajfa-9288	31	19	injection	injection	NOUN
ajfa-9288	31	20	due	due	ADP
ajfa-9288	31	21	to	to	ADP
ajfa-9288	31	22	investment	investment	NOUN
ajfa-9288	31	23	opportunities	opportunity	NOUN
ajfa-9288	31	24	,	,	PUNCT
ajfa-9288	31	25	if	if	SCONJ
ajfa-9288	31	26	they	they	PRON
ajfa-9288	31	27	have	have	AUX
ajfa-9288	31	28	run	run	VERB
ajfa-9288	31	29	out	out	ADP
ajfa-9288	31	30	of	of	ADP
ajfa-9288	31	31	debt	debt	NOUN
ajfa-9288	31	32	capacity	capacity	NOUN
ajfa-9288	31	33	,	,	PUNCT
ajfa-9288	31	34	firms	firm	NOUN
ajfa-9288	31	35	are	be	AUX
ajfa-9288	31	36	not	not	PART
ajfa-9288	31	37	likely	likely	ADJ
ajfa-9288	31	38	to	to	PART
ajfa-9288	31	39	issue	issue	VERB
ajfa-9288	31	40	securities	security	NOUN
ajfa-9288	31	41	,	,	PUNCT
ajfa-9288	31	42	as	as	SCONJ
ajfa-9288	31	43	the	the	DET
ajfa-9288	31	44	risks	risk	NOUN
ajfa-9288	31	45	are	be	AUX
ajfa-9288	31	46	high	high	ADJ
ajfa-9288	31	47	and	and	CCONJ
ajfa-9288	31	48	such	such	ADJ
ajfa-9288	31	49	investment	investment	NOUN
ajfa-9288	31	50	opportunities	opportunity	NOUN
ajfa-9288	31	51	might	might	AUX
ajfa-9288	31	52	be	be	AUX
ajfa-9288	31	53	abandoned	abandon	VERB
ajfa-9288	31	54	.	.	PUNCT
ajfa-9288	32	1	asian	asian	ADJ
ajfa-9288	32	2	journal	journal	PROPN
ajfa-9288	32	3	of	of	ADP
ajfa-9288	32	4	finance	finance	PROPN
ajfa-9288	32	5	&	&	CCONJ
ajfa-9288	32	6	accounting	accounting	PROPN
ajfa-9288	32	7	issn	issn	PROPN
ajfa-9288	32	8	1946	1946	NUM
ajfa-9288	32	9	-	-	PUNCT
ajfa-9288	32	10	052x	052x	PROPN
ajfa-9288	32	11	2016	2016	NUM
ajfa-9288	32	12	,	,	PUNCT
ajfa-9288	32	13	vol	vol	NOUN
ajfa-9288	32	14	.	.	PROPN
ajfa-9288	32	15	8	8	NUM
ajfa-9288	32	16	,	,	PUNCT
ajfa-9288	32	17	no	no	INTJ
ajfa-9288	32	18	.	.	NOUN
ajfa-9288	32	19	1	1	NUM
ajfa-9288	33	1	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9288	33	2	129	129	NUM
ajfa-9288	34	1	the	the	DET
ajfa-9288	34	2	stakeholders	stakeholder	NOUN
ajfa-9288	34	3	are	be	AUX
ajfa-9288	34	4	based	base	VERB
ajfa-9288	34	5	on	on	ADP
ajfa-9288	34	6	a	a	DET
ajfa-9288	34	7	contractual	contractual	ADJ
ajfa-9288	34	8	relation	relation	NOUN
ajfa-9288	34	9	.	.	PUNCT
ajfa-9288	35	1	besides	besides	SCONJ
ajfa-9288	35	2	the	the	DET
ajfa-9288	35	3	shareholders	shareholder	NOUN
ajfa-9288	35	4	and	and	CCONJ
ajfa-9288	35	5	the	the	DET
ajfa-9288	35	6	creditors	creditor	NOUN
ajfa-9288	35	7	,	,	PUNCT
ajfa-9288	35	8	there	there	PRON
ajfa-9288	35	9	are	be	VERB
ajfa-9288	35	10	still	still	ADV
ajfa-9288	35	11	issues	issue	NOUN
ajfa-9288	35	12	regarding	regard	VERB
ajfa-9288	35	13	large	large	ADJ
ajfa-9288	35	14	and	and	CCONJ
ajfa-9288	35	15	small	small	ADJ
ajfa-9288	35	16	shareholders	shareholder	NOUN
ajfa-9288	35	17	,	,	PUNCT
ajfa-9288	35	18	while	while	SCONJ
ajfa-9288	35	19	shareholders	shareholder	NOUN
ajfa-9288	35	20	and	and	CCONJ
ajfa-9288	35	21	creditors	creditor	NOUN
ajfa-9288	35	22	or	or	CCONJ
ajfa-9288	35	23	managers	manager	NOUN
ajfa-9288	35	24	would	would	AUX
ajfa-9288	35	25	incur	incur	VERB
ajfa-9288	35	26	the	the	DET
ajfa-9288	35	27	agency	agency	NOUN
ajfa-9288	35	28	issues	issue	NOUN
ajfa-9288	35	29	for	for	ADP
ajfa-9288	35	30	the	the	DET
ajfa-9288	35	31	pursuit	pursuit	NOUN
ajfa-9288	35	32	of	of	ADP
ajfa-9288	35	33	personal	personal	ADJ
ajfa-9288	35	34	gains	gain	NOUN
ajfa-9288	35	35	.	.	PUNCT
ajfa-9288	36	1	from	from	ADP
ajfa-9288	36	2	the	the	DET
ajfa-9288	36	3	debt	debt	NOUN
ajfa-9288	36	4	relation	relation	NOUN
ajfa-9288	36	5	view	view	NOUN
ajfa-9288	36	6	,	,	PUNCT
ajfa-9288	36	7	when	when	SCONJ
ajfa-9288	36	8	a	a	DET
ajfa-9288	36	9	firm	firm	NOUN
ajfa-9288	36	10	has	have	VERB
ajfa-9288	36	11	a	a	DET
ajfa-9288	36	12	high	high	ADJ
ajfa-9288	36	13	leverage	leverage	NOUN
ajfa-9288	36	14	,	,	PUNCT
ajfa-9288	36	15	it	it	PRON
ajfa-9288	36	16	is	be	AUX
ajfa-9288	36	17	more	more	ADV
ajfa-9288	36	18	likely	likely	ADJ
ajfa-9288	36	19	to	to	PART
ajfa-9288	36	20	have	have	VERB
ajfa-9288	36	21	a	a	DET
ajfa-9288	36	22	conflict	conflict	NOUN
ajfa-9288	36	23	for	for	ADP
ajfa-9288	36	24	corporate	corporate	ADJ
ajfa-9288	36	25	dividend	dividend	NOUN
ajfa-9288	36	26	between	between	ADP
ajfa-9288	36	27	the	the	DET
ajfa-9288	36	28	creditors	creditor	NOUN
ajfa-9288	36	29	and	and	CCONJ
ajfa-9288	36	30	the	the	DET
ajfa-9288	36	31	shareholders	shareholder	NOUN
ajfa-9288	36	32	(	(	PUNCT
ajfa-9288	36	33	ahmed	ahmed	PROPN
ajfa-9288	36	34	et	et	PROPN
ajfa-9288	36	35	al	al	PROPN
ajfa-9288	36	36	.	.	PROPN
ajfa-9288	36	37	2002	2002	NUM
ajfa-9288	36	38	)	)	PUNCT
ajfa-9288	36	39	.	.	PUNCT
ajfa-9288	37	1	as	as	SCONJ
ajfa-9288	37	2	the	the	DET
ajfa-9288	37	3	investment	investment	NOUN
ajfa-9288	37	4	risks	risk	NOUN
ajfa-9288	37	5	of	of	ADP
ajfa-9288	37	6	creditors	creditor	NOUN
ajfa-9288	37	7	increase	increase	VERB
ajfa-9288	37	8	with	with	ADP
ajfa-9288	37	9	the	the	DET
ajfa-9288	37	10	long	long	ADJ
ajfa-9288	37	11	-	-	PUNCT
ajfa-9288	37	12	term	term	NOUN
ajfa-9288	37	13	debt	debt	NOUN
ajfa-9288	37	14	ratio	ratio	NOUN
ajfa-9288	37	15	,	,	PUNCT
ajfa-9288	37	16	the	the	DET
ajfa-9288	37	17	creditors	creditor	NOUN
ajfa-9288	37	18	may	may	AUX
ajfa-9288	37	19	request	request	VERB
ajfa-9288	37	20	for	for	ADP
ajfa-9288	37	21	higher	high	ADJ
ajfa-9288	37	22	returns	return	NOUN
ajfa-9288	37	23	for	for	ADP
ajfa-9288	37	24	the	the	DET
ajfa-9288	37	25	sake	sake	NOUN
ajfa-9288	37	26	of	of	ADP
ajfa-9288	37	27	personal	personal	ADJ
ajfa-9288	37	28	interests	interest	NOUN
ajfa-9288	37	29	,	,	PUNCT
ajfa-9288	37	30	which	which	PRON
ajfa-9288	37	31	in	in	ADP
ajfa-9288	37	32	turn	turn	NOUN
ajfa-9288	37	33	increases	increase	VERB
ajfa-9288	37	34	the	the	DET
ajfa-9288	37	35	debt	debt	NOUN
ajfa-9288	37	36	cost	cost	NOUN
ajfa-9288	37	37	of	of	ADP
ajfa-9288	37	38	firms	firm	NOUN
ajfa-9288	37	39	.	.	PUNCT
ajfa-9288	38	1	from	from	ADP
ajfa-9288	38	2	the	the	DET
ajfa-9288	38	3	viewpoints	viewpoint	NOUN
ajfa-9288	38	4	of	of	ADP
ajfa-9288	38	5	equity	equity	NOUN
ajfa-9288	38	6	cost	cost	NOUN
ajfa-9288	38	7	,	,	PUNCT
ajfa-9288	38	8	when	when	SCONJ
ajfa-9288	38	9	the	the	DET
ajfa-9288	38	10	equity	equity	NOUN
ajfa-9288	38	11	held	hold	VERB
ajfa-9288	38	12	by	by	ADP
ajfa-9288	38	13	the	the	DET
ajfa-9288	38	14	shareholders	shareholder	NOUN
ajfa-9288	38	15	of	of	ADP
ajfa-9288	38	16	firms	firm	NOUN
ajfa-9288	38	17	is	be	AUX
ajfa-9288	38	18	enough	enough	ADJ
ajfa-9288	38	19	to	to	PART
ajfa-9288	38	20	effectively	effectively	ADV
ajfa-9288	38	21	control	control	VERB
ajfa-9288	38	22	the	the	DET
ajfa-9288	38	23	decision	decision	NOUN
ajfa-9288	38	24	-	-	PUNCT
ajfa-9288	38	25	making	make	VERB
ajfa-9288	38	26	rights	right	NOUN
ajfa-9288	38	27	of	of	ADP
ajfa-9288	38	28	firms	firm	NOUN
ajfa-9288	38	29	,	,	PUNCT
ajfa-9288	38	30	the	the	DET
ajfa-9288	38	31	controlling	control	VERB
ajfa-9288	38	32	shareholders	shareholder	NOUN
ajfa-9288	38	33	may	may	AUX
ajfa-9288	38	34	be	be	AUX
ajfa-9288	38	35	motivated	motivate	VERB
ajfa-9288	38	36	to	to	PART
ajfa-9288	38	37	continue	continue	VERB
ajfa-9288	38	38	maintenance	maintenance	NOUN
ajfa-9288	38	39	of	of	ADP
ajfa-9288	38	40	the	the	DET
ajfa-9288	38	41	equity	equity	NOUN
ajfa-9288	38	42	.	.	PUNCT
ajfa-9288	39	1	consequently	consequently	ADV
ajfa-9288	39	2	,	,	PUNCT
ajfa-9288	39	3	when	when	SCONJ
ajfa-9288	39	4	the	the	DET
ajfa-9288	39	5	shareholdings	shareholding	NOUN
ajfa-9288	39	6	of	of	ADP
ajfa-9288	39	7	controlling	control	VERB
ajfa-9288	39	8	shareholders	shareholder	NOUN
ajfa-9288	39	9	are	be	AUX
ajfa-9288	39	10	high	high	ADJ
ajfa-9288	39	11	,	,	PUNCT
ajfa-9288	39	12	the	the	DET
ajfa-9288	39	13	returns	return	NOUN
ajfa-9288	39	14	of	of	ADP
ajfa-9288	39	15	stock	stock	NOUN
ajfa-9288	39	16	are	be	AUX
ajfa-9288	39	17	also	also	ADV
ajfa-9288	39	18	high	high	ADJ
ajfa-9288	39	19	,	,	PUNCT
ajfa-9288	39	20	which	which	PRON
ajfa-9288	39	21	further	far	ADV
ajfa-9288	39	22	increases	increase	VERB
ajfa-9288	39	23	the	the	DET
ajfa-9288	39	24	equity	equity	NOUN
ajfa-9288	39	25	cost	cost	NOUN
ajfa-9288	39	26	of	of	ADP
ajfa-9288	39	27	firms	firm	NOUN
ajfa-9288	39	28	.	.	PUNCT
ajfa-9288	40	1	if	if	SCONJ
ajfa-9288	40	2	the	the	DET
ajfa-9288	40	3	conflicts	conflict	NOUN
ajfa-9288	40	4	of	of	ADP
ajfa-9288	40	5	interests	interest	NOUN
ajfa-9288	40	6	for	for	ADP
ajfa-9288	40	7	stakeholders	stakeholder	NOUN
ajfa-9288	40	8	among	among	ADP
ajfa-9288	40	9	agency	agency	NOUN
ajfa-9288	40	10	relations	relation	NOUN
ajfa-9288	40	11	are	be	AUX
ajfa-9288	40	12	high	high	ADJ
ajfa-9288	40	13	,	,	PUNCT
ajfa-9288	40	14	the	the	DET
ajfa-9288	40	15	required	require	VERB
ajfa-9288	40	16	returns	return	NOUN
ajfa-9288	40	17	by	by	ADP
ajfa-9288	40	18	creditors	creditor	NOUN
ajfa-9288	40	19	and	and	CCONJ
ajfa-9288	40	20	shareholders	shareholder	NOUN
ajfa-9288	40	21	are	be	AUX
ajfa-9288	40	22	also	also	ADV
ajfa-9288	40	23	higher	high	ADJ
ajfa-9288	40	24	,	,	PUNCT
ajfa-9288	40	25	which	which	PRON
ajfa-9288	40	26	burdens	burden	VERB
ajfa-9288	40	27	the	the	DET
ajfa-9288	40	28	agents	agent	NOUN
ajfa-9288	40	29	with	with	ADP
ajfa-9288	40	30	relatively	relatively	ADV
ajfa-9288	40	31	higher	high	ADJ
ajfa-9288	40	32	capital	capital	NOUN
ajfa-9288	40	33	cost	cost	NOUN
ajfa-9288	40	34	and	and	CCONJ
ajfa-9288	40	35	increasingly	increasingly	ADV
ajfa-9288	40	36	higher	high	ADJ
ajfa-9288	40	37	derived	derive	VERB
ajfa-9288	40	38	agency	agency	NOUN
ajfa-9288	40	39	cost	cost	NOUN
ajfa-9288	40	40	.	.	PUNCT
ajfa-9288	41	1	the	the	DET
ajfa-9288	41	2	agency	agency	NOUN
ajfa-9288	41	3	issues	issue	NOUN
ajfa-9288	41	4	are	be	AUX
ajfa-9288	41	5	reflected	reflect	VERB
ajfa-9288	41	6	in	in	ADP
ajfa-9288	41	7	the	the	DET
ajfa-9288	41	8	equity	equity	NOUN
ajfa-9288	41	9	agency	agency	NOUN
ajfa-9288	41	10	cost	cost	NOUN
ajfa-9288	41	11	and	and	CCONJ
ajfa-9288	41	12	debt	debt	NOUN
ajfa-9288	41	13	agency	agency	NOUN
ajfa-9288	41	14	cost	cost	NOUN
ajfa-9288	41	15	.	.	PUNCT
ajfa-9288	42	1	this	this	DET
ajfa-9288	42	2	paper	paper	NOUN
ajfa-9288	42	3	attempts	attempt	VERB
ajfa-9288	42	4	to	to	PART
ajfa-9288	42	5	understand	understand	VERB
ajfa-9288	42	6	the	the	DET
ajfa-9288	42	7	agency	agency	NOUN
ajfa-9288	42	8	cost	cost	NOUN
ajfa-9288	42	9	for	for	ADP
ajfa-9288	42	10	different	different	ADJ
ajfa-9288	42	11	financing	financing	NOUN
ajfa-9288	42	12	methods	method	NOUN
ajfa-9288	42	13	,	,	PUNCT
ajfa-9288	42	14	and	and	CCONJ
ajfa-9288	42	15	the	the	DET
ajfa-9288	42	16	roles	role	NOUN
ajfa-9288	42	17	played	play	VERB
ajfa-9288	42	18	by	by	ADP
ajfa-9288	42	19	debt	debt	NOUN
ajfa-9288	42	20	agency	agency	NOUN
ajfa-9288	42	21	cost	cost	NOUN
ajfa-9288	42	22	and	and	CCONJ
ajfa-9288	42	23	equity	equity	NOUN
ajfa-9288	42	24	agency	agency	NOUN
ajfa-9288	42	25	cost	cost	NOUN
ajfa-9288	42	26	in	in	ADP
ajfa-9288	42	27	financing	finance	VERB
ajfa-9288	42	28	decision	decision	NOUN
ajfa-9288	42	29	-	-	PUNCT
ajfa-9288	42	30	making	making	NOUN
ajfa-9288	42	31	.	.	PUNCT
ajfa-9288	43	1	the	the	DET
ajfa-9288	43	2	proportion	proportion	NOUN
ajfa-9288	43	3	of	of	ADP
ajfa-9288	43	4	shares	share	NOUN
ajfa-9288	43	5	held	hold	VERB
ajfa-9288	43	6	by	by	ADP
ajfa-9288	43	7	the	the	DET
ajfa-9288	43	8	insiders	insider	NOUN
ajfa-9288	43	9	imposes	impose	VERB
ajfa-9288	43	10	impact	impact	NOUN
ajfa-9288	43	11	on	on	ADP
ajfa-9288	43	12	the	the	DET
ajfa-9288	43	13	agency	agency	NOUN
ajfa-9288	43	14	cost	cost	NOUN
ajfa-9288	43	15	.	.	PUNCT
ajfa-9288	44	1	although	although	SCONJ
ajfa-9288	44	2	many	many	ADJ
ajfa-9288	44	3	studies	study	NOUN
ajfa-9288	44	4	have	have	AUX
ajfa-9288	44	5	explored	explore	VERB
ajfa-9288	44	6	the	the	DET
ajfa-9288	44	7	corporate	corporate	ADJ
ajfa-9288	44	8	governance	governance	NOUN
ajfa-9288	44	9	,	,	PUNCT
ajfa-9288	44	10	agency	agency	NOUN
ajfa-9288	44	11	cost	cost	NOUN
ajfa-9288	44	12	and	and	CCONJ
ajfa-9288	44	13	corporate	corporate	ADJ
ajfa-9288	44	14	value	value	NOUN
ajfa-9288	44	15	,	,	PUNCT
ajfa-9288	44	16	few	few	ADJ
ajfa-9288	44	17	have	have	AUX
ajfa-9288	44	18	focused	focus	VERB
ajfa-9288	44	19	on	on	ADP
ajfa-9288	44	20	how	how	SCONJ
ajfa-9288	44	21	the	the	DET
ajfa-9288	44	22	shareholdings	shareholding	NOUN
ajfa-9288	44	23	of	of	ADP
ajfa-9288	44	24	insiders	insider	NOUN
ajfa-9288	44	25	impact	impact	VERB
ajfa-9288	44	26	the	the	DET
ajfa-9288	44	27	relationship	relationship	NOUN
ajfa-9288	44	28	between	between	ADP
ajfa-9288	44	29	agency	agency	NOUN
ajfa-9288	44	30	cost	cost	NOUN
ajfa-9288	44	31	and	and	CCONJ
ajfa-9288	44	32	financing	financing	NOUN
ajfa-9288	44	33	decision	decision	NOUN
ajfa-9288	44	34	-	-	PUNCT
ajfa-9288	44	35	making	making	NOUN
ajfa-9288	44	36	.	.	PUNCT
ajfa-9288	45	1	this	this	PRON
ajfa-9288	45	2	is	be	AUX
ajfa-9288	45	3	the	the	DET
ajfa-9288	45	4	motivation	motivation	NOUN
ajfa-9288	45	5	of	of	ADP
ajfa-9288	45	6	this	this	DET
ajfa-9288	45	7	study	study	NOUN
ajfa-9288	45	8	.	.	PUNCT
ajfa-9288	46	1	as	as	SCONJ
ajfa-9288	46	2	there	there	PRON
ajfa-9288	46	3	are	be	VERB
ajfa-9288	46	4	diversified	diversified	ADJ
ajfa-9288	46	5	financial	financial	ADJ
ajfa-9288	46	6	tools	tool	NOUN
ajfa-9288	46	7	,	,	PUNCT
ajfa-9288	46	8	the	the	DET
ajfa-9288	46	9	financing	financing	NOUN
ajfa-9288	46	10	decision	decision	NOUN
ajfa-9288	46	11	-	-	PUNCT
ajfa-9288	46	12	making	make	VERB
ajfa-9288	46	13	methods	method	NOUN
ajfa-9288	46	14	in	in	ADP
ajfa-9288	46	15	the	the	DET
ajfa-9288	46	16	financial	financial	ADJ
ajfa-9288	46	17	polices	police	NOUN
ajfa-9288	46	18	pay	pay	VERB
ajfa-9288	46	19	more	more	ADJ
ajfa-9288	46	20	attention	attention	NOUN
ajfa-9288	46	21	to	to	ADP
ajfa-9288	46	22	the	the	DET
ajfa-9288	46	23	selection	selection	NOUN
ajfa-9288	46	24	than	than	ADP
ajfa-9288	46	25	in	in	ADP
ajfa-9288	46	26	the	the	DET
ajfa-9288	46	27	past	past	NOUN
ajfa-9288	46	28	.	.	PUNCT
ajfa-9288	47	1	the	the	DET
ajfa-9288	47	2	public	public	ADJ
ajfa-9288	47	3	offering	offer	VERB
ajfa-9288	47	4	firms	firm	NOUN
ajfa-9288	47	5	issue	issue	VERB
ajfa-9288	47	6	securities	security	NOUN
ajfa-9288	47	7	in	in	ADP
ajfa-9288	47	8	the	the	DET
ajfa-9288	47	9	market	market	NOUN
ajfa-9288	47	10	,	,	PUNCT
ajfa-9288	47	11	the	the	DET
ajfa-9288	47	12	equity	equity	NOUN
ajfa-9288	47	13	disperse	disperse	NOUN
ajfa-9288	47	14	degree	degree	NOUN
ajfa-9288	47	15	increases	increase	NOUN
ajfa-9288	47	16	along	along	ADP
ajfa-9288	47	17	with	with	ADP
ajfa-9288	47	18	the	the	DET
ajfa-9288	47	19	issuance	issuance	NOUN
ajfa-9288	47	20	extent	extent	NOUN
ajfa-9288	47	21	of	of	ADP
ajfa-9288	47	22	equity	equity	NOUN
ajfa-9288	47	23	.	.	PUNCT
ajfa-9288	48	1	due	due	ADP
ajfa-9288	48	2	to	to	ADP
ajfa-9288	48	3	market	market	NOUN
ajfa-9288	48	4	transaction	transaction	NOUN
ajfa-9288	48	5	,	,	PUNCT
ajfa-9288	48	6	the	the	DET
ajfa-9288	48	7	stakeholders	stakeholder	NOUN
ajfa-9288	48	8	change	change	VERB
ajfa-9288	48	9	frequently	frequently	ADV
ajfa-9288	48	10	.	.	PUNCT
ajfa-9288	49	1	for	for	ADP
ajfa-9288	49	2	the	the	DET
ajfa-9288	49	3	purpose	purpose	NOUN
ajfa-9288	49	4	of	of	ADP
ajfa-9288	49	5	smooth	smooth	ADJ
ajfa-9288	49	6	operation	operation	NOUN
ajfa-9288	49	7	,	,	PUNCT
ajfa-9288	49	8	professional	professional	ADJ
ajfa-9288	49	9	managers	manager	NOUN
ajfa-9288	49	10	are	be	AUX
ajfa-9288	49	11	recruited	recruit	VERB
ajfa-9288	49	12	to	to	PART
ajfa-9288	49	13	formulate	formulate	VERB
ajfa-9288	49	14	and	and	CCONJ
ajfa-9288	49	15	implement	implement	VERB
ajfa-9288	49	16	decision	decision	NOUN
ajfa-9288	49	17	-	-	PUNCT
ajfa-9288	49	18	making	making	NOUN
ajfa-9288	49	19	on	on	ADP
ajfa-9288	49	20	behalf	behalf	NOUN
ajfa-9288	49	21	of	of	ADP
ajfa-9288	49	22	firms	firm	NOUN
ajfa-9288	49	23	.	.	PUNCT
ajfa-9288	50	1	for	for	ADP
ajfa-9288	50	2	this	this	DET
ajfa-9288	50	3	reason	reason	NOUN
ajfa-9288	50	4	,	,	PUNCT
ajfa-9288	50	5	while	while	SCONJ
ajfa-9288	50	6	firms	firm	NOUN
ajfa-9288	50	7	intend	intend	VERB
ajfa-9288	50	8	to	to	PART
ajfa-9288	50	9	engage	engage	VERB
ajfa-9288	50	10	in	in	ADP
ajfa-9288	50	11	financing	financing	NOUN
ajfa-9288	50	12	acts	act	NOUN
ajfa-9288	50	13	,	,	PUNCT
ajfa-9288	50	14	the	the	DET
ajfa-9288	50	15	decision	decision	NOUN
ajfa-9288	50	16	-	-	PUNCT
ajfa-9288	50	17	making	make	VERB
ajfa-9288	50	18	ability	ability	NOUN
ajfa-9288	50	19	and	and	CCONJ
ajfa-9288	50	20	shareholding	shareholding	NOUN
ajfa-9288	50	21	conditions	condition	NOUN
ajfa-9288	50	22	of	of	ADP
ajfa-9288	50	23	managers	manager	NOUN
ajfa-9288	50	24	should	should	AUX
ajfa-9288	50	25	be	be	AUX
ajfa-9288	50	26	considered	consider	VERB
ajfa-9288	50	27	,	,	PUNCT
ajfa-9288	50	28	as	as	SCONJ
ajfa-9288	50	29	managers	manager	NOUN
ajfa-9288	50	30	are	be	AUX
ajfa-9288	50	31	an	an	DET
ajfa-9288	50	32	important	important	ADJ
ajfa-9288	50	33	factor	factor	NOUN
ajfa-9288	50	34	that	that	PRON
ajfa-9288	50	35	affects	affect	VERB
ajfa-9288	50	36	whether	whether	SCONJ
ajfa-9288	50	37	firms	firm	NOUN
ajfa-9288	50	38	implement	implement	VERB
ajfa-9288	50	39	various	various	ADJ
ajfa-9288	50	40	financing	financing	NOUN
ajfa-9288	50	41	decision	decision	NOUN
ajfa-9288	50	42	-	-	PUNCT
ajfa-9288	50	43	making	making	NOUN
ajfa-9288	50	44	.	.	PUNCT
ajfa-9288	51	1	on	on	ADP
ajfa-9288	51	2	the	the	DET
ajfa-9288	51	3	other	other	ADJ
ajfa-9288	51	4	hand	hand	NOUN
ajfa-9288	51	5	,	,	PUNCT
ajfa-9288	51	6	with	with	ADP
ajfa-9288	51	7	regard	regard	NOUN
ajfa-9288	51	8	to	to	ADP
ajfa-9288	51	9	capital	capital	NOUN
ajfa-9288	51	10	structure	structure	NOUN
ajfa-9288	51	11	,	,	PUNCT
ajfa-9288	51	12	while	while	SCONJ
ajfa-9288	51	13	in	in	ADP
ajfa-9288	51	14	need	need	NOUN
ajfa-9288	51	15	of	of	ADP
ajfa-9288	51	16	capital	capital	NOUN
ajfa-9288	51	17	,	,	PUNCT
ajfa-9288	51	18	firms	firm	NOUN
ajfa-9288	51	19	could	could	AUX
ajfa-9288	51	20	gain	gain	VERB
ajfa-9288	51	21	capital	capital	NOUN
ajfa-9288	51	22	through	through	ADP
ajfa-9288	51	23	issuance	issuance	NOUN
ajfa-9288	51	24	of	of	ADP
ajfa-9288	51	25	new	new	ADJ
ajfa-9288	51	26	shares	share	NOUN
ajfa-9288	51	27	or	or	CCONJ
ajfa-9288	51	28	debt	debt	NOUN
ajfa-9288	51	29	.	.	PUNCT
ajfa-9288	52	1	gaining	gain	VERB
ajfa-9288	52	2	capital	capital	NOUN
ajfa-9288	52	3	through	through	ADP
ajfa-9288	52	4	debt	debt	NOUN
ajfa-9288	52	5	would	would	AUX
ajfa-9288	52	6	elevate	elevate	VERB
ajfa-9288	52	7	the	the	DET
ajfa-9288	52	8	credit	credit	NOUN
ajfa-9288	52	9	risks	risk	NOUN
ajfa-9288	52	10	of	of	ADP
ajfa-9288	52	11	firms	firm	NOUN
ajfa-9288	52	12	,	,	PUNCT
ajfa-9288	52	13	which	which	PRON
ajfa-9288	52	14	results	result	VERB
ajfa-9288	52	15	in	in	ADP
ajfa-9288	52	16	increase	increase	NOUN
ajfa-9288	52	17	in	in	ADP
ajfa-9288	52	18	agency	agency	NOUN
ajfa-9288	52	19	cost	cost	NOUN
ajfa-9288	52	20	to	to	ADP
ajfa-9288	52	21	shareholders	shareholder	NOUN
ajfa-9288	52	22	and	and	CCONJ
ajfa-9288	52	23	creditors	creditor	NOUN
ajfa-9288	52	24	.	.	PUNCT
ajfa-9288	53	1	hence	hence	ADV
ajfa-9288	53	2	,	,	PUNCT
ajfa-9288	53	3	the	the	DET
ajfa-9288	53	4	balance	balance	NOUN
ajfa-9288	53	5	point	point	NOUN
ajfa-9288	53	6	must	must	AUX
ajfa-9288	53	7	be	be	AUX
ajfa-9288	53	8	obtained	obtain	VERB
ajfa-9288	53	9	among	among	ADP
ajfa-9288	53	10	various	various	ADJ
ajfa-9288	53	11	costs	cost	NOUN
ajfa-9288	53	12	,	,	PUNCT
ajfa-9288	53	13	which	which	PRON
ajfa-9288	53	14	decides	decide	VERB
ajfa-9288	53	15	the	the	DET
ajfa-9288	53	16	corporate	corporate	ADJ
ajfa-9288	53	17	capital	capital	NOUN
ajfa-9288	53	18	structure	structure	NOUN
ajfa-9288	53	19	,	,	PUNCT
ajfa-9288	53	20	namely	namely	ADV
ajfa-9288	53	21	,	,	PUNCT
ajfa-9288	53	22	the	the	DET
ajfa-9288	53	23	trade	trade	NOUN
ajfa-9288	53	24	-	-	PUNCT
ajfa-9288	53	25	off	off	ADP
ajfa-9288	53	26	theory	theory	NOUN
ajfa-9288	53	27	proposed	propose	VERB
ajfa-9288	53	28	by	by	ADP
ajfa-9288	53	29	myers	myers	PROPN
ajfa-9288	53	30	(	(	PUNCT
ajfa-9288	53	31	1984	1984	NUM
ajfa-9288	53	32	)	)	PUNCT
ajfa-9288	53	33	.	.	PUNCT
ajfa-9288	54	1	according	accord	VERB
ajfa-9288	54	2	to	to	ADP
ajfa-9288	54	3	previous	previous	ADJ
ajfa-9288	54	4	empirical	empirical	ADJ
ajfa-9288	54	5	results	result	NOUN
ajfa-9288	54	6	(	(	PUNCT
ajfa-9288	54	7	hessel	hessel	NOUN
ajfa-9288	54	8	and	and	CCONJ
ajfa-9288	54	9	norman	norman	PROPN
ajfa-9288	54	10	,	,	PUNCT
ajfa-9288	54	11	1992	1992	NUM
ajfa-9288	54	12	;	;	PUNCT
ajfa-9288	54	13	wahal	wahal	NOUN
ajfa-9288	54	14	and	and	CCONJ
ajfa-9288	54	15	mcconnell	mcconnell	PROPN
ajfa-9288	54	16	,	,	PUNCT
ajfa-9288	54	17	2000	2000	NUM
ajfa-9288	54	18	)	)	PUNCT
ajfa-9288	54	19	,	,	PUNCT
ajfa-9288	54	20	shareholding	shareholding	NOUN
ajfa-9288	54	21	by	by	ADP
ajfa-9288	54	22	major	major	ADJ
ajfa-9288	54	23	shareholders	shareholder	NOUN
ajfa-9288	54	24	and	and	CCONJ
ajfa-9288	54	25	debt	debt	NOUN
ajfa-9288	54	26	policies	policy	NOUN
ajfa-9288	54	27	could	could	AUX
ajfa-9288	54	28	effectively	effectively	ADV
ajfa-9288	54	29	reduce	reduce	VERB
ajfa-9288	54	30	agency	agency	NOUN
ajfa-9288	54	31	problems	problem	NOUN
ajfa-9288	54	32	.	.	PUNCT
ajfa-9288	55	1	these	these	DET
ajfa-9288	55	2	tools	tool	NOUN
ajfa-9288	55	3	are	be	AUX
ajfa-9288	55	4	interactional	interactional	ADJ
ajfa-9288	55	5	with	with	ADP
ajfa-9288	55	6	decision	decision	NOUN
ajfa-9288	55	7	-	-	PUNCT
ajfa-9288	55	8	making	making	NOUN
ajfa-9288	55	9	regarding	regard	VERB
ajfa-9288	55	10	investment	investment	NOUN
ajfa-9288	55	11	,	,	PUNCT
ajfa-9288	55	12	debt	debt	NOUN
ajfa-9288	55	13	,	,	PUNCT
ajfa-9288	55	14	dividend	dividend	NOUN
ajfa-9288	55	15	,	,	PUNCT
ajfa-9288	55	16	and	and	CCONJ
ajfa-9288	55	17	corporate	corporate	ADJ
ajfa-9288	55	18	risks	risk	NOUN
ajfa-9288	55	19	and	and	CCONJ
ajfa-9288	55	20	value	value	NOUN
ajfa-9288	55	21	.	.	PUNCT
ajfa-9288	56	1	when	when	SCONJ
ajfa-9288	56	2	the	the	DET
ajfa-9288	56	3	shares	share	NOUN
ajfa-9288	56	4	held	hold	VERB
ajfa-9288	56	5	by	by	ADP
ajfa-9288	56	6	the	the	DET
ajfa-9288	56	7	insiders	insider	NOUN
ajfa-9288	56	8	increase	increase	NOUN
ajfa-9288	56	9	,	,	PUNCT
ajfa-9288	56	10	the	the	DET
ajfa-9288	56	11	managers	manager	NOUN
ajfa-9288	56	12	may	may	AUX
ajfa-9288	56	13	dedicate	dedicate	VERB
ajfa-9288	56	14	to	to	ADP
ajfa-9288	56	15	the	the	DET
ajfa-9288	56	16	r&d	r&d	NOUN
ajfa-9288	56	17	,	,	PUNCT
ajfa-9288	56	18	advertising	advertising	NOUN
ajfa-9288	56	19	or	or	CCONJ
ajfa-9288	56	20	hr	hr	NOUN
ajfa-9288	56	21	cost	cost	NOUN
ajfa-9288	56	22	after	after	ADP
ajfa-9288	56	23	considering	consider	VERB
ajfa-9288	56	24	the	the	DET
ajfa-9288	56	25	long	long	ADJ
ajfa-9288	56	26	-	-	PUNCT
ajfa-9288	56	27	term	term	NOUN
ajfa-9288	56	28	competitiveness	competitiveness	NOUN
ajfa-9288	56	29	and	and	CCONJ
ajfa-9288	56	30	their	their	PRON
ajfa-9288	56	31	wealth	wealth	NOUN
ajfa-9288	56	32	,	,	PUNCT
ajfa-9288	56	33	so	so	SCONJ
ajfa-9288	56	34	as	as	SCONJ
ajfa-9288	56	35	to	to	PART
ajfa-9288	56	36	increase	increase	VERB
ajfa-9288	56	37	the	the	DET
ajfa-9288	56	38	corporate	corporate	ADJ
ajfa-9288	56	39	value	value	NOUN
ajfa-9288	56	40	.	.	PUNCT
ajfa-9288	57	1	the	the	DET
ajfa-9288	57	2	change	change	NOUN
ajfa-9288	57	3	in	in	ADP
ajfa-9288	57	4	shareholdings	shareholding	NOUN
ajfa-9288	57	5	of	of	ADP
ajfa-9288	57	6	managers	manager	NOUN
ajfa-9288	57	7	also	also	ADV
ajfa-9288	57	8	affects	affect	VERB
ajfa-9288	57	9	the	the	DET
ajfa-9288	57	10	correlation	correlation	NOUN
ajfa-9288	57	11	of	of	ADP
ajfa-9288	57	12	agency	agency	NOUN
ajfa-9288	57	13	cost	cost	NOUN
ajfa-9288	57	14	and	and	CCONJ
ajfa-9288	57	15	corporate	corporate	ADJ
ajfa-9288	57	16	financing	financing	NOUN
ajfa-9288	57	17	decision	decision	NOUN
ajfa-9288	57	18	-	-	PUNCT
ajfa-9288	57	19	making	making	NOUN
ajfa-9288	57	20	.	.	PUNCT
ajfa-9288	58	1	this	this	DET
ajfa-9288	58	2	paper	paper	NOUN
ajfa-9288	58	3	first	first	ADV
ajfa-9288	58	4	discusses	discuss	VERB
ajfa-9288	58	5	whether	whether	SCONJ
ajfa-9288	58	6	firms	firm	NOUN
ajfa-9288	58	7	tend	tend	VERB
ajfa-9288	58	8	to	to	PART
ajfa-9288	58	9	choose	choose	VERB
ajfa-9288	58	10	seasoned	seasoned	ADJ
ajfa-9288	58	11	equity	equity	NOUN
ajfa-9288	58	12	offering	offering	NOUN
ajfa-9288	58	13	for	for	ADP
ajfa-9288	58	14	financing	financing	NOUN
ajfa-9288	58	15	while	while	SCONJ
ajfa-9288	58	16	the	the	DET
ajfa-9288	58	17	debt	debt	NOUN
ajfa-9288	58	18	agency	agency	NOUN
ajfa-9288	58	19	costs	cost	NOUN
ajfa-9288	58	20	of	of	ADP
ajfa-9288	58	21	prior	prior	ADJ
ajfa-9288	58	22	and	and	CCONJ
ajfa-9288	58	23	current	current	ADJ
ajfa-9288	58	24	periods	period	NOUN
ajfa-9288	58	25	are	be	AUX
ajfa-9288	58	26	high	high	ADJ
ajfa-9288	58	27	.	.	PUNCT
ajfa-9288	59	1	second	second	ADV
ajfa-9288	59	2	,	,	PUNCT
ajfa-9288	59	3	it	it	PRON
ajfa-9288	59	4	discusses	discuss	VERB
ajfa-9288	59	5	whether	whether	SCONJ
ajfa-9288	59	6	firms	firm	NOUN
ajfa-9288	59	7	tend	tend	VERB
ajfa-9288	59	8	to	to	PART
ajfa-9288	59	9	choose	choose	VERB
ajfa-9288	59	10	private	private	ADJ
ajfa-9288	59	11	equity	equity	NOUN
ajfa-9288	59	12	method	method	NOUN
ajfa-9288	59	13	for	for	ADP
ajfa-9288	59	14	financing	financing	NOUN
ajfa-9288	59	15	,	,	PUNCT
ajfa-9288	59	16	while	while	SCONJ
ajfa-9288	59	17	the	the	DET
ajfa-9288	59	18	debt	debt	NOUN
ajfa-9288	59	19	agency	agency	NOUN
ajfa-9288	59	20	cost	cost	VERB
ajfa-9288	59	21	asian	asian	ADJ
ajfa-9288	59	22	journal	journal	NOUN
ajfa-9288	59	23	of	of	ADP
ajfa-9288	59	24	finance	finance	PROPN
ajfa-9288	59	25	&	&	CCONJ
ajfa-9288	59	26	accounting	accounting	PROPN
ajfa-9288	59	27	issn	issn	PROPN
ajfa-9288	59	28	1946	1946	NUM
ajfa-9288	59	29	-	-	PUNCT
ajfa-9288	59	30	052x	052x	PROPN
ajfa-9288	59	31	2016	2016	NUM
ajfa-9288	59	32	,	,	PUNCT
ajfa-9288	59	33	vol	vol	NOUN
ajfa-9288	59	34	.	.	PROPN
ajfa-9288	59	35	8	8	NUM
ajfa-9288	59	36	,	,	PUNCT
ajfa-9288	59	37	no	no	INTJ
ajfa-9288	59	38	.	.	NOUN
ajfa-9288	59	39	1	1	NUM
ajfa-9288	59	40	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-9288	59	41	130	130	NUM
ajfa-9288	59	42	of	of	ADP
ajfa-9288	59	43	prior	prior	ADJ
ajfa-9288	59	44	and	and	CCONJ
ajfa-9288	59	45	current	current	ADJ
ajfa-9288	59	46	periods	period	NOUN
ajfa-9288	59	47	are	be	AUX
ajfa-9288	59	48	high	high	ADJ
ajfa-9288	59	49	.	.	PUNCT
ajfa-9288	60	1	third	third	ADJ
ajfa-9288	60	2	,	,	PUNCT
ajfa-9288	60	3	it	it	PRON
ajfa-9288	60	4	discusses	discuss	VERB
ajfa-9288	60	5	the	the	PRON
ajfa-9288	60	6	whether	whether	SCONJ
ajfa-9288	60	7	the	the	DET
ajfa-9288	60	8	shareholdings	shareholding	NOUN
ajfa-9288	60	9	by	by	ADP
ajfa-9288	60	10	the	the	DET
ajfa-9288	60	11	insiders	insider	NOUN
ajfa-9288	60	12	would	would	AUX
ajfa-9288	60	13	affect	affect	VERB
ajfa-9288	60	14	the	the	DET
ajfa-9288	60	15	relationship	relationship	NOUN
ajfa-9288	60	16	between	between	ADP
ajfa-9288	60	17	the	the	DET
ajfa-9288	60	18	debt	debt	NOUN
ajfa-9288	60	19	agency	agency	NOUN
ajfa-9288	60	20	cost	cost	NOUN
ajfa-9288	60	21	and	and	CCONJ
ajfa-9288	60	22	the	the	DET
ajfa-9288	60	23	seasoned	season	VERB
ajfa-9288	60	24	equity	equity	NOUN
ajfa-9288	60	25	offerings	offering	NOUN
ajfa-9288	60	26	financing	financing	NOUN
ajfa-9288	60	27	,	,	PUNCT
ajfa-9288	60	28	and	and	CCONJ
ajfa-9288	60	29	whether	whether	SCONJ
ajfa-9288	60	30	the	the	DET
ajfa-9288	60	31	shareholdings	shareholding	NOUN
ajfa-9288	60	32	of	of	ADP
ajfa-9288	60	33	insiders	insider	NOUN
ajfa-9288	60	34	would	would	AUX
ajfa-9288	60	35	affect	affect	VERB
ajfa-9288	60	36	the	the	DET
ajfa-9288	60	37	relationship	relationship	NOUN
ajfa-9288	60	38	between	between	ADP
ajfa-9288	60	39	the	the	DET
ajfa-9288	60	40	equity	equity	NOUN
ajfa-9288	60	41	agency	agency	NOUN
ajfa-9288	60	42	cost	cost	NOUN
ajfa-9288	60	43	and	and	CCONJ
ajfa-9288	60	44	the	the	DET
ajfa-9288	60	45	debt	debt	NOUN
ajfa-9288	60	46	financing	financing	NOUN
ajfa-9288	60	47	of	of	ADP
ajfa-9288	60	48	firms	firm	NOUN
ajfa-9288	60	49	.	.	PUNCT
ajfa-9288	61	1	lastly	lastly	ADV
ajfa-9288	61	2	,	,	PUNCT
ajfa-9288	61	3	it	it	PRON
ajfa-9288	61	4	discusses	discuss	VERB
ajfa-9288	61	5	whether	whether	SCONJ
ajfa-9288	61	6	the	the	DET
ajfa-9288	61	7	shareholdings	shareholding	NOUN
ajfa-9288	61	8	by	by	ADP
ajfa-9288	61	9	the	the	DET
ajfa-9288	61	10	insiders	insider	NOUN
ajfa-9288	61	11	would	would	AUX
ajfa-9288	61	12	affect	affect	VERB
ajfa-9288	61	13	the	the	DET
ajfa-9288	61	14	relationship	relationship	NOUN
ajfa-9288	61	15	between	between	ADP
ajfa-9288	61	16	the	the	DET
ajfa-9288	61	17	agency	agency	NOUN
ajfa-9288	61	18	cost	cost	NOUN
ajfa-9288	61	19	and	and	CCONJ
ajfa-9288	61	20	private	private	ADJ
ajfa-9288	61	21	equity	equity	NOUN
ajfa-9288	61	22	financing	financing	NOUN
ajfa-9288	61	23	of	of	ADP
ajfa-9288	61	24	firms	firm	NOUN
ajfa-9288	61	25	.	.	PUNCT
ajfa-9288	62	1	the	the	DET
ajfa-9288	62	2	contributions	contribution	NOUN
ajfa-9288	62	3	of	of	ADP
ajfa-9288	62	4	this	this	DET
ajfa-9288	62	5	study	study	NOUN
ajfa-9288	62	6	are	be	AUX
ajfa-9288	62	7	as	as	SCONJ
ajfa-9288	62	8	follows	follow	VERB
ajfa-9288	62	9	.	.	PUNCT
ajfa-9288	63	1	most	most	ADJ
ajfa-9288	63	2	past	past	ADJ
ajfa-9288	63	3	studies	study	NOUN
ajfa-9288	63	4	on	on	ADP
ajfa-9288	63	5	financing	finance	VERB
ajfa-9288	63	6	acts	act	NOUN
ajfa-9288	63	7	focus	focus	VERB
ajfa-9288	63	8	on	on	ADP
ajfa-9288	63	9	both	both	PRON
ajfa-9288	63	10	seasoned	season	VERB
ajfa-9288	63	11	equity	equity	NOUN
ajfa-9288	63	12	offerings	offering	NOUN
ajfa-9288	63	13	and	and	CCONJ
ajfa-9288	63	14	debt	debt	NOUN
ajfa-9288	63	15	financings	financing	NOUN
ajfa-9288	63	16	,	,	PUNCT
ajfa-9288	63	17	rarely	rarely	ADV
ajfa-9288	63	18	relating	relate	VERB
ajfa-9288	63	19	to	to	ADP
ajfa-9288	63	20	private	private	ADJ
ajfa-9288	63	21	equity	equity	NOUN
ajfa-9288	63	22	financing	financing	NOUN
ajfa-9288	63	23	;	;	PUNCT
ajfa-9288	63	24	however	however	ADV
ajfa-9288	63	25	,	,	PUNCT
ajfa-9288	63	26	either	either	CCONJ
ajfa-9288	63	27	the	the	DET
ajfa-9288	63	28	market	market	NOUN
ajfa-9288	63	29	timing	timing	NOUN
ajfa-9288	63	30	theory	theory	NOUN
ajfa-9288	63	31	or	or	CCONJ
ajfa-9288	63	32	precautionary	precautionary	ADJ
ajfa-9288	63	33	motive	motive	NOUN
ajfa-9288	63	34	theory	theory	NOUN
ajfa-9288	63	35	is	be	AUX
ajfa-9288	63	36	related	relate	VERB
ajfa-9288	63	37	to	to	ADP
ajfa-9288	63	38	the	the	DET
ajfa-9288	63	39	private	private	ADJ
ajfa-9288	63	40	equity	equity	NOUN
ajfa-9288	63	41	.	.	PUNCT
ajfa-9288	64	1	thus	thus	ADV
ajfa-9288	64	2	,	,	PUNCT
ajfa-9288	64	3	this	this	DET
ajfa-9288	64	4	paper	paper	NOUN
ajfa-9288	64	5	integrates	integrate	VERB
ajfa-9288	64	6	the	the	DET
ajfa-9288	64	7	agency	agency	NOUN
ajfa-9288	64	8	cost	cost	NOUN
ajfa-9288	64	9	and	and	CCONJ
ajfa-9288	64	10	financing	financing	NOUN
ajfa-9288	64	11	decision	decision	NOUN
ajfa-9288	64	12	-	-	PUNCT
ajfa-9288	64	13	making	making	NOUN
ajfa-9288	64	14	into	into	ADP
ajfa-9288	64	15	the	the	DET
ajfa-9288	64	16	financing	financing	NOUN
ajfa-9288	64	17	method	method	NOUN
ajfa-9288	64	18	of	of	ADP
ajfa-9288	64	19	private	private	ADJ
ajfa-9288	64	20	equity	equity	NOUN
ajfa-9288	64	21	.	.	PUNCT
ajfa-9288	65	1	second	second	ADJ
ajfa-9288	65	2	,	,	PUNCT
ajfa-9288	65	3	according	accord	VERB
ajfa-9288	65	4	to	to	ADP
ajfa-9288	65	5	previous	previous	ADJ
ajfa-9288	65	6	literatures	literature	NOUN
ajfa-9288	65	7	,	,	PUNCT
ajfa-9288	65	8	firms	firm	NOUN
ajfa-9288	65	9	with	with	ADP
ajfa-9288	65	10	relatively	relatively	ADV
ajfa-9288	65	11	higher	high	ADJ
ajfa-9288	65	12	investment	investment	NOUN
ajfa-9288	65	13	opportunities	opportunity	NOUN
ajfa-9288	65	14	have	have	VERB
ajfa-9288	65	15	higher	high	ADJ
ajfa-9288	65	16	debt	debt	NOUN
ajfa-9288	65	17	agency	agency	NOUN
ajfa-9288	65	18	cost	cost	NOUN
ajfa-9288	65	19	;	;	PUNCT
ajfa-9288	65	20	hence	hence	ADV
ajfa-9288	65	21	,	,	PUNCT
ajfa-9288	65	22	the	the	DET
ajfa-9288	65	23	debt	debt	NOUN
ajfa-9288	65	24	agency	agency	NOUN
ajfa-9288	65	25	cost	cost	NOUN
ajfa-9288	65	26	is	be	AUX
ajfa-9288	65	27	measured	measure	VERB
ajfa-9288	65	28	by	by	ADP
ajfa-9288	65	29	the	the	DET
ajfa-9288	65	30	market	market	NOUN
ajfa-9288	65	31	to	to	ADP
ajfa-9288	65	32	book	book	NOUN
ajfa-9288	65	33	ratio	ratio	NOUN
ajfa-9288	65	34	of	of	ADP
ajfa-9288	65	35	equity	equity	NOUN
ajfa-9288	65	36	.	.	PUNCT
ajfa-9288	66	1	according	accord	VERB
ajfa-9288	66	2	to	to	ADP
ajfa-9288	66	3	singh	singh	PROPN
ajfa-9288	66	4	and	and	CCONJ
ajfa-9288	66	5	davidson	davidson	NOUN
ajfa-9288	66	6	ⅲ	ⅲ	PROPN
ajfa-9288	66	7	(	(	PUNCT
ajfa-9288	66	8	2003	2003	NUM
ajfa-9288	66	9	)	)	PUNCT
ajfa-9288	66	10	,	,	PUNCT
ajfa-9288	66	11	and	and	CCONJ
ajfa-9288	66	12	tsai	tsai	PROPN
ajfa-9288	66	13	,	,	PUNCT
ajfa-9288	66	14	shao	shao	PROPN
ajfa-9288	66	15	and	and	CCONJ
ajfa-9288	66	16	yang	yang	PROPN
ajfa-9288	66	17	(	(	PUNCT
ajfa-9288	66	18	2008	2008	NUM
ajfa-9288	66	19	)	)	PUNCT
ajfa-9288	66	20	,	,	PUNCT
ajfa-9288	66	21	the	the	DET
ajfa-9288	66	22	equity	equity	NOUN
ajfa-9288	66	23	agency	agency	NOUN
ajfa-9288	66	24	cost	cost	NOUN
ajfa-9288	66	25	is	be	AUX
ajfa-9288	66	26	measured	measure	VERB
ajfa-9288	66	27	by	by	ADP
ajfa-9288	66	28	selling	sell	VERB
ajfa-9288	66	29	and	and	CCONJ
ajfa-9288	66	30	administrative	administrative	ADJ
ajfa-9288	66	31	expenses	expense	NOUN
ajfa-9288	66	32	ratio	ratio	NOUN
ajfa-9288	66	33	and	and	CCONJ
ajfa-9288	66	34	the	the	DET
ajfa-9288	66	35	total	total	ADJ
ajfa-9288	66	36	asset	asset	NOUN
ajfa-9288	66	37	turnover	turnover	NOUN
ajfa-9288	66	38	.	.	PUNCT
ajfa-9288	67	1	the	the	DET
ajfa-9288	67	2	second	second	ADJ
ajfa-9288	67	3	contribution	contribution	NOUN
ajfa-9288	67	4	of	of	ADP
ajfa-9288	67	5	this	this	DET
ajfa-9288	67	6	study	study	NOUN
ajfa-9288	67	7	is	be	AUX
ajfa-9288	67	8	to	to	PART
ajfa-9288	67	9	simultaneously	simultaneously	ADV
ajfa-9288	67	10	consider	consider	VERB
ajfa-9288	67	11	the	the	DET
ajfa-9288	67	12	debt	debt	NOUN
ajfa-9288	67	13	and	and	CCONJ
ajfa-9288	67	14	equity	equity	NOUN
ajfa-9288	67	15	agency	agency	NOUN
ajfa-9288	67	16	costs	cost	NOUN
ajfa-9288	67	17	.	.	PUNCT
ajfa-9288	68	1	the	the	DET
ajfa-9288	68	2	remainder	remainder	NOUN
ajfa-9288	68	3	of	of	ADP
ajfa-9288	68	4	this	this	DET
ajfa-9288	68	5	paper	paper	NOUN
ajfa-9288	68	6	is	be	AUX
ajfa-9288	68	7	organized	organize	VERB
ajfa-9288	68	8	as	as	SCONJ
ajfa-9288	68	9	follows	follow	VERB
ajfa-9288	68	10	:	:	PUNCT
ajfa-9288	68	11	section	section	NOUN
ajfa-9288	68	12	2	2	NUM
ajfa-9288	68	13	presents	present	VERB
ajfa-9288	68	14	the	the	DET
ajfa-9288	68	15	literature	literature	PROPN
ajfa-9288	68	16	review	review	PROPN
ajfa-9288	68	17	.	.	PUNCT
ajfa-9288	69	1	section	section	NOUN
ajfa-9288	69	2	3	3	NUM
ajfa-9288	69	3	explains	explain	VERB
ajfa-9288	69	4	the	the	DET
ajfa-9288	69	5	empirical	empirical	ADJ
ajfa-9288	69	6	methodology	methodology	NOUN
ajfa-9288	69	7	,	,	PUNCT
ajfa-9288	69	8	including	include	VERB
ajfa-9288	69	9	research	research	NOUN
ajfa-9288	69	10	design	design	NOUN
ajfa-9288	69	11	,	,	PUNCT
ajfa-9288	69	12	research	research	NOUN
ajfa-9288	69	13	periods	period	NOUN
ajfa-9288	69	14	,	,	PUNCT
ajfa-9288	69	15	sampling	sample	VERB
ajfa-9288	69	16	criteria	criterion	NOUN
ajfa-9288	69	17	and	and	CCONJ
ajfa-9288	69	18	variable	variable	ADJ
ajfa-9288	69	19	definitions	definition	NOUN
ajfa-9288	69	20	,	,	PUNCT
ajfa-9288	69	21	and	and	CCONJ
ajfa-9288	69	22	proposing	propose	VERB
ajfa-9288	69	23	the	the	DET
ajfa-9288	69	24	empirical	empirical	ADJ
ajfa-9288	69	25	models	model	NOUN
ajfa-9288	69	26	.	.	PUNCT
ajfa-9288	70	1	section	section	NOUN
ajfa-9288	70	2	4	4	NUM
ajfa-9288	70	3	summarizes	summarize	VERB
ajfa-9288	70	4	the	the	DET
ajfa-9288	70	5	empirical	empirical	ADJ
ajfa-9288	70	6	result	result	NOUN
ajfa-9288	70	7	,	,	PUNCT
ajfa-9288	70	8	and	and	CCONJ
ajfa-9288	70	9	the	the	DET
ajfa-9288	70	10	conclusions	conclusion	NOUN
ajfa-9288	70	11	are	be	AUX
ajfa-9288	70	12	given	give	VERB
ajfa-9288	70	13	in	in	ADP
ajfa-9288	70	14	section	section	NOUN
ajfa-9288	70	15	5	5	NUM
ajfa-9288	70	16	.	.	NOUN
ajfa-9288	70	17	2	2	NUM
ajfa-9288	70	18	.	.	X
ajfa-9288	70	19	literature	literature	NOUN
ajfa-9288	70	20	review	review	PROPN
ajfa-9288	70	21	and	and	CCONJ
ajfa-9288	70	22	hypothesis	hypothesis	NOUN
ajfa-9288	70	23	development	development	NOUN
ajfa-9288	70	24	according	accord	VERB
ajfa-9288	70	25	to	to	ADP
ajfa-9288	70	26	mcknight	mcknight	PROPN
ajfa-9288	70	27	and	and	CCONJ
ajfa-9288	70	28	weir	weir	PROPN
ajfa-9288	70	29	(	(	PUNCT
ajfa-9288	70	30	2009	2009	NUM
ajfa-9288	70	31	)	)	PUNCT
ajfa-9288	70	32	,	,	PUNCT
ajfa-9288	70	33	as	as	ADP
ajfa-9288	70	34	for	for	ADP
ajfa-9288	70	35	the	the	DET
ajfa-9288	70	36	measurement	measurement	NOUN
ajfa-9288	70	37	method	method	NOUN
ajfa-9288	70	38	of	of	ADP
ajfa-9288	70	39	agency	agency	NOUN
ajfa-9288	70	40	cost	cost	NOUN
ajfa-9288	70	41	,	,	PUNCT
ajfa-9288	70	42	the	the	DET
ajfa-9288	70	43	debt	debt	NOUN
ajfa-9288	70	44	agency	agency	NOUN
ajfa-9288	70	45	cost	cost	NOUN
ajfa-9288	70	46	is	be	AUX
ajfa-9288	70	47	measured	measure	VERB
ajfa-9288	70	48	by	by	ADP
ajfa-9288	70	49	the	the	DET
ajfa-9288	70	50	market	market	NOUN
ajfa-9288	70	51	ot	ot	NOUN
ajfa-9288	70	52	book	book	NOUN
ajfa-9288	70	53	ratio	ratio	NOUN
ajfa-9288	70	54	of	of	ADP
ajfa-9288	70	55	equity	equity	NOUN
ajfa-9288	70	56	.	.	PUNCT
ajfa-9288	71	1	the	the	DET
ajfa-9288	71	2	definition	definition	NOUN
ajfa-9288	71	3	of	of	ADP
ajfa-9288	71	4	equity	equity	NOUN
ajfa-9288	71	5	agency	agency	NOUN
ajfa-9288	71	6	cost	cost	NOUN
ajfa-9288	71	7	is	be	AUX
ajfa-9288	71	8	limited	limit	VERB
ajfa-9288	71	9	to	to	ADP
ajfa-9288	71	10	the	the	DET
ajfa-9288	71	11	improper	improper	ADJ
ajfa-9288	71	12	control	control	NOUN
ajfa-9288	71	13	and	and	CCONJ
ajfa-9288	71	14	management	management	NOUN
ajfa-9288	71	15	(	(	PUNCT
ajfa-9288	71	16	including	include	VERB
ajfa-9288	71	17	prerogative	prerogative	ADJ
ajfa-9288	71	18	consumption	consumption	NOUN
ajfa-9288	71	19	)	)	PUNCT
ajfa-9288	71	20	over	over	ADP
ajfa-9288	71	21	discretionary	discretionary	ADJ
ajfa-9288	71	22	expenses	expense	NOUN
ajfa-9288	71	23	and	and	CCONJ
ajfa-9288	71	24	inefficient	inefficient	ADJ
ajfa-9288	71	25	operation	operation	NOUN
ajfa-9288	71	26	by	by	ADP
ajfa-9288	71	27	managers	manager	NOUN
ajfa-9288	71	28	.	.	PUNCT
ajfa-9288	72	1	according	accord	VERB
ajfa-9288	72	2	to	to	ADP
ajfa-9288	72	3	ang	ang	PROPN
ajfa-9288	72	4	,	,	PUNCT
ajfa-9288	72	5	cole	cole	PROPN
ajfa-9288	72	6	,	,	PUNCT
ajfa-9288	72	7	and	and	CCONJ
ajfa-9288	72	8	lin	lin	PROPN
ajfa-9288	72	9	(	(	PUNCT
ajfa-9288	72	10	2000	2000	NUM
ajfa-9288	72	11	)	)	PUNCT
ajfa-9288	72	12	,	,	PUNCT
ajfa-9288	72	13	the	the	DET
ajfa-9288	72	14	selling	selling	NOUN
ajfa-9288	72	15	and	and	CCONJ
ajfa-9288	72	16	administrative	administrative	ADJ
ajfa-9288	72	17	expenses	expense	NOUN
ajfa-9288	72	18	ratio	ratio	NOUN
ajfa-9288	72	19	and	and	CCONJ
ajfa-9288	72	20	asset	asset	NOUN
ajfa-9288	72	21	turnover	turnover	NOUN
ajfa-9288	72	22	are	be	AUX
ajfa-9288	72	23	employed	employ	VERB
ajfa-9288	72	24	to	to	PART
ajfa-9288	72	25	measure	measure	VERB
ajfa-9288	72	26	the	the	DET
ajfa-9288	72	27	equity	equity	NOUN
ajfa-9288	72	28	agency	agency	NOUN
ajfa-9288	72	29	cost	cost	NOUN
ajfa-9288	72	30	.	.	PUNCT
ajfa-9288	73	1	john	john	PROPN
ajfa-9288	73	2	and	and	CCONJ
ajfa-9288	73	3	senbet	senbet	PROPN
ajfa-9288	73	4	(	(	PUNCT
ajfa-9288	73	5	1998	1998	NUM
ajfa-9288	73	6	)	)	PUNCT
ajfa-9288	73	7	discuss	discuss	VERB
ajfa-9288	73	8	how	how	SCONJ
ajfa-9288	73	9	firms	firm	NOUN
ajfa-9288	73	10	resolve	resolve	VERB
ajfa-9288	73	11	agency	agency	NOUN
ajfa-9288	73	12	problems	problem	NOUN
ajfa-9288	73	13	via	via	ADP
ajfa-9288	73	14	control	control	NOUN
ajfa-9288	73	15	mechanism	mechanism	NOUN
ajfa-9288	73	16	in	in	ADP
ajfa-9288	73	17	terms	term	NOUN
ajfa-9288	73	18	of	of	ADP
ajfa-9288	73	19	capital	capital	NOUN
ajfa-9288	73	20	structure	structure	NOUN
ajfa-9288	73	21	.	.	PUNCT
ajfa-9288	74	1	besides	besides	SCONJ
ajfa-9288	74	2	the	the	DET
ajfa-9288	74	3	equity	equity	NOUN
ajfa-9288	74	4	agency	agency	NOUN
ajfa-9288	74	5	problems	problem	NOUN
ajfa-9288	74	6	,	,	PUNCT
ajfa-9288	74	7	debt	debt	NOUN
ajfa-9288	74	8	agency	agency	NOUN
ajfa-9288	74	9	problems	problem	NOUN
ajfa-9288	74	10	and	and	CCONJ
ajfa-9288	74	11	social	social	ADJ
ajfa-9288	74	12	agency	agency	NOUN
ajfa-9288	74	13	problems	problem	NOUN
ajfa-9288	74	14	impose	impose	VERB
ajfa-9288	74	15	impact	impact	NOUN
ajfa-9288	74	16	on	on	ADP
ajfa-9288	74	17	the	the	DET
ajfa-9288	74	18	operation	operation	NOUN
ajfa-9288	74	19	performance	performance	NOUN
ajfa-9288	74	20	.	.	PUNCT
ajfa-9288	75	1	thus	thus	ADV
ajfa-9288	75	2	,	,	PUNCT
ajfa-9288	75	3	when	when	SCONJ
ajfa-9288	75	4	the	the	DET
ajfa-9288	75	5	impact	impact	NOUN
ajfa-9288	75	6	on	on	ADP
ajfa-9288	75	7	corporate	corporate	ADJ
ajfa-9288	75	8	performance	performance	NOUN
ajfa-9288	75	9	by	by	ADP
ajfa-9288	75	10	agency	agency	NOUN
ajfa-9288	75	11	problem	problem	NOUN
ajfa-9288	75	12	is	be	AUX
ajfa-9288	75	13	studied	study	VERB
ajfa-9288	75	14	,	,	PUNCT
ajfa-9288	75	15	debt	debt	NOUN
ajfa-9288	75	16	agency	agency	NOUN
ajfa-9288	75	17	problem	problem	NOUN
ajfa-9288	75	18	is	be	AUX
ajfa-9288	75	19	an	an	DET
ajfa-9288	75	20	important	important	ADJ
ajfa-9288	75	21	factor	factor	NOUN
ajfa-9288	75	22	to	to	PART
ajfa-9288	75	23	be	be	AUX
ajfa-9288	75	24	considered	consider	VERB
ajfa-9288	75	25	for	for	ADP
ajfa-9288	75	26	agency	agency	NOUN
ajfa-9288	75	27	cost	cost	NOUN
ajfa-9288	75	28	.	.	PUNCT
ajfa-9288	76	1	berger	berger	PROPN
ajfa-9288	76	2	,	,	PUNCT
ajfa-9288	76	3	ofek	ofek	PROPN
ajfa-9288	76	4	,	,	PUNCT
ajfa-9288	76	5	and	and	CCONJ
ajfa-9288	76	6	yermack	yermack	NOUN
ajfa-9288	76	7	(	(	PUNCT
ajfa-9288	76	8	1997	1997	NUM
ajfa-9288	76	9	)	)	PUNCT
ajfa-9288	76	10	,	,	PUNCT
ajfa-9288	76	11	and	and	CCONJ
ajfa-9288	76	12	john	john	PROPN
ajfa-9288	76	13	and	and	CCONJ
ajfa-9288	76	14	senbet	senbet	PROPN
ajfa-9288	76	15	(	(	PUNCT
ajfa-9288	76	16	1998	1998	NUM
ajfa-9288	76	17	)	)	PUNCT
ajfa-9288	76	18	point	point	VERB
ajfa-9288	76	19	out	out	ADP
ajfa-9288	76	20	that	that	SCONJ
ajfa-9288	76	21	since	since	SCONJ
ajfa-9288	76	22	shareholders	shareholder	NOUN
ajfa-9288	76	23	assume	assume	VERB
ajfa-9288	76	24	limited	limited	ADJ
ajfa-9288	76	25	responsibilities	responsibility	NOUN
ajfa-9288	76	26	,	,	PUNCT
ajfa-9288	76	27	the	the	DET
ajfa-9288	76	28	creditors	creditor	NOUN
ajfa-9288	76	29	only	only	ADV
ajfa-9288	76	30	receive	receive	VERB
ajfa-9288	76	31	returns	return	NOUN
ajfa-9288	76	32	of	of	ADP
ajfa-9288	76	33	fixed	fix	VERB
ajfa-9288	76	34	benefits	benefit	NOUN
ajfa-9288	76	35	.	.	PUNCT
ajfa-9288	77	1	as	as	ADP
ajfa-9288	77	2	a	a	DET
ajfa-9288	77	3	result	result	NOUN
ajfa-9288	77	4	of	of	ADP
ajfa-9288	77	5	the	the	DET
ajfa-9288	77	6	debt	debt	NOUN
ajfa-9288	77	7	agency	agency	NOUN
ajfa-9288	77	8	problem	problem	NOUN
ajfa-9288	77	9	,	,	PUNCT
ajfa-9288	77	10	creditors	creditor	NOUN
ajfa-9288	77	11	transfer	transfer	VERB
ajfa-9288	77	12	the	the	DET
ajfa-9288	77	13	debt	debt	NOUN
ajfa-9288	77	14	agency	agency	NOUN
ajfa-9288	77	15	cost	cost	NOUN
ajfa-9288	77	16	to	to	ADP
ajfa-9288	77	17	the	the	DET
ajfa-9288	77	18	shareholders	shareholder	NOUN
ajfa-9288	77	19	through	through	ADP
ajfa-9288	77	20	increase	increase	NOUN
ajfa-9288	77	21	of	of	ADP
ajfa-9288	77	22	debt	debt	NOUN
ajfa-9288	77	23	limits	limit	NOUN
ajfa-9288	77	24	,	,	PUNCT
ajfa-9288	77	25	and	and	CCONJ
ajfa-9288	77	26	the	the	DET
ajfa-9288	77	27	managers	manager	NOUN
ajfa-9288	77	28	may	may	AUX
ajfa-9288	77	29	be	be	AUX
ajfa-9288	77	30	forced	force	VERB
ajfa-9288	77	31	to	to	PART
ajfa-9288	77	32	forsake	forsake	VERB
ajfa-9288	77	33	the	the	DET
ajfa-9288	77	34	profitable	profitable	ADJ
ajfa-9288	77	35	investment	investment	NOUN
ajfa-9288	77	36	plans	plan	NOUN
ajfa-9288	77	37	due	due	ADJ
ajfa-9288	77	38	to	to	ADP
ajfa-9288	77	39	increase	increase	NOUN
ajfa-9288	77	40	of	of	ADP
ajfa-9288	77	41	debt	debt	NOUN
ajfa-9288	77	42	cost	cost	NOUN
ajfa-9288	77	43	,	,	PUNCT
ajfa-9288	77	44	which	which	PRON
ajfa-9288	77	45	results	result	VERB
ajfa-9288	77	46	in	in	ADP
ajfa-9288	77	47	economic	economic	ADJ
ajfa-9288	77	48	inefficiency	inefficiency	NOUN
ajfa-9288	77	49	.	.	PUNCT
ajfa-9288	78	1	frank	frank	PROPN
ajfa-9288	78	2	and	and	CCONJ
ajfa-9288	78	3	goyal	goyal	PROPN
ajfa-9288	78	4	(	(	PUNCT
ajfa-9288	78	5	2003	2003	NUM
ajfa-9288	78	6	)	)	PUNCT
ajfa-9288	78	7	indicate	indicate	VERB
ajfa-9288	78	8	that	that	SCONJ
ajfa-9288	78	9	when	when	SCONJ
ajfa-9288	78	10	firms	firm	NOUN
ajfa-9288	78	11	intend	intend	VERB
ajfa-9288	78	12	to	to	PART
ajfa-9288	78	13	invest	invest	VERB
ajfa-9288	78	14	,	,	PUNCT
ajfa-9288	78	15	if	if	SCONJ
ajfa-9288	78	16	the	the	DET
ajfa-9288	78	17	needed	need	VERB
ajfa-9288	78	18	capital	capital	NOUN
ajfa-9288	78	19	can	can	AUX
ajfa-9288	78	20	not	not	PART
ajfa-9288	78	21	be	be	AUX
ajfa-9288	78	22	supplied	supply	VERB
ajfa-9288	78	23	internally	internally	ADV
ajfa-9288	78	24	,	,	PUNCT
ajfa-9288	78	25	firms	firm	NOUN
ajfa-9288	78	26	would	would	AUX
ajfa-9288	78	27	engage	engage	VERB
ajfa-9288	78	28	in	in	ADP
ajfa-9288	78	29	external	external	ADJ
ajfa-9288	78	30	financing	financing	NOUN
ajfa-9288	78	31	acts	act	NOUN
ajfa-9288	78	32	,	,	PUNCT
ajfa-9288	78	33	which	which	PRON
ajfa-9288	78	34	are	be	AUX
ajfa-9288	78	35	categorized	categorize	VERB
ajfa-9288	78	36	into	into	ADP
ajfa-9288	78	37	issuance	issuance	NOUN
ajfa-9288	78	38	of	of	ADP
ajfa-9288	78	39	stocks	stock	NOUN
ajfa-9288	78	40	and	and	CCONJ
ajfa-9288	78	41	debts	debt	NOUN
ajfa-9288	78	42	.	.	PUNCT
ajfa-9288	79	1	marchica	marchica	PROPN
ajfa-9288	79	2	and	and	CCONJ
ajfa-9288	79	3	mura	mura	PROPN
ajfa-9288	79	4	(	(	PUNCT
ajfa-9288	79	5	2010	2010	NUM
ajfa-9288	79	6	)	)	PUNCT
ajfa-9288	79	7	argue	argue	VERB
ajfa-9288	79	8	that	that	SCONJ
ajfa-9288	79	9	if	if	SCONJ
ajfa-9288	79	10	the	the	DET
ajfa-9288	79	11	firms	firm	NOUN
ajfa-9288	79	12	have	have	VERB
ajfa-9288	79	13	extra	extra	ADJ
ajfa-9288	79	14	debt	debt	NOUN
ajfa-9288	79	15	capacity	capacity	NOUN
ajfa-9288	79	16	,	,	PUNCT
ajfa-9288	79	17	it	it	PRON
ajfa-9288	79	18	is	be	AUX
ajfa-9288	79	19	easier	easy	ADJ
ajfa-9288	79	20	for	for	SCONJ
ajfa-9288	79	21	them	they	PRON
ajfa-9288	79	22	to	to	PART
ajfa-9288	79	23	obtain	obtain	VERB
ajfa-9288	79	24	external	external	ADJ
ajfa-9288	79	25	financing	financing	NOUN
ajfa-9288	79	26	,	,	PUNCT
ajfa-9288	79	27	and	and	CCONJ
ajfa-9288	79	28	the	the	DET
ajfa-9288	79	29	future	future	ADJ
ajfa-9288	79	30	investment	investment	NOUN
ajfa-9288	79	31	expenditure	expenditure	NOUN
ajfa-9288	79	32	is	be	AUX
ajfa-9288	79	33	significant	significant	ADJ
ajfa-9288	79	34	.	.	PUNCT
ajfa-9288	80	1	in	in	ADP
ajfa-9288	80	2	other	other	ADJ
ajfa-9288	80	3	words	word	NOUN
ajfa-9288	80	4	,	,	PUNCT
ajfa-9288	80	5	proper	proper	ADJ
ajfa-9288	80	6	debt	debt	NOUN
ajfa-9288	80	7	enables	enable	VERB
ajfa-9288	80	8	firms	firm	NOUN
ajfa-9288	80	9	to	to	PART
ajfa-9288	80	10	keep	keep	VERB
ajfa-9288	80	11	sound	sound	ADJ
ajfa-9288	80	12	financial	financial	ADJ
ajfa-9288	80	13	elasticity	elasticity	NOUN
ajfa-9288	80	14	and	and	CCONJ
ajfa-9288	80	15	the	the	DET
ajfa-9288	80	16	investment	investment	NOUN
ajfa-9288	80	17	returns	return	NOUN
ajfa-9288	80	18	of	of	ADP
ajfa-9288	80	19	firms	firm	NOUN
ajfa-9288	80	20	in	in	ADP
ajfa-9288	80	21	the	the	DET
ajfa-9288	80	22	future	future	NOUN
ajfa-9288	80	23	are	be	AUX
ajfa-9288	80	24	greater	great	ADJ
ajfa-9288	80	25	.	.	PUNCT
ajfa-9288	81	1	malmendier	malmendier	NOUN
ajfa-9288	81	2	,	,	PUNCT
ajfa-9288	81	3	tate	tate	PROPN
ajfa-9288	81	4	,	,	PUNCT
ajfa-9288	81	5	and	and	CCONJ
ajfa-9288	81	6	yan	yan	PROPN
ajfa-9288	81	7	(	(	PUNCT
ajfa-9288	81	8	2011	2011	NUM
ajfa-9288	81	9	)	)	PUNCT
ajfa-9288	81	10	suggest	suggest	VERB
ajfa-9288	81	11	that	that	SCONJ
ajfa-9288	81	12	internal	internal	ADJ
ajfa-9288	81	13	capital	capital	NOUN
ajfa-9288	81	14	is	be	AUX
ajfa-9288	81	15	preferred	prefer	VERB
ajfa-9288	81	16	to	to	PART
ajfa-9288	81	17	be	be	AUX
ajfa-9288	81	18	used	use	VERB
ajfa-9288	81	19	to	to	PART
ajfa-9288	81	20	support	support	VERB
ajfa-9288	81	21	the	the	DET
ajfa-9288	81	22	capital	capital	NOUN
ajfa-9288	81	23	demand	demand	NOUN
ajfa-9288	81	24	of	of	ADP
ajfa-9288	81	25	the	the	DET
ajfa-9288	81	26	firms	firm	NOUN
ajfa-9288	81	27	as	as	SCONJ
ajfa-9288	81	28	managers	manager	NOUN
ajfa-9288	81	29	may	may	AUX
ajfa-9288	81	30	overestimate	overestimate	VERB
ajfa-9288	81	31	the	the	DET
ajfa-9288	81	32	future	future	ADJ
ajfa-9288	81	33	cash	cash	NOUN
ajfa-9288	81	34	flow	flow	NOUN
ajfa-9288	81	35	of	of	ADP
ajfa-9288	81	36	asian	asian	ADJ
ajfa-9288	81	37	journal	journal	NOUN
ajfa-9288	81	38	of	of	ADP
ajfa-9288	81	39	finance	finance	PROPN
ajfa-9288	81	40	&	&	CCONJ
ajfa-9288	81	41	accounting	accounting	PROPN
ajfa-9288	81	42	issn	issn	PROPN
ajfa-9288	81	43	1946	1946	NUM
ajfa-9288	81	44	-	-	PUNCT
ajfa-9288	81	45	052x	052x	PROPN
ajfa-9288	81	46	2016	2016	NUM
ajfa-9288	81	47	,	,	PUNCT
ajfa-9288	81	48	vol	vol	NOUN
ajfa-9288	81	49	.	.	PROPN
ajfa-9288	81	50	8	8	NUM
ajfa-9288	81	51	,	,	PUNCT
ajfa-9288	81	52	no	no	INTJ
ajfa-9288	81	53	.	.	NOUN
ajfa-9288	81	54	1	1	NUM
ajfa-9288	81	55	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	81	56	131	131	NUM
ajfa-9288	81	57	firms	firm	NOUN
ajfa-9288	81	58	,	,	PUNCT
ajfa-9288	81	59	and	and	CCONJ
ajfa-9288	81	60	believe	believe	VERB
ajfa-9288	81	61	that	that	SCONJ
ajfa-9288	81	62	the	the	DET
ajfa-9288	81	63	financing	financing	NOUN
ajfa-9288	81	64	cost	cost	NOUN
ajfa-9288	81	65	of	of	ADP
ajfa-9288	81	66	external	external	ADJ
ajfa-9288	81	67	financing	financing	NOUN
ajfa-9288	81	68	particularly	particularly	ADV
ajfa-9288	81	69	equity	equity	NOUN
ajfa-9288	81	70	financing	financing	NOUN
ajfa-9288	81	71	is	be	AUX
ajfa-9288	81	72	high	high	ADJ
ajfa-9288	81	73	,	,	PUNCT
ajfa-9288	81	74	thus	thus	ADV
ajfa-9288	81	75	overestimating	overestimate	VERB
ajfa-9288	81	76	their	their	PRON
ajfa-9288	81	77	own	own	ADJ
ajfa-9288	81	78	capabilities	capability	NOUN
ajfa-9288	81	79	.	.	PUNCT
ajfa-9288	82	1	moreover	moreover	ADV
ajfa-9288	82	2	,	,	PUNCT
ajfa-9288	82	3	when	when	SCONJ
ajfa-9288	82	4	firms	firm	NOUN
ajfa-9288	82	5	need	need	VERB
ajfa-9288	82	6	external	external	ADJ
ajfa-9288	82	7	financing	financing	NOUN
ajfa-9288	82	8	,	,	PUNCT
ajfa-9288	82	9	they	they	PRON
ajfa-9288	82	10	still	still	ADV
ajfa-9288	82	11	prefer	prefer	VERB
ajfa-9288	82	12	debt	debt	NOUN
ajfa-9288	82	13	to	to	ADP
ajfa-9288	82	14	issuance	issuance	NOUN
ajfa-9288	82	15	of	of	ADP
ajfa-9288	82	16	equity	equity	NOUN
ajfa-9288	82	17	.	.	PUNCT
ajfa-9288	83	1	in	in	ADP
ajfa-9288	83	2	case	case	NOUN
ajfa-9288	83	3	of	of	ADP
ajfa-9288	83	4	debt	debt	NOUN
ajfa-9288	83	5	,	,	PUNCT
ajfa-9288	83	6	managers	manager	NOUN
ajfa-9288	83	7	tend	tend	VERB
ajfa-9288	83	8	to	to	PART
ajfa-9288	83	9	be	be	AUX
ajfa-9288	83	10	conservative	conservative	ADJ
ajfa-9288	83	11	over	over	ADP
ajfa-9288	83	12	debt	debt	NOUN
ajfa-9288	83	13	financing	financing	NOUN
ajfa-9288	83	14	.	.	PUNCT
ajfa-9288	84	1	malmendier	malmendier	NOUN
ajfa-9288	84	2	,	,	PUNCT
ajfa-9288	84	3	tate	tate	PROPN
ajfa-9288	84	4	,	,	PUNCT
ajfa-9288	84	5	and	and	CCONJ
ajfa-9288	84	6	yan	yan	PROPN
ajfa-9288	84	7	(	(	PUNCT
ajfa-9288	84	8	2011	2011	NUM
ajfa-9288	84	9	)	)	PUNCT
ajfa-9288	84	10	find	find	VERB
ajfa-9288	84	11	that	that	SCONJ
ajfa-9288	84	12	managers	manager	NOUN
ajfa-9288	84	13	mostly	mostly	ADV
ajfa-9288	84	14	employ	employ	VERB
ajfa-9288	84	15	risk	risk	NOUN
ajfa-9288	84	16	-	-	PUNCT
ajfa-9288	84	17	free	free	ADJ
ajfa-9288	84	18	debt	debt	NOUN
ajfa-9288	84	19	or	or	CCONJ
ajfa-9288	84	20	long	long	ADJ
ajfa-9288	84	21	-	-	PUNCT
ajfa-9288	84	22	term	term	NOUN
ajfa-9288	84	23	debt	debt	NOUN
ajfa-9288	84	24	for	for	ADP
ajfa-9288	84	25	financing	financing	NOUN
ajfa-9288	84	26	.	.	PUNCT
ajfa-9288	85	1	as	as	ADP
ajfa-9288	85	2	a	a	DET
ajfa-9288	85	3	result	result	NOUN
ajfa-9288	85	4	,	,	PUNCT
ajfa-9288	85	5	the	the	DET
ajfa-9288	85	6	debt	debt	NOUN
ajfa-9288	85	7	in	in	ADP
ajfa-9288	85	8	the	the	DET
ajfa-9288	85	9	decision	decision	NOUN
ajfa-9288	85	10	-	-	PUNCT
ajfa-9288	85	11	making	making	NOUN
ajfa-9288	85	12	of	of	ADP
ajfa-9288	85	13	the	the	DET
ajfa-9288	85	14	financing	financing	NOUN
ajfa-9288	85	15	referred	refer	VERB
ajfa-9288	85	16	to	to	ADP
ajfa-9288	85	17	in	in	ADP
ajfa-9288	85	18	this	this	DET
ajfa-9288	85	19	study	study	NOUN
ajfa-9288	85	20	means	mean	VERB
ajfa-9288	85	21	long	long	ADJ
ajfa-9288	85	22	-	-	PUNCT
ajfa-9288	85	23	term	term	NOUN
ajfa-9288	85	24	debt	debt	NOUN
ajfa-9288	85	25	.	.	PUNCT
ajfa-9288	86	1	equity	equity	NOUN
ajfa-9288	86	2	agency	agency	PROPN
ajfa-9288	86	3	cost	cost	NOUN
ajfa-9288	86	4	affects	affect	VERB
ajfa-9288	86	5	firms	firm	NOUN
ajfa-9288	86	6	whether	whether	SCONJ
ajfa-9288	86	7	to	to	PART
ajfa-9288	86	8	employ	employ	VERB
ajfa-9288	86	9	the	the	DET
ajfa-9288	86	10	financing	financing	NOUN
ajfa-9288	86	11	method	method	NOUN
ajfa-9288	86	12	of	of	ADP
ajfa-9288	86	13	seasoned	seasoned	ADJ
ajfa-9288	86	14	equity	equity	NOUN
ajfa-9288	86	15	offerings	offering	NOUN
ajfa-9288	86	16	,	,	PUNCT
ajfa-9288	86	17	and	and	CCONJ
ajfa-9288	86	18	debt	debt	NOUN
ajfa-9288	86	19	agency	agency	NOUN
ajfa-9288	86	20	cost	cost	NOUN
ajfa-9288	86	21	affects	affect	VERB
ajfa-9288	86	22	whether	whether	SCONJ
ajfa-9288	86	23	to	to	PART
ajfa-9288	86	24	finance	finance	VERB
ajfa-9288	86	25	through	through	ADP
ajfa-9288	86	26	debt	debt	NOUN
ajfa-9288	86	27	from	from	ADP
ajfa-9288	86	28	banks	bank	NOUN
ajfa-9288	86	29	or	or	CCONJ
ajfa-9288	86	30	issuance	issuance	NOUN
ajfa-9288	86	31	of	of	ADP
ajfa-9288	86	32	bonds	bond	NOUN
ajfa-9288	86	33	.	.	PUNCT
ajfa-9288	87	1	therefore	therefore	ADV
ajfa-9288	87	2	,	,	PUNCT
ajfa-9288	87	3	when	when	SCONJ
ajfa-9288	87	4	discussing	discuss	VERB
ajfa-9288	87	5	the	the	DET
ajfa-9288	87	6	agency	agency	NOUN
ajfa-9288	87	7	cost	cost	NOUN
ajfa-9288	87	8	,	,	PUNCT
ajfa-9288	87	9	both	both	DET
ajfa-9288	87	10	equity	equity	NOUN
ajfa-9288	87	11	agency	agency	NOUN
ajfa-9288	87	12	cost	cost	NOUN
ajfa-9288	87	13	and	and	CCONJ
ajfa-9288	87	14	the	the	DET
ajfa-9288	87	15	debt	debt	NOUN
ajfa-9288	87	16	agency	agency	NOUN
ajfa-9288	87	17	cost	cost	NOUN
ajfa-9288	87	18	should	should	AUX
ajfa-9288	87	19	be	be	AUX
ajfa-9288	87	20	analyzed	analyze	VERB
ajfa-9288	87	21	,	,	PUNCT
ajfa-9288	87	22	so	so	SCONJ
ajfa-9288	87	23	as	as	SCONJ
ajfa-9288	87	24	to	to	PART
ajfa-9288	87	25	have	have	VERB
ajfa-9288	87	26	an	an	DET
ajfa-9288	87	27	overall	overall	ADJ
ajfa-9288	87	28	view	view	NOUN
ajfa-9288	87	29	over	over	ADP
ajfa-9288	87	30	the	the	DET
ajfa-9288	87	31	agency	agency	NOUN
ajfa-9288	87	32	problems	problem	NOUN
ajfa-9288	87	33	and	and	CCONJ
ajfa-9288	87	34	issues	issue	NOUN
ajfa-9288	87	35	.	.	PUNCT
ajfa-9288	88	1	for	for	ADP
ajfa-9288	88	2	this	this	DET
ajfa-9288	88	3	reason	reason	NOUN
ajfa-9288	88	4	,	,	PUNCT
ajfa-9288	88	5	when	when	SCONJ
ajfa-9288	88	6	discussing	discuss	VERB
ajfa-9288	88	7	the	the	DET
ajfa-9288	88	8	impact	impact	NOUN
ajfa-9288	88	9	of	of	ADP
ajfa-9288	88	10	agency	agency	NOUN
ajfa-9288	88	11	cost	cost	NOUN
ajfa-9288	88	12	on	on	ADP
ajfa-9288	88	13	debt	debt	NOUN
ajfa-9288	88	14	or	or	CCONJ
ajfa-9288	88	15	equity	equity	NOUN
ajfa-9288	88	16	financing	financing	NOUN
ajfa-9288	88	17	decision	decision	NOUN
ajfa-9288	88	18	-	-	PUNCT
ajfa-9288	88	19	making	making	NOUN
ajfa-9288	88	20	,	,	PUNCT
ajfa-9288	88	21	this	this	DET
ajfa-9288	88	22	study	study	NOUN
ajfa-9288	88	23	analyzes	analyze	VERB
ajfa-9288	88	24	the	the	DET
ajfa-9288	88	25	equity	equity	NOUN
ajfa-9288	88	26	agency	agency	NOUN
ajfa-9288	88	27	cost	cost	NOUN
ajfa-9288	88	28	and	and	CCONJ
ajfa-9288	88	29	the	the	DET
ajfa-9288	88	30	debt	debt	NOUN
ajfa-9288	88	31	agency	agency	NOUN
ajfa-9288	88	32	cost	cost	VERB
ajfa-9288	88	33	simultaneously	simultaneously	ADV
ajfa-9288	88	34	.	.	PUNCT
ajfa-9288	89	1	from	from	ADP
ajfa-9288	89	2	the	the	DET
ajfa-9288	89	3	views	view	NOUN
ajfa-9288	89	4	of	of	ADP
ajfa-9288	89	5	insufficient	insufficient	ADJ
ajfa-9288	89	6	investment	investment	NOUN
ajfa-9288	89	7	,	,	PUNCT
ajfa-9288	89	8	myers	myers	PROPN
ajfa-9288	89	9	(	(	PUNCT
ajfa-9288	89	10	1977	1977	NUM
ajfa-9288	89	11	)	)	PUNCT
ajfa-9288	89	12	argues	argue	VERB
ajfa-9288	89	13	that	that	SCONJ
ajfa-9288	89	14	in	in	ADP
ajfa-9288	89	15	order	order	NOUN
ajfa-9288	89	16	to	to	PART
ajfa-9288	89	17	avoid	avoid	VERB
ajfa-9288	89	18	sole	sole	ADJ
ajfa-9288	89	19	enjoyment	enjoyment	NOUN
ajfa-9288	89	20	of	of	ADP
ajfa-9288	89	21	investment	investment	NOUN
ajfa-9288	89	22	’s	’s	PART
ajfa-9288	89	23	returns	return	NOUN
ajfa-9288	89	24	by	by	ADP
ajfa-9288	89	25	creditors	creditor	NOUN
ajfa-9288	89	26	,	,	PUNCT
ajfa-9288	89	27	the	the	DET
ajfa-9288	89	28	shareholders	shareholder	NOUN
ajfa-9288	89	29	of	of	ADP
ajfa-9288	89	30	debt	debt	NOUN
ajfa-9288	89	31	firms	firm	NOUN
ajfa-9288	89	32	tend	tend	VERB
ajfa-9288	89	33	to	to	PART
ajfa-9288	89	34	select	select	VERB
ajfa-9288	89	35	sub	sub	ADJ
ajfa-9288	89	36	-	-	ADJ
ajfa-9288	89	37	optimal	optimal	ADJ
ajfa-9288	89	38	investment	investment	NOUN
ajfa-9288	89	39	plans	plan	NOUN
ajfa-9288	89	40	that	that	PRON
ajfa-9288	89	41	results	result	VERB
ajfa-9288	89	42	in	in	ADP
ajfa-9288	89	43	insufficient	insufficient	ADJ
ajfa-9288	89	44	issues	issue	NOUN
ajfa-9288	89	45	or	or	CCONJ
ajfa-9288	89	46	under	under	NOUN
ajfa-9288	89	47	-	-	PUNCT
ajfa-9288	89	48	investment	investment	NOUN
ajfa-9288	89	49	,	,	PUNCT
ajfa-9288	89	50	while	while	SCONJ
ajfa-9288	89	51	the	the	DET
ajfa-9288	89	52	creditors	creditor	NOUN
ajfa-9288	89	53	would	would	AUX
ajfa-9288	89	54	require	require	VERB
ajfa-9288	89	55	relatively	relatively	ADV
ajfa-9288	89	56	lower	low	ADJ
ajfa-9288	89	57	bond	bond	NOUN
ajfa-9288	89	58	price	price	NOUN
ajfa-9288	89	59	when	when	SCONJ
ajfa-9288	89	60	undertaking	undertake	VERB
ajfa-9288	89	61	bonds	bond	NOUN
ajfa-9288	89	62	in	in	ADP
ajfa-9288	89	63	order	order	NOUN
ajfa-9288	89	64	to	to	PART
ajfa-9288	89	65	protect	protect	VERB
ajfa-9288	89	66	their	their	PRON
ajfa-9288	89	67	own	own	ADJ
ajfa-9288	89	68	interest	interest	NOUN
ajfa-9288	89	69	,	,	PUNCT
ajfa-9288	89	70	which	which	PRON
ajfa-9288	89	71	makes	make	VERB
ajfa-9288	89	72	firms	firm	NOUN
ajfa-9288	89	73	confront	confront	VERB
ajfa-9288	89	74	the	the	DET
ajfa-9288	89	75	debt	debt	NOUN
ajfa-9288	89	76	agency	agency	NOUN
ajfa-9288	89	77	cost	cost	NOUN
ajfa-9288	89	78	of	of	ADP
ajfa-9288	89	79	underestimated	underestimated	ADJ
ajfa-9288	89	80	bond	bond	NOUN
ajfa-9288	89	81	price	price	NOUN
ajfa-9288	89	82	.	.	PUNCT
ajfa-9288	90	1	since	since	SCONJ
ajfa-9288	90	2	firms	firm	NOUN
ajfa-9288	90	3	bear	bear	VERB
ajfa-9288	90	4	these	these	DET
ajfa-9288	90	5	debt	debt	NOUN
ajfa-9288	90	6	agency	agency	NOUN
ajfa-9288	90	7	cost	cost	NOUN
ajfa-9288	90	8	,	,	PUNCT
ajfa-9288	90	9	the	the	DET
ajfa-9288	90	10	capital	capital	NOUN
ajfa-9288	90	11	cost	cost	NOUN
ajfa-9288	90	12	of	of	ADP
ajfa-9288	90	13	debt	debt	NOUN
ajfa-9288	90	14	increases	increase	NOUN
ajfa-9288	90	15	and	and	CCONJ
ajfa-9288	90	16	decreases	decrease	VERB
ajfa-9288	90	17	the	the	DET
ajfa-9288	90	18	willingness	willingness	NOUN
ajfa-9288	90	19	of	of	ADP
ajfa-9288	90	20	debt	debt	NOUN
ajfa-9288	90	21	,	,	PUNCT
ajfa-9288	90	22	for	for	ADP
ajfa-9288	90	23	this	this	DET
ajfa-9288	90	24	reason	reason	NOUN
ajfa-9288	90	25	,	,	PUNCT
ajfa-9288	90	26	we	we	PRON
ajfa-9288	90	27	expected	expect	VERB
ajfa-9288	90	28	that	that	SCONJ
ajfa-9288	90	29	there	there	PRON
ajfa-9288	90	30	is	be	VERB
ajfa-9288	90	31	a	a	DET
ajfa-9288	90	32	negatively	negatively	ADV
ajfa-9288	90	33	association	association	NOUN
ajfa-9288	90	34	between	between	ADP
ajfa-9288	90	35	debt	debt	NOUN
ajfa-9288	90	36	agency	agency	NOUN
ajfa-9288	90	37	cost	cost	NOUN
ajfa-9288	90	38	and	and	CCONJ
ajfa-9288	90	39	debt	debt	NOUN
ajfa-9288	90	40	ratio	ratio	NOUN
ajfa-9288	90	41	.	.	PUNCT
ajfa-9288	91	1	myers	myers	PROPN
ajfa-9288	91	2	(	(	PUNCT
ajfa-9288	91	3	1984	1984	NUM
ajfa-9288	91	4	)	)	PUNCT
ajfa-9288	91	5	and	and	CCONJ
ajfa-9288	91	6	myers	myers	PROPN
ajfa-9288	91	7	and	and	CCONJ
ajfa-9288	91	8	majluf	majluf	PROPN
ajfa-9288	91	9	(	(	PUNCT
ajfa-9288	91	10	1984	1984	NUM
ajfa-9288	91	11	)	)	PUNCT
ajfa-9288	91	12	propose	propose	VERB
ajfa-9288	91	13	that	that	SCONJ
ajfa-9288	91	14	the	the	DET
ajfa-9288	91	15	information	information	NOUN
ajfa-9288	91	16	asymmetry	asymmetry	NOUN
ajfa-9288	91	17	between	between	ADP
ajfa-9288	91	18	the	the	DET
ajfa-9288	91	19	managers	manager	NOUN
ajfa-9288	91	20	and	and	CCONJ
ajfa-9288	91	21	the	the	DET
ajfa-9288	91	22	investors	investor	NOUN
ajfa-9288	91	23	may	may	AUX
ajfa-9288	91	24	impact	impact	VERB
ajfa-9288	91	25	the	the	DET
ajfa-9288	91	26	financing	financing	NOUN
ajfa-9288	91	27	acts	act	NOUN
ajfa-9288	91	28	of	of	ADP
ajfa-9288	91	29	firms	firm	NOUN
ajfa-9288	91	30	.	.	PUNCT
ajfa-9288	92	1	the	the	DET
ajfa-9288	92	2	investors	investor	NOUN
ajfa-9288	92	3	render	render	VERB
ajfa-9288	92	4	lower	low	ADJ
ajfa-9288	92	5	share	share	NOUN
ajfa-9288	92	6	price	price	NOUN
ajfa-9288	92	7	in	in	ADP
ajfa-9288	92	8	case	case	NOUN
ajfa-9288	92	9	of	of	ADP
ajfa-9288	92	10	equity	equity	NOUN
ajfa-9288	92	11	financing	financing	NOUN
ajfa-9288	92	12	by	by	ADP
ajfa-9288	92	13	firms	firm	NOUN
ajfa-9288	92	14	,	,	PUNCT
ajfa-9288	92	15	or	or	CCONJ
ajfa-9288	92	16	request	request	VERB
ajfa-9288	92	17	higher	high	ADJ
ajfa-9288	92	18	return	return	NOUN
ajfa-9288	92	19	,	,	PUNCT
ajfa-9288	92	20	which	which	PRON
ajfa-9288	92	21	leads	lead	VERB
ajfa-9288	92	22	to	to	ADP
ajfa-9288	92	23	adverse	adverse	ADJ
ajfa-9288	92	24	selection	selection	NOUN
ajfa-9288	92	25	and	and	CCONJ
ajfa-9288	92	26	causes	cause	VERB
ajfa-9288	92	27	obstruction	obstruction	NOUN
ajfa-9288	92	28	in	in	ADP
ajfa-9288	92	29	financing	financing	NOUN
ajfa-9288	92	30	.	.	PUNCT
ajfa-9288	93	1	jensen	jensen	PROPN
ajfa-9288	93	2	(	(	PUNCT
ajfa-9288	93	3	1986	1986	NUM
ajfa-9288	93	4	)	)	PUNCT
ajfa-9288	93	5	proposes	propose	VERB
ajfa-9288	93	6	that	that	SCONJ
ajfa-9288	93	7	the	the	DET
ajfa-9288	93	8	debt	debt	NOUN
ajfa-9288	93	9	of	of	ADP
ajfa-9288	93	10	firms	firm	NOUN
ajfa-9288	93	11	could	could	AUX
ajfa-9288	93	12	refrain	refrain	VERB
ajfa-9288	93	13	from	from	ADP
ajfa-9288	93	14	the	the	DET
ajfa-9288	93	15	over	over	ADP
ajfa-9288	93	16	-	-	PUNCT
ajfa-9288	93	17	investment	investment	NOUN
ajfa-9288	93	18	acts	act	NOUN
ajfa-9288	93	19	of	of	ADP
ajfa-9288	93	20	managers	manager	NOUN
ajfa-9288	93	21	,	,	PUNCT
ajfa-9288	93	22	and	and	CCONJ
ajfa-9288	93	23	in	in	ADP
ajfa-9288	93	24	case	case	NOUN
ajfa-9288	93	25	of	of	ADP
ajfa-9288	93	26	external	external	ADJ
ajfa-9288	93	27	financing	financing	NOUN
ajfa-9288	93	28	,	,	PUNCT
ajfa-9288	93	29	the	the	DET
ajfa-9288	93	30	creditors	creditor	NOUN
ajfa-9288	93	31	are	be	AUX
ajfa-9288	93	32	also	also	ADV
ajfa-9288	93	33	liable	liable	ADJ
ajfa-9288	93	34	for	for	ADP
ajfa-9288	93	35	supervision	supervision	NOUN
ajfa-9288	93	36	on	on	ADP
ajfa-9288	93	37	firms	firm	NOUN
ajfa-9288	93	38	,	,	PUNCT
ajfa-9288	93	39	which	which	PRON
ajfa-9288	93	40	increases	increase	VERB
ajfa-9288	93	41	the	the	DET
ajfa-9288	93	42	corporate	corporate	ADJ
ajfa-9288	93	43	value	value	NOUN
ajfa-9288	93	44	.	.	PUNCT
ajfa-9288	94	1	cronqvist	cronqvist	PROPN
ajfa-9288	94	2	and	and	CCONJ
ajfa-9288	94	3	nilsson	nilsson	PROPN
ajfa-9288	94	4	(	(	PUNCT
ajfa-9288	94	5	2005	2005	NUM
ajfa-9288	94	6	)	)	PUNCT
ajfa-9288	94	7	indicate	indicate	VERB
ajfa-9288	94	8	that	that	SCONJ
ajfa-9288	94	9	firms	firm	NOUN
ajfa-9288	94	10	whose	whose	DET
ajfa-9288	94	11	information	information	NOUN
ajfa-9288	94	12	is	be	AUX
ajfa-9288	94	13	not	not	PART
ajfa-9288	94	14	transparent	transparent	ADJ
ajfa-9288	94	15	tend	tend	VERB
ajfa-9288	94	16	to	to	PART
ajfa-9288	94	17	finance	finance	VERB
ajfa-9288	94	18	through	through	ADP
ajfa-9288	94	19	private	private	ADJ
ajfa-9288	94	20	equity	equity	NOUN
ajfa-9288	94	21	due	due	ADP
ajfa-9288	94	22	to	to	ADP
ajfa-9288	94	23	consideration	consideration	NOUN
ajfa-9288	94	24	in	in	ADP
ajfa-9288	94	25	cost	cost	NOUN
ajfa-9288	94	26	factors	factor	NOUN
ajfa-9288	94	27	and	and	CCONJ
ajfa-9288	94	28	rights	right	NOUN
ajfa-9288	94	29	of	of	ADP
ajfa-9288	94	30	control	control	NOUN
ajfa-9288	94	31	.	.	PUNCT
ajfa-9288	95	1	when	when	SCONJ
ajfa-9288	95	2	the	the	DET
ajfa-9288	95	3	information	information	NOUN
ajfa-9288	95	4	asymmetry	asymmetry	NOUN
ajfa-9288	95	5	between	between	ADP
ajfa-9288	95	6	firms	firm	NOUN
ajfa-9288	95	7	and	and	CCONJ
ajfa-9288	95	8	investors	investor	NOUN
ajfa-9288	95	9	is	be	AUX
ajfa-9288	95	10	high	high	ADJ
ajfa-9288	95	11	,	,	PUNCT
ajfa-9288	95	12	firms	firm	NOUN
ajfa-9288	95	13	chooses	choose	VERB
ajfa-9288	95	14	the	the	DET
ajfa-9288	95	15	private	private	ADJ
ajfa-9288	95	16	equity	equity	NOUN
ajfa-9288	95	17	for	for	ADP
ajfa-9288	95	18	financing	financing	NOUN
ajfa-9288	95	19	.	.	PUNCT
ajfa-9288	96	1	lee	lee	PROPN
ajfa-9288	96	2	and	and	CCONJ
ajfa-9288	96	3	kocher	kocher	PROPN
ajfa-9288	96	4	(	(	PUNCT
ajfa-9288	96	5	2001	2001	NUM
ajfa-9288	96	6	)	)	PUNCT
ajfa-9288	96	7	argue	argue	VERB
ajfa-9288	96	8	that	that	SCONJ
ajfa-9288	96	9	the	the	DET
ajfa-9288	96	10	firms	firm	NOUN
ajfa-9288	96	11	engaging	engage	VERB
ajfa-9288	96	12	in	in	ADP
ajfa-9288	96	13	private	private	ADJ
ajfa-9288	96	14	equity	equity	NOUN
ajfa-9288	96	15	are	be	AUX
ajfa-9288	96	16	mostly	mostly	ADV
ajfa-9288	96	17	small	small	ADJ
ajfa-9288	96	18	in	in	ADP
ajfa-9288	96	19	scale	scale	NOUN
ajfa-9288	96	20	,	,	PUNCT
ajfa-9288	96	21	high	high	ADJ
ajfa-9288	96	22	in	in	ADP
ajfa-9288	96	23	growth	growth	NOUN
ajfa-9288	96	24	,	,	PUNCT
ajfa-9288	96	25	difficult	difficult	ADJ
ajfa-9288	96	26	in	in	ADP
ajfa-9288	96	27	finance	finance	NOUN
ajfa-9288	96	28	,	,	PUNCT
ajfa-9288	96	29	and	and	CCONJ
ajfa-9288	96	30	lacking	lack	VERB
ajfa-9288	96	31	external	external	ADJ
ajfa-9288	96	32	capital	capital	NOUN
ajfa-9288	96	33	.	.	PUNCT
ajfa-9288	97	1	moreover	moreover	ADV
ajfa-9288	97	2	,	,	PUNCT
ajfa-9288	97	3	the	the	DET
ajfa-9288	97	4	financing	financing	NOUN
ajfa-9288	97	5	motivation	motivation	NOUN
ajfa-9288	97	6	and	and	CCONJ
ajfa-9288	97	7	features	feature	NOUN
ajfa-9288	97	8	of	of	ADP
ajfa-9288	97	9	both	both	CCONJ
ajfa-9288	97	10	private	private	ADJ
ajfa-9288	97	11	equity	equity	NOUN
ajfa-9288	97	12	firms	firm	NOUN
ajfa-9288	97	13	and	and	CCONJ
ajfa-9288	97	14	public	public	ADJ
ajfa-9288	97	15	offering	offering	NOUN
ajfa-9288	97	16	firms	firm	NOUN
ajfa-9288	97	17	are	be	AUX
ajfa-9288	97	18	not	not	PART
ajfa-9288	97	19	easily	easily	ADV
ajfa-9288	97	20	vulnerable	vulnerable	ADJ
ajfa-9288	97	21	to	to	ADP
ajfa-9288	97	22	the	the	DET
ajfa-9288	97	23	mispricing	mispricing	NOUN
ajfa-9288	97	24	of	of	ADP
ajfa-9288	97	25	market	market	NOUN
ajfa-9288	97	26	.	.	PUNCT
ajfa-9288	98	1	it	it	PRON
ajfa-9288	98	2	can	can	AUX
ajfa-9288	98	3	be	be	AUX
ajfa-9288	98	4	seen	see	VERB
ajfa-9288	98	5	that	that	SCONJ
ajfa-9288	98	6	financing	financing	NOUN
ajfa-9288	98	7	motivation	motivation	NOUN
ajfa-9288	98	8	and	and	CCONJ
ajfa-9288	98	9	features	feature	NOUN
ajfa-9288	98	10	of	of	ADP
ajfa-9288	98	11	private	private	ADJ
ajfa-9288	98	12	equity	equity	NOUN
ajfa-9288	98	13	firms	firm	NOUN
ajfa-9288	98	14	and	and	CCONJ
ajfa-9288	98	15	public	public	ADJ
ajfa-9288	98	16	offering	offering	NOUN
ajfa-9288	98	17	firms	firm	NOUN
ajfa-9288	98	18	have	have	VERB
ajfa-9288	98	19	significant	significant	ADJ
ajfa-9288	98	20	disparity	disparity	NOUN
ajfa-9288	98	21	.	.	PUNCT
ajfa-9288	99	1	financing	financing	NOUN
ajfa-9288	99	2	by	by	ADP
ajfa-9288	99	3	private	private	ADJ
ajfa-9288	99	4	equity	equity	NOUN
ajfa-9288	99	5	is	be	AUX
ajfa-9288	99	6	the	the	DET
ajfa-9288	99	7	act	act	NOUN
ajfa-9288	99	8	of	of	ADP
ajfa-9288	99	9	private	private	ADJ
ajfa-9288	99	10	equity	equity	NOUN
ajfa-9288	99	11	firms	firm	NOUN
ajfa-9288	99	12	who	who	PRON
ajfa-9288	99	13	have	have	VERB
ajfa-9288	99	14	strong	strong	ADJ
ajfa-9288	99	15	demand	demand	NOUN
ajfa-9288	99	16	over	over	ADP
ajfa-9288	99	17	external	external	ADJ
ajfa-9288	99	18	capital	capital	NOUN
ajfa-9288	99	19	.	.	PUNCT
ajfa-9288	100	1	this	this	DET
ajfa-9288	100	2	study	study	NOUN
ajfa-9288	100	3	deduces	deduce	VERB
ajfa-9288	100	4	that	that	SCONJ
ajfa-9288	100	5	the	the	PRON
ajfa-9288	100	6	higher	high	ADJ
ajfa-9288	100	7	the	the	DET
ajfa-9288	100	8	agency	agency	NOUN
ajfa-9288	100	9	cost	cost	NOUN
ajfa-9288	100	10	of	of	ADP
ajfa-9288	100	11	corporate	corporate	ADJ
ajfa-9288	100	12	equity	equity	NOUN
ajfa-9288	100	13	and	and	CCONJ
ajfa-9288	100	14	debt	debt	NOUN
ajfa-9288	100	15	is	be	AUX
ajfa-9288	100	16	,	,	PUNCT
ajfa-9288	100	17	the	the	PRON
ajfa-9288	100	18	more	more	ADV
ajfa-9288	100	19	likely	likely	ADJ
ajfa-9288	100	20	the	the	DET
ajfa-9288	100	21	firms	firm	NOUN
ajfa-9288	100	22	tend	tend	VERB
ajfa-9288	100	23	to	to	PART
ajfa-9288	100	24	select	select	VERB
ajfa-9288	100	25	private	private	ADJ
ajfa-9288	100	26	equity	equity	NOUN
ajfa-9288	100	27	for	for	ADP
ajfa-9288	100	28	financing	financing	NOUN
ajfa-9288	100	29	.	.	PUNCT
ajfa-9288	101	1	based	base	VERB
ajfa-9288	101	2	on	on	ADP
ajfa-9288	101	3	the	the	DET
ajfa-9288	101	4	above	above	NOUN
ajfa-9288	101	5	,	,	PUNCT
ajfa-9288	101	6	this	this	DET
ajfa-9288	101	7	study	study	NOUN
ajfa-9288	101	8	proposes	propose	VERB
ajfa-9288	101	9	the	the	DET
ajfa-9288	101	10	following	follow	VERB
ajfa-9288	101	11	hypotheses	hypothesis	NOUN
ajfa-9288	101	12	:	:	PUNCT
ajfa-9288	101	13	h1a	h1a	NOUN
ajfa-9288	101	14	:	:	PUNCT
ajfa-9288	101	15	when	when	SCONJ
ajfa-9288	101	16	the	the	DET
ajfa-9288	101	17	debt	debt	NOUN
ajfa-9288	101	18	agency	agency	NOUN
ajfa-9288	101	19	cost	cost	NOUN
ajfa-9288	101	20	is	be	AUX
ajfa-9288	101	21	high	high	ADJ
ajfa-9288	101	22	,	,	PUNCT
ajfa-9288	101	23	the	the	DET
ajfa-9288	101	24	firms	firm	NOUN
ajfa-9288	101	25	are	be	AUX
ajfa-9288	101	26	more	more	ADV
ajfa-9288	101	27	likely	likely	ADJ
ajfa-9288	101	28	to	to	PART
ajfa-9288	101	29	select	select	VERB
ajfa-9288	101	30	financing	financing	NOUN
ajfa-9288	101	31	by	by	ADP
ajfa-9288	101	32	seasoned	seasoned	ADJ
ajfa-9288	101	33	equity	equity	NOUN
ajfa-9288	101	34	offerings	offering	NOUN
ajfa-9288	101	35	.	.	PUNCT
ajfa-9288	102	1	h1b	h1b	PROPN
ajfa-9288	102	2	:	:	PUNCT
ajfa-9288	102	3	when	when	SCONJ
ajfa-9288	102	4	the	the	DET
ajfa-9288	102	5	equity	equity	NOUN
ajfa-9288	102	6	agency	agency	NOUN
ajfa-9288	102	7	cost	cost	NOUN
ajfa-9288	102	8	is	be	AUX
ajfa-9288	102	9	high	high	ADJ
ajfa-9288	102	10	,	,	PUNCT
ajfa-9288	102	11	the	the	DET
ajfa-9288	102	12	firms	firm	NOUN
ajfa-9288	102	13	are	be	AUX
ajfa-9288	102	14	more	more	ADV
ajfa-9288	102	15	likely	likely	ADJ
ajfa-9288	102	16	to	to	PART
ajfa-9288	102	17	select	select	VERB
ajfa-9288	102	18	debt	debt	NOUN
ajfa-9288	102	19	financing	financing	NOUN
ajfa-9288	102	20	.	.	PUNCT
ajfa-9288	103	1	asian	asian	ADJ
ajfa-9288	103	2	journal	journal	PROPN
ajfa-9288	103	3	of	of	ADP
ajfa-9288	103	4	finance	finance	PROPN
ajfa-9288	103	5	&	&	CCONJ
ajfa-9288	103	6	accounting	accounting	PROPN
ajfa-9288	103	7	issn	issn	PROPN
ajfa-9288	103	8	1946	1946	NUM
ajfa-9288	103	9	-	-	PUNCT
ajfa-9288	103	10	052x	052x	PROPN
ajfa-9288	103	11	2016	2016	NUM
ajfa-9288	103	12	,	,	PUNCT
ajfa-9288	103	13	vol	vol	NOUN
ajfa-9288	103	14	.	.	PROPN
ajfa-9288	103	15	8	8	NUM
ajfa-9288	103	16	,	,	PUNCT
ajfa-9288	103	17	no	no	INTJ
ajfa-9288	103	18	.	.	NOUN
ajfa-9288	103	19	1	1	NUM
ajfa-9288	103	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	103	21	132	132	NUM
ajfa-9288	103	22	h1c	h1c	VERB
ajfa-9288	103	23	:	:	PUNCT
ajfa-9288	103	24	when	when	SCONJ
ajfa-9288	103	25	the	the	DET
ajfa-9288	103	26	agency	agency	NOUN
ajfa-9288	103	27	cost	cost	NOUN
ajfa-9288	103	28	is	be	AUX
ajfa-9288	103	29	high	high	ADJ
ajfa-9288	103	30	,	,	PUNCT
ajfa-9288	103	31	the	the	DET
ajfa-9288	103	32	firms	firm	NOUN
ajfa-9288	103	33	are	be	AUX
ajfa-9288	103	34	more	more	ADV
ajfa-9288	103	35	likely	likely	ADJ
ajfa-9288	103	36	to	to	PART
ajfa-9288	103	37	select	select	VERB
ajfa-9288	103	38	private	private	ADJ
ajfa-9288	103	39	equity	equity	NOUN
ajfa-9288	103	40	for	for	ADP
ajfa-9288	103	41	financing	financing	NOUN
ajfa-9288	103	42	.	.	PUNCT
ajfa-9288	104	1	jensen	jensen	PROPN
ajfa-9288	104	2	and	and	CCONJ
ajfa-9288	104	3	mecking	mecke	VERB
ajfa-9288	104	4	(	(	PUNCT
ajfa-9288	104	5	1976	1976	NUM
ajfa-9288	104	6	)	)	PUNCT
ajfa-9288	104	7	point	point	VERB
ajfa-9288	104	8	out	out	ADP
ajfa-9288	104	9	that	that	SCONJ
ajfa-9288	104	10	when	when	SCONJ
ajfa-9288	104	11	the	the	DET
ajfa-9288	104	12	shareholdings	shareholding	NOUN
ajfa-9288	104	13	of	of	ADP
ajfa-9288	104	14	managers	manager	NOUN
ajfa-9288	104	15	increase	increase	NOUN
ajfa-9288	104	16	,	,	PUNCT
ajfa-9288	104	17	the	the	DET
ajfa-9288	104	18	interests	interest	NOUN
ajfa-9288	104	19	of	of	ADP
ajfa-9288	104	20	managers	manager	NOUN
ajfa-9288	104	21	and	and	CCONJ
ajfa-9288	104	22	shareholders	shareholder	NOUN
ajfa-9288	104	23	are	be	AUX
ajfa-9288	104	24	more	more	ADV
ajfa-9288	104	25	likely	likely	ADJ
ajfa-9288	104	26	to	to	PART
ajfa-9288	104	27	be	be	AUX
ajfa-9288	104	28	consistent	consistent	ADJ
ajfa-9288	104	29	,	,	PUNCT
ajfa-9288	104	30	the	the	DET
ajfa-9288	104	31	motivation	motivation	NOUN
ajfa-9288	104	32	for	for	ADP
ajfa-9288	104	33	prerogative	prerogative	ADJ
ajfa-9288	104	34	consumption	consumption	NOUN
ajfa-9288	104	35	is	be	AUX
ajfa-9288	104	36	slim	slim	ADJ
ajfa-9288	104	37	.	.	PUNCT
ajfa-9288	105	1	thus	thus	ADV
ajfa-9288	105	2	,	,	PUNCT
ajfa-9288	105	3	when	when	SCONJ
ajfa-9288	105	4	the	the	DET
ajfa-9288	105	5	shareholdings	shareholding	NOUN
ajfa-9288	105	6	of	of	ADP
ajfa-9288	105	7	managers	manager	NOUN
ajfa-9288	105	8	are	be	AUX
ajfa-9288	105	9	high	high	ADJ
ajfa-9288	105	10	,	,	PUNCT
ajfa-9288	105	11	the	the	DET
ajfa-9288	105	12	corporate	corporate	ADJ
ajfa-9288	105	13	performance	performance	NOUN
ajfa-9288	105	14	is	be	AUX
ajfa-9288	105	15	better	well	ADJ
ajfa-9288	105	16	.	.	PUNCT
ajfa-9288	106	1	rosenstein	rosenstein	PROPN
ajfa-9288	106	2	and	and	CCONJ
ajfa-9288	106	3	wyatt	wyatt	PROPN
ajfa-9288	106	4	(	(	PUNCT
ajfa-9288	106	5	1997	1997	NUM
ajfa-9288	106	6	)	)	PUNCT
ajfa-9288	106	7	suggest	suggest	VERB
ajfa-9288	106	8	that	that	SCONJ
ajfa-9288	106	9	when	when	SCONJ
ajfa-9288	106	10	the	the	DET
ajfa-9288	106	11	insiders	insider	NOUN
ajfa-9288	106	12	have	have	VERB
ajfa-9288	106	13	professional	professional	ADJ
ajfa-9288	106	14	knowledge	knowledge	NOUN
ajfa-9288	106	15	of	of	ADP
ajfa-9288	106	16	corporate	corporate	ADJ
ajfa-9288	106	17	operation	operation	NOUN
ajfa-9288	106	18	,	,	PUNCT
ajfa-9288	106	19	they	they	PRON
ajfa-9288	106	20	are	be	AUX
ajfa-9288	106	21	more	more	ADV
ajfa-9288	106	22	likely	likely	ADJ
ajfa-9288	106	23	to	to	PART
ajfa-9288	106	24	formulate	formulate	VERB
ajfa-9288	106	25	decisions	decision	NOUN
ajfa-9288	106	26	than	than	ADP
ajfa-9288	106	27	the	the	DET
ajfa-9288	106	28	externals	external	NOUN
ajfa-9288	106	29	in	in	ADP
ajfa-9288	106	30	a	a	DET
ajfa-9288	106	31	more	more	ADV
ajfa-9288	106	32	effective	effective	ADJ
ajfa-9288	106	33	manner	manner	NOUN
ajfa-9288	106	34	.	.	PUNCT
ajfa-9288	107	1	however	however	ADV
ajfa-9288	107	2	,	,	PUNCT
ajfa-9288	107	3	the	the	DET
ajfa-9288	107	4	increase	increase	NOUN
ajfa-9288	107	5	of	of	ADP
ajfa-9288	107	6	the	the	DET
ajfa-9288	107	7	shareholding	shareholding	NOUN
ajfa-9288	107	8	of	of	ADP
ajfa-9288	107	9	insiders	insider	NOUN
ajfa-9288	107	10	is	be	AUX
ajfa-9288	107	11	more	more	ADV
ajfa-9288	107	12	likely	likely	ADJ
ajfa-9288	107	13	to	to	PART
ajfa-9288	107	14	hurt	hurt	VERB
ajfa-9288	107	15	the	the	DET
ajfa-9288	107	16	interests	interest	NOUN
ajfa-9288	107	17	of	of	ADP
ajfa-9288	107	18	outside	outside	ADJ
ajfa-9288	107	19	shareholders	shareholder	NOUN
ajfa-9288	107	20	.	.	PUNCT
ajfa-9288	108	1	ang	ang	PROPN
ajfa-9288	108	2	,	,	PUNCT
ajfa-9288	108	3	cole	cole	PROPN
ajfa-9288	108	4	,	,	PUNCT
ajfa-9288	108	5	and	and	CCONJ
ajfa-9288	108	6	lin	lin	PROPN
ajfa-9288	108	7	(	(	PUNCT
ajfa-9288	108	8	2000	2000	NUM
ajfa-9288	108	9	)	)	PUNCT
ajfa-9288	108	10	indicate	indicate	VERB
ajfa-9288	108	11	that	that	SCONJ
ajfa-9288	108	12	after	after	SCONJ
ajfa-9288	108	13	the	the	DET
ajfa-9288	108	14	listed	list	VERB
ajfa-9288	108	15	firms	firm	NOUN
ajfa-9288	108	16	raise	raise	VERB
ajfa-9288	108	17	funds	fund	NOUN
ajfa-9288	108	18	in	in	ADP
ajfa-9288	108	19	the	the	DET
ajfa-9288	108	20	market	market	NOUN
ajfa-9288	108	21	,	,	PUNCT
ajfa-9288	108	22	the	the	DET
ajfa-9288	108	23	ownership	ownership	NOUN
ajfa-9288	108	24	is	be	AUX
ajfa-9288	108	25	decentralized	decentralize	VERB
ajfa-9288	108	26	,	,	PUNCT
ajfa-9288	108	27	the	the	DET
ajfa-9288	108	28	shareholdings	shareholding	NOUN
ajfa-9288	108	29	of	of	ADP
ajfa-9288	108	30	managers	manager	NOUN
ajfa-9288	108	31	reduces	reduce	VERB
ajfa-9288	108	32	as	as	ADV
ajfa-9288	108	33	well	well	ADV
ajfa-9288	108	34	,	,	PUNCT
ajfa-9288	108	35	less	less	ADJ
ajfa-9288	108	36	capital	capital	NOUN
ajfa-9288	108	37	contribution	contribution	NOUN
ajfa-9288	108	38	or	or	CCONJ
ajfa-9288	108	39	low	low	ADJ
ajfa-9288	108	40	shareholding	shareholding	NOUN
ajfa-9288	108	41	level	level	NOUN
ajfa-9288	108	42	may	may	AUX
ajfa-9288	108	43	become	become	VERB
ajfa-9288	108	44	the	the	DET
ajfa-9288	108	45	issue	issue	NOUN
ajfa-9288	108	46	.	.	PUNCT
ajfa-9288	109	1	the	the	DET
ajfa-9288	109	2	interests	interest	NOUN
ajfa-9288	109	3	of	of	ADP
ajfa-9288	109	4	managers	manager	NOUN
ajfa-9288	109	5	that	that	PRON
ajfa-9288	109	6	control	control	VERB
ajfa-9288	109	7	the	the	DET
ajfa-9288	109	8	rights	right	NOUN
ajfa-9288	109	9	of	of	ADP
ajfa-9288	109	10	management	management	NOUN
ajfa-9288	109	11	of	of	ADP
ajfa-9288	109	12	firms	firm	NOUN
ajfa-9288	109	13	apparently	apparently	ADV
ajfa-9288	109	14	deviate	deviate	VERB
ajfa-9288	109	15	from	from	ADP
ajfa-9288	109	16	the	the	DET
ajfa-9288	109	17	corporate	corporate	ADJ
ajfa-9288	109	18	interests	interest	NOUN
ajfa-9288	109	19	,	,	PUNCT
ajfa-9288	109	20	or	or	CCONJ
ajfa-9288	109	21	even	even	ADV
ajfa-9288	109	22	infringe	infringe	VERB
ajfa-9288	109	23	the	the	DET
ajfa-9288	109	24	interests	interest	NOUN
ajfa-9288	109	25	of	of	ADP
ajfa-9288	109	26	small	small	ADJ
ajfa-9288	109	27	and	and	CCONJ
ajfa-9288	109	28	medium	medium	ADJ
ajfa-9288	109	29	shareholders	shareholder	NOUN
ajfa-9288	109	30	.	.	PUNCT
ajfa-9288	110	1	ang	ang	PROPN
ajfa-9288	110	2	,	,	PUNCT
ajfa-9288	110	3	cole	cole	PROPN
ajfa-9288	110	4	,	,	PUNCT
ajfa-9288	110	5	and	and	CCONJ
ajfa-9288	110	6	lin	lin	PROPN
ajfa-9288	110	7	(	(	PUNCT
ajfa-9288	110	8	2000	2000	NUM
ajfa-9288	110	9	)	)	PUNCT
ajfa-9288	110	10	found	find	VERB
ajfa-9288	110	11	that	that	SCONJ
ajfa-9288	110	12	when	when	SCONJ
ajfa-9288	110	13	firms	firm	NOUN
ajfa-9288	110	14	are	be	AUX
ajfa-9288	110	15	managed	manage	VERB
ajfa-9288	110	16	by	by	ADP
ajfa-9288	110	17	external	external	ADJ
ajfa-9288	110	18	parties	party	NOUN
ajfa-9288	110	19	,	,	PUNCT
ajfa-9288	110	20	the	the	DET
ajfa-9288	110	21	agency	agency	NOUN
ajfa-9288	110	22	cost	cost	NOUN
ajfa-9288	110	23	is	be	AUX
ajfa-9288	110	24	relatively	relatively	ADV
ajfa-9288	110	25	high	high	ADJ
ajfa-9288	110	26	.	.	PUNCT
ajfa-9288	111	1	second	second	ADV
ajfa-9288	111	2	,	,	PUNCT
ajfa-9288	111	3	the	the	DET
ajfa-9288	111	4	agency	agency	NOUN
ajfa-9288	111	5	cost	cost	NOUN
ajfa-9288	111	6	of	of	ADP
ajfa-9288	111	7	firms	firm	NOUN
ajfa-9288	111	8	and	and	CCONJ
ajfa-9288	111	9	the	the	DET
ajfa-9288	111	10	shareholdings	shareholding	NOUN
ajfa-9288	111	11	of	of	ADP
ajfa-9288	111	12	managers	manager	NOUN
ajfa-9288	111	13	are	be	AUX
ajfa-9288	111	14	negatively	negatively	ADV
ajfa-9288	111	15	correlated	correlate	VERB
ajfa-9288	111	16	.	.	PUNCT
ajfa-9288	112	1	when	when	SCONJ
ajfa-9288	112	2	the	the	DET
ajfa-9288	112	3	shares	share	NOUN
ajfa-9288	112	4	held	hold	VERB
ajfa-9288	112	5	by	by	ADP
ajfa-9288	112	6	the	the	DET
ajfa-9288	112	7	non	non	ADJ
ajfa-9288	112	8	-	-	ADJ
ajfa-9288	112	9	managers	manager	NOUN
ajfa-9288	112	10	increase	increase	NOUN
ajfa-9288	112	11	,	,	PUNCT
ajfa-9288	112	12	the	the	DET
ajfa-9288	112	13	agency	agency	NOUN
ajfa-9288	112	14	cost	cost	NOUN
ajfa-9288	112	15	increases	increase	NOUN
ajfa-9288	112	16	as	as	ADV
ajfa-9288	112	17	well	well	ADV
ajfa-9288	112	18	.	.	PUNCT
ajfa-9288	113	1	jensen	jensen	PROPN
ajfa-9288	113	2	and	and	CCONJ
ajfa-9288	113	3	meckling	meckling	NOUN
ajfa-9288	113	4	(	(	PUNCT
ajfa-9288	113	5	1976	1976	NUM
ajfa-9288	113	6	)	)	PUNCT
ajfa-9288	113	7	argue	argue	VERB
ajfa-9288	113	8	that	that	SCONJ
ajfa-9288	113	9	shareholdings	shareholding	NOUN
ajfa-9288	113	10	of	of	ADP
ajfa-9288	113	11	managers	manager	NOUN
ajfa-9288	113	12	and	and	CCONJ
ajfa-9288	113	13	the	the	DET
ajfa-9288	113	14	agency	agency	NOUN
ajfa-9288	113	15	cost	cost	NOUN
ajfa-9288	113	16	are	be	AUX
ajfa-9288	113	17	negatively	negatively	ADV
ajfa-9288	113	18	correlated	correlate	VERB
ajfa-9288	113	19	,	,	PUNCT
ajfa-9288	113	20	namely	namely	ADV
ajfa-9288	113	21	,	,	PUNCT
ajfa-9288	113	22	when	when	SCONJ
ajfa-9288	113	23	the	the	DET
ajfa-9288	113	24	shareholdings	shareholding	NOUN
ajfa-9288	113	25	of	of	ADP
ajfa-9288	113	26	managers	manager	NOUN
ajfa-9288	113	27	is	be	AUX
ajfa-9288	113	28	low	low	ADJ
ajfa-9288	113	29	,	,	PUNCT
ajfa-9288	113	30	their	their	PRON
ajfa-9288	113	31	debt	debt	NOUN
ajfa-9288	113	32	agency	agency	NOUN
ajfa-9288	113	33	cost	cost	NOUN
ajfa-9288	113	34	and	and	CCONJ
ajfa-9288	113	35	equity	equity	NOUN
ajfa-9288	113	36	agency	agency	NOUN
ajfa-9288	113	37	cost	cost	NOUN
ajfa-9288	113	38	are	be	AUX
ajfa-9288	113	39	higher	high	ADJ
ajfa-9288	113	40	.	.	PUNCT
ajfa-9288	114	1	this	this	DET
ajfa-9288	114	2	paper	paper	NOUN
ajfa-9288	114	3	discusses	discuss	VERB
ajfa-9288	114	4	whether	whether	SCONJ
ajfa-9288	114	5	the	the	DET
ajfa-9288	114	6	shareholding	shareholding	NOUN
ajfa-9288	114	7	of	of	ADP
ajfa-9288	114	8	insiders	insider	NOUN
ajfa-9288	114	9	would	would	AUX
ajfa-9288	114	10	affect	affect	VERB
ajfa-9288	114	11	the	the	DET
ajfa-9288	114	12	correlation	correlation	NOUN
ajfa-9288	114	13	between	between	ADP
ajfa-9288	114	14	the	the	DET
ajfa-9288	114	15	agency	agency	NOUN
ajfa-9288	114	16	cost	cost	NOUN
ajfa-9288	114	17	and	and	CCONJ
ajfa-9288	114	18	the	the	DET
ajfa-9288	114	19	corporate	corporate	ADJ
ajfa-9288	114	20	financing	financing	NOUN
ajfa-9288	114	21	selection	selection	NOUN
ajfa-9288	114	22	.	.	PUNCT
ajfa-9288	115	1	this	this	DET
ajfa-9288	115	2	study	study	NOUN
ajfa-9288	115	3	predicts	predict	VERB
ajfa-9288	115	4	that	that	SCONJ
ajfa-9288	115	5	if	if	SCONJ
ajfa-9288	115	6	the	the	DET
ajfa-9288	115	7	shareholding	shareholding	NOUN
ajfa-9288	115	8	ratio	ratio	NOUN
ajfa-9288	115	9	by	by	ADP
ajfa-9288	115	10	insiders	insider	NOUN
ajfa-9288	115	11	is	be	AUX
ajfa-9288	115	12	high	high	ADJ
ajfa-9288	115	13	,	,	PUNCT
ajfa-9288	115	14	even	even	ADV
ajfa-9288	115	15	though	though	SCONJ
ajfa-9288	115	16	the	the	DET
ajfa-9288	115	17	equity	equity	NOUN
ajfa-9288	115	18	agency	agency	NOUN
ajfa-9288	115	19	cost	cost	NOUN
ajfa-9288	115	20	is	be	AUX
ajfa-9288	115	21	high	high	ADJ
ajfa-9288	115	22	due	due	ADJ
ajfa-9288	115	23	to	to	ADP
ajfa-9288	115	24	pursuit	pursuit	NOUN
ajfa-9288	115	25	of	of	ADP
ajfa-9288	115	26	personal	personal	ADJ
ajfa-9288	115	27	interests	interest	NOUN
ajfa-9288	115	28	,	,	PUNCT
ajfa-9288	115	29	the	the	DET
ajfa-9288	115	30	equity	equity	NOUN
ajfa-9288	115	31	financing	financing	NOUN
ajfa-9288	115	32	method	method	NOUN
ajfa-9288	115	33	may	may	AUX
ajfa-9288	115	34	be	be	AUX
ajfa-9288	115	35	employed	employ	VERB
ajfa-9288	115	36	;	;	PUNCT
ajfa-9288	115	37	on	on	ADP
ajfa-9288	115	38	the	the	DET
ajfa-9288	115	39	contrary	contrary	NOUN
ajfa-9288	115	40	,	,	PUNCT
ajfa-9288	115	41	if	if	SCONJ
ajfa-9288	115	42	the	the	DET
ajfa-9288	115	43	shareholding	shareholding	NOUN
ajfa-9288	115	44	of	of	ADP
ajfa-9288	115	45	insiders	insider	NOUN
ajfa-9288	115	46	is	be	AUX
ajfa-9288	115	47	high	high	ADJ
ajfa-9288	115	48	,	,	PUNCT
ajfa-9288	115	49	even	even	ADV
ajfa-9288	115	50	though	though	SCONJ
ajfa-9288	115	51	the	the	DET
ajfa-9288	115	52	debt	debt	NOUN
ajfa-9288	115	53	agency	agency	NOUN
ajfa-9288	115	54	cost	cost	NOUN
ajfa-9288	115	55	is	be	AUX
ajfa-9288	115	56	high	high	ADJ
ajfa-9288	115	57	due	due	ADJ
ajfa-9288	115	58	to	to	ADP
ajfa-9288	115	59	pursuit	pursuit	NOUN
ajfa-9288	115	60	of	of	ADP
ajfa-9288	115	61	personal	personal	ADJ
ajfa-9288	115	62	interests	interest	NOUN
ajfa-9288	115	63	,	,	PUNCT
ajfa-9288	115	64	the	the	DET
ajfa-9288	115	65	debt	debt	NOUN
ajfa-9288	115	66	financing	financing	NOUN
ajfa-9288	115	67	method	method	NOUN
ajfa-9288	115	68	may	may	AUX
ajfa-9288	115	69	be	be	AUX
ajfa-9288	115	70	employed	employ	VERB
ajfa-9288	115	71	.	.	PUNCT
ajfa-9288	116	1	based	base	VERB
ajfa-9288	116	2	on	on	ADP
ajfa-9288	116	3	the	the	DET
ajfa-9288	116	4	above	above	NOUN
ajfa-9288	116	5	,	,	PUNCT
ajfa-9288	116	6	this	this	DET
ajfa-9288	116	7	study	study	NOUN
ajfa-9288	116	8	proposes	propose	VERB
ajfa-9288	116	9	the	the	DET
ajfa-9288	116	10	following	follow	VERB
ajfa-9288	116	11	hypotheses	hypothesis	NOUN
ajfa-9288	116	12	:	:	PUNCT
ajfa-9288	116	13	h2a	h2a	NOUN
ajfa-9288	116	14	:	:	PUNCT
ajfa-9288	116	15	shareholdings	shareholding	NOUN
ajfa-9288	116	16	of	of	ADP
ajfa-9288	116	17	insiders	insider	NOUN
ajfa-9288	116	18	affect	affect	VERB
ajfa-9288	116	19	the	the	DET
ajfa-9288	116	20	positive	positive	ADJ
ajfa-9288	116	21	correlation	correlation	NOUN
ajfa-9288	116	22	between	between	ADP
ajfa-9288	116	23	the	the	DET
ajfa-9288	116	24	corporate	corporate	ADJ
ajfa-9288	116	25	debt	debt	NOUN
ajfa-9288	116	26	agency	agency	NOUN
ajfa-9288	116	27	cost	cost	NOUN
ajfa-9288	116	28	and	and	CCONJ
ajfa-9288	116	29	the	the	DET
ajfa-9288	116	30	financing	financing	NOUN
ajfa-9288	116	31	choice	choice	NOUN
ajfa-9288	116	32	of	of	ADP
ajfa-9288	116	33	seasoned	seasoned	ADJ
ajfa-9288	116	34	equity	equity	NOUN
ajfa-9288	116	35	offerings	offering	NOUN
ajfa-9288	116	36	.	.	PUNCT
ajfa-9288	117	1	h2b	h2b	PROPN
ajfa-9288	117	2	:	:	PUNCT
ajfa-9288	117	3	shareholdings	shareholding	NOUN
ajfa-9288	117	4	of	of	ADP
ajfa-9288	117	5	insiders	insider	NOUN
ajfa-9288	117	6	affect	affect	VERB
ajfa-9288	117	7	the	the	DET
ajfa-9288	117	8	positive	positive	ADJ
ajfa-9288	117	9	correlation	correlation	NOUN
ajfa-9288	117	10	between	between	ADP
ajfa-9288	117	11	the	the	DET
ajfa-9288	117	12	corporate	corporate	ADJ
ajfa-9288	117	13	equity	equity	NOUN
ajfa-9288	117	14	agency	agency	NOUN
ajfa-9288	117	15	cost	cost	NOUN
ajfa-9288	117	16	and	and	CCONJ
ajfa-9288	117	17	the	the	DET
ajfa-9288	117	18	financing	financing	NOUN
ajfa-9288	117	19	choice	choice	NOUN
ajfa-9288	117	20	of	of	ADP
ajfa-9288	117	21	debts	debt	NOUN
ajfa-9288	117	22	.	.	PUNCT
ajfa-9288	118	1	h2c	h2c	NOUN
ajfa-9288	118	2	:	:	PUNCT
ajfa-9288	118	3	shareholdings	shareholding	NOUN
ajfa-9288	118	4	of	of	ADP
ajfa-9288	118	5	insiders	insider	NOUN
ajfa-9288	118	6	affect	affect	VERB
ajfa-9288	118	7	the	the	DET
ajfa-9288	118	8	relationship	relationship	NOUN
ajfa-9288	118	9	between	between	ADP
ajfa-9288	118	10	the	the	DET
ajfa-9288	118	11	corporate	corporate	ADJ
ajfa-9288	118	12	agency	agency	NOUN
ajfa-9288	118	13	cost	cost	NOUN
ajfa-9288	118	14	and	and	CCONJ
ajfa-9288	118	15	the	the	DET
ajfa-9288	118	16	financing	financing	NOUN
ajfa-9288	118	17	choice	choice	NOUN
ajfa-9288	118	18	of	of	ADP
ajfa-9288	118	19	private	private	ADJ
ajfa-9288	118	20	equity	equity	NOUN
ajfa-9288	118	21	.	.	PUNCT
ajfa-9288	119	1	3	3	X
ajfa-9288	119	2	.	.	X
ajfa-9288	119	3	research	research	NOUN
ajfa-9288	119	4	design	design	NOUN
ajfa-9288	119	5	3.1	3.1	NUM
ajfa-9288	119	6	the	the	DET
ajfa-9288	119	7	data	datum	NOUN
ajfa-9288	119	8	our	our	PRON
ajfa-9288	119	9	initial	initial	ADJ
ajfa-9288	119	10	data	datum	NOUN
ajfa-9288	119	11	is	be	AUX
ajfa-9288	119	12	drawn	draw	VERB
ajfa-9288	119	13	from	from	ADP
ajfa-9288	119	14	the	the	DET
ajfa-9288	119	15	taiwan	taiwan	PROPN
ajfa-9288	119	16	economic	economic	PROPN
ajfa-9288	119	17	journal	journal	PROPN
ajfa-9288	119	18	(	(	PUNCT
ajfa-9288	119	19	tej	tej	NOUN
ajfa-9288	119	20	)	)	PUNCT
ajfa-9288	119	21	database	database	NOUN
ajfa-9288	119	22	for	for	ADP
ajfa-9288	119	23	the	the	DET
ajfa-9288	119	24	2006	2006	NUM
ajfa-9288	119	25	-	-	SYM
ajfa-9288	119	26	2012	2012	NUM
ajfa-9288	119	27	periods	period	NOUN
ajfa-9288	119	28	.	.	PUNCT
ajfa-9288	120	1	to	to	PART
ajfa-9288	120	2	calculate	calculate	VERB
ajfa-9288	120	3	the	the	DET
ajfa-9288	120	4	turnover	turnover	NOUN
ajfa-9288	120	5	of	of	ADP
ajfa-9288	120	6	assets	asset	NOUN
ajfa-9288	120	7	,	,	PUNCT
ajfa-9288	120	8	the	the	DET
ajfa-9288	120	9	source	source	NOUN
ajfa-9288	120	10	data	datum	NOUN
ajfa-9288	120	11	for	for	ADP
ajfa-9288	120	12	this	this	DET
ajfa-9288	120	13	variable	variable	NOUN
ajfa-9288	120	14	cover	cover	VERB
ajfa-9288	120	15	the	the	DET
ajfa-9288	120	16	2005	2005	NUM
ajfa-9288	120	17	-	-	SYM
ajfa-9288	120	18	2012	2012	NUM
ajfa-9288	120	19	period	period	NOUN
ajfa-9288	120	20	.	.	PUNCT
ajfa-9288	121	1	our	our	PRON
ajfa-9288	121	2	final	final	ADJ
ajfa-9288	121	3	sample	sample	NOUN
ajfa-9288	121	4	consists	consist	VERB
ajfa-9288	121	5	of	of	ADP
ajfa-9288	121	6	5,759	5,759	NUM
ajfa-9288	121	7	firm	firm	ADJ
ajfa-9288	121	8	-	-	PUNCT
ajfa-9288	121	9	year	year	NOUN
ajfa-9288	121	10	observations	observation	NOUN
ajfa-9288	121	11	.	.	PUNCT
ajfa-9288	122	1	the	the	DET
ajfa-9288	122	2	sample	sample	NOUN
ajfa-9288	122	3	is	be	AUX
ajfa-9288	122	4	limited	limit	VERB
ajfa-9288	122	5	to	to	PART
ajfa-9288	122	6	publicly	publicly	ADV
ajfa-9288	122	7	traded	trade	VERB
ajfa-9288	122	8	companies	company	NOUN
ajfa-9288	122	9	listed	list	VERB
ajfa-9288	122	10	on	on	ADP
ajfa-9288	122	11	the	the	DET
ajfa-9288	122	12	taiwan	taiwan	PROPN
ajfa-9288	122	13	stock	stock	PROPN
ajfa-9288	122	14	exchange	exchange	PROPN
ajfa-9288	122	15	(	(	PUNCT
ajfa-9288	122	16	tse	tse	PROPN
ajfa-9288	122	17	)	)	PUNCT
ajfa-9288	122	18	and	and	CCONJ
ajfa-9288	122	19	over	over	ADP
ajfa-9288	122	20	-	-	PUNCT
ajfa-9288	122	21	the	the	DET
ajfa-9288	122	22	-	-	PUNCT
ajfa-9288	122	23	counter	counter	NOUN
ajfa-9288	122	24	(	(	PUNCT
ajfa-9288	122	25	otc	otc	PROPN
ajfa-9288	122	26	)	)	PUNCT
ajfa-9288	122	27	,	,	PUNCT
ajfa-9288	122	28	excluded	exclude	VERB
ajfa-9288	122	29	state	state	NOUN
ajfa-9288	122	30	-	-	PUNCT
ajfa-9288	122	31	owned	own	VERB
ajfa-9288	122	32	enterprise	enterprise	NOUN
ajfa-9288	122	33	,	,	PUNCT
ajfa-9288	122	34	financial	financial	ADJ
ajfa-9288	122	35	service	service	NOUN
ajfa-9288	122	36	and	and	CCONJ
ajfa-9288	122	37	insurance	insurance	NOUN
ajfa-9288	122	38	companies	company	NOUN
ajfa-9288	122	39	from	from	ADP
ajfa-9288	122	40	the	the	DET
ajfa-9288	122	41	original	original	ADJ
ajfa-9288	122	42	sample	sample	NOUN
ajfa-9288	122	43	because	because	SCONJ
ajfa-9288	122	44	they	they	PRON
ajfa-9288	122	45	have	have	VERB
ajfa-9288	122	46	unique	unique	ADJ
ajfa-9288	122	47	operating	operating	NOUN
ajfa-9288	122	48	characteristics	characteristic	NOUN
ajfa-9288	122	49	and	and	CCONJ
ajfa-9288	122	50	asian	asian	ADJ
ajfa-9288	122	51	journal	journal	NOUN
ajfa-9288	122	52	of	of	ADP
ajfa-9288	122	53	finance	finance	PROPN
ajfa-9288	122	54	&	&	CCONJ
ajfa-9288	122	55	accounting	accounting	PROPN
ajfa-9288	122	56	issn	issn	PROPN
ajfa-9288	122	57	1946	1946	NUM
ajfa-9288	122	58	-	-	PUNCT
ajfa-9288	122	59	052x	052x	PROPN
ajfa-9288	122	60	2016	2016	NUM
ajfa-9288	122	61	,	,	PUNCT
ajfa-9288	122	62	vol	vol	NOUN
ajfa-9288	122	63	.	.	PROPN
ajfa-9288	122	64	8	8	NUM
ajfa-9288	122	65	,	,	PUNCT
ajfa-9288	122	66	no	no	INTJ
ajfa-9288	122	67	.	.	NOUN
ajfa-9288	122	68	1	1	NUM
ajfa-9288	122	69	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	122	70	133	133	NUM
ajfa-9288	122	71	are	be	AUX
ajfa-9288	122	72	governed	govern	VERB
ajfa-9288	122	73	by	by	ADP
ajfa-9288	122	74	specific	specific	ADJ
ajfa-9288	122	75	regulations	regulation	NOUN
ajfa-9288	122	76	.	.	PUNCT
ajfa-9288	123	1	moreover	moreover	ADV
ajfa-9288	123	2	,	,	PUNCT
ajfa-9288	123	3	we	we	PRON
ajfa-9288	123	4	deleted	delete	VERB
ajfa-9288	123	5	observations	observation	NOUN
ajfa-9288	123	6	without	without	ADP
ajfa-9288	123	7	complete	complete	ADJ
ajfa-9288	123	8	financial	financial	ADJ
ajfa-9288	123	9	data	datum	NOUN
ajfa-9288	123	10	or	or	CCONJ
ajfa-9288	123	11	discontinuous	discontinuous	ADJ
ajfa-9288	123	12	data	datum	NOUN
ajfa-9288	123	13	or	or	CCONJ
ajfa-9288	123	14	invalid	invalid	ADJ
ajfa-9288	123	15	data	datum	NOUN
ajfa-9288	123	16	.	.	PUNCT
ajfa-9288	124	1	the	the	DET
ajfa-9288	124	2	electronics	electronic	NOUN
ajfa-9288	124	3	industry	industry	NOUN
ajfa-9288	124	4	is	be	AUX
ajfa-9288	124	5	the	the	DET
ajfa-9288	124	6	most	most	ADV
ajfa-9288	124	7	heavily	heavily	ADV
ajfa-9288	124	8	covered	cover	VERB
ajfa-9288	124	9	industry	industry	NOUN
ajfa-9288	124	10	,	,	PUNCT
ajfa-9288	124	11	more	more	ADJ
ajfa-9288	124	12	than	than	ADP
ajfa-9288	124	13	half	half	NOUN
ajfa-9288	124	14	of	of	ADP
ajfa-9288	124	15	the	the	DET
ajfa-9288	124	16	total	total	ADJ
ajfa-9288	124	17	sample	sample	NOUN
ajfa-9288	124	18	.	.	PUNCT
ajfa-9288	125	1	followed	follow	VERB
ajfa-9288	125	2	by	by	ADP
ajfa-9288	125	3	chemical	chemical	NOUN
ajfa-9288	125	4	,	,	PUNCT
ajfa-9288	125	5	biotech	biotech	ADJ
ajfa-9288	125	6	and	and	CCONJ
ajfa-9288	125	7	medical	medical	ADJ
ajfa-9288	125	8	care	care	NOUN
ajfa-9288	125	9	industries	industry	NOUN
ajfa-9288	125	10	and	and	CCONJ
ajfa-9288	125	11	then	then	ADV
ajfa-9288	125	12	electronic	electronic	ADJ
ajfa-9288	125	13	appliances	appliance	NOUN
ajfa-9288	125	14	&	&	CCONJ
ajfa-9288	125	15	machinery	machinery	NOUN
ajfa-9288	125	16	industries	industry	NOUN
ajfa-9288	125	17	,	,	PUNCT
ajfa-9288	125	18	accounted	account	VERB
ajfa-9288	125	19	for	for	ADP
ajfa-9288	125	20	6.64	6.64	NUM
ajfa-9288	125	21	%	%	NOUN
ajfa-9288	125	22	6.45	6.45	NUM
ajfa-9288	125	23	%	%	NOUN
ajfa-9288	125	24	of	of	ADP
ajfa-9288	125	25	the	the	DET
ajfa-9288	125	26	total	total	ADJ
ajfa-9288	125	27	samples	sample	NOUN
ajfa-9288	125	28	,	,	PUNCT
ajfa-9288	125	29	respectively	respectively	ADV
ajfa-9288	125	30	.	.	PUNCT
ajfa-9288	126	1	3.2	3.2	NUM
ajfa-9288	126	2	empirical	empirical	ADJ
ajfa-9288	126	3	model	model	NOUN
ajfa-9288	126	4	this	this	DET
ajfa-9288	126	5	study	study	NOUN
ajfa-9288	126	6	adopts	adopt	VERB
ajfa-9288	126	7	logistic	logistic	ADJ
ajfa-9288	126	8	models	model	NOUN
ajfa-9288	126	9	to	to	PART
ajfa-9288	126	10	examine	examine	VERB
ajfa-9288	126	11	hypotheses	hypothesis	NOUN
ajfa-9288	126	12	1a	1a	NOUN
ajfa-9288	126	13	,	,	PUNCT
ajfa-9288	126	14	1b	1b	NUM
ajfa-9288	126	15	,	,	PUNCT
ajfa-9288	126	16	and	and	CCONJ
ajfa-9288	126	17	1c	1c	NOUN
ajfa-9288	126	18	.	.	PUNCT
ajfa-9288	127	1	for	for	ADP
ajfa-9288	127	2	h1a	h1a	PROPN
ajfa-9288	127	3	and	and	CCONJ
ajfa-9288	127	4	h1b	h1b	NOUN
ajfa-9288	127	5	,	,	PUNCT
ajfa-9288	127	6	we	we	PRON
ajfa-9288	127	7	investigate	investigate	VERB
ajfa-9288	127	8	the	the	DET
ajfa-9288	127	9	association	association	NOUN
ajfa-9288	127	10	between	between	ADP
ajfa-9288	127	11	agency	agency	NOUN
ajfa-9288	127	12	costs	cost	NOUN
ajfa-9288	127	13	of	of	ADP
ajfa-9288	127	14	lag	lag	NOUN
ajfa-9288	127	15	-	-	PUNCT
ajfa-9288	127	16	one	one	NUM
ajfa-9288	127	17	period	period	NOUN
ajfa-9288	127	18	,	,	PUNCT
ajfa-9288	127	19	seasoned	seasoned	ADJ
ajfa-9288	127	20	equity	equity	NOUN
ajfa-9288	127	21	offering	offering	NOUN
ajfa-9288	127	22	financing	financing	NOUN
ajfa-9288	127	23	,	,	PUNCT
ajfa-9288	127	24	and	and	CCONJ
ajfa-9288	127	25	debt	debt	NOUN
ajfa-9288	127	26	financing	financing	NOUN
ajfa-9288	127	27	.	.	PUNCT
ajfa-9288	128	1	we	we	PRON
ajfa-9288	128	2	employ	employ	VERB
ajfa-9288	128	3	agency	agency	NOUN
ajfa-9288	128	4	costs	cost	NOUN
ajfa-9288	128	5	of	of	ADP
ajfa-9288	128	6	lag	lag	NOUN
ajfa-9288	128	7	-	-	PUNCT
ajfa-9288	128	8	one	one	NUM
ajfa-9288	128	9	period	period	NOUN
ajfa-9288	128	10	to	to	PART
ajfa-9288	128	11	analyze	analyze	VERB
ajfa-9288	128	12	the	the	DET
ajfa-9288	128	13	impact	impact	NOUN
ajfa-9288	128	14	of	of	ADP
ajfa-9288	128	15	debt	debt	NOUN
ajfa-9288	128	16	financing	financing	NOUN
ajfa-9288	128	17	in	in	ADP
ajfa-9288	128	18	order	order	NOUN
ajfa-9288	128	19	to	to	PART
ajfa-9288	128	20	avoid	avoid	VERB
ajfa-9288	128	21	the	the	DET
ajfa-9288	128	22	problem	problem	NOUN
ajfa-9288	128	23	of	of	ADP
ajfa-9288	128	24	endogeneity	endogeneity	NOUN
ajfa-9288	128	25	.	.	PUNCT
ajfa-9288	129	1	these	these	DET
ajfa-9288	129	2	specifications	specification	NOUN
ajfa-9288	129	3	are	be	AUX
ajfa-9288	129	4	as	as	SCONJ
ajfa-9288	129	5	follows	follow	VERB
ajfa-9288	129	6	:	:	PUNCT
ajfa-9288	129	7	itititititit	itititititit	NOUN
ajfa-9288	129	8	eroaaasaeagencyadagencyaaseodebt	eroaaasaeagencyadagencyaaseodebt	NOUN
ajfa-9288	130	1	+	+	PROPN
ajfa-9288	130	2	+	+	ADJ
ajfa-9288	130	3	+	+	ADJ
ajfa-9288	130	4	+	+	ADJ
ajfa-9288	130	5	+	+	ADJ
ajfa-9288	130	6	=	=	ADJ
ajfa-9288	130	7	−−	−−	NOUN
ajfa-9288	130	8	4312110	4312110	NUM
ajfa-9288	130	9	(	(	PUNCT
ajfa-9288	130	10	1	1	X
ajfa-9288	130	11	)	)	PUNCT
ajfa-9288	130	12	itititititit	itititititit	NOUN
ajfa-9288	130	13	eroaaasaoagencyadagencyaaseodebt	eroaaasaoagencyadagencyaaseodebt	NOUN
ajfa-9288	130	14	+	+	PROPN
ajfa-9288	130	15	+	+	ADJ
ajfa-9288	130	16	+	+	ADJ
ajfa-9288	130	17	+	+	ADJ
ajfa-9288	130	18	+	+	ADJ
ajfa-9288	130	19	=	=	ADJ
ajfa-9288	130	20	−−	−−	NOUN
ajfa-9288	130	21	4312110	4312110	NUM
ajfa-9288	130	22	(	(	PUNCT
ajfa-9288	130	23	2	2	NUM
ajfa-9288	130	24	)	)	PUNCT
ajfa-9288	130	25	similarly	similarly	ADV
ajfa-9288	130	26	,	,	PUNCT
ajfa-9288	130	27	h1c	h1c	PROPN
ajfa-9288	130	28	examines	examine	VERB
ajfa-9288	130	29	the	the	DET
ajfa-9288	130	30	relationship	relationship	NOUN
ajfa-9288	130	31	between	between	ADP
ajfa-9288	130	32	agency	agency	NOUN
ajfa-9288	130	33	costs	cost	NOUN
ajfa-9288	130	34	of	of	ADP
ajfa-9288	130	35	lag	lag	NOUN
ajfa-9288	130	36	-	-	PUNCT
ajfa-9288	130	37	one	one	NUM
ajfa-9288	130	38	period	period	NOUN
ajfa-9288	130	39	and	and	CCONJ
ajfa-9288	130	40	private	private	ADJ
ajfa-9288	130	41	equity	equity	NOUN
ajfa-9288	130	42	financing	financing	NOUN
ajfa-9288	130	43	.	.	PUNCT
ajfa-9288	131	1	to	to	PART
ajfa-9288	131	2	avoid	avoid	VERB
ajfa-9288	131	3	endogeneity	endogeneity	NOUN
ajfa-9288	131	4	,	,	PUNCT
ajfa-9288	131	5	we	we	PRON
ajfa-9288	131	6	introduce	introduce	VERB
ajfa-9288	131	7	agency	agency	NOUN
ajfa-9288	131	8	costs	cost	NOUN
ajfa-9288	131	9	of	of	ADP
ajfa-9288	131	10	lag	lag	NOUN
ajfa-9288	131	11	-	-	PUNCT
ajfa-9288	131	12	one	one	NUM
ajfa-9288	131	13	period	period	NOUN
ajfa-9288	131	14	to	to	PART
ajfa-9288	131	15	analyze	analyze	VERB
ajfa-9288	131	16	the	the	DET
ajfa-9288	131	17	effects	effect	NOUN
ajfa-9288	131	18	on	on	ADP
ajfa-9288	131	19	private	private	ADJ
ajfa-9288	131	20	equity	equity	NOUN
ajfa-9288	131	21	financing	financing	NOUN
ajfa-9288	131	22	choice	choice	NOUN
ajfa-9288	131	23	.	.	PUNCT
ajfa-9288	132	1	we	we	PRON
ajfa-9288	132	2	rely	rely	VERB
ajfa-9288	132	3	on	on	ADP
ajfa-9288	132	4	the	the	DET
ajfa-9288	132	5	following	follow	VERB
ajfa-9288	132	6	regressions	regression	NOUN
ajfa-9288	132	7	:	:	PUNCT
ajfa-9288	132	8	itititititit	itititititit	NOUN
ajfa-9288	132	9	eroaaasaeagencyadagencyaaprids	eroaaasaeagencyadagencyaaprid	NOUN
ajfa-9288	132	10	+	+	PROPN
ajfa-9288	133	1	+	+	ADJ
ajfa-9288	133	2	+	+	ADJ
ajfa-9288	133	3	+	+	ADJ
ajfa-9288	133	4	+	+	ADJ
ajfa-9288	133	5	=	=	ADJ
ajfa-9288	133	6	−−	−−	NOUN
ajfa-9288	133	7	4312110	4312110	NUM
ajfa-9288	133	8	(	(	PUNCT
ajfa-9288	133	9	3	3	X
ajfa-9288	133	10	)	)	PUNCT
ajfa-9288	133	11	itititititit	itititititit	NOUN
ajfa-9288	133	12	eroaaasaoagencyadagencyaaprids	eroaaasaoagencyadagencyaaprid	NOUN
ajfa-9288	134	1	+	+	PROPN
ajfa-9288	135	1	+	+	ADJ
ajfa-9288	135	2	+	+	ADJ
ajfa-9288	135	3	+	+	ADJ
ajfa-9288	135	4	+	+	ADJ
ajfa-9288	135	5	=	=	ADJ
ajfa-9288	135	6	−−	−−	NOUN
ajfa-9288	135	7	4312110	4312110	NUM
ajfa-9288	135	8	(	(	PUNCT
ajfa-9288	135	9	4	4	NUM
ajfa-9288	135	10	)	)	PUNCT
ajfa-9288	135	11	where	where	SCONJ
ajfa-9288	135	12	seodebt	seodebt	NOUN
ajfa-9288	135	13	:	:	PUNCT
ajfa-9288	135	14	a	a	DET
ajfa-9288	135	15	dummy	dummy	ADJ
ajfa-9288	135	16	variable	variable	NOUN
ajfa-9288	135	17	for	for	ADP
ajfa-9288	135	18	equity	equity	NOUN
ajfa-9288	135	19	which	which	PRON
ajfa-9288	135	20	equal	equal	ADJ
ajfa-9288	135	21	to	to	ADP
ajfa-9288	135	22	1	1	NUM
ajfa-9288	135	23	if	if	SCONJ
ajfa-9288	135	24	firms	firm	NOUN
ajfa-9288	135	25	make	make	VERB
ajfa-9288	135	26	seasoned	seasoned	ADJ
ajfa-9288	135	27	equity	equity	NOUN
ajfa-9288	135	28	offering	offering	NOUN
ajfa-9288	135	29	and	and	CCONJ
ajfa-9288	135	30	0	0	NUM
ajfa-9288	135	31	if	if	SCONJ
ajfa-9288	135	32	firm	firm	ADJ
ajfa-9288	135	33	raise	raise	VERB
ajfa-9288	135	34	capital	capital	NOUN
ajfa-9288	135	35	via	via	ADP
ajfa-9288	135	36	banking	banking	NOUN
ajfa-9288	135	37	,	,	PUNCT
ajfa-9288	135	38	issuing	issue	VERB
ajfa-9288	135	39	bonds	bond	NOUN
ajfa-9288	135	40	,	,	PUNCT
ajfa-9288	135	41	or	or	CCONJ
ajfa-9288	135	42	private	private	ADJ
ajfa-9288	135	43	equity	equity	NOUN
ajfa-9288	135	44	financing	financing	NOUN
ajfa-9288	135	45	.	.	PUNCT
ajfa-9288	136	1	prids	prid	NOUN
ajfa-9288	136	2	:	:	PUNCT
ajfa-9288	136	3	a	a	DET
ajfa-9288	136	4	dummy	dummy	ADJ
ajfa-9288	136	5	variable	variable	NOUN
ajfa-9288	136	6	for	for	ADP
ajfa-9288	136	7	private	private	ADJ
ajfa-9288	136	8	equity	equity	NOUN
ajfa-9288	136	9	which	which	PRON
ajfa-9288	136	10	equal	equal	ADJ
ajfa-9288	136	11	to	to	ADP
ajfa-9288	136	12	1	1	NUM
ajfa-9288	136	13	if	if	SCONJ
ajfa-9288	136	14	firms	firm	NOUN
ajfa-9288	136	15	use	use	VERB
ajfa-9288	136	16	private	private	ADJ
ajfa-9288	136	17	equity	equity	NOUN
ajfa-9288	136	18	financing	financing	NOUN
ajfa-9288	136	19	and	and	CCONJ
ajfa-9288	136	20	0	0	NUM
ajfa-9288	136	21	if	if	SCONJ
ajfa-9288	136	22	firm	firm	ADJ
ajfa-9288	136	23	raise	raise	VERB
ajfa-9288	136	24	capital	capital	NOUN
ajfa-9288	136	25	via	via	ADP
ajfa-9288	136	26	banking	banking	NOUN
ajfa-9288	136	27	,	,	PUNCT
ajfa-9288	136	28	issuing	issue	VERB
ajfa-9288	136	29	bonds	bond	NOUN
ajfa-9288	136	30	,	,	PUNCT
ajfa-9288	136	31	or	or	CCONJ
ajfa-9288	136	32	seasoned	season	VERB
ajfa-9288	136	33	equity	equity	NOUN
ajfa-9288	136	34	offering	offering	NOUN
ajfa-9288	136	35	.	.	PUNCT
ajfa-9288	137	1	debtseo	debtseo	NOUN
ajfa-9288	137	2	:	:	PUNCT
ajfa-9288	137	3	a	a	DET
ajfa-9288	137	4	dummy	dummy	ADJ
ajfa-9288	137	5	variable	variable	NOUN
ajfa-9288	137	6	for	for	ADP
ajfa-9288	137	7	debts	debt	NOUN
ajfa-9288	137	8	which	which	PRON
ajfa-9288	137	9	equal	equal	ADJ
ajfa-9288	137	10	to	to	ADP
ajfa-9288	137	11	1	1	NUM
ajfa-9288	137	12	if	if	SCONJ
ajfa-9288	137	13	firms	firm	NOUN
ajfa-9288	137	14	raise	raise	VERB
ajfa-9288	137	15	capital	capital	NOUN
ajfa-9288	137	16	via	via	ADP
ajfa-9288	137	17	banking	banking	NOUN
ajfa-9288	137	18	and	and	CCONJ
ajfa-9288	137	19	issuing	issue	VERB
ajfa-9288	137	20	bonds	bond	NOUN
ajfa-9288	137	21	and	and	CCONJ
ajfa-9288	137	22	0	0	NUM
ajfa-9288	137	23	if	if	SCONJ
ajfa-9288	137	24	firms	firm	NOUN
ajfa-9288	137	25	make	make	VERB
ajfa-9288	137	26	seasoned	seasoned	ADJ
ajfa-9288	137	27	equity	equity	NOUN
ajfa-9288	137	28	offering	offering	NOUN
ajfa-9288	137	29	or	or	CCONJ
ajfa-9288	137	30	private	private	ADJ
ajfa-9288	137	31	equity	equity	NOUN
ajfa-9288	137	32	financing	financing	NOUN
ajfa-9288	137	33	.	.	PUNCT
ajfa-9288	138	1	dagency	dagency	NOUN
ajfa-9288	138	2	:	:	PUNCT
ajfa-9288	138	3	debt	debt	NOUN
ajfa-9288	138	4	agency	agency	NOUN
ajfa-9288	138	5	costs	cost	NOUN
ajfa-9288	138	6	,	,	PUNCT
ajfa-9288	138	7	measured	measure	VERB
ajfa-9288	138	8	by	by	ADP
ajfa-9288	138	9	market	market	NOUN
ajfa-9288	138	10	-	-	PUNCT
ajfa-9288	138	11	to	to	ADP
ajfa-9288	138	12	-	-	PUNCT
ajfa-9288	138	13	book	book	NOUN
ajfa-9288	138	14	ratio	ratio	NOUN
ajfa-9288	138	15	of	of	ADP
ajfa-9288	138	16	equity	equity	NOUN
ajfa-9288	138	17	(	(	PUNCT
ajfa-9288	138	18	mb	mb	NOUN
ajfa-9288	138	19	)	)	PUNCT
ajfa-9288	138	20	.	.	PUNCT
ajfa-9288	139	1	firms	firm	NOUN
ajfa-9288	139	2	with	with	ADP
ajfa-9288	139	3	higher	high	ADJ
ajfa-9288	139	4	mb	mb	AUX
ajfa-9288	139	5	represent	represent	VERB
ajfa-9288	139	6	higher	high	ADJ
ajfa-9288	139	7	the	the	DET
ajfa-9288	139	8	growth	growth	NOUN
ajfa-9288	139	9	opportunities	opportunity	NOUN
ajfa-9288	139	10	,	,	PUNCT
ajfa-9288	139	11	whereas	whereas	SCONJ
ajfa-9288	139	12	the	the	DET
ajfa-9288	139	13	higher	high	ADJ
ajfa-9288	139	14	debt	debt	NOUN
ajfa-9288	139	15	agency	agency	NOUN
ajfa-9288	139	16	costs	cost	NOUN
ajfa-9288	139	17	then	then	ADV
ajfa-9288	139	18	the	the	DET
ajfa-9288	139	19	lower	low	ADJ
ajfa-9288	139	20	long	long	ADJ
ajfa-9288	139	21	-	-	PUNCT
ajfa-9288	139	22	term	term	NOUN
ajfa-9288	139	23	debt	debt	NOUN
ajfa-9288	139	24	.	.	PUNCT
ajfa-9288	140	1	eagency	eagency	NOUN
ajfa-9288	140	2	:	:	PUNCT
ajfa-9288	140	3	equity	equity	NOUN
ajfa-9288	140	4	agency	agency	NOUN
ajfa-9288	140	5	costs	cost	NOUN
ajfa-9288	140	6	,	,	PUNCT
ajfa-9288	140	7	measured	measure	VERB
ajfa-9288	140	8	by	by	ADP
ajfa-9288	140	9	the	the	DET
ajfa-9288	140	10	sample	sample	NOUN
ajfa-9288	140	11	’s	’s	PART
ajfa-9288	140	12	operating	operate	VERB
ajfa-9288	140	13	expense	expense	NOUN
ajfa-9288	140	14	(	(	PUNCT
ajfa-9288	140	15	selling	selling	NOUN
ajfa-9288	140	16	and	and	CCONJ
ajfa-9288	140	17	administrative	administrative	ADJ
ajfa-9288	140	18	expenses	expense	NOUN
ajfa-9288	140	19	)	)	PUNCT
ajfa-9288	140	20	ratio	ratio	NOUN
ajfa-9288	140	21	minus	minus	ADP
ajfa-9288	140	22	the	the	DET
ajfa-9288	140	23	median	median	NOUN
ajfa-9288	140	24	of	of	ADP
ajfa-9288	140	25	operating	operate	VERB
ajfa-9288	140	26	expense	expense	NOUN
ajfa-9288	140	27	ratios	ratio	NOUN
ajfa-9288	140	28	of	of	ADP
ajfa-9288	140	29	all	all	DET
ajfa-9288	140	30	firms	firm	NOUN
ajfa-9288	140	31	in	in	ADP
ajfa-9288	140	32	an	an	DET
ajfa-9288	140	33	industry	industry	NOUN
ajfa-9288	140	34	.	.	PUNCT
ajfa-9288	141	1	oagency	oagency	NOUN
ajfa-9288	141	2	:	:	PUNCT
ajfa-9288	141	3	equity	equity	NOUN
ajfa-9288	141	4	agency	agency	NOUN
ajfa-9288	141	5	costs	cost	NOUN
ajfa-9288	141	6	,	,	PUNCT
ajfa-9288	141	7	measured	measure	VERB
ajfa-9288	141	8	by	by	ADP
ajfa-9288	141	9	the	the	DET
ajfa-9288	141	10	sample	sample	NOUN
ajfa-9288	141	11	’s	’s	PART
ajfa-9288	141	12	turnover	turnover	NOUN
ajfa-9288	141	13	of	of	ADP
ajfa-9288	141	14	assets	asset	NOUN
ajfa-9288	141	15	minus	minus	ADP
ajfa-9288	141	16	the	the	DET
ajfa-9288	141	17	median	median	NOUN
ajfa-9288	141	18	of	of	ADP
ajfa-9288	141	19	turnover	turnover	NOUN
ajfa-9288	141	20	of	of	ADP
ajfa-9288	141	21	assets	asset	NOUN
ajfa-9288	141	22	of	of	ADP
ajfa-9288	141	23	all	all	DET
ajfa-9288	141	24	firms	firm	NOUN
ajfa-9288	141	25	in	in	ADP
ajfa-9288	141	26	an	an	DET
ajfa-9288	141	27	industry	industry	NOUN
ajfa-9288	141	28	.	.	PUNCT
ajfa-9288	142	1	as	as	ADP
ajfa-9288	142	2	:	:	PUNCT
ajfa-9288	142	3	the	the	DET
ajfa-9288	142	4	natural	natural	ADJ
ajfa-9288	142	5	log	log	NOUN
ajfa-9288	142	6	of	of	ADP
ajfa-9288	142	7	total	total	ADJ
ajfa-9288	142	8	assets	asset	NOUN
ajfa-9288	142	9	,	,	PUNCT
ajfa-9288	142	10	controlled	control	VERB
ajfa-9288	142	11	for	for	ADP
ajfa-9288	142	12	the	the	DET
ajfa-9288	142	13	firm	firm	NOUN
ajfa-9288	142	14	’s	’s	PART
ajfa-9288	142	15	size	size	NOUN
ajfa-9288	142	16	.	.	PUNCT
ajfa-9288	143	1	roa	roa	PROPN
ajfa-9288	143	2	:	:	PUNCT
ajfa-9288	143	3	return	return	VERB
ajfa-9288	143	4	on	on	ADP
ajfa-9288	143	5	total	total	ADJ
ajfa-9288	143	6	assets	asset	NOUN
ajfa-9288	143	7	,	,	PUNCT
ajfa-9288	143	8	indicating	indicate	VERB
ajfa-9288	143	9	that	that	SCONJ
ajfa-9288	143	10	firm	firm	NOUN
ajfa-9288	143	11	’s	’s	PART
ajfa-9288	143	12	profitability	profitability	NOUN
ajfa-9288	143	13	and	and	CCONJ
ajfa-9288	143	14	managers	manager	NOUN
ajfa-9288	143	15	use	use	VERB
ajfa-9288	143	16	total	total	ADJ
ajfa-9288	143	17	assets	asset	NOUN
ajfa-9288	143	18	to	to	PART
ajfa-9288	143	19	create	create	VERB
ajfa-9288	143	20	profits	profit	NOUN
ajfa-9288	143	21	for	for	ADP
ajfa-9288	143	22	their	their	PRON
ajfa-9288	143	23	shareholders	shareholder	NOUN
ajfa-9288	143	24	.	.	PUNCT
ajfa-9288	144	1	in	in	ADP
ajfa-9288	144	2	addition	addition	NOUN
ajfa-9288	144	3	,	,	PUNCT
ajfa-9288	144	4	we	we	PRON
ajfa-9288	144	5	also	also	ADV
ajfa-9288	144	6	examine	examine	VERB
ajfa-9288	144	7	the	the	DET
ajfa-9288	144	8	relationship	relationship	NOUN
ajfa-9288	144	9	between	between	ADP
ajfa-9288	144	10	current	current	ADJ
ajfa-9288	144	11	period	period	NOUN
ajfa-9288	144	12	’s	’s	PART
ajfa-9288	144	13	agency	agency	NOUN
ajfa-9288	144	14	costs	cost	NOUN
ajfa-9288	144	15	,	,	PUNCT
ajfa-9288	144	16	seasoned	seasoned	ADJ
ajfa-9288	144	17	equity	equity	NOUN
ajfa-9288	144	18	offering	offering	NOUN
ajfa-9288	144	19	,	,	PUNCT
ajfa-9288	144	20	and	and	CCONJ
ajfa-9288	144	21	private	private	ADJ
ajfa-9288	144	22	equity	equity	NOUN
ajfa-9288	144	23	financing	financing	NOUN
ajfa-9288	144	24	.	.	PUNCT
ajfa-9288	145	1	the	the	DET
ajfa-9288	145	2	models	model	NOUN
ajfa-9288	145	3	are	be	AUX
ajfa-9288	145	4	as	as	SCONJ
ajfa-9288	145	5	follows	follow	VERB
ajfa-9288	145	6	:	:	PUNCT
ajfa-9288	145	7	itititititit	itititititit	NOUN
ajfa-9288	145	8	eroaaasaeagencyadagencyaaseodebt	eroaaasaeagencyadagencyaaseodebt	NOUN
ajfa-9288	146	1	+	+	PROPN
ajfa-9288	146	2	+	+	ADJ
ajfa-9288	146	3	+	+	ADJ
ajfa-9288	146	4	+	+	ADJ
ajfa-9288	146	5	+	+	ADJ
ajfa-9288	146	6	=	=	ADJ
ajfa-9288	146	7	43210	43210	NUM
ajfa-9288	146	8	(	(	PUNCT
ajfa-9288	146	9	5	5	NUM
ajfa-9288	146	10	)	)	PUNCT
ajfa-9288	146	11	itititititit	itititititit	NOUN
ajfa-9288	146	12	eroaaasaeagencyadagencyaaprids	eroaaasaeagencyadagencyaaprid	NOUN
ajfa-9288	147	1	+	+	PROPN
ajfa-9288	147	2	+	+	ADJ
ajfa-9288	147	3	+	+	ADJ
ajfa-9288	147	4	+	+	ADJ
ajfa-9288	147	5	+	+	ADJ
ajfa-9288	147	6	=	=	ADJ
ajfa-9288	147	7	43210	43210	NUM
ajfa-9288	147	8	(	(	PUNCT
ajfa-9288	147	9	6	6	NUM
ajfa-9288	147	10	)	)	PUNCT
ajfa-9288	147	11	as	as	ADP
ajfa-9288	147	12	the	the	DET
ajfa-9288	147	13	above	above	ADJ
ajfa-9288	147	14	model	model	NOUN
ajfa-9288	147	15	,	,	PUNCT
ajfa-9288	147	16	the	the	DET
ajfa-9288	147	17	measure	measure	NOUN
ajfa-9288	147	18	our	our	PRON
ajfa-9288	147	19	proxies	proxy	NOUN
ajfa-9288	147	20	for	for	ADP
ajfa-9288	147	21	debt	debt	NOUN
ajfa-9288	147	22	agency	agency	NOUN
ajfa-9288	147	23	costs	cost	NOUN
ajfa-9288	147	24	that	that	PRON
ajfa-9288	147	25	adopts	adopt	VERB
ajfa-9288	147	26	market	market	NOUN
ajfa-9288	147	27	to	to	ADP
ajfa-9288	147	28	book	book	NOUN
ajfa-9288	147	29	ratio	ratio	NOUN
ajfa-9288	147	30	(	(	PUNCT
ajfa-9288	147	31	mb	mb	NOUN
ajfa-9288	147	32	)	)	PUNCT
ajfa-9288	147	33	,	,	PUNCT
ajfa-9288	147	34	measured	measure	VERB
ajfa-9288	147	35	with	with	ADP
ajfa-9288	147	36	the	the	DET
ajfa-9288	147	37	market	market	NOUN
ajfa-9288	147	38	value	value	NOUN
ajfa-9288	147	39	of	of	ADP
ajfa-9288	147	40	equity	equity	NOUN
ajfa-9288	147	41	divided	divide	VERB
ajfa-9288	147	42	by	by	ADP
ajfa-9288	147	43	the	the	DET
ajfa-9288	147	44	book	book	NOUN
ajfa-9288	147	45	value	value	NOUN
ajfa-9288	147	46	of	of	ADP
ajfa-9288	147	47	asian	asian	ADJ
ajfa-9288	147	48	journal	journal	NOUN
ajfa-9288	147	49	of	of	ADP
ajfa-9288	147	50	finance	finance	PROPN
ajfa-9288	147	51	&	&	CCONJ
ajfa-9288	147	52	accounting	accounting	PROPN
ajfa-9288	147	53	issn	issn	PROPN
ajfa-9288	147	54	1946	1946	NUM
ajfa-9288	147	55	-	-	PUNCT
ajfa-9288	147	56	052x	052x	PROPN
ajfa-9288	147	57	2016	2016	NUM
ajfa-9288	147	58	,	,	PUNCT
ajfa-9288	147	59	vol	vol	NOUN
ajfa-9288	147	60	.	.	PROPN
ajfa-9288	147	61	8	8	NUM
ajfa-9288	147	62	,	,	PUNCT
ajfa-9288	147	63	no	no	INTJ
ajfa-9288	147	64	.	.	NOUN
ajfa-9288	147	65	1	1	NUM
ajfa-9288	147	66	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	147	67	134	134	NUM
ajfa-9288	147	68	equity	equity	NOUN
ajfa-9288	147	69	.	.	PUNCT
ajfa-9288	148	1	additionally	additionally	ADV
ajfa-9288	148	2	,	,	PUNCT
ajfa-9288	148	3	following	follow	VERB
ajfa-9288	148	4	singh	singh	PROPN
ajfa-9288	148	5	and	and	CCONJ
ajfa-9288	148	6	davidson	davidson	PROPN
ajfa-9288	148	7	(	(	PUNCT
ajfa-9288	148	8	2003	2003	NUM
ajfa-9288	148	9	)	)	PUNCT
ajfa-9288	148	10	and	and	CCONJ
ajfa-9288	148	11	tsai	tsai	PROPN
ajfa-9288	148	12	et	et	PROPN
ajfa-9288	148	13	al	al	PROPN
ajfa-9288	148	14	.	.	PROPN
ajfa-9288	149	1	(	(	PUNCT
ajfa-9288	149	2	2008	2008	NUM
ajfa-9288	149	3	)	)	PUNCT
ajfa-9288	149	4	,	,	PUNCT
ajfa-9288	149	5	our	our	PRON
ajfa-9288	149	6	equity	equity	NOUN
ajfa-9288	149	7	agency	agency	NOUN
ajfa-9288	149	8	costs	cost	NOUN
ajfa-9288	149	9	are	be	AUX
ajfa-9288	149	10	measured	measure	VERB
ajfa-9288	149	11	by	by	ADP
ajfa-9288	149	12	both	both	DET
ajfa-9288	149	13	turnover	turnover	NOUN
ajfa-9288	149	14	of	of	ADP
ajfa-9288	149	15	assets	asset	NOUN
ajfa-9288	149	16	and	and	CCONJ
ajfa-9288	149	17	operating	operating	NOUN
ajfa-9288	149	18	expenses	expense	NOUN
ajfa-9288	149	19	ratio	ratio	NOUN
ajfa-9288	149	20	.	.	PUNCT
ajfa-9288	150	1	this	this	DET
ajfa-9288	150	2	study	study	NOUN
ajfa-9288	150	3	uses	use	VERB
ajfa-9288	150	4	the	the	DET
ajfa-9288	150	5	sum	sum	NOUN
ajfa-9288	150	6	of	of	ADP
ajfa-9288	150	7	the	the	DET
ajfa-9288	150	8	cumulative	cumulative	ADJ
ajfa-9288	150	9	shareholdings	shareholding	NOUN
ajfa-9288	150	10	ratio	ratio	NOUN
ajfa-9288	150	11	held	hold	VERB
ajfa-9288	150	12	by	by	ADP
ajfa-9288	150	13	executives	executive	NOUN
ajfa-9288	150	14	,	,	PUNCT
ajfa-9288	150	15	directors	director	NOUN
ajfa-9288	150	16	and	and	CCONJ
ajfa-9288	150	17	supervisors	supervisor	NOUN
ajfa-9288	150	18	,	,	PUNCT
ajfa-9288	150	19	and	and	CCONJ
ajfa-9288	150	20	blockholders	blockholder	NOUN
ajfa-9288	150	21	to	to	PART
ajfa-9288	150	22	measure	measure	VERB
ajfa-9288	150	23	the	the	DET
ajfa-9288	150	24	shareholdings	shareholding	NOUN
ajfa-9288	150	25	of	of	ADP
ajfa-9288	150	26	insiders	insider	NOUN
ajfa-9288	150	27	.	.	PUNCT
ajfa-9288	151	1	to	to	PART
ajfa-9288	151	2	further	far	ADV
ajfa-9288	151	3	test	test	VERB
ajfa-9288	151	4	the	the	DET
ajfa-9288	151	5	relationship	relationship	NOUN
ajfa-9288	151	6	between	between	ADP
ajfa-9288	151	7	shareholdings	shareholding	NOUN
ajfa-9288	151	8	of	of	ADP
ajfa-9288	151	9	insiders	insider	NOUN
ajfa-9288	151	10	and	and	CCONJ
ajfa-9288	151	11	firm	firm	NOUN
ajfa-9288	151	12	’s	’s	PART
ajfa-9288	151	13	financing	financing	NOUN
ajfa-9288	151	14	choices	choice	NOUN
ajfa-9288	151	15	as	as	ADV
ajfa-9288	151	16	well	well	ADV
ajfa-9288	151	17	as	as	ADP
ajfa-9288	151	18	test	test	VERB
ajfa-9288	151	19	the	the	DET
ajfa-9288	151	20	effects	effect	NOUN
ajfa-9288	151	21	of	of	ADP
ajfa-9288	151	22	the	the	DET
ajfa-9288	151	23	interaction	interaction	NOUN
ajfa-9288	151	24	term	term	NOUN
ajfa-9288	151	25	between	between	ADP
ajfa-9288	151	26	shareholdings	shareholding	NOUN
ajfa-9288	151	27	of	of	ADP
ajfa-9288	151	28	insiders	insider	NOUN
ajfa-9288	151	29	and	and	CCONJ
ajfa-9288	151	30	agency	agency	NOUN
ajfa-9288	151	31	costs	cost	NOUN
ajfa-9288	151	32	on	on	ADP
ajfa-9288	151	33	the	the	DET
ajfa-9288	151	34	financing	financing	NOUN
ajfa-9288	151	35	choice	choice	NOUN
ajfa-9288	151	36	.	.	PUNCT
ajfa-9288	152	1	to	to	PART
ajfa-9288	152	2	validate	validate	VERB
ajfa-9288	152	3	hypotheses	hypothesis	NOUN
ajfa-9288	152	4	2a	2a	NUM
ajfa-9288	152	5	and	and	CCONJ
ajfa-9288	152	6	2b	2b	NOUN
ajfa-9288	152	7	and	and	CCONJ
ajfa-9288	152	8	control	control	NOUN
ajfa-9288	152	9	for	for	ADP
ajfa-9288	152	10	endogeneity	endogeneity	NOUN
ajfa-9288	152	11	,	,	PUNCT
ajfa-9288	152	12	we	we	PRON
ajfa-9288	152	13	adopt	adopt	VERB
ajfa-9288	152	14	prior	prior	ADJ
ajfa-9288	152	15	shareholdings	shareholding	NOUN
ajfa-9288	152	16	of	of	ADP
ajfa-9288	152	17	insiders	insider	NOUN
ajfa-9288	152	18	,	,	PUNCT
ajfa-9288	152	19	prior	prior	ADJ
ajfa-9288	152	20	equity	equity	NOUN
ajfa-9288	152	21	agency	agency	NOUN
ajfa-9288	152	22	costs	cost	NOUN
ajfa-9288	152	23	,	,	PUNCT
ajfa-9288	152	24	and	and	CCONJ
ajfa-9288	152	25	prior	prior	ADJ
ajfa-9288	152	26	debt	debt	NOUN
ajfa-9288	152	27	agency	agency	NOUN
ajfa-9288	152	28	costs	cost	NOUN
ajfa-9288	152	29	to	to	PART
ajfa-9288	152	30	analyze	analyze	VERB
ajfa-9288	152	31	their	their	PRON
ajfa-9288	152	32	impact	impact	NOUN
ajfa-9288	152	33	on	on	ADP
ajfa-9288	152	34	financing	financing	NOUN
ajfa-9288	152	35	choices	choice	NOUN
ajfa-9288	152	36	.	.	PUNCT
ajfa-9288	153	1	two	two	NUM
ajfa-9288	153	2	regression	regression	NOUN
ajfa-9288	153	3	models	model	NOUN
ajfa-9288	153	4	are	be	AUX
ajfa-9288	153	5	presented	present	VERB
ajfa-9288	153	6	in	in	ADP
ajfa-9288	153	7	the	the	DET
ajfa-9288	153	8	following	following	NOUN
ajfa-9288	153	9	:	:	PUNCT
ajfa-9288	153	10	(	(	PUNCT
ajfa-9288	153	11	7	7	X
ajfa-9288	153	12	)	)	PUNCT
ajfa-9288	153	13	76115	76115	NUM
ajfa-9288	153	14	1141312110	1141312110	NUM
ajfa-9288	153	15	ititititit	ititititit	NOUN
ajfa-9288	153	16	itititititit	itititititit	NOUN
ajfa-9288	153	17	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	153	18	insidesdagencyainsidesaeagencyadagencyaaseodebt	insidesdagencyainsidesaeagencyadagencyaaseodebt	NOUN
ajfa-9288	153	19	+	+	PROPN
ajfa-9288	153	20	+	+	ADJ
ajfa-9288	153	21	+	+	ADJ
ajfa-9288	153	22	+	+	ADJ
ajfa-9288	153	23	+	+	ADJ
ajfa-9288	153	24	+	+	ADJ
ajfa-9288	153	25	+	+	ADJ
ajfa-9288	153	26	+	+	ADJ
ajfa-9288	153	27	=	=	ADJ
ajfa-9288	153	28	−−	−−	NOUN
ajfa-9288	153	29	−−−−−	−−−−−	X
ajfa-9288	153	30	(	(	PUNCT
ajfa-9288	153	31	8)	8)	NUM
ajfa-9288	153	32	76115	76115	NUM
ajfa-9288	153	33	1141312110	1141312110	NUM
ajfa-9288	153	34	ititititit	ititititit	NOUN
ajfa-9288	153	35	itititititit	itititititit	NOUN
ajfa-9288	153	36	eroaaasainsidesoagencya	eroaaasainsidesoagencya	NOUN
ajfa-9288	153	37	insidesdagencyainsidesaoagencyadagencyaaseodebt	insidesdagencyainsidesaoagencyadagencyaaseodebt	NOUN
ajfa-9288	154	1	+	+	PROPN
ajfa-9288	154	2	+	+	ADJ
ajfa-9288	154	3	+	+	ADJ
ajfa-9288	154	4	+	+	ADJ
ajfa-9288	154	5	+	+	ADJ
ajfa-9288	154	6	+	+	ADJ
ajfa-9288	154	7	+	+	ADJ
ajfa-9288	154	8	+	+	ADJ
ajfa-9288	154	9	=	=	ADJ
ajfa-9288	154	10	−−	−−	NOUN
ajfa-9288	154	11	−−−−−	−−−−−	NOUN
ajfa-9288	154	12	we	we	PRON
ajfa-9288	154	13	rely	rely	VERB
ajfa-9288	154	14	on	on	ADP
ajfa-9288	154	15	the	the	DET
ajfa-9288	154	16	following	follow	VERB
ajfa-9288	154	17	model	model	NOUN
ajfa-9288	154	18	to	to	PART
ajfa-9288	154	19	examine	examine	VERB
ajfa-9288	154	20	h2c	h2c	PROPN
ajfa-9288	154	21	,	,	PUNCT
ajfa-9288	154	22	that	that	SCONJ
ajfa-9288	154	23	shareholdings	shareholding	NOUN
ajfa-9288	154	24	of	of	ADP
ajfa-9288	154	25	insiders	insider	NOUN
ajfa-9288	154	26	affect	affect	VERB
ajfa-9288	154	27	the	the	DET
ajfa-9288	154	28	relations	relation	NOUN
ajfa-9288	154	29	between	between	ADP
ajfa-9288	154	30	agency	agency	NOUN
ajfa-9288	154	31	costs	cost	NOUN
ajfa-9288	154	32	and	and	CCONJ
ajfa-9288	154	33	private	private	ADJ
ajfa-9288	154	34	equity	equity	NOUN
ajfa-9288	154	35	financing	financing	NOUN
ajfa-9288	154	36	.	.	PUNCT
ajfa-9288	155	1	as	as	SCONJ
ajfa-9288	155	2	mentioned	mention	VERB
ajfa-9288	155	3	above	above	ADV
ajfa-9288	155	4	,	,	PUNCT
ajfa-9288	155	5	to	to	PART
ajfa-9288	155	6	avoid	avoid	VERB
ajfa-9288	155	7	endogeneity	endogeneity	NOUN
ajfa-9288	155	8	problems	problem	NOUN
ajfa-9288	155	9	,	,	PUNCT
ajfa-9288	155	10	we	we	PRON
ajfa-9288	155	11	introduce	introduce	VERB
ajfa-9288	155	12	lag	lag	NOUN
ajfa-9288	155	13	-	-	PUNCT
ajfa-9288	155	14	one	one	NUM
ajfa-9288	155	15	period	period	NOUN
ajfa-9288	155	16	’s	’s	PART
ajfa-9288	155	17	shareholdings	shareholding	NOUN
ajfa-9288	155	18	of	of	ADP
ajfa-9288	155	19	insiders	insider	NOUN
ajfa-9288	155	20	and	and	CCONJ
ajfa-9288	155	21	lag	lag	NOUN
ajfa-9288	155	22	-	-	PUNCT
ajfa-9288	155	23	one	one	NUM
ajfa-9288	155	24	period	period	NOUN
ajfa-9288	155	25	’s	’s	PART
ajfa-9288	155	26	agency	agency	NOUN
ajfa-9288	155	27	costs	cost	NOUN
ajfa-9288	155	28	to	to	PART
ajfa-9288	155	29	analyze	analyze	VERB
ajfa-9288	155	30	their	their	PRON
ajfa-9288	155	31	effects	effect	NOUN
ajfa-9288	155	32	on	on	ADP
ajfa-9288	155	33	private	private	ADJ
ajfa-9288	155	34	equity	equity	NOUN
ajfa-9288	155	35	financing	financing	NOUN
ajfa-9288	155	36	choice	choice	NOUN
ajfa-9288	155	37	.	.	PUNCT
ajfa-9288	156	1	two	two	NUM
ajfa-9288	156	2	specifications	specification	NOUN
ajfa-9288	156	3	are	be	AUX
ajfa-9288	156	4	as	as	SCONJ
ajfa-9288	156	5	follows	follow	VERB
ajfa-9288	156	6	:	:	PUNCT
ajfa-9288	156	7	(	(	PUNCT
ajfa-9288	156	8	9	9	X
ajfa-9288	156	9	)	)	PUNCT
ajfa-9288	156	10	76115	76115	NUM
ajfa-9288	156	11	1141312110	1141312110	NUM
ajfa-9288	156	12	ititititit	ititititit	NOUN
ajfa-9288	156	13	itititititit	itititititit	NOUN
ajfa-9288	156	14	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	156	15	insidesdagencyainsidesaeagencyadagencyaaprids	insidesdagencyainsidesaeagencyadagencyaaprid	NOUN
ajfa-9288	156	16	+	+	PROPN
ajfa-9288	156	17	+	+	ADJ
ajfa-9288	156	18	+	+	ADJ
ajfa-9288	156	19	+	+	ADJ
ajfa-9288	156	20	+	+	ADJ
ajfa-9288	156	21	+	+	ADJ
ajfa-9288	156	22	+	+	ADJ
ajfa-9288	156	23	+	+	ADJ
ajfa-9288	156	24	=	=	ADJ
ajfa-9288	156	25	−−	−−	NOUN
ajfa-9288	156	26	−−−−−	−−−−−	X
ajfa-9288	156	27	(	(	PUNCT
ajfa-9288	156	28	10	10	NUM
ajfa-9288	156	29	)	)	PUNCT
ajfa-9288	156	30	76115	76115	NUM
ajfa-9288	156	31	1141312110	1141312110	NUM
ajfa-9288	156	32	ititititit	ititititit	NOUN
ajfa-9288	156	33	itititititit	itititititit	NOUN
ajfa-9288	156	34	eroaaasainsidesoagencya	eroaaasainsidesoagencya	NOUN
ajfa-9288	156	35	insidesdagencyainsidesaoagencyadagencyaaprids	insidesdagencyainsidesaoagencyadagencyaaprid	VERB
ajfa-9288	157	1	+	+	PROPN
ajfa-9288	157	2	+	+	ADJ
ajfa-9288	157	3	+	+	ADJ
ajfa-9288	157	4	+	+	ADJ
ajfa-9288	157	5	+	+	ADJ
ajfa-9288	157	6	+	+	ADJ
ajfa-9288	157	7	+	+	ADJ
ajfa-9288	157	8	+	+	ADJ
ajfa-9288	157	9	=	=	ADJ
ajfa-9288	157	10	−−	−−	NOUN
ajfa-9288	157	11	−−−−−	−−−−−	X
ajfa-9288	158	1	moreover	moreover	ADV
ajfa-9288	158	2	,	,	PUNCT
ajfa-9288	158	3	we	we	PRON
ajfa-9288	158	4	further	far	ADV
ajfa-9288	158	5	explore	explore	VERB
ajfa-9288	158	6	the	the	DET
ajfa-9288	158	7	relationship	relationship	NOUN
ajfa-9288	158	8	between	between	ADP
ajfa-9288	158	9	shareholdings	shareholding	NOUN
ajfa-9288	158	10	of	of	ADP
ajfa-9288	158	11	insiders	insider	NOUN
ajfa-9288	158	12	,	,	PUNCT
ajfa-9288	158	13	agency	agency	NOUN
ajfa-9288	158	14	costs	cost	NOUN
ajfa-9288	158	15	and	and	CCONJ
ajfa-9288	158	16	financing	financing	NOUN
ajfa-9288	158	17	choices	choice	NOUN
ajfa-9288	158	18	in	in	ADP
ajfa-9288	158	19	the	the	DET
ajfa-9288	158	20	current	current	ADJ
ajfa-9288	158	21	period	period	NOUN
ajfa-9288	158	22	.	.	PUNCT
ajfa-9288	159	1	the	the	DET
ajfa-9288	159	2	two	two	NUM
ajfa-9288	159	3	research	research	NOUN
ajfa-9288	159	4	models	model	NOUN
ajfa-9288	159	5	are	be	AUX
ajfa-9288	159	6	presented	present	VERB
ajfa-9288	159	7	in	in	ADP
ajfa-9288	159	8	the	the	DET
ajfa-9288	159	9	following	following	NOUN
ajfa-9288	159	10	:	:	PUNCT
ajfa-9288	159	11	(	(	PUNCT
ajfa-9288	159	12	11	11	NUM
ajfa-9288	159	13	)	)	PUNCT
ajfa-9288	159	14	765	765	NUM
ajfa-9288	159	15	43210	43210	NUM
ajfa-9288	159	16	ititititit	ititititit	NOUN
ajfa-9288	159	17	itititititit	itititititit	NOUN
ajfa-9288	159	18	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	159	19	insidesdagencyainsidesaeagencyadagencyaaseodebt	insidesdagencyainsidesaeagencyadagencyaaseodebt	NOUN
ajfa-9288	159	20	+	+	PROPN
ajfa-9288	159	21	+	+	ADJ
ajfa-9288	159	22	+	+	ADJ
ajfa-9288	159	23	+	+	ADJ
ajfa-9288	159	24	+	+	ADJ
ajfa-9288	159	25	+	+	ADJ
ajfa-9288	159	26	+	+	ADJ
ajfa-9288	159	27	+	+	NOUN
ajfa-9288	159	28	=	=	X
ajfa-9288	159	29	(	(	PUNCT
ajfa-9288	159	30	12	12	NUM
ajfa-9288	159	31	)	)	PUNCT
ajfa-9288	159	32	765	765	NUM
ajfa-9288	159	33	43210	43210	NUM
ajfa-9288	159	34	ititititit	ititititit	NOUN
ajfa-9288	159	35	itititititit	itititititit	NOUN
ajfa-9288	159	36	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	159	37	insidesdagencyainsidesaeagencyadagencyaaprids	insidesdagencyainsidesaeagencyadagencyaaprid	NOUN
ajfa-9288	159	38	+	+	PROPN
ajfa-9288	159	39	+	+	ADJ
ajfa-9288	159	40	+	+	ADJ
ajfa-9288	159	41	+	+	ADJ
ajfa-9288	160	1	+	+	ADJ
ajfa-9288	160	2	+	+	ADJ
ajfa-9288	160	3	+	+	ADJ
ajfa-9288	160	4	+	+	NOUN
ajfa-9288	160	5	=	=	NOUN
ajfa-9288	160	6	where	where	SCONJ
ajfa-9288	160	7	insides	inside	NOUN
ajfa-9288	160	8	:	:	PUNCT
ajfa-9288	160	9	shareholdings	shareholding	NOUN
ajfa-9288	160	10	of	of	ADP
ajfa-9288	160	11	insiders	insider	NOUN
ajfa-9288	160	12	,	,	PUNCT
ajfa-9288	160	13	which	which	PRON
ajfa-9288	160	14	is	be	AUX
ajfa-9288	160	15	the	the	DET
ajfa-9288	160	16	sum	sum	NOUN
ajfa-9288	160	17	of	of	ADP
ajfa-9288	160	18	the	the	DET
ajfa-9288	160	19	cumulative	cumulative	ADJ
ajfa-9288	160	20	shareholdings	shareholding	NOUN
ajfa-9288	160	21	ratio	ratio	NOUN
ajfa-9288	160	22	held	hold	VERB
ajfa-9288	160	23	by	by	ADP
ajfa-9288	160	24	insiders	insider	NOUN
ajfa-9288	160	25	(	(	PUNCT
ajfa-9288	160	26	executives	executive	NOUN
ajfa-9288	160	27	,	,	PUNCT
ajfa-9288	160	28	directors	director	NOUN
ajfa-9288	160	29	and	and	CCONJ
ajfa-9288	160	30	supervisors	supervisor	NOUN
ajfa-9288	160	31	,	,	PUNCT
ajfa-9288	160	32	and	and	CCONJ
ajfa-9288	160	33	blockholders	blockholder	NOUN
ajfa-9288	160	34	)	)	PUNCT
ajfa-9288	160	35	.	.	PUNCT
ajfa-9288	161	1	dagency*insides	dagency*inside	VERB
ajfa-9288	161	2	:	:	PUNCT
ajfa-9288	161	3	the	the	DET
ajfa-9288	161	4	interaction	interaction	NOUN
ajfa-9288	161	5	term	term	NOUN
ajfa-9288	161	6	between	between	ADP
ajfa-9288	161	7	debt	debt	NOUN
ajfa-9288	161	8	agency	agency	NOUN
ajfa-9288	161	9	costs	cost	NOUN
ajfa-9288	161	10	and	and	CCONJ
ajfa-9288	161	11	shareholdings	shareholding	NOUN
ajfa-9288	161	12	of	of	ADP
ajfa-9288	161	13	insiders	insider	NOUN
ajfa-9288	161	14	.	.	PUNCT
ajfa-9288	162	1	eagency*insides	eagency*inside	NOUN
ajfa-9288	162	2	:	:	PUNCT
ajfa-9288	162	3	the	the	DET
ajfa-9288	162	4	interaction	interaction	NOUN
ajfa-9288	162	5	term	term	NOUN
ajfa-9288	162	6	between	between	ADP
ajfa-9288	162	7	equity	equity	NOUN
ajfa-9288	162	8	agency	agency	NOUN
ajfa-9288	162	9	costs	cost	NOUN
ajfa-9288	162	10	and	and	CCONJ
ajfa-9288	162	11	shareholdings	shareholding	NOUN
ajfa-9288	162	12	of	of	ADP
ajfa-9288	162	13	insiders	insider	NOUN
ajfa-9288	162	14	,	,	PUNCT
ajfa-9288	162	15	which	which	DET
ajfa-9288	162	16	equity	equity	NOUN
ajfa-9288	162	17	agency	agency	NOUN
ajfa-9288	162	18	costs	cost	NOUN
ajfa-9288	162	19	is	be	AUX
ajfa-9288	162	20	measured	measure	VERB
ajfa-9288	162	21	by	by	ADP
ajfa-9288	162	22	the	the	DET
ajfa-9288	162	23	firm	firm	NOUN
ajfa-9288	162	24	’s	’s	PART
ajfa-9288	162	25	operating	operate	VERB
ajfa-9288	162	26	asian	asian	ADJ
ajfa-9288	162	27	journal	journal	NOUN
ajfa-9288	162	28	of	of	ADP
ajfa-9288	162	29	finance	finance	PROPN
ajfa-9288	162	30	&	&	CCONJ
ajfa-9288	162	31	accounting	accounting	PROPN
ajfa-9288	162	32	issn	issn	PROPN
ajfa-9288	162	33	1946	1946	NUM
ajfa-9288	162	34	-	-	PUNCT
ajfa-9288	162	35	052x	052x	PROPN
ajfa-9288	162	36	2016	2016	NUM
ajfa-9288	162	37	,	,	PUNCT
ajfa-9288	162	38	vol	vol	NOUN
ajfa-9288	162	39	.	.	PROPN
ajfa-9288	162	40	8	8	NUM
ajfa-9288	162	41	,	,	PUNCT
ajfa-9288	162	42	no	no	INTJ
ajfa-9288	162	43	.	.	NOUN
ajfa-9288	162	44	1	1	NUM
ajfa-9288	162	45	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	162	46	135	135	NUM
ajfa-9288	162	47	expense	expense	NOUN
ajfa-9288	162	48	ratio	ratio	NOUN
ajfa-9288	162	49	minus	minus	ADP
ajfa-9288	162	50	the	the	DET
ajfa-9288	162	51	median	median	NOUN
ajfa-9288	162	52	of	of	ADP
ajfa-9288	162	53	operating	operate	VERB
ajfa-9288	162	54	expense	expense	NOUN
ajfa-9288	162	55	ratios	ratio	NOUN
ajfa-9288	162	56	of	of	ADP
ajfa-9288	162	57	all	all	DET
ajfa-9288	162	58	firms	firm	NOUN
ajfa-9288	162	59	in	in	ADP
ajfa-9288	162	60	an	an	DET
ajfa-9288	162	61	industry	industry	NOUN
ajfa-9288	162	62	.	.	PUNCT
ajfa-9288	163	1	oagency*insides	oagency*inside	NOUN
ajfa-9288	163	2	:	:	PUNCT
ajfa-9288	163	3	the	the	DET
ajfa-9288	163	4	interaction	interaction	NOUN
ajfa-9288	163	5	term	term	NOUN
ajfa-9288	163	6	between	between	ADP
ajfa-9288	163	7	equity	equity	NOUN
ajfa-9288	163	8	agency	agency	NOUN
ajfa-9288	163	9	costs	cost	NOUN
ajfa-9288	163	10	and	and	CCONJ
ajfa-9288	163	11	shareholdings	shareholding	NOUN
ajfa-9288	163	12	of	of	ADP
ajfa-9288	163	13	insiders	insider	NOUN
ajfa-9288	163	14	,	,	PUNCT
ajfa-9288	163	15	which	which	DET
ajfa-9288	163	16	equity	equity	NOUN
ajfa-9288	163	17	agency	agency	NOUN
ajfa-9288	163	18	costs	cost	NOUN
ajfa-9288	163	19	is	be	AUX
ajfa-9288	163	20	measured	measure	VERB
ajfa-9288	163	21	by	by	ADP
ajfa-9288	163	22	the	the	DET
ajfa-9288	163	23	firm	firm	NOUN
ajfa-9288	163	24	’s	’s	PART
ajfa-9288	163	25	assets	asset	NOUN
ajfa-9288	163	26	turnover	turnover	NOUN
ajfa-9288	163	27	minus	minus	ADP
ajfa-9288	163	28	the	the	DET
ajfa-9288	163	29	median	median	NOUN
ajfa-9288	163	30	of	of	ADP
ajfa-9288	163	31	assets	asset	NOUN
ajfa-9288	163	32	turnovers	turnover	NOUN
ajfa-9288	163	33	of	of	ADP
ajfa-9288	163	34	all	all	DET
ajfa-9288	163	35	firms	firm	NOUN
ajfa-9288	163	36	in	in	ADP
ajfa-9288	163	37	an	an	DET
ajfa-9288	163	38	industry	industry	NOUN
ajfa-9288	163	39	.	.	PUNCT
ajfa-9288	164	1	the	the	DET
ajfa-9288	164	2	definitions	definition	NOUN
ajfa-9288	164	3	of	of	ADP
ajfa-9288	164	4	other	other	ADJ
ajfa-9288	164	5	variables	variable	NOUN
ajfa-9288	164	6	are	be	AUX
ajfa-9288	164	7	as	as	ADP
ajfa-9288	164	8	the	the	DET
ajfa-9288	164	9	same	same	ADJ
ajfa-9288	164	10	as	as	ADP
ajfa-9288	164	11	equation	equation	NOUN
ajfa-9288	164	12	(	(	PUNCT
ajfa-9288	164	13	1	1	NUM
ajfa-9288	164	14	)	)	PUNCT
ajfa-9288	164	15	.	.	PUNCT
ajfa-9288	165	1	3.3	3.3	NUM
ajfa-9288	165	2	variable	variable	ADJ
ajfa-9288	165	3	definitions	definition	NOUN
ajfa-9288	165	4	debt	debt	NOUN
ajfa-9288	165	5	agency	agency	NOUN
ajfa-9288	165	6	cost	cost	NOUN
ajfa-9288	165	7	(	(	PUNCT
ajfa-9288	165	8	dagency	dagency	NOUN
ajfa-9288	165	9	)	)	PUNCT
ajfa-9288	165	10	prior	prior	ADJ
ajfa-9288	165	11	literature	literature	NOUN
ajfa-9288	165	12	concerning	concern	VERB
ajfa-9288	165	13	firms	firm	NOUN
ajfa-9288	165	14	with	with	ADP
ajfa-9288	165	15	higher	high	ADJ
ajfa-9288	165	16	investment	investment	NOUN
ajfa-9288	165	17	opportunities	opportunity	NOUN
ajfa-9288	165	18	usually	usually	ADV
ajfa-9288	165	19	have	have	VERB
ajfa-9288	165	20	higher	high	ADJ
ajfa-9288	165	21	debt	debt	NOUN
ajfa-9288	165	22	agency	agency	NOUN
ajfa-9288	165	23	costs	cost	NOUN
ajfa-9288	165	24	,	,	PUNCT
ajfa-9288	165	25	thereby	thereby	ADV
ajfa-9288	165	26	reduces	reduce	VERB
ajfa-9288	165	27	the	the	DET
ajfa-9288	165	28	cost	cost	NOUN
ajfa-9288	165	29	of	of	ADP
ajfa-9288	165	30	debt	debt	NOUN
ajfa-9288	165	31	financing	financing	NOUN
ajfa-9288	165	32	.	.	PUNCT
ajfa-9288	166	1	as	as	SCONJ
ajfa-9288	166	2	r&d	r&d	NOUN
ajfa-9288	166	3	expenses	expense	NOUN
ajfa-9288	166	4	and	and	CCONJ
ajfa-9288	166	5	advertising	advertising	NOUN
ajfa-9288	166	6	expenses	expense	NOUN
ajfa-9288	166	7	can	can	AUX
ajfa-9288	166	8	be	be	AUX
ajfa-9288	166	9	viewed	view	VERB
ajfa-9288	166	10	as	as	ADP
ajfa-9288	166	11	a	a	DET
ajfa-9288	166	12	proxy	proxy	NOUN
ajfa-9288	166	13	for	for	ADP
ajfa-9288	166	14	firm	firm	NOUN
ajfa-9288	166	15	’s	’s	PART
ajfa-9288	166	16	investment	investment	NOUN
ajfa-9288	166	17	opportunities	opportunity	NOUN
ajfa-9288	166	18	,	,	PUNCT
ajfa-9288	166	19	denotes	denote	VERB
ajfa-9288	166	20	that	that	SCONJ
ajfa-9288	166	21	r&d	r&d	NOUN
ajfa-9288	166	22	expenses	expense	NOUN
ajfa-9288	166	23	and	and	CCONJ
ajfa-9288	166	24	advertising	advertising	NOUN
ajfa-9288	166	25	expenses	expense	NOUN
ajfa-9288	166	26	are	be	AUX
ajfa-9288	166	27	inversely	inversely	ADV
ajfa-9288	166	28	related	relate	VERB
ajfa-9288	166	29	to	to	ADP
ajfa-9288	166	30	the	the	DET
ajfa-9288	166	31	long	long	ADJ
ajfa-9288	166	32	-	-	PUNCT
ajfa-9288	166	33	term	term	NOUN
ajfa-9288	166	34	debt	debt	NOUN
ajfa-9288	166	35	.	.	PUNCT
ajfa-9288	167	1	in	in	ADP
ajfa-9288	167	2	this	this	DET
ajfa-9288	167	3	study	study	NOUN
ajfa-9288	167	4	,	,	PUNCT
ajfa-9288	167	5	we	we	PRON
ajfa-9288	167	6	use	use	VERB
ajfa-9288	167	7	market	market	NOUN
ajfa-9288	167	8	-	-	PUNCT
ajfa-9288	167	9	to	to	ADP
ajfa-9288	167	10	-	-	PUNCT
ajfa-9288	167	11	book	book	NOUN
ajfa-9288	167	12	ratio	ratio	NOUN
ajfa-9288	167	13	(	(	PUNCT
ajfa-9288	167	14	mb	mb	NOUN
ajfa-9288	167	15	)	)	PUNCT
ajfa-9288	167	16	as	as	ADP
ajfa-9288	167	17	a	a	DET
ajfa-9288	167	18	measure	measure	NOUN
ajfa-9288	167	19	of	of	ADP
ajfa-9288	167	20	agency	agency	NOUN
ajfa-9288	167	21	costs	cost	NOUN
ajfa-9288	167	22	of	of	ADP
ajfa-9288	167	23	debt	debt	NOUN
ajfa-9288	167	24	,	,	PUNCT
ajfa-9288	167	25	calculated	calculate	VERB
ajfa-9288	167	26	with	with	ADP
ajfa-9288	167	27	the	the	DET
ajfa-9288	167	28	market	market	NOUN
ajfa-9288	167	29	value	value	NOUN
ajfa-9288	167	30	of	of	ADP
ajfa-9288	167	31	equity	equity	NOUN
ajfa-9288	167	32	divided	divide	VERB
ajfa-9288	167	33	by	by	ADP
ajfa-9288	167	34	the	the	DET
ajfa-9288	167	35	book	book	NOUN
ajfa-9288	167	36	value	value	NOUN
ajfa-9288	167	37	of	of	ADP
ajfa-9288	167	38	equity	equity	NOUN
ajfa-9288	167	39	.	.	PUNCT
ajfa-9288	168	1	the	the	DET
ajfa-9288	168	2	companies	company	NOUN
ajfa-9288	168	3	with	with	ADP
ajfa-9288	168	4	higher	high	ADJ
ajfa-9288	168	5	mb	mb	NOUN
ajfa-9288	168	6	exhibit	exhibit	NOUN
ajfa-9288	168	7	higher	higher	ADV
ajfa-9288	168	8	the	the	DET
ajfa-9288	168	9	growth	growth	NOUN
ajfa-9288	168	10	opportunities	opportunity	NOUN
ajfa-9288	168	11	,	,	PUNCT
ajfa-9288	168	12	have	have	VERB
ajfa-9288	168	13	higher	high	ADJ
ajfa-9288	168	14	agency	agency	NOUN
ajfa-9288	168	15	costs	cost	NOUN
ajfa-9288	168	16	of	of	ADP
ajfa-9288	168	17	debt	debt	NOUN
ajfa-9288	168	18	,	,	PUNCT
ajfa-9288	168	19	and	and	CCONJ
ajfa-9288	168	20	then	then	ADV
ajfa-9288	168	21	lower	low	ADJ
ajfa-9288	168	22	long	long	ADJ
ajfa-9288	168	23	-	-	PUNCT
ajfa-9288	168	24	term	term	NOUN
ajfa-9288	168	25	debt	debt	NOUN
ajfa-9288	168	26	.	.	PUNCT
ajfa-9288	169	1	equity	equity	NOUN
ajfa-9288	169	2	agency	agency	PROPN
ajfa-9288	169	3	cost	cost	NOUN
ajfa-9288	169	4	(	(	PUNCT
ajfa-9288	169	5	oagency	oagency	NOUN
ajfa-9288	169	6	,	,	PUNCT
ajfa-9288	169	7	eagency	eagency	NOUN
ajfa-9288	169	8	)	)	PUNCT
ajfa-9288	169	9	ang	ang	PROPN
ajfa-9288	169	10	,	,	PUNCT
ajfa-9288	169	11	cole	cole	PROPN
ajfa-9288	169	12	,	,	PUNCT
ajfa-9288	169	13	and	and	CCONJ
ajfa-9288	169	14	lin	lin	PROPN
ajfa-9288	169	15	(	(	PUNCT
ajfa-9288	169	16	2000	2000	NUM
ajfa-9288	169	17	)	)	PUNCT
ajfa-9288	169	18	measure	measure	NOUN
ajfa-9288	169	19	agency	agency	NOUN
ajfa-9288	169	20	costs	cost	NOUN
ajfa-9288	169	21	of	of	ADP
ajfa-9288	169	22	the	the	DET
ajfa-9288	169	23	firm	firm	NOUN
ajfa-9288	169	24	that	that	PRON
ajfa-9288	169	25	use	use	VERB
ajfa-9288	169	26	two	two	NUM
ajfa-9288	169	27	alternative	alternative	ADJ
ajfa-9288	169	28	efficiency	efficiency	NOUN
ajfa-9288	169	29	ratios	ratio	NOUN
ajfa-9288	169	30	:	:	PUNCT
ajfa-9288	169	31	the	the	DET
ajfa-9288	169	32	operating	operate	VERB
ajfa-9288	169	33	expense	expense	NOUN
ajfa-9288	169	34	ratio	ratio	NOUN
ajfa-9288	169	35	,	,	PUNCT
ajfa-9288	169	36	which	which	PRON
ajfa-9288	169	37	is	be	AUX
ajfa-9288	169	38	operating	operate	VERB
ajfa-9288	169	39	expense	expense	NOUN
ajfa-9288	169	40	scaled	scale	VERB
ajfa-9288	169	41	by	by	ADP
ajfa-9288	169	42	net	net	ADJ
ajfa-9288	169	43	sales	sale	NOUN
ajfa-9288	169	44	,	,	PUNCT
ajfa-9288	169	45	and	and	CCONJ
ajfa-9288	169	46	the	the	DET
ajfa-9288	169	47	turnover	turnover	NOUN
ajfa-9288	169	48	of	of	ADP
ajfa-9288	169	49	assets	asset	NOUN
ajfa-9288	169	50	,	,	PUNCT
ajfa-9288	169	51	which	which	PRON
ajfa-9288	169	52	is	be	AUX
ajfa-9288	169	53	net	net	ADJ
ajfa-9288	169	54	sales	sale	NOUN
ajfa-9288	169	55	divided	divide	VERB
ajfa-9288	169	56	by	by	ADP
ajfa-9288	169	57	total	total	ADJ
ajfa-9288	169	58	assets	asset	NOUN
ajfa-9288	169	59	.	.	PUNCT
ajfa-9288	170	1	the	the	DET
ajfa-9288	170	2	asset	asset	NOUN
ajfa-9288	170	3	turnover	turnover	NOUN
ajfa-9288	170	4	is	be	AUX
ajfa-9288	170	5	a	a	DET
ajfa-9288	170	6	measure	measure	NOUN
ajfa-9288	170	7	of	of	ADP
ajfa-9288	170	8	how	how	SCONJ
ajfa-9288	170	9	effectively	effectively	ADV
ajfa-9288	170	10	the	the	DET
ajfa-9288	170	11	firm	firm	NOUN
ajfa-9288	170	12	’s	’s	PART
ajfa-9288	170	13	management	management	NOUN
ajfa-9288	170	14	deploys	deploy	VERB
ajfa-9288	170	15	its	its	PRON
ajfa-9288	170	16	assets	asset	NOUN
ajfa-9288	170	17	.	.	PUNCT
ajfa-9288	171	1	higher	high	ADJ
ajfa-9288	171	2	turnover	turnover	NOUN
ajfa-9288	171	3	of	of	ADP
ajfa-9288	171	4	asset	asset	NOUN
ajfa-9288	171	5	is	be	AUX
ajfa-9288	171	6	associated	associate	VERB
ajfa-9288	171	7	with	with	ADP
ajfa-9288	171	8	greater	great	ADJ
ajfa-9288	171	9	efficiency	efficiency	NOUN
ajfa-9288	171	10	for	for	ADP
ajfa-9288	171	11	asset	asset	NOUN
ajfa-9288	171	12	management	management	NOUN
ajfa-9288	171	13	,	,	PUNCT
ajfa-9288	171	14	indicating	indicate	VERB
ajfa-9288	171	15	that	that	SCONJ
ajfa-9288	171	16	managers	manager	NOUN
ajfa-9288	171	17	can	can	AUX
ajfa-9288	171	18	generate	generate	VERB
ajfa-9288	171	19	higher	high	ADJ
ajfa-9288	171	20	cash	cash	NOUN
ajfa-9288	171	21	flows	flow	NOUN
ajfa-9288	171	22	and	and	CCONJ
ajfa-9288	171	23	increase	increase	VERB
ajfa-9288	171	24	sales	sale	NOUN
ajfa-9288	171	25	.	.	PUNCT
ajfa-9288	172	1	in	in	ADP
ajfa-9288	172	2	turn	turn	NOUN
ajfa-9288	172	3	,	,	PUNCT
ajfa-9288	172	4	lower	low	ADJ
ajfa-9288	172	5	turnover	turnover	NOUN
ajfa-9288	172	6	of	of	ADP
ajfa-9288	172	7	asset	asset	NOUN
ajfa-9288	172	8	indicates	indicate	VERB
ajfa-9288	172	9	that	that	SCONJ
ajfa-9288	172	10	managers	manager	NOUN
ajfa-9288	172	11	invest	invest	VERB
ajfa-9288	172	12	in	in	ADP
ajfa-9288	172	13	less	less	ADJ
ajfa-9288	172	14	efficiency	efficiency	NOUN
ajfa-9288	172	15	activities	activity	NOUN
ajfa-9288	172	16	.	.	PUNCT
ajfa-9288	173	1	to	to	PART
ajfa-9288	173	2	control	control	VERB
ajfa-9288	173	3	the	the	DET
ajfa-9288	173	4	impact	impact	NOUN
ajfa-9288	173	5	of	of	ADP
ajfa-9288	173	6	industry	industry	NOUN
ajfa-9288	173	7	effects	effect	NOUN
ajfa-9288	173	8	,	,	PUNCT
ajfa-9288	173	9	we	we	PRON
ajfa-9288	173	10	use	use	VERB
ajfa-9288	173	11	oagency	oagency	NOUN
ajfa-9288	173	12	as	as	ADP
ajfa-9288	173	13	a	a	DET
ajfa-9288	173	14	proxy	proxy	NOUN
ajfa-9288	173	15	for	for	ADP
ajfa-9288	173	16	agency	agency	NOUN
ajfa-9288	173	17	costs	cost	NOUN
ajfa-9288	173	18	,	,	PUNCT
ajfa-9288	173	19	measured	measure	VERB
ajfa-9288	173	20	by	by	ADP
ajfa-9288	173	21	the	the	DET
ajfa-9288	173	22	sample	sample	NOUN
ajfa-9288	173	23	firm	firm	NOUN
ajfa-9288	173	24	’s	’s	PART
ajfa-9288	173	25	asset	asset	NOUN
ajfa-9288	173	26	turnover	turnover	NOUN
ajfa-9288	173	27	minus	minus	ADP
ajfa-9288	173	28	the	the	DET
ajfa-9288	173	29	median	median	NOUN
ajfa-9288	173	30	of	of	ADP
ajfa-9288	173	31	asset	asset	NOUN
ajfa-9288	173	32	turnovers	turnover	NOUN
ajfa-9288	173	33	of	of	ADP
ajfa-9288	173	34	sample	sample	NOUN
ajfa-9288	173	35	firms	firm	NOUN
ajfa-9288	173	36	in	in	ADP
ajfa-9288	173	37	an	an	DET
ajfa-9288	173	38	industry	industry	NOUN
ajfa-9288	173	39	.	.	PUNCT
ajfa-9288	174	1	moreover	moreover	ADV
ajfa-9288	174	2	,	,	PUNCT
ajfa-9288	174	3	the	the	DET
ajfa-9288	174	4	measurement	measurement	NOUN
ajfa-9288	174	5	of	of	ADP
ajfa-9288	174	6	equity	equity	NOUN
ajfa-9288	174	7	agency	agency	NOUN
ajfa-9288	174	8	costs	cost	NOUN
ajfa-9288	174	9	(	(	PUNCT
ajfa-9288	174	10	eagency	eagency	NOUN
ajfa-9288	174	11	)	)	PUNCT
ajfa-9288	174	12	is	be	AUX
ajfa-9288	174	13	measured	measure	VERB
ajfa-9288	174	14	by	by	ADP
ajfa-9288	174	15	the	the	DET
ajfa-9288	174	16	sample	sample	NOUN
ajfa-9288	174	17	firm	firm	NOUN
ajfa-9288	174	18	’s	’s	PART
ajfa-9288	174	19	selling	selling	NOUN
ajfa-9288	174	20	and	and	CCONJ
ajfa-9288	174	21	administrative	administrative	ADJ
ajfa-9288	174	22	expense	expense	NOUN
ajfa-9288	174	23	(	(	PUNCT
ajfa-9288	174	24	operating	operate	VERB
ajfa-9288	174	25	expense	expense	NOUN
ajfa-9288	174	26	)	)	PUNCT
ajfa-9288	174	27	ratio	ratio	NOUN
ajfa-9288	174	28	minus	minus	ADP
ajfa-9288	174	29	the	the	DET
ajfa-9288	174	30	median	median	NOUN
ajfa-9288	174	31	of	of	ADP
ajfa-9288	174	32	operating	operate	VERB
ajfa-9288	174	33	expense	expense	NOUN
ajfa-9288	174	34	ratio	ratio	NOUN
ajfa-9288	174	35	of	of	ADP
ajfa-9288	174	36	sample	sample	NOUN
ajfa-9288	174	37	firms	firm	NOUN
ajfa-9288	174	38	in	in	ADP
ajfa-9288	174	39	an	an	DET
ajfa-9288	174	40	industry	industry	NOUN
ajfa-9288	174	41	.	.	PUNCT
ajfa-9288	175	1	companies	company	NOUN
ajfa-9288	175	2	with	with	ADP
ajfa-9288	175	3	higher	high	ADJ
ajfa-9288	175	4	agency	agency	NOUN
ajfa-9288	175	5	cost	cost	NOUN
ajfa-9288	175	6	exhibit	exhibit	VERB
ajfa-9288	175	7	greater	great	ADJ
ajfa-9288	175	8	the	the	DET
ajfa-9288	175	9	volatility	volatility	NOUN
ajfa-9288	175	10	of	of	ADP
ajfa-9288	175	11	return	return	NOUN
ajfa-9288	175	12	on	on	ADP
ajfa-9288	175	13	assets	asset	NOUN
ajfa-9288	175	14	,	,	PUNCT
ajfa-9288	175	15	higher	high	ADJ
ajfa-9288	175	16	operating	operating	NOUN
ajfa-9288	175	17	expense	expense	NOUN
ajfa-9288	175	18	ratio	ratio	NOUN
ajfa-9288	175	19	,	,	PUNCT
ajfa-9288	175	20	and	and	CCONJ
ajfa-9288	175	21	lower	low	ADJ
ajfa-9288	175	22	asset	asset	NOUN
ajfa-9288	175	23	turnover	turnover	NOUN
ajfa-9288	175	24	ratio	ratio	NOUN
ajfa-9288	175	25	.	.	PUNCT
ajfa-9288	176	1	seasoned	season	VERB
ajfa-9288	176	2	equity	equity	NOUN
ajfa-9288	176	3	offering	offer	VERB
ajfa-9288	176	4	financing	financing	NOUN
ajfa-9288	176	5	choice	choice	NOUN
ajfa-9288	176	6	(	(	PUNCT
ajfa-9288	176	7	seodebtit	seodebtit	NOUN
ajfa-9288	176	8	)	)	PUNCT
ajfa-9288	176	9	we	we	PRON
ajfa-9288	176	10	apply	apply	VERB
ajfa-9288	176	11	logistic	logistic	ADJ
ajfa-9288	176	12	regression	regression	NOUN
ajfa-9288	176	13	analysis	analysis	NOUN
ajfa-9288	176	14	to	to	PART
ajfa-9288	176	15	assess	assess	VERB
ajfa-9288	176	16	the	the	DET
ajfa-9288	176	17	company	company	NOUN
ajfa-9288	176	18	’s	’s	PART
ajfa-9288	176	19	financing	financing	NOUN
ajfa-9288	176	20	choice	choice	NOUN
ajfa-9288	176	21	,	,	PUNCT
ajfa-9288	176	22	seodebtit	seodebtit	NOUN
ajfa-9288	176	23	as	as	ADP
ajfa-9288	176	24	measures	measure	NOUN
ajfa-9288	176	25	of	of	ADP
ajfa-9288	176	26	making	make	VERB
ajfa-9288	176	27	seasoned	seasoned	ADJ
ajfa-9288	176	28	equity	equity	NOUN
ajfa-9288	176	29	offering	offering	NOUN
ajfa-9288	176	30	.	.	PUNCT
ajfa-9288	177	1	seodebtit	seodebtit	NOUN
ajfa-9288	177	2	is	be	AUX
ajfa-9288	177	3	a	a	DET
ajfa-9288	177	4	dummy	dummy	ADJ
ajfa-9288	177	5	variable	variable	NOUN
ajfa-9288	177	6	that	that	PRON
ajfa-9288	177	7	is	be	AUX
ajfa-9288	177	8	equal	equal	ADJ
ajfa-9288	177	9	to	to	ADP
ajfa-9288	177	10	one	one	NUM
ajfa-9288	177	11	if	if	SCONJ
ajfa-9288	177	12	firms	firm	NOUN
ajfa-9288	177	13	make	make	VERB
ajfa-9288	177	14	seasoned	seasoned	ADJ
ajfa-9288	177	15	equity	equity	NOUN
ajfa-9288	177	16	offering	offering	NOUN
ajfa-9288	177	17	and	and	CCONJ
ajfa-9288	177	18	zero	zero	NUM
ajfa-9288	177	19	if	if	SCONJ
ajfa-9288	177	20	firms	firm	NOUN
ajfa-9288	177	21	raise	raise	VERB
ajfa-9288	177	22	the	the	DET
ajfa-9288	177	23	fund	fund	NOUN
ajfa-9288	177	24	via	via	ADP
ajfa-9288	177	25	banking	banking	NOUN
ajfa-9288	177	26	,	,	PUNCT
ajfa-9288	177	27	issuing	issue	VERB
ajfa-9288	177	28	bonds	bond	NOUN
ajfa-9288	177	29	,	,	PUNCT
ajfa-9288	177	30	or	or	CCONJ
ajfa-9288	177	31	private	private	ADJ
ajfa-9288	177	32	equity	equity	NOUN
ajfa-9288	177	33	financing	financing	NOUN
ajfa-9288	177	34	.	.	PUNCT
ajfa-9288	178	1	private	private	ADJ
ajfa-9288	178	2	equity	equity	NOUN
ajfa-9288	178	3	financing	financing	NOUN
ajfa-9288	178	4	choice	choice	NOUN
ajfa-9288	178	5	(	(	PUNCT
ajfa-9288	178	6	pridsit	pridsit	NOUN
ajfa-9288	178	7	)	)	PUNCT
ajfa-9288	178	8	we	we	PRON
ajfa-9288	178	9	apply	apply	VERB
ajfa-9288	178	10	logistic	logistic	ADJ
ajfa-9288	178	11	regression	regression	NOUN
ajfa-9288	178	12	analysis	analysis	NOUN
ajfa-9288	178	13	to	to	PART
ajfa-9288	178	14	assess	assess	VERB
ajfa-9288	178	15	the	the	DET
ajfa-9288	178	16	company	company	NOUN
ajfa-9288	178	17	’s	’s	PART
ajfa-9288	178	18	financing	financing	NOUN
ajfa-9288	178	19	choices	choice	NOUN
ajfa-9288	178	20	,	,	PUNCT
ajfa-9288	178	21	prids	prid	VERB
ajfa-9288	178	22	as	as	ADP
ajfa-9288	178	23	measures	measure	NOUN
ajfa-9288	178	24	of	of	ADP
ajfa-9288	178	25	using	use	VERB
ajfa-9288	178	26	private	private	ADJ
ajfa-9288	178	27	equity	equity	NOUN
ajfa-9288	178	28	.	.	PUNCT
ajfa-9288	179	1	prids	prids	PROPN
ajfa-9288	179	2	is	be	AUX
ajfa-9288	179	3	a	a	DET
ajfa-9288	179	4	dummy	dummy	ADJ
ajfa-9288	179	5	variable	variable	NOUN
ajfa-9288	179	6	that	that	PRON
ajfa-9288	179	7	is	be	AUX
ajfa-9288	179	8	equal	equal	ADJ
ajfa-9288	179	9	to	to	ADP
ajfa-9288	179	10	one	one	NUM
ajfa-9288	179	11	if	if	SCONJ
ajfa-9288	179	12	firms	firm	NOUN
ajfa-9288	179	13	make	make	VERB
ajfa-9288	179	14	private	private	ADJ
ajfa-9288	179	15	equity	equity	NOUN
ajfa-9288	179	16	financing	financing	NOUN
ajfa-9288	179	17	and	and	CCONJ
ajfa-9288	179	18	zero	zero	NUM
ajfa-9288	179	19	if	if	SCONJ
ajfa-9288	179	20	firm	firm	ADJ
ajfa-9288	179	21	raise	raise	VERB
ajfa-9288	179	22	the	the	DET
ajfa-9288	179	23	fund	fund	NOUN
ajfa-9288	179	24	via	via	ADP
ajfa-9288	179	25	banking	banking	NOUN
ajfa-9288	179	26	,	,	PUNCT
ajfa-9288	179	27	issuing	issue	VERB
ajfa-9288	179	28	bonds	bond	NOUN
ajfa-9288	179	29	,	,	PUNCT
ajfa-9288	179	30	or	or	CCONJ
ajfa-9288	179	31	seasoned	season	VERB
ajfa-9288	179	32	equity	equity	NOUN
ajfa-9288	179	33	offering	offering	NOUN
ajfa-9288	179	34	.	.	PUNCT
ajfa-9288	180	1	shareholdings	shareholding	NOUN
ajfa-9288	180	2	of	of	ADP
ajfa-9288	180	3	insiders	insider	NOUN
ajfa-9288	180	4	(	(	PUNCT
ajfa-9288	180	5	insides	inside	NOUN
ajfa-9288	180	6	)	)	PUNCT
ajfa-9288	180	7	total	total	ADJ
ajfa-9288	180	8	shares	share	NOUN
ajfa-9288	180	9	held	hold	VERB
ajfa-9288	180	10	by	by	ADP
ajfa-9288	180	11	insider	insider	NOUN
ajfa-9288	180	12	of	of	ADP
ajfa-9288	180	13	a	a	DET
ajfa-9288	180	14	firm	firm	NOUN
ajfa-9288	180	15	.	.	PUNCT
ajfa-9288	181	1	this	this	DET
ajfa-9288	181	2	study	study	NOUN
ajfa-9288	181	3	measures	measure	VERB
ajfa-9288	181	4	insiders	insider	NOUN
ajfa-9288	181	5	is	be	AUX
ajfa-9288	181	6	according	accord	VERB
ajfa-9288	181	7	to	to	ADP
ajfa-9288	181	8	taiwanese	taiwanese	ADJ
ajfa-9288	181	9	securities	security	NOUN
ajfa-9288	181	10	and	and	CCONJ
ajfa-9288	181	11	futures	future	NOUN
ajfa-9288	181	12	bureau	bureau	NOUN
ajfa-9288	181	13	,	,	PUNCT
ajfa-9288	181	14	financial	financial	ADJ
ajfa-9288	181	15	supervisory	supervisory	ADJ
ajfa-9288	181	16	commission	commission	NOUN
ajfa-9288	181	17	’s	’s	PART
ajfa-9288	181	18	brochures	brochure	NOUN
ajfa-9288	181	19	,	,	PUNCT
ajfa-9288	181	20	contain	contain	VERB
ajfa-9288	181	21	executives	executive	NOUN
ajfa-9288	181	22	,	,	PUNCT
ajfa-9288	181	23	directors	director	NOUN
ajfa-9288	181	24	and	and	CCONJ
ajfa-9288	181	25	supervisors	supervisor	NOUN
ajfa-9288	181	26	,	,	PUNCT
ajfa-9288	181	27	and	and	CCONJ
ajfa-9288	181	28	blockholders	blockholder	NOUN
ajfa-9288	181	29	.	.	PUNCT
ajfa-9288	182	1	asian	asian	ADJ
ajfa-9288	182	2	journal	journal	PROPN
ajfa-9288	182	3	of	of	ADP
ajfa-9288	182	4	finance	finance	PROPN
ajfa-9288	182	5	&	&	CCONJ
ajfa-9288	182	6	accounting	accounting	PROPN
ajfa-9288	182	7	issn	issn	PROPN
ajfa-9288	182	8	1946	1946	NUM
ajfa-9288	182	9	-	-	PUNCT
ajfa-9288	182	10	052x	052x	PROPN
ajfa-9288	182	11	2016	2016	NUM
ajfa-9288	182	12	,	,	PUNCT
ajfa-9288	182	13	vol	vol	NOUN
ajfa-9288	182	14	.	.	PROPN
ajfa-9288	182	15	8	8	NUM
ajfa-9288	182	16	,	,	PUNCT
ajfa-9288	182	17	no	no	INTJ
ajfa-9288	182	18	.	.	NOUN
ajfa-9288	182	19	1	1	NUM
ajfa-9288	182	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	182	21	136	136	NUM
ajfa-9288	182	22	4	4	NUM
ajfa-9288	182	23	.	.	PUNCT
ajfa-9288	183	1	the	the	DET
ajfa-9288	183	2	results	result	VERB
ajfa-9288	183	3	4.1	4.1	NUM
ajfa-9288	183	4	descriptive	descriptive	ADJ
ajfa-9288	183	5	statistics	statistic	NOUN
ajfa-9288	183	6	the	the	DET
ajfa-9288	183	7	descriptive	descriptive	ADJ
ajfa-9288	183	8	statistics	statistic	NOUN
ajfa-9288	183	9	for	for	ADP
ajfa-9288	183	10	each	each	DET
ajfa-9288	183	11	variable	variable	NOUN
ajfa-9288	183	12	in	in	ADP
ajfa-9288	183	13	regression	regression	NOUN
ajfa-9288	183	14	models	model	NOUN
ajfa-9288	183	15	of	of	ADP
ajfa-9288	183	16	this	this	DET
ajfa-9288	183	17	study	study	NOUN
ajfa-9288	183	18	are	be	AUX
ajfa-9288	183	19	shown	show	VERB
ajfa-9288	183	20	in	in	ADP
ajfa-9288	183	21	table	table	NOUN
ajfa-9288	183	22	1	1	NUM
ajfa-9288	183	23	.	.	PUNCT
ajfa-9288	184	1	the	the	DET
ajfa-9288	184	2	findings	finding	NOUN
ajfa-9288	184	3	show	show	VERB
ajfa-9288	184	4	that	that	SCONJ
ajfa-9288	184	5	the	the	DET
ajfa-9288	184	6	mean	mean	NOUN
ajfa-9288	184	7	of	of	ADP
ajfa-9288	184	8	debtseoit	debtseoit	NOUN
ajfa-9288	184	9	is	be	AUX
ajfa-9288	184	10	0.9413	0.9413	NUM
ajfa-9288	184	11	,	,	PUNCT
ajfa-9288	184	12	implying	imply	VERB
ajfa-9288	184	13	that	that	SCONJ
ajfa-9288	184	14	under	under	ADP
ajfa-9288	184	15	lack	lack	NOUN
ajfa-9288	184	16	of	of	ADP
ajfa-9288	184	17	funds	fund	NOUN
ajfa-9288	184	18	,	,	PUNCT
ajfa-9288	184	19	the	the	DET
ajfa-9288	184	20	firm	firm	NOUN
ajfa-9288	184	21	prefers	prefer	VERB
ajfa-9288	184	22	to	to	PART
ajfa-9288	184	23	engage	engage	VERB
ajfa-9288	184	24	in	in	ADP
ajfa-9288	184	25	debt	debt	NOUN
ajfa-9288	184	26	financing	financing	NOUN
ajfa-9288	184	27	,	,	PUNCT
ajfa-9288	184	28	rather	rather	ADV
ajfa-9288	184	29	than	than	ADP
ajfa-9288	184	30	in	in	ADP
ajfa-9288	184	31	seasoned	seasoned	ADJ
ajfa-9288	184	32	equity	equity	NOUN
ajfa-9288	184	33	offerings	offering	NOUN
ajfa-9288	184	34	.	.	PUNCT
ajfa-9288	185	1	this	this	PRON
ajfa-9288	185	2	is	be	AUX
ajfa-9288	185	3	consistent	consistent	ADJ
ajfa-9288	185	4	with	with	ADP
ajfa-9288	185	5	the	the	DET
ajfa-9288	185	6	traditional	traditional	ADJ
ajfa-9288	185	7	financing	financing	NOUN
ajfa-9288	185	8	pecking	pecking	NOUN
ajfa-9288	185	9	order	order	NOUN
ajfa-9288	185	10	theory	theory	NOUN
ajfa-9288	185	11	.	.	PUNCT
ajfa-9288	186	1	the	the	DET
ajfa-9288	186	2	mean	mean	NOUN
ajfa-9288	186	3	of	of	ADP
ajfa-9288	186	4	seodebtit	seodebtit	NOUN
ajfa-9288	186	5	is	be	AUX
ajfa-9288	186	6	0.2012	0.2012	NUM
ajfa-9288	186	7	,	,	PUNCT
ajfa-9288	186	8	indicating	indicate	VERB
ajfa-9288	186	9	that	that	SCONJ
ajfa-9288	186	10	the	the	DET
ajfa-9288	186	11	company	company	NOUN
ajfa-9288	186	12	will	will	AUX
ajfa-9288	186	13	be	be	AUX
ajfa-9288	186	14	less	less	ADV
ajfa-9288	186	15	seasoned	seasoned	ADJ
ajfa-9288	186	16	equity	equity	NOUN
ajfa-9288	186	17	offerings	offering	NOUN
ajfa-9288	186	18	to	to	PART
ajfa-9288	186	19	finance	finance	VERB
ajfa-9288	186	20	.	.	PUNCT
ajfa-9288	187	1	the	the	DET
ajfa-9288	187	2	mean	mean	NOUN
ajfa-9288	187	3	of	of	ADP
ajfa-9288	187	4	pridsit	pridsit	NOUN
ajfa-9288	187	5	is	be	AUX
ajfa-9288	187	6	0.0803	0.0803	NUM
ajfa-9288	187	7	,	,	PUNCT
ajfa-9288	187	8	which	which	PRON
ajfa-9288	187	9	represents	represent	VERB
ajfa-9288	187	10	the	the	DET
ajfa-9288	187	11	company	company	NOUN
ajfa-9288	187	12	’s	’s	PART
ajfa-9288	187	13	financing	financing	NOUN
ajfa-9288	187	14	decisions	decision	NOUN
ajfa-9288	187	15	do	do	AUX
ajfa-9288	187	16	not	not	PART
ajfa-9288	187	17	tend	tend	VERB
ajfa-9288	187	18	to	to	PART
ajfa-9288	187	19	private	private	ADJ
ajfa-9288	187	20	equity	equity	NOUN
ajfa-9288	187	21	(	(	PUNCT
ajfa-9288	187	22	private	private	ADJ
ajfa-9288	187	23	placement	placement	NOUN
ajfa-9288	187	24	)	)	PUNCT
ajfa-9288	187	25	but	but	CCONJ
ajfa-9288	187	26	debt	debt	NOUN
ajfa-9288	187	27	or	or	CCONJ
ajfa-9288	187	28	seasoned	season	VERB
ajfa-9288	187	29	equity	equity	NOUN
ajfa-9288	187	30	offerings	offering	NOUN
ajfa-9288	187	31	for	for	ADP
ajfa-9288	187	32	financing	financing	NOUN
ajfa-9288	187	33	.	.	PUNCT
ajfa-9288	188	1	cronqvist	cronqvist	PROPN
ajfa-9288	188	2	and	and	CCONJ
ajfa-9288	188	3	nilsson	nilsson	PROPN
ajfa-9288	188	4	(	(	PUNCT
ajfa-9288	188	5	2005	2005	NUM
ajfa-9288	188	6	)	)	PUNCT
ajfa-9288	188	7	find	find	VERB
ajfa-9288	188	8	that	that	SCONJ
ajfa-9288	188	9	,	,	PUNCT
ajfa-9288	188	10	no	no	ADV
ajfa-9288	188	11	matter	matter	ADV
ajfa-9288	188	12	what	what	PRON
ajfa-9288	188	13	the	the	DET
ajfa-9288	188	14	agency	agency	NOUN
ajfa-9288	188	15	cost	cost	VERB
ajfa-9288	188	16	financing	financing	NOUN
ajfa-9288	188	17	decisions	decision	NOUN
ajfa-9288	188	18	,	,	PUNCT
ajfa-9288	188	19	the	the	DET
ajfa-9288	188	20	firm	firm	NOUN
ajfa-9288	188	21	with	with	ADP
ajfa-9288	188	22	opaque	opaque	ADJ
ajfa-9288	188	23	information	information	NOUN
ajfa-9288	188	24	tend	tend	VERB
ajfa-9288	188	25	to	to	PART
ajfa-9288	188	26	choose	choose	VERB
ajfa-9288	188	27	private	private	ADJ
ajfa-9288	188	28	equity	equity	NOUN
ajfa-9288	188	29	financing	financing	NOUN
ajfa-9288	188	30	due	due	ADP
ajfa-9288	188	31	to	to	ADP
ajfa-9288	188	32	cost	cost	NOUN
ajfa-9288	188	33	factors	factor	NOUN
ajfa-9288	188	34	.	.	PUNCT
ajfa-9288	189	1	however	however	ADV
ajfa-9288	189	2	,	,	PUNCT
ajfa-9288	189	3	lee	lee	PROPN
ajfa-9288	189	4	and	and	CCONJ
ajfa-9288	189	5	kocher	kocher	PROPN
ajfa-9288	189	6	(	(	PUNCT
ajfa-9288	189	7	2001	2001	NUM
ajfa-9288	189	8	)	)	PUNCT
ajfa-9288	189	9	find	find	VERB
ajfa-9288	189	10	that	that	SCONJ
ajfa-9288	189	11	the	the	DET
ajfa-9288	189	12	firm	firm	NOUN
ajfa-9288	189	13	with	with	ADP
ajfa-9288	189	14	private	private	ADJ
ajfa-9288	189	15	placement	placement	NOUN
ajfa-9288	189	16	will	will	AUX
ajfa-9288	189	17	has	have	VERB
ajfa-9288	189	18	a	a	DET
ajfa-9288	189	19	smaller	small	ADJ
ajfa-9288	189	20	firm	firm	ADJ
ajfa-9288	189	21	size	size	NOUN
ajfa-9288	189	22	,	,	PUNCT
ajfa-9288	189	23	high	high	ADJ
ajfa-9288	189	24	growth	growth	NOUN
ajfa-9288	189	25	,	,	PUNCT
ajfa-9288	189	26	and	and	CCONJ
ajfa-9288	189	27	better	well	ADJ
ajfa-9288	189	28	financial	financial	ADJ
ajfa-9288	189	29	position	position	NOUN
ajfa-9288	189	30	than	than	ADP
ajfa-9288	189	31	the	the	DET
ajfa-9288	189	32	firm	firm	NOUN
ajfa-9288	189	33	with	with	ADP
ajfa-9288	189	34	seasoned	seasoned	ADJ
ajfa-9288	189	35	equity	equity	NOUN
ajfa-9288	189	36	offerings	offering	NOUN
ajfa-9288	189	37	.	.	PUNCT
ajfa-9288	190	1	in	in	ADP
ajfa-9288	190	2	addition	addition	NOUN
ajfa-9288	190	3	to	to	ADP
ajfa-9288	190	4	stock	stock	NOUN
ajfa-9288	190	5	’s	’s	PART
ajfa-9288	190	6	market	market	NOUN
ajfa-9288	190	7	-	-	PUNCT
ajfa-9288	190	8	to	to	ADP
ajfa-9288	190	9	-	-	PUNCT
ajfa-9288	190	10	book	book	NOUN
ajfa-9288	190	11	ratio	ratio	NOUN
ajfa-9288	190	12	(	(	PUNCT
ajfa-9288	190	13	mb	mb	NOUN
ajfa-9288	190	14	)	)	PUNCT
ajfa-9288	190	15	,	,	PUNCT
ajfa-9288	190	16	the	the	DET
ajfa-9288	190	17	firm	firm	NOUN
ajfa-9288	190	18	’s	’s	PART
ajfa-9288	190	19	selling	selling	NOUN
ajfa-9288	190	20	and	and	CCONJ
ajfa-9288	190	21	administrative	administrative	ADJ
ajfa-9288	190	22	expenses	expense	NOUN
ajfa-9288	190	23	minus	minus	CCONJ
ajfa-9288	190	24	the	the	DET
ajfa-9288	190	25	industry	industry	NOUN
ajfa-9288	190	26	’s	’s	PART
ajfa-9288	190	27	median	median	NOUN
ajfa-9288	190	28	of	of	ADP
ajfa-9288	190	29	selling	selling	NOUN
ajfa-9288	190	30	and	and	CCONJ
ajfa-9288	190	31	administrative	administrative	ADJ
ajfa-9288	190	32	expenses	expense	NOUN
ajfa-9288	190	33	,	,	PUNCT
ajfa-9288	190	34	and	and	CCONJ
ajfa-9288	190	35	the	the	DET
ajfa-9288	190	36	firm	firm	NOUN
ajfa-9288	190	37	’s	’s	PART
ajfa-9288	190	38	turnover	turnover	NOUN
ajfa-9288	190	39	of	of	ADP
ajfa-9288	190	40	assets	asset	NOUN
ajfa-9288	190	41	minus	minus	ADP
ajfa-9288	190	42	the	the	DET
ajfa-9288	190	43	industry	industry	NOUN
ajfa-9288	190	44	’s	’s	PART
ajfa-9288	190	45	median	median	NOUN
ajfa-9288	190	46	of	of	ADP
ajfa-9288	190	47	turnover	turnover	NOUN
ajfa-9288	190	48	of	of	ADP
ajfa-9288	190	49	assets	asset	NOUN
ajfa-9288	190	50	to	to	PART
ajfa-9288	190	51	measure	measure	VERB
ajfa-9288	190	52	equity	equity	NOUN
ajfa-9288	190	53	agency	agency	NOUN
ajfa-9288	190	54	cost	cost	NOUN
ajfa-9288	190	55	,	,	PUNCT
ajfa-9288	190	56	we	we	PRON
ajfa-9288	190	57	also	also	ADV
ajfa-9288	190	58	use	use	VERB
ajfa-9288	190	59	the	the	DET
ajfa-9288	190	60	sum	sum	NOUN
ajfa-9288	190	61	of	of	ADP
ajfa-9288	190	62	ratios	ratio	NOUN
ajfa-9288	190	63	of	of	ADP
ajfa-9288	190	64	insider	insider	NOUN
ajfa-9288	190	65	ownership	ownership	NOUN
ajfa-9288	190	66	(	(	PUNCT
ajfa-9288	190	67	insidesit-1	insidesit-1	NUM
ajfa-9288	190	68	)	)	PUNCT
ajfa-9288	190	69	to	to	PART
ajfa-9288	190	70	measure	measure	VERB
ajfa-9288	190	71	shareholdings	shareholding	NOUN
ajfa-9288	190	72	of	of	ADP
ajfa-9288	190	73	insiders	insider	NOUN
ajfa-9288	190	74	.	.	PUNCT
ajfa-9288	191	1	the	the	DET
ajfa-9288	191	2	maximum	maximum	ADJ
ajfa-9288	191	3	and	and	CCONJ
ajfa-9288	191	4	minimum	minimum	ADJ
ajfa-9288	191	5	values	value	NOUN
ajfa-9288	191	6	of	of	ADP
ajfa-9288	191	7	insidesit-1	insidesit-1	NUM
ajfa-9288	191	8	are	be	AUX
ajfa-9288	191	9	99.9500	99.9500	NUM
ajfa-9288	191	10	and	and	CCONJ
ajfa-9288	191	11	7.8000	7.8000	NUM
ajfa-9288	191	12	,	,	PUNCT
ajfa-9288	191	13	respectively	respectively	ADV
ajfa-9288	191	14	,	,	PUNCT
ajfa-9288	191	15	and	and	CCONJ
ajfa-9288	191	16	with	with	ADP
ajfa-9288	191	17	a	a	DET
ajfa-9288	191	18	standard	standard	ADJ
ajfa-9288	191	19	deviation	deviation	NOUN
ajfa-9288	191	20	of	of	ADP
ajfa-9288	191	21	17.0849	17.0849	NUM
ajfa-9288	191	22	,	,	PUNCT
ajfa-9288	191	23	show	show	VERB
ajfa-9288	191	24	that	that	SCONJ
ajfa-9288	191	25	corporate	corporate	ADJ
ajfa-9288	191	26	insiders	insider	NOUN
ajfa-9288	191	27	shareholding	shareholding	NOUN
ajfa-9288	191	28	ratios	ratio	NOUN
ajfa-9288	191	29	insidesit-1	insidesit-1	NUM
ajfa-9288	191	30	has	have	VERB
ajfa-9288	191	31	a	a	DET
ajfa-9288	191	32	great	great	ADJ
ajfa-9288	191	33	difference	difference	NOUN
ajfa-9288	191	34	among	among	ADP
ajfa-9288	191	35	the	the	DET
ajfa-9288	191	36	sample	sample	NOUN
ajfa-9288	191	37	firms	firm	NOUN
ajfa-9288	191	38	.	.	PUNCT
ajfa-9288	192	1	the	the	DET
ajfa-9288	192	2	possible	possible	ADJ
ajfa-9288	192	3	reason	reason	NOUN
ajfa-9288	192	4	of	of	ADP
ajfa-9288	192	5	its	its	PRON
ajfa-9288	192	6	mean	mean	NOUN
ajfa-9288	192	7	of	of	ADP
ajfa-9288	192	8	44.0689	44.0689	NUM
ajfa-9288	192	9	is	be	AUX
ajfa-9288	192	10	that	that	SCONJ
ajfa-9288	192	11	most	most	ADJ
ajfa-9288	192	12	of	of	ADP
ajfa-9288	192	13	companies	company	NOUN
ajfa-9288	192	14	are	be	AUX
ajfa-9288	192	15	family	family	NOUN
ajfa-9288	192	16	or	or	CCONJ
ajfa-9288	192	17	group	group	NOUN
ajfa-9288	192	18	type	type	NOUN
ajfa-9288	192	19	in	in	ADP
ajfa-9288	192	20	taiwan	taiwan	PROPN
ajfa-9288	192	21	.	.	PUNCT
ajfa-9288	193	1	moreover	moreover	ADV
ajfa-9288	193	2	,	,	PUNCT
ajfa-9288	193	3	the	the	DET
ajfa-9288	193	4	untabulated	untabulate	VERB
ajfa-9288	193	5	results	result	NOUN
ajfa-9288	193	6	of	of	ADP
ajfa-9288	193	7	correlation	correlation	NOUN
ajfa-9288	193	8	analysis	analysis	NOUN
ajfa-9288	193	9	show	show	VERB
ajfa-9288	193	10	that	that	SCONJ
ajfa-9288	193	11	correlation	correlation	NOUN
ajfa-9288	193	12	coefficients	coefficient	NOUN
ajfa-9288	193	13	at	at	ADV
ajfa-9288	193	14	all	all	ADV
ajfa-9288	193	15	between	between	ADP
ajfa-9288	193	16	two	two	NUM
ajfa-9288	193	17	variables	variable	NOUN
ajfa-9288	193	18	are	be	AUX
ajfa-9288	193	19	less	less	ADJ
ajfa-9288	193	20	than	than	ADP
ajfa-9288	193	21	0.65	0.65	NUM
ajfa-9288	193	22	,	,	PUNCT
ajfa-9288	193	23	implying	imply	VERB
ajfa-9288	193	24	that	that	SCONJ
ajfa-9288	193	25	there	there	PRON
ajfa-9288	193	26	is	be	VERB
ajfa-9288	193	27	no	no	DET
ajfa-9288	193	28	multicollinearity	multicollinearity	NOUN
ajfa-9288	193	29	among	among	ADP
ajfa-9288	193	30	these	these	DET
ajfa-9288	193	31	variables	variable	NOUN
ajfa-9288	193	32	.	.	PUNCT
ajfa-9288	194	1	table	table	NOUN
ajfa-9288	194	2	1	1	NUM
ajfa-9288	194	3	.	.	PUNCT
ajfa-9288	194	4	descriptive	descriptive	ADJ
ajfa-9288	194	5	statistics	statistic	NOUN
ajfa-9288	194	6	mean	mean	VERB
ajfa-9288	194	7	std	std	X
ajfa-9288	194	8	.	.	PROPN
ajfa-9288	195	1	dev	dev	PROPN
ajfa-9288	195	2	.	.	PUNCT
ajfa-9288	196	1	minimum	minimum	ADJ
ajfa-9288	196	2	maximum	maximum	ADJ
ajfa-9288	196	3	dagency	dagency	NOUN
ajfa-9288	196	4	1.5688	1.5688	NUM
ajfa-9288	196	5	2.6768	2.6768	NUM
ajfa-9288	196	6	0.0700	0.0700	NUM
ajfa-9288	196	7	119.6300	119.6300	NUM
ajfa-9288	196	8	eagency	eagency	NOUN
ajfa-9288	196	9	0.1171	0.1171	NUM
ajfa-9288	196	10	0.6078	0.6078	NUM
ajfa-9288	196	11	-1.1500	-1.1500	NOUN
ajfa-9288	197	1	6.5600	6.5600	NUM
ajfa-9288	197	2	oagency	oagency	NOUN
ajfa-9288	197	3	3.6663	3.6663	NUM
ajfa-9288	197	4	25.3511	25.3511	NUM
ajfa-9288	197	5	-29.8800	-29.8800	SYM
ajfa-9288	197	6	762.1200	762.1200	NUM
ajfa-9288	197	7	insides	inside	NOUN
ajfa-9288	197	8	44.0689	44.0689	NUM
ajfa-9288	197	9	17.0849	17.0849	NUM
ajfa-9288	197	10	7.8000	7.8000	NUM
ajfa-9288	197	11	99.9500	99.9500	NUM
ajfa-9288	197	12	as	as	ADP
ajfa-9288	197	13	6.7771	6.7771	NUM
ajfa-9288	197	14	0.6495	0.6495	NUM
ajfa-9288	197	15	5.0330	5.0330	NUM
ajfa-9288	197	16	9.3106	9.3106	NUM
ajfa-9288	197	17	roa	roa	NOUN
ajfa-9288	197	18	6.4258	6.4258	NUM
ajfa-9288	197	19	8.3334	8.3334	NUM
ajfa-9288	197	20	-71.9400	-71.9400	SYM
ajfa-9288	197	21	51.5600	51.5600	NUM
ajfa-9288	197	22	seodebt	seodebt	NOUN
ajfa-9288	197	23	0.2012	0.2012	NUM
ajfa-9288	197	24	0.4009	0.4009	NUM
ajfa-9288	197	25	0.0000	0.0000	NUM
ajfa-9288	197	26	1.0000	1.0000	NUM
ajfa-9288	197	27	prids	prid	NOUN
ajfa-9288	197	28	0.0803	0.0803	NUM
ajfa-9288	197	29	0.2717	0.2717	NUM
ajfa-9288	197	30	0.0000	0.0000	NUM
ajfa-9288	197	31	1.0000	1.0000	NUM
ajfa-9288	197	32	number	number	NOUN
ajfa-9288	197	33	of	of	ADP
ajfa-9288	197	34	total	total	ADJ
ajfa-9288	197	35	observations	observation	NOUN
ajfa-9288	197	36	is	be	AUX
ajfa-9288	197	37	5319	5319	NUM
ajfa-9288	197	38	.	.	PUNCT
ajfa-9288	198	1	variables	variable	NOUN
ajfa-9288	198	2	definition	definition	NOUN
ajfa-9288	198	3	:	:	PUNCT
ajfa-9288	198	4	seodebt	seodebt	PROPN
ajfa-9288	198	5	is	be	AUX
ajfa-9288	198	6	an	an	DET
ajfa-9288	198	7	equity	equity	NOUN
ajfa-9288	198	8	dummy	dummy	ADJ
ajfa-9288	198	9	variable	variable	NOUN
ajfa-9288	198	10	,	,	PUNCT
ajfa-9288	198	11	which	which	PRON
ajfa-9288	198	12	sets	set	VERB
ajfa-9288	198	13	to	to	ADP
ajfa-9288	198	14	1	1	NUM
ajfa-9288	198	15	if	if	SCONJ
ajfa-9288	198	16	the	the	DET
ajfa-9288	198	17	firm	firm	NOUN
ajfa-9288	198	18	chooses	choose	VERB
ajfa-9288	198	19	seasoned	season	VERB
ajfa-9288	198	20	equity	equity	NOUN
ajfa-9288	198	21	offering	offering	NOUN
ajfa-9288	198	22	financing	financing	NOUN
ajfa-9288	198	23	and	and	CCONJ
ajfa-9288	198	24	set	set	VERB
ajfa-9288	198	25	to	to	ADP
ajfa-9288	198	26	0	0	NUM
ajfa-9288	198	27	if	if	SCONJ
ajfa-9288	198	28	the	the	DET
ajfa-9288	198	29	firm	firm	NOUN
ajfa-9288	198	30	chooses	choose	VERB
ajfa-9288	198	31	bank	bank	NOUN
ajfa-9288	198	32	debt	debt	NOUN
ajfa-9288	198	33	,	,	PUNCT
ajfa-9288	198	34	issuing	issue	VERB
ajfa-9288	198	35	bond	bond	NOUN
ajfa-9288	198	36	,	,	PUNCT
ajfa-9288	198	37	or	or	CCONJ
ajfa-9288	198	38	issuing	issue	VERB
ajfa-9288	198	39	private	private	ADJ
ajfa-9288	198	40	equity	equity	NOUN
ajfa-9288	198	41	financings	financing	NOUN
ajfa-9288	198	42	.	.	PUNCT
ajfa-9288	199	1	prids	prid	NOUN
ajfa-9288	199	2	is	be	AUX
ajfa-9288	199	3	a	a	DET
ajfa-9288	199	4	private	private	ADJ
ajfa-9288	199	5	equity	equity	NOUN
ajfa-9288	199	6	dummy	dummy	ADJ
ajfa-9288	199	7	variable	variable	NOUN
ajfa-9288	199	8	,	,	PUNCT
ajfa-9288	199	9	which	which	PRON
ajfa-9288	199	10	sets	set	VERB
ajfa-9288	199	11	to	to	ADP
ajfa-9288	199	12	1	1	NUM
ajfa-9288	199	13	if	if	SCONJ
ajfa-9288	199	14	the	the	DET
ajfa-9288	199	15	firm	firm	NOUN
ajfa-9288	199	16	chooses	choose	VERB
ajfa-9288	199	17	private	private	ADJ
ajfa-9288	199	18	equity	equity	NOUN
ajfa-9288	199	19	and	and	CCONJ
ajfa-9288	199	20	set	set	VERB
ajfa-9288	199	21	to	to	ADP
ajfa-9288	199	22	0	0	NUM
ajfa-9288	199	23	if	if	SCONJ
ajfa-9288	199	24	the	the	DET
ajfa-9288	199	25	firm	firm	NOUN
ajfa-9288	199	26	chooses	choose	VERB
ajfa-9288	199	27	bank	bank	NOUN
ajfa-9288	199	28	debt	debt	NOUN
ajfa-9288	199	29	,	,	PUNCT
ajfa-9288	199	30	issuing	issue	VERB
ajfa-9288	199	31	bond	bond	NOUN
ajfa-9288	199	32	,	,	PUNCT
ajfa-9288	199	33	and	and	CCONJ
ajfa-9288	199	34	seasoned	seasoned	ADJ
ajfa-9288	199	35	equity	equity	NOUN
ajfa-9288	199	36	offering	offer	VERB
ajfa-9288	199	37	financings	financing	NOUN
ajfa-9288	199	38	.	.	PUNCT
ajfa-9288	200	1	dagency	dagency	NOUN
ajfa-9288	200	2	is	be	AUX
ajfa-9288	200	3	the	the	DET
ajfa-9288	200	4	debt	debt	NOUN
ajfa-9288	200	5	agency	agency	NOUN
ajfa-9288	200	6	cost	cost	NOUN
ajfa-9288	200	7	,	,	PUNCT
ajfa-9288	200	8	which	which	PRON
ajfa-9288	200	9	is	be	AUX
ajfa-9288	200	10	measured	measure	VERB
ajfa-9288	200	11	by	by	ADP
ajfa-9288	200	12	market	market	NOUN
ajfa-9288	200	13	to	to	ADP
ajfa-9288	200	14	book	book	NOUN
ajfa-9288	200	15	ratio	ratio	NOUN
ajfa-9288	200	16	of	of	ADP
ajfa-9288	200	17	equity	equity	NOUN
ajfa-9288	200	18	.	.	PUNCT
ajfa-9288	201	1	eagency	eagency	NOUN
ajfa-9288	201	2	is	be	AUX
ajfa-9288	201	3	the	the	DET
ajfa-9288	201	4	equity	equity	NOUN
ajfa-9288	201	5	agency	agency	NOUN
ajfa-9288	201	6	cost	cost	NOUN
ajfa-9288	201	7	,	,	PUNCT
ajfa-9288	201	8	which	which	PRON
ajfa-9288	201	9	is	be	AUX
ajfa-9288	201	10	measured	measure	VERB
ajfa-9288	201	11	by	by	ADP
ajfa-9288	201	12	the	the	DET
ajfa-9288	201	13	firm	firm	NOUN
ajfa-9288	201	14	’s	’s	PART
ajfa-9288	201	15	selling	selling	NOUN
ajfa-9288	201	16	and	and	CCONJ
ajfa-9288	201	17	administrative	administrative	ADJ
ajfa-9288	201	18	expenses	expense	NOUN
ajfa-9288	201	19	ratio	ratio	NOUN
ajfa-9288	201	20	minus	minus	ADP
ajfa-9288	201	21	the	the	DET
ajfa-9288	201	22	industry	industry	NOUN
ajfa-9288	201	23	median	median	NOUN
ajfa-9288	201	24	of	of	ADP
ajfa-9288	201	25	selling	selling	NOUN
ajfa-9288	201	26	and	and	CCONJ
ajfa-9288	201	27	administrative	administrative	ADJ
ajfa-9288	201	28	expenses	expense	NOUN
ajfa-9288	201	29	ratios	ratio	NOUN
ajfa-9288	201	30	of	of	ADP
ajfa-9288	201	31	all	all	DET
ajfa-9288	201	32	firms	firm	NOUN
ajfa-9288	201	33	in	in	ADP
ajfa-9288	201	34	an	an	DET
ajfa-9288	201	35	industry	industry	NOUN
ajfa-9288	201	36	.	.	PUNCT
ajfa-9288	202	1	oagency	oagency	NOUN
ajfa-9288	202	2	is	be	AUX
ajfa-9288	202	3	is	be	AUX
ajfa-9288	202	4	the	the	DET
ajfa-9288	202	5	equity	equity	NOUN
ajfa-9288	202	6	agency	agency	NOUN
ajfa-9288	202	7	cost	cost	NOUN
ajfa-9288	202	8	,	,	PUNCT
ajfa-9288	202	9	which	which	PRON
ajfa-9288	202	10	is	be	AUX
ajfa-9288	202	11	measured	measure	VERB
ajfa-9288	202	12	by	by	ADP
ajfa-9288	202	13	the	the	DET
ajfa-9288	202	14	firm	firm	NOUN
ajfa-9288	202	15	’s	’s	PART
ajfa-9288	202	16	turnover	turnover	NOUN
ajfa-9288	202	17	of	of	ADP
ajfa-9288	202	18	assets	asset	NOUN
ajfa-9288	202	19	minus	minus	ADP
ajfa-9288	202	20	the	the	DET
ajfa-9288	202	21	industry	industry	NOUN
ajfa-9288	202	22	median	median	NOUN
ajfa-9288	202	23	of	of	ADP
ajfa-9288	202	24	turnovers	turnover	NOUN
ajfa-9288	202	25	of	of	ADP
ajfa-9288	202	26	assets	asset	NOUN
ajfa-9288	202	27	of	of	ADP
ajfa-9288	202	28	all	all	DET
ajfa-9288	202	29	asian	asian	ADJ
ajfa-9288	202	30	journal	journal	NOUN
ajfa-9288	202	31	of	of	ADP
ajfa-9288	202	32	finance	finance	PROPN
ajfa-9288	202	33	&	&	CCONJ
ajfa-9288	202	34	accounting	accounting	PROPN
ajfa-9288	202	35	issn	issn	PROPN
ajfa-9288	202	36	1946	1946	NUM
ajfa-9288	202	37	-	-	PUNCT
ajfa-9288	202	38	052x	052x	PROPN
ajfa-9288	202	39	2016	2016	NUM
ajfa-9288	202	40	,	,	PUNCT
ajfa-9288	202	41	vol	vol	NOUN
ajfa-9288	202	42	.	.	PROPN
ajfa-9288	202	43	8	8	NUM
ajfa-9288	202	44	,	,	PUNCT
ajfa-9288	202	45	no	no	INTJ
ajfa-9288	202	46	.	.	NOUN
ajfa-9288	202	47	1	1	NUM
ajfa-9288	202	48	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	202	49	137	137	NUM
ajfa-9288	202	50	firms	firm	NOUN
ajfa-9288	202	51	in	in	ADP
ajfa-9288	202	52	an	an	DET
ajfa-9288	202	53	industry	industry	NOUN
ajfa-9288	202	54	.	.	PUNCT
ajfa-9288	203	1	insides	inside	NOUN
ajfa-9288	203	2	is	be	AUX
ajfa-9288	203	3	the	the	DET
ajfa-9288	203	4	shareholdings	shareholding	NOUN
ajfa-9288	203	5	of	of	ADP
ajfa-9288	203	6	insiders	insider	NOUN
ajfa-9288	203	7	,	,	PUNCT
ajfa-9288	203	8	which	which	PRON
ajfa-9288	203	9	is	be	AUX
ajfa-9288	203	10	the	the	DET
ajfa-9288	203	11	sum	sum	NOUN
ajfa-9288	203	12	of	of	ADP
ajfa-9288	203	13	managers	manager	NOUN
ajfa-9288	203	14	’	’	PART
ajfa-9288	203	15	shareholdings	shareholding	NOUN
ajfa-9288	203	16	,	,	PUNCT
ajfa-9288	203	17	directors	director	NOUN
ajfa-9288	203	18	and	and	CCONJ
ajfa-9288	203	19	supervisors	supervisor	NOUN
ajfa-9288	203	20	’	’	PART
ajfa-9288	203	21	shareholdings	shareholding	NOUN
ajfa-9288	203	22	,	,	PUNCT
ajfa-9288	203	23	and	and	CCONJ
ajfa-9288	203	24	blockholders	blockholder	NOUN
ajfa-9288	203	25	’	’	PART
ajfa-9288	203	26	shareholdings	shareholding	NOUN
ajfa-9288	203	27	.	.	PUNCT
ajfa-9288	204	1	as	as	SCONJ
ajfa-9288	204	2	is	be	AUX
ajfa-9288	204	3	the	the	DET
ajfa-9288	204	4	nature	nature	NOUN
ajfa-9288	204	5	log	log	NOUN
ajfa-9288	204	6	of	of	ADP
ajfa-9288	204	7	total	total	ADJ
ajfa-9288	204	8	assets	asset	NOUN
ajfa-9288	204	9	,	,	PUNCT
ajfa-9288	204	10	which	which	PRON
ajfa-9288	204	11	controls	control	VERB
ajfa-9288	204	12	firm	firm	ADJ
ajfa-9288	204	13	size	size	NOUN
ajfa-9288	204	14	.	.	PUNCT
ajfa-9288	205	1	roa	roa	PROPN
ajfa-9288	205	2	is	be	AUX
ajfa-9288	205	3	return	return	NOUN
ajfa-9288	205	4	of	of	ADP
ajfa-9288	205	5	assets	asset	NOUN
ajfa-9288	205	6	,	,	PUNCT
ajfa-9288	205	7	which	which	PRON
ajfa-9288	205	8	represents	represent	VERB
ajfa-9288	205	9	the	the	DET
ajfa-9288	205	10	operation	operation	NOUN
ajfa-9288	205	11	performance	performance	NOUN
ajfa-9288	205	12	of	of	ADP
ajfa-9288	205	13	a	a	DET
ajfa-9288	205	14	firm	firm	NOUN
ajfa-9288	205	15	.	.	PUNCT
ajfa-9288	206	1	4.2	4.2	NUM
ajfa-9288	206	2	prior	prior	ADJ
ajfa-9288	206	3	agency	agency	NOUN
ajfa-9288	206	4	cost	cost	NOUN
ajfa-9288	206	5	and	and	CCONJ
ajfa-9288	206	6	seasoned	seasoned	ADJ
ajfa-9288	206	7	equity	equity	NOUN
ajfa-9288	206	8	offerings	offering	NOUN
ajfa-9288	206	9	model	model	VERB
ajfa-9288	206	10	1	1	NUM
ajfa-9288	206	11	of	of	ADP
ajfa-9288	206	12	table	table	NOUN
ajfa-9288	206	13	2	2	NUM
ajfa-9288	206	14	use	use	NOUN
ajfa-9288	206	15	logistic	logistic	ADJ
ajfa-9288	206	16	regression	regression	NOUN
ajfa-9288	206	17	to	to	PART
ajfa-9288	206	18	analyze	analyze	VERB
ajfa-9288	206	19	the	the	DET
ajfa-9288	206	20	association	association	NOUN
ajfa-9288	206	21	between	between	ADP
ajfa-9288	206	22	previous	previous	ADJ
ajfa-9288	206	23	period	period	NOUN
ajfa-9288	206	24	’s	’s	PART
ajfa-9288	206	25	agency	agency	NOUN
ajfa-9288	206	26	costs	cost	NOUN
ajfa-9288	206	27	and	and	CCONJ
ajfa-9288	206	28	seasoned	seasoned	ADJ
ajfa-9288	206	29	equity	equity	NOUN
ajfa-9288	206	30	offerings	offering	NOUN
ajfa-9288	206	31	,	,	PUNCT
ajfa-9288	206	32	which	which	PRON
ajfa-9288	206	33	dagencyit-1	dagencyit-1	VERB
ajfa-9288	206	34	proxies	proxy	NOUN
ajfa-9288	206	35	for	for	ADP
ajfa-9288	206	36	the	the	DET
ajfa-9288	206	37	debt	debt	NOUN
ajfa-9288	206	38	agency	agency	NOUN
ajfa-9288	206	39	costs	cost	NOUN
ajfa-9288	206	40	and	and	CCONJ
ajfa-9288	206	41	is	be	AUX
ajfa-9288	206	42	measured	measure	VERB
ajfa-9288	206	43	by	by	ADP
ajfa-9288	206	44	equity	equity	NOUN
ajfa-9288	206	45	’s	’s	PART
ajfa-9288	206	46	market	market	NOUN
ajfa-9288	206	47	to	to	ADP
ajfa-9288	206	48	book	book	NOUN
ajfa-9288	206	49	ratio	ratio	NOUN
ajfa-9288	206	50	.	.	PUNCT
ajfa-9288	207	1	the	the	DET
ajfa-9288	207	2	findings	finding	NOUN
ajfa-9288	207	3	show	show	VERB
ajfa-9288	207	4	that	that	SCONJ
ajfa-9288	207	5	dagencyit-1	dagencyit-1	PRON
ajfa-9288	207	6	is	be	AUX
ajfa-9288	207	7	significantly	significantly	ADV
ajfa-9288	207	8	positively	positively	ADV
ajfa-9288	207	9	related	relate	VERB
ajfa-9288	207	10	to	to	ADP
ajfa-9288	207	11	seasoned	seasoned	ADJ
ajfa-9288	207	12	equity	equity	NOUN
ajfa-9288	207	13	offerings	offering	NOUN
ajfa-9288	207	14	dummy	dummy	ADJ
ajfa-9288	207	15	variable	variable	NOUN
ajfa-9288	207	16	,	,	PUNCT
ajfa-9288	207	17	implying	imply	VERB
ajfa-9288	207	18	that	that	SCONJ
ajfa-9288	207	19	the	the	DET
ajfa-9288	207	20	firm	firm	NOUN
ajfa-9288	207	21	with	with	ADP
ajfa-9288	207	22	higher	high	ADJ
ajfa-9288	207	23	previous	previous	ADJ
ajfa-9288	207	24	period	period	NOUN
ajfa-9288	207	25	’s	’s	PART
ajfa-9288	207	26	debt	debt	NOUN
ajfa-9288	207	27	agency	agency	NOUN
ajfa-9288	207	28	cost	cost	NOUN
ajfa-9288	207	29	,	,	PUNCT
ajfa-9288	207	30	it	it	PRON
ajfa-9288	207	31	tends	tend	VERB
ajfa-9288	207	32	to	to	PART
ajfa-9288	207	33	choose	choose	VERB
ajfa-9288	207	34	seasoned	seasoned	ADJ
ajfa-9288	207	35	equity	equity	NOUN
ajfa-9288	207	36	offering	offering	NOUN
ajfa-9288	207	37	in	in	ADP
ajfa-9288	207	38	current	current	ADJ
ajfa-9288	207	39	period	period	NOUN
ajfa-9288	207	40	.	.	PUNCT
ajfa-9288	208	1	the	the	DET
ajfa-9288	208	2	empirical	empirical	ADJ
ajfa-9288	208	3	results	result	NOUN
ajfa-9288	208	4	are	be	AUX
ajfa-9288	208	5	consistent	consistent	ADJ
ajfa-9288	208	6	with	with	ADP
ajfa-9288	208	7	our	our	PRON
ajfa-9288	208	8	expectations	expectation	NOUN
ajfa-9288	208	9	that	that	SCONJ
ajfa-9288	208	10	agency	agency	NOUN
ajfa-9288	208	11	costs	cost	NOUN
ajfa-9288	208	12	are	be	AUX
ajfa-9288	208	13	endogenous	endogenous	ADJ
ajfa-9288	208	14	,	,	PUNCT
ajfa-9288	208	15	that	that	ADV
ajfa-9288	208	16	is	is	ADV
ajfa-9288	208	17	,	,	PUNCT
ajfa-9288	208	18	the	the	DET
ajfa-9288	208	19	current	current	ADJ
ajfa-9288	208	20	period	period	NOUN
ajfa-9288	208	21	’s	’s	PART
ajfa-9288	208	22	financing	financing	NOUN
ajfa-9288	208	23	decisions	decision	NOUN
ajfa-9288	208	24	is	be	AUX
ajfa-9288	208	25	affect	affect	VERB
ajfa-9288	208	26	by	by	ADP
ajfa-9288	208	27	the	the	DET
ajfa-9288	208	28	prior	prior	ADJ
ajfa-9288	208	29	period	period	NOUN
ajfa-9288	208	30	’s	’s	PART
ajfa-9288	208	31	debt	debt	NOUN
ajfa-9288	208	32	agency	agency	NOUN
ajfa-9288	208	33	cost	cost	NOUN
ajfa-9288	208	34	.	.	PUNCT
ajfa-9288	209	1	a	a	DET
ajfa-9288	209	2	higher	high	ADJ
ajfa-9288	209	3	mb	mb	NOUN
ajfa-9288	209	4	means	mean	VERB
ajfa-9288	209	5	the	the	DET
ajfa-9288	209	6	company	company	NOUN
ajfa-9288	209	7	has	have	VERB
ajfa-9288	209	8	higher	high	ADJ
ajfa-9288	209	9	growth	growth	NOUN
ajfa-9288	209	10	opportunity	opportunity	NOUN
ajfa-9288	209	11	,	,	PUNCT
ajfa-9288	209	12	and	and	CCONJ
ajfa-9288	209	13	its	its	PRON
ajfa-9288	209	14	debt	debt	NOUN
ajfa-9288	209	15	agency	agency	NOUN
ajfa-9288	209	16	cost	cost	NOUN
ajfa-9288	209	17	is	be	AUX
ajfa-9288	209	18	higher	high	ADJ
ajfa-9288	209	19	,	,	PUNCT
ajfa-9288	209	20	so	so	SCONJ
ajfa-9288	209	21	that	that	SCONJ
ajfa-9288	209	22	the	the	DET
ajfa-9288	209	23	company	company	NOUN
ajfa-9288	209	24	’s	’s	PART
ajfa-9288	209	25	long	long	ADJ
ajfa-9288	209	26	-	-	PUNCT
ajfa-9288	209	27	term	term	NOUN
ajfa-9288	209	28	debt	debt	NOUN
ajfa-9288	209	29	is	be	AUX
ajfa-9288	209	30	lower	low	ADJ
ajfa-9288	209	31	.	.	PUNCT
ajfa-9288	210	1	the	the	DET
ajfa-9288	210	2	empirical	empirical	ADJ
ajfa-9288	210	3	result	result	NOUN
ajfa-9288	210	4	supports	support	VERB
ajfa-9288	210	5	hypothesis	hypothesis	NOUN
ajfa-9288	210	6	1a	1a	NOUN
ajfa-9288	210	7	.	.	PUNCT
ajfa-9288	211	1	as	as	ADP
ajfa-9288	211	2	kim	kim	PROPN
ajfa-9288	211	3	and	and	CCONJ
ajfa-9288	211	4	weisbach	weisbach	NOUN
ajfa-9288	211	5	(	(	PUNCT
ajfa-9288	211	6	2008	2008	NUM
ajfa-9288	211	7	)	)	PUNCT
ajfa-9288	211	8	,	,	PUNCT
ajfa-9288	211	9	a	a	DET
ajfa-9288	211	10	higher	high	ADJ
ajfa-9288	211	11	mb	mb	NOUN
ajfa-9288	211	12	company	company	NOUN
ajfa-9288	211	13	is	be	AUX
ajfa-9288	211	14	more	more	ADV
ajfa-9288	211	15	likely	likely	ADJ
ajfa-9288	211	16	to	to	PART
ajfa-9288	211	17	choose	choose	VERB
ajfa-9288	211	18	equity	equity	NOUN
ajfa-9288	211	19	financing	financing	NOUN
ajfa-9288	211	20	than	than	ADP
ajfa-9288	211	21	a	a	DET
ajfa-9288	211	22	lower	low	ADJ
ajfa-9288	211	23	mb	mb	NOUN
ajfa-9288	211	24	company	company	NOUN
ajfa-9288	211	25	.	.	PUNCT
ajfa-9288	212	1	on	on	ADP
ajfa-9288	212	2	the	the	DET
ajfa-9288	212	3	other	other	ADJ
ajfa-9288	212	4	hand	hand	NOUN
ajfa-9288	212	5	,	,	PUNCT
ajfa-9288	212	6	mode	mode	NOUN
ajfa-9288	212	7	1	1	NUM
ajfa-9288	212	8	in	in	ADP
ajfa-9288	212	9	table	table	NOUN
ajfa-9288	212	10	2	2	NUM
ajfa-9288	212	11	uses	use	NOUN
ajfa-9288	212	12	eagencyit-1	eagencyit-1	VERB
ajfa-9288	212	13	represents	represent	VERB
ajfa-9288	212	14	the	the	DET
ajfa-9288	212	15	previous	previous	ADJ
ajfa-9288	212	16	period	period	NOUN
ajfa-9288	212	17	’s	’s	PART
ajfa-9288	212	18	equity	equity	NOUN
ajfa-9288	212	19	agency	agency	NOUN
ajfa-9288	212	20	cost	cost	NOUN
ajfa-9288	212	21	,	,	PUNCT
ajfa-9288	212	22	which	which	PRON
ajfa-9288	212	23	is	be	AUX
ajfa-9288	212	24	measured	measure	VERB
ajfa-9288	212	25	by	by	ADP
ajfa-9288	212	26	the	the	DET
ajfa-9288	212	27	previous	previous	ADJ
ajfa-9288	212	28	period	period	NOUN
ajfa-9288	212	29	’s	’s	PART
ajfa-9288	212	30	selling	selling	NOUN
ajfa-9288	212	31	and	and	CCONJ
ajfa-9288	212	32	administrative	administrative	ADJ
ajfa-9288	212	33	expenses	expense	NOUN
ajfa-9288	212	34	minus	minus	CCONJ
ajfa-9288	212	35	the	the	DET
ajfa-9288	212	36	industry	industry	NOUN
ajfa-9288	212	37	’s	’s	PART
ajfa-9288	212	38	median	median	NOUN
ajfa-9288	212	39	of	of	ADP
ajfa-9288	212	40	selling	selling	NOUN
ajfa-9288	212	41	and	and	CCONJ
ajfa-9288	212	42	administrative	administrative	ADJ
ajfa-9288	212	43	expenses	expense	NOUN
ajfa-9288	212	44	.	.	PUNCT
ajfa-9288	213	1	the	the	DET
ajfa-9288	213	2	findings	finding	NOUN
ajfa-9288	213	3	show	show	VERB
ajfa-9288	213	4	that	that	SCONJ
ajfa-9288	213	5	the	the	DET
ajfa-9288	213	6	period	period	NOUN
ajfa-9288	213	7	’s	’s	PART
ajfa-9288	213	8	equity	equity	NOUN
ajfa-9288	213	9	agent	agent	NOUN
ajfa-9288	213	10	cost	cost	NOUN
ajfa-9288	213	11	is	be	AUX
ajfa-9288	213	12	significantly	significantly	ADV
ajfa-9288	213	13	negatively	negatively	ADV
ajfa-9288	213	14	correlated	correlate	VERB
ajfa-9288	213	15	to	to	ADP
ajfa-9288	213	16	seasoned	season	VERB
ajfa-9288	213	17	equity	equity	NOUN
ajfa-9288	213	18	offerings	offering	NOUN
ajfa-9288	213	19	,	,	PUNCT
ajfa-9288	213	20	indicating	indicate	VERB
ajfa-9288	213	21	that	that	SCONJ
ajfa-9288	213	22	the	the	DET
ajfa-9288	213	23	sample	sample	NOUN
ajfa-9288	213	24	companies	company	NOUN
ajfa-9288	213	25	’	'	PUNCT
ajfa-9288	213	26	previous	previous	ADJ
ajfa-9288	213	27	period	period	NOUN
ajfa-9288	213	28	’s	’s	PART
ajfa-9288	213	29	equity	equity	NOUN
ajfa-9288	213	30	agency	agency	NOUN
ajfa-9288	213	31	costs	cost	NOUN
ajfa-9288	213	32	are	be	AUX
ajfa-9288	213	33	higher	high	ADJ
ajfa-9288	213	34	,	,	PUNCT
ajfa-9288	213	35	their	their	PRON
ajfa-9288	213	36	possibilities	possibility	NOUN
ajfa-9288	213	37	of	of	ADP
ajfa-9288	213	38	engaging	engage	VERB
ajfa-9288	213	39	in	in	ADP
ajfa-9288	213	40	seasoned	seasoned	ADJ
ajfa-9288	213	41	equity	equity	NOUN
ajfa-9288	213	42	offerings	offering	NOUN
ajfa-9288	213	43	are	be	AUX
ajfa-9288	213	44	lower	low	ADJ
ajfa-9288	213	45	.	.	PUNCT
ajfa-9288	214	1	when	when	SCONJ
ajfa-9288	214	2	higher	high	ADJ
ajfa-9288	214	3	equity	equity	NOUN
ajfa-9288	214	4	agency	agency	NOUN
ajfa-9288	214	5	costs	cost	NOUN
ajfa-9288	214	6	,	,	PUNCT
ajfa-9288	214	7	operating	operate	VERB
ajfa-9288	214	8	expense	expense	NOUN
ajfa-9288	214	9	ratio	ratio	NOUN
ajfa-9288	214	10	is	be	AUX
ajfa-9288	214	11	higher	high	ADJ
ajfa-9288	214	12	.	.	PUNCT
ajfa-9288	215	1	the	the	DET
ajfa-9288	215	2	empirical	empirical	ADJ
ajfa-9288	215	3	results	result	NOUN
ajfa-9288	215	4	support	support	VERB
ajfa-9288	215	5	the	the	DET
ajfa-9288	215	6	hypothesis	hypothesis	NOUN
ajfa-9288	215	7	inference	inference	NOUN
ajfa-9288	215	8	1b	1b	NUM
ajfa-9288	215	9	,	,	PUNCT
ajfa-9288	215	10	and	and	CCONJ
ajfa-9288	215	11	agency	agency	NOUN
ajfa-9288	215	12	costs	cost	NOUN
ajfa-9288	215	13	have	have	AUX
ajfa-9288	215	14	are	be	AUX
ajfa-9288	215	15	endogenous	endogenous	ADJ
ajfa-9288	215	16	as	as	ADP
ajfa-9288	215	17	expectations	expectation	NOUN
ajfa-9288	215	18	,	,	PUNCT
ajfa-9288	215	19	that	that	ADV
ajfa-9288	215	20	is	is	ADV
ajfa-9288	215	21	,	,	PUNCT
ajfa-9288	215	22	when	when	SCONJ
ajfa-9288	215	23	the	the	DET
ajfa-9288	215	24	previous	previous	ADJ
ajfa-9288	215	25	period	period	NOUN
ajfa-9288	215	26	’s	’s	PART
ajfa-9288	215	27	equity	equity	NOUN
ajfa-9288	215	28	agency	agency	NOUN
ajfa-9288	215	29	cost	cost	NOUN
ajfa-9288	215	30	of	of	ADP
ajfa-9288	215	31	the	the	DET
ajfa-9288	215	32	company	company	NOUN
ajfa-9288	215	33	is	be	AUX
ajfa-9288	215	34	higher	high	ADJ
ajfa-9288	215	35	,	,	PUNCT
ajfa-9288	215	36	the	the	DET
ajfa-9288	215	37	company	company	NOUN
ajfa-9288	215	38	will	will	AUX
ajfa-9288	215	39	tend	tend	VERB
ajfa-9288	215	40	to	to	PART
ajfa-9288	215	41	choose	choose	VERB
ajfa-9288	215	42	debt	debt	NOUN
ajfa-9288	215	43	financing	financing	NOUN
ajfa-9288	215	44	in	in	ADP
ajfa-9288	215	45	current	current	ADJ
ajfa-9288	215	46	period	period	NOUN
ajfa-9288	215	47	.	.	PUNCT
ajfa-9288	216	1	model	model	NOUN
ajfa-9288	216	2	2	2	NUM
ajfa-9288	216	3	in	in	ADP
ajfa-9288	216	4	table	table	NOUN
ajfa-9288	216	5	2	2	NUM
ajfa-9288	216	6	uses	use	NOUN
ajfa-9288	216	7	oagencyit-1	oagencyit-1	NOUN
ajfa-9288	216	8	measure	measure	VERB
ajfa-9288	216	9	the	the	DET
ajfa-9288	216	10	company	company	NOUN
ajfa-9288	216	11	’s	’s	PART
ajfa-9288	216	12	equity	equity	NOUN
ajfa-9288	216	13	agency	agency	NOUN
ajfa-9288	216	14	cost	cost	NOUN
ajfa-9288	216	15	,	,	PUNCT
ajfa-9288	216	16	which	which	PRON
ajfa-9288	216	17	is	be	AUX
ajfa-9288	216	18	measured	measure	VERB
ajfa-9288	216	19	by	by	ADP
ajfa-9288	216	20	previous	previous	ADJ
ajfa-9288	216	21	period	period	NOUN
ajfa-9288	216	22	’s	’s	PART
ajfa-9288	216	23	turnover	turnover	NOUN
ajfa-9288	216	24	of	of	ADP
ajfa-9288	216	25	assets	asset	NOUN
ajfa-9288	216	26	minus	minus	ADP
ajfa-9288	216	27	the	the	DET
ajfa-9288	216	28	industry	industry	NOUN
ajfa-9288	216	29	’s	’s	PART
ajfa-9288	216	30	median	median	NOUN
ajfa-9288	216	31	of	of	ADP
ajfa-9288	216	32	turnover	turnover	NOUN
ajfa-9288	216	33	of	of	ADP
ajfa-9288	216	34	assets	asset	NOUN
ajfa-9288	216	35	.	.	PUNCT
ajfa-9288	217	1	the	the	DET
ajfa-9288	217	2	findings	finding	NOUN
ajfa-9288	217	3	show	show	VERB
ajfa-9288	217	4	that	that	SCONJ
ajfa-9288	217	5	the	the	DET
ajfa-9288	217	6	company	company	NOUN
ajfa-9288	217	7	’s	’s	PART
ajfa-9288	217	8	previous	previous	ADJ
ajfa-9288	217	9	period	period	NOUN
ajfa-9288	217	10	’s	’s	PART
ajfa-9288	217	11	debt	debt	NOUN
ajfa-9288	217	12	agency	agency	NOUN
ajfa-9288	217	13	cost	cost	NOUN
ajfa-9288	217	14	is	be	AUX
ajfa-9288	217	15	higher	high	ADJ
ajfa-9288	217	16	,	,	PUNCT
ajfa-9288	217	17	the	the	DET
ajfa-9288	217	18	more	more	ADV
ajfa-9288	217	19	inclined	inclined	ADJ
ajfa-9288	217	20	to	to	PART
ajfa-9288	217	21	choose	choose	VERB
ajfa-9288	217	22	seasoned	seasoned	ADJ
ajfa-9288	217	23	equity	equity	NOUN
ajfa-9288	217	24	offerings	offering	NOUN
ajfa-9288	217	25	financing	financing	NOUN
ajfa-9288	217	26	in	in	ADP
ajfa-9288	217	27	the	the	DET
ajfa-9288	217	28	current	current	ADJ
ajfa-9288	217	29	period	period	NOUN
ajfa-9288	217	30	.	.	PUNCT
ajfa-9288	218	1	therefore	therefore	ADV
ajfa-9288	218	2	,	,	PUNCT
ajfa-9288	218	3	it	it	PRON
ajfa-9288	218	4	is	be	AUX
ajfa-9288	218	5	consistent	consistent	ADJ
ajfa-9288	218	6	with	with	ADP
ajfa-9288	218	7	the	the	DET
ajfa-9288	218	8	results	result	NOUN
ajfa-9288	218	9	those	those	PRON
ajfa-9288	218	10	in	in	ADP
ajfa-9288	218	11	the	the	DET
ajfa-9288	218	12	model	model	NOUN
ajfa-9288	218	13	1	1	NUM
ajfa-9288	218	14	of	of	ADP
ajfa-9288	218	15	table	table	NOUN
ajfa-9288	218	16	2	2	NUM
ajfa-9288	218	17	,	,	PUNCT
ajfa-9288	218	18	and	and	CCONJ
ajfa-9288	218	19	empirical	empirical	ADJ
ajfa-9288	218	20	results	result	NOUN
ajfa-9288	218	21	fit	fit	ADJ
ajfa-9288	218	22	for	for	ADP
ajfa-9288	218	23	the	the	DET
ajfa-9288	218	24	agency	agency	NOUN
ajfa-9288	218	25	cost	cost	NOUN
ajfa-9288	218	26	of	of	ADP
ajfa-9288	218	27	this	this	DET
ajfa-9288	218	28	study	study	NOUN
ajfa-9288	218	29	is	be	AUX
ajfa-9288	218	30	expected	expect	VERB
ajfa-9288	218	31	to	to	PART
ajfa-9288	218	32	have	have	VERB
ajfa-9288	218	33	endogenous	endogenous	ADJ
ajfa-9288	218	34	,	,	PUNCT
ajfa-9288	218	35	that	that	SCONJ
ajfa-9288	218	36	the	the	DET
ajfa-9288	218	37	current	current	ADJ
ajfa-9288	218	38	period	period	NOUN
ajfa-9288	218	39	’s	’s	PART
ajfa-9288	218	40	financing	financing	NOUN
ajfa-9288	218	41	decisions	decision	NOUN
ajfa-9288	218	42	is	be	AUX
ajfa-9288	218	43	affect	affect	VERB
ajfa-9288	218	44	by	by	ADP
ajfa-9288	218	45	the	the	DET
ajfa-9288	218	46	previous	previous	ADJ
ajfa-9288	218	47	period	period	NOUN
ajfa-9288	218	48	’s	’s	PART
ajfa-9288	218	49	debt	debt	NOUN
ajfa-9288	218	50	agency	agency	NOUN
ajfa-9288	218	51	cost	cost	NOUN
ajfa-9288	218	52	.	.	PUNCT
ajfa-9288	219	1	on	on	ADP
ajfa-9288	219	2	the	the	DET
ajfa-9288	219	3	other	other	ADJ
ajfa-9288	219	4	hand	hand	NOUN
ajfa-9288	219	5	,	,	PUNCT
ajfa-9288	219	6	turnover	turnover	NOUN
ajfa-9288	219	7	of	of	ADP
ajfa-9288	219	8	asset	asset	NOUN
ajfa-9288	219	9	is	be	AUX
ajfa-9288	219	10	used	use	VERB
ajfa-9288	219	11	to	to	PART
ajfa-9288	219	12	measure	measure	VERB
ajfa-9288	219	13	efficiency	efficiency	NOUN
ajfa-9288	219	14	of	of	ADP
ajfa-9288	219	15	a	a	DET
ajfa-9288	219	16	firm	firm	NOUN
ajfa-9288	219	17	.	.	PUNCT
ajfa-9288	220	1	if	if	SCONJ
ajfa-9288	220	2	the	the	DET
ajfa-9288	220	3	turnover	turnover	NOUN
ajfa-9288	220	4	rate	rate	NOUN
ajfa-9288	220	5	is	be	AUX
ajfa-9288	220	6	higher	high	ADJ
ajfa-9288	220	7	,	,	PUNCT
ajfa-9288	220	8	indicating	indicate	VERB
ajfa-9288	220	9	that	that	SCONJ
ajfa-9288	220	10	managers	manager	NOUN
ajfa-9288	220	11	have	have	VERB
ajfa-9288	220	12	better	well	ADJ
ajfa-9288	220	13	capabilities	capability	NOUN
ajfa-9288	220	14	of	of	ADP
ajfa-9288	220	15	asset	asset	NOUN
ajfa-9288	220	16	management	management	NOUN
ajfa-9288	220	17	,	,	PUNCT
ajfa-9288	220	18	allows	allow	VERB
ajfa-9288	220	19	assets	asset	NOUN
ajfa-9288	220	20	to	to	PART
ajfa-9288	220	21	generate	generate	VERB
ajfa-9288	220	22	higher	high	ADJ
ajfa-9288	220	23	cash	cash	NOUN
ajfa-9288	220	24	flows	flow	NOUN
ajfa-9288	220	25	and	and	CCONJ
ajfa-9288	220	26	sales	sale	NOUN
ajfa-9288	220	27	volume	volume	NOUN
ajfa-9288	220	28	,	,	PUNCT
ajfa-9288	220	29	therefore	therefore	ADV
ajfa-9288	220	30	the	the	DET
ajfa-9288	220	31	lower	low	ADJ
ajfa-9288	220	32	agency	agency	NOUN
ajfa-9288	220	33	cost	cost	NOUN
ajfa-9288	220	34	of	of	ADP
ajfa-9288	220	35	equity	equity	NOUN
ajfa-9288	220	36	.	.	PUNCT
ajfa-9288	221	1	the	the	DET
ajfa-9288	221	2	findings	finding	NOUN
ajfa-9288	221	3	of	of	ADP
ajfa-9288	221	4	model	model	NOUN
ajfa-9288	221	5	2	2	NUM
ajfa-9288	221	6	show	show	VERB
ajfa-9288	221	7	that	that	SCONJ
ajfa-9288	221	8	the	the	DET
ajfa-9288	221	9	previous	previous	ADJ
ajfa-9288	221	10	period	period	NOUN
ajfa-9288	221	11	’s	’s	PART
ajfa-9288	221	12	equity	equity	NOUN
ajfa-9288	221	13	agency	agency	NOUN
ajfa-9288	221	14	cost	cost	NOUN
ajfa-9288	221	15	oagencyit-1	oagencyit-1	NUM
ajfa-9288	221	16	is	be	AUX
ajfa-9288	221	17	positively	positively	ADV
ajfa-9288	221	18	correlated	correlate	VERB
ajfa-9288	221	19	with	with	ADP
ajfa-9288	221	20	the	the	DET
ajfa-9288	221	21	seasoned	seasoned	ADJ
ajfa-9288	221	22	equity	equity	NOUN
ajfa-9288	221	23	offerings	offering	NOUN
ajfa-9288	221	24	.	.	PUNCT
ajfa-9288	222	1	this	this	PRON
ajfa-9288	222	2	means	mean	VERB
ajfa-9288	222	3	that	that	SCONJ
ajfa-9288	222	4	the	the	DET
ajfa-9288	222	5	higher	high	ADJ
ajfa-9288	222	6	equity	equity	NOUN
ajfa-9288	222	7	agency	agency	NOUN
ajfa-9288	222	8	costs	cost	NOUN
ajfa-9288	222	9	(	(	PUNCT
ajfa-9288	222	10	the	the	DET
ajfa-9288	222	11	lower	low	ADJ
ajfa-9288	222	12	turnover	turnover	NOUN
ajfa-9288	222	13	of	of	ADP
ajfa-9288	222	14	assets	asset	NOUN
ajfa-9288	222	15	)	)	PUNCT
ajfa-9288	222	16	,	,	PUNCT
ajfa-9288	222	17	the	the	DET
ajfa-9288	222	18	company	company	NOUN
ajfa-9288	222	19	is	be	AUX
ajfa-9288	222	20	more	more	ADV
ajfa-9288	222	21	likely	likely	ADJ
ajfa-9288	222	22	to	to	PART
ajfa-9288	222	23	choose	choose	VERB
ajfa-9288	222	24	debt	debt	NOUN
ajfa-9288	222	25	financing	financing	NOUN
ajfa-9288	222	26	.	.	PUNCT
ajfa-9288	223	1	our	our	PRON
ajfa-9288	223	2	results	result	NOUN
ajfa-9288	223	3	are	be	AUX
ajfa-9288	223	4	consistent	consistent	ADJ
ajfa-9288	223	5	with	with	ADP
ajfa-9288	223	6	myers	myer	NOUN
ajfa-9288	223	7	and	and	CCONJ
ajfa-9288	223	8	majluf	majluf	PROPN
ajfa-9288	223	9	(	(	PUNCT
ajfa-9288	223	10	1984	1984	NUM
ajfa-9288	223	11	)	)	PUNCT
ajfa-9288	223	12	,	,	PUNCT
ajfa-9288	223	13	and	and	CCONJ
ajfa-9288	223	14	the	the	DET
ajfa-9288	223	15	empirical	empirical	ADJ
ajfa-9288	223	16	results	result	NOUN
ajfa-9288	223	17	support	support	VERB
ajfa-9288	223	18	the	the	DET
ajfa-9288	223	19	hypothesis	hypothesis	NOUN
ajfa-9288	223	20	1b	1b	NUM
ajfa-9288	223	21	,	,	PUNCT
ajfa-9288	223	22	that	that	SCONJ
ajfa-9288	223	23	the	the	DET
ajfa-9288	223	24	company	company	NOUN
ajfa-9288	223	25	’s	’s	PART
ajfa-9288	223	26	equity	equity	NOUN
ajfa-9288	223	27	agency	agency	NOUN
ajfa-9288	223	28	costs	cost	NOUN
ajfa-9288	223	29	is	be	AUX
ajfa-9288	223	30	higher	high	ADJ
ajfa-9288	223	31	,	,	PUNCT
ajfa-9288	223	32	would	would	AUX
ajfa-9288	223	33	tend	tend	VERB
ajfa-9288	223	34	to	to	PART
ajfa-9288	223	35	choose	choose	VERB
ajfa-9288	223	36	the	the	DET
ajfa-9288	223	37	debt	debt	NOUN
ajfa-9288	223	38	financing	financing	NOUN
ajfa-9288	223	39	.	.	PUNCT
ajfa-9288	224	1	asian	asian	ADJ
ajfa-9288	224	2	journal	journal	PROPN
ajfa-9288	224	3	of	of	ADP
ajfa-9288	224	4	finance	finance	PROPN
ajfa-9288	224	5	&	&	CCONJ
ajfa-9288	224	6	accounting	accounting	PROPN
ajfa-9288	224	7	issn	issn	PROPN
ajfa-9288	224	8	1946	1946	NUM
ajfa-9288	224	9	-	-	PUNCT
ajfa-9288	224	10	052x	052x	PROPN
ajfa-9288	224	11	2016	2016	NUM
ajfa-9288	224	12	,	,	PUNCT
ajfa-9288	224	13	vol	vol	NOUN
ajfa-9288	224	14	.	.	PROPN
ajfa-9288	224	15	8	8	NUM
ajfa-9288	224	16	,	,	PUNCT
ajfa-9288	224	17	no	no	INTJ
ajfa-9288	224	18	.	.	NOUN
ajfa-9288	224	19	1	1	NUM
ajfa-9288	224	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	224	21	138	138	NUM
ajfa-9288	224	22	table	table	NOUN
ajfa-9288	224	23	2	2	NUM
ajfa-9288	224	24	.	.	PUNCT
ajfa-9288	224	25	prior	prior	ADJ
ajfa-9288	224	26	agency	agency	NOUN
ajfa-9288	224	27	cost	cost	NOUN
ajfa-9288	224	28	and	and	CCONJ
ajfa-9288	224	29	seasoned	season	VERB
ajfa-9288	224	30	equity	equity	NOUN
ajfa-9288	224	31	offering	offering	NOUN
ajfa-9288	224	32	choice	choice	NOUN
ajfa-9288	224	33	itititititit	itititititit	NOUN
ajfa-9288	224	34	eroaaasaeagencyadagencyaaseodebt	eroaaasaeagencyadagencyaaseodebt	NOUN
ajfa-9288	225	1	+	+	PROPN
ajfa-9288	225	2	+	+	ADJ
ajfa-9288	225	3	+	+	ADJ
ajfa-9288	225	4	+	+	ADJ
ajfa-9288	225	5	+	+	ADJ
ajfa-9288	225	6	=	=	ADJ
ajfa-9288	225	7	−−	−−	NOUN
ajfa-9288	225	8	4312110	4312110	NUM
ajfa-9288	225	9	itititititit	itititititit	NOUN
ajfa-9288	225	10	eroaaasaoagencyadagencyaaseodebt	eroaaasaoagencyadagencyaaseodebt	NOUN
ajfa-9288	226	1	+	+	ADJ
ajfa-9288	226	2	+	+	ADJ
ajfa-9288	226	3	+	+	ADJ
ajfa-9288	226	4	+	+	ADJ
ajfa-9288	226	5	+	+	ADJ
ajfa-9288	226	6	=	=	ADJ
ajfa-9288	226	7	−−	−−	PROPN
ajfa-9288	226	8	4312110	4312110	NUM
ajfa-9288	226	9	seodebt	seodebt	NOUN
ajfa-9288	226	10	model	model	NOUN
ajfa-9288	226	11	1	1	NUM
ajfa-9288	226	12	(	(	PUNCT
ajfa-9288	226	13	eagencyit-1	eagencyit-1	PROPN
ajfa-9288	226	14	)	)	PUNCT
ajfa-9288	226	15	model	model	NOUN
ajfa-9288	226	16	2	2	NUM
ajfa-9288	226	17	(	(	PUNCT
ajfa-9288	226	18	oagencyit-1	oagencyit-1	NUM
ajfa-9288	226	19	)	)	PUNCT
ajfa-9288	226	20	variable	variable	ADJ
ajfa-9288	226	21	coef	coef	PROPN
ajfa-9288	226	22	.	.	PUNCT
ajfa-9288	227	1	z	z	NOUN
ajfa-9288	227	2	value	value	NOUN
ajfa-9288	227	3	(	(	PUNCT
ajfa-9288	227	4	p>|z|	p>|z|	NOUN
ajfa-9288	227	5	)	)	PUNCT
ajfa-9288	227	6	coef	coef	PROPN
ajfa-9288	227	7	.	.	PUNCT
ajfa-9288	228	1	z	z	NOUN
ajfa-9288	228	2	value	value	NOUN
ajfa-9288	228	3	(	(	PUNCT
ajfa-9288	228	4	p	p	NOUN
ajfa-9288	228	5	value	value	NOUN
ajfa-9288	228	6	)	)	PUNCT
ajfa-9288	228	7	dagencyit-1	dagencyit-1	VERB
ajfa-9288	228	8	0.2578	0.2578	NUM
ajfa-9288	228	9	9.1900	9.1900	NUM
ajfa-9288	228	10	(	(	PUNCT
ajfa-9288	228	11	0.0000	0.0000	NUM
ajfa-9288	228	12	)	)	PUNCT
ajfa-9288	228	13	0.2414	0.2414	NUM
ajfa-9288	228	14	8.7300	8.7300	NUM
ajfa-9288	228	15	(	(	PUNCT
ajfa-9288	228	16	0.0000	0.0000	NUM
ajfa-9288	228	17	)	)	PUNCT
ajfa-9288	228	18	eagencyit-1	eagencyit-1	PROPN
ajfa-9288	228	19	-0.1763	-0.1763	X
ajfa-9288	228	20	-2.8500	-2.8500	NOUN
ajfa-9288	228	21	(	(	PUNCT
ajfa-9288	228	22	0.0040	0.0040	NUM
ajfa-9288	228	23	)	)	PUNCT
ajfa-9288	228	24	oagencyit-1	oagencyit-1	NUM
ajfa-9288	229	1	0.0085	0.0085	NUM
ajfa-9288	229	2	4.1700	4.1700	NUM
ajfa-9288	229	3	(	(	PUNCT
ajfa-9288	229	4	0.0000	0.0000	NUM
ajfa-9288	229	5	)	)	PUNCT
ajfa-9288	229	6	as	as	ADP
ajfa-9288	229	7	-0.1816	-0.1816	X
ajfa-9288	229	8	-3.1700	-3.1700	X
ajfa-9288	229	9	(	(	PUNCT
ajfa-9288	229	10	0.0010	0.0010	NUM
ajfa-9288	229	11	)	)	PUNCT
ajfa-9288	229	12	-0.1285	-0.1285	PROPN
ajfa-9288	229	13	-2.2100	-2.2100	PROPN
ajfa-9288	229	14	(	(	PUNCT
ajfa-9288	229	15	0.0270	0.0270	NUM
ajfa-9288	229	16	)	)	PUNCT
ajfa-9288	229	17	roa	roa	NOUN
ajfa-9288	229	18	-0.0337	-0.0337	NOUN
ajfa-9288	229	19	-7.8300	-7.8300	X
ajfa-9288	229	20	(	(	PUNCT
ajfa-9288	229	21	0.0000	0.0000	NUM
ajfa-9288	229	22	)	)	PUNCT
ajfa-9288	229	23	-0.0314	-0.0314	NOUN
ajfa-9288	229	24	-7.2700	-7.2700	NOUN
ajfa-9288	229	25	(	(	PUNCT
ajfa-9288	229	26	0.0000	0.0000	NUM
ajfa-9288	229	27	)	)	PUNCT
ajfa-9288	229	28	cons	con	NOUN
ajfa-9288	229	29	.	.	PUNCT
ajfa-9288	230	1	-0.3454	-0.3454	NOUN
ajfa-9288	230	2	-0.8900	-0.8900	NOUN
ajfa-9288	230	3	(	(	PUNCT
ajfa-9288	230	4	0.3720	0.3720	NUM
ajfa-9288	230	5	)	)	PUNCT
ajfa-9288	230	6	-0.7442	-0.7442	NOUN
ajfa-9288	230	7	-1.8800	-1.8800	INTJ
ajfa-9288	231	1	(	(	PUNCT
ajfa-9288	231	2	0.0600	0.0600	NUM
ajfa-9288	231	3	)	)	PUNCT
ajfa-9288	231	4	number	number	NOUN
ajfa-9288	231	5	of	of	ADP
ajfa-9288	231	6	obs	obs	PROPN
ajfa-9288	231	7	.	.	PUNCT
ajfa-9288	232	1	5319	5319	NUM
ajfa-9288	232	2	5319	5319	NUM
ajfa-9288	232	3	lr	lr	PROPN
ajfa-9288	232	4	chi2(5	chi2(5	NOUN
ajfa-9288	232	5	)	)	PUNCT
ajfa-9288	232	6	181.06	181.06	NUM
ajfa-9288	232	7	199.04	199.04	NUM
ajfa-9288	232	8	prob	prob	NOUN
ajfa-9288	232	9	>	>	X
ajfa-9288	232	10	chi2	chi2	PROPN
ajfa-9288	232	11	0.0000	0.0000	NUM
ajfa-9288	232	12	0.0000	0.0000	NUM
ajfa-9288	232	13	pseudo	pseudo	NOUN
ajfa-9288	232	14	r2	r2	NOUN
ajfa-9288	232	15	0.0339	0.0339	NUM
ajfa-9288	232	16	0.0373	0.0373	NUM
ajfa-9288	232	17	variables	variable	NOUN
ajfa-9288	232	18	definition	definition	NOUN
ajfa-9288	232	19	:	:	PUNCT
ajfa-9288	232	20	seodebt	seodebt	PROPN
ajfa-9288	232	21	is	be	AUX
ajfa-9288	232	22	an	an	DET
ajfa-9288	232	23	equity	equity	NOUN
ajfa-9288	232	24	dummy	dummy	ADJ
ajfa-9288	232	25	variable	variable	NOUN
ajfa-9288	232	26	,	,	PUNCT
ajfa-9288	232	27	which	which	PRON
ajfa-9288	232	28	sets	set	VERB
ajfa-9288	232	29	to	to	ADP
ajfa-9288	232	30	1	1	NUM
ajfa-9288	232	31	if	if	SCONJ
ajfa-9288	232	32	the	the	DET
ajfa-9288	232	33	firm	firm	NOUN
ajfa-9288	232	34	chooses	choose	VERB
ajfa-9288	232	35	seasoned	season	VERB
ajfa-9288	232	36	equity	equity	NOUN
ajfa-9288	232	37	offering	offering	NOUN
ajfa-9288	232	38	financing	financing	NOUN
ajfa-9288	232	39	and	and	CCONJ
ajfa-9288	232	40	set	set	VERB
ajfa-9288	232	41	to	to	ADP
ajfa-9288	232	42	0	0	NUM
ajfa-9288	232	43	if	if	SCONJ
ajfa-9288	232	44	the	the	DET
ajfa-9288	232	45	firm	firm	NOUN
ajfa-9288	232	46	chooses	choose	VERB
ajfa-9288	232	47	bank	bank	NOUN
ajfa-9288	232	48	debt	debt	NOUN
ajfa-9288	232	49	,	,	PUNCT
ajfa-9288	232	50	issuing	issue	VERB
ajfa-9288	232	51	bond	bond	NOUN
ajfa-9288	232	52	,	,	PUNCT
ajfa-9288	232	53	or	or	CCONJ
ajfa-9288	232	54	issuing	issue	VERB
ajfa-9288	232	55	private	private	ADJ
ajfa-9288	232	56	equity	equity	NOUN
ajfa-9288	232	57	financings	financing	NOUN
ajfa-9288	232	58	.	.	PUNCT
ajfa-9288	233	1	dagency	dagency	NOUN
ajfa-9288	233	2	is	be	AUX
ajfa-9288	233	3	the	the	DET
ajfa-9288	233	4	debt	debt	NOUN
ajfa-9288	233	5	agency	agency	NOUN
ajfa-9288	233	6	cost	cost	NOUN
ajfa-9288	233	7	,	,	PUNCT
ajfa-9288	233	8	which	which	PRON
ajfa-9288	233	9	is	be	AUX
ajfa-9288	233	10	measured	measure	VERB
ajfa-9288	233	11	by	by	ADP
ajfa-9288	233	12	market	market	NOUN
ajfa-9288	233	13	to	to	ADP
ajfa-9288	233	14	book	book	NOUN
ajfa-9288	233	15	ratio	ratio	NOUN
ajfa-9288	233	16	of	of	ADP
ajfa-9288	233	17	equity	equity	NOUN
ajfa-9288	233	18	.	.	PUNCT
ajfa-9288	234	1	eagency	eagency	NOUN
ajfa-9288	234	2	is	be	AUX
ajfa-9288	234	3	the	the	DET
ajfa-9288	234	4	equity	equity	NOUN
ajfa-9288	234	5	agency	agency	NOUN
ajfa-9288	234	6	cost	cost	NOUN
ajfa-9288	234	7	,	,	PUNCT
ajfa-9288	234	8	which	which	PRON
ajfa-9288	234	9	is	be	AUX
ajfa-9288	234	10	measured	measure	VERB
ajfa-9288	234	11	by	by	ADP
ajfa-9288	234	12	the	the	DET
ajfa-9288	234	13	firm	firm	NOUN
ajfa-9288	234	14	’s	’s	PART
ajfa-9288	234	15	selling	selling	NOUN
ajfa-9288	234	16	and	and	CCONJ
ajfa-9288	234	17	administrative	administrative	ADJ
ajfa-9288	234	18	expenses	expense	NOUN
ajfa-9288	234	19	ratio	ratio	NOUN
ajfa-9288	234	20	minus	minus	ADP
ajfa-9288	234	21	the	the	DET
ajfa-9288	234	22	industry	industry	NOUN
ajfa-9288	234	23	median	median	NOUN
ajfa-9288	234	24	of	of	ADP
ajfa-9288	234	25	selling	selling	NOUN
ajfa-9288	234	26	and	and	CCONJ
ajfa-9288	234	27	administrative	administrative	ADJ
ajfa-9288	234	28	expenses	expense	NOUN
ajfa-9288	234	29	ratios	ratio	NOUN
ajfa-9288	234	30	of	of	ADP
ajfa-9288	234	31	all	all	DET
ajfa-9288	234	32	firms	firm	NOUN
ajfa-9288	234	33	in	in	ADP
ajfa-9288	234	34	an	an	DET
ajfa-9288	234	35	industry	industry	NOUN
ajfa-9288	234	36	.	.	PUNCT
ajfa-9288	235	1	oagency	oagency	NOUN
ajfa-9288	235	2	is	be	AUX
ajfa-9288	235	3	the	the	DET
ajfa-9288	235	4	equity	equity	NOUN
ajfa-9288	235	5	agency	agency	NOUN
ajfa-9288	235	6	cost	cost	NOUN
ajfa-9288	235	7	,	,	PUNCT
ajfa-9288	235	8	which	which	PRON
ajfa-9288	235	9	is	be	AUX
ajfa-9288	235	10	measured	measure	VERB
ajfa-9288	235	11	by	by	ADP
ajfa-9288	235	12	the	the	DET
ajfa-9288	235	13	firm	firm	NOUN
ajfa-9288	235	14	’s	’s	PART
ajfa-9288	235	15	turnover	turnover	NOUN
ajfa-9288	235	16	of	of	ADP
ajfa-9288	235	17	assets	asset	NOUN
ajfa-9288	235	18	minus	minus	ADP
ajfa-9288	235	19	the	the	DET
ajfa-9288	235	20	industry	industry	NOUN
ajfa-9288	235	21	median	median	NOUN
ajfa-9288	235	22	of	of	ADP
ajfa-9288	235	23	turnovers	turnover	NOUN
ajfa-9288	235	24	of	of	ADP
ajfa-9288	235	25	assets	asset	NOUN
ajfa-9288	235	26	of	of	ADP
ajfa-9288	235	27	all	all	DET
ajfa-9288	235	28	firms	firm	NOUN
ajfa-9288	235	29	in	in	ADP
ajfa-9288	235	30	an	an	DET
ajfa-9288	235	31	industry	industry	NOUN
ajfa-9288	235	32	.	.	PUNCT
ajfa-9288	236	1	as	as	SCONJ
ajfa-9288	236	2	is	be	AUX
ajfa-9288	236	3	the	the	DET
ajfa-9288	236	4	nature	nature	NOUN
ajfa-9288	236	5	log	log	NOUN
ajfa-9288	236	6	of	of	ADP
ajfa-9288	236	7	total	total	ADJ
ajfa-9288	236	8	assets	asset	NOUN
ajfa-9288	236	9	,	,	PUNCT
ajfa-9288	236	10	which	which	PRON
ajfa-9288	236	11	controls	control	VERB
ajfa-9288	236	12	firm	firm	ADJ
ajfa-9288	236	13	size	size	NOUN
ajfa-9288	236	14	.	.	PUNCT
ajfa-9288	237	1	roa	roa	PROPN
ajfa-9288	237	2	is	be	AUX
ajfa-9288	237	3	return	return	NOUN
ajfa-9288	237	4	of	of	ADP
ajfa-9288	237	5	assets	asset	NOUN
ajfa-9288	237	6	,	,	PUNCT
ajfa-9288	237	7	which	which	PRON
ajfa-9288	237	8	represents	represent	VERB
ajfa-9288	237	9	the	the	DET
ajfa-9288	237	10	operation	operation	NOUN
ajfa-9288	237	11	performance	performance	NOUN
ajfa-9288	237	12	of	of	ADP
ajfa-9288	237	13	a	a	DET
ajfa-9288	237	14	firm	firm	NOUN
ajfa-9288	237	15	.	.	PUNCT
ajfa-9288	238	1	4.3	4.3	NUM
ajfa-9288	238	2	prior	prior	ADJ
ajfa-9288	238	3	agency	agency	NOUN
ajfa-9288	238	4	cost	cost	NOUN
ajfa-9288	238	5	and	and	CCONJ
ajfa-9288	238	6	private	private	ADJ
ajfa-9288	238	7	equity	equity	NOUN
ajfa-9288	238	8	model	model	NOUN
ajfa-9288	238	9	1	1	NUM
ajfa-9288	238	10	in	in	ADP
ajfa-9288	238	11	table	table	NOUN
ajfa-9288	238	12	3	3	NUM
ajfa-9288	238	13	uses	use	VERB
ajfa-9288	238	14	dagencyit-1	dagencyit-1	NUM
ajfa-9288	238	15	to	to	PART
ajfa-9288	238	16	measure	measure	VERB
ajfa-9288	238	17	the	the	DET
ajfa-9288	238	18	debt	debt	NOUN
ajfa-9288	238	19	agency	agency	NOUN
ajfa-9288	238	20	costs	cost	NOUN
ajfa-9288	238	21	,	,	PUNCT
ajfa-9288	238	22	which	which	PRON
ajfa-9288	238	23	is	be	AUX
ajfa-9288	238	24	equity	equity	NOUN
ajfa-9288	238	25	’s	’s	PART
ajfa-9288	238	26	market	market	NOUN
ajfa-9288	238	27	to	to	ADP
ajfa-9288	238	28	book	book	NOUN
ajfa-9288	238	29	ratio	ratio	NOUN
ajfa-9288	238	30	.	.	PUNCT
ajfa-9288	239	1	the	the	DET
ajfa-9288	239	2	findings	finding	NOUN
ajfa-9288	239	3	show	show	VERB
ajfa-9288	239	4	that	that	SCONJ
ajfa-9288	239	5	dagencyit-1	dagencyit-1	PRON
ajfa-9288	239	6	is	be	AUX
ajfa-9288	239	7	significantly	significantly	ADV
ajfa-9288	239	8	positively	positively	ADV
ajfa-9288	239	9	correlated	correlate	VERB
ajfa-9288	239	10	with	with	ADP
ajfa-9288	239	11	private	private	ADJ
ajfa-9288	239	12	equity	equity	NOUN
ajfa-9288	239	13	financing	finance	VERB
ajfa-9288	239	14	dummy	dummy	ADJ
ajfa-9288	239	15	variable	variable	NOUN
ajfa-9288	239	16	(	(	PUNCT
ajfa-9288	239	17	pridsit	pridsit	NOUN
ajfa-9288	239	18	)	)	PUNCT
ajfa-9288	239	19	,	,	PUNCT
ajfa-9288	239	20	implying	imply	VERB
ajfa-9288	239	21	that	that	SCONJ
ajfa-9288	239	22	the	the	DET
ajfa-9288	239	23	prior	prior	ADJ
ajfa-9288	239	24	period	period	NOUN
ajfa-9288	239	25	’s	’s	PART
ajfa-9288	239	26	debt	debt	NOUN
ajfa-9288	239	27	agency	agency	NOUN
ajfa-9288	239	28	costs	cost	NOUN
ajfa-9288	239	29	are	be	AUX
ajfa-9288	239	30	higher	high	ADJ
ajfa-9288	239	31	,	,	PUNCT
ajfa-9288	239	32	the	the	DET
ajfa-9288	239	33	company	company	NOUN
ajfa-9288	239	34	tends	tend	VERB
ajfa-9288	239	35	to	to	PART
ajfa-9288	239	36	choose	choose	VERB
ajfa-9288	239	37	private	private	ADJ
ajfa-9288	239	38	equity	equity	NOUN
ajfa-9288	239	39	financing	financing	NOUN
ajfa-9288	239	40	in	in	ADP
ajfa-9288	239	41	current	current	ADJ
ajfa-9288	239	42	period	period	NOUN
ajfa-9288	239	43	,	,	PUNCT
ajfa-9288	239	44	that	that	ADV
ajfa-9288	239	45	is	is	ADV
ajfa-9288	239	46	,	,	PUNCT
ajfa-9288	239	47	the	the	DET
ajfa-9288	239	48	prior	prior	ADJ
ajfa-9288	239	49	period	period	NOUN
ajfa-9288	239	50	’s	’s	PART
ajfa-9288	239	51	growth	growth	NOUN
ajfa-9288	239	52	opportunity	opportunity	NOUN
ajfa-9288	239	53	is	be	AUX
ajfa-9288	239	54	higher	high	ADJ
ajfa-9288	239	55	(	(	PUNCT
ajfa-9288	239	56	debt	debt	NOUN
ajfa-9288	239	57	agency	agency	NOUN
ajfa-9288	239	58	costs	cost	NOUN
ajfa-9288	239	59	is	be	AUX
ajfa-9288	239	60	higher	high	ADJ
ajfa-9288	239	61	)	)	PUNCT
ajfa-9288	239	62	,	,	PUNCT
ajfa-9288	239	63	the	the	DET
ajfa-9288	239	64	company	company	NOUN
ajfa-9288	239	65	is	be	AUX
ajfa-9288	239	66	more	more	ADV
ajfa-9288	239	67	likely	likely	ADJ
ajfa-9288	239	68	to	to	PART
ajfa-9288	239	69	choose	choose	VERB
ajfa-9288	239	70	private	private	ADJ
ajfa-9288	239	71	equity	equity	NOUN
ajfa-9288	239	72	,	,	PUNCT
ajfa-9288	239	73	and	and	CCONJ
ajfa-9288	239	74	its	its	PRON
ajfa-9288	239	75	long	long	ADJ
ajfa-9288	239	76	-	-	PUNCT
ajfa-9288	239	77	term	term	NOUN
ajfa-9288	239	78	debt	debt	NOUN
ajfa-9288	239	79	is	be	AUX
ajfa-9288	239	80	lower	low	ADJ
ajfa-9288	239	81	.	.	PUNCT
ajfa-9288	240	1	the	the	DET
ajfa-9288	240	2	empirical	empirical	ADJ
ajfa-9288	240	3	result	result	NOUN
ajfa-9288	240	4	is	be	AUX
ajfa-9288	240	5	consistent	consistent	ADJ
ajfa-9288	240	6	with	with	ADP
ajfa-9288	240	7	our	our	PRON
ajfa-9288	240	8	expectation	expectation	NOUN
ajfa-9288	240	9	,	,	PUNCT
ajfa-9288	240	10	debt	debt	NOUN
ajfa-9288	240	11	agency	agency	NOUN
ajfa-9288	240	12	costs	cost	NOUN
ajfa-9288	240	13	have	have	AUX
ajfa-9288	240	14	endogenous	endogenou	VERB
ajfa-9288	240	15	,	,	PUNCT
ajfa-9288	240	16	that	that	SCONJ
ajfa-9288	240	17	the	the	DET
ajfa-9288	240	18	current	current	ADJ
ajfa-9288	240	19	financing	financing	NOUN
ajfa-9288	240	20	decision	decision	NOUN
ajfa-9288	240	21	is	be	AUX
ajfa-9288	240	22	influenced	influence	VERB
ajfa-9288	240	23	by	by	ADP
ajfa-9288	240	24	the	the	DET
ajfa-9288	240	25	previous	previous	ADJ
ajfa-9288	240	26	agency	agency	NOUN
ajfa-9288	240	27	cost	cost	NOUN
ajfa-9288	240	28	of	of	ADP
ajfa-9288	240	29	debt	debt	NOUN
ajfa-9288	240	30	.	.	PUNCT
ajfa-9288	241	1	the	the	DET
ajfa-9288	241	2	empirical	empirical	ADJ
ajfa-9288	241	3	result	result	NOUN
ajfa-9288	241	4	supports	support	VERB
ajfa-9288	241	5	hypothesis	hypothesis	NOUN
ajfa-9288	241	6	1c	1c	NOUN
ajfa-9288	241	7	.	.	PUNCT
ajfa-9288	242	1	asian	asian	ADJ
ajfa-9288	242	2	journal	journal	PROPN
ajfa-9288	242	3	of	of	ADP
ajfa-9288	242	4	finance	finance	PROPN
ajfa-9288	242	5	&	&	CCONJ
ajfa-9288	242	6	accounting	accounting	PROPN
ajfa-9288	242	7	issn	issn	PROPN
ajfa-9288	242	8	1946	1946	NUM
ajfa-9288	242	9	-	-	PUNCT
ajfa-9288	242	10	052x	052x	PROPN
ajfa-9288	242	11	2016	2016	NUM
ajfa-9288	242	12	,	,	PUNCT
ajfa-9288	242	13	vol	vol	NOUN
ajfa-9288	242	14	.	.	PROPN
ajfa-9288	242	15	8	8	NUM
ajfa-9288	242	16	,	,	PUNCT
ajfa-9288	242	17	no	no	INTJ
ajfa-9288	242	18	.	.	NOUN
ajfa-9288	242	19	1	1	NUM
ajfa-9288	242	20	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9288	242	21	139	139	NUM
ajfa-9288	242	22	the	the	DET
ajfa-9288	242	23	model	model	NOUN
ajfa-9288	242	24	1	1	NUM
ajfa-9288	242	25	in	in	ADP
ajfa-9288	242	26	table	table	NOUN
ajfa-9288	242	27	3	3	NUM
ajfa-9288	242	28	show	show	NOUN
ajfa-9288	242	29	,	,	PUNCT
ajfa-9288	242	30	the	the	DET
ajfa-9288	242	31	company	company	NOUN
ajfa-9288	242	32	’s	’s	PART
ajfa-9288	242	33	previous	previous	ADJ
ajfa-9288	242	34	equity	equity	NOUN
ajfa-9288	242	35	agency	agency	NOUN
ajfa-9288	242	36	cost	cost	NOUN
ajfa-9288	242	37	(	(	PUNCT
ajfa-9288	242	38	eagencyit-1	eagencyit-1	PROPN
ajfa-9288	242	39	)	)	PUNCT
ajfa-9288	242	40	is	be	AUX
ajfa-9288	242	41	negatively	negatively	ADV
ajfa-9288	242	42	related	relate	VERB
ajfa-9288	242	43	to	to	ADP
ajfa-9288	242	44	private	private	ADJ
ajfa-9288	242	45	equity	equity	NOUN
ajfa-9288	242	46	financing	financing	NOUN
ajfa-9288	242	47	(	(	PUNCT
ajfa-9288	242	48	pridsit	pridsit	NOUN
ajfa-9288	242	49	)	)	PUNCT
ajfa-9288	242	50	.	.	PUNCT
ajfa-9288	243	1	this	this	PRON
ajfa-9288	243	2	means	mean	VERB
ajfa-9288	243	3	that	that	SCONJ
ajfa-9288	243	4	when	when	SCONJ
ajfa-9288	243	5	the	the	DET
ajfa-9288	243	6	company	company	NOUN
ajfa-9288	243	7	’s	’s	PART
ajfa-9288	243	8	ratio	ratio	NOUN
ajfa-9288	243	9	of	of	ADP
ajfa-9288	243	10	selling	selling	NOUN
ajfa-9288	243	11	and	and	CCONJ
ajfa-9288	243	12	administrative	administrative	ADJ
ajfa-9288	243	13	expenses	expense	NOUN
ajfa-9288	243	14	is	be	AUX
ajfa-9288	243	15	higher	high	ADJ
ajfa-9288	243	16	,	,	PUNCT
ajfa-9288	243	17	its	its	PRON
ajfa-9288	243	18	equity	equity	NOUN
ajfa-9288	243	19	agency	agency	NOUN
ajfa-9288	243	20	cost	cost	NOUN
ajfa-9288	243	21	is	be	AUX
ajfa-9288	243	22	higher	high	ADJ
ajfa-9288	243	23	,	,	PUNCT
ajfa-9288	243	24	and	and	CCONJ
ajfa-9288	243	25	then	then	ADV
ajfa-9288	243	26	the	the	DET
ajfa-9288	243	27	company	company	NOUN
ajfa-9288	243	28	is	be	AUX
ajfa-9288	243	29	unlikely	unlikely	ADJ
ajfa-9288	243	30	to	to	PART
ajfa-9288	243	31	use	use	VERB
ajfa-9288	243	32	private	private	ADJ
ajfa-9288	243	33	equity	equity	NOUN
ajfa-9288	243	34	financing	financing	NOUN
ajfa-9288	243	35	.	.	PUNCT
ajfa-9288	244	1	this	this	DET
ajfa-9288	244	2	result	result	NOUN
ajfa-9288	244	3	supports	support	VERB
ajfa-9288	244	4	the	the	DET
ajfa-9288	244	5	hypothesis	hypothesis	NOUN
ajfa-9288	244	6	1c	1c	NOUN
ajfa-9288	244	7	.	.	PUNCT
ajfa-9288	245	1	at	at	ADP
ajfa-9288	245	2	the	the	DET
ajfa-9288	245	3	same	same	ADJ
ajfa-9288	245	4	time	time	NOUN
ajfa-9288	245	5	,	,	PUNCT
ajfa-9288	245	6	the	the	DET
ajfa-9288	245	7	empirical	empirical	ADJ
ajfa-9288	245	8	results	result	NOUN
ajfa-9288	245	9	are	be	AUX
ajfa-9288	245	10	also	also	ADV
ajfa-9288	245	11	consistent	consistent	ADJ
ajfa-9288	245	12	with	with	ADP
ajfa-9288	245	13	expectations	expectation	NOUN
ajfa-9288	245	14	,	,	PUNCT
ajfa-9288	245	15	which	which	PRON
ajfa-9288	245	16	the	the	DET
ajfa-9288	245	17	current	current	ADJ
ajfa-9288	245	18	private	private	ADJ
ajfa-9288	245	19	equity	equity	NOUN
ajfa-9288	245	20	financing	financing	NOUN
ajfa-9288	245	21	decision	decision	NOUN
ajfa-9288	245	22	is	be	AUX
ajfa-9288	245	23	affected	affect	VERB
ajfa-9288	245	24	by	by	ADP
ajfa-9288	245	25	the	the	DET
ajfa-9288	245	26	previous	previous	ADJ
ajfa-9288	245	27	period	period	NOUN
ajfa-9288	245	28	’s	’s	PART
ajfa-9288	245	29	equity	equity	NOUN
ajfa-9288	245	30	agency	agency	NOUN
ajfa-9288	245	31	cost	cost	NOUN
ajfa-9288	245	32	.	.	PUNCT
ajfa-9288	246	1	the	the	DET
ajfa-9288	246	2	model	model	NOUN
ajfa-9288	246	3	2	2	NUM
ajfa-9288	246	4	of	of	ADP
ajfa-9288	246	5	table	table	NOUN
ajfa-9288	246	6	3	3	NUM
ajfa-9288	246	7	use	use	NOUN
ajfa-9288	246	8	dagencyit-1	dagencyit-1	NUM
ajfa-9288	246	9	to	to	PART
ajfa-9288	246	10	measure	measure	VERB
ajfa-9288	246	11	the	the	DET
ajfa-9288	246	12	debt	debt	NOUN
ajfa-9288	246	13	agency	agency	NOUN
ajfa-9288	246	14	cost	cost	NOUN
ajfa-9288	246	15	.	.	PUNCT
ajfa-9288	247	1	model	model	NOUN
ajfa-9288	247	2	2	2	NUM
ajfa-9288	247	3	uses	use	VERB
ajfa-9288	247	4	logistic	logistic	ADJ
ajfa-9288	247	5	regression	regression	NOUN
ajfa-9288	247	6	to	to	PART
ajfa-9288	247	7	explore	explore	VERB
ajfa-9288	247	8	the	the	DET
ajfa-9288	247	9	association	association	NOUN
ajfa-9288	247	10	between	between	ADP
ajfa-9288	247	11	previous	previous	ADJ
ajfa-9288	247	12	period	period	NOUN
ajfa-9288	247	13	’s	’s	PART
ajfa-9288	247	14	agency	agency	NOUN
ajfa-9288	247	15	costs	cost	NOUN
ajfa-9288	247	16	and	and	CCONJ
ajfa-9288	247	17	the	the	DET
ajfa-9288	247	18	private	private	ADJ
ajfa-9288	247	19	equity	equity	NOUN
ajfa-9288	247	20	.	.	PUNCT
ajfa-9288	248	1	the	the	DET
ajfa-9288	248	2	empirical	empirical	ADJ
ajfa-9288	248	3	results	result	NOUN
ajfa-9288	248	4	show	show	VERB
ajfa-9288	248	5	,	,	PUNCT
ajfa-9288	248	6	prior	prior	ADJ
ajfa-9288	248	7	period	period	NOUN
ajfa-9288	248	8	’s	’s	PART
ajfa-9288	248	9	debt	debt	NOUN
ajfa-9288	248	10	agency	agency	NOUN
ajfa-9288	248	11	costs	cost	NOUN
ajfa-9288	248	12	dagencyit-1	dagencyit-1	PRON
ajfa-9288	248	13	is	be	AUX
ajfa-9288	248	14	positively	positively	ADV
ajfa-9288	248	15	and	and	CCONJ
ajfa-9288	248	16	significantly	significantly	ADV
ajfa-9288	248	17	related	relate	VERB
ajfa-9288	248	18	to	to	ADP
ajfa-9288	248	19	private	private	ADJ
ajfa-9288	248	20	equity	equity	NOUN
ajfa-9288	248	21	financing	financing	NOUN
ajfa-9288	248	22	in	in	ADP
ajfa-9288	248	23	current	current	ADJ
ajfa-9288	248	24	period	period	NOUN
ajfa-9288	248	25	.	.	PUNCT
ajfa-9288	249	1	in	in	ADP
ajfa-9288	249	2	addition	addition	NOUN
ajfa-9288	249	3	,	,	PUNCT
ajfa-9288	249	4	higher	high	ADJ
ajfa-9288	249	5	turnover	turnover	NOUN
ajfa-9288	249	6	of	of	ADP
ajfa-9288	249	7	assets	asset	NOUN
ajfa-9288	249	8	indicates	indicate	VERB
ajfa-9288	249	9	asset	asset	NOUN
ajfa-9288	249	10	management	management	NOUN
ajfa-9288	249	11	capabilities	capability	NOUN
ajfa-9288	249	12	of	of	ADP
ajfa-9288	249	13	managers	manager	NOUN
ajfa-9288	249	14	are	be	AUX
ajfa-9288	249	15	higher	high	ADJ
ajfa-9288	249	16	,	,	PUNCT
ajfa-9288	249	17	and	and	CCONJ
ajfa-9288	249	18	then	then	ADV
ajfa-9288	249	19	they	they	PRON
ajfa-9288	249	20	can	can	AUX
ajfa-9288	249	21	create	create	VERB
ajfa-9288	249	22	more	more	ADJ
ajfa-9288	249	23	cash	cash	NOUN
ajfa-9288	249	24	flows	flow	NOUN
ajfa-9288	249	25	and	and	CCONJ
ajfa-9288	249	26	sales	sale	NOUN
ajfa-9288	249	27	,	,	PUNCT
ajfa-9288	249	28	so	so	SCONJ
ajfa-9288	249	29	the	the	DET
ajfa-9288	249	30	equity	equity	NOUN
ajfa-9288	249	31	agency	agency	NOUN
ajfa-9288	249	32	cost	cost	NOUN
ajfa-9288	249	33	is	be	AUX
ajfa-9288	249	34	lower	low	ADJ
ajfa-9288	249	35	.	.	PUNCT
ajfa-9288	250	1	the	the	DET
ajfa-9288	250	2	results	result	NOUN
ajfa-9288	250	3	of	of	ADP
ajfa-9288	250	4	model	model	NOUN
ajfa-9288	250	5	2	2	NUM
ajfa-9288	250	6	in	in	ADP
ajfa-9288	250	7	table	table	NOUN
ajfa-9288	250	8	3	3	NUM
ajfa-9288	250	9	show	show	VERB
ajfa-9288	250	10	that	that	SCONJ
ajfa-9288	250	11	the	the	DET
ajfa-9288	250	12	previous	previous	ADJ
ajfa-9288	250	13	period	period	NOUN
ajfa-9288	250	14	’s	’s	PART
ajfa-9288	250	15	equity	equity	NOUN
ajfa-9288	250	16	agency	agency	NOUN
ajfa-9288	250	17	cost	cost	NOUN
ajfa-9288	250	18	oagencyit-1	oagencyit-1	NUM
ajfa-9288	250	19	is	be	AUX
ajfa-9288	250	20	positively	positively	ADV
ajfa-9288	250	21	correlated	correlate	VERB
ajfa-9288	250	22	with	with	ADP
ajfa-9288	250	23	private	private	ADJ
ajfa-9288	250	24	equity	equity	NOUN
ajfa-9288	250	25	financing	financing	NOUN
ajfa-9288	250	26	,	,	PUNCT
ajfa-9288	250	27	implying	imply	VERB
ajfa-9288	250	28	that	that	SCONJ
ajfa-9288	250	29	the	the	DET
ajfa-9288	250	30	higher	high	ADJ
ajfa-9288	250	31	of	of	ADP
ajfa-9288	250	32	the	the	DET
ajfa-9288	250	33	previous	previous	ADJ
ajfa-9288	250	34	cash	cash	NOUN
ajfa-9288	250	35	flows	flow	NOUN
ajfa-9288	250	36	and	and	CCONJ
ajfa-9288	250	37	sales	sale	NOUN
ajfa-9288	250	38	of	of	ADP
ajfa-9288	250	39	company	company	NOUN
ajfa-9288	250	40	,	,	PUNCT
ajfa-9288	250	41	its	its	PRON
ajfa-9288	250	42	equity	equity	NOUN
ajfa-9288	250	43	agency	agency	NOUN
ajfa-9288	250	44	costs	cost	NOUN
ajfa-9288	250	45	is	be	AUX
ajfa-9288	250	46	lower	low	ADJ
ajfa-9288	250	47	,	,	PUNCT
ajfa-9288	250	48	so	so	SCONJ
ajfa-9288	250	49	that	that	DET
ajfa-9288	250	50	manager	manager	NOUN
ajfa-9288	250	51	is	be	AUX
ajfa-9288	250	52	more	more	ADV
ajfa-9288	250	53	likely	likely	ADJ
ajfa-9288	250	54	to	to	PART
ajfa-9288	250	55	choose	choose	VERB
ajfa-9288	250	56	private	private	ADJ
ajfa-9288	250	57	equity	equity	NOUN
ajfa-9288	250	58	to	to	PART
ajfa-9288	250	59	finance	finance	VERB
ajfa-9288	250	60	.	.	PUNCT
ajfa-9288	251	1	in	in	ADP
ajfa-9288	251	2	contrast	contrast	NOUN
ajfa-9288	251	3	,	,	PUNCT
ajfa-9288	251	4	when	when	SCONJ
ajfa-9288	251	5	the	the	DET
ajfa-9288	251	6	manager	manager	NOUN
ajfa-9288	251	7	invests	invest	VERB
ajfa-9288	251	8	in	in	ADP
ajfa-9288	251	9	inefficient	inefficient	ADJ
ajfa-9288	251	10	productivity	productivity	NOUN
ajfa-9288	251	11	,	,	PUNCT
ajfa-9288	251	12	company	company	NOUN
ajfa-9288	251	13	’s	’s	PART
ajfa-9288	251	14	equity	equity	NOUN
ajfa-9288	251	15	agency	agency	NOUN
ajfa-9288	251	16	cost	cost	NOUN
ajfa-9288	251	17	is	be	AUX
ajfa-9288	251	18	higher	high	ADJ
ajfa-9288	251	19	and	and	CCONJ
ajfa-9288	251	20	it	it	PRON
ajfa-9288	251	21	does	do	AUX
ajfa-9288	251	22	not	not	PART
ajfa-9288	251	23	tend	tend	VERB
ajfa-9288	251	24	to	to	PART
ajfa-9288	251	25	choose	choose	VERB
ajfa-9288	251	26	private	private	ADJ
ajfa-9288	251	27	equity	equity	NOUN
ajfa-9288	251	28	.	.	PUNCT
ajfa-9288	252	1	the	the	DET
ajfa-9288	252	2	empirical	empirical	ADJ
ajfa-9288	252	3	result	result	NOUN
ajfa-9288	252	4	supports	support	VERB
ajfa-9288	252	5	hypothesis	hypothesis	NOUN
ajfa-9288	252	6	1c	1c	NOUN
ajfa-9288	252	7	.	.	PUNCT
ajfa-9288	253	1	asian	asian	ADJ
ajfa-9288	253	2	journal	journal	PROPN
ajfa-9288	253	3	of	of	ADP
ajfa-9288	253	4	finance	finance	PROPN
ajfa-9288	253	5	&	&	CCONJ
ajfa-9288	253	6	accounting	accounting	PROPN
ajfa-9288	253	7	issn	issn	PROPN
ajfa-9288	253	8	1946	1946	NUM
ajfa-9288	253	9	-	-	PUNCT
ajfa-9288	253	10	052x	052x	PROPN
ajfa-9288	253	11	2016	2016	NUM
ajfa-9288	253	12	,	,	PUNCT
ajfa-9288	253	13	vol	vol	NOUN
ajfa-9288	253	14	.	.	PROPN
ajfa-9288	253	15	8	8	NUM
ajfa-9288	253	16	,	,	PUNCT
ajfa-9288	253	17	no	no	INTJ
ajfa-9288	253	18	.	.	NOUN
ajfa-9288	253	19	1	1	NUM
ajfa-9288	253	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	253	21	140	140	NUM
ajfa-9288	253	22	table	table	NOUN
ajfa-9288	253	23	3	3	NUM
ajfa-9288	253	24	.	.	PUNCT
ajfa-9288	253	25	prior	prior	ADJ
ajfa-9288	253	26	agency	agency	NOUN
ajfa-9288	253	27	cost	cost	NOUN
ajfa-9288	253	28	and	and	CCONJ
ajfa-9288	253	29	private	private	ADJ
ajfa-9288	253	30	equity	equity	NOUN
ajfa-9288	253	31	choice	choice	NOUN
ajfa-9288	253	32	itititititit	itititititit	NOUN
ajfa-9288	253	33	eroaaasaeagencyadagencyaaprids	eroaaasaeagencyadagencyaaprid	VERB
ajfa-9288	254	1	+	+	PROPN
ajfa-9288	255	1	+	+	ADJ
ajfa-9288	255	2	+	+	ADJ
ajfa-9288	255	3	+	+	ADJ
ajfa-9288	255	4	+	+	ADJ
ajfa-9288	255	5	=	=	ADJ
ajfa-9288	255	6	−−	−−	ADJ
ajfa-9288	255	7	4312110	4312110	NUM
ajfa-9288	255	8	itititititit	itititititit	NOUN
ajfa-9288	255	9	eroaaasaoagencyadagencyaaprids	eroaaasaoagencyadagencyaaprid	NOUN
ajfa-9288	255	10	+	+	PROPN
ajfa-9288	256	1	+	+	ADJ
ajfa-9288	256	2	+	+	ADJ
ajfa-9288	256	3	+	+	ADJ
ajfa-9288	256	4	+	+	ADJ
ajfa-9288	256	5	=	=	ADJ
ajfa-9288	256	6	−−	−−	NOUN
ajfa-9288	256	7	4312110	4312110	NUM
ajfa-9288	256	8	prids	prid	NOUN
ajfa-9288	256	9	model	model	NOUN
ajfa-9288	256	10	1	1	NUM
ajfa-9288	256	11	(	(	PUNCT
ajfa-9288	256	12	eagencyit-1	eagencyit-1	PROPN
ajfa-9288	256	13	)	)	PUNCT
ajfa-9288	256	14	model	model	NOUN
ajfa-9288	256	15	2	2	NUM
ajfa-9288	256	16	(	(	PUNCT
ajfa-9288	256	17	oagencyit-1	oagencyit-1	NUM
ajfa-9288	256	18	)	)	PUNCT
ajfa-9288	256	19	variable	variable	ADJ
ajfa-9288	256	20	coef	coef	PROPN
ajfa-9288	256	21	.	.	PUNCT
ajfa-9288	257	1	z	z	NOUN
ajfa-9288	257	2	value	value	NOUN
ajfa-9288	257	3	(	(	PUNCT
ajfa-9288	257	4	p>|z|	p>|z|	NOUN
ajfa-9288	257	5	)	)	PUNCT
ajfa-9288	257	6	coef	coef	PROPN
ajfa-9288	257	7	.	.	PUNCT
ajfa-9288	258	1	z	z	NOUN
ajfa-9288	258	2	value	value	NOUN
ajfa-9288	258	3	(	(	PUNCT
ajfa-9288	258	4	p	p	NOUN
ajfa-9288	258	5	value	value	NOUN
ajfa-9288	258	6	)	)	PUNCT
ajfa-9288	258	7	dagencyit-1	dagencyit-1	VERB
ajfa-9288	258	8	0.1188	0.1188	NUM
ajfa-9288	258	9	3.0800	3.0800	NUM
ajfa-9288	258	10	(	(	PUNCT
ajfa-9288	258	11	0.0020	0.0020	NUM
ajfa-9288	258	12	)	)	PUNCT
ajfa-9288	258	13	0.0854	0.0854	NUM
ajfa-9288	258	14	2.2800	2.2800	NUM
ajfa-9288	258	15	(	(	PUNCT
ajfa-9288	258	16	0.0230	0.0230	NUM
ajfa-9288	258	17	)	)	PUNCT
ajfa-9288	258	18	eagencyit-1	eagencyit-1	PROPN
ajfa-9288	258	19	-0.7074	-0.7074	NOUN
ajfa-9288	258	20	-5.8400	-5.8400	NOUN
ajfa-9288	259	1	(	(	PUNCT
ajfa-9288	259	2	0.0000	0.0000	NUM
ajfa-9288	259	3	)	)	PUNCT
ajfa-9288	259	4	oagencyit-1	oagencyit-1	NUM
ajfa-9288	260	1	0.0086	0.0086	NUM
ajfa-9288	260	2	3.6500	3.6500	NUM
ajfa-9288	260	3	(	(	PUNCT
ajfa-9288	260	4	0.0000	0.0000	NUM
ajfa-9288	260	5	)	)	PUNCT
ajfa-9288	260	6	as	as	ADP
ajfa-9288	260	7	-0.5871	-0.5871	NOUN
ajfa-9288	260	8	-5.9100	-5.9100	PROPN
ajfa-9288	260	9	(	(	PUNCT
ajfa-9288	260	10	0.0000	0.0000	NUM
ajfa-9288	260	11	)	)	PUNCT
ajfa-9288	260	12	-0.5204	-0.5204	NOUN
ajfa-9288	260	13	-5.1600	-5.1600	NOUN
ajfa-9288	260	14	(	(	PUNCT
ajfa-9288	260	15	0.0000	0.0000	NUM
ajfa-9288	260	16	)	)	PUNCT
ajfa-9288	260	17	roa	roa	NOUN
ajfa-9288	260	18	-0.0887	-0.0887	PROPN
ajfa-9288	260	19	-13.6700	-13.6700	PUNCT
ajfa-9288	260	20	(	(	PUNCT
ajfa-9288	260	21	0.0000	0.0000	NUM
ajfa-9288	260	22	)	)	PUNCT
ajfa-9288	260	23	-0.0879	-0.0879	NOUN
ajfa-9288	260	24	-13.5400	-13.5400	PUNCT
ajfa-9288	260	25	(	(	PUNCT
ajfa-9288	260	26	0.0000	0.0000	NUM
ajfa-9288	260	27	)	)	PUNCT
ajfa-9288	260	28	cons	con	NOUN
ajfa-9288	260	29	.	.	PUNCT
ajfa-9288	261	1	1.6273	1.6273	NUM
ajfa-9288	261	2	2.4600	2.4600	NUM
ajfa-9288	261	3	(	(	PUNCT
ajfa-9288	261	4	0.0140	0.0140	NUM
ajfa-9288	261	5	)	)	PUNCT
ajfa-9288	261	6	1.1681	1.1681	NUM
ajfa-9288	261	7	1.7400	1.7400	NUM
ajfa-9288	261	8	(	(	PUNCT
ajfa-9288	261	9	0.0820	0.0820	NUM
ajfa-9288	261	10	)	)	PUNCT
ajfa-9288	261	11	number	number	NOUN
ajfa-9288	261	12	of	of	ADP
ajfa-9288	261	13	obs	obs	PROPN
ajfa-9288	261	14	.	.	PUNCT
ajfa-9288	262	1	5319	5319	NUM
ajfa-9288	262	2	5319	5319	NUM
ajfa-9288	262	3	lr	lr	PROPN
ajfa-9288	262	4	chi2(5	chi2(5	NOUN
ajfa-9288	262	5	)	)	PUNCT
ajfa-9288	262	6	445.57	445.57	NUM
ajfa-9288	262	7	425.91	425.91	NUM
ajfa-9288	262	8	prob	prob	NOUN
ajfa-9288	262	9	>	>	X
ajfa-9288	262	10	chi2	chi2	PROPN
ajfa-9288	262	11	0.0000	0.0000	NUM
ajfa-9288	262	12	0.0000	0.0000	NUM
ajfa-9288	262	13	pseudo	pseudo	NOUN
ajfa-9288	262	14	r2	r2	NOUN
ajfa-9288	262	15	0.1499	0.1499	NUM
ajfa-9288	262	16	0.1433	0.1433	NUM
ajfa-9288	262	17	variables	variable	NOUN
ajfa-9288	262	18	definition	definition	NOUN
ajfa-9288	262	19	:	:	PUNCT
ajfa-9288	262	20	prids	prid	NOUN
ajfa-9288	262	21	is	be	AUX
ajfa-9288	262	22	a	a	DET
ajfa-9288	262	23	private	private	ADJ
ajfa-9288	262	24	equity	equity	NOUN
ajfa-9288	262	25	dummy	dummy	ADJ
ajfa-9288	262	26	variable	variable	NOUN
ajfa-9288	262	27	,	,	PUNCT
ajfa-9288	262	28	which	which	PRON
ajfa-9288	262	29	sets	set	VERB
ajfa-9288	262	30	to	to	ADP
ajfa-9288	262	31	1	1	NUM
ajfa-9288	262	32	if	if	SCONJ
ajfa-9288	262	33	the	the	DET
ajfa-9288	262	34	firm	firm	NOUN
ajfa-9288	262	35	chooses	choose	VERB
ajfa-9288	262	36	private	private	ADJ
ajfa-9288	262	37	equity	equity	NOUN
ajfa-9288	262	38	and	and	CCONJ
ajfa-9288	262	39	set	set	VERB
ajfa-9288	262	40	to	to	ADP
ajfa-9288	262	41	0	0	NUM
ajfa-9288	262	42	if	if	SCONJ
ajfa-9288	262	43	the	the	DET
ajfa-9288	262	44	firm	firm	NOUN
ajfa-9288	262	45	chooses	choose	VERB
ajfa-9288	262	46	bank	bank	NOUN
ajfa-9288	262	47	debt	debt	NOUN
ajfa-9288	262	48	,	,	PUNCT
ajfa-9288	262	49	issuing	issue	VERB
ajfa-9288	262	50	bond	bond	NOUN
ajfa-9288	262	51	,	,	PUNCT
ajfa-9288	262	52	and	and	CCONJ
ajfa-9288	262	53	seasoned	seasoned	ADJ
ajfa-9288	262	54	equity	equity	NOUN
ajfa-9288	262	55	offering	offer	VERB
ajfa-9288	262	56	financings	financing	NOUN
ajfa-9288	262	57	.	.	PUNCT
ajfa-9288	263	1	dagency	dagency	NOUN
ajfa-9288	263	2	is	be	AUX
ajfa-9288	263	3	the	the	DET
ajfa-9288	263	4	debt	debt	NOUN
ajfa-9288	263	5	agency	agency	NOUN
ajfa-9288	263	6	cost	cost	NOUN
ajfa-9288	263	7	,	,	PUNCT
ajfa-9288	263	8	which	which	PRON
ajfa-9288	263	9	is	be	AUX
ajfa-9288	263	10	measured	measure	VERB
ajfa-9288	263	11	by	by	ADP
ajfa-9288	263	12	market	market	NOUN
ajfa-9288	263	13	to	to	ADP
ajfa-9288	263	14	book	book	NOUN
ajfa-9288	263	15	ratio	ratio	NOUN
ajfa-9288	263	16	of	of	ADP
ajfa-9288	263	17	equity	equity	NOUN
ajfa-9288	263	18	.	.	PUNCT
ajfa-9288	264	1	eagency	eagency	NOUN
ajfa-9288	264	2	is	be	AUX
ajfa-9288	264	3	the	the	DET
ajfa-9288	264	4	equity	equity	NOUN
ajfa-9288	264	5	agency	agency	NOUN
ajfa-9288	264	6	cost	cost	NOUN
ajfa-9288	264	7	,	,	PUNCT
ajfa-9288	264	8	which	which	PRON
ajfa-9288	264	9	is	be	AUX
ajfa-9288	264	10	measured	measure	VERB
ajfa-9288	264	11	by	by	ADP
ajfa-9288	264	12	the	the	DET
ajfa-9288	264	13	firm	firm	NOUN
ajfa-9288	264	14	’s	’s	PART
ajfa-9288	264	15	selling	selling	NOUN
ajfa-9288	264	16	and	and	CCONJ
ajfa-9288	264	17	administrative	administrative	ADJ
ajfa-9288	264	18	expenses	expense	NOUN
ajfa-9288	264	19	ratio	ratio	NOUN
ajfa-9288	264	20	minus	minus	ADP
ajfa-9288	264	21	the	the	DET
ajfa-9288	264	22	industry	industry	NOUN
ajfa-9288	264	23	median	median	NOUN
ajfa-9288	264	24	of	of	ADP
ajfa-9288	264	25	selling	selling	NOUN
ajfa-9288	264	26	and	and	CCONJ
ajfa-9288	264	27	administrative	administrative	ADJ
ajfa-9288	264	28	expenses	expense	NOUN
ajfa-9288	264	29	ratios	ratio	NOUN
ajfa-9288	264	30	of	of	ADP
ajfa-9288	264	31	all	all	DET
ajfa-9288	264	32	firms	firm	NOUN
ajfa-9288	264	33	in	in	ADP
ajfa-9288	264	34	an	an	DET
ajfa-9288	264	35	industry	industry	NOUN
ajfa-9288	264	36	.	.	PUNCT
ajfa-9288	265	1	oagency	oagency	NOUN
ajfa-9288	265	2	is	be	AUX
ajfa-9288	265	3	the	the	DET
ajfa-9288	265	4	equity	equity	NOUN
ajfa-9288	265	5	agency	agency	NOUN
ajfa-9288	265	6	cost	cost	NOUN
ajfa-9288	265	7	,	,	PUNCT
ajfa-9288	265	8	which	which	PRON
ajfa-9288	265	9	is	be	AUX
ajfa-9288	265	10	measured	measure	VERB
ajfa-9288	265	11	by	by	ADP
ajfa-9288	265	12	the	the	DET
ajfa-9288	265	13	firm	firm	NOUN
ajfa-9288	265	14	’s	’s	PART
ajfa-9288	265	15	turnover	turnover	NOUN
ajfa-9288	265	16	of	of	ADP
ajfa-9288	265	17	assets	asset	NOUN
ajfa-9288	265	18	minus	minus	ADP
ajfa-9288	265	19	the	the	DET
ajfa-9288	265	20	industry	industry	NOUN
ajfa-9288	265	21	median	median	NOUN
ajfa-9288	265	22	of	of	ADP
ajfa-9288	265	23	turnovers	turnover	NOUN
ajfa-9288	265	24	of	of	ADP
ajfa-9288	265	25	assets	asset	NOUN
ajfa-9288	265	26	of	of	ADP
ajfa-9288	265	27	all	all	DET
ajfa-9288	265	28	firms	firm	NOUN
ajfa-9288	265	29	in	in	ADP
ajfa-9288	265	30	an	an	DET
ajfa-9288	265	31	industry	industry	NOUN
ajfa-9288	265	32	.	.	PUNCT
ajfa-9288	266	1	as	as	SCONJ
ajfa-9288	266	2	is	be	AUX
ajfa-9288	266	3	the	the	DET
ajfa-9288	266	4	nature	nature	NOUN
ajfa-9288	266	5	log	log	NOUN
ajfa-9288	266	6	of	of	ADP
ajfa-9288	266	7	total	total	ADJ
ajfa-9288	266	8	assets	asset	NOUN
ajfa-9288	266	9	,	,	PUNCT
ajfa-9288	266	10	which	which	PRON
ajfa-9288	266	11	controls	control	VERB
ajfa-9288	266	12	firm	firm	ADJ
ajfa-9288	266	13	size	size	NOUN
ajfa-9288	266	14	.	.	PUNCT
ajfa-9288	267	1	roa	roa	PROPN
ajfa-9288	267	2	is	be	AUX
ajfa-9288	267	3	return	return	NOUN
ajfa-9288	267	4	of	of	ADP
ajfa-9288	267	5	assets	asset	NOUN
ajfa-9288	267	6	,	,	PUNCT
ajfa-9288	267	7	which	which	PRON
ajfa-9288	267	8	represents	represent	VERB
ajfa-9288	267	9	the	the	DET
ajfa-9288	267	10	operation	operation	NOUN
ajfa-9288	267	11	performance	performance	NOUN
ajfa-9288	267	12	of	of	ADP
ajfa-9288	267	13	a	a	DET
ajfa-9288	267	14	firm	firm	NOUN
ajfa-9288	267	15	.	.	PUNCT
ajfa-9288	268	1	4.4	4.4	NUM
ajfa-9288	268	2	current	current	ADJ
ajfa-9288	268	3	period	period	NOUN
ajfa-9288	268	4	’s	’s	PART
ajfa-9288	268	5	agency	agency	NOUN
ajfa-9288	268	6	cost	cost	NOUN
ajfa-9288	268	7	,	,	PUNCT
ajfa-9288	268	8	seasoned	seasoned	ADJ
ajfa-9288	268	9	equity	equity	NOUN
ajfa-9288	268	10	offerings	offering	NOUN
ajfa-9288	268	11	,	,	PUNCT
ajfa-9288	268	12	and	and	CCONJ
ajfa-9288	268	13	private	private	ADJ
ajfa-9288	268	14	equity	equity	NOUN
ajfa-9288	268	15	model	model	NOUN
ajfa-9288	268	16	1	1	NUM
ajfa-9288	268	17	in	in	ADP
ajfa-9288	268	18	table	table	NOUN
ajfa-9288	268	19	4	4	NUM
ajfa-9288	268	20	uses	use	VERB
ajfa-9288	268	21	dagencyit	dagencyit	NOUN
ajfa-9288	268	22	to	to	PART
ajfa-9288	268	23	measure	measure	VERB
ajfa-9288	268	24	debt	debt	NOUN
ajfa-9288	268	25	agency	agency	NOUN
ajfa-9288	268	26	costs	cost	NOUN
ajfa-9288	268	27	(	(	PUNCT
ajfa-9288	268	28	market	market	NOUN
ajfa-9288	268	29	to	to	ADP
ajfa-9288	268	30	book	book	NOUN
ajfa-9288	268	31	ratio	ratio	NOUN
ajfa-9288	268	32	)	)	PUNCT
ajfa-9288	268	33	.	.	PUNCT
ajfa-9288	269	1	the	the	DET
ajfa-9288	269	2	findings	finding	NOUN
ajfa-9288	269	3	show	show	VERB
ajfa-9288	269	4	that	that	SCONJ
ajfa-9288	269	5	dagencyit	dagencyit	NOUN
ajfa-9288	269	6	and	and	CCONJ
ajfa-9288	269	7	seasoned	seasoned	ADJ
ajfa-9288	269	8	equity	equity	NOUN
ajfa-9288	269	9	offerings	offering	NOUN
ajfa-9288	269	10	dummy	dummy	ADJ
ajfa-9288	269	11	variable	variable	NOUN
ajfa-9288	269	12	(	(	PUNCT
ajfa-9288	269	13	seodebtit	seodebtit	NOUN
ajfa-9288	269	14	)	)	PUNCT
ajfa-9288	269	15	have	have	VERB
ajfa-9288	269	16	significantly	significantly	ADV
ajfa-9288	269	17	and	and	CCONJ
ajfa-9288	269	18	positively	positively	ADV
ajfa-9288	269	19	correlation	correlation	NOUN
ajfa-9288	269	20	,	,	PUNCT
ajfa-9288	269	21	current	current	ADJ
ajfa-9288	269	22	debt	debt	NOUN
ajfa-9288	269	23	agency	agency	NOUN
ajfa-9288	269	24	cost	cost	NOUN
ajfa-9288	269	25	is	be	AUX
ajfa-9288	269	26	higher	high	ADJ
ajfa-9288	269	27	,	,	PUNCT
ajfa-9288	269	28	the	the	DET
ajfa-9288	269	29	company	company	NOUN
ajfa-9288	269	30	tends	tend	VERB
ajfa-9288	269	31	to	to	PART
ajfa-9288	269	32	choose	choose	VERB
ajfa-9288	269	33	seasoned	seasoned	ADJ
ajfa-9288	269	34	equity	equity	NOUN
ajfa-9288	269	35	offerings	offering	NOUN
ajfa-9288	269	36	.	.	PUNCT
ajfa-9288	270	1	the	the	DET
ajfa-9288	270	2	empirical	empirical	ADJ
ajfa-9288	270	3	result	result	NOUN
ajfa-9288	270	4	supports	support	VERB
ajfa-9288	270	5	hypothesis	hypothesis	NOUN
ajfa-9288	270	6	1a	1a	NOUN
ajfa-9288	270	7	.	.	PUNCT
ajfa-9288	271	1	overall	overall	ADJ
ajfa-9288	271	2	,	,	PUNCT
ajfa-9288	271	3	from	from	ADP
ajfa-9288	271	4	the	the	DET
ajfa-9288	271	5	results	result	NOUN
ajfa-9288	271	6	of	of	ADP
ajfa-9288	271	7	tables	table	NOUN
ajfa-9288	271	8	2	2	NUM
ajfa-9288	271	9	and	and	CCONJ
ajfa-9288	271	10	4	4	NUM
ajfa-9288	271	11	,	,	PUNCT
ajfa-9288	271	12	whether	whether	SCONJ
ajfa-9288	271	13	the	the	DET
ajfa-9288	271	14	previous	previous	ADJ
ajfa-9288	271	15	or	or	CCONJ
ajfa-9288	271	16	the	the	DET
ajfa-9288	271	17	current	current	ADJ
ajfa-9288	271	18	periods	period	NOUN
ajfa-9288	271	19	’	'	PUNCT
ajfa-9288	271	20	debt	debt	NOUN
ajfa-9288	271	21	agent	agent	NOUN
ajfa-9288	271	22	costs	cost	NOUN
ajfa-9288	271	23	are	be	AUX
ajfa-9288	271	24	positively	positively	ADV
ajfa-9288	271	25	correlated	correlate	VERB
ajfa-9288	271	26	with	with	ADP
ajfa-9288	271	27	the	the	DET
ajfa-9288	271	28	choice	choice	NOUN
ajfa-9288	271	29	of	of	ADP
ajfa-9288	271	30	seasoned	seasoned	ADJ
ajfa-9288	271	31	equity	equity	NOUN
ajfa-9288	271	32	offerings	offering	NOUN
ajfa-9288	271	33	in	in	ADP
ajfa-9288	271	34	current	current	ADJ
ajfa-9288	271	35	period	period	NOUN
ajfa-9288	271	36	.	.	PUNCT
ajfa-9288	272	1	asian	asian	ADJ
ajfa-9288	272	2	journal	journal	PROPN
ajfa-9288	272	3	of	of	ADP
ajfa-9288	272	4	finance	finance	PROPN
ajfa-9288	272	5	&	&	CCONJ
ajfa-9288	272	6	accounting	accounting	PROPN
ajfa-9288	272	7	issn	issn	PROPN
ajfa-9288	272	8	1946	1946	NUM
ajfa-9288	272	9	-	-	PUNCT
ajfa-9288	272	10	052x	052x	PROPN
ajfa-9288	272	11	2016	2016	NUM
ajfa-9288	272	12	,	,	PUNCT
ajfa-9288	272	13	vol	vol	NOUN
ajfa-9288	272	14	.	.	PROPN
ajfa-9288	272	15	8	8	NUM
ajfa-9288	272	16	,	,	PUNCT
ajfa-9288	272	17	no	no	INTJ
ajfa-9288	272	18	.	.	NOUN
ajfa-9288	272	19	1	1	NUM
ajfa-9288	272	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	272	21	141	141	NUM
ajfa-9288	272	22	model	model	NOUN
ajfa-9288	272	23	1	1	NUM
ajfa-9288	272	24	of	of	ADP
ajfa-9288	272	25	table	table	NOUN
ajfa-9288	272	26	4	4	NUM
ajfa-9288	272	27	uses	use	VERB
ajfa-9288	272	28	eagencyit	eagencyit	NOUN
ajfa-9288	272	29	show	show	VERB
ajfa-9288	272	30	the	the	DET
ajfa-9288	272	31	company	company	NOUN
ajfa-9288	272	32	’s	’s	PART
ajfa-9288	272	33	current	current	ADJ
ajfa-9288	272	34	equity	equity	NOUN
ajfa-9288	272	35	agency	agency	NOUN
ajfa-9288	272	36	costs	cost	NOUN
ajfa-9288	272	37	,	,	PUNCT
ajfa-9288	272	38	which	which	PRON
ajfa-9288	272	39	is	be	AUX
ajfa-9288	272	40	the	the	DET
ajfa-9288	272	41	firm	firm	NOUN
ajfa-9288	272	42	’s	’s	PART
ajfa-9288	272	43	current	current	ADJ
ajfa-9288	272	44	period	period	NOUN
ajfa-9288	272	45	’s	’s	PART
ajfa-9288	272	46	selling	selling	NOUN
ajfa-9288	272	47	and	and	CCONJ
ajfa-9288	272	48	administrative	administrative	ADJ
ajfa-9288	272	49	expenses	expense	NOUN
ajfa-9288	272	50	minus	minus	CCONJ
ajfa-9288	272	51	industry	industry	NOUN
ajfa-9288	272	52	median	median	NOUN
ajfa-9288	272	53	of	of	ADP
ajfa-9288	272	54	selling	selling	NOUN
ajfa-9288	272	55	and	and	CCONJ
ajfa-9288	272	56	administrative	administrative	ADJ
ajfa-9288	272	57	expenses	expense	NOUN
ajfa-9288	272	58	.	.	PUNCT
ajfa-9288	273	1	when	when	SCONJ
ajfa-9288	273	2	the	the	DET
ajfa-9288	273	3	equity	equity	NOUN
ajfa-9288	273	4	agency	agency	NOUN
ajfa-9288	273	5	costs	cost	VERB
ajfa-9288	273	6	higher	high	ADJ
ajfa-9288	273	7	,	,	PUNCT
ajfa-9288	273	8	the	the	PRON
ajfa-9288	273	9	larger	large	ADJ
ajfa-9288	273	10	the	the	DET
ajfa-9288	273	11	ratio	ratio	NOUN
ajfa-9288	273	12	of	of	ADP
ajfa-9288	273	13	operating	operating	NOUN
ajfa-9288	273	14	expenses	expense	NOUN
ajfa-9288	273	15	is	be	AUX
ajfa-9288	273	16	.	.	PUNCT
ajfa-9288	274	1	the	the	DET
ajfa-9288	274	2	findings	finding	NOUN
ajfa-9288	274	3	show	show	VERB
ajfa-9288	274	4	that	that	SCONJ
ajfa-9288	274	5	the	the	DET
ajfa-9288	274	6	current	current	ADJ
ajfa-9288	274	7	period	period	NOUN
ajfa-9288	274	8	’s	’s	PART
ajfa-9288	274	9	equity	equity	NOUN
ajfa-9288	274	10	agency	agency	NOUN
ajfa-9288	274	11	costs	cost	NOUN
ajfa-9288	274	12	and	and	CCONJ
ajfa-9288	274	13	the	the	DET
ajfa-9288	274	14	financing	financing	NOUN
ajfa-9288	274	15	choice	choice	NOUN
ajfa-9288	274	16	of	of	ADP
ajfa-9288	274	17	seasoned	seasoned	ADJ
ajfa-9288	274	18	equity	equity	NOUN
ajfa-9288	274	19	offerings	offering	NOUN
ajfa-9288	274	20	is	be	AUX
ajfa-9288	274	21	significantly	significantly	ADV
ajfa-9288	274	22	negatively	negatively	ADV
ajfa-9288	274	23	correlation	correlation	NOUN
ajfa-9288	274	24	,	,	PUNCT
ajfa-9288	274	25	means	mean	VERB
ajfa-9288	274	26	that	that	SCONJ
ajfa-9288	274	27	the	the	DET
ajfa-9288	274	28	higher	high	ADJ
ajfa-9288	274	29	equity	equity	NOUN
ajfa-9288	274	30	agency	agency	NOUN
ajfa-9288	274	31	cost	cost	NOUN
ajfa-9288	274	32	of	of	ADP
ajfa-9288	274	33	current	current	ADJ
ajfa-9288	274	34	period	period	NOUN
ajfa-9288	274	35	,	,	PUNCT
ajfa-9288	274	36	the	the	DET
ajfa-9288	274	37	company	company	NOUN
ajfa-9288	274	38	is	be	AUX
ajfa-9288	274	39	unlikely	unlikely	ADJ
ajfa-9288	274	40	to	to	PART
ajfa-9288	274	41	choose	choose	VERB
ajfa-9288	274	42	seasoned	seasoned	ADJ
ajfa-9288	274	43	equity	equity	NOUN
ajfa-9288	274	44	offerings	offering	NOUN
ajfa-9288	274	45	.	.	PUNCT
ajfa-9288	275	1	the	the	DET
ajfa-9288	275	2	empirical	empirical	ADJ
ajfa-9288	275	3	result	result	NOUN
ajfa-9288	275	4	supports	support	VERB
ajfa-9288	275	5	hypothesis	hypothesis	NOUN
ajfa-9288	275	6	1b	1b	NUM
ajfa-9288	275	7	.	.	PUNCT
ajfa-9288	276	1	overall	overall	ADJ
ajfa-9288	276	2	,	,	PUNCT
ajfa-9288	276	3	from	from	ADP
ajfa-9288	276	4	the	the	DET
ajfa-9288	276	5	results	result	NOUN
ajfa-9288	276	6	of	of	ADP
ajfa-9288	276	7	tables	table	NOUN
ajfa-9288	276	8	2	2	NUM
ajfa-9288	276	9	and	and	CCONJ
ajfa-9288	276	10	4	4	NUM
ajfa-9288	276	11	,	,	PUNCT
ajfa-9288	276	12	either	either	CCONJ
ajfa-9288	276	13	the	the	DET
ajfa-9288	276	14	previous	previous	ADJ
ajfa-9288	276	15	period	period	NOUN
ajfa-9288	276	16	or	or	CCONJ
ajfa-9288	276	17	the	the	DET
ajfa-9288	276	18	current	current	ADJ
ajfa-9288	276	19	equity	equity	NOUN
ajfa-9288	276	20	agency	agency	NOUN
ajfa-9288	276	21	costs	cost	NOUN
ajfa-9288	276	22	are	be	AUX
ajfa-9288	276	23	negatively	negatively	ADV
ajfa-9288	276	24	related	relate	VERB
ajfa-9288	276	25	to	to	ADP
ajfa-9288	276	26	current	current	ADJ
ajfa-9288	276	27	seasoned	season	VERB
ajfa-9288	276	28	equity	equity	NOUN
ajfa-9288	276	29	offerings	offering	NOUN
ajfa-9288	276	30	.	.	PUNCT
ajfa-9288	277	1	in	in	ADP
ajfa-9288	277	2	addition	addition	NOUN
ajfa-9288	277	3	,	,	PUNCT
ajfa-9288	277	4	model	model	NOUN
ajfa-9288	277	5	2	2	NUM
ajfa-9288	277	6	in	in	ADP
ajfa-9288	277	7	table	table	NOUN
ajfa-9288	277	8	4	4	NUM
ajfa-9288	277	9	examines	examine	VERB
ajfa-9288	277	10	the	the	DET
ajfa-9288	277	11	association	association	NOUN
ajfa-9288	277	12	between	between	ADP
ajfa-9288	277	13	agency	agency	NOUN
ajfa-9288	277	14	costs	cost	NOUN
ajfa-9288	277	15	in	in	ADP
ajfa-9288	277	16	the	the	DET
ajfa-9288	277	17	current	current	ADJ
ajfa-9288	277	18	period	period	NOUN
ajfa-9288	277	19	and	and	CCONJ
ajfa-9288	277	20	the	the	DET
ajfa-9288	277	21	private	private	ADJ
ajfa-9288	277	22	equity	equity	NOUN
ajfa-9288	277	23	financing	financing	NOUN
ajfa-9288	277	24	.	.	PUNCT
ajfa-9288	278	1	the	the	DET
ajfa-9288	278	2	findings	finding	NOUN
ajfa-9288	278	3	show	show	VERB
ajfa-9288	278	4	that	that	SCONJ
ajfa-9288	278	5	private	private	ADJ
ajfa-9288	278	6	equity	equity	NOUN
ajfa-9288	278	7	financing	financing	NOUN
ajfa-9288	278	8	is	be	AUX
ajfa-9288	278	9	positively	positively	ADV
ajfa-9288	278	10	related	relate	VERB
ajfa-9288	278	11	to	to	PART
ajfa-9288	278	12	dagencyit	dagencyit	VERB
ajfa-9288	278	13	dummy	dummy	ADJ
ajfa-9288	278	14	variable	variable	NOUN
ajfa-9288	278	15	(	(	PUNCT
ajfa-9288	278	16	pridsit	pridsit	NOUN
ajfa-9288	278	17	)	)	PUNCT
ajfa-9288	278	18	,	,	PUNCT
ajfa-9288	278	19	showing	show	VERB
ajfa-9288	278	20	a	a	DET
ajfa-9288	278	21	higher	high	ADJ
ajfa-9288	278	22	current	current	ADJ
ajfa-9288	278	23	debt	debt	NOUN
ajfa-9288	278	24	agency	agency	NOUN
ajfa-9288	278	25	costs	cost	NOUN
ajfa-9288	278	26	,	,	PUNCT
ajfa-9288	278	27	the	the	DET
ajfa-9288	278	28	company	company	NOUN
ajfa-9288	278	29	tend	tend	VERB
ajfa-9288	278	30	to	to	PART
ajfa-9288	278	31	conduct	conduct	VERB
ajfa-9288	278	32	private	private	ADJ
ajfa-9288	278	33	equity	equity	NOUN
ajfa-9288	278	34	financing	financing	NOUN
ajfa-9288	278	35	.	.	PUNCT
ajfa-9288	279	1	the	the	DET
ajfa-9288	279	2	empirical	empirical	ADJ
ajfa-9288	279	3	result	result	NOUN
ajfa-9288	279	4	supports	support	VERB
ajfa-9288	279	5	hypothesis	hypothesis	NOUN
ajfa-9288	279	6	1c	1c	NOUN
ajfa-9288	279	7	.	.	PUNCT
ajfa-9288	280	1	overall	overall	ADJ
ajfa-9288	280	2	,	,	PUNCT
ajfa-9288	280	3	both	both	PRON
ajfa-9288	280	4	previous	previous	ADJ
ajfa-9288	280	5	period	period	NOUN
ajfa-9288	280	6	and	and	CCONJ
ajfa-9288	280	7	current	current	ADJ
ajfa-9288	280	8	period	period	NOUN
ajfa-9288	280	9	debt	debt	NOUN
ajfa-9288	280	10	agency	agency	NOUN
ajfa-9288	280	11	costs	cost	NOUN
ajfa-9288	280	12	are	be	AUX
ajfa-9288	280	13	positively	positively	ADV
ajfa-9288	280	14	correlated	correlate	VERB
ajfa-9288	280	15	with	with	ADP
ajfa-9288	280	16	the	the	DET
ajfa-9288	280	17	current	current	ADJ
ajfa-9288	280	18	period	period	NOUN
ajfa-9288	280	19	’s	’s	PART
ajfa-9288	280	20	private	private	ADJ
ajfa-9288	280	21	equity	equity	NOUN
ajfa-9288	280	22	financing	financing	NOUN
ajfa-9288	280	23	.	.	PUNCT
ajfa-9288	281	1	table	table	NOUN
ajfa-9288	281	2	4	4	NUM
ajfa-9288	281	3	also	also	ADV
ajfa-9288	281	4	shows	show	VERB
ajfa-9288	281	5	that	that	SCONJ
ajfa-9288	281	6	equity	equity	NOUN
ajfa-9288	281	7	agency	agency	NOUN
ajfa-9288	281	8	cost	cost	NOUN
ajfa-9288	281	9	eagencyit	eagencyit	NOUN
ajfa-9288	281	10	is	be	AUX
ajfa-9288	281	11	negatively	negatively	ADV
ajfa-9288	281	12	related	relate	VERB
ajfa-9288	281	13	to	to	ADP
ajfa-9288	281	14	private	private	ADJ
ajfa-9288	281	15	equity	equity	NOUN
ajfa-9288	281	16	financing	financing	NOUN
ajfa-9288	281	17	(	(	PUNCT
ajfa-9288	281	18	pridsit	pridsit	NOUN
ajfa-9288	281	19	)	)	PUNCT
ajfa-9288	281	20	.	.	PUNCT
ajfa-9288	282	1	this	this	PRON
ajfa-9288	282	2	means	mean	VERB
ajfa-9288	282	3	that	that	SCONJ
ajfa-9288	282	4	when	when	SCONJ
ajfa-9288	282	5	ratio	ratio	NOUN
ajfa-9288	282	6	of	of	ADP
ajfa-9288	282	7	selling	selling	NOUN
ajfa-9288	282	8	and	and	CCONJ
ajfa-9288	282	9	administrative	administrative	ADJ
ajfa-9288	282	10	expenses	expense	NOUN
ajfa-9288	282	11	is	be	AUX
ajfa-9288	282	12	higher	high	ADJ
ajfa-9288	282	13	,	,	PUNCT
ajfa-9288	282	14	equity	equity	NOUN
ajfa-9288	282	15	agency	agency	NOUN
ajfa-9288	282	16	cost	cost	NOUN
ajfa-9288	282	17	is	be	AUX
ajfa-9288	282	18	higher	high	ADJ
ajfa-9288	282	19	,	,	PUNCT
ajfa-9288	282	20	so	so	CCONJ
ajfa-9288	282	21	the	the	DET
ajfa-9288	282	22	companies	company	NOUN
ajfa-9288	282	23	do	do	AUX
ajfa-9288	282	24	not	not	PART
ajfa-9288	282	25	tend	tend	VERB
ajfa-9288	282	26	to	to	PART
ajfa-9288	282	27	use	use	VERB
ajfa-9288	282	28	private	private	ADJ
ajfa-9288	282	29	equity	equity	NOUN
ajfa-9288	282	30	financing	financing	NOUN
ajfa-9288	282	31	.	.	PUNCT
ajfa-9288	283	1	the	the	DET
ajfa-9288	283	2	empirical	empirical	ADJ
ajfa-9288	283	3	result	result	NOUN
ajfa-9288	283	4	supports	support	VERB
ajfa-9288	283	5	hypothesis	hypothesis	NOUN
ajfa-9288	283	6	1c	1c	NOUN
ajfa-9288	283	7	.	.	PUNCT
ajfa-9288	284	1	integrated	integrate	VERB
ajfa-9288	284	2	mentioned	mention	VERB
ajfa-9288	284	3	above	above	ADV
ajfa-9288	284	4	,	,	PUNCT
ajfa-9288	284	5	both	both	PRON
ajfa-9288	284	6	previous	previous	ADJ
ajfa-9288	284	7	or	or	CCONJ
ajfa-9288	284	8	current	current	ADJ
ajfa-9288	284	9	periods	period	NOUN
ajfa-9288	284	10	’	'	PUNCT
ajfa-9288	284	11	equity	equity	NOUN
ajfa-9288	284	12	agency	agency	NOUN
ajfa-9288	284	13	costs	cost	NOUN
ajfa-9288	284	14	are	be	AUX
ajfa-9288	284	15	negatively	negatively	ADV
ajfa-9288	284	16	correlated	correlate	VERB
ajfa-9288	284	17	with	with	ADP
ajfa-9288	284	18	the	the	DET
ajfa-9288	284	19	current	current	ADJ
ajfa-9288	284	20	period	period	NOUN
ajfa-9288	284	21	’s	’s	PART
ajfa-9288	284	22	private	private	ADJ
ajfa-9288	284	23	equity	equity	NOUN
ajfa-9288	284	24	financing	financing	NOUN
ajfa-9288	284	25	,	,	PUNCT
ajfa-9288	284	26	so	so	SCONJ
ajfa-9288	284	27	that	that	SCONJ
ajfa-9288	284	28	equity	equity	NOUN
ajfa-9288	284	29	agency	agency	NOUN
ajfa-9288	284	30	cost	cost	NOUN
ajfa-9288	284	31	is	be	AUX
ajfa-9288	284	32	higher	high	ADJ
ajfa-9288	284	33	,	,	PUNCT
ajfa-9288	284	34	the	the	DET
ajfa-9288	284	35	company	company	NOUN
ajfa-9288	284	36	does	do	AUX
ajfa-9288	284	37	not	not	PART
ajfa-9288	284	38	tend	tend	VERB
ajfa-9288	284	39	to	to	PART
ajfa-9288	284	40	be	be	AUX
ajfa-9288	284	41	more	more	ADJ
ajfa-9288	284	42	interest	interest	NOUN
ajfa-9288	284	43	in	in	ADP
ajfa-9288	284	44	fund	fund	NOUN
ajfa-9288	284	45	-	-	PUNCT
ajfa-9288	284	46	raising	raising	NOUN
ajfa-9288	284	47	of	of	ADP
ajfa-9288	284	48	equity	equity	NOUN
ajfa-9288	284	49	.	.	PUNCT
ajfa-9288	285	1	table	table	NOUN
ajfa-9288	285	2	4	4	NUM
ajfa-9288	285	3	.	.	PUNCT
ajfa-9288	285	4	current	current	ADJ
ajfa-9288	285	5	agency	agency	NOUN
ajfa-9288	285	6	cost	cost	NOUN
ajfa-9288	285	7	,	,	PUNCT
ajfa-9288	285	8	seasoned	season	VERB
ajfa-9288	285	9	equity	equity	NOUN
ajfa-9288	285	10	offering	offering	NOUN
ajfa-9288	285	11	and	and	CCONJ
ajfa-9288	285	12	private	private	ADJ
ajfa-9288	285	13	equity	equity	NOUN
ajfa-9288	285	14	choices	choice	NOUN
ajfa-9288	285	15	itititititit	itititititit	NOUN
ajfa-9288	285	16	eroaaasaeagencyadagencyaaseodebt	eroaaasaeagencyadagencyaaseodebt	NOUN
ajfa-9288	286	1	+	+	PROPN
ajfa-9288	286	2	+	+	ADJ
ajfa-9288	286	3	+	+	ADJ
ajfa-9288	286	4	+	+	ADJ
ajfa-9288	286	5	+	+	ADJ
ajfa-9288	286	6	=	=	SYM
ajfa-9288	286	7	43210	43210	NUM
ajfa-9288	286	8	itititititit	itititititit	NOUN
ajfa-9288	286	9	eroaaasaeagencyadagencyaaprids	eroaaasaeagencyadagencyaaprid	NOUN
ajfa-9288	287	1	+	+	PROPN
ajfa-9288	287	2	+	+	ADJ
ajfa-9288	287	3	+	+	ADJ
ajfa-9288	287	4	+	+	ADJ
ajfa-9288	287	5	+	+	ADJ
ajfa-9288	287	6	=	=	SYM
ajfa-9288	287	7	43210	43210	NUM
ajfa-9288	287	8	model	model	NOUN
ajfa-9288	287	9	1	1	NUM
ajfa-9288	287	10	(	(	PUNCT
ajfa-9288	287	11	independent	independent	ADJ
ajfa-9288	287	12	variable	variable	NOUN
ajfa-9288	287	13	:	:	PUNCT
ajfa-9288	287	14	seodebt	seodebt	NOUN
ajfa-9288	287	15	)	)	PUNCT
ajfa-9288	287	16	model	model	NOUN
ajfa-9288	287	17	2	2	NUM
ajfa-9288	287	18	(	(	PUNCT
ajfa-9288	287	19	independent	independent	ADJ
ajfa-9288	287	20	variable	variable	NOUN
ajfa-9288	287	21	:	:	PUNCT
ajfa-9288	287	22	prids	prids	PROPN
ajfa-9288	287	23	)	)	PUNCT
ajfa-9288	287	24	variable	variable	ADJ
ajfa-9288	287	25	coef	coef	PROPN
ajfa-9288	287	26	.	.	PUNCT
ajfa-9288	288	1	zvalue	zvalue	PROPN
ajfa-9288	288	2	(	(	PUNCT
ajfa-9288	288	3	p>|z|	p>|z|	PROPN
ajfa-9288	288	4	)	)	PUNCT
ajfa-9288	288	5	coef	coef	PROPN
ajfa-9288	288	6	.	.	PUNCT
ajfa-9288	289	1	z	z	NOUN
ajfa-9288	289	2	value	value	NOUN
ajfa-9288	289	3	(	(	PUNCT
ajfa-9288	289	4	p	p	NOUN
ajfa-9288	289	5	value	value	NOUN
ajfa-9288	289	6	)	)	PUNCT
ajfa-9288	289	7	dagencyit	dagencyit	VERB
ajfa-9288	289	8	0.2344	0.2344	NUM
ajfa-9288	289	9	8.0100	8.0100	NUM
ajfa-9288	289	10	(	(	PUNCT
ajfa-9288	289	11	0.0000	0.0000	NUM
ajfa-9288	289	12	)	)	PUNCT
ajfa-9288	289	13	0.1537	0.1537	NUM
ajfa-9288	289	14	4.2000	4.2000	NUM
ajfa-9288	289	15	(	(	PUNCT
ajfa-9288	289	16	0.0000	0.0000	NUM
ajfa-9288	289	17	)	)	PUNCT
ajfa-9288	289	18	eagencyit	eagencyit	NOUN
ajfa-9288	289	19	-0.1275	-0.1275	X
ajfa-9288	289	20	-2.0900	-2.0900	PROPN
ajfa-9288	289	21	(	(	PUNCT
ajfa-9288	289	22	0.0370	0.0370	NUM
ajfa-9288	289	23	)	)	PUNCT
ajfa-9288	289	24	-0.5477	-0.5477	NOUN
ajfa-9288	289	25	-4.7500	-4.7500	NOUN
ajfa-9288	289	26	(	(	PUNCT
ajfa-9288	289	27	0.0000	0.0000	NUM
ajfa-9288	289	28	)	)	PUNCT
ajfa-9288	289	29	as	as	ADP
ajfa-9288	289	30	-0.1911	-0.1911	PROPN
ajfa-9288	289	31	-3.3300	-3.3300	X
ajfa-9288	289	32	(	(	PUNCT
ajfa-9288	289	33	0.0010	0.0010	NUM
ajfa-9288	289	34	)	)	PUNCT
ajfa-9288	289	35	-0.6103	-0.6103	NOUN
ajfa-9288	289	36	-6.1000	-6.1000	PROPN
ajfa-9288	290	1	(	(	PUNCT
ajfa-9288	290	2	0.0000	0.0000	NUM
ajfa-9288	290	3	)	)	PUNCT
ajfa-9288	290	4	roa	roa	NOUN
ajfa-9288	290	5	-0.0287	-0.0287	PROPN
ajfa-9288	290	6	-6.6000	-6.6000	PUNCT
ajfa-9288	291	1	(	(	PUNCT
ajfa-9288	291	2	0.0000	0.0000	NUM
ajfa-9288	291	3	)	)	PUNCT
ajfa-9288	291	4	-0.0829	-0.0829	NOUN
ajfa-9288	291	5	-12.8800	-12.8800	PUNCT
ajfa-9288	291	6	(	(	PUNCT
ajfa-9288	291	7	0.0000	0.0000	NUM
ajfa-9288	291	8	)	)	PUNCT
ajfa-9288	291	9	cons	con	NOUN
ajfa-9288	291	10	.	.	PUNCT
ajfa-9288	292	1	-0.2671	-0.2671	PROPN
ajfa-9288	292	2	-0.6900	-0.6900	PROPN
ajfa-9288	292	3	(	(	PUNCT
ajfa-9288	292	4	0.4930	0.4930	NUM
ajfa-9288	292	5	)	)	PUNCT
ajfa-9288	293	1	1.7119	1.7119	NUM
ajfa-9288	293	2	2.5900	2.5900	NUM
ajfa-9288	293	3	(	(	PUNCT
ajfa-9288	293	4	0.0100	0.0100	NUM
ajfa-9288	293	5	)	)	PUNCT
ajfa-9288	293	6	number	number	NOUN
ajfa-9288	293	7	of	of	ADP
ajfa-9288	293	8	obs	obs	PROPN
ajfa-9288	293	9	.	.	PUNCT
ajfa-9288	294	1	5319	5319	NUM
ajfa-9288	294	2	5319	5319	NUM
ajfa-9288	294	3	lr	lr	PROPN
ajfa-9288	294	4	chi2(5	chi2(5	NOUN
ajfa-9288	294	5	)	)	PUNCT
ajfa-9288	294	6	159.11	159.11	NUM
ajfa-9288	294	7	430.33	430.33	NUM
ajfa-9288	294	8	prob	prob	NOUN
ajfa-9288	294	9	>	>	X
ajfa-9288	294	10	chi2	chi2	NOUN
ajfa-9288	294	11	0.0000	0.0000	NUM
ajfa-9288	294	12	0.0000	0.0000	NUM
ajfa-9288	294	13	pseudo	pseudo	NOUN
ajfa-9288	294	14	r2	r2	NOUN
ajfa-9288	294	15	0.0298	0.0298	NUM
ajfa-9288	294	16	0.1447	0.1447	NUM
ajfa-9288	294	17	variables	variable	NOUN
ajfa-9288	294	18	definition	definition	NOUN
ajfa-9288	294	19	:	:	PUNCT
ajfa-9288	294	20	seodebt	seodebt	PROPN
ajfa-9288	294	21	is	be	AUX
ajfa-9288	294	22	an	an	DET
ajfa-9288	294	23	equity	equity	NOUN
ajfa-9288	294	24	dummy	dummy	ADJ
ajfa-9288	294	25	variable	variable	NOUN
ajfa-9288	294	26	,	,	PUNCT
ajfa-9288	294	27	which	which	PRON
ajfa-9288	294	28	sets	set	VERB
ajfa-9288	294	29	to	to	ADP
ajfa-9288	294	30	1	1	NUM
ajfa-9288	294	31	if	if	SCONJ
ajfa-9288	294	32	the	the	DET
ajfa-9288	294	33	firm	firm	NOUN
ajfa-9288	294	34	chooses	choose	VERB
ajfa-9288	294	35	seasoned	season	VERB
ajfa-9288	294	36	equity	equity	NOUN
ajfa-9288	294	37	offering	offering	NOUN
ajfa-9288	294	38	financing	financing	NOUN
ajfa-9288	294	39	and	and	CCONJ
ajfa-9288	294	40	set	set	VERB
ajfa-9288	294	41	to	to	ADP
ajfa-9288	294	42	0	0	NUM
ajfa-9288	294	43	if	if	SCONJ
ajfa-9288	294	44	the	the	DET
ajfa-9288	294	45	firm	firm	NOUN
ajfa-9288	294	46	chooses	choose	VERB
ajfa-9288	294	47	bank	bank	NOUN
ajfa-9288	294	48	debt	debt	NOUN
ajfa-9288	294	49	,	,	PUNCT
ajfa-9288	294	50	issuing	issue	VERB
ajfa-9288	294	51	bond	bond	NOUN
ajfa-9288	294	52	,	,	PUNCT
ajfa-9288	294	53	or	or	CCONJ
ajfa-9288	294	54	issuing	issue	VERB
ajfa-9288	294	55	private	private	ADJ
ajfa-9288	294	56	asian	asian	ADJ
ajfa-9288	294	57	journal	journal	NOUN
ajfa-9288	294	58	of	of	ADP
ajfa-9288	294	59	finance	finance	PROPN
ajfa-9288	294	60	&	&	CCONJ
ajfa-9288	294	61	accounting	accounting	PROPN
ajfa-9288	294	62	issn	issn	PROPN
ajfa-9288	294	63	1946	1946	NUM
ajfa-9288	294	64	-	-	PUNCT
ajfa-9288	294	65	052x	052x	PROPN
ajfa-9288	294	66	2016	2016	NUM
ajfa-9288	294	67	,	,	PUNCT
ajfa-9288	294	68	vol	vol	NOUN
ajfa-9288	294	69	.	.	PROPN
ajfa-9288	294	70	8	8	NUM
ajfa-9288	294	71	,	,	PUNCT
ajfa-9288	294	72	no	no	INTJ
ajfa-9288	294	73	.	.	NOUN
ajfa-9288	294	74	1	1	NUM
ajfa-9288	294	75	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9288	294	76	142	142	NUM
ajfa-9288	294	77	equity	equity	NOUN
ajfa-9288	294	78	financings	financing	NOUN
ajfa-9288	294	79	.	.	PUNCT
ajfa-9288	295	1	prids	prid	NOUN
ajfa-9288	295	2	is	be	AUX
ajfa-9288	295	3	a	a	DET
ajfa-9288	295	4	private	private	ADJ
ajfa-9288	295	5	equity	equity	NOUN
ajfa-9288	295	6	dummy	dummy	ADJ
ajfa-9288	295	7	variable	variable	NOUN
ajfa-9288	295	8	,	,	PUNCT
ajfa-9288	295	9	which	which	PRON
ajfa-9288	295	10	sets	set	VERB
ajfa-9288	295	11	to	to	ADP
ajfa-9288	295	12	1	1	NUM
ajfa-9288	295	13	if	if	SCONJ
ajfa-9288	295	14	the	the	DET
ajfa-9288	295	15	firm	firm	NOUN
ajfa-9288	295	16	chooses	choose	VERB
ajfa-9288	295	17	private	private	ADJ
ajfa-9288	295	18	equity	equity	NOUN
ajfa-9288	295	19	and	and	CCONJ
ajfa-9288	295	20	set	set	VERB
ajfa-9288	295	21	to	to	ADP
ajfa-9288	295	22	0	0	NUM
ajfa-9288	295	23	if	if	SCONJ
ajfa-9288	295	24	the	the	DET
ajfa-9288	295	25	firm	firm	NOUN
ajfa-9288	295	26	chooses	choose	VERB
ajfa-9288	295	27	bank	bank	NOUN
ajfa-9288	295	28	debt	debt	NOUN
ajfa-9288	295	29	,	,	PUNCT
ajfa-9288	295	30	issuing	issue	VERB
ajfa-9288	295	31	bond	bond	NOUN
ajfa-9288	295	32	,	,	PUNCT
ajfa-9288	295	33	and	and	CCONJ
ajfa-9288	295	34	seasoned	seasoned	ADJ
ajfa-9288	295	35	equity	equity	NOUN
ajfa-9288	295	36	offering	offer	VERB
ajfa-9288	295	37	financings	financing	NOUN
ajfa-9288	295	38	.	.	PUNCT
ajfa-9288	296	1	dagency	dagency	NOUN
ajfa-9288	296	2	is	be	AUX
ajfa-9288	296	3	the	the	DET
ajfa-9288	296	4	debt	debt	NOUN
ajfa-9288	296	5	agency	agency	NOUN
ajfa-9288	296	6	cost	cost	NOUN
ajfa-9288	296	7	,	,	PUNCT
ajfa-9288	296	8	which	which	PRON
ajfa-9288	296	9	is	be	AUX
ajfa-9288	296	10	measured	measure	VERB
ajfa-9288	296	11	by	by	ADP
ajfa-9288	296	12	market	market	NOUN
ajfa-9288	296	13	to	to	ADP
ajfa-9288	296	14	book	book	NOUN
ajfa-9288	296	15	ratio	ratio	NOUN
ajfa-9288	296	16	of	of	ADP
ajfa-9288	296	17	equity	equity	NOUN
ajfa-9288	296	18	.	.	PUNCT
ajfa-9288	297	1	eagency	eagency	NOUN
ajfa-9288	297	2	is	be	AUX
ajfa-9288	297	3	the	the	DET
ajfa-9288	297	4	equity	equity	NOUN
ajfa-9288	297	5	agency	agency	NOUN
ajfa-9288	297	6	cost	cost	NOUN
ajfa-9288	297	7	,	,	PUNCT
ajfa-9288	297	8	which	which	PRON
ajfa-9288	297	9	is	be	AUX
ajfa-9288	297	10	measured	measure	VERB
ajfa-9288	297	11	by	by	ADP
ajfa-9288	297	12	the	the	DET
ajfa-9288	297	13	firm	firm	NOUN
ajfa-9288	297	14	’s	’s	PART
ajfa-9288	297	15	selling	selling	NOUN
ajfa-9288	297	16	and	and	CCONJ
ajfa-9288	297	17	administrative	administrative	ADJ
ajfa-9288	297	18	expenses	expense	NOUN
ajfa-9288	297	19	ratio	ratio	NOUN
ajfa-9288	297	20	minus	minus	ADP
ajfa-9288	297	21	the	the	DET
ajfa-9288	297	22	industry	industry	NOUN
ajfa-9288	297	23	median	median	NOUN
ajfa-9288	297	24	of	of	ADP
ajfa-9288	297	25	selling	selling	NOUN
ajfa-9288	297	26	and	and	CCONJ
ajfa-9288	297	27	administrative	administrative	ADJ
ajfa-9288	297	28	expenses	expense	NOUN
ajfa-9288	297	29	ratios	ratio	NOUN
ajfa-9288	297	30	of	of	ADP
ajfa-9288	297	31	all	all	DET
ajfa-9288	297	32	firms	firm	NOUN
ajfa-9288	297	33	in	in	ADP
ajfa-9288	297	34	an	an	DET
ajfa-9288	297	35	industry	industry	NOUN
ajfa-9288	297	36	.	.	PUNCT
ajfa-9288	298	1	as	as	SCONJ
ajfa-9288	298	2	is	be	AUX
ajfa-9288	298	3	the	the	DET
ajfa-9288	298	4	nature	nature	NOUN
ajfa-9288	298	5	log	log	NOUN
ajfa-9288	298	6	of	of	ADP
ajfa-9288	298	7	total	total	ADJ
ajfa-9288	298	8	assets	asset	NOUN
ajfa-9288	298	9	,	,	PUNCT
ajfa-9288	298	10	which	which	PRON
ajfa-9288	298	11	controls	control	VERB
ajfa-9288	298	12	firm	firm	ADJ
ajfa-9288	298	13	size	size	NOUN
ajfa-9288	298	14	.	.	PUNCT
ajfa-9288	299	1	roa	roa	PROPN
ajfa-9288	299	2	is	be	AUX
ajfa-9288	299	3	return	return	NOUN
ajfa-9288	299	4	of	of	ADP
ajfa-9288	299	5	assets	asset	NOUN
ajfa-9288	299	6	,	,	PUNCT
ajfa-9288	299	7	which	which	PRON
ajfa-9288	299	8	represents	represent	VERB
ajfa-9288	299	9	the	the	DET
ajfa-9288	299	10	operation	operation	NOUN
ajfa-9288	299	11	performance	performance	NOUN
ajfa-9288	299	12	of	of	ADP
ajfa-9288	299	13	a	a	DET
ajfa-9288	299	14	firm	firm	NOUN
ajfa-9288	299	15	.	.	PUNCT
ajfa-9288	300	1	4.5	4.5	NUM
ajfa-9288	300	2	shareholdings	shareholding	NOUN
ajfa-9288	300	3	of	of	ADP
ajfa-9288	300	4	insiders	insider	NOUN
ajfa-9288	300	5	,	,	PUNCT
ajfa-9288	300	6	prior	prior	ADJ
ajfa-9288	300	7	agency	agency	NOUN
ajfa-9288	300	8	cost	cost	NOUN
ajfa-9288	300	9	,	,	PUNCT
ajfa-9288	300	10	and	and	CCONJ
ajfa-9288	300	11	seasoned	seasoned	ADJ
ajfa-9288	300	12	equity	equity	NOUN
ajfa-9288	300	13	offerings	offering	NOUN
ajfa-9288	300	14	model	model	VERB
ajfa-9288	300	15	1	1	NUM
ajfa-9288	300	16	in	in	ADP
ajfa-9288	300	17	table	table	NOUN
ajfa-9288	300	18	5	5	NUM
ajfa-9288	300	19	examines	examine	VERB
ajfa-9288	300	20	the	the	DET
ajfa-9288	300	21	effect	effect	NOUN
ajfa-9288	300	22	of	of	ADP
ajfa-9288	300	23	insiders	insider	NOUN
ajfa-9288	300	24	’	’	PART
ajfa-9288	300	25	shareholdings	shareholding	NOUN
ajfa-9288	300	26	on	on	ADP
ajfa-9288	300	27	the	the	DET
ajfa-9288	300	28	relationship	relationship	NOUN
ajfa-9288	300	29	between	between	ADP
ajfa-9288	300	30	prior	prior	ADJ
ajfa-9288	300	31	agency	agency	NOUN
ajfa-9288	300	32	cost	cost	NOUN
ajfa-9288	300	33	and	and	CCONJ
ajfa-9288	300	34	seasoned	seasoned	ADJ
ajfa-9288	300	35	equity	equity	NOUN
ajfa-9288	300	36	offerings	offering	NOUN
ajfa-9288	300	37	.	.	PUNCT
ajfa-9288	301	1	the	the	DET
ajfa-9288	301	2	finding	finding	NOUN
ajfa-9288	301	3	show	show	VERB
ajfa-9288	301	4	that	that	SCONJ
ajfa-9288	301	5	under	under	ADP
ajfa-9288	301	6	considering	consider	VERB
ajfa-9288	301	7	shareholdings	shareholding	NOUN
ajfa-9288	301	8	of	of	ADP
ajfa-9288	301	9	insiders	insider	NOUN
ajfa-9288	301	10	,	,	PUNCT
ajfa-9288	301	11	the	the	DET
ajfa-9288	301	12	firm	firm	NOUN
ajfa-9288	301	13	with	with	ADP
ajfa-9288	301	14	higher	high	ADJ
ajfa-9288	301	15	prior	prior	ADJ
ajfa-9288	301	16	debt	debt	NOUN
ajfa-9288	301	17	agency	agency	NOUN
ajfa-9288	301	18	cost	cost	NOUN
ajfa-9288	301	19	dagencyit-1	dagencyit-1	PRON
ajfa-9288	301	20	tends	tend	VERB
ajfa-9288	301	21	to	to	PART
ajfa-9288	301	22	engage	engage	VERB
ajfa-9288	301	23	in	in	ADP
ajfa-9288	301	24	seasoned	seasoned	ADJ
ajfa-9288	301	25	equity	equity	NOUN
ajfa-9288	301	26	offerings	offering	NOUN
ajfa-9288	301	27	financing	financing	NOUN
ajfa-9288	301	28	,	,	PUNCT
ajfa-9288	301	29	and	and	CCONJ
ajfa-9288	301	30	this	this	DET
ajfa-9288	301	31	result	result	NOUN
ajfa-9288	301	32	is	be	AUX
ajfa-9288	301	33	consistent	consistent	ADJ
ajfa-9288	301	34	with	with	ADP
ajfa-9288	301	35	our	our	PRON
ajfa-9288	301	36	expectation	expectation	NOUN
ajfa-9288	301	37	.	.	PUNCT
ajfa-9288	302	1	the	the	DET
ajfa-9288	302	2	higher	high	ADJ
ajfa-9288	302	3	mb	mb	NOUN
ajfa-9288	302	4	implies	imply	VERB
ajfa-9288	302	5	the	the	DET
ajfa-9288	302	6	higher	high	ADJ
ajfa-9288	302	7	growth	growth	NOUN
ajfa-9288	302	8	opportunity	opportunity	NOUN
ajfa-9288	302	9	of	of	ADP
ajfa-9288	302	10	a	a	DET
ajfa-9288	302	11	firm	firm	NOUN
ajfa-9288	302	12	,	,	PUNCT
ajfa-9288	302	13	so	so	SCONJ
ajfa-9288	302	14	that	that	SCONJ
ajfa-9288	302	15	the	the	DET
ajfa-9288	302	16	firm	firm	NOUN
ajfa-9288	302	17	has	have	VERB
ajfa-9288	302	18	higher	high	ADJ
ajfa-9288	302	19	agency	agency	NOUN
ajfa-9288	302	20	cost	cost	NOUN
ajfa-9288	302	21	and	and	CCONJ
ajfa-9288	302	22	lower	low	ADJ
ajfa-9288	302	23	debt	debt	NOUN
ajfa-9288	302	24	financing	financing	NOUN
ajfa-9288	302	25	.	.	PUNCT
ajfa-9288	303	1	our	our	PRON
ajfa-9288	303	2	result	result	NOUN
ajfa-9288	303	3	supports	support	VERB
ajfa-9288	303	4	hypothesis	hypothesis	NOUN
ajfa-9288	303	5	h1a	h1a	NOUN
ajfa-9288	303	6	.	.	PUNCT
ajfa-9288	304	1	in	in	ADP
ajfa-9288	304	2	model	model	NOUN
ajfa-9288	304	3	1	1	NUM
ajfa-9288	304	4	of	of	ADP
ajfa-9288	304	5	table	table	NOUN
ajfa-9288	304	6	5	5	NUM
ajfa-9288	304	7	,	,	PUNCT
ajfa-9288	304	8	we	we	PRON
ajfa-9288	304	9	also	also	ADV
ajfa-9288	304	10	adopt	adopt	VERB
ajfa-9288	304	11	eagencyit-1	eagencyit-1	VERB
ajfa-9288	304	12	to	to	PART
ajfa-9288	304	13	measure	measure	VERB
ajfa-9288	304	14	prior	prior	ADJ
ajfa-9288	304	15	equity	equity	NOUN
ajfa-9288	304	16	agency	agency	NOUN
ajfa-9288	304	17	cost	cost	NOUN
ajfa-9288	304	18	.	.	PUNCT
ajfa-9288	305	1	the	the	DET
ajfa-9288	305	2	finding	finding	NOUN
ajfa-9288	305	3	show	show	VERB
ajfa-9288	305	4	that	that	SCONJ
ajfa-9288	305	5	under	under	ADP
ajfa-9288	305	6	considering	consider	VERB
ajfa-9288	305	7	shareholdings	shareholding	NOUN
ajfa-9288	305	8	of	of	ADP
ajfa-9288	305	9	insiders	insider	NOUN
ajfa-9288	305	10	,	,	PUNCT
ajfa-9288	305	11	prior	prior	ADJ
ajfa-9288	305	12	equity	equity	NOUN
ajfa-9288	305	13	agency	agency	NOUN
ajfa-9288	305	14	cost	cost	NOUN
ajfa-9288	305	15	of	of	ADP
ajfa-9288	305	16	a	a	DET
ajfa-9288	305	17	firm	firm	NOUN
ajfa-9288	305	18	is	be	AUX
ajfa-9288	305	19	negatively	negatively	ADV
ajfa-9288	305	20	related	relate	VERB
ajfa-9288	305	21	to	to	ADP
ajfa-9288	305	22	seasoned	season	VERB
ajfa-9288	305	23	equity	equity	NOUN
ajfa-9288	305	24	offerings	offering	NOUN
ajfa-9288	305	25	financing	financing	NOUN
ajfa-9288	305	26	,	,	PUNCT
ajfa-9288	305	27	implying	imply	VERB
ajfa-9288	305	28	that	that	SCONJ
ajfa-9288	305	29	the	the	DET
ajfa-9288	305	30	firm	firm	NOUN
ajfa-9288	305	31	with	with	ADP
ajfa-9288	305	32	higher	high	ADJ
ajfa-9288	305	33	prior	prior	ADJ
ajfa-9288	305	34	equity	equity	NOUN
ajfa-9288	305	35	agency	agency	NOUN
ajfa-9288	305	36	cost	cost	NOUN
ajfa-9288	305	37	does	do	AUX
ajfa-9288	305	38	not	not	PART
ajfa-9288	305	39	tend	tend	VERB
ajfa-9288	305	40	to	to	PART
ajfa-9288	305	41	engage	engage	VERB
ajfa-9288	305	42	in	in	ADP
ajfa-9288	305	43	seasoned	seasoned	ADJ
ajfa-9288	305	44	equity	equity	NOUN
ajfa-9288	305	45	offerings	offering	NOUN
ajfa-9288	305	46	rather	rather	ADV
ajfa-9288	305	47	debt	debt	NOUN
ajfa-9288	305	48	financing	financing	NOUN
ajfa-9288	305	49	,	,	PUNCT
ajfa-9288	305	50	so	so	CCONJ
ajfa-9288	305	51	the	the	DET
ajfa-9288	305	52	result	result	NOUN
ajfa-9288	305	53	is	be	AUX
ajfa-9288	305	54	consistent	consistent	ADJ
ajfa-9288	305	55	with	with	ADP
ajfa-9288	305	56	our	our	PRON
ajfa-9288	305	57	expectation	expectation	NOUN
ajfa-9288	305	58	and	and	CCONJ
ajfa-9288	305	59	supports	support	VERB
ajfa-9288	305	60	hypothesis	hypothesis	NOUN
ajfa-9288	305	61	1b	1b	NUM
ajfa-9288	305	62	.	.	PUNCT
ajfa-9288	306	1	however	however	ADV
ajfa-9288	306	2	,	,	PUNCT
ajfa-9288	306	3	the	the	DET
ajfa-9288	306	4	result	result	NOUN
ajfa-9288	306	5	in	in	ADP
ajfa-9288	306	6	model	model	NOUN
ajfa-9288	306	7	1	1	NUM
ajfa-9288	306	8	of	of	ADP
ajfa-9288	306	9	table	table	NOUN
ajfa-9288	306	10	5	5	NUM
ajfa-9288	306	11	shows	show	VERB
ajfa-9288	306	12	that	that	SCONJ
ajfa-9288	306	13	the	the	DET
ajfa-9288	306	14	interaction	interaction	NOUN
ajfa-9288	306	15	term	term	NOUN
ajfa-9288	306	16	between	between	ADP
ajfa-9288	306	17	insiders	insider	NOUN
ajfa-9288	306	18	’	’	PART
ajfa-9288	306	19	shareholdings	shareholding	NOUN
ajfa-9288	306	20	and	and	CCONJ
ajfa-9288	306	21	prior	prior	ADJ
ajfa-9288	306	22	debt	debt	NOUN
ajfa-9288	306	23	agency	agency	NOUN
ajfa-9288	306	24	cost	cost	NOUN
ajfa-9288	306	25	is	be	AUX
ajfa-9288	306	26	unrelated	unrelated	ADJ
ajfa-9288	306	27	to	to	ADP
ajfa-9288	306	28	current	current	ADJ
ajfa-9288	306	29	seasoned	season	VERB
ajfa-9288	306	30	equity	equity	NOUN
ajfa-9288	306	31	offering	offering	NOUN
ajfa-9288	306	32	financing	financing	NOUN
ajfa-9288	306	33	.	.	PUNCT
ajfa-9288	307	1	this	this	DET
ajfa-9288	307	2	result	result	NOUN
ajfa-9288	307	3	implies	imply	VERB
ajfa-9288	307	4	that	that	SCONJ
ajfa-9288	307	5	when	when	SCONJ
ajfa-9288	307	6	higher	high	ADJ
ajfa-9288	307	7	insiders	insider	NOUN
ajfa-9288	307	8	’	’	PART
ajfa-9288	307	9	shareholdings	shareholding	NOUN
ajfa-9288	307	10	,	,	PUNCT
ajfa-9288	307	11	the	the	DET
ajfa-9288	307	12	firm	firm	NOUN
ajfa-9288	307	13	with	with	ADP
ajfa-9288	307	14	higher	high	ADJ
ajfa-9288	307	15	debt	debt	NOUN
ajfa-9288	307	16	agency	agency	NOUN
ajfa-9288	307	17	cost	cost	NOUN
ajfa-9288	307	18	does	do	AUX
ajfa-9288	307	19	not	not	PART
ajfa-9288	307	20	has	have	VERB
ajfa-9288	307	21	higher	high	ADJ
ajfa-9288	307	22	possibility	possibility	NOUN
ajfa-9288	307	23	of	of	ADP
ajfa-9288	307	24	engaging	engage	VERB
ajfa-9288	307	25	in	in	ADP
ajfa-9288	307	26	seasoned	seasoned	ADJ
ajfa-9288	307	27	equity	equity	NOUN
ajfa-9288	307	28	offerings	offering	NOUN
ajfa-9288	307	29	,	,	PUNCT
ajfa-9288	307	30	which	which	PRON
ajfa-9288	307	31	supports	support	VERB
ajfa-9288	307	32	hypothesis	hypothesis	NOUN
ajfa-9288	307	33	h2a	h2a	NOUN
ajfa-9288	307	34	.	.	PUNCT
ajfa-9288	308	1	the	the	DET
ajfa-9288	308	2	possible	possible	ADJ
ajfa-9288	308	3	reason	reason	NOUN
ajfa-9288	308	4	is	be	AUX
ajfa-9288	308	5	that	that	SCONJ
ajfa-9288	308	6	most	most	ADJ
ajfa-9288	308	7	of	of	ADP
ajfa-9288	308	8	large	large	ADJ
ajfa-9288	308	9	firms	firm	NOUN
ajfa-9288	308	10	are	be	AUX
ajfa-9288	308	11	family	family	NOUN
ajfa-9288	308	12	or	or	CCONJ
ajfa-9288	308	13	group	group	NOUN
ajfa-9288	308	14	types	type	NOUN
ajfa-9288	308	15	in	in	ADP
ajfa-9288	308	16	taiwan	taiwan	PROPN
ajfa-9288	308	17	.	.	PUNCT
ajfa-9288	309	1	moreover	moreover	ADV
ajfa-9288	309	2	,	,	PUNCT
ajfa-9288	309	3	the	the	DET
ajfa-9288	309	4	interaction	interaction	NOUN
ajfa-9288	309	5	term	term	NOUN
ajfa-9288	309	6	between	between	ADP
ajfa-9288	309	7	insiders	insider	NOUN
ajfa-9288	309	8	’	’	PART
ajfa-9288	309	9	shareholdings	shareholding	NOUN
ajfa-9288	309	10	and	and	CCONJ
ajfa-9288	309	11	prior	prior	ADJ
ajfa-9288	309	12	equity	equity	NOUN
ajfa-9288	309	13	agency	agency	NOUN
ajfa-9288	309	14	cost	cost	NOUN
ajfa-9288	309	15	eagencyit-1	eagencyit-1	PROPN
ajfa-9288	309	16	is	be	AUX
ajfa-9288	309	17	positively	positively	ADV
ajfa-9288	309	18	related	relate	VERB
ajfa-9288	309	19	to	to	ADP
ajfa-9288	309	20	current	current	ADJ
ajfa-9288	309	21	seasoned	season	VERB
ajfa-9288	309	22	equity	equity	NOUN
ajfa-9288	309	23	offering	offering	NOUN
ajfa-9288	309	24	financing	financing	NOUN
ajfa-9288	309	25	,	,	PUNCT
ajfa-9288	309	26	which	which	PRON
ajfa-9288	309	27	supports	support	VERB
ajfa-9288	309	28	hypothesis	hypothesis	NOUN
ajfa-9288	309	29	h2b	h2b	PROPN
ajfa-9288	309	30	.	.	PUNCT
ajfa-9288	310	1	from	from	ADP
ajfa-9288	310	2	model	model	NOUN
ajfa-9288	310	3	2	2	NUM
ajfa-9288	310	4	of	of	ADP
ajfa-9288	310	5	table	table	NOUN
ajfa-9288	310	6	5	5	NUM
ajfa-9288	310	7	,	,	PUNCT
ajfa-9288	310	8	we	we	PRON
ajfa-9288	310	9	find	find	VERB
ajfa-9288	310	10	that	that	SCONJ
ajfa-9288	310	11	under	under	ADP
ajfa-9288	310	12	considering	consider	VERB
ajfa-9288	310	13	shareholdings	shareholding	NOUN
ajfa-9288	310	14	of	of	ADP
ajfa-9288	310	15	insiders	insider	NOUN
ajfa-9288	310	16	,	,	PUNCT
ajfa-9288	310	17	the	the	DET
ajfa-9288	310	18	firm	firm	NOUN
ajfa-9288	310	19	with	with	ADP
ajfa-9288	310	20	higher	high	ADJ
ajfa-9288	310	21	prior	prior	ADJ
ajfa-9288	310	22	debt	debt	NOUN
ajfa-9288	310	23	agency	agency	NOUN
ajfa-9288	310	24	cost	cost	NOUN
ajfa-9288	310	25	dagencyit-1	dagencyit-1	PRON
ajfa-9288	310	26	tends	tend	VERB
ajfa-9288	310	27	to	to	PART
ajfa-9288	310	28	engage	engage	VERB
ajfa-9288	310	29	in	in	ADP
ajfa-9288	310	30	seasoned	seasoned	ADJ
ajfa-9288	310	31	equity	equity	NOUN
ajfa-9288	310	32	offerings	offering	NOUN
ajfa-9288	310	33	financing	financing	NOUN
ajfa-9288	310	34	,	,	PUNCT
ajfa-9288	310	35	and	and	CCONJ
ajfa-9288	310	36	this	this	DET
ajfa-9288	310	37	result	result	NOUN
ajfa-9288	310	38	supports	support	VERB
ajfa-9288	310	39	hypothesis	hypothesis	NOUN
ajfa-9288	310	40	h1a	h1a	NOUN
ajfa-9288	310	41	.	.	PUNCT
ajfa-9288	311	1	moreover	moreover	ADV
ajfa-9288	311	2	,	,	PUNCT
ajfa-9288	311	3	the	the	DET
ajfa-9288	311	4	turnover	turnover	NOUN
ajfa-9288	311	5	of	of	ADP
ajfa-9288	311	6	assets	asset	NOUN
ajfa-9288	311	7	implies	imply	VERB
ajfa-9288	311	8	assets	asset	NOUN
ajfa-9288	311	9	utilization	utilization	NOUN
ajfa-9288	311	10	,	,	PUNCT
ajfa-9288	311	11	the	the	DET
ajfa-9288	311	12	firm	firm	NOUN
ajfa-9288	311	13	with	with	ADP
ajfa-9288	311	14	higher	high	ADJ
ajfa-9288	311	15	turnover	turnover	NOUN
ajfa-9288	311	16	of	of	ADP
ajfa-9288	311	17	assets	asset	NOUN
ajfa-9288	311	18	has	have	VERB
ajfa-9288	311	19	lower	low	ADJ
ajfa-9288	311	20	equity	equity	NOUN
ajfa-9288	311	21	agency	agency	NOUN
ajfa-9288	311	22	cost	cost	NOUN
ajfa-9288	311	23	oagencyit-1	oagencyit-1	NOUN
ajfa-9288	311	24	.	.	PUNCT
ajfa-9288	312	1	the	the	DET
ajfa-9288	312	2	result	result	NOUN
ajfa-9288	312	3	shows	show	VERB
ajfa-9288	312	4	that	that	SCONJ
ajfa-9288	312	5	oagencyit-1	oagencyit-1	PRON
ajfa-9288	312	6	is	be	AUX
ajfa-9288	312	7	unrelated	unrelated	ADJ
ajfa-9288	312	8	to	to	ADP
ajfa-9288	312	9	seasoned	season	VERB
ajfa-9288	312	10	equity	equity	NOUN
ajfa-9288	312	11	offerings	offering	NOUN
ajfa-9288	312	12	,	,	PUNCT
ajfa-9288	312	13	so	so	SCONJ
ajfa-9288	312	14	that	that	SCONJ
ajfa-9288	312	15	our	our	PRON
ajfa-9288	312	16	result	result	NOUN
ajfa-9288	312	17	does	do	AUX
ajfa-9288	312	18	not	not	PART
ajfa-9288	312	19	support	support	VERB
ajfa-9288	312	20	hypothesis	hypothesis	NOUN
ajfa-9288	312	21	h1b	h1b	PROPN
ajfa-9288	312	22	.	.	PUNCT
ajfa-9288	313	1	the	the	DET
ajfa-9288	313	2	result	result	NOUN
ajfa-9288	313	3	in	in	ADP
ajfa-9288	313	4	model	model	NOUN
ajfa-9288	313	5	2	2	NUM
ajfa-9288	313	6	of	of	ADP
ajfa-9288	313	7	table	table	NOUN
ajfa-9288	313	8	5	5	NUM
ajfa-9288	313	9	shows	show	VERB
ajfa-9288	313	10	that	that	SCONJ
ajfa-9288	313	11	the	the	DET
ajfa-9288	313	12	interaction	interaction	NOUN
ajfa-9288	313	13	term	term	NOUN
ajfa-9288	313	14	between	between	ADP
ajfa-9288	313	15	insiders	insider	NOUN
ajfa-9288	313	16	’	’	PART
ajfa-9288	313	17	shareholdings	shareholding	NOUN
ajfa-9288	313	18	and	and	CCONJ
ajfa-9288	313	19	prior	prior	ADJ
ajfa-9288	313	20	debt	debt	NOUN
ajfa-9288	313	21	agency	agency	NOUN
ajfa-9288	313	22	cost	cost	NOUN
ajfa-9288	313	23	is	be	AUX
ajfa-9288	313	24	also	also	ADV
ajfa-9288	313	25	unrelated	unrelated	ADJ
ajfa-9288	313	26	to	to	ADP
ajfa-9288	313	27	current	current	ADJ
ajfa-9288	313	28	seasoned	season	VERB
ajfa-9288	313	29	equity	equity	NOUN
ajfa-9288	313	30	offering	offering	NOUN
ajfa-9288	313	31	financing	financing	NOUN
ajfa-9288	313	32	.	.	PUNCT
ajfa-9288	314	1	this	this	DET
ajfa-9288	314	2	result	result	NOUN
ajfa-9288	314	3	also	also	ADV
ajfa-9288	314	4	supports	support	VERB
ajfa-9288	314	5	hypothesis	hypothesis	NOUN
ajfa-9288	314	6	h2a	h2a	NOUN
ajfa-9288	314	7	.	.	PUNCT
ajfa-9288	315	1	the	the	DET
ajfa-9288	315	2	possible	possible	ADJ
ajfa-9288	315	3	reason	reason	NOUN
ajfa-9288	315	4	is	be	AUX
ajfa-9288	315	5	that	that	SCONJ
ajfa-9288	315	6	most	most	ADJ
ajfa-9288	315	7	of	of	ADP
ajfa-9288	315	8	large	large	ADJ
ajfa-9288	315	9	firms	firm	NOUN
ajfa-9288	315	10	are	be	AUX
ajfa-9288	315	11	family	family	NOUN
ajfa-9288	315	12	or	or	CCONJ
ajfa-9288	315	13	group	group	NOUN
ajfa-9288	315	14	types	type	NOUN
ajfa-9288	315	15	in	in	ADP
ajfa-9288	315	16	taiwan	taiwan	PROPN
ajfa-9288	315	17	.	.	PUNCT
ajfa-9288	316	1	moreover	moreover	ADV
ajfa-9288	316	2	,	,	PUNCT
ajfa-9288	316	3	the	the	DET
ajfa-9288	316	4	interaction	interaction	NOUN
ajfa-9288	316	5	term	term	NOUN
ajfa-9288	316	6	between	between	ADP
ajfa-9288	316	7	insiders	insider	NOUN
ajfa-9288	316	8	’	’	PART
ajfa-9288	316	9	shareholdings	shareholding	NOUN
ajfa-9288	316	10	and	and	CCONJ
ajfa-9288	316	11	prior	prior	ADJ
ajfa-9288	316	12	equity	equity	NOUN
ajfa-9288	316	13	agency	agency	NOUN
ajfa-9288	316	14	cost	cost	NOUN
ajfa-9288	316	15	oagencyit-1	oagencyit-1	NUM
ajfa-9288	316	16	is	be	AUX
ajfa-9288	316	17	unrelated	unrelated	ADJ
ajfa-9288	316	18	to	to	ADP
ajfa-9288	316	19	current	current	ADJ
ajfa-9288	316	20	seasoned	season	VERB
ajfa-9288	316	21	equity	equity	NOUN
ajfa-9288	316	22	offering	offering	NOUN
ajfa-9288	316	23	financing	financing	NOUN
ajfa-9288	316	24	,	,	PUNCT
ajfa-9288	316	25	which	which	PRON
ajfa-9288	316	26	supports	support	VERB
ajfa-9288	316	27	hypothesis	hypothesis	NOUN
ajfa-9288	316	28	h2b	h2b	PROPN
ajfa-9288	316	29	.	.	PUNCT
ajfa-9288	317	1	asian	asian	PROPN
ajfa-9288	317	2	journal	journal	PROPN
ajfa-9288	317	3	of	of	ADP
ajfa-9288	317	4	finance	finance	PROPN
ajfa-9288	317	5	&	&	CCONJ
ajfa-9288	317	6	accounting	accounting	PROPN
ajfa-9288	317	7	issn	issn	PROPN
ajfa-9288	317	8	1946	1946	NUM
ajfa-9288	317	9	-	-	PUNCT
ajfa-9288	317	10	052x	052x	PROPN
ajfa-9288	317	11	2016	2016	NUM
ajfa-9288	317	12	,	,	PUNCT
ajfa-9288	317	13	vol	vol	NOUN
ajfa-9288	317	14	.	.	PROPN
ajfa-9288	317	15	8	8	NUM
ajfa-9288	317	16	,	,	PUNCT
ajfa-9288	317	17	no	no	INTJ
ajfa-9288	317	18	.	.	NOUN
ajfa-9288	317	19	1	1	NUM
ajfa-9288	318	1	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	318	2	143	143	NUM
ajfa-9288	318	3	table	table	NOUN
ajfa-9288	318	4	5	5	NUM
ajfa-9288	318	5	.	.	PUNCT
ajfa-9288	319	1	insiders	insider	NOUN
ajfa-9288	319	2	’	’	PART
ajfa-9288	319	3	shareholdings	shareholding	NOUN
ajfa-9288	319	4	,	,	PUNCT
ajfa-9288	319	5	prior	prior	ADJ
ajfa-9288	319	6	agency	agency	NOUN
ajfa-9288	319	7	cost	cost	NOUN
ajfa-9288	319	8	and	and	CCONJ
ajfa-9288	319	9	seasoned	season	VERB
ajfa-9288	319	10	equity	equity	NOUN
ajfa-9288	319	11	offering	offering	NOUN
ajfa-9288	319	12	choice	choice	NOUN
ajfa-9288	319	13	ititititit	ititititit	NOUN
ajfa-9288	319	14	itititititit	itititititit	NOUN
ajfa-9288	319	15	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	319	16	insidesdagencyainsidesaeagencyadagencyaaseodebt	insidesdagencyainsidesaeagencyadagencyaaseodebt	NOUN
ajfa-9288	319	17	+	+	PROPN
ajfa-9288	319	18	+	+	ADJ
ajfa-9288	319	19	+	+	ADJ
ajfa-9288	319	20	+	+	ADJ
ajfa-9288	319	21	+	+	ADJ
ajfa-9288	319	22	+	+	ADJ
ajfa-9288	319	23	+	+	ADJ
ajfa-9288	319	24	+	+	ADJ
ajfa-9288	319	25	=	=	ADJ
ajfa-9288	319	26	−−	−−	NOUN
ajfa-9288	319	27	−−−−−	−−−−−	X
ajfa-9288	319	28	76115	76115	NUM
ajfa-9288	319	29	1141312110	1141312110	NUM
ajfa-9288	319	30	ititititit	ititititit	NOUN
ajfa-9288	319	31	itititititit	itititititit	NOUN
ajfa-9288	319	32	eroaaasainsidesoagencya	eroaaasainsidesoagencya	NOUN
ajfa-9288	319	33	insidesdagencyainsidesaoagencyadagencyaaseodebt	insidesdagencyainsidesaoagencyadagencyaaseodebt	NOUN
ajfa-9288	320	1	+	+	PROPN
ajfa-9288	320	2	+	+	ADJ
ajfa-9288	320	3	+	+	ADJ
ajfa-9288	320	4	+	+	ADJ
ajfa-9288	320	5	+	+	ADJ
ajfa-9288	320	6	+	+	ADJ
ajfa-9288	320	7	+	+	ADJ
ajfa-9288	320	8	+	+	ADJ
ajfa-9288	320	9	=	=	ADJ
ajfa-9288	320	10	−−	−−	NOUN
ajfa-9288	320	11	−−−−−	−−−−−	X
ajfa-9288	320	12	76115	76115	NUM
ajfa-9288	320	13	1141312110	1141312110	NUM
ajfa-9288	320	14	seodebt	seodebt	NOUN
ajfa-9288	320	15	model	model	NOUN
ajfa-9288	320	16	1	1	NUM
ajfa-9288	320	17	(	(	PUNCT
ajfa-9288	320	18	eagency	eagency	NOUN
ajfa-9288	320	19	it-1	it-1	NOUN
ajfa-9288	320	20	)	)	PUNCT
ajfa-9288	320	21	model	model	NOUN
ajfa-9288	320	22	2	2	NUM
ajfa-9288	320	23	(	(	PUNCT
ajfa-9288	320	24	oagency	oagency	NOUN
ajfa-9288	320	25	it-1	it-1	NOUN
ajfa-9288	320	26	)	)	PUNCT
ajfa-9288	320	27	variable	variable	ADJ
ajfa-9288	320	28	coef	coef	PROPN
ajfa-9288	320	29	.	.	PUNCT
ajfa-9288	321	1	z	z	NOUN
ajfa-9288	321	2	value	value	NOUN
ajfa-9288	321	3	(	(	PUNCT
ajfa-9288	321	4	p>|z|	p>|z|	NOUN
ajfa-9288	321	5	)	)	PUNCT
ajfa-9288	321	6	coef	coef	PROPN
ajfa-9288	321	7	.	.	PUNCT
ajfa-9288	322	1	z	z	NOUN
ajfa-9288	322	2	value	value	NOUN
ajfa-9288	322	3	(	(	PUNCT
ajfa-9288	322	4	p	p	NOUN
ajfa-9288	322	5	value	value	NOUN
ajfa-9288	322	6	)	)	PUNCT
ajfa-9288	322	7	dagencyit-1	dagencyit-1	VERB
ajfa-9288	322	8	0.2983	0.2983	NUM
ajfa-9288	322	9	3.6300	3.6300	NUM
ajfa-9288	322	10	(	(	PUNCT
ajfa-9288	322	11	0.0000	0.0000	NUM
ajfa-9288	322	12	)	)	PUNCT
ajfa-9288	322	13	0.2457	0.2457	NUM
ajfa-9288	322	14	3.0200	3.0200	NUM
ajfa-9288	322	15	(	(	PUNCT
ajfa-9288	322	16	0.0020	0.0020	NUM
ajfa-9288	322	17	)	)	PUNCT
ajfa-9288	322	18	eagencyit-1	eagencyit-1	VERB
ajfa-9288	322	19	-0.5346	-0.5346	NOUN
ajfa-9288	322	20	-3.2300	-3.2300	PUNCT
ajfa-9288	322	21	(	(	PUNCT
ajfa-9288	322	22	0.0010	0.0010	NUM
ajfa-9288	322	23	)	)	PUNCT
ajfa-9288	322	24	oagencyit-1	oagencyit-1	NUM
ajfa-9288	322	25	0.0089	0.0089	NUM
ajfa-9288	322	26	1.6000	1.6000	NUM
ajfa-9288	322	27	(	(	PUNCT
ajfa-9288	322	28	0.1100	0.1100	NUM
ajfa-9288	322	29	)	)	PUNCT
ajfa-9288	323	1	insidesit-1	insidesit-1	NUM
ajfa-9288	323	2	0.0038	0.0038	NUM
ajfa-9288	323	3	1.2000	1.2000	NUM
ajfa-9288	323	4	(	(	PUNCT
ajfa-9288	323	5	0.2310	0.2310	NUM
ajfa-9288	323	6	)	)	PUNCT
ajfa-9288	323	7	0.0033	0.0033	NUM
ajfa-9288	323	8	1.0300	1.0300	NUM
ajfa-9288	323	9	(	(	PUNCT
ajfa-9288	323	10	0.3030	0.3030	NUM
ajfa-9288	323	11	)	)	PUNCT
ajfa-9288	323	12	dagencyit-1insidesit-1	dagencyit-1insidesit-1	PUNCT
ajfa-9288	323	13	-0.0009	-0.0009	PROPN
ajfa-9288	323	14	-0.6000	-0.6000	PROPN
ajfa-9288	323	15	(	(	PUNCT
ajfa-9288	323	16	0.5490	0.5490	NUM
ajfa-9288	323	17	)	)	PUNCT
ajfa-9288	323	18	-0.0002	-0.0002	NOUN
ajfa-9288	323	19	-0.1200	-0.1200	NOUN
ajfa-9288	323	20	(	(	PUNCT
ajfa-9288	323	21	0.9030	0.9030	NUM
ajfa-9288	323	22	)	)	PUNCT
ajfa-9288	323	23	eagencyit-1insidesit-1	eagencyit-1insidesit-1	NUM
ajfa-9288	323	24	0.0083	0.0083	NUM
ajfa-9288	323	25	2.4000	2.4000	NUM
ajfa-9288	323	26	(	(	PUNCT
ajfa-9288	323	27	0.0160	0.0160	NUM
ajfa-9288	323	28	)	)	PUNCT
ajfa-9288	323	29	oagencyit-1insidesit-1	oagencyit-1insidesit-1	NUM
ajfa-9288	323	30	-0.0000	-0.0000	X
ajfa-9288	323	31	-0.0900	-0.0900	NOUN
ajfa-9288	323	32	(	(	PUNCT
ajfa-9288	323	33	0.9260	0.9260	NUM
ajfa-9288	323	34	)	)	PUNCT
ajfa-9288	323	35	as	as	ADP
ajfa-9288	323	36	-0.1574	-0.1574	NOUN
ajfa-9288	323	37	-2.7000	-2.7000	X
ajfa-9288	323	38	(	(	PUNCT
ajfa-9288	323	39	0.0070	0.0070	NUM
ajfa-9288	323	40	)	)	PUNCT
ajfa-9288	323	41	-0.1138	-0.1138	NOUN
ajfa-9288	324	1	-1.9300	-1.9300	NOUN
ajfa-9288	324	2	(	(	PUNCT
ajfa-9288	324	3	0.0540	0.0540	NUM
ajfa-9288	324	4	)	)	PUNCT
ajfa-9288	324	5	roa	roa	PROPN
ajfa-9288	324	6	-0.0351	-0.0351	PROPN
ajfa-9288	324	7	-8.0600	-8.0600	PROPN
ajfa-9288	325	1	(	(	PUNCT
ajfa-9288	325	2	0.0000	0.0000	NUM
ajfa-9288	325	3	)	)	PUNCT
ajfa-9288	325	4	-0.0321	-0.0321	PROPN
ajfa-9288	325	5	-7.3600	-7.3600	VERB
ajfa-9288	325	6	(	(	PUNCT
ajfa-9288	325	7	0.0000	0.0000	NUM
ajfa-9288	325	8	)	)	PUNCT
ajfa-9288	325	9	cons	con	NOUN
ajfa-9288	325	10	.	.	PUNCT
ajfa-9288	326	1	-0.6723	-0.6723	PROPN
ajfa-9288	326	2	-1.5400	-1.5400	NOUN
ajfa-9288	326	3	(	(	PUNCT
ajfa-9288	326	4	0.1250	0.1250	NUM
ajfa-9288	326	5	)	)	PUNCT
ajfa-9288	326	6	-0.9822	-0.9822	NOUN
ajfa-9288	326	7	-2.2100	-2.2100	NOUN
ajfa-9288	326	8	(	(	PUNCT
ajfa-9288	326	9	0.0270	0.0270	NUM
ajfa-9288	326	10	)	)	PUNCT
ajfa-9288	326	11	number	number	NOUN
ajfa-9288	326	12	of	of	ADP
ajfa-9288	326	13	obs	obs	PROPN
ajfa-9288	326	14	.	.	PUNCT
ajfa-9288	327	1	5319	5319	NUM
ajfa-9288	327	2	5319	5319	NUM
ajfa-9288	327	3	lr	lr	PROPN
ajfa-9288	327	4	chi2(5	chi2(5	NOUN
ajfa-9288	327	5	)	)	PUNCT
ajfa-9288	327	6	188.74	188.74	NUM
ajfa-9288	327	7	201.12	201.12	NUM
ajfa-9288	327	8	prob	prob	NOUN
ajfa-9288	327	9	>	>	X
ajfa-9288	327	10	chi2	chi2	PROPN
ajfa-9288	327	11	0.0000	0.0000	NUM
ajfa-9288	327	12	0.0000	0.0000	NUM
ajfa-9288	327	13	pseudo	pseudo	NOUN
ajfa-9288	327	14	r2	r2	NOUN
ajfa-9288	327	15	0.0353	0.0353	NUM
ajfa-9288	327	16	0.0377	0.0377	NUM
ajfa-9288	327	17	variables	variable	NOUN
ajfa-9288	327	18	definition	definition	NOUN
ajfa-9288	327	19	:	:	PUNCT
ajfa-9288	327	20	seodebt	seodebt	PROPN
ajfa-9288	327	21	is	be	AUX
ajfa-9288	327	22	an	an	DET
ajfa-9288	327	23	equity	equity	NOUN
ajfa-9288	327	24	dummy	dummy	ADJ
ajfa-9288	327	25	variable	variable	NOUN
ajfa-9288	327	26	,	,	PUNCT
ajfa-9288	327	27	which	which	PRON
ajfa-9288	327	28	sets	set	VERB
ajfa-9288	327	29	to	to	ADP
ajfa-9288	327	30	1	1	NUM
ajfa-9288	327	31	if	if	SCONJ
ajfa-9288	327	32	the	the	DET
ajfa-9288	327	33	firm	firm	NOUN
ajfa-9288	327	34	chooses	choose	VERB
ajfa-9288	327	35	seasoned	season	VERB
ajfa-9288	327	36	equity	equity	NOUN
ajfa-9288	327	37	offering	offering	NOUN
ajfa-9288	327	38	financing	financing	NOUN
ajfa-9288	327	39	and	and	CCONJ
ajfa-9288	327	40	set	set	VERB
ajfa-9288	327	41	to	to	ADP
ajfa-9288	327	42	0	0	NUM
ajfa-9288	327	43	if	if	SCONJ
ajfa-9288	327	44	the	the	DET
ajfa-9288	327	45	firm	firm	NOUN
ajfa-9288	327	46	chooses	choose	VERB
ajfa-9288	327	47	bank	bank	NOUN
ajfa-9288	327	48	debt	debt	NOUN
ajfa-9288	327	49	,	,	PUNCT
ajfa-9288	327	50	issuing	issue	VERB
ajfa-9288	327	51	bond	bond	NOUN
ajfa-9288	327	52	,	,	PUNCT
ajfa-9288	327	53	or	or	CCONJ
ajfa-9288	327	54	issuing	issue	VERB
ajfa-9288	327	55	private	private	ADJ
ajfa-9288	327	56	equity	equity	NOUN
ajfa-9288	327	57	financings	financing	NOUN
ajfa-9288	327	58	.	.	PUNCT
ajfa-9288	328	1	dagency	dagency	NOUN
ajfa-9288	328	2	is	be	AUX
ajfa-9288	328	3	the	the	DET
ajfa-9288	328	4	debt	debt	NOUN
ajfa-9288	328	5	agency	agency	NOUN
ajfa-9288	328	6	cost	cost	NOUN
ajfa-9288	328	7	,	,	PUNCT
ajfa-9288	328	8	which	which	PRON
ajfa-9288	328	9	is	be	AUX
ajfa-9288	328	10	measured	measure	VERB
ajfa-9288	328	11	by	by	ADP
ajfa-9288	328	12	market	market	NOUN
ajfa-9288	328	13	to	to	ADP
ajfa-9288	328	14	book	book	NOUN
ajfa-9288	328	15	ratio	ratio	NOUN
ajfa-9288	328	16	of	of	ADP
ajfa-9288	328	17	equity	equity	NOUN
ajfa-9288	328	18	.	.	PUNCT
ajfa-9288	329	1	eagency	eagency	NOUN
ajfa-9288	329	2	is	be	AUX
ajfa-9288	329	3	the	the	DET
ajfa-9288	329	4	equity	equity	NOUN
ajfa-9288	329	5	agency	agency	NOUN
ajfa-9288	329	6	cost	cost	NOUN
ajfa-9288	329	7	,	,	PUNCT
ajfa-9288	329	8	which	which	PRON
ajfa-9288	329	9	is	be	AUX
ajfa-9288	329	10	measured	measure	VERB
ajfa-9288	329	11	by	by	ADP
ajfa-9288	329	12	the	the	DET
ajfa-9288	329	13	firm	firm	NOUN
ajfa-9288	329	14	’s	’s	PART
ajfa-9288	329	15	selling	selling	NOUN
ajfa-9288	329	16	and	and	CCONJ
ajfa-9288	329	17	administrative	administrative	ADJ
ajfa-9288	329	18	expenses	expense	NOUN
ajfa-9288	329	19	ratio	ratio	NOUN
ajfa-9288	329	20	minus	minus	ADP
ajfa-9288	329	21	the	the	DET
ajfa-9288	329	22	industry	industry	NOUN
ajfa-9288	329	23	median	median	NOUN
ajfa-9288	329	24	of	of	ADP
ajfa-9288	329	25	selling	selling	NOUN
ajfa-9288	329	26	and	and	CCONJ
ajfa-9288	329	27	administrative	administrative	ADJ
ajfa-9288	329	28	expenses	expense	NOUN
ajfa-9288	329	29	ratios	ratio	NOUN
ajfa-9288	329	30	of	of	ADP
ajfa-9288	329	31	all	all	DET
ajfa-9288	329	32	firms	firm	NOUN
ajfa-9288	329	33	in	in	ADP
ajfa-9288	329	34	an	an	DET
ajfa-9288	329	35	industry	industry	NOUN
ajfa-9288	329	36	.	.	PUNCT
ajfa-9288	330	1	oagency	oagency	NOUN
ajfa-9288	330	2	is	be	AUX
ajfa-9288	330	3	is	be	AUX
ajfa-9288	330	4	the	the	DET
ajfa-9288	330	5	equity	equity	NOUN
ajfa-9288	330	6	agency	agency	NOUN
ajfa-9288	330	7	cost	cost	NOUN
ajfa-9288	330	8	,	,	PUNCT
ajfa-9288	330	9	which	which	PRON
ajfa-9288	330	10	is	be	AUX
ajfa-9288	330	11	measured	measure	VERB
ajfa-9288	330	12	by	by	ADP
ajfa-9288	330	13	the	the	DET
ajfa-9288	330	14	firm	firm	NOUN
ajfa-9288	330	15	’s	’s	PART
ajfa-9288	330	16	turnover	turnover	NOUN
ajfa-9288	330	17	of	of	ADP
ajfa-9288	330	18	assets	asset	NOUN
ajfa-9288	330	19	minus	minus	ADP
ajfa-9288	330	20	the	the	DET
ajfa-9288	330	21	industry	industry	NOUN
ajfa-9288	330	22	median	median	NOUN
ajfa-9288	330	23	of	of	ADP
ajfa-9288	330	24	turnovers	turnover	NOUN
ajfa-9288	330	25	of	of	ADP
ajfa-9288	330	26	assets	asset	NOUN
ajfa-9288	330	27	of	of	ADP
ajfa-9288	330	28	all	all	DET
ajfa-9288	330	29	firms	firm	NOUN
ajfa-9288	330	30	in	in	ADP
ajfa-9288	330	31	an	an	DET
ajfa-9288	330	32	industry	industry	NOUN
ajfa-9288	330	33	.	.	PUNCT
ajfa-9288	331	1	insides	inside	NOUN
ajfa-9288	331	2	is	be	AUX
ajfa-9288	331	3	the	the	DET
ajfa-9288	331	4	shareholdings	shareholding	NOUN
ajfa-9288	331	5	of	of	ADP
ajfa-9288	331	6	insiders	insider	NOUN
ajfa-9288	331	7	,	,	PUNCT
ajfa-9288	331	8	which	which	PRON
ajfa-9288	331	9	is	be	AUX
ajfa-9288	331	10	the	the	DET
ajfa-9288	331	11	sum	sum	NOUN
ajfa-9288	331	12	of	of	ADP
ajfa-9288	331	13	managers	manager	NOUN
ajfa-9288	331	14	’	’	PART
ajfa-9288	331	15	shareholdings	shareholding	NOUN
ajfa-9288	331	16	,	,	PUNCT
ajfa-9288	331	17	directors	director	NOUN
ajfa-9288	331	18	and	and	CCONJ
ajfa-9288	331	19	supervisors	supervisor	NOUN
ajfa-9288	331	20	’	’	PART
ajfa-9288	331	21	shareholdings	shareholding	NOUN
ajfa-9288	331	22	,	,	PUNCT
ajfa-9288	331	23	and	and	CCONJ
ajfa-9288	331	24	blockholders	blockholder	NOUN
ajfa-9288	331	25	’	’	PART
ajfa-9288	331	26	shareholdings	shareholding	NOUN
ajfa-9288	331	27	.	.	PUNCT
ajfa-9288	332	1	as	as	SCONJ
ajfa-9288	332	2	is	be	AUX
ajfa-9288	332	3	the	the	DET
ajfa-9288	332	4	nature	nature	NOUN
ajfa-9288	332	5	log	log	NOUN
ajfa-9288	332	6	of	of	ADP
ajfa-9288	332	7	total	total	ADJ
ajfa-9288	332	8	assets	asset	NOUN
ajfa-9288	332	9	,	,	PUNCT
ajfa-9288	332	10	which	which	PRON
ajfa-9288	332	11	controls	control	VERB
ajfa-9288	332	12	firm	firm	ADJ
ajfa-9288	332	13	size	size	NOUN
ajfa-9288	332	14	.	.	PUNCT
ajfa-9288	333	1	roa	roa	PROPN
ajfa-9288	333	2	is	be	AUX
ajfa-9288	333	3	return	return	NOUN
ajfa-9288	333	4	of	of	ADP
ajfa-9288	333	5	assets	asset	NOUN
ajfa-9288	333	6	,	,	PUNCT
ajfa-9288	333	7	which	which	PRON
ajfa-9288	333	8	represents	represent	VERB
ajfa-9288	333	9	the	the	DET
ajfa-9288	333	10	operation	operation	NOUN
ajfa-9288	333	11	performance	performance	NOUN
ajfa-9288	333	12	of	of	ADP
ajfa-9288	333	13	a	a	DET
ajfa-9288	333	14	firm	firm	NOUN
ajfa-9288	333	15	.	.	PUNCT
ajfa-9288	334	1	asian	asian	ADJ
ajfa-9288	334	2	journal	journal	PROPN
ajfa-9288	334	3	of	of	ADP
ajfa-9288	334	4	finance	finance	PROPN
ajfa-9288	334	5	&	&	CCONJ
ajfa-9288	334	6	accounting	accounting	PROPN
ajfa-9288	334	7	issn	issn	PROPN
ajfa-9288	334	8	1946	1946	NUM
ajfa-9288	334	9	-	-	PUNCT
ajfa-9288	334	10	052x	052x	PROPN
ajfa-9288	334	11	2016	2016	NUM
ajfa-9288	334	12	,	,	PUNCT
ajfa-9288	334	13	vol	vol	NOUN
ajfa-9288	334	14	.	.	PROPN
ajfa-9288	334	15	8	8	NUM
ajfa-9288	334	16	,	,	PUNCT
ajfa-9288	334	17	no	no	INTJ
ajfa-9288	334	18	.	.	NOUN
ajfa-9288	334	19	1	1	NUM
ajfa-9288	334	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	334	21	144	144	NUM
ajfa-9288	334	22	4.6	4.6	NUM
ajfa-9288	334	23	shareholdings	shareholding	NOUN
ajfa-9288	334	24	of	of	ADP
ajfa-9288	334	25	insiders	insider	NOUN
ajfa-9288	334	26	,	,	PUNCT
ajfa-9288	334	27	prior	prior	ADJ
ajfa-9288	334	28	agency	agency	NOUN
ajfa-9288	334	29	cost	cost	NOUN
ajfa-9288	334	30	,	,	PUNCT
ajfa-9288	334	31	and	and	CCONJ
ajfa-9288	334	32	private	private	ADJ
ajfa-9288	334	33	equity	equity	NOUN
ajfa-9288	334	34	financing	financing	NOUN
ajfa-9288	334	35	model	model	NOUN
ajfa-9288	334	36	1	1	NUM
ajfa-9288	334	37	in	in	ADP
ajfa-9288	334	38	table	table	NOUN
ajfa-9288	334	39	6	6	NUM
ajfa-9288	334	40	examines	examine	VERB
ajfa-9288	334	41	the	the	DET
ajfa-9288	334	42	effect	effect	NOUN
ajfa-9288	334	43	of	of	ADP
ajfa-9288	334	44	insiders	insider	NOUN
ajfa-9288	334	45	’	’	PART
ajfa-9288	334	46	shareholdings	shareholding	NOUN
ajfa-9288	334	47	on	on	ADP
ajfa-9288	334	48	the	the	DET
ajfa-9288	334	49	relationship	relationship	NOUN
ajfa-9288	334	50	between	between	ADP
ajfa-9288	334	51	prior	prior	ADJ
ajfa-9288	334	52	agency	agency	NOUN
ajfa-9288	334	53	cost	cost	NOUN
ajfa-9288	334	54	and	and	CCONJ
ajfa-9288	334	55	private	private	ADJ
ajfa-9288	334	56	equity	equity	NOUN
ajfa-9288	334	57	financing	financing	NOUN
ajfa-9288	334	58	.	.	PUNCT
ajfa-9288	335	1	the	the	DET
ajfa-9288	335	2	finding	finding	NOUN
ajfa-9288	335	3	show	show	VERB
ajfa-9288	335	4	that	that	SCONJ
ajfa-9288	335	5	under	under	ADP
ajfa-9288	335	6	considering	consider	VERB
ajfa-9288	335	7	shareholdings	shareholding	NOUN
ajfa-9288	335	8	of	of	ADP
ajfa-9288	335	9	insiders	insider	NOUN
ajfa-9288	335	10	,	,	PUNCT
ajfa-9288	335	11	the	the	DET
ajfa-9288	335	12	firm	firm	NOUN
ajfa-9288	335	13	with	with	ADP
ajfa-9288	335	14	higher	high	ADJ
ajfa-9288	335	15	prior	prior	ADJ
ajfa-9288	335	16	debt	debt	NOUN
ajfa-9288	335	17	agency	agency	NOUN
ajfa-9288	335	18	cost	cost	NOUN
ajfa-9288	335	19	dagencyit-1	dagencyit-1	PRON
ajfa-9288	335	20	tends	tend	VERB
ajfa-9288	335	21	to	to	PART
ajfa-9288	335	22	engage	engage	VERB
ajfa-9288	335	23	in	in	ADP
ajfa-9288	335	24	private	private	ADJ
ajfa-9288	335	25	equity	equity	NOUN
ajfa-9288	335	26	financing	financing	NOUN
ajfa-9288	335	27	,	,	PUNCT
ajfa-9288	335	28	and	and	CCONJ
ajfa-9288	335	29	this	this	DET
ajfa-9288	335	30	result	result	NOUN
ajfa-9288	335	31	is	be	AUX
ajfa-9288	335	32	consistent	consistent	ADJ
ajfa-9288	335	33	with	with	ADP
ajfa-9288	335	34	our	our	PRON
ajfa-9288	335	35	expectation	expectation	NOUN
ajfa-9288	335	36	and	and	CCONJ
ajfa-9288	335	37	supports	support	VERB
ajfa-9288	335	38	hypothesis	hypothesis	NOUN
ajfa-9288	335	39	h1c	h1c	VERB
ajfa-9288	335	40	.	.	PUNCT
ajfa-9288	336	1	in	in	ADP
ajfa-9288	336	2	model	model	NOUN
ajfa-9288	336	3	1	1	NUM
ajfa-9288	336	4	of	of	ADP
ajfa-9288	336	5	table	table	NOUN
ajfa-9288	336	6	6	6	NUM
ajfa-9288	336	7	,	,	PUNCT
ajfa-9288	336	8	we	we	PRON
ajfa-9288	336	9	also	also	ADV
ajfa-9288	336	10	adopt	adopt	VERB
ajfa-9288	336	11	eagencyit-1	eagencyit-1	VERB
ajfa-9288	336	12	to	to	PART
ajfa-9288	336	13	measure	measure	VERB
ajfa-9288	336	14	prior	prior	ADJ
ajfa-9288	336	15	equity	equity	NOUN
ajfa-9288	336	16	agency	agency	NOUN
ajfa-9288	336	17	cost	cost	NOUN
ajfa-9288	336	18	.	.	PUNCT
ajfa-9288	337	1	the	the	DET
ajfa-9288	337	2	finding	finding	NOUN
ajfa-9288	337	3	show	show	VERB
ajfa-9288	337	4	that	that	SCONJ
ajfa-9288	337	5	under	under	ADP
ajfa-9288	337	6	considering	consider	VERB
ajfa-9288	337	7	shareholdings	shareholding	NOUN
ajfa-9288	337	8	of	of	ADP
ajfa-9288	337	9	insiders	insider	NOUN
ajfa-9288	337	10	,	,	PUNCT
ajfa-9288	337	11	prior	prior	ADJ
ajfa-9288	337	12	equity	equity	NOUN
ajfa-9288	337	13	agency	agency	NOUN
ajfa-9288	337	14	cost	cost	NOUN
ajfa-9288	337	15	of	of	ADP
ajfa-9288	337	16	a	a	DET
ajfa-9288	337	17	firm	firm	NOUN
ajfa-9288	337	18	is	be	AUX
ajfa-9288	337	19	negatively	negatively	ADV
ajfa-9288	337	20	related	relate	VERB
ajfa-9288	337	21	to	to	ADP
ajfa-9288	337	22	private	private	ADJ
ajfa-9288	337	23	equity	equity	NOUN
ajfa-9288	337	24	financing	financing	NOUN
ajfa-9288	337	25	,	,	PUNCT
ajfa-9288	337	26	implying	imply	VERB
ajfa-9288	337	27	that	that	SCONJ
ajfa-9288	337	28	the	the	DET
ajfa-9288	337	29	firm	firm	NOUN
ajfa-9288	337	30	with	with	ADP
ajfa-9288	337	31	higher	high	ADJ
ajfa-9288	337	32	prior	prior	ADJ
ajfa-9288	337	33	equity	equity	NOUN
ajfa-9288	337	34	agency	agency	NOUN
ajfa-9288	337	35	cost	cost	NOUN
ajfa-9288	337	36	does	do	AUX
ajfa-9288	337	37	not	not	PART
ajfa-9288	337	38	tend	tend	VERB
ajfa-9288	337	39	to	to	PART
ajfa-9288	337	40	engage	engage	VERB
ajfa-9288	337	41	in	in	ADP
ajfa-9288	337	42	private	private	ADJ
ajfa-9288	337	43	equity	equity	NOUN
ajfa-9288	337	44	financing	financing	NOUN
ajfa-9288	337	45	,	,	PUNCT
ajfa-9288	337	46	so	so	CCONJ
ajfa-9288	337	47	the	the	DET
ajfa-9288	337	48	result	result	NOUN
ajfa-9288	337	49	supports	support	VERB
ajfa-9288	337	50	hypothesis	hypothesis	NOUN
ajfa-9288	337	51	1c	1c	NOUN
ajfa-9288	337	52	.	.	PUNCT
ajfa-9288	338	1	however	however	ADV
ajfa-9288	338	2	,	,	PUNCT
ajfa-9288	338	3	the	the	DET
ajfa-9288	338	4	result	result	NOUN
ajfa-9288	338	5	in	in	ADP
ajfa-9288	338	6	model	model	NOUN
ajfa-9288	338	7	1	1	NUM
ajfa-9288	338	8	of	of	ADP
ajfa-9288	338	9	table	table	NOUN
ajfa-9288	338	10	6	6	NUM
ajfa-9288	338	11	shows	show	VERB
ajfa-9288	338	12	that	that	SCONJ
ajfa-9288	338	13	the	the	DET
ajfa-9288	338	14	interaction	interaction	NOUN
ajfa-9288	338	15	term	term	NOUN
ajfa-9288	338	16	between	between	ADP
ajfa-9288	338	17	insiders	insider	NOUN
ajfa-9288	338	18	’	’	PART
ajfa-9288	338	19	shareholdings	shareholding	NOUN
ajfa-9288	338	20	and	and	CCONJ
ajfa-9288	338	21	prior	prior	ADJ
ajfa-9288	338	22	debt	debt	NOUN
ajfa-9288	338	23	agency	agency	NOUN
ajfa-9288	338	24	cost	cost	NOUN
ajfa-9288	338	25	is	be	AUX
ajfa-9288	338	26	unrelated	unrelated	ADJ
ajfa-9288	338	27	to	to	ADP
ajfa-9288	338	28	current	current	ADJ
ajfa-9288	338	29	private	private	ADJ
ajfa-9288	338	30	equity	equity	NOUN
ajfa-9288	338	31	financing	financing	NOUN
ajfa-9288	338	32	,	,	PUNCT
ajfa-9288	338	33	which	which	PRON
ajfa-9288	338	34	supports	support	VERB
ajfa-9288	338	35	hypothesis	hypothesis	NOUN
ajfa-9288	338	36	h2c	h2c	NOUN
ajfa-9288	338	37	.	.	PUNCT
ajfa-9288	339	1	the	the	DET
ajfa-9288	339	2	possible	possible	ADJ
ajfa-9288	339	3	reason	reason	NOUN
ajfa-9288	339	4	is	be	AUX
ajfa-9288	339	5	that	that	SCONJ
ajfa-9288	339	6	most	most	ADJ
ajfa-9288	339	7	of	of	ADP
ajfa-9288	339	8	large	large	ADJ
ajfa-9288	339	9	firms	firm	NOUN
ajfa-9288	339	10	are	be	AUX
ajfa-9288	339	11	family	family	NOUN
ajfa-9288	339	12	or	or	CCONJ
ajfa-9288	339	13	group	group	NOUN
ajfa-9288	339	14	types	type	NOUN
ajfa-9288	339	15	in	in	ADP
ajfa-9288	339	16	taiwan	taiwan	PROPN
ajfa-9288	339	17	.	.	PUNCT
ajfa-9288	340	1	moreover	moreover	ADV
ajfa-9288	340	2	,	,	PUNCT
ajfa-9288	340	3	the	the	DET
ajfa-9288	340	4	interaction	interaction	NOUN
ajfa-9288	340	5	term	term	NOUN
ajfa-9288	340	6	between	between	ADP
ajfa-9288	340	7	insiders	insider	NOUN
ajfa-9288	340	8	’	’	PART
ajfa-9288	340	9	shareholdings	shareholding	NOUN
ajfa-9288	340	10	and	and	CCONJ
ajfa-9288	340	11	prior	prior	ADJ
ajfa-9288	340	12	equity	equity	NOUN
ajfa-9288	340	13	agency	agency	NOUN
ajfa-9288	340	14	cost	cost	NOUN
ajfa-9288	340	15	eagencyit-1	eagencyit-1	AUX
ajfa-9288	340	16	is	be	AUX
ajfa-9288	340	17	unrelated	unrelated	ADJ
ajfa-9288	340	18	to	to	ADP
ajfa-9288	340	19	current	current	ADJ
ajfa-9288	340	20	private	private	ADJ
ajfa-9288	340	21	equity	equity	NOUN
ajfa-9288	340	22	financing	financing	NOUN
ajfa-9288	340	23	,	,	PUNCT
ajfa-9288	340	24	which	which	PRON
ajfa-9288	340	25	supports	support	VERB
ajfa-9288	340	26	hypothesis	hypothesis	NOUN
ajfa-9288	340	27	h2c	h2c	NOUN
ajfa-9288	340	28	.	.	PUNCT
ajfa-9288	341	1	from	from	ADP
ajfa-9288	341	2	model	model	NOUN
ajfa-9288	341	3	2	2	NUM
ajfa-9288	341	4	of	of	ADP
ajfa-9288	341	5	table	table	NOUN
ajfa-9288	341	6	6	6	NUM
ajfa-9288	341	7	,	,	PUNCT
ajfa-9288	341	8	we	we	PRON
ajfa-9288	341	9	find	find	VERB
ajfa-9288	341	10	that	that	SCONJ
ajfa-9288	341	11	under	under	ADP
ajfa-9288	341	12	considering	consider	VERB
ajfa-9288	341	13	shareholdings	shareholding	NOUN
ajfa-9288	341	14	of	of	ADP
ajfa-9288	341	15	insiders	insider	NOUN
ajfa-9288	341	16	,	,	PUNCT
ajfa-9288	341	17	the	the	DET
ajfa-9288	341	18	prior	prior	ADJ
ajfa-9288	341	19	debt	debt	NOUN
ajfa-9288	341	20	agency	agency	NOUN
ajfa-9288	341	21	cost	cost	NOUN
ajfa-9288	341	22	dagencyit-1	dagencyit-1	PRON
ajfa-9288	341	23	is	be	AUX
ajfa-9288	341	24	unrelated	unrelated	ADJ
ajfa-9288	341	25	to	to	ADP
ajfa-9288	341	26	private	private	ADJ
ajfa-9288	341	27	equity	equity	NOUN
ajfa-9288	341	28	financing	financing	NOUN
ajfa-9288	341	29	,	,	PUNCT
ajfa-9288	341	30	and	and	CCONJ
ajfa-9288	341	31	this	this	DET
ajfa-9288	341	32	result	result	NOUN
ajfa-9288	341	33	does	do	AUX
ajfa-9288	341	34	not	not	PART
ajfa-9288	341	35	support	support	VERB
ajfa-9288	341	36	hypothesis	hypothesis	NOUN
ajfa-9288	341	37	h1c	h1c	VERB
ajfa-9288	341	38	.	.	PUNCT
ajfa-9288	342	1	moreover	moreover	ADV
ajfa-9288	342	2	,	,	PUNCT
ajfa-9288	342	3	when	when	SCONJ
ajfa-9288	342	4	using	use	VERB
ajfa-9288	342	5	turnover	turnover	NOUN
ajfa-9288	342	6	of	of	ADP
ajfa-9288	342	7	assets	asset	NOUN
ajfa-9288	342	8	to	to	PART
ajfa-9288	342	9	measure	measure	VERB
ajfa-9288	342	10	prior	prior	ADJ
ajfa-9288	342	11	equity	equity	NOUN
ajfa-9288	342	12	agency	agency	NOUN
ajfa-9288	342	13	cost	cost	NOUN
ajfa-9288	342	14	oagencyit-1	oagencyit-1	NOUN
ajfa-9288	342	15	.	.	PUNCT
ajfa-9288	343	1	the	the	DET
ajfa-9288	343	2	result	result	NOUN
ajfa-9288	343	3	shows	show	VERB
ajfa-9288	343	4	that	that	SCONJ
ajfa-9288	343	5	prior	prior	ADJ
ajfa-9288	343	6	equity	equity	NOUN
ajfa-9288	343	7	agency	agency	NOUN
ajfa-9288	343	8	cost	cost	NOUN
ajfa-9288	343	9	is	be	AUX
ajfa-9288	343	10	unrelated	unrelated	ADJ
ajfa-9288	343	11	to	to	ADP
ajfa-9288	343	12	private	private	ADJ
ajfa-9288	343	13	equity	equity	NOUN
ajfa-9288	343	14	financing	financing	NOUN
ajfa-9288	343	15	,	,	PUNCT
ajfa-9288	343	16	so	so	SCONJ
ajfa-9288	343	17	that	that	SCONJ
ajfa-9288	343	18	the	the	DET
ajfa-9288	343	19	result	result	NOUN
ajfa-9288	343	20	also	also	ADV
ajfa-9288	343	21	does	do	AUX
ajfa-9288	343	22	not	not	PART
ajfa-9288	343	23	support	support	VERB
ajfa-9288	343	24	hypothesis	hypothesis	NOUN
ajfa-9288	343	25	h1c	h1c	VERB
ajfa-9288	343	26	.	.	PUNCT
ajfa-9288	344	1	the	the	DET
ajfa-9288	344	2	result	result	NOUN
ajfa-9288	344	3	in	in	ADP
ajfa-9288	344	4	model	model	NOUN
ajfa-9288	344	5	2	2	NUM
ajfa-9288	344	6	of	of	ADP
ajfa-9288	344	7	table	table	NOUN
ajfa-9288	344	8	6	6	NUM
ajfa-9288	344	9	shows	show	VERB
ajfa-9288	344	10	that	that	SCONJ
ajfa-9288	344	11	the	the	DET
ajfa-9288	344	12	interaction	interaction	NOUN
ajfa-9288	344	13	term	term	NOUN
ajfa-9288	344	14	between	between	ADP
ajfa-9288	344	15	prior	prior	ADJ
ajfa-9288	344	16	period	period	NOUN
ajfa-9288	344	17	’s	’s	PART
ajfa-9288	344	18	insiders	insider	NOUN
ajfa-9288	344	19	’	’	PART
ajfa-9288	344	20	shareholdings	shareholding	NOUN
ajfa-9288	344	21	and	and	CCONJ
ajfa-9288	344	22	prior	prior	ADJ
ajfa-9288	344	23	period	period	NOUN
ajfa-9288	344	24	’s	’s	PART
ajfa-9288	344	25	debt	debt	NOUN
ajfa-9288	344	26	agency	agency	NOUN
ajfa-9288	344	27	cost	cost	NOUN
ajfa-9288	344	28	is	be	AUX
ajfa-9288	344	29	unrelated	unrelated	ADJ
ajfa-9288	344	30	to	to	ADP
ajfa-9288	344	31	current	current	ADJ
ajfa-9288	344	32	period	period	NOUN
ajfa-9288	344	33	’s	’s	PART
ajfa-9288	344	34	private	private	ADJ
ajfa-9288	344	35	equity	equity	NOUN
ajfa-9288	344	36	financing	financing	NOUN
ajfa-9288	344	37	.	.	PUNCT
ajfa-9288	345	1	this	this	DET
ajfa-9288	345	2	result	result	NOUN
ajfa-9288	345	3	still	still	ADV
ajfa-9288	345	4	does	do	AUX
ajfa-9288	345	5	not	not	PART
ajfa-9288	345	6	support	support	VERB
ajfa-9288	345	7	hypothesis	hypothesis	NOUN
ajfa-9288	345	8	h2c	h2c	NOUN
ajfa-9288	345	9	.	.	PUNCT
ajfa-9288	346	1	moreover	moreover	ADV
ajfa-9288	346	2	,	,	PUNCT
ajfa-9288	346	3	the	the	DET
ajfa-9288	346	4	interaction	interaction	NOUN
ajfa-9288	346	5	term	term	NOUN
ajfa-9288	346	6	between	between	ADP
ajfa-9288	346	7	prior	prior	ADJ
ajfa-9288	346	8	period	period	NOUN
ajfa-9288	346	9	’s	’s	PART
ajfa-9288	346	10	insiders	insider	NOUN
ajfa-9288	346	11	’	’	PART
ajfa-9288	346	12	shareholdings	shareholding	NOUN
ajfa-9288	346	13	and	and	CCONJ
ajfa-9288	346	14	prior	prior	ADJ
ajfa-9288	346	15	period	period	NOUN
ajfa-9288	346	16	’s	’s	PART
ajfa-9288	346	17	equity	equity	NOUN
ajfa-9288	346	18	agency	agency	NOUN
ajfa-9288	346	19	cost	cost	NOUN
ajfa-9288	346	20	oagencyit-1	oagencyit-1	NUM
ajfa-9288	346	21	is	be	AUX
ajfa-9288	346	22	unrelated	unrelated	ADJ
ajfa-9288	346	23	to	to	ADP
ajfa-9288	346	24	current	current	ADJ
ajfa-9288	346	25	period	period	NOUN
ajfa-9288	346	26	’s	’s	PART
ajfa-9288	346	27	private	private	ADJ
ajfa-9288	346	28	equity	equity	NOUN
ajfa-9288	346	29	financing	financing	NOUN
ajfa-9288	346	30	,	,	PUNCT
ajfa-9288	346	31	which	which	PRON
ajfa-9288	346	32	still	still	ADV
ajfa-9288	346	33	does	do	AUX
ajfa-9288	346	34	not	not	PART
ajfa-9288	346	35	supports	support	VERB
ajfa-9288	346	36	hypothesis	hypothesis	NOUN
ajfa-9288	346	37	h2c	h2c	NOUN
ajfa-9288	346	38	.	.	PUNCT
ajfa-9288	347	1	asian	asian	PROPN
ajfa-9288	347	2	journal	journal	PROPN
ajfa-9288	347	3	of	of	ADP
ajfa-9288	347	4	finance	finance	PROPN
ajfa-9288	347	5	&	&	CCONJ
ajfa-9288	347	6	accounting	accounting	PROPN
ajfa-9288	347	7	issn	issn	PROPN
ajfa-9288	347	8	1946	1946	NUM
ajfa-9288	347	9	-	-	PUNCT
ajfa-9288	347	10	052x	052x	PROPN
ajfa-9288	347	11	2016	2016	NUM
ajfa-9288	347	12	,	,	PUNCT
ajfa-9288	347	13	vol	vol	NOUN
ajfa-9288	347	14	.	.	PROPN
ajfa-9288	347	15	8	8	NUM
ajfa-9288	347	16	,	,	PUNCT
ajfa-9288	347	17	no	no	INTJ
ajfa-9288	347	18	.	.	NOUN
ajfa-9288	347	19	1	1	NUM
ajfa-9288	347	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	347	21	145	145	NUM
ajfa-9288	347	22	table	table	NOUN
ajfa-9288	347	23	6	6	NUM
ajfa-9288	347	24	.	.	PUNCT
ajfa-9288	348	1	insiders	insider	NOUN
ajfa-9288	348	2	’	’	PART
ajfa-9288	348	3	shareholdings	shareholding	NOUN
ajfa-9288	348	4	,	,	PUNCT
ajfa-9288	348	5	prior	prior	ADJ
ajfa-9288	348	6	agency	agency	NOUN
ajfa-9288	348	7	cost	cost	NOUN
ajfa-9288	348	8	and	and	CCONJ
ajfa-9288	348	9	private	private	ADJ
ajfa-9288	348	10	equity	equity	NOUN
ajfa-9288	348	11	choice	choice	NOUN
ajfa-9288	348	12	ititititit	ititititit	NOUN
ajfa-9288	348	13	itititititit	itititititit	NOUN
ajfa-9288	348	14	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	348	15	insidesdagencyainsidesaeagencyadagencyaaprids	insidesdagencyainsidesaeagencyadagencyaaprid	NOUN
ajfa-9288	348	16	+	+	PROPN
ajfa-9288	348	17	+	+	ADJ
ajfa-9288	348	18	+	+	ADJ
ajfa-9288	348	19	+	+	ADJ
ajfa-9288	348	20	+	+	ADJ
ajfa-9288	348	21	+	+	ADJ
ajfa-9288	348	22	+	+	ADJ
ajfa-9288	348	23	+	+	ADJ
ajfa-9288	348	24	=	=	ADJ
ajfa-9288	348	25	−−	−−	NOUN
ajfa-9288	348	26	−−−−−	−−−−−	X
ajfa-9288	348	27	76115	76115	NUM
ajfa-9288	348	28	1141312110	1141312110	NUM
ajfa-9288	348	29	ititititit	ititititit	NOUN
ajfa-9288	348	30	itititititit	itititititit	NOUN
ajfa-9288	348	31	eroaaasainsidesoagencya	eroaaasainsidesoagencya	NOUN
ajfa-9288	348	32	insidesdagencyainsidesaoagencyadagencyaaprids	insidesdagencyainsidesaoagencyadagencyaaprid	VERB
ajfa-9288	349	1	+	+	PROPN
ajfa-9288	349	2	+	+	ADJ
ajfa-9288	349	3	+	+	ADJ
ajfa-9288	349	4	+	+	ADJ
ajfa-9288	349	5	+	+	ADJ
ajfa-9288	349	6	+	+	ADJ
ajfa-9288	349	7	+	+	ADJ
ajfa-9288	349	8	+	+	ADJ
ajfa-9288	349	9	=	=	ADJ
ajfa-9288	349	10	−−	−−	NOUN
ajfa-9288	349	11	−−−−−	−−−−−	X
ajfa-9288	349	12	76115	76115	NUM
ajfa-9288	349	13	1141312110	1141312110	NUM
ajfa-9288	349	14	prids	prid	VERB
ajfa-9288	349	15	model	model	NOUN
ajfa-9288	349	16	1	1	NUM
ajfa-9288	349	17	(	(	PUNCT
ajfa-9288	349	18	eagencyit-1	eagencyit-1	PROPN
ajfa-9288	349	19	)	)	PUNCT
ajfa-9288	349	20	model	model	NOUN
ajfa-9288	349	21	2	2	NUM
ajfa-9288	349	22	(	(	PUNCT
ajfa-9288	349	23	oagencyit-1	oagencyit-1	NUM
ajfa-9288	349	24	)	)	PUNCT
ajfa-9288	349	25	variables	variable	NOUN
ajfa-9288	349	26	coef	coef	PROPN
ajfa-9288	349	27	.	.	PUNCT
ajfa-9288	350	1	z	z	NOUN
ajfa-9288	350	2	value	value	NOUN
ajfa-9288	350	3	(	(	PUNCT
ajfa-9288	350	4	p>|z|	p>|z|	NOUN
ajfa-9288	350	5	)	)	PUNCT
ajfa-9288	350	6	coef	coef	PROPN
ajfa-9288	350	7	.	.	PUNCT
ajfa-9288	351	1	z	z	NOUN
ajfa-9288	351	2	value	value	NOUN
ajfa-9288	351	3	(	(	PUNCT
ajfa-9288	351	4	p	p	NOUN
ajfa-9288	351	5	value	value	NOUN
ajfa-9288	351	6	)	)	PUNCT
ajfa-9288	351	7	dagencyit-1	dagencyit-1	NUM
ajfa-9288	351	8	0.2037	0.2037	NUM
ajfa-9288	351	9	1.6300	1.6300	NUM
ajfa-9288	351	10	(	(	PUNCT
ajfa-9288	351	11	0.1040	0.1040	NUM
ajfa-9288	351	12	)	)	PUNCT
ajfa-9288	351	13	0.1137	0.1137	NUM
ajfa-9288	351	14	0.9500	0.9500	NUM
ajfa-9288	351	15	(	(	PUNCT
ajfa-9288	351	16	0.3410	0.3410	NUM
ajfa-9288	351	17	)	)	PUNCT
ajfa-9288	351	18	eagencyit-1	eagencyit-1	VERB
ajfa-9288	351	19	-1.0971	-1.0971	ADJ
ajfa-9288	351	20	-3.4000	-3.4000	X
ajfa-9288	351	21	(	(	PUNCT
ajfa-9288	351	22	0.0010	0.0010	NUM
ajfa-9288	351	23	)	)	PUNCT
ajfa-9288	351	24	oagencyit-1	oagencyit-1	NUM
ajfa-9288	351	25	0.0095	0.0095	NUM
ajfa-9288	351	26	1.4600	1.4600	NUM
ajfa-9288	351	27	(	(	PUNCT
ajfa-9288	351	28	0.1460	0.1460	NUM
ajfa-9288	351	29	)	)	PUNCT
ajfa-9288	351	30	insidesit-1	insidesit-1	NUM
ajfa-9288	351	31	-0.0013	-0.0013	ADJ
ajfa-9288	351	32	-0.2600	-0.2600	NOUN
ajfa-9288	351	33	(	(	PUNCT
ajfa-9288	351	34	0.7910	0.7910	NUM
ajfa-9288	351	35	)	)	PUNCT
ajfa-9288	351	36	-0.0036	-0.0036	NOUN
ajfa-9288	351	37	-0.7700	-0.7700	NOUN
ajfa-9288	351	38	(	(	PUNCT
ajfa-9288	351	39	0.4400	0.4400	NUM
ajfa-9288	351	40	)	)	PUNCT
ajfa-9288	352	1	dagencyit-1×insidesit-1	dagencyit-1×insidesit-1	VERB
ajfa-9288	352	2	-0.0016	-0.0016	PROPN
ajfa-9288	352	3	-0.6800	-0.6800	NOUN
ajfa-9288	352	4	(	(	PUNCT
ajfa-9288	352	5	0.4950	0.4950	NUM
ajfa-9288	352	6	)	)	PUNCT
ajfa-9288	352	7	-0.0005	-0.0005	NOUN
ajfa-9288	352	8	-0.2100	-0.2100	X
ajfa-9288	353	1	(	(	PUNCT
ajfa-9288	353	2	0.8340	0.8340	NUM
ajfa-9288	353	3	)	)	PUNCT
ajfa-9288	353	4	eagencyit-1×insidesit-1	eagencyit-1×insidesit-1	VERB
ajfa-9288	353	5	0.0091	0.0091	NUM
ajfa-9288	353	6	1.3200	1.3200	NUM
ajfa-9288	353	7	(	(	PUNCT
ajfa-9288	353	8	0.1860	0.1860	NUM
ajfa-9288	353	9	)	)	PUNCT
ajfa-9288	353	10	oagencyit-1×insidesit-1	oagencyit-1×insidesit-1	PROPN
ajfa-9288	353	11	-0.0000	-0.0000	INTJ
ajfa-9288	354	1	-0.1300	-0.1300	INTJ
ajfa-9288	354	2	(	(	PUNCT
ajfa-9288	354	3	0.8950	0.8950	NUM
ajfa-9288	354	4	)	)	PUNCT
ajfa-9288	354	5	as	as	ADP
ajfa-9288	354	6	-0.6024	-0.6024	NOUN
ajfa-9288	354	7	-5.9000	-5.9000	PROPN
ajfa-9288	354	8	(	(	PUNCT
ajfa-9288	354	9	0.0000	0.0000	NUM
ajfa-9288	354	10	)	)	PUNCT
ajfa-9288	354	11	-0.5454	-0.5454	NOUN
ajfa-9288	354	12	-5.2600	-5.2600	NOUN
ajfa-9288	355	1	(	(	PUNCT
ajfa-9288	355	2	0.0000	0.0000	NUM
ajfa-9288	355	3	)	)	PUNCT
ajfa-9288	355	4	roa	roa	PROPN
ajfa-9288	355	5	-0.6886	-0.6886	PROPN
ajfa-9288	355	6	-13.4600	-13.4600	PUNCT
ajfa-9288	355	7	(	(	PUNCT
ajfa-9288	355	8	0.0000	0.0000	NUM
ajfa-9288	355	9	)	)	PUNCT
ajfa-9288	355	10	-0.0867	-0.0867	NOUN
ajfa-9288	355	11	-13.2200	-13.2200	PUNCT
ajfa-9288	355	12	(	(	PUNCT
ajfa-9288	355	13	0.0000	0.0000	NUM
ajfa-9288	355	14	)	)	PUNCT
ajfa-9288	355	15	cons	con	NOUN
ajfa-9288	355	16	.	.	PUNCT
ajfa-9288	356	1	1.7594	1.7594	NUM
ajfa-9288	356	2	2.3700	2.3700	NUM
ajfa-9288	356	3	(	(	PUNCT
ajfa-9288	356	4	0.0180	0.0180	NUM
ajfa-9288	356	5	)	)	PUNCT
ajfa-9288	356	6	1.4758	1.4758	NUM
ajfa-9288	356	7	1.9600	1.9600	NUM
ajfa-9288	356	8	(	(	PUNCT
ajfa-9288	356	9	0.0500	0.0500	NUM
ajfa-9288	356	10	)	)	PUNCT
ajfa-9288	356	11	number	number	NOUN
ajfa-9288	356	12	of	of	ADP
ajfa-9288	356	13	obs	obs	PROPN
ajfa-9288	356	14	.	.	PUNCT
ajfa-9288	357	1	5319	5319	NUM
ajfa-9288	357	2	5319	5319	NUM
ajfa-9288	357	3	lr	lr	PROPN
ajfa-9288	357	4	chi2(5	chi2(5	NOUN
ajfa-9288	357	5	)	)	PUNCT
ajfa-9288	357	6	449.27	449.27	NUM
ajfa-9288	357	7	427.74	427.74	NUM
ajfa-9288	357	8	prob	prob	NOUN
ajfa-9288	357	9	>	>	X
ajfa-9288	357	10	chi2	chi2	PROPN
ajfa-9288	357	11	0.0000	0.0000	NUM
ajfa-9288	357	12	0.0000	0.0000	NUM
ajfa-9288	357	13	pseudo	pseudo	NOUN
ajfa-9288	357	14	r2	r2	NOUN
ajfa-9288	357	15	0.1511	0.1511	NUM
ajfa-9288	357	16	0.1439	0.1439	NUM
ajfa-9288	357	17	variables	variable	NOUN
ajfa-9288	357	18	definition	definition	NOUN
ajfa-9288	357	19	:	:	PUNCT
ajfa-9288	357	20	prids	prid	NOUN
ajfa-9288	357	21	is	be	AUX
ajfa-9288	357	22	a	a	DET
ajfa-9288	357	23	private	private	ADJ
ajfa-9288	357	24	equity	equity	NOUN
ajfa-9288	357	25	dummy	dummy	ADJ
ajfa-9288	357	26	variable	variable	NOUN
ajfa-9288	357	27	,	,	PUNCT
ajfa-9288	357	28	which	which	PRON
ajfa-9288	357	29	sets	set	VERB
ajfa-9288	357	30	to	to	ADP
ajfa-9288	357	31	1	1	NUM
ajfa-9288	357	32	if	if	SCONJ
ajfa-9288	357	33	the	the	DET
ajfa-9288	357	34	firm	firm	NOUN
ajfa-9288	357	35	chooses	choose	VERB
ajfa-9288	357	36	private	private	ADJ
ajfa-9288	357	37	equity	equity	NOUN
ajfa-9288	357	38	and	and	CCONJ
ajfa-9288	357	39	set	set	VERB
ajfa-9288	357	40	to	to	ADP
ajfa-9288	357	41	0	0	NUM
ajfa-9288	357	42	if	if	SCONJ
ajfa-9288	357	43	the	the	DET
ajfa-9288	357	44	firm	firm	NOUN
ajfa-9288	357	45	chooses	choose	VERB
ajfa-9288	357	46	bank	bank	NOUN
ajfa-9288	357	47	debt	debt	NOUN
ajfa-9288	357	48	,	,	PUNCT
ajfa-9288	357	49	issuing	issue	VERB
ajfa-9288	357	50	bond	bond	NOUN
ajfa-9288	357	51	,	,	PUNCT
ajfa-9288	357	52	and	and	CCONJ
ajfa-9288	357	53	seasoned	seasoned	ADJ
ajfa-9288	357	54	equity	equity	NOUN
ajfa-9288	357	55	offering	offer	VERB
ajfa-9288	357	56	financings	financing	NOUN
ajfa-9288	357	57	.	.	PUNCT
ajfa-9288	358	1	dagency	dagency	NOUN
ajfa-9288	358	2	is	be	AUX
ajfa-9288	358	3	the	the	DET
ajfa-9288	358	4	debt	debt	NOUN
ajfa-9288	358	5	agency	agency	NOUN
ajfa-9288	358	6	cost	cost	NOUN
ajfa-9288	358	7	,	,	PUNCT
ajfa-9288	358	8	which	which	PRON
ajfa-9288	358	9	is	be	AUX
ajfa-9288	358	10	measured	measure	VERB
ajfa-9288	358	11	by	by	ADP
ajfa-9288	358	12	market	market	NOUN
ajfa-9288	358	13	to	to	ADP
ajfa-9288	358	14	book	book	NOUN
ajfa-9288	358	15	ratio	ratio	NOUN
ajfa-9288	358	16	of	of	ADP
ajfa-9288	358	17	equity	equity	NOUN
ajfa-9288	358	18	.	.	PUNCT
ajfa-9288	359	1	eagency	eagency	NOUN
ajfa-9288	359	2	is	be	AUX
ajfa-9288	359	3	the	the	DET
ajfa-9288	359	4	equity	equity	NOUN
ajfa-9288	359	5	agency	agency	NOUN
ajfa-9288	359	6	cost	cost	NOUN
ajfa-9288	359	7	,	,	PUNCT
ajfa-9288	359	8	which	which	PRON
ajfa-9288	359	9	is	be	AUX
ajfa-9288	359	10	measured	measure	VERB
ajfa-9288	359	11	by	by	ADP
ajfa-9288	359	12	the	the	DET
ajfa-9288	359	13	firm	firm	NOUN
ajfa-9288	359	14	’s	’s	PART
ajfa-9288	359	15	selling	selling	NOUN
ajfa-9288	359	16	and	and	CCONJ
ajfa-9288	359	17	administrative	administrative	ADJ
ajfa-9288	359	18	expenses	expense	NOUN
ajfa-9288	359	19	ratio	ratio	NOUN
ajfa-9288	359	20	minus	minus	ADP
ajfa-9288	359	21	the	the	DET
ajfa-9288	359	22	industry	industry	NOUN
ajfa-9288	359	23	median	median	NOUN
ajfa-9288	359	24	of	of	ADP
ajfa-9288	359	25	selling	selling	NOUN
ajfa-9288	359	26	and	and	CCONJ
ajfa-9288	359	27	administrative	administrative	ADJ
ajfa-9288	359	28	expenses	expense	NOUN
ajfa-9288	359	29	ratios	ratio	NOUN
ajfa-9288	359	30	of	of	ADP
ajfa-9288	359	31	all	all	DET
ajfa-9288	359	32	firms	firm	NOUN
ajfa-9288	359	33	in	in	ADP
ajfa-9288	359	34	an	an	DET
ajfa-9288	359	35	industry	industry	NOUN
ajfa-9288	359	36	.	.	PUNCT
ajfa-9288	360	1	oagency	oagency	NOUN
ajfa-9288	360	2	is	be	AUX
ajfa-9288	360	3	is	be	AUX
ajfa-9288	360	4	the	the	DET
ajfa-9288	360	5	equity	equity	NOUN
ajfa-9288	360	6	agency	agency	NOUN
ajfa-9288	360	7	cost	cost	NOUN
ajfa-9288	360	8	,	,	PUNCT
ajfa-9288	360	9	which	which	PRON
ajfa-9288	360	10	is	be	AUX
ajfa-9288	360	11	measured	measure	VERB
ajfa-9288	360	12	by	by	ADP
ajfa-9288	360	13	the	the	DET
ajfa-9288	360	14	firm	firm	NOUN
ajfa-9288	360	15	’s	’s	PART
ajfa-9288	360	16	turnover	turnover	NOUN
ajfa-9288	360	17	of	of	ADP
ajfa-9288	360	18	assets	asset	NOUN
ajfa-9288	360	19	minus	minus	ADP
ajfa-9288	360	20	the	the	DET
ajfa-9288	360	21	industry	industry	NOUN
ajfa-9288	360	22	median	median	NOUN
ajfa-9288	360	23	of	of	ADP
ajfa-9288	360	24	turnovers	turnover	NOUN
ajfa-9288	360	25	of	of	ADP
ajfa-9288	360	26	assets	asset	NOUN
ajfa-9288	360	27	of	of	ADP
ajfa-9288	360	28	all	all	DET
ajfa-9288	360	29	firms	firm	NOUN
ajfa-9288	360	30	in	in	ADP
ajfa-9288	360	31	an	an	DET
ajfa-9288	360	32	industry	industry	NOUN
ajfa-9288	360	33	.	.	PUNCT
ajfa-9288	361	1	insides	inside	NOUN
ajfa-9288	361	2	is	be	AUX
ajfa-9288	361	3	the	the	DET
ajfa-9288	361	4	shareholdings	shareholding	NOUN
ajfa-9288	361	5	of	of	ADP
ajfa-9288	361	6	insiders	insider	NOUN
ajfa-9288	361	7	,	,	PUNCT
ajfa-9288	361	8	which	which	PRON
ajfa-9288	361	9	is	be	AUX
ajfa-9288	361	10	the	the	DET
ajfa-9288	361	11	sum	sum	NOUN
ajfa-9288	361	12	of	of	ADP
ajfa-9288	361	13	managers	manager	NOUN
ajfa-9288	361	14	’	’	PART
ajfa-9288	361	15	shareholdings	shareholding	NOUN
ajfa-9288	361	16	,	,	PUNCT
ajfa-9288	361	17	directors	director	NOUN
ajfa-9288	361	18	and	and	CCONJ
ajfa-9288	361	19	supervisors	supervisor	NOUN
ajfa-9288	361	20	’	’	PART
ajfa-9288	361	21	shareholdings	shareholding	NOUN
ajfa-9288	361	22	,	,	PUNCT
ajfa-9288	361	23	and	and	CCONJ
ajfa-9288	361	24	blockholders	blockholder	NOUN
ajfa-9288	361	25	’	’	PART
ajfa-9288	361	26	shareholdings	shareholding	NOUN
ajfa-9288	361	27	.	.	PUNCT
ajfa-9288	362	1	as	as	SCONJ
ajfa-9288	362	2	is	be	AUX
ajfa-9288	362	3	the	the	DET
ajfa-9288	362	4	nature	nature	NOUN
ajfa-9288	362	5	log	log	NOUN
ajfa-9288	362	6	of	of	ADP
ajfa-9288	362	7	total	total	ADJ
ajfa-9288	362	8	assets	asset	NOUN
ajfa-9288	362	9	,	,	PUNCT
ajfa-9288	362	10	which	which	PRON
ajfa-9288	362	11	controls	control	VERB
ajfa-9288	362	12	firm	firm	ADJ
ajfa-9288	362	13	size	size	NOUN
ajfa-9288	362	14	.	.	PUNCT
ajfa-9288	363	1	roa	roa	PROPN
ajfa-9288	363	2	is	be	AUX
ajfa-9288	363	3	return	return	NOUN
ajfa-9288	363	4	of	of	ADP
ajfa-9288	363	5	assets	asset	NOUN
ajfa-9288	363	6	,	,	PUNCT
ajfa-9288	363	7	which	which	PRON
ajfa-9288	363	8	represents	represent	VERB
ajfa-9288	363	9	the	the	DET
ajfa-9288	363	10	operation	operation	NOUN
ajfa-9288	363	11	performance	performance	NOUN
ajfa-9288	363	12	of	of	ADP
ajfa-9288	363	13	a	a	DET
ajfa-9288	363	14	firm	firm	NOUN
ajfa-9288	363	15	.	.	PUNCT
ajfa-9288	364	1	asian	asian	ADJ
ajfa-9288	364	2	journal	journal	PROPN
ajfa-9288	364	3	of	of	ADP
ajfa-9288	364	4	finance	finance	PROPN
ajfa-9288	364	5	&	&	CCONJ
ajfa-9288	364	6	accounting	accounting	PROPN
ajfa-9288	364	7	issn	issn	PROPN
ajfa-9288	364	8	1946	1946	NUM
ajfa-9288	364	9	-	-	PUNCT
ajfa-9288	364	10	052x	052x	PROPN
ajfa-9288	364	11	2016	2016	NUM
ajfa-9288	364	12	,	,	PUNCT
ajfa-9288	364	13	vol	vol	NOUN
ajfa-9288	364	14	.	.	PROPN
ajfa-9288	364	15	8	8	NUM
ajfa-9288	364	16	,	,	PUNCT
ajfa-9288	364	17	no	no	INTJ
ajfa-9288	364	18	.	.	NOUN
ajfa-9288	364	19	1	1	NUM
ajfa-9288	364	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	364	21	146	146	NUM
ajfa-9288	364	22	4.7	4.7	NUM
ajfa-9288	364	23	shareholdings	shareholding	NOUN
ajfa-9288	364	24	of	of	ADP
ajfa-9288	364	25	insiders	insider	NOUN
ajfa-9288	364	26	,	,	PUNCT
ajfa-9288	364	27	current	current	ADJ
ajfa-9288	364	28	agency	agency	NOUN
ajfa-9288	364	29	cost	cost	NOUN
ajfa-9288	364	30	and	and	CCONJ
ajfa-9288	364	31	seasoned	seasoned	ADJ
ajfa-9288	364	32	equity	equity	NOUN
ajfa-9288	364	33	offerings	offering	NOUN
ajfa-9288	364	34	model	model	VERB
ajfa-9288	364	35	1	1	NUM
ajfa-9288	364	36	in	in	ADP
ajfa-9288	364	37	table	table	NOUN
ajfa-9288	364	38	7	7	NUM
ajfa-9288	364	39	examines	examine	VERB
ajfa-9288	364	40	the	the	DET
ajfa-9288	364	41	effect	effect	NOUN
ajfa-9288	364	42	of	of	ADP
ajfa-9288	364	43	insiders	insider	NOUN
ajfa-9288	364	44	’	’	PART
ajfa-9288	364	45	shareholdings	shareholding	NOUN
ajfa-9288	364	46	on	on	ADP
ajfa-9288	364	47	the	the	DET
ajfa-9288	364	48	relationship	relationship	NOUN
ajfa-9288	364	49	between	between	ADP
ajfa-9288	364	50	current	current	ADJ
ajfa-9288	364	51	period	period	NOUN
ajfa-9288	364	52	’s	’s	PART
ajfa-9288	364	53	agency	agency	NOUN
ajfa-9288	364	54	cost	cost	NOUN
ajfa-9288	364	55	and	and	CCONJ
ajfa-9288	364	56	seasoned	season	VERB
ajfa-9288	364	57	equity	equity	NOUN
ajfa-9288	364	58	offering	offering	NOUN
ajfa-9288	364	59	.	.	PUNCT
ajfa-9288	365	1	the	the	DET
ajfa-9288	365	2	finding	finding	NOUN
ajfa-9288	365	3	show	show	VERB
ajfa-9288	365	4	that	that	SCONJ
ajfa-9288	365	5	under	under	ADP
ajfa-9288	365	6	considering	consider	VERB
ajfa-9288	365	7	shareholdings	shareholding	NOUN
ajfa-9288	365	8	of	of	ADP
ajfa-9288	365	9	insiders	insider	NOUN
ajfa-9288	365	10	,	,	PUNCT
ajfa-9288	365	11	the	the	DET
ajfa-9288	365	12	firm	firm	NOUN
ajfa-9288	365	13	with	with	ADP
ajfa-9288	365	14	higher	high	ADJ
ajfa-9288	365	15	current	current	ADJ
ajfa-9288	365	16	period	period	NOUN
ajfa-9288	365	17	’s	’s	PART
ajfa-9288	365	18	debt	debt	NOUN
ajfa-9288	365	19	agency	agency	NOUN
ajfa-9288	365	20	cost	cost	NOUN
ajfa-9288	365	21	dagencyit	dagencyit	NOUN
ajfa-9288	365	22	tends	tend	VERB
ajfa-9288	365	23	to	to	PART
ajfa-9288	365	24	engage	engage	VERB
ajfa-9288	365	25	in	in	ADP
ajfa-9288	365	26	private	private	ADJ
ajfa-9288	365	27	equity	equity	NOUN
ajfa-9288	365	28	financing	financing	NOUN
ajfa-9288	365	29	in	in	ADP
ajfa-9288	365	30	current	current	ADJ
ajfa-9288	365	31	period	period	NOUN
ajfa-9288	365	32	,	,	PUNCT
ajfa-9288	365	33	and	and	CCONJ
ajfa-9288	365	34	this	this	DET
ajfa-9288	365	35	result	result	NOUN
ajfa-9288	365	36	supports	support	VERB
ajfa-9288	365	37	hypothesis	hypothesis	NOUN
ajfa-9288	365	38	h1a	h1a	PROPN
ajfa-9288	365	39	.	.	PUNCT
ajfa-9288	366	1	overall	overall	ADV
ajfa-9288	366	2	,	,	PUNCT
ajfa-9288	366	3	both	both	CCONJ
ajfa-9288	366	4	prior	prior	ADJ
ajfa-9288	366	5	and	and	CCONJ
ajfa-9288	366	6	current	current	ADJ
ajfa-9288	366	7	periods	period	NOUN
ajfa-9288	366	8	’	'	PUNCT
ajfa-9288	366	9	debt	debt	NOUN
ajfa-9288	366	10	agency	agency	NOUN
ajfa-9288	366	11	costs	cost	NOUN
ajfa-9288	366	12	are	be	AUX
ajfa-9288	366	13	positively	positively	ADV
ajfa-9288	366	14	related	relate	VERB
ajfa-9288	366	15	to	to	ADP
ajfa-9288	366	16	seasoned	seasoned	ADJ
ajfa-9288	366	17	equity	equity	NOUN
ajfa-9288	366	18	offerings	offering	NOUN
ajfa-9288	366	19	,	,	PUNCT
ajfa-9288	366	20	implying	imply	VERB
ajfa-9288	366	21	that	that	SCONJ
ajfa-9288	366	22	the	the	DET
ajfa-9288	366	23	firm	firm	NOUN
ajfa-9288	366	24	with	with	ADP
ajfa-9288	366	25	higher	high	ADJ
ajfa-9288	366	26	debt	debt	NOUN
ajfa-9288	366	27	agency	agency	NOUN
ajfa-9288	366	28	cost	cost	NOUN
ajfa-9288	366	29	tends	tend	VERB
ajfa-9288	366	30	to	to	PART
ajfa-9288	366	31	conduct	conduct	VERB
ajfa-9288	366	32	current	current	ADJ
ajfa-9288	366	33	period	period	NOUN
ajfa-9288	366	34	’s	’s	PART
ajfa-9288	366	35	seasoned	season	VERB
ajfa-9288	366	36	equity	equity	NOUN
ajfa-9288	366	37	offerings	offering	NOUN
ajfa-9288	366	38	,	,	PUNCT
ajfa-9288	366	39	our	our	PRON
ajfa-9288	366	40	results	result	NOUN
ajfa-9288	366	41	support	support	VERB
ajfa-9288	366	42	hypothesis	hypothesis	NOUN
ajfa-9288	366	43	h1a	h1a	NOUN
ajfa-9288	366	44	.	.	PUNCT
ajfa-9288	367	1	however	however	ADV
ajfa-9288	367	2	,	,	PUNCT
ajfa-9288	367	3	when	when	SCONJ
ajfa-9288	367	4	using	use	VERB
ajfa-9288	367	5	eagencyit	eagencyit	NOUN
ajfa-9288	367	6	to	to	PART
ajfa-9288	367	7	measure	measure	VERB
ajfa-9288	367	8	equity	equity	NOUN
ajfa-9288	367	9	agency	agency	NOUN
ajfa-9288	367	10	cost	cost	NOUN
ajfa-9288	367	11	,	,	PUNCT
ajfa-9288	367	12	we	we	PRON
ajfa-9288	367	13	find	find	VERB
ajfa-9288	367	14	that	that	SCONJ
ajfa-9288	367	15	current	current	ADJ
ajfa-9288	367	16	equity	equity	NOUN
ajfa-9288	367	17	agency	agency	NOUN
ajfa-9288	367	18	cost	cost	NOUN
ajfa-9288	367	19	is	be	AUX
ajfa-9288	367	20	unrelated	unrelated	ADJ
ajfa-9288	367	21	to	to	ADP
ajfa-9288	367	22	current	current	ADJ
ajfa-9288	367	23	seasoned	season	VERB
ajfa-9288	367	24	equity	equity	NOUN
ajfa-9288	367	25	offerings	offering	NOUN
ajfa-9288	367	26	,	,	PUNCT
ajfa-9288	367	27	so	so	CCONJ
ajfa-9288	367	28	our	our	PRON
ajfa-9288	367	29	result	result	NOUN
ajfa-9288	367	30	do	do	AUX
ajfa-9288	367	31	not	not	PART
ajfa-9288	367	32	support	support	VERB
ajfa-9288	367	33	hypothesis	hypothesis	NOUN
ajfa-9288	367	34	1b	1b	NUM
ajfa-9288	367	35	.	.	PUNCT
ajfa-9288	368	1	model	model	NOUN
ajfa-9288	368	2	1	1	NUM
ajfa-9288	368	3	of	of	ADP
ajfa-9288	368	4	table	table	NOUN
ajfa-9288	368	5	7	7	NUM
ajfa-9288	368	6	shows	show	VERB
ajfa-9288	368	7	that	that	SCONJ
ajfa-9288	368	8	the	the	DET
ajfa-9288	368	9	interaction	interaction	NOUN
ajfa-9288	368	10	term	term	NOUN
ajfa-9288	368	11	between	between	ADP
ajfa-9288	368	12	current	current	ADJ
ajfa-9288	368	13	insiders	insider	NOUN
ajfa-9288	368	14	’	’	PART
ajfa-9288	368	15	shareholdings	shareholding	NOUN
ajfa-9288	368	16	and	and	CCONJ
ajfa-9288	368	17	current	current	ADJ
ajfa-9288	368	18	debt	debt	NOUN
ajfa-9288	368	19	agency	agency	NOUN
ajfa-9288	368	20	cost	cost	NOUN
ajfa-9288	368	21	is	be	AUX
ajfa-9288	368	22	negatively	negatively	ADV
ajfa-9288	368	23	related	relate	VERB
ajfa-9288	368	24	to	to	ADP
ajfa-9288	368	25	current	current	ADJ
ajfa-9288	368	26	seasoned	season	VERB
ajfa-9288	368	27	equity	equity	NOUN
ajfa-9288	368	28	offering	offering	NOUN
ajfa-9288	368	29	financing	financing	NOUN
ajfa-9288	368	30	.	.	PUNCT
ajfa-9288	369	1	this	this	DET
ajfa-9288	369	2	result	result	NOUN
ajfa-9288	369	3	implies	imply	VERB
ajfa-9288	369	4	that	that	SCONJ
ajfa-9288	369	5	when	when	SCONJ
ajfa-9288	369	6	higher	high	ADJ
ajfa-9288	369	7	insiders	insider	NOUN
ajfa-9288	369	8	’	’	PART
ajfa-9288	369	9	shareholdings	shareholding	NOUN
ajfa-9288	369	10	,	,	PUNCT
ajfa-9288	369	11	the	the	DET
ajfa-9288	369	12	firm	firm	NOUN
ajfa-9288	369	13	with	with	ADP
ajfa-9288	369	14	higher	high	ADJ
ajfa-9288	369	15	debt	debt	NOUN
ajfa-9288	369	16	agency	agency	NOUN
ajfa-9288	369	17	cost	cost	NOUN
ajfa-9288	369	18	does	do	AUX
ajfa-9288	369	19	not	not	PART
ajfa-9288	369	20	has	have	VERB
ajfa-9288	369	21	higher	high	ADJ
ajfa-9288	369	22	possibility	possibility	NOUN
ajfa-9288	369	23	of	of	ADP
ajfa-9288	369	24	engaging	engage	VERB
ajfa-9288	369	25	in	in	ADP
ajfa-9288	369	26	seasoned	seasoned	ADJ
ajfa-9288	369	27	equity	equity	NOUN
ajfa-9288	369	28	offerings	offering	NOUN
ajfa-9288	369	29	,	,	PUNCT
ajfa-9288	369	30	which	which	PRON
ajfa-9288	369	31	supports	support	VERB
ajfa-9288	369	32	hypothesis	hypothesis	NOUN
ajfa-9288	369	33	h2a	h2a	NOUN
ajfa-9288	369	34	.	.	PUNCT
ajfa-9288	370	1	moreover	moreover	ADV
ajfa-9288	370	2	,	,	PUNCT
ajfa-9288	370	3	the	the	DET
ajfa-9288	370	4	interaction	interaction	NOUN
ajfa-9288	370	5	term	term	NOUN
ajfa-9288	370	6	between	between	ADP
ajfa-9288	370	7	current	current	ADJ
ajfa-9288	370	8	insiders	insider	NOUN
ajfa-9288	370	9	’	’	PART
ajfa-9288	370	10	shareholdings	shareholding	NOUN
ajfa-9288	370	11	and	and	CCONJ
ajfa-9288	370	12	current	current	ADJ
ajfa-9288	370	13	equity	equity	NOUN
ajfa-9288	370	14	agency	agency	NOUN
ajfa-9288	370	15	cost	cost	NOUN
ajfa-9288	370	16	eagencyit	eagencyit	NOUN
ajfa-9288	370	17	is	be	AUX
ajfa-9288	370	18	unrelated	unrelated	ADJ
ajfa-9288	370	19	to	to	ADP
ajfa-9288	370	20	current	current	ADJ
ajfa-9288	370	21	seasoned	season	VERB
ajfa-9288	370	22	equity	equity	NOUN
ajfa-9288	370	23	offering	offering	NOUN
ajfa-9288	370	24	financing	financing	NOUN
ajfa-9288	370	25	,	,	PUNCT
ajfa-9288	370	26	which	which	PRON
ajfa-9288	370	27	also	also	ADV
ajfa-9288	370	28	does	do	AUX
ajfa-9288	370	29	not	not	PART
ajfa-9288	370	30	supports	support	VERB
ajfa-9288	370	31	hypothesis	hypothesis	NOUN
ajfa-9288	370	32	h2b	h2b	PROPN
ajfa-9288	370	33	.	.	PUNCT
ajfa-9288	371	1	on	on	ADP
ajfa-9288	371	2	the	the	DET
ajfa-9288	371	3	other	other	ADJ
ajfa-9288	371	4	hand	hand	NOUN
ajfa-9288	371	5	,	,	PUNCT
ajfa-9288	371	6	in	in	ADP
ajfa-9288	371	7	model	model	NOUN
ajfa-9288	371	8	2	2	NUM
ajfa-9288	371	9	of	of	ADP
ajfa-9288	371	10	table	table	NOUN
ajfa-9288	371	11	7	7	NUM
ajfa-9288	371	12	,	,	PUNCT
ajfa-9288	371	13	the	the	DET
ajfa-9288	371	14	result	result	NOUN
ajfa-9288	371	15	shows	show	VERB
ajfa-9288	371	16	that	that	SCONJ
ajfa-9288	371	17	under	under	ADP
ajfa-9288	371	18	considering	consider	VERB
ajfa-9288	371	19	shareholdings	shareholding	NOUN
ajfa-9288	371	20	of	of	ADP
ajfa-9288	371	21	insiders	insider	NOUN
ajfa-9288	371	22	,	,	PUNCT
ajfa-9288	371	23	the	the	DET
ajfa-9288	371	24	firm	firm	NOUN
ajfa-9288	371	25	with	with	ADP
ajfa-9288	371	26	higher	high	ADJ
ajfa-9288	371	27	current	current	ADJ
ajfa-9288	371	28	period	period	NOUN
ajfa-9288	371	29	’s	’s	PART
ajfa-9288	371	30	debt	debt	NOUN
ajfa-9288	371	31	agency	agency	NOUN
ajfa-9288	371	32	cost	cost	NOUN
ajfa-9288	371	33	dagencyit	dagencyit	NOUN
ajfa-9288	371	34	tends	tend	VERB
ajfa-9288	371	35	to	to	PART
ajfa-9288	371	36	engage	engage	VERB
ajfa-9288	371	37	in	in	ADP
ajfa-9288	371	38	private	private	ADJ
ajfa-9288	371	39	equity	equity	NOUN
ajfa-9288	371	40	financing	financing	NOUN
ajfa-9288	371	41	in	in	ADP
ajfa-9288	371	42	current	current	ADJ
ajfa-9288	371	43	period	period	NOUN
ajfa-9288	371	44	,	,	PUNCT
ajfa-9288	371	45	and	and	CCONJ
ajfa-9288	371	46	this	this	DET
ajfa-9288	371	47	result	result	NOUN
ajfa-9288	371	48	supports	support	VERB
ajfa-9288	371	49	hypothesis	hypothesis	NOUN
ajfa-9288	371	50	h1c	h1c	VERB
ajfa-9288	371	51	.	.	PUNCT
ajfa-9288	372	1	overall	overall	ADV
ajfa-9288	372	2	,	,	PUNCT
ajfa-9288	372	3	both	both	CCONJ
ajfa-9288	372	4	prior	prior	ADJ
ajfa-9288	372	5	and	and	CCONJ
ajfa-9288	372	6	current	current	ADJ
ajfa-9288	372	7	periods	period	NOUN
ajfa-9288	372	8	’	'	PUNCT
ajfa-9288	372	9	debt	debt	NOUN
ajfa-9288	372	10	agency	agency	NOUN
ajfa-9288	372	11	costs	cost	NOUN
ajfa-9288	372	12	are	be	AUX
ajfa-9288	372	13	positively	positively	ADV
ajfa-9288	372	14	related	relate	VERB
ajfa-9288	372	15	to	to	ADP
ajfa-9288	372	16	private	private	ADJ
ajfa-9288	372	17	equity	equity	NOUN
ajfa-9288	372	18	financing	financing	NOUN
ajfa-9288	372	19	,	,	PUNCT
ajfa-9288	372	20	implying	imply	VERB
ajfa-9288	372	21	that	that	SCONJ
ajfa-9288	372	22	the	the	DET
ajfa-9288	372	23	firm	firm	NOUN
ajfa-9288	372	24	with	with	ADP
ajfa-9288	372	25	higher	high	ADJ
ajfa-9288	372	26	current	current	ADJ
ajfa-9288	372	27	debt	debt	NOUN
ajfa-9288	372	28	agency	agency	NOUN
ajfa-9288	372	29	cost	cost	NOUN
ajfa-9288	372	30	tends	tend	VERB
ajfa-9288	372	31	to	to	PART
ajfa-9288	372	32	conduct	conduct	VERB
ajfa-9288	372	33	private	private	ADJ
ajfa-9288	372	34	equity	equity	NOUN
ajfa-9288	372	35	financing	financing	NOUN
ajfa-9288	372	36	in	in	ADP
ajfa-9288	372	37	current	current	ADJ
ajfa-9288	372	38	period	period	NOUN
ajfa-9288	372	39	,	,	PUNCT
ajfa-9288	372	40	our	our	PRON
ajfa-9288	372	41	results	result	NOUN
ajfa-9288	372	42	support	support	VERB
ajfa-9288	372	43	hypothesis	hypothesis	NOUN
ajfa-9288	372	44	h1c	h1c	PROPN
ajfa-9288	372	45	.	.	PUNCT
ajfa-9288	373	1	model	model	NOUN
ajfa-9288	373	2	2	2	NUM
ajfa-9288	373	3	in	in	ADP
ajfa-9288	373	4	table	table	NOUN
ajfa-9288	373	5	7	7	NUM
ajfa-9288	373	6	show	show	VERB
ajfa-9288	373	7	that	that	SCONJ
ajfa-9288	373	8	under	under	ADP
ajfa-9288	373	9	considering	consider	VERB
ajfa-9288	373	10	shareholdings	shareholding	NOUN
ajfa-9288	373	11	of	of	ADP
ajfa-9288	373	12	insiders	insider	NOUN
ajfa-9288	373	13	,	,	PUNCT
ajfa-9288	373	14	the	the	DET
ajfa-9288	373	15	firm	firm	NOUN
ajfa-9288	373	16	with	with	ADP
ajfa-9288	373	17	higher	high	ADJ
ajfa-9288	373	18	current	current	ADJ
ajfa-9288	373	19	period	period	NOUN
ajfa-9288	373	20	’s	’s	PART
ajfa-9288	373	21	equity	equity	NOUN
ajfa-9288	373	22	agency	agency	PROPN
ajfa-9288	373	23	cost	cost	NOUN
ajfa-9288	373	24	eagencyit	eagencyit	NOUN
ajfa-9288	373	25	does	do	AUX
ajfa-9288	373	26	not	not	PART
ajfa-9288	373	27	tend	tend	VERB
ajfa-9288	373	28	to	to	PART
ajfa-9288	373	29	engage	engage	VERB
ajfa-9288	373	30	in	in	ADP
ajfa-9288	373	31	private	private	ADJ
ajfa-9288	373	32	equity	equity	NOUN
ajfa-9288	373	33	financing	financing	NOUN
ajfa-9288	373	34	in	in	ADP
ajfa-9288	373	35	current	current	ADJ
ajfa-9288	373	36	period	period	NOUN
ajfa-9288	373	37	,	,	PUNCT
ajfa-9288	373	38	and	and	CCONJ
ajfa-9288	373	39	this	this	DET
ajfa-9288	373	40	result	result	NOUN
ajfa-9288	373	41	supports	support	VERB
ajfa-9288	373	42	hypothesis	hypothesis	NOUN
ajfa-9288	373	43	h1c	h1c	VERB
ajfa-9288	373	44	.	.	PUNCT
ajfa-9288	374	1	the	the	DET
ajfa-9288	374	2	result	result	NOUN
ajfa-9288	374	3	in	in	ADP
ajfa-9288	374	4	model	model	NOUN
ajfa-9288	374	5	2	2	NUM
ajfa-9288	374	6	of	of	ADP
ajfa-9288	374	7	table	table	NOUN
ajfa-9288	374	8	7	7	NUM
ajfa-9288	374	9	shows	show	VERB
ajfa-9288	374	10	that	that	SCONJ
ajfa-9288	374	11	the	the	DET
ajfa-9288	374	12	interaction	interaction	NOUN
ajfa-9288	374	13	term	term	NOUN
ajfa-9288	374	14	between	between	ADP
ajfa-9288	374	15	current	current	ADJ
ajfa-9288	374	16	insiders	insider	NOUN
ajfa-9288	374	17	’	’	PART
ajfa-9288	374	18	shareholdings	shareholding	NOUN
ajfa-9288	374	19	and	and	CCONJ
ajfa-9288	374	20	current	current	ADJ
ajfa-9288	374	21	debt	debt	NOUN
ajfa-9288	374	22	agency	agency	NOUN
ajfa-9288	374	23	cost	cost	NOUN
ajfa-9288	374	24	is	be	AUX
ajfa-9288	374	25	unrelated	unrelated	ADJ
ajfa-9288	374	26	to	to	ADP
ajfa-9288	374	27	current	current	ADJ
ajfa-9288	374	28	private	private	ADJ
ajfa-9288	374	29	equity	equity	NOUN
ajfa-9288	374	30	financing	financing	NOUN
ajfa-9288	374	31	.	.	PUNCT
ajfa-9288	375	1	meanwhile	meanwhile	ADV
ajfa-9288	375	2	,	,	PUNCT
ajfa-9288	375	3	the	the	DET
ajfa-9288	375	4	interaction	interaction	NOUN
ajfa-9288	375	5	term	term	NOUN
ajfa-9288	375	6	between	between	ADP
ajfa-9288	375	7	current	current	ADJ
ajfa-9288	375	8	insiders	insider	NOUN
ajfa-9288	375	9	’	’	PART
ajfa-9288	375	10	shareholdings	shareholding	NOUN
ajfa-9288	375	11	and	and	CCONJ
ajfa-9288	375	12	current	current	ADJ
ajfa-9288	375	13	equity	equity	NOUN
ajfa-9288	375	14	agency	agency	NOUN
ajfa-9288	375	15	cost	cost	NOUN
ajfa-9288	375	16	eagencyit	eagencyit	NOUN
ajfa-9288	375	17	is	be	AUX
ajfa-9288	375	18	also	also	ADV
ajfa-9288	375	19	unrelated	unrelated	ADJ
ajfa-9288	375	20	to	to	ADP
ajfa-9288	375	21	current	current	ADJ
ajfa-9288	375	22	private	private	ADJ
ajfa-9288	375	23	equity	equity	NOUN
ajfa-9288	375	24	financing	financing	NOUN
ajfa-9288	375	25	.	.	PUNCT
ajfa-9288	376	1	asian	asian	ADJ
ajfa-9288	376	2	journal	journal	PROPN
ajfa-9288	376	3	of	of	ADP
ajfa-9288	376	4	finance	finance	PROPN
ajfa-9288	376	5	&	&	CCONJ
ajfa-9288	376	6	accounting	accounting	PROPN
ajfa-9288	376	7	issn	issn	PROPN
ajfa-9288	376	8	1946	1946	NUM
ajfa-9288	376	9	-	-	PUNCT
ajfa-9288	376	10	052x	052x	PROPN
ajfa-9288	376	11	2016	2016	NUM
ajfa-9288	376	12	,	,	PUNCT
ajfa-9288	376	13	vol	vol	NOUN
ajfa-9288	376	14	.	.	PROPN
ajfa-9288	376	15	8	8	NUM
ajfa-9288	376	16	,	,	PUNCT
ajfa-9288	376	17	no	no	INTJ
ajfa-9288	376	18	.	.	NOUN
ajfa-9288	376	19	1	1	NUM
ajfa-9288	376	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	376	21	147	147	NUM
ajfa-9288	376	22	table	table	NOUN
ajfa-9288	376	23	7	7	NUM
ajfa-9288	376	24	.	.	PUNCT
ajfa-9288	377	1	insiders	insider	NOUN
ajfa-9288	377	2	’	’	PART
ajfa-9288	377	3	shareholdings	shareholding	NOUN
ajfa-9288	377	4	,	,	PUNCT
ajfa-9288	377	5	current	current	ADJ
ajfa-9288	377	6	agency	agency	NOUN
ajfa-9288	377	7	cost	cost	NOUN
ajfa-9288	377	8	and	and	CCONJ
ajfa-9288	377	9	financing	financing	NOUN
ajfa-9288	377	10	choice	choice	NOUN
ajfa-9288	377	11	ititititit	ititititit	NOUN
ajfa-9288	377	12	itititititit	itititititit	NOUN
ajfa-9288	377	13	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	377	14	insidesdagencyainsidesaeagencyadagencyaaseodebt	insidesdagencyainsidesaeagencyadagencyaaseodebt	NOUN
ajfa-9288	377	15	+	+	PROPN
ajfa-9288	377	16	+	+	ADJ
ajfa-9288	377	17	+	+	ADJ
ajfa-9288	377	18	+	+	ADJ
ajfa-9288	377	19	+	+	ADJ
ajfa-9288	377	20	+	+	ADJ
ajfa-9288	377	21	+	+	ADJ
ajfa-9288	377	22	+	+	ADJ
ajfa-9288	377	23	=	=	ADJ
ajfa-9288	377	24	765	765	NUM
ajfa-9288	377	25	43210	43210	NUM
ajfa-9288	377	26	ititititit	ititititit	NOUN
ajfa-9288	377	27	itititititit	itititititit	NOUN
ajfa-9288	377	28	eroaaasainsideseagencya	eroaaasainsideseagencya	NOUN
ajfa-9288	377	29	insidesdagencyainsidesaeagencyadagencyaaprids	insidesdagencyainsidesaeagencyadagencyaaprid	NOUN
ajfa-9288	377	30	+	+	PROPN
ajfa-9288	377	31	+	+	ADJ
ajfa-9288	377	32	+	+	ADJ
ajfa-9288	377	33	+	+	ADJ
ajfa-9288	377	34	+	+	ADJ
ajfa-9288	377	35	+	+	ADJ
ajfa-9288	377	36	+	+	ADJ
ajfa-9288	377	37	+	+	ADJ
ajfa-9288	377	38	=	=	ADJ
ajfa-9288	377	39	765	765	NUM
ajfa-9288	377	40	43210	43210	NUM
ajfa-9288	377	41	model	model	NOUN
ajfa-9288	377	42	1	1	NUM
ajfa-9288	377	43	(	(	PUNCT
ajfa-9288	377	44	independent	independent	ADJ
ajfa-9288	377	45	variable	variable	NOUN
ajfa-9288	377	46	:	:	PUNCT
ajfa-9288	377	47	seodebt	seodebt	NOUN
ajfa-9288	377	48	)	)	PUNCT
ajfa-9288	377	49	model	model	NOUN
ajfa-9288	377	50	2	2	NUM
ajfa-9288	377	51	(	(	PUNCT
ajfa-9288	377	52	independent	independent	ADJ
ajfa-9288	377	53	variable	variable	NOUN
ajfa-9288	377	54	:	:	PUNCT
ajfa-9288	377	55	prids	prid	NOUN
ajfa-9288	377	56	)	)	PUNCT
ajfa-9288	377	57	variables	variables	PROPN
ajfa-9288	377	58	coef	coef	PROPN
ajfa-9288	377	59	.	.	PUNCT
ajfa-9288	378	1	z	z	NOUN
ajfa-9288	378	2	value	value	NOUN
ajfa-9288	378	3	(	(	PUNCT
ajfa-9288	378	4	p>|z|	p>|z|	NOUN
ajfa-9288	378	5	)	)	PUNCT
ajfa-9288	378	6	coef	coef	PROPN
ajfa-9288	378	7	.	.	PUNCT
ajfa-9288	379	1	z	z	NOUN
ajfa-9288	379	2	value	value	NOUN
ajfa-9288	379	3	(	(	PUNCT
ajfa-9288	379	4	p	p	NOUN
ajfa-9288	379	5	value	value	NOUN
ajfa-9288	379	6	)	)	PUNCT
ajfa-9288	379	7	dagency	dagency	NOUN
ajfa-9288	379	8	0.4684	0.4684	NUM
ajfa-9288	379	9	6.0000	6.0000	NUM
ajfa-9288	379	10	(	(	PUNCT
ajfa-9288	379	11	0.0000	0.0000	NUM
ajfa-9288	379	12	)	)	PUNCT
ajfa-9288	379	13	0.2463	0.2463	NUM
ajfa-9288	379	14	2.2000	2.2000	NUM
ajfa-9288	379	15	(	(	PUNCT
ajfa-9288	379	16	0.0280	0.0280	NUM
ajfa-9288	379	17	)	)	PUNCT
ajfa-9288	379	18	eagency	eagency	NOUN
ajfa-9288	379	19	-0.1124	-0.1124	NOUN
ajfa-9288	379	20	-0.7100	-0.7100	PUNCT
ajfa-9288	379	21	(	(	PUNCT
ajfa-9288	379	22	0.4780	0.4780	NUM
ajfa-9288	379	23	)	)	PUNCT
ajfa-9288	379	24	-0.9971	-0.9971	NOUN
ajfa-9288	379	25	-3.1600	-3.1600	PROPN
ajfa-9288	379	26	(	(	PUNCT
ajfa-9288	379	27	0.0020	0.0020	NUM
ajfa-9288	379	28	)	)	PUNCT
ajfa-9288	379	29	insides	inside	NOUN
ajfa-9288	379	30	-0.0059	-0.0059	NOUN
ajfa-9288	379	31	-1.9800	-1.9800	NOUN
ajfa-9288	379	32	(	(	PUNCT
ajfa-9288	379	33	0.0480	0.0480	NUM
ajfa-9288	379	34	)	)	PUNCT
ajfa-9288	379	35	0.0132	0.0132	NUM
ajfa-9288	379	36	3.1500	3.1500	NUM
ajfa-9288	379	37	(	(	PUNCT
ajfa-9288	379	38	0.0020	0.0020	NUM
ajfa-9288	379	39	)	)	PUNCT
ajfa-9288	379	40	dagencyit×insidesit	dagencyit×insidesit	NOUN
ajfa-9288	379	41	-0.0044	-0.0044	NOUN
ajfa-9288	379	42	-3.4000	-3.4000	PUNCT
ajfa-9288	379	43	(	(	PUNCT
ajfa-9288	379	44	0.0010	0.0010	NUM
ajfa-9288	379	45	)	)	PUNCT
ajfa-9288	379	46	-0.0018	-0.0018	NOUN
ajfa-9288	379	47	-1.0500	-1.0500	VERB
ajfa-9288	380	1	(	(	PUNCT
ajfa-9288	380	2	0.2920	0.2920	NUM
ajfa-9288	380	3	)	)	PUNCT
ajfa-9288	380	4	eagencyit×insidesit	eagencyit×insidesit	NOUN
ajfa-9288	380	5	-0.0005	-0.0005	VERB
ajfa-9288	380	6	-0.1400	-0.1400	NOUN
ajfa-9288	380	7	(	(	PUNCT
ajfa-9288	380	8	0.8860	0.8860	NUM
ajfa-9288	380	9	)	)	PUNCT
ajfa-9288	380	10	0.0100	0.0100	NUM
ajfa-9288	380	11	1.5900	1.5900	NUM
ajfa-9288	380	12	(	(	PUNCT
ajfa-9288	380	13	0.1130	0.1130	NUM
ajfa-9288	380	14	)	)	PUNCT
ajfa-9288	380	15	as	as	ADP
ajfa-9288	380	16	-0.1859	-0.1859	PROPN
ajfa-9288	380	17	-3.1900	-3.1900	PROPN
ajfa-9288	380	18	(	(	PUNCT
ajfa-9288	380	19	0.0010	0.0010	NUM
ajfa-9288	380	20	)	)	PUNCT
ajfa-9288	380	21	-0.5360	-0.5360	NOUN
ajfa-9288	380	22	-5.3200	-5.3200	PROPN
ajfa-9288	380	23	(	(	PUNCT
ajfa-9288	380	24	0.0000	0.0000	NUM
ajfa-9288	380	25	)	)	PUNCT
ajfa-9288	380	26	roa	roa	NOUN
ajfa-9288	380	27	-0.0308	-0.0308	ADJ
ajfa-9288	380	28	-6.9700	-6.9700	PROPN
ajfa-9288	381	1	(	(	PUNCT
ajfa-9288	381	2	0.0010	0.0010	NUM
ajfa-9288	381	3	)	)	PUNCT
ajfa-9288	381	4	-0.0855	-0.0855	NOUN
ajfa-9288	381	5	-13.0500	-13.0500	INTJ
ajfa-9288	381	6	(	(	PUNCT
ajfa-9288	381	7	0.0000	0.0000	NUM
ajfa-9288	381	8	)	)	PUNCT
ajfa-9288	381	9	cons	con	NOUN
ajfa-9288	381	10	.	.	PUNCT
ajfa-9288	382	1	-0.5960	-0.5960	PUNCT
ajfa-9288	383	1	-1.3600	-1.3600	PUNCT
ajfa-9288	384	1	(	(	PUNCT
ajfa-9288	384	2	0.1750	0.1750	NUM
ajfa-9288	384	3	)	)	PUNCT
ajfa-9288	384	4	0.6266	0.6266	NUM
ajfa-9288	384	5	0.8500	0.8500	NUM
ajfa-9288	384	6	(	(	PUNCT
ajfa-9288	384	7	0.3970	0.3970	NUM
ajfa-9288	384	8	)	)	PUNCT
ajfa-9288	384	9	number	number	NOUN
ajfa-9288	384	10	of	of	ADP
ajfa-9288	384	11	obs	obs	PROPN
ajfa-9288	384	12	.	.	PUNCT
ajfa-9288	385	1	5319	5319	NUM
ajfa-9288	385	2	5319	5319	NUM
ajfa-9288	385	3	lr	lr	PROPN
ajfa-9288	385	4	chi2(5	chi2(5	NOUN
ajfa-9288	385	5	)	)	PUNCT
ajfa-9288	385	6	169.22	169.22	NUM
ajfa-9288	385	7	442.48	442.48	NUM
ajfa-9288	385	8	prob	prob	NOUN
ajfa-9288	385	9	>	>	X
ajfa-9288	385	10	chi2	chi2	PROPN
ajfa-9288	385	11	0.0000	0.0000	NUM
ajfa-9288	385	12	0.0000	0.0000	NUM
ajfa-9288	385	13	pseudo	pseudo	NOUN
ajfa-9288	385	14	r2	r2	NOUN
ajfa-9288	385	15	0.0317	0.0317	NUM
ajfa-9288	385	16	0.1488	0.1488	NUM
ajfa-9288	385	17	variables	variable	NOUN
ajfa-9288	385	18	definition	definition	NOUN
ajfa-9288	385	19	:	:	PUNCT
ajfa-9288	385	20	seodebt	seodebt	PROPN
ajfa-9288	385	21	is	be	AUX
ajfa-9288	385	22	an	an	DET
ajfa-9288	385	23	equity	equity	NOUN
ajfa-9288	385	24	dummy	dummy	ADJ
ajfa-9288	385	25	variable	variable	NOUN
ajfa-9288	385	26	,	,	PUNCT
ajfa-9288	385	27	which	which	PRON
ajfa-9288	385	28	sets	set	VERB
ajfa-9288	385	29	to	to	ADP
ajfa-9288	385	30	1	1	NUM
ajfa-9288	385	31	if	if	SCONJ
ajfa-9288	385	32	the	the	DET
ajfa-9288	385	33	firm	firm	NOUN
ajfa-9288	385	34	chooses	choose	VERB
ajfa-9288	385	35	seasoned	season	VERB
ajfa-9288	385	36	equity	equity	NOUN
ajfa-9288	385	37	offering	offering	NOUN
ajfa-9288	385	38	financing	financing	NOUN
ajfa-9288	385	39	and	and	CCONJ
ajfa-9288	385	40	set	set	VERB
ajfa-9288	385	41	to	to	ADP
ajfa-9288	385	42	0	0	NUM
ajfa-9288	385	43	if	if	SCONJ
ajfa-9288	385	44	the	the	DET
ajfa-9288	385	45	firm	firm	NOUN
ajfa-9288	385	46	chooses	choose	VERB
ajfa-9288	385	47	bank	bank	NOUN
ajfa-9288	385	48	debt	debt	NOUN
ajfa-9288	385	49	,	,	PUNCT
ajfa-9288	385	50	issuing	issue	VERB
ajfa-9288	385	51	bond	bond	NOUN
ajfa-9288	385	52	,	,	PUNCT
ajfa-9288	385	53	or	or	CCONJ
ajfa-9288	385	54	issuing	issue	VERB
ajfa-9288	385	55	private	private	ADJ
ajfa-9288	385	56	equity	equity	NOUN
ajfa-9288	385	57	financings	financing	NOUN
ajfa-9288	385	58	.	.	PUNCT
ajfa-9288	386	1	prids	prid	NOUN
ajfa-9288	386	2	is	be	AUX
ajfa-9288	386	3	a	a	DET
ajfa-9288	386	4	private	private	ADJ
ajfa-9288	386	5	equity	equity	NOUN
ajfa-9288	386	6	dummy	dummy	ADJ
ajfa-9288	386	7	variable	variable	NOUN
ajfa-9288	386	8	,	,	PUNCT
ajfa-9288	386	9	which	which	PRON
ajfa-9288	386	10	sets	set	VERB
ajfa-9288	386	11	to	to	ADP
ajfa-9288	386	12	1	1	NUM
ajfa-9288	386	13	if	if	SCONJ
ajfa-9288	386	14	the	the	DET
ajfa-9288	386	15	firm	firm	NOUN
ajfa-9288	386	16	chooses	choose	VERB
ajfa-9288	386	17	private	private	ADJ
ajfa-9288	386	18	equity	equity	NOUN
ajfa-9288	386	19	and	and	CCONJ
ajfa-9288	386	20	set	set	VERB
ajfa-9288	386	21	to	to	ADP
ajfa-9288	386	22	0	0	NUM
ajfa-9288	386	23	if	if	SCONJ
ajfa-9288	386	24	the	the	DET
ajfa-9288	386	25	firm	firm	NOUN
ajfa-9288	386	26	chooses	choose	VERB
ajfa-9288	386	27	bank	bank	NOUN
ajfa-9288	386	28	debt	debt	NOUN
ajfa-9288	386	29	,	,	PUNCT
ajfa-9288	386	30	issuing	issue	VERB
ajfa-9288	386	31	bond	bond	NOUN
ajfa-9288	386	32	,	,	PUNCT
ajfa-9288	386	33	and	and	CCONJ
ajfa-9288	386	34	seasoned	seasoned	ADJ
ajfa-9288	386	35	equity	equity	NOUN
ajfa-9288	386	36	offering	offer	VERB
ajfa-9288	386	37	financings	financing	NOUN
ajfa-9288	386	38	.	.	PUNCT
ajfa-9288	387	1	dagency	dagency	NOUN
ajfa-9288	387	2	is	be	AUX
ajfa-9288	387	3	the	the	DET
ajfa-9288	387	4	debt	debt	NOUN
ajfa-9288	387	5	agency	agency	NOUN
ajfa-9288	387	6	cost	cost	NOUN
ajfa-9288	387	7	,	,	PUNCT
ajfa-9288	387	8	which	which	PRON
ajfa-9288	387	9	is	be	AUX
ajfa-9288	387	10	measured	measure	VERB
ajfa-9288	387	11	by	by	ADP
ajfa-9288	387	12	market	market	NOUN
ajfa-9288	387	13	to	to	ADP
ajfa-9288	387	14	book	book	NOUN
ajfa-9288	387	15	ratio	ratio	NOUN
ajfa-9288	387	16	of	of	ADP
ajfa-9288	387	17	equity	equity	NOUN
ajfa-9288	387	18	.	.	PUNCT
ajfa-9288	388	1	eagency	eagency	NOUN
ajfa-9288	388	2	is	be	AUX
ajfa-9288	388	3	the	the	DET
ajfa-9288	388	4	equity	equity	NOUN
ajfa-9288	388	5	agency	agency	NOUN
ajfa-9288	388	6	cost	cost	NOUN
ajfa-9288	388	7	,	,	PUNCT
ajfa-9288	388	8	which	which	PRON
ajfa-9288	388	9	is	be	AUX
ajfa-9288	388	10	measured	measure	VERB
ajfa-9288	388	11	by	by	ADP
ajfa-9288	388	12	the	the	DET
ajfa-9288	388	13	firm	firm	NOUN
ajfa-9288	388	14	’s	’s	PART
ajfa-9288	388	15	selling	selling	NOUN
ajfa-9288	388	16	and	and	CCONJ
ajfa-9288	388	17	administrative	administrative	ADJ
ajfa-9288	388	18	expenses	expense	NOUN
ajfa-9288	388	19	ratio	ratio	NOUN
ajfa-9288	388	20	minus	minus	ADP
ajfa-9288	388	21	the	the	DET
ajfa-9288	388	22	industry	industry	NOUN
ajfa-9288	388	23	median	median	NOUN
ajfa-9288	388	24	of	of	ADP
ajfa-9288	388	25	selling	selling	NOUN
ajfa-9288	388	26	and	and	CCONJ
ajfa-9288	388	27	administrative	administrative	ADJ
ajfa-9288	388	28	expenses	expense	NOUN
ajfa-9288	388	29	ratios	ratio	NOUN
ajfa-9288	388	30	of	of	ADP
ajfa-9288	388	31	all	all	DET
ajfa-9288	388	32	firms	firm	NOUN
ajfa-9288	388	33	in	in	ADP
ajfa-9288	388	34	an	an	DET
ajfa-9288	388	35	industry	industry	NOUN
ajfa-9288	388	36	.	.	PUNCT
ajfa-9288	389	1	insides	inside	NOUN
ajfa-9288	389	2	is	be	AUX
ajfa-9288	389	3	the	the	DET
ajfa-9288	389	4	shareholdings	shareholding	NOUN
ajfa-9288	389	5	of	of	ADP
ajfa-9288	389	6	insiders	insider	NOUN
ajfa-9288	389	7	,	,	PUNCT
ajfa-9288	389	8	which	which	PRON
ajfa-9288	389	9	is	be	AUX
ajfa-9288	389	10	the	the	DET
ajfa-9288	389	11	sum	sum	NOUN
ajfa-9288	389	12	of	of	ADP
ajfa-9288	389	13	managers	manager	NOUN
ajfa-9288	389	14	’	’	PART
ajfa-9288	389	15	shareholdings	shareholding	NOUN
ajfa-9288	389	16	,	,	PUNCT
ajfa-9288	389	17	directors	director	NOUN
ajfa-9288	389	18	and	and	CCONJ
ajfa-9288	389	19	supervisors	supervisor	NOUN
ajfa-9288	389	20	’	’	PART
ajfa-9288	389	21	shareholdings	shareholding	NOUN
ajfa-9288	389	22	,	,	PUNCT
ajfa-9288	389	23	and	and	CCONJ
ajfa-9288	389	24	blockholders	blockholder	NOUN
ajfa-9288	389	25	’	’	PART
ajfa-9288	389	26	shareholdings	shareholding	NOUN
ajfa-9288	389	27	.	.	PUNCT
ajfa-9288	390	1	as	as	SCONJ
ajfa-9288	390	2	is	be	AUX
ajfa-9288	390	3	the	the	DET
ajfa-9288	390	4	nature	nature	NOUN
ajfa-9288	390	5	log	log	NOUN
ajfa-9288	390	6	of	of	ADP
ajfa-9288	390	7	total	total	ADJ
ajfa-9288	390	8	assets	asset	NOUN
ajfa-9288	390	9	,	,	PUNCT
ajfa-9288	390	10	which	which	PRON
ajfa-9288	390	11	controls	control	VERB
ajfa-9288	390	12	firm	firm	ADJ
ajfa-9288	390	13	size	size	NOUN
ajfa-9288	390	14	.	.	PUNCT
ajfa-9288	391	1	roa	roa	PROPN
ajfa-9288	391	2	is	be	AUX
ajfa-9288	391	3	return	return	NOUN
ajfa-9288	391	4	of	of	ADP
ajfa-9288	391	5	assets	asset	NOUN
ajfa-9288	391	6	,	,	PUNCT
ajfa-9288	391	7	which	which	PRON
ajfa-9288	391	8	represents	represent	VERB
ajfa-9288	391	9	the	the	DET
ajfa-9288	391	10	operation	operation	NOUN
ajfa-9288	391	11	performance	performance	NOUN
ajfa-9288	391	12	of	of	ADP
ajfa-9288	391	13	a	a	DET
ajfa-9288	391	14	firm	firm	NOUN
ajfa-9288	391	15	.	.	PUNCT
ajfa-9288	392	1	5	5	X
ajfa-9288	392	2	.	.	X
ajfa-9288	392	3	conclusions	conclusion	NOUN
ajfa-9288	392	4	this	this	DET
ajfa-9288	392	5	paper	paper	NOUN
ajfa-9288	392	6	examines	examine	VERB
ajfa-9288	392	7	whether	whether	SCONJ
ajfa-9288	392	8	firms	firm	NOUN
ajfa-9288	392	9	tend	tend	VERB
ajfa-9288	392	10	to	to	PART
ajfa-9288	392	11	choose	choose	VERB
ajfa-9288	392	12	seasoned	seasoned	ADJ
ajfa-9288	392	13	equity	equity	NOUN
ajfa-9288	392	14	offering	offering	NOUN
ajfa-9288	392	15	for	for	ADP
ajfa-9288	392	16	financing	financing	NOUN
ajfa-9288	392	17	when	when	SCONJ
ajfa-9288	392	18	the	the	DET
ajfa-9288	392	19	debt	debt	NOUN
ajfa-9288	392	20	agency	agency	NOUN
ajfa-9288	392	21	costs	cost	NOUN
ajfa-9288	392	22	of	of	ADP
ajfa-9288	392	23	prior	prior	ADJ
ajfa-9288	392	24	and	and	CCONJ
ajfa-9288	392	25	current	current	ADJ
ajfa-9288	392	26	periods	period	NOUN
ajfa-9288	392	27	are	be	AUX
ajfa-9288	392	28	high	high	ADJ
ajfa-9288	392	29	,	,	PUNCT
ajfa-9288	392	30	and	and	CCONJ
ajfa-9288	392	31	whether	whether	SCONJ
ajfa-9288	392	32	firms	firm	NOUN
ajfa-9288	392	33	tend	tend	VERB
ajfa-9288	392	34	to	to	PART
ajfa-9288	392	35	choose	choose	VERB
ajfa-9288	392	36	private	private	ADJ
ajfa-9288	392	37	equity	equity	NOUN
ajfa-9288	392	38	method	method	NOUN
ajfa-9288	392	39	for	for	ADP
ajfa-9288	392	40	financing	financing	NOUN
ajfa-9288	392	41	when	when	SCONJ
ajfa-9288	392	42	the	the	DET
ajfa-9288	392	43	debt	debt	NOUN
ajfa-9288	392	44	agency	agency	NOUN
ajfa-9288	392	45	cost	cost	NOUN
ajfa-9288	392	46	of	of	ADP
ajfa-9288	392	47	prior	prior	ADJ
ajfa-9288	392	48	and	and	CCONJ
ajfa-9288	392	49	current	current	ADJ
ajfa-9288	392	50	periods	period	NOUN
ajfa-9288	392	51	are	be	AUX
ajfa-9288	392	52	high	high	ADJ
ajfa-9288	392	53	.	.	PUNCT
ajfa-9288	393	1	next	next	ADV
ajfa-9288	393	2	,	,	PUNCT
ajfa-9288	393	3	we	we	PRON
ajfa-9288	393	4	explore	explore	VERB
ajfa-9288	393	5	whether	whether	SCONJ
ajfa-9288	393	6	the	the	DET
ajfa-9288	393	7	shareholdings	shareholding	NOUN
ajfa-9288	393	8	of	of	ADP
ajfa-9288	393	9	insiders	insider	NOUN
ajfa-9288	393	10	would	would	AUX
ajfa-9288	393	11	affect	affect	VERB
ajfa-9288	393	12	the	the	DET
ajfa-9288	393	13	relationship	relationship	NOUN
ajfa-9288	393	14	between	between	ADP
ajfa-9288	393	15	debt	debt	NOUN
ajfa-9288	393	16	agency	agency	NOUN
ajfa-9288	393	17	cost	cost	NOUN
ajfa-9288	393	18	and	and	CCONJ
ajfa-9288	393	19	seasoned	seasoned	ADJ
ajfa-9288	393	20	equity	equity	NOUN
ajfa-9288	393	21	offerings	offering	NOUN
ajfa-9288	393	22	,	,	PUNCT
ajfa-9288	393	23	and	and	CCONJ
ajfa-9288	393	24	whether	whether	SCONJ
ajfa-9288	393	25	the	the	DET
ajfa-9288	393	26	asian	asian	ADJ
ajfa-9288	393	27	journal	journal	NOUN
ajfa-9288	393	28	of	of	ADP
ajfa-9288	393	29	finance	finance	PROPN
ajfa-9288	393	30	&	&	CCONJ
ajfa-9288	393	31	accounting	accounting	PROPN
ajfa-9288	393	32	issn	issn	PROPN
ajfa-9288	393	33	1946	1946	NUM
ajfa-9288	393	34	-	-	PUNCT
ajfa-9288	393	35	052x	052x	PROPN
ajfa-9288	393	36	2016	2016	NUM
ajfa-9288	393	37	,	,	PUNCT
ajfa-9288	393	38	vol	vol	NOUN
ajfa-9288	393	39	.	.	PROPN
ajfa-9288	393	40	8	8	NUM
ajfa-9288	393	41	,	,	PUNCT
ajfa-9288	393	42	no	no	INTJ
ajfa-9288	393	43	.	.	NOUN
ajfa-9288	393	44	1	1	NUM
ajfa-9288	393	45	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	393	46	148	148	NUM
ajfa-9288	393	47	shareholdings	shareholding	NOUN
ajfa-9288	393	48	of	of	ADP
ajfa-9288	393	49	insiders	insider	NOUN
ajfa-9288	393	50	would	would	AUX
ajfa-9288	393	51	affect	affect	VERB
ajfa-9288	393	52	the	the	DET
ajfa-9288	393	53	relationship	relationship	NOUN
ajfa-9288	393	54	between	between	ADP
ajfa-9288	393	55	equity	equity	NOUN
ajfa-9288	393	56	agency	agency	NOUN
ajfa-9288	393	57	cost	cost	NOUN
ajfa-9288	393	58	and	and	CCONJ
ajfa-9288	393	59	debt	debt	NOUN
ajfa-9288	393	60	financings	financing	NOUN
ajfa-9288	393	61	.	.	PUNCT
ajfa-9288	394	1	we	we	PRON
ajfa-9288	394	2	also	also	ADV
ajfa-9288	394	3	examine	examine	VERB
ajfa-9288	394	4	whether	whether	SCONJ
ajfa-9288	394	5	the	the	DET
ajfa-9288	394	6	shareholdings	shareholding	NOUN
ajfa-9288	394	7	of	of	ADP
ajfa-9288	394	8	insiders	insider	NOUN
ajfa-9288	394	9	would	would	AUX
ajfa-9288	394	10	affect	affect	VERB
ajfa-9288	394	11	the	the	DET
ajfa-9288	394	12	relationship	relationship	NOUN
ajfa-9288	394	13	between	between	ADP
ajfa-9288	394	14	agency	agency	NOUN
ajfa-9288	394	15	cost	cost	NOUN
ajfa-9288	394	16	and	and	CCONJ
ajfa-9288	394	17	private	private	ADJ
ajfa-9288	394	18	equity	equity	NOUN
ajfa-9288	394	19	financing	financing	NOUN
ajfa-9288	394	20	of	of	ADP
ajfa-9288	394	21	firms	firm	NOUN
ajfa-9288	394	22	.	.	PUNCT
ajfa-9288	395	1	the	the	DET
ajfa-9288	395	2	findings	finding	NOUN
ajfa-9288	395	3	show	show	VERB
ajfa-9288	395	4	that	that	SCONJ
ajfa-9288	395	5	both	both	CCONJ
ajfa-9288	395	6	prior	prior	ADJ
ajfa-9288	395	7	and	and	CCONJ
ajfa-9288	395	8	current	current	ADJ
ajfa-9288	395	9	periods	period	NOUN
ajfa-9288	395	10	’	'	PUNCT
ajfa-9288	395	11	debt	debt	NOUN
ajfa-9288	395	12	agency	agency	NOUN
ajfa-9288	395	13	costs	cost	NOUN
ajfa-9288	395	14	are	be	AUX
ajfa-9288	395	15	positively	positively	ADV
ajfa-9288	395	16	related	relate	VERB
ajfa-9288	395	17	to	to	ADP
ajfa-9288	395	18	seasoned	seasoned	ADJ
ajfa-9288	395	19	equity	equity	NOUN
ajfa-9288	395	20	offerings	offering	NOUN
ajfa-9288	395	21	,	,	PUNCT
ajfa-9288	395	22	implying	imply	VERB
ajfa-9288	395	23	that	that	SCONJ
ajfa-9288	395	24	the	the	DET
ajfa-9288	395	25	firm	firm	NOUN
ajfa-9288	395	26	with	with	ADP
ajfa-9288	395	27	higher	high	ADJ
ajfa-9288	395	28	debt	debt	NOUN
ajfa-9288	395	29	agency	agency	NOUN
ajfa-9288	395	30	cost	cost	NOUN
ajfa-9288	395	31	tends	tend	VERB
ajfa-9288	395	32	to	to	PART
ajfa-9288	395	33	conduct	conduct	VERB
ajfa-9288	395	34	current	current	ADJ
ajfa-9288	395	35	period	period	NOUN
ajfa-9288	395	36	’s	’s	PART
ajfa-9288	395	37	seasoned	season	VERB
ajfa-9288	395	38	equity	equity	NOUN
ajfa-9288	395	39	offerings	offering	NOUN
ajfa-9288	395	40	.	.	PUNCT
ajfa-9288	396	1	next	next	ADJ
ajfa-9288	396	2	,	,	PUNCT
ajfa-9288	396	3	both	both	CCONJ
ajfa-9288	396	4	prior	prior	ADJ
ajfa-9288	396	5	and	and	CCONJ
ajfa-9288	396	6	current	current	ADJ
ajfa-9288	396	7	periods	period	NOUN
ajfa-9288	396	8	’	'	PUNCT
ajfa-9288	396	9	debt	debt	NOUN
ajfa-9288	396	10	agency	agency	NOUN
ajfa-9288	396	11	costs	cost	NOUN
ajfa-9288	396	12	are	be	AUX
ajfa-9288	396	13	positively	positively	ADV
ajfa-9288	396	14	related	relate	VERB
ajfa-9288	396	15	to	to	ADP
ajfa-9288	396	16	private	private	ADJ
ajfa-9288	396	17	equity	equity	NOUN
ajfa-9288	396	18	financing	financing	NOUN
ajfa-9288	396	19	,	,	PUNCT
ajfa-9288	396	20	implying	imply	VERB
ajfa-9288	396	21	that	that	SCONJ
ajfa-9288	396	22	the	the	DET
ajfa-9288	396	23	firm	firm	NOUN
ajfa-9288	396	24	with	with	ADP
ajfa-9288	396	25	higher	high	ADJ
ajfa-9288	396	26	current	current	ADJ
ajfa-9288	396	27	debt	debt	NOUN
ajfa-9288	396	28	agency	agency	NOUN
ajfa-9288	396	29	cost	cost	NOUN
ajfa-9288	396	30	tends	tend	VERB
ajfa-9288	396	31	to	to	PART
ajfa-9288	396	32	conduct	conduct	VERB
ajfa-9288	396	33	private	private	ADJ
ajfa-9288	396	34	equity	equity	NOUN
ajfa-9288	396	35	financing	financing	NOUN
ajfa-9288	396	36	in	in	ADP
ajfa-9288	396	37	current	current	ADJ
ajfa-9288	396	38	period	period	NOUN
ajfa-9288	396	39	.	.	PUNCT
ajfa-9288	397	1	as	as	ADP
ajfa-9288	397	2	for	for	ADP
ajfa-9288	397	3	equity	equity	NOUN
ajfa-9288	397	4	agency	agency	NOUN
ajfa-9288	397	5	cost	cost	NOUN
ajfa-9288	397	6	,	,	PUNCT
ajfa-9288	397	7	we	we	PRON
ajfa-9288	397	8	also	also	ADV
ajfa-9288	397	9	find	find	VERB
ajfa-9288	397	10	the	the	DET
ajfa-9288	397	11	relationship	relationship	NOUN
ajfa-9288	397	12	that	that	PRON
ajfa-9288	397	13	both	both	CCONJ
ajfa-9288	397	14	current	current	ADJ
ajfa-9288	397	15	and	and	CCONJ
ajfa-9288	397	16	prior	prior	ADJ
ajfa-9288	397	17	periods	period	NOUN
ajfa-9288	397	18	’	'	PUNCT
ajfa-9288	397	19	equity	equity	NOUN
ajfa-9288	397	20	agency	agency	NOUN
ajfa-9288	397	21	costs	cost	NOUN
ajfa-9288	397	22	are	be	AUX
ajfa-9288	397	23	negatively	negatively	ADV
ajfa-9288	397	24	related	relate	VERB
ajfa-9288	397	25	to	to	ADP
ajfa-9288	397	26	seasoned	season	VERB
ajfa-9288	397	27	equity	equity	NOUN
ajfa-9288	397	28	offerings	offering	NOUN
ajfa-9288	397	29	,	,	PUNCT
ajfa-9288	397	30	implying	imply	VERB
ajfa-9288	397	31	that	that	SCONJ
ajfa-9288	397	32	the	the	DET
ajfa-9288	397	33	firm	firm	NOUN
ajfa-9288	397	34	with	with	ADP
ajfa-9288	397	35	higher	high	ADJ
ajfa-9288	397	36	equity	equity	NOUN
ajfa-9288	397	37	agency	agency	NOUN
ajfa-9288	397	38	cost	cost	NOUN
ajfa-9288	397	39	tends	tend	VERB
ajfa-9288	397	40	to	to	PART
ajfa-9288	397	41	conduct	conduct	VERB
ajfa-9288	397	42	debt	debt	NOUN
ajfa-9288	397	43	offerings	offering	NOUN
ajfa-9288	397	44	in	in	ADP
ajfa-9288	397	45	current	current	ADJ
ajfa-9288	397	46	period	period	NOUN
ajfa-9288	397	47	.	.	PUNCT
ajfa-9288	398	1	under	under	ADP
ajfa-9288	398	2	considering	consider	VERB
ajfa-9288	398	3	shareholdings	shareholding	NOUN
ajfa-9288	398	4	of	of	ADP
ajfa-9288	398	5	insiders	insider	NOUN
ajfa-9288	398	6	,	,	PUNCT
ajfa-9288	398	7	the	the	DET
ajfa-9288	398	8	evidences	evidence	NOUN
ajfa-9288	398	9	document	document	NOUN
ajfa-9288	398	10	that	that	SCONJ
ajfa-9288	398	11	both	both	CCONJ
ajfa-9288	398	12	prior	prior	ADJ
ajfa-9288	398	13	and	and	CCONJ
ajfa-9288	398	14	current	current	ADJ
ajfa-9288	398	15	periods	period	NOUN
ajfa-9288	398	16	’	'	PUNCT
ajfa-9288	398	17	debt	debt	NOUN
ajfa-9288	398	18	agency	agency	NOUN
ajfa-9288	398	19	costs	cost	NOUN
ajfa-9288	398	20	are	be	AUX
ajfa-9288	398	21	positively	positively	ADV
ajfa-9288	398	22	related	relate	VERB
ajfa-9288	398	23	to	to	ADP
ajfa-9288	398	24	seasoned	season	VERB
ajfa-9288	398	25	equity	equity	NOUN
ajfa-9288	398	26	offerings	offering	NOUN
ajfa-9288	398	27	,	,	PUNCT
ajfa-9288	398	28	and	and	CCONJ
ajfa-9288	398	29	both	both	DET
ajfa-9288	398	30	prior	prior	ADJ
ajfa-9288	398	31	and	and	CCONJ
ajfa-9288	398	32	current	current	ADJ
ajfa-9288	398	33	periods	period	NOUN
ajfa-9288	398	34	’	'	PUNCT
ajfa-9288	398	35	debt	debt	NOUN
ajfa-9288	398	36	agency	agency	NOUN
ajfa-9288	398	37	costs	cost	NOUN
ajfa-9288	398	38	are	be	AUX
ajfa-9288	398	39	positively	positively	ADV
ajfa-9288	398	40	related	relate	VERB
ajfa-9288	398	41	to	to	ADP
ajfa-9288	398	42	private	private	ADJ
ajfa-9288	398	43	equity	equity	NOUN
ajfa-9288	398	44	financing	financing	NOUN
ajfa-9288	398	45	,	,	PUNCT
ajfa-9288	398	46	implying	imply	VERB
ajfa-9288	398	47	that	that	SCONJ
ajfa-9288	398	48	the	the	DET
ajfa-9288	398	49	firm	firm	NOUN
ajfa-9288	398	50	with	with	ADP
ajfa-9288	398	51	higher	high	ADJ
ajfa-9288	398	52	current	current	ADJ
ajfa-9288	398	53	debt	debt	NOUN
ajfa-9288	398	54	agency	agency	NOUN
ajfa-9288	398	55	cost	cost	NOUN
ajfa-9288	398	56	tends	tend	VERB
ajfa-9288	398	57	to	to	PART
ajfa-9288	398	58	conduct	conduct	VERB
ajfa-9288	398	59	private	private	ADJ
ajfa-9288	398	60	equity	equity	NOUN
ajfa-9288	398	61	financing	financing	NOUN
ajfa-9288	398	62	in	in	ADP
ajfa-9288	398	63	current	current	ADJ
ajfa-9288	398	64	period	period	NOUN
ajfa-9288	398	65	.	.	PUNCT
ajfa-9288	399	1	however	however	ADV
ajfa-9288	399	2	,	,	PUNCT
ajfa-9288	399	3	we	we	PRON
ajfa-9288	399	4	only	only	ADV
ajfa-9288	399	5	find	find	VERB
ajfa-9288	399	6	that	that	SCONJ
ajfa-9288	399	7	prior	prior	ADJ
ajfa-9288	399	8	periods	period	NOUN
ajfa-9288	399	9	’	'	PUNCT
ajfa-9288	399	10	equity	equity	NOUN
ajfa-9288	399	11	agency	agency	NOUN
ajfa-9288	399	12	costs	cost	NOUN
ajfa-9288	399	13	are	be	AUX
ajfa-9288	399	14	negatively	negatively	ADV
ajfa-9288	399	15	related	relate	VERB
ajfa-9288	399	16	to	to	ADP
ajfa-9288	399	17	seasoned	season	VERB
ajfa-9288	399	18	equity	equity	NOUN
ajfa-9288	399	19	offerings	offering	NOUN
ajfa-9288	399	20	.	.	PUNCT
ajfa-9288	400	1	however	however	ADV
ajfa-9288	400	2	,	,	PUNCT
ajfa-9288	400	3	the	the	DET
ajfa-9288	400	4	interaction	interaction	NOUN
ajfa-9288	400	5	term	term	NOUN
ajfa-9288	400	6	between	between	ADP
ajfa-9288	400	7	insiders	insider	NOUN
ajfa-9288	400	8	’	’	PART
ajfa-9288	400	9	shareholdings	shareholding	NOUN
ajfa-9288	400	10	and	and	CCONJ
ajfa-9288	400	11	prior	prior	ADJ
ajfa-9288	400	12	debt	debt	NOUN
ajfa-9288	400	13	agency	agency	NOUN
ajfa-9288	400	14	cost	cost	NOUN
ajfa-9288	400	15	is	be	AUX
ajfa-9288	400	16	unrelated	unrelated	ADJ
ajfa-9288	400	17	to	to	ADP
ajfa-9288	400	18	current	current	ADJ
ajfa-9288	400	19	seasoned	season	VERB
ajfa-9288	400	20	equity	equity	NOUN
ajfa-9288	400	21	offering	offering	NOUN
ajfa-9288	400	22	financing	financing	NOUN
ajfa-9288	400	23	,	,	PUNCT
ajfa-9288	400	24	implying	imply	VERB
ajfa-9288	400	25	that	that	SCONJ
ajfa-9288	400	26	the	the	DET
ajfa-9288	400	27	insiders	insider	NOUN
ajfa-9288	400	28	’	’	PART
ajfa-9288	400	29	shareholdings	shareholding	NOUN
ajfa-9288	400	30	would	would	AUX
ajfa-9288	400	31	affect	affect	VERB
ajfa-9288	400	32	the	the	DET
ajfa-9288	400	33	relationship	relationship	NOUN
ajfa-9288	400	34	between	between	ADP
ajfa-9288	400	35	debt	debt	NOUN
ajfa-9288	400	36	agency	agency	NOUN
ajfa-9288	400	37	cost	cost	NOUN
ajfa-9288	400	38	does	do	AUX
ajfa-9288	400	39	and	and	CCONJ
ajfa-9288	400	40	the	the	DET
ajfa-9288	400	41	choice	choice	NOUN
ajfa-9288	400	42	of	of	ADP
ajfa-9288	400	43	seasoned	seasoned	ADJ
ajfa-9288	400	44	equity	equity	NOUN
ajfa-9288	400	45	offering	offering	NOUN
ajfa-9288	400	46	.	.	PUNCT
ajfa-9288	401	1	moreover	moreover	ADV
ajfa-9288	401	2	,	,	PUNCT
ajfa-9288	401	3	the	the	DET
ajfa-9288	401	4	interaction	interaction	NOUN
ajfa-9288	401	5	term	term	NOUN
ajfa-9288	401	6	between	between	ADP
ajfa-9288	401	7	insiders	insider	NOUN
ajfa-9288	401	8	’	’	PART
ajfa-9288	401	9	shareholdings	shareholding	NOUN
ajfa-9288	401	10	and	and	CCONJ
ajfa-9288	401	11	prior	prior	ADJ
ajfa-9288	401	12	equity	equity	NOUN
ajfa-9288	401	13	agency	agency	NOUN
ajfa-9288	401	14	cost	cost	NOUN
ajfa-9288	401	15	is	be	AUX
ajfa-9288	401	16	positively	positively	ADV
ajfa-9288	401	17	related	relate	VERB
ajfa-9288	401	18	to	to	ADP
ajfa-9288	401	19	current	current	ADJ
ajfa-9288	401	20	seasoned	season	VERB
ajfa-9288	401	21	equity	equity	NOUN
ajfa-9288	401	22	offering	offering	NOUN
ajfa-9288	401	23	financing	financing	NOUN
ajfa-9288	401	24	.	.	PUNCT
ajfa-9288	402	1	moreover	moreover	ADV
ajfa-9288	402	2	,	,	PUNCT
ajfa-9288	402	3	the	the	DET
ajfa-9288	402	4	interaction	interaction	NOUN
ajfa-9288	402	5	term	term	NOUN
ajfa-9288	402	6	between	between	ADP
ajfa-9288	402	7	insiders	insider	NOUN
ajfa-9288	402	8	’	’	PART
ajfa-9288	402	9	shareholdings	shareholding	NOUN
ajfa-9288	402	10	and	and	CCONJ
ajfa-9288	402	11	prior	prior	ADJ
ajfa-9288	402	12	debt	debt	NOUN
ajfa-9288	402	13	agency	agency	NOUN
ajfa-9288	402	14	cost	cost	NOUN
ajfa-9288	402	15	is	be	AUX
ajfa-9288	402	16	also	also	ADV
ajfa-9288	402	17	unrelated	unrelated	ADJ
ajfa-9288	402	18	to	to	ADP
ajfa-9288	402	19	current	current	ADJ
ajfa-9288	402	20	seasoned	season	VERB
ajfa-9288	402	21	equity	equity	NOUN
ajfa-9288	402	22	offering	offering	NOUN
ajfa-9288	402	23	financing	financing	NOUN
ajfa-9288	402	24	,	,	PUNCT
ajfa-9288	402	25	and	and	CCONJ
ajfa-9288	402	26	the	the	DET
ajfa-9288	402	27	interaction	interaction	NOUN
ajfa-9288	402	28	term	term	NOUN
ajfa-9288	402	29	between	between	ADP
ajfa-9288	402	30	insiders	insider	NOUN
ajfa-9288	402	31	’	’	PART
ajfa-9288	402	32	shareholdings	shareholding	NOUN
ajfa-9288	402	33	and	and	CCONJ
ajfa-9288	402	34	prior	prior	ADJ
ajfa-9288	402	35	equity	equity	NOUN
ajfa-9288	402	36	agency	agency	NOUN
ajfa-9288	402	37	cost	cost	NOUN
ajfa-9288	402	38	is	be	AUX
ajfa-9288	402	39	unrelated	unrelated	ADJ
ajfa-9288	402	40	to	to	ADP
ajfa-9288	402	41	current	current	ADJ
ajfa-9288	402	42	seasoned	season	VERB
ajfa-9288	402	43	equity	equity	NOUN
ajfa-9288	402	44	offering	offering	NOUN
ajfa-9288	402	45	financing	financing	NOUN
ajfa-9288	402	46	.	.	PUNCT
ajfa-9288	403	1	moreover	moreover	ADV
ajfa-9288	403	2	,	,	PUNCT
ajfa-9288	403	3	the	the	DET
ajfa-9288	403	4	interaction	interaction	NOUN
ajfa-9288	403	5	term	term	NOUN
ajfa-9288	403	6	between	between	ADP
ajfa-9288	403	7	insiders	insider	NOUN
ajfa-9288	403	8	’	’	PART
ajfa-9288	403	9	shareholdings	shareholding	NOUN
ajfa-9288	403	10	and	and	CCONJ
ajfa-9288	403	11	prior	prior	ADJ
ajfa-9288	403	12	debt	debt	NOUN
ajfa-9288	403	13	agency	agency	NOUN
ajfa-9288	403	14	cost	cost	NOUN
ajfa-9288	403	15	is	be	AUX
ajfa-9288	403	16	unrelated	unrelated	ADJ
ajfa-9288	403	17	to	to	ADP
ajfa-9288	403	18	current	current	ADJ
ajfa-9288	403	19	private	private	ADJ
ajfa-9288	403	20	equity	equity	NOUN
ajfa-9288	403	21	financing	financing	NOUN
ajfa-9288	403	22	,	,	PUNCT
ajfa-9288	403	23	and	and	CCONJ
ajfa-9288	403	24	the	the	DET
ajfa-9288	403	25	interaction	interaction	NOUN
ajfa-9288	403	26	term	term	NOUN
ajfa-9288	403	27	between	between	ADP
ajfa-9288	403	28	insiders	insider	NOUN
ajfa-9288	403	29	’	’	PART
ajfa-9288	403	30	shareholdings	shareholding	NOUN
ajfa-9288	403	31	and	and	CCONJ
ajfa-9288	403	32	prior	prior	ADJ
ajfa-9288	403	33	equity	equity	NOUN
ajfa-9288	403	34	agency	agency	NOUN
ajfa-9288	403	35	cost	cost	NOUN
ajfa-9288	403	36	is	be	AUX
ajfa-9288	403	37	unrelated	unrelated	ADJ
ajfa-9288	403	38	to	to	ADP
ajfa-9288	403	39	current	current	ADJ
ajfa-9288	403	40	private	private	ADJ
ajfa-9288	403	41	equity	equity	NOUN
ajfa-9288	403	42	financing	financing	NOUN
ajfa-9288	403	43	.	.	PUNCT
ajfa-9288	404	1	as	as	ADP
ajfa-9288	404	2	for	for	ADP
ajfa-9288	404	3	private	private	ADJ
ajfa-9288	404	4	equity	equity	NOUN
ajfa-9288	404	5	financing	financing	NOUN
ajfa-9288	404	6	,	,	PUNCT
ajfa-9288	404	7	the	the	DET
ajfa-9288	404	8	interaction	interaction	NOUN
ajfa-9288	404	9	term	term	NOUN
ajfa-9288	404	10	between	between	ADP
ajfa-9288	404	11	prior	prior	ADJ
ajfa-9288	404	12	insiders	insider	NOUN
ajfa-9288	404	13	’	’	PART
ajfa-9288	404	14	shareholdings	shareholding	NOUN
ajfa-9288	404	15	and	and	CCONJ
ajfa-9288	404	16	prior	prior	ADJ
ajfa-9288	404	17	debt	debt	NOUN
ajfa-9288	404	18	agency	agency	NOUN
ajfa-9288	404	19	cost	cost	NOUN
ajfa-9288	404	20	is	be	AUX
ajfa-9288	404	21	unrelated	unrelated	ADJ
ajfa-9288	404	22	to	to	ADP
ajfa-9288	404	23	current	current	ADJ
ajfa-9288	404	24	private	private	ADJ
ajfa-9288	404	25	equity	equity	NOUN
ajfa-9288	404	26	,	,	PUNCT
ajfa-9288	404	27	and	and	CCONJ
ajfa-9288	404	28	the	the	DET
ajfa-9288	404	29	interaction	interaction	NOUN
ajfa-9288	404	30	term	term	NOUN
ajfa-9288	404	31	between	between	ADP
ajfa-9288	404	32	prior	prior	ADJ
ajfa-9288	404	33	insiders	insider	NOUN
ajfa-9288	404	34	’	’	PART
ajfa-9288	404	35	shareholdings	shareholding	NOUN
ajfa-9288	404	36	and	and	CCONJ
ajfa-9288	404	37	prior	prior	ADJ
ajfa-9288	404	38	equity	equity	NOUN
ajfa-9288	404	39	agency	agency	NOUN
ajfa-9288	404	40	cost	cost	NOUN
ajfa-9288	404	41	is	be	AUX
ajfa-9288	404	42	unrelated	unrelated	ADJ
ajfa-9288	404	43	to	to	ADP
ajfa-9288	404	44	current	current	ADJ
ajfa-9288	404	45	private	private	ADJ
ajfa-9288	404	46	equity	equity	NOUN
ajfa-9288	404	47	.	.	PUNCT
ajfa-9288	405	1	references	reference	NOUN
ajfa-9288	405	2	agrawal	agrawal	PROPN
ajfa-9288	405	3	,	,	PUNCT
ajfa-9288	405	4	a.	a.	NOUN
ajfa-9288	405	5	,	,	PUNCT
ajfa-9288	405	6	&	&	CCONJ
ajfa-9288	405	7	knoeber	knoeber	PROPN
ajfa-9288	405	8	,	,	PUNCT
ajfa-9288	405	9	c.	c.	PROPN
ajfa-9288	405	10	r.	r.	PROPN
ajfa-9288	405	11	(	(	PUNCT
ajfa-9288	405	12	1996	1996	NUM
ajfa-9288	405	13	)	)	PUNCT
ajfa-9288	405	14	.	.	PUNCT
ajfa-9288	406	1	firm	firm	ADJ
ajfa-9288	406	2	performance	performance	NOUN
ajfa-9288	406	3	and	and	CCONJ
ajfa-9288	406	4	mechanisms	mechanism	NOUN
ajfa-9288	406	5	to	to	PART
ajfa-9288	406	6	control	control	VERB
ajfa-9288	406	7	agency	agency	NOUN
ajfa-9288	406	8	problems	problem	NOUN
ajfa-9288	406	9	between	between	ADP
ajfa-9288	406	10	managers	manager	NOUN
ajfa-9288	406	11	and	and	CCONJ
ajfa-9288	406	12	shareholders	shareholder	NOUN
ajfa-9288	406	13	.	.	PUNCT
ajfa-9288	407	1	journal	journal	PROPN
ajfa-9288	407	2	of	of	ADP
ajfa-9288	407	3	financial	financial	ADJ
ajfa-9288	407	4	and	and	CCONJ
ajfa-9288	407	5	quantitative	quantitative	ADJ
ajfa-9288	407	6	analysis	analysis	NOUN
ajfa-9288	407	7	,	,	PUNCT
ajfa-9288	407	8	31	31	NUM
ajfa-9288	407	9	,	,	PUNCT
ajfa-9288	407	10	377	377	NUM
ajfa-9288	407	11	-	-	SYM
ajfa-9288	407	12	397	397	NUM
ajfa-9288	407	13	.	.	PUNCT
ajfa-9288	408	1	http://dx.doi.org/10.2307/2331397	http://dx.doi.org/10.2307/2331397	PROPN
ajfa-9288	408	2	agrawal	agrawal	PROPN
ajfa-9288	408	3	,	,	PUNCT
ajfa-9288	408	4	a.	a.	PROPN
ajfa-9288	408	5	,	,	PUNCT
ajfa-9288	408	6	&	&	CCONJ
ajfa-9288	408	7	mandelker	mandelker	PROPN
ajfa-9288	408	8	,	,	PUNCT
ajfa-9288	408	9	g.	g.	PROPN
ajfa-9288	408	10	(	(	PUNCT
ajfa-9288	408	11	1990	1990	NUM
ajfa-9288	408	12	)	)	PUNCT
ajfa-9288	408	13	.	.	PUNCT
ajfa-9288	409	1	large	large	ADJ
ajfa-9288	409	2	shareholders	shareholder	NOUN
ajfa-9288	409	3	and	and	CCONJ
ajfa-9288	409	4	the	the	DET
ajfa-9288	409	5	monitoring	monitoring	NOUN
ajfa-9288	409	6	of	of	ADP
ajfa-9288	409	7	managers	manager	NOUN
ajfa-9288	409	8	:	:	PUNCT
ajfa-9288	409	9	the	the	DET
ajfa-9288	409	10	case	case	NOUN
ajfa-9288	409	11	of	of	ADP
ajfa-9288	409	12	antitakeover	antitakeover	ADJ
ajfa-9288	409	13	charter	charter	NOUN
ajfa-9288	409	14	amendments	amendment	NOUN
ajfa-9288	409	15	.	.	PUNCT
ajfa-9288	410	1	journal	journal	NOUN
ajfa-9288	410	2	of	of	ADP
ajfa-9288	410	3	financial	financial	ADJ
ajfa-9288	410	4	and	and	CCONJ
ajfa-9288	410	5	quantitative	quantitative	ADJ
ajfa-9288	410	6	analysis	analysis	NOUN
ajfa-9288	410	7	,	,	PUNCT
ajfa-9288	410	8	25	25	NUM
ajfa-9288	410	9	,	,	PUNCT
ajfa-9288	410	10	143	143	NUM
ajfa-9288	410	11	-	-	SYM
ajfa-9288	410	12	161	161	NUM
ajfa-9288	410	13	.	.	PUNCT
ajfa-9288	411	1	http://dx.doi.org/10.2307/2330821	http://dx.doi.org/10.2307/2330821	PROPN
ajfa-9288	411	2	ahmed	ahmed	PROPN
ajfa-9288	411	3	,	,	PUNCT
ajfa-9288	411	4	a.	a.	PROPN
ajfa-9288	411	5	s.	s.	PROPN
ajfa-9288	411	6	,	,	PUNCT
ajfa-9288	411	7	billings	billing	NOUN
ajfa-9288	411	8	,	,	PUNCT
ajfa-9288	411	9	b.	b.	PROPN
ajfa-9288	411	10	k.	k.	PROPN
ajfa-9288	411	11	,	,	PUNCT
ajfa-9288	411	12	morton	morton	PROPN
ajfa-9288	411	13	,	,	PUNCT
ajfa-9288	411	14	r.	r.	PROPN
ajfa-9288	411	15	m.	m.	PROPN
ajfa-9288	411	16	,	,	PUNCT
ajfa-9288	411	17	&	&	CCONJ
ajfa-9288	411	18	stanford	stanford	PROPN
ajfa-9288	411	19	-	-	PUNCT
ajfa-9288	411	20	harris	harris	PROPN
ajfa-9288	411	21	,	,	PUNCT
ajfa-9288	411	22	m.	m.	NOUN
ajfa-9288	411	23	(	(	PUNCT
ajfa-9288	411	24	2002	2002	NUM
ajfa-9288	411	25	)	)	PUNCT
ajfa-9288	411	26	.	.	PUNCT
ajfa-9288	412	1	the	the	DET
ajfa-9288	412	2	role	role	NOUN
ajfa-9288	412	3	of	of	ADP
ajfa-9288	412	4	accounting	account	VERB
ajfa-9288	412	5	conservatism	conservatism	NOUN
ajfa-9288	412	6	in	in	ADP
ajfa-9288	412	7	mitigating	mitigate	VERB
ajfa-9288	412	8	bondholder	bondholder	NOUN
ajfa-9288	412	9	-	-	PUNCT
ajfa-9288	412	10	shareholder	shareholder	NOUN
ajfa-9288	412	11	conflicts	conflict	NOUN
ajfa-9288	412	12	over	over	ADP
ajfa-9288	412	13	dividend	dividend	NOUN
ajfa-9288	412	14	policy	policy	NOUN
ajfa-9288	412	15	and	and	CCONJ
ajfa-9288	412	16	in	in	ADP
ajfa-9288	412	17	reducing	reduce	VERB
ajfa-9288	412	18	debt	debt	NOUN
ajfa-9288	412	19	costs	cost	NOUN
ajfa-9288	412	20	.	.	PUNCT
ajfa-9288	413	1	the	the	DET
ajfa-9288	413	2	accounting	accounting	NOUN
ajfa-9288	413	3	review	review	NOUN
ajfa-9288	413	4	,	,	PUNCT
ajfa-9288	413	5	77	77	NUM
ajfa-9288	413	6	,	,	PUNCT
ajfa-9288	413	7	867	867	NUM
ajfa-9288	413	8	-	-	SYM
ajfa-9288	413	9	890	890	NUM
ajfa-9288	413	10	.	.	PUNCT
ajfa-9288	414	1	http://dx.doi.org/10.2308/accr.2002.77.4.867	http://dx.doi.org/10.2308/accr.2002.77.4.867	PROPN
ajfa-9288	414	2	alchian	alchian	NOUN
ajfa-9288	414	3	,	,	PUNCT
ajfa-9288	414	4	a.	a.	PROPN
ajfa-9288	414	5	,	,	PUNCT
ajfa-9288	414	6	&	&	CCONJ
ajfa-9288	414	7	demsetz	demsetz	PROPN
ajfa-9288	414	8	,	,	PUNCT
ajfa-9288	414	9	h.	h.	PROPN
ajfa-9288	414	10	(	(	PUNCT
ajfa-9288	414	11	1972	1972	NUM
ajfa-9288	414	12	)	)	PUNCT
ajfa-9288	414	13	.	.	PUNCT
ajfa-9288	415	1	production	production	NOUN
ajfa-9288	415	2	,	,	PUNCT
ajfa-9288	415	3	information	information	NOUN
ajfa-9288	415	4	costs	cost	NOUN
ajfa-9288	415	5	and	and	CCONJ
ajfa-9288	415	6	economic	economic	ADJ
ajfa-9288	415	7	organization	organization	NOUN
ajfa-9288	415	8	.	.	PUNCT
ajfa-9288	416	1	asian	asian	ADJ
ajfa-9288	416	2	journal	journal	PROPN
ajfa-9288	416	3	of	of	ADP
ajfa-9288	416	4	finance	finance	PROPN
ajfa-9288	416	5	&	&	CCONJ
ajfa-9288	416	6	accounting	accounting	PROPN
ajfa-9288	416	7	issn	issn	PROPN
ajfa-9288	416	8	1946	1946	NUM
ajfa-9288	416	9	-	-	PUNCT
ajfa-9288	416	10	052x	052x	PROPN
ajfa-9288	416	11	2016	2016	NUM
ajfa-9288	416	12	,	,	PUNCT
ajfa-9288	416	13	vol	vol	NOUN
ajfa-9288	416	14	.	.	PROPN
ajfa-9288	416	15	8	8	NUM
ajfa-9288	416	16	,	,	PUNCT
ajfa-9288	416	17	no	no	INTJ
ajfa-9288	416	18	.	.	NOUN
ajfa-9288	416	19	1	1	NUM
ajfa-9288	416	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	416	21	149	149	NUM
ajfa-9288	416	22	american	american	ADJ
ajfa-9288	416	23	economic	economic	PROPN
ajfa-9288	416	24	review	review	PROPN
ajfa-9288	416	25	,	,	PUNCT
ajfa-9288	416	26	62	62	NUM
ajfa-9288	416	27	,	,	PUNCT
ajfa-9288	416	28	777	777	NUM
ajfa-9288	416	29	-	-	SYM
ajfa-9288	416	30	795	795	NUM
ajfa-9288	416	31	.	.	PUNCT
ajfa-9288	417	1	ang	ang	PROPN
ajfa-9288	417	2	,	,	PUNCT
ajfa-9288	417	3	j.	j.	PROPN
ajfa-9288	417	4	s.	s.	PROPN
ajfa-9288	417	5	,	,	PUNCT
ajfa-9288	417	6	rebel	rebel	NOUN
ajfa-9288	417	7	.	.	PUNCT
ajfa-9288	418	1	a.	a.	PROPN
ajfa-9288	418	2	c.	c.	PROPN
ajfa-9288	418	3	,	,	PUNCT
ajfa-9288	418	4	&	&	CCONJ
ajfa-9288	418	5	james	james	PROPN
ajfa-9288	418	6	.	.	PUNCT
ajfa-9288	419	1	w.	w.	PROPN
ajfa-9288	419	2	l.	l.	PROPN
ajfa-9288	419	3	(	(	PUNCT
ajfa-9288	419	4	2000	2000	NUM
ajfa-9288	419	5	)	)	PUNCT
ajfa-9288	419	6	.	.	PUNCT
ajfa-9288	420	1	agency	agency	NOUN
ajfa-9288	420	2	costs	cost	NOUN
ajfa-9288	420	3	and	and	CCONJ
ajfa-9288	420	4	ownership	ownership	NOUN
ajfa-9288	420	5	.	.	PUNCT
ajfa-9288	421	1	journal	journal	PROPN
ajfa-9288	421	2	of	of	ADP
ajfa-9288	421	3	finance	finance	NOUN
ajfa-9288	421	4	,	,	PUNCT
ajfa-9288	421	5	55	55	NUM
ajfa-9288	421	6	,	,	PUNCT
ajfa-9288	421	7	81	81	NUM
ajfa-9288	421	8	-	-	SYM
ajfa-9288	421	9	105	105	NUM
ajfa-9288	421	10	.	.	PUNCT
ajfa-9288	422	1	http://dx.doi.org/10.1111/0022-1082.00201	http://dx.doi.org/10.1111/0022-1082.00201	PROPN
ajfa-9288	422	2	asquith	asquith	PROPN
ajfa-9288	422	3	,	,	PUNCT
ajfa-9288	422	4	p.	p.	PROPN
ajfa-9288	422	5	,	,	PUNCT
ajfa-9288	422	6	&	&	CCONJ
ajfa-9288	422	7	mullins	mullins	PROPN
ajfa-9288	422	8	,	,	PUNCT
ajfa-9288	422	9	d.	d.	PROPN
ajfa-9288	422	10	(	(	PUNCT
ajfa-9288	422	11	1986	1986	NUM
ajfa-9288	422	12	)	)	PUNCT
ajfa-9288	422	13	.	.	PUNCT
ajfa-9288	423	1	equity	equity	NOUN
ajfa-9288	423	2	issues	issue	NOUN
ajfa-9288	423	3	and	and	CCONJ
ajfa-9288	423	4	offering	offer	VERB
ajfa-9288	423	5	dilution	dilution	NOUN
ajfa-9288	423	6	.	.	PUNCT
ajfa-9288	424	1	journal	journal	NOUN
ajfa-9288	424	2	of	of	ADP
ajfa-9288	424	3	financial	financial	ADJ
ajfa-9288	424	4	economics	economic	NOUN
ajfa-9288	424	5	,	,	PUNCT
ajfa-9288	424	6	15	15	NUM
ajfa-9288	424	7	,	,	PUNCT
ajfa-9288	424	8	61	61	NUM
ajfa-9288	424	9	-	-	SYM
ajfa-9288	424	10	89	89	NUM
ajfa-9288	424	11	.	.	PUNCT
ajfa-9288	425	1	http://dx.doi.org/10.1016/0304-405x(86)90050-4	http://dx.doi.org/10.1016/0304-405x(86)90050-4	PROPN
ajfa-9288	425	2	baker	baker	PROPN
ajfa-9288	425	3	,	,	PUNCT
ajfa-9288	425	4	m.	m.	NOUN
ajfa-9288	425	5	,	,	PUNCT
ajfa-9288	425	6	&	&	CCONJ
ajfa-9288	425	7	wurgler	wurgler	PROPN
ajfa-9288	425	8	,	,	PUNCT
ajfa-9288	425	9	j.	j.	PROPN
ajfa-9288	425	10	(	(	PUNCT
ajfa-9288	425	11	2002	2002	NUM
ajfa-9288	425	12	)	)	PUNCT
ajfa-9288	425	13	.	.	PUNCT
ajfa-9288	426	1	market	market	NOUN
ajfa-9288	426	2	timing	timing	NOUN
ajfa-9288	426	3	and	and	CCONJ
ajfa-9288	426	4	capital	capital	NOUN
ajfa-9288	426	5	structure	structure	NOUN
ajfa-9288	426	6	.	.	PUNCT
ajfa-9288	427	1	journal	journal	PROPN
ajfa-9288	427	2	of	of	ADP
ajfa-9288	427	3	finance	finance	NOUN
ajfa-9288	427	4	,	,	PUNCT
ajfa-9288	427	5	57	57	NUM
ajfa-9288	427	6	,	,	PUNCT
ajfa-9288	427	7	1	1	NUM
ajfa-9288	427	8	-	-	SYM
ajfa-9288	427	9	32	32	NUM
ajfa-9288	427	10	.	.	PUNCT
ajfa-9288	428	1	http://dx.doi.org/10.1111/1540-6261.00414	http://dx.doi.org/10.1111/1540-6261.00414	NOUN
ajfa-9288	428	2	berger	berger	PROPN
ajfa-9288	428	3	,	,	PUNCT
ajfa-9288	428	4	p.	p.	PROPN
ajfa-9288	428	5	g.	g.	PROPN
ajfa-9288	428	6	,	,	PUNCT
ajfa-9288	428	7	ofek	ofek	PROPN
ajfa-9288	428	8	,	,	PUNCT
ajfa-9288	428	9	e.	e.	PROPN
ajfa-9288	428	10	,	,	PUNCT
ajfa-9288	428	11	&	&	CCONJ
ajfa-9288	428	12	yermack	yermack	PROPN
ajfa-9288	428	13	d.	d.	PROPN
ajfa-9288	428	14	l.	l.	PROPN
ajfa-9288	428	15	(	(	PUNCT
ajfa-9288	428	16	1997	1997	NUM
ajfa-9288	428	17	)	)	PUNCT
ajfa-9288	428	18	.	.	PUNCT
ajfa-9288	429	1	managerial	managerial	ADJ
ajfa-9288	429	2	entrenchment	entrenchment	NOUN
ajfa-9288	429	3	and	and	CCONJ
ajfa-9288	429	4	capital	capital	NOUN
ajfa-9288	429	5	structure	structure	NOUN
ajfa-9288	429	6	decisions	decision	NOUN
ajfa-9288	429	7	.	.	PUNCT
ajfa-9288	430	1	journal	journal	NOUN
ajfa-9288	430	2	of	of	ADP
ajfa-9288	430	3	finance	finance	NOUN
ajfa-9288	430	4	,	,	PUNCT
ajfa-9288	430	5	52	52	NUM
ajfa-9288	430	6	,	,	PUNCT
ajfa-9288	430	7	1411	1411	NUM
ajfa-9288	430	8	-	-	SYM
ajfa-9288	430	9	1437	1437	NUM
ajfa-9288	430	10	.	.	PUNCT
ajfa-9288	431	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb01115.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb01115.x	PROPN
ajfa-9288	431	2	berle	berle	PROPN
ajfa-9288	431	3	,	,	PUNCT
ajfa-9288	431	4	a.	a.	NOUN
ajfa-9288	431	5	,	,	PUNCT
ajfa-9288	431	6	&	&	CCONJ
ajfa-9288	431	7	means	mean	NOUN
ajfa-9288	431	8	.	.	PUNCT
ajfa-9288	432	1	g.	g.	PROPN
ajfa-9288	432	2	c.	c.	PROPN
ajfa-9288	432	3	(	(	PUNCT
ajfa-9288	432	4	1932	1932	NUM
ajfa-9288	432	5	)	)	PUNCT
ajfa-9288	432	6	.	.	PUNCT
ajfa-9288	433	1	the	the	DET
ajfa-9288	433	2	modern	modern	ADJ
ajfa-9288	433	3	corporation	corporation	NOUN
ajfa-9288	433	4	and	and	CCONJ
ajfa-9288	433	5	private	private	ADJ
ajfa-9288	433	6	property	property	NOUN
ajfa-9288	433	7	.	.	PUNCT
ajfa-9288	434	1	new	new	PROPN
ajfa-9288	434	2	york	york	PROPN
ajfa-9288	434	3	:	:	PUNCT
ajfa-9288	434	4	macmillan	macmillan	PROPN
ajfa-9288	434	5	publishing	publishing	PROPN
ajfa-9288	434	6	co.	co.	PROPN
ajfa-9288	434	7	claessens	claessen	NOUN
ajfa-9288	434	8	,	,	PUNCT
ajfa-9288	434	9	s.	s.	PROPN
ajfa-9288	434	10	,	,	PUNCT
ajfa-9288	434	11	&	&	CCONJ
ajfa-9288	434	12	yurtoglu	yurtoglu	PROPN
ajfa-9288	434	13	,	,	PUNCT
ajfa-9288	434	14	b.	b.	PROPN
ajfa-9288	434	15	b.	b.	PROPN
ajfa-9288	434	16	(	(	PUNCT
ajfa-9288	434	17	2013	2013	NUM
ajfa-9288	434	18	)	)	PUNCT
ajfa-9288	434	19	.	.	PUNCT
ajfa-9288	435	1	corporate	corporate	ADJ
ajfa-9288	435	2	governance	governance	NOUN
ajfa-9288	435	3	in	in	ADP
ajfa-9288	435	4	emerging	emerge	VERB
ajfa-9288	435	5	markets	market	NOUN
ajfa-9288	435	6	:	:	PUNCT
ajfa-9288	435	7	a	a	DET
ajfa-9288	435	8	survey	survey	NOUN
ajfa-9288	435	9	.	.	PUNCT
ajfa-9288	436	1	emerging	emerge	VERB
ajfa-9288	436	2	markets	market	NOUN
ajfa-9288	436	3	review	review	VERB
ajfa-9288	436	4	,	,	PUNCT
ajfa-9288	436	5	15	15	NUM
ajfa-9288	436	6	,	,	PUNCT
ajfa-9288	436	7	1	1	NUM
ajfa-9288	436	8	-	-	SYM
ajfa-9288	436	9	33	33	NUM
ajfa-9288	436	10	.	.	PUNCT
ajfa-9288	437	1	http://dx.doi.org/10.1016/j.ememar.2012.03.002	http://dx.doi.org/10.1016/j.ememar.2012.03.002	ADJ
ajfa-9288	437	2	colla	colla	NOUN
ajfa-9288	437	3	,	,	PUNCT
ajfa-9288	437	4	p.	p.	PROPN
ajfa-9288	437	5	,	,	PUNCT
ajfa-9288	437	6	ippolito	ippolito	PROPN
ajfa-9288	437	7	,	,	PUNCT
ajfa-9288	437	8	f.	f.	PROPN
ajfa-9288	437	9	,	,	PUNCT
ajfa-9288	437	10	&	&	CCONJ
ajfa-9288	437	11	li	li	PROPN
ajfa-9288	437	12	,	,	PUNCT
ajfa-9288	437	13	k.	k.	PROPN
ajfa-9288	437	14	(	(	PUNCT
ajfa-9288	437	15	2013	2013	NUM
ajfa-9288	437	16	)	)	PUNCT
ajfa-9288	437	17	.	.	PUNCT
ajfa-9288	438	1	debt	debt	NOUN
ajfa-9288	438	2	specialization	specialization	NOUN
ajfa-9288	438	3	.	.	PUNCT
ajfa-9288	439	1	journal	journal	PROPN
ajfa-9288	439	2	of	of	ADP
ajfa-9288	439	3	finance	finance	NOUN
ajfa-9288	439	4	,	,	PUNCT
ajfa-9288	439	5	68	68	NUM
ajfa-9288	439	6	,	,	PUNCT
ajfa-9288	439	7	2117	2117	NUM
ajfa-9288	439	8	-	-	SYM
ajfa-9288	439	9	2141	2141	NUM
ajfa-9288	439	10	.	.	PUNCT
ajfa-9288	440	1	http://dx.doi.org/10.1111/jofi.12052	http://dx.doi.org/10.1111/jofi.12052	PROPN
ajfa-9288	440	2	cronqvist	cronqvist	PROPN
ajfa-9288	440	3	,	,	PUNCT
ajfa-9288	440	4	h.	h.	PROPN
ajfa-9288	440	5	,	,	PUNCT
ajfa-9288	440	6	&	&	CCONJ
ajfa-9288	440	7	nilsson	nilsson	PROPN
ajfa-9288	440	8	,	,	PUNCT
ajfa-9288	440	9	m.	m.	NOUN
ajfa-9288	440	10	(	(	PUNCT
ajfa-9288	440	11	2005	2005	NUM
ajfa-9288	440	12	)	)	PUNCT
ajfa-9288	440	13	.	.	PUNCT
ajfa-9288	441	1	the	the	DET
ajfa-9288	441	2	choice	choice	NOUN
ajfa-9288	441	3	between	between	ADP
ajfa-9288	441	4	right	right	ADJ
ajfa-9288	441	5	offering	offering	NOUN
ajfa-9288	441	6	and	and	CCONJ
ajfa-9288	441	7	private	private	ADJ
ajfa-9288	441	8	equity	equity	NOUN
ajfa-9288	441	9	placements	placement	NOUN
ajfa-9288	441	10	.	.	PUNCT
ajfa-9288	442	1	journal	journal	NOUN
ajfa-9288	442	2	of	of	ADP
ajfa-9288	442	3	financial	financial	ADJ
ajfa-9288	442	4	economics	economic	NOUN
ajfa-9288	442	5	,	,	PUNCT
ajfa-9288	442	6	78	78	NUM
ajfa-9288	442	7	,	,	PUNCT
ajfa-9288	442	8	375	375	NUM
ajfa-9288	442	9	-	-	SYM
ajfa-9288	442	10	407	407	NUM
ajfa-9288	442	11	.	.	PUNCT
ajfa-9288	443	1	http://dx.doi.org/10.1016/j.jfineco.2004.12.002	http://dx.doi.org/10.1016/j.jfineco.2004.12.002	NOUN
ajfa-9288	443	2	denis	denis	PROPN
ajfa-9288	443	3	d.	d.	PROPN
ajfa-9288	443	4	j.	j.	PROPN
ajfa-9288	443	5	,	,	PUNCT
ajfa-9288	443	6	&	&	CCONJ
ajfa-9288	443	7	mckeon	mckeon	PROPN
ajfa-9288	443	8	,	,	PUNCT
ajfa-9288	443	9	s.	s.	PROPN
ajfa-9288	443	10	b.	b.	PROPN
ajfa-9288	443	11	(	(	PUNCT
ajfa-9288	443	12	2012	2012	NUM
ajfa-9288	443	13	)	)	PUNCT
ajfa-9288	443	14	.	.	PUNCT
ajfa-9288	444	1	debt	debt	NOUN
ajfa-9288	444	2	financing	financing	NOUN
ajfa-9288	444	3	and	and	CCONJ
ajfa-9288	444	4	financial	financial	ADJ
ajfa-9288	444	5	flexibility	flexibility	NOUN
ajfa-9288	444	6	:	:	PUNCT
ajfa-9288	444	7	evidence	evidence	NOUN
ajfa-9288	444	8	from	from	ADP
ajfa-9288	444	9	proactive	proactive	ADJ
ajfa-9288	444	10	leverage	leverage	NOUN
ajfa-9288	444	11	increases	increase	NOUN
ajfa-9288	444	12	.	.	PUNCT
ajfa-9288	445	1	the	the	DET
ajfa-9288	445	2	review	review	NOUN
ajfa-9288	445	3	of	of	ADP
ajfa-9288	445	4	financial	financial	ADJ
ajfa-9288	445	5	studies	study	NOUN
ajfa-9288	445	6	,	,	PUNCT
ajfa-9288	445	7	25	25	NUM
ajfa-9288	445	8	,	,	PUNCT
ajfa-9288	445	9	1897	1897	NUM
ajfa-9288	445	10	-	-	SYM
ajfa-9288	445	11	1929	1929	NUM
ajfa-9288	445	12	.	.	PUNCT
ajfa-9288	446	1	http://dx.doi.org/10.1093/rfs/hhs005	http://dx.doi.org/10.1093/rfs/hhs005	PROPN
ajfa-9288	446	2	fama	fama	PROPN
ajfa-9288	446	3	,	,	PUNCT
ajfa-9288	446	4	e.	e.	PROPN
ajfa-9288	446	5	,	,	PUNCT
ajfa-9288	446	6	&	&	CCONJ
ajfa-9288	446	7	jensen	jensen	PROPN
ajfa-9288	446	8	,	,	PUNCT
ajfa-9288	446	9	m.	m.	NOUN
ajfa-9288	446	10	(	(	PUNCT
ajfa-9288	446	11	1983	1983	NUM
ajfa-9288	446	12	)	)	PUNCT
ajfa-9288	446	13	.	.	PUNCT
ajfa-9288	447	1	separation	separation	NOUN
ajfa-9288	447	2	of	of	ADP
ajfa-9288	447	3	ownership	ownership	NOUN
ajfa-9288	447	4	and	and	CCONJ
ajfa-9288	447	5	control	control	NOUN
ajfa-9288	447	6	.	.	PUNCT
ajfa-9288	448	1	journal	journal	PROPN
ajfa-9288	448	2	of	of	ADP
ajfa-9288	448	3	law	law	NOUN
ajfa-9288	448	4	and	and	CCONJ
ajfa-9288	448	5	economics	economic	NOUN
ajfa-9288	448	6	,	,	PUNCT
ajfa-9288	448	7	26	26	NUM
ajfa-9288	448	8	,	,	PUNCT
ajfa-9288	448	9	301	301	NUM
ajfa-9288	448	10	-	-	SYM
ajfa-9288	448	11	325	325	NUM
ajfa-9288	448	12	.	.	PUNCT
ajfa-9288	449	1	http://dx.doi.org/10.1086/467037	http://dx.doi.org/10.1086/467037	PROPN
ajfa-9288	449	2	fama	fama	PROPN
ajfa-9288	449	3	.	.	PUNCT
ajfa-9288	450	1	e.	e.	PROPN
ajfa-9288	450	2	f.	f.	PROPN
ajfa-9288	450	3	,	,	PUNCT
ajfa-9288	450	4	&	&	CCONJ
ajfa-9288	450	5	jensen	jensen	PROPN
ajfa-9288	450	6	,	,	PUNCT
ajfa-9288	450	7	m.	m.	PROPN
ajfa-9288	450	8	c.	c.	PROPN
ajfa-9288	450	9	(	(	PUNCT
ajfa-9288	450	10	1983	1983	NUM
ajfa-9288	450	11	)	)	PUNCT
ajfa-9288	450	12	.	.	PUNCT
ajfa-9288	451	1	agency	agency	NOUN
ajfa-9288	451	2	problems	problem	NOUN
ajfa-9288	451	3	and	and	CCONJ
ajfa-9288	451	4	residual	residual	ADJ
ajfa-9288	451	5	claims	claim	NOUN
ajfa-9288	451	6	.	.	PUNCT
ajfa-9288	452	1	journal	journal	NOUN
ajfa-9288	452	2	of	of	ADP
ajfa-9288	452	3	law	law	NOUN
ajfa-9288	452	4	and	and	CCONJ
ajfa-9288	452	5	economics	economic	NOUN
ajfa-9288	452	6	,	,	PUNCT
ajfa-9288	452	7	26	26	NUM
ajfa-9288	452	8	,	,	PUNCT
ajfa-9288	452	9	327	327	NUM
ajfa-9288	452	10	-	-	SYM
ajfa-9288	452	11	349	349	NUM
ajfa-9288	452	12	.	.	PUNCT
ajfa-9288	453	1	http://dx.doi.org/10.1086/467038	http://dx.doi.org/10.1086/467038	PROPN
ajfa-9288	453	2	frank	frank	PROPN
ajfa-9288	453	3	,	,	PUNCT
ajfa-9288	453	4	m.	m.	NOUN
ajfa-9288	453	5	z.	z.	PROPN
ajfa-9288	453	6	,	,	PUNCT
ajfa-9288	453	7	&	&	CCONJ
ajfa-9288	453	8	goyal	goyal	PROPN
ajfa-9288	453	9	,	,	PUNCT
ajfa-9288	453	10	v.	v.	PROPN
ajfa-9288	453	11	k.	k.	PROPN
ajfa-9288	453	12	(	(	PUNCT
ajfa-9288	453	13	2003	2003	NUM
ajfa-9288	453	14	)	)	PUNCT
ajfa-9288	453	15	.	.	PUNCT
ajfa-9288	454	1	testing	test	VERB
ajfa-9288	454	2	the	the	DET
ajfa-9288	454	3	pecking	pecking	NOUN
ajfa-9288	454	4	order	order	NOUN
ajfa-9288	454	5	theory	theory	NOUN
ajfa-9288	454	6	of	of	ADP
ajfa-9288	454	7	capital	capital	NOUN
ajfa-9288	454	8	structure	structure	NOUN
ajfa-9288	454	9	.	.	PUNCT
ajfa-9288	455	1	journal	journal	NOUN
ajfa-9288	455	2	of	of	ADP
ajfa-9288	455	3	financial	financial	ADJ
ajfa-9288	455	4	economics	economic	NOUN
ajfa-9288	455	5	,	,	PUNCT
ajfa-9288	455	6	67	67	NUM
ajfa-9288	455	7	,	,	PUNCT
ajfa-9288	455	8	217	217	NUM
ajfa-9288	455	9	-	-	SYM
ajfa-9288	455	10	248	248	NUM
ajfa-9288	455	11	.	.	PUNCT
ajfa-9288	456	1	http://dx.doi.org/10.1016/s0304-405x(02)00252-0	http://dx.doi.org/10.1016/s0304-405x(02)00252-0	PROPN
ajfa-9288	456	2	fuerst	fuerst	PROPN
ajfa-9288	456	3	,	,	PUNCT
ajfa-9288	456	4	o.	o.	PROPN
ajfa-9288	456	5	,	,	PUNCT
ajfa-9288	456	6	&	&	CCONJ
ajfa-9288	456	7	kang	kang	PROPN
ajfa-9288	456	8	,	,	PUNCT
ajfa-9288	456	9	s.	s.	PROPN
ajfa-9288	456	10	h.	h.	PROPN
ajfa-9288	456	11	(	(	PUNCT
ajfa-9288	456	12	2000	2000	NUM
ajfa-9288	456	13	)	)	PUNCT
ajfa-9288	456	14	.	.	PUNCT
ajfa-9288	457	1	corporate	corporate	ADJ
ajfa-9288	457	2	governance	governance	NOUN
ajfa-9288	457	3	,	,	PUNCT
ajfa-9288	457	4	expected	expect	VERB
ajfa-9288	457	5	operation	operation	NOUN
ajfa-9288	457	6	performance	performance	NOUN
ajfa-9288	457	7	,	,	PUNCT
ajfa-9288	457	8	and	and	CCONJ
ajfa-9288	457	9	pricing	pricing	NOUN
ajfa-9288	457	10	.	.	PUNCT
ajfa-9288	458	1	working	work	VERB
ajfa-9288	458	2	paper	paper	NOUN
ajfa-9288	458	3	.	.	PUNCT
ajfa-9288	459	1	gamba	gamba	PROPN
ajfa-9288	459	2	,	,	PUNCT
ajfa-9288	459	3	a.	a.	PROPN
ajfa-9288	459	4	,	,	PUNCT
ajfa-9288	459	5	&	&	CCONJ
ajfa-9288	459	6	triantis	triantis	PROPN
ajfa-9288	459	7	,	,	PUNCT
ajfa-9288	459	8	a.	a.	PROPN
ajfa-9288	459	9	j.	j.	PROPN
ajfa-9288	459	10	(	(	PUNCT
ajfa-9288	459	11	2008	2008	NUM
ajfa-9288	459	12	)	)	PUNCT
ajfa-9288	459	13	.	.	PUNCT
ajfa-9288	460	1	the	the	DET
ajfa-9288	460	2	value	value	NOUN
ajfa-9288	460	3	of	of	ADP
ajfa-9288	460	4	financial	financial	ADJ
ajfa-9288	460	5	flexibility	flexibility	NOUN
ajfa-9288	460	6	.	.	PUNCT
ajfa-9288	461	1	journal	journal	NOUN
ajfa-9288	461	2	of	of	ADP
ajfa-9288	461	3	finance	finance	NOUN
ajfa-9288	461	4	,	,	PUNCT
ajfa-9288	461	5	63	63	NUM
ajfa-9288	461	6	,	,	PUNCT
ajfa-9288	461	7	2263	2263	NUM
ajfa-9288	461	8	-	-	SYM
ajfa-9288	461	9	2296	2296	NUM
ajfa-9288	461	10	.	.	PUNCT
ajfa-9288	462	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01397.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01397.x	PRON
ajfa-9288	462	2	garleanu	garleanu	NOUN
ajfa-9288	462	3	,	,	PUNCT
ajfa-9288	462	4	n.	n.	NOUN
ajfa-9288	462	5	,	,	PUNCT
ajfa-9288	462	6	&	&	CCONJ
ajfa-9288	462	7	zwiebel	zwiebel	PROPN
ajfa-9288	462	8	,	,	PUNCT
ajfa-9288	462	9	j.	j.	PROPN
ajfa-9288	462	10	(	(	PUNCT
ajfa-9288	462	11	2009	2009	NUM
ajfa-9288	462	12	)	)	PUNCT
ajfa-9288	462	13	.	.	PUNCT
ajfa-9288	463	1	design	design	NOUN
ajfa-9288	463	2	and	and	CCONJ
ajfa-9288	463	3	renegotiation	renegotiation	NOUN
ajfa-9288	463	4	of	of	ADP
ajfa-9288	463	5	debt	debt	NOUN
ajfa-9288	463	6	covenants	covenant	NOUN
ajfa-9288	463	7	.	.	PUNCT
ajfa-9288	464	1	the	the	DET
ajfa-9288	464	2	review	review	NOUN
ajfa-9288	464	3	of	of	ADP
ajfa-9288	464	4	financial	financial	ADJ
ajfa-9288	464	5	studies	study	NOUN
ajfa-9288	464	6	,	,	PUNCT
ajfa-9288	464	7	22	22	NUM
ajfa-9288	464	8	,	,	PUNCT
ajfa-9288	464	9	749	749	NUM
ajfa-9288	464	10	-	-	SYM
ajfa-9288	464	11	781	781	NUM
ajfa-9288	464	12	.	.	PUNCT
ajfa-9288	465	1	http://dx.doi.org/10.1093/rfs/hhn017	http://dx.doi.org/10.1093/rfs/hhn017	PROPN
ajfa-9288	465	2	graham	graham	PROPN
ajfa-9288	465	3	,	,	PUNCT
ajfa-9288	465	4	j.	j.	PROPN
ajfa-9288	465	5	,	,	PUNCT
ajfa-9288	465	6	&	&	CCONJ
ajfa-9288	465	7	harvey	harvey	PROPN
ajfa-9288	465	8	,	,	PUNCT
ajfa-9288	465	9	c.	c.	PROPN
ajfa-9288	465	10	r.	r.	PROPN
ajfa-9288	465	11	(	(	PUNCT
ajfa-9288	465	12	2001	2001	NUM
ajfa-9288	465	13	)	)	PUNCT
ajfa-9288	465	14	.	.	PUNCT
ajfa-9288	466	1	the	the	DET
ajfa-9288	466	2	theory	theory	NOUN
ajfa-9288	466	3	and	and	CCONJ
ajfa-9288	466	4	practice	practice	NOUN
ajfa-9288	466	5	of	of	ADP
ajfa-9288	466	6	corporate	corporate	ADJ
ajfa-9288	466	7	finance	finance	NOUN
ajfa-9288	466	8	:	:	PUNCT
ajfa-9288	466	9	evidence	evidence	NOUN
ajfa-9288	466	10	from	from	ADP
ajfa-9288	466	11	the	the	DET
ajfa-9288	466	12	field	field	NOUN
ajfa-9288	466	13	.	.	PUNCT
ajfa-9288	467	1	journal	journal	NOUN
ajfa-9288	467	2	of	of	ADP
ajfa-9288	467	3	financial	financial	ADJ
ajfa-9288	467	4	economics	economic	NOUN
ajfa-9288	467	5	,	,	PUNCT
ajfa-9288	467	6	60	60	NUM
ajfa-9288	467	7	,	,	PUNCT
ajfa-9288	467	8	187	187	NUM
ajfa-9288	467	9	-	-	SYM
ajfa-9288	467	10	243	243	NUM
ajfa-9288	467	11	.	.	PUNCT
ajfa-9288	468	1	http://dx.doi.org/10.1016/s0304-405x(01)00044-7	http://dx.doi.org/10.1016/s0304-405x(01)00044-7	X
ajfa-9288	468	2	hertzel	hertzel	ADJ
ajfa-9288	468	3	,	,	PUNCT
ajfa-9288	468	4	m.	m.	NOUN
ajfa-9288	468	5	,	,	PUNCT
ajfa-9288	468	6	&	&	CCONJ
ajfa-9288	468	7	li	li	PROPN
ajfa-9288	468	8	,	,	PUNCT
ajfa-9288	468	9	z.	z.	PROPN
ajfa-9288	468	10	(	(	PUNCT
ajfa-9288	468	11	2010	2010	NUM
ajfa-9288	468	12	)	)	PUNCT
ajfa-9288	468	13	.	.	PUNCT
ajfa-9288	469	1	behavioral	behavioral	ADJ
ajfa-9288	469	2	and	and	CCONJ
ajfa-9288	469	3	rational	rational	ADJ
ajfa-9288	469	4	explanations	explanation	NOUN
ajfa-9288	469	5	of	of	ADP
ajfa-9288	469	6	stock	stock	NOUN
ajfa-9288	469	7	price	price	NOUN
ajfa-9288	469	8	performance	performance	NOUN
ajfa-9288	469	9	asian	asian	ADJ
ajfa-9288	469	10	journal	journal	NOUN
ajfa-9288	469	11	of	of	ADP
ajfa-9288	469	12	finance	finance	PROPN
ajfa-9288	469	13	&	&	CCONJ
ajfa-9288	469	14	accounting	accounting	PROPN
ajfa-9288	469	15	issn	issn	PROPN
ajfa-9288	469	16	1946	1946	NUM
ajfa-9288	469	17	-	-	PUNCT
ajfa-9288	469	18	052x	052x	PROPN
ajfa-9288	469	19	2016	2016	NUM
ajfa-9288	469	20	,	,	PUNCT
ajfa-9288	469	21	vol	vol	NOUN
ajfa-9288	469	22	.	.	PROPN
ajfa-9288	469	23	8	8	NUM
ajfa-9288	469	24	,	,	PUNCT
ajfa-9288	469	25	no	no	INTJ
ajfa-9288	469	26	.	.	NOUN
ajfa-9288	469	27	1	1	NUM
ajfa-9288	469	28	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-9288	469	29	150	150	NUM
ajfa-9288	469	30	around	around	ADP
ajfa-9288	469	31	seos	seo	NOUN
ajfa-9288	469	32	:	:	PUNCT
ajfa-9288	469	33	evidence	evidence	NOUN
ajfa-9288	469	34	from	from	ADP
ajfa-9288	469	35	a	a	DET
ajfa-9288	469	36	decomposition	decomposition	NOUN
ajfa-9288	469	37	of	of	ADP
ajfa-9288	469	38	market	market	NOUN
ajfa-9288	469	39	-	-	PUNCT
ajfa-9288	469	40	to	to	ADP
ajfa-9288	469	41	-	-	PUNCT
ajfa-9288	469	42	book	book	NOUN
ajfa-9288	469	43	ratios	ratio	NOUN
ajfa-9288	469	44	.	.	PUNCT
ajfa-9288	470	1	journal	journal	NOUN
ajfa-9288	470	2	of	of	ADP
ajfa-9288	470	3	financial	financial	ADJ
ajfa-9288	470	4	and	and	CCONJ
ajfa-9288	470	5	quantitative	quantitative	ADJ
ajfa-9288	470	6	analysis	analysis	NOUN
ajfa-9288	470	7	,	,	PUNCT
ajfa-9288	470	8	45	45	NUM
ajfa-9288	470	9	,	,	PUNCT
ajfa-9288	470	10	935	935	NUM
ajfa-9288	470	11	-	-	SYM
ajfa-9288	470	12	958	958	NUM
ajfa-9288	470	13	.	.	PUNCT
ajfa-9288	471	1	http://dx.doi.org/10.1017/s002210901000030x	http://dx.doi.org/10.1017/s002210901000030x	PROPN
ajfa-9288	471	2	hessel	hessel	PROPN
ajfa-9288	471	3	,	,	PUNCT
ajfa-9288	471	4	c.	c.	PROPN
ajfa-9288	471	5	a.	a.	PROPN
ajfa-9288	471	6	,	,	PUNCT
ajfa-9288	471	7	&	&	CCONJ
ajfa-9288	471	8	norman	norman	PROPN
ajfa-9288	471	9	,	,	PUNCT
ajfa-9288	471	10	m.	m.	NOUN
ajfa-9288	471	11	(	(	PUNCT
ajfa-9288	471	12	1992	1992	NUM
ajfa-9288	471	13	)	)	PUNCT
ajfa-9288	471	14	.	.	PUNCT
ajfa-9288	472	1	financial	financial	ADJ
ajfa-9288	472	2	characteristics	characteristic	NOUN
ajfa-9288	472	3	of	of	ADP
ajfa-9288	472	4	neglected	neglect	VERB
ajfa-9288	472	5	and	and	CCONJ
ajfa-9288	472	6	institutionally	institutionally	ADV
ajfa-9288	472	7	hold	hold	VERB
ajfa-9288	472	8	stocks	stock	NOUN
ajfa-9288	472	9	.	.	PUNCT
ajfa-9288	473	1	journal	journal	NOUN
ajfa-9288	473	2	of	of	ADP
ajfa-9288	473	3	accounting	accounting	NOUN
ajfa-9288	473	4	,	,	PUNCT
ajfa-9288	473	5	auditing	auditing	NOUN
ajfa-9288	473	6	and	and	CCONJ
ajfa-9288	473	7	financing	financing	NOUN
ajfa-9288	473	8	,	,	PUNCT
ajfa-9288	473	9	7	7	NUM
ajfa-9288	473	10	,	,	PUNCT
ajfa-9288	473	11	313	313	NUM
ajfa-9288	473	12	-	-	SYM
ajfa-9288	473	13	330	330	NUM
ajfa-9288	473	14	.	.	PUNCT
ajfa-9288	474	1	hovakimian	hovakimian	PROPN
ajfa-9288	474	2	,	,	PUNCT
ajfa-9288	474	3	a.	a.	NOUN
ajfa-9288	474	4	,	,	PUNCT
ajfa-9288	474	5	opler	opler	ADJ
ajfa-9288	474	6	,	,	PUNCT
ajfa-9288	474	7	t.	t.	PROPN
ajfa-9288	474	8	,	,	PUNCT
ajfa-9288	474	9	&	&	CCONJ
ajfa-9288	474	10	titman	titman	PROPN
ajfa-9288	474	11	,	,	PUNCT
ajfa-9288	474	12	s.	s.	PROPN
ajfa-9288	474	13	(	(	PUNCT
ajfa-9288	474	14	2001	2001	NUM
ajfa-9288	474	15	)	)	PUNCT
ajfa-9288	474	16	.	.	PUNCT
ajfa-9288	475	1	the	the	DET
ajfa-9288	475	2	debt	debt	NOUN
ajfa-9288	475	3	-	-	PUNCT
ajfa-9288	475	4	equity	equity	NOUN
ajfa-9288	475	5	choice	choice	NOUN
ajfa-9288	475	6	.	.	PUNCT
ajfa-9288	476	1	journal	journal	NOUN
ajfa-9288	476	2	of	of	ADP
ajfa-9288	476	3	financial	financial	ADJ
ajfa-9288	476	4	and	and	CCONJ
ajfa-9288	476	5	quantitative	quantitative	ADJ
ajfa-9288	476	6	analysis	analysis	NOUN
ajfa-9288	476	7	,	,	PUNCT
ajfa-9288	476	8	36	36	NUM
ajfa-9288	476	9	,	,	PUNCT
ajfa-9288	476	10	1	1	NUM
ajfa-9288	476	11	-	-	SYM
ajfa-9288	476	12	24	24	NUM
ajfa-9288	476	13	.	.	PUNCT
ajfa-9288	477	1	http://dx.doi.org/10.2307/2676195	http://dx.doi.org/10.2307/2676195	PROPN
ajfa-9288	477	2	huang	huang	PROPN
ajfa-9288	477	3	,	,	PUNCT
ajfa-9288	477	4	r.	r.	PROPN
ajfa-9288	477	5	,	,	PUNCT
ajfa-9288	477	6	&	&	CCONJ
ajfa-9288	477	7	ritter	ritter	PROPN
ajfa-9288	477	8	,	,	PUNCT
ajfa-9288	477	9	j.	j.	PROPN
ajfa-9288	477	10	r.	r.	PROPN
ajfa-9288	477	11	(	(	PUNCT
ajfa-9288	477	12	2009	2009	NUM
ajfa-9288	477	13	)	)	PUNCT
ajfa-9288	477	14	.	.	PUNCT
ajfa-9288	478	1	testing	testing	NOUN
ajfa-9288	478	2	theories	theory	NOUN
ajfa-9288	478	3	of	of	ADP
ajfa-9288	478	4	capital	capital	NOUN
ajfa-9288	478	5	structure	structure	NOUN
ajfa-9288	478	6	and	and	CCONJ
ajfa-9288	478	7	estimating	estimate	VERB
ajfa-9288	478	8	the	the	DET
ajfa-9288	478	9	speed	speed	NOUN
ajfa-9288	478	10	of	of	ADP
ajfa-9288	478	11	adjustment	adjustment	NOUN
ajfa-9288	478	12	.	.	PUNCT
ajfa-9288	479	1	journal	journal	NOUN
ajfa-9288	479	2	of	of	ADP
ajfa-9288	479	3	financial	financial	ADJ
ajfa-9288	479	4	and	and	CCONJ
ajfa-9288	479	5	quantitative	quantitative	ADJ
ajfa-9288	479	6	analysis	analysis	NOUN
ajfa-9288	479	7	,	,	PUNCT
ajfa-9288	479	8	44	44	NUM
ajfa-9288	479	9	,	,	PUNCT
ajfa-9288	479	10	237	237	NUM
ajfa-9288	479	11	-	-	SYM
ajfa-9288	479	12	271	271	NUM
ajfa-9288	479	13	.	.	PUNCT
ajfa-9288	480	1	http://dx.doi.org/10.1017/s0022109009090152	http://dx.doi.org/10.1017/s0022109009090152	PROPN
ajfa-9288	480	2	jensen	jensen	PROPN
ajfa-9288	480	3	,	,	PUNCT
ajfa-9288	480	4	m.	m.	NOUN
ajfa-9288	480	5	(	(	PUNCT
ajfa-9288	480	6	1986	1986	NUM
ajfa-9288	480	7	)	)	PUNCT
ajfa-9288	480	8	.	.	PUNCT
ajfa-9288	481	1	the	the	DET
ajfa-9288	481	2	agency	agency	NOUN
ajfa-9288	481	3	costs	cost	NOUN
ajfa-9288	481	4	of	of	ADP
ajfa-9288	481	5	free	free	ADJ
ajfa-9288	481	6	cash	cash	NOUN
ajfa-9288	481	7	flows	flow	NOUN
ajfa-9288	481	8	,	,	PUNCT
ajfa-9288	481	9	corporate	corporate	ADJ
ajfa-9288	481	10	finance	finance	NOUN
ajfa-9288	481	11	,	,	PUNCT
ajfa-9288	481	12	and	and	CCONJ
ajfa-9288	481	13	takeovers	takeover	NOUN
ajfa-9288	481	14	.	.	PUNCT
ajfa-9288	482	1	american	american	PROPN
ajfa-9288	482	2	economic	economic	PROPN
ajfa-9288	482	3	review	review	PROPN
ajfa-9288	482	4	,	,	PUNCT
ajfa-9288	482	5	76	76	NUM
ajfa-9288	482	6	,	,	PUNCT
ajfa-9288	482	7	323	323	NUM
ajfa-9288	482	8	-	-	SYM
ajfa-9288	482	9	329	329	NUM
ajfa-9288	482	10	.	.	PUNCT
ajfa-9288	483	1	jensen	jensen	PROPN
ajfa-9288	483	2	,	,	PUNCT
ajfa-9288	483	3	m.	m.	PROPN
ajfa-9288	483	4	c.	c.	PROPN
ajfa-9288	483	5	,	,	PUNCT
ajfa-9288	483	6	&	&	CCONJ
ajfa-9288	483	7	mecking	mecking	PROPN
ajfa-9288	483	8	,	,	PUNCT
ajfa-9288	483	9	w.	w.	PROPN
ajfa-9288	483	10	h.	h.	PROPN
ajfa-9288	483	11	(	(	PUNCT
ajfa-9288	483	12	1976	1976	NUM
ajfa-9288	483	13	)	)	PUNCT
ajfa-9288	483	14	.	.	PUNCT
ajfa-9288	484	1	theory	theory	NOUN
ajfa-9288	484	2	of	of	ADP
ajfa-9288	484	3	the	the	DET
ajfa-9288	484	4	firm	firm	NOUN
ajfa-9288	484	5	:	:	PUNCT
ajfa-9288	484	6	managerial	managerial	ADJ
ajfa-9288	484	7	behavior	behavior	NOUN
ajfa-9288	484	8	,	,	PUNCT
ajfa-9288	484	9	agency	agency	NOUN
ajfa-9288	484	10	costs	cost	NOUN
ajfa-9288	484	11	and	and	CCONJ
ajfa-9288	484	12	ownership	ownership	NOUN
ajfa-9288	484	13	structure	structure	NOUN
ajfa-9288	484	14	.	.	PUNCT
ajfa-9288	485	1	journal	journal	NOUN
ajfa-9288	485	2	of	of	ADP
ajfa-9288	485	3	financial	financial	ADJ
ajfa-9288	485	4	economics	economic	NOUN
ajfa-9288	485	5	,	,	PUNCT
ajfa-9288	485	6	3	3	NUM
ajfa-9288	485	7	,	,	PUNCT
ajfa-9288	485	8	305	305	NUM
ajfa-9288	485	9	-	-	SYM
ajfa-9288	485	10	360	360	NUM
ajfa-9288	485	11	.	.	PUNCT
ajfa-9288	486	1	http://dx.doi.org/10.1016/0304-405x(76)90026-x	http://dx.doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-9288	486	2	jensen	jensen	PROPN
ajfa-9288	486	3	,	,	PUNCT
ajfa-9288	486	4	m.	m.	PROPN
ajfa-9288	486	5	c.	c.	PROPN
ajfa-9288	486	6	,	,	PUNCT
ajfa-9288	486	7	&	&	CCONJ
ajfa-9288	486	8	ruback	ruback	PROPN
ajfa-9288	486	9	,	,	PUNCT
ajfa-9288	486	10	r.	r.	PROPN
ajfa-9288	486	11	s.	s.	PROPN
ajfa-9288	486	12	(	(	PUNCT
ajfa-9288	486	13	1983	1983	NUM
ajfa-9288	486	14	)	)	PUNCT
ajfa-9288	486	15	.	.	PUNCT
ajfa-9288	487	1	the	the	DET
ajfa-9288	487	2	market	market	NOUN
ajfa-9288	487	3	for	for	ADP
ajfa-9288	487	4	corporate	corporate	ADJ
ajfa-9288	487	5	control	control	NOUN
ajfa-9288	487	6	:	:	PUNCT
ajfa-9288	487	7	the	the	DET
ajfa-9288	487	8	scientific	scientific	ADJ
ajfa-9288	487	9	evidence	evidence	NOUN
ajfa-9288	487	10	.	.	PUNCT
ajfa-9288	488	1	journal	journal	NOUN
ajfa-9288	488	2	of	of	ADP
ajfa-9288	488	3	financial	financial	ADJ
ajfa-9288	488	4	economics	economic	NOUN
ajfa-9288	488	5	,	,	PUNCT
ajfa-9288	488	6	11	11	NUM
ajfa-9288	488	7	,	,	PUNCT
ajfa-9288	488	8	5	5	NUM
ajfa-9288	488	9	-	-	SYM
ajfa-9288	488	10	50	50	NUM
ajfa-9288	488	11	.	.	PUNCT
ajfa-9288	489	1	http://dx.doi.org/10.1016/0304-405x(83)90004-1	http://dx.doi.org/10.1016/0304-405x(83)90004-1	PROPN
ajfa-9288	489	2	john	john	PROPN
ajfa-9288	489	3	.	.	PUNCT
ajfa-9288	490	1	k.	k.	PROPN
ajfa-9288	490	2	,	,	PUNCT
ajfa-9288	490	3	&	&	CCONJ
ajfa-9288	490	4	senbet	senbet	PROPN
ajfa-9288	490	5	,	,	PUNCT
ajfa-9288	490	6	l.	l.	PROPN
ajfa-9288	490	7	w.	w.	PROPN
ajfa-9288	490	8	(	(	PUNCT
ajfa-9288	490	9	1998	1998	NUM
ajfa-9288	490	10	)	)	PUNCT
ajfa-9288	490	11	.	.	PUNCT
ajfa-9288	491	1	corporate	corporate	ADJ
ajfa-9288	491	2	governance	governance	NOUN
ajfa-9288	491	3	and	and	CCONJ
ajfa-9288	491	4	board	board	NOUN
ajfa-9288	491	5	effectiveness	effectiveness	NOUN
ajfa-9288	491	6	.	.	PUNCT
ajfa-9288	492	1	journal	journal	NOUN
ajfa-9288	492	2	of	of	ADP
ajfa-9288	492	3	banking	banking	NOUN
ajfa-9288	492	4	and	and	CCONJ
ajfa-9288	492	5	finance	finance	NOUN
ajfa-9288	492	6	,	,	PUNCT
ajfa-9288	492	7	22	22	NUM
ajfa-9288	492	8	,	,	PUNCT
ajfa-9288	492	9	371	371	NUM
ajfa-9288	492	10	-	-	SYM
ajfa-9288	492	11	403	403	NUM
ajfa-9288	492	12	.	.	PUNCT
ajfa-9288	493	1	http://dx.doi.org/10.1016/s0378-4266(98)00005-3	http://dx.doi.org/10.1016/s0378-4266(98)00005-3	PROPN
ajfa-9288	493	2	kang	kang	PROPN
ajfa-9288	493	3	,	,	PUNCT
ajfa-9288	493	4	f.	f.	PROPN
ajfa-9288	493	5	(	(	PUNCT
ajfa-9288	493	6	2014	2014	NUM
ajfa-9288	493	7	)	)	PUNCT
ajfa-9288	493	8	.	.	PUNCT
ajfa-9288	494	1	founding	found	VERB
ajfa-9288	494	2	family	family	NOUN
ajfa-9288	494	3	ownership	ownership	NOUN
ajfa-9288	494	4	and	and	CCONJ
ajfa-9288	494	5	the	the	DET
ajfa-9288	494	6	selection	selection	NOUN
ajfa-9288	494	7	industry	industry	NOUN
ajfa-9288	494	8	specialist	specialist	NOUN
ajfa-9288	494	9	auditors	auditor	NOUN
ajfa-9288	494	10	.	.	PUNCT
ajfa-9288	495	1	accounting	account	VERB
ajfa-9288	495	2	horizon	horizon	PROPN
ajfa-9288	495	3	,	,	PUNCT
ajfa-9288	495	4	28	28	NUM
ajfa-9288	495	5	,	,	PUNCT
ajfa-9288	495	6	261	261	NUM
ajfa-9288	495	7	-	-	SYM
ajfa-9288	495	8	276	276	NUM
ajfa-9288	495	9	.	.	PUNCT
ajfa-9288	496	1	http://dx.doi.org/10.2308/acch-50714	http://dx.doi.org/10.2308/acch-50714	PROPN
ajfa-9288	496	2	kim	kim	PROPN
ajfa-9288	496	3	,	,	PUNCT
ajfa-9288	496	4	w.	w.	PROPN
ajfa-9288	496	5	,	,	PUNCT
ajfa-9288	496	6	&	&	CCONJ
ajfa-9288	496	7	weisbach	weisbach	NOUN
ajfa-9288	496	8	,	,	PUNCT
ajfa-9288	496	9	m.	m.	NOUN
ajfa-9288	496	10	s.	s.	PROPN
ajfa-9288	496	11	(	(	PUNCT
ajfa-9288	496	12	2008	2008	NUM
ajfa-9288	496	13	)	)	PUNCT
ajfa-9288	496	14	.	.	PUNCT
ajfa-9288	497	1	motivations	motivation	NOUN
ajfa-9288	497	2	for	for	ADP
ajfa-9288	497	3	public	public	ADJ
ajfa-9288	497	4	equity	equity	NOUN
ajfa-9288	497	5	offers	offer	NOUN
ajfa-9288	497	6	:	:	PUNCT
ajfa-9288	497	7	an	an	DET
ajfa-9288	497	8	international	international	ADJ
ajfa-9288	497	9	perspective	perspective	NOUN
ajfa-9288	497	10	.	.	PUNCT
ajfa-9288	498	1	journal	journal	NOUN
ajfa-9288	498	2	of	of	ADP
ajfa-9288	498	3	financial	financial	ADJ
ajfa-9288	498	4	economics	economic	NOUN
ajfa-9288	498	5	,	,	PUNCT
ajfa-9288	498	6	87	87	NUM
ajfa-9288	498	7	,	,	PUNCT
ajfa-9288	498	8	281	281	NUM
ajfa-9288	498	9	-	-	SYM
ajfa-9288	498	10	307	307	NUM
ajfa-9288	498	11	.	.	PUNCT
ajfa-9288	499	1	http://dx.doi.org/10.1016/j.jfineco.2006.09.010	http://dx.doi.org/10.1016/j.jfineco.2006.09.010	PROPN
ajfa-9288	499	2	lee	lee	PROPN
ajfa-9288	499	3	,	,	PUNCT
ajfa-9288	499	4	h.	h.	PROPN
ajfa-9288	499	5	,	,	PUNCT
ajfa-9288	499	6	&	&	CCONJ
ajfa-9288	499	7	kocher	kocher	PROPN
ajfa-9288	499	8	,	,	PUNCT
ajfa-9288	499	9	c.	c.	PROPN
ajfa-9288	499	10	(	(	PUNCT
ajfa-9288	499	11	2001	2001	NUM
ajfa-9288	499	12	)	)	PUNCT
ajfa-9288	499	13	.	.	PUNCT
ajfa-9288	500	1	firm	firm	ADJ
ajfa-9288	500	2	characteristics	characteristic	NOUN
ajfa-9288	500	3	and	and	CCONJ
ajfa-9288	500	4	seasoned	seasoned	ADJ
ajfa-9288	500	5	equity	equity	NOUN
ajfa-9288	500	6	issuance	issuance	NOUN
ajfa-9288	500	7	method	method	NOUN
ajfa-9288	500	8	private	private	ADJ
ajfa-9288	500	9	placement	placement	NOUN
ajfa-9288	500	10	versus	versus	ADP
ajfa-9288	500	11	public	public	ADJ
ajfa-9288	500	12	offering	offering	NOUN
ajfa-9288	500	13	.	.	PUNCT
ajfa-9288	501	1	journal	journal	NOUN
ajfa-9288	501	2	of	of	ADP
ajfa-9288	501	3	applied	apply	VERB
ajfa-9288	501	4	business	business	NOUN
ajfa-9288	501	5	research	research	NOUN
ajfa-9288	501	6	,	,	PUNCT
ajfa-9288	501	7	17	17	NUM
ajfa-9288	501	8	,	,	PUNCT
ajfa-9288	501	9	23	23	NUM
ajfa-9288	501	10	-	-	SYM
ajfa-9288	501	11	36	36	NUM
ajfa-9288	501	12	.	.	PUNCT
ajfa-9288	502	1	leone	leone	PROPN
ajfa-9288	502	2	,	,	PUNCT
ajfa-9288	502	3	a.	a.	PROPN
ajfa-9288	502	4	j.	j.	PROPN
ajfa-9288	502	5	,	,	PUNCT
ajfa-9288	502	6	&	&	CCONJ
ajfa-9288	502	7	liu	liu	PROPN
ajfa-9288	502	8	,	,	PUNCT
ajfa-9288	502	9	m.	m.	NOUN
ajfa-9288	502	10	(	(	PUNCT
ajfa-9288	502	11	2010	2010	NUM
ajfa-9288	502	12	)	)	PUNCT
ajfa-9288	502	13	.	.	PUNCT
ajfa-9288	503	1	accounting	accounting	NOUN
ajfa-9288	503	2	irregularities	irregularity	NOUN
ajfa-9288	503	3	and	and	CCONJ
ajfa-9288	503	4	executive	executive	ADJ
ajfa-9288	503	5	turnover	turnover	NOUN
ajfa-9288	503	6	in	in	ADP
ajfa-9288	503	7	founder	founder	NOUN
ajfa-9288	503	8	-	-	PUNCT
ajfa-9288	503	9	managed	manage	VERB
ajfa-9288	503	10	firms	firm	NOUN
ajfa-9288	503	11	.	.	PUNCT
ajfa-9288	504	1	the	the	DET
ajfa-9288	504	2	accounting	accounting	NOUN
ajfa-9288	504	3	review	review	NOUN
ajfa-9288	504	4	,	,	PUNCT
ajfa-9288	504	5	85	85	NUM
ajfa-9288	504	6	,	,	PUNCT
ajfa-9288	504	7	287	287	NUM
ajfa-9288	504	8	-	-	SYM
ajfa-9288	504	9	314	314	NUM
ajfa-9288	504	10	.	.	PUNCT
ajfa-9288	505	1	http://dx.doi.org/10.2308/accr.2010.85.1.287	http://dx.doi.org/10.2308/accr.2010.85.1.287	PROPN
ajfa-9288	505	2	lins	lin	NOUN
ajfa-9288	505	3	,	,	PUNCT
ajfa-9288	505	4	k.	k.	PROPN
ajfa-9288	505	5	v.	v.	PROPN
ajfa-9288	505	6	(	(	PUNCT
ajfa-9288	505	7	2003	2003	NUM
ajfa-9288	505	8	)	)	PUNCT
ajfa-9288	505	9	.	.	PUNCT
ajfa-9288	506	1	equity	equity	NOUN
ajfa-9288	506	2	ownership	ownership	NOUN
ajfa-9288	506	3	and	and	CCONJ
ajfa-9288	506	4	firm	firm	ADJ
ajfa-9288	506	5	value	value	NOUN
ajfa-9288	506	6	in	in	ADP
ajfa-9288	506	7	emerging	emerge	VERB
ajfa-9288	506	8	markets	market	NOUN
ajfa-9288	506	9	.	.	PUNCT
ajfa-9288	507	1	journal	journal	NOUN
ajfa-9288	507	2	of	of	ADP
ajfa-9288	507	3	financial	financial	ADJ
ajfa-9288	507	4	and	and	CCONJ
ajfa-9288	507	5	quantitative	quantitative	ADJ
ajfa-9288	507	6	analysis	analysis	NOUN
ajfa-9288	507	7	,	,	PUNCT
ajfa-9288	507	8	38	38	NUM
ajfa-9288	507	9	,	,	PUNCT
ajfa-9288	507	10	159	159	NUM
ajfa-9288	507	11	-	-	SYM
ajfa-9288	507	12	184	184	NUM
ajfa-9288	507	13	.	.	PUNCT
ajfa-9288	508	1	http://dx.doi.org/10.2307/4126768	http://dx.doi.org/10.2307/4126768	PROPN
ajfa-9288	508	2	loughran	loughran	PROPN
ajfa-9288	508	3	,	,	PUNCT
ajfa-9288	508	4	t.	t.	PROPN
ajfa-9288	508	5	,	,	PUNCT
ajfa-9288	508	6	&	&	CCONJ
ajfa-9288	508	7	ritter	ritter	PROPN
ajfa-9288	508	8	,	,	PUNCT
ajfa-9288	508	9	j.	j.	PROPN
ajfa-9288	508	10	(	(	PUNCT
ajfa-9288	508	11	1997	1997	NUM
ajfa-9288	508	12	)	)	PUNCT
ajfa-9288	508	13	.	.	PUNCT
ajfa-9288	509	1	the	the	DET
ajfa-9288	509	2	operating	operate	VERB
ajfa-9288	509	3	performance	performance	NOUN
ajfa-9288	509	4	of	of	ADP
ajfa-9288	509	5	firms	firm	NOUN
ajfa-9288	509	6	conducting	conduct	VERB
ajfa-9288	509	7	seasoned	seasoned	ADJ
ajfa-9288	509	8	equity	equity	NOUN
ajfa-9288	509	9	offerings	offering	NOUN
ajfa-9288	509	10	.	.	PUNCT
ajfa-9288	510	1	journal	journal	PROPN
ajfa-9288	510	2	of	of	ADP
ajfa-9288	510	3	finance	finance	NOUN
ajfa-9288	510	4	,	,	PUNCT
ajfa-9288	510	5	52	52	NUM
ajfa-9288	510	6	,	,	PUNCT
ajfa-9288	510	7	1823	1823	NUM
ajfa-9288	510	8	-	-	SYM
ajfa-9288	510	9	1850	1850	NUM
ajfa-9288	510	10	.	.	PUNCT
ajfa-9288	511	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb02743.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb02743.x	NUM
ajfa-9288	511	2	malmendier	malmendier	NOUN
ajfa-9288	511	3	,	,	PUNCT
ajfa-9288	511	4	u.	u.	PROPN
ajfa-9288	511	5	,	,	PUNCT
ajfa-9288	511	6	tate	tate	PROPN
ajfa-9288	511	7	,	,	PUNCT
ajfa-9288	511	8	g.	g.	PROPN
ajfa-9288	511	9	,	,	PUNCT
ajfa-9288	511	10	&	&	CCONJ
ajfa-9288	511	11	yan	yan	PROPN
ajfa-9288	511	12	,	,	PUNCT
ajfa-9288	511	13	j.	j.	PROPN
ajfa-9288	511	14	(	(	PUNCT
ajfa-9288	511	15	2011	2011	NUM
ajfa-9288	511	16	)	)	PUNCT
ajfa-9288	511	17	.	.	PUNCT
ajfa-9288	512	1	overconfidence	overconfidence	NOUN
ajfa-9288	512	2	and	and	CCONJ
ajfa-9288	512	3	early	early	ADJ
ajfa-9288	512	4	-	-	PUNCT
ajfa-9288	512	5	life	life	NOUN
ajfa-9288	512	6	experiences	experience	NOUN
ajfa-9288	512	7	:	:	PUNCT
ajfa-9288	512	8	the	the	DET
ajfa-9288	512	9	effect	effect	NOUN
ajfa-9288	512	10	of	of	ADP
ajfa-9288	512	11	managerial	managerial	ADJ
ajfa-9288	512	12	traits	trait	NOUN
ajfa-9288	512	13	on	on	ADP
ajfa-9288	512	14	corporate	corporate	ADJ
ajfa-9288	512	15	financial	financial	ADJ
ajfa-9288	512	16	policies	policy	NOUN
ajfa-9288	512	17	.	.	PUNCT
ajfa-9288	513	1	journal	journal	PROPN
ajfa-9288	513	2	of	of	ADP
ajfa-9288	513	3	finance	finance	NOUN
ajfa-9288	513	4	,	,	PUNCT
ajfa-9288	513	5	66	66	NUM
ajfa-9288	513	6	,	,	PUNCT
ajfa-9288	513	7	1687	1687	NUM
ajfa-9288	513	8	-	-	SYM
ajfa-9288	513	9	1733	1733	NUM
ajfa-9288	513	10	.	.	PUNCT
ajfa-9288	514	1	http://dx.doi.org/10.1111/j.1540-6261.2011.01685.x	http://dx.doi.org/10.1111/j.1540-6261.2011.01685.x	NOUN
ajfa-9288	514	2	marchica	marchica	NOUN
ajfa-9288	514	3	,	,	PUNCT
ajfa-9288	514	4	m.	m.	NOUN
ajfa-9288	514	5	,	,	PUNCT
ajfa-9288	514	6	&	&	CCONJ
ajfa-9288	514	7	mura	mura	PROPN
ajfa-9288	514	8	,	,	PUNCT
ajfa-9288	514	9	r.	r.	PROPN
ajfa-9288	514	10	(	(	PUNCT
ajfa-9288	514	11	2010	2010	NUM
ajfa-9288	514	12	)	)	PUNCT
ajfa-9288	514	13	.	.	PUNCT
ajfa-9288	515	1	financial	financial	ADJ
ajfa-9288	515	2	flexibility	flexibility	NOUN
ajfa-9288	515	3	,	,	PUNCT
ajfa-9288	515	4	investment	investment	NOUN
ajfa-9288	515	5	ability	ability	NOUN
ajfa-9288	515	6	,	,	PUNCT
ajfa-9288	515	7	and	and	CCONJ
ajfa-9288	515	8	firm	firm	ADJ
ajfa-9288	515	9	value	value	NOUN
ajfa-9288	515	10	:	:	PUNCT
ajfa-9288	515	11	evidence	evidence	NOUN
ajfa-9288	515	12	from	from	ADP
ajfa-9288	515	13	firms	firm	NOUN
ajfa-9288	515	14	with	with	ADP
ajfa-9288	515	15	spare	spare	ADJ
ajfa-9288	515	16	debt	debt	NOUN
ajfa-9288	515	17	capacity	capacity	NOUN
ajfa-9288	515	18	.	.	PUNCT
ajfa-9288	516	1	financial	financial	ADJ
ajfa-9288	516	2	management	management	NOUN
ajfa-9288	516	3	,	,	PUNCT
ajfa-9288	516	4	39	39	NUM
ajfa-9288	516	5	,	,	PUNCT
ajfa-9288	516	6	1339	1339	NUM
ajfa-9288	516	7	-	-	SYM
ajfa-9288	516	8	1365	1365	NUM
ajfa-9288	516	9	.	.	PUNCT
ajfa-9288	517	1	http://dx.doi.org/10.1111/j.1755-053x.2010.01115.x	http://dx.doi.org/10.1111/j.1755-053x.2010.01115.x	ADJ
ajfa-9288	517	2	asian	asian	ADJ
ajfa-9288	517	3	journal	journal	NOUN
ajfa-9288	517	4	of	of	ADP
ajfa-9288	517	5	finance	finance	PROPN
ajfa-9288	517	6	&	&	CCONJ
ajfa-9288	517	7	accounting	accounting	PROPN
ajfa-9288	517	8	issn	issn	PROPN
ajfa-9288	517	9	1946	1946	NUM
ajfa-9288	517	10	-	-	PUNCT
ajfa-9288	517	11	052x	052x	PROPN
ajfa-9288	517	12	2016	2016	NUM
ajfa-9288	517	13	,	,	PUNCT
ajfa-9288	517	14	vol	vol	NOUN
ajfa-9288	517	15	.	.	PROPN
ajfa-9288	517	16	8	8	NUM
ajfa-9288	517	17	,	,	PUNCT
ajfa-9288	517	18	no	no	INTJ
ajfa-9288	517	19	.	.	NOUN
ajfa-9288	517	20	1	1	NUM
ajfa-9288	517	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9288	517	22	151	151	NUM
ajfa-9288	517	23	marsh	marsh	NOUN
ajfa-9288	517	24	,	,	PUNCT
ajfa-9288	517	25	p.	p.	NOUN
ajfa-9288	517	26	(	(	PUNCT
ajfa-9288	517	27	1982	1982	NUM
ajfa-9288	517	28	)	)	PUNCT
ajfa-9288	517	29	.	.	PUNCT
ajfa-9288	518	1	the	the	DET
ajfa-9288	518	2	choice	choice	NOUN
ajfa-9288	518	3	between	between	ADP
ajfa-9288	518	4	debt	debt	NOUN
ajfa-9288	518	5	and	and	CCONJ
ajfa-9288	518	6	equity	equity	NOUN
ajfa-9288	518	7	:	:	PUNCT
ajfa-9288	518	8	an	an	DET
ajfa-9288	518	9	empirical	empirical	ADJ
ajfa-9288	518	10	study	study	NOUN
ajfa-9288	518	11	.	.	PUNCT
ajfa-9288	519	1	journal	journal	PROPN
ajfa-9288	519	2	of	of	ADP
ajfa-9288	519	3	finance	finance	NOUN
ajfa-9288	519	4	,	,	PUNCT
ajfa-9288	519	5	37	37	NUM
ajfa-9288	519	6	,	,	PUNCT
ajfa-9288	519	7	121	121	NUM
ajfa-9288	519	8	-	-	SYM
ajfa-9288	519	9	144	144	NUM
ajfa-9288	519	10	.	.	PUNCT
ajfa-9288	520	1	http://dx.doi.org/10.1111/j.1540-6261.1982.tb01099.x	http://dx.doi.org/10.1111/j.1540-6261.1982.tb01099.x	PROPN
ajfa-9288	520	2	masulis	masulis	PROPN
ajfa-9288	520	3	,	,	PUNCT
ajfa-9288	520	4	r.	r.	PROPN
ajfa-9288	520	5	,	,	PUNCT
ajfa-9288	520	6	&	&	CCONJ
ajfa-9288	520	7	korwar	korwar	PROPN
ajfa-9288	520	8	,	,	PUNCT
ajfa-9288	520	9	a.	a.	NOUN
ajfa-9288	520	10	(	(	PUNCT
ajfa-9288	520	11	1986	1986	NUM
ajfa-9288	520	12	)	)	PUNCT
ajfa-9288	520	13	.	.	PUNCT
ajfa-9288	521	1	seasoned	season	VERB
ajfa-9288	521	2	equity	equity	NOUN
ajfa-9288	521	3	offerings	offering	NOUN
ajfa-9288	521	4	:	:	PUNCT
ajfa-9288	521	5	an	an	DET
ajfa-9288	521	6	empirical	empirical	ADJ
ajfa-9288	521	7	investigation	investigation	NOUN
ajfa-9288	521	8	.	.	PUNCT
ajfa-9288	522	1	journal	journal	NOUN
ajfa-9288	522	2	of	of	ADP
ajfa-9288	522	3	financial	financial	ADJ
ajfa-9288	522	4	economics	economic	NOUN
ajfa-9288	522	5	,	,	PUNCT
ajfa-9288	522	6	15	15	NUM
ajfa-9288	522	7	,	,	PUNCT
ajfa-9288	522	8	91	91	NUM
ajfa-9288	522	9	-	-	SYM
ajfa-9288	522	10	118	118	NUM
ajfa-9288	522	11	.	.	PUNCT
ajfa-9288	523	1	http://dx.doi.org/10.1016/0304-405x(86)90051-6	http://dx.doi.org/10.1016/0304-405x(86)90051-6	PROPN
ajfa-9288	523	2	mcknight	mcknight	PROPN
ajfa-9288	523	3	,	,	PUNCT
ajfa-9288	523	4	p.	p.	PROPN
ajfa-9288	523	5	j.	j.	PROPN
ajfa-9288	523	6	,	,	PUNCT
ajfa-9288	523	7	&	&	CCONJ
ajfa-9288	523	8	weir	weir	PROPN
ajfa-9288	523	9	,	,	PUNCT
ajfa-9288	523	10	c.	c.	PROPN
ajfa-9288	523	11	(	(	PUNCT
ajfa-9288	523	12	2009	2009	NUM
ajfa-9288	523	13	)	)	PUNCT
ajfa-9288	523	14	.	.	PUNCT
ajfa-9288	524	1	agency	agency	NOUN
ajfa-9288	524	2	costs	cost	NOUN
ajfa-9288	524	3	,	,	PUNCT
ajfa-9288	524	4	corporate	corporate	ADJ
ajfa-9288	524	5	governance	governance	NOUN
ajfa-9288	524	6	mechanisms	mechanism	NOUN
ajfa-9288	524	7	and	and	CCONJ
ajfa-9288	524	8	ownership	ownership	NOUN
ajfa-9288	524	9	structure	structure	NOUN
ajfa-9288	524	10	in	in	ADP
ajfa-9288	524	11	large	large	ADJ
ajfa-9288	524	12	uk	uk	PROPN
ajfa-9288	524	13	publicly	publicly	ADV
ajfa-9288	524	14	quoted	quote	VERB
ajfa-9288	524	15	companies	company	NOUN
ajfa-9288	524	16	:	:	PUNCT
ajfa-9288	524	17	a	a	DET
ajfa-9288	524	18	panel	panel	NOUN
ajfa-9288	524	19	data	data	VERB
ajfa-9288	524	20	analysis	analysis	NOUN
ajfa-9288	524	21	.	.	PUNCT
ajfa-9288	525	1	quarterly	quarterly	ADJ
ajfa-9288	525	2	review	review	NOUN
ajfa-9288	525	3	of	of	ADP
ajfa-9288	525	4	economics	economic	NOUN
ajfa-9288	525	5	and	and	CCONJ
ajfa-9288	525	6	finance	finance	NOUN
ajfa-9288	525	7	,	,	PUNCT
ajfa-9288	525	8	49	49	NUM
ajfa-9288	525	9	,	,	PUNCT
ajfa-9288	525	10	139	139	NUM
ajfa-9288	525	11	-	-	SYM
ajfa-9288	525	12	158	158	NUM
ajfa-9288	525	13	.	.	PUNCT
ajfa-9288	526	1	http://dx.doi.org/10.1016/j.qref.2007.09.008	http://dx.doi.org/10.1016/j.qref.2007.09.008	NOUN
ajfa-9288	526	2	mclean	mclean	PROPN
ajfa-9288	526	3	,	,	PUNCT
ajfa-9288	526	4	r.	r.	PROPN
ajfa-9288	526	5	(	(	PUNCT
ajfa-9288	526	6	2011	2011	NUM
ajfa-9288	526	7	)	)	PUNCT
ajfa-9288	526	8	.	.	PUNCT
ajfa-9288	527	1	share	share	NOUN
ajfa-9288	527	2	issuance	issuance	NOUN
ajfa-9288	527	3	and	and	CCONJ
ajfa-9288	527	4	cash	cash	NOUN
ajfa-9288	527	5	savings	saving	NOUN
ajfa-9288	527	6	.	.	PUNCT
ajfa-9288	528	1	journal	journal	PROPN
ajfa-9288	528	2	of	of	ADP
ajfa-9288	528	3	economics	economic	NOUN
ajfa-9288	528	4	,	,	PUNCT
ajfa-9288	528	5	99	99	NUM
ajfa-9288	528	6	,	,	PUNCT
ajfa-9288	528	7	693	693	NUM
ajfa-9288	528	8	-	-	SYM
ajfa-9288	528	9	715	715	NUM
ajfa-9288	528	10	.	.	PUNCT
ajfa-9288	529	1	morck	morck	PROPN
ajfa-9288	529	2	,	,	PUNCT
ajfa-9288	529	3	r.	r.	PROPN
ajfa-9288	529	4	,	,	PUNCT
ajfa-9288	529	5	shleifer	shleifer	PROPN
ajfa-9288	529	6	,	,	PUNCT
ajfa-9288	529	7	a.	a.	PROPN
ajfa-9288	529	8	,	,	PUNCT
ajfa-9288	529	9	&	&	CCONJ
ajfa-9288	529	10	vishny	vishny	PROPN
ajfa-9288	529	11	,	,	PUNCT
ajfa-9288	529	12	r.	r.	PROPN
ajfa-9288	529	13	(	(	PUNCT
ajfa-9288	529	14	1988	1988	NUM
ajfa-9288	529	15	)	)	PUNCT
ajfa-9288	529	16	.	.	PUNCT
ajfa-9288	530	1	management	management	NOUN
ajfa-9288	530	2	ownership	ownership	NOUN
ajfa-9288	530	3	and	and	CCONJ
ajfa-9288	530	4	market	market	NOUN
ajfa-9288	530	5	valuation	valuation	NOUN
ajfa-9288	530	6	:	:	PUNCT
ajfa-9288	530	7	an	an	DET
ajfa-9288	530	8	empirical	empirical	ADJ
ajfa-9288	530	9	analysis	analysis	NOUN
ajfa-9288	530	10	.	.	PUNCT
ajfa-9288	531	1	journal	journal	NOUN
ajfa-9288	531	2	of	of	ADP
ajfa-9288	531	3	financial	financial	ADJ
ajfa-9288	531	4	economics	economic	NOUN
ajfa-9288	531	5	,	,	PUNCT
ajfa-9288	531	6	20	20	NUM
ajfa-9288	531	7	,	,	PUNCT
ajfa-9288	531	8	293	293	NUM
ajfa-9288	531	9	-	-	SYM
ajfa-9288	531	10	315	315	NUM
ajfa-9288	531	11	.	.	PUNCT
ajfa-9288	532	1	http://dx.doi.org/10.1016/0304-405x(88)90048-7	http://dx.doi.org/10.1016/0304-405x(88)90048-7	PROPN
ajfa-9288	532	2	myers	myers	PROPN
ajfa-9288	532	3	,	,	PUNCT
ajfa-9288	532	4	s.	s.	PROPN
ajfa-9288	532	5	(	(	PUNCT
ajfa-9288	532	6	1977	1977	NUM
ajfa-9288	532	7	)	)	PUNCT
ajfa-9288	532	8	.	.	PUNCT
ajfa-9288	533	1	determinants	determinant	NOUN
ajfa-9288	533	2	of	of	ADP
ajfa-9288	533	3	corporate	corporate	ADJ
ajfa-9288	533	4	borrowing	borrowing	NOUN
ajfa-9288	533	5	.	.	PUNCT
ajfa-9288	534	1	journal	journal	NOUN
ajfa-9288	534	2	of	of	ADP
ajfa-9288	534	3	financial	financial	ADJ
ajfa-9288	534	4	economics	economic	NOUN
ajfa-9288	534	5	,	,	PUNCT
ajfa-9288	534	6	5	5	NUM
ajfa-9288	534	7	,	,	PUNCT
ajfa-9288	534	8	147	147	NUM
ajfa-9288	534	9	-	-	SYM
ajfa-9288	534	10	175	175	NUM
ajfa-9288	534	11	.	.	PUNCT
ajfa-9288	535	1	http://dx.doi.org/10.1016/0304-405x(77)90015-0	http://dx.doi.org/10.1016/0304-405x(77)90015-0	PROPN
ajfa-9288	535	2	myers	myers	PROPN
ajfa-9288	535	3	,	,	PUNCT
ajfa-9288	535	4	s.	s.	PROPN
ajfa-9288	535	5	c.	c.	PROPN
ajfa-9288	535	6	(	(	PUNCT
ajfa-9288	535	7	1984	1984	NUM
ajfa-9288	535	8	)	)	PUNCT
ajfa-9288	535	9	.	.	PUNCT
ajfa-9288	536	1	the	the	DET
ajfa-9288	536	2	capital	capital	NOUN
ajfa-9288	536	3	structure	structure	NOUN
ajfa-9288	536	4	puzzle	puzzle	NOUN
ajfa-9288	536	5	.	.	PUNCT
ajfa-9288	537	1	journal	journal	NOUN
ajfa-9288	537	2	of	of	ADP
ajfa-9288	537	3	finance	finance	NOUN
ajfa-9288	537	4	,	,	PUNCT
ajfa-9288	537	5	39	39	NUM
ajfa-9288	537	6	,	,	PUNCT
ajfa-9288	537	7	575	575	NUM
ajfa-9288	537	8	-	-	SYM
ajfa-9288	537	9	592	592	NUM
ajfa-9288	537	10	.	.	PUNCT
ajfa-9288	538	1	http://dx.doi.org/10.2307/2327916	http://dx.doi.org/10.2307/2327916	PROPN
ajfa-9288	538	2	myers	myers	PROPN
ajfa-9288	538	3	,	,	PUNCT
ajfa-9288	538	4	s.	s.	PROPN
ajfa-9288	538	5	c.	c.	PROPN
ajfa-9288	538	6	,	,	PUNCT
ajfa-9288	538	7	&	&	CCONJ
ajfa-9288	538	8	majluf	majluf	PROPN
ajfa-9288	538	9	,	,	PUNCT
ajfa-9288	538	10	n.	n.	NOUN
ajfa-9288	538	11	(	(	PUNCT
ajfa-9288	538	12	1984	1984	NUM
ajfa-9288	538	13	)	)	PUNCT
ajfa-9288	538	14	.	.	PUNCT
ajfa-9288	539	1	corporate	corporate	ADJ
ajfa-9288	539	2	financing	financing	NOUN
ajfa-9288	539	3	and	and	CCONJ
ajfa-9288	539	4	investment	investment	NOUN
ajfa-9288	539	5	decisions	decision	NOUN
ajfa-9288	539	6	when	when	SCONJ
ajfa-9288	539	7	firms	firm	NOUN
ajfa-9288	539	8	have	have	VERB
ajfa-9288	539	9	information	information	NOUN
ajfa-9288	539	10	that	that	SCONJ
ajfa-9288	539	11	investors	investor	NOUN
ajfa-9288	539	12	do	do	AUX
ajfa-9288	539	13	not	not	PART
ajfa-9288	539	14	have	have	VERB
ajfa-9288	539	15	.	.	PUNCT
ajfa-9288	540	1	journal	journal	NOUN
ajfa-9288	540	2	of	of	ADP
ajfa-9288	540	3	financial	financial	ADJ
ajfa-9288	540	4	economics	economic	NOUN
ajfa-9288	540	5	,	,	PUNCT
ajfa-9288	540	6	13	13	NUM
ajfa-9288	540	7	,	,	PUNCT
ajfa-9288	540	8	187	187	NUM
ajfa-9288	540	9	-	-	SYM
ajfa-9288	540	10	221	221	NUM
ajfa-9288	540	11	.	.	PUNCT
ajfa-9288	541	1	http://dx.doi.org/10.1016/0304-405x(84)90023-0	http://dx.doi.org/10.1016/0304-405x(84)90023-0	NOUN
ajfa-9288	541	2	rosenstein	rosenstein	NOUN
ajfa-9288	541	3	.	.	PUNCT
ajfa-9288	542	1	s.	s.	PROPN
ajfa-9288	542	2	,	,	PUNCT
ajfa-9288	542	3	&	&	CCONJ
ajfa-9288	542	4	jeffrey	jeffrey	PROPN
ajfa-9288	542	5	,	,	PUNCT
ajfa-9288	542	6	g.	g.	PROPN
ajfa-9288	542	7	w.	w.	PROPN
ajfa-9288	542	8	(	(	PUNCT
ajfa-9288	542	9	1997	1997	NUM
ajfa-9288	542	10	)	)	PUNCT
ajfa-9288	542	11	.	.	PUNCT
ajfa-9288	543	1	inside	inside	ADP
ajfa-9288	543	2	directors	director	NOUN
ajfa-9288	543	3	,	,	PUNCT
ajfa-9288	543	4	board	board	NOUN
ajfa-9288	543	5	effectiveness	effectiveness	NOUN
ajfa-9288	543	6	,	,	PUNCT
ajfa-9288	543	7	and	and	CCONJ
ajfa-9288	543	8	shareholder	shareholder	NOUN
ajfa-9288	543	9	wealth	wealth	NOUN
ajfa-9288	543	10	.	.	PUNCT
ajfa-9288	544	1	journal	journal	PROPN
ajfa-9288	544	2	of	of	ADP
ajfa-9288	544	3	financial	financial	ADJ
ajfa-9288	544	4	economics	economic	NOUN
ajfa-9288	544	5	,	,	PUNCT
ajfa-9288	544	6	44	44	NUM
ajfa-9288	544	7	,	,	PUNCT
ajfa-9288	544	8	229	229	NUM
ajfa-9288	544	9	-	-	SYM
ajfa-9288	544	10	250	250	NUM
ajfa-9288	544	11	.	.	PUNCT
ajfa-9288	545	1	http://dx.doi.org/10.1016/s0304-405x(97)00004-4	http://dx.doi.org/10.1016/s0304-405x(97)00004-4	PROPN
ajfa-9288	545	2	singh	singh	PROPN
ajfa-9288	545	3	,	,	PUNCT
ajfa-9288	545	4	m.	m.	NOUN
ajfa-9288	545	5	,	,	PUNCT
ajfa-9288	545	6	&	&	CCONJ
ajfa-9288	545	7	davidson	davidson	PROPN
ajfa-9288	545	8	iii	iii	PROPN
ajfa-9288	545	9	,	,	PUNCT
ajfa-9288	545	10	w.	w.	PROPN
ajfa-9288	545	11	n.	n.	PROPN
ajfa-9288	545	12	(	(	PUNCT
ajfa-9288	545	13	2003	2003	NUM
ajfa-9288	545	14	)	)	PUNCT
ajfa-9288	545	15	.	.	PUNCT
ajfa-9288	546	1	agency	agency	NOUN
ajfa-9288	546	2	costs	cost	NOUN
ajfa-9288	546	3	,	,	PUNCT
ajfa-9288	546	4	ownership	ownership	NOUN
ajfa-9288	546	5	structure	structure	NOUN
ajfa-9288	546	6	and	and	CCONJ
ajfa-9288	546	7	corporate	corporate	ADJ
ajfa-9288	546	8	governance	governance	NOUN
ajfa-9288	546	9	mechanisms	mechanism	NOUN
ajfa-9288	546	10	.	.	PUNCT
ajfa-9288	547	1	journal	journal	NOUN
ajfa-9288	547	2	of	of	ADP
ajfa-9288	547	3	banking	banking	NOUN
ajfa-9288	547	4	and	and	CCONJ
ajfa-9288	547	5	finance	finance	NOUN
ajfa-9288	547	6	,	,	PUNCT
ajfa-9288	547	7	27	27	NUM
ajfa-9288	547	8	,	,	PUNCT
ajfa-9288	547	9	793	793	NUM
ajfa-9288	547	10	-	-	SYM
ajfa-9288	547	11	816	816	NUM
ajfa-9288	547	12	.	.	PUNCT
ajfa-9288	548	1	http://dx.doi.org/10.1016/s0378-4266(01)00260-6	http://dx.doi.org/10.1016/s0378-4266(01)00260-6	PROPN
ajfa-9288	548	2	titman	titman	PROPN
ajfa-9288	548	3	,	,	PUNCT
ajfa-9288	548	4	s.	s.	PROPN
ajfa-9288	548	5	,	,	PUNCT
ajfa-9288	548	6	&	&	CCONJ
ajfa-9288	548	7	wessels	wessels	PROPN
ajfa-9288	548	8	,	,	PUNCT
ajfa-9288	548	9	r.	r.	PROPN
ajfa-9288	548	10	(	(	PUNCT
ajfa-9288	548	11	1988	1988	NUM
ajfa-9288	548	12	)	)	PUNCT
ajfa-9288	548	13	.	.	PUNCT
ajfa-9288	549	1	the	the	DET
ajfa-9288	549	2	determinants	determinant	NOUN
ajfa-9288	549	3	of	of	ADP
ajfa-9288	549	4	capital	capital	NOUN
ajfa-9288	549	5	structure	structure	NOUN
ajfa-9288	549	6	.	.	PUNCT
ajfa-9288	550	1	journal	journal	NOUN
ajfa-9288	550	2	of	of	ADP
ajfa-9288	550	3	finance	finance	PROPN
ajfa-9288	550	4	43	43	NUM
ajfa-9288	550	5	,	,	PUNCT
ajfa-9288	550	6	1	1	NUM
ajfa-9288	550	7	-	-	SYM
ajfa-9288	550	8	19	19	NUM
ajfa-9288	550	9	.	.	PUNCT
ajfa-9288	551	1	http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x	http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x	NOUN
ajfa-9288	551	2	wahal	wahal	NOUN
ajfa-9288	551	3	,	,	PUNCT
ajfa-9288	551	4	s.	s.	PROPN
ajfa-9288	551	5	,	,	PUNCT
ajfa-9288	551	6	&	&	CCONJ
ajfa-9288	551	7	mcconnell	mcconnell	PROPN
ajfa-9288	551	8	,	,	PUNCT
ajfa-9288	551	9	j.	j.	PROPN
ajfa-9288	551	10	j.	j.	PROPN
ajfa-9288	551	11	(	(	PUNCT
ajfa-9288	551	12	2000	2000	NUM
ajfa-9288	551	13	)	)	PUNCT
ajfa-9288	551	14	.	.	PUNCT
ajfa-9288	552	1	do	do	AUX
ajfa-9288	552	2	institutional	institutional	ADJ
ajfa-9288	552	3	investors	investor	NOUN
ajfa-9288	552	4	exacerbate	exacerbate	VERB
ajfa-9288	552	5	managerial	managerial	ADJ
ajfa-9288	552	6	myopia	myopia	NOUN
ajfa-9288	552	7	.	.	PUNCT
ajfa-9288	553	1	journal	journal	NOUN
ajfa-9288	553	2	of	of	ADP
ajfa-9288	553	3	corporate	corporate	ADJ
ajfa-9288	553	4	finance	finance	NOUN
ajfa-9288	553	5	,	,	PUNCT
ajfa-9288	553	6	6	6	NUM
ajfa-9288	553	7	,	,	PUNCT
ajfa-9288	553	8	307	307	NUM
ajfa-9288	553	9	-	-	SYM
ajfa-9288	553	10	329	329	NUM
ajfa-9288	553	11	.	.	PUNCT
ajfa-9288	554	1	http://dx.doi.org/10.1016/s0929-1199(00)00005-5	http://dx.doi.org/10.1016/s0929-1199(00)00005-5	VERB
ajfa-9288	554	2	walsh	walsh	PROPN
ajfa-9288	554	3	,	,	PUNCT
ajfa-9288	554	4	j.	j.	PROPN
ajfa-9288	554	5	p.	p.	PROPN
ajfa-9288	554	6	,	,	PUNCT
ajfa-9288	554	7	&	&	CCONJ
ajfa-9288	554	8	seward	seward	PROPN
ajfa-9288	554	9	,	,	PUNCT
ajfa-9288	554	10	j.	j.	PROPN
ajfa-9288	554	11	k.	k.	PROPN
ajfa-9288	554	12	(	(	PUNCT
ajfa-9288	554	13	1990	1990	NUM
ajfa-9288	554	14	)	)	PUNCT
ajfa-9288	554	15	.	.	PUNCT
ajfa-9288	555	1	on	on	ADP
ajfa-9288	555	2	the	the	DET
ajfa-9288	555	3	efficiency	efficiency	NOUN
ajfa-9288	555	4	of	of	ADP
ajfa-9288	555	5	internal	internal	ADJ
ajfa-9288	555	6	and	and	CCONJ
ajfa-9288	555	7	external	external	ADJ
ajfa-9288	555	8	corporate	corporate	ADJ
ajfa-9288	555	9	control	control	NOUN
ajfa-9288	555	10	mechanisms	mechanism	NOUN
ajfa-9288	555	11	.	.	PUNCT
ajfa-9288	556	1	academy	academy	PROPN
ajfa-9288	556	2	of	of	ADP
ajfa-9288	556	3	management	management	PROPN
ajfa-9288	556	4	review	review	PROPN
ajfa-9288	556	5	,	,	PUNCT
ajfa-9288	556	6	15	15	NUM
ajfa-9288	556	7	,	,	PUNCT
ajfa-9288	556	8	421	421	NUM
ajfa-9288	556	9	-	-	SYM
ajfa-9288	556	10	458	458	NUM
ajfa-9288	556	11	.	.	PUNCT
ajfa-9288	557	1	li	li	PROPN
ajfa-9288	557	2	,	,	PUNCT
ajfa-9288	557	3	x.	x.	PROPN
ajfa-9288	557	4	,	,	PUNCT
ajfa-9288	557	5	tuna	tuna	PROPN
ajfa-9288	557	6	,	,	PUNCT
ajfa-9288	557	7	a.	a.	NOUN
ajfa-9288	557	8	i.	i.	PROPN
ajfa-9288	557	9	,	,	PUNCT
ajfa-9288	557	10	&	&	CCONJ
ajfa-9288	557	11	vasvari	vasvari	PROPN
ajfa-9288	557	12	,	,	PUNCT
ajfa-9288	557	13	f.	f.	PROPN
ajfa-9288	557	14	p.	p.	PROPN
ajfa-9288	557	15	(	(	PUNCT
ajfa-9288	557	16	2013	2013	NUM
ajfa-9288	557	17	)	)	PUNCT
ajfa-9288	557	18	.	.	PUNCT
ajfa-9288	558	1	corporate	corporate	ADJ
ajfa-9288	558	2	governance	governance	NOUN
ajfa-9288	558	3	and	and	CCONJ
ajfa-9288	558	4	restrictions	restriction	NOUN
ajfa-9288	558	5	in	in	ADP
ajfa-9288	558	6	debt	debt	NOUN
ajfa-9288	558	7	contracts	contract	NOUN
ajfa-9288	558	8	.	.	PUNCT
ajfa-9288	559	1	working	work	VERB
ajfa-9288	559	2	paper	paper	NOUN
ajfa-9288	559	3	.	.	PUNCT
ajfa-9288	560	1	zantout	zantout	PROPN
ajfa-9288	560	2	,	,	PUNCT
ajfa-9288	560	3	z.	z.	PROPN
ajfa-9288	560	4	(	(	PUNCT
ajfa-9288	560	5	1994	1994	NUM
ajfa-9288	560	6	)	)	PUNCT
ajfa-9288	560	7	.	.	PUNCT
ajfa-9288	561	1	external	external	ADJ
ajfa-9288	561	2	capital	capital	NOUN
ajfa-9288	561	3	market	market	NOUN
ajfa-9288	561	4	control	control	NOUN
ajfa-9288	561	5	,	,	PUNCT
ajfa-9288	561	6	corporate	corporate	ADJ
ajfa-9288	561	7	restructuring	restructuring	NOUN
ajfa-9288	561	8	,	,	PUNCT
ajfa-9288	561	9	and	and	CCONJ
ajfa-9288	561	10	firm	firm	ADJ
ajfa-9288	561	11	performance	performance	NOUN
ajfa-9288	561	12	during	during	ADP
ajfa-9288	561	13	the	the	DET
ajfa-9288	561	14	1980s	1980s	NUM
ajfa-9288	561	15	.	.	PUNCT
ajfa-9288	562	1	journal	journal	PROPN
ajfa-9288	562	2	of	of	ADP
ajfa-9288	562	3	business	business	NOUN
ajfa-9288	562	4	finance	finance	NOUN
ajfa-9288	562	5	and	and	CCONJ
ajfa-9288	562	6	accounting	accounting	NOUN
ajfa-9288	562	7	,	,	PUNCT
ajfa-9288	562	8	21	21	NUM
ajfa-9288	562	9	,	,	PUNCT
ajfa-9288	562	10	37	37	NUM
ajfa-9288	562	11	-	-	SYM
ajfa-9288	562	12	64	64	NUM
ajfa-9288	562	13	.	.	PUNCT
ajfa-9288	563	1	http://dx.doi.org/10.1111/j.1468-5957.1994.tb00304.x	http://dx.doi.org/10.1111/j.1468-5957.1994.tb00304.x	NUM